You are on page 1of 30

!

"#$%&"'()
!"#$%""&#'(#&)&
!"#$%&"'()%!"#$%&'#()%&'$#*#'+%'(),-,'!"./+0/)%12,'3,+'*,45$%1#'6/%1'7/+.#'86%+5&$#9'
:;<='!'>5/3%3'3,'?@45$#9':;=AB'$#1-#$%1'2%12%'%3*5)%$5C1'!"/15-,)&%+',&25*%D'E,&3,'+%'3,+'
.,+5F ' , ' 51&#(#)1%(+, ' 6#)0, ' G/5& ' H#)0,& ' !I/, ' +# ' 51$+/JC ' ,1 ' &/ ' KH5(+5#2,$% ' ",)&#1%+L ' J'
,&$)5(5C'&#(),'&/'#()%'J'M,)&#1%'$#1'+/*51#&%'$,)2,F%!'N%&2%'+%'3,'+#&'*5++#1,&'3,'+,$2#),&'
%1C15*#& 'I/,',1'O*@)5$%'J',1',+'*/13#'),$#1#$,1',1'&/'+52,)%2/)%'/1%'$#12)%&,P%'M%)%'
%3,12)%)&,',1'+%'N5&2#)5%'M)#./13%'3,',&,'*/13#'!,+')/)%+!'$/J%'%0#1Q%'J',4251$5C1',&'2%+'
-,F'/1#'3,'+#&'&501#&'*R&'#*51#&#&'3,'1/,&2)#'25,*M#D
"#$#&9'M,)#'511/*,)%(+,&'$#*#',+'M#+-#9'+#&'M,)&#1%S,&'3,'6/%1'7/+.#'&,'M%&,%1'M#)'+%'
25,))%'(/&$%13#',1'-%1#'&/,+#'.5)*,9'J%'&,%'M#)I/,'@&2,'&,'+,&'N%$,'%5),',1'+%'$%Q3%'J'+%'
&,12,1$5%'#'M#)I/,',++#&'*5&*#&'N%1'&53#'N,)53#&'3,'*/,)2,'M#)'+%'N5&2#)5%'J'%N#)%'&,'35&5M%1'
%12,'1/,&2)#&'#$#%"$#*#'&#*()%&D'T/,3%19'$#1'2#3#9'51-5$2%&9'&/&'-#$,&U'),&/,1%1'$#1',+',$#'
M,)3/)%(+,'3,'&/'$%++%3%'*V&5$%'J9'3,'+,$2#)',1'+,$2#)9'3,'+,10/%',1'+,10/%9'3,S%1',&%'N/,++%'
35&25125-%'3,'+%'0)%1'+52,)%2/)%D
W12),+51,%3#',1',+'&5+,1$5#'3,',&%&'-#$,&9',1'$#)2%12,'.5+50)%1%9'&,'),-,+%'/1'M%5&%S,'I/,'1#'
,&'!%3-5,)2,'X$2%-5#'"%F!'+%'3,&$)5M$5C1'3,'+#'I/,'-,1'1/,&2)#&'#$#%"&51#'+%'),-,+%$5C1'3,'
+#'I/,',&2R'3,2)R&'3,'+%&'%M%)5,1$5%&'-5&/%+,&D'Y1'M%5&%S,'1/1$%',&2R'),.,)53#'%'&Q'*5&*#'&51#'%'
#2)%'$#&%9'%/1'/1'*R&'%++RD'W&'/1%'*,2%.Q&5$%9'/1%'),+505C19'/1%'53,%'3,+'N#*(),'J'3,+'$#&*#&D'
8DDDB'7/+.#',&',+'V15$#'1#-,+5&2%'*,45$%1#'I/,'1#&'N%'3%3#'/1%'5*%0,1'!1#'/1%'3,&$)5M$5C1
!'3,'1/,&2)#'M%5&%S,L
W&',+'M%5&%S,'$%&5'&5,*M),'R)53#9'N,$N#'3,'25,))%'!"%5),9'3,'&'"''()#"*)"''(+(%"8:;Z[B9'2Q2/+#'
3,'&/'M)5*,)'+5()#'3,'$/,12#&'M/(+5$%3#&'$/%13#'3'%/2#)'J%'$%&5'$#12%(%'$/%),12%'%P#&D'X()%9'
M/,&9'3,'/1'%/2#)'*%3/)#'J'I/,'%M%),$,'3,&3,'/1'M)51$5M5#'%)*%3#'J'3/,P#'3,'2#3#&'&/&'
),$/)&#&',1'/1'-#+/*,1'3,'$/,12#&'I/,'&#1'$%3%'/1#'#()%'*%,&2)%'J'I/,'%'&/'*#3#'&#()5#'J'
&%(5# ' $#1$,12)%1 ' J ' ),-#+/$5#1%19 ' ,+ ' $#*M+,S# ' M)#$,&# ' 3, ' +% ' 1%))%25-% ' 3, ' +% ' ),-#+/$5C1'
*,45$%1%'J'3,'+%'+52,)%2/)%'),%+5&2%'N%&2%',12#1$,&',&$)52%',1'W&M%P%'J'O*@)5$%'\5&M%1%D
W&, ' M)#$,&#' 3, ' &Q12,&5& ' J' ),1#-%$5C1 ' $/+*51% ' ,1 ',*-.# " ,/.(+# "8:;Z<B9 ' K/1% ' 3, ' +%&'
*,S#),&'1#-,+%&'3,'+%&'+52,)%2/)%&'3,'+,10/%'N5&MR15$%'J'%/1'3,'+%'+52,)%2/)%'/15-,)&%+L9'%+'3,$5)'
3,+'J%'$52%3#'H#)0,&D'>#1$5&%'!"3,&+/*()%12,9',&2%'1#-,+%'3,&M+5,0%'J'M#1,',1'#()%'$#1'%@),%'
!",4%$2%'&,1$5++,F9'/1%'&%(53/)Q%'+52,)%)5%'J'N/*%1%'I/,'0(1*"3,',++%'1#'&C+#'/1%'51#+-53%(+,'
1#-,+%'&#(),',+'#+-53#'J'/1%'#()%'*%,&2)%'3,+'%)2,'1%))%25-#9'&51#'/1#'3,'+#&'&Q*(#+#&',1'I/,'
*,S#) ' &, ' ),$#1#$, ' +% ' 0,#0)%.Q% ' 512,)5#) ' 3, ' O*@)5$% ' G%251%9 ' +% ' N5&2#)5% ' 513,$5(+, ' 3, ' &/'
,4251$5C1')/)%+D
6/%1'7/+.#'M,)2,1,$,'%',&%',&25)M,'3,',&$)52#),&'M%)%'I/5,1,&'#Q)'!"-,)'25,1,1'*%J#)',.,$2#'
@25$#'!",&2@25$#'I/,'N%(+%)'J',&$)5(5)D'G,$2#)'-#)%F9',1%*#)%3#'3,'+%'*V&5$%'!3,&3,'+%'35$N%'
M#)'+%'0,12,'*,1/3%'3,+'M/,(+#'N%&2%'+%'$#*M/,&2%'J'#)I/,&2%3%9'&51'#+-53%)'%I/,++%'#2)%9'
M#3,)#&%'M,)#'51%&5(+,9'3,'+%'M%+%()%',&$)52%',1'3'25,*M#'#'+%'3,'+#&'#(S,2#&',1',+',&M%$5#!9',+'
%/2#)'3,',*-.#",/.(+#"J'&'"''()#"*)"''(+(%",)%'2%*(5@1'/1'N#*(),'$%M%F'3,'#Q)'$#1'+#&'#S#&'
J'3,'),&252/5)'+%',2,)153%3'3,+'51&2%12,'%'2)%-@&'3,'+%&'5*R0,1,&'$%M2%3%&'M#)'+%'.#2#0)%.Q%9'3,+'
*5&*#'*#3#'I/,',)%'$%M%F'3,'3,-#+-,)'+%'-53%'%'+#&'N#*(),&'+5*52R13#&,'%',&$/$N%)+#&D'W&2%'
35&M#&5$5C19'%/1%3%'%'/1%'-#+/12%3'),053%'M#)'+%'&,1$5++,F'J'+%'%/&2,)53%39'+#'++,-C'%'M/(+5$%)'
,1':;]A9'&'"2(''#"-*"#.#9'/1'0/5C1'3,'$51,'I/,'N%(Q%'2)%(%S%3#'-%)5#&'%P#&'%12,&D
^#'3,S%'3,'M%),$,)',+#$/,12,'I/,',+'*5&*#'6/%1'7/+.#'I/,'N%(Q%'M)%$25$%3#'/1'-#2#'3,'
&5+,1$5#',352#)5%+'3,&M/@&'3,'+%'%M%)5$5C1'3,'&/&'3#&'(),-,&'J'3,&+/*()%12,&'#()%&'*%,&2)%&9'
$#13,&$,135,)% ' % ' M/(+5$%) ' %+ ' .51%+ ' 3, ' &/ ' -53% ' /1 ' 0/5C1 ' I/, ' ),&/+2% ' ,1 ' $5,)2# ' *#3# ' &/'
2,&2%*,12#'+52,)%)5#D'_/'512,1&53%3'J'$%+53%3'3)%*R25$%9'&/'N#13/)%'J'.%12R&25$#',&M,&#)'%M,1%&'
I/,3%1 ' ,1$/(5,)2#& ' M#) ' +% ' %3S/35$%$5C1 ' % ' ,&, ' *#3,&2# ' M,)# ' ,450,12, ' 0@1,)# ' !,+ ' 0/5C1'
$51,*%2#0)R.5$#!9'%I/Q',11#(+,$53#'3,.51525-%*,12,'M#)',+'%/2#)D
`)%2R13#&,'3,+'%/2#)'$+R&5$#'3,'I/5,1'&,'2)%2%9'&,)Q%'51,M2#','51S/&2#'),+,0%) '&'"2(''#"-*"
#.#'%+'),10+C1'3,'+%&'#()%&'*,1#),&D'`%+'-,F'&,)Q%'*R&'#M#)2/1#'M,1&%)'I/,'6/%1'7/+.#'++,0C'%'
&,125)'+%'+52,)%2/)%'$#*#'/1'0/5C1'M%)%'3,&M,)2%)'+%'-53%'512,)5#)D'&'"2(''#"-*"#.#',&'/1%'3,'+%&'
#()%& ' *,1#& ' $#1#$53%& ' J ' *R& ' *5&2,)5#&%& ' 3, ' 6/%1 ' 7/+.#9 ' ,&, ' ,&$)52#) ' I/,9 ' &,0V1 ' >%)+#&'
a/,12,&9'1#&'N%'3,-/,+2#'K%'+#&'V+25*#&'N#*(),&'J'*/S,),&'3,'1/,&2)%'25,))%LD
O*%1,$Q%D
"#) ' +%& ' $%++,& ' 3,&5,)2%& ' 3, ' _%1 ' ?50/,+ ' 3,+ ' ?5+%0)#9 ' /1% ' I/, ' #2)% ' */S,) ' ,1),(#F%3%'
$%*51%(%')/*(#'%'+%'50+,&5%9'%'+#&'++%*%3#&'3,'+%'M)5*,)%'*5&%D'O+0/1%&'*R&9'(%))Q%1'+%&'
M#+-#)5,12%&'$%++,&D
G,S%1#9'2%1'+,S#&'I/,'1#'&,'M,)$5(Q%1'&/&'M%+%()%&9'&,'#Q%',+'$+%*#)'3,'/1'M),0#1,)#D'Y1#'
3,',&#&'M),0#1,)#&'3,'M/,(+#9'I/,'-%1',&I/51%'M#)',&I/51%'0)52%13#'+%'),&,P%'3,'/1'%15*%+'
M,)353#9 '-* "/1'15P#'M,)353#'#'3,'%+0/1%'*/$N%$N%'M,)353%DDD'W1',+'$%&#'3,'+%'*/$N%$N%'+%'
$#&%'5(%'*R&'%++R9'M/,&'%3,*R&'3,'+%'.,$N%'3,'&/'3,&%M%)5$5C19'N%(Q%'I/,'3,$5)'I/5@1',)%',+'
&/M/,&2#'&/S,2#'I/,'&,'+%'N%(Q%')#(%3#9'J'3C13,',&2%(%'3,M#&52%3%9'J'&5'N%(Q%'),$+%*%$5C1'#'
%(%13#1#'3,'M%)2,'3,'+#&'M%3),&D'W&2#'&,'N%$Q%'M%)%',12,)%)'%+'M/,(+#'3,'+#'&/$,353#'J'I/,'+%'
-,)0b,1F%'#(+50%)%'%'+#&'./0%3#&'%'/15)&,',1'*%2)5*#15#DDD'W1'$/%12#'%'+#&'%15*%+,&9',)%'
#(+50%$5C1'&%+5)'%'(/&$%)+#&9'&5',+'),&,P%)'&/'M@)353%'1#'35,)%'),&/+2%3#9'M/,&'3,'#2)#'*#3#'1#'
&,'M%0%(%',+'2)%(%S#D
>#1.#)*,'&,'%+,S%(%1'+%&'*/S,),&'N%$5%'+%'50+,&5%9'+%'),&,P%'3,+'M),0#1,)#'&,'#Q%'*R&'
$,)$%1%9'N%&2%'I/,9'3,2,153#',1'/1%',&I/51%9'%(#$51%13#'+%'-#F',12),'&/&'*%1#&'+%1F%(%'&/&'
0)52#&'%0/3#&'J'.5+#&#&c
KO+%FR1'2#&2%3#DDD'E,'0)%1'%+F%3%DDD'>51$#'%P#&DDD'X),S%1#DDD'_,P%+%3#',1',+'%1$%DDD'a5,))#'
,1',&,DDD'a%+&%')5,13%DDD'_,',42)%-5C',+'3Q%'3,'%125,)',1',+'M#2),)#'\#13#DDD'")#M5#'3,'3#1'
_,$/1351#'>#+*,1,)#DDD'd,512,'M,&#&'3,'%+()5$5%&'%'I/5,1'+#',1$/,12),DDD'_51'%-,)50/%2%&DDDL
W&2%'V+25*%'.)%&,',)%'+%)0%'J'3,&2,*M+%3%D'E,&M/@&'5(%'e*R&'%++R'J'-#+-Q%'%'),M,25)',+'
*5&*#',&2)5(5++#9'N%&2%'I/,',+'M),0C1'&,'%+,S%(%'3,'1/,-#'J'+/,0#'&,'35&#+-Q%',1'+#&')51$#1,&'
*R&'%M%)2%3#&'3,+'M/,(+#D
T/5,1'%&Q',S,)$Q%',&2,'#.5$5#',)%'E5#15&5#'"51FC19'/1#'3,'+#&'N#*(),&'*R&'M#(),&'3,'_%1'
?50/,+'3,+'?5+%0)#D'd5-Q%',1'/1%'$%&/$N%'3,&-,1$5S%3%'3,+'(%))5#'3,+'O))%(%+9',1'$#*M%PQ%'
3,'&/'*%3),9',1.,)*%'J'-5,S%9'*R&'M#)'+%'*5&,)5%'I/,'M#)'+#&'%P#&D
f'%/1I/,'+%'%M%)5,1$5%'3,'E5#15&5#'"51FC1'./,)%'+%'3,'/1'N#*(),'./,)2,9',1'),%+53%3'
,&2%(%'5*M,353#9'M/,&'2,1Q%'/1'()%F#',10%))/P%3#'I/5@1'&%(,'%'$%/&%&'3,'I/@U'+#'$5,)2#',&'I/,'
%I/,++#'+#'5*M#&5(5+52%(%'M%)%'3,&,*M,P%)'%+0/1%&'2%),%&9'J%'./,)%',1',+'2)%(%S#'3,'#()%&'#',1'
,+'$/+25-#'3,'+%'25,))%9'V15$%&'%$25-53%3,&'I/,'N%(Q%',1',+'M/,(+#D'O&Q'I/,'%$%(C'M#)'1#'&,)-5)'
M%)%'1%3%'#'%+'*,1#&'M%)%'0)%1S,%)&,',&2,'S/5$5#D'_,'3,35$C'M/,&'%+'#.5$5#'3,'M),0#1,)#9'I/,'
1#'1,$,&52%(%'3,+'),$/)&#'3,'&/&'()%F#&'J',+'$/%+'3,&,*M,P%(%'(5,19'M/,&'2,1Q%'-#F'J'-#+/12%3'
M%)%',&#D
^/1$%'3,S%(%'/1')51$C1'3,'_%1'?50/,+'3,+'?5+%0)#'&51'&/'$+%*#)9'J%'./,)%'2)%(%S%13#'M#)'
,1$#*5,13%'3,'%+0/5,19'J'&5'1#9'(/&$%13#'+%'-%$%'*#25+#1%'3,+'&,P#)'$/)%9'I/,'2,1Q%'+%'*%+%'
*%P%'3,'%)),13%)'M%)%',+'$,1#'$%3%'-,F'I/,'-,Q%'%(5,)2%'+%'M/,)2%'3,+'$#))%+'3,+'$/)%2#9'+#'I/,'
&/$,3Q%'$#1'3,*%&5%3%'.),$/,1$5%D'f'%/1'$/%13#'1#'.%+2%(%'%+0V1'3,&#$/M%3#'I/,'%+'#Q)'+%'
),&,P%'&,'#.),$5,)%'M%)%'5)',1'(/&$%'3,'+%'*,12%3%'-%$%9'N%(Q%'#$%&5#1,&',1'I/,',+'*5&*#'
E5#15&5#'&,'#(+50%(%'%'N%$,)+#9'),$5(5,13#',1'$%*(5#9'/1%&'$/%12%&'(,135$5#1,&'J'+%'M)#*,&%'
3,'5)'%'$#()%)',1',+'$5,+#',+'M%0#'3,'&/'%$#*,35*5,12#D
O&Q'J'2#3#9'$#1'0%1%1$5%'#'&51',++%9'&/'-#F'1#'&,'#M%$%(%'1/1$%9'J'@+'&,0/Q%'$/*M+5,13#9'
M#)I/,'%'3,$5)'-,)3%39'1#'+,'I/,3%(%'#2)%'$#&%'I/,'N%$,)'M%)%'1#'*#)5)&,'3,'N%*(),D'f'
%/1I/,'1#'&5,*M),'++,0%(%'%'&/'$%&%'$#1'+%&'*%1#&'-%$Q%&9'$#*#',1',&2%'#$%&5C1',1'I/,'2/-#'
,+'$#*M)#*5&#'3,'),&,P%)'+%'M@)353%'3,+'$%(%++#'%+%FR1'3,'3#1'_,$/1351#'>#+*,1,)#'3,&3,'
2,*M)%1%'N#)%'N%&2%'*/J',12)%3%'+%'1#$N,9'N%&2%'&,125)'I/,'&/'M),0C1'&,'$#1./13Q%'$#1',+'
+%3)53#'3,'+#&'M,))#&',1',+'M/,(+#'3#)*53#U'J'$#*#'I/5,)%'I/,',1',+'2)%1&$/)&#'3,+'3Q%'1#'
N%(Q%'%M%),$53#',+'$%(%++#9'15'N/(#'1%35,'I/,'35,)%')%FC1'3,'@+9'3#1'_,$/1351#'1#'+,')5135C'
$/,12%&'N%&2%'1#'-,)'%'&/'%15*%+'&,&2,%13#',1',+'$#))%+9'J%'I/,'1#'I/,)Q%',$N%)+,'351,)#'(/,1#'
%+ ' *%+#U ' M,)#' M%)%' I/,' ,+' M),0#1,)#' 1#'&,' 3,&%15*%)% 'J' &50/5,)% '0)52%13# ' &/' M@)353%9 ' +,'
%3,+%12C'/1'3,$5+52)#'3,'.)5S#+'I/,'E5#15&5#'"51FC1',1-#+-5C',1'&/'M%+5%$%2,'J'++,-C'%'&/'$%&%'
J%'*,35%3%'+%'1#$N,'I/,'./,'$/%13#'++,0C9'++,1#'3,'N%*(),'J'3,'$%1&%1$5#D'f'$#*#'#2)%&'
-,$,&9'&/'*%3),'&,'+%&'%)),0+C'M%)%'M),M%)%)+,'/1'M#$#'3,'$%.@'J'$#$,)+,'/1#&'K1%-,0%12,&L'
I/, ' 1# ' ,)%1 ' *R& ' I/, ' 1#M%+,& ' &%1$#$N%3#&9 ' M,)# ' I/, ' %+ ' *,1#& ' &,)-Q%1 ' M%)% ' ,10%P%) ' ,+'
,&2C*%0#D
",)#'1#'&5,*M),'+,'5(%'*%+D'OP#'$#1'%P#'M%)%'+%&'.5,&2%&'3,'_%1'?50/,+9'&,'%+I/5+%(%'M%)%'
%1/1$5%)'+#&'$#1-52,&'3,'+%'.,)5%D'f'%++Q'+#'2,1Q%*#&9'3,+%12,'3,'+#&'&#1#)#&'),2/*(#&'3,'+%'
2%*(#)%'J'+#&'$N5++53#&'3,'+%'$N5)5*Q%9'%N/,$%13#'&/&'2,*M+%3#&'0)52#&'3,12)#'3,'/1%'(#$51%'
3, ' $%)2C19 ' %1/1$5%13# ' +%& ' KM%)253%&L9 ' +#& ' K$#+,%3#),&L9 ' +%& ' 2%M%3%& ' J ' 3, ' M%&# ' 2#3%& ' +%&'
.,&25-53%3,& ' 3, ' +% ' 50+,&5%9 ' 3Q% ' 2)%& ' 3Q% ' 3,+ ' 1#-,1%)5#9 ' 1# ' &51 ' 3,S%) ' 3, ' *,1$5#1%) ' +#&'
,&M,$2R$/+#& ' 3, ' +%& ' $%)M%& ' # ' %+0V1 ' /10b,12# ' (/,1# ' M%)% ' 2#3#D ' ?/$N# ' *R& ' %2)R& ' 3, ' +%'
M)#$,&5C1'I/,'@+',1$%(,F%(%9'+#'&,0/Q%'+%'*V&5$%'3,'-5,12#9'%*,15F%13#'+#&')%2#&'3,'3,&$%1&#'
3,+'M),0#1,)#'$#1'+%&'3,&%.51%3%&'1#2%&'3,+'g#M5+#2,'?#S%3#D'W+'3,&.5+,'2,)*51%(%'$#1',+'M%&#'
3,'+%&'$%)),2%&9'%3#)1%3%&'3,'*/$N%$N%&9'(%S#'%)$#&'3,'$%))5F#'J'*5+M%&'25,)1%&D
W12#1$,&',)%'$/%13#'E5#15&5#'"51FC1'&,'#+-53%(%'3,'&/'-53%'++,1%'3,'M)5-%$5#1,&9'M/,&'
$%*51%(%'$#12,12#'0/5%13#',+'$#1-52,9'%15*%13#'$#1'0)52#&'%'+#&'M%J%&#&'I/,'5(%1'%'&/'+%3#'
*%)#*,%13#'J'N%$5,13#'$%()5#+%&'M%)%'35-,)25)'%'+%'0,12,D

*
Y1#'3,',&#&'%P#&9'I/5FR'M#)'+%'%(/13%1$5%'3,'+%&'$#&,$N%&'#'%'*5+%0)#'1#'&@'3,'I/5@19'&,'
M),&,12%)#1'+%&'.5,&2%&'*R&'(/++5$5#&%&'J'$#1$/))53%&'I/,'N%(Q%'N%(53#',1'*/$N%&'@M#$%&',1'
_%1'?50/,+'3,+'?5+%0)#D'E,'2%+'*#3#'&,'M),135C',+',12/&5%&*#9'I/,'3#&'&,*%1%&'3,&M/@&'
&,0/Q%1')5.%13#'+%&'M%)253%&'J'+%&'M,+,%&'3,'0%++#&'M%),$Q%1',2,)15F%)&,9'%'2%+'M/12#9'I/,'+#&'
0%++,)#&'3,'+%'),05C1'%0#2%)#1'&/&'M,)$N%&'J'%V1'2/-5,)#1'25,*M#'3,',1$%)0%)'#2)#&'%15*%+,&9'
$/53%)+#&9',12),1%)+#&'J'S/0%)+#&D'Y1#'3,'+#&'I/,'N5$5,)#1',&#'./,'_,$/1351#'>#+*,1,)#9',+'
N#*(),'*R&')5$#'3,+'M/,(+#9',+'$/%+'%$%(C'$#1'&/'0%++,)%'J'M,)35C',1'+%&'35$N#&%&'2%M%3%&9'
%3,*R&'3,'&/'351,)#9'/1')%1$N#'++,1#'3,'0%++51%&'J'hh'-%$%&'I/,',)%1'2#3%'&/'M)#M5,3%3D'f'%'
M,&%)'3,'I/,'%+'.51%+'),$/M,)C'%+0#9'+#'3,*R&'&,'+,'./,'M#)',+'$%P#'3,'+%&'%M/,&2%&D
E5#15&5# ' "51FC1 ' &, ' +%& ' -5# ' (5,1 ' %M/)%3# ' M%)% ' $/*M+5) ' $#1 ' 2%12# ' 2)%(%S#D ' f% ' 1# ' 3,'
M),0#1,)#9 ' &51# ' 3, ' 0)52C1 ' ,1' ,+ ' M%+,1I/,D ' >#1&50/5C ' %$%M%)%) ' $%&5 ' 2#3%& ' +%& ' M,+,%& ' J ' +#&'
V+25*#&'3Q%&'&,'+,'#Q%'+%'-#F'$%1&%3%9'*%&'1#'M#)',&#'3,SC'3,'%1/1$5%)'%'0)52#'%(5,)2#'+#&'
*%13%2#&'3,+'_,12,1$5%3#)D
f',&'I/,'+%&'$#&%&'N%(Q%1'53#'2#*%13#'%+2/)%D'G+,0C'+%'N#)%',1'I/,'&C+#'&,',1.),12%(%1'
M+%F%& ' ./,)2,&9 ' $#1 ' %&5&2,1$5% ' 3, ' S/0%3#),& ' .%*#&#& ' -,153#& ' 3,&3, ' _%1 ' ?%)$#&'
8O0/%&$%+5,12,&B9'`,#$%+25$N,9'O)%13%&9'>N%+$N5$#*/+%9'g%$%2,$%&9'2#3#&'M#)2%13#'0%++#&'2%1'
.51#&'I/,'3%(%'M,1%'-,)+#&'*#)5)D'f'-,153%&'3,'I/5@1'&%(,'3C13,9'N5$5,)#1'&/'%M%)5$5C1'+%&'
K$%12%3#)%&L9 ' 2%+ ' -,F ' %2)%Q3%& ' M#) ' ,+ ' #+#) ' 3,+ ' 351,)#9 ' M/,& ' %12,& ' 15 ' M#) ' %&#*# ' &, ' N%(Q%1'
%$,)$%3#'%'_%1'?50/,+'3,+'?5+%0)#D'O+'.),12,'3,',++%&'-,1Q%'/1%'*/S,)'(#152%9'()%0%3%9'$#1'/1'
),(#F#'%*,2%+%3#'&#(),',+'M,$N#'J'%'I/5,1'++%*%(%1'G%'>%M#1,)%9'I/5FR'M#)',+'%))%&2),'I/,'
2,1Q%'$#1'+#&'N#*(),&D'G%'-,)3%3',&'I/,9')#3,%3%&'M#)'/1'*%)5%$N59'N5$5,)#1'$#1'&/'M),&,1$5%'
J'&/&'$%1$5#1,&'I/,'$),$5,)%'*R&',+',12/&5%&*#'3,'+%'M+%F%'3,'0%++#&D
W+ ' M%+,1I/, ' 3, ' _%1 ' ?50/,+ ' 3,+ ' ?5+%0)# ' ,)% ' 5*M)#-5&%3# ' J ' 1# ' 2,1Q% ' $%M%$53%3 ' M%)%'
0)%13,&'*/$N,3/*(),&D'_,'%M)#-,$N%(%'M%)%',&2#',+'$#))%+'3,'/1%'+%3)5++,)%9'+,-%12R13#&,'/1'
S%$%+C1'2,$N%3#'%'*,35%&'3,'F%$%2,D'W+'%15++#',&2%(%'N,$N#'$#1'+R*51%&'3,'2,S%*%15+'J'+%&'
(%1$%&'I/,'+#')#3,%(%1'J'3#13,'&,'%$#*#3%(%',+'MV(+5$#9'1#',)%1'*R&'I/,'2%(+#1,&'%M#J%3#&'
,1'0)/,&#&'%3#(,&D'>#1'2#3#9',&,'%P#'&,'N%(Q%1'$#*M+5$%3#'/1'2%12#'+%&'$#&%&9'M/,&'15'I/5,1'
&,'5*%051%)%'I/,'&,'5(%'%'%$/*/+%)'2%*%P%'$#1$/)),1$5%D'f9'M#)'&5'./,)%'M#$#9'&,',&M,)%(%'3,'
/1'*#*,12#'%'#2)#'+%'-5&52%'3,'/1#&'M#+Q25$#&D'"%)%',&2#9'+%'%/2#)53%3'#)3,1C'&,'3,&%+#S%)%1'+%&'
3#& ' M)5*,)%& ' .5+%&9 ' I/, ' M,)*%1,$5,)#1 ' -%$Q%& ' N%&2% ' +% ' ++,0%3% ' 3, ' %I/,++#& ' &,P#),& ' J ' %V1'
3,&M/@&9 ' M/,& ' %M,1%& ' &5' ,)%1 ' 3#&9 ' %/1I/, ' $%3% ' /1#' $#1 ' &/' $#)),&M#135,12, ' $#*M%PQ% ' 3,'
M5&2#+,)#&D'W&2#&'&,'%$#*#3%)#1',1'+%'&,0/13%'.5+%'%',&M%+3%&'3,'&/'S,.,'$#)),&M#135,12,9'J'
,++#&'3#&9',1'+%'M)5*,)%9'.),12,'%'.),12,9'&,M%)%3#&'M#)',+'%15++#D'f',1'$/%12#'35,)#1'M)51$5M5#'
+%&'M,+,%&9'&,'3,SC'-,)'I/,'%I/,+'M%)'3,',12,S%1%3#&'1#'&,'++,-%(%1'(5,1D'"%),$Q%1'N%(,)'53#'
%++Q'M#)'%+0/1%'-5,S%')5-%+53%39'M/,&'1#'&C+#'3,*#&2)%(%1',1'+#'M,)&#1%+'&51#',1'+%&'*5&*%&'
M,+,%&D ' _5 ' /1# ' 3, ' ,++#& ' 2#*%(% ' M%)253# ' M#) ' /1 ' 0%++#9 ' ,+ ' #2)# ' 3,S%(% ' $%,) ' &/ ' .%-#) ' ,1 ' ,+'
$#12)%)5#D'O&Q9'N%&2%'I/,'+#&'R15*#&'&,'./,)#1'%$%+#)%13#9'J%'I/,'%*(#&'I/,)Q%1'I/,'&/&'
0%++#&'0%1%)%1D'")#12#'-51#'+%'3,&%-,1,1$5%c',+'M,)3,3#)'&,'+,-%12%(%'J'$#1'@+'2#3#',+'0)/M#'
3, ' &/& ' %$#*M%P%12,& 'J ',&2# ' ,)% '$#*,1F%) ' %' +%1F%)&, ' /1#' %+ '#2)# ' M/++%& 'J '%*,1%F%& ' I/,'
$#),%(%1 '+#&'M5&2#+,)#&'),2%13#'%'+#&'M5&2#+,)#&'3,',1.),12,D'OI/,+',&M,$2R$/+#'3,'+#&'3#&'
0)/M#&'%+'M%),$,)',1./),$53#&9'%$%(C'M#)'),2,1,)'+%'%2,1$5C1'3,'2#3#',+'MV(+5$#9'I/,',&M,)%(%'
&/$,35,)% ' %+0V1' %+(#)#2# ',12), ' %I/,++#& ' &/S,2#& ' I/,'1#' M,)3Q%1 '+% '#M#)2/153%3 ' 3,' &%$%) ' %'
),+/$5)'+#'*/$N#'I/,'2,1Q%1'3,'-%+5,12,&D
^#'2%)3%)#1'%+0/1#&',1'%(%13#1%)',+'M%+,1I/,'%12,',+'2,*#)'3,'I/,'./,)%'%'M)#3/$5)&,'/1%'
(%+%$,)%D'",)#'1#'&/$,35C'1%3%c'O+'2,)*51%)'+%'M,+,%9'+#&'3#&'M#+Q25$#&'&%+5,)#1'3,'+%'M+%F%'3,'
0%++#&D'_,',1$#12)%)#1',1'+%'M/,)2%D'O++Q'%*(#&'&,'2#*%)#1'3,+'()%F#9'J'*R&'2%)3,9'&,'+,&'-5#'
(,(5,13#'S/12#&',1'/1'M/,&2#'3,'$%1,+%&9',1'/15C1'3,'+%&'$%12%3#)%&9'3,'&/&'M5&2#+,)#&'I/,'
M%),$Q%1'N%(,)'#+-53%3#'&/&'*%+%&'512,1$5#1,&9'J'3,+'"),&53,12,'?/15$5M%+'3,+'M/,(+#9'$#*#'
&5'2#3#&',&2/-5,)%1'$,+,()%13#'&/'.,+5F',1$/,12)#D

*
",)#'-#+-5,13#'%'E5#15&5#'"51FC19'./,',1',&2%'*,12%3%'1#$N,'$/%13#'+,'$%*(5C'&/'&/,)2,D'
G%'V+25*%'M,+,%'3,'0%++#&'N5F#'-%)5%)'&/'3,&251#D
_,'S/0%(%'/1'0%++#'(+%1$#'3,'>N5$#12,M,$'$#12)%'/1'0%++#'3#)%3#'3,'>N5N/%N/%D'G%&'
%M/,&2%&',)%1'./,)2,&'J'N%&2%'N/(#'I/5,1'&,'*%13%)%'$#1'$51$#'*5+'M,&#&'J'2#3%-Q%'35,)%'
2)#1$N%3#'J@13#+,'%+'3,'>N5N/%N/%D
W+'0%++#'(+%1$#'),&/+2C'K$#$#+#2,LD'O$,M2C'M,+,%)'%+'&,)'$%),%3#U'M,)#'J%'&/,+2#',1'+%'.(!("
&,'),M+,0C'%12,'+%&'M)5*,)%&',*(,&253%&'3,+'3#)%3#'%'/1#'3,'+#&')51$#1,&D'f'%++Q'&,',&2/-#9'
%0%$N%3%'+%'$%(,F%'J'+%&'%+%&'*/&25%&'$#*%'&5',&2/-5,)%',1.,)*#D'O&Q'2#3#9',+'3#)%3#'./,'N%&2%'
3#13,',&2%(%',+'(+%1$#'%'(/&$%)+,'M,+,%U'+%'0#+5++%',10)5.%3%'J'+%&'$%P%&'M5&%13#'*%$5F#'%'$%3%'
M%&# ' I/, ' 3%(% ' %+),3,3#) ' 3,+ ' $#)),+C1D ' W+ ' K$#$#+#2,L ' &, ' ),M+,0C ' %V1 ' *R& ' &#(), ' +% ' -%++%'
),.+,S%13#'$#(%)3Q%9'J'*R&'I/,'1%3%9'512,1$5#1,&'3,'N/5)D'",)#'%+'-,)&,'$,)$%3#'M#)',+'3,'
>N5N/%N/%9'35#'/1'&%+2#'2)%2%13#'3,'+5()%)&,'3,'+%&'%$#*,253%&'3,+'3#)%3#'J'./,'%'$%,)'&#(),',+'
,&M51%F#'2#)1%&#+'3,'&/',1,*50#D'O+,2,C'$#1'./,)F%'M%)%'&#&2,1,)',+',I/5+5()5#'J'%+'.51'+#0)C9'
%+'I/,),)'3,&M),13,)&,'3,'+%'2)%(%FC1',1'I/,'N%(Q%'$%Q3#9')#*M,)'$#1'+%'.5+#&%'1%-%S%'3,'&/'
,&M#+C1'/1'%+%'3,+'3#)%3#D
W+ ' .51# ' 0%++# ' 3,' >N5N/%N/%9 ' $#S52)%1$#9 ' %2%$C ' &51' *5&,)5$#)35% '%+ ' K%+F% 'M,+#&L ' I/, ' &,'
),25)%(%'%'&/')51$C1',1'$%3%'%$#*,253%U'M,)#'N%$Q%'/&#'3,'&/'*,35#'-/,+#'%+'&,125)&,'$,)$%3#D'
O&Q'/1%'J'#2)%'-,F9'N%&2%'I/,9'1#'M/35,13#'),&5&25)',+'3,&%10),'3,'&/'N,)53%9',+'3#)%3#'$+%-C',+'
M5$#9',$NR13#&,'&#(),',+'M5&#'3,+'M%+,1I/,9'&51'I/,',+'(+%1$#'N5$5,)%',+'*R&'*Q15*#'512,12#'3,'
%2%$%)+#D
E,',&2,'*#3#9'%I/,+'%15*%+'$#(%)3,'0%1C'+%'M,+,%9'J'%&Q'./,'M)#$+%*%3#'M#)'E5#15&5#'
"51FC1'$/%13#'0)52Cc
!i_,'N5F#'$N5$%'+%'M,+,%j'i"5,)3,'+%'0)%13,j',1&,0/53%'%P%35C!c'iO%%k()%1'+%&'M/,)2%&DDDj
W+ ' %*%))%3#) ' 3, ' >N5N/%N/% ' ),$#05C ' % ' &/ ' 0%++# ' *%+N,)53#D ' G, ' &#M+C ' ,+ ' M5$# ' M%)%'
3,&$#10,&25#1%)+#'J'2)%2C'3,'I/,',+'%15*%+'&,'&#&2/-5,)%'&#(),'&/&'M%2%&D'",)#'%+'-,)'I/,'
-#+-Q%'%'$%,)9'%M,P/&$%3#'$#*#'/1%'(#+%'3,'M+/*%9'35S#c
!k^#'I/,3%'*R&'),*,35#'I/,'),*%2%3#D
f ' J% ' ,&2%(% ' 35&M/,&2# ' % ' 2#)$,)+, ' ,+ ' M,&$/,F#9 ' $/%13# ' E5#15&5# ' "51FC1 ' &, ' %2),-5C ' %'
$#12,1,)+#c
!^#'+#'*%2,'!+,'35S#!D'"/,3,'$/)%)&,'J'&,)-5)R'%/1I/,'&,%'M%)%'$)Q%D
W+'3,'>N5N/%N/%')5C'(/)+#1%*,12,'J'+,'%))#SC',+'0%++#'%'E5#15&5#'"51FC1'$#*#'I/5,1'&,'
3,&M),13,'3,'/1'2)%M#'&/$5#D'E5#15&5#'+#'%+$%1FC'%'$#0,)'%+'-/,+#9'+#'%))#MC',1'&/&'()%F#&'$#1'
$/53%3#9'$%&5'$#1'2,)1/)%'J'&,'),25)C'$#1'@+'3,+'M%+,1I/,D
O+'++,0%)'%'&/'$%&%9'N5F#'/1'%0/S,)#'3,(%S#'3,+'2,S%(R1'J9'%/45+5%3#'M#)'&/'*%3),9',12,))C'
%++Q'%+'0%++#9'3,SR13#+,'&C+#'+%'$%(,F%'3,'./,)%D
*
"%&%)#1 ' +#& ' 3Q%&D" E5#15&5# ' "51FC1 ' -5-Q% ' V15$%*,12, ' M),#$/M%3# ' M#) ' &/ ' 0%++#9 ' %+ ' I/,'
++,1%(%'3,'$/53%3#&D'G,'++,-%(%'%0/%'J'$#*53%D'G,'*,2Q%'*50%S%&'3,'2#)25++%'J'N#S%&'3,'%+.%+.%'
3,12)#'3,+'M5$#9',&.#)FR13#&,'M#)'N%$,)+#'$#*,)D'",)# '*' "%15*%+'1#'2,1Q%'N%*(),9'15'&,39'
M%),$Q%'2,1,)'&#+%*,12,'0%1%&'3,'*#)5)&,U'%/1I/,'%++Q',&2%(%'@+'M%)%'5*M,35)+#9'-505+R13#+#'
$#1&2%12,*,12,'&51'3,&M,0%)'&/&'#S#&'3,'+#&'#S#&'&,*5k3#)*53#&'3,+'0%++#',12,))%3#D
>#1'2#3#9'/1%'*%P%1%'&,',1$#12)C'$#1'+%'1#-,3%3'3,'I/,',+'0%++#'J%'1#'%()Q%'+#&'#S#&'J'
2,1Q% ' ,+ ' M,&$/,F# '2#)$53#9 ' $%Q3#' %' &/' &/,+2#' M,&#D'7RM53%*,12, ' $#+#$C '/1' $%SC1 '&#(),' ,+'
,125,))#'J'&,'M/&#'%'0#+M,%)+#'$#1'/1%'M5,3)%'3/)%12,'N#)%&'J'N#)%&D
>/%13#'%+'.51'I/52C',+'$%SC19',+'0%++#'+#'*5)%(%'%2/)353#'J'M#)',+'M5$#',12),%(5,)2#',12)%(%'
J'&%+Q%',+'%5),'3,'+%'),&/)),$$5C1D'G,'%))5*C'+%'$%F/,+%'3,+'%0/%'J',+'0%++#'(,(5CU'+,'35#'3,'
$#*,)'*%&%'3,'*%QF'J'+%'2)%0C',1'&,0/53%D
"#$%& ' N#)%& ' 3,&M/@&9 ' M%&2#),%(% ' % ' &/' 0%++# ' M#)' ,+ ' %&#+,%3,)# ' 3,+ ' $#))%+D ' OI/,+ ' 0%++#'
3#)%3#9'2#3%-Q%'$,15F#'3,'25,))%'I/,9'%'M,&%)'3,'3,)),10%)&,'%'$%3%')%2#'M#)'.%+2%)+,',+'%M#J#'
3,'&/'%+%'I/,()%3%9'3%(%'*/,&2)%&'3,'&/'.51%'$#135$5C19'5)0/5@13#&,'++,1#'3,'-%+#)'%12,'+%'
-53%D
l
")#12#'&%1C'2%*(5@1'3,+'%+%D'O/1I/,'+,'I/,3C'/1'M#$#'*R&'+,-%12%3%'I/,'+%'$#12)%)5%9'
%+,2,%(%'$#1'./,)F%'J'&/'(%25)',)%'()/&$#'J'3,&%.5%12,'%+'%+/*()%)'$%3%'*%P%1%D
",)#'M#)',&,'25,*M#'*/)5C'&/'*%3),D'"%),$5C'&,)'$#*#'&5'N/(5,)%'$%*(5%3#'&/'-53%'M#)'
-53%'3,+'K%+%'2/,)2%L'$#*#'%$%(C'++%*R13#&,',+'0%++#'3#)%3#D'"/,&'*5,12)%&'@&2,'5(%'),-5-,'J'
),-5-,9'+%'*%3),'3,'E5#15&5#'"51FC1'&,'3#(+C'N%&2%'*#)5)9',1.,)*%'3,'*5&,)5%D
?/$N#&'%P#&'3,'M)5-%$5#1,&U'3Q%&',12,)#&'3,'N%*(),'J'1510/1%',&M,)%1F%9'+%'*%2%)#1'*R&'
M)#12#D'f'J%'$/%13#'@+'$),Q%'N%(,)',1$#12)%3#'R15*#&'M%)%'+/$N%)'3,'.5)*,'M#)'+#&'3#&9'+%'
*%3),'1#'2,1Q%'),*,35#9'15'-#+/12%3'M%)%'),$/M,)%)'&/&'M,)353%&'./,)F%&D
W+'$%&#',&'I/,'*/)5CD'f'E5#15&5#'"51FC1'2/-#'I/,'%S/%),%)',+',125,))#'&51'2,1,)'15'$#1'I/@'
$#*M)%)'/1'$%SC1'M%)%',12,))%)+%D
`%+'-,F'./,',12#1$,&'$/%13#'#35C'%'_%1'?50/,+'3,+'?5+%0)#D'^#'&C+#'M#)I/,'1%35,'+,'
2,135C'+%'*%1#9'&51#'M#)I/,'N%&2%'&,'(/)+%)#1'3,'@+D'G#'$5,)2#',&'I/,'+%'0,12,'&,')5C'3,'&/'
,42)%P%'.50/)%9'*5,12)%&'5(%'M#)'*52%3'3,'+%'$%++,'$%)0%13#'&#(),'&/&'N#*()#&'/1%',&M,$5,'3,'
S%/+%'N,$N%'$#1'+#&'2%(+#1,&'M#3)53#&'3,'+%'M/,)2%9'J'3,12)#'3,',++%9',1-/,+2#',1'/1'M,2%2,'3,'
3#)*5)',+'$%3R-,)'3,'&/'*%3),D
`#3#&'+#&'I/,'+#'%+$%1F%)#1'%'-,)'+,'N5$5,)#1'(/)+%9'$),J,13#'I/,'++,-%(%'%'25)%)'%+0V1'
%15*%+'*/,)2#D
"%)%'),*%2%)'+%'$#&%9',+'*5&*#'3Q%9'%0),0%3#'%+'%(%13#1#'3,'&/'*%3),9'2/-#'1,$,&53%3'3,'
M),0#1%)'+%'./0%'3,'`#*%&%'G,P,)#9'+%'*/$N%$N52%'I/,'@+'N/(5,)%'I/,)53#'N%$,)'&/'*/S,)'3,'
1#'N%(,)'*,35%3#'&/'M#(),F%c
!`#*%&%'G,P,)#'!3,$Q%!D'>%2#)$,'%P#&'$/*M+53#&D'_,'N/JC'%+'M%),$,)',+'3Q%'hm'3,'+#&'
I/,'$#)),1'%+'M%),$,)'$#1'?50/,+'`5&$%),P#D'?50/,+9'N5S#'3,'M%3),&'.51%3#&D'`#*%&%9'N5S%'
V15$%'3,'3#1'`#)$/%2#'G,P,)#9'I/,'&/M+5$%'&%(,)',1'I/@'+/0%)'./,'3,M#&52%3%D
O&Q9'$#1'&/'3#(+,'M,1%9'E5#15&5#'"51FC1'./,'3,'/1%',&I/51%'%'#2)%9'N%&2%'3#13,',+'M/,(+#'
&,'3,&N%$Q%',1'++%1#&'(%+3Q#&9'$+%*%13#'&/'M),0C1'J'I/,'*R&'I/,'),&,P%9'M%),$5C'%I/,++#'/1'
+%*,12#'M+%P53,)#D
_,'),$#&2C',1'/1%'M5,3)%'3,&M/@&'3,'&/'.%250#&#'),$#))53#'J'%++Q9'+%'$%)%',13/),$53%'J'$#1'
0,&2#'),1$#)#&#9'&,'S/)C'%'&Q'*5&*#'I/,'S%*R&'@+9'15'1510/1#'3,'+#&'&/J#&9'-#+-,)Q%'%'M%&%)'
N%*(),&DDD
X2)#'3Q%9'%'+%&'M)5*,)%&'+/$,&9'&,'+%)0C'M%n'1/1$%D'G+,-%(%'&C+#'/1'M,I/,P#',1-#+2#)5#'3,'
2)%M#&9'J'(%S#',+'()%F#',1$#053#9'$#(5SR13#+#'3,+'%5),'J'3,+'.)Q#9'&/'0%++#'3#)%3#D'f',1'%I/,+'
%15*%+52#',$NC'%')#3%)'&/'&/,)2,'J@13#&,'M#)',+'*/13#D

*
_%(Q%9'M#)'&/&'2)%2#&'$#1'#2)#&'0%++,)#&'$/%13#'@+',S,)$Q%',+'#.5$5#'3,'0)52C19'$/R13#'J',1'
I/@'&525#&'&,'-,)5.5$%(%1'2%M%3%&D'E,',&2,'*#3#9'/1#'3,'+#&'M)5*,)#&'+/0%),&'%'3#13,'++,0C'./,'
_%1'6/%1'3,+'7Q#D'"#(),'J'3,&%))%M%3#'J'$#1',+'0%++#'2#3%-Q%',1'&/&'()%F#&9'&,'%&#*C'%+'
M%+,1I/,'&C+#'M%)%'#)5,12%)&,'J'-,)'&5',1$#12)%(%'%+0V1'KM%3)51#L'I/,'0%)%125F%)%'M#)'@+'+%&'
%M/,&2%&D'G#',1$#12)CU'M,)#'1#'M%)%',&%'2%)3,9'M/,&'2#3%&'+%&'M,+,%&'I/,'&,'S/0%(%1',)%1'3,'
$#*M)#*5&#D'`/-#'I/,',&M,)%)'%+'3Q%'&50/5,12,'%'+%&'M,+,%&'+5(),&'3,'+%&'#1$,'3,'+%'*%P%1%D'
f,1',&%',&M,)%9'&,'M%&C'+%'1#$N,',1',+'*,&C19'$#1'&/'0%++#'%*%))%3#'%'+%&'M%2%&'3,+'$%2),9'&51'
M,0%)'+#&'#S#&'M#)'*5,3#'3,'I/,'+,'./,)%1'%')#(%)'%I/,+'%15*%+',1'I/5,1'2,1Q%'M/,&2%&'2#3%&'
&/&',&M,)%1F%&D
G#&'M#$#&'$,12%-#&'I/,'++,-%(%'+#&'0%&2C',1'%+5*,12%)'%'&/'0%++#9'3R13#+,'3,'$#*,)'$%)1,'
M5$%3%'),-/,+2%'$#1'$N5+,&'*5)%&#+,&D'W&#'./,'+#'I/,'+,'35#'3,'$,1%)'J'2%*(5@1'3,'%+*#)F%)',1'
$/%12#'%*%1,$5CD
O+'%()5)&,'+%&'M,+,%&'3,'+%&'#1$,9'J%',&2%(%'@+'%++Q9'S/12#'%+'I/,'+#'5(%'%'%M%3)51%)9'/1#'3,'
,&#&'%M#&2%3#),&'3,'#.5$5#9'I/,',1'$%&#'3,'K0%1#L'&,'++,-%)Q%',+'=['M#)'$5,12#'3,'+%&'0%1%1$5%&9'
J,1'$%&#'3,'KM5,)3,L'@+'+,'35)Q%'%35C&'%'&/'351,)#'J'E5#15&5#'"51FC1'%'&/'0%++#D'O&Q'$,))C',+'
2)%2#D
G%&'M,+,%&'3,'+%'*%P%1%'1#'%2)%Q%1'%'-,)3%3,)#&'0%++,)#&9'J'+%'%&5&2,1$5%'%+'M%+,1I/,',)%'
*R&'(5,1'3,'$/)5#&#&'J'*5)#1,&'I/,'1/1$%'%))5,&0%(%1',1'&/&'%M/,&2%&'15'+#'I/,'-%+Q%1'+#&'
%15*%+,&D'"#)',&2%')%FC19'+%'*%J#)'M%)2,'3,'+#&'0%++#&',)%1'3,'K(%S%'+,JLD
>#1'2#3#9'%+0#'&,'0%1%(%9'&5',&'I/,'&,'0%1%(%D'f'E5#15&5#'"51FC1'0%1CD'_/'0%++#'1#'
%+$%1FC'%'M,)3,)'15'&/&'M+/*%&'J'&%+5C'$#1'+%'1%-%S%',1&%10),12%3%'N%&2%'+%'(#2%1%D
W12#1$,&',+'%M#&2%3#)9'%+'3%)+,'+#&'M#$#&'M,&#&'I/,'+,'N%(Q%1'$#)),&M#1353#9'+,'35S#'I/,'&/'
0%++#',)%'3,*%&5%3#'0%++#'M%)%',1.),12%)+#'$#1'%I/,++%&'0%++51%&9'J'2)%2C'3,'$#1-,1$,)+#'M%)%'
I/,'+#'S/0%)%',1'+%&'M,+,%&'3,'$#*M)#*5&#'J'N%&2%'),3/S#'&/'/25+53%39'5135$R13#+,'I/,'@+'
?5&*#'&,',1$%)0%)Q%'3,',1$#12)%)+,'),2%3#)D
E5#15&5#'%$,M2C9'M/,&'%',&#'N%(Q%'53#'%++Q9'%'$%+%)'&/'0%++#9'%+'I/,'+,'2,1Q%'/1%'.,'$#*#'
1/1$%'&,'+%'2/-#'%'1%35,9
W+' M%+,1I/, ' M#)'+% '2%)3, ',)% 'J% '#2)% '$#&%D' G%& ' *,&%& 'Ko*M%)$5%+L9 '+% '3,' KO&5,12#L ' J'
K>#12)%L ' ,&2%(%1 ' 2#3%& ' #$/M%3%& ' M#) ' M,)&#1%& ' 3, ' $%2,0#)Q%D ' W1 ' ,+ ' 2,*M+,2, ' $%12%(%1 ' +%&'
$%12%3#)%&'J'M#)'2#3#&'+#&'R*(52#&'3,'+%'M+%F%'),M+,2%9'&,'&,12Q%'/1'%*(5,12,'3,'%15*%$5C1'J'
,12/&5%&*#D
>/%13#'+,'++,0C',+'2/)1#'%'E5#15&5#'"51FC19'+,'M,&%)#1'&/'0%++#',1'+%')#*%1%D'`%M%3#9'
M/,& ' %&Q ' +# ' N%(Q% ' ,45053# ' ,+ ' ),2%3#)9 ' I/5,1 ' 2%*(5@1 ' &,+,$$5#1C ' +%& ' 1%-%S%& ' J ' N%&2% ' ,+'
%*%))%3#)D'E5#15&5#'$#1&53,)C'I/,'&,'+%&'5(%'%'-,)'$#1'/1'0%++,)#'-,12%S#&#U'M,)#'1#'2/-#'*R&'
),*,35#'I/,'%$,M2%)'2#3%&'+%&'$#135$5#1,&9'*,1#&'I/,'#2)#'&#+2%)%'&/'0%++#9'J%'I/,'1#'I/,)Q%'
I/,'+,'./,)%1'%'N%$,)'%+0V1'3%P#D'_,'+,'M,)*525C',&2#'V+25*#D
"#)'.51'&#+2%)#1'/1'0%++#'),2512#9'$%&5'1,0)#9'I/,'$#*,1FC'%'M%&,%)&,'M#)',+'%15++#'+/$5,13#'
&/'0%)(#9'*5)%13#'N%$5%'2#3#&'+%3#&'$#*#'2#)#'&%+53#'3,+'2#)5+',1'(/&$%'3,+'%3-,)&%)5#D
!iO%k2,1$5C1j'!M)#$+%*C',+'0)52C1'i_%1'6/%1'3,+'7Q#'$#12)%'_%1'?50/,+'3,+'?5+%0)#j'
i6/,0/,1'M%),S#j'i>5,1'M,&#&j
!iO'#$N,12%j'iO'#$N,12%',+'$#+#)%3#j
!i"%0#'%'&,2,12%j'iO'&,2,12%j'id#J'%'_%1'6/%1'3,+'7Q#j
E5#15&5#'"51FC1'&%$C'3,+'&%$#'3,'N%)51%',1'I/,',&2%(%',1-/,+2#'&/'3#)%3#9'%+'%15*%+'
*,35#',12/*53#'J'+#'M%&2#),C'/1'*#*,12#'M#)',+')/,3#'3,+'M%+,1I/,D
G%&'#.,)2%&'%)),$5%)#1',1'&/'$#12)%c
!iO'&,&,12%j'iO'$51$/,12%j'id%1'$5,1'$#12)%'$51$/,12%j'G#&'$#)),3#),&'3%(%1'-/,+2%'%'+%'
M+%F%'$%&%13#'+%&'%M/,&2%&'3,'%I/Q'J'3,'%++R9'*5,12)%&'M),0#1%(%1c
!i>5,1'%'$51$/,12%j'iO'-,)'%'$/R+'*%13%1j
E5#15&5#'"51FC1'&#1)5C'%+'-,)'I/,'+%&'%M/,&2%&',1'&/'.%-#)'&,',&2%(%1'-515,13#'%(%S#D'
\%&2%'@+'++,0%(%1'+#&'0)52#&'$#1./&#&'3,'+#&'I/,'&C+#'%M#&2%(%1'%+'3,'_%1'6/%1'3,+'7Q#D'`)%2C'
3,'+#$%+5F%)'%'&/'M%3)51#',12),'+%'$#1$/)),1$5%9'M,)#'%+'1#'-,)+#9'&,'+5*52C'%'%$%)5$5%)'%'&/'0%++#'
M,51R13#+,'+%&'M+/*%&D
!iE,&$/()%19'&,P#),&j'!#)3,1C',+'S/,F'3,&3,'&/'%&5,12#D
_,'I/52%)#1'+%&'./13%&'3,'$/,)#'%'+%&'1%-%S%&D'O*(#&'),2%3#),&'M/&5,)#1'%'&/&'0%++#&'&#(),'
+%')%J%'J'+/,0#'I/,'),$5(5,)#1'+%'#)3,1'3,'&#+2%)9'&#+2%)#1D'W+'#2)#9'I/,3R13#&,'$#1'%+0/1%&'
M+/*%&',1'+%'*%1#'I/,'+,'N%(Q%'%))%1$%3#'%'V+25*%'N#)%'%'&/'%15*%+'M%)%'5))52%)+#9'*5,12)%&'
E5#15&5#'"51FC1'+#'3,S%(%'&/%-,*,12,'&#(),'+%')%J%D
_,'N5F#'&5+,1$5#D
^#'N%(Q%1'2)%1&$/))53#'2),&'*51/2#&'$/%13#'/1%',4$+%*%$5C1'3,'3,&%+5,12#'$/135C'M#)'
2#3#',+'MV(+5$#D'W+'0%++#'),2512#'J%$Q%',$N%3#',1',+'&/,+#9'3,'+%3#9'M%2%+,%13#'&/'%0#1Q%D'W+'
3#)%3#'+#'N%(Q%'3,&M%$N%3#',1'/1%'.#)*%'+5*M5%9'$%&5'51,4M+5$%(+,'J'%V1'&%$/3Q%'&/&'%+%&'J'
+%1F%(%'/1'$%12#'3,'3,&%.Q#D
E5#15&5#'+#'%+FC'%12,&'3,'I/,'&,'N5)5,)%'$#1'+%',1#)*,'1%-%S%D'a/,'J',12),0C'@&2%',1'+%'
*,&%'3,+'O&5,12#'$)/F%13#',+')/,3#'3,+'M%+,1I/,',12),'+%'),$N5.+%'3,'+%'3#+53%'$#1$/)),1$5%D'
_C+#'3,+'(%)),13,)#'I/,',12)C'%'+5*M5%)'$#1'+%',&$#(%'+%'&%10),'3,+'0%++#'*/,)2#9'),$5(5C'/1%&'
M%+%()%&'3,'%M),$5#c
!`)%5'/&2,3'0%++#'M%n'2#M%)+,'%'$/%+I/5,)%9'%*50#D
7,&M#13,c
!_QDDD'_%(,'),&M#13,)'!./,'+%'),&M/,&2%'3,'E5#15&5#'"51FC1'I/,'&%+5C',1'(/&$%'3,'&/'
KM%3)51#LD'G#',1$#12)C',1'+%'$%1251%D
!pf%'$#()C'/&2,3'+%&'0%1%1$5%&q
!G%'&51$,)%'-,)3R',&'I/,'*,'-51,'%12,&'%',$N%)'/1'2)%0#'M%n'15-,+%)*,'3,'+%'5*M),&5C1D'
>),5(%'I/,'2/'0%++#'1#'5(%'%'M#3,)D'pf'$#1'I/@'35%(+#&'5(%'J#'%'$/()5)'+%&'%M/,&2%&q
!p`%1'M#$%'$#1.5%1F%'+,'2,1Q%'/&2@'%'*5'%15*%+52#q
!W&'I/,'1/1$%'*,'5*%051@'I/,'3#1'a/+%1#9'$#1'I/5,1'N5$,',+'$#*M)#*5&#9'1#&'./,)%'%'
,$N%)',1$5*%'&/'0%++#'K$%M/+Q1L'I/,'M%)%'3,$5)2,'+%'&51$,)%'-,)3R',)%'/1'%&,&51#DDD
!_5,*M),'+#'0/%)3%(%'M%n'+%&'M,+,%&'3,'_%1'?%)$#&DDD'f'&5,*M),'$#1'@+9',12,)52#D
!f'%&Q'J'2#3#'2#3%-Q%'&,'M/&#'-,12%S#&#D
!"%n ' I/, ' -,%&D ' >#1 ' ,&# ' $/%+I/5,)% ' &, ' ,&M%12%D ' >#125*R& ' %+ ' -,) ' $C*# ' &, ' %+F%1 ' +%&'
%M/,&2%&',1'$#12)%'3,'/1#DDD'?,',&M%12@9'+#'I/,'&,%'3,'$%3%'I/5,1D
!",)#'1#'Q(%*#&'%+'KM5,)3,L9',&#'/&2@'+#'&%(Q%D
!T/@'5(%'%'&%(,)'J#D'"#)',&#'N%&2%'*,S#)'*,'%)),S#+@'%I/QDDD'"#)'&5'%$%&#D
!pE,'*#3#'I/,'5(%'J#'%'I/,3%)',1&%)2%3#',1'$%&#'3,'KM5,)3,Lq
!W&#'*R&'#'*,1#&DDD'O+'.51'3,'$/,12%&'2V'1#'25,1,&'*/$N#'I/@'M,)3,)D'W1'$%*(5#9'J#DDD
!E%2,'%',12,13,)'I/,'3,',&2#'-5-#DDD'H/,1#9'J%'M%n'I/@'%+,0%*#&D'd%*#&'%'$#()%)'!+,'
35S#'*5,12)%&'&,)-Q%',+'V+25*#'2)%0#D
G/,0# ' +#& ' 3#& ' &, ' ,1$%*51%)#1 ' N%$5% ' ,+ ' K3,M#&52%)5# ' 3, ' +%& ' %M/,&2%&LU ' M,)# ' J% ' M%)%'
,12#1$,&'N%(Q%'$#*,1F%3#'/1%'1/,-%'M,+,%'J'2/-5,)#1'I/,',&M,)%)'%'I/,'@&2%'2,)*51%)%D
")#12#'&,'3,SC'#Q)'+%',4$+%*%$5C1'3,'id5-%'`,I/5&I/5%M%1j'+%1F%3%'M#)'+#&'M%)253%)5#&'3,+'
0%++#'0%1%1$5#&#9','51*,35%2%*,12,'+%&'$%12%3#)%&'3,+'K2%M%1$#L'&,',1$%)0%)#1'3,'$/()5)',+'
512,)-%+#'$#1'&/&'$%1$5#1,&D
E5#15&5#'"51FC19'*5,12)%&'%0/%)3%(%',+'),0),&#'3,+'rM%3)51#L'&,'.5SC',1',++%&9'&#(),'2#3#'
,1'+%'I/,'N%$Q%'.),12,'J'%'+%'I/,',&2%(%'&,0/)#'3,'$#1#$,)D'a/,'%$,)$R13#&,'N%&2%'M#1,)&,'%+'
M5,'3,+',&2)%3#'J'+%'*5)C'%'&/'0/&2#9',1'2%12#',++%'+%1F%(%'+#&'-,)&#&'3,'&/'$%1$5C1c
3)4*)#10*"%#56"78*"4*"(+(9(:
1#+#"%*"(+("8)(";*<"*)"'(";=-(>
-*%?*.46"!"4#-#"*.("+*)4=.(:
)="%=78=*.("+*"(18*.-#"-*"4=@@@
!\,$N#',+'25)#'!+,'35S#',+'M%3)51#9'I/5,1'+,'*#&2)C',+'351,)#'J%'$#()%3#D
!pT/5@1',&',&%'I/,'$%12%q'?,'M%),$,'N%(,)+%'-5&2#',1'%+0/1%'M%)2,D
!_,'++%*%'KG%'>%M#1,)%LD'f'&/'#.5$5#',&'),$#)),)',+'*/13#9'%&Q'I/,'1#',&'35.Q$5+'N%(,)+%'
-5&2#',1'$/%+I/5,)'M%)2,DDD'idR*#1#&j
@@@A="4*"78=%*")#"B8*"78*"4*"78=%*:
%="4*"(+6:"B8*"?#."?(%(."*'".(4#:
0(!"4*"+()-#"48"4.=%4*".*4.(4#
?(.(")8)1("(1#.-(.+*"-*"4=@@@

*
>#1',+'351,)#'#(2,153#',1'_%1'6/%1'3,+'7Q#'+,'./,'M#&5(+,'),$#)),)'*R&'+%)0#&'$%*51#&D'_,'
512,)1C'M#)',+'15*(#'3,'g%$%2,$%&9'3#13,'+,'35S,)#1'I/,'%++R'&,'*%13%(%1'./,)2,D'W+'I/,'+,'
N%(Q%'&,)-53#'3,'M%3)51#9'&,'51-52C'%'%$#*M%P%)+#U'M,)#'E5#15&5#'"51FC1'M),.5)5C'%13%)'&#+#9'
M/,&'$#1'+#'M#$#'I/,'+#'2)%2C9'+,'35#',+'$%+,'J'-5#'I/,9'%/1I/,'M#3Q%1'&,)-5)+,'&/&'$#1&,S#&',)%'
/1'&/S,2#'I/,'1%3%'*R&'(/&$%(%'&%$%)'-,12%S%',1'&/'M)#M5#'M)#-,$N#D'E,'%NQ',1'%3,+%12,'+#'
I/,'0%1%)%'&,)Q%'M%)%'@+'&#+#D
T/5@1'&%(,'M#)'I/@'M/,(+#&'%13%)Q%'3/)%12,'%+0V1'25,*M#9'+#'$5,)2#',&'I/,'$/%13#'++,0C'%'
O0/%&$%+5,12,&9'M%)%'_%1'?%)$#&9'2#3%-Q%'2)%Q%'&/'0%++#'-5-#'J'@+'-,&2Q%'3,'#2)#'*#3#c'3,'+/2#9'
$#*#'&50/5C'-5&25,13#'2#3%'&/'-53%'N%&2%',+'3Q%'3,'&/'*/,)2,D
W)%'+%'M)5*,)%'-,F'I/,'@+'&,'%))5*%(%'M#)'O0/%&$%+5,12,&D'd,1Q%'%15*%3#'$#1'+#&'*,S#),&'
M)#MC&52#&9'M/,&'%N#)%'5(%'%'-,)'&5'),%+*,12,'&/'0%++#'-%+Q%'%12,'+#&'.51#&'%15*%+,&'I/,'%++Q'&,'
S/0%(%19'J%'I/,'1#'&,'%3*52Q%19'J'%&Q'M#)I/,'+#'3,$Q%',+'),0+%*,12#9'&51#'0%++#&'3,'H)%-%'G,J'
#'3,'G,J'_/M),*%9'/1#&'++%*%3#&'%&Q'M#)I/,'&#1'+#&'M)5*,)#&',1',+'%2%I/,9'J'+#&'3,'G,J'
_/M),*%9'I/,'&#1'$#1&2%12,&',1'+%'M,+,%9'25)%1'0#+M,&'*%$5F#&'J'*%15.5,&2%1'-%+#)'N%&2%'&/&'
V+25*#&'51&2%12,&'3,'-53%D
_#(),',&2#'5(%'E5#15&5#'"51FC1'%'M)#(%)'&5'$#12%(%'$#1'/1'0%++#'3,'@&#&9'#'&59'M#)',+'
$#12)%)5#9 ' %+ ' -,)&, ' .),12, ' % ' /1 ' %15*%+ ' 3, ' &/ ' *5&*% ' $#135$5C1 ' J ' %))%1I/,9 ' 5(% ' % ' K%+F%)'
,&$#(,2%LD
G# ' 51&$)5(5C ' M%)% ' +% ' K?#$N5++,)L ' 3,+ ' &,0/13# ' 3Q% ' 3, ' 2%M%3%&D ' 8_,' ++%*% ' ?#$N5++,) ' %+'
M)5*,)'0%++#'I/,'&,'S/,0%'J'I/,9'M%)%'35&2510/5)+#'3,'+#&'3,*R&9'-%'$#1'*%J#)'$%1253%3'3,'
351,)#DB
O++Q',1'O0/%&$%+5,12,&'&,'2#MC'3,'1/,-#'$#1',+'KM%3)51#L'3,'_%1'6/%1'3,+'7Q#D'",)#'@&2,'
1#'M%),$5C',12/&5%&*%)&,'$#1'%$#1&,S%)+#',&2%'-,F9'J%'I/,'1#'$#1&53,)%(%'%'E5#15&5#'"51FC1'
(/,1%'$%)2%'$#12)%'+#&'-,)3%3,)#&'J',4M,)5*,12%3#&'0%++,)#&'I/,'$#1$/))Q%1'%'+%'.,)5%'3,'_%1'
?%)$#&D'f'1#'&C+#',&#9'&51#'I/,',1'+%'M)5*,)%'#M#)2/153%3'I/,'2/-5,)#1'3,'N%(+%)9',+'M%3)51#'
+,'35S#c
!`V',&2%)Q%&'*,S#)'M/,(+,%13#'$#1',&,'0%++#')%(C19'%I/Q'2,'-%1'%'3,&M+/*%)D
O+'.51'3,'$/,12%&'1#'2,10#'1%3%'I/,'M,)3,)'p^#'*,'35S#'/&2@',&#q
!G#&'M#$#&'*5+,&'3,'M,&#&'I/,'3,'&,0/)#'N%()R&'0%1%3#',1'2/&'%13%1F%&DDD'O3,*R&9'
%$/@)3%2,'I/,'+%'&/,)2,'1#'%13%',1'(/))#D
!"#)',&#'1#'I/5&,'%13%)'$#1'/&2@'!%$%(C'35$5@13#+,'E5#15&5#'"51FC1D'f'&,'&,M%)%)#1'
M%)%'J%'1#'-,)&,D
>/%13#9'%2)#1%13#'2#3%-Q% '+#& '%M+%/&#& '$#1'I/,',+'MV(+5$# '3,+'M%+,1I/,'M),*5%(% '+%'
512,)-,1$5C1'3,'+%&'$%12%3#)%&9'J'3,&M/@&'I/,',+'0)52C1'N%(Q%'%1/1$5%3#',+'$#*5,1F#'3,'+%&'
M,+,%&'3,',&%'2%)3,9'E5#15&5#'"51FC1'&,'-5#'$%),%13#'%'&/'3#)%3#'$#12)%'/1'0%++#'(V+5I/,'
0%*(,2,%3#)'J'#Q%'(5,1'$+%)#',+'*#12#'3,'+%&'%M/,&2%&9'J'$#*#'M#$#'%'M#$#'&,'5(%1'%+F%13#'
*R&',1'.%-#)'3,'&/'$#12)%)5#'I/,',1',+'&/J#U'%/1I/,'2%*(5@1'0)%1,%(%1'+#&'K),2%M#&L9'2%+'-,F'
%M#&2%3#&'M#)'/1'MV(+5$#'3,&512,),&%3#'#'3,&$#1#$,3#)9'+,',12)C'%+0#'3,'*5,3#D'",)#'$/%13#'
1#2C'I/,',+'&#+2%3#)'3,+'0%++#'$#12)%)5#9'+#'3,&,&2)%P%(%'5))52R13#+#'$#1'0#+M,&',1'+%'$%(,F%9'
&/M#'I/,'0%1%)Q%'+%'M,+,%9'M/,&'&/'3#)%3#9'%$#&2/*()%3#'%+'(/,1'2)%2#9'&%(Q%'S/0%)'+5*M5#'J'
%M+%$%)'$#1'*/$N%'.%$5+53%3'%'+#&'0%++#&'$#)%S/3#&D
f'%&Q'./,D'W+'#2)#'0%*(,2,%(%U'M,)#'%+'3#)%3#'1#'+,'512,),&C'+%'$%(,F% '*#-,35F%'3,+'
(V+5I/,9'&51#'I/,'M)#$/)%(%'%2%$%)'M#)',+'$#&2%3#9'1%-%S%'$#12)%'1%-%S%9'+%1F%13#'&/&'()51$#&'
%'+%'M,$N/0%'J'S%+R13#+#'$#1'+%&'M%2%&9'*5,12)%&',+'$#12)%)5#'$#)$#-,%(%'+%'$%(,F%'$#*#'+#'
N%$,'/1'(#4,%3#)'$/%13#',&2R'N%$5,13#'.512%&9'M,)#'3,S%(%',+'$/,)M#'$%&5'I/5,2#D'a/,'%++Q9',1'
+%')%(%35++%9'3#13,',+'3#)%3#',12,))C'&/'1%-%S%9'3,)),10%13#'%'&/')5-%+'I/,'I/,3C'3,&M%2%))%3#'
(/&$%13#'3C13,'$+%-%)',+'M5$#D
!is#+M,'3,'?#F%j'!M),0#1C',+'0)52C1!D'i"5,)3,'^#$N5&2+R1j'i`#3#&'$#12,12#&j'iO%%k
()%1'+%&'M/,)2%&j
@@@&)"'("1/.1*'"-*"C*'(!(
*%48;*"?.*%#"!"%=)"-*'=4#:
?#."8)("=)B*'=<"?=4(!(
78*"?=1D"+="?($(.=4#>
+*)4=.(")#"'*"0=1*")(-(:
!("4*)E("%8"(28$*.=4#@@@
f'%I/,++%'$%1$5C1'%+,(),&2%3%'$#1'I/,')#*M5,)#1',+'*/)*/++#'J'+%'2,1&5C1'3,+'M%+,1I/,'
+%&'$%12%3#)%&9'+,'&/M#'%'0+#)5%'%'E5#15&5#'"51FC19'I/,'),$#05C'&/'0%++#'&%+M5$%3#'3,'&%10),9'
M,)#',12,)#'J'1/,-%*,12,'+5*M5#'3,'N,)53%&D

*
!iWJ9'0%++,)#j'!#JC'I/,'+#'++%*%(%1D'_,'35&M#1Q%'%'$,1%)'M#++#'M+%$,)#',1'/1#'3,'+#&'
M/,&2#&'3,'+%'.,)5%D'f%'N%(Q%'0/%)3%3#'%'(/,1'),$%/3#'&/'%15*%+'J'N%(Q%'M%&,%3#'/1')%2#'
$/)5#&,%13#'M#)'%I/Q'J'M#)'%++R',12),'+#&',&M,$2R$/+#&'3,'+%'.,)5%D'ON#)%',&2%(%'%++Q',&M,)%13#'
I/,'+,'&5)-5,)%1'3,'$,1%)D
d#+-5C'+%'$%(,F%'J'1#2C'%'/1'$N%))#'3,'.50/)%'5*M#1,12,'I/,'+#'*5)%(%'3,&3,'&/',+,-%3%'
,&2%2/)%D
!pW&'$#1*50#q'!M),0/12C'E5#15&5#'"51FC1D
!p>/R12#'M53,&'M#)'2/'0%++#q'e
!^#',&2R'3,'*,)$%)&,D
!`,'3#J'*5+'M,&#&'J'1#'350%&'%'1%35,'I/,'*,'+#'-,135&2,D
!^#'+#'-,13#D
W+'$N%))#'&,'%$,)$C'%'E5#15&5#'"51FC1'J'+,'2,135C'+%'*%1#'%'*%1,)%'3,'M),&,12%$5C1D'>#1'
@+9'J'N%&2%',+'*#*,12#',1'I/,'2%*(5@1'&,'%$,)$C'%'+%'+/F'J'+%'-5#9'-,1Q%'G%'>%M#1,)%9'%I/,++%'
*/$N%$N%'(#152%'I/,'$%12%(%',1',+'M%+,1I/,D
!?,'++%*#'G#),1F#'H,1%-53,&D'p^/1$%'N%&'#Q3#'N%(+%)'3,'3#1'G#),1F#'H,1%-53,&q'
"/,&'(5,1 'J#'&#JD'f'&#J'2%*(5@1',+'3/,P#'3,+'(V+5I/,'N,)53#',&2%'2%)3,'M#)'2/'0%++#D'`,'
#.),F$#'*5+'I/515,12#&'M,&#&'M#)'@+'J'+%'V15$%'$#135$5C1'I/,'M#10#',&'I/,'%'1%35,'+,'$/,12,&'
I/,'*,'+#'-,135&2,DDD
!f%'+,'35S,'I/,'1#',&2R',1'-,12%D
!DDDX2)%'*R&'!&50/5C'35$5,13#',+'2%+'G#),1F#'H,1%-53,&9'&51'N%$,)'$%&#'3,'+%'),&M/,&2%'
3,'E5#15&5#'"51FC1!9'2,'3#J'%'*R&'3,'+#&'3#&'*5+'M,&#&9'3#&'0%++#&'%*%)5++#&'$#*#',+'2/J#D'
H5,1'.51#&D'T/,',1'2/&'*%1#&DDD'if'M#)'E5#&'$),#'I/,'25,1,&'(/,1%'*%1#j'M/,3,1'++,0%)'%'3%)'
K$%M#2,L'%'3#13,'I/5,)%'I/,'+#&'++,-,&DDD'X2)%'*R&DDD
!^#'*,'512,),&%',+'2)%2#D'p^#'0/&2%1'&,12%)&,'%'$,1%)q
!pT/@q
!pT/,'&5'1#'&,'+,&'%12#S%'/1'M#++52#q
!^#9'0)%$5%&D'f#'S%*R&'$#*#'M#++#DDD'f'*/$N#'*,1#&',1'2,*M#)%3%'3,'2%M%3%&DDD
!pO&Q'I/,'1#'2,'%))5,&0%&'%'$,))%)',+'1,0#$5#q
!?5),'0%++,)#'!+,'35S#',+'#2)#'2#*%13#'/1%'%$252/3'&,)5%!D't50%*,'(5,1D'W&,'%15*%+52#'
1#'-%'%'M#3,)'$%),%)+#'#2)%'-,F'%I/QD'f%'&,'+,'$#1#$,'+%'M512%'J'&/'S/,0#D'f'3,'N%$,)+#9'+,'
*%13%)R1'/1#'I/,'+,'3@'Ks#+M,'3,'s)%$5%L',1'+#&'M)5*,)#&'M%+#&DDD'X2)%'*R&DDD
!^#',&2#J'M,1&%13#'M,+,%)+#'M#)'%N#)%D
!DDDX2)%'*R&9'3,$Q%'J#9',&#'&5',&'/&2,3'I/5,1'+#'N%$,D'",)#',1'$%&#'3,'&,)'J#9',&,'0%++#'
,&2%)R'*%P%1%'*5&*#',1',+'M%+,1I/,9'S/0%13#'$#1'-,12%S%'3,'2),&'%'3#&'J'I/5FR'3,'$51$#'%'
/1#D'W&#'&5'$),,1'I/,',&'3,'*5'0%++,)%D'E,'#2)#'*#3#DDD'f#'*5&*#'2,10#'0%++#'M%)%',+'&/J#D'
O&Q'I/,'J%'-,)RD
!iO$@M2,+,',+'2)%2#9'0%++,)#9'G,'$#1-5,1,'!512,)-51#'G%'>%M#1,)%'I/,'3,&3,'N%$Q%')%2#'
,&2%(%'&,12%3%'.),12,'%'E5#15&5#'"51FC1!D'p^#',125,13,'+%'$#*(51%$5C1'I/,'+,'M)#M#1,'%I/Q'
3#1'G#),1F#q
!G%',125,13#U'M,)#'%'*Q'1#'*,'0/&2%1'+#&',1S/%0/,&D
W++%')5C'$#1'/1%')5&%'&#1#)%D'G/,0#'M)#&50/5Cc
!_,'-,'%'+,0/%&'I/,'/&2,3'1#'$#1#$,'3,',&2#&'%&/12#&D'f%'$/%13#'2,10%'*R&'$#+*5++#'
&%()R'I/,',1'+#&'0%++#&'2#3#',&2R'M,)*5253#D
!"#&' %N#)52%'N,'0%1%3#'$#1'+,0%+53RD 'fDDD'$#1'&/'M,)*5&#'!35S#'E5#15&5#'"51FC1'%+'
M%),$,) ' #.,1353#9' 3,35$R13#&, '% ',10/++5) ' &/'M#++# 'M+%$,)# ' J'3%13# 'M#)' 2,)*51%3% ' %I/,++%'
35&$/&5C1D
G%' >%M#1,)% '&,'%+FC '3,'N#*()#&D'_,'+,-%12C '3, '+%'*,&% 'J',1'$#*M%PQ% '3, 'G#),1F#'
H,1%-53,&'./,)#1'%'&,12%)&,'/1'M#$#'*R&'%++R9'1#'*/J'+,S#&'3,'@+D
!pT/@'2,'2#*%&9'H,)1%)3%q'!#JC'I/,',+'2%+'H,1%-53,&'M),0/12%(%'%'+%'*/S,)D
!"/,&'M#)'+#'M)#12#'I/,'1#&'2)%50%1'/1%&'$,)-,F%&'p#'1#q
!pf ' I/@ ' 2, ' M%),$, ' &5 ' M,35*#& ' %12,& ' /1 ' *,F$%+52# ' M%)% ' I/, ' 1# ' 1#& ' N%0%1 ' 3%P# ' +%&'
$,)-,F%&q
!?,'M%),$,'(5,1D
W+'*,&,)#'&,'%$,)$C'J'+,'M535,)#1'/1%'(#2,++%'3,'*,F$%+D
E,&3,'&/'&525#9'*5,12)%&'3%(%'(/,1%'$/,12%'3,'&/'$,1%9'E5#15&5#'"51FC1'+#&'#(&,)-%(%D'
_#(),'2#3#'%'+%'*/S,)'i0/%M%'*/S,)j'I/,'(,(Q%'/1'*,F$%+'2)%&'#2)#'J'),Q%'J'-#+-Q%'%'),Q)'$#1'
0)%13,& ' )5&#2%3%& ' %12, ' +# ' I/, ' +, ' M+%25$%(% ' G#),1F# ' H,1%-53,&D ' W1 ' 2%12# ' %$R9 ' ,+ ' "51FC19'
,4%*51%(% ' ,+ ' ()5++# ' %+,0), ' 3, ' &/& ' #S#&9 ' ,1*%)$%3#& ' ,1 ' %I/,++% ' $%)% ' ,42)%#)351%)5%*,12,'
N,)*#&%D'f'M#)'+%'.#)*%'3,'&/&'()%F#&'J'+#&'&,1#&9'&#(),'+#&'I/,',&2%(%'2,)$5%3#'/1'),(#F#'3,'
M%+#*#9'&/M#1Q%'I/,'3,(Q%'3,'2,1,)'/1'$/,)M#'2%*(5@1'N,)*#&#D'd,&2Q%'/1%'(+/&%',&$#2%3%'J'
/1%'.%+3%'1,0)%',&2%*M%3%'$#1'0)%13,&'2/+5M%1,&')#S#&D
W12),'/1'(#$%3#'J'#2)#9'1#'%M%)2%(%'+%'-5&2%'3,'%I/,++%'*/S,)'I/,'N%(Q%'512,)-,153#'M%)%'
%M#J%)',+'2)%2#'M)#M/,&2#'M#)'G#),1F#'H,1%-53,&'I/,9'M#)'&/'%M%)5,1$5%9'3,(Q%'&,)'/1'0%++,)#'
.%*#&#D
`,)*51C ' 3, ' $,1%) ' J ' &, ' +,-%12CD ' O12,& ' 3, ' ),25)%)&, ' 35# ' /1 ' &%+/3# ' 3, ' 3,&M,353% ' % ' +#&'
#$/M%12,&'3,'+%'*,&%'$#1250/%9'*%&'@&2#&'1#'M%),$5,)#1'#Q)+#D'W+'N#*(),',&2%(%',1.)%&$%3#',1'
&/'M+R25$%9'2%+'-,F'$#1-,1$5,13#'%'+%'N,*()%'3,'%+0#D'f',++%'1#'%M%)2%(%'+%'-5&2%'3,'@+9'/1%'
*5)%3%'J%'*,35#'-53)5#&%9'3,(53#'%+'*,F$%+'I/,'&,0/Q%'(,(5,13#',1'%(/13%1$5%D

*
E#&'*,&,&'3,&M/@&9'+,'*%2%)#1'&/'0%++#'3#)%3#',1'`+%I/,M%I/,D
E,&3,'%+'%()5)'$%),#',1$#12)C'I/,'&,',1.),12%(%'$#1'/1')5-%+'35&M/,&2#'%'*%2%)D'W)%'/1'
(#152#'%15*%+D's5)#9'.51Q&5*#9'$#1'/1%'0#+5++%',1#)*,'J',&M,&%'3,'M+/*%&'J9'&#(),'2#3#9'/1%'
*5)%3%'3,'R0/5+%'J'/1#&'#S#&',1)#S,$53#&'M#)',+'#35#'I/,'&,0/)%*,12,'1#'&,'%M+%$%)Q%'N%&2%'1#'
-,)'*/,)2#'%'%I/,+'51.,+5F'0%++#'3#)%3#D
O+'$%),%)+#&9'./,'2%1')RM53#',+'#2)#',1'%$#*,2,)9'I/,'E5#15&5#'"51FC1'1#'2/-#'25,*M#'3,'
+5()%)'%'&/'0%++#9',+'$/%+'$#*,1FC'%'&%10)%)'3,'+%'$),&2%'%'$#1&,$/,1$5%'3,'+#&'-5#+,12#&'J'
&%10/51%)5#&'M5$#2%F#&'I/,'+,'+%1FC',+'05)#',1'/1#&'$/%12#&'&,0/13#&D
!iE#J'$5,1'%'$51$/,12%j'id#J'%+'05)#j'!3,$Q%1'+#&'%M#&2%3#),&D
f'$#*#'/1',$#9'+#&',1$#*,13,)#&'),M,2Q%1c
!i>5,1'%'$51$/,12%j'iW&'%'+%'0)%13,j'i"/S,1'&,P#),&j'i>5,1'%'$51$/,12%j'pT/5@1'-%'*R&'%+'
05)#q
!i"%0#'%'$/%),12%j'id#J'$5,1'%'$/%),12%j
G%'&%10),'3,'+%'$),&2%'$#*,1FC'%'(%S%)+,'%'+%&'1%)5$,&'%+'3#)%3#'J'+,'M)#3/S#'N#0/Q#D'
E5#15&5#'"51FC1'+,'+5*M5C'+%'$%(,F%D'_#M+C',+'M5$#'M%)%'3,&%N#0%)+#D'`#*C'25,))%'3,+'&/,+#'J'
+%'),&2),0C',1'+%'$),&2%'3,'&/'%15*%+'M%)%'$#12,1,)'+%'N,*#))%05%'J9'+#'I/,'1#'N%(Q%'N,$N#'
1/1$%9 ' $#*,1FC ' % ' 3,&,&2)%P%)+# ' %))%1$R13#+, ' M+/*%& ' 3, ' +% ' $#+% ' M%)% ' ,1$#)%S51%)+#D ' O&Q'
$/%13# ' &#1C ' ,+ ' 0)52# ' 3,c ' i_/,+2,1 ' &/& ' 0%++#&9 ' &,P#),&j ' W+ ' 3#)%3#9 ' ,1./),$53#9 ' 1# ' $%JC'
&/%-,*,12,',1'+%')%J%9'&51#'I/,'M%),$5C'N/5)'3,'+%&'*%1#&'3,'E5#15&5#'"51FC1'J'./,'%'3%)&,'
./,)2,',1$#12)#1%F#'$#1',+'05)#'I/,'+#'M%)C',1'&,$#'$#1'/1'()51$#'3,'*,35#'-/,+#9'*,25@13#+,'
+%&'M%2%&'M#)'3,+%12,D'G/,0#'+#'2)%(C'3,+'M5$#D'G#'F%)%13,CU'M%)%'3,&M/@&9'2)%&'/1%&'$/%12%&'
.512%&'J'%+,2%F#&9'2),MR)&,+,',1$5*%9'3,&2)#FR13#+,'+%'$%(,F%'%'M5$#2%F#&'*5,12)%&'+,'N/13Q%',+'
M/P%+'3,'&/',&M#+C1',1'+%'M,$N/0%D'W+'3#)%3#'I/,3C'M%2%&'%))5(%9'+%1F%13#'1%-%S%F#&U'M,)#'J%'
,1'+#&'V+25*#&',&2,)2#),&D
!iG,-%12,1'&/&'0%++#&9'&,P#),&j
"#)'$#&2/*(),'J'M#)'+,J9',+'S/,F'35&M/&#'I/,'&,'N5$5,)%'+%'M)/,(%D'E5#15&5#'%+FC'&/'0%++#'J'
+#'%$,)$C'%+'05)#'I/,'-#+-5C'%'M5$%)',1$%)15F%3%*,12,'+%'$),&2%',1*#),$53%'3,+'3#)%3#9',+'$/%+9'
$#*#'2#3#',+'*/13#'+#'-,Q%9',&2%(%'(5,1'*/,)2#D

*
E5#15&5#'"51FC1'%(%13#1C'+%'M+%F%'3,'0%++#&'++,-%13#',1'&/&'*%1#&'/1%&'$/%12%&'M+/*%&'
J'/1'),$/,)3#'3,'&%10),D'a/,)%9')/0Q%1'+#&'0)52#&'3,'+%'.,)5%U'+%&'35-,)&5#1,&U',+'%1/1$5#'3,'+%&'
2%13%&',1'+%&'$%)M%&U',+'M),0C1'3,'+%&'+#2,)Q%&U'3,'+%')/+,2%U'+%&'-#$,&'&#)3%&'3,'+#&'%+(/),)#&'J'
3,'+#&'S/0%3#),&'3,'3%3#&9'J'+%&'-#$,&'+%351%&'3,'+#&'I/,'51-52%(%1'%'+#&'*5)#1,&'I/,'%251%)%1'
3C13,'N%(Q%'I/,3%3#'+%'(#+52%D'\%&2%'@+'++,0%(%'2#3%-Q%',+')/*#)'3,+'M%+,1I/,U',+'N,3#)'%'
N/*#'J'%+$#N#+'I/,'#M%$%(%',+'3,'+%'&%10),'),0%3%',1',+'&/,+#'J',+'3,'+#&'0%++#&'*/,)2#&9'
3,&N/,&%3#&9'$#+0%3#&'3,'/1'0%)%(%2#D'f'+#&'0)52#&'3,'/1'MV(+5$#'.),1@25$#'I/,'$+%*%(%c'iu&,'
,&'),0/513C1j'iW&2R',12/*53#j'id5-%'T/52/M%1j'I/,'%'&/'-,F'%M%0%(%'+%'3#(+,'-#F'3,'+%&'
$%12%3#)%& 'J',+')/53#'N/,$#'3,'+%& '$/,)3%& '3,+'2#+#+#$N,D '`#3#'*,F$+%3# '$#1',+'$#1./&#'
0)52,)Q#'3,'+#&'*,)$%3,),&9'2%NV),&'J'*V&5$#&'%*(/+%12,&D
G#'2)%S#'%'+%'),%+53%3',+'2)%I/,2,#'3,'+#&'3%3#&',1'/1'$/(5+,2,'J',+')#3%)'3,'@&2#&'&#(),'+%'
-,)3,'.)%1,+%D'O++R'3,12)#'3,+'M%+,1I/,'N%(Q%'-/,+2#',+'&5+,1$5#9'2,)*51%3#'J%',+'512,)-%+#'
,12),'&/'M,+,%'J'+%'I/,'%N#)%'&,'+5()%(%D
>%*51C'/1#&'M%&#&'J'&,'3,2/-#'.),12,'%'+%&'*,&%&'3,'+#&'%+(/),&D
!i^#'+%'(%)%S,'2%1'%+2#'M#)I/,'&,'+,-,'+%'M/,)2%j'!#JC'I/,'3,$Q%'%+'2%++%3#)'%+0/5,1'3,'
+#&'I/,'&,'%0)/M%(%1'.),12,'%'/1%'3,'+%&'*,&%&D
E5#15&5#'"51FC1'&,'I/,3C'/1')%2#'%++Q9 '&51'512,1$5#1,& '3,'S/0%)9'&C+#'$/)5#&,%13#D'G,'
I/,3%(%'M#$#'351,)#9'%M,1%&'&5'M%)%'$,1%)'J'M%0%)',+'N#&M,3%S,'3,',&%'1#$N,9'M/,&'&/'0%++#'&,'
N%(Q%'++,-%3#'%+'*#)5)'+#'I/,',+'*5&*#'%15*%+52#'N%(Q%'3%3#'%'0%1%)',1'+#&'*,&,&'%12,)5#),&D'
G%'-,)3%3'3,'+%&'$#&%&',&'I/,'1#'&%(Q%'I/@'N%$,)'15'%'3#13,'5)9'M#)',&#'&,',&2/-#'%++Q'*5)%13#9'
%M#&2%13# ' 2#2%+*,12, ' % ' +%& ' $%)2%& ' I/, ' 2,13Q% ' ,+ ' 2%++%3#) ' &#(), ' ,+ ' M%)$N, ' J ' 2%*(5@1'
*,12%+*,12,9'0%1%13#'#'M,)35,13#',+'%+(/)D'"#)'.51'&,'3,$535CD'E,&,1./13C'3,'+%'-Q(#)%',+'
351,)#'I/,',1',++%'0/%)3%(%'J'+#&'./,'%'/1%'&#2%'3,'#)#&'I/,',&2%(%'%M%),%3%'$#1'/1'%&'3,'
$#M%&9
!?,'0/&2%1'+#&'#)#&'!35S#D'f'%$#*#3C'/1#'%'/1#'+#&'M,&#&'&#(),',+'M%)$N,'3,'+%'&#2%D
>#))5C',+'%+(/)9'3,&M%$5#9'+,12%*,12,D'W+'2%++%3#)'%'$%3%'$%)2%U'+,-%12%(%'+%'(%)%S%c
!_5,2,'3,'$#M%&'!3,$Q%!D'E#&'3,'#)#&D'>51$#'3,'(%&2#&D'7,J'3,'(%&2#&D'>/%2)#'3,'
,&M%3%&D ' >%(%++# ' 3, ' #)#&D ' fDDD ' O& ' 3, ' (%&2#& ' ++,0%)#1 ' 2%++%13# ' +%& ' $%)2%& ' ),&2%12,& ' J'
*,1$5#1R13#+%&'3,'M)5&%!'3#&9'$51$#9'2),&9'&#2%9'&#2%D'"#)'*,)52#',)%'&/J#9'&,P#)D
E5#15&5#'"51FC1'-5#'$C*#'),$#0Q%1'&/'351,)#D'_,'%M%)2C'/1'M#$#'M%)%'3,S%)'&525#'%'#2)#&9'
*5,12)%&',+'*#12,)#'M),0#1%(%c
!iW1'+%'#2)%',&2R'&/'&/,)2,j'i"+R12,1&,'#13,'I/5,)%9'&,P#),&j'i>#)),',+'%+(/)j
^#'I/5&#'5)&,',1&,0/53%'M%)%'1#'%M%),12%)'I/,'N/Q%D'f'$/%13#'%+'.51'),&#+-5C'),25)%)&,9'&,'
,1$#12)C'.),12,'%'.),12,'+%'.50/)%'),+/$5,12,'3,'G%'>%M#1,)%9'$#1'&/'%*M+5#'-,&253#'.+#),%3#'3,'
%*%M#+%&'J',+'),(#F#'2,)$5%3#'$#*#'$%))5++,)%'&#(),',+'M,$N#D
_%$C'3,+'&,1#'/1'M%P/,+#'$#+#)%3#'3#13,'2)%Q%',1-/,+2#'/1'(/,1'M/P#'3,'M,&#&9'J'&51'
3,&%1/3%)+#'&,'+#'2,135C'%'E5#15&5#c
!tJ,*,9'0%++,)#9'I/5,)#'I/,*,'S/,0/,&',&2#&'$,12%-#& '%',&,'&,5&'3,'(%&2#&'I/,',&2R'
S/12#'%+'$%(%++#'3,'#)#&D
!pf'M%n'I/@'2%12%&'%1&5%&9'3#P%'H,)1%)3%qDDD'X)%'2)%50#'+%'&/,)2,'%2)%-,&%3%D'f%'/&2@'+#'
-5#D'pX'I/@9'25,1,'*/$N%&'0%1%&'3,'M,)3,)'&/'351,)#q
!f#'&@'%'+#'I/,'*,'%2,10#D'i`V'S/@0%*,+#&j
!d%1'M/,&9'M,)#'%'&/'&%12#')5,&0#DDD'X)%'I/,'J#'*,S#)'+,'5)Q%'%+'$%(%++#D
!"/,&'@$N%2,'&#(),',+'$%(%++#DDD'_5'2,'%$#*#3%'!35S#D
E5#15&5#'"51FC1'+%'*5)C'$#*#'2)%2%13#'3,'%35-51%)'+%&'512,1$5#1,&'3,'&/&'M%+%()%&'J'&51'
3,S%)'3,'-,)'+%'&#1)5&%'*%+5$5#&%'3,',++%9'3,SC'$%,)',+'2%*(%$N,'$/()5,13#',+'M%)$N,'3,+'&,5&'3,'
(%&2#&D
!>#1&2,'I/,'1#'*,'N%0#'),&M#1&%(+,D
!^#'2,'%M/),&9'0%++,)#DDD'^5'2@'%.+5S%&D
>#*,1FC'%'$#)),)',+'%+(/)'J'%'+%'2,)$,)%'$%)2%'&,'%&#*C',+'&,5&'3,'#)#&D
!is%1%',+'&,5&'$#1'K-5,S%Lj'!0)52C',+'2%++%3#)D
W+ ' *#12,)# ' 3,&%2C ' ,+ ' 1/3# ' 3,+ ' M%P/,+#D ' >#12C ' ,+ ' 351,)# ' %++Q ' 0/%)3%3# ' J ' M%0C ' ,+'
,I/5-%+,12,'*R&'+%'*52%3'3,'#2)#'2%12#c
!ONQ'-%',+'0%1,'3,'+%'K-5,S%L'!35S#D
!i6V12%+#&j'!+,'5135$C'G%'>%M#1,)%'%+'"51FC1c'u+'),$#05C',+'*#12C1'3,'M,&#&'J'&51'2#$%)'
+# ' I/, ' N%(Q% ' 3,12)# ' 3,+ ' M%P/,+#9 ' +# ' %1/3C ' J ' 3,-#+-5C ' % ' G% ' >%M#1,)%9 ' I/5,1 ' +# ' 3,SC'
3,&%M%),$,)'3,12)#'3,+'&,1#D
!ON#)%'%'+#&'0%++#&9'%'-,)'&5'%$%&#'2,'),M#1,&'!+,'35S#',++%D
!^#'*,'+%2,'S/0%)'$#1'351,)#'%S,1#D
!f#'*5'351,)#'%I/Q'+#'2)%50#'!35S#'G%'>%M#1,)%'#M)5*5@13#&,',+'M,$N#!D'O&Q'I/,'1#'
2,'%M/),&DDD'f'%'M)#MC&52#9'3,&M/@&'3,'+%&'2%M%3%&'I/5,)#'N%(+%)'$#1250#D
d#+-5C'%'&/)05)'+%'&#1)5&%'*%+5$5#&%'I/,',++%'2,1Q%D'G/,0#'%P%35Cc
!f#'J'#2)#'&,P#)D
G#&'3#&'&,',1$%*51%)#1'%+'M%+,1I/,D'",)#'%12,&'3,',12)%)9'@+'+%'3,2/-#'M%)%'M),0/12%)+,c
!EQ0%*,9'3#P%'H,)1%)3%D'pY&2@'N%'3,'2,1,)'2)%2#'$%&%3#'$#1',+'3,'+#&'%+(/),&9'1#q
!d5'(5,1'$+%)#',+'$%(%++#',1'+%'M/,)2%'$/%13#',+'2%++%3#)'$#)2C'+%&'$%)2%&D
!^/1$%'2,'%2,10%&'%'+#'I/,'-,%&D'W&2#&'./+%1#&'2)%,1'&5,*M),'(%)%S%&'-5(#),%3%&D
f'&51'N%(+%)'*R&9',12)%)#1'+#&'3#&',1'+%'M+%F%'3,'0%++#&D
?5,12)%&'E5#15&5#'"51FC1'(/&$%(%'/1'%&5,12#'-%$Q#'M%)%'&,12%)&,9',++%'&/(5C'%+'2,*M+,2,'J'
3,&3,'%++R'$#*,1FC'%'$%12%)D
F*.+#%("B'#."-*"?=4(!(
9'()1("B'#."-*"2(.(+98''#
("+E"+*"1(9*"*'"#.28''#
78*"#)-*"!#".(!#"G78=6)".(!(H
(8)78*";*(%"78*"!#"+*";(!(
+="1#.(<D)"*%"+8!"48!#@

&'"?/$(.#"1(.?=)4*.#
?(.("4.(9($(."%*"(2(10(:
-*"78*"*)18*)4.("%8"(28$*.#
0(%4("*'"?=1#"'*".*4(10(@

I(+9=6)"!#"%#!"1(.?=)4*.#
18()-#"*%4#!"1#)"+="+810(10(@
J3!K"1D+#"+*"-8*'*"*'"()1(
J3!K"1D+#"+*"(?.=*4("*'"1=)10#@
GL86";(%"78*"9.=)1#"*%("4.()1(
?(M";*."%="-*'"2#'?*"+*"0=)10#:
78*"0(9=*)-#"4()4("?#4.()1(
%D'#"?#."'("+E(".*'=)10#@@@

A#!"8)"2(;='/)"-*'"+#)4*
1#)"'(%"('(%"1#'#.(-(%>
("+E")#"+*"(%8%4("*'"%8*5#
)="+*"0(1*)"'(%"-*%;*'(-(%>
?'(4=1()-#"1#)"+="10(4(
!"(8)78*"+8*.("("?85('(-(%@@@
a/,'M/,&',1'`+%I/,M%I/,'3#13,'$#1#$5C'),%+*,12,'%'H,)1%)3%'>/25P#D'O/1I/,'+%'N%(Q%'
-5&2#',1'*/$N%&'#$%&5#1,&'J'$#12,*M+%3#'$#1'/1%'%3*5)%$5C1'$%++%3%9'&,'$#1&53,)%(%'*/J'
M#$%'$#&%'M%)%',++%9'M#)'+#'$/%+'15'M)#$/)%(%'&/'2)%2#'J'*/$N#'*,1#&'&/'%*5&2%3D'f'&5',1'
O0/%&$%+5,12,&'2/-#'#M#)2/153%3'N%&2%'3,'),$5(5)'&/&'$#1&,S#&9'1#'M#)',&#'&5125C'I/,'M#3Q%'
++,0%)'%'*,),$,)+%9'%12,&9'M#)',+'$#12)%)5#9'$),JC'N%(,)&,'%+,S%3#'3,'&/'.%-#)D
G% ' 2%+ ' H,)1%)3% ' >/25P# ' ,)% ' /1% ' $%12%3#)% ' 3, ' .%*% ' $#))53%9 ' 3, ' */$N# ' ,*M/S, ' J ' 3,'
2%*%P#&U'I/,'%&Q'$#*#'$%12%(%',)%'(/,1%'M%)%'%+(#)#2%)9'%/1I/,'1#'&,'3,S%(%'*%1#&,%)'3,'
1%35,9'M/,&'&5'+,'(/&$%(%1',)%'()#1$%'J'*%+'M#)2%3%D'a/,)2,9'0/%M%'J'&%+53#)%'J'2#)1%35F%'3,'
0,15#9'&%(Q%9'$#1'2#3#9',12),0%)'&/'%*5&2%3'("I/5,1'+,'3,*#&2)%(%'&,)'%*50#D'`,1Q%'/1#&'#S#&'
),+%*M%0/,%12,&9'&5,*M),'N/*,3,$53#&'J'+%'-#F')#1$%D'_/'$/,)M#',)%'R05+9'3/)#9'J'$/%13#'
%+F%(%'+#&'()%F#&'+#&'&,1#&'I/,)Q%1'),-,12%)',+'$#)M5P#D'd,&2Q%'&5,*M),'%*M+5%& '.%+3%&'3,'
M,)$%+',&2%*M%3#9'3,'$#+#),&'$N5++%12,&'J'++,1%&'3,'M+5,0/,&9'+#'I/,'$#*M+,2%(%'$#1'/1'),(#F#'
3,'&,3%'J'/1%&'.+#),&',1'+%&'2),1F%&D'E,+'$/,++#'+,'$#+0%(%1'&%)2%&'3,'$#)%+,&'J'$#++%),&'3,'
$/,12%&'3,'$#+#),&U'2)%Q%'+#&'()%F#&'),M2,2#&'3,'M/+&,)%&'J',1'+%&'#),S%&'0)%13,&'F%)$5++#&'#'
,1#)*,&'%))%$%3%&'3,'#)#D'?/S,)'3,'0)%1'2,*M,)%*,12#9'%'3#13,'I/5,)%'I/,'5(%'++,-%(%'&/'
%5),'%+,0),9'%3,*R&'3,'&,)'(/,1%'M%)%'$%12%)'$#))53#&'J'$%1$5#1,&'%1250/%&D
_,0V1'&,'&%(Q%9'3,&3,'M,I/,P%'%13/-#')#3%13#'M#)'+#&'M/,(+#&'%$#*M%P%13#'%'&/'*%3),9'
M#(),'M,),0)51%'3,'.,)5%9'N%&2%'I/,9'*/,)2% '@&2%',1'/1'51$,135# '3,'$%)M%9'&,'-%+5C'M#)'&Q'
*5&*%9 ' /15@13#&, ' % ' /1 ' 0)/M# ' 3, ' *V&5$#& ' %*(/+%12,&9 ' 3, ' ,&#& ' I/, ' -%1 ' M#) ' +#& ' $%*51#&'
%2,153#&'%'+#'I/,'+%'")#-53,1$5%'I/5,)%'3%)+,&D
W+'K#2)#'&,P#)L'3,'I/,'+,'N%(Q%'N%(+%3#'G%'>%M#1,)%9'1#',)%'&51#',+'*5&*#'G#),1F#'
H,1%-53,&'I/,'512,12C'$#*M)%)+,'&/'0%++#',1'O0/%&$%+5,12,&D
?5,12)%&'+#&'2),&'&,'&,12%(%1',1'/1%'+%)0%'(%1$%'.),12,'%'/1%'*,&%'++,1%'3,'&%+&%&9'3,'
M+%2#& ' $#1 ' $,(#++%9 '+5*#1,& 'J'#)@0%1# 'J'%0/%)3%(%1 '%'I/,'+,& '&5)-5,)%1 '+%& '$,)-,F%& 'I/,'
N%(Q%1'M,353#9',+'G#),1F#'+,'./,'35$5,13#c
!?5)%9'"51FC19',&2,'S/,0/52#'3,'+#&'0%++#&'25,1,'&/&'512)Q10/+5&D'"/,3,'N%$,)2,')5$#'#'
M/,3,'*%13%)2,'%+'35%(+#'$#1'2#3#'2/'351,)#D'_5'1#&'N/(5,)%&'N,$N#'$%&#',1'O0/%&$%+5,12,&9'
1#'2,'N/(5,)%'M%&%3#'+#'3,'%N#)%D
!W&'I/,'%'*5'0%++#'J%'+,'2#$%(%D'W+'M+,52#'./,'+,0%+9'&,0V1'-5'J#D
!p"#3)Q%&'3,$5)*,',12#1$,&'M#)'I/@',&2%(%'$N51%*M,%3#'2/'0%++#q'W&#'&,'1#2C'3,&3,'/1'
M)51$5M5#D'`,'+#'%$#(%)3%)#19',&#'./,'+#'I/,'M%&CD
!pf'I/5@1'&,'5(%'%'#$/M%)'3,'N%$,)*,',&,'M,)S/5$5#q'f#'1#'*,'&,M%)@'3,+'%15*%+'15'/1'
*#*,12#D
!`%+'-,F'./,',1'+%'M,&%3%'!+,'35S#'H,1%-53,&!D'O+0V1'&#+2%3#)'%$#*,353#'3,',&#&'I/,'
25,1,1 ' +#& ' 3,3#& ' R05+,& ' M/3# ' N%(,)+, ' N51$%3# ' +% ' /P% ' &51 ' I/, ' 2V ' 2, ' ,12,)%)%&D ' \%J ' 0,12,'
35&M/,&2%'%'2#3#D
!",)#',+'%15*%+'&,'M#)2C'-%+5,12,D'^#'N/(5,)%'53#'%'3%)'M,+,%'3,'N%(,)',&2%3#'I/,()%3#D
!W&'I/,',)%'3,'(/,1%'$#135$5C1DDD'O/1I/,',&#'1#'I/52%'I/,',&2/-5,)%'$N51%*M,%3#D'f#'
+#'-5D
G,& ' 2)%S,)#1 ' +%& ' $,)-,F%& ' J ' /1%& ' $%F/,+%& ' $#12,15,13# ' %+0# ' N/*,%12,D ' ",)# ' E5#15&5#'
"51FC1'N5F#'%'/1'+%3#'&/'$,)-,F%D
!pT/@9 ' M),.5,),& ' *,S#) ' %+0# ' ./,)2,q ' OI/Q ' 25,1,1 ' K)%5$5++%L ' 3, ' +% ' (/,1% ' !+, ' 35S#'
H,1%-53,&D
!^#D'^#'%$#&2/*()#'(,(,)'!$#12,&2C'E5#15&5#'"51FC1D
!H/,1#9'*,S#)'M%)%'1/,&2)#&'M+%1,&D'?5)%9'$#*#'2,'3,$Q%'N%$,')%2#9',1',&2,'%&/12#'3,'+#&'
0%++#&'/1'N#*(),'&#+#'1#'M/,3,'N%$,) ')(-(@ "_,'1,$,&52%'M%)25$5M%)'$#1'+#&'3,*R&D'E,'#2)#'
*#3#'%$%(%1'M5&R13#2,D'd,*,'%'*Q9'(5,1')5$#'I/,',&2#J'J'%',&#&'%15*%+52#&'+,&'3,(#'2#3#D'_QD'
f'#2)%'*R&9'%'+%'(/,1%'%*5&2%3'$#1'#2)#&'0%++,)#&U'$#*(51%$5#1,&9'*%2/2,')Q%&'&5'2V'I/5,),&U'
M,)#'1%3%'3,'M#1@)&,+,&'%+'()51$#'$#*#'2V'N5$5&2,'%N#)%D
!pf'%'I/@'-5,1,'2#3#',&#9'&5&,'M/,3,'&%(,)q'f#'J%'M,)3Q'J'*,'),25)#D
!pf'I/@'-%&'%'N%$,)q'p`,'-%&'%'M#1,)'%'-,13,)',1$N5+%3%&q'^#9'%*50#'"51FC19'2V'J%'
,&2R&'3,'+%'%)%P%'J'1#'2,'),25)%)R&'3,'+#&'M%+,1I/,&D
!^#'2,10#'J%'1%3%'I/,*,'%2#),D'^5'0%++#9'15'351,)#DDD'f'M%)%'*5)#1,&9'&#()%19'),0),&%)@'
%'*5'M/,(+#D
!pT/@'N%$Q%&'%++R9'&5'1#',&'*/$N#'M),0/12%)q
!`)%(%S%(%DDD'd5-Q%D
!d5-Q%&'*/,)2#'3,'N%*(),D'`,'+#'-#J'%'3,$5)D'_@'*,35)'%'+%'0,12,'1#*R&'$#1',$N%)+,'/1'
-5&2%F#',1$5*%D'f'2V',),&'3,'@&#&9'M,)3C1%*,'I/,'2,'+#'350%9'3,',&#&'I/,'+,'&%$%1',+'(/+2#'%+'
2)%(%S# ')/3#DDD'^#'"51FC19'2V',),&'$#*#'J#D'W+'2)%(%S# '1#'&,'N5F#'M%)%'1#&#2)#&9'M#)',&#'
(/&$%*#&'/1%'M)#.,&5C1'+5-5%152%D'pf'I/@'*,S#)'I/,'@&2%'3,'+%'S/0%3%9',1'I/,',&M,)%*#&'
&,12%3#&'%'I/,'1#&'*%12,10%'+%'&/,)2,q
!"/,3,'I/,'/&2,3'2,10%')%FC1D'",)#'$#*#'3,$Q%'%12,&'p%'I/@'-5,1,'2#3#',&2#q
!"%)%'%++R'-#JDDD
W1',&,'*#*,12#',+'*,&,)#'&,'%$,)$C'$#1'/1%'2%13%'*R&'3,'$,)-,F%&'J'),$#05C',+'M+%2#'
-%$Q#'3,'E5#15&5#9'M/,&'*5,12)%&',++#&'M+%25$%(%19'H,)1%)3%'>/25P#'3%(%'(/,1%'$/,12%'3,'+%&'
$,)-,F%&9 ' ,+ ' "51FC1 ' $#*Q% ' J ' H,1%-53,& ' N%(+%(%D ' ^# ' ,&2R ' M#) ' 3,*R& ' 3,$5) ' I/, ' 2#3%& ' +%&'
$,)-,F%&'&,'+%&'N%(Q%'(,(53#'&#+52%'H,)1%)3%'>/25P#'J'I/,'%N#)%'++,1%(%'1/,-%*,12,'&/'-%&#'J'
I/,'&/&'#S#&'N%(Q%1'%3I/5)53#'J%',&,'*5)%)'&,*53#)*53#'I/,'M)#3/$,',+'-51#D'O&Q9'$/%13#'
512,)-51#',1'+%'M+R25$%9'&/'-#F'2%)2%*/3,%(%c
!G#),1F#'!35S#!D'E@S%*,'%'*Q',4M+5$%)+,'%I/Q'%+'%*50#'3,'I/@'&,'2)%2%D'`V'$#*#'
&5,*M),'2,'-/,+-,&'/1'M/)#'N%(+,'JD'N%(+,'J'1/1$%'%$%(%&D
!E5'M/,&D
f',++%'$#*,1FC'%'3,$5)D
!G#),1F#'I/5,),'I/,'2,'$#*(51,&'$#1'@+'M#)',+'),&2#'3,'+%'2,*M#)%3%D'`V'),05&2)%)R&'&/&'
0%++#&'%'2/'1#*(),'J'+,'&,)-5)R&'3,'K&#+2%3#)LD'W+'2)%2#',&2R',1'I/,'2,'%$#*#3,&'%'+#'I/,'@+'
350%D'>#*#'-,&9'&,'2)%2%'3,'*,2,)'-5)/2%c'I/,'N%J'I/,'I/,()%)+,'+%&'$#&25++%&'%+'%15*%+'%12,&'3,'
&#+2%)+#9'M/,&'%'I/,()%)'$#&25++%&DDD'_#1'$#&%&'I/,'2#3#&'N%$,19'%&Q'I/,'1#'2,'M53,'1%3%'3,+'#2)#'
*/13#D
!p",)#'M#)'I/@'N,'3,'&,)'J#9'N%(5,13#'2%12#'%*%))%3#)'I/,'M/,3,'N%$,)+#q
!"/,&'M#)'+#'*5&*#'3,'&5,*M),9'M#)I/,'N%J'I/,',&$#0,)'%'%+0/5,1'p#'1#q
!pf',1'*Q'N%1',1$#12)%3#'&/'2%)/0#9'-,)3Rq
W++%'-%$5C',+'-%&#'3,'$,)-,F%'%12,&'3,'),&M#13,)c
!^#9'"51FC19'+%'$#&%'1#'-%'$#12)%'25DDD'?5)%9'&5'*%+'1#'),$/,)3#'/1'3,&$#1#$53#DDD'Y1#'3,'
,&#&'%))5,&0%3#&'I/,'&,'*,2,1'%+'M%+,1I/,'&51'&%(,)'15'%'+#'I/,'-%1DDD
E5#15&5#'"51FC1'N5F#',+'512,12#'3,'+,-%12%)&,'J'3,S%)'I/,'%I/,++%'*/S,)'&50/5,)%'N%(+%13#'
&#+%9'M/,&'$+%)%*,12,'&,'-,Q%'I/,'&,'+,'N%(Q%1'&/(53#'+%&'$,)-,F%&'J'I/,',&#'+%'%15*%(%'%'
3,$5)'%I/,++%&'.)%&,&'3/)%&9'$%&5'#.,1&5-%&D'",)#',++%'+#'3,2/-#'3,+'()%F#'J'+#'#(+50C'%'&,12%)&,9'
$%*(5%13#'+%',4M),&5C1'3,'&/'$%)%'J'&#1)5@13#+,'$#1'+#&'#S#&c
!E@S%*,'2,)*51%)'!+,'35S#!D'W&2R(%*#&',1'I/,'M#)'%I/Q'M#$#&'2,'$#1#$,1'J'15'&5I/5,)%'
2,'2#*%1',1'$/,12%D'W&#'2,'&5)-,'3,'*/$N#D'W+'%&/12#',&'I/,'&/,+2,&'+#&'0%++#&'3,'G#),1F#'
$#*#'&5'./,)%1'2/J#&'M%)%'3,&#)5,12%)'%'+#&'%M#&2%3#),&D'pW125,13,&9'-,)3%3q'DDD^#9'1#'*,'
,125,13,&Dn
!G%'&51$,)%'-,)3R',&'I/,'1#'%$%(#'3,',12,13,)D
!X2)%'*R&'!512,)-51#'G#),1F#'H,1%-53,&!D'?%P%1%'2,'++,-%)@'%'-,)'*5'0%++,)%'J'%++Q'2,'
35)@'$/R+'-%'$#12)%'$/R+9'3,'*#3#'I/,'2V'&,M%&'&5'),2%)'%'M,)3,)'#'%'0%1%)D'^#'2,'M),#$/M,&'3,'
+#&'),&/+2%3#&9'M/,&'J#',&2%)@'M/S%13#'&,0V1'*5&'$#1-,15,1$5%&9'"5@1&%+#',&2%'1#$N,'J'*%P%1%'
2,*M)%152#'N%(+%),*#&D
_,'3,&M535,)#1'3,'@+D'f'%+'3Q%'&50/5,12,'N%(Q%'$,))%3#'/1'2)%2#'I/,'+,'5(%'%'3%)'*/$N#'I/@'
0%1%) ' &51 ' %))5,&0%) ' 1%3% ' 3, ' &/ ' M%)2,D ' W)% ' /1% ' $#*(51%$5C1 ' &,*,S%12, ' % ' +% ' #.),$53% ' ,1'
O0/%&$%+5,12,&9'J'I/,'@+'1#'%$,M2C9'*R&'I/,'M#)'N#1)%3,F9'M#)'1#',&2%)'.%*5+5%)5F%3#'$#1'+#&'
S/0%3#),&'%'+%'%+2%',&$/,+%D'_/M#',12#1$,&'I/,9',1',&2,'1,0#$5#'3,'+#&'0%++#&9'1#'&5,*M),'0%1%'
,+'*,S#)'15',+'*R&'-%+5,12,9'&51#'I/,'%'M,&%)'3,'+%&'+,J,&9'+#&'&#+2%3#),&',&2R1'++,1#&'3,'*%P%&'
J'M),M%)%3#&'M%)%'N%$,)'2)%*M%'$#1'0)%1'35&5*/+#D
ON#)%'5(%'%'M,+,%)'0%++#&'3,'/1%'*5&*%'M,)$N%U'M,)#'&%(5,13#'3,'%12,*%1#',1'$/R+'3,'
,++#&',&2%(%'+%'-,12%S%D'W)%1'2#3#&'0%++#&'.51#&9'%+25-#&'J',1&#(,)(,$53#&9'%/1I/,'M%)%'/1#&'
N%(Q%'&/&'#2)#&D'`#3#&'S/0%)Q%1',1'M,+,%&'3,'$#*M)#*5&#9'&,0/)%&9'J'%3,*R&9'0%1%3%&9'&5'1#'
,1'+%')%J%9'&Q',1',+'2,)),1#'3,'+%&'%M/,&2%&D'G#),1F#'H,1%-53,&9'%+'KM/S%)'./,)2,L9'#(+50%)Q%'%'
+#&'I/,',&2%(%1'%2,12#&'%'+#'I/,'@+'N5$5,)%'M%)%'&,0/5)+#9'J,13#'%'3#13,'@+'5(%'#'$#12)%'+#'I/,'
@+'5(%9'M/,&'1%35,'+,'35&$/2Q%'&/&'$#1#$5*5,12#&',1'$/,&25C1'3,'0%++#&D
f'%&Q'./,D
G%'M)5*,)%'2%)3,9'3,'+#&'2),&'0%++#&'S/0%3#&9'E5#15&5#'"51FC1'&C+#'+,-%12C'/1#'-5-#D'G%'
&,0/13%'2%)3,9'35#'K$%M#2,L',1'+%&'2),&'M,+,%&D'E,&$%1&C'/1'3Q%U'M%)%'-#+-,)'%+'M%+,1I/,'%+'
$/%)2#'3Q%9'3#13,'&,'35#'%'-,)9'I/,'&/&'%15*%+,&'1#'&,)-Q%1'15'M%)%'0%++#&'3,'0%++51,)#9'M/,&'
2#3#&'I/,3%)#1'$#+0%3#&'3,+'0%)%(%2#'3#13,'&,'%$#&2/*()%'3,S%)'I/,',&25+,1'&/'V+25*%'&%10),'
+#& ' 0%++#& ' */,)2#&D' W+ 'I/512# '3Q%9 'J' V+25*# ' 3,+' $#*M)#*5&#9 '$#1-5)25C ' ,+ 'M%+,1I/, ' ,1' /1'
3,&M+/*%3,)#'%+'0%1%)'K+%'0)%13,L'$#1'/1'0%++#'$5,0#U'M,)#'I/,'%&,&2%(%'0#+M,&'M),$5&%*,12,'
$#*#'KM%+#'3,'$5,0#L'%'/1'0%++#'M,&%3#'J'$#)),+C1'I/,'#&2,12%(%',+'M#*M#&#'1#*(),'3,'
_%12%'s,)2)/35&D'G%&'%M/,&2%&',1'$#12)%'3,+'$5,0#'(%S%)#1'3,'*5+'%'&,2,$5,12#&'J'*R&'2%)3,'3,'
-%)5#&'*5+,&'$#12)%'/1'*5+D
O+'0)52#'3,'&,'N5F#'$N5$%'+%'M,+,%9',+'M%+,1I/,'&,'$#1-5)25C',1'/1'-,)3%3,)#'$+%*#)'3,'
35&0/&2#'J'M)#2,&2%&D'",)#',+'S/,F'N%(Q%'3%3#'&/'.%++#'J',+'0)52C1'-#+-5C'%'),M,25)c
!i_,'N5F#'$N5$%'+%'M,+,%j'i"5,)3,'+%'0)%13,'3,'_%12%'s,)2)/35&j
O+0/1#&9'I/,'+%'N%(Q%1'-5&2#'&,0/)%9'%M#&2%)#1'N%&2%'+%'$#(5S%'J'3,'N%(,)'2)%Q3#'$#1&50#'%'
+%'*/S,)'+%'N/(5,)%1'$%&%3#'$#12)%',+'$5,0#D
E,&M,)350%3#& ' ,1 ' -%)5#& ' 2)%*#& ' 3,+ ' M%+,1I/, ' ,&2%(%1 ' +#& ' %M#&2%3#),& ' 3, ' G#),1F#'
H,1%-53,&'$#1'&/'$%)%'3,'),&501%$5C19'J'/1'%5),'$C*#'3,'M,)353#&#&U'M,)#'%0/%12%13#'+#&'
#$N,12%9'+#&'#$N#$5,12#&9'+#&'*5+'$#12)%'+#&'*5+'I/515,12#&D'f',+'G#),1F#',&2R25$#9'%+'M%),$,)'
5135.,),12,'$#*#'&5'1#'+,'512,),&%)%',+'),&/+2%3#'15',+'%M#J#'I/,'+%'*%J#)Q%'+,'3%(%'%'&/'0%++#D'
W1'2%12#9'E5#15&5#'"51FC19'$#1',+'%15*%+'),M+,2#'3,'$%2%)%2%&9'N%$Q%'$#*#'I/,'1#'#Q%'+#&'0)52#&'
3,c'i"C1+,'%12,#S#&j'iG+@-%+#'%+')%&2)#j'iW1&,P%+,'+%'M/,)2%j
O+'$%),%)+#9'%)),$5C'+%'0)52,)Q%'3,'+%'$#1$/)),1$5%9'M/,&',+'0%++#9'%+'&,125)'+%'M),&,1$5%'3,'&/'
,1,*50#9'35#'3,'M5$#2%F#&',1',+'-%$Q#D'",)#'%+'&#+2%)+#'J'2#*%)'$#12%$2#'$#1',+'0%++#2,'3,'*R&'
3,'$/%2)#'v5+#&9',+'$5,0#'%2%$C'$#1'/1%'./)5%',13,*#15%3%'J'I/5FR'#+.%2,R13#+#9'1#'&,'&,M%)C'
3,+'$/,)M#'%M+#*%3#'%+'I/,'N5F#'2)5F%&'$#1',+'M/P%+'3,'&/',&M#+C1D'f'%/1'$/%13#',+'#2)#'&,'
3,&M+#*C'N,)53#'3,'*/,)2,9',+'$5,0#'&50/5C'0#+M,%13#'$#1'&/&'%+%&9'$#1',+'M5$#'J'+%1F%13#'
./+*51%12,&'1%-%S%F#&D
E5#15&5#'"51FC1'M)#$,35C'%'+,-%12%)'&/'0%++#'I/,'&,0/Q%'2),M%3#'&#(),',+',1,*50#'*/,)2#9'
3,&2)#FR13#+#',1$%)15F%3%*,12,U'M,)#'%+0/5,1'3,+'MV(+5$#9'3,'2,S%1%'J',*M5&2#+%3#9'&%+2C'%+'
%15++#9'J'%12,&'3,'I/,'E5#15&5#'2/-5,)%'25,*M#'3,'M)#2,0,)+#9'&,'+#'%)),(%2C'3,'+%'*%1#9'+#'
,&2)/SC'$#1'./)#)9'+,'2#)$5C',+'M,&$/,F#'N%$5@13#+,'3%)'-/,+2%&'$#*#'),0/5+,2,'J',1&,0/53%'+#'
%))#SC'&#(),'+%'%+2,)%3%'*/$N,3/*(),D
>#*# ' &,P%+ ' 3, ' M)#2,&2% ' M#) ' ,&2, ' %2)#M,++#9 ' E5#15&5# ' "51FC1 ' M535C ' %+ ' S/,F9 ' J ' +, ' ./,'
$#1$,353#9',+'M,)*5&#'M%)%'),25)%)'3,+'$#*M)#*5&#'+%&'M,+,%&'),&2%12,&D
"#$#'*R&'2%)3,9'%$#*M%P%3#'3,'G#),1F#'H,1%-53,&9'I/5,1'+#'N%(Q%'51-52%3#'%'&/'$%&%'3,'
_%12%'s,)2)/35&'%'M%&%)'/1#&'3Q%&9'-,1Q%1'.,&2,S%13#'+%'N%F%P%'3,+'0%++#'$5,0#'J')5,13#'3,'+%'
&,)5,3%3'$#1'I/,'N%(Q%1'2#*%3#'+%&'$#&%&D
G%&'3#&'&,*%1%&'I/,'M%&C',1'_%12%'s,)2)/35&'+,'./,)#1'M)#-,$N#&%&D'OM),135C9'M)5*,)#'
-5,13#9'J'*R&'2%)3,'M%)25$5M%13#',1'+%'M%)253%9'%'S/0%)'"%$#'s)%13,9'/1'S/,0#'3,'$%)2%&'/1'
2%12# ' $#*M+5$%3#U ' M,)# ' ,12),2,153# ' J ' I/, ' +#& ' 35&2)%S# ' 3,+ ' %(/))5*5,12# ' ,1 ' %I/,+ ' &525# ' 2%1'
%5&+%3#'J'&#+52%)5#D
E5#15&5#'"51FC1',)%'NR(5+'J'%&5*5+%(%'.R$5+*,12,'$/%+I/5,)'S/,0#9'I/,'*R&'2%)3,'/25+5FC'
M%)%'&/&'.51,&c'%$/*/+%)'/1%'51*,1&%')5I/,F%D'",)#'M#)',12#1$,&9'&,0/Q%'0/&2%13#'*R&'3,'+#&'
0%++#&9',&#&'%15*%+52#&'&,3#&#&9'&/%-,&9'$#1'/1'$#+#)'-5-#'J'3,'+#&'I/,'M)#12#'$#12C'$#1'/1%'
(/,1%'M%)253%D
")#12#'3,SC'3,'&,)'%I/,+'N#*(),'N/*5+3,'I/,'$#1#$5*#&',1'_%1'?50/,+''3,+'?5+%0)#'J'
I/,' %+'M)51$5M5#9 '2,15,13# '$#*#'.#)2/1%'/1'V15$#'0%++#9 '&,'*#&2)%(%'51I/5,2# 'J'1,)-5#&#9'
%&/&2%3#'3,'M,)3,)'J'I/,'&5,*M),'S/0%(%',1$#*,13R13#&,'%'E5#&D'",)#'M#$#'%M#$#'&/'&%10),'
&,'./,'%+2,)%13#'%12,'+%'M,+,%'-5#+,12%'3,'+#&'0%++#&9'$#*#'&5',+',&M,&#'J',1)#S,$53#'+QI/53#'3,'
%I/,++#&'%15*%+,&'+#'-#+-5,)%'3,'M5,3)%9'$#1-5)25@13#+#',1'/1'N#*(),'.)Q%*,12,'$%+$/+%3#)9'
&,0/)#'J'$#1.5%3#',1',+'3,&251#'3,'&/'&/,)2,D
>/%13#'),0),&C'%'_%1'?50/,+'3,+'?5+%0)#9',)%'/1'25M#'35&2512#'%+'I/,'2#3#&'%++Q'N%(Q%1'
$#1#$53#D'G+,0C'%')%QF'3,'+%&'.5,&2%&'3,'_%1'?50/,+9'/1'%P#'J'#$N#'*,&,&'%M,1%&'3,&M/@&'I/,'
N%(Q%'%(%13#1%3#',+'M/,(+#'$#1'512,1$5#1,& '3,'1#'),0),&%)'1/1$%D'",)#'$#*#'&,'&/M#9'J'
&,0V1'@+'35S#9'1#'-,1Q%'%'+%'35$N#&%'$,+,()%$5C19'&51#'%',12,))%)'%'&/'*%3),'I/,9'M#)'#2)%'M%)2,9'
J%',&2%(%',12,))%3%D
!i",)#'*%+',12,))%3%j'!),&M#135C'@+'%+'O+$%+3,9'I/,'+,'N5F#'-,)'+%'&52/%$5C1!D'f'#)%'
-,10#'%'N%$,)+,'/1'(/,1',125,))#U'$#*#',++%'&,'+#'*,),$,D
`)%Q%'$#1&50#'/1'.@),2)#'*/J'+/S#&#'I/,'*%13C'N%$,)',&M,$5%+*,12,',1'_%1'G/5&'"#2#&Q9'
.#))%3#'M#)'3,12)#'3,')%&#9'J'M#)'./,)%'3,'2,)$5#M,+#'*#)%3#U'%3#)1%3#'$#1'*#+3/)%&'3,'M+%2%'
M/)%D
!T/5,)#'I/,'%+'*,1#&'*/,)2%9'$#1#F$%',+'3,&$%1&#'J'+%'$#*#353%3'I/,'1#'$#1&50/5C'
2,1,)',1'-53%D
",)#'2%12#',+'$/)%'$#*#',+'%+$%+3,'3,+'M/,(+#'1#'+,'M,)*525,)#1'%()5)'+%'&,M/+2/)%c
!\%&2%'M%&%3#&'$51$#'%P#&'!+,'35S,)#1!9'M#3)R&',4N/*%)',+'$%3R-,)'3,'2/'*%3),D
!O12,&9'3,'1510/1%'*%1,)%D
!G#'N%)@'%N#)%'*5&*#D'O',&#'-51,DDD'O/1I/,'2,10%'I/,'$#*M)%)'M%)%',&#'+%'%/2#)53RD'
O/1I/,'2,10%'I/,'M%0%)'$/%+I/5,)'M,)*5&#'!%P%35C'*5)%13#'%+'$/)%!9'3,'I/5,1'&,%D
f'+#'N/(5,)%'N,$N#9'3,'1#'&,)'I/,'$/%13#'./,'%+'$%*M#&%12#'3#13,',&2%(%',12,))%3%'&/'
*%3),9'%$#*M%PR13#&,'3,'/1#&'M,#1,&'%)*%3#&'3,'M5$#&'J'M%+%&9'1#'35#'$#1',+'+/0%)'3,'+%'
&,M/+2/)%9'M/,&'3#13,'@+'N%(Q%'N,$N#'&/',125,))#9'1#',45&2Q%1'15'*#12Q$/+#&'15'$)/$,&9'&C+#'/1'
$%*M#'++,1#'3,'J,)(%&D
W1 ' +#& ' M#$#& ' 3Q%& ' I/, ' %++Q ' ,&2/-# ' &, ' 1#2C ' ,+ ' 3,&M),$5# ' I/, ' &,12Q% ' M#) ' ,+ ' M/,(+#9'
$#*M#)2R13#&,'$#*#'/1'&/S,2#'%2)%(5+5%)5#9'%3,*R&'3,'.%1.%))C1D'f'I/5FR'M%)%'),*,*#)%)'&/&'
1#'*/J'+,S%1#&'25,*M#&9'%M)#-,$NC'+%'N#)%'3,+'$#1-52,'M%)%'$#+#$%)&,'%+'.),12,'3,'2#3#&U'M,)#'
,1'.#)*%'*/J'35&2512%'%'$#*#'+#'N%(Q%'N,$N#'%12,&9'J%'I/,'%N#)%'5(%'%+'.),12,'3,'+#&'$N%))#&'J'
3,'+%'*V&5$%',1'/1%'%$252/3'I/,'M%),$Q%'$#*#'&5'@+'./,)%'%'M%0%)'2#3#&'+#&'0%&2#&'3,+'.,&2,S#D
"#)'#2)%'M%)2,9'1#'N%(+C'$#1'1%35,9'J'%'2#3#&'+#&'I/,'&,'%$,)$%)#1'%'&%+/3%)+#'+#&'2)%2C'$#1'
,-53,12, ' 3,&M),$5#D ' O ' ,4$,M$5C1 ' 3, ' _,$/1351# ' >#+*,1,)#9 ' $#1 ' I/5,1 ' &#&2/-# ' /1% ' +%)0%'
M+R25$%'3,'$#1-,1$5*5,12#9'M/,&'I/,)Q%'++,-R)&,+#'$#*#'$%M%3#)'J'&#+2%3#)'3,'&/&'0%++#&D
W+ ' 2%+ ' >#+*,1,)#9 ' %/1I/, ' +%*,12%13# ' 3,S%) ' &/ ' $%&% ' J ' +%& ' M#$%& ' M,)2,1,1$5%& ' I/, ' +,'
I/,3%(%19'#M2C'%+'.51'5)&,'$#1'E5#15&5#'"51FC19'M#)I/,'%'3,$5)'-,)3%39'3,&3,'N%$Q%'*R&'3,'/1'
%P#9'$/%13#'M,)35C'&/'.#)2/1%',1'+%&'2%M%3%&9'1#'N%(Q%'+#0)%3#',13,),F%)'$%(,F%D'f'$#*#'
%N#)%'&,'+,'#.),$Q%'+%'#M#)2/153%3'3,'N%$,)&,'$%)0#'3,'+%'0%++,)%'3,'E5#15&5#'"51FC19'++,-%13#'
2%*(5@1',+',1$%)0#'3,'M,+,%)'&/&'0%++#&9'%$,M2C9'M/,&'+,'0/&2%(%',+'#.5$5#9'J'&#(),'2#3#9'2,1,)'
$#*#'&5'./,)%1'&/J#&9'%I/,++%'(/,1%'M,)$N%'3,'0%++#&'.51#&'$#1'+#&'$/%+,&'5)Q%'3,'.,)5%',1'.,)5%D
O&Q' M/,&9'+#& '3#& '%(%13#1%)#1 '_%1'?50/,+'3,+ '?5+%0)#D 'W+'M/,(+# '2#3%-Q% ',&2%(% ' 3,'
.5,&2%9 '3,'*%1,)%'I/,',12),'),M5$%)'3,'$%*M%1%& 'J'$%++,& '%3#)1%3%&'$#1'.,&2#1,&9'+#&'3#&'
*%)$N%)#1 ' N%$5% '+% ' %/&,1$5%9 '++,-%13# ' M#)'3,+%12, '+% ',42)%P% ' .50/)%' I/,9' $#*#' /1%'$)/F9'
.#)*%(%',+'%2%V3'J',+'%15*%+'I/,'+#'$%)0%(%D
`%12# ' E5#15&5# ' "51FC1 ' $#*# ' _,$/1351# ' >#+*,1,)#9 ' 3,&%M%),$5,)#1 ' 3, ' %++Q ' M%)% ' 1#'
-#+-,)D
W12),'2%12#9'G%'>%M#1,)%'&,'-5-Q%'%0/%)3%13#',+'),0),&#'3,'E5#15&5#'"51FC19',1'/1'M/,(+#'
++%*%3#'^#$N5&2+R19'3#13,'&,'$,+,()%(%'+%'.,)5%'2)%35$5#1%+D'f',++%9'$#*#'&5,*M),9'2,1Q%'%'&/'
$%)0#'$/()5)'$#1'&/&'$%1$5#1,&',+'2,*M+,2,'3,'+%'M+%F%'3,'0%++#&U')%FC1'M#)'+%'I/,'1#'M/3#'
%$#*M%P%)'%'E5#15&5#'"51FC1'%'_%1'?50/,+'3,+'?5+%0)#D
W+'I/,',++%'J'@+'&,'N/(5,)%1'/153#'M%)%'+535%)',1',+'35.Q$5+'*/13#'3,'+%&'.,)5%&U'&,'N%(Q%'
3,$5353#'*,&,&'%2)R&9'$/%13#'&,'-#+-5,)#1'%',1$#12)%)',1'/1'&525#'++%*%3#'>/I/Q#D
^#'&,'N%(Q%1'-/,+2#'%'-,)'3,&3,'+#&'*,12%3#&'3Q%&'3,'`+%I/,M%I/,9'%++Q'3#13,'3,SC'&/'
0%++#'3#)%3#U'M,)#'3#13,'$#1&50/5C'+%'%*5&2%3'J'+%'%+5%1F%'3,'G#),1F#'H,1%-53,&'J'+%'%J/3%'
3,'@&2,'M%)%'%+F%)'&/'&/,)2,D'f'3,'%++Q'KM%+'),%+L9'M/,&'1#'&C+#'%M),135C'*/$N%&'$#&%&'3,+'
#.5$5#9'&51#'I/,'&,'%0,1$5C'3,'/1%'(/,1%'M%)253%'3,'0%++#&'J'+,'%/*,12C',+'R15*#'M%)%'&,0/5)'
,1'+%'(),$N%D
>/I/Q#',)%'/1'+/0%)'M,I/,P#9'M,)#'M+%0%3#'3,'2%NV),&9'./++,)#&9'0%++,)#&'J'0,12,'I/,'&,'
-5-Q%'%N#))%13#'&/'351,)52#'2#3#',+'%P#'M%)%'5)+#'%'25)%)'%'+%&'M%2%&'3,'/1'%15*%+'#'%'+#&'M%+#&'
3,'/1%'(%)%S%'&,P%+%3%D'`,1Q%'2%+'.%*%',&,'M/,(+#'M%)%',+'3,&M5+.%))#9'I/,'%M%)2,'3,+'&525#'
#.5$5%+'3,35$%3#'%'+%&'KM%)253%&L9'&,'S/0%(%'H)5&$%9'>#1I/5R19'_5,2,'J'?,35#'J'"%$#9'1#'&C+#'
,1'%I/,+'+/0%)9'&51#',1'$/%+I/5,)'$%1251%9'25,13%'#'(#25$%'J'N%&2%',1'+%&'(%1$%&'3,'+%'M+%F%'3,'
%)*%&D'f'&5'%+0/1#'),&/+2%(%'*/,)2#9'I/,'&5,*M),'+#&'N%(Q%9',)%',1')5P%&'$%/&%3%&'M#)',+'
S/,0#9'J%'I/,'3,+'%+$#N#+'&,'N%$Q%'M#$#'$#1&/*#D
a/,'M/,&',1',&2,'M/,(+#'J'3,12)#'3,',&2,'%*(5,12,'3#13,'-#+-5,)#1'%',1$#12)%)&,'E5#15&5#'
"51FC1'J'G%'>%M#1,)%D
E,&M/@&'I/,'%&,0/)C'&/&'0%++#&',1'+%&',&2%$%&'3,+'$#))%+'3,+'M%+,1I/,9',1$#*,13R13#+#&'%'
/1'M%&2#)'3,'$#1.5%1F%9'&%+5C'%'3%)&,'/1%'-/,+2%'M#)',+'M/,(+#9'1#'2%)3%13#',1'3%)&,'$/,12%'3,'
I/, ' 2#3# ' ,+ ' */13# ' ,&2%(% ' #$/M%3# ' ,1 ' +% ' (%)%S%U ' J% ' N%$5,13# ' )#1$N% ' %+),3,3#) ' 3, ' +#&'
S/0%3#),&'#'M%)25$5M%1c'e3#',1'+%&'%M/,&2%&9'M#)'+#'$/%+9'%'M,&%)'3,+'0,12Q#'I/,'N#)*50/,%(%'
M#)'2#3%&'M%)2,&9',+'&5+,1$5#'M%),$Q%'3#*51%)'%+'M/,(+#D
_, ' %$,)$C ' %+% ' M%)253% ' 0)%13,9 ' 3#13, ' N%(Q% ' *%J#) ' (/++5$5# ' J ' &, ' #Q% ' +% ' *V&5$% ' 3, ' +#&'
*%)5%$N5&D
O++Q',&2%(%'G%'>%M#1,)%9'+%1F%13#'/1%'$%1$5C1'$#))53#'M#)',1$5*%'3,'+%'*,&%'3,'+%')/+,2%9'
%/1I/,'&/'-#F'&,'#Q%'/1'M#$#'3,&-%1,$53%'3,(53#'%+')/*#)'3,'+%'0,12,'J'%+'1#'2,1,)'*%1,)%'3,'
,1$,))%)'&/'$%1$5C1'(%S#'%I/,+'S%$%+C1'%(5,)2#'%'+#&'$/%2)#'-5,12#&D
E5#15&5#'"51FC1',&M,)C'%'I/,'2,)*51%)%'J'+/,0#'&,'%$,)$C'N%&2%',++%'M%)%'&%+/3%)+%D'G,&'
35#'0/&2#'-#+-,)&,'%'-,)'2%12#9'I/,',++%'+,'2,135C'$%)5P#&%*,12,'+#&'()%F#&'J'@+'+%'),2/-#'/1'
(/,1')%2#',12),'+#&'&/J#&D
!iE,'I/,',+'2,*M#)%+',&'(/,1#9'N%&2%'+#&'2)#1$#&'),2#P%1j'!+,'35S#',++%D'f'%P%35C!c'
>),Q'I/,'J%'1#'2,'-#+-,)Q%'%'-,)9'0%++,)#D
!pf'I/@'M%&%'$#1250#9'H,)1%)3%q'p"#)'I/@'%N#)%'%I/Q9',1',&2,'$N51$N#))#q
!G+,0/@'2%)3,'J'$/%13#'*,'%&#*@'M#)',+'M%+,1I/,',1$#12)@'+%'M+%F%'#$/M%3%D'pf'2Vq
!W1'+%&'*5&*%&D
!H5,1'3,$Q%'J#'I/,',&2%(%&'M5$%3#'3,'+%'%)%P%DDD'o1-Q2%*,'/1'2)%0#9'M/,&'%I/Q'1#'+,'3%1'
%0/%'15'%+'0%++#'3,'+%'M%&5C1D
a/,)#1'%'+%'$%1251%'J'M535,)#1c'M%)%'@+'/1%'0)#&,++%9'M%)%',++%9'/1'$/%)25++#'3,'2,I/5+%
!"#&'&Q9'H,)1%)3%9'*,'35#'+%'$#)%F#1%3%'3,'I/,'%13%)Q%&'M#)'%I/Q9'M#)'>/I/Q#D'W&M,)%(%'
-,)2,'%++R',1'+#&'0%++#&D
!^#'2,'350#'I/,'*,'*%3)/0%)#1D'f'./,',&%'51351%'3,'G/$),$5%'_%+$,3#D'",)#'15'*#3#9'
M%)%'2#3#&'N%J9'*5,12)%&'1#'%)),(%2,1D
!"#&'J#'%$%(#'3,'3,S%)'+%'$%&%'3,'G#),1F#'H,1%-53,&D'u+'1#'I/5&#'-,15)D'E5S#'I/,'@&2#&'
1#',)%1'&/&'(,(,3,)#&D
!^#9'1#'+#'&#19'@+'&C+#'-%'%'+#&'0)%13,&D
!f'%'M)#MC&52#9'H,)1%)3%9'pI/@',),&'2V'3,'G#),1F#'H,1%-53,&q
!^#'N,'3,'&,)'&/'*%*R9'p-,)3%3q
!>+%)#'I/,'1#D
s/%)3%)#1'&5+,1$5#'/1')%2#D'"#)'+%'$%)%'3,',++%'&,'3,SC'),&(%+%)'/1%'+R0)5*%9'),3#13%9'
()5++%12,'$#*#'+#&'#S#&'3,'3#13,'N%(Q%'&%+53#9'$#*#'/1%'$/,12%'*R&'3,'-53)5#'3,'+%&'I/,'2)%Q%'
,1)#++%3%&',1',+9'$/,++#D
!^#'I/5&,'#.,13,)2,9'H,)1%)3%D
!pO$%&#'*,'-,&'#.,1353%q'?,'&5,12#'2)5&2,9'I/,',&'#2)%'$#&%'!35S#'+5*M5%13#'$#1',+'
3#)&#'3,'+%'*%1#'&/'+R0)5*%'J'#2)%'*R&'I/,',*M,F%(%'%'()#2%)D
!pG#'I/,)Q%&q
!u+',)%',+'I/,'*,'I/,)Q%D'",)#'2)%2%(%'3,'%*%))%)*,D'E,',1$,))%)*,',1'&/'$%&%D'^%35,'
M/,3,'N%$,)*,',&#'%'*QDDD'_5*M+,*,12,'1#'M/,3#D'p"%)%'I/@q'p"%)%'I/@'M/3)5)*,',1'-53%q
!`%+'-,F'2,'N/(5,)%'$#1-,153#D'_/'$%&%',&',1#)*,D
!_Q9'M,)#'25,1,'M%),3,&D
!pf'I/@'*R&'3%q
W++%'M#)'2#3%',4M+5$%$5C1'&,'%+FC'3,'N#*()#&D'd#+-5C'+%'$%)%'N%$5%'3#13,',&2%(%1'&/&'
*V&5$#&'J'-5#'$C*#'/1#'3,',++#&'+,'N%$Q%'&,P%&'$#1'&/'0/52%))%9'++%*R13#+%D
!ON#)52%'-/,+-#'!+,'35S#'%'E5#15&5#'"51FC1!D'W&M@)%*,D'_/(5C'%+'2%(+%3#'I/,'+,'&,)-Q%'
3,'2,*M+,1'3,&M/@&'I/,'&,'%))%1$C',+'*%)5%$N5'$#1',+')%&0/,#'3,'&/&'0/52%))%&9',++%'&#+2C'&/'
$%1$5C1c
N("'#%"1()-(-#%"*%4/)"1*..(-#%
?#.")#"%(9*."*'"0#+9.*";=;=.>
?*.#")#"?=*.-#"'(%"*%?*.()<(%
-*"78*"*)"48%"9.(<#%"+*"0*"-*"-#.+=.@
J3!:"786"+="%8*.4*"4()"-*%2.(1=(-(K
78*"(?(%=#)(-#"("+E"+*"-*$D@
C#+#"-*1E(%"78*"+*"78*.E(%
!")8)1(")8)1("+*"0(%"-*"#';=-(.:
)#"4*"(9()-#)#")="4*"-*%?.*1=#
!")="?#."#4.("4*"0*"-*"1(+9=(.@
A*.E()"1#)10=4(%:"%*.E()"?*.'=4(%
'(%"78*"9.=''(9()"(''/"*)"*'"+(.>
?*.#")#"?=*.-#"'(%"*%?*.()<(%
78*"!#"*)"48%"9.(<#%"+*"0*"-*"(..8''(.@
d#+-5C'3,&2,S5,13#'+%'&#1)5&%'I/,'N%(Q%'#.),$53#'%'$%*(5#'3,+'%M+%/&#'3,'+%'$#1$/)),1$5%D'
G%')/+,2%'$#*,1FC'%'$#)),)',12),'+#&'0)52#&'51&5&2,12,&'3,'+#&'$#+51,&9'N%&2%'I/,'&,',&$/$NC',+'
35&M%)#'3,'+%'$,)(%2%1%'J',+'$+%*#)'3,'i\,$N#',+'25)#j'f',1&,0/53%c'i>/%2)#'1,0)#j'_,'#Q%',+'
251251,%)'3,'+#&'M,&#&'%'2#3#'+#'+%)0#'3,'+%'*,&%'(5,1'%25(#))%3%'3,'M%))#I/5%1#&D
G%'>%M#1,)%'),0),&C'S/12#'%'E5#15&5#'"51FC1D'H,(5C'/1'&#)(#'3,+'-%&#'$%&5'512%$2#'J'&/'
$/,)M#'2/-#'/1%'&%$/353%9'3,(53#'I/5FR'%'+%'./,)F%'3,+'%+$#N#+D
!d5+'%+$#N#+'$#1'%0/%'!$#*,12C!D'_5,*M),',&'+#'*5&*#',1',&2#&'&525#&!D'`#*C',+'
-%&#'J'%))#SC'&/'$#12,153#'%+'&/,+#',1'/1'%3,*R1'3,'35&0/&2#D
_, ' -,Q% ' 1,)-5#&%9 ' 51$#*#3%3%9 ' 2%+ ' -,F ' M#) ' +%& ' M),0/12%& ' 3, ' E5#15&5# ' "51FC1D ' u&2, ' +%'
*5)%(%'.5S%*,12,9'$#1'N/*5+3%39'*5,12)%&',++%'%$%)5$5%(%'&/&'M)#M5#&'()%F#&'$#1'&/&'*%1#&'
),M+,2%&'3,'M/+&,)%&D'O+'*5&*#'25,*M#'I/,'E5#15&5#'+%'-,Q%9'&,12Q%'I/,',)%'3,*%&5%3#'N,)*#&%'
M%)%'@+U'I/,',)%'3,',&%&'$#&%&'I/,',&2R1'*/J'+,S#&'3,'/1#'M%)%'%*%)+%&D'O&Q9'&/'*5)%3%'&,'./,'
2#)1%13#'3,'+%'M/)%'#(&,)-%$5C1'%+'M/)#'3,&,#9'$#*#'&5'./,)%'+#'V15$#'I/,',&2/-5,)%'%'&/'
%+$%1$,c'M#3,)+%'-,)'J'&%(#),%)'%'&/'%12#S#D
",)#',&%&'*5)%3%&'M,1,2)%1'J',++%'+%&'&5125C9'%+FC'+#&'#S#&'J'&#&2/-#'M#)'/1'*#*,12#'+%'
*5)%3%'3,'E5#15&5#'"51FC1D'W1&,0/53%'(%SC'+%'-5&2%'$#*#'&5'$#12,*M+%)%',+'-%&#'-%$Q#D'E5S#c
!i^,$,&52#'3,'/1'2)%0#j'd%*#&'%'3#13,'1#'1#&'N%0%1'2)%*M%D
",)#'%'2#3#',&2#9'E5#15&5#'"51FC1'++%*C'%+'*,&,)#c
i`)R50%*,'/1%'(#2,++%'$,))%3%'3,'*,F$%+j
f'35)505@13#&,'%'G%'>%M#1,)%c
!E,(,'&,)'50/%+',1'2#3%&'M%)2,&D'W&'&/'1,0#$5#'!N5F#'/1%'M%/&%'J'+/,0#'%P%35C!c'E,'
2)51I/,2,)#&'%'2)51I/,2,)#&'N%J'1#&'-%*#&'p#'1#',&'$5,)2#q
W++%'%.5)*C'+#'I/,'@+'%$%(%(%'3,'3,$5)'$#1'/1%'&#1)5&%D'W+'-%&#'-#+-5C'%'++,1%)&,9'%N#)%'3,'
+%'(#2,++%'I/,',+'*#F#'3,SC'&#(),'+%'*,&%D'H,)1%)3%'>/25P#'+#'M)#(C'J'+/,0#'&#)(5C'/1'+%)0#'J'
%1&5#&#'2)%0#D'"%),$5C'),%15*%)&,D
!pO'I/@'N#)%&'2,)*51%&'$#1',&2#q'!M),0/12C'E5#15&5#'"51FC1D
!O'+%'*,35%'1#$N,D
!^#'&%(,&'$/R12#'*,'0/&2%)Q%'I/,'*,'%$#*M%P%)%& '%'+#&'0%++#&D'`V',),&'*5'KM5,3)%'
5*R1L'M%)%'+%'(/,1%'&/,)2,D
!W&#'J%'*,'+#'N%1'35$N#'*/$N#&D'W12),'#2)#&'G#),1F#'H,1%-53,&D'O+0#'N,'3,'2,1,)9'
M#)I/,',+'I/,',&2R'$#1*50#'1/1$%'M5,)3,D
!^#'+#'3/3#D'f#'*5&*#'+#'N,'$#*M)#(%3#D
!_QD'`#3#&'&,'N%1'&,)-53#'3,'*QD'f'3,&M/@&DDD
d#+-5C'%',*M51%)&,'#2)#'2)%0#'3,'*,F$%+9'*5,12)%&'#Q%'I/,'E5#15&5#'"51FC1'+,'3,$Q%c
!f#'1/1$%'2,'%(%13#1%)@9'H,)1%)3%D
!G#'&@'!$#12,&2C',++%D
`,)*51C',+'$#12,153#'3,+'-%&#D'`#*C'+%'(#2,++%',1'&/&'*%1#&'J'+,-%12R13#&,'J'N%$5,13#'
/1%'&,P%'5135$%13#'%'+#&'*V&5$#&9'35S#c
!d#J'%'++,-%)+,',&2#'%'*5&'*/$N%$N#&D'^#&'-,),*#&'*R&'2%)3,D
u+'-5#'$C*#'&,'%+,S%(%'N%$5%',+'2,*M+,2,'3#13,',+'*%)5%$N5'+%'%0/%)3%(%D
"#$#'3,&M/@&9'E5#15&5#'"51FC1',&2%(%',1',+'$#))%+'3#13,'N%(Q%'3,S%3#'%*%))%3#& '&/&'
0%++#&D'E,&%2C'/1#'3,',++#&'3,'+%',&2%$%D'G,'2%12,C',+'(/$N,D'7,-5&C'+%&'%+%&'J'+%&'$%P%&D'G,'
)#$5C'/1'2)%0#'3,'%0/%',1'+%'$%(,F%9'M/,&'$#*#'N%$Q%'$%+#)9',+'%15*%+'&,&,%(%'$#*#'&5'2/-5,)%'
N#0/Q#D'G#'2#*C',1'&/&'()%F#&9'J'$#1'@+'&51'3,S%)'3,'%$%)5$5%)+,',+',&M51%F#9'&,'M%&,C'M#)',+'
$#))%+ ' N%$5,13# ' %3,*%1,& ' J ' N%(+%13# ' &#+#9 ' ),M525,13# ' N%&2% ' ,+ ' $%1&%1$5# ' M%)%2, ' 3, ' +%'
$#1-,)&%$5C1'$#1'+%'H,)1%)3%D
O&Q'%13/-#'/1'(/,1')%2#D'\%&2%'I/,'%+'-#+-,)&,9'-5#'%+'M%&2#)',1$%)0%3#'3,'$/53%)'+#&'
0%++#&'I/,'+#'*5)%(%'$#1'$/)5#&53%3D'W12#1$,&9'2#*C'&/'%15*%+'$#1'%*(%&'*%1#&'J'&%+5C'$#1'
@+'N%$5%',+'M%+,1I/,'$%*51%13#'%'0)%13,&'2)%1$#&D
E,&3,',12#1$,&'E5#15&5#'"51FC1'J'H,)1%)3%'>/25P#'-%0%)#1'M#)',+'*/13#'3,'.,)5%',1'
.,)5%9'%+2,)1%13#'+%&'2%M%3%&'$#1'+%')/+,2%'J'+#&'%+(/),&D'"%),$Q%'$#*#'&5'+%'/15C1'3,'@+'$#1'G%'
>%M#1,)%9'+,'N/(5,)%'%.5)*%3#'+%'&/,)2,'J'$),$53#'+#&'R15*#&9'M/,&'&5,*M),'&,'+,'-,Q%'&,0/)#'
,1',+'S/,0#U'2%+'$#*#'&5'$#1#$5,)%'3,'%12,*%1#',+'),&/+2%3#D
\%(Q%'3,&$/(5,)2#'J'%N#)%'+#'$#1.5)*%(%9'I/,'S/12#'%',++%'+,',)%'35.Q$5+'M,)3,)9'M#)'+#'I/,'
&,'+%1F%(%'*/$N%&'-,$,&'%))5,&0%13#'*R&'3,'+#'I/,'M#3Q%'M%0%)9'2,12%13#'%+'3,&251#'I/,'
&5,*M),'+#'.%-#),$Q%D
_,'$%&C'$#1'G%'>%M#1,)%'/1%'*%P%1%'$/%+I/5,)%9',1'/1'M/,(+#'$/%+I/5,)%9'+50%13#'%&Q'&/'
M)#*,&%'3,'1#'&,M%)%)&,'3,',++%'S%*R&'1/1$%D
W++%'1#'I/,)Q%',+'*%2)5*#15#U'M,)#'%+0#',1',+'.#13#'+,'3,$Q%'I/,'%I/,+'N#*(),'1#',)%'
$#*#'+#&'3,*R&9'J'*#-53%'M#)'+%'$#1-,15,1$5%'3,'%&#$5%)&,'$#1'%+0/5,19'&#(),'2#3#'$#1'/1'
./+%1#'$#*#'E5#15&5#'"51FC19'++,1#'3,'$#35$5%'J'3,+'I/,',&2%(%'&,0/)%'&,0/5)Q%')#3%13#'$#*#'
,++%9'*5,12)%&'+,'%+,2,%)%1'+%&'%+%&'%+'V+25*#'3,'&/&'0%++#&9',&2/-#'3,'%$/,)3#',1'$%&%)&,9'M/,&'
%&Q'%+'*,1#&'2,13)Q%',1'I/5@1'%M#J%)'&/'&#+52%)5%'-53%D
"/,(+#&9'$5/3%3,&9')%1$N,)Q%&9'2#3#'+#'),$#))5,)#1D'W++%'M#)'&/'M)#M5#'0/&2#D'u+9'5*M/+&%3#'
M#)'+%'%*(5$5C19'M#)'/1'%.R1'5+5*52%3#'3,'%$/*/+%)')5I/,F%D

*
Y1 ' 3Q% ' M%&%3# ' ,+ ' 25,*M#9 ' E5#15&5# ' "51FC1 ' 3,$535C ' -5&52%) ' % ' &/ ' -5,S# ' %*50# ' G#),1F#'
H,1%-53,&9'%'I/5,1'N%$Q%'*/$N#'1#'-,Q%9'M/,&'&,'N%(Q%'3,&2,))%3#'3,+'$%*M#'3,'+%&'.,)5%&D
G+,0%)#1'/1%'2%)3,'%'_%12%'s,)2)/35&'J'J%'M%)%',12#1$,&'+#&'%$#*M%P%(%'&/'N5S%9'/1%'15P%'
3,'35,F'%P#&D'W1$#12)%)#1'%+'2%+'H,1%-53,&'*#12%3#',1'/1%'&5++%'3,')/,3%&9'-5,S#'J'3,&0%&2%3#D'
O ' M,&%) ' 3, ' 2#3#9 ' +#& ' ),$5(5C ' $#1 ' 0)%13,& ' */,&2)%& ' 3, ' ),0#$5S#D ' H,&C ' +%& ' 3#& ' *%1#& ' 3,'
H,)1%)3% ' >/25P# ' J ' %$%)5$5C ' % ' +% ' N5S% ' $#*# ' &5 ' ./,)% ' &/J%D ' ^# ' N%(Q% ' M,)353# ' &/ ' %1250/%'
M,)&#1%+53%39'J%"I/,'&,0/Q%'&5,13#'%+25-#'J'3#*51%12,c
!_@'I/,'+,&'N%'53#'(5,1'!35S#'%'E5#15&5#'"51FC1!D'f'*,'%+,0)#'3,'-,)+#&D'W&M,)#'I/,'
1#'+,&'%(/))%'*5'2)5&2,'$#*M%PQ%'+#&'3Q%&'I/,'3/),'&/'-5&52%D
!^#&'-%*#&',1&,0/53%'!$#12,&2C'G%'>%M#1,)%!D'd%*#&'3,'M%&#'J'&C+#'1#&'3,2/-5*#&'
%'&%+/3%)2,D
!_Q9'3#1'G#),1F#'!35S#',+'"51FC1!'+,'3,(Q%*#&',&2%'-5&52%'$#*#'#2)%&'*/$N%&9'M,)#'
/&2,3'&%(,'+#'%2%),%3#'I/,'%13%'/1#'$/%13#'&,'25,1,',+'*/13#'M#)'$%&%DDD'G%'$#&%',&'I/,'1#'
2#*,'1/,&2)#'#+-53#'$#*#'510)%252/3DDD
!G#'I/,'/&2,3,&'1,$,&52%1',&'&#&,0%)&,DDD'"#1,)&,'2)%1I/5+#&D'"/,&'R)(#+'I/,'1#',1)%QF%'
1#'$),$,DDD'W1'$/%12#'%'$%&%9'J#'+,&'#.),F$#'+%'*Q%9'M#)'%N#)%'J'M#)'&5,*M),D
!?/$N%&'0)%$5%&9'3#1'G#),1F#D
!f'N%(+%13#'3,'#2)%'$#&%'pI/@'2%+'%13%&'$#1',+'"%$#q'_,'*,'.50/)%'I/,'J%'+#'#+-53%&2,D
!^%3%'3,'+#'I/,'%M),13Q'3,'/&2,3'&,'*,'N%'#+-53%3#D
!iW12#1$,&'I/@3,1&,'N%&2%'*%P%1%j'?,'&,)-5)R'3,'35&2)%$$5C1'S/0%)'/1%'M%)25352%',&2%'
1#$N,D

*
f'&,'I/,3%)#1D
a),12,'%'/1%'*,&%'$#1'$/(5,)2%'3,'*R)*#+',&2%(%1'+#&'3#&'35&2)5(/J@13#&,'+%&'$%)2%&'M%)%'
$#1251/%)',+'S/,0#D'^#'*/J'+,S#&'3,',++#&9'&,12%3%',1',+'*5&*#'&5++C1'3,'%+2#'),&M%+3#'I/,'
#$/MC'%+'++,0%)9'H,)1%)3%'>/25P#'+#&'#(&,)-%(%9'2,15,13#'%'&/'N5S%'3#)*53%'&#(),',+'),0%F#D'
G#),1F#'H,1%-53,&'3,$Q%c
!^#'*,'0/&2%'S/0%)',.,$25-#9'3,+'I/,'J%'M#$#'*,'I/,3%9'M,)#'2,10#'/1')%1$N52#'%I/Q'
$,)$%D'`V'35)R&D
!pY1')%1$N#q'pf'$#*#'M%)%'$/R12#'+,'0/&2%q
!H5,1D'f%'2,'35)@'%'+%'N#)%'I/,'M5,)3%&'$/R12#',&'2/'%3,/3#D'pW&2R&'$#1.#)*,q
!>#1'/&2,39'3#1'G#),1F#9'1#'2,10#'M#)'I/@'35&$/25)D

*
!Y&2,3'M5,)3,9'3#1'G#),1F#D'pT/@'#2)%'$#&%'S/,0%q
!W&2%'$%&%'!35S#'@+!D'>#12)%',+9')%1$N#'JDDD'350%*#&'$51$/,12%'*5+'M,&#&DDD'p^#'$),,&'
2V'I/,'+#&'-%+0%q
!>#*#'/&2,3'*%13,D'O+'.51'J'%+'$%(#',&2%*#&'M+%25$%13#D
!^#9'"51FC1D'd%',1'&,)5#D'_@'I/,'1#'*,'M/,3,&'0%1%)D
!d5,1,9'M/,&D
!i>#)2%j'!#)3,1C'G#),1F#'H,1%-53,&'3,&M/@&'3,'(%)%S%)',+'%+2,)#'3,'1%5M,&D'E5#15&5#'
"51FC1 ' 35&2)5(/JC'M#)'+%'*,&%'-%)5#& '.)%0*,12#& '3,'+%'(%)%S%9 '3,'+#&'$/%+,& '2#*C '/1#',+'
H,1%-53,&'J'M),0/12Cc
!pO+(/)q
!_%+,',+'%+(/)D
H,1%-53,&'+#'M)#$+%*C'$#*#'&5'1#',&2/-5,)%'-5&2#c
!_,5&'3,',&M%3%&'J'&#2%'3,'$#M%&D
E5#15&5#'"51FC1'),$#)3%13#'I/,'+%'&#2%',)%'*/J'*%+%'$%)2%'M%)%'@+9'&,M%)C',+'&,5&'3,'
,&M%3%&D
!pG#'*%2%&'#'+#'3,S%&q
!G,'-#JD
O+'$%,)'+%'3@$5*%'$%)2%'%M%),$5C',+'&,5&D'Y1'&#+#'&,5&'3,'#)#&D
!W&'2/J%'+%'>%&%'!35S#'&,$%*,12,'G#),1F#'H,1%-53,&D
!G,'3#J'+%'),-%1$N%9'3#1'G#),1F#DDD'Y&2,3',&$#0,'$%)2%D
!p7,-%1$N%'$#12)%'I/@q'p>#12)%'*Q'*5&*#q'!35S#'&,M%)R13#&,'3,'+%'*,&%'J'*#&2)%13#'
&/'51-%+53,F!DDD'E5*,9'pM#3)Q%&'M%0%)',+',I/5-%+,12,q
!W&'I/,'1#'-#J'%'%$,M2%)+,'&/'$%&%D'W&#'/&2,3'+#'&%(,DDD'>),Q'I/,'&C+#'S/0R(%*#&'M#)'
35-,)25)1#&DDD'O3,*R&9'M/,3#'3,$5)'I/,'%'/&2,3'+,'3,(#'+#'I/,'2,10#D
!pE5-,)25)1#&q'_5'2V'N/(5,)%&'M,)353#'-,)Q%&'+%'$+%&,'3,'35-,)&5C1'I/,'J#'2,'3%)Q%DDD'^#'
"51FC1D'^5'*5'M%3),'*,'++,0C'%'M,)3#1%)'1/1$%'/1%'3,/3%'3,'S/,0#DDD'f,1'$/%12#'%'I/,'%'*Q'
*,'3,(,&'2#3#'+#'I/,',),&9',&2R&',I/5-#$%3#D'?5)%DDD
_,'%$,)$C'$#1'&/'&5++%'3,')/,3%&'N%&2%'3#13,',&2%(%'H,)1%)3%'>/25P#9'I/5,1'+#'*5)%(%'
512,))#0%12, ' 35(/S%13# ' ,1 ' &/& ' +%(5#& ' /1% ' &#1)5&%U ' M,)# ' 51,&M,)%3%*,12,9 ' /1% ' 2),*,13%'
(#.,2%3% ' I/, ' +, ' +%1FC ' ./)5#&# ' G#),1F# ' H,1%-53,&9 ' +, ' %M%0C ' +% ' &#1)5&% ' J ' +, ' N5F# ' 3%) ' /1'
&#(),&%+2#9'*5,12)%&'0)52%(%',1'&/'$%)%c
!DDDiW&'%',&2%'51*/13%'()/S%'%'I/5,1'+,'3,(,&'2#3#j
E,&M/@& ' 3,' ,&2#9 '51J,$2%3#& ' %V1 ' &/& '#S#& ' 3,' #35#' J'++,-%13# ' ,1'&/' (#$%' /1%'*/,$%'
5)%$/13%9'&,'%+,SC'M#)'+%'#&$/)%'&%+%9'5*M)5*5,13#'*%J#)'-,+#$53%3'%'+%'&5++%'3,'51-R+53#',1'
I/,'5(%D
E5#15&5#'"51FC19'&51'51*/2%)&,9'(%)%SC'J'-#+-5C'%'(%)%S%)'+#&'1%5M,&'%(%13#1%3#&DDD

*
W+'25,*M#'3,SC'M%&%)'&/&'%P#&D'W)%',1'+%'*5&*%'$%&%'-* "_%12%'s,)2)/35&'J',1',+'*5&*#'
&525#D ' E5#15&5# ' "51FC1 ' $#*# ' &5 ' 1#' N/(5,)% ' &/&M,1353# ' &/' %$252/3 ' 3, ' %P#& ' %2)R&9 ' (%)%S%(%D'
a),12,'%'@+'J'%+),3,3#)'3,'/1%'*,&%'$/(5,)2%'$#1'M%P#'-,)3,9'/1%')#13%'3,'&,P#),&',&M,)%(%1'
&/&'$%)2%&D'_,'S/0%(%'"%$#'s)%13,D'G%&'#$N#'(%)%S%&',)%1'),-/,+2%&9'$#)2%3%&'J'-/,+2%&'%'$#)2%)'
N%&2%'I/,'$#*,1F%(%',+'),M%)2#D
Y1'M#$#'%2)R&'3,'@+9',&2%(%'G%'>%M#1,)%9'$#*#'&5'2%*M#$#'&,'N/(5,)%'*#-53#'3,'&/'&525#D'
_,12%3%',1',+'*5&*#'&5++C19',&$#1353%'%M,1%&',1'+%'M,1/*()%'3,'+%'&%+%9'M%),$Q%'/1'&Q*(#+#'
*R&'I/,'/1'&,)'-5-#D'",)#',)%',++%D'f'&/'#(+50%$5C1',)%',&2%)'%++Q'&5,*M),D'O/1I/,'%N#)%'
++,-%)%',1',+'$/,++#'/1'$#++%)'3,'M,)+%&'%'$%*(5#'3,'+%&'$/,12%&'3,'$#+#),&9'I/,'3,&2%$%(%'&#(),'
,+'.#13#'1,0)#'3,+'-,&253#9'J'&/&'*%1#&',&2/-5,)%1'5)5F%3%&'3,'()5++%12,&9'1#',&2%(%'$#1.#)*,D'
^/1$%'+#',&2/-#D
W)%1'.),$/,12,&'+%&'35&$/&5#1,&',12),',++%'J'&/'*%)53#D'O+,0%2#&'%0)5#&9'%*%)0#&9',1'I/,'
,++%'+,',$N%(%',1'$%)%'+%',&$+%-52/3',1'I/,'-5-Q%'#(+50%3%'M#)'@+D
W1'/1'M)51$5M5#'J'%'$%/&%'3,+'1%$5*5,12#'3,'&/'N5S%9'N%(Q%'%$,M2%3#',+',1$5,))#'-#+/12%)5#U'
M,)#'$/%13#'@&2%'./,'$),$5,13#9'N%$5@13#&,'15P%'J'3,&M/@&'*/S,)9'&/&',&./,)F#&'$N#$%)#1'
$#12)%'+%'512)%1&50,1$5%'3,+'"51FC1'I/,'2,1Q%'J'I/,)Q%'&,0/5)'2,15,13#'/1'+/0%)',&2%(+,'3#13,'
-5-5)D
W++%9',1'$%*(5#9'%$#&2/*()%3%'%'+%'+5(,)2%3'J'%+'%*(5,12,'%(5,)2#'3,'+%&'.,)5%&9'&,'&,12Q%'
%(%253%',1'+%'3,&#+%$5C1'3,'%I/,++%'$%&%'51*,1&%'J'+%10/53,$Q%'3,n'M#&2)%$5C1D'"/,&'M#&2)%3%'
+%'2,1Q%'&5,*M),'E5#15&5#'"51FC1',1',+')51$C1'3,'+%'&%+%'3#13,'M,)*%1,$Q%'1#$N,'%'1#$N,'
M),&,1$5%13#'%'+#&'S/0%3#),&9'%+,S%3%'3,+'&#+'J'3,'+%'+/F'3,+'3Q%9'M/,&'+%'M%)253%'2,)*51%(%'%+'
%*%1,$,)'J'$#*,1F%(%'%+'$%,)'+%'2%)3,D'E,',&2,'*#3#9'&,'+,'#&$/),$5,)#1'&/&'3Q%&'J,1'+/0%)'3,'
),&M5)%)'%5),&'35.,),12,&9'&#)(Q%'N/*#'J'%+5,12#&'%+$#NC+5$#&D
O12,&'I/,'E5#15&5#'"51FC1'2)%1&.#)*%)%'&/'N/*5+3%3',1'&#(,)(5%9',++%'N%(Q%'M/,&2#'&/&'
$#135$5#1,&'J'N%(Q%'5*M/,&2#'&/'-#+/12%3D'",)#'%N#)%9'J%'$%&$%3%'&/'-#F9'*/,)2%&'&/&'./,)F%&9'
1#'+,'I/,3%(%'*R&'I/,'#(,3,$,)'%'/1%'-#+/12%3'%S,1%'J'#+-53%)&,'3,'&/'M)#M5%',45&2,1$5%D
!tJ,*,'(5,19'E5#15&5#'!+,'N%(Q%'35$N#'$/%13#'%I/@+'+,'M)#M/&#'*%2)5*#15#!',&2#J'
%$#&2/*()%3%'%'I/,'1%35,'*,'*%13,D'"#)',&#',&$#0Q',&2%'-53%DDD'f'2%*(5@1'&#J'J#'I/5,1'
,&$#0,'%'+#&'N#*(),&'I/,'I/5,)#'J'+#&'3,S#'$/%13#'*,'3%'+%'0%1%D'`V',),&'15'*R&'15'*,1#&'
$#*#'+#&'3,*R&D'E,&3,'%N#)52%'2,'+#'350#D
!W&2R'(5,19'H,)1%)3%9'&,'N%)R'+#'I/,'2V'*%13,&D
!W&#'2%*M#$#D'G#'I/,'J#'1,$,&52#',&'/1'N#*(),D'^#'3,'&/'M)#2,$$5C19'I/,'J#'*,'&@'
M)#2,0,)'&#+%U'M,)#',&#'&Q9'I/,'&,M%'),&M#13,)'3,'*Q'J'3,'@+'%12,'I/5,1'&,%DDD'f'I/,'1#'&,'
,&M%12,'&5'J#'+,'3#J'*%+%'-53%D
",)#',1'),%+53%39'@+'./,'I/5,1'&,'+%'35#'%',++%D'W1'$/%12#'&5125C',+'M#3,)'I/,'+,'3%(%',+'
351,)#9'$%*(5C'&/'$%)R$2,)D'_,'%+FC'%'*%J#)'J'M)#$/)C'3,*#&2)%)+#',1'2#3#&'&/&'2)%2#&D'f'%V1'
$/%13# ' ,++% '+/$NC'M#)'$/%12#'*,35#',&2/-#'%'&/'%+$%1$, 'M%)%'1#'M,)3,)'&/'+5(,)2%3 'J' &/'
513,M,13,1$5%'3,'-53%9'%+'.51'J'%+'$%(#'1#'+#'+#0)C'J'2/-#'I/,'&#*,2,)&,D'",)#'+/$NCD'O&Q'
$/%13#'E5#15&5#'"51FC1'512,12C',&2%(+,$,)&,',1'+%'$%&%'3,'_%12%'s,)2)/35&9'0%1%3%',1',+'S/,0#'
%'G#),1F#'H,1%-53,&9',++%'J%'1#'%*%1,$5C'%'&/'+%3#D'E,&%M%),$5C'++,-R13#&,'%'&/'N5S%D'u+9'
$),J,13#',1'/1'$%M)5$N#'M%&%S,)#9',&M,)C',1'_%12%'s,)2)/35&'%'I/,',++%'-#+-5,)%9'M/,&'$%+$/+C'
I/,'&51'351,)#'J'%))%&2)%13#'$#1&50#'%'+%'*/$N%$N%9'1#'M#3)Q%'5)'*/J'+,S#&D'O/1I/,'#+-53%(%'
I/,'&,'2)%2%(%'3,'G%'>%M#1,)%9'/1%'*/S,)'3,'*/$N#'%0/%12,'J'3,'$#135$5C1D
"#)'#2)%'M%)2,9'1#',&2R'M#)'3,*R&'3,$5)'I/,',&%'@M#$%',&2/-#'++,1%'3,'3Q%&'1,0)#&',1'+%'
&/,)2,'3,'"51FC19'%'2%+'0)%3#9'I/,'1#'&C+#',+'*%+3,$53#'S/,0#'3,'"%$#'+,'*,)*C'&/')5I/,F%U'
&51# ' I/, ' +#& ' *5&*#& ' 0%++#&9 ' I/, ' *%1,S%(% ' % ' &/ ' %12#S# ' _,$/1351# ' >#+*,1,)#9 ' M,)# ' $#1'
(%&2%12,'$#1#$5*5,12#9'./,)#1'3,&%M%),$5,13#'/1#'%'/1#9'(#))%3#&'M#)'/1'3,&251#'*%+501#D
_,$/1351# ' >#+*,1,)# ' &, ' +, ' M),&,12C ' ,1 ' _%12% ' s,)2)/35&9 ' 3,&M/@& ' 3, ' -%)5%& ' 05)%& ' M#)'
35-,)&#&'M%+,1I/,&9'35$5@13#+,'I/,'+,'N%(Q%1'*%2%3#'3#&'3#$,1%&'3,'+#&'*,S#),&'%15*%+,&9'
%/1',1'M+%F%&'),$#1#$53%&'M#)'+%'(%S%'+,J'3,'+#&'0%++#&'I/,'&,'M,+,%(%1D'O3,*R&9'I/,',1'+%'
0%++,)%'&C+#'I/,3%(%1'M/)%&'K*#1%&L9'0%++#&'J%'I/,*%3#&'J'-5,S#&9'/25+5F%3#& 'V15$%*,12,'
M%)%'$%+,12%)'%'+#&'3,'$#*(%2,D'f'I/,9'M%)%'),*%2%)9'&,'+,'N%(Q%'%0#2%3#',+'351,)#9'M/,&'&,'
M/&#'%'%M#&2%)'./,)2,'J'%'+%'3,&,&M,)%3%',1'M,+,%&'I/,'$),Q%'0%1%3%&D'^#'&,',4M+5$%(%',&2%'
&52/%$5C19'M/,&'$#*#'3,$Q%9'@+'*5&*#'N%(Q%'M%&2#),%3#9'%*%))%3#'J'&#+2%3#U'%/1I/,'$#*#'
2,)*51C'35$5,13#c'$#12)%'+%'*%+%'&/,)2,'1#'&,'M/,3,D
E5#15&5#'"51FC1'1#'$/+MC '%+ '>#+*,1,)# 'M#)'&/& '.)%$%&#&9'$#*# '1#'M#3Q%'$/+M%)&, ' @+'
*5&*#D'G,'M),0/12C'M#)'H,)1%)3%D'f'_,$/1351#'+,'),&M#135C'I/,'&Q'+%'N%(Q%'-5&2#D'G%'V+25*%'
-,F',1'/1'+/0%)'++%*%3#'w)(#+'s)%13,9'1#'*/J'+,S#&'3,'%++QD'e
f'I/,'1#'&C+#',&#9'&51#'I/,',1'2#3%&'+%&'#$%&5#1,&',1'I/,'&,'N%(Q%1',1$#12)%3#9'N%(Q%'
N%(+%3#'$#1',++%D'^#9'1#'&,'+,'-,Q%1'2)%F%&'3,'&,125)&,'2)5&2,D'^%3%'*R&'I/,'J%'1#'.#)*%(%'
M%)2,'3,'+%&'$%12%3#)%&'3,'2%M%3%&9'M/,&'$#*,1F%(%'%'$%1&R)&,+,'+%'-#F'$#*#'M%)%'N%$,)&,'#Q)'
,1',+'R*(52#'3,'/1%'M+%F%'3,'0%++#&D'ON#)%'%13%(%'$#1'&/&'*V&5$#&'*,253%'M#)'$%1251%&'J'
M/,&2#&'3,'$%1,+%&D'",)#'1#9'1#'&,'+,'-,Q%'M#)'1510V1'+%3#'+%'2)5&2,F%D'f9',12),'#2)%&9',++%'+,'
3,$+%)C'/1%'-,F'I/,9'%'1#'&,)'M#)'&/'N5S%9'15'&5I/5,)%'&,'%$#)3%)Q%'3,'E5#15&5#'"51FC1D
E5#15&5# '"51FC1 '%$%++%13# '&/' #)0/++#9 '$#1-,1$53# ' 3,' I/, '&51 'H,)1%)3% ' 1#' -#+-,)Q% ' %'
),M#1,)'&/&'M@)353%&'J'*/$N#'*,1#&'+#0)%)'+%')5I/,F%'I/,'2%12#'%*(5$5#1%(%9'./,'%'(/&$%)+%D'
w)(#+'s)%13,'1#'I/,3%(%'+,S#&9'%&Q'I/,'++,0C'%'N#)%'2,*M)%1%'3,+'3Q%'&50/5,12,D'o13%0C'M#)'
M/,&2#&'J'$%1251%&9'N%&2%'I/,'+#&'-,)&#&'3,'/1%'$%1$5C1'J'/1'*#12C1'3,'0,12,'%0)/M%3%'%'+%&'
M/,)2%&'3,'/1%'25,13%9'+#'++,-%)#1'3,),$N52#'%'3#13,',++%'&,',1$#12)%(%D'O'&/'+%3#9'-,&253%'%+'
50/%+'I/,'&/'*%3),9',&2%(%'&/'N5S%D
E5#15&5#',&M,)C'%'I/,',++%'2,)*51%)%'3,'$%12%)'J'I/,'+%'0,12,'3,&%+#S%)%',+',&2),$N#'+#$%+'
M%)%'%$,)$%)&,D'O++Q'*5&*#'N%(+%)#1D
!f%'&%(,&'I/,'1%$Q'M%)%'%13%)'3,'%13%)5,0%D'f'&C+#'*,'%M%$50/%)@',+'3Q%'I/,'*,',$N,1'
25,))%',1$5*%D
!>),Q'I/,'%N#)%'I/,'2,1Q%&'/1%'N5S%9'M,1&%(%&'3%)+,'#2)%'$)5%1F%D
!O+'$#12)%)5#9'I/5&5,)%'I/,'%0%))%)%'*5'3,&251#9'M%)%'I/,'1#'2,10%'I/,'),135)+,'%'1%35,DDD'
iT/@' M#$#' *, '$#1#$,&9'E5#15&5#'"51FC1j'f'J%'2,'350#9'*5,12)%& '*,'&#(),1'./,)F%& 'M%)%'
*#-,)*,9'1#'*,'),&501%)@'%'I/,'*,',1$5,)),1D
!W&'2/'V+25*%'M%+%()%D
!W&'+%'3,'&5,*M),D
!W&2R'(5,19'H,)1%)3%9'&,0/5),*#&'S/12#&'(%S#',&%&'$#135$5#1,&D'\%)@'+%'+/$N%'M%)%'I/,'
),0),&,&'%'+#&'0%++#&D
!^#9'E5#15&5#D'O++Q'1#'*,'I/5,),1D'^,$,&52%1'3,'/1%'-#F'./,)2,9'J'+%'*Q%'J%'&,'*,',&2R'
I/,()%13#D
!")#12#'1#'2,'-%1'%'I/,),)',1'1510/1%'M%)2,D
!iO2,12,'%',&#j
!_QD'O',&#'*,'%2,10#D'id%*#&j
E,',&,'*#3#9'E5#15&5#'"51FC1'-#+-5C'%'M,),0)51%)'M#)'+#&'M/,(+#&',1'$#*M%PQ%'3,'G%'
>%M#1,)%D'W++%9'$#1&50/5,13#'$%1$5#1,&'%I/Q'J'%++R9'&,0/53%'M#)'&/&'*/$N%$N#&'3,+'*%)5%$N5D'
u+9'M%&%13#'3,+'M%+,1I/,'%'+%'M%)253%'J'3,'+%'M%)253%'%+'M%+,1I/,9',1'M)#$/)%'3,',13,),F%)'&/&'
0%1%1$5%&'M,)353%&D'E,'-,F',1'$/%13#9'),$#1#$Q%1'%'_%12%'s,)2)/35&9'M,)#'1#'3/)%(%1'%++Q'%'+#'
&/*#'/1%'#'3#&'&,*%1%&9'M%)%'+/,0#'-#+-,)'%',*M),13,)'$%*51#D

*
\%&2%'I/,'++,0C',+'3Q%'./1,&2#'M%)%',++%D'G#&'*/$N%$N#&'3,+'*%)5%$N5'+%'3,S%)#1D'^#'5(%'
(5,1',+'1,0#$5#D'G%'>%M#1,)%'(,(Q%'*/$N#'J'2,1Q%'+%'-#F'$%&$%3%9'$%&5')#1$%'J'M#$#&'&,'
,12/&5%&*%(%1'J%'$#1'#Q)+%D'O&Q'I/,'+#&'*V&5$#&'&,'(/&$%)#1'#2)%'$%12%3#)%'J'1#'I/5&5,)#1'
&%(,)'*R&'3,'H,)1%)3%'>/25P#D
`%*M#$#'M/3#'$#1-,1$,)'%'#2)#&'*V&5$#&9'N%$5@13#+,&'-,)'I/,'&/'N5S%',)%'2%*(5@1'(/,1%'
M%)%'$%12%)9'M/,&'M#)'%+0#'+%'N%(Q%'*%3/)%3#9'M%)%'I/,'$/%13#',++%'&,'*%)$N52%)%'2,1,)',1'
I/5@1'),1#-%)&,D'",)#'2#3#&'%+,0%(%1'I/,'+%'*/$N%$N%',&2%(%'25,)1%'2#3%-Q%9'J'I/,'%/1I/,'
./,)%'(/,1%9'2,1Q%1'I/,'$%)0%)'$#1'+%'*%3),'M%)%'$/53%)+%D
!^#9',+'1,0#$5#'1#'3%'M%)%'*%12,1,)'%'+%'*%3),'3,'+%'$%12%3#)%'!+,'35S,)#1D
W12#1$,&'./,'$/%13#'E5#15&5#'"51FC1'5*M/&#'&/&'$#135$5#1,&D'"#)'M)51$5M5#'3,'$/,12%&'&,'
,1$,))%)#1',1',+'$%&,)C1'3,'_%12%'s,)2)/35&D'`,1Q%'1/,-%*,12,'351,)#'J'$#1-5)25C'%I/,++%'
$%&% ' ,1 ' $,12)# ' 3, ' ),/15C1 ' 3, ' S/0%3#),& ' ,*M,3,)153#& ' 3, ' ?%+5++%9 ' _5,2, ' J ' ?,35# ' J ' "%$#'
s)%13,D ' ^#$N,'%'1#$N,'+%'$%&%'M,)*%1,$Q% '3,&M5,)2%9',1$,1353%& '&/& '+/$,&9'M),&,1$5%13#'
0)/M#&'3,'N#*(),&'&5+,1$5#&#&'I/,'%+),3,3#)'3,'+%&'*,&%&'&,'2)%(%(%1',1'+%'(%)%S%D
E#1'E5#15&5#9'$#*#'%N#)%'+,'1#*()%(%19'2,1Q%'M%)%'&/&'51-52%3#&'2#3%&'+%&'$#*#353%3,&U'
+#& ' *,S#),& ' -51#& ' J ' +% ' *,S#) ' $#$51%9 ' 3, ' *%1,)% ' I/, ' 1%35, ' 1,$,&52%)% ' %(%13#1%) ' _%12%'
s,)2)/35&',1'-%)5#&'3Q%&9'$#&%'I/,'*/$N#&'%M)#-,$N%(%1D
",)#',+'*R&'%M)#-,$N%3#'3,',&2%'&52/%$5C1',)%'@+9'M/,&'.%&2535%3#'3,'),$#)),)',+'*/13#',1'
M,)&,$/$5C1'3,+'351,)#9'%++Q'+,'$%Q%'%'*%1#&'++,1%&'&51'2,1,)'I/,'&%+5)'%'(/&$%)+#D'O3,*R&9'&/'
&/,)2,' ,)%' 3,&*,353% 'J'M)#12#'&,'%3/,PC'3,'-%)5%& 'M)#M5,3%3,& '0%1%3%& ',1'+%& '2),2%& '3,+'
S/,0#n'J'I/,'15'$/53%3#'15'0%1%&'2,1Q%'3,'%3*515&2)%)9'$#1.#)*R13#&,'$#1'+#'I/,'(/,1%*,12,'
+,'M%&%(%1'&/&'%)),13%2%)5#&9'I/,',)%'(%&2%12,D'^#'M#)',&2#'&,'N%(Q%'#+-53%3#'15'3,&,12,1353#'
3, ' +#& ' 0%++#&9 ' 3, ' +#& ' I/, ' 2,1Q% ' /1% ' -,)3%3,)% ' $)Q%9 ' &5,*M), ' %+ ' $/53%3# ' 3, ' _,$/1351#'
>#+*,1,)#D'E,'-,F',1'$/%13#9'#)0%15F%(%'#'%&5&2Q%'%'+%&'2%M%3%&U'%/1I/,'3,35$%(%'*%J#)'
25,*M#'%'+#&'1%5M,&'$#1'+#&'$/%+,&9'&,0V1'@+9'0%1%(%'*R&'J'*R&')RM53%*,12,D
G%'>%M#1,)%'&,'N%(Q%'2#)1%3#'/1%'*/S,)'&/*5&%'J'$#1&/*53%D'f%'&51'&/'%1250/%'./,)F%9'
1# ' &C+# ' &,' ),&501C'% 'M,)*%1,$,)9 '$#*# ',1$%)$,+%3% ' ,1' %I/,++% ' $%&%' &51#'I/,9' $#1-,)253%'
),%+*,12,',1'M5,3)%'5*R1'3,'+%'&/,)2,9'E5#15&5#'"51FC1'3,2,)*51C'I/,',&2/-5,)%'&5,*M),',1'+%'
&%+%'3,'+#&'S/0%3#),&9'$,)$%'3,'@+'#'%+'*,1#&'3#13,'%35-51%)%'&/'M),&,1$5%D
W1'/1'M)51$5M5#',++%'%&5&2Q%'%'+%&'-,+%3%&'M#)'&/'M)#M5#'0/&2#9'M%)%',&2%)',1'$#*M%PQ%'3,'
#2)%& ' 0,12,& ' J ' 1# ' &,125)&, ' 3,&#+%3%D ' ",)# ' 3,&$/()5C ' I/, ' 1# ' ,)% ' 1%3% ' 35-,)253# ' ,&2%)'
$#12,*M+%13#'%'%I/,++#&'N#*(),&',1'&/&'+%)0#&'J'$%1&%3#&'S/,0#&'J'3,$535C'1#'-#+-,)D'",)#'
"51FC1'+,'#)3,1C'3,'*%1,)%'-5#+,12%9'$/R+',)%'&/'+/0%)'J'+#'I/,'2,1Q%'I/,'N%$,)D'_51'5*M#)2%)+,'
I/,'&#+%'%++Q9'&51'2,1,)'$#1'I/5@1'N%(+%)9'3/)*5,)%'#'M,)*%1,$5,)%'3,&M5,)2%9'),-5&%13#'&/'
M%&%3#'#'*%+35$5,13#'&/'&52/%$5C1'M),&,12,D
W&2# ' &/$,35C ' % ' )%QF ' 3, ' I/,9 ' /1% ' *%3)/0%3%9 ' E5#15&5# ' "51FC1 ' $#*,1FC ' % ' M,)3,)'
&5&2,*R25$%*,12,'+#'I/,'N%(Q%'0%1%3#',1',+'2)%1&$/)&#'3,'+%'1#$N,'J'%+0#'*R&D'O+,0C'I/,'&,'
&,12Q%'$%1&%3#'J',$NC'+%'$/+M%'3,'1#'M#3,)'$#1$,12)%)&,',1',+'S/,0#'%'&/&'+%)0%&'-505+5%&D'_/&'
$#*M%P,)#&'+,'35,)#1'/1')%2#'3,'),M#&#U'J'$/%13#'),0),&C'3,'1/,-#'%'$#1251/%)'+%'M%)253%9'
2#3#&'1#2%)#1'I/,'S/12#'%'@+9'#$/+2%',1'+%'M,1/*()%9',&2%(%'&,12%3%'H,)1%)3%'>/25P#D
O'1%35,'+,',42)%PC',&2,'N,$N#9'J%'I/,',&2%(%1'N%(52/%3#&'%'-,)+%'*/$N%&'-,$,&'%++QD'f'
$#*#'I/5,)%'I/,'M,)*%1,$Q%'I/5,2%9'$#*#'&5'3/)*5,)%9'+#&'M),&,12,&'%(&#)2#&',1',+'S/,0#9'&,'
#+-53%)#1 ' M)#12# ' 3, ' %I/,++% ' */S,)9 ' N%$5,13# ' $%&# ' 3, ' &/& ' M)#M5%& ' M),#$/M%$5#1,&9 ' M#)I/,'
$#*,1F%)#1'%'-,)'$C*#',+'*#12,'M%&%(%'#2)%'-,F'%'*%1#&'3,'E5#15&5#'"51FC19'3#13,',+'
351,)#'&,'%$/*/+%(%',1'M)#M#)$5#1,&'3,&*,353%&D
E,&3,',12#1$,&9'N%&2%'+%'1#$N,'3,'&/'*/,)2,9',&%'./,'+%'-53%'3,'H,)1%)3%'>/25P#D'"%),$Q%'
/1%'&#*()%'M,)*%1,12,'&,12%3%',1',+'&5++C1'3,'%+2#'),&M%+3#9'J%'I/,9'$#*#'-,&2Q%'&5,*M),'3,'
1,0)#'J'&,'#$/+2%(%'3,'+%'+/F'I/,'5+/*51%(%'&C+#',+'$Q)$/+#'3,'+#&'S/0%3#),&9',)%'35.Q$5+'-,)'&/'
$%)%'#'*,35)'&/&'%$2#&U',1'$%*(5#9',++%'M#3Q%'#(&,)-%)+#&'(5,1'%'2#3#&'3,&3,'&/'#&$/)53%3D
^#'+,'5*M#)2C'%'E5#15&5#'"51FC1'I/,',++%9'M%)%',12),2,1,)'+%&'+%)0%&'1#$N,&'3,'3,&-,+#9'&,'
3,35$%)%'%'(,(,)'N%&2%',+'%N#0#'3,'+%'$#1$5,1$5%D'"#)I/,',&2#',)%'+#'I/,',++%'N%$Q%'*5,12)%&'
M,)*%1,$Q%',1',+'&525#'3#13,'&/'*%)53#'+%'N%(Q%'$+%-%3#D'f'%',&#'&,'3,(Q%'+%'%M%)5,1$5%9'
M)5*,)#'/1'M#$#'51I/5,2%9'M,)#'*R&'2%)3,'&51'*#-5*5,12#'3,'&/'.50/)%D
"%)%'2%+'#(S,2#9'2,1Q%'%'+%'*%1#'/1%'#'-%)5%&'(#2,++%&'3,'+%&'I/,'&#)(Q%'+%)0#&'2)%0#&D
H5,1',&'$5,)2#'I/,',&2%(%'%$#&2/*()%3%'%'(,(,)9'M/,&'3,&3,'I/,'$#*,1FC'$#*#'$%12%3#)%'
,1'+%&'2%M%3%&9',)%'3,'),0+%*,12#'),.),&$%)&,',+'0%F1%2,DDD',12),'/1%'J'#2)%'$%1$5C19'M%)%3#'
$/%+ ' ,+ ' *5&*# ' MV(+5$# ' # ' %+0V1 ' %M#&2%3#) ' 0%1%1$5#&# ' # ' ,1%*#)%3#9 ' &, ' ,1$%)0%(% ' 3,'
#(&,I/5%)+,&9'%',++%'$#*#'%'&/&'*V&5$#&9'/1%'(/,1%')%$5C1'3,'2,I/5+%9'+#'I/,'+,&'&,)-Q%'M%)%'
M#1,)'*R&'%+*%'J'*%J#)'%+,0)Q%',1'&/&'512,)M),2%$5#1,&D'E,&3,',12#1$,&'+,'N%(Q%'I/,3%3#'+%'
$#&2/*(),'3,'2#*%)D
^#',&'3,',42)%P%)'I/,'%I/Q',1'&/'$%&%9'3#13,'1#'&,'#$/M%(%'3,'1%3%9'15'3,'$%12%)9'M/,&'
N%&2%',&,'0/&2#'N%(Q%'M,)353#9'++,1%)%'&/&'N#)%&'-%$Q%&'$#1'%+$#N#+9'J'3#)*52%)%'&/',*()5%0/,F'
.),12,'%'+#&'*/3#&'S/0%3#),&'I/,')#3,%(%1'+%'*,&%'3,+'"%$#9',1'+%&'1#$N,&'+%)0%&'J'$%++%3%&9'
3#13,'%M,1%&'&5'&,'#Q%',+'2%++%)'*#1C2#1#'3,'+%&'(%)%S%&D'OI/Q9'M/,&9'3#13,'/1'M/P%3#'3,'
N#*(),& ' M%),$Q%1 ' %N#0%) ' N%&2% ' ,+ ' ),&/,++#9 ' ,++% ' (,(Q% ' J ' (,(Q%9 ' M%)% ' 3,&M/@& ' I/,3%)&,'
%3#)*,$53%9'%))/++%3%'M#)'&/'(#))%$N#'J'M%+M52%12,'$#)%FC1D
",)#'1#'&C+#'2)%&2#)1C'&/'-53%9'&51#'I/,'3,&$/53C'N%&2%'+%'3,'&/'N5S%'3,'+%'I/,'J%'1%3%'
&%(Q%D'f',1'50/%+'$%&#',&2%(%'E5#15&5#'"51FC19'I/,'15'&,'%$#)3%(%'3,',++%9'3,'&/'N5S%'++%*%3%'
2%*(5@1'H,)1%)3%9'J'%M#3%3%'G%'"51F#1%9'2#3#'M#)'2,1,)'#$/M%3#'&/'$#)%FC1',1',+'S/,0#D
"#) ' &/ ' M%)2,9 ' +% ' */$N%$N% ' 1# ' +#& ' M)#$/)%(% ' M%)% ' 1%3%D ' G+,0%(% ' J ' &%+Q% ' 3, ' +% ' $%&%D'
E,&%M%),$Q%'/1#&'3Q%&D'd#+-Q%D'd#+-Q%'%'3,&%M%),$,)9'&51'I/,'1/1$%'+#&'-5,)%'15',++#&'%',++%D
>5,)2% ' *%P%1%9 ' $/%13# ' 3,&M/@& ' 3, ' /1% ' 1#$N, ' *R& ' 3, ' %0#(5%12, ' 3,&-,+#9 ' +#& ' 3#& ' &,'
,1$%*51%)#1'%'3,&$%1&%)',1'&/&'N%(52%$5#1,&D'u+'M#)'3,+%12,'J'G%'>%M#1,)%'&50/5@13#+#'$#1'
M%&#& ' 2%*(%+,%12,&9 ' ++,0%)#1 ' 3,+ ' M/,(+# ' -,$51# ' /1#& ' I/, ' &, ' 3,$Q%1 ' ),M),&,12%12,& ' 3, ' +%'
&#$5,3%3'%'N%(+%)'$#1'E5#15&5#'"51FC1D
G,',4M/&5,)#1',+'#(S,2#'3,'&/'-5&52%'),+%$5#1R13#+%'$#1'&/'N5S%'H,)1%)3%D
!_,P#)'!+,'35S,)#1!9'2%+'-,F'/&2,3'M#)'&/&'%(&#)(,12,&'#$/M%$5#1,&'1#',&2@',12,)%3#'3,'
+%'$#13/$2%'3,'&/'N5S%D
f ' E5#15&5# ' "51FC1 ' I/, ' &, ' %+2,)%(% ' .R$5+*,12,9 ' &#(), ' 2#3# ' % ' ,&2%& ' N#)%& ' ,1 ' I/, ' +#'
3#*51%(%',+'&/,P#9'+,&'),&M#135Cc
!pT/@'3,*#15#&'M/,3,'5*M#)2%)+,&'%'/&2,3,&'+%'$#13/$2%'3,'*5'N5S%q
W1',&#&'*#*,12#&9'2)%&2%(5++%13#9'(/&$%13#',+'%M#J#',1'+%&'M%),3,&9'&,'%$,)$C'H,)1%)3%'
>/25P#D
!pT/@'I/5,),1',&2#&'&,P#),&9'E5#15&5#q'pT/@',1$%)0#'2)%,1qDDD'pG,'N%'M%&%3#'%+0#'*%+#'
%'H,)1%)352%q
",)#'E5#15&5#'"51FC19'&51'N%$,)'$%&#'3,'&/'*/S,)9'&,',1$%)C'1/,-%*,12,'$#1',+'0)/M#'3,'
&,P#),&c
!"),0/12#c'pT/5@1'+,&'3%',+'3,),$N#'3,'*,2,)&,',1'+#'I/,'1#'+,&'5*M#)2%q
Y1#'3,',++#&'N%(+C'%+'.519'2Q*53%*,12,c
!",1&%*#& ' I/, ' 2%+ ' -,FDDD ' ,++% ' ,&2@ ' %(/&%13# ' 3, ' &/ ' $#1&,125*5,12#9 ' 3#1 ' E5#15&5#DDD'
$),,*#& ' 3, ' 1/,&2)# ' 3,(,) ' ,12,)%)+# ' % ' /&2,3 ' 3, ' &/& ' %$2#& ' +5$,1$5#&#&DDD ' W+ ' 3,&,1.),1#'
,&$%13%+#&#'$#1'I/,'#()%9'%/1'3,12)#'3,'+#&'&%12#&'N#0%),&'3,+'M/,(+#DDD'OJ,)'*5&*#DDD
!OJ,)'*5&*#'pI/@q'!0)52C'E5#15&5#'"51FC1!D'iO$%(,1'3,'/1%'-,F'$#1'&/&'$N5&*,&j
!G,'35)@9'3#1'E5#15&5#'!512,)-51#'/1#'3,'%I/,++#&'$%(%++,)#&!9'*5'N5S%'_#.Q%'&,'5(%'%'
$%&%) ' N#JD ' `,1Q%*#& ' M),M%)%3# ' J% ' 2#3#DDD ' G% ' 50+,&5%DDD ' ,+ ' (%1I/,2,DDD ' 2#3#D ' f ' %J,)'
M),$5&%*,12,9'&/'1#-5#9'`)5153%3'O)5%&9'./,')%M2%3#'M#)'+%'N5S%'3,'/&2,3DDD
!f'/1#'3,'*5&'15P#&9'++%*%3#'O+.#1&#9'3,'%M,1%&'35,$5&5,2,'%P#&9'./,'/+2)%S%3#'M#)',++%'
N%)R'/1%&'3#&'&,*%1%&DDD'!3,$+%)C'#2)#'3,'+#&'%++Q'M),&,12,&D
!^#'&C+#',&',&#'&,P#)'3#1'E5#15&5#'!35S#'/1#'3,'(50#2,&',10#*%3#&!DDD'f#'&#J'$#*#'
/&2,3'-,9'/1'N#*(),'),&M,2%(+,D'7,&M,2/#&#'3,'*5'N#0%)',1',+'I/,'N,'M)#$),%3#'&,5&'N5S#&D'
E#&'3,',++#&9'M#)'3,&0)%$5%9'1#'&,'+#0)%)#1DDD'\#J'3,&$%1&%1',1'+#&'()%F#&'3,+'&,P#)DDD'f'J#9'
*5),'/&2,39'N,'),$5(53#'M)#M#&5$5#1,&'%*#)#&%&'3,'G%'"51F#1%9'I/5,)#'3,$5)9'3,'+%'N5S%'3,'
/&2,3DDD'%')5,&0#'3,DDD
!W+ ' %&/12# ' ,& ' !512,)-51# ' #2)# ' $#1 ' ()/&$#& ' %3,*%1,& ' J ' N%$5,13# ' /&# ' 3, ' /1% ' -#F'
,10#+%3%!'I/,'+%&'$#10),0%$5#1,&'3,'&,P#)%&9'*%3),&'J',&M#&%&'-,1'M,+50)%)'&/&'N#0%),&'$#1'
+%'3,&$%)%3%'$#I/,2,)Q%'3,',&%'*/$N%$N%DDD'f'&/&'513,$,12,&'M)#-#$%$5#1,&D
f%'&#+2%3%'+%')5,13%9'2#3#&'&,'M/+5,)#1'N5+-%1%13#'%$/&%$5#1,&'$#12)%'H,)1%)3%'"51FC1D
H,)1%)3%'>/25P#'#Q%'%F#)%3%'2#3#'+#'I/,'&,'3,$Q%'%$,)$%'3,'&/'N5S%'J'&/&'#S#&'&,'M%&,%(%1'
51I/5,2#&'&#(),'2#3#&'%I/,++#&'&,P#),&'I/,'M,3Q%1'$#*#'/1'$+%*#)9'/1'&,-,)#'$#)),$25-#'M%)%'
+%'15P%'I/,',++%'N%(Q%'2)%Q3#'%+'*/13#'J'I/,9'&51'&%(,)'%'I/@'N#)%&9'N%(Q%'$),$53#'J'$#))Q%'M#)'
,+'*5&*#'$%*51#'I/,'%',++%'+,'N%(Q%'2#$%3#'-5-5)D
W1'$%*(5#9'E5#15&5#'"51FC19'%$#&2/*()%3#'%'I/,'2#3#&'&,'51$+51%)%1'%12,'&/'./,)F%'J'&/'
.#)2/1%9'J'$#1&,$/,12,'M#)')%F#1,&'3,'#)0/++#'$#1'+%'$#13/$2%'3,'&/'N5S%9'*5)%(%'$#1'&#*%'J'
3,&3,P#&%*,12,'%'%I/,++#&'&,P#),&D'E,SC'I/,',$N%)%1'2#3#&'&/&'3,&%N#0#&'./,)%c
!iG%)0#'3,'%I/Qj'io*(@$5+,&j'!+,&'0)52C',1./),$53#D
f'%F/FR13#+#&'J'0)52R13#+,&c'i7%2%&')#P#&%&j'J'#2)%&'$#&%&'*R&9'+#&',$NC'./,)%'3,'&/'$%&%D'
d#+-5C'S/12#'%'H,)1%)3%'>/25P#'I/,'&#++#F%(%',4$+%*%13#c'i^#'M/,3,'&,)'-,)3%3j'OV1'&51'
$),,)'I/,'&/'N5S%'./,)%'+#'I/,'%I/,++#&'&,P#),&'N%(Q%1'35$N#'3,',++%D'E5#15&5#'+%'2#*C'M#)'+#&'
N#*()#&9'3,&M),135@13#+%'3,'+%'M%),3'3#13,'N%(Q%'),$#&2%3#'+%'.),12,D'f'+,'35S#9'2#3%-Q%'$#1'
M%+%()%&'I/,'),.+,S%(%1'&/'$#)%S,c
!i?5'N5S%'N%)R'+#'I/,'+,'-,10%',1'0%1%j'p?,'#J,&9'H,)1%)3%q'f'*5,12)%&'J#'-5-%'+,'
$/*M+5)@'2#3#&'&/&'$%M)5$N#&9'&,%1'$#12)%'+#&'512,),&,&'3,'I/5,1,&'&,%1D
f%'*R&'$%+*%3#9'N5F#'I/,'&/'*/S,)'&,'%M#J%)%',1'@+'J'+,'%J/3C'%'$%*51%)'N%$5%'&/'$/%)2#'
*5,12)%&'+,'3,$Q%c
!^#'2,'%M/),&9'H,)1%)3%DDD'O+0V1'3Q%'+,'++,0%)R',+'&#&5,0#DDD'>#*#'2,'++,0C'%'25D'>#*#'1#&'
++,0%'%'2#3#&DDD'd,1'J'3,&$%1&%D
",)#'1/1$%'*R&'++,0C'%'$#1&#+%)&,D'_,'&,12Q%'$/+M%(+,'J'%2#)*,12%3%'M#)',+'./2/)#'3,'&/'
N5S%D'W&2#'N5F#'I/,'&,'+,'%*%)0%)%'*R&'+%',45&2,1$5%D'f'&50/5C'(,(5,13#D'W*()5%0R13#&,'N%&2%'
+%'+#$/)%D
?/)5C'/1%'1#$N,'&#+%9'&,12%3%',1'&/'&5++C1'3,'&5,*M),9'&51'I/,'1%35,'+%'%/45+5%)%'15'&,'
,12,)%)%'3,+'%N#0#'I/,'+%'++,-C'%'+%'*/,)2,'M)#-#$%3%'M#)',+'%+$#N#+D
>#1',&%'1#$N,9'J%',)%'+%)0%'+%'&,)5,'3,'1#$N,&',1'I/,'N%(Q%'++#-53#'&51'512,))/M$5C1'J'%V1'
&,0/Q%'++#-5,13#9'*#25-#'M#)',+'$/%+'+#&'%&5&2,12,&'%'+%'M%)253%9'N%(Q%1'M)#+#10%3#'&/',&2%1$5%'
,1'_%12%'s,)2)/35&9'1# '+8!"( "&/'M,&%)D'G#&'%++Q'),/153#&',)%1'2#3#&'N#*(),&'3,'M#&5(+,&9'
,1$#12)R13#&, ' ,12), ' ,++#& ' /1 ' 0,1,)%+ ' ),25)%3#9 ' M)#M5,2%)5# ' 3, ' /1% ' N%$5,13% ' $,)$%1%U ' 3#&'
N,)*%1#&'%M,++53%3#&'O))5%0%9'#)5051%)5#&'3,'_%1'G/5&'"#2#&Q'J'I/,'&,'3,$Q%1'%(#0%3#&U'M,)#'
,1'),%+53%3'1#',)%1'&51#'2%NV),&'M)#.,&5#1%+,&U'/1')5$#'*51,)#'3,'"51#&U'/1',&2%1$5,)#'3,+'
H%SQ# ' %' I/5,1 '%$#*M%P%(% '&/'*@35$#9 'M/,& '%+ 'M%),$,) 'M%3,$Q% '3,+ '$#)%FC19 '+#'I/,'1#' +,'
5*M,3Q% ' &,) ' ,+ ' V15$# ' 3, ' +#& ' S/0%3#),& ' I/, ' 2#*%)% ' /1% ' $#M% ' 2)%& ' #2)% ' 3, ' %0/%)35,12,9'
$#*(51R13#+%&',1')%2#&'$#1'-%)5#&'.)%&$#&'3,'*,35$51%&'I/,'2,1Q%'%'+%'*%1#9'&#(),'+%'*,&%D'
G+%*%(%'+%'%2,1$5C1'M#)I/,'&5,*M),',&2%(%'2#*%13#'%+0#'KM%)%',+'&/&2#L'#'KM%)%',+'0/&2#L'
&,0V1'0%1%)%'#'M,)35,)%D'W+'*@35$#9'M#)'&/'M%)2,9'+,'2#*%(%',+'M/+&#'3,'-,F',1'$/%13#9'#'+,'
%/&$/+2%(%',+'$#)%FC19'%/1I/,',&2#'1#'+,'5*M,3Q%'M%)25$5M%)'2%*(5@1',1',+'S/,0#D
W)%1'M/,&'&5,2,'M,)&#1%&'+%&'I/,'.#)*%(%1',&%'1#$N,'+%'M%)253%D'?5&*%&'I/,'++,-%(%1'J%'
-%)5%&'1#$N,&'S/0%13#'&51'%M%),12%)'$%1&%1$5#D
>#*#'&5,*M),9'+%'),/15C1'N%(Q%'$#*,1F%3#'3,&M/@&'3,'+%'$,1%D'O'1#'&,)'M#)',+')/53#'I/,'
M)#3/$Q%'%++R'%./,)%'+%'++/-5%9'2#3#'%I/Q',&2%(%',1'&5+,1$5#9'J'&,'35)Q%'I/,'+%'0)%1'&%+%',&2/-5,)%'
3,&N%(52%3%9 '&5'1#'&,'M)#3/S,)%'3,'$/%13#',1'$/%13#'/1'+50,)#'*#-5*5,12# '3,'%+0/1%'3,'
%I/,++%&'.50/)%&9'%+0V1'$%))%&M,#'J9'%+'2,)*51%)'$%3%'*%1#'J'$/%13#'+%&'#$N#'(%)%S%&'-#+-Q%1'%'
.#)*%)'&/'5*M#1,12,'%+2,)#',1',+'$,12)#'3,'+%'*,&%9'%+0V1'(),-,'$#*,12%)5#'#'%+0/1%'()#*%'
I/,'E5#15&5#'"51FC1'&,'M,)*52Q%'N%$,)'%'/1#'3,'&/&'51-52%3#&D
W+'*#12,',&2%(%',1'M#3,)'3,+'0%1%3,)#'3,'H%SQ#D'",)#'1#'3/)C'*/$N#',1'&/&'*%1#&D'
")#12#'M%&C9',12),'M%&25++%'J'M%&25++%'J'2)%0#'J'2)%0#9'%'M#3,)'3,+'0,1,)%+D'f'3,'%++Q'E5#15&5#'
"51FC19'3,'3#13,'J%'1#'&,'*#-5C',1',+'2)%1&$/)&#'3,'-%)5%&'N#)%&9'3#13,'./,'%$/*/+R13#&,9'%'
2%+'0)%3#9'I/,'$/%2)#'3,'+#&'$#1$/)),12,&'&,'),25)%)#1'3,'+%'M%)253%9'I/,3%13#'&C+#'+#&'3#&'
%(#0%3#&'3,'_%1'G/5&'N%$5,13#'.),12,'%'E5#15&5#'"51FC1D
O ' /1 ' +%3#9 ' ,1 ' +% ' &#*()% ' 3#13, ' &5,*M), ' &, ' ,&$#13Q%9 ' 3,&$%1&%(% ' H,)1%)3% ' >/25P#9'
51*C-5+9'%+'M%),$,)'3#)*53%D'_/'.50/)%9'%+%'I/,'%M,1%&'&5'++,0%(%',+'),.+,S#'3,'+%'+/F9'&#(),&%+Q%'
3,'+%'M,1/*()%'M#)'&/'1,0)/)%9'M/,&'$#*#'#2)%&'-,$,&9'-,&2Q%'/1'2)%S,'3,'2,)$5#M,+#'1,0)#U',+'
),./+0,12,'()5++%12,'I/,'%3#)1%(%'/1%'3,'&/&'*%1#&'J',+',2,)1#'$#++%)'3,'M,)+%&D
?/J'$,)$%'3,+'%*%1,$,)9'$,&C'+%'++/-5%D'G#'%1/1$5%)#1',+'$%12#'3,'+#&'0%++#&'J',+'$)#%)'3,'
+%&')%1%&',1'+#&'%1,0%3#&'$%*M#&D
E,'+#&'N#*(),&'I/,'N%(Q%1'K$#))53#L'3,'+%'M%)253%9'&C+#'I/,3%(%1',+',1.,)*#'3,+'$#)%FC19'
$#1'&/'*@35$#'%+'+%3#9'%*(#&'3#)*53#&9'+%'$%(,F%'),$#&2%3%',1',+'),&M%+3#'3,'+%'&5++%D'G#&'
3,*R&'N%(Q%1',*M),1353#',+'$%*51#'3,'),0),&#'%'&/&'$%&%&D
E5#15&5# ' "51FC1 ' &,0/Q% ' S/0%13# ' $#1 ' &/ ' $%+*% ' N%(52/%+9 ' % ' M,&%) ' 3, ' I/, ' %I/,++#& ' 3#&'
N,)*%1#&'O))5%0%9'&,'N%(Q%1'$#1.%(/+%3#'M%)%'3,))#2%)+#D'_/')#&2)#9'2,1&#'M#)',+',&./,)F#'M%)%'
$#1&,)-%)'+%'&,),153%39'1#'),.+,S%(%'15'2,*#)'15'SV(5+#D'"%),$Q%'3,'M5,3)%D
O+'.519'/1#'3,'+#&'%(#0%3#&9'25)C'&/&'$%)2%&'M%)%'5135$%)'I/,'&,'),25)%(%D'f'&,'),25)CD
W+' "51FC1 '$%+$/+C 'I/,',+ '#2)#'+# 'N%)Q% ',1'+%'M)C45*% '*%1# 'J'I/,'M#)',&%'-,F 'N%(Q%'
2,)*51%3#'+%'KM%)253%L'3,'1/,-#'%'&/'.%-#)9'M#)',&#'15'&5I/5,)%'+,'5*M#)2C'),$+%*%)'$/%13#'-5#'
%+'35$N#'%(#0%3#9'&/'V15$#'$#12)51$%12,9'N%$,)'/1%'*%15#()%'&/$5%'%+'2%++%)'+%&'$%)2%&D'f'1#'
&C+#',&#9'&51#'I/,'+,'3,SC'0%1%)',+'M/12#D
!W&'3,'/&2,39'+5$,1$5%3#'!+,'35S#'%V1'&51'-,)'&/'S/,0#D'",)#'&,'+,'I/,3C'*5)%13#'$#*#'
35$5@13#+,c'25,1,&'+%&'*%1#&'/1'M#$#'2#)M,&'M%)%'N%$,)'2)%*M%D'W+'#2)#'M%),$5C'$#*M),13,)U'
,12),0C'+#&'1%5M,&'%'E5#15&5#'"51FC1'J'35S#c
!Y&2,3'(%)%S,'J'3@D
O&Q'&,'N5F#D
E,'M)#12#'&5125C'I/,'M,)3Q%D'd5#'$C*#'&,'+,'5(%'3,&*#)#1%13#',+'*#12,D
!Y1'3,&$/53#'!35S#'M%)%'S/&25.5$%)&,D
",)#'/1%'N#)%'3,&M/@&'+#'N%(Q%1'+5*M5%3#'J',+'*#12,',12,)#',&2%(%',1'M#3,)'3,'%I/,+'
+5$,1$5%3#'3,'_%1'G/5&D
a/,',12#1$,&'$/%13#'#JC'/1%')5&%'3,'*/$N%$N%D'W)%'/1%')5&%'&#1#)%9'%+,0),'I/,'M%),$Q%'
I/,),)'2%+%3)%)'+%'1#$N,D
d#+-5C ' +% ' $%)% ' N%$5% ' ,+ ' &525# ' 3#13, ' ),M#&%(% ' &/ ' */S,)U ' M,)# ' +% ' -5# ' 2)%1I/5+%9'
M)#./13%*,12,'3#)*53%9'&51'I/,'*%15.,&2%)%'1510V1'&#(),&%+2#'%12,'+%')5&%'I/,'%'@+'+#'N%(Q%'
*#+,&2%3#D
!\%'3,'&,)'*5'N5S%D'O$#&2/*()%'),0),&%)'&5,*M),'%',&2%&'N#)%&'35S#'$#*#'),&M#135,13#'%'
%+0/1%'M),0/12%D
",2#'%+'M%),$,)'1510/1#'3,'+#&'3#&'N,)*%1#&'O))5%0%'+,'N%(Q%'M),0/12%3#'1%3%D'W+'I/,'
S/0%(%'$#1'@+'+#'*5)C'.5S%*,12,c
!Y&2,3'N%(+%9'3#1'E5#15&5#'!+,'35S#D
u+'*5)C'&/&'$%)2%&'J'+%&'25)C'&#(),',+'M%P#'-,)3,c
!^#'-#J'!),&M#135CD
E,'%+0V1'+/0%)'3,'+%'$%&%'&/)05C'$#1'-#F'+,S%1%',+'$#*5,1F#'3,'/1%'$%1$5C1c
,.*2O)4('*"("'(%"*%4.*''(%
%="?#."'(%")#10*%"+*";*)"''#.(.:
?.*2O)4('*%"%=")#"98%1#
?(.("78*.*.4*:"'("%#'*-(-@
,.*2O)4('*"('"+()%#".E#
%="*'"''()4#"+E#")#";*"1#..*.>
?.*2O)4('*"("4#-#"*'"+8)-#
%=")#"*%"?.#B8)-#"+="?(-*1*.@@@
f'$#*# '/1%')@M+5$%9 '#JC'+%'*5&*% '$%1$5C1 ',1'+%'-#F'%)35,12, '3,'G%'>%M#1,)%9'%++R9'
()#2%13#'3,+'2,*M+,2,'3,'/1%'M+%F%'3,'0%++#&9'*5,12)%&'-,Q%'*/,)2#9'),-#+$R13#&,',1',+'&/,+#'%'
/1'0%++#'3#)%3#9'2#)1%&#+D
XJC'3,'1/,-#'+%'-#Fc
!7,M%)2%'/&2,39'3#1'E5#15&5#D
u+9'$#*#'35&2)%Q3#9'2#*C'+%&'*5&*%&'$%)2%&'I/,'N%(Q%'3,S%3#',1'+%'*%1#'%12,)5#)U'+%&'*5)C'
3,'1/,-#'J'-#+-5C'%'3,$5)c
!^#'-#JD
!_5'&,'&5,12,'/&2,3'$%1&%3#9'+#'3,S%*#&'M%)%'#2)%'#$%&5C1'!+,'35S#',+'N#*(),'I/,'2,1Q%'
,1.),12,D
!^#9'3,'1510V1'*#3#'!),&M#135C'-#+-5,13#'%'+%'),%+53%3DDD'!'E,'1510/1%'*%1,)%D'
_50%*#&D
!p`5,1,'/&2,3'$#1'I/@'5)q
!pT/@q
G#&'0%++#&'-#+-5,)#1'%'$%12%)9'2%+'-,F'%1/1$5%13#'J%',+'&#+D'7,&#1C'N/,$%*,12,',+'(%25)'3,'
&/&'%+%&'J'$%12%)#19'/1#'2)%&'#2)#9'51.5152%*,12,D
O++Q',&2%(%'&/'*%3),'%J/3R13#+,'%'N%$,)'/1'%0/S,)#',1'+%'25,))%9'*5,12)%&'@+9',1'$/$+5++%&9'
M)#$/)%(%'),-5-5)9'&#M+R13#+,',1',+'M5$#9',+'$/,)M#',1&%10),12%3#'3,'/1'0%++#'*,35#'*/,)2#D
_%$/35C'+%'$%(,F%'M%)%',&M%12%)'%I/,++#&'M,1&%*5,12#&D
!pT/@q'!M),0/12C'#2)%'-,FD
!pT/@'&5'25,1,'/&2,3'$#1'I/@'5)q'!./,'+%'),&M/,&2%D
!_Q9'$+%)#D'`,10#'%++Q',1',&,'$%SC1'!35S#'&,P%+%13#'/1%'$%S%'./,)2,',*M#2)%3%',1'+%'
M%),3!'%+0V1'351,)#D'_/.5$5,12,'M%)%'$/()5)',+'*#12,'JDDD'%+0#'*R&D
!H5,1D'd%'$#12)%',+'*#12,',12#1$,&D
!d%D
d#+-5C'%'M,)3,)D
7,2/-#'/1'*#*,12#',1'&/&'*%1#&'+%&'*%+%&'$%)2%&'I/,'+,'N%(Q%1'2#$%3#',1'&/,)2,9'J'3,'
),#S#9',$NC'/1'-5&2%F#'%'&/'*/S,)'I/,'&,0/Q%'3/)*5,13#9'&51'51I/5,2/3'%+0/1%D
!pT/5,),'/&2,3'&,0/5)'S/0%13#9'3#1'E5#15&5#q
!^%2/)%+*,12,D
!p"%0%'%N#)%'#'3,&M/@&q
a/,'N%$5%'+%'$%S%'./,)2,'J'),0),&C'$#1'2#3#'+#'I/,'%++Q'N%(Q%9'3,&3,'351,)#',1',.,$25-#'
N%&2%'M%M,+,&'I/,'),M),&,12%(%1',&$)52/)%&'3,'&/&'M)#M5,3%3,&D'"%0C',+'*#12#'3,'+#'M,)353#D'
`#*C ' +%& ' $%)2%&U '(%)%SC 'J '+/,0# ' ),M%)25CD ' O+' N%$,)+# ' &,' 35# '$/,12% 'I/, ' 1#' &,12Q% '1510V1'
$%1&%1$5#U ' M,)# ' &Q ' $5,)2# ' 3,&%&#&5,0#9 ' 2%+ ' -,F ' $%/&%3# ' M#) ' +#& ' M,&%3#& ' M,1&%*5,12#& ' I/,'
N%(Q%1'-,153#'%'35&2)%,)+#D
G%&'$%)2%&'./,)#1'$%J,13#'J'-#+-5,)#1'%'$%,)9'M),$5M52%13#'*R&',1'3,&0)%$5%'%'E5#15&5#'
"51FC19'I/5,19'3,&$#1$,)2%3#9'N%(Q%'M,)353#',+'$#12)#+'3,'&/&'1,)-5#&D'"#)'&/'$%)%'$#))Q%',+'
&/3#)'.)Q# '3,'+%'3,&,&M,)%$5C1'I/,'+#'$#*,1F%(% '%'51-%35)D'ON#)%'S/0%(%'$5,0%*,12,'&51'
0%1%)D'd#+-Q%'%'S/0%)'J'-#+-Q%'%'M,)3,)D'^#'I/,)Q%'%M%)2%)&,'/1'*#*,12#'3,'+%'(%)%S%'+%'$/%+'
M#1Q%'3,(%S#'3,+'$#3#',1'$/%12#'%$%(%(%'3,'),M%)25)'+%&'$%)2%&D
!^# ' M/,3# ' M,)3,) ' !3,$Q%!D ' ^# ' M/,3# ' M,)3,) ' !J ' */)*/)%(% ' #2)%& ' .)%&,&'
51$#N,),12,&D
W+'0%1%3,)#'3,+'H%SQ#'J'&/'*@35$#9'3,&M5,)2#&'J%9'%&Q'$#*#',+'#2)#'+5$,1$5%3#'I/,',&2%(%'
3,'*5)C19'+#'$#12,*M+%(%1'5*MR-53#&9'1#'3%13#'$)@352#'%'&/&'#S#&'15'%'&/')%FC1'+#&'3,&%251#&'
I/,',&2%(%'$#*,25,13#'%I/,+'N#*(),9'*#*,12#&'%12,&'2%1'&,),1#9'2%1'3/,P#'3,'&Q'*5&*#9'J'
%N#)%'3%13#'%'M/P#&'2#3#'+#'I/,'M%),$Q%'M#&,,)'&#(),'+%'25,))%D
!_,',&2R'/&2,3'S/0%13#'&/'3,&251#9'3#1'E5#15&5#D'^#'25,1,'$%&#'I/,'S/,0/,'/&2,3'%&Q'!&,'
%2),-5C'%'3,$5)',+'0%1%3,)#D
",)#',+'"51FC1'1#'#Q%D
\%(Q%'%*%1,$53#D'G%'+/F'I/,',12)%(%'M#)'+%&',1#)*,&'-,12%1%&'35#'3,'++,1#',1',+'M%)$N,'
-,)3,'3,'+%'*,&%U'5+/*51%13#'+#&')#&2)#&'%0#2%3#&'M#)',+'3,&-,+#'3,'+#&'S/0%3#),&D
E5#15&5#'"51FC1'%M#&2%(%',1',&#&'*#*,12#&',+'V+25*#'3#$/*,12#'I/,'+,'I/,3%(%D'E,SC'
&/&'$%)2%&'(#$%'%(%S#9'*5,12)%&',+'#2)#'),-5&%(%'+%&'&/J%&D'>/%13#'+,'M535,)#1'3#&'$%)2%&'*R&9'
+%&'35#'J'-#+-5C'%',&M,)%)D'?5)C'N%$5%'H,)1%)3%'>/25P#9'&/')#&2)#'MR+53#9'%M%$5(+,'3,12)#'3,+'
&/,P#D'G/,0#'*5)C'N%$5%'&/'$#12)%)5#9'2)%2%13#'3,'%35-51%)'%+0/1%'&,P%+9'%+0V1'+50,)#')%&2)#'3,'
3,&%+5,12#D'_C+#'N%&2%',12#1$,&'3,&*%3,SC'&/&'$%)2%&D'_/&'*%1#&',&2%(%1'2,*(+#)#&%&'J'3,'&/&'
#S#&'&%+Q%'/1'()5++#'*,2R+5$#D'E,SC'$%,)'2),&'J'2#*C'#2)%&'2),&U'M,)#'15'&5I/5,)%'+%&'$#2,SCD'_/'
$#12)51$%12,'+,',4N5(Q%'J%'&/'S/,0#'$#12)%',+'I/,'1#'2,1Q%'1%3%D'^5',+'M%)'3,+'N#1#)D
!iH,)1%)3%j'!++%*C!D'iH,)1%)3%j'iE,&M5,)2%9'H,)1%)3%j'iG#'N,*#&'M,)353#'2#3#j'p?,'
#J,&q
a/,'N%&2%'3#13,',&2%(%'&/'*/S,)D'G%'&%$/35C'M#)'+#&'N#*()#&c
!p?,'#J,&9'H,)1%)3%q'iG#'N,*#&'M,)353#'2#3#j'i\%&2%',&2#j
f'%))%1$C'3,'/1'./,)2,'25)C1',+'$#++%)'3,'M,)+%&'I/,'H,)1%)3%'>/25P#'2,1Q%',1',+'$/,++#9'
N%$5,13#'I/,'&,'3,&0)%1%)%'J')#3%)%1'+%&'$/,12%&'M#)',+'&/,+#D'`#3%-Q%'0)52Cc
!iE,&M5,)2%'J%9'H,)1%)3%j
W+ ' *@35$# ' %++Q ' M),&,12, ' &, ' %$,)$C ' N%&2% ' ,++#&D ' \5F# ' % ' /1 ' +%3# ' % ' E5#15&5# ' "51FC1 ' J'
+,-%12%13#'$#1'&/&'3,3#&'+#&'MR)M%3#&'3,'+%'*/S,)9'*5,12)%&'I/,'+,'%/&$/+2%(%',+'$#)%FC19'
35S#c
!^#'M/,3,'3,&M,)2%)DDD'W&2R'*/,)2%D
W12#1$,& ' &, ' 1#2C ' ,+ ' ,42)%-Q# ' 3, ' %I/,+ ' N#*(), ' I/, ' &,0/Q% ' &%$/35,13# ' % ' &/ ' */S,) ' J'
),$+%*R13#+,c
!p"#)'I/@'1#'*,'%-5&%&2,'I/,',&2%(%&'*/,)2%9'H,)1%)3%q
O'+#&'0)52#&'%$/35C'&/'N5S%D'H,)1%)3%'+%'"51F#1%D'f'&C+#'%+'-,)'%'@&2%'E5#15&5#'"51FC1'
M%),$5C'$%+*%)&,c
!d,1'%'3,&M,35)2,'3,'2/'*%3),'!+,'35S#'%'+%'*/$N%$N%D'W++%9'$#*M),135,13#'+#'I/,'
N%(Q%'M%&%3#9'&,'M),$5M52C9'%))#SR13#&,',1',+'),0%F#'3,'&/'*%3),'*/,)2%D
W1'2%12#9'E5#15&5#'&,',1$%)C'$#1'I/5,1'+,'N%(Q%'0%1%3#',&%'1#$N,'2#3#'$/%12#'2,1Q%D
!W1',&,'$/%)2#9'2,10#'0/%)3%3#'/1'%2%V39'35S#'&,P%+%13#'/1%'M,I/,P%'M/,)2%'3,'/1'+%3#'
3,'+%'&%+%D'W&#'1#',12)C',1',+'S/,0#DDD'`#3#9'*,1#&',+'%2%V3D
W1&,0/53%'%(%13#1C'+%'&%+%D'_,'#J,)#1'M#)'/1')%2#'&/&'M%&#&'%+'),$#)),)',+'+%)0#'$#)),3#)'
3,'%I/,+'$%&,)C1c'E,&M/@&'&#1C'/1'35&M%)#'&,$#9'$#*#'&5'N/(5,)%1'0#+M,%3#'$#1'/1%'-%)%'/1%'
-%I/,2%'3,'$/,)#D

*
W&%'*5&*%'2%)3,'+#&',12,))%)#1',1',+'M,I/,P#'$%*M#&%12#'3,'_%12%'s,)2)/35&D'O',++%',1'
/1'$%SC1'1,0)#9'3,'*%3,)%'$#))5,12,9'N,$N#'%'M)5&%D'O'@+9',1',+'.@),2)#'0)5&'$#1'*#+3/)%&'3,'
M+%2%9'I/,'N%(Q%'$#1&,)-%3#'#$/+2#'3,&3,',+'25,*M#',1'I/,'1#'M/3#'/25+5F%)+#'M%)%'0/%)3%)'+#&'
),&2#&'3,'&/'*%3),D
_C+#'3#&'M,)&#1%&'%$#*M%P%)#1'+#&'$%3R-,),&'%+'$%*M#&%12#D'_,$/1351#'>#+*,1,)#'J'
H,)1%)3%'"51FC1D'E,'+#&'51-52%3#&9'I/,'N%(Q%1'-5-53#'J'$#1-5-53#'*/$N%&'-,$,&',1'_%12%'
s,)2)/35&9 ' 1510/1# ' &, ' M),&,12C9 ' J ' +#& ' I/, ' %++Q ' ,&2%(%1 ' &, ' ./,)#1 ' &51 ' 3,&M,35)&, ' $#*# ' &5'
2/-5,)%1'*5,3#'3,'N%$,)&,'&#+53%)5#&'3,'%I/,++%'3#(+,'*/,)2,D'\%&2%'+#&',12,))%3#),&9'+/,0#'
I/,'2,)*51%)#1'&/'*%15#()%9'3,&%M%),$5,)#1'M#)'35-,)&#&'$%*51#&D
>/%13#',&2/-5,)#1'+#&'3#&'&#+#&9'.),12,'%'+%&'$)/$,&'$/%2%&'I/,'N%(Q%1'$+%-%3#'&#(),'+%'
*5&*%'2/*(%9'_,$/1351#'>#+*,1,)#'M),0/12Cc
!pf'%N#)%'I/@'-%'%'&,)'3,'259'H,)1%)3%q
W++%9'I/,'*#&2)%(%'/1%'$%)%'2)5&2,9'$#*M/1053%9'$#*#'&5'1#'&C+#'&5125,)%'%I/,++%&'*/,)2,&9'
&51#',+'M,&#'3,'&/'M)#M5%'$/+M%'%+FC'+#&'N#*()#&'J'$#1'-#F'++,1%'3,'%*%)0/)%9'35S#c
!O+'.51'J'%+'$%(#'%I/Q'1#'M#3)Q%'-5-5)DDD'_,0/5)@',+'3,&251#'3,'*5'*%3),D'O&Q'+,'$/*M+5)@'
&/'-#+/12%3D
"#$#&'3Q%&'3,&M/@&9'%I/,++%'*/$N%$N%'I/,'N%(Q%'++,0%3#'%'2,1,)+#'2#3#9'J'%N#)%'1#'M#&,Q%'
&51#'&/'-#F'M%)%'&#&2,1,)&,',1'+%'-53%9'$%12%(%'3,&3,'/1'2%(+%3#',1'+%'M+%F%'3,'0%++#&'3,'
>#$#2+R19 ' /1 ' M/,(+# ' %))/*(%3# ' ,1 ' +#& ' )51$#1,& ' *R& ' %5&+%3#& ' 3, ' ?@45$#D ' >%12%(% ' $#*#'
$#*,1FC'%'$%12%)'&/'*%3),'%++R',1'&/&'M)5*,)#&'25,*M#&9',$N%13#'./,)%',1'&/&'$%1$5#1,&'2#3#'
,+'&,125*5,12#'3,'&/'3,&%*M%)#c
,(;#".*('"78*"*.*%"1#..*#
!"78*";(%"?('"P*('"-*'"Q.#:
%="4*"?.*28)4()"786"0(2#
?(;#".*('"-='*%"78*"''#.#:
'(2.=+=4(%"-*"+="%()2.*
?#."8)("+8$*."78*"(-#.#@@@
!i>5,)),1'+%&'M/,)2%&j'!M),0#1C',+'0)52C1'%+'3%)'$#*5,1F#'+%'M,+,%D

You might also like