Visuality After Gombrich

!"#$%&'()*"&+),!
!
"#$%&'#()!&*(+,!-./0,#123!(2+!#44.1+41+!.*!(2+!+)+!&45!
/.5+,4!,+$+&,12!#4!(2+!62#'.$.62)!&45!6$)12.'.-)!.*!
6+,1+6(#.47!!
!
!Zeitschrift für Kunstgeschichte, 76 (2013), 71-89.)!
!
"#$%&'(%)*+&%,-,&.%.(*$+%,(/%0##1+%#2%*$&%'-+&#$.%'*3(%(4($5-+(6%*2%-2,78(25(%
5#9)*$*07(%&#%&'*&%#,%:$2+&%;#90$-5'<+%!"#$%&'$())*+,-&=>%?807-+'(6%-2%@ABCD%&'(%
0##1%5*9(%&#%0(%$(E*$6(6%*+%&'(%)-3#&*7%*$&%'-+&#$-5*7%*$&-587*&-#2%#,%&'(%3-(/%
&'*&%5#25()&8*7%&'-21-2ED%0(7-(,+%*26%(4)(5&*&-#2+%)$(6(&($9-2(%&'(%&#&*7-&.%#,%
'89*2%)($5()&8*7%(4)($-(25(F&'*&%&'($(%-+%2#%-22#5(2&%(.(D%&#%8+(%;#90$-5'<+%
)'$*+(=%G'(%3-(/%-&+(7,%/*+%2#&%2#3(7%*&%&'(%&-9(H%)$(3-#8+7.D%68$-2E%&'(%@A>C+%
*26%@AIC+D%-&%'*6%0((2%)$#9#&(6%-2%3*$-#8+%,#$9+%0.%*%2890($%#,%;($9*2J
+)(*1-2E%*$&%'-+&#$-*2+%*26%)'-7#+#)'($+%+85'%*+%K*E#0($&%"$(.D%:$-5'%L#&'*51($%
*26D%*$E8*07.D%M*$&-2%N(-6(EE($=I%G'(%-9)#$&*25(%#,%;#90$-5'<+%5#2&$-08&-#2%
/*+%)*$&7.%-2%'-+%5#9)$('(2+-3(%)$(+(2&*&-#2%#,%&'-+%3-(/%&#%:2E7-+'J+)(*1-2E%
+5'#7*$+%*26%)*$&7.%-2%&'(%/*.%'(%5#$$(7*&(6%-&%/-&'%&'(%7*&(+&%)+.5'#7#E-5*7%
$(+(*$5'%#2%'89*2%)($5()&-#2%#,%'-+%&-9(%!./+#%)#%*26%OP(/%Q##1R%)+.5'#7#E.S%
*+%/(77%*+%/-&'%&'(%&'(2J-2,78(2&-*7%3-(/+%#,%'-+%)'-7#+#)'($%,$-(26%T*$7%?#))($=%%
% "#$%*%2890($%#,%6(5*6(+%&'(%6(0*&(%*0#8&%;#90$-5'<+%0##1%'*+%9*-27.%
5#25(2&$*&(6%#2%-&+%)#+-&-#2%-2%&'(%/*3(%#,%587&8$*7%$(7*&-3-+9%&'*&%(3#73(6%
68$-2E%&'(%@ABC+%*26%5*9(%&#%6#9-2*&(%:2E7-+'J+)(*1-2E%+5'#7*$+'-)%-2%
+80+(U8(2&%6(5*6(+=V%W,%&'(%&#&*7-&.%#,%'89*2%)($5()&-#2%-+%)$(6(&($9-2(6%0.%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
@%L(+(*$5'%,#$%&'-+%)*)($%/*+%7*$E(7.%6#2(%68$-2E%&'(%&-9(%W%+)(2&%*&%&'(%!"#$%&'#$"()%&*"+'&,-,(."+/&%%*+%*%
$(5-)-(2&%#,%&'(%0*12-)'#$3-"+45*&6+7"/,+=%W%#/(%&'($(,#$(%+)(5-*7%E$*&-&86(%&#%&'(%N890#76&%"#826*&-#2D%
&'(%!"#$%&'#$"()%&*"+'&,-,(."+/&%%*+%/(77%*+%&#%9.%'#9(%-2+&-&8&-#2D%X2-&(5%W2+&-&8&(%#,%G(5'2#7#E.%,#$%&'(%
+8))#$&%&'*&%(2*07(6%9.!!"#$%"&%'()%*#"+),'-%.%(/0)%/12"%#),)30)4%56,(%()1*%/&4%)&,"6#/7)5)&'%8#"5%
!"#$%&'()&'*+,,-%#.'/%#0'*-+&12.'3$14%#"'5))"6$7-".'879%&':)")#)($;.'<#$0,=6'>?@#$.'AB&'*%2)C.'D%&'E7#0,7F7&'
*26%P-51%Y*2E/-77=%M.%+)(5-*7%E$*&-&86(%&#%T*$(2%Z-+(%,#$%'($%'(7)%/-&'%&'(%/$-&&(2%:2E7-+'%#,%&'-+%*$&-57(=%[%
9#$(%5#9)$('(2+-3(%6-+58++-#2%#,%&'(+(%*$E89(2&+D%)$(+(2&(6%-2%$(7*&-#2%&#%*$5'-&(5&8$*7%&'(#$.%5*2%0(%
,#826%-2%9.%,#$&'5#9-2E%0##1%8,+*%),#9$:-"$!"45,#/4#+D%\'*$7#&&(+3-77(H%X2-3($+-&.%#,%]-$E-2-*%?$(++D%>C@I=%%%
>%:$2+&%;#90$-5'D%!"#$%&'$())*+,-&;$!$<#*'9$-:$=+945-)-69$-:$=,4#-",%)$>/7"/+/&#%#,-&D%Q#26#2H%?'*-6#2%@ABC=%
I%:$-5'%L#&'*51($<+%<%#?$'/"$@/'/*#+%1A/,#$+&*&(6%&'*&%#27.%/'*&%-+%$(7(3*2&%*26%9(*2-2E,87%,#$%*%+)(5-,-5%
5#77(5&-3(%5*2%0(%)($5(-3(6%#$%-2&($)$(&(6H%O^($7(0&D%/*'$E(2#99(2D%*8+E(6(8&(&D%0(*$0(-&(&%826%
/#$&-2'*7&7-5'%6-,,($(2_-($&%/-$6%'/$:%4#-%28$%/*+%,`$%6-(%0(&$(,,(26(%;(9(-2+5'*,&%-2%-$E(26%(-2(9%a-22(%
0(6(8&+*9%826%0(7*2E3#77%/8$6(^<D%!:$-5'%L#&'*51($D%B*"$./&/%)-6,/$'/+$C/&+45,)45/&$@/D*++#+/,&+D%b#22H%
N=%b#83-($%8=%\#=D%]($7*ED%@ABBD%VVJVcD%VV=S%G'-+%3-(/%/*+%(26#$+(6%0.%&'(%*$&%'-+&#$-*2%K*E#0($&%"$(.D%/'#%
)'$*+(6%-&%0.%+*.-2E%&'*&%d#'2(%($7(0&(%b(6(8&82E%1(-2(%Z*'$2('982E<D%"$(.D%E*&+#D,++/&+45%:#),45/$
."*&':"%6/&;$="-)/6-1/&%$?*$/,&/"$E*&+#75,)-+-75,/D%]-(22*H%L=%M=%L#'$($%]($7*ED%@AVBD%II=%W2%"$(.<+%3-(/D%
0(5*8+(%#,%&(9)#$*7J(&'2-5%6(&($9-2-+9%!Od_(-&7-5'J3#71'*,&(2%b-2682E%6($%6*$+&(77(26(2%;(+&*7&82E%6(2%
a&#,,R=%"$(.D%."*&':"%6/&D%IISD%*%e*)*2(+(%*26%*2%:8$#)(*2%)($5(-3(%6-,,($(2&7.=%[%+-9-7*$%826($+&*26-2E%#,%
3-+8*7%)($5()&-#2%-+%&#%0(%,#826%-2%+(5&-#2+%@f%*26%I@%#,%M*$&-2%N(-6(EE($<+%</,&$*&'$B/,#!"#$%&'()'*"+,-"
P-(9(.($%]($7*ED%@AAID%B@Jg>%*26%@V>J@Vc=%N(-6(EE($%-2+-+&(6%&'*&%#8$%)$-9*$.%$(7*&-#2+'-)%/-&'%#0h(5&+%-+%
2#&%E$#826(6%)($5()&-#2D%08&%$*&'($%-2%5#2+-6($-2E%&'(9%*+%-2+&$89(2&+D%(U8-)9(2&=%[%'*99($%/(%8+(%9*.%
'*3(%)($5(-3*07(%)$#)($&-(+D%08&%&'(.%$(9*-2%822#&-5(6%82&-7%&'($(%-+%*%)$#07(9%/-&'%-&+%8+(F/'(2%&'(%
'*99($D%,#$%-2+&*25(D%9*.%2((6%&#%0(%$()*-$(6=%W2%#&'($%/#$6+D%+((-2E%-+%6($-3*&-3(%#,%826($+&*26-2E=%[%
E##6%+899*$.%#,%N(-6(EE($<+%3-(/+%#2%&'-+%&#)-5%-+%-2%N*$$-+#2%N*77D%OW2&(2&-#2*7-&.%*26%/#$76H%K-3-+-#2%W%#,%
@/,&6$%&'$F,1/R%-2%\'*$7(+%;8-E2#2D%F5/$G%12",'6/$G-17%&,-&$#-$0/,'/66/"D%\*90$-6E(H%\*90$-6E(%
X2-3($+-&.%?$(++D%@AAID%@>>J@VC=%
V!!"#$%$&'((%#)$"*$+,-&-$.-/%+-&$&--$0#%12"$34+#"5467$O[%K(,(25(%#,%Q-E'&=%:$2+&%;#90$-5'D%&'(%W22#5(2&%
:.(%*26%a((-2E%-2%?($+)(5&-3(RD%H-*"&%)$-:$!"#$0,+#-",-6"%759D%I%!>C@CS=%
% >%
*3*-7*07(%5#25()&+D%*+%;#90$-5'%*$E8(6D%*26%-,%5#25()&+%*$(%*5U8-$(6%*+%*%$(+87&%
#,%#2(<+%9(90($+'-)%#,%*%+)(5-,-5%587&8$(D%&'(2%'89*2%)($5()&-#2%'*+%&#%0(%
6(&($9-2(6%0.%#2(<+%9(90($+'-)%-2%&'(%5#77(5&-3(%&'*&%5#2+&-&8&(+%&'*&%587&8$(=%
"8$&'($%#2D%-,%2#%+(E9(2&%#,%)($5()&-#2%-+%587&8$(J-26()(26(2&D%-&%,#77#/+%&'*&%&'(%
&#&*7-&.%#,%)($5(-3(6%$(*7-&.%-+%587&8$*77.%5#2+&$85&(6=%;#90$-5'%*0'#$$(6%+85'%
5#77(5&-3-+&%*26%*2&-J$(*7-+&%-2&($)$(&*&-#2+%#,%'-+%0##1=f%P(3($&'(7(++D%+-25(%&'(%
0##1%5*9(%#8&%-2%&'(%+*9(%6(5*6(%*+%Z-77*$6%3*2%i$9*2%j8-2(k+%I-"'$%&'$
J2K/4#D%N*2+%;(#$E%;*6*9($<+%I%5"5/,#$*&'$C/#5-'/D%G'#9*+%T8'2k+%<#"*4#*"/$
-:$<4,/&#,:,4$>/L-)*#,-&+D%?(&($%b($E($<+%*26%G'#9*+%Q8519*22<+%<-4,%)$
G-&+#"*4#,-&$-:$>/%),#9$*26%P(7+#2%;##69*2k+%M%&6*%6/+$-:$!"#D%-&%/*+%#$-E-2*77.%
/-6(7.%$(*6%*+%)*$&%#,%&'(%+*9(%/*3(%#,%587&8$*7%6(&($9-2-+9=%W2%+80+(U8(2&%
6(5*6(+%;#90$-5'%9*6(%'8E(%(,,#$&+%&#%5#90*&%&'-+%-2&($)$(&*&-#2%#,%'-+%3-(/+=%
% Z'-7(%;#90$-5'%+&$#2E7.%$(7*&(6%'-+%3-(/+%&#%5#2&(9)#$*$.%+5-(2&-,-5%
&'(#$-(+%#,%3-+-#2D%+80+(U8(2&%+5'#7*$+'-)%'*+%9*6(%2#%*&&(9)&%&#%6-+58++%&'(%
-9)7-5*&-#2+%#,%7*&($%6(3(7#)9(2&+%-2%&'(%)+.5'#7#E.%*26%)'-7#+#)'.%#,%
)($5()&-#2%,#$%&'(%)#+-&-#2+%'(%*$&-587*&(6=%"-,&.%.(*$+%-+%*%3($.%7#2E%)($-#6%-2%&'(%
'-+&#$.%#,%&/(2&-(&'%5(2&8$.%+5-(25(=%W&%-+%'*$6%&#%-9*E-2(%&'*&%&'(%*++89)&-#2+%
#2%/'-5'%;#90$-5'%0*+(6%'-+%*$E89(2&+%,-,&.%.(*$+%*E#%*$(%,877.%5$(6-07(%-2%&'(%
+*9(%,#$9%&#6*.=%G'(%-2&(2&-#2%#,%&'-+%)*)($%-+%&#%*2*7.+(%;#90$-5'<+%3-(/+%*26%
*$E89(2&+%-2%&'(%5#2&(4&%#,%+80+(U8(2&%6(3(7#)9(2&+%-2%&'(%)'-7#+#)'.%*26%
)+.5'#7#E.%#,%)($5()&-#2=B%%
%
%
!
!
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
f%a((%!"#$%&'()*$+,#-.(/01-(.23$4(56.7189:$;-.0<<=>$&<&7#:-$?>-&@82:71:A*$0*1%&$!::%,"+%@A%!>CCAS%>IAJ>fC%
,#$%*%+899*$.%#,%;#90$-5'<+%*&&*51+%#2%5#77(5&-3-+&%'-+&#$-#E$*)'.=%"#$%*%6-+58++-#2%#,%&'(%*2&-J$(*7-+&%
-2&($)$(&*&-#2+%#,%!"#$%&'$())*+,-&D%+((%M8$$*.%T$-(E($D%OG'(%[90-E8-&-(+%#,%L()$(+(2&*&-#2%*26%W778+-#2H%[2%
:=%N=%;#90$-5'%L(&$#+)(5&-3(RD%G",#,4%)$(&N*,"9D%@@%!@AcVSD%@c@J@Af=%a((%*7+#%;#90$-5'<+%$(+)#2+(D%:$2+&%
;#90$-5'D%OL()$(+(2&*&-#2%*26%M-+$()$(+(2&*&-#2RD%G",#,4%)$(&N*,"9D%@@%!@AcVSD%@AfJ>C@D%@Af=%b.%&'(%@AcC+%
;#90$-5'%0(5*9(%*%&*$E(&%#,%+.+&(9*&-5%*&&*51+%0.%&'(%)$#)#2(2&+%#,%587&8$*7J6(&($9-2-+&%*26%*2&-J$(*7-+&%
#$&'#6#4.=%a((%,#$%-2+&*25(%P#$9*2%b$.+#2D%8,+,-&$%&'$=%,&#,&6;$F5/$M-6,4$-:$#5/$.%?/D%Q#26#2H%M*59-77*2%
@Acfl%e#+()'%M*+'(51D%O<[70($&-k+%dZ-26#/<H%[$&JN-+&#$-#E$*)'-5%P#&(+%#2%*2%[2&-9#6($2-+&%M-+)$-+-#2RD%!"#$
H-*"&%)D%fC%!@AA@SD%IVJV@=%;#90$-5'<+%-$$-&*&-#2%5*2%0(%,(7&%-2%'-+%?$(,*5(%&#%&'(%>CCC%$()$-2&%#,%!"#$%&'$
())*+,-&D%?$-25(&#2H%?$-25(&#2%X2-3($+-&.%?$(++D%>CCCD%@=%"#$%*2%*2*7.+-+%#,%;#90$-5'<+%6(0*&(+%/-&'%*2&-J
$(*7-+&+%*26%587&8$*7%5#2+&$85&-3-+&+D%+((%*7+#%K*3-6%b7-26($H%OG'(%\#2&$#3($+.%#3($%\#23(2&-#2*7-+9RD%F5/$
H-*"&%)$-:$!/+#5/#,4+$%&'$!"#$G",#,4,+1!"#$"%$&'()!"*+(J!"#$%&'(%)*+,-.*/$%0[%K(,(25(%#,%Q-E'&R=$%%
B%W&%-+%$(9*$1*07(%'#/%7-&&7(%/#$1%'*+%0((2%6#2(%#2%&'(%-9)7-5*&-#2+%#,%&'(%5#2&(9)#$*$.%&'(#$-(+%#,%3-+-#2%
,#$%&'(%9(&'#6#7#E.%#,%*$&%'-+&#$.=%\#2+(U8(2&7.D%&'(%$(J(3*78*&-#2+%#,%;#90$-5'<+%)#+-&-#2+%,$#9%&'(%)#-2&%
#,%3-(/%#,%5#2&(9)#$*$.%)+.5'#7#E-5*7%$(+(*$5'%*$(%*7+#%3($.%$*$(=%i2(%-9)#$&*2&%(45()&-#2%-+%Q*6-+7*3%
T(+2($<+%*$&-57(%O;#90$-5'%*26%&'(%)$#07(9%#,%&'(%L(7*&-3-&.%#,%]-+-#2RD%0*1%&$!::%,"+%@A%!>CCASD%>BBJ>gI=%
T(+2($%+8EE(+&+%&'*&%2(/%$(+(*$5'%9*.%+((9%&#%+8))#$&%&'(%'-+&#$-5-&.%#,%3-+-#2D%&'#8E'%-&%9*.%0(%&##%(*$7.%
&#%6$*/%6(,-2-&(%5#2578+-#2+=%W2%&'-+%)*)($%W%)$(+(2&%*%6-,,($(2&%)($+)(5&-3(!&'*&%$(+(*$5'%#2%2#2J
5#25()&8*7%5#2&(2&%*26%&'(%-9)(2(&$*0-7-&.%#,%(*$7.%3-+-#2%9*1(%&'(%0(7-(,%-2%&'(%'-+&#$-5-&.%#,%3-+-#2%
#0+#7(&(=%G'(%*))*$(2&%6-+*E$((9(2&%0(&/((2%9.%*26%T(+2($<+%)*)($%6($-3(+%,$#9%&'(%,*5&%&'*&%&'(.%
)($&*-2%&#%6-,,($(2&%$(*79+%#,%)+.5'#7#E-5*7%$(+(*$5'H%W%6-+58++%&'(%5#2+&-&8&-#2%#,%3-+8*7J+)*&-*7%(4)($-(25(%
/'-7(%T(+2($<+%-2&($(+&+%5#25(2&$*&(%#2%-&+%5#25()&8*7-+*&-#2%#,%3-+8*7%(4)($-(25(=%W&%+'#876%0(%2#&(6%&'*&%]=%
a=%L*9*5'*6$*2<+%*26%Z-77-*9%N-$+&(-2<+%*$&-57(%OG'(%a5-(25(%#,%[$&=%[%P(8$#7#E-5*7%G'(#$.%#,%[(+&'(&-5%
:4)($-(25(RD%H-*"&%)$-:$G-&+4,-*+&/++$<#*',/+D%B%!@AAASD%@fJf@%9*-27.%5#25(2&$*&(+%#2%&'(%(4)7*2*&-#2%#,%
$(5#E2-&-#2%-2%6(*7-2E%/-&'%*$&/#$1+l%/'-7(%&'(%*8&'#$+%#,%*2#&'($%*$&-57(%5-&(6%0.%T(+2($%*5&8*77.%*69-&%
&'*&%&'(-$%,-26-2E+%)($&*-2%&#%)#+&)($5()&8*7%)$#5(++(+%![2E(7*%N=%;8&5'(++D%L#0($&%L=%Z(7+'D%[.+(5*2%
b#68$#E78D%K(2-+(%\=%?*$1D%O\87&8$*7%6-,,($(25(+%-2%2(8$*7%,825&-#2%*++#5-*&(6%/-&'%#0h(5&%)$#5(++-2ERD%
G-6&,#,L/O$!::/4#,L/$P$@/5%L,-"%)$Q/*"-+4,/&4/D%B%!>CCBSD%@C>J@CAD%@Cg=%"#$%*%/-6($%)($+)(5&-3(%+((%K*3-6%
"$((60($ED%O:9)*&'.D%M#3(9(2&%*26%:9#&-#2RD%"$*2_-+1*%P#$-%*26%9*$&-2%a&(-2'#,,%!(6+SD%<,+#/1,$R1-#,L,;$
!"#,+#,$4-&#/17-"%&/,$#%$/1-?,-&/$/$"%6,-&/;$R1-#,-&%)$+9+#/1+;$G-&#/17-"%"9$!"#$2/#D//&$R1-#,-&$%&'$
>/%+-&D%M-7*2H%a-73*2*%:6-&#$-*7(D%>CCgD%IcJB@=%
% I%
#889:;8:;!9<!=>;!+?;%
[$E8*07.D%&'(%5#99#2J+(2+(%3-(/%#,%'89*2%3-+8*7-&.%-+%&'*&%#2(%,-$+&%)($5(-3(+%
&'-2E+%*26%#27.%&'(2%57*++-,-(+%&'*&%/'-5'%#2(%'*+%+((2H%7-E'&%$(,7(5&(6%,$#9%*2%
#0h(5&%,-$+&%$(*5'(+%9.%(.(+%*26%W%)($5(-3(%&'(%#0h(5&l%9.%0$*-2%&'(2%)$#5(++(+%
&'-+%)($5()&%*26%W%$(5#E2-+(%&'*&%W%*9%)($5(-3-2E%*%5'*-$=%[55#$6-2E%&#%&'-+%3-(/D%
5#25()&8*7-+*&-#2%!57*++-,-5*&-#2S%,#77#/+%)($5()&-#2H%.#8%2((6%&#%+((%,-$+&%-2%
#$6($%&#%E$*+)%/'*&%.#8%'*3(%+((2=%g%L(,8&-2E%&'-+%3-(/%-2%&'(%$(*79%#,%*$&%'-+&#$.%
/*+%&'(%5(2&$*7%*-9%#,%;#90$-5'<+%!"#$%&'$())*+,-&=%c%W2%;#90$-5'<+%3-(/D%-&%-+%
/$#2E%&#%5#25(-3(%#,%)($5()&-#2%*+%*%)*++-3(%)$#5(++D%$(E-+&$*&-#2%#,%6*&*%0.%&'(%
$(&-2*=%!@g>S%?8$(%)*++-3(%)($5()&-#2%-+%+-9)7.%2#&%)#++-07(%,#$%&'(%'89*2%9-26%
*26%+((-2E%-+%2(3($%9($(7.%$(E-+&($-2E=%!>AgS%?($5()&-#2%-+%*2%*5&-3(%)$#5(++D%
5#26-&-#2(6%0.%#8$%(4)(5&*&-#2+l%-&%5*2%0(%6(+5$-0(6%*+%&'(%9#6-,-5*&-#2%#,%
*2&-5-)*&-#2F-&%-+%2(3($%-26()(26(2&%#,%#8$%(4)(5&*&-#2+=%!@g>D%>>cD%>AcS%OG#%
+((%-+%*7/*.+%&#%+((%d+#9(&'-2E%#8&%&'($(<=R%!>BCS%;#90$-5'<+%&'(+-+%&'*&%&'($(%-+%
2#%-22#5(2&%(.(%&'8+%-9)7-(+%&'*&%%))%#,%#8$%3-+8*7%(4)($-(25(%-+%%)D%9+%
6(&($9-2(6%0.%#8$%5*)*5-&.%&#%5#25()&8*7-+(%&'(%5#2&(2&+%#,%#8$%)($5()&-#2F
#&'($/-+(%'(%/#876%'*3(%&#%*69-&%&'*&%'89*2%3-+8*7-&.%-+%*&%7(*+&%+#9(&-9(+%
5*)*07(%#,%)*++-3(%$(5()&-#2=%
% G'(%+*9(%826($+&*26-2E%#,%'89*2%3-+8*7-&.%-+%&#%0(%,#826%-2%;#90$-5'<+%
/$-&-2E+%-2%7*&($%6(5*6(+=%W2%&'(%W2&$#685&-#2%&#%'-+%@AgA%0##1%F5/$</&+/$-:$J"'/"%
'(%(4)7*-2+%&'*&%&'($(%-+%2#%2(*&%)($5()&-#2%*26%&'*&%#8$%5#E2-&-3(%*))*$*&8+%
)7*5(+%+&-987-%-2%)$(*$$*2E(6%+7#&+=A%G'(%#$E*2-+*&-#2%#,%&'(+(%+7#&+%-+%2(-&'($%
-20#$2%2#$%$(E87*$=%W2%&'(%@AgV%(++*.%OM-$$#$%*26%&'(%M*)R%'(%(4)7-5-&7.%+&*&(+%
&'*&%O&'($(%-+%2#%,-4(6%5#$$(7*&-#2%0(&/((2%&'(%#)&-5*7%/#$76%*26%&'(%/#$76%#,%#8$%
3-+8*7%(4)($-(25(=%^%G'($(%-+%&'(%-2,78(25(%#,%)*+&%(4)($-(25(%*26%#,%
(4)(5&*&-#2+D%&'(%3*$-*07(+%#,%-2&($(+&D%d9(2&*7%+(&<%*26%*7($&2(++D%2#&%&#%+)(*1%#,%
3*$-*&-#2+%-2%&'(%#0+($3($<+%)'.+-#7#E-5*7%(U8-)9(2&%*26%-2%&'(%*6h8+&9(2&%#,%&'(%
)($5()&8*7%+.+&(9%&#%5'*2E-2E%5#26-&-#2+R=@C%Oa((-2ED%7-1(%$()$(+(2&-2ED%-+%*%
&$*2+-&-3(%3($0%*26%6(9*26+%*2%#0h(5&=R%!@cCS%a-9-7*$7.D%-2%&'(%@Agc%(++*.%
OW9*E(%*26%\#6(R%'(%$(*,,-$9+%&'(%3-(/%&'*&%O&#%)($5(-3(%-+%&#%5*&(E#$-_(D%#$%
57*++-,.R=@@%% %
% ;#90$-5'%,#$987*&(6%'-+%3-(/+%#2%3-+8*7-&.%7*$E(7.%826($%&'(%-2,78(25(%#,%
'-+%)'-7#+#)'($%,$-(26%T*$7%?#))($=%?#))($%5#25(-3(6%#,%)($5()&-#2%*+%
5#9)*$*07(%&#%&'(%+5-(2&-,-5%*5U8-+-&-#2%#,%12#/7(6E(H%'.)#&'(+(+%)$(5(6(%
#0+($3*&-#2+%*26%O-&%-+%&'$#8E'%&'(%,*7+-,-5*&-#2%#,%#8$%+8))#+-&-#2+%&'*&%/(%
*5&8*77.%E(&%-2%&#85'%/-&'%d$(*7-&.<=R@>%W2%&'(%#)(2-2E%+(5&-#2%#,%!"#$%&'$())*+,-&$
;#90$-5'%$()#$&+%&'*&%?#))($%6800(6%&'(%-6(*%&'*&%)($5()&-#2%)$(5(6(+%
5#25()&8*7-+*&-#2%O&'(%0851(&%&'(#$.%#,%9-26R=%!>cS%a(2+(J6*&*D%82&'(#$(&-5*7%
-&(9+%#,%-2,#$9*&-#2%5*22#&%(4-+&D%?#))($%-2+-+&(6l%#8$%)($5()&-#2%-+%*7/*.+%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
g%G'(%826($+&*26-2E%#,%5#25()&+%*+%9(2&*7%$()$(+(2&*&-#2+%&'*&%(25#6(%57*++-,-5*&#$.%5$-&($-*%-+%&.)-5*77.%
$(,($$(6%&#%*+%&'(%O57*++-5*7%&'(#$.%#,%5#25()&+R=%a((%,#$%-2+&*25(%a&()'(2%Q*8$(25(%*26%:$-5%M*$E#7-+D%
O\#25()&+%*26%\#E2-&-3(%a5-(25(RD%-2%Q*8$(25(%*26%M*$E#7-+%!(6+=SD%G-&4/7#+D%\*90$-6E(D%M*++=H%G'(%MWG%
?$(++D%@AAAD%IJc>D%(+)=%AJ@V=%%
c!!""#$%"#&''"()*+#$,#-*$.,/*01#2&#3"4"(5"#,4#6*7%$81#4,.#9#:;./"<#,4#=,>?.*5%@:#:$9$">"($:#9?,;$#$%"#
O-22#5(25(%#,%&'(%(.(R=%%
A%:$2+&%;#90$-5'D%F5/$</&+/$-:$J"'/";$!$+#*'9$,&$#5/$=+945-)-69$-:$S/4-"%#,L/$!"#D%i4,#$6H%?'*-6#2D%@AgAD%V=%
@C%:$2+&%;#90$-5'D%OM-$$#$%*26%&'(%M*)H%G'(#$-(+%#,%?-5&#$-*7%L()$(+(2&*&-#2RD%5-&(6%*55#$6-2E%&#%:$2+&%
;#90$-5'D%F5/$(1%6/$%&'$#5/$R9/D%Q#26#2H%?'*-6#2%b##1+D%W&'*5*D%@Ac>D%@g>J>@VD%@gg=%
@@%:$2+&%;#90$-5'D%OW9*E(%*26%\#6(=%a5#)(%*26%Q-9-&+%#,%\#23(2&-#2*7-+9%-2%?-5&#$-*7%L()$(+(2&*&-#2RD%5-&(6%
*55#$6-2E%&#%:$2+&%;#90$-5'%F5/$(1%6/$%&'$#5/$R9/D%>gcJ>AgD%>cB=%
@>%T*$7%L=%?#))($D%J2K/4#,L/$E&-D)/'6/D%!&$RL-)*#,-&%"9$!77"-%45D%i4,#$6H%\7*$(6#2%@Ag>D%IBC=%
% V%
0*+(6%#2%&'(#$-(+D%+#9(%#,%/'-5'%*$(%(3(2%-25#$)#$*&(6%-2%#8$%)'.+-#7#E.=%[%
+(2+(J#$E*2D%'(%+*.+D%-+%5#9)*$*07(%&#%*%&'(#$.l%-&%-+%-9)#++-07(%&#%+()*$*&(%
#0+($3*&-#2%,$#9%&'(%&'(#$(&-5*7%(7(9(2&+%#,%-2&($)$(&*&-#2=@I%% %
% [2#&'($%-9)#$&*2&%+#8$5(%#,%-2,78(25(%#2%;#90$-5'%/*+%5#2&(9)#$*$.%
)+.5'#7#E-5*7%$(+(*$5'=@V%W2%&'(%W2&$#685&-#2%&#%F5/$</&+/$-:$J"'/"D%'(%E*3(%5$(6-&%
&#%./+#%)#%)+.5'#7#E-+&+%,#$%0(-2E%&'(%,-$+&%&#%#))#+(%&'(%826($+&*26-2E%#,%
)($5()&-#2%*+%&'(%)*++-3(%$(E-+&$*&-#2%#,%+&-987-=@f%N(%/*+%*7+#%*58&(7.%*/*$(%#,%
58$$(2&%&$(26+%-2%&'(%9#+&%$(5(2&%)+.5'#7#E-5*7%$(+(*$5'%#,%'-+%&-9(=%!"#$%&'$
())*+,-&$/*+%/$-&&(2%-2%&'(%'(.6*.%#,%OP(/%Q##1R%)+.5'#7#E.=%G'-+%+&$(*9%#,%
)+.5'#7#E-5*7%$(+(*$5'%+&*$&(6%-2%@AVg%/'(2%e($#9(%b$82($%(+&*07-+'(6%-2%'-+%
(4)($-9(2&+%&'*&%&'(%3*78(%/'-5'%)(#)7(%*++#5-*&(%/-&'%)'.+-5*7%#0h(5&+%*,,(5&+%
&'(-$%)($5()&-#2%#,%&'(%+-_(%#,%&'(+(%#0h(5&+D%/'-7(%&'(%)($5()&-#2%#,%82(4)(5&(6%
#0h(5&+%!(=E=%2#2J+&*26*$6%)7*.-2E%5*$6%+85'%*+%*%07*51%&'$((%#,%'(*$&+%#$%*%$(6%
&/#%#,%+)*6(+S%$(U8-$(+%985'%9#$(%&-9(%&'*2%&'(2%&'(%)($5()&-#2%#,%(4)(5&(6%
#0h(5&+=@B%K8$-2E%&'(%@AfC+D%b$82($<+%(4)($-9(2&+%+&-987*&(6%*%/*3(%#,%+-9-7*$%
$(+(*$5'%*0#8&%&'(%-9)*5&%#,%#8$%0(7-(,+%*26%(4)(5&*&-#2+%#2%)($5()&-#2F*%
&$(26%&'*&%5*9(%&#%0(%12#/2%*+%OP(/%Q##1R%)+.5'#7#E.=%[+%W*2%;#$6#2%#0+($3(6D%
)+.5'#7#E-5*7%7-&($*&8$(%#,%&'(%@AfC+%O*0#826+%-2%(4*9)7(+%#,%)($5()&-#2%0(-2E%
&$-51(6%-2%/*.+%/'-5'%$(3(*7%&'(%-23#73(9(2&%#,%12#/7(6E(D%(4)($-(25(%*26%
,*9-7-*$-&.^%?807-5*&-#2+%#,%&'(%&-9(%6(+5$-0(%#667.J+'*)(6%$##9+%/'-5'%*))(*$%
2#$9*7%/'(2%3-(/(6%&'$#8E'%)(()J'#7(+D%)-5&8$(+%*26%,-E8$(+%/'-5'%*$(%6-,,-587&%
-,%2#&%-9)#++-07(%&#%6(5-)'($%/-&'#8&%3($0*7%'-2&+D%6(7*.+%-2%$(5#E2-+-2E%0$-(,7.%
(4)#+(6%/#$6+%/'(2%&'(+(%*$(%&'$(*&(2-2E%#$%&*0##D%*26%#,%5#8$+(D%9*2.%
-778+-#2+=%a'#/-2E%&'(%9*77(*07(%*26%3872($*07(%*+)(5&+%#,%)($5()&-#2%826($%
7*0#$*&#$.%5#26-&-#2+%-25$(*+(6%&'(%0(7-(,%&'*&%&'-+%/*+%'#/%)($5()&-#2%98+&%0(%
*77%&'(%&-9(=R@g%%
% G'(%57*-9%&'*&%&'(%)($5()&-#2%#,%#0h(5&+%-+%-2+()*$*07(%,$#9%&'(-$%
5#25()&8*7%57*++-,-5*&-#2%$(7-(+%#2%&'(%$(*+#2*07(%*++89)&-#2%&'*&%/(%6#%2#&%
)($5(-3(%&'(%*5&8*7%-9*E(%&'*&%&'(%7-E'&%$*.+%)$#685(%#2%#8$%$(&-2*+=%G'(%$(&-2*7%
-9*E(%-&+(7,%-+%5($&*-27.%-26()(26(2&%#,%#8$%12#/7(6E(F-&%-+%5$(*&(6%0.%&'(%7-E'&%
$*.+%&'*&%$(*5'%&'(%$(&-2*%,$#9%&'(%#0h(5&=%N#/(3($D%+80+&*2&-*7%9(2&*7%
)$#5(++-2E%-+%2(5(++*$.%-2%#$6($%&#%5#23($&%&'(%7-E'&%+&-987*&-#2%#,%&'(%$(&-2*%-2&#%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
@I%T*$7%L=%?#))($H%OW+%&'($(%*2%()-+&(9#7#E-5*7%)$#07(9%#,%)($5()&-#2R%-2%W9$(%Q*1*&#+%*26%[7*2%M8+E$*3(%
!(6+=SD%="-2)/1+$,&$#5/$=5,)-+-759$-:$<4,/&4/;$="-4//',&6+$-:$#5/$(&#/"&%#,-&%)$G-))-N*,*1$,&$#5/$=5,)-+-759$-:$
<4,/&4/O$M-&'-&$TUVWO%3#7=%ID%[9+&($6*9H%P#$&'JN#77*26%?807-+'-2E%\#9)*2.D%@ABcD%@BIJ@BV=%
@V%"#$%6-+58++-#2+%#,%;#90$-5'<+%$(7*&-#2+'-)%/-&'%5#2&(9)#$*$.%)+.5'#7#E-5*7%&'(#$-(+D%+((%L-5'*$6%
Z##6,-(76%!(6=SH%.-12",45$-&$!"#$%&'$=+945-)-69D%M*25'(+&($H%M*25'(+&($%X2-3($+-&.%?$(++D%@AAB=%
@f%;#90$-5'D%F5/$</&+/$-:$J"'/"D%V=%"#$%;#90$-5'%*26%;(+&*7&%)+.5'#7#E.%+((%*7+#%L-5'*$6%Z##6,-(76D%
OW2&$#685&-#2%&#%&'(%6(0*&(RD%'&&)Hmm///=E#90$-5'=5#=81m6-+)8&(=)')%%
@B%G'(%,-$+&%#,%&'(+(%(4)($-9(2&+%-+%6(+5$-0(6%-2%e($#9(%b$82($%*26%\(5-7(%\=%;##69*2D%O]*78(%*26%P((6%*+%
i$E*2-_-2E%"*5&#$+%-2%?($5()&-#2RD%H-*"&%)$-:$!2&-"1%)$%&'$<-4,%)$=+945-)-69D%V>%!@AVgSD%IIJVV=%b$82($%*26%
;##69*2%*+1(6%+5'##7%5'-76$(2%&#%*6h8+&%*2%-$-+J&.)(%#)(2-2E%#2%*%9(5'*2-5*7%6(3-5(%&#%&'(%+-_(%#,%5#-2+=%
G'(%5'-76$(2%+80+&*2&-*77.%#3($(+&-9*&(6%&'(%+-_(%#,%5#-2+F-2%&'(%5*+(%#,%&'(%U8*$&($J6#77*$%5#-2%0.%Ifn%#2%
*3($*E(=%W&%&8$2(6%#8&%&'*&%&'(%+#5-*7%0*51E$#826%#,%&'(%5'-76$(2%*,,(5&(6%&'(-$%$(+)#2+(+H%&'(%5'-76$(2%,$#9%
7(++%*,,78(2&%0*51E$#826%#3($(+&-9*&(6%&'(%+-_(%#,%5#-2+%0.%&/-5(%*+%985'%*+%&'#+(%,$#9%*,,78(2&%
0*51E$#826=%![%+()*$*&(D%O5#2&$#7RD%E$#8)%#,%5'-76$(2%/($(%*+1(6%&#%6#%&'(%+*9(%/-&'%E$*.%5*$60#*$6%6-+1+%
#,%&'(%+*9(%+-_(%*+%5#-2+l%&'(+(%5'-76$(2%)($,#$9(6%&'(-$%&*+1%/-&'%3($.%E##6%*558$*5.=S%"#$%&'(%+(5#26%
(4)($-9(2&%+((%e($#9(%b$82($%*26%Q(#%?#+&9*2D%Oi2%&'(%?($5()&-#2%#,%W25#2E$8-&.H%[%?*$*6-E9RD%H-*"&%)$-:$
=/"+-&%),#9D%@c%!@AVASD%>CBJ>>I=%W2%&'-+%(4)($-9(2&%b$82($%*26%?#+&9*2%+'#/(6%)7*.-2E%5*$6+%&#%&'(-$%
+80h(5&+F+#9(%8+8*7%#2(+D%+85'%*+%,-3(%#,%'(*$&+D%#&'($+%2#2J+&*26*$6D%+85'%*+%*%07*51%&'$((%#,%'(*$&+=%G'(%
$(+87&%/*+%&'*&%&'(%$(5#E2-&-#2%#,%2#2J+&*26*$6%)7*.-2E%5*$6+%&##1%*0#8&%&'$((%&-9(+%*+%985'%&-9(%*+%&'(%
$(5#E2-&-#2%#,%&'(%+&*26*$6%#2(+=%
@g%W*2%;#$6#2H%O;#90$-5'%*26%&'(%)+.5'#7#E.%#,%3-+8*7%)($5()&-#2RD%-2%Z##6,-(76$!(6=SD%.-12",45$-&$!"#$%&'$
=+945-)-69D%BCJggD%B>=%
% f%
&'(%)'(2#9(2*7%-9*E(%&'*&%/(%)($5(-3(=%[,&($%*77D%&'(%-9*E(%#2%&'(%$(&-2*%-+%
8)+-6(%6#/2%*26D%+-25(%9#+&%)(#)7(%'*3(%&/#%,825&-#2-2E%(.(+D%&'($(%*$(%&/#%
-9*E(+=%b8&%/(%6#%2#&%+((%&'-2E+%8)+-6(%6#/2%*26%/(%+((%#27.%#2(%-9*E(F
5#2+(U8(2&7.D%#8$%5#E2-&-3(%*))*$*&8+%5*22#&%0(%9($(7.%$()$#685-2E%&'(%$(&-2*7%
-9*E(+=@c%?$#)#2(2&+%#,%&'(%-6(*%&'*&%&'($(%-+%2#%-22#5(2&%(.(D%&'*&%+((-2E%-+%
-2+()*$*07(%,$#9%57*++-,-5*&-#2%!5#25()&8*7-+*&-#2SD%8+(%&'-+%,*5&%&#%*$E8(%&'*&%&'(%
9(2&*7%)$#5(++(+%/'-5'%5#2+&-&8&(%#8$%3-+8*7%(4)($-(25(%*$(%&'#$#8E'7.%
+&$85&8$(6%-2%*55#$6*25(%/-&'%#8$%5#25()&8*7%,$*9(/#$1+=%G'(%-6(*%-+%&'*&%&'(%
5#2+&$85&-#2%#,%3-+8*7%(4)($-(25(%-+%&'#$#8E'7.%)($9(*&(6%0.%#8$%5#25()&8*7%
&'-21-2E=%G'(%57*-9%&'*&%O+((-2ER%-+%*7/*.+%O+((-2E%+#9(&'-2ER%!#$%O+((-2E%*+RS%
9(*2+%&'*&%/(%5*2%#27.%+((%/'*&%/(%5*2%57*++-,.%!5#25()&8*7-+(S=%W2%&'(%/#$6+%#,%
&'(%)'-7#+#)'($%M*$4%Z*$&#,+1.D%-&%-+%2#&%&'*&%O-2%#$6($%&#%'-&%.#8D%W%98+&%0(%*07(%
&#%+((%.#8R%08&%$*&'($D%O-,%W%+((%.#8D%-&%-+%0(5*8+(%W%/*2&%&#%'-&%.#8R=@A%%
% G'(%3-(/%&'*&%)($5()&-#2%-+%-2+()*$*07(%,$#9%57*++-,-5*&-#2%-+%2(3($&'(7(++%
2#&%)'-7#+#)'-5*77.%82)$#07(9*&-5=%K(5*6(+%0(,#$(%;#90$-5'D%#$%P(/%Q##1%
)+.5'#7#E-+&+D%:69826%N8++($7%'*6%/*$2(6%&'*&%+85'%*%)#+-&-#2%(26+%8)%-2%
-2,-2-&(%$(E$(++=>C%N8++($7<+%)#-2&%/*+%&'*&%-,%#2(%5*22#&%)($5(-3(%*%/'-&(%0*77%
/-&'#8&%57*++-,.-2E%-&%*+%*%/'-&(%0*77D%&'(2%*%/'-&(%0*77%-+%)($5(-3(6%#27.%-2+#,*$%*+%
-&%-+%+-9-7*$%&#%*2#&'($%/'-&(%0*77=%G'-+%*9#82&+%&#%+*.-2E%&'*&%#2(%6#(+%2#&%
)($5(-3(%+)(5-,-5%&'-2E+%!)$#)($&-(+SD%08&%$*&'($%&'(-$%+,1,)%",#9%&#%#&'($%&'-2E+%
*26%)$#)($&-(+=%b8&%&'(2%#2(%'*+%&#%+*.%&'*&%+85'%+-9-7*$-&-(+%&'(9+(73(+%*$(%
)($5(-3(6%#27.%-2+#,*$%*+%+-9-7*$%&#%#&'($%+-9-7*$-&-(+l%*26%&#%)($5(-3(%&'(+(%
,8$&'($%+-9-7*$-&-(+%#2(%2((6+%&#%)($5(-3(%&'(-$%+-9-7*$-&.%/-&'%#&'($%+-9-7*$-&-(+D%
*26%+#%#2%%'$,&:,&,#*1=%% %
%
%
&@ABCDB=B;E!9<!6;FEG;:=BH;!
W&%/*+D%'#/(3($D%2#&%N8++($7<+%,-2(7.%&82(6%*$E89(2&+D%08&%&'(%*2&-J$(*7-+&%
-9)7-5*&-#2+%#,%&'(%3-(/%&'*&%&'($(%-+%2#%-22#5(2&%(.(%&'*&%'*82&(6%;#90$-5'%,#$%
6(5*6(+%*,&($%&'(%)807-5*&-#2%#,%!"#$%&'$())*+,-&=%W,%#2(%5*2%)($5(-3(%&'-2E+%#27.%
0(5*8+(%#2(%57*++-,-(+%&'(9%-2%*%5($&*-2%/*.D%&'(2%-&%-+%-9)#++-07(%&#%+*.%&'*&%
/'(2%)($5(-3-2E%(=E=%*%$(6%*26%*%078(%5-$57(D%#2(%)($5(-3(+%&'(9%*+%6-,,($(2&%
0(5*8+(%#2(%+((+%&'(-$%-26-3-68*7%5#7#8$+%*26%&'(2%57*++-,-(+%#2(%#,%&'(9%*+%078(%
*26%*2#&'($%*+%$(6=%L*&'($D%#2(%+((+%&'(%078(%5-$57(%*+%078(%*26%&'(%$(6%5-$57(%*+%
$(6%2/4%*+/$#2(%57*++-,-(+%&'(9%*+%+85'=%b8&%-,%/(%&'(2%*+1%D59%#2(%57*++-,-(+%
&'-2E+%*+%$(6%*26%078(%-&%&8$2+%#8&%&'*&%&'-+%57*++-,-5*&-#2%'*+%&#%0(%/,#5/"%
*0+#78&(7.%$*26#9%-"%0*+(6%#2%+#9(%)$#)($&-(+%#,%&'(+(%&'-2E+%!(=E=%&'(.%$(,7(5&%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
@c%a-9-7*$7.D%*7&'#8E'%&'(%*$(*%#,%&'(%$(&-2*%/'($(%#)&-5%2($3(%7(*3(+%&'(%(.(%5#2&*-2+%2#%$(5()&#$%5(77+D%/(%
6#%2#&%+((%*%07*51%'#7(%-2%&'(%*$(*%#,%&'-+%07-26%+)#&l%&'(%0$*-2%:,))+$,&%#8$%3-+8*7%(4)($-(25(F-&%9*1(+%
E8(++(+%#2%&'(%0*+-+%#,%/'*&%-+%+((2%-2%&'(%*$(*+%2(-E'0#8$-2E%&#%&'#+(%#,%&'(%07-26%+)#&=%!a((%M*8$-5(%
N($+'(2+#2D%8,+*%)$<7%4/$=/"4/7#,-&D%\*90$-6E(H%MWG%?$(++D%@AAA=%>AJgI=S%"8$&'($%#2D%*7&'#8E'%/(%*$(%2#&%
*/*$(%#,%-&D%#8$%(.(+%*$(%2(3($%+&*E2*2&F&'(.%9#3(%-2%$*)-6%9#3(9(2&+%5*77(6%+%44%'/+%&'*&%&*1(%0(&/((2%
*%&/#J'826$(6&'%*26%*%&/(7,&'%#,%*%+(5#26=%b(&/((2%&'(%+*55*6(+%&'(%(.(%)*8+(+%,#$%*%+9*77%)*$&%#,%*%+(5#26%
*26%&'(2%h89)+%#2%*2#&'($%+*55*6(=%G'(%(.(%-+%07-26%68$-2E%+*55*6-5%9#3(9(2&+%*26%/'*&%/(%+((D%/(%+((%-2%
&'(%9#9(2&+%0(&/((2%&'(9=%Z'-7(%#8$%)'(2#9(2*7%3-+-#2%-+%5#2&-28#8+D%-&%5#2+-+&+%#,%6-+h#-2&(6%+2*)+'#&+%
&'*&%&'(%0$*-2%)8&+%&#E(&'($%*&%'-E'%+)((6=%!"#$%*2%-2&($(+&-2E%*55#82&%#,%(4)($-9(2&+%/-&'%+*55*6-5%
9#3(9(2&+%+((%e#'2%;$-9(+D%Oi2%&'(%,*-78$(%&#%K(&(5&%\'*2E(+%-2%a5(2(+%*5$#++%a*55*6(+R%-2%T*&'7((2%[1-2+%
!(6=SH%=/"4/7#,-&%P(/%o#$1H%i4,#$6%X2-3($+-&.%?$(++D%@AABD%cAJ@I@=S%%
@A%M*$4%Z*$&#,+1.D%O?($5()&-#2D%L()$(+(2&*&-#2%*26%&'(%"#$9+%#,%[5&-#2H%G#/*$6+%*2%N-+&#$-5*7%
:)-+&(9#7#E.R%-2%Z*$&#,+1.D%C-'/)+D%@ccJ>@CD%@Af=%
>C%:69826%N8++($7D%M-6,+45/$X&#/"+*45*&6/&O$!0*++/"),%&%%3#7=%pWpm@SD%G'(%N*E8(H%M*$&-28+%P-h'#,,D%@AcVD%
@AgJ>CgD%(+)=%>CCJ>C@=%%
% B%
7-E'&%#,%5($&*-2%,$(U8(25.D%/'-5'%-+%)($5(-3(6%*+%5#7#8$S=%N#/(3($D%-,%&'(%
57*++-,-5*&-#2%#,%#0h(5&+%6()(26(6%#2%&'(%)$#)($&-(+%&'(.%)#++(++D%#2(%/#876%
'*3(%&#%)($5(-3(%&'(+(%)$#)($&-(+%2/:-"/%*26%,&'/7/&'/&#)9$-:%57*++-,-5*&-#2=%G'(%
*++89)&-#2%&'*&%&'($(%-+%2#%-22#5(2&%(.(D%&'*&%)($5()&-#2%5*22#&%0(%+()*$*&(6%
,$#9%57*++-,-5*&-#2%)$(5-+(7.%*++($&+%&'*&%&'-+%-+%-9)#++-07(=%b8&%&'(2%/(%'*3(%&#%
5#25786(%&'*&%#8$%)($5()&-#2%#,%&'-2E+%-2%&'(%$(*7%/#$76%-+%-26()(26(2&%#,%*2.%
)$#)($&-(+%#,%&'(+(%&'-2E+=%G'(%/*.%&'-2E+%*$(%-+%&'(2%8&&($7.%-$$(7(3*2&%,#$%&'(%
/*.%/(%+((%&'(9=%"#$%&'(%)$#)#2(2&+%#,%587&8$*7%5#2+&$85&-3-+9%&'*&%5*9(%&#%
6#9-2*&(%&'(%'89*2-&-(+%-2%&'(%,-2*7%6(5*6(+%#,%&'(%&/(2&-(&'%5(2&8$.D%*2&-J
$(*7-+9%#,%&'-+%1-26%9(*2&%&'*&%&'*&%/'*&%/(%)($5(-3(%*+%$(*7-&.%-+%9($(7.%*%+#5-*7%
5#2+&$85&=%W,%+((-2E%-+%*7/*.+%O+((-2E%*+RD%&'(2%+((-2E%'*+%&#%0(%*%$(+87&%#,%
(2587&8$*&-#2=%;#90$-5'<+%5#2+&$85&-3-+&%#))#2(2&+D%+85'%*+%P#$9*2%b$.+#2D%
*$E8(6%&'*&%&'($(%-+%2#%#&'($%$(*7-&.%&#%0(%(4)($-(25(6%0(.#26%&'(%$(*7-&.%&'*&%&'(%
+#5-*7%)$#5(++(+%5#2+&$85&=>@%b(5*8+(%#,%'-+%5#99-&9(2&%&#%6(,(26-2E%
)($+)(5&-3(%*26%$(*7-+&%*$&D%;#90$-5'%3('(9(2&7.%#))#+(6%&'-+%3-(/=%N-+%
5#25($2+%*$(%826($+&*26*07(H%-,%$(*7-&.%!&'(%/*.%/(%)($5(-3(%-&%*26%/'*&%/(%
12#/%*0#8&%-&S%-+%*%587&8$*7%5#2+&$85&D%&'(2%$(+(907*25(%&#%$(*7-&.%0(5#9(+%*%
+#5-*7%5#23(2&-#2%&##l%&'(%+-9-7*$-&.%#,%)($+)(5&-3(%*26%$(*7-+&%)*-2&-2E+%&#%
)#++-07(%3-+8*7%(4)($-(25(%0(5#9(+%*%+#5-*7J'-+&#$-5*7%5*&(E#$.D%$*&'($%&'*2%*2%
#)&-5*7%#2(=%i2%&'(%#2(%'*26D%;#90$-5'%/*2&(6%&#%6(,(26%&'(%&$*2+587&8$*7%
3*7-6-&.%#,%)($+)(5&-3*7%$()$(+(2&*&-#2%*26%$(*7-+&%)*-2&-2EF&'*&%&'(-$%
$(+(907*25(%/-&'%&'(%#0h(5&+%&'(.%$()$(+(2&%-+%9#$(%&'*2%*%9($(%587&8$*7%
5#23(2&-#2=%i2%&'(%#&'($D%'(%*5&8*77.%6-6%+&*&(%-2%!"#$%&'$())*+,-&%&'*&%&'($(%-+%2#%
$(*7-&.%/-&'#8&%-2&($)$(&*&-#2=%!IBIS%i03-#8+7.D%-,%$(*7-&.%-+%*%)$#685&%#,%
-2&($)$(&*&-#2%*26%&'8+%6()(26(2&%#2%&'(%5#25()&+%#2(%'*+%$(5(-3(6%,$#9%#2(<+%
#/2%587&8$(D%-&%0(5#9(+%'*$6%&#%(4)7*-2%'#/%+-9-7*$-&.%/-&'%&'*&%$(*7-&.%5#876%0(%
587&8$(J-26()(26(2&=%P#&%#27.%)($+)(5&-3*7%-9*E(+D%08&%*2.%*$&%&'*&%/#876%$(7.%
#2%$()$(+(2&*&-#2%826($+&##6%*+%$(+(907*25(%0(5#9(+%*%$(+87&%#,%+#5-*7%
5#23(2&-#2+H%6()(26-2E%#2%&'(%-2&($)$(&*&-3(%5#2&(4&D%*2.%-9*E(%5*2%$(+(907(%
*2.&'-2E=%[%)($+)(5&-3*77.%5#$$(5&%$()$(+(2&*&-#2%5*22#&%57*-9%*%)$-3-7(E(6%
+&*&8+%/'(2%-&%5#9(+%&#%$()$(+(2&-2E%+)*&-*7%$(*7-&.=>>%
% W&%/*+%&'(%)'-7#+#)'($%P(7+#2%;##69*2%/'#%,-$+&%&##1%;#90$-5'%&#%&*+1%
,#$%6(,(26-2E%)($+)(5&-3(D%-2%'-+%$(3-(/%#,%!"#$%&'$())*+,-&=>I%b(5*8+(%;#90$-5'%
$(,8+(6%&#%6-+58++%)($+)(5&-3(%*+%5#23(2&-#2*7D%O'-+%&$(*&9(2&%#,%&'-+%+80h(5&%-+%
#,&(2%)8__7-2ERD%;##69*2%5#25786(6=>V%;#90$-5'<+%+&*26*$6%$(+)#2+(%&#%&'(%
3-(/%&'*&%)($+)(5&-3(%-+%*%9($(%+#5-*7%5#23(2&-#2%/*+%&#%)#-2&%#8&%&'*&%*%
)($+)(5&-3*7%$()$(+(2&*&-#2%&.)-5*77.%(3#1(+%-2+&*2&%*26%(,,#$&7(++%$(5#E2-&-#2=>f%
G#%&'#+(%/'#%57*-9(6%&'*&%$(+(907*25(%-+%9($(7.%*%587&8$*7%5*&(E#$.D%'(%8+(6%&#%
)#-2&%&#%&'(%*2-9*7+%&'*&%8+(%3-+8*7%$(+(907*25(%&#%)$#&(5&%&'(9+(73(+%
!5*&($)-77*$+%7##1-2E%7-1(%&/-E+D%08&&($,7-(+%&'*&%*))(*$%&#%'*3(%(.(+%#2%&'(-$%
/-2E+S%#$%&'(%5*+(+%-2%/'-5'%*2-9*7+%*$(%&$-51(6%0.%3-+8*7%$(+(907*25(%!6(5#.%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
>@%P#$9*2%b$.+#2H%8,+,-&$%&'$=%,&#,&6;$F5/$M-6,4$-:$#5/$.%?/D%Q#26#2H%M*59-77*2%@AcfD%II=%
>>%a((%-2%)*$&-587*$%&'(%#)(2-2E%+(5&-#2%#,%;#90$-5'<+%OW9*E(%*26%\#6(R%,#$%'-+%#/2%6(+5$-)&-#2%#,%&'-+%
&'(#$(&-5*7%U8*26*$.=%
>I%P(7+#2%;##69*2D%O[$&%*26%W778+-#2l%*%a&86.%-2%&'(%?+.5'#7#E.%#,%?-5&#$-*7%L()$(+(2&*&-#2%0.%:=%N=%
;#90$-5'RD%q0##1%$(3-(/r%F5/$H-*"&%)$-:$=5,)-+-759D%fg%!@ABCSD%fAfJfAA=%
>V%W0-6=D%fAc=%
>f%:$2+&%;#90$-5'D%O]-+8*7%K-+5#3($.%&'$#8E'%[$&RD%5-&(6%*55#$6-2E%&#%;#90$-5'D%F5/$(1%6/$%&'$#5/$R9/D%@@J
IAD%@A=%a-9-7*$7.D%;#90$-5'D%OM-$$#$%*26%M*)RD%@Ac=%
% g%
6851+D%*2E7($<+%0*-&S=>B%[2%#0h(5&%!-25786-2E%*%)-5&8$(%#$%*%)($+)(5&-3*7%$(26($-2ES%
&'*&%$(+(907(+%*2#&'($%#0h(5&%!*%+)*&-*7%6-+)#+-&-#2%#,%#0h(5&+S%6#(+%+#%0(5*8+(%-&%
$(,7(5&+%*26%6(7-3($+%&#%&'(%(.(%*%+-9-7*$%08267(%#,%7-E'&%$*.+=%?($+)(5&-3(%-2%&'*&%
5*+(%-+%*%E(#9(&$-5*7%9(&'#6%&#%5#2+&$85&D%#2%*%)-(5(%#,%)*)($D%*%6$*/-2E%&'*&%/-77%
.-(76%*%08267(%#,%7-E'&%$*.+%+-9-7*$%&#%&'*&%.-(76(6%0.%&'(%6()-5&(6%#0h(5&!+S=%+85'%
*2%826($+&*26-2E%#,%)($+)(5&-3(D%;#90$-5'%2#&(+%-2%'-+%*$&-57(%OZ(+&($2%[$&%*26%
&'(%?($5()&-#2%#,%a)*5(RD%*2+/($+%:$/-2%?*2#,+1.<+%*$E89(2&%&'*&%&'(%*0-7-&.%&#%
$(*6%)($+)(5&-3*7%-9*E(+%-+%*%)$#685&%#,%587&8$*7%6(3(7#)9(2&+=%"*9#8+7.D%-2%'-+%
OK-(%?($+)(5&-3(%*7+%d+.90#7-+5'(%"#$9<R%?*2#,+1.%57*-9(6%&'*&%0(5*8+(%#,%&'(%
5#25*3(%+8$,*5(%#,%&'(%$(&-2*D%/(%*5&8*77.%)($5(-3(%+&$*-E'&%7-2(+%*+%58$3(6=>g%
a-25(%)($+)(5&-3*7%6$*/-2E+%$()$(+(2&%+&$*-E'&%7-2(+%*+%+&$*-E'&%*26%2#&%*+%
58$3(6D%'(%,8$&'($%-2,($$(6%&'*&%+85'%6$*/-2E+%*$(%2#&%$(*7-+&-5D%&'*&%&'(.%6#%2#&%
$()$(+(2&%&'-2E+%&'(%/*.%/(%+((%&'(9=%G'(%*$E89(2&%-+%,*77*5-#8+D%+-25(%*%
)($+)(5&-3*7%6$*/-2E%-+%2#&%-2&(26(6%&#%-9-&*&(%&'(%$(&-2*7%-9*E(D%08&%&#%6(7-3($%*%
08267(%#,%7-E'&%$*.+%(U8-3*7(2&%&#%&'(%#2(%&'*&%/#876%0(%$(5(-3(6%,$#9%&'(%
#0h(5&!+S%-&%$()$(+(2&+=%[+%;#90$-5'%)#-2&+%#8&D%(3(2%-,%+&$*-E'&%7-2(+%/($(%
)($5(-3(6%*+%58$3(+D%/(%/#876%+&-77%'*3(%&#%&$*5(%&'(9%*+%+&$*-E'&%#2%&'(%)*)($%-2%
#$6($%&#%)($5(-3(%&'(9%*+%58$3(6=>c%
% G'(%57*-9%&'*&%*77%$()$(+(2&*&-#2%-+%*7/*.+%5#23(2&-#2*7D%/*+%#2(%#,%&'(%
5(2&$*7%&'(+(+%#,%;##69*2<+%M%&6*%6/+$-:$!"#=>A%[55#$6-2E%&#%;##69*2D%*%9#6(%
#,%$()$(+(2&*&-#2%5#82&+%*+%$(*7-+&-5%-2%)$#)#$&-#2%&#%'#/%+&($(#&.)(6%-&%-+%-2%*%
E-3(2%+#5-*7%5#2&(4&=%!IBS%OL(*7-+&-5%$()$(+(2&*&-#2D%-2%0$-(,D%6()(26+%2#&%8)#2%
-9-&*&-#2%#$%-778+-#2%#$%-2,#$9*&-#2%08&%8)#2%-25875*&-#2=%[79#+&%*2.%)-5&8$(%9*.%
$()$(+(2&%*79#+&%*2.&'-2E=R%!IcS%;##69*2%/*+%*/*$(%&'*&%-2%#$6($%&#%+8+&*-2%
&'-+%57*-9%'(%'*6%&#%6-+9*2&7(%&'(%*$E89(2&%&'*&%*%)($+)(5&-3*7%6$*/-2E%
$()$(+(2&+%0.%6(7-3($-2E%&#%&'(%(.(%&'(%+*9(%08267(%#,%7-E'&%$*.+%*+%&'(%#2(%&'*&%
/#876%0(%$(5(-3(6%,$#9%&'(%#0h(5&!+S%-&%$()$(+(2&+=%!@@S%N-+%0##1%&'($(,#$(%
#)(2+%/-&'%*%+($-(+%#,%E(#9(&$-5*7%*$E89(2&+%*E*-2+&%)($+)(5&-3(%!@CJ@ASD%-2%*2%
(,,#$&%&#%+'#/%&'*&%E(#9(&$-5*77.%5#2+&$85&(6%)($+)(5&-3*7%6$*/-2E+%,*-7%&#%
6(7-3($%+85'%08267(+%#,%7-E'&%$*.+=%Z-&'%#2(%(45()&-#2D%*77%;##69*2<+%*$E89(2&+%
*$(%0*+(6%#2%,*77*5-#8+%E(#9(&$-5*7%$(*+#2-2E%*26%9*-27.%6($-3(%,$#9%*%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
>B%;#90$-5'D%O]-+8*7%K-+5#3($.RD%>Vl%;#90$-5'D%OW9*E(%*26%\#6(RD%>cB=%
>g%:$/-2%?*2#,+1.D%OK-(%?($+)(1&-3(%*7+%d+.90#7-+5'(%"#$9<RD%5-&(6%*55#$6-2E%&#%&'(%3($+-#2%)807-+'(6%-2%
:$/-2%?*2#,+1.D%S/*#+45+7"%45,6/$!*:+Y#?/D%T*$(2%M-5'(7+%*26%M*$&-2%Z*$21(%!(6+=SD%b($7-2H%[1*6(9-(%
]($7*ED%@AAcD%3#7=%>D%BBVFgfgD%BBcJBBA=%"#$%;#90$-5'<+%3-(/+%+((%:$2+&%;#90$-5'H%OZ(+&($2%[$&%*26%&'(%
?($5()&-#2%#,%a)*5(R%-2%T#18$-&+8%a(-.#%b-h8&+81*2%!(6=S%<7%4/$,&$R*"-7/%&$!"#O$G-*&4,)$-:$R*"-7/$RZ5,2,#,-&D%
G#1.#H%o#9-8$-%a'-2082+'*%H%P-'#2%G($(0-%Ns+s9s@AcgD%@BJ>cD%@AJ>C=%"#$%&'(%+*9(%5#82&($*$E89(2&%&#%
?*2#,+1.<+%&'(+-+%+((%*7+#%;(2(+-8+%G(2%K#(++5'*&(D%=/"+7/4#,L/O$3*&'%1/&#%)+O$G-&#"-L/"+,%)+O$0,+#-"9$
P-(8/1##)H%b=%6(%;$**,D%@ABVD%VBJfBD%(+)=%VA%*26%*7+#%M*8$-5(%N(2$-%Qt#2*$6%?-$(22(D%J7#,4+O$=%,&#,&6$P$
=5-#-6"%759D%\*90$-6E(H%\*90$-6E(%X2-3($+-&.%?$(++%@AgCD%@VcJ@VA=%b8&%W%*9%82*/*$(%&'*&%+85'%
$(,8&*&-#2+%#,%?*2#,+1.<+%*$&-57(%/($(%9*6(%0(,#$(%&'(%@ABC+F&'*&%-+D%,#$&.%.(*$+%*,&($%-&+%#$-E-2*7%
)807-5*&-#2=%\#2+-6($-2E%&'(%2890($%#,%+5'#7*$+%/#$1-2E%-2%3*$-#8+%,-(76+%&#%/'-5'%?*2#,+1.<+%-2,78(2&-*7%
*$&-57(%)($&*-2(6D%-&%-+%$(9*$1*07(%&'*&%-&%&##1%+85'%*%7#2E%&-9(%&#%9*1(%&'(%)#-2&%&'*&%-&+%5(2&$*7%57*-9+%/($(%
/$#2E=%N-+%57*-9%&'*&%&'(%E(#9(&$-5*7%)#+&87*&(+%#,%&'(%:857-6<+%J7#,4+%6-,,($%,$#9%&'#+(%$(U8-$(6%,#$%&'(%
E(#9(&$-5*7%5#2+&$85&-#2%#,%)($+)(5&-3(%/*+%&'8+%$(,8&(6%#27.%-2%@Ac>%!\=K=%b$#/2+#2D%O:857-6<+%J7#,4+%*26%
-&+%5#9)*&-0-7-&.%/-&'%7-2(*$%)($+)(5&-3(RD%!"45,L/$:-"$0,+#-"9$-:$RZ%4#$<4,/&4/+D%>B%!@Ac>SD%@BfJ@AIS%/'-7(%
!"#$%&'()$!"'!$*#+,-#$!"#$.#/'(00'/%#$01'%#$2'0$/,!$%,/%#(3#4$'0$",),5#/,60$(/$7889$:;-'/<,$=(!-,3(>D%
OQ(#2%b*&&-+&*%[70($&-%*26%&'(%N#9#E(2(-&.%#,%a)*5(RD%H-*"&%)$-:$#5/$<-4,/#9$-:$!"45,#/4#*"%)$0,+#-",%&+D%BI%
!>CCVSD%V>VJVVCS=%%
>c%;#90$-5'D%OZ(+&($2%[$&RD%>C=%
>A%P(7+#2%;##69*2%M%&6*%6/+$-:$!"#[$%&$%77"-%45$#-$%$#5/-"9$-:$+912-)+D%W26-*2*)#7-+m\*90$-6E(H%N*51(&&%
?807-+'-2E%\#9)*2.D%@AgB=%
% c%
9-+5#9)$('(2+-#2%#,%&'(%5#25()&%#,%)-5&8$(%)7*2(=IC%P(3($&'(7(++D%*7&'#8E'%&'(%
0##1%#$-E-2*77.%'*6%*%2890($%#,%6(3*+&*&-2E%$(3-(/+%!L86#7,%[$2'(-9%(U8*&(6%
;##69*2%&#%O*%5'(9-+&%/'#%8+(6%*$&%/#$1+%&#%-778+&$*&(%&'(%6-,,($(25(%0(&/((2%
)*)($%*26%5*23*+R%/'-7(%&'(%$(3-(/($%-2%F5/$=5,)-+-75,4%)$\*%"#/")9%5#9)*$(6%
'-9%&#%O*%3('(9(2&7.%M*$4-+&%+&#510$#1($RS%2#0#6.%+((9+%&#%'*3(%2#&-5(6%
;##69*2<+%($$#$+%*0#8&%)($+)(5&-3(%,#$%9#$(%&'*2%&(2%.(*$+D%82&-7%K*3-6%\*$$-($%
)807-+'(6%'-+%*2*7.+-+=I@%
% W&%-+D%'#/(3($D%&'(%#2(%*$E89(2&%&'*&%/*+%&-#%6/-1/#",4%))9%/$#2EF&'(%
+#J5*77(6%%12,6*,#9$%"6*1/&#F&'*&%-2&($(+&+%8+%'($(=%[++89(%&'*&%*%
)($+)(5&-3*7%$()$(+(2&*&-#2%-26((6%6(7-3($+%&#%&'(%(.(%*%08267(%#,%7-E'&%$*.+%
9*&5'-2E%&'(%#2(%$(5(-3(6%,$#9%&'(%#0h(5&%-&+(7,=I>%G'(%)$#07(9%-+%&'(2%&'*&%&'(%
+*9(%08267(%#,%$*.+%5#876%0(%*7+#%$(5(-3(6%0.%&'(%(.(%,$#9%*2.%987&-&86(%#,%
6-,,($(2&%6-+)#+-&-#2+%#,%+'*)(+%-2%+)*5(=%;##69*2%-2,($+%,$#9%&'-+%&'*&%-6(2&-&.%
-2%&'(%)*&&($2%#,%7-E'&%$*.+%6#(+%2#&%5#2+&-&8&(%*%+8,,-5-(2&%5#26-&-#2%,#$%
$()$(+(2&*&-#2=%W2%'-+%OM-$$#$%*26%M*)R%;#90$-5'%)$(+(2&+%&'(%+*9(%*$E89(2&%
0.%+*.-2E%&'*&%O/'-7(%/(%5*2%/#$1%#8&%/'*&%&'(%)$#h(5&-#2%#,%*%E-3(2%&'$((J
6-9(2+-#2*7%#0h(5&%/-77%0(%7-1(%#2%*%E-3(2%)7*2(D%&'(%)$#h(5&-#2%-&+(7,%6#(+%2#&%
E-3(%8+%*6(U8*&(%-2,#$9*&-#2%*0#8&%&'(%#0h(5&%5#25($2(6D%+-25(%2#&%#2(%08&%*2%
-2,-2-&(%2890($%#,%$(7*&(6%5#2,-E8$*&-#2+%/#876%$(+87&%-2%&'(%+*9(%-9*E(R=II%W2%
OZ(+&($2%[$&%*26%&'(%?($5()&-#2%#,%a)*5(R%'(%+&*&(+%*2%(4*9)7(H%/'-7(%*%
'#$-_#2&*7%+U8*$(J&-7(6%,7##$%)$#h(5&+%*%)-5&8$(%*55#$6-2E%&#%&'(%7*/+%#,%
)($+)(5&-3(D%&'(%&/#J6-9(2+-#2*7%)$#h(5&-#2%-+%-2+8,,-5-(2&%&#%(+&*07-+'%&'*&%&'(%
,7##$%-+%-26((6%'#$-_#2&*7%*26%5#9)#+(6%#,%+U8*$(%&-7(+l%-&%9-E'&%'*3(%0((2%
-257-2(6%*26%5#9)#+(6%#,%&$*)(_#-6+%#,%3*$-#8+%+'*)(+=IV%
% W&%&##1%*%+&$#1(%#,%E(2-8+D%'#/(3($D%&#%5#23($&%&'-+%+*9(%*$E89(2&%&'*&%
;##69*2%8+(6%%6%,&+#%)($+)(5&-3(%-2&#%*2%*$E89(2&%+'#/-2E%&'*&%%)#5-*65%*77%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
IC%"#$%;##69*2<+%($$#$+%+((%K*3-6%\*$$-($D%O?($+)(5&-3(%*+%*%\#23(2&-#2H%i2%&'(%]-(/+%#,%P(7+#2%;##69*2%
*26%:$2+&%;#90$-5'RD%M/-&%"'-D%@I%!@AcCSD%>cIJ>cg%!-25786-2E%&'(%+80+(U8(2&%(45'*2E(D%M/-&%"'-D%@V%
!@Ac@SD%cBJcgS%*26%!"#$%&'()*"&+),D%OP(7+#2%;##69*2<+%[$E89(2&+%*E*-2+&%?($+)(5&-3(H%*%;(#9(&$-5*7%
[2*7.+-+RD%Q/Z*+$Q/#D-"A$H-*"&%)D%@f%!>C@ISD%,#$&'5#9-2E=%
a-9-7*$7.D%K*3-6%G#))($%-2%di2%&'(%"-6(7-&.%#,%?-5&8$(+H%[%\$-&-U8(%#,%;##69*2<+%K-+h825&-#2%#,%?($+)(5&-3(%
*26%L(*7-+9<D%=5,)-+-75,%D%@VD%@J>%!@AcVS%@cgJ@Ag%*26%*7+#D%/-&'#8&%9(2&-#2-2E%;##69*2%6-$(5&7.D%08&%
5$-&-5-+-2E%'-+%*$E89(2&+D%K*3-6%G#))($D%O?($+)(5&-3(+%#2%)($+)(5&-3(H%;#90$-5'%*26%'-+%5$-&-5+RD%-2%
Z##6,-(76D%.-12",45D%gcJAAD%cf=%[7+#D%M-5'*(7%T80#3.H%F5/$=+945-)-69$-:$=/"+7/4#,L/$%&'$>/&%,++%&4/$!"#D%
!"#$%&'()*+!"#$%&'()+,-&.)%/&01+2%)//3+45673+488J!"#$%&'$()*+,-).D%O[%K(,(25(%#,%Q-E'&RD%2#&(%fV=%
I@%[&%7(*+&%W%'*3(%2#&%9*2*E(6%&#%,-26%*%9(2&-#2%#,%;##69*2<+%)($+)(5&-3*7%($$#$+%-2%&'(%$(3-(/+%W%'*3(%
5#2+87&(6=%L86#7,%[$2'(-9D%O?*-2&(6%a1-(+%*26%X2-5#$2+%M%&6*%6/+$-:$!"#;$!&$!77"-%45$#-$%$F5/-"9$-:$
<912-)+$0.%P(7+#2%;##69*2R%q0##1%$(3-(/rD%<4,/&4/D%P(/%a($-(+D%@BV%!@ABASD%BAgJBAcl%b=%\=%ikP(-77D%
OM%&6*%6/+$-:$!"#[$!&$!77"-%45$#-$%$F5/-"9$-:$<912-)+$0.%P(7+#2%;##69*2R%q0##1%$(3-(/rD%F5/$
=5,)-+-75,4%)$\*%"#/")9D%>@%!@Ag@SD%IB@JIg>l%Z#7,E*2E%M=%Y851($D%OQ*2E8*E(+%#,%[$&D%*2%[))$#*5'%&#%*%
G'(#$.%#,%a.90#7+%0.%P(7+#2%;##69*2R%q0##1%$(3-(/rD%F5/$!"#$@*))/#,&D%f>%!@AgCSD%>>IJ>>Vl%M#2$#(%\=%
b(*$6+7(.D%OQ*2E8*E(+%#,%[$&H%[2%[))$#*5'%&#%*%G'(#$.%#,%a.90#7+%0.%P(7+#2%;##69*2R%q0##1%$(3-(/rD%
=5,)-+-759$-:$<4,/&4/D%Ig%!@AgCSD%VfcJVBIl%K*2-(7%L-E2(.D%OM%&6*%6/+$-:$!"#[$!&$!77"-%45$#-$%$F5/-"9$-:$
<912-)+$0.%P(7+#2%;##69*2R%q0##1%$(3-(/rD%G-&#/17-"%"9$<-4,-)-69D%c%!@AgASD%I@AJI>Cl%[22(&&(%b*$2(+D$
OM%&6*%6/+$-:$!"#[$!&$!77"-%45$#-$%$F5/-"9$-:$<912-)+$0.%P(7+#2%;##69*2R%q0##1%$(3-(/rD%=/"+7/4#,L/+$-:$
Q/D$C*+,4D%A%!@Ag@SD%IICJIVCl%\'$-+&-*2*%M=%a9-&'D%Oa.90#7-5%a.+&(9+D%\#E2-&-3(%:,,-5*5.D%*26%[(+&'(&-5%
:685*&-#2=%M%&6*%6/+$-:$!"#[$!&$!77"-%45$#-$%$F5/-"9$-:$<912-)+$0.%P(7+#2%;##69*2R%q0##1%$(3-(/rD%
H-*"&%)$-:$!/+#5/#,4$R'*4%#,-&D%I=%!@ABASD%@>IJ@IBl%P-5'#7*+%Z#7&($+&#$,,D%OM%&6*%6/+$-:$!"#RD%F5/$H-*"&%)$-:$
!/+#5/#,4+$%&'$!"#$G",#,4,+<q0##1%$(3-(/rD%IV%!@AgBSD%VA@JVABl%M-5'*(7%G'#9)+#2D%OM%&6*%6/+$-:$!"#[$!&$
!77"-%45$#-$%$F5/-"9$-:$<912-)+$0.%P(7+#2%;##69*2l%M%D+$-:$3-"1$0.%\=%a)(25($%b$#/2R%q0##1%$(3-(/rD%
M/-&%"'-D%g%!@AgVSD%@gfJ@gB=%"#$%\*$$-($%+((%'-+%O?($+)(5&-3(%*+%\#23(2&-#2R=%%
I>%;##69*2D%M%&6*%6/+D%@@=%
II%;#90$-5'D%OM-$$#$%*26%M*)RD%@A@=%a((%+-9-7*$7.%:$2+&%;#90$-5'H%OG'(%kZ'*&k%*26%&'(%kN#/kH%?($+)(5&-3(%
L()$(+(2&*&-#2%*26%&'(%?'(2#9(2*7%Z#$76RD%L=%L862($%*26%W=%a5'(,,7($%!(6+SD%M-6,4$%&'$!"#[$R++%9+$,&$0-&-"$
-:$Q/)+-&$.--'1%&D%@Ag>D%@>AJVA=%
IV%;#90$-5'D%OZ(+&($2%?*-2&-2ERD%@f=%
% A%
'89*2%)($5()&-#2%-+%5#25()&8*77.%6$-3(2D%)($+)(5&-3(%-+%&-#%*%587&8$*7%
5#23(2&-#2=%G'(%)#-2&D%;#90$-5'%&'8+%$(+)#26(6%&#%;##69*2D%-+%)$(5-+(7.%&'*&%*%
)($+)(5&-3*7%$(26($-2E%5*2%$()$(+(2&%*2%-2,-2-&(%2890($%#,%6-,,($(2&%+)*&-*7%
6-+)#+-&-#2+%#,%#0h(5&+F08&%&'*&%/(%$(*6%-&%*+%*%$()$(+(2&*&-#2%#,%#2(%#,%&'(9=%W&%
-+%&'$#8E'%&'(%+(7(5&-#2%#,%#2(%-2&($)$(&*&-#2%#8&%#,%9*2.%&'*&%#8$%5#25()&8*7%
12#/7(6E(%(4($5-+(+%*%6(5-+-3(%-9)*5&%#2%#8$%3-+8*7%(4)($-(25(=%[%E##6%
-778+&$*&-#2%#,%&'-+%(4)7*2*&-#2%-+%*2%(4)($-9(2&%9*6(%0.%[6*70($&%[9(+=If%[9(+%
)7*5(6%*%6-+)#+-&-#2%#,%/-$(+%#$E*2-+(6%*55#$6-2E%&#%&'(%7*/+%#,%)($+)(5&-3(%-2&#%
*%0#4=%G'(%/-$(+%5#876%'*3(%0((2D%,#$%-2+&*25(D%6-+5#22(5&(6D%08&%&'(.%/($(%
*$$*2E(6%+#%&'*&%&'(.%/($(%)($5(-3(6%&#%0(%-2%5#2&-28*&-#2%/-&'%(*5'%#&'($=%G'(.%
/($(%)#+-&-#2(6%&#%7##1%7-1(%*%5'*-$%9*6(%#,%/-$(%/'(2%+((2%&'$#8E'%*%)(()'#7(=%
W2%OM-$$#$%*26%M*)R%!@AgVS%;#90$-5'%6-+58++(6D%08&%/*+%+&-77%'(+-&*2&%&#%
(26#$+(D%&'(%3-(/%&'*&%/(%$(7.%#2%#8$%)*+&%!5#25()&8*7S%(4)($-(25(%/'(2%/(%
5'##+(%#2(%-2&($)$(&*&-#2%#,%*%)($+)(5&-3*7%)-5&8$(%,$#9%9*2.=%[%6#_(2%.(*$+%
7*&($D%-2%OZ(+&($2%?*-2&-2ER%'(%(4)7-5-&7.%*6#)&(6%&'-+%3-(/l%-2%&'(%(4*9)7(%#,%&'(%
+U8*$(J&-7(6%,7##$%9(2&-#2(6%*0#3(D%'(%+*.+%&'*&%/(%)($5(-3(%&'(%,7##$%*+%
'#$-_#2&*7%*26%&'(%&-7(+%*+%+U8*$(%0(5*8+(%#,%#8$%(4)(5&*&-#2+=IB%W&%-+%#8$%
,*9-7-*$-&.%/-&'%&'(%+'*)(+%#,%#0h(5&+%&'*&%'(7)+%8+%#$E*2-_(%#8$%3-+8*7%
(4)($-(25(%-2&#%*%+)*&-*7%#2(=Ig%?($+)(5&-3*7%)$#h(5&-#2D%'-+%*$E89(2&%*77#/+%#2(%
&#%5#25786(D%-+%&'8+%#)&-5*77.%6(,-2(6%0.%&'(%E(#9(&$.%#,%7-E'&F-&%-+%2#&%*%587&8$*7%
5#23(2&-#2=%P(3($&'(7(++D%#8$%*0-7-&.%&#%$(*6%)($+)(5&-3*7%6$*/-2E+%,877.%6()(26+%
#2%#8$%5#25()&8*7%5*)*5-&-(+l%&'($(%-+%2#%-22#5(2&%(.(=%
% G'(%+#78&-#2%-+%-2E(2-#8+D%08&%-&%'*+%2#&%0((2%5#2,-$9(6%0.%+80+(U8(2&%
)+.5'#7#E-5*7%$(+(*$5'=%G'(%-9)#$&*2&%)#-2&D%*+%9#6($2%$(+(*$5'%#2%'89*2%
3-+8*7-&.%+'#/+D%-+%&-#%&'*&%#8$%3-+-#2%6()(26+%#2%5#25()&8*7%12#/7(6E(%-2%#$6($%
&#%+(7(5&%&'(%5#$$(5&%6-+)#+-&-#2%#,%#0h(5&+%,$#9%*%)##7%#,%)#++-07(%-2&($)$(&*&-#2+%
#,%/'*&%/(%+((=%G'(%*++89)&-#2%&'*&%*558$*&(%-2,#$9*&-#2%*0#8&%&'(%6-+)#+-&-#2%
#,%#0h(5&+%-2%&'(%/#$76%-+%-2,($$(6%,$#9%#8$%12#/7(6E(%*0#8&%&'(%/#$76%'*+%0((2%
$()7*5(6%/-&'%&'(%826($+&*26-2E%&'*&%&'(%0$*-2%5#9)8&(+%&'(%6-+)#+-&-#2%#,%
#0h(5&+%-2%+)*5(%,$#9%&'(%)-5&8$(%-&%$(5(-3(+D%/'-7(%$(7.-2E%#2%+)(5-,-5%5#2+&$*-2&+%
*26%$87(+%*0#8&%&'(%)#++-07(%*26%7-1(7.%&'$((J6-9(2+-#2*7%)$#)($&-(+%#,%+)*&-*7%
#0h(5&+=%Ic%b.%&'-+%&-9(D%)+.5'#7#E-+&+%'*3(%+&86-(6%*26%(+&*07-+'(6%*%+80+&*2&-*7%
-23(2&#$.%#,%+85'%$87(+%*26%5#2+&$*-2&+=%"#$%-2+&*25(D%3*$-#8+%5#90-2*&-#2+%#,%
7-2(+%&'*&%$()$(+(2&%5#$2($+%*$(%*2*7._(6%8+-2E%-2&($)$(&*&-3(%5#2+&$*-2&+%-2%*%
/*.%&'*&%$(+87&+%-2%&'(%(7-9-2*&-#2%#,%*77%08&%+)*&-*77.%)#++-07(%6-+)#+-&-#2+%#,%
7-2(+%9((&-2E%-2%*%5#$2($=%W2%@AAcD%K#2*76%N#,,9*2%7-+&(6%&'-$&.J,-3(%6-,,($(2&%
5#2+&$*-2&+%&'*&%&'(%0$*-2%8+(+%-2%#$6($%&#%#$E*2-+(%#8$%3-+8*7%(4)($-(25(F,#$%
-2+&*25(H%*%+&$*-E'&%7-2(%-2%*2%-9*E(%-+%*7/*.+%&#%0(%-2&($)$(&(6%*+%*%&'$((J
6-9(2+-#2*7%+&$*-E'&%7-2(l%-,%&'(%&-)+%#,%&/#%7-2(+%5#-25-6(%-2%*2%-9*E(D%&'(.%*$(%&#%
0(%-2&($)$(&(6%*+%5#-25-6-2E%&'$((J6-9(2+-#2*77.l%7-2(+%5#77-2(*$%-2%*2%-9*E(%*$(%
-2&($)$(&(6%*+%&'$((J6-9(2+-#2*77.%5#77-2(*$l%(7(9(2&+%2(*$%(*5'%#&'($%-2%*2%
-9*E(%*$(%-2&($)$(&(6%*+%&'$((J6-9(2+-#2*77.%57#+(l%*%58$3(%&'*&%-+%+9##&'%-2%*2%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
If%;#90$-5'D%OM-$$#$%*26%M*)RD%@A>=%
IB%;#90$-5'D%OZ(+&($2%?*-2&-2ERD%@f=%
Ig%W0-6D%@g=%
Ic%[%E##6%*55#82&%-+%-2%Y(2#2%Z=%?.7.+'.2H%<//,&6$%&'$8,+*%),?,&6;$(#]+$&-#$D5%#$9-*$#5,&AO$\*90$-6E(D%M*++=H%
MWG%?$(++D%>CCBD%AVJ@>C%
% @C%
-9*E(%-+%-2&($)$(&(6%*+%+9##&'%-2%&'$((%6-9(2+-#2+=IA%G'(+(%)$-25-)7(+%
5#2+&-&8&(%08-7&J-2%!'*$6J/-$(6S%5#2+&$*-2&+%8+(6%0.%&'(%0$*-2%&#%5*7587*&(%&'(%
+)*&-*7%6-+)#+-&-#2%#,%#0h(5&+%,$#9%&'(%-2,#$9*&-#2%&'*&%7-E'&%$*.+%)$#3-6(%8+%/-&'%
/'(2%&'(.%$(*5'%&'(%$(&-2*=%"#$%-2+&*25(D%-2%&'(%5*+(%#,%[9(+<%(4)($-9(2&D%+85'%
)$-25-)7(+%E8-6(%#2(%&#%+(7(5&%*%+)(5-,-5%6-+)#+-&-#2%#,%/-$(+%*+%&'(%-2&($)$(&*&-#2%
#,%/'*&%-+%+((2F*26%&'(.%$(+87&%-2%-2*558$*&(%-2&($)$(&*&-#2=%W,%&'(%&-)+%#,%&/#%
/-$(+%5#-25-6(%/'(2%+((2%&'$#8E'%&'(%)(()'#7(D%-&%-+%*++89(6%&'*&%&'(.%5#-25-6(%
-2%+)*5(D%*7&'#8E'%&'-+%-+%2#&%&'(%5*+(=%G'-+%+)*&-*7%-2&($)$(&*&-#2%6($-3(+%,$#9%
&'(%-2&($)$(&*&-3(%5#2+&$*-2&+%&'(%0$*-2%#)($*&(+%/-&'%*26%2#&%,$#9%#8$%
5#25()&8*7%12#/7(6E(=%G'(%,*5&%&'*&%&'(%-9*E(%7##1+%7-1(%*%12#/2%#0h(5&%-+%
-$$(7(3*2&l%&'(%0$*-2%,-$+&%+#$&+%#8&%/'*&%-&%$(E*$6+%*+%&'(%+)*&-*77.%5$(6-07(%
6-+)#+-&-#2%#,%/-$(+%*26%#27.%&'(2%5*2%#2(%5#25()&8*7-+(%/'*&%'*+%0((2%
)($5(-3(6=%[+%/(%+'*77%+((%7*&($%-2%&'-+%*$&-57(D%9#6($2%$(+(*$5'%+'#/+%&'*&%+85'%
+)*&-*7%&'-21-2E%-+%-9)(2(&$*07(%&#%*26%82*,,(5&(6%0.%#8$%5#25()&+D%0(7-(,+%*26%
12#/7(6E(=%%%%
%
%
198E=I8:B;E%
W2+#,*$%*+%)($+)(5&-3*7%6$*/-2E+%$()7-5*&(%&'(%08267(+%#,%7-E'&%&'*&%/#876%$(*5'%
#8$%(.(+%,$#9%&'(%#0h(5&+%&'(.%$()$(+(2&D%&'(.%*$(%6(,-2(6%0.%#0h(5&-3(D%)'.+-5*7%
7*/+=%a-9-7*$7.D%&'(%$(&-2*7%-9*E(%-+%E(2($*&(6%0.%&'(%7-E'&%&'*&%(2&($+%&'(%(.(%*26%
-+%&'($(,#$(%6(,-2(6%0.%)'.+-5*7%7*/+=%N#/(3($D%&'-+%6#(+%2#&%9(*2%&'*&%/(%+//$-2%
)($+)(5&-3(D%&'*&%&'(%)'(2#9(2*7%-9*E(%E(2($*&(6%0.%&'(%'89*2%0$*-2%,#77#/+%
&'(%7*/+%#,%)($+)(5&-3(=%[%+80+&*2&-*7%0#6.%#,%)+.5'#7#E-5*7%$(+(*$5'%#2%&'(%
)'(2#9(2#2%#,%4-&+#%&4,/+D%&'*&%'*+%0((2%)$#7-,($*&-2E%+-25(%&'(%(*$7.%6(5*6(+%
#,%&'(%&/(2&-(&'%5(2&8$.D%+8EE(+&+%&'*&%&'(%+)*&-*7%#$E*2-_*&-#2%#,%'89*2%3-+8*7%
(4)($-(25(%!&'(%-9*E(%E(2($*&(6%0.%&'(%0$*-2S%5*2%+#9(&-9(+%0(%3($.%6-,,($(2&%
,$#9D%08&%*7+#%+#9(&-9(+%3($.%+-9-7*$%&#%*2%-9*E(%E(2($*&(6%0.%&'(%)$-25-)7(+%#,%
)($+)(5&-3(=%G'(%)'(2#9(2#2%#,%5#2+&*25-(+%)($&*-2+%&#%+-&8*&-#2+%/'(2%*2%
#0h(5&<+%+'*)(%#$%+-_(%*$(%*558$*&(7.%)($5(-3(6%*7&'#8E'%&'(.%+'#876%2#&%0(D%
*55#$6-2E%&#%&'(%7*/+%#,%#)&-5+%*26%)($+)(5&-3(=%?+.5'#7#E-5*7%$(+(*$5'%+8EE(+&+%
&'*&%*7&'#8E'%&'(%3-+8*7%*2E7(%*2%#0h(5&%&*1(+%/-&'-2%*%3-+8*7%,-(76%+'$-21+%/-&'%
&'(%-25$(*+(6%6-+&*25(%#,%&'*&%#0h(5&D%9#+&%)(#)7(%)($5(-3(%&'(%+-_(%#,%&'(%#0h(5&%
&#%$(9*-2%&'(%+*9(=VC%W2%#&'($%/#$6+D%*55#$6-2E%&#%)+.5'#7#E-+&+D%&'(%3-+8*7%
(4)($-(25(%#,%9#+&%)(#)7(%&(26+%&#%,#77#/%&'(%$(*7%+-_(%*26%+'*)(%#,%#0h(5&+D%
$(E*$67(++%#,%&'(%6-+&*25(%#$%+7*2&%#,%&'(+(%#0h(5&+=V@%G'(%7-&($*&8$(%&'8+%+&*&(+%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
IA%K#2*76%K=%N#,,9*2D%8,+*%)$(&#/)),6/&4/;$0-D$I/$G"/%#/$I5%#$I/$<//D%P(/%o#$1H%P#$&#2D%@AAcD%>VJ@g@=%a((%
*7+#%&'(%*55#82&%-2%Y(2#2%Z=%?.7.+'.2H%<//,&6$%&'$8,+*%),?,&6;$(#]+$&-#$D5%#$9-*$#5,&A;$\*90$-6E(D%M*++=H%MWG%
?$(++D%>CCBD%AVJ@>I=$%
VC%a((%,#$%-2+&*25(%;#$6#2D%O;#90$-5'%*26%&'(%)+.5'#7#E.RD%%B>=%
V@%G'(%+&*26*$6%3-(/%#,%(4)($-9(2&*7%)+.5'#7#E-+&+%-+%&'*&%*7&'#8E'%&'(%)$#h(5&-#2%#,%*2%#0h(5&%#2%&'(%$(&-2*%
5*2%'*3(%6-,,($(2&%+'*)(+%-,%&'(%#0h(5&%5'*2E(+%-&+%+7*2&D%O&'(%#0h(5&%*))(*$+%&#%$(&*-2%-&+%+'*)(R%
!N($+'(2+#2D%8,+*%)$<7%4/$=/"4/7#,-&D%@@cSl%&'*&%O)($5(-3(6%+'*)(%8+8*77.%5#$$(+)#26+%&#%#0h(5&-3(%
+'*)(R!K=%Z=%M*++*$#D%OG'(%)($5()&-#2%#,%$#&*&(6%+'*)(+H%[%)$#5(++%*2*7.+-+%#,%+'*)(%5#2+&*25.RD%=/"4/7#,-&$
%&'$=+945-759+,4+D%@I%!@AgISD%V@IJV>>=%V>C=Sl%&'*&%+'*)(%!#$%+-_(S%5#2+&*25.%-+%&'(%)'(2#9(2#2%-2%/'-5'%
&'(%)($5()&%#,%&'(%+'*)(%#,%*%E-3(2%#0h(5&%$(9*-2+%5#2+&*2&%6(+)-&(%5'*2E(+%-2%&'(%+'*)(%#,%&'(%#0h(5&k+%
$(&-2*7%-9*E(%!Y.E982&%?-_7#D%O[%&'(#$.%#,%+'*)(%5#2+&*25.%0*+(6%#2%)($+)(5&-3(%-23*$-*2&+RD%8,+*%)$
>/+/%"45D%IV%!@AAVSD%@BIgJ@Bfc=%
%@BIg=Sl%&'*&%O/(%+((%&'(9%q#0h(5&+r%2#&%-2%+'*)(+%-26-5*&(6%0.%&'(%7*/+%#,%)($+)(5&-3(%08&%-2%&'(%+'*)(+%
/'-5'%&'(+(%,-E8$(+%k$(*77.k%)#++(++R!%L#0($&%G'#87(++D%O?'(2#9(2*7%$(E$(++-#2%&#%&'(%L(*7%i0h(5&RD%@",#,+5$
H-*"&%)$-:$=+945-)-69D%>@%!@AI@SD%IIAJIfAD%IIAS=%OG'(%)($5()&8*7%5#2+&*25-(+%'*3(%-2%5#99#2%&'*&%
)'(2#9(2*7%(4)($-(25(%-+%9#$(%-2%*55#$6%/-&'%&'(%(4&($2*7%#0h(5&%&'*&%/-&'%&'(%)$#4-9*7%+&-9878+%#$%*&%
% @@%
&'*&%&/#%-6(2&-5*7%5'*-$+%)($5(-3(6%*&%*%$(+)(5&-3(%6-+&*25(+%#,%@>%*26%B%9(&($+%
*$(%)($5(-3(6%*+%0(-2E%#,%(U8*7%+-_(=V>%W2%&'(%5*+(%#,%5-$587*$%)7*&(+%#2%*%6-22($%
&*07(%+((2%,$#9%*+-6(D%)+.5'#7#E-+&+%+&*&(%&'*&%O/'(2%/(%7##1%#07-U8(7.%*&%*%
5-$587*$%#0h(5&D%/(%+((%-&%2#&%*+%*2%(77-)+(%08&%*+%*%&$8(%5-$57(=RVI%[+%*%$(+87&D%+((2%
,$#9%*+-6(D%*%)7*&(%7##1+%7-1(%/'*&%-&%O$(*77.R%-+D%5-$587*$%*26%2#&%(77-)&-5*7D%*+%-&+%
$(&-2*7%-9*E(%/#876%+8EE(+&=VV%[2#&'($%(4*9)7(%#,%5#2+&*25-(+%&'*&%-+%#,&(2%5-&(6%
)($&*-2+%&#%&'(%/*.%*2%*))$#*5'-2E%)($+#2%-+%)($5(-3(6=%[+%&'(%)($+#2%5#9(+%
57#+($D%,$#9%*%6-+&*25(%#,%&(2%.*$6+%&#%*%6-+&*25(%#,%,-3(%.*$6+D%)+.5'#7#E-+&+%+*.%
&'*&%9#+&%)(#)7(%/-77%2#&%)($5(-3(%&'*&%&'(%3-+8*7%-9*E(%#,%&'(%)($+#2%E$#/+%-2%
+-_(D%08&%&'*&%&'(%3-+8*7%-9*E(%$(9*-2+%*))$#4-9*&(7.%&'(%+*9(=Vf%%
% G'(%,8$&'($%*2%#0h(5&%,$#9%&'(%(.(D%&'(%+9*77($%-+%&'(%*2E7(%#,%&'(%3-+8*7%
,-(76%-&%&*1(+l%)$#)#$&-#2*77.D%-&+%$(&-2*7%-9*E(%*7+#%E$#/+%+9*77($%/-&'%-25$(*+(6%
6-+&*25(=%W2%)+.5'#7#E-5*7%7-&($*&8$(D%&'(%)($5()&-#2%&'*&%,#77#/+%&'(%$(&-2*7%-9*E(%
!-=(=%5'*2E(+%-2%3-+8*7%*2E7(S%*26%5#2+(U8(2&7.%#0(.+%&'(%7*/+%#,%)($+)(5&-3(%-+%
5*77(6%7"-Z,1%)%7/"4/7#,-&=%G'(%7-&($*&8$(%*7+#%)#-2&+%#8&%&'*&%,#$%9#+&%)(#)7(%&'(%
*))*$(2&%+-_(%#,%#0h(5&+%9*.%5'*2E(%+5*$5(7.%*&%*77%/'(2%6-+&*25(%5'*2E(+l%&'(%
&($9%O+-_(%5#2+&*25.R%+8EE(+&+%&'*&%&'(%)($5(-3(6%+-_(%-+%5#2+&*2&%(3(2%&'#8E'%
&'-+%2((6%2#&%0(%&'(%5*+(%/-&'%&'(%3-+8*7%*2E7(=VB%?($5()&-#2%&'*&%,#77#/+%&'(%$(*7%
+-_(%#,%#0h(5&+%*26%-+%-26()(26(2&%#,%&'(%3-+8*7%*2E7(%-+%5*77(6%',+#%)$7/"4/7#,-&=%
% ;#90$-5'%$(&8$2+%&#%&'(%&#)-5%#,%5#2+&*25-(+%#3($%*26%#3($%*E*-2D%*26%'(%
6-+58++(+%&'(%+&*26*$6%(4*9)7(+%,$#9%)+.5'#7#E-5*7%7-&($*&8$(H%&'*&%&'(%
)($5(-3(6%+-_(%#,%*%)($+#2%*))$#*5'-2E%8+%-2%&'(%+&$((&%6#(+%2#&%E$#/%*+%&'(%
)($+#2%5#9(+%57#+($D%#$%&'*&%5-$587*$%)7*&(+%+((2%*&%*2%*2E7(%#2%*%&*07(%*$(%
)($5(-3(6%*+%5-$587*$=Vg%N(%/*+%/(77%-2,#$9(6%*0#8&%&'(%58$$(2&%$(+(*$5'%#2%&'(%
&#)-5D%*26%*7+#%+&$#2E7.%-2,78(25(6%0.%&'(%./+#%)#%)+.5'#7#E-+&+<%3-(/+%-2%&'(+(%
9*&&($+=%"#$%&'(%E(+&*7&-+&+D%(9)'*+-+%#2%5#2+&*25-(+%/*+%#2(%#,%&'(%5(2&$*7%
*$E89(2&+%-2%&'(-$%+&$8EE7(%*E*-2+&%!/'*&%&'(.%5*77(6S%-2&$#+)(5&-#2-+9F&'(%
3-(/%&'*&%#2(%+'#876%6-,,($(2&-*&(%0(&/((2%)8$(%+(2+*&-#2%*26%)($5()&-#2%!&'(%
7*&&($%826($+&##6%&#%-25786(%12#/7(6E(S=%G'(%-2&$#+)(5&-#2-+&%*))$#*5'%&#%
)($5()&-#2%+&$#3(%&#%$(5#2+&$85&%&'(%#$-E-2*7%+(2+*&-#2%*+%-26()(26(2&%#,%#8$%
12#/7(6E(%#$%0(7-(,+D%/'-5'%/($(%+((2%*+%*55-6(2&*7%*+)(5&+%#,%#8$%(4)($-(25(%
&'*&%*$(%-$$(7(3*2&%,#$%)($5()&-#2=Vc%G'-+%)#+-&-#2%-9)7-(6%&'*&D%+&$-5&7.%+)(*1-2ED%
-&%-+%2#&%5#$$(5&%&#%+*.%&'*&%#2(%+((+%*%0##1%#$%*%6(+1H%/'*&%#2(%+((+%*$(%08267(+%
#,%7-E'&%$*.+%$(,7(5&(6%0.%+#9(%#0h(5&+F/'($(*+%-2%#$6($%&#%+*.%&'*&%#2(%+((+%*%
0##1%#$%*%6(+1D%#2(%2((6+%*7+#%&#%$(5#E2-+(%/'*&%&'(%#0h(5&%-+=VA%./+#%)#%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
7(*+&%/-&'%&'*&%*+)(5&%#,%&'(%)$#4-9*7%+&-9878+%5#2+-6($(6%9#+&%$(7(3*2&=R!W$3-2%L#51%*26%Z-77-*9%
M5K($9#&&D%OG'(%)($5()&-#2%#,%3-+8*7%*2E7(RD%!4#%$=+945-)-6,4%D%>>%!@ABVS%@@AJ@IVD%@@AS%[%8+(,87%'-+&#$-5*7%
+8$3(.%#,%&'(%,#8$%9#+&%+-E2-,-5*2&%*))$#*5'(+%&#%&'(%)$#07(9%#,%5#2+&*25-(+%-+%-2%?-_7#D%O[%&'(#$.R=%
V>%K#(++5'*&(D%=/"+7/4#,L/D%gV=%
VI%G'#87(++D%O?'(2#9(2*7%L(E$(++-#2RD%IIA=%
VV%W0-6=D%IIA=%a-9-7*$7.%!"#$%&'%()*+#,-.(./+#%)#$=+945-)-69D%P(/%o#$1H%G'(%P(/%[9($-5*2%Q-0$*$.D%%@AVgD%Vfl%
Z-77-*9%e*9(+D%=",&4,7)/+$-:$=+945-)-69D%P(/%o#$1H%N#7&D%@cACD%@cC=%[%'-+&#$-5*7%+8$3(.%#,%)+.5'#7#E-5*7%
$(+(*$5'%#2%5#2+&*25-(+%-+%-2%Z-77-*9%:)+&(-2D%ON-+&#$-5*7%W2+&$#685&-#2%&#%&'(%\#2+&*25-(+R%-2%Z-77-*9%
:)+&(-2%!(6=SD%%a&*0-7-&.%*26%\#2+&*25.%-2%%3-+8*7%)($5()&-#2H%9(5'*2-+9+%*26%)$#5(++(+%%P(/%o#$1H%e#'2%
Z-7(.%*26%a#2+D%@Agg=%
Vf!!"'7($D%./+#%)#$=+945-)-69D%VV=%a-9-7*$7.D%;#90$-5'D%OZ(+&($2%%[$&RD%>>=%
VB%[=%N=%N#7/*.%*26%:=%;=%b#$-2ED%OK(&($9-2*2&+%#,%*))*$(2&%3-+8*7%+-_(%/-&'%6-+&*25(%3*$-*2&RD%!1/",4%&$
H-*"&%)$-:$=+945-)-69D%fV%!@AV@SD%>@JIgD%>@=%
Vg%"#$%;#90$-5'<+%+#8$5(+%#2%5#2+&*25-(+%+((%W*2%;#$6#2D%O;#90$-5'%*26%&'(%?+.5'#7#E.%#,%]-+8*7%
?($5()&-#2R=%;#90$-5'D%O]-+8*7%K-+5#3($.%&'$#8E'%[$&RD%@cJ>Vl%;#90$-5'D%OZ(+&($2%?*-2&-2ERD%>>=%
Vc!!"#$%$&'((%#)$"*$+,-./#0&$%#1'(/23&$&//$-4&$./+#%)#$=+945-)-69%*+%/(77%*+%:)+&(-2%ON-+&#$-5*7%
W2&!"#$%&'"()*+,-./0!1+./+#%)#$=+945-)-69D%VI=%
VA!!"#$%&'()%*+,$+(-*./#0$01.'(234%
% @>%
)+.5'#7#E-+&+%*-9(6%&#%$(6-$(5&%)+.5'#7#E-5*7%$(+(*$5'%,$#9%&'(%+&86.%#,%
*$&-,-5-*77.%-+#7*&(6%+(2+*&-#2+%&#%-99(6-*&(%+)#2&*2(#8+%)($5()&-#2%#,%(3($.6*.%
(4)($-(25(=%[+%Z-77-*9%:)+&(-2%6(+5$-0(6D%OZ'($(*+%&'(%-2+&$#+)(5&-#2-+&%&$-(6%&#%
+&$-)%*/*.%&'(%5#2+&*25-(+%+#%&'*&%&'(%E(28-2(%+(2+#$.%5#$(%5#876%0(%#0+($3(6D%
&'(%;(+&*7&%)+.5'#7#E-+&%5#2+-6($(6%&'(%5#2+&*25-(+%-2%)($5()&-#2%&#%0(%&'(%
)$-9*$.%6*&*=RfC%i2(%#,%&'(%,#826($+%#,%;(+&*7&%)+.5'#7#E.D%Z#7,E*2E!!"#$%&D%
+&*&(6%&'*&%O#0h(5&+%(4-+&%,#$%8+%#27.%/'(2%+(2+#$.%(4)($-(25(%'*+%0(5#9(%
&'#$#8E'7.%-908(6%/-&'%9(*2-2ERf@F*26%-&%-+%2#&%'*$6%&#%+((%&'(%*&&$*5&-#2%#,%
+85'%*%)#+-&-#2%,#$%&'#+(%*$&%'-+&#$-*2+%/'#%/*2&(6%&#%*$E8(D%7-1(%;#90$-5'D%&'*&%
&'($(%-+%2#%-22#5(2&%(.(=%
% \#2+&*25-(+%2((6%2#&%0(%826($+&##6%&#%5#2&$*6-5&%&'(%#)&-5*7%3*7-6-&.%#,%
&'(%E(#9(&$-5*7%5#2+&$85&-#2%#,%)($+)(5&-3*7%$()$(+(2&*&-#2+D%+85'%*+%6$*/-2E+%
*26%)*-2&-2E+=%;#90$-5'%$(E87*$7.%$(9-26+%&'*&%&'(%O(,,#$&7(++%$(5#E2-&-#2R%#,%
)($+)(5&-3*7%$()$(+(2&*&-#2+%-+%*55#9)*2-(6%0.%&'(%$(+&#$*&-#2%#,%5#2+&*25-(+=f>%
N#/(3($D%'(%/*+%*7+#%*/*$(%&'*&%,(/%$(*7-+&%)*-2&($+%8+(%+&$-5&%E(#9(&$-5*7%
5#2+&$85&-#2%/'(2%)*-2&-2E%*%+&-77%7-,(%#$%*%7*26+5*)(=%L*&'($D%&'(.%(26(*3#8$%&#%
$()$#685(%-2%)*-2&-2E%/'*&%&'(.%+((H%&'(.%7##1%*&%&'(%#0h(5&%*26%)*-2&%-&=%W2%#$6($%
&#%0(%*07(%&#%$()$#685(%&'-2E+%-2%)*-2&-2E%&'(%/*.%&'(.%*$(%+((2D%)*-2&($+%'*3(%&#%
0(%*07(%&#%#0+($3(%D,#5-*#%5#2+&*25-(+H%&'(.%'*3(%&#%0(%*07(%&#%+((%3-+8*7%#0h(5&+%
$(7*&-3(%&#%&'(%*2E7(%#,%&'(%3-+8*7%,-(76%&'(+(%#0h(5&+%#558).=%W,%'89*2%)($5()&-#2%
*7/*.+%+&$-5&7.%,#77#/(6%&'(%)$-25-)7(%#,%5#2+&*25-(+D%&'-+%/#876%2(3($%0(%
)#++-07(=%;#90$-5'<+%$(+)#2+(%&#%&'-+%*$E89(2&%/*+%&'*&%3-+8*7%*$&-+&+%)#++(++%
&'(%+1-77%&#%)($5(-3(%*55#$6-2E%&#%&'(%+-_(%#,%&'(%3-+8*7%*2E7(D%&#%O0$(*1%
5#2+&*25-(+R%0.%9(*+8$-2E%&'(%*))*$(2&%+-_(%#,%*2%#0h(5&%!-=(=%&'(%$(7*&-3(%+-_(%#,%
&'(%+(5&-#2%#,%&'(%3-+8*7%,-(76%&*1(2%0.%&'(%#0h(5&S=%?$#4-9*7%)($5()&-#2%(2*07(+%
&'(9%&#%)$#685(%6$*/-2E+%&'*&%5*2%0(%*))$#)$-*&(7.%-2&($)$(&(6D%D,#5$
4-&+#%&4,/+O%0.%)(#)7(%/'#%7##1%*&%&'(9=fI%]-+8*7%(4)($-(25(%/-&'#8&%5#2+&*25-(+%
$()$#685(+%E(#9(&$-5*7%$(7*&-#2+'-)+%0(&/((2%*77%3-+8*7%*2E7(+%#,%*77$#0h(5&+%+((2%
,$#9%*%5($&*-2%)#-2&%-2%+)*5(=%a85'%)($5()&-#2%*7+#%*558$*&(7.%$()$#685(+%&'(%
#5578+-#2%#,%#0h(5&+%-2%*55#$6*25(%/-&'%&'(%,*5&%&'*&%7-E'&%$*.+%&$*3(7%*7#2E%
+&$*-E'&%7-2(+=%W2%*%3-+8*7%(4)($-(25(%&'*&%-25786(+%5#2+&*25-(+D%#2(%+8))#+(67.%
+((+%&'(%+*9(%&/#%#0h(5&+%*&%6-,,($(2&%6-+&*25(+%*+%&'(%+*9(%-2%+-_(F/'-5'%
9(*2+%&'*&%&'(%9#$(%$(9#&(%#0h(5&%98+&%0(%#55786-2E%+#9(%2(-E'0#8$-2E%
#0h(5&+%(3(2%&'#8E'%7-E'&%9*.%0(%$(*5'-2E%&'(%(.(+%,$#9%&'#+(%#0h(5&+=%;#90$-5'%
5*77(6%&'(%(4*5&D%)#-2&J0.J)#-2&%9*))-2E%#,%/'*&%&'(%(.(%/#876%+((%,$#9%*%
5($&*-2%)#-2&%-2%+)*5(D%!*++89-2E%&'*&%7-E'&%&$*3(7+%-2%+&$*-E'&%7-2(+S%&'(%O(.(J
/-&2(++R%)$-25-)7(=fV%G'(%)'(2#9(2#2%#,%#5578+-#2%-2%'89*2%)($5()&-#2%&'8+%
0(5*9(%;#90$-5'<+%5(2&$*7%*$E89(2&%,#$%&'(%57*-9%&'*&%3-+8*7%(4)($-(25(%5*2%
,#77#/%&'(%3-+8*7%*2E7(F-2%#&'($%/#$6+D%&'(%)$-25-)7(+%#,%)($+)(5&-3(=%N(%&'8+%
$()#$&+%*2%(4)($-9(2&%/-&'%&'$((%+9*77%5*$60#*$6%&$((+%&'*&%/($(%*7-E2(6%+#%&'*&%
#2(%#55786(6%*2#&'($D%-2%#$6($%&#%+'#/%&'*&%&'(%)$-25-)7(%#,%#5578+-#2%6#(+%
#)($*&(%-2%'89*2%3-+-#2%*55#$6-2E%&#%&'(%E(#9(&$.%#,%7-E'&%$*.+=ff%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
fC%:)+&(-2D%ON-+&#$-5*7%W2&$#685&-#2RD%>=%
f@!!"#$%&'()%*+,$+(-*./#0$01.'(223%
f>%;#90$-5'D%O]-+8*7%K-+5#3($.RD%@A=%a((%*7+#%'-+%6-+58++-#2%-2%OZ(+&($2%?*-2&-2ERD%>>=%
fI%;#90$-5'D%O]-+8*7%K-+5#3($.RD%@Al%;#90$-5'D%OZ(+&($2%[$&RD%>>J>Il%
fV%;#90$-5'D%O]-+8*7%K-+5#3($.RD%>@l%;#90$-5'D%OW9*E(%*26%\#6(RD%>cCJ>c@=%
ff%;#90$-5'D%OM-$$#$%*26%&'(%M*)RD%>C@=%[+%L-5'*$6%Z##6,-(76%!OW2&$#685&-#2R%-2%L-5'*$6%Z##6,-(76%!(6=SH%
.-12",45$-&$!"#$%&'$=+945-)-69D%@J>gD%@VS%+&*&(6H%OW,%&'(%/#$76%*5&8*77.%6-6%7##1%7-1(%580-+&%)*-2&-2ED%/(%
% @I%
% W2%9*1-2E%&'-+%)#-2&D%;#90$-5'%/*+%8)J&#J6*&(%/-&'%&'(%)+.5'#7#E.%#,%'-+%
&-9(=%G'*&%&'(%E(+&*7&-+&+<%(9)'*+-+%#2%5#2+&*25-(+%.-(76+%08&%*%)*$&-*7%
826($+&*26-2E%#,%'89*2%3-+8*7-&.%/*+%2#&%8212#/2%*&%&'(%&-9(=%[,&($%*77D%%
9*2.%#,%8+%)($5(-3(%5-$587*$%)7*&(+%+((2%*&%*%+7*2&%*+%(77-)&-5*7D%*26%5'*-$+%#$%
)(#)7(%,8$&'($%*/*.%*+%+9*77($%&'*2%&'#+(%57#+($%&#%8+=fB%W&%+((9+%,*-$%&#%+*.%&'*&%
/(%7/"4/,L/%+7*2&(6%5-$57(+%*+%(77-)+(+D%08&%&'*&%/(%A&-D%&'(.%*$(%5-$57(+F*%3-(/%
&'*&D%)+.5'#7#E-+&+%$()#$&D%-+%#,&(2%+&*&(6%0.%)+.5'#7#E.%,$(+'9(2=fg%W&%-+%(2#8E'%
&#%'#76%#2(<+%'*26%2(4&%&#%&'(%7-2(%#,%+-E'&%#,%*%5'*-$%*5$#++%&'(%$##9%-2%#$6($%&#%
+((%&'*&%&'(%-9*E(%#,%&'(%5'*-$%*))(*$+%&#%0(%+9*77($%&'*2%&'*&%#,%&'(%'*26=fc%G'(%
@AI@%(4)($-9(2&%0.%L#0($&%G'#87(++%/*+%*9#2E%&'(%,-$+&%*&&(9)&+%&#%$(+#73(%
&'-+%6-7(99*=%G'#87(++%)$(+(2&(6%&-7&(6%5-$57(+%&#%'-+%+80h(5&+%*26%*+1(6%&'(9%
/'(&'($%&'(.%+*/%*%5-$57(%#$%#2(%#,%&'(%(77-)+(+%,$#9%*%E-3(2%5*&*7#E8(=fA%G'(%
+80h(5&+%$()#$&(6%&'*&%&'(.%+*/%(77-)+(+D%08&%&'(%(77-)+(+%&'(.%+(7(5&(6%-2%&'(%
5*&*7#E8(%/($(%57#+($%&#%*%5-$57(%&'*2%&'(%(77-)+(+%&'(.%+'#876%'*3(%+((2%
*55#$6-2E%&#%&'(%7*/+%#,%)($+)(5&-3(=%W2%#&'($%/#$6+D%&'(.%$()#$&(6%&#%'*3(%+((2%
*%5#9)$#9-+(%0(&/((2%&'(%$(*7%+'*)(%#,%&'(%#0h(5&%*26%/'*&%&'(%7*/+%#,%
)($+)(5&-3(%+8EE(+&(6l%&'(%$(+87&%/*+%$*&'($%O*%&(26(25.%&#%5#2+&*25.R%&'*2%&'(%
)$#)($%5#2+&*25.%#,%+-_(=BC%[2%-9)#$&*2&%)#-2&%-+%&'*&%-,%+80h(5&+%*$(%&#%+((%5-$57(+%
*26%2#&%(77-)+(+%/'(2%&'(.%7##1%*&%&-7&(6%5-$57(+D%&'(.%98+&%+#9('#/%A&-D%&'*&%
&'(.%*$(%7##1-2E%*&%5-$57(+=%G'#87(++<%+80h(5&+<%)($5()&-#2%/*+%&'8+D%*$E8*07.D%
*,,(5&(6%0.%&'(-$%12#/7(6E(=%W2%@AV@%[=%N=%N#7/*.%*26%:=%;=%b#$-2E%(4*9-2(6%
/'*&%'*))(2+%/'(2%-2,#$9*&-#2%*0#8&%&'(%+'*)(D%+-_(D%6-+&*25(%*26%+7*2&%#,%&'(%
)($5(-3(6%#0h(5&%-+%E$*68*77.%$(685(6=%G'(%$(+87&%/*+%&'*&%5#2+&*25-(+%/($(%
$(685(6%&#%_($#=%B@%W2%+80+(U8(2&%6(5*6(+D%+-9-7*$%(4)($-9(2&+%.-(76(6%+-9-7*$%
$(+87&+H%/'(2%58(+%&'*&%(2*07(%&'(%+80h(5&+%&#%6(&($9-2(%&'(%6-+&*25(D%+'*)(%*26%
+7*2&%#,%&'(%#0h(5&%*$(%$(9#3(6D%&'(%+80h(5&+<%)($5()&-#2%,#77#/+%&'(%3-+8*7%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
/#876%'*3(%(2#$9#8+%6-,,-587&.%-2%E(&&-2E%*$#826%-&D%*26%-,%&'(%/#$76%7##1(6%*+%-,%-&%/*+%6()-5&(6%-2%&/(7,&'J
5(2&8$.%)-5&8$(+D%*$5'($+%/#876%'*3(%2#%6-,,-587&.%-2%+'##&-2E%&'(-$%)$*.%*$#826%5#$2($+=R%
fB%W&%-+%-2&($(+&-2E%&#%5#2+-6($%-2%&'-+%5#2&(4&%&'(%6-+58++-#2%*0#8&%&'(%/*.%$*-7/*.%&$*51+%*$(%)($5(-3(6=%
[55#$6-2E%&#%#2(%3-(/D%+&$*-E'&%$*-7/*.%&$*51+%+'#876%0(%+((2%*+%5#23($E-2E%-2%6-+&*25(H%&'(-$%)#+&+%*$(%*77%
(U8*7%*26%&'(%,8$&'($%&'(.%*$(%&'(%+9*77($%&'(.%*))(*$=%;##69*2%*5&8*77.%8+(6%&'(%5#23($E(25(%#,%$*-7/*.%
&$851+%-2%6-+&*25(%-2%#2(%#,%'-+%(90*$$*++-2E7.%($$#2(#8+%*$E89(2&+%*E*-2+&%)($+)(5&-3(H%'(%*$E8(6%&'*&%-&%
-+%2#&%57(*$%/'.%3($&-5*7%(7(5&$-5%)#+&+D%/'-5'%*$(%*7+#%)*$*77(7D%*$(%2#&%6$*/2%*+%5#23($E-2E=%!;##69*2D%
M%&6*%6/+$-:$!"#D%@B=S%M*$4%Z*$&#,+1.D%'#/(3($D%57*-9(6%&'*&%O)*$*77(7%7-2(+%E#-2E%#,,%-2&#%&'(%6-+&*25(%
*))(*$D%-2%2#$9*7%0-2#587*$%3-+-#2D%&#%0(%h8+&%/'*&%&'(.%*$(F)*$*77(7%7-2(+%E#-2E%#,,%-2&#%&'(%6-+&*25(D%
/-&'#8&%5#23($E(25(=R%!M*$4%Z*$&#,+1.D%OL87(+%#,%L()$(+(2&*&-#2H%G'(%]-$&8(+%#,%\#2+&*25.%*26%"-6(7-&.%
)8&%-2%?($+)(5&-3(R%-2%Z*$&#,+1.D%C-'/)+D%>@@J>ICD%>@g=S%[9#2E%)+.5'#7#E-+&+D%&'($(%(4-+&+%*%$(9*$1*07(%
6-+*E$((9(2&%*0#8&%&'(%/*.%$*-7$#*6+%*$(%)($5(-3(6=%W$3-2%L#51%&'8+%#0+($3(+%&'*&%OW,%/(%+&$(++%5#2+&*25.%
#,%+-_(D%*+%'*+%0((2%&$-(6%-2%&'(%7-&($*&8$(%+-25(%&'(%;(+&*7&%$(3#78&-#2D%/(%5*22#&%(4)7*-2%&'(%3-3-6%
-9)$(++-#2%#,%5#23($E(25(%&'*&%3($.%#0+($3($%/-77%&(77%.#8%'(%'*+R=!W$3-2%L#51H%OW2%K(,(25(%#,%X25#2+5-#8+%
W2,($(25(R%-2%:)+&(-2%!(6=SD%<#%2,),#9$%&'$G-&+#%&49D%I>@JIg>D%IVg=%W2%7-2(%/-&'%&'-+%+&*&(9(2&D%K#2%M5\$(*6.%
!Oi2%+-_(D%6-+&*25(D%*26%3-+8*7%*2E7(%)($5()&-#2RD%=/"4/7#,-&$%&'$=+945-759+,4+D%Ig%!@AcfSD%I>IJIIVD%I>IS%
&*71+%*0#8&%O&'(%)*$*6#4%#,%5#23($E-2E%)*$*77(7+R=%[55#$6-2E%&#%]=%L=%\*$7+#2D%&'(%'.)#&'(+-+%-+%&'*&%$*-7/*.+%
&$*51+%*$(%O)($5(-3(6%&#%0(%)*$*77(7%*26%2(3($%9((&%08&%*$(%5#E2-&-3(7.%-2&($)$(&(6%&#%5#23($E(R=%!]=%L=%
\*$7+#2H%OW2+&$85&-#2+%*26%?($5()&8*7%\#2+&*25.%e86E9(2&+R%-2%:)+&(-2%!(6=SD%<#%2,),#9$%&'$G-&+#%&49D%>@gJ
>fVD%>>C=S%a'(%*7+#%5-&(+%e=%e=%;-0+#2%!>>CSD%-2%/'#+(%3-(/D%O*2%#0h(5&%5*2%*))*$(2&7.%0(%+((2%/-&'%
*))$#4-9*&(7.%-&+%&$8(%+-_(%*+%7#2E%*+%-&%5*2%0(%+((2%*&%*77R=%[2#&'($%3-(/D%9(2&-#2(6%0.%[70($&*%;-7-2+1.D%-+%
&'*&%$*-7$#*6%&$*51+%*$(%O2#/%+((2%&#%5#23($E(D%2#/%+((2%2#&%&#%5#23($E(R=%![70($&*%a=%;-7-2+1.H%OG'(%:,,(5&%
#,%[&-&86(%8)#2%&'(%?($5()&-#2%#,%a-_(RD%F5/$!1/",4%&$H-*"&%)$-:$=+945-)-69D%Bc%!@AffSD%@gIJ@A>D%@gV=S%%
fg!!"#$%&'(./+#%)#$=+945-)-69D%fCl%L#51D%OX25#2+5-#8+%W2,($(25(RD%IVg=%
fc%"#$%&'-+%*$E89(2&%+((%\*$7+#2D%OW2+&$85&-#2+RD%>@c=%
fA%G'#87(++D%O?'(2#9(2*7%L(E$(++-#2R=%
BC%W0-6=D%IfI%
B@%N#7/*.%*26%b#$-2ED%OK(&($9-2*2&+R=%
% @V%
*2E7(=B>%e=%Q*2E6#2%&'8+%(+&*07-+'(6%&'*&%5#2+&*25.%6-+*))(*$(6%/'(2%&'(%58(+%#,%
6()&'%'*3(%0((2%$(9#3(6lBI%N=%Q(-0#/-&_%*26%Q=%:=%b#8$2(%6-+5#3($(6%&'*&%
5#2+&*25.%6-+*))(*$+%-,%&'(%#0h(5&%-+%(4)#+(6%&#%7-E'&%,#$%3($.%+'#$&%)($-#6+%#,%
&-9(D%+85'%*+%#2(%&(2&'%#,%*%+(5#26D%/'-7(%Z-77-*9%:)+&(-2%(+&*07-+'(6%&'*&%,877%
5#2+&*25.%$(U8-$(+%(4)#+8$(+%7#2E($%&'*2%'*7,%*%+(5#26=BV%Q(-0#/-&_%*7+#%
6-+5#3($(6%&'*&%+80h(5&+%/-&'%'-E'($%-2&(77-E(25(%)*-6%7(++%*&&(2&-#2%&#%5#2+&*25.%
-2%&'(-$%)($5()&-#2=Bf%%
% [77%&'-+%$(+(*$5'%E#(+%'*26%-2%'*26%/-&'%;#90$-5'<+%3-(/%&'*&%'89*2%
)($5()&-#2%+#9(&-9(+%$()#$&+%&'(%3-+8*7%*2E7(%*26%+#9(&-9(+%$()$#685(+%
5#2+&*25-(+=%K8$-2E%&'(%@AfC+D%(4)($-9(2&*7%)+.5'#7#E-+&+%*7+#%$(*7-+(6%&'*&%&'(%
)($5()&-#2%&'*&%+80h(5&+%$()#$&(6%-+%*,,(5&(6%0.%&'(%-2+&$85&-#2+%&'*&%/($(%E-3(2%
&#%&'(9=%[+%Q(-0#/-&_%*26%Q=%i=%N*$3(.%#0+($3(6D%&'(%9#+&%(,,(5&-3(%(4)($-9(2&*7%
3*$-*07(%-2%+-_(%5#2+&*25.%(4)($-9(2&+%*$(%&'(%-2+&$85&-#2+%E-3(2%&#%&'(%
+80h(5&+=BB%W2%@Afc%L=%b=%e#.2+#2%9*6(%*%+&86.%*0#8&%&'(%+80h(5&+k%826($+&*26-2E%
#,%&'(%(4)$(++-#2+%O*))*$(2&%+-_(R%*26%O7##1%&'(%+*9(%+-_(R=Bg%W&%/*+%,#826%&'*&%
&'(%9*h#$-&.%#,%+80h(5&+%826($+&##6%O*))*$(2&R%*+%6-,,($(2&%,$#9%&'(%#0h(5&-3(%
+-_(=%G'$((%.(*$+%0(,#$(%e#.2+#2D%[70($&*%;-7-2+1.%(4*9-2(6%&'(%*0-7-&.%#,%
+80h(5&+%&#%5#9)*$(%#0h(5&+%*&%E$(*&%6-+&*25(+%0.%E-3-2E%&'(9%&/#%1-26+%#,%
-2+&$85&-#2+H%O#0h(5&-3(%-2+&$85&-#2+R%&'*&%)($&*-2(6%&#%&'(%(+&-9*&-#2%#,%&'(%
#0h(5&-3(%+-_(%#,%&'(%#0h(5&%*26%O$(&-2*7%-2+&$85&-#2+R%&'*&%)($&*-2(6%&#%&'(%
*))*$(2&%3-+-07(%+-_(%#,%&'(%#0h(5&=Bc%a85'%6-,,($(2&%-2+&$85&-#2+%)$#685(6%$(+87&+%
&'*&%9*2-,(+&(6%57(*$%6-,,($(25(%0(&/((2%&'(%&/#%*&&-&86(+%-2%#0+($3*&-#2=%%
% W&%-+%&'8+%,*-$%&#%+*.%&'*&%)+.5'#7#E-5*7%$(+(*$5'%5#2,-$9+%;#90$-5'<+%
3-(/+%*0#8&%5#2+&*25-(+=%W&%-+%826($+&##6%&'*&%'89*2%3-+8*7-&.%-+%+#9('#/%68*7H%
/(%5*2%)($5(-3(%-2%&($9+%#,%#0h(5&-3(%+-_(+%*26%+'*)(+%#$%-2%&($9+%#,%&'(%3-+8*7%
*2E7(l%&'#8E'%-2%&'(%5*+(%#,%9*2.%)(#)7(D%0$-2E-2E%&'-+%7*&&($%*&&-&86(%&#%*&&(2&-#2%
9*.%$(U8-$(%(,,#$&=%;#90$-5'%6(+5$-0(6%&'*&%*$&-+&+%'*3-2E%&#%O0$(*1R%
5#2+&*25-(+F*26%-2%)+.5'#7#E-5*7%7-&($*&8$(%#2(%#,&(2%$(*6+%&'*&%*&&(2&-#2%&#%&'(%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
B>%a((%;-7-2+1.D%OG'(%:,,(5&%#,%[&&-&86(RD%@gI%,#$%*%+899*$.=%
BI%e=%Q*2E6#2D%OG'(%?($5()&-#2%#,%*%\'*2E-2E%a'*)(RD%\*%"#/")9$H-*"&%)$-:$RZ7/",1/&#%)$=+945-)-69D%I%!@Af@SD%
@fgJ@Bf=%
BV%N=%Z=%Q(-0#/-&_%*26%Q=%:=%b#8$2(D%OG-9(%*26%W2&(2+-&.%*+%K(&($9-2(+%#,%?($5(-3(6%a'*)(RD%H-*"&%)$-:$
RZ7/",1/&#%)$=+945-)-69D%f@%!@AfBSD%>ggJ>c@l%Z-77-*9%:)+&(-2%(&%*7=%O?($5(-3(6%+'*)(%*&%*%+7*2&%*+%*%,825&-#2%
#,%)$#5(++-2E%&-9(%*26%)$#5(++-2E%7#*6RD%H-*"&%)$-:$RZ7/",1/&#%)$=+945-)-69D%I%!@AggSD%VgIJcI=%
Bf%N=%Z=%Q(-0#/-&_D%W=%Z*+1#/D%P=%Q#(,,7($D%"=;7*+($D%OW2&(77-E(25(%Q(3(7%*+%*%]*$-*07(%-2%&'(%?($5()&-#2%#,%
a'*)(RD%\*%"#/")9$H-*"&%)$-:$RZ7/",1/&#%)$=+945-)-69D%@@%!@AfASD%@CcJ@@>=%
BB%N=%Z=%Q(-0#/-&_%*26%Q=%i=%N*$3(.D%O:,,(5&%#,%-2+&$85&-#2+D%(23-$#29(2&D%*26%&.)(%#,%&(+&%#0h(5&%#2%9*&5'(6%
+-_(RD%H-*"&%)$-:$RZ7/",1/&#%)$=+945-)-69D%c@%!@ABAS%IBJVIl%5-&(6%*55#$6-2E%&#%\*$7+#2D%OW2+&$85&-#2+R%>@g=%
Bg%L=%b=%e#.2+#2%O[2%(4)($-9(2&*7%+.2&'(+-+%#,%&'(%[++#5-*&-#2-+&%*26%;(+&*7&%*55#82&+%#,%&'(%)($5()&-#2%#,%
+-_(RD%\*%"#/")9$H-*"&%)$-:$RZ7/",1/&#%)$=+945-)-69D%@C%!@AfcSD%BfJgB%*26%@V>J@fV=%\-&(6%*55#$6-2E%&#%
\*$7+#2%OW2+&$85&-#2+RD%>IB=%
Bc%;-7-2+1.D%OG'(%(,,(5&%#,%*&&-&86(R=%W&%-+%-2&($(+&-2E%&#%5#2+-6($%&'(%#8&5#9(%#,%;-7-2+1.<+%(4)($-9(2&=%a'(%
)$(+(2&(6%'($%+80h(5&+%/-&'%&/#%#0h(5&+=%i2(%/*+%*%7*$E(%&$-*2E7(%)7*5(6%*&%*%6-+&*25(%#,%@CC%,((&%*26%/'#+(%
3-+-07(%+-_(%5#876%0(%5'*2E(6%0.%$-+-2E%-&%,$#9%#$%7#/($-2E%-&%-2&#%*%)-&=%G'(%#&'($%#0h(5&%/*+%*%+-9-7*$%
&$-*2E7(%#,%825'*2E(*07(%+-_(%&'*&%/*+%)7*5(6%*&%6-+&*25(+%&'*&%3*$-(6%0(&/((2%@CC%*26%VCCC%,((&%,$#9%&'(%
#0+($3($=%G'(%+80h(5&+%/($(%*+1(6%&#%*6h8+&%&'(%+-_(%#,%&'(%5'*2E(*07(%&$-*2E7(%&#%&'(%825'*2E(*07(%#2(=%
a#9(%+80h(5&+%/($(%-2+&$85&(6%&#%*5'-(3(%#0h(5&-3(%9*&5'(+%#,%+-_(D%#&'($+%&#%9*&5'%&'(%3-+8*7%*2E7(=%G'(%
$(+87&+%#,%&'#+(%/'#+(%-2+&$85&-#2+%)($&*-2(6%&#%#0h(5&-3(%9*&5'(+%6-6%2#&%,#77#/%+&$-5&7.%&'(%$87(+%#,%+-_(%
5#2+&*25.%/'-7(%&'(%$(+)#2+(+%#,%&'(%+80h(5&+%/'#%/($(%*+1(6%&#%*6h8+&%&'(%3-+8*7%*2E7(%+'#/(6%*%'-E'($%
7(3(7%#,%5#2+-+&(25(=%W2%&'-+%7*&&($%5*+(D%&'(%+&*&-+&-5*7%+&*26*$6%6(3-*&-#2%/*+%7#/($%*26%&'(%*E$((9(2&%
0(&/((2%+80h(5&+%/*+%9#$(%6(&($9-2*&(%*26%7(++%-26-3-68*7-_(6=%!@cgS%;-7-2+1.%5#25786(6%&'*&%&'(%
6-+&-25&-#2%O0(&/((2%7/"4/7#,-&%!-99(6-*&(%(4)($-(25(S%*26%/+#,1%#,-&$!12#/7(6E(%*26%-2,($(25(S%9*.%+&-77%
0(%)($&-2(2&%6(+)-&(%&'(%(4)7*2*&-#2%#,,($(6%0.%;(+&*7&%)+.5'#7#E.=R%!@cgS%W2%*2.%5*+(D%'($%(4)($-9(2&%
57(*$7.%+'#/(6%&'*&%&'(%-2+&$85&-#2+%E-3(2%&#%&'(%+80h(5&+%5*2%-2685(%*%$*6-5*77.%6-,,($(2&%*&&-&86(+%&#%
)($5()&-#2=%
% @f%
)($5()&-#2%#,%&'(%3-+8*7%*2E7(%-+%&.)-5*7%#,%3-+8*7%*$&-+&+=BA%G'(%)+.5'#7#E-+&+%W$3-2%
L#51%*26%M5K($9#&%&'8+%+*.%&'*&%*7&'#8E'%/(%6#%2#&%+((%#8$%$(&-2*7%-9*E(%/(%
+((%-2%&($9+%#,%-&lgC%-2%&'(-$%3-(/D%&'(%E(+&*7&-+&+<%(9)'*+-+%#2%5#2+&*25-(+%/*+%
(45(++-3(=%!@I>S%W2%*%$(5(2&%0##1%&'*&%+8$3(.+%&'(%9#6($2%826($+&*26-2E%#,%
'89*2%3-+8*7-&.D%M*8$-5(%N($+'(2+#2%6-,,($(2&-*&(+%0(&/((2%O#0h(5&%#$%7-2(*$%
+-_(R%*26%O(4&(2+-3-&.%#$%3-+8*7%*2E7(%+-_(R=g@%N(%)#-2&+%#8&%&'*&%3-+8*7%*2E7(%+-_(D%
#$%&'(%)$#)#$&-#2%#,%&'(%3-+8*7%,-(76%&'*&%&'(%#0h(5&%5#3($+D%-+%#27.%0$#8E'&%-2&#%
*/*$(2(++%/-&'%(,,#$&=g>%W2%*2%(4&(2+-3(%+8$3(.%#,%$(+(*$5'%#2%5#2+&*25-(+%
)807-+'(6%-2%>CC>D%&'(%)+.5'#7!"#$%&'()*+&,!-!.!/#011 &-#22(.(+%#*%(-&3(%4((+&%5(&
6-+&*7D%)$#4-9*7%*26%)'(2#9(2*7%6#9*-2%#,%'89*2%3-+8*7%)($5()&-#2=gI%G'(%
',+#%)%6#9*-2%5#2+-+&+%#,%&'(%#8&+-6(%/#$76%*26%-&+%#0h(5&+l%&'(%7"-Z,1%)%6#9*-2%
-+%&'(%#)&-5*7%)$#h(5&-#2%#,%&'(%(4&($2*7%/#$76%#2%&'(%$(&-2*D%/'-7(%&'(%
75/&-1/&%)%6#9*-2%-+%&'(%5#2+5-#8+%3-+8*7%*/*$(2(++%#,%!"#$%&'()*$+,-.J!"#$%
!""#$%&'()*#)+#%#$#,&-.)*/0)1*2'%2$%),&03)&')"#'*045#$2$6)516"/#7#(6)&1)*/2*%
O)($5(-3(6%!#$%)'(2#9(2*7S%+-_(R%'*+%&/#%+(2+(+H%&'(%5#2+5-#8+%-9)$(++-#2%#,%
&'(%6-+&*7%+-_(%#,%(23-$#29(2&*7%#0h(5&+D%!&'(%+-_(%*+%9(*+8$(6%0.%9(*+8$-2E%
&*)(+S%*26%&'(%5#2+5-#8+%-9)$(++-#2%#,%)8$(%3-+8*7%(4&(2&D%#$%&'(%*9#82&%#,%
3-+8*7%,-(76%5#3($(6%0.%*2%#0h(5&=%!"#"$"%&'()*++,)-)(-./-(-.&)(),0"1#(),1),(&)(
7(++%5#99#27.%8+(6=%W&%-+D%2(3($&'(7(++D%-2%&'-+%+(5#26%+(2+(%&'*&%#2(%+*.+%&'*&%
O6-+&*2&%#0h(5&+%*))(*$%+9*77($R=%%G'(%)$#4-9*7%+(2+(%5*2%0(%2#&-5(6%*26%
*&&(26(6%&#D%#25(%-&%-+%)#-2&(6%#8&D%*7&'#8E'%,#$%9#+&%)(#)7(%(3($.6*.%
)($5()&-#2+%*$(%0*+(6%#2%&'(%6-+&*7%9#6(7=%
% %
%%
498J:98:;G=DIK!:98=;8=%
"$(6%K$(&+1(<+%@ABA%0##1%<//,&6$%&'$E&-D,&6%/*+%&'(%,-$+&%+-E2-,-5*2&%
)'-7#+#)'-5*7%*&&(9)&%&#%#))#+(%&'(%3-(/%&'*&%)($5()&-#2%-+%-2+()*$*07(%,$#9%
5#25()&8*7-+*&-#2=gV%K$(&+1(<+%(,,#$&+%-2%&'(%0##1%7*$E(7.%5#25(2&$*&(6%#2%
+'#/-2E%&'*&%)($5()&-#2%5*2%0(%-26()(26(2&%#,%#8$%0(7-(,+=%N-+%*++89)&-#2%-+%
&'*&%&'($(%-+%2#%5#25()&8*7-+*&-#2%/-&'#8&%0(7-(,+H%-2+#,*$%*+%9.%+((-2E%*%5*&%
6()(26+%#2%9(%0(-2E%5#25()&8*77.%*/*$(%&'*&%/'*&%W%+((%-+%*%5*&D%&'(2%&'(%,*5&%
&'*&%W%)($5(-3(%*%5*&%98+&%*7+#%0(%-2+()*$*07(%,$#9%9.%0(7-(,%&'*&%W%*9%+((-2E%*%
5*&=gf%N*3-2E%9*6(%&'-+%)#-2&D%K$(&+1(%57*-9+%&'*&%&'($(%-+%*%)$-9-&-3(%3-+8*7%
*0-7-&.%&'*&%-+%-26()(26(2&%#,%'#/%/(%5#25()&8*7-+(%/'*&%/(%+((%*26%/'-5'%/(%
+'*$(%/-&'%*%O5#51($%+)*2-(7%#$%*%)(&%5*&R=%!VS%?(#)7(%5*2%+((%9*)7(%&$((+%/-&'#8&%
&'-21-2E%&'*&%&'(.%+((%*%&$((%#$%(3(2%*%)'.+-5*7%#0h(5&D%'(%+*.+=%!BS%Z'(2%)(#)7(%
+#9(&-9(+%+*.H%OW%6#%2#&%12#/%/'(&'($%W%$(*77.%+*/%+#9(&'-2E%#$%W%-9*E-2(6%-&R%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
BA%T-$1%Q86/-EH%O:4)7*-2-2E%/'.%&'-2E+%7##1%&'(%/*.%&'(.%6#R%-2%[1-2+%!(6=S%=/"4/7#,-&D%@cJfAD!%fCl%b$82($%
*26%;##69*2%O]*78(R%Ifl%L#51%*26%M5K($9#&%O]-+8*7%[2E7(RD%@I>l%%
gC%L#51%*26%M5K($9#&D%O]-+8*7%*2E7(R%@@A=%a((%*7+#%L#51%OX25#2+5-#8+%-2,($(25(R=%
g@%N($+'(2+#2D%]-+8*7%a)*5(%?($5()&-#2D%@@B=%
g>%W0-6=D%@@B=%b8&%'(%*7+#%6(+5$-0(+%5#2&-28#8+%)($+)(5&-3(%&$*2+,#$9*&-#2+%&'*&%$(+87&%,$#9%*%9#3(9(2&%
*$#826%&'(%#0h(5&%*26%6-$(5&7.%6(2-(+%5#2+&*25-(+H%O[%+&*&-#2*$.%+8$,*5(%*&%*%+7*2&%&#%*%3-(/($%)$#h(5&%#2&#%
&'(%)$#4-9*7%+&-9878+%*+%*%)($+)(5&-3(%&$*2+,#$9*&-#2%#,%&'(%#8&7-2(%+'*)(%#,%&'(%+8$,*5(=%Z'(2%*%3-(/($%
9#3(+%*$#826%&'(%+&*&-#2*$.%+8$,*5(D%#$%/'(2%&'(%6-+&*7%+8$,*5(%-+%-2%9#&-#2D%&'($(%-+%*%5#2&-28#8+%5'*2E(%#,%
&'(%)($+)(5&-3(%&$*2+,#$9*&-#2%-2%&'(%)$#4-9*7%+&-9878+=R%!@fVS%
gI%!"#"$"%&'D%K(h*2H%O\#2+&*25-(+%*26%W778+-#2+%-2%]-+8*7%?($5()&-#2RD%=+,5-)-6,K%D%If%!>CC>SD%@>fJ>CgD%@>f%
gV%"$(6%K$(&+1(H%<//,&6$%&'$E&-D,&6D%\'-5*E#H%G'(%X2-3($+-&.%#,%\'-5*E#%?$(++O$@ABA=%a((%(+)(5-*77.%&'(%
+(5&-#2%OP#2J:)-+&(9-5%a((-2ERD%VJgf=%
gf%i03-#8+7.D%W%9*.%+((%+#9(&'-2E%&'*&%7##1+%7-1(%*%5*&%08&%2#&%0(7-(3(%&'*&%-&%-+%*%5*&=%W2%&'*&%5*+(%W%/#876%0(%
$(5#E2-_-2E%&'*&%W%*9%+((-2E%+#9(&'-2E%&'*&%7##1+%7-1(%*%5*&%*26%/#876%0(7-(3(%&'*&%W%*9%+((-2E%+#9(&'-2E%
&'*&%7##1+%7-1(%*%5*&D%&'#8E'%W%/#876%2#&%0(7-(3(%&'*&%-&%-+%*%5*&=%
% @B%
&'(-$%)($5()&-#2%-+%#03-#8+7.%2#&%*55#9)*2-(6%0.%*2.%-6(2&-,.-2E%0(7-(,=%
a-9-7*$7.D%-&%-+%'*$6%&#%-9*E-2(%&'*&%*%6#E<+%*0-7-&.%&#%+((%*%+5(2(%6()(26+%#2%&'(%
6#E<+%0(7-(,+H%$*&'($D%-&%6()(26+%#2%&'(%(45(77(25(%#,%&'(%6#E<+%(.(+D%&'(%6-+&*25(%
#,%&'(%+5(2(%*26%+#%#2=%!@fS%
% [%)$#)#2(2&%#,%&'(%3-(/%&'*&%&'($(%-+%2#%-22#5(2&%(.(%/#876%'*3(%6(2-(6%
&'(%3*7-6-&.%#,%&'(+(%(4*9)7(+=%[9#2E%*2*7.&-5%)'-7#+#)'($+D%K$(&+1(<+%0##1%
-2-&-*&(6%*2%(2&-$(7.%2(/%,-(76%#,%$(+(*$5'%-2%()-+&(9#7#E.%*26%&'(%)'-7#+#)'.%#,%
)($5()&-#2%/'-5'%,7#8$-+'(6%68$-2E%&'(%7*&(%@AcC+%*26%&'$#8E'%&'(%@AAC+=%G'(%
+&86.%#,%&'(%/*.+%-2%/'-5'%)($5()&-#2%5*2%'*3(%5#2&(2&%-26()(26(2&%#,%&'(%
5#25()&+%*++#5-*&(6%/-&'%&'*&%5#2&(2&%5*9(%&#%0(%12#/2%*+%&'(%6(0*&(%*0#8&%
O2#2J5#25()&8*7%5#2&(2&R=gB%[66-&-#2*7%+8))#$&%,#$%&'-+%$(+(*$5'%5*9(%,$#9%&'(%
7*&(+&%)+.5'#7#E-5*7%$(+(*$5'%#2%&'(%)($5()&-#2%#,%*2-9*7+%*26%5'-76$(2%0(,#$(%
&'(.%7(*$2%&#%+)(*1=%W&%-+%#,&(2%'*$6%&#%6(2.%&'*&%*2-9*7+%)($5(-3(%&'-2E+%+-9-7*$7.%
&#%'89*2+D%/'-7(%#2(%-+%+#9(&-9(+%'(+-&*2&%&#%*&&$-08&(%&'(9%&'(%)#++(++-#2%#,%
5#25()&+%#$%0(7-(,+%&'*&%'89*2+%)#++(++=gg%%
% N89*2%)($5()&-#2%*26%-&+%5#2&(2&+D%-&%'*+%#,&(2%0((2%)#-2&(6%#8&%-2%
$(+(*$5'%*0#8&%2#2J5#25()&8*7%5#2&(2&D%*$(%985'%$-5'($%*26%,-2(JE$*-2(6%&'*2%
*2.%*3*-7*07(%5#25()&8*7%,$*9(/#$1+=gc%G'(%'89*2%9-26%#,&(2%6#(+%2#&%'*3(%
5#25()&+%,#$%*77%&'(%28*25(+%#,%&'(%+*9(%5#7#8$%&'*&%*%'89*2%(.(%5*2%
6-,,($(2&-*&(=%a#9(%+(5&-#2+%#,%*%$*2E(%#,%9#82&*-2+%9*.%0(%5*77(6%$#826(6D%
#&'($+%h*EE(6l%2(3($&'(7(++D%3-+8*7%(4)($-(25(%-+%,*$%9#$(%+)(5-,-5%&'*2%+85'%*%
3($0*7%6(+5$-)&-#2%5*2%-26-5*&(=%gA%a-9-7*$7.D%*%)($+#2%2((6%2#&%)#++(++%&'(%
5#25()&%#,%+.99(&$.%-2%#$6($%&#%)($5(-3(%&'(%+.99(&$.%#,%*2%-2107#&=%!@>CS%[%
/(77J12#/2%*$E89(2&%5*9(%,$#9%&'(%b$-&-+'%)'-7#+#)'($%G-9%\$*2(=cC%\$*2(<+%
+&*$&-2E%)#-2&%-+%&'*&%*%)($+#2%5*22#&%'*3(%5#2&$*6-5&#$.%0(7-(,+F,#$%-2+&*25(D%
0(7-(3(%*&%&'(%+*9(%&-9(%&'*&%*%&'-2E%-+%9#3-2E%*26%+&*.-2E%+&-77=%a-&8*&-#2+%/'(2%
*%&'-2E%-+%)($5(-3(6%&#%9#3(%*26%+&*26%+&-77%*&%&'(%+*9(%&-9(%5#2+(U8(2&7.%
-26-5*&(%)($5()&-#2%-26()(26(2&%#,%#2(<+%0(7-(,+=%G'-+%'*))(2+%-26((6%-,D%,#$%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
gB%[%+899*$.%#,%&'-+%$(+(*$5'%-+%e#+t%%b($9u6(_%*26%[$2#2%\*'(2D%vP#25#25()&8*7%M(2&*7%\#2&(2&vD%F5/$
<#%&:-"'$R&494)-7/',%$-:$=5,)-+-759$^<7",&6$_`TT$R',#,-&aD%:6/*$6%P=%Y*7&*%!(6=SD%XLQ%w%
x'&&)Hmm)7*&#=+&*2,#$6=(68m*$5'-3(+m+)$>C@@m(2&$-(+m5#2&(2&J2#25#25()&8*7my=%[%9#$(%&(5'2-5*7%
)$(+(2&*&-#2%#,%3*$-#8+%*$E89(2&*&-#2*7%*))$#*5'(+%-+%-2%[&'*2*++-#+%L*,&#)#87#+D%G-6&,#,-&$%&'$
=/"4/7#,-&D%\*90$-6E(D%M*++=H%G'(%MWG%?$(++D%>CCAD%@I@JIfI=%G'(%)*$&-587*$%3*78(%#,%L*,&#)#87#+<%
)$(+(2&*&-#2%-+%&'*&%'(%6-$(5&7.%$(7*&(+%&'(%6-+58++-#2+%#,%2#2J5#25()&8*7%5#2&(2&%&#%&'(%)+.5'#7#E-5*7%
$(+(*$5'%#2%-9)(2(&$*0-7-&.=%"#$%*%5#77(5&-#2%#,%-2,78(2&-*7%$(+(*$5'%)*)($+%#2%2#2J5#25()&8*7%5#2&(2&%+((%
o#$1%;82&'($%!(6=SH%R++%9+$-&$Q-&4-&4/7#*%)$G-&#/&#D%\*90$-6E(%M*++=H%MWG%?$(++D%>CCI=%a((%*7+#%b-77%
b$(/($D%O?($5()&8*7%:4)($-(25(%N*+%\#25()&8*7%\#2&(2&R%*26%[7(4%b.$2(D%O?($5()&-#2%*26%\#25()&8*7%
\#2&(2&R%-2%M*&&'-*+%a&(8)%*26%:$2(+&%a#+*%!(6+SD%G-&#/17-"%"9$S/2%#/+$,&$R7,+#/1-)-69D%M*76(2D%M*++=H%
b7*51/(77D%>CCfD%>@gJ>IC%*26%>I@J>fC=%%
gg%W&%6#(+%2#&%'(7)%&#%+*.%&'*&%/(%5*22#&%12#/%'#/%*2-9*7+%&'-21%#$%)($5(-3(H%-2%+#9(%+-&8*&-#2+%+5-(2&-+&+%
'*3(%9*2*E(6%&#%5#2+&$85&%/*.+%&#%E(&%*$#826%&'-+%)$#07(9=%"#$%-2+&*25(D%-&%-+%)#++-07(%&#%&(*5'%9#21(.+%&#%
5'##+(%&'(%7*$E($%#,%&/#%$(5&*2E7(+%&'(.%'*3(%0((2%+'#/2=%!a((%"$(6%K$(&+1(D%Oa(2+*&-#2%*26%?($5()&-#2R%-2%
;82&'($%!(6=SD%Q-&b4-&4/7#*%)$G-&#/&#D%>fJV@D%IB=S%W2+#,*$%*+%)($5()&-#2%6()(26+%#2%*3*-7*07(%5#25()&8*7%
,$*9(/#$1+D%-&%-+%$(*+#2*07(%&#%*++89(%&'*&%9#21(.+%/#876%)($5(-3(%&'(+(%$(5&*2E7(+%6()(26(2&%#2%&'(%
5#25()&%O0-EE($%&'*2R=%[&%&'(%+*9(%&-9(D%-&%-+%3($.%'*$6%&#%&(*5'%9#21(.+%O-2&($9(6-*&(J+-_(R%$(7*&-#2F&#%
&(*5'%&'(9%&#%5'##+(D%,#$%-2+&*25(D%&'(%9(6-89J+-_(6%$(5&*2E7(%/'(2%+'#/2%&'$((%$(5&*2E7(+=%N#/(3($D%
+-25(%&'(.%'*3(%0((2%&*8E'&%*26%E$*+)(6%&'(%$(7*&-#2+'-)%O0-EE($J&'*2RD%-&%,#77#/+%&'*&%/'(2%+'#/2%&'$((%
&$-*2E7(+%#,%6-,,($(2&%+-_(%&'(.%98+&%0(%*07(%&#%+((%*26%5#25()&8*7-+(%&'*&%&'(%9(6-89J+-_(6%&$-*2E7(%-+%
0-EE($%&'*2%&'(%+9*77(+&%#2(D%*26%&'*&%-&%-+%+9*77($%&'*2%&'(%0-EE(+&=%b8&%+-25(%&'(.%5*22#&%5#25()&8*7-+(%&'(%
$(7*&-#2+'-)%O-2&($9(6-*&(J+-_(RF&'(%*$E89(2&%/-77%0(%&'*&%&'(.%5*2%)($5(-3(%$(7*&-#2+'-)+%&'*&%&'(.%
5*22#&%5#25()&8*7-+(=%
gc%a((%b($986(_D%OP#2J\#25()&8*7%M(2&*7%\#2&(2&R%,#$%*%+899*$.%#,%&'(+(%*$E89(2&+=%
gA%"#$%&'-+%*$E89(2&%+((%\'$-+&#)'($%?(*5#51(H%Oa5(2*$-#+D%\#25()&+D%*26%?($5()&-#2R%-2%;82&'($D%Q-&b
G-&4/7#*%)$G-&#/&#D%@CgJ@I>D%@@@=%
cC%G-9%\$*2(H%OG'(%Z*&($,*77%W778+-#2R%-2%;82&'($%!(6=SD%Q-&b4-&4/7#*%)$G-&#/&#D%>I@J>If=%
% @g%
-2+&*25(D%#2(%+&*$(+%,#$%*%)($-#6%#,%&-9(%*&%*%+5(2(%/'-5'%5#2&*-2+%9#3(9(2&%-2%
#2(%6-$(5&-#2D%*26%&'(2%7##1+%*&%*%+5(2(%/'-5'%5#2&*-2+%2#%9#3(9(2&=%W&%/-77%
*))(*$%&'*&%#0h(5&+%-2%&'-+%7*&&($%+5(2(%9#3(%-2%&'(%#))#+-&(%6-$(5&-#2%&#%&'*&%#,%
&'(%#$-E-2*7%9#3(9(2&D%*26%*&%&'(%+*9(%&-9(D%&'(.%/-77%*))(*$%2#&%&#%9#3(%
$(7*&-3(%&#%#&'($%#0h(5&+%-2%&'(%+5(2(=%!a85'%5#2&$*6-5&#$.%)($5()&-#2%#558$+%
/'(2%#2(%+&*$(+%*&%*%/*&($,*77%*26%&'(2%&8$2+%#2(<+%+-E'&%&#%+#9(%+&*&-#2*$.%
#0h(5&=%G'(%7*&&($%&'(2%*))(*$+%&#%9#3(D%*7&'#8E'%2#&%$(7*&-3(%&#%-&+%0*51E$#826=S%
i03-#8+7.D%+85'%)($5()&-#2%5*22#&%6($-3(%,$#9%#2(<+%0(7-(,+D%+-25(%#2(%/#876%
'*3(%&#%0(7-(3(%*&%&'(%+*9(%&-9(%&'*&%&'(%#0h(5&%9#3(+%*26%+&*26+%+&-77=%
%
%
#@G;8;=FIABKB=?!9<!HBEB98!
"#$%&'(%)*+&%&/#%6(5*6(+%)'-7#+#)'-5*7%$(+(*$5'%#2%2#2J5#25()&8*7%5#2&(2&%'*+%
5#-25-6(6%/-&'%&'(%-25$(*+(6%&(26(25.%#,%)+.5'#7#E-+&+%&#%6-,,($(2&-*&(%0(&/((2%
+/&+/%)($5()&-#2%*26%4-6&,#,L/%)($5()&-#2F*26%&'(%,#$9($%-+%*++89(6%&#%0(%
5#25()&J-26()(26(2&=c@%;*$.%N*&,-(76%-2%'-+%0##1%=/"4/7#,-&$%&'$G-6&,#,-&%2#&(6%
&'*&%&'(%6-+&-25&-#2%0(&/((2%&'(+(%&/#%9#6(+%#,%3-+-#2%-+%-9)7-5-&%-2%&'(%/*.%
(4)($-9(2&*7%)+.5'#7#E-+&+%*$&-587*&(%&'(%*-9+%#,%&'(-$%(4)($-9(2&+=c>%"#$%
-2+&*25(D%*2%(4)($-9(2&%&'*&%&(+&+%&'(%5#E2-&-3(%)($5()&-#2%#,%+'*)(+%9*.%&$.%&#%
(+&*07-+'%'#/%-26-3-68*7%+'*)(+%*$(%57*++-,-(6D%/'-7(%*2%-23(+&-E*&-#2%-2&#%&'(%
'89*2%)($5()&-#2%#,%+'*)(+%/-77%+&86.%)(#)7(<+%5*)*5-&-(+%&#%6-+5$-9-2*&(%+'*)(+%
826($%3*$-#8+%3-(/-2E%5#26-&-#2+=%M*1-2E%+85'%6-+&-25&-#2+%0#-7+%6#/2%&#%
6-+&-2E8-+'-2E%+(2+(%)($5()&-#2%,$#9%#$6-2*$.%$(*+#2-2E%*26%5#2+5-#8+%
-2,($(25(=cI%G'-+%7(6%&#%&'(%826($+&*26-2E%#,%+(2+(%)($5()&-#2%*+%O-2+87*&(6R%
,$#9%5#2+5-#8+%)($5()&8*7%12#/7(6E(%*26%*2%826($+&*26-2E%&'*&%E(2($*7%
12#/7(6E(%5*22#&%-2,78(25(%)($5()&-#2=cV%%
% W&%/*+%&'$#8E'%&'(%E$#8260$(*1-2E%$(+(*$5'%#,%&'(%)+.5'#7#E-+&%K*3-6%
M*$$%-2%&'(%(*$7.%@AcC+%&'*&%&'(%+()*$*&-#2%#,%O(*$7.%3-+-#2R%,$#9%&'(%5#E2-&-3(%
*+)(5&+%#,%3-+8*7%)($5()&-#2%0(5*9(%/-6(7.%*55()&(6%*9#2E%)+.5'#7#E-+&+=cf%
L(+(*$5'%#2%(*$7.%3-+-#2%)($&*-2+%&#%&'(%+(2+#$.%*+)(5&+%#,%)($5()&8*7%
(4)($-(25(D%+85'%*+%+'*)(D%5#7#8$D%+-_(D%6-+&*25(%(&5=%OQ*&(%3-+-#2RD%826($+&##6%*+%
5#2&$*$.%&#%O(*$7.%3-+-#2RD%5#3($+%)$#5(++(+%+85'%*+%$(5#E2-+-2ED%-6(2&-,.-2ED%#$%
57*++-,.-2E=cB%W2%@AAA%&'(%)+.5'#7#E-+&%Y(2#2%?.7.+'-2%)807-+'(6%*%'-E'7.%
-2,78(2&-*7%*$&-57(%-2%/'-5'%'(%57*-9(6%&'*&%(*$7.%3-+-#2%-+%,17/&/#"%2)/%&#%
5#25()&8*7%&'-21-2E=cg%N(%5#9)*$(6%'89*2%3-+-#2%&#%*%5#9)7(4%-2,#$9*&-#2%
)$#5(++-2E%+.+&(9=cc%O:*$7.%3-+-#2R%-+%*%+(5&-#2%#,%&'-+%+.+&(9l%-&%6(&($9-2(+%&'(%
+)*&-*7%&'$((J6-9(2+-#2*7%7*.#8&%#,%3-+-07(%#0h(5&+%-2%&'(%)($5(-3(6%+5(2(=%W&%
(2*07(+%8+%&#%E$*+)%&'(%+)*&-*7%6-+)#+-&-#2%#,%&'(%&'-2E+%&'*&%/(%+((D%08&%-&%6#(+%
2#&%$(7*&(%&'(9%&#%/'*&%/(%12#/%#$%&#%/'*&%/(%$(9(90($=%[55#$6-2E%&#%
?.7.+'.2D%(*$7.%3-+-#2%-+%-26()(26(2&%#,%*2.%0(7-(,+%/(%9*.%'*3(%*26%6#(+%2#&%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
c@%"#$%&'-+%6-+&-25&-#2%+((%;*$.%N*&,-(76D%=/"4/7#,-&$%&'$G-6&,#,-&;$R++%9+$,&$#5/$=5,)-+-759$-:$=+945-)-69D%
i4,#$6H%i4,#$6%X2-3($+-&.%?$(++D%>CCAD%f=%
c>%W0-6=D%fV=%
cI%"#$%*%7-+&%#,%*8&'#$+%/'#%9*1(%&'-+%6-+&-25&-#2%+((%N*&,-(76D%=/"4/7#,-&D%@@=%%
cV%W0-6=D%@@=%
cf%K*3-6%M*$$H%8,+,-&;$!$G-17*#%#,-&%)$(&L/+#,6%#,-&$,&#-$#5/$0*1%&$>/7"/+/&#%#,-&$%&'$="-4/++,&6$-:$8,+*%)$
(&:-"1%#,-&D%a*2%"$*25-+5#H%Z=%N=%"$((9*2D%@Ac>=%
cB%M*$$%6-6%2#&%8+(%&'(%&($9%O7*&(%3-+-#2Rl%&'(%)'$*+(%-+%N*&,-(76<+D%=/"4/7#,-&D%fV=%
cg%Y(2#2%?.7.+'.2D%OW+%]-+-#2%\#2&-28#8+%/-&'%\#E2-&-#2RD%@/5%L,-"%)$%&'$@"%,&$<4,/&4/+D%>>%!@AAASD%IV@J
IBf=%
cc%?.7.+'.2D%<//,&6$%&'$8,+*%),?,&6D%fC=%
% @c%
6(*7%/-&'%-6(2&-&-(+%#$%2*9(+%#,%#0h(5&+l%-&%-+%)*$&%#,%&'(%'*$6/-$(%#,%#8$%5*)*5-&.%
&#%+((%*26%*%$(+87&%#,%&'(%(3#78&-#2%#,%'89*2%+)(5-(+=%
% i2(%-9)#$&*2&%*$E89(2&%-2%,*3#8$%#,%?.7.+'.2<+%&'(+-+%)($&*-2+%&#%
)($5()&8*7%-778+-#2+=%?+.5'#7#E-+&+%-2%&'(%)*+&%!*26%&'(%)$#)#2(2&+%#,%P(/%Q##1%
)+.5'#7#E.%(+)(5-*77.S%$(E*$6(6%#)&-5*7%-778+-#2+%*+%-9)#$&*2&%(4*9)7(+%#,%&'(%
9*77(*0-7-&.%#,%#8$%)($5()&-#2=%"#$%&'(9D%#)&-5*7%-778+-#2+%6(9#2+&$*&(6%&'(%
+&$#2E%-2,78(25(%#2(<+%(4)(5&*&-#2+%'*3(%#2%3-+8*7%(4)($-(25(=%b8&%?.7.+'.2%
&8$2(6%&'-+%*$E89(2&%-2%&'(%#))#+-&(%6-$(5&-#2=%N(%)#-2&(6%#8&%&'*&%/(%)($5(-3(%
*2%#)&-5*7%-778+-#2%/L/&$D5/&$D/$A&-D%&'*&%/(%*$(%+((-2E%*2%-778+-#2=%\#2+-6($D%
,#$%-2+&*25(D%"$*+($<+%+)-$*7=%!,-E=%@S%W&%5#2+-+&+%#,%5#25(2&$-5%5-$57(+%&'*&%*$(%
)($5(-3(6%*+%*%+)-$*7F*26%/(%)($5(-3(%*%+)-$*7%(3(2%/'(2%/(%12#/%&'*&%/(%
6(*7-2E%/-&'%*2%-778+-#2%*26%&'*&%/(%*$(%7##1-2E%*&%*%+(&%#,%5#25(2&$-5%5-$57(+=%
%
%
"-E8$(%@H%"$*+($%+)-$*7=%i2(%2((6+%&#%&$*5(%O&'(%+)-$*7R%8+-2E%*%)(25-7%-2%#$6($%&#%+((%&'*&%-&%
5#2+-+&+%#,%5-$57(+=%a#8$5(H%'&&)Hmm5#99#2+=/-1-9(6-*=#$Em/-1-m"-7(H"$*+($z+)-$*7=+3E%
%
?.7.+'.2%*7+#%)#-2&(6%#8&%&'*&%2(8$#+5-(25(%)$#3-6(+%7-&&7(%(3-6(25(%&'*&%&'(%
0$*-2%5(77+%#,%&'(%3-+8*7%+.+&(9%$(5(-3(%-2,#$9*&-#2%,$#9%&'(%)*$&+%#,%&'(%0$*-2%
&'*&%6(*7%/-&'%5#25()&8*7%&'-21-2E=cA%W&%-+%)#++-07(%&#%6(&($9-2(%&'(%)*$&+%#,%&'(%
0$*-2%&'*&%*$(%*5&-3(%-2%&'(%$(5#E2-&-#2%#,%'-E'7.%5#9)7(4%3-+8*7%)*&&($2+D%+85'%*+%
'89*2%,*5(+=%"$#9%/'*&%-+%12#/2D%-&%+((9+%&'*&%&'(+(%5(77+%6#%2#&%$(5(-3(%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
cA%W0-6=D%BcJgC=%
% @A%
-2,#$9*&-#2%*0#8&%&'(%-6(2&-&.%#,%&'(%)*&&($2%!(=E=%,*5(S%,$#9%#&'($%)*$&+%#,%&'(%
0$*-2=%"#$%-2+&*25(D%#8$%5*)*5-&.%&#%$(5#E2-+(%*%,*5(%-2%*%5($&*-2%+#5-*7%+-&8*&-#2%-+%
2#&%+8))#$&(6%0.%#8$%(4)(5&*&-#2%&'*&%/(%/-77%9((&%*%5($&*-2%)($+#2%-2%&'*&%
5#2&(4&=%"8$&'($%#2D%?.7.+'.2%6$(/%*&&(2&-#2%&#%&'(%,*5&%&'*&%)*&-(2&+%/-&'%+#9(%
&.)(+%#,%0$*-2%6*9*E(%*$(%*07(%&#%)($5(-3(%*26%E$*+)%&'(%+)*&-*7%)$#)($&-(+%#,%
#0h(5&+%08&%5*22#&%$(5#E2-+(%/'*&%&'(+(%#0h(5&+%*$(%!L,+*%)$%6&-+,%S=%AC%a85'%
)*&-(2&+%,#$%-2+&*25(D%5*2%+((%&'(-$%,*9-7.%9(90($+%08&%5*22#&%$(5#E2-+(%&'(9=%
G'-+%-26-5*&(+%&'*&%&'(%+(5&-#2%#,%&'(%0$*-2%&'*&%6(*7+%/-&'%3-+8*7%*26%+)*&-*7%
&'-21-2E%-+%+()*$*&(%,$#9%&'(%+(5&-#2%#,%&'(%0$*-2%&'*&%6(*7+%/-&'%5#25()&8*7%
&'-21-2E=%
% W2%?.7.+'.2<+%3-(/D%P(/%Q##1%&'(#$-(+D%&#E(&'($%/-&'%&'(%-6(*%&'*&%O&'($(%
-+%2#%-22#5(2&%(.(R%$(*77.%0(7#2E%&#%@AfC+%)+.5'#7#E.%*26%6($-3(%,$#9%&'(%9-6J
&/(2&-(&'%5(2&8$.%+)-$-&%#,%&-9(%*26%,*-&'%-2%0-#7#E-5*77.%827-9-&(6%'89*2%
)#&(2&-*7=A@%%
%
%
&;E=>;=B:E!
Q-&($*&8$(%#2%,-2(%*$&+%'*+%0((2%+7#/%-2%*6#)&-2E%&'(%$(+87&+%#,%$(+(*$5'%#2%2#2J
5#25()&8*7%5#2&(2&%*26%&'(%-9)(2(&$*0-7-&.%#,%3-+-#2F5($&*-27.%985'%+7#/($%
&'*2%/*+%&'(%5*+(%/-&'%P(/%Q##1%)+.5'#7#E.%68$-2E%&'(%@ABC+=%P(3($&'(7(++D%-&%
-+%'*$6%&#%-9*E-2(%&'*&%)#+-&-#2+%-2%*$&%'-+&#$.%5*2%0(%+($-#8+7.%+8+&*-2(6%-,%&'(-$%
,826*9(2&*7%)$(9-+(+%6-$(5&7.%5#2&$*6-5&%&'(%+5-(2&-,-5%826($+&*26-2E%#,%'89*2%
3-+8*7-&.=%%
% \#2+-6($%&'(%5*+(%#,%*(+&'(&-5+F*%6-+5-)7-2(%/-&'%57#+($%7-21+%&#%
)'-7#+#)'.%*26%&'8+%)$#2(%&#%$(5(-3-2E%-2&(77(5&8*7%-2,78(25(+%,$#9%58$$(2&%
&$(26+%-2%)'-7#+#)'.%*26%)+.5'#7#E.%,*+&($%&'*2%*$&%'-+&#$.=%W&%/*+%T(26*77%
Z*7&#2<+%@AgC%)*)($%O\*&(E#$-(+%#,%[$&R%&'*&%-2&$#685(6%-2%:2E7-+'J+)(*1-2E%
*(+&'(&-5+%&'(%-6(*%&'*&%'89*2%3-+-#2%$(+87&+%,$#9%5#25()&8*7%&'-21-2E=A>%Z*7&#2%
6-6%2#&%9(2&-#2%;#90$-5'D%08&%&'(%*$&-57(%$(7-(6%#2%&'(%*++89)&-#2%&'*&%#2(%+((+%
*55#$6-2E%&#%&'(%5#25()&8*7%5*&(E#$-(+%&'*&%#$E*2-+(%)($5()&-#2=%G'(%9*-2%&*$E(&%
#,%Z*7&#2<+%5$-&-5-+9%/*+%&'(%3-(/%&'*&%*2%*$&/#$1%98+&%+&*26%#2%-&+%#/2D%
-26()(26(2&7.%#,%*$&-+&<+%3-(/+D%+#5-*7D%'-+&#$-5*7%#$%587&8$*7%5-$589+&*25(+=%
L*&'($D%,*5&+%*0#8&%&'(%#$-E-2+%#,%*$&/#$1+%5*2%'*3(%*2%(++(2&-*7%$#7(%-2%*$&%
5$-&-5-+9=%G'(%*$E89(2&%Z*7&#2%)$(+(2&(6%/*+%0*+(6%#2%6-,,($(2&-*&-#2%0(&/((2%
+&*26*$6%*26%3*$-*07(%,(*&8$(+%#,%*$&/#$1+=%[%,(*&8$(%-+%+&*26*$6%-,%*%/#$1%#,%*$&%
0(7#2E+%&#%*%5($&*-2%5*&(E#$.%0.%3-$&8(%#,%'*3-2E%&'*&%,(*&8$(l%-&%-+%3*$-*07(%-2%&'(%
5*+(%&'*&%-&%'*+%2#&'-2E%&#%6#%/-&'%&'(%/#$1<+%0(7#2E-2E%&#%*%+)(5-,-5%5*&(E#$.=%[2%
#0h(5&%'*+%&#%'*3(%5($&*-2%)$#)($&-(+%-2%#$6($%&#%5#82&%*+%*%)*-2&-2ED%\'-2(+(%
+587)&8$(%#$%*%b._*2&-2(%9#+*-5=%a-25(%*2%#0h(5&%98+&%'*3(%+&*26*$6%)$#)($&-(+%
-2%#$6($%&#%0(7#2E%&#%*%5($&*-2%5*&(E#$.D%-&%9*.%+((9%&'*&%+85'%,(*&8$(+%*$(%
*(+&'(&-5*77.%-$$(7(3*2&=%[77%)*-2&-2E+%'*3(%&'(%,(*&8$(+%&'*&%*$(%2(5(++*$.%,#$%
&'(9%&#%0(%)*-2&-2E+l%5#2+(U8(2&7.D%&'(+(%,(*&8$(+%/-77%2#&%'(7)%8+%/'(2%-&%5#9(+%
&#%(3*78*&-2E%*26%$*2E-2E%&'(9%*(+&'(&-5*77.=%b8&D%Z*7&#2%*$E8(+D%&'-+%$(*+#2-2E%
-+%/$#2E=%G'(%(2($E.%#$%0$-77-*25(%#,%*%,*+&%+(5&-#2%-2%*%3-#7-2%5#25($&%6($-3(+%2#&%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
AC%W0-6=D%g@=%
A@%"#$%?.7.+'.2<+%3-(/+%#2%&'(%'-+&#$.%#,%&'(%6(0*&(D%+((%'-+%OW+%]-+-#2%5#2&-28#8+DR%IV@JIV>%*26%<//,&6$%&'$
8,+*%),?,&6D%VA%*26%cI=%%
A>%T(26*77%Z*7&#2D%O\*&(E#$-(+%#,%[$&RD%5-&(6%*55#$6-2E%&#%e#+()'%M*$E#7-+D%=5,)-+-759$M--A+$%#$#5/$!"#+D%
?'-7*6(7)'-*H%G(9)7(%X2-3($+-&.%?$(++D%@AgcD%ccJ@@V=%
% >C%
,$#9%&'(%*0+#78&(%+)((6%#,%&'(%98+-5%08&%*7+#%,$#9%&'(%,*5&%&'*&%-&%-+%,*+&%,#$%&'*&%
)*$&-587*$%9(6-89=%?*-2&-2E+%-2%*2%8212#/2%+&.7(%#$%98+-5%,$#9%*%$*6-5*77.%
6-,,($(2&%587&8$(%9*.%*))(*$%*+%,#$97(++%#2%&'(%,-$+&%5#2&*5&D%0(5*8+(%#2(%/#876%
2#&%0(%)($5(-3-2E%&'(9%-2%$(7*&-#2%&#%&'(%+)(5-,-5%5#2&(4&%&'(.%#$-E-2*&(%,$#9=%
Z*7&#2<+%5#2578+-#2D%&'*&%+80+(U8(2&7.%(4($5-+(6%*%'8E(%-2,78(25(%#2%*2*7.&-5%
*(+&'(&-5+D%/*+%&'*&%*(+&'(&-5%)$#)($&-(+%*$(%*7/*.+%*+5$-0(6%&#%*%/#$1%#,%*$&%-2%
*55#$6*25(%/-&'%&'(%,(*&8$(+%&'*&%*$(%+&*26*$6%,#$%+85'%/#$1+%#,%*$&=%W&%-+%
-9)#$&*2&%&#%2#&(%&'*&%&'-+%5#2578+-#2%$(7-(+%#2%&'(%*++89)&-#2%&'*&%&'($(%-+%2#%
)($5()&-#2%/-&'#8&%57*++-,-5*&-#2H%-,%*$&/#$1+%5#876%0(%)($5(-3(6%-26()(26(2&7.%
#,%'#/%/(%5*&(E#$-_(%&'(9%*26%-,%+#9(%+(2&-9(2&+%!(=E=%)7(*+8$(S%5#876%0(%
6($-3(6%,$#9%+85'%2#2J5#25()&8*7%*5&+%#,%)($5()&-#2D%&'(2%-&%-+%8257(*$%/'.%&'(%
*&&$-08&-#2%#,%+#9(%*(+&'(&-5%)$#)($&-(+%!(=E=%0(*8&.S%5#876%2#&%0(%-26()(26(2&%
#,%5*&(E#$-+*&-#2=%Z*7&#2%&'8+%*$E8(6%&'*&%-,%/(%(45*3*&(6%*2%*$&/#$1%,$#9%&'(%
68+&%#,%*2%*$5'*(#7#E-5*7%+-&(%#2%*2#&'($%)7*2(&D%/(%/#876%2#&%0(%*07(%&#%
*&&$-08&(%&#%-&%*2.%*(+&'(&-5%)$#)($&-(+%+-25(%/(%/#876%12#/%2#&'-2E%*0#8&%&'(%
5-3-7-_*&-#2%&'*&%5$(*&(6%-&%*26%/#876%2#&%0(%*07(%&#%5*&(E#$-_(%-&=%b8&%-&%-+%,*$%,$#9%
57(*$%&'*&%&'-+%2((6%0(%&'(%5*+(D%*26%&'*&%/(%9*.%2#&%7-1(%-&+%+'*)(+%#$%
)$#)#$&-#2+%-26()(26(2&7.%#,%/'*&%/(%12#/%#$%6#%2#&%12#/%*0#8&%-&+%#$-E-2=%%
% G'(%Z*7&#2J+&.7(%)#+-&-#2%0(5*9(%-25$(*+-2E7.%'*$6%&#%+8+&*-2%-2%-&+%
+&$#2E%,#$9%0.%&'(%7*&(%@AAC+=%G'(%b$-&-+'%*(+&'(&-5-*2%P-51%Y*2E/-77%#))#+(6%-&%
0.%*$E8-2E%,#$%*%)#+-&-#2%&'*&%'(%5*77(6%1-'/"%#/$:-"1%),+1F-=(=%&'(%3-(/%&'*&%
+-1/%*(+&'(&-5%)$#)($&-(+%6()(26%(4578+-3(7.%#2%,#$9*7%)$#)($&-(+%#,%#0h(5&+D%
/'-7(%#&'($+%6()(26%#2%#8$%5#25()&8*7%12#/7(6E(%*0#8&%&'(%#0h(5&=AI%W&%-+%
)7*8+-07(%&#%5#2+&$8(%Y*2E/-77<+%O,#$9*7R%)$#)($&-(+%*+%&'#+(%&'*&%&'(%'89*2%
9-26%/#876%)$#5(++%8+-2E%(*$7.%3-+-#2H%+'*)(+%*26%&'(%+)*&-*7%7*.#8&%#,%&'-2E+=%W&%
/#876%&'(2%,#77#/%&'*&%+#9(%*(+&'(&-5%h86E9(2&+%5*2%0(%0*+(6%#2%2#2J5#E2-&-3(%
3-+8*7%)$#5(++-2E=%\#9)*$(%&'-+%3-(/%/-&'%Z*7&#2<+H%Z*7&#2<+%)#+-&-#2%/*+%
5$(6-07(%-2%&'(%@AgC+%0(5*8+(%-&%/(2&%'*26J-2J'*26%/-&'%&'(%+&*25(%&'*&%&'($(%-+%
2#%)($5()&-#2%/-&'#8&%57*++-,-5*&-#2=%W2%*%5#2&(4&%-2%/'-5'%&'-+%)#+-&-#2%/*+%
E(2($*77.%*55()&(6D%-&%5#876%'*$67.%'*3(%0((2%5$(6-07(%&#%+8EE(+&%&'*&%*(+&'(&-5%
h86E9(2&+%5*2%0(%-26()(26(2&%#,%5#25()&8*7%&'-21-2E=%N#/%5#876%#2(%9*1(%
5#25()&J-26()(26(2&%*(+&'(&-5%h86E9(2&+%-,%&'(+(%h86E9(2&+%)($&*-2%&#%/'*&%#2(%
)($5(-3(+%*26D%*&%&'(%+*9(%&-9(D%#2(%5*22#&%)($5(-3(%/-&'#8&%5#25()&8*7-+-2E{%%
% W,%Y*2E/-77%/($(%9($(7.%*$E8-2E%&'*&%+#9(%*(+&'(&-5%)$#)($&-(+%5*2%0(%
*&&$-08&(6%-26()(26(2&7.%#,%#8$%5#25()&8*7%12#/7(6E(%*26%-2&($*5&-#2%/-&'%
*$&/#$1+D%&'(2%'-+%&'(+-+%*0#8&%9#6($*&(%,#$9*7-+9%/#876%0(%*%9($(%)7(*%,#$%*%
/-6($%)($+)(5&-3(%#2%*(+&'(&-5%)$#07(9+%&'*2%&'(%@ABC+%587&8$*7J6(&($9-2-+&%
826($+&*26-2E%#,%'89*2%)($5()&-#2%*77#/(6%8+%&#%,#$987*&(=%b8&%'-+%-9)#$&*2&%
57*-9%-+%&'*&%O0(*8&.%-+%&'(%&#)%6#ERF*26%'(%57(*$7.%*&&$-08&(+%E$(*&($%
+-E2-,-5*25(%&#%2#2J5#25()&8*7%*(+&'(&-5%)$#)($&-(+=AV%Z*7&#2<+%)#+-&-#2D%#2(%
5#876%+*.D%/*+%87&-9*&(7.%)*$#5'-*7H%-,%*77%*(+&'(&-5%)$#)($&-(+%*$(%*++(++(6%#2%&'(%
0*+-+%#,%*3*-7*07(%5#25()&+D%*26%+-25(%&'(%*3*-7*0-7-&.%#,%5($&*-2%5#25()&+%-+%
7-9-&(6%&#%5($&*-2%587&8$*7%5#2&(4&+D%-&%(*+-7.%,#77#/+%&'*&%*(+&'(&-5%(3*78*&-#2%-+%
*7/*.+%587&8$*77.%6(7-9-&(6=%Y*2E/-77D%'#/(3($D%-+%9#$(%5#+9#)#7-&*2%&'*2%
Z*7&#2=%G$8(D%'(%+&#)+%+'#$&%#,%57*-9-2E%&'*&%&'($(%*$(%82-3($+*77.%3*7-6%*(+&'(&-5%
h86E9(2&+H%*,&($%*77D%&'(%*0-7-&.%&#%h86E(%*(+&'(&-5*77.%9*.%0(%+-9-7*$%&#%&'(%*0-7-&.%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
AI%a((%P-51%Y*2E/-77D%OW2%K(,(25(%#,%M#6($*&(%[(+&'(&-5%"#$9*7-+9RD%-2%Y*2E/-77D%C/#%759+,4+$-:$@/%*#9D%
W&'*5*H%\#$2(77%X2-3($+-&.%?$(++D%>CC@D%c>J@C@=%
AV%Y*2E/-77D%OG'(%b(*8&-,87D%&'(%K*-2&.%*26%&'(%K89).R%-2%Y*2E/-77D%C/#%759+,4+D%AJ>ID%>I=%
% >@%
&#%+((%5#7#8$+%*26%+#9(%)(#)7(%*$(%5#7#8$%07-26=%N#/(3($D%'(%-+%+*.-2E%&'*&%&'($(%
*$(%*(+&'(&-5%h86E9(2&+%/'-5'%2#%)($+#2%/-77%0(%-25*)*07(%#,%9*1-2E%9($(7.%
0(5*8+(%'(%#$%+'(%0(7#2E+%&#%*%+)(5-,-5%587&8$(=%%
% G'(%6(9-+(%#,%&'(%3-(/%&'*&%)($5()&-#2%-+%5#25()&8*77.%)$(6(&($9-2(6%
5*22#&%,*-7%&#%*,,(5&%&'(%9(&'#6#7#E.%#,%'-+&#$-5*7%$(+(*$5'%#2%*$&/#$1+=%
\#2+-6($D%,#$%-2+&*25(D%&'(%U8(+&-#2%#,%/'*&%5#2+&-&8&(+%*%5$(6-07(%(4)7*2*&-#2%#,%
*2%*$5'-&(5&<+%6(5-+-#2%&#%*))7.%5($&*-2%,#$9*7%)$#)($&-(+%#2%*%08-76-2E=%j8-&(%-2%
7-2(%/-&'%;#90$-5'<+%3-(/+D%-2%'-+%-2,78(2&-*7%@ABI%0##1%(&#/&#,-&+$,&$
!"45,#/4#*"/D%\'$-+&-*2%P#$0($EJa5'87_%*$E8(6%&'*&%*$5'-&(5&8$(%5*22#&%0(%
-2&($*5&(6%/-&'%*&%&'(%7(3(7%#,%)8$(%,#$9=Af%N(%57*-9(6%&'*&%#2(%5*2%#27.%)($5(-3(%
,#$9+%*+%9(*2-2E,87H%&'*&%&'($(%5*2%0(%2#%-99(6-*&(%(4)($-(25(%#,%*$5'-&(5&8$*7%
/#$1+%!,#$%-2+&*25(%&'(-$%9*++(+%#$%+)*5(+S%&'*&%-+%2#&%9(6-*&(6%&'$#8E'%
5#25()&+=AB%G'(%-9)7-5*&-#2%-+%&'*&%/'(2%*2%*$5'-&(5&%9*6(%6(+-E2%6(5-+-#2+%
*0#8&%&'(%+'*)(+D%)$#)#$&-#2+%#$%+)*5(+%#,%*%08-76-2ED%&'-+%6(5-+-#2%*7/*.+%'*6%&#%
0(%0*+(6%#2%&'(%9(*2-2E+%'(%#$%+'(%*&&$-08&(6%&#%&'(+(%(7(9(2&+=%:4)7*-2-2E%*2%
*$5'-&(5&<+%6(+-E2%6(5-+-#2%-+%5#2+(U8(2&7.%-2+()*$*07(%,$#9%+&*&-2E%&'(%
9(*2-2E+%&'*&%9#&-3*&(6%-&F*2%(4)7*2*&-#2%&'*&%$(7-(+%#2%&'(%)8$(7.%3-+8*7%
)$(,($(25(+%#,%&'(%*$5'-&(5&%-+%&'8+%82+*&-+,*5&#$.D%0(5*8+(%&'($(%5*2%0(%2#%
)8$(7.%3-+8*7%)($5()&-#2%#2%/'-5'%+85'%)$(,($(25(+%/#876%0(%0*+(6=%N#/(3($D%*+%
/(%'*3(%h8+&%+((2D%'89*2%)($5()&-#2%-+%985'%9#$(%,-2(%E$*-2(6%&'*2%#8$%
*3*-7*07(%5#25()&8*7%,$*9(/#$1+l%2#&#$-#8+7.D%&'-+%1-26%#,%9(&'#6#7#E.%
$(E87*$7.%+8,,($(6%,$#9%&'(%-2*0-7-&.%&#%,-26%(2#8E'%9(*2-2E+%!5#25()&+S%&#%
*55#82&%,#$%&'(%&#&*7-&.%#,%+)*&-*7%*26%3-+8*7%6(5-+-#2+%*2%*$5'-&(5&%&.)-5*77.%'*+%&#%
9*1(%-2%'-+%#$%'($%/#$1=%"#77#/-2E%Y*2E/-77D%'#/(3($D%/(%5*2%*++89(%&'*&%+#9(%
6(5-+-#2+%/($(%9*6(%#2%&'(%0*+-+%#,%)8$(7.%3-+8*7J*(+&'(&-5%)$(,($(25(D%
-26()(26(2&7.%#,%*2.%5#25()&8*7%5#2+-6($*&-#2=%M(&'#6#7#E-5*77.D%&'(%+&86.%#,%
9(*2-2E+D%&'(%5#25()&+%*++#5-*&(6%/-&'%*$5'-&(5&8$*7%!*$&JS%/#$1+D%0(5#9(+%
$(7(3*2&%#27.%/'(2%-&%5*2%0(%6#589(2&(6%&'*&%&'(.%'*3(%-26((6%9#&-3*&(6%&'(%
5$(*&-3(%6(5-+-#2+%#,%*$&-+&+%*26%*$5'-&(5&+=%%
%
%
19LI%
Z'(2%-&%5#9(+%&#%*$&%'-+&#$-5*7%&#)-5+F+85'%*+%&'(%3*7-6-&.%#,%)($+)(5&-3(%#$%&'(%
*$&-+&-5%-9)7-5*&-#2+%#,%$(+(*$5'%#2%5#2+&*25-(+F;#90$-5'<+%-2&8-&-#2+%'*3(%
0((2%E(2($*77.%3-26-5*&(6%0.%+80+(U8(2&%)+.5'#7#E-5*7%$(+(*$5'=%G'(%-6(*+%&'*&%
'*3(%2#&%+&##6%&'(%&(+&%#,%&-9(%/($(%&'#+(%'(%-9)#$&(6%,$#9%?#))($D%;(+&*7&J%*26%
P(/%Q##1%)+.5'#7#E-+&+=%\#2+-6($-2E%'-+%,*-&'%-2%+5-(25(%*26%&'(%/-6(%$*2E(%#,%
'-+%-2&($(+&+D%-&%-+%'*$6%&#%+((%'#/%'(%5#876%'*3(%*3#-6(6%$(7.-2E%#2%&'(9=%"#$%
6(5*6(+D%&'-+%,*-&'%9*6(%'-9%5#25(2&$*&(%'8E(%(,,#$&+%#2%+'#/-2E%&'*&%&'(%+*9(%
+5-(2&-,-5%&'(#$-(+%&'*&%)$#3-6(6%+#%985'%*9982-&-#2%,#$%&'(%$-+(%#,%587&8$*7%
$(7*&-3-+9%/($(%*7+#%5#9)*&-07(%/-&'%'-+%82-3($+*7-+&%*26%'89*2-+&%*E(26*=%[+%-&%
&8$2+%#8&D%&'(+(%+5-(2&-,-5%&'(#$-(+%'*3(%-2%&'(%9(*2&-9(%,*6(6%-2&#%'-+&#$.F
/'-7(%&'(%*E(26*%+&-77%$(9*-2+%$(7(3*2&%&#6*.=%%
%
%
!
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
Af%\'$-+&-*2%P#$0($EJa5'87_D%(&#/&#,-&+$,&$!"45,#/4#*"/D%i+7#H%X2-3($+-&(&+,#$7*E(&D%@ABID%*55#$6-2E%&#%&'(%
+(5#26%(6-&-#2%@ABBD%cf=%%
AB%W0-6D%cfJAV=%

Visuality After Gombrich

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Visuality After Gombrich

Uploaded by

Copyright:

Available Formats

!"#$%&'()*"&+),!

You might also like