Вы находитесь на странице: 1из 21

!

!"#$%&!"'(&)*+,"-%+./&
&
&
&
&
&
&
0"1"%."-&2$3"-4&!5671+*8%&9$--$*.%&+*&:"$7&;+<"&=->61"*.%&

&
&
&
&
&
&
&
&
?/&
&
@$*&;5,"A5/&
&
B*>7+%(&CDEF4&!("5-+"%&5<&=->61"*.$.+5*&
@"'"1G"-&DH&IJJF!
!

!
"#$%&#'!(%)%*+%,!-./%,0!! 1!

2+!*%%)*!+3.+!4#!#4%!5*!)#,%!*6,/,5*%7!.+!+3%!%4+36*5.*+58!,%8%/+5#4!#9!(+%/3%4!:#6;)54<*!
;.47).,=!!"#$%&#&$'($)*+,-#./!.)#4>!8#))6458.+5#4!*83#;.,*!+3.4!:#6;)54!35)*%;9?!!24!
+3%!/,%9.8%!+#!+3%!@AAB!%75+5#40!:#6;)54!C,5+%*!DE3%4!2!C,#+%!5+0!)'!.5)!C.*!*+,58+;'!
/35;#*#/358.;F!+#!8,5+585G%!+3%!.**6)/+5#40!).7%!H'!)#*+!I4>;#JI)%,58.4!.8.7%)58!
/35;#*#/3%,*0!+3.+!.4'!*5>45958.4+!.,>6)%4+!8.4!H%!/6+!54!9#,).;!+%,)*F!4#+!&6*+!.!&011'+2&-3K!
L:#6;)540!@AAB0!$55M!2+!5*!5,#458!+3.+!D:3%!:#6;)54!)#7%;K!.*!5+!3.*!H%8#)%!=4#C40!5*!#9+%4!
+.6>3+!.*!*#)%+354>!#9!.!3'/%,*';;#>5*)0!,%768%7!+#!5+*!8#4*+5+6%4+!/.,+*F!8;.5)0!>,#647*0!
C.,,.4+0!H.8=54>0!N6.;595%,0!.47!,%H6++.;?!I!H,5%9!*6,$%'!#9!/6H;58.;;'!.$.5;.H;%!*6//#,+!
7#86)%4+*!9#,!647%,>,.76.+%!+%.8354>!#9!+3%!:#6;)54!)#7%;!,%$%.;*!+3.+!5+!5*!+.6>3+!.*!
;5++;%!)#,%!+3.4!.!+##;!9#,!8;.**59'54>!+3%!/.,+*!#9!.4!.,>6)%4+?!-%,3./*!+35*!,%768+5#45*)!5*!
54%$5+.H;%O!$.4!P%)%,%4!35)*%;9!*6)).,5G%*!+3%!)#7%;!.*!D.!,3%+#,58.;!%Q+%4*5#4!#9!+3%!
*';;#>5*)!C3583!5*!8#)/.,.H;%!+#!+3%!#425"#2*#-6?K!LRSM&

T#+C5+3*+.4754>!+3%!5,#4'!54!8.*+54>!:#6;)54!.*!.!4%C!=547!#9!549#,).;!;#>580!#,!#6,!
7%9585%485%*!54!7%*8,5H54>!:#6;)54<*!)#7%;!+#!647%,>,.76.+%*0!.4!%Q.)54.+5#4!#9!+3%!
;5+%,.+6,%!,%$%.;*!,583!*83#;.,*35/!54!+3%!)#7%;0!H#+3!%/5*+%)58!8,5+585*)*!.47!7%+.5;%7!
%Q.)54.+5#4*!#9!5+*!8#4*+5+6%4+!/.,+*?!:35*!/./%,!.5)*!.+!+3%!;.++%,F!+#!*3%7!;5>3+!#4!.!9%C!
*85%48%JH.*%7!.,>6)%4+*!6*54>!:#6;)54<*!.47!*6H*%N6%4+!*83#;.,*<!8#48%/+!#9!+3%!C.,,.4+?!
2!C5;;!.++%)/+!+#!%Q.)54%!+3%!.,>6)%4+.+5#4!;5+%,.+6,%!+#!8#)%!6/!C5+3!.!C#,=54>!7%9545+5#4!
#9!.!:#6;)545.4!DC.,,.4+0K!+3%4!6*%!8.*%*!#9!*85%48%JH.*%7!.,>6)%4+*!+#!5;;6)54.+%!+3%*%!
C.,,.4+*!54!;5>3+!#9!86,,%4+!*83#;.,*35/?!E35;%!2!8%,+.54;'!,%9.8+#,%7!.,>6)%4+*!+#!.77,%**!
+3%)!C5+3!:#6;)54<*!)#7%;0!2!3#/%!+3.+!)'!,%9.8+#,54>!757!4#+!7#!$5#;%48%!+#!+3%!#,5>54.;!
+%Q+?!2!83#*%!.8+6.;!.,>6)%4+*!,.+3%,!+3.4!57%.;5G%7!.,>6)%4+*!H%8.6*%0!64;5=%!57%.;5G%7!
.,>6)%4+*0!+3%'!,%$%.;!+3%!)#+5$.+5#4*0!H%;5%9*0!.47!.++5+67%*!#9!+3%5,!.6+3#,*!.47!
54+%,/,%+%,*?!U6+!95,*+!2!)6*+!75*+54>65*3!H%+C%%4!*85%4+5958!.,>6)%4+*!.47!*85%48%JH.*%7!
.,>6)%4+*?!

!"#$%"$&'()$*+,-./0$%1)+
! I,>6)%4+*!#9!*85%4+5958!8#4+,#$%,*'0!C3583!#886,!54!+3%!+%83458.;!*/3%,%0!.,%!75*+548+!
9,#)!.,>6)%4+*!#9!*85%48%JH.*%7!8#4+,#$%,*'0!C3583!#886,!.8,#**!+3%!+%83458.;!.47!/6H;58!
*/3%,%*?!LU,.4+%0!Q$55M!(85%4+5958!.,>6)%4+*!.,%!6*%96;!.47!9,65+96;!9#,!.,>6)%4+.+5#4!
*+675%*0!H6+!+3%'!8.4!H%!7599586;+!9#,!4#4J*85%4+5*+*!+#!96;;'!.//,%85.+%?!2!83#*%!54*+%.7!+#!
9#86*!#4!*85%48%JH.*%7!.,>6)%4+*!9#,!*%$%,.;!,%.*#4*F!V5,*+0!7%*/5+%!+3%5,!8#)/;%Q5+'0!
*85%48%JH.*%7!.,>6)%4+*!.,%!6*6.;;'!9,.)%7!9#,!4#4J*85%4+5*+*?!(%8#470!7%*/5+%!*6/%,H!
C#,=!H'!*83#;.,*!;5=%!U,.4+%!.47!W5;;%,0!+3%,%!5*!.!>,%.+!7%.;!)#,%!.,>6)%4+.+5#4!
*83#;.,*35/!54!*85%48%JH.*%7!.,>6)%4+*?!I47!:#6;)54<*!C#,=!#4!,%.*#454>!54!*85%48%!
7#%*4<+!,%.;;'!+#683!#4!.,>6)%4+.+5#4!4#*$&#3!:35,70!*85%48%JH.*%7!8#4+,#$%,*'0!C5+3!5+*!
X.H%,).*5.4!#$%,+#4%*!#9!;59%JC#,;7!.47!*'*+%)*JC#,;7!8#49;58+0!/,#$57%*!.4!54+%,%*+54>!
H.8=7,#/!9#,!.,>6)%4+.+5#4!*+675%*?!:3%*%!*85%48%JH.*%7!8#4+,#$%,*5%*0!C3583!"'4%!L@AAR0!
/?!BYM!8.;;*!D*85%48%!.47!+%834#;#>'!8#4+,#$%,*5%*K!.,%!4#+0!3%!8;.5)*0!.H#6+!*85%48%0!H6+!
.H#6+!D#6,!86;+6,%0!#6,!8#)9#,+0!.47!#6,!)%+./3'*58*?K!(683!8#4+,#$%,*5%*!%4>%47%,!
54+%,%*+54>0!7599586;+0!.47!75$%,*%!.,>6)%4+*!+3.+!*3%7!;5>3+!#4!:#6;)54!.47!#+3%,!
.,>6)%4+.+5#4!*83#;.,*<!C#,=?!U6+!H%9#,%!2!7%;$%!54+#!+3%!8#4+,#$%,*5%*!+3%)*%;$%*0!2!)6*+!
/,#$57%!.!C#,=54>!7%9545+5#4!#9!DC.,,.4+?K!
!

23(1+#)+(+2(--(%14+
! :3%!7%9545+5#4!#9!DC.,,.4+K!5*!54!4#!C.'!*%++;%7!LZ%5+3!.47!U%.,70!@AAY0!/?@@M0!H6+!2!
C5;;!*+.,+!C5+3!:#6;)54<*!7%9545+5#4!54!%&#&$.47!C#,=!+3,#6>3!8,5+585*)*!54!+3%!;5+%,.+6,%!+#!
8#)%!6/!C5+3!.!C#,=54>!7%9545+5#4!9#,!.4.;'G54>!*/%85958!.,>6)%4+*!;.+%,!54!+3%!/./%,?!24!
"#$%&#'!(%)%*+%,!-./%,0!! @!

*3#,+0!.!C.,,.4+!5*!+3%!H,57>%0!#,!D549%,%48%!;58%4*%K!L:#6;)540!@AAB0!/?![YM!+3.+!.;;#C*!.4!
.,>6)%4+!+#!)#$%!9,#)!.!7.+.!+#!.!8;.5)?!:#6;)54<*!8;.**58!.,>6)%4+!5*!+35*F!

X.,,'!C.*!H#,4!54!U%,)67.0!*#!X.,,'!5*!.!U,5+5*3!*6H&%8+?!!

:3%!C.,,.4+!3%,%0!5*!DI!).4!H#,4!54!U%,)67.!C5;;!H%!.!U,5+5*3!*6H&%8+?K!

:3%!.,>6)%4+!5*!,%47%,%7!54!%&#&!;5=%!+35*!L/?![@MF!!

:#6;)54!.,>6%*!+3.+!C.,,.4+*!.,%!

1?M V5%;7!7%/%47%4+O!
@?M \5*+548+!9,#)!7.+.!.47!8;.5)*O!
B?M \5*+54>65*3.H;%!H'!>,.)).+58.;!).,=%,*!;5=%0!D#4%!3.*!9#647!+3.+K!#,!D#4%!).'!+.=%!5+!
+3.+OK!!!
S?M ]%4%,.;!,.+3%,!+3.4!*/%85958O!
R?M 2)/;585+!,.+3%,!+3.4!%Q/;585+O!.47!
^?M _.,5.H;%!54!9#,8%!L+3%!7%>,%%!+#!C3583!+3%'!*6//#,+!+3%!8;.5)M!!

! E35;%!:#6;)54<*!+,%.+)%4+!#9!C.,,.4+*!5*!%.*5;'!>,.*/%70!%$%4!3%!*%%)*!+#!*+,6>>;%!
C5+3!+3%!7%9545+5#40!,%9%,,54>!+#!/.,+586;.,!54*+.48%*!#9!.,>6)%4+.+5#4!*83%)%*0!.+!+3%!*.)%!
+5)%!,%/%.+%7;'!54*5*+54>!+3.+!C.,,.4+*!*3#6;7!H%!,%>.,7%7!.*!>%4%,.;?!L_%,3%5&0!/!BR^M!!

! 2+!C#6;7!H%!$%,'!+%)/+54>0!.+!+35*!/#54+0!+#!).=%!:#6;)54<*!7%9545+5#4!.*!+3%!C#,=54>!
7%9545+5#4!9#,!+3%!,%).547%,!#9!+3%!/./%,?!"%.$54>!+3%!75*86**5#4!#9!7.+.!L>,#647*M!.47!
C.,,.4+*!54!%&#&7$.4'!*%,5#6*!*+67%4+!#9!:#6;)545.4!C.,,.4+*!N658=;'!9547*!35)!#,!3%,*%;9!54!
+3%!.!+358=%+!#9!H,5;;5.4+!H6+!83.;;%4>54>!8,5+585*)?!24!+3%!)57*+!#9!+35*!7%4*%0!*#)%+5)%*!
8#4+,.758+#,'!8,5+585*)0!2!7#!4#+!/,#/#*%!+#!#99%,!.4!%Q3.6*+5$%!;5+%,.+6,%!,%$5%C!#,!.!64595%7!
+3%#,'!+#!H,54>!+#>%+3%,!:#6;)545.4!*83#;.,*35/!647%,!#4%!7%9545+5#4?!`.+3%,0!&/*25/10$('*$/"#$
4,*4'&#&$'($/"2&$464#*0!2!%47%.$#,!+#!75*86**!*#;%;'!C3.+!2!*%%!.*!+3%!)#*+!$.;6.H;%!8,5+585*)*!
#9!:#6;)54<*!C.,,.4+*!.*!.!)%.4*!+#!+3%!%47!#9!/,#$5754>!.!C#,=54>!7%9545+5#4!#9!C.,,.4+*?!

! !"%+!6*!95,*+!/6+!+#!H%70!9#,!+3%!/6,/#*%*!#9!+35*!/./%,0!N6%*+5#4*!LC3583!%$%4!
:#6;)54!*%%)*!+#!3.$%!;%9+!#/%4M!#9!+3%!*/%859585+'!#4!549%,%48%*?!!(%++54>!.*57%!_%,3%5&<*!
8,5+585*)0!X5+83#8=!!L@AAa0!/?!1M!C,5+%*F!

I!75*+548+5$%!9%.+6,%!#9!:#6;)54<*!.//,#.83!5*!+3.+!+3%!;54=!H%+C%%4!
7.+.!.47!8;.5)!5*!.;C.'*!>%4%,.;?!E3.+%$%,!+3%!,6;%!#9!549%,%48%!#4!
C3583!.4!.,>6)%4+!,%;5%*0!5+!;58%4*%*!4#+!&6*+!+3%!549%,%48%!54!+3.+!
.,>6)%4+0!H6+!.;*#!.4.;#>#6*!549%,%48%*!54!/.,.;;%;!.,>6)%4+*?!2+!
%4+5+;%*!6*!4#+!#4;'!+#!549%,!9,#)!X.,,'<*!H%54>!H#,4!54!U%,)67.!
+3.+!X.,,'!5*!.!U,5+5*3!*6H&%8+0!H6+!.;*#!+#!549%,!9,#)!W.,5+<*!H%54>!
H#,4!54!U%,)67.!+3.+!W.,5+!5*!.!U,5+5*3!*6H&%8+0!.47!*#!9#,+3?!

!
"#$%&#'!(%)%*+%,!-./%,0!! B!

(6)).,5G54>!35*!+3%*5*0!X5+838#8=!L@AAaM!8#48;67%*!35*!/,%*%4+.+5#4!C5+3!+3%!*%4+%48%!D:#!
*6)!6/F!P$%,'!549%,%48%!5*!>%4%,.;?K!L/?!B1M!(#!54!.4.;'G54>!*85%48%JH.*%7!.,>6)%4+*0!C%!
C5;;!;%.$%!.*57%!549%,%48%*!+3.+!*%%)!+#!.//;'!#4;'!+#!*/%85958!8.*%*!.47!9#86*!%Q8;6*5$%;'!#4!
+3#*%!+3.+!)%%+!X5+83#8=<*!+%*+!.H#$%?!!

! X5+838#8=!L@AABM!4#+%*!+3.+!:#6;)54!%N65$#8.+%*!54!7%95454>!.!C.,,.4+!.*!H#+3!.!,6;%!
.47!.!*+.+%)%4+0!H6+!3%!)545)5G%*!+35*!%N65$#8.+5#4!.*!54*5>45958.4+?!X5+838#8=!>#%*!#4!+#!
7%954%!.!C.,,.4+!.*!.4!D549%,%48%!;58%4*54>K!,6;%?!24!+3%!*.)%!C#,=0!3%!.++.8=*!+3,%%!
)5*8#48%/+5#4*!#9!C.,,.4+*0!*+.+54>!+3.+!C.,,.4+*!.,%!4#+!/,%)5*%*?!X%!8,5+585G%*!
8#4+%)/#,.,'!+%Q+H##=*!+3.+!,%>.,7!H#+3!>,#647*!L7.+.M!.47!C.,,.4+*!.*!+C#!7599%,%4+!
=547*!#9!/,%)5*%*?!X%!8#4+%47*!+3.+!:#6;)545.4!.,>6)%4+.+5#4!;%.$%*!H%3547!+3%!8#48%/+!#9!
/,%)5*%*!.;+#>%+3%,0!H6+!.;;#C*!+3.+!59!.4'!/.,+!#9!.!:#6;)545.4!.,>6)%4+!5*!.!/,%)5*%0!5+!5*!
#4;'!+3%!>,#647*?!I!/,%)5*%!5*!+3%!/#54+!9,#)!C3583!.4!.,>6)%4+!H%>54*!D5?%?!+3%!+3.+!9,#)!
C3583!+3%!8#48;6*5#4!5*!/,%*%4+%7!.*!9#;;#C54>?K!L/?!BM!(#!+3%!.,>6)%4+!)#$%*!9,#)!>,#647*!
+#!8;.5)*!D2.$655'*86.5#$92/"!+3%!C.,,.4+K!L/?!BM!X%!.,>6%*!+3.+!5+!9#;;#C*!+3.+!.!C.,,.4+!5*!
4%5+3%,!.4!5)/;585+!/,%)5*%?!I;#4>!+3%!*.)%!;54%0!3%!.,>6%*!+3.+!:#6;)545.4!C.,,.4+*!.,%!
>%4%,.;0!4#+!*/%85958F!C.,,.4+*!.,%!4#+!D64>%4%,.;5G%7!54758.+5$%!8#475+5#4.;*?!D!V54.;;'0!.47!
)#*+!54+%,%*+54>0!X5+838#8=!.8=4#C;%7>%*!+3%!7599586;+'!#9!.**5>454>!*#)%!C.,,.4+*!+#!
95%;7*?!!D:#6;)54!*#)%+5)%*!C,5+%*!.*!59!+3%!H#7'!#9!36).4!=4#C;%7>%!5*!/.,8%;;%7!#6+!54+#!
95%;7*0!%.83!#9!C3583!8#)%*!C5+3!5+*!%*+.H;5*3%7!C.,,.4+*0!C3583!.4!.,>6%,!6*%*!+#!*%;%8+!
>,#647*!,%;%$.4+!+#!35*!#,!3%,!8;.5)?K!X%!>#%*!96,+3%,0!DC%!C#6;7!7#!C%;;!+#!>5$%!6/!
:#6;)54<*!*+,#4>!95%;7J7%/%47%48'!+3%*5*?!(#)%!C.,,.4+*!H%;#4>!+#!*/%85.;5G%7!95%;7*0!H6+!
*#)%!.,%!&6*+!>%4%,.;5G.+5#4*0!)#,%!#,!;%**!,#6>3J.47J,%.7'0!H.*%7!#4!8#))#4!
%Q/%,5%48%?K!!L/?!11M!
!
! E3%,%!X5+838#8=!.**%,+*!+3.+!:#6;)54<*!C.,,.4+*!8.4!*+.47!./.,+!9,#)!95%;7J
7%/%47%48'0!V,%%).4!L@AARM!/,#$57%*!.4!%/5*+%)58!9,.)%C#,=!9#,!&6*+59'54>!+3%)?!
V,%%).4!%83#%*!X5+838#8=<*!8,5+585*)!#9!95%;7!7%/%47%48'!.47!#99%,*!.!,%)%7'!54!+3%!9#,)!
#9!.!4%C!95%;7J547%/%47%4+!8;.**5958.+5#4!*'*+%)!9#,!:#6;)54<*!C.,,.4+*?!"5=%!X5+838#8=0!
L@AABM!3%!/#54+*!#6+!+3%!7599586;+'!54!.**5>454>!C.,,.4+*!+#!95%;7*?!!V,%%).4!/,#/#*%*!.4!
D%/5*+%)58!8;.**5958.+5#4!#9!C.,,.4+*?K!:3%*%!9#6,!.,%!6$4*2'*27!%)/5,58.;0!54*+5+6+5#4.;0!.47!
%$.;6.+5$%?!DE%!H%;5%$%!+3.+!9#,!%.83!#9!+3%*%!+'/%*!#9!54+65+5#40!C%!).'!57%4+59'!8#475+5#4*!
647%,!C3583!5+!>,.*/*!C.,,.4+*!54!.!/,%*6)/+5$%;'!,%;5.H;%!C.'0!8%,+59'54>!+3%*%!C.,,.4+*!
.*!/,%*6)/+5$%;'!,%;5.H;%?K!L/?!BBRM!!V,%%).4!.,>6%*!+3.+!35*!8;.**5958.+5#4!#99%,*!+3,%%!
.7$.4+.>%*F!!V5,*+0!5+!.77,%**%*!:#6;)54<*!54*5>3+!+3.+!C.,,.4+*!8.44#+!H%!%$.;6.+%7!
645$%,*.;;'?!(%8#470!D+3%5,!%/5*+%)58!)#7%*!#9!#/%,.+5#4!.,%!75*+548+?K!L/?!BS@M!V54.;;'0!5+!
.77,%**%*!D+3%!4%%7!*5)/;'!+#!+.=%!9#,!>,.4+%7!+3%!,%;5.H5;5+'!#9!8%,+.54!C.,,.4+*?K!L/?BSBM!!
!
! 29!2!C%,%!%$.;6.+54>!*85%4+5958!.,>6)%4+*!,.+3%,!+3.4!*85%48%JH.*%7!.,>6)%4+*0!2!8#6;7!
;5=%;'!75*,%>.,70!9#,!+3%!/6,/#*%*!#9!+35*!/./%,0!V,%%).4<*!9,.)%C#,=?!E35;%!*85%4+5958!
.,>6)%4+*!/,#$57%!>,%.+!/#+%4+5.;!9#,!%Q.)54.+5#4!#9!C.,,.4+*01!*85%48%JH.*%7!.,>6)%4+*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
1!W5;;%,0!b?!L@AARM!T#$%;+'!.47!X%,%*'!54!+3%!\%H.+%!#4!T#4+3%,).;!P99%8+*!#9!P;%8+,#).>4%+58!V5%;7*?!

24!`?I?!X.,,5*!LP7?M0!:"#/'*25$6.8$;.5'--#.&,*6<212/0$L//?!S^S!c!RASM?!E%*+!".9.'%++%0!2TF!
-.,;#,!-,%**?!

W5;;%,!.4.;'G%*!+3%!7%H.+%!H%+C%%4!H5#J*85%4+5*+*!.47!/3'*58.;!*85%4+5*+*!#$%,!+3%!4#4J+3%,).;!%99%8+*!
#9!4#4J5#45G54>!,.75.+5#4?!I*!.!*85%4+5958!7%H.+%0!5+!5*!#6+*57%!+3%!*8#/%!#9!+35*!/./%,0!H6+!W5;;%,<*!
,3%+#,58.;!.//,#.83!+#!548#))%4*6,.H5;5+'!54!+3%*%!.,>6)%4+*!!5*!N65+%!9.*854.+54>!.47!6*%96;!9#,!
.,>6)%4+.+5#4!*83#;.,*?!
"#$%&#'!(%)%*+%,!-./%,0!! S!

8,#**!54+#!+3%!/6H;58!*/3%,%!.47!+36*0!3.,7%,!+#!7%954%?!V#,!+35*!,%.*#40!V,%%).4<*!)#7%;!
C5;;!/,#$%!6*%96;!54!7%95454>!C.,,.4+*!54!+3%*%!+'/%*!#9!.,>6)%4+*?!!
!
! "5=%!X5+838#8=0!Z%5+3!.47!U%.,7!L@AAYM!/#54+!#6+0!*#)%+5)%*!*8.+354>;'0!9;.C*!54!
8#4+%)/#,.,'!*83#;.,*35/!.47!/%7.>#>'!#4!:#6;)54<*!C.,,.4+*?!b#)/.,54>!C.,,.4+*!H#+3!
+#!6458#,4*!.47!+3%!%;6*5$%!*#;.,!4%6+,54#0!+3%'!7%8,'!/,#H;%)*!#9!%Q/#*5+#,'!;5+%,.+6,%F!
1?M 9$--$*.%&K+%$33"$-&L("*&"#37$+*"K&c!24!#$%,;'!H,#.7!%Q/;.4.+5#4*!#9!C.,,.4+*0!
.;)#*+!.4'!549%,%48%!8.4!H%!7%,5$%7!9,#)!.!>5$%4!C.,,.4+?!!
@?M ;+."-$.6-"&'+."%&%6%3+'+56%&"#$137"%!c!P83#54>!X5+838#8=0!L@AABM!Z%5+3!.47!
U%.,7!7%8;.,%!+3.+!.!C.,,.4+!5*!4#+!.!/,%)5*%?!:3%!85+%!%Q.)/;%*!#9!;5+%,.+6,%!+3.+!
>5$%!%Q.)/;%*!#9!C.,,.4+*!.*!/,%)5*%*0!+,.4*9#,)54>!:#6;)545.4!.,>6)%4+*!54+#!
-'8,&$4'.#.&!#/%,.+5#4*?!
B?M :"'"+,"K&K"<+*+.+5*%&$-"&+*%6<<+'+"*.&M&Z%5+3!.47!U%.,7!9.6;+!+3%!8#))#4!
7%9545+5#4!#9!C.,,.4+*!+3%'!9547!54!+3%!;5+%,.+6,%!#9!8#))6458.+5#40!8#)/#*5+5#40!
%768.+5#40!.47!*85%48%!*+675%*F!E.,,.4+*!8#44%8+!7.+.!.47!8;.5)*!*6H*+.4+5.;;'0!
H.*%7!#4!95%;7!7%/%47%48'?!E.,,.4+*!.,%!5)/;585+?!L.47!+36*!.,%!#9+%4!*6//;5%7!H'!
+3%!54+%,/,%+%,M!:3%5,!*+,%4>+3!5*!+,.4*9%,,%7!+#!+3%!8#48;6*5#4?!:3%!.,>6%!+3.+!
DC.,,.4+*!%47!6/!;##=54>!*#!>%4%,.;!+3%'!C#6;7!.7)5+!.;)#*+!.4'!8#48;6*5#40!*#!.!
C.,,.4+!5*!&6*+!C3.+%$%,!C#6;7!8#44%8+!,%.*#4*!54!.!8;.5)!54!.4'!54+65+5$%;'!$.;57!
.,>6)%4+?K!
S?M 9$--$*.%&$-"&($-K&.5&<+*K!c!Z%5+3!.47!U%.,7!/#54+!#6+!+3.+!647%,>,.76.+%!
*+67%4+*!3.$%!4#!7599586;+'!/#54+54>!#6+!%$57%48%!.47!8;.5)*0!&6*+5958.+5#40!.47!
,%H6++.;0!H6+!+3%'!3.$%!.!>,%.+!7%.;!7599%,%4+5.+54>!&6*+5958.+5#4!54+#!>,#647*0!
C.,,.4+0!.47!H.8=54>?!:3%'!8;.5)!.!C.,,.4+<*!5)/;585+!4.+6,%!5*!4#+!&6*+5958.+5#4!9#,!
+3%!5)/#**5H5;5+'!#9!;#8.+54>!5+0!.47!+3.+!.,>6)%4+.+5#4!+3%#,5*+*!3.$%!4#+!*3#C4!
3#C!+#!%Q/;.54!.!C.,,.4+!54!*683!.!C.'!+3.+!5+!5*!%.*5;'!57%4+595%7!C5+3#6+!#$%,H,#.7!
7%9545+5#4*!#,!*5)/;5*+58!%Q%,85*%*?!
!
Z%5+3!.47!U%.,7!.,>6%!+3.+!%&#&!8.4!#4;'!H%!647%,*+##7!54!+3%!8#4+%Q+!#9!35*!#+3%,!
C#,=*O!35*!*+67'!#9!.,>6)%4+.+5#4!95+*!54!C5+3!35*!*%.,83!9#,!,.+5#4.;5+'!#6+*57%!#9!+3%!
%Q8;6*5$%!7#).54!#9!*85%48%!.47!>%#)%+,58!549#,).;!;#>58?!I+!+3%!3%.,+!#9!+3%!).++%,0!+3%'!
8#4+%470!5*!:#6;)54<*!7%*5,%!+#!D3.$%!5+!H#+3!C.'*F!.!9#,).;5*+<*!*%4*%!#9!+3%!;#>58!#9!
.,>6)%4+*0!H6+!.!/,.>).+5*+<*!*%4*%!#9!3#C!.,>6)%4+*!>%+!6*%70!.47!#9!+3%5,!/,.8+58.;!
;5)5+*?K!!

:3%'!/,#/#*%!.!4%C!C.'!+#!.//,#.83!C.,,.4+*!+3.+!*#;$%*!+3%!/,#H;%)*!+3%'!
%46)%,.+%!54!+3%!%Q/#*5+#,'!;5+%,.+6,%F!4#4J)#4#+#458!,%.*#454>?!:3%!*+,%4>+3!#9!4#4J
)#4#+#458!,%.*#454>!5*!+3.+!5+!5*!,%$5*.H;%!.47!>%4%,.;?!2+!5*!.!9#,).;!*'*+%)!#9!,%.*#454>!
+3.+!.;;#C*!9#,!8#4+%Q+J*%4*5+5$5+'?!T#4J)#4#+#458!,%.*#454>!.;;#C*!C.,,.4+*!+#!H%!>%4%,.;!
549%,%48%!;58%4*%*0!H6+!4#+!+#!H%!7%9%.+%7!H'!*/%85958!8.*%*?!Z%5+3!.47!U%.,7!/,#/#*%!9#6,!
)#4#+#458!,%.*#454>!)%+3#7*!9#,!57%4+59'54>!.47!$.;57.+54>!C.,,.4+*F!

1? -,#+#+'/%F!DI!9%.+6,%!5*!+,6%!#9!.!+'/%0!64;%**!+3%,%!5*!.!8#49#64754>!9.8+?K!!
@? -,%*6)/+5#4F!D-,%*6)/+5#4*!54758.+%0!H.*%7!#4!/,.8+58%!.47!%Q/%,5%48%0!
,.+3%,!+3.4!8.+%>#,'0!3#C!.4!549%,%48%!*3#6;7!H%!).7%?K!
B? U%*+!]6%**F!D24!.!8.*%!C3%,%!.!7%85*5#4!)6*+!H%!).7%0!549%,%48%*!8.4!H%!).7%!
9,#)!/.,+5.;!#,!8#4+%Q+6.;!549#,).+5#4?K!
S? -,#H.H5;5+'F!D-,#H.H5;5+'0!54+%,/,%+%7!54!.!*6H&%8+5$%!#,!U.'%*5.4!)#7%0!
&6*+595%*!.!7%9%.*5H;%!549%,%48%?K!
"#$%&#'!(%)%*+%,!-./%,0!! R!

X%,%!5+!*%%)*!2!3.$%!/.54+%7!)'*%;9!54+#!.!8#,4%,?!b#4*57%,54>!+3%!8#4+,.758+#,'!
;5+%,.+6,%!.47!C57%!$.,5.48%!54!+3%!7%9545+5#4!.47!%$.;6.+5#4!#9!C.,,.4+*0!5+!5*!7599586;+!+#!
7%$%;#/!.4!54+%,4.;;'!8#4*5*+%4+!7%9545+5#4!+3.+!C5;;!95+!%.83!8.*%!2!C5*3!+#!%Q.)54%?!2!
/,#/#*%!+#!;%.$%!)'*%;9!.!;5++;%!C5>>;%!,##)0!8#4*57%,54>!8;.**58!:#6;)545.4!C.,,.4+*!C35;%!
+.=54>!54+#!.88#64+!+3%!86,,%4+!8,5+585*)!#9!:#6;)54?!V#,!+3%!/6,/#*%*!.4.;'G54>!*85%48%J
H.*%7!.,>6)%4+*!54!+35*!/./%,!.!C.,,.4+F!

1?M 5*!.!>%4%,.;0!5)/;585+!549%,%48%!,6;%O!L:#6;)540!@AAB0!/?[@M!!
2+!)6*+!4#+!.//%.,!54!+3%!+%Q+!#9!+3%!#,5>54.;!.,>6)%4+?!!
@?M /,#$57%*!.!4%8%**.,'!H,57>%!9,#)!7.+.!+#!8#48;6*5#4*?!
2!8#4+%47!+3.+!59!+3%!,%.7%,d54+%,;#86+#,!4%%7!4#+!549%,!+3%!C.,,.4+0!5+!5*!4#+!
+,6;'!.!C.,,.4+?!I!C.,,.4+!5*!3#C!C%!>#+!9,#)!+3%!7.+.!+#!+3%!8;.5)!L:#6;)540!
@AAB0!/?[1M!!
B?M 8.4!H%!*3#C4!+#!H%!/,%*6)/+5$%;'!,%;5.H;%!H'!,%9%,,54>!+#!.!>5$%4!95%;7!59!.47!
#4;'!59!5+!5*!8#4+.54%7!+#!.!/.,+586;.,!95%;7O!L:#6;)540!@AAB0!/?[^M!!
T#!*54>;%!/%,*#4!5*!N6.;595%7!+#!.**%**!C.,,.4+*!54!%$%,'!95%;7?!(#!C.,,.4+*!.,%!
D/,%*6)/+5$%;'!,%;5.H;%0K!)%.454>!+3.+!C%!8.4!/,%*6)%!+3%*%!C.,,.4+*!.,%!
,%;5.H;%!59!+3%'!.,%!4#+!#H$5#6*;'!9.6;+'!+#!.!,%.*#4.H;%0!549#,)%7!54+%,/,%+%,0!
C3#!8.4!+3%4!,%9%,!+#!;5+%,.+6,%!#,!%Q/%,+*!9#,!%Q/;585+!$.;57.+5#4!+3,#6>3!
H.8=54>!#,!.775+5#4.;!C.,,.4+*?!!
J!#,!54!+3%!8.*%*!C3%,%!95%;7*!.,%!)677;%7!#,!648;%.,!J!
8.4!H%!8%,+595%7!.*!/,%*6)/+5$%;'!,%;5.H;%!%/5*+%)#;#>58.;;'!C5+3!V,%%).4<*!
)#7%;!!#9!6$4*2'*27!%)/5,58.;0!54*+5+6+5#4.;0!#,!%$.;6.+5$%!549%,%48%*!#,!Z%5+3!.47!
U%.,7<*!4#4J)#4#+#458!.4.;'*5*F!/,#+#+'/%!L.;;#C54>!%Q8%/+5#4*M0!/,%*6)/+5#40!
H%*+!>6%**0!#,!/,%*6)/+5#4O!
S?M 5*!4#+!.!/,%)5*%0!4#,!.4!5)/;5%7!/,%)5*%?!LX5+838#8=0!@AAB0!//?!SJRM!

2+!5*!5)/#,+.4+!+#!4#+%!3%,%!+3%!*5>45958.4+!3%7>%!54!/#54+!46)H%,!B?!V,%%).4!
L@AARM0!Z%5+3!.47!U%.,7!L@AAYM!.47!X5+83#8=!L@AABM!.;;!.,>6%0!C5+3!$.,'54>!7%>,%%*!#9!
8%,+.54+'!.47!$%3%)%48%0!+3.+!.,>6)%4+!+3%#,5*+*!C#6;7!H%!H%++%,!#99!.H.47#454>!95%;7!
7%/%47%48'?!:3%'!835%9;'!.,>6%!+3.+!95%;7!7%/%47%48'!5*!/,#H;%).+58!H%8.6*%!95%;7*!.,%!
7599586;+!+#!7%954%!.47!C.,,.4+*!8,#**!95%;7!H#,7%,*?!U6+!2!8#4+%47!+3.+!95%;7!7%/%47%48'!5*!
64/,#H;%).+58!54!8%,+.54!.,>6)%4+*?!PQ/%,+*!54!>%4%+58*0!e?(?!;.H#,!;.C0!8#*)#;#>'0!#,!%$%4!
.,>6)%4+.+5#4!+3%#,'!C#6;7!3.$%!;5++;%!+,#6H;%!8%,+59'54>!C.,,.4+*!9,#)!.,>6)%4+*!
8#4+.54%7!+#!+3%5,!,%*/%8+5$%!95%;7*?!!W.4'!C.,,.4+*!54!*85%48%JH.*%7!.,>6)%4+*!.,%!
)#,.;5+'JH.*%7?!:%.*54>!#6+!+3%!+,6+3!#9!+3%*%!.,>6)%4+*!5*!/,#H;%).+58!H%8.6*%!)#,.;!
/35;#*#/3'!5*!/,#H;%).+58?!X#C%$%,0!+3%,%!8.4!H%!;5++;%!.,>6)%4+!+3.+!*683!C.,,.4+*!95+!54!
+3%!95%;7!#9!)#,.;!/35;#*#/3'?!2*!)#,.;!/35;#*#/3'!.!95%;7f!:#6;)54!54758.+%*!+3.+!5+!5*?!
L@AAB0!/?[^M!E35;%!.!)#,.;!C.,,.4+!).'!/,#$%!7599586;+!+#!64/.8=!/35;#*#/358.;;'0!.*!;#4>!.*!
5+!7#%*!4#+!+,%*/.**!#4!#+3%,!95%;7*!.47!5*!4#+!#H$5#6*;'!9.6;+'!+#!.4!549#,)%7!54+%,/,%+%,0!
C%!8.4!/,%*6)%!5+!5*!,%;5.H;%!.47!,%9%,!+#!)#,.;!/35;#*#/3'!+#!9#,!96,+3%,!$%,5958.+5#4!C3%4!
5+!5*!83.;;%4>%7?!

53$+,-./0$%1)+
:.=54>!.,>6)%4+*!9,#)!e(!)%75.!*#6,8%*!.47!/#;58').=%,*0!2!C5;;!64/.8=!
.,>6)%4+*!54+#!.!:#6;)545.4!9,.)%C#,=!9#,!.4.;'*5*?!:3%!#,5>54.;!96;;!+%Q+!#9!+3%*%!.,+58;%*!
5*!.$.5;.H;%!54!I//%475Q!2?!
"#$%&#'!(%)%*+%,!-./%,0!! ^!

607-89%#"+!1$0+:$;;+<$)$(-"3+
:3%!.,>6)%4+!#$%,!/6H;58!964754>!#9!%)H,'#458!*+%)!8%;;!,%*%.,83!H%>.4!76,54>!+3%!b;54+#4!
.7)545*+,.+5#4!.47!8.6>3+!95,%!54!@AA10!C3%4!-,%*57%4+!]%#,>%!E?!U6*3!#99%,%7!.!
8#)/,#)5*%!#9!*#,+*0!/,#$5754>0!9#,!+3%!95,*+!+5)%!%$%,0!9%7%,.;!*+%)!8%;;!,%*%.,83!7#;;.,*!+#!
,%*%.,83!H.*%7!#4!.;,%.7'!%*+.H;5*3%7!*+%)J8%;;!;54%*?!24!7#54>!*#0!3%!9#,%8;#*%7!+3%!
/#**5H5;5+'!#9!#/%454>!6/!4%C!*+%)!8%;;!;54%*!C5+3!9%7%,.;!,%*%.,83!)#4%'?!:3%!.,>6)%4+!5*!
9,.6>3+!C5+3!8#4+,#$%,*'!H%8.6*%!5+!4%8%**.,5;'!8,#**%*!#$%,!54+#!7%H.+%!#$%,!.H#,+5#4?!
g//#4%4+*!#9!%)H,'#458!*+%)!8%;;!,%*%.,83!/#54+!#6+!+3.+!5+!7%*+,#'*!.!36).4!%)H,'#0!
C3583!+3%'!$5%C!.*!36).4!;59%?!-,#/#4%4+*!/#54+!+#!+3%!%4#,)#6*!/#+%4+5.;!9#,!*.$54>!;5$%*!
H.*%7!#4!*683!,%*%.,83?!24!@AA^!.47!@AAa0!-,%*57%4+!U6*3!$%+#%7!;%>5*;.+5#4!+3.+!C#6;7!
3.$%!/,#$57%7!9%7%,.;!964754>!+#!#/%4!4%C!;54%*?!X%!#H&%8+%7!H%8.6*%!#/%454>!4%C!;54%*!
,%N65,%7!+3%!7%*+,68+5#4!#9!36).4!%)H,'#*?!24!@AAa0!*85%4+5*+*!).7%!*5>45958.4+!
H,%.=+3,#6>3*!54!*+%)!8%;;!,%*%.,83!H'!5476854>!/;6,5/#+%48'!54!*+%)!8%;;*!3.,$%*+%7!9,#)!
36).4!*=54!.47!.)45#+58!9;657?!(85%4+5*+*!8.4!9#,8%!/;6,5/#+%4+!8%;;*!+#!+,.4*9#,)!54+#!.4'!
46)H%,!#9!#,>.4*!#,!+5**6%*?!T%5+3%,!#9!+3%*%!4%C!)%+3#7*!,%N65,%7!+3%!7%*+,68+5#4!#9!.!
36).4!%)H,'#?!:3%!9#;;#C54>!.,%!.,>6)%4+*!9,#)!4%C*/./%,!%75+#,5.;*!.47!+3%!E35+%!
X#6*%!,%>.,754>!+3%*%!7%85*5#4*F!

=3#;(*$;>3#(+?%@/#-$-+6*#19-#(;+ABCCDE+
=->61"*.&N4!
!"#.F!DV#,!)#,%!+3.4!.!7%8.7%0!I)%,58.4!H5#*85%48%!3.*!H%%4!+3%!$58+5)!+#!.!/#;5+58.;;'!
7,5$%4!7%H.+%!#$%,!*+%)!8%;;*?K!
O7$+1F!I)%,58.4!H5#*85%48%!5*!.!$58+5)!#9!/#;5+58.;;'!7,5$%4!7%H.+%!#$%,!*+%)!8%;;*?!
P-56*K%F!(+%)!8%;;!,%*%.,83!3.*!H%%4!+3%!*6H&%8+!#9!/#;5+58.;!7%H.+%!9#,!)#,%!+3.4!.!7%8.7%?&
9$--$*.F!-#;5+58.;;'!7,5$%4!7%H.+%!#$%,!*85%48%!5*!3.,)96;!+#!+3%!.5)*!#9!*85%48%?!
9$--$*.F!:3%!.5)*!#9!*85%48%!*3#6;7!H%!%Q%)/+!9,#)!/#;5+58.;!7%H.+%?!

E%!*%%!*/%85%*!#9!+35*!.,>6)%4+!54!$.,5#6*!9#,6)*!9,#)!/,#/#4%4+*!#9!*+%)!8%;;!
,%*%.,83?!:3%!$.,5#6*!8;.5)*!.,%!$.,5.+5#4*!#9!D/#;5+58*!*3#6;7!*+.'!#6+!#9!*85%48%?K!P.83!5*!
*;5>3+;'!7599%,%4+0!+3#6>3O!+35*!#4%!/,%*%4+*!*#)%!54+%,%*+54>!83.;;%4>%*?!:3%!8,6Q!#9!+3%!
8;.5)!;5%*!54!+3%!C#,7!D$58+5)?K!:3%!C,5+%,!8;.5)*!+3.+!+3%!7%H.+%!5+*%;9!L#,!/%,3./*!+3%!
/#;58').=%,*M!.,%!.!/%,/%+,.+#,!#9!3.,)!+#!H5#*85%48%?!:3%!C#,7!D$58+5)K!8.,,5%*!C5+3!5+!
8#44#+.+5#4*!+3.+!;%.7!+3%!,%.7%,!+#!549%,!C.,,.4+*?!I!$58+5)!5*!.;)#*+!.;C.'*!544#8%4+O!+3%!
%Q5*+%48%!#9!.!$58+5)!5)/;5%*!+3%!%Q5*+%48%!#9!.!/%,/%+,.+#,?!_58+5)*0!H'!4.+6,%0!3.$%!H%%4!
3.,)%70!6*6.;;'!H'!/%,/%+,.+#,*?!g4%!8#6;7!.,>6%!+3.+!$58+5)*!#9!.8857%4+*!7#!4#+!3.$%!
/%,/%+,.+#,*0!%Q8%/+!/%,3./*!.*!$58+5)*!#9!9.+%?!U6+!+3.+!5*!8;%.,;'!4#+!+3%!24N65,%,<*!/#54+!
3%,%?!2+!*%%)*!+#!)%!+3.+!+3%*%!C.,,.4+*!.,%!4%8%**.,'!+#!)#$%!9,#)!+3%!>,#647*!+#!+3%!
8;.5)O!+3%!C.,,.4+*!.,%!5)/;5%7!,.+3%,!+3.4!%Q/;585+?!g4%!8#6;7!.;*#!.,>6%!+3.+!+3%!95,*+!
C.,,.4+!5*!>,#647*!,.+3%,!+3.4!.!C.,,.4+!H%8.6*%!+3%!C#,7!D$58+5)K!8#4+.54*!+3%!)%.454>!
D3.,)?K!:3%!,%.7%,!5*!4#+!,%N65,%7!+#!549%,!3.,)!9,#)!+3%!C#,70!D$58+5)?K!`.+3%,0!3%!#,!*3%!
,%.7*!D3.,)K!.*!54+%>,.;!+#!+3%!7%9545+5#4?!U6+!+#!;58%4*%!)#$%)%4+!9#,)!+3%!9.8+!+3.+!7%H.+%!
%Q5*+*!+#!+3%!8;.5)!+3.+!7%H.+%!3.,)*!H5#*85%48%0!+3%!,%.7%,!5*!+#!549%,!+3.+!/#;5+58.;!
)%77;54>!5*!3.,)96;0!54!>%4%,.;0!4#+!&6*+!54!+35*!*/%85958!8.*%O!+3%!C,5+%,!54758.+%*!+3.+!.;;!#9!
I)%,58.4!H5#*85%48%0!4#+!&6*+!*/%85958!*+675%*!#,!*/%85958!*85%4+5*+*!3.$%!H%%4!3.,)%7!H'!+3%!
7%H.+%?!!:3%!C.,,.4+!5*!8;.**58.;;'!95%;7J7%/%47%4+!.*!C%;;?!E%!8.4!$.;57.+%!5+!H'!,%9%,,54>!
+3%!95%;7*!#9!+3%!35*+#,'!.47!/35;#*#/3'!#9!*85%48%0!,%9%,%4854>!.4'!46)H%,!#9!*85%4+5958!
%47%.$#,*!3.,)%7!H'!/#;5+58.;!)%77;54>0!*+.,+54>!C5+3!].;5;%#?!

-%,3./*!.!)#,%!86+!.47!7,5%7!C.,,.4+!5*!+3%!*%8#470!C3583!.;*#!*/,54>*!9,#)!+3%!
C#,7!D$58+5)?K!D:3%!.5)*!#9!*85%48%!*3#6;7!H%!%Q%)/+!9,#)!/#;5+58.;!7%H.+%?K!24!+35*!8.*%0!C%!
"#$%&#'!(%)%*+%,!-./%,0!! a!

*%%!.!)#,.;!549%,%48%?!_58+5)*!#9!/%,/%+,.+#,*!3.$%!H%%4!64&6*+;'!$5#;.+%7?!X.7!+3%'!H%%4!
;%9+!.;#4%0!+3%,%!C#6;7!3.$%!H%%4!4#!54&6*+58%?!(#!&6*+58%!,%N65,%*!+3.+!H5#;#>58.;!*85%48%!
*3#6;7!3.$%!H%%4!;%9+!.;#4%!+#!/6,*6%!5+*!.5)*?!:3%!H.8=54>!9#,!+35*!C.,,.4+!5*!9#647!;.+%,!54!
+3%!/5%8%?!:3%!C,5+%,!.**%,+*!+3.+!+3%!8;.5)*!#9!*85%48%!.,%!4#H;%0!C35;%!+3%!.5)*!#9!+3%!
/#;5+585.4*!9,6*+,.+54>!.,%!5>4#H;%?!!

2+<*!/#**5H;%!+#!.6+3%4+58.+%!+3%!*%8#47!C.,,.4+0!D+3%!.5)*!#9!*85%48%!*3#6;7!H%!
%Q%)/+!9,#)!/#;5+58.;!7%H.+%K!*#;%;'!C5+3!%&#&0!C5+3#6+!,%9%,,54>!+#!*6H*%N6%4+!*83#;.,*35/O!
:#6;)54!.;;#C*!+3.+!)#,.;!,%.*#454>!5*!.!95%;7!54!5+*%;9?!L:#6;)540!@AAB0!/?[^M!E%!8.4!;%.$%!
+3%!C.,,.4+0!+3%4!9#,!)#,.;!/35;#*#/3%,*!+#!8#4+%47?!X#C%$%,0!2!C#6;7!.77!+3.+!Z%5+3!.47!
U%.,7<*!L@AAY0!/?!SSM!4#4J)#4#+#458!,%.*#454>!)%+3#7*!)5>3+!.;*#!/;.'!.!,#;%!3%,%?!!I!
)#,.;!+3%#,5*+!8#6;7!*%%=!+#!75*/,#$%!+3%!645$%,*.;5+'!#9!*683!.!C.,,.4+!H'!/#54+54>!#6+!
*%$%,.;!8.*%*!54!C3583!5+!5*!8;%.,;'!5))#,.;!+#!.;;#C!*85%48%!+#!/,#8%%7!54!+3%!.H*%48%!#9!
/#;5+58.;!7%H.+%?!(683!%Q.)/;%*!)5>3+!H%!%6>%458*0!36).4!8;#454>0!#,!4.4#+%834#;#>'?!!I!
4#4J)#4#+#458!,%*/#4*%!)5>3+!H%!DE%!8.4!4*#&,-#0!H.*%7!#4!/,.8+58%!C3%,%!*85%48%!8.4!
/,#8%%7!C5+3#6+!/#;5+58.;!54+%,9%,%48%0!.47!9,#)!%Q/%,5%48%!54!8.*%!Q0!8.*%!'0!.47!8.*%!G!+3.+!
+3%!H%*+!>%4%,.;!8#6,*%!9#,!*85%48%!5*!+#!H%!%Q%)/+%7!9,#)!/#;5+58.;!7%H.+%0!.'/92/"&/6.82.+$
%6>%458*0!36).4!8;#454>0!#,!4.4#+%834#;#>'!H%8.6*%!+3%*%!/,#H;%)*!.,%!%**%4+5.;;'!
#6+;5%,*!54!$.,5#6*!C.'*?K!:3%*%!/,#H;%).+58!8.*%*!8#6;7!H%!)545)5G%7!.*!#6+;5%,*!54!*8#/%0!
%4#,)5+'0!)#,.;!+6,/5+67%0!/#+%4+5.;!7.4>%,!+#!+3%!8#4+5465+'!#9!+3%!36).4!,.8%0!%+8%+%,.?!

=->61"*.&I4!

:35*!.,>6)%4+!5*!.67.85#6*?!2+!).=%*!%/5*+%)#;#>58.;!8;.5)*!+3.+!.,%!*%%)54>;'!
#6+*57%!#9!.4!%75+#,5.;!C,5+%,<*!/6,$5%C!#,!%Q/%,+5*%?!(548%!5+!5*!*683!.!*+64454>!%Q.)/;%!#9!
#$%,,%.830!5+!7%*%,$%*!*/%85.;!8#4*57%,.+5#4?!!

!"#.F!D:3%'!.,%!/%#/;%!C3#!4%$%,!,.4!%4G')%J;54=%7!5))64#*#,H%4+!.**.'0!4%$%,!757!.!
H.;.48%,!83,#)#*#)%!*8,%%40!/%#/;%!C3#!4%$%,!/%%,%7!54+#!.!)58,#*8#/%!.47!75*8#$%,%7!
+3%!+,6+3?K!

O7$+1F!-#;5+585.4*!C3#!7%857%!/#;58'!5**6%*!#4!*+%)!8%;;!,%*%.,83!3.$%!4%$%,!75*8#$%,%7!
+,6+3?!
P-56*K%F!-#;5+585.4*!C3#!7%857%!*85%48%!/#;58'!5**6%*!3.$%!4#+!%4>.>%7!54!*85%4+5958!
%Q.)54.+5#4*?&&
9$--$*.F!:,6+3!8.4!H%!9#647!+3,#6>3!*85%4+5958!75*8#$%,'?&
9$--$*.F!:,6+3!8.4!#4;'!H%!9#647!+3,#6>3!*85%4+5958!#H*%,$.+5#4?&

:35*!.,>6)%4+!5*!54+%,%*+54>!H%8.6*%!#9!+3%!C.'!.!:#6;)545.4!C.,,.4+!.4.;'*5*!
,%$%.;*!+3%!.++5+67%!#9!+3%!C,5+%,!+#C.,7!/6H;58!/#;58'0!+,6+30!.47!*85%48%?!E5+3#6+!C.,,.4+*0!
+3%!.,>6)%4+*!7#4<+!*%%)!+#!*.'!)683?!U6+!:#6;)54!9#,8%*!6*!+#!.*=0!DE3.+!.,%!C%!+#!549%,!
3%,%fK!V5,*+0!D:,6+3!8.4!H%!9#647!+3,#6>3!*85%4+5958!75*8#$%,'K!5*!,.+3%,!648#4+,#$%,*5.;0!.*!
%/5*+%)#;#>58.;!*+.+%)%4+*!>#?!:35*!5*!.!8;.**58!8;.5)!+3.+!3#C%$%,!8#4+%*+%7!H'!
/35;#*#/3%,*0!5*!4#+!+3%!;%.*+!H5+!8#4+,#$%,*5.;!+#!+3%!C,5+%,<*!.675%48%?!2!8#4+%47!+3.+!+3%!
*%8#47!C.,,.4+!5*!D:,6+3!8.4!#4;'!H%!9#647!+3,#6>3!*85%4+5958!#H*%,$.+5#4?K!I+!95,*+!H;6*30!5+!
*%%)*!.!*+,%+83!+#!549%,!+35*!C.,,.4+?!X#C%$%,0!2!H%;5%$%!5+!)%%+*!+3%!:#6;)545.4!*+.47.,7!2!
3.$%!%*+.H;5*3%7?!:35*!C.,,.4+!5*!4%8%**.,'!+#!)#$%!9,#)!+3%!>,#647*!+#!+3%!8;.5)?!:3%!
*+.+%)%4+!Dh/#;5+585.4*!.,%i!/%#/;%!C3#!4%$%,!/%%,%7!54+#!.!)58,#*8#/%!.47!75*8#$%,%7!+3%!
+,6+3K!5)/;5%*!+3.+!/#;5+585.4*!7#4<+!3.$%!.88%**!+#!D+,6+3K!#6+*57%!#9!*85%48%?!:3%!C,5+%,!
7#%*!4#+!75*+54>65*3!H%+C%%4!*/%85%*!#9!+,6+3?!X%!#,!*3%!8#6;7!3.$%!*#9+%4%7!+3%!.,>6)%4+!
H'!)#759'54>!+3%!*+.+%)%4+!+#!D/%#/;%!C3#!3.$%!4%$%,!/%%,%7!54+#!.!)58,#*8#/%!.47!
"#$%&#'!(%)%*+%,!-./%,0!! Y!

75*8#$%,%7!*85%4+5958!+,6+3*?K!:3%!.,>6)%4+!9#,%8;#*%*!.4'!=547!#9!+,6+3!#+3%,!+3.4!+3.+!
C3583!5*!7%,5$%7!9,#)!%)/5,58.;!#H*%,$.+5#4?!2+!*%%)*!+3.+!59!.4'!)%)H%,!#9!#6,!*#85%+'!8.4!
.88%**!+,6+3!C5+3#6+!%)/5,58.;;'!#H*%,$54>!5+0!5+!C#6;7!H%!+3#*%!C5+3!.88%**!+#!+3%!,%*#6,8%*!
#9!>#$%,4)%4+0!645$%,*5+5%*0!.7$5*#,*0!64;5)5+%7!*6//;5%*!#9!7.+.!.47!.4!.;)#*+!64;5)5+%7!
*6//;'!#9!.4.;'*+*!+#!75*8%,4!+,6+3*!9,#)!+3.+!7.+.?!29!.!/#;5+585.4!8.4<+!75*8%,4!+,6+3!#6+*57%!
#9!75,%8+!#H*%,$.+5#40!4#+C5+3*+.4754>!+3%!%4#,)#6*!,%*#6,8%*!.+!35*!#,!3%,!75*/#*.;0!+3%4!
+3%!C.,,.4+!5*!4%8%**.,'!

b%,+.54;'!+35*!C.,,.4+!9.5;*!.!*+,58+!:#6;)545.4!.4.;'*5*!6/#4!+3#6>3+96;!
%Q.)54.+5#4!H%8.6*%0!.88#,754>!+#!#6,!7%9545+5#40!.!,%.*#4.H;%0!549#,)%7!54+%,/,%+%,!8#6;7!
4#+!,%.*#4.H;'!8%,+59'!5+!*548%!5+!5*!#H$5#6*;'!9;.C%7?!U6+!%$%4!59!#6,!549#,)%7!54+%,/,%+%,!
,%9%,,%7!5+!+#!%/5*+%)#;#>5*+*0!5+!C#6;7!9547!;5++;%!95%;7J7%/%47%4+!H.8=54>?!"%+!6*!*6//#*%0!
3#C%$%,0!+3.+!C%!75*/#*%!#9!95%;7J7%/%47%48'!.47!;##=!+#!V,%%).4!L@AARM?!:35*!5*!8%,+.54;'!
4#+!.4!6$4*2'*2$C.,,.4+0!.*!5+!5*!4#+!*%;9J%$57%4+!+3.+!+,6+3!5*!#4;'!.$.5;.H;%!+3,#6>3!
#H*%,$.+5#4?!I47!647%,+.=54>!+#!/,#$%!#-42*256110!+3,#6>3!;#>58!+3.+!*85%48%!5*!+3%!#4;'!
/.+3!+#!+,6+3!C#6;7!/#*5+!.!+,6+3!4#+!$%,595.H;%!H'!*85%48%!c!.!8;.**58!8#4647,6)!.47!.!
/.,.7#Q?!".C*!.47!,6;%*!L2.&/2/,/2'.&M!3.$%!4#!H%.,54>?!E%!.,%!;%9+!+3%40!C5+3!.4!#=61,6/2=#!
549%,%48%0!H6+!+3%,%!5*!4#!*6/%,$%454>!N6.;5+'!#9!*85%48%!+3.+!&6*+595%*!*683!.!H,#.7!8;.5)?!
"5=%C5*%0!2!8.4!*%%!4#!/.+3!+3,#6>3!4#4J)#4#+#458!,%.*#454>!+#!*.$%!+35*!C.,,.4+?!:35*!
,.5*%*!.4!54+%,%*+54>!N6%*+5#4?!29!2!57%4+59'!.!C.,,.4+!+3.+!2!8.44#+!8%,+59'!.*!,%;5.H;%!+3,#6>3!
.4'!:#6;)545.4!#,!%/5*+%)#;#>58.;!)%+3#70!5*!5+!*+5;;!.!C.,,.4+f!I88#,754>!+#!)'!C#,=54>!
7%9545+5#40!5+!5*!4#+?!U6+!4%$%,+3%;%**0!5+!*+.47*!54!/;.8%!.*!.!C.,,.4+?!I47!9.5;54>!.*!.!
C.,,.4+0!5+!8.6*%*!.,>6)%4+!+#!9.5;!.*!C%;;?!

=-$)#*$%1#(;+F$19+G$09-(%*/0+ABCCHE+
! 24!+3%!)%)#,.476)!+#!+3%!e?(?!X#6*%!#9!`%/,%*%4+.+5$%*!.88#)/.4'54>!35*!$%+#!#9!
X?`?!Y1A0!+3%!j(+%)!b%;;!`%*%.,83!P43.48%)%4+!I8+!#9!@AAR0j!-,%*57%4+!]%#,>%!E?!U6*3!
.,>6%*!Db,#**54>!+35*!;54%!h9#,854>!I)%,58.4!+.Q/.'%,*!+#!9647!+3%!7%*+,68+5#4!#9!%)H,'#*i!
C#6;7!H%!.!>,.$%!)5*+.=%!.47!C#6;7!4%%7;%**;'!%48#6,.>%!.!8#49;58+!H%+C%%4!*85%48%!.47!
%+358*!+3.+!8.4!#4;'!7#!7.).>%!+#!H#+3!.47!3.,)!#6,!T.+5#4!.*!.!C3#;%?j!:3%,%!.,%!+C#!
8;.5)*!3%,%?!:3%!95,*+!5*!D2+!5*!644%8%**.,'!+#!%48#6,.>%!+3%!8#49;58+!H%+C%%4!*85%48%!.47!
%+358*!H'!9#,854>!+.Q/.'%,*!+#!9647!+3%!7%*+,68+5#4!#9!%)H,'#*?K!:3%!*%8#47!5*!D(683!.4!
%+358.;!8#)/,#)5*%!C#6;7!3.,)!*85%48%0!%+358*!.47!+3%!e45+%7!(+.+%*?K!(548%!+3%!*%8#47!
.,>6)%4+!5*!.4!.**%,+5#4!#99%,%7!C5+3#6+!>,#647*0!C%!8.44#+!7%.;!C5+3!5+!54!.!:#6;)545.4!
9,.)%C#,=?!:3%!95,*+0!3#C%$%,0!5*!6*%96;!9#,!#6,!/6,/#*%*?!

O7$+1F!2+!5*!644%8%**.,'!+#!%48#6,.>%!+3%!8#49;58+!H%+C%%4!*85%48%!.47!%+358*!H'!9#,854>!
+.Q/.'%,*!+#!9647!+3%!7%*+,68+5#4!#9!%)H,'#*?!
P-56*K%F!I7$.48%*!54!.76;+!.47!#+3%,!*+%)!8%;;!,%*%.,83!*3#C!+3.+!7%*+,#'54>!%)H,'#458!
*+%)!8%;;*!+#!8,%.+%!4%C!;54%*!5*!644%8%**.,'?&&
9$--$*.F!V#,854>!+.Q/.'%,*!+#!9647!)#,.;;'!/,#H;%).+58!%47%.$#,*!5*!647%*5,.H;%?!
9$--$*.F!2+!5*!H%++%,!+#!.$#57!)#,.;;'!7599586;+!,%*%.,83!59!%N65$.;%4+!,%*%.,83!5*!.$.5;.H;%!
C3583!5*!64%486)H%,%7!H'!)#,.;!7599586;+5%*?!

! I,%!+3%*%!+,6;'!C.,,.4+*f!I88#,754>!+#!)'!C#,=54>!7%9545+5#40!+3%'!.,%?!:3%'!.,%!
>%4%,.;!,.+3%,!+3.4!*/%85958!549%,%48%!,6;%*!+3.+!7#!4#+!.//%.,!%Q/;585+;'!54!+3%!+%Q+?!I,%!+3%'!
4%8%**.,'!+#!/,#$57%!.!H,57>%!9,#)!+3%!>,#647*!+#!+3%!8;.5)f!:3%!95,*+!C.,,.4+0!DV#,854>!
+.Q/.'%,*!+#!9647!)#,.;;'!7599586;+!%47%.$#,*!5*!647%*5,.H;%?K!*%%)*!+#!.4*C%,!+3%!N6%*+5#40!
DE3'!5*!9#,854>!+.Q/.'%,*!+#!9647!+3%!7%;5H%,.+%!7%*+,68+5#4!#9!36).4!%)H,'#*!.!>,.$%!
)5*+.=%fK!!!29!+3%!,%.7%,!8#)%*!.C.'!9,#)!+3%!+%Q+!C5+3#6+!549%,,54>!+35*!C.,,.4+!#,!#4%!
$%,'!*5)5;.,!+#!5+0!*6,%;'!3%!#,!*3%!3.*!.;*#!)5**%7!+3%!8;.5)?!:3%!*%8#47!C.,,.4+!*%%)*!+#!
"#$%&#'!(%)%*+%,!-./%,0!! [!

.4*C%,!+3%!5)/;5%7!N6%*+5#40!DE3'!5*!5+!644%8%**.,'!+#!%48#6,.>%!8#49;58+!H%+C%%4!%+358*!
.47!*85%48%fK!U%8.6*%0!54!>%4%,.;!D5+!5*!H%++%,!+#!.$#57!)#,.;;'!7599586;+!,%*%.,83!59!
%N65$.;%4+!,%*%.,83!5*!.$.5;.H;%!C3583!5*!64%486)H%,%7!H'!)#,.;!7599586;+5%*?K!(548%!+3%*%!
.,%!)#,.;!.,>6)%4+*0!2!8#4+%47!+3.+!C%!8.4!,%;'!6/#4!)#,.;!/35;#*#/3'!+#!.6+3%4+58.+%!
+3%)!.*!,%;5.H;%O!*548%!+3%'!.,%!+3%!DC.'!C%!>%+!+3%,%K!,.+3%,!+3.4!*+.,+54>!/#54+*!+#!+3%!
.,>6)%4+0!+3%'!.,%!4#+!/,%)5*%*0!.47!8.4<+!H%!8#4$%,+%7!54+#!/,%)5*%*?!

! E35;%!+3%!95,*+!C.,,.4+!5*!547%%7!.!C.,,.4+0!5+!5*!#4;'!C%.=;'!;54=%7!+#!+3%!8;.5)!
H%8.6*%!5+!8#4+,.758+*!).4'!#+3%,!/#;585%*!*6//#,+%7!H'!+3%!U6*3!.7)545*+,.+5#4?!2!8#4+%47!
+3.+!.4!.,>6%,!8.44#+!#99%,!.!C.,,.4+!.*!.!+#.#*61!549%,%48%!;58%4*%!59!3%!#,!*3%!C#6;7!#4;'!
.//;'!5+!54!.!&4#52(25!8.*%?!]5$%4!+3%!U6*3!.7)545*+,.+5#4<*!*/%4754>!#4!)#,.;;'!
8#4+,#$%,*5.;!/,#&%8+*!*683!.*!+3%!2,.N!E.,!.47!+3%!@AAY!kaAA!H5;;5#4!7#;;.,!H.5;#6+!#9!+3%!
954.485.;!*%8+#,?!2!8#4+%47!+3.+0!D9#,854>!+.Q/.'%,*!+#!9647!)#,.;;'!7599586;+!%47%.$#,*!5*!
647%*5,.H;%0K!5*!.!)#,.;!.,>6)%4+!+3.+!8.4!H%!8#4*57%,%7!,%;5.H;%!H'!.4!549#,)%7!
54+%,/,%+%,0!.47!8.4!8%,+.54;'!H%!,%9%,,%7!+#!)#,.;!/35;#*#/3%,*?!X#C%$%,0!54!*%%=54>!+#!
.//;'!+35*!*%%)54>;'!*#647!)#,.;!/,5485/;%!+#!/#;58'0!-,%*57%4+!U6*3!L.47!.4'!e(!/,%*57%4+M!
)6*+!9.8%!.!75*8#44%8+!54!)#,.;!+3%#,'!.47!.//;58.+5#4?!2+!*%%)*!,%.*#4.H;%!+#!*+.+%!+3.+!
)#,.;!647%*5,.H5;5+'!+#!.!*5>45958.4+!/#,+5#4!#9!+3%!/#/6;.+5#4!3.*!4#+!95>6,%7!*5>45958.4+;'!
54!+3%!/#;585%*!#9!-,%*57%4+!U6*3<*!.7)545*+,.+5#4!#,!+3.+!#9!/,%$5#6*!.7)545*+,.+5#4*?!2+!
*%%)*!+#!)%!+3.+!+35*!C.,,.4+!C5;;!9.5;!54!/,5485/;%0!H%8.6*%!5+!5*!4#+!*%%4!54!645$%,*.;!
/,.8+58%?!(#!+3%40!/%,3./*!95%;7!7%/%47%48'!3.*!;%+!6*!7#C4!.>.54?!X%,%!C%!9547!.!C.,,.4+!
+3.+!*%%)*!,%;5.H;%!C3%4!+%*+%7!.>.54*+!+3%!/,%8%/+*!#9!)#,.;!/35;#*#/3'0!H6+!5*!#H$5#6*;'!
9;.C%7?!!

:3%!*%8#47!C.,,.4+!5*!D2+!5*!H%++%,!+#!.$#57!)#,.;;'!7599586;+!,%*%.,83!59!%N65$.;%4+!
,%*%.,83!5*!.$.5;.H;%!C3583!5*!64%486)H%,%7!H'!)#,.;!7599586;+5%*?K!:3%!C.,,.4+<*!*+,%4>+3!
;5%*!54!+3%!C#,7!D644%8%**.,'K!9#647!54!+3%!8;.5)!D2+!5*!644%8%**.,'!+#!%48#6,.>%!+3%!
8#49;58+!H%+C%%4!*85%48%!.47!%+358*!H'!9#,854>!+.Q/.'%,*!+#!9647!+3%!7%*+,68+5#4!#9!
%)H,'#*?K!-,%*57%4+!U6*3!.,>6%*!54!+3%!/.,.>,./3!9#;;#C54>!+3%!8;.5)!+3.+!35*!
.7)545*+,.+5#4!3.*!9647%7!,%*%.,83!54+#!#+3%,!=547*!#9!*+%)!8%;;*!+3.+!.,%!6*%96;!54!)%758.;!
+,%.+)%4+*!.47!D(85%48%!.;*#!#99%,*!+3%!3#/%!+3.+!C%!).'!#4%!7.'!%4&#'!+3%!/#+%4+5.;!
H%4%95+*!#9!%)H,'#458!*+%)!8%;;*!C5+3#6+!7%*+,#'54>!36).4!;59%?K!E%!8#6;7!,%*+.+%!+35*!
C.,,.4+!;5=%!+35*0!D]5$%4!+3%!83#58%!#9!+C#!%N65$.;%4+!;54%*!#9!,%*%.,830!5+!5*!/,%9%,.H;%!+#!
/6,*6%!+3%!#4%!+3.+!5*!;%**!)#,.;;'!+,#6H;%*#)%?K!!:36*0!5+!5*!644%8%**.,'!+#!/6,*6%!)#,.;;'!
+,#6H;%*#)%!,%*%.,83!C3%4!%N65$.;%4+0!64/,#H;%).+58!,%*%.,83!5*!.$.5;.H;%?!:35*!C.,,.4+!
*%%)*!645)/%.83.H;%0!'%+!+3%,%!%Q5*+*!#4%!*5>45958.4+!83.;;%4>%?!2)/;585+!+#!+3%!.,>6)%4+!
+3.+!964754>!4%C!;54%*!#9!%)H,'#458!*+%)!8%;;*!5*!644%8%**.,'!5*!+3.+!+3%,%!.,%!+C#!
#>,2=61#./!,%*%.,83!75,%8+5#4*0!#4%!+3.+!5*!)#,.;;'!/,#H;%).+58!.47!#4%!+3.+!5*!4#+?!2+!5*!4#+!
.+!.;;!8;%.,0!3#C%$%,0!+3.+!+3%!+C#!75,%8+5#4*!.,%!%N65$.;%4+?!"'483!L@AA^M!*3#C*!+3.+!
*85%4+5*+*!75*+54>65*3!H%+C%%4!/;6,5/#+%4+!%)H,'#458!L/,#H;%).+58M!*+%)!8%;;*!.*!D,%.;K!#,!
H%*+!.47!.;;!#+3%,*!.*!;%**!+3.4!#/+5).;?!:3%!&6,'!5*!*+5;;!#6+0!3#C%$%,0!#4!+35*!C.,,.4+?!U'!
/#54+54>!+#!96+6,%!,%*%.,83!/#**5H5;5+5%*0!-,%*57%4+!U6*3!/#54+*!+#!+3%!/#**5H5;5+'!+3.+!
7%$%;#/)%4+*!54!4#4J/,#H;%).+58!*+%)!8%;;!,%*%.,83!).'!H%8#)%!)#,%!6*%96;!+3.4!
/,#H;%).+58!%)H,'#458!*+%)!8%;;!,%*%.,83?!(#!9#,!4#C0!C%!8.4!*.'!+3.+!+3%!C.,,.4+!-60$<#!
$.;57O!5+!5*!64=4#C4!C3%+3%,!+3%!+,#6H;%*#)%!.47!4#4J+,#6H;%*#)%!;54%*!#9!54N65,'!54+#!
*+%)!8%;;!,%*%.,83!.,%!%N65$.;%4+?!!

53$+<9;$+9I+=9;#1#"J#%.+#%+!"#$%"$+
:3%!5**6%!#9!+3%!*85%4+5G.+5#4!#9!/6H;58!;59%!>%+*!;5++;%!54=!#4!%75+#,5.;!/.>%*?!E35;%!+3%!
/#;5+585G.+5#4!#9!*85%48%!5*!C%;;!8#$%,%7!.47!.;)#*+!645$%,*.;;'!7%8,5%70!C%!,.,%;'!*%%!
"#$%&#'!(%)%*+%,!-./%,0!!1A!

75*86**5#4*0!)683!;%**!8#47%)4.+5#4*!#9!+3%!*85%4+5G.+5#4!#9!/#;5+58*!54!).**!)%75.?!:35*!
#/J%7!H'!W583.%;!b##=0!+3%!%75+#,!#9!+3%!H5#%+358*!4%C*;%++%,!?2'@8+#0!+.=%*!#4!+3%!
*85%4+5G.+5#4!#9!/#;5+58*?!X%!8#47%)4*!;%.754>!)%758.;!&#6,4.;*!9#,!+.=54>!/#;5+58.;!*+.48%*!
+3.+!.,%!4#+!*+,58+;'!8#4954%7!+#!+3%5,!.,%.*!#9!%Q/%,+5*%?!X%!#H&%8+*!4#+!#4!/35;#*#/358.;!
>,#647*0!H6+!H%8.6*%!*683!.8+5$5+5%*!7%>,.7%!+3%*%!/,%*+5>5#6*!&#6,4.;*?!!

K$$>+>$118+>9;#1#")+9/1+9I+)"#$%"$+
2!7#!4#+!+.=%!6/!b##=<*!/,5).,'!.,>6)%4+0!C3583!5*!54+%,%*+54>0!H6+!.!*%8#47.,'!
.,>6)%4+0!C3583!2!9547!)#,%!54+%,%*+54>!.47!)#,%!95++54>!9#,!:#6;)545.4!.4.;'*5*?!:3%!
.,>6)%4+!54$#;$%*!*85%4+5*+*<!76+'!#9!D+,6+3!+%;;54>K!+#!+3%!/6H;58?!b##=!*%+*!6/!35*!.,>6)%4+!
H'!8,5+585G54>!.4!%75+#,5.;!H'!!"#$A6.5#/<*!%75+#,!`583.,7!X#,+#4?!X#,+#4!;%.4*!3%.$5;'!#4!+3%!
%Q/%,+5*%!#9!2.4!"#C%0!.!D,%*/%8+%7!*85%4+5*+0K!C5+3#6+!)%4+5#454>!+3.+!"#C%!5*!4#+!#4;'!.!
,%*/%8+%7!*85%4+5*+0!H6+!.;*#!+3%!/,%*57%4+!#9!.!/#;5+58.;;'!.8+5$%!.47!*%%)54>;'!;%9+5*+!
%4$5,#4)%4+.;!9#647.+5#40!+3%!I6*+,.;5.4!b#4*%,$.+5#4!V#647.+5#4?!b##=!/#54+*!#6+!+3.+!.4!
#//#*5+5#4!*/#=%*/%,*#40!T58#;.!`#Q#4!8.;;%7!+3%!%75+#,5.;!DI!7%$.*+.+54>!54758+)%4+!#9!+3%!
X#C.,7!]#$%,4)%4+<*!,%8#,7!#4!3%.;+30K!64.C.,%!#90!#,!/%,3./*!7%;5H%,.+%;'!5>4#,54>0!+3%!
/#;5+58.;!H5.*!#9!+3%!.,+58;%?!!&

!"#.4&:3%!".48%+!l!+3%!U,5+5*3!W%758.;!m#6,4.;!.47!T.+6,%!.47!+3%!e(JH.*%7!T%C!P4>;.47!
m#6,4.;!#9!W%75854%0!:3%!m#6,4.;!#9!+3%!I)%,58.4!W%758.;!I**#85.+5#4!.47!(85%48%!3.$%!
H%8#)%!548,%.*54>;'!3#*+5;%!+#C.,7*!+3%!]%#,>%!E?!U6*3!.7)545*+,.+5#4?!

E5+3!*#)%!,%.*#40!#9!8#6,*%?!:3%!I)%,58.4!3%.;+3!*'*+%)!5*!.!)%**?!:3%!U6*3!
.7)545*+,.+5#4!3.*!.//.,%4+;'!+54=%,%7!C5+3!#99585.;!,%/#,+*0!*.8=%7!,%8.;85+,.4+!*85%4+5*+*!
.47!/;.8%7!*')/.+3%+58!#99585.;*!54!=%'!/#*5+5#4*?!U6+!+3.+n*!%Q.8+;'!C3.+!$#+%,*!%Q/%8+!
/#;5+585.4*!+#!7#?!E3%4!+3%'!,%.7!4%C*/./%,*0!+3%'!3#;7!+3%5,!4#*%*!.47!)%.*6,%!
>#$%,4)%4+*n!%$%,J5)/,#$54>!>,./3*!.47!#/+5)5*+58!9#,%8.*+*!C5+3!.!H6;;76*+!)%+%,?!

U6+!4#+!C3%4!+3%'!,%.7!)%758.;!.47!*85%48%!&#6,4.;*?!"5=%!".H#,n*!`#Q#40!+3%'!4.5$%;'!
%Q/%8+!+3.+!+3%!C35+%J8#.+%7!>#7*!#9!*85%48%!*/%.=!+,6+3!+#!/#C%,!54!C#,7*!648#4+.)54.+%7!
H'!57%#;#>58.;!/,%&6758%?!

O7$+14!:3%!/6H;58!7%*%,$%*!+#!3%.,!*85%4+5958!+,6+3*!64+.54+%7!H'!57%#;#>'!
P-56*K%4&:3%!/6H;58!,%>.,7*!*85%4+5*+*!.*!.H#$%!57%#;#>'?&
9$--$*.F!:3%!/6H;58!7%/%47*!#4!*85%4+5*+*!+#!8#4$%'!+#!+3%)!*85%4+5958!+,6+3?!
&Q&06G%"R6"*.&L$--$*.F!:3%!/6H;58!7#%*!4#+!3.$%!#+3%,!C.'*!+#!75*8%,454>!*85%4+5958!+,6+3?!&
9$--$*.F!(85%4+5*+*!.,%!8./.H;%!#9!.,+586;.+54>!*85%4+5958!+,6+3*!C5+3#6+!,%>.,7!+#!57%#;#>'?!
&
& :3%!95,*+!C.,,.4+!5*!/%,3./*!;%**!54+%,%*+54>!+3.4!+3%!*%8#47!H%8.6*%!5+!5*!;%**!
8#4+,#$%,*5.;?!2+!8%,+.54;'!*%%)*!+#!H%!4%8%**.,'!+#!+3%!8;.5)?!:3%!/6H;58!7%*%,$%*!+3%*%!
*85%4+5958!+,6+3*!H%8.6*%!5+!7%/%47*!#4!*85%4+5*+*!+#!.,+586;.+%!+3%)?!:35*!7%/%47%48'!.;*#!
5)/;5%*!.!*6H*%N6%4+!C.,,.4+0!+3.+!+3%!/6H;58!7#%*4<+!3.$%!.4!.;+%,4.+%!)%+3#7!+#!75*8%,4!
*85%4+5958!+,6+3?!:3%!95,*+!5*!'%+!.4#+3%,!C.,,.4+!+3.+!*%%)*!+#!95+!54+#!95%;7J7%/%47%48'?!2+!
*%%)*!+#!)%!+3.+!#4%!8#6;7!,%9%,!+35*!N6%*+5#4!+#!*#85#;#>5*+*!+#!C3#!*/%85.;5G%*!54!+3%!
/6H;58!8#4*6)/+5#4!#9!*85%48%!.47!.;)#*+!8%,+.54;'!,%8%5$%!.4!.995,).+5$%0!59!N6.;595%7!
,%*/#4*%?!U6+!/%,3./*!2!.)!8#4957%4+!54!+35*!C.,,.4+!4#+!H%8.6*%!5+!5*!.8+6.;;'!.4!6$4*2'*2!
C.,,.4+?!LV,%%).40!@AAR0!/?!BBRM!!`%>.,7;%**0!5+!*%%)*!+#!)%!/,%*6)/+5$%;'!,%;5.H;%?!

! :3%!*%8#47!C.,,.4+!5*!)#,%!8#4+,#$%,*5.;0!H6+!5+!*%%)*!+#!)%!5+!5*!.;*#!95%;7J
7%/%47%4+?!g4%!8#6;7!,%9%,!5+!+#!+3%!/35;#*#/3'!#9!*85%48%0!H6+!5+!5*!H'!4#!)%.4*!8%,+.54!+3.+!
#4%!C#6;7!,%8%5$%!.4!.995,).+5$%!,%*/#4*%?!2!.;*#!*%%!.!N6%*+5#4!#9!C3%+3%,!+3%!/35;#*#/3'!
"#$%&#'!(%)%*+%,!-./%,0!!11!

#9!*85%48%!8#6;7!H%!8#4*57%,%7!C3.+!V,%%).4!L@AAR0!/?!BBBM!8.;;*!.4!D.6+3#,5+'!8#49%,,54>!
95%;7?K!V,%%).4!8.;;*!.4!.6+3#,5+'J8#49%,,54>!95%;7!.!D9#,).;!#,!549#,).;!H#7'!#9!,%8%5$%7!
=4#C;%7>%!.47!+%8345N6%?K!2!.)!4#+!8%,+.54!+3.+!+3%!95%;7!#9!/35;#*#/3'!#9!*85%48%!3.*!+3%!
.H5;5+'!+#!8%,+59'!*683!.!C.,,.4+!.*!,%;5.H;%?!(#0!9.5;54>!+#!.6+3%4+58.+%!+35*!C.,,.4+!C5+3!95%;7!
7%/%47%48'0!C%!)#$%!#4!+#!%/5*+%)58!)%+3#7*?!!

! g4%!/#**5H5;5+'!9#,!8%,+59'54>!+35*!C.,,.4+!.*!,%;5.H;%!5*!+#!6*%!V,%%).4<*!
54*+5+6+5#4.;!)#7%;?!:3%'!$.,'!9,#)!95%;7!+#!95%;70!H6+!54!>%4%,.;0!*85%48%!,%;5%*!#4!5)/;585+!
)#,%*!.47!%Q/;585+!,6;%*!+3.+!75*.;;#C!57%#;#>'!54!*85%4+5958!,%.*#454>!.47!8#))6458.+5#4?!
U6+!+35*!,%.*#454>!,%N65,%*!6*!8#4*+,68+!.4#+3%,!C.,,.4+0!+3.+!*85%4+5*+*!.,%!.47!8./.H;%!#9!
.47!C5;;54>!+#!9#;;#C!+3%!)#,%*!.47!,6;%*!#9!*85%48%?!!E35;%!C%!3#;7!)5>3+!3#;7!*85%4+5*+*!+#!
+35*!*+.47.,70!5+!7#%*4<+!*/%.=!+#!+3%!/,.8+58%!#9!*85%48%!.47!*85%4+5958!8#))6458.+5#4?!(#!C%!
.,%!;%9+!C5+3!;5++;%!)#,%!+3.4!.!+.6+#;#>'?!D(85%4+5*+*!.,%!8./.H;%!#9!9#;;#C54>!+3%!)#,%*!.47!
,6;%*!#9!5)/.,+5.;5+'!54!*85%48%0!*#!*85%4+5*+*!.,%!8./.H;%!#9!5)/.,+5.;5+'?K!(#!75*8.,754>!+3%!
54*+5+6+5#4.;!)#7%;!.47!V,%%).4<*!#+3%,!)#7%;*0!C3583!7#!4#+!95+0!C%!.,%!;%9+!C5+3!4#4J
)#4#+#458!,%.*#454>?!!

! :3%!/,#+#+'/58.;!*85%4+5*+0!+3%!/;.+#458!57%.;0!5*!.!8,%.+6,%!648#48%,4%7!C5+3!
57%#;#>'?!b.4!C%!,%9%,!+#!+35*!57%.;0!4#+C5+3*+.4754>!#88.*5#4.;!9.5;6,%*f!2+!*%%)*!C%!
8.44#+0!59!&#6,4.;*!C3583!,%/,%*%4+!+3%!57%.;!*683!.*!!"#$A6.5#/!.47!!"#$B#9$@.+16.8$
C',*.61$'($D#8252.#!.,%!*6H&%8+!+#!H5.*?!!E3.+!.H#6+!/,%*6)/+5#4f!b.4!C%!.**6)%0!H.*%7!#4!
/,.8+58%!.47!%Q/%,5%48%0!+3.+!*85%4+5*+*!.,%!4#+!57%#;#>58.;f!-%,3./*!59!C%!%Q.)54%!*85%48%!
.*!.!C3#;%!.47!5+*!5446)%,.H;%0!,%/,#7685H;%!.88#)/;5*3)%4+*!54!+3%!;.*+!+C#!3647,%7!
'%.,*0!C%!8.4?!E%!)5>3+!*.'!+3.+0!4#+C5+3*+.4754>!.!9%C!,%8%4+!%Q.)/;%*!#9!649#,+64.+%!
57%#;#>58.;!#6+H,%.=*0!*85%48%!.*!.!C3#;%!5*!8#48%,4%7!/,5).,5;'!C5+3!75*8#$%,54>!+,6+3?!!
V54.;;'0!C%!%Q.)54%!/,#H.H5;5+'?!]5$%4!#4%!+3#6*.47!*85%4+5958!*+675%*0!C3.+!/%,8%4+.>%!
C#6;7!.!,%.*#4.H;%!/%,*#4!9547!+#!H%!*5>45958.4+;'!+.54+%7!H'!57%#;#>'f!2+!*%%)*!+#!)%!+3.+!
+35*!5*!.!$.45*354>;'!*).;;!46)H%,?!!(#!/%,3./*!/,#H.H5;5+'!.47!/,%*6)/+5#4!8.4!8%,+59'!+35*!
C.,,.4+!.*!,%;5.H;%?!-%,3./*!C%!8#6;7!%$%4!*+,%4>+3%4!+3%!C.,,.4+<*!/,%*6)/+5$%!,%;5.H5;5+'!
H'!*#9+%454>!5+*!;.4>6.>%0!DU'!.47!;.,>%0!*85%4+5*+*!.,%!8./.H;%!#9!.,+586;.+54>!*85%4+5958!
+,6+3*!C5+3#6+!,%>.,7!+#!57%#;#>'?j!:3%4!.>.540!/%,3./*!2!C.4+!+35*!C.,,.4+!+#!H%!
/,%*6)/+5$%;'!,%;5.H;%!H%8.6*%!2!C.4+!+#!H%;5%$%!*85%48%!5*!4#4J57%#;#>58.;?!!

L%)/)1(#%(7#;18+9I+M/0(%+N"$(%+M(-O$)1#%.+=-("1#"$)+
53$+=-91$#%+=8-(0#*+
:35*!T%C!o#,=!:5)%*!%75+#,5.;!.77,%**%*!+3%!N6%*+5#4!#9!6*54>!*).;;!9%%7!*+#8=!95*3!
+#!9%%7!9.,)J,.5*%7!95*3!.47!9%%7!.45).;*?!:3%!/,#H;%)!5*!+3.+!/,#76854>!#4%!/#647!#9!
/,#+%54!,%N65,%*!.!;#+!)#,%!+3.4!#4%!/#647!9%%7!*+#8=!95*3?!:35*!*5+6.+5#4!/;.8%*!36).4*!54!
75,%8+!8#)/%+5+5#4!9#,!/,#+%54!C5+3!.N6.+58!C5;7;59%0!.!/,#H;%)!+3%!T%C!o#,=!:5)%*!,%>.,7*!
.*!64*6*+.54.H;%?!
!
!"#.F!:3%!/,#H;%)!5*!+3.+!9#,.>%!95*3!.,%!+3%!9%%7*+#8=!#9!).,54%!).)).;*!.47!H5,7*!.47!
;.,>%,!*/%85%*!#9!95*3?!24!#+3%,!C#,7*0!9.,)%7!95*30!/5>*!.47!/#6;+,'!JJ!.47!+3%!36).4*!C3#!
%.+!+3%)!.,%!8#)/%+54>!9#,!9##7!75,%8+;'!C5+3!.N6.+58!*/%85%*!+3.+!7%/%47!#4!+3#*%!9#,.>%!
95*3!9#,!+3%5,!%Q5*+%48%?!2+n*!.*!59!36).4*!C%,%!*C5))54>!54!*83##;*!54!+3%!#8%.4!#6+J%.+54>!
%$%,'!#+3%,!*/%85%*?!!

E3%4!5+!8#)%*!+#!9.,)%7!95*30!+3%,%!5*!.!4%+!/,#+%54!;#**F!5+!+.=%*!+3,%%!/#647*!#9!95*3!9%%7!+#!
/,#768%!#4%!/#647!#9!9.,)%7!*.;)#4?!:35*!/,#+%54!/',.)57!JJ!*).;;!95*3!9%7!+#!9.,)%7!95*30!
"#$%&#'!(%)%*+%,!-./%,0!!1@!

/5>*!.47!/#6;+,'!+3.+!.,%!+3%4!9%7!+#!36).4*!JJ!5*!64*6*+.54.H;%?!2+!+3,%.+%4*!+3%!9#647.+5#4!
#9!#8%.458!;59%?!

O7$+1F!2475,%8+!36).4!9%%754>!#4!#8%.4!/,#+%54!,%*#6,8%*!5*!64*6*+.54.H;%?!!
P-56*K%F!X6).4!.>,586;+6,.;!/,.8+58%*!9#,!/,#76854>!/,#+%54!*#6,8%*!C.*+%!/,#+%54?!
9$--$*.F!:3%!.)#64+!#9!/,#+%54!.$.5;.H;%!9#,!36).4!#,!.45).;!8#4*6)/+5#4!5*!9545+%?!
9$--$*.F!X6).4!9##7!,%N65,%)%4+*!.,%!#9!*683!.!*8.;%!+3.+!5+!4%>.+5$%;'!.99%8+*!+3%!
%8#*'*+%)*!#4!C3583!5+!7,.C*?!

:35*!.,>6)%4+!.77,%**%*!+3%!/%,%445.;!*85%48%JH.*%7!.,>6)%4+*!+3.+!.,5*%!9,#)!+3%!
N6%*+5#4!DX#C!*3#6;7!36).4*!9%%7!+3%)*%;$%*fK!2+!54+%,*%8+*!C5+3!$%>%+.,5.4!57%#;#>'0!
%4$5,#4)%4+.;5*)0!.>,586;+6,%0!).,54%!H5#;#>'!.47!).,54%!%8#*'*+%)!).4.>%)%4+?!I*!
.//%.;54>!.*!+35*!.,>6)%4+!5*0!5+!5*!)5**54>!#4%!8,685.;!/#54+?!!!

:3%!8,6Q!#9!+3%!.,>6)%4+!5*!54!+3%!C#,7!D64*6*+.54.H;%?K!:3%!C#,7!D64*6*+.54.H;%K!
5*!;.7%4!C5+3!)%.454>*!.47!/.+3#*0!*#!5+!;58%4*%*!.4'!46)H%,!#9!549%,%48%*?!:3%!%75+#,5.;!
*+.+%*!,.+3%,!%Q/;585+;'!+3.+!36).4*!%.+!)#,%!+3.4!+3%5,!9.5,!*3.,%!#9!#8%.4J7%,5$%7!/,#+%54?!
U6+!C3'!5*!+3.+!.!/,#H;%)f!:3%!,%.7%,!5*!;%9+!+#!549%,!+3%!#H$5#6*!95,*+!C.,,.4+F!:3%,%!5*!#4;'!
*#!)683!/,#+%54!+#!>#!.,#647?!2+!*%%)*!+3.+!+35*!C.,,.4+!8#6;7!H%!8%,+595%7!.*!,%;5.H;%!N65+%!
%.*5;'!H'!,%9%,,54>!+#!).,54%!H5#;#>'!#,!%$%40!)#,%!/%7.4+58.;;'0!+3%!;.C!#9!+3%!8#4*%,$.+5#4!
#9!).**?!U6+!.!)#,%!%;%>.4+!*#;6+5#4!5*!V,%%).4<*!L@AARM!6$4*2'*2!8;.**5958.+5#4?!2+!5*!*%;9J
%$57%4+!+3.+!+3%!.)#64+!#9!#8%.4J7%,5$%7!/,#+%54!5*!9545+%?!m6*+!.*!V,%%).4!L@AA^M!*+.+%*!
+3.+!C%!C#6;74<+!*6,$%'!%$%,'!/%,*#4!H#,4!54!U%,)67.!+#!7%+%,)54%!35*!#,!3%,!4.+5#4.;5+'0!
C%!4%%7!4#+!*6,$%'!%$%,'!).,54%!H5#;#>5*+!+#!;%.,4!59!.!>5$%4!N6.4+5+'!#9!/,#+%54!5*!9545+%?!!

:3%!*%8#47!C.,,.4+!5*!C3%,%!C%!)6*+!549%,!*#)%+354>!.H#6+!+3%!*8.;%!#9!36).4!
9%%754>!/,.8+58%*!+#!8#44%8+!+3%!>,#647*!+#!+3%!8;.5)?!E3'!7#!C%!8.,%!59!C%!C.*+%!/,#+%54f!
P$%4!59!+3%!*6//;'!#9!/,#+%54!5*!9545+%0!5*4<+!5+!.H647.4+f!:#!>%+!+#!D64*6*+.54.H;%0K!+3%!,%.7%,!
)6*+!549%,!+3.+!36).4!9##7!,%N65,%)%4+*!.,%!*#!5))%4*%!+3.+!%8#*'*+%)*!8.4<+!=%%/!6/?!
:3%!.,>6)%4+!C#6;7!3.$%!H%%4!)683!*+,#4>%,!59!+35*!/#54+!3.74<+!H%%4!;%9+!+#!C.,,.4+!.47!
3.7!H%%4!).7%!%Q/;585+!H'!*3#C!>,#647*F!7%8;5454>!9##7!*+#8=*!#,!#+3%,!7%9585%485%*!54!
#8%.4JH.*%7!*#6,8%*!#9!/,#+%54?!2+!*%%)*!+#!)%!+3.+!H'!.;;#C54>!+3%!,%.7%,!+#!549%,!+35*!
C.,,.4+0!+3%!C,5+%,!6*%*!.*!H.8=54>!+3%!,%.7%,<*!.**6)%7!=4#C;%7>%!#,!H%;5%9!+3.+!#8%.4J
7%,5$%7!/,#+%54!*#6,8%*!.,%!4#+!&6*+!9545+%!L#H$5#6*;'M!H6+!+3.+!+3%'!.,%!;5)5+%7!.47!
7%8;5454>?!!X#C!+3%40!*3.;;!C%!.6+3%4+58.+%!+35*!C.,,.4+!.*!,%;5.H;%f!E%!8#6;7!,%9%,!#48%!
.>.54!+#!95%;7J7%/%47%48'?!E%!8#6;7!54N65,%!#9!).,54%!H5#;#>5*+*!C3%+3%,!#8%.4J7%,5$%7!
/,#+%54!*#6,8%*!.,%!54!7%8;54%?!X#C%$%,0!2!/,#/#*%!.!4#4J)#4#+#458!.//,#.83!5*!)#,%!
54+%,%*+54>!.47!&6*+!.*!6*%96;?!(548%!+3%!C,5+%,!*%%)*!+#!+.=%!9#,!>,.4+%7!+3.+!+3%!,%.7%,!
H%;5%$%*!+3.+!#8%.4J7%,5$%7!/,#+%54!*#6,8%*!.,%!;5)5+%70!C%!8.4!6*%!/,%*6)/+5#4?!
D-,%*6)/+5#4*!54758.+%0!H.*%7!#4!/,.8+58%!.47!%Q/%,5%48%0!,.+3%,!+3.4!#4!8.+%>#,'0!3#C!.4!
549%,%48%!*3#6;7!H%!).7%?K!LZ%5+3!.47!U%.,70!@AAY0!/?!SSM!U%8.6*%!3%!#,!*3%!;%.$%*!#6+!+3%!
$%,'!5)/#,+.4+!>,#647*0!2!/,#/#*%!+3.+!+3%!C,5+%,!%Q/%8+*!+3.+!,%.7%,*!#9!+3%!T%C!o#,=!
:5)%*!C#6;7!*3.,%!+3%!/,%*6)/+5#4!+3.+!#8%.4J7%,5$%7!/,#+%54!*#6,8%*!.,%!*%$%,%;'!
;5)5+%7?!!

:9%";/)#9%+
e4*6,/,5*54>;'0!7%95454>!:#6;)54<*!8#48%/+!#9!C.,,.4+!5*!7599586;+?!:3%,%!5*!.!;.,>%!
H#7'!#9!;5+%,.+6,%!54!.,>6)%4+.+5#40!549#,).;!;#>580!.47!/35;#*#/3'!+3.+!+.=%*!:#6;)54!.*!.!
*+.,+54>!/#54+?!:3%,%!5*!;5++;%!8#))#4!>,#647!#4!%$%4!+3%!)#*+!H.*58!8#48%/+*!#9!:#6;)54<*!
C.,,.4+*?!(#)%!*83#;.,*!.**%,+!+3.+!.!C.,,.4+!5*!)%,%;'!.4!5)/;585+!/,%)5*%?!W#$54>!+#!
"#$%&#'!(%)%*+%,!-./%,0!!1B!

.7)5,%,*!#9!:#6;)540!C%!9547!.;)#*+!645$%,*.;!,%&%8+5#4!#9!95%;7J7%/%47%48'!.*!.!)%+3#7!#9!
.6+3%4+58.+54>!+3%!,%;5.H5;5+'!#9!C.,,.4+*?!X#C%$%,0!2!9#647!5+!6*%96;!54!*%$%,.;!.4.;'*%*?!W'!
7%9545+5#4!#9!C.,,.4+!*%%)%7!+#!*%,$%!5+*!/6,/#*%!54!.;;#C54>!)%!+#!.4.;'G%!*%$%,.;!*85%48%J
H.*%7!.,>6)%4+*!%$%4!+3#6>3!)'!)%+3#7!9#,!>%++54>!.,#647!+3%!95%;7J7%/%47%48'!/,#H;%)!
5*!4#+!*6//#,+%7!H'!/,5#,!,%*%.,83?!b#4*57%,54>!+3.+!95%;7!7%/%47%48'!5*!4#+!.;C.'*!
.//,#/,5.+%0!2!/#*5+%7!V,%%).4!L@AARM!.47!Z%5+3!.47!U%.,7!L@AAYM!.*!.;+%,4.+%!)%+3#7*!9#,!
8%,+59'54>!C.,,.4+*!.*!,%;5.H;%?!!

V6,+3%,!,%*%.,83!5*!C.,,.4+%7?!24!).4'!#9!+3%*%!.,>6)%4+*0!5+!*%%)*!+#!)%!+3.+!.!
*54>;%!C#,7!;58%4*%7!5)/#,+.4+!549%,%48%*?!2+!*%%)*!+#!)%!+3.+!.!+%Q+6.;!*+67'!#9!.8+6.;!
C.,,.4+*0!9#86*54>!#4!;.4>6.>%!6*%!54!,%.;!.,>6)%4+*0!8#6;7!H%!/.,+586;.,;'!9,65+96;?!g4%!
8#6;7!%Q.)54%!8;.5)*0!*6H*+5+6+54>!5475$576.;!C#,7*!+#!75*8#$%,!C3.+!=547*!#9!C.,,.4+*!
+3%*%!$.,5.4+*!,%N65,%0!.47!3#C!*683!C.,,.4+*!8#6;7!#,!8#6;7!4#+!H%!8%,+595%7!.*!
/,%*6)/+5$%;'!,%;5.H;%?!(683!.!*+67'!)5>3+!*3%7!;5>3+!#4!3#C!C.,,.4+*!.,%!549%,,%7?!E35;%!
95%;7J7%/%47%48'!3.*!9.;;%4!#6+!#9!9.$#,0!2!C#6;7!.,>6%!+3.+!96,+3%,!*+67'!#9!V,%%).4<*!
L@AAR0!/?!BBBM!8#48%/+!#9!.6+3#,5+'!8#49%,,54>!95%;7*!8#6;7!/,#$57%!54*5>3+!54+#!:#6;)54<*!
C.,,.4+*?!g4!+3%!C3#;%0!2!H%;5%$%!+3.+!*+675%*!#9!C.,,.4+*!54!6*%!C#6;7!H%!6*%96;?!E35;%!
57%.;5G%7!8;.5)*0!>,#647*0!.47!C.,,.4+*!.,%!8%,+.54;'!4%8%**.,'!+#!.7$.48%!.,>6)%4+!
+3%#,'0!*6,%;'!)%**'!,%.;J;59%!.,>6)%4+*!C#6;7!*3%7!;5>3+!#4!:#6;)54!.*!C%;;?!!

2!83#*%!+#!*+67'!*85%48%JH.*%7!8#4+,#$%,*5%*!H%8.6*%!+3%'!.,%!54+%,%*+54>!.47!
.H647.4+?!2!H%;5%$%!)'!%Q/#*5+5#4!#9!+3%!C.,,.4+*!54!+3%*%!.,>6)%4+*!*3%7!*#)%!;5>3+!#4!
3#C!+3%'!C%,%!).7%0!C3.+!,%.7%,*!.,%!%Q/%8+%7!+#!549%,0!.47!+3%!.++5+67%*!.47!H%;5%9*!#9!+3%!
.,>6%,*!
"#$%&#'!(%)%*+%,!-./%,0!!1S!

<$I$-$%"$)+
!

U,.4+%0!:?!L1[[BM!`%.*#4*!9#,!(+67'54>!(85%4+5958!.47!(85%48%JU.*%7!b#4+,#$%,*5%*?!24!:?!U,.4+%0!
V6;;%,0!.47!"'483!LP7*?M0!E'./*'=#*&261$F52#.5#$L//?!1aa!c!1Y[M?!I;H.4'0!ToF!(eTo!-,%**?!

U6*30!]?!E?!L@AAR0!m6;'!1[M!W%**.>%!+#!+3%!X#6*%!#9!`%/,%*%4+.+5$%*?!:3%!E35+%!X#6*%?!`%+,5%$%7!
9,#)!3++/FddCCC?C35+%3#6*%?>#$d4%C*d,%;%.*%*d@AA^dAad@AA^Aa1[JR?3+);!

b##=0!W?!L@AAa0!W.'!1M!Z%%/!-%++'!-#;5+58*!#6+!#9!(85%48%?!!"#$),&/*6126.0!/?!1@?!

V,%%).40!m!L@AARM!('*+%).+5G54>!:#6;)54<*!E.,,.4+*F!I4!P/5*+%)58!I//,#.83?!)*+,-#./6/2'.7$1[F!
BB1JBS^?!

!!!L@AA^M!I,>6)%4+!(+,%4>+30!+3%!:#6;)54!W#7%;0!.47!I)/;5.+5$%!-,#H.H5;5+'?!!;.('*-61$A'+250!@^F!
@RJSA?!!

X5+838#8=0!\?!L@AAa0!m.46.,'M!G.$/"#$H#.#*612/0$'($I6**6./&0!-./%,!/,%*%4+%7!.+!I,>6)%4+.+5#4!54!
b#4L:%Q+M0!e45$%,*5+'!#9!U%,>%40!U%,>%40!T#,C.'?!`%+,5%$%7!9,#)!
3++/FddCCC?36).45+5%*?)8).*+%,?8.dp35+838=7d>%4%,.;5+'?/79!

!!L@AABM!!',1-2.J&$I6**6./&0!24!$.4!P%)%,%40!U;.5,0!E5;;.,70!.47!X%4=%).4*!LP7*?M!:3%#,%+58.;!
b#4+,5H6+5#4*!+#!+3%!(+67'!#9!I,>6)%4+.+5#4?!L//?!^[JY@M!?!-,%J/,54+!,%+,5%$%7!9,#)!
3++/FddCCC?36).45+5%*?)8).*+%,?8.dp35+838=7d:#6;)54*C.,,.4+*?/79!

Z%5+30!E?!.47!\?!U%.,7?!L@AAYM!:#6;)54<*!`3%+#,58.;!"#>58F!E3.+<*!+3%!E.,,.4+!9#,!E.,,.4+*f!
K"21'&'4"0$6.8$:"#/'*257$S1F!@@JRA?!

"'4%0!m?!L@AARM!(85%48%!8#4+,#$%,*'0!8#))#4!*%4*%0!.47!+3%!+35,7!86;+6,%?!I,>6)%4+.+5#4!.47!
I7$#8.8'0!S@0!BYJS@?!

"'4830!m?!L@AA^M!W.=54>!,##)!9#,!*+%)!8%;;*F!\5**#85.+5#4!.47!%*+.H;5*354>!4%C!,%*%.,83!#H&%8+*?!
I,>6)%4+.+5#4!.47!I7$#8.8'0!S@0!1SBJ1R^?!

-,#+%54!-',.)570!:3%!hP75+#,5.;i?!L@AAY0!T#$%)H%,!1AM?!:3%!T%'!o#,=!:5)%*0!/?!@Y?!

(+%)Jb%;;!U,%.=+3,#6>3O!T#!+3.4=*!+#!/#;5+58*!hP75+#,5.;i?!L@AAa0!T#$%)H%,!@^M?!:3%!-35;.7%;/35.!
24N65,%,0!/?!I1A?!

:#6;)540!(?!L1[^1M!L'*#&2+"/$6.8$%.8#*&/6.82.+M$).$@.>,2*0$2./'$/"#$)2-&$'($F52#.5#3!T%C!o#,=F!
X.,/%,!:#,83H##=*?!

!!!L@AABM!!"#$%&#&$'($)*+,-#./3$N%486/#8$@83O!T%C!o#,=F!b.)H,57>%!e45$%,*5+'!-,%**?!

$.4!P%)%,%40!%+?!.;?!L1[[^M!L,.86-#./61&$'($)*+,-#./6/2'.$!"#'*03$W.3C.30!TmF!".C,%48%!P,;H.6)!
I**#85.+%*0!248?!

+
"#$%&#'!(%)%*+%,!-./%,0!! 5!

!1$0&:$;;+'-$(J13-9/.3P+Q9+13(%J)+19+>9;#1#")+
:3%!-35;.7%;/35.!24N65,%,!
!
T#$%)H%,!@^0!@AAa!W#47.'!!
b5+'J\!P75+5#4!
!
2+n*!8.;;%7!468;%.,!,%/,#>,.))54>0!.47!5+!).'!3.$%!%47%7!.4!%,.?!

U6+!+3%!8,%75+!>#%*!+#!*85%48%0!4#+!+#!.4'!54+%,%*+!>,#6/!#,!/#;5+585.4?!

:3%!*6H&%8+!5*!*+%)J8%;;!,%*%.,83?!:C#!547%/%47%4+!,%*%.,83!+%.)*0!,%/#,+54>!54!+3%!
&#6,4.;*!b%;;!.47!(85%48%0!.44#648%7!;.*+!C%%=!+3%'!3.$%!54768%7!/;.540!#;7!36).4!*=54!
8%;;*!+#!H%3.$%!)683!;5=%!%)H,'#458!*+%)!8%;;*?!

2+n*!%.,;'!'%+0!H6+!59!+3%*%!)%+3#7*!.,%!5)/,#$%70!+3%!C3#;%!7,.H!C,.4>;%!#$%,!36).4!
%)H,'#458!*+%)J8%;;!L3P(bM!,%*%.,83!).'!*##4!H%!#$%,?!:3.4=!>##74%**0!59!5+n*!*#?!V#,!)#,%!
+3.4!.!7%8.7%0!I)%,58.4!H5#*85%48%!3.*!H%%4!$58+5)!+#!.!/#;5+58.;;'!7,5$%4!7%H.+%!#$%,!*+%)!
8%;;*?!

I!*+%)!8%;;!8#4+.54*!.!645$%,*%!#9!/#**5H;%!96+6,%*F!7%/%4754>!#4!5+*!+'/%0!.47!+3%!
%;%8+,#83%)58.;!*5>4.;*!5+!%48#64+%,*0!5+!).'!H%8#)%!H,.540!H#4%0!H;##70!*=540!;5$%,!#,!
.4#+3%,!#9!+3%!H#7'n*!+5**6%*?!24!+3%!1[[A*0!*85%4+5*+*!9#647!C.'*!+#!/,#)/+!+3%*%!8%;;*!+#!7#!
+3.+?!29!C%!8#6;7!>%4%,.+%!4%C!+5**6%*!9,#)!.!/%,*#4n*!#C4!*+%)!8%;;*0!C%!).'!H%!.H;%!+#!
+,%.+!.!,.4>%!#9!75*%.*%*!.47!75*#,7%,*!L-.,=54*#4n*0!I;G3%5)%,n*0!*/54.;J8#,7!54&6,'0!.47!
3%.,+!75*%.*%M!4#C!3.,7!#,!5)/#**5H;%!+#!+,%.+?!

:3%!)#*+!/#C%,96;!*+%)!8%;;*!J!8.;;%7!/;6,5/#+%4+0!H%8.6*%!+3%'!8.4!>5$%!,5*%!+#!.4'!+5**6%!J!
.,%!9#647!54!+3%!36).4!%)H,'#?!X.,$%*+54>!*683!8%;;*!9#,!,%*%.,830!3#C%$%,0!=5;;*!+3%!
%)H,'#!J!.47!).4'!/%#/;%!9547!+3.+!)#,.;;'!C,#4>!.47!64%+358.;?!I!`%/6H;58.4!b#4>,%**!
H.44%7!9%7%,.;!964754>!9#,!*+%)J8%;;!,%*%.,83!54!1[[R?!-,%*57%4+!b;54+#4!*#)%C3.+!
;##*%4%7!+3#*%!,%*+,58+5#4*?!24!@AA1!-,%*57%4+!U6*3!/6+!;5)5+*!#4!9%7%,.;!964754>!9#,!*683!
,%*%.,83?!:3%!)#,.;!N6.;)*!.,%!,%.;!%4#6>30!*3.,%7!H'!8#4*%,$.+5$%*!.47!;5H%,.;*!.;5=%?!
Lo#6!)5>3+!3.$%!N6.;)*0!3#C%$%,0!.47!*+5;;!+354=!+3%!,%*%.,83!*3#6;7!>#!.3%.7?M!:3%!64%.*'!
+,.7%J#99*!C%,%!,%9;%8+%7!,%8%4+;'!C3%4!T%C!m%,*%'!$#+%,*!,%&%8+%7!.!/,#/#*5+5#4!+3.+!
C#6;7!3.$%!H#,,#C%7!kSRA!)5;;5#4!+#!*6//#,+!*+%)J8%;;!,%*%.,83?!

E3%4!U6*3!*%+!35*!,%*+,58+5#4*!54!@AA10!3%!*.57!*85%4+5*+*!C#6;7!*##4!9547!.4!.;+%,4.+5$%!+#!
*+%)!8%;;*?!I47!4#C!+3%'!3.$%?!

T#C0!).'H%!+3%!C3#;%!6>;'!)%**!5*!4%.,%,!+#!H%54>!+3,#6>3?!

:3.+!C#6;7!H%!.!,%;5%9?!

:3%!m./.4%*%!+%.)!+##=!95H,#H;.*+*!J!.!8#))#4!=547!#9!*=54!8%;;!J!.47!54&%8+%7!+3%)!C5+3!
$5,6*%*!+3.+!548;67%7!9#6,!>%4%*?!:3%*%!>%4%*!8#4+,#;!+3%!%Q/,%**5#4!#9!8%,+.54!/,#+%54*!54!
+3%!8%;;?!24!%99%8+0!+3%'!j,%/,#>,.))%7j!+3%!468;%6*!#9!*=54!8%;;*!+#!H%3.$%!54!.!C.'!*5)5;.,!
+#!+3.+!#9!.4!%)H,'#458!*+%)!8%;;?!

:35*!)%+3#7!54768%7!*#)%!#9!+3%!95H,#H;.*+*!+#!H%8#)%!8%;;*!9#,!$.,5#6*!+5**6%*0!548;6754>!
3%.,+!)6*8;%?!I9+%,!1@!7.'*0!+3%!3%.,+!+5**6%!*+.,+%7!+#!H%.+?!E#C?!
"#$%&#'!(%)%*+%,!-./%,0!! 55!

:3%!I)%,58.4!+%.)0!9,#)!+3%!e45$%,*5+'!#9!E5*8#4*54JW.75*#40!6*%7!.!7599%,%4+!>%4%!)5Q0!
H6+!+3%!+.,>%+!.47!+3%!,%*6;+*!C%,%!*5)5;.,;'!3%.,+%454>?!

(85%4+5*+*!3.$%!H%%4!C#,=54>!#4!468;%.,!,%/,#>,.))54>!9#,!.!C35;%?!g4%!.//,#.83!C.*!+#!
C35/!+3%!468;%6*!#6+!#9!#4%!8%;;!.47!*+58=!5+!54!.4#+3%,?!:3%*%!4%C!/,#8%76,%*!*3#C!'#6!8.4!
7#!5+!54!.!4#$%;!.47!%99%8+5$%!C.'?!

b.6+5#4F!:3%*%!.,%!95,*+!,%/#,+*?!:3%!/,#8%76,%*!.,%!8;%$%,0!H6+!+3%'!6*%!$5,6*%*!.*!7%;5$%,'!
+,68=*!J!.!)%+3#7!+3.+!8#6;7!;%.7!+#!$.,5#6*!=547*!#9!8#4+.)54.+5#4?!I;*#0!+3%!>%4%*!8.4!H%!
.**#85.+%7!C5+3!8.48%,0!).=54>!+3%)!64*65+.H;%!9#,!36).4!6*%?!T#C!+3.+!*85%4+5*+*!*%%!3#C!
5+!8.4!H%!7#4%0!+3%'!)6*+!9547!.!H%++%,!C.'0!.47!H%!.H;%!+#!,.)/!5+!6/!+#!5476*+,5.;!*8.;%?!
:3.+!C5;;!+.=%!*#)%!+5)%?!

:3%!*+%)J8%;;!7%H.+%!J!.47!3#C!5+!C.*!C.>%7!J!C.*!75*+.*+%96;!.47!644%8%**.,'?!T#!>,#6/!
3#;7*!.!8#/',5>3+!#4!)#,.;5+'?!b3,5*+5.4*!.47!4#4Jb3,5*+5.4*!.;5=%!C%,%!%4+36*5.*+58!.H#6+!
3P(b!,%*%.,83O!b3,5*+5.4*!.47!4#4Jb3,5*+5.4*!.;5=%!C%,%!75*+,%**%7?!

I30!H6+!/#;5+585.4*!C%,%!C5;;54>!+#!3.)*+,54>!,%*%.,83!9#,!*5Q!'%.,*!54!+3%!4.)%!#9!)#,.;!
>,.47*+.4754>?!:3%5,!>.)H;%!).'!3.$%!/.57!#990!H6+!+3.+!7#%*4n+!83.4>%!+3%!8'4585*)!.47!
)#,.;!H.4=,6/+8'!#9!5+?!:#7.'!+3%'!.,%!+,6)/%+54>!+3%5,!#C4!9#,%*5>3+?!E%;;0!+3.+n*!C3.+!
/#;5+585.4*!7#?!:3%'!.,%!/%#/;%!C3#!4%$%,!,.4!.4!%4G')%J;54=%7!5))64#*#,H%4+!.**.'0!
4%$%,!757!.!H.;.48%,!83,#)#*#)%!*8,%%40!/%#/;%!C3#!4%$%,!/%%,%7!54+#!.!)58,#*8#/%!.47!
75*8#$%,%7!+3%!+,6+3?!:3%'!&6*+!+.=%!C3.+%$%,!8#)%*!+3%5,!C.'!.47!+6,4!5+!54+#!.!/.,+5*.4!
=$%+839%*+?!L:3%!m./.4%*%!,%*%.,83%,*!757!+3%5,!C#,=!+#+.;;'!C5+3#6+!,%9%,%48%!+#!I)%,58.4!
/#;5+58*?!(#0!,%.;;'0!757!+3%!E5*8#4*54!+%.)?!(85%48%!7#%*O!E.*354>+#4!9577;%*?M!

:3%!/%#/;%!C%!*3#6;7!H%!+3.4=54>!.,%!+3%!*85%4+5*+*0!C3#!C#,=!*#!3.,7!#4!/,#H;%)*!*#!
8#)/;%Q!+3.+!+3%!)547!9.5;*?!:3.4=*!+#!+3%5,!;.H#,*0!+3%!36).4!C#,;7!5*!%4&#'54>!.!>#;7%4!
.>%0!;%.,454>!*#!).4'!4%C!+354>*!5+!C5;;!+.=%!>%4%,.+5#4*!+#!647%,*+.47!3#C!)5,.86;#6*!
+35*!)#)%4+!,%.;;'!5*?!E%0!+##0!8#4+.54!.!645$%,*%!#9!/#**5H;%!96+6,%*?!!

G$))(.$+19+13$+M9/)$+9I+<$>-$)$%1(1#O$)+
]%#,>%!E?!U6*3!

m6;'!1[0!@AAR!
:3%!E35+%!X#6*%!

:g!:XP!Xge(P!gV!`P-`P(PT:I:2_P(F!

2!.)!,%+6,454>!3%,%C5+3!C5+3#6+!)'!.//,#$.;!X?`?!Y1A0!+3%!j(+%)!b%;;!`%*%.,83!
P43.48%)%4+!I8+!#9!@AAR?j!

"5=%!.;;!I)%,58.4*0!2!H%;5%$%!#6,!T.+5#4!)6*+!$5>#,#6*;'!/6,*6%!+3%!+,%)%47#6*!
/#**5H5;5+5%*!+3.+!*85%48%!#99%,*!+#!86,%!75*%.*%!.47!5)/,#$%!+3%!;5$%*!#9!)5;;5#4*?!o%+0!.*!
*85%48%!H,54>*!6*!%$%,!8;#*%,!+#!64;#8=54>!+3%!*%8,%+*!#9!36).4!H5#;#>'0!5+!.;*#!#99%,*!
+%)/+.+5#4*!+#!).45/6;.+%!36).4!;59%!.47!$5#;.+%!36).4!75>45+'?!g6,!8#4*85%48%!.47!
35*+#,'!.*!.!T.+5#4!7%).47!+3.+!C%!,%*5*+!+35*!+%)/+.+5#4?!E5+3!+3%!,5>3+!*85%4+5958!
+%8345N6%*!.47!+3%!,5>3+!/#;585%*0!C%!8.4!.835%$%!*85%4+5958!/,#>,%**!C35;%!;5$54>!6/!+#!#6,!
%+358.;!,%*/#4*5H5;5+5%*?!

24!@AA10!2!*%+!9#,+3!.!4%C!/#;58'!#4!*+%)!8%;;!,%*%.,83!+3.+!*+,68=!.!H.;.48%!H%+C%%4!+3%!
4%%7*!#9!*85%48%!.47!+3%!7%).47*!#9!8#4*85%48%?!E3%4!2!+##=!#9958%0!+3%,%!C.*!4#!V%7%,.;!
"#$%&#'!(%)%*+%,!-./%,0!! 555!

964754>!9#,!36).4!%)H,'#458!*+%)!8%;;!,%*%.,83?!e47%,!+3%!/#;58'!2!.44#648%7!R!'%.,*!.>#0!
)'!I7)545*+,.+5#4!H%8.)%!+3%!95,*+!+#!).=%!V%7%,.;!9647*!.$.5;.H;%!9#,!+35*!,%*%.,830!H6+!
#4;'!#4!%)H,'#458!*+%)!8%;;!;54%*!7%,5$%7!9,#)!%)H,'#*!+3.+!3.7!.;,%.7'!H%%4!7%*+,#'%7?!
W'!I7)545*+,.+5#4!3.*!).7%!.$.5;.H;%!)#,%!+3.4!k[A!)5;;5#4!9#,!,%*%.,83!#9!+3%*%!;54%*?!
:35*!/#;58'!3.*!.;;#C%7!5)/#,+.4+!,%*%.,83!+#!>#!9#,C.,7!.47!3.*!.;;#C%7!I)%,58.!+#!
8#4+546%!+#!;%.7!+3%!C#,;7!54!%)H,'#458!*+%)!8%;;!,%*%.,83!C5+3#6+!%48#6,.>54>!+3%!96,+3%,!
7%*+,68+5#4!#9!;5$54>!36).4!%)H,'#*?!

X?`?!Y1A!C#6;7!#$%,+6,4!)'!I7)545*+,.+5#4n*!H.;.48%7!/#;58'!#4!%)H,'#458!*+%)!8%;;!
,%*%.,83?!29!+35*!H5;;!C%,%!+#!H%8#)%!;.C0!I)%,58.4!+.Q/.'%,*!9#,!+3%!95,*+!+5)%!54!#6,!35*+#,'!
C#6;7!H%!8#)/%;;%7!+#!9647!+3%!7%;5H%,.+%!7%*+,68+5#4!#9!36).4!%)H,'#*?!b,#**54>!+35*!;54%!
C#6;7!H%!.!>,.$%!)5*+.=%!.47!C#6;7!4%%7;%**;'!%48#6,.>%!.!8#49;58+!H%+C%%4!*85%48%!.47!
%+358*!+3.+!8.4!#4;'!7#!7.).>%!+#!H#+3!.47!3.,)!#6,!T.+5#4!.*!.!C3#;%?!

I7$.48%*!54!,%*%.,83!*3#C!+3.+!*+%)!8%;;!*85%48%!8.4!/,#>,%**!54!.4!%+358.;!C.'?!(548%!2!
.44#648%7!)'!/#;58'!54!@AA10!)'!I7)545*+,.+5#4!3.*!%Q/.47%7!964754>!#9!,%*%.,83!54+#!
*+%)!8%;;*!+3.+!8.4!H%!7,.C4!9,#)!835;7,%40!.76;+*0!.47!+3%!H;##7!54!6)H5;58.;!8#,7*!C5+3!4#!
3.,)!+#!+3%!7#4#,0!.47!+3%*%!*+%)!8%;;*!.,%!86,,%4+;'!H%54>!6*%7!54!)%758.;!+,%.+)%4+*?!
(85%48%!.;*#!#99%,*!+3%!3#/%!+3.+!C%!).'!#4%!7.'!%4&#'!+3%!/#+%4+5.;!H%4%95+*!#9!%)H,'#458!
*+%)!8%;;*!C5+3#6+!7%*+,#'54>!36).4!;59%?!`%*%.,83%,*!.,%!54$%*+5>.+54>!4%C!+%8345N6%*!+3.+!
)5>3+!.;;#C!7#8+#,*!.47!*85%4+5*+*!+#!/,#768%!*+%)!8%;;*!&6*+!.*!$%,*.+5;%!.*!+3#*%!7%,5$%7!
9,#)!36).4!%)H,'#*!C5+3#6+!3.,)54>!;59%?!E%!)6*+!8#4+546%!+#!%Q/;#,%!+3%*%!3#/%96;!
.;+%,4.+5$%*0!*#!C%!8.4!.7$.48%!+3%!8.6*%!#9!*85%4+5958!,%*%.,83!C35;%!*+.'54>!+,6%!+#!+3%!
57%.;*!#9!.!7%8%4+!.47!36).4%!*#85%+'?!

2!3#;7!+#!+3%!/,5485/;%!+3.+!C%!8.4!3.,4%**!+3%!/,#)5*%!#9!+%834#;#>'!C5+3#6+!H%8#)54>!
*;.$%*!+#!+%834#;#>'!.47!%4*6,%!+3.+!*85%48%!*%,$%*!+3%!8.6*%!#9!36).45+'?!29!C%!.,%!+#!9547!
+3%!,5>3+!C.'*!+#!.7$.48%!%+358.;!)%758.;!,%*%.,830!C%!)6*+!.;*#!H%!C5;;54>!C3%4!4%8%**.,'!
+#!,%&%8+!+3%!C,#4>!C.'*?!V#,!+3.+!,%.*#40!2!)6*+!$%+#!+35*!H5;;?
"#$%&#'!(%)%*+%,!-./%,0!! 5$!

53$+=-91$#%+=8-(0#*+
:3%!T%C!o#,=!:5)%*!
!
T#$%)H%,!1A0!@AAY!W#47.'!!
T.+5#4.;!P75+5#4!
!
-%,!8./5+.!)%.+!8#4*6)/+5#4!)#,%!+3.4!7#6H;%7!#$%,!+3%!/.*+!3.;9J8%4+6,'!.*!+3%!>;#H.;!
%8#4#)'!%Q/.47%7?!2+!5*!%Q/%8+%7!+#!7#6H;%!.>.54!H'!@ARA?!E3583!,.5*%*!+3%!N6%*+5#40!C3.+!
7#%*!.;;!+3.+!)%.+!%.+!H%9#,%!5+!H%8#)%*!)%.+f!

248,%.*54>;'!+3%!.4*C%,!5*!$%,'!*).;;!95*3!3.,$%*+%7!9,#)!+3%!#8%.4!.47!>,#647!54+#!)%.;!
.47!/,%**%7!54+#!#5;?!I88#,754>!+#!.!4%C!,%/#,+!H'!*85%4+5*+*!9,#)!+3%!e45$%,*5+'!#9!U,5+5*3!
b#;6)H5.!.47!954.48%7!H'!+3%!-%C!24*+5+6+%!9#,!g8%.4!(85%48%0!Ba!/%,8%4+!H'!C%5>3+!#9!.;;!
+3%!95*3!+.=%4!9,#)!+3%!#8%.4!5*!9#,.>%!95*3F!*).;;!95*3!;5=%!*.,754%*!.47!)%43.7%4?!T%.,;'!
3.;9!#9!+3.+!5*!9%7!+#!9.,)%7!95*3O!)#*+!#9!+3%!,%*+!5*!9%7!+#!/5>*!.47!/#6;+,'?!

:3%!/,#H;%)!5*!+3.+!9#,.>%!95*3!.,%!+3%!9%%7*+#8=!#9!).,54%!).)).;*!.47!H5,7*!.47!;.,>%,!
*/%85%*!#9!95*3?!24!#+3%,!C#,7*0!9.,)%7!95*30!/5>*!.47!/#6;+,'!JJ!.47!+3%!36).4*!C3#!%.+!
+3%)!JJ!.,%!8#)/%+54>!9#,!9##7!75,%8+;'!C5+3!.N6.+58!*/%85%*!+3.+!7%/%47!#4!+3#*%!9#,.>%!
95*3!9#,!+3%5,!%Q5*+%48%?!2+n*!.*!59!36).4*!C%,%!*C5))54>!54!*83##;*!54!+3%!#8%.4!#6+J%.+54>!
%$%,'!#+3%,!*/%85%*?!

:3%!8.*%!5*!C#,*%!+3.4!+3.+?!E3%4!5+!8#)%*!+#!9.,)%7!95*30!+3%,%!5*!.!4%+!/,#+%54!;#**F!5+!+.=%*!
+3,%%!/#647*!#9!95*3!9%%7!+#!/,#768%!#4%!/#647!#9!9.,)%7!*.;)#4?!:35*!/,#+%54!/',.)57!JJ!
*).;;!95*3!9%7!+#!9.,)%7!95*30!/5>*!.47!/#6;+,'!+3.+!.,%!+3%4!9%7!+#!36).4*!JJ!5*!
64*6*+.54.H;%?!2+!+3,%.+%4*!+3%!9#647.+5#4!#9!#8%.458!;59%?!

:3%!,%/#,+n*!.6+3#,*!*6>>%*+!+3.+!5+!C#6;7!H%!H%++%,!59!36).4*!.+%!+3%*%!*).;;!95*30!.*!).4'!
86;+6,%*!#48%!7570!54*+%.7!#9!6*54>!+3%)!.*!9%%7?!:3.+!5*!#4%!C.'!#9!.77,%**54>!+3%!/,#H;%)!
#9!4%+!/,#+%54!;#**?!:3%!,%.;!.4*C%,*!.,%!*6//#,+!9#,!*6*+.54.H;%!.>,586;+6,%!54!+3%!
7%$%;#/54>!C#,;7!.47!%48#6,.>54>!3%.;+3'0!;%**!)%.+JH.*%7!%.+54>!3.H5+*!.*!.!+,6%!*5>4!#9!
.99;6%48%!%$%,'C3%,%!
"#$%&#'!(%)%*+%,!-./%,0!! $!

S""3&2"../&257+.+'%&56.&5<&0'+"*'"&
!
:3%!I6*+,.;5.4!
!
W.'!10!@AAa!W#47.'!!
I;;J,#647!b#64+,'!P75+5#4!
U'!W583.%;!b##=!
!
D25"6#1$E''P$'.$/"#$('110$'($-#82561$Q',*.61&$-'=2.+$',/$'($/"#2*$6*#6$'($5'-4#/#.5#$

gTP!#9!+3%!C#,;7n*!)#*+!,%*/%8+%7!)%758.;!&#6,4.;*0!:3%!".48%+0!3.*!8.;;%7!9#,!,%>5)%!
83.4>%!54!.!#48%J>,%.+!8#64+,'!C3#*%!3%.;+3!/#;585%*!.,%!*6886)H54>!+#!nn+3%!/#;5+58*!#9!9%.,!
.47!4%>;%8+nn!.47!nn/,#9#647!54+#;%,.48%nn?!2+*!+.,>%+f!q5)H.HC%f!-.=5*+.4f!Z.G.=3*+.4f!

T#0!:3%!".48%+!C.*!,%9%,,54>!+#!I6*+,.;5.!.47!+3%!X#C.,7!]#$%,4)%4+?!24!.4!%75+#,5.;!
C3583!)5>3+!3.$%!H%%4!>3#*+JC,5++%4!H'!W.,=!".+3.)!54!.!/.,+586;.,;'!H5;5#6*!)##70!+3%!
&#6,4.;!8.;;%7!6/#4!$#+%,*!+#!;%+!*354%!nn.!4%C!%4;5>3+%4)%4+!+#!I6*+,.;5.4!3%.;+3!.47!
)%758.;!*85%48%nn?!

P.,;5%,!+35*!)#4+3!5+*!%75+#,!`583.,7!X#,+#4!$5*5+%7!('74%'?!X%!)6*+!3.$%!H,5%9%7!35)*%;9!
#4!+3%!*+.+%!#9!I6*+,.;5.4!*85%48%?!:3%!%75+#,5.;0!9#,!54*+.48%0!N6#+%*!nn+3%!,%*/%8+%7!*85%4+5*+!
2.4!"#C%nn!#4!+3%!nn%Q+,.#,754.,'!;%4>+3*nn!+3.+!+3%!]#$%,4)%4+!3.7!+.=%4!+#!nn*5;%48%!
547%/%47%4+!#/545#4!C5+354!+3%!,%*%.,83!8#))645+'nn?!"#C%!5*!.!,%*/%8+%7!*85%4+5*+0!H6+!
9.5;54>!+#!)%4+5#4!35*!/#*5+5#4!.*!/,%*57%4+!#9!+3%!I6*+,.;5.4!b#4*%,$.+5#4!V#647.+5#4!+#!
".48%+!,%.7%,*!5*!;5=%!7%*8,5H54>!-%+%,!].,,%++!.*!.!,%*/%8+%7!,#8=!*+.,0!4#+!.*!.!".H#,!
/#;5+585.4!.47!.!9#,)%,!/,%*57%4+!#9!+3%!IbV?!

2!7#4n+!,%>.,7!)'*%;9!.*!.!b#.;5+5#4!*6//#,+%,0!H6+!2!.)!.;.,)%7!.+!+35*!3%.7'!)5Q!#9!/#;5+58*!
.47!)%758.;!*85%48%?!g//#*5+5#4!3%.;+3!*/#=%*C#).4!T58#;.!`#Q#4!C.*!.!H5+!3.*+'!54!
7%*8,5H54>!+3%!%75+#,5.;!.*!nn.!7%$.*+.+54>!54758+)%4+!#9!+3%!X#C.,7!]#$%,4)%4+n*!,%8#,7!#4!
3%.;+3nn?!E#,7*!;5=%!+3%*%!8#6;7!8,%.+%!.4!%Q/%8+.+5#4!+3.+!C5+354!.!9%C!)#4+3*!.9+%,!.4!
%;%8+5#4!$58+#,'!%4;5>3+%4%7!".H#,!-.,+'!,%*%.,83%,*!C5;;!86,%!+3%!#H%*5+'!%/57%)580!+3%!
.*+3).!%/57%)58!.47!+3%!7%/,%**5#4!%/57%)580!.;#4>!C5+3!954754>!.!*#;6+5#4!+#!IH#,5>54.;!
3%.;+3!C#%*?!e43.//5;'0!:3%!".48%+!%75+#,5.;!5*!#4;'!+3%!)#*+!,%8%4+!%Q.)/;%!#9!.!C#,,'54>!
548,%.*%!54!.7$#8.8'!*85%48%!54!+#/J9;5>3+!&#6,4.;*?!:,.75+5#4.;;'0!+3%*%!;6)54.,5%*!3.$%!
8#4954%7!+3%)*%;$%*!+#!+3%5,!.,%.*!#9!%Q/%,+5*%?!-6H;58!/#;58'!54!.,%.*!*683!.*!X2_dI2\(!#,!
IH#,5>54.;!3%.;+3!C.*!75*86**%7!54!+%,)*!#9!*/%85958!/,#>,.)*0!4#+!.*!/#;5+58.;!368=*+%,54>?!

U6+!C5+3!+3%!%;%8+5#4!#9!8#4*%,$.+5$%!>#$%,4)%4+*!54!H#+3!+3%!e(!.47!I6*+,.;5.0!4%6,#4*!54!
%75+#,5.;5*+*n!8%,%H%;;6)*!*+.,+%7!+#!)5*95,%!).7;'?!T#+!#4;'!:3%!".48%+0!H6+!.;*#!+3%!U,5+5*3!
W%758.;!m#6,4.;!.47!T.+6,%!.47!+3%!e(JH.*%7!T%C!P4>;.47!m#6,4.;!#9!W%75854%0!:3%!m#6,4.;!
#9!+3%!I)%,58.4!W%758.;!I**#85.+5#4!.47!(85%48%!3.$%!H%8#)%!548,%.*54>;'!3#*+5;%!+#C.,7*!
+3%!]%#,>%!E?!U6*3!.7)545*+,.+5#4?!

E5+3!*#)%!,%.*#40!#9!8#6,*%?!:3%!I)%,58.4!3%.;+3!*'*+%)!5*!.!)%**?!:3%!U6*3!
.7)545*+,.+5#4!3.*!.//.,%4+;'!+54=%,%7!C5+3!#99585.;!,%/#,+*0!*.8=%7!,%8.;85+,.4+!*85%4+5*+*!
.47!/;.8%7!*')/.+3%+58!#99585.;*!54!=%'!/#*5+5#4*?!U6+!+3.+n*!%Q.8+;'!C3.+!$#+%,*!%Q/%8+!
/#;5+585.4*!+#!7#?!E3%4!+3%'!,%.7!4%C*/./%,*0!+3%'!3#;7!+3%5,!4#*%*!.47!)%.*6,%!
>#$%,4)%4+*n!%$%,J5)/,#$54>!>,./3*!.47!#/+5)5*+58!9#,%8.*+*!C5+3!.!H6;;76*+!)%+%,?!
"#$%&#'!(%)%*+%,!-./%,0!! $5!

U6+!4#+!C3%4!+3%'!,%.7!)%758.;!.47!*85%48%!&#6,4.;*?!"5=%!".H#,n*!`#Q#40!+3%'!4.5$%;'!
%Q/%8+!+3.+!+3%!C35+%J8#.+%7!>#7*!#9!*85%48%!*/%.=!+,6+3!+#!/#C%,!54!C#,7*!648#4+.)54.+%7!
H'!57%#;#>58.;!/,%&6758%?!

T#!;#4>%,?!:3%!&#6,4.;*!3.$%!)#,%!#,!;%**!*N6.,%;'!.;;5%7!+3%)*%;$%*!C5+3!+3%!;5H%,.;!*57%!54!
I)%,58.n*!86;+6,%!C.,*!#$%,!.H#,+5#4!,5>3+*0!+3%,./%6+58!8;#454>0!*%Q!%768.+5#40!I2\(!
/#;585%*!.47!/#/6;.+5#4!8#4+,#;?!2+!3.*!H%8#)%!4%.,;'!5)/#**5H;%!9#,!75**57%4+!*85%4+5*+*!+#!
>%+!/./%,*!/6H;5*3%7!54!+3%*%!*%4*5+5$%!.,%.*!H%8.6*%!JJ!+3%'!8;.5)!JJ!547%/%47%4+!#/545#4*!
.,%!*5;%48%7?!:3%!4%C!95%;7!#9!*+%)!8%;;!,%*%.,83!#99%,*!+3%!)#*+!%>,%>5#6*!%Q.)/;%?!

U.8=!54!@AAB0!.9+%,!-,%*57%4+!]%#,>%!E?!U6*3!3.7!,%*+,58+%7!964754>!9#,!%)H,'#!,%*%.,830!
+3%!%75+#,!#9!+3%!TPmW0!m%99,%'!\,.G%40!$#C%7!+#!.>>,%**5$%;'!*%%=!#6+!.47!/6H;5*3!,%*%.,83!
#4!%)H,'#458!*+%)!8%;;*?!nn-3'*585.4*!.47!*85%4+5*+*!54!+3%!e(!*3#6;7!H%!.+!+3%!8%4+,%!#9!+3%!
.8+5#40!4#+!#4!+3%!*57%;54%*0nn!3%!.,>6%7?!X%!75*)5**%7!%+358.;!#H&%8+5#4*?!

:3%!#+3%,!&#6,4.;*0!548;6754>!:3%!".48%+0!757!)683!+3%!*.)%0!%$%4!+3#6>3!+3%'!.7)5++%7!
+3.+!+3%,%!C%,%!nn9%C!+.4>5H;%!8;5458.;!H%4%95+*!+#!,%/#,+nn?!:3%!8#4*%N6%48%*!#9!+35*!
57%#;#>58.;;'!H;54=%,%7!/#;58'!C%,%!4#+!;#4>!54!8#)54>?!(85%48%!,6*3%7!54+#!/,54+!+C#!
*+64454>!.,+58;%*!.H#6+!+3%!8,%.+5#4!#9!+3%!C#,;7n*!95,*+!36).4!+3%,./%6+58!8;#4%*!.47!*+%)!
8%;;!;54%*?!2+!C.*!.!H,5;;5.4+!8#6/!+3.+!$54758.+%7!5+*!%75+#,5.;!#//#*5+5#4!+#!U6*3n*!%+358.;!.47!
*85%4+5958!8.6+5#4?!

I47!5+!+6,4%7!#6+!+#!H%!+3%!C#,*+!9,.67!#9!+3%!/.*+!3647,%7!'%.,*0!+3%!3.475C#,=!#9!.!
/6H;585+'J364>,'!(#6+3!Z#,%.4!,%*%.,83%,!C3#!=4%C!+3.+!E%*+%,4!&#6,4.;*!C%,%!%N6.;;'!
364>,'!+#!/,#$%!+3%5,!8.*%?!X#C!+3%!%75+#,!#9!(85%48%0!\#4.;7!Z%44%7'0!,%*/#47%7!+#!+35*!
36)5;5.+54>!+6,4!#9!%$%4+*!5*!54*+,68+5$%?!"5=%!.4'!H%;%.>6%,%7!/#;5+585.40!3%!.//#54+%7!35*!
).+%*!+#!.4!54$%*+5>.+54>!8#))5++%%F!+3,%%!%75+#,*!.+!(85%48%0!#4%!9#,)%,!%75+#,!.+!(85%48%0!
.47!+C#!#9!+3%!)#*+!/.**5#4.+%!.7$#8.+%*!#9!%)H,'#458!*+%)!8%;;!*85%48%!54!+3%!e(?!2+!C.*!
3.,7!+#!5).>54%!.!+%.)!;%**!;5=%;'!+#!.*=!+#6>3!N6%*+5#4*?!X.7!%75+#,5.;!)5*>5$54>*!H%%4!
*+%.),#;;%,%7!H%8.6*%!#9!35*!/.,+5*.4!8#))5+)%4+!+#!%)H,'#!,%*%.,83f!E%!C5;;!4%$%,!
=4#C?!

:3%!,%.;!$58+5)*!#9!.!>,#C+3!54!/#;5+58.;!.7$#8.8'!C5;;!H%!+3%!&#6,4.;*!+3%)*%;$%*?!E5+3!
,5*54>!;%$%;*!#9!9,.67!.47!*%;9J*%,$54>!8#))%,85.;5*)!54!+3%!5$#,'!+#C%,*!#9!.8.7%)%0!+3%!
8,%75H5;5+'!#9!;%.754>!&#6,4.;*!5*!.!)#,%!$.;6.H;%!.**%+!+3.4!%$%,!H%9#,%?!-#;5+58=54>!
%75+#,5.;*!8.4!#4;'!+.,45*3!+35*?!

I47!.!3.H5+!#9!/;.'54>!/#;5+58*!8.4!H.8=95,%!54!64%Q/%8+%7!C.'*?!24!.4!%4+%,+.5454>!%Q.)/;%!
#9!3#;5%,J+3.4J+3#6J).4*35/0!+3%!U,5+5*3!W%758.;!m#6,4.;!5*!8.)/.5>454>!+#!=4#8=!:3%!
".48%+n*!3.;#!54+#!.!8#8=%7!3.+?!g6+!#9!nn*5*+%,;'!8#48%,4!9#,!.!9%;;#C!&#6,4.;nn0!5+!3.*!8.;;%7!
9#,!.!H#'8#++!H%8.6*%!:3%!".48%+n*!/6H;5*3%,0!`%%7!P;*%$5%,0!#,>.45*%*!.!9%C!9.5,*!9#,!+3%!
54+%,4.+5#4.;!.,)*!+,.7%?!`583.,7!X#,+#4n*!%Q/;.4.+5#4*!3.$%!H%%4!,.+3%,!9%%H;%?!29!:3%!
".48%+n*!9,5%47*!/;.'!>.)%*!;5=%!+35*0!+3%,%!5*!;5++;%!4%%7!9#,!+3%!I6*+,.;5.4!]#$%,4)%4+!+#!
/.458!#$%,!+3%!.++.8=!#4!5+*!#C4!9.,J9,#)J/%,9%8+!,%8#,7?!