You are on page 1of 52



   ! #"


$%'&)(*,+.-0/1-2+35476
:8 9;=<?>A@CBED=;GF,D=HJIE9CBKL@?MONQP>GDOD=HJ9?I
RBEDBS;ONE@?HTPU;O<CB2;D=;VB.WE>.XYBKJZ[N\D=;]>^_PKa`bD=HJcE>GKaWHJ9
>dKJ>GP;OM=HTPGBK>d9?IeHa9?>d>dMOHa9?Ibf8:;gRhBEDiNe9?KaW;O<?>D=@L>GPdHTBKaHTD=;ODjRh<?NkB@_@?KJHa>GXlKaN2R@CBDmDin?Ka;O>dMmD
;ONoMO>GZ[Npce>q<_HJIe<srtMO>Guv`?>d9bPHa>.DwrtM=N\Z X_HJIEHJ;mBKjD=HaIe9CBKJDdfyx<?>l>^Q@L>dMO;ODPdNE`?KTXzPGB9bP>dK
`?9,RB9,;=>.X 9?NeHJD=>\fzx<?>dW PNe`?KJX{PN\Z@?M=>.DOD;O<?>kD=HJIe9bBK|B9bX};=<?>d9{M=>GPdNE9bD=;OMO`?Pd;dfz8:;
;ONvNe~Y;RNX_HTZ>d9bD=HJNE9CBK#>^Q@L>dMO;OD;=N[X_N[;O<_>DmBEZ>grtNeMhHJZYB2Ie>GDGf
x<?>;OM=`?;O<qHJDA;=<CB;A>dce>dMOWeNe9_>
9?N2RX_>.BKJDARhHJ;=<lX_HJIEHJ;mBKD=HJIe9bBKTDiB9bXHJZYBIE>.D
)Ha9_
ceNeKac,Ha9?IKBM=Ie>BEZNe`?9v;mD|Ner]XbB;mBvfA>BKaK9?>d>GX;ON`?9bX_>dMODO;mB9bXqDOHaIe9CB2K@?M=NQP>.DOD=Ha9?I
d2A5tQ2]m2b2tQ22#UtQv x<?>GD=>j@bBIe>GDUBM=>jHa9,;O>d9bXQ>.Xw;ON[>^Q@?KTBHa9
;O<_>.D=>[CBED=HJP[Ne@C>GMmB;OHaNe9bDdF1`bD=HJ9_ID=HTZ@?Ka>[>^?BEZ@?Ka>.Ddf>[RHaKJKM=>pBP<BEDjr)BMBEDjn?KJ;=>dM
CB9_~QDS)Ha9kX_HJDOPMO>d;O>g;OHJZ[>2B9bXRhB.ce>dKa>d;h>^Q@CB29bD=HJNe9?DHJ9PdNE9,;OHa9,`?Ne`?D;=HTZ>2f
2VJ#E27?tite|tq2#Eam2 x<_>GWL>GPN\Z>AXQHJIeHa;VB2K5,W[DmBEZ
@?KaHJ9_IB;>Guv`bBKj;=HTZ>Ha9,;O>dMOcBKJDdf8:r?m 2OYHTDkB 2LtbC2QtqVJ#E FAHa;mD
DmBEZ@?KJ>GDIeHace>SBX_HJDmPM=>G;=>j;=HTZ>SD=HaIe9CBK'
_m Tt)z?m 25i qz_ESQddd
=p
x<_> d2A5tQitLEE HTDf1>Nert;=>d99_NeMmZBKaHJd>];ONAzEFvW
B|DOHJZ@?KJ>MO>GDOPGBKJHa9?I
Ner;O<?>j;=HTZ>jcBM=HB_KJ>ef
X_>dc,HTP>Y;O<bB;BEP;O`CBKaKaWXQN,>GD
;O<?HJDDmBEZ@?KaHJ9?IkHJDPGBKaKJ>GXB9 j ' 2bed f
x<_>Ha9?@?`?;UHJDAB9B9CBKaNeIk D=HJIe9bBK:F?@?MONECB?KaWrtM=N\ZZ>pBDO`_MO>GZ[>d9,;ODdfx<?>NE`?;O@?`_;
HJDjBYX_HaIeHJ;mBK:jD=HJIe9bBK:F5@?MONebB?KaW0rtNeMiPN\Z@?`?;=>GM|@?MON,Pd>GDOD=HJ9_Ibfj|D=`CBKaKaWB9 :;ONE
PNe9,ce>dM=;O>dMAKaN\D=>GDi<?HaIe<lrtMO>Guv`_>G9?PdW0Ha9?rtNeMOZYB2;OHaNe9o)NEMgZ[H^Q>GDAHa;gRhHJ;=<lKaN2RrtM=>.u\`?>d9bPHJ>GDdF
R<_HTPV<[HTD]BKaHBDOHa9?IQVfv<CB9?9_Ne9Dx<?>dNeMO>GZRHaKJKb;=>dKJK?`bD;=<CB;Rh<?>d9;=<?>dMO>|BM=>9?NS<_HJIe<
rtMO>Guv`_>G9?PdHa>GDiHJ9l;=<?>[D=HaIe9CBK'F;O<?>[B9CBKaNeIDOHaIe9CB2KPGB9lL>MO>GPN2ce>dMO>GXqB;SBKaK|rtMON\ZHa;mD
'XQHJIeHa;VB2KDVBZ[@?Ka>GDB;;=<?>SX_HJDmPM=>G;=>j;=HTZ>GD5f
Ne;OHJP>h;=<CB;7;O<?>D=HaIe9CBK_HJD]BEDOD=`bZ>.X
;ONgL>Ha9?n?9_HJ;=>GKaW
KJNE9?IbFeRHa;O<9?NSD=;mBMO;B9bX9?N
n?9?HJD=<fx<_>i;=HTZ>|KaHJ9?>|HTDAg zzfx<?>d9;O<_>iX_HJDOPdM=>d;O>iD=HaIe9CBK51)17HTDX_>dn?9_>.X
rtNeMABKaKHJ9v;O>dIe>dMmD
g sVfA>dHJ;=<?>dM|Ner7;O<_>.D=>BEDODO`?Z[@?;=HJNE9bDUHTDU>^?BEP;OKaW;=MO`?>
rtNeMgM=>pB2KD=HaIe9CBKJDdf[x<_>[M=>.BKJHJD=;OHJP[BEDOD=`bZ@?;OHaNe9);=<?HJDjHJDjNert;=>d9R>dKJK5`bD=;OHan?>GXL|HJDg;O<CB2;
;O<_>
D=HaIe9CBKHTD|D=N[KJNe9_I;O<CB;>G9?X0>d5>GP;mDUBMO>S9_Ne;|D=HJIE9?HJn?P.B29,;GfWwRNeMO~,Ha9?I[RHa;O<0;O<?>
R<_NeKJ>jKaHJ9_>
B9bX0BKaKHJ9,;=>dIe>dMmDihF_R>jP.B29`bD=>?Ne`?M=HJ>dMZ[>d;O<_NQX?Dh;=N;O<?>j`?;OZ[N\D=;df


 

9bXS;O<?NeDO>?Ne`?M=HJ>dMZ>d;O<?N,X?DBMO>]cE>GM=Wg@CN2R>dMOrt`_K:fx<?>]P<_HJ>dr_;=N,NeK\HJ9Ne`_MB29CBKaWQD=HTD
RHaKaKC>g;O<?>jAHJDOPMO>d;O>jxHTZ>j_Ne`?MOHa>dMx1MVB29bD=rtNeMmZF,Rh<?HJP<w;O`?M=9bD;O<_>jDmBEZ@?Ka>.D1)1
?O T]HJ9,;=N[;O<_>PN,> PHa>d9,;mDNer7B[ 5:@L>dMOHaNQX_HJPjrt`?9bP;OHaNe
9  V
o




!#"

1)1%$ "'&(*)

:\

KaKh;O>dMOZDBM=>`?9?P<bB9?Ie>GXoRh<?>d9+HJDHJ9? PdM=>.BED=>.X,W f>MO>drt>dM;ON, BED;O<?>


mV.-L /EFB9bX R>IEMVB@?<;=<?>;OMVB29bD=rtNeMmZ0ojL>d;R>G>d91y 2zB9bX1 3f
x<_>G5
9 4KJN2R rtM=>.u\`?>d9bPHJ>G7D 6MO>drt>dM;ON[rtMO>Guv`?>d9bPHa>GD9?>.BMd>GM=NbFCB9b8
X 4<?HJIE<0rtMO>Guv`?>d9bPHa>.D76
<CB.cE:> 9 ;9=<>f
xRNgD=@L>GPHB2K?D=HJIE9CBKJD7<CBGce>;O<?>KJNpR>GD=;B9bX<_HJIe<_>.D=;7rtM=>Guv`?>d9bPHJ>GDd?F ozgB9?@X 
f0x<?>@?`?M=>wB
A D=HJIE9CBK =ddGGEGEGEGEGEdddi<CBED>^?BPd;=KJWld>dMON0rtMO>Guv`?>d9bPWef
8:;mD;=MVB9bD=rtNeMOC
Z o <CBEDB
AHaMVBEP|X_>dKJ;mBSrt`?9bP;OHaNe9wBD; o!QFf E0NeMO>|@_MO>GPHTD=>dKJWeGF o 
HJDBk@C>GM=HJN,X_HTPY;OMmBHa9NerXQ>GKa;VB0rt`?9bP;=HJNe9?D
NerZBIe9?Ha;O`bXQ>
flx<?>@?`_MO> A D=HaIe9CBK
w=ddGGEd
EGEd
Eddd<CBEDh;O<?>j<?HaIe<?>GD=;rtM=>.u\`?>d9bPHW  I
}'B9b:X  2 f]8:;mD
;OMmB9bD=rtNeMOZ HJD|B;OMVB2HJ9NErX_>dKa;VBrt`_9bP;OHaNe9bDUBJ; o; B K?dddJf
x<?HTDUBKJ;=>dMO9CB;=HJNE9C>G;R>d>d9SB9?X
gIEHJce>GD;O<?>Sr)BDO;=>GDO;hNeDmPHaKJKTB;=HJNe9Ner7B29,WwX_HJD
PMO>d;O>D=HaIe9CBK'f{>d;R>d>dL
9  B29bL
X  ; !HJD;O<?>r)BZ[HaKJWNerA@?`_MO>0DOHa9,`bD=NeHJXbBK
D=HJIE9CBKJDRhHJ;=<rtMO>Guv`_>G9?PdW2 +
{M

) )N
$ &(*) rtNeMh>.BEPV<7
O Kv
>BM=>rtMO>Guv`_>G9v;OKaWRNeMO~,Ha9?IRHa;O<}DOW,DO;=>GZD;O<bB;[MO>GD=@LNe9?X ;ON;O<_>.D=>@_`?MO>0Ha9?@?`?;OD
RHa;O<0@_`?MO>SNE`?;O@?`_;mDdfx<?>SNe`?;=@?`?;<CBED # _2Q,gtm. -L  / x<?>NE9?KJWwPV<CB9?IE>
HJD7Ha9[BEZ@?KJHa;O`?X_>B9bX@_<CBED=>eFertM=N\ZZ
`?KJ;=HJ@_KJHJPGB;OHaNe9,QW P f7x<_HTDHTD;B RHa9?>.BMxHTZ>
8:9,cBM=HB9v;UD=WQD=;O>GZ
SUTBVXW*YZW[]\_^1W?`
acbZdfehgjilknmi )1B
iloprqsklt?d_uvmwbZdxpsknmOinklmyP  ) )1{ z} |Q
)
x<_>jBZ[@?KaHartW,HJ9_I
r)BEP;ONEcM P F_B2KTD=N
RM=HJ;=;O>d
9 P} $ &() F,HJD;O<?> mV.-L  / V?2bG f78:;
cBMOHa>GD|rtM=N\ZNe9?>rtMO>Guv`?>d9bPW;ONB9?Ne;=<?>dMGFC?`?;iD=>d@CBMmB;O>rtM=>Guv`?>d9bPHJ>GD|D=;VBGWD=>d@CBMVB2;O>ef
P HJDB~
9 4>dHaIe>d9,cBKa`?> 6Ner1;O<?>gD=WQD=;O>GZ0F,R<?>d9w;O<?>g>dHaIe>d9,ce>GP;ONeMHJD;O<?>gN\DOPHaKJKTB;OHa9?I
D=HJIE9CBK1 ) Vf RHa9?>.BM|xHTZ>S8:9,cBM=HB9v;UD=WQD=;O>GZ HTDhNert;=>d90PGBKaKa>.XB  f
>RhHJKaKQD=;O`?X_Wjn?Ka;O>dMODHJ9X_>d;VB2HJK'fHJMODO;R>]KaN,Ne~B2IvBHa9B;;=<?>GD=>D=@L>GPHB2KQD=HaIe9CBKJD
PN\Z@?KJ>^>^Q@LNe9?>d9,;=HB2KTDhB9bXMO>.BKD=Ha9,`bD=NeHJX?Ddf?Ne`_MOHa>GMj:B29b
X EkNEpB2MO;;ON,N,BEDOD=>.Z
?Ka>GX
BKaK1D=HaIe9CBKJDhNe`?;hNer;=<?>GD=>S@_`?MO>j<CBMOZ[NE9?HTPdDdf


 

 
  
x <_>D=@L>GPdHTBK1D=HaIe9CBK;=<CB;R>SP.B2KJK ) <CBEDh;O<?>PN\Z@?Ka>^w>^Q@CNe9?>d9,;OHTBK $ &(*) BEDhHJ;OD 
DmBEZ@?KJ>ef}8:;OD[@?`_MO>rtMO>Guv`?>d9bPW HTDQf ZNeMO>Ie>d9?>dMVB2KPN\Z@?Ka>d^ >d^,@LNe9?>d9,;=HBKh<CBED
Bw@LNeDOHa;OHace>MO>.BKBEZ@?KaHJ;=`bX_>)9?Ne;g9?>GP>.DODmBM=HJKaWopAB9bXBwMO>.BK7@_<CBED=>D=<?Hart;)9?NE;
9?>GP>GDmDmBM=HJKaWwv
)O $ & )!#"%$'&
)(\
* ?M=N\Zy;=<?>iIeMO>.B;rtNeMmZ
`?KTB $ &+$ zPN\D,.-0/vDOHa91_FQ;O<_>iMO>.BK5@CBMO;hB9?XwHJZYBIEHJ9CB2MOW@CBM=;
BM=>BPN\D=Ha9?>SD=HaIe9CBK1B9bX0BDOHa9?>SD=HJIE9CBK'
2h>434 $ & )!"%$'&)5 PN\DG 6-7\
98v
8Z34 $ &)!"%$'& 5 D=Ha96-7\

 Ne;OHJP><?N2R;O<?>GD=>]D=HaIe9CBKJD<CB.ce>;=<?>]DmBEZ>7rtM=>.u\`?>d9bPW kB9?Xj;=<?>]DmBEZ>BEZ[@_KJHa;O`bXQ>
 B9bXB0@?<CBDO>X_HJL>dMO>d9bP>YNer: ; )NeM<e>=Vf PN\D=HJ9?>Yrt`?9?Pd;=HJNE9;=`?MO9bDHJ9,;=NlBkDOHa9?>
rt`?9bP;=HJNe9HJrR>SD=<?Hart;,W : ;MVBEXQHB9?DG
D=Ha919\zPN\D@?Aj : ;CB
x<_>PN\Z@?KJ>^>^Q@LNE9?>d9,;OHTBK1HTDU9?HJPd>L>GPGB`bD=>
Ha;|HJDiBD=Ha9?IeKa>rt`?9bP;OHaNe9f|x<?>
D=HJ9v`bD=NeHTX
MO>d@?M=>GDO>d9,;mB;OHaNe9kHJDA9?HJPd>
L>GPGB`bD=>
;O<_>PN\D=HJ9?>B9?XD=HJ9?>BMO>
MO>.BK';f R>d;A`?DA>GZ[@?<bBED=HJd>
BIvB2HJ9;O<CB;Ne9?>PN\Z[@_KJ>^jrt`?9bP;=HJNe9
@?M=NQX_`bP>GD;RN|M=>pB2K,rt`_9bP;OHaNe9bDdf`?;;RNAPN\Z@?Ka>^
rt`?9bP;=HJNe9?DUPGB90BKTD=N@?M=NQX_`bP> 2 M=>.BKrt`_9bP;OHaNe9
$ &()! +
- $ "'&()! 7PN\rD 
EDe
$ & )! $ "'&()!
7D=HJ9c
vNSB|MO>.BK_D=Ha9,`bD=NeHJXKJHa~e>hPN\D 1NeM7D=Ha9 7FvB@?@CBM=>d9,;OKaWRhHJ;=<Ne9?KaWNE9?>h@_`?MO>rtMO>Guv`?>d9bPW
FCBEP;=`CBKaKJWY<CBED GFUmV. -L  B29bX IH
JK [\KM~
L [N \PO \RQTS [UGKMLVKMWXW9O \ZY\[ \ZL ] YL[K_^ \`OCUTKba
x<_>[@?`?M=>D=HJ9,`?DONEHTX)Og PN\D AMO>d@L>.B;ODgR<?>d9?>dce>dMj;=<?>[;=HTZ>AHJDjHJ9?PdM=>.BED=>.Xq,W
 c fx<?HJDHJDhHJ;OD@C>GM=HJN,XS

x<?> b:. Ner7)OsPN\D 7HJDh!   
9dv
v`?@_@LN\D=>
HJDAZ>.BED=`?MO>GXHJ9qD=>GPNe9bX?Ddf|x<?>d9;=<?>
9v`bZC>GM|NErPWQPKJ>GD|Ha9Ne9_>D=>GPdNE9bX
HJDfec.
x<?> mV. -L / tgh HJDie
 
9<v
x<v`bD8ePWQPKa>GD@L>dMD=>.PNe9?X{HJD;O<?>qDmBEZ>BEDj8e_k>dMO;Oef MVBEXQHJN RB.ce> )R<_N\D=>
>^QHJDO;=>d9bP>lRhBDwX_>GZ[Ne9?DO;=MVB;=>GX{,WlkU>dHa9?MOHJPV<mkU>dM=;O2ZHaIe<,;<CB.ce>B rtMO>Guv`_>G9?PdW}Ner


 

G  kUef}UNe;=HTP>;=<?>0DOHJZ@?KJ>M=>GKTB;=HJNe9 e  c!C>G;R>d>d9NE`?M[;RNZ>pBDO`_MO>GDNer
rtMO>Guv`_>G9?PdWef>gIeMVB2@?<0Brt`?9bP;=HJNe9 P]L>d;R>d>d9: 2B9bX  5f|D=Ha9?I;O<?>
9?NeMOZYB2KJHad>.XlrtMO>Guv`_>G9?PdWq;=<?>IeMmB@?<IEN,>GDSrtM=N\Z e AQ (w;=N e _ (Qfs<?>d9;O<?>
rtMO>Guv`_>G9?PdWX_NE`??Ka>.DdF?;=<?>j@L>dMOHaNQXNEr;=<?>SDOHaIe9CB2KHJDh<CBKace>GXf

JK [\KML~[N \PO\RQTS [UGKMLVKMW1^ N S W\ W N U W [ [K1[U^ \ WN UGWO[


x<_>]D=WQZ
LNeK>M=>d@?MO>GD=>d9,;mD#;O<?>@?<CBED=>D=<?Hart;Gfx<?>;ONe;mBKE@_<CBED=>HJD  - QF2;=<?>BM=Ie`bZ>d9,;
Ner;O<?>jD=HJ9?>jNeMPN\D=Ha9?>eFbB9bXPKJ>.BM=KJW@?MON,X_`bP>GD|BD=<?Hart;Gf`?;;=<?>dMO>gHTDUB9?NE;O<?>dMRhB.W
;ON0Ne?;mBHJ9;=<?>DmBEZ>M=>GDO`_KJ;d
f  2?aV\ i?t[E2: J  / 2}2Y2QL
 c fws<?>d9  Z
`?KJ;=HJ@_KJHa>GDS;O<?>YDO<_HJrt;=>.X;OHJZ[>cBM=HB2?KJ> y@- 9`]c F;O<?>MO>GD=`?Ka;
  8
6-7BEPdPdNE`?9,;mDrtNeMh;O<_>S@_<CBED=>SDO<_HJrt;df
x<?>dMO>iHJDNe9?>gDOZBKaK5@LNeHa9,;GfWRNeM=KTXQRHJX_>jBIeM=>d>.Z>d9,;GFQv
B 4@LN\D=Ha;OHace> 6;=HTZ>gD=<?Hart;
MO>d@?M=>GDO>d9,;OD7:B 4X_>dKB.We f 6 rt`_9bP;OHaNe9[)O`?9bX_>dMOIENeHJ9_IjB|`?9?Ha;7X_>dKBGWSC>.PN\Z>GD1Ewpf
x<_>[>dce>d9,;g;=<CB;gNeMOHaIeHa9CBKaKJW<bB@?@L>d9?>GXB;gg (Y9?N2R RBHa;mDg`_9,;OHaKg 8)L>GPGB`bD=>
;O<_>G9k! (ef|x<?>
IeMmB@?<qD=<?Hart;mDUNe9?>
`?9?Ha; w?J, fAx<?HJDAHJDiBr)BEP;UNerKaHart>\F
;O<bB;M=>G@_KBEPHa9?I;O<?>BM=Ie`bZ>d9,;hvW ?siRHaKJK1XQ>GKTB.WY;O<_>S>dce>d9,;hvWB`?9?Ha;;=HTZ>ef
9bXPV<CB9?IEHJ9?I;O<_>BM=Ie`bZ>d9,;g;ON  7 -RHaKJK \2E2 ;=<?>[>dce>d9,;j,WlB`?9_HJ;
;OHJZ>\f
x<?>PN\Z@?KaHTPGB;=HJNe9HJD;O<CB2; ?2V)tet[V\  'B0X_>dKB.W? 2V?2#2[l
9  - B29bXR>S<CB.ce>j;=<?>NE;O<?>dM|D=HaIe9
:vEteC_2GjV\  _f]>S<CBEXNe9?>D=HJIe90Ha
Ha,
9 U) pfvN;=<?HTDi;OHJZ[>D=<?Hart;gNerAPNeMOM=>.D=@LNE9bX?Dg;=N0B@?<CBDO>D=<?HJrt;  f8:9
;O>dMOZDNer;O<_>S@C>GM=HJN,X!!  ]c  ;O<?HJDhHTDd
;
 PNeMOM=>GDO@CNe9bX?Dh;ON@?<bBED=>D=<?Hart;1
:  
=Gv

x<_>U@_<CBED=>UDO<_HJrt;@ : ; L>d;R>d>d9;O<?>UD=Ha9?>AB9bXPdNeDOHa9?>UPNeMOM=>GDO@CNe9bX?D;ONBg;=HTZ>UXQ>GKTB.W
'D=<?Hart;;=N;O<?>jMOHaIe<,;NerBuv`bBMO;=>GM:@L>dMOHaNQX  {1
c |bf
JK [\KML~[N \ W S ^ ^ QGUGL
^ \`OCUTKba S L aVS QGUGS WUGL

x1NlIe>d;[B`bD=>drt`?KhXQHTDOPMO>d;O>:;=HTZ>D=HJIe9bBKrtMONeZ B9B9CB2KJNeIlD=HJIe9bBK:FR>Z
`bD=;DVBZ[@?Ka>
Nert;=>G9
>G9_Ne`?Ie<f`?;7;=N,NgZB9,WSDmBEZ@?KJ>GDRHaKaKQL>h>^Q@C>G9?DOHace>B29bX@CN\DODOHa?KaWMO>GX_`?9?XbB9,;
)`_9?KJ>GDODR>BM=>`bD=HJ9_I;O<?>YDmBEZ[@_KJ>[;ONX_MmB.RyB0PNe9,;=HJ9v`?Ne`bDSIeMVB@_<F7BEDSL>dKJNpRi
f Ar
PNe`?MODO>kHa;YHJD;O<?>MmB;OHaNL>d;R>G>d9{;=<?>DmBEZ[@_KJHa9?I@L>dMOHaNQXB9bX};O<?>k;OM=`?>N\DOPHaKJKTB;OHaNe9
@L>dMOHaNQX;O<bB;HJDPMOHa;OHJPGBK:fx<_>uv`?>GD=;OHaNe9HTD[<?NpRZYB29,WoDmBEZ[@_KJ>GD;=N;VB2~e>Ha9{>.BEPV<
`?@_XQN2R9N\DOPHJKaKB2;OHaNe9Ner7BDOHa9,`bD=NeHJXPN\D Vf
>SDO;mBMO;hRhHJ;=<kBDOZBKJK#9,`?ZL>dMhNerDmBEZ@?KJ>GDd


 

f ? ) Eed2A5tQb:. 


m a _2GFAd2A5J1b2 )taE:2# HaIE
`?M=>D=<?N2RUD<?NpR};O<_HTD]PGB9[@?M=NQX_`bP>U;=<?>|BKJ;=>dMO9CB;=HJ9_ID=HJIe9bBKG
.Gdd\RhHJ;=<
)=
p fx<?HJD<CBED;O<_>ir)BDO;=>GDO;NeDmPHaKJKTB;=HJNe9wB9?X;=<?>A<?HJIE<?>GDO;rtMO>Guv`?>d9bPW
NEr7B9vWwXQHTDOPMO>d;O>SD=HaIe9CBK'
m O a7I
 B9bX   O a   B9bX e TV m `e T   J =ep
x<?HTD7UWQuv`_HTD=;7MmB;O>HJD;O<?>LNeMmXQ>GM=KJHa9?>L>d;R>G>d9`?9bX_>dMODVBZ[@?KaHa9?IjB9bXNpce>dMmDmBEZ
@?KaHa9?Ibf8:r];O<?>PNe9,;OHa9,`?NE`bDgD=HJIe9bBK7HJDSBwPN\Z
?Ha9CB;=HJNe9qNErZYB29,WkD=HJ9,`?DONEHTX?DdF;O<?>
r)BED=;=>.D=;  |Ha9;O<_>PN\Z
?Ha9CB;=HJNe9D=>G;ODhHJ;OD|WQuv`?HJD=;MVB;=>\f
alias

- 2

(a)

- 2

(b)

- 2

(c)

HaIe`?M=>YQBEZ@?KaHJ9_IYB2;SSB9bXkB9bX ; O; HJZ[>GD;O<_>
WQuv`?HJD=;MVB;=>\f

Sampled at Nyquist rate

Faster than Nyquist rate

Slower than Nyquist rate

 fAQBZ[@?KaHa9?IB;;RHJP>h;O<?>UWQuv`?HJD=;MmB;O>HTD 2ed2i5tQ fHJIe`_MO>[D=<?N2RD7;O<?>


DmBEZ@?Ka>.DEm_d
Em_GEm_dGd5RHa;O<1UPdNeD :; fx<?HJDgX_HJDmPM=>G;=>D=HaIe9CBK<CBED
rtM=>.u\`?>d9bPHW o : ;_f
 fAQBZ[@?KaHa9?IB2; ; Ner;=<?>WQuv`?HJD=;MmB;O>YHTD Q#vd2i5tQ fqHaIe`?M=>dPD=<?N2RD
<?NpR;=<?>DmBEZ@?Ka>.D[PGB9}L>k;O<?>kDmBEZ[>cEB2KJ`?>GDkEm_d
Em_GEm_dGdBEDC>GrtNEMO>ef
>jPGB9_9?Ne;;=>GKaK#rtMON\Z ;O<_N\D=>jDmBEZ@?Ka>.DR<?HJPV<D=HJ9v`bD=NeHTXwPN\D V]NeMhPN\rD  V c K
HTD
;=<?>[PdNE9,;OHa9,`?Ne`?Dj;=HTZ>D=HJIE9CBK'f \ttE:2VtQ x<_>D=KJN2RrtM=>Guv`?>d9bPW   ?c K
HJDUB9kBKaHBDrtNEM;O<_>S<_HJIe<_>GMhrtMO>Guv`?>d9bPHW pF?C>.PGB`?DO>j;=<?>SX_HTDOPMO>d;=>DmBEZ@?Ka>GDUBM=>
;=<?>DmBEZ>\f r)BEZHaKJHTBMj>^?BZ[@?Ka>HTDjRhB2;mPV<?Ha9?IkBwR<?>d>dK;=`?MO9Ha9;=<?>ZN2c,Ha>.Ddf
|rt;O>d9S;=<?>BKaHBEDrtMO>Guv`?>d9bPWiHJD19?>dIvB;=HJcE>B9bXj;O<_>]R<?>d>dKvB@?@L>.BMOD1;ONUC>]MONe;mB;OHa9?I
CBP~vRhBMOX?Ddf
ce>dMOWPKJ>.BMPGBED=>Ner`?9bX_>dMODVBZ[@?KaHa9?IqHTD<bBKJr;=<?>UWQu\`?HTD=;MVB;=>Ne9?KaWNe9?>
DmBEZ@?Ka>i@C>GMN\DOPdHaKaKB;=HJNE95fx<CB2;hDmBEZ@?Ka>ARHaKJK#r)BKaKB;;O<?>gDmBEZ>A@LNeHa9,;NEr1>dce>dMOW
N\DOPHaKJKTB;OHaNe9FUD=NBKaKgDmBEZ@?Ka>.DwBM=>q>.u\`CBK'f x<_>X_HJDOPdM=>d;O>lD=HJIE9CBKAHTD;O<?>d9!BA
)X_HJM=>GPd;P`?M=MO>d9,;RHa;O<wDmBEZ@?Ka>.Deee\dddQNerPNe9bD=;VB29,;cBKJ`_>Vfx<?>gBKaHBEDNer
o!
 c. HJJD  z_f


 

fHaIe<,;[DmBEZ@?Ka>.DHJ9{Bq@L>dMOHaNQX RHaKJKhIeHJcE>kBqMO>.BED=Ne9bB?KaWIeNvNQX M=>d@?MO>GD=>d9,;VB;=HJNE9f


x<?HTDKJHa9?>.BM]Ha9,;O>dM=@LNeKTB;OHaNe9[HTDNErt;O>d9BX_>Guv`CB;=>U_`?;]Ha;]HJD]Pd>dM=;VBHa9?KaW9?Ne;]@C>GM=rt>GPd;df
 fHaIe<,;WDmBEZ[@_KJ>GDHa9qB[@L>dMOHaNQX0RHaKaK@_MONQX_`?Pd>Bce>dMOWwKJHart>dKJHa~e>SIeMVB@_<f P`?M=ce>GX
D=Ha9,`bD=NeHJXHTDUBEP;O`CBKaKaWwPNe9?DO;=MO`bP;=>.XwHa9 E x R ,WKaHJ9_>pB2MHa9,;O>dMO@CNeKB2;OHaNe9f
 
   

e / 2#EamVJ#E )O F)mV.-L 


#Ei"! Vm2tQ  $#q 2 Vib)d ' /
V 2b mmm2y)j2t V|d2i5J 1)Lg Cm2.:vm?|d2A5tQmE cG
"! Vm2 `e $#|8 %#c

x<?>wPNe9bPKa`bD=HJNe9Nerh;O<?>v<CB9?9_Ne9}QBEZ@?KaHJ9?Iqx<?>dNeM=>.Z HTDB2KJRB.WQDBZYBdHa9?Ik;ON
Z>\F;O<CB;BkbB9bXQ:KaHTZHa;O>GXoB29CBKaNeIDOHaIe9CB2Ki'PNe9,;=HJ9,`_Ne`bD
;=HTZ>wB9?X KJN2R rtMO>Guv`?>d9bPHa>GD
Ne9?KaWbPGB9L>>^?BPd;=KJWMO>GPN2ce>dM=>.X0rtM=N\Z Bl 2QL JbQ V Ner]DmBEZ@?Ka>.D)X_HTDOPMO>d;=>
;OHJZ>Vfx<_HTDr)BEP;HJDrt`_9bXbBEZ>d9,;VBKC;ONPN\ZZ
`?9?HJPGB;OHaNe9bDB9bXYX_HJIEHJ;mBK#D=HaIe9CBKL@?M=NQP>.DOD
Ha9?Ibf[vHJ9v`bD=NeHTX_DSPGB9lL>M=>.PN2cE>GM=>GXrtMON\Z DmBEZ@?Ka>.Di;=<CB;SBM=>;VB~E>G9lr)BED=;=>GMi;O<bB9l;O<?>
UW,uv`?HJDO;MmB;O>ef
x<?HTDHTD9?Ne;`bD=;BjD=;VB;=>GZ[>d9,;Ner5IEN,NQXB@?@?M=Np^QHJZYB;=HJNE9[vWKaHJ9_>pB2M]Ha9,;=>GM=@LNeKTB;OHaNe9f
8:;HJDBiPGBED=>hNer5@C>GM=rt>GPd;7MO>GPNe9bD=;=MO`bP;OHaNe9;O<?M=Ne`?Ie<Ha9,;O>dMO@CNeKB2;OHaNe9,,
W 4=D=HJ9bPrt`?9bP;OHaNe9bDd f 6
x<_>lHa9,;O>dMO@CNeKB2;OHaNe9srtNeMmZ
`?KTBO.\RHaKaKgL>lD=;VB;=>.XzBI\BHJ9RHa;O<s@?MONvNerVf>BM=>
DmBEZ@?KJHa9?I;O<_>S;=<?>dNeMO>GZ ;RhHTP>gHJ9NE9?>jLN,Ne~5FbBEDAv<CB29?9?Ne9RNe`_KTX<bB.ce>jRhHTD=<?>GXf
Ne;OHJP>S;=<CB;;O<_>D=HJIe9bBK)O]zD=HJc9 HJDU9?NE;|PNeM=MO>GP;OKaWMO>GPNe9bD=;=MO`bP;O>GXrtM=N\Z Ha;mD
DmBEZ@?KJ>GDRh<?>d9 c. HJD " !v ' /;=<?>0WQuv`?HJD=;MVB2;O:> 
c &
f ]BEPV< DVBZ[@?Ka>1)Lg
D=HJc9 LD=Ha9U  HTDAd>dMON,Hjv<CB29?9?Ne9DArtNeMmZ
`?KTBkOG\hRhHJKaKIeHace>
G>dM=Nbff2h>GPdNE9bD=;OMO`?P
;OHaNe90M=>.u\`?HJM=>GDAB[D=;OM=HTP;UHa9?>Guv`CB2KJHa;W  T O J  V m '8FLB9bX>Guv`CB2KJHa;W;O<?>
UWQu\`?HTD=;
MVB2;O>2P`?;mDhHa;;ONvNPKaN\D=>ef
k>GM=>[HJDv<CB9_9?Ne9DSHJ9v;O>dMO@LNEKB;=HJNE9rtNeMOZ`_KB_f[x<?>[rt`?9bP;=HJNe9}'D=Ha9O cpAHJDj~,9?N2Rh9
BEDj;=<?> Vt mQ :2 f8:;j>Guv`CB2KTDB2;Sjy_fY]WlDO<_HJrt;=HJ9?I;ON5SFR>P>d9,;O>dM
BDOHa9bPrt`_9bP;OHaNe9 B2;S;=<?>DmBEZ@?KaHJ9?I@LNeHa9,;S5SfYWqDmPGBKaHa9?I0RhHJ;=<  c.F1R>[ZYB~E>Ha;
cB9?HJD=<B;UB2KJKNe;O<_>GMDmBEZ@?KaHJ9_I[@CNeHJ9v;mDd
=.\
1O]   15g D=HJ91)5i5i   c. c.
]!#"
x<_HTDiHTDjBP.BDO>Rh<?>d9l;=<?>U:;ONE  PNe9,ce>dM=;O>dMGF5rtMONeZ DVBZ[@?Ka>GDibBEPV~0;ON;=<?>NEMOHaIeHJ9bBK
rt`?9bP;=HJNe9F\HJDB29[>^?BEP;HJ9vce>dMmD=>hNer5;O<_> :;=NEsPdNE9,ce>dMO;=>GMdfUNeMOZYB2KJKaW
<?HaIe<[rtMO>Guv`?>d9bPW
Ha9?rtNeMmZB;=HJNe9sHJDKaN\D=;Ha9!;O<_> :;=NE D=;O>d@f 8:;HTDwHJM=MO>d;OM=HJ>dcB?KaWsZH^Q>GXsRHa;O<!KaN2R
rtMO>Guv`_>G9?PdWwHJ9_rtNeMmZB;OHaNe9FbL>GPGB`bD=>NerBKJHTBED=Ha9?IbfAv<CB9_9?Ne9DiBEDODO`?Z[@?;=HJNE9kHJDU;O<CB; ?
VJ#E7_2#0\J mV. -L  / tp2E:2 fw8:;HTD
BEDODO`?Z[>GX;=NkL>CB9bX,:KJHJZ[Ha;O>GXf


 

U NBKaHTBED=HJ9?INQPdP`?MODGF_9?NHa9?rtNeMmZB;=HJNe9wHJDhKJNeDO;dFCB29bXw;O<?>j;OMmB9bD=rtNeMOZYB;=HJNE9wrtM=N\Z ;=<?>
rt`?9bP;=HJNe901)O];ON[;=<?>D=HaIe9CBK115iPGB9L>jM=>GcE>GMOD=>.X#f

 l 

?n KJ;=>dMHJD[;=<?>kZN\D=;[HJZ@LNeMO;mB9,;Ne@L>dMmB;OHaNe9Ha9{D=HJIE9CBK@?MON,Pd>GDOD=HJ9_Ibf8:;YBEP;mDNe9{B
D=HJIE9CBK];=Nk@?M=NQX_`bP>wB0ZNQX_Han?>GXDOHaIe9CB2K:f|D=`CB2KJKaWD=N\Z>[rtMO>Guv`?>d9bPWPN\Z@LNe9?>d9,;ODSNer
;O<_>Ha9?@?`_;D=HaIe9CBKBM=>YMO>GX_`?Pd>G X 7HJ;HTDMO>GZYB2MO~B?Ka><_N2R D=HTZ@?KaW;=<?HJDPGB9L>wX_Ne9_>\f
s<?>d9;=<?>n?Ka;O>dMgHTDj8 2 7b) HJZ[@?`_KTD=>MO>GD=@LNe9?DO>2VF>pBP<qNE`?;O@?`_;SDmBEZ@?KJ> 5)1UHTD
`bD=;|BKaHJ9_>pB2MUPN\Z
?HJ9bB;OHaNe9NEr7B 7b) 9,`bZ
L>dMhNerHJ9_@?`?;UDmBEZ[@_KJ>GDdf
x<?>SDOHJZ@?KJ>GD=;h>^?BEZ@?Ka>gHTDUBZ[Npc,HJ9_IB.ce>dMmBIe>
= Kv
5)1 )b- 1s.5
x<_HTD]n?KJ;=>dMPdNeZ?Ha9?>GD>.BEPV<DmBEZ@?Ka>i)17RHa;O<Y;O<?>|@_MO>dc,HaNe`bDDmBEZ@?Ka>i) .fx<?>
R>dHaIe<,;ODHJ9w;O<?>iKaHJ9?>.BMPdNeZ?Ha9CB;=HJNE9BMO>i;O<_>gn?Ka;O>dMhPN,> PHa>d9,;mD ; B9b
X ; fx<?>in?KJ;=>dM
HJD t tbE2:2L L>GPGB`bD=>h;O<_N\D=>PdNv> [PdHa>d9,;mD7BMO>PNe9bD=;mB9,;7rtNeMBKJK_;=HTZ>ef7x<_>hn?KJ;=>dM
HJD[ 2QdE L>GPGB`bD=>
Ha;AHa9,ceNEKJce>GDU9?Nrt`?;=`?MO>
DVBZ[@?Ka>GD|KaHJ~E>1-!pVfAx<?>
>d5>GP; 5)1
9?>dce>dMhPdNeZ[>GD>pB2MOKaHJ>dM;O<CB9Ha;mDhP.B2`bD=>.D)1B9bX0)w{pVfx<,`bDR>g<CBGce>SBP.B2`bDmBK
KaHJ9?>.BMh;OHJZ[>:Ha9,cBMOHTB9,;8 2D=WQD=;=>.Zf
9?NE9bPGB`bDmBKQD=WQD=;O>GZ PGB9?9?NE;Ne@L>dMVB;=>Ne9BMO>.BK:;OHJZ[>D=HaIe9CBK'FL>GPGB`bD=>;O<?>Ha9?@?`?;
RNE`?KTX 9?Ne;[C>B.cBHJKTB?Ka>Rh<?>d9};O<_>0Ne`?;O@_`?;HJDMO>Guv`?HaMO>GXf @?`?M=>kX_>dKBG
W #w
1|pHTD7PGB`bDmBK'F\B9bXBPGP>d@?;mB?Ka>HJ9M=>.BKa:;=HTZ>ef @?`?MO>BEX_cB9?Pd> 5)1z1 -k.
HJDgB29,;OHJPGB`bDmBKB9bXk9_Ne;iBEPdP>G@_;VB?Ka>ef|x<_HTDAP>dMO;VB2HJ9?KaW0B@?@?KaHa>.DU;ONwB`bXQHJNwD=HaIe9CBKJDdfA_NeM
B9wHTZBIe>i;=<?>SD=Ha;O`CB2;OHaNe9HJDX_HaL>GM=>d9,;GFQL>GPGB`bD=>gqMO>drt>dMmD;ON@LN\D=Ha;OHaNe99?Ne;;OHJZ[>efx<?>
PN\Z@?KJ>d;=>gHJZYB2Ie>jZYBGWL>B.cBHJKTB?Ka>B29bX;O<_>Sn_KJ;=>GMODhHa90HJZBIe>i@?MONQP>GDOD=HJ9?I9?>d>GX9?NE;
L>PGB`?DVB2K:f
s<CB2;jX_N,>GDg;=<?HTDi@CBM=;OHJPd`_KBM 4MO`?9?9_HJ9?I0B.ce>dMVBIE]> 6n?KJ;=>dMjX_N;ON;O<?>HJ9_@?`?;SD=HaIe9CBK
1  ANe9?DOHJX_>dMn?MmD=;[;=<?MO>d>0D=@L>GPHTBKhHJ9_@?`?;mDdFB9HJZ[@_`?KTD=>0B9bX}BlPNe9bD=;VB29,;0' Ah
D=HJIE9CBKCB9?XB29YB2KJ;=>GM=9CB;=HJ9?I[ AD=HJIE9CBK'f k>dMO>UBM=>h;O<?>hNe`?;O@_`?;mDrtMONeZ;O<?N\D=>hHJ9?@_`?;mDd
8mf
8Z@?`?KJDO>) dGdVQVQ.VQVQGdd
8Z@?`?KJD=> 2h>GD=@LNe9bD=> 5 dGdVQVQ ;e  ;e VQGdd
x<?>jHTZ@?`?KJD=>jMO>GD=@LNe9?DO>SPNe9,;mBHa9bDh;=<?>jn?KJ;=>dM|PN,> PHa>d9,;mD H
8=8mf
ANe9bD=;mB9,;U1
GdGGEGEGEGEGEddd
ce>dMVBIe>G
X |`?;O@_`?; 5)1 GdGGEGEGEGEGEddd
x<?>jMO>GD=@LNe9bD=>j>^?BEP;OKaWY>.u\`CBKJD;=<?>jHJ9_@?`?; ozHJDHa9;O<?> ?2V m2# f


 

Ka;O>dMO9CB2;OHa9?IY1 GdGGEd
EGEd
EGEddd
ce>dMVBIe>GX |`?;O@_`?;5)1 GdGm_m_m_m_m_ddd
x<?>jMO>GD=@LNe9bD=>jHTDhd>dMON Q;O<?>jrtMO>Guv`_>G9?PdW o5HTDhHJ9;=<?>  m2# f
>]PdNE9bPKJ`bXQ>];=<CB;;=<?>B.ce>dMmBIeHa9?Ihn?Ka;O>dM1HJD a!F?2V f RN2RrtM=>Guv`?>d9bPHJ>GDBM=>]ZN\D=;OKaW
@CBEDOD=>GXF<_HJIe<rtMO>Guv`?>d9bPHa>.D
B2MO>YZN\D=;OKaWlDO;=Ne@?@L>GXfx1Nk`?9bXQ>GMOD=;VB9bX;O<?>YDO@C>.PHanbPdDNer
;O<bB;ARNeMON
X 4=ZN\D=;OKaWeF 6R>
<CB.ce>
;=NPV<?N,NeDO>
Ha9?@?`?;irtMO>Guv`_>G9?PdHa>GDAL>d;R>d>G9 zwB29bX
}>
fUvN;O<_>HJ9?@_`?;AD=HJIe9bBK1RhHJKaK19?N2RL>1 $ &() FLB;|;=<?>S@?`?MO>rtM=>Guv`?>d9bPW f
x<_>PM=`bPHBK@LNeHa9,;hHTDh;O<bB; ?
2?C?VJ#E 5) tEdELmV. -L  /y
)N
$ &(*) @?M=NQX_`bP>GD # $ &(*) - $ & " 9& )  - $ "'&() $ &() =* |Q
x<_>NE`?;O@?`_;rtMO>Guv`_>G9?PdWjHJD;=<?>DVBZ[F> FE?`_;;O<_>hBEZ@?KaHJ;=`bX_>hB29bX
@?<CBDO>hBM=>PV<CB9_Ie>GXf
x<_>
n?Ka;O>dMAZ
`?KJ;=HJ@_KJHa>GDU>pBP<0rtMO>Guv`?>d9bPWPdNeZ[@LNE9?>d9,;UNer7;O<?>Ha9?@?`_;ivW;=<?> mV. -L  /
V?2bG rt`?9bP;=HJNe9
- $ "'&()
=(\
PO$ &()

;  _F;O<_HTD
rtM=>Guv`?>d9bPWMO>GD=@LNe9?DO>YHJQD P Efkx<?>dMO>drtNeM=>Y;=<?>PdNE9bD=;VB9,;
D=HaIe9CBK
@CBEDOD=>GDg`?9bPV<CB9?IE>.Xl;O<_MONe`?IE<;O<?>n?KJ;=>dM:BDjR>~,9?N2RAf y; C
F;O<_>[rtMO>Guv`?>d9bPW
MO>GD=@LNe9?DO>jHTD P !_f]x<?>dM=>GrtNEMO>j;=<?>
BKa;O>dM=9CB;OHa9?ID=HaIe9CBKHJDUPN\Z[@_KJ>d;O>dKaWY?KTBEPV~e>GXNe`_;
,Wg;O<?>B.cE>GMmBIeHa9?IUn?KJ;=>dMGf1>9?N2RDO>d@CB2MVB;=>];O<?>rt`_9bP;OHaNeX9 PO $ &() #Ha9,;ON|HJ;ODBEZ[@_KJHa;O`bXQ>
B9bXw@?<CBED=>eF?;ON[D=>d>jR<bB;<CB2@?@L>d9bD;=N[>.BEPV<Ha9bX_Hac,HJX_`CBKrtMO>Guv`?>d9bPW5
;  $ &() ; - $ "'&()
; N

;  PN\D  =8v

- $ "'&() >
PO $ &()

$ "'& )

$ "'&()

x<_>BEZ@?KJHa;O`?X_>HJD 9 P 9C PdNenD ) ; fg8:;gX_M=Ne@bDArtM=N\ZNe9_>B; zY;=Nwd>dMONB2; s f


x<_>IeMVB2@?<qNE;r 9 PL9?rtM=N\Z 2  ;ON HJDANe9?>BMmPV<Ner]BYPN\D=HJ9_>\fg8:;iD=<?N2RUDiB@CBEDOD=CB9bX
B9bXBAD=;ONe@_CB9bXFR<?>dMO>;O<?>hZ
`?Ka;OHa@?KaW,HJ9_Igr)BEP;=NeFM P} $ & ) HTD9?>.BMNe9?>B9?X9?>.BMG>dM=Nbf
?NEM;O<_HTDcE>GM=WwD=<?NeM=;n?Ka;O>dMGF?;=<?> m2bV):2 m2# HJ90C>G;R>d>d9HTDcE>GM=WRHJX_>efx<?HTDhHTD
BD=N\Z>dR<CB;PdM=`bX_>jKaN2R@CBDmDn?Ka;O>dMGF??`_;>^Q;OM=>GZ[>dKaWD=HTZ@?Ka>B9?XHJ9_>d^,@L>d9bD=HJce>ef
x<?>@?<CBED=>Neyr P} $ &() Ha9>Guv`bB;OHaNe9 =8vSHJ D  cQf _NeM;=<?HTDn?Ka;O>dMdF];O<?>
@?<CBDO>wX_>d@L>d9bX?DKaHa9?>.BMOKaWNEx
9 fx<?HTD
@?M=Ne@L>dMO;WNer tm2C_2G rtNeKaKaN2RUD
X_HaMO>GP;OKaW
rtMONeZ ;O<_>D=WQZ[Z>G;=MOWNer;O<_>Sn_KJ;=>GMPN,> PHa>d9,;mD 1'v ; B9?
X Op ; f@2>dce>dMODOHa9?I
;O<_>NeMmXQ>GM|@?MON,X_`bP>GDA9?NwP<bB9?Ie>e;f EkNEMO>
@?MO>GPHJDO>dKaWeF5;O<_>PN,> PHa>d9,;mDiBM=>D=WQZ[Z>G;=MOHJP
BM=Ne`?9bX;=<?>dHJMZ[HJX?X_Ka>j@LNeHa9,;'B; ; V
\WQZZ>d;OM=W 1
Oh 1BMONe`_9b
X ;j @?M=NQX_`bP>GD;O<_>SKaHa9?>.BM@?<bBED=> *; hf
x<_HTDUHTDUNe9?>>^?BEZ@?Ka>NerB[Ie>d9?>dMVB2K1MO`_KJ>e /  / Cm.2 Stm2C_2G fx<CB2;
HJD
B<?HJIE<?KJWqHTZ@LNeM=;VB9v;S@_MONe@L>dM=;WqHa9HJZYBIE>[@_MONQP>GDODOHa9?IbF1L>GPGB`bD=>;O<_>>dWe>PGB;mPV<?>GD
B9,WYr)BHJKa`?M=>jNerD=WQZZ>d;OM=WBrt;O>dMB9HJZYBIE>gHTDPN\Z@?MO>GDOD=>.X#f
8=8=8mf


 

<

       


  
     

=D >.PNe9?Xquv`_HTPV~>d^_BEZ[@_KJ>
RHaKaKMO>dHJ9_rtNeMmP>
;O<?>GD=>@LNEHJ9,;ODdF#vWkD=>d;O;=HJ9?I`?@BYPNe9v;OMVBDO;df
8:9bD=;O>.BEXwNer7B29kB.ce>dMVB2IeHJ9_In?Ka;O>dM)PN,>PHJ>d9,;OD ; B9bX ; ]R>j;mB~e>jX_Ha5>dM=>G9?Pd>GDd
= De
5 )1 )spL
x<_HTDHTD]D=;OHaKJKL8 2B9bXPGB`bDmBK'f]v`?@_@LN\D=>|Ha;BEP;ODNe9[;O<?>U;O<?M=>d>|D=@L>GPdHTBKbHa9?@?`?;D=HJIE9CBKJDGf
x<_>|M=>.D=@LNE9bD=>|;=NBj`?9_HJ;]HTZ@?`?KJD=>UHJD];O<?>Un_KJ;=>GMPN,> PHJ>d9,;OD ; B29bXk ; fx<?>ABKJK:Ne9?>GD
Ha9?@?`?;<CBD[d>dMONX_HaL>GM=>d9bP>.DdFD=N;O<?>0KaN2R>.D=;rtMO>Guv`_>G9?Pdx
W  lHTDD=;ONE@?@L>GXfx<?>
<?HaIe<?>GD=;rtMO>Guv`?>d9bPW  zHTD@CBDmD=>GXoRHa;O<?Ne`_;YB29,WPV<CB9?IE>\fox<?HJDHJDB \JG?2V

VzY8Z[@_`?KTD=>
1)1
v) 8Z@?`?KJD=>SM=>GDO@CNe9bD=> 5:v ; 5=p ;
VVzANe9?DO;mB9,;
1)1
C>dMON[Ne`_;O@?`?;
5)1]z
VV]Vz Ka;O>dMO9bB;OHa9?I
1)1
p KJ;=>GM=9CB;=HJ9?INe`?;O@_`?; 5)1]
p f
DrtNEM>dce>dMOWKaHa9?>.BM;=HTZ>:HJ9vcEB2MOHTB9,;D=WQD=;O>GZ0F7;=<?>wMO>GD=@LNe9?DO>w;ONBk@?`?MO>wrtMO>Guv`?>d9bPW
D=HJIE9CBK11)1N
$ &(*) HJD|BZ`?Ka;OHa@?Ka> 5)1 PO $ &() h $ &() Ner;=<CB;DOHaIe9CB2K:
1N
$ &() @?MON,X_`bP>GD 5 $ & ) $ & " 9& )  $ "'& ) $ & ) =dv
x<_>Z`_KJ;=HJ@?KaW,Ha9?Ir)BEP;ONeMgHJDj;O<_>[rtMO>Guv`?>d9bPWMO>GD=@LNe9bD=>[rt`_9bP;OHaNe9 PO $ &() Vf IvBHa9R>
D=>d@CBMVB2;O>j;=<?>j@?<CBED=>jr)BEP;ONEMhrtM=N\Z ;O<?>BEZ@?KaHJ;=`bX_:> 9 P 9
;  $ &() ; $ "'&() ; N

; 
$ "'&() N

$ "'&()

$ "'&() /vD=HJ9
=<v

x<_>[BEZ@?KaHJ;=`bX_>
HJHD 9 P 9bD=Ha9 ) ;Cfjx<?HJDiHJDid>dMONB; zB9bXNe9_>B; z 7fjx<?>
n?Ka;O>dMAHTD|<?HJIE<?@CBEDOD)?`?;gBI\BHJ9k9?Ne;Ace>dMOW0D=<CB2MO@5Vfjx<?>BEZ@?KaHJ;=`bX_>
MO>GD=@LNe9bD=>HJDA9?N2R
BD=Ha9?>jHJ9bD=;=>pBXNerBPN\D=HJ9?>ef
x<?>@?<CBDO>r)BEP;ONEM
HJDX$ "'&() ; /mflx<_>w>^Q;=MVB0r)BEP;ONeM /

wB@?@C>pB2MmD
L>GPGB`bD=>
;O<_HTDhn?Ka;O>dMHJD 2Lt / Y f>SD=;OHaKJKPGBKJK;O<_HTD 4KaHJ9_>pB2M@?<CBDO>e F 6BKa;O<?NE`?Ie<D=;OMOHJP;OKaW
D=@L>.B~,Ha9?I;=<?>gKaHJ9?>.BM=HJ;W>d9bX?DB;  5
qRh<?>dMO>jD=HJ9 ) ; PV<CB9_Ie>GDD=HJIe9fU ;;O<bB;h@CNeHJ9v;
;O<_>wZYB2Ie9?Ha;O`bX_>PV<CB9_Ie>GD
;=NokDOHa9 ) ; flx<?>dMO>drtNeM=>Y;O<?>@_<CBED=>wZ
`bD=;U`bZ@ ,f
W ;ON
@?M=NQX_`bP>|BiD=HJIe9PV<CB9?Ie> $ & :
EfvNg;O<?>h;=MO`?>h@?<bBED=>hrt`?9bP;OHaNe 9  HJD7KaHJ9?>.BMRhHJ;=<
`bZ@bDdf8:9kD=<?NEMO;G tm2hC_2G
2Vj /  22Lt / Y 2m2Q#
?t L f
R>d;h`?D>GZ@?<CBED=Had>g;O<?>jX_HJL>dMO>d9bP>jC>G;R>d>d9KaN2R@bBEDODUB9bXw<?HaIe<?@bBEDODGf KaN2R@bBEDOD
n?Ka;O>dMi@?M=>GDO>dM=ce>GDA;O<?> V.E @CBM=;iNer;O<?>D=HJIe9bBK:f <?HaIe<?@CBEDODAn?Ka;O>dMi@?M=>.D=>dMOcE>.D|;O<?>
m2\l2#Y#2t /@CBM=;Gfg8:9qRB.ce>dKJ>d;|KTB9?Ie`bBIe>eFLKJNpR@CBEDOD|IeHace>GDiB.ce>dMVBIE>.DAB29bX<_HJIe<Q
@CBEDODIeHace>GDX_>d;VBHaKJDGfk8:9D=N\Z>B@_@?KJHJPGB;OHaNe9bD;=<?N\D=>X_>d;mBHJKJDBMO>HJZ@LNeMO;mB9,;S;ON~E>G>d@


 

) KaHa~e>|>GX_Ie>GDHa9wB9YHTZBIe>2f8:9Ne;=<?>dMB@_@?KJHJPGB;OHaNe9bD];O<?>|<_HJIe<YrtMO>Guv`?>d9bPHa>.DB2MO>AZN\D=;OKaW
9?NeHJD=>wrtMON\ZZ[>.BED=`?M=>.Z>d9,;mDVf IeN,NQX0KaN2R@CBDmDUn_KJ;=>GM|<bBEDAZB9,Ww`bD=>.DdFLD=NR>KJNvNe~
9?N2RB2;L>d;O;=>dMn?Ka;O>dMmDhRhHJ;=<0Z[NEMO>jPN,> PHJ>d9,;ODdf


   
    


P.B2`bDmBKQ8 2 n?Ka;O>dMNEr?NEMmX_>dM <CBDPN,>PHa>G9v;mD :\ OpVGddG qVfUNe;=HTP>];O<CB2;


O; <_>GM=>BM=> - PN,>PHa>G9v;mD L;O<?HJD|HTD|;=<?> JQe NEr7;O<?>
n?Ka;O>dMdfAx<?>GDO>PN,>PHa>G9v;mD
D=;VB.WYn_^,>.XwrtNeM|BKaK;=HTZ>SD=N;O<?>jn?Ka;O>dMHJD;=HTZ>:HJ9vcEB2MOHTB9,;Gf
;[>.BEPV<;=HTZ>DO;=>d@F;O<?
>  - PdNv> [PdHa>d9,;mDZ`?Ka;OHa@?KaW - DVBZ[@?Ka>GDrtMON\Z
;O<_>wHJ9?@_`?;[D=HaIe9CBK ;=<?>P`?MOM=>G9v;DmBEZ@?Ka>1F;=<?>w@?MO>dc,HaNe`bDDmBEZ@?Ka>) pF
PNe9,;=HJ9,`_HJ9?ICBEPV~Y;=N;=<?>jDmBEZ[@_KJ>j1w
fx<_HTDR>dHJIE<,;O>GXwPN\Z
?HJ9bB;OHaNe9NerHa9?@?`?;
cBKa`?>GD@_MONQX_`?Pd>GDh;O<_>SNE`?;O@?`_; 5
5)
1'v)1b- Op1pb

- 4-  )
L
:Ev
x<_HTD]HTD];O<?>iBEP;OHaNe9YNer#;O<?>|n?KJ;=>dMHa9;O<_>A;OHJZ>AX_NeZYBHa9f>iZB.WRhMOHa;O>|HJ;PN\Z[@bBEP;OKaW
BEDUBD=`bZ rtMONe
Z [!;ON Y


5)1

!

 b1)?5


:_p

jtw2t V 2bEE?:2  8:;HJD;=<?>jrt`?9bXbBZ[>d9,;mBK#Ne@L>dMVB;=HJNE9rtNEMX_HTDOPMO>d;=>


O; HJZ>d:Ha9,cBM=HB9v;iD=WQD=;O>GZ[DGfjx1NwHJZ@?KJ>GZ>d9,;A;=<?HTDiPNe9,ceNEKJ`?;=HJNE9qHa9l<CB2MmX_RBMO>eF5R>Ne9?KaW
9?>d>GX;=<?MO>d>q?`?HaKJX_HJ9_I ?KaNQPV~QDd Qb)[va / ? 5 F|B9bX \\v fx1N BEPdPdNE`?9,;
rtNeMS;O<?>;W,@_HTPGBK];=>dMmZ =p)lpiHJ9>.u\`CB;OHaNe9{EvVF;=<?>Y;=<?MO>d>YNE@L>dMVB;=HJNe9?DBM=>
MO>d@?M=>GDO>d9,;=>GXHa9kHaIe`?M=>
Q
=p
:\1
:v1)1
 
 
?
`
?
9
a
H
;
 1  X_>dKTB.W )1)s.    O.1s.  
=p)p
HJIE`?MO>AQx<?>;O<?M=>G>?KaNQPV~QD7;O<CB;?`?HaKTX>dce>dMOW8 2}n_KJ;=>GMd a \ZQTGS YZ^ [ Q [UT^ Q YbS a a]f
:8 9YBA<CBMOX_RhBM=>HJZ[@_KJ>GZ>G9v;VB;=HJNe9FE;=<?>UDmBEZ@?Ka>hcBKJ`_>|1gpHJD]D=;=NeMO>GXHa9Z>GZ
NeM=WrtNeMUNe9?>
PKaNQPV~PWQPKJ>
B9bX0M=>GKa>.BED=>GXf X_NE`??Ka>X_>dKTB.W;=Nw10\HTDAB[P.BDmPGBEXQ>
Ner;RN`?9?Ha;UXQ>GKTB.WQDdfx<?> w:`?9?Ha;UX_>dKBGWHa9;=<?>SPNe9,cENeKJ`_;OHaNe9`bD=>.!D Z[>GZNeMOWP>dKaKTD
B9bXBPHJMOPd`_KBMh_`?5>dMdfBED=HTPGBKaKJWYR>j<CB.cE>BD=<?Hart;M=>GIEHTD=;O>dMdf


 

0NQX_>dMO9kj{Z[HJPMONe@_MONQP>GDODONEMmDNert;=>G90PN\Z
?HJ9_> 4=Z
`?Ka;OHa@?KJW\BEX?X 6Ha9,;=NNe9_>D=@L>
PHB2K`?9?Ha;gRh<?N\D=>D=@L>d>GXHTDiPMOHa;OHJP.B2K:fA>Z
`?KJ;=HJ@_KJWkB9bXlBEPdP`bZ
`?KTB;O>eFL>^?BEP;OKaWKaHJ~E>B
X_Ne;@?MON,X_`bP;
Nerce>GP;ONeMODdF  v    
-  ; ; - R
-  fk8:99,`bZ>GM=HTPGBKKaHJ9Q
>.BM|BKaIe>d?MVB;=<?HJDUHJD>^Q>GP`?;O>GXHJ9kX_Ne`??Ka>S@?MO>GPHTD=HaNe9;ONZ[Ha9?HJZ[Had>j;O<_>
XbBZYBIE>grtMON\Z
PGB9bP>dKJKTB;=HJNe9NerKTBMOIe>g9,`bZ
L>dMmDdf
>wPGB9 HJZ[@_KJ>GZ>G9v;B0n?Ka;O>dMHa+
9 E x R `bD=Ha9?Iq;O<?>PdNE9,ceNeKa`?;OHaNe9PN\Z[ZB9bX
]>KML 
L '^ U  `   
 
 `  WUG

 
        
>
]
KML  
  
 
x<_>I(p:@LNEHJ9,;Ha9?@?`_;7cE>.P;=NeMHJDKaHa9?>.BM@?Ka`bDDOHa9,`bD=NeHJXbBK'
[|y Ky| '!
- [w" :f
x<_>AKaHJ9?>.BM@CBM=;HTDDmZN,Ne;=<f7x<?>iD=Ha9,`bD=NeHJXY<CBEDX_HTDOPMO>d;=>|rtMO>Guv`?>d9bPQW  : ; L>GPGB`bD=>
Ha;;VB2~e>GD;RN;OHJZ[>gHa9,;=>GM=cBKTDj)9?NE;`bD=;hNe9?>2];ONN\DOPHJKaKTB;O>grtM=N\Z HJ;ODZB2^QHJZ`bZ ;ONHa;mD
ZHJ9?HJZ
`bZrtMON\Z g;ON
pVf
x<?>n?Ka;O>dM q$
#%  ;  %' & HJD a!F?2V B9?X 2QdE B9bX tm2UC_2G )Ha;iHJDiD=WQZ
Z>G;=MOHJPYBMONE`?9bXHa;mD
P>d9,;O>dMVfkx<?>Y<?HaIe<rtM=>Guv`?>d9bPv
W  }HJD>GKaHJZ[Ha9CB;=>.XL>GPGB`bD=>
;O<_>SBKJ;=>dMO9CB;=HJ9_IDO`?ZyHTD % ; - % z_fx<_>SBKaK:Ne9?>GDhD=HJIe9bBK#HJD@?MO>GD=>dMOce>GXL>GPGB`bD=>
;O<_>Yn?Ka;O>dM
PN,> PHJ>d9,;ODD=`bZ ;ONf P;O`bBKJKaWl;O<?>KJHa9?>.BM
D=HaIe9CB(K  K| HTD
BKTD=N
@?M=>.D=>dMOcE>.Xo)>^_P>d@?;SB;i;O<?>>d9bX?DgNer];=<?>[D=HaIe9CBKtF?`_;jWeNe`qRHaKJKD=>d><?N2R ? 2QdE
tLm.2 [va /Ef R>d;g`bDjX_HJD=@?KTB.W;O<bB;g@CBM=;  * ), +U ; ]>KML :k# |? LABED
B9qNeMOX_Ha9CBMOWkZ
; `?Ka;OHa@?KaHTPGB;=HJNe9kNer;=<?>@CNeKJWv9?N\ZHBKJD' -{ -{E ~
- Ke  M
- |\ % |B29bX
% - ; - % V
1

K
|
;


)1
%
%
;

%
%
:v1

%
%;
%
;
%;
1=p)p

;
;
;

%
1:\)o\


%
%
%
%
]>K L ] m? * )), +

K
%


%
>G9?X>dL>.P; va / )sp >d9bX>dL>GPd;
UNE;OHJPd>[;O<bB;S;O<_>GM=>YBM=> Ge Ne`_;O@?`?;ODdf 9HJ9?@_`?;
D=HJIe9bBKNerKJ>d9?IE;O.
< - PNe9vceNeKace>GX
RHa;O<lB9NEMmX_>dM  n?Ka;O>dMA@?MONQXQ`bP>.DiB9kNe`?;O@_`?;ANerKa>d9?Ie;=/
< -0- f rtNe`?M=;O<qX_>dIeM=>d>
@LNeKaW,9?NeZ[HTBK,;OHJZ[>GD7BiD=>GPNe9bXX_>dIeM=>d>@CNeKJWv9?N\ZHBKQWvHJ>dKJX?DBADOH^Q;=<X_>dIeMO>d>@LNEKJW,9_N\Z[HTBK'f
HJcE>S;=>dMmZ[DhPdNE9,ceNeKace>GXwRhHJ;=<;O<?M=>d>S;=>dMmZ[D@?MONQXQ`bP>D=>GcE>G9;=>GMOZDdf
E


 

;;=<?>wP>d9,;O>dM
Nerh;=<?>wNE`?;O@?`_;GF7;O<_>KJHa9?>.BMHa9?@?`_;mDEVQ.KBM=>@?M=>.D=>dMOcE>.X)RhHJ;=<
BX_>dKTB.WbVfx<?>[M=>pBDONE9HTDg;O<CB;g9?Ne;jNe9?KaW  bgR<?HJPV<@_MO>GD=>GM=ce>GDjPNe9bD=;mB9,;
D=HJIE9CBKJD]?`?;UBKTD=N   b[)Rh<?HJP<@?MO>GD=>dMOce>GDKaHJ9?>.BMD=HJIe9bBKTDVf
x<?>k>G9?X{>dL>.P;OD<CB.cE>kKa>G9_Ie;O<  QFh;=<?>kNeMmXQ>GMNerg;O<_>n_KJ;=>GMdfx<?>k>d5>GP;
B@?@C>pB2MmDgB;A;O<?>Ka>drt;A>G9?XL>GP.B2`bD=>R>X_Ne9 ;i<CBGce>
;O<?>DmBEZ[@_KJ>GDi1i\UB9bXl1
p
;O<bB;D=<?Ne`?KJXPNe9v;OMOHa?`?;=>[;ON 5:viB9bX 5OpVf:8:r;O<?NeDO>[Z[HJDODOHa9?I0DmBEZ[@_KJ>GDSBMO>LNe;O<
d>dMON[;=<CB90;O<_>Ka>drt;U>d9bXHJDUPdNEMOMO>GP;UBEDHa;|D=;VB29bX?Ddf[x<?>S>dL>GPd;|B@_@L>.BMmD|B2;U;=<?>SMOHaIe<,;
>d9bXlL>GP.B2`bD=>[R>X_Ne9 ;S<CB.cE>;O<_>DmBEZ[@_KJ>GDSE(\AB29bX)8vVf>[<CB.ce>MO`?9Ne`?;jNer
DmBEZ@?KJ>GDA;=NZB;OP<kRHa;O<l;=<?>n?KJ;=>dMgRhHJ9bXQN2RSf |9?>NEr;O<_>@LNeDmD=Ha?Ka>;O>GPV<?9?HJuv`?>GDi;ON
@?M=NQX_`bP>B9Ne`_;O@?`?;jNer]Ka>G9_Ie;O< - (HJ9?DO;=>.BEXlNer - -  DHTD Fm 2m2Q# NeM
/v tQ NeM b:.2 ) /Efx<?>M=HJIE<,;U>d9bX % ..HTD|BEX?XQ>.X;=N:_ % hB2;U;=<?>SKJ>drt;>d9bXf

x<_HTDhHJD t ?a2 2bEE?:2 B9bXrtNeMh@L>dM=HJNQXQHTPSD=HaIe9CBKJDhHa;HTDh9CB2;O`?MmBK:f
N2RR>HJ9_@?`?;j;=<?>[D=Ha9,`bD=NeHJX 0
" 'fx<?>NE`?;O@?`_;jrtMONeZBn_KJ;=>GMjD=<?NE`?KTX
L>gBD=HJ9,`?DONEHTXYNer;=<?>iDVBZ[>UrtMO>Guv`?>d9bPWeFv?`?;RHa;O<BX_HaL>GM=>d9,;i)M=>.XQ`bP>.XC]BEZ@?KaHJ;=`bX_>ef
I\BHJ9R>j<bB.ce>j;=NN2ce>dMOKaN,Ne~;O<?>j>d9bX>GL>GP;mDd
)1

1
 ; % 
%
1'v)1
% %

O.1s.
;
;

e1 e

 %
%
]>K L  V T 2
%  ;
; % 

Ka>drt;h>G9?X
D=HJ9,`?DONEHTX
M=HJIE<,;h>d9bX
x<_>hNe`?;O@_`?;D=Ha9,`bD=NeHJX<CBEDBEZ@?KaHJ;=`bX_> ; fx<?>dMO>hHJDBKJDONSBA`_9?HJ;XQ>GKTB.WL>d;R>d>d9Ha9?@?`?;
B9bXNe`?;=@?`?;dF7L>GPGB`bD=>Y;O<_>n_KJ;=>GM
HJD
DOW,ZZ>d;OMOHJPBMONe`_9bX =pfx<_>wP>d9,;=>GMNErh;O<?>
n?Ka;O>dMhHJD|B2;hqEfx<?>jNE9?KJWP.B2`bDmBKn?Ka;O>dMP>d9,;O>dMO>GXB;h!HJDh;=<?>jHTX_>d9,;=HJ;WYn?KJ;=>dM
)1] ,Vf
kN2RD=<?Ne`?KJX{R>0<CB.ce>k~,9?NpR9{;=<CB;Y;=<?>lBEZ@?KaHJ;=`bX_>0HTDYM=>GX_`bP>GX{,W ;l
 B;;O<?>
X_HJDOPdM=>d;O>rtMO>Guv`?>d9bPf
W  : ; x<?>B9bD=R>dMrtNEMB2KJKD=HJ9v`bD=NeHTX_DHTDPNe9,;mBHa9?>GX HJ9;O<?>
rtMO>Guv`_>G9?PdWqM=>GDO@CNe9bD=>rt`?9bP;OHaNe9 P S P} $ &() fw?NEMS;O<?>n_KJ;=>GM  %  ;e  % A;O<?>
MO>GD=@LNe9?DO>jHJD`bD=;|B@LNEKJW,9_N\Z[HTBKRhHJ;=<;O<_>.D=>SPN,> PHJ>d9,;OD :vVF O.FbB9b
X e
- $ "'& ) - $ " ; &()
P 
:e\
|

|
Q;  : ; ;=<?HJDHTD P ; /mf  ?Gb)Cv0ES_Em. -L  / t 9 PL9 ; ; F
BIeM=>d>GHa9?IhRHa;O<j;O<?>NebD=>dMOce>GX (E {MO>GX_`bP;=HJNe9jHa9
BEZ@?KaHJ;=`bX_>efx<_>r)BEP;ONEM1/>
$ "'& : 
HJDM=>GDO@CNe9bD=HJ_KJ>SrtNEMh;O<?>j@?<CBDO>SD=<?Hart;R<?HJPV<HTDh;=<?>SX_>dKB.W?f

K


 

<?>d9BjKJHa9?>.BMn?Ka;O>dMHJDB@_@?KJHa>GXY;ONB VQ=UteC? )KaHJ9?>.BM@_KJ`bDD=Ha9,`bD=NeHJXLF,R>


s
Ie>d;g;O<_> VQ =2?C? f[vNRh<?>d9R>~,9?NpR R<bB;g;O<?>n?KJ;=>dMSX_N,>GDg;ONDOHa9,`bD=NeHJXbBK
D=HJIE9CBKJDGF?R>j~,9?NpR>dce>dM=W,;O<?Ha9?Ibfx<?N\D=>D=@L>GPHB2K1DOHaIe9CB2KTD;mB~e>j`bDHJ9v;ON[;O<?>SrtMO>Guv`?>d9bPW
X_N\ZBHa9f

  
    
 f



8:9;O<?>A;OHJZ>iX_N\ZBHa9FQBn?Ka;O>dMPN\Z
?Ha9?>GDB
D=HJIe9bBK5RhHJ;=<XQ>GKTB.WQDNer;O<bB;DmBEZ>AD=HJIe9bBK:f
x<_>DOHaIe9CB2K1 bRHa;O< X_>dKBGWQDiHTDgZ
`?Ka;OHa@?KaHJ>GXqvW;=<?>n?Ka;O>dMjPN,> PHJ>d9,; 1 bf
x<_>PN\Z
?Ha9CB;=HJNe9wrtMON\Z z;=N Y
 HTDh;=<?>jn?KJ;=>dMO>GXNe`?;=@?`?; 5)1

5)1     b1)?5
: Kv
!
x<bB;HJDUBX_HJDmPM=>G;=>SPNe9,cENeKJ`_;OHaNe9   Ner;RN[cE>.P;=NeMmDdf
kN2R XQN,>GD[Bn_KJ;=>GMKaN,Ne~Ha9o;O<?>wrtMO>Guv`?>d9bPW XQN\ZYB2HJ9
 x<?>wCBED=HJPwM=`?KJ>wHTD;O<CB2;
 tpsg pknm%e7psg
dt?pLdru  xkm%eiewt  m%ewpsgf]>S<CB.ce>D=>d>G90;=<CB;AB2KJM=>pBX_WwrtNeM
@?`?M=>YD=HJ9,`?DONEHTX?D 7 ;=<?>dWBM=>YZ
`?Ka;OHa@?KJHa>GX,W PVf0vNk;=<?>YDmBEZ[>[Z`bD=;j<CB@_@L>d9F,W

KaHJ9?>.BM=HJ;WeF_rtNeM|B29,WPdNeZ?Ha9CB;=HJNE9NerD=HJ9,`?DONEHTX?Ddf
KJIe>d?MmBHJP.B2KJKaWeF7R>wZ
`?Ka;OHa@?KJW;=<?>?Ne`?M=HJ>dMD=>GM=HJ>GDXPSRhHJ;=< PN,>PHa>G9v;mD  ?
B9bX;O<_>?Ne`_MOHa>GMD=>dMOHa>G@D o jRhHJ;=<oPN,> PHa>d9,;mD1 Vfqx<?>YMO>GD=`?KJ;
HJD;=<?>wD=>dMOHa>GD
 SRHa;O<PN,> PHa>d9,;m
D 5)1fo8:9 ;=<?>rtMO>Guv`?>d9bPW X_N\ZBHa9F;O<?>Ne`_;O@?`?;  HJD;O<?>
Ha9?@?`?;  Z
`?Ka;OHa@?KJHa>GX,W;=<?>jMO>GD=@LNe9bD=>jrt`?9bP;=HJNe9 P
5)h $ "'&() ? 1 b% $ "'&  ) B 1 k% $ "'& )
:|Q
  P  o 
 i, $ "'&(*) t?Cm.2 = $ "'&  ) F) $ "'& ) FQ_2e  -  x<CB2;
HJDA>^?BEP;OKaWR<bB;AR>D=>G>
Ha9q;O<?>PNe9,cENeKJ`_;OHaNe9o? Kvfgx<?>Ha9bX_HJP>.D B9?Xk BX?X
;ON7fx<?>A@?MONQXQ`bP;mD $ "'&  ) B9?
X $ "'& "  & ) Z`_KJ;=HJ@?KaW[;ONIeHJcEB> $ "'&() f uv`CB2;OHaNe9bDg: Kv
B9bX |QZB;OP<w>^?BEP;OKaWef
x<?HTv
D 4=PNe9,ceNeKa`?;=HJNe9M=`?KJ> 6kHTD
Z[NeM=>;O<CB29k`bD=;BKaIe>d?MVBL>GPGB`bD=>>Guv`bB;OHaNe9s: |Q
<CBEDUBcBKa`CB_KJ>SDOPHJ>d9,;=HJnbPgZ[>.B9_HJ9?I?
XS ]4N ]>sK ^ ^ KML \R#L [Qo  KMcW [N \UGL ^ Z[ [ U W S ^ ^ QG"U !n\Z$
a #UYL[N \
! Q [\`O O \_W ^@KML W\vP  'K
O P} $ & )  S [X[ N S [W ?O \ZY\[ \ZL ] YLJz
N2R}PNe9?DOHJX_>dM]BgPN\Z_HJ9CB2;OHaNe9NerLrtM=>.u\`?>d9bPHJ>GDdFeHJ9v;O>dIeMVB2;OHa9?IjN2cE>GM f>URB9,;7;ON
D=>d>g<?N2R D=`bPV<0BPN\Z
?HJ9bB;OHaNe9PGB9@_MONQX_`?Pd>j>dce>dMOWYD=HaIe9CBK1)1f?MONeZ Ha;mDrtNeMOZ`?KTB_F

*|


 

og 1h$ "'&() HJDj;O<?>0)PdNeZ[@?Ka>^ H X_Ne;j@?M=NQX_`bP;jNer131 5 RHa;O<;O<?>[@_`?MO>


>^Q@LNe9_>G9v;OHTBKD=HaIe9CBK 3?$ &() 5 fx<_>@CB2MO;UNer;O<?>D=HJIE9CBK1Ha9k;=<?>X_HJM=>GPd;=HJNE90Ner;=<CB;U<CB2M=
ZNe9?HJPjHT2D  h $ &() fs<?>d9k;O<?>GD=><bBMmZNe9?HJPj@CBM=;mD|BMO>PN\Z
?HJ9_>.X#Fb,WwHa9,;O>dIeMmB;OHa9?I
rtMONeZ  2 ;=;N  5
B9bXXQHJc,HJX_Ha9?IS,W FER>MO>GPN2ce>dM;O<?>hNEMOHaIeHJ9bBK_ce>GP;ONEM1
1)1   : o % $ & ) 0
:>(\
"`:
vN o jHTD;O<?>HJ9_@?`?;PN\Z@LNe9?>d9,;dFB9b+
X P  o jHJD
;O<_>wNe`_;O@?`?;PdNeZ[@LNE9?>d9,;GF
B9bXwR>BMO>g;OM=`?KJWYHJ9;O<?>jrtM=>.u\`?>d9bPWwXQN\ZYB2HJ9f
6S ^ ^ Q \ z
v`?@_@LN\D=>;=<?>Ha9?@?`?;gqHJDA;=<?>`?9?Ha;AHTZ@?`?KJD=>  dGdVQVQ.VQVQGddf
x<_HTDD=@L>GPHB2K]D=HJIE9CBK]PN\Z
?Ha9?>GD EtbmV. -L t{. -CE2Y2QL fY8:;mDS;OMmB9bD=rtNeMOZ
o HJDBPNe9bD=;VB29,;
,h $ "'&() EFL>GP.B2`bD=>0;O<?>0D=>GM=HJ>GD<CBED[Ne9_KJWNe9?>;O>dMmZ
z_fs<?>d9YR>UMO>.BEDOD=>GZ_KJ>|BKaKC@CB2MO;mD Z`_KJ;=HJ@?KaW;O<_>|@?`_MO>|>^Q@LNe9_>G9v;OHTBKCce>GP;ONEMmD
3 $ &(*) 5 ,WB29bXqPN\Z
?Ha9?>B2KJKrtM=>.u\`?>d9bPHJ>GDA,WHa9,;O>dIeMmB;OHaNe9qBEDAHa9 >(eFLR>
M=>.PN2cE>GM
?
;O<_>SHJZ@?`?KJDO>SBEDh>^Q@L>GP;O>GX
:
$ & )  ov) Harz
:C8v
Har
z

 "`:

N2R n?Ka;O>dM;=<?HTDHa9?@?`?;[DOHaIe9CB2K ,VF];O<?>HJZ[@?`_KTD=>efo8:9;=<?>;OHJZ[>XQN\ZYB2HJ9F;O<?>


PNe9,ceNEKJ`?;=HJNE9<bBEDhNe9?KaWNe9?>j;O>dMO
Z [s
#   b ,) b
)15
:`De
8:9;O<_>rtM=>.u\`?>d9bPWjX_NeZYBHa9Fp;=<?>]MO`?Ka>  >
P  o #MO>GX_`bP>GD1;ON w >
P f
D@?M=>GX_HTP;=>.X#F,;O<?HJDZYB;OPV<?>GD 5)1 Ha9;=<?>A;OHJZ[>AX_NeZYBHa9@f aJb dvm%o  gDu_ pso 
p m%b de  ilk u'dod_u*ijpsgDu=d
3  5 ewu:m%b d= odG kldGg t odruijpsgDu=d P x<_HTD
HJD;=<?>jrt`?9bP;OHaNe9;=<CB;X_>GDmPM=HJL>GDh;O<_>Sn_KJ;=>GMhHJ9;O<_>SrtM=>Guv`?>d9bPWX_N\ZBHJ9



P

!

 bh$ "'&  )  'vb-  O.%$ "'&() 

C-

 %$ "'&  )


:Cdv

>d;`bD`?9bXQ>GMOD=;VB9bX;=<?HTDrt`_9bP;OHaNe9
IeMmB@?<?HJPGBKaKJWef A9_>@CBMO;=HTP`?KTBMrtM=>Guv`?>d9bPWgMO>GD=@LNe9bD=>
P7HTDD=<?N2Rh9Y,WYHJIE`?MO>;K_fx<?>An_KJ;=>GMHTDKaN2R@bBEDOD]L>GP.B2`bD=>iKaN2R{rtMO>Guv`?>d9bPHa>GD<CB.cE>
P  <
Ef x<?>dW@CBEDOD;=<?MONe`_Ie<o;O<?>wn?KJ;=>dMGf x<?>wNe`?;=@?`?;   < o S~e>d>G@?D
;O<_N\D=>rtM=>Guv`?>d9bPHJ>GDdfkUHaIe<rtMO>Guv`_>G9?PdHa>GD<CB.cev
> P  < _FhDOL
N P   HJDYce>dMOW
DOZYB2KJKB;j;O<?>GD=>[rtM=>.u\`?>d9bPHJ>GDdf>DmB.W;=<CB;S;=<?>[Ne`_;O@?`?;jHTDB V.E?m ce>dMmD=HJNE9Ner
;O<_>Ha9?@?`?;df kUHaIe<rtM=>Guv`?>d9bPHJ>GD)r)BED=;iN\DOPdHaKaKB;=HJNE9bDABMO>[BEDODON,PdHTB;=>.XRHa;O<9_NeHTD=>eFB29bX
;O<_>Un_KJ;=>GMMO>GZN2ce>GD7;=<?>GZ0f8:r#R>RhB29,;;ONS~E>G>d@;O<_>.Z;O<?>d9[R>`?DO>|Bg<_HJIe<_@CBEDODn?Ka;O>dMGf
Ne`
PGB9
D=>G>];O<_HTDDOZN,Ne;O<_HJ9?IUHa9
;O<_>;OHJZ[>XQN\ZYB2HJ9Fp?`?;ZB.W,C>]9?Ne;D=N|R>GKaK'fx<?>
n?Ka;O>dMgPdNv> [PdHa>d9,;mDiBMO>;O<?>;OHJZ>X_NeZYBHa9Ne`?;O@_`?;mDiRh<?>d9l;O<_>HJ9?@_`?;gHTDjB29qHTZ@?`?KJD=>\f
R

(


 

x<_>ice>GP;ONeM  ?Nern?Ka;O>dMPN,>PHJ>d9,;ODHJDP>dMO;VB2HJ9?KaWDOZN,Ne;O<_>GM];O<bB9 v) _;O<_>gD=@?Ha~e>


B;;O<_>gP>G9v;O>dMHJDZ
`bPV<KJ>GDOD@?M=N\ZHJ9?>d9,;df`?;;O<?>gXQ>G;mBHaKTDNEr1DmZN,Ne;=<?Ha9?IBM=>gPKa>.BMO>dM
rtMONe0
Z P |;O<bB9  bfx<?>[DOW,ZZ>d;OMOW0NEr;O<?>[n_KJ;=>GMjHJDSD=<?N2Rh9,W;O<_>[r)BEP;g;O<CB2;
;O<_>
BZ[@?KaHa;O`bX_> 9 P  9,HJD|B9>dce>d9rt`?9bP;OHaNe9
 ?
 
? Z>pB29bD;O<CB2; P )>dce>d9rt`?9bP;=HJNe9L% $ "'&()   ;




0  7
     


1.2

0.8

0.6
transition band
0.4

0.2

0.2

 HJIE`?MO> K__MO>Guv`?>d9bPWM=>.D=@LNE9bD=>SrtNEM  !EB9bX: V !Q |=| Fr aTi!Q (C8f


HJIE`?MO> KjHTD];=<?>UIeMVB@_<YNerBjIeN,NQX[KaN2R@bBEDOD]n?Ka;O>dM]NErNEMmX_>dM !E_f]\N\Z[>UX_>GD=HaIe9?>dMmD
ZHJIe<v;DVBGW Ha;HTD;=<?>L>GD=;Gf  ?V2wt??2V m2# 9 ;9
 V 2#qts?
;9 I01
 JT  t2gVYEt2h?2VV JG x<CB;UHJD !tQ m2 F
 m2# 9 k1
9?Ne;
Z[>.B9QDmu\`CBMO>>dM=MONeMdf>YIvB.cE>;O<?>YHa9?@?`?;OD  EkB9?X  V jQ |=| sB29bX
 aTgz_ (C?
8 l;=N[;O<_@> E x R rt`?9bP;OHaNe
9 B9bXHa;UX_>GD=HaIe9?>GX;=<?>jn?Ka;O>dMGf
x<?>Ne`?;O@_`?;rtM=N\
Z HJD;O<?>D=>d;NerUn?Ka;O>dM[PN,> PHa>d9,;mD :\ddGd :Evf
>P.B29lZ`?Ka;OHa@?Kav
W P} $ &() U,W $ "'&   ) ;ONP>d9,;O>dMAHJ;dFRhHJ;=<l9?NPV<CB9?Ie>
HJ9BEZ@?KaHJ;=`bX_>ef
x<_>G9;O<?>SPN\D=HJ9_>S@CNeKJWv9?N\ZHBK 9 PO $ &()  9v<CBD v:VVS QHJ;DO;=Ne@bDUB;PdNeD1G
f


 

8

x<?>D=@L>GPHTBKvrt>.B;=`?MO>]Ner_;=<?HJDZ[Ha9?HJZYB2^in?KJ;=>dMHTDHa;mD .-Qt \5J @?MONE@L>dMO;Wef KaKn4MOHa@_


@?Ka>GD.6HJ9;=<?>iD=;ONe@?bB9bXY@?KJ`?D@CBEDOD=CB9bX<CB.ce>|;O<?>iDmBEZ>AZYBIE9?HJ;=`bX_>efx<?HTD@?M=Ne@L>dMO;W
;O>dKaKTD]`bDHJZ[Z[>GX_HTB;O>dKaW;O<bB;R>APGB9?9_Ne;M=>GX_`bP>iBKaKL>dMOMONEMmDA);=<?>|>dMOM=NeMHJD;=<?>AX_HJD=;VB9bP>
rtMONeZ ;O<?>jHTX_>.BK] Qn_KJ;=>GMHa90;O<?>SIeMmB@?<5VfUNPdNEMOMO>GP;OHaNe90PNe`_KTX<CB.ce>j;=<?>M=>Guv`?HaMO>GX
@?Ka`bD7NeMZHa9,`bD7D=HaIe9B;BKaK_;R>GKace>rtMO>Guv`_>G9?PdHa>GDdFEL>GPGB`bD=>h;=<?N\D=>hDOHaIe9bDBM=>UBKa;O>dM=9CB;OHa9?I
B9bX;O<?>PNeMOM=>GPd;=HJNE90RNe`?KJXkPMON\DODd>GM=N;=N,NNert;=>G9 =eg;OHJZ[>GDL>d;R>d>d9B9bX rtNeM
B@LNeKaW,9?NeZ[HTBKNErhXQ>GIEMO>d>d_fwx<_HTDSKaHJ;=;OKa>?Ha;NerZB;O<_>.ZB;=HTPdDdFRh<?>dMO>[;O<?>YX_>dIeM=>d>
Ner;O<?>@CNeKJWv9?N\ZHBKKaHJZ[Ha;mDA<_N2R Nert;O>d9HJ;iPGB9BKa;O>dMO9bB;O>D=HJIE9F#HJDi;=<?>rtNe`?9?XbB;OHaNe9qNer
ZHJ9?HJZB2^wB@?@?M=Np^QHJZYB2;OHaNe9;=<?>dNeMOWef
x<?>wX_>GD=HJIE9oZ[>d;O<_NQX `?DO>GX ,x
W E x R HJDPGBKaKa>.X;O<_>2h>GZ[>dwB2KJIeNEMOHa;O<bZ NeM
;O<_> 7BM=~QD E
P AKa>dKJKTB9BKaIeNeM=HJ;=<bZ0fkx<?>2h>GZ[>dHJX_>.B0NerhHa;O>dMVB;=HJcE>GKaWlMO>GX_`bPHa9?I;O<?>
KTBMOIe>GD=;7>dMOM=NeM7`?9,;OHaK?;=<?>hIeMVB2@?<HTD7>Guv`?HaMOHa@?@?Ka>RhBEDBEXbB2@?;O>GX,W BMO~QDB29bX Ek
P AKa>GKaKTB9
rtNeMgn?Ka;O>dMjX_>GDOHaIe9f[UDO>dMODjNErt;O>d9BEDODOHaIe9Bw<?>.B.cvHJ>dMgR>dHaIe<,;  ' ;ON;O<?>>dMOM=NeMmDiHJ9
;O<_>D=;=Ne@?CB9?XFCB9bX;=<?>d9;O<_>D=;=Ne@?CB9?XM=HJ@?@_KJ>GD<CBGce>SDOZBKJKa>dMh<_>GHaIe<,;OD Cc  f
8:9zB@?MVBPd;=HTPGBKAXQ>.D=HaIe9{@?MONe_KJ>GZF F0Vm
.#!F F_EJQe{=

x
?
<
d
>
O
M
d
>
t
r
e
N
O
M

>
O
;
?
<

>
=
M
G
>
T
K

B
=
;
J
H
e
N

9
e
N

r
O
;
?
<

>
d
>
=
M
O
M
e
N
M


;=Nk;O<_>NeMmX_>dM  B29bX;O<?>YP`?;=Ne
2 S2G
rtMO>Guv`_>G9?PdHa>GD[  V UB9bX  JT UHTDj<_HJIe<_KJWHTZ@LNeM=;VB9v;gHa9@_MVBEP;OHJP>ef A>dMO;mBHJ9_KJW YX_>
PMO>.BED=>GD>^Q@LNE9?>d9,;OHTBKaKJWRHa;O
< fqx<?>Y~e>dW>^Q@LNe9?>d9,;
Ha+
9 $ "   RBED>GD=;OHJZYB2;O>GX,W

EHJ
Z SB2HTD=>dMjrtMON\Z 9v`bZ[>dM=HTPGBK>^Q@L>dM=HTZ>d9,;mDdFB9bX<?HJDS>GZ[@_HJM=HTPGBK7rtNeMmZ
`?KTBw<CBEDgL>d>G9
BEX2`?DO;=>GXkvWZB9,WB`?;=<?NeMODGf M=>.P>d9,;U@CB@L>dM . ,Wv<?>d9lB29bX0;O<?>B`?;O<_NeM|I\B.ce>
;O<_>
BDOW,Z[@?;=Ne;OHJPGBKaKJWYPdNEMOMO>GP;rtNeMmZ
`?KTB
E7KaNeI     "  sGKJNEI   KaNeI    " 
:C<v

=G7KaNeI   $2KJ9UPNe; :?"% s)
kU>dM=>    JT 
~
 V |HTD
;O<_> m2bV):2 m2#!F:E f t>`?DO>Y;O<?>B.R~vRhBMOX
rtNeMOZ E7KaNeI   L>GPGB`bD=>;O<_HTDIEHJce>GD;O<_>0uv`CB9v;OHa;W Ha9 v V f 8:9;=<?>;OMmB9bD=Ha;OHaNe9
CB9?XL>d;R>d>G+
9  V B9b+
X  JT \F;O<?>kXQMONe@LNEsrtMONeZ P : < ;=N P : < lHTD
X_>GDOPMOHaL>GX,WwB9>dMOM=NeMhrt`?9bP;OHaNe9fv<?>d9DrtNeMOZ`?KTB
  
  
 
P !>dMOr
OKev
|
 aTU1
   
RHa;O<
KJ9  - ; Ka9UKa9 

 

IeHace>GDB0IEN,NQXn?;
Ha9 ;O<_HT,
D 4X_ Ne9 ;PGBM=>YMO>dIeHaNe9 6BM=Ne`?9bXB0PMOHa;OHJP.B2KrtM=>.u\`?>d9bPW9_>pB2M

-  aTVf D   ;O<?>Y>Guv`?HaMOHa@?@?Ka>Yn?Ka;O>dMmD
B@?@?M=NvBEPV<;O<?>HTX_>.BK
 ;   V ~
Ne9?>:d>dMONn?Ka;O>dMRhHJ;=<0P`?;ONElBc;   +T T! )f
|r5PdNE`?MmD=>;=<?>U>Guv`?HaMOHa@?@?Ka>Un?Ka;O>dMHTD9?Ne;;O<?>Ne9_KJWPGB9?X_HTX?B;O>>H8:r5R>|BEPdP>d@?;KB2MOIe>dM
MOHa@?@?Ka>GDi9_>pB2Mi;O<?>
>G9?X_@LNeHa9,;mD  V hB9?X  JT \F5R>P.B29q<CB.ce>DOZYB2KJKa>dMAMOHa@?@?Ka>GDiHa9bD=HJX_>


 

;O<_>@CBEDOD=CB9?XYB9?X[D=;=Ne@?CB9?Xf r)B2HJM=KJW
>^Q;OM=>GZ[>hPGBED=>S)9?Ne;`?DO`bBKJKaWMO>GPN\ZZ>d9bX_>GXL
HJDB Jm2U -C2VUvVJ fx<_>Yn?Ka;O>dM
ZHJ9?HJZHJd>GDS;=<?> : /qHJ9;O<?>>GM=MONeMdF
@LN\DOD=Ha?KJWR>dHaIe<,;=>.Xw,W  F_HJ9bD=;=>pBXNer;O<_>ZB2^QHJZ
`bZy>dM=MONeMd
;
;
_.2G P  tbthp V Vm 9 P sG 9   -  aT Vm 9 P9  0 OK?p
>~v9?N2R ;O<_>M=>GDO`_KJ;R<?>d9 ;=<?>Y@CBEDOD=CB9bX Z>d>d;mDS;O<_>D=;ONe@_CB9bX  V j  JT f
x<_>GI
9 P HTDB@_@?MONp^,HTZB;OHa9?I B9}HTX_>.BK
 QDOuv`CBM=>RB.ce>0NeM_MOHJP~oRBKJKUn?Ka;O>dMGf
 ?t  2 )taE:2E?2t 2LtbQ) / x<?>[ZB2^QHJZ`?Z>dMOMONEM F1B9
N2ce>dMODO<_N,Ne;iM=HJIe<v;SB;g;O<?>A`bZ@Fuv`?HJPV~,KJWqB@_@?MONvBP<_>.Di;=<?>r)BEZNe`bD AHJ_bDjPdNE9bD=;VB9,;df
?NEMKTBMOIe>hNeMm; XQ>GM Fv;=<?>RNeMOD=;MOHa@?@?Ka>.D<CB.ce>hn_^Q>GX[<_>GHaIe<,;>dce>d9[;O<?NE`?Ie<[;O<?>Ha9,;O>dIeMmBK
Ner)MOHa@?@?Ka>GD HTDBED7DOZBKaK?BED@LN\DOD=Ha?KJ>efx<?HJD AHa?bD7@_<?>d9?N\Z>G9_Ne9HJD7Ne9?>NerC;=<?>hIEMO>.B;
NebD=;mBEPKJ>GDh;=NBEPdPd`_MVB;=>SPN\Z@?`?;VB2;OHaNe9bD9?>.BMUBD=<?N,P~YrtMONe9,;df










   




 >



KaN2R@CBDmDin_KJ;=>GMgIeMO>.B;=KJW0M=>GX_`bP>GDg;O<_><?HaIe<rtM=>.u\`?>d9bPWPN\Z@LNe9?>d9,;ODGF#R<_HTPV<lNert;O>d9
OM >d@?M=>GDO>d9,;
9?NEHTD=>Ha9o;=<?>D=HaIe9CBK'f_NeMD=N\Z[>@?`?M=@LN\D=>GD;O<CB;
HJD>^?BPd;=KJWMOHaIe<,;df`_;
D=`?@?@LNeDO>jR>gRhB9,;;ON V 2b ;=<?>SD=HaIe9CBK'f>SZB.WL>SD=;=NeMOHa9?IHa;hNeMh;=MVB9bDOZHJ;
;OHa9?I0Ha;SNeMSNE@L>dMVB;=HJ9?I0NE9HJ;dF?`_;R>YX_NE9;jRhB9,;j;=N0KJN\D=>[HJ;df8:9;O<_HTDPGBED=>[R>PGB9
`bD=> GFi FL<?HaIe<?@CBEDODiBED|R>dKaKBED|KaN2R@CBDmDdfAx<CB;AIE>G9_>GMmB;O>GDAB 4 ! Q [\`O # S L 7F 6
R<_HTPV<0D=>d9bX?D;=<?>SD=HJIe9bBK;=<?MONE`?Ie<;RNNEMUZNeMO>in?Ka;O>dMmDdf
x<?>in?Ka;O>dMCB29?~YD=;OMO`?Pd;=`?MO>iKa>pBX?D;ONB t V  2eJ  m2b2 fx<_HTD<CBED
L>GPN\Z>
BIe`?HJX_Ha9?IHJX_>.BrtNeMUD=NZYB9vW@_MONe?Ka>GZDhHa9kD=HJIe9bBKB9bBKJW,DOHJD|B9?X0DOWv9,;O<?>GD=HJDGf
8:9 HJ;ODO>dKarh;=<?>Y;OMmB9bD=rtNeMmZHTDKaN\DOD=KJ>GDOD Hk8:;OD
Ha9,ce>dMODO>);=<?>D=W,9,;=<?>GD=HTD
D=;O>d@5iHTDB9?NE;O<?>dM
;OMmB9bD=rtNeMOZNer;O<?>DmBEZ>;W,@L> ;RNYn?KJ;=>dMmDA;O<CB;gBMO>r)BDO;A;ONwPdNeZ[@?`_;O>efj>d;R>G>d9
;O<_>!xyB9bX ;O<?>Ha9,ce>dMmD=>!x R>ZYB.WPdNeZ[@?M=>GDmDB9?X ;OMVB29bDOZ[Ha;
;O<?>wD=HJIe9bBK:f
x<_HTDSD=>Guv`?>d9bP>[NErDO;=>d@bDdF m2b2 ? 2iCVV? 2b FHTDj;=<?>[~e>dW
;ON[ZNeMO>SB29bX0ZNeM=>SB@_@?KJHJPGB;OHaNe9bDdf
x<?>ARNeMOX F2eJ HJD@?M=Ne@L>dMOKaWBDmD=NQPHTB;O>GXRHa;O<wB ?tVdE?:2tL[2 A
L EJ f7x<_>iD=HTZ@?Ka>GDO;]P<bB9?Ie>|NerDmPGBKa>|PdNeZ[>GDrtMON\Z X_NpR9bDmBEZ@?KaHJ9?IBSD=HJIe9bBK
~e>d>d@?Ha9?INe9_KJWkHa;mDi>dce>d9_:9,`bZ
L>dMO>GXqPN\Z@LNe9?>d9,;OD 5:2Vfx<_HTDgDVBZ[@?KaHa9?INe@C>GMmB;OHaNe9
HJDUXQ>G9_Ne;O>GX,WY;O<?>SD=WQZ
LNeK Q
#'v
\ ##=:\p 55:v\
#O Kv














"!

$#

d


 

:8 9?rtNeMOZYB2;OHaNe9HTD
KaN\D=;Gf`?;
WeNe` RhHJKaKD=>d>Y<?N2R \2 tQ ;O<_>Ka>d9?Ie;=<,W`bD=Ha9?Iq;RN
n?Ka;O>dMmDdF;=<?>d9 _E.tQ >.BEPV<qNe`?;O@_`?;g,W \VFP.B29lIeHace>[BKJNeDmD=Ka>GDmDi;=MVB9?DOrtNEMmZf
x<?>
Ha9?@?`?;HTDB;NE9?>A;=HTZ>ADOPGBKa>iB9bX;O<_>A;RN<CBKar:KJ>d9?IE;O<YNe`?;=@?`?;mDBMO>iB2;B9?Ne;=<?>dMDOPGBKa>
:B29NQP;VB.cE>gKJN2R>dMf


8:9?@_`?;

JK NpR@CBEDODn?KJ;=>dM
<?HaIe<?@CBEDODhn?Ka;O>dM





.B ce>dMVB2Ie>GD
X_>d;VBHaKJD

HJIE`?MO>B|bx<?>SX_HJDOPdM=>d;O>jRB.ce>dKa>G;;OMmB9bD=rtNeMOZ0BGce>dMVBIe>GDhB9bXX_>d;VBHaKJDGf
 Ne;O>;=<CB;gB29Ha9?@?`_;ANer7>dce>d9Ka>d9?Ie;=</-}@?M=NQX_`bP>GD|;RNYNe`?;=@?`?;ODANEr7KJ>d9?IE;O</- cQF
Brt;=>GMSX_N2R9?DVBZ[@?KaHa9?Ibfx<?>YKaN2Rh@CBEDODSn?Ka;O>dMQP B29bX;O<?><?HJIE<?@CBEDODn_KJ;=>GMQP  NEMOHaIeHa
9CBKaKaWZBHJ9v;VBHa90Ka>d9?Ie;=< -hFbR<_>G90R>X_>.BKD=`?HJ;mB?KaWRhHJ;=<k;O<_>
DVBZ[@?Ka>GD|B;U;=<?>>d9bX?D
)@CN\DODOHa?KaWl,Wq>^Q;=>d9bX_Ha9?I0;O<?>[DOHaIe9CB2K;ON@?M=NQX_`bP>;O<_>>^Q;=MVBPN\Z@LNe9?>d9,;ODg;O<CB;j;O<?>
n?Ka;O>dM9?>d>.X_DVfHJIe`_MOy> |D=<?N2RD;=<?HTDhPN\Z
?Ha9CB;=HJNe9Ner1;RNn_KJ;=>GMODdF_RHa;O<w>pBP<wNE`?;O@?`_;
X_N2Rh9bDmBEZ@?KJ>GXfYx<?>[MO>GX_`?9bX?B9bPWqrtMON\Z -zNe`?;=@?`?;mDjHJDSM=>.ZN2ce>GXq,W iefx<?>d9
;O<_>SNpce>dMVBKaK#n?KJ;=>dMCB9_~wHJD - ,!
W -hf
x1ND=HJZ[@_KJHartW;O<?>;=<?>dNeMOWR>Nert;O>d9 @_MO>d;O>d9bXo;O<CB2; - zfx<?HTD[B.ceNeHJX?D[B9,W
X_H P`?Ka;WRHa;O<!;=<?>DVBZ[@?Ka>GDB;;O<_>>d9bX?Ddf`?;HJ9!M=>pB2KJHa;WD=HJIe9bBKTD<CB.cE>n_9?HJ;=>
Ka>G9_Ie;O<f
 ? F2eJ5:vmAtibmE?# m2 E x<_>KaN2Rh@CBEDODNe`?;=@?`?;Ha9HaIe`?MO> |
L>GPN\Z>.D;=<?>Ha9?@?`_;[;=NBlD=>GPNe9bXon_KJ;=>GMbB9?~5fox<?>PdNeZ[@?`_;VB;=HJNe9HTDP`?;Ha9 <CBKar
L>GPGB`bD=>;=<?HTDHJ9?@_`?;7HJD<CBKarbKJ>d9?IE;O<f7x]Wv@?HTPGBK_B@?@_KJHJPGB;OHaNe9bDNErb;O<?>RhBGce>dKJ>d;;OMmB9bD=rtNeMOZ
IeNS;ONrtNe`_M]NEM]n?ce>UKa>dce>dKTDdf>|PdNE`?KTX[Ha9,;=>GM=@?MO>d;];=<?HJDZ
`?Ka;OHJDmPGBKa>;OMmB9bD=rtNeMmZ BEDA)uv`?Ha;O>
KaNe9?I H n?Ka;O>dMODBEP;OHa9?I
Ne9;=<?>AcE>GM=Wn?MmD=;Ha9?@?`_;mDdf`?;;O<CB;RNe`?KJXZHTDOD];O<_>icBKa`CB_KJ>
Ha9?rtNeMmZB;=HJNe9D=;ONeM=>.XwHa90;=<?>jNe`?;=@?`?;mDS'B.ce>dMVBIE>.DhB9bXX_>d;VB2HJKJDBKJNE9?I[;O<_>SRB.Wef





 

@ C

>q9?N2R PV<?N,NeDO>Ne9?>qD=@L>GPHJnbP>^?BZ[@?Ka>NerBn?KJ;=>dMwCB29?~5f ;n?MmD=;;O<?>dMO>HJD9?N


Ha;O>dMVB;=HJNE9;RNSDOPGBKa>.DNe9?KaWbfx<?>d9R>UHa;O>dMVB;=>;ONZ`?Ka;OHa@?Ka>UDmPGBKa>GDdfx<?>U>^?BEZ@?Ka>HTD
BEDOD=NQPHB2;O>GXwRhHJ;=<;=<?>j9bBEZ[>iNer KJrtM=>GXPk|BeBMdf8:;h`bD=>.D;O<?> 2emGtQU )Z[Npc,HJ9_I
B.ce>dMmBIe>2LB9bXg;O<?> 2 AV tQ )Z[N2cvHJ9?IXQHJL>dMO>d9bP>2fx<?N\D=>R>dMO>NE`?M>.BMOKaHJ>GD=;
B9bXD=HJZ[@_KJ>GD=;1>^?BEZ@?Ka>GDNer?BKaN2R@bBEDOD1n_KJ;=>GMB9?X
B<?HaIe<?@bBEDODn?Ka;O>dMdfvN|;=<?>dWjPN\Z
?Ha9?>
9CB;=`?MVB2KJKaWHa9,;ON;O<_>[ZN\D=;gCBDOHJP>^?BZ[@?Ka>NerBn?KJ;=>dMgCB9?~5f8:;gRHaKJK7L>[PNe9,ce>d9?Ha>d9,;
)_`?;9?Ne;h9?>GP>GDmDmBM=Wb];ONMO>dce>dMmD=>g;O<_>D=HaIe9Nelr P  f


<


 

x<?>j;RNn?Ka;O>dMmDUBM=>SX_>d9?Ne;=>GX,WP 
)KaN2R@CBDmDB9?X P  <?HJIE<?@CBEDOD
 >
P  HJDh;O<?>B.cE>GMmBIeHa9?In_KJ;=>GM  p)1 ; '1spb-o1O
>
P  HJDh;O<?>SX_HaL>GM=>d9bPHJ9?In?KJ;=>dM   )1 ; '1spo)1OL
v`?@_@LN\D=>;O<?>HJ9?@_`?;SD=HaIe9CBKHJDgd>dMON>^_P>d@?;irtNeMirtNe`?MgDVBZ[@?Ka>GDjOp| 8_F1\| |bF
1O Kvi (QF11 |QiEfx<?HJDjHa9?@?`?;ScE>.P;=NeMgHJD98_w |b (QGpf  2V[a. .tQS2
) p Lt ? gS\2 F2eJ m2Vtd x<?N\D=>[RHaKJKL>[rtNe`?MS9v`bZC>GMODdF  2:\
B9bX  p |,rtM=N\ZyD=`?bDmBEZ@?KaHJ9_I;=<?>iKaN2R@CBDmDNe`?;O@_`?;;ONeIe>d;=<?>dMRHa;O<   eB29bX    |Q
rtMONeZ <_HJIe<_@CBEDODdf
8:9kMO>.BKaHa;WwR>SRNE`?KTX9?Ne;|PN\Z[@_`?;O>S;O<?>N,X?XQ:9,`bZ
L>dMO>GX0PdNeZ[@LNE9?>d9,;mD 5=pB29bX
5} KvD=Ha9bP>;=<?>dWBMO>HJZ[Z[>GX_HTB;O>dKaWX_>GDO;=MON2WE>.X0,W \fj`?;iR>X_NwHa;i<?>dMO>
;OND=>d>
;O<_>PN\Z@?Ka>d;O>g@?HJP;O`?M=>\fxB~e>SB.cE>GMmBIe>GDhB9bXX_HJL>dMO>d9bP>GDhNerw)8_w |b (QGpV
 pOp K
  Op K
 p\ (
  \
ce>dMmBIe>GD  p} Kv |b (
; :|HJL>dMO>d9bP>GD   } Kv AQ (
 p |Q K
  |Q
 pE(\ _ (
  E(\ Q (
Ne`Z[HaIe<,;S9_Ne;OHJP>;O<CB;S;O<_>YDO`?Z Ner;=<?>  
ce>GP;ONeM
B29bX;=<?>   ce>GP;ONeMjHTDS;=<?>HJ9Q
@?`?;| )8_w |b (QGpRHa;O<B`?9?Ha;|X_>dKB.Wl);=N)sp=fx<?HJD|PN\Z>GDhrtMONeZBD=HTZ@?Ka>
MO>dKTB;OHaNe9:BGce>dMVBIe> - X_Ha5>dMO>d9bP>2;=<CB;hHJDDO@C>.PHTBK;ONk|BeBMG
:)sp\- )=6- '1sp1=]z)spL

8:;[HTD[Z[NEMO>HJZ[@CNeMO;mB9,;;=N9?Ne;=HTP>;O<CB;;O<?> 2 AV w# VVEtJ0_2


?l2emG, f_NeMwB DOZN,Ne;O<}HJ9?@_`?;;O<_HTDYRNe`_KTX}L>>GcE>G9ZNeMO>0;OMO`_>\f\NHa9zB
PN\Z@?MO>GDOD=HJNe9DO;=>d@F_R<_>G9wR>gNErt;O>d9wKJNeDO>iHa9?rtNeMmZB;=HJNe9YHJ9w;O<?>g<?HaIe<?@bBEDODhPN,> PHa>G9v;mDdF
;O<_>0KJN\DODHTDDOZBKaKh`bD=HJ9?I;O<?>0RB.ce>dKa>G;CBED=HJDGf kU>dM=>0HJDYBln?MmD=;[KJNvNe~ B;[;O<?>R<?NEKJ>
PN\Z@?MO>GDOD=HJNe9BKaIeNeMOHa;O<?Z0
0\\\]b 
\\JC 
\\\\b 





  



!#"$%&'

,+.-
/01

()*

 +5-
/01

%"$%2'

(343

0 6 ,

;h;=<?HTDh@LNEHJ9,;hR>g<CB.ce>g>dHaIe<,;NeMh>dce>d9;=>G9PN,>PHa>G9v;mDHJ9  |B9bX   fx<?>dWwBM=>


MO>GX_`_9bXbB9,; Hx<?>dWPGBEZ>|rtMONeZ NE9?KJW[rtNe`?MDmBEZ[@_KJ>GD]Ha9f d2i5J vW S;ON~E>G>d@
Ne9?KaW;=<?>j>GcE>G9Q:9,`bZ
L>dMO>GXPdNeZ[@LNE9?>d9,;mDd
 2:\ (
  :\
 2 |Q K
   |Q 
x<_N\D=>BM=>;=<?>
rtNe`?:M 4n_MmD=;=:Ka>dce>dKRhB.cE>GKa>d;APN,> PHa>d9,;m7D 6[Ner;=<?>DOHaIe9CB2K:fAx<?>
HJ9,cE>GMOD=>
;OMmB9bD=rtNeMOZ R<?HJPV<lHJDgPdNeZ[Ha9?IHJ9l;O<_>9?>^Q;jD=>GP;OHaNe95RhHJKaK7`bD=>;=<?N\D=>PN,> PHa>d9,;mDA;ON
98


 

MO>GPNe9bD=;=MO`bP;]f7x<CB;RhHJKaK?L>U;O<_>|D=W,9v;O<?>GD=HTDD=;O>d@fFA]N\Z[@_`?;OHa9?Ij;O<?>UPN,>PHa>G9v;mD7RhBD
;O<_>
B29CBKaWQD=HTDD=;O>d@
#E / Vt HJ9bX;=<?>jRhB.cE>GKa>d;hPN,> PHJ>d9,;ODS)DO>d@CB2MVB;=>g;O<?>SD=HJIE9CBKHJ9,;=N[RhBGce>dKJ>d;mD
X?X`?@RhB.cE>GKa>d;mD;=HTZ>GDhPdNv>[PdHa>d9,;mDj);=N[M=>GPdNE9bD=;OMO`?Pd;h;=<?>SD=HJIe9bBKVf
/ L?Vt
8:;HTDKJHa~e>gPN\Z[@_`?;OHa9?I[?NE`?MOHa>dMhPN,> PHJ>d9,;ODGF_B29bXw;=<?>d9D=`bZ[Z[Ha9?I;=<?>S_Ne`?M=HJ>dMhD=>dMOHa>GDGf
?NEMSRB.ce>dKa>G;ODdF1;=<?> 2#E / Vth m2  P B9?X P  rtNeKaKJN2R>GXl,W A\APN\Z[@_`?;O>GD
;O<_>PN,> PHJ>d9,;ODdfUx<_> / L?Vt] m2  );O<_HTD|Ha9,ce>dMmD=>RhBGce>dKJ>d;;OMmB9bD=rtNeMmZRHaKJK
Ha9,ceNeKace>j`_@bDmBEZ[@_KJHa9?I,W B9?X;RN[n_KJ;=>GMODDO`?ZD;O<?>jRhBGce>dKJ>d;hDO>dM=HJ>GDdf
N2RyIeNrtMON\Z ;=<?>KJN2Rh@CBEDOD  2:\ (B9bX  2 |Q Kk;=Nq;O<?>w9?>^Q;DmPGBKa>,W
PN\Z@?`?;OHa9?I 2emG,S=2emG,2#2 AV S=2emG,
(i K
(XL
- K 5

|
  \
 2:\

x<_HTDUPN\Z[@_KJ>d;O>GD;=<?>SHa;O>dMVB;=HJNE90Ner;=<?> k|BeBM|B29CBKaWQD=HTDbB9?~5f>SP.B29kD=>d>j;O<?>S;=<?MO>d>
DOPGBKJ>GDYn?9?>eFZ>GX_HJ`?Z0FB9bXPNvBMODO>2AHa9B?KaNQPV~X_HTBIeMVBZ;O<CB;
D=<?NpRUDj;O<?>;OMO>d>Ner
n?Ka;O>dMmDhRhHJ;=<0D=`?bDmBEZ@?KJHa9?Ib
p)
  2:2
P  

2
  2:2
P 
  ) 

P
  :2




:


P


8



L>GPd;=HJcE>GKaWeF  PdNeZ[>GDrtMON\Z X_N2R9?DVBZ[@?KaHa9?I,W b| fx<?>jce>GPd;=NeM  p :2PdNE9,;VBHa9bD;O<?>

a !F a!F PN,> PHJ>d9,;ODGFvB.ce>dMVB2Ie>GDNErB.ce>dMmBIe>GDdf7x<_>|<?HaIe<_:KaN2R{ce>GP;ONeM   21HTDB2KTD=N %


;O<_>hKa>d9?Ie;O<Nerb;O<?>NeMOHaIeHa9CBK_D=HaIe9CBK'f7x<?>h<_HJIe<_@CBEDOD7cE>.P;=NeM   :2HTD<CBKarC;=<?>hNEMOHaIeHJ9bBK
Ka>G9_Ie;O<FbB9bX% - % - ;i [);=<?HTDhHJDPdM=HJ;=HTPGBK#KJ>d9?Ie;=<kDmBEZ@?KaHJ9_IQf
Ne`jRhHJKaKvBED=~5F.R<vWi9_Ne;;mB~e>]B.cE>GMmBIe>GDB9?XSXQHJL>dMO>d9bP>GDBKJD=NNer,;=<?HJD1n_MmD=;<?HaIe<?@CBEDOD
Ne`?;=@?`?;   21 x<CB;iHTDgP>GM=;VBHa9?KaWk@LNeDmD=Ha?Ka>\f 4RhBGce>dKJ>d;A@bBEPV~e>d.; 6wZHJIe<v;gPV<?NvN\D=>
;ONXQNHa;Gf`?;;O<_>gCBED=HTPiRB.ce>dKa>G;;OM=>G>jBEDOD=`bZ>.D;O<CB;;O<_>g<?HaIe<?@bBEDODPN,> PHJ>d9,;ODhBM=>
DOZYB2KJKeB9bXg9?Ne;RNeM=;O<g;O<?>]BEX?X_Ha;OHaNe9CBKE>dLNeMO;dfx<?>dWiBMO>PGB9bXQHTXbB2;O>GDrtNeMPdNeZ[@?M=>GDmD=HaNe9f
?NEMB;W,@?HJPGBK\KJNE9?IADOZN,Ne;=<D=HJIe9bBK:F2Ha;O>dMmB;OHaNe9S;ONUrtNe`?M1NeMn?cE>DOP.B2KJ>]Ka>dce>dKTDRHaKJK\rt`?MO;=<?>dM
X_>GPNeMOM=>dKB;=>g;=<?>SDmBEZ@?Ka>GDGf8:;O>dMmB;OHaNe9bDL>dWeNE9bXw;O<CB;UB2MO>gIe>d9?>dMVB2KJKaWY9?NE;hRNeM=;O<,Rh<?HJKa>ef


[ ^1^ S,O
Yl` x<?>sHa9?@?`?; HJD 98_w|b (QGpf x<?>sRB.ce>dKJ>d;PN,>PHJ>d9,;OD BM=>
|?..e
KJNpRh:KaN2R  .F_<?HaIe<_:KaN2R   F_<?HaIe<    |?..ef


 

x <_>wD=@L>GPdHTBK@LNEHJ9,;
Nerh;O<?>YRhB.ce>dKa>d;CBED=HTDHTD
;O<CB2;WENe`PGB9 @?HTPV~Ne;O<_><?HaIe<?@CBEDOD
X_>d;VB2HJKJD
OB9?XqHa9   FbL>drtNeM=>;O<?>PNvBMODO>X_>d;VB2HJKJDUHa9   B9bX0;=<?>N2ce>dMmBKJKBGce>dMVBIe>
Ha9  .f @?HTP;=`?MO>jRHaKaK>d^,@?KB2HJ9;=<?HJD ?t EJ / m2:
i  ewmo )8_w |b (QGp ehgDm.p   d'o  dru  g q   dru  mu     u=t  d  g q
 o 

m%b dGg

8
dGo




|

d'odGg tdru


|

 klu
i

RcE

q
e 

(
d'o

d_u

(
 

 d

(
|

 

d1u=t


qse 
i

dGo
dGg td

 klu

 I
 
@


 

cE

  :\
  |Q
p\ |

  \
 

   P     




 

x <_>jBGce>dMVBIeHa9?IEXQHJL>dMO>d9bPHJ9_In?KJ;=>dMg)9bBEZ[>GXrtNeM kABeB2M7@?M=NQX_`bP>GD;RN
Ne`_;O@?`?;ODrtMON\Z
;RN[DO`?PGP>GDOD=HJce>gHa9?@?`_;mDd
 2:2 :2pb-o1pO
O K\\

  :2 :2p1:2=
8:;]HJD]>.BED=W;ONSMO>GPN2ce>dM]1:2p7B9bXY21f8:9r)BPd;dF\;=<?>|Ha9?@?`_;mDBM=>`bD=;]DO`?ZDB29bX
X_Ha5>dM=>G9?Pd>GDNer;O<?>GD=>jNE`?;O@?`_;mDd
1:2s.  p21b
-   21
OK=Kv
21  p21   p
x<v`bDh;O<?>jMO>GPNe9bD=;=MO`bP;OHaNe9D=;O>d@`bD=>GDh;O<?>SDmBEZ>gNe@L>dMVB2;OHaNe9bDUBEDh;=<?>B9CBKaWQD=HJDUD=;=>G@f
|;O<_>GMgB9CBKaWQD=HTDACB9_~QDgX_Ne9 ;i<CB.ce>;=<?HJDgDOHJZ@?KJf
> 4;RNB;gBY;OHJZ[> 6Y?KJN,P~kD=;=MO`bP
;O`_MO>eFb?`?;U;O<?>SCBED=HJPS@?M=HJ9?PdHa@?Ka>D=;OHaKaKB@?@_KJHa>GDGf>RhHJKaKDO<_N2R <?N2Rn?Ka;O>dM=HJ9?IrtNeKaKJN2R>GX
,WXQN2R9bDmBEZ@?KaHJ9_IkHJD
Ha9,ce>dM=;O>GX,W_[ n^ W S ^ ^ QGUG L
W)KMQGQGK  \Za # Y ! Q [\ O4UG L
fkx<_HTD
D=>Guv`?>d9bP>iNerHa9,ce>dMmD=>ANe@L>dMmB;OHaNe9bDi:B29bX;=<?>i9?NE;VB;=HJNe9LHJDX_HJD=@?KTB.We>GXHa9;O<?>irtNEKJKaN2RHa9?I
X_HTBIeMmBEZ0f  \tgtj?j / L?Vt m2 


 

N2Rh@CBEDODPV<CB9_9?>dK:  2:2|  

1)1!).
kHJIE<?@CBEDODUPV<CB9_9?>dK:   :2|  

x<_>IeNvBKvHTD;=NiMO>GPN2ce>dM;O<?>HJ9?@_`?;7>^?BEP;OKaWeFRh<?>d99?NgPN\Z@?MO>GDOD=HJNe9<CBEDC>G>d9B@?@?KaHa>.X
;ONk;=<?>YRB.ce>dKJ>d;S;=MVB9?DOrtNEMmZ  )1f0x<?>D=W,9v;O<?>GD=HTDSCB9?~X_N,>GDM=>.PN2cE>GM?`?;
RhHJ;=<
X_>dKTB.WQDw X_>d@L>d9bX?DNe9o;=<?>wn?Ka;O>dMCB9?~bV1
f RNe9_IX_>dKTB.WQDBMO>9?Ne;X_>GD=HJMmB?Ka>\F7?`?;
PGB`bDmBKn_KJ;=>GMODP.B29?9?Ne;UB.ceNeHJXDONeZ[>jX_>dKTB.Wefx<?>jn?Ka;O>dMhNe9?KaWKJNvNe~QDhCBEPV~,RBMmXf
HaMmD=;GFR>[D=<?N2R<_N2R ;=<?>[PdNeZ?Ha9CB;=HJNE9NEr`?@?DVBZ[@?KaHa9?IkB9bXln?Ka;O>dMOHa9?IM=>GPdNpce>dMmD
;O<_>SHa9?@?`_;U;=N[;O<_> k|BeBMhn?Ka;O>dMS)RHa;O<Ne9?>SX_>dKBGW HVf
 2'v
 p:v

7e  p21  2:\  n?KJ;=D=>d`bM Z    pp:v\


1
p
 p\

1:\
1O.
  'v
  :v
1e


:

_
X
a
H
5

d
>
O
M
d
>
b
9

P
>
\   21  =p  n?KJ;=>dM

  \
O K?|Q


  \
;;=<?>>d9bX
R>`bD=>.X>Guv`CB2;OHaNe9bD} K KvrtNEM;=<?>D=`bZB9bX;=<?>X_HaL>GM=>d9bP>\F2;=NA@?MONQXQ`bP>hf
x<?>0PV<?NeHJP>NErADOWv9,;O<?>GD=HJDn?Ka;O>dMmD B9?
X  HJD[X_HaMO>GP;OKaW;=HJ>GXo;ON;O<?>kB29CBKaWQD=HTD
n?Ka;O>dMmcD P B9?
X P  )DOHa9bP>A;=<?>A;RN
n?Ka;O>dMbB9?~QDBM=>AHa9,ce>dMmD=>GDf>ARHaKJKLRM=HJ;=>iX_N2Rh9
;O<_>gM=`?KJ>grtNEM |B9b
X  F?B9?XD=<?N2Rs;O<bB;Ha;D=`bPdP>d>.X_Dj F^ \`O4}W \Z] [ O \Z]>KML W*[ OC[ ] [UTKML7f
|PN\Z>.DrtM=N\Z E#EtQ?gVJb Hav
9 P  fx<?HJD;mB~e>GD;O<?>j<?HaIe<?@bBEDOD P  HJ9v;ONB
KaN2R@CBDmDhn?KJ;=>dM .fvHTZHaKBM=KJWeF?;=<?><_HJIe<_@CBEDOD  PdNeZ[>GDhrtM=N\ZBKJ;=>dMO9CB;=HJ9_I;=<?>
D=HaIe9bD
Ner;O<?>SPN,> PHa>G9v;mDhHa9 P .f 9>d^_BEZ[@_KJ>gRhHJKaK1ZYB2~e>g;=<?>j@LNeHa9,;UZ[NEMO>jPKJ>.BM=KJWL
=
EVQ 8_VQd
p
OEVQGp
e
h
 h
d

OEdiQGp
OEVQd 8_VQGpV

e


 |
x<_>PN,> PHJ>d9,;ODUNer   B9bX0e  BEX?Xk;=NYd>dMON #B[d>dMONE:rtM=>Guv`?>d9bPWD=HJIe9bBK:BPNe9bD=;mB9,;
AD=HaIe9CBKtUHJDi~,HaKJKa>GXq,Wk;=<?>GDO><?HaIe<?@CBDmDin?Ka;O>dMmDdf
x<_>PdNv> [PdHa>d9,;mD|Ner  BEX?Xq;=N
B
B9bX;O<?>PN,> PHJ>d9,;ODANer.e 
BX?Xq;=NkQf
x<?>n?Ka;O>dMmD   ;  ; |B9bX e SO..HJ9
;O<_> k|BeBMh>^?BEZ@?Ka>grtNeKaKJN2R>GX;=<?>GD=>jMO`_KJ>GDdf
>PGB9ce>dM=HJrtW;=<CB;j;O<_HTDB9CBKaWQD=HJD=D=W,9v;O<?>GD=HTDgn?KJ;=>dMSbB9?~IeHJcE>.Dg@L>dM=rt>.P;jMO>GPNe9_
D=;OM=`bP;OHaNe9qRHa;O
<  KX_>dKB.W,DGAx<?>Ne`?;=@?`?;iHTDj)k~
KvVfv`?@_@LN\D=>;O<?>Ha9?@?`_;gHTDgB
D=HJ9v`bD=NeHTX)1]N
$ &(*) B;rtMO>Guv`_>G9?PdXW fx<?>d9 P UB9b
X P  L>GPN\Z>gZ
`?Ka;OHa@?KaHTPGB;=HJNe9?D
,W ;=<?>dHJMM=>.D=@LNE9bD=>rt`_9bP;OHaNe9bHD P pO $ &() B9b~
X P  } $ & ) f x<?>PN\Z
?HJ9bB;OHaNe9oNEr \
R
































 

rtNeKaKJNpR>GX,Wz \Ha9,;OM=NQX_`bP>GDd>dMON\DHa9;O<?>N,X?XQ:9,`bZ
L>dMO>GX PN\Z[@CNe9?>d9,;mDdFR<?HJPV<
Z>pB29bD;O<CB2;;O<_> S QGUTS W W9O \ZY\[ \ZL ] Y  x
- B2@?@L>.BMmDh;=NeIe>d;O<?>dMhRhHJ;=< 
$ &(*)



\5 \ 3?$ & ) 5 _$ )&NQ "X?X; &) # 3?$ &(*) 5 -V3?$ &(C)>"R:& 5 & OK`(\
_)NQX?X
x<_>wr)BEP;=NeM $ &( : HTD -YrtNEM
>dce>d9B9bX
rtNeM
NQX?X 7flx<?HJDBKaHBDO>GXrtMO>Guv`?>d9bPW
 -:HTD]B@_@L>.BMOHa9?ISHa9CNe;O<PV<CB9?9?>dKJDNer5;=<?>n?Ka;O>dMCB29?~5f8:;<CBED;=NSC>|PGB9bP>dKJKa>GXB;
;O<_>
KTBED=;AD=;O>d@0,W jB9?X  fUx<?HTDURhBEDU;=<?>MO>.BED=Ne90L>d<?Ha9bX;=<?>BKa;O>dMO9bB;OHa9?ID=HaIe9bD
)C>G;R>d>d9  B9bX e  B9bX L>d;R>d>d9   B29bX e f{x<_N\D=>kBKa;O>dMO9CB2;OHaNe9bDHa9,;OM=NQX_`bP>
@LN2R>dMmDhNErl$ & : Ha9;=<?>jrtMO>Guv`?>d9bPWM=>.D=@LNE9bD=>Srt`_9bP;OHaNe9bDd
;
O - $ "'&() L
$ " &()
2O $ &()

Oh ? $ "'& )>"R: & +


- $ " ; & )>"R: &
P  } $ & )>"R:& != P  O $ "'&() L
O K>8v
vHJZ[HaKTBMOKaWeF
O K De
 O $ &() i= P p} $ "'& )>"R: & i= P pO $ "'&()
N2RrtNeKaKJNpR;O<?>q@_`?MO>q>^Q@LNE9?>d9,;OHTBKiD=HJIe9bBKA;O<?M=Ne`?Ie<zB9CBKaWQD=HTDB29bXsDOWv9,;O<?>GD=HJDGF
D=`?bD=;OHa;O`_;OHa9?Il;O<?>GD=>w>^Q@_MO>GDODOHaNe9bDO K>8v }OK DegrtNeM YB29bX  Rh<?>d9o;=<?>dW Z
`?KJ;=HJ@_KJW
;O<_>D=HaIe9CBK);=<?>jKBDO;D=;=>G@HJ9;O<?>jn?Ka;O>dMhCB9?~bV
    # P 2O$ &() h$ &() -+P 2 $ &() h$ &(C)>"R:& &
P pO$ &() h$ &() 
   P  = $ & ) w P pO $ &() h $ &() +
- P  $ &() % P p= $ & ) % $ & C)>"R:&









 O$ &() h$ &()      # P  O$ &() h$ &() -+P


   P p= $ & ) wP  O$ &() h $ &() +P p $ &() %P


 $ &() h$ &(C)>"R:& &


 $ &() h$ &(C)>"R:&

x<_>.D=>BM=>w;=<?>Ne`?;O@_`?;mDrtMON\Z ;O<?>wKaN2R B29bX<?HaIe< PV<CB9?9_>GKJDdfls<_>G9oR>BEX_XF;O<?>


BKaHBDS;O>dMmZ[DSRhHJ;=< rtMO>Guv`_>G9?PdW  -5{PGB9?Pd>dK]NE`?;Gfx<_>PV<?NeHJP>NerB9bX  I\B.ce>
4OBKaHTBEDPGB9bP>dKaKB;=HJNE9f 6
x<?>PdNE9bX_Ha;OHaNe9 rtNeM@L>dMOrt>GP;MO>GPNe9bD=;OM=`bP;OHaNe9 PdNeZ[>GDSrtMONeZ ;=<?>Y;O>dMmZ[DSHa9,ceNeKac,Ha9?I
$ &(*) fx<_N\D=>YX_NE9;PGB9bP>dK)Hwx<_>YDO`?Z Ner;O<_>.D=>;=>GMOZDjDO<_Ne`?KJXC> $ & "  &) FR<?HJPV<
@?M=NQX_`bP>GDh;O<?>
S
 KML a U [UTK FL ` P  $ &() w P p} $ & ) L
P p= $ & ) w P p} $ &() N
$ "'&  ) O K>dv

|


 

x <_HTDjZ
`bD=;g<?NeKJXlrtNeMSBKaKrtM=>Guv`?>d9bPHJ>GD f[8:rR>MO>d@?KTBEP>Qz,W _-MF;O<?>KJ>drt;jDOHJX_>
Ner;=<?>S>Guv`CB;=HJNE90PV<CB9?Ie>GDhDOHaIe9fx<_>GM=>drtNeMO>eF_;=<?>SMOHaIe<,;D=HTX_>SZ`bD=;PV<CB9_Ie>SD=HaIe9FLB29bX
?g /  va /  t
E F / .\ f
Pd;=`CBKaKJWeF_;O<?>jKa>drt;DOHJX_>jNerO K>dv]HJD>^?BPd;=KJW [N \Kba a ^ S%
O [jNer;=<?>j@?MON,X_`bP;
OK><v
O$ &() >P  = $ &() wP p}$ &() p}$ & ) wP pO$ &() L
x<_> 2 PNe9bX_Ha;OHaNe9D=;VB;=>GD;O<CB2; 2L / 2|.\ bQ Vm p L=h\ta!F?2V


t#2%hpm fjx<CB;A9?Ne9_G>dM=NPN,> PHa>G9v;AHJDi;=<?>  fi>9?NpRcE>GM=HJrtW;O<bB;A;O<?>
>^?BEZ@?Ka>jDVB2;OHJDOn_>.Dh;=<?HTD 2 PNe9bX_Ha;OHaNe9
}$ &() | = - $ "'&() -L$ " ; &() d =
- $ "'& ) - 8=$ " ; &() - $ "  &() L$ " % &()
K\ =
-7=< $ " ; & ) -z=8 $ "  &() - =< $ " % &() L
$ "}&() L
x<_>
PN,> PHa>G9v;mDNer;O<?>S@?M=NQX_`bP;Un?KJ;=>dM BM=>
Em_ <_G8_ <_m_d
jX_Hac,HTXQ>.X0,
W KeQf
x<_>0Z[HJX?X_Ka>PN,> PHJ>d9,;HJ
D ; ; f  ?hpV2Yts?0E?k.\ bQ VVm
Lteb)d |V 2b :2 f 9bXHJ;HTD;=<?>w@CBM=;OHJP`?KB2MPN,> PHJ>d9,;OD
HJ9

Em_ <_G8_F <_m_d


;=<CB;
ZYB~E> B@LN2R>dM=rt`?K]KaN2R@CBDmDn?Ka;O>dMdFL>GPGB`bD=>YHJ;<CBEDB
fCBEP;ONEMOHa9?I;=<?HJDU@LNEKJW,9_N\Z[HTBK@?M=NE
2Q 2mvfhpm B;U;=<?>S;ONe@rtMO>Guv`?>d9bPW N
X_`bP>GD
- $ "'& ) %
-x|G$ "'&() $ " ; &() 5
O$ &()  +
|vv

2hNe`?Ie<?KaWD=@L>.B~vHJ9?I?FC;O<?>@CN2R>dM
= M
- $ "'&() % ZYB2~e>G D BIeNvNQX0KaN2R@bBEDODUn?Ka;O>dMdfx<?>
n?9CB2Kr)BEP;ONeMHTDh9?>d>GX_>GX;=N[@?MON,X_`bP>jG>dM=N\DhHa90;=<?>jn?MmD=;UB9bXn?rt;=<0PN,> PHJ>d9,;ODhNe
r f
\_^ S%O lzSx<_> 2 PNe9bX_Ha;OHaNe9B@?@?KaHa>.Dj;ON;O<?>[@?MON,X_`bP ; B9bXl9?Ne;j;O<?>[DO>d@CB2MVB;=>
n?Ka;O>dMmyD P jB9?f
X P  fgvNB9,WNe;=<?>dMAr)BEP;=NeMOHa.B;OHaNe90Ne r }$ & ) hHa9,;=
N P  = $ &() % P .} $ &()
IeHace>GD|@L>dM=rt>.P;|M=>.PNe9?DO;=MO`bP;=HJNe9ffkU>dM=>BM=>
;RNYNe;O<?>dMiB9bBKJW,DOHJDD=W,9,;O<_>.D=HJD|@CBHaMmD|;O<CB2;


>(


 

D=<CBM=>S;=<?>SDmBEZ[>i@?M=NQX_`bP; }$ & ) 


=
EGE d_ d_GEd
p e z O EGp
 z
UGK
O [N K
MKML S Q
8
8 c


e  d
EGEd d_ d_d
EGp
 =Ed
p
z d ? -  K_.KX-  KQ{Kg  K_Gh  KCB
?Gh  K_.Kg  KQ.KX-  KQ. -  K B
e
z
 O
[N K
MKML S Q
|
|Rc
|
? h  K_d KX-  K_.K -  K_d
h  KCB


 d
e  | ?d
h  K_.KX-  K_d K -  K_Gh  K B
x<_>D=>GPdNE9bX0Ne9_>
HJD 2_mv2#E L>GP.B2`bD=>;O<?>
DOWv9,;O<?>GD=HJD|n?Ka;O>dMmDABMO>`?DO; m2b?2G
);=HTZ>:MO>dce>dMmD=>GX?Ha@bDiNer;=<?>B9CBKaWQD=HJDSn?Ka;O>dMODGf[s<?>d9;O<_>HJ9,cE>GMOD=>[HTDS;=<?>DVBZ[>BED
;O<_>g;=MVB9bD=@LNeDO>eF?B
ZYB;=MOH^YNEMB
;=MVB9?DOrtNEMmZ NeMhB
n?KJ;=>dMCB9?~HJDhPGBKaKJ>GXNeM=;O<?NeIENe9CBK'f8:r
R>hRhMONe;=>hNE`?;;O<?>hHa9?n?9_HJ;=>|ZB;=MOHX^ P mrtNeM;=<?HJD]B9CB2KJWQD=HJD7@CBHaMGFeR>hRNe`?KJXXQHTDOPN2ce>dM
;O<bB; VHJDj>GDOD=>G9v;OHTBKJKaW;=<?>[;OMmB9bD=@LN\D=>ef0'x<?>dMO>RHaKJKL>Br)BEP;=NeMgNerhB9bXBKTD=N
BD=<?Hart;i,W KX_HTBIeNe9bBKTD|;ONZB~e>
;O<?>ZB;OM=Ha^0KaN2R>GMA;=MOHTB9?Ie`?KTBMgB9bXqPGB`bDmBKB2IvBHa9f
x<_>.D=>SD=<?Hart;mDUBMO>gMO>GD=@LNe9bD=Ha?Ka>SrtNeMh;O<_> |N
KD=WQD=;O>GZ X_>dKTB.WQDdf
x<?> BKaIe>d?MVB}Ner 2 n?KJ;=>dMqCB29?~QDqRBEDqX_>dce>dKaNe@L>GX,W,ZHa;O<_B2MO9,R>GKaKB29bX
E0HJ9,;=d>GM
HJ9;O<?><`DEDdfx<?>wHa;O>dMVB2;OHaNe9Ner;O<?NeDO>n?Ka;O>dMCB9?~QDKa>GX;=NqRhB.ce>dKa>d;mDHJ9
;O<_>
<>deEDdf7x<?>UIeM=>.B;@bB@L>dMNer8:9?IeM=HTXgB2`?L>GPV<?HJ>GD  bI\B.ce>;=<?>;O<?>dNeM=WNerLNeMO;=<?NeIE
Ne9CB2KQRhB.ce>dKa>d;mDdFeB9bX;O<_>hn?MOD=;7RhB.cE>GKa>d;mDDO<_>PNe9bD=;=MO`bP;O>GXPGBEZ[>rtMON\Z ;O<_>PN,> PHa>G9v;mD
O -  KQ. K -  K_. Kg  KQGh  K\IEHJce>d9kB2LN2ce>ef
x<?>hNe;O<_>GMn?KJ;=>dMCB29?~QDdFe9?Ne;7NeMO;=<?NeIeNE9CBK'F\BMO>hPGBKaKJ>GX :2_mv2#Ea vW,9,;=<?>GD=HTD7HTD
?HaNeMO;=<?NeIeNE9CBK;ONYB9bBKJW,DOHJDdfx<_>SMON2RDhNer P VSBMO>jNeM=;O<?NeIENe9CBK;=N[;O<_>PNeKJ`?Z[9bDhNer
m >^_P>d@?;U;O<CB2; m!F b ,m EQ b Efx<?HJD|HJDABKaRhB.W,DU;=MO`?>rtNeMABZB;=MOH^
B9bXwHJ;ODHa9,ce>dMODO>e
P
 Z[>.B9?D m!F  Nelr P \V EQ Ner 
v  
?5
x<_>M=N2RUDNesr P B9?XPNeKJ`?Z[9bDNesr P "  B2MO>?HaNeMO;=<?NeIeNe9bBK:fx<?>hB9CBKaWQD=HJDB29bXD=W,9v;O<?>
D=HTDRhBGce>dKJ>d;mD;O<CB2;|PN\Z>jC>GKaN2R rtMONeZHa9?n?9?Ha;O>SHa;O>dMVB;=HJNE90RhHJKaKBKJD=NC>?HaNeM=;O<?NeIENe9CBK'f
?NEM;O<_>.D=>gCBED=HTDhrt`?9?Pd;=HJNE9bDhR>jNert;O>d9`bD=>j;O<?>SD=<?NeM=;O>dMhRNEMmX 2CEa
 



C8


 

 I     
      
f




@


B.Wq8URM=HJ;=>[X_NpR9HJZZ>GX_HTB;O>dKaWk;O<_>ZN\D=;iHTZ@LNeM=;VB9,;i>Guv`CB;=HJNE9HJ9RhBGce>dKJ>d;i;O<?>
NeM=W 8:;]HJDB9[>Guv`CB;=HJNE9Ha9YPNe9,;OHa9,`?NE`bD;OHJZ>\FvB9bXHJ;ODD=NeKa`?;=HJNe9 )OHTD;O<?>H47W]>S Q UGL

WE[ L ] [UTKML]f 6 x<?HTD[D=>GPd;=HJNE9RhHJKaKUX_>GDmPM=HJL>CBED=HJP>^?BZ[@?Ka>GDdF]R<?HJPV<<CB@?@L>d9;ONL>


D=@?KaHJ9?>rt`_9bP;OHaNe9bDdf8:90KB2;O>dM|D=>GPd;=HJNE9bDU;=<?>
PNe9?9?>GP;OHaNe90;=NBn?KJ;=>dMUCB9?~B9bX;ONYZ
`?Ka
;OHaMO>GD=NeKa`?;OHaNe9RHaKJK?L>UXQ>GcE>GKaNe@L>GXlf E0NeMO>h@_MO>GPHTD=>dKJWeFE;O<?>PNe9?9?>GP;OHaNe9HJD;=Nj;=<?>KaN2R@bBEDOD
Ne@L>dMmB;ONeMS \w P Nern?Ka;O>dMOHa9?IYB29bXX_N2Rh9bDmBEZ@?KJHa9?Ibf
x<?HTDrt`_9bXbBEZ>d9,;VBKaKaWg9?>dRoB9bXSr)BEDOPdHa9CB;=HJ9_I|>.u\`CB;OHaNe9HTD;=<?> O \ ! L \_^ \R#L [2\ZY\[ S 
[UTK LNEMXa UGQTS [UTKM8
L \ZY\[ S [UGKML]
E




!


 b 2bL


|Cp

x <_>wr)BEP;=NeM0IeHJcE>.D;O<?>wM=HJIe<v;D=HJX_>w;O<_>DmBEZ>Ha9,;O>dIeMmBKBED
;O<?>KJ>drt;D=HJX_>eFL>GPGB`bD=>
>.BEPV< :2?<bBEDU<bBKJr;O<?>
BM=>pB)rtMONeZPN\Z[@_MO>GDODOHaNe9;=NwpOhB29bX b f8:;
HJD;=<?>gHa9?9?>dMr)BPd;=NeM,FQ;O<_>gNe9_>i;O<CB2;MO>GDOPGBKJ>GD;ON2F,;O<CB2;hZYB2~e>GD;O<_HTD>Guv`CB;=HJNe9wD=N
MO>GZBMO~B_KJ>ef
u\`CB;OHaNe9z |CpjHJDKaHJ9?>.BMdf8:r )OSHJD[BqD=NeKJ`_;OHaNe9F]D=NlHJD[B9,WZ`?Ka;OHa@?Ka>wNer Of
x<_>`bD=`CBK19?NeMOZYBKaHapB2;OHaNe9HJD  )O   fhx<CB2;UHJ9v;O>dIeMVB2K1>^Q;O>d9bX_DUN2cE>GM|BKaK1;=HTZ>eF
g !A zF5_`?;iR>BEP;O`CB2KJKaWn?9bX;=<CB;|;O<?>D=NeKa`?;OHaNe9 )OhHTD|d>dMONNE`?;mD=HJX_>
;O<?>
Ha9,;O>dMOcBK]
f T N \LW]>S QGUG L
W)[ L ] [ UTKML N S W]>sK ^ ^ S ] [ W [ ^ ^@K
O [=zkx<_HTD
KaNQPGBKJHa.B;OHaNe9Ner;O<?>jrt`?9?Pd;=HJNE9HTDhNe9?>jNErHJ;ODUZN\D=;`bD=>Grt`_K@?M=Ne@L>dMO;=HJ>GDdf
6S ^ ^ Q \ z
v`?@?@CN\D=> :vj O.S ;Y BEDSHa9;O<?>BGce>dMVBIeHa9?In_KJ;=>GMdfx<?>d9;O<?>
MO>dn?9_>.Z>d9,;>.u\`CB;OHaNe9rtNEMh;O<?>SDOPGBKJHa9?I[rt`_9bP;OHaNe
9 )O]HTD
)O pO6- :2p5
 |,\
x<_>iD=NeKa`?;OHaNe9HJD;O<?>|`?9?Ha; m !hmQ :2 FvRh<?HJP<Y>Guv`CB2KTDiUNe9Y;O<?>|HJ9v;O>dMOcBK#
:B29bXY>dKTD=>dR<_>GM=> )Ozvfx<_>Art`?9bP;=HJNe9 2O7Ne9Y;O<?>AMOHaIe<,;D=HJX_>ANEr;=<?>A>Guv`CB2;OHaNe9
HJDiB _E m ! FbM=>.BEPV<?HJ9_INe9?KaW;=N ; fUx<?>rt`?9?Pd;=HJNE9 :27zpHJDiB V\ m[_E
 ;ONh Efx1NeIe>d;O<_>GMdFb;O<?>;RN<CBKar:LNp^,>.D|ZB~e>j`?@k;O<?>
m ! FCM=>.BEPV<?HJ9_IYrtMONeZ ;
R<_NeKJ>jLN.^#FCB29bX;O<_>SM=>dn?9?>GZ[>d9,;h>Guv`bB;OHaNe9 |,e]HTDDmB;OHJD=n?>GXf
Ne;OHJP>jHa90;=<?HTDh>^?BEZ@?Ka>g;O<?>j;RN~e>dWYNe@L>dMVB;=HJNE9bDhNerPKTBEDOD=HTPGBKRB.ce>dKa>G;;O<?>dNeM=W5
UGQTS [UTKML Ner;O<?>j;OHJZ>jDmPGBKa>jvWNeM| .
x<?>jIeMmB@?<NEr :2OHJDPdNeZ[@?M=>GDmD=>GXwvWQf
T O!S L W QGS [UTK L Ner;O<_>S;=HTZ>SDOPGBKa>j,WqgNeM 5
x<?>jIeMmB@?<NEr 
b]HTDDO<_HJrt;=>.Xw,W 5f

`D


 




  


 

  
  





















HaIe`?M=>(,]x<_MO>d>j<CB2KJr:Ka>d9?Ie;O<<CB;mDPN\Z
?Ha9?>gHJ9v;ONYBrt`?KaKa:Ka>d9?Ie;=<0<CB2;Gf
x<_>hPN\Z_HJ9CB2;OHaNe9
Nerb;=<?N\D=>Ne@L>dMVB2;OHaNe9bDdFrtMON\Z1;=NS V;ONS VE 5FERhHJKaKQKB2;O>dM@?M=NQX_`bP>
Br)BEZHaKJWNerRB.ce>dKa>G;OD :   brtM=N\ZBDOHa9?IeKa>jRhB.cE>GKa>d; 
)OVf
6S ^ ^ Q \  z
v`?@?@CN\D=> :v % F =p ;e F 1:\Y % f x<_>kBGce>dMVBIeHa9?Iqn?KJ;=>dM
<CBEDiC>G>d9lMO>d@L>.B;=>GXfjs<_>G9_>GcE>GMiR>Z
`?Ka;OHa@?KaW0n?KJ;=>dMmD:x1Nv>G@_KJHa;OZB;OM=HTP>GDF5R>BM=>
PNe9,ceNEKJc,Ha9?I[;=<?>dHJMUPdNv> [PdHa>d9,;mDdf,uv`CB2MOHa9?IBn_KJ;=>GMUZ>.B9bDPNe9,ceNeKac,Ha9?I[;=<?>cE>.P;=NeMNer
PN,> PHJ>d9,;ODgRHa;O<Ha;mD=>dKJrFB9bX;=<?HJDSHJDScE>GM=HJn_>.Xl,Wo ;e ;2 ;e ; g % ;\ % fYx<_HTD
PNe9,ceNEKJ`?;=HJNE9HJD`bD=;|BZ
`?Ka;OHa@?KaHTPGB;=HJNe9wNer7B@LNeKaW,9?N\ZHTBK;OHJZ>.DHJ;OD=>GKar
;


-  "  | -  "  - |  " ;


x<?>jD=NeKa`?;=HJNe9 )OVF_R<?HJPV<HJD;O<?>jDOPGBKaHJ9_Irt`?9bP;OHaNe9rtNEM w %  ;  % FQHTD;=<?>gNeKJX
D=NeKa`?;OHaNe90PNe9,cENeKJcE>.XRHa;O<HJ;OD=>GKar
)LN.^wrt`?9bP;OHaNe95 i)CNp^wrt`?9bP;=HJNe9L N S [ WE[ L ] [UTK L
x<_>|LN.^HJD]@_HJ>GP>dRHJDO>UPdNE9bD=;VB9,;df7x<?>|<bB;HTD@?Ha>.P>dRHJD=>UKaHJ9?>.BMdF\>.u\`CBKC;=N7B9bXw
Ne9;O<?>wHa9,;O>dM=cEB2KTD _G hB9bX EV :fHaIe`?M=>(kD=<?N2RD<?N2Ry;O<?M=>G>PN\Z@?M=>.DOD=>GXoB29bX
D=<?Hart;O>GXq<CB2;grt`?9?Pd;=HJNE9bDgPN\Z_HJ9?>
HJ9,;=N;=<?>rt`?KaK7<bB;grt`_9bP;OHaNe9f
x<_>@?HTP;=`?MO>ce>dMOHan?>GD
;O<_>SM=>dn?9?>GZ[>d9,;>Guv`CB;=HJNE
9 )O ; 2Ob- :2s.b- ; p \Vf
6S ^ ^ Q \  z[ 5tg=iv:VV  pf ce>dM=W[;=HTZ>iB9>^Q;=MVB
B.ce>dMmBIeHa9?I
n?Ka;O>dMHTD
Ha9,;OM=NQX_`bP>GXFR>BMO>PdNE9,ceNeKac,Ha9?I ORHa;O<
;O<?>LNp^rt`?9?Pd;=HJNE9f7x<?HTDZB~e>GD1;=<?>n?KJ;=>dM
PN,> PHJ>d9,;ODB9bX[;=<?>|DmPGBKaHa9?Irt`?9bP;OHaNe9YDOZN,Ne;O<_>GM \;O<?>Urt`?9bP;OHaNe9<CBEDNe9?>ABEX?X_Ha;OHaNe9CBK
X_>dMOHacB;OHace>ef?M=N\Z Bk@?MON,X_`bP;NEr  BGce>dMVBIeHa9?Ikn?Ka;O>dMmDdF7;O<?>wrtM=>.u\`?>d9bPWM=>.D=@LNE9bD=>wHTD
9"
;  \f8:;OD   PN,>PHJ>d9,;RhHJKaK1L>
;=<?>?Ha9?N\ZHBK9v`bZC>GM ?  B 4  PV<?N,NeDO> r6
X_Hac,HJX_>GX,W \f
08

Cd


 

x <?>ADOPGBKaHJ9_I
rt`?9bP;=HJNe9rtNeM];=<?HTD]n_KJ;=>GM]HJDB {W ^ QGUGL \Ne9;O<?>|Ha9,;O>dM=cEB2K_  :fx<_HTD
D=@?KaHJ9?> O7HTDrtNeMOZ[>GXrtMON\Z @LNeKaW,9?N\ZHTBKTDNer#X_>dIeMO>d>  ;O<bB;BM=>NeHa9?>GX[;ONEIe>d;O<?>dM
DOZ[NvNe;O<?KaW  PNe9,;=HJ9,`_Ne`bDjX_>dMOHacB;OHace>GDAB;j;=<?>9?NQX_>GDgg _GEdddG  f[x<?HTDgHTD
;O<_>PNe9vceNeKa`?;OHaNe9Ner  LNp^wrt`_9bP;OHaNe9bDd

        s. ddGd  . 
HaKa;O>dMG
?`?9bP;=HJNe9y)CNp^C i)LNp^b gLNp^C!DO@_KJHa9?>SNerXQ>GIEMO>d>  Ef
x<_>.D=>[BMO>>.DOD=>d9,;OHTBKaKJWqBKaK7;O<?>>d^_BEZ[@_KJ>G; DiHa9R<?HJPV<;O<_>DOPGBKaHJ9_Irt`_9bP;OHaNe9 )OU<CBED
BlDOHJZ@?KJ>rtNeMmZf}8:rAR>;mB~e> 'v  B29bX Op  F]R>IE>G;Bqce>dMOWD=HJ9?IE`?KB2M
B9bX`?9,CNe`?9bX_>GXYD=NeKa`?;OHaNe9F\RHa;O<[Ha9?n?9?Ha;O>U>d9?>dMOIeWef78:;]?KaN2RUD`?@B2;]z_F\Rh<?>dMO>
|Cp
L>GPN\Z>.D :\ % :vVF.?`?;Ha;HTD #E BhD=;mB9bXbBMOXjX_>dKa;VBrt`?9bP;=HJNe9f rt;O>dMPNe9,ceNEKJc,Ha9?I
RHa;O<k ; ; F\;O<?>UPN,> ; PHa>G9v;mD   ;  BMO>UZ
`bPV<[C>G;=;O>dMGf7x<?>|DOPGBKJHa9?ISrt`_9bP;OHaNe9
HJDDOZN,Ne;=<?>dMB9?XSHa9 - f]`?;DO;=HJKaKeR><CB.ce>9?NU>dKa>.Z>d9,;VB2MOW|>^Q@?M=>.DOD=HaNe9SrtNeM O#Rh<?>d9
;O<_>YMO>dn?9_>.Z>d9,;S>.u\`CB;OHaNe9<CBEDS;O<?>GD=>PN,> PHa>d9,;mDdf KJK]R>YPGB9 X_NkHJD
;=NPdNeZ[@?`_;O>
)O|B;iZNeMO>B9bXqZNeM=>_HJ9CB2MOW0@LNeHa9,;ODi| c .F#NeMAn?9bXHJ;ODj_Ne`?MOHa>dMi;OMmB9bD=rtNeMOZ
'D=>d>AC>GKaN2RAf>AP.B29IeMVB2@?<Y;O<?>Art`?9bP;=HJNe9wBEDBEPdP`?MmB;O>dKaWBEDX_>GDOHaMO>GXF,_`?;R>iXQNe9 ;
~,9?NpRBD=HTZ@?Ka>jrtNeMOZ`?KTB_f
!F F V:t? 2b :2jF)Y m2 E x<?>UNe`?;=@?`?;rtMON\Z BjKaN2R@bBEDOD
n?Ka;O>dM'PNe9,ceNEKJ`?;=HJNE9RhHJ;=< LFrtNeKaKJNpR>GX vW X_N2Rh9bDmBEZ@?KJHa9?Io)PV<CB9?Ie>GD
;=N21F7HTD
?`?;HJ;HJD #E BD=;VB9?XbBMmXYX_>dKa;VBSrt`?9bP;=HJNe9f  b2 bVfv`?@?@CN\D=>i;=<?HJDNE`?;O@?`_;
IeN,>GDUCBEPV~Ha9lBEDUHJ9?@_`?;Gf
} T N U WjU Wj U [\`O!S [UTKML]fx<_>
@?M=NQP>.DOD|PdNE`?KTX0L>DO;=`bX_Ha>GXkHJ9
X_HJDOPdM=>d;O>;OHJZ[>eF?`?;SPNe9,;OHa9,`?NE`bDj;OHJZ>HJDSZNeM=>Ha9,;O>dMO>GD=;OHa9?IkB29bXM=>dce>.BKJHa9?IbfvN;O<?>
NeM=HJIeHa9CBKHa9?@?`?;HJD|BLNp^rt`?9bP;OHaNe9FCB29bXR>gIe>d;  & " 9& )O]rtMON\Z  & & )O
|GKv
)
2#V EJ  & " )& O!     b  & & :2bL
!
x<_HTD[HTD[;O<?>]>S W]>S a \ S Q
K O4U[N ^fzx<?>kKaN2Rh@CBEDOD[n_KJ;=>GMHJD 4P.BDmPGBEXQ>.X#f6 8:ri;O<_HTD
Ha;O>dMVB;=HJNE9PNe9vce>dMOIe>GDdFeD=Nj;O<CB;  & & O7B@?@_MONvBEPV<?>GDBiKaHTZHJ; O7BED /  zF\;=<?>d9[;O<CB2;
KaHTZHJ;hrt`_9bP;OHaNe90DmB;OHJD=n?>GDh;O<?>jMO>dn?9_>.Z>d9,;>.u\`CB;OHaNe9 |CpVf
8:9;O<?HJDD=>G9?DO>;O<_>DmPGBKaHa9?Iqrt`?9bP;OHaNe9HTDBn_^,>.X @LNeHa9,;)NeM
>dHJIE>G9_rt`?9bP;OHaNe9oRhHJ;=<
pUNEr];O<?>n?Ka;O>dM=HJ9?IX_N2R9?DVBZ[@?KaHa9?INe@C>GMmB;OHaNe9_ Uew P .fx<?>9?NeMmZBKaHJ.B;=HJNE9
,W0HTDU9?>GP>GDODVB2MOWL>GP.B2`bD=>;OHJZ[>SHJD|PN\Z@?MO>GDOD=>.Xw,Wk[B;>pBP<0Ha;O>dMmB;OHaNe9fU\;VBM=;OHa9?I
rtMONeZ ;=<?>wCNp^rt`?9bP;OHaNe9   & )OjNE9  _G 'F7;O<_>wrt`?9?Pd;=HJNE9  & & OjRHaKaKC>w@?HJ>GP>dRHJD=>
PNe9bD=;VB29,;Ne9wHJ9v;O>dMOcBKJDNEr1Ka>G9_Ie;O<0 "'& fx<,`?DhPdNE9,;OHa9,`?Ne`?D;=HTZ>AIeHJcE>.DhB9CB;O`_MVBK5RhB.W
;ONSBPGPNe`_9,;rtNeM7;O<_>X_N2R9?DVBZ[@?KaHa9?I[  2B9bX  2Of7x<?HTD7;=HTZ>hPN\Z@?MO>GDOD=HJNE9
HJDUPKa>.BMO>dMhrtNeMUBrt`?9bP;=HJNe9;O<bB9rtNeMUBcE>.P;=NeMGf




C<


 

s<?>d9R>YB@_@?KJWq;O<?>Ha;O>dMmB;OHaNe9} |GKv|rtNeMj;O<?>YB.ce>dMVB2IeHJ9_In?Ka;O>dM  ? ; ; BbFR>


n?9bX  9&   & fx<?>PNe9,cE>GM=Ie>d9bP>HJDHTZ[Z[>GX_HTB;=>C>.PGB`?DO>w;=<?>wLNp^   & HJD;O<?>
PNeMOM=>GPd;DOPGBKaHJ9_Irt`?9?Pd;=HJNE9fs<?>d90R>j`bD=>  ? %  ;  % BbF?>dce>dMOWHa;O>dMVB2;OHaNe90@_MONQX_`?Pd>GD
B 4=D=;VB2HJMOP.BDO>`?@B9bXXQN2R9 6iRhHJ;=<[D=;O>d@bD7NEr "'& f7x<?>hrt`_9bP;OHaNe9  & & )O1HTDBA@?HJ>GP>dRHJD=>

PNe9bD=;VB29,;<CB;dF_D=`?@?@LNEMO;O>GXYNe9;=<?>iHa9,;O>dMOcBK _Vh "'& 'fx<?>iKaHTZHJ;BD /  HTD;O<?>


PNeMOM=>GPd;@?Ha>GPd>dRhHTD=>jKJHa9?>.BMh<CB;rt`_9bP;OHaNe
9 )OVf
vHJZHJKTBMOKaW;O<_>]D=@?KaHa9?>PN\Z>GD
rtM=N\Z ;O<_>PGBEDOPGBEX_>BKaIeNeMOHa;O<?Z0f`?;rtNeMNE;O<?>dM
PN,> PHJ>d9,;OD  bVFvB2KJRB.WQD7BEX?X_Ha9?Ig;ONEFe;=<?>dMO>hZYBGWSNeM7ZYBGWS9?Ne;7C>UBAKaHTZHa;7rt`?9bP;OHaNe9f
x<_>jrt`?9bP;=HJNe9?D  & & )OPGB9; PdNE9,ce>dMOIe>i;ON[BKJHJZ[Ha; )OF_NeM;O<?>dWPGB9>^Q@?KaNQX_>ef]8:rWeNe`
;OM=W0;O<?>CBEXn?Ka;O>dM l   VF#WeNe`qn?9?Xq;O<bB; & & :v % & f 9bXq;O<?>HJ;=>dMVB;=HJNe9?D
>^Q@?KaNQX_>]B;HJ9_n?9?Ha;O>dKJWiZYB9vWANe;=<?>dM@LNEHJ9,;OD;ON,NS)@?Ka>.BED=>;OM=WA;=<?HTD>^?BEZ@?Ka>2f 9CB;=`?MVBK
uv`?>GD=;OHaNe9HJDh;ON[n_9bX;=<?>jMO>Guv`?HaMO>GZ>d9,;hrtNEMh;O<?>SPGBEDOPGBEX_>SBKaIeNeM=HJ;=<bZ ;ONPNe9,cE>GM=Ie>e
fU_NeMhR<?HJPV<n?Ka;O>dMmD  ?XQN,>GD  & & )OB@?@_MONvBEPV<0BKJHJZHJ; OHa9 - ; 
Z[Ha9?HJZYB2KPNe9bX_Ha;OHaNe9HTDA;=<CB; =
p  1 b_fi8:9q;O<?>
rtMO>Guv`_>G9?PdWX_N\ZBHJ9F5;O<_HTD
HJD
;=<?>YM=>GDO@CNe9bD=
> PO $ &()  ?% $ "'&  ) B2;;O<?>Y<?HaIe<?>GD=;rtMO>Guv`?>d9bPv
W  7fkx<?>
n?Ka;O>dM[Z
`bD=;<CB.cE>0>
B 4'\`O!KS [j6lrtNEMPdNE9,ce>dMOIe>d9bP>w;=N<CB.ce>BlPV<CB9bP>:B9bXo;O<_HTD
>dKJHJZHJ9CB2;O>GDZYB29,W>Guv`?HaMOHa@?@?Ka>iKaN2R@bBEDODn?Ka;O>dMmDVfx<?>A@?MO>GPHTD=B> ANe9bXQHJ;=HJNe9  HTDNe9Y;O<?>
>dHJIE>G9vcEB2KJ`?>GDNer7BZYB;=MOH^l'BEDhR>S>^Q@C>.P;hHa9B2KJKHJ;=>dMVB;=HJNe9?DH 
 KML a U [UTKML `Sx<?>iZB;OM=Ha^!!_ 7ew P P Z`?DO;<CB.ce>iBKaKL>dHaIe>d9,cBKJ`_>.BD 9 9QEF
>^_P>d@?;hrtNeMUBD=HJZ[@_KJ>g>GHaIe>d9,cBKa`?> Ef
x<_HTDHTDUBr)BEZHaKJHTBMPNe9bX_Ha;OHaNe90rtNeMPNe9,ce>dMOIE>G9?Pd>gNer;=<?>S@LNpR>dMmDh & Ner7BZYB2;OMOH^w;=NYB
MVB29?~Ne9?>jZYB2;OMOH^l:BEDHJ9;O<_> 4@LN2R>dMhZ[>d;=<?NQX 6;ON[PN\Z@?`?;=>g>GHaIe>d9,cBKa`?>GDf
Ne`Z[HaIe<,;KJHa~e>j;ON[D=>d>j;=<?MO>d>jMON2RDhNer1rtNeMh;O<_>S<bB;hn?Ka;O>dM w ? % ;\ % Bb
| 8  |

 | 8 | 

_ \% P P {! d

|  8 |
UNE;O>;=<?>X_Ne`_?KJ>DO<_HJrt;iC>G;R>d>d9MONpRUD|R<?HJPV<lPN\Z>GD|rtM=N\Z \fix<_>PN,> PHa>G9v;mD
Ew |b 8_w |bGgPN\Z[>i; rtMONe3
Z P P f]8:9@LNeKaW,9?N\ZHB2K;=>dMmZ[DGFQR>BM=>SZ
`?KJ;=HJ; @_KJW,Ha9?HI P 
 OM-  "  -  " ,WHa;mD7;OHJZ[>:MO>dce>dMODO>GX ?Ha@ P  "  ] % = -2`-  f7x<_>|ZB;=MOH^
%
@?M=NQX_`bP; P P HJDUB9 2? 2VaE:2 Ner;O<_>Sn_KJ;=>GMdf
><CBGce><?HaIe<?KaHJIe<v;O>GXj;O<_>PM=`bPHB'K KhvBW KhZB;OM=Ha^AHa9bD=HJX_>f8:;mD;=<?MO>d>>dHaIe>d9,cBKa`?>GD
BM=> E ;  % f>GPGB`bD=>kNErg;O<?>qXQNe`??Ka>qD=<?Hart;GFh;=<?>M=>.D=;NeriRhHJKaKAPNe9,;OM=HJ_`?;O>
 );RHJP>B9bX )Ha9?n?9?Ha;O>dKaWkNert;=>G9LfgUN>GHaIe>d9,cBKa`?>
>^_P>G>GX?D B29bX
ANE9bX_Ha;OHaNe9 HJDPdKa>.BMOKaWwDmB;=HTD=n?>GXf






e
K


 

ce>dMOW[D=<?NeMO;JE xcR @?M=NeIeMmBEZ RhHJKaK#PN\Z@?`?;=>UzrtMON\Z ;O<?>iPN,>PHJ>d9,;OD  ?


B9bXqn?9?Xl;O<?>>dHJIe>d9,cBKa`?>GDdfx<?>dMO>RhHJKaK7L> E ; % ddd. ;    FRh<?>d9l;O<?>n?KJ;=>dM
MO>GD=@LNe9?DO> PO $ &() <CBEDB   NeMmXQ>GMd>dMONjB2n; o5f78:;HJD7;=<?> a2:,E?AJ,bEEL
9 $ #G9LNer ;O<CB;SX_>GPHJX_>GDS;=<?>@_MONe@L>dM=;OHa>.DgNe
r Ofx<CB;S>dHaIe>d9,cBKa`?v
> 9 % #G95Z`?DO;
L>DOZYBKaKa>GM|;=<CB9oEfgx<?HTDAHJD ANe9?X_HJ;=HJNE9 zBLN2cE>rtNEMiPNe9,ce>dM=Ie>d9bP>Ner;O<?>P.BDmPGBEXQ>
BKaIeNeM=HJ;=<bZ0f
>Z>d9,;OHaNe9SNE9?>ZNeM=>]HJZ@LNeMO;mB9,;r)BEP;B2LNe`?; 9 % #'9 F2RHa;O<?NE`?;IeHac,Ha9?I|;O<?>@_MON,Ner
<?>dMO>efjx<?HJDi9,`bZ
L>dMiX_>d;O>dMmZHJ9_>.D|;=<?> W^ K K [N L \_WW
Ner;=<?>DOPGBKaHJ9_Iwrt`?9bP;OHaNe9 :B29bX
KTB;O>dM|BKJDONNEr;O<_>RB.ce>dKJ>d;f DOZBKJKa>dM9,`?ZL>dMUZ>pB29bDUB[DmZN,Ne;=<?>dMrt`?9?Pd;=HJNE9f]>
Z>pBDO`_MO>DOZN,Ne;=<?9?>GDODAvW0;O<?> L\; [ ^ # \`OPKMW a \ O4U ,S [U #\_W
Ner )O;=<CB;A<CB.cE>n_9?HJ;=>
>d9?>dMOIeW0)L>dKaNe9?I;ON;O<_>gD=@C; BEP> - Vfx<?HJD9,`?ZL>dM g9?>d>GXY9?Ne;L>jB9wHa9,;=>GIE>GMdfx<,`bD
;O<_>LNp^
rt`?9?Pd;=HJNE9HJDHa9 ; - FeB9bXHa;mDn?MOD=;X_>dMOHacB;OHace>g'X_>dKa;VB|rt`?9bP;OHaNe9bD ,)OE v)epO
HJDgPd>dM=;VBHa9?KaW09?Ne;iHJ9 - f
]`?;SB2;SBS`bZ@FB2KJK7X_>dMOHacB;OHace>GDANerNeMmX_>dM Y ; XQN<CB.cE>
n?9?Ha;O>j>G9_>GM=IeW5
;
;

 



9?>dMOIEW      ]   /O     0

"
"




x<_>?Ne`?M=HJ>dMU;=MVB9?DOrtNEMmZ Ner;O<?>LN.^rt`?9bP;=HJNe90<CBEXD 9   9, 9DOHa9bUP ;9 2b c 9 ;9 f
x<_>G9rtNeMh>dce>dMOW  ; F
; ;
79?>dMOIeWYHa9   XQ>GM=HJcB;=HJcE> 2b - 2b  9 ;9  "  }s

x<_>U<CB;]rt`_9bP;OHaNe9HJDNe9?>UNeMOX_>dM]DmZN,Ne;=<?>dM;O<CB29;O<?>UCNp^rt`?9bP;OHaNe9k)Ne9_>U>^Q;OMmB k|BeBM
r)BEP;ONEMfvNSHJ;<CBEDX_>dMOHacEB2;OHace>GDRhHJ;=<n?9?Ha;O>U>d9?>dM=IeW`_@;=NNeMOX_>dM g ; fx<?>UIe>d9?>dMmBK
rtNeMOZ`?KTBrtNEM
;O<_>wDOZN,Ne;=<?9?>GDODNer OjHJD
M=>.ZBM=~EB2?KJWl9?>.B;d KJKX_>dM=HJcB;=HJce>GD<CB.cE>
n?9?Ha;O>j>G9_>GM=IeWeF_`?@;ON;O<_>SNEMmX_>dM
 $ #| kKaNeI % 9 9 % #7
 |=|Q
?NEMg;=<?><CB;irt`?9bP;OHaNe9B9bXqHa;mDin?Ka;O>dM  %  ;  % VF;=<?>X_Ne`?_KJ>>GHaIe>d9,cBKa`?> 
RhBDZ>G9v;OHaNe9?>GXrtNeM;O<?>ZYB;=MOH^BLNpce>efox<?HJDHJD % #B9bXo;=<?>rtNeMOZ`_KB |=|Q
PNeMOM=>GPd;=KJWn?9bX?D;O<_>DOZN,Ne;=<?9?>GDOD g kKaNeI %  ; f
>PGB9q>^Q@?KaHTPHa;OKaWkD=NeKJcE>;O<?>MO>dn?9_>.Z>d9,;A>Guv`bB;OHaNe9qHa9q;O<?>rtMO>Guv`?>d9bPW0X_N\ZBHa9F
rtNeMg>.BEPV<D=>d@CBMmB;O> fx<_>D=NeKa`?;=HJNe9  UHTDSB9lHa9?n?9?Ha;O>[@_MONQX_`?Pd;df[x<?>>Guv`CB2;OHaNe9
PNe9?9?>GP;mD;=<?>jDOPGBKJ>GDB9bX02F?D=NHJ;OD?Ne`?M=HJ>dMh;=MVB9bD=rtNeMOZ PNe9_9?>GPd;OD;O<?>grtMO>Guv`?>d9bPHa>GD
{B9b:
X  cQ
x<?>j;=MVB9bD=rtNeMOZ Ner p
b]HTD  2 bh $ "'&()!  ] ; $ "'&()   ;  ) ; Vf


?
K


 

x<_>G9;O<?>jMO>dn?9_>.Z>d9,;h>Guv`CB;=HJNE9 O b :2?;OMmB9bD=rtNeMOZD;ON


;  >
 
 

P

|Z(\
  ?   ?% $ "'&()   B


WHa;O>dMVB2;OHaNe9)Rh<?HTPV<HJD[;O<?>0PGBEDOPGBEX_>kBKaIeNeM=HJ;=<bZHVF];O<?>9?>^Q;DO;=>d@IeHJcE>.D w
P ) ; w P )  ) Vf]8:9?n_9?HJ;=>SHa;O>dMVB;=HJNE9IEHJce>GD;O<?> tp7b)Cm.2 C2?a
%
%
 
   P
'D=Ha9bP> 'vpC
 | 8v

7

!

x <_HTD|@?M=NQX_`bP;AIeHace>GDiBn?9_HJ;=>B29bD=R>dM|rtNeM|>.BEPV<krtMO>Guv`?>d9bPWF5D=NR>BKaRhBGWQD|<CBGce>B
rtNeMOZ`?KTBrtNeM|;O<?>?Ne`_MOHa>GMU;OMmB9bD=rtNeMOZNer Of|`?;|Har;9 %#G9' B9bXfA]Ne9bX_Ha;OHaNe9 
r)BHaKTD;ON <_NeKTX#FA;=<?>lHa9,ce>dMODO>q;OMmB9bD=rtNeMmZ rtMON\Z  ;ON )O[RHaKJKg@?M=NQX_`bP>B RHaKTX
rt`?9bP;=HJNe9RHa;O<0DmZN,Ne;=<?9?>GDOD SB9bXHa9?n?9?Ha;O>j>G9_>GM=IeWef
8:90;=<?>
PGBED=>jNerLNp^wrt`?9bP;OHaNe9bD|B9bX0D=@?KaHJ9_>.DdFb;O<_HTDHJ9_n?9?Ha;O>S@?MONQXQ`bP;|D=HTZ@?KaHJn?>GD;ON
D=HJ9?Pjrt`_9bP;OHaNe9bDUB9bX;O<?>dHaM@LNpR>dMmDd
hL
$ "'& ) B9bX V )d  hL
$ "'& ) 
#e] 
|RDe


O/ 
O/ 
8:9B29lHa9,;O>dMO>GD=;OHa9?IwM=>.P>d9,;A@CB@C>GMdF1]KJ`B9bXlU9bD=>dM 8 `bD=>;O<?HJDirtNeMmZ
`?KTB;ONXQ>Gn_9?>
D=@?KaHJ9?>GDrtNeM #2btL:,  fox<?>GD=> mm :2#E5t B2MO>9_Ne;@LNeKaW,9?N\ZHTBKTDdFB29bX
;O<_>GHaMgDO`_@?@LNeM=;gHJDi9?Ne;gPN\Z[@bBEP;GF5_`?;g;=<?>dWkHa9,;O>dM=@LNeKTB;O>HJ9BY9CB2;O`?MmBKRB.W0L>d;R>G>d9
;O<_>S@_HJ>GP>dRHJDO>j@LNEKJW,9_N\Z[HTBKD=@?KaHa9?>GDR<?>dM=>  HTDUB9Ha9,;=>GIE>GMf
x<?>gB2`?L>GPV<?HJ>GD |E:;VB@n?Ka;O>dM@?MON,X_`bP>GDBDOP.B2KJHa9?Irt`_9bP;OHaNe9}RHa;O<  $ # Ef
x<_8
> 4KTBdW n_KJ;=>G7M 6RhHJ;=<NE9?KJWNe9?>0PN,> PHa>G9v ; 1'vY w@_MONQX_`?Pd>G D OY AHaMVBP
X_>dKa;VBwrt`?9?Pd;=HJNE9f Ne`PGB9ce>dM=HJrtWX_HaMO>GP;OKaW;O<bB; ,Ogy ,:2OF1D=N;O<_>[M=>dn?9?>GZ[>d9,;
>Guv`CB;=HJNE9HJDSDmB;OHJD=n?>GXf8:9;=<?>[rtMO>Guv`_>G9?PdWqX_N\ZBHa9F P  D=N0;=<CB;   Ef
x<_>DOZ[NvNe;O<?9_>.DODjNer;=<?>X_>dKa;VBrt`?9bP;=HJNe9HJDNe9_>YNeMOX_>dMKaN2R>dMY  ; i;O<bB9;O<?>
D=;O>d@rt`?9?Pd;=HJNE9 PYB9bXw!! YB9bX 9 % #G9e!B9bX i kKaNeI % S ; f




 @
f
 @
     
  
 f

|`?Mn?MmD=;>d^,@?KB29CB;OHaNe9Nerj;=<?>qMO>dn?9?>GZ>d9,;Y>.u\`CB;OHaNe9 )O  ? pA ?
RhBD,W{B9CBKaNeIeWef x<?HTDHJDB PNe9v;OHa9,`?Ne`bD;=HTZ>ce>dMmD=HJNE9NerSn?Ka;O>dMOHa9?Iz),W 5YB29bX
X_N2Rh9bDmBEZ@?KJHa9?I g;=Nl2OVfs<?>d9R>Ha;O>dMVB2;O>[;O<?>@?M=NQP>GDmDdFR>BM=>>^Q>GP`?;OHa9?I0;O<?>
PGBEDOPGBEX_>BKJIENeMOHa;O<bZfqs<?>d9 ;O<?>wHa9?Ha;OHTBK   & )OSHJD;=<?>wLNp^rt`?9bP;OHaNe9FB2KJKHa;O>dMVB;=>GD
 & & )OBM=>S@_HJ>GP>dRHJDO>SPdNE9bD=;VB9,;UB9bXR>BM=>SM=>.BKJKaWwPdNE@,W,Ha9?IYBX_HTDOPMO>d;=>Sn_KJ;=>GMCB9?~5f
>ABMO>Ha;O>dMVB2;OHa9?ISrtNeM=>GcE>GM H78:9;=<?HTD]X_>GDOPMOHa@?;OHaNe9F\;O<_>UMO>dn?9?>GZ>d9,;>Guv`CB;=HJNe9[IeHace>GD;O<?>
KaHTZHJ;hNEr7B9HJ9?n_9?HJ;=>Sn?Ka;O>dM;=MO>d>ef


 

\
K

 N2R!R>jIeHace>SBX_Ha5>dM=>G9v;UB9bXX_>d>d@L>dM>^Q@_KB9bB;OHaNe9Ner;=<?>SDVBZ[>i>Guv`CB;=HJNe9f>
rtNeM=Ie>d;BCNe`?;n?Ka;O>dMmDB9bXsDO;mBMO;wRHa;O<zrt`_9bP;OHaNe9bDdf kHTD=;ONEMOHJP.B2KJKaWeFA;=<?HJDHJDw<?N2R ;O<?>
MO>dn?9_>.Z>d9,;S>Guv`CB2;OHaNe9B@?@L>.BM=>.X#f} R1B;=>GMSHa;RhBEDSM=>pB2KJHad>.X;=<CB;S;O<?>dMO>RhBED
B0PKaN\D=>
PNe9?9?>GP;OHaNe9;ONk;=<?>n?Ka;O>dMSCB9?~QDS;O<CB2;<CBXC>G>d9 X_>dce>dKaNe@L>GXHa9 DOHaIe9CB2K]@_MONQP>GDODOHa9?IbF
B9bX ;O<?>;RN<_HTD=;ONEMOHa>.DR>dM=>NeHa9?>GXf B.ce>dKJ>d;ODB9bX KJN2Rh@CBEDODn?Ka;O>dMODPN\Z>rtMON\Z
<?HaIe<?@CBDmDB9bX}KJN2Rh@CBEDODn_KJ;=>GMODdf 
9 zPV<CB9?9?>dKUn?Ka;O>dMYCB9?~ RNe`?KJX{Ka>.BEX};=N Ne9?>
DOPGBKJHa9?Igrt`?9?Pd;=HJNE9FeRhHJ;=< DHa9bD=;O>.BEXNer#QD7Ha9;O<_>hM=>Gn_9?>GZ[>d9,;>Guv`CB;=HJNE9F\B9bX 0
RhBGce>dKJ>d;mDdf j]`?;1;O<?>n?MODO;B@_@L>.BMVB9?Pd>Ner )O5RBEDHJ9S;O<?>HJX_>.BhNeZr ^ [ Q [U?O \_W KMQGZ[ [UTK L]f
E0`?Ka;OHaMO>GD=NeKJ`_;OHaNe9KJNvNe~QDB;7X_Ha5>dM=>G9v;;=HTZ>DmPGBKa>GDdFeB29bX2B9?X>dce>dMOW  f7x<_>.D=>
PNeMOM=>GDO@CNe9bXY;=NN,Pd;mB.ce>GDHJ9rtMO>Guv`?>d9bPWefs<?>d9BS@?MONe_KJ>GZ D=@?KJHa;mD9CB2;O`?MmBKJKaW[Ha9,;OND=>dcv
>dMVBK;OHJZ[>DOPGBKJ>GDANeMirtM=>.u\`?>d9bPWDOPGBKJ>GDdF#;=<?HTDiHJ9?X_HTPGB;=>GDi;O<CB;A;O<?>RB.ce>dKJ>d;gB@?@_MONvBEPV<
'Z
`?Ka;OHaMO>GD=NeKa`?;OHaNe95ZB.WL>`bD=>drt`?K'f B.ce>dKa>d;mD|BM=>B29?Ne;O<_>GM;ON,NeKHJ90;OHJZ[>:rtM=>.u\`?>d9bPW
B9CB2KJWQD=HJDPN\Z@CBMmB?Ka>;=Ng;=<?>hRhHJ9?X_N2R>Gf
X 4=D=<?NEMO;=:;=HTZ> 6i?Ne`?M=HJ>dMB9CB2KJWQD=HJD7;=<CB;;OMmB9bD
rtNeMOZD e)OA;=NBrt`_9bP;OHaNe9Ner;O<?>[RHa9bX_NpR @LN\D=Ha;OHaNe9jB9bX;=<?>[rtMO>Guv`?>d9bPW fw_NeM
RhBGce>dKJ>d;mDdFHa;HJDB t EJw2#E / Vt FRhHJ;=<  rtNeM;O<?>wDOPGBKa>YKJ>dce>dKB9bX rtNeM;O<?>
@LN\D=Ha;OHaNe9fx<?>ARB.ce>dKJ>d;PN,> PHJ>d9,;OD]@?MONQXQ`bP>jB 4=DOPGBKaNeIeMmBEZ 6jHa9bD=;O>.BEXNer1B
D=@L>GP;OM=NE
IeMmBEZ0f
v;mBMO;RhHJ;=< EBKaKB;d DhCBED=HTPgMO`?Ka>GDUrtNeMUB[Z
`?Ka;OHaMO>GD=NeKa`?;OHaNe9 G" 'fx<?>dM=>SHTD|BDO@bBEP>
 pFPNe9,;mBHa9?HJ9_I BKaKPN\Z
?HJ9bB;OHaNe9bDNer|;O<?>CBED=HTDrt`?9bP;OHaNe9b D  bVf}x<?HTD[D=<?Hart;=
Ha9,cBMOHTB9,;hCBDOHJDh@?MON,X_`bP>GD|BDO<_HJrt;:HJ9,cBM=HB29,;UD=`?bD=@CBPd>jNerrt`?9bP;=HJNe9?DG
M=Ne@L>dMO;WqE e)OHTDhHa
9  UHar7B9bXNe9?KaWHar@es.]HTDhHa
9  pf
UNpRPN\Z@?M=>.DODh>.BEPV<CBED=HJDUrt`_9bP;OHaNe9FbMO>GDOPGBKJHa9?I[;=<?>S;OHJZ[>jrtMONeZ;ON2fx<?>Srt`?9bP
;OHaNe9bD :27
bB2MO>B[9_>GRCBED=HJD|rtNeM|B[9?>dR D=@CBEP>   fUx<?HTD|D=@CBEP>HTDAB2IvBHa9D=<?Hart;=
9  YB9b
X   ;O<?>dMO>wHTD[B9B`?;ONeZYB;=HTP
Ha9,cBMOHTB9,;RHa;O<D=<?Hart;mDNer ; f 9bXoC>G;R>d>d
DOPGBKJ>:Ha9,cBMOHTB9bP>e
M=Ne@L>dMO;WQ e)OHTDhHa
9  UHar7B9bXNe9?KaWHar@e:2OHJDhHJ
9  f
UNpRyR>wPN\Z[>Y;=Nq;O<?>PMO`?PdHTBK;O<?HaMmXMO>Guv`_HJM=>.Z>d9,;G
f
\ UGL WU W*[f[N S [,[ N \8W[ # 
W ^ S =
] \   ]>K #L [S UGL W zAx<?HTDMO>Guv`_HJM=>.DHa90@CBMO;=HTP`?KTBM;O<bB;;O<?>D=`?bD=@CBEP>   PNe9_
;VB2HJ9bDh;O<?>
B2KJK:HTZ@LNeM=;VB9v;rt`?9bP;=HJNe
9 )OrtMON\
Z  pf8:90Ne;O<_>GMRNeMmX?DdF )OZ
`bD=;C>
B
PN\Z
?HJ9bB;OHaNe9NEr;=<?>jrt`?9bP;OHaNe9bD p
b];O<CB2;rtNeMOZBCBDOHJDhrtNe M  
M=Ne@L>dMO;:W K_f  )7YL -CE:2 O]   p
bVf
s<?>d9k;=<?HJDU<?NeKJX?DdF5BKaK1Ne;=<?>dMUCBED=HJDUrt`?9?Pd;=HJNE9bD )
bhB2;U;O<?>PNvBMODO>SDmPGBKa>SRHaKJKL>
PN\Z
?HJ9bB;OHaNe9bDNer;=<?>gbBED=HTDrt`?9bP;OHaNe9b D p b]B;;O<_>in?9?>gDOP.B2KJ>ef8:9Ne;=<?>dMRNeMmX_D
   f

K=K


 

8 <?NE@L>j;O<CB;h>dce>dM=WM=>.BEX_>dMhMO>GPNeIe9?Had>GD;O<?>SPNe9?9?>GP;OHaNe9;ONn?Ka;O>dMODGf  _2G p
L   t]mb / F)t V["!v ' / ? p L  ? MO>dc,HaNe`bD=KaW
R>
PNe9?DO;=MO`bP;=>.
X )OrtMON\Z;=<?>
M=>Gn_9?>GZ[>d9,;U>Guv`bB;OHaNe9fUUNpRR>BMO>
D=;VB2MO;OHa9?IrtMON\Z
 jB29bX   B9bX0;=<?>dHJMUCBED=>GDdF5B9bX;O<?>M=>Guv`?HaMO>GZ[>d9,;;=<CB;   PdNE9,;VBHa9bD  AIeHace>GD;O<?>
MO>dn?9_>.Z>d9,;>.u\`CB;OHaNe9f
x<?>g>^Q;O>d9bD=HaNe9;=N[BR<_NeKJ> 4DmPGBKa>iNerDO`_bD=@CBEP>G.D 6HJDhHJZ[Z[>GX_HTB;O>ef7x<_>jDO@bBEP>  
PNe9bD=HJDO;ODNer_BKaKePN\Z_HJ9CB2;OHaNe9bD#Ner VO#B29bXgHJ;OD1D=<?Hart;mD : m bf1s<?>d9jR>MO>d@?KTBEP>
,W
mHa9;=<?>M=>dn?9?>GZ[>d9,;1>.u\`CB;OHaNe9w 7MONe@L>dM=;W K\FR>X_HJDmPN2cE>GM1;O<CB;   HTDPNe9,;VB2HJ9?>GX
Ha
9   "  f]x<,`bDh;O<_>D=>Guv`?>d9bP>gNerD=`?bD=@CBEP>GDhHTD 49?>GD=;O>GX 6[B9?X       ;  Tf
x<?>dMO>]HJDNE9?>]Ne@?;=HJNE9CBKv@_MONe@L>dM=;WeF2Rh<?HJP<RBED1Nert;=>d9SHJ9?PdKa`bX_>GXHa9;O<?>]>.BMOKaWg@bB@L>dMmD
?`?;]HJD]9?Ne;]Ha9bPKJ`?X_>GXY9_N2RSfx<CB;]HJD;O<?> 2_mv2#E) /
NEr;=<?>UCBED=HTD]rt`_9bP;OHaNe9bD )b
bVf
x<?>[gB2`?L>GPV<?HJ>GDirt`?9?Pd;=HJNE9bDi@LN\DOD=>GDmDA;O<_HTDi@?MONe@C>GM=;WeF#?`_;g;O<?>D=@?KJHa9?>rt`?9bP;OHaNe9bD
X_Nq9?Ne;Gf}:x<?>Ne9_KJW>d^QPd>d@?;=HJNE9oHJD;O<_>wLNp^ rt`?9bP;OHaNe9}D=@?KaHJ9?>wNer|X_>dIeM=>d>wd>dMON
kABEBMDOPGBKaHJ9?Irt`?9bP;=HJNe9 n?MOD=;iB`?C>.PV<?Ha>GD
rt`?9bP;=HJNe9f 8:9;O<?>NEMO;O<_NeIeNe9CB2KPGBED=>eF
;O<_>YPdNv> [PdHa>d9,;mD   HJ9;=<?>MO>dn?9?>GZ>d9,;j>.u\`CB;OHaNe9PdNeZ[>rtMONeZ B9 2_mv2#E_
f A]>GM=;VBHa9?KaWNeMO;=<?NeIeNE9CBKaHJ;W[HTDhB
X_>GDOHaMVB2?KJ>i@?M=Ne@L>dMO;WB9bX;O<_>.D=>ibBED=>.DhBM=>ice>dMOW
m2  D
rtMO>Guv`_>G9v;OKaW`bD=>GX ?`_;i;=<?>d9 )OPGB9?9_Ne;A<CBGce>
;=<?>D=WQZ[Z[>d;OM=Ww;O<CB2;AHJDiXQ>.D=HaMVB_KJ>
Ha90HJZYB2Ie>g@_MONQP>GDODOHa9?Ibf
x1NPdNeZ[@?Ka>d;O>;=<?>[XQ>Gn_9?HJ;=HJNE9NerBwZ
`?KJ;=HJM=>GDONEKJ`?;=HJNE9FR>D=<?Ne`?KJXBEX?XBYMO>Guv`?HaMO>
Z>G9v;YNe9;=<?>qbBED=HTDYrt`?9bP;OHaNe9bDdf>lX_NE9;YHJ9bD=HJD=;wNe9NEMO;O<_NeIeNe9CB2KJHa;WeF?`?;R>X_N
MO>Guv`_HJM=>
BD=;V; B_KJ>SbBED=HTD'BKJDON~,9?N2Rh9kBED|B 2hHa>.D=jCBED=HJD; f>S;O<_HJ9?~w; NEr  ABED|BD=`?Q
D=@CBEP>[Ner - ;O<?>[rt`?9bP;OHaNe9bDSRhHJ;=<n?9_HJ;=>>G9_>GM=IeW e @9 eO9  Ofwx<?>bBED=HTD
rt`?9bP;=HJNe9?D 
?Z
`bD=;hL> 4`?9?HartNeMmZKarW 6Ha9bX_>d@L>d9bX_>d9,;d
M=Ne@L>dMO;BW |bf J|2Vt  "  ) b  ;  ; RHa;O< 'Qf


N ANE9bX_Ha;OHaNe&
x<_HTDS;=`?MO9bDSNe`?;dFL>.B`?;OHart`?KaKJWB9?X<CB@_@?HJKaWeF;ON0L>>.u\`?HJcBKa>d9,;S;=f
9  Ne9
;O<_>PNe9,ce>dM=Ie>d9bP>Ner7;O<_>PGBEDOPGBEX_>BKaIeNeM=HJ;=<bZ0f 9>.BMOKaHJ>dMU>Guv`?HacEB2KJ>d9,;APNe9bXQHJ;=HJNe9kNe9
)OHJ;ODO>dKarRhBEDX_HJDOPdNpce>dMO>GX,W A]Ne<?>d9f]>PGB9BKJD=N[>GD=;VB?KaHJDO<0;=<CB;U;=<?>D=@CBEP>G
D 
B@?@_MONp^QHJZB;O>>GcE>GM=Wgn_9?HJ;=>>d9?>dMOIeWirt`?9bP;OHaNe9 e)OV1;O<_>@?M=NE>GP;OHaNe9SNe9,;=N   PNe9vce>dMOIe>GD
;ON e)OBED   zf 9?X{Ne9_>ZNeMO>>Guv`?HacEB2KJ>d9,;YPNe9bXQHJ;=HJNe9{ZYB~E>.D;O<_HTDBce>dMOW
DmB;OHJD=r)BEP;ONeM=Wj; ;=<?>dNeMOW5;O<?>DOPGBKJHa9?Iirt`_9bP;OHaNe9bD ) ?1;ONeIE>G;=<?>dMRHa;O<;O<?>9?NEMmZBKJHad>GX
RhBGce>dKJ>d;mDU   : V
bB;UBKaK1DOPGBKa>GD  z_GEVQdddCBKJD=N[rtNeMOZBD=;VB2?KJ>jCBDOHJDdf
>9?N2R <CBGce>;ONwX_>GDOPMOHaL>;=<?>GD=>RhB.cE>GKa>d;mDdfg?NeMiD=HTZ@?KaHTPHa;WR>X_Nw;=<?HTDAHa9q;O<?>
NeM=;O<?NeIENe9CBKPGBED=>ef]HaMmD=;|BMO>GZYB2MO~wB2LNe`?; 4=Z`_KJ;=HJRB.ce>dKJ>d;O.D 6B9bX0BRNeMmX0B2LNe`?;h;O<?>
NeMOX_>dMhNer7B@?@?M=Np^QHJZYB2;OHaNe9w;ONeO,W;=<?>SD=`?bD=@CBEP>G D   f
\_^ S%O lzS8:9bD=;O>.BEXkNer7;O<?>
;OMVB29bD=KB;=>GD ) bNerNe9?>
rt`?9?Pd;=HJNE9F5;=<?>
CBED=HTD|rtNeM  
ZHJIe<v;PdNE9bD=HTD=;Ner1;=<?>i;=MVB9bD=KTB;O>GD  ) bdddG 2 ?NEr 
X_HJL>dMO>d9,;rt`?9bP;=HJNe9?DGf


08

K?|


 

KaKNer];O<?>@?M=Ne@L>dMO;=HJ>GD[G|BMO>[D=;OHaKaKX_>GD=HaMO>GXf[x<?>MO>dn?9?>GZ>d9,;g>Guv`bB;OHaNe9Ha9 M=Ne@_
>dMO;WLK9?N2R ;mB~e>GD[Bce>GPd;=NeMrtNeMOZ0FRhHJ;=< ,W ZYB;=MOH^PdNv>[PdHa>d9,;mD    HJD[B
D=`?bD=@CBEP>SNEr   R<?>d9BKaK;O<?>Srt`_9bP;OHaNe9bD  OddGd pOhB2MO>SPN\Z_HJ9CB2;OHaNe9bDhNEr;O<?>
CBED=HJDhrt`?9bP;OHaNe9bD  p bddd. .2
b
)O
 f    2f  b
f
f

p)O
2:2
b
x<?>iPNeM=MO>GD=@LNe9bX_Ha9?IKaN2Rh@CBEDODn?Ka;O>dML>GPdNeZ[>GDB 4=Z
`?KJ;=HJn_KJ;=>GMdF 6RhHJ;=<wce>GP;ONEMmD]Ner 
DmBEZ@?KJ>GDBEDHa9?@?`_;mDB9bX S,W ZB;OM=HTP>GDHa9@?KTBEP>|Ner;O<_>A9,`bZ
L>dMmD 'vdddG 1 f
x<_>U@_MONQP>GDODOHa9?IjHJD]ZNeM=>X_>dKJHJPGB;O>h?`?;]Z
`?Ka;OHan?Ka;O>dMmD7<CB.ce>hL>d>G9[DO`?PGP>GDOD=rt`?K?Ha9YX_>d9?NEHTD
Ha9?I ( :f
x<?>9?>dRrt>pB2;O`?M=>NerZ
`?KJ;=HJRB.ce>dKa>G;ODAHJDj;=<CB;g;=<?>CBDOHJDgrt`?9bP;OHaNe9bDgPGB9lL>LNe;O<
D=WQZ[Z[>d;OM=HTPB9bX}NeM=;O<?NEIeNe9CBKRHa;O<{D=<?NeMO;YD=`?@?@LNeM=;Vf DO`_5PKBEDODNe
r 4CBKTB9bP>GX 6
Z
`?KJ;=HJn_KJ;=>GMOD9?>d>GX_Ha9?I9?N@_MO>d@?MON,Pd>GDOD=HJ9_INerHa9?@?`?;OD<CBDC>G>d9wHJX_>d9,;OHan?>GXY,W>d;=;O>dMOKaHa
R>.MO`?9  "
< 1B9bX,W0\>GKa>GD=9?HTPV~ e 'f











i
 P

    
@
   @
  
 
@

 
  


 1

@



x<_>SM=>Guv`?HaMO>GZ[>d9,;ODrtNeMUBIeNvNQXwCBED=HTDUBMO>g>pBDOWY;=ND=;mB;O>eFbB9bXHJZ[@CNeMO;mB9,;G
f 2 2iC?E:2 )RB.ce>dKa>G;ODB2MO>Suv`?Ha;O>jr)BED=;
 fA|V QmE
\Cm !tE:2 ,WYMO>dKTB;OHace>dKJWYrt>dR!CBED=HJDrt`?9bP;=HJNe9?DVf


>9?N2R{XQHTDOP`bDOD;O<_HTDuv`?>GD=;OHaNe9[Ner#BEPdPd`_MVBEPWefs<?>d9e)OHJD]BjDOZ[N,NE;O<rt`?9bP;OHaNe9F

R>SBED=~<?N2R!R>dKJKHa;HJDUB@?@?M=Np^QHJZYB2;O>GXw,WPdNeZ?Ha9?Ha9?I;=<?>j;OMmB9bD=KB2;O>GDhNer )OVf7s<,W
9?Ne;hIeHace>j;=<?>B9bD=R>dMhn?MODO;d


 e)O       b   "    e   & )O 
| dv


 !#"


x<_HTDDmB.W,D;O<bB;RhHJ;=<w;=HTZ>iD=;O>d@bDNerKa>d9?Ie;=< w! " .FQ;=<?>iX_>dIeMO>d>ANer1B@?@?M=Np^QHJZYB;=HJNE9
HJD  \fx<?HJDh9,`bZ
L>dM  HTDD=;OHaKaK;O<?> ? 5 ) / =g? hpV Ner P} $ &() BJ; o5
f
x<?HTDg>dMOM=NeMi>.D=;=HTZB;O> |`dvUHJDjPN\Z[@_KJ>d;O>dKaW0;W,@_HTPGBK7NEr]9,`bZ>dMOHJP.B2KB29CBKaWQD=HTDdfx<?>
>dMOM=NeMHJD hpm Rh<?>d9e)OHJDB@LNeKaW,9?N\ZHTBKvNerbX_>dIeM=>G>  Ef>;=>GDO;\HTZ@bD=Ne9D 2`_KJ>
B9bX>dce>dM=Wkuv`bBEX_MVB2;O`?M=>MO`?Ka>Ne9q@LNeKaW,9?N\ZHTBKTDdf x<?>xBGW,KJNEMgD=>dMOHa>GDArtNeMe)OUD=;mBMO;OD

`(
K


 

RHa;O<oD=`bPV<}Bk@CNeKJWv9?N\ZHBKi)@L>dM=rt>.P;B@?@?M=Np^QHJZYB2;OHaNe95fx<?>d9 ;=<?>wMO>GZBHa9bX_>dM
;O>dMmZ
Ha9,ceNeKace>GDS;=<?>   X_>dM=HJcB;=HJce>e   & OjB9?X;=<?>@LN2R>dM   fx<?HJDKa>pBX?DS;ON0;O<?>>dMOM=NeM
>GD=;OHJZYB;=> | dvfvN;O<?>SX_>dIeMO>d>jNer;=<?>Sn?MOD=;U@LNeKaW,9?N\ZHTBK S;O<CB2;UHJD9?NE;UMO>d@?M=NQX_`bP>GX
,W;=<?>SD=@CBEP>  AXQ>G;=>dMmZHJ9?>GD;=<?>SPdM=`bPHB2K>^Q@LNE9?>d9,;  f
x<?>qLNp^{rt`?9bP;=HJNe9<CBED  f x<_>l>dMOM=NeMHJD L[HJ9s@?Ha>GP>GRhHTD=>lPNe9bD=;mB9,; ;
B@?@_MONp^QHJZB;OHaNe9f ; x<?><bB;rt`?9bP;OHaNe9z<CBED  C>.PGB`?DO>1PO$ &() 9"
;  f
x<_>>GM=MONeMAHTD  HJ9l@?Ha>GPd>dRhHTD=>KJHa9?>.BMjB@?@?M=Np^QHJZYB;=HJNE9f; x<_Q> |E:;VB@gB2`?L>GPV<?HJ>GD
n?Ka;O>dMBKTD=N<CBED  QFB29bXIeHace>GDB9>dMOMONEM;O<CB2;HTD  fgB2`?L>GPV<?HJ>GDPMO>.B;O>GX
BYR<_NeKJ>r)BEZHJKaWRhHJ;=<  Q. K_w |bddd#NerNEMO;O<_NeIeNe9CB2Kn?KJ;=>dMmDgB9bXlDOPGBKaHJ9_Iwrt`?9bP;OHaNe9bD
B9bX[RB.ce>dKa>G;ODdfx<?>dW<CB.cE>i  n?Ka;O>dMPN,> PHa>d9,;mD]B9bXB@?@_MONp^QHJZB;OHaNe9[>dMOM=NeMmD  f
x<_>GWwBMO>gG>dM=N[NE`?;mD=HJX_>j;O<?>jHa9,;O>dMOcBKrtMONeZ ]z;=N]!  sf
>P.B29q?M=HJ> ?W>^Q@?KTBHa9q<?NpR;=<?>
NeMmXQ>GM  NEr;O<?>d>dMONwB; s ;=`?MO9bD|Ne`?;A;ON
L>YX_>G; PdHJD=HJcE>\
f T N S [v^ [ Q [UG^ Q \ '\`O!K
M[ S,O!S UL [\G\_W [N S [S QGyQ [N \ ^ KMQ YbL #K ^ UTS Q W
E== dGdG=  "  ]>S L #F\H\bS ] [Q Y ^ O!Kba [ ]=\Za S W]>Ks^ # UGL S [ UTKML W KMW b bVf8:9
;O<_>grtMO>Guv`?>d9bPWYX_N\ZBHa9F,;O<_>gMO>Guv`?HaMO>GZ>G9v;Ne9  rtNeM;=<?HTD@CNeKJWv9?N\ZHBK5MO>d@?M=NQX_`bP
;OHaNe9HJDh~,9?N2Rh9kBEDh;O<_>\;OMVB29?IEHa^wPdNE9bX_Ha;OHaNe9
 
! rtNeMh
!
B9bX  
| <v

x<v`bD  B;h;O<?>j@CBM=;OHJP`?KB2MhrtMO>Guv`?>d9bPHa>.D  ! qHJD;O<?>j~e>dWef
_NeMmZ
`?KTB | 8vrtNEM  HTDB9{Ha9?n?9_HJ;=>@_MONQX_`?Pd;YNer P  c f ;rtMO>Guv`?>d9bPW
o

7FvR>|RhMOHa;O>|k  RHa;O<  NQX?X#fx<?>d9;=<?>Ur)BEP;ONeMHa9;=<?>UHJ9?n_9?HJ;=>A@?M=NQX_`bP;


RHa;O<   - HJD P 6cE  "  w P  fW@L>dMOHaNQX_HJPHJ;W ;=<?HJD[HTD P f

 NeMmX_>dMd>dMONkNer oKJHa>GDB;  #7fkx<v`bD;O<?>v;OMmB9?IEH^PNe9bX_Ha;OHaNe9 Ne9 oHTD
>Guv`?HacBKJ>d9,;h;ON ANE9bX_Ha;OHaNe9  NE9;O<?>jn?Ka;O>dMd
 KML a U [ UTKML  ` PO $ &() <CBEDB   NeMOX_>dMhG>dM=NYB2J;  5 f
?NEM|;=<?>n?Ka;O>dMAPN,> PHa>d9,;mDdFLBd>GM=NB2; Z[>.B9bDh;O<CB; =
. )1Qf d>dMONNer
NeMOX_>dM  ;OMmB9bD=KB2;O>GDhHa9,;ON =
p  1zrtNeM z_ddd.  Ef
8:;iHJDAMO>GZYB2MO~B?Ka>
;=ND=>d>Ha9HaIe`?M=> 8Y<_N2RPdNeZ?Ha9CB;=HJNE9bD|Ner ) b@?M=NQX_`bP>
BwD=;=MVBHaIe<,;iKJHa9?>eFRh<?>d9 )OUHJDg;O<_><?HaIe<?KaWHaMOMO>dIe`_KBMjiB`?L>GPV<?Ha>.DgDOP.B2KJHa9?Irt`_9bP;OHaNe9
PN\ZHJ9?IgrtM=N\Z w  =M-  KQ. K -  K_. K7  KQG  K\f7x<?>hMO>GD=@LNe9bD=> PO $ &() <bBEDB
f]x<?>S>dHaIe>d9,cBKa`?>GDNEr !_ 7ew P P BM=> E ;  %  %   F
\2 J hpm Bc;  5
R<_HTPV< HJ9bPKa`bX_>GD
;=<?>qE ;\  %   ;=<CB;BKJRB.WQDPdNeZ[>RhHJ;=<  Qfx<_>wDOZ[N,NE;O<?9?>GDOD
igNer;O<?>
X |DOPGBKJHa9?I[rt`_9bP;OHaNe9HJDIEN2ce>dMO9?>GX,W;O<bB;>^Q;=MVB % $ #f
7

>8
K


 

3
2
1
1

-1

 HJIE`?MO>18_sHa;O<  !QFE;O<_>U j| DOPGBKaHJ9?Igrt`?9bP;OHaNe9bD


KaHJ9?>ef


 @
f
 @
 

)v b 1@?M=NQX_`bP>GD]BiD=;OMmBHaIe<,;

    @


s<?>d9  Ha9bPMO>.BED=>GDg,WEF;O<?>Z[>GD=<DOHad>  "  HJDSZ


`?Ka;OHa@?KaHJ>GXq,W ; fx<?>>dMOM=NeM
Ner]B@_@?MONp^,HTZB;OHaNe90,WkDOPGBKaHJ9_Iwrt`?9?Pd;=HJNE9bDAHJDAMO>GX_`bP>GXk,W ;2 efgx<_>GM=>BM=>;RHJP>BED
ZB9,Wrt`?9bP;OHaNe9bDB.cBHJKTB?Ka>AR<?>d9B@?@?M=Np^QHJZYB2;OHaNe9wB;DOPGBKa>  `bD=>.D;O<?>i;=MVB9?DOKTB;=>.DNer
BPN\Z@?MO>GDOD=>GX 2OV
T N \S,^ ^ O4K  U ^ S [UTKM8
L W ^ S =] \   ]>KMUL [S U L W S QGQ.]>sK ^ # UGL S [UTKML W KMcW [ N \
WN UGOW [\Za S L a ]>s
K ^ ^ ?O \_WW*\R8
a W]>S QGU L
_WE[ L ] [UTKML W  
?Fg

zzf
x<_>lD=@L>GPHB2KArt>.B;O`_MO>Nerg;O<?>GD=>qDO@bBEP>.DHTDY;O<CB2;   PNe9,;VB2HJ9bD  :B9bX{>dce>dM=W   " 
PNe9,;mBHJ9?D   fx<?HJDPN\Z>.D1X_HJM=>GPd;=KJWjrtM=N\Z )O!  b :2p bf  ?J,5V:v
=?)7YL. -CE:2[tmQ :2[t   FeB;DOPGBKa>  Efx<_>GM=>drtNeMO>;=<?>KJ>drt;
D=HTXQ> )OKJHa>GDUHJ
9   fUvNYX_NwBKaK1Ha;mDU;=MVB9?DOKTB;=>.DdFCB9bXB2KJK1;O<_>GHaMUKaHJ9_>pB2MAPN\Z
?Ha9CB;OHaNe9bDdf
x<v`bDh;O<?>jR<_NeKJ>jNer  |KaHJ>GDhHa
9  f
N2RR>KaN,Ne~B;U;O<?>rt`?9?Pd;=HJNE9bDU;O<CB2;iBM=>HJ
9   ?`?; #E]t  .fUx<?HTDURhHJKaKKa>.BEX
`bDh;ON;O<?> F2eJ7?  .f]x<_>D=`bZ Ner;=<?>SD=`?bD=@CBEP>G D   -  URHaKaK>Guv`CB2K   f
x<?>Ha9bPMO>.BED=Ha9?I}D=>Guv`?>d9bP>NerD=@CBEP>GD        ;  Ka>.BEX?D`bD;ON}B
^ [ Q [U
O \rW K QGZ[ [UTKMLNeriB9,W n?9_HJ;=>d:>d9?>dM=IeWrt`_9bP;OHaNe9leOfv`?@_@LN\D=>0n?MmD=;;O<bB;;O<?>
rt`?9bP;=HJNe9?D ] bABMO>NeMO;=<?NeIeNe9bBK:Qf R>d;e  )O|C>[;O<?>@L>dM=@L>d9bX_HJPd`_KBMj@?M=NE>GP;OHaNe9
Ner eO]NE9,;ON;=<?>jD=@CBPd>   fx<,`bDXe  )OHJD;O<_>g9?>.BM=>GDO;rt`?9?Pd;=HJNE9;ON eOHJ9   f>
RHaKaKRMOHa;O> e)OBEDUB;O>dKJ>GDOPNe@?Ha9?I[D=`bZ
e)Ome p)O6-  e  O e p)O R-  e ; O e  O, R

- 1
)(Ev
x<_HTDHTDh;O<?>D=`bZNEr7BKaN2R>GD=;=:Ka>dce>d2K 4=PNvBMOD=>Srt`_9bP;OHaNe9 6je p)OB9bXkB9Ha9?n?9?Ha;O>
D=>dMOHa>GD
NeQr 4n_9?>[X_>d;VBHaKT7D 6   )Oi e  "  )O e  )Of[x<?N\D=>[X_>d;mBHJKJDjRhHJKaKKJHa>HJ9;O<_>[RB.ce>dKa>G;


 

=D `?bD=@CBEP>GD   fvNw;O<?>D=@?; KJHa;O;=HJ9_INErNe9?>rt`_9bP;OHaNe9 e)OUHa9bX_HJP.B2;O>GDi;=<?>D=@?KaHJ;=;OHa9?INer


;O<_>SRh<?NeKa>SDO@bBEP>jNerBKaK - rt`?9bP;=HJNe9?DG
;   -   -  -

- 
)(_p

UNE;OHJPd>|;=<CB;]>.BEPV<X_>d;VB2HJK   )OB2KTD=N
KaHa>.D]HJ9Y;=<?>A9?>^Q;D=@CBEP>   "  L>GPGB`bD=> e  "  B29bX
e  BMO>LNe;O<kHJ9   "  VfAx<,`bD   HJDAHa9   "  fA?`_MO;O<_>GMOZ[NEMO>   )OhHJD|NEMO;O<_NeIeNe9CB2K;ON
  F?vWwD=HTZ@?Ka>jMO>.BED=Ne9_HJ9?I?
e)O e  )O]HTDhNeM=;O<?NEIeNe9CBK#;ON   L>GP.B2`bD=> e  HJD;=<?>j@?MON>GP;OHaNe9

e )O e  "  )O]HTDDOHJZHJKTBMOKaWYNEMO;O<_NeIeNe9CB2K;ON   "  B9bX;O<?>dM=>GrtNEMO>g;ON   f


v`?_;OMVBPd;=HJNE90D=<?N2RUDh;=<CB;h;O<_>XQ>G;mBHaK   Ome  "  )O e  )O]HTDhNeM=;O<?NeIENe9CBK;=N   f
>UBEDOD=HJIe9;O<?>h9CBEZ>   ;=Nj;=<?> F2eJ#V ? PNe9,;mBHJ9_HJ9?ISBKaK?;O<?NeDO> 4X_>d;VBHaK
rt`?9bP;=HJNe9?.D 6Ha9   "  ;=<CB;BM=>[NEMO;O<_NeIeNe9CB2K7;O
N   fx<?>d9;=<?>[n?9?>dMSD=@CBEP>   "  HJDB
D=`bZ NerPNvBMODO>grt`?9bP;OHaNe9bD e  )O]HJ
9   B9?X0X_>d;mBHJKJD   OHa9  
?NEMrt`?9bP;=HJNe9?DG e  O6-   O]me  "  )O
?NEMUD=`?bD=@CBEP>GDd   -     " 
x<_>rt`_9bP;OHaNe9 eOgHJDBkPN\Z
?Ha9CB;=HJNe9Ner;O<?>YPdNeZ[@?M=>GDmD=>GX;=MVB9?DOKTB;=>.D : 

bF
R<_HTPV<}BMO>kBqCBED=HJDrtNeM   fo>RB9,;;O<?>X_>d;VBHaK   )O;ONL>kBPN\Z
?Ha9CB;=HJNe9oNer
PN\Z@?MO>GDOD=>.Xj;OMmB9bD=KTB;O>GD : Vp bVF2R<?HJPV<B2MO>BUCBED=HJDrtNeM   nf T N \WE[ L a S ^ \ZUL [S Q
a \'[S UGQ WE[ L ] [UTK L 
)O U QGQ #F\ [N \S s\ZQ \'[=z
x<?>jRhB.ce>dKa>d;<CBEDUB9?>.B;PNe9?DO;=MO`bP;=HJNe9`bD=HJ9?I;O<?>j<?HaIe<?@CBDmDPdNv> [PdHa>d9,;mD   bV

S s\ZQ \'[ Y\[ S [ UTKMFL ` 


)O!    b 2 bL
)(e\
x<_>gMOHaIe<,;hDOHJX_>gHTDhP>dMO;mBHJ9_KJWHJ9   fx1N@?MON2cE>g;=<CB; O]HTDNeMO;=<?NeIeNe9bBK#;= N )OB29bX
Ha;mD;OMVB29bD=KB;=>GDGFR>`bD=>;O<?>MO>dKTB;OHaNe9    b=
.   2 s b1L>d;R>d>G9;O<_>hKaN2R@bBEDOD
B9bX0<?HaIe<?@bBEDODAPN,> PHJ>d9,;ODdf>N\Z[Ha;U;=<?HTDUce>dMOHanbPGB;OHaNe90<?>dM=>\F5B9bX0;=`?MO9kHa9bD=;O>.BEX0;ON
;O<_>ZN\D=;CBED=HTPg>^?BEZ@?Ka>ef
x<?> gS\21F2eJ HTD 
)O pO_ p_lps`_@_B9bXQXQN2R9[LNp^rt`?9bP;OHaNe9f
8:;iHTDgB 2 AV Ner9CB2MOMONpRCNp^Q>GDdf8:;mDAHJ9v;O>dIeMVB2KHJDid>dMONbf[ KaRhB.WQD 
)O  A
L>GPGB`bD=>    bz_f
_`?MO;=<?>dMmZNeMO>|;=<?> kABeB2MRhB.ce>dKa>d;mD 
V5 bFQPN\Z@?MO>GDOD=>GX
B9bXDO<_HJrt;=>.Xwce>dMmD=HJNE9bDNer;O<?>SDOuv`CBM=>jRB.ce> OFCBM=> Et NeMO;=<?NeIeNe9bBK#;ON>.BEPV<NE;O<?>dM
B9bX;ON[;O<?>SLNp^rt`?9bP;OHaNe9 Ofhx<?HTD|PN\Z>GDhrtMON\Z ;O<?>SNeM=;O<?NeIENe9CBKaHJ;WNer;O<_>k|BeBM
n?Ka;O>dMbB9?~5f
?HaNeMO;=<?NeIeNE9CBKn?Ka;O>dM
CB9?~RhHJKaK<bB.ce>YrtNe`?M
n?Ka;O>dMmXD P . p{ P   flx<?>d+
9 P 
B9bX WvHJ>dKJX;RNoX_Ha5>dMO>d9,;wDOPGBKJHa9?Irt`?9?Pd;=HJNE9b
D OYB9?
X OFUHa9!B9CBKaWQD=HTDB29bX


>d
K


 

=D W,9,;=<?>GDOHJDdf vHTZHaKBM=KJWIP  B9bX  W,HJ>dKJX B29CBKaWQD=HTDwRhBGce>dKJ>d;mD OB9?X!D=W,9,;=<?>GD=HTD


RhBGce>dKJ>d;mD Ofx<?>NeMO;=<?NeIeNE9CBKaHJ;Wq@?M=Ne@L>dMO;WlL>GPN\Z>GD :2_mv2#E) /kL>d;R>G>d9
B9CB2KJWQD=HJDUB9bXD=W,9,;=<?>GD=HTDd
O :  
?  ] )O :  
b  !





  @




x <_HTDD=>GPd;=HJNE9 M=>d;O`?M=9bD;ONlNe9?>wNer|;=<?>rt`?9bXbBZ[>d9,;mBKHJX_>.BEDNerUKJHa9?>.BM[BKaIe>d?MVB B
CBED=HJDdfs8:;[NErt;O>d9<CB@?@C>G9?D;O<bB;[Ne9?>0bBED=HTDHTDZNeM=>0D=`?Ha;VB2?KJ>0;=<CB9{B9?Ne;=<?>dM[rtNeMB
D=@L>GPHJnbPlB2@?@?KaHTPGB;=HJNe9KJHa~e>lPN\Z@?MO>GDOD=HJNE9fx<?>qRh<?NeKa>qHTX_>.BNerB V2b2 );O<_HTD
@CB@C>GM]PNe9bP>d9,;=MVB;=>.D7NE9;=<?>|?Ne`?M=HJ>dM;OMmB9bD=rtNeMOZ B9bXRhBGce>dKJ>d;;OMmB9bD=rtNeMOZw1HJD>^?BEP;=KJW
BPV<CB9?Ie>Ner7CBED=HTDd f ]BEPV<k;=>GMOZHJ9lBY?Ne`?M=HJ>dMADO>dM=HJ>GD|NEMiBRhB.cE>GKa>d;|D=>dMOHa>.D|HJDiBbBED=HTD
ce>GP;ONeMdF?BD=Ha9,`bD=NeHJXNeMUBRhBGce>dKJ>d;GF,;OHJZ[>GDHa;mDhPdNv> [PdHa>d9,;Gf PV<CB29?Ie>gNerCBED=HJDhIeHace>GDB
F{CVGLE:2l=j?gd2mQ :2 f
2h>GZ[>GZ
L>dMAR<bB;jHa;jZ[>.B9?DirtNeMg;O<?>ce>GP;ONeMOD    ; ddd.  ;=NC>YBCBDOHJDgrtNeM
B9LX_HJZ[>d9bD=HaNe9CBKD=@CBEP>
fUx<?> 
D|BM=>jKaHJ9?>.BM=KJWYHJ9bXQ>G@C>G9?X_>d9,;Gf
ZB;OM=Ha^  RhHJ;=<;O<_>.D=>SPNeKa`bZ[9ce>GP;ONEMmDHJDHa9,ce>dM=;OHa?KJ>ef
 fUx<?>j
 f cE>GM=WcE>.P;=NeMHa9 PGB9L>hRhMOHa;O;=>G9HJ9>^?BEP;=KJWSNe9?>hRB.WBDBiPdNeZ?Ha9CB;=HJNE9
Ner;O<_> DG
l
  - ; ;

- 4-  
k>GM=>HJD;O<?>~e>dW@LNeHa9,;G];O<?NeDO>PN,> PHJ>d9,;O D   .  PdNeZ[@?Ka>d;O>dKaWwX_>GDOPdM=HJC>;O<?>
ce>GP;ONeMdf8:9s;O<?>qNEMOHaIeHJ9bBKACBDOHJD)D=;VB9bX?BMmX{CBDOHJDFU;=<?>lPN,> PHJ>d9,;ODwBMO>`bD=;;O<?>
DmBEZ@?KJ>GD1=pdddGm1)1f08:9;O<?>9?>dR CBDOHJDNEr 
DdF;O<_>DmBEZ>HTDX_>GDOPdM=HJC>.X,W
  dddG  f8:;;mB~e>GDw9,`?ZL>dMOD;ONgX_>GDOPdM=HJC>h>pBP<ce>GP;ONeM7B9bXHJ; Ed ;VB~e>GDBAPV<?NeHJP>
NerCBED=HJDG
1=p
 p\
 11:O Kv\
B9?X    \\


1 |Q DO;mB9bXbB2MmXCBDOHJD
  |Q kABeB2MhCBED=HTD
CBED=HTDiHJDjBD=>d;gNerB2^,>.DArtNeMj f
x<?>PN,NeMOX_HJ9bB;O>GD   dGdG  ;O>dKaK<?NpRr)BMA;ONwIeN
BKaNe9?Ii>.BEPV<[B2^,HTDdf7x<?>B2^Q>GDB2MO>B;MOHaIe<,;B9_IeKJ>GDRh<?>d9;=<?>hbBED=HTDce>GP;ONeMOD   ddGd 
BM=>jNeM=;O<?NeIENe9CBK'f










><
K


 

 ?gS\2 m2Vt
t2_mv2#Ea x<?HTDgHJDBcBKJ`bB?Ka>[@?MONE@L>dMO;WeFDO<bBMO>GXl,Wk;O<?>
?NE`?MOHa>dMgCBDOHJDdf_NeMg;=<?>cE>.P;=NeMg98_w|b (QGpRHa;O<lrtNE`?MjDmBEZ@?Ka>GDGF5R>9?>d>GXqrtNe`?M
kABEBMhCBED=HJDcE>.P;=NeMmDdfUNe;=HTP>j;O<?>dHaMNeM=;O<?NEIeNe9CBKaHa;WqHJ9_9?>dM@?M=NQX_`bP;mDUBMO>gG>dM=NQf


 
 ;

 

 %

x<bB;n?MODO;CBDOHJDce>GPd;=NeMHJD9?Ne;kBEP;=`CBKaKJWsBoRhB.cE>GKa>d;GFUHJ;HJD;O<?>ce>dMOW{`bD=>drt`?K CB2;
ce>GP;ONeMSNerBKaKNe9_>.Ddfk8:;
MO>d@?M=>GDO>d9,;ODBkPNe9?DO;mB9,;D=HJIe9bBKi;O<?>wB A PN\Z@LNe9?>d9,;f08:;mD
PN,> PHJ>d9,;   HJD;O<_>YN2ce>dMmBKJK]BGce>dMVBIe>Ner;O<_>YDVBZ[@?Ka>GDS;=<?HJDKaN2Rh:KaN2R PN,> PHa>G9v;  
RhBD % )8Xx
- | - (1-zpI
|rtNeMhNE`?M>^?BEZ@?Ka>gce>GP;ONeMdf
 ?gS\2PF2eJjCVGLE:2!=?0VJ#EtVti5 /  2f x<?>
Ha9?@?`?;HJD]IeHace>d9[HJ9;=<?>AD=;mB9bXbBMOX[CBED=HJD]Ner#DmBEZ[@_KJ>GDdf7x<?>UbBED=HTDce>GP;ONeMOD   ddGd  %
IeNHJ9v;ON;O<?>PNeKa`bZ9bDjNer  fx<?>dWBM=>Z
`?KJ;=HJ@_KJHa>GX,Wq;=<?>PN,> PHa>G9v;mD   ddGG  %
);=<?HJDAHJD|<_N2R ZYB2;OMOH^Z
`?KJ;=HJ@_KJHJPGB;OHaNe9kRNeM=~QD HVfUx<?>ZB;OM=Ha^,:cE>.P;=NeM@?M=NQX_`bP;  gHTD
>^?BEP;OKaW     -  ;  ; -     -  %  % f@kU>dMO>SBMO>g;O<?>j9,`bZ
L>dMmDHJ9kw  2
8

|
|

)( Kv
(




 _2G p L Y |bGEGEV\ 2V  "  x<?HJDHTDRh<CB;;O<_>B29CBKaWQD=HTDSn?KJ;=>dM
CB9_~wZ`?DO;XQN CBP<bB9?Ie>gNerCBED=HJDHa9,ceNEKJce>GD;O<?>jHa9,ce>dMmD=>jNEr;=<?>jCBED=HTDZYB;=MOH^#fx<?>
B9CB2KJWQD=HJDD=;O>d@PdNeZ[@?`_;O>GD1PdNv> [PdHa>d9,;mD   "  FB9bXS;O<_>D=W,9,;O<_>.D=HJDD=;O>d@
Z
`?KJ;=HJ@_KJHa>GD
PN,> PHJ>d9,;OD;OHJZ[>GDCBED=HTDhce>GP;ONEMmD;ONMO>GPNe9bD=;OM=`bP;Uw  pf
x<?>@LNEHJ9,;gNer]RhB.ce>dKa>d;mDAHTDg;O<bB;gLNe;=<D=;O>d@bDdFB9bBKJW,DOHJDSB9bXD=W,9v;O<?>GD=HTDdF1BMO>>d^,>d
P`?;O>GXuv`?HJP~vKJW,W
n?Ka;O>dM=HJ9?ISB9bXDO`_bDmBEZ[@_KJHa9?Iblf R>d;Z[>>d^,;O>d9bX;=<?HJD@LNeHa9,;7;ONgM=>G@C>pB2;
BZ[NEMO>|Ie>d9?>dMVB2K5PN\ZZ>d9,;NE9IeN,NQXCBED=>GDGf |MO;=<?NeIeNe9bBKJHa;WIeHace>GDB
D=HTZ@?Ka>AMO>dKTB;OHaNe9
L>d;R>d>G9 ;O<_>;OMmB9bD=rtNeMmZ B9bX ;O<_>HJ9vce>dMmD=>;OMmB9bD=rtNeMOZ );=<?>dW BM=8
> 4;=MVB9bD=@LNeDO>G7D 6lNer
>.BEPV<qNe;O<_>GMf
`?;S8hMO>dIvBMOXq;RNwNe;O<_>GMi@?M=Ne@L>dMO;=HJ>GDiNerBYCBED=HJDjBEDgZ[NEMO>HTZ@LNeM=;VB9,;
Ha90@?MmBEP;OHJP>j;O<bB9NeM=;O<?NeIENe9CBKaHJ;W5
 F
^ \G\ZFa `
x<?>SPN,> PHJ>d9,;OD   dGdG  BMO>gr)BED=;h;ONPN\Z@?`?;=>ef
j]`]`[6O4S ] Yl` DOZBKJK?9,`bZ
L>dMNer5CBED=HJD]cE>.P;=NeMmDB9bX[;O<_>GHaM]PN,> PHJ>d9,;OD
PGB9M=>G@_MO>GD=>G9v;h;O<?>SD=HJIE9CBKce>dMOWwBEPdP`?MVB;=>dKJWef
?NEMh;O<?>S?Ne`?M=HJ>dMUB9?XRhB.cE>GKa>d;CBED=>GDdF?;=<?>SD=@L>d>GXPN\Z>GDrtM=N\Z ;=<?>x B9?X01!xg
CBDO;_Ne`?MOHa>dMx1MVB9bD=rtNeMOZ B9bXYbBED=;B.cE>GKa>d;x1MmB9bD=rtNeMmZfx<_>A1!x}HJD>^?BEP;OKaW;O<?>
n?Ka;O>dMbB9?~;=MO>d>j;O<CB;hR>`bD=;hHJKaKJ`?DO;=MVB;=>GXrtNeMh;=<?> kABeB2MhRhB.ce>dKa>d;mDdf





































v
|


 

x <?>BEPdP`?MVBEPWjX_>d@L>d9bX_DNe9;O<?>DOHaIe9CB2K)H1>RhB9v;;ONAP<_N,N\D=>BbBED=HTDB@?@?M=Ne@?MOHTB;=>
rtNeM;O<?>|PKTBEDODNer#D=HJIe9bBKTDR>>^Q@L>GP;Gfh'8:;]HJD`bD=`CB2KJKaW;=N,NS>d^,@L>d9bD=HJce>;=N
PV<?N,NeDO>|BgbBED=HTD
BEXbB2@?;O>GX;=N[>.BEPV<Ha9bX_Hac,HTXQ`CBKD=HaIe9CBK'f kU>dMO>gHTDUBM=Ne`?Ie<Ie`?HJX_>dKJHa9?>e
_NeM V.E D=HaIe9CBKJDhRHa;O<9?Ng`bZ@bDdF_;O<_> 2Q m2Vt HJDh<CBMOX;ON[C>pB2;Gf
?NeM C FtGiV.E D=HaIe9CBKJDhRHa;O<`?Z[@bDdFbB F2eJ m2Vt PGB9L>jL>d;O;O>dMdf
x<_>wPKJ>.BM=>.D=;>d^_BEZ[@_KJ>YHJDBD=;=>G@ rt`?9bP;=HJNe9flx<?>_Ne`?M=HJ>dM
CBED=HJDD=`?5>dMOD
rtMON\Z ;O<?>
 [C?#2#2 N\DOPdHaKaKB;=HJNE9bD)MOHa9?IeHa9?IQ[9?>.BMw;O<_>w`bZ@FAB9bXsce>dMOW{D=KJNpR 
X_>GPGB.W[Ner;=<?>j_Ne`?MOHa>dMPdNv> [PdHa>d9,;mD  fx<_>iRhB.cE>GKa>d;CBED=HJDHTDZ`bPV<ZNeMO>|KJNQPGBKaHaG>GXF
B9bXNe9?KaW[;O<?>|RhB.cE>GKa>d;mDPMONeDmD=Ha9?I
;O<?>`bZ@RhHJKaKL<CB.ce>|KBM=Ie>APN,> PHJ>d9,;ODdf |r1PNe`?MOD=>
;O<_> k|BeBMUCBED=HJDiPNe`_KTXkC>@C>GM=rt>GPd;|rtNEMiBYD=;=>G@krt`?9?Pd;=HJNE9FL?`?;AHa;|<CBEDAD=KJN2RX_>GPGB.WrtNeM
BD=HTZ@?Ka>jKaHJ9?>.BMhMVBEZ@f |;O<_>GMhRB.ce>dKa>G;ODNer<?HJIE<?>dMNeMOX_>dMP.B290D=`bPdPd>GDOD=rt`?KaKJWwPGB@_;O`?M=>
BA`bZ@X_HJDmPNe9v;OHa9,`?Ha;WYHJ9;O<_>Srt`_9bP;OHaNe9NeMhHJ;ODUXQ>GM=HJcB;=HJcE>.Ddf
x1N>GZ@?<CBED=Had>;O<_>[HTZ@LNeM=;VB9?Pd>NerBwIeNvNQXbBED=HTD'B9> [PdHa>d9,;gMO>d@?M=>GDO>d9,;mB;OHaNe9
Ner;O<_>
XbB2;VBvVFbR>SRHaKaKKaHJDO;UDONeZ[>jHJZ[@LNEMO;VB29,;UP<_NeHTP>GDdf ]BEPV<0>^?BZ[@?Ka>SHJDABDmD=NQPHTB;O>GX
RHa;O<}BlZYBpNeMBKJIENeMOHa;O<bZ HJ9}B@?@?KaHa>.XZB;=<?>GZYB;=HTPdDdf>RHaKJKZ>d9,;OHaNe9oCBED=>GDNer
rt`?9bP;=HJNe9?D'PNe9,;=HJ9v`?Ne`bD|cBMOHTB?Ka>kNeMAO|B2KJ;=<?Ne`?Ie<;O<_>BKaIeNeMOHa;O<?ZHa9,ceNEKJce>
ce>GP;ONEMmD
'XQHTDOPMO>d;O>gcBMOHTB?Ka>GDB9bX bf
fU_Ne`?MOHa>dMD=>GM=HJ>GDS'D=Ha9,`bD=NeHJXbBKCBED=HJD
 fUHa9?HJ;=> KJ>GZ>d9,2; E0>d;O<?N,X)@?Ha>GP>GRhHTD=>j@LNeKaW,9?NeZ[HTBKCBDOHJD
 fAv@_KJHa9?>
8:9,;=>dMO@LNeKTB;=HJNe9'DOZ[NvNe;O<w@?HJ>GP>dRHJD=>S@CNeKJWv9?N\ZHBKJD
f12UBEX_HTBKvBDOHJD?`?9?Pd;=HJNE9bD])rt`?9bP;=HJNe9?D1NErQ;=<?>]X_HTD=;mB9bP> g & ;ONHa9,;O>dMO@CNeKB2;OHaNe9
@LNEHJ9,;ODU & Ha9  X_HJZ[>d9bD=HaNe9bD
 2f R>dIe>d9bX_M=>@CNeKJWv9?N\ZHBKJDdFe>GDmD=>dKQrt`?9bP;=HJNe9?DGF>kU>dMmZHJ;=>rt`?9bP;OHaNe9bDdF?fdfdfG);O<_>.D=>hBM=>
NeM=;O<?NEIeNe9CBKD=NeKa`?;OHaNe9bDhNerXQHJL>dMO>d9,;OHTBK>Guv`bB;OHaNe9bD
f B.ce>dKa>G;AD=>GM=HJ>GD)rt`?9?Pd;=HJNE9bD 
  ?rtMON\ZX_HaKB2;OHaNe9B9bX;OMVB29bD=KB;=HJNE9qNer]B
RB.ce>dKJ>d;f
x<_>GM=>HTD]BjD=HJZ[HaKB2MKJHJD=;Ner#X_HJDOPMO>d;O>hCBED=>GDGf7x<?N\D=>|BMO>hce>GPd;=NeMmDdFe;=MVB9bD=rtNeMOZ[>GX,WZB2
;OM=HTP>GDdf78:;]HJD;OHJZ[>h;OND=>d>U;O<_>|ZYB2;OMOH^;O<CB2;]M=>d@?MO>GD=>d9,;mD]BgKaN2R@bBEDODn_KJ;=>GM|)PdNE9,ceNeKa`?;OHaNe9
ZB;OM=Ha^CVFLB9bXBKJDON;O<?>
ZYB2;OMOH^;O<bB;|MO>d@?M=>.D=>d9,;ODAB[n?Ka;O>dM|CB9_~RhB.cE>GKa>d;U;OMmB9bD=rtNeMOZ
ZB;OM=Ha^CVf


C
|


 

l 
  l 

 


 

 
 f

>
L>dIeHa9RHa;O<k;=<?>ZYB;=MOH^rtNeMU;O<?>B.ce>dMVBIEHJ9?In_KJ;=>GM5 ; '1)!p6-})1Of
x<_>ZYB;=MOH^HJDKaN2R>dM
;OM=HB9_Ie`?KTBMGF7L>GP.B2`bD=>w;O<?HJDn?Ka;O>dMHJDPGB`bDmBK'fx<_>wNe`?;O@_`?;[B;
;OHJZ>X_Nv>.Dg9?Ne;jHJ9vceNeKace>Ha9?@?`?;OD
B2;S;=HTZ>GDgKTB;O>dMg;O<CB97fYx<?>B.ce>dMVB2IeHJ9_I0ZB;=MOH^
<CBED;O<?>g>d9,;OM=HJ>GD ; NE9Ha;mDhZYB2HJ9X_HB2IeNe9CBK);ON@?MON,X_`bP> ; 1)1OVFCB9?XHJ;h<bBED ; Ne9Ha;mD
n?MODO;SDO`_5X_HTBIeNe9CB2K|);=N@?M=NQX_`bP> ; 1qpOVf>MO>dIvBMOXl;O<?>[ce>GP;ONeMODS B29bX lBED
X_Ne`_?KJWlHJ9?n_9?HJ;=>eF7D=N;=<?>YHJ9?X_>^IeN,>GDrtM=N\Z g ;ON!f0x<_>G9;O<?>YZYB;=MOH^l;O<CB2;
>^Q>GP`?;O>GDh;=<?HJDn?Ka;O>dMHJD P >
P
) +TO.


; ;
; ;
; ;


[>P0

















)p
1)1
1 -zp













0`?KJ;=HJ@_KJW,Ha9?I{BKJNE9?I ;O<_>ZHTX_X_KJ>lMON2R NerXP0zIeHace>GD;O<?>X_>GDOHaMO>GXzNe`_;O@?`?; #


;\ :)wp-[)1OfnEk`_KJ;=HJ@?KaW,Ha9?Ii;O<?>@?`?M=>hD=HJ9v`bD=NeHTX
RHa;O<PdNeZ[@LNE9?>d9,;mD1)1N$ &()
IeHace>GD;O<?>jX_>GD=HJM=>.XwNe`_;O@?`?; 5 ; - ; $ "'& ) h $ &() fx<,`?Dh;O<_>jrtMO>Guv`_>G9?PdWMO>GD=@LNe9bD=>
rt`?9bP;=HJNe9 P} $ &() ; 
- ; $ "'& ) HTD;O<?>|PM=`bPHBKCZ
`?Ka;OHa@?KaW,HJ9_Ir)BEP;=NeMGf8:9KJHa9?>.BMBKaIe>d?MVB
;O>dMOZDdFv;=<?>iDOHa9,`bD=NeHJXwwN
$ &() HTDB9>dHJIE>G9vce>GPd;=NeM]Ner>dce>dMOWn?Ka;O>dMhB29bX;=<?>ArtMO>Guv`?>d9bPW
MO>GD=@LNe9?DO@> P} $ & ) HJDh;O<?>j>dHaIe>d9,cBKJ`_> f
>qZHJIe<v;BED=~Harj;=<?HTDwB.ce>dMmBIeHa9?I ZYB;=MOH^ HTDYHa9,ce>dM=;OHa?KJ>ef x<?>lB9bD=R>GMHTDY9?NbF
L>GPGB`bD=>w;O<_>wM=>.D=@LNE9bD=> ; - ; $ "'&() HJD hpm B@;  fx<?>BKa;O>dMO9bB;OHa9?IlD=HJ9v`bD=NeHTX
1 $ & :
p BGce>dMVBIe>GD;ONd>dMON)>.BEPV<{DmBEZ[@_KJ>0HTD;O<_>NE@?@LN\D=Ha;O>kNeri;O<?>
@?M=>GcvHJNe`?DUDmBEZ@?Ka>2fx<?>dMO>drtNeM=@> P0wzrtNEMh;O<?HJDhN\DOPdHaKaKB;=HJ9_I[Ha9?@?`_;Gf
s<?>d9o;O<_>wHJ9?@_`?;HTD;O<?>wHJZ@?`?KJDO> =ddGm_GEm_dddF;=<?>wMO>GD=@LNe9bD=> P0HTD
>^?BEP;OKaW EQl=i?AE ! fx<_HTDHTD;O<_>iHTZ@?`?KJD=>iMO>GD=@LNe9?DO>  ; ; VQGddf
N2R}KJN,NE~[B;;=<?>|ZB;OM=Ha^rtNEMB29,WPGB`?DVB2KL78 2}n?Ka;O>dMGf8:;HTD]D=;OHaKJKbKJN2R>dM;OM=HB29?Ie`?KTBM
'PGB`?DVB2K5B9bXgHa;<CBEDBn?9?Ha;O>9,`bZ
L>dMNerv9?Ne9?d>dMONX_HB2IeNe9CBKJD:8 2A]f EkNeDO;HJZ[@LNEMO;VB29,;GF
;O<_>0ZB;=MOH^HTD 4=D=<?Hart;=:Ha9,cBMOHTB9,;df 6 ]BP<oM=N2R HJD[BqDO<_HJrt;NerU;O<_>@_MO>dc,HaNe`bDMON2Rjf8:r
'v OpV 1:\ } K\OjBM=>;=<?>PN,> PHJ>d9,;ODY p 2  gNerUBrtNe`_M=:;VB2@ n?Ka;O>dMGF;=<?>d9
;O<_N\D=>PN,> PHa>d9,;mDIeNX_N2Rh9z;O<_>rtNe`?Mw9?Ne9?d>dMO
N X_HTBIeNe9bBKTDwNer;=<?>ZYB2;OMOH^#f x<?>
PN,>PHJ>d9,; bHJDh;O<?>j>d9,;OM=WwBKJNE9?I[;O<_>   X_HTBIeNe9bBKNEr P
E



 
 

 










x<_HTDhHJD;O<?>  p5)hjE ! eN M 2 bEE?:20YE ! f

)(|Q

,
|


 

|;O;=Nx1N,>d@?KaHa;OqBEP;O`CB2KJKaW DO;=`bX_Ha>GX{n?9_HJ;=>qPNe9?DO;mB9,;X_HB2IeNe9CBKUZB;OM=HTP>GDdfzx<?N\D=>
BM=>ZNeMO>wX_HP`?KJ;L>GPGB`bD=>;=<?>ZYB;=MOH^HTDP`?;NesB;;=<?>;=Ne@oMON2RB9?XoLNe;=;ON\Z
MONpRSfhx<?>@?`?MO>
D=Ha9,`bD=NeHJX?Di $ &() BM=>9_NKaNe9?IE>GM>GHaIe>d9,ce>GP;ONEMmD L_Ne`?MOHa>dMiB29CBKaWQD=HTD
BKaRhB.W,D<bBED7;=MONe`_?KJ>B;LNe`_9bXbBM=HJ>GDdf7x<?>@?MONE?KJ>GZrtNeM7x1N,>d@?KaHJ;=hRBED;ONi`?9bXQ>GMOD=;VB9bX
;O<_>@?M=Ne@L>dMO;=HJ>GDNer
<?HJD0ZB;OM=Ha^sBE
D   !fx<?>PNe9bPKJ`?DOHaNe9 )DO>d>vd>dI N{B29bX
AM=>G9bB9bX_>dM  'D 5RhBD1;O<CB2;;=<?>]KaHTZHa;1HJDB VtQe /AHJ9?n_9?HJ;=>ZB;=MOH^#F.RHa;O<Ne9?>LNe`?9bX?BMOWeF
MVB2;O<?>dMh;O<bB90NE`?MX_Ne`?_KJWHJ9_n?9?Ha;O>ZB;OM=Ha^l9?NLNe`?9bX?BMOHa>GDVf
x<?>SZ`?Ka;OHa@?KaHTPGB;=HJNE9 [>
P0>^Q>GP`?;O>GDBX_HJDmPM=>G;=>SPNe9,cENeKJ`_;OHaNe9Ner7RHa;O< 

5)1

!

)(>(\

 b1)?5


x<_HTDhHJZ[@?`_KTD=>jMO>GD=@LNe9bD=> w p p  HTDHa9>.BEPV<PNeKJ`?Z[9NerlPf
x<?>j>GHaIe>d9,ce>GP;ONEMmDBM=>D=;=HJKaK
;O<?>SDO@C>.PHTBK>^Q@LNe9_>G9v;OHTBKTDU)>$ &() fx<_>S>dHaIe>d9_
cBKa`?>|HTD;O<_>|rtMO>Guv`?>d9bPWMO>GD=@LNe9?DO;> P} $ &() f
E`bD=;Z
`?Ka;OHa@?KaW[,W[BS;W,@?HJPGBKCM=N2R}NerZPF
B9bXwr)BEP;ONeMhNe`_2; $ &()
5)  $ &()Z ?"  & - $ &()Z;  ?" ; & - $ &()Z ?" )& - $ &()

?  $ "'&  ) - *$ "'& ) - $ "'&() - B $ &()


PO $ &() % $ &()
x1NwDmB.W;O<_HTDAHa9KJHa9?>.BMgB2KJIe>d?MmB[KB9_Ie`CBIe>eFL;=<?>?Ne`?M=HJ>dM|CBED=HTD@?`?MO>DOHa9,`bD=NeHJX?DhRHaKJK
X_HTBIeNe9bBKJHad>B9,WgPNe9bD=;VB29,;=X_HTBIeNE9CBK\ZYB;=MOH^#f  ? 2bEE?:2 P0w
 v V 2
? 5 E:2  / P} $ &() x<?HJDhHJDh;=<?>Y 2bEE?:20?J Ne9Rh<?HJP<n?Ka;O>dMX_>GD=HaIe9
HJDbBED=>.X#f
DOHa9?IeKa>]n?Ka;O>dM1HJD19_Ne;1HJ9,;=>d9bX_>GXS;=NUL>]Ha9,ce>dM=;O>GX:B29bXjHJD1@?MONECB?KaWg9_Ne;1Ha9,ce>dMO;=HJ_KJ>2f
x1NZ[N2cE>7;ON2RBMmXin?Ka;O>dMCB9?~,D1R>HJ9v;OMON,X_`bP> \!Fbd2i5tQ f1x<?HTDHJD;O<?>KJ>d9?Ie;=<_
MO>GX_`?PdHa9?INe@L>dMVB2;OHaNe9 S\ 5)
5:2Vf\HJ9bP>Ha;
HJD
KaHJ9_>pB2MGFHa;P.B29oBKJDONkL>YMO>d@_
MO>GD=>d9,;O>GX,WqBZB;=MOH^#f`_;g;O<CB;jZB;=MOH^X_N,>GDg9?NE;g<CB.ce>PNe9bD=;mB9,;gX_HB2IeNe9CBKJD H8:;
HJDU9?NE;ABx1Nv>G@_KJHa;OZB;=MOH^#fANpR9bDmBEZ@?KaHJ9?IHTD9?Ne;UD=<?Hart;=:Ha9,cBMOHTB9,;dFbL>GPGB`bD=>
B`?9_HJ;
X_>dKTB.WNEr;=<?>gDOHaIe9CB2K#@?M=NQX_`bP>GDBPN\Z@?Ka>d;O>dKJW[X_HJL>dMO>d9,;D=>d;Ner1>dce>d9_:9v`bZC>GM=>GXwDmBEZ
@?Ka>GDw;O<?>dW@_MO>dc,HaNe`bD=KJWl<CBEXNQX_X9,`bZ
L>dMmDf08:9D=N\Z>RhB.Wq;O<?>ZB;OM=Ha^lrtNeM jHTD
D=<?NeM=;|B9bXwRHJX_>e




5:\


\ [


y















5O. 55 :v\


5e
5 |Q
5}K\
5 |,





)(C8v

|GK


 

|9?>SHJ9,;=>dMO>GD=;OHa9?I@LNeHa9,;ABCNe`?;U;O<?HJD|ZB;=MOH^wHTDUHa;mD;OMmB9bD=@LN\D=>Y);mBKJKB9bX;=<?HJ9LfcEk`?K
;OHa@?KaW,Ha9?I,Wz e RHaKJK@?`_;d>dMON\DCBP~Ha9,;=NNQX?XQ:9,`?ZL>dM=>.XDmBEZ@?Ka>GDGf}x<?HJD[HTD
>^?BEP;OKaWY;O<?>j@?M=NQP>GDmDhNer 2Cd2A5tQ 'X_>d9?Ne;=>GX,W \V







:\
 :v
\  \ 
 O .
)(`De
 Op
 \

 e
x<_>S@_MONQX_`?Pd; 7e \VFQRHa;O<0X_NpR9bDmBEZ@?KaHJ9?In?MOD=;GF_HTDUXQHJL>dMO>d9,;hrtMONeZ \ 7e
5'v

\ 7e [ 5:\
?`?;
7e \  

5 |Q
x<_>SKaN\DOD=W>Guv`CB;=HJNE9 \]<CBEDUBM=HJIe<v;hHJ9,cE>GMOD=> \]?`?;h9?Ne;|BKJ>drt;hHa9,ce>dMmD=>ef
N2RzPdNeZ?Ha9?>An?Ka;O>dMOHa9?IRhHJ;=<X_N2R9?DVBZ[@?KaHa9?Ibfx<?> 4O? 6>d9,;=>dMmDHJ9v;ON;O<_>jPNe9,cENE
Ka`?;OHaNe9
\w P01
521    b2
bL
)(Cdv
! 
x<_HTD1HJD1;=<?>PMO`bPHTBKvPN\Z
?HJ9bB;OHaNe9jrtNEM1n?Ka;O>dM1CB9?~,DB9bXSRB.ce>dKJ>d;ODGf8:;1HJD1KJHa9?>.BM1?`?;19?NE;
D=<?Hart;=:Ha9,cBMOHTB9,;df
x1Nw>^Q>GP`?;O> hew P ,WBZYB;=MOH^#F FV2e[?[.\ bQ VVm
m!F
= P x<?HTDhKJ>.B.ce>GDBD=<?NEMO;RhHTXQ>ZB;=MOH^R<_N\D=>jMONpRUDh<bB.ce>B \2 JgV\ 


















































 


\%P



















)(C<v

x<_>
ZYB;=MOH^Z
`?Ka;OHa@?KaHTPGB;=HJNe9 \wP 0@?MON,X_`bP>GD|;O<_>
DO`_bDmBEZ[@_KJ>GXKaN2R@CBDmDUNE`?;O@?`_;
 p21F_R<?HJPV<HTDh<CB2KJrNer;O<_>SRB.ce>dKa>G;;OMmB9bD=rtNeMOZ Ner7f
x<?>wNE;O<?>dM
<CBKarNer;=<?>w;=MVB9?DOrtNEMmZ HJDrtM=N\Z ;O<?><?HaIe<?@CBEDODPV<CB9?9?>dK'f8:;L>dIeHa9bD
RHa;O<;O<?>wD=>GPdNE9bX n?Ka;O>dM P  fx<?>Ne`?;=@?`?;   P  oHJDD=`??DVBZ[@?Ka>GX ;ONq@?M=NQX_`bP>
  21 \w P  fx<_>;RN[<CB2KJr:Ka>d9?Ie;O<0cE>.P;=NeMmD  iB29bX   IeHace>S;=<?> 4OB.ce>dMVB2Ie>G.D 6
B9bX 4=X_>d;mBHJKJ7D 6Ha9;=<?>kHJ9?@_`?;wD=HJIE9CBKifx<?>dMO>kHTDN2ce>dMOKTB@}L>d;R>G>d9{;=<?>GZ B;BKJK
rtMO>Guv`_>G9?PdHa>GD]C>.PGB`?DO>U;O<_>|n?Ka;O>dMODBMO>U9_Ne;HJX_>.BK);O<_>GWX_Ne9 ;]<CBGce>|_MOHJP~RBKaKC@L>dMOrt>GP;
P`?;ONE#DfsHJ;=<w@?M=Ne@L>dMOKaWP<_N\D=>G9Yn?Ka;O>dMODR>iPGB9wD=;=HJKaK5M=>GPdNE9bD=;OMO`?Pd;Y@L>dMOrt>GP;OKaWrtMON\Z
 p21B9bX   :2Vf




|=|


 

x <?>wB9bBKJW,DOHJDn_KJ;=>GMCB9?~PdNE9bD=HTD=;mDSNerj SewP B9bX j\%P  fkx1Nk>^Q@?M=>.DODS;O<?>


RhBGce>dKJ>d;;OMmB9bD=rtNeMOZ HJ9wNE9?>gDOuv`CBM=>gZB;OM=Ha^#F,R>gPN\Z
?HJ9_>A;O<_N\D=>i;RNZYB2;OMOHJP>GDi)>.BEPV<
PNe9,;mBHJ9_HJ9?IBXQNe`??Ka>D=<?Hart;


p \





2=p  2:\


\

wP 

 2OKv  2e  2=p  2'v


P V|
98ev
\wP 






 }K\  :\  =p  :\

   O Kv   e  =p  'v




x<_>|XQHBIENe9CBK?NerjP V hHTD9?Ne;]PNe9?DO;mB9,;]B9?X[;=<?>n?KJ;=>dM]bB9?~HTD9?Ne;D=<?HJrt;:HJ9vcEB2MOHTB9,;Gf
`?;gHJ;gHTD \2 J V\ tbE2:2L  8:r;O<?>Ha9?@?`?;lHJDjX_>dKB.WE>.Xq,Wk;RNw;OHJZ[>D=;=>G@?DGF
;O<_>G9;=<?>Ne`_;O@?`?;HJD]B2KTD=NSXQ>GKTB.We>GX,W
;RNg;OHJZ>D=;O>d@bD B29bXNe;O<?>dM=RHJDO>h`_9bPV<CB9?Ie>GXf
>S<bB.ce>B a  8 2 ;OHJZ>d:Ha9,cBM=HB9v;hD=WQD=;O>GZ0f
Ne;OHJP>;=<CB;;=<?>wPNeKa`bZ9bD
PdNE9,;VBHa9?Ha9?I>GcE>G9Q:9,`bZ
L>dMO>GX PN,> PHJ>d9,;ODBMO>D=>d@CB2
MVB2;O>GXrtM=N\Z ;=<?>APNeKJ`?Z[9bDPNe9v;VBHa9?Ha9?I
NQX_XQ:9,`bZ
L>dMO>GXYPN,> PHJ>d9,;ODGf7x<?>An?Ka;O>dMCB29?~
HJDiXQ>pB2KJHa9?IRhHJ;=<q;RNY@_<CBED=>GDGF# ) )B29bXq?=O\FLRh<?HJP<lBM=>
@?M=NQX_`bPHa9?Iw;RNNe`?;O@_`?;mDdF
 p21B9bX   :2Vf
_NeM[BqD=Ha9?IeKa>n?Ka;O>dMGFR>D=>dKJ>GP;O>GX;=<?>D=@L>GPHTBKhHa9?@?`_;1[ $ & ) f x<?>wn?KJ;=>dM
Z
`?KJ;=HJ@_KJHa>GX Ha;
,W B0DmPGBKTBQM PO $ &() Vflx<?>@?`_MO>rtM=>.u\`?>d9bPf
W RhBED@?MO>GD=>dMOce>GXfq_NeM
Bn?Ka;O>dMCB9?~LF;O<?>PNeMOM=>GDO@CNe9bX_Ha9?IHTXQ>pBHJD;ON D=>GKa>GP;B9}>GcE>G9@?<CBED=>q ) ))\
1:2Y $ &() B9?X}B9N,X?X @?<CBED=>k?=me)1 1:2pY n$ &()
f}x<?>d9;O<?>
Ne`?;=@?`?;hHJ9>.BEPV<0PV<CB29?9?>dKB2IvBHa9<bBEDh;O<?HJDrtMO>Guv`_>G9?PdW 


!

2:\

  }K






 

 













Z 9&




$ &)  "
n$ &()
$ &()

V




P












Z " )&




"!

)
 ) ))

 ) )
P
P



n$ &() 


P

=m
 =m


)
[=O
) )

98?p

x <_>kPdM=`bPHB2KU@CNeHJ9v;HJD[;ONHTX_>d9,;=HJrtW;O<CB2;l,W ?E / C_2GwE ! FR<?HJPV<}HJD[;O<?>


?KaNQPV~B29CBKaNeINer;O<?>irtM=>Guv`?>d9bPWM=>GDO@CNe9bD=>irt`?9bP;=HJNe9 PO$ &() rtNeMhB
DOHa9?IeKa>in?Ka;O>dMdfx<?>
@LNeKaW,@?<bBED=>ZYB2;OMOH^HJD
P  ) ))
P  =O
 p ?% $ &  )
 2: -zph$ &  )
P  e}$ & )

P
) )) P =O
 ?% $ &  )
 : -zph $ &  )




98\\
8:9 ;=<?>wB9CBKaWQD=HTDSNern?KJ;=>dMCB9?~QD)DO>d> * | B9bXNe;=<?>dM;O>^Q;OCN,Ne~QDF;=<?>Y@LNEKJW,@_<CBED=>
ZB;OM=Ha^Y@?KBGWQDh;O<?>jKa>pBX_HJ9_I[@CBM=;GFf R>d;`bDZ>G9v;OHaNe9;O<?>SZN\D=;hHJZ[@CNeMO;mB9,;@LNeHa9,;G
!

Z(
|


 

 ?h?E / C_2GiE !A2S?j / L?Vt7 m2 


tS?gtbeG
= P  e
P V"  
PNeMOM=>.D=@LNE9bX?Dh;ON
P "   }$ &()
x<_>GM=>drtNeMO>
;O<_>DOWv9,;O<?>GD=HJDin?Ka;O>dMibB9?~0HJDj8 2Ne9?KaW0HJr P "   HJDjBYn_9?HJ;=>@LNeKaW,9?N\ZHTBK
)9_Ne;B9HJ9?n_9?HJ;=>|D=>dMOHa>.DHaH9 $ &() fvHa9bP>U;=<?>HJ9,cE>GMOD=>Ner#BjZB;OM=Ha^
HJ9,cENeKJcE>.DX_Hac,HTD=HaNe9[,W
;O<_> vt#2L FC;=<?>PNe9bXQHJ;=HJNe9rtNeMiB9l8 2B9CBKaWQD=HJDAbB9?~)RhBGce>dKJ>d;U;OMVB29bD=rtNeMmZ
;ON<CBGce>B9078 2D=W,9v;O<?>GD=HTDhCB29?~l)Ha9,ce>dMODO>gRhB.cE>GKa>d;;OMmB9bD=rtNeMOZwHTDh;=<?HTDd
 ?vt#2L= P  e} $ &() Q V
[2#2:E B $ & ) 2S 2L /
x<_>G9R>hPGB9X_Hac,HJX_>hvW;O<?>hX_>d;O>dMmZHa9CB9,;dF\B29bX;O<?>Ha9,ce>dMmD=>hZB;OM=Ha^SHTDBAn_9?HJ;=>h@CNeKJW\
9?N\ZHTBK:fjx<?HJDiHJDi;=<?>MO>Guv`?HaMO>GZ>G9v;|rtNeMgBY@L>dMOrt>GP;iM=>GPdNE9bD=;OMO`?Pd;=HJNE98 2n_KJ;=>GMACB9?~5f
?M=N\Z P "  } $ &() 5R>PNe9?DO;=MO`bP;1;O<_>]HJ9vce>dMmD=>];OMmB9bD=rtNeMOZ0F.R<_HTPV<HJD1;O<?>D=W,9,;=<?>GDOHJD1CB9?~5f
\_^ S%O z Ne`oPGB9oD=>d>w;=<?>w_KJNQPV~QDZNeMO>wPKa>.BMOKaWvWHa9,;O>dMOKTBEPHa9?Iq;=<?>wMONpRUD
Ner
\% P UB9bX \w P  fx<?HTDRhHJKaK#HJ9v;O>dMOKTBEP>g;=<?>iNe`?;O@_`?;hce>GP;ONeMOD  2:2]B9bX   pf
>SBMO>gX_NeHa9?I;O<_HTD9?Ne;Ha9;O<?>jBEP;O`CB2K#HJZ[@?Ka>GZ[>d9,;mB;OHaNe9Fv?`?;hHa9NEMmX_>dM;=NMO>GPNeIe9_HJd>
;O<_> a   p5)hjE ! ;=<CB;UB@?@L>.BMODG




 



2 v
 O Kv

  OK

V  A




P







pe
 e

 


2=p
2=OKvp
 O Kv

 

2'v
2':v\
 :\




 




pOp
 Op

 

2'v
 'v




 

98=Kv

x<_>DmBEZ>
,WZB;=MOH^HJDM=>d@L>.B;O>GXX_NpR9>.BEPV< a 2:Gv2#E f
\_^ S%O  z EqB2;OMOH^Z
`?Ka;OHa@?KaHTPGB;=HJNe9HTDNe@?;=HJNe9bBKirtNeM;OHJZ[>:Ha9,cBMOHTB9,;Yn?KJ;=>dMmDB29bX
X_Ne`_?KJWHa9?n?9_HJ;=>lD=HaIe9CBKJDdf EB9,W 9?Ne9QDO@C>.PHTBKaHTD=;mDHJ9D=HJIe9bBK|@?MON,Pd>GDOD=HJ9_IoBMO>PN\Z
rtNeM=;VB?Ka>0RHa;O<{ZB;OM=HTP>GDBEDYBRhB.W;=N `_9bX_>dMmD=;VB29bX;O<?>BEP;OHaNe9}Neri;O<_>k;OMmB9bD=rtNeMOZ
:B29bX?KJN,P~}ZYB2;OMOHJP>GDPNeMOM=>.D=@LNE9bX@L>dMOrt>GP;OKaW};ON?KaNQPV~};OMmB9bD=rtNeMOZDf v@L>GPHBKaHJDO;OD
ZB.W@?MO>drt>dMA;=<?>X_>GDOPMOHa@?;OHaNe9HJ9q;=<?>rtMO>Guv`_>G9?PdWX_N\ZBHJ9FLR<?>dMO>BYn?Ka;O>dMiZ
`?KJ;=HJ@_KJHa>GD
,Ww;=<?>D=HTZ@?Ka>DOPGBKB2MUM=>GDO@CNe9bD=>Srt`?9bP;=HJNev
9 PO $ &() Vf8:9k@CNe@?`?KTBMU;=>d^,;OLN,NE~QDKaHJ~e> |@_
@L>d9?<?>dHJZ B29bXz,PV<CBrt>dMd D t V  t J#E ]m VVtQ F;O<_>GM=>kHTDYDOPGBMmP>dKJW B
D=HJ9_IeKJ>iZB;OM=Ha^5f87Z[>d>d;];O<?N\D=>ADO;=`bX_>d9,;ODHa9wZWRhB.ce>dKa>d;PKBEDODdF_B9bX;O<?>dW[;=<?NeMONE`?Ie<?KaW
`?9bXQ>GMOD=;VB9bXn?Ka;O>dMmDdf
_NeMA;O<?>n_9?HJ;=>:KJ>d9?Ie;=<lD=HJIe9bBKTDA;O<bB;A>G9v;O>dMAHJ9qHJZYB2Ie>
@?M=NQP>GDmD=Ha9?IbFB9bXrtNEMi;=HTZ>
cBMOWvHJ9?Iln?KJ;=>dM[bB9?~QDNeriBKaKh~,Ha9bX?DdF8SC>GKaHa>GcE>;=<CB;[ZB;OM=Ha^9?Ne;VB2;OHaNe9 HJDcBKJ`bB?Ka>\f
x<_HTDSB@?@_MONvBEPV<qHTDi>.D=@L>GPHTBKJKaWk<?>dKJ@_rt`?KrtNEMg9?NE9_D=@L>GPdHTBKaHTD=;ODR<?N;=<?HJ9_~n?MmD=;gNer;O<?>



 

D=HJIE9CBK7HJ9;OHJZ[>NEMSD=@CBEP>eFHa9bD=;O>.BEXlNErHa9;=<?>rtMO>Guv`?>d9bPWqXQN\ZYB2HJ95Vf\NR>RhB29,;g;ON
PN\Z[Z[>d9,;g?MOHa> ?WNe9 ;=<?>ZB;=MOHJPd>GDj;O<CB2;
X_>GDmPM=HJL> tQ2wkVJ#E]=U7b)
JQe -
x<?1
> 4HJ9v;O>dMOHaNe.M 6Ner;O<_>ZB;=MOH^RHaKaK<CBGce>[PNe9bD=;mB9,;jX_HTBIeNe9bBKTDSBEDgL>drtNeM=>efx<?>
>d9,;OM=WHa90;=<?>   X_HTBIeNe9bBKHJD;=<?>jn?KJ;=>dM|PN,>PHa>d9,;  bVf ;h;O<?>S;=Ne@M=N2RUDUB9bXpNeM
LNe;=;ON\Z MON2RDg;O<?>A>G9?X?DNer;=<?>gD=HJIE9CBKt]D=N\Z>iPV<CB29?Ie>AHJ9;O<_HTD@CB;=;O>dMO9HJD9?>GP>GDODVB2MOWef
>Z`?DO;|Ha9,;=MONQX_`?Pd>
LNe`?9bX?BMOWkPNe9bXQHJ;=HJNe9?DA;ON;O>dKaK`bDAR<bB;A;ONwX_NR<_>G9;O<_>PNe9_
ceNeKa`?;=HJNe
9 5  b1
bgHTDBED=~,Ha9?IqrtNeMDmBEZ[@_KJ>GD
NerU;O<bB;BM=>Ne`?;ODOHJX_>
;O<_>HTZBIe>[CNe`?9bXbB2MOW:B9?X;O<_>GM=>drtNeMO>[9_Ne;
XQ>Gn_9?>GXLfY>YZB.WqPV<CB9_Ie>  bi9_>pB2M
;O<_>iLNe`?9?XbBMOW[NeMR>AZYBGW[>^Q;=>d9bX)1L>dWeNe9?X;O<?>ALNe`_9bXbBM=W ?`?;R>i<bB.ce>A;ON
X_N0D=N\Z>d;O<?Ha9?I H 9bXHa;jHJDgNErt;O>d9PdKa>.BMO>GD=;i;OND=>G> l P BDSB9 -s,W -!ZB;=MOH^
Z
`?KJ;=HJ@_KJHJPGB;OHaNe9f
PM=`bX_>B@?@?M=NvBEPV<HJD hpV ?\\2tQ F2Rh<?HJP<[BDmD=`bZ>GD;O<CB;;O<?N\D=>`_9?~,9?N2Rh9[DmBEZ
@?Ka>GD|B2MO>B2KJKd>GM=Nb
|>Gn_9?>1)1! rtNeM B9?X -
8:9;O<_HTDPGBED=>k;O<_>HJ9_n?9?Ha;O>lx1N,>d@?KJHa;OZYB;=MOH^ HTDPV<?NE@?@L>GX{NE!;ONoBn?9?Ha;O>lx1Nv>G@_KJHa;O
ZB;OM=Ha^#f><CB.cE>B29 -,W - D=>GP;OHaNe9 Nerh;=<?>NeM=HJIeHa9CBKZB;=MOH^#fx<?>M=>GDO`_KJ;
HJDB
X_HJDOPdNE9,;OHa9,`?Ha;WHJ9;=<?>wD=HaIe9CBKB9?XoB0c,HJDOHa?Ka>B2MO;OHar)BEP;w)D=N\Z[>d;=HTZ>GD
BkXbBM=~CB29bXoB;
;O<_>SCNe`?9bXbB2MOWbHa9;O<?>jM=>.PNe9?DO;=MO`bP;=HJNe9Ff EkN\D=;DONErt;RhB2MO>gX_N,>GDhL>d;O;O>dMh;O<CB9;O<?HJDdf
A]WQPKJHJPPNe9,cENeKJ`_;OHaNe9FRh<?HJP<BEDODO`?Z[>GDjB b:.2 VJ#E RhHJ;=<1 -i 1'vFHTD
ZNeMO>|@LNe@?`?KTBMdf8:;@_MO>GD=>GM=ce>GD;O<?>j_Ne`?M=HJ>dMD=;OMO`?Pd;=`?MO>eF,;=<?>Six{NerKJ>d9?IE;O!
< -hfx<?>dMO>
HJDS@L>dM=rt>.P;BIeM=>d>.Z>d9,;gL>d;R>d>G9 t ?a2LhE  'x1N,>d@?KJHa;O[RHa;O<RhMVB@QBMONe`_9bX
Ner7;=<?>
X_HTBIeNe9bBKTDhB9bXkX_HTBIeNe9bBKJHa.B;OHaNe90,W;=<?>gxif|x<?>
>dHaIe>d; 9,ce>GP;ONeMODhNer7>dce>dMOW
PHJMOP`?KB29,;[ZYB;=MOH^oBMO>;O<_>kgx bBED=HTDcE>.P;=NeMmD  OE     ddd
RhHJ;=< 
>^Q@1: \/'c -VfUNe;=>S;=<CB;  EF?R<_HTPV<kBEDOD=`?M=>.Dh;=<?>S@L>dMOHaNQX_HJPjRhMVB@_B2MONe`?9?Xf]x<?>
PNeMOM=>G; DO@CNe9bX_Ha9?I0>dHJIE>G9vcEB2KJ`?>GDgNer;O<?>PHJMOPd`_KB9v;ZB;=MOH^B2MO>[;=<?>9v`bZC>GMOD P   j
P}$ :&   SrtNeM  _ddGd -}Ef>0BM=>D=>d>dHJ9?I -XQHTDOPMO>d;O>rtM=>.u\`?>d9bPHJ>GDRhHJ;=<
>Guv`CBKD=@CBEPHa9?I  "c -hF_Ha9bD=;O>.BEXNer;O<_>SRh<?NeKa>SPdNE9,;OHa9,`?`bZ NerrtMO>Guv`_>G9?PdHa>GD 9 ;9 8f
9q>^?BEZ@?Ka>
RhHJKaK@?`?;A;O<_HTDAHTXQ>pB[HJ9,;=NwZB;OM=Ha^9?Ne;mB;OHaNe9fix<?>PWQPKJHJPB.cE>GMmBIeHa9?I
n?Ka;O>dMrtNEMhKJ>d9?Ie;=< -5
|[HJDhMO>d@?MO>GD=>d9,;O>GXw,WB |[,W |[PHJMOP`?KB29,;UZB;OM=Ha^5


P
h


x<_>i>d9,;=MOW ;A HTDNe9Y;O<?>iZBHJ9X_HTBIeNE9CBK#B9bXY;O<?>An?MODO;D=`?5X_HTBIeNe9bBK R<?HJPV<PWQPKa>GD
BM=Ne`?9bX{Ha9,;ON;=<?>;ONe@M=HJIe<v;wPNeM=9?>dMNerg;O<?>qZYB2;OMOH^#f 8:rjR>lB@?@_KJ5
W P  ;ONoB9








RD
|


 

Ha9?@?`?;AF?;O<?>jNe`?;O@_`?;HTDh;O<?>ZN2c,Ha9?IB.ce>dMmBIe>[)RhHJ;=<0;=<?>SPWQPKJHJPBEDOD=`bZ@?;OHaNe9;O<CB2;
1
p!} Kv=
1:\ - } Kv

>P   11Oe. -- :Ovp


1} K\ - \
Ne`PGB9D=>d>;=<CB;;O<?>G>dM=NE:rtMO>Guv`?>d9bPWSHa9?@?`_;w=EGEGEGpHJDB9>dHaIe>d9,ce>GP;ONeMRhHJ;=<
>dHJIE>G9vcEB2KJ`?> ; P} $ &  j fwx<?>[9?>^Q;S>dHJIe>d9,cE>.P;=NeMjHJD
OEA/md
Ed1/iPNe9,;VB2HJ9?Ha9?I
@LN2R>dMmDNer#$ :&  l/mfx<?>h>dHaIe>d9,cBKJ`_>hHJD ;\ O5 /=VFeRh<?HJP<[BIeM=>G>GDRhHJ;=<;=<?>hMO>GD=@LNe9bD=>
P} $ &() h ;  - ;  $ "'&() B;U;O<?>
rtMO>Guv`_>G9?Pd:
W {  cEQf|x<,`bDAPHJMOP`?KB29,;AZYB2;OMOHJP>GDABM=>B
@L>dMOrt>GP;ZB;mPV<RhHJ;=<0PWQPKJHJPjPNe9,ceNeKa`?;=HJNe90B9?X;O<?>ixgf
;=<?HaMmXYB@?@_MONvBEPV<[HTD@?MO>drt>dMOM=>.XrtNeM]D=WQZ[Z[>d;OM=HTPjNeMB9,;=HTD=WQZ[Z[>d;=MOHJP21n?Ka;O>dMmDdf 
" !e#?VJ#E / Y Et /Ef ;Y>.BEPV<LNe`?9bX?BMOWeFh;=<?>dMO>BMO>0;RN@CN\DODOHa?Ka>
/  
4













 


"!$#&%(' $)+*-,.0/,*-0.21-!345*

DCE

5FG2!HI$#&%J' $)+*-,.K/L,I*CMN1C$!O? *

6879;:=<=687->?:=<6@7 A;:B<6@7C>?:B<6@7 9;:

6@7 9;:B<687->?:=<=687 AP:=<6@7 A;:B<6@7C>?:B<6@7 9;:

QR)=P;CS*-&1- $)+*-,.T*-5*U5V1C$$W/L,I*CX*-&Y*-1Z\[P]^22*-1C,_)"`.H $.HV*-


Y*-1aO4`b1-!345*-ca,.

<


<


<

*-eC]^S"*-1C,_)f^ggh I.V*CUY*-1

<


<

<


<

O

.S1C$!O? *$ZeijH,_+k^*-.C,.l!1-h)$d -,Im4C]n*-2,_"!$2.h*Lo3$)$5pCW*-WY*-1m)$5.


)+*q.1-& I]M.r*-H2+k^*C.gH$grC,IV.O5tsu .gv*-H$.v*-"p*C!p*xwM,_q1-$gHp)+$gvoO)=y
*-0I.V*C

5.grCpo"!4gzs@/L.Q*C2Y*-1qoO5.y{,I.)pgH$

F~p1,.h**-+k^*Co3hyl
>$P:

+I+ 

z


B

4
 &7

V,I`$j*-WgH*= ,IILFcC]^2"$*C1-,I)+k^*C.C,I.X

>+

9;:

Z&|bO5!*C$1W}

QI$-]P|j5Uo1C,_g^VU~1-$-
Z

iem*-!n5.g2o3*C*-;1-?/mF*-mY*-1S5*-1C,k251-m2^g^,IY$g2oh]U*-H,_

D F_g^

)+1--#Q)2,.VTF1-;C]^S"*-1C,_)0+k^*-.C,.Fq*CM,I.!Hp*n-,V.O  ZijH\S5*C1-,k
1-$S5,.joO5.g^4gRop**-xgH,_5V.O .h*-1C,I$)=O .Vq,.{NC]^C*-$S5*-,I)/j4]&.H? 1L*-
o3pH.g51C,I$Z .5.c'YHI*C$1So5.y/,*-c',.h`1Cs*-ly]!3,.h*S,I2*-O *
o3*C*C1=5.-F12
7

5.O I]^C,IN5.gXC]h.h*C$-,Isfg^4)+.-*C1-p)+*C,I.5.gT1-$)+.C*-1Cp)+*-,.
:

1-$S5,.MoO5.gH$gZij,IoO5.gH$gH.$-245.SFC**-15.CF1/L,I*CvSFC*,.h`1CZ
[PW/L4`$*~O$`*-m*/ex$--.h*C,G !1C!31-*C,I$sPC!34g2Fkh4)+p*C,I.&5.g&))+p1)+]
Fc5!!1C?k^,I& *-,.8s^*-O *mS5y*-$UVhhg0*-15.CF1KZ

4fbU\

2m"

*x,_x4C]{*-lgH$-)+1-,o32*-HS2-*q!3!pHG515.gr).h`.,$.P*
ijH$])+;"rgH,1-$)+*-]F1C;
>

"

gH,I"$.-,.O fY*-1-$Z

g^,_".C,I.5qYHI*C$1-Zij;CT 1-Q5!!,4g*C4)=


 

Fu*-W,IS5VZbie.l*-xp*C!p*m,I1C$1-VP5.H,$gR,I.h*C&)+p".sO .g

C!O51= *-x1C /
*-H
>

gH,_".C,I.O5Y*-1- 1- !!,I$g0*-"4)=l)+p".8Z

ie,_m!1-hgHp)+$Fp1p*-!pH*,I.-*C4glF~*-HpCpO5a* /ZmijI?/L  /


7

 /L!O-@Y*-1a.1- /u5.gW*C.U)+p".


:

p*-!pH*

.H1S5I]q)+.P*=5,.a2;C*8FH*-b.1-V]

5.g*-Hj,I.HF1S5*-,.8ZuijH,_;pO51-*C1CC,e,I&5V,_c*Cj,.!p*c*-*Cj.+k^*c,*-1=5*C,I.8Z

3$)*C,I`$]sh.-*C!nF8*-Hx5.O5]^C,Ieo5.y2OegH /L.2!HI$gS*--,V.O oh]"Fp1$Z


%

$#

w)#
9

79'v<(@:

6@7v< a
 :

"!

w&!
9

79'v<(@:

*,IpC$FpHc*-nFI?/J*-H1-pV\*-
o3M .4`$15VR `$1NFp1"=52!$+/

*!

+#

*!

w)#-#
9

w)#,!
9

w&!.#
9

w&!-!
9

79'v<=9'a:
79'v<=9'a:
79'v<=9'a:
79'v<=9'a:

 1+k52!ZxieUI /j I?/Jp*C!p*/,I


* /ev.,IVPo31NF1-;4)=1-?/5.g

4`15V$gn `1L* /".,Vho31-,.VS1C /m


w)#0#

+#

*C.

79'v<B9
a:
>
%

6@7 9'r<=9'@:21

6879'43>5<B9
a:21

6@7 9'r<=9'53>4:21

6@7 9'43><=9'63>4:

ijHq*-1j*-1Cqp*-!Hp*jw&!#5.gRw)#7!e5.g0w&!-!b,I.h`I`q*Cx2Fp1j,I.!Hp*mN
!$$Zxij1C"51-U2,.hpC,V.F1-;*=5yh,.VRgH,1-.)+$,.C*-4g{Fb4`1= V$$Zij
Fp10C,IV.

!5*-*C$1C.RV,`v*-Q"vFp10p*-!Hp*l5l

p1-,1i@1= .CF1

.

9;:\9

!3,I.h*-

gH,I"$.-,.O 98,_-)+1-*C

1
3

1
3

3
3

ijH",_gHgHIe* /ep*-!Hp*c!,I)BypH!"`1-*C,_)$5H5.gUH1-,.h*= ^4g^V$$ZciejGC*~p*-!pH*


,.)+Ipg^4
7

oHp*j.*jCU/eI
:

 .h]&g^,G5V.O5$gHV$Zfij
9

`1C,I.nF@.V$1Y*-1

/,*-K21C<$1C;5*>=%@?r/,Io3Wp)=0o3*-*C1$sHop**C]RC*-,IO4`x*-H,_Lo,_L*-
*-H`1-*C,_)$55.gn1-,$.h*=5zg^,I1C4)+*C,I.$ZfijH4Cx 1-
!1C^gHp)+*#NYI*C1A/

*-]RC!O515*-q,I.P*-
>

8*-,I2$
>

D C!O515o$#Y*-1e1

D *-.C1

8UZ

.\/U1-$)+.C*-1Cp)+*F1-;*-$CUFpH1!H,I$)+$Ff*-/L4`**-15.CF1-ls3/
V*0Fp10p*-!Hp*0,_S5V$Z

,I*C

!31-F$)+*01-$)+.C*C1-p)+*-,.

 .g.)2!1C$C,.8s

*-H$]\gHgvpH!r*C0*C",.!p*q,_S5VZ+b5)B\!,4)+NpC$WBPpO51C*-1Fb*-H"*-15.CF1)+hDCS)+,I.h*-Z *m,_mp-p5a*-&g^,_C!_4]0*-Fp1E;pO51-*C1CC,W1C$).C*-1-p)*C,I.m,I.l.
1C,IV,.O5C,q,_S5V
7

5.g0*CxI /j I?/

mUop1-1C4g0`1C,.0Fa*-x,.!p*
:

!O51-*L,I.K.x)+1-.1L,_m5/L4]hj1-$)+V.,45o


 

,IVH I?/

 /j I /


7

)+;Cx*-

ijHW.Hkh*L,I*C$15*-,.
7

4g^V$

 /L ,V


7

`1C*-,I)4 
7

1C,IV,I.O 

,IVH ,V

H1-,.h*= 
$gHV$

,I*C*-
7

.1-V]

/L,I)B0D34)+*C,I`]&O5mg^ /."!,I.HV"oh]

C!,*L*-x /L

>P:

PpO51C*-1Fu*C,_gH,IC!_4]n,.h*-2Fp1m-S5I1L!H,I$)+$$Z

 /

*f,_b5ICW!O;--,om*-WgH`!"V.hp,.I]* /e5gH,_".C,I.O5HY*-1ZaT*C,I.HyNF
*-H"!I$eb!O;C,I*C,I.H4gS.R_5*C*-,I),I.&*C* /e5gH,_".C,I.O5!_5.ZcQ)+pIg
pC IV1-,IgH!3,.h*

y!".HI]XO5FF*--0!3,I.h*-

7.

,I"`.

..-!O 1=5o2YI*C1)$5.ToO&21C",_C*C1-!,I)
F8*-,_S5V
))+p1=5)]Z

D P
 p,.)+p.HkUG5*C*-,I)+4#*-O *

sh5o3 `s1f/e)+pH_g"p-L*-

7.r< a
 :

p*j*C$CqY*-1-

.vC*=5VV1-$g

4-gH!3.g^$.P*.
6

"4C8Z

ij

w\1C,I.h*5*-,.

PpH,_)=yh]So3$)+;2)2!,I)4 *-$g&,Fa//L .h*e,IV1

ijvC$!51=5oHI\Y*-1-051-vp)=C,I2!HI1n*-,I"!I$".h*$sm5.g21-

!3!HpG 1$Z


 

.M).h*-,.hppm*C,_"sF1Fp.)+*C,I.m,I.C*C?5gKFc`$)*C1s/O$`

   "!#$&%' $()* Z

ijr-)$5I,.V

FpH.)+*-,.

)+;"$nF1-;

,+ # 7.-<0/?:

gH,I2.C,.O5u1-Y.$".h* ;
 pO5*-,.8ZijH")P 2
C ),.h*51-
1= oI
9

1+ # 7.-: + # 7/4:

 /!O5qY*-1su5.gv*-]v 1-

*/e

F1x&.H.C!O 

/L.Q*C2Y*-1x,_xC!O515o;Z

.K*-O5*)$Cq*-x1-Y.H4".h*L P
 pO5*C,I.K,I

7 68<

w
:

43
%

+ # 7-: + # 7/?: 2
3

ijHNCp*C,I.M/L,IuoOU*-!1-hgHp)+*

7t6:

2
7

w
:

796

35-<=9

F~* /
>

36/?:

7t5^:

gH,I"$.-,.O u-)4 I,.V&Fp.)

*-,.Z

7+ # 7-: + ! 7/4:  .g


+ ! 7.-: + # 7/4: 5.g8+ ! 7.-: + ! 7/4: Zfij1-$CpI*C,I.HVN/j4`I*-e51- 2 7 63::97 w : 5.g
9 7 63: 2 7 w :
5.g
9U7t6::97 w : Zij,1*C1=5.C_5*-$jF1NoOC,IF1L*-x/L$`I*L-pHoC!O)+'; #4Z
[P,I",I_51-]n*-W*C1-W/L4`$*L P
 pO5*C,I./,I8O4`W)P 2
C ),.h*

=<

>@?A?r$BLf$"\DCFE

?\qcc2

N{

qM2$c4M

QNO$`U).)+$.P*-1= *-$g{CRF 1.\*-U/j4`$**-15.CF15.g{,*,.h`1Cs/,I)=


51Cm*CmI,.451
7

5.g2I;-C4-

gH,I-)pm*-.H.,I.451
79'@:

C*C$!b,.S*C)+*-,.SgH,_5V1lZcij,IY.O5O-$)+*-,.2/,I

5.gKI;-C]

Hw G

oh]5!!1C?k^,I& *-,.

7 9'a:

1-$)+.C*C1-p)+*-,.8Z[;2*-xpH*-!p*
6

C*-!8sO/L,_)=M1-!_)+$m*C/j4`$*m)+hDCS)+,$.P*
:
Z

ij;Cr51C\*-v)+hDCS)+,I.h*-n*-O5*n/e\p-\,I.
,IgH,31-.h*LF1-;

*-HW,.!pH*
6


 
A

Q!3*CO5*a*-eg^,31-.)+
-& I*Co3C.

,.n`P,_gH
7

63
6

,_a*Ch-& I;*-oO451g

3 3 3 3 3 3

 

 

!"$#%&'(

oOC,I)q!1-^)+$-C,I.VSC*-!K,_

!-,/. 012

3 3 33 3

! ,6. 012

3 3 3 3 3 3

!&#%&3(

 )*+

51-g0*-1C$-HIgH,I.HV

w


79'@:

,F<; w
A

1 7-

 )454

"!# @Z~QC,_"!]RC$*L*-

)+,I.h*-L*CO5* 1-W-S5I1j*-O5.MNC!3$),Y$g0*-1C4C_g:9
E

 .g*-h
:

ZuQo3V,I.Soh]"1C$)4 I,I.HV*-o,V!H,_)+*-pH1-Fz*-15.CF1-

!p!1C^)+$C,.V2!p,.h`1--q*-15.CF1

 
6

,." pgH,
7

$1CS5I@)+hDC"


7 9'a:

;'=>9@?

7t

ijH,_.1-&5]r1-$" `$5 s~1N5I";C*U5Its~*-Hn,VF1- P


 p.)+]Q)+;2!O..h*F
*-HKC,IV.O5tZie;CK)+;"!3.H$.P*F*-.

  

*-H&,.!p*-$ZlijH,_!1C^)+4-WF

8.Q

D .H,_C$#\F1C;

)+.P*=5,.

`h,_5*-,.HBv5.g

1-1C1,I.

,_W,IVI]v,_"!31C*=5.h*x,I.XC*=5*C,_C*C,_)U .g

O5!1C!3;C$gr&Cp,*=5oN*-H1-$CIgA9

1= .gH;

%CBED

9GF

sz/,*-v-*5.g 1g\gH+

)+;"!3..h*-$Z

I*-,I)+M*-5*S*-1C$-H_g^,I.VX,I&.H*nQ,I.451S!31=5*C,I.ZT\51CMy!,.VT*-
_51-V$C*f)+;"!3..h*-f5.gU.*~*-LYH1C*

)+;"!3.H$.P*Zcij,I~,If-,I"!Ij*-q+k^$)pH*-s

op*@*Cb&5*C$& *-,I)4 5.O5]^C,_8oh]<8-Jf1C5.gq*-1-81- P


 pH,I1C48*C1-,Vh*@FpH.)+*-,.
C!O)+$
7

$C1C!O5)$

*-]r51-

ZSQS1-F1W*-

F15.T+kH)+I.h*Cp2& 1-]{F

*-H,_L*-H$1-]Z

"1ClCpoH*-l!1-^)+$-C,I.VQC*-!

1-45.hpUo31-$ZijHlp*-!Hp*Ow)
N #
*-15.-",_-C,I.

7 9'a:

,ILK

  $M* bZijHl,I.!Hp*2w)#

51-lC*-1C,I.V2F

1-;S5.g

1SC*-15VZ'pHV]C!345yP,I.Vsj*-l.hpo312w)#

79'@:

51C

.$se1-4gH]F1
79'@:

51-M-1-*-$g

,.h*-{0Y.,*-&C*Feo,.Z0ijH&)2!1C$C,.r,_WV1C45*-1x/.T21C2.hpo31xV
,.h*-q*C

D 
 1-o,.8Z #vij.N/j*-15.-2,*c.]*-jo,.".hpUo31-cFO*-H)+hDCS)+,$.P*s

5.g2p-x`55p

w"5**-m).h*C1F*-moH,I.SF1*Cm1-$)+.C*C1-p)+*-,.SC*C$!Z

PpO .h*-,45*-,.0OQP
ie,_*-15.CF1

gH,I2.C,.O5zo,I.F1L!O)=y*-jFRP

`$)+*-1

)+hDCS)+,.h*5*mN*-,I";Z

)+^gH,.V0,_Fe)+1C,I*C,_)$5c,I2!31-*= .)+N*-0*C"/L2)+;"!1-$-C,I.

!1C^)+4-s *,IqS,V]lgH`I!O4gMF1-Ff1-p.gH u
 s5.gM/eU".h*-,.M* /noC,_)
1-F1-.)+$

sO}

Zebo3I,`W*CO5*

PpO5.P*-,? *-,.MCp_gKoOC*-pgH,$g{5.gM5!H!I,$gK,I.

N/L,_gHx15.VqFu.Pp21C,_)$585.O I]^C,Im5.gK-)+,I.h*C,IY)W)+;"!p*C,I.HVZ
ier)+;o,.O5*-,.FW,I.451R*-15.CF1
g".h*=  Ziel*-15.CF1-

5.g.H.,I.4510)+;"!1C4-C,.,IRFp.H

,_&r)B5.VK*-Xvo3*-*-12oOC,I

r"1-0 2
C ),.h*

1-!1C$-.h*5*-,.F*-0-,V.O  ZXijHK)+;"!1-$-C,I.C*C$!*5y$"5gH`55.h*= VRFm*-O *


,I2!1C `$g01-!1-$C.h*= *-,.8s*-S1C4g^p)+*-/1-yZSIm/*-15.CF12m5.gK./

oO5-$

/,@o3W.$gH$gK,.l!1-h)$-C,I.HVS./*]h!3$FcC,V.O5IZeijx.4gHmFc"^gH1C.l*C4)=H
.V]\,I"!3;CS*-SFpH.g".h*=5"$-= V"*-O5*WOWo3.T*-HnC*=51C*-,.Vl!3,.h*F
*-H,_L!O5!O$1

UT

 6V!#     ! *( *!W3Z


 
>

AB

b

>+

Z|H$.

|bO5!S5.l5.g

v

 


Z
8 5poO4)=,$s'5687"

}}

 ^   

l 

:e>

3 1^;9(H



IWZZYZXY;4]P5.h*l5.guZ<Im s%[%  T

/{7->$H>?:>1


>CED

5",.  FG-"/

>$A

>$

5",.

$'&(&  +  Bs M

.,

}HZ

 4 

 Dl TD   Bsf1-.h*C,_)++
E

 Its

YZX:1-pH.5.g Jf*C*-1-, s j5_5.)+$g/L4`$*]\Lij1C]5.g gH$C,IV.8s%>@?A?A?


E ,V1{1-gH1{o5G .)+4gpI*C,
5    ^b42_}
7->$
:r>>>$E1>>49
/j4`$*-sJ>  $%
`b4   7->$ } : Z d

Z[PI$C.,I)By3s

p*-,/L4`$*&/L,I*C+k^*C1=5!!H1-?k^,IS5*-,.!1-!O$1C*-,$$sX>@?A?A?

5     gb42h.lC]^S"*-1C,_)qc'

1 9A e5G .)+4gxp*-,/L4`*oC4oOC$g


H
Y*-1-$sJ>@?A?A?i5  d 
  *b42 s*C& !!3451$Z

7C>$

:z9

YZf[;. 5.gjIUZf[P*C1=5.HVscijRC]^2!H*-*C,_)FL!*-,IS5
>@?A?A?k5    *b42-elv7->$P:>A } Hh1>A }HZ

>49

9  I_5*$s 9 pHI*C,I1C4Cp*C,I.K5!!1C?k^,I& *-,.05.gR/j4`I*1-*C.1-& oO5-$


FbaAc
'
s#5 
$   2* +,  42;de/.fr7->$ } P:E1 } H Z
7
:

>>+

3
>

[OZ

>$A5

3^Z

>$

9 6
Z I1=$];sJ
s Lph/e1s
 ^=   4 K5",.  F 

'xZ

>

=<  

Z I1-.O5.gH1j5.gPIUZ[ $V6
Q sR5  S& TVUXW   q
H?NM O

8 9
Bs[^ %


`$1-C,I*]nF|e5I,F1C.,G"f1C$s b$1CyI]s

:A21^

Z;:p)+,1$s^4`$*s6$

'xZ
8 -Jf1C5.g

7C>$

  z 
 s
4

Cp!!31-*-$g/L$`I*s

8Z 8.Hs 8 .H,_C,.VoP]SCF*b*-H1-$CIgH,I.HVs;>@?A?A?B5

>

 !"# ^ %$'&(& ) * +, .-0/{7C>$

43

5 s

ZB8q5pHo3$)BH,I$s1-*C.1-& loOC$Fr)2!O5)*CI]

'WZ8UZL'L]P5.8sKl 

5.g

>+

 P
 pH,I1C,I!!HI

IZH[P*C1=5.VshijH 8,_-)+1-*Cq|;C,.i@1=5.CF1-ls.>m$ o
n B2 pq
Z
>H
IZ[P*-15.V

5.giqZ

|eo1-,IgHVWf1C$s

ImVpH].8s

>

l 





Y*-1-$s

-"/07C>$;:j> 3 1

WR S  sr  t2Bs\QI$-]P


 

>

JZ[P*C1-_5.g

7C>$
>$5

Z _gH.8s[P,V.O ^5.gS5V

_gH,.V\(1C*-V.O5H5.g
F12$sX>

9
Z

 &

    

8.,_C,.V`h,_L4`$*uie1-$CH

,1-*CV.5 s[h)$5_51f .g

6+     e    

9 pHI*C,I!eX4`$*~i@1=5.C
5  (
J
,   n S&   5 n 

.C$15.g\iZ p8sz1)+*-,.O5aC!,I.H45.gM/L4`$*s*.>m$

7C>$;:

s^*-& !!3451$Z

n B2 pq

-"/

You might also like