0<.4&'="4&.

%,
8',!"#$%&'(#'
)*#+,-."/#
>.=.,-/.?*"=@&$>',4',A.4%&/6BC.,8',
!"#$%&"%'&()(*+(*,&$-*.-%/%0/&-$(1

D./1",E.*"8'/
E+*)4*,S.(4K#)4,-&+J! T(4*+,'-&! ',! 1)'9,! -(! U&"*)%,4! V'*(+-)4%).1)',+(4! ?UU0EWSXYEZ
[/\]2!^_@^DJ!Y,%9,+(1!($!E+*(4!W)4#,)42!%&$!,!`'H,4(!($!a)4*7+),2!P(&+),!(!=+b*)%,!-(!E+*(!
?VEZ[/\062!^__CDJ!U+($),-&!.(1&!%,',1!H+,'%&S,1($I&!5+(')6+'-(,7'!(!4(1(%)&',-&!.(1&!
6,1I&!-,!U,+,b8,!?^_@@DJ!c(4*,K#(!-,!Y&14,!V8(+`!=,$,+<&!(!4(1(%)&',-&!.(1&!\#$&4ZV*,L!
=#1*#+,1!?^__AS@_DJ!=&'3)-,-&!.(1&!.+&<+,$,!8,9:#;#<!-,!WVV!Y)(',1!-&!TX\=d6[:J!
=&1,8&+,!($!.+&%(44&4!%&1(*)3&4!%&$!&!0+#.&!T(+<#19&!(!,!=),J!T#')%).,1!-(!c,'F,!-(!
=,5),4!-&!6#1J!P($!(4%+)*&4!.#81)%,-&4!',!\(3)4*,!P,*#b2!',4!.#81)%,FG(4!,%,-`$)%,4!=#2()
>#+.'+<!(!EeUEUZ\]2!(!%&$&!%&1,8&+,-&+!',!\(3)4*,!V'3(4*)<,FG(4!ef!@@J

!"#$%&'!!"#$#%&'(#)"!#$!%&'%()*&!%+),-&!.&+!/(++()+,!0#11,+2!,*+,3"4!-&!*(5*&!*'#+,-).#)
!"#$#%&'(#!"#$%$&'!()!*+(+!,!)-.)/01/,2!+!-)340(+!(,!+52,!+6!(,!)7.)2083/0,!3)+/+3/2)4,9!
6(#!%&+.#4!*(7+)%&2!,)'-,!.&#%&!(4*#-,-&2!-(4*,%,!%(+*&4!*+,8,19&4!-(!:;<),!=1,+>!?@ABCD!
(!-(!E$)1%,+!-(!=,4*+&!?@ABAD!%&$&!$&*)3,FG(4!-(4*,!H&+$#1,FI&J!E44)$2!.+&.&$&4!#$!
&19,+!K#(!('H&%,!&!%&'*(L-&!-&!+(H(+)-&!*(5*&!($!+(1,FI&!M!.+&81($N*)%,!-&!4(#!4*,*#4!',!
/+31:62,;<+!(,!=0-4+20+:2,1,!(,!>24)!?)+/+3/2)4,9
()*)+,)#-./)+"'0/"#$#%&'(#2!'(&%&'%+(*)4$&2!*(&+),!-,!,+*(!%&'*($.&+O'(,!8+,4)1()+,J

1&2"#0)3&$202/"0*0'#+1)#2 )!#/$3%&'4(0)#0)0(,&3*"%04502/"06&5#2,$.24&50&7 0
84#2&,4&9,):/;0&7 01"&.&5.,"2"0<,2'
<3#2,).2'! !#/$#%&'4(! )4! ,! %&'%(.*! %+(,*(-! 8;! /(++()+,! 0#11,+! &'! *0'#+1) #2 ) !#/$3%&'4()
?@ABAD!*&!4.(%)H;!*9(!$(,')'<!&H !'(&%&'%+(*(!(5.(+)('%(J!P9)4!*9(&+(*)%,1!%&+.#4!H&%#4!
%(+*,)'!Q&+>4!8;!:;<),!=1,+>!?@ABCD!,'-!E$)1%,+!-(!=,4*+&!?@ABAD!,4!$&*)3,*)&'4!&H !*9)4!
H&+$#1,*)&'J!P9(+(H&+(2!Q(!.+&.&4(!,!<,R(!&'!*9(!%&'*('*!&H !*9)4!%&+.#4!)'!+(1,*)&'!*&!
4=)!0--6)!+@ !4=)02!-4,46-!03!4=)!/+31:62,40+3!+@ !4=)!=0-4+20+:2,.=A!+@ !?)+/+3/2)4)!>2499!
=";>&,?#'0/#/$#%&'4(2!'(&%&'%+(*)4$2!*9(&+;!&H !%&'*($.&+,+;!8+,R)1),'!,+*J
33;

!"#$%&'()'*$%"+,-./&.,0*"1/"+,#2,3+,42,3+,'4.,3+,56*7.,8",9:332
 <3,45?&0&0"#2$?&'
d! %&'%()*&! /"#$#%&'(#) .+&.&4*&! .(1&! *(7+)%&! 8+,4)1()+&! /(++()+,! 0#11,+!
?@Ag_SD2!'&!('4,)&!*'#+,-).#)!"#$3%&'(#!?@ABAD!"!$#)*&!%)*,-&!(!.&#%&!(4*#-,-&J!
U,+*)'-&!-)4*&2!&!&8h(*)3&!-(4*(!,+*)<&!"!,.+(4('*,+!#$,!.(+4.(%*)3,!-(!,'N1)4(!
4&8+(! &! %&+.#4! *(7+)%&! -&! 'I&S&8h(*&J! X$! <(+,12! &! %&'*(L-&! -(4*,! *(&+),! 'I&!
4(! -(4*,%,! '&4! -)4%#+4&4! -,! 9)4*7+),! -,! ,+*(! <(&$"*+)%,! '&! Y+,4)1J! =&'*#-&2!
/+(-(+)%&!T&+,)4!?@AAB2!.J!^ijD!,44)',1,S,!%&$&!,!k8,4(!*(7+)%,!-&!$&3)$('*&!
3)+/+3/2)4+B'!/+3/+2(,3(+!/+*!,!.+-0;<+!(+!,64+2'!C6)!,420560!,+!/+3/)04+!(+!
3<+D+5E)4+!,!F)-.)/01/0(,()!(,!)7.)2083/0,!3)+/+3/2)4,B!"!"##$%2!@ACB2!.J!@@DJ
G62,34)! +! H)I,34,*)34+! 505H0+:2J1/+@2! H&+,$! 1&%,1)R,-&4! $#)*&4!
*+,8,19&4!4&8+(!&!,44#'*&!/'#4#/4+'(,<?#2!$,4!'('9#$!4&8+(!&!*($,!('#+,-).#)/"#$
#%&'(#J!U,+*)'-&!-(4*(!H,*&2!.+&.&$&4!,!4(<#)'*(!9).7*(4(!-(!-(8,*(l!4(!,!('#+,-).#)
/"#$#%&'(#!"!.('4,-,!%&$&!H#'-,$('*&!*(7+)%&!-&!'(&%&'%+(*)4$&2!(!&!4(#!,#*&+2!
K)22)02,!L6HH,2'!+!F.203/0.,H!4)M20/+!()--)!*+I0*)34+B'!)34<+!.+2!C6)!3<+!()-4,/,2!
&!/"#$#%&'(#!%&$&!,!.+7.+),!*(&+),!-,!,+*(!'(&%&'%+(*,!?&%'()2!@ACB2!.J!B_Dm
U,+,!-(4('3&13(+!)4*&2!,%&$.,'9,$&4!%&$&!&4!,+<#$('*&4!$,)4!H&+*(4!
-&!*(5*&!*'#+,-).#)!"#$3%&'(#!(4*I&!%&'%,*(',-&4!,&!1&'<&!-&4!*+`4!()5&4l!@#+(').-)
A,/(B+-n!3%+-)')3%&'(#!(!C#+?B:-D"#)A+,?',+-J!X2!%&$&!(5)4*(!#$,!4"+)(!+,R&N3(1!-(!
=0-4+20+:2,1,-!(+!,--634+'!+.4,*+-!.+2!,5202!)-.,;+!,!6*!)3@+C6)!4)+2N40/+!(,!
%&'%()*#,FI&!-&!/"#$#%&'(#!K#(!,)'-,!H&)!.&#%&!-)4%#*)-,!M!1#R!-&!4(#!4*,*#4J
@"&,4)08",%"5A$24.)'
=,+,%*(+)R,$&4!,!*(&+),!-&!/"#$#%&'(#!%&$&!,!.+7.+),!*(&+),!'(&%&'%+(*,2!
-):603(+! +! *+()H+! C6)! I0-,! 6*,! F4+.+:2,1,B! (,-! 4)+20,-! ,24O-40/,-! C6)'!
(0-4034,*)34)'!.2+.P)*!-0:301/,(+-!4,34+!,+!.2+/)--+!C6,34+!Q!2)/).;<+!()!-6,-!
&8+,4! ?*$"+",#'-2! ^__B2! .J! @BDJ! E4! *(&+),4! ,44)$! %,+,%*(+)R,-,4! .(+*('%(+),$2!
,)'-,!-(!,%&+-&!%&$!(4*(!$&-(1&2!,!#$!%&'h#'*&!$,)&+!(!-('&$)',-&!('#+,E-DF'<)
<'4B/.9+,-<2!K#(
oJJJp!.&-($!4(+!+(,<+#.,-,4!,&!1&'<&!-(!-&)4!()5&4J![$!'&4!1(3,!,!K#(4*)&',+!&!4('*)-&!
(,-!+52,-!)!(+!42,5,H=+!,24O-40/+9!R)340(+!)34)3(0(+'!3+!/,-+'!4,34+!/+*+!-0:301/,;<+!
K#,'-&!-)+(FI&l!,!&8+,!q,8+(!#$!$#'-&r2!(1,!3)4,!&!)'3)4b3(1!?-)+(FI&D2!(1,!*($!#$!4('*)-&2!
-)*)H=,34)!,--0*!Q!H03:6,:)*!"-0:301/,;<+&9!K)3+*)3+H+:0,'!=)2*)38640/,'!.-0/,3JH0-)!
(!9)4*7+),!-,!,+*(!4(!4)*#,$!4&8+(!(44(!()5&JJJ!E!-)3)4I&!4(<#'-&!4&8+(!(44(4!-&)4!()5&4!"2!
(3)-('*($('*(2!$#)*&!4#$N+),n!(5)4*($!'#$(+&4,4!.,44,<('4!('*+(!,4!*(&+)R,FG(42!*&-,4!
H,R('-&!($.+"4*)$&4!('*+(!4)J!?*$"+",#'-2!^__B2!.J!AiD

39:

D./1",E.*"8'/+,0<.4&'="4&.%,8',!"#$%&'(#')*#+,-."/#2,
 U,+,! /(++()+,! 0#11,+2! &! *(5*&! *'#+,-) .#) !"#$3%&'(#! ,44)',1,! ,! %+),FI&!
+6! ,! 4)+20S,;<+! ()! 6*! 3+I+! /+3/)04+'! /6E+! -0:301/,(+! I0-,! /+*.2))3()2! ,!
)-.)/01/0(,()!(,!+52,!()!>24)!?)+/+3/2)4,9!T,2J4)2!)-.)/0,H!C6)!)3I+HI)20,!,!
3)/)--0(,()! ()! 6*! -0:301/,(+! )7.)20*)34,HU-)3-+20,H! (+! .V5H0/+! .)H,! ,;<+!
$(-),-,!.(1&!/"#$#%&'(#l
[$!/"#$#%&'(#2!4(h,!#$!.&($,!(4.,%),12!4(h,!#$!Y)%9&2!(4*N!)$73(1!-),'*(!-(!3&%`2!$,4!M!
(4.(+,!-(!K#(!&!$,'#4()(!(!,44)$!+(3(1(!&!K#(!*+,R!&%#1*&!($!4)J!c(.&)4!-(!$,'#4(NS1&2!
I+/8!+!()I+HI)!Q!-046,;<+!,34)20+2!W999X!Y+2!0--+'!()130!,--0*!3,C6)H,!N.+/,Z!+!/"#$#%&'(#"!
#$,! )$&8)1)-,-(! ,8(+*,! ,! #$,! $&8)1)-,-(! ,8(+*,! ,! #$,! )$&8)1)-,-(! ,8(+*,J! ?!"##$%2!
^__j2!.J!BAD

6#,! *(&+),! .+&.G(! #$,! )'*(+.+(*,FI&! (4*"*)%,2! M! $(-)-,! K#(! *(&+)R,! &4!
-)340(+-!(,!2)/).;<+!(,!.2+.+-0;<+!3)+/+3/2)4,9!Y+2!0--+'!/+31:62,!6*,!I0-<+!
9(+$('`#*)%,! -,! ,+*(J! E''(! =,#K#(1)'! ?^__B2! .J! @sD! %,+,%*(+)R,! #$,! *(&+),! -,!
,+*(2! 1(3,'-&S4(! ($! %&'*,! ,! 4#,! k%,.,%)-,-(! -(! %&'4*+#FI&2! *+,'4H&+$,FI&!
)! *+()H,:)*! (+! /,*.+! ,24O-40/+B9! R)3(+! )-4)! /204N20+! +! C6)! 3+-! .)2*04)!
%&'4)-(+,+!,!.,+*)%).,FI&!-&!*(7+)%&!%&$&!?#.':-.#+!(,-!03[)7P)-!(+!/,*.+!(,!
,24)!:)+*N420/,'!.+0-'!)*5+2,!-)E,!*030*0S,(+!+!/+3/)04+!3,!=0-4+20+:2,1,!(,!
E+*(!e(&%&'%+(*,2!4(#!%,$.&!-(%&++(!-&!/"#$#%&'(#!t!H#'-,$('*&!*(7+)%&!-(4*,!
$&-(1,<($J
d#*+&! ,4.(%*&! K#(! +(3(1,! ,! .+(4('F,! ,*#,'*(! -,! *(&+),! '&! %,$.&!
<(&$"*+)%&!"!&!-(!4#,!.,+*)%).,FI&!'&!.('4,$('*&!-(!a"1)&!d)*)%)%,2!4&8+(*#-&!
($!G<HB'?-);'+-:).-)/#7-)#%&'(,7,.-.')?@AsjD2!*(5*&!'&!K#,1!4(!-(4*,%,$2!($!(4.(%),12!
,4! (5.(+)`'%),4! -&4! .+)$()+&4! .,+,'<&1"4J! e(1(2! d)*)%)%,! %&'%&+-,! %&$! 0#11,+!
4&8+(!,!-"$,+%9(!K#(!+(.+(4('*,!&!.+&%(44&!-(!:;<),!=1,+>2!,44)$!%&$&!&!4*,*#4!
-&4!/"#$#%&'(#<l!
oJJJp!'&!$&3)$('*&!'(&%&'%+(*&!-NS4(!(44,!H&+$#1,FI&!?-(4)'*(<+,FI&!-&!K#,-+&D!.(1,!
.+)$()+,! 3(R! (! *,$8"$! ,! .+&.&4)FI&! -(! .&($,4S&8h(*&4! ?0#11,+2! ],+-)$! (! U,.(D2! K#(!
%#1$)',+,$!',!*(&+),!-&!/"#$#%&'(#J!?)'('*'*$2!@AAj2!.J!g@@D

E)'-,! 4&8+(! ,! 3)4I&! -(! a"1)&! d)*)%)%,! ?@AAj2! .J! g@^D2! &! '(&%&'%+(*&!
1:62,! )342)! ,-! F/+22)34)-! .)20@N20/,-B! C6)! )H)! E6H:,! /+H,5+2,2! 3+! .2+/)--+! ()!
-6,-!F)-426462,-!+5E)40I,-B'!)*!:2,3()!.,24)'!.)H,!03+I,;<+!42,S0(,!(,-!.2J40/,-!
-(!=1,+>2!,'*(4!-(!>,40#2!.(F,!H#'-,$('*,1!M!*(&+),2!%&$&!+(1,*,!&!.+7.+)&!0#11,+!
?^__j2!.J!^sDl
X$!@ABC2!:;<),!=1,+>!H&)!%&'3)-,-,!,!+(,1)R,+!#$,!(5.&4)FI&!)'-)3)-#,1!',!I-:'+,-).')5+(')
.-<)C#:0-<2!($!6I&!U,#1&2!(!.(-)#S$(!.,+,!(4%+(3(+!,!,.+(4('*,FI&!-,4!&8+,4!K#(!$&4*+,+),!
,1)!oJJJp!T&4*+&#S$(!&4!*+,8,19&4!-(4-(!@AB@!oJJJp!E&!3`S1&4!.(+%(8)!K#(!,1<#'4!K#,-+&4!
393

!"#$%&'()'*$%"+,-./&.,0*"1/"+,#2,3+,42,3+,'4.,3+,56*7.,8",9:332
 *)'9,$!$&1-#+,!1,+<,!(!'&!$(4$&!'b3(1!-,!*(1,2!4('-&!K#(2!($!-&)4!-(1(42!,!%&$.&4)FI&!
<(&$"*+)%,!(5*+,3,4,3,!-,!*(1,!.,+,!,!$&1-#+,2!)'%1#)'-&S,2!.&+!,44)$!-)R(+2!'&!(4.,F&!
I0246,H!(,!+52,999!)2,!/+*+!-)!4+(,!,!F.03462,B!)I,.+2,2,D-)!W999X!\-4,!+5-)2I,;<+'!C6)!)-4J!
+(<)4*+,-,!'&!*(5*&!-(!,.+(4('*,FI&!-,!$&4*+,2!$(!1(3,+N!,!#$,!'&3,!1()*#+,!-&!.+&%(44&!
(,!,24)!/+34)*.+2]3),'!(,3(+!+20:)*'!*,0-!4,2()'!Q!F^)+20,!(+!?<+D_5E)4+B9!

c(44(!$&-&2!0#11,+!(!d)*)%)%,!%&'%&+-,$!4&8+(!,!1)<,FI&!-&!4#+<)$('*&!
-,! *(&+),! '(&%&'%+(*,! ,&4! (5.(+)$('*&4! K#(! %#1$)',+,$! '&4! Y)%9&4! -(! :;<),!
=1,+>J!d!*(7+)%&!(4*('-(!&!4('*)-&!-&!/"#$#%&'(#2!)<#,1$('*(2!,&4!*+,8,19&4!-(!:b<),!
Y,.)'!K2,3S!`)0--*,33'!a)A3,H(+!b,2(0*!)!^=)+3!R.,3V(0-'!C6)'!FH0()2,(+-B!.+2!
(1(2!%&$.&+I&!&!0+#.&!e(&%&'%+(*&2!+&$.('-&!?-(!,%&+-&!%&$!,!*(4(!-(!Y+)*&D!
%&$!&!$&3)$('*&!%&'%+(*&2!($!^@!-(!$,+F&!-(!@ABA2!,&!.#81)%,+($!&!,+*)<&!
T,')H(4*&!e(&%&'%+(*&!'&!]&+',1!-&!Y+,4)1!?.)%$'/2!@AAB2!.J!^ijS^iCDJ
c(!,%&+-&!%&$!/+(-(+)%&!T&+,)4!?@AA@2!.J!@@jS@@CD2!&!'L%1(&!-&!<+#.&!
H&)!%&$.&4*&!.&+!U,.(2!=1,+>2!0#11,+!(!u()44$,''2!(!hN!,*#,+,!,'*(42!('*+(!@ABiSs2!
'&!%&'h#'*&!-&!0+#.&!/+('*(2!&+<,')R,-&!.&+!V3,'!6(+.,2!(!%&'4*)*#b-&!($!<(+,1!
.&+!4(#4!,1#'&4!'&!TETZ\]2!-(4*,%,'-&S4(2!E1&b4)&!=,+3I&2!c"%)&!W)()+,2!a"1)&!(!
="4,+!d)*)%)%,2!]&I&!]&4"2!W)'%('*!V88(+4&'2!=,+1&4!W,1!(!X1)4,!T,+*)'4!-,!6)13()+,J!
W&1*,'-&! ,&! +(1,*&! -(! 0#11,+2! ,! $,)&+),! -(4*(4! ,+*)4*,4! &+)('*&#! 4(#4!
*+,8,19&42! -#+,'*(! ,! -"%,-,! -(! B_2! +#$&! M! ,+*(! <(&$"*+)%,! -(! %,+N*(+! H&+$,1S
%&'4*+#*)3&2! *(&+)R,-,2! 4&8+(*#-&2! .&+! u,1-($,+! =&+-()+&J! W,1(! -(4*,%,+!
,<&+,!&!(4K#($,!9)4*7+)%&!.+&.&4*&!.&+!0#11,+!?@ACB2!.J!@_D!($!G(-J-<).-)5+(')
6#/('?J#+K/'-L
E4!)-(),4!-(![1$!3)(+,$!,*+,3"4!-(!Y#('&4!E)+(42!(!H&+,$!,-&*,-,42!-($,4),-,$('*(!,&!."!
-,!1(*+,2!.(1&!<+#.&!-(!,+*)4*,4!.,#1)4*,4!1)-(+,-&4!.&+!u,1-($,+!=&+-()+&!'&!%&$(F&!-,!
(N/,(,!()!%c9!?+!a0+'!)--,-!0()0,-!-+@2)2,*!6*,!03[)7<+'!:2,;,-!,!-)6!.203/0.,H!()@)3-+2'!
TN+)&!U(-+&4,2!K#(!.,+*)+,!-(1,4!.,+,!)'-,<,FG(4!&+)<)',)4!,%(+%,!-&!H('v$('&!(4*"*)%&!
(!K#(!3,1&+)R,3,$2!,!.,+!-,!,+*(!<(&$"*+)%,!%&'4*+#*)3,2!,4!$,')H(4*,FG(4!,+*b4*)%,4!-,4!
/20,3;,-!)!(+-!(+)34)-!*)34,0-9!^,H!I0-<+!,52,3:)34)!2)[)402D-)D0,!3+!42,5,H=+!(+-!,240-4,-!
()! I,3:6,2(,! C6)'! .+2! 03[683/0,! ()! dJ20+! Y)(2+-,'! -)! I+H4,2,*! .,2,! +! /+3/2)40-*+'!
%&$&!V3,'!6(+.,2!E1$)+!T,3)<')(+2!E1#b4)&!=,+3I&2!/+,'R!u()44$,''2!E$b1%,+!-(!=,4*+&2!
eA:0,!TH,2f!)!+642+-9!>-!(0@)2)3;,-!)342)!+-!(+0-!:26.+-!1/,2,*!)I0()34)-!C6,3(+!)H)-!
4(!h#'*,+,$!',!M)GNJ#<,D"#)!-4,#/-:).')5+(')6#/4+'(-!($!-(R($8+&!-(!@ABA2!($!6I&!U,#1&2!
(!h,'()+&!-(!@ABj2!'&!\)&2!-,'-&!$,+<($!,!-)3(+<`'%),4!K#(!%#1$)',+,$!',!%)4I&!-&!
$&3)$('*&J!X$!H#'FI&!-)44&2!&4!%,+)&%,42!$,)4!)'*#)*)3&42!H&+,$!(4*)$#1,-&4!,!,.+&H#'-,+!
*(&+)%,$('*(!4#,!(5.(+)`'%),2!-,'-&S4(!%&'*,!-&!K#(!(1,!%&'*)'9,!-(!&+)<)',1!(!4#4%(*b3(1!
-(!-(4-&8+,$('*&!,#*v'&$&!%&$!+(4.()*&!M4!)-(),4!(!&8+,4!)$.&+*,-,4J!X44,!*&$,-,!
-(!.&4)FI&!(4*N!(5.+(44,!'&!T,')H(4*&!e(&%&'%+(*&2!K#(!-N!)'b%)&!,&!$&3)$('*&J!!#7#<)
!"#!$%&"'()!$*!)(+)(",*)(+$()*&$-(+$('.)('%/#%0!)12"-(+$('.)(#)&.*$3)-(4"*)5(6*"6"'&"'(6"*(#7'(#)(&$#&)&%8)(
+$()6*$$#+$*("(!)*9&$*($'6$!:0!"(+)(;*&$(<$"!"#!*$&)=($*)()(>$"*%)(+"(<2"?@,A$&"OP!
399

D./1",E.*"8'/+,0<.4&'="4&.%,8',!"#$%&'(#')*#+,-."/#2,
 E!*(&+),!'(&%&'%+(*,!H&)!.#81)%,-,!-&)4!-),4!,'*(4!-&!4(#!$,')H(4*&!'&!
=BJ:'?'/(#)8#?,/,4-:).#)Q#+/-:).#)>+-<,:!S!=8Q>2!($!^@J_gJ@ABA2!)4*&!"2!($!@AJ_gJ@ABA2!
)'*(<+,'-&!%&'h#'*&!-(!.#81)%,FG(42!K#(2!('*+(!$,+F&!-(!@ABA!(!&#*#8+&!-(!@As_2!
4(+3)#!-(!8,4(!.,+,!0#11,+!(-)*,+!G(-J-<).-)5+(')6#/('?J#+K/'-2!($!@AC_!?.)%$'/2!
@AABDJ!
E*"! ,K#)2! -(4*,%,$&4! ,4.(%*&4! K#(! .(+$)*($! .('4,+! ,! *(&+),! -&! 'I&S
&8h(*&! %&$&! #$,! *(&+),! 9(+$('`#*)%,! -(! ,+*(2! (! %)*,$&4! K#(! a"1)&! d)*)%)%,!
%&'%&+-&#!%&$!/(++()+,!0#11,+!4&8+(!,!)$.&+*O'%),!-,4!(5.(+)`'%),4!-(!:;<),!
=1,+>! '(4*,! *(&+)R,FI&J! eI&! ,.+&H#'-,$&42! .+&.&4)*,1$('*(2! ,! -)%&*&$),!
%&'%+(*&Z'(&%&'%+(*&2!('H&K#(!3,1&+)R,-&!.&+!\&',1-&!Y+)*&2!K#(!+(.+(4('*,!,!
3)4I&!<(+,1!-&4!(4*#-&4!K#(!&84%#+(%($!&!4*,*#4!-&!/"#$#%&'(#!',!*(&+)R,FI&!-,!
(5.(+)`'%),!'(&%&'%+(*,J
B*/),"#06,$C)?&#'
a+3,H(+!g204+!)-/2)I)6!6*!03[6)34)!42,5,H=+!-+52)!+!4)*,!4#/4+'(,<?#$
/'#4#/4+'(,<?#J! X'*+(*,'*&2! ($! !'#4#/4+'(,<?#L) 7R+(,4') ') +BJ(B+-) .#) J+#&'(#) 4#/<(+B(,7#)
%+-<,:',+#!?@ACBD2!'I&!9N!$('FI&!-,!*(&+),!-&!/"#$#%&'(#2!&#!4(h,2!'I&!9N!$('FI&!-&!
F/,2J4)2!)-.)/O1/+B!)!(,!F5,-)!4)M20/,B!(+!.)3-,*)34+!3)+/+3/2)4+'!/+3@+2*)!
hN! $('%)&',$&4J! E! *(4(! .+&.&4*,! .&+! \&',1-&! Y+)*&! ?@ACB2! .J! iAD! "! K#(! &!
3)+/+3/2)40-*+!/+31:62,D-)!/+*+
oJJJp! 4(Kw`'%),! -&! $&3)$('*&! %&'%+(*&2! (! $,)4! ,$.1,$('*(! %&$&! 4(Kw`'%),! -,!
.('(*+,FI&! -,4! (4*"*)%,4! %&'4*+#*)3,4! oJJJp! 0+&44&! $&-&2! &! =&'%+(*)4$&! 4(+),! ,! H,4(!
-&<$N*)%,2!&!e(&%&'%+(*)4$&!,!H,4(!-(!+#.*#+,2!&!=&'%+(*)4$&!,!H,4(!-(!)$.1,'*,FI&2!&!
e(&%&'%+(*)4$&!&4!%9&K#(4!-,!,-,.*,FI&!1&%,1J!

X44,!.(+4.(%*)3,!-)%&*v$)%,!-(4*,%,!&!%&'*(5*&!-&!%&'%+(*)4$&!8+,4)1()+&!
%&$&!%,#4,!-(!#$,!+BJ(B+-!-&4!,+*)4*,4!'(&%&'%+(*&4J!:)$)*,$&S'&4!,!K#(4*)&',+!
,K#)!&!4*,*#4!-&!/"#$#%&'(#)3)-4)!03[6)34)!42,5,H=+'!.+0-!-+*)34)!3+!42)/=+'!F/+*!
T(+1(,#SU&'*;2!.,+,!0#11,+2!&!.+)'%).,1!*(7+)%&!-(!4#,4!$,'&8+,4!,'*)S%&'%+(*,42!
I03=,!3<+!,.)3,-!,!@)3+*)3+H+:0,'!*,-!,4N!6*!/)24+!)70-4)3/0,H0-*+B'!+!,64+2!/04,!
&!'&$(!-(!/(++()+,!0#11,+!4($!(1#%)-,+2!%&'*#-&2!*,'*&!,4!8,4(4!*(7+)%,4!K#,'*&!,4!
?-/#%+-<!,!K#(!4(!+(H(+(!?&%'()2!@ACB2!.J!B_DJ
G)!@,4+'!+!3+*)!3)+/+3/2)4+!()20I,!()!/+3/2)4+'!.+2N*'!/+*+!,12*,!
0#11,+2!&!/"#$#%&'(#!4#+<(!-,!4#,!1()*#+,!4&8+(!,4!*+,'4H&+$,FG(4!.)%*7+)%&S(4.,%),)4!
-&!.+&%(44&!-(!:;<),!=1,+>2!4&8+(*#-&2!-(!4(#4!<(4*&4!-(!k-(4)'*(<+,FI&!-&!K#,-+&!
/+3I)3/0+3,HB!"/+*+!/+3/+2(+6!hNH0+!_040/0/,&9!?,-!.20*)02,-!H03=,-!()!G(-J-<)
39F

!"#$%&'()'*$%"+,-./&.,0*"1/"+,#2,3+,42,3+,'4.,3+,56*7.,8",9:332
 .-)5+(')6#/('?J#+K/'-2!&!*(7+)%&!,.+(4('*,!K#(!k&!$&3)$('*&!'(&%&'%+(*&!'I&!
()I)!-)2!I0-4+!/+*+!6*,!(0--0(83/0,!(+!/+3/2)40-*+B'!*,-!/+*+!6*,!F,4046()!
()!,64+3+*0,!)-4N40/,B'!/6E,!*,420S!H0:,D-)!,+-!:)-4+-!(,!,240-4,!"!"##$%2!@ACB2!.J!
@_DJ!U&+!%&'*+,4*(2!&!.('4,$('*&!-(!\&',1-&!Y+)*&!+(H&+F,!&!'&44&!.+)4$,2!K#(!
%&'%&+-,!%&$!,!%1,+(R,!-(!:#%),!6,'*,(11,!?@AAB2!.J!@jD!4&8+(!,!k*('-`'%),!-(!
/+3@63(02!>24)!/+*!h0-4M20,!(,!>24)B!3,!/6H462,!52,-0H)02,'!.+0-!+!.)3-,*)34+!
3)+/+3/2)4+!()20I,!()!6*,!H)0462,!(,!)7.)2083/0,!,24O-40/,!)!3<+!=0-4+20+:2J1/,9
X$!A-/#+-?-).-<)5+('<)A:9<(,4-<)=R4B:#)SMS)')SS)?@AA@D2!(!6+#/#:#;,-).-<)
5+('<)A:9<(,4-<)/#)T,#).')Q-/',+#!"#$$%&'!,!.)2-.)/40I,!()!K2)()20/+!d+2,0-!/+31:62,!
#$,!(5%(FI&!'(4*,!%&'H#4I&2!.&)4!($8&+,!'I&!3)4(!#$!(4*#-&!4&8+(!&!%&'%()*&!-&!
/"#$#%&'(#2!T&+,)4!3,1&+)R,S&2!-)3#1<,'-&!-,-&4!)$.&+*,'*(42!%&$&!hN!H&)!(5.&4*&2!
4&8+(*#-&2! .(1,! -,*,! -(! .#81)%,FI&! -(! *'#+,-) .#) !"#$3%&'(#! -&)4! -),4! ,'*(4! -(!
@-/,2'<(#)!'#4#/4+'(#!?*(5*&!$,)4!-)H#'-)-&!.&+K#(!)1#4*+,!*,1!-)%&*&$),DJ
W&1*,'-&!,&!+(1,*&!-(!/(++()+,!0#11,+!?^__j2!.J!iBD2!&!/"#$#%&'(#!+(.+(4('*&#!
&!+(4#1*,-&!-(!4#,!k,'N1)4(!4&8+(!,!,+*(!$&-(+',2!'&*,-,$('*(2!-&!.+&%(44&!K#(!
)H,!)7.)20*)34+6!,!.,2402!(+!-62:0*)34+!(,!.03462,!3<+D1:62,40I,'!+6!-)E,'!C6,3(+!
-)!)7/H606!(,!.03462,!,!0*,:)*!(+-!+5E)4+-BZ!/+34)V(+!(+!.20*)02+!)07+!(,!4)+20,!
K#(! +($&'*,! ,! *+,-)FI&! ,+*b4*)%,! K#(! &! ,#*&+! )+N! +(H#*,+! .,+,! %&'*(5*#,1)R,+! ,!
)'&3,FI&!9(+$('`#*)%,!,!.,+*)+!-,!(5.(+)`'%),!%&$!&4!/"#$#%&'(#<J
D&,2"0?)0(452$,)'
/(++()+,!0#11,+!.+&.G(!'&!.+)$()+&!()5&2!#$,!8+(3(!9)4*7+),!-,!+#b',!&#!
?#+('!-,!+(.+(4('*,FI&!-(!&8h(*&42!,'#'%),-,!.&+!(1(2!-(4-(!&!)$.+(44)&')4$&!-(!
T&'(*J!e(4*,!3)4I&2!,!.)'*#+,!3)4,3,!k,.+(('-(+!&!&8h(*&!)$(+4&!',!1#$)'&4)-,-(!
3,462,HB9!\H,!*,2/,20,'!,--0*'!,!.,--,:)*!(+-!:)-4+-!()!+5E)40I,;<+!"@63(,(+-!3,!
*(&+),!,18(+*),',D!,&4!-(!)$.+(44I&!.)%*7+)%,!-&4!&8h(*&4!-,!+(,1)-,-(l!&!)'b%)&!-,!
$&+*(!-&!&8h(*&!'&!(4.,F&!-(!+(.+(4('*,FI&!.,+,!#$!.+&%(44&!-(!%&'4%)`'%),!
%+b*)%,2!%&+.&+,1!(!.(+%(.*)3,!-,!,+*(!?!"##$%2!^__j2!.J!A_SA@DJ!
d4!&8h(*&4!K#(!)'*(+(44,$!0#11,+!'I&!4I&!-(!H,*&!&4!&8h(*&4!+(.+(4('*,-&4J!
E!(':-!(!,!?#:.B+-!4(+),$!&8h(*&4!-(!%&'*($.1,FI&2!.&+*,'*&!H#'%)&',)4!(!+(4*+)*)3&4!
,+!+H=,29!>!+52,!42,(0/0+3,H!+6!+!+5E)4+!()!,24)!1:62,40I,!@+0!/+3-0()2,(+!.+2!)H)!
*,$8"$!%&$&
W999X!6*!+5E)4+!C6)!17,!.)H,!/+2!,!2).2)-)34,;<+!()!+642+-!+5E)4+-!(+!*63(+'!2).2)-)34,3(+!
F+5E)4+-! C6)! .)2()*! ,! -0:301/,;<+! ,+-! +H=+-B'! C6,3(+! (0-.+-4+-! 3+! 034)20+2! ()! 6*!
+(%&+*(!-(!+(,1)-,-(!-(1)$)*,-&!.(1,!$&1-#+,J!?!"##$%2!^__j2!.J!A@D
39G

D./1",E.*"8'/+,0<.4&'="4&.%,8',!"#$%&'(#')*#+,-."/#2,
 _!)07+!(0-/+22)!-+52)!+!.2+5H)*,!(+!-0:301/,(+!0*.+-4+!.)H,!4)H,'!(,(+!
K#(!(1,!-,+),!4('*)-&!M!+(4*+)FI&!%&+.&+,1!(!.(+%(.*)3,!)$.&4*&4!.(1,!+(.+(4('*,FI&!
-,!.)'*#+,l!+(4*+)FG(4!M!.(+%(.FI&!9#$,',2!*&+','-&S4(!$(+,!*(1,!-(!3)4I&J
P(1,! (! T&1-#+,! +(4)4*($! '&! -(8,*(! %&'*($.&+O'(&2! %&$&! -($&'4*+,!
E18(+*&!P,44)',+)2!($!3)G<J-D#)@#.'+/#!?^__@DJ!6#,!*(4(!($!<(+,1!,.&'*,!#$,!
.(+4.(%*)3,!-,!E+*(!=&'*($.&+O'(,!%&$&!4(<#'-,!H,4(!-,!,+*(!$&-(+',2!-,!K#,1!
*':-2!-(!],4.(+!]&9'4!$,+%,+),!&!4(#!)'b%)&J
U&+"$2!:;<),!=1,+>!)'%&+.&+&#2!,'*(4!(!-(!$&-&!)'&3,-&+2!,!$&1-#+,!
('K#,'*&! &8h(*&! -(! .+&.&4)FI&! ,! (5.(+)`'%),4! K#(! .+&3&%,3,$! &4! 1)$)*(4!
4)$871)%&4! -,! $&1-#+,! %&$&! 1)$)*(! ('*+(! ,! +(,1)-,-(! (! ,! +(.+(4('*,FI&J! X4*,!
,.2+70*,;<+'!)*5+2,!3<+!)-4)E,!/+34)*.H,(,!3+!42,5,H=+!()!^,--03,20'!E6-401/,'!,!
'&44&!3(+2!,!,.+&5)$,FI&!-(!-)4*)'*,4!*(&+),4l!-(!#$!1,-&2!,!-(!0#11,+!(!&!.+&81($,!
9(+$('`#*)%&S(5.(+)$('*,12! 8,4(,-&! '&! 4b$8&1&! +(4*+)*)3&! -,! $&1-#+,2! (2! -(!
&#*+&2!,!-(!P,44)',+)2!,!*(4(!-(!.(+4)4*`'%),!-,!E+*(!T&-(+',J
E!H&+$,FI&!-,!,+*(!$&-(+',!.&+!3&1*,!-(!@Cj_!(4*N!1)<,-,!M!&.&4)FI&!-&!',*#+,1)4$&!
-(!$,*+)R!+(',4%('*)4*,!oJJJp!d!%#8)4$&!-(!@A@@!"!&!$&$('*&!$,)4!)$.&+*,'*(!-,!,+*(!
$&-(+',J!e('9#$!&#*+&!$&3)$('*&!4(!(4.,19&#!*I&!+,.)-,$('*(!K#,'*&!&!%#8)4$&J!
T,)4!,)'-,!&4!$&3)$('*&4!.,44,$!,!4(!%&'%(8(+!%&$&!3,'<#,+-,4J!E!4#,!)$.&+*O'%),!
+(4)-(!',!4#,!%&'%(.FI&!-(!(4.,F&!($!,8(+*#+,J!aN!'(1,!#$,!H#4I&!-,4!%&)4,4!%&$!&!
(4.,F&J!?($//'-$%'2!^__@2!.J!@jSgiD

X4*,!3)4I&2!K#(!,44)',1,!&!(4.,F&!%#8)4*,!%&$&!.R?-+40'!-&!)'b%)&!-,!E+*(!
T&-(+',2!-)H(+(!.&+!783)&!-,!K#(!-)4%&++(!/(++()+,!0#11,+!4&8+(!,!E+*(!e(&%&'%+(*,l!
&!(4.,F&!)$.+(44)&')4*,!"!)'-b%)&!-,!?#+('!-,!+(.+(4('*,FI&!-&4!&8h(*&4J!=&'*#-&2!
+-!.20*)02+-!F:)-4+-!()!)H0*03,;<+!(+!+5E)4+B!-)20,*!I0-4+-'!,03(,!-):63(+!L6HH,2'!
4&$('*(!',4!&8+,4!-(!T&'-+),'!(!-(!T,1(3)*%9J!X!4&8+(!&!.+)$()+&2!($!>+#-.U-12!&!
*(7+)%&!&84(+3,!k&!4('*)-&!$,)4!+(3&1#%)&'N+)&!-&!%#8)4$&2!-,'-&S19(!%&'*)'#)-,-(!
,42,IN-!()!6*,!,4046()!2,(0/,HB!"!"##$%2!^__j2!.J!A@SA^DJ
d! .+)$()+&! ()5&! .+&.G(! #$,! .(+4.(%*)3,! (4K#($N*)%,! -(! #$,! 9)4*7+),!
%#h&!.+&%(44&!-($&'4*+,2!.,+,!&!.('4,$('*&!'(&%&'%+(*&2!*('*,*)3,4!(!H+,%,44&4!
-(!4#,4!.+7.+),4!K#(4*G(4!<#),-,4!.(1&4!$&3)$('*&4!,84*+,%)&')4*,4!(#+&.(#4l!,!
-(4*+#)FI&!-&4!&8h(*&4!4)$871)%&4!-,!.)'*#+,!t!(':-)')?#:.B+-P
B3,)0"0B3E"2&'
d!.+&81($,!-,!$&1-#+,!"!3)4*&!.(1&!'(&%&'%+(*)4$&2!'(4*(!()5&2!%&$&!
$(*,H7+)%,! -&! $#'-&! -&! .)'*&+! *+,-)%)&',12! (! .&+! )44&2! -(3(! 4(+! +(H#*,-&! .(1,!
(5.(+)`'%),!'(&%&'%+(*,J!U&)4!&4!<(4*&4!-,!E+*(!=&'*($.&+O'(,2!4(<#)'-&!(4*,! 39H

!"#$%&'()'*$%"+,-./&.,0*"1/"+,#2,3+,42,3+,'4.,3+,56*7.,8",9:332
 3)4I&2!-(3(+),$!.,44,+!-,!+(.+(4('*,FI&!-(!&8h(*&4!-&!$#'-&!,&4!-(!,.+(4('*,FI&!
)7.)20*)34,H'!,!1*!()!,*.H0,2!,-!.+--050H0(,()-!-)3-+20,0-!(,!,24)9!\!4,HI)S!)-4)!
4(h,!&!*+,F&!$,)4!%+b*)%&!K#(!,!*(&+),!*('9,!)'3(4*)-&!%&'*+,!,!%&'*($.1,FI&l
x#,'-&!,!.)'*#+,!,8,'-&',!+,-)%,1$('*(!,!+(.+(4('*,FI&!t!%&$&!'&!%,4&!-(!T&'-+),'2!
T,1(3)*%9!(!4(#4!4(<#)-&+(4!t!,!$&1-#+,!.(+-(!&!4('*)-&J!eI&!4(!*+,*,!$,)4!-(!(+<#(+!#$!
(4.,F&!$(*,H7+)%&!'#$!%,'*)'9&!8($!.+&*(<)-&!-&!$#'-&2!(!4)$!-(!+(,1)R,+!,!&8+,!'&!
(4.,F&!+(,1!$(4$&!(!-(!($.+(4*,+!,!(44(!(4.,F&2!.(1,!,.,+)FI&!-,!&8+,!t!&8h(*&!(4.(%),12!
6*,!-0:301/,;<+!)!6*,!42,3-/)3(83/0,9!"!"##$%2!@ABA2!.J!A^D

X1(!-(4*,%,!',4!,*)*#-(4!-(!@'+E%-B!-(!y#+*!6%9Q)**(+42!*,1!&#4,-),!K#(!4(!
H&+$,+),!,!.,+*)+!-,!,FI&!-)+(*,!-&!%&+.&!4&8+(!&4!&8h(*&42!<(4*&4!K#(!('3&13(+),$!
*&-&4! &4! 4('*)-&4! (2! ,&! $(4$&! *($.&2! %+b*)%,4! ,&4! $&-&4! *+,-)%)&',)4! &#!
+'(,/,-/#<2!M!(4*()+,!-(!T,+%(1!c#%9,$.J!E1"$!-(!6%9Q)**(+42!&#*+&4!(5($.1&4!4I&!
*+,R)-&4!M!1#R!-&!'(&%&'%+(*)4$&2!%&$&!&4!4#/(+-$+':'7#<)-(!P,*1)'!(!\&-%9('>&!
(! ,4! ,+K#)*(*#+,4! -(! T,1(3)*%92! .&)42! ,1"$! -(! ,*#,+($! -)+(*,$('*(! '&! (4.,F&2!
4(+),$2!.,+,!0#11,+!?^__j2!.J!A^D2!k#$,!(3&1#FI&!%&(+('*(!-&!(4.,F&!+(,12!-,4!
@+2*,-!2).2)-)34,(,-!.,2,!,-!@+2*,-!/20,(,-B9!>--0*!3+-!.,2)/)!)-42,3=+!3<+!
('%&'*+,+!',!*(&+),!-&!/"#$#%&'(#!#$,!-(H(4,!M4!.+($)44,4!4#.+($,*)4*,4!+(1,*,-,4!
.&+!T,1(3)*%9!?@ABA2!.J!sjSCiDl
X#!4('*),!,.(',4!,!'&)*(!-('*+&!-(!$)$2!(!H&)!('*I&!K#(!%&'%(8)!,!'&3,!,+*(2!,!K#(!%9,$&!
4#.+($,*)4$&!oJJJp!&!K#,-+,-&!-&4!4#.+($,*)4*,4!oJJJp!.&-(!4(+!%&$.,+,-&!,&4!4b$8&1&4!
-&4!9&$('4!.+)$)*)3&4J!6#,!)'*('FI&!'I&!"!,!-(!.+&-#R)+!&+',$('*&42!$,4!-(!(5.+(44,+!
4('4,FG(4!-(!+)*$&J!U,+,!&!4#.+($,*)4*,2!&4!H('v$('&4!3)4#,)4!-&!$#'-&!&8h(*)3&!4I&!
()-.2+I0(+-!()!-)340(+!)*!-0!*)-*+i!+!C6)!N!-0:301/,40I+!N!,!-)3-,;<+'!/+*+!4,H'!5,-4,34)!
-(4*,%,-,!-&!$()&!,$8)('*(!oJJJp!d!4#.+($,*)4*,!'I&!&84(+3,!(!'I&!*&%,2!(1(!4('*(J!

e,! (5.(+)`'%),! -&! /"#$#%&'(#2! )'3(4*(S4(! '#$,! *&$,-,! -(! %&'4%)`'%),!

.)2/).40I,'!)3I+HI)3(+!4+(+-!+-!-)340(+-'!+!C6)!E6-401/,!-6,!/2O40/,!(+-!H0*04)-!(,!
.(+%(.FI&!4#.+($,*)4*,J!c(!$&-&!K#(!,!4('4,FI&!',!*(&+),!4#.+($,*)4*,!"!+(H#*,-,!
.(1,!*(&+),!'(&%&'%+(*,2!%#h,!+(%(.FI&!-,!&8+,!-(!,+*(!-(3(!4(+!#$!$()&!-(!,FI&!
-)+(*,!(!'I&!1)$)*,-,!,&!&19,+l!#$,!(5.(+)`'%),!$(-),-,!.(1,!.,+*)%).,FI&!-(!*&-&4!
&4!4('*)-&4J
E!(4%#1*#+,!%&'4*+#*)3)4*,2!K#(!+(.('4,3,!,!8,4(!*+,-)%)&',1!-,!(4%#1*#+,2!
(5*+,)'-&!-&!4(#!3&1#$(!#$,!(4*+#*#+,!.,+,!+(,1)R,+!&8+,4!K#(!4(!$,'*)3(44($!
'&!(4.,F&2!4(+3)+,$!-(!(5($.1&!.,+,!0#11,+!(4*,8(1(%(+!#$,!,',1&<),!%+b*)%,!,&!
(1($('*&!+(H#*,-&!,K#)l!,!$&1-#+,!*+,-)%)&',1!-,!.)'*#+,J!
hJ!*,0-!,130(,()!)342)!,-!+52,-!(+-!.034+2)-!)!(+-!)-/6H4+2)-!/+3-42640I0-4,-!(+!C6)!/+*!
,4!-(!T,)11&12!-(!\&-)'!&#!/b-),42!(!&!$(4$&!.&-(+),!4(+!-)*&!4&8+(!#$!K#,-+&!-(!:;<),!(!
39I #$,!(4%#1*#+,!-(!E$b1%,+!-(!=,4*+&J!?!"##$%2!^__j2!.J!AgD

D./1",E.*"8'/+,0<.4&'="4&.%,8',!"#$%&'(#')*#+,-."/#2,
 d!,#*&+!-(H('-(!,!%&'3(+<`'%),!-,!.)'*#+,!(!-,!(4%#1*#+,!,!#$!.&'*&!
%&$#$2!,H,4*,'-&S4(!-(!4#,4!$,*+)R(4!,18(+*),',42!-()5,'-&!-(!1,-&2!.&+*,'*&2!
,!*+,-)FI&!-,!+(.+(4('*,FI&!(!-,4!%,*(<&+),4!*+,-)%)&',)4!-(!J,/(B+-!(!'<4B:(B+-J!d!
%&'%()*&!-&!/"#$#%&'(#!"!3)4*&!('*I&!%&$&!#$!%&'%()*&!-(!#$,!'&3,!%,*(<&+),l!
*(+$&! .,+,! ,44)',1,+! #$,! ,+*(! K#(! 'I&! %&++(4.&'-(+),! &#! 'I&! 4(! ('K#,-+,+),!
'(4*,4!%,*(<&+),4!-(!+(.+(4('*,FI&J
E!%&'%1#4I&!-(4*(!4(<#'-&!()5&!.+&.G(!,!%&'3(+<`'%),l!k,!.)'*#+,!(!,!
(4%#1*#+,!,*#,)4!?@ABAD!%&'3(+<($!.,+,! #$!.&'*&!%&$#$J!P&+',$S4(!&8h(*&4!
(4.(%),)42! /"#$#%&'(#<B'! .+2C6)! 03/+2.+2,*! ,! *+H(62,! (,! .03462,! )! ,! 5,-)! (,!
(4%#1*#+,2!.+&.&'-&!*).&!-(!+(1,FI&!(5.(+)$('*,1!%&$!,4!&8+,4!.('4,-,4!%&$&!
'&3,4!H&+$#1,FG(4!?!"##$%2!^__j2!.J!AgDJ
F&,%$*)GH&0(,4%"4,)'
e&! L1*)$&! ()5&! -,! *(&+),! '(&%&'%+(*,2! .+&.G(S4(! ,! 4#83(+4I&! -,! ,+*(!
%&'3('%)&',1!($!H,3&+!-,!(5.(+)$('*,FI&!$(-),-,!.(1&4!/"#$#%&'(#<J!U&)42!k'I&!4(!
.)2/)50,!C6)!,!.2M.20,!+52,!()!*,420S!3<+D1:62,40I,!/+H+/,I,!.2+5H)*,-!3+I+-!
)!C6)!)H,!.2+/62,I,!)-/,.,2'!.,2,!-+52)I0I)2'!,+!/O2/6H+!(,!)-4N40/,!42,(0/0+3,HB!
?!"##$%'!jcck'!.9!$l&9!>!*,420S!3<+D1:62,40I,'!)3@,40S,(,!3+!.20*)02+!)07+'!-+52)!
T&'-+),'!(!T,1(3)*%92!'I&!4#83(+*(#!&4!1)$)*(4!-(!4(#!.+7.+)&!-(4(h&2!.&+K#(!'I&!
*+&%&#2!4(<#'-&!0#11,+2!,!*(1,!(!,!8,4(!.(1,!(5.(+)`'%),!-)+(*,!',!+(,1)-,-(J!!
U&-(S4(!-)R(+!K#(!*&-,!&8+,!-(!,+*(!*('-(!,!4(+!#$!'I&S&8h(*&!(!K#(!(44(!'&$(!47!4(!,.1)%,2!
%&$!.+(%)4I&2!MK#(1,4!&8+,4!K#(!4(!+(,1)R,$!H&+,!-&4!1)$)*(4!%&'3('%)&',)4!-,!,+*(2!K#(!
*+,R($!(44,!'(%(44)-,-(!-(!-(41)$)*(!%&$&!,!)'*('FI&!H#'-,$('*,1!-(!4(#!,.,+(%)$('*&J!
?!"##$%2!^__j2!.J!AiD

d!K#(!(4*N!',4!('*+(1)'9,42!,!'&44&!3(+2!"!,'*(4!#$,!,*)*#-(!4#83(+4)3,!
H+('*(!,&!.+&%(44&!(!M!+(%(.FI&!-,!,+*(!1(<)*)$,-,!.(1,!*+,-)FI&!$&-(+',J!V44&!
.&+K#(!0#11,+!?^__j2!.J!AiD!%&'H#'-(2!.+&.&4)*,1$('*(2!'&#*+&!*(5*&2!8,9:#;#)<#%+')
#)/"#$#%&'(#!"#$%$&'!6*,!()130;<+!(,!,24)!/+3I)3/0+3,H!/+*+!,!.2+(6;<+!()!6*!
&8h(*&!%&$#$2!&#!4(h,l
z! ,! %&)4,! $,*(+),1! *,1! %&$&! 4(! -N! ,! '742! ',*#+,1$('*(2! 1)<,-,! M4! -(4)<',FG(4! (! #4&4!
%&*)-),'&4l!,!8&++,%9,2!&!1N.)42!,!.`+,2!&!4,.,*&2!(*%J!e(44,!%&'-)FI&2!&!&8h(*&!4(!(4<&*,!
',!+(H(+`'%),!-(!#4&!(!-(!4('*)-&J!U&+!%&'*+,-)FI&2!.&-($&4!(4*,8(1(%(+!#$,!.+)$()+,!
()130;<+! (+! 3<+D+5E)4+Z! +! 3<+D+5E)4+! 3<+! -)! )-:+4,! 3,-! 2)@)283/0,-! ()! 6-+! )! -)340(+!
.&+K#(!'I&!4(!)'4(+(!',!%&'-)FI&!-&!L*)1!(!-,!-(4)<',FI&!3(+8,1J!

m+H4,3(+! ,+! )07+! 13,H! ()! *'#+,-) .#) !"#$3%&'(#2! &! ,#*&+! -(H('-(! &!
)'(-)*)4$&!-(!4#,!%+b*)%,2!,1(<,'-&!K#(!k&!.+&81($,!-,!$&1-#+,!(!-,!8,4(2!',! 39J

!"#$%&'()'*$%"+,-./&.,0*"1/"+,#2,3+,42,3+,'4.,3+,56*7.,8",9:332
 .03462,!)!3,!)-/6H462,'!2)-.)/40I,*)34)'!363/,!403=,!-0(+!)7,*03,(+B!"!"##$%2!
jcck'!.9!$n&9!T2)*+-!C6)!6*,!,I,H0,;<+!()-4)!03)(040-*+!2)C6)2!6*,!I)201/,;<+!
($!+(*+&4.(%*)3,!$#)*&!,1"$!-(4*(4!1)$)*(42!%,+(%('-&!-(!#$!.(+%#+4&!4&8+(!&4!
$&-&4!.(1&4!K#,)4!&4!.+&81($,4!-,!$&1-#+,!(!-,!8,4(!H&+,$!3)4)*,-&4!.(1,!%+b*)%,!
',%)&',1!(!)'*(+',%)&',1J
K03,H*)34)'! )H)! ,.2)-)34,! 6*,! F2),12*,;<+! (,! ,24)! /+*+! @+2*6H,;<+!
.20*)02,!(+!*63(+B!/+*+!.)3-,*)34+!C6)'!()!,H:6*!*+(+'!/+3/+2(,!/+*!+!
(44('%),1)4$&! 3)41#$8+,-&! .(1,! *(&+),! -&! 4#.+($,*)4*,! -(! T,1(3)*%9! ?!"##$%2!
^__j2!.J!ABDJ
I#2$?&0<3",2&'
G)!6*!H,(+'!.)2/)5)*+-!C6)!,!=0-4+20+:2,1,!(,!,24)!:)+*N420/,!52,-0H)02,!
'I&!-(4*,%,!&!/"#$#%&'(#!%&$&!%&+,FI&S.('4,'*(!-,!(5.(+)`'%),!'(&%&'%+(*,2!-(!
$&-&!K#(!.+(*('-($&4!+(3(1,+!,K#)!4(#!4*,*#4!($!<(+,1!&84%#+(%)-&J!c(!&#*+&!
1,-&2!,&!1(+!&!+(H(+)-&!*(5*&2!"!)'(<N3(1!'I&!%&'4*,*,+$&4!&!%,+N*(+!4#83(+4)3&!(!&!
4(#!.(4&!?#.':-.#+!'&!%,$.&!-,4!,+*(4!3)4#,)42!-(!$&-&!K#(!'I&!-(4*,%,+$&4!4(#!
.)3-,*)34+!-0*5+H0S,!C6)!3<+!I,H+20S,*+-!,!.2M.20,!/+31:62,;<+!(,!4)+20,!(,!
,+*(!'&!Y+,4)1!%&$&!%,$.&!'?)-%'+(#!,&!-(8,*(J
eI&!'&4!%&#8(2!%&'*#-&2!,.&'*,+!&#!%&$.+(('-(+!,!,*#,1!.&4)FI&!-&4!
-)4%#+4&4!%+b*)%&4!-(!/(++()+,!0#11,+!4&8+(!,!E+*(!=&'*($.&+O'(,!'&!Y+,4)1!(!'&!
$#'-&2!(!4)$2!-(4*,%,+!&!4(#!.('4,$('*&!*(7+)%&!'#$!%&'*(5*&!-(%)4)3&!.,+,!,!
)'4*,#+,FI&!-&!K#(!4(!',*#+,1)R&#!-)R(+!%&$&!5+(')6#/('?J#+K/'-!'&!Y+,4)1J!
z!.&44b3(1!(4.(%#1,+2!$(-),'*(!(4*,!1()*#+,!-(!*'#+,-).#)!"#$3%&'(#2!4(!,!
)'%&+.&+,FI&!-,!$&1-#+,!.)%*7+)%,!%&$&!&8h(*&!(5.(+)$('*,1!(!*N*)12!.&+!:;<),!
TH,2f'!/+31:62+6!()!@,4+!03)(040-*+!3,!.2+5H)*J40/,!+'J+'<'/(-D"#$-J+'<'/(-D"#!%&$&!
.+&%(44&!-&!$&-(+'&!,&!%&'*($.&+O'(&!',4!,+*(4!3)4#,)4J!x#(4*I&!K#(!-()5,$&4!
*,$8"$!($!,8(+*&!%&$&!.('4,$('*&!.,+,!H#*#+&4!(4*#-&4!',!N+(,!-(!*(&+),J
/+)4,$&4! K#(2! '&! +(H(+)-&! *(5*&2! ,4! %,*(<&+),4! J,/(B+-! (! '<4B:(B+-! 'I&!
H,R($!4('*)-&!.,+,!,!*(&+),!'(&%&'%+(*,J!X!K#(!&!%&'%()*&!-&!/"#$#%&'(#!H&)!%+),-&!
%&$&! %,*(<&+),! -(! ,<('%),$('*&! K#(! 3)4&#! .('4,+! ,! 4#83(+4I&! -&4! 1)$)*(4!
-,! %&'*($.1,FI&! ($! 8#4%,! -(! #$,! (5.(+)$('*,FI&! %&+.&+,12! %#h&! .+&.74)*&!
%&'H#'-(S4(2!($!,1<#'4!*+(%9&42!%&$&!%+('F,!($!,1<&!4#81)$(2!,44)$2!.+75)$,!M!
*(&+),!4#.+($,*)4*,2!,)'-,!K#(!+(H#*,-,!.&+!/(++()+,!0#11,+J
d)(0,34)!-0-4)*J40/,!2)I0-<+!505H0+:2J1/,'!I)201/,*+-!+!+5-/62,340-*+!
39K

D./1",E.*"8'/+,0<.4&'="4&.%,8',!"#$%&'(#')*#+,-."/#2,
K#,4(! *&*,1! -&! 4*,*#4! -,! *(&+),! -&! /"#$#%&'(#! )*! 2)H,;<+! Q-! =0-4+20+:2,1,-! C6)!
%&+*(h,$!,!-)%&*&$),!4#/4+'(,<?#$/'#4#/4+'(,<?#2!.+&.&4*,!.&+!\&',1-&!Y+)*&2!K#(!
4(K#(+! $('%)&',! &! /"#$#%&'(#2! ,! '&44&! 3(+2! %&'%()*&S%9,3(! ,&! .('4,$('*&! -,!
/+31:62,;<+!!(+!/,*.+!()!)-46(+-!(,!4)+20,!(,!,24)!/+34)*.+2]3),!3+!g2,-0H9
d! *(5*&! -(! 0#11,+2! (4%+)*&! ($! @ABA2! "! *I&! %&$.1(5&! K#,'*&! 4)'*"*)%&2!
+(H#*,'-&!,!*+,-)FI&!+(.+(4('*,%)&',1!-,!,+*(!%&$&!,+<#$('*&!.,+,!+(,1)R,+!#$,!
(4*"*)%,2!H&+*($('*(2!8,4(,-,!',!/('&$('&1&<),2!,&!$(4$&!*($.&2!K#(!)'3(4*(!
'#$!,<('%),$('*&!*(7+)%&!,!#$!(4*,-&!4#81)$(!,*+,3"4!-,!(5.(+)`'%),!4('4&+),1!t!
-(*(+$)','*(!%&$&!$&-(1,-&+!-&4!.+&%(44&4!K#(!%&'3(+<)+,$!,+*(2!%&+.&!(!$#'-&J!
E&!)'3"4!-(!%('*+,+!&!.('4,$('*&!'&!b%&'(!.&1`$)%&!-(!]&4"!\)8,$,+!
/(++()+,2!,1<&!K#(!H,%)1$('*(!H#<)+),!-&!H&%&!-(4*,!.+&81($,*)R,FI&2!.+&.&$&4!
1(+!,!4#,!*(&+),!'(&%&'%+(*,!('K#,'*&!-%'+(B+-!.,+,!.('4,+$&4!&!.+7.+)&!4*,*#4!-&!
%,$.&!-,!*(&+),!-(!,+*(!+(%('*(!'&!Y+,4)12!$,4!-(!#$!.&'*&!-(!3)4*,!(5.(+)$('*,1!
&#!-+(V<(,4#J

@!
E! 8#4%,! -&4! ,44#'*&4! *(&+),! -&! 'I&S&8h(*&2! 0[::E\2! /(++()+,2! '(&%&'%+(*)4$&2! %&'%+(*)4$&!
?)'%1#)'-&!,4!(5.+(44G(4!,+*(!'(&%&'%+(*,!(!,+*(!%&'%+(*,D!3)4&#!+(4#$&4!(!*(5*&4!%&$.1(*&4!',4!
8,4(4! -(! -,-&4! -,! [/\062! -,! U[=\62! -,! [/\]2! -&! U&+*,1! -(! U(+)7-)%&4! -,! =EUX6! ?u(8! &H !
6%)('%(2!E+*!/#11!P(5*2!(-)*&+(4!]4*&+!(!6%&.#4D!(!-&!0&&<1(!E%,-`$)%&J
^
!d!<+)H&!"!'&44&J

!"7",A5.4)#'
Ydec{E2!]&+<(!:,++&4,J!E!&.(+,FI&!('4,)&l!4&8+(!&!('4,),+!(!&!('4,),+S4(!'&!
.('4,$('*&2!',!(4%+)*,!(!',!3)-,J!G.B4-D"#)W)+'-:,.-.'P)U&+*&!E1(<+(2!!3J!^A2!'J!@2!.J!
^jSig2!^__iJ
Y\VPd2! \&',1-&J! !'#4#/4+'(,<?#L! 3"+*)%(! (! +#.*#+,! -&! .+&h(*&! %&'4*+#*)3&!
8+,4)1()+&J!\)&!-(!],'()+&l!/[eE\PX2!@ACBJ
=E[x[X:Ve2!E''(J!*'#+,-<).-)5+('P)6I&!U,#1&l!T,+*)'42!^__BJ
=aVUU2! a(+4%9(1! Y+&Q')'<J! *'#+,-<) .-) 5+(') @#.'+/-P! ^|(-J! 6I&! U,#1&l! T,+*)'4!
/&'*(42!@AAsJ
39;

!"#$%&'()'*$%"+,-./&.,0*"1/"+,#2,3+,42,3+,'4.,3+,56*7.,8",9:332
 =d==aVE\E:X2! /(+','-&n! 0XV0X\2! E'',! Y(11,! ?&+<JDJ! 5%<(+-4,#/,<?#)
;'#?R(+,4#) ') ,/2#+?-:L) ,! 3,'<#,+-,! 8+,4)1()+,! '&4! ,'&4! %)'Kw('*,J! \)&! -(! ],'()+&l!
/[eE\PX2!@ACjJ
=dP\VT2!=(%b1),!}!/X\\XV\E2!017+),!?&+<JDJ!G<4+,(#<).')5+(,<(-<L),'&4!s_Zj_J!
\)&!-(!],'()+&l!~,9,+2!^__sJ!
0\XXeYX\02!=1($('*J!E!U)'*#+,!T&-(+',J!V'l!YEPP=d=y2!0+(<&+;!?&+<JDJ!
5)!#7-)5+('P!6I&!U,#1&l!U(+4.(%*)3,2!@AjBJ
0[::E\2!/(++()+,J!G(-J-<).-)-+(')4#/('?J#+K/'-L!-&!%#8)4$&!M!,+*(!'(&%&'%+(*,J!^|!
(-J!\)&!-(!],'()+&l!\(3,'2!@AACJ!!
J!T,')H(4*&!e(&%&'%+(*&J!V'l!GNJ'+,X/4,-)!'#4#/4+'(-L)$&$('*&S1)$)*(!-,!
,+*(J!6I&!U,#1&l!=&4,%!e,)H;2!^__jJ!
J! P(&+),!-&!eI&Sd8h(*&J!V'l!GNJ'+,X/4,-)!'#4#/4+'(-L) $&$('*&S1)$)*(!-,!
,+*(J!6I&!U,#1&l!=&4,%!e,)H;2!^__jJ!
Td\EV62!/+(-(+)%&J!B*"#"C"/%)(+)'()*&$'(6C9'&%!)'(#"(D%"(+$(E)#$%*"-(FGFH?FIIJK(\)&!-(!
],'()+&l!P&.S8&&>42!@AABJ
Td\EV62!/+(-(+)%&J!E!3&%,FI&!%&'4*+#*)3,!-,!,+*(!1,*)'&S,$(+)%,',J!V'l!6#/(,/'/(')
=B:)=B+P!\(3)4*,!-&!V'4*)*#*&!X4*,-#,1!-&!:)3+&2!'fs2!@AAjJ
dVPV=V=E2! a"1)&J! X4K#($,! <(+,1! -,! '&3,! &8h(*)3)-,-(J! V'l! 6#/(,/'/(') =B:) =B+P!
\(3)4*,!-&!V'4*)*#*&!X4*,-#,1!-&!:)3+&2!'fs2!@AAjJ
UVePd2! \(<)',! ="1),J! d! T&3)$('*&! e(&%&'%+(*&! o@ABAS@As@pJ! V'l! UVePd2!
\(<)',!="1),J!L.)&*"("CM)*$'(N(6*"!.*)(+$(.5(C$%&"*-(5.CM$*$'(%56"*&)#&$'-()*&$($(%+$#&%+)+$K!
\)&!-(!],'()+&2!@AAiJ!i@B.J
6EePEX::E2!:L%),J!Y5+('Z)W)Y6B:(B+-ZL)(K#b3&%&4!-&!(1)*)4$&J!6I&!U,#1&l!=&+*(R2!
@AABJ
PE66VeE\V2!E18(+*&J!3)G<J-D#)@#.'+/#P!6I&!U,#1&l!=&4,%!}!e,)H;!X-)FG(42!^__@J
WV::E2!c)+%(#J!d!('4,b4$&2!<+&44&!$&-&J!V'l!YE[cX:EV\X2!=9,+1(4J!G<4+,(#<)
<#%+')-+('P!6I&!U,#1&l!a(-+,2!^__CJ
~VX:Ve6y2!Tv')%,J![-)4+,(,HB').\-+()4#/('?J#+-,/')-B)>+'<,:L).,+%&#+42!('h(#5!(*!
.(+4.(%*)3(4J!?c&#*&+,-&D![')3(+4)*(!-(!U,+)4!@2!U,+)42!^__gJ!gs_!HJ!

3F: E+*)<&!+(%(8)-&!($!,8+)1!-(!^_@@J!E.+&3,-&!($!h#19&!-(!^_@@J

D./1",E.*"8'/+,0<.4&'="4&.%,8',!"#$%&'(#')*#+,-."/#2,