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+01 2*345 +1 */0144567 ,1/047281/01 +5341 27 2.6*,7 91 :5487,*./ 91 27+ *91/0*9791+
,521,0*;7+$ -1+045 1/:5<-1 =7401 91 -/7 */+70*+:7,,*./ 3>+*,7 ,5/ 27+ =14+=1,0*;7+
+5,*52.6*,7+<-153*1/,5/+*914737/7264-=5,58527-/*9793>+*,79127/>2*+*++5,*72
53*1/*/01/0737/047+,1/9141+7-/*9797047;?+91=7479*687+@52A+0*,5+:-/,*5/72*+07+
51+04-,0-472*+07+$ 7+2.6*,7+<-1=41+-=5/1/1+05+0*=5+91:-/,*5/78*1/05+5,*72+5/
917,-1495,5//-1+045=-/0591;*+079187+*795+*8=21+B-/*:5481+=747,7=0-47427
;74*1979 91 85;*8*1/05+ *8=2*,795+ 1/ 27 ,5/+04-,,*./ 91 *91/0*9791+$ 1+-207
*//1,1+74*5 91,*4 <-1 12 */9*;*9-72*+85 8105952.6*,5 1/ ,-72<-*147 91 +-+ ;74*7/01+
*/,2-*9727121,,*./47,*5/72/5=45;11078=5,5/*/6-/772014/70*;7720*=591=7479*687
<-1 1+0785+ 04707/95 91 ,-1+0*5/74$
2,78*/5<-1@185+*/01/0795+16-*4=7470470741+07+,-1+0*5/1+1+95321$ 5=4*8145
@7 +*95 9*;*9*4 27 -/*979 912 64-=5 1/ -/*9791+ 81/541+ <-1 @185+ 91/58*/795
9187/97*27-/*97991264-=51+1//-1+047=14+=1,0*;71241+-2079591-/7740*,-27,*./
919187/97+$
*/18374651+07740*,-27,*.//5,5441+=5/917-/7,5/:*6-47,*./1+07321
B=5+*0*;7<-1=594A785+,5/+*91474,585-/705072*979-/*:*,797=5412,5/0474*5=-1+05
<-1 05979187/97 =41+1/07 41,2785+7 -/ 910148*/7955491/ 1+07321,*951227 1+0> 1/
-/74127,*./=1,-2*74,5/1+15491/<-127-3*,7727;1C91/045B:-14791?2$ 5851+1
5491//5=-19173+543140507281/017279187/97/5,5/+*6-1,5/+0D0-*4+17+A8*+85
,585 -/7 05072*979 ,5@141/01$ 7 9187/97 41<-*141 +*/ 1837465 726E/ 0*=5 91
05072*C7,*./+*1+<-1+1;77,4*+072*C741/7265<-1+17*/+,4*3*321,58541,278591/045
912F+*+0187G$595+1+05+85;*8*1/05+,5/0479*,054*5+B783*6-5+*8=2*,7/27+9*;14+7+
:5487+ 91 740*,-27,*./ 1/041 2.6*,7 91 27 9*:141/,*7 B 2.6*,7 91 27 1<-*;721/,*7 <-1
9*+,-0*85+ 1/ 12 ,7=A0-25 $ 585 1H=2*,7 722A 27 *8=5+*3*2*979 91:*D74 27 -/*979 91 -/7
:5487,*./ +5,*72 1/ -/ 53D105 <-1 +17 ,5/,1=0-7281/01 7=41/+*321 ,5/9-,1 7 27
,1/0472*979 91 27/58*/7,*./1/ 27 ,5/+0*0-,*./91 27-/*979 911+7:5487,*./1/07/05
<-1 27 /1,1+*979 91 -/ ,181/05 +5,*72 <-1 -/7 25+ 12181/05+ @101456?/15+ I-/*979
<-1/51+=45;*+07=54/*/6-/72.6*,7740*,-27054*7:-/,*5/72*+0751+04-,0-472*+07I505467
,1/0472*979727:4,051/27,5/+0*0-,*./+5,*72$41-9B725@73A71/01/9*95,274781/0112
27C5 +5,*72 1+ -/ 27C5 2*3*9*/72$ -1+045 7/>2*+*+ +1 ,58=2107 ,5/ -/7 1H=7/+*./ 91 27+
,701654A7+127354797+1/12,7=A0-25I27+2.6*,7+91279*:141/,*7B271<-*;721/,*725+
+*6/*:*,7/01+;7,A5+27@16185/A7I7-/767878>+78=2*791:1/.81/5+=52A0*,5+J1/
12,7=A0-25"9*+,-0*85+27+/5,*5/1+91+*6/*:*,7/01+:2507/01+B91@1014561/1*979+5,*72
B 1/ 12 ,7=A0-25 27+ 91 41=41+1/07,*./ B 9185,47,*7$
K54<-?0470741+05+0187+1/-/79*+,-+*./+5341=5=-2*+85 747C./1+27+5+=1,@7
<-1 @1 01/*95 9-47/01 8-,@5 0*18=5 91 <-1 1/ 27 91+1+0*87,*./ 912 =5=-2*+85 @7B
8-,@58>+<-127412167,*./91-/,5/D-/05=14*:?4*,591:1/.81/5+725+8>461/1+91
271H=2*,7,*./+5,*72$*1/+5<-125<-11+0>*8=2A,*051/-/41,@7C507/91+91L5+51+27
91+1+0*87,*./ 91 27 =52A0*,7 05-0 ,5-40 B 27 7:*487,*./ 91 <-1 27 61+0*./ 91 25+ 7+-/05+
,58-/*074*5+ ,5441+=5/91 7 -/ =5914 798*/*+0470*;5 ,-B7 :-1/01 91 216*0*8*979 1+ -/
,5/5,*8*1/057=45=*7959125<-11+27F3-1/7G,58-/*979$M+01@7+*959-47/01+*625+
12 9*+,-4+5 91 27 F:*25+5:A7 =52A0*,7G */+0*0-*95 1/ =4*814 2-674 =54 270./$ 2 F=5=-2*+85G
1+0-;5+*18=41;*/,-27957-/1H,1+5=12*645+5<-1,-1+0*5/725+85291+,2745+91-/7
,58-/*97947,*5/72$542507/05/-1+047074179128595,58527@185+,5/,13*95@7
+*95 7,27474 27+ 2.6*,7+ 1+=1,A:*,7+ */@141/01+ 7 1+1 1H,1+5 B 7:*4874 <-1 21D5+ 91
`
,5441+=5/9147-/:1/.81/58746*/721+0>/*/+,4*=07+1/12:-/,*5/78*1/054172910595
1+=7,*5,58-/*074*5$11+01859585+04785+,.85725274659127+9*+,-+*5/1++5341
=+*,5256A7 91 87+7+ 912 +*625 N N @-35 -/7 =45641+*;7 */014/72*C7,*./ 91 47+65+
,747,014A+0*,5+ 91 F27 8-20*0-9G <-1 72 ,58*1/C5 I=54 1D18=25 1/ 27 5347 91 B==52*01
7*/1I147/;*+05+,585-/1H,1+5*/7+*8*27321
=145 <-1 ,585 9185+04. 41-9 1/ +*,5256A7 91 27+ 87+7+ B 7/>2*+*+ 912 B5 +5/
*/@141/01+ 7 27 :5487,*./ 91 0597 *91/0*979 +5,*72$ +05 25 91+744522785+ 1/ 27 =4*8147
=7401 912 2*345$ -165 1/ 12 ,7=A0-25 % ,5/+*914785+ ,7+5+@*+0.4*,5+<-1 8-1+047/ 27+
,5/9*,*5/1+91181461/,*79127+*91/0*9791+
8*1/047+<-11/12,7=A0-25
& 7/72*C785+ 27+ 2*8*07,*5/1+ 1/ 27 ,5/+0*0-,*./ 91 27+ *91/0*9791+
$
/7,5/+1,-1/,*791/-1+047*/014;1/,*./1+<-11241:141/01912F=5=-2*+85G+1;-12;1
35445+5 =-1+ 8-,@5+ :1/.81/5+ <-1 0479*,*5/7281/01 /5 :-145/ ,5/+*914795+ ,585
=5=-2*+07+ 1/ /-1+045 7/>2*+*+ ,71/ 91/045 91 1+07 ,72*:*,7,*./$ <-A 41+*91 -/7 ,4A0*,7
=501/,*72 7 /-1+045 1/:5<-1 7 27 ,-72 +.25 =59185+ 41+=5/914 <-1 12 41:141/01 912
F=5=-2*+85G +*18=41 @7 +*95 783*6-5 B ;765 1/ 12 7/>2*+*+ +5,*72$ 7+07 ,5/ 41;*+74
341;181/01 27 2*01470-47 +5341 =5=-2*+85
727<-1@7,185+41:141/,*71/12,7=A0-25=747;14<-11+0>=2767979141:141/,*7+727
;7,-*979 912 ,5/,1=05 B 7 27 *8=41,*+*./ 91 +-+ 2A8*01+$ -1+045 */01/05 /5 @7 +*95
1/,5/0474 12 ;14979145 41:141/01 912 =5=-2*+85 +*/5 @7,14 25 5=-1+05 85+0474 <-1 12
=5=-2*+85 /5 0*1/1 /*/6-/7 -/*979 41:141/,*72 =54<-1 /5 1+0> 704*3-*95 7 -/ :1/.81/5
912*8*07321+*/57-/72.6*,7+5,*72,-B5+1:1,05+7047;*1+7/-/7;74*197991:1/.81/5+$
2 =5=-2*+85 1+ +*8=2181/01 -/ 8595 91 ,5/+04-*4 25 =52A0*,5$
-,@7+=14+5/7+7047;?+91+-5347591,5/;14+7,*5/1+=14+5/721+@7/,5/04*3-*957
974:548778*1/:5<-1+53411+05+0187+$5;5B7*/01/074=45;114-/72*+07911227+
=-1+ +14A7 +*18=41 /1,1+74*781/01 */,58=2107$ / 0595 ,7+5 27+ 91-97+ */0121,0-721+
8>+*8=5407/01++5/41,5/5,*97+7047;?+91,*07+1/1201H05$
*/1837465@7B726-/7+
<-1 /5 =-195 58*0*4 7<-A$ 7B 95+ ,5/01H05+ 91/045 91 25+ ,-721+ 1+07+ *917+ :-145/
9*+,-0*97+9-47/017L5+B<-1:-145/=740*,-27481/01:4-,0A:145+=7471291+7445225918*
=1/+78*1/05-/51+12+18*/74*59195,054795+5341 915256A7B/>2*+*+912*+,-4+51/
27/*;14+*97991++1H5467/*C795=542100754;727;*9 5O740@BP7+5/2B/5+J12
50451+12+18*/74*591=5+64795+534110.4*,7

+*,57/>2*+*+ B 52A0*,7 1/ 12 1=740781/05 91 *01470-47 58=74797
1/ 27
0701 /*;14+*0B 5: 1O 54Q 1/ -::725 <-1 5467/*,? D-/05
7 8* ,52167 P57/ 5=D1,$ *+ 5047+ 95+ =4*/,*=721+ 1H=41+*5/1+ 91
6470*0-9+5/=747 @7/0725-::1,-B572*1/05B,581/074*5+
$

01H05@7/+*95-/7:-1/01,5/+07/01911+0A8-25
=747 8* 04737D5 B
=747 5411/ 743-40 912 1/045 91 +0-9*5+ 1.4*,5+ 91 27 /*;14+*979
91 ++1H ,-B5 ,-*9795 0?,/*,5 1/ 974 :5487 7 8* 87/-+,4*05
@7 =453795 +14 1/ ?+07 7+A ,585 1/ 5047+ 5,7+*5/1+ =41;*7+ */;72-7321$
-*145 :*/7281/01 764791,14 12 1H,121/01 04737D5 91 0479-,,*./ 221;795
7 ,735 =54
521979 7,27-$
;7/+05/91/5;*1834191
$
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P

2 =5=-2*+85 ,585 ,701654A7 91 7/>2*+*+ =52A0*,5 /5+ 1/:41/07 7 =4532187+ 8-B
=
1+=1,A:*,5+$54-/27951+-/7/5,*./41,-441/01<-1/5+.251+91-+561/1472*C795
B7 <-1 :5487 =7401 91 27 91+,4*=,*./ 91 -/7 78=2*7 ;74*1979 91 85;*8*1/05+ =52A0*,5+
+*/5<-10783*?/*/01/07,7=0-4747265,1/04727,14,791?+05+$8*07991,78*/51/04125
91+,4*=0*;5 B 25 /54870*;5 12 ,5/,1=05 91 F=5=-2*+85G */01/07 ,58=41/914 7265
,4-,*7281/01+*6/*:*,70*;5+534127+4172*9791+=52A0*,7+1*9152.6*,7+727+,-721+41:*141$
- 7=741/01 ;76-1979 /5 +1 0479-,1 1/ 9-97+ 7,14,7 91 27 *8=5407/,*7 91 +- :-/,*./
704*3-0*;7$
*/ 1837465 /5 1H*+01 /*/6-/7 ,274*979 41+=1,05 912 ,5/01/*95 91 072
704*3-,*./$ / 47+65 ,747,014A+0*,5 =14+*+01/01 1/ 27 2*01470-47 +5341 =5=-2*+85 1+ 27
410*,1/,*7 I5 9*:*,-2079I =747 974 -/ +*6/*:*,795 =41,*+5 72 ,5/,1=05$ 7 ,274*979
,5/,1=0-72 I/* <-? @73274 91 91:*/*,*5/1+I 1+0> ;*+*32181/01 7-+1/01 91 1+01 ,78=5$
/2787B54A79125+,7+5+27,58=41/+*./,5/,1=0-721+4118=27C797=5427*/;5,7,*./
7 -/7 */0-*,*./ /5 ;14372*C797 5 =54 1/-8147,*5/1+ 91+,4*=0*;7+ 91 -/7 ;74*1979 91
F47+65+4121;7/01+GI-/74121;7/,*7<-11++5,7;7971/128*+8561+05<-1277:*487
=542741:141/,*77-/7=452*:147,*./911H,1=,*5/1+I$2+*6-*1/011+-/1D18=250A=*,5
91 27+ 1+047016*7+ */0121,0-721+ <-1 04707/ 12 F=5=-2*+85G 1/ 27 2*01470-47 1H*+01/01
2 =5=-2*+85 =54 +A 8*+85 0*1/91 7 /1674 ,-72<-*14 *91/0*:*,7,*./ ,5/ 5 ,27+*:*,7,*./
91/045 91 27 9*,5058A7 *C<-*14979141,@7$ + -/ 85;*8*1/05 8-20*,27+*+07 7-/<-1 /5
0595+ 25+ 85;*8*1/05+ 8-20*,27+*+07+ =-191/ ,5/+*91474+1 =5=-2*+07+$ 2 =5=-2*+85
=453732181/01 91+7:A1 ,-72<-*14 91:*/*,*./ 1H@7-+0*;7$ 1D7/95 91 2795 1+01 =4532187
=54128581/0512=5=-2*+8561/147281/01*/,2-B1,58=5/1/01+5=-1+05+,585+1412
41,2785 =54 27 *6-72979 91 9141,@5+ =52A0*,5+ B 27 =740*,*=7,*./ -/*;14+72
912761/01,58E/=145-/*957,*1407:5487917-054*074*+85781/-9537D5-/2*9147C65
,74*+8>0*,5$ 783*?/ */,2-B1 9187/97+ +5,*72*+07+ R5 72 81/5+ 27 9187/97 91 D-+0*,*7
+5,*72S -/7 91:1/+7 ;*6545+7 91 27 =1<-1L7 =45=*1979 :-1401+ ,58=5/1/01+
/7,*5/72*+07+ B 27 /167,*./ 91 27 *8=5407/,*7 91 27 ,27+1$ +05 ;7 7,58=7L795 91 27
7:*487,*./9125+9141,@5+912761/01,58E/,5851/:41/0795+725+64-=5+91*/014?+
=4*;*216*795+61/147281/01,5/+*914795+,5/0474*5+72=-1325B727/7,*./$ -72<-*14791
1+05+ 12181/05+ =-191 7,1/0-74+1 +16E/ 27+ ,5/9*,*5/1+ +5,*721+ B ,-20-4721+ =145
1+0>/ 0595+ =41+1/01+ 1/ 27 87B54A7 91 25+ 85;*4/*1/05+ =5=-2*+07+$T
2 21,054 /5 21 41+-2074>9*:A,*2 78=2*74 27 2*+079147+65+ 4121;7/01+91 1487/*5=5412
,5/0474*5 81/,*5/74 85;*8*1/05+ =5=-2*+07+1/ 25+ ,-721+ ;74*5+ 91 1+05+ 47+65+ 1+0>/
7-+1/01+$ / 1+1 ,7+5 25 <-1 /5+ <-197 1+ 27 *8=5+*3*2*979 91 91:*/*4 12 0?48*/5 -/7
+*0-7,*./ /5 8-B +70*+:7,054*7 1/ 25 <-1 72 7/>2*+*+ +5,*72 +1 41:*141$
-*+*?4785+ 91+91 12 ,58*1/C5 79127/074 -/7 @*=.01+*+ <-1 ;7 7 6-*74 /-1+047
*/9767,*./ 01.4*,7 <-1 12 *8=7++1 <-1 1H=U4*81/07 27 0154A7 =52A0*,7 1/ 4127,*./ ,5/ 12
=5=-2*+85 1+0> 21D5+ 91 +14 ,7+-72 B7 <-1 1/,-1/047 +- 47AC 1/ 27 2*8*07,*./ 91 27+
@14478*1/07+ 5/052.6*,7+ 7,0-7281/01 9*+=5/*321+ =747 12 7/>2*+*+ =52A0*,5J <-1 12
F=5=-2*+85G ,585 2-674 91 -/ 1+,5225 01.4*,5 41:21D7 726-/7+ 91 27+ 2*8*07,*5/1+
*/@141/01+7285951/<-1270154A7=52A0*,7@77354979527,-1+0*./91,.8525+761/01+
+5,*721+ F05072*C7/G12 ,5/D-/0591 +- 1H=14*1/,*7 =52A0*,7$ 747 91+74452274 1+07 @*=.01+*+
,581/C74185+ =54 ,5/+*91474 726-/5+ 91 *5+ */01/05+ 7,0-721+ 91 41+52;14 27 7=741/01
*/+52-3*2*979 91 27 ,-1+0*./ 912 =5=-2*+85$ 5874185+ ,585 1D18=25+ 25+ =4*8145+
04737D5+ 91 7467410 7/5;7/ B 726-/5+ 91 25+ 1/+7B5+ 91 -/
*/5 1487/* -0@54*074*7/*+8 7+,*+8 7/7T 70*5/72 5=-2*+8 1O
4-/+O*,Q -1;7P14+1B 47/+7,0*5/ 55Q+ %& =$ && V0479$ 1+=$ -054*074*+85
:7+,*+85 B=5=-2*+85 /7,*5/72 -1/5+ *41+ 187+ #W$
7467410 7/5;7/ 5=-2A+8 5/941+ P -/,0*5/ 55Q+ &$ / 1+01 ,7=A0-25
81 1+05B 41:*4*1/95 +.25 7 1+01 018=47/5 1+0-9*5 1H@7-+0*;5$ / 27 +16-/97 =7441 ;/
@7,1441:141/,*77241,*1/0104737D591 7/5;7/<-17341-/7/-1;7=14+=1,0*;7$
j
5/5,*95 2*345 +5341 12 0187 ,58=*2795 =54 */1+0 122/14
5+*8=7++1+

79727;76-1979912,5/,1=0591=5=-2*+85B
27 8-20*=2*,*979 91 :1/581/5+ <-1 @7/ +*95 +-3+-8*95+ 37D5 1+01 450-25 -/7 =4*8147
1+047016*7 */0121,0-72 =5+*321 +14A7 /5 */01/074 *4 8>+ 722> 91 27 =45=*7 8-20*=2*,*979 1+
91,*4 =1487/1,14 91/045 91 1227 7/72*C74 27 6787 91 ,7+5+ 18=A4*,5+ <-1 7374,7 B
+7,74 ,-721+<-*147 ,5/,2-+*5/1+ <-1 +17/ =5+*321+ 91 -/7 ,58=747,*./ 2*8*0797 B
91+,4*=0*;71/041 1225+$ +051+ 25<-1 */01/07@7,14 7/5;7/1/ +- 04737D5 <-1 */,2-B1
:1/.81/5+ 07/ 9*+=741+ ,585 12 =5=-2*+85 1+0795-/*91/+1 25+ /7459/*Q* 4-+5+ 25+
85;*8*1/05+ 76474*5+ 1-45=15+ +-46*95+ 2-165 91 27 =4*8147 6-1447 8-/9*72 12
5,*72
419*0 1/ 231407 B 12 =145/*+85 1/ 27 461/0*/7 1/041 5045+$
+ *8=5407/01 <-1 /5+ ,5/,1/04185+=54 -/ 8581/05 1/ 27 87/147 ,585 7/5;7/ +1
5,-=7911+079*;14+*979R1+91,*4,.85*/01/077374,74277047;?+91-/70*=5256A7SB1/
27+ ,5/,2-+*5/1+ <-1 +7,7 91 1227$ 7 7-0547 1+ =14:1,0781/01 ,5/+,*1/01 91 27+
;14979147+ 9*81/+*5/1+ 91 27 9*;14+*979 <-1 +1 =-191 53+14;74 =747 18=1C74 1/ 27
=2-472*979 91 91:*/*,*5/1+ 91 =5=-2*+85 <-1 +1 1/,-1/047/ 1/ 27 2*01470-47 1H*+01/01$
,5/0*/-7,*./ 27 2*+07 <-1 /5+ 34*/97 7/5;7/
$ F2 +5,*72*+85 <-1 V+-461W 1/ =7A+1+ ,78=1+*/5+ 7047+795+ <-1 1/:41/07/ 25+
=4532187+ 91 27 85914/*C7,*./$G
$F>+*,781/0127*915256A791=1<-1L5+=53279541+4-4721+781/7C795+=541273-+5
912 ,7=*072 */9-+04*72 B :*/7/,*145$G
#$ F>+*,781/01 V$$$D -/ 85;*8*1/05 4-472 <-1 3-+,7 4172*C74 25+ ;72541+ 0479*,*5/721+ 1/
-/7 +5,*1979 ,783*7/01$G
@*07 25/1+,- B 4/1+0 122/14 R,58=+$S 5=-2C+8$ 0+ 17/*/6 7/7T 70*5/72 @7
47,014*+0D,+ 5/941+ 7,8*227/ 0479$ 1+=$ 5=-2*+85 +-+ +*6/*:*,795+ B
,747,014A+0*,7+/7,*5/721+-1/5+*41+8544540-%W$
$ F 7 ,411/,*791<-1 27 5=*/*./ 87B54*074*7 91 27 61/011+ ,5/0452797=54-/7 8*/54A7
12*0*+07$G
"$F -72<-*14,4195585;*8*1/0537+7951/27+*6-*1/01=418*+7=4*/,*=7227;*40-941+*91
1/2761/01+*8=21<-1,5/+0*0-B1277=27+07/0187B54A7B1/+-+0479*,*5/1+,521,0*;7+$G
$ F2 =5=-2*+85 =45,2787 <-1 27 ;52-/079 91 27 61/01 ,585 072 1+ +-=4187 =54 +5341
,-72<-*14 5045 ,4*014*5$G
%$ F/ 85;*8*1/05 =52A0*,5 <-1 ,-1/07 ,5/ 12 7=5B5 91 27 87+7 91 27 ,27+1 04737D79547
-437/7B5912,78=1+*/795=145<-1/51+41+-20795912=59145467/*C70*;57-0./585
91/*/6-/5911+05+95++1,0541+$G

41/017072;74*1979 7/5;7/,5/+*9147*8=5407/019*+0*/6-*41/041-/=5=-2*+8576474*5
B5045<-1/51+/1,1+74*781/014-472+*/51+1/,*7281/01=52A0*,5B37+7951/274127,*./
1/041 12 =-1325 B 27+ 12*01+$ =740*4 91 1+07 9*+0*/,*./ 047C7 27 +*6-*1/01 0*=5256A7
5=-2*+85+ 76474*5+
$ 2 479*,72*+85 76474*5 R=54 1D18=25 12 740*95 912 -1325 91 25+ +0795+ /*95+S$
$ 5+ 85;*8*1/05+ ,78=1+*/5+ R=54 1D18=25 12 1;7/078*1/05 1491 91 -45=7 912
+01S$
#$ 2 +5,*72*+85 */0121,0-72 76474*5 R=54 1D18=25 25+ /7459/*Q*S$
5=-2*+85+ =52A0*,5+
$ 7+ 9*,079-47+ =5=-2*+07+ R=54 1D18=25 14./S$
"$ 7+ 9185,47,*7+ =5=-2*+07+ R=54 1D18=25 27+ ,5/;5,7054*7+ 7 41:141/95+ B 7 27
F=740*,*=7,*./GS$

$ 5+ =5=-2*+85+ 417,,*5/74*5+ R,585 12 ,7+5 91 15461 X7227,1 B +-+ +16-*9541+S$
%$ 2 =5=-2*+85 91 25+ =52A0*,5+ R=54 1D18=25 27 ,5/+04-,,*./ 61/1472 91 ,572*,*5/1+ /5
*9152.6*,7+ <-1 +1 31/1:*,*7/ ,5/ 27 ,5/;5,7054*7 -/*:*,79547 72 F=-1325GS$"
$ 7/5;7/ 5= ,7$ =$ $
3*9$=$#$
5 =4*8145 <-1 =59185+ 53+14;74 1+ <-1 1+07 0*=5256A7 ,741,1 91 ,-72<-*14 ,4*014*5
,5@141/01 724191954 912 ,-72 +1 1+07321,1/ +-+ 9*+0*/,*5/1+$ K/ <-? +1/0*95 =-191
7:*4874+1<-1 25+ =5=-2*+85+76474*5+ /5 +5/=52A0*,5+Y K ,->2 1+ 27 4127,*./1/041 25+
7+=1,05++5,*721+B=52A0*,5+9125+=5=-2*+85+F=52A0*,5+G<-197/2-6747-/85912591
85;*2*C7,*./ =52A0*,7 9*:141/01 912 76474*5Y 741,*147 <-1 7/5;7/ +*8=2181/01 @-3*147
1216*95 27+ ,747,014A+0*,7+ 8>+ ;*+*321+ 91 -/7 +14*1 91 85;*8*1/05+ 058795+ 72 7C74
=747 2-165 8529174 +-+ 0*=5+ 9*+0*/0*;5+ +5341 27 37+1 91 +-+ 9*:141/,*7+$ 145 1+05
9*:*,*281/01 ,5/+0*0-B1-/70*=5256A7 9*6/791 07291/58*/7,*./$ K-?/5+ 6747/0*C7 <-1
27+ ,701654A7+ +17/ 1H,2-+*;7+ B <-1 /5 +1 +-=14=5/67/ 1/041 +A R25 ,-72 91 @1,@5 1+
1H7,0781/01 25 <-1 5,-441 ,585 41,5/5,1 27 =45=*7 7/5;7/SY
-*C7 +1 =594A7 +5+01/14 <-1 25 <-1 7/5;7/ /5+ 34*/97 /5 1+ -/7 0*=5256A7 1/ 12
+1/0*95 1+04*,05 912 0?48*/5 +*/5 8>+ 3*1/ -/ 87=7 91 27 9*+=14+*./ 2*/6ZA+0*,7 <-1 @7
958*/795 25+ -+5+ 912 0?48*/5 F=5=-2*+85G$
-72-+*./ 7 25+ F=741,*95+ 91 :78*2*7G 91
X*0061/+01*/ =741,*147 @7+07 ,*1405 =-/05 7=-/074 1/ 1+07 9*41,,*./$ 145 7-/ +* ?+01
:-147 12 ,7+5 27 2.6*,7<-1 958*/71+7 9*+=14+*./ 41<-*141 -/7 =41,*+*./ 8-,@5 87B54
<-1 27 =45;*+07 =54 7/5;7/$ 5 1+ /1,1+74*5 <-1 25+ 47+65+ <-1 ,5/+0*0-B1/ -/
+A/94581 =5=-2*+07 +1 2*8*01/ 7 -/ 859125 2.6*,781/01 -/*:*,795 =145 72 81/5+
91314A785++14,7=7,1+91,58=41/914,->21++5/25+=741,*95+91:78*2*7<-11/,797
,7+5 @7/ 958*/795 27 ,*4,-27,*./ 912 ,5/,1=05$ 7/5;7/ =54 1D18=25 +1L727 <-1 12
85;*8*1/05 =5=-2*+07 1/ 25+ +0795+ /*95+ /5 +.25 :-1 -/ 85;*8*1/05 91 =1<-1L5+
=459-,0541+4-4721++*/5<-10783*?/0-;5F-/91+07,7957+=1,05=52A0*,5,58541312*./
=5=-274 ,5/047 27 9*01 91 =2-0.,4707+ =52A0*,5+ B 1H=1405+G */+=*4797 1/ 27 9185,47,*7
D7,Q+5/*7/7$@5473*1//5/5+1+0>9*,*1/951/1+1,7+5<-12747C./=74791/58*/74
F=5=-2*+07G71+185;*8*1/05/5+1@72271/+-37+1+5,*72R76474*7S+*/51/-/7*/:21H*./
91 1+7 37+1 =54 -/7 =740*,-274 2.6*,7 =52A0*,7 -/7 2.6*,7 =52A0*,7 <-1 1+0> =41+1/01 1/
85;*8*1/05+ <-1 +5/ +5,D7281/01 @7327/95 720781/01 @101456?/15+
/ ;74*5+ =-/05+ 91 +- 7/>2*+*+ 7/5;7/ 1+0> ,14,7 91 704*3-*4 27 1+=1,*:*,*979 912
=5=-2*+85 7 27 2.6*,7 =52A0*,7 <-1 5467/*C7 ,-72<-*14 ,5/01/*95 +5,*72 8>+ <-1 7 25+
,5/01/*95+8*+85+$+A=541D18=257:*487<-125+95+47+65+-/*;14+7281/01=41+1/01+
1/12=5=-2*+85+5/27,5/;5,7054*772=-1325B127/0*12*0*+85$ 2167*/,2-+577:*4874<-1
/*/6-/5 91 25+95+ 47+65+=-191 +14704*3-*9591 -/ 8595 =1487/1/01 7-/ ,5/01/*95
+5,*72 5 =52A0*,5 R*9152.6*,5S =740*,-274$ 594A7 =1/+74+1 <-1 1+05 734*4A7 12 ,78*/5 7 27
910148*/7,*./ 91 7835+ 47+65+ 1/ 0?48*/5+ 91 2.6*,7 =52A0*,7 B /5 91 ,5/01/*95+
+5,*721+$
*/1837465/797 911+05 5,-441 B7<-1 7/5;7/ 1/,-1/047 1/1+7:720791
910148*/7,*./ +5,*72 -/ */,5/;1/*1/01 <-1 419-,1 ,5/+*914732181/01 27 -0*2*979 91 27+
,701654A7+ <-1 ,5441+=5/91/ 7 +-+ 95+ 47+65+ -/*;14+7281/01 =41+1/01+$ +A F27
1H7207,*./911+01783*6-5[=-1325T=-19105874-/7;74*197991:5487+$ 5857374,7
059591+9127+87/*=-27,*5/1+,A/*,7+9127410.4*,7=145/*+07@7+0727@-8*29799125+
/745,2/DQD /5 7=5407 8-,@5 7 27 91:*/*,*./ 912 ,5/,1=05 91 =5=-2*+85G$ 27 +*0-7,*./
81D547 +.25 91 87/147 8746*/72 1/ 12 ,7+5 912 7/0*12*0*+85$

*127/>2*+*+91 7/5;7/0*1/17E/7+A128?4*0591/50470749112*8*/74278-20*=2*,*979
91:5487+<-1@7058795@*+0.4*,781/0112=5=-2*+85IB1/1+01+1/0*951;*0712=154
0*=591419-,,*5/*+85I2787B54=740191272*01470-471/1+01,78=5/5@741+*+0*95727
01/07,*./ 91 704*3-*4 72 =5=-2*+85 -/ ,5/01/*95 +5,*72 =740*,-274$ 54 1D18=25 5/7*9
7,71 1+,4*31
á
145+*/9-97;785+7-0*2*C747-058>0*,7B,5441,0781/01120?48*/5=5=-2*+07,-7/95
37D527781/7C791726E/0*=59185914/*C7,*./*/9-+04*72*C7,*./5,585<-*147<-125
2278185+ -/ +1681/05 =41958*/797/0181/01 764A,527 91 27 +5,*1979 7:*487 ,585 +-
1+070-05917,,*./=52A0*,7+-,411/,*71/-/7,58-/*979BR61/147281/01S-/52Q,585
1H,1=,*5/7281/01 ;*40-5+5 *6-72*074*5 B ,5/047 0597 9*01 8*47 @7,*7 -/ =7+795 8A+0*,5
=7474161/147412=41+1/01B,5/:-/91-+-4=7,*./,5/,5/+=*47,*./1H047/D147+1/*1677
7,1=074/*/6-/7 95,04*/7 91 */1;*073*2*979 +5,*72 =52A0*,75@*+0.4*,7 B1/ ,5/+1,-1/,*7
+1;-12,7727,411/,*71/-/7=5,72*=+*+*/819*705*/8*/1/01819*795=5412,74*+8791
2A9141+ B 216*+279541+ @145*,5+ I-/7 1+=1,*1 91 /-1;5 *,-465I$
* ,5/ 0595 1+05
@722785+-/85;*8*1/05917+5,*7,*./91,5405=27C5,5/:*/1+=52A0*,5+7+1472,7/C795+
=5427*/014;1/,*./1+07072B/5-/=740*95=52A0*,5+14*541721/05/,1+1+0785+:41/017
-/ =5=-2*+85 1/ +- :5487 8>+ 0A=*,7$
591314A7+54=41/914/5+1/05/,1+<-191+=-?+91-/791+,4*=,*./07/9107227979125
<-11+12;14979145=5=-2*+857,71045=*1,1,5/726-/7+9*:*,-20791+=7477=2*,74+-
,701654A7 7 =5=-2*+85+ F417281/01 1H*+01/01+G$ / ,5/+1,-1/,*7 9131 7,1=074 <-1 25+
=5=-2*+85+ ,5/018=54>/15+ 0*1/1/ =5,5 1/ ,58E/ ,5/ +- 859125 *9172
2 =5=-2*+85 91 :*/1+ 912 +*625 HH /5 @7 +*95 047/+8*0*95 91+91 -+*7 /* 25+ +0795+
/*95+91-/8595+*6/*:*,70*;5$>+3*1/,*1405+=-/05+912=1/+78*1/051-45=15@7/
+*95 9*:-/9*95+ B 41,583*/795+ =747 :54874 9*;14+5+ =5=-2*+85+ /70*;5+$ / 1225+
726-/7+ 91 27+ 783*6Z19791+ 91 *5+ 7/0*6-5+ =5=-2*+85+ +1 @7/ ,58=2*,795 ,5/
12181/05+ 07/05 =4*8*0*;5+ ,585 =45641+*+07+$ 7 47C7 R,:$ /?64*0-91S B 27 412*6*./
R1+=1,*7281/01 12 +278 =145 0783*?/ 12 3-9*+85 12 ,4*+0*7/*+85 8*21/74*+07 B 12
@*/9-*+85S +1 @7/ 76416795 7 27 ,583*/7,*./ 91 27 ;*40-9 74,7*,7 B 27 =14+5/72*979
1D18=274$2=4*8*0*;*+8576474*5,5/+0*0-B1-/7:-14C79*+8*/-*977-/<-11/ /9*7=741,1
=45+=1474$ 7,5/+=*47,*./B27-+-4=7,*./+1,583*/7/1/27+9*;14+7+0154A7++534112
/15,525/*72*+85 B 27+ 7,,*5/1+ 91 27 V 1/0472 /0122*61/0 61/,B2$ 7 F7+*8104A7 91
=4*/,*=*5+ ,A;*,5+G +1 @7 ,5/;140*95 1/ 27 /5487 91 27 F7,,*./ 9*41,07G =5=0*@+07$ 7
1+=5/07/1*979 B 27 */0164*979 +5/ 7=41,*797+ =145 7@547 +5/ 1+=15/7*9 7,71
F5=-2*+851+1,*7281/01 *91/0*:*,797+ ,5/ 25+ D.;1/1+91 87/147<-1 27 D-;1/0-9 *9172
R-/7 :*6-47 :78*2*74 1/ 12 8*05S @7 4118=27C795 1/ 647/ 819*97 72 =1<-1L5 =45=*1074*5
76474*5B72,78=1+*/5+*/*/+04-,,*./,585=14+5/72*97991,-205$2874H*+8585914/5
1/ +- 6*45 @7,*7 12 FD5;1/ 74HG @7 =7+795 7 +14 =5=-2*+07$ 2 =5=-2*+85 1H*+01 1/ 25+
7+-/05+ ,5/+1/+-721+ B 12 7=52*0*,*+85 9*:-+5 91 27 F-1;7 C<-*1497G$
2 =4532187 ,5/ 1+07 1/-8147,*./ ,7.0*,7 1+ =54 +-=-1+05 <-1 25+ 85;*8*1/05+
72-9*95+7/01+0*1/1/=5,5+5/*/6-/59125+47+65+912=5=-2*+85072,5851+91:*/*95
1/121/+7B5917,71$
*910597+87/147++125+91/58*/7=5=-2*+07+1+=54<-1+1
+-=5/1<-1,58=7401/7265,5/12=5=-2*+85,2>+*,5=14591<-?+1047071+01F7265G/5
+1 /5+ 9*,1 73+52-0781/01 /797$
M+07 1+ -/7 ,747,014A+0*,7 61/1472 91 27 2*01470-47 +5341 12 =5=-2*+85
,-7/07+ 8>+ 910148*/7,*5/1+ +1 */,2-B1/ 1/ 12 ,5/,1=05 61/1472 81/5+ ,7=7C 1+ 12
,5/,1=0591@16185/*C74127/>2*+*+,5/,4105$/1D18=251H041851+1204737D5911014
X*21+ 1/ ?2 +1 1273547 -/ 8-B 910722795 ,5/,1=05 91 =5=-2*+85 ;1*/0*,-7045
,747,014A+0*,7+ <-1 7374,7/ -/7 647/ ;74*1979 91 9*81/+*5/1+ <-1 ;7/ 91+91 +-
,74>,014 /5 41;52-,*5/74*5 B +- 5=5+*,*./ 7 27 2-,@7 91 ,27+1+ @7+07 +- 795=,*./ 91 27
=1<-1L7,55=1470*;7,5850*=5*91721,5/.8*,57918>+912@1,@591+14412*6*5+5=145
,5/0474*5727*/+0*0-,*./412*6*5+7$541+-207+54=41/91/011/05/,1+<-1X*21+919*<-1
27 +16-/97 =7401 91 +- 04737D5 72 7/>2*+*+ 91 27+ 1H,1=,*5/1+$ +07+ E20*87+ +5/ 07/
73-/97/01+ <-1 -/5 ,58*1/C7 7 =416-/074+1 +* 1H*+01 726E/ 85;*8*1/05 =52A0*,5 <-1
=41+1/01 27+ ;1*/0*,-7045 ,747,014A+0*,7+ 912 859125 91 X*21+$ * +*<-*147 +1 =4*;7 91 27
7-05,5/0479*,,*./$ +A 1/ 27 =>6*/7 % /5+ 9*,1
3*9$ =$ $
ï
1414X*21+ F +B/94581 /507 95,04*/1
54/1 1218,/074B 0@1+1+ 5/ 5=-2*+4/G 1/ $
25/1+,- B $ 12*/14 R,58=+$S 5=$ ,*0$ ==$ #\% 4479$ 1+=$ F/ +A/94581 /5 -/7
95,04*/7 726-/7+ 01+*+ 12181/0721+ +5341 12 =5=-2*+4/5G 1/ $ 25/1+,- B $ ,22/14
5=-*+855=$,*0$W$
783*?/1+9*:*,*2=74712=5=-2*+85+14=4521074*5$2=1/+78*1/050479*,*5/721+0>81/5+
9*:-/9*951/04125+=4521074*5+<-11/04125+7401+7/5+$204737D5917<-?225+1+0>+-D1057
-/7 9*+,*=2*/7 91 647/ 1+,727 <-1 91 @1,@5 ,5/0479*,1 27 =418*+7 =4*/,*=72$
145 95+ =>6*/7+ 8>+ 79127/01 7:*487
2 +5,*72*+85 1+0> 8-,@5 8>+ 9*+07/01 <-1 12 :7+,*+85 ,585 =59185+ ;14 1/ 1+5+
+5,*72*+07+ <-*/071+1/,*721+ 74H 25+ X1@3 B
072*/$ 145 1/*/ 798*0*. -/7 647/
*/:2-1/,*79125+/7459/*Q*B91@1,@5912=5=-2*+851/+-+*917+B,58=54078*1/05+$ 5
@7/ +16-*95 5045+ ,58-/*+07+ =4*/,*=7281/01 295 V+*,]W 478+,* B 75 +1\-/6$
/5 =594A7 =416-/074+1 <-? 5047 ,5+7 1+0737/ @7,*1/95 1/*/ B 478+,* +* /5 147
*/01/074 ,5/+04-*4 -/7 @16185/A7 =4521074*7$ 145 12 73+-495 912 1D14,*,*5 91 X*21+ +1
@7,17E/8>+1;*91/01,-7/95*/01/07@7,14-/72*+079125+85;*8*1/05+<-1,5/+*9147
=5=-2*+07+ +07+ =14+5/7+ B 85;*8*1/05+ 1/05/,1+ +5/ =5=-2*+07+ B 0*1/1/ 8-,@5 1/
,58E/ 25+ 1;1-214C 25+ *14C 25+ ,740*+47+ R-14C7 5472 B A+*,7SJ 25+ /7459/*Q*J 25+
=5=-2*+07+ 91 25+ +0795+ /*95+J 25+ +5,*72*+07+\41;52-,*5/74*5+J @7/9*J
*// 1*/J 27
-749*7 91 *1445J 12
5,*72 419*0 91 231407J >491/7+J 7B7 91 27 5441J 12 1/
7+Q70,@1O7/J 5-D791J 127E/91J B14141$

5+1/5+9*,1/797=54+-=-1+05+534125F8-,@51/,58E/G<-1+1+-=5/1<-10*1/1/
1+05+2A9141+J-/,5/5,*8*1/058A/*85911225+1++-:*,*1/01=747+7314<-1/5=-191+14
914597+87/147+12+A/9458191+,4*=0572,58*1/C591204737D591X*21+$542507/05+-
53+14;7,*./ :*/72 IF/*/6E/ @*+054*7954 =-191 58*0*4 12 ,5/,1=05 V91 =5=-2*+85W ,585
@14478*1/0791,58=41/+*./GI/5+*/;*0772,581/074*58127/,.2*,591<-17:*/9158*0*4
-/ ,5/,1=05 -/5 91314A7 =5+11425 ,585 =4*8147 819*97$ / 25+ 01H05+ <-1 @185+
,5/+*914795 @7+07 7@547 7<-1225 <-1 1+ 1+=1,A:*,5 912 =5=-2*+85 I+- 9*81/+*./
91:*/*054*7I@7+*951;*0795+*+018>0*,781/01$1314A785+,581/C747=416-/074/5++*27
47C./911+07+*+01870*,*979/591+,7/+7072;1C1/726E/=41D-*,*5=52A0*,5/5:548-2795
<-16-A72781/019125+7/72*+07+=52A0*,5+$>+79127/01;14185+<-112=4*/,*=728?4*05
91 27 ,5/04*3-,*./ 91 1014 X54+21B 72 913701 @7 +*95 ,581/C74 7 7=74074+1 91 1+5+
=41+-=-1+05+$
*/18374657/01+911+0591314A785+91,*472657,14,7911225+B=747
1225 /5+ 41:14*4185+ 7 5045 04737D5 */,2-*95 1/ 12 ;52-81/ 91 25/1+,- B 122/14 12 91
)1//10@ */56-1 +5341 F2 =5=-2*+85 ,585 85;*8*1/05 =52A0*,5G
H*+01/ 95+ 9*+0*/,*5/1+ +5341 27+ ,-721+ */56-1 37+7 +- 7/>2*+*+$ 7 =4*8147 1+ 27
9*+0*/,*./1/041410.4*,71*915256A7F913185+9*+0*/6-*4,-*9795+781/011/04127410.4*,7
-0*2*C797 =54 25+ 8*18345+ 91 -/ 85;*8*1/05 I27 ,-72 =-191 +14 =276*797 91 -/ 8595
7217054*591,-72<-*14=7401+16E/27+/1,1+*9791+91285;*8*1/05IB27*915256A7<-1
1H=41+7 27 ,544*1/01 8>+ =45:-/97 912 85;*8*1/05G$
7 +16-/97 1+ 27 9*+0*/,*./ 1/041 -/ 85;*8*1/05 B +- *915256A7$ -/<-1 */56-1 1+0>
21D5+ 91 +14 ,5@141/01 1/ +- -0*2*C7,*./ 91 1+07+ 9*+0*/,*5/1+ 1+0> ,2745 <-1 ,5/+*9147
<-1 1H*+01 -/7 6479-7,*./ /54870*;7 +16E/ 27 ,-72 12 /*;12 8>+ 37D5 ,5441+=5/91 7 27
410.4*,7 B 12 8>+ 7205 72 85;*8*1/05 <-197/95 27 *915256A7 1/ -/7 */,.8597 +*0-7,*./
*/014819*7 1/041 27+ :5487+ */+0*0-,*5/721+ 912 85;*8*1/05 B +- 9161/147,*./ 1/ 8147
410.4*,7$+07E20*871+1291+0*/587/*:*1+05912=5=-2*+85<-1,5/+0*0-B1-/7:5487,*./
=52A0*,7 1+1/,*7281/01 047/+*054*7$ 1:*4*?/95+1 72 =5=-2*+85 1+0795-/*91/+1 */56-1
7:*487 /05/,1+ /5+ 1/,5/04785+ 7<-A ,5/ -/ 85;*8*1/05 ,5/ 95+ ,747,014A+0*,7+
*8=5407/01+ 91+7=741,*. 4>=*9781/01 72 ,783*74 27+ ,5/9*,*5/1+ B +- *915256A7
,5/+0*0-B.-/781C,527/C7:548797=5412181/05+7=45=*795+J91@1,@5=747*/+*+0*41/
270148*/5256A7-0*2*C7971/27+1,,*.//5=5+1A7-/7*915256A71/-/+1/0*95+14*5+*/5
º
814781/01-/7410.4*,7$5+1/0.47A,1+=45:-/97+=54<-191@1,@5/5@73A7/797<-1
=-9*147 ,41,14 +*8=2181/01 -/7 47,*5/72*C7,*./ 91 25+ 0*18=5+ 9*:A,*21+ ,5/+04-*97
=01,*=*079781/01 <-1 =594A7 +14 737/95/797 -/7 ;1C <-1 27+ ,5+7+ 81D54747/$
+5341 27+ *915256A7+ 912 14,14 -/95 /5+ 9*,1 25 +*6-*1/01
/ ,5/047+01 ,5/ 27+ ,5/+52*9797+ *915256A7+ 1-45=17+ 1+07+ ,411/,*7+ 0*1/1/ 27
7=74*1/,*7 91 =7476-7+ 73*1405+ 91 7,-1495 ,5/ 27+ 1H*61/,*7+ 912 8581/05 =145
91+1,@7321+ +*/ =1/7 72 ,783*74 27+ ,*4,-/+07/,*7+$ 1+05 =741,1 0507281/01 +1/+705
,585417,,*./:41/0172772014/7/,*71/04191+1+=147,*./B1+=147/C7<-11H=14*81/07/
25+=5341+=14*:?4*,5+91-/8-/95*/9-+04*72*C795$5=-191/=148*0*4+1+1495,04*/74*5+J
12 =476870*+85 9131 +14 12 E/*,5 @*25 91 +- ,58=54078*1/05 *1/+5 1/05/,1+ <-1
=594A785+ 47,*5/72*C74 216A0*8781/01 27 01/91/,*7 ,41,*1/01 7 -0*2*C74 12 0?48*/5
F=5=-2*+85G =747 7374,74 8-,@5+ B 9*;14+5+ 85;*8*1/05+ ,585 -/ 41,5/5,*8*1/05 91
1+01 ,74>,014 =740*,-274 91 27+ *917+ =52A0*,7+ 1/ 12 8-/95 85914/5$ 2 =5=-2*+85
,5/+0*0-B1 -/ 0*=5 91 85;*8*1/05 <-1 +1 1/,-1/047 1/041 7<-1225+ ,5/+,*1/01+ 91
=1401/1,14 7 27 =14*:14*7 =5341 91 -/ +*+0187 */9-+04*72J 1/ 1+01 +1/0*95 =-191
,5/+*91474+1,585-/7417,,*./72*/9-+04A72*+85$1451+-/7417,,*./917<-1225+,-B5
*8=-2+58>+=45:-/951+781/-952216747+141225+8*+85+*/9-+04*721+1++.25+*/5
=-191/-/*4+17 1225+ B@7+07 07/05 25 25641/ <-1 25+ 707,7/$ 1+1+07 783*;721/,*7 27
<-1 97 ,-1/07 912 ;7,A5 */0121,0-72 91 25+ 85;*8*1/05+ =5=-2*+07+$
785+7,5/,1/0474/5+7@5471/1+07+9*+0*/,*5/1+B1/27+1+047016*7+*/0121,0-721+<-1
27+ :-/9781/07/$ 7 F*915256A7G +.25 =-191 ,5/+*91474+1 ,585 9*:141/01 91 27 410.4*,7
*/;52-,4797 1/ 27 7,,*./ =52A0*,7 +* 27 410.4*,7 1+ 1/01/9*97 ,585 -/ =-45 7954/5 912
21/6-7D1<-1/57:1,071/8595726-/5725+,5/01/*95+047/+8*0*95+=54?+01$M+071+
27 ,5/,1=,*./ 8>+ ,2>+*,7 91 27 410.4*,7 37+797 1/ +- 9*:141/,*7,*./ 91 27 2.6*,7$ 2
1<-*;721/01 +5,*52.6*,5 91 7<-1225 7 25 <-1 +1 5=5/1 27 410.4*,7 1+ -/7 /5,*./ 91 25+
7,0541+ +5,*721+ ,585 ,5/+0*0-*95+ 1/ 054/5 7 */0141+1+ 3*1/ 91:*/*95+ B <-1 /165,*7/
47,*5/7281/01 ,5/ -/ 8*2*1- 1H014/5$
16E/ 1+07 ;*+*./ 91 27 +5,*1979 27 *8761/ 91
761/01++5,*721+,-B7+*91/0*9791++1,5/+0*0-B1/1/054/57+A83525+=5=-2*+07+9*:-+5+
+.25=-191+14-/71H=41+*./91*447,*5/72*979$ 791/*647,*./?0*,7<-141:21D71204737D5
91*/56-11+,58=740*97=54647/=740191272*01470-47+534112=5=-2*+85$
*/1837465
K<-?5,-441+*12,78=591272.6*,7:47,7+71/+-,5/+0*0-,*./,585-/5491/,144795B
+1 /1,1+*07/ 81,7/*+85+ 410.4*,5+ =747 256474 1+1 ,*1441 / 1+1 ,7+5 25+ 8*+85+
81,7/*+85+410.4*,5+I810>:5478105/*8*7+*/?,95<-1,707,41+*+I+1,5/;*1401/1/
*/+04-81/05+ 91 -/7 47,*5/72*979 +5,*72 78=2*797 B B7 /5 =59185+ 91+1+0*874 -/7
*/014=127,*./ *9152.6*,7 ,585 814781/01 410.4*,7$ +A 27 *8=41,*+*./ B 12 ;7,A5 91 25+
+A83525+ =52A0*,5+=5=-2*+07+ /5=-191/91+1+0*874+1 ,5/ 07/07:7,*2*979 0595 91=1/91
912 7,05 =14:54870*;5 <-1 072 ;7,A5 5,7+*5/1$ */56-1 =54 1D18=25 7:*487 +5341 ^5+
=5=-2*+07+ 1+0795-/*91/+1+
5+=5=-2*+07+1+0795-/*91/+1+=741,1/ @73141+0795 417,,*5/7/95 8>+ 9*41,0781/01
,5/047 27 +*0-7,*./ ,5/,4107 91 =5341C7 4-472 B 25+ 37D5+ =41,*5+ 91 +- =459-,,*./ 7
,-1+0*./ 1+ <-1 ,-72<-*14 85;*8*1/05 +121,,*5/74> +-+ 1/18*65+ +*/ =14914 91 ;*+07 27
79<-*+*,*./ 91 72*795+J B 12 @1,@5 91 =45,27874 <-1 1+0737/ 417,,*5/7/95 ,5/047
F+0795+/*95+*/9-+04*72G21+9*5725+=5=-2*+07+27=5+*3*2*97991-/772*7/C7,5/5045+
64-=5+ /5 =5=-2*+07+ 91 27 +5,*1979 1+0795-/*91/+1+ 0721+ ,585 2*314721+ 91 27+
,*-9791+ B 7/74<-*+07+ B +5,*72*+07+ -437/5+$7
145 53;*781/01 +* 819*7/01 5=147,*5/1+ 410.4*,7+ 2564745/ ,5/+0*0-*4 *91/0*9791+

78=2*7+ <-1 7374,745/ 7 9*;14+5+ +1,0541+ 91 27 =5327,*./ 91 @1,@5
,5/+0*0-B145/+-D105+=5=-2*+07+B/50*1/1+1/0*9591+1+0*8741+05,5858147410.4*,7$
1D5+91+14-/=74>+*059127*915256A727410.4*,7+14A791@1,@5277/7058A79128-/95
*9152.6*,5$ 5 8*+85=-191 91,*4+1 +5341 27 9*+0*/,*./ 1/041 F*915256A7G B F85;*8*1/05G
<-11+,4-,*721/12746-81/0591*/56-1R1/726E/=-/05/5+79;*1401912=12*645=747
ë
12 */;1+0*67954 91 -/ 85;*8*1/05 91 F41/9*4+1 7 +- *915256A7GS$
*/ 1837465 K,.85
+1=747491-/859507/1+04*,0527*915256A791285;*8*1/05Y 79*+0*/,*./8*+871;5,7
9187+*795-/77/0*6-79*:141/,*7,*./1/04127+*917+1/27,731C791*5+@58341+B27+
7,,*5/1+ 1/ <-1 ?+05+ =740*,*=7/$ 145 1+07 9*+0*/,*./ 1+ */+5+01/*321$ =740*4 91
X*0061/+01*/ +73185+ <-1 25+ D-165+ 912 21/6-7D1 ,58=41/91/ 07/05 25+ */014,783*5+
2*/6ZA+0*,5+,58527+7,,*5/1+1/27+,-721+1+0>/*/;52-,4795+B270154A79125+7,05+
912 21/6-7D1@71+07321,*95 /-1;7+37+1+=74712 1+0-9*591 27+ +1,-1/,*7+ 9*+,-4+*;7+
<-1,5/+0*0-B1/27;*97+5,*72*/+0*0-,*5/72*C797$+1/1+01+1/0*95<-1@185+@73279591
25+ 9*+,-4+5+ ,585 05072*9791+ 1+04-,0-4797+ <-1 740*,-27/ 12181/05+ 07/05 2*/6ZA+0*,5+
,585 /5 2*/6ZA+0*,5+$ 1+91 1+01 =-/05 91 ;*+07 27 9*+0*/,*./ 1/041 -/ 85;*8*1/05 B +-
*915256A7 /5 +.25 1+ *8=5+*321 +*/5 0783*?/ *44121;7/01J 25 <-1 *8=5407 1+ 27
910148*/7,*./9127++1,-1/,*7+9*+,-4+*;7+7047;?+9127+,-721+-/85;*8*1/055-/7
:-14C7 +5,*72 221;7/ 7 ,735 +- 7,,*./ =52A0*,7 625372$
585 +1 =-191 ;14 /-1+045 53D10*;5 72 ,-1+0*5/74 27+ 9*+0*/,*5/1+ 91 */56-1 I7 27+
,-721+ +.25 058785+ ,585 1D18=25+ 91 7,0*0-91+ 61/1472*C797+ 1/ 4127,*./ ,5/ 12
=5=-2*+85I @7 +*95 1/ 647/ 819*97 */;140*4 27 =14+=1,0*;7 7/72A0*,7 1/ 2-674 91
,581/C74,5/-/8591259147,*5/72*979=52A0*,7<-11/0*1/9172=5=-2*+851/0?48*/5+
91 25<-1 21:7207 I+- ;76-1979 +-;7,A5 *9152.6*,5 +-7/0**/0121,0-72*979 +- ,74>,014
047/+*054*5I @185+ 78=2*795 12 859125 5 27 47,*5/72*979 1/ 0?48*/5+ 91 -/7 410.4*,7
61/1472*C797 R27 ,-72 ,585 ;14185+ =-191 +14 91/58*/797 F@16185/A7GS 91 87/147
<-1 12 =5=-2*+85 7=741C,7 ,585 -/7 =5+*3*2*979 9*+0*/0*;7 B +*18=41 =41+1/01 91
1+04-,0-47,*./ 91 27 ;*97 =52A0*,7$ /7 7=45H*87,*./ 72 =5=-2*+85 1/ 0?48*/5+ 91
7/54872*979 91+;*7,*./ 5 87/*=-27,*./ 1+ 1+04*,0781/01 */,58=70*321 ,5/ /-1+047
1+047016*7 01.4*,7$
+05 1H=2*,7 =54 <-? /5+ 41+-207 1+=1,*7281/01 */0141+7/01 12 04737D5 91 1014X54+21B
*/,2-*95 1/ 12 2*345 91 25/1+,- B 122/14$ -/<-1 +- */014;1/,*./ 1+ -/ 1D14,*,*5
=4*/,*=7281/01 91+,4*=0*;5 <-1 1+,7+781/01 25647 7=41@1/914 ,5/,1=0-7281/01 27
1+=1,*:*,*979 912 =5=-2*+85 =*1/+5 <-1 0595+ 25+ 85;*8*1/05+ */,*=*1/01+ <-1 @7,1 1/
1+07 9*41,,*./ +5/ :-/9781/07281/01 ,5441,05+$ 41+ 91 1+05+ 85;*8*1/05+ +5/
=740*,-27481/01 =4581019541+$
$ 7+7 912 8145 7/>2*+*+ 912 ,5/01/*95 91 27+ *917+ 72 =7=12 <-1 1227+ D-167/ 1/ -/
,5/01H05 ,-20-472 910148*/795 -/ =7=12 <-1 859*:*,7 /5 +.25 +-+ -+5+ +*/5 0783*?/ +-
=45=*5 ,5/01/*95 */0121,0-72$
1 +-6*141 7<-A =14 ,5/047 <-1 27+ *917+ 9-47/01 12 =45,1+5 91 +14 73+543*97+ 1/
+-,1+*;5+,5/01H05+,-20-4721+9*:141/01+917<-1225+1/25+,-721++11/61/94745/5@7/
=45+=14795@7+077@547/5+.257+-81/-/+*6/*:*,795+5,*52.6*,59*:141/011/07/05;7/
7-0*2*C74+1919*+0*/0787/14772+14*/,54=54797+1//-1;5+874,5+917,,*./+*/5<-1
0783*?/ ;7/ 7 +14 859*:*,797+ 1/ 07/05 <-1 *917+ B7 <-1 /1,1+74*781/01 9131/
740*,-274+1,5/5045853*2*74*5=+A<-*,5F*/0141+1+G=411H*+01/01+12181/05+B1+04-,0-47+
,56/*0*;7+9*+=5+*,*5/1+7:1,0*;7+10,?0147<-1+5/=74019128*2*1-41,1=054$ 7+*917+
F54*6*/721+G9131/+141/05/,1+*/04A/+1,781/01859*:*,797+1/12=45,1+5,5/;*40*?/95+1
1/ *917+ 9*:141/01+$
5473*1/1+051+8-B*8=5407/01$ 707417/5,5/+*+0107/051/,58=7474+*+0187+91
*917+ 1/ ,-7/05 *917+ +*/5 1H=25474 +-+ 9*81/+*5/1+ =14:54870*;7+$ 54 1D18=25 27
41270*;7+*8=2*,*979B12;7,A5*9152.6*,5912=5=-2*+85<-11+1/2787B54A79125+,7+5+
12 9*5 7 +- 41,@7C5 12*0*+07 91314A7/ 7354974+1 1/ 0?48*/5+ 91 <-? 1+ 25 <-1 */01/07/
=14:54874 1+5+ =45,1+5+ 91 +*8=2*:*,7,*./ B ;7,A5 1+ 91,*4 27 47,*5/72*979 +5,*72 <-1
1H=41+7/$ 2 =5=-2*+85 /5 1+ =14,*3*95 =54 X54+21B ,585 -/ 0*=5 91 5467/*C7,*./ 5
*915256A7 7 +14 ,58=74795 ,5/ 5045+ 0*=5+ ,585 12 2*31472*+85 12 ,58-/*+85 5 12
+5,*72*+85 +*/5 ,585 -/79*81/+*./91 27 ,-20-47 =52A0*,7 <-1 =-191 1+074=41+1/01 1/
85;*8*1/05+ 91 +*6/5 *9152.6*,5 8-B 9*:141/01$
c
2+A/94581=5=-2*+071+8-,@58>+;7+05<-1+-87/*:1+07,*./=740*,-2741/27:54875
,5/01H0591-/7910148*/797=52A0*,7591,-72<-*140*=51+=1,A:*,591+*+0187=52A0*,55
0*=591=52A0*,79185,47,*705072*074*+8510,?0147$+05+-6*141<-112=5=-2*+851+074>
81D54,5/+*914795,585-/?/:7+*+-/79*81/+*./9127,-20-47=52A0*,71/61/1472B/5
+*8=2181/01 ,585 -/ 0*=5 =740*,-274 91 +*+0187 *9152.6*,5 61/1472 5 :5487 91
5467/*C7,*./$ 54 +-=-1+05 ,585 5,-441 ,5/ 0595+ 25+ 0*=5+ *91721+ =-191 1+074 8-B
=4.H*85 7 ,*1407+ ,-20-47+ B 1+04-,0-47+ =52A0*,7+ ,585 7<-1227+ 91/58*/797+ @7+07
7@547 ,585 F=5=-2*+07+G
+0185;*8*1/051+,4-,*72B7<-1+*X54+21B1+0>1/25,*1405I,585=*1/+5<-1251+0>
1/05/,1+27/1,1979910595121D14,*,*591*/01/074*91/0*:*,7425+,5/01/*95+-/*;14+721+
912=5=-2*+85+1 ;-12;11;*91/01 ,585@185+;*+05@7 ,5/9-,*95 7 */01/05+ 41=10*95+
91*91/0*:*,742737+1+5,*72912=5=-2*+85+.25=74791+,-34*4-/8581/0591+=-?+<-1
-/5 /5 =-191 @7,14 5047 ,5+7 <-1 +16-*4 91/58*/7/95 F=5=-2*+07+G 7 85;*8*1/05+ ,5/
37+1++5,*721+,58=210781/019*:141/01+1/041+A$145=54+-=-1+05+*+1*/01/071;*074
1+01 1+,5225 *91/0*:*,7/95 72 =5=-2*+85 ,5/ -/7 9*81/+*./ <-1 7047;*1+7 27+ 9*:141/,*7+
*9152.6*,7+B+5,*721+-/5+11/:41/0772707417911+=1,*:*,74,->21+1+079*81/+*./
7265<-1X54+21B/5@7,17281/5+9187/147+-:*,*1/01B,5/;*/,1/01$
+07+ 95+ 91+;*7,*5/1+ 912 1/:5<-1 ,2>+*,5 =148*01/ 7 X54+21B @7,14 5047 +14*1 91
85;*8*1/05+ =501/,*7281/01:4-,0A:145+$ 785+7 81/,*5/74 95+ 91 1225+$ 2 =4*8145 1+
+-7:*487,*./91<-1=74725+=5=-2*+85+91214,14-/95F27+,27+1++5,*51,5/.8*,7+
/5,5/+0*0-B1/1/0*9791++5,*721+91,*+*;7+,58525+5/1/25+=7A+1+91+744522795+ 7
2-,@791,27+1+1+=5407/05-/,5/,1=05*44121;7/01G$
11+0>41:*4*1/95=54+-=-1+057
27+ *915256A7+ 912 14,14 -/95 B /5 1+0> 97/95 +- =45=*7 5=*/*./$
*/ 1837465 +-
7/>2*+*+,4A0*,59125+2A8*01+9127,5/,1=,*./91 1/*/7,14,79127+-=14=5+*,*./9127+
9*+0*/,*5/1++5,*51,5/.8*,7+B27++52*974*9791++5,*5\=52A0*,7+1/12,78=1+*/7954-+5
+-6*141 <-1 I72 41:14*4+1 72 41,@7C5 91 27 2-,@7 91 ,27+1+ =54 =7401 912 =5=-2*+85 912
14,14-/95I/51+0>+*8=2181/01@7,*1/95-/7,5/+*9147,*./10/564>:*,791726-/7
:5487 91 F:72+7 ,5/,*1/,*7G +*/5 +1L727/95 -/7 ;14979147 9*:*,-2079 1/ 12 */01/05 91
61/1472*C74 27 F2-,@7 91 ,27+1+G ,585 85054 -/*;14+72 91 85;*2*C7,*./ =52A0*,7$
2+16-/9585;*8*1/05,5/+*+011/+-1+:-14C5=541;*074,-72<-*14*/01/05419-,,*5/*+07
B +*8=2*+07 91 ;14 7 27 87/*=-27,*./ 1+=-4*7 ,585 /1,1+74*781/01 ,5/+0*0-0*;7 912
=5=-2*+85$ :*487 <-1
+14A7,5/;1/*1/017201474=7401912791:*/*,*./91=5=-2*+8591
@*29187/147072<-1+*/
12*8*/7427F+1-95=740*,*=7,*./GR9187656*7F653*14/5=540121;*+*./G10,?0147+1=-9*147
*/,2-*40783*?/B9*+0*/6-*427=740*,*=7,*./=5=-27461/-*/7B1:1,0*;+A12F=5=-2*+85G
+1 41:14*4A7 /5 +.25 7 27+ 4127,*5/1+ F9*41,07+G 1/041 12 =-1325 B -/ 2*9147C65 R12 ,-72
*/1;*0732181/01 1/ ,-72<-*14 +5,*1979 ,58=21D7 91 647/ 1+,727 9131 +14
=41958*/7/0181/01=-478*+0*:*,7,*./5+*8352*+85S+*/591-/85958>+78=2*5727
=740*,*=7,*./ =5=-274 1/ 61/1472 R*/,2-*97 27 +1-95=740*,*=7,*./S "
+05 0783*?/ 1+ *8=5407/01 B7 <-1 @7,1 =5+*321 12*8*/74 912 7/>2*+*+ 912 =5=-2*+85
,-72<-*14 7,0*0-9 /1,1+74*7 91 ,5/91/7 ?0*,7 <-1 ,585 @185+ ;*+05 @7 1+0795 1/ 27
37+1 91 8-,@5+ 7/>2*+*+ 7=741/0181/01 F53D10*;5+G

cc
=740*4911+071H=2547,*./4>=*97IB53;*781/01*/,58=2107I91272*01470-47=59185+
,5/0*/-74 7@547 ,5/ 27 3E+<-197 91 -/ 1/:5<-1 72014/70*;5 <-1 */01/01 1;*074 25+
,7221D5/1+ +*/ +72*97 <-1 91+,4*3*85+ 7/01+$ 747 @7,14 1+05 913185+ ,581/C74 =54
,-1+0*5/74 IB 1/ 726-/5+,7+5+ */;140*4I 25+ =41+-=-1+05+ 3>+*,5+9127/>2*+*+ <-1 @7
,5/9-,*95 7 1225+$ 13185+ 05874 1/ ,-1/07 95+ ,-1+0*5/1+ 3>+*,7+$
$/=4*8142-674913185+=416-/074/5++*27*8=5+*3*2*979R5=4537321*8=5+*3*2*979S91
91:*/*4 12 =5=-2*+85 /5 =45;*1/1 912 @1,@5 91 @731425 91+,4*05 91 072 87/147 <-1
,-72<-*147=41@1/+*./,5/,1=0-729120*=59147,*5/72*979*/@141/017+-2.6*,7=52A0*,7@7
+*951H,2-*977=4*54*$1/+785+<-191@1,@51+051+25<-15,-441$
*72=5=-2*+85+1
25 91:*/1 +.25 1/ 0?48*/5+ 91 F;76-1979G F*8=41,*+*./G F=5341C7 */0121,0-72G ,585 -/
:1/.81/5 91 -/ ,74>,014 =-4781/01 F047/+*054*5G F87/*=-27954G 1/ +-+ =45,19*8*1/05+
10,?0147/5@7B87/14791910148*/74+-9CD:441/0*7+=1,:*,71/0?48*/5+=5+*0*;5+$5412
,5/0474*50595121+:-14C5=741,17=-/0747+1=747425<-11+47,*5/72B,5/,1=0-7281/01
7=41@1/+*321 1/ 27 7,,*./ =52A0*,7 91 +- 5=-1+05 9*,50.8*,5 -/ =5=-2*+85 ,5/,13*95
,585*447,*5/721*/91:*/*321$/7;1C0587971+0791,*+*./*/0121,0-721+0470?6*,741+-207
/70-472<-1 27=416-/07 F<-? 1+ 12=5=-2*+85YG+17 4118=27C797=545047 9*:141/01 F77
<-?4172*979+5,*72B=52A0*,7+141:*14112=5=-2*+85YG$2+14=4*;79591059747,*5/72*979
*/04A/+1,7 12 1H=27/7/+ +.25 =-191 +14 ,58=210781/01 1H014/5 72 1H=27/7/9-8$ 145
,585 72 7=2*,74 -/7 ,701654A7 +1 7+-81 <-1 1H*+01 726E/ 0*=5 91 ;A/,-25 1H014/5 <-1
D-+0*:*,7+-7=2*,7,*./27=416-/0761/147281/011+4118=27C797=54-/7014,147F91<-?
4172*979 5 +*0-7,*./ +5,*72 1+1H=41+*./ 12 =5=-2*+85YG$ 1+07 720-47 12 =5=-2*+851+0>
417281/01412167957-//*;12814781/011=*:1/58?/*,5$7471+011/:5<-1/5@7B/797
1/27:5487=5=-2*+07<-141<-*1471H=2*,7,*./J27=416-/07F=54<-?726-/7+72014/70*;7+-
53D10*;5+ =52A0*,5+ +.25 =-9*145/ +14 1H=41+795+ 7 047;?+ 91 819*5+ =5=-2*+07+YG /*
+*<-*147 +-461$ 1 25 E/*,5 <-1 1+0785+ @7327/95 1+ 91 25+ ,5/01/*95+ +5,*72 1+
R*/0141+1+91,27+1-5045+*/0141+1++1,054*721+S<-11H=41+712=5=-2*+858*1/047+<-1
=1487/1,14/5+ 1/ 0*/*1327+ ,5/ 41+=1,05 7 27+ 47C5/1+ =54 27+ ,-721+ 1+1 0*=5 91
1H=41+*./ 41+-207 /1,1+74*5$ +0785+ 1/ -/7 +*0-7,*./ +*8*274 7 7<-1227 <-1 91+,4*31
74H 1/ 4127,*./ ,5/ 27 0154A7 912 ;7254 1/ 27 1,5/58A7 =52A0*,7 ,2>+*,7 ?+07 =-95
9185+0474 <-1 12 04737D5 1+ 27 +-+07/,*7 912 ;7254 =145 /5 =-95 1H=2*,74 =54 <-? 1+07
+-+07/,*7 +-3B7,1/01 +1 1H=41+7 7 +A 8*+87 37D5 27 :5487 91 -/ */014,783*5 91
1<-*;721/01+$/1+01=-/0561/147281/01<-19785+,5/27+72014/70*;7+=5,57,1=07321+
<-1 @185+ 41;*+795 5 3*1/ 41+04*/6*4 12 =5=-2*+85 7 -/7 91 +-+ ;74*7/01+ @*+0.4*,7+ 5
*/01/074 -/7 91:*/*,*./ 61/1472 <-1 +*18=41 ;7 7 +14 2*8*0797$ / 12 E20*85 ,7+5 25+
7-0541+ 61/147281/01 +1 ;-12,7/ 72 :4-+047/01 1D14,*,*5 72 <-1 B7 /5+ 41:14*85+ 91
,525,74 37D5 2710*<-107 91 F=5=-2*+85G7-/,5/D-/0591 85;*8*1/05+ 8-B 9*+=741+ +*/
91,*4/7977,14,7912,5/01/*95911+0791/58*/7,*./$
*/1837465-/=4*814=7+5=747
7=74074/5+911+0791/*647,*./9*+,-4+*;7912=5=-2*+85/51+,-1+0*5/7427+,701654A7+
-0*2*C797+ 1/ +- 91+,4*=,*./ IF;76-1979G F*8=41,*+*./G 10,?0147I +*/5 0587427+ 1/
+1/0*952*01472=14541,@7C7/9525+=41D-*,*5+<-11+0>/1/2737+191+-91+1+0*87,*./$
+ 91,*41/ 2-674 91 ,5/047=5/14 27 F;76-1979G 7 -/7 2.6*,7 =52A0*,7 879-47 958*/797
=54 -/ 7205 64795 91 910148*/7,*./ */+0*0-,*5/72 =41,*+7 91314A785+ ,581/C74 =54
@7,14/5+-/7+14*191=416-/07+8>+3>+*,7+F27[;76-1979T9125+9*+,-4+5+=5=-2*+07+
K/5 1+ ,5/+1,-1/,*7 1/ 726-/7+ +*0-7,*5/1+ 91 27 ;76-1979 1 */910148*/7,*./ 91 27
8*+87 4172*979 +5,*72YG 1/ 1+1 ,7+5 F7/5 +14A7 12 =5=-2*+85 8>+ <-1 -/7 05+,7
5=147,*./=52A0*,71*9152.6*,7-/7,05=,4:54870*;595079591-/747,*5/72*979=45=*71+
91,*4 <-1 12 @1,@5 91 +14 ;765 1/ 910148*/797+ +*0-7,*5/1+ 1+ 27 ,5/9*,*./ =747
,5/+04-*4 +*6/*:*,795+ =52A0*,5+ 4121;7/01+G */7281/01 F12 =5=-2*+85 1+ 417281/01 -/
8581/0591047/+*,*./914*;7959127*/879-41C9125+7,0541++5,*721+91+0*/7957+14
+-=27/07951/-/1+079*5=5+014*545,5/+0*0-B18>+3*1/-/79*81/+*./,5/+07/019127
7,,*./ =52A0*,7<-1 +-461/1,1+74*781/01 R1/ 9*:141/01+ 64795+S 1/ 0595+ 25+ 9*+,-4+5+
c`
=52A0*,5+ +-3;*40*1/95 B ,58=2*,7/95 27+ 5=147,*5/1+ 91 27+ *915256A7+ =41+-/0781/01
[8>+ 879-47+ 1785+ -/ 1D18=25$
19*,1<-112=5=-2*+85F+*8=2*:*,7G121+=7,*5=52A0*,5724118=27C74-/7+14*1,58=21D7
91 9*:141/,*7+ B 910148*/7,*5/1+ =54 -/7 ,4-97 9*,5058A7 ,-B5+ 95+ =525+ +5/
/1,1+74*781/01 *8=41,*+5+$541D18=25 1/"1261/1472 14./ 795=0.-/7=5+0-47
/7,*5/72*+07B7+1;14.<-1275=,*./7461/0*/714727121,,*./1/0414791/R121837D7954
1+0795-/*91/+1S B 14./$ ,585 1+ 3*1/ +73*95 1+07 72014/70*;7 =14+5/72*C797 0*1/1
2-674 1/ 5045+ 9*+,-4+5+ 819*7/01 9*,5058A7+ ,585 +14 12 =-1325 ;+$ 27 52*674<-A7 27+
87+7+ 04737D79547+ ;+$ 5+ 1H=25079541+ 10,?0147$ 585=59185+ ;141H*+01 1/ 1+07+
041+ 9*,5058A7+ I7+A ,585 1/ 7<-1227+ ,5/+0*0-0*;7+ 91 ,-72<-*14 :45/0147 =52A0*,5\
*9152.6*,7I -/7 +*8=2*:*,7,*./ 912 1+=7,*5 =52A0*,5 R0597+ 27+ +*/6-274*9791+ +5,*721+
0*1/91/7764-=74+172419195491726-/59125+95+=525+91279*,5058A7SB25+0?48*/5+
<-1 91+*6/7/ 7835+ =525+ 9131/ /1,1+74*781/01 +14 *8=41,*+5+ R91 5045 8595 /5
=594A7/ 7374,74 0597+ 27+ =740*,-274*9791+ <-1 +-=-1+0781/01 9131/ 764-=74S$ @547
3*1/+*1+051+7+AK/51+1+072.6*,79127+*8=2*:*,7,*./B9127*8=41,*+*./27,5/9*,*./
8*+87 91 27 7,,*./ =52A0*,7Y
.25 1/ -/ 8-/95 *8=5+*321 1/ 12 ,-72 27 798*/*+047,*./
@-3*1474118=27C7950507281/01727=52A0*,7B-/7=*1,181721/6*/114*/6_7204707427+
9*:141/,*7+ =740*,-274*C797+ @-3*147 12*8*/795 0507281/01 27+ 9*,5058A7+ 7/076./*,7+
@72274A785+ <-1 27 F*8=41,*+*./G B 27 F+*8=2*:*,7,*./G @734A7/ +*95 417281/01 14479*,797+
91271+:147=E32*,7$/1+1,7+5+*/18374651247+659*+0*/0*;5912=5=-2*+85+14A7+.25
12?/:7+*+1+=1,*721/-/72.6*,7=52A0*,727,-72,5850721+-/*/6419*1/01/1,1+74*591
27 =52A0*,7 047 :5487 91 91+1+0*874 72 =5=-2*+85 ,585 @185+ ;*+05 1+ 412167425 7 27
F8147410.4*,7G$145,5850783*?/@185++1L727951285;*8*1/05045=52.6*,521D5+91
+14 -/ 8145 7954/5 91 -/7 4172*979 +5,*72 <-1 =594A7 91+,4*3*4+1 1/ 0?48*/5+ /5
410.4*,5+ =-191 1/01/914+1 ,585 27 2.6*,7 8*+87 91 27 ,5/+0*0-,*./ 91 27+ *91/0*9791+
=52A0*,7+$58185+12,7+59127810>:547$ 585+73185+?+071+07321,1-/74127,*./
91+-+0*0-,*./1/0410?48*/5++53412737+1912=4*/,*=*5917/7256A7$@5473*1/,585B7
@185+ 81/,*5/7951/ 0597 1+04-,0-47 9*,50.8*,7-/7 +14*1 91 *91/0*9791+5 */0141+1+
=740*,-2741+ 0*1/91 7 41764-=74+1 ,585 9*:141/,*7+ 1<-*;721/,*721+ 724191954 91 -/5 91
25+=525+91279*,5058A7$541D18=2525+8721+1H=14*81/0795+=549*:141/01++1,0541+
912 =-1325 ;7/ 7 +14 =14,*3*95+ ,585 1<-*;721/01+ 1/041 +A 1/ +- 5=5+*,*./ 7 27
F52*674<-A7G$1451+051++*8=2181/01=7477:*4874<-1+5/0595+7/>2565+1/041+A1/+-
,5/:45/07,*./ ,5/ 12 =5914 52*6>4<-*,5$ <-? 1+ 1+05 +*/5 -/7 41764167,*./ 8107:.4*,7
18>+1+0>91,*4<-1274-=0-47911+7+1<-*;721/,*7+1/27,5/+04-,,*./91-/9*+,-4+5
8>+*/+0*0-,*5/72*+07+191+74452274A77047;?+9181,7/*+85+9*:141/01+=145*6-7281/01
410.4*,5+$ 1D5+ 91 +14 1+05+ E20*85+ F8147 410.4*,7G +5/ */@141/01+ 7 27 2.6*,7 <-1
=41+*91 27 ,5/+0*0-,*./ B 9*+52-,*./ 91 ,-72<-*14 1+=7,*5 =52A0*,5$
+A =59185+ 7:*4874 <-1 =747 =45641+74 1/ 27 ,58=41/+*./ 912 =5=-2*+85 1+ -/7
,5/9*,*./+*/1<-7/5/41+,70742591+-=5+*,*./8746*/721/129*+,-4+59127+,*1/,*7+
+5,*721+27+,-721+25@7/,5/:*/79572958*/*5917<-1225<-11H,19172,5/,1=057+14
12 +*8=21 5=-1+05 91 :5487+ =52A0*,7+ 9*6/*:*,797+ ,5/ 12 1+070-+ 91 -/7 ;14979147
47,*5/72*979$ 13185+ 91+07,74 <-1 1+07 412167,*./ 912 =5=-2*+85 +.25@7 +*95 =5+*321
=54<-1 91+91 12 ,58*1/C5 @7 @73*95 -/ :-1401 12181/05 91 ,5/91/7 ?0*,7 1/ 27
,5/+*9147,*./ 91 25+ 85;*8*1/05+ =5=-2*+07+$ 2 =5=-2*+85 /5 +.25 @7 +*95 916479795
0783*?/@7+*9591/*64795$
-41,@7C5@7:548795=740191-/7,5/+04-,,*./9*+,-4+*;7
91,*1407/54872*97991-/-/*;14+5=52A0*,57+,?0*,5912,-72913A71H,2-*4+1+-=12*645+7
2.6*,7$14591+911+01=-/0591;*+0727+1+047016*7+3>+*,7+91275:1/+*;77/0*=5=-2*+07
+1*/+,4*31/1/50459137018>+78=2*5<-1:-127647/91=1-49127+,*1/,*7++5,*721+1/
12 +*625 H*H$ 1 41:*145 7 27 9*+,-+*./ 61/1472 +5341 F=+*,5256A7 91 27+ 87+7+G$ +01
913701 <-1 1+ =7479*68>0*,5 =747 /-1+045 0187 =-191 ,5/+*91474+1 1/ 647/ 819*97
,58527@*+054*79127,5/+0*0-,*./B9*+52-,*./9127:45/0147+5,*72<-1+1=74725/54872
c=
91 25 =7052.6*,5$ -1 1/ 12 ,-4+5 91 1+07 9*+,-+*./ <-1 +1 1+07321,*145/ -/7 +14*1 91
9*+0*/,*5/1+B5=5+*,*5/1+<-15=1474A7/,585-/78704*C+534127,-72+15467/*C.-/7
=14+=1,0*;7 61/1472 +5341 :1/.81/5+ =52A0*,5+ F731447/01+G <-1 */,2-A7/ 72 =5=-2*+85$
-1+045=-/0591=740*97;77+1427,5/+*9147,*./911+078704*C$785+7,581/C74,5/
127/>2*+*+91-/01H05,2>+*,5<-11+0-;51/121=*,1/045911+07@*+054*7*/0121,0-72$1
41:*1457+B,@5256*191+:5-21+R+*,5256A79127+8-20*0-91+S91-+07;1 15/$

2:785+52*34591-+07;1 15/+1+*0E71/-/71/,4-,*D797*/0121,0-721/-/+1/0*95
,5/+0*0-B1-/7;14+*./1H041879128595,58512+*625N N0470.12/-1;5:1/.81/59127
=+*,5256A79127+87+7+,585=1401/1,*1/0172,78=59125=7052.6*,5J+*/1837465B7
/5 ,5/+*9147 7 9*,@5+ :1/.81/5+ ,585 731447,*5/1+ ,5/0*/61/01+ 91+0*/797+ 7
91+7=741,14 +1 @7/ ,5/;140*951/ 47+65+=1487/1/01+91 27 +5,*1979 85914/7$ 585
0721+ B7 /5 =-191/ +14 91+1+0*8795+ 1 */819*70781/01 ,5/91/795+ +*/5 <-1 9131/
,5/;140*4+1 1/ 53D105+ 91 -/7 /-1;7 01,/5256A7 91 =5914$ / +-+ =727347+ F 7+
8-20*0-91+ +5/ 7265 7+A ,585 27 1+:*/61 91 -/7 7/0*6-7 :>3-27 913185+ 221674 7 -/7
+52-,*./ 91 25+ =4532187+ =27/01795+ =54 +- =+*,5256A7 5 41+*6/74/5+ 7 +14 91;54795+
=54 1227G$ 5/ 12 :*/ 91 4172*C74 1+01 1+:-14C5 ,*1/0A:*,5 047C. 27 91+,4*=,*./ 8>+
+*+018>0*,7 91 27 =+*,5256A7 91 27+ 87+7+ <-1 +1 @73A7 @1,@5 @7+07 12 8581/05 -/7
91+,4*=,*./ <-1 72,7/C. -/ ?H*05 */819*705 B 9-479145 B <-1 :-1 798*4797 =54 8-,@5+
R1/0411225+41-9S$ 7=*1C7,27;191+-7/>2*+*+:-127/5,*./91F+-61+0*./G+534127<-1
;52;14185+ 8>+79127/01$ -1+045=-/05 91=740*97 +14> +*/ 1837465 27,5/+*9147,*./
91,.855=14727+-61+0*./+16E/ 15/1/-/01441/52*8*07951291F27+*8>61/1+
27+ =727347+ B 27+ :.48-27+G =54<-1 722A 05,7 -/7 +14*1 91 ,-1+0*5/1+ <-1 ;7/ 7 +14
,4-,*721+=747 7<-1225 <-101/94185+ <-1=27/0174 7,14,7 912 =5=-2*+85 1/ 27 +16-/97
=7401 91 1+01 2*345$
[-+07;1 1 5/ @1 45O9 1O 4-/+O*,Q B 5/941+ 47/+7,-5/+ -@2*+@14+ "
,5/ -/7 /-1;7 */0459-,,*./ =54 53140 $ B1$ -32*,795 54*6*/7281/01 1/ :47/,?+ 1/
&" ,585 7 +B,@5256*1 91+ :5-21+ V0479$ 1+=$ +*,5256A7 91 27+ 8-20*0-91+ 794*9
S7/*12 P5445 $
$ 15-@1 T45O95=$,*0$=$$
747 1 5/ 27 ,27;1 91 27 */:2-1/,*7 <-1 1D14,1/ 27+ =727347+ 1/ 27 :5487,*./ 91 -/7
8-20*0-9 9131 @72274+1 1/ 27+ *8>61/1+ <-1 1;5,7/ 1+7+ =727347+ ,5/ 05072
*/91=1/91/,*7 91 +- +*6/*:*,795$
2 =5914 91 27+ =727347+ 1+0> -/*95 7 27+ *8>61/1+ <-1 1;5,7/ B 1+ 0507281/01
*/91=1/9*1/0191+-+*6/*:*,7954172$ 7+=727347+,-B5+1/0*951+0>81/5+91:*/*95+5/
1/ 726-/5+ ,7+5+ 27+ <-1 1D14,1/ 87B54 */:2-1/,*7$ 72 1+ 12 ,7+5 =54 1D18=25 91 25+
0?48*/5+9185,47,*7+5,*72*+85*6-729792*31407910,$,-B5+*6/*:*,7951+07/;765<-1
/*+*<-*147647/91+;52*>81/1++5/+-:*,*1/01+=74791:*/*425+,5/=41,*+*./$
*/1837465
1+,*1405<-1-/;14979145=59148>6*,51+0>-/*9571+07+341;1++A2737+,585+*1227+
,5/0-;*147/ 27 +52-,*./ 91 0595+ 25+ =4532187+$ 227+ +*/010*C7/ 27+ 8>+ 9*;14+7+
7+=*47,*5/1+ */,5/+,*1/01+ B 27 ,+=,47/*7 91 +- 4172*C7,*./$"
/0?48*/5+01.4*,5+,5/018=54>/15+=594A785+91,*4<-1 15/1+0>@7,*1/9572-+*./
7 95+ :1/.81/5+ 3*1/ ,5/5,*95+ 27 */1+073*2*979 91 27 4127,*./ 1/041 +*6/*:*,795 B
+*6/*:*,7/01R1/=727347+91 15/274127,*./1/041=727347+1*8>61/1+SB12=45,1+5
cj
91+5341910148*/7,*./819*7/0112,-72-/7,*1407=727347,5/91/+71/054/591+A-/7
=2-472*979 91 +*6/*:*,795+$
*/ 1837465 =747 1 5/ 1+07 7+5,*7,*./ 91 */-A61/1+ /5
,5/+0*0-B1 -/ ,58=5/1/01 1+1/,*72 +*/5 -/7 =14;14+*./ 912 21/6-7D1 ,585 072 27+
=727347+0*1/1/-/+*6/*:*,795;14979145<-11+*/,58=70*321,5/27:-/,*./91+*/010*C74
-/7 =2-472*979 91 7+=*47,*5/1+ */,5/+,*1/01+$ 2 =41+-=-1+05 */9*+,-0*95 91 0595 +-
7/>2*+*+1+271H*+01/,*791-/7,2747:45/0147<-1+1=74725<-11221/6-7D1417281/011+
91 +- =14;14+*./ =54 =7401 91 27 8-20*0-9$
797 27 743*0474*1979 91 27 7+5,*7,*./ 1/041 =727347+ 1 *8>61/1+ 0597 47,*5/72*979 1+
1H,2-*97 91 +- 8-0-7 740*,-27,*./$
7 47C./ B 25+ 746-81/05+ +5/ */,7=7,1+ 91 ,58370*4 ,*1407+ =727347+ B
:.48-27+$
127+=45/-/,*7,5/+5218/*9791/=41+1/,*79127+8-20*0-9107/=45/05+1
27+ =45/-/,*7 +1 53+14;7 -/7 1H=41+*./ 91 41+=105 1/ 0595+ 25+ +18327/01+ B 27+
,731C7+ +1 */,2*/7/$ -,@5+ 27+ ,5/+*9147/ :-14C7+ /70-4721+ =59141+ +5341/70-4721+$
227+ 1;5,7/ *8>61/1+ ;767+ B 647/9*5+7+ 1/ 27+ 81/01+ 91 27+ =14+5/7+ =145 1+07
8*+87;76-1979<-127+1/;-12;11/275+,-4*9797-81/07+-=59148*+014*5+5V$$$W$5
0597+ 27+ =727347+ B :.48-27+ =5+11/ 12 =5914 91 1;5,74 *8>61/1+ 8*1/047+ <-1 @7B
726-/7+<-1@7/01/*951+1=5914=14525@7/=149*951/12,-4+591+--+5@7+07<-1
91D745/9191+=14074,-72<-*14417,,*./1/2781/01$
1@7/,5/;140*951/+5/*95+;7/5+
,-B7 =4*/,*=72 -0*2*979 1+ 4121;74 7 27 =14+5/7 <-1 27+ -+7 91 27 532*67,*./ 91 =1/+74$T
59185+;147<-A27+2*8*07,*5/1+91271H=2*,7,*./<-1 15/,5/+*9147/1,1+74*7+-
7/>2*+*+/5*/01/0791+,-34*4R,585+A25*/01/074>@7,14129141-9S272.6*,7*/014/7<-1
958*/7 27 7+5,*7,*./ 1/041 =727347+ 1 *8>61/1+ +*/5<-1 +.2591+,4*31 +-+ 9*:141/,*7+
,5/ 41+=1,05 7 -/7 47,*5/72*979 ,5/,13*97 1/ 0?48*/5+ 91 -/7 +*6/*:*,7,*./ =-4781/01
91/5070*;7$/07/05277+5,*7,*./1/041=727347+1*8>61/1+1+0507281/01743*0474*71227
;74A7 91 0*18=5 1/ 0*18=5 B 91 =7A+ 1/ =7A+$
21+0-9*74,-72<-*1421/6-7D1=740*,-274+1=-19153+14;74<-127+=727347+9127+,-721+
+1,58=5/1,783*7/8-B21/0781/01725274659125+7L5+8*1/047+<-127+*8>61/1+
<-11;5,7/1+7+=727347+512+*6/*:*,795-/*9571227++1859*:*,7/,5/0*/-781/01V$$$W$
5/=41,*+781/0127+=727347+-0*2*C797+8>+781/-95=5427+87+7+27+<-179<-*141/
1/0419*:141/01+=14+5/7+25++*6/*:*,795+8>+9*;14+5+$721+12,7+5=541D18=25,5/
27+ =727347+ F9185,47,*7G B F+5,*72*+85G 91 -+5 07/ :41,-1/01 1/ 27 7,0-72*979$"
=740*4 91 722A 1 5/ ,585-/ ;14979145/-1;5 7<-*7;125 7,5/+1D7 7 25+=52A0*,5+
/79127+:-/,*5/1+8>+*8=5407/01+91-/1+079*+07,5/+*+011/05/,1+1/37-0*C74,5/
=727347+
57281/5+*/9*:141/01+,5+7+<-1278-20*0-9/5=-191+5=54074
37D5+-+7/0*6-7+91/58*/7,*5/1+$2=59149127+=727347+1+07/:-1401<-137+074>,5/
91+*6/74 ,5/0?48*/5+ 3*1/1216*95+ 27+ ,5+7+8>+ 59*5+7+ =747 ;52;1427+7,1=07321+7
27+ 87+7+$
H*+01 =747 1 5/ -/7 ,2747 ,5/1H*./ 1/041 1+07 9*72?,0*,7 =727347+ *8>61/1+ B 12
+-46*8*1/0591*2-+*5/1+<-1+5/1201441/5=45=*595/91+1,5/+0*0-B1129*+,-4+59127
8-20*0-9 ,585 1227+ V27+ 87+7+W 9131/ 01/14 7 0597 ,5+07 +-+ *2-+*5/1+ +1 ;-12,7/
*/+0*/0*;781/01I,585 25+ */+1,05+ 3-+,7/ 27 2-CI 7 25+ 410.4*,5+ <-1 21+ ,5/,191/ 25
<-11225+<-*141/$5@7+*9527;14979+*/5121445412:7,054=4*/,*=721/271;52-,*./91
27+ /7,*5/1+ B 27 47C./91<-11/ 27 7,0-72*979 12 +5,*72*+85 +17 07/=59145+51+ <-1
,5/+0*0-B1 27 E20*87 *2-+*./ 7E/ ;*072 7+ 87+7+ /-/,7 @7/ 01/*95 +19 91 ;14979$
1
721D7/9125+*/9*,*5+<-1/521+764797/=41:*4*1/9591*:*,741214454+*?+0127++19-,1$
79*+5,*7,*./1/041 12 F;14979145 +*6/*:*,795G91 27+=727347+ B 27+ *8>61/1+<-1 1**7+
1;5,7/41<-*141726-/5+41,-4+5+410.4*,5+<-127@767/=5+*321$
16E/ 15/1H*+01/
041+41,-4+5+277:*487,*./2741=10*,*./B12,5/076*5$F 77:*487,*./=-47B+*8=212*341
91059547C5/78*1/05B910597=4-1371+-/59125+819*5+8>++16-45+91*/0459-,*4
-/7*9171/2781/019127+87+7+$ -7/058>+,5/,*+71+-/77:*487,*./,-7/058>+
,741/019105977=74*1/,*791=4-137B9185+047,*./87B541++-*/:2-1/,*7$G/,-7/057
c
2741=10*,*./+-F=5914+1913172@1,@591<-1277:*487,*./41=10*97+1:*D71/1227465
=27C51/7<-1227+416*5/1+=45:-/97+91/-1+045B5*/,5/+,*1/011/27+,-721++1:54D7/
27+850*;7,*5/1+91/-1+047+7,,*5/1+$2=7+74,*14050*18=552;*9785+<-*?/1+127-054
91 27 7:*487,*./ 41=10*97 B 0148*/785+ =54 ,4114 1/ 1227G$T */7281/01 12 ,5/076*5
7+ *917+ +1/0*8*1/05+ 185,*5/1+ B ,411/,*7+ =5+11/ 1/ 27+ 87+7+ -/ =5914
,5/076*5+507/*/01/+5,54/5129125+8*,453*5+$+01:1/.81/51+8-B/70-472B7<-1
+1 53+14;7 */,2-+5 1/ 25+ 7/*8721+ ,-7/95 1+0>/ D-/05+ 1/ ,7/0*979 / ,* ,7+5 91 25+
@58341+41-/*95+1/-/78-20*0-90597+27+185,*5/1++1,5/076*7/4>=*9781/0125,-72
1H=2*,7 25 41=1/0*/5 912 =>/*,5$ 5+ 91+.491/1+ 81/0721+ ,585 27 25,-47 +5/ 0783*?/
,5/076*5+5+$ 7:41,-1/,*79125,-471/04195,0541+1+=1,*72*+07+1/25,-471+/507321$1
@1,@541,*1/0181/01+1@7/,*0795:5487+9125,-47,54/52776547:53*7047/+8*+*321+
91 @58341+ 7 7/*8721+$
/1+01=-/0591314A785+9*+0*/6-*427;72*91C91+,4*=0*;79125+47+65+9127=+*,5256A7
9127+87+7+1/-814795+=54 15/$125+D-*,*5+/54870*;5+725+,-721++17+5,*7/
9*,@5+ 47+65+ 1/ +- 9*+,-4+5$ 7 4127,*./ */1+07321 1/041 =727347+ 1 *8>61/1+ 1+ -/7
=41,5/9*,*./ 91 ,-72<-*14 5=147,*./ 9*+,-4+*;7 =52A0*,781/01 +*6/*:*,70*;7$ 1+91 1+01
=-/05 91 ;*+07 27+ 53+14;7,*5/1+91 15/ +5/ 7,140797+1 */+04-,0*;7+$
*/ 1837465
K<-? =-191 91,*4+1 91 27 9*+0*/,*./ 1/041 12 ;14979145 +C/:4,795 91 -/ 0?48*/5 B 27+
*8>61/1+ ,5/0*/61/0181/01 7+5,*797+ 7 ?2Y / 0?48*/5+ 61/14721+ 1+07 9*+0*/,*./ +1
,5441+=5/91 ,5/ 27 9*:141/,*7 1/041 91/507,*./ B ,5//507,*./ ,41,*1/0181/01
,-1+0*5/797=5427+18*5256A7,5/018=54>/17$747<-1@7B7-/7,5441+=5/91/,*7-/57
-/5 1/041 +*6/*:*,7/01 B +*6/*:*,795 12 21/6-7D1 91314A7 01/14 27 1+04-,0-47 91 -/7
/581/,270-47 25 ,-72 *4A7 1/ ,5/047 912 =4*/,*=*5 2*/6ZA+0*,5 3>+*,5 :548-2795 =54
7-++-41 +16E/ 12 ,-72 1/ 12 21/6-7D1 /5 1H*+01/ 0?48*/5+ =5+*0*;5+ +*/5 +.25
9*:141/,*7+$ 2 21/6-7D1 +1 5467/*C7 1/ 054/5 7 95+ =5*5+ 12 =7479*68>0*,5 R72 ,-72
7-++-41 91/58*/. 7+5,*70*;5S B 12 +*/0768>0*,5J 1+05 <-*141 91,*4 <-1 27+ 01/91/,*7+
7+5,*70*;7++-3;*1401/+*+018>0*,781/0127=5+*3*2*9798*+8791-/+*6/*:*,795=-4781/01
91/5070*;5$ 1785+ 726-/5+ 91 25+ 1D18=25+ 5:41,*95+ =54
7-++-41$ H*+01 1/ 12
21/6-7D1 -/7 01/91/,*7 7 27 416-274*C7,*./ 91 +-+ :5487+ 7 27 =727347 270*/7 547054 1/
/58*/70*;5 21 ,5441+=5/91 12 61/*0*;5 547054*+ 8*1/047+ <-1 72 /58*/70*;5 @5/5+ 21
,5441+=5/91 12 61/*0*;5 @5/54*+J =145 27 01/91/,*7 7 27 416-274*C7,*./ 91 27+ :5487+
2*/6ZA+0*,7+ @7,1<-1 0597+ 27+ =727347+<-1 0148*/7/,5/ F4G 1/12/58*/70*;5 0148*/1/
,5/F/+G1/1261/*0*;59187/147<-11/-/1+079*58>+7;7/C7951/271;52-,*./912
270A/ @5/5+ 1+ 4118=27C795 =54 @5/54$ +07+ 41627+ 7+5,*70*;7+ <-1 416-274*C7/ 27+
:5487+ 2*/6ZA+0*,7+ 1/ 726-/5+ ,7+5+ ,417/ */,2-+5 =727347+ ,58=210781/01 /-1;7+$
M+07 1+ 27 41627 <-1
7-++-41 91/58*/. 27 <-704**T81 =45=540*5/1221 7 417,0*5/ 21
,5441+=5/91 12 79D10*;5 417,0*5//7*41 B =54 7/7256A7 41=41++*5/ ,5/9-,1 7
41=41++*5//7*41 <-1 1+ -/ 0?48*/5 <-1 /5 1H*+0A7 54*6*/74*781/01 1/ :47/,?+$T
+*8=5407/01=747/-1+045=45=.+*0591+07,7412@1,@591<-11+01=45,1+57+5,*70*;5/5
5=147 +.25 1/ 12 /*;12 647870*,72 I<-1 :-1 12 /*;12 =4*/,*=7281/01 1+0-9*795 =54
7-++-41I +*/5 0783*?/ 1/ 12 +18>/0*,5$ / 4172*979 7835+ /*;121+ +1 ,4-C7/
,5/+07/0181/01 1/041 +A B ,5/9-,1/ 7 7+5,*7,*5/1+ <-1 =-191/ 7;7/C74 1/ 9*;14+7+
9*41,,*5/1+$M+011+12=45,1+5<-11+1/,*7281/011H=254712=+*,57/>2*+*+$541D18=25
1/121+0-9*59141-9+534112@583419127+4707++17+5,*74707,5/=1/1=54<-127+
4707+=45=767/1/:14819791+;1/?417+$/1+01,7+5277+5,*7,*./5=147=4*/,*=7281/01
1/ 12 /*;12 912 +*6/*:*,795J =145 1/ 5045+ 27 7+5,*7,*./ 41+-207 54*6*/74*781/01 91 27
+*8*2*0-9 1/041 =727347+ R25 <-1 41-9 91/58*/7 F=-1/01+ ;143721+
47001/1/7218>/+*6/*:*,7,-507B129*/145+1*/0459-,17+A1/12,58=21D59127+4707+J
+=*1247001/<-*14191,*4D-674B12=7941912@583419127+4707+@73A7*/,-44*951/91-97+
91 D-165 B:-11/05/,1+7+5,*79572 ,58=21D5$TT 585=59185+ ;14 +* 277+5,*7,*./ +1
54*6*/71/12/*;12912+*6/*:*,7955912+*6/*:*,7/011+-/7,-1+0*./0507281/01+1,-/974*7
cá
,-72<-*147 <-1 +17 12 ,7+5 27+ ,5/+1,-1/,*7+
25+1D18=25+91
7-++-41=45;*1/1/912,5-4+191 */6-*+0*<-1?/?4721,9$ 4A0*,791
-22*5917-4574A+7B50==$B"V0479$1+=$ -4+591-/6- +0*,761/1472,9$
91 8795 25/+5 -1/5+ *41+ 5+797 %W$ / 7/>2*+*+ 91 1+01 7+=1,05 91 27
7=45H*87,*./+7-++-4*7/7=-191@72274+11/ 27-9*/15487/9?07=@54110 T5/,1=0
4-+127+ 9*0*5/ 58=21H1$ %$ ==$ %\#%$
58785+127/>2*+*+911+017+=1,059121+0-9*59141-9912@583419127+4707+91
4-,1*/Q*@1 7,7/*7/
-3D1,04*/,105/4*/,105//*;14+*4B41++"=$#$/
7/>2*+*+91274127,*./1/04112:54872*+852*/6@A+0*,5B2712*8*/7,*./9127+-+07/,*79127
9-72*979 +*6/*,7/01+*6/*:*,795 =-191 @72274+1 1/ /-1+045 04737D5 F 91/0*0B 7/9
1614/5/B *21 521 5: /*;14+72*0B */ 0@1 5/+0*0-0*5/ +1 ;7/ 7 @7,14 +1/0*4 1/ 7835+
/*;121+ B +1 ;7/ 7 0479-,*4 1/ -/ 91+=27C78*1/05 91 27 4127,*./ +*6/*:*,7/01+*6/*:*,795$
/ 1+01 +1/0*95 /5 =59185+ +*8=2181/01 9*:141/,*74 12 +*6/*:*,795 F;14979145G 91 -/
0?48*/5 R<-1 /1,1+74*781/01 +14A7 =1487/1/01S 91 -/7 +14*1 91 *8>61/1+
,5//5070*;781/017+5,*797+7?2B7<-127+4191+7+5,*70*;7++5/-/7=7401*/0164729127
1+04-,0-47 8*+87 912 21/6-7D1$ +07 7:*487,*./ +*/ 9-97 /5 =4*;7 91 +-+ ,747,014A+0*,7+
1+=1,A:*,7+720*=5917+5,*7,*./72<-1+141:*141 15/=145*8=2*,7+*/1837465<-1
27 1+=1,*:*,*979 9131 +*0-74+1 91/045 912 ,5/01H05 91 -/ ,5/D-/05 8>+ 78=2*5 91
7+5,*7,*5/1+ 9*:141/,*797+ 1/041 +A 1/ 0?48*/5+ 91 +- =14:54870*;*979$ 5 <-1 1+
*/,5441,05 1+ =41+1/074 1+7+ 7+5,*7,*5/1+ ,585 =14;14+*5/1+ 912 21/6-7D1 ,-B5
;14979145 +*6/*:*,795 +.25 41<-14*4A7 ,583*/7,*5/1+ +*/0768>0*,7+$
+05 +1=-191 ;14 8>+ ,274781/0172 ,5/+*91474 25+ 041+ F41,-4+5+ 410.4*,5+G 91+,4*=05+
=54 15/,585128595915,7+*5/74279*+5,*7,*./1/04127+*6/*:*,7,*./;14979147B12
+1/0*951;5,795$/,797,7+52701+*+91 15/+.25+1=-191+5+01/14+*+1+*8=2*:*,7
,5/+*914732181/01275=147,*./=14:54870*;7<-1+1+-=5/1<-19131221;747,735,797
-/5 91 1+5+ 41,-4+5+$ :*487,*./$ 1 5/ 27 ,5/+*9147 -/7 5=147,*./ *216A0*87 ,-B7
E/*,7:-/,*./1+458=1412;A/,-251/0417<-1225<-1+17:*487B,-72<-*1447C5/78*1/05
<-1257=5B1$747?27:*487472658>+722>9127=5+*3*2*979910597=4-13747,*5/72+.25
=-191+14-/7:54879181/0*4$
*/1837465K1+,*14051+05YK1314A785+,5/,13*427
*/0147,,*./ +5,*72 ,585 -/ 01441/5 1/ 12 ,-72 /5 @7B 7:*487,*5/1+ /5 :-/9781/0797+Y
K-?5,-441+*-/77:*487,*./7=127741,5/5,147265<-11+0>=41+1/011/271H=14*1/,*7
910595+ =145<-1 /5 +1=-191:54872*C7491/045 91 25+ 21/6-7D1+ +5,*721+958*/7/01+
1H*+01/01+Y K-191 -/7 7:*487,*./ +181D7/01 I<-1 +14A7 ,585 1/ +7/ 7325 F25,-47
=747 25+ 64*165+ B 1+,>/9725 =747 25+
52*0*,761/0*21+GI +14 419-,*97 7-/7 81/0*47=54 +14 */,5/81/+-47321 ,5/ 27+:5487+
1H*+01/01+9147,*5/72*979+5,*72;*91/0181/01/5$2@1,@5917:*487472658>+722>91
0597 =4-137 =594A7 +14 -/7 =4*8147 107=7 1/ 12 +-46*8*1/05 91 -/7 ;14979 <-1 +.25
=-191 +14 7:*48797 72 458=14 ,5/ 27 ,5@141/,*7 91 25+ 9*+,-4+5+ 1H*+01/01+$ 54
+-=-1+05 12 ,7+5 72 <-1 +1 41:*141 1 5/ I27 7:*487,*./ +*/ =4-137 ,585 :5487 91
81/0*47I /5 1+ *8=5+*321 =145 ,5/+0*0-B1 +.25 -/ ,7+5 91/045 91 -/7 +14*1 91 5047+
=5+*3*2*9791+ <-1 ?2 /* +*<-*147 ,5/+*9147$
59185+ 91,*4 25 8*+85 91 27 41=10*,*./$ 26-/7+ 91 27+ 7+1;147,*5/1+ */*,*721+ 91 1
5/+5341?+07=-191/7,1=074+1+*/=4532187+7+7314<-11+819*7/012741=10*,*./
<-1+1,417/25+@>3*05++5,*721+B<-11+05+@>3*05+1+0>/*/+1405+F1/7<-1227+416*5/1+
=45:-/97+91/-1+045B5*/,5/+,*1/011/27+,-721++1:54D7/27+850*;7,*5/1+91/-1+047+
7,,*5/1+G$/1+01+1/0*95=594A785+91,*4<-12741=10*,*./D-1678E20*=21+4521+1/27
,5/:5487,*./ 91 27+ 4127,*5/1+ +5,*721+ 819*7/01 -/ =45,1+5 91 1/+7B5 B 14454 -/7
,58-/*979=-1917D-+074+17+-8*2*1-J-/64-=5958*/795819*7/011241,5/5,*8*1/05
912 8*+85 1/18*651/-/7 =2-472*979911H=14*1/,*7+ 7/076./*,7+ 79<-*141-/+1/0*95
91 +- =45=*7 *91/0*979J 819*7/01 27 =41+1/,*7 91 -/ ,5/D-/05 91 4*0-721+ 9*+=5+*,*5/1+
*/+0*0-,*5/721+*8>61/1+B+A83525+61/14721+-/7,58-/*97979<-*141-/+1/0*9591+-
cï
,5/0*/-*979018=547210,?0147$/1+017+=1,052741=10*,*./1+-/7,5/9*,*./9127;*97
+5,*72B?0*,7$ 58553+14;.1/D78*/47/Q2*/F*/7281/012216-?727,5/,2-+*./91<-1
278147,5/;*,,*./1+=1,-270*;791<-1/-1+045*/014?+147+14,58=210781/01;*40-5+5+
/5 147 +-:*,*1/01 =747 =41;1/*4 /-1+047 91,791/,*7J B <-1 9131/ 458=14+1 25+ 8725+
@>3*05+B79<-*4*4+1B1+47321,14+13-1/5+@>3*05+7/01+91<-12564185+-/741,0*0-991
,5/9-,07 1+07321 -/*:5481G$T#
*/ 1837465 1 5/ /5 1H=2547 25+ 9*;14+5+ D-165+ 91
21/6-7D1<-1-/5=-191D-6741/054/57=4>,0*,7+41=10*0*;7+B+.25410*1/1911225+-/
12181/05+-5=5+*,*./727912*3147,*./47,*5/72$*,@5915045859525<-1 15/1+0>
,5/+04-B1/95,585-/79*,5058A71H,2-+*;7/51+12@>3*051/61/1472,5855=-1+05727
47,*5/72*979+*/5275=5+*,*./1/041-/@>3*05,41795819*7/012787/*=-27,*./B-/5<-1
41+-2079127+19*81/07,*./912791,*+*./47,*5/72$
*/1837465,5852747,*5/72*979912
@>3*051+276747/0A791+-216*0*8*979<-19785++*/504772014/70*;7<-127+,701654A7+
F47,*5/72*979G 1 F*447,*5/72*979G$ +A 7:*487 25 +*6-*1/01
2 47C5/78*1/05 */:14*54 91 27+ 8-20*0-91+ +1 37+7 91 27 8*+87 87/147 <-1 12
47C5/78*1/05 91 -/ 5491/ +-=14*54 1/ 27 7+5,*7,*./ 91 *917+ =145 1/041 27+ *917+
7+5,*797+=54278-20*0-9+.25@7B,791/7+7=741/01+917/7256A7`$$$W$ 7+,747,014A+0*,7+
91247C5/78*1/059127+8-20*0-91++5/277+5,*7,*./91,5+7+9*+A8*21+<-1=5+11/-/7
,5/1H*./ 814781/01 7=741/01 1/041 +A B 27 61/1472*C7,*./ */819*707 91 ,7+5+
=740*,-2741+/7,791/791746-81/07,*./2.6*,71+0507281/01*/,58=41/+*321=74727+
8-20*0-91+ B =54 1+01 850*;5 +1 =-191 91,*4 <-1 /5 47C5/7/ 5 <-1 47C5/7/
144./1781/01 B <-1 /5 +5/ */:2-*97+ =54 12 47C5/78*1/05$
+A <-197 ,2745 ,.85 +1 1+04-,0-47 +- 47C5/78*1/05 25 */,5/1H5 I1+ 91,*4
,5//507,*5/1+=-4781/017+5,*70*;7+I+15=5/17-/=45,1+591746-81/07,*./2.6*,7$
241+-207951+<-1/51H*+01/797<-1=59785+,5/,13*4,585-/85951+=1,A:*,591
47C5/78*1/05 91 27+ 8-20*0-91+
+- 859-+ 5=147/9* 1+ ,5/+*914795 814781/01 ,585 12 41;14+5 /1670*;5 91 27
47,*5/72*979 ,5/,13*971/ +1/0*951+04*,05 B 2*8*0795$ 7 =5+*3*2*97991<-1 27 41=10*,*./
7=-/01 7 7265 ,58=747321 =41+1/01 1/ -/7 =2-472*979 91 ,7+5+ I=54 1D18=25 27
+1/+7,*./ =54 =740191-/7 ;74*1979917,0541+ +5,*721+ 91 ,58=740*4 -/71H=14*1/,*7
,58E/ 91 1H=2507,*./I /5 1+ 058797 1/ ,-1/07 91 /*/6-/7 87/147$
*/7281/0112,5/076*5$747 15/+.25=-191+14-/7:548791047/+8*+*./=7052.6*,7$
-1H=2*,7,*./9131@72274+11/12:1/.81/561/14729127F+-61+0*3*2*979G<-1:-11/+-
8581/05 12 1-+ 1H 87,@*/7 58/*=41+1/01 1/ 12 9*+,-4+5 +5341 27 =+*,5256A7 91 27+
87+7+$
*/ 1837465 <-? 1H=2*,7 27 +-61+0*3*2*979 1+ 7265 7 25 <-1 /5 +1 21 =41+0.
701/,*./1/73+52-05$ 5857+1;14.41-9F8*41+*+01/,*7+154*1/0.7=4501+074,5/04727
;*+*./ +16E/ 27 ,-72 27 +-61+0*./ <-1 1H=2*,737 0595 1+0737 1227 8*+87 1H1/07 91
1H=2*,7,*./G$T" 783*?/ 1/ 1+01 ,7+5 =594A7/ :548-274\ +1 -/7 +14*1 91 =416-/07+ <-1
+5,7;74A7/ 12 956870*+85 91 27 ;*+*./ 91 1 5/$ K-? 5,-44*4A7 =54 1D18=25 +* 12
,5/076*5/5:-147-/71/:1481979+*/52741=41+*./91-/47+65,58E/,58=740*95=54
-/ 64-=5 91=14+5/7+ <-1 1+9*:A,*2 91 ;14372*C74 91 87/1479*41,07 B <-1 +.25 =-191
1H=41+74+1 819*7/01 726-/7 :5487 91 41=41+1/07,*./ +*83.2*,7Y
K .85 1H=2*,74 1+07 +*8=2*:*,7,*./ +*+018>0*,7 =54 =7401 91 1 5/ 912 @54*C5/01 91
=5+*3*2*9791+ 73*1405 =54 ,797 -/7 91 27+ ,701654A7+ <-1 7/72*C7Y K54 <-? +-+
1H=2*,7,*5/1++5/07/=74,*721+B-/*27014721+Y5,-1+078-,@5,58=41/914<-11+051+
1241+-207959125+95++-=-1+05+=4*/,*=721+<-1:-/9781/07/+-=1/+78*1/05B<-1@7/
958*/7951/647/819*9727+=4*8147+107=7+9127=+*,5256A79127+87+7+$2=4*8145
<-1 =-191 ,58=41/914+1 ,274781/011/ 25+=>447:5+ <-1@185+ ,*07951+<-1 27 2A/17
9*;*+54*7 1/041 27+ :5487+ 47,*5/721+ 91 5467/*C7,*./ +5,*72 B 25+ :1/.81/5+ 91 87+7+
,5*/,*911/647/819*97,5/27:45/0147<-1+1=74725/548729125=7052.6*,5$+-;1C
1+01 =4*814 +-=-1+05 1+0> */+1405 1/ 5045 <-1 +*/ 9-97 1+0> =41+1/01 1/ 1 5/ =145
0783*?/1/2787B54=740191272*01470-4791+-?=5,741270*;772,58=54078*1/059127+
cº
87+7+ 27 9*+0*/,*./ 1/041 27 47,*5/72*979 B 27 *447,*5/72*979 ,5*/,*9*4A7 78=2*781/01 ,5/
7<-12271/04112*/9*;*9-5B1264-=5$2*/9*;*9-51H=14*81/07-/=45,1+5919164797,*./
+5,*72 72 ;52;14+1 =7401 91 -/ 64-=5$ / +-+ =727347+
=54 12 8145 @1,@5 91 :54874 =7401 91 -/7 8-20*0-9 5467/*C797 -/ @58341 91+,*1/91
;74*5+ 47/65+1/ 27 1+,727 91 27 ,*;*2*C7,*./$ 187/1477*+2797=-191+14-/ */9*;*9-5
,-20*;795J1/-/787+71+-/3>437451+051+-/7,4*70-47<-17,0E7=54*/+0*/05$5+11
271+=5/07/1*97927;*521/,*727:145,*979$B0783*?/121/0-+*7+85B12@145A+859125+
+141+ =4*8*0*;5+ 7 <-*1/1+
7918>+ 0*1/91 7 =741,14+1 =54 27 :7,*2*979 ,5/ 27 ,-72 +1 91D7 *8=41+*5/74 =54 27+
=727347+B27+*8>61/1+I<-1/501/94A7//*/6E/1:1,051/,797-/59125+*/9*;*9-5+
<-1,58=5/1/27+87+7+IB+191D7*/9-,*47,5810147,05+,5/0474*5+7+-+*/0141+1+
8>+ 53;*5+ B7 +-+ @>3*05+ 8>+ ,5/5,*95+$G
+01 @1,@5 @73A7 +*95 53+14;795 8-,@5 7/01+ 91 1 5/$ / =727347+ 91
1461
5+,5;*,* +01:1/.81/5@7 +*95 -/*;14+7281/01 ,5/:*48795=54 */:5481+ =E32*,5+$ 1
7,-1495 ,5/
52./ -/ 701/*1/+1 =54 +A +525 1+ -/ C5445 7+0-05 =145 -/ 64-=5 91
701/*1/+1+ 1+ -/ 4137L5 91 5;1D7+$ 1914*,5 12 47/91 ,5/:*737 1/ ,797 -/5 91 +-+
61/14721+ ,585 */9*;*9-5+ =145 25+ 91+,4*3A7 ,585 05/05+ ,-7/95 +1 41-/A7/ 1/ -/
,5/+1D5916-1447$1+0785+1/91-97,5/25+4587/5+=54128>+7=05B-/*;14+7291
25+ =45;143*5+
1/705 41+ 58/1+ 35/* ;*4* +1/70-+ 4587/-+ 8727 31+0*7 1+ 91,*4 25+ +1/79541+ +5/
0595+ @58341+ 3-1/5+ 12 +1/795 4587/5 1+ -/7 31+0*7 /5,*;7$T
7 @*+054*7 */0121,0-72 <-1 1+35C74185+ 1/ 12 =4.H*85 ,7=A0-25 1+ 1/ 647/ 819*97 27
@*+054*7912737/95/5=45641+*;5911+05+95++-=-1+05+$+01737/95/5@*C5=5+*321-/7
7=45H*87,*./ 9*:141/01 B 8>+ 870*C797 7 25+ =4532187+ 91 27 +5,*1979 91 87+7+$
581/C74185+/-1+04541270591+911264795,145911+07047/+:5487,*./*/0121,0-721+
91,*4 91+91 12 8581/05 1/ <-1 +1 :548-2745/ 1+05+ 95+ +-=-1+05+ 91 27 87/147 8>+
,4-971*/047/+*61/01<-1:-11/1204737D591 *==52B017*/1* -16591+,4*3*4185+,.85
25+ ,783*5+ 1/ 27 0154A7 =+*<-*>04*,7 B -/7 047/+:141/,*7 =45641+*;7 91 27 F47,*5/72*979G
*/9*;*9-72 72 64-=5 734*. 12 ,78*/5 7 -/7 /-1;7 */014=4107,*./ 912 ,58=54078*1/05 91
87+7+R128*+85 15/41=41+1/07B7-/,*1405721D78*1/059127+9*,5058A7+07*/*7/7+S$
2 =-/05 ,-28*/7/01 1/ 1+01 ,783*5 91 4-835 91 25+ =7479*687+ 1+0> 1/ 12 04737D5 91
41-9 <-*1/ 737/95/7 :*48181/01 25+ 95+ +-=-1+05+$
[$ 1 5/ 5=$ ,*0$ =$ "#$
1461 5+,5;*,* F @1 9*+,5;14B 5: 87++1+G 1/ 742 $ 47-87// B
1461 5+,5;*,*
R,58=+$S @7/6*/6 5/,1=0*5/+ 5: 45O9 89 7/9 1@7;*5-4 -1;7 54Q\142A/\
1*912@1465Q*5
=4*/614\14276&=$$

58185+ 72 7C74 -/ =74 91 ,*07+ 91 7*/1 41:14*97+ 7 27 85;*2*C7,*./ 91 87+7+ 1/ 12
,-4+591271;52-,*./47/,1+7R9*65727C74=54<-19*:A,*281/01@7B71/ 5+54A61/1+
112747/,*7,5/018=54>/17-/7=>6*/71/27<-1/5=59785+1/,5/047491+,4*=,*5/1+
1<-*;721/01+S$ 7 =4*8147 ,*07 +1 41:*141 7 27 ,58=5+*,*./ 91 25+ =740*,*=7/01+ 1/ -/7
76*07,*./ =45;*/,*72$
185+;*+05,->//-8145+5++1@7/;-120525+,5/04737/9*+07+25+047:*,7/01+*216721+91
+7225+,7C79541+:-40*;5+25+;7673-/95+25+81/9*65+B25+,5/;*,05+:-6795+B,.85
-/7L591@7834-/7*/,4181/07+-/E8145$595++5/41,2-07+=74727+0-437+BB7+17
1/-/9*+0-43*55=54819*591-/9*+0-43*5,797-/5911225+221/7+-352+7$2419195491
7-H 1 */,2-+5 1/ 27+ */819*7,*5/1+ 91 ->/ 1/ 5/,@145221+ -?;41;*22B 4?7-H
7*/0\P7,<-1+B1/0595+25+3744*5+,*4,-/97/01+37/97+914-:*7/1+748795+:-14C7/27
cë
1/047979127+,7+7+1+=1,*7281/0127+=7445<-*7+B1,@7/87/57059525<-121+=27,1
V$$$W$ 5+,78=1+*/5++191D7/,5/;1/,14=5425+37/9*95+$2@5834137D74>=*9781/0127
=1/9*1/01912791+@5/1+0*979J726-*1/<-11+819*7/781/01@5/1+05B<-19187/147
*/79;140*9757=1+7491+A8*+85=740*,*=71/-/9*+0-43*541=*01277,,*./7047A95=5427
*8=-/*979 5 =54 27 67/7/,*7 V$$$W$ / 0597 */+-441,,*./ *8=5407/01 @722785+ 25+ 8*+85+
7,0541+ 872*6/5+ B ;7673 -/95+ 1/18*65+ 91 27 21B +72;7D1+ 81459179541+
91+1+=14795+ <-*1/1+ ,585 2535+ 45/97/ 722A 95/91 52:7017/ -/7 =41+7$
5/ 1225+
<-*1/1++*4;1/,5859*41,0541+B;149-65+9127872*,*7=E32*,75=4*;797V$$$D$=740*491
1/05/,1++5/25+/-1;5+2A9141+B7<-11/05970-437+5/25+8>+91+,74795+B81/5+
1+,4-=-25+5+ <-*1/1+ 874,@7/ 72 :41/01 B 1+07321,1/ 12 1D18=25 91 27 91+04-,,*./$ 2
1D18=251+,5/076*5+572=4*/,*=*5:-11241,2785=5412=7/72:*/721+,*7+1+*/705B12
*/,1/9*74*+85J 12
+72;7D*+85<-1+191+1/,791/7764167/95+-;*521/,*7+*/2A8*01+727 *\8*479741;-1207
=54 27 /1,1+*979$T
7+16-/97,*07+141:*14172,527=+59125+81,7/*+85+917-054*979<-1@7,1/=5+*321+
25+ 850*/1+$
/819*591-/7+5,*197991+*/016479737D5-/653*14/5<-1@7=7+7957+1425+.251/
7=74*1/,*7 +1 =5/1 91 87/*:*1+05 <-1 +1 1+0> 61+07/95 -/7 */;7+*./ -/7 */;7+*./ 91
3>43745+<-1 +1 ,58=21074> 819*7/0112 014454<-1 @7 ,581/C795 ,5/ ;*521/,*7 B <-1
,585 27 */;7+*./ 91 25+ /5487/95+ 1/ 25+ +*625+ H B H* 0148*/7 ,5/ 27 ,5/<-*+07 B 27
91+=5+1+*./910597-/7,27+1V$$$W$M+071+2753479114+7221+B74A+JB722A1/74A+B
0783*?/1/14+7221+726-/5+=54+-:720791=41;*+*./B+-=7+*./B5045+=54+-,16-147
1*/91,*+*./I25+E20*85+=54913*2*979B25+=4*8145+=5427;*521/,*7I0595++11+0>/
1+:54C7/95 =54 25647425$
26-/5+ 47+65+ 91 1+07 91+,4*=,*./ +1 @7,1/ ;*+*321+ */819*70781/01$ 7*/1 /5 /5+
=41+1/07 27 91+,4*=,*./ 91 -/ ,5/:2*,05 1/041 :-14C7+ +5,*721+ ,-B5+ 53D10*;5+ +5/
1H=-1+05+ ,274781/01 B ,-B7 */,58=70*3*2*979 +14A7 27 :-1/01 91 27 ;*521/,*7 41+-207/01$
5+53D10*;5++5,*721+,*140781/011+0>/=41+1/01+1/+-91+,4*=,*./RF272*8*079741;-1207
=54 27 /1,1+*979GS =145 +5/ */,7=7,1+ 91 1H=2*,74 27 7,,*./ +5,*72J +5/ +-=14795+ =54
-/7 F;*521/,*7 *2*8*0797G 41+-20795 07/ +.25 91 27 7,,*./ 91 F;7673-/95+G F4-:*7/1+G
F37/9*95+ 1+ 91,*4 =54 :-14C7+ <-1 1+,7=7/ 7 0595 0*=5 91 47,*5/72*979 +5,*72$ 1 27
8*+8787/14727*/,7=7,*979912653*14/5=747,5/04527427+*0-7,*./0*1/1=5,5<-1;14
,5/ 27 +*0-7,*./ 53D10*;7 91 27 85/74<-A7 1/ ;A+=147+ 91 27 41;52-,*./ +*/5 <-1 1+
=41+1/0797,5851241+-2079591F:720791=41;*+*./GF=7+*./GF,16-147G1F*/91,*+*./G1+
91,*4 ,585 ,5/+1,-1/,*7 91 -/ :47,7+5 +-3D10*;5$ 7 91+,4*=,*./ ,58=2107 91 27
+5,*1979:47/,1+7<-1/5+34*/977*/11+2791-/5467/*+85+5,*72781/7C795=5427
14-=,*./91:-14C7+01/9*1/01+7+-91+*/01647,*./$14512=-/05*8=5407/011+<-11+7+
:-14C7+ ,741,1/ 91 0597,5/+*+01/,*7 =45=*7J +5/ +*8=2181/01 12 41+-2079591 =-2+*5/1+
*/+0*/0*;7+ 91+70797+ <-1 27+ /5487+ +5,*721+ 61/147281/01 87/0*1/1/ 37D5 ,5/0452$
K .85 1H=2*,74 1/ 1+1 ,7+5 27 /70-4721C7 91 1+7+ =-2+*5/1+Y
59185+ 18=1C74 =54 =416-/074/5+ ,->21+ 147/ 27+ @14478*1/07+ */0121,0-721+ 91 27+
,-721+9*+=5/A7/25+=+*,.2565+9127+87+7+=7470470741+0101871/12E20*85014,*5912
+*625 H*H$
-+7//7 7445O+ 41+-81 27 +*0-7,*./ 1/ 25+ +*6-*1/01+ 0?48*/5+
=740*4 91 27+ 0154A7+ 91 27 @*=/5+*+ 740*,-2745/ 12 81,7/*+85 91 27 *44*07,*./ 07/
,747,014A+0*,5 91 25+ 64-=5+J 7 =740*4 91 27+ 0154A7+
91 27 1;52-,*./
,5/+04-B145/-/7D1474<-A79127,*;*2*C7,*./@-87/7JB9127819*,*/7058745/12859125
91 27 =+*,5256A7 7/54872 B 27+ 8>+ ,5/0-/91/01+ 810>:547+ 912 ,58=54078*1/05 91 27+
87+7+27+8-20*0-91+,58527+91+,4*3A7/25+@58341+:47/,1+1+91:*/1+912+*625H*H
+1 7+181D737/ 7 25+ 72,5@.2*,5+ 5 7 27+ 8-D141+$
16E/ 12 1/:5<-1 91 7*/1 /5 0595+ 1+05+ ,58=5/1/01+ 0*1/1/ 12 8*+85 =1+5$ 7
+-61+0*./ <-1 +14> ,1/0472 1/ 27+ =5+014*541+ 0154A7+ +5341 27+ 87+7+ /5 D-167 =747
`
7*/1 /*/6E/ 452 +*6/*:*,70*;5$ 7+ 47C5/1+ 91 1225 +5/ 1/ =7401 ,45/52.6*,7+ I12
@*=/50*+857E//5=5+1A727,1/0472*979<-179<-*4*4A72-16591<-125795=0747 @74,50
,585 =4>,0*,7 ,*1/0A:*,7 ;>2*97IB1/ =7401 ,585 +1L727 ,274781/01 7445O+ +1
914*;737/ 91 27 /5,*./ 91 7*/1 +16E/ 27 ,-72 25+ 2A9141+ F/5 =5+1A7/ ,7=7,*9791+
1+=1,*721+ /* =5914 ,74*+8>0*,5G B7 <-1 F+.25 27 [1+,54*7T 25,7 91 27 +5,*1979 =594A7
87/*=-274 7 -/7 8-20*0-9 41-/*97G$ 145 7918>+ 91 1+5 0595+ 25+ 5045+ 47+65+
958*/7/01+ 91 27
0154A7 +5341 27+ 87+7+ 1+0>/ =41+1/01+ 1/ +- 1/:5<-1 91 27 87/147 8>+ ,4-97$ 585
41+-20795912721B912,5/076*581/07227+0-437++5/,5/0452797+=5425++1,0541+8>+
,4*8*/721+ 91 27 =5327,*./$ 7 7/74<-A7 1+ 12 41+-20795 /1,1+74*5 91 27 7,,*./ 91 27
8-20*0-9 B7 <-1 ?+07 *8=2*,7 12 41054/5 7 -/ 1+0795 91 /70-4721C7 1/ 12 ,-72 +.25
=41;721,1/ 25+ */+0*/05+ 7/*8721+$ +05 =41+-=5/1 I1/ 12 1/:5<-1 974O*/*+07I -/
41045,1+53*52.6*,51/0?48*/5+9125<-1P7,Q+5/B*35091/58*/745/12F81,7/*+8591
9*+52-,*./G$1272,5@52*+851+0>1+041,@781/017+5,*795,5/277,,*./91278-20*0-9
25+ 850*/1+ 61/147281/01 0148*/7/ 1/ 0595 0*=5 91 546A7+ 72,5@.2*,7+$%
*/ 1837465 12 1/:5<-1 91 7*/1 /5 +1 2*8*0. 7 91+07,74 27 /70-4721C7 *447,*5/72 912
,58=54078*1/05 91 27+ 87+7+$ 783*?/ ,5/+0*0-B. -/ */01/05 91 85+0474 <-? +1,0541+
91/045 912 ,-14=5 +5,*72 147/ 1+=1,*7281/01 =45=1/+5+ 7 9161/1474 1/ 8-20*0-91+$ 7
*8761/ 91 27 @*+054*7 :47/,1+7 <-1 /5+ =41+1/07 7*/1 1+ 27 91 -/7 91,791/,*7
=45641+*;741+-207/0191279*+52-,*./9127+*/+0*0-,*5/1+0479*,*5/721+<-15467/*C737/12
,-14=5 =52A0*,5$ 791,791/,*7 @73A7 ,581/C795 ,5/ 1273+52-0*+85 <-1 819*7/01 -/7
,1/0472*C7,*./ 91+=*79797 @73A7 91+04-*95 0595+ 25+ 5467/*+85+ */014819*5+ <-1
0479*,*5/7281/01 @73A7/ 1+04-,0-4795 27+ */+0*0-,*5/1+ +5,*721+ :47/,1+7+J 2-165 1+01
=45,1+5:-17,1214795=5412 2-8*/*+85,-B5+=27/1+-0.=*,5+9141,5/+04-,,*./+5,*72
@73A7/ 7B-9795 7 9*+18*/74 *917+ +-3;14+*;7+ <-1 +5,7;745/ 0597 /5,*./ 91 ,5/0452
+5,*72$ +A ,-7/95 ,581/C. 12 =45,1+5 41;52-,*5/74*5 /5 @-35 /797 <-1 =-9*147
,5/01/1425 91/045 91 2A8*01+ 47C5/7321+$ 2 014,14 1+0795 /5 =-95 @16185/*C74 12
=45,1+5B 12 2*9147C65 ,7B. 4>=*9781/01 1/ 87/5+912,-74051+0795 27 8-,@19-8341
91 27+ ,*-9791+ <-1 147 =747 7*/1 ,* ;14979145 7,054 912 =45,1+5 41;52-,*5/74*5$
1/045 91 1+07 91,791/,*7 61/1472 ,-72<-*14 64-=5 =59A7 9161/1474 1/ -/7 8-20*0-9$
7*/1 7/0*,*=7 25 <-1 +1 ,5/;140*4> 1/ 12 =41 D ;7/ *//1Q1/ 5=$ a*0$ =$ $
585 /5+ 41,-1497
$ 7445O+ R5=$ a*0$ =$ &S 25+ 1+0-9*5+ 91 15461 -9? 1/ @1
b5O98/0@141/,@1;52-0*5/RH:549H:549/*;14+*0B41++"S8-1+047/<-112
72,5@52*+85D-6.+.25-/45281/541/25+1;1/05+91734*2BD-2*591%&$
-=-1+05 */9*+,-0*95 91 25+ 01.4*,5+ 91 27+ 87+7+ ,5/,410781/01 <-1 27 47,*5/72*979
=1401/1,1 72 */9*;*9-5 B <-1 ?+01 =*1491 8-,@5+ 91 +-+ 704*3-05+ 47,*5/721+ ,-7/95
=740*,*=791-/78-20*0-9$
1,58=27,11/,58=747412,58=54078*1/059127+87+7+,5/
:5487+ */:14*541+ 91 ;*97 ,585 27+ =27/07+ 5 25+ 7/*8721+ 5 27+ :5487+ =4*8*0*;7+ 91
5467/*C7,*./+5,*72$&1/0459127+5,*1979,5/018=54>/1712=12*64591*/:1,,*./9127+
8-20*0-91+1+87B541/726-/5+64-=5+<-11/5045+2774*+05,47,*71+81/5+=45=1/+772
,5/076*5 81/072 <-1 27+ ,27+1+
B 27+ 8-D141+ B 25+ /*L5+ +5/ 8>+
=45=1/+5+<-125+@58341+$2;A/,-251/0418-D141+B,58=54078*1/059187+7+/51+
91@1,@5+.2527;*+*./1+=1,A:*,7917*/1+*/5<-114727;*+*./61/14729127?=5,7$
70154A7<-1:-/9781/07370721+1/:5<-1+147<-11/12,-4+591271;52-,*./3*52.6*,7
25+ @58341+ @73A7/ 91+744522795 +-+ ,7=7,*9791+ 81/0721+ 8>+ <-1 27+ 8-D141+ R25+
,4>/15+ 91 27+ 8-D141+ @73A7/ ,41,*95 81/5+ <-1 25+ 91 25+ @58341+ B +- =501/,*7
,1413472 0783*?/ 147 8-,@5 81/54S$ +05 27+ @7,A7 8>+ =45=1/+7+ 7 27 9181/,*7 B
81/5+ ,7=7,1+ 91 ,5/01/14 +-+=-2+*5/1+ */+0*/0*;7+$ -7/05 8>+ ,41,A7 1201854 7 27+
8-20*0-91+@7,*7:*/1+912+*625N N81/5+@727679547++1;52;*145/27+91+,4*=,*5/1+91
27+ 8-D141+$ F/ 8-,@7+ 5047+ 91+,4*=,*5/1+ 91 8-D141+ 1+,4*07+ 1/ 25+ /5;1/07 27+
`c
8-D141+1/,74/737/ 0595 7<-1225<-1 147781/7C79549164797/011 */:14*54$ 585 25+
*/+7/5+ 1227+ 65C737/ 91 27 ;*521/,*7J ,585 25+ /*L5+ 147/ 7,5+797+ */,1+7/0181/01
=5425+*/+0*/05+J,58525+3>43745++-7=10*05=5427+7/641B12+1H5147*/+7,*7321$G
/1+01=-/05 91 27746-81/07,*./91314A7 1+074 ,2745 <-112 9*+,-4+5 61/1472 +5341 12
,58=54078*1/05 91 27+ 87+7+ @73A7 2216795 7 91=1/914 07/05 912 047C795 91 -/7 ,2747
2A/17 9*;*+54*7 1/041 25 /54872 B 25 =7052.6*,5 <-1 79<-*4*. -/7 =5+*,*./ ,797 ;1C 8>+
7/,*2274 91/045 91 27 ,*1/,*7 8?9*,7 1+=1,*7281/01 R7-/<-1 /5 1H,2-+*;781/01S 1/ 27
=+*<-*704A7$P77=;7/*//1Q1/,-1/07<-127*32*501,77,*5/729174A+,5/0*1/1;74*5+
,*1/05+ 91 ;52E81/1+ 1+,4*05+ 1/ 1+7 ?=5,7 <-1 */01/07/ 12735474 1+7 4127,*./$
-+
0A0-25+ +5/ 41;1279541+
=54 1D18=25 -/5 =-32*,795 1/ &% +1 91/58*/7 1+ 5881+ 10 21+ ,01+ 91
2T /+-441,0*5/ 91 74*+ 91;7/0 27 +B,@5256*1543*91 V 5+ @58341+ B 25+ 7,05+ 91 27
*/+-441,,*./9174A+7=740*49127=+*,5256A78.43*97W$2,1/045911+079*+,-+*./<-1
047074185+1/27=4.H*87+1,,*./:-112913701+534112@*=/50*+851/47/,*7B27/5,*./
912 F,4*8*/72 /705G 127354797 =54 58345+5 B +- 1+,-127 1/ 072*7$

!

2 1=*,1/045 91 27 ,5/+*9147,*./ F,*1/0A:*,7G 91 27 =+*,5256A7 91 27+ 87+7+ :-1
=45=54,*5/795 =54 12 913701 +5341 27 @*=/5+*+ <-1 +1 1+0737 91+7445227/95 1/ 27
=+*<-*704A7:47/,1+71/27E20*879?,797912+*625N N1/04127+1+,-127+91
72=104*?41B
7/,B$
*/ 1837465 1+01 913701 0-;5 2-674 1/ 12 874,5 91 -/7 ,58=21D7 @*+054*7
*/0121,0-72 1/ 27 ,-72 @73A7 8-,@7+ 8>+ 5=,*5/1+ 9*+=5/*321+ =747 25+ 01.4*,5+ 912
,58=54078*1/0591 27+ 87+7+<-1 27+ <-1:*/7281/01 795=0745/$2 /58341 8*+85 <-1
12*6*145/ R8-20*0-9S B7 01/A7 ,5//507,*5/1+ =1B5470*;7+$ 585 7:*487/ =:1237-8 B
,-*41 -1+047+ =4*/,*=721+ :-1/01+ 91 */:5487,*./ +5341 25+ =4*8145+ 1+079*5+ 912
@*=/50*+851/47/,*7+5/58*/*<-1744-,7/9 *+05*41912T@B=/5+11/47/,174A+
41++1+ /*;14+*07*41+ 91 47/,1 % B 1/4* $ 221/314614 21 *+,5;1+B 5: 4*+,
/,5/+,*5-+@1 *+054B7/9;52-0*5/5:B/78*,+B,@*70B-1;754Q7+*,55Q+
T V0479$ 1+=$ 2 91+,-34*8*1/05 912 */,5/+,*1/01 794*9 4195+ %P$
5341
,4*8*/5256A7 *072*7/7 ;?7/+1 25+ 2*345+ 91
$ 7445O+ BP$ ;7/ *//1Q1/ ,*0795+ 7/01+$
5341 27 41,1=,*./ 91 27 4154A7 @*=/.0*,7 1/041 25+ 01.4*,5+ 91 27+ 87+7+ ;?7+1
4*Q7=:12@7-8 B 41654B $ ,-*41 F5912+ 5: +-661+4*;1 */:251/,1 7/9 0@1
9*+<-72*:*,70*5/ 5: 031 +5,*72 ,45O9G 1/ 742 $ 47-87// B
1461 5+,5;*,* R,5 8=+$S
@7/6C/6R$5/,1=0*5/+5: 45O9897/9135;*5-45=$94$$
/ 4172*979 27 /5,*./ 91 8-20*0-9 =741,A7 +14 1+1/,*7281/01 -/ 1-:18*+85 =747 12
,58=54078*1/05 ;*521/05 B91+04-,0*;5$ 1314A7 +1/7274+1<-1 1/ 1+7?=5,7 120?48*/5
8-20*0-9/-/,7147-0*2*C7951/25+,A4,-25++5,*72*+07+=-1+12+5,*72*+851+073781/5+
*/0141+795 1/ 12 ,5/076*5 91 27+ 87+7+ <-1 1/ 27 +52*974*979 912 ,521,0*;*+85 $$$W$ 7
+-+,4*=,*./ 7 1+07 ,5/,1=,*./ 91+04-,0*;7 912 ,58=54078*1/05 91 27+ 87+7+ <-19.
78=2*781/01 9185+04797 =54 12 8595 ,585 1+05+ 95+ 7-0541+ V7491 B 1 5/W
41,-44*145/ 7 -/ ;5,73-274*5 73*140781/01 ;725470*;5 72 91+,4*3*4 12 53D105 91 +-+
*/;1+0*67,*5/1+$54 -/ 2795 27+91+,4*=,*5/1+91 27 8-20*0-9 1;5,737/ 1H047L781/01 27
=52?8*,7 2*01470-47 7/0* 58-/7 91 27 9?,797 91 &% 145 72 8*+85 0*18=5 27
41:141/,*7727810>:5479127+-61+0*./@*=/.0*,791@1,@51/047L737-/791+,72*:*,7,*./
91 7<-1225+ *8=2*,795+ 1/ 7,,*5/1+ 91 87+7+ B7 <-1 1/ 1+05+ 0*18=5+ +1 @73A7
91+744522795 27 7+5,*7,*./ 91 27 +-61+0*./ @*=/.0*,7 ,5/ 27 =705256A7 =+*,52.6*,7$
``

* *37/ 7 7=1274 72 876/10*+85 1/ 12 1+0-9*5 912 ,58=54078*1/05 91 27+ 87+7+ 25+
=+*,.2565+ 91 87+7+ 01/A7/ 1+1/,*7281/01 041+ 5=,*5/1+$ " /7 147 27 0479*,*./
1+=*4*0-72*+07 91 1467++1 7447 B 4*++50 ,-B7+ F
5,*10*1+ 5: 7485/BG ,5/+0*0-B145/
,*1407:5487917/74<-*+85+18*8A+0*,5$ 7+5047+95+5=,*5/1+147/27+7=45H*87,*5/1+
41=41+1/0797+=54 @74,501/27
72=104*?41B=54 *?317-20B14/@1*81/7/,BB+5341
1+01913701/5+,5/,1/0474185+1+=1,*7281/01$747 @74,5025+:1/.81/5+@*=/.0*,5+
0*1/1/ -/7 37+1 1+04*,0781/01 :*+*52.6*,7$
7=5+0-4791271+,-12791 @74,50V$$$W1+0>3*1/1D18=2*:*,797=54+-7,1/051/;74*5+
:7,0541+ ,27;1+ 7 +7314 R7S <-1 27 @*=/5+*+ +.25 5,-44*4> 72 ,5*/,*9*4 +*8-20>/1781/01
,*1407+ ,5/9*,*5/1+ =+*,52.6*,7+J R3S <-1 12 +5/783-2*+85 @*=/.0*,5 +*6-1 -/7 4*6-45+7
1;52-,*./7047;?+91041+107=7+9*:141/01+R2107465,70721=+*7+5/783-2*+85SJR1S<-1
1+0> 4127,*5/795 *441;5,732181/01 ,5/ 27 /1-45=705256A7$ B R9S <-1 1H*+01 -/7 ,7-+7
546>/*,7 1+=1,A:*,7$ 7 4127,*./ ,5/ 25+ 91+.491/1+ =7052.6*,5+ :-1
,5/+*91479707/;*072=747271H*+01/,*79127@*=/5+*+<-1+1,41B.<-1+.25-/7/>2*+*+
10*52.6*,5147+-:*,*1/01=7479*+0*/6-*41/041-/1+0795@*=/.0*,5B27,5/9*,*./@*+0?4*,7$T
54 12 ,5/0474*5 27 =5+0-47 91 27 1+,-127 91 7/,B 147 8>+ =+*,52.6*,7J +1 /16737 7
7,1=074,-72<-*144127,*.//1,1+74*71/041=705256A7B+-61+0*./@*=/.0*,7B+5+01/A7<-1
0597 =14+5/7 1/ -/ 1+0795 /54872 =59A7 1H=14*81/074 1+07 E20*87$
@5473*1/1+,747,014A+0*,59125+;72541+<-1958*/737/27+121,,*5/1+01.4*,7+9125+
=+*,.2565+9187+7+<-19125+9*;14+5+85919,58=54078*1/05,521,0*;5<-101/A7/7
+- 9*+=5+*,*./12*6*147/ 27+,701654A7+ 9, 271+,-12791 @74,50<-1 +5/ =41,*+781/01
27+<-17,1/0E7/1/87B54819*97279*81/+*./=7052.6*,7$R 70148*/5256A7<-1-0*2*C7/
1+:41,-1/0181/01279114/@1*8I@7327/91+-61+0*./8>+<-191@*=/5+*+I=14512
874,5 ,5/,1=0-72 25 97 +*/ 9-97 12 859125 91 @*+014*7 91 @74,50$ 918>+ ,585 @7/
+1L727959*;14+5+7-0541+25+01.4*,5+9127+87+7+4747;1C+141:*141/729137011/041
27+ 9*+0*/07+ 1+,-127+ =+*<-*>04*,7+ B 0*1/91/ 7 =41+1/074 25+ @7227C65+ 91 1+07+ E20*87+
,585+*:-147/-/0595*/9*:141/,*795$S 5/1+075=147,*./+1,58=21073727*/+14,*./912
,58=54078*1/05 91 27+ 87+7+ 91/045 91 -/ 874,5 =7052.6*,5$
22A91+,7/+72791+,72*:*,7,*./9127+87+7+181461/01+1/27121,,*./912*31479791-/
859125 37+795 1/ 27 91+54*1/07,*./ =7052.6*,7$ 2 @1,@5 91 <-1 +1 =45,-4737 7=2*,74
1+01 859125 7 1;1/05+ @*+0.4*,5+ 0721+ ,585 27 58-/7 =-191 +14 1D18=2*:*,795 =54 27
9*:141/,*7,*./ <-1 @7,1 [:7491 91 27+ 7,0*;*9791+ 91 27+ 8-20*0-91+ 1/ 041+ 0*=5+ 91
047+054/5 +5,*72 25+ ,-721+ 41,549737/ 72 7-054 ,585 9*D*85+ 7 27 1=*21=+*7 9*+P7C797$
+05+ 047+054/5+ */,2-A7/ R7S 27 ,5/;-2+*./ +5,*72 B5 27 6-1447 ,*;*2J R3S 12 1/0-+*7+85
,585 +14 12 ,-205 27 /7,*./ B 27 412*6*./J B R1S 27 6-1447 1H014*54 ,5/047 /7,*5/1+$ 72
1/:5<-191+07,727121,,*./912*314797,5/+*9147/9527+91+,4*=,*5/1+9127+8-20*0-91+
9*+=5/*321+ 1/ 1+1 8581/05 7 @73A785+ 53+1*T;795 <-1 +*8-20>/1781/01 ,5/ 27
=+*,5256A7 91 27+ 87+7+ 1H*+0A7
73-/97/012*01470-47+5341+*/9*,72*+85B,58=54078*1/05,521,0*;5=5+*0*;5<-1=14,*3A7
727+87+7+91-/8595,5/+04-,0*;5=145,5/-/7;*+*./*9152.6*,7<-1/5,58=740A7/
7491 B 1 5/$T
2 ,*1/0*:*,*+85 91 :*/1+ 912 +*625 N N 795=0. -/ 859125 9*:141/01 1/ 072*7$ -/<-1 12
913701 :47/,?+ +5341 @*=/50*+85 /5 147 91+,5/5,*95 B =459-D5 726-/5+ 1:1,05+
*8=5407/01+ 27 87B54 */:2-1/,*7:-1 27912974O*/*+857 047;?+ 91 +-:-+*./ ,5/ 2701+*+
,4*8*/52.6*,7 91 1+741 58345+5 ,-B5 2*345 [585 12*/<-1/01 V2 @58341
912*/,-1/01W :-1 =-32*,795 1/ &%$ 58345+5 =45:1+54 91 =+*<-*704A7 ,2A/*,7 B
=5+014*5481/01917/045=5256A7,4*8*/721/-4A/,581/C.,5855:*,*728?9*,58*9*1/95
7 25+ 41,2-07+ 912 1D?4,*05 *072*7/5 ,5/ 12 :*/ 91 91+,-34*4 1/ 1225+ =5+*321+ 47+65+
,4*8*/721+ 70>;*,5+$ 1+=-?+ 91 05874 819*97+ :A+*,7+ I1+=1,*7281/01 ,47/17/7+I 7
-//E8145,5/+*914732191,4*8*/721+2216.727,5/,2-+*./91<-1-/7+14*19147+65+
:*+*,5+ 9*+0*/0*;5+ 147/ 1+0*687+ 91 ,4*8*/72*979 B <-1 147/ @1419*074*5+$ :*48737 27
`=
=5+*3*2*979 91 <-1
47+65+=14+5/721+=14D-9*,*721+ 0*1/91/7 417=741,14 =54 707;*+85 7+A ,585 27 /164-47
1/ 27+ 5;1D7+J B 1/ 12 6?/145 @-87/5 726-/7+ 91 27+ =1541+ 9*+=5+*,*5/1+ <-1
5,7+*5/7281/01 B +*/ /*/6-/7 ,7-+7 7=741/01 @7,1/ +- 7=74*,*./ 1/ ,*1407+ :78*2*7+
=-191/ 072 ;1C +14 707;*+85+ 91 -/ 1+0795 +72;7D1 912 ,-72 /5 +5/ 4185;*95+ =54
8-,@A+*87+ 61/147,*5/1+$ 1 @1,@5 1+07 ;*+*./ =741,1 41,5/5,14+1 1/ 27 1H=41+*./
,58E/ +16E/ 27 ,-72 726-*1/ 1+ 27 5;1D7 /1647 91 27 :78*2*7$
-1651H01/9*.+-+1+0-9*5+725+,4A81/1+9127+0-437+<-10-;*145/2-6749-47/0127+
76*07,*5/1+ =52A0*,7+ R1+=1,*7281/01 27 1;52-,*./ 47/,1+7S 1/ 25+ ,-721+ I,585 147
91 1+=1474I @7,1 41:141/,*7 77*/1 ,585 -/7 :-1/01 *8=5407/01$
,58*1/C5+ 91 27 9?,797 91 && 27 1+,-127 ,4*8*/52.6*,7 =5+*0*;*+07 */+=*4797 =54
58345+5 ,581/C. 27 =-32*,7,*./ 91 +- =45=*7
41;*+07124,@*;*59*+*,@*704*7/045=5256*7 4*8*/7211
,*1/C71/721+16-*972-165
=54 7
,-527 5+*0*;7 /12*7 *-4*+=4-91/C7 *;*21 1 1/71$ 2 0187 =4*/,*=72 91
9*+,-+*./14727,-1+0*./912741+=5/+73*2*979=1/729125+,4*8*/721+9127+8-20*0-91+$
,*=*5
*6@121-/8*18345D5;1/B91+07,79591271+,-1271+07321,*.1/+-*/:2-B1/01
2*345 7 52*7 12*/<-1/01 V 7 8-20*0-9 912*/,-1/01W 27 9*+0*/,*./ 1/041 25+ F,4*8*/721+
/705+G5467/*%795+1/054/57+1,07+9137/9*95+,-B7+850*;7,*5/1+,4*8*/721+0*1/1/
47A,1+ 7/045=52.6*,5\3*52.6*,7+ B 25+ F,4*8*/721+ 5,7+*5/721+G */9-,*95+ 7 27+ 7,,*5/1+
,4*8*/721+ =54 -/7 ;74*1979 91 :7,0541+ 783*1/0721+$ 1 7,-1495 ,5/
*6@121 25+
,4*8*/721+ /705+ 913A7/ +14 ,7+0*6795+ ,5/ 0595 12 4*654 91 27 21B 8*1/047+ <-1 25+
,4*8*/721+5,7+*5/721+913A7/41,*3*4+.25+1/01/,*7+419-,*97+7278*079$2,4*014*5=747
9*+,4*8*/74 1/041 25+ 95+ 913A7 +14 +* 25+ ,4*8*/721+ @73A7/ +*95 5 /5 ,5/;*,05+
=41;*781/01$ R 585 +1 @7 +1L72795 :41,-1/0181/01 1+01 ,4*014*5 1+ 7265 9-95+5 27
8*+87 =14+5/7 =594A7 @7314 ,5810*95 ;74*7+ 5:1/+7+ =54 47C5/1+ =-4781/01
,*4,-/+07/,*721+$S/61/1472
*6@121I<-11+07377207/05912913701:47/,?+I9*5-/7
1H=2*,7,*./72651,2?,0*,79127+:-1/01+912,58=54078*1/059127+87+7+$27+,7-+7+
,2>+*,7+ I,5/076*5 85472 *8*07,*./ +5,*72 B +-61+0*./ @*=/.0*,7I 76416. 01/91/,*7+
185,*5/721+ =4*8*0*;7+ B ,* :7,054 ,-7/0*070*;5 9795 =54 27 ,7/0*979 91 =14+5/7+ <-1
=740*,*=7/1/7,0*;*9791+918-20*0-91+$/4*,5144*81/05491
*6@121*91/0*:*,.=54+-
=7401 ,*/,5 0*=5+ 91 ,4*8*/721+ ,4*8*/721+ F/705+G */+7/5+ @73*0-721+ 5,7+*5/721+
=7+*5/721+$
*/18374657819*97<-1=45641+73712913701:-1,41,*1/952701/91/,*7
7,-1+0*5/74274127,*./1/04147+65+7/70.8*,5+B,4*8*/72*979=45=-1+07=54 58345+5B
?2 8*+85 1/ +-,1+*;7+ 19*,*5/1+ 91 [585 12*/<-1/01 01/9*. 7 7-81/074 27
*8=5407/,*7 91 25+ :7,0541+ 783*1/0721+ =54 +5341 7<-1225+ =-4781/01 3*52.6*,5+$ 2
4*814 5/641+5 /014/7,*5/72 91 /045=5256A7 4*8*/72 <-1 0-;5 2-674 1/ 587 1/
&&" :-1 12 1+,1/74*5 91 -/7 =4*8147 ,5/:45/07,*./ 1/041 ,4*8*/.2565+ *072*7/5+ B
:47/,1+1+ 1/ 27 <-1 25+ E20*85+ ,-1+0*5/745 =54 =4*8147 ;1C +* 859125 7/70.8*,5\
3*52.6*,59125+=4*8145+$21/:41/078*1/05:-17E/8>+=45:-/951/74A+1/&&1/
12
16-/95 5/641+5 /014/7,*5/72 ,-7/95 :-1 707,797 27 05072*979 91 27 1;*91/,*7
7/70.8*,79125+*072*7/5+$=740*491279?,79791&27+1H=2*,7,*5/1+3*52.6*,7+912
,58=54078*1/05 91 27+ 87+7+ 1/04745/ 1/ -/ ,2745 41045,1+5$ 7 1+,-127 =5+*0*;*+07
*072*7/787/0-;5,*1407+=5+*,*5/1+91=59141/ 072*71*/,2-+5530-;5726-/7+;*,054*7+
1/2741:5487912721B=1/727=4*/,*=*5+912=14A595:7+,*+07=1457/*;12*/014/7,*5/72+-
=5914 +1 913*2*0.$ +05 +1 913*. 1/ =7401 72 +-46*8*1/05 91 /-1;7+ 01/91/,*7+ 1/ 27
*/;1+0*67,*./ +5341 12 ,58=54078*1/05 91 27+ 87+7+ ,585 ,5/+1,-1/,*7 91 27
91+*/01647,*./ 912 859125 =7052.6*,5$
2 7,5/01,*8*1/05 91,*+*;5 91 1+07 91+*/01647,*./ 0-;5 2-674 1/ 12 =7A+ 95/91 @73A7
,581/C795 0597 27 0479*,*./ 91 27 =+*,5256A7 91 27+ 87+7+ 47/,*7$ -47/01 27 E20*87
9?,797 912 +*625 H*H 27 9*+,-+*./ 1/041 27+ ,544*1/01+ =+*<-*>04*,7+ 4*;721+ 91 @74,50 B
14/@1*8+141+52;*.91:*/*0*;781/0127;*,054*7,5441+=5/9*.7271+,-127917/,B$+05
`j
0-;5-/7+14*191,5/+1,-1/,*7+<-1+5/91647/*8=5407/,*7=747/-1+047*/;1+0*67,*./$
/=4*8142-67412,527=+5912859125:*+*52.6*,59*+52;*.1201441/5=7052.6*,51/12,-72
0479*,*5/7281/01 +1 @73A7 :-/9781/0795 27 =+*,5256A7 91 27+ 87+7+$ -721+<-*147 <-1
:-147/27+/5;19791+I*/,2-+525+=12*645+I<-1*8=2*,73727047/+*,*./7-/7+5,*1979
91 87+7+ 147 ,797 ;1C 8>+ ,2745 <-1 /5 =59A7/ +14 0470797+ 819*7/01 12 1/:5<-1
=7052.6*,5<-1@73A7958*/7951/270154A79127+87+7+1/+-+,58*1/C5+$ 7+5,*1979
91 87+7+ 41<-14A7 -/7 ,747,014*C7,*./ =5+*0*;7 /5 -/7 958*/797 =54 12 21/6-7D1 91 27
91+*/01647,*./ +5,*72$ 145@73A7 7265 8>+ 072 ;1C 91 87B54 *8=5407/,*7$ -721+<-*147
<-1 :-147/ +-+ 91:1,05+ 27 =+*,5256A7 91 27+ 87+7+ @73A7 05,795 726-/5+ 7+=1,05+ 91
,4-,*72*8=5407/,*71/27,5/+04-,,*./9127+*91/0*9791+=52A0*,7+B+5,*721+7+=1,05+<-1
/5+1@73A7/04707957=45=*79781/017/01+$ 74127,*./=727347+*8>61/1+12=41958*/*5
9125F1850*;5G=54+534125F47,*5/72G27+1/+7,*./9158/*=501/,*727+-61+0*3*2*979B27
*91/0*:*,7,*./ ,5/ 25+ 2A9141+ 10,?0147 ,5/+0*0-B1/ 47+65+ 41721+ 912 ,58=54078*1/05
,521,0*;52@1,@591,5/,1/0474+11/1225+:-127,5/04*3-,*./8>+54*6*I/7291270154A7
9127+87+7+727,58=41/+*./9127,054+5,*72B91277,,*./+5,*72$
*/1837465K=54
<-?25+=+*,.2565+9187+7+:*/7281/01:47,7+745/541+-2079*:*,*2@722742747C./=54+-
+1+65 *9152.6*,5 7/0*=5=-274J =54<-1 1/874,737/ +-+ 9*+,-4+5+ 91/045 91 9*,5058A7+
,4-97+ B 1+0?4*21+ I12 */9*;*9-5+ 27 87+7J 25 47,*5/7225 *447,*5/72J 25 /5487225
=7052.6*,5I5 53+07/01 37+07 ,5/ */0459-,*4 ,*1407 +5-=21++1 1/ 1+07+ 5=5+*,*5/1+
4A6*97+ ,5/ =148*0*4 <-1 ,797 -/5 91 1+05+ =525+ ,5/078*/1 =74,*7281/01 72 5045 =747
<-1+-4D7-/=7/54787,58=210781/019*:141/01B7<-11/1+1,7+512,58=54078*1/05
91 27+ 87+7+ 91+,4*=05 =54 25+ 01.4*,5+ 91 27+ 87+7+ /5 +14A7 -/ ,70>2565 91
731447,*5/1++5,*721++*/591=45,1+5+<-11/9*:141/01+64795+1+04-,0-47/,-72<-*14
0*=5 91 ;*97 +5,*5=52A0*,7$ 5 <-1 +1 /1,1+*0737 147 */016474 +-+ @7227C65+ 7 -/7 0154A7
625372 91 27 =52A0*,7 <-1 /5 25+ 41216747 7 25 731447/01 8746*/72 1 *447,*5/72$ 47
/1,1+74*5-/,783*5479*,7291=14+=1,0*;7=747@7,14=5+*3211+01*8=5407/01=45641+5$
+01 F-3*,./G :-1 ,4-C795 -/5+ 7L5+ 8>+ 07491 1/ *1/7 41-9 9*4> <-1 1/ 27
=+*,5=705256A71+0>12+1,41059127,58=41/+*./9127=+*,5256A7/54872$=747=45374
1+01=-/05/5,581/C.+-1+0-9*59127=+*,5256A79127+87+7+,5/27,7/7*22191+,4*=07
=54 7*/1 B 15/ +*/5 ,5/95+ 64-=5+ 720781/015467/*C795+12 1D?4,*05 B 27 621+*7$
*/18374657/01+91221674741-9913185+41:14*4/5+7726-/5+5045+7,5/01,*8*1/05+
<-1 1/ 726-/7 819*97 @*,*145/ =5+*321 12 91+,-34*8*1/05 :41-9*7/5$

2=45641+5@7,*7-/77=45H*87,*./8>+,58=21D7727=+*,5256A7+5,*72+*6-*.-/859125
,-B7+ =4*/,*=721+ ,747,014A+0*,7+ 91:*/*054*7+ 147/ R7S -/7 ,41,*1/01 9*:141/,*7,*./ 1/ 27
0*=5256A7 91 25+ 64-=5+J R3S 27 047/+:141/,*7 91 8-,@5+ 47+65+ 91 27+ 8-20*0-91+
=27/01795+=54 15/764-=5+8>+=1487/1/01+B274191:*/*,*./911+5+47+65+72+14
7=2*,795+ 7 1+07+ /-1;7+ 1/0*9791+ +5,*721+J R,S 27 047/+:141/,*7 72 64-=5 91 8-,@5+
47+65+ <-1 +1 @73A7/ ,5/+*914795 =1401/1,*1/01+ 1H,2-+*;781/01 72 */9*;*9-5 -/7
047/+:141/,*7 <-1 ,581/C. 7 9*2-*4 27 1+04*,07 5=5+*,*./ 64-=5*/9*;*9-5 <-1 @73A7
958*/795727=+*,5256A79164-=5+1/+-+,58*1/C5+$
*27+95+=4*8147+,747,014A+0*,7+
1+0>/ 7+5,*797+ =4*/,*=7281/01 7 27 */014;1/,*./ 01.4*,7 91 734*12 7491 27 014,147
=-191 1/,5/0474+1 1/ 12 04737D5 91 X*22*78 ,5-6722$
7 047B1,054*7 */0121,0-72 91 7491 1+ +*/058>0*,7 91 1+01 ,783*5 91 =14+=1,0*;7$T& 2
,58*1/C5+-,701654A7,1/047291F*8*07,*./G1+0>7E/0507281/01958*/797=5427/5,*./
91 F+-61+0*./G$
- 04737D5 1+ 3*+91 2T*8*070*5/V 7+ 21B1+ 91 27 *8*07,*./W=-32*,7951/
`
&1+07321,*.-/71+04*,077/7256A71/041*8*07,*./B+5/783-2*+85$24529122A914R12
1<-*;721/01 912 @*=/50*C7954S 1+ ,1/0472 1/ 27 910148*/7,*./ 91 27 =5+*3*2*979 91 27
*8*07,*./$
1047C7-/71+04*,079*+0*/,*./1/04127*/;1/,*./<-1*8=2*,727*/0459-,,*./91
/5;19791+ R-/ 452 <-1 ,5441+=5/91 72 2A914S B 27 *8*07,*./ <-1 1+ 12 8595 91
41=459-,,*./+5,*72<-1,5441+=5/9172787+7$ 7,5@1+*./+5,*721+41+-20795911+7+
21B1+91*8*07,*./<-15=147/1/;74*5+/*;121+=145+*18=41,5/+*+01/1/+-3549*/7425+
8581/05+ 47,*5/721+ B ,4170*;5+ 7 5045+ 8>+ 37D5+ B /5 ,4170*;5+$ 5+ 7+=1,05+
,56/*0*;5+9127+,411/,*7+R,45B7/,1+S=541D18=255,-=7/-/452+1,-/974*541+=1,05
9125+7:1,0*;5+R9?+*41+SB27=5+*3*2*97941729127*8*07,*./91=1/9191277,1/0-7,*./
9127+:-/,*5/1+81/0721+8>+37D7+71H=1/+7+9127+8>+121;797+$ 791+,4*=,*./912
,58=54078*1/059127+87+7+<-19774911/1+07107=791+-,74414741=*010595+25+
2-6741+ ,58-/1+ 91 25+ =4*8145+ 01.4*,5+ 91 87+7+ 27+ 8-20*0-91+ +5/ */,7=7,1+ 91
=1/+78*1/05 47,*5/72 R+*6-*1/95 7 1/4B 5-4/*72 27+ 91/58*/7 F,4*70-47+ 1+=*/721+GS
+5/ 7+*8*2797+ 7 25+ +72;7D1+ B 7 27+ 8-D141+ B ,-72<-*14 0*=5 91 41-/*./ ,521,0*;7 1+
+*+018>0*,781/01 916479797$
*/1837465B71/1+07107=7018=47/774911+07321,1-/7+14*1919*:141/,*7,*5/1+
<-1 7/0*,*=7/ +- =1/+78*1/05 =5+014*54$ ,5/0*/-7,*./ 7/72*C74185+ 95+ 04737D5+ 91
7491$/591+-=4*8147?=5,7F 1+:5-21+1021++1,01+,4*8*/1221+G<-1:-1=-32*,795
54*6*/7281/011/&#JB5045F 1=-@2*,1027:5-21G<-17=741,*.1/12;52-81/ T=*/*5/
10*75-21R 75=*/*./B278-20*0-9S91$T/7,58=747,*./1/0417835+/5+=148*01
=14,*3*4 27 /70-4721C7 ,797 ;1C 8>+ 870*C797 91 27+ 9*+0*/,*5/1+ <-1 */0459-,1 7491$
7491,58*1/C7+-=4*81404737D51+07321,*1/95-/79*+0*/,*./1/0419*;14+7+:5487+91
764-=7,*5/1+ @-87/7+ 91 7,-1495 ,5/12 64795 91 5467/*C7,*./ */014/7 <-172,7/C7/$
78*/7/01+ 1/ 27 8*+87 ,7221 =14+5/7+ <-1 5,-=7/ 12 8*+85 ;76./ 91 -/ 041/ 5
7<-1225+ <-1 +*21/,*5+781/01 ,58=7401/ 27 8*+87 81+7 1/ -/ 41+07-47/01 +5/ 64-=5+
+5,*721+ ;*40-721+ <-1 +.25 +1 ;-12;1/ 41721+ +* -/ 1;1/05 41=1/0*/5 25+ :-/91 1/ -/7
185,*./ E/*,7 R12 91+,744*278*1/05 912 041/ -/7 1H=25+*./ 91 9*/78*07 1/ 27 ,7221
10,?0147S$F/1+5+,7+5++-46112=4*81464795917+5,*7,*./<-191/58*/785+8-20*0-9$
047;?+91-/7+14*19164795+*/014819*5+-/5+1121;7917<-12,5/D-/05047/+*054*5B
7854:5 7 7<-1227 8-20*0-9 5467/*C797 D14>4<-*,7 9-479147 B 416-274 <-1 =594A785+
91/58*/74 ,54=547,*./ 1/ 12 +1/0*95 8>+78=2*5 912 0?48*/5$G */6-/591 1+05+95+
=525+1H04185+I8-20*0-9B,54=547,*./I,5/+*6-1=41;721,140507281/0171H=1/+7+912
5045$ +05 B7 7-81/07 /-1+047 +5+=1,@7 91 <-1 7491 1+0> 91+,4*3*1/95 /5 07/05
9*:141/01+ 0C5+ 91 5467/*C7,*./ +5,*72 +*/5 9*+0*/07+ 2.6*,7+ +5,*721+ <-1 1/ 9*;14+5+
64795+1+0>/+*18=41=41+1/01+1/271+04-,0-47,*./9125467/*+85+5,*72$553+07/01
1H*+01-/47+65,58E/,58=740*9507/05=5427+8-20*0-91+,585=5427+,54=547,*5/1+12
:-/9781/05 912 64-=5 25 34*/97 27 =41+1/,*7 91 -/ 2A914$ +A F0595+ 25+ 0*=5+ 91
7+5,*7,*5/1+41721+0*1/1/1+01,74>,014,58E/B=1487/1/0191+14=459-,*95+91+14
1/ 87B54 5 81/54 819*97 ,5/9-,*95+ =54 -/ D1:1 ;*+*321 5 1/,-3*1405J 8-B 7 81/-95
1/,-3*1405 1/ 12 ,7+5 91 27+ 8-20*0-91+ +*18=41 ,2745 B ;*+*321 1/ 12 ,7+5 91 27+
,54=547,*5/1+G$ +05 /5+ 97
H*+01-/7 /-1;7 19*,*5/ =-32*,797 41,*1/0181/01 =54 41++1+ /*;14+*07*41+91 47/,1
1/ ,*1405 ,4*014*5=7479*+0*/6-*4 1264795 1/ <-127 *917 958*/7/01<-1 -/*:*,7-/64-=5
=-191 *8=4*8*4+1 1/ 1+01 E20*85 F/5 =-191 7:*4874 <-1 ,-72<-*14:5487917+5,*7,*./
@-87/7=-1919*+0*/6-*4+1=542787/147,585-/=1/+78*1/05591+151/0418*21++1
,5/;*1401 1/ 12 958*/7/01 =54 27+ ,5/9*,*5/1+ 91 27 ,5/:2-1/,*7 91 =1/+78*1/05+ B
91+15+7=740*49125+,-721+,5/+*6-127;*,054*7B=542787B54581/54:7,*2*979<-1+1
5:41,1 72 =1/+78*1/05 B 91+15 958*/7/01G$ 2 64795 91 @16185/*C7,*./ 912 64-=5
819*7/01 27 *917 1+ ,274781/01 87B54 1/ 27 ,54=547,*./ <-1 1/ 27 8-20*0-9$
+A 8-20*0-9 B ,54=547,*./ ,5/+0*0-B1/ 25+ 95+ 1H04185+ 91 -/ ,5/0*/--8 <-1 798*01
9*;14+7+ ;74*7,*5/1+ B 764-=78*1/05+ 018=5474*5+$ 145 91 0597+ 87/147+ 25+ 1;1/05+
`á
9187+7++5/41+-2079591277,,*./,583*/7979127+8-20*0-91+B27+,54=547,*5/1+$
*/
27 =41+1/,*7 91 1+07+ E20*87+ 27+ =4*8147+ ,741,14A7/ 91 -/7 9*41,,*./ */012*61/01 B /5
+14A7/8>+<-11H=25+*5/1+910-437+$
*/+-=45=767,*./1/1;1/05+8-20*0-9*/74*5+25+
1:1,05+ +5,*721+ 91 27 ,54=547,*./ +14A7/ /1,1+74*781/01 2*8*0795+ R=*?/+1+1 1/ 25+
701/0795+7/74<-*+07+912+*625H*H<-1749104707,5/,*14059107221S$
*/1837465=747
/-1+045+ =45=.+*05+ 1+ *8=5407/01 91+07,74 25+ 81,7/*+85+ 819*7/01 25+ ,-721+ +1
=45=767 -/7 *917 <-1 +1 54*6*/7 1/ -/7 ,54=547,*./ R1/=727347+91 7491-/7 +1,07
,4*8*/72 5 /5S$ +07 =45=767,*./ 91=1/91 91 27 ,5/+0*0-,*./ =41;*7 91 -/ 01441/5
*9152.6*,5 =41=74795 =747 41,*3*427$ 5 <-1 1+1/,*7281/01 +1 41<-*141 1+ F-/7
=41=747,*./9127+7287+819*7/01,5/;14+7,*5/1+521,0-47+819*7/0127;*+*07:41,-1/01
7,2-31+5,7:?+<-121+@7*/,-2,7951/-/=4525/6795,5/076*59121/07*8*07,*./12
+1225 91 *917+ =41;*7+ 791,-797+ =747 41,*3*4 72 41,*?/ 2216795G$ /,2-+5 1/ 27 107=7
1834*5/74*7 91 27 =45=767,*./ 91 27 *917 1/ 27 7+5,*7,*./ 1/041 95+ =14+5/7+ 1+
/1,1+74*7 27 +-61+0*./ =747 ,5/+52*97427 -/5 91 25+ 95+ 8*18345+ 91 27 =741D7
R+-661+0A5//7*41S 795=07 12 452 7,0*;5 8*1/047+ <-1 12 5045 R+-61+0*5//1S 795=07 1
=7+*;5$ -7/95 27 =45=767,*./ 91 27 *917 +1 1H0*1/91 7
64-=5+8>+78=2*5+=-191/5,-44*495+:1/.81/5+53*1/27+-61+0*./1+-/:1/.81/5
41,A=45,5 1/041 0595+ 25+ 8*18345+ 912 64-=5 */,2-*95 12 2A914 5 3*1/ @7B -/7 7,,*./
-/*2701472 91 +-61+0*./ =54 =7401 91 1+01 E20*85$
<-A 0783*?/ 1+ /1,1+74*5 */0459-,*4 -/7 *8=5407/01 9*+0*/,*./
12 81,7/*+8591 +-61+0*./ =-191 41<-14*41/726-/5+ ,7+5+ 27 =41+1/,*7:A+*,791 27+
95+ =7401+ =145 0783*?/ =-191 5=1474 7 9*+07/,*7 7491 +1L727 <-1 1+07 E20*87
=5+*3*2*979 *8=2*,7 <-1 -/5 /5 91314A7 1H761474 27 7+*8*27,*./ 91 27 +-61+0*./ +5,*72 72
@*=/50*+85S$+07,5@1+*./64-=72=45;5,797=5427+-61+0*./79*+07/,*7221;7774917
1+07321,14-/7+14*1919*+0*/,*5/1+<-10*1/1/<-1;14,5/122*9147C6591264-=5$
16E/
?225+64-=5+=4*8*0*;5+41<-14A7/91+-+2A9141+F-/7;52-/079:?4417-/7;*+07912*/,1B
-/7 :-1401 ,411/,*7 -/7 *876*/7,*./ =59145+7 B -/ 546-225 +*/ 2A8*01+G$
*/ 1837465
1+05+47+65++5/9*+5,*795+-/7;1C<-112=45,1+591,*;*2*C7,*./0*1/917=4*;*216*741/
25<-1722*9147C6541+=1,0727+-=14*54*979*/0121,0-725*876*/70*;7=54+534127+:-14C7+
*/9*:141/,*797+$ +A 27 7,,*./ 91 87+7+ +1 ;-12;1 81/5+ ;*521/07 B 047-8>0*,7 B 8>+
,5/04527321 7,*;*2*C7,*./7:540-/79781/010*1/1121:1,05917-81/074,5/+07/0181/01
27+ 7,,*5/1+ 7 9*+07/,*7 +5341 5047+ =14+5/7+ 7 047;?+ 91 27 */,1+7/01 1H01/+*./ 912
,78=5 0144*054*72 B 912 /E8145 91 7<-?225+ 7 <-*1/1+ 9*4*6*4+1 ,585 41+-20795 91 27
9*:-+*./9122*345B912=14*.9*,5B?+01/5,5/+0*0-B112+14;*,*581/54<-1,-8=21,585
,58=1/+7,*./ =54 07/05+ 8721+
1 1+01 341;1 41+-81/ 91 F 1+ :5-21+ 10 21+ +1,01+ ,4*8*/1221+G +1 =-191/ +7,74 27+
+*6-*1/01+ ,5/,2-+*5/1+ RS 12 81,7/*+85 91 27 *8*07,*./ 0*1/91 7 ,4174 4127,*5/1+
1<-*;721/,*721+ 7 047;?+ 912 1+=1,045 +5,*72 05072J RS 25 <-1 1H=2*,7 27 *8*07,*./ 1+ -/7
=419*+=5+*,*./ @-87/7 <-1 9131 +14 1/01/9*97 1/ 0?48*/5+ 91 +-61+0*3*2*9712J R#S +*/
1837465 1+07 +-61+0*3*2*979 9131 @72274+1 /5 +.25 91/045 91 -/ ,5/D-/05 2*8*0795 91
:1/.81/5+ +5,*721+ I12 ,58=54078*1/05 91 27+ 87+7+I +*/5 <-1 5=147 1/ 0597+ 27+
*/+0*0-,*5/1+ @-87/7+ R,5/,13*97+ 1/ +1/0*95 78=2*5 ,585 ,54=547,*5/1+SJ RS 27
,*;*2* 7,*./ 0471 7=741D797 -/7 ,41,*1/01 9*:141/,*7,*./ +5,*72 <-1 41+-207 1/ 12 452
78=2*795<-1D-167277,,*./79*+07/,*7$+05/5859*:*,727,1/0472*9799127+-61+0*./
/* 27 1+04-,0-47 3>+*,7 91 27 9A797 2A9141+] 2*914795+ =145 ;-12;1 8>+ ,58=21D5+ 25+
8595+ ,585 7835+ 5=147/$ 5+ 1+0785+ 721D7/95 ,274781/01 91 27 +*8=2*,*979 912
9-72*+85 91 1 5/$
7 ,5/,1=,*./ 91 27 *8*07,*./ 91 7491 ,783*7 @7,*7 27 9?,797 91 & 1 27+ 95+
:5487+91+-61+0*./<-191+,4*3*85+I27+-61+0*./8-0-71/0410595+25+8*18345+912
64-=5*/,2-*95122A914B27+-61+0*./-/*27014729125+8*18345+91264-=5=54122A914I
27=4*81471+27<-1,5347-/7,41,*1/01,1/0472*979$ 585@185+;*+051+07,1/0472*979
`ï
1+ 41+-20795 91 25 <-1 7491 =14,*31 ,585 27 2A/17 958*/7/01 1/ 12 91+7445225 91 27
,*;*2*%7,*./<-1,5/+0*0-B112=45641+5@7,*7-/0*=5915467/*C7,*./+5,*721/27,-7227
7,,*./79*+07/,*74118=27C725+,5/07,05+:A+*,5+9*41,05+$ 585+1L7277/*//1Q1/
12 =41:*D5 F*/014\G 1+ -0*2*C795 8-B 7 81/-95 =54 7491
F*/0141+=*4*0-72*/01481/072*/014=+*,52.6*,5G$241+-207951+<-127*8*07,*./1+,5/,13*97
,797 ;1C 81/5+ 1/ 0?48*/5+ 91 +-61+0*./$
M2 ,5/+*914. <-1 7+A ,585 27 */:2-1/,*7 +5,*72 1/ 64-=5+ 41-/*95+ =-191 3*1/ +14
,5/,13*97 1/ 0?48*/5+ 91 +-61+0*./ 27 */:2-1/,*7 +5,*72 1/ 64-=5+ 9*+=14+5+ +1
,58=41/9181D54,585-/7:548791*/0147,,*./$2+16-*4,783*7/951*:5,57491+1
91+@*C5 91 25+ 7/0*6-5+ =7479*687+ 91
16-*85+ 7<-A 27 91+,4*=,*./ 91 1+05+ ,783*5+ 91 P$ ;7/ *//,Q,/ 5=$ ,*0$ ==$
%\$72127=1/791+07,74<-127+41:141/,*7+9141-9727491+5/7265*/D-+07+B7
<-1/50587/1/,-1/071+071;52-,*./$41-97:*4871/+*,5256A79127+87+7CF7491
91/5*/*/7[*8*07,*./TV727+-61+0*./=145/5=59185+91D74911+074917,-1495,5/-/
1+,4*054<-1=4501+071/12+1/0*9591<-127*8*07,*./,7137D512,5/,1=0591+-61+0*./B
1+91@1,@5-/591+-+41+-20795+R34-61*221+#SGR41-9
07/97499*0*5/;52$H;***
=$ &&S$ +05 +*/ 9-97 1+ ;14979 1/ 12 ,7+5 91 1+ 3*+ 91 2T*8C070A5/ 72 ,-72 41-9 +1
41:*141=1458-,@581/5+1/25+04737D5+=5+014*541+917491=-32*,795+8-,@57/01+
9128581/051/<-141-91+,4*3*.+-2*34527=+*,5256A79127+87+7+B=-95+5341=7+74
B 047+,1/914 27 7=45H*87,*./ 2*8*0797 91 1 5/$T
+07 /-1;7 =14+=1,0*;7 =-191 ;14+1 ,274781/01 1/ 12 04737D5 91 7491 91 && F 1
=-32*,1027:5-21G$2,5/047+011/04127+8-20*0-91+B25+=E32*,5+1+1H=41+79591+9112
=4*/,*=*5 F 7 =+*,5256A7 91 27+ 87+7+ @7 +*95 1+07321,*97J 7@547 9131 1+07321,14+1 27
=+*,5256A7 91 25+ =E32*,5+ ,5/,13*97 1/ 1+01 /-1;5 +1/0*95 ,585 -/7 ,521,0*;*979
=-4781/01 1+=*4*0-72 ,585 -/7 9*+18*/7,*./ 91 */9*;*9-5+ :A+*,781/01 +1=74795+ ,-B7
,5@1+*./ 1+ ,58=210781/01 81/072G$ 2 =E32*,5 1/ 1+01 +1/0*95 147 91+,5/5,*95 1/ 27
/0*6Z1979B1/2797919*7B27=41,5/9*,*./=747+-+-46*8*1/05:-127*/;1/,*./91
27 *8=41/07 1/ 12 +*625 H;$ +01 =E32*,5 91 21,0541+ +*/ 1837465 147 2*8*0795 B +.25
,581/C.-/=45,1+59161/1472*C7,*./B:47681/07,*./1/12+*625N =45,1+5<-1+1
=45:-/9*C74A7 B ,5/+52*974A7 ,5/ 12 79;1/*8*1/05 912 =14*59*+85 =52A0*,5 9-47/01 27
1;52-,*./ 47/,1+7$ 5 53+07/01 1/ 1+1 8581/05 12 =E32*,5 41;52-,*5/74*5 147
=4*/,*=7281/01=74*+*/5J:-1/1,1+74*51+=1474@7+0712 +*625 HH72 91+744522591 819*5+
;125,1+ 91 047/+=5401 B ,58-/*,7,*./ =747 ;14 12 +-46*8*1/05 91 ;14979145+ =E32*,5+
/7,*5/721+1*/,2-+5*/014/7,*5/721+$
16E/7491278-20*0-9<-1D-/05,5/27:78*2*7
1+128>+7/0*6-59125+64-=5++5,*721+I=1401/1,172=7+795J1+1/12=E32*,595/91
9131 @72274+1 12 :-0-45 91 /-1+047+ +5,*19791+$
+A+1@7:548795819*7/01277,,*./,5/D-/0791041+*/;1/05+<-1*/0147,0-745/1/041
+A27*8=41/0712:1445,744*212012?647:512:548*97321=59149127=41/+71+01=459*6*5+5
012?:5/5 <-1 @7 78=2*795 */,41A321\ 81/01 27 7/0*6-7 7-9*1/,*7 91 5479541+ B
=419*,79541+$ 54 1225 /5 =-195 ,5/,54974 ,5/ -/ ;*6545+5 1+,4*054 12 4$ 1 5/ ,5/
<-1/-1+047147+1727F1479127+8-20*0-91+G$+27147912=E32*,5525+=E32*,5+<-11+
7265 8-B 9*:141/01$ 7+ 9*:141/,*7+ 1+04-,0-4721+ 1/041 =E32*,5+ B 8-20*0-91+ 1+0>/
,274781/01910148*/797+=547491$/5=-191=1401/1,1478-,@5+=E32*,5+=145+.25
7-/78-20*0-9$ 7,5/+1,-1/,*7911+07=2-472*9791+<-11+5+=E32*,5+41=41+1/07/F-/
=45641+5 1/ 27 052147/,*7 +* /5 1/ 12 1+,1=0*,*+85G$ 7-/<-1 25+ 85;*8*1/05+ 91
41045,1+5 91 -/ =E32*,5 7 -/7 8-20*0-9 =-191/ +14 8-B =12*645+5+ +5/ 37+07/01
1H,1=,*5/721+ B a[+*/ 1H78*/74 +* 27+ 8-20*0-91+ /7,*97+ 91-/ =E32*,5 +5/ 7265 81/5+
34-0721+ <-1 7<-1227+ =41;*7+ 7 0595 =E32*,5 41+-207 1;*91/01 <-1 27 5=5+*,*./ 91 95+
=E32*,5+ +*18=41 =41=74795+ =747 -/*4+1 047+=7+7/95 +-+ :45/0147+ /5 41+-1207+
41=41+1/07-/=12*6458-,@581/54=74727=7C+5,*72<-1121/,-1/0459195+8-20*0-91+
1/:41/0797+G$ 5+ =E32*,5+ 1+0>/ 81/5+ +-D105+ 7 27 */:2-1/,*7 91 :7,0541+ /70-4721+
`º
,585 0783*?/ 91 :7,0541+ 47,*721+$#c 7 */:2-1/,*7 <-1 1D14,1 12 =-32*,*+07 +5341 +-
=E32*,57-/<-11+81/5+*/01/+7<-127<-11D14,1122A9141/-/8581/05910148*/795
+5341 +- 8-20*0-9 1/ 12 27465 =27C5 1+ 8>+ =45:-/97 B =14+*+01/01$ 7 1H=41+*./ B
,4*+072*C7 1/ *8>61/1+-/1+0795 9*:-+5 91 25+ +1/0*8*1/05+ <-1/5@73A7 @7227957/01+
/*/6-/7 :5487 91 41=41+1/07,*./ 9*+,-4+*;7$
V2747<-195-7494-885/991+=144747127/0*+18*0*+85:-1/1,1+74*5<-1+-*/01/05
85;*2*C7954+1,5441+=5/9*147,5/,*14051+07959121+=A4*0-9*+18*/7951/27=5327,*./
=145,585/5+172C./*/6-/7;5C<-19*1471/?46*,781/01-/71H=41+*./,58E/71+1
1+0795 912 1+=A4*0- =1487/1,*. 1/ 12 =27/5 =-4781/01 */9*;*9-72 =5,5 */01/+5 7E/
81/5+,5/076*5+5*/,5/+,*1/0191+A8*+85$
?91416*5/1+9147/,*71/27+,-721+27
61/01/-/,7@7;*+05-/D-9A525<-1/51;*07<-17:2541127/0*+18*0*+85=54<-1@7/21A95
=14*.9*,5+ 7/0*+18*07+$
2 +-46*8*1/05 91 25+ =E32*,5+ /5 +.25 764167 -/7 /-1;7 1/0*979 +5,*72 7 27+ B7
1H*+01/01++*/5<-1859*:*,7272.6*,7+5,*72<-1958*/.27+4127,*5/1+1/041?+07+$595+
*5+ 64-=5+ =4*874*5+ I412*6*5+5+ 1,5/.8*,5+ 1+0?0*,5+ =52A0*,5+ 10,?0147I <-*141/
01/14 +- =45=*7 =41/+7 B ,5/+0*0-*4 +- =45=*5 =E32*,5$ 145 72 @7,14 1+05 859*:*,7/
=45:-/9781/01+-=45=*7*91/0*979B+-+4127,*5/1+,5/5045+64-=5+$7401/9127=-47
1H=41+*./ 91 */0141+1+ =45:1+*5/721+ B 2-165 0*1/91/ 7 ,5/;140*4+1 1/ 27 1H=41+*./ 91
9*;*+*5/1+ ,5/,13*97+ 1/ 0?48*/5+917+=*47,*5/1+ *91721+ +1/0*8*1/05+ *917+ 01.4*,7+$
F 5+*/0141+1+/5+5/1H=41+795+=54V27=41/+7W91504787/147<-1-/*95+5+-32*8795+
1/ 0154A7+ B =7+*5/1+J 25+ 1+=*4*0-72*C7 1 *9172*C7$G 1 27 8*+87 87/147 25+ =740*95+
=52A0*,5+91D7/91+1425+=-/05+9141:141/,*71+07321+912=7+795B1/07/05+1;-12;1/
=E32*,5++5/7047;1+795+=54-/7;74*197991*/:2-1/,*7+*9152.6*,7+<-1,5/9-,1/7+-
9*;*
*./B41764-=78*1/051/,-1+0*./917L5+$
1;1,274781/0127*8=2*,7,*./=4*/,*=72
,1/0472=747/-1+0457/>2*+*+912=5=-2*+85<-104717=741D7971+07047/+:5487,*./9125+
64-=5++5,*721+8*1/047+<-127+8-20*0-91+147/=41+1/0797+=5425+01.4*,5+9187+7+
7/014*541+ ,585 01/9*1/01+ 7 27 9*+52-,*./ 91 27+ 9*:141/,*7,*5/1+ =45=*7+ 91 27
5467/*C7,*./ 47,*5/72 91 27 +5,*1979 B 7 27 73+54,*./ 912 */9*;*9-5 =54 -/7 87+7
*/9*:141/,*7971+072.6*,791@58561/1*C7,*./5=147917,-1495,5/7491/5+.251/
1,7+5 91 27+ 8-20*0-91+ +*/5 0783*?/ 1/ 12 91 25+ =E32*,5+$
=1+74910597+27+9*:141/,*7+<-1@185++1L72795278-20*0-9B12=E32*,51+05+95+
1H04185+ 91 27 1;52-,*./ +5,*72 0*1/1/ 1/ ,58E/ 12 @1,@5 91 <-1 12 ;A/,-25 1/041 25+
9*:141/01+*/9*;*9-5+<-125+*/01647//5,5/+*+011/7485/*C745+7047;?+91+-+=45=*7+
9*;14+*9791+7047;?+911+=1,*72*9791+<-1+5/8-0-781/01E0*21++*/51/41:21D7425+7
1225+8*+85+1/041+A-/*?/9525+7047;?+91+-+*8*2*0-9*//707579<-*4*971/-/7+*8=21
B=59145+7-/*979IJ=145,5/,->/078>+:-14C71/12=E32*,5<-11/278-20*0-9]I1/
-/7 ,58-/*./ 91 *917+ B=7+*5/1+ <-1 7918>+ /5 */014:*141 ,5/12 2*341 D-165 91 +-+
9*:141/,*7+*/9*;*9-721+$5B758*0*40597279*+,-+*./917491+534125+9*;14+5+0*=5+
91 8-20*0-9 B +-+ 47+65+ ,58=747321+ 1/ ,* ,7+5 91 25+ =E32*,5+ B7 <-1
I7 =1+74 91 +- *8=5407/,*7I /5+ 7=74074A7 8-,@5 91 /-1+045=45=.+*05 =4*/,*=72$ 5+
41:14*4185+ 07/ +.25 7 -/7 E20*87 9*+0*/,*./ <-1 */0459-,1 7491 <-1 41;*+01 647/
4121;7/,*7 =747 /5+5045+ 27 9*:141/,*7 1/041 8-20*0-91+ 91 7854 B 8-20*0-91+ 91 59*5$
<-A /-1;781/01 9131 91+07,74+1 27 9*:141/,*7,*./ 1/041 8-20*0-91+ B =E32*,5+
F 5<-19187/97/27+8-20*0-91+:-4*5+7+1+-/758>+,731C7+$ 77,0*;*979912=E32*,5
+*/ 1837465 1+ 81/5+ +*8=2*+07 B7 <-1 +1 54*1/07 07/ :>,*281/01 @7,*7 -/ *9172 91
41:5487+ 5 -05=A7+ ,585 @7,*7 *917+ 91 5+047,*+85 =14+1,-,*./ B 1H=52*7,*./G$ 145
*/,2-+51/ 12 ,7+591 25+ =E32*,5+ 1259*5 D-167 -/ 452 ,1/0472 F1+,-34*4 5 */;1/074 -/
/-1;5 B 647/ 53D105 91 59*5 =747 12 =E32*,5 7E/ ,5/+0*0-B1 12 819*5 8>+ +16-45 91
,5/;140*4+11/-/59125+41B1+912=14*59*+85G$#
*/183746527,5/,2-+*./917491
/5 1+ 0507281/01 =1+*8*+07$ 7+ ;1/07D7+ 91 25+ =E32*,5+ 9131/ @72274+1 /5 +.25 1/ 12
4118=27C5 91 27 ,5+0-8341 =54 27 8597 91 27 0479*,*./ =54 27 *//5;7,*./J F0783*?/
`ë
4118=27C7/ 27 ,2747 B =14+*+01/01 9*;*+*./ 1/041 27+ 8-,@7+ ;74*19791+ 91 7+5,*7,*./
@-87/7 ,5/ +-+ ,5/:2*,05+ */0148*/7321+ =54 -/7 +1681/07,*./ */,58=2107 B ;74*7321
,-B5+2A8*01++191+9*3-D7/1/-/=45,1+591=14=10-741/5;7,*./B=1/1047,*./8-0-7G$
*1/047+<-125+=4*8145+01.4*,5+9187+7+5=5/A7/27;*9781/0729127+8-20*0-91+727
912 */9*;*9-5X*22*78 ,5-6722 ;7 7 */0459-,*4 27 9*+0*/,*./ 1/041 27 8-20*0-9 B1 64-=5
720781/01 5467/*C795
27=4*8147916479725+25645+9125+*/9*;*9-5+J12E20*8525+4172C7$ 58553+14;.41-9
27 91+,4*=,*./ <-1 97 ,5-6722 91 27 8-20*0-9 1+ 07/ =5,5 @7276Z1L7 ,585 27 <-1
=59185+ @72274 1/ 25+ 04737D5+ 91 01.4*,5+ 91 87+7+ 912 1+0*25 91 1 5/$ ,1/0E7 27
9*81/+*./91@58561/1*979<-1=-191@72274+11/,-72<-*148-20*0-9<-1+178>+<-1
-/7 8147 41-/*./ :540-*07
131@73141/05/,1+,*14056479591+181D7/C79127,5/+0*0-,*./81/072912*/014?+B
912 +1/0*8*1/05 1/041 27+ =14+5/7+ <-1 :5487/ -/7 8-20*0-9 ,*1405 64795 91
@58561/1*97981/07291264-=5$,-7/0587B541+1+016479591@58561/1*97981/072
91 ,-72<-*14 64-=5 91 @58341+ 8>+ 4>=*9781/01 :5487/ -/7 87+7 =+*,52.6*,7 B 8>+
227870*;7+ 1 */01/+7+ +5/ 27+ 87/*:1+07,*5/1+ 91 +- ;*97 ,521,0*;7$#
7 :5487,*./ 91 -/7 8-20*0-9 41<-*141 27 1H7207,*./ 1 */01/+*:*,7,*./ 91 27+ 185,*5/1+$
,5-6722+1L727,5850A=*,5911227+12=>/*,5<-11H=14*81/07-/64-=591*/9*;*9-5+
,-7/95+11/:41/077-/=12*645*/8*/1/01$,5-67221H=2*,71+07;125C=45=767,*./91
-/78*+87185,*./1/-/78-20*0-9,58541+-207959125<-1?291/58*/7F12=4*/,*=*591
27 */9-,,*./ 9*41,07 91 27 185,*./G F2 =4*/,*=*5 91 27 */9-,,*./ 9*41,07 91 27 185,*./
819*7/01 27 =4*8*0*;7 41+=-1+07 +52*974*7 /5+ =148*01 ,58=41/914 12 @1,@5 91 <-1 -/7
,5/,-441/,*7 91 =14+5/7+ R5 7/*8721+S =-191 4>=*9781/01 ,5/;140*4+1 1/ -/7 8-20*0-9
=41+7912=>/*,5=54726E/53D105781/7C7/01<-11+=14,1=0*321+.25=54-/5+=5,5+91
25+ */9*;*9-5+ =41+1/01+G$# 1 27 8*+87 87/147 -/5+ =5,5+ */9*;*9-5+ 7-97,1+ <-1
5,-=1/ =5+*,*5/1+ *8=5407/01+ 1/ -/7 8-20*0-9 =-191/ 9101/14 12 =>/*,5$
2 8*+85 =4*/,*=*5 91 27 */9-,,*./ 9*41,07 1H=2*,7 27 9*:-+*./ 91 5047+ 185,*5/1+ B 1+05
50546770595+7<-1225+<-127+,58=7401/-/7+1/+7,*./91=5914*/81/+51*441+*+0*321$
+05 +1 4127,*5/7 ,5/ 95+ =740*,-274*9791+ 91 27 81/01 91 27+ 8-20*0-91+
/=4*8142-67412*/9*;*9-572,5/;140*4+,1/=740191-/78-20*0-9=*1491,*140564795
91 +- 7-05,5/,*1/,*7 27 ,5/,*1/,*7 91 +A 8*+85 ,585 =14+5/72*979 9*+0*/07 B ,5/ 1225
0783*?/726591+-,5/,*1/,*791+-+4127,*5/1+1+=1,A:*,781/01=14+5/721+J@7+07,*1405
=-/05+1;-12;191+=14+5/72*C795$/+16-/952-6741A/0*8781/014127,*5/795,5/1+01
E20*85,783*5@7B-/79*+8*/-,*./912+1/0*959141+=5/+73*2*979=14+5/7212*/9*;*9-5
+1 +*1/01 1/;-1205 1,2*=+795 B 7447+04795 =54 :-14C7+ <-1 /5 =-191 ,5/045274$ #&
7+ 8-20*0-91+ 0*1/1/ 12 1:1,05 91 9*+8*/-*4 27 */012*61/,*7 =45819*5 91 +-+ 8*18345+
,585 41+-20795 91 27+ 81/01+ */:14*541+ <-1 1+07321,1/ 12 /*;12 72 ,-72 0595+ 9131/
+581014+1 B 0783*?/ 91 27 87B54 +-61+0*3*2*979 91 25+ 8*18345+ 91 27 8-20*0-9$ 2
41+-20795 1+ -/7 91+,4*=,*./ <-1 B7 /5+ 41+-207 :78*2*74
59185+41+-8*412,74>,014=+*,52.6*,591278-20*0-9+*8=21591+5467/*C7977:*487/95
<-1 1+ 1H,1+*;781/01 185,*5/72 *8=-2+*;7 ;*521/07 */,5/+07/01 */,5/+*+01/01
*441+52-07 B 1H04187 1/ 27 7,,*./91+=2167/95 +.25 27+ 185,*5/1+ 8>+ 549*/74*7+ B 25+
+1/0*8*1/05+ 81/5+ 41:*/795+J 1H041879781/01 +-61+0*5/7321 91+,-*9797 1/ 27
41:21H*./ =41,*=*0797 1/ 25+ D-*,*5+ */,7=7C 91 5047 ,5+7 <-1 27+ :5487+ +*8=21+ 1
*8=14:1,07+9147C5/78*1/05J:>,*281/01*/:2-*97B,5/9-,*97,741/01917-05,5/,*1/,*7
91+=45;*+07 91 7854 =45=*5 B 91 +1/0*95 91 41+=5/+73*2*979 B 7=07 =747 +14 7447+04797
=54 27 ,5/,*1/,*7 91 +- =45=*7 :-14C7 91 87/147 <-1 0*1/91 7 =459-,*4 0597+ 27+
87/*:1+07,*5/1+ <-1 @185+ 7=41/9*95 7 1+=1474 91 ,-72<-*14 =5914 *441+=5/+7321 B
73+52-05$
*/ 1837465 ,-7/95 =7+785+ 7 -/ 64-=5 8>+ 5467/*C795 27 +*0-7,*./ 1+
,58=210781/019*:141/01$FH*+01V$$$P-/7,5/9*,*./<-1=-191121;7412,58=54078*1/05
91 -/7 8-20*0-9 018=5474*7 B 91+5467/*C797 7 -/ =27/5 8>+ 121;795 7 +7314 27
=
=41+1/,*7 1/ 27+ 81/01+ 91 0595+ +-+ 8*18345+ 91 -/ =45=.+*05 ,58E/ ,274781/01
91:*/*95$G /01+ 91 91+,4*3*4 25+ 47+65+ 1+04-,0-47281/01 91:*/*054*5+ 91 072 =45=.+*05
,58E/ 81/,*5/74185+ 341;181/01 ,->21+ +5/ 27+ ,*/,5 =41,5/9*,*5/1+ <-1 ,5/+*9147
,5-6722 =747 121;74 27 ,5/,*1/,*7
91264-=5=541/,*87912/*;1291278-20*0-991+5467/*C797$T 7=4*8147911227+1+<-1
1264-=5913101/14726E/0*=591,5/0*/-*979018=5472$ 7+16-/97<-125+8*18345+912
64-=5 91314A7/ @7314+1 F:548795 726-/7 *917 791,-797 912 64-=5 91 +- /70-4721C7
,58=5+*,*./:-/,*5/1+B,7=7,*9791+B9127+4127,*5/1+9125+*/9*;*9-5+,5/1264-=5G$
7014,147I7-/<-1/51+1/,*72I1+<-17047;?+9127*/0147,,*./,5/5045+64-=5+25+
8*18345+ @7B7/ 127354795 726-/7 ;*+*./ ,58=7470*;7 912 64-=5 72 ,-72 =1401/1,1/$ 7
,-7407F271H*+01/,*791-/,-14=5910479*,*5/1+,5+0-8341+B@>3*05+1/27+81/01+91
25+ 8*18345+91264-=5<-1910148*/7/ +-+ 4127,*5/1+ 1/041 +A B ,5/ 1264-=5 ,585 -/
0595G$ 7 <-*/07 B E20*87 27 1H*+01/,*7 91 -/7 9*:141/,*7,*./ */014/7 - 5467/*C7,*./ 91
64-=5 <-1 =-191 5 3*1/ 91+,7/+74 1/ 27+ 0479*,*5/1+ 5 ,5+0-8341+ 910722797+ 1/ 27
,5/9*,*./ ,-7045 5 3*1/ +14 *8=-1+07 +5341 12 64-=5 =54 -/ =5914 1H014/5$
,5-672297,5851D18=2591-/64-=53*1/5467/*C795,*1D?4,*05D7=5/?+1/276-1447
4-+5\D7=5/1+7$ +01 0*=5 91 64-=5 ,583*/7 -/7 9*:141/,*7,*./ :-/,*5/72 =54 27 ,-72 12
*/9*;*9-5 +1 =14,*31 7 +A 8*+85 ,585 =7401 91 -/ 0595 B 7+*6/7 27 ,7=7,*979 91
912*3147,*./B121,,*./725+8*18345+8>+,7=7,1+91264-=5R1/12,7+59121D?4,*0572
,587/97/011/D1:1S$+07,583*/7,*./9125+81D541+704*3-05+91277,,*./,521,0*;7,5/
27912*3147,*./B91,*+*./*/9*;*9-72121;725+1+0>/9741+*/0121,0-721+B854721+91264-=5
5467/*C795 8-B =54 1/,*87 91 25+ 91 +-+ 8*18345+ */9*;*9-721+$ 2 =7+7D1 ,27;1 1+ 12
+*6-*1/01 1+01 1+ 12 ,74>,014 1+1/,*72 91 27 5467/*C7,*./ 1:1,0*;7 91 ,-72<-*14 64-=5
@-87/5J7+16-47<-18*1/047+12:*/,58E/91277,,*./,521,0*;71+91+1795=540595+
27121,,*./9125+819*5+<-1971/87/5+9125+81D54,72*:*,795+B1/2781D54=5+*,*./
=747 27 912*3147,*./ B 27 121,,*./J B 7+16-47 <-1 27 ,5549*/7,*./ 91 27+ 7,,*5/1+
;52-/074*7+ 91 27+ =7401+ 72,7/,1 12 :*/ ,58E/ =54 25+ 819*5+ 7+A 1216*95+$ 1 1+07
87/14727+7,,*5/1+,521,0*;7+91264-=53*1/5467/*C7951/2-67491+14,58527+9127
+*8=21 8-20*0-9 7,,*5/1+ 814781/01 *8=-2+*;7+ 5 */+0*/0*;7+ *8=2*,7/ -/ 64795 91
*/012*61/,*7 B 85472*979 8-B */:14*54 <-1 12 912 */9*;*9-5 =45819*5 91 27 8-20*0-9 +1
;-12;1/ 7,,*5/1+ ;1497914781/01 ;52-/074*7+ 1H=41+*;7+ 91 -/ 64795 91 */012*61/,*7 B
85472*9798-,@587B54<-112912*/9*;*9-5=45819*591264-=51+91,*4120595+1121;7
=54+534112/*;1291+-8*18345=45819*5J1*/,2-+5=54271H7207,*./9127185,*./B27
,55=147,*./ 5467/*C797 1/ 27 912*3147,*./ =54 +5341 12 91 +-+ 8*18345+ 8>+
*8=5407/01+$ 747 0148*/74 @74185+ 726-/5+ ,581/074*5+ +5341 27 /5,*./ 91 ;52-/079
,521,0*;7 91 ,5-6722 1+ 91,*4 12 53D10*;5 ,58E/ =41+1/01 1/ 27+ 81/01+ 91 25+
8*18345+ 912 64-=5$ 58*1/C7 @7,*1/95 -/7 9*+0*/,*./ ,7+* 45-++17-/*7/7 1/041 -/7
;52-/07961/14725,521,0*;7B27;52-/079910595+25+*/9*;*9-5+$/53D10*;5,58E//5
1+ +-:*,*1/01 =747 ,5/+0*0-*4 -/7 ;52-/079 ,521,0*;7$ 7 ,585 1D18=25 -/7 8-20*0-9 91
=14+5/7+ 327/,7+ 1/ 12 +-4 91 +0795+ /*95+ 2*/,@7/95 7 -/7 =14+5/7 /1647 <-1
+-=-1+0781/01 @7 ,5810*95 -/ ,4*81/$ -/ +* 12 64-=5 1+0> 958*/795 =54 27 ;52-/079
,58E/ 91 221;747 ,735 271D1,-,*./ ,5/ *8=27,7321 910148*/7,*./ 1+5/5 1+ +-:*,*1/01
=747 01/14 -/7 ;52-/079 ,521,0*;7$ K-? :7207Y 7 *91/0*:*,7,*./ ,5/ 726-/7 *8761/
,746797 185,*5/7281/01 91 27 *91/0*979 912 64-=5 ,585 072$ K .85 =-191 +-46*4 1+07
E20*87Y <-A 01/185+ <-1 @7,14 41:141/,*7 7 27 4127,*./ 1/041 27 ;52-/079 */9*;*9-72 B
,521,0*;7 1/ 27 =+*,5256A7 +5,*72 91 ,5-6722$ 5 <-1 ?2 91/58*/7 F+1/0*8*1/05 91
7-051+0*87G 12 +1/0*8*1/05 91 27 =45=*7 *91/0*979 =-191 1H01/914+1 +16E/ ?2 7 5045+
53D105+ 7 0595+ 25+ 53D105+ ,5/ 25+ <-1 12 B5 +1 *91/0*:*,7 7 +A 8*+85 <-1 +5/
,5/+*914795+ ,585 =1401/1,*1/01+ 72 B5 5 ,585 =7401 91 -/ B5 8>+ 78=2*5$ +07
1H01/+*./91=1/911/647/819*97912@1,@591<-15045+/5+*91/0*:*<-1/,5/07253D105
9187/147<-1/5++*/0785+53D105910597+27+,5/+*9147,*5/1+7,0*0-91+B7,,*5/1+91
=c
5045+ 9*4*6*95+ @7,*7 1+1 53D105 B +1785+ 7:1,0795+ 185,*5/7281/01 =54 1225+ 91 27
8*+87 87/147 ,585 +585+ 7:1,0795+ =54 27+ ,5/+*9147,*5/1+ 7,0*0-91+ B 7,,*5/1+
9*4*6*97+@7,*7/5+5045+*/9*;*9-7281/01$783*?/+19185+04.<-1072+1/0*8*1/05=-191
;52;14+1 8>+ 78=2*5 B 185,*5/7281/01 8>+ 4*,5 <-1 -/ +1/0*8*1/05 =-4781/01 91
7-051+0*87819*7/01+-:-+*./,5/-/+1/0*8*1/05917854=541253D105<-1@7,41,*95
*/91=1/9*1/4181/01$ ,5-6722 *2-+04. 1+01 =-/05 819*7/01 27 ,58=747,*./ 1/041 -/
1D?4,*05=704*.0*,5B-/5814,1/74*5$+-/=-/05,1/04721/+-,5/,1=,*./<-1/51H*+01
-/7 +1=747,*./ 1+04*,07 1/041 27 7-051+0*87 B 27 *91/0*:*,7,*./ ,5/ 12 64-=5 B7 <-1 27
7-051+0*87 1+ +*18=41 27 ,5/+*9147,*./ 91 -/ B5 B7 +5,*72*C795 <-1 =41+-=5/1 27
=41+1/,*7 9153D105+ ,585=740191 27 8*+87 ,5/+04-,,*./911+1 B5$/ +-+ =727347+
7 9*:141/,*7 =4*/,*=72 1/041 12 +1/0*8*1/05 91 7-051+0*87 B 12 +1/0*8*1/05 91 64-=5
91+7445227951+<-112E20*8561/147281/01*8=2*,7-/12181/059191;5,*./7264-=5=54
+-=45=*53*1/B=54123*1/9125+,5/+5,*5+$+05+*6/*:*,7<-112+1/0*8*1/059164-=51+
-/7+A/01+*+9127+01/91/,*7+917-051+0*87B7204-*+07+1/27+,-721++17485/*C7/1/
-/ 41:-14C5 B 7=5B5 8-0-5+ 27+ =59145+7+=-2+*5/1+165A+07+ +5/ +-32*8797+ 1/:*/1+
8>+ 121;795+ <-1 27 3E+<-197 912 =45=*5 3*1/$
747 ,5-6722 12 =-/05 *8=5407/01 1+ <-1 27 -/*979 912 64-=5 +1 :-/9781/07 1/ -/
53D105 ,58E/ 91 *91/0*:*,7,*./ <-1 1+07321,1 91 87/147 1<-*;721/01 27 -/*979 91 25+
8*18345+91264-=5$7@73A785+@7227957265+*8*2741/74911/+-7:*487,*./91<-1
-/7F,58-/*./91*917+B=7+*5/1+G@58561/1*C7/01I271<-*;721/,*7<-15,7+*5/71+07
,58-/*./I5=147/5+.251/12,7+59127+8-20*0-91++*/50783*?/1/129125+=E32*,5+$
+07/5,*./911<-*;721/,*7I91+74452279791+912-16591-/8595<-1;78>+722>91
27 0154*C7,*./ 91 ,5-6722 B 7491I 1+ ,1/0472 =747 12 ,5/,1=05 91 =5=-2*+85 <-1
;785+7=45=5/141/27+16-/97=7401911+012*345$
*/18374657/01+911+5913185+
,5/+*91474 27 */014;1/,*./ 91,*+*;7 91 41-9$

+*,5256A79127+87+7+B7/>2*+*+912B5RS9141-9:-1+*/9-97,*=45641+58>+
479*,72<-1+1@73A74172*C795@7+071/05/,1+1/27=+*,5256A79127+87+7+$1+05I1+
/1,1+74*541,5/5,142591+9112=4*/,*=*5I7=1+7491;74*5+*8=7++1+<-1*8=*9*145/<-1
+-+ /-1;7+ =14,1=,*5/1+ 91+744522747/ 0595 +- =501/,*72$ 41-9 ,58*1/C7 +- 04737D5
7:*487/95 <-1 27 5=5+*,*./ 1/041 =+*,5256A7 */9*;*9-72 B =+*,5256A7 +5,*72 =*1491 3-1/7
=740191+-/*0*91C+*+127,5/+*91478>+9101/*9781/01=54<-191+9112=4*/,*=*591+-
;*97 12 */9*;*9-5 1+0> */;74*732181/01 ;*/,-2795 7 5047 =14+5/7 F,585 859125 ,585
53D105,5857-H*2*74B,5851/18*65B=541+591+9112,58*1/C58*+8527=+*,5256A7
*/9*;*9-72 V$$$d 1+ +*8-20>/1781/01 =+*,5256A7 +5,*72G
*/ 1837465 41-9 41270*;*C7 12
,74>,014,5/+0*0-0*;5911+01;A/,-25+5,*72,-7/957:*4871/12+*6-*1/01=>447:5<-127+
4127,*5/1+ 912 */9*;*9-5 ,5/ +-+ =7941+ B @1487/5+ ,5/ +- 53D105 91 7854 ,5/ +-
871+045 B ,5/ +- 8?9*,5 F=-191/ 1/0474 1/ 5=5+*,*./ ,5/ ,*1405+ 5045+ =45,1+5+ <-1
@185+2278795/74,*+*+07+1/25+,-721+27+70*+:7,,*./=-2+*5/72+1+-+047172*/:2-D591
5047+ =14+5/7+ 5 41/-/,*7 7 ?+07+G$ 41-9 1+07321,1 27 9*+0*/,*./ 1/041 27 =+*,5256A7
+5,*72 B 27 */9*;*9-72 1/ 27 9*:141/,*7 1/041 =-2+*./ +5,*72 B =-2+*./ /74,*+*+07$ 585
;14185+ 1+05 0*1/1 *8=5407/01+ ,5/+1,-1/,*7+ B7 <-1 41-9 ,5/,2-B1 <-1 27+ 95+
=+*,5256A7++1@7/91+7445227951/:5487=7472127B+17=2*,7/79*:141/01+7+=1,05+912
;A/,-25 +5,*72 8*1/047+ <-1 25+ 8*18345+ 1+07321+ 912 64-=5 ,714A7/ 1/ 25 <-1 7 +-+
;A/,-25+ 8-0-5+ +1 41:*141 1/ 12 ,78=5 91 27 =+*,5256A7 +5,*72 12 /74,*+*+85 R,585
01441/5 91 27 =+*,5256A7 */9*;*9-72S +.25 +1 7=2*,74A7 1/014781/01 72 2A914 912 64-=5$
*/
1837465-/5=594A7=416-/074
*41-945-=+B,@5256B7/90@1/72B+*+5:0@165
=`
RWS1/@1
07/97499*0*5/5:*@1$+B,@5256*,72X54Q$+5:
*68-/941-9;52$H;-0
5/94,+ */0761 =$ V*C79$ 1+=$ +*,5256A7 91 27+ 87+7+ B 7/>2*+*+ 912 B5 1/
347+ ,58=2107+ ;52$ & -1/5+ *41+ 8544540- %&\&"W$
3*9$
+AF/741:21H*./8>+=45:-/97/5+;7785+04741/<-?+1/0*951+077:*487,*./V<-127
=+*,5256A7 91 27+ 87+7+ 1+ 27 =+*,5256A7 8>+ 7/0*6-7W 41<-*141 -/7 ,5441,07 */,2-+5 1/
1+07107=7018=47/79127746-81/07,*./+*27+70*+:7,,*./9127+=-2+*5/1++17=74071/
12 /74,*+*+85 91 27 */:2-1/,*7 91 5047+ =14+5/7+J +* 1+01 F7=74074+1G /5 410*1/1 1/ +-
8*+8541,@7C525+47+045+91-/741:141/,*7725045B=1487/1,11/1+1+1/0*95,585
=7401 91 -/ =45,1+5 +5,*72$
/+16-*97;52;14185+71+01=-/05$/01+913185+41,5/+04-*425+=7+5+=4*/,*=721+91
27 746-81/07,*./ 91 41-9$ 41-9 7:*487 <-1 27 =+*,5256A7 +5,*72 91 +-+ =4191,1+541+
@73A7 1+0795 8>+ */0141+797 1/ 91+,4*3*4 25+ ,783*5+ <-1 1H=14*81/07 12 */9*;*9-5 72
=7+747:54874=740191-/78-20*0-9<-11/27/70-4721C791227C5+5,*72$ 7F+-61+0*./G
@73A7 ,5/+0*0-*95 12 2A8*01 91 0595+ 25+ 1+:-14C5+ =747 910148*/74 27 /70-4721C7 91 1+01
27C5$ 41-9 =45=5/1 91D74 91 2795 27 F+-61+0*./G ,585 0?48*/5 <-1 41<-*141 +- =45=*7
1H=2*,7,*./ B 7=1274 7 27 2*3*95 ,585 ,701654A7 ,27;1 =747 1H=2*,74 27 /70-4721C7 912
;A/,-25+5,*72$M+01+14A7-/;A/,-252*3*9*/72B,5850721+074A74127,*5/795,5/059525
41:14*95 72 F7854G$
- /E,215 ,5/+*+01 =54 +-=-1+05 1/ 12 7854 +1H-72 =145 12
=+*,57/>2*+*+/5+@79185+04795<-1/591314A785++1=7474127854+1H-7291F=54-/
27951278547-/58*+85B=545045127854725+=7941+1@*D5+725+78*65+B727
@-87/*979 1/ 61/1472 B 0783*?/ 27 91;5,*./ 7 53D105+ ,5/,4105+ 1 *917+ 73+047,07+G$
-/<-1 27+ =-2+*5/1+ 0*1/91/ 1/ 27+ 4127,*5/1+ 1/041 +1H5+ @7,*7 27 -/*./ +1H-72 F1/
5047+ ,*4,-/+07/,*7+ +5/ 91+;*795+ 91 +- 53D10*;5 5 +1 21+ *8=*91 72,7/C7425 7-/<-1
+*18=41=41+14;7/9525+-:*,*1/0191+-/70-4721C754*6*/72=74787/01/1441,5/5,*321+-
*91/0*979GT&
*6-1-/791+,4*=,*./9125+27C5+2*3*9*/721+<-15=1 =+*,5256A7*/9*;*9-72
9131=5412,5/0474*5+1407/7/0*6-7,58527=+*,5256A79127+87+7+B7<-191+91,*
=4*/,*=*5 @-35 95+ ,*7+1+ 91 =+*,5256A7+ 27 91 25+ 8*18345+ */9*;*9-721+ 912 64-=5 B 27
912 =7941 D1:1 5 2A914$ ^ 5+ 8*18345+ 912 64-=5 1+0737/ +-D105+ 7 27C5+ 91 27 8*+87
87/1471/<-125+;185+1/277,0-72*979=14512=79419127@5497=4*8549*721472*341$
7 ,5/+*+01/,*7 /5+ ,5/9-,1 7 7+-8*4 <-1 +- B5 01/A7 1+,7+5+ 27C5+ 2*3*9*/721+J ?2 /5
78737 7 /79*1 +*/5 7 +A 8*+85 5 7 5047+ =14+5/7+ +.25 1/ 07/05 +14;A7/ 7 +-+
/1,1+*9791+$
-B5+1973775045+53D105++.251/27819*971/<-1:-1471+04*,0781/01
/1,1+74*5G 07/ 1/ 27 621+*7 B 12 D?4,*05 <-1 =54 -/ 2795 ;*/,-27/ 7 25+ 8*18345+ 91
1+07+ */+0*0-,*5/1+ 1/041 +A B =54 12 5045 7 0595+ 1225+ ,5/ +-+ 2A9141+ I 4*+05 5 12
,587/97/011/D1:1I91+,4*3*1/950783*?/12=45,1+59191+*/01647,*./<-1+*6-1727
91+7=74*,*./ 41=1/0*/7 91 1+7+ :*6-47+ 2A9141+$
-165 41-9 7/72*C7 12 +1/0*8*1/05 91 7;14+*./ - @5+0*2*979 <-1 @73*07 1/ 0597+ 27+
4127,*5/1+1+041,@7+,5/5047+=14+5/7+B<-1+.251+87/01/*95:-1479127=14,1=,*./
819*7/012741=41+*./$/25+,7+5+1/<-11+07@5+0*2*979+154*1/07@7,*7=14+5/7+,5/
27+,-721+1+0785+1+041,@781/017+5,*795+@732785+91+1/0*8*1/05+91783*;721/,*7
=145,-7/9527@5+0*2*979+19*4*6171H047L5+=59185+41,5/5,14,274781/011/1227-/7
1H=41+*./ 91 7854 7 -/5 8*+85 1+ 91,*4 91 /74,*+*+85$ 2 7854 7 -/5 8*+85 +*/
1837465 +1 ;1 2*8*0795 5 +-+=1/9*95 =54 27 :5487,*./ 912 64-=5 1/ ,-B5 ,7+5 1/
=727347+ 91 41-9
25+ */9*;*9-5+ 1/ 12 64-=5 +1 ,58=5407/ ,585 +* :-147/ @5856?/15+J 052147/ 27
1+=1,*:*,*9799125045+1,5/+*9147/,585+-*6-72B/5+*1/01/41=-2+*./726-/7@7,*7?2$
72 2*8*07,*./ 912 /74,*+*+85 +16E/ /-1+045+ =-/05+ 91 ;*+07 01.4*,5+ +.25 =-191 +14
=459-,*97=541+01:7,054-/;A/,-252*3*9*/72,5/5047+=14+5/7+$27854=54-/58*+85
/5 ,5/5,1 8>+ 3744147 <-1 12 7854 =54 25 7D1/5 12 7854 =54 53D105+$
+05 41<-*141 <-1 1+0-9*185+ 12 0*=5 91 27C5 185,*5/72 <-1 +1 1+07321,1 1/041 25+
==
8*18345+ 91 -/ 64-=5 B 1225 *8=2*,7 ,5/+*91474 8>+ 9101/*9781/01 12 :1/.81/5 912
1/785478*1/05$ 5+27C5+185,*5/721+<-1-/1/7264-=5+5/53;*781/01=-2+*5/1+91
7854<-1+1@7/91+;*79591+-53D10*;554*6*/72B<-1+*6-1/917,-1495,5/41-9-/
859125 8-B =41,*+5 12 91 27+ *91/0*:*,7,*5/1+$
41-97:*487<-127*91/0*:*,7,*./1+F271H014*54*C7,*./8>+018=47/791-/27C57:1,0*;5
,5/ 5047 =14+5/7G"c ;*/,-2797 7 27 @*+054*7 912 ,58=21D5 91 9*=5$ H*+01/ 041+ :5487+
=4*/,*=721+91*91/0*:*,7,*./=4*8147,5/12=7941J+16-/97,5/1253D1059127121,,*./
78545+7J27014,147=-191+-46*4+16E/41-9F747AC91,-72<-*14/-1;7=14,1=,*./91
-/7 ,-72*979 ,58E/ ,58=740*97 ,5/ 726-/7 5047 =14+5/7 <-1 /5 1+ 53D105 91 27+
=-2+*5/1++1H-721+$ -7/058>++*6/*:*,70*;7+171+07,-72*979,58E/8>+1H*05+7=594>
+14 27 *91/0*:*,7,*./ =74,*72 B 7+A ,5441+=5/914 72 ,58*1/C5 91 -/ /-1;5 27C5G$"T +07
014,147 :5487 91 *91/0*:*,7,*./ 1+ 27 <-1 =-191 @72274+1 1/ 12 27C5 8-0-5 1/041 25+
8*18345+91264-=5B41-9764167I91-/8595,27457-/<-1=453218>0*,5I<-127
,-72*979,58E/+534127,-72+137+71+07*91/0*:*,7,*./F91+,7/+71/27/70-4721C7912
27C5 ,5/ 12 2A914G$ K .85 91314A7 +14 ,5/,13*95 12 27C5 ,5/ 12 2A914Y 41-9 735497 27
=416-/07 1/ 0?48*/5+ 91 27+ 9*;14+7+ :5487+ 91 F/785478*1/05G$ 7 :5487 =4*874*7 91
1/785478*1/05 +1 @7227 1/ 27 1H=14*1/,*7 91 27 +70*+:7,,*./ +1H-72 1/ -/ 53D105$
*/
1837465 27 ,701H*7 */;1+0*97 1/ 12 53D105 +1 76507 ,797 ;1C <-1 +1 530*1/1 27
+70*+:7,,*./$ +A 27 ,140*9-8341 91 27 41/5;7,*./ =14*.9*,7 91 27 /1,1+*979 ,5/9-,1 72
7854 ,585 +1/0*8*1/05 F0*14/5G 7=2*,795 72 53D105 */,2-+5 9-47/01 25+ */014;725+
91+7=7+*5/795+$2785491-/@*D577+-87941=7941-/7;1C<-1+1@71+07321,*9527
41=41+*./ 91 27 =-2+*./ +1H-72 54*6*/721+ 91 1+07 /70-4721C7 F0*14/7G$ 7 ;*97:-0-47 912
*/9*;*9-5 1+074> 958*/797 =54 1+07 9-72*979 +1/+-72 7854014/-47 <-1 =-191 5 3*1/
+5341910148*/74 72 8*+85 53D105 5 3*1/ 01/14 +-+ 95+ =525+ */;1+0*95+ 1/ 53D105+
9*:141/01+$ 7 */;1+0*9-47 1/ 12 53D105 91 7854 +*6/*:*,7 <-1 27 2*3*95 /74,*+*+07 +1
047/+:*14172 53D105$ +05=-191 795=074 9*:141/01+:5487+ 5 85+0474 ;74*5+ 64795+ B +-
,58E/91/58*/7954+14A727*9172*C7,*./91253D105<-1+1;-12;17+A*/8-/1727,4A0*,7$
/05/,1+ 1+07 +*0-7,*./ +-461 F1/ 8-,@7+ :5487+ 91 121,,*./ 78545+7 1/ 27+ <-1 12
53D105 +*4;1 =747 +-+0*0-*4 -/ *9172 912 B5 =45=*5 /5 72,7/C795$
1 787 1/ ;*40-9 91
=14:1,,*5/1+7<-1+1@77+=*4795=74712B5=45=*5B<-17@547216-+074A7=45,-474+1
=747 +70*+:7,14 +- /74,*+*+85 =54 1+01 45915G$
/7 ;1C 2216795 7 1+01 =-/05 91 27 746-81/07,*./ 41-9 7/72*C7 1/ 041+ =>447:5+
=740*,-27481/01 91/+5+ 12 +*+0187 91 72014/70*;7+ 73*1405 =54 +- 746-81/05 =41;*5$ 2
1+0741/7854795F12B541/-/,*7,797;1C8>+7059541,2785B+1;-12;18>+8591+05
7 27 =74 <-1 12 53D105 +1 @7,1 8>+ 647/9*5+5 B ;72*5+5 @7+07 <-1 :*/7281/01 22167 7
=5+114059512785491+A8*+85912B5B27,5/+1,-1/,*7/70-4721+127-05+7,4*:*,*591
1+01E20*85$253D105=547+A91,*425@791;5479572B5$V$$$D 7+*0-7,*./=-19141+-8*4+1
,737281/01 1/ -/7 :.48-27 2 53D105 +1 @7=-1+05 1/ 122-67491B5 *9172T" K ->2 1+
1/05/,1+ 27 4127,*./ 1/041 12 1/785478*1/05 B 27 *91/0*:*,7,*./Y + 7<-A 95/91 12
746-81/05 91 41-9 +1 ;-12;1 7265 ;7,*27/01 =145 1+07+ ;7,*27,*5/1+ +5/ 27+ <-1 25
@7,1/ =740*,-27481/01 1+,2741,1954$ 58*1/C7 7:*48795 <-1 27 9*:141/,*7 1/041 27
*91/0*:*,7,*./B27+:5487+1H04187+911/785478*1/05I<-191+,4*31,585F:7+,*/7,*./G
BF1+,27;*0-9GI+1@72271/12@1,@591<-11/27*91/0*:*,7,*./12B5@7*/045B1,079572
53D105 8*1/047+<-1 72 1+074 1/7854795 F+1@71/0416795 72 53D105 21 @7 ,5/,19*95 12
2-674 91 +- */6419*1/01 8>+ *8=5407/01G$""
*/ 1837465 7<-A ,58*1/C7/ +-+ ;7,*27,*5/1+ B7 <-1 1+07 91+,4*=,*./ F,417 12
1+=1D*+8591-/75=5+*,*./<-1/51H*+01$1+9112=-/0591;*+071,5/.8*,5/5+104707
91 1/4*<-1,*8*1/05 5 18=5341,*8*1/05J 0783*?/ =-191 91+,4*3*4+1 12 1/785478*1/05
1H04185 9*,*1/95 <-1 12 B5 @7 */445B1,0795 12 53D105G$ /05/,1+ */01/07 91+=27C74 1+07
9*+0*/,*./@7,*750479*:141/018*1/047+<-11/27*91/0*:*,7,*./1253D105+1@7=149*95B
@7+*95*/045B1,07951/12B525<-1=459-,1-/7720147,*./=74,*7291+A8*+85+16E/12
=j
F859125912 53D105 =149*95G 1/ 12 ,7+5912 1/785478*1/05 @734A7 -/7 +5341*/;1+0*9-47
912 53D105 =54 12 B5 7 1H=1/+7+ 912 B5$
*/ 1837465 1+07 72014/70*;7 /5 +70*+:7,1
+-:*,*1/0181/01 7 41-9 <-*1/ 1/ 1+01 =-/05 +1 =27/017 -/ */0144567/01 ,4-,*72 F +
,*1405<-11253D1059127*/;1+0*9-47@7+*9541/-/,*795YK5=-191@7314*91/0*:*,7,*./
,5/+14;>/95+1 7<-?2
91=7273472791504772014/70*;7F7+7314<-1153D105+1-3*<-11/12767451/191B5
*917:$&
5/1+052216785+72,2A87H9127746-81/07,*./9141-9$=74/4917<-A=7+77-/7
341;1 58=747,*./ 1/041 @*=/5+*+ B
8*1/05 7 -/7 ,747,014*C7,*./ 91 27 :5487,*./ 912 64-=5 1/ 0?48*/5+ 91 1<-*;721/01+
:54D795+ 1/041 27+ =14+5/7+ ,585 41+-20795 91 7854 ,58E/ @7,*7 -/ 2A914 R-/ 7854
<-1 =54 +-=-1+05
@7 +*95 */@*3*95 91 +-+ =-2+*5/1+ +1H-721+S$ +01 7/>2*+*+ ,5/0*/E7 ,5/ 27 910// 912
;A/,-25 +5,*72 F/ 64-=5 =4*874*5 91 1+01 00=5
1+:54P:22 ,*1405 /E8145 91 */9*;*9-5+ <-1 @7/ =-1+05 12 8*+85 B
3:1c 1/ 12 2-674 91 +-B5 *917B 1/ ,5/+1,-1/,*7 +1 @7/ *91/0*:*,715 1/041
* B 5
13185+ 4101/14 =747 /-1+047 9*+,-+*./ =5+014*54 95+ ,5/,2-+*5/1+ *8=2A,*07+ 1/ 12
7/>2*+*+$ 4*8145 <-1 +* +16-*85+ 1+04*,0781/01 27 746-81/07,*./ 91 41-9 1/ 1+01
=-/05 27 *91/0*:*,7,*./ 0*1/1 2-674 1/041 7<-1225+ <-1 +5/ 2*914795+ =145 /5 1/041
1225+ 2A914 ,5/ 25 ,-72 +1 ,*1447 27 =5+*3*2*979 =747 1+01 E20*85 91
+14=741+$
16-/95<-12737+191,-72<-*14*91/0*:*,71./+14A71H,2-+*;781/01127854
,58E/=54122A914$ 71273547,*./0540-5+7B91726-/787/147;7,*27/019141-99127
9*+0*/,*./ 1/041
*91/0*,7 1/785478*1/05 7=741/0181/01 +1 41+-12;1 1/ -/7 1+04*,07 9*:141/,*7,*./ 91
:-/,*5/1+ 1/ 27 ,5/+0*0-,*./ 912 ;A/,-25
+5,*72 /0 *,7,*./ 1/041 @1487/5+ 7854 =54 12 =7941$ 59185+
047+27974/5+:>,*281/0191+917<-A@7,*7128*059127@5497,585"4-0*;79127+5,*1979
B@7,*7279*+0*/,*./1/04127=+*,5256A7,-72B+5,*721/0?48*/5+91279*:141/,*7,*./1/041
25+ 7,05+ 81/072 /74,*+*+07+ B +5,*721+$
-?=1/+74911+07/507321+1,-1/,*701.4*,7/7=5+*321,5/,2-+*./1+27<-1=27/017
*QQ12 54,@P7,5@+1/
16E/ ?2 41-9 1D5+ 91 73500D7 91 -/ 8595 ,4A0*,5 25 =52A0*,5
95/91 +1 =14,*3*4A7 27
/9,271+1/,*7912;A/,-25+5,*72,5/,*3125+5,*72,58585291795=5425=52A0*,5,585
91=1/9*1/95 =747 +- ,5/+0*0-,*./ 91 27 =41+1/,*7 91 -/ D1:1 78795$ 7 +5,*1979 +14A7
,5/,13*97 ,585 -/7 87+7 @5856?/17 ,-B7 ,5@141/,*7 1+074A7 7+16-4797
1H,2-+*;781/01=5427=41+1/,*79122A914$+,*1405<-1=74741-925=52A0*,50*1/1-/452
3>+*,5 1/ 25 <-1 41+=1,07 7 27 */+07-47,*./ 912 ;A/,-25 +5,*72$ + ,*1405 0783*?/ <-1 27
;*+*./9141-99127854,58E/=54122A914,58547+65,58=740*95=547<-1225+<-1+1
*91/0*:*,7/ 1/041 +A */;*07 91 726-/7 87/1477 27 21,0-47 91 54,@\P7,53+1/$ *1/+5 +*/
1837465<-1+-,5/,2-+*./1+1H7614797B7<-112?/:7+*+-/*27014721/274127,*./,5/
12 2A914 +*8=2181/01 *6/507 0595+ 25+ =7+7D1+ 1/ 12 01H05 91 41-9 95/91 +1 +-6*141/
9*:141/01+72014/70*;7++5,*721+,585=5+*3*2*9791+41721+$5,-1+0*5/7//1,1+74*781/01
124529125=52A0*,51/27*/+0*0-,*./91227C5+5,*72=1451;5,7/9*:141/01+0*=5+91=52A0*,7
<-1 /5 0*1/1/ 0597+ 1227+ 27+ *8=2*,7/,*7+ 7-054*074*7+ <-1 9101,07 54,@\P7,53+1/$
*
91+744522785+2705072*9799127+*8=2*,7/,*7+911+07+=5+*3*2*9791+72014/70*;7++-461-/
=7/54787 8-,@5 8>+ ,58=21D5 91 25 +5,*72 B 12 +1/0*95 91 27 */014;1/,*./ 01.4*,7 91
+*,5256A79127+87+7+B7/>2*+*+91B57=741,137D5-/7/-1;72-C$2*/01/059141-9
91 2*8*074 27 ;72*91C +5,*72 91 +- =45=*5 859125 +1 8-1;1 1+1/,*7281/01 1/ 95+
9*41,,*5/1+$/=4*8142-67401/185+25+=>447:5+1/25+,-721+=27/01727=5+*3*2*979I
,585 85912572014/70*;5 91 764-=78*1/05 +5,*72I 91 <-1 819*7/01 27 5467/*C7,*./ 27
+5,*197979<-*14727+,747,014A+0*,7+912*/9*;*9-5$ 791:*/*,*./91264-=5I<-1@185+
=
,*0795I ,585 */9*;*9-5+ ,525,7/95 -/ 53D105 1/ 12 2-674 912 B5 *9172 1 *91/0*:*,>/95+1
8-0-781/017 047;?+91 +-+ B51+1+ =41,19*97=54 -/7 *8=5407/01 2*8*07,*./ F1+0785+
=14:1,0781/011/+*0-7,*./91*/9*,7427:.48-279127,5/+0*0-,*./2*3*9*/7291-/64-=55
7281/5+91-/64-=59120*=5,5/+*914795@7+077<-A7+7314<-10*1/1-/2A914B/5@7
=59*9579<-*4*4+1,-/974*781/01=54-/1H,1+591[5467/*C7,*./T27+=45=*19791+91-/
*/9*;*9-5G$ 783*?/ 9*+,41=7 ,5/ 27 ;*+*./ 91 ,5-6722 +16E/ 27 ,-72 27+ 91+;1/07D7+
*/0121,0-721+91264-=5=-191/+14+-=14797+F721H*8*47264-=591291+18=1L59127+
07417+ */0121,0-721+ 41+1O>/9527+ 7 8*18345+ */9*;*9-721+ 91 ?2G$ 7 72014/70*;7 <-1
41-90*1/11/81/011+8-,@58>+479*,72F2=4532187,5/+*+011/,.855301/14=747
12 64-=5 =41,*+781/01 7<-1225+ 47+65+ <-1 147/ ,747,014A+0*,5+ 912 */9*;*9-5 B <-1 +1
1H0*/6-1/ 1/ ?2 =54 27 :5487,*./ 912 64-=5G$2 @1,@5 91 <-1 41-9 <-14A7 91,*4 1+05
2*0147281/01B/51/-/+1/0*95814781/017/72.6*,5<-1979185+047958>+79127/01=54
+-41,@7C59*41,051/-/7/50772=*17641679772719*,*./91#9127,4A0*,791 7/+
)12+1/ <-*1/ @73A7 79-,*95 <-1 5054674 7 27 81/01 64-=72 072 5467/*C7,*./ +14A7 -/7
@*=.+07+*+R704*3-*4727+5,*1979-/7:-/,*./81/072<-1+.25=1401/1,1725+*/9*;*9-5+S$
K .85,5/,13*41/05/,1+1+075=5+*,*./1/04195+859125+91764-=78*1/05+5,*72-/5
37+795 1/ 27 F5467/*C7,*./G 819*7/01 27 ,-72 27 +5,*1979 79<-*141 27+ ,747,014A+0*,7+
+1,-/974*7+912*/9*;*9-512504537+7951/12;A/,-252*3*9*/72,5/122A914YK
17=2*,7/7
9*:141/01+ 0*=5+ 91 64-=5Y K ,5/+0*0-B1/ 8>+ 3*1/ 2.6*,7+ +5,*721+ <-1 1/ 9*;14+5+
64795+*/:2-B1/1/27,5/+0*0-,*./910595+25+64-=5++5,*721+Y*1/+5<-11+07+16-/97
@*=.01+*+1+27,5441,07$1+918*=-/0591;*+071264-=5,58=210781/015467/*C795B1
2A914 =-4781/01 /74,*+*+07 +5/ /797 8>+ <-1 27 419-,,*./ 72 73+-495 I1+ 91,*4
*8=5+*321I 91 25+ 1H04185+ 91 -/ ,5/0*/--8 1/ 12 ,-72 27+ 95+ 2.6*,7+ +5,*721+ +1
740*,-27/919*;14+7+87/147+$
*/1837465=747=45374<-127F5467/*C7,*./GB12F2A914
/74,*+*+07G0*1/1/0721+070-+1/271,5/58A791201H059141-991314A785++14,7=7,1+
91 85+0474 726-/5+ 1D18=25+ 01H0-721+ 91 -/7 ,583*/7,*./ +181D7/01 91 7835+
=4*/,*=*5+$ M+07 +14> /-1+047 =4.H*87 07417$
$ 1 @1,@5 /5 ,5/+0*0-B1 -/7 07417 9*:A,*2 B7 <-1 41-9 97 8-,@5+ 1D18=25+ 91 072
,583*/7,*./$/-/,7=A0-25+-61+0*;781/0191/58*/795F/647951/12*/014*54912B5G
+1 41:*14172 :1/.81/5 7+58345+5 91 27 91+7=74*,*./ 91 25+ 704*3-05+ */9*;*9-721+ 1/ 27
8-20*0-925,-729131*/014=41074+1I+1/5+9*,1/-1;781/01IF,585+*6/*:*,7/95<-112
*/9*;*9-541/-/,*77+-B5*9172B25=148-07=5412*917291264-=5,54=54*C7951/122A914G$
*/ 1837465 */819*70781/01 764167

913185+764167478595911/8*1/97<-1257+58345+5/50*1/11/0595+25+,7+5+
*6-72 876/*0-9$ / 8-,@5+ */9*;*9-5+ 27 +1=747,*./ 1/041 +- B5 B +- B5 *9172 /5 @7
22167958-B21D5+J7835+,5*/,*91/0597;A7,5/:7,*2*979J12B5@7,5/+14;795781/-95
+- 7/0*6-7 ;7/*979 /74,*+*+07$ 7 121,,*./ 912 2A914 +1 ;1 8-B :7,*2*0797 =54 1+07
,*4,-/+07/,*7$ / 8-,@5+ ,7+5+ +.25 /1,1+*07 =5+114 27+ =45=*19791+ 0A=*,7+ 91 1+05+
*/9*;*9-5+,5/-/=14:*2=740*,-27481/01/A0*95B=-45B97427*8=41+*./91-/7:-14C7B
-/7 2*314079 2*3*9*/72 87B541+J 1/05/,1+ 047/+*61 ,5/ ?2 27 /1,1+*979 91 -/ 2A914 :-1401
41;*+0*?/9525 ,5/ 12 @*=14=5914 <-1 91 5045 8595 /5 @734A7 =59*95 072 ;1 41,27874$
K-?/5+1+0>9*,*1/951H7,0781/0141-9,5/1+07/-1;7,5/+*9147,*./Y
*8=2181/01
<-1+*18=41<-127/1,1+*97991-/2A914:-1401+11/,-1/047+.2578*07991,78*/512
2A914+.25+14>7,1=0795+*=41+1/0791-/8595=740*,-27481/01874,79525+47+65+<-1
,58=7401,5/7<-1225+<-1+1+-=5/1<-191312*91474$/5047+=727347+25+2*914795+
+5/1/647/819*97*/=74*87014*7,5/122A914I1+91,*41+01E20*85+1;-12;1=4*8-+
*/014=741+I$71+078-07,*./1+04-,0-472+*6-1/041+,5/+1,-1/,*7+,7=*0721+$4*8145
<-11+1F72651/,58E/G<-1@7,1=5+*32127*91/0*:*,7,*./1/04125+8*18345+91264-=5
/5 =-191 ,5/+*+0*4 1H,2-+*;781/01 1/ 12 7854 =54 12 2A914 +*/5 1/ 726E/ 47+65 =5+*0*;5
,58=740*95 =54 12 2A914 B 25+ 2*914795+$
16-/95 27 *91/0*:*,7,*./ /5 0*1/1 2-674 07/ +.25
1/04125+B51+=54<-127+1=747,*./1/04112B5B12B5*91721+0>21D5+91+14,58=2107$
=á
+05 +*6/*:*,7 <-1 +1 ;-12;1 =5+*321 ,*1405 64795 91 *91/0*:*,7,*./ ,5/ 12 2A914$ / 12
=A2565 91 +*,5256A7 91 27+ 87+7+ B 7/>2*+*+ 912 B5 41-9 */+*/E7 1+7 =5+*3*2*979
,-7/95,58=747,*D?4,*05B27 621+*7 70.2*,7$*1/047+<-11/12D?4,*05-/+529795+1
;52;14A7 4*9A,-25 +* +1 *91/0*:*,747 ,5/ 12 ,587/97/01 1/ D1:1 27 621+*7 41<-*141 912
,41B1/01 7265 8>+<-1 27 *91/0*:*,7,*./ ,5/5045+ ,4*+0*7/5+ F783*?/ 9131 *91/0*:*,74+1
,5/ 4*+05B787470595+25+5045+,4*+0*7/5+,585M225+@778795$/7835+,7+5+=54
2507/0527 621+*71H*61,58=2107427=5+*,*./2*3*9*/729797=5427:5487,*./912787+7$
7*91/0*:*,7,*./91317641674+1722A95/91+1=459-D527121,,*./9153D105B12785491
53D1057@A95/911+0>27*91/0*:*,7,*./G$14,145+*122A9142*9147=54<-1=41+1/0791-/
8595=740*,-27481/01874,79547+65+<-1+5/,58-/1+70595+25+8*18345+91264-=5
B7 /5 =-191 +14 1/ +- =-41C7 12 9*4*61/01 91+=.0*,5 /74,*+*+07$ 54 -/ 2795 ,585
=740*,*=7 1/ 27 +-+07/,*7 8*+87 91 27 ,58-/*979 <-1 @7,1 =5+*321 27 *91/0*:*,7,*./ +-
*91/0*9791+0>9*;*9*97?21+12=7941=1450783*?/-/59125+@1487/5+$5450452795
,585+-9141,@579*4*6*4+137+71/1241,5/5,*8*1/05=54=74019125+5045+8*18345+
912 64-=5 91 -/ 47+65 912 2A914 <-1 ?2 ,58=7401$ 91 -/ 8595 =740*,-27481/01
=45/-/,*795,5/0595+1225+122A9141+1/647/819*9741+=5/+73217/0127,58-/*979$
7 /1,1+*979 91 2*9147C65 +*6-1 1H*+0*1/95 I=54 47C5/1+ 1+04-,0-4721+ <-1 41-9 /5
1H=2547=145727+<-1;52;14185+1/+16-*97I=145,5/+0*0-B1-/2*9147C658-,@58>+
9185,4>0*,5 <-1 7<-12 *8=2*,795 1/ 27 /5,*./ 912 9?+=507 /74,*+*+07$ 1 @1,@5 /5
1+0785+21D5+9127=1,-2*74,583*/7,*./91,5/+1/+5B,514,*./<-1478+,*91/58*/.
@16185/A7$785+7:*/72*C741+017/>2*+*+91+07,7/95<-141-914707/,5/+,*1/0191
27 *8=5+*3*2*979 91 419-,*4 12 =45,1+5 91 :5487,*./ 912 64-=5 72 452 ,1/0472 912 D1:1
7-054*074*5 91 27 @5497 <-1 72 =4*/,*=*5 912 ,7=A0-25 ; /5+ 34*/97 -/ */;1/074*5 91 5047+
=5+*321++*0-7,*5/1+B,583*/7,*5/1++5,*721+J1+91@1,@5-/71+=1,*19191+,4*=,*./
=456478>0*,791-/01441/5;*461/7+145,-=795*/0121,0-7281/01$72127=1/7,*07425*/
1H01/+55+<-1974A77-/8-,@5=54*/;1+0*674B91+,4*3*41/,-7/05727854:5256A791
25+ 64-=5+ $$$W$ 734A7 <-1 =41+074 701/,*./ 7 25+ 9*:141/01+ 0*=5+ 91 64-=5+ 8>+ 5
81/5+ =1487/1/01+ <-1 +-461/ 91 87/147 1+=5/0>/17 7+A ,585 1+0-9*74 27+
,5/9*,*5/1+91+-6?/1+*+B91+-91+,58=5+*,*./
53410595@734A7<-15,-=74+19127
9*:141/,*7 1/041 25+ 64-=5+ <-1 =5+11/ -/ 2A914 B 25+ <-1 /5 25 0*1/1/$ ;14*6-74 +* 25+
64-=5+,5/2A914+5/25+8>+54*6*/74*5+B,58=2105+B+*1/25+5045+122A914=-191+14
+-+0*0-*95=54 -/7 *917726573+047,05 41+=1,05 91 25 ,-72 25+ 64-=5+ 412*6*5+5+ ,5/ +-
D1:70-47*/;*+*321,5/+0*0-*4A7/27047/+*,*./J+*1+1+-+0*0-05=594A7+14=45=54,*5/795=54
-/7 01/91/,*7 ,58=740*97 -/ 91+15 912 <-1 -/7 8-20*0-9 =-9*147 =740*,*=74$ +07
73+047,,*./=594A7,/,74/74+17+-;1C9187/1478>+581/5+,58=21071/27=14+5/7
9125<-1=594A785+91/58*/74-/2A914+1,-/974*5J1/072,7+5912;A/,-251/041*917B
2A914 41+-2074A7/ */0141+7/01+ ;74*19791+$ 2 2A914 5 27 *917 ,5/9-,0547 =594A7/ ;52;14+1
0783*?/9*6785+/1670*;5+J1259*57910148*/797=14+5/75*/+0*0-,*./=-191=459-,*4
1*8*+851:1,05-/*0*;5B61/14742*67C5/1+7:1,0*;7++*8*2741+72791=1/91/,*7=5+*0*;7$
731 =416-/074+1 7918>+ +* 12 2A914 1+ 417281/01 */9*+=1/+7321 =747 27 1+1/,*7 912
64-=5B,5+7+=54121+0*25$

$

KH*+01-/018741,-441/01<-19?,5@141/,*772741:21H*./+534127+5,*19799187+7+
91+917*/1@7+0741-9Y*1/+5<-1+AB=-191@72274+11/27=45641+*;741/165,*7,*./
91 27 9-72*979 1/041 @58561/1*979 +5,*72 R5 */9*:141/,*7,*./S B 9*:141/,*7,*./ +5,*72$ 2
=ï
,58*1/C5 912 =45,1+5 1/ 25 <-1 @185+ 91/58*/795 12 64795 ,145 91 ,-72<-*14
1;72-7,*./=5+*0*;791277,,*./9187+7+1+079-72*9791+91@1,@5-/9-72*+85$=747
7*/1 27 +5,*1979 +.25 =-191 734*4 27+ =-1407+ 7 27+ :-14C7+ @58561/1*C7/01+ 7
1H=1/+7+91+-,5@1+*./*/014/7$ 7*6-727,*./9127+,5/9*,*5/1++.25=-191+*6/*:*,7427
4-=0-47 91 0597 D1474<-A7 B 9*:141/,*7,*./ 1+ 91,*4 12 ,527=+5 912 5491/ +5,*72$ 585
@185+;*+051237L591+7/641<-1+16E/?2@73A7+*95271;52-,*./1471241+-20795
9*41,059127-/*:548*979=45;5,797=541273+52-0*+85<-1@73A7@1,@591+=741,1425+
5467/*+85+ */014819*5+ <-1 ;*/,-2737/ 72 */9*;*9-5 ,5/ 12 +0795$ 7 @58561/1*979
+5,*72 B 27 4-=0-47 91 ,-72<-*14 0*=5 91 5467/*C7,*./ +5,*72 147/ =747 ?2 +*/./*85+$
1+91 1+01 =-/05 91 =740*97 */047/+*61/0112 412705<-1 @185+ =41+1/0795 1+ 1291 25+
+-,1+*;5+ 1+:-14C5+ =747 @7,14 ,58=70*321+ 27+ 2.6*,7+ +5,*721+ @58561/1*C7/01+ R5
1<-*;721/,*721+ 91S ,5/ 12 :-/,*5/78*1/05 4172 91 -/ ,-14=5 +5,*72 ;*7321$ 7 9-72*979
@58561/1*C7,*./9*:141/,*7,*./+187/0-;5=145795=0.,797;1C81/5+12,74>,01491
-/9-72*+85$4*8145@-35-/91+9*3-D78*1/0591279*+0*/,*./07D7/011/04125/54872B25
=7052.6*,5 B =7472125 7 1225 -/7 047/+:141/,*7 72 64-=5 91 8-,@7+ :-/,*5/1+ <-1
=41;*781/01 @73A7/ +*95 ,5/,13*97+ ,585 =1401/1,*1/01+ 72 */9*;*9-5 91 87/147
1H,2-+*;7$ 1 5/ =14,*3*. 7 27 8-20*0-9 ,585 -/7 =7401 */1;*07321 91 27 ,58-/*979 B
,5/,*3*. -/7 1+=1,*1 91 ,701,*+85 87/*=-270*;5 =747 87/01/1427 91/045 91 +-+ 2A8*01+$
7477491128581/05911<-*;721/,*79127@58561/1*C7,*./+1@7227371/25<-1?2
91/58*/.27F*8*07,*./G1+91,*41/27+=4>,0*,7+41=10*0*;7+<-161/147281/01+*6-1/7
25+ 8581/05+ 91 ,417,*./ 5 */;1/,*./$ 54 25 07/05 12 8581/05 1<-*;721/,*72 1+ 12
,*8*1/058*+8591201D*95+5,*72$+05,585@185+;*+05+1,5/:*487,5/8>+:-14C77E/
,-7/95 8>+ 074911+07321,1 27 9*+0*/,*./1/041 27+ 8-20*0-91+ B 25+=E32*,5+ 7-/<-1 25+
E20*85+ +5/ 8>+ ,58=70*321+ <-1 27+ =4*8147+ ,5/ 12 :-/,*5/78*1/05 5491/795 91 27
+5,*19790783*?/1+0>/37+795+1/272.6*,7@58561/1*C7/019127+*8*2*0-9$
*=54-/
2795,5-67221+07321,*.-/7874,7979*+0*/,*./1/0418-20*0-9B64-=55467/*C795=54
125045819*7/0127/5,*./91F;52-/079,521,0*;7G37+7971/27*91/0*:*,7,*./,58E/,5/
-/53D105*/0459-D512=4*/,*=*5911<-*;721/,*7,585-/7,5/9*,*./9127,5/+0*0-,*./91
-/ 64-=5 720781/01 5467/*C795$ 7 9*:141/,*7,*./ B 27 @58561/1*979 <-1 @73A7/ +*95
7/0A=597+=7477*/1B7/51+0737/1/5=5+*,*./1/041+A$ 5/1+05/5++*0-785+1/25+
35491+ 91 27 0154*C7,*./ 91 41-9$
5/ 41-9 91+7=741,1/ 25+ E20*85+ ;1+0*6*5+ 91 9-72*+85$
- ,5/04*3-,*./ ,5/+*+0*. 1/
=45;114 -/ 874,5 */0121,0-72 91/045 912 ,-72 0595 25 <-1 @7+07 12 8581/05 @73A7 +*95
=41+1/0795,585-/7+-87@101456?/1791=4*/,*=*5+*/,5/81/+-47321+7@547=59A7+14
127354797=740*491-/78704*C01.4*,7-/*:*,797$
*/-1+04721,0-4791+-01H051+,5441,07
05956*471/054/59127/5,*./,27;191*91/0*:*,7,*./B12=-/0591=740*97=7471H=2*,74
-/7=2-472*9799172014/70*;7++5,*5=52A0*,7+9131@72274+11/1264795919*+07/,*71/04112
B5 B 12 B5 *9172$
* 1+7 9*+07/,*7 7-81/07 =54 <-? 1+05 1+ 7265 <-1 913185+
=416-/074/5+S 1/,5/0474185+ 27 +*0-7,*./ ,1/047281/01 91+,4*=07 =54 41-9 27
*91/0*:*,7,*./ 1/041 25+ =741+ ,585 8*18345+ 912 64-=5 B 27 047/+:141/,*7 912 452 912 B5
*9172722A914/1+1,7+512=4*/,*=*5:-/9781/0729125491/,58-/*074*5047+,1/914A77
1+01 E20*85 B ,5/ 41+=1,05 7 1+1 =4*/,*=*5 27 *91/0*:*,7,*./ 91 1<-*;721/,*7 1/041 25+
8*18345+91264-=5+1*/,4181/074A7$
*=5412,5/0474*5279*+07/,*71/04112B5B12B5
*9172 1+ 81/54 01/94> 2-674 12 =45,1+5 <-1 91+,4*3*85+ 7/01+ 12 2A914 +14> 12 53D105
1216*95 =54 25+ 8*18345+ 912 64-=5 =145 0783*?/ +14> =7401 91 1+05+ E20*85+
=740*,*=7/95 1/ 12 =45,1+5 61/1472 91 *91/0*:*,7,*./ 8-0-7$ / 1+1 ,7+5 @734A7 -/7
*/87/1/0*C7,*./ =74,*72 1/ 27 37+1 912 5491/ ,58-/*074*$ */7281/01 1/ 12 ,7+5
*876*/74*5R91419-,,*./7273+-495S1/12<-127341,@71/04112B5B12B5*91721+0-;*147
0507281/01,1447971+074A785+:41/017-/7+*0-7,*./0783*?/,5/018=2797=54270154A7
9141-9,585-/,7+52A8*0127047/+:141/,*705072I819*7/01275467/*C7,*./I9127+
:0*/,*5/1+ 912 */9*;*9-5 7 27 ,58-/*979$ 5+ 9*;14+5+ 8*05+ 91 27 +5,*1979 0507281/01
=º
41,5/,*2*797 I<-1 =41+-=5/1 */;74*732181/01 27 7-+1/,*7 91 2*9147C65 1+ 91,*4 12
91+;7/1,*8*1/05 91 25 =52A0*,5I ,58=7401/ 1+01 E20*85 0*=5 91 1/:5<-1$
5/ 1+01 +*+0187 91 72014/70*;7+ 1/ ;*+07 =59185+ ;52;14 7@547 7 27 ,-1+0*./ 912
=5=-2*+85$ 581/C785+ /-1+047 41:21H*./ ,5/ 27 1/-8147,*./ 91 27+ 1+047016*7+
9*+,-4+*;7+7047;?+9127+,-721+12=5=-2*+85:-153*1/91+1+0*879553*1/916479795
,585 :1/.81/5 =52A0*,5 =145 1/ ,-72<-*14 ,7+5 /-/,7 =1/+795 417281/01 1/ +-
1+=1,*:*,*979,585-/7:5487216A0*871/0415047+91,5/+04-*412;A/,-25=52A0*,5$1+05
,417B727:-1401+5+=1,@791<-127+47C5/1+912791+1+0*87,*./912=5=-2*+85/51+0>/
0507281/0191+,5/1,0797+9127+-0*2*C797+1/25<-1@185+91/58*/795F2791/*647,*./
9127+87+7+G$/7835+,7+5+7=741,1/27+8*+87+7,-+7,*5/1+$

!

1054/185+=54-/8581/0572:*/72912=4*814,7=A0-25$22A+-614*85+<-1-/79127+
=5+*321+:5487+91735497412=5=-2*+85+14A7058741/+-+1/0*952*01472726-/5+9125+
,72*:*,70*;5+ =1B5470*;5+ <-1 +1 21 @7/ 7+*6/795 B 85+0474 <-1 1225+ +.25 =-191/
87/01/14+1 +* -/5 7,1=07 ,585 =-/05 91 =740*97 912 7/>2*+*+ -/7 +14*1 91 +-=-1+05+
720781/01 ,-1+0*5/7321+$ 5+ 95+ =41+-=-1+05+ =1B5470*;5+ 7 25+ ,-721+ /5+ 41:14*85+
+5/RS<-112=5=-2*+851+;7651*/910148*/79507/051/12=E32*,572<-1+19*4*61B1/
+- 9*+,-4+5 ,585 1/ +-+ =5+0-2795+ =52A0*,5+J RS <-1 12 =5=-2*+85 1+ 8147 410.4*,7$
41/01 7 1+05 5=-+*85+ -/7 =5+*3*2*979 9*:141/01 RS <-1 27 ;76-1979 B 27
*/910148*/7,*.//5,5/+0*0-B1/91:1,05+91-/9*+,-4+5+5341274172*979+5,*72+*/5<-1
1/,*1407+,*4,-/+07/,*7+1+0>/*/+,4*=07+1/274172*979+5,*72,585072JRS<-127410.4*,7
/5 1+ 7265 1=*:1/58?/*,5 41+=1,05 91 -/7 1+04-,0-47 ,5/,1=0-72 7-0591:*/*97 B7 <-1
/*/6-/7 1+04-,0-47 ,5/,1=0-72 1/,-1/047 +- ,5@1+*./ */014/7 +*/ 7=1274 7 41,-4+5+
410.4*,5+$
* 1+05 :-147 7+A 27 ,5/,2-+*./ +14A7 <-1 12 =5=-2*+85 1+ 27 ;A7 4172 =747
,58=41/914726541270*;5727,5/+0*0-,*./5/052.6*,79125=52A0*,5,585072$+051+25<-1
047074185+ 91 =45374 1/ 1+01
,7=A0-25$
*/ 1837465 =4*8145 1+ /1,1+74*5 @7,14 1H=2A,*05+ 726-/5+ +-=-1+05+
5/052.6*,5+ 61/14721+ <-1 6-*74>/ 12 7/>2*+*+$ / 5045+ 04737D5+ @185+ 1H=254795 1+05+
7+=1,05+9187/147=412*8*/74
2

!
-17<-A+.*541+-8*4185+27+,5/,2-+*5/1+=4*/,*=721+B+.251/07/05+17/4121;7/01+
=747 27 746-81/07,*./ 91 1+01 2*345$
H*+01/ 041+ ,5/D-/05+ 91 ,701654A7+ <-1 +5/ ,1/04721+ =747 /-1+045 1/:5<-1 01.4*,5
$ *+,-4+5$ 2 9*+,-4+5 ,5/+0*0-B1 12 01441/5 =4*874*5 91 ,5/+0*0-,*./ 91 27 53D10*;*979
,585 072$ 54 9*+,-4+5 /5 1/01/9185+ 7265 1+1/,*7281/01 41+04*/6*95 7 27+ >417+ 912
@7327B271+,4*0-47,585@185+7,274795;74*7+;1,1++*/5-/,58=21D59112181/05+
1/12,-7227+4127,*5/1+D-167/-/452,5/+0*0-0*;5$+05+*6/*:*,7<-11+5+12181/05+/5
+5/ =411H*+01/01+ 72 ,58=21D5 4127,*5/72 +*/5 <-1 +1 ,5/+0*0-B1/ 7 047;?+ 91 ?2$ 54 25
07/05 F4127,*./G B F53D10*;*979G +5/ +*/./*87+$
7-++-41 7:*487 <-1 1/ 12 21/6-7D1 /5
1H*+01/ 0?48*/5+ =5+*0*;5+ +*/5 +.25 9*:141/,*7+ 7265 1+ 25<-1 1+ +.25 7 047;?+ 91 +-+
=ë
4127,*5/1+9*:141/,*721+,5/72659*:141/01$25 <-11+,*140591221/6-7D1,5/,13*951/
+1/0*951+04*,050783*?/1+,*140591,-72<-*1412181/05+*6/*:*,70*;5R1+91,*453D10*;5S
-/77,,*./1+25<-11++.257047;?+91+-+9*:141/,*7+,5/5047+7,,*5/1+=5+*321+B,5/
5045+ 12181/05+ +*6/*:*,70*;5+ I=727347+ 5 7,,*5/1+I <-1 =-191/ +14 +-,1+*;5+ 5
+*8-20>/15+$ 5+0*=5+914127,*./<-1=-191/1H*+0*41/0411+05+12181/05++*6/*:*,70*;5+
+5/+.2595+27,583*/7,*./B27+-+0*0-,*./$/7;1C<-127+1+,-127+91 5=1/@76-1B
4767 479*,72*C745/ 12 :54872*+85 2*/6ZA+0*,5 :-1 =5+*321 *4 8>+ 722> 91 27 41+04*,,*./
+7-++-4*7/7 7 27+ +-+07/,*7+ :./*,7 B ,5/,1=0-72 B 91+74452274 27 05072*979 91 27+
*8=2*,7/,*7+ 5/052.6*,7+ <-1 +1 914*;7/ 91 1+01 =45641+5 :-/9781/072 0597 41:141/,*7
2*/6ZA+0*,7 =-4781/01 416*5/72 :-1 1/ 647/ 819*97 737/95/797$
79727,1/0472*979<-141,*3127,701654A791F4127,*./G1//-1+0457/>2*+*+<-197,2745
<-1 /-1+045 @54*C5/01 01.4*,5 9*:*141 91 5045+ 1/:5<-1+ ,5/018=54>/15+$ 54 1D18=25
27*/79*5-,5/,*317270154A79125+,5/D-/05+,5851201441/591-/75/05256A7072$
*/
1837465 9797 27 ,1/0472*979 91 27 /5,*./ 91 1H01/+*5/72*979 1/ 27 0154A7 91 25+
,5/D-/05+ 27 ,701654A7 91 4127,*./ +.25 =-191 D-674 1/ 12 81D54 91 25+ ,7+5+ -/ 452
8746*/72$ 145 0783*?/ 1/ 9*;14+5+ 1/:5<-1+ @52A+0*,5+ @722785+ 7265 */,58=70*321 1/
E20*87 */+07/,*7 ,5/ /-1+047 =14+=1,0*;7$ 2 :-/,*5/72*+85 =54 1D18=25 0*1/1 -/7
,5/,1=,*./4127,*5/72912705072*979+5,*72=1457<-A27+4127,*5/1+1+0>/+-3549*/797+7
27 :-/,*./ B 91 1+07 87/147 41*/0164797+ 012152.6*,781/01 7 -/ 0595 1+04-,0-472 <-1
,5/+0*0-B1 7265 /1,1+74*781/01 =41;*5 B 8>+ <-1 25 9795 1/ 27+ 740*,-27,*5/1+
9*:141/,*721+$ /,2-+5 1/ 27 =14+=1,0*;7 1+04-,0-472*+07 ,2>+*,7 ,585 27 91 ?;*\
047-++
I91 27 ,-72 27 01215256A7 1+0> +*/ 9-97 7-+1/01I 12 0595 72,7/C7 +- -/*979 1/ 7265
9*+0*/05 912 D-165 91 27+ 9*:141/,*7+ 1+ 91,*4 1/ 27+ ,701654A7+ 3>+*,7+ 91 27 81/01
@-87/7<-1419-,1/0597;74*7,*./7-/7,583*/7054*79112181/05+958*/797=54-/
,5/D-/05 +-3B7,1/01 91 5=5+*,*5/1+$ / /-1+047 =14+=1,0*;7 /5 1H*+01 -/ 8>+ 722> 912
D-1659127+9*:141/,*7+/*/6E/:-/9781/05<-1=4*;*216*17=4*54*726-/5+12181/05+912
0595 =54 1/,*87 91 25+ 5045+$ -72<-*147 <-1 +17 27 ,1/0472*979 79<-*4*97 =54 -/
12181/059131+141H=2*,797=5412D-1659127+9*:141/,*7+,585072$ 787/147,585
+17 1H=2*,797 /5+ ,5/9-,1 72 +16-/95 ,5/D-/05 91 ,701654A7+$
$
*6/*:*,7/01+;7,A5+B@16185/A7$5B7=41+1/0741+07+,701654A7+912787/1478>+
+58147 B7 <-1 01/94185+ <-1 ;52;14 +5341 1227+ ;74*7+ ;1,1+ 1/ 1+01 ,7=A0-25$ /7
;14+*./ 8>+910722797912746-81/05 01.4*,5=-191@72274+11/ 8*740A,-25 F54<-? 25+
+*6/*:*,7/01+ ;7,A5+ +5/ *8=5407/01+ =747 27 =52A0*,7YG$ -1+047 95321 07417 1+ 27
+*6-*1/01 R7S 9795 <-1 1+0785+ 04707/95 ,5/ *91/0*9791+ =-4781/01 9*:141/,*721+
913185+ 1/ ,*1407 :5487 910148*/74 12 0595 91/045 912 ,-72 1+7+ *91/0*9791+ ,585
9*:141/01++1,5/+0*0-B1/R12=453218753;*781/01/5+-46*4A7+*1+0-;*?4785+04707/95
,5/ *91/0*9791+ =5+*0*;7+ +.25 4127,*5/797+ 1H014/781/01SJ R3S ,585 /5 1+0785+
=5+0-27/95 /*/6E/ ,1/045 1+04-,0-472 /1,1+74*5 950795 91 -/7 ,7=7,*979 7 =4*54* 91
F910148*/7,*./ 1/ E20*87 */+07/,*7G ,-721+<-*147 <-1 +17/ 25+ 1:1,05+ F,1/0472*C79541+G
<-1 25641/ ,5/+0*0-*4 -/ @54*C5/01 05072*C7954 =41,74*5 9131/ =45,1914 7 =740*4 91 27
*/0147,,*./9127+=45=*7+9*:141/,*7+$K .851+1+05=5+*321Y/12740A,-2581/,*5/795
7/01+ =41+1/0? -/ 746-81/05 1+04-,0-4795 1/ ;74*5+ =7+5+$ 4*8145 +* 01/185+ -/
,5/D-/05=-4781/019*:141/,*722705072*97991311+074=41+1/011/,7977,05*/9*;*9-7291
+*6/*:*,7,*./J=542507/052705072*9791+27,5/9*,*./9127+*6/*:*,7,*./,585072$1451/
+16-/952-674=7477=41@1/914,5/,1=0-7281/011+705072*979913185+7=41@1/914+-+
2A8*01+ 1+91,*4 913185+9*+0*/6-*427 9172659*:4 41/0191 +A 8*+87$ +05 9*:141/01 +*/
1837465+.25=-191+1450479*:141/,*7B,5851+0785+04707/95,5/-/705072*979<-1
7374,70597+27+9*:141/,*7+1+0750479*:141/,*7I<-1=45;11121H014*54<-1/5+=148*01
,5/+0*0-*42705072*979I+14A7*/014/7B/51H014/771+07E20*87=542507/05/5+14A77=07
=747 12 04737D5 05072*C7954$ /05/,1+ 1/ 014,14 2-674 27 E/*,7 =5+*3*2*979 91 01/14 -/
;149791451H014*54+14A7<-1121H014*54/5:-147+*8=2181/01-/12181/058>+/1-0472
j
+*/51241+-2079591-/71H,2-+*./917265<-12705072*9791H=12191+A8*+877:*/91
,5/+0*0-*4+1 R=747 974 -/ 1D18=25 =52A0*,5
1+819*7/01279185/*C7,*./91-/+1,0549127=5327,*./<-1-/7+5,*197972,7/C7-/
+1/0*9591+-=45=*7,5@1+*./S$
*/18374651+05,417-//-1;5=4532187,5/41+=1,05
7212181/051H,2-*950597+27+5047+9*:141/,*7++5/1<-*;721/01+1/041+AI1<-*;721/01+
1/ +- 41,@7C5 ,58E/ 7 27 *91/0*979 1H,2-*97I$ R 585 ;*85+ ?+07 1+ -/7 91 27+
=5+*3*2*9791+ 91 27 :5487,*./ 912 64-=5 <-1 =27/017 41-9 12 47+65 ,58E/ <-1 @7,1
=5+*321 27 8-0-7 *91/0*:*,7,*./ 1/041 25+ 8*18345+ 1+ 27 @5+0*2*979 ,58E/ @7,*7 7265 5
726-*1/$S145271<-*;721/,*71+=41,*+781/0125<-1+-3;*1401279*:141/,*79187/147
<-10597*91/0*9791+,5/+04-*9791/045911+0701/+*./1/041272.6*,791279*:141/,*7B27
2.6*,791 27 1<-*;721/,*7$ -74051+05 +*6/*:*,7<-1 1/ 12 25,-+91 27 05072*979@722785+
07/+.251+0701/+*./$ 5<-101/185+1/E20*87*/+07/,*71+-/705072*979:722*9712+*0*5
91-/7=21/*0-9*/72,7/C7321$ 705072*979,5/+0*0-B1-/53D105<-11+727;1C*8=5+*321B
/1,1+74*5$ 8=5+*321 =54<-1 27 01/+*./ 1/041 1<-*;721/,*7 B 9*:141/,*7 1+ 1/ E20*87
*/+07/,*7 */+-=147321J /1,1+74*5 =54<-1 +*/ 726E/ 0*=5 91 ,*1441 =54 8>+ =41,74*5 <-1
:-147 /5 @734A7/*/6-/7 +*6/*:*,7,*.//* *91/0*979$
*/ 18374651/<-*/05 2-674 25<-1
@185+85+047951++.25<-1/51H*+01/819*5+,5/,1=0-721+=7477=41@1/9140507281/01
7 1+1 53D105$ 145 27 41=41+1/07,*./ 1+ 8>+ 78=2*7 <-1 27 ,58=41/+*./ ,5/,1=0-72$ 5
<-1=1487/1,11+27/1,1+*979911+0153D105*8=5+*321917,,191491726-/787/14772
,78=5 91 27 41=41+1/07,*./$ 5 53+07/01 27 41=41+1/07,*./ 0*1/1 ,585 +-+ E/*,5+
819*5+=5+*321+27+9*:141/,*7+=740*,-2741+$2746-81/05<-1@191+7445227951+<-11/
1+01=-/051H*+0127=5+*3*2*97991<-1-/79*:141/,*7+*/91D7491+14=740*,-2747+-87
27 41=41+1/07,*./ 91 -/7 05072*979 */,5/81/+-47321$ 1 1+07 87/147 +- ,-14=5 1+0>
9*;*9*951/04127=740*,-274*979<-112277E/1+B27+*6/*:*,7,*./8>+-/*;14+729127<-11+
=54079547$+075=147,*./=5427<-1-/7=740*,-274*9797+-81-/7+*6/*:*,7,*./-/*;14+72
*/,5/81/+-47321 ,5/+*65 8*+87 1+ 25 <-1 91/58*/785+ @16185/A7$ 9795 <-1 1+07
05072*979 5 -/*;14+72*979 1/,74/797 1+ ,585 @185+ ;*+05 -/ 53D105 *8=5+*321 27
*91/0*979@1618./*,7=7+77+1472659125491/912+*6/*:*,7/01;7,A5047/+:5487/957+-
=45=*7 =740*,-274*979 1/ 12 ,-14=5 <-1 1/,74/7 -/7 05072*979 */72,7/C7321$ 5/ 1+05
91314A7 <-1974 ,2745 <-1 27 ,701654A7 91 05072*979 /5 =-191 +14 14479*,797 =145 <-1
,585 -/7 05072*979 :722*97 ,5/+0*0-B1 -/ @54*C5/01 B /5 -/ :-/9781/05$
* 27 +5,*1979
1+0-;*147 -/*:*,797 =54 -/ ,5/01/*95 ./0*,5 910148*/795 I910148*/7,*./ 1/ E20*87
*/+07/,*7 =54 27 1,5/58A7 12 1+=A4*0- 912 =-1325 27 ,5@141/,*7 +*+0?8*,7 10,?0147I 27
05072*979 =594A7 +14 9*41,0781/01 41=41+1/0797 1/ -/ /*;12 1+04*,0781/01 ,5/,1=0-72$
585?+01/51+12,7+5-/705072*C7,*./@1618./*,741<-*141-/7*/;1+0*9-47479*,72I
1+91,*4/5910148*/73217=4*54*IB1+05*8=2*,7*/;52-,474+11/D-165+91+*6/*:*,7,*./
8-B 9*:141/01+ 91 27 7=41@1/+*./ ,5/,1=0-72 =-47$ <-A ,585 ;14185+ 27 9*81/+*./
7:1,0*;7 D-167 -/ 452 ,1/0472$
#$10.4*,7$H*+01-/91+=27C78*1/05410.4*,5+*18=41<-1-/0?48*/52*014721++-+0*0-*95
=54 5045 :*6-470*;5$ 581/,185+ +1L727/95 -/ 7+=1,05 91 27 410.4*,7 <-1 1+ 8-B
4121;7/01 =747 /-1+047 9*+,-+*./ =41;*7$ *,14./ 72 41:21H*5/74 +5341 12 54*61/ 91 25+
91+=27C78*1/05+410.4*,5+*876*/.-/1+0795=4*8*0*;59127+5,*19791/12<-1@73A78>+
,5+7+=747+14/5834797+<-127+=727347+9*+=5/*321+1/1221/6-7D1918595<-1147
/1,1+74*5 -0*2*C74 =727347+ 1/ 8>+ 91 -/ +1/0*95 91+;*>/9527+ 91 +- +1/0*95 2*01472
=4*8549*72$ +07 1+,7+1C 91 =727347+ 41=41+1/0737 =747 ?2 =54 +-=-1+05 -/7 ,741/,*7
=-4781/01 18=A4*,7$ 876*/185+ /5 53+07/01 <-1 1+07 ,741/,*7 /5 1+ 18=A4*,7 <-1
1+0>;*/,-2797,5/-/325<-15,5/+0*0-0*;591221/6-7D1<-141<-*141/5834747265<-11+
1+1/,*7281/01*//58347321,585,5/9*,*./91+-=45=*5:-/,*5/78*1/05$/1+1,7+512
21/6-7D154*6*/72/5+14A72*01472+*/5:*6-470*;5B7<-1+*/974/58341+725*//58347321
/5@734A721/6-7D1726-/5$/27410.4*,7,2>+*,7-/0?48*/5:*6-470*;5<-1/5=-191+14
+-+0*0-*95 =54 5045 2*01472 +1 91/58*/. ,707,41+*+ R=54 1D18=25 ,-7/95 @732785+ 91 F27
jc
=70791-/7+*227GS$+01746-81/05=-191+1461/1472*C795+*7,1=0785+12@1,@591<-1
,-72<-*149*+054+*./912+1/0*95=45,1911/+-47AC9127/1,1+*979911H=41+747265<-1
12 0?48*/5 2*01472 +*8=2181/01 /5 047/+8*0*4A7$ / 1+1 +1/0*95 27 ,707,41+*+ 1+7265 8>+
<-1-/7:*6-47=740*,-2741+1291/58*/7954,58E/912741054*,*979,585072$M+011+12
=-/05 1/ 12 ,-72 =59185+ ;*/,-274 1+01 746-81/05 ,5/ /-1+047+ 53+14;7,*5/1+ =41;*7+
+5341@16185/A7B+*6/*:*,7/01+;7,A5++*12+*6/*:*,7/01;7,A5+-4619127/1,1+*97991
/583474 -/ 53D105 <-1 1+ 7 27 ;1C *8=5+*321 B /1,1+74*5 I91 1+1 =-/05 ,145 91 27
+*6/*:*,7,*./<-11++*/183746527=41,5/9*,*./91,-72<-*14=45,1+5+*6/*:*,7/01I1/
1+1,7+5275=147,*./@1618./*,7+14>/1,1+74*781/01,707,4?0*,7$ 585;14185+8>+
79127/0127,5/+04-,,*./=52A0*,7912=-13251+=541+0747C./1+1/,*7281/01,707,4?0*,7$
-/<-1 8>+ 79127/01 +14> /1,1+74*5 91,*4 8>+ +5341 27 410.4*,7 =747 85+0474 25+
41,-4+5+9*+,-4+*;5+ <-1 */014;*1/1/ 1/ 27=459-,,*./9*+,-4+*;7912 F=-1325G=59185+
=54128581/0591D7417+-/057<-A$ 7B+*/1837465-/E20*85=-/0572<-1913185+
41:14*4/5+$
185+ 7:*48795 <-1 1/ -/7 4127,*./ @1618./*,7 -/7 9*:141/,*7 =740*,-274 7+-81 27
41=41+1/07,*./ 91 -/7 05072*979 <-1 27 1H,191$ +05 505467 -/7 ,2747 ,1/0472*979 7 -/7
:*6-47 =740*,-274 91/045 912 74+1/72 91 27 410.4*,7 ,2>+*,7 27 +*/?,95<-1 R27 =7401 <-1
41=41+1/07 72 0595S$ 1+05 0783*?/ +-6*141 <-1 27 +*/?,95<-1 /5 1+ +.25 -/ 41,-4+5
410.4*,58>+<-1+*8=2181/011+7641679572707H5/58A7D-/0575047+:*6-47+,58527
810>:547 5 27 8105/*8*7 +*/5 <-1 ,-8=21 -/7 :-/,*./ 5/052.6*,7 9*:141/01$ <-A /5
=59185+ 1/0474 1/ 27 9*+,-
*./ 91 1+01 7+-/05 <-1 72 =1401/1,14 7 25+ :-/9781/05+
61/14721+ 91 27 ,27+*:*,7,*./ 410.4*,7 1H,191 1/ 647/ 819*97 12 0187 91 1+01 2*345$
1/,*5/185+ +*8=2181/01 72 =7+74 <-1 27+ ,27+*:*,7,*5/1+ 91 27 410.4*,7 @7/ +*95
7/,*22741+ =747 27+ ,701654A7+ 91 27 5/05256A7 ,2>+*,7 B <-1 12 ,-1+0*5/78*1/05 91 1+07
E20*87 /5 =-191 91D74 91 01/14 *8=5407/01+ ,5/+1,-1/,*7+ =747 25+ =4*/,*=*5+ 91 27+
=4*8147+$ 5/ 1+05 01/185+ 27 87B54 =7401 91 27+ =41,5/9*,*5/1+ /1,1+74*7+ =747
18=1C74 /-1+047 9*+,-+*./ +5341 =5=-2*+85$

13185+ 05874 7<-A -/7 =4*8147 91,*+*./ ,->2 ;7 7 +14 /-1+047 -/*979 91 7/>2*+*+
8A/*87Y5956*471/054/5912741+=-1+07<-19185+71+07=416-/07$59185+91,*9*4
05874,585-/*9798A/*877264-=5,5850721/,-B5,7+5;785+,5/,13*472=5=-2*+85
,58527*915256A75120*=59185;*2*C7,*./91-/64-=5B7,5/+0*0-*95I1+91,*4,58527
1H=41+*./ R12 1=*:1/.81/5S 91 -/7 4172*979 +5,*72 9*:141/01 91 1+7 1H=41+*./IJ 5
=59185+,5/,13*472=5=-2*+85,585-/79127+:5487+91,5/+0*0-*427=45=*7-/*979912
64-=5$
*5=0785+=5427=4*814772014/70*;7/5+1/:41/0785+91*/819*705,5/0597+27+
9*:*,-20791+ <-1 91+,4*3*85+ 1/ /-1+045 =4*814 ,7=A0-25$
* 1216*85+ ,585 =*1/+5 <-1
913185+ 27 +16-/97 913185+ 0783*?/ 7,1=074 +-+ *8=2*,7,*5/1+ F12 =-1325G /5
,5/+0*0-B1 -/7 1H=41+*./ *9152.6*,7 +*/5 -/7 4127,*./ 4172 1/041 761/01+ +5,*721+$ /
5045+0?48*/5+1+-/7:548791,5/+0*0-*427-/*97991264-=5$51+53;*781/0127E/*,7
:548791@7,1425J@7B5047+2.6*,7+<-15=147/91/0459125+5,*72B<-1@7,1/=5+*321+
0*=5+91*91/0*9799*:141/01+9127=5=-2*+07$54,5/+*6-*1/01+*<-14185+910148*/7427
1+=1,*:*,*979 91 -/7 =4>,0*,7 740*,-27054*7 =5=-2*+07 913185+ *91/0*:*,74 -/*9791+ 8>+
=1<-1/7+ <-1 12 64-=5 =747 1+07321,14 12 0*=5 91 -/*979 72 <-1 12 =5=-2*+85 97 2-674$
7 -/*979 8>+ =1<-1L7 =54 27 ,-72 ,581/C74185+ ,5441+=5/91 7 27 ,701654A7 91
F9187/97 +5,*72G$ 585 +1L72? 1/ 5047 =7401 1/ */62?+ 12 0?48*/5 9187/91+ 783*6-5
=-191+*6/*:*,74-/7=10*,*./=1450783*?/=-191+*6/*:*,7401/14-/41,2785R,5851/
F9187/974-/71H=2*,7,*./V9187/9*/67/1H=27/70*5/WS$
*/18374651+07783*6Z1979
1/,*+*6/*:*,7951+E0*2=747/-1+045+=45=.+*05+B7<-11+1/27047/+*,*./9127=10*,*./
72 41,278595/91 ;785+7 @72274 -/5 91 25+ =4*8145+ 47+65+ 91:*/*054*5+912 =5=-2*+85$
1785+-/1D18=2591,.85+-461/9187/97+7*+2797+B,.85,58*1/C7/+-=45,1+5
91740*,-27,*./$21D18=257-/<-1*876*/74*5+1,5441+=5/911/3-1/7819*97,5/-/7
j`
+*0-7,*./ 78=2*781/01 1H=14*81/0797 1/ =7A+1+ 912 14,14 -/95$ 1/+185+ 1/ -/7
647/87+7918*647/01+76474*5+<-1+1@71+07321,*951/27+;*227+8*+14*7-3*,797+1/
27+ 7:-147+ 91 -/7 ,*-979 */9-+04*72 1/ 91+7445225$
-461/ =4532187+ 91 ;*;*1/97 B 12
64-=591=14+5/7+7:1,0797+=*91727+7-054*9791+25,721+726E/0*=591+52-,*./$<-A
01/185+-/79187/97<-1*/*,*7281/01072;1C+17+.25-/7=10*,*./$
*279187/971+
+70*+:1,@7722A0148*/712=4532187J=145+*/5251+2761/01=-191,581/C747=14,*3*4
<-1 25+ ;1,*/5+ 0*1/1/ 5047+ 9187/97+ *6-7281/01 */+70*+:1,@7+ I=4532187+ 91 76-7
+72-919-,7,*./10,?0147I$
*27+*0-7,*./=1487/1,1*6-72=54-/910148*/7950*18=5
@734> -/7 7,-8-27,*./ 91 9187/97+ */+70*+:1,@7+ B -/7 ,41,*1/01 */,7=7,*979 912
+*+0187 */+0*0-,*5/72 =747 73+5431427+ 91 -/ 8595 9*:441/,*72 R,797 -/7 91 87/147
+1=747979127+5047+SB1+051+07321,11/0411227+-/74127,*./1<-*;721/,*72$241+-20795
:>,*281/01 =594A7 +14 +* /5 1+ */0144-8=*95
=54:7,0541+1H014/5+12+-46*8*1/0591-/73*+85,797;1C87B54<-1+1=74172+*+0187
*/+0*0-,*5/72 91 27 =5327,*./$
<-A01/94A785+=542507/0527:5487,*./91-/7:45/0147*/014/791-/79*,5058*C7,*./
912 1+=1,045 =52A0*,5 25,72 7 047;?+ 912 +-46*8*1/05 91 -/7 ,791/7 1<-*;721/,*7 91
9187/97+*/+70*+:1,@7+$ 7+=10*,*5/1++1;7/,5/;*40*1/951/41,2785+$-/79187/97
<-1+70*+:1,@75/5=1487/1,17*+27972791/58*/74185+9187/979185,4>0*,7$"27
=2-472*979 91 9187/97+ <-1 7 047;?+ 91 +- 740*,-27,*./ 1<-*;721/,*72 ,5/+0*0-B1/ -/7
+-3D10*;*979+5,*728>+78=2*727+91/58*/74185+9187/97+
,58*1/C7/
7+A1/-//*;128-B*/,*=*1/017,5/+0*0-*472F=-1325G,5857,054@*+0.4*,5=501/,*72$<-A
01/185+ 1/ 1+0795 1834*5/74*5 -/7 ,5/:*6-47,*./ =5=-2*+07$ 7 01/185+ 95+ ,2747+
=41,5/9*,*5/1+ 912 =5=-2*+85 RS 27 :5487,*./ 91 -/7 :45/0147 */014/7 7/076./*,7
+1=747/95 12 F=-1325G 912 =5914J RS -/7 740*,-27,*./ 1<-*;721/,*7 91 9187/97+ <-1
@7,1 =5+*321 12 +-46*8*1/05 912 F=-1325G$ H*+01 -/7 014,147 =41,5/9*,*./ <-1 /5 +-461
417281/01@7+07<-12785;*2*C7,*./=52A0*,7@772,7/C795-//*;128>+720527-/*:*,7,*./
911+07+9*;14+7+9187/97+I,-B71<-*;721/,*7@7+071+1=-/05/5@73A7*958>+722>
91 -/ ;765 +1/0*8*1/05 91 +52*974*979 1/ -/ +*+0187 1+07321 91 +*6/*:*,7,*./$
*=1487/1,185+8581/0>/1781/011/12/*;1225,72=59185+;14,274781/01,.8527+
1<-*;721/,*7+I+*/27+,-721+/5=-1911H*+0*412=5=-2*+85I+.25=-191/,5/+52*974+1
,-7/95 +1 7;7/C7 -/5+ =7+5+ 07/05 819*7/01 27 1H=7/+*./ 91 27+ ,791/7+
1<-*;721/,*721+ ,585 819*7/01 +- -/*:*,7,*./ +*83.2*,7$ 58185+ ,585 1D18=25 27+
85;*2*C7,*5/1+=41*/9-+04*721+2*6797+725+41,2785+72*81/074*5+91+,4*=07+=5415461
-9?$/12/*;128>+12181/0721+27F:-14C79121D18=25GI<-1+1,5441+=5/91,5/12
F,5/076*5G 91 25+ 01.4*,5+ 91
5/ 41+=1,05 72 ,58=5/1/01 F9185,4>0*,5G 91 27 /5,*./ 91 F9187/97 9185,4>0*,7G
87+7+I25<-1=-1911+07321,14-/71<-*;721/,*71:A8147$541D18=2525+850*/1+912
04*65 1/ 27 416*./ 91 74A+ 1/ %%"
21D5+ 91 +14 -/7 14-=,*./ +*8-20>/17 <-1 05,. 726E/ =-/05 ,1/0472 1/ ,5/0452 V25+
9*+0-43*5+W,5/+0*0-B145/-/7+14*1911H=25+*5/1+81/541+<-11+0722745//5+.25,585
41+=-1+07727*/*,*70*;725,72+*/5727:-14C79121D18=25V$$$W$/76/B=541D18=25+1
*/:548. <-1 27 61/01 @73A7 +*95 F1H,*0797 =54 27 41;-1207 91 5/05*+1G R7 % 8*227+ 91
9*+07/,*7SJ 1/ *221858321 72 +-4 91 5/1++1 +1 79-D5 1/ 7=5B5 91 25+ =41,*5+ 8>+
37D5+5:41,*95+=5425+,58=479541+F<-112=41,*5912=7/+1@73A7:*D7951/+5-+1/
74A+ B 12 04*65 1/ :47/,5+ 1/ 5/1++1GJ B =594A7/ ,*074+1 5045+ ,7+5+$T
7 :7207 91 ?H*05 91 1+05+ =4*8145+ 9*+0-43*5+ +*25+ ,58=74785+ ,5/ 25+ <-1 0-;*145/
2-6749-47/01271;52-,*./+11H=2*,7=54-/2795=54<-1+-+,791/7+1<-*;721/,*721+
/5+11H01/9*145/727+9187/97+915045++1,0541++5,*721+J=545045=54<-1/5@73A7
9*+=5/*321+ 9*+,-4+5+ /7,*5/721+ 7/0* +070- <-5 1/ 25+ <-1 25+ ,78=1+*/5+ =-9*147/
*/+,4*3*4+-+9187/97+,585-/;A/,-251<-*;721/,*728>+$-9?1+3*1/1H=2A,*051/1+01
+1/0*95
j=
V
-:47,7+5W +1 913*.72 7*+278*1/05 91 1+05+ =4*8145+ 7850*/795+ <-*1/1+ +1 @722745/
1/:41/0795+V$$$W7275=5+*,*./,583*/797912D?4,*0527 621+*712653*14/5273-46-1+A7
-437/7B25+=45=*1074*5+76474*5+V$$-1;781/01IB1+051+91647/*8=5407/,*7I27+
/-1;7+ *917+ 91 F2*314079G B +53147/A7 =5=-274 B 25+ 9141,@5+ 912 @58341 <-1 2-165
72*74A7/727+,27+1+819*7+B37D7+,5/047-/1/18*65,58E/7E//5@73A7/,581/C795
7 ,*4,-274 1/041 25+ =5341+ -437/5+ B 4-4721+ V$$ $$ 2 E/*,5 327/,5 147 12 @7,1/9795 5
,78=1+*/5 =4.+=145 12 ,5814,*7/01 91 ,141721+ 12 852*/145 5 12 =7/79145V$$$W$ 5 +1
=27/017371291445,78*1/05912653*14/559125491/1+07321,*95/*+1=27/01737//-1;7+
+52-,*5/1+/*+*<-*147+13-+,737-/7,58=1/+7,*./=5425+7647;*5+819*7/01277,,*./
=52A0*,7$M+0114712850A/=5425+72*81/05+912+*625H;***1/+-:54878>+=-47$7D527
1;52-,*./ ;7/ 7 7=741,14 85;*8*1/05+ +*8*2741+ =145 B7 /5 01/94>/ /-/,7 12 8*+85
64795 91 1+=5/07/1*979 1 */5,1/,*7 =52A0*,7$
+05 /5+ 8-1+047 -/ 95321 8.9-25 =54 -/ 2795 ,-7/05 8>+ 1H01/9*97 1+ 27 ,791/7
1<-*;721/,*7 8>+ 8*H07 +14> 27 /70-472,%7 91 25+ ;A/,-25+ <-1 1/047/ 1/ +-
,58=5+*,*./$ F 7 8-20*0-9 =-191 7850*/74+1 =54<-1 1+0> @7834*1/07 5 0181 1+07425
=54<-1+-:41-/=45:-/957647;*5+5,*72=54<-13-+,7-/741:5487*/819*7075128*21/*5
5=54<-1<-*14191+04-*47-/1/18*6557,278747-/[@?451TJ=1454747;1C=54726-/791
1+07+ 47C5/1+ =54 +A +527$G 54 5045 2795 +* 27 ,5/:45/07,*./ ;7 7 +14 7265 8>+ <-1
=-4781/01 1=*+.9*,7 27+ :-14C7+ *8=2*,797+ 1/ 1227 9131/ 704*3-*4 7 726-/5+ 91 25+
,58=5/1/01+ 1<-*;721/,*721+ -/ 452 91 7/,27D1 <-1 25+ 9*+0*/67 912 41+05$ 1+91 1+07
=14+=1,0*;7 -9? 1+07321,1 -/7 9*+0*/,*./ 1/041 25+ 850*;5+ 5+01/+*;5+ 91 -/
7850*/78*1/05BF25+850*;5++-3B7,1/01+B25+8*05+B,411/,*7+0479*,*5/721+I25<-1
25+=+*,.2565+9187+7+B,*1/0*+07++5,*721+@7/91/58*/795,411/,*7+[:-/9781/0721+T
5[61/1472*C797+TI<-1D-6745/-/=7=12/79791+=41,*73211/0721+9*+0-43*5+G$ S-9?
9*+,-0112 */+0*/05 F/*;127954G 277/0*=70A7@7,*7 27 *//5;7,*./ ,7=*072*+07 27 *91/0*:*,7,*./
9127FD-+0*,*7G,5/1241B,585=4501,0545F=7941G91+-=-13257+A,585-/7+14*191
0187+ 412*6*5+5+ 5 8*21/74*5+ 41,-441/01+$ 595+ 1+05+ 0187+ 8-1+047/ -/ 859125
,274781/019*+,14/*3210*1/1/-/4529*:141/019125+,5/01/*95+87014*721+41721+9127+
9187/97+ 1/ D-165 I91 5047 87/147 /5 =594A7/ :-/9781/074 5 974 ,5/+*+01/,*7 7 27+
E20*87+I$ 54 1D18=25 +5341 12 F*/+0*/05 /*;127954G -9? 7:*487
1H*+01120479*,*5/72F*/+0*/05/*;127954GV$$$W<-1*8=-2+7725+=5341+73-+,74,*140564795
91D-+0*,*7+5,*7212181/07271H=1/+7+9125+4*,5+21+647/9+B7<-1225+,5/7-054*979
+*/*8=54074+*+5/:-/,*5/74*5+912653*14/5+1L541+:1-9721+,7=*072*+07+52A9141++14
819*7$+1201441/5,58*A/+534112,-728>+722>9125+2187+9127+=7401+1/:41/0797+
128*2*07/01+7/+\,-25001+17+*8*27727850*/79591F27 621+*7B121BG572,78=1+*/51/
3-+,79128*21/*5$V$$$W2*/+4*/05F/*;127954G91278-20*0-9=-191+14:>,*281/01-0*2*C795
07/05 =747 -/7 ,7-+7 7/0*4479*,72 ,585 =747 -/7 479*,72_
5+5045+ 1D18=25+ <-1 81/,*5/7 +5/ *6-7281/01 ,5/0-/91/01+9-47/01 25+ 50*/1+91
5495/27+8-20*0-91+707,745/7,70.2*,5+4*,5+8>+<-17,70.2*,5+1/61/1472J9-47/01
25+9*+0-43*5+91F27 621+*7B121BG2761/011/>=521+707,.725+D7,53*/5+/5+.25
=54<-1 147/ 72*795+ 91 25+ :47/,1+1+ 7015+ +*/5 0783*?/ B =4*/,*=7281/01 =54<-1
,*4,-2737/ 1/ ,744-7D1+J B 9-47/01 27 1/9?1 +*25+ ,78=1+*/5+ +1 41312745/ ,5/047 25+
41;52-,*5/74*5+9174A+:-1=54<-159*737/8>+727,*-9794*,7<-172=45=*1074*525,72$
7 ,5/,2-+*./ 1+ */1<-A;5,7 +* 12 F*/+0*/05 /*;127954G =-191 7=2*,74+1 7 25+ ,5/01/*95+
+5,*721+ 8>+9*:141/01+ /5 =-191 ?2 8*+85=5+114-/ ,5/01/*95 =45=*5$ +05 +*6/*:*,7
<-11+7+*8>61/1+=727347+10,?0147819*7/0127+,-721++12541,5/5,1<-1505467/7
+-,1+*;5+ ,5/01/*95+ ,5/,4105+ -/ +1/0*95 91 ,5/0*/-*979 018=5472 :-/,*5/7/
1H7,0781/01 ,585 25 <-1 7/01+ @185+ 91/58*/795 +*6/*:*,7/01+ ;7,A5+$
+05 /5+ 34*/97 -/ 3-1/ =-/05 91 =740*97 =747 7=45H*874/5+ 72 =5=-2*+85$ 597+ 27+
9*81/+*5/1+ 1+04-,0-4721+ <-1 +5/ /1,1+74*7+ =747 12735474 12 ,5/,1=05 91+744522795
1+0>/,5/01/*97+*//-,11/27+85;*2*C7,*5/1+25,721+727+<-17,73785+9141:14*4/5+$
jj
+07+9*81/+*5/1++5/041+27-/*:*,7,*./91-/7=2-472*979919187/97+1/-/7,791/7
1<-*;721/,*72J 27 ,5/+0*0-,*./ 91 -/7 :45/0147 */014/7 <-1 9*;*91 7 27 +5,*1979 1/ 95+
,78=5+J 27 ,5/+52*97,*./ 91 27 ,791/7 1<-*;721/,*7 819*7/01 27 ,5/+04-,,*./ 91 -/7
*91/0*979 =5=-274 <-1 1+ ,-72*070*;781/01 7265 8>+ <-1 27 +*8=21 +-87 91 25+ 27C5+
1<-*;721/,*721+$241+05911+01,7=A0-251+074>919*,7957279*+,-+*./+-,1+*;7911+05+
041+7+=1,05+$
*/183746512,5/,1=0591=5=-2*+8572,-72221674185+72:*/72911+7
*/9767,*./ +14> =45;*,*5/72 B7 <-1 1+074> 37+795 1/ 27 5=147,*./ 91 95+ +-=-1+05+
+*8=2*:*,79541+ @1-4A+0*,781/01 /1,1+74*5+$ +05+ 95+ +-=-1+05+ +14>/ +-,1+*;781/01
12*8*/795+ 1/ 12 ,7=A0-25 "$
.25 91+=-?+ 1+074185+ 1/ +*0-7,*./ 91 =41+1/074 -/
,5/,1=0591=5=-2*+85,58=210781/0191+744522795$

-7/95 =7+785+ 91 25+ 850*/1+ 25,72*C795+ 72 =5=-2*+85 913185+ /1,1+74*781/01
78=2*74 27+ 9*81/+*5/1+ 91 /-1+045 7/>2*+*+$ 2 =5=-2*+85 1/ +-+ :5487+ ,2>+*,7+
=41+-=5/1-/7,58-/*97987B54=5425<-127+2.6*,7+1<-*;721/,*721+;7/77047;1+74
64-=5++5,*721+/-1;5+B8>+@101456?/15+$+0778=2*7,*./+*/1837465;7785+0474
8>+,274781/01726-/5+47+65+=1401/1,*1/01+71+7+2.6*,7+<-127+85;*2*C7,*5/1+8>+
41+04*/6*97+ 01/9A7/ 7 5,-2074$
52;785+ 7 27 9*+0*/,*./ 1+07321,*97 =41;*781/01 1/041 9187/97+ 9185,4>0*,7+ B

$ 7 +73185+ 7265 7,14,7 91 27+ E20*87+ 1227+ =41+-=5/1/ =747 +-
,5/+0*0-,*./ 71<-*;721/,*791 -/7 =2-472*979919187/97+$ 145+5341 27+9187/97+
9185,4>0*,7+ @185+ @732795 8-B =5,5 25 E/*,5 <-1 +73185+ 1+ <-1 =1487/1,1/
7*+2797+$
*/ 1837465 K7*+2797+ 91 <-?Y
.25 ,5/ 41+=1,05 72 =45,1+5 1<-*;721/,*7$
145?+01/51+-/7*+278*1/0585/>9*,5B7<-1+73185+<-1+*-/79187/97/51/047
1/ -/7 4127,*./ 1<-*;721/,*7 ,5/ 5047+ 9187/97+ 1+ =54<-1 1+ -/7 9187/97 +70* +:4
,@7R1/12=4.H*85,7=A0-25;785+79*+,-0*4-/0*=59*:141/01917*+278*1/05;*/,-279572
1+070-+ 91 25+ +*6/*:*,7/01+ :2507/01+S$ @547 3*1/ -/7 9187/97 <-1 +1 +70*+:7,1 /5
=1487/1,1 7*+2797J +1 */+,4*31 1/ -/7 05072*979 */+0*0-,*5/729*:141/,*72$ 54 25 07/05
01/185+ 95+ :5487+ 91 ,5/+04-,,*./ 91 25 +5,*72 5 3*1/ 819*7/01 27 7:*487,*./ 91 27
=740*,-274*979 I1/ /-1+045 ,7+5 -/ =740*,-274*+85 91 27+ 9187/97+I ,-B5+ E/*,5+
27C5+,5/5047+=740*,-274*9791++5/91-/7/70-4721C79*:141/,*72R,585@185+;*+05+*/
0?48*/5+ =5+*0*;5+ +.25 9*:141/,*7+S 5 3*1/ 819*7/01 -/7 ,27-9*,7,*./ =74,*72 91 27
=740*,- 74*97991+07,7/9525<-10597+27+=740*,-274*9791+0*1/1/1<-*;721/0181/011/
,58E/$ 7+16-/9787/14791,5/+04-,,*./9125+5,*72*8=2*,712047C79591-/7:45/0147
7/076./*,7J 27 =4*8147 /5$ 27 =4*8147 87/147 91 ,5/+04-,,*./ 91 25 +5,*72 27 @185+
91/58*/795 2.6*,7 91 27 9*:141/,*7 B 7 27 +16-/97 2.6*,7 91 27 1<-*;721/,*7$
=741/0181/01=594A785+221674727,5/,2-+*./91<-1-/79127+=41,5/9*,*5/1+=747
12+-46*8*1/05912=5=-2*+851+271H=7/+*./91272.6*,791271<-*;721/,*771H=1/+7+
91272.6*,791279*:141/,*7$/8-,@5+7+=1,05+1+051+,*1405=14591D74127+-/05722A
+14A7 67/74 12 746-81/05 8-B:>,*281/01 B7<-1 =41+-=5/94A7 <-1 27 1<-*;721/,*7 B 27
9*:141/,*7 1+0>/ 1/ -/7 4127,*./ 8-0-7 91 1H,2-+*./$ 7+ ,5+7+ +5/ 8-,@5 8>+
,58=21D7+$ / 1+01 =-/05 =59185+ ;52;14 7 /-1+047 9*+,-+*./ +5341 05072*C7,*./
9*+,-4+*;7$ 185+ ;*+05 <-1 /5 @7B 05072*C7,*./ +*/ 1H,2-+*./ B <-1 9*,@7 1H,2-+*./
=41+-=5/1 27 1+,*+*./ 91 0597 *91/0*979 1/041 +- /70-4721C7 9*:141/,*72 <-1 27
;*/,-27+1=747 91 27+ 5047+ *91/0*9791+ B +- 27C5 1<-*;721/,*72 ,5/ 0597+ 27+ 5047+
41+=1,05 72 12181/05 1H,2-*95$ 7 05072*C7,*./ =74,*72 <-1 12 ;A/,-25 @1618./*,5 25647
,4174 /5 12*8*/7 27 1+,*+*./ +*/5 <-1 =54 12 ,5/0474*5 9131 5=1474 7 =740*4 91 27+
=5+*3*2*9791+ 1+04-,0-4721+ <-1 +1 914*;7/ 91 1227$ 1 1+07 87/147 27 9*:141/,*7 B 27
1<-*;721/,*7 9131/ 41:21D74+1 1/041 +A$ 1 <-? 87/147 1785+ 95+ 1D18=25+ 5=-1+05+
=747 914*;74 2-165 7 =740*4 91 1225+ -/7 ,5/,2-+*./ 01.4*,7$
j
/-/7+5,*1979<-1=5+0-2712+079531/1:7,054,585+-@54*C5/01E20*85+.25272.6*,7
91 279*:141/,*7 +14A77,1=0797 ,585 -/ 8595 216A0*8591 ,5/+04-,,*./ 91 25 +5,*72$/
1+07+5,*1979,5/,13*97,585-/+*+01871/,5/+07/011H=7/+*./,-72<-*14/1,1+*979
+5,*72+14A7+70*+:1,@79*:141/,*7281/01JB/5@734A7/*/6-/737+1=747,4174-/7:45/0147
*/014/7$ 585 +14A7 */,7=7C 91 9*:141/,*74+1 7 +A 8*+87 91 ,-72<-*14 5047 ,5+7 1+7
+5,*1979/5=594A705072*C74+1/5=594A7,4174-/F=-1325G$ 5<-1417281/015,-441+*/
18374651+<-125+53+0>,-25+<-1+11/,-1/047/1/121+07321,*8*1/05911+7+5,*1979
I,59*,*79125+18=41+74*5+=4*;795+*/0141+1+<-1+1215=5/1/10,?0147I:-14C7/7
+-+8*+85+=45=5/1/01+7*91/0*:*,741/18*65+B741*/0459-,*4-/9*+,-4+591279*;*+*./
+5,*7237+7951/2.6*,7+1<-*;721/,*721+$11+787/147=-191/+-46*4+-D105+,521,0*;5+
,5/+0*0-*95+1/054/572791:1/+7912+079531/1:7,054$ 58*+85=-19191,*4+17,14,7
912 /152*31472*+85 ?2 0783*?/ +1 =41+1/07 7 +A 8*+85 ,585 =7/7,17 =747 256474 -/7
+5,*1979 +*/ :*+-47+ ,5/ 27 9*:141/,*7 91 <-1 1/ 1+01 ,7+5 27+ +52-,*5/1+ +14A7/
7=540797+=5412 814,795 B/5=54 12 +0795$2 41+-20795 1+12 8*+851/726E/=-/05
@70,@14@722.F53+0>,-25+G,581/C.791/-/,*74725+=74>+*05+9127+16-4*979+5,*72B
75045+B,-28*/.,5/-/59125+9*+,-4+5+919*;*+*./+5,*728>+7641+*;5+9127@*+054*7
34*0>/*,7 ,5/018=54>/17$
145 912 2795 91 27+ 2.6*,7+ 1<-*;721/,*721+ 27 +*0-7,*./ 1+ +*8*274$ 7+ 1<-*;721/,*7+
=-191/ 913*2*074 =145 /5 9581+0*,74 27+ 9*:141/,*7+$ / =4*814 2-674 1+0> ,2745 <-1 27
1<-*;721/,*7/5*/01/0712*8*/7427+9*:141/,*7+$//-1+0451D18=25*/*,*72271<-*;721/,*7
:-11+07321,*971/=4*8142-674=54<-1-/7+14*1919187/97++5,*721+=740*,-2741++1
:4-+04745/J +* 27 =740*,-274*979 91 1+7+ 9187/97+ 91+7=741,1 078=5,5 @7B :-/9781/05
=747 27 1<-*;721/,*7$ 54 25 07/05 27 9*:141/,*7 ,5/0*/E7 5=147/95 91/045 91 27
1<-*;721/,*7 07/05 ,585 +- :-/9781/05 ,585 1/ -/7 4127,*./ 91 01/+*./ ,5/ 1227$
1785+-/1D18=25$/12,-4+591271;52-,*./47/,1+7B1+=1,*7281/019-47/0112
=14A595D7,53*/512=-1325,585+73185+,5/+0*0-B.-/7,5/+04-,,*./1<-*;721/,*7B
2705072*97991279*/>8*,7=52A0*,7912=14A595+14A7*/*/012*6*321+*/5271/01/9*?4785+1/
0?48*/5+ 91 27 01/+*./ 1H*+01/01 1/041 27 -/*;14+72*979 91 27 ,791/7 1<-*;721/,*7 B 27
=740*,-274*9799127+9187/97+91,797-/591+-+1+2735/1+$ 5/+*914185+12,7+591
27+ 9187/97+ 91 25+ 04737D79541+ 1/ 1+7 ,791/7$T 595 12 =14A595 41;52-,*5/74*5 1+0>
874,795 =54 27 01/+*./ I1/041 5047+I 1/041 27+ 9187/97+ 91 25+ 04737D79541+ B 12
9*+,-4+5 1<-*;721/,*7 91 27 9185,47,*7 =5=-274 479*,72$ 54 -/ 2795 27+ 9187/97+ 91
25+ 04737D79541+ <-1 =1401/1,A7/ 72 ,78=5 41;52-,*5/74*5 +1 41:21D737/ 91 87/147
,5/0479*,054*71/129*+,-4+541;52-,*5/74*55:*,*72?+01/5=59A7+*8=2181/01*6/547427+
25 <-1 ,5/9-D5 7 -/ 85;*8*1/05 C*6C76-17/01 91 41,5/5,*8*1/05 =74,*72 B 91 41=41+*./
=74,*72$ 54 5045 2795 0783*?/ =-191/ 53+14;74+1 726-/7+ ;7,*27,*5/1+ 1/ 27+ 7,,*5/1+
91 *5+ 04737D79541+$ *1/047+ 25+ +7/+\,-5001+ ,5/0452745/ I819*7/01 ?43140 B +-+
7+5,*7,*5/1+I 27 58-/79174A+ @-35 -/ 41,5/5,*8*1/05=52A0*,5 91 78=2*5 72,7/,1
9127+9187/97++5,*721+9125+04737D79541+J=1452-16591+-91445,78*1/051/734*291
%B9127,27-+-479127+F+5,*19791+
G9125++7/+\,-25001+0-;52-67427
9*+52-,*./9127+*/,*=*1/01+5467/*C7,*5/1+9104737D79541+$>+074911+18*+857L5
25+ 85;*8*1/05+ 91 =4501+07 91 25+ 04737D79541+ 41+-46*145/ ,585 41+-20795 91 27
=-32*,7,*./912721B912>H*851/1472<-11+07321,A725+/-1;5+A/9*,1++7274*721+1/
74A+B:-145/-/12181/05*8=5407/011/27,7A9791531+=*1441B2-1659127 58-/7
,-B5+,5/,1D721+:-145/221;795+72+*0*591271D1,-,*./4591795+=54-/787+7@5+0*291
04737D79541+ <-1 21+ 64*0737/ 8*1/047+ =7+737/ [5-0- 4/7H*4/-8]T 145 2-165 25+
/-1;5+65314/7/01+91D745/5=1474727+21B1+912814,79525,-72,5/9-D57-/74>=*97
*/:27,*./B7291014*5459125++7274*5+$+07;1C1/819*591-/7,4*+*+9191+18=21527
=4501+07+5,*72795=0.27:54879125+850*/1+72*81/074*5+8>+0479*,*5/721+$ 5<-1/5+
8-1+0471+07,58=21D7@*+054*71+<-12701/+*./1<-*;721/,*79*:141/,*7/5+1458=*.1/
4172*9791//*/6E/8581/059-47/0112=14A59541;52-,*5/74*5$<-1225+<-1,5/0452737/
já
12 +0795 /5 +1 4*/9*145/ 7 27+ 9187/97+ 91 25+ 04737D79541+ =145 078=5,5 =-9*145/
*6/547427+J B 25+ 04737D79541+ =54 +- =7401 1/ /*/6E/ 8581/05 */01/0745/ 7:*4874 +-
7-05/58A7 72 =-/05 91 737/95/74 12 ,78=5 41;52-,*5/74*5$ / /*/6E/ 8581/05 +1
=27/01.,585/-1;5,7=A0-2527*/*,*7,*./91-/72-,@791,27+1+*/91=1/9*1/01,58525
+5+0-;5 7/*12 -?4*/ 1/ -/ 2*345 7,0-7281/01 91+7,419*0795$TT
@5473*1/K9./91/5+91D705951+05Y 5<-1@185+9185+047951+<-1271<-*;721/,*7
B279*:141/,*7+5/:*/7281/01*/,58=70*321+1/041+AJ+*/1837465+1/1,1+*07/27-/7727
5047 ,585 ,5/9*,*5/1+
/1,1+74*7+=74727,5/+04-,,*./9125+5,*72$ 5+5,*72/51+5047,5+7<-11225,-+911+07
01/+*./ */+52-321$ K-? 5,-441 1/ 1+1 ,7+5 ,5/ 12 =5=-2*+85Y
* :*/7281/01 /5 @7B
+1=747,*./=5+*3211/04127+95+\6*,7+K1/<-?+1/0*95+14A71+=1,A:*,5912=5=-2*+85
12 @1,@5 91 =4*;*216*74 12 8581/05 1<-*;721/,*7Y 1+=1,*7281/01 K<-? +*6/*:*,74A7
F=4*;*216*74G 1/ 1+01 ,5/01H05Y 5/+*914185+ ,-*9795+781/01 1+07 ,-1+0*./$ 5 <-1
@185+ 9*,@5 7/01+ 7,14,7 91 27 05072*C7,*./ 27 @16185/A7 B 12 +*6/*:*,7/01 ;7,A5 /5+
34*/9727,27;1=74741+52;141+011/*687$54-/279501/185+<-10597*91/0*979+5,*72
R1+ 91,*4 9*+,-4+*;7S 1+ ,5/+0*0-*97 1/ 12 =-/05 91 1/,-1/045 91 27 9*:141/,*7 B 27
1<-*;721/,*7 912 8*+85 8595 <-1 27+ *91/0*9791+ 2*/6ZA+0*,7+ ,5/+0*0-B1/ 27 +191 91
4127,*5/1+ +*/0768>0*,7+ 91 ,583*/7,*./ B 91 4127,*5/1+ =7479*68>0*,7+ 91 +-+0*0-,*./$
*/1837465=54504527951H*+01-/91+/*;121+1/,*721/25+5,*72B7<-1,585@185+
;*+052705072*C7,*./41<-*141<-1-/12181/059*:141/,*727+-872741=41+1/07,*./91-/7
05072*979 *8=5+*321$ +A -/7 910148*/797 *91/0*979 =45,191/01 912 ,78=5 05072 91 27+
9*:141/,*7+ 1/,74/7 1+07 :-/,*./ 05072*C79547$ +05 =747 41+=5/914 7 /-1+047 =416-/07
=41;*7I 1+ 1H7,0781/01 25 <-1 +*6/*:*,7 =4*;*216*74$ 1+-,*07/95 -/7 7/0*6-7 ,701654A7
:1/581/52.6*,7 =594A785+7:*4874 <-11+07:-/,*./ ,5/+*+01 1/ 1+07321,14 12 @54*C5/01
91 25 +5,*72 12 2A8*01 91 25 <-1 1+ 41=41+1/07321 91/045 91 ?2 RB7 @185+ 9*+,-0*95 27
4127,*./ 1/041 2A8*01 B 05072*979S$
79*:141/,*7 1/041 -/705072*C7,*./=5=-2*+07 B -/7 */+0*0-,*5/72*+07 91313-+,74+11/ 12
/*;12 91 1+05+ +*6/*:*,7/01+ =4*;*216*795+ @1618./*,5+ <-1 1+04-,0-47/ ,585 =-/05+
/59721+ 12 ,5/D-/05 91 27 :5487,*./ 9*+,-4+*;7$ 7 9*:141/,*7 B 27 1<-*;721/,*7 1+0>/
=41+1/01+1/7835+,7+5+=145-/9*+,-4+5*/+0*0-,*5/72*+071+7<-12<-1*/01/07@7,14
,5*/,*9*4 25+ 2A8*01+ 91 27 :5487,*./ 9*+,-4+*;7 ,5/ 25+ 2A8*01+ 91 27 ,58-/*979$ 54 :5
07/05 12 =4*/,*=*5 -/*;14+72 91 27 F9*:141/,*72*979G +1 ,5/;140*4A7 1/ 27 1<-*;721/,*7
958*/7/0191/04591-/1+=7,*5,54/-/*074*5@5856?/15R=1/+185+=541D18=251/12
2187F-/7/7,*./G91*+4712*S$/1,7+5912=5=-2*+855,-441255=-1+05-/7:45/0147
911H,2-+*./9*;*91727+5,*19791/95+,78=5+$2F=-1325G1/1+1,7+51+726581/5+
<-12705072*9799125+8*18345+9127,58-/*9791+-/,58=5/1/01=74,*72<-17+=*47
+*/18374657+14,5/,13*95,58527E/*,705072*979216A0*87$ 70148*/5256A70479*,*5/72
I<-1 @7 +*950479-,*9772 21/6-7D1 ,58E/I B7 7,2747 1+079*:141/,*712 =-1325=-191
+14 ,5/,13*95 ,585 =5=-2-+
I12 ,-14=5 91 0595+ 25+ ,*-9797/5+I 5 ,585 =213+ I25+ 81/5+ =4*;*216*795+I$
*/
1837465/*+*<-*1471+079*+0*/,*./,7=077<-1225725<-11+0785+7=-/07/95$7<-127
9*+0*/,*./=594A7:>,*281/01+14;*+07,585-/7<-11+D-4A9*,781/0141,5/5,*971/,-B5
,7+5+14A7+*8=2181/01-/79*:141/,*7,*./91/04591-/1+=7,*5@5856?/15<-1505467
-/7 216*0*8*979 -/*;14+72 7 0597+ +-+ =7401+ ,58=5/1/01+
I1+91,*4274127,*./1/041+-+95+0?48*/5+/5+14A7-/74127,*./7/076./*,7I$:*/91
,5/,13*4 72 F=-1325G 912 =5=-2*+85 /1,1+*0785+ 7265 8>+ /1,1+*0785+ -/7 =213+ <-1
41,2781 +14 12 E/*,5 =5=-2-+ 216A0*85 I1+ 91,*4 -/7 =74,*72*979 <-1 <-*147 :-/,*5/74
,5852705072*9799127,58-/*979F59512=5914725+
5;*10+G5+-1<-*;721/011/5045+
9*+,-4+5+ +14A7 -/ 41,2785 1+04*,0781/01 =5=-2*+07I$ / 12 ,7+5 91 -/ 9*+,-4+5
*/+0*0-,*5/72*+07@185+;*+05<-1279*:141/,*72*97941,2787+14,5/,13*97,58512E/*,5
1<-*;721/01216A0*850597+27+9*:141/,*7++5/,5/+*914797+*6-7281/01;>2*97+91/04591
jï
-/7 05072*979 8>+ 78=2*7$ / 12 ,7+5 912 =5=-2*+85 1+07 +*8104A7 +1 <-*1347 @7B -/7
=7401<-1+1*91/0*:*,7,5/120595$11+018595,585B7+73185+;7701/142-674-/7
1H,2-+*./ 479*,72 91/045 912 1+=7,*5 ,58-/*074*5$ / 12 =4*814 ,7+5 12 =4*/,*=*5 91
9*:141/,*72*I 979=-191 ,5/+0*0-*4+1 1/ 27 E/*,7 1<-*;721/,*7 958*/7/01J 1/ 12 +16-/95
,7+5 1+05 /5 1+ +-:*,*1/01 12 41,@7C5 91 -/ =5914 417281/01 7,0*;5 1/ 27 ,58-/*979
41<-*14127*91/0*:*,7,*./910595+25+1+2735/1+9127,791/7=5=-274,5/-/=4*/,*=*591
*91/0*979<-1 =148*07 27 ,4*+072*C7,*./ 91 27+9*:141/01+ 9187/97+ 1/ 054/57 -/ ,58E/
91/58*/7954IB?+0141<-*14191+912-165-/71H=41+*./+*83.2*,7=5+*0*;7I$M+071+
27 047/+*,*./ 91 25 <-1 @185+ 2278795 9187/97+ 9185,4>0*,7+ 7 9187/97+

$ 7+ =4*8147+ =-191/ +14 */,54=54797+ 7 -/7 :5487,*./ @1618./*,7 1/
1H=7/+*./J27++16-/97+41=41+1/07/-/91+7:A5727:5487,*./@1618./*,7,585072$/
?H*,59-47/0112=14A59591@16185/A7912740*951;52-,*5/74*5 /+0*0-,*5/7227D1467
=52A0*,7 +52A7 9*+0*/6-*4 1/041 27+ 9187/97+ =41,*+7+ <-1 =59A7/ +14 73+543*97+ =54 12
+*+0187 91 -/ 8595 047/+:548*+07 R=747 -0*2*C74 12 0?48*/5 6478+,*7/5S B 25 <-1 147
91/58*/79512=7<-1011+91,*4-/647/,5/D-/05919187/97++*8-20>/17+=41+1/0797+
,585-/0595-/*:*,795$47+.25,5/1+07+E20*87+<-1124?6*81//51+0737=41=74795
=747 /165,*74 I61/147281/01 41+=5/9A7 7 1227+ ,5/ -/7 91+=*79797 41=41+*./I$
/ 1+01 =-/05 =59185+ ;52;14 =54 -/ 8581/05 7 /-1+047 9*+,-+*./ +5341 41-9$
-
/5,*./ 91 -/ 64-=5 072 <-1 819*7/01 27 5467/*C7,*./ @-3*147 7+-8*95 0597+ 27+
:-/,*5/1+912*/9*;*9-5B@-3*14712*8*/79527/1,1+*97991-/2A914+1,5441+=5/91,7+*
=-/05 =54=-/05 ,5/-/7+5,*19790507281/01 65314/797=54 25<-1@185+91/58*/795
2.6*,7 91 27 9*:141/,*7$
73185+ <-1 -/7 +5,*1979 7+A 1+ -/7 *8=5+*3*2*979 B ,585
;*85+ 7/01+ 1H*+01/ 3-1/5+ :-/9781/05+ =747 =1/+74 <-1 41-9 0783*?/ 25 =14,*3*.
,585-/,5/,1=052A8*01B/5,585-/772014/70*;7417281/01;*7321$145+-7/0A=597-/
64-=59-479145,-B5E/*,527C52*3*9*/721+127854=54122A9141+*6-7281/01*8=5+*321$
79*81/+*./91=740*,-274*9799*:141/,*72<-1,585@185+;*+05,5/0*/E75=147/9537D5
274127,*./1<-*;721/,*7+1@-3*14791+;7/1,*951/-/,7+5,5851+1B271<-*;721/,*7
@-3*147=7+7957+14+*8=21*91/0*979B1/1+1,7+5B7/5@734A764-=5$ 5/+*9145<-1
41-9 +1 7=41+-47 9187+*795 1/ =7+74 91 7=-/074 72 7854 =54 12 2A914 ,585 ,5/9*,*./
,1/0472 =747 27 ,5/+52*97,*./ 912 ;A/,-25 +5,*72 7 27 7:*487,*./ 91 <-1 ?2 ,5/+0*0-B1 12
54*61/ 91 1+1 ;A/,-25$ 5+ E/*,5+ 1D18=25+ <-1 41-9 =-191 =45;114 +5341 64-=5+
37+795+ 07/ +.25 1/ 12 7854 @7,*7 12 2A914 +1 41:*141/ 7 +*0-7,*5/1+ =7+7D147+ ,585 12
,5/076*5 91 -/ 7,,1+5 91 @*+014*7 1/ -/ 64-=5 91 8-,@7,@7+ =54<-1 -/7 91 1227+ @7
41,*3*95-/7,740791,1=,*5/7/0191-/787/01J51/-/+16-/951D18=25504564-=591
8-,@7,@7+1/7854797+91-/,7/07/015-/=*7/*+07IB1/1+05+,7+5+27*91/0*:*,7,*./
+14A7 +.25 -/7 :5487 91 ;1/,14 27 1/;*9*7 5 25+ ,125+I$ 145 1/ ,-7/05 =7+785+ 7
,-72<-*1479125+5045+64-=5+<-1?27/72*C71+071H=2*,7,*./1+,274781/01*/+-:*,*1/01$
5++529795+/5*/641+7/721D?4,*057,7-+791+-7854=5412,587/97/011/D1:1I=54
*8=5407/01<-1 1+17854 +1 ;-12;7 91+=-?+ =747 ,5/+52*974 27 -/*979 912 64-=5I$
*/
1837465 +* ,58=2181/0785+ 1+01 7/>2*+*+ ,5/ 27+ =45=*7+ 41:141/,*7+ 91 41-9 7 -/7
6479-7,*./1/12*/014*54912B5<-1B7@185+9*+,-0*95/5+1/,5/04785+,5/-/,-7945
8-B9*:141/01<-191@1,@5,5/,-14971/0595+25+7+=1,05++-+07/,*721+,5//-1+045
7/>2*+*+ 91 27 740*,-27,*./ /1,1+74*7 1/041 1<-*;721/,*7 B 9*:141/,*7$
185+ 7;7/C795 -/ =7+5 I+.25 -/5I 1/ /-1+047 7=45H*87,*./ 7 27 /5,*./ 91
=5=-2*+85$ 7+07128581/05+73185+<-112=5=-2*+8541<-*141279*;*+*./9*,50.8*,7
9127+5,*19791/95+,78=5+I-/5<-1+1=41+1/077+A8*+85,585=7401<-141,2787
+14120595I<-11+079*,5058A7*8=2*,7279*;*+*./7/076./*,7912,78=5+5,*72B<-112
,78=5 =5=-274 =41+-=5/1 ,585 ,5/9*,*./ 91 +- ,5/+0*0-,*./ 27 ,5/+04-,,*./ 91 -/7
*91/0*9796253727=740*491271<-*;721/,*791-/7=2-472*979919187/97++5,*721+$
*/
1837465 12 +*6/*:*,795 1H7,05 91 1+07+ ,5/,2-+*5/1+ =1487/1,1 /1,1+74*781/01
*/910148*/795 @7+07 07/05 +1 1+07321C,7 ,5/ 87B54 =41,*+*./ <-? 1+ 25 <-1 1+0>
jº
*/;52-,47951/27,5/+04-,,*./9*+,-4+*;707/0591-/7:45/01477/076./*,7,585911+7
740*,-27,*./=740*,-274911<-*;721/,*7B9*:141/,*7<-191/58*/785+F*91/0*979=5=-274G$

K-?1+25<-141<-*141/-1+047/5,*./91:45/01477/076./*,7=747,-8=2*412452<-121
@185+ 7+*6/795 7 +7314 ,5/,13*4 7 27 +5,*1979 ,585 95+ ,78=5+ *4419-,0*321+
1+04-,0-4795+ 724191954 91 95+ ,791/7+ 1<-*;721/,*721+ */,58=70*321+Y ;*91/0181/01
/5 =59185+ 85;14/5+ 91 -/ ,78=5 7 5045 1/ 0?48*/5+ 91 /*/6-/7 ,5/0*/-*979
9*:141/,*72$
*7047;?+91272.6*,7*/014/791-/910148*/795,78=52564>4785+=7+7472
5045 1+074A785+ 1/:41/0795+ 7 -/7 4127,*./ 9*:141/,*72 B 12 ,5401 <-1 +1=747 7835+
,78=5+ /5 +14A7 ;1497914781/01 479*,72$ 7 479*,72*979 912 ,5401 *8=2*,7 +-
*441=41+1/073*2*979 ,5/,1=0-72$ ,-441 25 8*+85 <-1 ,5/ 12 7T*,0-8 27,7/*7/5 +16E/ 12
,-72 F27 4127,*./ +1H-72 /5 1H*+01G 1+07 7:*487,*./ /5 +*6/*:*,7 53;*781/01 <-1 27+
=14+5/7+/50*1/1/4127,*5/1++1H-721+J25<-1+*6/*:*,71+<-127+95+=7401+/5=-191/
+14 +-3+-8*97+ 37D5 -/7 :.48-27 E/*,7 91 +1H-7,*./S" 5 8*+85 5,-441 ,5/ 12
7/0765/*+85 12 8581/05 1+04*,05 912 ,5401 I12 8581/05 7/076./*,5 1/ ,-7/05 072I
1+,7=7 7 27 7=41@1/+*./ ,5/,1=0-72$ 1785+ -/ +*8=21 1D18=25$ 876*/185+ -/7
1H=2*,7,*./@*+0.4*,7<-1=45,197917,-1495,5/27+*6-*1/01+1,-1/,*7RS1H*+011/12
814,7958-/9*72-/71H=7/+*./91279187/97<-1@7,1+-3*425+=41,*5+91204*65JRS
911+01859525+=459-,0541+9104*65912=7A+N0*1/1/-/*/,1/0*;5=747*/,4181/07427
=459-,,*./J R#S ,585 41+-20795 ,58*1/C7/ 7 5,-=74 /-1;7+ 0*1447+ B =747 1225 9131/
1H=45=*74 ,58-/*9791+ ,78=1+*/7+ 0479*,*5/721+J RS =54 25 07/05 25+ ,78=1+*/5+ /5
0*1/1/ 5047 72014/70*;7 <-1 41+*+0*4 1+07 1H=45=*7,*./ 10,?0147$ H*+01 -/7 ,2747
*/0144-=,*./ 1/ 27 1H=2*,7,*./ 25+ =4*8145+ 041+ =-/05+ +1 +*6-1/ /70-47281/01 -/5 912
5045 ,585 =7401 91 -/7 +1,-1/,*7 53D10*;7J =145 12 ,-7405 1+ 91 -/7 /70-4721C7
,58=210781/01 9*:141/01 1+ -/ 2278795 7 /-1+045 +1/0*95 ,58E/ 5 7 /-1+045
,5/5,*8*1/05 91 27 F/70-4721C7 @-87/7G 7 7L79*4 -/ 1+273./ 1/ 27 +1,-1/,*7 <-1 27
1H=2*,7,*./53D10*;71+*/,7=7C91=45;114$1/185+-/9*+,-4+5<-191@1,@5*/,54=547
1+11+273./=1451+7*/,54=547,*.//50*1/12-6747047;?+91277=41@1/+*./,5/,1=0-72$
5 41+-207 9*:A,*2 9101,074 12 +*6/*:*,795 91 1+7 */0144-=,*./ ,5/,1=0-72$
* :-?4785+
,7=7,1+ 91 41,5/+0*0-*4 27 +14*1 ,58=2107 91 1;1/05+ -0*2*C7/95 819*5+ =-4781/01
,5/,1=0-721+12,54017/076./*,5/5=594A7+14,5/+0*0-0*;5$28581/05,5/:2*,0*;5+14A7
27 1H=41+*./ 1=*:1/58?/*,7 91 -/ =45,1+5 +-3B7,1/01 0507281/01 47,*5/72 ,585 1/ 27
7+0-,*7 91 27 47C./ 91 1612$ /041 27 :5487 1/ <-1 27 61/01 F;*;1G +-+ 4127,*5/1+
7/076./*,7+ B 12 F;14979145 +*6/*:*,795G 91 1+07+
E20*87+ @734A7 -/7 341,@7 */+72;7321$ 54 1+01 850*;5 27 F,5/0479*,,*./G 1/ +- +1/0*95
9*72?,0*,5 1+ 0507281/01 */,7=7C 91 ,7=0-474 25 <-1 1+0> 1/ D-165 1/ -/ 7/0765/*+85
+5,*72$ =-191 +14 I9*72?,0*,7\ 81/01I 27 /167,*./ 91 =145 +.25 =-195 85;1481
@7,*7 819*7/01 12 91+7445225 91 7265 <-1 B7 1+0737 ,5/01/*95 91+91 +- 8*+85
,58*1/C51/$,-7/95B+5/-:31@531/1/ =59185+;147E/8>+,274781/01
<-1 27 ,5/0479*,,*./ 1+ =7401 91 -/7 +1,-1/,*7 9*72?,0*,7 <-1 1+ ,58=210781/01
910148*/7321 =54 819*5+ ,5/,1=0-721+$D
* 12 7/0765/*+85 1+ =54 12 ,5/0474*5
1+04*,0781/01,5/+0*0-0*;527:-14C77/076./*,78-1+047-/71H014*54*979<-1=-191+14
,*140781/01 ;1/,*97 =145 <-1 /5 =-191 +14 9*72?,0*,781/01 41,-=14797$
72 ;1C =594A7 746-81/074+1 <-1 1+05 5,-441 +.25 =54<-1 @185+ *91/0*:*,795 27
53D10*;*979 ,5/ 7<-1225 <-1 1+ ,5/,1=0-7281/01 7=41@1/+*321 1/ -/ 0595 ,5@141/01
8*1/047+ <-1 5047+ /5,*5/1+ 91 -/ 01441/5 53D10*;5 -/*:*,795 I=54 1D18=25 27+
jë
9*+0*/,*5/1+ +18*52.6*,7+I /51+0>/ 1H=-1+07+72 8*+850*=5 91 ,4A0*,7$ 7+9*:141/,*7+
91
7-++-41=541D18=25/5=41+-=5/1/,5/1H*5/1+2.6*,7+1/0411227+$+051+,*1405
=1451+*44121;7/01=74727,-1+0*./<-11+0785+=27/017/95$51+0785+,-1+0*5/7/9527
-/*;14+72*979 912 01441/5 2.6*,5 +*/5 91 27 53D10*;*979 ,585 072$ 7+ 9*:141/,*7+
+7-++-417/7+7E/=41+-=5/1/-/1+=7,*5,5/0*/-591/045912,-72+5/,5/+0*0-*97+,585
0721+$ 7/5,*./91 -/ 7/0765/*+85 ,5/+0*0-0*;5 91 -/7:45/0147 479*,72 41<-*141 =54 12
,5/0474*5 -/ 1+=7,*5 :47,0-4795$ 13185+ 7/72*C74 27+ 9*:141/01+ 9*81/+*5/1+ 91 1+07
:47,0-47 B +-+ ,5/+1,-1/,*7+ =747 12 +-46*8*1/05 91 *91/0*9791+
$
*+,-0*4185+7<-A07/+.2527+9*81/+*5/1+*/@141/01+727:47,0-47,585072B91D74185+
=747 27 =4.H*87 +1,,*./ 27 ,-1+0*./ 41270*;7 7 27 ,5/+04-,,*./ 9*+,-4+*;7 912 F=-1325G$
52;785+ 7@547 7 /-1+045 1+,1/74*5 */*,*72 27 :4-+047,*./ 91 -/7 +14*1 91 9187/97+
+5,*721+@7,1=5+*32112=7+7D19127+9187/97+9185,4>0*,7+7*+2797+727+9187/97+

1<-*;721/,*721+$/7=4*81479*81/+*./9127:47,0-471+<-11/+-47AC+1
97271H=14*1/,*791-/7:7207-/7341,@7<-1@7+-46*951/27,5/0*/-*9797485/*5+791
25 +5,*72$ 7B -/7 =21/*0-9 91 27 ,58-/*979 <-1 1+0> 7-+1/01$ +05 1+ 91,*+*;5 27
,5/+04-,,*./912F=-1325G;77+1412*/01/0591974-//5834171+7=21/*0-97-+1/01$
*/
1+07 4-=0-47 */*,*72 917265 1/125491/ +5,*72 I=54 8>+=1<-1L7<-1 1+7 4-=0-47 @7B7
+*95*/*,*7281/01I/5@7B=5+*3*2*979917/0765/*+8591:45/014751/E20*87*/+07/,*7
91F=-1325G$
*/18374651+071H=14*1/,*7*/*,*72/51++.25-/71H=14*1/,*791:7207$ 7
:7207,585@185+;*+051+0>;*/,-27977-/79187/97/5+70*+:1,@7$T1451+05*8=2*,7
*/0459-,*4 1/ 12 ,-7945 27 */+07/,*7 <-1 /5 @7 +70*+:1,@5 27 9187/97$ /7 9187/97
+*18=411+0>9*4*6*977726-*1/$5425,-72/5+1/:41/0785+91+9112,58*1/C5,5/-/7
9*;*
*./ 9*,50.8*,7 1/041 9187/97+ +5,*721+ */+70*+:1,@7+ =54 -/ 2795 B -/ =5914
*/+1/+*321 7 1227+ =54 1 5445$ <-A ,581/C785+ 7 ,58=41/914 =54 <-? 27 =213+ +1
=14,*31 7 +A 8*+87 ,585 12 =5=-2-+ 27 =7401 ,585 12 0595 ,585 27 =21/*0-9 91 27
,58-/*979 1+ =41,*+781/01 12 41;14+5 *876*/74*5 91 -/7 +*0-7,*./ ;*;*97 ,585 +14
91:*,*1/017<-1225+41+=5/+7321+911+07+*0-7,*.//5=-191/+14-/7=7401216A0*879127
,58-/*979J 27 341,@7 ,5/ 1225+ 1+ */+72;7321$
+05 /5+ ,5/9-,1 7 /-1+047 +16-/97 9*81/+*./$ 585 @185+ ;*+05 12 =7+7D1 91 27+
9187/97+ 9185,4>0*,7+ 7 27+
=41+-=5/1 -/7 =2-472*979 91 =5+*,*5/1+
+-3D10*;7+ 27+ 9187/97+ +-461/ 7*+2797+ 72 ,58*1/C5 1/ 9*:141/01+ =-/05+ 912 01D*95
+5,*72B27047/+*,*./@7,*7-/7+-3D10*;*979=5=-274,5/+*+011/121+07321,*8*1/0591-/
;A/,-251<-*;721/,*71/0411227+$
*/18374651+07+2-,@7+
/5+1/:41/07/
,5/ -/ /-1;5 =4532187 <-1 /5 7:45/0785+ 72 047074 ,5/ 9187/97+ 9185,4>0*,7+
=41,*+7+$ 2 +*6/*:*,795 91 1+07+ E20*87+ 1+0> 9795 1/ 647/ 819*97 =54 +-+ =5+*,*5/1+
9*:141/,*721+91/045912874,5+*83.2*,59127+5,*1979B+.25+-:4-+047,*./27+=41+1/07
37D5-/7/-1;72-C$145+*@7B-/7647/,7/0*979919187/97++5,*721+/5+70*+:1,@7+
1+1 8*+85 874,5 +*83.2*,5 ,58*1/C7 7 91+*/016474+1$ / 1+1 ,7+5 +*/ 1837465 27+
9187/97+
1+
1785+ ,2745+ +.25 1+0785+ @7327/95 91 -/7 =5+*0O7,C./ 91 *7 :7207 <-1 1+ =5+*321
=54<-1 1+0> 37+797 1/ -/7 :7207 8>+ =/87427 <-1 =41,191 ,-72<-*14 0*=5 91
+-3D10*;7,*./$ 0>/ ,797 ;1C 81/5+ +5+01/*97+ =54 -/ 874,5 9*:141/,*72 =411H*+01/01
9131/ 1/ 647/ 819*97 ,5/+04-*4 -/5 /-1;5$ =54 27 8*+87 47C./ 27 *91/0*979 912
1/18*650783*?/91=1/91,797;1C8>+91-/=45,1+591,5/+04-,,*./=52A0*,7$-195
1+074 41270*;781/01 +16-45 91 <-*?/ 1+ 12 1/18*65 ,-7/95 1/ 2-,@7+ 2*8*0797+ 1+05B
2-,@7/95 ,5/047 12 ,5/,1D5 8-/*,*=72 27+ 7-054*9791+ +7/*074*7+ 5 27+ 7-054*9791+
-/*;14+*074*7+$ 145 -/7 2-,@7 =5=-274 *8=2*,7 27 1<-*;721/,*7 1/041 0597+ 1+7+ 2-,@7+
=74,*721+ B 1/ 1+1 ,7+5 12 1/18*65 625372 7 +14 *91/0*:*,795 =7+7 7 +14 8-,@5 81/5+
1;*91/01$ 7 ,5/+1,-1/,*7 1+ <-1 27 :45/0147 =52A0*,7 */014/7 +1 ;52;14> 8-,@5 81/5+
910148*/797 B <-1 27+ 1<-*;721/,*7+ <-1 */014;*1/1/ 1/ 1+7 910148*/7,*./ =-191/
5=1474 1/ 8-,@7+ 9*41,,*5/1+ 9*:141/01+$

7+ ;14979147+ 9*81/+*5/1+ 91 1+07 */910148*/7,*./ =-191/ 1/01/914+1 81D54 +*
058785+ 1/ ,-1/07 27 +*6-*1/01 ,5/+*9147,*./$ 585 @185+ ;*+05 /*/6E/ ,5/01/*95
=740*,-274 0*1/1 */+,4*=05 1/ +- 1+=1,*:*,*979 ./0*,7 +- +*6/*:*,795 1/ 12 +1/5 91 -/7
:5487,*./ 9*+,-4+*;7
059591=1/91912+*+018791740*,-27,*5/1+9*:141/,*721+B1<-*;721/,*721+91/045912,-72
1+0> +*0-795$ / +*6/*:*,7/01 ,585
F04737D79541+G=541D18=25=-1911/,*1407+,5/:*6-47,*5/1+9*+,-4+*;7+765074+11/-/
+*6/*:*,795=740*,-274*+07+1,054*728*1/047+<-11/5045+9*+,-4+5+I12=145/*+07+14A7-/
1D18=25I=-191,5/;140*4+11/2791/58*/7,*./=741H,1221/,1912F=-1325G$ 5<-19131
91+07,74+1 1+ <-1 1+07 85;*2*979 0783*?/ *8=2*,7 5047 =5+*3*2*979 <-1 0*1/1 -/7
*8=5407/,*7 ,1/0472 =747 1/01/914 12 8595 ,585 5=147/ 27+ ;74*7,*5/1+ =5=-2*+07+$
73185+=54/-1+0457/>2*+*+=41;*5<-112=5=-2*+85+-=5/1279*;*+*./9121+,1/74*5
+5,*72 1/ 95+ ,78=5+$ +07 9*;*+*./ =41+-=5/1 R,585 ;14185+ ,5/ 87B54 9107221 8>+
79127/01S27=41+1/,*791726-/5++*6/*:*,7/01+=4*;*216*795+<-1,5/91/+7/1/054/591+A
8*+85+ 27 +*6/*:*,7,*./ 91 0595 -/ ,78=5 7/076./*,5 R12 F4?6*81/G 27 F52*674<-A7G 25+
F64-=5+ 9-8*/7/01+G 10,?0147 =747 12 1/18*65J 12 F=-1325G 27 F/7,*./G 27 F87B54A7
+*21/,*5+7G10,?0147=74725+5=4*8*95+I,->21+911+05++*6/*:*,7/01+;7/779<-*4*41+1
452740*,-27954;7791=1/91453;*781/0191-/7@*+054*7,5/01H0-72IS$/1+01=45,1+5
91,5/91/+7,*./913185+9*:141:21D74+*/183746595+7+=1,05+124525/052.6*,59127
,5/+04-,,*./ 9*+,-4+*;7 91 27 9*;*+*./ +5,*72 B 12 ,5/01/*95 ./0*,5 <-1 1/ ,*1407+
,*4,-/+07/,*7+ D-167 1+1 452$ 2 =-/05 *8=5407/01 1+ <-1 7 ,*1407 720-47 12 ,5/01/*95
./0*,5 =-191 765074 +- ,7=7,*979 =747 D-674 072 452 1/ 07/05 <-1 =1487/1,1 +*/
1837465 27 /1,1+*979 912 452 ,585 072 B <-1 I9797 27 */910148*/7,*./ 91 27 4127,*./
1/041 ,5/01/*95 ./0*,5 B :-/,*./ 5/052.6*,7I 27 :-/,*./ =-191 +14 91+18=1L797 =54
+*6/*:*,7/01+91+*6/5=52A0*,5,58=210781/015=-1+05$M+071+2747C./=5427,-721/041
12=5=-2*+8591*C<-*1497B12919141,@71H*+01-/7/13-25+70*144791/79*1<-1=-191
+14 ,4-C797 IB @7 +*95 ,4-C797I 1/ 8-,@7+ 9*41,,*5/1+
1785+ -/ 1D18=25$ 479*,*5/7281/01 @7 @73*95 1/ 47/,*7 -/ ;505 91 =4501+07 91
*C<-*1497=4*/,*=7281/011/,7-C7957047;?+912740*95 58-/*+07$M+01,-8=2A725<-1
15461+ 7;7-@791/58*/795-/7F:-/,*./04*3-/*,*7GT%+1427;5C9125+1H,2-*95+912
+*+0187$
197377+A,274781/0112*/01/0591,4174-/F=1-=219167-,@1G37+7951/27
,5/+04-,,*./91-/7:45/0147=52A0*,7$ 5/12,527=+5912,58-/*+85B27:5487,*./91-/
1+0732*+@81/0 91 ,1/045 1/ 12 ,-72 12 740*95
5,*72*+07 B +-+ 7+5,*795+ 147/ =5,5
9*:141/01+ 91 25+ 67-22*+07+ 27 9*;*+*./ 1/041 *C<-*1497 B 9141,@7 +1 91+9*3-D. ,797 ;1C
8>+$
*/ 1837465 27/1,1+*97991 -/ ;505 479*,72 91 =4501+07=1487/1,*. B ,585 25+
+*6/*:*,7/01+ 91 27 *C<-*1497 @73A7/ 737/95/795 12 ,78=5 91 27 9*;*+*./ +5,*72 1+01
,78=5:-15,-=795=54+*6/*:*,7/01+91279141,@7$ 7/1,1+*9795/052.6*,7911H=41+74
279*;*+*./+5,*72:-18>+:-1401<-1+-79@1+*././0*,77-/9*+,-4+591*C<-*1497$+05
+10479-D51/-/85;*8*1/05,5/+*914732191<-*1/1+:-147/;507/01+,58-/*+07+@7,*712
41/01 7,*5/72$ / =727347+ 91 ?/B B
-412
/ 12 ,7+5 912 41/01 7,*5/72 47/,?+ 8-,@5+ 04737D5+ @7/ */01/0795 85+0474 <-1 27
047/+:141/,*7 91 ;505+ 7 :7;54 912 =740*95 91 27 1H04187 9141,@7 @7 +16-*95 2.6*,7+
=45:-/9781/01 70A=*,7+$ +A 27+ /5,*5/1+ 91 F21=1/*+85 91 *C<-*1497G R67-,@5\
21=?/*+81 B F21=1/*+85 534145G R5-;4A145\21=?/*+89 +1 914*;7/ 91 ,58=45374 <-1 -/7
=45=54,*./ ,5/+*9147321 91 25+ ;505+ 912 41/01 7,*5/72 =45;*1/1/ 91 ;547/01+ <-1
F=1401/1,*145/G 7/01+ 72 121,054795 91 27 *C<-*1497 ,2>+*,7 1+=1,*7281/01 912 740*95
58-/*+07$G
*1/+5<-1127,0-7241+-46*8*1/05912=5=-2*+85919141,@71/-45=75,,*91/072=-191
1H=2*,74+1 1/ 647/ 819*97 +*6-*1/95 2A/17+ +*795 <-1 /5+ 1+0785+ 41:*4*1/95 72
=5=-2*+85@185+=41+1/07951+077+*8104A71/04127:-/,*./5/052.6*,7B+-+70*+:7,,*./
./0*,7 1/ 4127,*./ ,5/ 25+ 9*+,-4+5+ 91 ,783*5 479*,72 =145 0783*?/ =-191 @72274+1 1/
c
5047+,5/:*6-47,*5/1+9*+,-4+*;7+$ 54/5@1746-81/07951/504504737D5,-7/952761/01
+11/:41/077-/7+*0-7,*./917/58*7479*,7227/1,1+*97991726-/7,27+1915491/+1
;-12;18>+*8=5407/01<-1125491/./0*,5<-1=148*07+-=147427$2-/*;14+5@533,+*7/5
,5/+0*0-B127;14+*./1H04187911+01;7,A5,58527+5,*1979+11/:41/077-/7+*0-7,*./
91 91+5491/ 05072 R12 1+0795 91 /70-4721C7S ,-72<-*14 ,5+7 <-1 @767 12 1;*70>/ 1+
216A0*87 I+*/ *8=54074 +- ,5/01/*95I +*18=41 <-1 12 5491/ +17 +- 41+-20795$
H*+01-/7E20*879*81/+*./ *8=5407/011/ 27 ,5/+04-,,*./91 27+:45/0147+ =52A0*,7+ <-1
41<-*141 /-1+047 701/,*./$ *1/1 <-1 ;14 ,5/ 27 01/+*./ <-1 @185+ 9101,0795 1/041 27
9*:141/,*7 B 27 1<-*;721/,*7 91/045 91 -/ ,58=21D5 91 9187/97+ <-1 +1 @7/ ;-1205
F
G 7 047;?+ 91 +- 740*,-27,*./$ 747 ,-72<-*14 9187/97 9185,4>0*,7 +-
*/+,4*=,*./ 91/045 91 -/7 ,791/71<-*;721/,*72 ,5/+0*0-B1 -/ 74879195321:*25$54 -/
2795 1+7 */+,4*=,*./ +*/ 9-97 505467 7 27 9187/97 -/7
$ ?/B 1 $
-41274 21=1-=21 =5-4 7=1-=21$ 21=5=-2*+8110 21+ ,2?85,470*1+ 74A+
7B749=$#$5+7-0541++141141/7*7+/;1+0*67,*5/1+915//77B14 1+
47/U7C+ <-C ;501/0 **74*+ 278874*5/S$ /&&12 e 91 25+04737D79541+
;50745/ =54 *001447/9 1/ 27 =4*8147 ;-1207 B 12 % 1/ 27 +16-/97 2-165 1/ % 12
# ;50. =54 1 15 ,5/0471 & 041+ 7L5+ 7/01+$
54=541*979<-191504787/147/501/94A791D791+14-/75,-441/,*7:-67C047/+*054*7
B+1,5/;*14011/=74019125<-1478+,*91/58*/.-/7F6-144791=5+*,*./G1+91,*4-/
,5/D-/059*+,-4+*;5\*/+0*0-,*5/72<-17+16-47+-+-=14;*;1/,*71/1227465=27C5$545045
2795 12 F=-1325G R27 ,791/7 1<-*;721/,*7S =5+11 +-+ =45=*7+ 21B1+ 1+0470?6*,7+ 91
85;*8*1/05 B /797 6747/0*C7 <-1 1+07+ E20*87+ /5 ,5/9-C,7/ 7 +7,4*:*,74 5 72 81/5+
,58=4581014 +-+07/,*7281/01 25+ ,5/01/*95+ *8=2*,795+ 1/ 726-/7+ 91 27+ 9187/97+
9185,4>0*,7+ =740*,-2741+$ +07 =5+*3*2*979 1+ 7E/ 8>+ 4172 =54<-1 ,797 -/7 91 1+07+
9187/97+1+0>2*6797727+5047++.257047;?+9127,791/71<-*;721/,*727,-7241+-207
91-/7 ,5/+04-,,*./9*+,-4+*;7 ,5/0*/61/01 B /5 91-/7 ,5/;1461/,*7 *8=-1+077 =4*54*$
7+9187/97+9185,4>0*,7++5/1/+-+4127,*5/1+8-0-7+,58525+=-14,51+=*/1+91
,@5=1/@7-14725+<-1+141:*14141-9T+*1+0>/9187+*795721D795++*1/01/:4A5J+*
+17,14,7/9187+*795,5/12:*/91,721/074+1+127+0*87/,5/+-+=E7+$
*/1837465
/5 1+ +.25 1+5
12 01441/5 91/045 912 ,-72 0*1/1 2-674 1+07 */,.8597 72014/7/,*7 1/041 :4A5 B ,7254 I1+
91,*412F=-1325GI/51++*8=2181/01-/01441/5/1-0472<-17,0E7,585-/7,>874791
,58=1/+7,*./ =747 27+ 9187/97+ */9*;*9-721+ B7 <-1 1/ 27 87B54A7 91 25+ ,7+5+ +1
054/7 -/7 @*=.+07+*+ <-1 ,58*1/C7 7 01/14 9187/97+ =45=*7+$ 52;14185+ 2-165 7
726-/7+9127+=5+*321+;74*7,*5/1+=52A0*,7+911+01D-165*/,5/,2-+5I1*/0148*/7321I
91740*,-27,*5/1+9*:141/,*721+B1<-*;721/,*721+$553+07/01/5+41:14*4185+7@547+.25
7 -/7 91 1227+ <-1 ,5/+0*0-B1 -/7 =5+*3*2*979 4172 7-/<-1 1H04187 =54<-1 *8=2*,7 27
9*+52-,*./912 =-13257 +7314 2773+54,*./ 91 ,797 -/7 91 27+ 9187/97+ */9*;*9-721+
,585 9*:141/,*72*979 =-47 91/045 912 +*+0187 958*/7/01 I,5/ +- 41+-20795
,5/,58*07/01<-11+279*+52-,*./91+-+;A/,-25+1<-*;721/,*721+,5/5047+9187/97+I
$+A1291+0*/5912=5=-2*+851+0>2*67951+04*,0781/017291+0*/59127:45/0147=52A0*,7+*
1+07 E20*87 91+7=741,1 12 F=-1325G ,585 7,054 @*+0.4*,5 +1 91+*/01647$
785+ 7 05874 ,585 1D18=25 12 7/>2*+*+ 91 27 91+*/01647,*./ 912 ,740*+85 34*0>/*,5
4172*C795 =54 7410@
01987/ P5/1+ 1/ -/ 04737D5 =*5/145 B7 ,2>+*,5$
- =-/05 91
=740*97 1+ -/7 ,4A0*,7 7 27 ;14+*./ 958*/7/01 912 ,740*+85 ,585 85;*8*1/05 +5,*72 <-1
@734A7 41+=5/9*95 7 27+ 9*+25,7,*5/1+ 41+-207/01+ 91 27 1;52-,*./ /9-+04*72$
16E/
01987/ P5/1+ 25 <-1 1+07 *8761/ 912 ,740*+85 /5 0587 1/ ,-1/07 1+ +- 9*+,-4+5
R21/6-7D1-0*2*C7/95+-+=727347+S1+=1,A:*,5<-125+*0E791/0459127=4*/,*=72,544*1/01
912479*,72*+8534*0>/*,5$+070479*,*./<-10*1/1+-+47A,1+1/275=5+*,*./05*B1/12+*625
N 72752*674<-A7O@*61H=14*81/0.-/6*45@7,*712479*,72*+85=52A0*,51/27?=5,791
27 1;52-,*./ 47/,1+7 B 27+ 6-1447+ /7=521./*,7+$
- 21*0850*;958*/7/01 ,5/+*+0*. 1/
`
+*0-74 25+ 8721+ 91 27 +5,*1979 /5 1/ 7265 */@141/01 72 +*+0187 1,5/.8*,5 +*/5 72
,5/0474*51/1273-+591=59149125+64-=5+=747+*074*5+B1+=1,-270*;5+<-19101/0737/
12 ,5/0452 912 =5914 =52A0*,5 F;*1D7 ,544-=,*./G 1/ =727347+ 91 53310$
* :-1 =5+*321 +5,*72*C74 27 0*1447 2*<-*974 27 91-97 /7,*5/72 B 7352*4 12 ,5/0452 912
85/5=52*5 91 37/<-145+ +5341 27+ 41+14;7+ 91 9*/145 1225 +1 913*. 7 <-1 0597+ 1+07+
:5487+91=45=*1979 ,58=740A7/ 27 ,747,014A+0*,7 ,58E/ 91/5+14=459-,05 912 04737D5$
-1=541+07 47C./<-112 47+65 8>+:-140181/01 41+72079591 27 ,27+1 9*4*61/01:-1+-
5,*5+*979 B =747+*0*+85$
585 ?+01 147 12 9*+,-4+5 958*/7/01 <-1 9*;*9A7 7 27 +5,*1979 1/ 95+ ,78=5+ 27+
9187/97+ 91 25+ 04737D79541+ +.25 =59A7/ +14 -/ 1+273./ 8>+ 1/ 27 ,791/7
1<-*;721/,*72 7-/<-1 27 +1,-1/,*7 91 1;1/05+ 21+ 974A7 -/7 *8=5407/,*7 ,41,*1/01$ 1
059787/147+25<-11+,747,014A+0*,5911+19*+,-4+51+<-1/5,5/+0*0-A7-/9*+,-4+5
+1,054*729127,27+104737D79547+*/5-/9*+,-4+5=5=-2749*4*6*951/=4*/,*=*570595+25+
=459-,0541+ ,5/047 25+ F5,*5+5+G$ F 7 9*+0*/,*./ /5 147 =4*/,*=7281/01 1/041 27+ ,27+1+
9*4*61/01+ B 27+ ,27+1+ 1H=250797+ 1/ -/ +1/0*95 1,5/.8*,5 +*/5 8>+ 3*1/ 1/041 25+
31/1:*,*74*5+B27+;A,0*87+9127,544-=,*./B1285/5=52*5912=5914=52A0*,5$=5+*,*./147
1/=4*8142-67485472B=52A0*,7B27+2A/17+9*;*+54*7+=59A7/047C74+18>+91/0459127+
,27+1+ <-1 1/041 1227+$G 5+ 014/7+ 958*/7/01+ 1/ 27 91/-/,*7 912 1/18*65 :-145/ 27
,5/+52*97,*./ 912 =5914 91 25+ 0144701/*1/01+ 7 047;?+ 91 -/7 +1,-1/,*7 @*+0.4*,7 ,-B7+
107=7+ :-145/ 27 5,-=7,*./ /5487/97 27 =?49*97 912 9141,@5 91 +-:476*5 9-47/01 27
?=5,7 819*1;72 27 9*+52-,*./ 91 25+ 85/7+014*5+ B 25+ ,14,78*1/05+ 912 +*625 H;***J 12
7-81/05912791-97/7,*5/729-47/0127+6-1447+:47/,1+7+B1241054/5726529+07/9749
91+=-?+911227+10,?0147$-/<-191+=-?+91&#@-35,585+1L727
01987/P5/1+
-/7 ,41,*1/01 *91/0*:*,7,*./ 912 F=-1325G ,5/ 27+ ,27+1+ 04737D79547+ B 0783*?/ -/7
1H01/+*./ 91 27 /5,*./ 91 F7/0*6-7 ,544-=,*./G 7 25+ 8*+85+ ,7=*072*+07+ 12 ,74>,014
=52A0*,5B85472912791/-/,*7B27+1+=147/C7+9141,-=1474727+,27+1+819*7+/-/,7
+1 737/95/745/$
H*+0*145/ 1/ 1+07 +767 95+ 8581/05+ ,4-,*721+ =747 27 ,-1+0*./ 01.4*,7 <-1 1+0785+
,5/+*9147/95$2=4*8145:-1275279141:5487+798*/*+0470*;7+,1/0472*C79547+<-10-;5
2-674 1/ 27 9?,797 91 &#$ / -/ 341;1 =14A595 91 0*18=5 @-35 -/7 +-,1+*./ 91
819*97+<-1458=*145/0597+27+1+04-,0-47+91=591425,72@1419797+912+*625H;***$+07
,1/0472*C7,*./7-054*074*7+11/:41/0.7-/7;*521/07417,,*./B129*+,-4+57/0*1+070*+07912
,740*+857=741/0181/01@-3*147+*95*9172=747672;7/*C74B78726787427=4501+07+5,*72$
*/18374651+05/55,-44*.$2850*;51+<-127:47,0-471/12,78=5=5=-27491+=-?+
91&#+1;52;*.*/+72;7321$ 7+,27+1+819*7+=41:*4*145/3-+,7472014/70*;7+91/045912
874,5 */+0*0-,*5/72 1H*+01/01 7/01+ <-1 744*1+674 -/7 72*7/C7 ,5/ :-14C7+ <-1 =14,*3A7/
,585 -/7 781/7C7 ,41,*1/01$$
F5@73A7/*/6-/7/1,1+*97991<-11291+,5/01/059127,27+1819*7054/747-/7:5487
,740*+07$ *1407 =54,*./ 91 27 5=*/*./ 91 ,27+1 819*7 1H=41+. +- 9*+1/+5 41+=1,05 91 27
=52A0*,795,04*/74*79125+O@C6+1/279?,79791&#;507/95725+,5/+14;79541+1/27
121,,*./ 91 &$ 145 12 01854 B 9*+6-+05 =54 12 1H0418*+85 912 653*14/5 :-1
,5/047441+0795 =54 -/7 */<-*10-9 ,5/ 41+=1,05 72 ,74>,014 781/7*7954 B =501/,*7281/01
*/+-441,,*5/72 912 91+,5/01/05 ,740*+07$ 54 25 07/05 12 121,054795 ;50. =54 -/ 653*14/5
:-1401<-1=45810A787/01/14B=450161427+*/+0*0-,*5/1+1H*+01/01+G
*/183746525<-1
5,-44*.2-165:-17E/8>+41;127954$ 7=52A0*,71+0747291,5/:45/07,*./91279?,79791
&#:-1 */0144-8=*971/ 279?,797 +*6-*1/01$54 -/ 2795 @-35 -/7 216*+27,*./910*=5
8>+@-87/55,-=>/95+1910187+0721+,58527;*;*1/9727+72-9B2719-,7,*./J=5412
5045@-35-/,41,*1/0141,5/5,*8*1/0591<-112=5914=52A0*,5/591314A7*/014:14*41/12
:-/,*5/78*1/05 1:1,0*;5 91 27+ :-14C7+ 91 814,795$ +05 +5,7;. 27+ 95+ 37+1+ 912
9*+,-4+5=52A0*,5 ,740*+07$ 5+ 7,0541+ +5,*721+913A7/7@5479*+,4*8*/74 1/041-/0*=591
819*97216*+270*;7B5047$+05+*6/*:*,71//-1+045+0?48*/5+<-1@73A7,797;1C81/5+
=
-/7 ,5/:45/07,*./ ,5/ -/ 1/18*65 625372 1/ 07/05 27+ 9187/97+ 7*+2797+ 01/A7/ 8>+
=5+*3*2*979 91 =45+=1474 1/ +-+ /165,*7,*5/1+ ,5/ -/ =5914 <-1 B7 /5 147
*/1<-A;5,781/017/076./*,5$
73185+1H7,0781/0125<-11+05+*6/*:*,7124127D78*1/05
91 25+ 27C5+ 1<-*;721/,*721+ B 27 9*+64167,*./ 91 27+ 9187/97+
1/ -/7
=2-472*979 91 9187/97+ 9185,4>0*,7+$ 145 5,-44*. 7265 8>+
27 5=5+*,*./ 1/041 25+ =459-,0541+ B 25+ =74>+*05+ <-1 @73A7 +*95 12 :-/9781/05 912
9*+,-4+5 1<-*;721/,*7 ,740*+07 =149*. +1/0*95 -/7 ;1C <-1 12 +0795 4127D. +- ,5/0452
+5341 27 1,5/58A7 I91 -/7 87/147 /5 ,58=210781/01 9*:141/01 91 27 <-1 @73A7/
91:1/9*9525+,740*+47+IBB7/5=59A7+14=41+1/0795,58527:-1/01910595+25+8721+
1,5/.8*,5+$ <-A 01/185+ ,585 @7 +1L72795
01987/ P5/1+ 12 ,58*1/C5 91 1+7
+1=747,*./ 1/041 +0795 B 1,5/58A7 <-1 +1 ,5/;140*4A7 1/ 27 874,7 ,747,014A+0*,7 912
2*31472*+85 912 =14A595 819*5 ;*,054*7/5$
*27410.4*,7,740*+07147*917281/01791,-797=7475467/*C74275=5+*,*./727+819*97+
O@C691&#=54 27 8*+87 47C./1+0737 872 =41=74797 =747 859*:*,74 +- =5+*,*./ 1/
41+=-1+07 72 ,74>,014 9*:141/01 91 27 7,0*;*979 1+07072 91 27 9?,797 91 &$ 7 ,4A0*,7
,700*+07 72 +0795 B 7 27 5=41+*./ 91 ,27+1 <-, ?+01 @73A7 1/61/94795 147 -/7 ,4A0*,7
05072*C79547$ 5 +1 791,-737 7 27 9*+,4*8*/7,*./ 1/041-/7 819*97 216*+270*;7 B 5047 B7
<-11+05@-3*147+*6/*:*,795,5/,1914<-1/50597+27+819*97+7=2*,797+=5412+0795
01/A7/=45=.+*05+91,27+153;*781/01872*6/5+B<-127+41:5487+31/1:*,*5+7+=59A7/
+107=453797+=54-/7216*+270-47165A+071/-/+*+0187/541:548795$59185+=14,*3*4
7=740*4911+07E20*87,*079./91+11/,-1/04712=704./9191+*/01647,*./912F=-1325G$
5+.251/12@1,@591<-125=52A0*,5R27*/+07/,*7912+0795S91D.9191+18=1L74+-452
05072*C7954,585=14+5/*:*,7,*./9*+,-4+*;79121/18*65+*/50783*?/1/12@1,@591<-1
/*/6-/75047*/+07/,*7=59A791+18=1L74128*+85452$ 7,4*+*+=5=-274:-172658>+<-1
-/+*8=21:47,7+5912+0795=747:-/,*5/74,5851D1<-187/01/A7-/*95-/+*+018791
958*/7,*./$-18>+3*1/-/7,4*+*+1/27,7=7,*979912F=-1325G=74705072*C74B7:-147
27 *91/0*9799121/18*655 +-=45=*7 *91/0*979 F625372G$ 7 ,41,*1/01 +1=747,*./1/041 27
1,5/58A7 B 27 */014;1/,*./ 1+07072 /5 147 1/ +A 8*+87 -/ 53+0>,-25 */+72;7321 =747 27
,5/+04-,,*./ 91 -/7 :45/0147 =52A0*,7 B -/ =-1325 147 +.25 ,-1+0*./ 91 5054674 81/5+
=1+5 7 25+ F5,*5+5+G B 7 25+ F1+=1,-279541+G B 8>+ 7 25+ ,7=*072*+07+ ,585 0721+ I-/7
047/+*,*./<-1129*+,-4+5,740*+07910595+8595+B7@73A7,581/C795I$
*/1837465
1+05@-3*147=41+-=-1+05<-127+*0-7,*./1+04-,0-472912F=-1325G91/04591275=5+*,*./
/5+5045+] 1225+ @-3*147 +5341;*;*95 7 27 =45641+*;7 +-+0*0-,*./ 91 +-+ ,5/01/*95+
,5/,4105+$ 1+05 1+ 1H7,0781/01 25 <-1 /5 5,-44*.$ 585 @185+ +1L72795 27 341,@7
1/041 27+ ,27+1+ 819*7+ B 25+ 04737D79541+ +1 ;52;*. 8>+ =45:-/97 ;74*7+ 819*97+
1+070721+ 2564745/ +70*+:7,14 9187/97+ +5,*721+ */9*;*9-721+ B I1+05 1+ ,1/0472I 1+07
4-=0-479125+27C5+1<-A;721/,*721+0-;541=14,-+*5/1+9127465=27C51/27*91/0*97991
27 8*+87 ,27+1 534147$ M+01 1+ 12 ;14979145 +*6/*:*,795 91 27 047/+*,*./ @7,*7 12
2*31472*+85 912 =14A595 819*5 ;*,054*7/5 27 =52A0*,7 +1 ;52;*. 81/5+ -/7 ,-1+0*./ 91
,5/:45/07,*./ 1/041 95+ 325<-1+ 7/076./*,5+ B 8>+ -/7 ,-1+0*./ 91 /165,*7,*./ 91
9187/97+ 9*:141/,*721+ 91/045 91 -/ +0795 +5,*72 1/ 1H=7/+*./$ -7/95 27+
5467/*C7,*5/1+9127,27+153414741+-46*145/,5/25++*/9*,705+85914/5+91+,-34*145/
<-1 +-+ 9187/97+ 1+=1,A:*,7+ =594A7/ =45641+74 8>+ ;1/07D5+781/01 819*7/01 27
/165,*7,*./ ,5/ 12 +0795 <-1 7 047;?+ 91 -/7 ,5/:45/07,*./ 9*41,07 ,5/ ?2$ +05 =54
+-=-1+05/51H,2-B.8581/05+911H=25+*5/1+;*521/07+=1457-/7+A/5=59A7/5,-2074
+- ,74>,014
05/72$ 7-/<-1 27 ,5/+04-,,*./ 91 -/7 @16185/A7 3-46-1+7 1/ 27
+16-/97 8*079 912 +*625 N N ,5/+0*0-B. ,-72<-*14 ,5+7 81/5+ -/ =45,1+5 =7,A:*,5 12
91+74452259127465=27C51+*/1<-A;5,527=4*87,A791272.6*,791279*:141/,*7=54+5341
27+ 4-=0-47+ 1<-*;721/,*721+$
185+ 1H=2*,795 95+ 91 27+ 9*81/+*5/1+ +*/1 <-7 /5/ 912 =5=-2*+85
j
12 ;A/,-25 1<-*;721/,*72 B 27 /1,1+*979 91 -/7 :45/0147 */014/7 R91 @1,@5 7837+ 1+0>/
1+04*,0781/01,544127,*5/797+$ 5<-1913185+1H=2*,747@5471+12=41,*=*07951/12<-1
,5/+*+01 27 4127,*./ 1<-*;721/,*72
27 *91/0*979 =5=-274 ,585 072$ /01+ 9*D*85+ <-1 27+ 4127,*5/1+ 1<-*;721/,*721+ /5 *4A7/
8>+722>91-/;765+1/0*8*1/0591+52*974*979+*/5,4*+072*C747/1/-/7,*1407*91/0*979
9*+,-4+*;7<-1B7/541=41+1/079187/97+9185,4>0*,7+,5851<-*;721/01++*/51227C5
1<-*;721/,*72 ,585 072$ + +.25 1+1 8581/05 91 ,4*+072*C7,*./ 12 <-1 ,5/+0*0-B1 72
F=-1325G912=5=-2*+85$ 5<-1147+*8=2181/01-/7819*7,*./1/0419187/97+79<-*141
7@547 -/7 ,5/+*+01/,*7 =45=*7$ -/<-1 12 27C5 1+0737 54*6*/7281/01 +-3549*/795 7 27+
9187/97+ 7@547 417,,*5/7 +5341 1227+ B 819*7/01 -/7 */;14+*./ 91 27 4127,*./
,58*1/C77,58=54074+1,585+-:-/9781/05$
*/1+075=147,*./91*/;14+*.//5@734A7
=5=-2*+85$+7265+*8*274725<-191+,4*3174H1/2,7=*072,58527047/+*,*./9127
:5487 61/1472 912 ;7254 7 27 :5487 91 9*/145$
H=254185+ 7@547 25+ 9*:141/01+ 8581/05+ 91 1+07 ,5/+04-,,*./ 912 F=-1325G ,585
,4*+072*C7,*./91-/7,791/7911<-*;721/,*7+1/27,-7227*/+07/,*7,4*+072*C79547=1+7
1/+-7-05/58A707/05,58527,791/7*/:471+04-,0-472919187/97+<-1@*C5=5+*321+-
+-46*8*1/05$/3-1/=-/0591=740*97=594A7+14/-1+04741:141/,*7=41;*77-/7341,@7
1/27,5/0*/-*9799121+=7,*5,58-/*074*541+-207/0191<-127=213++1=41+1/077+A8*+87
,5852705072*979912=5=-2-+$+077+*8104A71+1/,*72<-1@722785+1/2747AC91277,,*./
=5=-274 0783*?/ 1+ 91+07,797 =54 P7,<-1+ 7/,*?41 1/ 0?48*/5+ +*8*2741+
2 9185+ +1 704*3-B1 7 +A 8*+85 ,585 =7401 27 *6-72979 <-1 =1401/1,1 7
0595+ 25+ ,*-9797/5+$ 2 @7,1425 1+07 =7401 <-1 /5 1+ -/7 *91/0*:*,7 +- =45=*1979
*8=45=*7,5/12=4*/,*=*51H,2-+*;59127,58-/*9791*91/0* *,7+-/58341I12/58341
912787+7*/9*+0*/079125+@58341++*//*/6-/7=5+*,*./I,5/12/583418*+859127
,58-/*979$ -1325 +1 7=45=*7 91 27 ,-72*979 ,58*A/ ,585 +* 21 =1401/1,*147$ 5 <-1
7=5407 7 27 ,58-/*979 1+ 1+04*,0781/01 @7327/95 12 2*0*6*5$
*/1837465K<-?+*6/*:*,71+077+=*47,*./91-/7=74,*72*9797+14,5/,13*97,54/527
05072*979+5,*72YK./9191+,7/+7+-=5+*3*2*9795/052.6*,7Y747<-12705072*97901/67
121+070-+91-/77+=*47,*./91319*:141/,*74+17+A8*+87=747,581/C74912,5/D-/05
91 4127,*5/1+ +5,*721+ :7,0-7281/01 9795$ 7 +73185+ =54 <-? 1+05 1+ 7+A =54<-1 12
8581/05914-=0-477/076./*,71+*4419-,0*321$5=-191+14,5/9-,*957-/7=5+*0*;*979
8>+=45:-/97<-125047/+:54874A71/271H=41+*./1=*:1/58?/*,79172659*:141/0191+A
8*+85$ +05 +*6/*:*,7 <-1 /*/6-/7 05072*979 */+0*0-,*5/72 =-191 */+,4*3*4 1/ +A 8*+87
,585 8581/05+ =5+*0*;5+ 72 ,5/D-/05 91 9187/97+ +5,*721+$ + =54 1+05 <-1 27+
9187/97+*/+70*+:1,@7+/5*/+,4*3*321+01/94A7/,585@185+;*+05-/+1491:*,*1/01$2
8*+850*18=5+*/183746527=21/*0-9912+14,58-/*074*51+0>=41+1/01=7471227+,585
7<-1225<-11+0>7-+1/01J,5857<-1225<-137D5125491/+5,*72=5+*0*;51H*+01/019131
=1487/1,14 */+70*+:1,@5$ 54 25 07/05 12 =5=-2-+ ,585 25 9795 ,585 12 ,5/D-/05 91
4127,*5/1+ +5,*721+ 072 ,585 1227+ :7,0-7281/01 +5/I +1 41;127 7 +A 8*+85 ,585 -/7
:72+7 05072*979 ,585 -/7 =74,*72*979 <-1 1+ :-1/01 91 5=41+*./54 5045 2795 27=213+
,-B7+ 9187/97+ =74,*721+ +1 */+,4*31/ 1/ 12 @54*C5/01 91 -/7 05072*979 =21/7 I-/7
+5,*1979 D-+07 <-1 +.25 1H*+01 *917281/01I =-191 7+=*474 7 ,5/+0*0-*4 -/ =5=-2-+
;1497914781/01-/*;14+72<-11+/16795=5427+*0-7,*./417281/011H*+01/01$+7,7-+7
91 <-1 1+07+ 95+ ;*+*5/1+ 912 =5=-2-+ +5/ 1+04*,0781/01 */,5/81/+-47321+ <-1 -/7
,*1407=740*,-274*97927=213+=-191*91/0*:*,74+1,5/12=5=-2-+,5/,13*95,58505072*979
*9172$ 7047;?+ 91 27 ,5/+04-,,*./ 91 ;A/,-25+ 1<-*;721/,*721+I$@547913185+1H=2*,74
,.851+07=2-472*97991;A/,-25++1054/7-/7+*/6-274*9797047;?+91+-,5/91/+7,*./
72419195491-/7*91/0*979=5=-274$ ->21++5/1/=4*8142-67427+87014*7+=4*87+<-1
*/014;*1/1/1/1+1=45,1+591,5/91/+7,*./3;*781/01+.2527+9187/97+*/9*;*9-721+
1/ +- =740*,-274*+85$ 145 +* +1 ;7 7 1+07321,14 1/041 1227+ -/ ;A/,-25 1<-*;721/,*72
1/05/,1+91311/,5/0474+1726E/0*=59191/58*/7954,58E/<-11/,74/12705072*97991

27+14*1$ 5851+0191/58*/7954,58E/9131=45;1/*491278*+87+14*1+.25=-191+14
-/7 9187/97 */9*;*9-72 <-1 =54 -/7 +14*1 91 47C5/1+ ,*4,-/+07/,*721+ 79<-*141 ,*1407
,1/0472*979$M+071+275=147,*./@1618./*,7<-1B791+,4*3*85+$5@7B@16185/A7+*/
27 ,5/+04-,,*./ 91 -/7 *91/0*979 =5=-274 7 =740*4 91 -/7 =2-472*979 91 9187/97+
9185,4>0*,7+$ 54 25 07/05 ;785+ 7 +*0-74 27 *91/0*979 =5=-274 91/045 912 ,58=21D5
4127,*5/72 <-1 1H=2*,7 27+ ,5/9*,*5/1+ 07/05 91 +- +-46*8*1/05 ,585 91 +- 9*+52-,*./$
H*+01/ 95+ 7+=1,05+ 1/ 27 ,5/+0*0-,*./ 91 27+ *91/0*9791+
<-1 +5/
*8=5407/01+=747/5+5045+$/=4*8142-674279187/97<-1,4*+072*C727*91/0*979=5=-274
1+0>*/014/781/019*;*9*97=54-/27951+-/79187/97=740*,-274J=54125045+-=45=*7
=740*,-274*979 ,58*1/C7 7 +*6/*:*,74 7265 8-B 9*:141/01 91 +A 8*+87 27 ,791/7 05072 91
9187/97+1<-*;721/,*721+$-/<-1 ,5/0*/E7 +*1/95 -/7 9187/97 =740*,-274 =7+7 7 +14
0783*?/12+*6/*:*,7/0191-/7-/*;14+72*9798>+78=2*7<-17<-?227$R-47/01-/0*18=5
341;191+=-?+91&=541D18=2512F814,795G+*6/*:*,.1/-45=7912+018-,@5
8>+<-1-/5491/=-4781/011,5/.8*,57374,7377047;?+91;A/,-25+1<-*;721/,*721+
,5/01/*95+0721+,58512:*/912653*14/53-45,4>0*,527+2*3140791+,*;*21+=5/14+1727
720-47 91 ,,*91/01 10,?0147$S 145 1+07 +*6/*:*,7,*./ 8>+ -/*;14+72 1+ /1,1+74*781/01
047/+8*0*97 7 25+ 5045+ 1+2735/1+ 9 27 ,791/7 <-, 9, 1+07 87/147 +1 9*;*91/ 0783*?/
1/041 12 =740*,-274*+85 91 +-+ =45=*7+ 9187/97+ B 27 +*6/*:*,7,*./ =5=-274 9797 =54 +-
*/+,4*=,*./ 91/04591 27 ,791/7$<-A +1 =459-,1 -/7 01/+*./ ,-7/05 8>+ 9?3*2 1+-/7
9187/97 8>+ 91=1/91 =747 +- :548-27,*./ 91 +- */+,4*=,*./ =5=-274J */;14+781/ 01
,-7/05 8>+ 7-0./587 +1 ;-12;1 9*+,-4+*;7 1 */+0*0-,*5/7281/01 8>+ 01/-1 +14> +-
91=1/91/,*7 91 -/7 740*,-27,*./ 1<-*;721/,*72$ 7 4-=0-47 91 1+07 91=1/91/,*7 =-191
,5/9-,*4,585@185+;*+051/12,7+5912,740*+857-/791+*/01647,*./,7+*,58=2107
912 ,78=5 =5=-274\1<-*;721/,*72$
/ +16-/95 2-674 /-1+045 746-81/05 9131 791,-74+1 1/ 1+01 =-/05 7 25 <-1 @185+
9*,@57/01+7,14,79127=459-,,*./91F+*6/*:*,7/01+;7,A5+G$ -72<-*14*91/0*979=5=-274
41<-*141 +14 ,5/91/+797 ,585 +73185+ 1/ 054/5 7 726-/5+ +*6/*:*,7/01+ R=727347+
*8>61/1+S <-1 +1 41:*141/ 7 27 ,791/7 1<-*;721/,*72 ,585 05072*979$ -7/05 8>+
1H01/9*97 1+ 27 ,791/7 81/5+ 2*6795+ ;7/7 1+074 1+05+ +*6/*:*,7/01+ 7 +-+ 9187/97+
=740*,-2741+54*6*/721+$+91,*427:-/,*./9141=41+1/07427F-/*;14+72*979G41270*;79127
,791/7 ;7 7 =41;721,14 +5341 27 91 1H=41+74 12 41,2785 =740*,-274 <-1 ,5/+0*0-B1 12
87014*72<-1+5+0*1/11+7:-/,*./$/5047+=727347+27*91/0*979=5=-274+1;-12;1,797
;1C8>+=21/791+91-/=-/0591;*+071H01/+*;5B7<-141=41+1/07-/7,791/7+*18=41
87B54919187/97+J=145+1;-12;1*/01/+*;781/018>+=5341=54<-1913191+=5D74+1
91 ,5/01/*95+ =740*,-2741+ 7 :*/ 91 7374,74 9187/97+ +5,*721+ <-1 +5/ 0507281/01
@101456?/17+ 1/041 +A$ +05 1+ -/7 *91/0*979 =5=-274 :-/,*5/7 ,585 -/ +*6/*:*,7/01
01/91/,*7281/01 ;7,A5$
*/183746525<-141;*+01,4-,*72*8=5407/,*71+/5,5/:-/9*4;7,-*979,5/73+047,,*./
1+91,*4/5,5/,13*472,58E/91/58*/79541H=41+795=5412+A83525=5=-274,585-/
47+65 =5+*0*;5 ,58=740*95 1/ E20*87 */+07/,*7 =54 0595+ 25+ 1+2735/1+ 91 27 ,791/7$
*
1+05 E20*85 :-147 7+A /5 @734A785+ 047+,1/9*95 27 2.6*,7 91 27 9*:141/,*7$ +074A785+
04707/95,5/-/79*:141/,*773+047,07<-1+*/1837465=1401/1,14A7725491/9*:141/,*72B
+14A7 ,585 072 ,5/,1=0-7281/01 7=41@1/+*321$ 145 1/ -/7 4127,*./ 1<-*;721/,*72 27+
9187/97+ /5 ,58=7401/ /797 =5+*0*;5 +.25 12 @1,@5 91 <-1 0597+ 1227+ =1487/1,1/
*/+70*+:1,@7+$ 54 25 07/05 1H*+01 -/7 /1670*;*979 1+=1,A:*,7 */@141/01 72 27C5
1<-*;721/,*72$K .85+1*/0459-,11+018581/0591/1670*;*9791/27,5/+0*0-,*./91-/7
*91/0*979=5=-274Y1641+185+=54-/8581/0572=-/05<-1@185+9*+,-0*957/01+1/
-/7 +*0-7,*./ 91 91+5491/ 479*,72 27 9187/97 1+ =54 726E/ 0*=5 91 5491/ B 12 5491/
+5,*72 ,5/,4105 <-1 ;7 7 +70*+:7,14 1+1 41,2785 1+ -/7 ,5/+*9147,*./ +1,-/974*7 R25
8*+85 =-191 91,*4+1 91 0?48*/5+ +*8*2741+ ,585 FD-+0*,*7G F*6-72979G F2*314079G
10,?0147S$
14A7 -/7 =?49*97 91 0*18=5 */01/074974 -/7 91:*/*,*./ =5+*0*;7 91 F5491/G 5
á
FD-+0*,*7G I1+ 91,*4 7+*6/7421+ -/ ,5/01/*95 ,5/,1=0-72 =54 8A/*85 <-1 :-147$ 2 452
+18>/0*,5911+05+0?48*/5+/51+1H=41+74726E/,5/01/*95=5+*0*;5+*/5,585@185+
;*+05 :-/,*5/74 ,585 91/58*/7,*5/1+ 91 -/7 =21/*0-9 <-1 1+0> ,5/+0*0-0*;781/01
7-+1/01$+=54<-1/51H*+01/*/6-/7+*0-7,*./@-87/71/27,-72/55,-447726E/0*=591
*/D-+0*,*7 <-1 FD-+0*,*7G ,585 0?48*/5 0*, 1 +1/0*95$ / 07/05 /58347 -/7 =21/*0-9
*/9*:141/,*797/50*1/1/*/6E/,5/01/*95,5/,1=0-721/73+52-05/5,5/+0*0-B1-/0?48*/5
73+047,05+*/51/12+1/0*958>+1+04*,05;7,A5$/79*+,-+*./+534127,-1+0*./91+*-/7
+5,*1979 D-+07 +14> =45;*+07 =54 -/ 5491/ :7+,*+07 5 +5,*72*+07 /5 =45,191 ,585 -/7
919-,,*./ 2.6*,7 7 =740*4 91 -/ ,5/,1=05 91 FD-+0*,*7G 7,1=0795 =54 7837+ =7401+ +*/5
819*7/01 -/7 */;1+0*9-47 479*,72 ,-B5+ =7+5+ 9*+,-4+*;5+ /5 +5/ ,5/1H*5/1+ 2.6*,5\
,5/,1=0-721+ +*/5 704*3-0*;5\=14:54870*;7+$
* 81 41:*145 7 -/ ,5/D-/05 91 7647;*5+
+5,*721+ 7 27 */D-+0*,*7 61/1472 B 704*3-B5 +- ,7-+77 27 F52*674<-A7G=541D18=251+05B
1:1,0-7/95 95+ 5=147,*5/1+ */0144127,*5/797+
=54-/27951+05B,5/+0*0-B1/9572=-1325721/,5/047427*91/0*979,58E/91-/,5/D-/05
9141,2785++5,*721+1/+-5=5+*,*./72752*674<-A7J=54125045121/18*6591D791+14
=-4781/01 ,*4,-/+07/,*72 B 79<-*141 9*81/+*5/1+ 8>+ 6253721+$ + =54 1+05 <-1 -/7
,791/7 1<-*;721/,*72 9131 +14 1H=41+797 819*7/01 27 ,701H*7 91 -/ 12181/05 +*/6-274
=54<-1/51+0785+04707/95,5/-/75=147,*./,5/,1=0-72911/,5/0474-/47+65,58E/
73+047,05+-3B7,1/011/0595+25+7647;*5++5,*721++*/5,5/-/75=147,*./=14:54870*;7
<-1,5/+0*0-B127,791/7,585072$+,58512=45,1+591,5/91/+7,*./1/25++-1L5+
-/7 *8761/ /5 1H=41+7 +- =45=*7 =740*,-274*979 +*/5 -/7 =2-472*979 91 ,544*1/01+ 8-B
9*+A8*21+912=1/+78*1/05*/,5/+,*1/01<-1@7227/+-1H=41+*./1/1+7E/*,7*8761/$+
3*1/ ,5/5,*95 ,.85 -0*2*C737 20@-++14 1+07 /5,*./ 91 ,5/91/+7,*./ =747 7/72*C74 27
1;52-,*./ -+7 0595+ 25+ 7/0765/*+85+ 91 27 +5,*1979 4-+7 +1 ,5/91/+737/ 1/ -/7
-/*9794-=0-4727241919549127+9187/97+91F=7/=7CB0*1447G$28581/0591;7,-*979
1+91,*+*;57<-A+*/0?48*/5+;7,A5+,585FD-+0*,*7GF2*314079G10,?0147*/;1+0*95+91/045
9127+041+9187/97+?+07+@-3*147/=1487/1,*95,144797+91/04591+-=740*,-274*+85J
=1457,7-+7912,74>,014479*,72911+07*/;1+0*9-4772659127;7,-*9799127FD-+0*,*7GB
27F2*314079G:-1047/+8*0*97727+9187/97+<-1+1,5/;*40*145/1/05/,1+1/25+/58341+
91 -/7 -/*;14+72*979 <-1 047+,*1/91 +-+ ,5/01/*95+ =740*,-2741+ 41721+$
*/183746512
=740*,-274*+85 /5 +1 12*8*/7 ,585 1/ 0597+ 27+ :5487,*5/1+ @1618./*,7+ 27+
*91/0*9791+
,5/+0*0-B1/ +*18=41 25+ =-/05+ 91 01/+*.//165,*7,*./ 1/041
-/*;14+72*979B=740*,-274*979$1+07720-4791314A71+074,2745=54<-?1+0785+@7327/95
91 F;7,-*979G B /5 91 F73+047,,*./G
=7C =7/ B 0*1447 /5 +5/ 12 ,58E/ 91/58*/7954 ,5/,1=0-7291 0597+ 27+ 9187/97+
+5,*721+ 4-+7+ 1/ %$ 585 1/ 0595+ 25+ =45,1+5+ 91 +5341910148*/7,*./ 7647;*5+
<-1 /5 01/A7/ /797 <-1 ;14 ,5/ 1+7+ 041+ 9187/97+ +1 1H=41+737/ +*/ 1837465 7
047;?+ 91 1227+$
59185+ 7@547 7/72*C74 95+ 7+=1,05+ 912 =5=-2*+85 7 25+ ,-721+ +1 41:*141
:41,-1/0181/01 27 2*01470-47 +5341 120187=145+5341 25+ ,-721+ ,585 B7@185+ ;*+05
/5 +1 @7/ 5:41,*95 1H=2*,7,*5/1+ +70*+:7,054*7+$ 2 =4*8145 0*1/1 <-1 ;14 ,5/ 27
91/58*/797F*8=41,*+*./GBF;76-1979G9125++A83525+=5=-2*+07+$M+0161/147281/01@7
+*95 I,585 +1 ;1 ,274781/01 =54 25+ 7-0541+ ,-B5+ 04737D5+ @185+ ,*0795I 12 =7+5
=41,191/01 7 +- 91+1+0*87,*./$
*/ 1837465 +* 27 ,-1+0*./ +1 735497 91+91 27
=14+=1,0*;7<-1@185+1+35C79541:14*97727=459-,,*./+5,*7291+*6/*:*,7/01+;7,A5+
27+,5/,2-+*5/1++5/0507281/019*:141/01+$2,74>,014;7,A59125++*6/*:*,7/01+<-197/
-/*979 5 ,5@141/,*7 72 ,78=5 =5=-274 /5 1+ 41+-20795 91 /*/6E/ +-391+7445225 *915\
7 5-*+20@-++14F 5/0479*,0*5/7/95;14910148*/70*5/G1/5474H 5/941+1/6-*/
55Q+ $ \& V0479$ 1+=$ F 5/0479*,,*./ B +5341910148*/7,*./G 1/ 7
41;52-,*./ 01.4*,7 91 74H ?H*,5
*625 HH* % .6*,5 5 =52A0*,5J +*8=2181/01
1H=41+7 1* @1,@5 91 <-1 0597 -/*:*,7,*./ =5=-2*+07 0*1/1 2-674 1/ -/ 01441/5 +5,*72
ï
479*,7281/01@101456?/15$+07@1014561/1*979/50*1/917=740*491+-=45=*5,74>,014
9*:141/,*72 7 ,5/:2-*4 724191954 91 -/7 -/*979 <-1 41+-2074A7 91 +- 8145 91+7445225
*/014/5 =54 25 <-1 ,-72<-*14 0*=5 91 -/*979 ;7 7 =45,1914 91 -/7 */+,4*=,*./ B 27
+-=14:*,*1 91 1+07 */+,4*=,*./ R25+ +A83525+
S +14> *4419-,0*321 7 25+
,5/01/*95+ <-1 1+0>/ */+,4*=05+ 1/ 1227$ 5+ +A83525+
+5/ +*/ 9-97 27
1H=41+*./ 91 27+ 9187/97+ 9185,4>0*,7+ <-1 1225+ 41E/1/J =14512 819*5 1H=41+*;5 /5
=-191+14419-,*95725<-1?21H=41+7/51+-/819*5047/+=741/01$52;785+7/-1+045
1D18=257/014*547:*4874<-12752*674<-A71+41+=5/+73219127:4-+047,*./919187/97+
+5,*721+/51+7:*48747265<-1=-191+14,58=41/9*957=740*49127+8*+87+9187/97+
+5,*721++*/5<-11+=45;*+0591+91:-147911+07+9187/97++5,*721+=54-/9*+,-4+51/
12,-72=-191/+14*/+,4*=07+$+019*+,-4+5=54+-=-1+05;77*/,4181/074271:*,7,*7B
,5@141/,*79127+2-,@7+<-1+1914*;7/91?2$145,-7/058>+@101456?/17++17/1+7+
9187/97+ +5,*721+ 12 9*+,-4+5 <-1 21+ =45;11 -/7 +-=14:*,*1 91 */+,4*=,*./ ;7 7 +14
81/5+,7=7C917=127472874,59*:141/,*72,58E/91-/7+*0-7,*./25,72,5/,4107$ 585
B7 81/,*5/785+ 1/ -/7 2-,@7 25,72 =-195 1+074 41270*;781/01 +16-45 07/05 91 27
/70-4721C7 91 8*+ 9187/97+ ,585 91 27 :-14C7 ,5/047 27 ,-72 1+05B 2-,@7/95$ 145
,-7/951+05B */01/07/95,5/+0*0-*4 -/7 *91/0*979 =5=-274 8>+ 78=2*7 B -/1/18*65 8>+
625372819*7/0127740*,-27,*./919187/97++1,054*721+27*91/0*97907/059127+:-14C7+

,585 912 1/18*65 +1 ;-12;1 8>+ 9*:*,*2 91 910148*/74$ + 7<-A 95/91
/1,1+74*781/01 +-461 12 8581/05 91 27 ;7,-*979 <-1 +*6-1 72 1+07321,*8*1/05 91 25+
;A/,-25+ 1<-*;721/,*721+$ 465@7B F;76-1979G1 F*8=41,*+*./G =145 <-1/5 41+-207/91
/*/6E/0*=591+*0-7,*./8746*/725=4*8*0*;7B7<-1+1*/+,4*31/1/27/70-4721C78*+87
91 27 =52A0*,7$
* +1 /1,1+*07 -/7 =4-137 =1/+185+ 1/ 12 1+0722*95 91 85;*2*C7,*5/1+
=5=-2*+07+ <-1 0*1/1/ 2-674 =14*.9*,781/01 1/ 12 ,547C./ 91 +5,*19791+ 720781/01
91+744522797+$
/ +16-/95=4532187 /5 ,58=210781/01 41+-1205 1/ 27 2*01470-47 +5341 =5=-2*+85 0*1/1
<-1 ;14 ,5/ 27 ,1/0472*979 912 2A914$ .85 1H=2*,7427 5+ 95+ 0*=5+ 8>+ -+-721+ 91
1H=2*,7,*./+5/27F+-61+0*./GI-/7,701654A70587979125+01.4*,5+9127=+*,5256A791
27+87+7+IB27F87/*=-27,*./GI5,5/37+07/01:41,-1/,*7-/7,583*/7,*./917837+
R-/7 ,583*/7,*./ <-1 /5 =41+1/07 87B541+ =4532187+ B7 <-1 ,797 -/7 +1 047/+:5487
:>,*281/011/275047S$+010*=5911H=2*,7,*./1+91+91/-1+045=-/0591;*+07*/E0*2B7
<-1 7-/ +* 7,1=0>4785+ 12 746-81/05 41:141/01 7 27 F87/*=-27,*./G 25 E/*,5 <-1 +1
1H=2*,74A7 +14A7 27 */01/,*./ +-3D10*;7 912 2A914 =145 +16-*4A785+ +*/ +7314 =54 <-? 27
87/*=-27,*./1+1H*05+71+91,*4/5+734A785+/7977,14,79120*=5914127,*./72<-1+1
7=2*,7 27 10*<-107 91 F87/*=-27,*./G$ 54 07/05 +*6-*1/95 /-1+045 8?0595 ;785+ 7
795=074 -/ 1/:5<-1 1+04-,0-472 B 7 =416-/074/5+ +* /5 1H*+01 7265 1/ 12 ;A/,-25
1<-*;721/,*7<-1B7=417/-/,*77+=1,05+,27;19127:-/,*./9122*9147C65$7+73185+
<-1 ,-7/05 8>+ 1H01/9*95 1+ 12 27C5 1<-*;721/,*7 8>+ ;7,A5 +14> 12 +*6/*:*,7/01 <-1
-/*:*,727,791/7R1+91,*412=740*,-274*+851+=1,A:*,5912+A83525527*91/0*979=5=-274
;7 7 1+074 8>+ +-3549*/795 7 27:-/,*./ F-/*;14+72G 91 +*6/*:*,7,*./91 27 ,791/7 ,585
05072*979$1450783*?/+73185+72658>+<-125++A83525+5*91/0*9791+

1/07/05+5/-/7+-=14:*,*191*/+,4*=,*.//51H=41+7/=7+*;781/0125<-11+0>*/+,4*=05
1/1227+*/5<-191@1,@5,5/+0*0-B1/25<-11H=41+7/7047;?+912=45,1+58*+8591
+- 1H=41+*./$ / 5047+ =727347+ 27 =5+*,*./ 912+-D105 =5=-274 /5 1H=41+7 +*8=2181/01
-/7-/*979919187/97+,5/+0*0-*97+:-147B7/01+91+A8*+85+*/5<-11+128581/05
91,*+*;51/121+07321,*8*1/05911+7-/*979$+=541+5<-19*D*85+<-11+112181/05
-/*:*,7954 /5 1+ -/ 819*5 /1-0472 5 047/+=741/01$
* 25 :-147 ,-72<-*147 <-1 :-1+1 27
-/*979 <-1 0-;*147 27 :5487,*./ 9*+,-4+*;7@1618./*,7 1227 @-3*147 =41,19*95 72
8581/0591/58347427R1+91,*412/58341+14A7-/7+-/059105072*/9*:141/,*7S$145+*
979727@1014561/1*979479*,729125+;A/,-25+<-1*/014;*1/1/1/27,791/71<-*;721/,*7
27 E/*,7 :-1/01 91 +- 740*,-27,*./ ,5@141/01 1+ 27 ,791/7 ,585 072 B +* 27 ,791/7 +.25
º
1H*+011/07/05-/591+-+;A/,-25+D-167-/45291,5/91/+7,*./910595+25+5045+1/
1+1 ,7+5 27 -/*979 91 27 :5487,*./ 9*+,-4+*;7 1+ 047/+:14*97 91+91 12 5491/ ,5/,1=0-72
2.6*,7 91 27 9*:141/,*7 @7,*7 12 5491/ /58*/72$ +05 53;*781/01 5,-441 ,5/ 8>+
:41,-1/,*71/7<-1227++*0-7,*5/1+1/27+,-721++1=459-,1-/74-=0-475-/7410*479791
272.6*,79*:141/,*72*/+0*0-,*5/72$/1+5+,7+5+12/58341+1,5/;*14011/12:-/9781/05
91 27 ,5+7$ / ,5/D-/05 91 12181/05+ @101456?/15+ 87/01/*95+ 1<-*;721/,*7281/01
-/*95++.25819*7/01-//583411++*/1837465/1,1+74*781/01-/7+*/6-274*979$/7
+5,*1979 ,-7/05 81/5+ +1 87/0*1/1 -/*97 =54 81,7/*+85+ 9*:141/,*721+ */87/1/01+
8>+91=1/91=747+-,5@141/,*7911+018581/05047+,1/91/01+*/6-274$14527:5487
1H04187 91 +*/6-274*979 1+ -/7 */9*;*9-72*979$ 1 1+07 87/147 ,7+* *8=14,1=0*321 27
2.6*,791271<-*;721/,*7,5/9-,1727+*/6-274*979B?+07727*91/0*:*,7,*./9127-/*979
912 64-=5 ,5/ 12 /58341 912 2A914$ +0785+ @7+07 ,*1405 =-/05 1/ -/7 +*0-7,*./
,58=747321727912+53147/591 5331+1/=4*/,*=*5/5@7B/*/6-/747C./=5427,-72-/
,-14=5 ,521,0*;5 /5 =-197 91+18=1L74 27+ :-/,*5/1+ 912 1;*70>/J =145 +- 8*+87
=2-472*979 8-1+047 <-1 1+0> 41L*95 ,5/ 27 /70-4721C7 */9*;*+*321 91 27 +53147/A7$ 54 25
<-112E/*,5+53147/5/70-472+16E/ 5331++.25=594A7+14-/*/9*;*9-5$ 79*:141/,*7
1/041 1+7 +*0-7,*./ B 27 <-1 1+0785+ 9*+,-0*1/95 1+ <-1 5331+ 1+0> @7327/95 91 -/
653*14/5 1:1,0*;5 8*1/047+ <-1 /5+5045+ 1+0785+ @7327/95 91 27 ,5/+0*0-,*./ 91 -/7
05072*979 +*6/*:*,7/01 B ?+07 /5 ,5/9-,1 81,>/*,781/01 7 7<-?2$ 2 452 91 12+5/
7/9127,585+A835259127/7,*./:-1,58=70*321,5/-/78=2*5=2-472*+8591/04591+-
85;*8*1/05$
*/183746527-/*:*,7,*./+*83.2*,791264-=51/054/57-/7*/9*;*9-72*979
B 7<-A 1+0785+ 91 7,-1495 ,5/ 41-9I 1+ */@141/01 7 27 :5487,*./ 91 -/ =-1325$
7 5=5+*,*./ 1/041 12 F/583474G B 27 F910148*/7,*./ ,5/,1=0-72G +1 @7 */0459-,*95
+*6*25+781/01 ,7+* +-341=0*,*781/01 1/ /-1+045 746-81/05$ + 1+07 5=5+*,*./ 27 <-1
913185+7,274747@547B7<-1;74*7+,-1+0*5/1+91647/*8=5407/,*7=747/-1+0450187
91=1/91/911227$ 5+ @185+ 41:14*95 72/58341 ,585 058>/95+1 12:-/9781/0591 27
,5+7$ K-? +*6/*:*,7 1H7,0781/011+077:*487,*./Y 785+ 71H=25474 27 ,-1+0*./ 91+91
95+>/6-25++-,1+*;5+12=4*81450*1/1<-1;14,5/27+5=147,*5/1++*6/*:*,7/01+<-1+1
41<-*141/ =747 <-1 -/ /58341 91+18=1L1 072 452J 12 +16-/95 ,5/ 27 :-14C7 <-1 =54
9104>+ 91 1+7+ 5=147,*5/1" 27+ @7,1 =5+*321+$ +01 E20*85 =4532187 =594A7 +14
41:548-27951/0?48*/5+<-1B7/5++5/:78*2*741+K<-?+*6/*:*,727F*/;1+0*9-47G,-7/95
@732785+91F*/;1+0*9-47479*,72GY+07+,-1+0*5/1+;7/7+141/:5,797+7=740*49195+
91+7445225+,5/018=54>/15+1/270154A727,7/*7/727534791
27;5D*1QB2791P57/ 5=
2 =-/05 91 =740*97 91 *>1Q 1+ 27 9*+,-+*./ 1/ 27 :*25+5:A7 7/72A0*,7 ,5/018=54>:217 1/
054/5 72 8595 ,585 25+ /58341+ +1 4127,*5/7/ ,5/ 27+ ,5+7+$ <-A 1/,5/04785+ -/
1/:5<-1 ,2>+*,5 R91+,4*=0*;*+07S 41=41+1/0795 54*6*/74*781/01 =54 27 5347 91 14047/9
-++122=145<-1:-12-165795=0795=542787B54A79125+:*2.+5:5+7/72A0*,5++16E/12
,-72 0595 /58341 0*1/1 -/ ,5/01/*95 9795 =54 -/ ,5/D-/05 91 47+65+ 91+,4*=0*;5+$ 7
=727347 F1+=1D5G =54 1D18=25 0*1/1 -/ ,5/01/*95 */01/+*5/72 R27 ,7=7,*979 =747 41:21D74
*8>61/1+ 10,?0147S B =54 25 07/05 -0*2*C5 1+7 =727347 +*18=41 <-1 @7225 -/ 53D105
1H*+01/01 <-1 1H@*37 072 ,5/01/*95$ P5@/
0-740 *22 @73A7 9*+0*/6-*95 1/041 /58341+
,58-/1+<-10*1/1/-/,5/01/*9591:*/*321B/58341+=45=*5+<-1/525=5+11/$+07
9*+0*/,*./:-1,-1+0*5/797=54-++122<-*1/+5+0-;5<-125+/58341+=45=*5+F,544*1/01+G
I9*:141/01+ 91 25+ F2.6*,5+G R27+ ,701654A7+ 91A,0*,7+ +5/ 91+,4*=,*5/1+ 7341;*797+$ 54
1D18=25 F15461 X$ -+@G +14A7 -/7 91+,4*=,*./ 7341;*797 91 F12 =41+*91/01 91 25+
+0795+ /*95+ <-1 */;79*. 47<G$ 1/ 4127,*./ ,5/ 27 =2-472*979 91 91+,4*=,*5/1+ <-1
=-191/704*3-*4+1728*+8553D105$541D18=25-+@=594A791+,4*3*4+1*6-7281/01,585
F12 @58341 <-1 +1 ;52;*. 73+018*5 91+=-?+ 91 @7314 +*95 -/ 72,5@.2*,5G$ P5@/
17421
+5+0-;5 <-1 0597 91+,4*=,*./ 1+ +.25 -/7 91/045 91 -/7 ;74*1979 91 5=,*5/1+
72014/70*;7+ 8*1/047+ <-1 =747 *,@712 -88100 91314A7 1H*+0*4 -/7 91+,4*=,*./
F:-/9781/072G 7 27 ,-72 91314A7/ +-@549*/74+1 0597+ 27+ 5047+$
*/ 1837465 1+07
ë
9*+,-+*./ /5 ,5/+0*0-B1 12 :5,5 91 /-1+045 */014?+$ 5 <-1 1+ *8=5407/01 =747 /-1+045
0187 1+ 9*:141/,*74 12 1/:5<-1 91+,4*=0*;*+07 912 7/0*91+,4*=0*;*+07 ,-B5 =4*/,*=72
1H=5/1/01 1+
7-2 )4*=Q1$#"
16E/ )4*=Q1 27+ =727347+ /5 +1 41:*141/ 7 27+ ,5+7+ 7
047;?+91,58=740*4,5/1227+47+65+91+,4*=0*;5++*/57047;?+91-/F37-0*+8554*6*/72G
<-1 12*8*/7 ,58=210781/01 27 91+,4*=,*./$ / 1+01 +1/0*95 25+ /58341+ +14A7/
91+*6/79541+ 4A6*95+$
-=5/6785+ <-1 -+@ /-/,7 @-3*147 01/*95 7,0*;*979 =52A0*,7 12
/58341F-+@G7E/+1217=2*,74A7*/,2-+51/277-+1/,*7910595+25+47+65+91+,4*=0*;5+
<-1 7,0-7281/01 7+5,*785+ ,5/ ?2 B 7 27 */;14+7 +* +-461 -/ /-1;5 */9*;*9-5 <-1 91
@1,@5=5+112705072*979911+5+47+65+7:*4874A785+/553+07/01<-1/51+-+@$ 5
8*+85+17=2*,7725+/58341+,58-/1+12545=747-+74-/59125+1D18=25+91)4*=Q1
+16-*4A7+*1/955457-/+*+1=453747<-10597+27+=45=*19791+<-10479*,*5/7281/01+1
21 704*3-B1/ +5/ -/7 *2-+*./$ / 1+1 ,7+5 9*4A785+ <-1 12 545 1+ 9*:141/01 91 25 <-1
=1/+>3785+<-1147/5<-11+7+-+07/,*7/51+545$
*0479-,*85+1+05+746-81/05+7
270148*/5256A7+7-++-417/725<-125+91+,4*=0*;*+07+1+0>/@7,*1/951+1+07321,14-/7
,544127,*./:*D71/041 +*6/*:*,7/01 B +*6/*:*,795 8*1/047+<-1 121/:5<-1 7/0*91+,4*=0*;*+07
+-=5/127187/,*=7,*./912+*6/*:*,7/0191,-72<-*1491=1/91/,*7912+*6/*:*,795$1+07
720-471+1;*91/01<-1275=5+*,*./,5/27,-72,144785+27E20*87+1,,*./7<-12271/041
-/7F910148*/7,*./,5/,1=0-72GB12F/583474G41+-4617<-A1/0?48*/5+91275=5+*,*./
91+,4*=0*;*+85 7/0*91+,4*=0*;*+85$ 1+0> *6-7281/01 ,2745 <-1 27+ =418*+7+ 91 /-1+045
746-81/05 +1 -3*,7/ :*48181/01 91/045 912 ,78=5 7/0*91+,4*=0*;*+07$

*/1837465/5+*/-/,783*5,4-,*729101441/5$+7<-A95/911/0471/1+,1/7*>1Q$
-/<-1 ,5*/,*91 0507281/01 ,5/ 12 1/:5<-1 7/0*91+,4*=0*;*+07 =27/017 +*6-*1/95 +-
=5+0-47 27,7/*7/7 -/ */0144567/01 7 )4*=Q1 B +-+ +16-*9541+ +-=5/*1/95 <-1 12 53D105
=1487/1,1 *6-72 37D5 0595+ +-+ ,783*5+ 91+,4*=0*;5+ K<-?1+ 25 <-1 =1487/1,1
1H7,0781/01 *6-72 ,-72 1+ 27 N <-1 41,*31 27+ +-,1+*;7+ 704*3-,*5/1+ 91+,4*=0*;7+Y 7
41+=-1+0791*>1Q+*6-*1/957 7,7/1+27+*6-*1/01N,5/+0*0-B1-/1:1,05410457,0*;5
912 7,05 91 /583474$ / +-+ =727347+
2 =4532187 3>+*,5 912 7/0*91+,4*=0*;*+85 1+ 910148*/74 <-? ,5/+0*0-B1 27 *91/0*979 912
53D10591+*6/79537D512,5/D-/05+*18=41,783*7/019147+65+91+,4*=0*;5+I<-?1+25
<-1 @7,1 72 53D105 *9?/0*,5 7 +A 8*+85 7-/ ,-7/95 0597+ +-+ =45=*19791+ @7B7/
,783*795J 1/ 5047+ =727347+ ,.85 ,5/,13*4 12 ,54412705 53D10*;5 912 F91+*6/7954 4A6*95G
912/583411/07/0591/507128*+8553D1051/0595+25+8-/95+=5+*321+1/0597+27+
+*0-7,*5/1+,5/047:7,0-721+$ 5<-1+1=7+7=5472057281/5+1/27;14+*./1+0>/974912
7/0*91+,4*=0*;*+85 1+ <-1 12@1,@591 6747/0*C74 27 *91/0*979 91 -/ 53D105 1/ 0597+ 27+
+*0-7,*5/1+ ,5/047:7,0-721+I7047;?+ 91-/ ,783*5 91 0595+ +-+ 47+65+ 91+,4*=0*;5+I
1+121:1,05410457,0*;5912/5834741+12/583418*+8512+*6/*:*,7/0112<-1+5+0*1/1
27 *91/0*979 912 53D105$#T
@5473*1/913141,5/5,14+1<-1,-721+<-*147<-1+17/25+8?4*05+9127+52-,*./91
*>1Q /5 +14A7 7,1=0797 91/045 91 -/7 =14+=1,0*;7 Q4*=Q17/7 B7 <-1 +-=5/1 27
*/0459-,,*./ 91 =418*+7+ 5/052.6*,7+ <-1 +5/ */,58=70*321+ ,5/ 1227$ )4*=Q1/5 +.25 /5
7,1=074A727+52-,*./9127+*/5<-1/*+*<-*14741,5/5,14A712=4532187,585;>2*95$ 7
+-B7/51+I,5852791 7,7/I-/70154A79127=459-,0*;*979912/583474+*/591-/7
91+*6/7,*./ =-47 1/ 27 <-1 12 41:141/01
I27N91*>1QI1++*8=2181/019795=54+1/0795$145+*27/5,*./91/583474,585
=459-,,*./410457,0*;791253D105/50*1/1/*/6E/+1/0*95=747)4*=Q10*1/18-,@5+1/0*95
=747 /5+5045+ 9795 <-1 /-1+047 7=45H*87,*./ 7 27 ,-1+0*./ 91 27+ *91/0*9791+

+1
:-/9781/07 =41,*+781/01 1/ 27 9*81/+*./ =14:54870*;7 912 /583474$ 54 25 07/05
737/95/185+
16E/*1Q12=-/05/5972R=5*/091,7=*,-B5/5834161/14727-/*97991
á
-/7 :5487,*./ 9*+,-4+*;7 I12 53D105 7 91 7,7/I /5 0*1/1 /*/6-/7 *91/0*979 =5+*0*;7
=45=*7F253-+,785+1/;7/51/274172*979=5+*0*;7=54<-1/50*1/1/*/6-/7,5/+*+01/,*7
=5+*0*;7=54<-11++.25-/753D10*;7,*./91-/;7,A591-/79*+,5/0*/-*97973*14071/27
4172*979 =54 27 181461/,*7 912 +*6/*:*,7/01G$ 5 1+ 7 047;?+ 91 -/7 73-/97/,*7 91
+*6/*:*,795++*/5=54,*,5/0474*57047;?+9127=41+1/,*791-/+*6/*:*,7/01=-45<-1+1
+70*+:7,1 1+07 :-/,*./ 91 :*D7,*./ /5972$
*+5+01/185+<-112=5*/091,7=*05/,5/+0*0-B1-/F=-/05/5972G-/71+=1,*191/-95
91 +1/0*95+1+05/5 *8=2*,7 <-1 1+ +*8=2181/01 27 =727347 8>+ F4*,7G 27 =727347 1/ 27
,-72+1,5/91/+70597274*<-1C791+1/0*95912,78=5<-1F:*D7/597281/01G12=5*/091
,7= *05/ 1+ 8>+ 3*1/ 27 =727347 <-1 ,585 =727347 1/ 12 /*;12 912 +*6/*:*,7/01 8*+85
-/*:*,7-/910148*/795,78=5,5/+0*0-B1+-*91/0*9791+=74791,*42591726-/787/147
27=727347727,-7227+F,5+7+G8*+87++141:*141/=74741,5/5,14\+17+A8*>87+1/+-
-/*979$/04125+1D18=25+<-1/5+97*>1Q@7B95+<-1+5/720781/0141;1279541+B7
<-18-1+047/27*/;14+*./<-11+9*+0*/0*;79127:-/,*./91:*D7,*.//5972$/12=4*8145
41:*/*?/95+1 7 25+ 7;*+5+ =-32*,*074*5+ 91 7423545 0597+ 27+ 72-+*5/1+ 7 25+ +0795+
/*95+IF-/70*144791=14+5/7+:-1401+@5/1+07+91@54*C5/01+*2*8*0795+GI+5/:*D797+
/597281/01 7 047;?+ 91 27 */;14+*./ 91 +- 4127,*./ ,5/ 7423545
/5 1+ <-1 7423545 1H=41+1 27 *91/0*979 1+0795-/*91/+1 +*/5 <-1 ?+07 +1 ,5/+04-B1 7
047;?+91241,5/5,*8*1/0591+A8*+85,585-/=7A+7423545$ 5+8*+85+81,7/*+85+
=-191/ =14,*3*4+1 1/ 25+ 7;*+5+ =-32*,*074*5+ 91 5,7\ 527 ;140*95 1/ F814*,7 0@*+ *+
5Q1G=54<-11++.251/1245291 5,7\ 527,585+*6/*:*,7/01=-45<-1+1,4*+072*C727
*91/0*979 1+0795-/*91/+1$
* 53+14;785+ 27 +1,-1/,*7 */0121,0-72 <-1 @185+ 91+,4*=05 91+91 12 91+,4*=0*;*+85
,2>+*,5@7+07 7,7/=59185+;14-/85;*8*1/05912=1/+78*1/051/-/79*41,,*./,2747
27 ,41,*1/01 187/,*=7,*./ 912 5491/ 912 +*6/*:*,7/01$ +07 047/+*,*./ 0783*?/ =-191 +14
=41+1/0797 ,585 27 7-05/58A7 =45641+*;7 91 27 /58*/7,*./$ 7+ 5=147,*5/1+ <-1 27
/58*/7,*./=-191221;747,7351+0>/=7471291+,4*=0*;*+851+04*,0781/012*8*0797+=54
27,78*+791:-14C791/0459127,-720*1/1/2-67425+47+65+91+,4*=0*;5+<-1@73*07/1/
,-72<-*14 /58341 419-,1/ 12 5491/ 912 +*6/*:*,7/01 72 819*5 047/+=741/01 7 047;?+ 912
,-72 -/7 +-=14=5+*,*./ =-4781/01 ,5/,1=0-72 1/041 12 /58341 B 27 ,5+7 R1/ 07/05 12
,5/,1=05 1+ +- /70-4721C7 ,58E/S +1 1H=41+7 7 +A 8*+87$ 5/ 12 7/0*91+,4*=0*;*+85
01/185+ 12 ,58*1/C5 91 -/7 7-05/58*C7,*./ 912 +*6/*:*,7/01 R912 /58341S$ +07
+1=747,*./ 91 ,78*/5+ 1/041 /58*/7,*./ B 91+,4*=,*./ +*/ 1837465 /5 ,5/9-,1 7 -/
*/,4181/051/27,58=21D*9799127+5=147,*5/1+<-127F/58*/7,*./G=-191221;747,735
B7<-17-/<-12791+*6/7,*./B7/51+7/,*227441+=1,05912791+,4*=,*./27*91/0*97991
25<-11+91+*6/7951+074>7+16-47977/01+B,5/1/0147*/91=1/91/,*7912=45,1+591
+- /58*/7,*./$ + +.25 7 =740*4 912 1/:5<-1 27,7/*7/5 <-1 /5+ 1/:41/0785+ 7 -/7
;14979147 *//5;7,*./ 27 *91/0*979 B -/*979 912 53D105 +5/ 41+-20795 91 27 =45=*7
5=147,*./ 91 /58*/7,*./$
*/ 1837465 1+05 +.25 1+ =5+*321 +* 27 /58*/7,*./ /5 1+0>
+-3549*/797 /* 7 -/7 91+,4*=,*./ /* 7 -/7 91+*6/7,*./ =41,191/01$ 5/ 12 :*/ 91
91+18=1:*74 1+01 452 12 +*6/*:*,7/01 9131 ;52;14+1 /5 +.25 ,5/0*/61/01 +*/5 0783*?/
;7,A5$ 5/ 1+07+ 53+14;7,*5/1+ 91314A7 @7314 <-19795 0507281/01 ,2745 =54 <-? 12
/58341+1,5/;*14011/12:-/9781/059127,5+7$@547=59185+;52;14727,-1+0*./91
27+*91/0*9791+
B;*/,-27427,5/726-/7+9127+,5/,2-+*5/1+01.4*,7+<-1+1
+*6-1/ 91 /-1+045 7/>2*+*+ =41;*5$ 7B ,-7045 =-/05+ <-1 913185+ 91+07,74 7<-A$ 2
=4*81450*1/1<-1;14,5/274127,*./1/041,*=5*/091,7=*05/27,7/*7/512=-/05/5972B
*5+ 5045+ 12181/05+91-/7 ,5/:*6-47,*./9*+,-4+*;7$ +0> ,2745 <-1 +*/ =-/05+/59721+
/51H*+0*4A7,5/:*6-47,*./726-/7$
*/7423545251+0795-/*91/+11/121D18=2591+14A7
-/,5/D-/05910187+9*:-+5+<-1/5+1740*,-274A7/1/-/705072*979+*6/*:*,70*;7$+051+
1H7,0781/0125<-1@185+;*+051/12,7+59127+*91/0*9791+
+*/12=-/05
/597291-/7*91/0*:*,7,*./1<-*;721/,*7227+1<-*;721/,*7+9185,4>0*,7+<-1974A7/1/25
ác
814781/01;*40-72$/+16-/952-6741+0>27,-1+0*./91274127,*./1/04127-/*;14+72*979
B 12 =740*,-274*+85 <-1 910148*/7 27 *91/0*979 912 =-/05 /5972$ 1+05913185+7641674
5047,-1+0*./4127,*5/797+*27:-/,*./91:*D7,*.//59721+0>7+5,*797727-/*;14+72*979
1+07 -/*;14+72*979 K1H=41+7 =21/*0-9 5 ;7,- 91Q +1 */,2*/7 7 5=074 =54 27 +16-/97
72014/70*;7$ :*487 F 7 4172*979 @*+0.4*,7 1+0> =54 +-=-1+05 +*18=41 +*8352*C797J 12
8595 ,585 27 1H=14*81/0785+ 1+0> +*18=41 819*795 =54 9*:141/01+ 8595+ 91
+*8352*C7,*./J059525<-1764167 7,7/71+01+7314:1/581/52.6*,561/14721+12@1,@5
91<-127-/*97991-/7910148*/797[1H=14*1/,*791+1/0*95T+*1/95?+0712@54*C5/0191
-/,78=5*9152.6*,591+1/0*9591314A7+14,*1405[+*6/*:*,7/01T+*/[+*6/*:*,795T[=-45T+*/
+1/0*95G$ - * 41+=-1+07 7 1+07 ,-1+0*./ 1+ 9*:141/01$ 7 /5,*./ 91 -/ F+*6/*:*,7/01 +*/
+*6/*:*,795G 1+ =747 ,581/C74 */791,-797 +.25 =594A7 +*6/*:*,74 F4-*95G B ,585 072
1+074A7 :-147 912 +*+0187 91 +*6/*:*,7,*./$
*/ 1837465 ,-7/95 @732785+ 91
F+*6/*:*,7/01+ ;7,A5+G <-14185+ 91,*4 7265 1/014781/01 9*:141/01 <-1 1H*+01 -/ =-/05
91/045912+*+018791+*6/*:*,7,*./<-11+,5/+0*0-0*;781/01*441=41+1/07321J<-11/1+1
+1/0*95=1487/1,1;7,A5=1451+-/;7,A5<-1=-191+14+*6/*:*,795=54<-11+-/;7,A5
91/0459127+*6/*:*,7,*./$+,5851/12,7+59127/>2*+*+<-1@7,17-2917/912,145
917+,7212F,145G1+277-+1/,*791/E8145=145725054674-//5834171+77-+1/,*7
1+05B 87/95 12 F,145G 1/ -/ F-/5G$S 918>+ /-1+045 7/>2*+*+ =41;*5 91 27+ *91/0*9791+

,585+*6/*:*,7/01+;7,A5+/5+=148*0185+0474<-12772014/70*;71H,2-+*;7
=21/*0-9;7,-*979 1+1+=-4*7 ,585 @185+ ;*+05 27 *91/0*979=5=-274 1H=41+7,5/+0*0-B1
I7047;?+91271<-*;721/,*791-/7=2-472*979919187/97+*/+70*+:1,@7+I27=21/*0-9
9127,58-/*979<-11+/16797B,585072=1487/1,1*/72,7/C7321J-/7=21/*0-9;7,A7
+* +1 <-*141$
* /5 1+0-;*?4785+ 04707/95 ,5/ 1* +*6/*:*,7/01 91 27 ;7,-*979 ,585
25,72*C7,*./=740*,-274+*/5,5/-/5/52*67957/*/6E/+*6/*:*,795=145<-11+0-;*147+*/
183746591/045 91 27 +*6/*:*,7,*./ 1+5 +.25 =594A7 +*6/*:*,74 <-1 1+12 /58341 91-/7
05072*979 ,58=210781/01 2564797 <-1 ,585 072 /5 01/94A7 :7227+ 1+04-,0-4721+$
54 25 07/05 K<-? :5487 0587 27 41=41+1/07,*./ 912 F;7,A5G 185+ +5+01/*95 <-1 27
05072*C7,*./ 912 ,78=5 =5=-274 I27 ,4*+072*C7,*./ 9*+,-4+*;7 912 8581/05 91
=21/*0-9;7,A5I +.25=-191 01/14 2-674 +* -/ ,5/01/*95 =74,*72 795=07 27 41=41+1/07,*./
91 -/7 -/*;14+72*979 <-1 1+ */,5/81/+-47321 ,5/ ?2$ +05 1+ ,1/0472$ /,2-+5 1/ 25+
1D18=25+<-197=59185+;141+07740*,-27,*./1/04112,5/01/*95=740*,-274B27:-/,*./
-/*;14+72 7423545 B 5,7\ 527 =-191/:-/,*5/74 ,585=-/05+ 91:*D7,*.//5972 91/045
91 27+ *8>61/1+ 91 27 =-32*,*979 B 7+A +14 25+ +*6/*:*,7/01+ 91 -/7 ,*1407 05072*C7,*./
=1457E/+5/27+1/0*9791+=740*,-2741+7423545B 5,7\ 52727+<-191+18=1L7/1+01
452$ + =54<-1 /5 =-191/ +14 419-,*97+ 7 +- 8147 *91/0*979 =740*,-274*+07 /* 12*8*/74
0507281/0171+07E20*877=127/957+-45291:*D7,*.//5972R+*1+712*8*/7,*./05072:-147
=5+*321 01/94A785+ +A -/ +*6/*:*,7/01 +*/ +*6/*:*,795S <-1 7265 ,585 -/7 5=147,*./
@1618./*,7 =7+7 7 +14 =5+*321$ +05 /5+ ,5/9-,1 72 014,14 =-/05 <-1 <-14A785+
+-347B74$ +07 740*,-27,*./ 1/041 -/*;14+72*979 B =740*,-274*979 <-1 1+ ,5/+0*0-0*;781/01
*/@141/01727,5/+04-,,*./91-/=-1325G/51+7265<-1+.250*1/12-6741/12/*;1291
+05/5+*6/*:*,7<-107241+0591=740*,-274*+85=1401/1,17W5491/912+*6/*:*,7951+12
,58=21D5 91 -/ ,5/D-/05 +*6/*:*,7/01 740*,-2795 <-1 */,2-B1 07/05 +*6/*:*,7/01+ ,585
+*6/*:*,795+$ 7+ =727347+ B 27+ *8>61/1+ 0783*?/ +1 +19*81/07 1/ =4>,0*,7+ 1
*/+0*0-,*5/1+$ 585 81/,*5/785+ 7/01+ /-1+047 /5,*./ 91 F9*+,-4+5G
I,14,7/7 7 25+ FD-165+ 912 21/6-7D1G 91 X*0461/+01*/I *8=2*,7 27 740*,-27,*5/ 91 27+
=727347+ B 27+ 7,,*5/1+ 91 87/147<-1 27:-/,*./91:*D7,*5/ /5972 /-/,71+-/7 8147
5=147,*./;14372+*/5<-11+0>*/+14071/4>,0*,7+87014*721+<-1=-191/79<-*4*4:*D1C7
*/+0*0-,*5/72$ +05 1+ 25 8*+85 <-1 7:*4874 <-1 ,-72<-*14 91+=27C78*1/05 @1618./*,5
91314A7+14,5/,13*95,585-/,783*51/27,5/:*6-47,*./912+0795+*18=41<-1?+01
/5 +17 ,5/,13*95 1/ -/ +1/0*95 D-4A9*,5 41+04*/6*95 ,585 27 1+:147=E32*,7 +*/51/-/
+1/0*95 78=2*5 6478+,*7/5 ,585 12 8581/05 ?0*,5\=52A0*,5 91 27 ,58-/*979$ -72<-*14
á`
+0795;7785+04741+7,583*/7,*./91=740*,-274*+85B-/*;14+72*979<-11+*/@141/017
27 5=147,*./ @1618./*,7$ +05 8-1+047 ,274781/01
,585 27+ ,5/,1=,*5/1+ 07/05 @1612*7/7 ,585 874H*+07 912 +0795 */01/07/ 458=14 1+07
740*,-27,*.//1,1+74*71/04125-/*;14+72B25=740*,-274$747 1612271+:147912+07951+
27 :5487 8>+ 121;797 91 -/*;14+72*979 <-1 +1 =-191 72,7/C74 1/ 12 01441/5 91 27 ?0*,7
+5,*72 27 3-45,47,*71+ 27,27+1 -/*;14+72 8*1/047+ <-1 27 +5,*1979 ,*;*2 I12+*+0187 91
/1,1+*9791+ ,5/+0*0-B1 27 1+:147 91 27 =740*,-274*979 =-47$ 747 74H 27 +*0-7,*./ 1+
*/;14+712+0795,5/+0*0-B112*/+04-81/059127,27+1958*/7/01B-/7F,27+1-/*;14+72G
+.25=-191+-46*491-/7
5,*1979,*;*241,5/,*2*797,5/+*658*+871/27,-7212+0795
R27 /+07/,*7=52A0*,7S9131/1,1+74*781/011H0*/6-*4+1$/7835+,7+5+27=740*,-274*979
B 27 -/*;14+72*979 +1 1H,2-B1/ 8-0-781/01$
.25 1/ 478+1* 27 740*,-27,*./ 91 7837+
*/+07/,*7+ +1 ;-12;1 =5+*321 1H*+01 =747 12 /7 740*,-274*979 I-/7 =213+I <-1
41*;*/9*,712,5/+0*0-*4@1618./*17-/=5=-2-+8*1/047+<-112=5=-2-+R27-/*;14+72*979
73+047,07S +.25 =-191 1H*+0*4 1/,74/795 1/ -/7 =213+$ 2 221674 7 1+01 =-/05 /5+
7,14,785+ 72 F=-1325G 912 =5=-2*+85$
7B -/ -7405 B E20*85 =-/05 <-1 913185+ ,5/+*91474 <-1 0*1/1 <-1 ;14 ,5/
=740*,-274D979-/*;14+72*979/58**7,*./1/ 4127,*./ ,5/ 27 ,5/+0*0-,*./ 91 27+ *91/0*9791+

$1641+185+=54-/8581/057/-1+045746-81/05+534127+*/6-274*979$
7 +*/6-274*979 /-1+045 1/:5<-1 1+0> 1+04*,0781/01 ;*/,-2797 ,5/ 27 ,-1+0*./ 91 27
@1014561/1*979$ / 12 =4.H*85 ,7=A0-25 ;785+ 7 047074 27+ =4*/ ,*=721 9*81/+*5/1+ B
1:1,05+ 91 27 2.6*,7 91 27 @1014561/1*979 =145
=59185+ 7/0*,*=74 7<-A 726-/5+ 91 9*5+ 1/ 07/05 +5/ 41<-14*95+ =747
7,2747427,1/0472*9799127/58*/7,*./1/12=5=-2*+85$ 7@58561/1*979+5,*721+25<-1
,5/+0*0-B1 12 874,5 +*83.2*,5 91 27 +5,*1979
25<-1@185+91/58*/795272.6*,791279*:141/,*7$59185+85;14/591-/7*/+0*0-,*./
7 5047 91 -/7 ,701654A7 +5,*72 7 5047 /5
=54<-11H*+01-/7,5/1H*./2.6*,71/0411227+I7-/<-1;74*7+47,*5/72*C7,*5/+1=594A7/
2-165 */01/074 41,5/+04-*4 27+ */014,5/1H*5/1+ */+0*0- ,*5/721 1/ 0?48*/5+ 91 ;A/,-25+
2.6*,5++*/5=54<-10597+27+9*:141/,*7,*5/1++141<-*141/B41:*141/-/7+75047+91/045
91 -/ ,5/D-/05
+*+018>0*,5$ 2 21/6-7D1 ,585 +*+0187 91 9*:141/,*7+ 1+ 27 1H=41+*./
74<-10A=*,7 91 1+07 */014,5/1H*./ +*83.2*,7$ /7 =4*8147 :5487 91
@1014561/1*979 +-461 ,-7/95 ,585 @185+ ;*+05 -/7 9187/97 +5 ,*7 =740*,-274 /5
=-191 +14 +70*+:1,@7 91/045 91 1+1 +*+0187 27 91 87/9 1H,191 25 <-1 1+
9*:141/,*7281/01 41=41+1/07321 91/045 91 ?2$
5 @101456?/15 1+ 7<-1225 <-1 ,741,1 91 -3*,7,*./ 9*:141/,*72 91/045
912 5491/ +*83.2*,5 R1+ 1<-*;721/01 72 4172 27,7/*7/5S$ 145 1H*+01
5045 0*=5 91 @1014561/1*979<-1 1+ *6-7281/01 *8=5407/01 27 914*;79 91 27+ 4127,*5/1+
8-0-7+ 1/041 9187/97+ */+70*+:1,@7+$ 7 /5 1+0>/
-/*97++1=74797+ 1/041 +A 819*7/01 12 +*+0187 +*83.2*,5 =54<-1 1+
=41,*+781/01 27 9*+25,7,*./ 91 1+1 +*+0187 25 <-1 27+ @7 61/14795 1/
=4*814 2-674$ 145 078=5,5 0*1/91/ 7 -/*4+1 1+=5/0>/1781/01 1/041
+A =54<-1 1/ 25 <-1 7 +- 1+=1,*:*,*979 +1 41:*141 =-191/ +14 91 /70- 4721C 0507281/01
@101456?/17$ 5 <-1 21+ 505467 -/ ;A/,-25
1<-*;721/,*72 */*,*72 B 9?3*2 1+ 07/ +.25 12 @1,@5 91 <-1 0597+ 1227+
41:21D7/ -/ :47,7+5 =74,*72 912 +*+0187 */+0*0-,*5/72$ 7 @185+ 0470795
1+01 7+-/05 */ 1H01/+5 B /5 ;785+ 7 ;52;14 +5341 ?2$
*/ 1837465 25
<-1 =59185+ 7641674 7@547 1+ <-1 27 -/*979 912 ,5/D-/05 1<-*;721/,*72
91 27 ;52-/079 ,521,0*;7 *4419-,0*32181/01 /-1;7 1/ 27 ,-72 ,4*+072*C7/
27+ 1<-*;721/,*7+ =740*,-27 41+ 91=1/91 1/014781/01 91 27 =459-,0*;*979
+5,*72 912 /58341$ +7 =459-,0*;*979 914*;7 1H,2-+*;781/01 91 27
á=
5=147,*./ 912 /58341 ,585 +*6/*:*,7/01 =-45 1+ 91,*4 /5 1H=41+7/ 9 /*/6-/7 -/*979
,5/,1=0-72<-127=41,191R,585+14A712,7+5+*@-3*?4785+795=0795-/7=14+=1,0*;7
91+,4*=0*;*+07S$ <-A =5914/5+ +16-*4 1+04*,0781/01 27 ;*+*./ 27,7/*7/7 ,585 :-1
=41+1/0797 =54 *1Q
27-/*97991253D1051+-/1:1,05410457,0*;5912@1,@591/58347425$11+05+1914*;7/
95+ ,5/+1,-1/,*7+ 27 =4*8147 <-1 12 /58341 -/7 ;1C <-1 +1 @7 ,5/;140*95 1/
+*6/*:*,7/019125<-11+@101456?/15B1H,1+*;51/-/7+5,*1979=740*,-274;771D14,14
-/7 7047,,*./ *441+*+0*321 +5341 ,-72<-*14 9187/97 ;*;*97 ,585 */+70*+:1,@7 B ,585 072
,5851H,1+*;7B@101456?/17,5/41+=1,0572874,5+*83.2*,51H*+01/01J27+16-/97<-1
,58512/58341I=74791+18=1L741+1452,5/+0*0-0*;5I9131+14-/+*6/*:*,7/01;7,A5
1+ :*/7281/01 */,7=7C 91 910148*/74 <-? 0*=5 91 9187/97+ 1/047/ 1/ 27 ,791/7
1<-*;721/,*7]$/5047+=727347++*25+/58341+912=-1325,5/+0*0-B1/+-=45=*553D105I
1+91,*497/-/*9797-/,5/D-/05@101456?/15I1285;*8*1/05*/;14+50783*?/5=147
/-/,7 =-191/ ,5/045274 ,58=210781/01 ,->21+ +5/ 27+ 9187/97+ <-1 1/,74/7/ B
41=41+1/07/$ 7+*91/0*9791+
+5/+*18=4125++*0*5+9101/+*./1/0411+05+
95+ 85;*8*1/05+ 5=-1+05+ B 912 =41,74*5 1<-*2*34*5 <-1 25647/ 1+07321,14 1/041 1225+$ 2
41+-20795911+051+-/7783*6Z1979*9152.6*,7/1,1+74*7,-B7+,5/+1,-1/,*7+=52A0*,7+
41+-2074>/ ,2747+ 7 819*97 <-1 =45641+1 /-1+045 746-81/05$
/1+01=-/05=59185+;52;1472746-81/0541:14*95727410.4*,7<-1@185+73549795-/
=74 91 ;1,1+ 1/ 1+01 01H05$ +0> 1+041,@781/01 4127,*5/795 ,5/ 27 ,-1+0*./ 91 25
F+*/6-274G B25 F@101456?/15G <-1 7,73785+ 91 9*+,-0*4 B7 <-1 -/7 41764167,*./ 5 -/
91+=27C78*1/05 410.4*,5 0*1/1 =41,*+781/01 27 :-/,*./ 91 187/,*=74 -/ /58341 91 +-+
41:141/,*7+,5/,1=0-721+-/A;5,7+$148A07/81*/0459-,*41/279*+,-+*./-/1D18=25<-1
B7 @1 9*+,-0*95 1/ 5047 =7401$ 876*/185+ -/ 910148*/795 3744*5 95/91 @7B ;*521/,*7
47,*72 B 27+ E/*,7+ :-14C7+ 25,721+ ,7=7,1+ 91 5467/*C74 -/7 ,5/0475:1/+*;7 7/0*447,*+07
+5/ 25+ +*/9*,705+$ @547 3*1/ 1/ -/ +1/0*95 1+04*,0781/01 2*01472 27 :-/,*./ 91 25+
+*/9*,705+ /5 1+ 2-,@74 ,5/047 12 47,*+85 +*/5 /165,*74 25+ +7274*5+ B 5047+ ,-1+0*5/1+
+*8*2741+$
*/ 1837465 +* 27 ,78=7L7 7/0*447,*+07 1+ 18=41/9*97 =54 25+ +*/9*,705+ 1+
=54<-11H*+01-/74127,*./91,5/0*6Z*9791/04127+95+,-1+0*5/1+1/128*+853744*5$

/7 4127,*./ 91 91+=27C78*1/05 1/041 0?48*/5+ =4532187+ 7,0541+ 10,$ 1+ 25 <-1 +1
91/58*/7 1/ 410.4*,7 -/7 8105/*8*7$
-=5/6785+ 7@547 <-1 1+07 ,5/1H*./ 1/041
2-,@7+7/0*447,*+07+B+*/9*,721+,5/0*/E7=54-/,*1405=14A595910*18=51/1+1,7+527
61/01;77,581/C747+1/0*4<-11H*+01-/;A/,-25/70-4721/04125+95+0*=5+912-,@7$
+A 27 4127,*./ 91 ,5/0*6Z*979 ;7 7 ,581/C74 7 ,5/;140*4+1 1/ -/7 91 7/7256A7J 27
8105/*8*7 1/ -/7 8107:547$ +01 91+=27C78*1/05 410.4*,5 *8=2*,7 041+ ,783*5+
=4*/,*=721+$ 4*8145 7 =1+74 912 =740*,-274*+85 9*:141/,*72 91 25+ 95+ 0*=5+ */*,*721+ 91
2-,@7+ B 9187/97+ +1 1+0> ,417/95 1/041 1227+ ,*1407 @58561/1*979 1<-*;721/,*7$
16-/9527/70-4721C79125++*/9*,705++1859*:*,71/1+01=45,1+591D7/91+1427=-47
1H=41+*./ 91 */0141+1+ +1,054*721+ =41,*+5+ B +1 ;-12;1/ 1/ 87B54 819*97 I+* +1
91+7445227 -/7 ;74*1979 91 740*,-27,*5/1+ 1<-*;721/,*721+I 1 =-/05 /5972 1/ 27
,5/+0*0-,*./ 91 -/ F=-1325G R-0*2*C7/95 279*+0*/,*./ 6478+,*7/7 =7+7/ 91 +14 -/7 ,27+1
F,54=5470*;7G 7 +14-/7 F@1618./*,7GS$ 14,145 27 =727347 F+*/9*,705G +1 ,5/;*1401 1/ 12
/5834191-/7+*/6-274*9791/12+1/0*951/<-127@185+91:*/*957/01+B7/591+*6/7
12 /58341 91 -/7 -/*;14+72*979 73+047,07 ,-B7 F1+1/,*7G +1 41=10*4A7 37D5 ;74*7,*5/1+
7,,*91/0721+1/0595+25+,5/01H05+@*+0.4*,5+B+1,5/;*14011/12/5834191-/761/01
+5,*72 ,5/,4105 ,-B7 E/*,7 1+1/,*7 1+ 27 740*,-27,*./ 1+=1,A:*,7 91 12181/05+
@101456?/15+ <-1 819*7/01 1+1 /58341 ,4*+072*C7 1/ -/7 ;52-/079 ,521,0*;7 -/*:*,797$
045 8595 91 91,*4 25 8*+85 1+ <-1 /5 1H*+01 /*/6E/ 12181/05 +5,*72 ,-B5 +1/0*95 /5
1+0? +5341910148*/795$ 585 41+-20795 1+1 +1/0*95 /5 =-191 +14 1/01/9*95
áj
,5/,1=0-7281/01+*=54F,5/,1=0-72G1/01/9185+-/+*6/*:*,795<-112*8*/74A70507281/01
27 5=7,*979 912 =45,1+5 91 +*6/*:*,7,*./$ +05 /5+ 8-1+047 /-1;781/01 <-1 25+
81,7/*+85+410.4*,5+,585@185+7:*4879591+9112,58*1/C5,5/+0*0-B1/277/7058A7
9128-/95+5,*72$13185+7@54776416747/-1+0457/>2*+*+-/79*81/+*./:*/72<-11+
,4-,*72$595/-1+0451/:5<-1+534112=5=-2*+85,585@185+;*+056*471/054/5727+
+*6-*1/01+01+*+RS+*+-46*8*1/05912=-132541<-*14112=7+7D1I;A71<-*;721/,*7+I91
9187/97+ 7*+2797+ @101456?/17+ 7 -/79187/97 F625372G <-1 *8=2*,7 27:5487,*./91
:45/0147+=52A0*,7+B27,5/+04-,,*./9*+,-4+*;7912=5914,585:-14C77/076./*,7JRS+*/
1837465 ,585 1+01 =7+7D1 /5 +1 +*6-1 91 -/ 8145 7/>2*+*+ 91 27+ 9187/97+
@101456?/17+,5850721+I/5@7B-/7047/+*,*./2.6*,79*72?,0*,75+18*.0*,791-//*;12
72 5045I 9131 */014;1/*4 7265 ,-72*070*;781/01 /-1;5$ + =54 1+5 <-1 12 @1,@5 91
F/583474G 27 F/58*/7,*./G =-191 01/14 12 1:1,05 410457,0*;5 <-1 @185+ 91+,4*=05$ +01
8581/05,-72*070*;781/019*:141/,*7951+25<-1@185+91/58*/795F*/;1+0*9-47479*,72G$
*/ 1837465 25 <-1 *8=2*,7 1+07 /5,*./ 91 */;1+0*9-47 1+ 7265 <-1 7E/ /5 @185+
1H=254795$ 7+9*:141/01+5=147,*5/1+91+*6/*:*,7,*./727+<-1/5+@185+41:14*95@7+07
7@547=-191/1H=2*,7427+:5487+<-1795=07/27*/;1+0*9-47=145/527:-14C71/<-127
*/;1+0*9-47,5/+*+01$553+07/011+0>,2745<-1+*-/71/0*979+1,5/;*14011/1253D105
91 -/7 */;1+0*9-47
I,5851+0741/7854795-59*74I27*/;1+0*9-47=1401/1,1/1,1+74*781/01725491/912
7:4105$ + 1+07 9*81/+*./ 7:1,0*;7 27 <-1 ;785+ 7 */0459-,*4 7@547$
*/18374651+/1,1+74*7-/779;1401/,*7=41;*7$
14A7144./15=1/+74<-1727641674
127:1,05725<-1@185+9*,@5@7+077@5477,14,79127+*6/*:*,7,*./1+0785+-/*1/95
95+ 0*=5+ 9*:141/01+ 91:1/.81/5+ <-1 72 81/5+ 7/72A0*,781/01 +14A7/ +1=747321+$ 7
4127,*./ 1/041 +*6/*:*,7,*./ B7:1,05 1+ 91@1,@5 8-,@5 8>+ A/0*87 <-1 1+5$ 585 B7
@185+ ;*+05 12 =525 =7479*68>0*,5 912 21/6-7D1 R12 =525 7+5,*70*;5 91
7-++-41S
,5/+0*0-B1 -/7 =7401 */016472 912 :-/,*5/78*1/05 912 21/6-7D1 I1+ 91,*4 /5 @734A7
/*/6-/7 +*6/*:*,7,*./ +*/ +-+0*0-,*5/1+ =7479*68>0*,7+I$ 145 27+ 4127,*5/1+
=7479*68>0*,7+ ,5/+*+01/ ,585 @185+ ;*+05 1/ +-+0*0-,*5/1+ <-1 5=147/ 07/05 1/ ,*
/*;12912+*6/*:*,7/01,5851/12912+*6/*:*,795B1+07+7+5,*7,*5/1+1+0>/958*/797+=54
12 */,5/+,*1/01$ 5 @7B /*/6-/7 =5+*3*2*979 91 -/ 21/6-7D1 1/ 12 ,-72 27+ 4127,*5/1+ 91
;7254 +1 1+07321,*147/ +52781/01 1/041 -/*9791+ :5487281/01 1+=1,*:*,7321+$ +A +1
41<-*141127:1,05+*27+*6/*:*,7,*./;77+14=5+*321$1452216785+7278*+87,5/,2-
*./
+*,5/+*914785+127+-/0591+911227959127:1,05$27:1,05/51+7265<-11H*+07=54+A
+.25*/91=1/9*1/0181/0191221/6-7D1+*/5<-1+.25+1,5/+0*0-B17047;?+9127,701H*7
9*:141/,*72 91 -/7 ,791/7 91 +*6/*:*,7,*./$ +05 1+ 1H7,0781/01 25 <-1 +*6/*:*,7
F*/;1+0*9-47G$ 7 ,5/,2-+*./ 1+ ,2747 25+ ,58=21D5+ <-1 91/58*/785+ F:5487,*5/1+
9*+,-4+*;7+5@1618./*,7+G<-1740*,-27/27+2.6*,7+91279*:141/,*7B91271<-*;721/,*7
+14A7/*/*/012*6*321++*/12,58=5/1/017:1,0*;5$RM+071+-/7=4-1378>+I+*1+<-17E/
+1 /1,1+*07 726-/7I 91 27 */7/*979 91 91+1+0*874 25+ 7+=1,05+ 185,*5/721+ 912
=5=-2*+85 1/ /58341 91 -/7 47,*5/72*979 */,5/078*/7321$S
1 1+07 87/147 =59185+ ,5/,2-*4 <-1 ,-72<-*14 05072*979 +5,*72 1+ 41+-20795 91 -/7
740*,-27,*./*/9*+5,*73211/041279*81/+*./91+*6/*:*,7,*./B279*81/+*./7:1,0*;7$145
72 9*+,-0*4 27 ,5/+0*0-,*./ 91 27+ *91/0*9791+
1+0785+ 04707/95 ,5/-/ 0*=5
8-B=74\0*,-2749105072*979/5-/7<-11+0>+.25,58=-1+0791=7401++*/5-/71/27
,-72 -/7 =7401 :-/,*5/7 ,585 12 0595 R1/ /-1+045 1D18=25
-/7=213+ 41*;*/9*,7/95 +14 *9?/0*,7 72 =5=-2-+S$ 216785+ 1H7,0781/01 7 25 8*+85 +*
73549785+ 12 7+-/05 91+91 12 >/6-25 @1618./*,5 ,585 +73185+ -/7 4127,*./
@1618./*,7 1+ 7<-1227 1/ 27 ,-72 -/7 910148*/797 =740*,-274*979 +*6/*:*,7 -/7
-/*;14+72*979 */72,7/C7321$
*/ 1837465 K,->2 1+ 27 =5+*3*2*979 5/052.6*,7 91 072
4127,*./Y 747 7354974 1+07 ,-1+0*./ ;5B 7 @7,14 41:141/,*7 7 95+ 7/>2*+*+ 720781/01
1+,2741,19541+<-1 @722785+1/ 27 5347 41,*1/01 91 P57/ 5=D1,$1401/1,1/72 ,78=5
á
=+*,57/72A0*,5 =145 +-+ ,5/+1,-1/,*7+ =747 /-1+045 7/>2*+*+ =52A0*,5 +5/ ,2747+ B 91
78=2*5 72,7/,1$#%
2 =4*814 04737D5 91 5=D1, F@1 0583 5: =14+1;147/,1 5/ /0*65/1T +1 41:*141 1/
7<-1225+ =>447:5+ <-1 +5/ 4121;7/01+ =747 /-1+047 018>0*,7 7 27 =-2+*./ 91 8-1401 1/
41-9$ 58512277:*487=74741-9278-14011+1253D10*;59105971H=-2+*./$
+1/,*7281/01<-10597=-2+*./F7=-/0772=7+7957-/0*18=57/014*547<-1+*+-D105
+1 @722747 95/91 1+0> 7@547 */+1405 1/ 12 0*18=5 B 9*4*6*?/95+1 @7,*7 27 8-1401G$ +01
1+07957/014*5491*/74/87,*./5*/14,*7<-1,5/+0*0-B1-/7*2-+*./41045+=1,0*;7 5=D1,
+141:*1417<-A728*05912*8151/12<-1*1447,585-/62535<-1,58=41/910595/5
/1,1+*07 .467/5+91/*/6E/ 0*=5 /5 0*1/1 7:-147 1+ */014=410795=5412 =+*,57/>2*+*+1/
0?48*/5+91279A797=4*8549*7287941@*D5<-1F+-=-1+0781/01,5/01/A70597+27+,5+7+
B 0597 27 :12*,*979 B 7 27 ,-72 12 +-D105 +1 1+:-14C7 =54 41641+74 7 25 27465 91 +- ;*97G$
R59185+41,5/5,14:>,*281/011/1+0791+,4*=,*./7265B7=41+1/011//-1+0457/>2*+*+
=52A0*,5 27 *917 91 -/7 =21/*0-9 <-1 27+ 9187/97+ */+70*+:1,@7+ 41=459-,1/
,5/+07/0181/01,585=41+1/,*791-/77-+1/,*7$
*1+07=21/*0-91+-/7=21/*0-98A0*,7
+- 3E+<-197 4172 +.25 =-191 ,5/9-,*4 7 27 91+04-,,*./ 1H,1=05 =54 95+ @1,@5+ <-1
91+07,7/5@7B-/7=-2+*./E/*,7,58=2107+*/5+.25=-2+*5/1+=74,*721+B=542507/05
/*/6-/7 ;52-/079 91 91+04-,,*./ 7,7 /C7321J B RS 27 +16-/97 =74795D7 91 27 =-2+*./
+16E/27,-7227=-2+*./*/@*31,585=740191+-7,0*;*979274172*C7,*./91+-53D10*;5$
542507/05726E/53+0>,-25*/@141/01I1253D1059127=-2+*>/I+*8-20>/1781/01:41/7
27=-2+*./B2791+@7,12741+04*/61*8=*9*?/95217+A72,7/C74+-53D10*;5B279*;*911/
=-2+*5/1+ =74,*721+$
54 25 07/05 27+ =-2+*5/1+ +1 +70*+:7,1/ 7 +A 8*+87+ ,5/ 1+5+ 53D105+ =74,*721+ <-1
7,7/ 91/58*/7 53D105+ 7$
+ *8=5407/01 ;14 ,.85 12 746-81/05 91 5=D1, +1 ,5/+04-B1 5=147/95 7 =740*4 91 25+
01H05+ 91 7,7/ B 41-9$ 747 ,581/C74 01/185+ 27 /5,*./ 91 41-9 91 27
131/81/+,@ R27 87941 =4*8549*72S B 27 +1=747,*./ */*,*72 1/041 97+ */6 R27 5+7S 27
=21/*0-9 */72,7/C7321 B 7<-1225 <-1 1+ 41=41+1/07321$ 7B 7265 91 27 87941 =4*8549*72
<-1/5=-1910479-,*4+11/2741=41+1/07,*./B7+A+17341-/7341,@791/0459125491/
912 +*6/*:*,7/01$
*/ 1837465 +*12 7+-/05 <-19747 722A 1+074A785+ 1/ 12 01441/5 91-/7
5=5+*,*./ Q7/0*7/7 1/041 12 /5-81/5 B +- 41=41+1/07,*./ :1/58?/*,7 1/041 12 +14 B 12
=1/+74$/1+01=-/5 7,7/479*,72*C712=1/+78*1/059141-927 5+7=149*97/51+
-/7 *8=5+*3*2*979 912 =1/+78*1/05 +*/5 -/ ;7,A5 912
14 F/5 1+ <-1 27
879411+,7=172741=41+1/07,*./572=1/+78*1/05+*/5<-11265,1<-181-/A771227
+1@7=149*95B1+07=?49*97765072705072*979918*+14G$
*/1837465+*1+0165,1/5+1
=*1491 1+ =54<-1 <-197/ 47+045+ 91 ?2 1/ 25+ 53D105+ =74,*721+$ 7 /70-4721C7 91 1+05+
47+045+ 9131 +14 1H=254797 ,-*9795+781/01 =54<-1 B7 /5 +*6-1/ 12 1+<-187 91
41=41+1/07,*./ /5-81/5:1/58?/*,7$ 2 53D105 =74,*72 +1 ,5/;*1401 ?2 8*+85 1/ -/7
05072*979 +1 ,5/;*1401 1/ 12 =4*/,*=*5 1+04-,0-47/01 91 0597 27 1+,1/7
2 91+7445225 912 ,5/,1=05 91 54+0122-/641=4**+1/07/C =741,1 1/05/,1+ ,54074 12
,58=5/1/01 */6 912 ,58=21D5 131/81/,@ 1/ 95+ =7401+ 1/ 97+ */6B
5+40122-/641=4+1:207/C7-/<-197+*/6B7/51+,5/,13*321,585-/53D105/5-81/72B
1+4101/*95+.25=542791+,4*=,*./91254270154A741+-207,2745<-1,-7/951+0153D105
=74,*721/0471/1+,1/7325<-1712,78*/5@7,*7277/0*6-7,5/,1=,*./9197+*/6<-1
áá
7@5471++ 5-/7*2-+*./41045+=1,0*;7291216795047*,*5/145B1253D105=74,*727,0E7/
/5 ,585 1;*91/,*7 91 -/ ,-14=5 5 -/7 5+7 <-1 1H*+0*4A7/ 1/ 5047 =7401 +*/5 ,585
1;*91/,*7912@1,@5 91 <-112 ,-14=5 B 27 +70*+:7,,*./ @7/=149*9512 7=5B5912 ,-14=5
546>/*,5 B 91 27 ,5+7 /5-81/72$
5=D1, 1+ 8-B ,-*9795+7 1/ 91+07,74 <-1 1+07 8-07,*./ ,5/+0*0-B1 -/7 4-=0-47 ,5/ 27
/5,*./ 91 <-1 12 53D105 =74,*72 912 65,1 7,0-74A7 ,585 41=41+1/07/01 91 27 5+7
*/7,,1+*321$ *07/95 27 91:*/*,*./ 91 7,7/ 91 27 +-32*87,*./ ,585 F27 121;7,*./ 91 -/
53D105 549*/74*5 7 27 9*6/*979 91 27 5+7G 1227 27 */014=4107 1/ 12 +1/0*95 91 <-1 27
F121;7,*./ /5 =741,1 *8=2*,74 :-/,*./ 91 41=41+1/07,*./ +*/5
<-1*8=2*,7I727*/;14+79127,58=41/+*./,58E/9127+-32*87,*./I27+-+0*0-,*./91
-/ 53D105 549*/74*5 =54 27 5+7G$
/ -/ +16-/95 04737D5 F74,*+*+85 7==457,@19 532*<-12BG 764167 27 *8=5407/01
53+14;7,*./91<-11253D105=74,*72/51+-/7=740191-/0595+*/5-/7=7401<-11+12
0595$ <-A ,*07 7 ?27 72>+C B 7 121-C1 =747 <-*1/1+ 12 ,25+1 -= /5 *8=2*,7
+*8=2181/01,1/0474\+11/-/910722191/04591-/705072*979+*/5<-11+8>+3*1/,585
+* 7 047;?+ 91 1+1 9107221 27 1+,1/7 ,58=2107 +1 419*81/+*5/747$
121-C1 41*;*/9*,7 <-1 12 15+1 -= /5 1+ -/7 8*4797 8>+ 9101/*97 1/ -/7 =7401 91 27
1+,1/71+ 91,*4 /5 41;127 -/ 53D105 <-1=-191 +14 */,2-*95 ,585 -/1218,/05911+7
1+,1/7 -/ 9107221 7447/,795 912 0595 B 2-165 78=2*795 ,5/ 12 :*/ 91 704714 /-1+047
701/,*./$ 2 15+1 -= 8>+ 3*1/ 41;127 27 05072*979 91 27 1+,1/7 8*+87 5 ,585 9*,1
121-C1+-05072F1H=41+795G253D105=74,*729127=-2+*./;5B7+5+01/141D18=2*:*,727
8*+87 2.6*,7J /5 :5487 =7401 912 5467/*+85 +*/5 <-1 *8=2*,7 -/ ,783*5 73+52-05$#
11+0787/1471253D105=74,*7291D791+14-/7=74,*72*979<-11;5,7-/705072*979B+1
,5/;*1401 -0*2*C7/95 /-1+047 0148*/5256A7 7/014*54 1/ 12 /58341 91 1+7 05072*979$ 7,7/
458=1,5/27/5,*./91-/79A79787941@*D5727641674-/014,14,58=5/1/01+1=74795
91 27 87941 <-1 1+ 12 =1,@5 @7327/95 ,5/ =45=*1979 12 53D105 91 27 =-2+*./
+01 0?48*/5 F53D105 91 :7207G /5 =-191 1/01/914+1 :-147 912 8*05 0*8717/5278122*7/5
912,-72+1914*;7$253D105=74,*72-53D1059127:72071+12<-1+-4617=740*49127:7207
912 ;7,A5 54*6*/795 =54 27 =?49*97 912 1/-8 5 97+ */654*6*/72$ / 2-674 91 27
+70*+:7,,*./8A0*,7914*;79791+14-/5,5/27 5+787014/7212+-D1051H=14*81/077@547
-/7 +70*+:7,,*./1/1+01 53D105 =74,*72 7121;7,*./912 53D1051H014/591 27 =0*2+*./ I
+*6785+,5/121D18=25912721,@1721+070-+91=1,@5R1+051+721+070-+91-/53D105
,7=7C 91 +70*+:7,14 7265 8>+ <-1 27 35,7
1+0.8765S/591=1/9191+-;7254,-20-4725+5,*72,5/4127,*./75045+53D105+$
-F;7254
91 =1,@5G 1H,191/01 9*6785+ 91=1/91 +52781/01 91 27 121,,*./ <-1 91 ?2 @767 27
=-2+*./ ,585 -/ 53D105 91 +70*+:7,,*./$
594A785+=416-/074/5+<-? 0*1/1 <-1 ;14 05951+05 ,5/ 27+ *91/0*9791+
$
7 41+=-1+07 1+ 8-B +*8=21 0595$ + =14:1,0781/01 ,5/+,*1/01 91 <-1 27+ ,701654A7+
=+*,57/72A0*,7+ /5 +5/ 416*5/721+ +*/5 <-1 =1401/1,1/ 72 ,78=5 91 25 <-1 =594A7
91/58*/74+1 -/7 5/05256A7 61/1472$ 227 7:*487 =54 1D18=25 <-1 27 0154A7 91 27+
=-2+*5/1+ 1/ 41-95,-=7 1201441/591 27+ ,-1+0*5/1+ 91 27 5/05256A7,2>+*,7$ + ,*1405
<-1 +- 746-81/05 ,585 5,-441 ,5/ :41,-1/,*7 1/ 12 =+*,57/>2*+*+ 0*1/1 -/ ,74>,014
=41958*/7/0181/ 01 61/?0*,5 =145 =-191 +14 41=27/01795 :>,*281/01 1/ 0?48*/5+
1+04-,0-4721+$ 7 05072*979 8A0*,7 27 9A797 87941@*D5 ,5441+=5/91 7 27 =21/*0-9 /5
áï
72,7/C797 1;5,797 I,585 +- 5=-1+05I =54 27+ 9*+25,7,*5/1+ 5,7+*5/797+ =54 27+
9187/97+ */+70*+:1,@7+$ 7 7+=*47,*./ 7 1+7 =21/*0-9 5 05072*979 +*/ 1837465 /5
91+7=741,1+*8=2181/01+*/5<-11+047/+:14*97753D105+=74,*721+<-1+5/25+53D105+
91 27+ =-2+*5/1+$ / 0?48*/5+ =52A0*,5+ 1+05 1+1H7,0781/01 25<-1@185+ 91/58*/795
-/74127,*./@1618./*,7-/7,*1407=740*,-274*979<-17+-811245291-/7-/*;14+72*979
*8=5+*321$+=54<-112,74>,014=74,*72911+05+53D105+/51+41+-2079591-/7/74470*;7
=740*,-274+*/5<-11+*/@141/01727=45=*71+04-,0-479127+*6/*:*,7,*./<-11253D1057
91 7,7/,5/+0*0-B11212181/05,27;191-/75/05256A7+5,*72$20595+*18=41;77+14
1/,74/795=54-/7=7401$/0?48*/5+91/-1+0457/>2*+*+/51H*+01/*/6-/7-/*;14+72*979
<-1 /5 +17 -/7 -/*;14+72*979 @1618./*,7$
*/ 1837465 @7B 7265 8>+ ,585 1/ 25+
1D18=25+912,25+1-=B912F;725491=1,@5G912721,@19*+,-0*95+=54/5@7B/7971/27
87014*72*97991 27+ =7401+=740*,-2741+ <-1=41910148*/1 7 -/7 - 5047 7:-/,*5/74 ,585
05072*979$ 5 53+07/01 -/7 ;1C <-1 -/7 =7401 @7 7+-8*95 072 :-/,*./ 1+ +- 8*+87
87014*72*979 ,585 =7401
27<-1+1;-12;1-/7:-1/019165,1$478+,*:548-2.+-746-81/05=52A0*,51/0?48*/5+
+*8*2741+ ,->2 :-14C7 +5,*72 +1 ;7 7 ,5/;140*4 1/ 27 41=41+1/07,*./ @1618./*,7 91 27
+5,*1979,585-/05951+1241+-2079591-/72-,@7,5/0*/61/01J=145-/7;1C<-1-/7
:-14C7 +5,*72 =740*,-274 =7+7 7 +14 @1618./*,7 =1487/1,14> ,585 072 =54 0595 -/
=14A595@*+0.4*,5$253D1059127*/;1+0*9-47=-191+14,5/0*/61/01=145,*140781/01/5
1+ */9*:141/01 /5 =-191 +14 ,783*795 7 ;52-/079$ 5/ 1+05 2564785+ -/7 1H=2*,7,*./
,58=21079125<-1+*6/*:*,7*/;1+0*9-47479*,7212@7,1491-/53D105271/,74/7,*./91
-/7=21/*0-98A0*,7$27:1,05,5/+0*0-B1271+1/,*78*+879127*/;1+0*9-478*1/047+<-1
+- ,74>,014 ,5/0*/61/01 97 ,-1/07 912 ,58=5/1/01 F479*,72G 91 27 :.48-27$
/+*+0785+-/7;1C8>+1/1+01=-/05$51+0785+04707/95,5/@585256A7+,7+-721+5
1H014/7+ +*/5 ,5/ -/ 8*+85 91+,-34*8*1/05 <-1 0*1/1 2-674 91+91 95+ >/6-25+
9*:141/01+12=+*,57/>2*+*+B27=52A0*,7917265<-10*1/1<-1;14,5/271+04-,0-478*+87
91 27 53D10*;*979$ 7 =4*/,*=72 ,5/+1,-1/,*7 5/052.6*,7 912 91+,-34*8A1/05:41-9*7/5 912
*/,5/+,*1/011+<-127,701654A79141=41+1/07,*.//541=459-,1+*8=2181/011/-//*;12
+1,-/974*5-/7=21/*0-9<-127=41,191<-1=594A7+147=41@1/9*9791-/85959*41,05
+*/5 <-1 =54 12 ,5/0474*5 27 41=41+1/07,*./ 1+ 12 /*;12 73+52-0781/01 =4*874*5 91
,5/+0*0-,*./912753D10*;*979$M+011+12850*;5=5412,-72/5@7B/*/6E/+1/0*95<-1/5
1+0? +5341910148*/79591+91 +- 8*+85 ,58*1/C5$
* 27=21/*0-9 91 27 87941=4*8549*72
1+ -/ 53D105 =-4781/01 8A0*,5 /5 @7B /*/6E/ 65,1 72,7/C7321 1H,1=05 7 047;?+ 91 27
*/;1+0*9-47479*,721/-/53D1057$+A1253D1057+1,5/;*14011/27,701654A75/052.6*,7
=4*/,*=72$145 =59185+ 22167472 8*+8591+,-34*8*1/05 R/5 -/5 814781/01 7/>2565S +*
=740*85+ 912 >/6-25 91 27 0154A7 =52A0*,7$ 5 1H*+01 /*/6-/7 =21/*0-9 +5,*72 72,7/C7321
1H,1=057047;?+9127@16185/A7JB27@16185/A7/51+5047,5+7<-127*/;1+0*9-471/
-/ 53D105 =74,*72 91 -/7 =21/*0-9 <-1 +*18=41 /5+ ;7 7 1;79*4 =54<-1 1+ =-4781/01
8A0*,7 R1/ /-1+047+ =727347+ 1+ +*8=2181/01 12 41;14+5 =5+*0*;5 91 -/7 +*0-7,*./
1H=14*81/0797 ,585 F+14 91:*,*1/01GS$ .6*,7 @1618./*,7 /5 +5/ +.25 +*8*2741+ +5/
+*8=2181/01 *9?/0*,7+$ + =54 1+05 <-1 91/045 91 27 0479*,*./ 874H*+07 12 8581/05
6478
,*7/5 41=41+1/07 -/7 4-=0-47 1=*+0182.6*,7 07/ ,4-,*72
8*1/047+ <-1 12 874H*+85 0479*,*5/7281/01 @73A7 +5L795 ,5/ 12 7,,1+5 7 -/7 05072*979
+*+018>0*,781/01,144797R27910148*/7,*./1/E20*87*/+07/,*7=54271,5/58A710,?0147
áº
121/:5<-1@1618./*,5458=191,*+*;781/01,5/1+72.6*,7+5,*721+1/,*72*+07$2E/*,5
@54*C5/01 05072*C7954 =5+*321 1+0> 9795 =54 -/7 =74,*72*979 R27 :-14C7 @1618./*,7S <-1
7+-81 27 41=41+1/07,*./ 91 -/7 05072*979 8A0*,7$ / 0?48*/5+ 27,7/*7/5+ -/ 53D105 1+
121;7957279*6/*9799127 5+7$/1+1+1/0*951253D1059127*/;1+0*9-47@1618./*,7
/5 ,5/+0*0-B1 -/ +16-/9./ 41+=1,05 91 27 ,5+7 4172 <-1 +14A7 -/7
+5,*1979 0507281/01 41,5/,*2*797 27 ,-72 ,585 05072*979 +*+0?8*,7 /5 41<-14*4A7 /*
*/;1+0*9-47/*@16185/A7S1++*8=2181/0112/58341<-141,*3127=21/*0-991/04591-/
910148*/795@54*C5/01@*+0.4*,5<-1,58553D105=74,*7291-/7*/;1+0*9-47@1618./*,7
/5 1+ -/ 14+70C +*/5 12 =-/05 91 =740*97 91 79@1+*5/1+ =45:-/97+$ 2 746-81/05 91
5=D1,+534127=-2+*./,585,7=7C91256474+70*+:7,,*./1+720781/014121;7/011/1+01
=-/05 =54<-1 1/ -/ 416*+045 9*:141/01 7:*487 25 8*+85 <-1 */01/07 91+74452274 8*
746-81/05 =52A0*,5$
595 1+05 0*1/1 -/7 ,2747 *8=2*,7/,*7 =74712 0187 =4*/,*=72 91 1+01 2*345=54<-1 ,585
91314A71+074,274571+07720-4791/-1+045746-81/05/5@7B=5=-2*+85=5+*321+*/-/7
*/;1+0*9-47 1:1,0*;7 1/ -/ 53D105 =74,*72$
* 27 +5,*1979 2564747 72,7/C74 -/ 5491/
*/+0*0-,*5/72 91 072 /70-4721C7 <-1 0597+ 27+ 9187/97+ =-9*147/ +70*+:7,14+1 91/045 91
+-+ =45=*5+ 81,7/*+85+ */87/1/01+ /5 @734A7 =5=-2*+8 =145 =54 47C5/1+ 53;*7+
078=5,5@734A7=52A0*,7$ 7/1,1+*97991,5/+0*0-*4-/F=-1325GR-/7=213+<-141*;*/9*,7
+14 -/ =5=-2-+S +.25 +-461 ,-7/95 1+7 =21/*0-9 /5 1+ 72,7/C797 B 53D105+ =74,*721+
91/0459127+5,*1979R53D10*;5+:*6-47++A83525+S+5/*/;1+0*95+9107287/147<-1+1
,5/;*1401/ 1/ 25+ /58341+ 91 +- 7-+1/,*7$ *1/+5 <-1 <-197 ,2745 7 =740*4 91 /-1+047
9*+,-+*./=54<-?279*81/+*./7:1,0*;71+91,*+*;71/1+01=45,1+5$

7 @185+ 7@547 */0459-,*95 0597+ 27+ ;74*7321+ 01.4*,7+ /1,1+74*7+ =747 */01/074 -/7
=4*8147 ,5/,1=0-72*C7,*./ 912 =5=-2*+85$ 747 1+05 91314A7/ 05874+1 1/ ,-1/07 041+
7+=1,05+$
$4*814571+07720-4791314A71+074,2745<-1=54F=5=-2*+85G/51/01/9185+-/0*=5
91 85;*8*1/05 I*91/0*:*,7321 ,5/ -/7 37+1 +5,*72 1+=1,*72 5 ,5/ -/7 910148*/797
54*1/07,*./*9152.6*,7I+*/5-/72.6*,7=52A0*,7$595+25+*/01/05+=541/,5/047425<-1
1+ 1+=1,A:*,5 1/ 12 =5=-2*+85 1/ @1,@5+ ,585 27 =1401/1/,*7 72 ,78=1+*/795 5 7 25+
=1<-1L5+=45=*1074*5+52741+*+01/,*772785914/*C7,*./1,5/.8*,752787/*=-27,*./
=54,-01+8746*/797++5/,585@185+;*+051+1/,*7281/01144./15++*18=41;7/7+14
+-=14795+ =54 -/7 7;727/,@7 91 1H,1=,*5/1+$
*/ 1837465 K<-? 1/01/9185+ =54
F2.6*,7 =52A0*,7GY 585 @185+ 7:*48795 1/ 5047 =7401 1/01/9185+ 27+ 2.6*,7+ +5,*721+
,585 */;52-,47/95 -/ +*+0187 1/4741,*95 91 1/-/,*7,*5/1+ 1+ 91,*4 -/ +*+0187 91
41627+ <-1 047C7/ -/ @54*C5/01 91/045 912 ,-72 726-/5+ 53D105+ +5/ 41=41+1/07321+
8*1/047+<-15045+1+0>/1H,2-*95+$+A=59185+@7327491272.6*,7912=741/01+,5912
814,795 */,2-+5 912 7D1941C R=747 -0*2*C74 12 1D18=25 91 X*0061/+01*/S$ 5 53+07/01 27
2.6*,7=52A0*,70*1/172651+=1,A:*,5<-11+*8=5407/0191+07,74$*1/047+<-127+2.6*,7+
+5,*721++1:-/97/1/12+16-*8*1/059141627+27+2.6*,7+=52A0*,7+1+0>/4127,*5/797+
,5/ 27 */+0*0-,*./ 91 25 +5,*72$
*/ 1837465 072 */+0*0-,*./ ,585 B7 +73185+ /5
áë
,5/+0*0-B1-/:*70743*0474*5+*/5<-1+-4619127+9187/97++5,*721+B1+1/072+1/0*95
*/@141/01 7 ,-72<-*14 =45,1+5 91 ,783*5 +5,*72$ +01 ,783*5 0*1/1 2-674 819*7/01 27
740*,-27,*./ ;74*7321 91 27 1<-*;721/,*7 B 27 9*:141/,*7 B 12 8581/05 1<-*;721/1D72
=41+-=5/1 27 ,5/+0*0-,*./ 91 -/ +-D105 =52A0*,5 625372 <-1 41E/1 -/7 =2-472*979 91
9187/97++5,*721+$+057+-;1C*8=2*,7,585@185+;*+0591:45/0147+*/014/7+B27
*91/0*:*,7,*./91-/F5045G*/+0*0-,*5/72*C795$
*18=41<-101/185+1+07,583*/7,*./91
8581/05+1+04-,0-4721+,-721+<-*147<-1+17/25+,5/01/*95+*9152.6*,5+5+5,*721+912
85;*8*1/05 =52A0*,5 1/ ,-1+0*./ 01/185+ =5=-2*+85 91 -/7 ,27+1 - 5047$ H*+01/ 5045+
95+ 7+=1,05+ 91 /-1+047 9*+,-+*./ =41;*7 <-1 913185+ */0459-,*4 1/ /-1+047
,747,014*C7,*./ ,5/,1=0-72 912 =5=-2*+85
7<-1225+<-1 0*1/1/ <-1 ;14 ,5/12 /583474 B 12 7:1,05$ 5834741/=4*814 2-674$
* 27
,5/+04-,,*./ 912 =-1325 1+ -/7 ,5/+04-,,*./ 479*,72I1+ 91,*4 -/7 ,5/+04-,,*./ <-1
,5/+0*0-B1 761/01+ +5,*721+ ,585 0721+ B <-1 /5 1H=41+7 -/7 -/*979 912 64-=5
=41;*781/01 9797I 27 @1014561/1*97991 27+ 9187/97+ 7 27+ <-1 27 *91/0*979 =5=-274
505467-/7=41,74*7-/*9799131+14*4419-,0*321$+05/5+*6/*:*,7/1,1+74*781/01<-1/5
+17/ 7/>2567+ 5 72 81/5+ ,58=747321+ 1/ 726E/ /*;12J =145 +A +*6/*:*,7 <-1 / =-191/
*/+,4*3*4+1 1/ -/ +*+0187 1+04-,0-472 91 9*:141/,*7+ <-1 21+ 5054674A7 -/ :-/9781/05
*/:471+04-,0-472$ +01 =-/05 1+ ,4-,*72 27 @1014561/1*979 /5 +*6/*:*,7 9*:141/,*72*979$ 5
=-191 1H*+0*4 -/ +*+0187 91 -/*979 7 =4*54* =41,*+781/01 =54<-1 27+ 9187/97+
*/+70*+:1,@7+ +5/ 27 1H=41+*./ 91 -/7 9*+25,7,*./ +*+0?8*,7$ +05 *8=2*,7 95+
,5/+1,-1/,*7+ <-1 B7 @185+ 7/72*C795 R7S 12 8581/05 91 -/*979 91 25+ +-D105+

+1971/12/*;12/58*/72B/51/12/*;12,5/,1=0-72I1+91,*425++-D105+

+*18=41+5/+*/6-274*9791+IJR3S=41,*+781/01=54<-11+1/58341/51+0>
,5/11=0-7281/01R+11054*7281/01S:-/9781/079525+2A8*01+1/04127+9187/97+<-1;77
7374,74 B 7<-1227+ <-1 ;7 7 1H,2-*4 +1 ;7/ 7 91+9*3-D74 B ;7/ 7 974 2-674 7 -/
,-1+0*5/78*1/05 =1487/1/01$ =740*4 91 1+05 =59185+ 919-,*4 <-1 12 21/6-7D1 91 -/
9*+,-4+5 =5=-2*+07 IB7 +17 91 *C<-*1497 5 91 9141,@7I +*18=41 ;7 7 +14 *8=41,*+5 B
:2-,0-7/01 /5 =54 726-/7 :7227 ,56/*0*;7 +*/5 =54<-1 */01/07 5=1474 =14:54870*;781/01
91/04591-/74172*979+5,*72<-11+1/647/819*97@101456?/17B:2-,0-7/01$ 5/+*9145
1+01 8581/05 91 ;76-1979 1 *8=41,*+*./ I<-1 91314A7 1+074 ,2745 /5 0*1/1 =747 8A
/*/6-/7,5//507,*./=1B5470*;7I,585-/,58=5/1/011+1/,*7291,-72<-*145=147,*./
=5=-2*+07$ 7B785+ 7@547 72 7:1,05$ 7 9*+,-+*./ =41;*7 +-=5/1 *8=2A,*0781/01 <-1 /5
1H*+01 7:1,05 +*/ -/ 91+/*;12 ,5/+0*0-0*;5$
* 0-;*?4785+ 1/ 0?48*/5+ 91 7,7/ 25 4172
7/014*54 7 25 +*83.2*,5 01/94A785+ -/7 =21/*0-9 ,5/0*/-7 +*/ 9*:141/,*7,*5/1+ */014/7+$
145 27 =41+1/,*7 91 25 4172 91/045 91 25 +*83.2*,5 *8=2*,7 91+/*;12 25+ 53D105+ 7
=41+-=5/1/,70,H*7+9*:141/,*797+B1+71+07+,701H*7+727+<-191/58*/785+7:1,05$
41-9 ,*07 7 15461 14/749
@7O ,-7/95 7:*487 <-1 1+074 1/7854795 1+ 1H761474
,5/+*914732181/01 27 9*:141/,*7 1/041 -/7 8-D14 B 5047$ 7 7485/A7 =-47 +14A7
*/,58=70*321 ,5/ 12 7:1,05$ 585 7:*48. 40167 B 7++10 27 @*+054*7 +14A7 91+04-*97 7
:-14C791D-+0*,*7$27:1,051/1+1+1/0*95+*6/*:*,7-/79*+,5/0*/-*979479*,721/041-/
53D105B12<-121+*6-1B1+079*+,5/0*/-*979+.25=-191+14,5/,13*971/0?48*/5+91
-/7 ,701H*7 9*:141/,*72$ + /1,1+74*5 =41+074 701/,*./ 7 0595+ 25+ 8581/05+ 91 1+07
+1,-1/,*7 1+04-,0-472 =747 1/:5,74 ,5441,0781/01 27 ,-1+0*./ 91 27+ *91/0*9791+

$/=4*8142-67401/185+128581/059127=21/*0-98A0*,7<-13-+,785+
1/ ;7/5 27 41+07-47,*./ 91 27 -/*979 87941@*D5 5 1/ 0?48*/5+ =52A0*,5+ 27 +5,*1979
,58=210781/01 41,5/,*2*797$ -165 01/185+ 27 =74,*72*C7,*./ 91 27+ =-2+*5/1+
27 =2-472*979 91 53D105+ 7 <-1 1/ 726E/ =-/05 1/,74/7/ 27 =21/*0-9 1/ E20*87 */+07/,*7
*/72,7/C7321$ + 7<-A 95/91 913185+ +14 ,-*9795+5+ 1/ /-1+045 7/>2*+*+ B7 <-1
1/,74/74 7265 =-191 +*6/*:*,74 ;74*7+ ,5+7+ 9*:141/01+$ / 1+01 =-/05 ,* 7/>2*+*+ 91
5=D1,+1;-12;14121;7/01$22741,@7C7,5441,0781/01-/7/5,*./=-4781/011H014/791
41=41+1/07,*./ =54 27 ,-72 7265 <-1 /5 =-191 85+0474+1 7 +A 8*+85 ,585 072 +14A7
ï
+-+0*0-*95=54-/7+-,1+*./9114+70C*/9*:141/,*795+$/1+1,7+5<-?+14A7-/74127,*./
8>+A/0*871/0417<-1225<-11+0>+*1/951/,74/795B127,058*+85911/,74/7425Y595
/-1+045 7/>2*+*+ =41;*5 /5+ =148*01 974 -/7 41+=-1+07 7=45=*797 7 1+07 =416-/07$
/,74/747265+.25=-191+*6/*:*,74974-//58341725<-11+0>+*1/951/,74/795J=145
,585 25 <-1 1+0> +*1/95 1/,74/795 1+ -/7 =21/*0-9 *8=5+*321 7265 <-1 ,741,1 91 -/7
,5/+*+01/,*7 */91=1/9*1/01 =45=*7 27 1/0*979 F1/,74/79547G +1 ,5/;*1401 1/ 12 53D105
=21/591*/;1+0*9-47,70?,0*,7$253D1051/,74/7/01,5/+0*0-B17+A12@54*C5/01E20*8591
7<-1225<-11+72,7/C7321/5=54<-11H*+07-/F8>+722>G*/72,7/C7321+*/5=54<-11+1
F8>+ 722>G 72 /5 01/14 1/0*979 =45=*7 +.25 =-191 1+074 =41+1/01 ,585 12 1H,1+5
:7/07+8>0*,591-/53D1057047;?+912,-7227+70*+:7,,*./=-19172,7/C74+1J1+011H,1+5
1/=727347+91 5=D1,+14A712F;725491=1,@5G912721,@1$/0?48*/5+=+*,57/72A0*,5+
8*1/047+1291+15/51/,-1/047+70*+:7,,*./B;*;1+.25819*7/01+-41=459-,,*./7047;?+
91-/7+-,1+*./9153D105+27=-2+*./=-191@72274+70*+:7,,*./=1451+05+.25+125647
819*7/01 27 F+-32*87,*./G 912 53D105 121;>/9525 7 27 9*6/*979 91 27 5+7$ 785+ 7
0479-,*41+057221/6-7D1=52A0*,5-/7910148*/7979187/97<-1072;1C72,58*1/C5147
+.25-/78>+1/0418-,@7+79<-*1411/,*14058581/05-/7,1/0472*979*/1+=14797B+1
;-12;112/58341917265<-1271H,191917265<-1/5=-191,5/045274=54+A8*+87B
<-1 /5 53+07/01 +1 ,5/;*1401 1/ -/ F91+0*/5G 72 <-1 /5 =-191 1+,7=74$ -7/95 -/7
9187/979185,4>0*,7@77047;1+7951+07+1/97+1,5/;*14011/-/79187/97F=5=-274G$
145 1+ */72,7/C7321 1/ 0?48*/5+ 91 +- =45=*7 =740*,-274*979 */*,*72 87014*72$ 131
,5/;140*4+11/-/=-/05/597291+-32*87,*./J913179<-*4*4-/F;725491=1,@5G$++.25
1/05/,1+<-112F/58341G+1+1=747912F,5/,1=05G12+*6/*:*,795912+*6/*:*,7/01$
*/1+07
+1=747,*./ /5 @734A7 =5=-2*+85$
*/7281/01 1H*+01 -/ 014,14 7+=1,05 <-1 913185+ ,5/+*91474$ -/<-1 ;785+ 7 047074
0597+ +-+ *8=2*,7/,*7+ 1/ 12 =4.H*85 ,7=A0-25 913185+ 7/72*C74 7<-A 726-/7+ <-1 /5
=-191/ *6/5474+1 7-/ 1/ -/7 7=45H*87,*./ =412*8*/74 72 =5=-2*+85$ /01+ @185+
7:*48795<-127+2.6*,7+91279*:141/,*7B91271<-*;721/,*77-/<-17/076./*,7+1/041+A
1/ E20*87 */+07/,*7 +1 41<-*141/ -/7+ 7 5047+$ +07+ 2.6*,7+ 5,-=7/ 12 1+=7,*5 91 -/7
01/+*./=1487/1/011/0419*81/+*5/1+8-0-781/014127,*5/797+$7;*85+2747C./-/7
,791/71<-*;721/,*7=-191913*2*07412=740*,-274*+8591+-+1+2735/1+=145/5=-191
91+@7,14+1 91 ?2 ,58=210781/01$ + =54<-1 -/7 9187/97 =740*,-274 1+0> */+70*+:1,@7
<-1+11+07321,1-/7+52*974*979,5/5047+9187/97+*/+70*+:1,@7+9187/147<-1+*/27
=41+1/,*7 7,0*;7 912 =740*,-274*+85 912 1+273./ /5 =594A7 @7314 ,791/7 1<-*;721/,*7$
7 /5+ @185+ 41:14*95 7 1+017+=1,05 ,585 27 9*:141/,*7 B 271<-*;721/,*7 41:21D>/95+1
7837+1/041 +A$ +01 41:21D5 1+ ,5/+0*0-0*;5 =145 0783*?/ 25 1+ 27 01/+*./ 1/041 +-+ 95+
=525+$ 7 01/+*./ B 12 41:21D5 =-191/ ,583*/74+1 91 8595 ,5/0*/61/01 1/ -/ 1<-*2*34*5
*/1+07321=145/*/6-/5911 5+1+0507281/01,7=7C9112*8*/74725045$1/+185+1/-/
1D18=25 91 25 <-1 7=741/0181/01 +14A7 -/7 1<-*;721/,*7 1/ 1+0795 =-45 -/7 41;-1207
,78=1+*/7 8*21/74*+07$ 1/914A785+7 =1/+74 <-17<-A /5 1H*+01 ,5/078*/7,*./ 726-/7
1/01 9*:141/,*7 B 1<-*;721/,*7 /*/6E/ 41:21D5 8-0-5 =54 -/ 2795 12 1/18*65 1+ -/
1/18*65 05072 27 4127,*./ ,5/ ?2 7=-/07 7 +- 91+04-,,*./ */9*+,4*8*/797J =54 5045 2795
,58512+1/0*959127,5/:45/07,*./1+0>9795=542791:1/+7,5/04727781/7C7917265
<-1 27 ,58-/*979 B7 147 =741,*147<-1 0595=740*,-274*+85 ,58-/*074*5 =41,1914A7 7 27
,5/:45/07,*./1<-*;721/,*7B/591=1/914A7911+07E20*87=747+-,5/+0*0-,*./$ 58512
1/:41/078*1/051/04125+95+8-/95+1+*/047/+*61/01=741,14A7<-1,-72<-*147<-1:-147
274172*979+-+07/,*72<-1,797-/7911227+0*1/1=41,1914A7721/:41/078*1/05B/5+14A7
41+-20795 91 ?+01$ / 5047+ =727347+ 12 1+=7,*5 ,58-/*074*5 +14A7 5467/*C795
1H,2-+*;781/01 =54 -/7 2.6*,7 91 27 9*:141/,*7 B 12 8581/05 1<-*;721/,*72 +1 ;52;14A7
,58=210781/01 1H014/5 I1+ 91,*4 9*:141/,*7 B 1<-*;721/,*7 91D74A7/91 41:21D74+11/041
+AIJ 25 <-1 ,5/+0*0-A7 -/7 01/+*./ 1/041 95+ 9*81/+*5/1+ +1 41+52;14A7 1/ -/7 05072
+1=747,*./1/0411227+$
*/1837465?+07+14A7-/7,5/,2-+*./144./17B7<-1*/,2-+51/
ïc
12,7+51H04185912741;-12078*21/74*+07128581/059141:21D51+0>5=147/95$/7;1C
<-1,58*1/C72741;-1207/7971/27,58-/*979=1487/1,1,5851477/01+$-/1/12
,7+591<-11253D10*;5912741312*./:-1472741+07-47,*./91-/7*91/0*979=41;*79131
41*/;1/074 1+7 *91/0*979 /5 =-191 91=1/914 +*8=2181/01 91 7265 0507281/01 9795 91
7/0187/5$ 791:1/+79127,58-/*979,5/047-/7781/7C71H014/7@79*+25,79571+7
,58-/*979<-1,5/,*:*/91=14+*+0*4/5=-191+*8=2181/0141=10*47265<-1=41,19172
8581/05 91 9*+25,7,*./$ + =54 1+5 <-1 <-*1/ <-*141 91:1/914 -/ 5491/ 1H*+01/01 91
,5+7+ B7 25 @7 =149*95 7 047;?+ 91 +- 8*+87 91:1/+7$ / /-1+045+ 0?48*/5+ 27
=14=10-7,*./ 91 -/ 5491/ 781/7C795 /5 =-191 +16-*4 91=1/9*1/95 91 -/7 2.6*,7
=-4781/01 9*:141/,*72J
?H*0591=1/919127*/+,4*=,*./911+7+9*:141/,*7+91/04591-/7,791/71<-*;721/,*72$
+07,5/,2-+*./0*1/1726-/7+,5/+1,-1/,*7+,4-,*721+=74727,-1+0*./9127+*91/0*9791+

B 12 =5=-2*+85$ 2 1D18=25 912 8*21/74*+85 @7B <-1 798*0*425 1+ -/
1D18=251H04185=1457285+0474<-1*/,2-+51/1+01,7+512953218581/0541:21H*;5912
<-1 1+0785+ @7327/95 1+0> =41+1/01 =59185+ ,274*:*,74 -/ D-165 ,58=2105 91
;74*7,*5/1+ <-1 +1 */+,4*31 1/ 27 /70-4721C7 8*+87 912 =5=-2*+85$
* 27 2.6*,7
1<-*;721/,*7/59*+-12;127+9*:141/,*7++*/5<-127+*/+,4*3191/04591+AB+*12=1+5
41270*;591 27+ 95+ 2.6*,7+ 91=1/911/647/ 819*9791 27 7-05/58A7 91 7<-1225 <-1+1
*/+,4*31,5/41+=1,05727@16185/A71D14,*97=5427+-=14:*,*191*/+,4*=,*./121+=7,*5
91 ;74*7,*./ 73*1405 =54 12 95321 41:21D5 1+ 91 @1,@5 8-B 647/91$ / 5047+ =727347+
,-72<-*14 */+0*0-,*./ 5 /*;12 +5,*72 =-191 5=1474 ,585 -/7 +-=14:*,*1 91 */+,4*=,*./
1<-*;721/,*7$2 =-/051+1/,*721+<-1 ,585 27 9*+25,7,*./<-11H*+01 1/ 27 47AC 91 27
1H=14*1/,*7=5=-2*+0741<-*141-/7*/+,4*=,*./1<-*;721/,*72,-72<-*14F=-1325G181461/01
,-72<-*147 +17 +- ,74>,014 ;7 7 =41+1/074 95+ ,747+ -/7 91 4-=0-47 ,5/ -/ 5491/
1H*+01/01J 27 5047 */0459-,*1/95 F5491/78*1/05G 722A 95/911H*+0A7 -/7 9*+25,7,*./3>+*,7$
1785+ 95+ 1D18=25+ <-1 1+=145 <-1 @74>/ 0507281/01 ,58=41/+*321+ 1+07+
=45=5+*,*5/1+ -/ 07/05 73+047,07+$
58185+ ,585 -/ 1H04185 27 F 7467 74,@7G 91 75 +1\0-/6$ <-A 01/185+ -/
F=5=-2*+85G1/1]+1/0*95=41;*781/0191+,4*=0512*/01/0591,5/+0*0-*472F=-1325G,585
-/7,054@*+0.4*,57=740*491-/7=2-472*97991+*0-7,*5/1+7/076./*,7+$75@7327*/,2-+5
91F,5/0479*,,*5/1+1/1]+1/5912=-135G,5/25<-11]F=-1325G-/71/0*979<-1@-3*147
+*95-/7/70187=747270154A7874H*+07,2>+*,71+*/0459-,*951/1+,1/7$<-A01/185+
12 95321 41:21D5 72 <-1 /5+ 41:14*85+ 7/01+ 12 F=-1325G 21D5+ 91 01/14 27 /70-4721C7
@5856?/17 <-1 -/5 704*3-*4A7 7 7,0541+ =-45+ 91 ,27+1 R+* ?+05+ +5/ 91:*/*95+ =54 +-
25,72*C7,*./ =41,*+7 91/045 91 27+ 4127,*5/1+ 91 =459-,,*./S 1+ ,5/,13*95 ,585 27
740*,-27,*./91-/7=2-472*97991=-/05+914-=0-47$
*/18374651+05+=-/05+914-=0-47
7201/142-67491/04591-/874,5+*83.2*,591+045C795,58541+-2079591276-1447,*;*2
27 */;7+*./ D7=5/1+7 27 ,5/:45/07,*./ 1/041 +1L541+ 91 27 6-144710,?0147I 91=1/91/
=747+-8*+87,5/+0*0-,*./91-/7+-=14:*,*1=5=-27491*/+,4*=,*./<-125+047+,*1/97$
1/185+ 7<-A 27+ 95+ 9*81/+*5/1+ <-1 81/,*5/785+ 7/01+ =54 -/ 2795 12 */01/05 91
4-=0-47,5/12+070-<-5,5/125491/*/+0*0-,*5/72=41,191/01J=54125045121+:-14C5=54
,5/+0*0-*4 -/ 5491/ 722A 95/91 @73A7 7/58*7 B 9*+25,7,*./$ +A 27 ,791/7 1<-*;721/,*72
D-167/1,1+74*781/01-/95321452@7,1=5+*32112+-46*8*1/05912=740*,-274*+859127+
9187/97+ =145 72 8*+85 0*18=5 27+ +-3549*/7 7 +A 8*+87 ,585 -/7 +-=14:*,*1 91
*/+,4*=,*./ /1,1+74*7$
7B785+ 7@547 7 -/ 1D18=25 <-1 7=741/0181/01 =1401/1,1 72 1H04185 5=-1+05 27+
85;*2*C7,*5/1+=52A0*,7+9125++16-*9541+919@1874917445+-/=52A0*,5,544-=05912
+-4 912 47+*2 ,-B7+ ,78=7L7+ 1/ 27 9?,797 91 " 01/A7/ ,585 2187 F5-37
87+:7CGfT537 =145 @7,1GS$
- */+,4*=,*./ 91 9187/97+ 91 37+1 :-1 1+1/,*7281/01
,2*1/012*+07-/*/014,783*591;505+=54:7;541+=52A0*,5+$4*87:7,*1@722785+8-B=5,5
1/ ,58E/ 1/041 12=45B1,05 187/,*=7054*5625372 91 75 +1\0-/6 B 27 ,5++7/5+04791
ï`
9@1874 91 7445+$
*/ 1837465 7:*48785+ <-1 @7B =5=-2*+85 1/ 7835+ ,7+5+$
K .851+1+05=5+*321Y212181/05,58E/1+0>9795=5427=41+1/,*791-/79*81/+*./
7/0**/+0*0-,*5/72 91 -/ ,*1405 91+7:A5 7 27 /54872*C7,*./ =52A0*,7 72 F5491/ -+-72 91 27+
,5+7+G$ / 7835+ ,7+5+ @7B -/ 2278795 7 F25+ 91 737D5G$ X72014 1/D78*/ 1;5,7 27
7047,,*./=5=-274=5412,4*8*/72=541237/9*95$2850*;5911+077047,,*./+-4619127
=5+*,*./ 91 1H014*54*979 912 37/9*95 41+=1,05 912 5491/ 21672 B 91 +- 91+7:A5 7 ?+019
585 ,-72<-*14 0*=5 91 +*+0187 */+0*0-,*5/72 1+ */1;*0732181/01 72 81/5+ 91 -/ 8595
=74,*72 2*8*07/01 B :4-+047/01 1H*+01 7265 7047,0*;5 1/ ,-72<-*14 :*6-47 <-1 25 91+7:A1
,-721+<-*147<-1+17/27+47C5/1+B27+:5487+919*,@591+7:*5$H*+011/0597+5,*1979
-/41+14;54*591+1/0*8*1/05+7/0*+070-<-5=-45+<-1,4*+072*C7/1/726-/5++A83525+91
87/147 41270*;781/01 */91=1/9*1/01 91 27+ :5487+ 91 +- 740* ,-27,*./ =52A0*,7 B 1+ +-
=41+1/,*7 27 <-1 =14,*3*85+ */0-*0*;781/01 ,-7/95 91/58*/785+ F=5=-2*+07G 7 -/
9*+,-4+5 5 -/7 85;*2*C7,*./$ 2 ,2*1/012*+85 I=747 ;52;14 72 1D18=25I /5 1+
/1,1+74*781/01 =5=-2*+07 =-191 795=074 :5487+ =-4781/01 */+0*0-,*5/721+ =145 1+
+-:*,*1/01 <-1 1+0? ,5/+04-*95 ,585 -/ 2278795 =E32*,5 7 F25+ 91 737D5G :-147 91 25+
,7/721+ =52A0*,5+ /548721+ =747 <-1 79<-*147 -/7 ,5//507,*./ =5=-2*+07$
*/ 1837465
1/ 072 ,7+5 25 <-1 @185+ 91/58*/795 F+-=14:*,*1 91 */+,4*=,*./ =5=-274G =-191 +14
,-72<-*14 */+0*0-,*./ 5 *915256A7 1+ -/7 ,*1407 */:21H*./ 91 +-+ 0187+ 25 <-1 27 @7,1
=5=-2*+07 /5 12 ,74>,014 =740*,-274 91 27 *915256A7 5
*/+0*0-,*./71225+;*/,-2795+$/27=7401 ;785+7047074726-/7+911+07+;74*7,*5/1+
0*=52.6*,7+$ 5/1+05 @185+72,7/C795 -/7 =4*8147/5,*./91=5=-2*+85$
*/1837465
,585@185+ 7/0*,*=795/-1+045 7/>2*+*+ +1@737+795=54 47C5/1+@1-4A+0*,7+1/ 95+
+-=-1+05+ +*8=2*:*,79541+ <-1 7@547 =59185+ 12*8*/74$ 2 =4*8145 1+ <-1 0597 /-1+047
7=45H*87,*./ 7 25+ +*6/*:*,7/01+ ;7,A5+ @7 +-=-1+05 27 =41+1/,*7 91 -/7 :45/0147
9*,50.8*,7 1+07321 91/045 91 27 +5,*1979 R+*/ :45/0147 /5 @734A7 1<-*;721/,*7+ B 1465
078=5,5@734A7 +*6/*:*,7/01+ ;7,A5+S$
*/ 1837465 K1+ ?+01-/ +-=-1+05<-1 =59185+
974 =54 +1/0795Y K-? 5,-44*4A7 +* 27+ :-14C7+ 7 7835+ 2795+ 91 27 :45/0147 +1
91+=27C747/1//-1;7+9*41,,*5/1+Y2+16-/951+<-1/5@185+1H=2547952705072*979
9127+,5/+1,-1/,*7+9127=1487/1/,*7912=740*,-274*+859127+9187/97+91/0459127
,791/7 1<-*;721/,*7$ 185+9795 =54 +1/0795 1+=1,*7281/01<-1 ,-72<-*149187/97
7/0*+*+0187 =594A7 +14 */,54=54797 ,585 -/ /-1;5 1+273./ 1/ -/7 ,791/7 91
1<-*;721/,*7+ B7 1H*+01/01$ K-? 5,-44*4A7 /5 53+07/01 +* 12 =740*,-274*+85 91 27+
9187/97+ <-1 B7 :5487/ =7401 91 27 ,791/7 +1 5=5/1 7 27+ /-1;7+ 9187/97+ <-1
*/01/07/*/,54=5474+171227YK5,4171+0527+,5/9*,*5/1+=747-/1H014*5491-//-1;5
0*=5 -/5 <-1 B7 /5 =-191 +14 ,5/,13*95 ,585 -/ ,78=5 91/045 91 -/ 1+=7,*5 91
41=41+1/07,*./ 1+07321 958*/795 =54 -/7 :45/0147 9*,50.8*,7Y M+07+ +5/ 27+ 95+
,-1+0*5/1+<-1;785+71H=254747,5/0*/-7,*./$/07/0527=4*8147/5+;77,5/9-,*47
27 /5,*./ 91 F+*6/*:*,7/01 :2507/01G 27 +16-/97 ;7 7 *8=2*,74 -/ 7/>2*+*+ 8>+
8*/-,*5+5 91 27 ,-1+0*./ 91 27 @1014561/1*979 +5,*72 <-1 @7 +-46*95
1/ ;74*5+ =-/05+ 91 /-1+045 04737D5$

M $
K F '

G

Y

5+ 21,0541+ 91 25+ =4*8145+ 354479541+ 91 1+01 ,7=A0-25 <-19745/ ,5/:-/9*95+ ,5/ 27
,701654A7 91 F9187/97+ 9185,4>0*,7+G -0*2*C797 1/ 12 01H05$ K54 <-? 91/58*/7427+
F9185,4>0*,7+G 1/ 2-674 91 F=-/0-721+G 5 +*8=2181/01 F7*+2797+GY K-? @7B 91
=740*,-27481/01 9185,4>0*,51/ 1227+Y M+07+ +5/ =416-/07+ 216A0*87+ <-1 41<-*141/ -/7
ï=
41+=-1+07$ 135 91,*4 1/ =4*814 2-674 <-1 =54 F9185,4>0*,5G /5 1/0*1/95 1/ 1+01
,5/01H05/7974127,*5/795,5/-/4?6*81/9185,4>0*,5$ 585+11H=5/141=10*9781/01
1/ 8* 01H051+07+9187/97+/5 1+0>/ 012152.6*,781/0191+0*/797+ 7 +14740*,-2797+ 1/
/*/6-/7 :5487 =52A0*,7 =740*,-274$ / 4?6*81/ :7+,*+07 =-191 73+54314 B 740*,-274
9187/97+9185,4>0*,7+07/05,585-/4?6*81/2*31472$13185+7918>+7641674<-127
/5,*./ 91 F9187/97+ 9185,4>0*,7+G 0*1/1 7E/ 81/5+ <-1 ;14 ,5/ ,-72<-*14 D-*,*5
/54870*;541270*;57+-216*0*8*979$227=1487/1,11/-/=27/51+04*,0781/0191+,4*=0*;5$
5+E/*,5+47+65+<-14101/659127/5,*./-+-72919185,47,*7+5/25++*6-*1/01+R7S
<-1 1+07+ 9187/97+ +5/ :548-2797+ 72 +*+0187 =54 726-*1/ <-1 @7 +*95 1H,2-*95 912
8*+85I1+91,*4<-1@7B-/79*81/+*./*6-72*074*7*8=2A,*071/1227+IJR3S<-1+-=45=*7
181461/,*7=41+-=5/1,*14050*=5911H,2-+*./5=4*;7,*./R25<-1@185+22787951/1+01
01H05 F+14 91:*,*1/01GS$
K51+?+07-/7/5,*./-/07/05=1,-2*7491279185,47,*7Y 5/+*9145<-1/5$47074?91
91:1/914279*,*1/957265+53412761/17256A7918*-+5912,5/,1=05$2=-/0591=740*97
91 1+07 41,5/+04-,,*./ 61/172.6*,7 91314A7 +14 27 ,701654A7 874H*+07 91 F41;52-,*./
9185,4>0*,5\3-46-1+7G$ 79185,47,*7+16E/1+07,5/,1=,*./1+07372*67977272-,@7
91273-46-1+A7/7,*1/01,5/04712:1-972*+85B,*

!
73+52-0*+85$ 54 25 07/05 27+ 9187/97+ 9185,4>0*,7+147/ */@141/0181/01 3-46-1+7+ B
1+0737/ 2*6797+ 1+1/,*7281/01 72 1+07321,*8*1/05 91 416A81/1+ F9185,4>0*,5\2*314721+G$
*:141/01+9127+9187/97+9185,4>0*,5\R3-46-1+7+S147/27+9187/97++5,*72*+07+<-1
*8=2*,737/047+,1/91427+5,*1979,7=*072*+07B,5441+=5/9A7/7-/1+079*58>+7;7/C795
91291+7445225@*+0.4*,5$542507/051/25+=7A+1+95/9112=-/05=4*/,*=729127761/97
=52A0*,71471291445,78*1/05912:1-972*+8527074179127+:-14C7++5,*72*+07+913A7+1412
7=5B5 7 27 41;52-,*./ 9185,4>0*,5\3-46-1+7 <-1 1+07321,14A7 9-47/01 0595 -/ =14A595
-/7+5,*1979,7=*072*+07=21/781/0191+744522797$
.25,5/=5+014*54*979,58541+-20795
91 27+ ,5/0479*,,*5/1+ */014/7+ 912 ,7=*072*+85 27+ 9187/97+ +5,*72*+07+ 1+074A7/ 1/ 27
;7/6-749*7 91 27 2-,@7 =52A0*,7$ 54 25 <-1 27 =4*/,*=72 9*+0*/,*./ 147 1/041 9187/97+
+5,*72*+07+ B 9185,4>0*,7+ B 27 */+,4*=,*./ 91 1+07+ E20*87+ 91/045 91 27 @16185/A7
3-46-1+7 B 12 1+07321,*8*1/05 91 -/ +0795 2*31472 +1 9737/ =54 +1/0795+$
7,274*979911+07+9*+0*/,*5/1+:-118=7L797=5427181461/,*79125+:1/.81/5+<-1
8>+ 07491+14A7/ +-3+-8*95+37D5 12 4.0-25 91 F91+7445225 ,583*/795 B91+*6-72G$ K-?
5,-441 +* 1/ -/ 910148*/795 =7A+$ 27 07417 91 91445,74 72 :1-972*+85 410*1/1 0597 +-
,1/0472*979=145273-46-1+A7,585:-14C7+5,*721+9187+*7959?3*2=747221;747,735
+-=45=*741;52-,*./9185,4>0*,7Y/1+1,7+52741;52-,*./9185,4>0*,7=1487/1,11/
27 761/97@*+0.4*,7=145 +- ,74>,014 3-46-?+ +1 ;-12;1 ,797;1C 8>+=453218>0*,5$
-
2*9147C659131+14047/+:14*9579*:141/01+7,0541+@*+0.4*,5+B05950*=591740*,-27,*5/1+
/5 540595H7+ 1/041 7,0541+ B 07417+ +1 ;-12;1 =5+*321$ 7 :.48-27 352,@1;*<-1 91 -/7
F9*,079-479185,4>0*,791534145+B,78=1+*/5+G859*:*,.27/5,*./91F9185,47,*7GB27
,5/9-D5 1/ 9*41,,*5/1+ /-1;7+ 1 */1+=14797+ B 27 F41;52-,*./ =1487/1/01G 91 450+QB
41<-*4*. -/7 ,5/1H*./ 7E/ 8>+ :21H*321 1/041 41;52-,*./ 7,0541+ B 07417+ 9185,4>0*,7+$
7+2-,@7+7/0*:7+,*+07+91279?,79791#B275279141;52-,*5/1+91214,14-/95
91+=-?+91"@*,*145/<-11+01=45,1+59191+*/01647,*./9127/5,*./91F41;52-,*./
9185,4>0*,5\3-46-1+7G:-1477E/8>+4>=*95=54-/279527,5/1H*./1/0419187/97+

9185,4>0*,7+ B 2*31472*+85 9185+04. +14 =-4781/01 ,5/0*/61/01 R8-,@5+ 416A81/1+
:5487281/01 7/0*2*314721+ 147/ 12 E/*,5 874,5 =5+*321 =747 12 7;7/,1 91 27+ 9187/97+
9185,4>0*,7+SJ=54504527951/7<-1225+,7+5+1/25+,-721+27+9187/97+9185,4>0*,7+
41<-14A7/ 27 91:1/+7 91 27+ */+0*0-,*5/1+ 2*314721+ ,5/047 27 7441810*97 7-054*074*7 12
ïj
,74>,014 F3-46-?+G 91 1+7+ */+0*0-,*5/1+ B7 /5 =59A7 7:*4874+1 :>,*281/01$ H*+0A7 -/7
819*7,*./ 740*,-27054*7 ,783*7/01 91 27 ,-72 91=1/9A7 12 +*6/*:*,795 91 27+ :-14C7+ 27+
*/+0*0-,*5/1+B25+1;1/05+$1,-1495@731421A951/27461/0*/71/279?,79791
-/=14*.9*,5,5/-/0*0-27491=4*8147=>6*/7<-191,A7F 7 5/+0*0-,*./7,*5/72+11+0>
;52;*1/95 +-3;14+*;7G$
+91/045911+07;7+078-07,*./@*+0.4*,795/91=59185+7=41,*7412+*6/*:*,795625372
91 27 */014;1/,*./ 91 478+,*$ 597 +- 0154A7 91 27 @16185/A7 0*1/1 +1/0*95 +.25 +* 27
*/+,4*=,*./=5=-274919187/97+9185,4>0*,7+/5=45,191917,-1495,5/-/9*Q0709795
7 =4*54* 5 012152.6*,781/01 910148*/795 +*/5 <-1 1+ -/7 5=147,*./ ,5/0*/61/01 <-1
=-191 85;14+1 1/ -/7 =2-472*979 91 9*41,,*5/1+$ +05 +*6/*:*,7 <-1 /5 1H*+01 -/7
9187/97,5/-/F91+0*/587/*:*1+05G1/25<-17+-*/+,4*=,*./=5=-274+141:*141IB91
@1,@5 /5 1+ +.25 -/7 ,-1+0*./ 91 27 ,5/0*/61/,*7 91 +- */+,4*=,*./ =54<-1 /*/6-/7
9187/97+1,5/+0*0-B1=21/781/01+*/726-/7,27+191*/+,4*=,*./I$ -7/952216785+7
1+01 =-/05 1/ 27 0154*C7,*./ 91 478+,* /5 1+0785+ 21D5+ 91 27 /5,*./ 91 F9187/97
9185,4>0*,7G<-1 @185+=41+1/0795 1/ /-1+04501H05$
*/ 1837465/5 ,58=210781/01$
54<-1 =747 478+,* 27 1+1/,*7 E20*87 91 27 */+07/,*7 740*,-279547 I5 27 ;52-/079
,521,0*;7I 1+ +*18=41 25 <-1 ?2 22787 -/7 ,27+1 :-/9781/072 91 27 +5,*1979 B 27
*91/0*979911+07,27+1/51+,5/+*914797,5851241+-2079591=4>,0*,7+740*,-27054*7+I
1+ 91,*4 <-1 7E/ =1401/1,1 7 -/ 5491/ 5/052.6*,5 9*:141/01 912 91 27+ 9187/97+
9185,4>0*,7+I$+051+25<-11/ 16185/A7B1+047016*7+5,*72*+07@185+91/58*/795
12E20*8541+73*5911+1/,*72*+851/478+,*$
*2512*8*/785+12=-1325,585*/+07/,*7
740*,-279547 I12 25,-+ 91 25 <-1 @185+ 91/58*/795 9187/97+
I +.25
=-191 +14 12 41+-20795 91 27 +5341910148*/7,*./ @1618./*,7 91 -/7 9187/97
9185,4>0*,7 =740*,-274 <-1 :-/,*5/7 ,585 @185+ 1H=2*,795 ,585 +*6/*:*,7/01 ;7,A5
R,585 -/ 53D105 7 1/ 12 +1/0*95 27,7/*7/5S$
+05 1H=2*,7 =54 <-? @185+ 2278795 F9185,4>0*,7+G 7 1+07+ 9187/97+$ 5 =54 726E/
;A/,-25 /5+0>26*,5 ,5/ 27 0479*,*./ 874H*+07
*/5=54<-1@7B-/*/6419*1/019127/5,*./91F9185,47,*7G1/1+70479*,*./<-11+;*072
4101/14 27 /5,*./ 91 */+70*+:7,,*./ 91 27 9187/97 <-1 27 1/:41/07 7 -/ +070- <-5
1H*+01/01 B @7,1 =5+*321 12
91+1/,791/78*1/05 91 27 2.6*,7 1<-*;721/,*7 <-1 ,5/9-,172 +-46*8*1/05912 F=-1325G$
-=5/6785+ <-1 1/ 2-674 91 9187/97+ F9185,4>0*,7+G @732>4785+ 91 9187/97+
F=-/0-721+G$+07E20*8791/58*/7,*./1;5,74A7*/819*70781/0127*91791-/7=5+*0*;*979
,58=2107 ,144797 1/ +A 8*+87$ 145 +73185+ <-1 /5 1H*+01 072 =5+*0*;*979 5
3*1/279187/971+0>9*:141/,*7281/01,5/+04-*97I25<-1+*6/*:*,7<-1+-=5+*0*;*979/5
1+ 85/>9*,7 +*/5 <-1 1+0> =5+*,*5/797 91/045 91 -/ ,5/D-/05 4127,*5/72I 5 1+0>
1<-*;721/,*7281/01 4127,*5/797 ,5/ 5047+ 9187/97+$
73185+ 0783*?/ <-1 1+07
72014/70*;7 +1 B-H07=5/1 ,5/ 7<-1227 5047 1/041 9187/97+ +70*+:1,@7+ 1 */+70*+:1,@7+$
145-/79187/97+70*+:1,@791D791+14-/79187/97$++.2527:720791+70*+:7,,*./I
<-1=-1915+,*2741/041-/41,@7C5,7016.4*,5BF-/1+0741/-/1<-*2*34*5*/1+073211/041
+70*+:7,,*./B/5+70*+:7,,*./GI25<-150546787014*72*979B=41+1/,*79*+,-4+*;77-/7
9187/97$2,72*:*,70*;591F9185,4>0*,7GR<-1/51+91@1,@5072=54<-141=*01,585-/
79D10*;5 25 <-1 B7 1+0737 */,2-*95 1/ 27 /5,*./ 91 9187/97S 7=-/07 7 1+1 ,5/01H05
1<-*;721/,*72]9*+,-4+*;5<-11+27,5/9*,*./912+-46*8*1/0591279187/978*1/047+<-1
25+ ,72*:*,70*;5+ 91 F=-/0-72G 5 F7*+2797G /5 25 @7,1/$
E/ <-197 12 =4532187 =54 +-=-1+05J 91 27 4127,*./ 1/041 9187/97+
B
9185,4>0*,7+072,585@7+*951H=-1+051//-1+04501H05B27/5,*./8>+,5/;1/,*5/72
919185,47,*7$785+77354974=74,*7281/011+07,-1+0*./1/12,7=A0-25

581/,185+41,7=*0-27/9527+,5/9*,*5/1+91181461/,*791-/7*91/0*979=5=-274<-1
ï
@185+1/,5/04795@7+077@547$/=4*814*-674@722785+27=41+1/,*791-/+*6/*:*,7/01
;7,A5<-11H=41+7B,5/+0*0-B1-/7,791/71<-*;721/,*7$/+16-/952-674128581/05
1<-*;721/,*7 +1 7-05/58*C7 91 +-+ 27C5+ */016479541+ =-1+ +* 3*1/
@7B 1<-*;721/,*7 07/ +.25 =54<-1 1H*+01 -/7 =2-472*979 91 9187/97+ 12 8581/05
1<-*;721/,*7] /5 1+0> 814781/01 +-3549*/795 7 1227+ +*/5 <-1 D-167 -/ 452 ,4-,*72 1/
@7,14 =5+*321 1+7 =2-472*979$ 585
@185+ ;*+05 27 */+,4*=,*./ 1<-*;721/,*7] 0*1/91 7 974 +52*91C B 1+073*2*979 7 27+
9187/97+ =145 0783*?/ 41+04*/61 +- 7-05/58A7 B7 <-1
?+07+ 9131/ 5=1474 91/045 91 =74>81045+ 1+0470?6*,5+ 1+07321,*95+ =747
27 ,791/7 ,585 -/ 0595$ 1785+ -/ 1D18=25 9-47/01 27+ 9?,797+ 91 B " 12
740*95 58-/*+07 072*7/5 *8=-2+. 9187/97+ 9185,4>0*,7+ 1/ -/7 78=2*7 ;74*1979 91
:41/01+J911+01859521+50546.-/7+-=14:*,*191*/+,4*=,*./<-127+@*C58>+91:*/*97+
1/ +-+
53D10*;5+B8>+1:*,*1/01+1/+-+85;*8*1/05+0>,0*,5+=145=54278*+8747C./=7+745/
7+1481/5+7-0./587+B8>++-3549*/797+725+53D10*;5+1+0470?6*,5+,58-/*+07+$ 7
01/+*./1/0411+05+95+8581/05+1+*/@141/01721+07321,*8*1/05910597:45/0147=52A0*,7
B91@1,@5910597,5/+04-,,*./912F=-1325G,585-/761/01@*+0.4*,5$*/7281/011+0>
27,-1+0*./9125+2A8*01+911+0195321D-16591+-3549*/7,*./B7-05/58*C7,*./9127+
9187/97+ =740*,-2741+$ 7 ,791/7 +.25 =-191 ;*;*4 91/045 91 27 01/+*./ */1+07321 1/041
1+05+95+1H04185+B+191+*/01647+*-/5911225++1*8=5/10507281/01+5341125045$ 7
-/*2701472*C7,*./ 912 8581/05 91 +-3549*/7,*./ 047/+:54874 25+ +*6/*:*,7/01+

1/ -/71/0121<-*7 */5=147/01 */,7=7C917,0-74 ,585 -/:-/9781/05 747
27+9187/97+9185,4>0*,7+$+051+25<-121+5,-44*.78-,@5+9*+,-4+5+=5=-2*+07+1/
=7A+1+ 7:4*,7/5+ ,5/ 12 +-46*8*1/05 91 ,-01+ 3-45,4>0*,5+ 91+=-?+ 912 =45,1+5 91
91+,525/*C7,*./$ 54 5045 2795 27 7-45/58*C7,*./ 8>+ 722> 91 ,*1445 =-/05 ,5/9-,1 7
-/7 2.6*,7 =-47 91 27+ 9*:141/,*7+ B 72 ,527=+5 912 ,78=5 1<-*;721/,A72 =5=-274 R,585
;*85+ 1/ 12 ,7+5 91 27 ,4*+*+ 912 9*+,-4+5 ,740*+47S$
/251H=-1+05@7B+*/1837465-/+-=-1+05+*8=2*:*,7/01<-17@547913185+12*8*/74$
2 8595 ,585@185+ =41+1/0795 27 ,-1+0*./=41+-=5/94A7 <-1 27E/*,7 72014/70*;7 7 27
740*,-27,*./ 91 -/7 9187/97 91/045 91 -/7 ,791/7 1<-*;721/,*7 1+ +- 73+54,*./
9*:141/,*72 91 8595 /5 7/076./*,5 91/045 912 +*+0187 +*83.2*,5 1H*+01/01$ 145 1+05
=41+-=5/1 <-1 27 :45/0147 */014/7 +1 87/0*1/1 +*18=41 *6-72 +*/ 91+=27C78*1/05+ I
53;*781/01-/+-=-1+058-B=5,54172*+07+.257,1=07321=5447C5/1+@1-4A+0*,7+,5/12
:*/ 91 =41+1/074 27 /5,*./ 91 F+*6/*:*,7/01 ;7,A5G 1/ +- :5487 8>+ =-47I$ +01 859125
+*8=2*:*,795*/*,*72=-191647:*,74+1,5/12+*6-*1/019*764787<-1@185+-0*2*C7951/5045
04737D51D18=25<-101/A785+1/81/011471291-/4?6*81/5=41+*;5I1/1+1,7+512
C74*+85I +1=74795 =54 -/7 :45/0147 =52A0*,7 91 27+ 9187/97+ 91 27 87B54A7 91 25+
+1,0541+9127+5,*1979RT$$$S$ 797-/7911+07+9187/97+1/+-=740*,-274*979
1+ 9*:141/01 91 0597+ 27+ 5047+ R1+07 =740*,-274*979 +1 8-1+047 1/ 12 9*764787 ,5/ 12
+18*,A4,-25*/:14*541/2741=41+1/07,*./91,797-/7911227+S$
*/18374650597+1227+
+5/ 1<-*;721/01+ 1/041 +A 1/ +- 5=5+*,*./ ,58E/ 72 4?6*81/ 5=41+*;5 R1+05 1+ 25 <-1
41=41+1/07 12 +18*,A4,-25 +-=14*54S$ +05 ,585 @185+ ;*+05 ,5/9-,1 7 <-1 -/7 91 27+
9187/97+*/014;1/67B+1,5/;*14071/12+*6/*:*,7/0191059727,791/7I-/+*6/*:*,7/01
01/91/,*7281/01 ;7,A5I$ 145 0595 12 859125 91=1/9191 27 =41+1/,*7 91 -/7:45/0147
9*,50.8*,7 +*/ 1227 27 4127,*./ 1<-*;721/,*7 +1 9144-8374A7 B 27 *91/0*979 91 ,797
9187/97 +1 1H0*/6-*4A7 1/ +- =740*,-274*979 9*:141/,*72$
*/1837465K<-?5,-441+*27:45/01479*,50.8*,7+*/91+7=741,14+191+9*3-D7,585
41+-20795 91 <-1 12 4?6*81/ 5=41+*;5 +1 ;-12;1 ?2 8*+85 @1618./*,5 1+ 91,*4 */01/07
*/0144-8=*427,791/71<-*;721/,*7912,78=5=5=-274819*7/01-/7,791/71<-*;721/,*7
72014/70*;7 1/ 27 ,-72 726-/7+ 91 27+ 9187/97+
+5/ 740*,-2797+ ,5/
1+2735/1+0507281/019*:141/01+R=541D18=25,585;14185+1/-/8581/052791:1/+7
ïá
912 F@58341 @-8*291G V+8722 87/W ,5/047 12 =5914 91D7 91 7+5,*74+1 7 -/ 9*+,-4+5 91
*C<-*1497,5851/121O1721+0795:2*91/+1B,58*1/C77;*/,-274+1,5/27F87B54A7
85472GSY/1+1,7+527+8*+87+9187/97+9185,4>0*,7+41,*31/27=41+*./1+04-,0-472
91 =45B1,05+ @1618./*,5+ 4*;721+$ +05 61/147 -/7 7-05/58A7 91 25+ +*6/*:*,7/01+

9*:141/01 91 27 <-1 @185+ ,5/+*914795 @7+07 7@547$ 7 ,-1+0*./ B7 /5
479*,71/ <-1 12=740*,-274*+8591 27 9187/97 +1 ;-12;1 7-05+-:*,*1/011 */91=1/9*1/01
91 ,-72<-*14740*,-27,*./1<-*;721/,*72 +*/51/<-1 +- +1/0*95 =1487/1,1 */91,*+5 1/041
:45/0147+1<-*;721/,*721+ 72014/70*;7+$ 25++*6/*:*,7/01+ ,-B5 +1/0*951+0> F+-+=1/9*95G
91 1+01 8595 25+ 91/58*/74185+ +*6/*:*,7/01+ :2507/01+$ 594A785+ 41=41+1/074 +-
:-/,*5/78*1/05+*6-*1/95129*7647877/014*54911+0787/147$

P0%
585 ;185+ 1+0> +5810*97 7 27 =41+*./ 1+04-,0-472 91 95+ ,791/7+ 1<-*;721/,*721+
7/076./*,7+ 41=41+1/0797+ =54 27+ 2A/17+ =-/0-797+
27 @54*C5/072 ,5441+=5/91 72 ,78=5 =5=-274 <-1 +1 5=5/1 72 C74*+85 ,585 1/ /-1+045
=4*8149*764787$ 79*765/72/553+07/011+07321,1-/27C51<-*;721/,*721/041<-1
=1401/1,172,78=5=5=-274B5047+95+9187/97+727+<-11+01E20*85+15=5/94A7=54
=1401/1,1472,78=5912C74*+85$+A01/185+95+87/147+7/076./*,7+91,5/+0*0-*472
F=-1325G ,54/5 -/ 7,054 @*+0.4*,5$ 2 8595 ,585 +1 ;7 7 91:*/*4 12 +1/0*95 91 ;7 7
91=1/91491241+-2079591-/72-,@7@1618./*,7$542507/05279*81/+*./F:2507/01G+1
;-12;1 8>+ ;*+*3211/ =14A595+ 91 ,4*+*+ 546>/*,7 ,-7/9512 +*+0187 +*83.2*,5 41<-*141
+1441:54879591-/8595479*,72$=541+01850*;51+79*81/+*./0*1/1,585=704./
/1,1+74*527*/91:*/*,*./91274127,*./1/04125+95++18*,A4,-25+1/2741=41+1/07,*./91
27+ 9187/97+
1++*18=4112+18*,A4,-25+-=14*5412<-1+1;-12;17-0./5851/,-72<-*14:25078*1/05B7
<-1 1+ 1/ +-+ ;*40-72*9791+ 1<-*;721/,*721+ 95/91 91+,7/+7 27 41=41+1/07,*./ 91 27
=21/*0-9R7-+1/01S9127+5,*1979$/-/41,*1/01740A,-25,-7+*7-053*564>:*,512=52A0*,5
,5/+14;7954 34*0>/*,5 *,@712 540*225 1+,4*3125+ 7L5+911979 81 */0141+? 1/ 27
=52A0*,7$/ 27 121,,*./ 9127L57B-9?7 5467/*C74-/7 +191912 ,58*0? 912 740*95
7354*+071/27,7+798*+=7941+$1/A7-/=.+01491 74529X*2+5/1/27=7419918*
9548*054*5`$$$W$145@7,*7819*795+91279?,79791%,*27354*+851+073767+0795$
7
47$@70,@14058.1287/959125+45/1+1/%",5/-/91+012259141;52-,*./1/
+-+ 5D5+$ +05 81 +19-D5$ 72 ;1C /-/,7 @1 ,783*795 01/65 -/7 =5+0-47 91 ,1/045\
**<-*149781C,2797,5/,*14051/0-+*7+85=5412479*,72*+85$
285;*8*1/05/5=594A7+148>+,2745$540*22514707/05-/8*2*07/0191,1/045*C<-*1497
,54/5 -/ 479*,72$ /7 ;1C <-1 27 72014/70*;7 91 ,1/045\*C<-*1497 91D. 91 +14
1H=14*81/0797 ,585 479*,72 913*. 5=074 1/041 12 ,5/01/*95 91 -/7 =52A0*,7 B +- :5487
479*,727-/<-11+1479*,72*+85:-14791-/+*6/5=52A0*,55=-1+05$ 5<-19*+,-0*85+1/
/-1+045 ,7=A0-25 =41;*5 +5341 12 67-,@5\21/*"81 7=-/07 1/ 27 8*+87 9*41,,*./$ 7
9*+07/,*71/04125+,5/01/*95+./0*,5+91-/7=52A0*,7B+-,7=7,*979=74741=41+1/074-/7
=21/*0-9 479*,72 1+0> +*18=41 =41+1/01 =145 ,585 B7 @185+ +1L72795 +1 ;-12;1
=740*,-27481/01 ;*+*321 1/ =14A595+ 91 ,4*+*+$ 7+ ,5/;14+*5/1+ 479*,721+ B 25+ ,783*5+
41=1/0*/5+ 1/ 12 >/*85 =E32*,5 +5/ 1/05/,1+ +-8781/01 -+-721+$
585 =59185+ ;14 27+ ,701654A7+ 91 +*6/*:*,7/01+ F;7,A5+G B F:2507/01+G +5/
1+04-,0-47281/019*:141/01+$ 7=4*81470*1/1<-1;14,5/27,5/+04-,,*./91-/7*91/0*979
=5=-274-/7;1C<-127=41+1/,*791-/7:45/01471+07321+197=54+1/0797J27+16-/97
*/01/077=41@1/914,5/,1=0-7281/01272.6*,79125+91+=27C78*1/05+911+7:45/0147$/
27 =4>,0*,7 +*/ 1837465 27 9*+07/,*7 1/041 7837+ /5 1+ 07/ 647/91$ 7+ 95+ +5/
5=147,*5/1+ @1618./*,7+ B 25 8>+ *8=5407/01 25+ 41:141/01+ 1/ 647/ 819*97 +1
ïï
+-=14=5/1/$ /7 +*0-7,*./ 1/ 27 ,-72 +.25 27 ,701654A7 91 +*6/*:*,7/01 ;7,A5 :-147
4121;7/01,5/1H,2-+*./050729128581/05:2507/01+14A7-/7+*0-7,*./1/27,-72@734A7
-/7 :45/0147 ,58=210781/01 */8.;*2 7265 9*:A,*2 91 *876*/74$ /;14+781/01 -/ -/*;14+5
=-4781/01=+*,.0*151/12<-10-;*?4785+-/:25078*1/05=-45+*//*/6-/7:*D7,*./=74,*72
1+0783*?/*8=1/+7321$542507/05+*6/*:*,7/01+;7,A5+B:2507/01+9131/+14,5/,13*95+
,585 9*81/+*5/1+ =74,*721+ IB =54 25 07/05 7/72A0*,781/01 912*8*07321+I 1/ ,-72<-*14
=45,1+5 91 ,5/+04-,,*./ @1618./*,7 912 F=-1325G$
58185+ ,585 1D18=25 27 :5487 1/ <-1 5=14745/ 25+ +*6/*:*,7/01+ :2507/01+ 1/ 12
+-46*8*1/05 91 -/ =5=-2*+85 91 9141,@7 1/ 25+ +0795+ /*95+ 1/ 27+ 9?,797+ <-1
+*6-*145/727
16-/97-1447-/9*72$/59125+1+0470167+9127,78=7L7=41+*91/,*72
91*H5/1/&)1;*/@*22*=+1+,4*3*.-/7*/014=4107,*./6253729127@*+054*7=52A0*,7
91 25+ +0795+ /*95+ 37+797 1/ 27 ,1/0472*979 912 :1/.81/5 912 =5=-2*+85$
5/ 12 0*+5 *876*/70*;5 91 -/7 ;52-8*/5+7 +14*1 91 1+079A+0*,7+ @*2*=+ 7:*48. <-1 25+
7/0765/*+85+ ?0/*,5+ 47,*721+ B 416*5/721+ @7/ +*95 27+ ,27;1+ =747 27 +-=4187,A7
=740*974*7 1/ ,797 ,*,25 121,05472 91+91 27 147 91 P1::14+5/ @7+07 27 9?,797 91 $
-7/95 -/ =740*95 +1 -3*,737 ,5/;*/,1/0181/01 912 2795 91 27+ 87+7+ ,-20-47281/01
958*/7/01+ 91 04737D79541+ B1/ ,5/047 912 79*/14795 1+07 3**+@81/0 912 5491+01
61/147281/01 5301/A7 12 958*/*5 /7,*5/72 =54 -/7 61/147,*./ 5 8>+$#
+07,7-+7912F@58341@-8*291G@734A7+*95737/95/797+16E/@*22*=+=5427,572*,*./
958*/7/01 91 918.,4707+ 91 54*1/07,*./ 2*31472 B 91 /1645+ B 270*/5+ =5341+ <-1
91=1/9A7/ 91 25+ +-3+*9*5+ 1+070721+ =747 +- +-=14;*;1/,*7$ 5+ 918.,4707+
,5/018=54>/15+7:*48737@*22*=+@73A7/,5810*95-/14454=52A0*,5:7072$225+=7+745/
91 87/147 165A+07 F=54 1/,*87 91 25+ =4564787+ <-1 1+07321,A7/ *8=-1+05+ 7 -/5+
=5,5+1/31/1:*,*5912787B54A7=7471+07321,14F=4564787+<-1*8=5/A7/*8=-1+05+7
27 87B54A7 1/ 31/1:*,*5 91 -/5+ =5,5+ 27 621+*7 =*+,5=72 25+ 647/91+ =14*.9*,5+
81045=52*07/5+27 5401
-=41879125++0795+/*95+B127+0
*91917/@7007/GI
+1 @73A7 5=-1+05 7 V55+1;120d$ 145 7@547 1+0737 ,58=-1+05 =54 2*314721+
12167/01+<-1 91+91L737/ 27 527 ,5/+14;79547<-1 F*/;74*732181/01 @73A7 */;79*95 25+
@*/014*7/9+549*/74*5+R7@54791,27+1819*7S9127/7,*./G$2=704./911+01=45,1+5072
,5852591+,4*31)7C*//5=594A7+148>+41;127954=747/-1+047018>0*,725+8*+85+
0187+=5=-2*+07+1+0737/=41+1/01+I1/9*:141/01+740*,-27,*5/1+I07/051/129*+,-4+5
91 25+ 1O 17*14+ ,5851/12 91 25+ /-1;5+ ,5/+14;79541+919141,@7 5 8>+ 3*1/
147/7441370795+=45641+*;781/01=5425+E20*85+725+=4*8145+$
10470737=5407/0591
+*6/*:*,7/01+ :2507/01+ 1/ 12 +1/0*95 1+04*,05 91 /-1+047 91:*/*,*./$
H*+0A7-/7647/+181D7/C71/04127410.4*,79125+=740*974*5+=5=-2*+07+V7:*/1+912+*625
H*HWB279125+,5/+14;79541+7/0*,58-/*+07+V1/279?,79791"W$835+7=12737/7
27;52-/079B25+*/0141+1+91-/787B54A7*/91=1/9*1/01=459-,0*;7,-B7+,58-/*9791+
,411/,*7+ 1+=*4*0-721+ 1 *91721+ =704*.0*,5+ +1 ,5/+*914737/ 781/7C795+ =54 -/7 9*01
85914/*C7/01 -/7 F8*/54A7 ,*;*2*C79547G 1/ 12 0?48*/5 *4./*,5 91 @4*+05=@14 7+,@$
8*0*427=41+1/,*791@*25+911H=41+*./,58-/1+<-1+11H01/9A7/8>+722>912740*95
5=-2741+07/144./15,585:54C741+70479*,*./91/04591-/,5/0*/1/0191+3549795=54
,411/,*7+41=-6/7/01+$P5@/$2B//B704*,Q
,7/27/1+0737/=14+*6-*1/95:*/1+8-B
9*:141/01+ 7 25+ 91 6/70*-+ 5//122B B 58 X70+5/ 1/ 27 9?,797 91 &$ 145 ,585
21/6-7D1 12 =5=-2*+85 =59A7 047+=7+74 25+ 2A8*01+ *9152.6*,5+ B 704714 07/05 7
1+0795-/*91/+1+ @5+0*21+ 72 2*31472*+85 85914/5 ,585 7 7<-1225+ <-1 ,5/0*/-737/
7=41,*7/95 7 25+ +*/9*,705+ B 27+ -7045 *3140791+ 91 *5$"
2 =45,1+5 819*7/01 1 ,-72 25+ +*6/*:*,7/01+ =5=-2*+07+ :-145/ @16185/*C795+ =54 -/
9*+,-4+5 91 9141,@7 :-1 27465 B ,58=21D5 =145
$ )7*/ 5=$ 94$ =$ "$
3*9$==$\#$
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-/5=-19141,5/5,14726-/5+=-/05+91*/:21H*./,4A0*,5+$ 585+1L727)7*/@7+07
27 /5,*./ 91 -/ =5=-2*+85 ,5/+14;7954 ,5/+0*0-A7 -/ 5HA8545/$ 5 @73A7 /*/6-/7
,5/1H*./1/0411*=5=-2*+85B129*+,-4+591279141,@70479*,*5/72<-11+0737,1/04795
1/ 27 91:1/+7 91 -/ ,7=*072*+85 91+416-2795 B 1/ 12 91+72*1/05 91 ,-72<-*14 0*=5 91
85;*2*C7,*./ =5=-274$ 2 =4*814 8581/05 1/ 1 <-1 +-461 -/ 9*+,-4+5 ,5/+14;7954 ,5/
,5//507,*5/1+=5=-2*+07+1+1/27+,4-C797+7/0*,58-/*+07+91279?,79791",-B5
1=*,1/045 :-1 12 87,740*+85 =145 <-1 @73A7 +*95 =41,19*95 =54 -/7 +14*1 91 =45,1+5+
8521,-2741+ <-1 0-;*145/ 2-674 1/ -/7 ;74*1979 91 :41/01+$ 73A7 =54 ,*1405 -/
,58=5/1/017/0*,58-/*+07=145:-1*/819*70781/017+5,*795,5/1201854,5/+14;7954
7 -/=59145+57=74705 91653*14/5 ,5/0452795 =54 27+ 12*01+ 2*314721+ 912/5451+01$ /7
;1C<-11+05+95+,58=5/1/01+,581/C745/74172*81/074+141+-20737:>,*285;14+1912
+16-/95 7 726-/5+ 0187+ =5=-2*+07+ 0479*,*5/721+$
+A25+,5/+14;79541+1/,5/04745/1/1201+54591221/6-7D1=5=-2*+07-/7487=59145+7
=747+-,4-C7977/0*1+070*+07$/79*01,5/+=*4795475467/*C79707/0591/045912653*14/5
,585 1/ 12 8-/95 ,-20-472 8>+ 78=2*5 1+0737 *8=5/*1/95 7 25+ 1+0795-/*91/+1+ -/
+*+0187416*81/0795<-191+04-*4A7+-+-+01/05B9144*374A7+-+;72541+$2=59149127+
647/91+ 18=41+7+ */,2-*97 27 9141,@7 =741,A7 1/91321 ,58=74795 ,5/ 12 912 /-1;5
$1;*70>/$$$W$+05,5/+0*0-A7-/7/5;1979$54=4*8147;1C1/27@*+054*79125++0795+
/*95+ -/ 647/ /E8145 91 7,0*;*+07+ B =52A0*,5+ 1+0737/ -0*2*C7/95 -/ ;5,73-274*5
=5=-2*+07 =747 5=5/14+1 7 27 41:5487 +5,*72 1/ 2-674 91 7=5B7427$
+07+ /-1;7+ 7+5,*7,*5/1+ 41<-*4*145/ 53;*781/01 -/7 859-27,*./ 9*:141/01 91 25+
;*1D5+ 0187+ =5=-2*+07+$ 7 5=5+*,*./ 1/041 F=74>+*05+G B F=459-,0541+G 913A7 =14914 +-
,1/0472*9798*1/047+<-112;A/,-251/04112=-1325B25+F04737D79541+G:-14118=27C795
=54-/7,5/;5,7054*772@58341819*512F@5834104737D7954GB1*FP51534145G01/9*145/7
+144118=27C795+=5412F0*=5,58E/G12FP51819*5G
12 F7814*,7/5 819*5G$ 2 =-/05 *8=5407/01 1+<-1 1+01 6*45 ,5/+14;7954 0-;5 2-674 72
,783*741*?/:7+*+=145/5/1,1+74*781/0125+,5/01/*95+9127/014*5421/6-7D1=5=-2*+07
91 54*1/07,*./ *C<-*149*+07$ +05 +*6/*:*,7 1/ /-1+047 0148*/5256A7 <-1 +1 1+0737
,5/+04-B1/95-/ /-1;5 4?6*81/91 1<-*;721/,*7+$ 1+91 1+01 =-/0591 ;*+07 27 ,744147
91P5@/$2B//1+0A=*,7$ 581/C.,585-/1+,4*05491*C<-*14971/279?,79791#
707,7/95271+=1,-27,*./:*/7/,*147B9187/97/95=4501,,*./1+07072=74727+=1<-1L7+
18=41+7+ ,5/047 27+ 647/91+ ,54=547,*5/1+$
- 59*5 72 647/ ,7=*072 I3*6 85/1BI +*/
1837465 25 ,5/9-D5 7 41,@7C74 0783*?/ 7 27 9*01 958*/7/01 I*/,2-*95 +- ,58=5/1/01
6-314/781/072I */ 0505 B 91 1+07 87/147 7 87/01/14 -/ 9*+,-4+5 =5=-2*+07 =145 91
+*6/55=-1+05$
*6-*1/951+01,78*/5+1,5/;*40*.1/-/59125+01.4*,5+8>+*8=5407/01+
91 -/ /-1;5 0*=5 91 ,5/+14;79-4*+85$ F1+=-?+ 91 27 6-1447 1+07 +5+=1,@7 ;*+,1472
41+=1,05 91 27 9*01 65314/7/01 =148*0*. 7 2B// 7,0-72*C74 +- 2*+07 91 1/18*65+ +*/
7=74074+1 8-,@5 91 +- 6-*./ 54*6*/74*5$ 7+ ;*,054*7+ 912 ,58-/*+85 B 91 25+
+5,*72918.,4707+ 91+=-?+ 91 27
16-/97 -1447 -/9*72 21 =148*0*145/ +*8=2181/01
047C74 -/7 *8761/ 7014454*C7/01 91 -/ +0795 91+,5/0452795$G&
/7 1;52-,*./ ,58=747321 =-191 ;14+1 1/ 5045+ */0121,0-721+ <-1 ,581/C745/ +-+
,744147+ ,585 874H*+07+ IP781+ -4/@78 X@*007Q,4 @78314+ 7H 7+087/ X*22
143146 X*28541 )1/9722 -61/1 B5/+ B P781+ 540BI 5 ,585 ,5/+14;79541+ 8>+
0479*,*5/721+I41/05C122X*22*78$-,Q21BP4$B-++122)*4QI$
*71+0576416785+
27/-1;7=5=-274*9799125+0187+,58-/*074*5+27/-1;7527915467/*C7,*5/1+412*6*5+7+
I1+=1,*7281/01 91/045 91 27 621+*7 70.2*,7I B 27 1H=7/+*./ 91 27+ 7+5,*7,*5/1+ 91
;10147/5+01/185+12737/*,562537291:1/.81/5+<-1,5/9-,*4A7/7274-=0-479125+
;A/,-25+ 1/041 2*31472*+85 B =5=-2*+85$ 7 =4*8147 ,4*+072*C7,*./ =E32*,7 91 1+01 /-1;5
1+0795 7/A8*,5 :-1 =54 +-=-1+05 12 87,740*+85 <-1 -0*2*C. ,5/+,*1/0181/01 0595+ 25+
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0*=5+ 91 7487+ <-1 =59A7/ 1/,5/0474+1 1/ 12 74+1/72 *9152.6*,5 =5=-2*+07$ 1+ 3*9$
-?+ 91 27 ,7A97 91 , 740@B 12 0*=5 91 85;*2*C7,*./ :581/0797 =54 ?2 =45/05 +1
91+*/0164. =145 27 4-=0-47 1/041 2*31472*+85 B =5=-2*+85 0-;5 -/ 1:1,05 9-479145$ 2
9*+,-4+5 912 1O 1721+0737 1/ :47/,5 41045,1+5$ 2 ;7,A5 <-1 91D. +14A7 5,-=795 =54
/-1;7+ :-14C7+ 91 27 9141,@7$
2+16-/958581/05*8=5407/011/2791+*/01647,*./9129*+,-4+59121O172=59185+
1/,5/047425 1/ 27+ ,78=7L7+ 121,054721+ 91 15461X7227,1$ 747 ,58=41/914 +- ?H*05
41270*;5 913185+ 1/01/914 27 ,4*+*+ 91 41=41+1/07,*./ <-1 1+0737/ 1H=14*81/07/95 25+
+0795+/*95+1/279?,79791$+0737/+-46*1/9564-=5+1H,2-*95+919*:141/01
0*=5 I12 85;*8*1/05 =54 25+ 9141,@5+ ,*;*21+ 27 /-1;7 *C<-*1497 10,?0147I =145 =747
/-1+04501871+*8=5407/01,58=41/914<-125<-18>+79127/019-47/0127+,78=7L7+
91 *H5/ +1 91/58*/74A7 F8?4*,7 =45819*5G 0783*?/ +1 +1/0A7 +-341=41+1/0797 I
7+:*H*7971/041-/73-45,47,*70595=59145+71/X7+@*/605/B27+9187/97+919*;14+7+
8*/54A7+I$ )7C*/ 91+,4*31 12 1+0795 7/A8*,5 912 64-=5 1/ 1+05+ 0?48*/5+
47/91:1/+*;781/01546-225+5+9161/01,5851225+I327/,5+,5/,8\=*,5+1+07321+5
,5/ =1<-1L5+ /165,*5+ 25,721+I$ -/<-1 /5 73*140781/01 47,*+07+ /5 147/
=740*,-27481/01+1/+*321+/*1+0737/=415,-=795+=5425+=4532187+9125+/1645+$
-+
7,0*0-91+ @7,*7 12 8-/9591 27=52A0*,7 *37/ 91+91-/ ,A/*,59*+6-+05 @7,*7:-/,*5/74*5+
121,05+<-167+4737/129*/14591*5+*8=-1+05+1/=4564787+917+*+01/,*7+5,*72B1/27
6-14471/ /95,@*/77-/71+=147/C7;7,*27/0191<-12*347977+-+=45=*5+819*5+27
61/01,58E/=594A77441627405957<-1225<-1@-3*1477448/795,*1+0732*+@81/0`$$$P$/
85;*8*1/05 5 =740*95 <-1 =-9*147 ,7/72*C74 12 ,41,*1/01 41+1/0*8*1/05 91 1+01 0*=5 91
=14+5/7+I,58525@73A7/@1,@525+41:548*+07+
B=52A0*,5+*/+-461/01+1/
5047 ?=5,7I 072 ;1C =594A7 <-13474 27 */:2-1/,*7 912 1O 172$c
7 ,4*+*+ 91 41=41+1/07,*./ <-1 1+0> 1/ 27 47AC 91 ,-72<-*14 1+0722*95 =5=-2*+07
7/0**/+0*0-,*5/721+0737,274781/011/61+07,*./1/27+91[?7+1$)7A*/5=$94,7=$
3A9$ 9187/97+ 91 1+07 61/01$ ?@A7 +-46*4 726E/ 0*=5 91 9*+,-4+5 479*,72 ,7=7C 91
*/+,4*3*4 1+7+ 9187/97+$ 1 95/91 =45;1/94A7 1+01 9*+,-4+5Y =747 91,*425 1/ 5045+
0?48*/5+ ,.85 @7,14 <-1 1+07+ 9187/7+ +1 -/*147/ 1/ -/ 0595 1<-*;721/,*7Y 7
*C<-*1497479*,72/51+07371/+*0-7,*./911/04741/1+07,58=101/,*7@1618./*,7F 5/
37+1 1/ 1/,27;1+ -/*;14+*074*5+ =5,5+ 91 25+ /-1;5+ *C<-*149*+07+ ,58=41/9*145/ 25+
,58=2*,795+ +1/0*8*1/05+ 91 1/;*9*7 1 */9*6/7,*./ -1 85291745/ 27 41+=-1+07 91 25+
327/,5+81/5+=4*;*216*795+727+41312*5/1+916-105+B727+87/*:1+07,*5/1+=7,*:*+07+G
585 1/ ,*
,7+5 91 25+ +*/9*,705+ 147/ =14,*3*95+ ,585 9187+*795 91=1/9*1/01+ 912 7=5B5 912
1+0732*+@81/09185,4>0*,52*31472=747+1427:-1/0191,-72<-*1441,4-91,*8*1/05479*,72
7/0* +070- <-5$ 54 25 07/05 147 ,274781/01 27 5=540-/*979 91 27 9141,@7 +* 2564737
737/95/74 27 14*:14*7 :7/>0*,7 1/ 27 <-1 @73A7 =1487/1,*95 ,5/:*/797 9-47/01 07/05
0*18=5$ M+01 :-1 1H7,0781/01 12 ;7,A5 =52A0*,5 <-1 221/. X7227,1 ,5/ +- 9*+,-4+5 -/7
81C,2791 47,*+85 B91 27 87B54A791 25+ ;*1D5+ 0187+ =5=-2*+07+ R*/,2-+5:-112 =4*814
,7/9*9705 =41+*91/,*72 <-1 +1 =41+1/0. 7 +A 8*+85 ,585 04737D7954S$ -/,7 1+0-;5
417281/01 ,14,79167/74 27=41+*91/,*7 I12;505 <-1 530-;51H,1=05 1/+-+ 1/,27;1+
912+-4:-1814781/01-/;50591=4501+07IB=145+-*/014;1/,*./0-;5/553+07/01-/
1:1,059-479145,5/04*3-B.91,*+*;781/017,181/07427740*,-27,*./1/04127+*91/0*9791+

B 12 479*,72*+85 91 9141,@7$ /7 ;1C <-1 1+07 740*,-27,*./ :-1 25
+-:*,*1/0181/01+.2*975047+:-14C7+=52A0*,7+8>+,14,7/7+727,544*1/01958*/7/01912
1+=1,045=52A0*,5=-9*145/31/1:*,*74+1911227$+051+1H7,0781/0125<-15,-44*.1/12
=45,1+5<-1,5/9-D591*H5/71767/$ 7410.4*,7912-,@7954,7221D14591X7227,1:-1
4118=27C797=5427,5/;5,7054*7727F87B54A7+*21/,*5+7T91=459-,0541+B,5/+-8*9541+$
*1/047+ 12 2*31472*+85 +1 91+8545/737 726-/7+ 81/01+ 7+0-07+ 1/ 12 =740*95
V41=-32*,7/5W ,58=41/9*145/ <-1 27 91:1/+7 91 25+ ;72541+ 91 27 ,27+1 819*7 I12
º
1+:-14C5 ,5/,*1/C-95 27 91;5,*./ 85472 27+ ,58-/*9791+ 7-0. [ 3*9$ =594A7 221/74 25+
;7,A5+1/12*/641+5B275,-=7,*./<-112O@73A7+*95*/,7=7T*91221/7491+912747/
1=41+*./$ +05 :-1 =5+*321 +.25 =54<-1 21D5+ 912 2-674 91 04737D5 8*225/1+ 91 327/,5+
7+7274*795+ 7@547 +1 *91/0*:*,737/ 7 +A 8*+85+ ,5/ 546-225 ,585 ,5/+-8*9541+ B
=45=*1074*5+ 91 +- ,7+7 $ 7,*7 :*/1+ 91 27 9?,797 91 12 @1,@5 91 <-1 726-*1/
67/747 -/ +7274*5 5 :-147 =45=*1074*5 91 -/7 =1<-1/7 18=41+7 0-;*147 -/ ,74/10 91
7:*2*7,*./7-/+*/9*,7055+1*44*07+1=5427+41+04*,,*5/1+*8=-1+07+=5425++*/9*,705+147
7 81/-95 81/5+ *8=5407/01 <-1 -/7 7/0*=70A7 ,58=740*97 @7,*7 27 9*01 65314/7/01 B
,-20-472 B @7,*7 7<-1225+ ,5/+*914795+ ,585 +-+ 78*65+ 1/ 25+ 6-105+ B ,78=-+$T
+ /1,1+74*5 81/,*5/74 ,.85 1+07 =5274*C7,*./ +1 =45B1,07 1/ 27 7,0-72*979 RD-/*5 91
:41/01 7 27+ 72014/70*;7+ 121,054721+ 1+0795-/*91/+1+ */819*707+ 3*1/ 27
91/58*/797F814*,7=45819*5G737/95/712,78=5=5=-2*+07919141,@7=54<-1B7/5
+141,5/5,17+A8*+871/277641+*;77441810*97/15,5/+14;795479124?6*81/91-+@
,5/ 27:5487,*./91/-1;7+ ,791/7+1<-*;721/,*721+ ,585 41+-20795911225 I1+ 91,*4
<-1 /5+ 85;14A785+ 1/ 1+1 ,7+5 @7,*7 -/7 /-1;7 :5487,*./ @1618./*,7I 5 25+
41=-32*,7/5+;7/7+1441121,05+$ 5<-11+-/7=-47*2-+*./1+=1/+74<-1+-91445071/
,* 27465 =27C5 =594A7 5,-44*4 +*/ 726-/7 ,27+1 91 41740*,-27,*./ 94>+0*,7 912 *876*/74*5
=52A0*,5 R27 +*0-7,*./ 1+0> 9187+*795 =5274*C797 =747 <-1 =1<-1L5+ ,783*5+ 1/ -/7
9*41,,*./ - 5047 +17/ ,7=7,1+ 91 =45;5,74 9*:141/,*7+ ,5/+*9147321+S$ /,2-+5 +* -+@
=*14918746*/7281/0127121,,*./+-+-,1+54;77;14+-+85;*8*1/05+2*8*0795+=5427+
41+04*,,*5/1+ =45,191/01+ 91 -/7:5487,*./@1618./*,7 ,-B5+ =74>81045+ =1487/1,1/
+-+07/,*7281/01 */72014795+$

13185+7@547=7+7472+16-/95+-=-1+05+*8=2*:*,7954*8=2A,*051//-1+04585912591
+*6/*:*,7/01+ ;7,A5+ <-1 913185+ 12*8*/74$ 185+ +-=-1+05 @7+07 7@547 <-1 0597
9187/97 */+70*+:1,@7 +1 =-191 */,54=5474 7 27 ,791/7 1<-*;721/,*7 ,5/+0*0-0*;7 912
,78=5=5=-274$
*/1837465K1+?+01-/+-=-1+05D-+0*:*,795Y5+8*/-05+9141:21H*./
+5/+-:*,*1/01+=747,5/,2-*4<-1/5251+$ 5/+*914185+1//-1+0459*76478754*6*/72R=$
S 25+ +18*,A4,-25+ */:14*541+ 1/ 25+ ,A4,-25+ <-1 41=41+1/07/ 27+ 9187/97+
*/9*;*9-721+$ *1/047+ <-1 12 +18*,A4,-25 +-=14*54 7=-/07 72 8581/05 1+04*,0781/01
1<-*;721/,*7R25<-127+9*;14+7+9187/97+,58=7401/1/+-5=5+*,*./,58E/724?6*81/
5=41+*;5S12*/:14*5441=41+1/0712=740*,-274*+85*4419-,0*32191,7979187/97*/9*;*9-72$
5 <-1 1+ *8=5407/01 1+ ,58=41/914 <-1 27 4127,*./ 1<-*;721/,*7 /5 12*8*/7 1+01
=740*,-274*+85 =54 27 +*8=21 47C./ 91 <-1 +*/ ?2 /5 @734A7 /*/6-/7 =5+*3*2*979 91 -/7
4127,*./1<-*;721/,*7=747,581/C74$2@1,@591<-10597+27+9187/97+*/9*;*9-721+
1/ +- =45=*7 */9*;*9-72*979 +1 5=5/1/ 72 8*+85 4?6*81/ 5=41+*;5 1+ 27 47C./ 91 <-1
=-197 1+073*1,14+1 -/7 ,58-/*979 1<-*;721/,*7 1/041 1227+$ 2 @1,@5 91 <-1 1/041 25+
+18*,A4,-25+ +-=14*541+ 1 */:14*541+ 1/ /-1+045 9*764787 @7B7 /5 +.25
,58=2181/074*1979 +*/5 0783*?/ -/7 01/+*./ B7 @7 +*95 9*+,-0*95 72 =4*/,*=*5 91 1+01
,7=A0-25 I1/ 07/05 <-1 27+ 9187/97+ */9*;*9-721+ +1 41:-14C7/ 819*7/01 +- */+,4*=,*./
1<-*;721/,*7227,791/7,585-/059591+7445227-/72.6*,7=45=*7<-1=-191,5/9-,*47
+7,4*:*,74 5 047*,*5/74 25+ 53D10*;5+ 91 +-+ 1+2735/1+ */9*;*9-721+I$ 145 7@547 <-*145
+1L72745047=5+*3*2*979*8=2A,*071/272.6*,791/-1+045859125-/79187/97=-191/5
+14*/,54=54797727,791/71<-*;721/,*7=54<-1+15=5/1725+53D10*;5+=740*,-2741+91
9187/97+ <-1 B7 +5/ 1+2735/1+ 91 1+7 ,791/7$
* 12 =740*,-274*+85 91 27+ 9187/97+
*/9*;*9-721+:-1470507281/01/1-0472*C795=54+-*/+,4*=,*./1<-*;721/,*721+07=5+*3*2*979
ºc
=594A7 +14 91+,740797 =145 +73185+ <-1 1+05 /5 5,-441$ 54 25 07/05 -/7 ,791/7
1<-*;721/,*7/5 +.25 +15=5/1 7-/7:-14C7 5-/ =5914 7/076./*,5 +*/50783*?/7 7265
<-1 /5 0*1/1 7,,1+5 7 -/ 1+=7,*5 61/1472 91 41=41+1/07,*./$ 145 F5=5/14+1G +*6/*:*,7
72659*:141/011/7835+,7+5+-/,78=57/076./*,51+1/014781/0141=41+1/0795,585
12*/;14+5/1670*;591-/7*91/0*979=5=-274<-1/51H*+0*4A7+*/1+741:141/,*7/1670*;7J
=1451/12,7+591-/71H014/72*979<-1+15=5/172*/014*54+.25=54<-1/50*1/17,,1+5
72 1+=7,*5 91 41=41+1/07,*./ F5=5+*,*./G +*6/*:*,7 +*8=2181/01 F91D74 7=7401G B =54 25
07/05 /5 97 :5487 1/ /*/6E/ +1/0*95 7 27 *91/0*979 91 25 <-1 1+0> 791/045$ 59185+
1/,5/0474-/3-1/1D18=25911+079*+0*/,*./1/27:*25+5:A79127@*+054*791 16121+07
E20*87 1+ */0144-8=*97 =54 */;14+*5/1+ 9*72?,0*,7+ <-1 5=147/ 7 047;?+ 91 =45,1+5+ 91
/167,*./] +-=147,*./ =145 7918>+ 91 1227+ 01/185+ 27 =41+1/,*7 91 F=-1325+ +*/
@*+054*7G ,58=210781/01 :-147 912 ,78=5 91 27 @*+054*,*979$
5/ 1<-*;721/01+ 7 25 <-1
7,7/91/58*/.,7=-08540--81241+*9-591D7951/-/0-3591+=-?+91-/1H=14*81/05
<-A8*,5$ 74-=0-47*8=2*,7971/1+010*=5911H,2-+*./1+8>+479*,72<-127*/@141/011/
271H,2-+*./7/0765/A+0*,78*1/047+<-1127/0765/*+857E/=41+-=5/1726-/7,27+191
*/+,4*=,*./ 9*+,-4+*;7 12 0*=5 91 1H014*54*979 72 <-1 /5+ 1+0785+ 41:*4*1/95 7@547
=41+-=5/1/5+.25-/71H014*54*9797726591/04591-/1+=7,*59141=41+1/07,*./+*/5
41+=1,05 912 1+=7,*5 91 41=41+1/07,*./ ,585 072$ +01 0*=5 91 1H014*54*979 1+ 25 <-,
;785+ 7 91/58*/74 @1014561/1*979 +5,*72$ 7 @1014561/1*979 ,5/,13*97 91 1+07
87/147/5+*6/*:*,79*:141/,*7J95+1/0*9791+=747+149*:141/01+/1,1+*07/-/1+=7,*5
91/045 912 ,-72 1+7 9*:141/,*7 +17 41=41+1/07321 8*1/047+ <-1 25 <-1 7@547 1+0785+
91/58*/7/95@101456?/15=41+-=5/1277-+1/,*7911+11+=7,*5,58E/$542507/0512
=4.H*85=7+5+14>41*/+,4*3*4/-1+0479*+,-+*./+5341*91/0*9791+
91/04591
1+07 ,58=21D7 740*,-27,*./ 1/041 25 @5856?/15 B 25 @101456?/15$ [
581/,185+,5/+*9147/95-/7+*0-7,*./1/27,-7227@1014561/1*9791/12+1/0*951/
<-1 27 1/01/9185+ 1+0> 479*,7281/01 7-+1/01 91 87/147 91 =5914 ;14 2-165 8>+
,274781/01 25+ 1:1,05+ 91 +- =41+1/,*7$ 72 +*0-7,*./ +14A7 27 ,5/018=2797 1/ /-1+045
=4*8149*764787-/7:45/01471+04*,07<-1+1=74795+,78=5+7/076./*,5+B-/1+=7,*5
+70-479591/045912,-72+1=-191+*0-742705072*9799127+1/0*9791++5,*721+$+,*1405
<-101/185+-/7:45/01477/076./*,7=145-/7<-1/5=-191*/,2-*491/04591+-=45=*7
2.6*,7 +- =45=*5 91+=27C78*1/051/ ,-72<-*149*41,,*./$ 7 47C./91 1+05 1+ ,2747 +*12
50451H,2-*951+27,5/9*,*./918*=45=*7*91/0*97927=14+*+01/,*7911+07E20*8741<-*141
0783*?/ 27 =41+1/,*7 91 -/ 5045 7/076./*,5$ / -/ 01441/5 958*/795 =54 -/7
@58561/1*979=-47R1+91,*441=41+1/073*2*979=21/7S1+07783*6Z,9791/4127,*./,5/
121/18*65/5=-191+14+-=14797$+05@7+07,*1405=-/05,5441+=5/9172@1,@53*1/
,5/5,*95 91 <-1 27+ :-14C7+ <-1 @7/ ,5/+04-*95 +- 7/0765/*+85 +5341 -/ 910148*/795
01441/58-1+047/+-+52*974*979+1,4107,-7/951+101441/58*+851+=-1+051/,-1+0*./$
+ ,585 27 417,,*./ 91 95+ D-679541+ 91 7D1941C @7,*7 726-*1/ <-1 =7017 12 0732145$
1/+185+,5851D18=251/27/*5/+7,4?19125+=740*95++5,*72918.,4707+1-45=15+
1/$
*/183746527,5/+1,-1/,*7911+01746-81/051+<-1271+04-,0-4791+,4*=07
=54 /-1+045 =4*814 9*764787 +1 41=459-,*4A7 7 +A 8*+87 +*/1 9*1$ 5 =-191/ 1H*+0*4 /*
91+=27C78*1/05+91:45/0147/*12181/05+*441=41+1/07321+91/04591-/1+=7,*5+70-4795$
145 +73185+ 8-B 3*1/ <-1 1+5+ 91+=27C78*1/05+ 5,-441/ 0595 12 0*18=5 B <-1 12
,78=5912741=41+1/07,*./1+-/1+=1D50-43*5B4505*/0144-8=*95,5/+07/0181/01=54
-/F4172G@101456?/1572,-72/5=-191958*/74+*83.2*,781/01$K .85@7,14<-11+05+
:1/.81/5+ +17/ ,58=70*321+ ,5/ /-1+045 9*764787Y
.25 1H*+01/ 95+ +52-,*5/1+
=5+*321+-/7<-11+,58=70*321,5/27/5,*./91-/1+=7,*5+70-4795J5047<-11+27<-1
7,1=074185+<-141/-/,*7727*91791-/71+=7,*5+70-4795B91-/741=41+1/073*2*979
=21/7$ 785+ 7 ,581/C74 ,5/ 27 =4*8147 +52-,*./$ 74H =41+1/07 27 @*+054*7 ,585 -/
412705 -/*:*,795 =54 -/7 2.6*,7 E/*,7 12 91+7445225 91 27+ :-14C7+ =459-,0*;7+ 72 ,-72
,5441+=5/911/,797-/591+-+1+079*5+-/,*1405+*+0187914127,*5/1+91=459-,,*./$
º`

1 @7 7:*48795 1/ 726-/7+ 5,7+*5/1+ <-1 27 /5,*./ 91 :-14C7+ =459-,0*;7+ 1+
=-4781/01,-7/0*070*;7=1451+05/51+,*1405$/59131058741/,5/+*9147,*./<-127
2.6*,7 91 27 1H=2*,7,*./ 91 74H 1+ =45:-/9781/01 @1612*7/7 B /5 ,5441+=5/91 7 27
,701654A791,7/0*979+*/572791819*97I8>+=41,*+781/0172*/:*/*059127819*97T
-/7 ;1C <-1 25
2 /58341 F*/:*/*05 91 819*97G /5 7=741,1 /* 1/ 27 417014 56*, /* 1/ 27 /,*,25=19*7
=145 @7 +*95 =45=-1+05 =54X$ $
07,1 R%@1 @*25+5=@B 5: 1612 -1;7 54Q 5;14
""S$ 585 27 ,701654A7 1+ 1+04*,0781/01 +*8?04*,7 ,5/ 25+ */:*/*05+ ,-72*070*;5 B
,-7/0*070*;5 ,* /58341 1+,56*95 1+ =14:1,0781/01 41/5;7321$ 25+ 3-46-1+1+ 91 27+
,*-9791+ 10,?0147$ 783*?/ 1+0737/ =54 +-=-1+05 25+ =5341+ <-1 1H,19A7/ 1+7
,27+*:*,7,*./=145<-1=59A7/+1473549795+819*7/01=45,19*8*1/05+9*41,05+79@5,I
,585+1427 1B915341+1/*/62701447$
*/183746525<-15,-4411/2187/*791+91
27 9?,797 91 &# 1+ <-1 12 1H,1+5 @101456?/15 ,58*1/C7 7 */,4181/074+1 1/
=45=54,*5/1+ 727487/01+$ 5+ 850*;5+ /5 +1 4127,*5/7/ 07/05 ,5/ 27 */,*=*1/01
*/9-+04*72*C7,*./+*/58>+3*1/,5/25=-1+05-/91+7445225*/9-+04*72*/+-:*,*1/01<-1/5
:-1 ,7=7C 91 4118=27C74 -/7 1+04-,0-47 1,5/.8*,7 9*+25,797 =54 -/7 =2-472*979 91
:7,0541+I124>=*95,41,*8*1/05918564>:*,527187/,*=7,*./9125++*14;5+912762137
25+ ,14,78*1/05+ 27 +-=41+*./ 91 27+ 9*+0*/,*5/1+ :1-9721+ 1/ 27+ ,*-9791+ 10,?0147I$
+05+:-145/25+=74>81045+9127,-1+0*./+5,*72,585+1=41+1/0.1/2187/*71/1+1
8581/05$ 1612 147 8-B ,5/+,*1/01 91 1+1 =453 187 =145 25 8>+ ,14,7/5 7 27
=45=5+*,*./121-/7+52-,*./:-1+-+-6141/,*791<-1+1913A7721/074721H,191/0191
=5327,*./ 7 18*6474 7 27+ ,525/*7+ 1H047/D147+$
41,Q87/@7+1L72795<-125+F53+14;79541+,5/018=54>/15+416*+04745/1+05+,783*5+
+5,*721+ V27 047/+*,*./ 7 -/7 +5,*1979 */9-+04*72W 1/ 12 ,41,*1/01 -+5 912 0?48*/5
[=4521074*795T=74791+*6/7471+07/-1;7,27+1$26479-72737/95/59127/0*6-50?48*/5
.312R0-437S+*6/*:*,.-/,783*5*8=5407/011/127/>2*+*+9127=5341C7B12,58*1/C591
27 9*+,-+*./ 72187/7 85914/7 +5341 27+ ,27+1+ */9-+04*721+G$T 145 27 7+5,*7,*./ 912
0?48*/5F=4521074*795G,5/27,27+1534147*/9-+04*720749.8-,@50*18=51/1+07321,14+1$
585 +1 @7 +1L72795 F/01+ 91 74H 12 =4521074*5 R=452?07*41S 147 -/5 91 25+
+*6/*:*,7/01+,1/04721+9121+=1,0>,-25=7+*;59127=5341C7$/ /62701447124$P5@/+5/
@73A791:*/*9572=4521074*51/+-*,0*5/74BR%""S,585[8725J8*+147321J;*2J;-2674TB27
=727347=741,1@731401/*95-/+*6/*:*,795+*8*2741/47/,*77,58*1/C5+912+*625N N
95/91 147 ;*40-7281/01 -0*2*C795 1/ :5487 */014,783*7321 ,5/
X7441/ 41,Q87/ 74H 0@1 5-/6 1612*7/+ 7/9 0@1 4*6*5+ 5: 79*,72
5,*72
@15 7834*96, R*--S 7834*961 /*;14+*0B 41++ ==$ *$
3*9$=$"$
F+*/ 819*97G @7 +*95 +-=14795I$ / =727347+ 91 1612 F145 1+01 */:*/*05 91 27
1+=1,*:*,7,*./ 91 27 819*97 =5/1 07/05 7 25 ,-72*070*;5 ,585 7 25 ,-7/0*070*;5 ,585
4173+543*?/95+1 12-/51/125045 B =54 2507/05 =27/0177 27=4*8147 */819*707 -/*979
<-1 1+ 27 819*97 1/ ,-7/05 072 ,585 41054/7/95 72 */014*54 91 +A 8*+87 B =54
,5/+*6-*1/01 7-057:*48>/95+1G$T +A ,7/0*979 B ,72*979 +1 -/1/ B 1+05 ,5441+=5/91
1H7,0781/01720*=591-/*9791H*+01/011/04127+:-14C7+B27+4127,*5/1+91=459-,,*./$
+01 =-/05 1+ *8=5407/01 =54<-1 +*/ 1+07 *834*,7,*./ 2.6*,7 1/041 *5 ,-7/0*070*;5 B 25
,-72*070*;527@*+054*7/5+14A7-/412705,5@141/01I121+=7,*591+-41=41+1/07,*.//5
1+074A7 +70-4795I$ +05 /5+ 8-1+047 ,->2 1+ 91/045 91 1+07 /74470*;7 01.4*,7 27
1H=2*,7,*./9125+91+=27C78*1/05+9127:45/01477/076./*,7$H*+01/91+=27C78*1/05+91
27 :45/0147 =54<-1 7 047;?+ 91 1225+ +1 41=41+1/07 -/ 94787 9*:141/01 27
,58=70*3*2*979*/,58=70*3*2*979 1/041 27+:-14C7+B 27+ 4127,*5/1+91 =459-,,*./ 1/ ,797
-/5 91 +-+ 1+079*5+$ -1+045 9*764787 +.25 +14A7 -/7 *8761/ :50564>:*,7 IB 1/
,5/+1,-1/,*7 1+0>0*,7I 91 -/7 :5487 7=74*1/,*72 795=0797 =54 1+1 85;*8*1/05 8>+
º=
=45:-/951/-/8581/05910148*/7959120*18=5$ 7;72*91C911+010*=5911H=2*,7,*./
=542507/0591=1/911/014781/019127,7=7,*97991+-/74470*;7=7474173+5431491/045
91 +A 8*+87 ,-72<-*14 F1H014*54*979G @101456?/17$
,14<-?85/5+ 7 1+07 ,-1+0*./ +*0-7/95 12 =4532187 91 27 @1014561/1*979 1/ -/7
=14+=1,0*;7 @*+0.4*,7$ 2 81/,*5/74 27 /5,*./ 91 1612 91 25+ F=-1325+ +*/ @*+054*7G B7
1+0>3785+7=-/07/95 72047078*1/05<-1 41,*3125 F@101456?/15G ,-7/95 +1 251/:5,7 7
047;?+91-/72.6*,705072*C7/01+-91+1+0*87,*./,58541+-207959127/167,*./91+-
@*+054*,*979$ 1+91 279?,79791&# +*/1837465 91H,1+5@101456?/15 =45,19191
-/7 /-1;7 :-1/01 <-1 :-1 *91/0*:*,797 ,585 F27 ,-1+0*./ +5,*72G$ 2 =1/+78*1/05
0479*,*5/721-45=15@73A79*+0*/6-*95;74*5+1+04705++5,*721+<-1-/*95+,58=5/A7/-/7
*8761/@5856?/179127+5,*1979/1+01+1/0*95120?48*/5F=4521074*795G1+=740191
0595 -/ -/*;14+5 0148*/52.6*,5 <-1 91+*6/7 7 25+ =5341+ =145 -/ =5341 :-147 91 0597
79+,4*=,*./ +5,*72 1+07321$ 585 +1L727
0722B347++
17@A128595,-4*5+51/<-174H+7<-1712:47/,?+12270A/B12*072*7/5=7471;5,74
7<-1225+*//58341$
5/45;?+87<-1417-HR=45H1/107+S25<-1F25+:47/,1+1+,72*:*,7/
,585 27 ,27+1 8>+ 37D71/ >=521+ <-1 ;*;1/91 04737D*225+ 591 27 81/9*,*979G$/12
+*625H;**25+7C4*@73A7/+*9591:*/*95+,585F271+,54*7912=-1325/7=52*07/5GB7:*/1+
912 +*625 N 7CC745/* +11+0737-0*2*C7/95 ,585 -/ 0?48*/5 8>+ 1H01/9*9591 73-+5
+5,*72$542507/0525+0?48*/5+912772014/70*;71+0>/,2745++*121H,1+5@101456?/15
=-191+14,5/01/*9591/04591,*1405+2A8*01+419-,*957-/7=41+1/,*78746*/7227;*+*./
9*72?,0*,7 91 -/7 @*+054*7 -/*:*,797 =594A7 87/01/14+1$
* =54 12 ,5/0474*5 =41;721,1 27
@1014561/1*979 27+ 2.6*,7+ +5,*721+ 91314A7/ +14 ,5/,13*97+ 91 -/7 87/147
:-/9781/07281/019*:141/01$+1/12,547C./911+0772014/70*;795/91=59185++*0-7427
85;*97876*+04729174H?+07,5/+*+0*.1/7*+27491/0459128-/959127=5341C7<-1
1+073761/147/9527047/+*,*./72*/9-+04*72*+85-/+1,0549*:141/,*795<-1/5=1401/1,A7
7 25+ */014+0*,*5+ 91 27 @*+054*7I7 25/5 @*+0.4*,5I +*/5<-11+0737 91+0*/7957 +14-/
=450765/*+07@*+0.4*,5:-/9781/072$1/04591-/7@*+054*7,5/,13*97,585@*+054*79127
=459-,,*./27,27+104737D79547+14A712761/0191-//-1;51+079*51/1291+744522591
27+:-14C7+=459-,0*;7+B120?48*/5F=4521074*5G:-1-0*2*C795=74791+*6/7471+01/-1;5
761/01$145,5/12:*/9187/01/14+-+,4191/,*721+,585=1401/1,*1/0172F*/014*54G91
272A/17=4*/,*=7291291+7445225@*+0.4*,512=4521074*795913A7+14,274781/019*:141/,*795
912F1H047/D145G73+52-05$747,*074+.2595+9125+01H05+1+0-9*795+=54
0722B347++1/
41:141/,*7 7 27+ -749*7+ .;*21+ 1/ 74A+ 91+=-?+ 91 27 1;52-,*./ 91 134145 74H
7:*487 <-1 1225+
=1401/1,A7/1/ +- 87B54A7 72 2-8=1/=4521074*795 12 ,-72 1/ 0597+ 27+647/91+ ,*-9791+
:5487 -/7 87+7 ,274781/01 9*:141/,*797 912 =4521074*795 */9-+04*72 -/ ,78=5 91
41,2-078*1/059127945/1+B,4*8*/721+9105950*=5;*;*1/951/271+,54*79127+5,*1979
61/01 +*/ -/ 5:*,*5 91:*/*95 ;7673-/95+ 61/+ +7/+:4- 10 +7/+ 7;1- ;74*7/95 +16E/ 12
64795 91 ,*;*2*C7,*./ 91 27 /7,*./ 7 27 ,-72 =1401/1,*147/ =145 /-/,7 41/-/,*7/95 7 +-
,74>,014 91 27CC745/*$G
/612+ F2 2-8=1/=4521074*795 1/ 27+ 647/91+ ,*-9791+ 1+ ,* =154 91 0595+ 25+
=5+*321+ 72*795+$ +07 8-,@19-8341 1+ 73+52-0781/01
;1/72 B 73+52-0781/01 91+,74797 595 2A914 91 25+ 04737D79541+ <-1 -+7 7 1+05+
+*/;146Z1/C7+,5856-749*7+5,5/:A71/+-7=5B5918-1+047=541+07+5277,,*./+14
047*954 72 85;*8*1/05G$
54 25 07/05 12 ,74>,014 91 F1H047/D145G =-45 912 2-8=1/ =4521074*795 +- 1H=-2+*./ 912
,78=59127@*+054*,*9791+27,5/9*,*./8*+8791=5+*3*2*97991-/7*/014*54*979=-4791
-/7@*+054*7=5+11954791-/71+04-,0-47,5@141/01$
*/18374651H*+01-/=4532187$2
0?48*/52-8=1/=45107/7950*1/1-/41:141/01*/01/,*5/727<-1225++1,0541+37D5+9127
+5,*1979 <-1 /5 0*1/1/ -/7 */+14,*./ ,2747 1/ 12 5491/ +5,*72 R7-/<-1 27 *8=41,*+*./
0148*/52.6*,7<-141,*?/@185+81/,*5/795B791314A772140785++534127=5+*3*2*97991
ºj
<-107241:141/,*7072;1C+1781/5+*/1<-A;5,79125=41;*+05S$1451H*+017918>+91
1+0741:141/,*7-/,2745*/01/0591974-/,5/01/*95,5/,1=0-72727,701654A7$795<-1
12 F*/014*54G 91 27 @*+054*7 1+ ,5/,13*95
,585 -/7 @*+054*7 91 27 =459-,,*./ RF27 7/7058A7 91 27 +5,*1979 ,*;*2 1+ 27 1,5/58A7
=52A0*,7GS +- 9*+07/,*7 912 =45,1+5 =459-,0*;5 +1 ,5/;*1401 1/ -/ 47+65 9*+0*/0*;5 912
-8=1/=4521074*795$+-46112*/0144567/011+79*+07/,*79131@72274+1+.251/270-437
9127+647/91+,*-9791+7<-1+*1+0147+65+17=2*,77+1,0541+8>+78=2*5+<-125+
27CC745/*1/1+1,7+5+-+1:1,05+6253721+0783*?/+14A7/8>+78=2*5+B781/7C74A7/27
,5@141/,*7 */014/7 912 8-/95 F@*+0.4*,5G$ 2 76-95 04737D5 91 1014
0722B347++ <-1 @1
1+0795 ,*07/95 */01/07 =41,*+781/01 @7,14 1+5 85+0474 1/ 25+ 01H05+ 91 74H I
1+=1,*7281/011/2*1,*5,@54-874*591 -*+5/7=7401I25+=-/05+,4-,*721+1/25+
<-127,701654A791 -8=1/=4521074*7951+91+1+073*2*C797B1H0*1/91+-+1:1,05++5,*721+
8-,@5 8>+ 722>91 25<-1 74H +1 =45=5/A7$7+185+ 7@547 72 7/>2*+*+ 91
0722B@47++$
/=4*8142-6741+0>12@1,@5+1L72795=54128*+85 74H1/ 7+2-,@7+91,27+1+1/
47/,*791&&7&"91<-112=747+*0*+859,*2-8=1/=45107/795271+,54*79127
+5,*19791+41=459-,*95=542774*+05,47,*7:*/7/,*1471/25+/*;121+8>+121;795+9127
5467/*C7,*./ +5,*72 I61/01<-1/567/7 +-+ */641+5+ 819*7/017,0*;*9791+=459-,0*;7+
+*/5 F18352+7/95 27 4*<-1C7 B7 9*+=5/*321 91 5045+GI$ 54 25 07/05 27 74*+05,47,*7
:*/7/,*147F/51+5047,5+7<-11241+-46*8*1/059122-8=1/=4521074*7951/27,-83419127
+5,*1979 3-46-1+7T 7 1H01/+*./ 91 27 ,701654A7 7918>+ /5 1+ =747 74H 8746*/72
2*8*07977-/=1<-1L564-=5911+=1,-279541+B7<-1+141:*141727,-1+0*./61/147291
274127,*./1/04104737D5=459-,0*;51*8=459-,0*;5<-125+1,5/58*+07+=52A0*,5+@73A7/
9*+,-0*95 7 =740*4 91 978
8*0@ B <-1 1+ ,1/0472 1/ 27 1+04-,0-47,*./ 912 +*+0187
,7=*072*+07$ /7 ;1C
\
0722B@47++,*0712+*6-*1/01=>447:591 74*<-1C79127+/7,*5/1+<-11+8-B41;127954
91+=-?+ 91 @7314 91+,4*=05 7 25+ F+*4;*1/01+ 958?+0*,5+G ,585 04737D79541+
*8=459-,0*;5+
8*0@ 764167 F/ 27 8*+87 ,27+1 +1 9131/ */,2-*4 07/05 726-/7+ 91 27+
=45:1+*5/1+ 8>+ +14*7+ 1 *8=5407/01+ 7+A ,585 0783*?/ 27+ 8>+ :4A;527+ ,2?4*65+
7@56795+:A+*,5+@58341+9121047+9105950*=5JD-679541+3-:5/1+8E+*,5+,7/07/01+
91 .=147 37*274*/1+ 91 .=147 10,?0147$ 2 04737D5 91 25+ 8>+ @-8*291+ 91 1225+ 0*1/1
,*1405 ;7254 416-2795 =54 25+ 8*+85+ =4*/,*=*5+<-1 416-27/12 91 ,-72<-*14 5045 0*=5 91
04737D5JB129125+8>+/5321+B8>+E0*21+/5=459-,1/797<-1=-197=45,-4742-165
-/7 ,7/0*979 *6-72 91 04737D5$ 585 27 91,2787,*./ 912 7-054 <-1 27 F1H014*54*979G
41+=1,05 91 27 =459-,,*./ 1+ ,5/,13*97 1/ 1+01 /*;12 91 61/1472*979 41+-207 9*:A,*2
1H,2-*427 912 ,78=5 91 27 @*+054*,*979$ 145 @7B 5045 7+=1,05 9*+,-0*95 0783*?/ =54
0722B347++ <-1 91+9*3-D7 7E/ 8>+ 27 2A/17 <-1 +1=747 12 F*/014*54G 912 F1H014*54G$ 585
+1L727
0722B347++279*:*,-2079,5/27<-1+11/:41/0774H1/+-7/>2*+*+018=47/5912
35/7=740*+85 1/ 2 *1,*5,@5 4-874*5 91 -*+ 5/7=7401 1+ 910148*/74 27 /70-4721C7
+5,*729124?6*81/9795<-10595+25+416A81/1+=52A0*,5+91314A7/+14271H=41+*./91
726E/0*=591*/014?+91,27+1$ 741+=-1+079174H1+<-12737+1+5,*729124?6*81/91
-*+ 5/7=7401 +5/ 25+ =1<-1L5+ =45=*1074*5+ 4-4721+$
*/ 1837465 ,7+* 91 */819*705
9131 859*:*,74 +- 5=*/*./ 7:*487/95 <-1 9797 +- 9*+=14+*./ 25+ ,78=1+*/5+ /5
,5/+0*0-B1/ =-4781/01 -/7 ,27+1 +*/5 +*8=2181/01 -/ 64-=5 F912 8*+85 8595 <-1 27+
=7=7+1/-/7352+7:5487/-/7352+791=7=7+G$+0550546772+0795915/7=7401-/
647958>+7205917-05/58A7<-112<-19*+:4-07/5045+416A81/1+<-191=1/91/91-/7
37+1 +5,*72 8>+ 1+04-,0-4797$ 5 53+07/01 8>+ 07491 74H 41,@7C. 1+07 +52-,*./ B
=14,*3*.7235/7=740*+85,58591=1/9*1/0191-/737+1+5,*72@101456?/17<-1=5+*3*2*0.
72 +0795 85;14+1 1/041 819*5 91 9*:141/01+ ,27+1+$ M+01 1+ 12 ,58*1/C5 +16E/
0722B347++91-/7,4*+*+1/270154A7874H*+07$+07,4*+*+1++*/./*859127181461/,*7
91 27 740*,-27,*./ =52A0*,7 ,585 73+52-0781/01 ,5/+0*0-0*;7 912 27C5 +5,*72$
/5047+=727347+=74774H,585=747707*22127@1014561/1*979/51+277/0A01+*+91
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27-/*:*,7,*./=52A0*,7+*/527,5/9*,*./8*+8791=5+*3*2*979911+7-/*:*,7,*./$
5+=1,@5
<-1?+11+12;149791451+,>/97259122-8=1/=4521074*7951/270154A7874H*+077+7314
<-141=41+1/07725=52A0*,51/,-7/0507254<-1,*2-8=1/=741,141=41+1/07481/5+7
-/7 ,27+1 I1/ 12 +1/0*95 <-1 -/5 61/147281/01 1/0*1/91 12 0?48*/5 1/ 12 874H*+85I
<-17-/64-=5+-+,1=0*32191740*,-27,*./=52A0*,7$<-?64-=5/5251+YV$$$W$145+*12
2-8=1/=4521074*795=-191+1407/:>,*281/0114*6*951/37+1+-*91/0*979/5=-191+14
9797 7/01+ 912 854/1/ 05 91 27 740*,-27,*./ =52A0*,7$
222167471+01=-/0591314A71+074,2745<-11+0785+737/95/7/9525++-=-1+05+<-1
@*,*145/ =5+*321 27 1H=2*,7,*./ 912 ,783*5 @*+0.4*,5 91/045 912 859125 9*72?,0*,5$ 7
@*+054*791+=-?+910595/51+1201441/51/12,-72+191+74452274A7-/412705-/*:*,795B
,5@141/01$
*27+:-14C7++5,*721+,5/+0*0-B1/12764-=78*1/0591-/7+14*191121\81/05+
@101456?/15+ 41-/*95+ 819*7/01 27 740*,-27,*./ =52A0*,7 1+ 1;*91/01 <-1 ?+07 1+
,5/+0*0-0*;7 B 3>+*,7 B /5 27 1H=41+*./ 91 726E/ 85;*8*1/05 8>+ =45:-/95 +-3B7,1/01$
542507/05/-1+045=4.H*85=7+591314A7+14127354741+07/5,*./91@1014561/1*979B
;14 ,.85 +* +1 27 0587 1/ +1/0*95 2*01472 859*:*,7 /-1+045 9*764787 54*6*/72$
*/
1837465 7/01+ 91 @7,14 1+05 <-*+*147 41:14*481 341;181/01 7 27 /5,*./ 91 F87+7
8746*/72G <-1 =45=5/1 P5+? -/ <-1 ,5/04*3-B1 7 =45B1,074 1/ -/7 =14+=1,0*;7 8>+
78=2*7 726-/5+ 7+=1,05+ <-1 @185+ 9*+,-0*95 1/ 4127,*./ ,5/ 12 2-8=1/=4521074D795 91
74H$ 2 =-/05 91 =740*97 91 -/ 1+ -/7 9*+,-+*./ +5341 27 ,701654A7 91 F1D?4,*05
*/9-+04*72 91 41+14;7G <-1 */0459-,1 74H =747 91+,4*3*4 -/ 0*=5 91 91+18=215 <-1 1+
:-/,*5/72 7 27 41=459-,,*./ ,7=*072*+07$ 2 746-81/05 91 74H 1+ <-1 25+ +7274*5+ /5
=-191/ +14 9*+8*/-*95+ 8>+ 722> 912 /*;12 91 +-3+*+01/,*7 =54 25 <-1 25+ 04737D79541+
018=5474D781/0191+18=21795++5/:-/,*5/721+7277,-8-27,*./,7=*072*+079795<-127
,58=101/,*791-/7647/,7/0*9799104737D79541+=5425+=5,5+18=*,5+37D712/*;1291
25++7274*5+B911+0787/1477-81/072707+791=2-+;72A7$ 7*8=5+*3*2*9799137D7425+
+7274*5+ =54 9137D5 912 /*;12 91 +-3+*+01/,*7 *8=5/1 53;*781/01 -/ 2A8*01 7 1+7
:-/,*5/72*979$ / 0?48*/5+ 91 /-1+047 9*+,-+*./ =41;*7 7-/<-1 25+ 91+18=21795+
018=5474*5+ /5 :5487/ =7401 91 27+ 4127,*5/1+ ,7=*072*+07+ 91 =459-,,*./ 7E/
+5/ :-/,*5/721+ 72 ,7=*072*+85 =54<-1 ,5/04*3-B1/ 7 7-81/074 27 07+7 91 67/7/,*7$
-/<-1+5/:5487281/011H014/5+72+*+0187+10470791-/7F1H014*54*979G9*:141/019127
912 2-8=1/=4521074*795 =54<-1 0*1/1/ -/7 :-/,*5/72*979 =45=*7 91/045 912 +*+0187 B
,585 41+-20795 7E/ :5487/ =7401 91 -/7 F@*+054*7 91 27 =459-,,*./G$ 7 /70-4721C7
018=5474*791+-91+18=2157,1/0E77E/8>+1+01=-/05$
*/1837465K<-?5,-441+*12
91+18=215 7-81/07 8>+ 722> 91 25 /1,1+74*5 =747 87/01/14 25+ +7274*5+ 1/ 12 /*;12 91
+-3+*+01/,*7Y + 7<-A 95/91 ,58*1/C7 27 746-81/07,*./ 91 -/$ ;*91/0181/01 12
91+18=2158>+722>91,*1405=-/0591D791+14:-/,*5/727277,-8-27,*./,7=*072*+07$+
7 1+01 ,5/D-/059191+18=21795+<-1 B7/5 +5/ -/7 /1,1+*979 */014/7 912 +*+0187 I
*/,2-+5 =-191/ +14 9*+:-/,*5/721+ 1/ 4127,*./ ,5/ ?2I 72 <-1 -/ 91/58*/7 F87+7
8746*/72T$ 585+1L7271H*+011/74H-/7/5,*./91F=5327,*./1H,191/0141270*;7G<-1
726-/5+ 7-0541+ ,585
7-2
O11CB B +Q74 7/61 @7/ 7+*8*2795 144./1781/01 7 27 ,701654A7 91 F1D?4,*05
*/9-+04*72 91 41+14;7G$ 74H 91 @1,@5 9*+0*/6-1 041+ 0*=5+ 91 =5327,*./ 1H,191/01
41270*;7272701/01271+07/,797B27:2-,0-7/01B1++.251/27E20*871/27<-12787B54A7
91 25+ 7-0541+ I*/,2-*95 74HI +1 @7/ ,5/,1/04795$ -/ */01/07 1<-*2*3474 27 3727/C7
85+047/9527+9*;14+7+:5487+1/<-11291+18=215919*+0*/050*=5+1@74127,*5/795,5/
27 7,-8-27,*./ ,7=*072*+07$ / +-+ =727347+
-72<-*147<-1+1712,7+527*/9-+04*7*/9-9732181/01+1@7913*2*0795,58518=217954
91 27 :-14C7 91 04737D5 7 :7;54 91 -/ =45,1+5 61/1472*C795 91 1H=7/+*./ 912 +1,054
014,*74*507/05=E32*,5,585=4*;795$+05@7,5/9-,*9571+04-,0-47+5,-=7,*5/721+<-1
+5/8-,@58>+@101456?/17+1*/1+07321+9125<-1=594A7/@7314*876*/79525+7/>2*+*+
7/014*541+:47681/07/9525+814,795+9104737D5B7L79*1/95-/71/5481,58=21D*9797
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25+ 1:1,05+ 91 27 =5327,*./ 1H,191/01 +5341 25+ 85;*8*1/05+ 91 27 7,-8-27,*./
,7=*072*+07$T
1+05+*6-1-/7/>2*+*+8-B4*,5911+07,58=21D*9791/12,-72/5=59185+1/04741/12
,5/01H05 91 1+07 9*+,-+*./$
*/ 1837465 913185+ 4101/14 -/ =-/05 *8=5407/01$
* 27
87+78746*/729131+1491:*/*97F=54:*147G91+-:-/,*5/72*97991/04591277,-8-27,*./
,7=*072*+07B+*278746*/72*979/5+.250*1/1,58541:141/011291+18=215:2-,0-7/01912
+*+0187 :734*2 +*/5 0783*?/ ,585 /5+ 8-1+047 1+01 04737D5 91 -/ -/7 ;74*1979 91
+*0-7,*5/1+ <-1 ,-341/ 12 85;*8*1/05 625372 91 27 =5327,*./ 91/045 91 814,795+
:47681/0795+ B 9?3*281/01 =45016*95+ /5+ 1/:41/0785+ 7 -/7 @1014561/1*979 <-1 /5
=-191 +14 +-3+-8*97 37D5 -/7 E/*,7 2.6*,7 F*/014/7G$ 7 ,5/+04-,,*./ 91 ,-72<-*14
F*/014*54G +.25 ;7 7 +14 -/ */01/05 =74,*72 91 958*/74 -/ F1H014*54G <-1 +*18=41 ;7 7
1H,1914 1+5+ */01/05+$ / -/ 8-/95 625372*C795 1+05 +1 1+0> ;52;*1/95 ,797 ;1C 8>+
;*+*321$ / 1+1 ,7+5 +*/ 1837465 1+07 ,5/078*/7,*./ 1/041 12 */014*54 B 12 1H014*54
,58*1/C7 7 41+-2074 /50732181/01 =741,*97 7 27 /5,*./ 91 2-8=1/=4521074*795 -/7 ;1C
<-127@185+1H=7/9*95@7+07,-34*42705072*97991204737D5*8=459-,0*;5B27,5/+04-,,*./
9127*91/0*979819*7/0127740*,-27,*./=52A0*,7$ 5+F=-1325++*/@*+054*7G@7/5,-=79512
,1/045 91 27 1+,1/7 @7+07 12 =-/05 91 91+045C74 27 /5,*./ 8*+87 91 -/7 @*+054*,*979
012152.6*,7$ /05/,1+ 52;*9185+ 7 1612$
@547 ,5/0785+ ,5/ 0595+ 25+ 12181/05+ /1,1+74*5+ =747 9*+,-0*4 27 @1014561/1*979 1/
4127,*./,5//-1+0459*76474/754*6*/72$594A785+41=41+1/074279127+*6-*1/0187/147
7+ 9187/97+ 8 B / <-1 /5 1+0>/ 9*;*9*97+ 1/ +18*,A4,-25+ +5/ @101456?/17+ 1/ 12
+1/0*9591<-1/5=-191/+1441=41+1/0797+1//*/6-/7-3*,7,*./1+04-,0-47291/04591
25+ 95+ ,78=5+ 7/076./*,5+$ 585 9*D*85+ 7/01+ /5 1+0785+ ,5/:45/0795+ ,5/ -/7
/167,*./ 9*72?,0*,7 1/ 27 ,-72 12 12181/05 /16795 91:*/1 27 *91/0*979 912 12181/05
/167954$ 5+ F=-1325+ +*/ @*+054*7G /5 910148*/7/ ,->21+ +5/ 25+ =-1325+ @*+0.4*,5+$ +
=541+5<-127@1014561/1*9791+,5/+0*0-0*;7$5=-191+14047+,1/9*97=54/*/6E/0*=5
91*/;14+*./9*72?,0*,7$
*/183746591314A785+=416-/074/5+K1+417281/01,*1405<-1
25 @101456?/15 +.25 =-191 1/,5/0474+1 1/ 25+ 8>461/1+ 912 9*764787Y K5 1+0> B7
5=147/9591/04591?2Y 5/+*914185+,-*9795+781/011+07,-1+0*./$785+7,581/C74
,5/ 27 :45/0147 <-1 +1=747 25+ 95+ ,78=5+ 7/076./*,5+$ 7 1H=2*,7,*./ 9*72?,0*,7 <-1
@185+ 41,@7C795 =41+-=5/1 <-1 +* 1H*+01 -/7 4127,*./ 7/076./*,7 R1+ 91,*4
,5/0479*,054*7S1/041B01/6591/045912,5/,1=0591059525/1,1+74*5=747+7314
<-1 ;7 7 +14 /16795 =54 B +.25 =54 $ 7 /1670*;*979 1+0> 7@A =145 1+ +.25 1/
7=74*1/,*7 =54<-1 +.25 1+0> =41+1/01 =747 +14 +-=14797 =54 -/7 =5+*0*;*979 +-=14*54$
F167,*./910148*/797G1+12/58341911+077=74*1/,*7$
*/1837465+*/-/7/167,*./
910148*/797*/+,4*=0712278*+871/-/=45,1+591:-0-47+7:*487,*5/1+1*/;14+*5/1+/5
@734A7 @*+054*7 +*/5 27 7:*487,*./ 73+52-07 91 -/7 5=5+*,*./ 3*/74*7$ 54 25 07/05 +*
<-14185+ 12*8*/74 07/05 27 +52-,*./ 9*72?,0*,7 ,585 27 7:*487,*./ 1+0>0*,7 91 -/7
5=5+*,*./3*/74*7913185+*/0459-,*472658>+91/0459121+<-187$+7<-A95/911/047
1/ 1+,1/7 27 @1014561/1*979$ 5/+*914185+ 12 7/0765/*+85 1/041 04737D79541+ B
,7=*072*+07+ 072 ,585 1+ =41+1/0795 =54 27 0479*,*./ 874H*+07$"
* 12 746-81/05 :-147
417281/019*72?,0*,591314A7=54-/2795919-,*4127/0765/*+85,5/1204737D79549127
2.6*,78*+87912,7=*072B=5412504507/051204737D7954,58512,7=*072*+0791314A7/+14
419-,*95+7,701654A7+1,5/.8*,7+:548721+R+*1+0-;*?4785+@7327/95917/0765/*+85+
=-4781/0118=A4*
1+074A785+:-147912,78=5 91 27 910148*/7,*./9*72?,0*,7S$ 145
1/12/*;12,5/,1=0-72F04737D7954G+*6/*:*,7+.25F;1/9195491:-14C79104737D5G$/1+1
,7+5+*/1837465/5=59185+91:*/*4/*/6E/0*=5917/0765/*+85$:*4874<-11H*+01-/
7/0765/*+85*/@141/0172,7=*072*+85=54<-112,7=*072*+071H0471=2-+;72A791204737D7954
1+ ,274781/01 */+-:*,*1/01 =54<-1 =747 <-1 1H*+07 -/7/0765/*+85 1+ /1,1+74*5 <-1 12
04737D7954+141+*+0779*,@71H047,,*./$145+*1204737D79541+91:*/*95,5/,1=0-7281/01
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,585 F;1/91954 91 :-14C7 91 04737D5G 1+ 1;*91/01 <-1 =-195 7/72*C74 1+07 ,701654A7
07/05 ,585 91+11 B 7E/ ;5B 7 +16-*4 +*1/95 */,7=7C 91 919-,*4 2.6*,781/01 91 1227 27
/5,*./9141+*+01/,*7$+741+*+01/,*7+.25;77+-46*4I5/5I+16E/,.851204737D7954
,5/,4105IB/5+-910148*/7,*./,5/,1=0-72=-47I1+0>,5/+0*0-*95$+05+*6/*:*,7<-112
7/0765/*+85/51+*/@141/01727+4127,*5/1+91=459-,,*./+*/5<-1+1=27/0171/04127+
4127,*5/1+ 91 =459-,,*./ B -/7 *91/0*979 <-1 1+ 1H014/7 7 1227+$ 465 1/ *5+
7/0765/*+85+ +5,*721+ /5+ ;185+ ,5/:45/0795+ ,5/ -/7 @1014561/1*979 <-1 /5 1+
9*72?,0*,781/01 41,-=147321$ 2 ,7+5912 5045@101456?/15 ,5/12<-1 ,581/C785+ I12
F91D747=7401G<-11D18=2*:*,785+,5/25+F=-1325++*/@*+054*7G91 1612I1++.25-/791
27+ :5487+ 91 25 @101456?/15J 7@547 +73185+ 1+04*,0781/01 @7327/95 <-1 +*/
@1014561/1*979 078=5,5 @734A7 /*/6E/ 7/0765/*+85$
701/185+0595+25+12181/05+=747*/+,4*3*427/5,*./91F@1014561/1*979G1//-1+045
746-81/0541270*;572=5=-2*+85$K1<-?87/147Y785+7,581/C74,5/27,5/,2-+*./
727<-12216785+1//-1+045E20*85=>447:5127/0765/*+85=41+-=5/127@1014561/1*979
=54<-1 27 41+*+01/,*7 91 27 :-14C7 7/0765/*C797 /5 =-191 914*;74+1 2.6*,781/01 91 27
:54879127:-14C77/0765/*C7/01$+05+.25=-191+*6/*:*,74<-125+=-/05+9141+*+01/,*7
727:-14C77/0765/*C7/01+*18=41;7/7+141H014/5+71227$542507/05/5@7B=-/05+
=4*;*216*795+914-=0-47B9*+=-077=4*54*J25+=-/05+7/076./*,5+=740*,-27481/01*/01/+5+
+.25=-191/+141+07321,*95+,5/01H0-7281/01B/-/,7919-,*95+91272.6*,7*/014/791
/*/6-/79127+95+:-14C7+1/:41/0797+058797+1/:54877*+2797$/0?48*/5+=4>,0*,5+
I;52;*1/95 7 /-1+045 1D18=257/014*54I /5@7B 850*;5 =747 <-1 27+ 2-,@7+<-10*1/1/
2-674 91/045 91 27+ 4127,*5/1+ 91 =459-,,*./ 9137/ +14 25+ =-/05+ =4*;*216*795+ 91 -/7
2-,@7 625372 7/0*,7=*072*+07$ / ,7=*072*+85 625372*C795 ,417 -/7 8*4A797 91 =-/05+ 91
4-=0-47B7/0765/*+85+I,4*+*+1,52.6*,7+91+1<-*2*34*5+1/0419*:141/01++1,0541+9127
1,5/58A7 91+18=215 87+*;5 10,?0147I B 1+ +.25 -/7 +5341910148*/7,*./ 91 1+07
=2-472*979 7/076./*,7 27 <-1 =-191 ,4174 +-D105+ 7/0*,7=*072*+07+ 6253721+ ,7=7,1+ 91
221;7479127/01-/72-,@79*6/791072/58341$,585918-1+047271H=14*1/,*7@*+0.4*,7
1+*8=5+*321910148*/747=4*54*<-*?/1+;7/7+1425+7,0541+@1618./*,5+1/1+072-,@7$
541+-2071/73+52-051;*91/01<-1;7B7/7+1425+04737D79541+$59525<-1+73185+
1+ <-1 ;7/ 7 +14 25+ <-1 1+0>/ :-147 912 +*+0187 25+ 8746*/721+ I25 <-1 @185+
91/58*/795 25 @101456?/15I <-1 +5/ 91,*+*;5+ 1/ 12 1+07321,*8*1/05 91 -/7 :45/0147
7/076./*,7$+05+*6/*:*,7<-1271H=7/+*./9127,701654A7912-8=1/=45107/795<-1
,585B7@185+;*+051+0737B7=459-,*1/95+-+1:1,05+1/25+E20*85+04737D5+9174H
8-1+047 1/ 1+01 =-/05 0595 +- =501/,*72$ 3+14;185+ 12 +*6-*1/01 =>447:5 91 47/0C
7/5/22-8=1/=4521074*795-/7;1C,5/+0*0-*951/,78*/70597++-+:-14C7+7=5/14
1/ =12*645 27 F+16-4*979G 91 27 ,*-979 B 1+ 12 +A83525 91 27 91,791/,*7 *441;5,7321 27
67/641/7+*18=41=41+1/011/12,547C./9127958*/7,*./,525/*72$+A25+=45H1/107+
25+;>/9725+25+91+18=21795+B25+,4*8*/721+81/541+V$$$W+1;-12,7/7272-,@7,585
41+-1205+2-,@79541+$+05+91+5,-=795+91+,27+795+;7/791+,-34*4819*7/01277,,*./
8*2*07/01 B 91,*+*;7 12 ,78*/5 <-1 ,5/9-,1 7 27 ,5/+0*0-,*./ 91 -/7 /7,*./ `$ $ $$ 7+
=45+0*0-07+0783*?/B27++*4;*1/07+727+<-1+121+=76795+2*347+7281+0595+7<-1225+
<-16*47/1/,A4,-25+1/04112+-*,*9*5B2725,-47;7/741,-=1474+-1<-*2*34*5+16-*4>/
79127/01B874,@74>/,5/546-2251/27647/=45,1+*./9127/7,*./<-1@791+=140795$Tc

+0785+ ,274781/01 1/ 27+ 7/0A=597+ 91 27+ =4*8147+ 41:141/,*7+ 91 74H B /612+ 72
2-8=1/=4521074*795$ 5 <-1 1+0> @7,*1/95 7/5/ 1/ 1+01 =>447:5 41+-207 =14:1,0781/01
,2745 ;*+05 91+91 27 =14+=1,0*;7 91 /-1+045 746-81/05$ / =4*814 2-674 *91/0*:*,7 27
,5/9*,*./ =74712 1+07321,*8*1/05 91 -/7:45/0147 479*,72<-1 @767=5+*321 27 41;52-,*./
7/0*,525/*72*+07 -/7 1H014*54*979 05072 91 25+ 7,0541+ 41;52-,*5 /74*5+ 41+=1,05 91 27+
,701654A7++5,*721+912+070-<-51H*+01/01$/+16-/952-6747:*487<-172/51+07425+
ºº
F1H,2-*95+G 2*6795+ 7 /*/6E/ */014?+ =740*,-274 +- ,5/:2-1/,*7 1/ -/7 ;52-/079
41;52-,*5/74*7913101/142-674,585-/71<-*;721/,*7=52A0*,7479*,72R25<-1
0722B347++
91/58*/7740*,-27,*./=52A0*,7S$2+-301H051+<-112@1,@591=1401/1,14727+,701654A7+
1+07321,*97+ 1/ 12 */014*54 91 27 +5,*1979 ,525/*72 */014:14*4A7 ,5/ 27 :5487,*./ 91 1+7
;52-/079 41;52-,*5/74*7$ <-A /5 1+0785+ 21D5+ 91 27 *8761/ 875A+07 912 =45,1+5
41;52-,*5/74*5 ,585 12 ,14,78*1/45 91 27+ ,*-9791+ =54 12 ,78=5 B 91 -/7 ,791/7 91
41;52-,*5/1+ 7/0**8=14*72*+07+ <-1 ,14,7/ 7 25+ =7A+1+ *8=14*72*+07+$
*/ 1837465 913185+ +14 =4-91/01+$ -/<-1 7/5/ 1+0> */0459-,*1/95 72
2-8=1/=4521074*795 1/ 12 ,1/045 912 1+,1/74*5 @*+0.4*,5 /5 1+0> +*6-*1/95 27 2A/17 91
=1/+78*1/05=7472127<-1@185+;*+055=1474*/,*=*1/0181/011/25+E20*85+04737D5+91
74H271H01/+*./9127/5,*./912-8=1/=4521074*7957059727678791+1,0541+<-1/5
=740*,*=7/ 1/ 27 =459-,,*./$ +A +*6-1 *91/0*:*,7/95 72 2-8= 1/= 451074*795 ,5/ +-
41:141/01 54*6*/72 27 0-437 91 27 ,*-979$ 2 41+-20795 1+ 95321 =54 -/ 2795 9131
+53411/:70*C74 126479591 ,5@141/,*7 */014/7 912 5491/<-1 <-*141 91+7:*74J=5412 5045
,585 @7 *91/0*:*,795 7 25+ F1H,2-*95+G ,5/ -/ 41:141/01 9187+*795 4A6*95 /5 =-191
=14,*3*4 12 =4532187 91 27 @1014561/1*979 1/ +- ;14979147 9*81/+*./$ / 0?48*/5+ 91
/-1+045 9*764787 27 :7207 05072 91 *91/0*:*,7,*./ 91 25+ =5407954 + 9, 27 ;52-/079
7/0*,525/*72*+07,5/726-/79187/97=740*,-27491/045912+*+01871H*+01/01+*6/*:*,7<-1
25+ ,A4,-25+ <-1 41=41+1/07/ 27+ 9187/97+ /5 1+074A7/ */014/781/01 9*;*9*95+ B7 <-1
0597=740*,-274*979@734A791+7=741,*95$1/94A785+-/7;525/0?6?4C?471072<-10597+
27+;52-/0791+*/9*;*9-721++14A7/87014*7281/01*9?/
$
<-A /5 @7B 740*,-27,*./ =52A0*,7 =5+*321 =54<-1 /5 @7B /797 <-1 740*,-274$ 7
@1014561/1*979 +*8=2181/01 @7 91+7=741,*95 ,585 41+-20795 912 41641+5 =21/5 7 -/7
*/;14+*./ 9*72?,0*,7$ 2 D7,53*/*+85 1+0> 7 27 ;-1207 91 27 1+<-*/7$
747*48>+722>911+07++*8=2*:*,7,*5/1+B,58=41/91412=45321879127@1014561/1*979
1/ +- ;14979147 9*81/+*./ 913185+ +14 ,5/+,*1/01+ 91 <-1 /*/6-/7 91 27+
9*:141/,*7,*5/1+ 91 /-1+045+ 041+ 9*764787+ =594A7/ @7314 +*95 1+07321,*97+ +*/ <-1 12
5045@101456?/151+0-;*147722A=41+1/01$+7<-A95/91/-1+045746-81/05+11/27C7,5/
27+ ,5/,2-+*5/1+ +5341 =5=-2*+85 7 27+ <-1 2216785+ 72 :*/72 912 ,7=A0-25 $ / =4*814
2-674,58527:45/01477/076./*,7*/;52-,47,585@185+;*+05-/5045@101456?/15<-1
1+ 9*72?,0*,781/01 *441,-=147321 +*18=41 @734> -/7 87014*72*979 912 +*6/*:*,7/01 <-1
41+*+07 27 73+54,*./ ,5/,1=0-72$/ 5047+ =727347+ 27 5=5+*,*./ 1/041 B /-/,7 ;7 7
;52;14+1,58=210781/01I/5$ 7F1+1/,*7\G9127;77+141/E20*87*/+07/,*7
/5 9*721,0*C7321$ 2 F=-1325G +*18=41 ;7 7 +14 7265 8>+ <-1 12 5=-1+05 =-45 912 =5914$
H*+01 -/ 4172 912 F=-1325G <-1 41+*+01 27 */01647,*./ +*83.2*,7$ / +16-/95 2-674 1/
/-1+045 9*764787 27 @1014561/1*979 0783*?/ 1+0> =41+1/01 1/ 12 =740*,-274*+85 91 27+
9187/97+ 1<-*;721/,*721+ I-/ =740*,-274*+85 <-1 ,585 +73185+ /5 =-191 +14
12*8*/795=54<-11+12:-/9781/058*+8591274127,*./1<-*;721/,*72I$/014,142-674
,585 @185+ ;*+05 12 =740*,-274*+85 R27 @1014561/1*979S 1+ 0783*?/ 25 <-1 *8=*91 7
726-/7+ 9187/97+ */,54=5474+1 7 27 ,791/7 1<-*;721/,*7$ 7 ,5/+1,-1/,*7 91 1+07
=41+1/,*78E20*=219125@101456?/151/271+04-,0-47,*./912,78=5=5=-2741+<-1?+01
0*1/1-/7,58=21D*979*/014/7<-141+*+01,-72<-*140*=591@58561/1*C7,*./9*72?,0*,7$ 7
@1014561/1*979@73*071/12,547C./8*+8591-/1+=7,*5@5856?/15$ 7@*+054*7/51+
-/=45,1+57-05910148*/795$ 75=7,*97991-/7F1H014*54*979G*441,-=147321+*18=41;7
7 18=7L74 27+ =45=*7+ ,701654A7+ <-1 91:*/1/ 27 F*/014*54*979G$ 52;*1/95 7 /-1+045
1D18=25 7/014*54 ,-72<-*14 0*=5 91 64-=5 +-3549*/795 */,2-+5 1/ 12 ,7+5 1H04185 B
=-4781/01@*=50?0*,51/<-11+1H,2-+*;781/01-/7,27+191:*/*97=54+-+*0-7,*./91/045
9127+4127,*5/1+91=459-,,*./913101/14726591
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27/70-4721C79122-8=1/=4521074*795+*1+<-1;77+14-/+-D1057/076./*,5$5407/0572
22167471+01=-/0527/*0*91C91279*+0*/,*./97/5/1/04112F*/014*54GB1*F1H014*54G9131
+14 4118=27C797 =54 -/ D-165 8-,@5 8>+ ,58=21D5 1/ 12 ,-72 /797 1+ ,58=210781/01
*/014/5 5 ,58=210781/01 1H014/5$ 597 */014/72*979 ;7 7 1+074 +*18=41 781/7C797 =54
-/7@1014561/1*979<-1/-/,71+-/71H014*54*979=-47=54<-1@73*071/27=45=*72.6*,7
9127,5/+0*0-,*./*/014/7$727*/;14+727=5+*3*2*97991-/7=-471H014*54*979+*18=41
;7787014*72*C74+11/47C./912:-/,*5/78*1/059127+2.6*,7+@58561/1*C7/01+$-1+047
9*+,-+*./72=4*/,*=*5911+01,7=A0-25+534125++*6/*:*,7/01+:2507/01+*2-+047,274781/01
1+01 =-/05$ /7 5=5+*,*./ =-47 */014*541H014*54 =41+-=5/94A7 -/7 :45/0147 */8.;*2
@*=.01+*+<-1@185+41,@7C795,58591+,4*=,*./91,-72<-*14=45,1+5+5,*724172$5412
,5/0474*51+,58541+-207959127*/91,*9*3*2*9791+1/,*721/04125F;7,A5GB25F:2507/01GI
<-1 7@547 =59185+ 41:548-274 ,585 27 */91,*9*3*2*979 1/041 25 @5856?/15 B 25
@101456?/1551//-1+0451D18=251/04112=4521074*795B122-8=1/=45107/795I<-1
;7 7 01/14 2-674 12 D-165 =52A0*,5$ +01 1+ 12 D-165 <-1 478+,* 91/58*/. F6-1447 91
=5+*,*./G<-11+1+04*,0781/01@7327/95-/72.6*,7912\91+=27C78*1/059127+:45/0147+
=52A0*,7+ 1/ 12 +1/0*95 <-1 @185+ 91:*/*95$
:*4874 <-1 25 =52A0*,5 ,5/+*+01 1/ -/ D-165 */91,*9*321 1/041 25 F;7,A5G B 25 F:2507/01G
1<-*;721 1/05/,1+ 7 91,*4 <-1 275=147,*./ =52A0*,7 =54 1H,121/,*7 ;7 7 +14 +*18=41 27
,5/+04-,,*./91-/F=-1325G$/726-/7819*97B7@73A785+221679571+07,5/,2-+*./72
:*/72 912 ,7=A0-25 =145 7@547 91+=-?+ 91 */0459-,*4 27+ /5,*5/1+ 91 +*6/*:*,7/01+
:2507/01+ B @1014561/1*979 =59185+ ;14 8>+ ,274781/01 27 9*81/+*./ 91 1+7
,5/+04-,,*./ <-1 505467 72 =5=-2*+85 +- ;14979145 +1/0*95$ / =4*814 2-674 @7B -/7
78=2*7,*./ 91 27+ 5=147,*5/1+ 9*+,-4+*;5\1+0470?6*,7+ <-1 41<-*141 27 ,5/+04-,,*./ 912
=-1325$ / /-1+045 859125 54*6*/72 +.25 95+ 91 1+07+ 5=147,*5/1+ 147/ ,5/,13*321+ 7
+731427:5487,*./9127,791/71<-*;721/,*72B+-,4*+072*C7,*./1/-/71/0*979-/*:*,797
819*7/0127=459-,,*./91+*6/*:*,7/01+;7,A5+$14527:45/01477/076./*,7,585072147
,5/+*

1+9797,58572659795B/5147-/53D10591,5/+04-,,*./@1618./*,7$@547+73185+
<-127,5/+04-,,*./912=-1325*8=2*,70783*?/27,5/+04-,,*./9127:45/0147<-112=-1325
=41+-=5/1$ 7+ :45/0147+ +5/ */1+07321+ B 1+0>/ 1/ -/ =45,1+5 91 91+=27C78*1/05
,5/+07/01$+=541+5<-1@185+@73279591F+*6/*:*,7/01+:2507/01+G+05,5/9-,17-/
/-1;5D-165@1618./*,50595/-1;5=-1325;7741<-14*42741,5/+0*0-,*./9121+=7,*591
41=41+1/07,*./819*7/0127,5/+04-,,*./91-/7/-1;7:45/0147$ 58*+855,-441,5/25+
F1H014*541+G72+*+01870597047/+:5487,*./=52A0*,7/5+.25*8=2*,7-/741,5/:*6-47,*./91
9187/97+B71H*+01/01++*/50783*?/27*/,54=547,*./919187/97+/-1;7+R1+91,*491
/-1;5+7,0541+@*+0.4*,5+S7271+,1/7=52A0*,7I5+-5=-1+05271H,2-+*./915045+<-1
1+0737/ =41+1/01+ =41;*781/01I$
+05 +*6/*:*,7 <-1 0597+ 27+ 2-,@7+ +5/ =54 91:*/*,*./ =52A0*,7+$ 73274 91 -/7 F2-,@7
=52A0*,7G1+1/+1/0*951+04*,05-/7419-/97/,*7$1451+051+7+A+.25=54<-125=52A0*,5
@791D79591+14-/7,701654A7416*5/72$5425,-72/5@7B2-674=747279*+0*/,*./,585
1/ 12 +5,*72*+85 ,2>+*,5 1/041 27 2-,@7 1,5/.8*,7 B 27 2-,@7 =52A0*,7J 27+ 2-,@7+
1,5/.8*,7++5/07/=52A0*,7+,58527+<-10*1/1/2-6741/12/*;12912+0795,5/,13*95
1/ +- +1/0*95 2*8*0795$ 7 47C./ 91 1+05
+ =54 1+5 <-1 478+,* @732. 912 F+0795 */016472G B 12 F91;1/*4 +0795G 91 27 ,27+1
534147 /5 91 27 587 912 =5914 912 +0795$ +0737 07/ 21D5+ 91 ,5/,13*4 7 27 2-,@7
1,5/.8*,7 ,585 9*:141/01 91 27 2-,@7 =52A0*,7 <-1 7:*48. <-1 27 ,5/+04-,,*./ 91
@16185/A7,58*1/C71/27:>34*,7$54-/1+:-14C55=-1+05I416*5/72*74272-,@7=52A0*,7
B +1=747427 ,274781/01 91 27 2-,@7 1,5/.8*,7I ;1785+ 12 +*6-*1/01 =>447:5 91 F 7
+16-/97:54879127=52A0*,791*C<-*1497I<-10783*?/41,@7C5=594A7+14,747,014*C797
,585 -/ 0*=5 91 =52A0*,7 =-47 <-1 +17+5,27 =4*/,*=7281/01 ,5/ 79*5- B 72 81/5+ ,5/
ë
-/7 ,*1407 ;14+*./ 91 27,27- B 5-::,$ 5<-1:548-27 79*5- RB 72*@740783*?/ =594A7
+14*/,2-*957<-AS1+-/0*=591187/,*=7,*./=-47B7-/<-1g*/+*+0*4A71/=1401/1,147
-/ 2*/7D1 874H*+071+0>3>+*,781/01 ,2745 <-1 /5 @7B/*/6-/7 /1,1+*979 R21 -/7 ,4A0*,7
874H*+07 91 27 1,5/58A7 =52A0*,7 1/
04737D5 $$$W$ 7-/<-1 27 54*1/07,*./ :47/,1+7 D7,53*/7 91 27 =52A0*,7 479*,72 =-47 B 27
54*1/07,*./8>+7/625+7D5/791272-,@78-20*,-20-472*+07+15=5/1/1/041+A+*/1837465
,58=7401/ 7265 27 91+7=74*,*./ 91 27 1,5/58A7 1+ ,2747$ 585 @185+ +1/72795 1/ 1*
,7=A0-25 25 =52A0*,5 1+ 1/ ,*1405 +1/0*95 27 7/7058A7 912 8-/95 +5,*72$ =54<-1 1+ 12
8581/0591 */+0*0-,*./ 91 25 +5,*72$ 5 0595 1+=52A0*,51/ 27 +5,*1979 =54<-1 01/185+
8-,@7+:5487++5,*721++19*81/0797+<-1@7/91+9*3-D79527+@-1227+91+-*/+0*0-,*./
=52A0*,754*6*/74*7=145+*27@1014561/1*9791+,5/+0*0-0*;791227C5+5,*72+*18=41;785+
701/14-/79*81/+*./=52A0*,7=5427,-7227+5,*1979IB12=-1325I+5/,5/+07/0181/01
41*/;1/0795+2-,@7+1+271+:1471,5/.8*,71+0>0507281/017-+1/0191204737D59179*--
B91357,27474<-127=52A0*,79179*5-1+8-B9*:141/0191278A7SJ0595++731/<-1
[467/*C70*5/=52*0*<-1I1285;*8*1/059179*5-I1+0>,1/04795,7+*1H,2-+*;781/011/
27479*,72*C7,*./91272-,@7534147$542507/05K9./9191+,7/+7128721/01/9*95Y 7
41+=-1+07 7=741,1 726-/7+ =>6*/7+ 8>+ 79127/01 F5 <-*145 91,*4 1,5/58A7 1/ 12
+1/0*95 ;-2674 91 [+A 913185+ @7,14 7265 =54 12 91+0*/5 91 25+ 04737D79541+T$ +05B
7=-/07/95 7<-A 7 7265 8>+ 479*,72$ *1/+5 <-1 @7B -/7 *917 ,1/0472 91+744522797 =54
15461-Q>,+B27+,-1279147/Q:-40<-17=1+74914597+8*+,4A0*,7+7270479*,*./
874H*+07 5,,*91/072 1+ @5B 8>+ 7,0-72 <-1 /-/,7$ 27 *917 1+ <-1 27 1,5/58A7 /5 1+
+*8=2181/01 -/7 8>+ 1/041 27+ 1+:147+ +5,*721+$ 27 =14,1=,*./ 3>+*,7 91 27 ,4A0*,7
874H*+07 91 27 1,5/58A7 =52A0*,7 I912:10*,@*+85 91 27 814,7/,A7 10,?0147I 1+ <-1 27
1,5/58A70*1/1,*1405,+470,0++5,*72=4505047+,1/91/072<-A9*+*1/05/-1;781/01,5/12
87/047=5+85914/5126?/14572-,@7?0/*,725<-1+17B91+=-?+27,27+1$ 7,27+1/5
1+ -/7 8>+ 1/ 27 +14*1$ 54 ,27+1 1/01/9185+ =54 +-=-1+05 2-,@7 1,5/.8*,7
7/0*,7=*072*+07 *:A,*281/01 594A7 1+074 8>+ ,2745$ 7 1,5/58A7 1+ -/7 1+:147
7-05914148*/797 950797 91 F-/ ,*1405 1+070-+ 047+,1/91/472G RB 12 F=4505G 1+ -/ 8145
1-:18*+85S$1+-207*//1,1+74*591,*4<-127@1014561/1*9791/12+1/0*95<-127@185+
91:*/*951/ /-1+045 01H05 9131 +14 4*6-45+781/01 1H,2-*97$
73185+ +*/ 1837465 <-1
+*/ @1014561/1*979 /5 =-191 @7314 /*/6E/ 7/0765/*+85 B /*/6-/7 2-,@7$ 5 41+-207
+54=41/91/01 <-1 *21Q 01/67 <-1 1H,2-*4 91 -/7 =52A0*,7 187/,*=7454*7 1/ 27 1+:147
1,5/.8*,7 /*S +.25 27+ 2-,@7+ 8-20*,-24-4721+ +*/5 0783*?/ 27+ 91 25+ 04737D79541+ =747
81D5474+-+,5/9*,*5/1+$
-9*+=-079797+-;*+*./91271,5/58A7/51+,5/-/7-5047
,27+191 2-,@7 +*/5 ,5/ 27/5,*./ 91 F2-,@7G05-0,5-40$ + ,*1405<-172:*/72912=>447:5
+7,7 91 +- +5834105 +- ,5/1D5 91 27 [2-,@7 1,5/.8*,7 7/0*,7=*072*+07G =145 1+
814781/01 61+0-72/5 =-1915:41,14 -/ +525 1D18=25 91 072 2-,@7$ 5 1+ 4745 -/7 ;1*
<-1 @7 910148*/795 -/ 0144*054*5 416*5/72 53D10*;5 ,585 12 >417 /1,1+74*7 =747 27
181461/,*7 91 -/ 7/0765/*+85 F:-/9781/072G B7 /5 =-191 87/01/14 -/7 /5,*./ 91
@1014561/1*979<-1=54 91:*/*,*./ +-3;*1401 27+ 912*8*07,*5/1+ 0144*054*721+$52;14185+
+53411+0101871//-1+445E20*85,7=A0-25$
K
*6/*:*,7 1+05 <-1 25 =52A0*,5 +1 @7 ,5/;140*95 1/ +*/./*85 91 =5=-2*+85Y
A 1/ 12
+1/0*951/12,-72,5/,13*85+1+07E20*87/5,D:2$2+1427,5/+04-,,*./912=-1325127,05
=52A0*,5 =74 1H,1227/ 1 ,585 5=5+*,*./ 7 27 798*/*+047,*./ =-47 91/045 91 -/ 874,5
*/+0*0-,*5/72 1+07321I 25+ 41<-14*8*1/05++*/1 <-1/5/91 25 =52A0*,5 +5/ 27 ,5/+0*0-,*./
91:45/0147+7/076./*,7+91/0459125+5,*72B27,5/;5,7054*77/-1;5++-D105+91,783*5
+5,*7225,-72*8=2*,7,585+73185+27=459-,,*./91+*6/*:*,7/01+;7,A5+,5/12:*/91
-/*:*,74 1/ ,791/7+ 1<-*;721/,1" -/7 8-20*=2*,*979 91 9187/97+ @101456?/17+$ 145
?+07+ ,5/+0*0-B1/ 0783*?/ 25+ 47+65+ 91:*/*054*5+ 912 =5=-2*+85$ 5 1H*+01 /*/6-/7
*/011/,*.:2 =52A0*,7 <-1 /5 +17 @7+07 ,*1405 =-/05 =5=-2*+07$
*/ 1837465 1+05 /5
ëc
+*6/*:*,7<-10595+25+=45B1,05+=52A0*,5++17/*6-7281/01=5=-2*+07+J1+591=1/919127
1H01/+*./ 91 27 ,791/7 1<-*;721/,*7 <-1 -/*:*,7 27+ 9187/97+ +5,*721+$ / 0*=5+ 91
9*+,-4+5+8>+*/+0*0-,*5/72*C795+R958*/795+=54272.6*,791279*:141/,*7S1+7,791/7
+1419-,1728A/*858*1/047+<-1+-1H01/+*./+14>8>H*871/25+9*+,-4+5+914-=0-47
<-1 0*1/91/ 7 9*;*9*4 25 +5,*72 1/ 95+ ,78=5+$ 145 ,*1407 ,27+1 91 1<-*;721/,*7 R,*1407
=459-,,*./ 91 -/ F=-1325GS 1+ /1,1+74*7 =747 <-1 -/ 9*+,-4+5 =-197 +14 ,5/+*914795
=52A0*,5$/,-72<-*14,7+525<-11+*8=5407/0191+07,741+<-1/51+0785+04707/95,5/
95+ 0*=5+ 9*:141/01+ 91 =52A0*,7
+.25 12 +16-/95 1+ =52A0*,5J 12 5045 *8=2*,7 +*8=2181/01 27 8-1401 91 27 =52A0*,7 B +-
4173+54,*./ =54 27+ :5487+ +19*81/0797+ 91 25 +5,*72$ +07 9*+0*/,*./ ,5*/,*91 1/ 647/
819*97,5/7<-1227=45=-1+07=547/,*?411/041=52*,1B21=1-=21<-19*+,-0*4185+1/
27 ,5/,2-+*./$
747:*/72*C749*4185+<-1/-1+0457/>2*+*+0*1/18-,@5+=-/05+91,5/;1461/,*7,5/12
91 15461+ 707*221 1/ +- ,5/5,*95 04737D5 +5341 F 7 1+04-,0-47 =+*,52.6*,7 912
:7+,*+85G$&28581/059127@54/561/1*979912787/147,585?225=41+1/07,5*/,*91
,7+* =-/05 =54 =-/05 ,5/ 25 <-1 @185+ 91/58*/795 27 F2.6*,7 91 27 9*:141/,*7G
58561/1*979 +*6/*:*,7 27 ,5/81/+-473*2*979 91 12181/05+ B 27 ,5/\
,*1/,*7 91 1+7 ,5/81/+-473*2*979 27+ 4127,*5/1+ @-87/7+ +5/ +5+01/ *97+ =54 -/7
419-,,*./7 41627+:*D7+37+797+ 1/ 27 ,5/,*1/,*7 91 27 =5+*321 *91/0*97991 =14+5/7+ B
+*0-7,*5/1+91:*/*321+J1/=4*/,*=*50597;*521/,*71+1H,2-*97911+01,-4+5911H*+01/,*7G
783*?/;*/,-272510146@215,5/25<-11H,1917-/7@*+054*79127=459-,,*./
2 8-/95 @101456?/15 */,2-B1 0595 25 <-1 41+-207 912 67+05 *8=459-,0*;5 R27+ ,5+7+
+764797+:5487/1227+8*+87+=7401911+010595S$+05,5/+*+011/45957<-1225<-11+
41,@7C795 =54 27 +5,*1979 @5856?/17 ,585 91+=149*,*5 5 ,585 ;7254 +-=14*54
047+,1/91/01 V$$$W 25+ /-8145+5+ ,*14/1/\ 05+5 :5487+ +5,*721+ <-1 27 +5,*1979
@5856?/17/5=-1917+*8*27427+8-,@19-8341+25+6-144145+27+,27+1+74*+05,4>0*,7+
B 18=5341,*97+ 9*:141/01+ 0*=5+ 91 */9*;*9-5+ ;*521/05+ 5 72 81/5+ 7<-1225+ <-1
41137D7/27/5487R25+25,5+25+2A9141+25+=5107+10,?0147S$c212181/057:1,0*;5<-1
@185+ 91+07,795 1/ 27 ,5/+0*0-,*./ 91 27+ *91/0*9791+
1+0> 0783*?/
=41+1/011/127/>2*+*+91707*22,/274172*979@101456?/1725++A83525+,746795+91
;7254 7:1,0*;5 0*1/1/ 27 8*+87 *8=5407/,*7 <-1 25+ 12181/05+ :-/9781/0721+ B 27 =7401
0*1/1 12 8*+85 ;7254 <-1 12 0595$ + :>,*2 /5074 <-1 8*1/047+ <-1 27 1+04-,0-47 91
,5/5,28*7*05 =747 -/7 4172*979 @5856?/17 1+ 27 91 27 ,*1/,*7 12 ,5/5,*8 88 91 -/7
4172*979@101456?/17,585072+1@72271/12=1/+78*1/058A+0*,59125+=4*8*0*;5+B1/
25+ +-1L5+ 1+ *9?/0*,5 7 271+04-,0-47912 */,5/+,*1/01$*/7281/01 0783*?/91+07,7 25+
41+-20795+ @58561/1*C7/01+ 91 27+ =4>,0*,7+ 740*,-27054*7+ 5/01/7/95 ,5/ 12181/05+
+*/:5487B18=5341,*95+121D?4,*0537D5128/4=-2+5*8=1470*;5+1;-12;15467/*C795B
25647 */014/781/01 -/7:5487 @5856?/17 =54 27 /167,*./ 912 ,74>,014 91+5491/795 91
+-+ 12181/05+ 91 @1,@5 27 87+7 <-1 ,5/+0*0-B1 12 1D?4,*05 =7+7 91 -/7 1H*+01/,*7
7650797 B 744-*/797 7 *** 549,/ 6,58?04*,5 =-4*:*,795 9 27 :7207 9 :5487 7 27 4*6*91C
7641+*;7$G <-A :*/72*C7 /-1+047 1H=2547,*./$ 7 181461/,*7 912 =-1325 91=1/91 91 27+
041+ ;74*7321+ <-1 @185+ 7*+2795 4127,*5/1+ 1<-*;721/,*721+ 41=41+1/0797+
@1618./*,781/01 7 047;?+ 91 +*6/*:*,7/01+ ;7,A5+J 91+=27C78*1/05+ 91 27+ :45/0147+
*/014/7+ 7 047;?+ 91 27 =459-,,*./ 91 +*6/*:*,7/01+ :2507/01+J B -/7 @1014561/1*979
,5/+0*0-0*;7<-1@7,1*8=5+*321+27+41,-=147,*5/1+9*72?,0*,7+##B505467+-;14979147
,1/0472*979 7 27 740*,-27,*./ =52A0*,7$ 5/1+05@185+ 72,7/C795 -/7/5,*./=21/781/01
91+74452279791=5=-2*+85$
+5+01/*95 ,5/;*/,1/0181/01 <-1 12 12181/05 91 @1014561/1*979 B +- 4-=0-47 ,5/ 27
/5,*./9141=41+1/07,*./91,27+1,5/9-,172,527=+59127+783*,*5/1+05072*,79547+91
ë`
279*72?,0*,7$
0722;@47++@753D10795<-17=740*49127@1014561/1*97974H1+,7=7*91
41*/0459-,*4-/85;*8*1/05@58561/,*,7/01910*=59*72?,0*,5$-/<-141,5/5,1+S<-1072
;1,@287//52197728581/05@58561/1*7/4,+-+14979145=1+5=*1/+5<-11+0>1/
25 ,*1405 ,-7/95 7:*487 <-1 27 @1014561/1*979 91+@7,1 27 0507@57,*./ 9*72?,0*,7$
-72<-*147 <-1 +17 27 *8=5407/,*7 91 27+ 01/91/,*7+ @5856,/1**7/0,+ 1+0> ,2745 <-1
91+=-?+ 912 =7+7D1 7 047;?+ 91 27 @1014561/1*979 /5+ 1+0785+ 41:*4*1/95 - -/7
@58561/1*979<-11+1+1/,*7281/01/59*72?,0*,7$
7 @185+ 72,7/C795 -/7 /5,*./ 91+744522797 912 =5=-2*+85$ / 1+01 ,7=A0-25 ;785+ 7
1+35C74726-/7+9127+,5/+1,-1/,*7+<-11227*8=2*$,7=747,*1407+,7016542T7+,1/04721+
91270154A7=52A0*,7$5+911+07+,701654A7++5/27+91F41=41+1/07,*./GBF9185,47,*7GB
+5341 1227+ ;785+ 7 ,5/,1/0474 /-1+045 7/>2*+*+$

4/1+0 74Q14 727/72*C74 12/-8145+564-=591 +16-*9541+ 91 ^5+ 9*,079541+:7+,*+07+
1/4127,*./,5/^7/5,*./9141=41+1/07,*./7:*48725+*6-*1/01F2@1,@5:-/9781/0721+
<-11+01+16-*8*1/0541=41+1/07541:21D727;52-/0799122A914B/5<-1122A91441=41+1/01
541:21D127;52-/07991^5++16-*9541+$
*@7B41=41+1/07,*./1+41=41+1/07,*./*/;14+7
=45,19*1/95@7,*7737D591+91122A914$2=740*9541=41+1/07722A91412=-13251/07/05
<-10587+-54*1/07,*./912=740*9541=41+1/07B41:21D72754*1/07,*./9122A914G$T74Q14
=27/017 27 41=41+1/07,*./ ,585 958*/797 =54 -/7 ,2747 72014/70*;7 5 3*1/ 12 2A914
41=41+1/0727;52-/07991+-++16-*9541+53*1/25++16-*9541+41=41+1/07/27;52-/079
912 2A914$ 785+ 7 ,5/,1/0474/5+ 1/ 25 <-1 1+0> *8=2*,795 1/ -/ =45,1+5 91
41=41+1/07,*./ <-1 0*1/1 2-674 37D5 ,5/9*,*5/1+ 9185,4>0*,7+$T 7 0154A7 91 27
9185,47,*7 ,581/C7/95 ,5/ 5-++17- +*18=41 @7 +*95 8- 41,125+7 91 27
41=41+1/07,*./ B 27@7 7,1=0795 +.25 ,585 -/872 81/5D 9797 27 *8=5+*3*2*97991-/7
9185,47,*79*41,071/,58-/*9791+647/91+,58525+85914/5++0795+/7,*./$=740*4
911+07+=418*+7+279185,47,*79131+14258>+047/+=741/01=5+*3211241=41+1/07/01
9131 047/+8*0*4 25 8>+ :*1281/01 =5+*321 27 ;52-/079 91 7<-1225+ 7 <-*1/1+ 41=41+1/07$
K
*/18374651+?+07-/791+,4*=,*./;>2*979125<-1417281/011+0>*8=2*,7951/-/
=45,1+59141=41+1/07,*./YH*+01/3-1/5+850*;5+=747=1/+74<-1/5$ 7:-/,*./912
41=41+1/07/01/51++*8=2181/01047/+8*0*427;52-/079917<-1225+7<-*1/1+41=41+1/07
+*/5974,419*3*2*97971+7;52-/0791/-/8*2*1-9*:141/01917<-121/12<-11+07E20*87
:-14754*6*/7281/01,5/+0*0-*97$+7;52-/0791++*18=4127;52-/07991-/64-=5+1,054*72
B 12 41=41+1/07/01 9131 9185+0474 <-1 1+ ,58=70*321 ,5/ 12 */014?+ 91 27 ,58-/*979
,585 -/ 0595$ +0> 1/ 27 /70-4721C7 91 27 41=41+1/07,*./ 12 @1,@5 91 <-1 12
41=41+1/07/01 /5 +17 -/ 8145 761/01 =7+*;5 +*/5 <-1 9137 7L79*4 7265 72 */014?+ <-1
41=41+1/07$+01764167957+-;1C+141:21D71/27*91/0*9799125+41=41+1/0795+<-1
+1859*:*,7,58541+-20795912=45,1+58*+859141=41+1/07,*./$+A2741=41+1/07,*./
,5/+0*0-B1 -/ =45,1+5 1/ 95+ +1/0*95+ -/ 85;*8*1/05 91+91 12 41=41+1/0795 @7,*7 12
41=41+1/07/01 B -/ 85;*8*1/05 ,5441270*;5 912 41=41+1/07/01 @7,*7 12 41=41+1/0795$ 2
41=41+1/079591=1/9191241=41+1/07/01=74727,5/+0*0-,*./91+-=45=*7*91/0*979$54
25 07/05 27 72014/70*;7 <-1 91+,4*31 74Q14 /5 ,5441+=5/91 7 95+ 0*=5+ 9*:141/01+ 91
4?6*81/J91@1,@5/51+91/*/6-/787/147-/772014/70*;7+*8=2181/01+1L72727+95+
9*81/+*5/1+ <-1 +5/ */@141/01+ 7 ,-72<-*14 =45,1+5 91 41=41+1/07,*./$
594A7+5+01/14+1<-17-/<-127+95+9*81/+*5/1++5/*/@141/01+72741=41+1/07,*./
27E20*87+14A78>+9185,4>0*,7+*18=41<-112=4*8145<-1+*6-11/1+01=>447:5B1/12
=4.H*85 1+ -/ 41+-81/ 91 -/ 85;*8*1/05 I91+91 25+ 41=41+1/0795+ @7,*7 12
41=41+1/07/01I =41;721C,7 +5341 1* +16-/95$
*/ 1837465 25 <-1 1+01 746-81/05 /5
0587 1/ ,-1/07 1+ 27 /70-4721C7 91 27 ;52-/079 7 +14 41=41+1/0797$
* 0-;*?4785+ -/7
;52-/079 =21/781/01 ,5/+0*0-*97 1 -/ 64-=5 ,54=5470*;5 =54 1D18=25I 12 87461/ 91
87/*53479125+41=41+1/07/01++14A791@1,@52*8*0795$
*/1837465?+011+-/,7+5
ë=
1H04185 91/045 91 -/7 6787 8>+ 78=2*7 91 =5+*3*2*9791+$ 58185+ 1/ 12 1H04185
5=-1+05 12 ,7+5 91 +1,0541+ 8746*/721+ ,5/ -/ 37D5 64795 91 */01647,*./ 1/ 12 874,5
1+0732191-/7,58-/*979$/1+1,7+5/51+074A785+04707/95,5/-/7;52-/0797+14
41=41+1/0797 +*/5 8>+ 3*1/ ,5/ 27 ,5/+0*0-,*./ 91 1+7 ;52-/079 819*7/01 ,* =45,1+5
8*+859141=41+1/07,*./$ 70741791241=41+1/07/01/553+07/011+9185,4>0*,7B7<-1
+*/ +- */011/ *./ /5 @734A7 -/7 */,54=547,*./ 91 1+5+ +1,0541+ 8746*/721+ 7 27 1+:147
=E32*,7$ 145 1/ 1+1 ,7+5 +- 07417 ,5/+*+0*4> /5 07/05 1/ 047/+8*0*4 -/7 ;52-/079 +*/5
8>+3*1/1/=45;114-/=-/0591*91/0*:*,7,*./<-1,5/+0*0-*4>,5857,0541+@*+0.4*,5+7
25+ +1,0541+ <-1 1+0> ,5/9-,*1/95$ 585 +*18=41 ;7 7 1H*+0*4 ,*1407 9*+07/,*7 1/041 -/
*/014?+ +1,054*72
I*/,2-+5-/5=21/781/01,5/+0*0-*95IB27,58-/*9791/61/1472+*18=41;77@7314-/
1+=7,*5 91/045 912 ,-72 1+01 =45,1+5 91 *91/0*:*,7,*./ ;7 7 01/14 2-674$ + 1/ 1+01
8581/05 91 27 *91/0*:*,7,*./ 95/91 ;785+ 7 ,5/,1/0474 7@547 /-1+047 701/,*./$
581/,185+=54 ,5/+*91474 27 F41=41+1/07,*./+*83.2*,7G 912 8595 ,585 1+=27/01797
=54 7//7 1/*,@12 *0Q*/ 1/ -/ 2*345 =-32*,795 @7,1 ,-741/07 7L5+ =145 <-1 +*6-1
+*1/951281D54047078*1/0501.4*,59127/5,*./9141=41+1/07,*./<-1=59185+1/,5/0474
1/ 27 2*01470-47 1H*+01/01$#
16E/ *4Q*/ 1/ 27 41=41+1/07,*./ +*83.2*,7
1/ 4172*979 /5 *8=5407 ,.85 +1 87/0*1/1 +70*+:1,@5 72 121,054 B7 +17 =54 7265 <-1 12
41=41+1/07/01 @7,1 5 ,.85 +1 ;1 5 =54<-1 ,5/+*6-1 1+0*8-274 72 121,054 =747 <-1 +1
*91/0*:*<-1,5/?2$$$W$1451/1+1,7+50*/85/74,759*,07954=-191+14-/2A9148>+
1H*05+5 B 9478>0*,5 B =54 25 +A 27 41=41+1/07,*./ +1 ,5/;*1401 1/ ,* 819*5 91
@58561/1*C7,*./9125<-11/12,7=A0-257/014*5491/58*/785+-/787+7@101456?/17
[
*12=4*/,*=7253D10*;57+1472,7/C7951+27-/*./9127/7,*./1/-/0595-/*:*,79527
,417,*./91-/7/7,*./1/05/,1+1+01/07954,5/,2-*4<-1-/+525+A835251+=1,07,-274
=-191 256474 1+05 91 87/147 8-,@5 8>+ 1:1,0*;7 <-1 0597 -/7 216*+270-47 91
41=41+1/07/01+V$$$W$ 7;1497914741=41+1/07,*./1+12,74*+87G$22A914+1,5/;*14017+A
1/ -/ =459-,054 91 +A83525+ B +- 7,0*;*979 B7 /5 ,5/,13*97 8 F7,0-74 =747G +-+
121,0541+ ,58*1/C7 7 *91/0*:*,74+1 ,5/ -/ 2*9147C65 1:1,0*;5$ 7 :5487 1H04187 91
41=41+1/07,*./ +*83.2*,7 27 1/,5/04785+ 1/ 12 :7+,*+85 F/ ,* 1H04185 1+01 =-/05 91
;*+07 +1 ,5/;*1401 1/ P7 0154A7 :7+,*+07 91 27 41=41+1/07,*./ R/5 27 0154A7 912 +0795
,54=5470*;5+*/527912741=41+1/07,*./=54-/Z@414SV$$$W$=1451/270154A7:7+,*+071+01
1<-*2*34*5 V1/041 ,5/9-,054 B +-D105W +1 */,2*/7 91:*/*0*;781/01 @7,*7 12 5045 2795 12 2A914
9131532*6747+-++16-*9541+77D-+074+1725<-1?2@7,1G$ 7,4A0*,791*0Q*/9127+
2*8*07,*5/1+ 91 -/7 7=45H*87,*./ =-4781/01 +*83.2*,7 7 27 41=41+1/07,*./ 0148*/7 ,5/
-/7 9*+0*/,*./ 1/041 ,7-+7+ B 47C5/1+
+*8=5407/01=416-/074/5+<-?@7,1<-12761/01,4171/-/+A8352557,1=017-/2A914
=145 1+ *6-72 91 *8=5407/01 =416-/074/5+ ,-7/95 7,1=07/ ,->21+ +5/ +-+ 850*;5+ =747
7,1=074-/2A914$
.25+*41+04*/6*4/5+/-1+047;*+*./9141=41+1/07,*./1H,2-+*;781/0172
1D18=259125++A83525+/5+;185+01/0795+7=7+74=54720-,+07E20*87,-1+0*./$ 54/5
251H=41+.-/,*1/0*+07=52A0*,5V *1/*-27-WF 741=41+1/07,*./*8=2*,7/5128145@1,@5G
91 <-1 25+ 41=41+1/0795+ 7,1=07/ 27+ 91,*+*5/1+ 912 41=41+1/07/01 F+*/5 8+ 3*1/ 27+
47C5/1+ <-1 0*1/1/ =747 @7,1425GJ B 27+ 47C5/1+ +5/ 9*:141/01+ 91 27+ ,7-+7+$
/ 8* 5=*/*./ *0Q*/ 5+,-41,1 12 ;14979145 =4532187$ 7 ,-1+0*./ /5 41+*91 07/05 1/
9*+0*/6-*4 1/041 ,7-+7+ B 47C5/1+ I-/7 9*+0*/,*./ <-1 =54 ,*1405 7,1=05I +*/5 1/
7/72*C74 +* 27+ :-1/01+ 91 ;72*91C 91 27 47C5/1+ =41,191/ 7 27 41=41+1/07,*./ 5 +5/
,5/+0*0-*97+819*7/012741=41+1/07,*./$ 5<-158*0172527465910597+-9*+,-+*./1+12
=4532187 <-1 =27/01785+ 72 ,58*1/C5 <-? 5,-441 +* 01/185+ *91/0*9791+ 9?3*281/01
,5/+0*0-*97+,-B7,5/+0*0-,*./41<-*141=41,*+781/0141=41+1/07,*./1/=4*8142-674Y/
,7=A0-25+ =41;*5+ @185+ 73549795 1+07 ,-1+0*./ 1/ 0?48*/5+ 91 27 9*+0*/,*./ 1/041 -/
,5/01/*95./0*,5B+-;72545/052.6*,5$ 5859*D*85+1/-/7+*0-7,*./9191+5491/479*,72
+1 /1,1+*07 726E/ 0*=5 91 5491/ B ,-7/05 8>+ 61/1472*C795 1+ 1+1 91+5491/ 81/5+
ëj
*8=5407/01 +1 ;-12;1 12 ,5/01/*95 ./0*,5 91 7<-1225 <-1 41+07-4712 5491/$ 2 ,5/01/*95
./0*151+*/;1+0*95,5/12;72545/052.6*,59141=41+1/074725491/,585072$/1+1,7+5
27 *91/0*:*,7,*./ +*18=41 ;7 7 =45,1914 7 047;?+ 91 1+07 */;1+0*9-47 5/052.6*,7 B ,585
41+-20795 91 1225 +*18=41 ;7 7 41<-14*4 12 +16-/95 85;*8*1/05 <-1 @185+ =41+1/0795
,585 */@141/01 7 27 41=41+1/07,*./ <-1 ;7 912 41=41+1/07/01 7 25+ 41=41+1/0795+$
52;*1/95 7 /-1+047 9*+,-+*./ +5341 =+*,57/>2*+*+ 27 */;1+0*9-47 1/ -/ 53D105 =74,*72
*8=2*,7121;741253D1057279*6/*9799127 5+7$/7;1C<-1@7/01/*952-674726-/7+
*91/0*:*,7,*5/1+ =52A0*,7+ 3>+*,7+ =-191/ 974+1 27+ 47C5/1+ 91 27+ 91,*+*5/1+ B
121,,*5/1+=740*,-2741+=1451+07+E20*87+41<-*141/,585=-/0591=740*97-/7*91/0*979
<-1 /5 =41,191 +*/5 <-1 1+ 41+-20795 912 =45,1+5 91 41=41+1/07,*./$ 185+ ;*+05 1/
/-1+0479*+,-+*./+534141-9<-1274127,*./,5/122A91491=1/9191264795919*+07/,*7
1/04112B5B1B5*9172$ -7/0581/541+279*+07/,*71/87B54819*97122A914+1;-12;1
-/ =4*8-+
07/05-/81D5441=41+1/07/01<-1-/8*18345121,05912742781/05$/2A914911+010*=5
1H*61 21720791+ 185,*5/721+ 1 *91/0*:*,7,*./ 1/ +-+ +16-*9541+ 25+ 8*+85+ 12181/05+
*447,*5/721+ B 1:1,0*;5+ =459-,*95+ =54 37/9147+ @*8/5+ 37/97+ 874,@7/95$ 54
+-=-1+052741=41+1/07,*./;*+0737D51+072-70*1/1=5,55/797<-1;14,5/-/41:21D5
:*12 91 27 ;52-/079 =5=-274 5 ,5/ 27 =458-267,*./ 91 21B1+ 91+1797+ =54 27 61/01$ */014
=741+ B ,54/5 41+-20795 87B54 +1 ;-12;1 12 01441/595/91 5=1 47/ 27+ F47%5/1+G 1/ 12
+1/0*95 91 *0QD/$ 145 /1,1+74*781/01 +*1/ =41 ;7 7 1H*+0*4 ,*1407 9*+07/,*7 1/041
7835+ 91 87/147 <-1 27 *91/:*,7,*./ 819*7/01 27 41=41+1/07,*./ +*18=41 ;7 7 1+074
=41+1/01 1/ 726-/7 819*97$
7 9*:*,-2079 ,5/ 12 7/>2*+*+ 91 *0Q*/ 1+ <-1 =747 1227 27 1+:147 91 27+ 47C5/1+ 1H*+01
*/91=1/9*1/0181/0191,-72<-*14*91/0*:*,7,*./J27+47C5/1+5=147/0507281/01:-1479127
41=41+1/07,*./$241+-207951+<-11227+.25=-191;14*447,*5/72*9791/,-72<-*140*=591
41=41+1/07,*./+*83.2*,7$5=-1919*+0*/6-*49187/1477=45=*7971/04125<-1+14A727
87/*=-27,*./B91+=41,*573+52-05@7,*727;52-/079=5=-274B25<-1+14A727,5/+0*0-,*./
91 1+7 ;52-/079 819*7/01 27 41=41 +1/07,*./ +*83.2*,7$ + ,*1405 <-1 1227 =14,*31 72
:7+,*+85 +.25 ,585 -/ ,7+5 1H04185 91 41=41+1/07,*./ +*83.2*,7 =145 9797+ +-+
=418*+7+ /5 0*1/1 27+ @14478*1/07+ 01.4*,7+ =747 7354974 ,7+5+ 81/5+ 1H04185+$ 54
1+747C./0597+-9*+,-+*./+53411+01=-/056*471/054/5727,-1+0*./91241+=105527
*6/547/,*79127;52-/079=5=-274+*/,5/+*91474,.85+1,5/+0*0-B11+7;52-/079=5=-274
1/ =4*814 2-674 /* +* 27 41=41+1/07,*./ /5 1+ 27 =418*+7 8*+87 91 1+7 ,5/+0*0-,*./$
/7;1C72,7/C7971+07,5/,2-+*./=59185+;*+2-83474274121;7/,*79127=453218>0*,7
912741=41+1/07,*./=747/-1+0479*+,-+*./+5341=5=-2*+85B7<-127,5/+04-,,*./912
=-1325 +14A7 *8=5+*321 +*/ 12 :-/,*5/78*1/05 91 25+ 81,7/*+85+ 91 27 41=41+1/07,*./$
585@185+;*+0527*91/0*:*,7,*./,5/-/+*6/*:*,7/01;7,A51+27,5/9*,*./+*/1<-1/5/
9127181461/,*791-/=-1325$14512+*6/*:*,7/01;7,A5=-1915=1474,585-/=-/0591
*91/0*:*,7,*./+.25=54<-141=41+1/07-/7,791/71<-*;721/,*72$29532185;*8*1/05<-1
9101,0785+ 1/ 12 =45,1+5 91 41=41+1/07,*./ 1+0> */+,4*=05 1/ 647/ 819*97 1/ 27
181461/,*791-/=-1325$54-/27952741=41+1/07,*./9127,791/71<-*;721/,*72=5412
+*6/*:*,7/01 ;7,A5 /5 1+ -/7 41=41+1/07,*./ =-4781/01 =7+*;7$ 2 +*6/*:*,7/01 ;7,A5 1+
72658>+<-127*8761/91-/705072*979=411H*+01/011+25<-1,5/+0*0-B11+705072*979
7L79*1/957+A-/7/-1;79*81/+*./,-72*070*;7$+05,5441+=5/9172+16-/9585;*8*1/05
1/,*=45,1+59141=41+1/07,*./91+911241=41+1/07/01@7,*725+41=41+1/0795+$545045
2795 +* 12 +*6/*:*,7/01 ;7,A5 ;77 5=1474 ,585 -/ =-/05 91 *91/0*:*,7,*./ =747 0595+ 25+
1+2735/1+ 91 27 ,791/7 9131 1:1,0*;781/01 41=41+1/07425+ /5 =-191 B5\
;14+1 0507281/01 7-0./585 91 1225+$ +05 ,5441+=5/91 72 =4*814 85;*8*1/05 <-1
1/,5/04785+ 1/ 27 41=41+1/07,*./ 91+91 25+ 41=41+1/0795+
@7,*71241=41+1/07/01$ 585+73185+1+019532185;*8*1/051+1225,-+91-/701/+*./$
77-05/58*C7,*./9128581/0505072*C79548>+722>91,*1405=-/0591+04-B172=-132572
ë
12*8*/74 12 ,74>,014 41=41+1/070*;5911+7 05072*979$145 -/77-05/58*C7,*./ 479*,7291
27+ 9*;14+7+ 9187/97+ 0*1/1 12 8*+85 1:1,05 =54<-1 458=1 27 ,791/7
1<-*;721/,*72 B @7,1 *8=5+*321 12 8581/05 91 27 05072*C7,*./ 41=41 +1/070*;7 +05 1+ 25
<-1 5,-441 ,585 @185+ ;*+05 ,-7/95 =41;721,1
27 2.6*,7 91 27 9*:141/,*7 8>+ 722> 91 ,*1405 =-/05 =54 +5341 27 2.6*,7
91 27 1<-*;721/,*7$
h594A785+1/:5,741+07,-1+0*./91+91-/>/6-259*:141/01I7047;?9127,583*/7,*./
1/041 @58561/1*979 B @1014561/1*979 1/ 27
,-72,5/+*+012741=41+1/07,*./I+*/1837465221674A785+7,5/,2-+*5/1*9?/0*,7+$ 7
,5/+0*0-,*./ 91 -/ F=-1325G 41<-*141 -/7 ,58 =21D*97 */014/7 <-1 1+0> 9797 =54 27
=2-472*979 91 27+ 9187/97+ <-1
:5487/27,791/71<-*;721/,*72$M+071+279*81/+*./9127@1014561/1*97479*,72=54<-1
/7971/ 1+7+9187/97+ ,5/+*914797+ */9*;*9-7281/017/0*,*=7 -/ F91+0*/5 87/*:*1+05G
=54,*,-7291314A7/01/917:-/9*4+11/726E/0*=591-/*979/7971/1227+7/0*,*=7<-1
=594A7/ ,5/+0*0-*4 -/7 ,791/7$& +05 1+ 25 <-1 @7,1 /1,1+74*5 12
8581/05 @58561/1*C7/01 912 +*6/*:*,7/01 ;7,A5$
*/ 1+01 8581/05
/5 1H*+0*4A7 -/7 ,791/7 1<-*;721/,*7$ 54 25 07/05 27 :-/,*./ @54/5 61/1*C7/0 912
+*6/*:*,7/01 ;7,A5 ,5/+0*0-B1 27 ,791/7 B 72 8*+85
0*18=5 27 41=41+1/07$ 145 1+07 95321 :-/,*./ /5 1+ 5047 ,5+7 <-1 27+
95+ ,747+ 912 =45,1+5 91 41=41+1/07,*./ <-1 @185+ 9101,0795$ 7 ,5/ ,2-+*. 1+ ,2747
0597 *91/0*979 =5=-274 0*1/1 -/7 1+04-,0-47 */014/7
<-1 1+ 1+1/,*7281/01 41=41+1/070*;7$
+01=-/051+,*<-1+1=747/-1+0451/:5<-191291 7490B164*<-1+14>9*+1/0*951/
27 ,5/,2-+*./ 91 1+01 2*345$
*/ 1837465 +* 27 41=41+1/07,*./ 7,2747 7265 +5341 27
1+04-,0-47*/014/7912=5=-2*+85=594A785+91,*4<-1727*/;14+712=5=-2*+851,@72-C
+5341 7265 =1401/1,*1/01 7 27 1+1/,*7 91 27 41=41+1/07,*.* 54<-1 12 =5=-2*+85 ,585
@185+;*+051+1201441/591-/7*/91,*9*3*2*979=4*874*71/04127:-/,*./@1618./*,7912
+*6/*:*,7/01;7,A5B271<-*;721/,*791279187/97+=740*,-2741+$H*+01-/701/
*./1/041
7837+ =145 /5 1+5047 ,5+7 <-1 12 1+=7,*5 91,5/+0*0-,*./ 91 -/ F=-1325G$ K <-? 1+
1+05 +*/5 27 01/+*./ <-1 @185+ 1/,5/04795 1/041 25+ 95+ 85;*8*1/05+ 5=-1+05+ =145
/1,1+74*5+<-1,5/+0*0-B1/271+04-,0-47*/014/7912741=41+1/07,*./Y 7,5/+04-,,*./91
-/F=-1325G/51++*8=2181/01277=2*,7,*./7-/,7+5=740*,-27491-/70154A761/147291
2741=41+1/07,*./<-1=594A7+14:54872*C7977-//*;128>+73+047,05J1+=5412,5/0474*5
-/ ,7+5 =7479*68>0*,5 =54<-1 1+ 7<-12 <-1 41;127 27 41=41+1/07,*./ =54 25 <-1 1+ 12
01441/5=4*874*591,5/+0*0-,*./912753D10*;*979+5,*72$ 5/+*914185+=54-/8581/05
726-/5+91 25+ 5045+ 1D18=25+ 91 41=41+1/07,*./ +*83.2*,7 9*+,-0*95+=54 *Q0*/ -/ =1C
41=41+1/07/95 7 4*+05 =54 1D18=25$ / 0595+ 1+5+ ,7+5+ B7 +17 <-1 12 +A83525 +17
=-4781/01743*0474*5B,58541+-20795+1047/+:54811/-/+*6/55<-11H*+07726E/0*=5
91 7/7256A7 <-1 +5+0*1/1 B 1H=2*,7 12 +*8352*+85 1H*+01 -/ 47+65 ,58E/
25<-11+0>+*1/9541=41+1/07951H*+01,585-/53D105=21/5,5/7/014*54*979B1/:5487
0507281/01+1=74797912=45,1+59141=41+1/07,*./$/270154A7=+*,57/72A0*,71+051+25
<-1=594A7+14*91/0*:*,795,585-/1/:5<-1D-/6-17/5=74712,-721H*+01/+A83525+7
=4*54* 7+5,*795+ 7 53D105+ 1+=1,A:*,5+ 1/ 12 */,5/+,*1/01 ,521,0*;5$ + +.25 ,5/ 27
91+,4*=,*./:41-9*7/727,7/*7/7912:-/,*5/78*1/05912*/,5/+,*1/01<-12741=41+1/07,*./
+1 ;-12;1 5/052.6*,787/01 :-/9781/072 I,585 @185+ ;*+05 25+ /58341+ ,5/+0*0-B1/
41045+=1,0*;781/0127-/*97991253D105I$41+-2079*:A,*21/,5/0474-/01441/5<-141;121
81D541+07,5/+0*0-,*./<-127+:2-,0-7,*5/1+,5/+07/01+1/27/58*/7,*./912=-1325$ 7
=4*/,*=729*:*,-2079,5/27+0154A7+,2>+*,7+912741=41+1/07,*./=52A0*,71+<-12787B54A7
911227+,5/,*3*.27;52-/079912=-1325,5857265,5/+0*0-*957/01+912741=41+1/07,*./$
+05 1+ 25 <-1 5,-441 ,5/12 859125 7641670*;591 27 9185,47,*7 R
,@-8=1014 5O/+S
<-1419-,112=-13257-/=2-472*+8591*/0141+1+B;72541+JB,5/12859125912*31470*;5
ëá
R7O2+ 731487+S <-1 1/,5/04. 07/05 1/ 27 D-+0*,1 7+ :7*4/1++ ,585 1/ 25+
=45,19*8*1/05+ 9*72.6*,5+ 27+ 37+1+ 91 -/ ,5/+1/+5 47,*5/72 <-1 12*8*/74A7 0597
5=7,*979 1/ 25+ =45,1+5+ 91 41=41+1/07,*./$ /7 ;1% <-1 2216785+ 7 1+01 =-/05 27
E/*,7 =416-/07 4121;7/01 1+ ,.85 41+=1074 27 ;52-/079 91 25+ 41=41+1/0795" 97/95 =54
+1/0795<-1072;52-/0791H*+011/=4*8142-674$

7 047/+*,*./ 91/-1+0479*+,-+*./ +5341 41=41+1/07,*./ +*83.2*,77 27 0154A7=52A0*,7 91
27-91 1:540 ,5/ 27 ,-72 ,581/C74185+ /-1+045 1+0-9*5 91 27 9185,47,*7 =5=-274
41+-207 :>,*2 9795 <-1 1:540 37+7 +- 1/:5<-1 1/ 27 047/+:5487,*./ +*83.2*,7 <-1 @*C5
=5+*3211279;1/*8*1/0591279185,47,*785914/7$T
16E/128-B,5/5,*957/>2*+*+91
1:540 072 8-07,*./ *8=2*,. -/7 41;52-,*./ 1/ 12 *876*/74*5 =52A0*,5 =54 27 ,-72 -/7
+5,*1979D14>4<-*,7,1/047971/1241B,585=-/0591-/*979912=591412,5/5,*8*1/05B
27 21B :-1 4118=27C797 =54 -/7 91+,54=541*C7,*./ 87014*72*C797 1/ 27 181461/,*7 912
2-674 912 =5914 ,585 1+1/,*7281/01 ;7,A5$ / -+ =727347+
2=59141+07371/,74/7951/12=4A/,*=1B=542507/059737727+5,*1979-/,-14=5$7
,7-+7911+05-/,5/5,*8*1/052701/01=1451:1,0*;59125<-1-/5+*6/*:*,737=747125045
1H*+0A7 1/ 12 ,5/D-/05 +5,*72$ +01 859125 8-1+047 12 47+65 41;52-,*5/74*5 B +*/
=41,191/01+91 27 9185,47,*7$2 2-674912=5914 +1 ,5/;*14011/-/ 2-674 ;7,A5 V$$$W$2
1D14,*,*5 912 =5914 1+0> +-D105 7 =45,19*8*1/05+ 91 419*+04*3-,*5/1+ =14*.9*,7+ V$$ 2
:1/.81/5 *8=2*,7-/7 */+0*0-,*5/72*C7,*./912 ,5/:2*,05 +5+01/*97 =54 279*+52-,*./ 91 25+
*/9*,79541+ 91 27 ,1401C7$ /7-6-47 -/7 @*+054*7 1/ 27 ,-72 27 61/01 1H=14*81/07 -/7
*/910148*/7,*./:-/9781/0721/,-7/0572737+1912=59142721BB1,5/5,*8*1/05B1/
,-7/05 7 27 37+1 91 27+ 4127,*5/1+ 1/041 12B5B 12 5045 1/ 0595+ 25+ /*;121+ 91 27 ;*97
+5,*72$ K-? =1/+74 91 1+07 +1,-1/,*7Y / 726E/ +1/0*95 ,*1407+ 9*+0*/,*5/1+ <-1 ,5/
-/70148*/5256A79*:141/01@185+*/0459-,*951/1+012*3451+0>/,274781/01=41+1/01+1/
1201H0591 1:540$ 7/5,*./91-/5491/D14>4<-*,56747/0*C795B=14+5/*:*,795=54,*41B
1/12,-72/5@7B-/7*/+0*0-,*5/72*C7,*./9125+,5/:2*,05++5,*721+41+-2078-B+*8*2747
25<-1@185+91/58*/795272.6*,791279*:141/,*7$/07/0527*6-72979,585;72541+
41,5/5,*97=54 1:540,58527874,791279185,47,*7=741,14A7<-1/51+0785+21D5+91
/-1+047 2.6*,7 1<-*;721/,*72$
*/ 1837465 1+ 7<-A 95/91 12 7/>2*+*+ 91 1:544 0587 -/
,78*/5 9*:141/01 912 <-1 @185+ 1216*95 1/ /-1+045 1+0-9*5 91 27 :5487,*./ 91 27+
*91/0*9791+
B7 <-1 +16E/ ?2 1* 874,5 +*83.2*,5 9185,4>0*,5 9131 +14
5=-1+05 72 05072*074*+85$ +01 E20*85 1+ 91+,4*=05 1/ *5+ +*6-*1/01+ 0?48*/5+
/041271+:147912=5914271+:147912721BB271+:147912,5/5,*8*1/050*1/12-674-/7
,5/91/+7,*./$ 2 ,5/5,*8*1/05 91 25+ 53D10*;5+=4*/,*=721+ 91 27 +5,*1979 B 27+ /5487+
<-1416-27/27+=4>,0*,7++5,*721++1,5/;*14011/=45=*1979912=5914B728*+850*18=5
12=45=*5=59141H*61+1412.467/591-/9*+,-4+5<-1740*,-27254172,585072$2=5914
+11/,74/71/-/64-=5B1/+-/*;128>+72051/-/+525*/9*;*9-5B+1:-/91,5/-/
,5/5,*8*1/05 <-1 0783*?/ +1 1/,74/7 91 072 87/147 <-1 /797 =-191 9*;*9*4$
*/ 1837465 12 05072*074*+85 7-/<-1 +1 5=5/1 7 27 9185,47,*7 @7 +-46*95 91/045 912
01441/5 91 27 41;52-,*./ 9185,4>4*,7$ 2 81,7/*+85 91 27 047/+*,*./ 91 -/5 7 5045 1+
91+,4*=05 1/ 1+05+ 0?48*/5+
-7/9525+*/9*;*9-5++1+*1/01/,797;1C8>+*/+16-45+,58541+-2079591-/7,4*+*+
1,5/.8*,759125+1+04765+91276-1447,-7/9525+,5/:2*,05+1/041,27+1+B64-=5++1
1H7,1437/BB7/5=-191/41+52;,4+1+*83.2*,781/0191/04591271+:147=52A0*,7,-7/95
12=5914=741,1@7314+1@-/9*9572/*;1291274172*979B/5+148>+<-1-/*/+04-81/05
ëï
=747 27 =4585,*./ 91 25+ */0141+1+ B 7=10*05+ 91 27 783*,*./ ;-2674 B 1/ -/7 =77347
7=741,11/27+5,*1979B,-7/95728*+850*18=527+5,*1979=741,11+074:47681/0797
1/05/,1+ ;185+ 12 91+7445225 91 27 :7/07+A7 912 -1325\/5 25+ ,58*1/C5+ 91 27
3E+<-197 91 0*/7 *91/0*979 +-+07/,*72 91 -/ ,-14=5 +5,*72 -/*95 1/ +- ,731C7 91 -/
=5914 1/,74/795 91 -/
+0795 2*341 91 9*;*+*./$T#
/1+01=-/05 25+ 21,0541+911+01 2*345=594A7/ ,581/C74 7=1/+74 <-11/1+07 E20*87
91+,4*=,*./ @7B 7265 <-1 41+-207 ;76781/01 :78*2*74$ 74*5+ 91 25+ 47+65+ 91 1+7
91+,4*=,*./ =594A7/ +14 7=2*,795+ 7 25+
85;*8*1/05+ =5=-2*+07+<-1 91+,4*3*85+ 1/ /-1+045 01H05 27 87B54A7 91 25+ ,-721+=54
+-=-1+05 /5 +5/ 1/ 25 8>+ 8A/*85 05072*074*5+
7,5/+04-,,*./91-/7,791/7911<-*;721/,*7+7=740*491-/79*+=14+*./919187/97+
:47681/0797+ B +- -/*:*,7,*./ 1/ 054/5 7 =5+*,*5/1+
<-1 5=147/ ,585
+*6/*:*,7/01+ ;7,A5+ /5 1+ 1/ +A 8*+87 05072*074*7 +*/5 27 ,5/9*,*./ 8*+87 91 27
,5/+04-,,*./91-/7;52-/079,521,0*;7<-11/8-,@5+,7+5+=-191+14=45:-/9781/01
9185,4>0*,7$ 2 @1,@5 91 <-1 726-/5+ 85;*8*1/05+ =5=-2*+07+ =-197/ +14 05072*074*5+ B
<-1=41+1/01/8-,@5+50595+25+47+65+<-191+,4*31 1:54007/7=45=*79781/011++*/
9-97,*1405=145121+=1,04591740*,-27,*5/1+=5+*321+1+8-,@58>+9*;14+59125<-127
+*8=215=5+*,*./05072*074*+859185,47,*7=741,1+-614*4$ 79*:*,-2079,5/127/>2*+*+<-1
@7,1 1:540 91 27 9185,47,*7 1+ <-1 +1 ,5/11/047 1H,2-+*;781/01 1/ 25+ 416A81/1+
9185,4>0*,5+2*314721+B/5=41+07-/7701/,*./791,-797727,5/+04-,,*./9125++-D105+
9185,4>0*,5+
$+050*1/1-/7+14*191,5/+1,-1/,*7+<-12*8*07/1272,7/,1
9127/>2*+*+$747974-/1D18=25122-674912=59141/27+9185,47,*7+1+0>=747 1:540
;7,A5$7478A27,-1+0*./+1=27/0179187/1479*:141/011+-/7,-1+0*./91=459-,,*./
91;7,-*9797=740*4912:-/,*5/78*1/0591272.6*,7@1618./*,7$ 7;7,-*9791+=7478A
-/0*=591*91/0*979/5-/7-3*,7,*./1+04-,0-472$
*12874,5+*83.2*,591-/7+5,*1979
1+ 25 <-1 +5+0*1/1 ,585 =*1/+7 1:540 IB1/1+01 =-/05 ,5*/,*95 ,5/ ?2I-/ 4?6*81/
910148*/795 12 2-674 912 =5914 /5 =-191 1+074 0507281/01 ;7,A5$ /,2-+5 27 8>+
9185,4>0*,7 91 27+ +5,*19791+ 01/94> 2A8*01+ +*83.2*,5+ =747 910148*/74 <-*?/ =-191
5,-=74 12 2-674 912 =5914$ /041 27 1/,74/7,*./ 05072 B 27 ;7,-*979 05072 1H*+01 -/7
64797,*./ 91 +*0-7,*5/1+ <-1 */;52-,47/ 1/,74/7,*5/1+ =74,*721+$ ?+07+ +5/
=41,*+781/01 27+ :5487+ <-1 0587/ 27+ =4>,0*,7+ @1618./*,7+$
542507/05K,.85=7+74911+01=-/0579*+,-0*48>+8*/-,*5+781/01274127,*./1/041
=5=-2*+85 B 9185,47,*7Y + 7<-A 95/91 <-*145 */0459-,*4 1/ 8* 746-81/05 726-/7+
9*+0*/,*5/1+ ,5/01/*97+ 1/ 12 04737D5 41,*1/01 91 @7/072 5-::1S 227 ,58*1/C7
41,5/5,*1/95+-91-97*/0121,0-72,5/27534791 1:540=145@7,10783*?/-/7+72;1979
,4-,*72 7 1+1 41,5/5,*8*1/05 <-1 91 @1,@5 ,783*7 12 01441/5 912 913701
/2-67491+*8=2181/01*91/0*:*,7427:548785914/791279185,47,*7,5/122-674;7,A5
912 =5914 <-*+*147 0783*?/ 91+07,74 27 9*+0*/,*./ 1/041 95+ 7+=1,05+ =54 -/ 2795 27
9185,47,*7 ,585:548791653*14/51+ 91,*4 12 =4*/,*=*591 +53147/A7 912 =-1325J=54
5045 2795 12 874,5 +*83.2*,5 91/045 912 ,-72 1+01 653*14/5 9185,4>0*,5 +1 1D14,1$ 7
/5;197991279185,47,*785914/725<-127@7,1=45=*781/0185914/71+<-1,5/12
79;1/*8*1/059127F41;52-,*./9185,4>0*,7G12;*1D5=4*/,*=*59185,4>0*,5+16./12,-72
F12=591491314A7+141D14,*95=5412=-1325G+-461/-1;781/01=1451+07;1C91/04591
-/87415+*83.2*,59795=54129*+,-4+52*31472,5/+-:-1401?/:7+*+1/12;72549127+
2*3140791+ */9*;*9-721+ B 25+ 9141,@5+ @-87/5+$
+A 8*1/047+ 1:540 +.25 =14,*31 27 ,-1+0*./ 91 27 9185,47,*7 ,585
2*6797 72 874,5 +*83.2*,5 2*31472 *91/0*:*,7/95 *8=2A,*0781/01 27 9185,47,*7 ,5/ 27
9185,47,*7 2*31472 5-::1 =14,*31 +.25 -/7 740*,-27,*./ ,5/0*/61/01 1/041 7837+
0479*,*5/1+54-/279501/185+270479*,*./2*31472,5/+0*0-*97=5412653*14/5912721B
27 91:1/+7 91 25+ 9141,@5+ @-87/5+ B 12 41+=105 7 27 2*314079 */9*;*9-72J =54 +* 5045 27
ëº
0479*,*./ 9185,4>0*,7 ,-B7+ *917+ =4*/,*=721+ +5/ 27+ 91 27 *6-72979 27 *91/0*979 1/041
65314/7/01+ B 65314/795+ B 27 +53147/A7 =5=-274$ 5 @7B -/7 4127,*./ /1,1+74*71/041
1+7+ 95+ 0479*,*5/1+ 9*:141/01+ +*/5 +.25 -/7 740*,-27,*./ @*+0.4*,7 ,5/0*/61/01$T
/7 ;1C <-1 27 740*,-27,*./ 1/041 2*31472*+85 B 9185,47,*7 1+ ,5/+*914797 ,585
814781/01 ,5/0*/61/01 +1 919-,1/ /1,1+74*781/01 95+ ,5/,2-+*5/1+ 53;*7+ RS 5047+
740*,-27,*5/1+,5/0*/61/01++5/0783*?/=5+*@21+=5425<-11H*+01/:5487+919185,47,*7
:-147912874,5+*83.2*,52*31472I12=453218791279185,47,*7;*+051/+-;14979147
-/*;14+72*979 +1 ,5/;*1401 1/ 12 91 27 =2-472*979 91 874,5+ <-1 @7,1/ =5+*321 27
181461/,*7912F=-1325GIJRS,5851+07181461/,*7912=-1325B7/51+8>+121:1,05
9*41,05 91 726E/ 874,5 910148*/795 27 ,-1+0*./ 91 27 ,5/+0*0-,*./ 91 -/7 +-3D10*;*979
=5=-274 +1 ,5/;*1401 1/ -/7 =7401 */016472 91 27 ,-1+0*./ 91 27 9185,47,*7 R?+01 1+ 12
7+=1,05<-1/5@7+*95058795+-:*,*1/0181/011/,-1/07=54 1:540S$/,545274*51+<-1
/5@7B/*/6E/4?6*81/=52A0*,5<-1+177-05441:141/,*72$59185+=54+-=-1+0578=2*74
27/5,*./91-/78704*C+*83.2*,7=747*/,2-*491/04591122727,5/+0*0-,*./9125++-D105+
+5,*721+B=52A0*,5+=1451/1+1,7+51+0785+91+9*3-D7/95,-72<-*149*;*+*./,27471/041
+0795 B +5,*1979 ,*;*2$ 2 91+9*3-D7 8*1/05 91 27 9*;*+*./ /5 +*6/*:*,7 +*/ 1837465
7/*<-*2742791-/85957-054*074*5I/50597=52*0*C7,*./9127+5,*1979,*;*21+1<-*;721/01
7 -/7 -/*:*,7,*./ 7-054*074*7I$ 7 ;*+*./ 91 478+,* 91 27 @16185/A7 =54 1D18=25
047+,*1/91 27 9*+0*/,*./ +0795+5,*1979 ,*;*2 =145 1+ +*/ 1837465 =45:-/9781/01
9185,4>0*,7 =54<-1 *8=2*,7 27 */0459-,,*./ 91 /-1;5+ +-D105+ ,521,0*;5+ 1/ 27 741/7
@*+0.4*,7$K .85,5/,13*4+*/18374651+07740*,-27,*./,5/0*/61/011/0412*31472*+85B
9185,47,*7Y 5-::1 1+ 8-B ,4A0*,7 91 27 91/58*/797 F9185,47,*7 912*31470*;7G 7,0-72
<-1*/01/07=41,*+781/0112*8*/7427/70-4721C7,5/0*/61/019127740*,-27,*./B,5/;140*427
1/ -/7 91 *8=2*,7,*./ /1,1+74*7 R7O2+ +1 */,2*/7 8>+ @7,*7 12 2795 912 2*31472*+85 B
731487+8>+@7,*71291279185,47,*7S$
*/183746525<-11+8>+41;127954=747
/-1+045+ =45=.+*05+ 1+ 12 */01/05 91 5-::1 91 1H=2*,74 <-? 91314A7 1/01/914+1 =54
740*,-27,*./,5/0*/61/01$
-=4*/,*=721+:-14C5=541+074*/0141+797:-/9781/07281/011/
27,-1+0*./91279185,47,*71/+5,*19791+958*/797+=54-/874,5+*83.2*,52*314721+
=45=5/1425<-1122791/58*/7-/859125765/A+0*,5919185,47,*7=1451/12=45,1+5
91+-:548-27,*./12277,2747-/78-20*=2*,*979917+=1,05+<-1+5/4121;7/01+=747-/7
0154A7 61/1472 91 27 9185,47,*7 B7 +17 2*31472 5 /5$
2=4*;*216*742747,*5/72*97907/0527=14+=1,0*;7912*31470*;7,585277641670*;791D7/91
2795-/12181/051+1/,*72<-11+12452,4-,*72<-1D-167/27+=7+*5/1+B25+7:1,05+1/
7+16-474 27 2172079 7 25+ ;72541+ 9185,4>0*,5+ $$$W$ 2 :47,7+5 91 27 7,0-72 0154A7
9185,4>0*,71/735497427,-1+0*./9127,*-9797/A71+,5/+1,-1/,*7912@1,@5915=1474
,5/-/7,5/,1=,*./912+-D105<-1=14,*31725+*/9*;*9-5+,5857/014*541+727+5,*1979
=54079541+919141,@5+/70-4721+<-1+5/53*1/761/01+87H*8*C79541+9127-0*2*9795
3*1/+-D105+47,*5/721+$/0595+25+,7+5++5/73+047A95+91+-+4127,*5/1++5,*721+B91
=591491+-21/6-7D191+-,-20-47B91059512,5/D-/0591=4>,0*,7+<-1@7,1/=5+*321
27 7,0-7,*./ +5,*72$ 5 <-1 +1 1H,2-B1 1/ 1+05+ 1/:5<-1+ 47,*5/72*+07+ 1+ 27 ,-1+0*./
8*+87 9, ,->21+ +5/ 27+ ,5/9*,*5/1+ 91 1H*+01/,*7 91 -/ +-D105 9185,4>0*,5$T
1+91 1+07 =14+=1,0*;7 5-::1 @7,1 ;74*7+ 41:141/,*7+ 7 X*0061/+01*/
7 27 ,411/,*7 ,5857/,2797 1/-/7:548791 ;*97 B 7 27/1,1+*979 91-/7:4*,,*./<-1
*8=2*,7 27 /1,1+*979 91 41/-/,*74 72 +-1L5 91 -/ ,5/+1/+5 47,*5/72$ 7+ =4*/,*=721+
,5/+1,-1/,*7+ 91 1+01 1/:5<-1 +5/ =54 -/ 2795 <-1 12 7/>2*+*+ 1+ 91+=27C795 91 27
1+04-,0-47 :54872 91 -/ 1+=7,*5 =52A0*,5\+*83.2*,5 @7,*7 -/ F8595 91 ;*97G 8>+ 78=2*5
95/9127+-3D10*;*979=52A0*,71+,5/+0*0-*97JB=541250452795<-1+-461-/7;*+*./9127
+-3D10*;*979 =52A0*,7 1/ 27 ,-72 -/7 =2-472*979 91 =4>,0*,7+ B 79@1+*5/1+ 7=7+*5/797+
1/047/1/-/,-79451/12<-12747,*5/72*979IB7+17*/9*;*9-7259*72.6*,7IB7/51+
-/,58=5/1/01958*/7/01$145,5/1+052216785+72=-/051/12<-11+07/5,*./9127
*91/0*979 9185,4>0*,7 1+ =4>,0*,781/01 */9*:141/,*7321 91 25 <-1 @185+ 91/58*/795
ëë
*91/0*979 =5=-274$ 595+ 25+ ,58=5/1/01+ 1+0>/ 722A 12 :47,7+5 91 -/ 5491/ =-4781/01
,5/,1=0-72=7471H=2*,7427-/*9799125+761/01++5,*721+J27/1,1+*97991740*,-274-/7
=2-472*979 91 =5+*,*5/1+ 5 9187/97+ 7 047;?+ 91 27 /58*/7,*./ 9795 <-1 /*/6-/7
47,*5/72*9797=4*54*221;771+7+9187/97+7-/*4+11/054/57-/,1/045JB12452=4*/,*=72
912 7:1,05 1/ 27 ,181/07,*./ 91 1+07 740*,-27,*./$ 7 ,5/+1,-1/,*7 1+ */1;*07321 27
,5/+04-,,*./91-/=-13251+27,5/9*,*./+*/1<-7/5/912:-/,*5/78*1/059185,4>0*,5$
*/ 27 =459-,,*./ 91 ;7,-*979 /5 @7B =-1325 /5 @7B =5=-2*+85 =145 078=5,5 @7B
9185,47,*7$
* 76416785+ 7 1+05 <-1 12 =-1325 ,585 @185+ ;*+05 /5 1+0>
1+1/,*7281/01 2*8*0795 7 /*/6-/7 8704*C +*83.2*,7 =740*,-274 @185+ 7374,795 1/ 0597+
+-+ 9*81/+*5/1+ 12 =4532187 912 =5=-2*+85 ,5/018=54>/15$
@547913185+=416-/074/5+7,14,79125+=-/05+1/25+,-721+/-1+0479*+,-+*./+5341
27 9185,47,*7 +1 1/27C7 ,5/ 27 912 =5=-2*+85$ 2 1D1 91 /-1+045 746-81/05 +5341
9185,47,*7@7+*95<-11+/1,1+74*5047/+:14*427/5,*./91;7,-*97991+91122-674912
=59141/-/4?6*81/9185,4>0*,5I,585=45=5/1 1:540I@7,*725+=45=*5++-D105+<-1
5,-=7/ 1+1 2-674$ 5 <-1 1+0785+ +-6*4*1/95 1+ 25 +*6-*1/01
41+-207*/+-:*,*1/01=27/017427,-1+0*./,585+*27;7,-*979+.25+*6/*:*,747277-+1/,*791
,-72<-*14910148*/7,*./1/122-674912=5914B<-17,7-+7911+077-+1/,*7,-72<-*14
:-14C7=740*,-274+*/91D7491+14=740*,-274=594A75,-=741+12-674$+5=594A7+14,*1405
+* 1+0-;*?4785+ 04707/95 814781/01 ,5/ 25+ 7+=1,05+ D-4A9*,5+ :548721+ 91 27
9185,47,*7=145,5853*1/+731 1:54027/5,*./91=52*01*7<-1?207/057=41,*7B727
<-1 +1 41:*141 +*6/*:*,7 0597 -/7 :5487 91 ;*97 =52A0*,7 91 27 ,58-/*979 91 27 ,-72 25+
7+=1,05+,5/+0*0-,*5/721+41=41+1/07/+.25-/7,4*+072*C7,*./:54872$+A+*+1,5/+*9147
27,-1+0*./9127=52*01*71/+-;1497914761/1472*979I<-1*8=2*,70783*?/27:5487,*./
91 -/7 +-3D10*;*979 ,585 =27/017 5-::1I 12 7/>2*+*+ 91 27 ;7,-*979 /5 =-191
=1487/1,14 1/ 12 /*;12 91 -/ 2-674 /5 7:1,0795 =54 7<-1225+ <-1 25 5,-=7/J 1
*/;14+781/0125+5,-=7/01+0783*?/9131/+147:1,0795+=5427/70-4721C79122-674<-1
5,-=7/$ 5/+*914185+27,-1+0*./91+9127+95+,747+911+074127,*./$/=4*8142-674
91+9127=5+*,*./9125+5,-=7/01+912=5914$
73185+<-11H*+01-/73*+85*/+72;7321
1/04127=740*,-274*9799125+64-=5+<-1*/01647/-/7,58-/*979I781/-951/,5/:2*,05
1/041 +AI B 27 ,58-/*979 ,585 -/ 0595 ,5/,13*97 ,585 -/7 05072*979 -/*;14+72$
+73185+0783*?/<-107273*+85+.25=-191+14819*795@1618./*,781/017047;?+91
-/7=740*,-274*979<-11/726E/=-/057+-812741=41+1/07,*./91-/705072*979<-11+
*/,5/81/+-47321 ,5/ 1227$ 145 =747 <-1 1+05 +17 =5+*321 27 :-14C7 @1618./*,7 9131
=41+1/074+-=45=*7=740*,-274*979,585271/,74/7,*./91-/7-/*;14+72*979;7,A7<-127
047+,*1/91$542507/05/51+12,7+591<-11H*+07-/7=740*,-274*979<-1+*8=2181/01
5,-=7 -/ 1+=7,*5 ;7,A5 +*/5 -/7 =740*,-274*979 <-1 =54<-1 @7 04*-/:795 1/ -/7 2-,@7
@1618./*,7 =747 ,5/;140*4+1 1/12 +*6/*:*,7/01 ;7,A5 91 27 ,58-/*979 0*1/1 -/9141,@5
216A0*8575,-=741+12-674$ 7;7,-*979/51++.25-/97059129141,@5,5/+0*0-,*5/721+
-/7,5/+04-,,*./=52A0*,7$ 5/+*914185+7@54727,-1+0*./91+91125045279591+9112912
2-674912;7,A5$ 7;7,-*9791/25<-1722-674+141:*141/5+*6/*:*,7+*8=2181/01;7,A1
1/ +- +1/0*95 2*01472J =54 12 ,5/0474*5 @7B ;7,-*979 =54<-1 1227 7=-/07 7 27 =21/*0-9
7-+1/01 91 27 ,58-/*979$ 7,-*979 B =21/*0-9 +5/ 91 @1,@5 +*/./*85+$ 145 1+7
=21/*0-9;7,-*979+.25=-1911H*+0*41/,74/7971/-/7:-14C7@1618./*,7$+05+*6/*:*,7
<-127;7,-*979,*4,-271/041122-674B+-+5,-=7/01+<-1+1,5/078*/7/1/041+A$+05
+*6/*:*,7 <-1 27 2.6*,7 91 25+ 95+ ,-14=5+ 912 41B /5 @7 91+7=741,*95 1/ 27 +5,*1979
9185,4>0*,7$
*8=2181/01/51+,*1405<-127;7,-*979=-47@7B74118=27%79572,-14=5
*/85407291241B$+01,-14=5*/8540721+1/,74/795=5427:-14C7@1618./*,7$ 5<-1@7
,783*7951/279185,47,*71/,58=747,*./,5/25+/,*1/+?6*81+1+<-11/?+05+27
1/,74/7,*./ 01/A7 2-674 1/ -/ +525 ,-,4=5 8*1/047+ <-1 1/ 27 7,0-72*979 047/+8*647 7
047;?+91 -/7 ;74*1979 91 ,-14=5+$ 145 27 2.6*,7 91 27 1/,74/7,*./ ,5/0*/E75=147/95
37D5 ,5/9*,*5/1+ 9185,4>0*,7+ B 1/ ,*1407+ ,*4,-/+07/,*7+ =-191 79<-*4*4 -/7
c
,5/+*91473211+073*2*979$1/+185+1/-/:1/.81/5,5851267-22*+85$
1=-19191,*4
<-1-/59125+9?:*,*0@1618./*,5+:-/97\81/0721+9127 -74071=E32*,747/,1+7:-1
+- */,7=7,*979 =747 =45;114 +A83525+ 41270*;781/01 1+07321+ =747 1/,74/74 12 2-674
;7,A5$
*/1837465 1/ 1+01 =-/05913185+ 7;7/C74-/ =7+5 8>+1/ /-1+045 746-81/05$ 5+
+*6/*:*,7/01+ ;7,A5+ +.25 =-191/ 91+18=1L74 +-
452 +* +*6/*:*,7/ -/7 ,791/7 91 1<-*;721/,*7+ B +.25 +*25 @7,1/
0*0-B1/-/F=-1325G$/5047+=727347+279185,47,*7+.25=-191:-/974+11/271H*+01/,*7
91 -/ +-D105 9185,4>0*,5 ,-B7 181461/,*7 91=1/91 91 27 740*,-27,*./ ;140*,72 1/041
91897+ 1<-*;721/,*721+$ / ,5/D-/05 91 9187/97+ 1<-*;721/,*721+ 740*,-2797+ =54 -/
+*6/*:*,7/01;7,A51+25<-1,5/+0*0-B1-/F=-1325G$542507/0527=5+*3*2*9798*+879127
9185,47,*7 91=1/91 91 27 ,5/+0*0-,*./ 91 -/ F=-1325G 9185,4>0*,5$ 783*?/ +73185+
<-1 +* ;7 7 @7314 -/7 740*,-27,*./] ,583*/7,*./ 1/041 9185,47,*7 B 2*31472*+85 9131/
,583*/74+195+0*=5+919187/97+9*:141/01+$ 7,583*/7,*./+*/1837465=-19101/14
2-6749195+:5487+9*+0*/07+53*1/-/0*=5919187/97+I122*31472*+85=541D18=25
,5/ +- 91:1/+791 25+9141,@5+@-87/5+ 27+ 2*3140791+ ,*;*21+10,?0147I=1401/1,1 72
874,5+*83.2*,591-/4?6*81/1/12+1/0*9591<-1+5/=740191-/+*+01879141627+
7,1=0797+ =54 0595+ 25+ =740*,*=7/01+ 912 D-165 =52A0*,5 5 3*1/ +5/ ;72541+ /16795+ 1/
,-B5 ,7+5 +5/ =7401 91 27 ,791/7 1<-*;721/,*7 B =54 25 07/05 =7401 912 F=-1325G$ /
8?4*,7 70*/7 9-47/01 25+ 7L5+ +101/07 B 5,@1/07 =54 1D18=25 27 91:1/+7 91 25+
9141,@5+@-87/5+:548.=74019127+9187/97+
B=542507/05=74019127
*91/0*979=5=-274$+-/14454=1/+74<-1270479*,*./9185,4>0*,7,5/+-91:1/+79127
+53147/A7 912 F=-1325G 1H,2-B1 ,585 ,-1+0*./ 91 =4*/,*=*5 27+ 9187/97+ 2*314721+$ +5
+.25=594A7+*6/*:*,74<-127*91/0*979912a[=-1325G1+0>91:*/*0*;781/01:*D797$
*=5412
,5/0474*5 27 *91/0*979912=-1325 +.25 +1 1+07321,1 7 047;?+91 ,791/7+1<-*;721/,*721+
,783*7/01+ /5 @7B 47C./ =747 =1/+74 <-1 -/ =5=-2*+85 <-1 */,2-B1 25+ 9141,@5+
@-87/5+ ,585-/591 +-+ ,58=5/1/01+ 1+1H,2-*957 =4*54*$/726-/5+ 8581/05+ I
,5855,-441:41,-1/0181/011/277,0-72*9791/271+,1/7*/014/7,*5/72I2791:1/+791
25+ 9141,@5+ @-87/5+ B 91 27+ 2*3140791+ ,*;*21+ =-191 ,5/;140*4+1 1/ 27+ 9187/97+

8>+ 7=418*7/01+$ 145 27+ 9187/97+
0783*?/ =-191/
,4*+072*C74 1/ ,5/:*6-47,*5/1+ 0507281/01 9*:141/01+ ,585 /5+ 8-1+047 12 7/>2*+*+ 912
05072*074*+85 91 1:540$ + +5341 1+07 ;74*1979 1/ 27 ,5/+0*0-,*./ 91 27+ *91/0*9791+

95/91913185+,5/,1/04747@547/-1+047701/,*./$

7/5,*./91+74452279791=5=-2*+85727<-1@185+744*3795/5+-=5/127910148*/7,*./
91-/,5/,1=054A6*9572,-72=594A785+7+*6/74*/1<-A;5,781/01,*1405+53D105++*/512
1+07321,*8*1/05 91 -/ >417 91 ;74*7,*5/1+ 91/045 91 27 ,-72 =594A7 */+,4*3*4+1 -/7
=2-472*97991:1/.81/5+$+07*/+,4*=,*.//591314A7=45,1914+*/18374651/0?48*/5+
91,58=747,*5/1+507H5/58A7+=-4781/011H014/7++*/5819*7/0127910148*/7,*./91
27+ 41627+ */014/7+ <-1 @7,1/ */012*6*321+ 1+7+ ;74*7,*5/1+$ / 1+01 ,7=A0-25 ;785+ 7
7354974 27+ ;74*7,*5/1+ ,585 01/91/,*7 1+ 91,*4 +*0-7/95 :1/.81/5+ 7=741/0181/01
9*+=14+5+ 91/045 91 -/ ,5/0*/--8 <-1@7,1 =5+*321 -/7 ,58=747,*./ 1/0411*25+$ / 12
=4.H*85 ,7=A0-25 ;785+ 7795=074 -/ 1/\:5<-18>+ 8*,457/72A0*,5 ;785+7 05874 041+
8581/05+@*+0.4*,5+1/27,5/+04-,,*./912F=-1325GB85+04741/1225+12:-/,*5/78*1/05
,58=2105 91 726-/7+ 91 27+ 2.6*,7+ <-1 @185+ 7/72*C795 01.4*,781/01 1/ 25+ ,7=A0-25+
7/014*541+$ */7281/01 ;785+ 7 0148*/74 1* ,7=A0-25 & ,5/ -/7 +14*1 91 +-6141/,*7+
@1-4A+0*,7+4127,*5/797+,5/*5+:*/1+<-191314A7=14+16-*4-/71H=2547,*./18=A4*,791
cc
25+=5=-2*+85+F417281/011H*+01/01+,585-/75=5+*,*./727+2.6*,7+,5/+0*0-,*5/72*+07+
<-1 5=147/ 1/ 27+ 9185,47,*7+ ,5/018=54>/17+$
-412 =14,*31 72 =5=-2*+85 ,585 -/
:1/.81/5 8>+ 783*6-5 1/ +-+ 4127,*5/1+ ,5/ 12 5491/ */+0*0-,*5/72 585 7:*487 72
41+-8*4+-01+*+I91+7445227971/-/2*3451+,4*05,5/$?/B72<-1/5+@185+41:14*95
7/01+I +5341 12 =5=-2*+85
RS 12 F=-1325G 1+ 12 +53147/5 912 4?6*81/ =52A0*,5 B 12 E/*,5 41:141/01 216A0*85 =747
*/014=41074 27+ 9*/>8*,7+ +5,*721+ 1,5/.8*,7+ B ,-20-4721+J RS 27+ ,-01+ 91 =5914
1+=1,*7281/0127+=52A0*,7+@7/047*,*5/79572F=-1325G72/5,-8=2*4B727+:-/,*5/1+=747
27+ ,-721+ :-145/ 91+*6/797+J R#S 1+ /1,1+74*5 41+07-474 27 =4*87,A7 912 F=-1325G <-1
=-191 ,5/9-,*4 7 -/7 ;7254*C7,*./ 91 -/7 ?=5,7 7/014*54 ,747,014*C797 =54 +-
41,5/5,*8*1/05$ +01 1+ 12 /E,215 9-45 912 =5=-2*+85 1/01/9*95 ,585 1+<-187
*9152.6*,5 B ,5/+0*0-B1 -/ ,5/D-/05 91 41,-4+5+ 9*+,-4+*;5+ 9*+18*/795+ 91/045 91 25+
416A81/1+ 9185,4>0*,5+$
542507/0512=5=-2*+851/-/+1/0*95+*8*27472<-1@185+91+,4*=051/1+012*345/51+
-/7,5/+0127,*./:*D7+*/5-/7+14*19141,-4+5+9*+,-4+*;5+<-1=-191/+14-0*2*C795+91
8595+ 8-B 9*:141/01+ R25 <-1 +1 7+181D7 7 /-1+047 /5,*./ 91 +*6/*:*,7/01+ :2507/01+S$
-412 7:*487
5/047 27 *917 +16E/ 27 ,-72 12 =5=-2*+85 41=41+1/074A7 -/7 01/91/,*7 41270*;781/01
1+07321B,5@141/010A=*,79127/-1;79141,@7479*,72<-14185+91:1/91427*91791<-1
1+ 81/5+ -/7 :78*2*7 =52A0*,7 <-1 -/7 9*81/+*./ 912 416*+045 9*+,-4+*;5 B /54870*;5
795=0795 =54 25+ 7,0541+ =52A0*,5+$ + =54 25 07/05 -/7 41+14;7 72 72,7/,1 91 27 87/5
9*+=5/*321 =747 -/7 =2-472*979 91 7,0541+ 91 -/7 87/147 8>+ 5 81/5+ +*+018>0*,7$T
5*/,*95 ,5/ 0595 1/ 1+01 7/>2*+*+ I9141,@5 ,5/+*9145 <-1 27 /5,*./ 91 <-1 12
=5=-2*+85 1+12 12181/05 9185,4>0*,5 1/ 25+ +*+0187+ 41=41+1/070*;5+ ,5/018=54>/15+
1+ -/7 91 27+ *917+ 8>+ 54*6*/721+ B 7,140797+ 912 04737D5 91 ?/B B
-412 <-1 1225+
7,1=07/=74727,*4,-27,*./9125+41,-4+5+9*+=5/*321+=74727,5/+04-,,*./=5=-2*+07IB
=542507/05=7477<-1225<-1=-191+14,747,014*C795,585F=5=-2*+07GI+5/+16E/8*
=-/05 91 ;*+07 8-B 1+041,@5+$
-412 +*/ 9-97 7,*1407 72 ,4*0*,74 25+ 1/:5<-1+ <-1 72
7:*4874-/71H014*54*97905072912=5=-2*+8541+=1,05912+*+0187=52A0*,5257+*8*27/727
1H04187 9141,@7 R7-/<-1 25 8*+85 =594A7 +14 7=2*,795 7 27 1H04187 *C<-*1497S$ M2
,5*/,*91 1/ ,783*5 ,5/ 12 859125 =45=-1+05 =54 /9417+
,@19214" +16E/ 12 ,-72
@734A7RS=740*95+9185,4>0*,5+1/1=591491:*/*95+=54+-7=5B57<-*1/1+1D14,1/
:-/,*5/1+ 91 653*14/5J RS -/7 5=5+*,*./ 9185,4>0*,7 */01/07/95 058741 =5914 91/045
912874,5*/+0*0-,*5/721H*+01/01JR#S=740*95+7/0**/+0*0-,*5/721+<-141,@7C7/12+*+0187
1H*+01/019141627+9185,4>0*,7+$1+05
,@19214764167IB
-412,5*/,*91,5/?2I27
+*0-7,*./ 783*6-7 91 25+ 85;*8*1/05+ =5=-2*+07+ 1H*+01/ 1/ 25+ 8>461/1+ 91 25+
416A81/1+ */+0*0-,*5/721+ 5+,*27/95 1/041 27 91/-/,*7 91 25+ +*+0187+ ,585 0721+ 5
2*8*07/952791/-/,*7+.2577<-1225+<-15,-=7/25+1+=7,*5+91=5914$2=4532187,5/
1+018591251+<-197=54+1/0795<-11H*+01-/+*+01879141627+3*1/1+07321,*951/
05958581/05$1+918*=14+=1,0*;71+01=27/015/505871/,-1/07+-:*,*1/0181/0127
95321:7C912=5=-2*+85727,-72/5+41:14*85+1//-1+0479*+,-+*./01.4*,77+7314<-1
12 =5=-2*+85 +1 =41+1/07 7 +A 8*+85 ,585 +-3;14+*;5 912 1+0795 91 ,5+7+ 1H*+01/01 B
0783*?/ ,585 12 =-/05 91 =740*97 91 -/7 41,5/+04-,,*./ 8>+ 5 81/5+ 479*,72 91 -/
/-1;55491/-/7;1C<-1127/014*54+1@7913*2*0795$ +*+0187*/+0*0-,*5/72913141+074
R/-1;781/01 8>+ 5 81/5+S :47,0-4795 =747 <-1 27 ,5/;5,7054*7 =5=-2*+07 41+-201
1:1,0*;7$/-/7+*0-7,*./91050721+073*2*979*/+0*0-,*5/72RBF05072G91+*6/7=54+-=-1+05
-/7+*0-7,*./=-4781/01*9172S27E/*,75=5+*,*./=5+*32171+1+*+01875=1474A791+91
-/1H014*54=-45I1+051+91+1,0541+=-4781/018746*/721+1*/1:*,7,1+I$+051+7+A
=54<-1,585@185+;*+0512=5=-2*+85/-/,7+-46191-/71H014*54*97905072B7;7/C7
91 072 8595
<-1 27 +*0-7,*./ 7/014*54 +1 9*+-12;1 1/ 054/5 7 ?2 +*/5 <-1 5=147 819*7/01 27
c`
41740*,-27,*./919187/97+:47681/0797+B9*+25,797+1/054/57-//-1;5/E,215$5425
07/05,*14056479591,4*+*+91277/0*6-71+04-,0-471+/1,1+74*7,585=41,5/9*,*./912
=5=-2*+85 B7 <-1 ,585 @185+ ;*+05 27+ *91/0*9791+
41<-*141/ ,791/7+
1<-*;721/,*721+919187/97+*/+70*+:1,@7+$
*/27=45:-/9791=41+*./91,58*1/C5+9127
9?,79791# *0214@-3*147=1487/1,*95,585-/,731,*2278746*/72;5,*:147/01$
*/
27,4*+*+9127 -74071=E32*,7,58541+-2079591276-1447914612*727,5/;5,7054*791
1 7-221 @-3*147 +*95 07/ 91+701/9*97 ,585 1/ $ +*/ 27 145+*./ =45641+*;7 912
+*+0187 52*6>4<-*,5 1/ 27 461/0*/7 91 27 9?,797 91 # 12 +-46*8*1/05 91 14./
@-3*147 +*95 *8=1/+7321$
*1+051+7+A8>+<-1-/85;*8*1/05=5=-2*+07,5/-/=*191/045B5045:-147912+*+0187
*/+0*0-,*5/72 01/94A785+ -/7 +*0-7,*./ ;74*7321 ,-B7+ =4*/,*=721+ =5+*3*2*9791+ +5/ 27+
+*6-*1/01+ RS -/ +*+0187 */+0*0-,*5/72 1/ 647/ 819*97 7-051+04-,0-4795 <-1 412167
,-72<-*14 91+7:A5 7/0**/+0*0-,*5/72 7 -/7 +*0-7,*./ 8746*/72 I1+ 91,*4 27 ,7=7,*979 91
1+01 E20*85 91 ,5/+0*0-*4 ,791/7+ 1<-*;721/,*721+ 1+ 8A/*87 R1+05 ,5441+=5/914A7 7 27+
95+ =4*8147+ +*0-7,*5/1+ 91/045 912 859125 91
,@19214SIJ RS -/ +*+0187 81/5+
1+04-,0-4795 B <-1 41<-*141 726E/ 0*=5 91 41,58=5+*,*./ =14*.9*,7 I7<-A +-461 27
=5+*3*2*979 912 =5=-2*+85 1/ 12 +1/0*95 91
,@19214 B
-412 12 +*+0187 =-191 +14
91+7:*795 =145 ,585 +- ,7=7,*979 91 7-051+04-,0-47,*./ 7E/ 1+ ,5/+*9147321 27+
:-14C7+ =5=-2*+07+ 9131/ 5=1474 72 8*+85 0*18=5 ,585 */+*914+B 5-0+*914+IJ R#S -/
+*+0187 <-1@7 1/04795 1/-/ =14A595 91 F,4*+*+ 546>/*,7G 1/12 +1/0*95 6478+,*7/5J1/
1+01,7+5 27+:-14C7+<-1 2591+7:A7/9131/@7,14 7265 8>+<-1 ,58=4581014+1 1/ 27
+*0-7,*./783*6-791+-3;140*412+*+0187B728*+850*18=5+14*/0164797+7?29131/
41,5/+04-*4 27 /7,*./ 1/ 054/5 7 -/ /-1;5 /E,215 =5=-2*+07J 7<-A 27 07417 91
41,5/+04-,,*./=41;721,1+53412791+-3;14+*./$ 585=59185+;141285;*8*1/059127
+16-/97 7 27 014,147 =5+*3*2*979 1+ -/7 ,-1+0*./ 91 64795 5 91 ;74*7+ 72014/70*;7+
@*+0.4*,7+ <-1 +-461/ 91/045 91 -/ ,5/0*/--8 01.4*,5$ * E/*,5 91+7,-1495 ,5/ 12
1/:5<-191
-4121+<-1722*8*0741*=5=-2*+85727014,1475=,*./91/04591285912591
,@19214 25 @7 41+04*/6*95 9187+*795 7 25 <-1 1+ =5+*321 1/ 27 7,0-72*979 91/045 912
@54*C5/0191-45=7,,*91/072$51/,783*5<-*145*/+,4*3*412=5=-2*+8591/04591-/
+*+0187 8>+ 78=2*5 91 72014/70*;7+$
7477,274741+01+*+01879172014/70*;7+7/72*C74185+726-/5+1D,8=25+$2=4*81451+12
35-27/6*+85$ 747 1/01/914 12 +-46*8*1/05 =52A0*,5 912 61/1472 5-27/614 913185+
41,54974 27 +*0-7,*./ 91 47/,*7 1/ 27 9?,797 91 &&$ 52A0*,781/01 27 1=E32*,7 I
1+07321,*971/647/819*97,58541+-207959125+91+7,-1495+*/014/5+1/04127+:-14C7+
85/>4<-*,7+I 1+0737 21D5+ 91 1+074 ,5/+52*9797$ /7 =2-472*979 91 64-=5+ *9152.6*,5+
9*:141/01+I07/0591279141,@7,5859127*C<-*1497I/51+0737/417281/01*/0164795+
91/045 912 +*+0187 =742781/074*5 B +5L737/ ,5/ :.48-27+ ,5/+0*0-,*5/721+ 72014/70*;7+$
,5/.8*,781/01 47/,*7 7918>+ 912 ,5/D-/05 91 9*+25,7,*5/1+ ;*/,-2797+ ,5/ 27
047/+*,*./ 7 -/7 +5,*1979 */9-+04*72 1H=14*81/0737 91+91 &%# 25+ 1:1,05+ 91 27 ,4*+*+
8-/9*72725<-191317641674+112,47,Q:*/7/,*14591&&B27+-,1+*./911+,>/9725+
:*/7/,*145+1+=1,*7281/0112,7+5X*2+5/<-191+7,419*0745/72653*14/541=-32*,7/5$
1+05+191314A77641674127205/*;129191+18=215B2791+5467/*C7,*./91285;*8*1/05
534145 91+=-?+ 91 27 41=41+*./ =5+014*54 7 27 58-/7 <-1 91D. 7 25+ 04737D79541+
1H=-1+05+ 7 -/7 ;74*1979 91 */:2-1/,*7+ =52A0*,7+$ / 1+07+ ,5/9*,*5/1+ 12 +*+0187
=52A0*,5 147 ,274781/01 ;-2/147321 7 ,-72<-*14 0*=5 91 */*,*70*;7 1H047=742781/074*7$
K-*?/1471261/14725-27/614Y501/185+1+=7,*5=747/74474121=*+59*5,58=2105
91+-:-26-47/01+-46*8*1/05B,7A97I01/*1/951/,-1/07/-1+045+53D10*;5+IB=145/5+
;785+741:14*47281/5+725+@1,@5+=4*/,*=721+$5-27/614147-/5:*,*7234*227/01,5/
-/7,274754*1/07,*./41=-32*,7/7R7-/<-1+-41=-32*,7/*+8514772655=540-/*+07B7<-1
7/01+@73A7+*9535/7=740*+07B54217/*+07S$
1,5/;*40*.1/8*/*+04591-14471/&&B
07/05 +-+ 41:5487+ 1/ +* 1D?4,*05
c=
[>7+1 -B 14814 $1+=5=-2*+81+ 97/+ 21 85/91$ /1 @*+05*41 +5,*5256*<-1
H2H1HH1+*21+74A+7B749=$&\95/91+191:*1/91-/701+*++*8*274727
/-1+047$,585+-*8761/41=-32*,7/7=45/05150546745/-/7*/81/+7=5=-274*979$+05
E20*85 =415,-=. 72 653*14/5 <-1 25 532*6. 7 41/-/,*74 B 25 1/;*. :-147 91 74A+ 7
21485/0\1447/9 7 =1+74 91 27+ =4501+07+ =E32*,7+$ 1+=-?+ 1/ &&& +1 25 =7+. 7
410*45$ +05 25 91D. 2*341 =747 */014;1/*4 73*140781/01 1/ =52A0*,7$ 30-;5 -/7 +14*1 91
;*,054*7+121,054721+7=27+07/01+<-1,-28*/745/12%911/14591&&,-7/952-16591
-/ 450-/95 04*-/:5 121,05472 27 8-20*0-9 914/7/9. <-1 874,@747 72 2B+?1 B 058747 12
=5914 I7265 <-1 3*1/ =594A7 @7314 @1,@5 B7 <-1 01/A7 1* 7=5B5 91 -/ ,5/+*9147321
+1,0549121D?4,*05B9127=52*,A7I$
*/18374655-27/6149-9.B:*/7281/01737/95/.
12*/01/05$M+1:-112=-/051/+-,744147<-191,*9*.+-+-1401$2653*14/5047/<-*2*C795
058. -/7 +14*1 91 819*97+ <-1 2*8*0745/ +-+ =5+*3*2*9791+ B ,-28*/745/ 1/ 221;7425 7
D-*,*5$+,7=.74-+127+B;*7D.95+7L5+1/041?26*,7B 5/941+7/01+91+-*,*974+11/
&$ 7B-/7+14*1917+=1,05+1/121=*+59*5915-27/614<-1+5/*8=5407/01+=747
/-1+045+=45=.+*05+01.4*,5+$/=4*8142-67427@1014561/1*979B8746*/72*97941+=1,05
912 +*+0187 1+07321,*95 91 27+ :-14C7+ <-1 25 7=5B737/$
M2 9*+:4-0737 V$$$W 91 27 ,5/:*7/C7 91 25+ 8>+ 9*;14+5+ +1,0541+ =52A0*,5+ 07/05 91 27
9141,@7 ,585 91 27 *C<-*1497 V$$ 5-27/614 762-0*/737 $$$W 1/ 054/5 +-B5 7 0595+ 25+
918.,4707+ 91,1=,*5/795+ V$ *44*0795+ =54 27 */1+073*2*979 8*/*+014*72 91 27 14,147
1=E32*,7 :47/,1+7 B =740*974*5+ 91 -/ +0795 :-1401 7-/<-1 37+795 1/ 12 +-:476*5
-/*;14+72 7 25+ 35/7=740*+07+ /5+0>26*,5+ 912 =5914 *8=14*72 91 7=521./ 7 25+
85/>4<-*,5+85914795+;*/,-2795+72747879*/>+0*,79125+421>/+41=41+1/0797=54
12,5/919174A++*/52;*97427+8E20*=21+,544*1/01+91*C<-*1497<-1*/,2-A7/91+9125
<-1<-19.91285;*8*1/059127 58-/7@7+07-/7:47,,*./9125+479*,721+$M+1:-112
,7+5=54 1D18=2591 27 ,544*1/01 41=41+1/0797=54 12=14*.9*,5 7 ?85,470*1 K- *9*
<-19187/9737-/79185,47,*79*41,07,7=7C9172,7/C74-/653*14/5F;1497914781/01
41=41+1/070*;5G<-191/-/,*73727,544-=,*./9124?6*81/=742781/074*5B<-11+=14737
F726E/ 7,05 ;*4*2 91 =7401 91 -/ D1:1G$ / +16-/95 2-674 12 7=5B5 7 5-27/614 +1
,5/,1/04737=4*/,*=7281/011/25+,1/045+-437/5+$79*:141/,*7912917=521./ <-1
,5/0737,5/-/7+.2*9737+1,78=1+*/7$1/0459125+,1/045+-437/5+127=5B5+5,*72
915-27/61401/A7-/:-1401,58=5/1/01=4521074*5=14591@1,@57047;1+7372787B54A7
91 25+ +1,0541+ +5,*721+
F
*/ 1837465 1+07 =41+1/,*7 +-+07/,*72 91 -/ 12181/05 =4521074*5 /5 *8=19A7 <-1 +-+
+16-*9541++1,747,014*C747/=5412@1,@591<-1B1/958>+722>9105958*2*1-+5,*72
:-147/ 41,2-0795+ *6-7281/01 912 ,5/D-/05 91 27+ ,27+1+ 819*7+ 1 */,2-+5 7207+ 91 27+
,*-9791+G$" / 014,14 2-674 27 *917 91 -/7 */014;1/,*./ 1H047=742781/074*7 147 07/
7047,0*;7 =747 27 *C<-*1497 479*,72 I<-1 =14,*3A7 1/ 1227 -/7 87/147 91 256474 27
,583*/7,*./ 91 -/ +0795 :-1401 B -/7 9185,47,*7 9*41,07I ,585 =747 27 9141,@7 I
=747 27 ,-72 147 12 ,78*/5 @7,*7 -/ /7,*5/72*+85 ,5/+14;7954 B 8*2*074*+07I$ / ,-7405
2-67425E/*,5<-187/01/A7-/*97+70597+1+07+:-14C7+@101456?/17+1472791;5,*./
,58E/ 7 5-27/614 B +- *//167321 ,74*+87$ 7 =4-137 91 1225 1+ <-1 ,-7/95 ?2
91+7=741,*. 91 27 1+,1/7 =52A0*,7 27 ,572*,*./ 91 +-+ +16-*9541+ =45/05 +1 91+*/0164.$
M+1 :-1 12 7/0*,2A87H <-1 ,5/9-D5 7 27 ,5/+52*97,*./ 91 27 14,147 1=E32*,7$
@547 +* ,5/+*914785+ 1+05+ ,-7045 47+65+ =52A0*,5\*9152.6*,5+ */819*70781/01 ;185+
<-1 1225+ 41=459-,1/ ,7+* =-/05 =54 =-/05 27+ 9*81/+*5/1+ 91:*/*054*7+ 912 =5=-2*+85
1+07321,*97+1/27=740101.4*,7911+012*345$/=4*8142-674@7B-/,5/D-/0591:-14C7+
B 9187/97+ @101456?/17+ <-1 /5 =-191/ +14 */0164797+ 546>/*,781/01 91/045 912
+*+0187 9*:141/,*72*/+0*0-,*5/72 1H*+01/01$ / +16-/95 2-674 ,585 25+ ;A/,-25+ 1/041
1+07+ 9187/97+ /5 +5/ 9*:141/,*721+ +.25 =-191/ +14 1<-*;721/,*721+J @7B -/ 7*41 91
:78*2*7 1/041 1227+ =54<-1 0597+ 0*1/1/ 12 8*+85 1/18*65 12 +*+0187 =742781/074*5
,544-=05 1H*+01/01$ / 014,14 2-674 1+07 ,791/7 91 1<-*;721/,*7+ 72,7/C7 +- =-/05 91
cj
,4*+072*C7,*./ +.25 1/ 054/5 7 27 :*6-47 91 5-27/614 <-1 :-/,*5/7 ,585 -/ +*6/*:*,7/01
;7,A5$/,-74052-674,5/12:*/9191+18=1L741+01452F5-27/614G9131+14419-,*957
+- /58341 B 7 5045+ =5,5+ +*6/*:*,7/01+ ,5/,58*07/01+ *6-7281/01 *8=41,*+5+S$ +05
8-1+0471/7,,*./504791/-1+047+01+*+2727,7/*7/7+16E/27,-7212/583411+2737+1
9127-/*97991253D105$/<-*/052-674,5/1*:*/91<-112/5834191+18=1L11+01452
91311+074:-140181/01*/;1+0*951+91,*49131+14-/53D1057R9131,5/+0*0-*4-/+-D105
@1618./*,5 54 25 07/05 12 452 912 7:1,05 1+ 1+1/,*72$
52;785+ 7/-1+045 7/>2*+*+ =41;*5/5@7B 9-97 91<-1 ,* 1H=14*81/05 35-27/6*+07:-1
=5=-2*+07J +*/ 1837465 27 72014/70*;7 <-1
-412 91+,4*31 1/ 4127,*./ ,5/ 142-+,5/* /5
1+0737 73*1407 7 5-27/614 1+ 91,*4 1+074 1/041 12 5491/ */+0*0-,*5/72 B 12 21/6-7D1
=5=-2*+07B-0*2*C7471+01E20*85,585@14478*1/07=52A0*,7$M2:-118=-D795,797;1C8>+
:-147912772014/70*;7*/+0*0-,*5/72=5425<-1+-E/*,7=5+*3*2*97991+16-*479127/01:-1
,5/;140*4+1 1/ 12 ,5/+04-,054 91 -/ /-1;5 5491/J /5 =59A7 +*8=2181/01 D-674 7 +14 -/
+-3;14+*;5$+05 +*6/*:*,737 1/ +- ,7+5 05874 12 2B+?1$
*/ 1837465 /5 +17041;*.7
9741+01=7+5B+-*/91,*+*./25,5/9-D57+-,7A97$
.25=59185+1+=1,-274+5341,->2
=594A7@7314+*95125491/*/+0*0-,*5/7241+-207/0191-/652=11H*05+5915-27/614=145
72651++16-45125491/<-1@-3*147*8=2181/0795/5=594A7@7314+70*+:1,@570597+27+
:-14C7+ @101456?/17+ <-1 ,58=5/A7/ +- ,572*,*./$ 5+ +*6/*:*,7/01+ ;7,A5+ /5 =594A7/
@7314 =1487/1,*95 ,58=210781/01 ,585 0721+ @-3*147/ 01/*95 <-1 +14 7+5,*795+ 7
,5/01/*95+ 8>+ =41,*+5+7:*/91 ,5/+04-*4 -/ /-1;5 5491/9*:141/,*72*/+0*0-,*5/72$ 145
7-/<-1 1+07 047/+*,*./ /5 */0144-8=1 12 D-165@1618./*,5 I-/ 4?6*81/ <-1 +1 ;-12;1
*8=5=-2748>+722>91,*1405=-/050*1/1+-+9A7+,5/0795+I1+*/:*/*0781/018>+:>,*2
0587491,*+*5/1+,-7/95-/51+0>1/12=5914<-1,-7/95-/51+0>814781/0104707/95
91 72,7/C7425$
/ 12 ,7+5 91 5-27/614 +*/ 1837465 12 =-/05 91 ,5/91/+7,*./ 91 27 ,791/7
1<-*;721/,*7 I12 +*6/*:*,7/01 ;7,A5I 147 9187+*795 9?3*2$ 597 27 1H=14*1/,*7
35-27/6*+07 :-1 8-B 341;1 B ,5B-/0-472 B /5 @-35 +-:*,*1/01 0*18=5 =747 <-1 12
+*6/*:*,7/01 F5-27/614G +*6/*:*,747 8-,@5 8>+ <-1 25+ 7/05D5+ =14+5/721+ 912 61/1472$
7+185+1/05/,1+7-/,7+51/12,-7212*/01/0591,417412=-/05917/,27D191-/7
,791/7 1<-*;721/,*7 1+0-;5 4127,*5/795 ,5/ -/7 1H=14*1/,*7 =52A0*,7 8>+ =45:-/97 B
1H01/+7$ 52;785+ 72 +*+0187 91 72014/70*;7+ =52A0*,7+ 73*1407+ 72 740*95 58-/*+07
072*7/5R*S72:*/729127
16-/97-1447-/9*72$ 772014/70*;714727+*6-*1/0153*1/12
,585 12 =740*95 91 27 ,27+1 534147 913A7 2*8*074+1 7 +14 12 41=41+1/07/01 91 25+
*/0141+1+911+07E20*87I1/,-B5,7+5+14A7-/=740*951+1/,*7281/01534145-/8145
1/,27;11/12/5401*/9-+04*72I53*1/+1,5/;140A71/12=-/05911/,-1/04591-/787+7
1/ 647/ 819*97 @101456?/17 91 87/147 <-1 27 F,27+1 534147T 5=1474A7 ,585 12 ,1/045
8107:.4*,591-/7;74*1979912-,@7+<-1,5/+07/0181/011H,1914A7-/7=1401/1/,*791
,27+1 1+04*,0781/01 534147$ /7 72014/70*;7 +*8*274 +-46*. 1/
-9>:4*,7 1/ 25+ 7L5+ <-1
=41,19*145/ 72 :*/ 912 =740@1*9 ,-7/95 27 1+,1/7 =52A0*,7 1+0737 958*/797 =54 -/7
9*+=-07,-B5+95+=525+147/91/58*/795+,-4*5+781/01F53414*+0TBF=5=-2*+0T$2913701
*072*7/5 1+0737 ,274781/01 37+795 1/ -/7 ,-1+0*./ 8>+ 78=2*7 ,.85 ,5/+0*0-*4 -/7
/7,*./ *072*7/7$ M+7 147 27 07417 1/ 27 ,-72 0595+ 25+ +1,0541+ +5,*721+ 912 =7A+ @73A7/
:47,7+79591+912797919*7*/,2-*95+12*+546*81/05B12:7+,*+85B1472707417<-1
12=740*959127,27+1534147I124A/,*=185914/5I1+073791+0*/795+16E/478+,*7
256474$ K-? *8=2*,737 1+07 07417Y 4174 @1618./*,781/01 -/7 -/*979
I-/7 @58561/1*979I 7 =740*4 91 -/7 @1014561/1*979 *4419-,0*321$ -7/95 728*45
562*700*12*6*.2772014/70*;7=5=-2*+071/25+7L5+<-1+*6-*145/7276-1447251H=41+.1/
0?48*/5+ */1<-A;5,5+ 12 [740*05 /-5;5 F913A7 221;74 7 ,735 27+ F07417+ /7,*5/721+ 91 27
,27+1534147G7+7314+1412=-/05911/,-1/04591-/78-20*0-9912-,@7+B9187/97+
9*+=14+7+$ 5<-1@73A741=41+1/079512,-14=5915-27/614=54-/8581/05:-67C1/
27 @*+054*7 :47/,1+7 7@547 +14A7 1/,74/795 =54 -/ =740*95 <-1 91+1737 7/,274+1
c
546>/*,781/011/0597270479*,*./*072*7/7$ 707417912=740*95147,5/+0*0-*4-/F=-1325G$
59185+ 7@547 047074 27 ,-1+0*./ 91 27 72014/70*;7 *072*7/7 91+91 12 =-/05 91 ;*+07 91
/-1+047 9*+0*/,*./ 1/041 /58341+ B ,5/,1=05+$ :*4874 <-1 12 ,585 =740*95 91 27
,27+1534147913A7,5/,1/0474+-7,0*;*9791/12/5401*/9-+04*72=54<-1722A14795/91+1
1/,5/04737 1+7 ,27+1 1<-*;7294A7 7 7:*4874 <-1 1H*+0A7 -/ ,5/01/*95 ,5/,1=0-72 91 27
,701654A7 F,27+1 534147G 7 047;?+ 912 ,-72 41,5/5,185+ 7 726-/5+ 7,0541+ +5,*721+$ /
1+1,7+512/58347425+/50*1/1/*/6-/7:-/,*./=14:54870*;7J+.2541,5/5,125<-1+5/$
2/583411+12819*5047/+=741/017047;?+912,-72+18-1+0477+A8*+850507281/01
7265 7=41@1/+*321 ,5/,1=0-7281/01$ / ,783*5 /583474 -/7 +14*1 91 12181/05+
@101456?/15+ 1/ 0?48*/5+ 91 F,27+1 534147G ,5/+*+01 1/ 7265 9*:141/01 1+07 5=147,*./
@1618./*,7 ,5/+0*0-B1 =14:54870*;781/01 27 -/*979 91 1+5+ 12181/05+ ,-B7 :-+*./ 1/
-/7 1/0*979 E/*,7 /5 1+ 5047 ,5+7 <-1 12 41+-20795 91 27 5=147,*./ 91 /58*/7,*./$ 2
/58341 12 +*6/*:*,7/01 <-1 0*1/1 I;52;*1/95 7 27 1H=41+*./ 91 5=D1,I 12 F;7254 91
=1,@5912721,@1G,5/+0*0-B1-/7+*/6-274*979@*+0.4*,773+52-07=54<-1/5@7B,54412705
,5/,1=0-72 91 7<-1225 7 25 <-1 12 /58341 +1 41:*141$
+05 +*18=415,-44191+91 2-165@7+07,*1405 =-/05 =54<-1/5 1H*+01-/ ,5/,1=0507/
=-45 <-1 /5 +17 1H,19*95 =54 +*6/*:*,795+ +.25 ,5//5070*;781/01 7+5,*795+ 7 ?2$ +
*/1;*07321 <-1 =747 27 61/01 91 95+ =7A+1+ 9*:141/01+ 12 0?48*/5 F,27+1 534147G 1;5<-1
9*+0*/05+0*=5+917+5,*7,*5/1+$
*/183746512=4532187,1/04721++*1+05++*6/*:*,795+
7+5,*795+ ;7/ 7 +14 +.25 =14*:?4*,5+ ,5/ 41+=1,05 72 /E,215 <-1 ;7 7 =1487/1,14
,5/,1=0-7281/01*9?/0*,5B=542507/05F-/*;14+72G5+*25++*6/*:*,795+7+5,*795+;7/7
,5/078*/74128581/059127910148*/7,*./,5/,1=0-72;7/7=1/10474+-+-+07/,*7B72
:*/72 =7+5 7 =7+5 12 /E,215 ;7 7 91D74 91 +14 -/ ,5/,1=05 B +1 ;7 7 ,5/;140*4 1/ -/
/58341R-/+*6/*:*,7/01;7,A5+16E//-1+0470148*/5256A7S$
.25,-7/955,-4411+07E20*87
047/+:5487,*./=59185+@7327491-/7+*/6-274*979@*+0.4*,7$,-7/951+05+-,191B7
/5 01/185+ -/ 761/01 +1,054*72 ,585 +14A7 -/7 F,27+1G 01/185+ -/ F=-1325G$
M+01:-1+*/9-9712+*6/*:*,7954172912=45B1,0591562*700*,5279?,79791$1+91
+- =-/05 91 ;*+07 12 =740*95 913A7 */014;1/*4 1/ -/7 =2-472*979 91 :41/01+ 9185,4>0*,5+
R*8=-2+7/95-/7=2-472*979919187/97+=740*,-2741+1//-1+045+0?48*/5+SB,5/9-,*425+
7-/7,*1407-/*979R,5/,13*97,585+73185+,585-/*:*,7,*./1<-*;721/,*72S$11+7
87/147,797-/79127+9187/97+7*+2797++1:540721,14A77047;?+9125+;A/,-25+<-1
1+07321,14A7,5/5047+9187/97B258>+*8=5407/010597+01/94A7/-//-1;57,,1+57
271+:147=E32*,7$+07E20*87=5427=41+1/,*7911+07/-1;7,5/+0127,*./919187/97+
+1 ;52;14A7 8>+ 9185,4>0*,7 B =54 27 9*+=14+*./ 61564>:*,7 91 1+7 ,5/+0127,*./
;1497914781/01/7,*5/72$+05=148*0*4A7*48>+722>912761+0*./9127=52A0*,7*072*7/7=54
=7401912F=7,051/041,73722145+G9127+,7874*227+912/5401B912+-4$+91,*4+10470737
91 ,5/+04-*4 72 F=-1325G ,585 +*/6-274*979 @*+0.4*,7$
7 7467 74,@7 91 75 7-/<-1 =52A0*,781/01 :-1 8-B 9*:141/01 912 =45B1,05
0562*700*7/5=-1911/01/914+11/25<-141+=1,07727,5/+04-,,*./912F=-1325G91+9127
8*+87 =14+=1,0*;7$ 25 8*+85 =-191 91,*4+1 912 +-46*8*1/05 912 4?6*81/ 91 *05
91+=-?+91276-144791=740*+7/5+B0783*?/915047+1H=14*1/,*7+=52A0*,7+91/0459127
0479*,*./ ,58-/*+07$
*/ 1837465 25 <-1 1+ *8=5407/01 01/14=41+1/011+<-1 0597+ 27+
01/91/,*7+ =4*/,*=721+ 91 1+7 0479*,*./ 5=14737/ 1/ 27 9*41,,*./ 5=-1+07$ + 91,*4
,5/9-,A7/7+-3549*/740597+27+1+=1,*:*,*9791+/7,*5/721+7-/,1/045*/014/7,*5/72B7
-/707417-/*;14+729127,-7225+9*;14+5+=740*95+,58-/*+07+147/,5/+*914795+,585
8145+ 91+07,781/05+$ 2 )58*/014/ :-1 27 =154 1H=41+*./ 91 1+07 =52A0*,7 1+014*2*C7/01$
58541+-20795/5@-35=5+*3*2*97991<-11+5+=740*95+=7+747/7+14=5=-2*+07+$ 1D5+
91 +14 721/0795+ 7 ,5/+0*0-*4 +*/6-274*9791+ @*+0.4*,7+ 7 047;?+ 91 27 740*,-27,*./ 91
9187/97+@101456?/17+:-145/,5/,13*95+07/+.25,585+-,-4+721+<-1913A7/7=2*,74
7-058>0*,781/01 27+ =52A0*,7+ =27/*:*,797+ 91+91 -/ ,1/045$ 1,549185+ 2791,*+*./912
)58*/014/41270*;7727F352,@1;*C7,*./G9125+=740*95+,58-/*+07+1/279?,79791$
cá
595+ 913A7/ 01/14 */91=1/9*1/0181/01 91 +-+ ,747,014A+0*,7+ /7,*5/721+ 27 8*+87
1+04-,0-47 B 27+ 8*+87+ 41627+ 91:-/,*5/78*1/05$ /1+07+ ,5/9*,*5/1+ 27 ,5/+0*0-,*./
91-/=-1325147*8=5+*321$
*2A9141+,585562*700*75B*05,797-/57+-87/147
2564745/ 1+05 E20*85 :-1 =54<-1 9*+054+*5/737/ ,5/+07/0181/01 27+ 9*41,0*;7+
*/014/7,*5/721+B147/=541+0553+14;795+,5/=45:-/97+5+=1,@7=5412F,1/045G$
*27
,5/+0*0-,*./ 91 -/ =-1325 +*6/*:*,737 =7+74 912 ,5/,1=05 72 /58341 7<-A 01/185+ 12
85;*8*1/05 5=-1+05912/5834172 ,5/,1=05 ,797 =740*95 ,58-/*+07913A7 +14 25 8>+
*9?/0*,5 =5+*321 72 41+05 B 0595+ 913A7/ +14 +-3+-8*321+ 37D5 -/ 8*+85 4.0-25
*/1<-A;5,781/01 91:*/*95$ 7+ =1<-1L7+ :7,,*5/1+ <-1 7E/ 1/ 27 7,0-72*979 +1
,5/+*9147/ 7 +A 8*+87+ +1,,*5/1+ 25,721+ 91 F*/014/7,*5/721+G *876*/74*7+ /5 +5/ 5047
,5+7 <-1 27 419-,,*./ 72 73+-495 91 1+07 01/91/,*7 7/0*=5=-2*+07 91 27 0479*,*./
,58-/*+07$
* 12 1/,5/04. 2A8*01+ 1+04-,0-4721+ =747 ,5/;140*4+1 1/ -/ 85;*8*1/05
=5=-2*+0791+7445227957,7-+791+-=1401/1/,*77285;*8*1/05,58-/*+07*/014/7,*5/72
1+5+ 2A8*01+ 0783*?/ :-145/ 41:54C795+ =54 5047+ */:2-1/,*7+$ / =4*814 2-674 1+0737 27
-14474A7<-1=-+52A8*01+1;*91/01+725<-1=59A7256474+11/-45=7,,*91/07237D5
37/9147+,58-/*+07+$ 7:45/0147819*7/0127,-7227,572*,*./65314/7/01,5/9-,*97=54
25+ 918.,4707+ ,4*+0*7/5+ 9*;*9*. 12 1+=1,045 =52A0*,5 1+0737 37+797 =41,*+781/01 1/ 27
,-1+0*./ 912 F,58-/*+85G$ / 1+07+ ,5/9*,*5/1+ 12 F,58-/*+85G *072*7/5 /5 =59A7
85;14+18>+722>91,*1405=-/05=747,5/+0*0-*4+17+A8*+851/12+*6/*:*,7/01;7,A5<-1
-/*:*,747-/7+*/6-274*979@*+0.4*,7J27,-1+0*./*9152.6*,7*8=*9*.72 127,,1+57-/7
=2-472*97991+1,0541+,-B7*/,54=547,*./147+*/1837465;*072=74712?H*05912=45B1,05
0562*700*7/5$ 25+ 2A8*01+ /5 147/ +.25 1H014/5+ 12 147 72 :*/ B 72 ,735 -/ =740*95
,58=-1+05=548*2*07/01+,58-/*+07+=747<-*1/1+-/74-=0-4705072,5/27
@-3*147
+*95*8=1/+7321$R/"12=,*91:1/9*.27*/;7+*./+5;*?0*,77 -/64A725,-7221,5+0.
647/=740191+-7=5B5/7,*5/72$S542507/0527+*0-7,*./2216.7-/=-/058-14051/041
27-/*:*,7,*./912121,054795,4*+0*7/51/279185,47,*7,4*+0*7/7R,SB27*8=5+*3*2*979912
E/*,5 ;14979145 =45B1,05 /7,*5/72 12 912 91 047+,1/914 +-+ 2A8*01+ 07/05 */014/5+
,585 1H014/5+$ 2 =41,*5 <-1 =76. 27 /7,*./ =54 1+01 F,5/:1+*5/72*+85 91 +0795G :-1
7205 B ,5/9-D57 27 5/+0*0-,*./7 7=5B74 +.25 9, =727347 7 279185,47,*7 2*31472 B +-+
=4*/,*=*5+ +5,*72918.,4707+ 8>+ 7;7/C795+ B 72 41,@7C5 912 F7/0*:7+,*+*/5 ,585 27
*915256A7,5/+0*0-0*;7G$-/<-1271+*+01/,*7V$$$W@73A7=45;*+05=74,*7281/0125+;72541+
+5341 25+ ,-721+ =59A7 37+74+1 -/7 *91/0*979 9185,4>0*,7 25+ =4*8145+ 7L5+ 91 27
1=E32*,7 *072*7/7 41,@7C745/ 1/:>0*,781/01 27 047/+:5487,*./ 912 F8*05 :-/97,*5/72G
R7-/<-1 +.25 :-147 =74,*72S 1/ -/ F;1@A,-25 =747 -/7 *91/0*979 /7,*5/72 41/5;797G $
54 25 07/05 12 8*+85 :47,7+5 <-1 1H=14*81/0745/ 12 *+546*81/05 B 12 :7+,*+85 1/ 27
,5/+0*0-,*./ 91 -/7 ,5/,*1/,*7 /7,*5/72 +1 41=459-D5 1/ 12 =14A595 91 =5+6-1447 =54 27
,583*/7,*./91-/=591425,72*+07B,544-=05B12,5/:1+*5/72*+8591227959127 B27
*8=5+*3*2*979912E/*,5;14979145=45B1,05/7,*5/72I12912*T,*I917;7/C748>+722>91
,*1405=-/051/+-6-144791=5+*,*./,5/12+*+01871H*+01/01$<-A=59185+;1427,2747
9*:141/,*7 ,5/ 12 85;*8*1/05 35-27/6*+07$
- :-67,*979 ,585 7,5/01,*8*1/05 =52A0*,5
=148*0*.7+-++*6/*:*,7/01+-/*:*,79541+:-/,*5/74,585,7+*,58=210781/01;7,A5+I91
@1,@5 25+ +A83525+ 91 27 1+*+01/,*7 1/ 072*7 :-/,*5/745/ 91 -/7 87/147 /5 8-B
9*:141/011/25+=4*8145+81+1+<-1+*6-*145/7272*3147,*./I$14527,5/+04-,,*./91
-/7 @16185/A7 91 27465 =27C5 1+ -/ 7+-/05 8-B 9*:141/01 12 =45,1+5 91 ;7,*74 -/5+
=5,5++*6/*:*,7/01+,1/04721+=74727,417,*./91-/7+*/6-274*979@*+0.4*,7+*18=41;77
1+074+5810*95727=41+*./1+04-,0-47291:-14C7+<-1;7/7*/01/07441;*/,-27425+7+-+
+*6/*:*,795+54*6*/721+918595<-1,-72<-*14@16185/A7F1H=7/+*;7T/5;7B79187+*795
21D5+$ 2 @1,@5 91 2*8*074 12 72,7/,1 912 85;*8*1/05 912 ,5/,1=05 72 /58341 1+0> 1/ 27
1+1/,*7 8*+87 91 -/7 =4>,0*,7 ,5/047@1618./*,7$
2:*/72912,*,259127,5/:45/07,*./@1618./*,791=5+6-14471/ 072*71+3*1/,5/5,*95$
1+=-?+9127,4*+*+1,5/.8*,791279?,79791%<-1@73A7652=1795:-140181/01
cï
25+7441625+=52A0*,5+9127465=27C5279?,79791&=41+1/0.-//-1;51+,1/74*51/12
,-72 27+ ;*1D7+ :-14C7+ =52A0*,7+ +.25 =59A7/ +5341;*;*4 +* +1 ,5/;140A7/ 1/ 7,0541+
@*+0.4*,5+/-1;5+$ */6-/7:-1 ,7=7C 91 @7,1425$ 7 =4*87,A7 91 27 ,27+1534147 +1 ;*5
+14*781/01 91+67+0797 =54 12 7;7/,1 912 +1,054 014,*74*5 ,-B5+ ;72541+ B 7+=*47,*5/1+
1H,19*145/07/0525<-112 =59A7,5/,13*41/0?48*/5+91+-7/0*6-71+047016*7,585
25 <-1 27
,572*,*./,65314/7/01=59A773+54314819*7/01+-+=45=*5+8?0595+,2*1/412*+07+$5425
07/05 @-35 -/7 ,4*+*+ 91 41=41+1/07,*./ <-1 ,5/9-D5 7 27 91+7=74*,*./ 91 0597 27 9*01
958*/7/01$ 7,572*,*./65314/7/01:-17/*<-*27972-16591275=147,*./87/*=-2*01B12
= <-1 @73A7 +*95 =5,5 7:1,0795 =54 27 ,4-C797 7/0*,544-=,*./ :-1 */,7=7C 91 05874
;1/07D7 91 27 /-1;7 +*0-7,*./ I0597;A7 1+0737 958*/795 1/ 647/ 819*97 =54 25+
:7/07+87+912=7+795I$/1+7+*0-7,*./+1=459-D5121+0722*9591-/7+14*191:-14C7+
+72;7D1+ /-1;7+$
2 F=-1325G <-1 12 @73A7 */01/0795 ,5/+04-*4 147 91,*9*9781/01 F/7,*5/72G$ -1
,5/,13*95,585*9?/0*,5,5/27,5/+04-,,*./91-/+0795/7,*5/729*6/5911+1/58341$
2 ,527=+5 912 =45B1,05 ,58-/*+07 /5 ,5/9-D5 7 -/7 +*8=21 41,7A97 1/ 12 0479*,*5/72
,2*1/012*+85 25,72*+07 91 27 =54<-1 -/ ,5/D-/05 91 /-1;7+ 47C5/1+
I27 047/+*,*./ 61/1472 7 -/7 +5,*1979 8>+ +1,-274 1/ 27 ,-72 1* =5914 91 27 621+*7
70.2*,791,2*/737J1291+74452259125+819*5+1+=1,*7281/0127<-1,41.-/=E32*,5
/7,*5/728>+78=2*5JB:*/7281/0127,4-C7977/0*,544-=,*./<-17:1,0.725+=4*/,*=721+
7,0541+ =52A0*,5+IT ;*40-7281/01 14479*,. 7 27 05072*979 91 27 9*01 91 27 /,$ / 1+07+
,*4,-/+07/,*7+ @-35 ;74*5+ */01/05+ 91 ,5/+04-*4 72 F=-1325G 1/ 054/5 7 27 416*./ 1/ 12
2A8*01 91 7<-1225 <-1 27+ ,791/7+ 1<-*;721/,*721+ =59A7/ 740*,-274$ / 25+ 5,@1/07
+-46*145/9*;14+7+F2*67+G12740*9591,,*./
749527/*./7295+07/712740*95912
-1325 91 *452 912
-4 B 1+=1,*7281/01 27 *67 1/1007 91 47/,5 5,,@1007 <-1
*/*,*7281/01 2564. -/ ?H*05 121,05472 ,5/+*9147321$
14525+:1/.81/5+8>+,747,014A+0*,5+91279?,79791:-145/25+9*;14+5+*/01/05+
918314055++*911H01/91427,5/;5,7054*791272*67912/*;1225,7272416*5/72=4*8145
B 2-165 7 27 *67 5837497 +-46*. 1/ & ,585 -/ ,7+5 8>+ 91 =52A0*,7 ?0/*,7$ /7
10/*7 25837497 *876*/74*7 :-1 */;1/0797 B 1/:41/0797 7 27+ :-14C7+ ,1/0472*C79547+ 91
*785/01=4*8145B9158791+=-?+$
*/18374658-B=45/055++*058.,5/,*1/,*7
91<-112@1,@591,5/:*/74+172814525,72*+85/521=148*0*4A7,5/;140*4+11/-/7,054
,1/0472 91 27 =52A0*,7 /7,*5/72 =54 25 <-1 =7+. 7 =45,27874 25 <-1 91/58*/. -/
10/5:1,21472*+8512*/01/05911H01/91427,791/71<-*;721/,*77059512/540191 072*7
7374,7/95 1/ -/ E/*,5 */5;*8*1/05 7 0597+ 27+ 5467/*C7,*5/1+ 25,721+ 912 ;7221 912 5$
+05,-28*/.,5/27:-/97,*./9127 *6791254011/&<-173+543*.72787B54A791
25+85;*8*1/05+7-05/58*+07+912/540191 072*737D5122*9147C65915++*B27@16185/A7
9127 *67 5837497$2=-/05,-28*/7/01911+7107=7:-127=45,2787,*./91-/7/-1;7
F/7,*./G 7127/A7$
*/ 1837465 8-B =45/05 25+ 2A8*01+ 91 1+07 1+047016*7 :-145/
1;*91/01+$ 54 -/ 279512 7641+*;59*+,-4+5 7/0* 1CC56*54/5B ,5/04712 +0795 ,1/0472
2*8*0.27047/+8*+*./*9152.6*,79127 *6707/051/12+-4,5851/12,1/04591 072*77+A
,585 1/041 25+ +-41L5+ <-1 @73*0737/ 1/ 12 /5401$ 54 5045 2795 27 *67 912 5401
078=5,5=-95,5/074,5/-/7=5B5:*4811/+-37+1912/540154C7 072*791142-+,5/*
B 27 17/C7 7C*5/72191:DD
+1 ;52;*145/ ,58=10*9547+1/12 8*+85 01441/5$ 54 25
07/05 ,-7/95 5++* +1 -/*. 7 27 ,572*,*./ 65314/7/01 9-47/01 12 =4*814 653*14/5 91
142-+,5/*1/27 *679125401@73A772,7/C795+-+2A8*01+1/25<-1+141:*14172
7641+*;57/0**/+0*0-,*5/72*+85=5=-2*+07$7/51H*6A72791+7=74*,*./912+0795/7,*5/72
B,581/C.7;14277;1/0-47=797/*7/7,585-/=1,79591D-;1/0-9$047=7971/04127
=740*,*=7,*./ */+0*0-,*5/72 B 27 410.4*,7 7/0**/+0*0-,*5/72 25+ 1:1,05+ 91 1+07 783*;721/,*7
+.25 =59A7/ 913*2*07427 ,585 :-14C7 =52A0*,7$
7 2217/C7 7C*5/721 2*914797 =54 *7/:47/,5 8* =45,191 912 5;*81/05
5C*721
cº
072*7/5 27 5467/*$7,*./ /15:7+,*+07 :-/9797 7 :*/ 91 27
16-/97 -1447 -/9*72 =54
*546*528*47/01$/277,0-72*979@745052787B54A791+-+275+,5/+-=7+795:7+,*+07$
9*:141/,*79127 167/50*1/1;121*9791+416*5/721+,585,5441+=5/917-/7:-14C7
=45,191/0191270479*,*./:7+,*+071+=740*974*791-/+0795:-1401,1/0472*C795$
595 1+05 41+-207 7E/ 8>+ ,2745 +* /5+ 85;185+ @7,*7 25+ 9*+,-4+5+ 8*+85+ 819*7/01
25+,-721+27 167*/01/0.,5/+04-*4-/7*91/0*979=5=-274$ 585+73185+0597:45/0147
=52A0*,779<-*141+-+1/0*957=740*49128595,585*91/0*:*,725<-11+0>8>+722>9127
:45/0147$7<-A27 *67912540121D5+9101/1425+,58=458*+5+=52A0*,5+9127465=27C5
<-1 =59185+ 1/,5/0474 1/ 12 =45B1,05 0562*700*7/5 85+04. -/7 1H04187 273*2*979
4127,*5/797 ,5/ +-+ 0>,0*,7+ =52A0*,7+ */819*707+$
+07*91/0*979,521,0*;7/51+/**9152.6*,7/*91,27+1+*/5=-4781/010144*054*72$1457
81/-95 147/ 8>+ *8=5407/01+ 25+ ,58=5/1/01+ /1670*;5T 12 1/18*65 =5407954 91 27
F*91/0*979 /1670*;7G -/ ,5/,1=05 /1670*;5 <-, ,5/ :41,-1/,*7 1+ 7/045=5854:*C795$ 2
,58*1/C5 1+01 1/18*65 147 +*8=2181/01 91/58*/795 F12 +0795 ,1/0472*+07G =145
6479-7281/01+1;52;*.8>+1+=1,A:*,587/*:1+0>/95+1=548581/05+,58512+*+0187
=52A0*,5 91 =740*95+ R=740*05,47C*7S 12 +0795 91 3*1/1+074 B 12 +-4 =747+*074*5 27
*/8*647,*./ 12 ,4*81/ B 27+ 94567+J 0595 */9*;*9-5 5 64-=5 <-1 :-147 1/ 726E/ +1/0*95
9*:141/01 5 8746*/72J 27 =41/+7 27 876*+0470-47 B 0595+ 25+ 5045+ 64-=5+ <-1 91 -/7
87/147 - 5047 147/ =14,*3*95+ ,585 =7401 912 +*+0187 765/*C7/01$ +A 27 *67 1+0737
,5/+04-B1/95 -/7 ,2747 F0154A7 912 1/18*65G$#
7 16791@1,@501/A7-/7F0154A79121/18*65GJ+-=4532187147+-*/,7=7,*979=747
*91/0*:*,7471+11/18*6591-/787/147=41,*+7$1/A7/27*91791<-1=747<-1@-3*147
-/,783*5479*,7212,78=5+5,*72913A79*;*9*4+11/95+,78=5+,5/047=-1+05+=145/5
+73A7+5341<-?37+101/94A72-6741+79*;*+*./$/75=5+*,*./73+047,0772+070-<-5:-1
2737+191+-9*+,-4+5479*,72=145/5+-=5910148*/7425+2A8*01+911+1+070-<-5$ 7
E20*87107=7911+07*/910148*/7,*./1/2791+*6/7,*./9125+1/18*65+:-1270479-,,*./
910595+25+;72541+0144*054*721+1/;72541+*/014+1,054*721+F25=E32*,5;14+-+25=4*;795
25+;72541+,521,0*;5+;14+-+25+*/9*;*9-721+12,5/+14;7954*+85;14+-+2741/5;7,*./27
*/014;1/,*./ 1+07072 ;14+-+ 27 2*341 18=41+7G$T +A 12 737/95/5 91 25+ 27C5+ 0144*054*721+
0-;5 2-674 7 =740*4 91 -/ 9*+,-4+5 91 9141,@7
,-B7:72079141:141/,*7,5/,4107+*6/*:*,737<-114791:*/*0*;781/018>+-/*;14+72=145
147 -/7 -/*;14+72*979 ;7,A7 /5 @73A7 -/7 =459-,,*./ 91 +*6/*:*,7/01+ ;7,A5+ +*/5 -/7
;7,-*979 =-4781/01 *8=41,*+7 1/ 27 ,-72 27 */,140*9-8341 41+=1,05 91 25+ =-/05+ 91
7/,27D1 61/14737/ -/ :25078*1/05 <-1 147 ,-72<-*14 ,5+7 81/5+ @1618./*,5$
597 27 @*+054*7 91 27 *67 912 5401 7 =740*4 91 1+01 =-/05 =-191 1/01/914+1 ,585 27
;*/,-27,*./ 910595 53D1050595 41,-4+5 0595 9*+,-4+5 =52A0*,5 ,5/ */0141+1+ 87014*721+
<-1 +5/ ,5/0*/-781/01 047/+:548795+ 1/ ;72541+$ 5+ */0141+1+ =459-,*95+ =54 27
+5,*1979,7=*072*+07R27:5487/70-472915467/*C7,*./+5,*729127 *67S+5/;72541+1/+A
8*+85+B0783*?/+5/;72541+1/27819*971/<-15047+=14+5/7+<-*141/91+04-*425+12
+0795 B 12 1+545$ 7 795=,*./ 912 2*31472*+85 1,5/.8*,5 B 27 +-=4187,A7 /5
,-1+0*5/797912+1,054=4*;795,585122-67491=459-,,*./B1:*,*1/,*7+1,5/;*40*145/1/
12 =7+5 /1,1+74*5$T"
2:47,7+59127 1671/047/+:54874+11/-/7:-14C7/7,*5/721+0>1/2747AC91+-:7207
91?H*05=747,5/;140*4+11/-/=740*95417281/01=5=-2*+07$5-*227-9T@7+1L72795<-1
0595++-+*/01/05+91,5/;140*4+11/27:-14C7@1618./*,7912701/91/,*77/0**/+0*0-,*5/72
91279?,79791:47,7+745/B7<-10-;5<-17,1=07412452=45076./*,59127+5047+
95+ :-14C7+ <-1 :548737/ =7401 91 27 72*7/C7 ,5/ 142-+,5/*$
*/ 1837465 *54,*5 B
78*7/0*T% <-1 @7/ */+*+0*95 1/ 12 ,74>,014 =5=-2*+07 91 27 167 @7/ 41+04*/6*95 1+5+
47+65+7 27:7+1 416*5/72*+07 018=47/7$ 5+ */01/05+=5+014*541+ 919*4*6*4 7 059512 =7A+
@7,*7 -/7 +14*1 91 ,4-C797+ ,5/047 12 +0795 ,1/0472 ,5/047 27 =41+*./ :*+,72 ,5/047 27
cë
=740*05,47C*7B:*/7281/01,5/04725+*/8*647/01+I1/1+=1,*7225+8-+-287/1+I:-145/
91,*9*9781/01 -/ :47,7+5$ 7+ 47C5/1+ 91 1225 +5/ 41270*;781/01 ,2747+ =54 -/ 2795
7-/<-1 27 167 /-/,7 +1 ,5/;*40*. 1/ -/ =740*95 ,1/04795 1/ -/ +525 =4532187 +-+
,78=7L7+:-145/9187+*795;*4-21/07+B+185;*145/,721*95+,.=*,781/01+*/047/+*,*./
91-/1/:5<-172+*6-*1/01J=545045279591+=-?+9127,4*+*+*/+0*0-,*5/7291279?,79791
12+*+0187=52A0*,5*072*7/52564.41,5/+04-*4,*14051<-*2*34*5J1//-1+047+=727347+27
2.6*,7 91 27+ 9*:141/,*7+ +1 ;52;*. 91 /-1;5 =74,*7281/01 5=1470*;7 B 2*8*0. 27+
=5+*3*2*9791+ 91 9*;*9*4 1<-*;721/,*7281/01 27 1+:147 +5,*72 1/ 95+ ,78=5+ 7/076./*,5+$
+0591D.81/5+=5+*3*2*9791+=747-/7=52A0*,7=-4791,5/+04-,,*./91-/1/18*6505072$
7 1;52-,*./ =52A0*,7 91
*@ ^5 142-+,5/* 91+91 1+01 =-/05 91 ;*+07 1+ 0A=*,7$ 585
+1L727
-412 1/ +- ,744147 @7B -/ 85;*8*1/05 91 721D78*1/05 912 =5=-2*+85 B -/7
=45641+*;7 F/54872*C7,*./G B ,55=07,*./ 91 +-+ :-14C7+ =54 -/ +*+0187 =52A0*,5
=74,*7281/01 41,5/+0*0-*95$ / +- 9*+,-4+5 =52A0*,5 147 8-B @101456?/15 12
=5=-2*+85=54 ,*1405 1+0737=41+1/01 I7,1/0-7/95 +- 1H014*54*979 41+=1,05 91 27 ,27+1
=52A0*,791+7,419*0797I=145@73A70783*?/5045+,58=5/1/01+,585127/0*,58-/*+85
R<-1:-/,*5/737=74,*7281/01,5/,5//507,*5/1+=5=-2*+07+S277:*487,*./9122*31472*+85
1,5/.8*,5 B 12 ,5/+14;7954*+85 +5,*72$ 5 53+07/01 1/ 12 ,5/D-/05 91 01/+*5/1+ <-1
,5/9-D145/ 7 27 ,7A97 91 +- =4*814 653*14/5 12 =5=-2*+85 =1487/1,1 ,585 12
,58=5/1/01 =45641+*;781/01 ,1/0472$ 54 -/ 2795 12 7/0*,58-/*+85 =*1491 +- +1/0*95
91+=-?+ 91 27 047/+:5487,*./ 912 1/ 12 740*05 185,470*,5 91227
*/*+047J =54 5045
2795122*31472*+851,5/.8*,51/0471/,5/:2*,05,5/12=45647871,5/.8*,5B+5,*7291
5++* B ,5/ 12 1+070A+85 91 27 2217/C7 7C*5/721$ +05 91D7 7 142-+,5/* +*/ 47A,1+
+.2*97+ 91/045 912 +*+0187$ F142-+,5/* -/7 ;1C 91+=5+1A95 91 +-+ 54/781/05+
7/0*,58-/*+07+ 2*314721+ B ,5/+14;79541+ +.25 =-191 1/,5/0474 7=5B5 1/ -/ 9*+,-4+5
+*8=2*+07,5/-/7:-1401,5//507,*./=5=-2*+079191/-/,*79127+*/+0*0-,*5/1+D-9*,*721+
B 91 25+ 7,0541+ =52A0*,5+ 0479*,*5/721+ 91+,4*=05+ ,585 +1=-20-4145+ 912 4?6*81/ B
047*9541+ 91 27 ;52-/079 =5=-274$Gc
*/ 1837465 1/ 25+ 7L5+ +*6-*1/01+ ,58*1/C7 12
85;*8*1/05 @7,*7 27 F/54872*C7,*./ 958*/785+ 2.6*,7 9*:141/,*72S$
-412 +1L727 041+
,783*5+ 3>+*,5+ =4*8145 12 2*31472*+85 1,5/.8*,5 D-167 -/ 452 ,1/0472 ,41,*1/01 1/ 27
91+,4*=,*./<-1@7,1142-+,5/*91+A8*+85R+1,58=747,5/@70,@1427*4BC/74SJ
+16-/95 54C7 072*7 +1 ,5/;*1401 8>+ 1/ -/ =740*95 /54872 1/ 25 <-1 @7,1 7 +-
:-/,*5/78*1/05*/014/5I91D791+14-/7:5487,*./=-4781/0179@5,,5/045279791+91
27*/*/;1+0IJ014,1452772*7/C71/04125+041+,58=5/1/01+9127,572*,*./+1;-12;18>+
+.2*97B8>+*/016479791/045912+*+018791=740*95+$17<-A1/79127/0125+12181/05+
=5=-2*+07+ I7-/<-1 =74,*7281/01 87/01/*95+ 1/ 27+ ,78=7L7+ 121,054721+I 0*1/91/ 7
91+7=741,14$ 7+2.6*,7+1<-*;721/,*721++72;7D1+91D7/91+1412,181/05*9152.6*,591
27 ,572*,*./$
H047*6785+7@547726-/7+,5/,2-+*5/1+01.4*,7+8>+61/14721+7=740*4911+017/>2*+*+$
2 */014?+ 912 ,7+5 *072*7/5 41+*91 1/ 12 @1,@5 91 <-1 072*7 =5+1A7 12 +*+0187 =52A0*,5
81/5+ */0164795 91 -45=7 ,,*91/072 7<-12 1/ 12 ,-72 12 +0795 /7,*5/72 147 81/5+
,7=7C 91 @16185/*C74 25+ 9*;14+5+ 7+=1,05+ 91 27 ;*97 +5,*72$ / 072 +*0-7,*./ 27
,58-/*979 /5 =59A7 974+1 =54 +1/0797 B 27+ 9187/97+ +5,*721+ +.25 =59A7/ +14
73+543*97+ 91 8595 *8=14:1,05 =54 =7401 912 7=74705 ,1/0472 912 +0795$ / 0721+
,*4,-/+07/,*7+ 27 ,5/+04-,,*./ 91 -/ F=-1325G 01/A7 -/7 *8=5407/,*7 :-/9781/072 B =54
1/912701/07,*./=5=-2*+07/-/,71+073721D5+$ 7F/7,*./GB27F416*./G,5852A8*01+91
27 ,58-/*979 :-145/ 95+ =45B1,05+ +-,1+*;5+ 37+795+ 1/ 27 1H=7/+*./ 91 27+ 2.6*,7+
1<-*;721/,*721+$
*/1837465/*/6-/5911225+0-;5?H*051/,5/;140*4+11/12=4*/,*=*591
41,5/+04-,,*./9127,58-/*979$/277,0-72*9791/121<-*2*34*5*/1+073211/041272.6*,7
9*:141/,*72 B 27 1<-*;721/,*7 1+ 27 =4*8147 27 <-1 =741,1 1+074 *8=5/*?/95+1 1/ 072*7$
+5 ,5/:*487 27 91+,4*=,*./ <-1 @7,1
-412 912 =5=-2*+85 ,585 -/ 74+1/72 91
@14478*1/07+410.4*,7+R+*6/*:*,7/01+:2507/01+S<-1=-191/01/1425+-+5+*9152.6*,5+8>+
cc
9*;14+5+$1451/1+01=-/0591311+07321,14+1-/79*+0*/,*./,4-,*72$2@1,@591<-112
+1/0*95=52A0*,5911+5++*6/*:*,7/01+:2507/01+91=1/97,58=210781/0191740*,-27,*5/1+
,5B-/0-4721+ /5 +*6/*:*,7 /1,1+74*781/01 <-1 +- -+5 *8=2*<-1 -/7 87/*=-27,*./
=-4781/01 ,A/*,7 5 */+04-81/072 =54 =7401 91 25+ =52A0*,5+$ +7 =594A7 +14 -/7 3-1/7
91+,4*=,*./9127,5+7/5+04791142-+,5/*=145/51+-/7,747,014A+0*,791:*/*054*7912
=5=-2*+85 ,585 072$ *6-47+ ,585 75 1 7-221 5 7467+ R<-1 =76. ,5/ +- ;*97 27
79@1+*./7+-+,5/;*,,*5/1+S,41B145/=45:-/9781/011/+-+=45=*7+*/014=127,*5/1+$ 5
<-1=594A785+91,*4,5854162761/14721+<-1,-7/058>+4172+1712452<-1D-16-1/
27+ */014=127,*5/1+ =5=-2*+07+ ,585 +*6/*:*,7/01+ ;7,A5+ I1+ 91,*4 ,-7/05 8>+ 25641/
-/*:*,74 1<-*;721/,*724/1/1 7 27 ,58-/*979I 8>+ ;7/ 7 +14 53D105 91 -/7 */;1+0*9-47
479*,72$53;*781/01/5@7B/797+-=14:*,*721/?+07$27*/;14+7,-7/9501/185+-/7
+5,*1979 720781/01 */+0*0-,*5/72*C797 27+ 2.6*,7+ 1<-*;721/,*721+ 0*1/1/ 81/5+ 01441/5
=7475=1474B,58541+-2079527410.4*,7=5=-2*+07+1,5/;*14011/-/7814,7/,A7,741/01
910597=45:-/9*979@1618./*,7$/1+1,7+5+A12=5=-2*+85+-;-12;1,7+*+*/./*85
91 9187656*7 04*;*72$
13185+ 7@547 047074 -/ E20*85 7+=1,05$ 1 /-1+045 7/>2*+*+ +1 919-,1 <-1 12 =-/05
/59721/27,5/+0*0-,*./91-/F=-1325G=1487/1,11/3-1/7819*97*/91:*/*95$59185+
01/14 -/ =5=-2*+85 1/ 054/5 72 +0795 /7,*5/72 I+*6-*1/95 12 859125 D7,53*/5I -/
=5=-2*+85 416*5/72 -/ 14/5=5=-2*+85 10,?0147$ / 0595+ 25+ ,7+5+ 27 2.6*,7
1<-*;721/,*72 ;77 5=147491 *6-72 8595 =145 25+ +*6/*:*,7/01+ ,1/04721+ <-1 -/*:*,7/ 27
,791/7 1<-*;721/,*72 7<-1225+ <-1 ,5/+0*0-B1/ 27 +*/6-274*979 @*+0.4*,7 ;7/ 7 +14
:-/9781/07281/019*:141/01+$/8?4*,7 70*/7=541D18=2525+85;*8*1/05+=5=-2*+07+
:-145/1+1/,*7281/01=5=-2*+85+91+0795*/01/0737/41:54C7412452912+0795,1/0472
1/ +- 5=5+*,*./ 7 27+ 52*674<-A7+ 0144701/*1/01+$ 54 1+7 47C./ :-145/ =4*/,*=7281/01
85;*8*1/05+-437/5+7+5,*795+,5/27+181461/01+,27+1+819*7+B
1/12
=14A595\"$2=45,1+50-;52-6741/95+107=7+$2,58*1/C5279*+07/,*71/041
27+9187/97+9185,4>0*,7+B27+:5487+912+07952*31472/51479187+*795647/91$2
2*31472*+85@73A7+*95124?6*81/0A=*,51+07321,*95=5427+52*674<-A7+65314/7/01+1/27
87B54A79125+=7A+1+270*/57814*,7/5+91+=-?+912=14A595917/74<-A7B6-1447+,*;*21+
<-1 +*6-*. 7 27 */91=1/91/,*7$ / +*+0187 121,05472 ,5/0452795 =54 25+ 0144701/*1/01+
25,721+ 1/ 25+ 9*+04*05+ 4-4721+ D-/05 ,5/ +1,0541+ -437/5+ */,*=*1/01+ *6-7281/01
,5/0452795+819*7/014191+,2*1/012*+07+:-127:.48-27=52A0*,7<-1=41+*9*.1291+7445225
1,5/.8*,5 B 27 */01647,*./ 91 8?4*,7 70*/7 72 814,795 8-/9*72 9-47/01 27 +16-/97
8*079 912 +*625 N N$ 2 91+7445225 1,5/.8*,5 +*/ 1837465 =45;5,. -/7 4>=*97
-437/*C7,*./B271H=7/+*./9127+,27+1+819*7+B37D7+27+<-11/041:*/1+912+*625H*H
B,58*1/C5+912+*625HHR+16E/12=7A+S,581/C745/79187/974=52A0*,7+419*+04*3-0*;7+
B 87B54 =740*,*=7,*./ =52A0*,7$ +A +-46*. -/ 1+,1/74*5 =52A0*,5 0A=*,5 27 7,-8-27,*./ 91
9187/97+ */+70*+:1,@7+ <-1 ,4*+072*C737/ 1/ 054/5 91 25+ /58341+ 91 25+ 2A9141+

B-/;*1D5+*+0187,2*1/012*+07<-1+141+*+0A77,-72<-*1478=2*7,*./=52A0*,7
*8=5407/01$ 2 ,58*1/C5 +*/ 1837465 27+ 9187/97+ 9185,4>0*,7+ B 12 2*31472*+85 /5
147/7/076./*,5+1/041+A27+9187/97++154*1/0737/7-/79185,470*C7,*./*/014/791
25+ +*+0187+ 2*314721+$ 1/045 91 1+01 ,5/01H05 +-46*145/ ;74*7+ 61/147,*5/1+ 91
41:548*+07+ =52A0*,5+ 9185,4>0*,5+ 4*65B1/ 1/ 27 461/0*/7 70021 B 49.L1C 1/
4-6-7B 79145 1/ ?H*,5 21++7/94* 1/ @*21 -B 7435+7 1/ 47+*2$ / 726-/5+
,7+5+ 27+ 41:5487+=59A7/ 01/14 2-674 91/045 912 874,5 912 +0795 2*31472 1+05 5,-44*.
,5/ 25+ 653*14/5+ 91 27 /*./ A;*,7 79*,72 1/ 27 461/0*/7 1/041 B # B 1/
4-6-7B ,5/ 27 415467/*C7,*./ 912 +0795 =54 12 740*95 5254795 37D5 12 2*9147C65 91
70021$ / 5045+ ,7+5+ +*/ 1837465 27 41+*+01/,*7 91 25+ 64-=5+ 52*6>4<-*,5+ :-1
9187+*795:-1401 B12 =45,1+591 41:5487+9185,4>0*,7+ 41<-*4*. -/ ,783*5 94>+0*,5 91
4?6*81/$+051+25<-15,-44*.1/ @*21,5/12653*14/59140-4521++7/94*72871/27
9?,7979127+:-14C7+,5/+14;79547+*8=*9*145/27*8=2181/07,*./91+-=4564787
ccc
9185,4>0*,5 <-1 :*/7281/01 :-1 221;795 7 ,735 =54 27 9*,079-47 =5=-2*+07 912 61/1472
3>L1C$
*/1837465:-1+.2591+=-?+9127647/91=41+*./91,58*1/C5+91279?,797
91 # ,-7/95 25+ =5=-2*+85+ 270*/57814*,7/5+ +1 ;52;*145/ 8>+ 479*,721+$ 7+
,7=7,*9791+419*+04*3-0*;7+9125++0795+2*314721+52*6>4<-*,5++1;*145/94>+0*,781/01
2*8*0797+=54 27 ,4*+*+ B 25+ +*+0187+=52A0*,5++1 ;52;*145/ ,797 ;1C 81/5+,7=7,1+ 91
73+54314 27+ 9187/97+ 9185,4>0*,7+$ +05 ,5/9-D5 7 -/ =45:-/95 73*+85 1/041
2*31472*+85 B 9185,47,*7 12 ,-72 958*/74A7 27 =52A0*,7 270*/57814*,7/7 9-47/01 25+
+*6-*1/01+ ;1*/0*,*/,5 7L5+$ 7467+ B 12 +0795 5;5 1/ 12 47+*2 12 =145/*+85 1/ 27
461/0*/7B*5+653*14/5+9121/52*;*7*8=2181/074A7/=4564787+419*+04*3-0*;5+B
41:5487+ 9185,4>0*,7+ 37D5 416A81/1+ =52A0*,5+ ,274781/01 7/0*2*314721+ B 1/ 726-/5+
,7+5+ 73*140781/01 9*,07054*721+$ 5 <-1 1+ *8=5407/01 91+07,74 1+ <-1 1/ 0595+ 25+
,7+5+ 12 F=-1325G ,5/+0*0-*95 819*7/01 27+ 85;*2*C7,*5/1+ 7+5,*797+7 1+05+ 416A81/1+
01/A7 -/ :-1401 ,58=5/1/01 1+070*+07$ 7 ,5/+04-,,*./ 91 -/ +0795 /7,*5/72 :-1401 1/
5=5+*,*./ 72 =5914 52*6>4<-*,5 25,72 :-1 27 874,7 ,747,014A+0*,7 91 1+01 =5=-2*+85$
*/5+047+279785+7@547725+=5=-2*+85+91-45=7912+01/5+1/,5/04785+,5/-/7

+*0-7,*./ 1/ 647/ 819*97 5=-1+07 7 27 91 8?4*,7 70*/7c / 25+ =5=-2*+85+
270*/57814*,7/5+ =41958*/7 -/ 9*+,-4+5 1+070*+07 91 25+ 9141,@5+ ,*-9797/5+
8*1/047+<-11/-45=7912+0125<-11/,5/04785+1+-/=5=-2*+85?0/*,5<-1*/01/07
4172C74 12 =740*,-274*+85 91 *5+ ;72541+ /7,*5/721+ 91 ,58-/*9791+ 1+=1,A:*,7+$ 7
9*81/+*./ 1+070*+07 /5 1+0> =54 +-=-1+05 0507281/01 7-+1/01 B7 <-1 1H*+01/ ,2745+
*/01/05+=54,5/+0*0-*4+0795+/7,*5/721+=145072,5/+04-,,*./,58*1/C71/2787B54A7
9125+,7+5+7=740*491277:*487,*./91271+=1,*:*,*97991-/64-=5,-20-47225,7281/01
91:*/*95 <-1 0*1/91 7 1H,2-*4 5 9*+8*/-*4 94>+0*,781/01 25+ 9141,@5+ 91 5047+ 8*/54A7+
?0/*,7+$ /1 =742781/05 @E/6745 1/ =54 1D18=25 % 91 # 1+,7L5+ :-145/
5,-=795+ =54 876*741+ 8*1/047+ <-1 25+ ,45707+ B 25+ 1+25;7,5+ =4>,0*,781/01 /5
1+0737/ 41=41+1/0795+$ # -/<-1 27 91,2747,*./ 41;52-,*5/74*7 91 & 41270*;7 72
?7/+1;74*5+,7=A0-25+91$P1/Q*/+B
$$
5:5+5=$K*0$B$ ,48105=$K*0$,7=$
***$ 7 7:*487,*./ 41<-*141 +*/ 1837465 726-/7+ +72;19791+$ / =7A+1+ 5/ -/7
*8=5407/01 =5327,*./ */9A61/7 1H*+0A7 -/ /70*;*+85 <-1 +1 7,14,737 1/ 726-/5+
8581/05+ 72 =5=-2*+85 ?0/*,5 9141,@5 91 -/64A7 7 ,5/;140*4+1 1/ -/ +0795
*/91=1/9*1/01 /5 41,5/5,A7 9*+0*/,*5/1+ /7,*5/721+ 1/041 ,521,0*;*9791+ ?0/*,7+ 1/ 27
=4>,0*,7 *8=2*,737 12 +5810*8*1/05 91 0597+ 27+ 5047+ ,521,0*;*9791+ 7 27 @16185/A7
876*74$ / 12 8*+/5 +1/0*95 12 F=-1325G Q1872*+07
I)1872 070Z4Q 7:*48737 <-1 +- =4*/,*=*5 147 12 =5=-2*+85I 147 +-=-1+0781/01 -/7
1/0*979@5856?/17+*/9*;*+*5/1+*/014/7+=14591@1,@5+1*91/0*:*,737,797;1C8>+
,5/ 12 /7,*5/72*+85 0-4,5 +*/ /*/6-/7 ,5/+*9147,*./ =740*,-274 91 27 +*0-7,*./ 91 25+
7481/*5+ 25+ 64*165+ 5 25+ ,4*+0*7/5+ 54*1/0721+$
2 =-1325 Q1872*+07 1/ 1+7+ ,5/9*,*5/1+ :-1 047/+:548795 1/ -/7 ,58-/*979 ,-20-472
@5856?/17 ,5/+0*0-*97 +16E/ 070**4Q F=54 1+5+ ,78=1+*/5+ ,5814,*7/01+ B
04737D79541+<-1811+0>/1+,-,@7/95G$51+,7+-72<-1+12591/58*/74712F794191
25+-4,5+G*/,2-+55,-207/9512@1,@5911+0749*;*9*951/041+-79@1+*./1/12>83*05
9127+=727347+7-/=5=-2*+85,A;*,5<-1072;1C=1/+737<-1,58=1/+74A772=5=-2*+85
?0/*,5 <-1 +-+ 7,,*5/1+ @7,A7/ 047/+=741/01$
71H*+01/,*791647/91+8*/54A7+1/,7+*0595+25+=7A+1+91-45=7912+01+*6/*:*,737
<-1 -/9*+,-4+5 =-4781/01-/*;14+72*+07 1471/27 87B54A7 91 25+ ,7+5+-/7:74+7 <-1
5,-20737 +*8=2181/01 27 ,5/,1/047,*./ 4172 91 =5914 1/ 27 10/*7 958*/7/01$
+ *8=5407/01 ;14 ,.85 ,581/C. 1+01 =45,1+5 91 :5487,*./ 91 -/7 *91/0*979 ,-20-472
?0/*,7$2@1,@591,*+*;51+<-11/1+07++5,*19791+27+:45/0147+912+0795+*18=41
@7/+*95=740*,-27481/01*/1+07321+B7918>+9-47/012787B54=740191+-@*+054A7@7/
1+0795+5810*97+7=59141+5,-=7/01+$/1+07+,*4,-/+07/,*7+27*91/0*:*,7,*./1+07072
1479?3*2 B 27+=1401/1/,*7+ ,-20-4721+ ,58-/*074*7+ 01/9*145/7 ;52;14+1:-/9781/0721+$
cc`
/ 0595+ 25+ ,7+5+ 12 87/01/*8*1/05 +1,-274 91 27 *91/0*979 91 25+ =-1325+ 91-45=7
,1/0472B54*1/072:41/01765314/7/01+<-18>+<-1+1L541+147/5,-=7/01+1H047/D145+
=4>,0*,781/01 /5 /1,1+*0737 41+=7295 */0121,0-72 B7 <-1 +1 37+737 1/ 27 1;*91/,*7
9*41,071+=5/0>/17B,-7+**/+0*/0*;791-/75=5+*,*./73+52-0771225+$=740*4911+01
+1/0*8*,/0 91 -/7 :-1401 9*:141/,*7 +-46*. -/7 7-05,5/,*1/,*7 <-1 +.25 =59A7 +14
F918.0*,7GB7<-1/*=59A77=127472+07959125+5=41+541+/*72I*/1H*+01/01I9125+
5=4*8*95+$ 54 25 07/05 147-/7 ,5/,*1/,*7 37+797 1/ 12 21/6-7D1 ,58*A/ 1/ 27 412*6*./
7/,1+04721/127=1657270*14471/25+8725+04705+B+-:4*8*1/05+,58=740*95+7+A,585
1/ 27+ ,5/9*,*5/1+ 91 ;*97 ,58-/1+ <-1 *37/ 8>+ 722> 91 25+ 2A8*01+ 912 =532795 5 12
;1,*/974*5 =747 9*+=14+74+1 ,5/:-+781/01 7 25 27465 91 0597 27 14/*7$"
7 1273547,*./ */0121,0-72 91 -/7 ,5/,*1/,*7 ,58-/72 I27 */;1/,*./ 91 -/ =7+795
8A0*,5I 058. ;74*5+ +*625+ 1/ 91+74452274+1$ 2 ,58*1/C5 :-1 91,*+*;7 27 7,,*./ 91 25+
+7,149501+3*1/,5/1,0795+727+,5/9*,*5/1+25,721+B,-B74191,21+*>+0*,7,5/+0*0-A7
12E/*,50*=591*/+0*0-,*./,5/27,-722761/01=59A7*91/0*:*,74+1$
*/18374659-47/01
25+ 95+ E20*85+ +*625+ 27 7,,*./ 91 */0121,0-721+ +1,-2741+ +1 ;52;*. ,1/0472$ 14810
41,5/5,1041+8581/05+1/1+01=45,1+5$/-/7=4*8147107=7+-461277,,*./9112*01+
91+,5/1,0797+9127=52A0*,7,-B553D10*;514741+,707412;72549127=459-,,*./740A+0*,7B
2*01474*725,72$/-/7+16-/97107=71285;*8*1/05+19*:-/917,A4,-25+3-46-1+1+8>+
78=2*5+<-1+1;52;*145/,797;1C81/5+;*/,-2795+727@16185/A7,-20-47291-+04*71
*/01/0745/ 91:1/914 +- 21/6-7D1 /70*;5$ */7281/01 27 */:2-1/,*7 +1 1H0*1/91 7 +1,0541+
8>+8591+05+B1+1/05/,1+,-7/9579<-*141,5//507,*5/1+=52A0*,7+B1+7+5,*7977-/
=4564787 /7,*5/72*+07 B =5=-2*+07$
+07 E20*87 047/+*,*./ *8=2*,. 12 +5810*8*1/05 91 25+ +*6/*:*,7/01+ 91 =1401/1/,*7
,58-/*074*770597+27+=41+*5/1+*/@141/01+7-/72-,@7@1618./*,7J1+91,*4<-1=54
-/ 2795 :-145/ ;*/,-2795+ 1/ -/7 +14*1 91 :5487+ 7/076./*,7+ ,5/ 12 =45,1+5 91
,5/+04-,,*./ 91 -/ +0795 B =54 12 5045 +- *4479*7,*./ 1<-*;721/,*72 91=1/9*. 1/ 647/
819*97 912 8595 91 ,5/+04-,,*./ 912 1/18*65 B 91 25+ 53D10*;5+ *9152.6*,5+ 91 +-
,5/;5,7054*7$ / 726-/7+ */+07/,*7+ 12 =5=-2*+85 1+0-;5 2*6795 72 =45B1,05 91
,5/+04-,,*./91+0795+2*314721+9120*=55,,*91/072=1451/2787B54A791^5+,7+5++-
=41+1/,*7*9152.6*,71+0-;57+5,*797,5/*/01/05+H1/.:535+915=5/14+1725+;1,*/5+
*/819*705+ B 91 1H,2-*4 7 27+ 8*/54A7+ */014/7+$783*?/ 5+,*2. ,5/+07/0181/01 1/041 27
*C<-*1497B279141,@7$/-87/*7=541D18=25=59185+;14-/85;*8*1/05*9152.6*,5
91 C*6C76 =54 12 ,-72 25+ +*6/*:*,7/01+ =5=-2*+07+ +1 740*,-2745/ 91 25+ 8595+ 8>+
,5/0479*,054*5+7=740*49121+07321,*8*1/05912=7A+,5851/0*9797-0./5871/&"&$+A
+1+-,19*145/12=5=-2*+8576474*5912=4A/,*=121H7/94- -C71/5=5+*,*./72=591491
25+ 647/91+ 0144701/*1/01+J 27 01/070*;7 =54 =7401 912 =4A/,*=1 7452 91 5@1/C52214/\
*6874*:261/ 91 1+07321,14 1/ ,783*5 -/ 4?6*81/ <-1 :7;541,*147 7 7<-1225+
0144701/*1/01+ =145 <-1 147 *6-7281/01 =5=-2*+07 1/ +- +*835256A7J 25+ 653*14/5+ 912
874*+,72 21H7/94- ;141+,- 1/ \ B \ % <-1 */01/0745/ 762-0*/74 25+
+1,0541++5,*721+8>+9*+=741+J12=5=-2*+8585/>4<-*,591241B 7452 B:*/7281/0127
0587912=5914=5412874*+,72/05/1+,-B+--749*791 *1445<-1795=07-/791:*/*97
54*1/07,*./=45:7+,*+07$/0595+25+,7+5+128*+85,5/D-/0591+*6/*:*,7/01+,1/04721+
=7+. 91 -/ =45B1,05 =52A0*,5 7 5045$
- =45=*7 ;7,-*979 @*C5 =5+*321 1+01 =45,1+5 91
8*647,*./$ 1,549185+ <-1 12 4?6*81/ ,58-/*+07 91 17-+1+,- @*C5 -+5 ,5/
41270*;781/01=5,7+720147,*5/1+911+05++*6/*:*,7/01+=5=-2*+07+$
-=45=*77-05/58A7
@*C5 =5+*321 -/7 78=2*7 5+,*27,*./ 1/041 ,5/+0127,*5/1+ *9152.6*,7+$ R747 974 5045
1D18=25 =1/+185+ 1/ 25+ ;-12,5+ *9152.6*,5+ 91 -/ 2A914 ,585 P5+1=@ *2-9+Q* 1/
525/*7$S 145 25+ +*6/*:*,7/01+ =5=-2*+07+ =-191/ +14 7+5,*795+ *6-7281/01 7 -/7
54*1/07,*./ 91 *C<-*1497 37+07 ,5/ 41,54974 25+ */01/05+ 91 41:5487 76474*7 91 25+
653*14/5+ 91 21H7/914
078352*D+Q* 1/ 27 -2674*7 91 27 9?,797 91 $
2;14979145*/014?+1/271H=14*1/,*791-45=7912+011+<-18-1+047,7+*1/+070-+
cc=
/7+,1/+ 7265 41270*;5 7 27 181461/,*7 91 -/ F=-1325G <-1 /5 @73A785+ 9*+,-0*95
791,-79781/01 @7+07 7<-A$ 595+ 25+ ,7+5+ 7 25+ <-1 /5+ @73A785+ 41:14*95
=41;*781/0101/A7/<-1;14,5/27,5/+04-,,*./91-/7:45/0147*/014/71/-/7+5,*1979
9797$/12,7+5912F10/5=5=-2*+85G01/185+-/*/01/05=541+07321,141/,783*525+
2A8*01+8*+85+9127,58-/*979$+05*8=2*,7-/7+14*191,5/+1,-1/,*7+$ 7=4*81471+
<-127;7,-*9799125++*6/*:*,7/01+<-1,5/+0*0-B1/12F=-1325G1+0>91+9112,58*1/C5
8*+8594>+0*,781/012*8*0797$ 5++*6/*:*,7/01+<-1-/*:*,7/121+=7,*5,58-/*074*51+0>/
4A6*9781/01 2*6795+ 7 +*6/*:*,795+ =41,*+5+$ 7 ;7,-*979 1+ ,585 ;*85+ 27 ,5/9*,*./
=747 <-1 +1 1H=7/97 */91:*/*9781/01 -/7 ,791/7 1<-*;721/,*7$ +05 =41+-=5/1 27
9*;*+*./ */014/7 912 ,78=5 +5,*72$ 145 7<-A 1+07 9*;*+*./ @7 +*95 ,7/,12797 /5 @7B
/*/6-/7 =213+ 41,2787/95 +14 -/ =5=-2-+ =54<-1 27 =213+ B 12 =5=-2-+ +1 +-=14=5/1/
1H7,0781/01$2F5045G5=-1+051+1H014/5727,58-/*979/5*/014/5$2=4*/,*=*5?0/*,5
1+07321,1 91+91 12 ,58*1/%5 8*+85 <-? 12181/05+ =-191/ 1/0474 1/ 27 ,791/7
1<-*;721/,*72$ 5 @7B /*/6-/7 =5+*3*2*979 91 =2-472*+85 =747 -/ 10/5=5=-2*+85$ 7+
8*/54A7+=-191/1H*+0*491/0459120144*054*57+A91:*/*95=145278746*/72*9799131+14+-
,5/9*,*./ =1487/1/01 -/7 ;1C <-1 12 =4*/,*=*5?0/*,5 @791:*/*95 25+ 2A8*01+ 9121+=7,*5
,58-/*074*5$ 7 F2*8=*1C7G 91 =5327,*5/1+ 1/0147+ ,5/+0*0-B1 +*18=41 -/7 =5+*3*2*979
2701/01 ,-7/95 27 ,5/+04-,,*./ 9*+,-4+*;7 91 27 ,58-/*979 =45,191 +16E/ 2A/17+
=-4781/01?0/*,7+$27+=45=1/+*5/1+7-054*074*7+911+072.6*,7=52A0*,7+5/1;*91/01+
,58512504527959127,791/71<-*;721/,*71+0>:-1479127,58-/*979?+07+.25=-191
91+,7/+74 1/ 27 2.6*,7 9*:141/,*72 ,585 +- =45=*5 =4*/,*=*5 91 5467/*C7,*./$ /7
01/91/,*7 7 27 -/*:548*979 1+ 27 ,5/+1,-1/,*7 /1,1+74*7$
/ 3-1/ 1D18=25 =-191 1/,5/0474+1 1/ 27 91+*/01647,*./ 91 27 -65+27;*7
,5/018=54>/17$ 2 =45B1,05 91 *0591+=-?+ 91 27
16-/97 -1447 -/9*72 @73A7 +*95
41:54C74-/7*91/0*979B-65+27;7727;1C<-150546737727+9*;14+7+41=E32*,7+-/64795
,5/+*9147321 91 7-05/58A7 I-/7 7-05/58A7 <-1 +1 :-1 41:54C7/95 7 047;?+ 91 -/7
+-,1+*./ 91 41;*+*5/1+ ,5/+0*0-,*5/721+I$
* 1+07 95321 5=147,*./ @-3*147 01/*95 ?H*05
@734A785+ 01/*95 -/7 4127,*./ 1<-*;721/,*7 1/041 9*;14+7+ *91/0*9791+ /7,*5/721+ B -/
:-1401 ;A/,-25 7 -/ +0795 145 91 @1,@5 12 =45,1+5 058. 12 +1/0*95 5=-1+05 ,5/-/
=41958*/*5 =45641+*;5 91 27+ 01/91/,*7+ ,1/04A:-67+$ +07+ 01/91/,*7+ +1 7,1214745/
91+=-?+91278-140191*05B,5/9-D145/727181461/,*79125<-1
=B45+$
5:5+@7
91/58*/795F/7,*5/72*+85+=5=-2*+07+G$/
143*7127+,1/+591*251;*?0-;52-6741/
12 ,5/01H05 91 -/7 527 /7,*5/72*+07 1/ 054/5 72 +-1L5 91 -/7 F647/
143*7G B 91 27
76*07,*./ ,5/047 27=41+1/,*7 7237/71/ )5+5;5 <-1=-+5 7
143*71/ -/7 +*0-7,*./ 91
,52*+*./ ,5/ 27+ 5047+ 41=E32*,7+$ 783*?/ 1/ 457,*7 27 =5+*3*2*979 91 -/7 +5,*1979
8-20*?0/*,7:-1+5,7;79791+9112,58*1/C5B:-14118=27C797=5412*/01/05I1/647/
819*97 1H*05+5I 91 ,4174 -/7 +5,*1979 ?0/*,781/01 -/*:*,797$
1+9127*/91=1/91/,*712/7,*5/72*+85,45707@7+*95-/47+65,1/04729127;*97+5,*72B
=52A0*,7 91 27 +5,*1979 ,45707 V$$ 7 :-+*./ 912 /7,*5/72*+85 ,5/ 27 *915256A7 91 25+
,A4,-25+,5/+14;79541+91/0459127 621+*7 70.2*,70783*?/@7,5/9-,*9572+-46*8*1/05
91-/=59145+585;*8*1/0587B54*074*5/7,*5/72*+07+5,*72<-11//583419127/7,*./
@7 1+0795 =14+*6-*1/95 +*+018>0*,781/01 12 1+07321,*8*1/05 91 -/7 +5,*1979
F8547281/01 +72-97321G1/ 27 ,-7212 */014?+ /7,*5/72 =41;721,14A7 +5341 25+ */0141+1+ B
9141,@5+ +1,054*721+ 1 */9*;*9-721+$ 2 91+,7/+74 =4*/,*=7281/01 1/ 1+07 ,58=5+*,*./
+5,*72B=52A0*,7279*01=52A0*,7958*/7/01@7256479587/01/14+-,5/0452+534112+0795
27 1,5/58A7 B 25+ 819*5+ 87+*;5+ B +-=4*8*4 27+ 9187/97+ =54 27 9185,470*C7,*./$&
/ 5+/*7 14C165;*/7 12 =4532187 :-1 =740*,-27481/01 9478>0*,5 B7 <-1 +16E/ 12
,1/+5 91 27 =5327,*./ 912 =7A+ 1+0737 :548797
F* 4?6*81/ 721/0737 12 41+-46*8*1/05 91 4*0-721+ +143*5+ 540595H5+ ,585 +14 25+
37-0*+85+ 87+*;5+ 91 +143*5+ B 85/01/164*/5+ 1/ )5+5;5 52D1 5 27 =45,1+*./ 91 25+
=41+-/05+ 41+05+ 912 =4A/,*=1 7C74 7 25 27465 91 -/7 +14*1 91 +*0*5+ +764795+ B
ccj
85/7+014*5+ @7,*7 )5+5;5 5*D1 95/91 :-145/ 411/0144795+$ 2 41054/5 912 =4A/,*=1
91445,795722-67495/9125++143*5+@73A7/+*95;1/,*95+=54280-4,5+B95/91=149*.27
;*97 9737 27 *8=41+*./ 91 -/ ,A4,-25 ,58=2105 -/ [/-1;5 ,58*1/%5T$ 835+ 4*0-721+
,5/+0*0-B145/-/7,5/:*487,*./+*83.2*,79127;52-/0799127/7,*./+143*79141+07-474B
41,27874+-9*6/*979G=54-/#%e918-+-287/1+-/#e91+143*5+-/%#591
,45707+B-/""e91B-65+27;5+$241+-20795:-1279*;*+*./9121+=1,045=52A0*,5+534127
37+1 91 2*/178*1/05+ ?0/*,5+ B 27 6-1447 :-1 */1;*07321$ 5+ /7,*5/72*+07+ +143*5+
2*914795+=545D+27;112D+1*/;52-,4745/1/7,0*;*9791+014454*+07+1/25+9*+04*05+4-4721+J
12

-/=740*95,45707-2047/7,*5/72*+079187/9.277/1H*./915+/*77 457,*7J1/07/05<-1
12 740*95 -+-28>/ 91 ,,*./ 185,4>0*,7 2*914795 =54 2*D* 0C103165;*? 85+04. -/7
7,0*0-9 *6-7281/01 */047/+*61/01 @7,*7 25+ 64-=5+ ?0/*,5+ /5 8-+-287/1+$
13185+ 7641674 -/7 E20*87 ,5/,2-+*./ 7 /-1+045 7/>2*+*+$ + *8=5407/01 1/01/914 <-1
-/-/*;14+72*+8573+047,05/50*1/1,585E/*,541;14+5-/=5=-2*+85?0/*,5,58512<-1
7,73785+ 91 91+,4*3*4$ 595 91=1/91 91 25+ 1+2735/1+ <-1 ,58=5/1/ 27 ,791/7
1<-*;721/,*7] B /5 @7B 850*;5 =747 +-=5/14 <-1 0595+ 9137/ =1401/1,14 7 -/7 10/*7
@5856?/17$+=14:1,0781/01=5+*321,5/+0*0-*4-/=-13259107287/147<-18-,@7+91
27+ 9187/97+ 91 -/7 *91/0*979 8>+ 625372 +17/ F-/*;14+721+G 1/ +- ,5/01/*95 B
7047;*1+1/ -/7 =2-472*979 91 *91/0*9791+ ?0/*,7+$ -7/95 1+05 5,-441 25+ +*6/*:*,7/01+
<-1 -/*:*,7/ 27 ,791/7 1<-*;721/,*72 /1,1+74*781/01 ;7/ 7 +14 8>+ 7-0?/0*,781/01
;7,A5+ B 81/5+ ;*/,-2795+ 7 ,58-/*9791+ =740*,-2741+ I?0/*,7+ 5 91 ,-72<-*14 5045
0*=5I$
16-4781/011+71+01=453218772<-1+141:*141PZ461/ 731487+,-7/95@7327
91 F=704*50*+85 ,5/+0*0-,*5/72G$
7+-+07/,*7?0*,791-/=704*50*+85,5/+0*0-,*5/72/5=-19141+07421;7254727/1-0472*979
912 +*+0187 21672 41+=1,05 91 27+ ,58-/*9791+ <-1 1+0>/ ?0*,781/01 */0164797+ 1/ -/
/*;12 +-3=52A0*,5$ >+ 3*1/ 9131 76-9*C74 +- +1/+*3*2*979 @7,*7 27 9*;14+*979 B 27
*/0164*979 91 27+ 9*:141/01+ :5487+ 91 ;*97 <-1 ,51H*+01/ 91/045 91 -/7 +5,*1979
8-20*,-20-472$+,4-,*7287/01/141+79*+0*/,*./1/04125+95+/*;121+91*/01647,*./$
*+1
25+-/*:*,71/-/+525/*;1227,-20-4787B54*074*7;77-+-4=7427+=41445670*;7+912+0795
71H=1/+7+9127*6-72979919141,@5+915047+:5487+,-20-4721+91;*97B;77;*5274+-
91,2747,*./ 91 8-0-5 41,5/5,*8*1/05$ 7 /1-0472*979 91 27 21B 41+=1,05 91 27+
9*:141/,*7,*5/1+ ?0/*,7+ */014/7+ =45;*1/1 912 @1,@5 91 <-1 1/ 27+ +5,*19791+
,58=21D7+27,*-9797/A71/+-05072*979/5=-191B787/01/14+1-/*97=54-/,5/+1/+5
+-+07/,*721/054/57;72541++*/5+.25=54-/,5/+1/+5+534125+=45,19*8*1/05+=74727
=458-267,*./ 216A0*87 91 27+ 21B1+ B 12 1D14,*,*5 216A0*85 912 =5914$
-/<-1 ,5*/,*9*85+ ,5/ 731487+ ,5/ 41+=1,05 7 27 /1,1+*979 91 +1=7474 25+ 95+
/*;121+725+,-721+?2+141:*141=1/+785+<-1279*+0*/,*.//5=-191+14=27/017971/
0?48*/5+ 91 -/7 5=5+*,*./ 1/041 ;72541+ +-+07/0*;5+ B 91 =45,19*8*1/0 1/041 5047+
47C5/1+=54<-1=7477,1=074,*1405+=45,19*8*1/05+,585216A0*85+913185+,58=740*4
,5/5047+=14+5/7+,*1405+;72541++-+07/,*721+$ 7;14979147=416-/0791314A7+14<-?
;72541++-+07/0*;5+91314A7,58=740*42761/01=747<-1279*+0*/,*./1/04125+95+/*;121+
91 731487+:-147 =5+*321 2 ,58*1/C591 -/741+=-1+07 7 1+07=416-/07 B7 27@185+
9795 1/ /-1+047 9*+,-+*./ =41;*7 1/ 27+ +5,*19791+ ,5/018=54>/17+ /5 01/185+
+*8=2181/01 -/7 B-H07=5+*,*./ 91 F10/*7+G ,-20-4721+ +1=74797+J 0783*?/ 01/185+
8E20*=21+ B51+ =14+5/7+ <-1 ,5/+0*0-B1/ +-+ *91/0*9791+ +5341 -/7 =2-472*979 91
=5+*,*5/1+91 +-D105$ 1 1+07 87/1479187/97+ 919*:141/01+ 64795+ 91 -/*;14+72*979
=-191/1/04741/278*+87,791/71<-*;721/,*7B=-191+-46*4726E/0*=591-/*;14+72*979
@1618./*,7$ 145 1+07 E20*87 1+0> ,58=-1+07 =54 41,2785+ 07/05 +-+07/0*;5+ ,585 91
=45,19*8*1/05$

cc

'
!

/7 ,5/,2-+*./ <-1 =59185+ +7,74 91 0595 12 7/>2*+*+ =41;*5 1+ <-1 /5 @7B /797
7-058>0*,5 1/ 27 181461/,*7 912 =-1325$ 54 12 ,5/0474*5 1+ 12 41+-20795 91 -/7
,5/+04-,,*./ ,58=21D7 <-1 =-191 1/041 5047+ =5+*3*2*9791+ :47,7+74 1/ 12 25645 91 +-
53D10*;5$ 7+ 47C5/1+ +5/ ,2747+ 27+ *91/0*9791+ =52A0*,7+ +5/ 12 41+-20795 91 27
740*,-27,*./R1+91,*42701/+*./S912.6*,7+1<-*;721/,*721+B9*:141/,*721+5=-1+07+B1+
+-:*,*1/01 <-1 12 1<-*2*34*5 1/041 7837+ +1 458=7 =54 12 =41958*/*5 8>+ 722> 91 ,*1405
=-/0591-/59125+95+=525+=747<-112=-1325,5857,054=52A0*,5+191+*/01641$
*27
9*:141/,*7,*./ */+0*0-,*5/72 1+ 9187+*795 958*/7/01 27 @58561/1*C7,*./ 1<-*;721/,*72
<-1 41<-*141/ 27+ *91/0*9791+
,585 =41,5/9*,*./ 91 +- ,5/+0*0-,*./ +1
;-12;1 *8=5+*321$
* =41;721,1 27 @1014561/1*979 +5,*72 R<-1 ,585 @185+ ;*+05
,5/+0*0-B1 5047 :5487 91 9*:141/,*7,*./S /5 @7B =747 18=1C74 /*/6-/7 =5+*3*2*979 91
1+07321,14 -/7 ,791/7 1<-*;721/,*7$ 145 1+ *8=5407/01 ,58=41/914 <-1 -/7
1<-*;721/,*705072@74A70783*?/*8=5+*32127181461/,*7912=-1325,5857,054,521,0*;5$
/7 1<-*;721/,*7 <-1 :-147 05072 91D74A7 91 +14 1<-*;721/,*7 =747 ,5/;140*4+1 1/ 8147
*91/0*979B7/5@734A7-/7,791/7+*/5-/787+7@5856?/17*/9*:141/,*797$M+071+27
>/*,7+*0-7,*./ ,5/018=2797=54 25+=4*8145+=+*,.2565+91 87+7+7 27 ,-727+*8*2745/
144./1781/01 0597+ 27+ :5487+ 91 85;*2*C7,*./ =5=-274$
7 ,5/,2-+*./ <-1 913185+ +7,74 91 1+05+ ,581/074*5+ 1+ <-1 27 ,5/+04-,,*./ 91 -/
=-1325=-191:47,7+74:>,*281/01$,5/0*/-7,*./;785+77/72*C74041+1H=14*1/,*7+<-1
*2-+047/ 726-/7+ 91 27+ =5+*3*2*9791+ 7 27+ <-1 7,73785+ 91 41:14*4/5+$

2740*95912-13251+0795-/*91/+1+:-1:-/97957,58*1/C5+91&1/
7*/0 5-*+$
-=2707:5487<-12-165:-141=459-,*97,7+*01H0-7281/01=5427=2707:54879187@7
91D-2*59128*+857/5*/01/073791+,4*3*425+8721+9127+5,*19791+0795-/*91/+1B25+
647/91+ 2*/178*1/05+ 91 27 ,572*,*./ <-1 25+ 41819*74A7
5+ 41-/*85+ 1/ 819*5 91 -/7 /7,*./ <-1 1+0> 72 35491 91 27 4-*/7 85472 =52A0*,7 B
87014*72$ 7,544-=,*./958*/727+121,,*5/1+27+216*+270-47+12,5/641+5B05,7*/,2-+5
727=-41C79127876*+0470-47$ 761/011+0>91+85472*C797$-,@5+9125+1+0795++1
@7/;*+05532*6795+77*+274725+;507/01+1/25++*0*5+91;507,*./,5/12:*/91=41;1/*412
+5354/5 5 27 */0*8*97,*./ -/*;14+72$ 5+ =14*.9*,5+ +5/ +-3+*9*795+ 5 785497C795+J 27
5=*/*./=E32*,71++*21/,*797J27+18=41+7+1+0>/=5+04797+J/-1+045+@56741+,-3*1405+
91 @*=501,7+J 25+ 04737D79541+ 18=5341,*95+ B 27 0*1447 ,5/,1/04797 1/ 87/5+ 91
,7=*072*+07+$ 25+ 04737D79541+ -437/5+ +1 21+ /*167 12 9141,@5 91 5467/*C74+1 =747 +-
=45=*7=4501,,*./J27*8=5407,*./9187/591534718=5341,*9791=4*81+-++7274*5+J-/
1D?4,*05814,1/74*5/541,5/5,*95=54/-1+047+21B1++1@71+07321,*95=7479144*37425+
B1+0>/9161/147/954>=*9781/01727+,5/9*,*5/1+1-45=17+$2:4-0591204737D59-4591
8*225/1+ 1+ 7-97C81/01 453795 =747 787+74 :540-/7+ ,525+721+ +*/ =41,191/01+ 1/ 27
@*+054*79127@-87/*9798*1/047+<-1+-+=5+119541+91+=41,*7/72741=E32*,7B=5/1/
1/ =12*645 27 2*314079$ 2 8*+85 ;*1/041 =452A:*,5 91 27 */D-+0*,*7 6-314/781/072 @7
1/61/9479595+647/91+,27+1+25+=5341+B25+8*225/74*5+$2=5914/7,*5/7291,4174
9*/145 1+ 7=45=*795 =747 1/4*<-1,14 7 25+ 01/19541+ 91 35/5+J 27 =2707 <-1 @7 +*95
7,1=0797 ,585 85/197 91+91 12 787/1,14 91
272*01470-47+534112=5=-2*+851+0795-/*91/+1912+*625H*H1+=4>,0*,781/01*/76507321B
781/-95@7+*95+5810*9776*45+*/014=41070*;5+958*/795+=54=41D-*,*5+*9152.6*,5+$
7@*+050*7@7+*9591+85/10*C797=7477-81/07412=591491,58=47912545819*7/0127
ccá
9*+8*/-,*./ 912 ;7254 91 0597+ 27+ :5487+ 91 =45=*1979 7+A ,585 0783*?/ 912 04737D5
@-87/5J B1 +-8*/*+045 85/1074*5 1+ 2*8*0795 912*31479781/01 =747 1/654974 7 25+
-+-4145+<-13474727+18=41+7+B1+,27;*C74727*/9-+04*7$
1@75467/*C795-/7;7+07
,5/+=*47,*./,5/04727@-87/*9791/95+,5/0*/1/01+B+11+0>7=59147/959128-/95$
* /5 +1 27 1/:41/07 B 9144507 =45/05 =41+76*74> 0144*321+ ,5/;-2+*5/1+ +5,*721+ 27
91+04-,,*./ 91 27 ,*;*2*C7,*./ 5 12 1+07321,*8*1/05 91 -/ 91+=50*+85 73+52-05
+0791,2747,*./:-1+16-*9791-/7+14*1919187/97+1/0411227+27+4127,*5/797+,5/
279185,470*C7,*./85/1074*727419*+04*3-,*./91270*144727/7,*5/72*C7,*./912+*+0187
91047/+=5401277,-L7,*./*2*8*07979127=270712,5/04529127+:5487+91-0*2*C7,*./91
25+ *8=-1+05+ B 12 41<-14*8*1/05 91 <-1 12 012?647:5 B 12 012?:5/5 ,585 0783*?/ 12
+*+0187 =5+072 1+0-;*147/ 1/ 87/5+ 912 653*14/5$
54 25 07/05 25<-1 +1 */01/0737 147-/7 9*,5058*C7,*./=5=-2*+07 912 1+=7,*5 +5,*72 1/
95+,78=5+7/076./*,5+$2819*5=7472564741+0153D10*;5:-127,417,*./91-/014,14
=740*95<-1458=14A7128591253*=740*9*+079127=52A0*,71+0795-/*91/+1$1+9112=-/05
91 ;*+07 91 25+ 764*,-20541+ <-1 ,5/+0*0-A7/ 27 ,52-8/7 ;14013472 912
85;*8*1/05 =5=-2*+07 27 *917 91 -/ 740*95 912 -1325 41+-20737 27
7,-28*/7,*./ 91 -/ 27465 =45,1+5 <-1 ,581/C. ,5/ 27 74814+T
2*7/,191 27 9?,797 91 &% 1/ 12 <-1 +1 @73A7/ */*,*795 9*;14+7+
85;*2*C7,*5/1+B;74*5+=45B1,05+,55=1470*;5++*//*/6E/?H*059-479145$542507/05+1
;52;*.,797;1C8>+,2745=7471225+<-1,-72<-*14=7+51/:7;549127=4585,*./91+-+
,7-+7+ 41<-14A7 -/7 7,,*./ =52A0*,7 9*41,07 R-/ ,-4+5 91 7,,*./ ,-B7 =5+*3*2*979 +-46*.
21/0781/011/2781/019125+764*,-20541+B<-1:-1795=0795=548-,@5+911225+,5/
=5,5 1/0-+*7+85S$ +1+747/ 1/ -/ 01441/5 */1H=254795$ 1<-14A7 8*/*8*C74 12 ,74>,014
+1,054*729127+9187/97+B<-1+1,//+04-B147-/7,791/7911<-*;721/,*7+8-,@58>+
78=2*7B,58=21D7+*+1=4101/9A7<-112F=-1325G+-46*147,585/-1;57,054,521,0*;51/
12 01441/5 91 27 =52A0*,7 /7,*5/72$ 7 @73A7 @73*95 7/01+ 5045+ */01/05+ =54 ,5/+0*0-*4
014,145+ =740*95+ 1/ 27 =52A0*,7 1+0795-/*91/+1$
-47/01 95+ 9?,797+ 25+ ,4A0*,5+ 91 918.,4707+ B 41=-32*,7/5+ @73A7/ 1+0795
,58=*0*1/95 1/ 27+ 121,,*5/1+ /7,*5/721+ 1+070721+ B 25,721+ 37D5 -/7 9*;14+*979 91
2187+45@*3*0*5/411/37,Q/0*\5/5=52B 73541:548/*./ 7354X54Q*/61/
B ,*1/05+ 91 =740*95+ */91=1/9*1/01+ 1+070721+ B 25,721+ ,-B5+ 8*+85+ /58341+
91/50737/ +- 41=-9*5 @7,*7 27+ 41627+ 912 D-165 121,05472$ 5+ =52A0*,5+ 1+07321,*95+ +1
@73A7/ 7,5+0-834795 7 91+=21674 ,-72<-*14 7487 2*/6ZA+0*,7 5 21672 I12 4*9A,-25 27
41=41+*./ 27 ,55=07,*./I /1,1+74*7 =747 7=27+074 7 1+05+ 5=5+*0541+ 91+-/*95+ =145
=14+*+01/01+ 1/ +- 413129A7$
14512740*95912-13257+=*47377*48>+722>911+05+=4*8145+*/01/05+91,74>,014
+1,054*72 25,72 5 +*8=2181/01 ,1/04795+ 1/ -/7 ,-1+0*./ =41,*+7J */01/0737 =54 12
,5/0474*5 ,5/+0*0-*4 -/ 21/6-7D1 =52A0*,5 ;1497914781/01 /7,*5/72$
-/<-1 -/7 /-1;7 ,5/:45/07,*./ 625372 ,5/ 25+ =59141+ 1+07321,*95+ 147 =747 25+
=5=-2*+07+ -/ 01441/5 */1H=254795 91:*/*0*;781/01 /5 147 ;*461/$ 1+91 7/01+ 91 27
-1447 *;*2 1H*+0A7 -/7 0479*,*./ 91 91:1/+7 =5=-2*+07 912 @58341 @-8*291 ,5/047 -/7
52*674<-A7 :*/7/,*147 ,544-=07 =4*/,*=7281/01 ,585 =7401 91 27+ @141/,*7+ *9152.6*,7+
D1::14+5/*7/7BD7,Q+5/*7/7$ 7+1=747,*./912@58341,58E/91<-*1/1+1+0737/1/27+
7207+ 1+:147+ 912 =5914 :-1 12 21*0850*; ,5/+07/01 91 1+07 0479*,*./ 7-/<-1 12 8595 91
,747,014*C74 7 27 9*01 91+=41,*797 ;74*737 91 -/7 ;14+*./ 7 5047$
747 25+ D1::14+5/*7/5+ ,5/+*+0A7 1/ -/7 :7,,*./ =45 34*0>/*,7 91 ,5814,*7/01+
0144701/*1/01+ B ,2?4*65+ ,5/+14;79541+J =747 25+ D7,Q+5/*7/5+ 147 -/ F=5914 :*/7/,*145G
9*4*6*95=54,5+85=52*07+3*1//7,*95+$74725+7,0*;*+07+912/-1;5740*951=-32*,7/5
91 27 9?,797 91 &" 147 12 F=5914 1+,27;*+0T 912 +-4 <-1 2*8*0. 27+ 2*3140791+ ,*;*21+ B
9*+8*/-B. 25+ */641+5+ 91 25+ 327/,5+ 912 /5401G$
542507/0527074179125+=5=-2*+07+91279?,79791&,5/+*+0A71/=45:-/9*C741+07
ccï
0479*,*./ B 41:548-27427 1/ 0?48*/5+ 912 /-1;5 ,5/01H05 1/ 12 ,-72 7,0-737/$
7 +*0-7,*./ <-1 1/,74737 12 740*95 912 -1325 */,2-A7 0595+ 25+ ,58=5/1/01+ <-1
@185+*/9*,795,5850A=*,5+9126*45=5=-2*+079127=52A0*,7-/91+,5/01/0561/1472,5/
12 +070- <-5 1H*+01/01 27 ,5/+0*0-,*./ */,*=*1/01 91 -/7 ,791/7 1<-*;721/,*7 91
9187/97+,1/04797+1/054/57-/5+=5,5++A83525+720781/01*/;1+0*95+-/,41,*1/01
91+7:*5 72 +*+0187 =52A0*,5 ,585 -/ 0595$
*/ 1837465 ,585 ;*85+ -/7 ,791/7
1<-*;721/,*71+0>:548797=541+2735/1+<-11+0>/9*;*9*95+1/04112=740*,-274*+8591
27+9187/97+<-141=41+1/07/B12+1/0*958>+F-/*;14+72G9795=54+-5=5+*,*./,58E/
72 +070- <-5$ 2 ?H*05 625372 91 27 5=147,*./ =5=-2*+07 91=1/91 91 <-1 =41;721C,7 12
8581/05-/*;14+72*+07=54+534112=740*,-274*+07$
*/183746527+,5+7+1+0737/21D5+91
+14 +1/,*227+$ 7 /7,*1/01 ,572*,*./ +5341 27 ,-72 25+ =5=-2*+07+ 37+745/+-+1+=147/C7+
147-/7*/1+07321787267879164-=5++5,*721+B5467/*C7,*5/1+=52A0*,7+,5/=4*54*9791+
1/:41/0797+$ 5+=1<-1L5+764*,-20541+=415,-=795+=54+-+91-97+<-14A7/*/,4181/074
275:1407919*/145J25+04737D79541+327/,5+-437/5+018A7/-/7-81/059125+=41,*5+91
25+72*81/05+B72<-*2141+$ 5+=45@*3*,*5/*+07+B25+41:54879541+:*/7/,*145++15=5/A7/
7835+72647/,7=*072=1459*:14A7/ 5/41+=1,057,->21+147/+-+=1,795+=4*/,*=721+I
12 04>:*,5 91 72,5@52 5 27 5/047,,*./ 912 ,4?9*05I$ 27+ ;5,1+ +5,*72*+07+ 1/ 0597 +-
9*;14+*979 I,4*+0*7/5+ 874H*+07+ B 312278*07+I1+0737/ 1/ 91+7,-1495 ,5/ 27 87B54A7
9125+4131291++*/9*,72*+07+B76474*5+<-*1/1+7:*48737/+-:11/27=45=*1979=4*;797B
1/27872173*2*97991271+04-,0-4791,27+1+$ 72-,@7:7,,*5+7:-11247+65=1487/1/01
91 27=52A0*,7 41:548*+07911+5+7L5+J /5:-1@7+07&<-1 27 87B54A7 91 25+ 64-=5+
91D745/9176*074+-+=7/7,17+9187/147+-:*,*1/01,585=747-/*4+11/054/5728*+85
014,14 =740*95$
7+-=147,*./911+072-,@7:7,,*5+741<-14A707/05271273547,*./91-/21/6-7D1,58E/
,58527/1-0472*C7,*./9127+01/91/,*7+,1/04A:-67+@7,*712=740*,-274*+85$+07+E20*87+
=59A7/ +14 91 95+ ,27+1+$ / =4*814 2-674 1+0737/ 25+ +1,0541+ <-1 147/ @101456?/15+
41+=1,05 912 1+=7,*5 =4*/,*=72 91 41=41+1/07,*./ =52A0*,7 R1/ 12 +1/0*95 <-1 @185+
704*3-*95 7 27 ,701654A7 91 @1014561/1*979 1/ -/ ,7=A0-25 7/014*54SJ 1/041 1225+ +1
91+07,73727=5327,*.//1647$ 787B54A79125+=5=-2*+07+/5,-1+0*5/7371/73+52-0512
95687 91 27 +-=4187,A7 ,7-,>+*,7$ 2 8595 =4768>0*,5 91 047074 27 ,-1+0*./ :-1 27
12*8*/7,*./91,-72<-*14*91791-/5491/3*447,*72B27,5/;5,7054*7725+/1645+07/+.25
=747 7+-/05+ 91 */0141+1+ 1,5/.8*,5+ ,58=740*95+$ 5 1+ 1H047L5 1/05/,1+ <-1 /5
:-147/ 41,*3*95+ 91 87/147 8-B 1/0-+*7+07 =54 27 =5327,*./ /1647$
5+ =5=-2*+07+ ,5/0*/-745/ 7+-8*1/95 ,585 25 @73A7/ @1,@5 +-+ 7/01,1+541+
D1::14+5/*7/5+BD7,Q+5/*7/5+<-1F2761/01,58E/G*/,2-A7725+91=*12327/,7B,5/-/7
0479*,*./ 91 =45=*1979 =4*;797 91 0*1447+ 5 1/ -/ 5:*,*5$ 5 41+-207 +54=41/91/01 <-1 27
87B54A79125+/1645+/5@7B77,1=079527=45=-1+072*8*07979125+=5=-2*+07+B<-11/
,783*5;50747/722A95/917E/+125=148*0A7/53*1/=5412=740*9591 */,52/5=541291
+-+ 0144701/*1/01+ 7/,1+04721+$
1314A785+7641674<-11+07783*6Z1979,5/41+=1,05725+/1645+/51H*+0*.1/25<-1
+141:*141725+*/8*647/01+7+*>0*,5+1225+1+0737/050721*/:21H*32181/011H,2-*95+9127
2*+07 */01/0737 417281/01 */014=1274 =145 ,-B5 =740*,-274*+85 9*:141/,*72 41+*+0A7 +-
*/01647,*./727,4-C797=5=-2*+07$ 74127,*./1/04112740*95912-1325B25+ 73722145+
912 4737D5 =54 1D18=25 +*18=41 :-1 01/+7 B 8-,@5+ 04737D79541+ */9-+04*721+ B
7401+7/5+ *6/54745/ 27 ,5/;5,7054*7 =5=-2*+07$ 2 9*+,-4+5 ,4*+0*7/5 1;7/6?2*,5 91 27+
>417+ 4-4721+ /5 1/,5/04. -/7 7-9*1/,*7 7=45=*797 1/041 27 =5327,*./
91 ,27+1 04737D79547 */8*647/01 <-11/ 8-,@5+ ,7+5+ /5 01/A7 -/ 54*61/ =4501+07/01$%
2 */01/05 91 256474 -/7 */+,4*=,*./ 1<-*;721/,*7 <-1 =41;721,*147 :41/01 7 1+01
=740*,-274*+859*:141/,*726*4.1/054/572791:*/*,*./9125+F=459-,0541+GR,5855=-1+05+
7 25+ +1,0541+ F@5267C7/1+G 5 F=74>+*05+GS <-1 913A7 +14 25 +-:*,*1/0181/01 ;767 B
73+047,07 ,585 =747 7374,74 7 27 647/ 87B54A7 91 27 =5327,*./$
*/ 1837465 ,585
ccº
+1L727 )$7C*/ ?+07 147 -/ 7487 91 95321 :*25 +* F=459-,0541+G +1 ,5/;140A7 1/ -/
+*6/*:*,7/01 ;7,A5 819*7/01 12 4127D78*1/05 91 +-+ ;A/,-25+ ,5/ 41:141/01+ =740*,-2741+
0783*?/ =59A7 +14 7=45=*795 =54 +1,0541+ 9*:141/01+ 91 25+ =5=-2*+07+ B 41*/+,4*3*0+1 1/
-/7 ,791/7 1<-*;721/,*7 72014/70*;7 I1+ 91,*4 =59A7 ,5/;140*4+1 1/ -/ +*6/*:*,7/01
:2507/01I$+0741:141/,*78E20*=21@7,*727,-7201/9A7129*+,-4+5=5=-2*+07+141:21D.1/
27 =2707:5487 912 85;*8*1/05$
25+ 764*,-20541+ 7653*795+ =54 27+ 91-97+ 21+ =45810A7/ -/ */,4181/05 1/ V7 5:1407
85/1074*7-/7=45@*3*,*./9127=45=*19791H047/D14791270*1447B27=5+1+*./=54=7401
912 +0795 91 25+ :1445,744*21+ <-1 07/ 7 81/-95 @73A7/ @1,@5 =7674 7 25+ =1<-1L5+
764*,-20541+8>+9125<-1=59A7/+5=54074$1+=1,059125+7+7274*795+41+=729737/27
5:1/+*;71/,-4+5=54-/7419-,,*./9127D54/797273547241,278737/277352*,*./9127
61/,*7*/Q1405/B=45,278737/<-1F25+*/0141+1+9125+04737D79541+4-4721+B-437/5+
+5/ 25+ 8*+85+G$ 5/ 41+=1,05 7 25+ 41:548*+07+ 85/1074*5+ B 25+ 41+*91/01+ 91 25+
1+0795+8*/145+91251+019187/9737/277,-L7,*./*2*8*079707/059127=2707,585912
545$ 585 7=?/9*,1+ 91 V7 =2707:5487 1H*+0A7/ 726-/7+ F41+52-,*5/1+ +-=2181/074*7+G
,585 -/7 F=4581+9T 91 ,5/0*/-74 ,5/ 27+ =1/+*5/1+ 91 +72-9 <-1 B7 +1 1+0737/
505467/95 7 25+ ;10147/5+ 91 27 /*./ B ,* 7=5B5 7 -/ 35*,50 7 -/7 */9-+04*7 01H0*2 91
5,@1+014 1/ 27 <-1 25+ 73722145+ 912 4737D5 @73A7/ 91,274795 -/7 @-1267$
1/185+ 1/05/,1+ -/7 0A=*,7 F6-1447 91 =5+*,*./G 1/041 -/ */01/05 =5=-2*+07 91
*/+,4*=,*./ 1<-*;721/,*72 B -/7 2.6*,7 9*:141/,*72 <-1 25 41+*+0A7$ 7+ 2*8*07,*5/1+ 1/ 27
,5/+0*0-,*./912=-1325+141:21D745/1/25+41+-20795+121,054721+91&B&7-/<-1
27+,*:47+6253721+5301/*97+=5412740*95912-1325:-145/*8=41+*5/7/01+1+0737/,7+*
0507281/01,5/,1/04797+1/12+-4B1251+018>+722>912*+*+*=*$1+-20737,2745<-1+*
12 =740*95 */01/0737 ,5/;140*4+1 1/ -/7 72014/70*;7 ;1497914781/01 /7,*5/72 913A7 974
726E/0*=591=7+5/-1;5B7-97C$+05,5/9-D51/&727=5B5=5=-2*+0772,7/9*9705
918.,4707 X*22*78 P1//*/6+ 4B7/ ,-B7 =2707:5487 01/A7 8-,@7+ ,5//507,*5/1+
=5=-2*+07+ R7-/<-1 +53411/:70*C7/95 27 ,-1+0*./ 91 27 =2707S$
7+121,,*5/1+1+0795-/*91/+1+91&0*1/1/-/;7254,7+*=7479*68>0*,5=747/-1+045
0187 =54<-1 25+ 95+ 2795+ 91 27 ,5/:45/07,*./ *2-+047/ 1/ +- :5487 8>+ =-47 25 <-1
@185+ 91/58*/795 2.6*,7 91 27 1<-*;721/,*7 B 91 27 9*:141/,*7$ 7 ,78=7L7 91 4B7/
91=1/9A7 =747 +- ?H*05 91 27 ,5/+0*0-,*./ 912 =-1325 ,585 -/ 7,054 @*+0.4*,5
I1+ 91,*4 256474 <-1 27+ *91/0*:*,7,*5/1+ 1<-*;721/,*721+ -/*;14+721+ =41;721,*147/ =54
+5341 27+ +1,054*721+I$ 7 -/*979 91 27+ :-14C7+ =52A0*,7+ <-1 25 7=5B737/ 913A7
1/05/,1+*8=5/14+17,-72<-*14=41,*5$2+*6-*1/011+-/=>447:50A=*,591+-9*+,-4+5
2 8*474 25+ 45+045+ 91 1+07+ =14+5/7+ B 41,54974 <-1 /-1+045+ 1/18*65+ 25+ 22787/ 27
0-437B9*,1/<-1+5/-/7781/7C7722*341653*14/5B5=416-/05<-*?/01/94>72=-1325
=747 +A 8*+85Y +05B 546-225+5 91 01/14 91 8* 2795 1/ 1+07 ,78=7L7 12 7=5B5 91
7<-1225+<-1+122787/7+A8*+85+2761/01,58E/$
*0-;*1479104>+918A725+647/91+
85/5=52*5+B+-+,583*/7,*5/1++?<-1/53*1/7+-8*147819187/974A7/<-1-+18*
=5914 =747 45374 7 27 61/01 1/ +- /58341$ 7 ,78=7L7 91 ,)*/27B ,5/047 12 =-1325
,5/9-,*97 =54 +- 7+1+54 74Q 7//7 7,-L. 12 2187 91 27 F+5,*1979 =45641+*+07G$ 5
@73A77<-A/*/6-/7,5/;5,7054*772787+7@5856?/17*/9*:141/,*797+*/57291+7445225
546>/*,5 B 5491/795 91 -/7 +5,*1979 1/ 27 ,-72 ,797 /5 91 +-+ 8*18345+ 01/A7 -/
2-674 =41,*+5 B 9*:141/01 B ,-B5 ,1/045 147 -/7 9*01 *91/0*:*,797 ,5/ 25+ ;72541+
1+0795-/*91/+1+$797+27+=501/,*72*9791+1/27+-4/7+9120187912F=-1325G,5/047F25+
647/91+85/5=52*5+B+-+,583*/7,*5/1+G25+41=-32*,7/5+/5=59A7/53;*781/0191D74
<-1 27 ,78=7L7 +1 91,*9*147 +5341 1+7 37+1$ 7 *917 72014/70*;7 91 27 F+5,*1979
=45641+*+07G+187014*72*C.21/0781/017=740*49125+;72541++*83.2*,5+2*6795+72=704./
545V$$1456479-7281/01V$$$W25+0187+8>+61/14721+91F=7C=45641+5=704*50*+85B
=45+=14*979G ,581/C745/ 7 ,747,014*C74 27 ,78=7L7 91 X*22*78 ,)*/21B$ 7 F+5,*1979
=45641+*+07G =45=-1+07 =54 74Q 7//7 1/ /58341 91 27 ,58-/*979 ,54=5470*;7 147
ccë
*/@141/0181/01 -/7 +5,*1979 3*1/ ;1+0*97 B 412*6*5+781/01 =47,0*,7/01$ 5+ 9*;14+5+
2187+ 18=21795+ /5 147/ 27 8147 1H=41+*./ 91 -/7 =52A0*,7 ,A/*,7 +*/5 8>+ 3*1/
7-0?/0*,7+ 7:*487,*5/1+ 91 -/7 181461/01 ;*+*./ 1+0795-/*91/+1 912 8-/95$c
585 7:*487 559OB/ 12 =740*95 91 */,52/ +1 @73A7 ,5/;140*95 1/ 12 =740*95 91 27+
18=41+7+ B 27 1/,74/7,*./ =52A0*,7 91 -/ +0795+ /*95+ ,54=5470*;5$
47327/,5=4501+07/01BB7/<-*$1,27873712;505910595+25+;507/01+/5327/,5+/5
=4501+07/01+B/5B7/<-*+<-1,5/+1/0A7/;52-/074*781/0127+/-1;7+/5487+,-20-4721+
<-1 91+,4*3A7/ 27 ,*;*2*979 91/045 91 27 +5,*1979 =45641+*+07 181461/01$ 7 =727347
F=704*507G@73A7,581/C7957+-614*47<-1227+,5+7+<-125+B7/<-*+=4501+07/01+=5+1A7/
V$$$D$28-4514*6*95=5427+5,*1979=45641+*+07,5/047F12=-1325G+1L7273772658>+<-1
27;*,054*791,)*/21B+53414B7/*/,2-+572658>+<-127+7/,*./9127,5/,1/047,*./
,54=5470*;7 87+*;7J+1L72737 25+ 2A8*01+ 798*+*321+ 91 27 =45=*7 ,-20-479185,4>0*,7$ 7
32559B+@*40=59A7:*/7281/01=1487/1,14+*21/,*5+712=740*9518=41+74*72@73A7,41795
1/27+5,*197962537225+;72541+,-20-4721+<-125+-+01/074A7/1/12+*625HH$ 79144507
9127F=4581+79185,4>0*,7G*8=2A,*071/12=5=-2*+4/51+0795-/*91/+1795=0.1/05/,1+12
859125 <-1 @185+ 9*+,-0*95 7 25 27465 91 1+01 2*345 27 9*+52-,*./ 91 25+ 27C5+
1<-*;721/,*721+B27*/,54=547,*./9*:141/,*7291+1,0541+91/04591-/7+5,*1979546>/*,7
8>+ 78=2*7 RF047/+:548*+85G =747 -+74 27 1H=41+*./ 91 478+,*S$ 1+07 */,54=547,*./
9*:141/,*72 /5 :-1 =54 +-=-1+05 *6-72*074*7 +*/5 D14>4<-*,7$ 747 ,*074 /-1;781/01 7
559OB/747-/,41,*1/01/>8145911+0795-/*91/+1+1204*-/:5912,419518=41+74*72
1<-*;72A7+*1+<-1/5251H,19A77-/7*/014/72*C7,*./,5/+,*1/015*/,5/+,*1/019125+
+-=-1+05++-=4185+9125+327/,5+$D-/05,5/12/-1;5+1/0*9591=41445670*;7*/,2-*951/
27*91791=45641+512/-1;510@5++*6/*:*,737<-125+18=41+74*5+41=-32*,7/5+=59A7/
*/0*8*974 7 25+ 18=21795+ 918.,4707+ 1/ 12 /5401 <-1 25+ 18=41+74*5+ 918.,4707+
=59A7/*/0*8*974725+=5=-2*+07+B41=-32*,7/5+1/12+-4B<-125+18=41+74*5+1/0597+
=7401+ =59A7/ ,58=474 7 25+ 216*+279541+ 1+070721+ B <-1 25+ 327/,5+ 1/ 0597+ =7401+
=59A7/ */0*8*974 7 25+ /1645+ B 7 25+ */9*5+$

()

/12,7+59125++0795+/*95+@185+;*+05-/=5=-2*+859137+1,-B7+2*8*07,*5/1+
1+0-;A145/ 1/ 27 *8=5+*3*2*979 91 41*/+,4*3*4 9*:141/,*7+ 91/045 91 -/7 ,791/7
1<-*;721/,*7]$ 7+ 9*:141/,*7,*5/1+ */+0*0-,*5/721+ =41;721,*145/ :*/7281/01 +5341 27+
41740*,-27,*5/1+ 9*,50.8*,7+$ 595 12 85;*8*1/05 =52A0*,5 =5=-2*+07 ,5/+*+0*. 1/
1<-*;721/,*7+1+=5/0>/17+ <-1 3-+,737/ -/79*+52-,*./ 91 25+ 2A8*01+ 9*:141/,*721+$ 7
;*,054*7 91 27 F+5,*1979 =45641+*+07G +5341 12 =-1325
+*6/*:*,.12:47,7+5911+1*/01/05919*+52-,*./$1451201441/591/045912,-725=1473712
=5=-2*+85147129127+1<-*;721/,*7+1+=5/0>K-5,-441+*/1837465+*12=-13251+
,5/,13*95 ,585 -/7 1/0*979 @5856?/17 7 =4*54* =5+0-2797 91+91 -/ ,1/045 91 =5914
<-11/2-67491+1412=41,*=*0795+5,*7291-/7*/0147,,*./1<-*;721/,*7919187/97+
9185,4>0*,7+1+=14,*3*95,58512<-1910148*/7-/7+-+07/,*7*9?/0*,7705979187/97
1H=41+7Y/1+1,7+5279*;*+*./*/014/7*/@141/01705979187/979185,4>0*,791/045
9127,791/71<-*;721/,*7+19144-83712=-1325=*1491+-+9*:141/,*7,*5/1+*/014/7+B
1+419-,*957-/7-/*979+-+07/,*72$2=-13257E/=-191+14,5/,13*95,585-/7:-14C7
479*,72 5=-1+07 72 +070- <-5 1H*+01/01 =145 B7 /5 1+ 8>+ -/7 =2131 8746*/72 +1 @7
737/95/79527@1014561/1*9791+1/,*72<-11+0>1/2737+1910597*91/0*979=5=-2*+07B
c`
1+ 7@547 4118=27C797 =54 -/7 -/*979 @5856?/17$ +5 1+ 25 <-1 5,-44*. 1/ -4<-A7 B
1H=2*,7=54<-?12Q1872*+85=-95@7314+*95-/9*+,-4+5479*,72914-=0-47=145/-/,7
:-1 =5=-2*+07$
5/+*914185+ 27+ +1*+ =727347+ ,27;1 912 =4564787 91 27 1=E32*,7 91 -4<-A7 <-1
:-145/ 41=41+1/0797+ ,585 +1*+ :21,@7+ 1/ 12 1832187 912 740*95 1=-32*,7/5 912
-1325 7 ,58*1/C5+ 91 27 9?,797 91 #
41=-32*,7/*
8/7,*5/72*+85=5=-2*+8541;52-,*5/*+85+1,-274*+85B1+070*+85$#+05+
147/,5/+*914795+25+=*2741+9127*915256A7Q1872*+07$ 581/,185+,5/12=5=-2*+85$
2+1/0*95<-1@185+979571+010?48*/51/12=41+1/012*345I25+91737D5-/7=213+
<-1 41*;*/9*,7 +14 12 =5=-2- /5 1+ 12 <-1 1/,5/04785+ 1/ 27 /5,*./ 91 *72QU*2*Q
R=5=-2*+85S ?+07 1H,2-B1 0597 /5,*./ 91 7/0765/*+85 5 9*;*+*./ */014/7$ 585 +1L727
7-2 -85/0
V2=5=-2*+85S*8=2*,737-/7=165727*917919185,47,*7B7,0*;*979*/0121,0-728*2*07/01
,5/1253D10*;591,5/9-,*472761/011/12,78*/5912=45641+5$1450783*?/01/A7-/
+1/0*95 8-,@5 8>+ 1+=1,*:*,5 ;*+*./ 91 27 /7,*./ 0-4,7 /5 +.25 ,5/+0*0-*97 =54 ,27+1+
+*/5 0783*?/ =54 64-=5+ 5,-=7,*5/721+ +52*974*5+ B 8-B */01491=1/9*1/01+$ 47 -/7
+14+*5/ 0-4,7 91 27+ *917+ +52*974*+07+ 1+35C797+ =54 12 =52A0*,5 479*,72 :47/,?+ ?5/
5-4615*+B12+5,*.25658*21-4Q@1*8$G/1+72A/1712*91.2565*B7.Q72=91:*/*.72
=5=-2*+85 91 27 +*6-*1/01 87/147 F+* -/7 +5,*1979 +1 ,58=5/1 91 ,*1405 /E8145 91
1+04705+5,27+1+1+05+*6/*:*,7<-1/51+*6-72*074*7$253D10*;5912=5=-2*+851++-=4*8*4
27+9*:141/,*7+91,27+151+04705B4118=27C7427+=54-/71+04-,0-47+5,*72,58=-1+0791
64-=5+ 5,-=7,*5/721+ +52*974*5+ 1/041 +A$ / 5047+ =727347+ =59185+ 41+-8*4 72
=5=-2*+85 9*,*1/95 /5 1H*+01/ 27+ ,27+1+ 1H*+01/ 27+ 5,-=7,*5/1+G$T" -/ 01.4*,5 912
Q1872*+85 7@8-0 +70 5C,-40 1+,4*3*. 1/ #&
*/60*/=740*951/128-/95,*;*2*C795@741=41+1/0795/-/,77059727/7,*./91-/8595
07/,58=2105B+*/,145,58512740*951=-32*,7/5912-1325$045+=740*95+91:*1/91/
25+*/0141+1+919*;14+7+,27+1+B1+04705++5,*721+$54/-1+047=7401/541,5/5,185+27
1H*+01/,*7 91 0721+ ,27+1+ B 1+04705+$ 747 /5+5045+ 1+0785+ 0595+ -/*95+$ 5 @7B
,73722145+ 785+ /* 1+,27;5+$
.25 @7B -/ ,5/D-/05 625372 B 1+1 ,5/D-/05 1+ 27 /7,*./
0-4,7$T =741/0181/01 1+07/T+5+ 1/ 27+ 7/0A=597+ 91 /-1+047 /5,*./ 91 =5=-2*+85
8*1/047+ ?+07 *8=2*,7 27 9*;*+*./ 9*,50.8*,7 912 1+=7,*5 ,58-/*074*5 12 =5=-2*+85 91
070**4Q =41+-=5/1 -/7 ,58-/*979 +*/ :*+-47+ +*/ 9*;*+*5/1+ */014/7+$
*/ 1837465 /5
=59185+ 1;*074 27 *8=41+*./ 91 <-1 @7B 7265 479*,7281/01 91 4-=0-47 1/ 27 /5,*./ 91
=-132591070Z4Q$ .851+1+05=5+*321Y 741+=-1+0771+011/*687251/,5/04785+1/
12 8595 ,585 12 =5=-2*+85 Q1872*+07 +1 740*,-27 ,5/ 27+ 5047+ ,*/,5 :21,@7+$
5/+*914185+ 1/ =4*814 2-674 12 F41;52-,*5/*+85G$ -35 ,*1407 */91,*+*./ 1/ 1+1
8581/05 1/041 12 -+591 95+ =727347+ 0-4,7+ */Q*273 1 @0* >2$ F 7 =727347 50.87/7 <-1
8>++17=45H*87V=7471H=41+7412+*6/*:*,79591[41;52-,*5/*
85TW1+*@0*292<-1047/+8*01
27*91791-/,783*541=1/0*/5B;*521/051/125491/=52A0*,5B+5,*72$ /Q*273*8=2*,7-/
,783*5 479*,72 1D1,-0795 ,5/ 5491/ B 8?0595$ 9*:141/,*7 91 D+2>@70 [41:5487T /5 +1
7=2*,7 7 27+ 81D547+ =74,*721+ 1/ ,*1405+ +1,0541+ 2*8*0795+ 91 27 ;*97 +5,*72 +*/5 7 27+
01/070*;7+ 91 8107854:5+*+ +5,*72$G +05 1+ ,4-,*72 27 =*1,18172 1/61/114*/6 ,585
8?059591,783*5+5,*721+0>479*,7281/011H,2-*97$ 7,5/+0*0-,*./912=-13259131+14
-/1;1/0541=1/0*/5B05072$ 58*+85+17=2*,772F41=-32*,7/*+85G$
-,5/01/*95I+-+
,5//507,*5/1+ 91 4-=0-47 <-1 25 7+5,*745/ 1+041,@781/01 72 F41;52-,*5/*+85G 1+0-;5
9795=541273*+85479*,72<-11+07321,*.,5/12,72*:705B12+-207/705$-/<-127*91791
1+017@A+850749.8-,@50*18=51/879-4741/2781/019125+5:*,*721+41;52-,*5/74*5+
-/7 ;1C <-1 :-1 795=0797 :*48181/01 =54 070Z4Q 79<-*4*. 12 ;7254 91 -/ ,783*5
*441;14+*321$ 585 1/ 12 ,7+5 912 F/7,*5/72*+85G 0783*?/ 1/:70*C. -/7 *91/0*979
@5856?/17B2712*8*/7,*./910595=740*,-274*+859*:141/,*72$ 7/5,*./:-11H=2*,79791
1+07 87/147 1/ # =54 12 +1,41074*5 912 =740*95 1,1= 1Q14
c`c
5/+*914785+ ,585 /-1+045+ 7 0595+ 25+ ,*-9797/5+ <-1 ;*;1/ 1/041 /5+5045+ <-1
=1401/1,1/ =52A0*,7 B +5,*7281/01 7 27 /7,*./ 0-4,7 B 1/ <-*1/1+ +1 @7/ *8=27/0795 27+
*917+ B +1/0*8*1/05+ ,585 12 FQ-49*+85G 12 F,*4,7++*7/*+85G 1 */,2-+5 12 F27C*+85G B 12
F=587Q*+85G$ 5/+*914785+ ,585 /-1+045 91314 91+014474 819*7/01 -/ 1+:-14C5
+*/,145 7<-1227+ ,5/,1=,*5/1+ :72+7+ <-1 +5/ 12 216795 91 -/ 4?6*81/ 73+52-0*+07 B 12
=459-,05 91 -/7 5=41+*./ @*+0.4*,791 27467 9707$ 7 ;14979 ,*1/0A:*,7 7,0-72 /5=148*01
-/7 1H*+01/,*7 */91=1/9*1/01 =747 -/7 /7,*./ 91 ;74*5+ ,*1/05+ 91 8*21+ 5 */,2-+5 -/
8*22./91*/9*;*9-5+$$$W$-14185+=27/0174,5/+*/,14*979/-1+0475=*/*./,5/41+=1,05
7 /-1+045+ ,58=704*507+ D-9A5+ 5 ,4*+0*7/5+$ -1+045 =740*95 ,5/+*9147 7 1+05+
,58=704*507+ ,585 73+52-0781/01 0-4,5+1/07/05 <-1=1401/1,1/ 7/-1+047,58-/*979
91 21/6-7D1 1 *91721+$ 7+ /5,*5/1+ 91 412*6*./ B 47C7 <-1 :-145/ 1+041,@781/01
7+5,*797+ 7 27 /5,*./ 91 /7,*./ 9-47/01 12 =14A595 50587/5 :-145/ =45641+*;781/01
12*8*/797+911+07E20*877=740*49125+=4*8145+7L5+911=E32*,7$F
1,-274*+85G<-1
0479-,127=7273470-4,77B*Q*Q/51H=41+7,58=210781/01+-+*6/*:*,795$ 5857:*487
-85/0 2 ,5/:2*,05 3>+*,5 1/ 12 +1,-274*+85 V1/ 12 +1/0*95 0-4,5 912 0?48*/5W /5 1+
/1,1+74*781/011/04127412*6*./B128-/95,585:-112,7+591271H=14*1/,*7,4*+0*7/7$
2 ,5/:2*,05 1+ 7 81/-95 1/041 27+ :-14C7+ 91 27 0479*,*./ <-1 0*1/91/ 7 =4585;14 27
958*/7,*./ 91 27 412*6*./ B 91 27 21B +764797 B 27+ :-14C7+ 912 ,783*5$ 2 27*,*+85 +1
41:*141 8>+ 2*8*079781/01 7 -/ =45,1+5 1+=1,A:*,5 91 +1=747,*./ 91 27 621+*7 912
+0795$T/ 5047+ =727347+ 12 +1,-274*+85 /5 =59A7 2*8*074+1 7 =41+14;74 0*/7 1+:147
=E32*,7 /5 ,5/078*/797 =54 ;72541+ 412*6*5+5+ +*/5 <-1 0783*?/ 913A7 221;74 27 2-,@7
,5/047 27+ :-14C7+ 412*6*5+7+ 0479*,*5/721+ 72 =45=*5 01441/5 91 27 +5,*1979 ,*;*2$ 585
8-1+047/-1+0457/>2*+*+9127+:21,@7+7/014*541+2741;52-,*./Q1872*+07/5+1,5/,*3*.7
+A 8*+87 +.25 ,585 -/7 41;52-,*./ =52A0*,7 +*/5 ,585 -/7 01/070*;7 91 41:54874
94>+0*,781/0127+5,*1979=54819*5+=52A0*,5+$1+3*1/+73*95,->/91+=*7979781/01
:-145/ =14+16-*95+ 25+ 53D10*;5+ +1,-274*+07+ 1/ 12 ,72*:705 :-1 9*+-1205J
=5+014*5481/01 +1 =459-D5 27 9*+52-,*./ 91 27+ ,5401+ 412*6*5+7+ B 91 27+ 1+,-127+
*+2>8*,7+ 91 27+ :-/97,*5/1+ 31707+ B 91 25+ 8*/*+014*5+ 91 412*6*./J 27+ @1487/9791+
412*6*5+7+ 27+ 0-837+ +764797+ B 25+ ,5/;1/05+ :-145/ ,27-+-4795+J +1 */0459-D5 12
,721/974*5 641654*7/5 B +1 =45@*3*145/ 27+ =14164*/7,*5/1+ 7 7 1,7$ +07 :-1401
*/014;1/,*./ =52A0*,7 91/045 91 27 +5,*1979 ,*;*2 @7,1 ,58=41/+*321 27 +1H07 :21,@7 12
F1+070*+85G12+0795913A7*/014;1/*41/0597+27+1+:147+B1+0553;*781/01*/,2-A727
416-27,*./ 91 27 ;*97 1,5/.8*,7$
/7 =7401 ,5/+*9147321 91 27 2*01470-47 41,*1/01 +5341 12 Q1872*+85 @7 01/9*95 7
,-1+0*5/74 12 ,74>,014 479*,72 91 27 4-=0-47 ,5/ 27 0479*,*./ <-1 070Z4Q 1+0737
91+7445227/95 B 7 91+07,74 27+ ,5/0*/-*9791+ 1/ 25 41:141/01 7 25+ 859125+3>+*,5+ 91
=1/+78*1:2051/04125+,58*1/C5+91271=E32*,7B12=7+79550587/5$c54+-=-1+05
8-,@7+ 91 1+07+ 7:*487,*5/1+ +5/ ,*1407+ 1/ 27 819*97 1/ <-1 0597 41;52-,*./ 9131
04737D74,5/7,0*0-91+B87014*7+=4*87+<-1/5+-461/=5461/147,*./1+=5/0>/17=145
/5@7B9-9791<-127740*,-27,*./911+05+12181/05+1/-/9*+,-4+5914-=0-47479*,72
,5/ 12 =7+795:-1-/7 ,5/04*3-,*./ 1+=1,A:*,7 B54*6*/72 Q1872*+07$
*/ 1837465 25 <-1
@1419. 070Z4Q 91 27 0479*,*./ 50587/7 :-1 27 *917 91 27 /7,*./ ,585 7265 <-1 913A7
,4174+191/-1;5B/5+*8=2181/01@141974+1912=7+795J-/7;*+*./912,783*5@*+0.4*,5
,58541+-207/0191-/7,05;52-/074*5B/5,585-/91+7445225546>/*,5B1+=5/0>/1591
:-14C7+ <-1 B7 1+0737/ 97/95 :5487 7 25 +5,*72$ +07 ;*+*./ :-1 12 41+-20795 912 8595
,585 0-;5 2-674 27 85914/*C7,*./ 1/ -4<-A7 ,585 417,*./ :41/01 7 27+ /7,*5/1+
1-45=17+8>+91+744522797+$ 7/1,1+*97991=5/14+1727720-47911227+:-112=4*/,*=72
1+0A8-25=7472741:5487$
*/183746527+:-14C7+,1/04A:-67+<-11+0737/+5,7;7/9512
8=14*50587/5,41745/,41,*1/01+9-97++5341,->2=594A7+1412+-D105;*732191-/7
/7,*./41D-;1/1,*97$-47/018-,@50*18=527+:-14C7+1/054/572+-20>/=1/+737/<-1
12 *8=14*5 +* 27+ 41:5487+ */014/7+ ,1/0472*C79547+ 2564737/ 1<-*2*3474 27 9*;14+*979 B 12
c``
25,72*+85 61/1472*C795 =59A7 ,5/;140*4+1 1/ -/7 1/0*979 =52A0*,7 ;*7321$ -47/01 12
=14A595 912 7/C*870 726-/5+ 8581/05+ ,4A0*,5+ 91 27 41:5487 I27 41=41+*./ 91 27
41312*./ 91 25+ D1/AC745+ 1/ & B 27+ 41:5487+ <-1 27 +*6-*145/J 27+ 41:5487+
798*/*+0470*;7+ 8*2*0741+ B 19-,70*;7+ 91:*/1+ 91 27 9?,797 91 &# B 912 =14A595 <-1
,581/C.1/&"I,41745/27*2-+*./91<-107241+-20795+14A7=5+*321=1451/1227465
=27C527+:-14C7+,1/04A:-67+2564745/+*18=41=41;721,14$

1/,*./ 91 25+91/58*/795+ P.;1/1+0587/5+ -/64-=5 91 */0121,0-721+ ,-B7+ *917+

7=-/0737/7-/741:-/97,*./479*,729127/7,*./$*,@741:-/97,*./913A737+74+11/-/
5491/ ,5/+0*0-,*5/72 91 7,-1495 ,5/ 25+ =4*/,*=*5+ *+2>8*,5+ 1/ -/7 ,1/0472*C7,*./ 912
=5914 912 +0795 ,5/047 27 9*+=14+*./ 25,72 91+,1/0472*C797 B 1/ -/7 *91/0*979 =52A0*,7
37+797 1/ 27 2172079 @7,*7 12 ;707/ 27 =704*7 <-1 1+0> 8>+ 722> 91 ,-72<-*14 0*=5 91
9*;*+*./R416*5/72?0/*,7541*6*5+7S+01E20*85=-/051+,4-,*72270479*,*5/722172079
@7,*7,*8*2210R27,58-/*979412*6*5+7S913A7+144118=27C797=542721720797-/71/0*979
=-4781/01/7,*5/72$ 7/5,*./Q1872*7/791/7,*5/72*+851+0>,5/01/*97*//-,11/1+01
6*45 *9152.6*,5$ / &% +1 1+07321,*. -/7 ,5/+0*0-,*./ */+=*4797 1/ 27+ *917+ 91 25+
P.;1/1+0587/5+ =145:-17352*97=54 12 +-20>/ 95+ 7L5+91+=-?+$
*/ 1837465:-1
411+07321,*97=54 27 41;52-,*./ 91 25+ P.;1/1+ -4,5+ 91 & ,-B5 74+1/72 *9152.6*,5
,5/0*/-. 1/ 9*;14+5+ 7+=1,05+ 27 0479*,*./ 91 25+ P.;1/1+ 0587/5+$
/05/,1+ +* 12 8581/05 91 7/0* +070- <-5 ,58=5/1/01 1+1/,*72 91 0597 4-=0-47
=5=-2*+07 1+0737 07/ =41+1/01 1/ 12 Q1872*+85K=54 <-? ?+01:-1 */,7=7C 91 +16-*4 12
,78*/5 =5=-2*+07Y 7 47C./ 1+ ,2747
=54<-1 +- @58561/1*C7,*./ 91 27 F/7,*./G /5 =45,19*. 819*7/01 27 ,5/+04-,,*./ 91
,791/7+ 1<-*;721/,*721+ 1/041 9187/97+ 9185,4>0*,7+ 41721+ +*/5 819*7/01 -/7
*8=5+*,*./ 7-054*074*7$ -1 +.25 9-47/01 27 6-1447 91 */91=1/91/,*7 <-1 +*6-*. 7 27
4*8147-1447-/9*72<-112Q1872*+85+17=5B.@7+07,*1405=-/051/2785;*2*C7,*./
91 87+7+$ -47/01 27 87B54 =7401 91 +- 653*14/5 IB 1+05 +1 7=2*,7 0783*?/ 7 +-+
+-,1+541+ */819*705+I )1872 +1 1/:41/0. 7 27 =74795D7 91 01/14 <-1 ,5/+04-*4 -/
F=-1325G+*/7=5B5=5=-274$M28*+851/01/9*.+-4521/1+5+0?48*/5+$/&1+,4*3*.
1/ +- 9*74*5
*5301/658-,@77-054*979B=5914=*1/+5<-1;5B72564744,7***74819*7/01-/652=1I
41=1/0*/781/01 1/-/ */+07/01I 27 7/+*797 41;52-,*5/1/ /-1+047 ;*97 +5,*72$ 54<-1 7
9*:141/,*7915045+/5,415<-1+05=-197256474+1121;7/9527*/012*61/,*79125+5045+
21/0781/0172**;129127=45=*7$*7287+1413127,5/047072,-4+5917,,*./$K54<-?
+=-?+ 91 8*+ 7L5+ 91 19-,7,*./ 91+=-?+ 91 1+0-9*74 27 ,*;*2*C7,*./ B
25+=45,1+5+91+5,*72*C7,*./91+=-?+91919*,748*;*97B8*0*18=57=301/1412=27,14
91 27 2*31407991314A7 91+,1/914 72 /*;12 91 2761/01 ,58E/Y5B7 @7,14 <-11225+ +1
121;1/ 7 8* /*;12$ 5 81 @767/ =741,14 81 7 1225+ 1225+ 91314A7/ =741,14+1 7 8A$
;,@A,-=4*/,*=72911+01=45647879185914/*C7,*./:54C797:-140+-=-1+0121D?4,*05
<-1 @7 =1487/1,*95 ,585 >43*045 */72 91 =52A0*,7 0-4,7 91+91 27 ?=5,7 91 070Z4Q$ 2
=45321871+<-1/5@7B04772014/70*;772785;*2*C7,*./1<-*;721/,*72<-127*/01647,*./
9*/,*72 B 79187+ 12 1D?4,*05 /5 147 25 +-*,*1/0181/01 :-1401 ,585
47,4174-/7+5,*19790507281/01/-1;785291797+16E/25+91+*6*25+91)1872$ 585
41+-2079527/-1;71=E32*,7=45/05<-19.Q-?4:7/79127=5B59127+87+7+B+.25=-95
7=5B74+11/12/*;125,721/27+:-14C7+0479*,*5/721+<-185+04737/=5,779@1+*./727
*7B54A7 91 27+ 783*,*5+7+ 7+=*47,*5/1+ 912 F7941 91 25+ -4,5+G$
-/<-1 /Q747 91+=216. 0595+ 25+ 41<-14*8*1/05+ :548721+ 91 27 7-054*979 21672
85914/7 647/91+ =7401+ 912 =7A+ 7E/ 1+0737/ =45:-/9781/01 7447*6797+ 1/ 27 ;*97
0479*,*5/72$ 1+91 12 ,58*1/C5 8*+85 25+ Q1872*+07+ 047/+*6*145/ ,5/ 27+ :5487+
c`=
0479*,*5/721+ 91 958*/7,*./ B 0-;*145/ <-1 7=5B74+1 1/ 25+ 2A9141+ 0479*,*5/721+ ,585
*/014819*74*5+ 1/041 12 ,1/045 B 27 =14*:14*7$ 585 5,-44*. 7/01+ ,5/ 12 5;*8*1/05
/*5/*+07 12 85;*8*1/05 Q1872*+07 +1 5467/*C. 1/ 054/5 7 /507321+ 0479*,*5/721+ 1/ 12
,78=5 B +- */:2-1/,*7 F:-1 78=2*781/01 +1/0*97 1/ 27 =52A0*,7 =742781/074*7 B 1/ 27+
7,0*;*9791+9125+=740*95+GR
7B74*%%S$7D51241+6-7495912+0795/7,*./25+
416A81/1+41=-32*,7/5+87/0-;*145/25+=4*/,*=721+8.9-25+9127+5,*19790479*,*5/7291
/7052*7$ 2 :47,7+5 91 27 1H=14*1/,*7 Q1872*+07 1/ ,5/+0*0-*4 -/ =-1325 <-197 37
9185+04797 +*18=41 <-1 +1 =459-,A7 -/7 7=140-47 912 +*+0187 =52A0*,5$ -7/95 12
=41+*91/01 /*2/Z 91,*9*. 227874 7 121,,*5/1+ 9185,4>0*,7+ 1/ " 12 740*95
185,4>0*,591275=5+*,*./530-;5&1+,7L5+1/12=742781/05,5/0479125:*,*72*+07
740*95 1=-32*,7/5 R TS$" 7+ 1<-*;721/,*7+ +1 1H=7/9*145/ 78=2*781/01 =145 1/
9*41,,*5/1+ <-1 01/A7/ =5,5 <-1 ;14 ,5/ 27+ +1*+ :21,@7+ 91 )1872
1227+9*145/2-67472/15=5=-2*+85919/7/1/9141+=4*8145B2-1657241+-46*8*1/05
912 *+278*+85$ 2 41+-20795:-1 -/ =45,1+5 0540-5+51/ 12 <-1 25+=14A595+ 917=140-47
9185,4>0*,7 147/ */0144-8=*95+ =54 -/7 +-,1+*./ 91 */014;1/,*5/1+ 8*2*0741+$

c`j

2 =5=-2*+85 1+0795-/*91/+1 1/,5/04. +-+ 2A8*01+ 1/ 27 *8=5+*3*2*979 91 1H=7/9*4 27
,791/7 1<-*;721/,*72 8>+ 722> 91 ,*1405 =-/05 ,585 41+-20795 91 27 41+*+01/,*7 <-1
5=5/A7/727,5/;5,7054*7=5=-2*+07+*+0187+919*:141/,*7+3*1/7447*6795+1/270479*,*./
=52A0*,7J1291070**4Q1/+-*/01/0591,5/+04-*472=-1325,585-/7-/*979546>/*,7/5
819*797=54/*/6-/72.6*,71<-*;721/,*72$2,7+5912=145/*+859127+9?,797+91
B%:-19*:141/01:-1+-=45=*5?H*051/27,5/+04-,,*./91-/7,791/7,7+**2*8*0797
91 1<-*;721/,*7+ 25 <-1 ,5/9-D5 7 27 +-3;14+*./ 912 =4*/,*=*5 91 1<-*;721/,*7 ,585 072$
K .85 :-1 1+05 =5+*321Y
2653*14/5=5=-274=145/*+07:-191445,7951/+1=0*1834191""$ 5+E20*85+7L5+912
4?6*81/@73A7/1+0795958*/795+=54-/91+7445225,747,014A+0*,512*/01/0591+-=147427
9*;*+*./ 9*,50.8*,7 912 1+=1,045 =52A0*,5 819*7/01 27 ,417,*./ 91 -/ 1+=7,*5 9*:141/,*72
0507281/01*/0164795$ 5+,783*5++*83.2*,5+1/129*+,-4+59124?6*81/+5/01+0*65+91
1+078-07,*./27:*6-4791291+,78*+7957461/0*/912+7/+\,-25001S01/9*.791+7=741,14
=747+144118=27C7$=5427*8761/9127F,58-/*9795467/*C797G$ 7/1,1+*979913*2*C74
12 =45,1+5 41;52-,*5/74*5 +1 ,5/;*40*. 1/ 12 21*0850*; 912 f
=145/*+07 /5 +.25 1/ 12
=14A595=41;*57""+*/50783*?/25+7L5++*6-*1/01+$/%14./1/;*.-/7,7407
7-/75467/*./91*C<-*1497727,-72B5=1401/1,A71/27<-17:*48737<-1741;52-,*./
7047;*1+7041+107=7+27=4*814727=41=747,*./*915*,7I1+91,*4 1/*/IJ27+16-/9727
0587912=5914I1+91,*4450+QBIJB27014,14727*/+0*0-,*5/72*C7,*./912741;52-,*./I
1+1,*4
072*/I$ 25 ,-72 7L79A7<-1 27 41;52-,*./=145/*+07913A7 =774 91 27 +16-/97
107=7 7 27 014,147$
2 652=1 91 "" ,783*. +*/ 1837465 25+ 0?48*/5+ 912 913701 =52A0*,5$ =1+74 91 27
7641+*;7 410.4*,7 7/0*=145/*+07 91 27+ /-1;7+ [-054*9791+ I<-1 1/ 4172*979 147 8-,@5
8>+ <-1 410.4*,7 B7 <-1 9*+52;*145/ 72 740*95 145/*+07 */014;*/*145/ 25+ +*/9*,705+ B
,5/*4*40*145/1/,4*81/27+52781/,*./912/583419114./I8-B=45/05,581/C745/
27+ ,5/;14+7,*5/1+ ,5/ 64-=5+ 91 =52A0*,5+ =145/*+07+ =747 9*+,-0*4 27 87/147 91
*/01647425+ 72 /-1;5 +*+0187 =52A0*,5$ +07 */01647,*./ =54 +-=-1+05 1H,2-A7 72 =45=*5
14./ <-*1/ 913A7 +14 =1487/1/0181/01 =45+,4*=05 B ,-B5 1H*2*5 147 ,5/+*914795 +*/1
9*1$ 7*91791-/F=145/*+85+*/14./T1+07377275491/9129A7$14./91+91+-1H*2*5
+141+*+0A7:*48181/0171+05+*/01/05+918746*/795-101/A7/2-67407/0591+9191/045
,58591+91:-147912=145/B,-7/058>+41=41+*;5+1;52;*.12/-1;54?6*81/B8>+
+1=14,*3*.+-=45647871,5/.8*,5,585-/71/0416772,7=*072:*/7/,*145*/014/7,*5/72
07/05 8>+ +1 *91/0*:*,. 7 27 :*6-47 91 14./ ,5/ 27
181461/01 *91/0*979 /7,*5/72 B =5=-274 7/0*+*+0187$ +0737 ,581/
C7/95 -/ 9-125 1/041 14./ R91+91 12 1H*2*5S B 25+ +-,1+*;5+ 653*14/5+
7/0*=145/*+07+ <-1 9-4. & 7L5+ B ,-B5 91+1/27,1 :-1 12 04*-/:72 41054/5 91 14./ 7 27
461/0*/7 B 72 653*14/5 1/ %#
/ 054/5 91 1+01 9-125 ,581/C. 7 05874 :5487 12 /-1;5 =5=-2*+85 7461/0*/5$ 747
1/01/914+-8591259131/05874+11/,-1/07726-/7+,*4,-/+07/,*7+$/=4*8142-67427
461/0*/7 1+ -/ =7A+ ?0/*,781/01 @5856?/15 B ,-B7 =5327,*./ -437/7 958*/7/01 +1
,5/,1/047 1/ 12 04*>/6-25 ,5/+0*0-*95 =54 041+ 647/91+ ,*-9791+ */9-+04*721+
-1/5+ *41+ 5+74*5 B .49537$ 54 25 07/05 0595 1;1/05 *912 6*,5 *8=5407/01 0*1/1
-/7 *4479*7,*./1<-*;721/,*72 */819*707 +5341 0597 1+07 >417 B +-+1:1,05+ +11H=7/91/
c`
4>=*9781/01 72 41+05 912 =7A+$
*/ 1+01 0*=5 91 4>=*97 *4479*7,*./ 25+ 85;*8*1/05+ 91
14./ 9-47/01 27 9?,797 91 @-3*147/ :47,7+795 B 12 /-1;5 4?6*81/ =594A7 @7314
25647951/01/914+191-/85956479-72,5/-/75=5+*,*./=145/*+07:47681/0797$145
1/+16-/952-67427+,5/9*,*5/1+8*+87+911/-/,*7,*./9129*+,-4+59114./91+9112
1H*2*5 910148*/745/ 27 /70-4721C7 =1,-2*74 91 +- ?H*05$ 7 ,5/9*,*./ <-1 25+ =7A+1+
7/:*04*5/1+*8=-+*145/714./,5851H*2*795=52A0*,5:-1<-1913A773+01/14+191@7,14
91,2747,*5/1+ =52A0*,7+ B 1/ 27 461/0*/7 27 ,*4,-27,*./ =E32*,7 91 ,-72<-*14 0*=5 91
91,2747,*./ 9114./1+0737=54 +-=-1+05 1+04*,0781/01 =45@*3*97$ 54 25 07/05 +1 ;*5
2*8*079571/;*74,5441+=5/91/,*7=4*;797,7+101+1*/+04-,,*5/1+;143721+059525,-72
147 +*/ 1837465 91 +-87 *8=5407/,*7 =747 27 41+*+01/,*7 =145/*+07 <-1 +1 1+0737
5467/*C7/9521/0781/011/27+:>34*,7+B25+3744*5+534145+9127+,*-9791+*/9-+04*721+$
+A,585@7+*959185+047951/1+0-9*5+41,*1/01+1H*+0*.-/73*+85=1487/1/011/041
25+ 7,05+ 91 1/-/,*7,*./ 91 14./ R<-1 147/ */;*+*321+S B 12 ,5/ 01/*95 91 9*,@7+
1/-/,*7,*5/1+$241+-20795911+0173*+85:-1<-171+5+,5/01/*95+I=54277-+1/,*7
91 -/ */0?4=4101 7-054*C795I +1 21+ =59A7 974 -/7 8-20*=2*,*979 91 +1/0*95+$ 2 8*+85
0*18=5 0783*?/ 1+0737/ ,*4,-27/95 8-,@5+ 81/+7D1+ 7=.,4*:5+ 7+A ,585 5045+ ,-B7
7-01/0*,*9791479-95+757281/5+147,-1+0*5/797=547<-1225+<-1+15=5/A7/7+-+
,5/01/*95+$
*/ 1837465 1+07 ,58=2*,797 +*0-7,*./ 0-;5 -/ 1:1,05 =7479.D*,5 27
/70-4721C7 783*6-7 91 25+ 81/+7D1+ I<-1 41+-20737 912 73*+85 1/041 12 7,05 B 12
,5/01/*9591271/-/,*7,*./I=59A7+14,5/+,*1/0181/01,-20*;797=5414./9187/147
072 <-1 25+
5341 27 1/-/,*7,*./ =145/*+07 B 81/+7D1+ +1 ;52;*147/ 912*31479781/01
*8=41,*+5+$ 585 1+,4*3*. 14./ 7 +- =4*814 41=41+1/07/01 =14+5/72 1/ 27 461/0*/7
P5@/ X*22*78 55Q1 F
*18=41 +*65 27 41627 91 +72-974 7 0595+ =54<-1 B /5 9131+
52;*97425 7@547 +5B7265 7+A ,585 -/7=7 V$$$W$ 587/95 1/ ,-1/07 1+01 ,5/,1=05 /5
=-195/1674/797V7,7-+7918*W*/:72*3*2*979V$$$W<-1,5855,-4411/12,7+5910597
*/:72*3*2*979+137+7=41,*+781/011//591,*45@7,14/797V<-11+27WE/*,787/14791
7+16-474 072 */:72*3*2*979G$T
54 +-=-1+05 =-191 @7,14+1 -/7 21,0-47 ,A/*,7 91 1+01 =>447:5 1/01/914 <-1 14./
1+0-;5 04707/95 91 +14 0595 =747 0595+ =145 072
21,0-471+2*8*0797$14./91+91121H*2*5/5=59A7@731497959*41,0*;7=41,*+7+=74727
7,,*./ 91 -/7 =452*:147,*./ 91 64-=5+ 25,721+
,58=45810*95+ 1/ 7,05+ 91 41+*+01/,*7 B 81/5+ 7E/ */014;1/*4 1/ 27+
K*+=-07+ <-1 +-46A7/ 1/041 1+5+ 64-=5+$ 54 5045 2795 +- =727347 147
*/9*+=1/+7321 =747 974 -/*979 +*83.2*,7 7 0597+ 1+7+ 2-,@7+ 9*+=14+7+ B 913A7
:-/,*5/74,585-/+*6/*:*,7/01,5/;A/,-25+9?3*21+,5/+*6/*:*,795+=740*,-2741+$+05/5
/5+ 5:41,1 87B541+ +54=41+7+ 1+
0781/01 25 <-1 @185+ 91/58*/795 +*6/*:*,7/01+ ;7,A5+$ 14./ 67/. 9 9-125 ,5/ 25+
+-,1+*;5+ 416A81/1+ 7/0*=145/*+07+ =54<-1 ?+05+ =14W 9*145/ 27 2-,@7 =54 */016474 7 25+
64-=5+ /15=145/*+07+ I7<-1225+ <-1 =5+0-2737/ -/ F=145/*+85 +*/ 14./GI 7 -/
+*+0187=52A0*,578=2*7 51/07/05<-1279187/9791241641+59114./727461/0*/7+1
,5/;*40*. 1/ 12 +*6/*:*,7/01 -/*:*,7954 91 -/ ,78=5 =5=-274 1/ 1H=7/+*./$
/1+01=-/051+/1,1+74*5*/0459-,*4726-/7+9*+0*/,*5/1+$245291=7=7<-114./+1
@73A7 704*3-*95 R<-1 1;5,7 07/ ,274781/01 27 /5,*./ 91 F+*6/*:*,7/01 785G 1/ 7,7/S
=-191 +14 ,5/,13*9591 9*;14+7+ 87/147+$ -191+141/01/9*95 1/=4*814 2-674 ,585
c`á
-/ ,1/045 91 *4479*7,*./ 1<-*;721/,*7 <-1 +*/ 1837465 /5 =*1491 ,58=210781/01 27
=740*,-274*97991+-,5/01/*9554*6*/72$747;52;147-/0D18=25=41;*527+9187/97+91
52*974*979+1,5/;*40*145/1/12=-/05911/,-1/045917+5,*7,*5/1+1<-*;721/,*721+8>+
;7+07+ <-1 1227+ 8*+87+ =145 7-/ 7+A 1+0737/ ;*/,-2797+ 7 -/ ,*1405 ,5/01/*95
=456478>0*,5J:-1=41,*+781/011+01;A/,-2512<-1@*C5=5+*321<-1+187/0-;*147,*1407
,5@141/,*71/04127+=740*,-274*9791+<-1*/0164737/27,791/7R25++18*,A4,-25+*/:14*541+
1/ /-1+045 =4*814 9*7647 87S$ 145 1H*+01 5047 =5+*3*2*979 7 +7314 <-1 12 +*6/*i,7/
01/91/,*7281/01;7,A5+1;-12;7,58=210781/01;7,A5J1/1+1,7+525+1+2735/1+9127
,791/7 1<-*;721/,*7 /5 /1,1+*07/ =747 /797 ,5*/,*9*4 1/041 +A 25+ ,5/01/*95+ 8>+
,5/0479*,054*5+=-191/+1441-/*95+1/07/05+187/01/6727+-3549*/7,*./910595+1225+
72+*6/*:*,7/01;7,A5$17,-1495,5/41-9?+07+14A727+*0-7,*./1H041871/27,-7212
7854=5412=79411+12E/*,527C51/04125+@1487/5+$ 7,5/+1,-1/,*7=52A0*,71+<-127
-/*97991-/F=-1325G,5/+0*0-*95911+0787/1471+1H041879781/01:4>6*2$54-/2795
12 =501/,*72 7/0765/*+85 1/041 9187/97+ ,5/0479*,054*7+ =-191 1+072274 1/ ,-72<-*14
8581/05J =54 5045 2795 -/ 7854 =54 12 2A914 <-1 /5 ,4*+072*C7 1/ /*/6-/7 :5487 91
416-274*979 */+0*0-,*5/72 I1/ 0?48*/5+ =+*,57/72A0*,5+
-/ B5 *9172 <-1 /5 1+ */014/72AC795 =74,*7281/01 =54 25+ B51+ ,544*1/01+I +.25 =-191
41+-20741/*91/0*9791+
1:A8147+$ -7/058>+7;7/C785+1/279?,79791
8>+ =14,*3*85+ <-1 12 =145/*+85 1+0737 2*/97/95 =12*645+781/01 ,5/ 1+07
=5+*3*2*979$ 7 41:21H*./ 91 14./ 81/,*5/797 7/01+ +5341 27 /1,1+*979 91 <-1 27
41;52-,*./ =145/*+07 =7+747 7 27 014,147 107=7 8-1+047 <-1 ?2 /5 147 ,58=210781/01
*6/547/01 91 1+7 781/7C7 =501/,*72$
145 7 ,58*1/C5+ 91 279?,79791 1+1 =12*645 +1 ;*+2-834737 ,5857265 =5+*321
07/ +.25 1/ -/ :-0-45 9*+07/01J 27 07417 */819*707 147 2-,@74 ,5/047 27+ :-14C7+ =52A0*,7+
91/045 912 =145/*+85 <-1 1+0737/ =41+*5/7/95 1/ 27 9*41,,*./ 91 -/ =145/*+85 +*/
14./$ 7 781/7C7 =4*/,*=72 =45;1/A7 91 27+ ,5/9*,*5/1+ 1/ 27+ ,-721+ 12 85;*8*1/05
+*/9*,72 :-1 /54872*C795 91+=-?+ 91 27 ,5/:5487,*./ 91 -/ 653*14/5 ,5/+0*0-,*5/72 1/
"& ,5/ 12 7+,1/+5 91 40-45 45/9*C* 7 27 =41+*91/,*7$ R
- 121,,*./ @73A7 +*95
7+16-4797=542791,*+*./9114./91=19*47+-++16-*9541+I,-B5=740*95@73A7+*95
=45+,4*=05I<-1;50747/=54?2B1/,5/04791*,795723A/12,7/9*9705,-7+*5:*,*72*+07S$
/ " 27 7,0*;*979 +*/9*,72 +1 ;52;*. 21672 37D5 27 21B $""$ 27 /-1;7 21B 2735472
50546737 72 +0795 =59141+ 1H,1=,*5/721+ +5341 12 85;*8*05 +*/9*,72$ 7 =45=*7
,7=7,*97991-/+*/9*,70591/165,*74,521,0*;781/01,5/25+18=2179541+91=1/9A791
+-=14+5/14A7R-/41,5/5,*8*1/051H,2-+*;781/01,5/,19*95=5412653*14/5S$542507/05
12:-0-45 */+0*0-,*5/7291 0595 +*/9*,705 R27:-0-47 +70*+:7,,*./91 27+ /1,1+*9791+ 91 +-+
7:*2*795+S1+0737*/04A/+1,781/012*67957+-+497,*5/1+,5/12+0795$/,5/+1,-1/,*7
27+ 9*+=5+*,*5/1+ 91 27 21B $"" ,41737/ -/ =59145+5 1+0A8-25 7 27 795=,*./ 91 -/
4172*+85 =4768>0*,5 =54 =7401 91 25+ 2A9141+ +*/9*,721+ 8>+ 722> 91 +- =45=*5 =14:*2
*9152.6*,5 B 91 27+ ;*+*5/1+ */9*;*9-721+ B ;1/0727+ =14+5/721+ <-1 058737/ 91 +-+
=-1+05+$274172*9791285;*8*1/05+*/9*,721+07371/-/7+*0-7,*./,58D,797$54-/2795
913A7 7,0-74 ,5/ ,7-0127 :41/01 72 653*14/5 B7
+- 1+070-+ 21672 147 -/7 =41,5/9*,*./ =747 91:1/914 25+ */01411+ B 9187/97+ 91 25+
04737D79541+ <-*1/1+ 410*474A7/ +- 7=5B5 1/
91 <-1 27 ,5/9-,,*./ +*/9*,72 /5 0-;*147 ?H*05J =54 5045 2795 07/05 +- 37+1 +5,*72 147
c`ï
+.2*9781/01 =145/*+07 /5 =59A7 =148*0*4+1 -/7 4-=0-47 73*1407 ,5/ 14./$ -1 1/ 1+07+
,*4,-/+07/,*7+ <-1 / 27 =4*8147 8*079 91 27 9?,797 91 0-;5 2-674 -/ ,5/:2*,05 12
,41,*1/01 1/041 25+ 9*4*61/01+ +*/9*,721+ 2*914795+ =54 12 +1,41074*5
61/1472 91 25+ 534145+ 81072E46*,5+ -6-+05 7/954 B 912 2795 =-1+05 14./ B 25+
+1,0541+8>+479*,72*C795+91/045912=145/*+85$2=45B1,05+*/9*,72I/-/,7:548-2795
1H=2A,*0781 01 B7 <-1 /79*1 91/045 912 =145/*+85 =594A7 @7314 1/04795 1/ -/7
,5/:45/07,*./73*1407,5/14./I1475301/14-/7=45641+*;7*/01647,*./912=145/*+85
72 +*+0187 =52A0*,5 1H*+01/01 ,5/ 14./ ,585 -/7 :*6-47 =-4781/01 ,14185/*72 B 27
047/+:141/,*7 912 =5914 4172 91/045 912 85;*8*1/05 7 27 ,5/9-,,*./ +*/9*,72$ 2 ,5/:2*,05
,5/5,*.;74*7+72014/70*;7+B,-28*/.1/27+121,,*5/1+=45;*/,*721+911/95C71/734*2
91 95/91 ,58=*0*145/ 95+ 2*+07+ =145/*+07
-/7 7=5B797 =54 14./ B 27 5047 =54
7/954$ 7;*,054*7,5441+=5/9*.7272*+07=145/*+07540595H7$
*/18374651+01,5/:2*,051/91+7445225+1058.,5/:-+5/7;1C8>+,5/272216797
91 -/ D-67954 <-1 =701? 12 0732145$ / 27+ -14C7+ 48797+ 91=-+*145/ 72
=41+*91/012*2*71*/*,*745//79*,079-478*2*07437D5122*9147C65=41+*91/,*7291261/1472
/67/A7$M+01 /5:-1 12 4?6*81/ 8>+ 41=41+*;5<-1 12 =7A+ 1H=14*81/074A7 I =7471+5
913185+ 1+=1474 7 27 9?,797 91 %I =145 :-1 91:*/*0*;781/01 12 8>+ */1:*,*1/01 B
1+0E=*95$ / =5,5+ 81+1+ @73A7 1/7D1/795 7 0597+ 27+ :-14C7+ 4121;7/01+ 912 =7A+
1H,1=05 -/ =1<-1/5 +1,054 91 647/91+ 18=41+7+$ *+52;*. 27+ 5467/*C7,*5/1+ =52A0*,7+
41=4*8*. +72;7D181/01 72 85;*8*1/05 +*/9*,72 1 */014;*/5 27+ -/*;14+*9791+$ 1+=-?+ 91
-/5+ =5,5+ 81+1+ 1/ 12 653*14/5 1+0737 ,2745 =747 0595 12 8-/95 <-1 B7 /5 1H*+0A7
/*/6E/ ,7/72 */+0*0-,*5/72 =747 27 1H=41+*./ 91 9187/97+ +5,*721+ B <-1 726E/ 0*=5 91
417,,*./;*521/071/014781/01:-1479125491/*/+0*0-,*5/7214727E/*,7417,,*./=5+*3217
1+1 ,7221D./ =52A0*,5 +*/ +72*97$
7 =4501+07 +5,*72 1+0722. 1/ ,5/ 12 91/58*/795 549537C5 27 7,,*./ ;*521/07 1/
.495379164-=5+748795+<-12-165+11H=7/9*.75047+,*-9791+912*/014*54912=7A+$
045+ 7,5/01,*8*1/05+ 0783*?/ +1 54*1/0745/ @7,*7 -/7 ,5/:45/07,*./ ;*521/07 ,5/ 12
4?6*81/$ 4*8145 +-46*145/ /-1;5+ 64-=5+ 6-144*22145+ =145/*+07+ 91 *C<-*1497 25 <-1
14./91/58*/?+-+F:5487,*5/1+1+=1,*721+G$
16-/9527=45=*741=41+*./91+70797=54
12 653*14/5 ,5/047 12 85;*8*1/05 +*/9*,72 419-D5 ,5/+*914732181/01 12 87461/ 91
87/*5347917/954B25+64-=5+/15=145/*+07+<-1B7/5=-9*145/,-8=2*4,5/25<-1+1
1+=14737911225+$+07+*0-7,*./:*/7281/01,5/9-D5727+1+*/705917/954=54=740191
276-144*227=145/*+0791*C<-*1497B7279*;*+*./91285;*8*1/05+*/9*,721/041-/7:7,,*./
919141,@7 B 504791 *C<-*1497$ 7+ ,5/+1,-1/,*7+91 1+05+7,5/01,*8*1/05+:-145/ 91
0595+8595+,2747+1241:-14C5912452,1/04729114./<-1+1=41+1/073791=1/9*1/95
91 2754*1/07,*./=52A0*,791<-*1/1+ 257=5B737/ 53*1/ ,585 12 2A91491-/7 ,572*,*./
7/0**8=14*72*+07<-1+14A712=4*814=7+51/12=45641+5@7,*7-/7461/0*/7+5,*72*+075
3*1/ ,585 27 E/*,7 6747/0A7 91 <-1 12 85;*8*1/05 =5=-274 +14A7 87/01/*95 91/045 91
2A8*01+,5/04527321+B/59161/1474A71/-/,75+*C<-*149*+07$
A B 7-/<-1 +- 4127,*./ ,5/ 25+ 64-=5+ =145/*+07+ 6-144*22145+ 1+0737 1/;-1207 1/ -/7
783*6Z1979 =52A0*,7 +*8*274 7 27 91 +- 4127,*./ ,5/ 25+ 2A9141+ +*/9*,721+ =145/*+07+ 91
*C<-*1497 14./ /1,1+*0737 41+=729747 1+07+5467/*77,*5:21+=747 ,4174 27+ ,5/9*,*5/1+
=52A0*,7+<-17,1214747/
41641+5$ 7,*7:*/1+91%14./1+07371/+*0-7,*./91
-0*2*C74 25 <-1 ?2 91/58*/. F+-+ 95+ 87/5+G$ 1/A7 +- F87/5 9141,@7G +*0-797
=4*/,*=7281/01 1/ 25+ +*/9*,705+ =145/*+07+ V$ $$ 7 F87/5 *C<-*1497G 91 14./ 1+0737
41=41+1/0797 =4*/,*=7281/01 =54 5467/*%7,*5/1+ 91 D.;1/1+ 91 *C<-*1497 B 25 <-1
c`º
91/58*/? +-+ F:5487,*5/1+ 1+=1,*721+G V5+ 64-=5+ 6-144*22145+ <-1 =45,278737/ +-
2172079 72 ,5/9-,054 B <-1 @7,A7/ 91 +- 41641+5 7 27 461/0*/7 12 =-/05 */*,*72 91 -/7
047/+:5487,*./ 41;52-,*5/74*7 912 =7A+$ 2 2A914 1H*2*795 -0*2*C. 7837+ 87/5+ ,5/ 647/
871+04A71:1,0*;781/01$/041%B%$14./91+=216.0595+-0721/05=52A0*,591-/
8595 1H047549*/74*5$
=740*4 91 7@A 25+ 7,5/01,*8*1/05+ +1 91+1/,791/745/ 4>=*9781/01$ 2 +1,-1+045 B
1D1,-,*./9121H=41+*91/014783-4-=54=7401915/05/145+,5/9-D145/727,7A97912
61/1472 /67/A7 <-1 :-1 4118=27C795 =54 12 61/1472 74*5 1;*/6+05/ B 2-165 =54 12
61/147221D7/945 7/-++1<-*1/:*/7281/012278.7121,,*5/1+61/14721+1/%#1/27+
,-721+12=145/*+85530-;5-/04*-/:57=27+07/01$
*/1837465:-11/05/,1+,-7/9525+
=12*645+ 81/,*5/795+ 7/01+ */@141/01+ 72 8595 ,585 27+ 1<-*;721/,*7+ =145/*+07+
@73A7/ +*95 ,5/+04-*97+ ,581/C745/ 7 85+0474 +- =501/,*72 8540A:145$ /7 ;1C 1/ 27
461/0*/714./B7/5=-95+14-/+*6/*:*,7/01;7,A514712=41+*91/0191271=E32*,7B$
,585072913A70587491,*+*5/1+B5=0741/04172014/70*;7+$2D-1659125+7L5"911H*2*5
=54 12 ,-72 ,797 64-=5 */014=410737 +-+ =727347+ +16E/ +- =45=*7 54*1/07,*./ =52*0*,7
8*1/047+ 12 =45=*5 14./ 87/01/A7 -/7 =4-91/01 9*+07/,*7 91 0597 */014=4107,A./ B7 /5
=-95 ,5/0*/-74
1 -/7 ;1C <-1 14./ 1+0-;5 1/ 12 =5914$ 7+ ,5/+1,-1/,*7+ +1 ;*145/
=45/0$/041273-45,47,*7+*/9*,72919141,@7=54-/2795B27D-;1/0-9=145/*+07B27+
F:5487,*5/1+1+=1,*721+G=54125045/5@73A7/7971/,58E/+1,5/+*914737/12-/572
5045,5851/18*65+8540721+$/0411225+/5+1@73A7*/014/72*C795/*/6-/71<-*;721/,*7
B*5 E/*,5 <-1 25+ 87/01/A7 91/045912 8*+85 ,78=5 =52A0*,5 147 27 *91/0*:*,7,*./ ,58E/
,5/ 14./ ,585 2A914$ 145 1+05 /5 147 +-:*,*1/01 B7 <-1 14./ 1/,74/737 =747 ,797
:7,,*./ =4*/,*=*5+ =52A0*,5+ 0507281/01 */,58=70*321+$ 14./ */01/0. 9-47/01 -/ 0*18=5
@16185/*C74 91 -/ 8595 ,5@141/01 27 05072*979 91 +- 85;*8*1/05 =145 :47,7+. 12
=45,1+5 91 9*:141/,*7,*./ 7/076./*,7 @73A7 *959187+*795 21D5+$ 1+=-?+ 91 27 8-1401
91 14./1/ % 27 2-,@71/041 27+ 9*;14+7+:7,,*5/1+ =145/*+07+ +1 7,1214. B 12 =7A+
1/04./-1;781/011/-/=45,1+5914>=*9791+*/+0*0-,*5/72*C7,*./$ 7,5/+1,-1/,*7:-112
652=1 8*2*074 91 % B1 1+07321,*8*1/05 91 -/5 91 25+ 416A81/1+ 8>+ 34-07281/01
41=41+*;5+ 912 +*625 NN$
185+ =41+1/0795 041+ ,7+5+ 91 85;*2*C7,*./ =5=-2*+07 I,5/+*914795+ 07/05 1/ +-+
25645+ ,585 1/ +-+ :47,7+5+I B 7:*48785+ <-1 1H*+01 1/041 1225+ -/7 ,58=7473*2*979
1+1/,*72 07/051/ +-+9*:141/,*7+ I9795 <-1 +1 +*0E7/1/>417+ 61564>:*,7+ B ,-20-47+
=52A0*,7+8-B9*+07/01+,5851/27+2.6*,7+<-1+-3B7,1/1/+-9*+,-4+5$747,581/C74
1225+ /5 76507/ 27+ =5+*321+ 72014/70*;7+ 1/ 27 ,583*/7,*./ 91 27+ ;74*7321+ <-1 @185+
*/0459-,*95 1/ 12 7/>2*+*+ 9*:141/01+ ,583*/7,*5/1+ B =45373*2*9791+ +*18=41 +5/
=5+*321+$ 2 =45641+5 @7,*7 -/7 91+,4*=,*./ 4*=52.6*,7 8>+ 78=2*7 91314A7 +14
53;*781/0112 53D10*;5 B 783*,*./ 91 -/7 0154A7 0507281/0191+744522797 912 =5=-2*+85$
*/ 1837465 1/ 12 =7+7D1 @7,*7 1+7 0*=5256A7 9*;14+*:*,797 1H*+01/ 726-/7+
=41,5/9*,*5/1+<-1913185++1L7274,58541<-14*8*1/05+3>+*91,-72<-*14,5/1H*./<-1
+1 1+07321C,7 1/041 27 41:21H*./ 01.4*,7
B 12 7/>2*+*+ 18=A4*,5$
/ =4*814 2-674 27+ 9*:141/01+ 0479*,*5/1+ 01.4*,7+ 7 27+ <-1 /5+ @185+ 41:14*95 1/
/-1+047 1H=2547,*./ 912 9*+,-4+5 /5+ @7/ 85+04795 ,5/ /507321 416-274*979 27
41,-441/,*7 91 -/7 9*+0*/,*./ <-1 1+ ,4-,*72 1/ ,-72<-*14 7=45H*87,*./ 9*+,-4+*;7 7 27
,-1+0*./9127+*91/0*9791++5,*721+/2*/6ZA+0*,7?+071+279*+0*/,*./1/041+*/07687+B
=7479*687+R*91/0*9791+,41797++53412737+1914127,*5/1+53*1/91+-+0*0-,*./53*1/
91,583*/7,*./SJ1/410.4*,71+V79*+0*/,*./1/0414/105/*8B810>:547J1/=+*,57/>2*
*"
1+ 27 9*:141/,*7,*./ 1/041 1<-*;721/,*7 B 9*:141/,*7$ +07 41=459-,,*./ ,5/+07/01 91 27
8*+879*+0*/,*./1/9*:141/01+416*+045+01.4*,5++1L727,274781/01-/=4532187I072;1C
1=4532187 <-1 -/7 5/05256A7 +5,*72 91314A7 7354974 @5B ,585 +- 07417 8>+ -461/01
K,.85 @7,14 <-1 1+07 9*+0*/,*./ I<-1 *8=2*,7 -/7 /-1;7 4127,*./ 1/041 53D105+I +1
c`ë
;-12;7 7,,1+*321 72 =1/+78*1/05Y
1451/+16-/952-674+*1+079*+0*/,*./417281/01;77*/+=*474127/>2*+*+,5/,4105/5
=-191 +14 ,5/+*914797 ,585 -/7 1/0121<-*7 047+,1/91/0728 01 :*D7 ,-B7 =41+1/,*7 1/
+*0-7,*5/1+,5/,4107+9131+14+*8=2181/019101,0797
*/5,585-/01441/51/12,-7212
7/>2*+*+,5/,4105B271H=2547,*./047+,1/91/0729131/4172*81/074
18-0-781/01$5@7B
7/>2*+*+ ,5/,4105 <-1 =-197 +14 +*8=2181/01 916479795 72 /*;12 91 -/7 */;1+0*67,*./
18=A4*,7+*/*8=7,0501.4*,5J1*/;14+781/01/51H*+011H=2547,*./047+,1/91/072<-1+17
73+52-0781/01 F=-47G +*/ 27 =41+1/,*7 91 -/ 1H,1+5 91 25 <-1 +-+ ,701654A7+ =-191/
,5/0452741H,1+5<-1,5/078*/7+*18=4112@54*C5/01047+,1/91/072,5/-/718=*4*,*97,2
*8=-47$ / -/ 740A,-25 720781/01 */0141+7/01 7467410 7/5;7/ @7 -0*2*C795 -/7
9*+0*/,*./ 91 *,@712 7Q+@50 1/041 =52A0*,7 4191/0547 B =4768>0*,7 =747 ,747,014*C74 12
F/5\01441/5G91/045912,-72+1,5/+04-B127=52A0*,7=5=-2*+07$# 5*/,*95,58=210781/01
,5/ 1+11/:5<-1J B =54 47C5/1+<-11+=145 <-1 @7B7/<-19795 +-:*,*1/0181/01 ,2747+
/5 ,5/+*9145 7 1+07 >417 64*+ 91 ,5/078*/7,*./ ,585 12 41+-20795 91 /*/6-/7
8746*/72*979 =52A0*,7 +*/5 ,585 27 1+1/,*7 8*+87 91 25 =52A0*,5$
-*C> 25 <-1 1+0> +-46*1/95 ,585 =5+*3*2*979 1/ /-1+047 1H=14*1/,*7 =52A0*,7 1+ 7265
479*,7281/01 9*:141/01 91 7<-1225 <-1 25+ =45:107+ =5+85914/5+ 912 F:*/ 91 27 =52A0*,7G
7/-/,*7/ 27 2216797 7 -/7
1470507281/01=52A0*,79795<-1279127+874,7+9127,1401C7<-*0772D-165=52A0*,50595
0*=5 91 01441/5 7=4*54A+0*,5 +5341 12 <-1 7+1/074+1 =145 =54 1+5 8*+85 ,417/ 27
5+*3*2*97952A0*,7914191:*/*4,5/+07/0181/011+101441/5$
c=

H047*6785+ 27+=4*/,*=721+,5/,2-+*5/1+ 91/-1+0457/>2*+*+$
1/+74 72 =-1325 ,585 ,701654A7 +5,*72 41<-*141 -/7 +14*1 91 91,*+*5/1+ 01.4*,7+ <-1
@185+ 058795 1/ 12 ,-4+5 91 /-1+047 1H=2547,*./$ 7 8>+ J[*8=5407/01 91 1227+ +1
;*/,-27<-*C>+72452,5/+0*0-0*;5<-1@185+704*3-*95727@1014561/1*979+5,*72$
*/1+01
45225@101456?/151/+-5=7,*979=594A7+14,5/,13*95,58527:54877=74*1/,*791-/
/E,215E20*85<-11/+A8*+85+14A71/014781/01@5856?/15B047/+=741/011+91,*4
<-1 +14A7 12 01441/5 1/ 12 ,-72 =-191/ :2541,14 27+ :*25+5:A7+ 91 27 @*+054*7$
* =54 12
,5/0474*5 27 @1014561/1*979 1+ =4*8549*72 1 *4419-,0*321 +1 85+0474> 7 +A 8*+87 1/
=4*8142-674,5851H,1+5$+011H,1+5,585@185+;*+05/5=-191+14,5/0452795,5/
/*/6-/7 87/*=-27,*./ B7 +1 04701 91 -/7 */;14+*./ 9*72?,0*,7 5 91 7265 +181D7/01$
*/
1837465@1014561/1*979 /5 +*6/*:*,7=-47 =2-472*9795 8-20*=2*,*979 B7 <-11+07 E20*87
1+ ,58=70*321 ,5/ 27 ,58=2107 =5+*0*;*979 91 +-+ 12181/05+ ,5/+0*0-0*;5+$ /5 91 25+
47+65+ 91:*/*054*5+ 91 27 @1014561/1*979 1/ 12 +1/0*95 1/ <-1 27 ,5/,13*85+ 1+ -/7
9*81/+*./91+1491:*,*1/015-/*,*979:722*97$5407/05+*27@1014561/1*9791+=54-/
2795*4419-,0*3211/E20*87*/+07/,*770597@58561/1*9798>+=45:-/97=5450452795/5
1+0>+*8=2181/017-+1/01+*/5=41+1/01,5857<-1225<-11+0>7-+1/01$ 7-/*,*979+1
8-1+047 7 +A 8*+87 7 047;?+ 91 +- =45=*7 7-+1/,*7$ 7 :5487 :1/58?/*,7 91 1+07
=41+1/,*77-+1/,*7479*,71/<-1,585@185+;*+0525+9*;14+5+12181/05+9,*,5/D-/05
@101456?/15 ;7/ 7 1+074 +5341910148*/795+ 5 */;1+0*95+ 9*:141/,*7281/01$ 1/94185+
53D105+ =74,*721+ <-1 7 047;?+ 91 +- =45=*7 =74,*72*979 1/,74/7/ +*/ 1837465 -/7
05072*979 <-1 +*18=41 +1 410471$ +07 E20*87 ,585 /5 41+-207 91 27 /70-4721C7 =5+*0*;7
./0*,79125+8*+85+53D105+41<-*141-/7,5/+04-,,*./+5,*72,5/0*/61/01$+051+25<-1
@185+
91/58*/795740*,-27,*./B@16185/A7$/1+07,5/+04-,,*./I<-11+0>21D5+91+14-/7
8147 5=147,*./ */0121,0-72I 1/,5/04785+ 12 =-/05 91 =740*97 =747 12 +-46*8*1/05 912
F=-1325G$ 1,7=*0-2185+ 27+ =4*/,*=721+ ,5/9*,*5/1+ =747 1+01 +-46*8*1/05$ 5+
41:14*4185+=4*814572,5/D-/059191,*+*5/1+01.4*,7+<-19131/05874+1=747<-17265
072 ,585 -/ F=-1325G 41+-201 */012*6*321 B 2-165 7 27+ ,5/9*,*5/1+ @*+0.4*,7+ <-1 @7,1/
=5+*321 +- +-46*8*1/05$
$/7=4*814791,*+*./01.4*,71+,5/,13*472F=-1325G,585-/7,701654A7=52A0*,7B/5
,585-/970591271+04-,0-47+5,*72$+05+*6/*:*,7<-1/591+*6/77-/64-=59795+*/5
7-/7,0591*/+0*0-,*./<-1,417-//-1;57,0547=740*491-/7=2-472*9799112181/05+
@101456?/15+$ + =54 1+01 850*;5 <-1 */+*+0*85+ 91+91 12 ,58*1/C5 1/ <-1 /-1+047
-/*979 91 7/>2*+*+ 8A/*87 /5 +14A7 12 64-=5 ,585 41:141/01 +*/5 27 9187/97
+5,*5=52A0*,7$ +05 1H=2*,7 =54 <-? =416-/07+ 0721+ ,585 F991 <-? 64-=5 +5,*72 +5/
1H=41+*./1+07+9187/97+/50*1/1/+1/0*951//-1+0457/>2*+*+9795<-1=747/5+5045+
27-/*97991264-=51++*8=2181/011241+-2079591-/7+-87454*7919187/97++5,*721+
I<-1 =54 +-=-1+05 =-191/ @7314 ,4*+072*C795 1/ =4>,0*,7+ +5,*721+ +19*81/0797+I$
+01 ,5/D-/05 ,585 @185+ ;*+05 =41+-=5/1 -/7 7+*8104A7 1+1/,*72 ,/041 27 ,58-/*979
,585 -/ 4595 R12 =5=-2-+S B F25+ 91 737D5G R27 =213+S $ 783*?/ @185+ 1H=2*,795 27+
47C5/1+ =54 27+ ,-721+ 1+07 =213+ 1+ +*18=41 -/7 =74,*72*979 <-1 +*/ 1837465 +1
*91/0*:*,7 7 +A 8*+87 ,585 27 ,58-/*979 ,585 -/ 0595$
+1/1+07,5/078*/7,*./1/04127-/*;14+72*979912=5=-2-+B27=74,*72*9799127=213+
95/91 91+,7/+7 27 =1,-2*74*979 912 F=-1325G ,585 -/ 7,054 @*+0.4*,5$ 7 2.6*,7 91 +-
c=c
,5/+04-,,*./ 1+ 25 <-, @185+ 91/58*/795 F47C./ =5=-2*+07G$ 59185+ 7354974 +-
1+=1,*:*,*97991+91 25+ 95+ >/6-25+ 27-/*;14+72*97991 25 =74,*72 B 27=74,*72*979 91 27
-/*;14+72*979$47074185+7835+7+=1,05++-,1+*;781/01$K/<-?+1/0*9525=74,*721+
-/*;14+72Y7,5/0785+,5/0595+25+12181/05+=74741+=5/9147=45=*79781/0171+07
=416-/07$ 1314A7 1+074 ,2745 <-1 F=74,*72*979G +1 -0*2*C7 7<-A ,7+* ,585 -/ 5HA8545/
=149*95+-+1/0*95814781/01=740*,-274B+1@7,5/;140*951//59125+/58341+9127
05072*979$/79187/97=5=-274,585@185+;*+051+27<-11/,74/727=21/*0-97-+1/01
91 27 ,58-/*979 819*7/01 -/7 ,791/7 91 1<-*;721/,*7+ =501/,*7281/01 */0148*/7321$
+=541+05<-12747C./=5=-2*+07<-11<-*;721,585@185+;*+0572747C./=52A0*,705-0
,5-40 458=1 ,5/ 95+ :5487+ 91 47,*5/72*979
<-17/-/,*7/12:*/9127=52A0*,707/05,5/-/1;1/0541;52-,*5/74*505072<-172=45;5,74
27 41,5/,*2*7,*./ =21/7 91 27 +5,*1979 ,5/+*65
8*+87;52;14A7+-=14:2-5128581/05=52A0*,5,585,5/-/78147=4>,0*,76479-72*+07<-1
419-C,7 27 =52A0*,7 7 27 798*/*+047,*./$ 5 1+
,7+-72 <-1 27 ,5/+*6/7 6479-72*+0791
7*/0\
*85/ IF912 653*14/5 91 25+@58341+ 7 27
798*/*+047,T 91 27+ ,5+7+GI @7B7 +*95 795=0797
=54 12 874H*+85 =747 91+,4*3*4 27 :-0-47 ,5/9*,*./ 91 -/7 +5,*1979
*/ ,27+1+$ 145 -/
53D105=74,*72,585@185+;*+050783*?/=-19101/14-/+1/0*95/5=740*0*;5/5+.25-/7
=7401 91-/0595 +*/5 0783*?/ -/7 =7401 <-11+ 12 0595$ /7 ;1C<-1 +1 @772,7/C795
1+07 */;14+*./ 91 27 4127,*./ =74010595 I-/7 */;14+*./ <-1 ,585 @185+ ;*+05 1+
*/@141/01 72 53D105 7 27,7/*7/5 B 7 27 4127,*./ @1618./*,7 27 4127,*./ =5=-2-+=213+ +1
,5/;*1401 1/ 12 2-674 91 -/7 01/+*./ */14479*,7321 1/ 27 <-1 ,797 0?48*/5 73+5431 B 72
8*+850*18=51H=-2+7725045$+0701/+*./+*/19*11+25<-17+16-4712,74>,014=52A0*,5
91 27 +5,*1979 27 =2-472*97991 1/,74/7,*5/1+ 912 =5=-2-+<-1 /5 ,5/9-,1/ 7/*/6-/7
41,5/,*2*7,*./ :*/72 R1+ 91,*4 B-H07=5+*,*./S 91 25+ 95+ =525+$ + =54 1+5 <-1 /5 1H*+01
=74,*72*979 <-1 /5 8-1+041 1/ +- */014*54 27+ @-1227+ 91 25 -/*;14+72$
#$ 7+185+ 7@547 72 5045 >/6-25 27 =74,*72*979 91 25 -/*;14+72$ + 7<-A 95/91
1/,5/04785+ 27 ;149791475=,*./ 5/052.6*,7 +-3B7,1/011/ /-1+045 7/>2*+*+$ -72<-*147
<-1 +17 12 ,5/01/*95./0*,5<-191,*9785+=4*;*216*74 1/-/7 */;1+0*9-47 5/052.6*,7 27+
@-1227+ 91 27 */;1+0*9-47 /5 =-191/ +14 1/014781/01 5,-20797+$ 54 25 07/05 ,-72<-*147
<-1+1727=74,*72*979<-1=4*;*216*185++*18=41+14>12=-/051/12,-7227-/*;14+72*979
0783*?/ 1+0> /1,1+74*781/01 =41+1/01$ 7 ,-1+0*./ ,27;1 1+ K12*8*/7 1+01 F1+074
=41+1/01G271+=1,*:*,*9799125=740*,-2749187/147072<-127-/*;14+72*979=7+77+1412
;14979145819*591-/7819*7,*./2.6*,7*2*8*0797B27=740*,-274*979+1,5/;*14011/-/
,78=5 814781/01 7=74*1/,*7 91 819*7,*./ 1H=41+*;7
1+8>+3*1/<-11+07E20*875=5/1-/819*5/5047/+=741/017-/71H=14*1/,*7<-191
5045 8595 +14A7 047/+=741/01 91 87/147 072 <-1 -/ 8581/05 R/5S41=41+1/070*;5
*4419-,0*32181/01 5=7,5 =7+7 7 +14 ,5/+0*0-0*;5
* 795=0785+ 1+07 E20*87 72014/70*;7
*/819*70781/01 ;185+ <-1 12 =-1325 R,5/+0*0-*95 819*7/01 -/7 /58*/7,*./ <-1 /5 1+
,5/,1=0-7281/01 +-3+-8*321S /5 ,5/+0*0-B1 /*/6E/ 0*=5 91 1:1,05 F+-=141+04-,0-472G 91
726-/7 2.6*,7 */:471+04-,0-472 +-3B7,1/01 +*/5 <-1 1+ 12 01441/5 =4*8549*72 1/ 27
,5/+04-,,*./ 91 -/7 +-3D10*;*979 =52A0*,7$
<-A 9101,0785+ 726-/5+ 91 25+ =4*/,*=721+ 1:1,05+ 91 27 ,5/078*/7,*./ 1/041
-/*;14+72*979 B =740*,-274*979$ 5 =740*,-274 I25 <-1 1/ /-1+045 7/>2*+*+ =41;*5
c=`
*91/0*:*,785+ ,585 -/ F53D105 =74,*72GI @7 047/+:548795 +- =45=*7 =74,*72*979 1/ 12
/58341 91 -/7 -/*;14+72*979 <-1 25 047+,*1/91$ + =54 1+5 <-1 +- :-/,*./ 5/052.6*,7
/-/,7 =-191 +14 419-,*97 7 +- ,5/01/*95 ./0*,5$
*/ 1837465 ,585 1+07 :-/,*./
5/052.6*,7 +.25 =-1911+074 =41+1/01 ,-7/95 1+0> ;*/,-27977-/,5/01/*95 ./0*,5?+01
+1 ,5/;*1401 1/ 12 @54*C5/01 91 0595 25 <-1 1H*+01 12 =-/05 1/ 12 ,-72 25 ./0*,5 B25
5/052.6*,5+1:-/91/1/-/7-/*979,5/0*/61/01B+*/1837465*/1+,*/9*321$52;*1/957
-/ 1D ,8\ =3 =41;*5 25+ +A83525+ 91
52*974*979 +1 ,5/;*40*145/ 1/ 525/*7 1/ ,*1405
8581/051/25++A83525+9127=21/*0-97-+1/019127+5,*1979$
*/18374651/07/0527
+5,*1979 ,585 =21/*0-9 /5 0*1/1 -/ ;14979145 +*6/*:*,795 8>+ 722> 91 25+ ,5/01/*95+
./0*,5+<-11/,*1405=-/05271/,74/7/1+5+,5/01/*95++5/=74725++-D105+2*6795+7
1225+ 0595 25 <-1 @7B$ 54 25 07/05 1225+ /5 ,5/+0*0-B1/ -/ +1,5/9 31+0 18=A4*,781/01
72,7/C7321 :41/01 7 -/7 =21/*0-9 */72,7/C7321 =54 27 <-1 1+=1474A785+ 1/ ;7/5$ M+07
,585@185+;*+051+272.6*,791253D1057B9127@16185/A7$+018581/0591:-+*./
1/041 12 53D105 =74,*72 B 27 05072*979 41=41+1/071/ 0595 8581/0512 @54*C5/01@*+0.4*,5
:*/72<-1/5=-1911+,*/9*4+11/+-+95+9*81/+*5/1+-/*;14+72*979B=74,*72*979$5425
07/05 27 @*+054*7/5 =-191 +14 ,5/,13*97 ,585-/7;7/,1 */:*/*05@7,*7 -/53D10*;5:*/72
<-1 +14A7 726E/ 0*=5 91 *917 416-27054*7 Q7/0*7/7$ 7 @*+054*7 /5 1+ -/ 7;7/,1 ,5/0*/-5
D/:*/*05 +*/5 -/7 +-,1+*./ 9*+,5/0*/-7 91 :5487,*5/1+ @1618./*,7+ <-1 /5 =-191 +14
5491/797 91 7,-1495 ,5/ /*/6-/7 /74470*;7 -/*;14+72 <-1 047+,*1/97 +- @*+054*,*979
,5/0*/61/01$ 5+ F=-1325+G +5/ +.25 :5487,*5/1+ +5,*721+ 41721+ <-1 41+*+01/ +-
*/+,4*=,*./ 1/ ,-72<-*14 0*=5 91 01215256A7 @1612*7/7$ + =54 1+5 <-1 5=D1, 1+0>
73+52-0781/01 1/ 25 ,*1405 72 =27/0174 27 9*+0*/,*./ 27,7/*7/7 1/041 91+15 B =-2+*./
8*1/047+ <-1 12 =4*8145 72 /5 01/14 53D105 /5 =-191 +14 +70*+:1,@5 27 +16-/97 72
*8=2*,74-/7*/;1+0*9-47479*,721/-/53D105=74,*72=-1911/,5/0474+70*+:7,,*./$+=54
1+50783*?/<-1,585;14185+8>+79127/01127/>2*+*+=52A0*,5<-1*/01/07=5274*C747
27 =52A0*,7 1/ 0?48*/5+ 91 -/7 72014/70*;71/041 41;52-,*./ 05072 B 41:548*+85 6479-72*+07
=*14911/014781/0191;*+0725=4*/,*=7225<-1+1211+,7=7,58572014/70*;71+272.6*,7
91253D10571+91,*427=5+*3*2*97991<-1-/7=74,*72*979+1,5/;*14071/12/5834191
-/7 05072*979 *8=5+*321 R1/ 5047+ =727347+ 27 2.6*,7 @1618./*,7S$
$ <-A 913185+ 7,27474 341;181/01 041+ =-/05+$ 2 =4*8145 1+ <-1 27 4127,*./ 1/041
/58*/7,*./B,5/0*/61/,*7,5/27<-1/5+@185+1/:41/07951/;74*5+=-/05+91/-1+047
746-81/07,*.:2 +1 ;-12;1 7@547 ,58=210781/01 */012*6*321$
* 27 -/*979 91 25+ 7,0541+
+5,*721+ :-147 12 41+-20795 91 -/ ;A/,-25 2.6*,5 <-1 +-3+-8*4A7 0597+ +-+ =5+*,*5/1+
+-3D10*;7+ 37D5 -/7 ,701654A7 ,5/,1=0-72 -/*:*,797 27 F/58*/7,*./G +.25 *8=2*,74A7 27
121,,*./91-/4.0-25743*0474*5=747-/53D105,-B7-/*9791+074A77+16-4797=54819*5+
9*:141/01+ =-4781/01 7=4*54A+0*,5+$
*/ 1837465 +* 27 -/*979 912 761/01 +5,*72 1+ 12
41+-20795 91 -/7 =2-472*979 91 9187/97+ +5,*721+ <-1 +1 /1/ =54 4127,*5/1+
1<-*;721/,*721+R8105/A8*,7+S91,5/0*6Z*9791/1+1,7+5128581/05,5/0*/61/019127
/58*/7,*./ 0*1/1 -/ 452 73+52-0781/01 ,1/0472 B ,5/+0*0-0*;5$ 7 ,701654A7 =+*,57/72A0*,7
91 F+5@41910148*/7 ,*./G 7=-/07 1/ 27 8*+87 9*41,,*./$ 7 /58*/7,*./ 1+ 1/ 1+01
+1/0*9512 8581/05 ,27;11/ 27 ,5/+0*0-,*./91-/ =-1325 B +-+ 2A8*01+ B ,58=5/1/01+
1<-*;721/,*721+:2-,0E7/=1487/1/0181/01$541D18=2512@1,@591<-112/7,*5/72*+85
+1 ,5/;*1407 1/ -/ +*6/*:*,7 ,1/0472 1/ 27 ,5/+0*0-,*./ 91 27+ *91/0*9791+

91=1/91 91 -/7 @*+054*7 ,5/0*/61/01 <-1 1+ *8=5+*321 910148*/74 7 =4*54*$ 585 +1 @7
c==
7:*48795E20*8781/01+5341 47<F12+1/0*95912/7,*5/72D+851+9?3*21/1281D549125+
,7+5+ B =594A7 +14 :>,*281/01 91+=27C795 =54 5047+ :5487+ 91 2172079 ,521,0*;7$ 7
41,*1/0152179741=1/0*/791+1/0*8*1/05+91=741/01+,51/041+-//*07+B+@**07+91@1,@5
8-1+04727872173*2*9799127=45=*7*91/0*979$ 7*91791271H*+01/,*791-/7/7,*./B27
=45=*7=1401/1,*771227+5/,5/,1=05+<-1,783*7/,5/+07/0181/01G$128*+857-054
,*0772=45:1+54
01=@1/$)47+/149127/*;14+*97991
07/:549F25+*/9*;*9-5++*18=41
0*1/1/5=,*5/1+=54<-10*1/1/8E20*=21+*91/0*9791++@*7*47<-A8-+-28>/>4731$ ->2
12*61/ 91 1+01 41=14054*5 91 *91/0*9791+ ;7 7 91=1/914 91 27+ ,*4,-/+07/,*7+ 91 27+
;1/07D7+B91+;1/07D7+91*/;5,74-/7*91/0*979=740*,-274G$18>+1+0>91,*4<-1/5+1
04707 +.25 91 <-1 12 F/7,*5/72*+85G =-191 +14 +-+0*0-*95 =54 5045+ 0?48*/5+ 1/ +- 452
,1/047291+*6/*:*,7/01;7,A5+*/5<-10783*?/+-=45=*5+1/0*95;77;74*7491=1/9*1/95
91 27 ,791/7 91 1<-*;721/,*7+ 7+5,*797 7 ?2$
/ +16-/95 =-/05 +1 41:*141 72 452 912 7:1,05 1/ 27 ,5/+0*0-,*./ 91 27+ *91/0*9791+

$ 585 /5+ @185+ 41:14*95 7 1+01 7+=1,05 */ 1H01/+5 7 25 27465 91 1+01
2*345+.25@74185+7<-A-/7341;141:141/,*7$ 7B-/7+=1,05+534112<-1<-*145*/+*+0*4$
227C57:1,0*;5+1;-12;18>+*8=5407/01,-7/95279*81/+*./,583*/7054*7+*83.2*,7912
21/6-7D1 5=147 91 87/147 81/5+ 7-058>0*,7$ 1+91 1+07 =14+=1,0*;7 12 7:1,05 1+
73+52-0781/01 ,4-,*72 =747 1H=2*,74 12 :-/,*5/78*1/05 912 =525 +-+0*0-0*;5=7479*68>0*,5
91221/6-7D1<-11+12917+5,*7,*./2*3411/+-:-/,*5/78*1/05RB=541+0747C./128>+
73*14057271H=2547,*./=+*,57/72A0*,7S$ 72.6*,791271<-*;721/,*7,585@185+;*+051+
91,*+*;7 1/ 27 :5487,*./ 91 27+ *91/0*9791+
147/ 7 ,*5/1+ *91721+ 27
*834*,7,*./ 1/041 +*6/*:*,7"/ B 7:1,05 +1 8-1+047 8>+ ,737281/01$ M+01 1+ 12 7+=1,05
<-1 ,585 9185+ 41,54974 25+ =4*8145+ 01.4*,5+ 91 27 +5,*1979 91 87+7+ =14,*Q45/
,585 8>+ =453218>0*,5 =-1+05 <-1 =747 1225+ 41=41+1/0737 -/7
\\7 781/7C7 7 27 47,*5/72*979 +5,*72$ 1/ 27+ 41,5/+04-,,*5/1+ 47,*52*+07+
,5/018=54>/17+9127+,*1/,*7++5,*721+91+91121+04-,0-472*+@7+0727121,,*./47,*5/72
0783*?/,5/+0*0-B1127+=1,05<-11+018>0*,781:20191647979571H=1/+7+9127+=1,05
,583*/7054*5+*8,5 <-1 =148*01 -/ ,>2,-25 F647870*,72G 5 F2.6*,5G$
7B -/ 014,14 B E20*85 =-/05 <-1 913185+ 7,27474$ 2 =7+7D1 91 /7 :5487,*./
@1618./*,77504791-/7,5/:*6-47,*./=5=-2747250479*:141/01+*18=41;77*/;52-,474
-/7 4-=0-47 479*,72 -/7 ,4170*;5 $ +05 /5 +*6/*:*,7 <-1 0595+ 25+ 12181/05+ 91 -/7
,5/:*6-47,*./ 181461/01 01/67/ <-1 +14 ,58=210781/01 /-1;5+ +*/5 <-1 12 =-/05 91
740*,-27,*./1253D105=74,*72724191954912,-7227:5487*./@1618./*,7+141,5/+0*0-B1
,585-/7/-1;705072*979/579<-*141+-452,1/047291/*/6-/72.6*,7<-1@7B75=14795
1/ 27 +*0-7V,*./ =41,191/01$ <-A 1+0785+ ,14,7 91 25 <-1 7,7/ 91/58*/. =7++761 4
2T7,0<-1@7+*95,1/04721/41,*1/01+9*+,-+*5/1+41:14*97+727?0*,79125172$# 585
+1@77:*48795F12Q0-+91441*@1*012[7,05912*314079T127,05?0*,561/-*/5+*18=41
1+ +-3;14+*;5J /-/,7 1+ +*8=2181/01 12 41+-20795 91 -/7 [81D54 5 -/7 [41:548G$
5 <-1 1+ 91,*+*;5 =747 27 181461/,*7 912 F=-1325G ,585 /-1;5 7,054 @*+0.4*,5 1+ <-1
,585128581/051<-*;721/,*722700*,7954/5=45,19191-/7/1,1+*9792.6*,7=5427<-1
,797 9187/97 +1 ,5/1,074A7 ,5/ 27+ 5047+ 27 -/*:*,7,*./ 91 -/7 =2-472*979 91 1227+ 1/
-/7/-1;7,5/:*6-47,*./1+,5/+0*0-0*;7B/5914*;70*;71+91,*41+-/7,051/12+1/0*95
1+04*,059120?48*/5B7<-1/50*1/1+-:-1/011//7971H014/57+A8*+85$ 7181461/,*7
912 F=-1325G ,585 7,054
c=j
@*+0.4*,5 1+ 1/05/,1+ +*18=41 -/7 047/+641+*./ 41+=1,05 91 27 +*0-7,*./ =41,191/01$
1+01 7,05 91 047/+641+*./ ,5/+0*0-B1 0783*?/ 27 181461/,*7 91 -/ /-1;5 5491/$ 585
7:*487 -=7/?*? 7 =45=.+*05 91 9*=5 F2 7,05 91 9*=5 +- =45/-/,*7,*./ 91 -/7
=727347 /5 1+ +*8=2181/01 -/7 7045,*979 -/7 =727347 91 91+7:A5 27/C797 72 045 1+
0783*?/ -/ 7,05 91 ,417,*./ 912 045 R-/ 045 9*:141/01S$ 9*=5 /5 1+ 07/05 -/
[047/+641+54T ,585 12 [:-/97954T 91 -/ /-1;5 5491/G$"
5*/,*95 1/ 647/ 819*97 ,5/ 12 8595 ,585 -=7/?*? 91+,4*31 12 7,05 ;14979145$ 2
E/*,5 =-/05 1/ 12 <-1 8* 1/:5<-1 9*:*141 2*614781/01 912 +-B5 1+ 1/ 25 <-1 @7,1 7 27
/70-4721C79127+*0-7,*./<-11+0>+*1/95047/+6419*97$ 585+-=4*/,*=72?/:7+*+1+0>1/
12 479*,72*+85 91 27 4-=0-47 =45;5,797 =54 12 7,05 1227 0*1/91 7 91+07,74 27 :-/,*./
047/+641+547911+01E20*85RD-/05,5/27/5;19799125<-1127,051+07321,1SJ=1451+05
27,5/9-,191+918*=14+=1,0*;77=41+1/07427+*0-7,*./<-1=41,19172=7++761A2T7,0
,585 8>+ ,144797 B 85/52A0*,7 91 25 <-1 1+$ K-? 5,-44*4A7 +* 27 +*0-7,*./ 1+0-;*147
*/014/781/019*+25,797B127,051/2-67491+*8=2181/014118=27C74-/;*1D55491/=54
5045/-1;5*/0459-D1475491/722A95/91@73A77281/5+=74,*7281/01,75+Y/1+1,7+5
125491/*/0459-,*957E/+14A7/-1;5=1451+07/5;19790783*?/+14A7271/,74/7,*./91
F5491/G05-0,5-40722A95/91:720737$+0541+-207*8=5407/01=747-/7+=1,05<-11+8-B
,1/0472 1/ 12 7/>2*+*+ 91 -=7/?*? +- 7:*487,*./ 91 <-1 1/ -/ 7,05 ;14979145 /5 @7B
+-D1059*;*9*95$/+-+=727347+F
*279*;*+*./9127;52-/0795279*;*+*./912+-D1051+27
874,7 91 27 2*314079 /5 1+ +*/ 1837465 27 874,7 912 7,05$ / -/ 7,05 /5 @7B +-D105
9*;*9*95$/0A65/71+0>1/014781/015[0597T1/+-7,05J/51+0>[9*;*9*97T5[3744797T$+05
+*6/*:*,7<-1 1227 =7+7 1/014781/01 72*795912 53D105 B <-1 12 *-674 91 27 ;52-/079 <-1
91+171+153D105[=1487/1,1;7,A5G$T51+05B1/91+7,-1495,5/277:*487,*./91<-1
1/ 12 7,05 12 +-D105 =7+7 1/014781/01 72 2795 912 53D105$ -195 ,5*/,*9*4 ,5/

*9*:*,-20791+<-1I=5425+850*;5+<-1B79*I;1572=45=*5D105,5859*;*9*95$-1+05
<-1277,,*./=54-/2795,417-/54[\/R./0*,5S/-1;5=145=5450450*1/1-/7:-/,*./
5491/79547 5/05256*,7 1227 1+ 12 +*0*5 91 -/ D-165 ,58=21D5 =54 12 <-1 -/ ,5/1/*95
,5/,4105 7,0-72*C7 819*7/01 +- 8*+85 ,74>,014 ,5/,4105 7265 ,58=210781/01 9*:141/01
91+A8*+8525<-1@185+91/58*/7952721/*0-97-+1/019127+5,*1979$+:>,*279;140*4
=54 <-? +*/ 27 ,58=21D*979 1+=1,A:*,7 91 1+01 D-165 /5 @734A7 /* @16185/A7 /*
*91/0*9791+
$
"$13185+41:14*4/5+7@547727+,5/9*,*5/1+@*+0.4*,7+<-1@7,1/=5+*32127181461/,*7
B1H=7/+*./9127+*91/0*9791+
$ 7,5/9*,*./1+04-,0-472B727,5/5,185+
278-20*=2*,7,*./919187/97++5,*721+,-B7@1014561/1*979+.25=-191+14,5/9-,*977
,*1407:548791-/*9797047;?+91740*,-27,*5/1+=52A0*,7+1<-*;721/,*721+$542507/0527
=416-/07 4121;7/01 1/ 25 <-1 7 27+ ,5/9*,*5/1+ @*+0.4*,7+ 41+=1,07 1+ K;*;*85+ 1/
+5,*19791+ <-1 0*1/91/ 7 */,4181/074 27 @58561/1*979 +5,*72 819*7/01 81,7/*+85+
*/:471+04-,0-4721+*/87/1/01+5=5412,5/0474*5@73*0785+1/-/01441/5@*+0.4*,595/91
27=452*:147,*./917/0765/*+85+B=-/05+914-=0-47@101456?/15+41<-*141/:5487+,797
;1C8>+=52A0*,7+9141764-=78*1/05+5,*72I1+91,*4<-1?+07+91=1/91/81/5+9127+
2.6*,7++5,*721++-3B7,1/01+B8>+9127+7,,*5/1+1/12+1/0*95<-1@185+91+,4*=05I
Y 7=416-/07/5/1,1+*0741+=-1+07J?+071+53;*7$
*/183746525<-1+A41<-*141,*1407
,5/+*9147,*./ +5/ 27+ ,5/9*,*5/1+ <-1 ,5/9-,1/ 7 <-1 27 3727/C7 +1 */,2*/1
c=
,41,*1/0181/01@7,*71227959127@1014561/1*979$H*+01/;74*7+911+07+,5/9*,*5/1+
1/ +- 87B54A7 */0144127,*5/797+ =145 +* 0-;*147 <-1 +-3+-8*427+ 37D5 -/ 4.0-25 12 <-1
1216*4A7 +14A7 12 ,7=*072*+85 625372*C795$ 54 +-=-1+0 =54
,7=*072*+85 B7 /5 1/01/9185+ -/7 05072*979 ,144797 1/ +A 8*+87 65314/797 =54
85;*8*1/05+ 914*;795+ 91 27+ ,5/0479*,,*5/1+ 91 27
814,7/,A7 ,585 :5487 3>+*,7$ 7 /5 =59185+ 1/01/914 72 ,7=*072*+ 85 ,585 -/7
4172*979 =-4781/01 1,5/.8*,7 +*/5 ,585 -/ ,58=21D5 1/ 12 ,-72 27+ 910148*/7,*5/1+
1,5/.8*,7+ =52A0*,7+ 8*2*0741+ 01,/52.6*,7+ B 5047+ I,797 -/7 950797 91 ,*1407
7-05/58A7 B 91 =45=*7 2.6*,7I 1/047/ 1/ 27 910148*/7,*./ 912 85;*8*1/05 912 0595$ /
5047+ =727347+ 27 @1014561/1*979 =1401/1,1 7 27 1+1/,*7 912 ,7=*072*+85 B +-+ =45=*7+
1+073*2*C7,*5/1+ =74,*721+ +5/ @1618./*,7+ =54 /70-4721C7$
5=59185+1/04747<-A1/-/79*+,-+*./911+05+=4532187+25,-7241<-14*4A7-/2*345
/-1;5$
.2581/,*5/74?341;181/01I,7+*012164>:*,781/01I726-/5+7+=1,05+<-1-/
7/>2*+*+ 912 =5=-2*+85 1/ 27+ +5,*19791+ ,5/018=54>/17+ /5 =-191 12-9*4$ / =4*814
2-6741+0>27,-1+0*./9121<-*2*34*5*/1+073211/04112,5/,1=05B12/58341<-1@185+
73549795 1/ 9*:141/01+ =-/05+ 91 /-1+047 9*+,-+*./$ / +5,*19791+ 95/91 27+ 9*;14+7+
=5+*,*5/1+ +-3D10*;7+ 91 25+ 7,0541+ +5,*721+ 0*1/1/ -/7 6787 2*8*0797 91 ;74*7,*./
@54*C5/072 0597+ 1227+ =594A7/ +14 ,5/,13*97+ ,585 1H=41+*./ 91 27 *91/0*979 91 25+
8*+85+7,0541++5,*721+$541D18=2504737D79541+<-1;*;1/1/-/910148*/7953744*5
<-1 04737D7/ 1/ 18=215+ ,58=747321+ <-1 0*1/1/ -/ 7,,1+5 +*8*274 7 3*1/1+ 91
,5/+-85 ,-20-47 41,417,*./ 10,?0147 =-191/ 01/14 27 *2-+*./ 91 <-1 7 =1+74 91 27
@1014561/1*97991+-+9187/97+1/;74*7+1+:147+0597+1227++5/9187/97+9128*+85
64-=5B<-11H*+01-/;A/,-25/70-47251+1/,*721/0411227+$ -7/951+07+9187/97++1
054/7/8>+@101456?/17+1/271H=14*1/,*791;*97912761/011+1+7-/*979724191954
91 -/ 64-=5 F<-1 +1 97 =54 +1/0795G 27 <-1 +1 ;-12;1 =453218>0*,7$ + 1/ 1+01 =-/05
95/9127+2.6*,7+91,5/+04-,,*./912F=-1325G,5851/0*979,5/0*/61/01+1;-12;1/8>+
7-0./587+ 41+=1,05 91 0597 */87/1/,*7 +5,*72 =145 =54 1+7 8*+87 47C./ 8>+
,5/+0*0-0*;7+ 1/ +-+ 1:1,05+$ M+01 1+ 12 =-/05 1/ 12 ,-72 12 /58341 ,585 =-/05 /5972
720781/01 */;1+0*95 7:1,0*;781/01 /5 1H=41+7 07/ +.25 27 -/*979 912 64-=5 +*/5 <-1 +1
,5/;*1401 1/ +- :-/9781/05$
72 9*+,-+*./ 91314A7 85;14+1 1/ 27 9*41,,*./ 91 -/7 0*=5256A7 91 +*0-7,*5/1+
85;*8*1/05+$ 2 53D10*;5 91 1+01 2*345 @7 +*95 8>+ 2*8*0795 27 910148*/7,*./ 91W
:-/,*5/78*1/05 3>+*,5 91 27 47C./ =5=-2*+07$ / +16-/95 2-674 1+0> 27 ,-1+0*./ 91 27
,5/+04-,,*./ 9*+,-4+*;7 91 7 9*;*+*./ +5,*72$ 5 <-1 @185+ =41+1/0795 1+ -/7
1H=2*,7,*./ 1+04-,0-472 91 27 :5487,*./ 91 27 *91/0*979 =5=-274 1/ 27 ,-72 27+ :45/0147+
7/076./*,7+ +1:-/97/ 1/ 2.6*,7+ 1<-*;721/,*721+$ 7+:45/0147+ +5/-/7 ,5/9*,*./ +*/1
<-7 /5/ =747 27 181461/,*7 912 =-1325 +*/ 1227+ 0597 27 9*72?,0*,7
=74,*72*979-/*;14+72*979 +*8=2181/01 +19144-8374A7$ 145 ,-7/05 8>+ 1H01/9*97 1+ 27
,791/71<-*;721/,*7281/5+F/70-472G+1;-12;127740*,-27,*./1/041+-+1+2735/1+B8>+
*/1+07321 1+ 27 *91/0*:*,7,*./912 1/18*65 R7<-1225 <-1 1+0> 912 5045 279591 27:45/0147S$
+051+7265<-1@185+1/,5/047951/;74*5+=-/05+91/-1+0457/>2*+*+1/12,7+591
-/79187/971+=1,A:*,7:548-279791/04591-/,5/01H0525,72*C795910148*/74<-*?/1+
12 79;14+74*5 1+ 7265 41270*;781/01 :>,*2J 1/ ,783*5 ,-7/95 1H*+01 -/7
V1<-*;721/,*7 1/041 -/7 8-20*=2*,*979 91 9187/97+ @101456?/17+ 910148*/74 ,->2 1+ 12
c=á
53D10*;5 B ,5/047 <-*?/ +1 2-,@7 +1 ;-12;1 8-,@5 8>+ 9*:A,*2$ / 1+01 =-/05 27 F47C./
=5=-2*+0T =7+7 7 5=1474 =21/781/01$ +05 1H=2*,7 =54 <-? 25 <-1 @185+ 91/58*/795
F,7=*072*+85 625372*C795G 41=41+1/07-/1+079*5 ,-72*070*;781/01 /-1;5 1/ 27@*+054*7 912
,7=*072*+85B,5/9-,17-/7=45:-/9*C7,*./9127+2.6*,7+9127:5487,*./91*91/0*9791+
<-1@185+ 91+,4*=05$ 7B -/7 8-20*=2*,7,*./911:1,05+ 9*+25,7054*5+B-/7=452*:147,*./
91/-1;5+7/0765/*+85+$+=541+5<-11285;*8*1/057/0*625372*C7,*./91315=147491
-/7 87/147 ,58=210781/01 /-1;7 9131 =5+0-274 27 ,417,*./ 91 27C5+ 1<-*;721/,*721+
1/0419187/97++5,*721+=45:-/9781/01@101456?/17+728*+850*18=5<-112735474-/
21/6-7D1,58E/1/0411227+$+0>+-46*1/95-//-1;5*/014/7,*5/72*+85<-1/553+07/01
;-12;1 53+52107+ 27+ :5487+ */+0*0-,*5/72*C797+ 0479*,*5/721+ 91 819*7,*./ =52A0*,7 R27
-/*;14+72*979 91 27 :5487 F=740*95G =54 1D18=*5 1+0> +*1/95 479*,7281/01 ,-1+0*5/797S$
54 E20*85 1+0> 27 ,-1+0*./ 912 1+470-+ 91 25 =52A0*,5$ 5 =52A0*,5 1+0> ;*/,-2795 91+91
/-1+045 =-/05 91 ;*+07 ,5/ 25 <-1 =594A7 91/58*/74+1 -/7 740*,-27,*./ ,5/0*/61/01
+*8=2181/01 5045 /58341 =747 27 9*72?,0*,7 1/041 2.6*,7 91 27 9*:141/,*7 B 2.6*,7 91 27
1<-*;721/,*7I$ / 1+01 +1/0*95 0595 7/0765/*+85 1+ 1+1/,*7281/01 =52A0*,5$ / 1+1
,7+5 +*/ 1837465 25=52A0*,5/5 1+0> 2*6795 7 -/ 0*=591 ,5/:2*,05 416*5/72 9*:141/01 91
=541D18=25121,5/.8*,5$K54<-?Y5495+47C5/1+=4*/,*=721+$ 7=4*81471+<-127+
9187/97+<-1,-1+0*5/7/121+079591,5+7+1H*+01/01/5+-461/1+=5/0>/1781/019127
2.6*,7 91 1+01 9*4*85 +*/5 <-1 ,5/+*+01/ 1/ -/7 4-=0-47 ,5/ ?2$ 7 9187/97 =54 -/
7-81/051/25++7274*5+/5+1914*;791272.6*,79127+4127,*5/1+,7=*072*+07++*/5<-127
*/0144-8=1 1/ 0?48*/5+ 7D1/5+ 7 1227 I=54 1D18=25 819*7/01 -/ 9*+,-4+5 41270*;5 7 27
D-+0*,*7I$542507/0505979187/97=41+-=5/1-/7@1014561/1*979,5/+0*0-0*;71+-/
1;1/05<-1458=1,5/272.6*,7+*0-7,*5/72$+051+25<-1@7,1<-19*,@79187/97+17
-/7 9187/97 =52A0*,7$ 145 B ?+07 1+ 27 +16-/97 47C./ 1+07 @1014561/1*979 91 27
9187/9741+=1,059127+*0-7,*./1H*+01/014747;1C;771+074,5/:*/7977-/,5/01/*95
1+=1,A:*,5J91+91+-8*+85,58*1/C5;771+074720781/01+5341910148*/797J1*41,2785
=54-/87B54/*;1291+7274*5+1/0?48*/5+91D-+0*,*7;771+0747447*67951/-/+1/0*95
91D-+0*,*78>+78=2*52*67957-/7;74*197991+*0-7,*5/1+9*:141/01+$/5047+=727347+
/5 1H*+01/ +-D105+ =-45+ 912 ,783*5J +*18=41 1+0>/ +5341910148*/795+ =54 27+ 2.6*,7+
1<-*;721/,*721+$+05*8=2*,7<-125++-D105+=52A0*,5++*18=41+5/91-/787/147-5047
+-D105+
$1/27+,5/9*,*5/1+912,7=*072*+85625372*C795121+=7,*5911+07
+5341910148*/7,*./ +1 78=2A7 ,274781/01$
5/1+05@185+=41+1/079525+47+65+=4*/,*=721+91/-1+047,5/,1=,*./9127+2.6*,7+
<-1 910148*/7/ 27 :5487,*./ 91 27+ *91/0*9791+
$
*/ 1837465 27
1+=1,*:*,*97991/-1+0451/:5<-1 =-191054/74+1 8>+ ,2745 +* 25,58=74785+ ,5/ 5045+
1/:5<-1+72014/70*;5+<-1@7/+*95=27/01795+41,*1/0181/01$141:14*4?795+911225+
,5/ 25+ <-1 9*+,41=5 :-/9781/07281/01 /7 =4*8147 7=45H*87,*./ 7 27 ,-1+0*./ 91 27
-/*979 91 25+ +-D105+
=-191 1/,5/0474+1 1/ ,*1407+ /-1;7+ ;14+*5/1+ 912
874H*+850479*,*5/7227-/*979=5=-274+1419-,1727-/*97991,27+1$58785+,585
1D18=2541=41+1/070*;5911+07=5+0-471204737D591
27;5D*>1Q$*>1Q=41+1/07+-=45=*7
;*+*./ 7,14,7 91 1+01 0187 1/ 12 ,5/01H05 91 -/7 ,4A0*,7 7 8* 04737D5 ,-B5+ =-/05+
=4*/,*=721+ +5/ 25+ +*6-*1/01+ RS 104>+ 91 8* 1/:5<-1 @734A7 -/ Q7/0*+85 +.25
2*614781/01 9*+*8-2795
27=4*/,*=729*81/+*./FQ7/0*7/7G91 7,27-479*,71/+-7,1=07,*./9127341,@7*8=5+*321
c=ï
91 ,14474 1/041 12 1/0-+*7+85 =54 12 3D10*;5 *8=5+*321 912 ,58=458*+5 =52A0*,5 B +-
,5/01/*954172*C73218>+8591+05V$$5+5+01/65<-1+*7,1=0785+1+7341,@7,58512
@54*C5/01E20*85912,58=458*+5=52A0*,5K7,7+5/5/5+91D7,5/-/7121,,*./41+=1,05
911+1,58=458*+55913185+,1674/5+72/1,1+74*5:47,7+5E20*8591/-1+0451+:-14C5
I41641+785+727*/5,1/,*7B/5+91D785+7047=74=54121/0-+*7+855913185+795=074
-/7 =5+0-47 91 9*+07/,*7 ,A/*,7 =740*,*=7/95 1/ 12 D-165 +*1/95 7 27 ;1 0507281/01
,5/+,*1/01+ 91 <-1 12 41+-20795 ;7 7 +14 91,1=,*5/7/01Y
RS 1+=-?+ 91 7+*8*274 :72+781/01 8* =5+0-47 7 27 91 27 =52A0*,7 91 27 *91/0*979
8-20*,-20-472 22167 7 27 +*6-*1/01 ,5/,2-+*./
553+07/011+0141,@7C5D-+0*:*,795912705072*9799127
5,*1979=5+41;52-,*5/74*7/5
D-+0*:*,727,5/,2-+*./91<-1913185+41/-/,*747-/=45B1,0591047/+:5487,*./+5,*72
625372B2*8*074/5+741+52;14=4532187+=74,*721+<-19131/41+52;14+112+720591-/7
,4A0*,79127F8107:A+*,79127=41+1/,*7G7-/7=52A0*,7F6479-72*+0741:548*+077/0*-0.=*,7G
,5/+0*0-B1 -/ ,5405,*4,-*05 *216A0*85$T
R#S104>+9127/74470*;7@*+0.4*,7<-1=41+1/0727,41,*1/0191+*/01647,*./912874H*+85
1+1/,*72*+07 ,2>+*,5 B 27 181461/,*7 91 -/7 =2-I 472*979 91 /-1;5+ 7,0541+ @*+0.4*,5+

+1 1/,5/0474A7 +16E/ ?2 -/7 ,*1007 F41+*6/7,*./G 27 F7,1=07,*./ 912
,7=*072*+85,585F12E/*,5D-165=5+*321G2741/-/,*770595*/01/05417291*48>+722>912
4?6*81/ ,7=*072*+07 2*31472 1H*+01/01G$TT
RS F/ ,5/047 91 25+ 91:1/+541+ 91 27 ,4A0*,7 912 ,7=*072*+85 625372 91 27 [2.6*,7 912
,7=*072T 7,27-+5+0*1/1<-112,7=*072*+851+-/,58=-1+05*/,5/+*+01/019112181/05+
@101456?/15+ <-1 +1 ,583*/745/ ,585 ,5/+1,-1/,*7 91 -/7 ,5/+0127,*./ @*+0.4*,7
,5/0*/61/01/5-/705072*979@5856?/17<-153191,17-/72.6*,7,58E/+-3B7,1/01$G
R"S :*/7281/01 12 /E,215 912 746-81/05 91 *1Q <-1 +14A7 12 :-/9781/05 91 /-1+047+
9*:141/01+ ,5/,1=,*5/1+ 91 27+ *91/0*9791+ +5,*721+
8* 91+7,-1495 ,5/ 7,27- 1+ <-1 /5 7,1=05 <-1 0595+ 25+ 12181/05+ <-1 1/047/ 1/ 27
2-,@7 @1618./*,7 +17/ 1/ =4*/,*=*5 *6-721+ 1/ 27 +14*1 91 2-,@7+ R1,5/.8*,7 =52A0*,7
:18*/*+07 1,52.6*,7 ?0/*,7 10,$S +*18=41 @7B -/7 V27 2-,@7 91 ,27+1+W <-1 +* 3*1/ 1+
=74019127,791/7+1,410781/01+5341910148*/7,*@54*C5/018*+85$+07,5/078*/7,*./
91 25 -/*;14+72 =54 25 =740*,-274 1+ F8>+ :-1401G <-1 27 2-,@7 =54 27 @16185/A7 V$$$W
1+04-,0-47917/0187/51201441/58*+851/12<-1278-20*0-991,5/01/*95+=740*,-2741+
2-,@7 =54 27 @16185/A7$TT
H=254185+1+077,-8-27,*./9141=41+1/07,*5/1+144./17+$747,581/C741221,05491
1+012*345/51/,5/0474>/*/6-/79*:*,-20791/91+,-34*49./9191+,7/+727*/014=4107,*./
144./173>+*,791*>1Q$T,747,014*%$7/-1+0451/:5<-1?25=5/127F047/+:5487,*./+5,*72
625372G 7 25+ ,783*5+ =74,*721+ B 7+*8*27 25+ E20*85+ 72 41:548*+85 6479-72*+07$ 7
5=5+*,*./ /5 0*1/1 /*/6E/ +1/0*95 B 27 7+*8*27,*./ 1+ +*8=2181/01 -/7 */;1/,*./ =-47$
-/,7 @1 @732795 91 F6479-72*+85G -/ 0?48*/5 <-1 1/ 8* 1/:5<-1 01.4*,5 +.25 =594A7
+*6/*:*,74 -/7 2.6*,7 9*:141/,*72 /5 *8=19*97 =54 /*/6E/ 0*=5 91 1<-*;721/,*7 I1/ 5047+
=727347+ -/ 8-/95 91 9187/97+ =-/0-721+ <-1 /5 1/0474A7/ 1/ /*/6E/ 0*=5 91
740*,-27,*./ =5=-274I$ 7+ *91/0*9791+
91+91 /-1+045 =-/05 91 ;*+07
+*18=41 ,5/+0*0-B1/ 05072*9791+$ + ,*1405 <-1 0783*?/ 81 @1 41:14*95 7 9187/97+ B
2-,@7+ =74,*721+ =145 1+07+ =74,*72*9791+ /5 0*1/1/ /797 <-1 ;14 ,5/ 12 6479-72*+85
,585 7,2747 +-:*,*1/0181/01 1+01 2*345 8* /5,*./ 91=74,*72*979 ,5*/,*91 ,5/ 25<-1 1/
c=º
=+*,57/>2*+*+ +1 91/58*/7 -/ F53D105 =74,*72G I1+ 91,*4 -/7 =74,*72*979 <-1 :-/,*5/7
,58505072*979I$542507/0525<-1*>1Q1+0>*6/547/951+12,5/D-/0591272.6*,7912
53D105=10*07<-1,585B79*D*85+1+*9?/0*,77272.6*,7@1618./*,7$2@1,@591<-1
12 53D105 +17 F121;795 7 27 9*6/*979 91 27 5+7G 1+ 25 <-1 *1Q =741,1 1H,2-*4 ,585
=5+*3*2*979=52A0*,7$ 7 72014/70*;7<-1 ?2=41+1/07 1+53*1/01/185+ 7,,1+5 7 27 5+7
,58507253*1/01/185+=74,*72*9791+=-47+/5;*/,-2797+=54/*/6E/1:1,0505072*C7954$
/ 27,7/*7/5 ,585 *1Q 91314A7 @7314 1;*0795 1+07 +*8=2*:*,7,*./ 645+147$
/7 */014=4107,*./ 1<-*;5,797 <-1 1+ 37+07/01 =5,5 @5/4797 B7 <-1 1/ 5045+ 04737D5+
**1Q 8-1+047 -/7 =14:1,07 ,58=41/+*./ 91 /-1+045+ 746-81/05+$ +A 7:*487
7=4537954781/0- F$+ 8?4*05 91 4/1+05 7,27- B @7/072 5-::1 <-1 @7B7/
91+744522795 1/ 16185/A7 B 1+047016*7 +5,*72*+07 $$$ -/7 0154A7 912 ,78=5 +5,*72
37+7971/072/5,*./917/0765/*+85I1/-/41,5/5,*8*1/0591-/[047/87T54*6*/72-/
/E,215*8=5+*321<-141+*+0127+*8352*C7,*./2705072*C7,*./27*/01647,*./+*83.2*,7$$$$
225+ 1/:74*7/ <-1 /5 913185+ +14 [479*,721+ 1/ 12 +1/0*95 91 1/17 8*/74/5+ 7 -/7
+52-,*./ 479*,72 +*18=41 ;*;*85+ 1/ -/ */4141+=7,25 B1/ -/ 0*18=5 =41+0795J 0597
+52-,*./ 1+ 018=5474*7 =45;*+*5/72 -/7 1+=1,*1 91 =5+01467,*./ 91 -/7 *8=5+*3*2*979
://9781/072G 54 27 8*+87 47C./ 27 =74,*72*97991-/ @54*C5/01@1618./*,5 /5 *8=2*,7
/*/6E/0*=59141+*6/7,*./$27/>2*+*+91 5=D1,91253D1059127=-2+*./,585,7=7C91
=459-,*4 +70*+:7,,*./ 1+ 7<-A 0507281/01 4121;7/01$ 747 726-*1/ *91/0*:*,795 ,5/ -/7
,5/:*6-47,*./@1618./*,71+7,5/:*6-47,*./1+059525<-11H*+01,585-/53D10*;5/5
1+-/8581/058>+1/121014/5:47,7+518=A4*,5=5472,7/C7412 9172$541+747C./
27+ 41:141/,*7+ 91 *1Q 7 )7/0 +5/ 0507281/01 */7=45=*797+$ / )7/0 1H*+01 +A 12 452
416-27954 91 27 917 B 27 7=45H*87,*./ */:*/*07 72 8-/95 /5-8?/*,5 =145 /797 91 1+05
5,-441 1/ ,* ,7+5 91 -/7 *91/0*:*,7,*./ @1618./*,7$ K=45H*87,*./ */:*/*07 7 <-?Y 7
72014/70*;7<-1=41+1/07*>1QI1H=1,070*;7+*/61/-7+5,*/*+85I+191+8545/7-/7;1C
<-1+1@7@1,@5-/7*/;1+0*9-47479*,721/-/53D105=74,*72R-/7;1C<-11253D105F@7
+*95 121;795 7 27 9*6/*979 91 27 5+7GS$ 1+01 53D105 7-/<-1 +*18=41 =74,*72 =594A7
*8=2*,74-/,783*5479*,725-/7047/+:5487,*./+5,*72625372=145*/,2-+51/1+1,7+512
8581/059127*/;1+0*9-47479*,72;771+074/1,1+74*781/01=41+1/01$ 7 5+7,585072
/5=-191+1405,7971//*/6E/=-/051/:54879*41,07+*/+-41=41+1/07,*./7047;?+91
-/ 53D105$ 7 47C./ 91 1+05 1+ <-1 /5 1H*+01 072 F 5+7G 1+ +*18=41 -/ +-=-1+05
41045+=1,0*;5$1451+07=74,*72*97991253D105/5*8=2*,7/*/6-/741+*6/7,*./541/-/,*7$
*/ 1837465 K,->2 1+ 27 ;14979147 47AC 91 1+01 91+7,-1495 01.4*,5Y *1/+5 <-1 +1
1/,-1/0471/12@1,@591<-1127/>2*+*+91*>1Q1+1/014781/011,2?,0*,5=-1+05<-1
1+0> 37+795 1/ 95+ 5/05256A7+ */,58=70*321+ -/7 2*6797 72 =+*,57/>2*+*+ B 72
91+,-34*8*1/05 :41-9*7/5 912 */,5/+,*1/01J 27 5047 2*6797 7 27 :*25+5:*7 91 27 @*+054*7
@1612*7/7] 874H*+07$ *1Q @7,1 0597 ,27+1 91 ,5/054+*5/1+ */;145+A8*21+ =747 ,5/,*2*74
7837+=1451;*91/0181/01/52564701/14?H*05$
-8?0595:7;54*051+*/01/0741+07321,14
@585256A7+ +-=14:*,*721+$ 54 1D18=25 1/ -/ 8581/05 7:*487 <-1 12 ,7=*072*+85 1+ 12
172I1/12+1/0*9527,7/*7/5I9127+5,*1979,5/018=54>/17=54<-11+25<-1+*18=41
41054/7$ 145 +* 27 41=10*,*./ */91:*/*97 :-147 25 E/*,5 */@141/01 72 4172 =594A785+
*6-7281/01 91,*4 <-1 12 :4A5 1+ 12 172 91 27 +5,*1979 ,7=*072*+07 =54<-1 41054/7 ,797
*/;*14/5$/7;149791477/7256A78107:.4*,7I<-101/67E/;72541=*+01852.6*,591314A7
85+0474 <-1 12 ,7=*072*+85 1+0> 8>+ 722> 91 0597 +*8352*C7,*./ +5,*727265 <-1 7 *1Q 21
c=ë
41+-2074A7 *8=5+*321 9185+0474$
16E/ *1Q B5 +5+01/65 <-112 ,7=*072*+85 1+ 27 ,583*/7,*./ ,5B-/0-472 1 */,5@141/01
91-/78-20*=2*,*9799147+65+@101456?/15+$18>+1+0>91,*4<-1B5/-/,7@19*,@5
7265 07/ 1+0E=*95$ 5 <-1 +A @1 9*,@5 B <-1 1+ ,58=210781/01 9*:141/01 1+ <-1 27
,5@141/,*7 912 ,7=*072*+85 ,585 :5487,*./ +5,*72 /5 =-191 914*;74+1 912 8145 7/>2*+*+
2.6*,5 91 27+ ,5/0479*,,*5/1+ *8=2A,*07+ 1/ 27 :5487 814,7/,A7 B7 <-1 +- 1:1,0*;*979
+5,*72 91=1/91 91 +- 4127,*./ ,5/ -/ 1H014*54 @101456?/15 72 <-1 =-191 ,5/045274
819*7/01 4127,*5/1+ 91 =5914 */1+07321+ =145 /5 =-191 914*;7425 91 +- =45=*7 2.6*,7
1/9.61/7$/5047+=727347+27958*/7,*./,7=*072*+07/51+7-05910148*/797914*;7321
91+-=45=*7:5487+*/5<-11+1241+-2079591-/7,5/+04-,,*./@1618./*,79187/147
<-1 +- ,1/0472*979 +1 914*;7 ,585 0595 25 918>+ 1/ 27 +5,*1979 91 -/7
+5341910148*/7,*./9112181/05+@101456?/15+$+=541+5<-17265,585-/74127,*./
91 :-14C7+ =-191 1H*+0*4 1/ 27 +5,*1979 -/7 F6-1447 91 =5+*,*./G 1/ 12 +1/0*95
6478+,*7/5$
*27958*/7,*./,7=*072*+07=-9*147914*;74+19127/>2*+*+91+-8147:5487
+* 1+0-;*?4785+ 1/:41/0795+ 7 -/7 2.6*,7 @5856?/17 <-1 +1 7-0591:*/1 1/05/,1+
,-72<-*14 0*=5 91 41+*+01/,*7 +14A7 ,58=210781/01 */E0*2 72 81/5+ @7+07 <-1 1+7 2.6*,7
91+744522747 +-+ ,5/0479*,,*5/1+ */014/7+ R-/7 ,5/,2-+*./ ,5/ 27 ,-72 12 874H*+85 91 27
16-/97 /014/7,*5/721+0737,5<-1017/95B727<-1*>1Q91@1,@5/51+0>21D5+91
+-+,4*3*4S$*>1Q7:*487<-1+-91+7,-1495,5/8*6591+,7/+71/12@1,@591<-1=747?2
25+ 12181/05+<-1 */014;*1/1/1/ 27 2-,@7 @1618./*,7 /5 +5/ *6-721+ +*/5<-1 +*18=41
@7B-/5<-1F728*+850*18=5<-1:5487=74019127,791/7+5341910148*/712@54*C5/01
8*+85G 25 <-1 +*6/*:*,7 +16E/ ?2<-11+ 8>+:-1401 <-1 27 2-,@7 =54 27@16185/A7B7
<-11+04-,0-471201441/51/12,-72?+070*1/12-674$5473*1/277:*487,*./91<-1@7B-/7
91+*6-729791+1/,*721/04125+12181/05+<-1=740*,*=7/1/272-,@7@1618./*,71+7265
,5/25<-1,*140781/01,5*/,*95I270154A79127@16185/A71+=41,*+781/01270154A791
1+7 91+*6-72979I =145 *>1Q /5 1+0> =41+1/07/95 -/ 746-81/05 @*+0.4*,5 +*/5 -/
746-81/05 047+,1/91/07> =747 ?2 1/ 0597 +5,*1979 =5+*321 1+01 452 910148*/7/01
,5441+=5/91 /1,1+74*781/01 7 27 1,5/58A7 R1/ 1+01 =-/05 =741,*147 <-1 1+0785+
;52;*1/9577<-1227+9*+0*/,*5/1+*/61/-7+91279?,797911/041F910148*/7,*./1/
E20*87*/+07/,*7GF452958*/7/01GF7-05/58A741270*;7G10,?0147S$ 5=4*8145<-1=59185+
91,*4I?+071+/-1;781/01504791+-+810>:547+;7,A7+I1+<-1*>1Q1+0>-0*2*C7/95
144./1781/01 27 ,701654A7 :41-9*7/7 91 F+5341910148*/7,*./G$ 7 */+07/,*7 91 27
+5341910148*/7,*./91=1/910507281/01=74741-991-/7@*+054*7=14+5/72/51H*+01
/*/6E/12181/05<-1+5341910148*/11/B=54+A8*+85$
*/1837465+**1Q/5+9*,1<-1
,585 -/ 7 =4*54* @*+0.4*,5 726-/5+ 12181/05+ 1+0>/ =4191+0*/795+ 7 +14 25+
+5341910148*/7/01+ 1+0> 737/95/7/95 ,58=210781/01 12 ,78=5 :41-9*7/5 I91 @1,@5
1+0>8>+,14,791P-/6I$/+-91+1+=147,*./=5491:1/91427F910148*/7,*./1/E20*87
*/+07/,*7 =54 27 1,5/58A7G *>1Q +1 41:*141 1/ 726-/5+ ,7+5+ 7 -/ E20*85 419-,05 91
/70-472*+85 <-1 91314A7 87/01/14+1$ 145 1+5 /5 +*4;1$ 5 +1 =-191/ -/*4 95+
5/05256A7+ */,58=70*321+$ 3*1/ 27 +5341910148*/7,*./ 1+ -/*;14+72 1/ +-+ 1:1,05+ 1/
,-B5 ,7+5 ,585 @7 1+,4*05 41,*1/0181/01 5=D1, 27 0154A7 91 27+ =-2+*5/1+ 5,-=7 12
1+=7,*591 275/05256A7 ,2>+*,753*1/ 27 +5341910148*/7,*./ 1+ -/7 ,701654A7 416*5/72
<-1 1+0> 4591797 =54 -/ >417 91 910148*/7,*./ =21/7 <-1 =-1+05 <-1 1+07321,1 25+
2A8*01+91/0459125+,-721+27+5341910148*/7,*./=-1915=1474+1,5/;*14011/12,78=5
cj
91 27 5/05256A7 :-/9781/072$
7 *45/A7 1+<-1 91Q /5 /1,1+*07371+01 05+,59*+,-4+51,2?,0*,5=747:-/9781/074 +-
53D10*;5 91 85+0474 27 ,1/0472*979 91 25+ =45,1+5+ 1,5/.8*,5+ 1/ 27+ +5,*19791+
,7=*072*+07+$>9*1/1674A7+14*781/011+07,1/0472*979$ 7+9*:*,-20791++-461/,-7/95?2
27 047/+:5487 1/ 27 ,5/+04-,,*./ 91 -/7 */+07/,*7 @5856?/17 7-0591:*/*97 <-1 5=147
,58512:-/9781/059127+5,*1979I1+91,*4,-7/9527419-,17-/8591251H=2*,70*;5
@1612*7/5I$ 5,*14051+<-127F1,5/58A7G1+,585,-72<-*145047,5+71/27+5,*1979
12 2-674 91 -/7 +5341910148*/7,*./ 91 2.6*,7+ +5,*721+ B +-,1/0472*9791+ 12 41+-20795
912@1,@553;*591<-12741=459-,,*./87014*729127+5,*19790*1/18>+41=14,-+*5/1+
1/25+=45,1+5++5,*721+<-125<-15,-4411/5047+1+:147+$1451+05/5+*6/*:*,7<-127
41=459-,,*./ ,7=*072*+07 =-191 +14 419-,*97 7 -/ E/*,5 81,7/*+85 7-0591:*/*054*5$
5/1+052216785+72<-*99127+9*:*,-20791+<-11/,5/04785+1/270154A791*1Q$54-/
27951+0>,58=45810*95,5/-/70154A79127,0541;52-,*5/74*5=21/5<-15=1474A71/+-
=45=*5/58341+*/1+074*/;1+0*951//*/6E/53D1059*:141/0191+A8*+85$5412504512
+*+0187 ,7=*072*+07 ,585 81,7/*+85 958*/7/01 +-3B7,1/01 91 0597 27 +5,*1979 1+ 27
;14979147 4172*979 ,5/ 27 ,-72 12 7,05 187/,*=7054*5 9131 458=14$ 7 ,5/,2-+*./ 91
7837+ =418*+7+ 1+ <-1 /5 @7B /*/6-/7 2-,@7 187/,*=7054*7 ;>2*97 +* /5 1+ -/7 2-,@7
7/0*,7=*072*+079*41,07B05072$/+-+=727347+F 4151/124521+04-,0-47/01,1/04729127
2-,@77/0*,7=*072*+07G$T2=4532187+*/18374651+?+01K<-?1+-/72-,@77/0*,7=*072*+07Y
*1Q 4>=*9781/01 91+,7407 27+ 2-,@7+ 8-20*,-20-4721+ 7/0*+1H*+07+ 7/0*447,*+07+ 10,?0147
=54 /5 +14 9*41,0781/01 7/0*,7=*072*+07+$ 145 /5 1+0> 1/ -/7 =5+*,*./ 81D54 +* /5+
54*1/0785+725+53D10*;5+0479*,*5/721+9127*C<-*14978>+2*6795+7271,5/58A7/*27+
9187/97+=5481D541++7274*5+=54-/79185,47,*7*/9-+04*72=5412,5/0452912=45,1+5
9104737D5=54-/7419*+04*3-,*./=45641+*;7912*/641+5+5/7/0*,7=*072*+07+078=5,5$*
+*<-*147 27 91+04-,,*./ 91 27+ 8><-*/7+ =54 25+ 2-99*+07+ =594A7 ,5/+*91474+1
7/0*,7=*072*+07 1/ 12 +1/0*95 1+04*,05 912 0?48*/5$ 5 @7B -/7 +527 2A/17 1/ 12 04737D5 91
*>1Q 95/91 5:41C,7 -/ 1D18=25 91 25 <-1 ?2 ,5/+*9147 -/7 2-,@7 7/0*,7=*072*+07$ /5 +1
=416-/07+*1+0>=1/+7/951/-/7*/;7+*./91+141+915045=27/1075+*,585-/7;1C
+-6*4*.1/726E/0*=591,70>+045:11,52.6*,7<-1/5047/+:54874A7728-/95+*/5<-125
@74A7 ,714 7 =197C5+$
54 07/05 K<-? 1+ 25 <-1 1+0> 144795 1/ 0595 +- 746-81/05Y
-+ 8*+87+ =418*+7+$
585 *1Q +1 /*167 7 7=2*,74 27 2.6*,7 912 53D105 =10*0 7 R27 2.6*,7 91 27 @16185/A7S 72
=1/+78*1/051+0470?6*,5\=52A0*,5<-1971/-/,7221D./+*/+72*97913141,@7C740597+27+
2-,@7+F=74,*721+G=54+141227+*/014/7+72F+*+0187GR+1725<-1:-141<-11+05+*6/*:*<-1S
B =-1+05 <-1 27 F 5+7G 1+ */72,7/C7321 /5 =-191 7=-/074 7 /*/6E/ 7,054 @*+0.4*,5
,5/,4105=747+-2-,@77/0*,7=*072*+07$/,5/,2-+*./*1Q/5=-191=45;114/*/6-/70154A7
912 +-D105 187/,*=7054*5$T 585 72 8*+85 0*18=5 +- 05072*979 +*+0?8*,7 =54 +14 -/
:-/9781/051+0>416-27971H,2-+*;781/01=54+-+21B1+*/014/7++.25/5+41+071+=1474
7 <-1 1+07+ 21B1+ =459-C,7/ 27 05072*979 91 +-+ 1:1,05+$ 465 /*@*2*+85 =52A0*,5$
*/ 1837465 +* ,-1+0*5/785+ 27+ 95+ =418*+7+ */*,*721+ 91 91Q 2216785+ 7 -/
1+,1/74*51/12,-72@7B8>+2-674=747271+=147/C7$/=4*8142-6741/41:141/,*7727
=74,*72*979 91 27+ 2-,@7+$ 585 @185+ ;*+05 7 25 27465 91 1+01 2*345 /51H*+01 /*/6-/7
2-,@759187/97<-1/501/67-/>41791*4479*7,*./1<-*;721/,*7$+11<-*;5,7,-7/95
=41+1/07 27+ 2-,@7+ =54 1D18=25 27+ 8-20*,-20-4721+ ,585 +1,-/974*7+ B 0507281/01
cjc
*/01647321+91/045912+*+01871H*+01/01$1@1,@5=41+1/07412=45321871/0?48*/5+91
,->2 91 1227+ 1+ 8>+ :-/9781/072 1+ 0507281/01 */7=45=*795$ 585 @185+ ;*+05 27
,1/0472*979 +*18=411+0> 4127,*5/797 ,5/ 27:5487,*./ 91 *91/0*9791+
<-1
/5+5/5047,5+7<-1-/7+5341910148*/7,*./919187/97+9185,4>0*,7+$542507/0527
,1/0472*979 91 ,797 -/7 91 1227+ /5 ;7 7 91=1/914 91 +- -3*,7,*./ 91/045 91 -/7
6158104A7 73+047,07 91 1:1,05+ +5,*721+ ,585 =4101/91 *>1Q +*/5 91 +- 740*,-27,*./
,5/,4107,5/5047+9187/97+1/-/705072*979=5=-274$+0553;*781/01/56747/0*C712
,74>,014 F=45641+*+07G 91 1+7 05072*979 =145 +A ,417 -/ 01441/5 91/045 912 ,-72 =-191/
01/14 2-674 ;74*7+ 01/070*;7+ @1618./*,7+$ / +16-/95 2-674 =59185+ 1/01/914
,274781/01=54<-? /5 1H*+01/797 072 ,585 -/7 2-,@7 7/0*,7=*072*+07=14+1 +*/51:1,05+
7/0*,7=*072*+07+<-1=-191/914*;741/,*1405=-/05914-=0-479127740*,-27,*./91-/7
=2-472*979 91 2-,@7+$ 747 @73274 +.25 91 85;*8*1/05+ 41;52-,*5/74*5+ /*/6-/7 91 27+
647/91+ 76*07,*5/1+ 912
B -47/01 /-1+047 9*+,-+*./ 1/ 12 2*345 <-1 1+,4*3*85+ D-/05 ,5/ P-9*0@ -02,421
=416-/0785+7*1Q41=10*9781/01<-*?/147=747?212+-D105187/,*=7054*5B,->214727
2A/171+0470?6*,761/1472<-1=45=5/A79187/147<-112913701+1;52;*1478+=52A0*,5
B81/5+F8107:A+*,5G$5@-3541+=-1+07$+*625=7+795I/*27+41;52-,*5/1+4-+7,@*/7
,-37/75;*10/78*07I+12*34.,5/-/53D10*;5=4*/,*=727/0*,7=*072*+0791,274795$ 5<-1
@185+9*+,-0*951//-1+045746-81/05=+*,57/72A0*,5+534112F;725491=1,@5912721,@1G
=-191 +14 058795 7<-A ,585 12 ;7254 F7/0*,7=*072*+07T 91 -/7 */;1+0*9-47 =52A0*,7$
*/
1837465+-3+*+01-/=4532187,->21+12,5/01/*95+18>/0*,5912F7/0*,7=*072*+85GY+
127/0*,7=*072*+85-/+*6/*:*,7/01;7,A5I-/59125+/58341+9127:7207,5859*+,-0*85+
7/01+I 1/ ,-B5 ,7+5 12 F,7=*072*+85G +14A7 -/7 ,5/+04-,,*./ 912 85;*8*1/05
7/0*,7=*072*+07 12 F5045 2795G 91 -/7 :45/0147 <-1 ,5/+0*0-B1 27 -/*979 912 ,78=5 91
1<-*;721/,*7+7/0*,7=*072*+07+Y12,7=*072*+851+8>+3*1/272.6*,7+-3B7,1/01910595
12+*+01871/,-B5,7+5127/0*,7=*072*+85+.25=-191+141/1:1,05*/014/591272.6*,7
8*+87 912 =45=*5 ,7=*072*+85Y <-A <-197 ,2745 <-? 1+ 25 <-1 81 +1=747 91 *>1Q$ M2
=1487/1,191/045912,78=59127*/87/1/,*705072I<-11/0?48*/5+@1612*7/5++.25
=-191 +14 -/7 */87/1/,*7 2.6*,7I 8*1/047+ =747 8A 12 8581/05 91 27 /1670*;*979
R*/;1+0*9-47479*,725=7,*979912741=41+1/07,*./9*;*+*./91253D105S1+*4419-,0*321$M+07
1+ 27 47C./ =54 27 ,-72 1/ /-1+047 ;*+*./ 127,054 @*+0.4*,5 ,1/0472 I*/,2-+57-/<-11/
,*1405 =-/05 =-197 18=A4*,781/01 +14 -/7 F,27+1GI +*18=41 ;7 7 +14 -/ F=-1325G
8*1/047+<-1=747*1Q+*18=41;77+14-/7F,27+1G05-0,5-40$/07/05<-17<-A?21+0>
8>+,14,791 1612<-191 7,7/=*1/+5<-1B5817,14,58>+7 7,7/<-17 1612$
*1/047+<-1*1Q*/01/07:-/9781/07427*91/0*9799125+7,0541++5,*721+1/12F7=4*54*
@*+0.4*,5G 91 -/7 910148*/7,*./ 1/ E20*87 */+07/,*7 */,5/1H7+ ,5/;1461/ 1/ 27
,5/+0*0-,*./ 91 -/ +-D105 187/,*=7054*5 72 <-1 91/58*/7/ F27 8-20*0-9G$ @547 3*1/
7=741/0181/01@734A7,*,4077/7256A71/041+-F8-20*0-9GB25<-172527465911+0,2*345
@185+91/58*/79512F=-1325G$145277/7256A71+814781/01+-=14:*,*72$542507/05
;785+ 7 ,5/+*91474 341;181/01 *5+ 47+65+ =4*/,*=721+ 91 +- 1/:5<-1 1/ 07/05 +1
4127,*5/7 ,5/ 12 0187 91 /-1+047 */;1+0*67,*./$
- =-/05 91 =740*97 1+ 27 /5,*./
9121-C*7/7]/*10C+,@17/791*/87/1/,*7<-11225+;*/,-27/72=45,1+591+1,-274*C7,*./
91 25+ 0*18=5+ 85914/5+$
*/ 1837465 -/ */87/1/0*+85 +1,-274 41<-*141 12
:-/,*5/78*1/05 91 -/ 81,7/*+85 -/*;14+72 B 12 +-46*8*1/05 1/ ,*1405 8581/05 91 -/
cj`
7,054@*+0.4*,5-/*;14+72$145059591=1/9191,.85+1,5/,*3171+07-/*;14+72*9795
3*1/ ,585 -/7 -/*;14+72*979 =74,*72 ,5/+04-*97=52A0*,781/415 ,585-/7-/*;14+72*979
1+=5/0>/17B+-3B7,1/01$2*/87/1/0*+85479*,7253;*781/01+.251+,58=70*321,5/27
E20*87=5+0-47B 7490B164*27795=07/91,*9*9781/01$ 7=4*8147=5+0-47R<-11+27
/-1+047S41<-14*4A7-/7/1670*;*979<-1:47681/07472737+1+5,*72B<-1:-147*4419-,0*321
727*/87/1/,*7=-47$ 7*/87/1/,*7479*,72=747 7490B164*72,7/C7+-=-/05,-8341
91;*+*3*2*979 ,5/ 27,5/+0*0-,*./ 912 8=14*5 -/7 1/0*979 +*/ 2A8*01+ B I1/ 5=5+*,*./ 72
7/0*6-5 *8=1472*+85I +*/ -/ ,1/045$
5+ 47+65+ 91 1+07 05072*979 +*/ :5487 =145 7-0591:*/*97 +5/ 047/+8*0*95+ 7 27 8-20*0-9
,585121/01447954912 8=14*5I91-/8595<-141,-14972791+,4*=,*./9174H9127
-/*;14+72*C7,*./ 61/14797 =54 12 ,7=*072*+85 ,585 =412-9*5 912 +-46*8*1/05 912
=4521074*795 ,585 ,27+1 -/*;14+72I$ 7 +53147/A7 1/ 25+ 0*18=5+ 85914/5+ @734A7 +*95
-/79144507@*+0.4*,7=747278-20*0-9B7<-1*8=2*,.121+07321,*8*1/05912=591473+52-05
91 25+ 41B1+ B 25+ 81,7/*+85+ 91 41=41+1/07,*./ @734A7/ +*95 64*22101+ =747 1+7
,5/;1461/,*71+=5/0>/17<-11+,*E/*,581,7/*+85<-1@7,1=5+*32127,417,*./9127
-/*979 91 27 8-20*0-9$ K .85 :-/,*5/7 1+01 81,7/*+85 -/*:*,7954Y
16E/ 8=14*5 /5
*8=2*,7 /*/6E/ 0*=5 91 819*7,*./ =52A0*,7 =740*,-274 ,585 1+ 7265 /70-472 I+16E/ 25+
7-0541+I <-1 25+ 5=4*8*95+ +1 +-321;1/ +- -/*979 +14A7 +*8=2181/01 27 1H=41+*./ 91
-/701/91/,*71+=5/0>/17727,5/;1461/,*7$ 7-/*979,585-/416725912,*1255,-=7
1/+-0154A7128*+852-674<-1@185+704*3-*95727740*,-27,*./@1618./*,7$ 58527+
2-,@7+ ;140*,7281/01 +1=74797+ /5 /1,1+*07/ 1+074 @54*C5/07281/01 ;*/,-2797+ 1+05
,5/9-,172791+7=74*,*./91,-72<-*140*=591,5/+04-,,*./=52A0*,7$2E/*,5=4*/,*=*5<-1
7+16-4727-/*./91278-20*0-972419195491-/53D10*;5,58E/1+25<-1/-1+045+7-0541+
91/58*/7/ F1+074 1/ ,5/047G +1 04707 91 1+074 1/ ,5/047 91 0595 1/ 0597+ =7401+$ 2
53D10*;591314A7+142791+14,*./-/*;14+72$+01=45,1+5B71+074A75,-44*1/95647,*7+7
25+ 85;*8*1/05+ /.8791+ 4*C58>0*,5+ 91 =14+5/7+ 7047;1+7/95 :45/0147+$
K-? =1/+74 91 1+07 +1,-1/,*7 01.4*,7Y /5 /5 =-191 1;*074 7+583474+1 =54 27
+-=14:*,*72*979 91 0595 12 7/>2*+*+$ 145 8>+ *8=5407/01 <-1 +1L7274 +-+ 913*2*9791+
53;*7+ 1+ 91+,-34*4 +-+ :-1/01+ B7 <-1 /5 +5/ +*8=2181/01 144541+ +*/5 <-1 +5/ 12
41+-2079591:5487+144./17+917354974,-1+0*5/1+41721+1*8=5407/01+$ 581/,185+
=54 27 ,701654A7 91 F1+074 1/ ,5/047G$ 58797 2*0147281/01 /5 0*1/1 /*/6E/ +1/0*95 27
61/01/51+0>,5/04705951/0595+2795+$
*/1837465+**/01/0785+=747:47+17/957
74HF1H0471412/E,21547,*5/729127,5401C78A+0*,7G;14185+<-19104>+911+07054=1
:548-27,*./@7B-/+14*5=4532187<-11+12<-1@185+*/01/079573549741/1+012*345
1/ 0?48*/5+ 91 F@1014561/1*979 +5,*72G$ *1/047+ <-1 =747 74H 27 -/*979 912 +-D105
41;52-,*5/74*5 12 =4521074*795 147 27 1H=41+*./ 91 -/7 @58561/1*979 1+1/,*72 <-1
41+-20737 91 27 +*8=2*:*,7,*./ 91 27 1+04-,0-47 +5,*72 37D5 12 ,7=*072*+85 27 8-20*0-9 91
7490B164*/5/*16727@1014561/1*9799125+7,0541++5,*721+B078=5,5:-/9781/07
27 -/*9797 27 87/147 91 *>1Q1/ 27=4*54*979 047+,1/91/072\ 81/01 1+07321,*9791-/7
2-,@7 +5341 27+ 918>+$ 783*?/ @185+ 41,5/5,*95 1/ /-1+047 /5,*./ 91 F=-1325G 27
@1014561/1*979 3>+*,7 91 27+ 9187/97+ +5,*721+ B +- ,5/;1461/,*7 1/ 1/0*9791+
,521,0*;7+ <-1 /5 +5/ 27 1H=41+*./ 91 /*/6E/ 81,7/*+85 +-3B7,1/01 9*:141/01 91 27+
:5487+ 7=74*1/,*721+ 91 +- 740*,-27,*./$ /,2-+5 27 /5,*./ 91 F1+074 1/ ,5/047G +*/
41:141/01 ,5/,4105 1;5,7 91 87/147 ;767 25 <-1 @185+ 91/58*/795 F+*6/*:*,7/01+
cj=
;7,A5+G$ / 1+1 ,7+5 K9./91 41+*91 27 9*:141/,*7Y
*8=2181/01 1/ /-1+047+ 9*:141/01+
7=45H*87,*5/1+727,-1+0*./9127740*,-27,*./=52A0*,7$747/5+5045+27-/*9797=740*4
91 27 @1014561/1*979 =41+-=5/1 12 1+07321,*8*1/05 91 2.6*,7+ 1<-*;721/,*721+ B 27
=459-,,*./91+*6/*:*,7/01+;7,A5+$
16E/ 8=14*51+1241+-20795912701/91/,*7/70-472
91 27 61/01 7 2-,@74 ,5/047 27 5=41+*./$ 5 *8=5407 +* 91/58*/785+ 7 1+07 01/91/,*7
416725912 *1255-/7,5/+1,-1/,*79127*/87/1/,*7$1-++*;170-47$ 5<-1*8=5407
1+ <-1 27 7=45H*87,*./ 91 7490 B 164* 7 1+07 ,-1+0*./ 25+ ,5/9-,1 7 +*8=2*:*,74
1H,1+*;781/01 12 =45,1+5 =52A0*,5$
* 1H*+01 -/7 01/91/,*7 /70-472 7 27 41312*./ /5 1+
/1,1+74*7 /*/6-/7 ,5/+04-,,*./ =52A0*,7 912 +-D105 91 27 41312*./$ 145 27 +5,*1979 1+
8-,@5 8>+ ,58=2*,797 91 25 <-1 1+07:548-27,*./ +*8=2*+07 ,5/+*9147$ 7 61/01 /-/,7
1+0>+.25F1/,5/047G+*/5<-11+0>1/,5/04791726-/7+,5+7+910148*/797+B7:7;5491
5047+ B 27 ,5/+04-,,*./ 91 -/ F1/ ,5/047G 8>+ 78=2*5 I-/7 *91/0*979 =5=-274 8>+
625372I+.25=-191+141241+-2079591-/71H01/+76-1447=52A0*,791=5+*,*./R<-1=54
+-=-1+05=-191:47,7+74S$/25<-1+141:*141727*91791-/705072*979*8=14*72+*/-/
,1/045 I-/7 1+=1,*1 91 1014/*979 +=*/5C*7/7I 91 27 ,-72 @-3*147/ 91+7=741,*95 25+
=525+*/014/5+91=59141227/51+8>+791,-797$5+37+07,5/;1425<-1@75,-44*95
1/ 12 1+,1/74*5 */014/7,*5/72 7 =740*4 912 91 +1=0*18341 91 2$T
265+*8*274=-19191,*4+17,14,79150457+=1,0591279*+,-+*./91 7490B164*$225+
=4*;*216*7/0507281/01270>,0*,7=54+5341271+047016*7$-1;781/017<-A@7B7265,5/25
,-72=59185+,5*/,*9*4$ 70479*,*./+5,*72*+07@73A791:1/9*95-/7+-3549*/7,*./0507291
27 0>,0*,77 27 1+047016*7$ +05:-1 12 41+-2079591 -/7 ;*+*./ 91 27@*+054*7 37+797 1/12
:-/,*5/78*1/0591 21B1+ /1,1+74*7+ <-1=148*0A7/ =419*,,*5/1+ 91 27465=27C5 B1/ -/7
/5,*./9125+761/01++5,*721+,585,5/+0*0-*95+1/054/57=5+*,*5/1+4A6*97+91,27+1$
/ 27 7,0-72*979 +*/ 1837465 ,5/ -/ :-0-45 =14,*3*95 ,585 73*1405 1/ 647/ 819*97 7
;74*7,*5/1+ ,5/0*/61/01+ B ,5/ 12 ,41,*1/01 41,5/5,*8*1/05 91 27 @1014561/1*979
*/@141/01725+7,0541++5,*721+274127,*./1/0411+047016*7B0>,0*,7+1@7*/;140*9527+
1+047016*7+ +5/ /1,1+74*781/01 8>+ 91 ,5405 =27C5 B 27 7-05/58A7 91 27+
*/014;1/,*5/1+0>,0*,7++1*/,4181/07$
*/18374651+05@7,5/9-,*957 7490B164*7
-/7 ,5/,2-+*./ 1H04187 B 1/ /-1+047 5=*/*./ 144./17 27 1+047016*7 91+7=741,1
0507281/01 8*1/047+ <-1 27+ */014;1/,*5/1+ 0>,0*,7+ */,5/1H7+ +1 ,5/;*1401/ 1/ 12 E/*,5
D-165 =5+*321$ 5 8*+85 <-1 7/01+ +.25 27+ 2-,@7+ ;140*,721+ 1+=1,A:*,7+ +14A7/ 25+
53D105+ 91-/ ,58=458*+5 8*2*07/01 8*1/047+<-1 27 740*,-27,*./1/0411227+1+ 2*347977
*5+R5727/70-4721C7S$/5047+=727347+1*1,2*=+1,58=21059127=52A0*,7$21/:5<-1
91 7490B164*8-1+04727+=1541+2*8*07,*5/1+9125=147*+85*072*7/591279?,79791
$
*,58=74785+7@54725+1/:5<-1+91*>1QB91 7490B164*=59185+;14<-1
1/7835+,7+5++-+*8=7++1+01.4*,5+B=52A0*,5+=45;*1/1/91278*+8747AC01.4*,7+-
91=1/91/,*71/E20*87*/+07/,*791-/7-5047:54879127*/87/1/,*7I-/7*/87/1/,*7
<-1 1+ +*/ 9-97 9*:141/01 1/ 7835+ ,7+5+I$ / 12 ,7+5 91 C*>1Q ,585 @185+
+1L727951+0785+:41/017-/7*/87/1/,*72.6*,7910*=5@1612*7/5$+05+141:21D71/+-
*/01/05 91 047/+:14*4 12 91+/*;12 1/ 27 *8=5407/,*7 91 25+ 12181/05+ +5,*721+ 72 /*;12
047+,1/91/07291-/7=4*54*+5,*72$1@1,@512=1/+78*1/0591C*>1Q+11+0>721D7/9591
0597+27+=4581+7+721/079547+91+-+=4*8145+04737D5+$
-2E,*977=45H*87,*./I<-1
B7@185+ 9*+,-0*95I 7 27 ,-1+0*./ 91 27/58*/7,*./=*1491 +-76-91C7 -/7 ;1C <-1 27
/58*/7,*./ 1/,-1/047 2A8*01+ ,5/,1=0-721+ 1/ -/7 ,5/+0*0-,*./ 047+,1/91/072 =41;*7 912
cjj
53D105 I2A8*01+ <-1 /*/6-/7 /58*/7,*./ =-191 047/+6419*4I$ 2 452 :-/9781/072 912
7:1,05 /5 =-191 87/01/14+1 078=5,5$ 5 =-191 @7314 -/7 */;1+0*9-47 479*,72 1/ -/
53D105R-/53D1057S+*-/874,597957=4*54*910148*/7,->21++5/27+1/0*9791+<-1;7/
7+1425+53D105+91072*/;1+0*9-47$*/7281/01*>1Q@7,783*795+-=-/0591;*+071/25
<-1 41+=1,07 7 27 /1670*;*979$ M2 @73A7 7,56*95 ,5/ 1/0-+*7+85 /-1+045+ 7/>2*+*+ 91 27
/1670*;*979 *4419-,0*321 912 7/0765/*+85 1/ 25+ <-1 ;1A7 12 41+-46*8*1/05 91/045 912
,78=5 91 27 0154A7 +5,*72 912 172 27,7/*7/5$ @547 /5+ 1+0> 9*,*1/95 <-1 27
910148*/7,*./9125++-D105+9127/0765/*+851+0>9*,0797=54-/7854:5256A77=4*54*91
27 @*+054*7$ +05 1<-*;721 7 91,*4 <-1 25 +*83.2*,5 1+ -/ 874,5 E20*85<-1 1+07321,1 25+
2A8*01+ 91/045 91 25+ ,-721+ 12 172 =-191 5=1474$ +05 1+ 0507281/01 7/0*27,7/*7/5$ 2
=45B1,05 91 *>1Q +1 9144-837 1/ -/ 1,21,0*,*+85 <-1 +- 740*2214A7 @73*0-72 91 34587+
D-165+ 91
=727347+ B 41:141/,*7+ ,4-C797+ 7=1/7+ =-191 9*+*8-274$
/ 12 ,7+5 91 7490 B 164* 27 */87/1/,*7 ,5/ 27 ,-72 5=147/ /5 1+ @1612*7/7 +*/5
+=*/5C*7/79121-C*7/7$ 5 ,58=7401/ 25+ 1+,4E=-25+ 27,7/*7/5+ 91 C*>1Q =54 25 <-1
25647/ +14 8>+ ,5@141/01+1/ 1+017+=1,05 B /5 07/ 1,2?,0*,5+$ 145 =41,*+781/01=54
1+527+2*8*07,*5/1+91-/1/:5<-1=-4781/01*/87/1/0*+07+5/8>+,2747+1/+-04737D5
<-1 1/ 12 91 *>1Q$ 585 9*D*85+ 7/01+ 25+ 7-0541+ 91 8=14*5 /5 0*1/1/ /*/6-/7
1H=2*,7,*./ ,5@141/01 91 27 :-1/01 91 25+ 7/0765/*+85+ +5,*721+$ 5 8>+ <-1 =-191/
@7,14 1+ =5+0-274 ,585 -/7 1+=1,*1 91 ,5/70-+ +=*/5C*7/5 27 /70-472 B +72-97321
=45=1/+*./ 91 27 61/01 7 27 41312*./$ 145 =41+1/074 1+01 =5+0-2795 ,585 -/ :*70 /5
:-/9781/07950*1/1;74*7+,5/+1,-1/,*7++14*7+=747+-0154A7726-/7+9127+,-721+B7
27+@185++1L72795$/=4*8142-6740*1/91/7+*8=2*:*,741H,1+*;781/0127+01/91/,*7+7
27 -/*979 <-1 5=147/ 91/045 91 -/7 8-20*0-9$ *1/1/ -/7 ;*+*./ 8>+ 3*1/ 04*-/:72*+07 B
1H761479781/01 5=0*8*+07 91 1+07+ 01/91/,*7+ 7-/<-1 41+-207 9*:A,*2 91,*9*4 +5341 27
37+1 91 +- 412705 +* ?+07+ +5/ ;*40-721+ 5 41721+$ / +16-/95 2-674 B =54 12 8*+85
850*;50*1/91/7419-,*427*8=5407/,*79127+,5/:45/07,*5/1+<-10*1/1/2-67491/045912
8=14*5$1451/014,142-674B1+051+258>+*8=5407/01+5/*/,7=7,1+91=45=54,*5/74
/*/6-/7,5/+*9147,*./,5@141/017,14,79127/70-4721C791274-=0-47<-1,5/9-,*4A7912
8=14*5 72 =5914 91 27 8-20*0-9$ 5 81 1+05B 41:*4*1/95 =54 +-=-1+05 7 /*/6-/7
91+,4*=,*./ :-0-452.6*,7 91 27 4-=0-47 41;52-,*5/74*7 +*/5 91 7265 8>+ 3>+*,5 K1/ <-?
,5/+*+01-/74-=0-4741;52-,*5/74*7Y57:*4874A7<-11+01:47,7+51H=2*,70*;5<-10*1/1
+14*7+ ,5/+1,-1/,*7+ =747 12 7/>2*+*+ +5,*5=52A0*,5 /5 1+ -/7 =1,-2*74*979 91 8=14*5
+*/5<-11+*/@141/017,-72<-*141/:5<-1479*,72*/87/1/0*+07,-B7+1H=2*,7,*5/1+1+0>/
+*18=41*/1+0732181/01+-+=1/9*97+1/-/01441/5*/91,*+51/0414-=0-47B,5/0*/-*979$
79*72?,0*,791 1612:-1 -/ */01/05:722*9591=45;114-/7 +A/01+*+ ,7=7C 91 41*/016474
1+05+95+ 8581/05+ =52741+7 -/7 -/*979$ 27 87B54A7 91 27+ 9*:*,-20791+<-1 @185+
1/,5/04795 1/ 12 7/>2*+*+ 91 *1Q 0783*?/ =-191/ +14 418*0*97+ 7 1+07 ,-1+0*./$ +07+
9*:*,-20791+/5=-191/+1441+-1207+91/04591201441/591-/7*/87/1/,*7479*,72$ 5<-1
/1,1+*0785+=5407/051+-/,783*59101441/5$1451+01,783*5/5=-191,5/+*+0*41/
12 41054/5 7 -/7 047+,1/91/,*7 =-47$ 2 01441/5 +5,*72 +1 1+04-,0-47 1/ 8* 5=*/*./ /5
,585 */87/1/,*7 5 047+,1/91/,*7 =21/7 +*/5 ,585 25 <-1 =594A785+ 91/58*/74 -/7
047+,1/91/,*7 :722*97$ 7 047+,1/91/,*7 1+0> =41+1/01 91/045 91 25 +5,*72 ,585 27
=41+1/,*7 91 -/7 7-+1/,*7$ +:>,*21/01/914,.85 =59185+ 85;14/5+7=740*4 917<-A
cj
@7,*727+,701654A7+=4*/,*=721+91/-1+0457/>2*+*+=21/*0-97-+1/01*/;1+0*9-47479*,72
53D105 7 @16185/A7 10,?0147$ M+01 1+ 12 =-/05 4172 95/91 8-20*0-9 B =-1325 ,585
,701654A7+ 01.4*,7+ +1 +1=747/$
7+74?7@5477,5/+*91474504701/070*;7,5/018=54>/17I-/79127+8>+*8=5407/01+1/
8*5=*/*./I91=1/+74271+=1,*:*,*979912=-1325$ 585B77/0*,*=?811+05B41:*4*1/95
7204737D591P7,<-1+7/,*?41$
cjá

7 @185+ @1,@5 726-/7+ 41:141/,*7+ 72 1/:5<-1 91 7/,*?41 1/ 12 ,7=A0-25 $ @547
=59185+ 9*+,-0*425 8>+ 8*/-,*5+781/01 7-/<-1 2*8*0>/95/5+ 7 25+ 7+=1,05+
9*41,0781/01 4127,*5/795+ ,5/ 12 0187 91 1+01 2*345$ K .85 ,5/+04-B1 7/,*?41 +-
,5/,1=05 91 =1-=21 R=-1325SY M2 ,58*1/C7 +1L727/95 -/ 91+1/,-1/045 R8?+1/01/01S
,4-,*721/04127:*25+5:A7=52A0*,7B27=52A0*,727=4*8147/51+-/79*+,-+*./01.4*,7+5341
27+16-/97+*/5-/*/01/0591/1-0472*C74+-+1:1,05++5,*721+/1670*;5+$K./9141+*91
1+018?+1/01/01Y+1/,*7281/011/12@1,@591<-18*1/047+27*91791-/7,58-/*979
3-1/7 5491/797 91=1/91 91 27 +-3549*/7,*./ 91 +-+ =7401+ 7 -/ 0595 I91 =5914
,5/07427+,585=7401+I@7B-/7=7401/5*/+,4*3*32191/045911+07,5/073*2*C7,*./-/7
=7401<-1+*/91D7491+14=7401+1=14,*317+A8*+87728*+850*18=5,585120595$
K .85=-1915,-44*41+05Y7/,*41,58*1/C7+-7/>2*+*+,5/+*9147/952741:21H*./+5341
27 ,58-/*979 1/ 27 :*25+5:A7 64*167 ,2>+*,7$ 22A 1/,-1/047 -/7 5=5+*,*./ 91 4127,*5/1+
1/041 25+ */9*;*9-5+ <-1 1+0>/ +5810*95+ 7 27 *6-72979 74*08?0*,7 <-1 958*/7 07/05 25+
*/014,783*5+,5814,*721+,58527704*3-,*./91=1/7+1/129141,@5=1/72B277485/A7
6158?04*,7 <-1 505467 7 ,797 =7401 -/7 :-/,*./ 1+=1,A:*,7 91/045 91 27 1,5/58A7 912
0595$ /7 ,58-/*979 3-1/7 B 5491/797 +14A7 -/7 1/ 27 ,-72 12 =4*/,*=*5 6158?04*,5
D-6747 12 452 958*/7/01 =4*/,*=72$
*/ 1837465 1+07 =5+*3*2*979 1+07 9*+04*3-,*./ I
,5/073*2*C7,*./I 91 25+ 761/01+917,-1495 ,5/ +-+:-/,*5/1+ 1+ */0144-8=*97 =54 -/7
7/5872A7 12 +-46*8*1/05 91 7265 <-1 1+ 1+1/,*7281/01 */,5/07321 B <-1 ,585 072
9*+054+*5/712=4*/,*=*58*+85912,5/074$M+011+12+-46*8*1/059129185+I12=-1325I
12 ,-72 72 8*+85 0*18=5 <-1 1+ -/7 =7401 1H*61 0783*?/ +14 12 0595$ / 7 52A0*,7
4*+0.0121+ */01/07 910148*/74 041+ 7H*7*91 27 ,58-/*979 27 4*<-1C7 91 25+ =5,5+ R27
52*65CS 27 ;*40-9 5 1H,121/,*7 R91 27 74*+05CS B 27 2*314079 R121-0@14*7S <-1 =1401/1,1 7
0595+$ 7 9*:*,-20797<-A ,585+1L727 7/,**4141+*911/ <-1 25+ 041+ =4*/,*=*5+ /5 +5/
,701654A7+ 416*5/721+ 91/045 91 -/7 ,27+*:*,7,*./ 5/052.6*,7 ,5@141/01$ *1/047+ <-1 27
4*<-1C7 1+ -/7 ,701654A7 910148*/7321 53D10*;781/01 27 ;*40-9 25 1+ 81/5+ B ,-7/95
73549785+272*314079912F=-1325G1/04785+1/-/01441/5<-1,741,191-/7-3*,7,*./
=740*,-274910148*/7321272*314079,585=4*/,*=*57H*52.6*,51+=54-/2795-/704*3-0591
25+8*18345+9127,58-/*9791/61/1472=1450783*?/=54504527951+12C/A,547+65
91:*/*054*5 I27 E/*,7 :-/,*./ ,58-/*074*7I 91 -/ 64-=5 =740*,-274 91 =14+5/7+$ 54 25
07/05 01/185+ -/7 =740*,-274*979 ,-B5 E/*,5 452 1+ +14 27 +*8=21 1/,74/7,*./ 91 27
-/*;14+72*979$ +05 9*+054+*5/7 0595 12 859125 6158?04*,5 <-1 91+,4*31 7 27 3-1/7
,58-/*979$ 7783*6Z1979<-1B7@185+91+,4*=051/,7=A0-25+7/014*541+=5427<-112
F=-1325G1+728*+850*18=5=5=-2-+B=213+/5+@7=41=74795=7471/01/9147<-1225725
<-1 +1 41:*141 7/,*?41$ 59185+ 7+A 1/01/914 =21/781/01 +- 9*+0*/,*./ 1/041 =52*,1 B
=52*0*,*T 8*1/047+ <-1 =52*,1 *8=2*,7 12 */01/05 91 419-,*4 0597+ 27+ 9*:141/,*7+ 7
=74,*72*9791+91/0459120595,58-/*074*5I1+91,*4,5/,13*405979*:141/,*7,5858147
=740*,-274*979 B 41:14*4 12 8581/05 91 27 -/*;14+72*979 7 -/7 */+07/,*7 =-47$ 5
,5/078*/797 R12:*2.+5:5\41B1/ 270./ 27 3-45,47,*71+070721/ 161212=4521074*7951/
74HSI27=52*0*,+*8=2*,7-/79*+054+*.//514479*,7321-/7=7401<-1:-/,*5/7728*+85
0*18=5T,585120595$*1/047+27074179127:*25+5:A7=52A0*,7@73A7+*950479*,*5/7281/01
419-,*4 27 =52*0*,+ 7 27 =52*,1 -/7 =4>,0*,7 B -/ =1/+78*1/05 417281/01 =52A0*,5+
cjï
,5/+*+0*4A7/ 1/ 2*31474 12 8581/05 =52A0*,5 91 +- +-3549*/7,*./ 7 25+ 874,5+ +5,*1074*5+
1+07321,*95+$K-?=1/+74911+07+1,-1/,*71/,5/1H*./,5/12746-81/05=4*/,*=7291
/-1+045 2*345Y 7B 95+ 7+=1,05+ 1/ 25+<-1 127/>2*+*+ 91 7/,*?41+17,14,7 8-,@572
/-1+045$/=4*8142-6741+0>+-+*/+*+01/,*71/-/7=7401<-1:-/,*5/7728*+850*18=5
,585 -/ 0595$ 5 <-1 @185+ ,747,014*C795 ,585 12 91+/*;12 */@141/01 7 27 5=147,*./
@1618./*,7 7/,*?41 25 ,5/,1=0-72*C7 ,585 -/ */,5/07321 <-1 047+054/7 12 =4*/,*=*5
8*+859127,5/073*2*C7,*./B911+787/147@7,1=5+*32112+-46*8*1/059125=52A0*,5
,585 -/ ,5/D-/05 91 5=147,*5/1+ <-1 0*1/1/ 2-674 1/ 054/5 7 1+07 *8=5+*3*2*979
,5/+0*0-0*;7$/+16-/952-67427/5,*./917/,*?4191-/7,27+1<-1/51+-/7,27+1
<-10*1/1,585910148*/7,*./=740*,-2747265912,74>,01491-/71H,2-+*./-/*;14+72I912
=4*/,*=*5911H,2-+*./,585072I/51+0>21D5+9125<-1@185+91/58*/795F;7,-*979G$
M2 =14,*31 ,5441,0781/01 27 :-/,*./ -/*;14+72 91 27+ 2-,@7+ =740*,-2741+ ,-7/95 1+0>/
*/;1+0*97+91-/+*6/*:*,795<-1047+,*1/91+-=45=*7=740*,-274*979$+A+141:*14172,7+5
91 P17//1 145*/ <-*1/ */01/0. ;5074 1/ -/7 121,,*./ 216*+270*;7 1/ & B 85+04.
819*7/01 +- 7,,*./ 27 ,5/0479*,,*./ 1/041 12 +-:476*5 -/*;14+72 B 27 1H,2-+*./ 91 +-
6?/145911+7-/*;14+72*979J512,7+59125+04737D79541+*/8*647/01+,-B7*8=5+*3*2*979
91 7,,1+5 7 -/7 *91/0*979 =21/7 1/ 07/05 04737D79541+ 25+ @7 2*8*0795 7 -/7 *91/0*979
=-4781/01 ?0/*,7 B +1 @7/ ;*+05 1/05/,1+ 91+=5+1A95+ 91 27+ :5487+ 91 +-3D10*;*979
=52A0*,7 <-1 25+ @-3*147/ @1,@5 =7401 91 25 */,5/07321$
542507/0581+*1/051/8-,@5++1/0*95+8-B,14,7/5727/>2*+*+917/,*?41$ 7B95+
7+=1,05+ +*/ 1837465 1/ 25+ <-1 <-*145 1+07321,14 ,*1407 9*+07/,*7 41+=1,05 91 +-
1/:5<-1$/=4*8142-6741/7<-1225<-10*1/1<-1;14,5/12859591,5/,1=0-72*C7427
F;7,-*979G$ 7/,*?41 7:*487 7,14079781/01 <-1 12 ,5/:2*,05 =52A0*,5 9*:*141 91 ,-72<-*14
,5/:2*,0591 F*/0141+1+G=-1+05<-1 ?+01+*18=41 1+0> 958*/795 =54 27=74,*72*979 91 25
<-1 1+ ,5/073*2*C7321 1/ 07/05 <-1 25 <-1 1+0> 1/ D-165 1/ 12 ,5/:2*,05 =52A0*,5 1+ 12
=4*/,*=*5 91 ,5/073*2*979 ,585 072$ 7+07 7<-A 79@*145 0507281/01 7 +- 746-81/05$
*/
1837465 1/ 1+1 ,7+5 /5 1H*+01 /*/6-/7 6747/0A7 7 =4*54* 91 <-1 12 =-1325 ,585 7,054
@*+0.4*,5 +1 ;7B7 7 ,5/+0*0-*4 724191954 91 -/7 *91/0*979 =45641+*+07 R91+91 12 =-/05 91
;*+07 91 27 *C<-*1497S$ 41,*+781/01 =54<-1 25 <-1 +1 @7 =-1+05 1/ ,-1+0*./ /5 1+ 12
,5/01/*95./0*,59125<-1+11+0>,5/07/95+*/512=4*/,*=*55/052.6*,59127,5/073*2*979
,58507227+:5487+9*+,-4+*;7+<-1;77795=0741+01,-1+0*5/78*1/05;7/7+141/647/
819*97 */910148*/797+$ *1/+5 <-1 7/,*?41 *91/0*:*,7 9187+*795 27 =5+*3*2*979 91 27
=52A0*,7 ,5/ 27 =5+*3*2*979 91 -/7 =52A0*,7 187/,*=7054*7 +*/ 05874 1/ ,-1/07 5047+
72014/70*;7+J1+91,*4<-125+*/,5/0795+,5/+04-B7/+-*/,5/073*2*9791/:5487+<-1+5/
*9152.6*,781/01 */,58=70*321+ ,5/ 7<-1225 <-1 7/,*?41 5 B5 =594A785+ 91:1/914
=52A0*,781/01 R=54 1D18=25 1/ -/7 9*41,,*./ :7+,*+07S$
14A7 @*+0.4*,7 B 01.4*,781/01
144./15 =1/+74 <-1 -/7 72014/70*;7 :7+,*+07 +1 -3*,7 1/014781/01 1/ 12 >417 91 25
,5/07321$7471H=254742705072*979912+*+01879172014/70*;7+1+/1,1+74*5974-/=7+5
8>+ <-1 7/,*?41 @7+07 7@547 /5 @7 9795 1H=25474 ,->21+ +5/ 27+ :5487+ 91
41=41+1/07,*./ 7 27+ <-1 =-191 974 2-674 27 */,5/073*2*979$ 3D105+ <-1 +5/ *8=5+*321+
=145/1,1+74*5++*18=411/,-1/047/:5487+9101/147,,1+5I91-/85959*+054+*5/795
+*/ 9-97I 72 ,78=5 91 27 41=41+1/07,*./$
2+16-/95=-/051/12,-728*;*+*./9*:*1412*614781/019127917/,*?411+1/25<-1
+1 41:*141 7 27+ :5487+ 91 ,5/,1=0-72*C74 72 =-1325$
cjº
+1//58341912872@1,@571225+=5427+5047+=7401+V9127+5,*1979W<-112F=-1325G
+1*91/0*:*,7,5/12,5/D-/059127,58-/*979$5957<-12<-1/50*1/1=7401I12=534191
25+ 0*18=5+ 7/0*6-5+ 12 014,14 1+0795 12 =4521074*795 85914/5I /5 =-191 91 @1,@5
01/14 5047=7401 <-1 0595 5/797$ 918>+911+051+7 047;?+91 271H*+01/,*7 91 1+07
=7401917<-1225+<-1/50*1/1/=7401911+07/797<-11+0595<-127,58-/*9791H*+01
,585,58-/*979=52A0*,71+91,*49*;*9*97=54-/79*+=-07:-/9781/072=54-/79*+=-07
41:14*9772,5/0749127+=7401+9127,58-/*9798>+7E/<-17+-+F9141,@5+G$2=-1325
/51+-/79127+,27+1+1/0415047+$+27,27+19125+1H,2-*95+<-1@*141727,58-/*979
B 27 1+07321,1 ,585 ,58-/*979 91 25 D-+05 B 25 */D-+05$T
9@14*85+705951+017/>2*+*+1/25<-1@7,1727:5487,*./9127+-3D10*;*979=5=-274$2
8595 ,585 7/,*?41 1/-8147 27+ :*6-47+ 912 F=-1325G I25+ 7/0*6-5+ =5341+ 25+
8*18345+912014,141+07951*=4521074*79585914/5I1+8-B41;1279541+0>,2745<-1
/5 1+0785+ 04707/95 ,5/ -/7 91+,4*=,*./ +5,*52.6*,7 ,5/ 7,0541+ +5,*721+ <-1 =5+11/
-/7-3*,7,*./9*:141/,*72=740*,-274=41,*+781/01=54<-127=41+1/,*7912=-1325744-*/7
0597 9*:141/,*7,*./ 6158?04*,7 91 :-/,*5/1+ B 2-6741+$ 585 @185+ ;*+05 27+ 2.6*,7+
1<-*;721/,*721+=-191/7047;1+7464-=5+8-B9*:141/01+1/07/051+0?/0595+9128*+85
2795 91 27 :45/0147 7/076./*,7$ 7 /5,*./ 91 =4521074*795 ,585 27 91+,4*31 7/,*?41
7,1/0E7 27 /70-4721C7 /5 +5,*52.6*,7 91 27 *91/0*979 912 =-1325$
5+ =4521074*5+ /5 +5/ /* 25+ 04737D79541+ 87/-721+ /* 27+ ,27+1+ 04737D79547+$
5/ 27
,27+19125+*/,5/0795+<-1+.251H*+011/27=45=*791,2747,*./=5427<-1+1,-1/07/7+A
8*+85+ ,585 7<-1225+ <-1 /5 +5/ ,5/0795+$ 2 /58341 =4521074*5 /5 91:*/1 /* -/
,5/D-/05 91 =45=*19791+ R04737D7954 87/-72 04737D5 */9-+04*72 =5341C7 10,?0147S <-1
+14A7/,58=740*97+=54-/78-20*0-991*/9*;*9-5+/*-/,-14=5,521,0*;5<-11/,74/7-/
=4*/,*=*5 912 ,-72 1+05+ */9*;*9-5+ +14A7/ 25+ 8*18345+ V$$$D$ 7 +-3D10*;*979 F=4521074*7G
91:*/1 V$$$W -/ +-D105 912 872$c
*/ 1837465 1H*+01 ,*1407 783*6Z1979 1/ 7/,*?41 <-1 2*8*07 =74,*7281/01 27+
*8=5407/01+ ,5/+1,-1/,*7+ 01.4*,7+ <-1 =-191/ 914*;74+1 91 +- 7/>2*+*+$ 1+=-?+ 91
@7314 ,540795 07/ ,274781/01 ,-72<-*14 ;A/,-25 1/041 +- /5,*./ 91 =4521074*795 B 27
91+,4*=,*./ +5,*52.6*,7 91 -/ 64-=5 =741,1 ,581/C74 7 @7,14 726-/7+ ,5/,1+*5/1+
+5,*52.6*,7+$ +A *91/0*:*,7 27 */+0*0-,*./ 91 27 =52A0*,7 ,5/ 27 */+0*0-,*./ 91 27 2-,@7 91
,27+1+$+,*1405<-1*/819*70781/01859*:*,71+077:*487,*./$F]=4521074*795/51+-/7
,27+1+*/5279*+52-,*./910597+27+,27+1+B+--/*;14+72*9799*4A774H,5/+*+011/<-1
$$$W27=52A0*,71+27*/+0*0-,*./912,5/:2*,051/041,27+1+<-1/5+5/417281/01,27+1+$ 7+
,27+1+ [;14979147+T +*6/*:*,7/ I+*6/*:*,74A7/I =7401+ 41721+ 91 27 +5,*1979 ,701654A7+
,5441+=5/9*1/01+7+-+:-/,*5/1+$G1451+07:548-27,*.//51+791,-797$ 741:141/,*77
74H/51+=740*,-27481/01*A0*2=54<-1=747?227,1/0472*979912=4521074*795B1]@1,@591
<-11227*8=2*<-1279*+52-,*./910597+27+,27+1+913A741+-207491-/=45,1+591+,4*=05
1/ 0?48*/5+ +5,*52.6*,5+ 8-B =41,*+5+ 27 +*8=2*:*,7,*./ 91 27 1+04-,0-47 +5,*72 37D5 12
,7=*072*+85$ 747 ?2 27 4127,*./ 1/041 04737D79541+ 417281/01 1H*+01/01+ B =4521074*5+ 1+
8-,@5 8>+ A/0*87 <-1 =747 7/,*?41$ =54 +-=-1+05 8*1/047+ <-1 =747 7/,*?41 27
2-,@791,27+1+B27=52A0*,7+5/*8=5+*321+919*:141/,*74=74774H2791+7=74*,*./9127
=52A0*,7 B 27 1H0*/,*./ 912 +0795 +5/ ,5/+-+07/,*721+ ,5/ 12 1+07321,*8*1/05 91 -/7
+5,*1979+*/,27+1+$ 7,41,*1/01@58561/1*C7,*./+5,*72147=74774H27=41,5/9*,*./
91-/7;*,054*7=4521074*78*1/047+<-1=7477/,*?41-/7@1014561/1*979*4419-,0*3211+
cjë
27 ,5/9*,*./ 8*+87 91 27+ 2-,@7+
$
-? ,5/,2-+*5/1+ +7,785+ 911+07+ 41:21H*5/1+Y
*8=2181/01 <-11+/1,1+74*5 *4 8>+
722> 91 27 /5,*./ 91 F2-,@7 91 ,27+1+G B +- 1,2?,0*,7 ,583*/7,*./ 91 2.6*,7+ =52A0*,7+ B
91+,4*=,*./+5,*52.6*,7$5;1512850*;5=747@73274912-,@791,27+1++.25=7477L79*4
1/ 27 +*6-*1/01 547,*./ <-1 1+ 27 2-,@7 91 ,27+1+ <-1 /5 +5/ ,27+1+$ 2 */,*=*1/01
85;*8*1/05 <-1@722785+ 1/ 478+,* 91 27+ F,27+1+G 7 27+ F;52-/0791+ ,521,0*;7+G 9131
+14 ,58=210795$
.25 1/05/,1+ 27+ ,5/+1,-1/,*7+ =501/,*721+ 912 :4-,0A:145 7/>2*+*+ 91
7/,*?41 =594>/ +14 1H047A97+ ,58=210781/01$ + 0*18=5 91 ,5/,2-*4$ 2 ,58=7474
/-1+045 =45B1,05 ,5/ 25+ 041+ 1/:5<-1+ <-1 7,73785+ 91 9*+,-0*4 =*1/+5 <-1 +-
/70-4721C7B9*81/+*5/1+1+=1,A:*,7++1;-12;1/8>+,2747+$ 5/047*1Q+5+01/185+<-1
27 /70-4721C7 +5341910148*/797 91 0597 *91/0*979 =52A0*,7 /5 +1 1+07321,1
7=4*54A+0*,781/01 1/ -/ @54*C5/01 047+,1/91/072 +*/5 <-1 1+ +*18=41 12 41+-20795 91
=45,1+5+ B =4>,0*,7+ ,5/,4105+$ +5 1+ 25 <-1505467 7 27/58*/7,*./ B 72 7:1,05 +- 452
,5/+0*0-0*;5$ 5/04725+7-0541+91 8=14*5=1/+785+<-1128581/059127740*,-27,*./
7-/<-1 +*/ 9-97 1+ 8>+ ,58=21D5 <-1 25 <-1 :.48-27+ +*8=21+ I,585 27 819*7,*./
=740*974*7I =41,5/*C737/ 1/ 12 =7+795 /5 @7 =149*95 /797 91 +- 4121;7/,*7 B
,1/0472*979$/4127,*./,5/7/,*?412741+=-1+071+8>+9*:A,*2B7<-1,58=740*85+25+
=41+-=-1+05+,1/04721+91+-1/:5<-1$2=-13251+07/05=747?2,585=747/5+5045+12
=450765/*+07,1/04729127=52A0*,7B27=52A0*,71+25<-1*8=*91<-125+5,*72,4*+072*,11/
-/7 +5,*1979 =21/7 -/7 1/0*979 91:*/*97 =54 +-+ =45=*7+ 9*+0*/,*5/1+ B :-/,*5/1+
=41,*+7+$+=541+0747C./<-1=747/5+5045+27,5/,1=0-72*C7,*./9125+7/0765/*+85+
+5,*721+B9127+*91/0*9791+,521,0*;7+1+07/*8=5407/01B<-141+-20107/*8=14*5+727
/1,1+*97991*48>+722>91:.48-27+1+014150*=797+B,7+*+*/+1/0*95,585+1427F2-,@7
91 ,27+1+G$
H*+01 -/ *8=1470*;5 ?0*,5 1/ 12 04737D5 */0121,0-72 <-1 15/7495 91/58*/. F53+0*/795
4*654G*8=2*,71/0?48*/5+=4>,0*,5+IB1+=1,*7281/01,-7/95+11+0>/04707/957+-/05+
=52A0*,5+<-1+*18=410*1/1/-/77207,7467185,*5/72I<-1-/5913141+*+0*49*;14+7+
01/07,*5/1+$ 227+ =-191/ +14 ,5/91/+797+ 1/ -/7 +527 :.48-27 /5 +-,-83*4 /-/,7 72
014454*+859127+=727347+$ 5851+,4*3*.41-9-/591311;*074@7,14,5/,1+*5/1+727
=-+*27/*8*979$F/5/-/,7=-19191,*4@7+079./91/5+;77,5/9-,*41+1,78*/5J-/5
,191 =4*8145 1/ *5 <-1 ,5/,*14/1 7 27+ =727347+ B 2-165 =5,5 7 =5,5 0783*?/ 1/ 27
+-+07/,*7$G/79127+:5487+=4*/,*=721+<-105871+07=-+*27/*8*9791/277,0-72*979
1+ 12
4118=27C59127/>2*+*+=5427,5/91/7,*./?0*,7$26-/5+0187+,585+1412:7+,*+85512
525,7-+05+5/=740*,-27481/01=45=1/+5+71+010*=5911D14,*,*5$5@7B/797918725
=54+-=-1+051/,5/91/7412 525,7-+05$ 5<-11+*/,5441,051+<-11+7,5/91/7,*./
4118=27,1 7 27 1H=2*,7,*./ <-1 1+ 25 <-1 5,-441 ,-7/95 ,*1405+ :1/.81/5+ +5/
=14,*3*95+ ,585 731447,*5/1+ ,741/01+ 91 0597 ,7-+7 47,*5/72 ,58=41/+*321$
.25
=59185+ ,581/C74 7 1/01/914 12 :7+,*+85 +* 25 ;185+ ,585 -/7 91 27+ =5+*3*2*9791+
*/014/7+ */@141/01+ 7 /-1+047+ +5,*19791+ /5 ,585 7265 <-1 1+0> :-147 91 0597
1H=2*,7,*./ 47,*5/72$ 25 8*+85 5,-441 ,5/ 0?48*/5+ ,-B7+ ,5//507,*5/1+ 185,*5/721+
+5/ =5+*0*;7+$ / 12 21/6-7D1 ,544*1/01 91 27 *C<-*1497 0?48*/5+ 0721+ ,585 F2-,@7 91
,27+1+G F910148*/7,*./ 1/ E20*87 */+07/,*7 91 27 1,5/58A7G 5 F,1/0472*979 91 27 ,27+1
04737D79547G :-/,*5/7/ I5 72 81/5+ :-/,*5/745/ @7+07 @7,1 =5,5I ,585 :10*,@1+
c
185,*5/7281/01,746795+,-B5+*6/*:*,795147,797;1C81/5+,2745=145,-B77047,,*./
9*+,-4+*;7 /5 9*+8*/-B.$
707417=52A0*,5\*/0121,0-727,0-72727<-11+012*345,5/+0*0-B1-/78591+07,5/04*3-,*./
1+*48>+722>912@54*C5/01047C795=541+07=-+*27/*8*97907/051/+-+1256*5+,5851/
+-+ ,5/91/7+$ 2 41054/5 912 F=-1325G ,585 -/7 ,701654A7 =52A0*,7 =-191 ,5/+*91474+1
,585 -/7 ,5/04*3-,*./ 7 1+07 78=2*7,*./ 91 25+ @54*C5/01+ B7 <-1 7B-97 7 =41+1/074
5047+ ,701654A7+ I,585 +14 27 91 ,27+1I =54 25 <-1 +5/ :5487+ =740*,-2741+ B
,5/0*/61/01+91740*,-27427+9187/97+B/5-//E,215=4*8549*727=740*4912,-72=594A7
1H=2*,74+1 27 /70-4721C7 91 27+ 9187/97+ 8*+87+$ +07 78=2*7,*./ 91 @54*C5/01+ 1+-/
41<-14*8*1/05 =747 1/01/914 27+ :5487+ 91 /-1+045 ,58=458*+5 =52A0*,5 1/ 27 147 91 25
<-1 @185+ 91/58*/795 ,7=*072*+85 625372*C795$ 7+ 9*+25,7,*5/1+ */@141/01+ 7 27+
4127,*5/1++5,*721+1/128-/951/<-1;*;*85++5/8>+=45:-/97+<-11/12=7+795=54
25 <-1 27+ ,701654A7+ <-1 1/05/,1+ +*/010*C737/27 1H=14*1/,*7 +5,*72 +1 1+0>/ 054/7/95
,41,*1/0181/0153+52107+$+/1,1+74*541,5/,1=0-72*C74277-05/58A79127+9187/97+
+5,*721+ 27 2.6*,7 91 +- 740*,-27,*./ B 27 /70-4721C7 91 27+ 1/0*9791+ ,521,0*;7+ <-1
41+-207/ 91 1227+$ +01 1+:-14C5 I<-1 1+ /1,1+74*781/01 ,521,0*;5I 1+ 27 ;14979147
07417<-101/185+=549127/01$+=14185+1+0747+-720-47$
cc

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