!

KF=/ALA1@!52=!"/:;=1=/@41@!678!$9;898#2292!MK"$N!!
!
&9543:;!*9@52=/834569!!
!
!
!
!
!
!

"#$%!#%!&'()*+,(-)'..#+,)!
!
!
!
*/012/!,//3!
#2341454!678!(249881:;43<!52=!*:;5>924?1:@>52AB!C>D92<C=81/!(21E98314F4!!
!
G948959812H!&8I!J/0819>9!"92@/84!
!
!
!
"#$%&!'()$*+$,!-./0!
#-,C$)*O'.P'#+,-#*!
3%45627)$,8$#94%#7 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: -!
;<1=>;?=::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 0!
/! @#%6$#2A%B::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: C!
/:/! D$,7E%6#94$!;A7B5%B77#2A52#(% :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: C!
/:-! F,B5%#752(,#794$!>54*$%+$G#%BA%B$%:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: C!
-! HAB$%G6#94$!I$G#$%J$62$% :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: K!
-:/! HAB$%G6#94$,!;6625B:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: K!
-:-! I$G#$%5A772522A%B::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: L!
-:0! I$G#$%%A28A%B!#%!G$,!M,$#8$#2::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: L!
-:C! N$#2*$G#A*!M#6*!O!M$,%7$4$%::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: P!
-:Q! 3%2$,%$2:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: R!
-:K! 1946A77S(6B$,A%B$%::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: /.!
0! 194A6#794$!I$G#$%J$62$% :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: //!
0:/! M#6*!#%!G$,!194A6$:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: //!
0:-! M#6*)$,*#226A%B!#*!T$A2794A%2$,,#942:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: /C!
0:0! 1946A77S(6B$,A%B$%::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: /Q!
C! M#6*!#%!G$%!"#77$%7945S2$% ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: /L!
C:/! T$,!<$B,#SS!M#6* ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: /L!
C:-! M#6*J#77$%7945S2::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: /R!
C:-:/! N#%BA#72#U!A%G!1$*#(2#U::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: /R!
C:0! I$G#$%J#77$%7945S2::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: -/!
C:0:/! T$,!5AG#()#7A$66$!=$V2 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: -/!
C:0:-! T#$!W(*X6$V#2Y2!G$,!<#6G$, ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: --!
C:0:0! I$G#$%U(%8$X2$ ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: --!
C:0:C! I$G#56$!D5,5G#B*$%::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: -0!
C:C! <#6GJ#77$%7945S2 ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: -Q!
C:Q! W(*X$2$%8$% :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: -K!
C:Q:/! T$,!W(*X$2$%8+$B,#SS!)(%!"$#%$,2 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: -K!
C:Q:-! Z5%G6A%B7(,#$%2#$,2$!;%7Y28$!8A,!I$G#$%U(*X$2$%8 :::::::::::::::::::::::::::::::::::::::::::::::::::::: -L!
C:K! 1946A77S(6B$,A%B$%::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 0/!
Q! <#6GA%B7X(6#2#794$![(,B5+$%:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 00!
Q:/! \,A%G7528$,6577!I$G#$%$,8#$4A%B:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 00!
Q:-! T$,!3%S(,*52#(%7$,6577!]T#B#256$!W(*X$2$%8!5%!^72$,,$#947!194A6$%_:::::::::::::::::::::::::::::::::::: 0C!
Q:0! T$,!N$4,X65%!#%!G$,!;Z1!F+$,72AS$ ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 0Q!
Q:0:/! ;66B$*$#%$7!<#6GA%B78#$6 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 0K!
Q:0:-! T#$!566B$*$#%$%!G#G5U2#794$%!\,A%G7Y28$:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 0K!
Q:0:0! T$,!T$A2794`N$4,X65%!#%!G$,!;Z1`F+$,72AS$:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 0K!
Q:C! 1946A77S(6B$,A%B$%::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 0P!
K! 194A6+a94$,::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: C.!
K:/! U65,!`!T$A2794!Q ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: C.!
K:-! 1X,594,YA*$!/ :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: C/!
K:0! 1946A77S(6B$,A%B$%::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: C/!
L! 1946A77!A%G!;A7+6#9U::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: C0!
P! N#2$,52A, ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: CC!
R! ;++#6GA%B7)$,8$#94%#7 :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: CP!
!

1$#2$!2!
CG*).C+)!
!"#"$%"&!'()"*&+,'"("-&'-&)"*&.*"'/"'%&01-&23$"-)('45"-&"'-"&/"-%*6("&71(("8&96-$"(+&:-%#'4;(3-$&<'(='>
+45"*&?1=,"%"-/"-&'=&+453('+45"-&@((%6$&A("'A"-&23$"-)('45"&B")145&+1$"-6--%"&-6'0"&9")'"-"C,"*>
%D--"-8&.'(=&#'*)&'=&E"3%+453-%"**'45%&="'+%&-3*&'-56(%('45&3-)&0"*$("'45"-)&='%&F'%"*6%3*&A"56-)"(%8&
E'"+&$'(%&6345&<G*&/#"'&E"3%+45>H453(AG45"*&)"*&I8&H453(+%3<"8&E"*&0"*"-$%"&J3$6-$&/3=&.'(=&#'*)&'-&
.'(=>K&9")'"->&3-)&!'()#'++"-+456<%"-&;*'%'+'"*%L&"'-"&!"56-)(3-$&)"*&63M"*+,*645('45"-&N"+%6(>
%3-$+='%%"(&#'*)&"'-$"<1*)"*%8&D-&)'"+"=&H'--&<1;3++'"*"-&"'-'$"&E"3%+45)')6;%';"*D--"-&63<&)6+&H">
5"-K&)6+&'=&E"3%+453-%"**'45%&6(+&A6+6("&.O5'$;"'%&%5"1*"%'+45&3-)&,*6;%'+45&/3&"-%#'4;"(-&'+%8&@345&
)'"&A'()3-$+,1('%'+45"-&P1*$6A"-&0"*(6-$"-&)'"+8&E'"&$"<1*)"*%"&Q=1*'"-%'"*3-$&;6--&6=&F'%"*6%3*>
3-%"**'45%&6-+45('"M"-K&"*<1*)"*%&6A"*&"'-"-&R"45+"(&'=&.1;3+K&3=&)"*&:'$"-+%O-)'$;"'%&)"+&.'(=+&6(+&
=3(%'=")'6("=&9")'3=&3-)&)"*&<'(='+45"-&S6-)(3-$+1*'"-%'"*3-$&$"*"45%&/3&#"*)"-8&
!
!
194A672AS$b194A62cXd! R:!194A672AS$b>$56Bc*%57#A*!
M594bMY94$,d! T$A2794!
W(%25U2X$,7(%d! 15+#%5!Z557!
W(%25U25G,$77$d! \($24$Bc*%57#A*!;72B577$!0&!//C.!"#$%!

1$#2$!3!
Q '#-$'#)(-J!
T#$! )(,6#$B$%G$! ;,+$#2! +$S5772! 7#94! *#2! M#6*! #*! T$A2794A%2$,,#942:! eA! <$B#%%! B$42! $7! A*! G$%!
U(%U,$2$%! 794A6#794$%! >54*$%&! G$,! G$%! Z#%2$,B,A%G! Sa,! G#$! 5%7946#$f$%G$! <$794YS2#BA%B! *#2! M#6*!
G5,72$662:!@7!B#62!4#$,!*$#%$!\$72562A%B77X#$6,YA*$!#%!G$,!D,5V#7!5A78A6(2$%&!A*!+$77$,!8A!$,U$%%$%&!
J$694$!24$(,$2#794$%!eABY%B$!X,5U2#U5+$6!A%G!%a286#94!7#%G:!

QIQ K983R2>1:;9!C53A/2A33145/41L2!
394! A%2$,,#942$! T$A2794! A%G! <#6G%$,#794$! @,8#$4A%B! 5%! $#%$,! "#$%$,! 566B$*$#%+#6G$%G$%! 4E4$,$%!
194A6$:!3*!4$A,#B$%!194A6g54,!-./0b/C!A%2$,,#942$!#94!$#%$!G,#22$!A%G!$#%$!Sa%S2$!W6577$!#%!T$A2794:!
394! 45+$! #*! N5AS$! *$#%$,! h%2$,,#94272Y2#BU$#2! 794(%! $#%#B$! M#6*X,(g$U2$! #*! M594! <#6G%$,#794$!
@,8#$4A%B! *#2! F+$,72AS$%U6577$%! GA,94B$Sa4,2:! T#$7$! D,(g$U2$! JA,G$%! )(%! $#%$,! 5Af$,794A6#794$%!
F,B5%#752#(%! i^72$,,$#94#794$,! WA62A,! W(%25U2j! S#%5%8#$66! A%2$,72a282:! @#%b$! M#6*$*594$,3%! +$2,$A2$!
G57!g$J$#6#B$!D,(g$U2:!=,(28!G$7!B,(f$%!;%U65%B7!G#$7$,!D,(g$U2$&!+$G$A2$2$%!7#$!5A94!$#%$%!$%(,*$%!
(,B5%#752(,#794$%!A%G!8$#26#94$%!5Af$,794A6#794$%!;ASJ5%G!566$,!<$2$#6#B2$%:!I$#%!e#$6!#72!$7!%A%&!$#%!
W(%8$X2! Sa,! $#%! U6$#%$7&! #*! 194A656625B! 6$#942! 5%J$%G+5,$7! M#6*)(,45+$%! 8A! $,72$66$%! A%G!
GA,948ASa4,$%:!
M#6*!#72!$#%!I$G#A*&!G57!A%2$,794#$G6#94$!T#78#X6#%$%!#%!7#94!)$,$#%2:!3%!G$,!MY94$,5AS2$#6A%B!G$,!;Z1!
U5%%! *5%! M#6*! #%! )#$6$%! MY94$,%! )$,(,2$%:! I$#%$! MY94$,U(*+#%52#(%! iT$A2794! A%G! <#6G%$,#794$!
@,8#$4A%Bj! $,65A+2! $7! *#,&! +$7(%G$,7! G#$! %5,,52#)$%! A%G! +#6G6#94$%! ;%2$#6$! #%! $#%$*!
SY94$,)$,+#%G$%G$%!h%2$,,#942!8A!+$5,+$#2$%:!!
394!+#%!5AS!G$,!1A94$!%594!$#%$*!M#6*U(%8$X2&!G57!G$%!M#6*!567!$#B$%$7!I$G#A*!*#2!7$#%$%!$#B$%$%!
\$7$286#94U$#2$%! $,%72! %#**2:! I#,! #72! $7! 5A94! J#942#B&! 5%! G$%! ;6625B! A%G! G#$! 3%2$,$77$%! G$,!
HAB$%G6#94$%!5%8A7946#$f$%:!394!*E942$! $#%! )(%!G$,! "#77$%7945S2!#%S(,*#$,2$7!M#6*U(%8$X2!Sa,!G$%!
h%2$,,#942! $%2J#9U$6%&! G57! B6$#948$#2#B! #%! G$,! D,5V#7! G$7! h%2$,,#942$%7! 56625B725AB6#94! #72:! "$#6! G#$!
;%S(,G$,A%B$%!5%! $#%$!S#6*#794$!h%2$,,#94277$kA$%8! U(*X6$V!7#%G&!794$#%2! *#,!G#$!F+$,72AS$!G5Sa,!
BA2!B$$#B%$2!8A!7$#%:!
T#$! D,5U2#UA*75,+$#2! Sa,! G$%! DMN`N$4,B5%B! #%! T$A2794&! G#$! %594! G#$7$,! )(,6#$B$%G$%!
24$(,#$8$%2,#$,2$%!;,+$#2!$%272$4$%!7(66&!*E942$!#94!#%!$#%$,!Q:!W6577$!iR:!194A672AS$j!GA,94Sa4,$%:!3%!
G#$7$,! 194A672AS$! 72$4$%! 5A94! G#$! \,A%G65B$%! $X#794$%&! G,5*52#794$%! A%G! 6c,#794$%! @,8Y46$%7! 5*!
D,(B,5**:!T#$7$7!#%45626#94$!h*S$6G!X5772!BA2!8A,![$,*#226A%B!S#6*#794$,!\,A%G65B$%&!5AS!G#$!7#94!#%!
G$%!S(6B$%G$%!W6577$%!G$,!F+$,72AS$!5AS+5A$%!6Y772:!!

QIS T8A/213/4L813:;9!./;U9209=12A52A92!
3%! G$,! Q:! W6577$! A%2$,,#942$! #94! -R! 194a6$,3%%$%! #*! M594! T$A2794l! #%! <#6G%$,#794$,! @,8#$4A%B!
A%2$,,#942$!#94!G#$!ZY6S2$!G#$7$,!N$,%B,AXX$:!T$,!T$A2794A%2$,,#942!S#%G$2!#%!@#%8$672A%G$%!72522!A%G!
A*S5772! G,$#! 12A%G$%! X,(! "(94$:! T5! G$,! W6577$%,5A*! G#$7$,! Sa%S2$%! W6577$! 5A94! Sa,! G#$!
'594*#225B7+$2,$AA%B! B$%A282! J#,G&! S#%G$2! G$,! T$A2794A%2$,,#942! #%! g$G$,! 12A%G$! G$,! "(94$! #%!
$#%$*!5%G$,$%!>5A*!72522:!T#$!;A772522A%B!+$72$42!5A7!=#794$%&!1$77$6%!A%G!$#%$,!194A625S$6:![(,4$,!
A%G! %5944$,! J$,G$%! G#$! >YA*$! )(%! 5%G$,$%! W6577$%! +$%A282:! @#%! 794%$66$,! "$947$6! *A77!
B$JY4,6$#72$2! 7$#%:! ;,+$#27*52$,#56#$%! A%G! 2$94%#794$! \$,Y2$! *a77$%! G$,! 1#2A52#(%! 5%B$X5772! 7$#%:!
;AS! I$G#$%! i<$5*$,&! ?T`D65c$,&! T[T`D65c$,&! N5X2(X7&! [$,6Y%B$,A%B7U5+$6&:::j! A%G! 3%S,572,AU2A,!
i?(*XA2$,,5A*j!U5%%!#94!S566J$#7$!8:!<:!GA,94!>5A*25A794!8A,a9UB,$#S$%:!T#$!<$794YS2#BA%B!*#2!M#6*!
7(66! 7#94! (4%$! B,(f$%! (,B5%#752(,#794$%! ;ASJ5%G! #*! h%2$,,#942756625B! GA,94Sa4,$%! 6577$%:! T#$! Q:!
W6577$! 452! G$%! DS6#942B$B$%725%G! 3%S(,*52#U&! G$,! #%! 8J$#! N$,%B,AXX$%! $#%*56! #%! G$,! "(94$!
8J$#72a%G#B!72522S#%G$2:!
!

1$#2$!4!
T#$! )(,6#$B$%G$! ;,+$#2! 7(66! )(,! G#$7$*! Z#%2$,B,A%G! B$6$7$%! J$,G$%:! eA,! [(,+$,$#2A%B! $#%$,!
X,5U2#U5+6$%!h%2$,,#94277$kA$%8!8A*!M#6*!Sa,!G$%!T$A2794A%2$,,#942!J$,G$!#94!*#94!#%!$#%$*!$,72$%!
194,#22! G$%! gAB$%G6#94$%! I$G#$%J$62$%! A%G! G$*! 794A6#794$%! h*B5%B! *#2! G$*! I$G#A*! M#6*!
J#G*$%:! T5%594! +$794YS2#B$! #94! *#94! *#2! J#77$%7945S26#94$%! D$,7X$U2#)$%! 5AS! G$%! M#6*! A%G! G$%!
G5,5A7! ,$7A62#$,$%G$%! W(*X$2$%8U(%8$X2$%&! G#$! Sa,! G#$! [$,*#226A%B! S#6*#794$,! MY4#BU$#2$%! #%! G$,!
194A6$! )(%! <$G$A2A%B! 7#%G:! eA6$282! J$,G$! #94! *#94! G$,! 194A6$! %Y4$,%&! #%G$*! #94! ,$6$)5%2$!
E72$,,$#94#794$!\$7$28$72$V2$!#*!Z#%+6#9U!5AS!M#6*!#*!T$A2794A%2$,,#942!A%2$,7A94$:!;%45%G!8J$#$,!
T$A2794`194A6+a94$,! U(**$! #94! 5*! 1946A77! G#$7$,! ;,+$#2! +$#! G$,! D,5V#7! G$7! h%2$,,#942$%7! 8A*!
=4$*5!M#6*!5%:!!
T5! G#$! <$794YS2#BA%B! *#2! G$,! =4$(,#$! *$#%$! G#G5U2#794$%&! *$24(G#794$%! A%G! X,5B*52#794$%!
@%2794$#GA%B$%!6$#2$%!7(66&!7#%G!G#$!$#%8$6%$%!W5X#2$6!7(!5ASB$+5A2&!G577!#94!8A$,72!$,6YA2$,$&!J5,A*!
A%G!*#2!J$694$*!M(UA7!*#94!G#$!N#2$,52A,!#%2$,$77#$,2:!T5%%!+$794,$#+$!#94!G#$!N#2$,52A,&!G#$!*#,!Sa,!
*$#%$!X,5U2#794$!;,+$#2!+,5A94+5,$!24$(,$2#794$!F,#$%2#$,A%B!B#+2:!;*!@%G$!g$G$%!W5X#2$67!8#$4$!#94!
G#$!8$%2,56$%!1946A77S(6B$,A%B$%!Sa,!*$#%$!h%2$,,#9427X6Y%$:!
M#6*! #72! +$#! HAB$%G6#94$%! $#%! 7$4,! X,Y7$%2$7! A%G! +$6#$+2$7! I$G#A*:! eAG$*! 6$B$%! G#$! B$7$286#94$%!
>54*$%+$G#%BA%B$%! $#%$%! )$,+#%G6#94$%! h*B5%B! *#2! M#6*! S$72:! T5,5AS! 5AS+5A$%G! #72! $7! *$#%!
3%2$,$77$&! *#2! G#$7$,! 24$(,$2#794$%! ;,+$#2! A%G! G$,! S(6B$%G$%! G#G5U2#794$%! h*7$28A%B! %594!
IEB6#94U$#2$%!8A!7A94$%&!J#$!G$*!M#6*!2,(28!(S2!A%Ba%72#B$,!(,B5%#752(,#794$,!>54*$%+$G#%BA%B$%!
G$,!B$+a4,$%G$!12$66$%J$,2!#*!T$A2794A%2$,,#942!B$B$+$%!J$,G$%!U5%%:!!
!
!

1$#2$!5!
S V(J'-&$#+,'!%'&#'-W'$)'-!
h*!*#2!M#6*!+$77$,!+$#!HAB$%G6#94$%!5%7946#$f$%!8A!UE%%$%&!7(66!#%!G#$7$*!W5X#2$6!G#$!<$G$A2A%B!G$,!
I$G#$%!#*!N$+$%! HAB$%G6#94$,!+$6$A942$2! J$,G$%:! eJ$#!gY4,6#94! $,794$#%$%G$! h%2$,7A94A%B$%&!G#$!
W3I`12AG#$!iIDM1!/+&! -./-j!A%G!G#$! H3I`12AG#$!iIDM1!/5&!-./-j&!A%2$,7A94$%!G$%! I$G#$%U(%7A*&!
G57! I$G#$%)$,4562$%! A%G! G#$! *$G#56$%! 3%2$,$77$%! )(%! W#%G$,%! A%G! HAB$%G6#94$%:! T#$! Sa,! M#6*!
,$6$)5%2$%! @,B$+%#77$! G#$7$,! 12AG#$%! 7#%G! 4#$,! G5,B$72$662:! ;67! @#%72#$B! #72! G$*! W5X#2$6! $#%! S#U2#)$,!
;6625B!$#%$,b7!HAB$%G6#94$%!)(,5%B$72$662:!

SIQ V5A92=>1:;98!C>>4/A!
3%! G$,! M,a4! +$B6$#2$2! G$,! >5G#(`"$9U$,! G57! ;ASJ594$%:! T57! Z5%Gc! J#,G! 5AS! $,72$! '594,#942$%! )(%!
M,$A%G3%%$%! U(%2,(66#$,2:! N#$+6#%B7*A7#U! `$)$%2A$66! 5A94! *#2! G$*! 1945A$%! G$7! IA7#U)#G$(7`!
+$B6$#2$2!G$%!I(,B$%!8A!Z5A7$:!T$,!194A6J$B!#72!)(%!IA7#U!#*!F4,!+$B6$#2$2&!Z5%Gc!A%G!#D4(%$!7#%G!
#%! G$,! =5794$:! ;%! D65U52JY%G$%! A%G! N#2S5f7YA6$%! )(,+$#! ! B$42! $7! 8A,! h`<54%:! <$#*! "5,2$%! +6$#+2!
*5%!5*! <54%72$#B! J#$!B$J(4%2! )(,!G$*! <#6G794#,*! 72$4$%&!G$,! "$22$,&! WA,8*$6GA%B$%&! "$,+A%B!
A%G! G#$! 5U2A$66$%! 1X(,2$,B$+%#77$! #%! 794%$66$,! +#6G6#94$,! (G$,! S#6*#794$,! M(,*! X,Y7$%2#$,2:! 3%! G$,!
194A6$! U5%%! *5%! 7#94! #%! G$,! D5A7$! 2,(28! G$7! Z5%Gc)$,+(27! G$%! 4$#*6#94$%! <6#9U! 5AS! G57! +6#%U$%G$!
Z5%Gc! %#942! )$,U%$#S$%:! @#%! 1I1! #72! $#%B$2,(SS$%&! G57! ,5794! +$5%2J(,2$2! J#,G:! @#%! 794%$66$7!
?(*XA2$,7X#$6!B$42!7#94!)(,!G$,!12A%G$!%(94!5A7:!!
'594! G$,! 194A6$! B#+2! $7! 8A,! @%27X5%%A%B! IA7#U&! $#%! +#7794$%! M$,%7$4$%! (G$,! $#%! ?(*XA2$,7X#$6:!
IA7#U! A%G! %$+$%+$#! 65AS$%G$! W(**A%#U52#(%! X$,! Z5%Gc! +$B6$#2$%! G#$! Z5A7a+A%B$%:! [#$66$#942!
794,$#+2! A%G! ,$94$,94#$,2! *5%! G58A! 5*! ?(*XA2$,! (G$,! 7A942! X577$%G$! <#6G$,! Sa,! G57! >$S$,52! #*!
3%2$,%$2:! <$#*! 5%7946#$f$%G$%! @%27X5%%$%! J#,G! IA7#U! B$4E,2&! J$,G$%! IA7#U)#G$(7! B$7945A2! A%G!
)#$66$#942!$#%!$#B$%$,!M#6*!5AS!m(A2A+$!B$72$662:!;*!;+$%G!#72!%(94!e$#2!Sa,7!M$,%7$4$%:!"Y4,$%G!G#$!
M(6B$! $#%$,! N#$+6#%B77$,#$! 6YAS2! A%G! G5%%! $)$%2A$66! 8J#794$%! )$,794#$G$%$%! W5%Y6$%! 4$,A*B$85XX2!
J#,G&! 6YAS2! G#$! W(**A%#U52#(%! *#2! G$%! D$$,7! X$,! Z5%Gc! J$#2$,:! 3%2$,%$27A,S$%&! 94522$%&! +6(BB$%&!
?(*XA2$,7X#$6$&!5+!A%G!8A! $#%!M#6*! #*!W#%(!`! *$G#56$!M,$#8$#2+$794YS2#BA%B$%!,A%G$%! G$%! 194A625B!
G$,!HAB$%G6#94$%!5+:!!
T#$7$! S#U2#)$! 1#2A52#(%! $#%$,b$#%$7! HAB$%G6#94$%! #72! #%! $#%$,! 72YG2#794$%! h*B$+A%B! J(46! $4$,! G$,!
'(,*56S566!567!G#$!;A7%54*$:!;AG#2#)$&!5AG#()#7A$66$&!*A62#*$G#56$!A%G!#%2$,5U2#)$!I$G#$%5%B$+(2$!
J$,G$%! #%2$%7#)! B$%a282! A%G! 7#%G! 5A7! G$*! ;6625B! HAB$%G6#94$,! %#942! *$4,! J$B8AG$%U$%:! T#$!
I$G#$%X56$22$!A%G!G#$! ;,2$%!G$,! 'A28A%B!$,J$#2$,%!7#94!72Y%G#B!i[B6:! <5,24&!1:!//j:!T57!=$*X(!G$,!
2$94%#794$%!@%2J#9U6A%B$%!#72!,575%2:!!
W#%G$,!A%G!HAB$%G6#94$!J5947$%!*#2!I$G#$%!4$,5%:![(%!\$+A,2!5%!7#%G!7#$!)(%!I$G#$%!B$X,YB2:!T#$!
S,a4$72$!*$G#56$!D,YBA%B!G$,!W#%G$,!#72!*$#72!5AG#2#):!i[B6:!M,$G$U#%B!O!W,(**$,!O!I5#J56G&!-./-&!
1:!P.j!T#$!$,72$!W(**A%#U52#(%!S#%G$2!%(%`)$,+56!A%G!)$,+56!*#2!G$,!IA22$,!72522:!3*!W6$#%U#%G562$,!
U(**$%! 5%G$,$! *$G#56$! D,YBA%B$%! G58A&! J(+$#! G57! <A94! 794(%! 65%B$! %#942! *$4,! ]G57!
D,#*Y,*$G#A*! G$,! I$G#$%7(8#56#752#(%_! #72:! iM,$G$U#%B! O! W,(**$,! O! I5#J56G&! -./-&! 1:! P.j! T57!
@,8Y46$%! (G$,! [(,6$7$%! A%G! ;%7945A$%! )(%! <#6G$,+a94$,%! #72! 4$A28A25B$! %A,! #%! +#6GA%B7%54$%!
\$7$667945S27794#942$%! a+6#94$! D,5V#7:! N5%B$! )(,! G$*! 194A6$#%2,#22! J$,G$%! W#%G$,! 45AX27Y946#94!
GA,94! M$,%7$4,7$,#$%! A%G! M#6*$&! ZE,+a94$,! A%G! <#6G$,+a94$,! *$G#56! B$X,YB2:! ;A94! Sa,! 194A6U#%G$,!
+$4562$%!5AG#2#)$!A%G!5AG#()#7A$66$!I$G#$%!#4,$!"#942#BU$#2:!i[B6:!M,$G$U#%B!O!W,(**$,!O!I5#J56G&!
-./-&!1:!P/j!
3%!T$A279465%G!$,4$+2! $#%$!M(,794A%B7U((X$,52#(%!8J$#$,!<A%G$76Y%G$,!*#2!G$*!1aGJ$72,A%GSA%U!
gY4,6#94! T52$%! 8A*! I$G#$%A*B5%B! )(%! W#%G$,%! A%G! HAB$%G6#94$%:! @#%$! 12AG#$&! G#$! W3I`12AG#$&!
W#%G$,! n! I$G#$%&! ?(*XA2$,! n! 3%2$,%$2! iIDM1&! -./-+j! $,4$+2! G#$! T52$%! 8A*! 372`eA725%G! A%G! 8A,!
@%2J#9U6A%B!G$7!I$G#$%A*B5%B7!G$,!R`!+#7!/0`HY4,#B$%&!G#$!H3I`12AG#$&!HAB$%G&!3%S(,*52#(%&!iIA62#`j!
I$G#5&!#72!$#%$!Y4%6#94$!h%2$,7A94A%B!a+$,!HAB$%G6#94$!#*!;62$,!)(%!/-!+#7!/R!H54,$%:!iIDM1&!-./-5j!
Ma,!^72$,,$#94!6#$B$%!G$,5,2#B$!12AG#$%!%#942!)(,:!394!B$4$!566$,G#%B7!G5)(%!5A7&!G577!G#$!$,4(+$%$%!

1$#2$!6!
T52$%!Sa,!^72$,,$#94!7$4,!Y4%6#94!5A77$4$%!Ja,G$%!A%G!+$8#$4$!*#94!4#$,!45AX27Y946#94!5AS!G#$!H3I`
12AG#$&!J$#6!G57!;62$,77$B*$%2!G$*!$%27X,#942&!Sa,!G57!#94!*$#%!M#6*)(,45+$%!#*!T$A2794A%2$,,#942!
X65%$:!!

SIS %9=192/5334/4452A!
W#%G$,`!A%G!HAB$%G6#94$!7#%G!#**$,!J$%#B$,!5AS!G#$!\$,Y2$!5%B$J#$7$%&!G#$!$7!#*!Z5A74562!B#+2:!T#$!
T52$%! 8$#B$%&!G577!7#$! #**$,!4YAS#B$,! $#%$! $#B$%$! I$G#$%5A772522A%B!+$7#28$%:! I#2!8A%$4*$%G$*!
;62$,!+$2,#SS2!G57!+$7(%G$,7!Z5%Gc&!M$,%7$4$,!A%G!?(*XA2$,!*#2!3%2$,%$28AB5%B:!3%7B$75*2!+$7#28$%!
*#226$,J$#6$! RK! D,(8$%2! G$,! HAB$%G6#94$%! 8J#794$%! /-! A%G! /R! H54,$%! $#%! $#B$%$7! ! Z5%Gc! `! G5)(%!
$%2S566$%! CL! D,(8$%2! 5AS! 1*5,2X4(%$7:! T57! #72! $#%$! G$A26#94$! 12$#B$,A%B! #*! [$,B6$#94! 8A*! [(,g54,:!
M572!R!)(%!/.!HAB$%G6#94$%!iPLoj!UE%%$%!)(%!#4,$*!e#**$,!5A7!5AS!G57!3%2$,%$2!8AB,$#S$%:!@2J5!)#$,!
Ma%S2$6!45+$%!$#%$%!$#B$%$%!?(*XA2$,bN5X2(X!A%G!$#%$%!ID0`D65c$,:!@#%!>5G#(`!(G$,!M$,%7$4B$,Y2!
+$7#28$%! 95:! K.! D,(8$%2! G$,! HAB$%G6#94$%:! "#$! ;++#6GA%B! /! )$,G$A26#942! +$S#%G$2! 7#94! 5A94! G#$!
;A772522A%B! *#2! T#B#256U5*$,57! 5AS! Y4%6#94$*! '#)$5A:! IYG94$%! +$7#28$%! *$4,! T#B#256U5*$,57&!
<A,794$%!4YAS#B$,!$#B$%$!M$,%7$4B$,Y2$&!1X#$6U(%7(6$%!A%G!1*5,2X4(%$7:!!

!
;++:!/d!\$,Y2$+$7#28!HAB$%G6#94$,!-./-!%594!IYG94$%!A%G!HA%B$%!i;%B5+$%!#%!D,(8$%2&!<57#7d!566$!
<$2$#6#B2$%&!%p/:-./l!qA$66$d!IDM1&!-./-5j!

SIX %9=192254Y52A!12!=98!"891Y914!
eA7Y286#94!8A,!I$G#$%5A772522A%B!$,4$+2!G#$!H3I`12AG#$!-./-!5A94!<57#7G52$%!8A,!!I$G#$%%A28A%B!#%!
G$,! M,$#8$#2&! 8A! =4$*$%#%2$,$77$%! A%G! 8A! 7X$8#$66$%! M,5B$72$66A%B$%! J#$! 8:! <:! 8A,! 'A28A%B! )(%!
IA7#U)#G$(7!(G$,!8A,!"54,%$4*A%B!$#%8$6%$,!M$,%7$4S(,*52$:!
;++#6GA%B! -! )$,G$A26#942&! G577! G#$! <$794YS2#BA%B! *#2! I$G#$%B$,Y2$%! A%G! I$G#$%#%4562$%! #%! G$,!
M,$#8$#2!G$,!HAB$%G6#94$%!7$4,!X,Y7$%2!A%G!J#942#B!#72:!I$G#$%!J$,G$%!8A,!3%S(,*52#(%&!h%2$,4562A%B!

1$#2$!7!
A%G! W(**A%#U52#(%! B$%A282:! T5+$#! J$,G$%! 3%2$,%$2&! M$,%7$4$%! A%G! Z5%Gc! )(%! a+$,! R.! o!
,$B$6*Yf#B!+$%A282:!3*![$,B6$#94!G58A!7X#$6$%!<a94$,!A%G!e$#2A%B$%be$#2794,#S2$%!$#%$!B$,#%B$!>(66$:!
'A,!8J$#!Ma%S2$6!G$,!HAB$%G6#94$%!6$7$%!,$B$6*Yf#B!<a94$,!A%G!=5B$78$#2A%B$%:!i[B6:!IDM1&!-./-5&!
1:K-j! T#$! I$G#$%%A28A%B! )(%! IYG94$%! A%G! <A,794$%! #72! #%! $#%#B$%! <$,$#94$%! A%2$,794#$G6#94:!
IYG94$%! 6$7$%! #%! #4,$,! M,$#8$#2! *$4,! <a94$,! 567! <A+$%l! 7#$! S(2(B,5S#$,$%! 5A94! *$4,:! <A,794$%!
4#%B$B$%!45+$%!$#%$!B,Ef$,$!D,YS$,$%8!Sa,!e$#2794,#S2$%&!T[T7!A%G!?(*XA2$,7X#$6$:!!

!
;++:! -d! I$G#$%+$794YS2#BA%B! 2YB6#94b*$4,*567! X,(! "(94$! #%! G$,! M,$#8$#2! -./-! %594! IYG94$%!
A%G!HA%B$%!i;%B5+$%!#%!D,(8$%2&!<57#7d!566$!<$2$#6#B2$%&!%p/:-./l!qA$66$d!IDM1&!-./-5&!1:!00j!

SIZ $914U9=15U!"1>U![!"98239;92!
T#$! @,4$+A%B$%! 7X,$94$%! #%7B$75*2! $#%$! G$A26#94$! 1X,594$:! T57! X,#*Y,$! I$G#A*! 4$A2#B$,!
I$G#$%7(8#56#752#(%!#72!%#942!*$4,!G57!<A94:!T57!M$,%7$4$%!#72!G57!G(*#%5%2$!I$G#A*!+$#!W#%G$,%:!
'594! ;%B5+$%! G$,! Z5AX2$,8#$4$,3%%$%! S5%B$%! G#$! W#%G$,! *#2! GA,94794%#226#94! G,$#! H54,$%! 5%!
S$,%8A7$4$%:! i[B6:! IDM1! /+&! -./-&! 1:! /Pj! ;66$! N$+$%7+$,$#94$! A%G! ;62$,772AS$%! Z$,5%J5947$%G$,!
7#%G!_#%!A*S577$%G$,! "$#7$! *$G#56#7#$,2_!iM,$G$U#%B! O!W,(**$,!O! I5#J56G&!-./-&!1:! P-j:!M#6*!A%G!
M$,%7$4$%!45+$%!7#94!567!]N$#2*$G#A*!G$,! \$B$%J5,2_!iM,$G$U#%B!O! W,(**$,!O! I5#J56G&!-./-&!1:!
P.j! 4$,5A7B$+#6G$2:! T#$7$! I$G#$%! J$,G$%! #%2$%7#)! B$%A282:! '594! $#B$%$,! @#%794Y28A%B! 7945A$%!
HAB$%G6#94$! S572! 8J$#! 12A%G$%! X,(! =5B! i///! I#%A2$%j! S$,%:! i[B6:! IDM1&! -./-5&! 1:! -Qj&! J(+$#! G57!
7252#(%Y,$! M$,%7$4B$,Y2! 8A! Z5A7$! %594! J#$! )(,! 5*! *$#72$%! +$%A282! J#,G:! ;62$,%52#)$! @%GB$,Y2$!
i1*5,2X4(%$&!3%2$,%$2j!7#%G&!J57!G57!M$,%7$4$%!+$2,#SS2&!8J$#2,5%B#B:!i[B6:!IDM1&!-./-5&!1:!-Kj!
@#%! $#B$%$,!M,5B$%U(*X6$V! JA,G$! #%!G$,!H3I`12AG#$! -./-! $,72*567!8A!19,#X2$G! >$56#2c!M(,*52$%!#*!
M$,%7$4$%!GA,94B$Sa4,2:!T57!7#%G!S#U2#)$!\$794#942$%&!G#$!)(%!N5#$%G5,72$66$,3%%$%!%594!$#%$*!B,(+!
)(,B$B$+$%$%! T,$4+A94! *#2! B,(f$,! G5,72$66$,#794$,! M,$#4$#2! A*B$7$282! J$,G$%:! @#%!
G(UA*$%25,#794$,!12#6!J#,G!4#$,!567!G,5*52A,B#794$7!I#22$6!$#%B$7$282&!J57!;A24$%2#8#2Y2!)(,2YA7942:!
19,#X2$G! >$56#2c! M(,*52$! $,S,$A$%! 7#94! +$#! HAB$%G6#94$%! B,(f$,! <$6#$+24$#2:! T#$! 7X$8#$66$! I5945,2!

1$#2$!8!
G#$7$7!%$A$%!\$%,$7!$,J$9U2!$#%$%!7$4,!J#,U6#94U$#27%54$%!@#%G,A9U:!3%!G$,!H3I`12AG#$!-./-!JA,G$%!
G#$!HAB$%G6#94$%!%594!G$*!>$56#2Y27B,5G!7(694$,!M(,*52$!+$S,5B2:!T5+$#!452!7#94!B$8$#B2&!G577!/K! o!
G#$!\$*59424$#2!G$,!1$%GA%B!%#942!J54,B$%(**$%!45+$%:!1#$!4#$62$%!G#$!3%78$%#$,A%B!Sa,!>$56#2Y2:!!

SI\ #2498294!
T57!3%2$,%$2!452!#*!;6625B!G$,!HAB$%G6#94$%!$#%$!4(4$!>$6$)5%8:!T#$!eABY%B$!8A*!3%2$,%$2!45+$%!7#94!
$,J$#2$,2d! T#$! *(+#6$! 3%2$,%$2%A28A%B! X$,! Z5%Gc! A%G! 1*5,2X4(%$! %#**2! 725,U! 8A:! i[B6:! IDM1&!
-./-5&! 1:! 0-j! T#$! W3I`12AG#$! 7X,#942! )(%! G$,! \$%$,52#(%&! G#$! #*! 3%2$,%$28$#2562$,! 5ASJY9472! 567!
]T#B#256!'52#)$7_:!iIDM1&!-./-+&!1:!0j!
"#$!7#94!G#$!8$#26#94$!'A28A%B!G$7!'$28$7!5AS!)$,794#$G$%$!3%4562$!5AS2$#62&!6Y772!7#94!G$,!;++#6GA%B!0!
$%2%$4*$%:!W%5XX!G#$!ZY6S2$!G$,!e$#2&!G#$!HAB$%G6#94$!#*!'$28!)$,+,#%B$%&!J#,G!8A,!W(**A%#U52#(%!
B$%A282:! T5*#2! 7#%G! ;U2#)#2Y2$%! #%! 7(8#56$%! '$28J$,U$%&! I5#6$%! A%G! ?4522$%! B$*$#%2:! T#$! 5%G$,$!
ZY6S2$! $%2SY662! 5AS! h%2$,4562A%B! GA,94! IA7#U&! [#G$(7! A%G! <#6G$,! 7(J#$! 5AS! 1X#$6$! A%G!
3%S(,*52#(%77A94$:! ;A7! 566! G#$7$%! ;U2#)#2Y2$%! #72! M#6*! %#942! J$B8AG$%U$%:! T#$! W(**A%#U52#(%! #%!
7(8#56$%! '$28J$,U$%! +$72$42! 5A7! =$V2$%&! 72$4$%G$%! A%G! +$J$B2$%! <#6G$,%l! ?(*XA2$,7X#$6$! 7#%G!
i=(%jM#6*$l! 3%2$,%$2,$94$,94$! #72! #**$,! ES2$,! )(%! m(A=A+$`M#6*$%! +$B6$#2$2:! 3*!
h%2$,4562A%B7+$,$#94!45+$%!M#6*$!$#%$!7$4,!4(4$!D,Y7$%8:!!

!
;++:! 0d! 3%45626#94$! [$,2$#6A%B! G$,! 3%2$,%$2%A28A%B! %594! G$%! W52$B(,#$%! W(**A%#U52#(%&! 1X#$6$&!
3%S(,*52#(%77A94$! A%G! h%2$,4562A%B! i;%B5+$%! #%! D,(8$%2&! <57#7d! 3%2$,%$2`'A28$,&! %p/:/P-l!
qA$66$d!IDM1&!-./-5j!
"$%%! *5%! 7#94! G57! h%2$,4562A%B77$B*$%2! G$,! 3%2$,%$2%A28A%B! 4$,5A7%#**2! i7#$4$! ;++:! Cj&! SY662!
5AS&! G577! G57! I$G#A*! M#6*! Sa,! HAB$%G6#94$! 7$4,! J#942#B! #72:! h%2$,4562A%B75%B$+(2$! J#$! 8:! <:!
[#G$(X(,256$! J$,G$%! )(%! *$4,! 567! L.! o! G$,! HAB$%G6#94$%! ,$B$6*Yf#B! B$%A282:! 1#$! B$4E,$%! 8A! G$%!
*$#72B$%A282$%! "$+7$#2$%:! m(A=A+$! #72! 4#$,! G57! +$G$A2$%G72$! [#G$(X(,256:! T57! ;%4E,$%! A%G!
;%7945A$%! )(%! IA7#U)#G$(7!#72!7$4,!+$6#$+2:!i[B6:! IDM1&!-./-5&!1:!-Kj! H$G$,!T,#22$!452! *#226$,J$#6$!
7(B5,!$#%!$#B$%$7!W(%2(&!*#2!G$77$%!Z#6S$![#G$(7!)$,J562$2!A%G!5,94#)#$,2!(G$,!$#B$%$![#G$(7!(%6#%$!
B$72$662!J$,G$%!UE%%$%:!i[B6:!IDM1&!-./-5&!1:!0Qj!

1$#2$!9!
 !
;++:! Cd! =Y2#BU$#2$%! #*! 3%2$,%$2b5*! ?(*XA2$,! 2YB6#94b*$4,*567! X,(! "(94$! 8A*! 194J$,XA%U2!
h%2$,4562A%B! %594! C! ;62$,7B,AXX$%! i;%B5+$%! #%! D,(8$%2&! <57#7d! 566$! <$S,5B2$%&! %p/:-./l! qA$66$d!
IDM1&!-./-5j!

SI] *:;>5336L>A9852A92!
T#$! H3I`12AG#$! 8$#B2! G#$! "#942#BU$#2! G$,! I$G#$%! Sa,! gA%B$! Z$,5%J5947$%G$:! [#$6$! G$,! 5%B$Sa4,2$%!
'A28A%B$%! )(*! IA7#U)#G$(! +#7! 8A*! M59$+((U`D(72#%B! 45+$%! S#6*#794$! ;%2$#6$:! T#$! #%2$%7#)$!
I$G#$%%A28A%B!#*!;6625B!6$B2!$#%$!;A7$#%5%G$,7$28A%B!*#2!I$G#$%!A%G!M#6*!#%!G$,!194A6$!%54$:!
HAB$%G6#94$!7#%G! #%!#4,$*! I$G#$%A*B5%B!5AS! )#$6$,6$#!;,2$%! *#2!+$J$B2$%! <#6G$,%! U(%S,(%2#$,2:! 394!
*E942$! G#$7$! =527594$! #%! *$#%$*! h%2$,,#9427)(,45+$%! 5ASB,$#S$%&! #%G$*! #94! $#%$!
h%2$,,#94277$kA$%8! *(G$66#$,$&! G#$! 7#94! *#2! G$%! B,A%G6$B$%G$%! \$72562A%B7*#22$6%! +$794YS2#B2&! G#$!
G57!7X$8#S#794!M#6*#794$!`$B56!#%!J$694$,!1X#$65,2!iIA7#U)#G$(&!1X#$6S#6*&:::j`!5A7*594$%:!!
M#6*$! J$,G$%! )(%! 4$,5%J5947$%G$%! <A,794$%! A%G! IYG94$%! 45AX27Y946#94! 8A,! h%2$,4562A%B!
5%B$7945A2:! T#$7$%! ;7X$U2! *E942$! #94! *#,! 8A! 'A28$! *594$%! A%G! #%! G$,! Q:! W6577$! *#2! S#6*#794$%!
3%4562$%!5,+$#2$%&!G#$!Sa,!HAB$%G6#94$!h%2$,4562A%B7J$,2!+$7#28$%:!!
T#$! @,B$+%#77$! G$,! H3I`12AG#$! 45+$%! B$8$#B2&! G577! 7#94! HAB$%G6#94$! 794J$,! 2A%! M#U2#(%! A%G!
"#,U6#94U$#2!#%!+$72#**2$%!#%78$%#$,2$%!M#6*7$22#%B7!5A7$#%5%G$,8A4562$%:!T#$7$!"54,%$4*A%B!6Y772!
7#94! #*! eAB$! G$7! T$A2794A%2$,,#9427! BA2! +$5,+$#2$%:! '5,,52#(%! A%G! M#U2#(%! 7#%G! )$,2,5A2$!
;,+$#27S$6G$,&!5%!G#$!7#94!BA2!5%U%aXS$%!6Y772:!T#$!\$*59424$#2!G$7!M#6*7!A%G!7$#%$!;,2!G$7!@,8Y46$%7!
7(66!$+$%S5667!$#%!J#942#B$,!<$725%G2$#6!*$#%$7!h%2$,,#9427X,(g$U27!J$,G$%:!!

1$#2$!10!
X *+,($#*+,'!%'&#'-W'$)'-!
T57!)(,#B$!W5X#2$6!452!G#$!"#942#BU$#2!G$,!I$G#$%!A%G!G$,!M#6*$!Sa,!Z$,5%J5947$%G$!B$8$#B2:!T#$7$7!
W5X#2$6! +$794YS2#B2! 7#94! *#2! G$,! 794A6#794$%! I$G#$%7(8#56#752#(%! G$,! HAB$%G6#94$%:! eA$,72! $,6YA2$,$!
#94! $#%#B$! ,$6$)5%2$! @,B$+%#77$! G$,! H3I`12AG#$! -./-&! G#$! 7#94! 566B$*$#%! 5AS! I$G#$%! #%! G$,! 194A6$!
+$8#$4$%:! T#$! F%6#%$`h*S,5B$! $#%$7! T$A2794G#G5U2#U$,7&! G#$! 7#94! 7X$8#$66! *#2! G$*! 1X#$6S#6*! #%! G$,!
194A6$! +$794YS2#B2&! 6#$S$,2! 5AS7946A77,$#94$! T52$%! #*! Z#%+6#9U! 5AS! G#$! 794A6#794$! ;,+$#2! *#2! M#6*:!
'594G$*! $7! #%7B$75*2! U5A*! $*X#,#794$! T52$%! 8A,! M#6*)$,*#226A%B! #%! G$,! 194A6$! A%G! #*!
T$A2794A%2$,,#942! B#+2&! ,#942$! #94! #%! G$,! M(6B$! *$#%! ;AB$%*$,U! 5AS! *$G#$%XYG5B(B#794$! A%G!
G$A2794G#G5U2#794$! N#2$,52A,&! A*! G$%! 1252A7! qA(! G$,! M#6*)$,*#226A%B! #*! T$A2794A%2$,,#942! 8A!
+$794,$#+$%:!!

XIQ "1>U!12!=98!*:;5>9!
T#$!H3I`12AG#$!!72$662!-./-!$,72*567!5A94!M,5B$%!8A*!I$G#$%A*B5%B!G$,!/-`!+#7!/R`HY4,#B$%! #%!G$,!
194A6$:! T$,! <$B,#SS! I$G#$%U(*X$2$%8! #72! 4#$,! 5AS! G57! "#77$%! a+$,! I$G#$%! A%G! G57!
I$G#$%%A28A%B7)$,4562$%!+$8(B$%:!@#%$!M,5B$!G$,!H3I`12AG#$!-./-!#72&!#%J#$S$,%!I$G#$%24$*$%!#*!
h%2$,,#942! )(,U(**$%:! T#$! G#$7+$8aB6#94! $,4(+$%$%! T52$%! 8$#B$%&! G577! =4$*$%! J#$! Z5%Gc&!
3%2$,%$2&!F%6#%$`?(**A%#2#$7!A%G!T52$%794A28!#%!G$,!194A6$!+$45%G$62!J$,G$%:!3%7B$75*2!K-o!G$,!
HAB$%G6#94$%!B$+$%!5%&!G#$7$! I$G#$%24$*$%!#*!194A6U(%2$V2!+$7X,(94$%!8A!45+$%:!i[B6:! IDM1!/5&!
-./-&! 1:! QRj! I$4,! 567! G#$! ZY6S2$! 75B2! 5A94&! G577! 7#$! 8A! G$%! +$45%G$62$%! =4$*$%! $#%! +$77$,$7!
[$,72Y%G%#7!$%2J#9U$62!452l!Sa,!$#%![#$,2$6!J5,!G#$!794A6#794$!<$45%G6A%B!)(%!I$G#$%24$*$%!#%!G$,!
194A6$! ;%6577! 8A,! [$,4562$%7Y%G$,A%B! +$#! G$,! ]'A28A%B! )(%! 3%2$,%$2&! Z5%Gc7! (G$,! ?(**A%#2#$7_!
iIDM1! /5&! -./-&! 1:! K.j:! @#%! M(UA7! G$,! h%2$,7A94A%B! 6#$B2! 5AS! G$%! 2$94%#794$%! W(*X$2$%8$%! #*!
h*B5%B! *#2! I$G#$%:! T#$! 12AG#$! 8$#B2&! G577! HAB$%G6#94$! ?(*XA2$,! A%G! 3%2$,%$2! #*! ;66B$*$#%$%!
+$G#$%$%!UE%%$%:!HA%B$%!45+$%!+$#!G$%!2$94%#794$%!W$%%2%#77$%!*$4,!@,S54,A%B!567!IYG94$%:!i[B6:!
IDM1!/5&!-./-&!1:!K/!SS:j!!
3%! G$,! 194A6$! #72! G#$! ;,+$#2! *#2! ?(*XA2$,! A%G! 3%2$,%$2! ]%594! J#$! )(,! $4$,! 7$62$%! G#$! >$B$6_! i)B6:!
IDM1! /5&! -./-&! 1:! 0Lj&! JY4,$%G! G$,! ?(*XA2$,! 8A! Z5A7$! 7$4,! J(46! Sa,! 794A6#794$! eJ$9U$! B$%A282!
J#,G:!T#$7$!4YA76#94$!'A28A%B!72$#B2! *#2!8A%$4*$%G$*!;62$,!G$,!HAB$%G6#94$%:! I$4,!567!G#$! ZY6S2$!
G$,! 3%2$,%$22Y2#BU$#2$%! Sa,! G#$! 194A6$! SY662! G5+$#! 5AS! G#$! 3%2$,%$2,$94$,94$:! 3*! h%2$,794#$G! 8A,!
3%S(,*52#(%7+$7945SSA%B! #72! G$,! ;%2$#6! G$,! 5U2#)$%! @#B$%X,(GAU2#(%! $4$,! B$,#%B:! Z#$,! B#+2! $7! #%! G$,!
12AG#$! U$#%$! B$%5A$! eA(,G%A%B&! (+! 7#94! G#$7$! 5U2#)$! 'A28A%B! 5AS! G#$! 194A6$! (G$,! G57! eA45A7$!
+$8#$42:!;66B$*$#%!J#,G!S$72B$4562$%&!G577!G$,!B,Ef2$!;%2$#6!+$#!G$,!@,72$66A%B!$#B$%$,!3%4562$!5AS!G57!
@,72$66$%! 794,#S26#94$,! <$#2,YB$! Sa,! M(,$%! A%G! G57! @,72$66$%! )(%! <#6G$,%! A%G! [#G$(7! $%2SY662:! T57!
J$#2$,$! <$5,+$#2$%! )(%! <#6G$,%! A%G! M#6*$%&! G#$! @,72$66A%B! )(%! D,Y7$%252#(%$%! (G$,! >$S$,52$%&! G57!
eA75**$%72$66$%! )(%! IA7#U! A%G! G#$! 1(A%G+$5,+$#2A%B! +8J:! `$,72$66A%B! 45+$%! $#%$%! B$,#%B$%!
12$66$%J$,2:!T#$!H3I`12AG$!72$662!#%7B$75*2!S$72&!G577!7#94!G57!3%2$,%$2!Sa,!HAB$%G6#94$!+#74$,!%#942!8A!
$#%$*!]I#2*594`I$G#A*_!iIDM1&!-./-5&!1:!0Lj!$%2J#9U$62!452:!!
3%!$#%$,!F%6#%$`<$S,5BA%B!)(%!G$A2794$%!;+#2A,#$%23%%$%!iW$X7$,&!-..Lj&!G#$!566$,G#%B7!J$B$%!$#%$,!
B$,#%B$%! 12#94X,(+$! U$#%$! >$X,Y7$%252#)#2Y2! +$5%7X,A942&! +$72Y2#B$%! 7#94! G#$! @,B$+%#77$! G$,! H3I`
12AG#$!+$8aB6#94!G$,! "#942#BU$#2!G$,!M#6*,$8$X2#(%!Sa,!gA%B$! I$%794$%!#*!h%2$,794#$G!8A! <a94$,%:!
;A94!G#$!D$$,B,(AX`\$7X,Y94$!U,$#7$%!B$7946$9427A%5+4Y%B#B!)(,8AB7J$#7$!A*!M#6*$:!i[B6:!W$X7$,&!
-..L&! 1:! 00j! ;+B$7$4$%! G5)(%! 6#$S$,2! G#$7$! @,4$+A%B! )(%! I5224#7! W$X7$,! #%2$,$775%2$! T52$%! #*!
<$8AB! 5AS! G$%! 794A6#794$%! h*B5%B! *#2! M#6*:! W$X7$,! B$42! 567! M594G#G5U2#U$,! Sa,! G57! M594! T$A2794!
)(*! M#6*! 567! B,A%G7Y286#94! $,8Y46$%G$*! I$G#A*! 5A7:! T$7456+! +$8#$4$%! 7#94! G#$! M,5B$%! 7$#%$,!
F%6#%$`@,4$+A%B!5A77946#$f6#94!5AS!G$%!1X#$6S#6*&!G$,!567!%5,,52#)$7!I$G#A*!G57!6#2$,5,#794$!M$6G!G$7!
T$A2794A%2$,,#9427! $,J$#2$,2:!3%!G$,!h*S,5B$! B$42!$7!$#%$,7$#27!A*!G#$!<$45%G6A%B! )(%!1X#$6S#6*$%!
#%! G$%! )$,794#$G$%$%! h%2$,,#9427B$B$%72Y%G$%! A%G! 5%G$,$,7$#27! `! 5A7! ,a9U+6#9U$%G$,! 1#942! G$,!
G$A2794$%! ;+#2A,#$%23%%$%! `! ! A*! G#$! 794A6#794! $,J(,+$%$! 1X#$6S#6*U(*X$2$%8:! T$,! <$B,#SS!

1$#2$!11!
1X#$6S#6*U(*X$2$%8!A*S5772!4#$,!M,5B$%!8A!G$%!G,$#!=$#6+$,$#94$%d!S#6*4#72(,#794$7&!S#6*Y724$2#794$7!
A%G! S#6*UA62A,$66$7! "#77$%:! TA,94! 5%56(B$! M,5B$%! )$,B6$#942! G#$! 12AG#$! 6#2$,5,#794$7! "#77$%! *#2!
S#6*#794$*!"#77$%:!"$#2$,$!M,5B$%U(*X6$V$!$,4$+$%!G#$!5%B$J$%G$2$%!I$24(G$%!8A*!1X#$6S#6*!#%!
G$,!194A6$!A%G!G#$!<$Ga,S%#77$!G$,!194a6$,3%%$%:!!
T#$!@,B$+%#77$!8$#B$%&!G577!S#U2#(%56$!M#6*$!#4,$%!D6528!#*!794A6#794$%!;6625B!45+$%:!T$,!\,(f2$#6!G$,!
M#6*$!J#,G!#*!;%7946A77!5%!G57!;%7945A$%!5+$,!%#942!*$4,!24$*52#7#$,2:!<$7(%G$,7!#*!M594!@%B6#794!
J$,G$%! 194a6$,3%%$%! *#2! 1X#$6S#6*$%! U(%S,(%2#$,2:! T$A26#94! %#$G,#B$,! 6#$B2! G$,! ;%2$#6! +$#*! M594!
T$A2794:!T#$!h*S,5B$!G(UA*$%2#$,2&!G577!G#$!;+#2A,#$%23%%$%!U5A*!$2J57!a+$,!G$%!1X#$6S#6*!J#77$%:!
T57!+$2,#SS2!M,5B$%!8A,!M#6*B$794#942$! J#$!8:! <:!8A! >$B#77$A,3%%$%!A%G! J#942#B$%!@X(94$%!G$7!M#6*7!
A%G! M,5B$%! 8A! S#6*Y724$2#794$%! M594+$B,#SS$%! J#$! 8:! <:! I(%25B$! (G$,! 194A77`\$B$%794A77:! 3*!
<$,$#94! G$7! S#6*UA62A,$66$%! "#77$%7! 794%#22$%! G#$! <$S,5B2$%! +$77$,! 5+:! D,5U2#794! g$G$b,! U$%%2!
+$#7X#$67J$#7$!G$%!M#6*X,$#7!T+46*8&W$X7$,!7946#$f2!G5,5A7&!G577!*5%!7#94!G#$7$7!"#77$%!(SS$%+5,!BA2!
GA,94!G#$!5662YB6#94!)$,J$%G$2$%!I$G#$%!5%$#B%$%!U5%%!i)B6:!W$X7$,&!-..L&!1:!00j&!G5!G#$7$!=4$*$%!
#*!h%2$,,#942!(SS$%7#9426#94!U5A*!5ASB$B,#SS$%!J$,G$%:!i[B6:!W$X7$,&!-..L&!1:!C.j!T$A26#94!J#,G!5A94&!
G577! 7#94! G#$! /P`! +#7! /R`HY4,#B$%! J$#2! *$4,! Sa,! M#6*$! #%2$,$77#$,$%&! 567! 7#$! #%! G$,! 194A6$! +$45%G$62!
J$,G$%:!!
;++#6GA%B! Q! 8$#B2! G#$! G#G5U2#794$! A%G! *$24(G#794$! 1$#2$! G$,! M#6*)$,*#226A%B! #%! G$,! 194A6$:!
I52A,5%23%%$%!$,#%%$,%!7#94!G5,5%&!G577!G#$!4YAS#B72$!I$24(G$!+$#!G$,!;A7$#%5%G$,7$28A%B!*#2!M#6*!
J5,&! M#6*$! 5%8A7$4$%! A%G! 7#$! 8A! +$7X,$94$%:! "$%%! *#2! M#6*! 5%G$,7! A*B$B5%B$%! JA,G$&! J5,! G57!
45AX27Y946#94!#%!M(,*!$#%$7![$,B6$#947!8A,!6#2$,5,#794$%![(,65B$!(G$,!#%!M(,*!)(%!194,$#+X,(GAU2$%!
a+$,! M#6*$:! "$#2! 4#%2$%! 6#$B$%! @#B$%X,(GAU2#(%$%! *#2! 7X$8#S#794! S#6*#794$*! M(UA7! J#$! T,$4+A94!
794,$#+$%&!M#6*!4$,72$666$%!A%G!*#2!M#6**52$,#56!$VX$,#*$%2#$,$%:!!

!
;++:! Qd! @,#%%$,2$! h%2$,,#94275U2#)#2Y2$%! i;%B5+$%! #%! D,(8$%2&! <57#7d! <$S,5B2$&! G#$! %594! $#B$%$%!
;%B5+$%!*#%G$72$%7!$#%$%!1X#$6S#6*!5A7Sa4,6#94!+$7X,(94$%!45+$%&!%pCQKl!qA$66$d!W$X7$,&!-..L&!
1:!C0j!

1$#2$!12!
T57! 7#%G! 566$,G#%B7! B$%5A! G#$! h*B5%B7J$#7$%! *#2! M#6*&! G#$! )(%! G$,! I$4,4$#2! G$,! ;+#2A,#$%23%%$%!
+$)(,8AB2! J(,G$%! JY,$:! ;++#6GA%B! K! 8$#B2! G$A26#94&! G577! S#6*+$8(B$%$! Z5%G6A%B$%! J#$! 8:! <:! *#2!
M#6**52$,#56!$VX$,#*$%2#$,$%&!T,$4+A94!6$7$%b794,$#+$%!(G$,!M#6*!G,$4$%!#%!G$,!194a6$,3%%$%BA%72!
J$#2! )(,%$! 6#$B$%:! W$X7$,! U(**2! 8A! G$*! 1946A77&! G577! G#$! 5%B$J$%G$2$%! I$24(G$%! 8A,!
M#6*)$,*#226A%B!G57!194a6$,3%%$%#%2$,$77$!)$,S$46$%:!i[B6:!W$X7$,&!-..L&!1:!CKj!
!

!
;++:! Kd! [(%! 194a6$,3%%$%! B$Ja%7942$! S#6*7X$8#S#794$! ;,+$#27S(,*$%! #*! h%2$,,#942! i;%B5+$%! #%!
D,(8$%2&! <57#7d! <$S,5B2$&! G#$! %594! $#B$%$%! ;%B5+$%! *#%G$72$%7! $#%$%! 1X#$6S#6*! 5A7Sa4,6#94!
+$7X,(94$%!45+$%&!%pCQKl!qA$66$d!W$X7$,&!-..L&!1:!CCj!
@#%! J#942#B$7! @,B$+%#7! G$,! <$S,5BA%B! #72! 5A94! G#$! T#7U,$X5%8! 8J#794$%! G$*! S#6*#794$%! A%G! G$*!
6#2$,5,#794$%!"#77$%!G$,!;+#2A,#$%23%%$%:!@7!8$#B2!7#94&!G577!7#$!2,(28!G$7!7946$942$%!;+794%$#G$%7!+$#!
S#6*#794$%! 3%4562$%! B6$#948$#2#B! 5AS! 6#2$,5,#794$*! \$+#$2! )#$6! )$,2,5A2$,! *#2! N#2$,52A,B$794#942$! A%G!
6#2$,5,#794$,! r724$2#U! 7#%G:! T57! 452! $#%$! ,$B$! G$A2794G#G5U2#794$! T#7UA77#(%! $%2S5942:! T$,!
T$A2794G#G5U2#U$,! h6S! ;+,545*! 8#$42! 5A7! G$%! T52$%! #%7B$75*2! G$%! 1946A77&! G577! 7#94! G#$! T$S#8#2$!
%#942!*#2!*5%B$6%G$*!3%2$,$77$!$,U6Y,$%!6577$%&!7(%G$,%!)#$6*$4,!*#2!G$,!*5%B$6%G$%!D,Y7$%8!G$7!
S#6*#794$%!I$G#A*7!#%!G$,!194A6$!8A!2A%!45+$%:!i[B6:!;+,545*&!-./.&!1:!-Kj!
;+B$7$4$%! )(%! G$%! 8#2#$,2$%! h%2$,7A94A%B$%! B#+2! U5A*! $*X#,#794$! M(,794A%B! 8A*! h%2$,,#942! *#2!
M#6*:! h*!G$%!1252A7! qA(!G$,!M#6*)$,*#226A%B! #*! h%2$,,#9427B$B$%725%G!T$A2794! B$%5A$,!S577$%!8A!
UE%%$%&!45+$!#94!*#94!G$,!S594G#G5U2#794$%!N#2$,52A,!8AB$J$%G$2:!3%!G$%!6$282$%!H54,$%!#72!7$4,!)#$6!
N#2$,52A,! 5A7! G$A2794G#G5U2#794$,! D$,7X$U2#)$! 8A*! =4$*5! M#6*! #*! T$A2794A%2$,,#942! XA+6#8#$,2!
J(,G$%:!@#%$!U6$#%$!5U2A$66$!;A7J546!G5)(%!Sa4,$!#94!#*!M(6B$%G$%!5%:!@7!B#+2!$#%#B$!=4$*$%4$S2$!
G$,! M5948$#2794,#S2$%! i8:! <:! U*6C'+& E"3%+45! Z$S2! -0Lb-./0! 8A! WA,87X#$6S#6*$%&! E"*& E"3%+453-%"**'45%!
Z$S2! 0b-./0! 8A! @,8Y466#2$,52A,! A%G! M#6*&! 3T@! -b! -./-! 8A,! WA62A,! G$7! 1$4$%7j&! M594+a94$,! i8:! <:!
;+,545*&! -..Rj&! 15**$6+Y%G$! 8A,! M#6*G#G5U2#U! i8:! <:! W$X7$,&! -./.j&! 8546,$#94$! @#%8$65AS7Y28$! 8A!
S#6*#794$%! =4$*$%&! T$A2794G#G5U2#U`N$4,J$,U$! 8A,! I$G#$%G#G5U2#U! i8:! <:! M,$G$U#%B! O! W,(**$,! O!

1$#2$!13!
I5#J56G&! -./-j&! 8A*! M#6*! #%! G$,! N#2$,52A,G#G5U2#U! i<(BG56! O! W(,2$&! -./-j! A%G! 8A,! M#6*G#G5U2#U! #*!
iT$A2794jh%2$,,#942!i8:!<:!W5**$,$,&!-..R&!1X#$6*5%%!-.//j:!

XIS "1>UE98U144>52A!1U!&9543:;5249881:;4!
3*! ;66B$*$#%$%! 7#%G! 7#94! G#$7$! DA+6#U52#(%$%! 8A*! 125%G! G$,! M#6*)$,*#226A%B! #*! T$A2794A%2$,,#942!
$#%#B:! T$,! \,A%G2$%(,! G$,! B$B$%JY,2#B$%! G$A2794G#G5U2#794$! N#2$,52A,! #72&! G577! M#6*! #*!
T$A2794A%2$,,#942! $#%! ! ]194522$%G57$#%_! iDS$#SS$,! O! 125#B$,&! -..P&! 1:! 0j! Sa4,2:! T#$! J#942#B72$%!
I$,U*56$!G$7!B$B$%JY,2#B$%!T$A2794A%2$,,#9427!8A*!M#6*!S577$!#94!4#$,!8A75**$%:!
"1>U!/>3!G9>L;252A!
M#6*$! $,S,$A$%! 7#94! )(,! 566$*! 8A! e$#2$%! $,4E42$,! ;%7X5%%A%B! A%G! ;AS,$BA%B! 8:! <:! )(,! G$%!
"$#4%59427S$,#$%! A%G! )(,! G$%! 1(**$,S$,#$%! B,(f$,! <$6#$+24$#2:! 1$4,! (S2! 452! G#$! 6A72)(66$!
W(*X(%$%2$!G$7!M#6*7945A$%7!#%!G$,!194A6$!G#$!MA%U2#(%!W#%G$,!A%G!HAB$%G6#94$!,A4#B8A72$66$%:!!
$1498/458E9861>U52A!
"$%%!M#6*!#*!M594!T$A2794!)(,U(**2&!G5%%!*$#72!567!N#2$,52A,)$,S#6*A%B&!J(+$#!$7!G5+$#!%#942!A*!
G#$! @#B$%72Y%G#BU$#2! G$7! M#6*7! B$42&! 7(%G$,%! A*! M#6*! 567! ]Na9U$%Sa66$,! (G$,! <$#B5+$! 8A*!
N#2$,52A,A%2$,,#942_!iDS$#SS$,!O!125#B$,&!-..P&!1:!0j:!T#$7$!MA%U2#(%56#7#$,A%B!G$7!M#6*7!J#,G!)(%!)#$6$%!
T$A2794G#G5U2#U$,3%%$%! U,#2#7#$,2:! i[B6:! 5A94! "#%2$,72$#%$,&! -..0j! "(6SB5%B! 194E,U4A+$,! 72$662! S$72&!
G577! 7$6+72! J$%%! G#$! Y724$2#794$! ;A2(%(*#$! G$,! M#6*$! +$2(%2! J#,&! G#$! 2,5G#2#(%$66$! Z#$,5,94#$! G$,!
T5,+#$2A%B7S(,*$%!5AS,$942!$,4562$%!J#,G:!<$#![$,B6$#94$%!8J#794$%!<A94!A%G!M#6*!B$42!$7!G5%%!A*!
"$,U2,$A$! A%G! A*! G#$! M,5B$&! (+! G#$! ;G5X2#(%! B$6A%B$%! (G$,! *#776A%B$%! 7$#:! i[B6:! 194E,U4A+$,&!
-..0&!1:!//j!T57!I$G#A*!M#6*!J#,G!#%!>$652#(%!8A*!I$G#A*!<A94!)$,*#22$62!A%G!#*![$,B6$#94!G5*#2!
U5%%!$7!6$#942!8A!$#%$,!;+J$,2A%B!G$7!;AG#()#7A$66$%!U(**$%:!!
"1>U/2/>^39!
"$%%!5AS!M#6*$!%Y4$,!$#%B$B5%B$%!J#,G&!#72!$7!#%!M(,*!G$,!M#6*5%56c7$:!;A94!*$24(G#794!6$4%2!*5%!
7#94! 4#$,! 5*! I(G$66! G$,! N#2$,52A,5%56c7$! 5%:! M#6*7X,5946#94$! I#22$6! J$,G$%! #7(6#$,2! +$%5%%2! A%G!
+$794,#$+$%:! T5*#2! J#,G! G#$! G#SS$,$%8#$,2$! "54,%$4*A%B! B$794Y,S2:! \6$#948$#2#B! 7(66! GA,94! G57!
5%56c2#794$![$,S54,$%&!G#$!I5945,2!)(%!M#6*$%!GA,947945A2!J$,G$%:!eA7Y286#94!7(66!5+$,!G#$!,52#(%56$!
T#725%8#$,A%B! 5A94! G57! $*(2#(%56$! M#6*$,6$+$%! $%285A+$,%:! i[B6:! 194E,U74A+$,&! -..0&! 1:! //j! T$,!
I$G#$%XYG5B(B$! Z(,72! T#945%8! 72$662! S$72&! G577! 24$(,$2#794`U(B%#2#)$! h%2$,,#9427U(%8$X2$! #*!
794A6#794$%!I$G#$%+$,$#94!)(,4$,,794$%&!G#$!$#%$,7$#27!8A,!T$*(2#)52#(%!G$,!194a6$,3%%$%!+$#2,5B$%!
A%G!5%G$,$,7$#27! )$,4#%G$,%&!G577! I$G#$%!567! IEB6#94U$#2!G$,!#%G#)#GA$66$%! ;,2#UA652#(%! )$,725%G$%!
A%G!B$%a282!J$,G$%:!i[B6:!T#945%8&!-..-&!1:!-j!
T#$! h%8AS,#$G$%4$#2! *#2! G$,! (+$%! +$794,#$+$%$%! B$B$%JY,2#B$%! 1#2A52#(%! 8#$42! 7#94! GA,94! G#$!
S594G#G5U2#794$! N#2$,52A,:! "#$! *5%! *#2! G$%! T$S#8#2$%! A*B$4$%! 7(66&! J#,G! *(*$%25%! #%2$%7#)!
G#7UA2#$,2:!T#$! <5%G+,$#2$!G$,!;%7528XA%U2$!#72!B,(f:!D,#%8#X#$66! J#,G!G#$!<$794YS2#BA%B! *#2!M#6*! )(%!
G$,!T$A2794G#G5U2#U!567!7$4,!5%7946A77SY4#B!+$A,2$#62:!!
C2@27D652A3D52@49!678!"1>UE98U144>52A!1U!&9543:;5249881:;4!!
@7! B#+2! )#$6$! ;,2$%! )(%! M#6*$%&! G#$! #*! T$A2794A%2$,,#942! 24$*52#7#$,2! J$,G$%! UE%%$%! `!
T(UA*$%25,S#6*$&! "$,+$S#6*$&! IA7#U96#X7&! 1X#$6S#6*$:! <$7(%G$,7! 5%! G$%! N#2$,52A,A%2$,,#942! U5%%!
*5%! *#2! G$*! 1X#$6S#6*! BA2! 5%7946#$f$%:! ;%U%aXS$%! U5%%! *5%! 4#$,! 8:! <:! 5%! @,8Y46X$,7X$U2#)$%&! G#$!
A%2$,794#$G6#94$%!;,2$%!G$,!'5,,52#(%&!M#U2#(%!O!"#,U6#94U$#2&!G$%!=$V27(,2$%+$B,#SS!A7J:!@#%!=$#6!G$,!
T$A2794G#G5U2#U! 72$662! G#$! '5,,52#(%! 567! $%2794$#G$%G$! \$*$#%75*U$#2! #%! G$%! I#22$6XA%U2:! 3*!
T$A2794A%2$,,#942! J$,G$%! G#$! A%2$,794#$G6#94$%! ;,2$%! G$7! @,8Y46$%7! #%! G$%! G,$#! 6#2$,5,#794$%!
\522A%B$%! @X#U&! Nc,#U! A%G! T,5*5! 24$*52#7#$,2:! ;A94! +$#*! M#6*! #72! G#$! ;,2! G$7! @,8Y46$%7! $#%!
Z5AX257X$U2:!@#%#B$!;A2(,3%%$%!$,J$#2$,%!G#$!6#2$,5,#794$!\522A%B72,#57!A%G!#%2$B,#$,$%!M#6*!567!$#%$!
J$#2$,$!1X#$65,2!G$,!'5,,52#(%:!i[B6:!8:!<:!W$X7$,&!-..L&!1:!-Cj!

1$#2$!14!
;%G$,$! G,a9U$%! 5A7&! G577! $#%$! $#%S594$! @,J$#2$,A%B! G$,! 6#2$,5,#794$%! \522A%B$%! A*! G$%! M#6*! 8A!
J$%#B! 7$#:! T$*! I$G#A*! M#6*! UE%%$! *5%! 5AS! G#$7$! ;,2! %#942! B$,$942! J$,G$%&! J$#6! G#$!
\$*$#%75*U$#2$%! 8A! g$G$,! G$,! 6#2$,5,#794$%! \522A%B$%! %A,! a+$,J#$B$%&! J$%%! (+$,S6Y946#94$!
I5f72Y+$!5%B$6$B2!J$,G$%:!;%!$#%$*!<$#7X#$6!J#,G!G57!G$A26#94:!T$,!h%2$,794#$G!8J#794$%!=4$52$,!
A%G!M#6*! #72&!G577!G$,!M#6*! J$G$,! a+$,!$#%$%!,$56$%! >5A*!)$,SaB2&!#%!G$*! B$7X#$62! J#,G&!%(94!a+$,!
5%J$7$%G$! 1945A7X#$6$,3%%$%&! G#$! 7X#$6$%:! 3*! M#6*! *A77! G$,! >5A*! 5AS! G$,! N$#%J5%G! 4$,B$72$662!
J$,G$%:! T#$! D$,7(%$%! 7#%G! $+$%S5667! D,(g$U2#(%$%:! @7! J#,G! ]566$7&! 5+$,! 5A94! J#,U6#94! 566$7&! 8A*!
e$#94$%_!iW$,%&!-./-&!1:!-/Rj:!I$4,!r4%6#94U$#2$%!B#+2!$7!*#2!G$%!$X#794$%!@,8Y46S(,*$%:!T(94!5A94!
4#$,! a+$,J#$B$%! G#$! h%2$,794#$G$:! @#%! $,4$+6#94$,! h%2$,794#$G! 6#$B2! 8:! <:! #%! G$,! 3%2$%7#2Y2! G$,!
S#6*#794$%!e$#94$%&!G#$!>$56#7*A7!7ABB$,#$,$%:!!
T#$!W(%7$kA$%8$%!G#$7$,!T#SS$,$%8!Sa,!G$%! N#2$,52A,A%2$,,#942!J$,G$%! )(%!D$2$,! ?4,#72(X4!W$,%!567!
J$#2,$#94$%G!+$794,#$+$%:!@7!U5%%!%#942!A*!G#$!@,J$#2$,A%B!G$,!6#2$,5,#794$%!\522A%B$%!B$4$%&!J$#6!
#*! ?(*XA2$,8$#2562$,! Y724$2#794$! W(**A%#U52#(%! %#942! *$4,! GA,94! G57! <A94&! 7(%G$,%! *$G#56! )(,!
7#94!B$42d!!
@7! +$G5,S! $#%$,! h*(,#$%2#$,A%B! 4#%7#9426#94! G$,! Y724$2#794$%! W(*X$2$%8:! T$,! M#6*! J#,G! 8A*!
A%)$,8#942+5,$%!;,+$#27*52$,#56&!G$,!g5!7$#%$,!12,AU2A,!%594!$#%!*A62#*$G#56$7!D5U$2!#72&!%#942!%A,!J$#6!
$,! B$794,#$+$%$7! A%G! B$7X,(94$%$7! "(,2&! \$,YA794! A%G! IA7#U&! <#6G&! M(,*! A%G! M5,+$! 7c%24$2#7#$,2&!
7(%G$,%! J$#6! $,! )$,*#22$67! G$,! D,(GAU2#(%7`! A%G! >$8$X2#(%75XX5,52A,! G#$! Sa,! G$%! +#74$,#B$%!
=$V2+$B,#SS! U(%72#2A#$,$%G$! 1#%%U(%7#72$%8! A%G! `6#%$5,#2Y2! GA,94! $#%$! G#7U(%2#%A#$,6#94$!
1#%%5UUA*A652#(%!A%G!`)$,%$28A%B!$,7$282:!iW$,%&!-./-&!1:!-/Lj!
@,! +$2(%2&! G577! G#$! *A62#*$G#56$! <$7(%G$,4$#2! G$7! M#6*7! $#%$,! S#6*7X$8#S#794$%! 7$*#(2#794$%!
;AS5,+$#2A%B! +$G5,S! A%G! S(,G$,2! U(%7$kA$%2! $#%$! ]S#6*#794$! 1$4794A6$_! iW$,%&! -./-&! 1:! --.j:! T#$!
S#6*7X$8#S#794$! <$45%G6A%B! G$7! M#6*7! #72! %(2J$%G#B&! J$#6! G$,! M#6*! 5A7! e$#94$%! +$72$42&! G#$! X,#*Y,!
]5AB$%`!A%G!(4,$%SY66#B_!iW$,%&!-./-&!1:!--Cj!7#%G!A%G!7(*#2!7X,5946#94!%#942!)$,*#22$6+5,!7#%G:!D$2$,!
?4,72(X4! W$,%!+$794,$#+2&!G577!G57!@,8Y46$%! #%!S#6*#794$%! <#6G$,%!$#%$%!SA%G5*$%256$%!"$947$6!#*!
M(UA7!+$G$A2$2&!J$#6!$7!7#94!A*!$#%!e$#94$%7c72$*!45%G$62&!G57!*#2!<#6G$,%!A%G!=E%$%!5,+$#2$2:!!
;A94! 5%G$,$! ;A2(,3%%$%! +$2(%$%! *$4,! G#$! h%2$,794#$G$! 8A! G$%! 6#2$,5,#794$%! \522A%B$%! 567! G#$!
\$*$#%75*U$#2$%!G5*#2:!H(594#*!DS$#SS$,!A%G!I#945$6!125#B$,!(,2$%!G#$!T$S#8#2$!G$,!M#6*)$,*#226A%B!
$2J5!#%!G$,!*5%B$6%G$%!>$S6$V#(%!G$,!)#7A$66$%!WA62A,:!i[B6:!DS$#SS$,!O!125#B$,&!-..P&!1:!-j!W5*X!A%G!
>a7$6! )$,B6$#94$%! 8A*! <$#7X#$6! ]$#%$! T$A27946$4,$,#%&! G#$! %A%! X6E286#94! G57! =4$*5! sM#6*#794$7!!
@,8Y46$%t!+$45%G$6%!*A77!i:::j!*#2!$#%$,!N$4,$,#%!Sa,!I524$*52#U&!G#$!#*!D4c7#UA%2$,,#942!$#%B$7$282!
J#,G:! ;A94! J$%%! S#6*#794$! A%G! 6#2$,5,#794$! 12,AU2A,$%! \$*$#%75*U$#2$%! 5ASJ$#7$%&! A%2$,794$#G$%!
7#94!#4,$!e$#94$%7c72$*$!G(94!B,A%G7Y286#94:_!i!W5*X!O!>a7$6&!1:!Lj!!

XIX *:;>5336L>A9852A92!
=,(28! G$,! \$B$%JY,2#BU$#2! +$J$B2$,! <#6G$,! #%! G$%! I$G#$%! A%G! 2,(28! G$,! "#942#BU$#2! G$7! M#6*7! Sa,!
gA%B$! I$%794$%! B#+2! $7! #%! G$,! 194A6$! U$#%$! 5GYkA52$! <$794YS2#BA%B! G5*#2:! T$,! <$B,#SS!
I$G#$%U(*X$2$%8! J#,G! #%! G$,! H3I`12AG#$! -./-! 5A77946#$f6#94! 5AS! G#$! '$A$%! I$G#$%! +$8(B$%! A%G!
G5+$#! #%! 8J$#! eA75**$%4Y%B$! B$72$662:! T57! ;AB$%*$,U! 6#$B2! $#%$,7$#27! 5AS! G$,! 2$94%#794$%!
<$4$,,794A%B!G$7!?(*XA2$,7!A%G!5%G$,$,7$#27!5AS!G$*!i,#942#B$%j!h*B5%B!*#2!G$%!'$A$%!I$G#$%:!
T#$! ?45%9$%! A%G! )(,! 566$*! G#$! >#7#U$%! G$,! I$G#$%%A28A%B! J$,G$%! 24$*52#7#$,2:! F+J(46! G#$!
5662YB6#94$! D,Y7$%8! +$J$B2$,! <#6G$,! G$A26#94! J#,G&! B$42! $7! 5%! U$#%$,! 12$66$! A*! M#6*! 567! )#7A$66$!
W(**A%#U52#(%!A%G!WA62A,!G$7!1$4$%7:!!
T#$! ;,2! G$,! M#6*)$,*#226A%B! B$42! 5%! G$%! 194a6$,3%%$%#%2$,$77$%! )(,+$#:! =4$(,#$6572#B$!
h%2$,,#9427B$72562A%B! a+$,J#$B2&! S#6*#794$! Z5%G6A%B7(,#$%2#$,A%B! 8:! <:! G57! 1$6+724$,72$66$%! )(%!
I$G#$%X,(GAU2$%! 72$42! 794A6#794! #*! Z#%2$,B,A%G:! T#$7$7! T$S#8#2! G$,! 4YAS#B! +$(+5942$2$%!
[$,%5946Y77#BA%B!S#6*#794$,!<#6G$,!*E942$!#94!*#2!*$#%$*!h%2$,,#9427)(,45+$%!+$5,+$#2$%:!h*!G#$!
Z5%G6A%B7X56$22$! G$,! HAB$%G6#94$%! #*! h*B5%B! *#2! G$%! '$A$%! I$G#$%! 8A! $,J$#2$,%&! *E942$! #94!

1$#2$!15!
GA,94! G#$! @#B$%X,(GAU2#(%! )(%! M#6*$%! #*! h%2$,,#942! G$%! 5U2#)$%! h*B5%B! *#2! G$%! 5AG#()#7A$66$%!
I$G#$%!A%2$,72a28$%:!!
T#$!5%!*$#%$*!194A6725%G(,2!BY%B#B$!h%2$,,#9427X,5V#7!8A*!<$,$#94!M#6*!#*!T$A2794A%2$,,#942!G$9U2!
7#94! *#2! G$*! #%! G$,! G$A2794G#G5U2#794$%! N#2$,52A,! +$794,#$+$%$%! 1252A7! qA(d! 3*! ;%7946A77! 5%! G#$!
B$*$#%75*$! N$U2a,$! $#%$7! <A94$7! J#,G! G#$! N#2$,52A,)$,S#6*A%B! B$8$#B2:! I5%! 452! 7#94! GA,94! G#$!
N$U2a,$!GA,94B$*a42&!A%G!U(**2!$%G6#94!8A*!6A72)(66$%&!$%27X5%%$%G$%!=$#6!`!%#942!8A6$282!J$#6!G#$!
[$,S#6*A%B!8J$#! h%2$,,#942772A%G$%! #%! ;%7X,A94!%#**2! A%G!7(*#2! $#%$! J#66U(**$%$!;+J$9476A%B!
#*! 7(%72! )(%! U(B%#2#)$%! 3%4562$%! G(*#%#$,2$%! 194A625B! G$,! HAB$%G6#94$%! #72:! T#$! 5+7946#$f$%G$!
h%2$,,#94275,+$#2! +$794,Y%U2! 7#94! *$#72! 5AS! $#%! )(*! N$4,$,b)(%! G$,! N$4,$,#%! *(G$,#$,2$7!
h%2$,,#9427B$7X,Y94&! #%! G$*! #%45626#94$! ;+J$#94A%B$%! G$,! +$#G$%! T5,+#$2A%B7S(,*$%! S$72B$72$662!
A%G! +$794,#$+$%! J$,G$%:! T5+$#! U(**2! $7! 5A94! #%! *$#%$*! h%2$,,#942! *$#72! 8A! $#%$,! ;ASJ$,2A%B!
+8J:!;+J$,2A%B!$#%$,!G$,!+$#G$%!T5,+#$2A%B7S(,*$%:!T5*#2!J5,!#94!794(%!65%B$!A%8AS,#$G$%:!TA,94!
G#$! <$794YS2#BA%B! *#2! G$,! G#G5U2#794$%! N#2$,52A,! #72! *#,! U65,$,! B$J(,G$%&! G577! #94! G#$! ;,2! G$,!
M#6*)$,*#226A%B! B,A%G7Y286#94! 5%G$,7! B$72562$%! *A77&! J$%%! #94! G#$! @#B$%72Y%G#BU$#2! G$7! I$G#A*7!
M#6*!)$,*#22$6%!J#66:!!
394!J$,G$!*$#%$%!<6#9U!567(!5AS!G#$!h%2$,794#$G$!8A!G$%!6#2$,5,#794$%!\522A%B$%!,#942$%&!A*!G57!8A!
S577$%&! J57! %A,! M#6*! 6$#72$%! U5%%:! T#$! ;%7946A77SY4#BU$#2! 5%! G$%! N#2$,52A,A%2$,,#942! 7(66! GA,94! G$%!
M(UA7! 5AS! 1X#$6S#6*$! B$B$+$%! 7$#%:! "57! G#$! \$72562A%B7*#22$6! +$2,#SS2&! B$42! $7! *#,! G5,A*&! A6+6("!
S#6*7X$8#S#794$!MY4#BU$#2$%!8A!)$,*#22$6%:!
T57! u+$,J#$B$%! 24$(,$2#794`U(B%#2#)$,! h%2$,,#9427U(%8$X2$! 6Y772! 7#94! 5A94! #%! G$,!
G$A2794G#G5U2#794$%!N#2$,52A,!+$(+5942$%:!<$#!G$,!M#6*5%56c7$!+6$#+2!G#$!M594G#G5U2#U!*$#72!72$4$%:!
"$%%! 45%G6A%B7(,#$%2#$,2$! h%2$,,#9427)(,7946YB$! X,Y7$%2#$,2! J$,G$%&! 7#%G! 7#$! a+$,J#$B$%G! #*!
*a%G6#94$%&!794,#S26#94$%!(G$,!78$%#794$%!<$,$#94!5%B$7#$G$62:!i[B6:!W$X7$,&!-./.j![$,$#%8$62!B#+2!$7!
45%G6A%B7(,#$%2#$,2$!S#6*#794$!W(%8$X2$:!"$%%!$7!A*!G#$!TA,94Sa4,+5,U$#2!#*!h%2$,,#942!B$42&!J#,G!
566$,G#%B7! 4YAS#B! 5AS! G#$! SY94$,a+$,B,$#S$%G$! eA75**$%5,+$#2! *#2! G$%! MY94$,%! WA%72! i<#6G%$,#794$!
@,8#$4A%Bj!A%G!IA7#U!)$,J#$7$%:!!
T#$! G$A2794G#G5U2#794$! N#2$,52A,! 8A*! =4$*5! M#6*! 452! Sa,! *#94! $#%#B$! M,5B$%! 5ASB$J(,S$%d! "57! #72!
G57! 7X$8#S#794! M#6*#794$v! "57! +$#%4562$%! G#$! W(*X$2$%8+$B,#SS$! 8A*! <$,$#94! M#6*! J#$! 8:! <:!
I$G#$%U(*X$2$%8! A%G! 1X#$6S#6*U(*X$2$%8v! "$694$! 7$*#(2#794$%! I(G$66$! B#+2! $7&! A*! M#6*! 8A!
+$794,$#+$%v! I#2! J$694$*!=$V2+$B,#SS! J#,G!B$5,+$#2$2v!h*!G#$7$!SA%G5*$%256$%!M,5B$%!8A! U6Y,$%&!
J$,G$! #94! *#94! #*! M(6B$%G$%! $#%B$4$%G$,! G5*#2! +$794YS2#B$%&! J#$! M#6*! #%! G$%! "#77$%7945S2$%!
+$45%G$62! J#,G:! "$#6! $7!+$#!*#,!A*!G57!7X$8#S#794!M#6*#794$!B$4$%!7(66&! *E942$!#94!4$,5A75,+$#2$%&!
J(,#%!G#$!J$7$%26#94$!T#SS$,$%8!8A*!<A94*$G#A*!+$72$42:!!
!

1$#2$!16!
Z "#$%!#-!&'-!W#**'-*+,C")'-!!
3%!G#$7$*!W5X#2$6!7(66!%Y4$,!+$6$A942$2!J$,G$%&!J$694$!J#77$%7945S26#94$%!T#7UA,7$!$7!A*!G$%!M#6*!
B#+2:! @7! B#62! M#6*! 567! $#B$%$7! I$G#A*! $,%72! 8A! %$4*$%:! h*! G#$7$*! ;%7X,A94! B$,$942! 8A! J$,G$%&!
*E942$!#94!4$,5A7S#%G$%&!J57!G57!1X$8#S#794$!G$7!I$G#A*7!M#6*!5A7!G$,!1#942!G$,!"#77$%7945S2$%!#72:!
T5+$#! *A77! 5A94! G$,! ,5G#U56$! "$947$6! )(*! 194,#S26#94$%! 8A*! <#6G6#94$%&! G$,! 7#94! #%! A%7$,$,!
\$7$667945S2! )(668(B$%! 452&! B$%5A$,! #%! G$%! <6#9U! B$%(**$%! J$,G$%:! "$#6! #*! 194A6+$,$#94! A%G! #*!
M594! T$A2794! M#6*! 8A*! M$6G! G$,! I$G#$%! B$8Y462! J#,G&! 4562$! #94! $7! Sa,! J#942#B&! G$%! <$B,#SS! I$G#A*!
A%G! G#$! G5*#2! $#%4$,B$4$%G$%! D5,5G#B*$%J$947$6! %Y4$,! 8A! +$6$A942$%:! ;+7946#$f$%G! B$42! $7! #%!
G#$7$*! W5X#2$6!G5,A*&! J#$!7#94!5A7!G#$7$%!24$(,$2#794$%! \,A%G65B$%! $#%!W(*X$2$%8+$B,#SS!Sa,!G$%!
M#6*!5+6$#2$%!6Y772:![(,5%B$72$662!7#%G!%(94!$#%#B$!\,A%G+$B,#SS$!G$7!M#6*7:!

ZIQ &98!G9A8166!"1>U!
%/4981/>!
h,7X,a%B6#94!+$8$#94%$2!M#6*!G#$!Ga%%$&!6#942$*XS#%G6#94$!<$794#942A%B!$#%$7!e$66A6(#G72,$#S$%7:!T57!
5A7! G$*! @%B6#794$%! 725**$%G$! "(,2! M#6*! 4$#f2! ]Ga%%$! 194#942_:! iW6AB$&! -..-&! 1:! -R0j! @#%! 65%B$,&!
*5B%$2#794!+$794#942$2$,! ! WA%7272(SS`12,$#S$%! #72! G57! 1X$#94$,*$G#A*!G$,!5%56(B$%!M#6*X,(g$U2#(%:!
T#$!e$66A6(#G`M#6*7XA6$!J#,G!5A94!4$A2$!%(94!#*!W#%(!+$%A282:!3**$,!4YAS#B$,!J#,G!7#$!g$G(94!GA,94!
G#B#256$! 1X$#94$,*$G#$%! $,7$282&! +$#! G$%$%! G#B#256$! 1#B%56$! 5AS! T[T7&! M$72X6522$%! (G$,! M6574`W5,2$%!
B$7X$#94$,2!J$,G$%:!
G9?9A52A31>>531L2!
h%5+4Y%B#B!)(*!1X$#94$,*$G#A*!+$8$#94%$2!G$,!<$B,#SS!M#6*!+$J$B2$!<#6G$,:!TA,94!G#$!=,YB4$#2!G$7!
*$%7946#94$%!;AB$7!)$,794*$68$%!@#%8$6+#6G$,&!G#$!,5794!%594$#%5%G$,!X,(g#8#$,2! J$,G$%&!8A! $#%$*!
U(%2#%A#$,6#94$%!;+65AS:!;+!$#%$,!<#6GS,$kA$%8!)(%!95:!/-!<#6G$,%!X,(!1$UA%G$!$,6$+$%!J#,!G$%!;+65AS!
G$,!<#6G$,!567!<$J$BA%B&!5+!95:!/K!`!/P!<#6G$,%!X,(!1$UA%G$!%$4*$%!J#,!G#$7$!567!S6a77#B!J54,:!]H$G$!
<#6G5+S(6B$&!G#$!567!S6a77#B$!<$J$BA%B!$,794$#%2&!U5%%!4$A2$!A%5+4Y%B#B!)(*!)$,J$%G$2$%!I$G#A*!
567!M#6*!+$8$#94%$2!J$,G$%:_!!i1X#$6*5%%&!-.//&!1:!//j!
C5=1LE1359>>93!%9=15U!
M#6*! #72! $#%! 5AG#()#7A$66$7! I$G#A*! `! (S2! 5+B$Ua,82! 567! ;[`I$G#A*! +$8$#94%$2:! @,! )$,+#%G$2! G57!
5AG#2#)$! A%G! G57! )#7A$66$! e$#94$%7c72$*:! T57! [#7A$66$! 6Y772! 7#94! GA,94! 7X$8#S#794$! W,#2$,#$%!
+$794,$#+$%:! <#6G6#94$! ;%56c7$U52$B(,#$%! 7#%Gd! ! @#%72$66A%B7B,Ef$&! W5*$,5X$,7X$U2#)$&! M5,+$&!
M(,*52&! N#942&! W(*X(7#2#(%&! T$%(252#(%bW(%%(252#(%&! W5*$,5+$J$BA%B$%&! 194%#22! A%G! I(%25B$:!
;AG#2#)$7! U5%%! #*! M#6*! 567! 1(A%G2,59U&! \$,YA794! A%G! B$7X,(94$%$! 1X,594$! )(,U(**$%! A%G!
A%5+4Y%B#B! )(%! G$%! +#6G6#94$%! @6$*$%2$%! A%2$,7A942! J$,G$%:! M,$G$U#%B&! W,(**$,! A%G! I5#J56G7!
T$S#%#2#(%! 65A2$2d! ];[`I$G#$%! 6577$%! 7#94! 5A7! 2$94%#794! $,8$AB2$%! [$,+#%GA%B$%! )(%! i#%! G$,! >$B$6j!
+$J$B2$%!<#6G$,%!A%G!=E%$%!+$B,$#S$%:_!iM,$G$U#%B!O!W,(**$,!O!I5#J56G&!-./-&!1:!/CQj!=,(28!G$,!
<$794,Y%UA%B! 5AS! G#$! 2$94%#794$! @,8$ABA%B! G$,! <#6G$,! A%G! =E%$! B#+2! $7! $#%$! +,$#2$! D56$22$! 5%!
5AG#()#7A$66$%!I$G#$%:!
"1>U13:;9!J92893!
M#6*! +$8$#94%$2! )#$6$! A%2$,794#$G6#94$! ;,2$%! +$J$B2$,! <#6G$,! 8:! <:! 1X#$6S#6*$&! T(UA*$%25,S#6*$&!
M$,%7$47$%GA%B$%!$29:!J$694$!J#$G$,A*!$#%$![#$68546!7X$8#$66$,!\$%,$7!A*S577$%:!I#945$6!W65%2!452!
G#$!8546,$#94$%!M#6*5,2$%!7c72$*52#7#$,2:!T$,!5+B$+#6G$2$!M#6*U(*X577&!G$,!8A,!@#%(,G%A%B!G$7!M#6*7!
7(! B$G,$42! J$,G$%! 7(662$&! G577! G#$! 8A2,$SS$%G$%! <$B,#SS$! a+$,$#%5%G$,! 72$4$%&! )$,G$A26#942! G#$!
[#$6S562!G$7!<$,$#947!M#6*!*#2!566!7$#%$%!I#794S(,*$%:!i[B6:!W65%2!O!1X#$6*5%%&!-..P&!1:-/j!
!
!!

1$#2$!17!
!

!
;++:!Ld!M#6*U(*X577!%594!$#%$*!W6577#S#U52#(%7*(G$66!*#2!P!;7X$U2$%!iqA$66$d!W65%2!O!1X#$6*5%%&!
-..P&!1:-/j!
M#6*!#72! $#%!a+$,!4A%G$,2!H54,$!562$7! I$G#A*:!T$,! $,72$!i12A**jM#6*! #72!@%G$!G$7!/R:!H54,4A%G$,27!
$%2725%G$%&! G$,! =(%S#6*! /R-Q:! h%B$SY4,! A*! G#$7$6+$! e$#2! 7#%G! G#$! $,72$%! 5AG#()#7A$66$%!
M$,%7$4a+$,2,5BA%B$%! B$B6a9U2:! '594! G$*! 8J$#2$%! "$62U,#$B! #72! M$,%7$4$%! 8A*! I577$%*$G#A*!
B$J(,G$%:! Z$A2$!7#%G!+$J$B2$! <#6G$,!#*! *A62#*$G#56$%![$,+A%G! *#2!794,#S26#94$%&!5UA72#794$%!A%G!
)#7A$66$%!3%S(,*52#(%$%!$#%!%#942!*$4,!J$B8AG$%U$%G$,!<$725%G2$#6!A%7$,$,!I$G#$%65%G7945S2:!!

1$#2$!18!
ZIS "1>U?133923:;/64!
[(%!;%S5%B!5%!B5+!$7!8J$#!U(%2,Y,$!;ASS577A%B$%!)(%!M#6*!`!$#%$!,$56#72#794$&!G#$!;+6YAS$!*EB6#9472!
J#,U6#94U$#27%54$! 5+8A+#6G$%! )$,7A942$&! A%G! $#%$! S5%2572#794$! 12,E*A%B&! G#$! G5)(%! 5A7B#%B&! G577!
M#6*!$#%$%!G5,a+$,!4#%5A7B$4$%G$%!Ua%726$,#794$%!"$,2!+$7#282:!i[B6:!1X#$6*5%%&!-../&!1:!/0j!T#$7$!
+$#G$%! 12,E*A%B$%! $V#72#$,2$%! X5,566$6! 8A$#%5%G$,! A%G! 5,+$#2$2$%! B$B$%$#%5%G$,:! T$,!
\,A%G752872,$#2! J5,!%#942!%$A:!1$#2!G$,! @,S#%GA%B!G$,!M(2(B,5S#$!A*!G#$! I#22$!G$7! /R:! H54,4A%G$,27!
B5+! $7! #4%! 8J#794$%! M(2(B,5S#$! A%G! I56$,$#:! 3%! G$,! M#6*J#77$%7945S2! JA,G$! G$,! 12,$#2! +6(f!
J$#2$,B$Sa4,2:! @,72! GA,94! G$%! @#%S6A77! 5%G$,$,! "#77$%7945S2$%! U(%%2$! G#$! M#6*24$(,#$! 5A7! G$,!
65%BgY4,#B$%!T$+522$&!(+!M#6*!T(UA*$%252#(%!G$,!"#,U6#94U$#2!(G$,!WA%72!7$#&!5A772$#B$%:!

ZISIQ $12A51341@!52=!*9U1L41@!
ZISIQIQ "1>U!/>3!*D8/:;9!!
N#%BA#72$%! A%G! 1$*#(2#U$,! 6#$S$,2$%! #%! G$%! /RK.$,! H54,$%! $%2794$#G$%G$! 3*XA67$&! #%G$*! 7#$!
$*X#,#794`G$7U,#X2#)$! [$,S54,$%! #%! G#$! M#6*24$(,#$! $#%+,5942$%:! i[B6:! ;6+$,7*$#$,&! -..-&! 1:/Cj! 1#$!
B5+$%! G$,! ;A7$#%5%G$,7$28A%B! $#%$! $%2794$#G$%G$&! %$A$! <6#9U,#942A%B:! T#$! <$794,$#+A%B! G$7! M#6*7!
JA,G$!8A*!8$%2,56$%!;%6#$B$%:!!
T57![$,+#%G$%G$!G$,!G$7U,#X2#)$%! ;%7Y28$! #72!G#$! W52$B(,#$!G$,! H,*645"!`! J$%%!5A94!5AS!S#6*#794$,!
@+$%$:! r4%6#94! $#%$,! 6#%BA#72#794$%! ;%56c7$! B#%B! $7! G5,A*&! G$%! M#6*! #%! 7$#%$! $#%8$6%$%!
S#6*7X,5946#94$%! ;%2$#6$! 8A! 8$,6$B$%&! $V5U2! 8A! 5%56c7#$,$%! A%G! G5GA,94! $#%$%! eAB,#SS! 5AS! G#$!
<$G$A2A%B!G$7!M#6*7!8A!+$U(**$%:!T#$7$!*$24(G#794$!<$794,Y%UA%B!4(62$!G#$!M#6*J#77$%7945S2$%!
5A7! $#%$*! eA725%G! G$7! A%X,(GAU2#)$%! 12#66725%G7! 4$,5A7:! T#$! $%2794$#G$%G$! @,U$%%2%#7! J5,&! G577!
M#6*!%594!$#B$%$%!>$B$6%!SA%U2#(%#$,2!A%G!7#94!$#B$%$,!\$72562A%B7*#22$6!+$G#$%2:!!
T$,! '5942$#6! J5,&! G577! *#2! G$,! ;%56c7$! B6$#948$#2#B! $#%$! u+$,%54*$! )(%! 1X,594)(,72$66A%B$%!
$#%4$,B#%B:! [(%! *$4,$,$%! ! ;A2(,$%! i)B6:! 8:<:! ;6+$,7*$#$,! -..-&! W65%2! O! 1X#$6*5%%&! -..Pj! J#,G! 5AS!
G#$! D,(+6$*52#U! G$7! <$B,#SS7! _M#6*7X,594$_! 4#%B$J#$7$%:! 3,,$Sa4,$%G! #72! G#$7$,! ;A7G,A9U! G$7456+&!
J$#6!7#94!6#%BA#72#794$! <$B,#SS6#94U$#2$%!%#942!`! J#$!G#$!<$8$#94%A%B!SY67946#94$,J$#7$!%54$6$B2!`! $#%7!
8A! $#%7! 5AS! G$%! M#6*! a+$,2,5B$%! 6577$%:! ;%! $#%$*! <$#7X#$6! J#,G! G57! 794%$66! G$A26#94d! T$,! <$B,#SS!
@#%72$66A%B!#72!$#%!S#6*#794$,!M5942$,*#%A7&!G$,!G#$!1A**$!G$,!@#%8$6+#6G$,!(4%$!h%2$,+,$94A%B!)(%!
$#%$*!194%#22!+#7!8A*!%Y9472$%!194%#22!!+$8$#94%$2:!i[B6:!;++:!Pj!T#$!@#%72$66A%B!B#62!567!G#$!]U6$#%72$!
A%2$,794$#G+5,$!A%G!+$G$A2A%B72,5B$%G$!@#%4$#2!G$7!M#6*7:_!iW5*X!O!>a7$6&!-.//&!1:/0j!
!

!
;++:!Pd!T#$!M#6**(%25B$!A%G!#4,$!@6$*$%2$!iqA$66$d!W65%2!O!1X#$6*5%%&!-..P&!1:!/-Pj!
@%2794$#G$%G! #72&! G577! "E,2$,! %#942! B6$#94+$G$A2$%G! *#2! @#%72$66A%B$%! 7#%G! A%G! 1Y28$! %#942! *#2!
1$kA$%8$%!B6$#94B$7$282!J$,G$%!UE%%$%:!194(%!G$,!M#6*7$*#(2#U$,!?4,#72#5%!I$28!452!#%!G$,!/RK.$,!
H54,$%! S$72B$72$662&! G577! ]G#$! e546! G$,! *EB6#94$%! @#%72$66A%B$%! A%$%G6#94! #*! \$B$%7528! 8A! G$,! e546!
G$,! "E,2$,! $#%$,! 1X,594$! #72:_! iI$28&! /RKP&! 1:! 0-Rj! T#$! S#6*#794$! @#%72$66A%B! Y4%$62! 65A2! I$28! $4$,!
$#%$,! B$75*2$%! )$,+567X,5946#94$%! rAf$,A%B! A%G! %#942! $#%$*! +6(f$%! "(,2:! @7! B#+2! J$#2$,$!

1$#2$!19!
+$G$A275*$!h%2$,794#$G$!8A,!1X,594$:!@#%72$66A%B$%!7#%G!8:!<:!)(*!M#6*$*594$,!$,SA%G$%&!JY4,$%G!
G#$!"E,2$,!+$,$#27!#%!$#%$*!N$V#U(%!$V#72#$,$%:!i[B6:!I$28&!/RKP&!1:!0-Rj!eA7Y286#94!#72!$#%$!@#%72$66A%B!
)(%!$#%$,![#$68546!S#6*#794$,!\$72562A%B7*EB6#94U$#2$%!*#2+$72#**2:!T57!7#%G!8:!<:!<$6#942A%B&!T5A$,!
G$,! @#%72$66A%B&! M5,+B$+A%B&! W5*$,5X$,7X$U2#)$&! @#%72$66A%B7B,Ef$&! M#BA,$%+$J$BA%B&!
W5*$,5+$J$BA%B!$29:!@7!J#,G!7$4,!G$A26#94&!G577!*5%!.'(=&6(+&H,*645"!!%A,!*$25X4(,#794!5ASS577$%!
U5%%!A%G!G#$!u+$,2,5BA%B!6#%BA#72#794$,!@#%4$#2$%!%A,!7$4,!(+$,S6Y946#94!SA%U2#(%#$,2:!

ZISIQIS "1>U!/>3!+L=9!
T#$!1$*#(2#U!6#$S$,2$!$#%$!5%G$,$!<$B,#SS6#94U$#2!567!G#$!N#%BA#72#U:!h*+$,2(!@9(!567!1$*#(2#U$,!452!G$%!
<$B,#SS! ]S#6*#794$,! ?(G$_! i@9(&! /RKP&! 1:! 0.Qj! B$X,YB2:! Z#$,! J#,G! G#$! 'Y4$! 8A,! 1X,594$! +$JA772!
)$,*#$G$%:!@9(!*$#%2!5A7G,a9U6#94!$#%$%!5Af$,7X,5946#94$%!W(**A%#U52#(%79(G$:!i[B6:!@9(&!/RKP&!1:!
0.Kj!@,! B$42!G5)(%!5A7&!G577!7#94! <#6G$,!A%G!+$J$B2$!<#6G$,!%#942!5AS!1X,594$!8A,a9USa4,$%! 6577$%&!
7(%G$,%!G577!7#$!7$6+72Y%G#B$!e$#94$%7c72$*$!*#2!#4,$%!$#B$%$%!7X$8#S#794$%!?(G$7!7#%G:!T57!4$#f2&!
G577! S#6*#794$! e$#94$%! %594! #4,$%! $#B$%$%! >$B$6%! (,B5%#7#$,2! 7#%G! A%G! $#%$! $#B$%$! ;,2! G$,!
W(**A%#U52#(%!+$7#28$%&!G#$!%#942!5%56(B!8A,!)$,+56$%!1X,594$!#72:!!
T$,!<$B,#SS!V1)"!+$#%4562$2!;3(%3*"(("&V1)"+!i8:!<:!B$7$667945S26#94!2,5G#$,2$7![$,4562$%j&!;G-+%("*'+45"&
V1)"+&!G#$!5A94!#%!5%G$,$%!WA%72S(,*$%!)(,U(**$%!i8:!<:!+$#*!=4$52$,j!A%G!<'(=+,"/'<'+45"&V1)"+!
i8:! <:! W5*$,5&! I(%25B$j:! @#%! e$#94$%! +$7#282! 567(! *$4,$,$! T#*$%7#(%$%&! J(+$#! G$,! M#6*! $#%$!
7X$8#S#794$!M(,*!A%G!;,2!G$7!@,8Y46$%7!452&!G#$!$#%$!7X$8#S#794$!M(,*!G$,!;AS5,+$#2A%B!)$,65%B2:!!
TA,94! G#)$,7$! \$72562A%B7*#22$6! J$,G$%! G#$! S#6*#794$%! e$#94$%! 41)'"*%&! 567(! )$,7946a77$62&! A*! )(*!
<$2,5942$,! J#$G$,! )"41)'"*%&! 567(! $%27946a77$62&! 8A! J$,G$%:! @9(! A%2$,794$#G$2! 5A94! 8J#794$%!
S#6*#794$*! A%G! U#%$*52(B,5S#794$*! ?(G$:! @,! *$#%2! *#2! <'(='+45"=& V1)"! G57! S#6*#794$! <#6G&! G57!
$#B$%$%! @,8Y46,$B$6%! G$,! W(**A%#U52#(%! S(6B2:! T$,! S#6*#794$! ?(G$! #72! G#$! \,A%G65B$! Sa,! G$%!
U#%$*52(B,5S#794$%! ?(G$&! G$,! G57! U(*X6$V$! \$SaB$! *$4,$,$! ?(G$7! +$#%4562$2:! "$#6! S#6*#794$!
e$#94$%!8A75**$%!!J#,U$%!A%G! *#2$#%5%G$,!1#%%! $,8$AB$%&!$%272$42!+$#*! <$2,5942$,!G$,!@#%G,A9U&!
G$,!M#6*!7$#!J#,U6#94U$#27B$2,$A!A%G!B65A+45S2&!(+J(46!$,!U(%72,A#$,2!#72:!
M#6*#794$!?(G$7!7#%G!G#$!G$*!M#6*!$#B$%$%!;,+$#27S$6G$,:!T$,!S#6*#794$!h*B5%B!*#2!e$#2&!>5A*!A%G!
<$J$BA%B! 7945SS2! $#%$! <#6GY724$2#U&! G#$! g$%7$#27! G$,! 1X,594$! 6#$B2! A%G! G#$! <#6G2,5G#2#(%$%! 7945SS2:!
<#6GS#%GA%B$%! B,(f$,! M#6*$! J$,G$%! ,$8#X#$,2! A%G! 567! <#6GS(6B$%! #%! %594S(6B$%G$%! M#6*$%! 8#2#$,2:! 1#$!
45+$%! GA,94! #4,$! +#6G6#94$! 1ABB$72#(%7U,5S2! ]@#%S6A77! 5AS! G57! M#6*,$X$,2(#,$! G$,! %Y9472$%!
H54,8$4%2$:_!iW$,%&!-./-&!1:!--Lj!
%L24/A9!
;67! ,$#%! S#6*7X$8#S#794$,! ?(G$! B#62! G#$! I(%25B$:! T57! #72! G#$! ;,2&! #%! G$,! M#6*+#6G$,! GA,94! 194%#22$!
5%$#%5%G$,B$SaB2!J$,G$%:!T#$!I(%25B$!6$%U2!G$%!eA7945A$,+6#9U:!!
W$#%! 5%G$,$7! I$G#A*! )$,SaB2! a+$,! G$,5,2! )#$6SY62#B$! A%G! G#SS$,$%8#$,2$! I#22$6&! *#2! e$#2!
A*8AB$4$%&!7#$!8A!*5%#XA6#$,$%!A%G!7#$!8A!24$*52#7#$,$%:!T57!*#2!;+725%G!J#942#B72$!G5)(%!
#72!G#$!I(%25B$:!iW$,%&!-./-&!1:!--.j!!
e$#2,5SSA%B$%&!e$#2G$4%A%B$%&! \6$#948$#2#BU$#2&!e$#27X,a%B$!567![(,`! (G$,! >a9U+6$%G$! J$,G$%!GA,94!
G57! <#6G*#22$6! G$,! I(%25B$! B$7945SS$%:! T#$! '5,,52#(%! $%272$42! GA,94! G#$! 7X$8#S#794$!
;%$#%5%G$,,$#4A%B! G$,! <#6G$,! GA,94! 194%#22$:! eA7Y286#94! 8A! G#$7$,! $X#794$%! I(%25B$! B#+2! $7! 5A94!
I(%25B$5,2$%! iW(%2,572*(%25B$! A%G! ;GG#2#(%7*(%25B$j&! J$694$! G#$! e$#2! B6$#9475*! 5Af$,! W,5S2!
7$28$%:!@#%!+$,a4*2$7!<$#7X#$6!#72!G$,!96%45&V3%&!$#%!45,2$,!194%#22!8J#794$%!8J$#!@#%72$66A%B$%!*#2!
S(,*56$%! r4%6#94U$#2$%! iW65%2! O! 1X#$6*5%%&! -..P&! 1:! -LRj&! G$,! +$7#X#$67J$#7$! #*! M#6*! ]-../! `!
FGc77$$!#*!"$62,5A*_!)(%!125%6$c!WA+,#9U!X,(*#%$%2!$#%B$7$282!#72:!TA,94!G#$!I(%25B$!)$,J5%G$62!
7#94! $#%! #%! G#$! ZE4$! B$J(,S$%$,&! 567! "5SS$! )$,J$%G$2$,&! 72$#%8$#26#94$,! W%(94$%! #%! $#%! >5A*794#SS:!
T#$7$! 8J$#! <#6G$,! J$,G$%! 5AS$#%5%G$,! B$794%#22$%:! [#7A$66$! I#22$6! a+$,+,a9U$%! 4#$,! GA,94!
;%$#%5%G$,,$#4A%B! Y4%6#94$,! <$J$BA%B! A%G! Y4%6#94$,! M(,*! H54,25A7$%G$:! eA7Y286#94! 8A,! 8$#26#94$%!
T#*$%7#(%! #%2$,X,$2#$,$%!7#94!G#$! <#6G$,! B$B$%7$#2#B:! T#$!MA%U2#(%!G$,! I(%25B$!#*!M#6*! #72!567(! )#$6!

1$#2$!20!
J$#2,$#94$%G$,&! J$#6! G#$! <#6G$,! )#$6$! IEB6#94U$#2$%! G$,! T$U(G#$,A%B! +$,$#24562$%:! T#$! )#7A$66$!
"54,%$4*A%B!#72!*#2!G$,!T$A2A%B!)$,U%aXS2:!i[B6:!W$,%&!-..-&!1:!--/j!!

ZISIQIX #2;/>4B!"L8UB!W18@52A!52=!#2498/@41L2!
;*! <$#7X#$6! G$,! I(%25B$! 567! 7X$8#S#794! S#6*#794$*! ?(G$! J#,G! G$A26#94&! G577! M#6*! %#942! 5AS! 7$#%$!
3%4562$! ,$GA8#$,2! J$,G$%! U5%%:! T#$! M(,*! #72! B6$#94$,*5f$%! +$G$A275*:! @7! B$42! %#942! %A,! A*! G#$!
M,5B$&!J57!#*!M#6*!G5,B$72$662!#72&!7(%G$,%!#**$,!5A94!A*!G#$!M,5B$72$66A%B!#'"!$7!G5,B$72$662!#72:!@#%!
J#942#B$,! 194,#22! J5,! G#$! @,U$%%2%#7&! G577! 3%4562! A%G! M(,*! +$72#**$%G$! @6$*$%2$! +$#! G$,!
<$794,$#+A%B! )(%!M#6*!7#%G:!TA,94!G#$! I$4,G$A2#BU$#2!S#6*#794$,! <#6G$,!,$#942!G#$!<$794,Y%UA%B!5AS!
3%4562! A%G! M(,*! %#942! 5A7:! I#226$,J$#6$! +$794YS2#B2! 7#94! $#%$! [#$68546! 5%! T#78#X6#%$%! *#2!
A%2$,794#$G6#94$%&! 8A7Y286#94! 8A! 3%4562! A%G! M(,*! $,J$#2$,2$%&! S#6*24$(,$2#794$%! ;%7Y28$%:! @#%$!
\$*$#%75*U$#2!6Y772!7#94!#%!G$%!B$B$%JY,2#B$%!M#6*24$(,#$%!S$7272$66$%:!1#$!B$4$%!a+$,!G#$!#%2$,%$!
i#%45626#94$! A%G! S(,*56$j! <$794,$#+A%B! 4#%5A7! A%G! J$,G$%! 5AS! $V2$,%$! h%2$,7A94A%B7S$6G$,!
5A7B$G$4%2:! T57! %$A$,$! [$,72Y%G%#7! #%U6AG#$,2! G57! B5%8$! 1c72$*! G$,! M#6*X,(GAU2#(%&! [$,+,$#2A%B!
A%G!"#,UA%B!+$#*!>$8#X#$%2$%:!!
]T#$! 8$#2B$%E77#794$! M#6*24$(,#$! )$,7A942! ]G57! ]"$7$%_! G$7! I$G#A*7! M#6*! 5A7! G$,! T#56$U2#U! )(%!
3%4562bM(,*! A%G! "#,UA%Bb>$8$X2#(%! 8A! $,B,a%G$%:! @7! B$42! G5+$#! %#942! 566$#%! A*! G#$! 2,5G#2#(%$66$!
M,5B$&!J#$!M#6*!SA%U2#(%#$,2&!7(%G$,%!G5,a+$,!4#%5A7!A*!G#$!U(B%#2#)$%!A%G!$*(2#(%56$%!@SS$U2$&!G#$!
$,! #*! eA7945A$,! 5A78A6E7$%! )$,*5B:_! i;6+$,7*$#$,&! -..0&! 1:/Rj! eA7Y286#94! J#,G! G#$! 3%2$,5U2#(%!
8J#794$%! M#6*! A%G! eA7945A$,! +$2(%2:! T57! [$,72$4$%! G$,! <#6G$,! +$#%4562$2! %(94! )(,! g$G$,! T$A2A%B!!
$#%$! [#$68546! +$JA772$,! A%G! A%+$JA772$,! ;U2#)#2Y2$%:! i[B6:! "#%2$,&! /RR-&! 1:! Lj! 194(%! h*+$,2(! @9(!
452! N$$,72$66$%! #%! =$V2$%! +$794,#$+$%&! G#$! 8A,! I#25,+$#2! 5ASS(,G$,%! A%G! G#$! )#$6$!
T$A2A%B7*EB6#94U$#2$%!g$!%594!G$%!7(8#56$%!A%G!UA62A,$66$%!T#7UA,7$%!G$,!\$7$667945S2!8A6577$%:!

ZISIQIZ &98!61>U13:;9!)9_4!
3*! eA75**$%45%B! *#2! G$%! (+$%! +$794,#$+$%$%! 7$*#(2#794$%! =4$(,#$%! 452! G$,! =$V2+$B,#SS! #%!
A%2$,794#$G6#94$%! "#77$%7945S27G#78#X6#%$%! $#%$! B,A%G6$B$%G$! ;A7J$#2A%B! $,S54,$%:! h%2$,! =$V2!
)$,72$4$%! J#,! 4$A2$! G#$! \$75*24$#2! 566$,! e$#94$%7c72$*$:! @#%! M#6*! #72! #%! G#$7$*! 1#%%$! $#%! =$V2:! @,!
)$,+#%G$2!<#6G!A%G!=(%&!452!)#7A$66$!A%G!5AG#2#)$!@6$*$%2$:!T#$!W(*+#%52#(%!G#$7$,!@#%8$62$#6$!GA,94!
I(%25B$!$,B#+2!G57!5AG#()#7A$66$!I$G#A*!M#6*:!I#945$6!1X#$6*5%%!7X,#942!)(*!]*$4,S594!U(G#$,2$%!
]1AX$,8$#94$%_!M#6*_:!iW65%2!O!1X#$6*5%%&!-..P&!1:!--j!
I#226$,J$#6$! J#,G! 7(J(46! #%! G$,! 1X,594`! A%G! N#2$,52A,J#77$%7945S2! 567! 5A94! #%! G$,! T#G5U2#U! G$,!
$,J$#2$,2$! =$V2+$B,#SS! )$,J$%G$2:! '$+$%! 6#2$,5,#794$%! =$V2$%! J$,G$%! M#6*$&! <#6G$,&!
M$,%7$47$%GA%B$%&![#G$(7!A7J:!567!=$V2!)$,725%G$%:!;%56(B!8A,!1X,594$!*a77$%!567(!G#$!+#6G6#94$%&!
S#6*#794$%!A%G!5UA72#794$%!A7J:!=$V2$!G$U(G#$,2!J$,G$%&!G5*#2!7#$!#*!;%7946A77!G5,5%!#%2$,X,$2#$,2&!
U(**$%2#$,2!A%G!G#7UA2#$,2!J$,G$%!UE%%$%:!i[B6:!125#B$,!-..L&!1:!/.0j!

ZIX %9=192?133923:;/64!
ZIXIQ &98!/5=1LE1359>>9!)9_4!
T#$! I$G#$%J#77$%7945S2! 452! G$%! M#6*! 7$#2! G$,! [$,+,$#2A%B! G$7! I577$%*$G#A*7! M$,%7$4$%! #%! G$%!
/RK.$,! H54,$%! 8A*! \$B$%725%G! #4,$,! M(,794A%B! B$*5942! `! ! %#942! 8A6$282&! J$#6! 7#94! G#$!
WA%72B$794#942$! %#942! Sa,! +$J$B2$! <#6G$,! 8A72Y%G#B! B$7$4$%! 452:! T$,! I$G#$%J#77$%7945S26$,!
?4,#72#5%!T($6U$,!7X,#942!)(*!5AG#()#7A$66$%!=$V2:!@,!B$42!)(*!M$,%7$4$%!5A7!A%G!+$8$#94%$2!$7!567!
WA62A,2$94%#U&! G#$! B$%5A7(! B$6$,%2! J$,G$%! *A77! J#$! G57! N$7$%! A%G! 194,$#+$%:! @,! +$8$#94%$2! G#$!
MY4#BU$#2! G$7! <#6G$,6$7$%7! 567! 1946a77$6U(*X$2$%8:! ! i[B6:! T($6U$,&! /RRLj! T($6U$,! 7c72$*52#7#$,2! G$%!
S#6*#794$%! =$V2&! #%G$*! $,! #4%! #%! G#$! e$#94$%7c72$*$! <#6G&! =(%! A%G! "(,2! A%2$,B6#$G$,2:! 3*! M#6*!
+$72$4$%! G#$7$! e$#94$%7c72$*$! %$+$%$#%5%G$,&! G#$! ?(G$7! a+$,65B$,%! $#%5%G$,:! T57! =cX#794$! G$7!
M#6*7!#72!B$,5G$!G#$!\6$#948$#2#BU$#2!*$4,$,$,!?(G$7&!G#$!8A75**$%!J#,U$%:!

1$#2$!21!
ZIXIS &19!`LUD>9_14F4!=98!G1>=98!
T57! <#6G! 8$#B2! [#$6$7! A%G! 8$#B2! G(94! "$7$%26#94$7! %#942:! "$%%! J#,! M#6*$! 7$4$%&! 45+$%! J#,! G$%!
@#%G,A9U! "#,U6#94U$#2! 8A! 7$4$%:! T$,! I$G#$%J#77$%7945S26$,! W%A2! Z#9U$24#$,! %$%%2! G57! G#$!
]1ABB$72#(%! G$,! >$562Y275++#6GA%B_:! iZ#9U$24#$,&! -./-&! 1:! QQj! @,! 7X,#942! G5*#2! $#%$%! J$7$%26#94$%!
;7X$U2! G$7! S#6*#794$%! <#6G$7! 5%:! "$G$,! G#$! W5*$,5! %(94! G#$! <$5,+$#2A%B7X457$%&! G#$! 8J#794$%!
;AS%54*$!A%G!D,(g$U2#(%!6#$B$%&!7#%G!#*!M#6*!7#942+5,:!TA,94!G$%!>54*$%!G$7!M#6*+#6G$7!45+$%!J#,!
G$%! @#%G,A9U! 5AS! "#,U6#94U$#2! 8A! 7945A$%&! J$#6! G#$! G58J#794$%! B$794562$2$! 2$94%#794$! ;XX5,52A,!
%#942!7#942+5,! #72:!h%7$,$! "54,%$4*A%B!J#,G!B$2YA7942:!1$6+72! $#%$!5ASB$%(**$%$!W5*$,5! Ja,G$!
5%!G#$7$*!=YA794A%B7X,#%8#X!%#9427!Y%G$,%&!J$#6!G#$!5ASB$%(**$%$!W5*$,5!%#$!G#$!7$#%! U5%%&!*#2!
G$,!5ASB$%(**$%!JA,G$:!T$,!W5*$,5+6#9U!(,B5%#7#$,2!G57!<#6G:!T#$!=YA794A%B!#72!G$*!M#6*!#%4Y,$%2:!!
'(94! G58A! 7#%G! G#$! S#6*#794$%! <#6G$,! )(%! G$,! WA62A,&! #%! G$,! J#,! 5ASJ5947$%&! 5+4Y%B#B:! <#6G$,! A%G!
S#6*#794$!<#6G$,!7#%G!UA62A,$66!U(G#$,2:![(%!\$+A,2!5%!%$4*$%!J#,!)#7A$66$!?(G$7!5AS:!T57!1$4$%!J#,G!
UA62#)#$,2:! 194(%! G#$! 1$*#(2#U$,! ?4,#72#5%! I$28! A%G! h*+$,2(! @9(! 45+$%! G#$7$! ]5%24,(X(6(B#794`
UA62A,$66$%! ?(G$7_! i@9(&! /RKP&! 1:! 0.Lj! 5A7Sa4,6#94! G#7UA2#$,2:! @#%$! J#942#B$! @,U$%%2%#7! J5,&! G577!
S#6*#794$! <#6G$,! 7$4,! U(*X6$V! 7#%G:! 1#$! 7#%G! B$,5G$8A! 5ASB$65G$%! *#2! <$G$A2A%B$%:! "$#6! <#6G$,! 5AS!
G$%! $,72$%! <6#9U! 7(! ,$56#2Y27%54$! 7#%G&! 4$,,7942! G#$! 566B$*$#%$! ;ASS577A%B&! G577! *5%! a+$,! <#6G$,!
%#9427!6$,%$%!*a77$:!]@#%!<#6G!75B2!*$4,!567!25A7$%G!"(,2$_&!#72!$#%!BY%B#B$,!;A7G,A9U&!G$,!%A,!$#%$!
7$4,! $#%B$794,Y%U2$! <$,$942#BA%B! 452:! <#6G$,! *EB$%! 794%$66$,! A%G! G#,$U2$,! 5AS! A%G! J#,U$%&! G5! A%7!
#4,$! S(2(,$56#72#794$! T5,+#$2A%B! )$,2,5A2! #72&! G(94! 4$#f2! G57! %#942&! G577! J#,! #4,$! <$G$A2A%B! %#942!
6$,%$%!*a772$%:!"#,!a+$,7$4$%!G#$!)#$6$%!<$G$A2A%B7$+$%$%&!G#$!g$%7$#27!G$,!1X,594$!6#$B$%:!!
T#$! @,U$%%2%#7&! G577! J#,! G57! 1$4$%! )(%! <#6G$,%! 6$,%$%! *a77$%&! 8#$42! 7#94! B$B$%JY,2#B! GA,94!
)$,794#$G$%72$! "#77$%7945S27G#78#X6#%$%:! @#%! <$#7X#$6&! G57! G#$! W(*X6$V#2Y2! G$7! <#6G$,)$,72$4$%7!
)$,5%7945A6#942&! #72! G57! 194#942$%*(G$66! )(%! ?4,#72#5%! T($6U$,! i7#$4$! ;++:! Rj:! 3%! #4*! 7#%G! *$4,$,$!
<$G$A2A%B7$+$%$%! #%! $#%5%G$,! a+$,65B$,%G$%! 194#942$%! 5+B$+#6G$2:! i[B6:! T($6U$,&! -./-&! 1:! 0Kj!
T($6U$,! +$8#$42! 7#94! 4#$,! 8J5,! 5AS! A%+$J$B2$! <#6G$,&! G(94! J#,G! G$A26#94&! G577! <#6G$,! 5%! 7#94! 7$4,!
G#942$! \$+#6G$!7#%G:!T#$!MY4#BU$#2!<#6G$,!8A!$%27946a77$6%&!#72! $#%! U(*X6$V$7!h%2$,S5%B$%&!G57!A%2$,!
5%G$,$*!4#72(,#794$%!A%G!UA62A,$66$%!<$G#%BA%B$%!A%G!W(%)$%2#(%$%!A%2$,6#$B2:!!!

!
;++:!Rd!<#6G7$*5%2#794$!194#942$%*(G$66!iqA$66$d!T($6U$,&!-./-&!1:!0Kj!

ZIXIX %9=192@L2Y9D49!
h*B5%B77X,5946#94! J#,G! G$,! <$B,#SS! ]I$G#A*_! 7$4,! )#$6SY62#B! )$,J$%G$2:! <A94&! e$#2A%B&! M#6*&! >5G#(!
A%G! 3%2$,%$2! +$8$#94%$%! #*! ;6625B77X,594B$+,5A94! I$G#$%:! ;A94! I577$%*$G#$%&!
W(**A%#U52#(%7*$G#$%! A%G! %$A$! I$G#$%! 7#%G! 15**$6+$B,#SS$&! G#$! J#,! B5%8! 7$6+72)$,72Y%G6#94!
)$,J$%G$%&!(+J(46!G57! "(,2! )$,794#$G$%72$!W52$B(,#$%!`! $#%*56!G#$![$,+,$#2A%B&! $#%!5%G$,$7! I56!
[$,72Y%G#BA%B757X$U2$!A%G!G5%%!J#$G$,!2$94%#794$!\$,Y2$!`!*$#%2:!!
;A94! #%! G$,! I$G#$%J#77$%7945S2! B#+2! $7! 7$4,! A%2$,794#$G6#94$! I$G#$%+$B,#SS$:! eA%Y9472! 452! G$,!
I524$*52#U$,! ?65AG$! @:! 145%%(%! G$%! <$B,#SS! I$G#A*! 567! 6#%$5,$%&! A%7#942+5,$%! A%G! %$A2,56$%!

1$#2$!22!
[$,*#226A%B7U5%56!8J#794$%!W(**A%#U52#(%7X5,2%$,%!G$S#%#$,2:!I9NA45%!452!#%!G$,!M(6B$!B$%5A!5AS!
G#$! h%7#942+5,U$#2! G$7! I$G#A*7! S(UA77#$,2! A%G! B$*$#%2&! G577! ]G$,! M(,*! G$7! I$G#A*7! *#%G$72$%7!
B$%5A7(! )#$6! ;AS*$,U75*U$#2! B$+a4,2&! J#$! G$*! 3%4562:_! iM,$G$U#%B&! O! W,(**$,! O! I5#J56G&! -./-&!
1:/Kj:! 1$#2! I9NA45%7! @,U$%%2%#7&! G577! 7#94! G$,! 3%4562! GA,94! $#%! I$G#A*! %#942! A%)$,*#22$62!
X,Y7$%2#$,2&! 7(%G$,%! $#%! +$,$#27! B$*5942! #72&! B#+2! $7! )#$6$! I$G#$%U(%8$X2$&! G#$! J$7$%26#94$!
@#%8$657X$U2$!)$,G$A26#94$%:!1#$BS,#$G!H:!194*#G2!+,#%B2!G#$!)#$6$%!)$,794#$G$%$%!D$,7X$U2#)$%!#%!$#%!
*$4,G#*$%7#(%56$7! I$G#$%U(%8$X2:! @,! )$,7A942! G5+$#! %#942&! $#%$%! *EB6#9472! 566B$*$#%$%!
\$75*2*$G#$%+$B,#SS! 8A! S#%G$%&! 7(%G$,%! 2,YB2! G$,! W(*X6$V#2Y2! G$7! M$6G$7! >$94%A%B&! #%G$*! $,!
I$G#$%+$B,#SS$!B$2,$%%2!6Y772&!A*!G$,$%![#$6794#942#BU$#2!5+8A+#6G$%!A%G!7#$!G$%%(94!#%!$#%!$#%8#B$7!
I(G$66! #%2$B,#$,2:! 194*#G27! I(G$66! +$72$42! 5A7! )#$,! T#*$%7#(%$%&! G#$! )$,7A94$%&! G#$! B5%8$!
<5%G+,$#2$!5%!D,(GAU2#(%&!T#72,#+A2#(%&!>$8$X2#(%!A%G![$,J$%GA%B!)(%!I$G#$%!5+8A+#6G$%:!T#$!)#$,!
T#*$%7#(%$%!$#%$7!G#SS$,$%8#$,2$%!I$G#$%+$B,#SS7!7#%Gd!!
/:! *9U1L413:;9!`LUU521@/41L233^349U9!!
T57!7#%G!]566$!*52$,#$66$%!\$B$+$%4$#2$%&!G#$!8$#94$%SY4#B!7#%G_!i194*#G2&!-..0&!1:!0QCj!A%G!
GA,94! #4,$%! \$+,5A94! B$7$667945S26#94! B$,$B$62! 7#%G:! \$*$#%2! 7#%G! 4#$,! 566$!
W(**A%#U52#(%77c72$*$&!G#$!1#%%!$,8$AB$%!J#$!G#$!B$7X,(94$%$!1X,594$&!194,#S2&!<#6G$,!A%G!
=E%$:!
-:! )9:;213:;9!%9=19249:;2L>LA192!i8:!<:!T,A9U&!M#6*`!A%G!M$,%7$4$%j!
0:! T8A/213/41L292!i8:<:![$,65B$&!M$,%7$45%72562$%j!
C:! %9=192/2A90L49!i8:!<:!<a94$,&!M#6*$&!D(G95727&!3%2$,%$27$#2$%j!
I$G#$%!7#%G!+$#!194*#G2!G57!7c72$*#794$!eA75**$%J#,U$%!G#$7$,!)#$,!T#*$%7#(%$%&!G57!7#94!7$6+72!
(,B5%#7#$,2:! i[B6:! M,$G$U#%B! O! W,(**$,! O! I5#J56G&! -./-&! 1:! -.j! T#$! 12Y,U$! G#$7$7!
*$G#$%J#77$%7945S26#94$%! I(G$667! 6#$B2! G5,#%&! G577! $7! e$#94$%7c72$*$! 566$,! ;,2! B6$#94J$,2#B!
+$#%4562$2:! T57! e$#94$%7c72$*! G$,! 194,#S2! *#2! G$*! 194,#S2*$G#A*! <A94! $V#72#$,2! 8:! <:! B6$#94,5%B#B!
%$+$%! <#6G$,%! A%G! =E%$%:! T#$! I$G#$%J#77$%7945S2! 6#$S$,2! 567(! $#%! +,5A94+5,$7! I(G$66&! G57!
T$A2794G#G5U2#U$,! J#$! 8:! <:! I#945$6! 125#B$,! 567! X,5V#725AB6#94! Sa,! G$%! T$A2794A%2$,,#942! 5%7$4$%:!
i[B6:!125#B$,!-..L&!1:!-/-!SS:j!!
T#$!*$G#$%XYG5B(B#794$!h*7$28A%B!J#,G!g$G(94!U,#2#7#$,2:!>5X45$6!1X#$6*5%%!72$662!S$72&!G577!$7!G$,!
I$G#$%XYG5B(B#U! %(94! %#942! B$6A%B$%! #72&! ]G$%! <$,$#94! M#6*! 5%B$*$77$%! #*! h%2$,,#942! 8A!
)$,5%U$,%_:! i1X#$6*5%%&! -.//&! 1:! C-j! TA,94! G#$! 5U2A$66$! W(%8$%2,52#(%! G$,! I$G#$%J#77$%7945S2! 5AS!
G#$!$6$U2,(%#794$%!I$G#$%!J#,G!5AS!G57!)$,B6$#947J$#7$!562$!I$G#A*!M#6*!)$,B$77$%:!;%G,$57!DS#72$,!
+$(+5942$2!G#$7$6+$%!T$S#8#2$!#%!G$,!194A6X,5V#7d!
=527Y946#94!J5,!*5%!G$,!M#6*+#6GA%B!#%!G$%!7#$+8#B$,!H54,$%!%Y4$,!567!4$A2$:!T5*567!+#6G$2$!
G$,! M#6*! G$%! W$,%! G$,! 5ASU(**$%G$%! I$G#$%+#6GA%B:! Z$A2$! )$,72$42! *5%! A%2$,!
I$G#$%+#6GA%B! )(,! 566$*! ?(*XA2$,&! 3%2$,%$2&! D?`1X#$6$&! 566$%S5667! M$,%7$4$%:! '$+$%! G$*!
+$#7X#$66(7$%! 194A+! Sa,! G#$! %$A$%! I$G#$%! S#$6! G57! X6E286#94! 562! B$J(,G$%$! I$G#A*! M#6*!
8J#794$%!12A46!A%G!<5%U:!iDS#72$,&!-..Kj!

ZIXIZ %9=1/>9!K/8/=1AU92!
"5,A*!$7!7(!794J$,!SY662&!G57!5AG#()#7A$66$!I$G#A*!#%!G$,!D,5V#7!8A!)$,5%U$,%&!6Y772!7#94!5A94!GA,94!
G#$!@%2J#9U6A%B!G$,!*$G#56$%!D5,5G#B*$%!)$,5%7945A6#94$%:!h%2$,!$#%$*!*$G#56$%!D5,5G#B*5!J#,G!
$#%! I$G#A*! )$,725%G$%&! G57! $#%$! \$7$667945S2! *#275*2! #4,$,! WA62A,&! =$94%#U! A%G! "#77$%7945S2!
45AX27Y946#94!X,YB2:![#$,!D5,5G#B*$%!6577$%!7#94!A%2$,794$#G$%d!
/:! G57!(,56$!D5,5G#B*5!
-:! G57!6#2$,56$!D5,5G#B*5!
0:! G57!5AG#()#7A$66$!D5,5G#B*5!

1$#2$!23!
 C:! G57!*A62#*$G#56$!D5,5G#B*5!i[B6:!M,$G$U#%B!O!W,(**$,!O!I5#J56G&!-./-&!1:!-K!SS:j!
"$%%!$#%!D5,5G#B*5!$#%!)(,4$,B$4$%G$7!5+6E72&!#%G$*!7#94!G57!45AX27Y946#94!)$,J$%G$2$!I$G#A*!
Y%G$,2&!U(**2!$7!8A!2#$SB,$#S$%G$%!h*+,a94$%:!r%G$,A%B!*$#%2!%#942&!G577!$#%!I$G#A*!G57!5%G$,$!
$,7$282&!7(%G$,%!G577!$#%!%$A$7! I$G#A*!#%! G$,! \$7$667945S2!G(*#%#$,2:!HAB$%G6#94$!567!'A28$,3%%$%!
+#6G$%!7#94!B$B$%JY,2#B!8:!<:!X,#*Y,!GA,94!G57!N$#2*$G#A*!M#6*:!!
T$,!$,72$!*$G#56$!D5,5G#B*$%J$947$6!$,S(6B2$!*#2!G$,!@,S#%GA%B!G$,!194,#S2:!@#%$!*$G#56$!>$)(6A2#(%!
J5,! G#$! @,S#%GA%B! G$7! <A94G,A9U7! GA,94! \A2$%+$,B:! T57! (,56$! D5,5G#B*5! JA,G$! )(*! 6#2$,56$%!
D5,5G#B*5! 5+B$6E72:! T$,! =$94%#U+((*! G$,! #%GA72,#$66$%! >$)(6A2#(%! S(,9#$,2$! G#$! ;+6E7A%B! G$7!
6#2$,56$%! D5,5G#B*57! GA,94! G57! 5AG#()#7A$66$! D5,5G#B*5:! 3*! <$,$#94! G$,! 5AG#2#)$%! I$G#$%! JA,G$%!
=$6$S(%! A%G! >5G#(! $,SA%G$%&! #*! <$,$#94! G$,! )#7A$66$%! I$G#$%! M(2(B,5S#$! A%G! M#6*:! I5%! 7X,#942! +$#!
G#$7$,! "$%G$! )(%! G$,! 194,#S2UA62A,! 8A,! <#6GUA62A,&! G#$! GA,94! G#$! I577$%*$G#$%! 5A7B$6E72! JA,G$&!!
5A94! )(*! D41-'4& W3*-:! T#$! @,S#%GA%B! G$,! 5AG#()#7A$66$%! I$G#$%! =(%S#6*! A%G! M$,%7$4$%! Sa4,2$! 8A,!
[$,+,$#2A%B! %$A$,! I577$%*$G#$%:! "$#6! <#6G! A%G! =(%! 8A! $#%$,! @#%4$#2! )$,794*$68$%&! 7X,#942! *5%!
5A94! )(%! HX==")'6('%O%:! T57! *A62#*$G#56$! D5,5G#B*5! *#2! G$*! ?(*XA2$,! 567! 1c**$G#A*! +,#%B2!
)#$6$! I$G#$%! 5AS! $#%$,! @+$%$! 8A75**$%:! ;AS! $#%$,! Z(*$X5B$! UE%%$%! <#6G&! =(%&! 794,#S26#94$,! =$V2!
A%G! M#6*! B6$#948$#2#B! )(,45%G$%! 7$#%&! J(+$#! $7! GA,94! G#$! ;+6E7A%B! G$,! 5%56(B$%! GA,94! G#$! G#B#256$!
=$94%#U! $#%$!],575%2$![$,65B$,A%B!)(%!G$,!7X,5946#94$%!5AS!G#$!)#7A$66$! 3%S(,*52#(%_:!i15A$,6Y%G$,&!
-..C&!1:!C.Pj!B#+2:!!
T#$! T#B#256#7#$,A%B! 452! J$#2,$#94$%G$! M(6B$%! Sa,! G$%! M#6*:! M,a4$,! J5,! 8:! <:! G#$! M#6*4$,72$66A%B! G#$!
566$#%#B$! ;%B$6$B$%4$#2! )(%! D,(S#7:! I#226$,J$#6$! U5%%! g$G$b,! M#6*$! *594$%&! 7#$! +$5,+$#2$%! A%G! #*!
3%2$,%$2!)$,ESS$%26#94$%:!T#$!D6522S(,*!m(A=A+$&!G#$!$,72!-..Q!B$B,a%G$2!JA,G$&!J#,G!#%2$%7#)!i5A94!
)(%! HAB$%G6#94$%j! B$%A282:! I#945$6! W65%2! A%G! >5X45$6! 1X#$6*5%%! 7X,$94$%! G5)(%&! G577! J#,!
*#226$,J$#6$!!7(B5,!$#%$%!?'-"%'4&W3*-&!]G#$!Z#%J$%GA%B!8A*!<$J$B2+#6G!#%!566$%!<$,$#94$%_&!$,6$+$%:!
iW65%2!O!1X#$6*5%%&!-..P&!1:!-Kj!1$#2!Z5%Gc7!*$4,$,$!MA%U2#(%$%!#%!$#%$*!\$,Y2!)$,$#%$%&!452!7#94!
G#$!;66B$B$%JY,2#BU$#2!G$,!+$J$B2$%!<#6G$,!8A7Y286#94!+$7946$A%#B2:!!
Z$A28A25B$! #72! %#942! *$4,! G57! <A94! N$#2*$G#A*! A%7$,$,! \$7$667945S2:! ;AG#()#7A$66$! ;%B$+(2$! J#$!
1X#$6S#6*$&! M$,%7$47$%GA%B$%&! ?(*XA2$,7X#$6$! 7#%G! G#$! %$A$%! N$#2*$G#$%:! T#$! HAB$%G6#94$%!
+$794YS2#B$%! 7#94! #%! G$,! 194A6$! A%G! #*! T$A2794A%2$,,#942! 566$,G#%B7! 45AX27Y946#94! *#2! 794,#S26#94$%!
6#2$,5,#794$%! I$G#$%2$V2$%:! T$,! D5,5G#B*$%J$947$6! 7X#$B$62! 7#94! #%! G$,! 194A6$! %#942! J#G$,! `!
194a6$,3%%$%!+6$#+$%!]%5#)$!I$G#$%$VX$,2$%_:!i1A,U5*X&!-./.&!1:!PRj!
J9812A3:;F4Y52A!=98!G1>=U9=192!
"$%%! 7#94! %$A$! =$94%(6(B#$%! $%2J#9U$6%&! U(**2! $7! 8A! $#%$,! ]X,#%8#X#$66$%! 3%S,5B$72$66A%B! G$7!
g$J$#67! %$A$%! I$G#A*7:_! i>E66&! -..K&! 1:! //j! T#$! @25+6#$,A%B! G$,! <A94UA62A,! J5,! 8A*! <$#7X#$6! %#942!
A%A*72,#22$%:!N$7$JA2!A%G!N$7$7A942!!+$8$#94%$2$%!G#$!$,6$+2$!<$G,(4A%B!GA,94!<a94$,:![(,!566$*!
G#$!J$#+6#94$![(,6#$+$!Sa,!+$66$2,#72#794$!N#2$,52A,!)$,A,75942$!#%!G$,!+a,B$,6#94$%!WA62A,!G$7!/P:!A%G!
/R:! H54,4A%G$,27! "#G$,725%G! 7$#2$%7! G$,! IY%%$,:! T57! N$7$%! 7(662$! %#942! 8A! 6A72+$2(%2! A%G!
B$%A77(,#$%2#$,2! 7$#%:! M,5A$%! 7(662$%! %#942! )(%! #4,$,! >(66$! 567! @4$S,5A&! Z5A7S,5A! A%G! IA22$,!
5+B$6$%U2!J$,G$%:!i[B6:!M,$G$U#%B!O!W,(**$,!O!I5#J56G&!-./-&!1:!0Pj!
;A94! G$,! D5,5G#B*$%J$947$6! 8A*! 5AG#()#7A$66$%! I$G#A*! 452! )#$6$! <$Sa,942A%B$%! 5A7B$6E72:! T57!
<$J54,$%! )(,!G$%!567!794YG6#94$%!5%B$7$4$%$%!@#%S6a77$%!J5,! $#%!Z5AX28#$6!G$,! <$J54,XYG5B(B#U&!
G#$!)(,!G$*!%$B52#)$%!@#%S6A77!)(%!194A%GS#6*$%!5AS!G#$!U#%G6#94$!D7c94$!J5,%2$:!@#%!J54,$,!M$6G8AB!
B$B$%! G57! W#%(! JA,G$! B$725,2$2:! W,#2#7#$,2! JA,G$! )#$6$,6$#d! G#$! >$#8a+$,S6A2A%B! GA,94! G57! M6#**$,%!
G$,! <#6G$,&! *(,56#794! +$G$%U6#94$! M#6*#%4562$&! G#$! >YA*6#94U$#2$%! G$,! M#6*)(,Sa4,A%B$%&! #%! G$%$%!
G57! B6$#948$#2#B$! >5A94$%! A%G! G$,! ;6U(4(6B$%A77! $,65A+2! J5,! A%G! G#$! \$S54,$%! G$,!
*$G#$%)$,*#22$62$%! 194$#%J$62:! Z(,72! T#945%8! (,2$2! 5A94! 4$A2$! %(94! $#%$! "$#2$,Sa4,A%B! G#$7$,!
+$J54,XYG5B(B#794$%!D(7#2#(%$%!#%!G$%!B$B$%JY,2#B$%!h%2$,,#9427U(%8$X2$%:!@,!794,$#+2d!
T#$! M(,*$6! )(*! ]U,#2#794$%! A%G! 7$6+72)$,5%2J(,26#94$%! h*B5%B_! U6#%B2! XYG5B(B#794!
J(46*$#%$%G! 5+$,! 5A94! a+$,,5794$%G! )$,2,5A2:! 1#$! $,#%%$,2! 5%! G#$! e$#2! G$,! M#6*XYG5B(B#U!

1$#2$!24!
 A*! /R-.&! 567! +$7(,B2$! DYG5B(B$%! )(,! G$*! ]=$AS$678$AB_! G$,! +$J$B2$%&!
U#%$*52(B,5X4#794$%!<#6G$,!J5,%2$%:!iT#945%8&!-..-&!1:!Cj!
D5,566$6! 8A,! *$G#56$%! @%2J#9U6A%B! A%G! G$,! G5*#2! $#%4$,B$4$%G$%! ;+J$,2A%B! G$7! g$J$#67! %$A$%!
I$G#A*7! B#+2! $7! $#%$! 2#$S! )$,5%U$,2$&! 4#72(,#794! B$J5947$%$! \$,#%B794Y28A%B! G$,! <#6G*$G#$%:! 1$#2!
<$B#%%!A%7$,$,!5+$%G6Y%G#794$%!WA62A,!J#,G!194,#S26#94U$#2!!4E4$,!B$794Y282!567!<#6G6#94U$#2:!@#%$,7$#27!
#72! #%! G$%! <A94,$6#B#(%$%! HAG$%2A*&! ?4,#72$%2A*! A%G! 3765*! G#$! 194,#S26#94U$#2! *#2! Z$#6#BU$#2!
B6$#94B$7$282!J(,G$%:!T#$!Z$#6#B$!194,#S2!#72!$#%!1c%(%c*!Sa,!G#$!<#+$6:!;%G$,$,7$#27!45+$%!794(%!G#$!
5%2#U$%! T$%U794A6$%! G57! >52#(%56`N(B#794$! #%! M(,*! )(%! 794,#S26#94$%! =$V2$%! S#V#$,2:! 1$#24$,! 7#%G!
5++#6G$%G$! e$#94$%!G$*!194,#S26#94$%!%594B$(,G%$2:! 1#$!#66A72,#$,$%!+6(f! U(B%#2#)$!N$#72A%B$%:!i[B6:!
W$,%&!/RRK&!1:!/..j!T#$7$!J#,U*Y942#B$!=,5G#2#(%!J#,G!+#7!4$A2$!S(,2B$Sa4,2:!

ZIZ G1>=?133923:;/64!!
3%!G$%!6$282$%!H54,$%!452!$#%$!#%2$,G#78#X6#%Y,$&!J#77$%7945S26#94$!<$794YS2#BA%B!*#2!G$*!=4$*5!<#6G!
$#%B$7$282:! 3*! <$*a4$%&! $#%$! <#6GJ#77$%7945S2! 8A! B,a%G$%&! G#7UA2#$,$%! "#77$%7945S26$,! 5A7!
A%2$,794#$G6#9472$%!T#78#X6#%$%!a+$,!G#$!12$66A%B!G$7!<#6G$7!#%!#4,$%!"#77$%7945S2$%:!3*!h%2$,794#$G!
8A,!7X,5946#94$%!T5,72$66A%B!B$42!$7!4#$,!,$#%!A*!G#$![#7A56#2Y2:!'#942!G#$!"#77$%7945S2$%&!G#$!<#6G$,!
567!*$24(G#794$! "$,U8$AB$!$#%7$28$%&!7(%G$,%!G#$!T#78#X6#%$%&!G#$!]8A*!24$(,$2#794$%![$,72Y%G%#7!
G$,! <#6G24$*52#U! +$#2,5B$%_! i15947`Z(*+594&! -..Q&! 1:! /0j! J$,G$%! 567! \,A%G65B$%J#77$%7945S2$%!
5ASB$S5772:! T#$! W(**A%#U52#(%7J#77$%7945S2! #72! 8$%2,56&! G5! +#6G6#94$! e$#94$%! #%! U(**A%#U52#)$%!
eA75**$%4Y%B$%! 5AS2,$2$%:! T#$! WA%72B$794#942$! 452! 8A*! <$#7X#$6! $#%! A*S5%B,$#94$7!
I$24(G$%,$X$,2(#,$!$%2J#9U$62&!*#2!G$*!Ua%726$,#794$!<#6G$,!+$794,#$+$%!J$,G$%&!G57!)(%!#%2$,%$%!
@6$*$%2$%! G$7! <#6G5AS+5A7! $29:! +#7! 8A,! h%2$,7A94A%B! )(%! <#6GSA%U2#(%$%&! <#6G)$,J$%GA%B! A%G!
3%2$,X,$252#(%!#*!B$7$667945S27X(6#2#794$%!W(%2$V2!,$#942:!
3%!G$%!<#6GJ#77$%7945S2$%!B$42!$7!%#942!X,#*Y,!A*!G#$![$,7X,5946#94A%B!)(%!<#6G$,%&!7(%G$,%!A*!G#$!
B,A%G6$B$%G$!@,U$%%2%#7&!G577!<#6G$,!5A94!#%!G$%!"#77$%7945S2$%!#%!#4,$,![#7A56#2Y2!$,%72!B$%(**$%!
J$,G$%! *a77$%:! T577! 8:! <:! J#77$%7945S26#94$! T#7UA,7$! %594! J#$! )(,! %A,! 794,#S26#94! B$Sa4,2! J$,G$%&!
72Ef2! 5AS! W,#2#U:! TA,94! G#$! <#6GJ#77$%7945S2$%! $,B$+$%! 7#94! 5A94! G#$7+$8aB6#94! %$A$&! ,$6$)5%2$!
;7X$U2$:!T$,! I$G#$%J#77$%7945S26$,!T#$2$,!"#$G$*5%%!24$*52#7#$,2!G57! J$#2B$4$%G$!M$46$%! $#%$7!
%(%)$,+56$%! T#7UA,7$7! 8A*! =4$*5! <$J$B2+#6G*$G#$%:! @,! +$2(%2&! G577! $7! 8AUa%S2#B! 5A94! $#%$!
[$,+#6G6#94A%B!)(%!T#7UA,7$%!B$+$%!*a77$&!G#$!$#%$!G#SS$,$%8#$,2$!=4$(,#$+#6GA%B!#*!<$,$#94!G$,!;[`
I$G#$%! )(,5A77$282:! i[B6:! "#$G$*5%%&! -..Q&! 1:! 0LRj! ;66$,G#%B7! B$4$! $7! %#942! G5,A*! 1X,594$! 567!
;A7G,A9U! J#77$%7945S26#94$%!T$%U$%7!A%G! ;,+$#2$%7! 8A!$,7$28$%&!7(%G$,%!G5,A*&! J#77$%7945S26#94$!
T#7UA,7$!5A94!)#7A$66!8A!Sa4,$%:!!
T577! G57! <#6G! `! A%G! )(,! 566$*! G57! S#6*#794$! <#6G! GA,94! 7$#%$! 4(4$! 1ABB$72#(%7U,5S2! `! $#%$! $#B$%$!
1$*#(2#U! +$%E2#B2&! #72! +$,$#27! #%! G$%! /RK.$,! H54,$%! )(%! ?4,#72#5%! I$28! S$72B$72$662! J(,G$%:! T$,!
1$*#(2#U$,! ?45,6$7! 1:! D$#,9$! 452! 794(%! @%G$! G$7! /R:! H54,4A%G$,27! 8$#2B6$#94! *#2! T$! 15A77A,$! $#%!
+#6G7$*#(2#794$7! I(G$66! $%2J#9U$62&!G57!7$#2!G$%!K.$,!H54,$%!,$8#X#$,2! J#,G!A%G!G57!B$B$%JY,2#B!5%!
<$G$A2A%B! B$J#%%2:! M#6*`! A%G! <#6GJ#77$%7945S26$,! B,$#S$%! G5,5AS! 8A,a9U:! T#$! 'Y4$! G$,! <#6G$,! 8A,!
"#,U6#94U$#2! J#,G! +$#! D$#,9$! 24$*52#7#$,2:! >5X45$6! 1X#$6*5%%&! G$,! G#$! @#%S6a77$! D$#,9$7! 5AS!
8$#2B$%E77#794$!S#6*#794$!\,A%G65B$%J$,U$!J#$!8:!<:!H5*$7!I(%59(7!]M#6*!)$,72$4$%_!5AS8$#B2&!Sa4,2!
$#%!<$#7X#$6!5%d!]T#$!;++#6GA%B!$#%$7!Z5A7$7!i#72j!)#$6!%Y4$,!5*!Z5A7!567!G57!"(,2!Z5A7&!G57!U$#%$,6$#!
;%56(B#$! 5ASJ$#72:_! i1X#$6*5%%&! -.//&! 1:! KCj! I(%59(! 7X,#942! G$7456+! )(%! $#%$*! ]WA,87946A77`
e$#94$%_!iI(%59(&!-./-&!1:!/L/j&!J$#6!$7!U$#%$%!B,(f$%!h%2$,794#$G!8J#794$%!G$*!<$8$#94%$2$%!A%G!
G$*! <$8$#94%$%G$*!B#+2:!3*!h%2$,794#$G!8A,!1X,594$!6#$B2!G#$!;++#6GA%B!G$,!"#,U6#94U$#2!%Y4$,!5%!
G$,!>$56#2Y2:!
T#$!B$B$%JY,2#B$!#%2$%7#)$!T#7UA77#(%!A*!G#$!<$G$A2A%B!G$7!1$4$%7!566B$*$#%!A%G!Sa,!G57!S#6*#794$!
"54,%$4*$%! #*! <$7(%G$,$%! #72! 4#$,!%A,!5%B$G$A2$2! J(,G$%:![#$6$%! J#77$%7945S26#94$%!T#78#X6#%$%!
J#,G!+$JA772&!G577!G57!5AG#()#7A$66$!<#6G&!G57!#*!?(*XA2$,8$#2562$,!(*%#X,Y7$%2!B$J(,G$%!#72&!$#%$!
SA%G#$,2$! 24$(,$2#794$! <$794YS2#BA%B! 7$#2$%7! G$,! "#77$%7945S2$%! )$,65%B2:! "$#6! 7#94! M#6*! 5*!

1$#2$!25!
194%#22XA%U2!562$,!A%G!%$A$,!I$G#$%!i;6+$,7*$#$,&!-..0&!1:!-Qj!+$S#%G$2&!#72!$#%![$,72$4$%!S#6*#794$,!
<#6G$,! B,A%G6$B$%G:! T$,! M#6*J#77$%7945S26$,! "#$G$*5%%! 8#$42! G5,5A7! G#$! W(%7$kA$%8&! G577! .'(=&
0"*+%"5"-& $#%$! WA62A,2$94%#U! #72! `! $+$%7(! J#$! G#$! WA62A,2$94%#U! F"+"-! `! ! A%G! 567! $#%$! ;,2!
]1946a77$6U(*X$2$%8! G$,! I$G#$%`! +8J:! "#77$%7B$7$667945S2$%! #*! -/:! H54,4A%G$,2_! i"#$G$*5%%&!
-..Q&!1:!0LLj!5%8A7$4$%!#72:!

ZI\ `LUD9492Y92!
T#$7$,! ;+794%#22! +$45%G$62! G$%! W(*X$2$%8+$B,#SS&! G$,! G#$! '54272$66$! 8J#794$%! G$%!
J#77$%7945S26#94$%! T#7UA,7$%! 8A*! M#6*! A%G! G$,! h*7$28A%B! #%! G$,! 194A6$! #72:! "57! M#6*U(*X$2$%8!
+$G$A2$2&!J$694$!MY4#BU$#2$%!g$*5%G!$,65%B$%!7(66&!G$,!S#6*U(*X$2$%2!#72&!J$694$!=$#6U(*X$2$%8$%!
$,J(,+$%! J$,G$%! *a77$%! `! 566! G#$7$! M,5B$%! J$,G$%! B$B$%JY,2#B! #%2$%7#)! #*! G$A2794G#G5U2#794$%!
M$6G!G#7UA2#$,2:!@7!B#+2!U$#%!$#%4$#26#94$7![$,72Y%G%#7:!3%!G#$7$*!W5X#2$6!J$,G$!#94!*#94!G$*!<$,$#94!
M#6*U(*X$2$%8!5%%Y4$,%&!#%G$*!#94!8A$,72!UA,8!5AS!G$%!566B$*$#%$%!W(*X$2$%8+$B,#SS!)(%!"$#%$,2!
$#%B$4$&! G$,! \,A%G65B$! Sa,! G57! E72$,,$#94#794$! <#6GA%B77c72$*! #72:! [(%! G#$7$*! <$B,#SS! 5A7B$4$%G!
J$,G$! #94! $#%$! <,a9U$! 8A,! I$G#$%U(*X$2$%8! 79465B$%&! J$#6! M#6*! #%! G$%! J#77$%7945S26#94$%! A%G!
794A6#794$%! T#7UA,7$%! 8A*! a+$,B$(,G%$2$%! <$,$#94! G$,! I$G#$%! B$8Y462! J#,G:! T57!
I$G#$%U(*X$2$%8`I(G$66!)(%!T#$2$,!<559U$!%$4*$!#94!567!;A7B5%B7XA%U2:!3*!;%7946A77!5%!<559U$!
45+$%! $#%#B$! ;A2(,3%%$%! ;%X577A%B$%! 5A7! G$A2794G#G5U2#794$,! 1#942! )(,B$%(**$%:! T#$! Sa,! M#6*!
,$6$)5%2$%![$,Y%G$,A%B$%!*E942$!#94!5AS8$#B$%&!J(+$#!#94!*#94!a+$,+6#9U7*Yf#B!5AS!,$X,Y7$%252#)$!
D(7#2#(%$%!+$8#$4$%!J$,G$:!!

ZI\IQ &98!`LUD9492Y09A8166!EL2!W912984!
T$,!W(*X$2$%8+$B,#SS&!5%!G$*!7#94!G57!E72$,,$#94#794$!<#6GA%B77c72$*!(,#$%2#$,2&!725**2!)(%!M,5%8!
"$#%$,2:!@,!G$S#%#$,2!W(*X$2$%8$%!567!
G#$!+$#!3%G#)#GA$%!)$,SaB+5,$%!(G$,!GA,94!7#$! $,6$,%+5,$%!MY4#BU$#2$%!A%G!M$,2#BU$#2$%&!A*!
+$72#**2$! D,(+6$*$! 8A! 6E7$%&! 7(J#$! G#$! G5*#2! )$,+A%G$%$%! *(2#)52#(%56$%&! )(6#2#(%56$%!
A%G! 7(8#56$%! <$,$#27945S2$%! A%G! MY4#BU$#2$%&! A*! G#$! D,(+6$*6E7A%B$%! #%! )5,#5+6$%!
1#2A52#(%$%!$,S(6B,$#94!A%G!)$,5%2J(,2A%B7)(66!%A28$%!8A!UE%%$%:!i"$#%$,2&!-../&!1:!-L!S:j!!
"Y4,$%G!)(,!G$,!W(*X$2$%8(,#$%2#$,A%B!N$4,8#$6$!)(,B$B$+$%!J5,$%&!G#$!8A!$,,$#94$%!J5,$%&!B$42!
$7! g$282! A*! ]MY4#BU$#2$%! A%G! M$,2#BU$#2$%_&! G#$! 194a6$,3%%$%! $,J$,+$%! 7(66$%! A%G! G#$! 7#$! G5%%! 5AS!
5%G$,$! 567! G#$! B$a+2$%! <$,$#94$! 8A,! D,(+6$*6E7A%B! 5%J$%G$%! UE%%$%! 7(66$%:! T$,!
Z5%G6A%B7(,#$%2#$,A%B!J#,G!$#%!B,(f$,!12$66$%J$,2!+$#B$*$77$%:!
\,A%G7Y286#94!#72! J#942#B&!G577!$7!%#942!%A,!A*!G#$!;%$#B%A%B!U(B%#2#)$%!"#77$%7!B$42&!7(%G$,%!A*!
G#$!;%J$%GA%B!G$7!\$6$,%2$%!5AS!5%G$,$&!)$,B6$#94+5,$!N$,%7#2A52#(%$%:!"$#%$,27!;%7528!Sa4,2!5A94!
;7X$U2$! $#%&! G#$! #%! M(6B$! J$#2! ,$#94$%G$! [$,Y%G$,A%B$%! Sa,! G$%! h%2$,,#942756625B! +$G$A2$%:! 1(! #72!
794(%! 5%B$6$B2&! G577! G$*! 7$6+72Y%G#B$%! =A%! A%G! G$*! ;AS+,#%B$%! )(%! @#B$%#%#2#52#)$! )#$6! *$4,!
\$J#942! #*! N$,%X,(8$77! +$#B$*$77$%! J#,G:! T57! 452! U(%7$kA$%2$,! "$#7$! $#%! )$,Y%G$,2$7! N$4,$,`
194a6$,`[$,4Y62%#7! 8A,! M(6B$:! ;A7! N$4,$,7#942! B$42! $7! %#942! *$4,! 5A77946#$f6#94! A*! *EB6#9472! BA2$!
"#77$%7)$,*#226A%B&!7(%G$,%!A*!;%6$#2A%B!8A*!7$6+72)$,5%2J(,26#94$%!N$,%$%!A%G!A*!>$S6$V#(%!G$7!
$#B$%$%! N$,%X,(8$77$7:! 3*! h%2$,794#$G! 8A! G$%! <#6GA%B78#$6$%&! B$42! $7! +$#! G$%! W(*X$2$%8$%! 567(!
%#942!*$4,!A*!$#%$!5A7S(,*A6#$,2$!e#$6)(,B5+$&!7(%G$,%!A*!$#%$!B,A%G7Y286#94!%$A$!;A7,#942A%B!G$7!
N$,%$%7! A%G! N$4,$%7! 5AS! *$4,$,$%! @+$%$%:! ;A7B$4$%G! )(%! "$#%$,2! J#,G! G$,! W(*X$2$%8+$B,#SS!
B$B$%JY,2#B! 65AS$%G! X,Y8#7#$,2&! J(+$#! $#%! B,A%G6$B$%G$7! @6$*$%2! G$7! W(*X$2$%8B$G5%U$%7! G#$!
]3%2$B,52#(%! )(%! "#77$%! A%G! Z5%G$6%! +8J:! )(%! "#77$%! A%G! MY4#BU$#2$%_! #72:! i'5Bc! O! 12,AB$,! O!
"#%2$,72$#%$,&! -./-&! 1:! /0Pj! @#%! %#942! 8A! )$,%5946Y77#B$%G$,! ;7X$U2! #72! G#$! I$77+5,U$#2! G$,!
N$,%$,B$+%#77$:!T#$! $,J(,+$%$%!W(*X$2$%8$%!J$,G$%!725%G5,#7#$,2!a+$,X,aS2!`!#%!^72$,,$#94!GA,94!
125%G5,G2$727! #%! G$,! h%2$,72AS$! A%G! G#$! 2$#68$%2,#$,2$! >$#S$X,aSA%B! #%! G$,! F+$,72AS$:!
W(*X$2$%8(,#$%2#$,A%B! +$G$A2$2! 5A94! ]h*72$66A%B! )(%! G$,! 3%XA2`! 8A,! FA2XA2(,#$%2#$,A%B_:!
iM,$G$U#%B&!-..P&!1:!Qj!!

1$#2$!26!
ZI\IS ,/2=>52A3L8192419849!C23F4Y9!Y58!%9=192@LUD9492Y!
Z5%G6A%B7(,#$%2#$,2$! I$G#$%5%7Y28$!45+$%!8A*!e#$6! G#$!Z5%G6A%B7SY4#BU$#2$%!G$,!194a6$,3%%$%! #*!
I$G#$%+$,$#94! 8A! $,J$#2$,%! A%G! 7#$! B6$#948$#2#B! GA,94! G$%! X,(GAU2#)$%! h*B5%B! *#2! I$G#$%! 8A!
5U2#)$%&!U,#2#794$%!A%G!7$6+72+$72#**2$%&!U(*X$2$%2$%!I$G#$%%A28$,%!8A!$,8#$4$%:!i[B6:!M,$G$U#%B!
O!W,(**$,!OI5#J56G&!-./-&!1:!L.!A%G!>E66&!-..L&!1:!/Lj!1#$!J$%G$%!7#94!B$B$%!G#$!;ASS577A%B&!G#$!
>$8#X#$%23%%$%!7$#$%!X577#)$!@*XSY%B$,3%%$%:!!

ZI\ISIQ &/3!%9=192<%L=9>>!EL2!&19498!G//:@9!
T57! ;A7B5%B7*(G$66! Sa,! 566$! B$B$%JY,2#B$%! u+$,6$BA%B$%! 8A,! I$G#$%U(*X$2$%8! 725**2! )(*!
I$G#$%J#77$%7945S26$,!T#$2$,!<559U$!i<559U$&!/RL0j:!<$,$#27!#%!G$%!/RL.$,!H54,$%!$%2J#9U$62&!452!$7!
7$#24$,! $#%#B$! 194Y,SA%B$%! B$B$+$%:! @7! 7(66! 4#$,! #%! \,A%G8aB$%! G5,B$72$662! J$,G$%:! T#$2$,! <559U$!
A%2$,2$#62!!I$G#$%U(*X$2$%8!#%!)#$,!=$#6U(*X$2$%8$%d!!
w %9=192@52=9!!!
T#$7$,! =$#6+$,$#94! +$#%4562$2! G#$! W$%%2%#77$&! M$,2#BU$#2$%! A%G! MY4#BU$#2$%! #*! h*B5%B! *#2!
I$G#$%!8:<:!G#$!Z5%G45+A%B!G$,!\$,Y2$:!!
w %9=192@8141@! A*S5772! G#$! MY4#BU$#2! I$G#$%#%4562$! 8A! 5%56c7#$,$%! A%G! 8A! ,$S6$U2#$,$%:! T58A!
B$4E,2!5A94!G#$!MY4#BU$#2!7$#%!$#B$%$7!Z5%G$6%!%594!$24#794$%!I5f72Y+$%!5A78A,#942$%:!!!
w %9=192254Y52A! +$794,$#+2! 7(J(46! G#$! W(*X$2$%8! I$G#$%5%B$+(2$! B$8#$62! %594! 7X$8#$66$%!
<$Ga,S%#77$%! 5A78AJY46$%! i8:<:! 3%S(,*52#(%&! h%2$,4562A%B&! N$,%$%! $29:j&! 8A! $,6$+$%! A%G!
+$JA772!8A!)$,5,+$#2$%!567!5A94!5U2#)!45%G$6%G!5AS!I$G#$%5%B$+(2$!8A!,$5B#$,$%:!Z#$,!B$42!$7!
5A94!G5,A*&!I$G#$%X,(GAU2$!4$,8A72$66$%!A%G!8A!)$,ESS$%26#94$%:!
w %9=192A934/>452A! #72! G#$! MY4#BU$#2! I$G#$%! #%%()52#)! 5%8AJ$%G$%&! A%2$,794#$G6#94$! I$G#$%!
%$A! 8A! U(*+#%#$,$%! A%G! 8A! X,Y7$%2#$,$%:! T$,! Y724$2#794$! ;7X$U2! G$,! I$G#$%X,(GAU2#(%! SY662!
$+$%S5667!#%!G#$7$%!<$,$#94:!!
T$,! =$#6+$,$#94! I$G#$%UA%G$! #72! +$#! <559U$! G$,! ;A7B5%B7XA%U2! Sa,! G#$! 5%G$,$%! B$%5%%2$%!
I$G#$%2$#6U(*X$2$%8+$,$#94$&!G5!$,!B,A%G6$B$%G$!=$94%#U$%!A%G!M$,2#BU$#2$%!+$#%4562$2:!T57!4$#f2!
5+$,! %#942&! G577! 8A$,72! G$,! B5%8$! =$#6+$,$#94! G$,! I$G#$%UA%G$! 5+B$5,+$#2$2! J$,G$%! *A77&! +$)(,!
*5%! 8A! G$%! 5%G$,$%! <$,$#94$%! a+$,B$42:! T#$! 5%G$,$%! I$G#$%2$#6U(*X$2$%8$%! 7(66$%! #%! 566$%!
45%G6A%B7(,#$%2#$,2$%! I$G#$%U(*X$2$%8*(G$66$%! +$,$#27! #%! $#%$,! S,a4$%! D457$! #%)(6)#$,2! J$,G$%&!
8A*56! HAB$%G6#94$! U$#%$! ;%SY%B$,! #*! h*B5%B! *#2! I$G#$%! 7#%G! A%G! 5AS! M#6*$,S54,A%B$%!
8A,a9UB,$#S$%! UE%%$%:! @%2794$#G$%G! #72! <559U$7! [$,65B$,A%B! ])(%! $#%$*! 5A77946#$f6#94! X577#)$%&!
A%*a%G#B$%!>$8#X#$%2$%!8A!$#%$*!5U2#)$%!I$G#$%%A28$,:_!i12#6$22(&!-..0&!1:!0/j!!

ZI\ISIS &9543:;=1=/@413:;9!%L=161@/41L292!EL2!G//:@93!%L=9>>!
;A7B$4$%G! )(%! <559U$7! ]I$G#$%U(*X$2$%8`h,*(G$66_! iW5**$,$,&! -..R&! 1:! QQj! B#+2! $7! *$4,$,$!
@,J$#2$,A%B$%&! G#$! )$,7A94$%! G$%! I$G#$%U(*X$2$%8`<$B,#SS! 5A7! G#G5U2#794$,! 1#942! B,$#S+5,! 8A!
*594$%:! T#$! Z5%G6A%B7(,#$%2#$,A%B! G$,! I$G#$%$,8#$4A%B! #72! 5A94! +$#! \$,45,G! =A6(G8#$9U#! 8$%2,56:!
Z5%G6A%B7(,#$%2#$,A%B!+$G$A2$2!4#$,!8J$#$,6$#d!@#%$,7$#27!#72!7#$!G57!a+$,B$(,G%$2$!e#$6&!J$#6!7#$!5AS!
]$#%!7594B$,$942$7&!7$6+72+$72#**2$7&!U,$52#)$7&!7(8#56)$,5%2J(,26#94$7!Z5%G$6%!#*!eA75**$%45%B!
*#2!I$G#$%_!i=A6(G8#$9U#&!/RRL&!1:!/-.j!5+8#$62:!;%G$,$,7$#27!#72!*#2!Z5%G6A%B7(,#$%2#$,A%B!5A94!$#%!
8$%2,56$7! I(*$%2! G$,! h%2$,,#9427*$24(G$! B$*$#%2&! GA,94! G57! I$G#$%U(*X$2$%8! $,,$#942! J$,G$%!
7(66:! T#$! ]$#B$%$! \$72562A%B! *$G#56$,! ;A775B$%_! i>E66&! -..L&! 1:! /Kj! 7(66! B6$#948$#2#B! 8A,! 'A28A%B&!
>$S6$V#(%! a+$,! "#,UA%B$%! A%G! 8A*! TA,947945A$%! G$,! D,(GAU2#(%7`! A%G! T#72,#+A2#(%7+$G#%BA%B$%!
+$SY4#B$%:! @#%! <$#7X#$6! Sa,! Z5%G6A%B7(,#$%2#$,A%B! Sa,! G$%! <$,$#94! M#6*! JY,$! G#$! Z$,72$66A%B! $#%$7!
M#6*7&! G$,! G5%%! 5AS! m(A=A+$! B$72$662! J#,G! A%Gb(G$,! #%! M(,*! )(%! T[T7! )$,U5AS2! J#,G:! 3*! eAB$! G$7!
Z$,72$66A%B7X,(8$77$7!J$,G$%!)#$6$,6$#!W(*X$2$%8$%!$,J(,+$%:!

1$#2$!27!
'(,+$,2!\,($+$%!(,#$%2#$,2!7#94!5%!+$#G$%!(+$%!B$%5%%2$%!I(G$66$%!A%G!$,J$#2$,2!7#$!8A!S(6B$%G$%!
7#$+$%!T#*$%7#(%$%d!!
w I$G#$%J#77$%bI$G#56#2Y27+$JA7727$#%!
w @%2J#9U6A%B!*$G#$%7X$8#S#794$,!>$8$X2#(%7*A72$,!
w I$G#$%+$8(B$%$!\$%A77SY4#BU$#2!
w I$G#$%+$8(B$%$!W,#2#USY4#BU$#2!
w 1$6$U2#(%bW(*+#%52#(%!)(%!I$G#$%*A72$,%!
w ;A7+#6GA%B!X,(GAU2#)$,!D5,2#8#X52#(%7*A72$,!
w MY4#BU$#2!8A,!;%7946A77U(**A%#U52#(%!i[B6:!M,$G$U#%B!O!W,(**$,!O!I5#J56G&!-./-&!1:!R.`R/j!!
;Af$,G$*!)$,Y%G$,2!$,!G$%!<$B,#SS!I$G#$%U(*X$2$%8!8A!I$G#$%45%G6A%B7U(*X$2$%8:!;67!J#942#B$!
'$A$,A%B$%! 7#%G! 7X$8#$66! \,($+$%7! ;AS%54*$! G$,! *$G#$%+$8(B$%$%! \$%A77SY4#BU$#2! A%G! G#$!
T#*$%7#(%!G$,!;%7946A77U(**A%#U52#(%!4$,)(,8A4$+$%:! \,($+$%7!;%7528!GA,94+,#942!G#$!=,5G#2#(%!
],52#(%56`#%2$66$U2A$66$,!>$8$X2#(%74562A%B$%_:!iM,$G$U#%B!O!W,(**$,!O!I5#J56G&!1:!R.j!@,!)$,72$42!
G#$! I$G#$%5%B$+(2$! 567! $*(2#(%56! A%G! X$,7E%6#94! +$,$#94$,%G&! JY4,$%G! G#$! W,#2#USY4#BU$#2! 567!
]\,A%G65B$!$#%$,!5%56c2#794`G#725%8#$,2$%!I$G#$%%A28A%B_!iM,$G$U#%B!O!W,(**$,!O!I5#J56G&!1:!R.j!
#4,$! "#942#BU$#2! +$4Y62:! \,($+$%! 72$662! 7#94! B6$#948$#2#B! 7$6+72! G#$! M,5B$&! #%J#$J$#2! X,#%8#X#$66!
]*$G#$%+$8(B$%$! \$%A77SY4#BU$#2_! i\,($+$%&! -..-&! 1:! /L.! `! /L-j! 8A*! W(*X$2$%8+$B,#SS! B$4E,$%!
U5%%&! G5! G$,! W(*X$2$%8+$B,#SS! (A2XA2`(,#$%2#$,2! 5AS! u+$,X,aS+5,U$#2! 5+8#$62:! "$%%! *#2!
\$%A77SY4#BU$#2! Y724$2#794$,! \$%A77! GA,94! +$JA772$,$! >$8$X2#(%! B$*$#%2! #72&! +6$#+2! Sa,! #4%! G#$!
M,5B$&!(+!A%G!J#$!G#$7$!O+%5"%'+45"&?1=,"%"-/!a+$,X,aS+5,!JY,$:!;%7946A77U(**A%#U52#(%!J#,G!+$#!
\,($+$%! 567! 7$X5,52$! 5+$,! 8$%2,56$! T#*$%7#(%! 5%B$Sa4,2:! T#$! 7(8#56$! 3%2$,5U2#(%! GA,94!
W(**A%#U52#(%!a+$,!I$G#$%!#72!$#%!J#942#B$7!I#22$6!G$,!3%2$B,52#(%!A%G!Sa,!g$G$bg$G$%!]#*!>54*$%!
G$,!1(8#56#752#(%!#%!G$,!I$G#$%B$7$667945S2_!i\,($+$%!-..-&!1:!/LRj!+$G$A275*:!!
T$,! T$A2794G#G5U2#U$,! 3%B(! W5**$,$,! )$,7A942! $#%$! 1c%24$7$! 5A7! G$%! +#74$,! 5%B$Sa4,2$%! G,$#!
I(G$66$%! 8A! +#6G$%:! @,! B$42! 5AS! <559U$7! I(G$66! *#2! )#$,! =$#6U(*X$2$%8$%! G$,! I$G#$%$,8#$4A%B!
8A,a9U&!#%2$B,#$,2!5+$,!=A6(G8#$9U#7!A%G! \,($+$%7! I(G$66$&! #%G$*! $,! <559U$7!)#$,!=$#6U(*X$2$%8$%!
#%45626#94! $,J$#2$,2:! 1$#%! e#$6! #72! $#%! ]G#G5U2#794! 45%G45++5,$7! W(%72,AU2! )(%! I$G#$%U(*X$2$%8! 8A!
S#V#$,$%_! iW5**$,$,&! -..R&! 1:! QQj:! T57! ]*$G#56$! M$6G! G$,! ;%7946A77U(**A%#U52#(%_! iW5**$,$,&!
-..R&! 1:! QPj! %#**2! $,! 567! Sa%S2$! W52$B(,#$! 5AS! A%G! +$8$#94%$2! G#$7$! @+$%$! 567! ]566A*S577$%G$!
G#7UA,7#)$! I$25$+$%$_!iW5**$,$,&! -..R&!1:!QPj&!G#$! #%!g$G$*!Z5%G6A%B7+$,$#94&! $B56! (+! $7!A*!G#$!
<$794YS2#BA%B! *#2! "#77$%&! A*! =$V25%56c7$&! =$V2B$72562A%B$%! 566$,! ;,2&! >$S6$V#(%! (G$,! D,Y7$%252#(%!
B$42&! ,$6$)5%2! #72:! ;%7946A77SY4#B! #72! 7#$! #*! T$A2794A%2$,,#942! 5Af$,G$*&! J$#6! 7#$! GA,94! G#$!
N#2$,52A,G#G5U2#U! )$,2,5A2! #72:! W5**$,$,! ,a9U2! G#$! <$794YS2#BA%B! *#2! S#6*#794$%! =$V27(,2$%! 5%! $#%$!
J#942#B$!12$66$:!i[B6:!W5**$,$,&!-..R&!1:!QRj!T#$7$!M(UA77#$,A%B!Sa4,2!$,!G#G5U2#794!A%G!*$24(G#794!
5%! $#%$*! U(%U,$2$%! \$%,$+$#7X#$6! )(,:! @V$*X65,#794! A%G! B$8#$62! +$5,+$#2$2! $,! U6$#%$! *$G#56$!
<5A72$#%$:!W5**$,$,!+$2,5942$2!G#$7!567!$#%$!;,2!)#7A$66$!;6X45+$2#7#$,A%B:!i[B6:!W5**$,$,&!-..R&!1:!
LQj!
I#2! G$*! <6#9U! 5AS! G$%! I$G#$%J$947$6! 452! HA225! "$,*U$! `! $+$%S5667! #%! ;%6$4%A%B! 5%! <559U$! A%G!
=A6(G8#$9U#! `! #%! #4,$*! W(%8$X2! I$G#$%A%2$,,#942! #%! G$%! T$A2794A%2$,,#942! #%2$B,#$,2:! "$7$%26#94$!
@,J$#2$,A%B7+5A72$#%$! 7#%G! 2,5%7*$G#56$! W(*X$2$%8&! U,$52#)$! I$G#$%U(*X$2$%8! A%G! #%2$,*$G#56$!
W(*X$2$%8:!1#$!7X,#942!)(%!$#%$*!N#2$,52A,`!A%G!I$G#$%A%2$,,#942&!G$,!8A*!e#$6!452!N$7$U(*X$2$%8&!
I$G#$%U(*X$2$%8&! Y724$2#794$! <#6GA%B! A%G! X(6#2#794$! <#6GA%B! 8A! )$,*#22$6%:! i[B6:! M,$G$U#%B! O!
W,(**$,! O! I5#J56G&! -./-&! 1:! LQ! A%G! "$,*U$&! -./-&! 1:! RR! `! /.0j! T5! =$V2$! #%! )#$6$%! *$G#56$%!
M(,*$%! )(,6#$B$%&! 8:! <:! 567! <a94$,&! ZE,7X#$6$&! M#6*$! $29:! U5%%! G57! <A94! %#942! #7(6#$,2! +$2,5942$2!
J$,G$%:![#$6*$4,! B$42! $7!#*!N#2$,52A,A%2$,,#942!G5,A*! B,$%8a+$,794,$#2$%G$&! #%2$,*$G#56$!<$8aB$!
GA,94!I$G#$%J$947$6!4$,8A72$66$%:!

1$#2$!28!
;%! <559U$7! ;%7528! J#,G! #%45626#94! U,#2#7#$,2&! G577! $,! G#$! Y724$2#794$! T#*$%7#(%! a+$,7$4$%! 45+$:!
i12#6$22(&!-..0&!1:!0Qj!I$G#$%!,#942$%!7#94!8A$,72!5AS!G#$!7#%%6#94$!"54,%$4*A%B:!T$7456+!$,794$#%2!
$7!A%8A,$#94$%G&!U,$52#)$!D,(8$77$!G$,!I$G#$%B$72562A%B!G$,!U,#2#794$%!>52#(%56#2Y2!A%2$,8A(,G%$%:!
T57!T$%U$%!A%G!W(**A%#8#$,$%!#%!<#6G$,%!*a772$!=$#6!G$,!I$G#$%U(*X$2$%8!7$#%&!J$#6!1X,594$!G#$!
W(*X6$V#2Y2!5AS!)#7A$66$,!@+$%$!%#942!S577$%!U5%%:!
F+J(46!G#$!I(G$66$!)(%!=A6(G8#$9U#&!\,($+$%!A%G!W5**$,$,!<559U$7!;A7B5%B7*(G$66!A*!J#942#B$!
;7X$U2$! J#$! $2J5! Z5%G6A%B7(,#$%2#$,A%B&! \$%A77SY4#BU$#2! A%G! ;%7946A77U(**A%#U52#(%! $,J$#2$,%!
A%G! BA2! 5%! G$%! N#2$,52A,A%2$,,#942! 5%7946A77SY4#B! 7#%G&! J#,G! X,#*Y,! 5%! G$,! W(**A%#U52#(%! GA"*!
I$G#$%! S$72B$4562$%:! T$,! M#6*XYG5B(B$! 12#6$22(! U(**2! 8A! G$*! 1946A77&! G577! $#%!
D$,7X$U2#)$%J$947$6!8A!W(**A%#U52#(%!)3*45!<#6G$,!%A,!B$6#%B$%!U5%%&!J$%%!*5%!G#$!Y724$2#794$%!
;7X$U2$! kA$,6#$B$%G! i8:! <:! #%! <559U$7! )#$,! =$#6U(*X$2$%8$%j! )$,5%U$,2! i)B6:! 12#6$22(&! -..0&! 1:! 0Pj&!
)(,5A7B$7$282!*5%!J#66!5%!<559U$7!I(G$66!S$724562$%:!I$G#$%!*a772$%!#%!$#%$*!I$G#$%U(*X$2$%8`
I(G$66!567!W(**A%#U52#(%7*#22$6!5ASB$S5772!J$,G$%&!G#$!%#942!$,72!)$,7X,5946#942!J$,G$%!*a77$%:!
I#945$6! 125#B$,! 567! T$A2794G#5G5U2#U$,! Sa4,2! A%2$,794#$G6#94$! W(*X$2$%8+$,$#94$! 8A! $#%$,!
I$G#$%UA62A,U(*X$2$%8!8A75**$%:!i[B6:!1X#$6*5%%&!-.//&!1:!/Kj!@,!Sa4,2!Sa%S!=$#6U(*X$2$%8$%!5%d!
N$7$U(*X$2$%8bN#2$,5,#794$! W(*X$2$%8&! 194,$#+`! A%G! 194,#S2U(*X$2$%8&! 5AG#2#)$! W(*X$2$%8&!
#%2$,*$G#56$! W(*X$2$%8! A%G! )#7A$66$! W(*X$2$%8:! 125#B$,! $,J$#2$,2! 5A94! G#$! N$,%+$,$#94$! G$7!
T$A2794A%2$,,#9427! 194,$#+$%&! N$7$%&! 1X,$94$%&! ZE,$%! A*! G$%! <$,$#94! 1$4$%:! @,! +$2(%2! 566$,G#%B7&!
G577! $7! 8A,! h*7$28A%B! G$,! )$,S6(942$%$%! W(*X$2$%8+$,$#94$! $#%! SY94$,a+$,B,$#S$%G$7! I(G$66!
+,YA942$&!A*!566$!=$#6U(*X$2$%8$%!5+G$9U$%!8A!UE%%$%:!i1X#$6*5%%&!-.//&!1:!/Kj!!

!
;++:! /.d! <$,$#94$! G$,! I$G#$%UA62A,U(*X$2$%8! #%! T$A2794! iqA$66$d! )(%! 125#B$,&! -..L&! 5A7!
1X#$6*5%%&!-.//&!1:!/Lj!

ZI\ISIX "1>UDF=/ALA13:;98!C23/4Y!
>5X45$6! 1X#$6*5%%! 452! G57! M,$#+A,B$,! M#6*9A,,#9A6A*! #*! >54*$%! $#%$7! M#6*S(,794A%B7X,(g$U27!5%!
G$,! DYG5B(B#794$%! Z(94794A6$! M,$#+A,B! #%! T$A279465%G! *#2$%2J#9U$62:! @,! B$42! )(*!

1$#2$!29!
@%272$4A%B7X,(8$77! G$7! M#6*7! 5A7! A%G! ,$GA8#$,2! 5A7! G#$7$,! D$,7X$U2#)$! G#$! e546! G$,! +$2$#6#B2$%!
T#78#X6#%$%:! 3%! 7$#%$*! <57#7*(G$66! G$,! X,(GAU2#(%7(,#$%2#$,2$%! M#6*G#G5U2#U&! 2$#62! $,! B,A%G6$B$%G$!
M#6*U(*X$2$%8$%!5AS!G#$!G,$#!=,YB$,SY94$,!T$A2794&!WA%72!A%G!IA7#U!5AS&!J$#6!7#$!7#94!*#2!"(,2&!<#6G!
A%G! =(%! +$S577$%:! \6$#948$#2#B! 2$#62! $,! G#$! D457$%! G$,! M#6*$%272$4A%B! i[(,X,(GAU2#(%&! D,(GAU2#(%&!
D(72X,(GAU2#(%j! G#$7$%! G,$#! =,YB$,SY94$,%! 8A:! Ma,! T$A2794! +$G$A2$2! G57! G#$! <$794YS2#BA%B! *#2!
794,#S26#94$%! S#6*#794$%! =$V27(,2$%! J#$! T,$4+A94! 794,$#+$%! A%G! *#2! G$%! G,5*52#794$! ;7X$U2$%! J#$!
1945A7X#$6:!T57!\$75*2UA%72J$,U!M#6*!J#,G!5AS!G,$#!194A6SY94$,!5ASB$2$#62!i7#$4$!;++:!//j:!!!!

!
;++:!//d!D,(GAU2#(%7(,#$%2#$,2$!M#6*G#G5U2#U!iqA$66$d!1X#$6*5%%!1:!RPj!
T#$!5%B$Sa4,2$%!W(*X$2$%8*(G$66$!G$7!G$A27947X,594#B$%!>5A*7!7(J#$!G#$![$,(,2A%B!G$7!M#6*7!#%!
G$,! T$A2794G#G5U2#U! J$,G$%! *(*$%25%! ,$B$! G#7UA2#$,2:! r724$2#794$! W(*X$2$%8$%! J$,G$%! 567!
=$#6U(*X$2$%8! $,S5772:! @#%! D,(+6$*S$6G! #72! G$,$%! @#%(,G%A%B! A%G! <$A,2$#6A%B:! ;A94! #*!
N#2$,52A,A%2$,,#942!#72!Y724$2#794$!W(*X$2$%8!$#%!=4$*5:![(6U$,!M,$G$U#%B!72$662!G#$!M,5B$&!#%J#$J$#2!
]6#2$,5,#794$7! +8J:! Y724$2#794$7! [$,72$4$%! U(*X$2$%824(,$2#794! A%G! $*X#,#794! $,4(+$%! J$,G$%!
U5%%_:!iM,$G$U#%B&!-..P+&!1:!C.j!Ma,!G$%!<$,$#94!G$,!6#2$,5,Y724$2#794$%!<#6GA%B!U(**$%!8:!<:!'5Bc&!
12,AB$,!A%G!"#%2$,72$#%$,!8A!S(6B$%G$*!1946A77d!]@7!U5%%!%#942!566$7!#%!G$,!1X,594$!G$,!W(*X$2$%8!
5A7B$G,a9U2! J$,G$%:_! i'5Bc! O! 12,AB$,! O! "#%2$,72$#%$,&! -./-&! 1:! /Q/j! W(*X$2$%8$%! 8#$6$%! 5AS!
u+$,X,aS+5,U$#2&! 567(! 5AS! *$77+5,$! @,B$+%#77$%! 5+:! <$J$B2$! <#6G$,! 7#%G! 7(! J#$! N#2$,52A,! U(*X6$V!
A%G! B,A%G7Y286#94! *$4,G$A2#B:! I$4,G$A2#BU$#2! S(,G$,2! 5AS! 1$#2$%! G$,! >$8#X#$%2#%bG$7! >$8#X#$%2$%!
U,$52#)$7!Z5%G$6%!+$#*!@%27946a77$6%!G$7!S#6*#794$%!=$V2$7:!!

1$#2$!30!
"$%%! $7! #*! eAB$! G$,! Z5%G6A%B7(,#$%2#$,A%B! A*! G#$! \$72562A%B! )(%! I$G#$%X,(GAU2$%! B$42&! *A77!
G#$! M,5B$! %594! G$,! <$A,2$#6A%B! B$72$662! J$,G$%:! W(*X$2$%2$7! Z5%G$6%! J#,G! #%! G$,! X,5U2#794$%!
;%J$%GA%B!7#942+5,:!3*!M594!<#6G%$,#794$!@,8#$4A%B!J$,G$%!+#6G6#94$!D,(GAU2$%!+$A,2$#62:!1(J(46!#%!
G$,!WA%72$,8#$4A%B!567!5A94!G$%!<#6GJ#77$%7945S2$%!J$,G$%!W(*X$2$%8*(G$66$!G#7UA2#$,2&!#%!G$%$%!
G#$! Y724$2#794$! D,5V#7! G#SS$,$%8#$,2! +$2,5942$2! J#,G:! @#%$! G#SS$,$%8#$,2$! ;A75,+$#2A%B! )(%!
X,(GAU2#(%7(,#$%2#$,2$%! W(*X$2$%8$%! #72! G58A! A%$,6Y776#94:! ;%! G#$7$%! UE%%2$! 7#94! G$,!
T$A2794A%2$,,#942!(,#$%2#$,$%:!

ZI] *:;>5336L>A9852A92!
M#6*! )$,65%B2! %594! $#%$*! #%2$,G#78#X6#%Y,$%! eAB5%B&! J$#6! M#6*! `! J57! 7$#%$! \,A%G72,AU2A,! +$2,#SS2! `!
*A62#*$G#56! #72:! <#6G&! =(%! A%G! "(,2! +#6G$%! $#%$! 1c%24$7$:! eA7Y286#94! 8A! 7$#%$,! A,$#B$%$%!
IA62#*$G#56#2Y2!#72!G57! B5%8$!T,A*4$,A*!G$,!M#6*X,(GAU2#(%!A%G! >$8$X2#(%! $+$%S5667! *A62#*$G#56:!
T5!$7!#*!E72$,,$#94#794$%!194A67c72$*!U$#%!$#B$%$7!h%2$,,#9427S594!Sa,!M#6*!+8J:!I$G#$%!B#+2&!J#,G!
$7! #%! *$#%$*! h%2$,,#9427)(,45+$%! J#942#B! 7$#%&! G$%! T$A2794A%2$,,#942! 8A*! =4$*5! M#6*!
#%2$,G#78#X6#%Y,!8A!$,J$#2$,%:!
T57!1X$8#S#794$!G$7!S#6*#794$%!@,8Y46$%7! #72!G#$! I(%25B$:! I#22$67!5%$#%5%G$,! *(%2#$,2$,! <#6G$,!A%G!
=E%$! J#,G! U(**A%#8#$,2:! I(%25B$! 6Y772! 7#94! %#942! #%! 7X,5946#94$%! W52$B(,#$%! S577$%:! I$#%$!
h%2$,,#94277$kA$%8! J#,G! G#$7$7! J$7$%26#94$! I(*$%2! G$7! 5AG#()#7A$66$%! ;%$#%5%G$,SaB$%7!
24$(,$2#794!A%G!45%G6A%B7(,#$%2#$,2!8A*!3%4562!45+$%!*a77$%:!
T#$!<$794YS2#BA%B!*#2!G$%!"#77$%7945S2$%!452!B$8$#B2&!G577!%#942!#%!$,72$,!N#%#$!G#$![$,7X,5946#94A%B!
)(%! <#6G$,%! A%G! G#$! W(**A%#U52#(%! a+$,! M#6*$! G$*! I$G#A*! M#6*! B$,$942! J#,G&! 7(%G$,%! G57!
W(**A%#8#$,$%! GA,94! +$J$B2$! <#6G$,:! T#$! +5756$! MY4#BU$#2! .'(=& 0"*+%"5"-! *A77! GA,94! G#$!
;ASJ$,2A%B! G$7! 1$4$%7! $,S(6B$%:! T#$! W(%7$kA$%8! Sa,! G#$! D,5V#7! 7(662$! 7$#%&! G#$! 5Af$,7X,5946#94$%!
;%2$#6$!G$7!M#6*7!#%!G$%!I#22$6XA%U2!8A!,a9U$%:!@7!7(66!)$,72Y,U2!A*!G#$!<#6G`!A%G!=(%$+$%$!G$7!M#6*7!
B$4$%:!
T#$!<$794YS2#BA%B!*#2!G$%!<$B,#SS6#94U$#2$%!452!)$,G$A26#942&!G577!6#%BA#72#794$!=$,*#%#!#*!S#6*#794$%!
eA75**$%45%B!#,,$Sa4,$%G!7#%G:!T57!"(,2!M#6*7X,594$!7ABB$,#$,2&!*5%!UE%%$!<$B,#SS$!J#$!"E,2$,&!
1Y28$!A7J:!G#,$U2!5AS!M#6*$!a+$,2,5B$%&!5%72522!7#$!#*!<#6G6#94$%!%$A!8A!G$%U$%:!T5*#2!M#6*!5A94!5AS!
2$,*#%(6(B#794$,! @+$%$! 567! 5A2(%(*! J54,B$%(**$%! J$,G$%! U5%%&! B#62! $7! 5A94! 7X,5946#94! W65,4$#2!
8A!7945SS$%!A%G!5AS!*$25X4(,#794$%!1X,594B$+,5A94!8A!)$,8#942$%:!M#6*$!*a77$%!8:!<:!%#942!B$6$7$%&!
7(%G$,%!B$7$4$%!J$,G$%:!!
"$#2$,7!452!7#94!GA,94!G#$!<$794YS2#BA%B!*#2!G$%!"#77$%7945S2$%!Sa,!*#94!G$A26#94!B$8$#B2&!G577!G#$!
;A7$#%5%G$,7$28A%B! *#2! 3%4562! A%G! M(,*! 8A! UA,8! B,$#S2:! T57! TA,947945A$%! G$,! \$*59424$#2! G$,!
M#6*$! *A77! 7#94! 5A94! 5AS! G#$! \$*59424$#2! #%! $#%$*! 4#72(,#794$%&! B$7$667945S27X(6#2#794$%! A%7!
56625B7UA62A,$66$%! W(%2$V2! +$8#$4$%&! A*! 8A! )$,G$A26#94$%&! G577! $#%$! WA62A,! GA,94! <#6G$,!
U(**A%#8#$,2:! @7! J#,G! J#942#B! 7$#%&! M#6*$! 8A! 8$#B$%&! G#$! 5A7! )$,794#$G$%$%! S#6*#794$%! @X(94$%!
725**$%:!T5,5%!U5%%!G57!@#%B$+$22$27$#%!G$,!M#6*$!#%!$V2$,%$!W(%2$V2$!)#7A$66!24$*52#7#$,2!J$,G$%:!!
T#$! 4#$,! )(,B$72$662$%! G$A2794G#G5U2#794$%! W(*X$2$%8*(G$66$! +$#%4562$%! 8A7Y286#94! 8A! G$%!
2$94%#794$%! W(*X$2$%8$%! A%G! G$,! W(*X$2$%8! G$,! W,#2#USY4#BU$#2! 5A94! Y724$2#794$&! U(**A%#U52#)$!
A%G!J#,UA%B7(,#$%2#$,2$!W(*X$2$%8$%:!;A94!\$%A77!A%G!h%2$,4562A%B7J$,2!45+$%!$#%$%!D6528:!T$,!
\$72562A%B757X$U2!+6$#+2!g$G(94!#**$,!G$,![$,7X,5946#94A%B!G$7!;AG#()#7A$66$%!%594B$(,G%$2:!!
Z5%G6A%B7(,#$%2#$,A%B! 8A*! M#6*! $,S(,G$,2&! G577! G#$! M#6*X,(GAU2#(%! 567! J#942#B$7! 45%G$6%G$7!
@6$*$%2! #%! G$%! T$A2794A%2$,,#942! 5ASB$%(**$%! J#,G:! 3%! *$#%$,! h%2$,,#94277$kA$%8! J#,G! G#$!
Z$,72$66A%B!)(%!!M#6*7$kA$%8$%!=$#6!G$7!T$A2794A%2$,,#9427!7$#%:!!
W5**$,$,7! M(UA77#$,A%B! 5AS! S#6*#794$! \$%,$7! +$#%4562$2! #%2$,$775%2$&! X,5V#7,$6$)5%2$! ;7X$U2$d!
3%45626#94$&!S(,*56$!A%G! $V2$,%$! <$2,5942A%B7X$,7X$U2#)$%!i8:!<:!4#72(,#794$&!B$7$667945S27X(6#2#794$&!
5A2(,$%7X$8#S#794$&! $29:j! UE%%$%! BA2! $#%+$8(B$%! J$,G$%:! ;AS! G$,! <57#7! U6$#%$,&! G#G5U2#794`
*$24(G#794$,!<5A72$#%$!6577$%!7#94!S#6*#794$!\,A%G65B$%!#%!G$,!194A6X,5V#7!)$,*#22$6%:!T$,![$,B6$#94!

1$#2$!31!
)$,794#$G$%$,! UA,8$,! M#6*7$kA$%8$%! *#2! Y4%6#94$*! 3%4562! $,65A+2! )#$6$,6$#! eAB,#SS$&! G#$! G$,!
@#B$%72Y%G#BU$#2!G$7!I$G#A*7!B$,$942!J$,G$%:!
"$,*U$7!W(%8$X2!S(UA77#$,2!5AS!G$%!I$G#$%J$947$6:!T5!$7!#%!*$#%$*!h%2$,,#9427)(,45+$%!A*!G#$!
+5756$%!S#6*#794$%!MY4#BU$#2$%! B$4$%!7(66&!#72!G#$7$7!W(%8$X2!#%!G#$7$*!M566!%#942!X577$%G:! ;A94! G#$!
I(G$66$! )(%! 125#B$,! A%G! 1X#$6*5%%&! G#$! )(%! $#%$*! SY94$,a+$,B,$#S$%G$%! h%2$,,#942! 5A7B$4$%&!
6577$%! 7#94! 5ASB,A%G! G$,! #%! G$,! @#%6$#2A%B! +$794,#$+$%$%! >54*$%+$G#%BA%B$%! %#942! #%! #4,$,!
\$75*24$#2! 5AS! *$#%$! U(%U,$2$! h%2$,,#94277#2A52#(%! a+$,2,5B$%:! 394! 45+$! #%! G$,! S594G#G5U2#794$%!
N#2$,52A,!%(94!U$#%!W(*X$2$%8*(G$66!B$SA%G$%&!G57!G#$!B,A%G6$B$%G$%!S#6*#794$%!M$,2#BU$#2$%!8A*!
3%4562!452&!U5%%!g$G(94!$#%8$6%$!;7X$U2$!5A7!A%2$,794$#G6#94$%!I(G$66$%!4$,5%8#$4$%:!
!
!
!

1$#2$!32!
\ G#$&(-J*KT$#)#*+,'!OT.JCG'-!!
3%! G#$7$*! W5X#2$6! B$42! $7! G5,A*! 8A! 7945A$%&! #%J#$J$#2! G$,! *$G#56$! D5,5G#B*$%J$947$6&! G#$!
)$,Y%G$,2$! I$G#$%,$8$X2#(%! HAB$%G6#94$,! A%G! G#$! 8A%$4*$%G$! "#942#BU$#2! G$,! +$J$B2$%! <#6G$,!
@#%B5%B! #%! G#$! 194A6$! B$SA%G$%! 45+$%:! I$#%! <6#9U! ,#942$2! 7#94! #%! $,72$,! N#%#$! 5AS! S(6B$%G$! M,5B$%d!
"#,G!G$,!"#942#BU$#2!G$,! I$G#$%! >$94%A%B!B$2,5B$%v!"$694$%!12$66$%J$,2!452!7X$8#$66!G$,!<$,$#94!
M#6*! #*! T$A2794`N$4,X65%v! 3%! J$694$%! eA75**$%4Y%B$%! U(**2! $,! $VX6#8#2! )(,v! "57! B$%5A! 7(66$%!
194a6$,3%%$%! #%! G$*! 7$4,! A*S577$%G$%! <$,$#94! M#6*! UE%%$%&! A*! U(*X$2$%2! 8A! 7$#%v! "$694$!
S#6*#794$%!;%2$#6$!J$,G$%!567!+$7(%G$,7!,$6$)5%2!Sa,!G$%!T$A2794A%2$,,#942!$,5942$2v!
eA$,72! J$,G$! #94! G,$#! ,$6$)5%2$! \$7$28$72$V2$! #%! G$%! <6#9U! %$4*$%:! @7! B#+2! G,$#! 5U2A$66! B$62$%G$!
\$7$28$72$V2$&!G#$!Sa,!G$%!<$,$#94!.'(=!#*!T$A2794`h%2$,,#942!,$6$)5%2!7#%Gd!
/: G$,!\,A%G7528$,6577!I$G#$%$,8#$4A%B!i<IhWW&!-../j!
-: G$,!3%S(,*52#(%7$,6577!!]T#B#256$!W(*X$2$%8!5%!^72$,,$#947!194A6$%_!i<IhWW&!-./.j!
0: G$,! F+$,72AS$%6$4,X65%! G$,! 566B$*$#%+#6G$%G$%! 4E4$,$%! 194A6$! Sa,! G57! M594! T$A2794!
i<IhWW!/5!O!/+&!-..Cj!

\IQ J852=3/4Y98>/33!%9=19298Y19;52A!
3*!\,A%G7528$,6577!8A,!I$G#$%$,8#$4A%B!5A7!G$*!H54,!-../!J#,G!S$72B$72$662&!G577!I$G#$%!#%!A%7$,$,!
\$7$667945S2! $#%$! #**$,! B,Ef$,$! >(66$! 7X#$6$%! A%G! G577! S(6B6#94! I$G#$%XYG5B(B#U! #%! G$,! 194A6$!
J#942#B$,! J$,G$%! 7(66:! I$G#$%$,8#$4A%B! 7(66! #%! 566$%! h%2$,,#9427B$B$%72Y%G$%! A%G! 194A672AS$%!
72522S#%G$%:!!
T$,! 4#$,! )$,J$%G$2$! I$G#$%+$B,#SS! A*S5772! ]1X,594$&! <#6G$,&! e$#94%A%B$%&! <a94$,&! =4$52$,! A7J:_!
i<IhWW&! -../&! 1:! -j! T57! <57#7*$G#A*! H,*645"! A%G! G#$! 5AG#()#7A$66$%! I$G#$%! J$,G$%! 567!
$%2794$#G$%G$! M5U2(,$%! +$794,#$+$%&! J$694$! G#$! "#,U6#94U$#2! G$7! I$%794$%! *#2S(,*$%:!
\,A%G7Y286#94! 7(66! G#$! 194A6$! )$,72Y,U2! 5%! G$,! ]Z$,5%+#6GA%B! U(**A%#U52#(%7SY4#B$,! A%G!
A,2$#67SY4#B$,! I$%794$%_! *#2J#,U$%! A%G! G#$! ! ]W,$52#)#2Y2! A%G! G#$! M,$AG$! 5%! $#B$%$%! 194EXSA%B$%!
5%,$B$%_:i[B6:! <IhWW&! -../&! 1:! -j! T#$! "#942#BU$#2! $#%$,! ]U(%72,AU2#)`U,#2#794$! Z562A%B_! B$B$%a+$,!
G$%! *$G#56! )$,*#22$62$%! @,S54,A%B$%! J#,G! 567! J#942#B$7! h%2$,,#9427X,#%8#X! 4$,)(,B$4(+$%&! J$694$7!
G57!eA,$942S#%G$%!G$7!3%G#)#GAA*7!#%!G$,!\$7$667945S2!SE,G$,%!7(66:!i[B6:!<IhWW&!-../&!1:!-j!
3*!\,A%G7528$,6577!J#,G!I$G#$%XYG5B(B#U!#%!8J$#!<$,$#94$!A%2$,2$#62d!!
• I$G#$%G#G5U2#U! *$#%2! G$%! @#%7528! 5AG#()#7A$66$,! I$G#$%! 567! h%2$,,#9427*#22$6&! G#$!
5+B$72#**2! 5AS! G#$! <#6GA%B7`! A%G! N$4,5ASB5+$%! A%G! G$%! N$4,X65%! G$7!
h%2$,,#9427B$B$%725%G7!$#%B$7$282!J$,G$%!7(66$%:!I$G#$%$,8#$4A%B!8#$62!5AS!G#$!@%2J#9U6A%B!
)(%! I$G#$%U(*X$2$%8! 5+:! Z#$,! #72! G$,! XYG5B(B#794$! h*B5%B! *#2! I$G#$%&! 567(! G#$!
]@,8#$4A%B!a+$,!I$G#$%_!i<IhWW&!-../&!1:!-j!!)$,(,2$2:!!
• I$G#$%$,8#$4A%B!+$S5772!7#94!*#2!]5!6!6!$!%!W(**A%#U52#(%7*$G#$%_!i<IhWW&!-../&!1:!-j!A%G!
G$,$%! *EB6#94$%! W(*+#%52#(%$%:! ]"(,2&! B$G,A9U2bB$7X,(94$%! A%G! \,5X4#U&! =(%&! 125%G+#6G!
A%G! +$J$B2$7! <#6G_! ! i<IhWW&! -../&! 1:! -j! J$,G$%! 567! U(%72#2A2#)$! <$725%G2$#6$! 566$,! =$V2$!
B$%5%%2:! 3%2$,%$2! J#,G! 567! W(*+#%52#(%! A%G! 567! eA75**$%Sa4,A%B! G#$7$,! \,A%G$6$*$%2$!
)$,725%G$%:!!
T$,! #*! @,6577! )$,J$%G$2$! <$B,#SS! I$G#$%U(*X$2$%8! J#,G! 567! e#$64(,#8(%2! *$G#$%XYG5B(B#794$,!
<$*a4A%B$%!)$,725%G$%!A%G!5%!)#$,!<$,$#94$%!U(%U,$2#7#$,2d!!
• I$G#$%%A28A%B!
• W(**A%#U52#(%!
• I$G#$%!567!"#,27945S27S5U2(,!(G$,!I577$%*$G#$%!567!3%72#2A2#(%!

1$#2$!33!
 • $#B$%$!I$G#$%794EXSA%B$%!!!
<$#! G$,! 9")'"--3%/3-$! 7(66$%! 194a6$,3%%$%! U,#2#794$! @#%7#942$%! #%! G#$! W(**A%#U52#(%! G$,!
I577$%*$G#$%! B$J#%%$%! A%G! $#%$%! *EB6#9472! +$JA772$%! A%G! 5U2#)! *#2+$72#**$%G$%! h*B5%B!
G5*#2! *EB6#94! *594$%:! T58A! B$4E,2! $7&! W(**A%#U52#(%7X4Y%(*$%$! G$,! I577$%*$G#$%! 8A!
$,U$%%$%&! A*! G57! 1X$U2,A*! 5%! $#B$%$%! Z5%G6A%B7*EB6#94U$#2$%! 5U2#)! $,J$#2$,%! 8A! UE%%$%:!
I577$%*$G#$%!7945SS$%!+$#7X#$67J$#7$!2cX#794$&!U6#794$$45S2$!A%G!,(66$%2cX#794$![$,4562$%7*A72$,:!
T57! 7(66! $,U5%%2! A%G! U,#2#794! ,$S6$U2#$,2! J$,G$%:! "$#2$,7! 7(66! I$G#$%%A28A%B! U(B%#2#)$%! A%G!
5SS$U2#)$%!<$,$#94$%!>$94%A%B!2,5B$%:!!
3*!DA%U2!?1==3-';6%'1-!J#,G!$#%$,7$#27!5AS!G#$!$,4E42$%!;A7G,A9U7`!A%G!D5,2#8#X52#(%7945%9$%!5*!
X(6#2#794$%!N$+$%!G$,!T$*(U,52#$!A%G!5%G$,$,7$#27!5AS!G#$!\$S54,!$#%$,!%A,!X577#)$%!I$G#$%%A28A%B!
4#%B$J#$7$%:! W,#2#794$! h,2$#67+#6GA%B! A%G! 12Y,UA%B! G$,! Z5%G6A%B7U(*X$2$%8! 7#%G! B$%5A7(! e#$6! J#$!
G#$! ;A7$#%5%G$,7$28A%B! *#2! "#,U6#94U$#2&! M#U2#(%! A%G! )$,*#22$62$,! "#,U6#94U$#2:! T#$! 194a6$,3%%$%!
7(66$%! G#$! \$*59424$#2! G$,! I$G#$%! $,U$%%$%:! T57! +$2,#SS2! G$,$%! 12,AU2A,&! G#$! 7X$8#S#794$%!
\$72562A%B7*#22$6!A%G!G#$!A%2$,794#$G6#94$%!"#,UA%B7*EB6#94U$#2$%!G$,!$#%8$6%$%!I$G#$%5,2$%!J#$!
M#6*&!T#5!$29:!i[B6:!<IhWW!-../&!1:!0j:!
3*! <$,$#94! 9")'"-& 6(+& R'*%+456<%+<6;%1*! 7(66! )$,*#22$62! J$,G$%&! G577! Z$,72$66A%B&! [$,2$#6A%B! A%G!
;A7J546! G$,! I$G#$%! GA,94! $V2$,%$! M5U2(,$%! +$G#%B2! 7#%G:! "#,27945S26#94$&! 2$94%#794$&!
B$7$667945S26#94$!A%G!#G$(6(B#794$!;7X$U2$!7(66$%!A%2$,7A942!J$,G$%:!
"#$! 5*! ;%S5%B! G$7! @,6577$7! J#,G! #*! <$,$#94! :'$"-"& 9")'"-+45Y,<3-$"-! %(94! $#%*56! G5,5AS!
$#%B$B5%B$%&!G577!G57!+6(f$![$,J$%G$%!)(%!5AG#()#7A$66$%!I$G#$%!%(94!%#942!I$G#$%$,8#$4A%B!#72&!
G5!7#$!7(!)$,J$%G$2!%A,!]366A72,52#(%!G$,!12(SSG5,72$66A%B_!i<IhWW&!-../&!1:!Cj!JY,$:!T#$!X,5U2#794$!
=Y2#BU$#2! *#2! $#%$,! 5%7946#$f$%G$%! >$S6$V#(%! a+$,! G$%! Z$,72$66A%B7X,(8$77! 7(66! =$#6! G$,!
*$G#$%XYG5B(B#794$%! ;,+$#2! 7$#%:! i[B6:! <IhWW&! -../&! 1:! Cj! 194a6$,3%%$%! 7(66$%! 8A,! Z$,72$66A%B!
$#B$%$,!I$G#$%X,(GAU2$!$,*A2#B2!J$,G$%:!
;%7946#$f$%G!5%!G#$7$!W(%U,$2#7#$,A%B!J$,G$%!566B$*$#%$!Z#%J$#7$!A%G!!"'+,'"("&/3*&E3*45<G5*3-$!
B$B$+$%:! "$#6! I$G#$%! G57! "$62+#6G! +$$#%S6A77$%! A%G! 5AS! ! B$7$667945S26#94$! A%G! X(6#2#794$!
@%2794$#GA%B$%! ,a9UJ#,U$%&! 452! G#$! >$S6$V#(%! G$,! I$G#$%! $#%$%! 4(4$%! 12$66$%J$,2:! T5! 7#$! G#$!
"#,U6#94U$#2! U(%72,A#$,$%! A%G! %#942! $#%S594! %$A2,56! 5++#6G$%&! J#,G! B,(f$,! "$,2! 5AS! G#$!
T$U(G#$,A%B7SY4#BU$#2! )(%! I$G#$%+#6G$,%! B$6$B2:! i[B6:! <IhWW&! -../&! 1:! Cj:! <$#! G$%! 5AG#()#7A$66$%!
I$G#$%! 7(66$%! ]*$G#$%7X$8#S#794$! @#B$%4$#2$%! G$7! T5,B$+(2$%$%_! i<IhWW&! -../&! 1:! Cj!
5%B$7X,(94$%!J$,G$%:!T$,!%(2J$%G#B$!@#%7528!5AG#()#7A$66$,!h%2$,,#9427*#22$6!,$#942!%#942!5A7:!
3%! G$%! $#%8$6%$%! h%2$,,#9427B$B$%72Y%G$%! A%G! ])(,! 566$*! #*! iSY94$,a+$,B,$#S$%G$%j!
D,(g$U2A%2$,,#942_! i<IhWW&! -../&! 1:! Qj! UE%%$%! I$G#$%24$*$%! D6528! S#%G$%:! \$%5%%2! J$,G$%!
+$#7X#$67J$#7$!G#$!MY94$,!T$A2794&!<#6G%$,#794$!@,8#$4A%B!A%G!"#,27945S27UA%G$:!;67!<$#7X#$6!Sa,!G$%!
T$A2794A%2$,,#942!J#,G!5%B$Sa4,2&!G577!*5%!6#2$,5,#794$!"$,U$!*#2![$,S#6*A%B$%!)$,B6$#94$%!UE%%$&!
A*! G#$! IEB6#94U$#2$%! A%G! \,$%8$%! G$,! +$#G$%! WA%72S(,*$%! 5AS8A8$#B$%:! i[B6:! <IhWW&! -../&! 1:! Q!
A%G!I(U!O!@,26&!-./-&!1:!//0j!

\IS &98! #26L8U/41L2398>/33! a&1A14/>9! `LUD9492Y! /2! b3498891:;3!

*:;5>92c!
T$,!-./.!$,794#$%$%$!3%S(,*52#(%7$,6577!,#942$2!7#94!5%!566$!N$4,$,3%%$%!A%G!7(66!8A,!12Y,UA%B!G$,!3=`
W(*X$2$%8$%! #%! G$,! 194A6$! +$#2,5B$%:! ;A7B$4$%G! )(%! G$,! @A,(XY#794$%! h%#(%&! J$694$!
I$G#$%U(*X$2$%8! 8A! G$%! 1946a77$6U(*X$2$%8$%! 8Y462&! J$,G$%! 3=`! A%G! I$G#$%U(*X$2$%8! 567!
2,5B$%G$! 1YA6$%! )$,725%G$%:! 1#$! 7(66$%! 7(J(46! G#$! "$22+$J$,+7SY4#BU$#2! G$7! $A,(XY#794$%!
"#,27945S2,5A*$7! 567! 5A94! G#$! 5U2#)$! =$#645+$! 5%! G$,! 3%S(,*52#(%7B$7$667945S2! 72a28$%:! 3*! M(UA7!
72$4$%!G#$!+$,AS6#94$!A%G!G#$!B$7$667945S26#94$!>$56#2Y2:!@#%$,7$#27!B$42!$7!#%!G#$7$*!@,6577!A*!]+57#9!
7U#667_! i<IhWW&! -./.&! 1:! 0j&! 567(! A*! G#$! 2$94%#794$! <$4$,,794A%B! G$,! %$A$%! I$G#$%:! ;%G$,$,7$#27!
J#,G! G$*! *a%G#B$%! h*B5%B! *#2! G$%! %$A$%! =$94%(6(B#$%! A%G! G$,! W,#2#USY4#BU$#2! $#%! B,(f$,!

1$#2$!34!
12$66$%J$,2!+$#B$*$77$%:!;67!J#942#B!J$,G$%!@#B$%)$,5%2J(,2A%B!A%G!1$6+72(,B5%#752#(%&!12,52$B#$%!
8A*! "#77$%7$,J$,+! i8:! <:! 3%2$,%$2,$94$,94$j&! ! G$,! *a%G#B$! h*B5%B! *#2! @,S54,A%B$%! i8:! <:! G$,!
194A28! G$,! D,#)527X4Y,$j! A%G! G#$! W$%%2%#7! $24#794$,! \,A%G7Y28$! i8:! <:! @#%4562A%B! G$,!
W(**A%#U52#(%7,$B$6%!#*!3%2$,%$2&!?(Xc,#B42j!$,5942$2:!!
T#B#256$! W(*X$2$%8! J#,G! 567! WA62A,2$94%#U! 5ASB$S5772&! G#$! #%! G$,! 194A6$! #%! 566$%!
h%2$,,#9427B$B$%72Y%G$%! 5A7! G$*! 7X$8#S#794$%! <6#9UJ#%U$6! G$7! g$J$#6#B$%! \$B$%725%G7! A%G!
#%2$,G#78#X6#%Y,! 8A! )$,*#22$6%! #72:! T#$! ;ASB5+$! G$,! 194A6$! #72! $7! G$,! I$G#$%U(*X$2$%8&! G#$!
HAB$%G6#94$!567!]T#B#256!'52#)$7_!i<IhWW&!-./.&!1:!0j!+$,$#27!+$#!194A6$#%2,#22!+$7#28$%&!$#%$!>#942A%B!
8A! B$+$%:! <559U$7! )#$,B6#$G,#B$7! I$G#$%U(*X$2$%8`I(G$66! i7#$4$! ;++:! /-j! J#,G! $,6YA2$,2! A%G! 567!
\,A%G65B$!Sa,!G#$!XYG5B(B#794$!;,+$#2!B$%(**$%:!i[B6:!<IhWW&!-./.&!1:!-!`!Cj!T#$!)#$,!<$725%G2$#6$!
7#%Gd!I$G#$%UA%G$&!I$G#$%U,#2#U&!I$G#$%%A28A%B!A%G!I$G#$%B$72562A%B:!

!
;++:!/-d!FX$,52#(%56#7#$,A%B!G$,!I$G#$%U(*X$2$%8!%594!<559U$!/RRP!i<IhWW&!-./.&!1:!Cj!
3*!h%2$,794#$G!8A*!I$G#$%$,6577!-../!J#,G!$#%$!%$A$!\$J#942A%B!G$,!$#%8$6%$%!=$#6$!5%B$G$A2$2:!
-../! #72! I$G#$%U(*X$2$%8! #%7B$75*2! 567! ]e#$64(,#8(%2! *$G#$%XYG5B(B#794$,! <$*a4A%B$%_!
5ASB$S5772! J(,G$%:! 3*! 3=`@,6577! 8Y46$%! %$A%! H54,$! 7XY2$,! 8J$#! <$,$#94$! G5)(%! 8A,!
I$G#$%)$,*#226A%Bd! I$G#$%UA%G$! A%G! I$G#$%U,#2#U:! T#$! 8J$#! 5%G$,$%! <$,$#94$d! I$G#$%%A28A%B!
A%G! I$G#$%B$72562A%B! S566$%! %A%! #%! G$%! <$,$#94! G$,! e#$6(,#$%2#$,A%B! i<IhWW&! -./.&! 1:! 0j:! 3%! G$,!
M(6B$! J#,G! #*! 3=`@,6577! 566$,G#%B7! G5,5AS! 4#%B$J#$7$%&! G577! 566$! )#$,! <$,$#94$! <559U$7! 567!
XYG5B(B#794$! @#%4$#2! B$62$%&!G#$!5%!G#$! H54,B5%B772AS$%!5%B$X5772!#*!1#%%$! $#%$7!1X#,569A,,#9A6A*7!
8A!)$,*#22$6%!7#%G:!

\IX &98!$9;8D>/2!12!=98!C,*!T09834569!
T$,! F+$,72AS$%6$4,X65%! #72! #%! $#%$%! 566B$*$#%$%! =$#6&! +$72$4$%G! 5A7! G$*! 566B$*$#%$%! <#6GA%B78#$6&!
566B$*$#%$%! G#G5U2#794$! \,A%G7Y28$%&! 194A6`! A%G! h%2$,,#9427X65%A%B! A%G! G$%! 12A%G$%25S$6%!

1$#2$!35!
B$B6#$G$,2:! T5,5%! 5%7946#$f$%G! S(6B$%! G#$! N$4,X6Y%$! G$,! $#%8$6%$%! h%2$,,#9427B$B$%72Y%G$:! i[B6:!
<IhWW&!-..C5&!1:!/j!

\IXIQ C>>A9U91293!G1>=52A3Y19>!
3*! 566B$*$#%$%! =$#6! i<IhWW&! -..C5j! J#,G! )$,*#22$62&! G577! G$,! h%2$,,#942! 5AS! G#$! ,5794$%!
B$7$667945S26#94$%! [$,Y%G$,A%B$%! A%G! G#$! 7#94! 794%$66! $%2J#9U$6%G$! 3%S(,*52#(%7B$7$667945S2!
,$5B#$,$%!7(66:!T$,!,$S6$U2#$,2$!h*B5%B!*#2!I$G#$%!A%G!G#$!ME,G$,A%B!G$,!h,2$#67`!A%G!W,#2#USY4#BU$#2!
i[B6:!<IhWW&!-..C5&!1:!0j!J$,G$%!5%!$#%#B$%!12$66$%!+$2(%2:!!
@#%#B$! <#6GA%B7+$,$#94$&! G#$! 566$! h%2$,,#9427B$B$%72Y%G$! 8A! 6$#72$%! 45+$%&! J$,G$%! %Y4$,! $,6YA2$,2:!
T57!7#%G!$2J5!<$,$#94$!J#$!I$%794!A%G!\$7$667945S2&!#%!G$*!$7!A*!G57![$,72$4$%!B$7$667945S26#94$,!
eA75**$%4Y%B$!B$42!i8:!<:!*Y%%6#94$!O!J$#+6#94$!>(66$%+#6G$,j!(G$,!G$,!<$,$#94!'52A,!A%G!=$94%#U&!
G$,! $24#794$! M,5B$%! #*! eA75**$%45%B! *#2! h*J$62S,5B$%! 24$*52#7#$,2:! 3*! S#6*#794$%!
eA75**$%45%B! 7#%G! )(,! 566$*! S(6B$%G$! <#6GA%B7+$,$#94! +$7(%G$,7! ,$6$)5%2d! G$,! <#6GA%B7+$,$#94!
H,*645"&3-)&?1==3-';6%'1-!A%G!?*"6%'0'%O%&3-)&N"+%6(%3-$:!!
T$,! <#6GA%B7+$,$#94! H,*645"& 3-)& ?1==3-';6%'1-! U(XX$62! ;A7G,A9U7`! T$%U`&! W(**A%#U52#(%7`! A%G!
Z5%G6A%B7SY4#BU$#2! 5%! G#$! 1X,594U(*X$2$%8:! TA,94! G#$! ;A7$#%5%G$,7$28A%B! *#2! A%G! a+$,! 1X,594$!
7(66$%!G#$!194a6$,3%%$%!]#4,$!U(B%#2#)$%&!$*(2#(%56$%&!7(8#56$%!A%G!U,$52#)$%!W5X58#2Y2$%_!i<IhWW&!
-..C5&!1:!0j!%A28$%!A%G!$,J$#2$,%:!T$,!<$B,#SS!H,*645"!#72!#%!$#%$*!A*S577$%G$%!1#%%!B$+,5A942:!T#$!
<#6G7X,594$&!567!M(,*!)(%!1X,594$&!#72!4#$,!$VX6#8#2!567!M(,*!G$,!W(**A%#U52#(%!5%B$7X,(94$%:!!
;AS!G#$!ME,G$,A%B!)(%!Z5%G6A%B7U(*X$2$%8$%!J#,G!#%!*$4,$,$%!eA75**$%4Y%B$%!4#%B$J#$7$%:!3*!
<#6GA%B7+$,$#94! ?*"6%'0'%O%& 3-)& N"+%6(%3-$! 4$#f2! $7&! G577! ]\$72562A%B7$,S54,A%B$%! 8A! *594$%! A%G!
a+$,!1#%%$!Sa4,$%G$!eABY%B$!*#2!U(B%#2#)$%!@,U$%%2%#77$%!8A!)$,+#%G$%_!i<IhWW&!-..C5&!1:!0j!7#%G:!
[$,794#$G$%$%!;,+$#27*$24(G$%!J#,G!4#$,!G$,!"$B!+$,$#2$2d!3%G#)#GA$66$!A%G!B$*$#%7945S2772#S2$%G$!
D,(8$77$!7(66$%!B6$#94$,*5f$%!=$#6!G$,!]U,$52#)`B$72562$%G$%!;,+$#2_!i<IhWW&!-..C5&!1:!Cj!!7$#%:!!

\IXIS &19!/>>A9U91292!=1=/@413:;92!J852=3F4Y9!
3%!G$%!5%7946#$f$%G$%!566B$*$#%$%!G#G5U2#794$%!\,A%G7Y28$%!J#,G!G#$!M(UA77#$,A%B!5AS!I$24(G$%`!
A%G! =$5*U(*X$2$%8! %(94! G$A26#94$,d! 1$6+72Y%G#B$! M(,*$%! G$7! N$,%$%7! J$,G$%! B$5%A7(! $,JY4%2!
J#$! G57! [$,72Y%G%#7! )(%! N$,%$%! 567! D,(8$77:! W((X$,52#)$! A%G! #%G#)#GA56#7#$,2$! ;,+$#27S(,*$%! i8:! <:!
D(,2S(6#(5,+$#2j! 7(66$%! #*! h%2$,,#942! G$,! F+$,72AS$! 8A*! @#%7528! U(**$%:! T#$! %$A$%! =$94%(6(B#$%!
7(66$%! )$,72Y,U2! 8A,! >$94$,94$&! 8A,! [$,5,+$#2A%B! )(%! 3%S(,*52#(%! A%G! $+$%7(! 8A,! D,Y7$%252#(%! A%G!
8A,!\$72562A%B!)(%!I$G#$%!B$%A282!J$,G$%:!i[B6:!<IhWW&!-..C5&!1:!Pj!
3%2$,G#78#X6#%Y,$! ;ASB5+$%&! G#$! 7#94! %#942! $#%$*! $#%8$6%$%! h%2$,,#9427B$B$%725%G! 8A(,G%$%! 6577$%&!!
7(66$%! #*! SY94$,)$,+#%G$%G$%! (G$,! SY94$,a+$,B,$#S$%G$%! h%2$,,#942! +$5,+$#2$2! J$,G$%:! @#%$!
#%2$B,52#)$! ;ASS577A%B! )(%! h%2$,,#942! J#,G! 5AS! #%45626#94$,! @+$%$! G$A26#94:! =,(28G$*! 7(66! #*!
SY94$,)$,+#%G$%G$%!h%2$,,#942!G$,!(,B5%#752(,#794$!>54*$%!+$#+$4562$%!J$,G$%:!"E,26#94!4$#f2!$7d!
]T#$!F,B5%#752#(%!G$7!%594!MY94$,%!B$2,$%%2$%!h%2$,,#9427!+6$#+2!4#$,!+$72$4$%:_!i<IhWW&!-..C5&!1:!
//j:! <$#! SY94$,a+$,B,$#S$%G$*! D,(g$U2A%2$,,#942! J#,G! $#%$! ]5ASB5+$%+$8(B$%$! +$7(%G$,$!
F,B5%#752#(%!G$7!M594A%2$,,#9427!A%G!G$7!12A%G$%X65%7_!i<IhWW&!-../&!1:!//j!$#%B$,YA*2:!!

\IXIX &98!&9543:;<$9;8D>/2!12!=98!C,*<T09834569!!
3*! N$4,X65%! Sa,! G57! M594! T$A2794! J$,G$%! G#$! [(,B5+$%! G$7! 566B$*$#%$%! =$#67! 5A7! S5947X$8#S#794$,!
1#942! $,6YA2$,2! A%G! U(%U,$2#7#$,2:! 3*! h%2$,794#$G! 8A! G$%! S,a4$,$%! N$4,X6Y%$%&! G#$! 5*! N$4,72(SS!!
(,#$%2#$,2! J5,$%&! #%G$*! 7#$! N$4,72(SS$! 5%B$Sa4,2! 45+$%&! G#$! 8A! A%2$,,#942$%! J5,$%&! #72! G$,! 5U2A$66$!
T$A2794`N$4,X65%!i<IhWW&!-..C+j!5%!G$%!N$,%$,3%%$%!(,#$%2#$,2:!@,!S(,*A6#$,2!W(*X$2$%8$%&!G#$!#%!
A%2$,794#$G6#94$%! <$,$#94$%! )(%! G$%! 194a6$,3%%$%! $,J(,+$%! J$,G$%! 7(66$%:! T$*! $#B$%26#94$%!
N$4,72(SS! 7#%G! 566B$*$#%$! <#6GA%B7`! A%G! N$4,5ASB5+$%! 7(J#$! G#G5U2#794$! \,A%G7Y28$! )(,5%B$72$662:!
T$,!N$4,72(SS!7$6+72!#72!#%! W(*X$2$%8+$,$#94$!A%2$,B6#$G$,2!A%G!%594!H54,B5%B772AS$%!G#SS$,$%8#$,2&!

1$#2$!36!
J(+$#! g$J$#67! 8J$#! W6577$%72AS$%! 8A! $#%$,! @#%4$#2! 8A75**$%B$S5772! 7#%G:! Ma,! G#$! Q:bK:! W6577$! A%G!
L:bP:!W6577$!G$,!;Z1!F+$,72AS$!7#%G!W(*X$2$%8$,J5,2A%B$%!Sa,!G#$!<$,$#94$!Ia%G6#94$!W(*X$2$%8&!
194,#S26#94$! W(*X$2$%8&! =$V2U(*X$2$%8! A%G! N#2$,5,#794$! <#6GA%B! S$72B$6$B2:! T$,! N$4,72(SS! G$,!
<$,$#94$!I$G#56$!<#6GA%B!A%G!1X,594,$S6$V#(%!J#,G!Sa,!566$!)#$,!H54,$!G$,!;Z1!F+$,72AS$!Q:!`!P:!W6577$!
S$72B$6$B2:!!
G1>=52A3<!52=!$9;8/56A/09!
3%!G$,!<#6GA%B7`!A%G!N$4,5ASB5+$!J#,G!8A%Y9472!$#%*56!G57!N$,%$%!]*#2!A%G!a+$,!1X,594$_!i<IhWW&!
-..C+&! 1:! /j! B$%5A$,! 5A7B$Sa4,2:! 1X,594$! 567! I$G#A*&! 567! h%2$,7A94A%B7B$B$%725%G! A%G! 567!
Y724$2#794$7!\$72562A%B7*#22$6!#72!Sa,!G$%!T$A2794A%2$,,#942!8$%2,56!8A,!@,,$#94A%B!G$,!<#6GA%B78#$6$:!
T#$! ]W(**A%#U52#(%7`&! Z5%G6A%B7`! A%G! >$S6$V#(%7SY4#BU$#2! 7(J#$! iG#$j! Y724$2#794$! W(*X$2$%8_!
i<IhWW&!-..C+&!1:!/j!7(66$%!G5GA,94!B$SE,G$,2!J$,G$%:!!
&1=/@413:;9!J852=3F4Y9!
3%! G$%! G#G5U2#794$%! \,A%G7Y28$%! J#,G! G#$! W(*X$2$%8(,#$%2#$,A%B! G$,! B$7$286#94$%! [(,B5+$%! 7$4,!
G$A26#94:! W(%U,$2! 7#%G! 7$947! <$,$#94$! B$%5%%2&! G#$! ]#%! )#$6SY62#B$,! "$#7$_! *#2$#%5%G$,! )$,S6(942$%!
J$,G$%!7(66$%:!i<IhWW&!-..C+&!1:!-j:!T#$7$!<$,$#94$!7#%Gd!
`! Ia%G6#94$!W(*X$2$%8!
`! 194,#S26#94$!W(*X$2$%8!
`! =$V2U(*X$2$%8!
`! N#2$,5,#794$!<#6GA%B!
`! I$G#56$!<#6GA%B!
`! 1X,594,$S6$V#(%!
T#$! %$A$%! I$G#$%! 7#%G! #%! 566$%! 7$947! @#%8$6+$,$#94$%! $VX6#8#2! 5%B$Sa4,2:! <$7(%G$,7! 4$,)(,8A4$+$%!
#72! 5A94! G$,! )$,J$%G$2$! =$V2+$B,#SS:! @7! J#,G! +$2(%2&! G577! A%2$,! G$%! <$G#%BA%B$%! *A62#*$G#56$,!
W(**A%#U52#(%! G$,! =$V2+$B,#SS! *$4,! 6$#72$%! *a77$! 567! S,a4$,:! T$,! <$B,#SS! =$V2! +$8#$42! 7#94! 5AS!
]=$V2$&! I$G#$%&! I$G#$%2$V2$_!i<IhWW&!-..C+&!1:!/j&! G#$!,$S6$U2#$,2!A%G! #%!794,#S26#94$,&! *a%G6#94$,!
A%G! *$G#56$,! M(,*! X,(GA8#$,2! J$,G$%! 7(66$%:! \$*$#%2! 7#%G! 4#$,! 8:! <:! G#$! @,72$66A%B! )(%!
D,Y7$%252#(%$%!A%G!G#$!@#B$%X,(GAU2#(%!Y724$2#794$,! =$V2$!#%!794,#S26#94$,&!78$%#794$,!A%G! *$G#56$,!
M(,*:! @#%! `5A94! *A62#*$G#56$,`! =$V2! J#,G! B$6$7$%! i)B6:! <IhWW&! -..C+&! 1:! -j&! J(+$#! 6$7$%! 4#$,! 63<&
0'"(<O(%'$"& R"'+"& *"/','"*%& *$#%2&! 8:! <:! #%! M(,*! )(%! 194,#S2&! =$V2$%&! =E%$%! A%G! +$J$B2$%! <#6G$,:! T5!
=$V2$!g$!%594!N$7$,3%!A%2$,794#$G6#94!B$G$A2$2!J$,G$%!UE%%$%&!J#,G!N$7$%!567!3%2$,5U2#(%!]8J#794$%!
G$%! 1#%%5%B$+(2$%! G$7! =$V2$7! A%G! G$*! "$62J#77$%! A%G! =$V2J#77$%! G$,! N$7$,3%%$%! A%G! N$7$,_!
i<IhWW&! -..C+&! 1:! -j! )$,725%G$%:! @#%$,! 6#%$5,$%! ;ASS577A%B! )(%! W(**A%#U52#(%! J#,G! 4#$,! $#%$!
;+75B$!$,2$#62:!
;A94!G$,!N#2$,52A,+$B,#SS!J#,G!#%!$#%$*!$,J$#2$,2$%!1#%%!)$,J$%G$2:!3*!N$4,X65%!#72!U65,!S(,*A6#$,2&!
G577! $7! %#942! *$4,! 45AX27Y946#94! A*! G57! I$G#A*! <A94! B$42&! 7(%G$,%! A*! ])#$6SY62#B$! ,$8$X2#)$&!
5%56c2#794$&!X,(GAU2#)$!A%G!U,$52#)$!eABY%B$!8A!Y724$2#794$%!=$V2$%!566$,!I$G#$%S(,*52$_!i<IhWW!
/+&! -..C&! 1:-j:! <$794YS2#BA%B! *#2! N#2$,52A,! 7(66! %#942! %A,! GA,94! <a94$,&! 7(%G$,%! GA,94! ZE,2$V2$&!
M#6*$&! $29:! X577#$,$%:! ;Af$,G$*! 7(66! *#2! N#2$,52A,! %#942! %A,! U(B%#2#)&! 7(%G$,%! 5A94! $*(2#(%56! A%G!
X,(GAU2#)`45%G$6%G! A*B$B5%B$%! J$,G$%:! i[B6:! <IhWW&! -..C+&! 1:! -j! WA62A,$66$! A%G! 4#72(,#794$!
W(%2$V2$!7#%G!$+$%S5667!=$#6!G$,!6#2$,5,#794$%!;A7$#%5%G$,7$28A%B!*#2!=$V2$%:!
3*! <$,$#94! I$G#56$! <#6GA%B! 7(66! %$+$%! G$,! 2$94%#794$%! <$4$,,794A%B! G$,! I$G#$%2$94%(6(B#$! A%G!
G$,! 7X,594+57#$,2$%! <$794YS2#BA%B! *#2! 566$%! ;,2$%! )(%! I$G#$%! G#$! ;A7$#%5%G$,7$28A%B! *#2! M#6*!
72522S#%G$%:!3*!N$4,X65%!4$#f2!$7!JE,26#94d!G#$!]8$%2,56$!<$G$A2A%B!G$,!5AG#()#7A$66$%!I$G#$%!Sa,!G#$!
h%2$,4562A%B&! 3%S(,*52#(%!A%G!G#$!3G$%2#2Y27S#%GA%B! )(%! HAB$%G6#94$%_!i<IhWW&!-..C+&!1:!-j! #72!8A!
+$,a9U7#942#B$%:!

1$#2$!37!
$9;834L66!
3*!G,#22$%!;+794%#22!G$7!T$A2794`N$4,X65%7!J#,G!G$,!N$4,72(SS!5%B$Sa4,2&!G$,!)$,+#%G6#94!A*8A7$28$%!
#72! A%G! G$,! G#$! B$,5G$! 5%B$Sa4,2$%! 7$947! <$,$#94$! 5AS! G#$! U(%U,$2! 8A! $,,$#94$%G$%! W(*X$2$%8$%!
$#%$%B2:! T$,! N$4,72(SS! #72! 4#$,! Sa,! g$J$#67! 8J$#! H54,$! G$,! F+$,72AS$! iQ:bK:! A%G! L:bP:! W6577$j!
8A75**$%B$S5772:! 3*! <$8AB! 5AS! G#$! 5AG#()#7A$66$%! I$G#$%! B#+2! $7! )(,! 566$*! #%! G,$#! <$,$#94$%!
U(%U,$2$! N$4,72(SS)(,B5+$%:! T$,! W(*X6$V! =$V2U(*X$2$%8! A*S5772! #%! G$,! Q:bK:! W6577$! G#$! MY4#BU$#2!
)#$6SY62#B$&!*$G#$%a+$,B,$#S$%G$!<$8aB$!8J#794$%!=$V2$%!4$,72$66$%!8A!UE%%$%!A%G!G#$!3%2$%2#(%!A%G!
"#,UA%B! *$G#$%7X$8#S#794$,&! 7X,5946#94$,&! )#7A$66$,! A%G! 5AG#2#)$,! I#22$6! 8A! $,U$%%$%:! 3%! G$,! L:bP:!
W6577$! 7(66$%! #%! G$,! M(6B$! 8A7Y286#94! G#$! @%272$4A%B7+$G#%BA%B$%! $,U5%%2! J$,G$%&! J$694$! G#$!
\$72562A%B! )(%! =$V2$%! +$$#%S6A77$%:! ;A94! G#$! MY4#BU$#2&! G#$! J$947$67$#2#B$! "#,UA%B! )(%! 3%4562! A%G!
M(,*!8A!$,U$%%$%&!#72!#%!G$,!L:bP:!W6577$!5AS+5A$%G$,!N$4,72(SS:!
T$,!<$,$#94!F'%"*6*'+45"&!'()3-$!452!$#%$!@,J$#2$,A%B!#%!>#942A%B!5AG#()#7A$66$,!=$V2$!$,S54,$%:!Z#$,!
#72! 566B$*$#%! )(%! Y724$2#794$%! =$V2$%! G#$! >$G$:! T#$! ;%56c7$XA%U2$! 6#2$,5,#794$,! =$V2$! J#$! 8:! <:!
M#BA,$%&! e$#2&! @,8Y46X$,7X$U2#)$! A7J:! J$,G$%! 5AS! S#6*#794$! ;7X$U2$! 5A7B$G$4%2:! T#$! @,S577A%B!
]S#6*7X,5946#94$,! I#22$6_!i<IhWW&!-..C+&! 1:! Qj!#72!567!=$#6!G$,! "$,UX($2#U! N$4,72(SS!G$,! Q:bK:! W6577$!
F+$,72AS$:!3%!G$,!L:bP:!W6577$!7(66$%!G#$!194a6$,3%%$%!5A94!<$#7X#$6$!Ua%726$,#794$,!M#6*$!U$%%$%:!
T#$! 8A! $,,$#94$%G$%! MY4#BU$#2$%! #*! <$,$#94! G$,! *$G#56$%! <#6GA%B! 7#%G! Sa,! G#$! B5%8$! F+$,72AS$! G$,!
;Z1! S(,*A6#$,2:! '$+$%! G$,! I$G#$%%A28A%B7U(*X$2$%8&! G#$! 7#94! )(,! 566$*! 5AS! G#$!
3%S(,*52#(%7+$7945SSA%B! A%G! `$%2%54*$! 5A7! G$%! '$A$%! I$G#$%! +$8#$42&! 7(66!
I$G#$%UA62A,U(*X$2$%8! $%2J#9U$62! J$,G$%:! 3%! G#$7$%! N$4,72(SS+$,$#94! S566$%! +$#7X#$67J$#7$! G#$!
W$%%2%#7! G$,! J$947$67$#2#B$%! TA,94G,#%BA%B! A%2$,794#$G6#94$,! I$G#$%&! G57! @,U$%%$%! )(%!
"#,UA%B75+7#942$%!*$G#56$,!=$V2$!A%G!!G#$!MY4#BU$#2!Ua%726$,#794$!;A7G,A9U7S(,*$%!#%!566$%!I$G#$%!
8A!,$8#X#$,$%&!8A!)$,B6$#94$%!A%G!8A$#%5%G$,!#%!<$8#$4A%B!8A!7$28$%:!i[B6:!<IhWW&!-..C+&!1:!Kj!

\IZ *:;>5336L>A9852A92!
T$,! \,A%G7528$,6577! #72! 5AS! G$,! ZE4$! G$7! J#77$%7945S26#94$%! T#7UA,7$7:! T#$! J#942#B$%! DA%U2$! G$,!
BY%B#B$%! I$G#$%U(*X$2$%8*(G$66$! J#$! 8:! <:! W(**A%#U52#(%&! >$S6$V#(%&! Z5%G6A%B7(,#$%2#$,A%B!
S#%G$%! 7#94! 567! U(%72#2A2#)$! @6$*$%2$! G$,! I$G#$%U(*X$2$%8! J#$G$,:! ;A94! 5AG#()#7A$66$! I$G#$%!
J$,G$%!567!J#,U6#94U$#27U(%72#2A#$,$%G!J54,B$%(**$%:!T57!$,794$#%2!*#,!J#942#B&!J$#6!$7!+$#!*$#%$,!
<$794YS2#BA%B! *#2! M#6*! #*! T$A2794A%2$,,#942! G5,A*! B$4$%! J#,G&! J#$! *5%! 8A7Y286#94! 8A,!
)$,+567X,5946#94$%! @+$%$! G#$! )#7A$66$%! A%G! 5UA72#794$%! <5A72$#%$! 567! B,A%G6$B$%G$! @6$*$%2$!
$#%+,#%B$%!A%G!)$,*#22$6%!U5%%:!!
I$G#$%!7(66$%!%#942!%A,! I#22$6&!7(%G$,%!5A94! \$B$%725%G!A%G!=4$*5!G$7!h%2$,,#9427!7$#%:!T57!452!
W(%7$kA$%8$%! Sa,! G$%! T$A2794A%2$,,#942:! T$,! N#2$,52A,)$,S#6*A%B&! G#$! *5%! B$J#77$,*5f$%! 567!
$%27X5%%$%G$!<$6(4%A%B!%594!G$,!N$U2a,$!8$#B2&!J#,G!4#$,!$#%$!U65,$!!;+75B$!$,2$#62:![#$6*$4,!*A77!
$7!A*!$#%$!7X$8#S#794$!;A7$#%5%G$,7$28A%B!*#2!G$*!S#6*#794$%!I$G#A*!B$4$%d!A*!3%4562!A%G!M(,*&!
7X$8#S#794$!\$72562A%B7*#22$6!G$7!M#6*7&!#%2$,%$!A%G!$V2$,%$!M5U2(,$%:!!
T#$! #*! 3=`@,6577! $#%B$Sa4,2$! h%2$,794$#GA%B! 8J#794$%! [$,*#226A%B! A%G! e#$64(,#8(%2! 6$B2! %54$&! G577!
2$94%#794$!MY4#BU$#2$%!A%G!W,#2#USY4#BU$#2!567!)(,,5%B#B!$,5942$2!J$,G$%:!Z5%G6A%B7(,#$%2#$,A%B!A%G!
MY4#BU$#2$%! 8A,! 5U2#)$%! =$#645+$! 7#%G! 8J5,! 5%8A72,$+$%&! 5+$,! %#942! )$,+#%G6#94! 8A! )$,*#22$6%:! T$,!
@,6577!2,#SS2!4#$,! J#G$,7X,a946#94$! ;A775B$%:!T#$!@%BSa4,A%B!G$7! <$B,#SS7!5AS! 2$94%#794$!MY4#BU$#2$%!
J#,G! 5A94! GA,94! G#$! )$,J$%G$2$%! <$#7X#$6$! )$,G$A26#942:! T$,! <$B,#SS! I$G#$%U(*X$2$%8! J#,G!
5A77946#$f6#94! #*! eA75**$%45%B! *#2! ?(*XA2$,&! IA62#*$G#5! A%G! 3%2$,%$2! A%G! 5Af$,G$*! *#2! G$,!
;A7J546! )(%! 3%S(,*52#(%7`! A%G! "#77$%7$%2%54*$! )$,J$%G$2:! M#6*U(*X$2$%8! U(**2! #%! G#$7$,!
3%2$,X,$252#(%! G$7! I$G#$%U(*X$2$%8+$B,#SS7! %#942! )(,:! Z5%G6A%B7(,#$%2#$,A%B! J#,G! 2$%G$%8#$66! 567!
J$%#B$,!J#942#B!$,5942$2:!
T$,! 5U2A$66$! E72$,,$#94#794$! F+$,72AS$%`N$4,X65%! Sa,! T$A2794! 5A7! G$*! H54,! -..C! +$#%4562$2! B$%5A!
G#$!@6$*$%2$&!G#$!#%!G$,!J#77$%7945S26#94$%!N#2$,52A,!567!J#942#B!$,5942$2!J$,G$%:!3%7B$75*2!J#,G!#*!

1$#2$!38!
N$4,X65%! )(%! $#%$*! $,J$#2$,2$%! =$V2+$B,#SS! 5A7B$B5%B$%:! @7! B$42! A*! Y724$2#794$! =$V2$&! 567(! A*!
N#2$,52A,&! M#6*&! $29:! M#6*! J#,G! X5,566$6! 8A,! J#77$%7945S26#94$%! T#7UA77#(%! 567! =$V2! +$B,#SS$%&! G$,!
$%27946a77$62!J$,G$%!*A77&!J$#6!$,!"#,U6#94U$#2$%!*$G#56!)$,*#22$62:!r4%6#94!)$,4Y62!$7!7#94!*#2!G$*!
<$B,#SS! 9")'"-:! @,! J#,G! #%! 7$#%$,! [#$6S562! 5+B$+#6G$2:! @#%$,7$#27! 7#%G! G#$! $6$U2,(%#794$%! \$,Y2$!
B$*$#%2! i?(*XA2$,&:::j&! 5%G$,$,7$#27! u+$,*#226A%B7S(,*$%! )(%! 3%S(,*52#(%$%! J#$! 1X,594$! A%G!
N#2$,52A,:!!
eA75**$%S577$%G! U5%%! *5%! S$7272$66$%&! G577! G$,! <$,$#94! M#6*! @#%B5%B! #%! G$%! 5U2A$66$%!
F+$,72AS$%6$4,X65%!Sa,!T$A2794!B$SA%G$%!452:!T#$7$,!7X#$B$62!G#$!%$A$%!;ASB5+$%!J#G$,&!G#$!A%7$,$!
*$G#56#7#$,2$!"$62!5%!G#$!HAB$%G6#94$%!4$,5%2,YB2:!T$,!N$4,X65%!$%27X,#942!G$*!5U2A$66$%!125%G!G$,!
"#77$%7945S2:! T$,! $,J$#2$,2$! =$V2+$B,#SS! 452! B$%5A7(! @#%B5%B! B$SA%G$%! J#$! *A62#X$,7X$U2#)#794$!
W(**A%#U52#(%724$(,#$%:! T$,! <$,$#94! F'%"*6*'+45"& !'()3-$! J#,G! 5AS! M#6*$! 5A7B$G$4%2&! J(+$#! G$%!
h%2$,794#$G$%! 6#2$,5,#794$,! A%G! S#6*#794$,! @,8Y46J$#7$%! $+$%S5667! >$94%A%B! B$2,5B$%! J#,G:! ;66$!
J$7$%26#94$%! I(*$%2$&! G#$! Sa,! G#$! G$%! h*B5%B! *#2! M#6*! 567! J#942#B! $,5942$2! J$,G$%! J#$!
>$8$X2#(%7(,#$%2#$,A%B&! Z5%G6A%B7(,#$%2#$,A%B! A%G! >$S6$V#(%7SY4#BU$#2! 7#%G! B6$#94$,*5f$%!
+$,a9U7#942#B2:!
WY*X$,!)5%!G$%!<((B55,2!*$,U2!Sa,!G#$!G$A2794$%!N$4,X6Y%$!U,#2#794!5%&!G577!$7!6$#942!#72&!G$*!M594!
T$A2794!%$A$!;ASB5+$%+$,$#94$!J#$!G#$!<$45%G6A%B!5AG#()#7A$66$,!=$V2$!8A8AJ$#7$%:!D,(+6$*52#794!
#72! G57&! J$#6! G5GA,94! G#$! N$4,X6Y%$! #**$,! A*S577$%G$,! J$,G$%! A%G! G#$! h*7$28+5,U$#2! G5GA,94!
A%,$56#72#794$,:! i[B6:! WY*X$,! )5%! G$%! <((B55,2&! -.//&! 1:! -Cj! ;A94! G$,! E72$,,$#94#794$! N$4,X65%! #72!
7$4,! A*S577$%G:! ;%G$,$! 794A6X(6#2#794$! D,(+6$*S$6G$,! +$$#%S6A77$%! G#$! 794A6#794$! h*7$28A%B!
*$G#$%XYG5B(B#794$,! 3%4562$:! @+$%S5667! G$,! I$G#$%XYG5B(B$! Z(,72! T#945%8! 72$662! S$72&! G577! $7!
72,AU2A,$66$! T$S#8#2$! #*! G$A2794$%! 194A67c72$*! B#+2&! G#$! ]%#942! GA,94! N$4,X6Y%$! A%G! @,6Y77$! 8A!
+$4$+$%! 7#%G_:! iT#945%8&! -..-&! 1:Lj! T#$7$! <$(+5942A%B$%! 794$#%$%! 5A94! Sa,! G57! E72$,,$#94#794$!
194A67c72$*!8A2,$SS$%G!8A!7$#%:!
\6$#948$#2#B! J#,G! G#$! B$,#%B$! "#,U75*U$#2! G$,! N$4,X6Y%$! #**$,! J#$G$,! 24$*52#7#$,2:! i[B6:! WY*X$,!
)5%! G$%! <((B55,2&! ! -.//&! 1:--j! N$4,$,3%%$%! U$%%$%! A%G! %A28$%! N$4,X6Y%$! U5A*! 8A,!
h%2$,,#9427X65%A%B:! ;67! 5"'=('45"& F"5*,(O-"! B$62$%! G#$! 194A6+a94$,&! G#$! 5+B$72#**2! 5AS! G$%!
S5946#94$%!N$4,X65%!7$#2$%7!G$,!<$4E,G$!B$X,aS2!J$,G$%:!I#2!G$%!5XX,(+#$,2$%!194A6+a94$,%!J#,G!#%!
G$,!h%2$,,#9427X,5V#7!25B2YB6#94!B$5,+$#2$2:!;A94!#%!G$,!h%2$,,#9427)(,+$,$#2A%B!#72!G57!194A6+A94!$#%!
8$%2,56$7!;,+$#27*#22$6:!"$#6!G#$!h*7$28A%B!G$,!N$4,X65%)(,B5+$%!#%!G$%!N$4,J$,U$%!Sa,!G#$!2YB6#94$!
h%2$,,#9427X,5V#7! $%2794$#G$%G! #72&! J$,G$! #94! #*! %Y9472$%! W5X#2$6! 8J$#! T$A2794`N$4,+a94$,! G$,! R:!
194A672AS$!5AS!#4,$!S#6*#794$%!3%4562$!A%2$,7A94$%:!

1$#2$!39!
] *+,($Gd+,'.!
3%! G#$7$*! W5X#2$6! J$,G$! #94! *#94! G$,! h*7$28A%B! G$,! 794A6X(6#2#794$%! [(,B5+$%! #%! G$,!
h%2$,,#9427X,5V#7! J#G*$%:! T58A! B,$#S$! #94! 8J$#! 5U2A$66$! T$A2794`194A6+a94$,! G$,! R:! 194A672AS$!
4$,5A7&! A*! 4$,5A78AS#%G$%&! #%! J$694$,! M(,*! M#6*+#6GA%B! 3%4562! A%G! =4$*5! G$7! T$A2794A%2$,,#9427!
#72:!394!45+$!G#$!194A6+a94$,!U65,!`!T$A2794!Q!iZ#6B$,!O!W#$%$,&!-./.5j!A%G!1X,594,YA*$!/!i125,B$6!O!
194YS$,&!-./-j!5A7B$JY462:!W65,!T$A2794!Q!#72!G57!N$4,+A94&!G57!#%!566$%!W6577$%!G$,!R:!194A672AS$!G$7!
\($24$Bc*%57#A*7! #*! T$A2794A%2$,,#942! )$,J$%G$2! J#,G:! eA*! [$,B6$#94! 8#$4$! #94! G57! N$4,+A94!
1X,594,YA*$! /! 4$,5%:! @7! #72! -./-! $,72*567! $,794#$%$%! A%G! 8#$62! 5AS! G#$! @,,$#94A%B! )(%! MY4#BU$#2$%!
5+:! I$#%! 3%2$,$77$! #72! $7! 4$,5A78AS#%G$%&! (+&! #%! J$694$%! eA75**$%4Y%B$%! A%G! J#$!
I$G#$%U(*X$2$%8!+8J:!M#6*U(*X$2$%8!#%!G$%!194A6+a94$,%!)(,U(**2:!!

]IQ @>/8!<!&9543:;!\!
T57!194A6+A94!+$72$42!5A7!5942!W5X#2$6%:!@#%!W5X#2$6!G5)(%!4$#f2!P1=&Q=$6-$&='%&9")'"-&>&9")'"-&
6(+& ?1==3-';6%'1-+='%%"(:! 3%! $#%$*! $,72$%! =$#6! J$,G$%! <$B,#SS$! J#$! I$G#$%&! I577$%*$G#$%! A%G!
W(**A%#U52#(%! +$5,+$#2$2:! 3%! B,5S#794$,! M(,*! J$,G$%! I$G#$%! %594! G$,! ;,2! G$,! "54,%$4*A%B! #%!
)#7A$66$&!5AG#()#7A$66$!A%G!5AG#2#)$!A%G!%594!G$,!;,2!G$,!u+$,*#226A%B!A%2$,794#$G$%:!!
;%7946#$f$%G!J$,G$%!$#%!X55,!I577$%*$G#$%!24$*52#7#$,2d!D,#%2*$G#$%&!M$,%7$4$%&!>5G#(!A%G!M#6*:!
e$#2A%B$%&! #4,$! >$77(,27! A%G! G#$! g(A,%56#72#794$%! =$V27(,2$%! J$,G$%! 5A7Sa4,6#94! +$45%G$62:!
;,+$#275AS2,YB$!+$8#$4$%!7#94!+$#!G$%!D,#%2*$G#$%!5AS!>$94$,94$`!A%G!194,$#+5ASB5+$%!A%G!8:!<:!5AS!
e$#2A%B7)$,B6$#94$! #%! @#%8$6`!A%G! \,AXX$%5,+$#2:!3*! h%2$,U5X#2$6! R"*A3-$! J#,G!A%2$,!5%G$,$*!$#%!
"$,+$X65U52! 5AS! 7$#%$! +#6G6#94$%! A%G! 7X,5946#94$%! I#22$6! +$S,5B2:! "$,+$72,52$B#$%! 7(66$%!
GA,947945A2! J$,G$%:! T#$! ;,+$#275ASB5+$%! 8#$6$%! 5AS! >$94$,94$&! U,#2#794$! I$#%A%B7+#6GA%B! A%G!
;%56c7$! 5+:! T#$! 1X,594$! #%! e$#2A%B! A%G! "$,+A%B! J#,G! $+$%S5667! 24$*52#7#$,2:! T$*! >5G#(! #72! $#%!
U6$#%$7!W5X#2$6!B$J#G*$2:!!
3*! W5X#2$6! :*/O5("-&='%&)"*& ?6="*6&>&."*-+"5"-& 3-)& .'(=! B$42! $7!8A%Y9472!A*!G#$! ESS$%26#94$%!A%G!
X,#)52$%! M$,%7$47$%G$,! #%! ^72$,,$#94:! ;67! @,E,2$,A%B724$*5! J#,G! $#%$! >$56#2c`14(J! 4$,5%B$8(B$%:!
T#$!;,+$#275AS2,YB$!G#$7$7!;+794%#227!+$#%4562$%!>$94$,94$5ASB5+$%:!eA,!=$V27(,2$!@,E,2$,A%B!J#,G!
$#%!qA$,)$,J$#7!5%B$SaB2:!
T57! W5X#2$6! .'(=! +$B#%%2! *#2! $#%$,! @,U6Y,A%B! G$7! 5AG#()#7A$66$%! W(**A%#U52#(%7X,(8$77$7! *#22$67!
M#6*:! @#%! 6#%$5,$7! W(**A%#U52#(%7*(G$66&! G57! G$%! M#6*! 567! W(**A%#U52#(%7*#22$6! )(*! 1$%G$,! 8A*!
@*XSY%B$,!5ASS5772&!#72!+$794,#$+$%!A%G!B,5S#794!G5,B$72$662:!i[B6:!Z#6B$,!O!W#$%$,&!-./.5&!1:!/C/j!!
T$,! %Y9472$! 194,#22! J#G*$2! 7#94! G$,! M#6*5%56c7$:! M#6*! J#,G! %#942! 567! =$V2! )$,725%G$%&! 7(%G$,%! *#2!
794,#S26#94$%! =$V2$%! U(%2,572#$,2:! @7! J#,G! +$2(%2&! G577! *5%! M#6*! J#$! $#%$%! =$V2! 5AS! 3%4562&! ;A775B$!
A%G!M(,*!5%56c7#$,$%!UE%%$:!!
T58A!J$,G$%!#%!8J$#! I$,UUY72$%!M594+$B,#SS$!+$,$#2B$72$662:! @7!45%G$62!7#94!A*! $#%$! I#794A%B!5A7!
M#6*+$B,#SS$%!i8:!<:!1$kA$%8j&!794,#S26#94$%!S#6*#794$%!=$V27(,2$%!i8:!<:!T,$4+A94j!A%G!M#6*+$,AS$%!i8:!
<:! W5*$,5S,5Ab`*5%%j:! u+$,B5%B76(7! A%G! (4%$! u+$,794,#S2! J$,G$%! #*! ;%7946A77! G5,5%! 5AS!
$#%$#%456+! ;C`1$#2$%! 7$947! @#%72$66A%B7B,Ef$%! A%G! )#$,! W5*$,5X$,7X$U2#)$%! 5+B$+#6G$2! A%G!
+$%5%%2:! "$#2$,$!!M594+$B,#SS$!8A!G$%! *EB6#94$%! W5*$,5+$J$BA%B$%!i8:! <:! e((*j! J$,G$%!$,U6Y,2:!
Z#$,!B#+2!$7!qA$,)$,J$#7$!8A!5%G$,$%!W5X#2$6%&!#%!G$%$%!$7!A*!G#$!h%2$,7A94A%B!$X#794$,!=$V2$!A%G!
G#$! X$,7(%56$! @,8Y464562A%B! B$42:! W5*$,5$#%72$66A%B&! W5*$,5Sa4,A%B! A%G! 194%#22! J$,G$%! %$+$%!
G$*! Ua%726$,#794$%! W(%8$X2! A%G! G$,! M#BA,$%Sa4,A%B! 567! J#942#B$! ;A7G,A9U7*#22$6! G$7! M#6*7!
5%B$Sa4,2:!!
;%7946#$f$%G! 794J$%U2! G57! <A94! 8A! $#%$*! 6#2$,5,#794$%! =$V2! )(%! N$(%! G$! "#%2$,&! J$694$,!
194,#S272$66$,!A%G!M#6*7945SS$%G$,! #72:! @7!45%G$62!7#94! A*! $#%$%! W,#*#&!G$,! 6#2$,5,#794$!A%G!S#6*#794$!
@6$*$%2$! )$,$#%2:! @,! 6#$72! 7#94! J#$! $#%! T,$4+A94&! J$#6! Z5%G6A%B! A%G! >$B#$5%J$#7A%B$%!
B6$#94$,*5f$%! )(,U(**$%:! e546,$#94$! S#6*#794$! M5945A7G,a9U$! i8:! <:! 74(2&! 194%#22`\$B$%794%#22&!

1$#2$!40!
;++6$%G$&! '545AS%54*$j! 7#%G! $#%! J#942#B$7! \$72562A%B7*(*$%2! G$7! 6#2$,5,#794$%! =$V2$7:! 3*!
;%7946A77!5%!G#$!N$U2a,$!7(66!G$,!=$V2!5%56c7#$,2! J$,G$%:!T#$!h%2$,794#$G$!8A!5%G$,$%!@,8Y462$V2$%!
7(66$%! 4$,5A7B$5,+$#2$2! J$,G$%! A%G! G#$! 194a6$,3%%$%! 7(66$%! 4$,5A7S#%G$%&! J$694$! M(6B$%! G#$7$! ;,2!
G$,! T5,72$66A%B! Sa,! G#$! D45%257#$! G$7! N$7$,7! 45+$:! T57! <$B6$#24$S2! Sa,! N$4,$,3%%$%! 6$B2! $#%$!
NE7A%B7*EB6#94U$#2!G#$7$,!;ASB5+$!%54$d!
eA!+$*$,U$%!#72!5A94!G#$!=527594$&!G577!`!J#$!+$#!$#%$*!M#6*!`!\$794$4$%!A%G!D,(25B(%#72$%!
7(! G$25#66#$,2! G5,B$+(2$%! J$,G$%&! G577! Sa,! G#$! D45%257#$! G$7! N$7$,7! U$#%! 1X#$6,5A*! *$4,!
+6$#+2:!iZ#6B$,!O!W#$%$,&!-./.+&!1:!0Pj!
3%! 25+$665,#794$,! M(,*! J$,G$%! 6#2$,5,#794$! A%G! S#6*#794$! T5,72$66A%B7*EB6#94U$#2$%! )$,B6#94$%:! 3*!
5+7946#$f$%G! )(,B$79465B$%$%! D,(g$U2! 7(66! $#%! M#6*! *#2! 7$#%$,! $,8Y46$,#794$%! [(,65B$! )$,B6#94$%!
J$,G$%&! G#$! 566$,G#%B7! 794(%! #*! Z#%+6#9U! 5AS! G#$! [$,S#6*A%B! B$794,#$+$%! JA,G$:! T57! W5X#2$6! $%G$2!
*#2! $#%$*! 8A75**$%S577$%G$%! =$V2&! #%! G$*! G#$! r4%6#94U$#2! G$,! @,8Y467X,594$%! )(%! M#6*! A%G!
T#942A%B!+$2(%2!J$,G$%:!iZ#6B$,!O!W#$%$,&!-./.+&!1:!/LQj!

]IS *D8/:;8F5U9!Q!
T57! 3%45627)$,8$#94%#7! Sa4,2! #%! g$G$*! W5X#2$6! G$%! W(*X$2$%8+$,$#94! 5%:! T#$! -/! W5X#2$6! G$7! <A94$7!
7#%G! #%! /C! B,Ef$,$! W5X#2$6&! G#$! 1X,594,YA*$&! A%G! #%! U6$#%$,$! J#'+45"-)3*45`W5X#2$6&! G#$!
eJ#794$%,YA*$&! $#%B$2$#62! i[B6:! 125%B$6! O! 194YS$,&! -./.&! 1:! -j:! ;66$! 7$947! W(*X$2$%8+$,$#94$! G$7!
N$4,X65%7! i1X,594+$2,5942A%B&! Ia%G6#94$! W(*X$2$%8&! N$7$U(*X$2$%8&! N#2$,5,#794$! <#6GA%B&!
194,#S26#94$! W(*X$2$%8&! N$7$U(*X$2$%8j! J$,G$%! 5+B$G$9U2:! eA! g$G$*! 1X,594`! A%G! eJ#794$%,5A*!
J$,G$%! +$,$#27! #*! 3%45627)$,8$#94%#7! G#$! W(*X$2$%8$%! 5%B$Sa4,2&! G#$! #%! G$*! W5X#2$6! $,J(,+$%!
J$,G$%! 7(66$%:! [#$,! G#$7$,! W5X#2$6! %$%%$%! I$G#$%U(*X$2$%8! 567! $#%$%! 194J$,XA%U2:! eJ$#*56! J#,G!
8A7Y286#94!%(94!N$7$U(*X$2$%8!)$,*#22$62:!
3*!W5X#2$6!:<<'/'"-%"*&F"+"-&!G57!7#94!$VX6#8#2!*#2!N$7$U(*X$2$%8!A%G!I$G#$%U(*X$2$%8!+$S5772&!B$42!
$7! #%45626#94! A*! N$7$2$94%#U$%&! %Y*6#94! A*! G57! %5)#B#$,$%G$! N$7$%! 8A,! =$V2$,S577A%B! )(%!
3%2$,%$27$#2$%:! T#$! 194a6$,3%%$%! 7(66$%! 7#94! *EB6#9472! 794%$66! 5%45%G! G$,! 194,#S2$%! (,#$%2#$,$%!
UE%%$%:!
3*! eJ#794$%,5A*& ."*-+"5"-! 7(66$%! G#$! 194a6$,3%%$%! #4,$! $#B$%$%! M$,%7$4B$J(4%4$#2$%! U,#2#794!
4#%2$,S,5B$%:! T#$! =4$*$%! ?572#%B`14(J7! A%G! \$J562! J$,G$%! 8A,! T#7UA77#(%! B$72$662! A%G! 7(66$%! 8A,!
I$#%A%B7+#6GA%B! Sa4,$%:! @#%$! ?572#%B`14(J! 7(66! G#7UA2#$,2! J$,G$%! A%G! 8A,! h*S,5B$! 5%,$B$%:! T#$!
;,+$#275AS2,YB$! G58A! S(UA77#$,$%! 5AS! G#$! <$S,5BA%B! )(%! I#2794a6$,3%%$%! A%G! G#$! D,Y7$%252#(%! G$,!
@,B$+%#77$! #%! +#6G45S2$,! M(,*:! T#$! ;%8546! G$,! #%! M$,%7$4S#6*$%! )(,U(**$%G$%! I(,G$! A%G!
\$J562252$%! 7(66$%! )(%! G$%! HAB$%G6#94$%! B$794Y282! J$,G$%:! eA,! I$#%A%B7+#6GA%B! J$,G$%! G#$!
@,B$+%#77$! G5%%! *#2! A%2$,794#$G6#94$%! ;ASS577A%B$%! 8A,! ;A7J#,UA%B$%! )(%! \$J562G5,72$66A%B$%! #%!
G$,!>$56#2Y2!U(%2,572#$,2:!Z#$,!J#,G!(SS$%7#9426#94!5AS!$#%$!@,E,2$,A%B!4#%B$5,+$#2$2:!
@#%! J$#2$,$,! 1X,594,5A*! 452! 794J$,XA%U2*Yf#B! N$7$U(*X$2$%8! A%G! I$G#$%U(*X$2$%8! #*! ;AB$:!
T57! W5X#2$6! J"'%3-$& ("+"-! +$45%G$62! D,#%2*$G#$%! A%G! g(A,%56#72#794$! =$V27(,2$%:! T#$! D,Y7$%8! G$,!
D,#%2*$G#$%!#%!G$%!G#B#256$%!I$G#$%!J#,G!5%B$7X,(94$%:!!
?4522$%! `! 7#*7$%! `! M59$+((U! 7#%G! =4$*$%! G$7! 1X,594,5A*7! H,*645"& 5"3%":! T#$! %$A$%! M(,*$%! G$,!
W(**A%#U52#(%! J$,G$%! #*! Z#%+6#9U! 5AS! G#$! %$A5,2#B$! 1X,594)$,J$%GA%B! 8:! <:! "(,2)$,Ua,8A%B$%!
A%2$,7A942:!;%56c7$&!T#7UA77#(%!A%G!I$#%A%B7+#6GA%B!J#,G!*#2!G$,!1X,594$%2J#9U6A%B!#%!G$%!'$A$%!
I$G#$%!)$,+A%G$%:!

]IX *:;>5336L>A9852A92!!
I$G#$%U(*X$2$%8! 452! #*! 194A6+A94! 1X,594,YA*$! /! kA5%2#252#)! $#%$%! B$,#%B$%! 12$66$%J$,2:!
3%45626#94! J#,G! 7#$! $%2J$G$,! 5AS! G57! M$,%7$4$%! (G$,! G57! N$7$%! #*! 3%2$,%$2! +$8(B$%:! 3*!
M$,%7$4U5X#2$6! B$42! $7! %#942! A*! S#6*#794$! ;7X$U2$:! T57! Z5AX25AB$%*$,U! B#62! G5+$#! G$,!

1$#2$!41!
W,#2#USY4#BU$#2:! T#$! N$7$S$,2#BU$#2! J#,G! 5%45%G! $#%$,! 3%2$,%$27$#2$! +$7X,(94$%:! I$G#$%U(*X$2$%8!
+$8#$42! 7#94! 4#$,! 5AS! G57! eA,$942S#%G$%! #%! G$,! 794,#S26#94$%! 3%S(,*52#(%! G$,! '$A$%! I$G#$%:! T#$!
(X2#794$!T(*#%5%8!G$,!<#6G$,! #72!5A7B$+6$%G$2:! @7!B$42!5%!U$#%$,!12$66$!G$7!N$4,J$,U7!A*!+$J$B2$!
<#6G$,:!M#6*U(*X$2$%8!U(**2!#*!T$A2794`194A6+A94!]1X,594,YA*$!/_!%#942!)(,:!T#$!MY4#BU$#2!<#6G$,!
8A!)$,72$4$%&!8A!$%27946a77$6%&!8A!,$S6$U2#$,$%!A%G!7$6+$,!4$,8A72$66$%!J#,G!#%!G#$7$*!N$4,+A94!%#942!
5+B$G$9U2:!I$G#$%U(*X$2$%8!J#,G!5AS!794%$66$!"#77$%7$%2%54*$!A%G!W,#2#USY4#BU$#2!$#%B$794,Y%U2:!
T57!194A6+A94!G$,!R:!194A672AS$!U65,!`!T$A2794!Q!+$45%G$62!M#6*!#*!I$G#$%U5X#2$6:!@7!+$8#$42!7#94!5AS!
G57!M#6*B$%,$!=4,#66$,:!F+J(46!G$,!M#6*!#%!7$#%$,!W(**A%#U52#(%7SA%U2#(%!*$#%$,!;%7#942!%594!#%!$#%!
X577$%G$7!h*S$6G!B$72$662!J#,G&!)$,J$%G$2!G57!<A94!$#%!)$,562$2$7!6#%$5,$7!W(**A%#U52#(%7*(G$66:!
3%! G$,! "#77$%7945S2! B$42! $7! 5%B$7#9427! G$7! *$G#56$%! D5,5G#B*$%J$947$67! *#226$,J$#6$! A*!
*A62#X$,7X$U2#)#794$!W(**A%#U52#(%7*(G$66$:!
T$,! ?*'='<'(=;*'='! )(%! N$(%! G$! "#%2$,! #72! $#%! #%2$,$775%2$,! ;%7528XA%U2&! J$#6! $,! 5%! G#$! 6#2$,5,#794$!
\522A%B! G$,! @X#U! 5%U%aXS2:! \6$#948$#2#B! J$,G$%! M#6*$! #*! [$,B6$#94! 8A! 6#2$,5,#794$%! =$V2$%! #*X6#8#2!
A%G!$VX6#8#2!5+B$J$,2$2:!34%$%!J#,G!A%2$,72$662&!G577!7#$!U$#%$%!>5A*!Sa,!G#$!M5%257#$!6#$f$%:!T577!$7!
5%G$,$! ;,2$%! )(%! N$$,72$66$%! B#+2&! U(**2! %#942! )(,:! T#$! I$4,G$A2#BU$#2! )(%! I$G#$%2$V2$%! J#,G!
#B%(,#$,2:!!
T#$! 794A6X(6#2#794$%! [(,B5+$%! A%G! G#$! u+$,7$28A%B! #%! G#$! Sa,! N$4,U,YS2$! X,5V#7,$6$)5%2$%!
194A6+a94$,! G$,! R:! 194A672AS$! U65SS$%! J$#2! 5A7$#%5%G$,:! Ma,! *$#%! h%2$,,#9427)(,45+$%! J$,G$! #94!
%#942! 5AS! G57! 194A6+A94! U65,! `! T$A2794! =$V2! Q! G$,! R:! 194A672AS$! 8A,a9UB,$#S$%:! T57! 5AG#()#7A$66$!
I$G#A*!J#,G!4#$,!#*![$,B6$#94!8A!794,#S26#94$%!6#2$,5,#794$%!=$V2$%!5+B$J$,2$2:!

1$#2$!42!
e *+,$(**!(-&!C(*G$#+`!
I$#%$! 1946a77$! 5A7! G#$7$,! ;,+$#2! 8#$4$! #94! #%! Z#%+6#9U! 5AS! *$#%$! +$)(,72$4$%G$! X,5U2#794$!
h%2$,,#94275,+$#2! 8A*! M#6*:! @#%$,7$#27! *E942$! #94! $#%! h%2$,,#9427)(,45+$%! $%2J#9U$6%&! G57! Sa,! G#$!
U(%U,$2$%! (,B5%#752(,#794$%! >54*$%+$G#%BA%B$%! #%! *$#%$,! 194A6$! 56625B725AB6#94! #72&! 5%G$,7$#27!
5+$,! G$*! M#6*! 567! U(*X6$V$*! #%2$,G#78#X6#%Y,$%! \$+#6G$! B$,$942! J#,G:! I$#%! e#$6! #72! $7! G5+$#&! 5AS!
8$%2,56$%!@,U$%%2%#77$%!5A7!G$%!M#6*`&!I$G#$%`!A%G!<#6GJ#77$%7945S2$%!5AS8A+5A$%:!!
HAB$%G6#94$!#%2$,$77#$,$%!7#94!Sa,!M#6*&!$,J$,+$%!794A6#794!5+$,!U5A*!S#6*#794$!W(*X$2$%8$%:!T5!G#$!
794A6X(6#2#794$%! [(,B5+$%! $#%$! <$794YS2#BA%B! *#2! M#6*! #%! 566$%! h%2$,,#9427B$B$%72Y%G$%! S(,G$,%&!
B#+2!$7!Z5%G6A%B7+$G5,S:!@7!B#+2!$#%$!>$#4$!J#77$%7945S26#94$,!@,U$%%2%#77$&!5AS!G#$!#94!BA2!5AS+5A$%!
U5%%:!1(!7(66! #*!h%2$,,#942!M#6*!567! $#B$%72Y%G#B$7!A%G!5Af$,7X,5946#94$7!e$#94$%7c72$*!)$,*#22$62!
A%G! B$8#$62! +$#! G$,! 5AG#()#7A$66$%! W(*X$2$%8! 5%B$7$282! J$,G$%:! e$%2,56! #72! G57! [$,72$4$%! G$,!
[#$6794#942#BU$#2! S#6*#794$,! <#6G$,:! @#%! Z5AX25AB$%*$,U! B#62! G$,! +#6G6#94$%! 1ABB$72#(%:! T58A! #72! G#$!
194A6A%B!G$,!+5756$%!MY4#BU$#2!G$7!1$4$%7!$,S(,G$,6#94:!T#$!@#B$%5,2!G$7!S#6*#794$%!e$#94$%7c72$*7!
6Y772! 7#94! $V$*X65,#794! 5%45%G! G$,! I(%25B$! +$45%G$6%:! TA,94! S#6*#794$! Z5%G6A%B7(,#$%2#$,A%B! 567!
\,A%G$6$*$%2! G$7! T$A2794A%2$,,#9427! 8A*! M#6*! UE%%$%! J$7$%26#94$! *A62#*$G#56$!
\$72562A%B7U(*X$2$%8$%!$,J(,+$%!J$,G$%:!h*!G$*!S#6*#794$%!I$G#A*!B$,$942!8A!J$,G$%&!#72!G#$!
#%2$,G#78#X6#%Y,$!@,J$#2$,A%B!G$7!T$A2794A%2$,,#9427!5%B$8$#B2:!
I$#%! h%2$,,#9427)(,45+$%! U5%%! +$#! M#6*$%! *#2! h%2$,4562A%B7J$,2! 5%7$28$%! A%G! 4#$,! G$%!
D,(+6$*+$,$#94! M#U2#(%! A%G! "#,U6#94U$#2! 5G,$77#$,$%:! "$#2$,7! 794$#%2! *#,! G#$! <$794YS2#BA%B! *#2!
$#%8$6%$%! M#6*7$kA$%8$%! 7#%%)(66:! T57! 1$4$%! UA,8$,! ;A7794%#22$! 6Y772! 7#94! 8$#26#94! BA2! #%! G$%!
h%2$,,#942! $#%SaB$%:! TA,94! G#$! @#%$%BA%B! 5AS! #%45626#94! Y4%6#94$! 1$kA$%8$%&! U5%%! B$8#$62! 5AS! G#$!
<$7(%G$,4$#2$%! A%G! IEB6#94U$#2$%! G$,! S#6*#794$%! '5,,52#(%! $#%B$B5%B$%! J$,G$%:! 1$4$%! U5%%! BA2!
B$6$,%2!J$,G$%&!J$%%!G#$!M#6*5A7794%#22$!5A94!$#%$!;A7J546!5A7!)$,794#$G$%$%!S#6*#794$%!@X(94$%!
8$#B$%&! J$#6! ! G5,5%! )$,G$A26#942! J$,G$%! U5%%&! J#$! G#$! 5AG#()#7A$66$! W(**A%#U52#(%! #%%$,456+! G$7!
S#6*#794$%! \$%,$7! SA%U2#(%#$,2:! <$#! G$,! \$72562A%B! $#B$%$,! UA,8$,! M#6*7$kA$%8$%! J#,G! G#$!
"54,%$4*A%B! B$794Y,S2:! HAB$%G6#94$! $,S54,$%&! J$694$! ,$56$%! D,(GAU2#(%7+$G#%BA%B$%! +$#! G$,!
@%272$4A%B!)(%!M#6*$%!)(,4$,,794$%!A%G!J$694$!M#U2#(%!GA,94!5%7946#$f$%G$!<$5,+$#2A%B7)5,#5%2$%!
J#$! I(%25B$! A%G! [$,2(%A%B! )$,*#22$62! J$,G$%! U5%%:! TA,94! @VX$,#*$%2$! *#2! 7$6+72B$G,$42$*!
M#6**52$,#56! U5%%! *#2! I$4,G$A2#BU$#2! B$7X#$62! J$,G$%:! 1946#$f6#94! UE%%$%! HAB$%G6#94$! GA,94! G#$!
194A6A%B! G$7! 1$4$%7! S#6*#794$! W(*X$2$%8$%! $%2J#9U$6%&! G#$! 7#$! 8A! SY4#B$%&! U,#2#794$%!
I$G#$%%A28$,3%%$%! *5942! A%G! #4,$! 5U2#)$%! Z5%G6A%B77X#$6,YA*$! *#2! 5AG#()#7A$66$%! I$G#$%!
$,J$#2$,2:!!
!
!
!

1$#2$!43!
f $#)'.C)(.!
;<>;Z;I&!h6S!i-..Rj:!M#6*$!#*!T$A2794A%2$,,#942:!>$#4$!D,5V#7!T$A2794:!1$$68$d!W6$22bW566*5c$,:!
;<>;Z;I&!h6S!iZ,7B:j!i-./0jd!WA,87X#$6S#6*$:!D,5V#7!T$A2794:!C.:!H54,B5%B!iZ$S2!-0Lj:!
;N<@>1I@3@>&!M,5%8`H(7$S!i-..0j:!@#%6$#2A%B:!M#6*24$(,#$%!#*!4#72(,#794$%!"5%G$6:!3%d!M,5%8`H(7$S!
;6+$,7*$#$,!iZ,7B:j&!=$V2$!8A,!=4$(,#$!G$7!M#6*7:!Q:!;AS6:!i1:0!`-Rj:!12A22B5,2d!D4#6#XX!>$965*!gA%:!
<;;?W@&!T#$2$,!i/RL0j:!W(**A%#U52#(%!A%G!W(*X$2$%8:!\,A%G6$BA%B!$#%$,!T#G5U2#U!G$,!
W(**A%#U52#(%!A%G!#4,$,!I$G#$%:!Ia%94$%d!HA)$%25:!
<;>=Z&!1A75%%$!i/RRRj:!I$G#$%!#*!T$A2794A%2$,,#942:!D,5V#7!T$A2794&!H54,B5%B!/RRR!iZ$S2!/Q0j&!1:!
//!`!/R:!!
<IhWW!`!^72$,,$#94#794$7!<A%G$7*#%#72$,#A*!Sa,!<#6GA%B!WA%72!A%G!WA62A,!i-../jd!\,A%G7528$,6577!
8A,!I$G#$%$,8#$4A%B!`!"#$G$,)$,65A2+5,A%B!G$,!5U2A56#7#$,2$%!M577A%B:!F%6#%$!A%2$,!422Xdbb!
JJJ:+*AUU:B):52b*$G#$%X((6b/Q.RRb-../xKCx+$#65B$:XGS!
y;+,AS!.K:.P:-./0z:!
<IhWW!`!^72$,,$#94#794$7!<A%G$7*#%#72$,#A*!Sa,!<#6GA%B!WA%72!A%G!WA62A,!i-./.j:!
3%S(,*52#(%7$,6577!]T#B#256$!W(*X$2$%8!5%!^72$,,$#947!194A6$%_!#*!>54*$%!G$,!%$A$%!3=`12,52$B#$!
G$7!+*AUU!]$S#2`-/_:!F%6#%$!A%2$,!422XdbbJJJ:+*AUU:B):52b*$G#$%X((6b-.//KbG#Bx$,6577:XGS!y;+,AS!
.K:.P:-./0z:!
<IhWW!`!^72$,,$#94#794$7!<A%G$7*#%#72$,#A*!Sa,!<#6GA%B!WA%72!A%G!WA62A,!i-..C5j:!N$4,X65%:!
;66B$*$#%$,!=$#6:!F%6#%$!A%2$,!422Xdbb!
JJJ:+*AUU:B):52b*$G#$%X((6b//KKPb//KKP:XGS!y;+,AS!./:.R:-./0z:!
<IhWW!`!^72$,,$#94#794$7!<A%G$7*#%#72$,#A*!Sa,!<#6GA%B!WA%72!A%G!WA62A,!i-..C+j:!N$4,X65%!
T$A2794!;Z1&!1$U:!33:!F%6#%$!A%2$,!422XdbbJJJ:+*AUU:B):52b*$G#$%X((6b//PQ0b6Xx%$Ax547x./:XGS!
y;+,AS!.R:.P:-./0z:!
<F\T;N&!W65A7`I#945$6!O!WF>=@&!Z$,*5%%!i-./-j:!\,A%G8aB$!G$,!N#2$,52A,G#G5U2#U:!K:!;AS6:!
Ia%94$%d!T$A2794$,!=5794$%+A94![$,65B:!
T3?Z;'e&!Z(,72!i-..-jd!"(!72$42!G#$!I$G#$%XYG5B(B#U!#%!G$,!194A6$!4$A2$v!F%6#%$!A%2$,!
422XdbbJJJ:*$G#9A62A,$`(%6#%$:G$!y;+,AS!.L:.R:-./0z:!
TF@NW@>&!?4,#72#5%!i/RRLj:!@#%!<#6G!#72!*$4,!567!$#%!<#6G:![#7A$66$!W(*X$2$%8!#%!G$,!IA62#*$G#5`
\$7$667945S2:!12A22B5,2d!W6$22!?(225:!!
TF@NW@>&!?4,#72#5%!i-./-j:!1$4$%iGj!6$,%$%:!3%S(,*52#(%$%!8A,!T$A2794G#G5U2#U!i#G$j!WA62A,!G$7!
1$4$%7&!H54,B5%B!-./-!iZ$S2!-j&!1:!-R!`!0L:!
@?F&!h*+$,2(!i/RKPj:!@#%#B$!D,(+$%d!T$,!M#6*!A%G!G57!D,(+6$*!G$,!8$#2B$%E77#794$%!I56$,$#:!3%d!
M,5%8`H(7$S!;6+$,7*$#$,!iZ,7B:j&!=$V2$!8A,!=4$(,#$!G$7!M#6*7:!Q:!;AS6:!i1:0.Q!`!0-.j:!12A22B5,2d!D4#6#XX!
>$965*!gA%:!
@1=@>N&!h,7A65!O!';\m!Z5g%56U5!iZ,7B:j!i-./-jd!WA62A,!G$7!1$4$%7:!3T@&!-./-!iZ$S2!-j:!!
M>@T@W3'\&![(6U$,!i-..P5j:![(,J(,2d!194J$,!*$77+5,$!W(*X$2$%8$%!`!Z$,5A7S(,G$,A%B$%!Sa,!G#$!
$*X#,#794$!M594G#G5U2#U:!3%d![(6U$,!M,$G$U#%B!iZ,7B:j&!194J$,!*$77+5,$!W(*X$2$%8$%:!
Z$,5A7S(,G$,A%B$%!Sa,!G#$!$*X#,#794$!M594G#G5U2#U!i1:!Q!`!/.j:!<562*5%%7J$#6$,d!194%$#G$,![$,65B!
Z(4$%B$4,$%:!
M>@T@W3'\&![(6U$,!i-..P+j:!N#2$,5,#794$!+8J:!i6#2$,5,jY724$2#794$!W(*X$2$%8:!IEB6#94U$#2$%!A%G!
D,(+6$*$!G$,!$*X#,#794$%!@,4$+A%B!$#%$7!W$,%+$,$#947!G$7!T$A2794A%2$,,#9427:!3%d![(6U$,!M,$G$U#%B!

1$#2$!44!
iZ,7B:j&!194J$,!*$77+5,$!W(*X$2$%8$%:!Z$,5A7S(,G$,A%B$%!Sa,!G#$!$*X#,#794$!M594G#G5U2#U!i1:!0K!`!
KCj:!<562*5%%7J$#6$,d!194%$#G$,![$,65B!Z(4$%B$4,$%:!
M>@T@W3'\&![(6U$,!O!W>FII@>&!;6$V!O!I;3";NT&!W65A7!i-./-j:!I$G#$%G#G5U2#U!T$A2794:!@#%$!
@#%Sa4,A%B:!-:!%$A!+$5,+:!A:!$,J:!;AS6:!<$,6#%d!@,#94!194*#G2![$,65B:!
\>F@<@'&!'(,+$,2!i-..-j:!T#*$%7#(%$%!G$,!I$G#$%U(*X$2$%8:!T$7U,#X2#)$!A%G!%(,*52#)$!;7X$U2$:!
3%d!'(,+$,2!\,($+$%!O!<$22#%5!ZA,,$6*5%%!iZ,7B:j!I$G#$%U(*X$2$%8:![(,5A77$28A%B$%&!
T#*$%7#(%$%&!MA%U2#(%$%!1:!/K.!`!/RL:!"$#%4$#*!A%G!Ia%94$%d!HA)$%25:!
Z3?W@=Z3@>&!W%A2!i-./-j:!M#6*!`A%G!M$,%7$45%56c7$:!Q:!;AS6:!12A22B5,2!O!"$#*5,d!I$286$,:!
Z3N\@>&!\$,2,5AG!O!W3@'@>&!I5,#5!i-./.5j:!U65,!`!T$A2794!Q:!"#$%d!HAB$%G!A%G![(6U:!
Z3N\@>&!\$,2,5AG!O!W3@'@>&!I5,#5!i-./.+j:!U65,!`!T$A2794!Q:!N$4,$,3%%$%+$B6$#24$S2!8A*!<A94:!"#$%d!
HAB$%G!A%G![(6U:!
W;II@>&!3%B(!i-..Rj:!M#6*!`!\$%,$!`!"$,U72522:!=$V27(,2$%7c72$*52#794!SA%G#$,2$!M#6*G#G5U2#U!#*!
M594!T$A2794:!<562*5%%7J$#6$,d!194%$#G$,![$,65B!Z(4$%B$4,$%:!
W;ID&!"$,%$,!O!>a7$6!I5%S,$G!i-.//j:![(*!h*B5%B!*#2!M#6*:!<$,6#%d!?(,%$67$%:!
WrID@>![;'!T@'!<FF\;>=&!I#945$6!i-.//j:!125526#94$!12$A$,A%B!)(%!T$A2794A%2$,,#942:!3%d!
I#945$6!WY*X$,!)5%!G$%!<((B55,2!iZ,7B:j&!T$A2794!T#G5U2#U:!N$#2S5G$%!Sa,!G#$!1$UA%G5,72AS$!3!A%G!33:!
i1:!/-!`!CQj:!C:!;AS6:!<$,6#%d!?(,%$67$%:!
W@D1@>&!I5224#7!i-..Lj:!1X#$6S#6*+#6GA%B!5%!G$A2794$%!194A6$%d!M$465%8$#B$v!1X#$6S#6*J#77$%!`!
1X#$6S#6*G#G5U2#U!`!1X#$6S#6*%A28A%B!#*!;+#2A,g54,B5%B!-..K:!@#%$!$*X#,#794$!@,4$+A%B:!T#G5U2#U!
T$A2794&!H54,B5%B!-..P!i<5%G!/Cj&!1:!-C!`!CL:!
W@D1@>&!I5224#7!iZ,7B:j!i-./.j:!MY94$,!G$,!794A6#794$%!M#6*+#6GA%Bd!T$A2794&!@%B6#794&!\$794#942$!
A:5:!I#2!8546,$#94$%![(,7946YB$%!Sa,!$#%$%!45%G6A%B7`!A%G!X,(GAU2#(%7(,#$%2#$,2$%!h%2$,,#942:!
Ia%94$%d!U(X5$G:!
W@>'&!D$2$,!?4,#72(X4!i/RRKj:!"#$!65AS$%!7#$!G$%%!:::&!g5!J#$!65AS$%!7#$!G$%%v!@#%$!S#6*#794$!
1$4794A6$!#*!T$A2794A%2$,,#942:!T$,!T$A2794A%2$,,#942&!H54,B5%B!CR!iZ$S2!Cj&!1:!/..!`/.C:!!
W@>'&!D$2$,!?4,#72(X4!i-./-j:!M#6*:!3%d!W65A7`I#945$6!<(BG56!O!Z$,*5%%!W(,2$!iZ,7B:j&!\,A%G8aB$!
G$,!N#2$,52A,G#G5U2#U!i1:!-/L!`!--Rj:!K:!;AS6:!Ia%94$%d!T$A2794$,!=5794$%+A94![$,65B:!!
WN;'=&!I#945$6!O!1D3@NI;''&!>5X45$6!iZ,7B:j!i-..Pj:!\,A%GUA,7!M#6*!/:!W#%(:!M$,%7$4$%:!
[#G$(UA%72:!I52$,#56#$%!Sa,!G$%!1$UA%G5,+$,$#94!3!A%G!33:!<,5A%794J$#Bd!194,($G$6![$,65B:!!
WNh\@&!@2c*(6(B#794$7!"E,2$,+A94!G$,!G$A2794$%!1X,594$!i-..-j:!-C:!;AS6:!<$,6#%!O!'$J!m(,Ud!T$!
\,Ac2$,:!
I@=e&!?4,#72#5%!i/RKPj:!D,(+6$*$!G$,!T$%(252#(%!#*!1X#$6S#6*:!3%d!M,5%8`H(7$S!;6+$,7*$#$,!iZ,7B:j&!
=$V2$!8A,!=4$(,#$!G$7!M#6*7!i1:!0-/!`!0L.j:!Q:!;AS6:!12A22B5,2d!D4#6#XX!>$965*:!HA%:!!
IFW&!1(B!m$$!O!@>=N&!<$,%45,G!i-./-j:!I$G#$%U(*X$2$%8:!3%d!I5%A$65!D5$942$,!O!I#945$65!12(9U!
O!15+#%5!194*E68$,`@#+#%B$,!O!D$2$,!16$X9$)#9`e594!O!"(6SB5%B!"$#,$,!iZ,7B:j&!Z5%G+A94!
W(*X$2$%8(,#$%2#$,2$,!h%2$,,#942!i1:!/.Q!`!//Pj:!"$#%4$#*d!<$628:!
IF';?F&!H5*$7!i-./-j:!M#6*!)$,72$4$%:!WA%72&!=$94%#U&!1X,594$&!\$794#942$!A%G!=4$(,#$!G$7!M#6*7!
A%G!G$,!%$A$%!I$G#$%:!I#2!$#%$,!@#%Sa4,A%B!#%!IA62#*$G#5:!u+$,5,+:!A:!$,J:!-:!;AS6:!>$#%+$U!+$#!
Z5*+A,Bd!>(J(462:!
IDM1!`!I$G#$%XYG5B(B#794$,!M(,794A%B7)$,+A%G!1aGJ$72!iZ,7B:j!i-./-5jd!H3I`12AG#$!-./-:!HAB$%G&!
3%S(,*52#(%&!iIA62#`j!I$G#5&!<57#7A%2$,7A94A%B!8A*!h*B5%B!/-`!+#7!/R`HY4,#B$,!#%!T$A279465%G:!
F%6#%$!A%2$,!422XdbbJJJ:*XS7:G$bg#*!y;+,AS!.L:.R:-./0z:!

1$#2$!45!
IDM1!`!I$G#$%XYG5B(B#794$,!M(,794A%B7)$,+A%G!1aGJ$72iZ>1\:j!i-./-+jd!W3I`12AG#$!-./-:!W#%G$,!
n!I$G#$%&!?(*XA2$,!n!3%2$,%$2:!<57#7A%2$,7A94A%B!8A*!I$G#$%A*B5%B!K`!+#7!/0`HY4,#B$,!#%!
T$A279465%G:!F%6#%$!A%2$,!422XdbbJJJ:*XS7:G$bU#*!y;+,AS!.L:.R:-./0z:!!
';\m&!Z5g%56U5!O!1=>h\@>&!Ha,B$%!O!"3'=@>1=@3'@>&!"$,%$,!i-./-j:!ME,G$,A%B!)(%!W(*X$2$%8$%!
#*!T$A2794A%2$,,#942!3%d!I5%A$65!D5$942$,!O!I#945$65!12(9U!O!15+#%5!194*E68$,`@#+#%B$,!O!D$2$,!
16$X9$)#9`e594!O!"(6SB5%B!"$#,$,!iZ,7B:j&!Z5%G+A94!U(*X$2$%8(,#$%2#$,2$,!h%2$,,#942!i1:!/0K!`!
/Q-j:!"$#%4$#*d!<$628:!!
DM@3MM@>&!H(594#*!O!1=;3\@>&!I#945$6!i-..Pj:!eA,!1#2A52#(%!G$,!M#6*G#G5U2#U:!T$,!T$A2794A%2$,,#942&!
H54,B5%B!!-..P!iZ$S2!0j&!1:!-!`!L:!
DM31=@>&!;%G,$57!i-..Kj:!M#6*!`!G57!)$,B$77$%$!I$G#A*:!@#%!D6YG(c$,!Sa,!G#$!M#6*+#6GA%B!5%!194A6$%:!
F%6#%$!A%2$,!422XdbbJJJ:%88:94b5U2A$66b725,27$#2$b5,2#96$@ZNMM`/:K0Q--!y;+,AS!/L:.R:-./0z:!
>^NN&!M,5%8!H(7$S!i-..Lj:!I$24(G$%!G$,!I$G#$%XYG5B(B#U:!F%6#%$!A%2$,!
422XdbbJJJ:G#$2$,+559U$X,$#7:G$bS#6$5G*#%bXGSb>($66xI$24(G$%xG$,xI$G#$%XYG5B(B#U:XGS!
y/0:.R:-./0z:!
1;?Z1`ZFI<;?Z&!W65A7!i-..Qj:!W(%8$X2#(%$66$!>54*$%a+$,6$BA%B$%!8A,!#%2$,G#78#X6#%Y,$%!
<#6GJ#77$%7945S2:!3%d!W65A7!15947`Z(*+594!iZ,7B:j&!<#6GJ#77$%7945S2:!T#78#X6#%$%&!=4$*$%&!I$24(G$%!
i1:!//!`!-.j:!M,5%USA,2!5*!I5#%d!1A4,U5*X:!
1;h@>Nr'T@>&!"#66#+56G!i-..Cj:!39(%#9!=A,%v!@#%$!<#22$!A*!3U(%(U657*A7:!3%d!?4,#725!I55,!O!Z$,+$,2!
<A,G5!iZ,7B:j&!39(%#9!=A,%:!T#$!%$A$!I5942!G$,!<#6G$,!i1:!C.L!`!C-Kj:!WE6%d!TAI(%2:!
1?ZI3T=&!1#$BS,#$G!H:!i-..0j:!I$G#$%UA62A,J#77$%7945S2:!3%d!;%7B5,!'a%%#%B!O![$,5!'a%%#%B!iZ,7B:j&!
W(%8$X2$!G$,!WA62A,J#77$%7945S2$%:!=4$(,$2#794$!\,A%G65B$%!`!;%7Y28$!`!D$,7X$U2#)$%!i1:!0Q/!`!0KRj:!
12A22B5,2!A%G!"$#*5,d!I$286$,:!!
1?Z^>WZh<@>&!"(6SB5%B!i-..-j:!M#6*!#*!T$A2794A%2$,,#942!`!N#2$,52A,2,5%7X(,2$A,&!M#6*5%56c7$!
(G$,!J57v!3%S(,*52#(%$%!8A,!T$A2794G#G5U2#U!i#G$j!M#6*!#*!T$A2794A%2$,,#942&!H54,B5%B!-..0!iZ$S2!
Cj&!1:!P!`!/K:!
1D3@NI;''&!>5X45$6!i-.//j:!M#6*+#6GA%B{!=,5G#2#(%$%!:!I(G$66$!:!D$,7X$U2#)$%:!Ia%94$%d!U(X5$G:!
1=;3\@>&!I#945$6!i-..Lj:!I$G#$%+$B,#SS$&!I$G#$%G#7UA,7$&!I$G#$%U(%8$X2$:!<5A72$#%$!$#%$,!
T$A2794G#G5U2#U!567!I$G#$%UA62A,G#G5U2#U:!<562*5%%7J$#6$,d!194%$#G$,![$,65B!Z(4$%B$4,$%:!
1=;3\@>&!I#945$6!iZ,7B:j!i-./0j:!@,8Y466#2$,52A,!#*!M#6*:!T$,!T$A2794A%2$,,#942:!KQ:!H54,B5%B!iZ$S2!0j:!
1=;'\@N&!H(45%%!O!1?ZrM@>&!12$S5%!i-./-j:!1X,594,YA*$!/:!T$A2794!Sa,!G#$!;Z1`F+$,72AS$:!"#$%d!
^72$,,$#94#794$,!<A%G$7)$,65B:!
1=3N@==F&!12$S5%!i-..0j:!M#6*U(*X$2$%8!`!@#%$!+#6GA%B724$(,$2#794$!<$(+5942A%B!G$7!I$G#A*7!M#6*:!
F%6#%$!A%2$,!422XdbbS(,A*J#77$%:+gS:#%S(bG52$%+5%Ub5,+$#2$%bRLx/Q5.5R+K:XGS!y;+,ASd!/.:.P:-./0j:!
1h>W;ID&!?5,(65!i-./.j:!eA,!<$G$A2A%B!G$,!194A6A%B!S#6*Y724$2#794$,!W(*X$2$%8!5A7!G$,!1#942!
A%2$,794#$G6#94$,!MY94$,:!3%d!I5224#7!W$X7$,!iZ,7B:j&!MY94$,!G$,!794A6#794$%!M#6*+#6GA%Bd!T$A2794&!
@%B6#794&!\$794#942$!A:5:!I#2!8546,$#94$%![(,7946YB$%!Sa,!$#%$%!45%G6A%B7`!A%G!
X,(GAU2#(%7(,#$%2#$,2$%!h%2$,,#942!i1:!PQ!`!/.Pj:!Ia%94$%d!U(X5$G:!
=hNFTe3@?W3&!\$,45,G!i/RRLj:!I$G#$%!#%!@,8#$4A%B!A%G!<#6GA%B:!\,A%G65B$%!A%G!<$#7X#$6$!$#%$,!
45%G6A%B7`!A%G!$%2J#9U6A%B7(,#$%2#$,2$%!I$G#$%XYG5B(B#U:!0:!;AS6:!<5G!Z$#6+,A%%d!W6#%U45,G2:!
"@3'@>=&!M,5%8!@*5%A$6!i-../j:![$,B6$#94$%G$!N$#72A%B7*$77A%B!#%!194A6$%!`!$#%$!A*72,#22$%$!
1$6+72)$,72Y%G6#94U$#2:!3%d!M,5%8!@*5%A$6!"$#%$,2!iZ,7B:j&!N$#72A%B7*$77A%B$%!#%!194A6$%!i1:!/L!`!0/j:!
"$#%4$#*d!<$628:!
"@>IW@&!HA225!i-./-j:!N#2$,52A,`!A%G!I$G#$%A%2$,,#942:!3%d!W65A7`I#945$6!<(BG56!O!Z$,*5%%!W(,2$!
iZ,7B:j&!\,A%G8aB$!G$,!N#2$,52A,G#G5U2#U!i1:!R/!`!/.Cj:!Ia%94$%d!T$A2794$,!=5794$%+A94![$,65B:!!

1$#2$!46!
"3@T@I;''&!T#$2$,!i-..Qj:!M#6*!A%G!M$,%7$4$%:!3%d!W65A7!15947`Z(*+594!iZ,7B:j&!<#6GJ#77$%7945S2:!
T#78#X6#%$%&!=4$*$%&!I$24(G$%!i1:!0KQ!`!0P.j:!M,5%USA,2!5*!I5#%d!1A4,U5*X:!
"3'=@>&!>5#%$,!i/RR-j:!M#6*7(8#(6(B#$:!@#%$!@#%Sa4,A%B!#%!G57![$,4Y62%#7!)(%!M#6*&!WA62A,!A%G!
\$7$667945S2:!Ia%94$%d!qA#%2$77$%8:!
"3'=@>1=@3'@>&!"$,%$,!i-..Pj:!@#%$!5%G$,$!;,2!8A!$,8Y46$%:!#G$!M#6*!#*!T$A2794A%2$,,#942&!-..0!
iZ$S2!Cj!1:!Q!`!K:!
!
!
!
!!
!
!

1$#2$!47!
g CGG#$&(-J*O'.P'#+,-#*!
;++:!/d!\$,Y2$+$7#28!HAB$%G6#94$,!-./-!%594!IYG94$%!A%G!HA%B$%!i;%B5+$%!#%!D,(8$%2&!<57#7d!566$!
<$2$#6#B2$%&!%p/:-./l!qA$66$d!IDM1&!-./-5j!
;++:!-d!I$G#$%+$794YS2#BA%B!2YB6#94b*$4,*567!X,(!"(94$!#%!G$,!M,$#8$#2!-./-!%594!IYG94$%!A%G!
HA%B$%!i;%B5+$%!#%!D,(8$%2&!<57#7d!566$!<$2$#6#B2$%&!%p/:-./l!qA$66$d!IDM1&!-./-5&!1:!00j!
;++:! 0d! 3%45626#94$! [$,2$#6A%B! G$,! 3%2$,%$2%A28A%B! %594! G$%! W52$B(,#$%! W(**A%#U52#(%&! 1X#$6$&!
3%S(,*52#(%77A94$! A%G! h%2$,4562A%B! i;%B5+$%! #%! D,(8$%2&! <57#7d! 3%2$,%$2`'A28$,&! %p/:/P-l! qA$66$d!
IDM1&!-./-5j!
;++:! Cd! =Y2#BU$#2$%! #*! 3%2$,%$2b5*! ?(*XA2$,! 2YB6#94b*$4,*567! X,(! "(94$! 8A*! 194J$,XA%U2!
h%2$,4562A%B! %594! C! ;62$,7B,AXX$%! i;%B5+$%! #%! D,(8$%2&! <57#7d! 566$! <$S,5B2$%&! %p/:-./l! qA$66$d!
IDM1&!-./-5j!
;++:! Qd! @,#%%$,2$! h%2$,,#94275U2#)#2Y2$%! i;%B5+$%! #%! D,(8$%2&! <57#7d! <$S,5B2$&! G#$! %594! $#B$%$%!
;%B5+$%!*#%G$72$%7!$#%$%!1X#$6S#6*!5A7Sa4,6#94!+$7X,(94$%!45+$%&!%pCQKl! qA$66$d!W$X7$,&!-..L&!1:!
C0j!
;++:! Kd! [(%! 194a6$,3%%$%! B$Ja%7942$! S#6*7X$8#S#794$! ;,+$#27S(,*$%! #*! h%2$,,#942! i;%B5+$%! #%!
D,(8$%2&! <57#7d! <$S,5B2$&! G#$! %594! $#B$%$%! ;%B5+$%! *#%G$72$%7! $#%$%! 1X#$6S#6*! 5A7Sa4,6#94!
+$7X,(94$%!45+$%&!%pCQKl!qA$66$d!W$X7$,&!-..L&!1:!CCj!
;++:! Ld! M#6*U(*X577! %594! $#%$*! W6577#S#U52#(%7*(G$66! *#2! P! ;7X$U2$%! iqA$66$d! W65%2! O! 1X#$6*5%%&!
-..P&!1:-/j!
;++:!Pd!T#$!M#6**(%25B$!A%G!#4,$!@6$*$%2$!iqA$66$d!W65%2!O!1X#$6*5%%&!-..P&!1:!/-Pj!
;++:!Rd!<#6G7$*5%2#794$!194#942$%*(G$66!iqA$66$d!T($6U$,&!-./-&!1:!0Kj!
;++:!/.d!<$,$#94$!G$,!I$G#$%UA62A,U(*X$2$%8!#%!T$A2794!iqA$66$d!)(%!125#B$,&!-..L&!5A7!1X#$6*5%%&!
-.//&!1:!/Lj!
;++:!//d!D,(GAU2#(%7(,#$%2#$,2$!M#6*G#G5U2#U!iqA$66$d!1X#$6*5%%!1:!RPj!
;++:!/-d!FX$,52#(%56#7#$,A%B!G$,!I$G#$%U(*X$2$%8!%594!<559U$!/RRP!i<IhWW&!-./.&!1:!Cj!

1$#2$!48!
!
!
!
|394!$,U6Y,$&!G577!#94!G#$!)(,6#$B$%G$!;,+$#2!ipg$G$!G#B#256$!3%S(,*52#(%&!8:<:!=$V2$&!<#6G$,&!;AG#(`!A%G!
[#G$(! T52$#$%&! DTM7! $29:j! 7$6+7272Y%G#B! 5%B$S$,2#B2! A%G! G#$! *#2! #4,! A%*#22$6+5,! )$,+A%G$%$%!
=Y2#BU$#2$%!7$6+72!$,+,5942!45+$:!;66$!5A7!B$G,A9U2$%&!A%B$G,A9U2$%!(G$,!G$*!3%2$,%$2!#*!"(,265A2!
(G$,! #*! J$7$%26#94$%! 3%4562! a+$,%(**$%$%! M(,*A6#$,A%B$%! A%G! W(%8$X2$! 7#%G! 8#2#$,2! A%G! GA,94!
MAf%(2$%!+8J:!GA,94!5%G$,$!B$%5A$!qA$66$%5%B5+$%!B$U$%%8$#94%$2:!394!+#%!*#,!+$JA772&!G577!$#%$!
S56794$!@,U6Y,A%B!,$9426#94$!M(6B$%!45+$%! J#,G:!T#$7$!@,U6Y,A%B! B#62!5A94!Sa,!G#$! WA,8S577A%B!G#$7$7!
<$,#9427&!7(J#$!$)$%2A$66!)(,45%G$%$!;%4Y%B$:|!