H U M A N
R I G H T S
W A T C H
Colombia
Herederos de los ParamilitaresLa Nueva Cara de la Violencia en Colombia
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"#"$"#%&'$"'(%&')*#*+,(,-*#"&'!
.*'/0"1*'2*#*'$"'(*'3,%("45,*'"4'2%(%+6,*'!
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`"!,---K!?@8!U:9E!V.!,-,!H.,!IJ,.P!O2XE!V.!,-,!H.,!IJJJ!)&Q<7Y)&Q=#&(!!!6:L!@'*:!8<<&:55E!)**$EaaQQQ=)&Q=#&(!!
!"#$"$%&'"&()*)& & & & & & &*+,-./(+,0,+.&
!
!"#"$"#%&'$"'(%&')*#*+,(,-*#"&'.*'/0"1*'2*#*'$"'(*'3,%("45,*'"4'2%(%+6,*'
7(%&*#,%'88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888'9!
:*;*'$"'2%(%+6,*'88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888'<!
=8'>"&0+"4'?'#"5%+"4$*5,%4"&'8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888'@!
"#$!%&'(#$!$')*$#&*$+!,-!&*$'./01#!(&*1*)23.*!1*!'-0!1*$4#52.260)27-!1*82)2*-/*!999999999!:!
;4(0)/#!1*!.#$!%&'(#$!$')*$#&*$!*-!.0!$2/'0)27-!<'40-2/0&20!=!1*!1*&*)<#$!<'40-#$!99!>!
"0$!#3.2%0)2#-*$!?'&@12)0$!1*!A#.#4320!9999999999999999999999999999999999999999999999999999999999999999999999999!BC!
D*$('*$/0!1*.!*$/01#!9999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999!BC!
D*)#4*-10)2#-*$!999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999!BE!
==8':"-%$%(%AB*'88888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888'9C!
===8'.%&'A#0;%&'&05"&%#"&D'E4'#"&0(-*$%';#"$"5,6("'$"'04*'$"&+%1,(,F*5,G4'$"H,5,"4-"'888888'<I!
,-0!1*$4#52.260)27-!)#-!1*82)2*-)20$!8'-104*-/0.*$!99999999999999999999999999999999999999999999999999!FC!
G*82)2*-)20$!*-!.0!5*&282)0)27-!1*!.0!21*-/2101!1*!.#$!1*$4#52.2601#$!999999999999999999999!FB!
H#!$*!<0-!1*$0&/2)'.01#!.0$!&*1*$!1*.2)/250$!=!82-0-)2*&0$!1*!.#$!(0&042.2/0&*$!999999!F>!
I@-)'.#$!*-/&*!.0$!J,A!=!$'$!$')*$#&*$!9999999999999999999999999999999999999999999999999999999999999999999999999!EB!
"21*&06%#!999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999!EF!
H0&)#/&K82)#!=!#/&0$!0)/252101*$!1*.2)/250$!99999999999999999999999999999999999999999999999999999999999999!EF!
J)/252101*$!)#-/&02-$'&%*-/*$!99999999999999999999999999999999999999999999999999999999999999999999999999999999!EE!
=38'J0#A,+,"4-%'?'$"&*##%((%'$"'(%&'A#0;%&'&05"&%#"&'8888888888888888888888888888888888888888888888888888888'@K!
"#$!(&2-)2(0.*$!%&'(#$!$')*$#&*$!9999999999999999999999999999999999999999999999999999999999999999999999999999999999!EL!
MN'*!$#-!.0$!O%'2.0$!H*%&0$P!999999999999999999999999999999999999999999999999999999999999999999999999999999999999999!QC!
D*).'/042*-/#!1*!-'*5#$!42*43&#$!999999999999999999999999999999999999999999999999999999999999999999999999999999!QB!
38'L(',+;*5-%'$"'(%&'A#0;%&'&05"&%#"&'"4'-M#+,4%&'N0+*4,-*#,%&'?'$"'$"#"5N%&'N0+*4%&8'OO!
I2#.*-)20!=!04*-060$!)#-/&0!%&'(#$!5'.-*&03.*$!99999999999999999999999999999999999999999999999999999999999!Q:!
I2#.010!=!04*-06010!(#&!0='10&!0!5@)/240$!99999999999999999999999999999999999999999999999999999999999!QR!
I2#.*-)20!0-/2S$2-12)0.!99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999!QT!
J4*-060$!=!0$*$2-0/#$!0!-25*.!.#)0.+!'-!(.*40!)#-$/0-/*!999999999999999999999999999999999!:C!
J4*-060$!=!52#.*-)20!)#-/&0!5@)/240$!1*!.0$!J,A!9999999999999999999999999999999999999999999999999999!:F!
G*$(.06042*-/#!2-/*&-#!999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999!::!
U?*4(.#$!&*%2#-0.*$!99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999!:R!
V&'(#$!$')*$#&*$!*-!W*1*..@-!99999999999999999999999999999999999999999999999999999999999999999999999999999999!:R!
V&'(#$!$')*$#&*$!*-!.0!&*%27-!1*.!,&03K!99999999999999999999999999999999999999999999999999999999999999999!L:!
V&'(#$!$')*$#&*$!*-!*.!W*/0!9999999999999999999999999999999999999999999999999999999999999999999999999999999999!RC!
V&'(#$!$')*$#&*$!*-!H0&2X#!99999999999999999999999999999999999999999999999999999999999999999999999999999999999!R:!
3=8'.*'>"&;0"&-*'$"('7%6,"#4%'2%(%+6,*4%'8888888888888888888888888888888888888888888888888888888888888888888888'9I9!
Y3.2%0)27-!1*!3&2-10&!(&#/*))27-!)#-/&0!.#$!%&'(#$!$')*$#&*$!999999999999999999999999999999999999!BCB!
A#430/2&!0!.#$!%&'(#$!9999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999!BCE!
"0!1*)2$27-!1*!'$0&!0!.0!Z#.2)@0!*-!5*6!1*.!U?[&)2/#!(0&0!)#430/2&!0!.#$!%&'(#$!
$')*$#&*$!99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999!BCE!
D*$'./01#$!42\/#$!=!#3$/K)'.#$!*-!.0!.')<0!)#-/&0!.#$!%&'(#$!9999999999999999999999999999999!BC>!
]0./0!1*!&*-12)27-!1*!)'*-/0$!99999999999999999999999999999999999999999999999999999999999999999999999999999999999999!BCL!
^#.*&0-)20!(#&!(0&/*!1*!0%*-/*$!1*.!*$/01#!99999999999999999999999999999999999999999999999999999999999999999!BCT!
]0./0!1*!(&#/*))27-!01*)'010!0!.#$!)252.*$!9999999999999999999999999999999999999999999999999999999999999999999!BBR!
Z&#/*))27-!2-01*)'010!1*!5@)/240$!1*!.0$!J,A!999999999999999999999999999999999999999999999999999999!BBR!
_'3&*%2$/&#!1*!1*$(.06042*-/#$!(#)01#$!(#&!.#$!%&'(#$!$')*$#&*$!9999999999999999!BFB!
D*$('*$/0$!;-01*)'010$!=!D*)'&$#$!;-$'82)2*-/*$!(0&0!*.!_2$/*40!1*!J.*&/0$!
^*4(&0-0$!999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999!BFF!
PA#*$"5,+,"4-%&'8888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888888'9<K!
& & & & & & *& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
!
7(%&*#,%'!
J,A+!J'/#1*8*-$0$!,-210$!1*!A#.#4320`!'-0!)#0.2)27-!1*!EL!%&'(#$!(0&042.2/0&*$!1*!A#.#4320!a'*!
$*!/*&42-0&#-!1*!1*$4#52.260&!#82)20.4*-/*!*-!FCC>9!!
G2&*))27-!1*!A0&032-*&#$!1*!.0!Z#.2)@0!H0)2#-0.!1*!A#.#4320+!,-0!1252$27-!1*!.0!Z#.2)@0!H0)2#-0.!a'*!
#(*&0!*-!&*%2#-*$!&'&0.*$!=!)'=0!8'-)27-!*$!*-8&*-/0&!0!.#$!%&'(#$!$')*$#&*$!1*!.#$!(0&042.2/0&*$`!0$@!
)#4#!3&2-10&!$*%'&2101!(0&0!.0!*&&012)0)27-!1*!)'./25#$!2.@)2/#$9!!!
U"H+!U?[&)2/#!1*!"23*&0)27-!H0)2#-0.`!'-!%&'(#!%'*&&2..*&#!1*!26a'2*&109!!
]JDA+!]'*&60$!J&4010$!D*5#.')2#-0&20$!1*!A#.#4320`!*.!4K$!%&0-1*!%&'(#!%'*&&2..*&#!1*!26a'2*&10!1*!
A#.#43209!!
WJZZbYJ_+!W2$27-!1*!.0!Y&%0-260)27-!1*!.#$!U$/01#$!J4*&2)0-#$!1*!J(#=#!0.!Z&#)*$#!1*!Z06!*-!
A#.#4320`!'-0!42$27-!*$/03.*)210!*-!FCCQ!)#4#!(0&/*!1*!'-!0)'*&1#!*-/&*!.0!Y&%0-260)27-!1*!.#$!
U$/01#$!J4*&2)0-#$!=!*.!%#32*&-#!)#.#4320-#!(0&0!4#-2/#&*0&!=!5*&282)0&!.0!1*$4#52.260)27-!1*!.#$!
%&'(#$!(0&042.2/0&*$!a'*!2-/*%&030-!.0$!J,A9!!
]2$)0.@0!V*-*&0.!1*!.0!H0)27-+!U-/2101!*$/0/0.!)#.#4320-0!*-)0&%010!1*!24('.$0&!.0!40=#&@0!1*!.0$!
2-5*$/2%0)2#-*$!=!.#$!?'2)2#$!(*-0.*$9!"0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-!*$`!8#&40.4*-/*`!2-1*(*-12*-/*!
1*.!(#1*&!*?*)'/25#!1*.!%#32*&-#9!!
Z&#)'&01'&@0!V*-*&0.!1*!.0!H0)27-+!U-/2101!*$/0/0.!)#.#4320-0!*-)0&%010!1*!&*(&*$*-/0&!.#$!
2-/*&*$*$!1*!.#$!)2'1010-#$!0-/*!.#$!1*4K$!#&%0-2$4#$!1*.!*$/01#9!"0!Z&#)'&01'&@0!..*50!01*.0-/*!.0!
40=#&@0!1*!.0$!2-5*$/2%0)2#-*$!12$)2(.2-0&20$!$#3&*!8'-)2#-0&2#$!(c3.2)#$!=!)#-/&#.0!.0$!
2-5*$/2%0)2#-*$!=!.#$!?'2)2#$!(*-0.*$`!0$@!)#4#!.0!0)/'0)27-!1*!#/&#$!#&%0-2$4#$!*$/0/0.*$9!!
_2$/*40!1*!J.*&/0$!^*4(&0-0$!1*!.0!G*8*-$#&@0!1*.!Z'*3.#!1*!A#.#4320+!"0!G*8*-$#&@0!1*.!Z'*3.#!d#!
G*8*-$#&@0e!*$!.0!*-/2101!*$/0/0.!)#.#4320-0!a'*!/2*-*!.0!0/&23')27-!1*!(#5*&!=!1*8*-1*&!.#$!
1*&*)<#$!<'40-#$!=!*.!1*&*)<#!2-/*&-0)2#-0.!<'40-2/0&2#9!U.!_2$/*40!1*!J.*&/0$!^*4(&0-0$!*$!'-0!
1252$27-!1*!.0!G*8*-$#&@0!1*.!Z'*3.#!*-)0&%010!1*!4#-2/#&*0&!*.!&2*$%#!0.!)'0.!*$/K!*\('*$/0!.0!
(#3.0)27-!)252.!*-!&*.0)27-!)#-!*.!)#-8.2)/#!0&401#`!=!1*!(#5*&!4*1210$!(0&0!(&*5*-2&!.#$!03'$#$9!!
,-2101!Z*&40-*-/*!1*!G*&*)<#$!f'40-#$!1*!.0!Z*&$#-*&@0!1*!W*1*..@-+!!"0!Z*&$#-*&@0!*$!'-0!
*-/2101!4'-2)2(0.!a'*!0)/c0!/0432[-!)#4#!0%*-/*!1*.!W2-2$/*&2#!Zc3.2)#`!=!/2*-*!.0!8'-)27-!1*!
4#-2/#&*0&!.#$!1*&*)<#$!<'40-#$!=!1*!.#$!)2'1010-#$!*-!W*1*..@-9!"0!,-2101!Z*&40-*-/*!1*!
G*&*)<#$!f'40-#$!1*!.0!Z*&$#-*&@0`!*-!(0&/2)'.0&`!4#-2/#&*0!=!(&#/*%*!.#$!1*&*)<#$!<'40-#$!*-!.0!
)2'1019!!
J%*-)20!Z&*$21*-)20.!(0&0!.0!J))27-!_#)20.!=!.0!A##(*&0)27-!;-/*&-0)2#-0.!dJ))27-!_#)20.e+!U-/2101!
*$/0/0.!)#.#4320-0!a'*!/2*-*!.0!0/&23')27-!1*!0142-2$/&0&!.#$!&*)'&$#$!-0)2#-0.*$!*!2-/*&-0)2#-0.*$!
(0&0!.0!*?*)')27-!1*!(&#%&040$!$#)20.*$!1*$/2-01#$!0!$*)/#&*$!5'.-*&03.*$!1*!.0!(#3.0)27-`!30?#!.0!
12&*))27-!1*!.0!Z&*$21*-)20!1*!A#.#43209!U-/&*!#/&0$!8'-)2#-*$`!J))27-!_#)20.!$'(*&52$0!*.!&*%2$/&#!1*!
.0$!(*&$#-0$!1*$(.06010$!1*-/&#!1*.!(0@$!=!.*$!3&2-10!0$2$/*-)209!
!
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & (
!
:*;*'$"'2%(%+6,*'!
!
& & & & & & /& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
!
=8'>"&0+"4'?'#"5%+"4$*5,%4"&'
!
U-/&*!FCCE!=!FCC>`!*.!%#32*&-#!)#.#4320-#!24(.*4*-/7!'-!(&#)*$#!1*!1*$4#52.260)27-!1*!
EL!%&'(#$!0&401#$!a'*!2-/*%&030-!.0!52#.*-/0!=!4082#$0!)#0.2)27-!(0&042.2/0&!)#-#)210!
)#4#!.0$!J,A!dJ'/#1*8*-$0$!,-210$!1*!A#.#4320e9!_*%c-!*.!%#32*&-#`!!*.!(&#)*$#!8'*!
*\2/#$#`!=0!a'*!4K$!1*!EC9CCC!(*&$#-0$!(0&/2)2(0&#-!*-!)*&*4#-20$!1*!1*$4#52.260)27-`!$*!
)#4(*/2*&#-!0!)*$0&!0)/252101*$!1*.2)/250$!=!$*!$'40&#-!0!(&#%&040$!1*!&*2-$*&)27-!a'*!
.*$!#8&*)@0-!)0(0)2/0)27-`!*4(.*#!=!*$/2(*-12#$9!G*$1*!*-/#-)*$`!*.!%#32*&-#!<0!082&401#!
*-!&*2/*&010$!#(#&/'-2101*$!a'*!=0!-#!*\2$/*-!(0&042.2/0&*$!*-!A#.#43209!
!
_2-!*430&%#`!(#)#!1*$('[$!1*!.0!82-0.260)27-!1*.!(&#)*$#!1*!1*$4#52.260)27-`!$'&%2*&#-!
%&'(#$!$')*$#&*$!*-!/#1#!*.!(0@$!a'*!)#-/2-'0&#-!.0$!0)/252101*$!1*.2)/250$!a'*!
0-/*&2#&4*-/*!<03@0-!1*$0&&#..01#!%&'(#$!30?#!*.!40-1#!1*!.0$!J,A9!!
!
J)/'0.4*-/*`!*$/#$!%&'(#$!$')*$#&*$!/2*-*-!'-!24(0)/#!3&'/0.!*-!.0!$2/'0)27-!<'40-2/0&20!=!
1*!1*&*)<#$!<'40-#$!*-!A#.#43209!A#4#!$*!1#)'4*-/0!*\<0'$/2504*-/*!*-!*$/*!2-8#&4*`!
&*$'./0!*$(*)20.4*-/*!2-a'2*/0-/*!.0!(0&/2)2(0)27-!1*!.#$!%&'(#$!$')*$#&*$!*-!03'$#$!
%&05*$!=!%*-*&0.2601#$!)#-/&0!)252.*$`!a'*!2-).'=*-!40$0)&*$`!*?*)')2#-*$`!52#.0)2#-*$!
$*\'0.*$`!04*-060$!=!*\/#&$27-9!f0-!0/0)01#!=!04*-0601#!*-!&*2/*&010$!#(#&/'-2101*$!0!
1*8*-$#&*$!1*!1*&*)<#$!<'40-#$`!$2-12)0.2$/0$`!(*&$#-0$!1*$(.06010$`!*-/&*!*..0$!
08&#)#.#4320-#$!a'*!.')<0-!(#&!&*)'(*&0&!$'$!/2*&&0$`!5@)/240$!1*!.0$!J,A!a'*!3'$)0-!
?'$/2)20!=!42*43&#$!1*!)#4'-2101*$!.#)0.*$!a'*!-#!0)*(/0-!$'$!7&1*-*$9!U.!$'&%242*-/#!1*!
*$/#$!%&'(#$!)#2-)2127!)#-!'-!2-)&*4*-/#!$2%-282)0/25#!1*!.#$!@-12)*$!1*!1*$(.06042*-/#$!
2-/*&-#$!*-!/#1#!*.!(0@$!1*$1*!FCCQ!<0$/0!0.!4*-#$!FCCL9!g!&*$'./0!).0&#!a'*!*-!0.%'-0$!
&*%2#-*$`!)#4#!*-!.0!)2'101!1*!W*1*..@-`!1#-1*!*.!@-12)*!1*!<#42)212#$!)0$2!$*!<0!
1'(.2)01#!*-!*.!c./24#!0X#`!.#$!#(*&0/25#$!1*.!%&'(#!<0-!)0'$01#!'-!40&)01#!2-)&*4*-/#!
1*!.0!52#.*-)209!Z0&0!%&0-!(0&/*!1*!.0!(#3.0)27-!)252.`!.0!1*$4#52.260)27-!1*!.0$!J,A!
(&K)/2)04*-/*!-#!<0!)#-/&23'21#!0!)04320&!.0!$2/'0)27-!1*!/*4#&!=!52#.*-)20!)#-!.0!)'0.!
)#-525*-9!
!!
"0!04*-060!a'*!&*(&*$*-/0-!.#$!%&'(#$!$')*$#&*$!*$!0!.0!5*6!%&05*!=!)010!5*6!40=#&9!"0!
Z#.2)@0!H0)2#-0.!1*!A#.#4320!*$/240!a'*!/2*-*-!4K$!1*!Q9CCC!42*43&#$9!"#$!)K.)'.#$!1*!
.0$!#&%0-260)2#-*$!-#!%'3*&-04*-/0.*$!2-12)0-!a'*!(#1&@0-!0$)*-1*&!0!BC9FCC9!_*%c-!
10/#$!)#-$*&501#&*$!1*!.0!(#.2)@0`!.#$!%&'(#$!$'40-!&K(2104*-/*!-'*50$!6#-0$!1*!
#(*&0)27-!=`!*-!?'.2#!1*!FCCT`!/*-@0-!(&*$*-)20!*-!0.!4*-#$!BLE!4'-2)2(2#$!1*!FQ!1*!.#$!EF!
1*(0&/04*-/#$!1*!A#.#43209!D*).'/0-!0)/2504*-/*!0!-'*5#$!42*43&#$`!*-/&*!.#$!)'0.*$!$*!
2-).'=*-!01#.*$)*-/*$`!(*&$#-0$!1*$4#52.26010$!=!<#43&*$!=!4'?*&*$!?75*-*$9!U-!50&2#$!
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & .
)0$#$`!$*!<0!$0321#!a'*!&*).'/0-!0!42*43&#$!1*!&*%2#-*$!.*?0-0$!1*.!(0@$`!=!4#-/0-!0$@!'-0!
$#82$/2)010!#&%0-260)27-!0!-25*.!-0)2#-0.9!I0&2#$!%&'(#$!$')*$#&*$!$*!<0-!8'$2#-01#!#!<0-!
$21#!03$#&321#$!(#&!#/&#$`!1*!4#1#!a'*!<#=!*\2$/*-!4*-#$!%&'(#$!a'*!0-/*$`!(*&#!#(*&0-!
1*!40-*&0!4K$!)##&12-010!=!030&)0-!'-!/*&&2/#&2#!4K$!04(.2#9!!
!
"0!(#.2)@0!21*-/282)0!0!#)<#!%&'(#$!(&2-)2(0.*$+!.#$!,&03*X#$`!.#$!D0$/&#?#$`!*.!UDZJA`!.#$!
Z02$0$`!.#$!W0)<#$`!H'*50!V*-*&0)27-`!*.!%&'(#!1*!W0%10.*-0!W*12#!=!D*-0)*&9!f'40-!
D2%</$!h0/)<!/0432[-!&*)2327!1*-'-)20$!)&*@3.*$!$#3&*!.0!*\2$/*-)20!1*!#/&#$!%&'(#$`!)#4#!
.#$!O%'2.0$!H*%&0$!*-!H0&2X#`!a'*!.0!(#.2)@0!-#!2-).'=*!*-!$'!.2$/09!!
!
,-0!)'*$/27-!*$(*)20.4*-/*!(&*#)'(0-/*!*$!a'*!4')<#$!1*!.#$!/*$/2%#$!)#-!a'2*-*$!
<03.04#$!$*X0.0&#-!a'*!*-!50&20$!&*%2#-*$!$*)/#&*$!1*!.0$!8'*&60$!1*!$*%'&2101!$*!
4#$/&030-!/#.*&0-/*$!)#-!.#$!%&'(#$!$')*$#&*$9!
!
U.!%#32*&-#!)#.#4320-#!=!0.%'-#$!0-0.2$/0$!)0.282)0-!0!.#$!%&'(#$!$')*$#&*$!)#4#!i30-10$!
)&242-0.*$!*4*&%*-/*$!0.!$*&52)2#!1*.!-0&)#/&K82)#j!d#!kJAD;We`!*!2-$2$/*-!*-!a'*!.#$!%&'(#$!
$')*$#&*$!$#-!'-!8*-74*-#!-'*5#!=!/#/0.4*-/*!12$/2-/#!1*!.#$!(0&042.2/0&*$9!Y/&#$!*\(*&/#$!
)#-$21*&0-!a'*!$#-!'-0!)#-/2-'0)27-!1*!.0$!J,A`!#!'-0!-'*50!%*-*&0)27-!1*!(0&042.2/0&*$9!!
!
;-1*(*-12*-/*4*-/*!1*!)74#!$*!).0$282a'*!0!.#$!%&'(#$!$')*$#&*$`!.0!&*0.2101!*$!a'*!
0)/'0.4*-/*!)#4*/*-!*-!8#&40!<032/'0.!0/0a'*$!)#-/&0!)252.*$!=!)&@4*-*$!0/&#)*$!a'*!
2-).'=*-!40$0)&*$`!*?*)')2#-*$`!52#.0)2#-*$!$*\'0.*$!=!1*$(.06042*-/#$!8#&601#$9!g!*.!
*$/01#!/2*-*!.0!#3.2%0)27-!1*!(&#/*%*&!0!.0!(#3.0)27-!)252.`!24(*12&!a'*!$*!)#4*/0-!03'$#$!=!
?'6%0&!0!.#$!(*&(*/&01#&*$9!!
!
"04*-/03.*4*-/*`!*.!%#32*&-#!0c-!-#!<0!/#401#!4*1210$!)#-/'-1*-/*$!=!*8*)/250$!(0&0!
)'4(.2&!*$/0$!#3.2%0)2#-*$9!H#!<0!1*$/2-01#!&*)'&$#$!$'82)2*-/*$!0!.0$!'-2101*$!1*!(#.2)@0!
*-)0&%010$!1*!)#430/2&!0!*$/#$!%&'(#$`!-2!0.!%&'(#!1*!82$)0.*$!&*$(#-$03.*$!1*!
2-5*$/2%0&.#$9!H#!<0!<*)<#!(&K)/2)04*-/*!-010!(#&!2-5*$/2%0&!-2!(&*5*-2&!(#$23.*$!5@-)'.#$!
*-/&*!.#$!%&'(#$!$')*$#&*$!=!.#$!0%*-/*$!1*.!*$/01#!#!.0$!8'*&60$!1*!$*%'&2101!(c3.2)09!g!
0c-!-#!<0!01#(/01#!4*1210$!*$(*)@82)0$!(0&0!(&#/*%*&!0!.#$!)252.*$!8&*-/*!0!*$/0!-'*50!
04*-0609!U-!.'%0&!1*!*..#`!*.!%#32*&-#!$*!<0!4#$/&01#!&*-'*-/*!0!0$2%-0&!8#-1#$!$'82)2*-/*$!
=!0!/2*4(#!0.!_2$/*40!1*!J.*&/0$!^*4(&0-0$!1*!.0!G*8*-$#&@0!1*.!Z'*3.#`!a'*!1*$*4(*X0!'-!
&#.!8'-104*-/0.!1*!(&#/*))27-!1*!.0!(#3.0)27-!)252.`!=!*-!#)0$2#-*$!#&%0-2$4#$!1*.!*$/01#!
<03&@0-!1*-*%01#!0$2$/*-)20!0!)252.*$!a'*!1*-'-)2030-!<03*&!$21#!1*$(.0601#$!(#&!.#$!
%&'(#$!$')*$#&*$9!!!
!
& & & & & & ,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
U.!(&*$*-/*!2-8#&4*!03#&10!/&*$!)'*$/2#-*$!(&2-)2(0.*$9!U-!(&24*&!.'%0&`!1#)'4*-/0!*-!a'*!
4*1210!*.!$'&%242*-/#!1*!.#$!%&'(#$!$')*$#&*$!$*!&*.0)2#-0!)#-!*.!40.!12$*X#!*!2-01*)'010!
*?*)')27-!(#&!(0&/*!1*.!%#32*&-#!1*.!(&#)*$#!1*!1*$4#52.260)27-!1*!-'4*&#$#$!.@1*&*$!=!
/&#(0$!1*!.0$!J,A9!U-!$*%'-1#!.'%0&`!1*$)&23*!.#$!03'$#$!/*&&23.*$!a'*!.#$!%&'(#$!)#4*/*-!
<032/'0.4*-/*!)#-/&0!)252.*$!=!&*$0./0!(0/&#-*$!)#4'-*$!1*!)#-1')/0`!)#-!*$(*)20.![-80$2$!
*-!)'0/&#!&*%2#-*$!*-!.0$!)'0.*$!.#$!%&'(#$!/2*-*-!'-0!(&*$*-)20!$2%-282)0/250+!.0!)2'101!1*!
W*1*..@-`!.0!&*%27-!1*!,&03K!*-!*.!1*(0&/04*-/#!1*!A<#)7`!=!.#$!1*(0&/04*-/#$!1*!W*/0!=!
H0&2X#9!U-!/*&)*&!.'%0&`!*.!2-8#&4*!$*X0.0!.0$!80.*-)20$!)#-$/0-/*$!*-!.0!&*$('*$/0!1*.!
%#32*&-#!0!.0$!#(*&0)2#-*$!=!.#$!03'$#$!1*!*$/#$!%&'(#$9!!
!
U.!2-8#&4*!$*!30$0!*-!)0$2!1#$!0X#$!1*!2-5*$/2%0)2#-*$!1*!)04(#!*-!A#.#43209!f'40-!
D2%</$!h0/)<!52$2/7!=!*-/&*52$/7!0!1*)*-0$!1*!5@)/240$`!(0&042.2/0&*$!1*$4#52.2601#$`!
0'/#&2101*$!1*!0(.2)0)27-!1*!.0!.*=!=!#&%0-2$4#$!1*.!*$/01#!.#)0.*$!=!-0)2#-0.*$`!42*43&#$!
1*!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!=!#&%0-260)2#-*$!-#!%'3*&-04*-/0.*$!1*!_2-)*.*?#!
d_')&*el!k0&&0-a'2..0!dJ/.K-/2)#el!Z0$/#`!^'40)#!=!U.!G252$#!dH0&2X#el!Ac)'/0!dH#&/*!1*!
_0-/0-1*&el!k0&&0-)03*&4*?0!=!k')0&040-%0!d_0-/0-1*&el!W*1*..@-!dJ-/2#a'20el!
I2..052)*-)2#`!V&0-010`!I2$/0<*&4#$0`!=!Z'*&/#!D2)#!dW*/0el!.0$!6#-0$!<'40-2/0&20$!1*!
A'&50&017!=!J-10.')@0!dA<#)7el!=!.0!)0(2/0.`!k#%#/K9!
!
!"#$%&'("#$#')*#"&*#+$,-$&*#'./01"$(&*1*)23.*$1*$'-0$1*#4"52.260)27-$
1*82)2*-/*$
_2!32*-!*\2$/*-!128*&*-)20$!*-/&*!.0$!J,A!=!.#$!%&'(#$!$')*$#&*$`!*$/#$!$#-!*-!4')<#$!
$*-/21#$!'-0!)#-/2-'0)27-!1*!0.%'-#$!1*!.#$!i3.#a'*$j!#!%&'(#$!(0&042.2/0&*$9!_*%c-!
2-8#&47!.0!(#.2)@0`!)0$2!/#1#$!.#$!.@1*&*$!1*!.#$!%&'(#$!$')*$#&*$!$#-!?*8*$!1*!.0$!J,A!1*!
&0-%#!4*12#!a'*!-'-)0!$*!1*$4#52.260&#-!#!a'*!)#-/2-'0&#-!(0&/2)2(0-1#!*-!0)/252101*$!
1*.2)/250$!(*$*!0!a'*!0(0&*-/0&#-!<03*&$*!$'401#!0!.0!1*$4#52.260)27-9!"#$!%&'(#$!$*!
*-)'*-/&0-!0)/25#$!*-!4')<0$!1*!.0$!42$40$!&*%2#-*$!*-!.0$!)'0.*$!/*-@0-!(&*$*-)20!.0$!
J,A`!=!#(*&0-!*-!8#&40!$242.0&!0!*$/0$+!)#-/&#.0-!/*&&2/#&2#$!4*120-/*!04*-060$!=!*\/#&$27-`!
(0&/2)2(0-!*-!-0&)#/&K82)#!=!#/&0$!0)/252101*$!1*.2)/250$!=!)#4*/*-!03'$#$!%*-*&0.2601#$!
)#-/&0!)252.*$9!!!
!
U.!$'&%242*-/#!1*!.#$!%&'(#$!$')*$#&*$!*&0!(&*1*)23.*`!*-!%&0-!(0&/*!1*321#!0!a'*!*.!
%#32*&-#!)#.#4320-#!-#!1*$40-/*.7!.0$!*$/&')/'&0$!)&242-0.*$!1*!.0$!J,A`!-2!$'$!&*1*$!1*!
0(#=#!*)#-742)#!=!(#.@/2)#!1'&0-/*!.0$!1*$4#52.260)2#-*$9!!
!
U.!(&#)*$#!1*!1*$4#52.260)27-!(&*$*-/7!%&05*$!1*82)2*-)20$`!a'*!8'*&#-!1#)'4*-/010$!
*\<0'$/2504*-/*!=!1*-'-)2010$!(#&!f'40-!D2%</$!h0/)<!*-!*.!4#4*-/#!1*!$'!*?*)')27-9!
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & -
,-#!1*!.#$!(.*40$!*$!a'*!*.!%#32*&-#!-#!5*&282)7!a'*!a'2*-*$!$*!1*$4#52.260&0-!8'*&0-!
&*0.4*-/*!(0&042.2/0&*$`!-2!$2!/#1#$!.#$!(0&042.2/0&*$!*8*)/2504*-/*!$*!1*$4#52.260&#-9!
A#4#!&*$'./01#`!*-!50&2#$!)0$#$!.#$!%&'(#$!(0&042.2/0&*$!0)/'0&#-!*-!8#&40!8&0'1'.*-/0!=!
&*).'/0&#-!0!)252.*$!(0&0!a'*!$*!<2)2*&0-!(0$0&!(#&!(0&042.2/0&*$!1'&0-/*!.0$!
1*$4#52.260)2#-*$`!=!.#%&0&#-!0$@!40-/*-*&!0)/25#!0!'-!24(#&/0-/*!$*)/#&!1*!$'$!%&'(#$9!
U$/#!$*!*521*-)27!*$(*)20.4*-/*!*-!.0!1*$4#52.260)27-!1*.!k.#a'*!H#&/*`!$#3&*!.0!)'0.!<0=!
(&'*30$!8'*&/*$!1*!a'*!<'3#!8&0'1*9!^0432[-!*\2$/*-!2-12)2#$!1*!8&0'1*!*-!.0$!
1*$4#52.260)2#-*$!1*!%&'(#$!1*!W*1*..@-!=!H0&2X#9!!
!
_2-!*430&%#`!(#$23.*4*-/*!'-!(.*40!4K$!%&05*!$*0!a'*!*.!%#32*&-#!-#!<0=0!
0(*)<01#!*.!(&#)*$#!(0&0!2-/*&&#%0&!*-!('-12101!0!.#$!(0&042.2/0&*$!1*$4#52.2601#$!
0)*&)0!1*!.#$!0)/25#$`!.#$!)74(.2)*$!=!.0$!#(*&0)2#-*$!1*.2)/250$!1*!*$/#$!%&'(#$`!(0&0!
2-5*$/2%0&!$'$!&*1*$!1*.2)/250$!=!(0&0!1*$40-/*.0&.0$9!J$@`!(#&!*?*4(.#`!0!(*$0&!1*!a'*!
]&*11=!D*-17-`!*.!?*8*!1*.!k.#a'*!U.4*&!AK&1*-0$!1*!.0$!J,A`!$*!1*$4#52.267`!8'*!
&**4(.0601#!&K(2104*-/*!(#&!$'!<*&40-#!G0-2*.`!a'2*-!)#-/2-'7!4')<0$!1*!.0$!
0)/252101*$!1*.!3.#a'*!)#4#!-0&)#/&K82)#`!*\/#&$27-`!(&#/*))27-!1*!/*&&*-#$!0(&#(201#$!*-!
8#&40!2.@)2/0!(#&!(*&$#-0$!52-)'.010$!)#-!.#$!(0&042.2/0&*$!=!<#$/2%042*-/#!1*!)252.*$!*-!.0!
&*%27-!1*!,&03K9!
!
_0.5#!0.%'-0$!*\)*()2#-*$`!.#$!82$)0.*$!-#!<0-!2-5*$/2%01#!*-!('-12101!.0$!)#4(.*?0$!
#(*&0)2#-*$!1*.2)/250$!1*!.0$!J,A`!.0$!8'*-/*$!a'*!.0$!82-0-)20-!=!.0$!&*1*$!a'*!.0$!
&*$(0.10-9!Z#&!)#-$2%'2*-/*`!.#$!%&'(#$!$')*$#&*$!<0-!(#121#!&**4(.060&!8K)2.4*-/*!0!.0$!
J,A`!=!<0-!*4(.*01#!.#$!&*)'&$#$!40$25#$!a'*!=0!/*-@0-!#!(#1@0-!#3/*-*&!&K(2104*-/*!(#&!
4*12#$!1*.2)/25#$!(0&0!&*).'/0&!0!-'*5#$!42*43&#$!=!)#-/2-'0&!)#-/&#.0-1#!0!.0!(#3.0)27-!
)252.!=!)#4*/2*-1#!03'$#$!)#-/&0!*..09!!
!
94(0)/"$1*$."#$%&'("#$#')*#"&*#$*-$.0$#2/'0)27-$:'40-2/0&20$;$1*$1*&*):"#$
:'40-"#$$
"#$!%&'(#$!$')*$#&*$!)#4*/*-!03'$#$!%&05*$!=!8&*)'*-/*$!)#-/&0!)252.*$!*-!%&0-!(0&/*!1*.!
(0@$9!U-/&*!.#$!03'$#$!0!.#$!)'0.*$!$#4*/*-!0!a'2*-*$!-#!0)*(/0-!$'$!7&1*-*$!$*!)'*-/0-!
40$0)&*$`!*?*)')2#-*$!=!1*$(.06042*-/#$!8#&601#$9!!!D*)'&&*-!<032/'0.4*-/*!0!04*-060$!=!
*\/#&$27-!)#-/&0!42*43&#$!1*!.0$!)#4'-2101*$!*-!.0$!)'0.*$!#(*&0-`!)#4#!'-!4*)0-2$4#!
(0&0!)#-/&#.0&!0!.0!(#3.0)27-!.#)0.9!A#-!8&*)'*-)20!04*-060-!=!0!5*)*$!0%&*1*-!0!
1*8*-$#&*$!1*!1*&*)<#$!<'40-#$`!$2-12)0.2$/0$`!(*&2#12$/0$!=!5@)/240$!1*!.0$!J,A!a'*!
&*).040-!?'$/2)20!#!.0!&*$/2/')27-!1*!$'$!/2*&&0$9!!
!
& & & & & & A& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
Z#&!*?*4(.#`!"')@0`!'-0!1*8*-$#&0!1*!1*&*)<#$!<'40-#$`!&*.0/7!a'*!42*-/&0$!$*!*-)#-/&030!
*-!.0!)0$0!1*!'-0!5@)/240!1*!.0$!J,A!3&2-10-1#!0$2$/*-)20`!50&2#$!42*43&#$!1*!'-!%&'(#!
$')*$#&!a'*!$*!21*-/282)0&#-!)#4#!.0$!O%'2.0$!H*%&0$!2-%&*$0&#-!0!.0!5252*-10!(#&!.0!8'*&60`!
52#.0&#-!$*\'0.4*-/*!0!0430$!4'?*&*$!=!0152&/2*&#-!0!"')@0!a'*!030-1#-0&0!$'!/&030?#!(#&!
.#$!1*&*)<#$!<'40-#$9!iU..#$!12?*&#-!a'*!4*!a'*1030!(&#<2321#!3&2-10&!*.!0(#=#!$2)#$#)20.!
*-!*.!4'-2)2(2#999!J!*..#$!-#!.*$!2-/*&*$030!a'*!.0$!5@)/240$!)#-#)2*&0-!$'$!1*&*)<#$!-2!
4')<#!4*-#$!a'*!1*-'-)20&0-j`!&*.0/799!A#4#!)#-/2-'7!..*50-1#!0!)03#!$'!/&030?#`!*.!
%&'(#!.'*%#!.0!$*)'*$/&7!=!.0!04*-067`!12)2*-1#!a'*!$2!-#!030-1#-030!.0!)2'101!0/0)0&@0-!0!
$'!8042.209!!U..0!(2127!0='10!0!0'/#&2101*$!.#)0.*$`!a'*!.*!12?*&#-!a'*!.#!a'*!.*!<03@0!
$')*121#!*&0!1*!*$(*&0&$*!(#&a'*!/&030?030!*-!1*&*)<#$!<'40-#$`!=!1*)2127!82-0.4*-/*!
030-1#-0&!.0!)2'101!=!5252&!#)'./09!!
!
G*!40-*&0!$242.0&`!m'0-!G0521!G@06`!'-!4[12)#!a'*!.21*&0!*.!)0(@/'.#!.#)0.!1*!_2-)*.*?#!1*.!
W#5242*-/#!1*!I@)/240$!1*!A&@4*-*$!1*!U$/01#`!'-0!#&%0-260)27-!-#!%'3*&-04*-/0.`!
1*-'-)27!<03*&!$21#!#3?*/#!1*!04*-060$!=!0/*-/01#$!)#-/&0!$'!5210!(#&!%&'(#$!$')*$#&*$9!
m'0-!G0521!<0!*\2%21#!?'$/2)20!(#&!.0!4'*&/*!1*!$'!(01&*`!^2/#!G@06`!'-!0.)0.1*!a'*!8'*!
0$*$2-01#!(#&!.0$!J,A`!)#-!.0!)#.03#&0)27-!1*!'-!*\!%#3*&-01#&!1*!$'!1*(0&/04*-/#!da'2*-!
&*)2*-/*4*-/*!8'*!)#-1*-01#!(#&!*.!)&24*-e9!!
!
"#$!$2-12)0.2$/0$`!a'*!$*!*-)#-/&030-!*-/&*!.#$!%&'(#$!4K$!(*&$*%'21#$!(#&!.0$!J,A`!
)#-/2-c0-!$2*-1#!(*&$*%'21#$!(#&!.#$!%&'(#$!$')*$#&*$9!_*%c-!.0!U$)'*.0!H0)2#-0.!
_2-12)0.`!.0!(&2-)2(0.!#&%0-260)27-!a'*!4#-2/#&*0!.#$!1*&*)<#$!.03#&0.*$!*-!A#.#4320`!*-!
FCCR!.#$!$2-12)0.2$/0$!1*-'-)20&#-!QTR!04*-060$!d)#-/&0!QC:!$2-12)0.2$/0$e9!G*!*$0$`!F>:!
82%'&0-!)#4#!&*0.26010$!(#&!%&'(#$!$')*$#&*$`!42*-/&0$!a'*!FFC!8'*&#-!5*&/210$!(#&!0)/#&*$!
-#!21*-/282)01#$F9!!
!
"#$!%&'(#$!$')*$#&*$!/0432[-!*$/K-!1*$(.060-1#!0!'-0!%&0-!)0-/2101!1*!)252.*$!1*!$'$!
<#%0&*$9!U.!1*$(.06042*-/#!8#&601#!..*501#!0!)03#!(#&!*$/#$!%&'(#$!(#$23.*4*-/*!<0!
)#-/&23'21#!0.!2-)&*4*-/#!$2%-282)0/25#!*-!.0$!)28&0$!1*!1*$(.06042*-/#!2-/*&-#!&*%2$/&010$!
*-!/#1#!*.!(0@$!1*$('[$!1*!FCCQ9!G*!0)'*&1#!)#-!.0$!)28&0$!#82)20.*$`!1*$('[$!1*!&*1')2&$*!0!
FFR9RFR!*-!FCCQ`!.0!)0-/2101!1*!-'*50$!(*&$#-0$!1*$(.06010$!$*!2-)&*4*-/7!)010!0X#!
<0$/0!..*%0&!0EFL9>FQ!*-!FCCL9!"0$!)28&0$!#82)20.*$!1*!FCCR!$#-!0.%#!4*-#&*$`!)#-!ECC9>TE`!
(*&#!)#-/2-c0-!$2*-1#!4')<#!4K$!*.*5010$!a'*!0.!(&2-)2(2#!1*.!(&#)*$#!1*!
<$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$A!')B0C$D-"43&*$)043201"$0$#".2)2/'1$1*$.0$8'*-/*EF$G"%"/HF$<I$1*$40&6"$1*$JKKL$J$=#)'*.0$M0)2"-0.$N2-12)0.F$AO2".0)2"-*#$0$.0$5210F$0$.0$.23*&/01$;$0$.0$2-/*%&2101+$P#*#2-0/"#F$04*-060#$;$1*#0(0&2)2"-*#$("&$0'/"&F$JKKJQJKKLFC$#2-$8*):0F$)"(20$*-52010$("&$)"&&*"$*.*)/&7-2)"$1*$.0$=#)'*.0$M0)2"-0.$N2-12)0.$0$>'40-$?2%:/#$@0/):$*.$JR$1*$0%"#/"$1*$JKKLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & B
1*$4#52.260)27-E9!"0!#&%0-260)27-!-#!%'3*&-04*-/0.!A#-$'./#&@0!(0&0!.#$!G*&*)<#$!
f'40-#$!=!*.!G*$(.06042*-/#!dAYGfU_e!2-8#&40!#/&0$!)28&0$`!=!)#-).'=*!a'*!)*&)0!1*!
ERC9R>E!(*&$#-0$!8'*&#-!1*$(.06010$!*-!FCCR`!.#!)'0.!&*(&*$*-/0!'-!2-)&*4*-/#!1*.!FQ`QL!
(#&!)2*-/#!&*$(*)/#!1*!.0!)28&0!a'*!128'-127!(0&0!FCCL!dEC:9T>>eQ9!
!
G*!<*)<#`!%&0-!(0&/*!1*!.#$!1*$(.06042*-/#$!#)'&&*-!*-!&*%2#-*$!1#-1*!.#$!%&'(#$!
$')*$#&*$!*$/K-!0)/25#$9!AYGfU_!082&40!a'*!<'3#!RF!)0$#$!1*!1*$(.06042*-/#$!40$25#$!
*-!FCCR`!=!a'*!.#$!1*(0&/04*-/#$!4K$!08*)/01#$!8'*&#-!H0&2X#!=!A<#)7`!1#-1*!.#$!%&'(#$!
$')*$#&*$!$*!*-)'*-/&0-!$'404*-/*!0)/25#$:9!f'40-!D2%</$!h0/)<!<03.7!)#-!1*)*-0$!1*!
5@)/240$!a'*!082&40&#-!<03*&!$21#!1*$(.06010$!(#&!%&'(#$!$')*$#&*$!*-!H0&2X#`!W*1*..@-`!
.0!&*%27-!1*!,&03K!=!*-!.0!)#$/0!J/.K-/2)09!!
!
U-!)010!'-0!1*!.0$!)'0/&#!(&2-)2(0.*$!&*%2#-*$!a'*!f'40-!D2%</$!h0/)<!52$2/7!=!*\042-7!
(0&0!*$/*!2-8#&4*`!$2-!*\)*()27-`!.#$!%&'(#$!$')*$#&*$!*$/030-!)#4*/2*-1#!03'$#$!%&05*$!
)#-/&0!)252.*$9!
!
Z#&!*?*4(.#`!*-!W*1*..@-!.#$!%&'(#$!$')*$#&*$!d0!4*-'1#!2-/*%&01#$!(#&!42*43&#$!
1*$4#52.2601#$!#!-#!1*$4#52.2601#$!1*!.0$!J,Ae!)#-/2-'0&#-!*?*&)2*-1#!*.!)#-/&#.!*-!50&2#$!
30&&2#$!4*120-/*!.0!*\/#&$27-`!04*-060$`!%#.(260$!=!0$*$2-0/#$!$*.*)/25#$!.'*%#!1*!.0!
1*$4#52.260)27-!1*!.#$!3.#a'*$!(0&042.2/0&*$!*-!.0!)2'1019!Z*$*!0!a'*!$'('*$/04*-/*!$*!
<03@0!1*$4#52.2601#`!*.!.@1*&!1*!.0$!J,A!*-!*$0!6#-0`!G2*%#!W'&2..#!k*?0&0-#!d)#-#)21#!
)#4#!iG#-!k*&-0je`!$*%c-!0$*5*&0&#-!(*&$#-0$!.#)0.*$!*!2-).'$#!50&2#$!8'-)2#-0&2#$`!/*-@0!
*.!4#-#(#.2#!1*.!1*.2/#!=!.0!$*%'&2101!*-!.0!)2'101`!.#!)'0.!<03&@0!)#-/&23'21#!0!'-0!
$2%-282)0/250!0'-a'*!/*4(#&0&20!&*1'))27-!*-!.0!)0-/2101!1*!<#42)212#$!#)'&&21#$!*-!50&2#$!
0X#$9!_2-!*430&%#`!)#4#!*\(&*$7!'-!&*$21*-/*!1*!.0!)2'101`!*-!*$*!*-/#-)*$!.0$!(*&$#-0$!
1*!.0!)2'101!525@0-!'-0!i(06!)#-!'-!&*57.5*&!0.!)'*..#j>9!!
!
G*321#!0!.0$!.')<0$!2-/*&-0$!1*-/&#!1*.!%&'(#!1*!G#-!k*&-0`!$'4010$!0!.0!)#4(*/*-)20!)#-!
#/&#$!%&'(#$!$')*$#&*$!a'*!2-/*-/0-!2-%&*$0&!0!.0!)2'101`!*-!.#$!1#$!c./24#$!0X#$!W*1*..@-!
<0!*\(*&24*-/01#!'-!40&)01#!2-)&*4*-/#!1*!.0!52#.*-)209!U-!.#$!(&24*&#$!$*2$!4*$*$!1*!
T$P%*-)20$U&*#21*-)20.$(0&0$.0$P))27-$N")20.$;$.0$V""(*&0)27-$9-/*&-0)2"-0.F$?*%2#/&"$W-2)"$1*$U"3.0)27-$X*#(.06010F$Y-12)*$Z*-*&0.$1*$[03'.01"#$1*$U"3.0)27-$X*#(.06010F$8*):0$1*$)"&/*$)"&&*#("-12*-/*$0.$TK$1*$-"52*43&*$1*$JKKLF$12#("-23.*$*-$://(+\\]]]S0))2"-#")20.S%"5S)"\=#/012#/2)0#\('3.2)0)2"-^JK-"52*43&*^JK1*^JKJKKLS:/4$D)"-#'./01"$*.$JL$1*$12)2*43&*$1*$JKKLES$$I$V_X>=NF$V"1:*#$2-8"&40+$OB)/240#$*4*&%*-/*#F$X*#(.06042*-/"F$1*&*):"#$:'40-"#$;$)"-8.2)/"$0&401"$*-$JKK`F$(H%S$TF$JJ$1*$03&2.$1*$JKKLF$://(+\\]]]S)"1:*#S"&%\2-1*aS(:(b"(/2"-c)"4d1")40-e/0#fc)0/d52*]e%21cTge9/*421cgK$D)"-#'./01"$*.$JL$1*$12)2*43&*$1*$JKKLES$g93B1SF$(H%S$IS$R$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$P.*a0-1*&$U'.%0&B-F$h*1*..B-F$JL$1*$#*(/2*43&*$1*$JKKiS$
& & & & & & 0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
FCCT`!<'3#!RRT!<#42)212#$`!)0-/2101!a'*!&*(&*$*-/0!'-!2-)&*4*-/#!1*.!R:`>!(#&!)2*-/#!
&*$(*)/#!1*!.#$!QLT!)0$#$!&*%2$/&01#$!*-!W*1*..@-!*-!.#$!(&24*&#$!$*2$!4*$*$!1*!FCCR9!"#$!
%&'(#$!/0432[-!<0-!#)0$2#-01#!'-!2-)&*4*-/#!$2%-282)0/25#!1*!.0!)0-/2101!1*!(*&$#-0$!
1*$(.06010$!2-/*&-04*-/*!*-!.0!)2'1019!U-!'-!)0$#!1#)'4*-/01#!(#&!f'40-!D2%</$!h0/)<`!
4K$!1*!QC!(*&$#-0$!1*.!30&&2#!1*!Z03.#!U$)#30&!*-!W*1*..@-!8'*&#-!#3.2%010$!0!030-1#-0&!
$'$!<#%0&*$!*-/&*!82-*$!1*!FCCR!=!(&2-)2(2#$!1*!FCCT!)#4#!&*$'./01#!1*!'-0!$*&2*!1*!
0$*$2-0/#$!=!04*-060$!(*&(*/&010$!(#&!*.!%&'(#!0&401#!.#)0.`!a'*!*-!(0&/*!*$/K!2-/*%&01#!
(#&!(*&$#-0$!1*$4#52.26010$9!"0$!5@)/240$`!a'*!$*!40-/*-@0-!#)'./0$!*-!'-!&*8'%2#!*-!
W*1*..@-`!082&40&#-!5252&!*-!'-!*$/01#!1*!/*4#&!)#-$/0-/*!*-!.0!)2'101+!ig0!-#!(#1*4#$!
5252&!*-!W*1*..@-9!^2*-*-!/*-/K)'.#$!*-!/#10$!(0&/*$jL9!!
!
A#4#!$*!*\(.2)0!4K$!01*.0-/*`!*-!*.!1*(0&/04*-/#!8&#-/*&26#!1*!H0&2X#`!0.!$'&!1*.!(0@$`!$*!
(')*-!40$0)&*$`!*?*)')2#-*$`!04*-060$!=!1*$(.06042*-/#$!8#&601#$!40$25#$!1*!)252.*$`!
$2!32*-!4')<#$!1*!*$/#$!)0$#$!-'-)0!$*!1*-'-)20-9!!
!
"#$!%&'(#$!$')*$#&*$!1*!H0&2X#!$#-!&*$(#-$03.*$!1*!%&0-!(0&/*!1*!*$/#$!03'$#$9!Z#&!
*?*4(.#`!*-/&*!?'-2#!=!?'.2#!1*!FCCR`!)0$2!/#1#$!.#$!&*$21*-/*$!1*!/&*$!)#4'-2101*$!1*.!
4'-2)2(2#!)#$/*&#!1*!_0/2-%0!8'*&#-!1*$(.0601#$!.'*%#!1*!a'*!'-#!1*!.#$!%&'(#$!$')*$#&*$!
da'*!*-/#-)*$!#(*&030!)#-!*.!-#43&*!1*!J'/#1*8*-$0$!A04(*$2-0$!1*!H0&2X#e!..*%7!0!'-0!1*!.0$!.#)0.2101*$`!0$*$2-7!0!1#$!?75*-*$!=!(&*$'-/04*-/*!)0'$7!.0!1*$0(0&2)27-!1*!'-!
/*&)*	!!
!
,-0!(0&/*!$2%-282)0/250!1*.!k.#a'*!"23*&/01#&*$!1*.!_'&!1*!.0$!J,A!$*!40-/'5#!0)/250!*-!
H0&2X#!=`!)#-!*.!-#43&*!iH'*50!V*-*&0)27-j`!#)'(7!(#&!4*12#$!52#.*-/#$!04(.2#$!$*)/#&*$!
1*!.0!)#&12..*&0!1*!.#$!J-1*$!(#)#!1*$('[$!1*!.0$!1*$4#52.260)2#-*$9!WK$!&*)2*-/*4*-/*`!
H'*50!V*-*&0)27-!<0!(*&121#!2-8.'*-)20`!(*&#!#/&#$!1#$!%&'(#$!$*!<0-!8#&/0.*)21#9!U-!%&0-!
(0&/*!1*!.0!)#$/0!1*!H0&2X#`!.#$!D0$/&#?#$!=!.#$!O%'2.0$!H*%&0$!$*!40-/2*-*-!0)/25#$!=!
(0&/2)2(0-!8&*)'*-/*4*-/*!*-!0)/#$!52#.*-/#$!)#-/&0!.0!(#3.0)27-9!^0-/#!O%'2.0$!H*%&0$!
)#4#!D0$/&#?#$!/*-1&@0-!'-0!(&*$*-)20!)010!5*6!4K$!8'*&/*!*-!.0!&*%27-!0-12-09!G'&0-/*!
-'*$/&0$!*-/&*52$/0$!*-!.0!&*%27-`!50&2#$!&*$21*-/*$`!8'-)2#-0&2#$!.#)0.*$!=!#3$*&501#&*$!
2-/*&-0)2#-0.*$!1*$)&232*&#-!)0$#$!*-!a'*!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!<03&@0-!/#.*&01#!
.#$!0)/#$!1*!.0$!O%'2.0$!H*%&0$9!
!
A#4#!$*X0.7!0!f'40-!D2%</$!h0/)<!'-!<#43&*!1*!.0!.#)0.2101!0-12-0!1*!_0-/0!A&'6+!iU-!
W01&2%0.999!.0$!O%'2.0$!H*%&0$!-#$!2-/*&&#%0-`!)#-!.0!(#.2)@0!0!FC!4*/&#$!1*!12$/0-)20999!nHo#!
('*1*$!)#-820&!*-!*.!U?[&)2/#!-2!.0!(#.2)@0!(#&a'*!(&K)/2)04*-/*!*$/K-!)#-!*..#$999!*-!_0-/0!
i$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$&*#21*-/*#$1*#(.0601"#$1*.$30&&2"$1*$U03."$=#)"30&F$h*1*..B-F$J$1*$j'-2"$1*$JKKLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *)
A&'6!=!_0-/0!D#$0!/*-*4#$!0!.#$!D0$/&#?#$9!".*%0&#-!*-!40&6#!#!03&2.9!".*%0&#-999!*-!
'-28#&4*!)04'8.01#9!_#-!4')<@$24#$`!BCC`!B:C`!ECCl!<0-!)&*)21#!4')<@$24#999!I2*-*-!=!
)#3&0-!24('*$/#$!0!.#$!*4(&*$0&2#$9!Z0&*)*!a'*!0!5*)*$!$*!*-8&*-/0-!0!.0$!%'*&&2..0$!=!#/&0$!
0!.0$!O%'2.0$!H*%&0$!=!H'*50!V*-*&0)27-jR9!
!
!0#$"3.2%0)2"-*#$j'&B12)0#$1*$V"."4320$$
;-1*(*-12*-/*4*-/*!1*!)74#!$*0-!)0/0.#%01#$!d)#4#!%&'(#$!0&401#$`!(0&042.2/0&*$!#!
)&24*-!#&%0-2601#e`!*.!%#32*&-#!)#.#4320-#!/2*-*!.0!&*$(#-$032.2101!*$(*)@82)0!1*!<0)*&!
8&*-/*!0!.0!04*-060!a'*!*$/#$!%&'(#$!&*(&*$*-/0-!(0&0!.0!(#3.0)27-!)252.9!U-/&*!*$/0$!
#3.2%0)2#-*$!$*!2-).'=*-!(&#/*%*&!0!.#$!)252.*$!8&*-/*!0!0%&*$2#-*$`!(&*5*-2&!03'$#$!=!
%0&0-/260&!*.!?'6%042*-/#!1*!.#$!03'$#$!#)'&&21#$T9!U.!%&01#!1*!&*$(#-$032.2101!1*.!*$/01#!
(#&!.#$!03'$#$!1*!.#$!%&'(#$!$')*$#&*$!$*!2-)&*4*-/0&K!$*%c-!.0!4*1210!*-!a'*!.#$!
0%*-/*$!1*.!*$/01#!/#.*&*-!0!*$/#$!%&'(#$!#!)#.03#&*-!0)/2504*-/*!)#-!*..#$9!!
!
J!$'!5*6`!0.%'-#$!1*!.#$!%&'(#$!$')*$#&*$!(#1&@0-!)#-$21*&0&$*!%&'(#$!0&401#$!0!*8*)/#$!
1*!.0$!.*=*$!1*!%'*&&0!d1*&*)<#!2-/*&-0)2#-0.!<'40-2/0&2#`!G;fe9!I0&2#$!1*!.#$!%&'(#$!
$')*$#&*$!(0&*)*-!)#-/0&!)#-!'-0!#&%0-260)27-!*82)2*-/*!=!*$/0&!30?#!'-0!*$/&')/'&0!1*!
40-1#!=!)#-/&#.!&*$(#-$03.*`!=!$#-!(0&/*!1*.!)#-8.2)/#`!1*!/0.!4#1#!a'*!&*c-*-!.0$!
)0&0)/*&@$/2)0$!1*!%&'(#$!0&401#$!$*%c-!*.!G;f+!(#&!*?*4(.#`!*.!UDZJA`!a'*!#(*&0!*-!.#$!
1*(0&/04*-/#$!1*!.#$!..0-#$!1*!W*/0`!I2)<010!=!V'0520&*`!=!0(0&*-/*4*-/*!0.%'-#$!1*!.#$!
%&'(#$!1*!H0&2X#!&*c-*-!.0$!)#-12)2#-*$9!!
!
Y/&#$!%&'(#$`!)#-!'-!4*-#&!%&01#!1*!)#-/&#.!/*&&2/#&20.!'!#&%0-260)27-`!#!a'*!-#!*$/K-!
0.2-*01#$!)#-!*.!)#-8.2)/#`!('*1*-!$*&!4*&0$!i#&%0-260)2#-*$!)&242-0.*$j!8&*-/*!0!.0$!)'0.*$!
*.!*$/01#!*$/K!*-!*.!1*3*&!?'&@12)#!1*!(&*5*-2&`!&06#-03.*4*-/*`!.0$!52#.0)2#-*$!1*!1*&*)<#$!
<'40-#$`!1*!2-5*$/2%0&!$*&204*-/*!)#-!.#$!4*12#$!0!$'!0.)0-)*!.0$!52#.0)2#-*$!a'*!$*!
<0=0-!)#4*/21#!0!82-!1*!21*-/282)0&!0!.#$!&*$(#-$03.*$`!1*!24(#-*&.*$!.0$!$0-)2#-*$!
(*&/2-*-/*$!=!1*!0$*%'&0&!0!.0!5@)/240!'-0!01*)'010!&*(0&0)27-9!
!
?*#('*#/0$1*.$*#/01"$
U.!%#32*&-#!<0!0$2%-01#!0!.0!G2&*))27-!1*!A0&032-*&#$!1*!.0!Z#.2)@0!H0)2#-0.!1*!A#.#4320!'-!
&#.!)*-/&0.!*-!.0!.')<0!)#-/&0!.#$!%&'(#$!$')*$#&*$9!!
`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$N0-/0$V&'6F$U0#/"$DM0&2k"EF$J<$1*$j'.2"$1*$JKKLS$L$V"42/l$1*$X*&*):"#$>'40-"#F$_3#*&50)27-$Z*-*&0.$MSm$T<F$M0/'&0.*60$1*$.0$"3.2%0)27-$j'&B12)0$%*-*&0.$24('*#/0$0$."#$
=#/01"#$U0&/*#$*-$*.$U0)/"F$X")S$1*$.0$_M,S$VVU?\V\J<\?*5S<\P11S<T$DJKKIEF$(H&&S$`F$O*.H#n'*6$?"1&B%'*6$5$>"-1'&0#F$N*-/*-)20$1*.$JL$1*$j'.2"$1*$<L``F$V"&/*$9SXS>S$DN*&S$VE$MSm$I$D<L``EF$(H&&#S$<iJQ<igS$
& & & & & & **& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
"0$!(#.@/2)0$!1*.!%#32*&-#!12$(#-*-!a'*!*.!U?[&)2/#!$7.#!1*3*!2-/*&5*-2&!(0&0!<0)*&!8&*-/*!0!
.#$!%&'(#$!$')*$#&*$!)'0-1#!.0!(#.2)@0!.#!$#.2)2/*!8#&40.4*-/*`!#!*-!$2/'0)2#-*$!*-!a'*!*.!
U?[&)2/#!$*!*-)'*-/&*!)#-!*$/#$!%&'(#$!=!1*30!'$0&!.0!8'*&60!(0&0!(&#/*%*&!0!.0!(#3.0)27-!
)252.9!H#!#3$/0-/*`!0)/'0.4*-/*!.#$!)0&032-*&#$!(0&*)*-!-#!)#-/0&!)#-!.0!)0(0)2101!-2!.#$!
&*)'&$#$!-*)*$0&2#$!(0&0!(*&$*%'2&!0!.#$!%&'(#$!$')*$#&*$!*-!/#10$!.0$!6#-0$!1#-1*!
)#4*/*-!03'$#$9!U-!50&20$!6#-0$!*-!.0$!)'0.*$!#(*&0-`!.0!(#.2)@0!-#!/2*-*!(&*$*-)209!g!*.!
U?[&)2/#!-#!(0&*)*!*$/0&!2-/*&52-2*-1#!*-!.0!.')<0!)#-/&0!*$/#$!%&'(#$!*-!*$0$!6#-0$9!J.!
4*-#$!*-!'-!)0$#`!f'40-!D2%</$!h0/)<!)#4(%!a'*!/0-/#!.0!(#.2)@0!)#4#!.#$!#82)20.*$!
1*.!U?[&)2/#!1*.!1*(0&/04*-/#!1*!W*/0!$*!$*X0.030-!'-#$!0!#/&#$!)#4#!.0!0'/#&2101!
&*$(#-$03.*!1*!)#430/2&!0!.#$!%&'(#$!$')*$#&*$9!U.!U?[&)2/#!2-5#)7!.0!(#.@/2)0!1*.!%#32*&-#!
a'*!0$2%-0!&*$(#-$032.2101!0!.0!(#.2)@0!)#4#!'-0!&067-!(0&0!-#!2-/*&5*-2&`!42*-/&0$!a'*!.0!
(#.2)@0!.#)0.!$#$/'5#!a'*!)0&*)@0!1*!?'&2$12))27-9!
!
Y/&#!(.*40!*$!a'*!*.!%#32*&-#!-#!<0!2-5*&/21#!&*)'&$#$!$'82)2*-/*$!(0&0!0$*%'&0&!a'*!.#$!
42*43&#$!1*!.#$!%&'(#$!$')*$#&*$!=!$'$!)74(.2)*$!$*0-!?'6%01#$!(#&!$'$!)&@4*-*$9!"0!
]2$)0.@0!V*-*&0.!1*!.0!H0)27-!)&*7!'-!%&'(#!1*!82$)0.*$!*$(*)20.2601#$!*-!FCCR!(0&0!.#$!
)0$#$!&*.0)2#-01#$!)#-!%&'(#$!$')*$#&*$9!_2-!*430&%#`!*.!%&'(#!-#!)'*-/0!)#-!(*&$#-0.!
$'82)2*-/*!=!$7.#!('*1*!)#-)*-/&0&$*!*-!0.%'-#$!1*!.#$!%&'(#$!$')*$#&*$9!!
!
,-!80)/#&!$'404*-/*!(&*#)'(0-/*`!=!a'*!8'*!(.0-/*01#!(#&!42*43&#$!1*!.0!(#.2)@0!=!1*!.0!
]2$)0.@0`!*$!.0!)#&&'()27-!=!.0!/#.*&0-)20!1*!.#$!%&'(#$!$')*$#&*$!(#&!(0&/*!1*!)2*&/#$!0%*-/*$!
*$/0/0.*$`!.#!)'0.!1282)'./0!.0!(#$232.2101!1*!&0$/&*0&`!*-8&*-/0&!=!?'6%0&!0!*$/#$!%&'(#$9!!
!
U.!*?*4(.#!4K$!*521*-/*!1*!*$/#$!$'('*$/#$!5@-)'.#$!/2*-*!a'*!5*&!)#-!.0!0)/'0.!
2-5*$/2%0)27-!(*-0.!1*!.0$!1*-'-)20$!a'*!$*X0.0-!a'*!*.!*-/#-)*$!12&*)/#&!1*!]2$)0.@0$!1*!
W*1*..@-`!V'2..*&4#!I0.*-)20!A#$$2#!d<*&40-#!1*.!0)/'0.!W2-2$/&#!1*.!;-/*&2#&!=!m'$/2)20!1*!
A#.#4320e`!!<03&@0!)#.03#&01#!)#-!'-#!1*!.#$!%&'(#$!$')*$#&*$9!I0.*-)20!A#$$2#!<0!-*%01#!
.0$!0)'$0)2#-*$9!A#4#!$*!1*$)&23*!*-!*$/*!2-8#&4*`!f'40-!D2%</$!h0/)<!/0432[-!&*)2327!
4c./2(.*$!1*-'-)20$!*-!H0&2X#`!A<#)7`!W*1*..@-!=!W*/0!1*!$2/'0)2#-*$!*-!.0$!a'*!42*43&#$!
1*!.0!(#.2)@0!#!*.!U?[&)2/#!0.!(0&*)*&!/#.*&030-!0)/252101*$!1*!.#$!%&'(#$!$')*$#&*$9!
!
_0.5#!0.%'-0$!*\)*()2#-*$`!*.!%#32*&-#!-#!<0!/#401#!4*1210$!*8*)/250$!(0&0!21*-/282)0&`!
2-5*$/2%0&!=!$0-)2#-0&!0!8'-)2#-0&2#$!(c3.2)#$!a'*!/#.*&0-!0!.#$!%&'(#$!$')*$#&*$9!U-!
#)0$2#-*$`!0-/*!.0$!1*-'-)20$!1*!a'*!*\2$/*!*$/0!/#.*&0-)20!(#&!(0&/*!1*!$'$!42*43&#$`!.0$!
8'*&60$!1*!$*%'&2101!(c3.2)0!(0&*)*-!&*$(#-1*&!4*120-/*!*.!/&0$.01#!1*!$'$!42*43&#$!0!
#/&0$!&*%2#-*$9!"0!&*$('*$/0!)#&&*)/0!$*&@0!2-8#&40&!0!.#$!82$)0.*$!$#3&*!.0$!1*-'-)20$!=!
$'$(*-1*&!0!.#$!42*43&#$!$*X0.01#$!42*-/&0$!$*!&*0.260!'-0!2-5*$/2%0)27-!(*-0.9!
!
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *(
U.!*$/01#!/04(#)#!<0!/#401#!4*1210$!01*)'010$!(0&0!(&*5*-2&!.#$!03'$#$!(#&!(0&/*!1*!
%&'(#$!$')*$#&*$!=!(0&0!(&#/*%*&!0!.0!(#3.0)27-!)252.9!!
!
U.!(&#%&040!1*.!W2-2$/*&2#!1*.!;-/*&2#&!1*!(&#/*))27-!1*!1*8*-$#&*$!1*!1*&*)<#$!<'40-#$`!
$2-12)0.2$/0$!=!(*&2#12$/0$`!a'*!*\2$/*!1*$1*!<0)*!/2*4(#`!<0!3&2-101#!(&#/*))27-!
2-12$(*-$03.*!0!)2*&/0$!(*&$#-0$!5'.-*&03.*$9!Z*&#!-#!04(0&0!0!.0$!5@)/240$!1*!.0$!J,A!a'*!
*\2%*-!?'$/2)20`!.0!&*$/2/')27-!1*!$'$!/2*&&0$!#!'-0!&*(0&0)27-!*-!52&/'1!1*!.0!"*=!1*!m'$/2)20!=!
Z06!d'-0!.*=!1*!FCC:!a'*!(*&42/*!a'*!(0&042.2/0&*$!&*$(#-$03.*$!1*!0/&#)2101*$!=!#/&#$!
1*.2/#$!%&05*$!$*!3*-*82)2*-!)#-!'-0!&*1'))27-!)#-$21*&03.*!1*!$'$!(*-0$!0!)0432#!1*!a'*!
$*!1*$4#52.2)*-`!)#-82*$*-!$'$!)&@4*-*$!=!&*$/2/'=0-!.#$!32*-*$!#3/*-21#$!*-!8#&40!2.@)2/0e9!
"0!A#&/*!A#-$/2/')2#-0.!<0!#&1*-01#!a'*!*$/0$!5@)/240$!&*)230-!(&#/*))27-!1*.!*$/01#!=!*.!
%#32*&-#!*$/K!24(.*4*-/0-1#!'-!1*)&*/#!a'*!*$/03.*)*&@0!40=#&!$*%'&2101!(#.2)20.!*-!
&*%2#-*$!a'*!(&*$*-/0-!0./#$!&2*$%#$!(0&0!52)/240$!*-!*.!(&#)*$#!1*!m'$/2)20!=!Z069!!_2-!
*430&%#`!0'-!-#!*$/K!).0&#!$2!*.!(&#%&040!*$/0!*8*)/2504*-/*!)'3&2*-1#!0!/#10$!.0$!52)/240$!
a'*!&*a'2*&*-!(&#/*))27-9!U$/#$!(&#%&040$!/04(#)#!$*!*\/2*-1*-!0!.0!(#3.0)27-!)252.!*-!
%*-*&0.`!a'*!*-!4')<0$!&*%2#-*$!*$!#3?*/#!1*!)#-$/0-/*$!04*-060$`!0%&*$2#-*$!=!
1*$(.06042*-/#$!(#&!.#$!%&'(#$!$')*$#&*$9!
!
U-!50&20$!#)0$2#-*$`!f'40-!D2%</$!h0/)<!&*)2327!1*-'-)20$!1*!a'*!.0$!#82)2-0$!1*!.0!
J%*-)20!Z&*$21*-)20.!(0&0!.0!J))27-!_#)20.!=!.0!A##(*&0)27-!;-/*&-0)2#-0.!dJ))27-!_#)20.e!$*!
-*%030-!0!&*%2$/&0&!=!3&2-10&!0$2$/*-)20!0!(*&$#-0$!a'*!&*(#&/030-!<03*&!$21#!1*$(.0601#$!
(#&!(0&042.2/0&*$!d&*82&2[-1#$*!0!%&'(#$!$')*$#&*$e`!)#-!*.!0&%'4*-/#!1*!a'*!=0!-#!*\2$/@0-!
.#$!(0&042.2/0&*$9!_2!32*-!J))27-!_#)20.!082&40!a'*!*$/#$!)0$#$!-#!&*8.*?0-!.0!(#.@/2)0!#82)20.!
1*.!%#32*&-#`!1*3*!/#40&!4*1210$!*8*)/250$!(0&0!0$*%'&0&!a'*!*$/0!1*-*%0)27-!-#!)#-/2-c*!
*-!*.!K432/#!.#)0.9!
!
Z#&!c./24#`!*.!_2$/*40!1*!J.*&/0$!^*4(&0-0$!d_J^e!1*!.0!G*8*-$#&@0!1*.!Z'*3.#`!a'*!
4#-2/#&*0!)#-$/0-/*4*-/*!.0!$2/'0)27-!1*!1*&*)<#$!<'40-#$!*-!128*&*-/*$!&*%2#-*$!=!
*42/*!(*&2712)04*-/*!2-8#&4*$!1*!&2*$%#!1*/0.01#$!0)*&)0!1*!.#$!(*.2%&#$!a'*!*-8&*-/0!.0!
(#3.0)27-!)252.`!<0!/*-21#!'-!&#.!8'-104*-/0.!*-!.0!1*-'-)20!1*!.0$!#(*&0)2#-*$!1*!.#$!
%&'(#$!$')*$#&*$!=!$'$!(#$23.*$!03'$#$9!H#!#3$/0-/*`!#/&0$!2-$/2/')2#-*$!1*.!*$/01#!a'*!
1*3*&@0-!0)/'0&!0!(0&/2&!1*!.0$!&*)#4*-10)2#-*$!1*.!_J^`!0!4*-'1#!.0$!2%-#&0-!#!.*$!&*$/0-!
24(#&/0-)209!U.!(&#)*$#!(0&0!.0!1*/*&42-0)27-!1*!a'[!4*1210$!)#&&*$(#-1*!/#40&!$#3&*!.0!
30$*!1*!.#$!2-8#&4*$!1*!&2*$%#!1*.!_J^!)0&*)*!1*!/&0-$(0&*-)20!=`!)#4#!<0!&*)#4*-101#!.0!
J%*-)20!1*!U$/01#$!,-21#$!(0&0!*.!G*$0&&#..#!;-/*&-0)2#-0.!d,_J;Ge`!1*3*!$*&!&*8#&401#9!U.!
_J^!/0432[-!<0!$'8&21#!0!)0'$0!1*!1*4#&0$!*-!.0!0$2%-0)27-!=!*.!$'42-2$/&#!1*!
82-0-)2042*-/#!(#&!*.!%#32*&-#9!!
!
& & & & & & */& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
?*)"4*-10)2"-*#$
!
!"#$%&'()*%#+(#,%"%-&'.#
N"3&*$.0$1*#4"52.260)27-$1*$."#$3."n'*#$(0&042.2/0&*#$
J-/*!.0$!(&'*30$!a'*!2-12)0-!a'*!<'3#!8&0'1*!*-!.0!1*$4#52.260)27-!1*!50&2#$!3.#a'*$!
(0&042.2/0&*$`!=!a'*!0.%'-#$!$*)/#&*$!-#!$*!1*$4#52.260&#-`!*.!%#32*&-#!1*3*&@0+!
!
• U$/03.*)*&!'-0!)#42$27-!1*!2-5*$/2%0)27-!01S<#)!2-1*(*-12*-/*!a'*!3&2-1*!'-0!
*\(.2)0)27-!(c3.2)0!0)*&)0!1*!.#!$')*121#!1'&0-/*!.0$!1*$4#52.260)2#-*$`!)'K-/#$!
1*!.#$!$'('*$/#$!(0&042.2/0&*$!1*$4#52.2601#$!*&0-!*8*)/2504*-/*!)#430/2*-/*$`!*-!
a'[!4*1210!.#$!(0&042.2/0&*$!)#-/2-c0-!0)/25#$!*-!.0!0)/'0.2101!=!*-!a'[!%&01#!.#$!
(0&042.2/0&*$!a'*!)#4*/2*&#-!0/&#)2101*$!<0-!.#%&01#!*.'12&!.0!?'$/2)209!
• ".*50&!01*.0-/*!'-!*$8'*&6#!$2$/*4K/2)#!=!)##&12-01#!(#&!21*-/282)0&!.0$!/2*&&0$!=!.#$!
32*-*$!1*!#&2%*-!2.@)2/#!a'*!('*10-!*$/0&!*-!(#1*&!1*!.#$!(0&042.2/0&*$!#!$'$!
)74(.2)*$`!=!0$*%'&0&!$'!&*)'(*&0)27-!=!&*$/2/')27-!0!.0$!5@)/240$9!U-/&*!#/&0$!
4*1210$`!*$/#!&*a'*&2&K!3&2-10&!8#-1#$!$'82)2*-/*$!0!.0!_'(*&2-/*-1*-)20!1*!
H#/0&201#!=!D*%2$/&#`!0!82-!1*!a'*!('*10!#3/*-*&!4K$!2-8#&40)27-!$#3&*!.0!
/2/'.0&2101!1*!.0$!/2*&&0$!=!)#/*?0&.0!)#-!.0$!1*-'-)20$!1*!0(&#(20)27-!(&*$*-/010$!
(#&!.0$!(*&$#-0$!1*$(.06010$9!
!
N"3&*$.0#$4*1210#$(0&0$)"430/2&$0$."#$%&'("#$#')*#"&*#$
J-/*!.0!2-*82)0)20!1*!.0$!(#.@/2)0$!1*.!%#32*&-#!8&*-/*!0!.0!*\(0-$27-!)#-/2-'0!1*!.#$!%&'(#$!
$')*$#&*$`!*.!%#32*&-#!1*3*&@0+!
!
• J$*%'&0&$*!1*!a'*!.0!'-2101!1*!)0&032-*&#$!1*!.0!(#.2)@0!)'*-/*!)#-!8#-1#$!=!
(*&$#-0.!$'82)2*-/*$!(0&0!<0)*&!8&*-/*!0!.#$!%&'(#$!$')*$#&*$9!!
• Y&1*-0&!0.!U?[&)2/#!a'*!$2!$'$!42*43&#$!0152*&/*-!a'*!*\2$/*-!%&'(#$!$')*$#&*$!a'*!
#(*&0-!*-!&*%2#-*$!30?#!$'!)#-/&#.`!#!&*)23*-!1*-'-)20$!*-!*$/*!$*-/21#`!1*3*-!
2-8#&40&!2-4*120/04*-/*!0!.0!(#.2)@0!=!0!.0$!0'/#&2101*$!?'12)20.*$!(*&/2-*-/*$!(0&0!
a'*!('*10-!&*$(#-1*&9!"0!2-$/&'))27-!1*3*!2-12)0&!).0&04*-/*!a'*!$2!.0!(#.2)@0!-#!
/2*-*!(&*$*-)20!*-!*.!K&*0`!*.!U?[&)2/#!1*3*!/#40&!4*1210$!01*)'010$!(0&0!*-8&*-/0&!
=!)0(/'&0&!0!.#$!42*43&#$!1*!.#$!%&'(#$!$')*$#&*$9!!
• k&2-10&!&*)'&$#$!$'82)2*-/*$!0!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-!(0&0!(*&42/2&!a'*!
2-)&*4*-/*!.0!)0-/2101!1*!82$)0.*$!*!2-5*$/2%01#&*$!1*!$'!%&'(#!*$(*)20.2601#!a'*!
$*!1*12)0!0!2-5*$/2%0&!0!.#$!%&'(#$!$')*$#&*$9!
!
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *.
N"3&*$."#$(&*#'-/"#$5B-)'."#$*-/&*$0%*-/*#$1*.$*#/01"$;$."#$%&'("#$#')*#"&*#$
J-/*!.0$!1*-'-)20$!$2$/*4K/2)0$!=!)&*@3.*$!1*!a'*!0%*-/*$!1*.!*$/01#!=!.0$!8'*&60$!1*!
$*%'&2101!(c3.2)0!/#.*&0-!0!.#$!%&'(#$!$')*$#&*$!#!0)/c0-!*-!)#--25*-)20!)#-!*..#$`!=!.0!
/*-1*-)20!*-!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!1*!&*$(#-1*&!0!*$/0$!1*-'-)20$!4*120-/*!.0!
1*)2$27-!1*!$24(.*4*-/*!/&0-$8*&2&!0!$'$!42*43&#$!0!#/&0$!&*%2#-*$`!*.!%#32*&-#!1*3*&@0+!
!
• ;-5*$/2%0&!=!?'6%0&!)#-!82&4*60!0!.#$!8'-)2#-0&2#$!)#-/&0!a'2*-*$!(*$0-!1*-'-)20$!
)&*@3.*$!1*!a'*!<0-!/#.*&01#!0!.#$!%&'(#$!$')*$#&*$!#!)#.03#&01#!)#-!*..#$9!!
• Y&1*-0&!0!.0!(#.2)@0!=!0.!U?[&)2/#!a'*!$2!&*)23*-!1*-'-)20$!1*!a'*!$'$!42*43&#$!
/#.*&0-!0!.#$!%&'(#$!$')*$#&*$!#!0)/c0-!*-!)#--25*-)20!)#-!*..#$!1*3*-!2-8#&40&!
*$/0$!1*-'-)20$!2-4*120/04*-/*!0!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-!(0&0!a'*!
2-5*$/2%'*!=!$'$(*-10!0!.#$!42*43&#$!)#-/&0!a'2*-*$!$*!8#&4'.0&#-!.0$!1*-'-)20$!
42*-/&0$!$*!&*0.260-!2-5*$/2%0)2#-*$9!!!
!
N"3&*$(&"/*))27-$;$0#2#/*-)20$1*$.0#$5B)/240#$;$."#$)252.*#$
J-/*!.0!2-*82)0)20!1*!.0$!(#.@/2)0$!1*.!%#32*&-#!1*$/2-010$!0!(&#/*%*&!0!.0$!5@)/240$!1*!.0$!
J,A!=!0!.#$!)252.*$!*-!.0$!&*%2#-*$!1#-1*!#(*&0-!.#$!%&'(#$!$')*$#&*$`!*.!%#32*&-#!1*3*&@0+!
!
• ;4(.*4*-/0&!'-!(&#%&040!*8*)/25#!(0&0!.0$!5@)/240$!=!.#$!/*$/2%#$!1*!.#$!)&@4*-*$!1*!
.#$!(0&042.2/0&*$`!)#4#!.#!*\2%*!.0!A#&/*!A#-$/2/')2#-0.!1*!A#.#43209!!
• k&2-10&!8#-1#$!$'82)2*-/*$!0!.0!G*8*-$#&@0!1*.!Z'*3.#!(0&0!a'*!04(.@*!*.!_2$/*40!1*!
J.*&/0$!^*4(&0-0$!=!0$*%'&*!$'!8'-)2#-042*-/#!2-2-/*&&'4(21#9!
• A#-8#&4*!0!.0$!&*)#4*-10)2#-*$!1*.!;-$(*)/#&!V*-*&0.!1*!.0!J%*-)20!1*!U$/01#$!
,-21#$!(0&0!*.!G*$0&&#..#!;-/*&-0)2#-0.!d,_J;Ge`!&*8#&40&!*.!A#42/[!;-/*&2-$/2/')2#-0.!
1*!J.*&/0$!^*4(&0-0$!(0&0!(*&42/2&!.0!(0&/2)2(0)27-!0)/250!1*!&*(&*$*-/0-/*$!1*!.0!
G*8*-$#&@0!1*.!Z'*3.#`!%0&0-/260&!.0!('3.2)2101!1*!.#$!2-8#&4*$!1*!&2*$%#!=!.0!
/&0-$(0&*-)20!1*!.0$!1*)2$2#-*$!1*.!A#42/[`!=!0$*%'&0&!a'*!.0$!&*$('*$/0$!0!.#$!
2-8#&4*$!1*!&2*$%#!$*0-!01*)'010$!=!#(#&/'-0$9!
• ;4(0&/2&!12&*)/250$!0!J))27-!_#)20.!=!#/&#$!#&%0-2$4#$!*$/0/0.*$!a'*!*$/03.*6)0-!a'*!
J))27-!_#)20.!1*3*!&*%2$/&0&!0!.0$!(*&$#-0$!a'*!$*0-!5@)/240$!1*!1*$(.06042*-/#!
(#&!0))27-!1*!.#$!%&'(#$!$')*$#&*$9!H#!$*!1*3*!1*-*%0&!0$2$/*-)20!0!.0$!5@)/240$!
a'*!1*-'-)2*-!<03*&!$'8&21#!03'$#$!(#&!(0&/*!1*!(0&042.2/0&*$!)#-!*.!0&%'4*-/#!1*!
a'*!=0!-#!*\2$/*-!(0&042.2/0&*$9!"0!12&*)/250!1*3*!12$(#-*&!a'*!$*!01#(/*-!4*1210$!
12$)2(.2-0&20$!)#-/&0!.#$!8'-)2#-0&2#$!a'*!2%-#&*-!*$/0$!2-$/&'))2#-*$9!
!
!
!
& & & & & & *,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
!#".#/'01."2.#3(*()."#+(#".#4.1'5*#
N"3&*$.0$1*#4"52.260)27-$1*$."#$3."n'*#$(0&042.2/0&*#$
• J-/*!.0!1*)2$27-!1*!FCCL!1*!.0!A#&/*!_'(&*40!a'*!(&#<@3*!*.!2-1'./#!(0&0!*.!
(0&042.2/0&2$4#`!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-!1*3*&@0!2-2)20&!2-5*$/2%0)2#-*$!=!
0(*)<0&!.0!#(#&/'-2101!1*!*-/&*52$/0&!-'*504*-/*!0!.0$!(*&$#-0$!
1*$4#52.26010$!a'*!-#!#3/'52*&#-!2-1'./#$!*!2-10%0&!)#-!40=#&!('-12101!$#3&*!
.0!*$/&')/'&0!1*!$'$!%&'(#$`!0$@!)#4#!.#$!1*.2/#$`!)74(.2)*$!=!0)/25#$!1*!*$/#$`!=!
$#3&*!.0!(0&/2)2(0)27-!1*!*$/0$!(*&$#-0$!*-!*.!%&'(#9!
• ;-/*&&#%0&!*\<0'$/2504*-/*!0!a'2*-*$!(0&/2)2(0-!*-!*.!Z&#)*$#!1*!m'$/2)20!=!Z06!
0)*&)0!1*!.0$!8'*-/*$!1*!82-0-)2042*-/#!=!.0$!&*1*$!1*.2)/250$!1*!$'$!%&'(#$`!
1*$0&/2)'.0&!12)<0$!&*1*$!=!&*)'(*&0&!.#$!0)/25#$!a'*!*$/[-!*-!(#1*&!1*!.#$!%&'(#$!#!
$'$!$')*$#&*$9!
• ;-5*$/2%0&!*-!8#&40!*\<0'$/250!=!?'6%0&!0!.#$!?*8*$!1*!&0-%#!4*12#!1*$4#52.2601#$!'!
#/&0$!(*&$#-0$!a'*!<0=0-!/*-21#!'-!&#.!1*!.21*&06%#!1*-/&#!1*!%&'(#$!(0&042.2/0&*$!
=!a'*!('*1*-!<03*&$*!40-/*-21#!0)/25#$`!0$@!)#4#!0!/#1#$!.#$!42.2/0&*$`!(#.2)@0$!=!
0%*-/*$!1*!2-/*.2%*-)20!1*!0./#!&0-%#`!(#.@/2)#$`!*4(&*$0&2#$!#!82-0-)201#&*$`!)#-/&0!
a'2*-*$!*\2$/*-!(&'*30$!#!/*$/24#-2#$!1*!a'*!)#.03#&0&#-!)#-!.#$!(0&042.2/0&*$9!
• ]&*-/*!0.!0./#!%&01#!1*!24('-2101!*-!)0$#$!1*!1*$(.06042*-/#!8#&601#`!2-)&*4*-/0&!
$2%-282)0/2504*-/*!.0$!4*1210$!1*$/2-010$!0!2-5*$/2%0&!=!?'6%0&!.#$!(&*$'-/#$!
1*$(.06042*-/#$!8#&601#$!=!.0!0(&#(20)27-!1*!/2*&&0$!(#&!.#$!(0&042.2/0&*$!#!$'$!
$')*$#&*$9!
!
N"3&*$.0$2-5*#/2%0)27-$1*$."#$03'#"#$)"4*/21"#$("&$."#$%&'("#$#')*#"&*#$
• U50.'0&!.0!)0-/2101!=!.0!12$/&23')27-!1*!.#$!82$)0.*$!*!2-5*$/2%01#&*$!*-!/#1#!*.!
/*&&2/#&2#!1*!A#.#4320!(0&0!0$*%'&0&!a'*!*\2$/0-!$'82)2*-/*$!0'/#&2101*$!1*!
0(.2)0)27-!1*!.0!.*=!*-!.0$!&*%2#-*$!1#-1*!/2*-*-!(&*$*-)20!.#$!%&'(#$!$')*$#&*$9!
• ]#&/0.*)*&!*.!%&'(#!*$(*)20.2601#!1*12)01#!0!.0!2-5*$/2%0)27-!1*!.#$!%&'(#$!
$')*$#&*$!2-)#&(#&0-1#!'-0!)0-/2101!$'82)2*-/*!1*!82$)0.*$!*!2-5*$/2%01#&*$!=!
3&2-10-1#!$'82)2*-/*$!&*)'&$#$!=!0(#=#!.#%@$/2)#!0.!%&'(#`!1*!4#1#!a'*!('*10!
2-5*$/2%0&!*-!8#&40!*8*)/250!=!$2$/*4K/2)0!0!.#$!(&2-)2(0.*$!%&'(#$!$')*$#&*$9!
• Y&1*-0&!0!.#$!82$)0.*$!a'*!0$2%-*-!(&2#&2101!0!.0$!2-5*$/2%0)2#-*$!1*!0%*-/*$!1*.!
*$/01#!)#-/&0!a'2*-*$!(*$*-!1*-'-)20$!)&*@3.*$!1*!a'*!<0-!/#.*&01#!0!.#$!%&'(#$!
$')*$#&*$!#!)#.03#&01#!)#-!*..#$9!!!
!
!
!
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *-
!#607.+%0#8*'+%0#
• k&2-10&!0$2$/*-)20!*$(*)@82)0!4*120-/*!0(#=#!.#%@$/2)#`!*a'2(#$!=!)0(0)2/0)27-!
(*&/2-*-/*!0.!%&'(#!1*!82$)0.*$!*$(*)20.2601#$!a'*!2-5*$/2%0-!0!.#$!%&'(#$!
$')*$#&*$9!"0!)0(0)2/0)27-!1*3*!2-).'2&!*$/&0/*%20$!(0&0!.0!2-5*$/2%0)27-!=!*.!
?'6%042*-/#!-#!$7.#!1*!.#$!%&'(#$!*-!$@`!$2-#!/0432[-!1*!.#$!0%*-/*$!1*.!*$/01#!a'*!
(&*$'-/04*-/*!<03&@0-!)##(*&01#!)#-!*..#$9!
• U\<#&/0&!0.!%#32*&-#!)#.#4320-#!0!a'*!04(.@*!*.!_2$/*40!1*!J.*&/0$!^*4(&0-0$!1*!.0!
G*8*-$#&@0!1*.!Z'*3.#`!=!0$*%'&0&!a'*!.0$!5@)/240$!1*!1*$(.06042*-/#!(#&!.#$!%&'(#$!
$')*$#&*$!&*)230-!.0!0$2$/*-)20!0!.0!)'0.!/2*-*-!1*&*)<#9!
• G01#!a'*!.#$!.@1*&*$!(0&042.2/0&*$!a'*!$03*-!4K$!0)*&)0!1*!.0$!&*1*$!1*.2)/250$!=!
.0$!8'*-/*$!1*!82-0-)2042*-/#!1*!.#$!%&'(#$!8'*&#-!*\/&012/01#$!0!U$/01#$!,-21#$`!*.!
G*(0&/04*-/#!1*!m'$/2)20!1*!U$/01#$!,-21#$!1*3*&@0!#&1*-0&!0!.#$!82$)0.*$!
*$/01#'-21*-$*$!a'*!%*-*&*-!2-)*-/25#$!&*0.*$!(0&0!a'*!.#$!.@1*&*$!(0&042.2/0&*$!
*\/&012/01#$!(&#(#&)2#-*-!2-8#&40)27-!$#3&*!$'$!&*1*$!1*.2)/250$!=!$'$!5@-)'.#$!)#-!
*.!$2$/*40!(#.@/2)#`!42.2/0&!=!.0$!(*&$#-0$!a'*!.#$!82-0-)20-`!0$@!)#4#!$#3&*!.#$!
%&'(#$!$')*$#&*$9!U$/01#$!,-21#$!1*3*&@0!'$0&!*$0!2-8#&40)27-!(0&0!?'6%0&!0!.0$!
(*&$#-0$!24(.2)010$!a'*!$*!*-)'*-/&*-!1*-/&#!1*!$'!?'&2$12))27-!=!1*3*&@0!
/&0-$42/2&!12)<0!2-8#&40)27-!0!.0$!0'/#&2101*$!)#.#4320-0$!)'0-1#!)#&&*$(#-10!0!
82-!1*!24('.$0&!.#$!(&#)*$#$!*-!A#.#43209!
• _'(*12/0&!-#!$7.#!.0!0='10!42.2/0&!$2-#!/0432[-!(#.2)20.!0.!?'6%042*-/#!1*!.#$!
42*43&#$!1*!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!a'*!)#.03#&0-!)#-!.#$!%&'(#$!
$')*$#&*$9!
• A#-/2-'0&!(#$/*&%0-1#!.0!&0/282)0)27-!1*.!^&0/01#!1*!"23&*!A#4*&)2#!*-/&*!U$/01#$!
,-21#$!=!A#.#4320!<0$/0!a'*!*.!%#32*&-#!)#.#4320-#!)'4(.0!.#$!&*a'2$2/#$!$#3&*!
1*&*)<#$!<'40-#$`!2-).'210!.0!1*$0&/2)'.0)27-!1*!.0$!*$/&')/'&0$!(0&042.2/0&*$!=!.0!
01#()27-!1*!4*1210$!*8*)/250$!(0&0!*-8&*-/0&!0!.#$!%&'(#$!$')*$#&*$!a'*!
0)/'0.4*-/*!&*(&*$*-/0-!'-0!04*-060!(0&0!.#$!$2-12)0.2$/0$BC9!!!
!
!#7%+%0#"%0#9.20(0#+%*.*7(0#:;(#.9%<.*#.#,%"%-&'.#
• Z&*$2#-0&!0.!%#32*&-#!)#.#4320-#!(0&0!a'*!04(.@*!*.!_2$/*40!1*!J.*&/0$!^*4(&0-0$!
1*!.0!G*8*-$#&@0!1*.!Z'*3.#!=!0$*%'&*!a'*!.0$!5@)/240$!1*!1*$(.06042*-/#!(#&!.#$!
%&'(#$!$')*$#&*$!&*)230-!.0!0$2$/*-)20!0!.0!)'0.!/2*-*-!1*&*)<#9!
<K$!0$("#2)27-$1*$>'40-$?2%:/#$@0/):$8&*-/*$0.$[&0/01"$1*$!23&*$V"4*&)2"$*-/&*$V"."4320$;$=#/01"#$,-21"#$#*$*-)'*-/&0$0&/2)'.010$*-$40;"&$1*/0..*$*-$*.$#2%'2*-/*$1")'4*-/"+$>'40-$?2%:/#$@0/):F$AV"44*-/#$/"$/:*$_882)*$"8$/:*$,N$[&01*$?*(&*#*-/0/25*$V"-)*&-2-%$/:*$,NQV"."4320$o&**$[&01*$P%&**4*-/C$DV"4*-/0&2"#$0$.0$_82)2-0$1*.$?*(&*#*-/0-/*$1*$V"4*&)2"$1*$=#/01"#$,-21"#$P)*&)0$1*.$[&0/01"$1*$!23&*$V"4*&)2"$*-/&*$V"."4320$;$=#/01"#$,-21"#EF$<g$1*$#*(/2*43&*$1*$JKKLF$://(+\\]]]S:&]S"&%\*-\-*]#\JKKL\KL\<g\:'40-Q&2%:/#Q]0/):Q)"44*-/#Q"882)*Q'#Q/&01*Q&*(&*#*-/0/25*Q)"-)*&-2-%Q'#Q)"."4320Q8&$D)"-#'./01"$*.$<L$1*$*-*&"$1*$JK<KES$
& & & & & & *A& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
• k&2-10&!0$2$/*-)20!0.!$2$/*40!1*!?'$/2)20!)#.#4320-#!*-!.0!24(.*4*-/0)27-!1*!
(&#)*1242*-/#$!=!*$/&0/*%20$!1*!2-5*$/2%0)27-!a'*!%0&0-/2)*-!a'*!.#$!0%*-/*$!1*.!
*$/01#!a'*!)##(*&0-!)#-!.#$!%&'(#$!$')*$#&*$!&2-10-!)'*-/0$!(#&!$'$!0)/#$9!!
• _'(*12/0&!)'0.a'2*&!0='10!0!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!0.!?'6%042*-/#!1*!.#$!
42*43&#$!1*!12)<0$!8'*&60$!a'*!)#.03#&*-!)#-!%&'(#$!$')*$#&*$9!
• Z#$/*&%0&!*.!/&0/042*-/#!1*!0)'*&1#$!1*!.23&*!)#4*&)2#!)#-!A#.#4320!<0$/0!a'*!*.!
%#32*&-#!)#.#4320-#!)'4(.0!.#$!&*a'2$2/#$!$#3&*!1*&*)<#$!<'40-#$`!2-).'210!.0!
1*$0&/2)'.0)27-!1*!.0$!*$/&')/'&0$!(0&042.2/0&*$!=!.0!01#()27-!1*!4*1210$!*8*)/250$!
(0&0!*-8&*-0&!0!.#$!%&'(#$!$')*$#&*$!a'*!0)/'0.4*-/*!&*(&*$*-/0-!'-0!04*-060!
(0&0!.#$!$2-12)0.2$/0$9!
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *B
!
==8':"-%$%(%AB*''
!
U.!(*&$#-0.!1*!f'40-!D2%</$!h0/)<!<0!$*%'21#!1*!)*&)0!*.!(&#)*$#!1*!1*$4#52.260)27-!
(0&042.2/0&!*-!A#.#4320!1*$1*!$'$!)#42*-6#$!*-!FCCQ`!=!(0&0!*..#!*8*)/'7!50&20$!52$2/0$!0.!
0X#!0!.0$!&*%2#-*$!1#-1*!#(*&030-!.#$!(0&042.2/0&*$!=!$*!('?*&#-!.0$!4#52.260)2#-*$`!=!
&*0.267!*-/&*52$/0$!0!(0&042.2/0&*$!1*$4#52.2601#$`!8'-)2#-0&2#$!-0)2#-0.*$`!
1*(0&/04*-/0.*$!=!.#)0.*$`!42*43&#$!1*!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!=!5@)/240$!1*!.0$!
J,A9!"0$!)#-).'$2#-*$!1*.!(&*$*-/*!2-8#&4*!$*!30$0-!*-!(0&/*!*-!*$/*!4#-2/#&*#!0!.0&%#!
(.06#!1*.!(&#)*$#!1*!1*$4#52.260)27-9!!
!
J$242$4#`!1*$1*!8*3&*&#!1*!FCCR`!*.!(*&$#-0.!1*!f'40-!D2%</$!h0/)<!..*57!0!)03#!
2-5*$/2%0)2#-*$!1*!)04(#!*\<0'$/250$!$#3&*!.#$!%&'(#$!$')*$#&*$!1*!.0$!J,A`!=!)#-!*$*!82-!
$*!/&0$.017!0!_2-)*.*?#!d_')&*e!*-!8*3&*&#!1*!FCCRl!Z0$/#!dH0&2X#e!*-!8*3&*&#!=!?'.2#!1*!FCCR`!
=!*-!?'.2#!1*!FCCTl!^'40)#!dH0&2X#e!*-!$*(/2*43&*!=!#)/'3&*!1*!FCCRl!Ac)'/0!dH#&/*!1*!
_0-/0-1*&e!*-!$*(/2*43&*!1*!FCCRl!k0&&0-)03*&4*?0!=!k')0&040-%0!d_0-/0-1*&e!*-!
$*(/2*43&*!1*!FCCRl!I2..052)*-)2#`!V&0-010`!I2$/0<*&4#$0!=!Z'*&/#!D2)#!dW*/0e!*-!40&6#!1*!
FCCTl!.0$!6#-0$!<'40-2/0&20$!1*!A'&50&017!=!J-10.')@0!dA<#)7e!*-!?'-2#!1*!FCCTl!=!.0$!
)2'101*$!1*!W*1*..@-!=!k#%#/K!50&20$!5*)*$!1'&0-/*!FCCR!=!FCCT9!!
!
U.!(*&$#-0.!1*!f'40-!D2%</$!h0/)<!*8*)/'7!4K$!1*!BCC!*-/&*52$/0$!)#-!5@)/240$!1*!%&'(#$!
$')*$#&*$!1*!.0$!J,A9!U-!.0!40=#&@0!1*!.0$!&*%2#-*$`!f'40-!D2%</$!h0/)<!/0432[-!('1#!
&*'-2&$*!)#-!0'/#&2101*$!.#)0.*$!=`!*-!0.%'-#$!)0$#$`!)#-!0'/#&2101*$!-0)2#-0.*$`!
42*43&#$!1*!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0`!#&%0-260)2#-*$!-#!%'3*&-04*-/0.*$!=!
#&%0-260)2#-*$!2-/*&-0)2#-0.*$9!U-!k0&&0-)03*&4*?0`!_2-)*.*?#`!Ac)'/0`!W*1*..@-`!=!Z0$/#`!
f'40-!D2%</$!h0/)<!/0432[-!*-/&*52$/7!0!(*&$#-0$!a'*!<03@0-!(0&/2)2(01#!*-!*.!(&#)*$#!1*!
1*$4#52.260)27-9!U-!k#%#/K`!f'40-!D2%</$!h0/)<!$*!&*'-27!)#-!12(.#4K/2)#$`!(*&2#12$/0$`!
*$(*)20.2$/0$!*-!/*40$!1*!$*%'&2101!1*!A#.#4320!=!0./#$!8'-)2#-0&2#$!%'3*&-04*-/0.*$!=!1*!
0(.2)0)27-!1*!.0!.*=!*-)0&%01#$!1*!03#&10&!.#$!/*40$!0-0.2601#$!*-!*.!2-8#&4*9!A0$2!/#10$!
.0$!*-/&*52$/0$!8'*&#-!*-!*$(0X#.`!.0!.*-%'0!40/*&-0!1*!.#$!*-/&*52$/01#$!d.0$!c-2)0$!
*\)*()2#-*$!$#-!.0$!*-/&*52$/0$!)#-!12(.#4K/2)#$`!(*&2#12$/0$!*\/&0-?*&#$!#!(*&$#-0.!
*\/&0-?*&#!1*!#&%0-260)2#-*$!2-/*&-0)2#-0.*$e9!
!
f'40-!D2%</$!h0/)<!&*)2327!=!0-0.267!1#)'4*-/#$`!2-8#&4*$`!.23&#$!=!*\(*12*-/*$!1*!)0$#$!
(*-0.*$`!0$@!)#4#!8#/#%&08@0$!=!%&030)2#-*$!1*!521*#!1*!12$/2-/0$!8'*-/*$9!"0!40=#&@0!1*!.0$!
8#/#%&08@0$!2-).'210$!*-!*.!(&*$*-/*!2-8#&4*!#!*-!.0!(&*$*-/0)27-!4'./24*120!52-)'.010!)#-!
*$/*`!0$@!)#4#!.0$!%&030)2#-*$!1*!0'12#!1*!/*$/24#-2#$`!8'*&#-!/#4010$!2-!$2/'!1'&0-/*!.0!
2-5*$/2%0)27-!..*5010!0!)03#!(0&0!*.!2-8#&4*9!
& & & & & & *0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
"#$!*-/&*52$/01#$!8'*&#-!21*-/282)01#$!)#-!.0!)#.03#&0)27-!1*!%&'(#$!1*!.0!$#)2*101!)252.`!
8'-)2#-0&2#$!%'3*&-04*-/0.*$!=!(*&2#12$/0$`!*-/&*!#/&#$9!"0!40=#&@0!1*!.0$!*-/&*52$/0$!$*!
&*0.260&#-!*-!8#&40!2-12521'0.`!$2!32*-!*-!0.%'-#$!)0$#$!$*!1*$0&&#..0&#-!*-!(&*$*-)20!1*!
8042.20&*$!=!042%#$9!W')<#$!1*!.#$!*-/&*52$/01#$!/*4@0-!$*&!#3?*/#!1*!&*(&*$0.20$!(#&!.#$!
%&'(#$!$')*$#&*$!=`!(#&!*$/*!4#/25#`!$#.2)2/0&#-!a'*!-#!$*!128'-12*&0!$'!21*-/21019!_*!<0-!
#42/21#!10/#$!a'*!(#1&@0-!(#-*&!*-!&2*$%#!0!(*&$#-0$9!U$/#$!10/#$!$*!*-)'*-/&0-!*-!.#$!
0&)<25#$!1*!f'40-!D2%</$!h0/)<9!
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & ()
!
===8'.%&'A#0;%&'&05"&%#"&D'E4'#"&0(-*$%';#"$"5,6("'$"'04*'
$"&+%1,(,F*5,G4'$"H,5,"4-"'
!
"#$!%&'(#$!$')*$#&*$`!$2!32*-!(&*$*-/0-!128*&*-)20$!$2%-282)0/250$!&*$(*)/#!1*!.0!)#0.2)27-!
(0&042.2/0&!1*!.0$!J'/#1*8*-$0$!,-210$!1*!A#.#4320!dJ,Ae`!<0-!0$'421#!4')<0$!1*!$'$!
8'-)2#-*$`!0!4*-'1#!<0-!)#-$*&501#!0!50&2#$!1*!$'$!42$4#$!42*43&#$!=`!*-!0.%'-#$!
)0$#$`!<0-!40-/*-21#!#3?*/25#$!)#-/&02-$'&%*-/*$!$242.0&*$!0!.#$!1*!.0$!J,A9!U!
2-1*(*-12*-/*4*-/*!1*!a'*!$*!.#$!).0$282a'*!)#4#!-'*5#$!%&'(#$!(0&042.2/0&*$!#!)#4#!
30-10$!)&242-0.*$!#&%0-26010$`!.#$!%&'(#$!$')*$#&*$!*$/K-!(*&(*/&0-1#!03'$#$!8.0%&0-/*$!=!
0/*&&#&260-1#!0!.0!(#3.0)27-!)252.!0!/&05[$!1*!(&K)/2)0$!4'=!$242.0&*$!0!.0$!1*!.0$!J,A9!^0.!
)#4#!$*!1*/0..0!*-!*$/*!)0(@/'.#`!.#$!%&'(#$!$')*$#&*$!<0-!..*%01#!0!1*$*4(*X0&!*$/*!&#.`!
*-!(0&/*`!1*321#!0!%&05*$!1*82)2*-)20$!*-!*.!(&#)*$#!1*!1*$4#52.260)27-!1*!.0$!J,A`!a'*!-#!
.#%&#!1*$40-/*.0&!(.*-04*-/*!0!.#$!3.#a'*$!(0&042.2/0&*$`!$'$!&*1*$!1*.2)/250$`!-2!$'$!
8'*-/*$!1*!0(#=#!=!82-0-)2042*-/#9!!!
!
,-0$1*#4"52.260)27-$)"-$1*82)2*-)20#$8'-104*-/0.*#$
U-/&*!.#$!0X#$!FCCE!=!FCC>`!*.!%#32*&-#!)#.#4320-#!24(.*4*-/7!'-!(&#)*$#!1*!
1*$4#52.260)27-!(0&0!.0$!J,A9!U.!%#32*&-#!2-8#&40!a'*!EB9>LB!(0&042.2/0&*$!$*!
1*$4#52.260&#-!)#4#!(0&/*!1*!*$/*!(&#)*$#l!.#!)'0.!$2%-282)0!a'*!*$/#$!2-12521'#$!
(0&/2)2(0&#-!*-!)*&*4#-20$!1*!i1*$4#52.260)27-j`!*-!.0$!)'0.*$!50&2#$!1*!*..#$!*-/&*%0&#-!
0&40$!=!$*!)#4(*/2*&#-!0!030-1#-0&!$'$!%&'(#$!=!0!)*$0&!*-!$'$!0)/252101*$!1*.2)/250$`!
0.!/2*4(#!a'*!$*!2-)#&(#&030-!0!(&#%&040$!1*!&*2-$*&)27-!(0/&#)2-01#$!(#&!*.!%#32*&-#BB9!"0!
40=#&@0!1*!.0$!(*&$#-0$!a'*!(0&/2)2(0&#-!*-!.0$!)*&*4#-20$!8'*&#-!2-1'./010$!(#&!$'!
(0&/2)2(0)27-!*-!12)<#$!%&'(#$`!(*&#!-'-)0!8'*&#-!2-5*$/2%01#$!(#&!#/&#$!1*.2/#$9!!J!(0&/2&!
1*!FCC:`!0(&#\240104*-/*!B9RCC!(*&$#-0$!1*!*-/&*!.#$!(0&042.2/0&*$!1*$4#52.2601#$!<0-!
2-2)201#!'-!(&#)*$#!(#&!*.!)'0.!1*3@0-!)#-8*$0&!$'$!1*.2/#$!0!)0432#!1*!&*30?0$!1*!(*-0$9!
U$/*!(&#)*$#!$*!*$/0!..*50-1#!0!)03#!*-!52&/'1!1*!.0!i"*=!1*!m'$/2)20!=!Z06j`!'-0!.*=!*$(*)20.!
*.03#&010!(#&!*.!%#32*&-#!1*!,&23*`!a'*!*$/03.*)@0!'-0!c-2)0!(*-0!&*1')210!1*!*-/&*!)2-)#!=!
<<$_82)2-0$1*.$P./"$V"42#2"-01"$(0&0$.0$U06F$U&*#21*-)20$1*$.0$?*(p3.2)0$1*$V"."4320F$AU&")*#"$1*$U06$)"-$.0#$P'/"1*8*-#0#+$9-8"&4*$=j*)'/25"CF$X2)2*43&*$JKKRF$]]]S0./")"42#2"-01"(0&0.0(06S%"5S)"\.23&"\!23&"S(18$D)"-#'./01"$*.$<T$1*$")/'3&*F$JKKLEF$(S$LLS$$=.$-p4*&"$#*$&*82*&*$0$(0&042.2/0&*#$n'*$(0&/2)2(0&"-$*-$1*#4"52.260)2"-*#$A)".*)/250#C$1*$#'#$3."n'*#S$$P1*4H#F$#*$2-8"&40$n'*$TFR`J$#*$1*#4"52.260&"-$A2-12521'0.4*-/*Cq*#$1*)2&F$("&$#'$)'*-/0$;$-"$)"4"$(0&/*$1*$'-$3."n'*S$U".2)B0$M0)2"-0.$1*$V"."4320F$_82)2-0$1*$V""&12-0)27-$)"-$.0$P./0$V"-#*j*&B0$(0&0$.0$?*2-/*%&0)27-F$AX*#4"52.2601"#$)".*)/25"#$*$2-12521'0.*#+$9-8"&4*$)"-/&".$;$4"-2/"&*"CF$j'.2"$JKKLF$://(+\\]]]S0./")"42#2"-01"(0&0.0(06S%"5S)"\]*3\-"/2)20#\JKKL\j'.2"\1")'4*-/"#\Ti^JKV_M[?_!^JKX=Nh_O9!9rPX_N^JKs,!9_S(18$D)"-#'./01"$*.$<I$1*$")/'3&*$1*$JKKLEF$(H%S$TS$
& & & & & & (*& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
#)<#!0X#$!(0&0!.#$!(0&042.2/0&*$!&*$(#-$03.*$!1*!1*.2/#$!%&05*$!a'*!)'4(.2*&0-!.#$!
&*a'2$2/#$!-*)*$0&2#$!(0&0!0)#%*&$*!0!*$/*!3*-*82)2#BF9!
!
U.!(&#)*$#!1*!1*$4#52.260)27-!$'8&27!1#$!(.*40$!*$*-)20.*$9!U-!(&24*&!.'%0&`!*.!%#32*&-#!
-#!/#47!4*1210$!3K$2)0$!(0&0!5*&282)0&!.0!21*-/2101!1*!.#$!1*$4#52.2601#$9!A#4#!&*$'./01#`!
*-!50&20$!&*%2#-*$!$*!('?*&#-!8&0'1*$!*-!.0$!1*$4#52.260)2#-*$`!=!(#&)2#-*$!1*!.#$!
%&'(#$!)#-/2-'0&#-!#(*&0-1#9!U-!$*%'-1#!.'%0&`!*.!%#32*&-#!-#!0(*)<7!.0!#(#&/'-2101!
1*!2-/*&&#%0&!0!.#$!1*$4#52.2601#$!0)*&)0!1*!.0$!&*1*$!1*.2)/250$!=!.#$!32*-*$!1*!.#$!3.#a'*$!
1*!.0$!J,A`!.#!)'0.!('*1*!<03*&!(*&42/21#!0!0.%'-#$!%&'(#$!&*).'/0&!-'*5#$!42*43&#$!=!
$*%'2&!#(*&0-1#!)#-!#/&0$!1*-#42-0)2#-*$9!
!
=(>'1'(*1'.0#(*#".#?()'>'1.1'5*#+(#".#'+(*7'+.+#+(#"%0#+(0-%?'"'@.+%0#
U$!).0&#!a'*!'-!-c4*&#!24(#&/0-/*!1*!)#430/2*-/*$!(0&042.2/0&*$!$*!1*$4#52.260&#-!=!
030-1#-0&#-!$'$!%&'(#$!*-!8#&40!1*82-2/2509!H#!#3$/0-/*`!*\2$/*-!(&'*30$!$'$/0-)20.*$!1*!
a'*!4')<0$!#/&0$!(*&$#-0$!a'*!(0&/2)2(0&#-!*-!*.!(&#)*$#!1*!1*$4#52.260)27-!-#!*&0-!
5*&101*&#$!(0&042.2/0&*$`!=!a'*!(#&)2#-*$!1*!.#$!%&'(#$!)#-/2-'0&#-!#(*&0-1#9!^0432[-!
*\2$/*-!(&'*30$!1*!a'*!0.%'-#$!42*43&#$!1*!.#$!%&'(#$!$'('*$/04*-/*!1*$4#52.2601#$!
)#-/2-'0&#-!(0&/2)2(0-1#!*-!0)/252101*$!2.*%0.*$9!!
!
Z#&!*?*4(.#`!1'&0-/*!0X#$`!f'40-!D2%</$!h0/)<!&*)2327!2-8#&40)27-!1*!a'*`!1'&0-/*!.0!
1*$4#52.260)27-!1*.!k.#a'*!A0)2a'*!H'/230&0!*-!W*1*..@-!*-!FCCE`!.0$!8'*&60$!(0&042.2/0&*$!
&*).'/0&#-!<#43&*$!?75*-*$!)#-!*.!$7.#!#3?*/#!1*!a'*!(0&/2)2(0&0-!*-!.0!)*&*4#-20!1*!
1*$4#52.260)27-`!/*-/K-1#.#$!)#-!(*$0$!1*!%*-*&#$#$!*$/2(*-12#$!=!#/&#$!3*-*82)2#$9!
"0$!1*-'-)20$!1*!8&0'1*!*&0-!/0-!%*-*&0.26010$!a'*!*.!J./#!A#42$2#-01#!(0&0!"0!Z06!*-!
A#.#4320`!"'2$!A0&.#$!D*$/&*(#`!$*X0.7!a'*!i999-#$!&*5#.52*&#-!1*.2-)'*-/*$!)0..*?*&#$!QR!
<#&0$!0-/*$!n1*!.0!1*$4#52.260)27-o!=!-#$!.#$!4*/2*&#-!*-!*.!(0a'*/*!1*!.#$!
1*$4#52.2601#$jBE9!]'-)2#-0&2#$!1*!.0!,-2101!Z*&40-*-/*!(0&0!.#$!G*&*)<#$!f'40-#$!1*!.0!
<J$!*;$1*$s'#/2)20$;$U06F$.*;$)"."4320-0$MSm$Lig$1*$JKKgS$V'0-1"$.0$.*;$8'*$(&*#*-/010$("&$(&24*&0$5*6F$>'40-$?2%:/#$@0/):$&*0.267$'-0$(&"8'-10$)&B/2)0$1*$*#/0$-"&40S$!'*%"F$.0$.*;$8'*$0(&"3010$("&$.0$V"&/*$V"-#/2/')2"-0.$1*$V"."4320F$(*&"$*#/0$0(&"30)27-$n'*17$#'j*/0$0$125*�#$4"1282)0)2"-*#$n'*$)"&&*%2&B0-$0.%'-0#$1*$#'#$1*82)2*-)20#$4H#$24("&/0-/*#S$V"-$.0#$4"1282)0)2"-*#$1*$.0$V"&/*F$.0$!*;$1*$s'#/2)20$;$U06$0:"&0$*a2%*$)"-8*#2"-*#$(.*-0#$;$5*&0)*#F$*#/03.*)*$n'*$.0#$&*30j0#$1*$(*-0#$('*1*-$#*&$&*5")010#$#2$."#$(0&042.2/0&*#$42*-/*-$"$2-)'4(.*-$50&2"#$&*n'2#2/"#F$;$-"$*#/03.*)*$8*):0#$.242/*$(0&0$.0#$2-5*#/2%0)2"-*#S$$!0$V"&/*$/0432l-$*.242-"$0&/B)'."#$n'*$:'32*&0-$(*&42/21"$0$."#$(0&042.2/0&*#$)'4(.2&$#'#$(*-0#$8'*&0$1*$.0$(&2#27-F$;$)"-/0&$*.$/2*4("$1'&0-/*$*.$)'0.$*#/'52*&"-$-*%")20-1"$)"-$*.$%"32*&-"$)"4"$/2*4("$1*$(*-0$)'4(.210S$$V"&/*$V"-#/2/')2"-0.$1*$V"."4320F$N*-/*-)20$VQTiK\JKKRF$<`$1*$40;"F$JKKRS$<T$Ml#/"&$P."-6"$!"(*6F$A!0$W./240$M"):*$1*.$V0)2n'*CF$=.$[2*4("F$JR$1*$-"52*43&*$1*$JKKTF$://(+\\]]]S*./2*4("S)"4\0&):25"\1")'4*-/"\hPhQ<KT`KI`$D)"-#'./01"$*.$JL$1*$")/'3&*$1*$JKKLES$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$8'-)2"-0&2"#$1*$.0$,-2101$U*&40-*-/*$(0&0$."#$X*&*):"#$>'40-"#$1*$.0$U*&#"-*&B0$1*$h*1*..B-F$h*1*..B-F$J$1*$j'-2"$1*$JKKLS$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$42*43&"$1*.$G."n'*$V0/0/'43"$1*$.0#$P,VF$Vp)'/0$DM"&/*$1*$N0-/0-1*&EF$J$1*$#*(/2*43&*$1*$JKK`S$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$42*43&"$1*.$G."n'*$h2-*&"$1*$.0#$P,VF$N2-)*.*j"$DN')&*EF$Jg$1*$8*3&*&"$1*$JKK`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & ((
Z*&$#-*&@0!1*!W*1*..@-!2-12)0&#-!a'*`!$*%c-!$'&%*!1*!*-)'*$/0$!&*0.26010$!*-!.#$!30&&2#$!
1*!W*1*..@-`!*$/240-!a'*!0(&#\240104*-/*!*.!L:!(#&!)2*-/#!1*!.0$!(*&$#-0$!
1*$4#52.26010$!)#4#!(0&/*!1*!.#$!k.#a'*$!A0)2a'*!H'/230&0!=!f[&#*$!1*!V&0-010!*-!
W*1*..@-!-#!*&0-!5*&101*&#$!)#430/2*-/*$!1*!12)<#$!%&'(#$BQ9!
!
G*!40-*&0!$242.0&`!'-!1*$4#52.2601#!1*!H#&/*!1*!_0-/0-1*&!*\(&*$7!a'*`!*-!.0!
1*$4#52.260)27-!1*.!k.#a'*!A0/0/'43#`!$2!32*-!.0!40=#&@0!1*!.#$!42*43&#$!1*.!%&'(#!$*!
$'40&#-!0.!(&#)*$#`!i<'3#!(*&$#-0$!a'*!-'-)0!<03@0-!(*&/*-*)21#!0.!%&'(#`!(*&#!a'*!$*!
1*$4#52.260&#-!3'$)0-1#!'-!3*-*82)2#9!_*!0)*&)0&#-!0.!?*8*`!=![.!.*$!12?#+!p_2!a'2*&*-`!
('*1*-!*-/&0&qjB:9!U-!#/&0$!&*%2#-*$`!/0.*$!)#4#!H0&2X#`!f'40-!D2%</$!h0/)<!&*)2327!
2-8#&40)27-!1*!a'*!.#$!?*8*$!(0&042.2/0&*$!<03@0-!4#-/01#!'-0!$'('*$/0!1*$4#52.260)27-l!
(*&#!a'*`!*-!&*0.2101`!<03@0-!1*?01#!(#&!8'*&0!'-!%&'(#!1*!42*43&#$!).05*!a'*!(#1&@0-!
$*%'2&!*?*&)2*-1#!*.!)#-/&#.!/*&&2/#&20.9!!
!
U-!#/&#$!)0$#$`!.#$!)#430/2*-/*$!=!?*8*$!1*!&0-%#!4*12#!a'*!$'('*$/04*-/*!$*!<03@0-!
1*$4#52.2601#!)#-/2-'0&#-!(0&/2)2(0-1#!1*!.0$!42$40$!0)/252101*$9!,-!1*$4#52.2601#!
*\(&*$7!0!f'40-!D2%</$!h0/)<!a'*!$'!3.#a'*!<03@0!(0&/2)2(01#!*-!*.!(&#)*$#!1*!
1*$4#52.260)27-!i1*321#!0!.0$!(&*$2#-*$!1*!.#$!0./#$!40-1#$`!(*&#!-'*$/&#!)#40-10-/*!*-!
.0!6#-0!-#$!12?#!a'*!a'2*-!a'2$2*&0!&*2-)#&(#&0&$*!$7.#!/*-@0!a'*!&*%&*$0&!0!n.0!&*%27-o9!Jc-!
*$/K-!0..@9!"0!<2$/#&20!-#!<0!/*&42-01#jB>9!
!
U.!)0$#!4K$!*521*-/*!1*!8&0'1*!*$!*.!1*!.0!1*$4#52.260)27-!1*.!k.#a'*!H#&/*`!a'*!/*-@0!'-0!
8'*&/*!(&*$*-)20!*-!.#$!1*(0&/04*-/#$!)#$/*&#$!1*.!A*$0&`!W0%10.*-0`!J/.K-/2)#!=!"0!
V'0?2&09!!U-/&*!*.!R!=!*.!BC!1*!40&6#!1*!FCC>`!Q9L:T!$'('*$/#$!42*43&#$!1*.!k.#a'*!H#&/*!$*!
1*$4#52.260&#-!?'-/#!)#-!$'!?*8*`!D#1&2%#!^#50&!Z'(#`!)#-#)21#!/0432[-!(#&!$'!0.20$!)#4#!
im#&%*!QCjBL9!_2-!*430&%#`!0.!1@0!$2%'2*-/*!2-5*$/2%01#&*$!1*!.0!,-2101!1*!G*&*)<#$!
f'40-#$!1*!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-!/'52*&#-!'-!24(#&/0-/*!.#%&#+!)#4#!(0&/*!1*!
'-0!*\/*-$0!2-5*$/2%0)27-!(*-0.`!)0(/'&0&#-!0!r1%0&!;%-0)2#!]2*&&#!].7&*6`!)#-#)21#!/0432[-!
)#4#!iG#-!J-/#-2#j`!'-!42*43&#!1*.!k.#a'*!H#&/*!a'*!<03@0!(0&/2)2(01#!*-!.0$!)*&*4#-20$! <I$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$8'-)2"-0&2"#$1*$.0$,-2101$U*&40-*-/*$(0&0$."#$X*&*):"#$>'40-"#$1*$.0$U*&#"-*&B0$1*$h*1*..B-F$h*1*..B-F$J$1*$j'-2"$1*$JKKLS$<g$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$42*43&"$1*.$G."n'*$V0/0/'43"$1*$.0#$P,VF$Vp)'/0$DM"&/*$1*$N0-/0-1*&EF$J$1*$#*(/2*43&*$1*$JKK`S$<R$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$42*43&"$1*.$G."n'*$h2-*&"$1*$.0#$P,VF$N2-)*.*j"$DN')&*EF$Jg$1*$8*3&*&"$1*$JKK`S$<i$=.$P./"$V"42#2"-01"$(0&0$.0$U06$*-$V"."4320$2-8"&47$0)*&)0$1*$1"#$1*#4"52.260)2"-*#$1*$42*43&"#$1*.$G."n'*$M"&/*+$'-0$1*$JSJ<g$(*&#"-0#$n'*$/'5"$.'%0&$*.$`$1*$40&6"$1*$JKKRF$;$"/&0$1*$JSgII$(*&#"-0#$n'*$#*$..*57$0$)03"$*.$<K$1*$40&6"$1*$JKKRS$_82)2-0$1*.$P./"$V"42#2"-01"$(0&0$.0$U06F$U&*#21*-)20$1*$.0$?*(p3.2)0$1*$V"."4320F$AU&")*#"$1*$U06$)"-$.0#$P'/"1*8*-#0#+$9-8"&4*$=j*)'/25"CF$12)2*43&*$1*$JKKRF$]]]S0./")"42#2"-01"(0&0.0(06S%"5S)"\.23&"\!23&"S(18$D)"-#'./01"$*.$<T$1*$")/'3&*$1*$JKKLEF$(H%#S$`IF$`RS$
& & & & & & (/& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
1*!1*$4#52.260)27-`!(*&#!a'*!)#-/2-'030!12&2%2*-1#!.0$!#(*&0)2#-*$!1*.!%&'(#!*-!*$0!&*%27-!
1*.!(0@$BR9!U-!'-!0..0-042*-/#`!.#$!2-5*$/2%01#&*$!*-)#-/&0&#-!)#4('/01#&*$!=!'-0!*-#&4*!
)0-/2101!1*!0&)<25#$!*.*)/&7-2)#$!*!24(&*$#$!0)*&)0!1*.!k.#a'*!H#&/*9!!
!
f'40-!D2%</$!h0/)<!('1#!0))*1*&!0!2-8#&4*$!1*!2-5*$/2%0)27-!2-/*&-#$!$#3&*!*.!)#-/*-21#!
1*!'-0!)#4('/01#&0`!12$)#$!1'&#$!=!0&)<25#$!a'*!1*4'*$/&0-!a'*!*-!.0!1*$4#52.260)27-!1*.!
k.#a'*!H#&/*!$*!('?#!'-!8&0'1*!40$25#BT9!_*%c-!/&0$)*-127`!.#$!0&)<25#$!)#-/2*-*-!%&0-!
)0-/2101!1*!4*-$0?*$!1*!)#&&*#!*.*)/&7-2)#!=!)#-5*&$0)2#-*$!0!/&05[$!1*!4*-$0?*$!
2-$/0-/K-*#$!*-!.#$!)'0.*$!(&*$'-/04*-/*!(0&/2)2(0!m#&%*!QC9!J(0&*-/*4*-/*`!*-!12)<#$!
4*-$0?*$!#&1*-030!0!$'$!/*-2*-/*$!a'*!&*).'/0&0-`!1*!*-/&*!.#$!%&'(#$!1*!)04(*$2-#$!=!
1*$*4(.*01#$`!.0!40=#&!)0-/2101!(#$23.*!1*!(*&$#-0$!(0&0!a'*!(0&/2)2(0&0-!*-!.0!
1*$4#52.260)27-9!"#$!4*-$0?*$!2-).'=*-!2-$/&'))2#-*$!$#3&*!)74#!(&*(0&0&!0!*$/#$!)252.*$!
(0&0!*.!1@0!1*!.0!)*&*4#-20!1*!1*$4#52.260)27-`!1*!40-*&0!/0.!a'*!$'(2*&0-!40&)<0&!=!
)0-/0&!*.!<24-#!1*!.#$!(0&042.2/0&*$9!_*!&*82*&*-!0!1*/0..*$!)#4#`!(#&!*?*4(.#`!17-1*!
#3/*-*&!'-28#&4*$l!=!#8&*)*-!2-$/&'))2#-*$!(0&0!#&2*-/0&!0!.0$!(*&$#-0$!i1*$4#52.26010$j!
0)*&)0!1*!a'[!1*)2&!0!.#$!82$)0.*$`!01*.0-/K-1#.*$!)'K.*$!$#-!.0$!(&*%'-/0$!a'*!*$/#$!
(#1&@0-!8#&4'.0&!*!2-12)K-1#.*$!)74#!&*$(#-1*&.0$9!Z#&!*?*4(.#`!.#$!4*-$0?*$!<0)*-!
<2-)0(2[!*-!a'*!*$/0$!(*&$#-0$!1*3*-!1*$/0)0&!a'*!.0!#&%0-260)27-!-#!)'*-/0!)#-!
42*43&#$!i'&30-#$j`!42*-/&0$!a'*!$*)/#&*$!1*.!%&'(#!)#-/2-'030-!#(*&0-1#!*-!K&*0$!
'&30-0$!)#4#!k0&&0-a'2..09!,-!4*-$0?*!12)*!a'*!.#$!(0&042.2/0&*$!<03@0-!*-/&*%01#!
(&*5204*-/*!'-0!.2$/0!1*!.0$!(*&$#-0$!a'*!$*!1*$4#52.260&@0-!0.!G*(0&/04*-/#!
J142-2$/&0/25#!1*!_*%'&2101!#!GJ_!d*.!$*&52)2#!1*!2-/*.2%*-)20!-0)2#-0.e`!(0&0!5*&282)0&!$2!
0.%'-0!1*!*..0$!/*-@0!0-/*)*1*-/*$!(*-0.*$`!=!a'*!*.!GJ_!.*$!<03@0!)#-82&401#!a'*!-#9!
Y/&#$!4*-$0?*$!/&0/0-!*.!/*40!1*!a'[!42*43&#$!1*.!%&'(#!-#!$*!1*$4#52.260&@0-`!(0&0!(#1*&!
)#-/2-'0&!*?*&)2*-1#!*.!)#-/&#.!*-!&*%2#-*$!).05*9!
!
"0!A#42$27-!;-/*&04*&2)0-0!1*!G*&*)<#$!f'40-#$!1*!.0!Y&%0-260)27-!1*!.#$!U$/01#$!
J4*&2)0-#$`!a'*!*$/'5#!(&*$*-/*!*-!.0!1*$4#52.260)27-!1*.!k.#a'*!H#&/*`!*\(&*$7!$'!
(&*#)'(0)27-!(#&!.0!$2/'0)27-!1*!8&0'1*+!
!
nHo'4*&#$0$!(*&$#-0$!a'*!3'$)030-!1*$4#52.260&$*!-#!(&*$*-/030-!
)0&0)/*&@$/2)0$!1*!)#430/2*-/*$999!nZo&*#)'(7!*.!30?#!-c4*&#!1*!
<`$A=.$)"4('/01"&$1*$ts"&%*$IKuCF$N*40-0F$J$1*$#*(/2*43&*$1*$JKKRF$://(+\\]]]S#*40-0S)"4\]8d9-8"P&/2)'."S0#(ab21P&/cLRi`g$D)"-#'./01"$*.$JL$1*$")/'3&*$1*$JKKLEv$AP#B$"(*&0$*.$24(*&2"$)&242-0.$1*$IKCF$=.$[2*4("F$`$1*$")/'3&*$1*$JKKRS$://(+\\]]]S*./2*4("S)"4\0&):25"\1")'4*-/"\hPhQJJT<RJ`$D)"-#'./01"$*.$JL$1*$")/'3&*$1*$JKKLES$$<L$o2#)0.B0$Z*-*&0.$1*$.0$M0)27-F$X2&*))27-$M0)2"-0.$1*.$V'*&("$[l)-2)"$1*$9-5*#/2%0)27-F$,-2101$V*-/&0.$1*$P-H.2#2#$V&242-0.F$9-8"&4*$MSm$JLLg``$0.$82#)0.$1*$.0$gSm$,-2101$=#(*)20.26010$1*$X*&*):"#$>'40-"#F$<K$1*$0%"#/"$1*$JKKRS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & (.
)#430/2*-/*$!di(0/&'..*&#$je!*-!)#4(0&0)27-!)#-!*.!-c4*&#!1*!(*&$#-0$!
a'*!082&40&#-!$*&!#(*&01#&*$!1*!&012#!di&012#!)<2$(0$je`!*-)0&%01#$!1*!
&*(0&/2&!5@5*&*$`!#!4'?*&*$!*-)0&%010$!1*!/0&*0$!1#4[$/2)0$!
di.050-1*&0$je999!U-!8#&40!&*2/*&010!=!&*(*/2/250!<03&@0-!$*X0.01#!a'*!
#3*1*)@0-!7&1*-*$!12&*)/0$!1*.!i.@1*&!4K\24#j!1*.!k.#a'*!H#&/*`!m#&%*!QC`!
40-/*-2*-1#!$2.*-)2#!&*$(*)/#!1*!)'0.a'2*&!2-8#&40)27-!&*8*&210!0!.0!
21*-/282)0)27-!1*!.#$!40-1#$!2-/*&4*12#$!1*!.0!*$/&')/'&0!0&4010`!=!
&*$/0-1#!s(#&!.#!/0-/#t!)&*1232.2101!0!$'!1*).0&0)27-FC9!!
!
^0.!)#4#!f'40-!D2%</$!h0/)<!.#!1#)'4*-/7!0-/*&2#&4*-/*`!*.!(&#)*$#!1*!1*$4#52.260)27-!
)0&*)27!1*!4*)0-2$4#$!a'*!(*&42/2*&0-!0$*%'&0&!a'*!.0$!(*&$#-0$!a'*!(0&/2)2(030-!*-!.0$!
)*&*4#-20$!1*!1*$4#52.260)27-!8'*$*-!5*&101*&#$!(0&042.2/0&*$`!#!a'*!/#1#$!.#$!
(0&042.2/0&*$!1*!)010!3.#a'*!&*0.4*-/*!$*!1*$4#52.260&0-FB9!A#4#!$*X0.7!.0!A#42$27-!
;-/*&04*&2)0-0!1*!G*&*)<#$!f'40-#$!*-!&*.0)27-!)#-!.0!1*$4#52.260)27-!1*.!k.#a'*!H#&/*`!
i-#!*\2$/@0-!4*)0-2$4#$!(0&0!1*/*&42-0&!)'K.*$!*&0-!.0$!(*&$#-0$!a'*!5*&101*&04*-/*!
(*&/*-*)@0-!0.!3.#a'*!0!1*$4#52.260&$*!=!a'*!(#&!.#!/0-/#!/*-@0-!1*&*)<#!0!&*)232&!3*-*82)2#$!
$#)2#*)#-742)#$`!-2!(0&0!*$/03.*)*&!)#-$*)'*-)20$`!*-!)0$#!1*!8&0'1*jFF9!"0$!0'/#&2101*$!
-#!2-/*&&#%0&#-!*82)064*-/*!0!a'2*-*$!(&*/*-1@0-!0)#%*&$*!0!.#$!3*-*82)2#$!1*!.0!
1*$4#52.260)27-`!=!-2!$2a'2*&0!2-5*$/2%0&#-!$'(*&82)20.4*-/*!a'2[-*$!*&0-!=!a'[!<0)@0-9!
!
A#-/&0&204*-/*!0!.#!a'*!$'*.*!)&**&$*`!.0!%&0-!40=#&@0!1*!.0$!(*&$#-0$!a'*!$*!
i1*$4#52.260&#-j!-#!.#!<2)2*&#-!*-!52&/'1!1*!.0!i"*=!1*!m'$/2)20!=!Z06j`!'-0!-#&40!
*$(*)20.4*-/*!12)/010!(0&0!#/#&%0&!&*30?0$!*-!.0$!(*-0$!0!.#$!1*$4#52.2601#$!&*$(#-$03.*$!
1*!1*.2/#$!%&05*$FE`!$2-#!a'*!$24(.*4*-/*!3'$)030-!&*)232&!3*-*82)2#$!*)#-742)#$!*!
2-1'./#$!(#&!$'!(0&/2)2(0)27-!*-!*.!%&'(#!1*!)#-8#&42101!)#-!.0!"*=!LRF!1*!FCCF!=!*.!
G*)&*/#!BFR!1*!FCCE9!!
!
f0$/0!?'.2#!1*!FCCL`!*.!%#32*&-#!)#.#4320-#!2-/*&(&*/7!a'*!.0!"*=!LRF!=!*.!G*)&*/#!BFR!
(*&42/@0-!0.!%#32*&-#!#/#&%0&!2-1'./#$!#!)#-)*1*&!.0!i)*$0)27-j!1*!.#$!(&#)*$#$!(*-0.*$!(#&!
JK$V"42#27-$9-/*&04*&2)0-0$1*$X*&*):"#$>'40-"#F$A9-8"&4*$#"3&*$.0$24(.*4*-/0)27-$1*$.0$!*;$1*$s'#/2)20$;$U06+$=/0(0#$2-2)20.*#$1*.$(&")*#"$1*$1*#4"52.260)27-$1*$.0#$P,V$;$(&24*&0#$12.2%*-)20#$j'12)20.*#CF$_=P\N*&S!\O\99$X")STF$J$1*$")/'3&*$1*$JKKiF$(H&&S$<TS$J<$>'40-$?2%:/#$@0/):F$V"."4320$Q$!0#$0(0&2*-)20#$*-%0k0-+$.0$1*#4"52.260)27-$1*$%&'("#$(0&042.2/0&*#$*-$V"."4320$F$5".S$<iF$-Sm$TDGEF$j'.2"$1*$JKKgF$://(+\\:&]S"&%\&*("&/#\JKKg\)"."4320K`Kg\S$JJ$V"42#27-$9-/*&04*&2)0-0$1*$X*&*):"#$>'40-"#F$A9-8"&4*$#"3&*$.0$24(.*4*-/0)27-$1*$.0$!*;$1*$s'#/2)20$;$U06+$=/0(0#$2-2)20.*#$1*.$(&")*#"$1*$1*#4"52.260)27-$1*$.0#$P,V$;$(&24*&0#$12.2%*-)20#$j'12)20.*#CF$_=P\N*&S!\O\99$X")STF$J$1*$")/'3&*$1*$JKKiF$(H&&S$<IS$$JT$>'40-$?2%:/#$@0/):F$V"."4320$Q$!0#$0(0&2*-)20#$*-%0k0-S$$
& & & & & & (,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
*.!1*.2/#!1*!)#-)2*&/#!(0&0!1*.2-a'2&!d*.!)0&%#!(&*$*-/01#!)#-/&0!.0!40=#&@0!1*!.#$!
(0&042.2/0&*$e!=!#/&#$!1*.2/#$!&*.0)2#-01#$`!)#4#!.0!(#$*$27-!2.*%0.!1*!0&40$FQ9!!
!
G*!/0.!4#1#`!.0$!42.*$!1*!(*&$#-0$!a'*!(0&/2)2(0&#-!*-!)*&*4#-20$!1*!1*$4#52.260)27-!$7.#!
/'52*&#-!a'*!&*$(#-1*&!'-0!$*&2*!1*!(&*%'-/0$!8#&4'.010$!(#&!.#$!82$)0.*$`!=!.'*%#!
#3/'52*&#-!2-1'./#$!#!.0!i)*$0)27-j!1*!.#$!(&#)*$#$!(*-0.*$!*-!$'!)#-/&0F:9!"'*%#!$*!
2-)#&(#&0&#-!0.!(&#%&040!1*!&*2-$*&)27-!a'*!.*$!#8&*)@0!*$/2(*-12#$!=!#/&#$!3*-*82)2#$!
*)#-742)#$!=!$#)20.*$`!$2-!/*-*&!a'*!$#4*/*&$*!0!'-!40=#&!*$)&'/2-2#!(#&!(0&/*!1*!.0$!
0'/#&2101*$F>9!
!
G*321#!0!.0!80./0!1*!&2%#&!1*.!(&#)*$#`!0<#&0!&*$'./0!4'=!128@)2.!1*/*&42-0&!)'K-/#$!1*!.#$!
1*$4#52.2601#$!*&0-!)#430/2*-/*$!#!)'K-/#$!1*!.#$!(0&042.2/0&*$!)#-/2-'0&#-!*-!0)/2521019!!
!
U.!%#32*&-#!<0!/*-21#!#(#&/'-2101*$!1*!&**$/&')/'&0&!*.!(&#)*$#!1*!1*$4#52.260)27-!(0&0!
03#&10&!0.%'-#$!1*!*$/#$!(.*40$`!(*&#!<0$/0!*.!4#4*-/#!-#!.#!<0!<*)<#9!!!
!
U$(*)@82)04*-/*!*-!?'.2#!1*!FCCL`!.0!A#&/*!_'(&*40!1*!m'$/2)20!1*!A#.#4320!1*/*&42-7!a'*!
.#$!1*.2/#$!1*!.#$!(0&042.2/0&*$!-#!)#-$/2/'@0-!i1*.2/#$!(#.@/2)#$j`!*.!c-2)#!/2(#!1*!1*.2/#!
2-1'./03.*!$*%c-!.0!"*=!LRF!1*!FCCF!=!.0!A#-$/2/')27-!1*!A#.#4320FL9!f0$/0!*$/*!80..#!1*!.0!
A#&/*!_'(&*40`!*.!%#32*&-#!<03@0!#/#&%01#!2-1'./#$!0!(0&042.2/0&*$!30$K-1#$*!*-!.0!
)#-)*()27-!1*!a'*!$'$!1*.2/#$!*&0-!1*!-0/'&0.*60!(#.@/2)0FR9!U.!80..#!1*!.0!A#&/*`!$2!32*-!-#!$*!
JI$!0$!*;$I<`$1*$<LLiF$)"-8"&4*$8'*$4"1282)010$("&$.0$!*;$i`J$1*$JKKJF$*#/03.*)*$n'*$A*.$Z"32*&-"$M0)2"-0.$("1&H$)"-)*1*&F$*-$)010$)0#"$(0&/2)'.0&F$*.$3*-*82)2"$1*$2-1'./"$0$."#$-0)2"-0.*#$n'*$:'32*&*-$#21"$)"-1*-01"#$wSSSx$("&$:*):"#$)"-#/2/'/25"#$1*$1*.2/"$(".B/2)"$)'0-1"$wSSSx$*.$%&'("$0&401"$"&%0-2601"$0.$40&%*-$1*$.0$.*;$)"-$*.$n'*$#*$01*.0-/*$'-$(&")*#"$1*$(06$wSSSx$:0;0$1*4"#/&01"$#'$5".'-/01$1*$&*2-)"&("&0&#*$0$.0$5210$)252.CS$!*;$I<`$1*$<LLiF$0&/S$gKS$=.$42#4"$0&/B)'."$*#/03.*)*$n'*$A-"$#*$0(.2)0&H$."$12#('*#/"$*-$*#/*$/B/'."$0$n'2*-*#$&*0.2)*-$)"-1')/0#$)"-#/2/'/250#$1*$0)/"#$0/&")*#$1*$8*&")2101$"$30&30&2*F$/*&&"&2#4"F$#*)'*#/&"F$%*-")212"F$:"42)212"$)"4*/21"$8'*&0$1*$)"430/*$"$)".")0-1"$0$.0$5B)/240$*-$*#/01"$1*$2-1*8*-#27-CS$P1*4H#F$*.$X*)&*/"$M0)2"-0.$<J`$1*$JKKTF$n'*$&*%.04*-/0$.0$!*;$i`J$*-$&*.0)27-$)"-$.0$1*#4"52.260)27-$)".*)/250$1*$."#$(0&042.2/0&*#F$*#/03.*)*$n'*$A/*-1&H-$1*&*):"$0.$2-1'./"F$#'#(*-#27-$)"-12)2"-0.$1*$.0$*j*)')27-$1*$.0$(*-0F$.0$)*#0)27-$1*$(&")*1242*-/"F$.0$(&*).'#27-$1*$.0$2-#/&'))27-$"$.0$&*#".')27-$2-:232/"&20F$#*%p-$*.$*#/01"$1*.$(&")*#"F$."#$1*#4"52.2601"#$n'*$:'32*&*-$8"&401"$(0&/*$1*$"&%0-260)2"-*#$0&4010#$0.$40&%*-$1*$.0$.*;F$&*#(*)/"$1*$."#$)'0.*#$*.$V"42/l$_(*&0/25"$(0&0$.0$X*j0)27-$1*$.0#$P&40#F$V_XPF$*a(210$.0$)*&/282)0)27-SSSC$X*)&*/"$<J`$1*$JKKTF$0&/S$<TS$Jg$>'40-$?2%:/#$@0/):F$V"."4320$Q$!0#$0(0&2*-)20#$*-%0k0-S$$!"#$1*#4"52.2601"#$*&0-$8"/"%&08201"#F$#*$/"4030-$#'#$:'*..0#$12%2/0.*#$;$#*$.*#$*a/*-1B0$'-0$21*-/282)0)27-$*42/210$("&$*.$%"32*&-"S$[0432l-$#*$.*#$(*1B0$n'*$&*#("-12*&0-$'-0$)0-/2101$(&**#/03.*)210$1*$(&*%'-/0#$8"&4'.010#$("&$."#$82#)0.*#v$(*&"$/0.$)"4"$>'40-$?2%:/#$@0/):$."$*a(.2)7$*-$#'$"("&/'-2101F$.0#$(&*%'-/0#$*&0-$#'404*-/*$#'(*&82)20.*#+$yP$n'l$3."n'*$(*&/*-*)B0b$yV'H-1"$#*$2-)"&("&7$0.$3."n'*b$yz'2l-$*&0$#'$j*8*b$yX7-1*$"(*&030b$yV'H.$*&0$#'$8'-)27-$1*-/&"$1*$.0$"&%0-260)27-b$;$yU"&$n'l$#*$1*#4"52.267b$!'*%"$1*$.0$('3.2)0)27-$1*$!0#$0(0&2*-)20#$*-%0k0-F$("&$&*)"4*-10)27-$1*$>'40-$?2%:/#$@0/):F$.0$o2#)0.B0$Z*-*&0.$1*$.0$M0)27-$4"1282)7$.0$.2#/0$1*$(&*%'-/0#$n'*$#'#$82#)0.*#$8"&4'.030-$0$."#$1*#4"52.2601"#F$;$0%&*%7$'-0$(&*%'-/0$0)*&)0$1*$#'#$0.20#F$0#B$)"4"$0.%'-0#$"/&0#$(&*%'-/0#$1*$8'-104*-/0.$24("&/0-)20S$M"$"3#/0-/*F$-'-)0$#*$."%&7$n'*$*#/0#$*-/&*52#/0#$8'-)2"-0&0-$)"4"$2-/*&&"%0/"&2"#$*82)0)*#F$;$.0$82#)0.B0$-"$5".527$0$*-/&*52#/0&$0$.0#$(*&#"-0#$n'*$;0$:03B0-$0/&05*#01"$*.$(&")*#"S$JR$>'40-$?2%:/#$@0/):F$V"."4320$Q$!0#$0(0&2*-)20#$*-%0k0-S$$Ji$V"&/*$N'(&*40$1*$V"."4320F$#*-/*-)20$*-$*.$)0#"$JRLIgF$<<$1*$j'.2"$1*$JKKiS$J`$!*;$1*$s'#/2)20$;$U06F$!*;$Lig$1*$JKKgF$0&/S$RLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & (-
&*82&27!*$(*)@82)04*-/*!0!.0!0(.2)0)27-!1*!.0!"*=!LRF`!&*$'./7!)#-/&012)/#&2#!0!.0!
2-/*&(&*/0)27-!1*.!%#32*&-#`!a'*!*-/*-1@0!a'*!*.!i(0&042.2/0&2$4#j!*&0!'-!1*.2/#!(#.@/2)#!
2-1'./03.*9!!
!
Z*&#!*-!.'%0&!1*!0(*)<0&!*$/0!-'*50!#(#&/'-2101!1*!&**$/&')/'&0&!*.!(&#)*$#!1*!
1*$4#52.260)27-!=!..*50&!0!)03#!*-/&*52$/0$!*!2-5*$/2%0)2#-*$!4K$!$*&20$!1*!.#$!
1*$4#52.2601#$`!*.!(&*$21*-/*!,&23*!&*0))2#-7!0-/*!*$/*!80..#!0)'$0-1#!0!.0!A#&/*!1*!#(*&0&!
)#-!'-!i$*$%#!21*#.7%2)#j`!0&%'4*-/0-1#!a'*!.0!2-1*(*-1*-)20!1*!.0!A#&/*!*&0!$7.#!
i&*.0/250j`!(#&a'*!i/#10$!.0$!2-$/2/')2#-*$!1*.!U$/01#!/2*-*-!a'*!)#.03#&0&!)#-!*.!32*-!1*!.0!
H0)27-jFT9!]'-)2#-0&2#$!1*.!%#32*&-#!1*!,&23*!$*X0.0&#-!a'*!*.!80..#!(#1@0!<0)*&!8&0)0$0&!*.!
(&#)*$#!1*!1*$4#52.260)27-`!101#!a'*!0(&#\240104*-/*!BT9CCC!(*&$#-0$!a'*!<03@0-!
(0&/2)2(01#!1*!.0$!)*&*4#-20$!1*!1*$4#52.260)27-!0c-!-#!<03@0-!&*)2321#!2-1'./#$!*-!52&/'1!
1*!.0!"*=!LRF`!=!.0$!-'*50$!)2&)'-$/0-)20$!-#!.*$!(*&42/2&@0-!%#60&!1*!*$*!3*-*82)2#EC9!!
!
Z0&0!*52/0&!/*-*&!a'*!2-5*$/2%0&!0!.#$!1*$4#52.2601#$`!*-!m'.2#!1*.!FCCT!*.!A#-%&*$#!
A#.#4320-#!4#1282)#!*.!A712%#!Z*-0.!1*!/0.!40-*&0!a'*!*.!]2$)0.!V*-*&0.!('12*&0!0(.2)0&!.#!
a'*!$*!)#-#)*!)#4#!*.!i(&2-)2(2#!1*!#(#&/'-2101j!(0&0!$'$(*-1*&!2-5*$/2%0)2#-*$!#!
$24(.*4*-/*!-*%0&$*!0!(&#)*$0&!0!.#$!1*$4#52.2601#$9@9!
!
4%#0(#A.*#+(0.)7'1;".+%#".0#)(+(0#+("'17'?.0#<#>'*.*1'().0#+(#"%0#9.).-'"'7.)(0#
J!82-!1*!.#%&0&!'-0!1*$4#52.260)27-!%*-'2-0!=!1'&01*&0!1*!.#$!%&'(#$!(0&042.2/0&*$`!*.!
%#32*&-#!1*3*&@0!<03*&$*!*-8#)01#!*-!.0$!8'*-/*$!1*!$'!(#1*&+!.0$!&'/0$!=!.0$!0)/252101*$!
52-)'.010$!)#-!*.!-0&)#/&K82)#`!$'$!32*-*$`!.0$!(*&$#-0$!=!*-/2101*$!a'*!.#$!&*$(0.10-`!=!
$'$!&*1*$!1*!0(#=#!*-!*.!$2$/*40!(#.@/2)#!=!*-!.0$!8'*&60$!42.2/0&*$9!
!
^0.!)#4#!$*!1#)'4*-/7!*-!2-8#&4*$!0-/*&2#&*$!1*!f'40-!D2%</$!h0/)<`!*.!%#32*&-#!$*!
&*)<067!0)/2504*-/*!.0$!2-2)20/250$!a'*!2-/*-/030-!1*$40-/*.0&!.0$!&*1*$!(0&042.2/0&*$!*!
2-5*$/2%0&!0!$'$!)74(.2)*$EF9!Z#&!*?*4(.#`!.0!"*=!1*!m'$/2)20!=!Z06`!a'*!#8&*)*!&*30?0$!1*!
(*-0$!0!(0&042.2/0&*$!&*$(#-$03.*$!1*!)&@4*-*$!0/&#)*$!0!)0432#!1*!$'!1*$4#52.260)27-`!
JL$A,&23*$0)'#0$0$."#$40%2#/&01"#$1*$.0$V"&/*$N'(&*40$1*$/*-*&$'-$t#*#%"$21*".7%2)"uCF$N*40-0F$Ji$1*$j'.2"$1*$JKKiS$$TK$A=.$%"32*&-"$(&*#*-/0$'-$(&";*)/"$1*$.*;$(0&0$(&"/*%*&$0$."#$(0&042.2/0&*#$1*#4"52.2601"#CF$V0&0)".$?012"F$Ji$1*$j'.2"$1*$JKKiv$P40.20$h"&0.*#F$AU&";*)/"$#"3&*$#*12)27-F$0$1*30/*CF$!0$U&*-#0F$TK$1*$j'.2"$1*$JKKiv$)"4'-2)01"$1*$(&*-#0$#2-$/B/'."F$U&*#21*-)20$1*$V"."4320F$Ji$1*$j'.2"$1*$JKKiF$://(+\\]]]S(&*#21*-)20S%"5S)"\(&*-#0d-*]\#-*\JKKi\j'.2"\Ji\<IJiJKKiS:/4$D)"-#'./01"$*.$T$1*$03&2.$1*$JKK`ES$@9'!*;$<T<J$1*$JKKLF$L$1*$j'.2"F$JKKLF$0&/S$JD<iES$TJ$>'40-$?2%:/#$@0/):F$V"."4320$Q$!0#$0(0&2*-)20#$*-%0k0-v$>'40-$?2%:/#$@0/):F$y?"4(2*-1"$*.$V"-/&".b+$_3#/H)'."#$0$.0$s'#/2)20$*-$.0#$9-5*#/2%0)2"-*#$1*$.0$h0820$U0&042.2/0&$*-$V"."4320F$9NGM$<QgRITJQT`gQIF$<R$1*$")/'3&*$1*$JKK`F$://(+\\]]]S:&]S"&%\*-\&*("&/#\JKK`\<K\<R\3&*0f2-%Q%&2(QKS$
& & & & & & (A& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
$*%c-!<03@0!$21#!#&2%2-0.4*-/*!)#-)*3210!(#&!*.!%#32*&-#`!-#!*$/03.*)@0!$0-)2#-*$!
*8*)/250$!$2!.#$!(0&042.2/0&*$!a'*!(&*/*-1@0-!0)#%*&$*!0!*$/*!3*-*82)2#!-#!)#-8*$030-!$'$!
1*.2/#$!#!-#!1*5#.5@0-!.#$!32*-*$!2.@)2/#$9!
!
J.%'-0$!1*!*$/0$!1282)'./01*$!('12*&#-!&*$#.5*&$*!%&0)20$!0!'-0!1*)2$27-!1*!.0!A#&/*!
A#-$/2/')2#-0.`!a'*!*$/03.*)27!a'*!.#$!(0&042.2/0&*$!a'*!a'2$2*&0-!#3/*-*&!&*1'))2#-*$!*-!
$'$!)#-1*-0$!1*3*&@0-!#8&*)*&!)#-8*$2#-*$!)#4(.*/0$!=!5*&0)*$`!=!1*5#.5*&!.#$!32*-*$!1*!
(&#)*1*-)20!2.*%0.l!=!a'*`!*-!)0$#!1*!a'*!80./0&0-!0!.0!5*&101`!(#1&@0-!(*&1*&!.0$!&*30?0$!*-!
.0$!(*-0$@@9!A#4#!&*$'./01#`!1'&0-/*!FCCL!=!(0&/*!1*!FCCR`!.#$!82$)0.*$!)#4*-60&#-!0!
#3/*-*&!2-8#&40)27-!50.2#$0!1*!.#$!?*8*$!(0&042.2/0&*$!$#3&*!$'$!1*.2/#$!=!)74(.2)*$9!J.!
42$4#!/2*4(#`!.0!A#&/*!_'(&*40!1*!m'$/2)20!1*!A#.#4320!2-2)27!'-0!$*&2*!1*!2-5*$/2%0)2#-*$!
$2-!(&*)*1*-/*$!0)*&)0!.0!)#.03#&0)27-!1*!(#.@/2)#$!)#-!.#$!%&'(#$!(0&042.2/0&*$EQ9!U-!.0!
0)/'0.2101`!4K$!1*!RC!42*43&#$!1*.!A#-%&*$#!)#.#4320-#!*$/K-!$2*-1#!2-5*$/2%01#$!(#&!.0!
A#&/*!_'(&*40!#!<0-!$21#!)#-1*-01#$!(#&!$'$!5@-)'.#$!)#-!.#$!(0&042.2/0&*$E:9!
!
H#!#3$/0-/*`!.0!24(.*4*-/0)27-!1*!.0!"*=!1*!m'$/2)20!=!Z06!&*8#&4010!)#-/2-'7!(&*$*-/0-1#!
%&05*$!(.*40$E>9!"0!40=#&!(0&/*!1*!.#$!(0&042.2/0&*$!1*$4#52.2601#$!-#!*$/K-!
(0&/2)2(0-1#!0)/2504*-/*!*-!*.!(&#)*$#!1*!.0!"*=!1*!m'$/2)20!=!Z06`!=0!a'*!$7.#!0a'*..#$!a'*!
=0!/*-@0-!0-/*)*1*-/*$!(*-0.*$!#!a'*!/*4@0-!$*&!1*$)'32*&/#$!/*-@0-!'-!5*&101*&#!
2-)*-/25#!(0&0!(0&/2)2(0&+!.0!%&0-!40=#&@0!$7.#!*$/030!2-/*&*$010!*-!#3/*-*&!'-!2-1'./#!*-!
52&/'1!1*!.0!"*=!LRF9!_*%c-!.#$!&*%2$/&#$!1*!.0!]2$)0.@0!1*!.0!H0)27-`!E9LBF!(*&$#-0$!<0-!
$#.2)2/01#!.#$!3*-*82)2#$!1*!.0!"*=!1*!m'$/2)20!=!Z06EL9!G*!*$/*!%&'(#`!$#.04*-/*!B9RE>!t
4*-#$!1*!.0!42/01t!<0-!2-2)201#!$'$!12.2%*-)20$!1*!i5*&$27-!.23&*j`!.0$!1*).0&0)2#-*$!0-/*!
.#$!82$)0.*$!*-!.0$!)'0.*$!$*!$'(#-*!a'*!1*3*-!)#-8*$0&!$'$!1*.2/#$!$2!1*$*0-!#3/*-*&!
&*30?0$!1*!(*-0$9!g!$*!2-8#&40!a'*!$7.#!)2-)#!<0-!)#4(.*/01#!$'$!)#-8*$2#-*$ER9!"#$!
.@1*&*$`!a'*!(į.*4*-/*!$*0-!a'2*-*$!4K$!2-8#&40)27-!/*-%0-`!<0-!$21#!*\/&012/01#$!0!
@@$V"&/*$V"-#/2/')2"-0.$1*$V"."4320F$N*-/*-)20$VQTiK\JKKRF$<`$1*$40;"F$JKKR$TI$>'40-$?2%:/#$@0/):F$V"."4320$Q$!0#$0(0&2*-)20#$*-%0k0-v$>'40-$?2%:/#$@0/):F$y?"4(2*-1"$*.$)"-/&".b$$Tg$,-2101$9-5*#/2%0/250$1*$9-1*(06F$V'01&"$#"3&*$(0&0(".B/2)0F$<J$1*$#*(/2*43&*$1*$JKKLF$://(+\\]]]S2-1*(06S"&%S)"\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e52*]c0&/2).*e21cTTJ+-'*5"Q)'01&"Q1*Q(0&0(".2/2)0e)0/21cgL+(0&0#e9/*421ciI$D)"-#'./01"$*.$<I$1*$")/'3&*$1*$JKKLES$TR$>'40-$?2%:/#$@0/):F$y?"4(2*-1"$*.$V"-/&".b$Ti$o2#)0.B0$Z*-*&0.$1*$.0$M0)27-F$U"#/'.01"#$0$.0$!*;$Lig\KgF$://(+\\]]]S82#)0.20S%"5S)"\j'#/2)20(06\X")'4*-/"#\U"#/'.01"#LigS(18$D)"-#'./01"$*.$<I$1*$")/'3&*$1*$JKKLES$T`$V"42#27-$M0)2"-0.$1*$?*(0&0)27-$;$?*)"-)2.20)27-$1*$V"."4320F$O*"-*#$!23&*#$U&"%&04010#F$://(+\\]]]S)-&&S"&%S)"\-*]KL\5j&\5*&*#/0S:/4.$D)"-#'./01"$*.$<I$1*$")/'3&*$1*$JKKLES$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & (B
U$/01#$!,-21#$`!=!.0!40=#&@0!1*!*..#$!<0!)*$01#!$'!(0&/2)2(0)27-!*-!.0$!5*&$2#-*$!.23&*$!0-/*!
.0$!0'/#&2101*$!)#.#4320-0$ET9!
!
U.!%#32*&-#!)#.#4320-#!$2%'*!$2-!<0)*&!'-!*$8'*&6#!-0)2#-0.!$*&2#!(#&!'32)0&!.0!*-#&4*!
)0-/2101!1*!32*-*$!=!&*)'&$#$!1*!(&#)*1*-)20!2.*%0.!a'*!$*!*-)'*-/&0-!*-!(#1*&!1*!.0$!J,A`!
a'*!('*1*-!'/2.260&$*!8K)2.4*-/*!(0&0!&*).'/0&!-'*5#$!42*43&#$!=!)#-/2-'0&!&*0.260-1#!
#(*&0)2#-*$!1*.2)/250$9!!
!
U-/&*!#/&0$!0)/252101*$!2.@)2/0$`!.#$!(0&042.2/0&*$!8'*&#-!&*$(#-$03.*$!1*!-'4*&#$0$!/#40$!
2.*%0.*$!1*!/2*&&0$`!(*&#!*.!%#32*&-#!$2%'*!$2-!21*-/282)0&!.0$!/2*&&0$!ூ$9!iW2$!<2?#$!=!=#!
-#$!8'24#$!1*.!.'%0&!1#-1*!525@04#$!1*321#!0!.0$!04*-060$!=!40$0)&*$!a'*!<'3#!*-!,-%@0`!
A<#)7j`!&*.0/7!0!f'40-!D2%</$!h0/)<!'-0!4'?*&!1*$(.060109!i"#$!a'*!-#!$*!8'*&#-!<#=!
*$/K-!4'*&/#$999!"0!40=#&@0!1*!.0$!(*&$#-0$!1*.!.'%0&!030-1#-0&#-!$'$!/2*&&0$`!a'*!<#=!
*$/K-!*-!40-#$!1*!.#$!(0&042.2/0&*$jQC9!U-!.0!0)/'0.2101`!$*%c-!*$/01@$/2)0$!#82)20.*$`!*-!
A#.#4320!4K$!1*!E!42..#-*$!1*!(*&$#-0$!<0-!$21#!&*%2$/&010$!)#4#!1*$(.0601#$!2-/*&-#$QB9!
,-!$#-1*#!&*0.2601#!&*)2*-/*4*-/*!0!-25*.!-0)2#-0.!$#3&*!(*&$#-0$!1*$(.06010$!4#$/&7!
a'*!*.!%&'(#!4K$!-'4*&#$#!tEL!(#&!)2*-/#t!8'*!*\('.$01#!(#&!%&'(#$!(0&042.2/0&*$QF9!"0!
40=#&@0!030-1#-7!$'$!/2*&&0$!*!2-4'*3.*$QE9!"0$!*$/240)2#-*$!#82)20.*$!0)*&)0!1*!.0!
)0-/2101!1*!/2*&&0$!a'*!1*?0&#-!.0$!(*&$#-0$!1*$(.06010$!*$/K-!*-!*.!#&1*-!1*!.0$!F`T!
42..#-*$!1*!<*)/K&*0$!d*-/&*!FCCB!=!FCC>`!$*%c-!.0!A#-/&0.#&@0!V*-*&0.!1*!.0!D*(c3.2)0e!0!
>`R!42..#-*$!1*!<*)/K&*0$!d$*%c-!.0!J%*-)20!Z&*$21*-)20.!(0&0!.0!J))27-!_#)20.!=!.0!
A##(*&0)27-!;-/*&-0)2#-0.`!#!iJ))27-!_#)20.j`!*-!'-!*$/'12#!1*!FCCQeQQ9!"0$!/#40$!08*)/0&#-!
TLs'0-$o"&*&"F$AV"."4320-$@0&$V&24*#$N'#(*)/#$N2/$2-$,N$U&2#"-#F$O2)/24#$U&"/*#/CF$[:*$@0#:2-%/"-$U"#/F$I$1*$")/'3&*$1*$JKKLS$>'40-$?2%:/#$@0/):F$y?"4(2*-1"$*.$V"-/&".b$$IK$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$0$'-0$5B)/240F$1'&0-/*$.0$0'12*-)20$1*$?"1&2%"$["50&$U'("$D0.20#$As"&%*$IKCE$*-$*.$40&)"$1*$!*;$1*$s'#/2)20$;$U06F$G0&&0-n'2..0F$V"."4320F$<$1*$")/'3&*$1*$JKKiS$I<P))27-$N")20.$2-8"&40$n'*F$0.$TK$1*$#*(/2*43&*$1*$JKKLF$*-$V"."4320$:0;$TSJJRSIIJ$(*&#"-0#$1*#(.06010#$2-/*&-04*-/*S$P))27-$N")20.F$A[03'.01"#$Z*-*&0.*#$1*$U"3.0)27-$X*#(.06010CF$8*):0$1*$V"&/*$TK$1*$-"52*43&*$1*$JKKLF$://(+\\]]]S0))2"-#")20.S%"5S)"\=#/012#/2)0#\('3.2)0)2"-^JK-"52*43&*^JK1*^JKJKKLS:/4$D&*52#01"$*.$JL$1*$12)2*43&*F$JKKLES$IJ$V"42#27-$1*$N*%'242*-/"$0$.0$U".B/2)0$Up3.2)0$#"3&*$*.$X*#(.06042*-/"$o"&601"F$AO*&282)0-1"$*.$)'4(.242*-/"$1*$."#$1*&*):"#+$U&24*&$2-8"&4*$1*$5*&282)0)27-$(&*#*-/01"$0$.0$V"&/*$V"-#/2/')2"-0.CF$(H%#S$gJQgTF$T<$1*$*-*&"$1*$JKK`S$_/&"$JL$("&$)2*-/"$2-8"&47$:03*&$#21"$1*#(.0601"$("&$.0#$oP?VF$;$'-$T$("&$)2*-/"$("&$*.$=!Mv$'-$JJFg$("&$)2*-/"$-"$&*#("-127$"$#*$-*%7$0$&*#("-1*&$.0$(&*%'-/0S$=.$42#4"$2-8"&4*$#*k0.0$n'*$*a2#/*$'-0$12#)&*(0-)20$*-/&*$*#/*$*#/'12"$;$*.$#2#/*40$1*$2-8"&40)27-$"82)20.$0)*&)0$1*$.0#$(*&#"-0#$1*#(.06010#F$n'*$0/&23';*$#7."$'-$<<FT$("&$)2*-/"$1*$."#$)0#"#$1*$1*#(.06042*-/"$0$."#$(0&042.2/0&*#S$IT$N*%p-$.0$*-)'*#/0$-0)2"-0.F$0(&"a240104*-/*$*.$iTFI$("&$)2*-/"$2-8"&47$:03*&$030-1"-01"$#'#$/2*&&0#$'$:"%0&*#S$V"42#27-$1*$N*%'242*-/"$0$.0$U".B/2)0$Up3.2)0$#"3&*$*.$X*#(.06042*-/"$o"&601"F$AO*&282)0-1"$*.$)'4(.242*-/"$1*$."#$1*&*):"#+$U&24*&$2-8"&4*$1*$5*&282)0)27-$(&*#*-/01"$0$.0$V"&/*$V"-#/2/')2"-0.CF$(H%S$`JF$T<$1*$*-*&"$1*$JKK`S$II$V"42#27-$1*$N*%'242*-/"$0$.0$U".B/2)0$Up3.2)0$#"3&*$*.$X*#(.06042*-/"$o"&601"F$AO*&282)0-1"$*.$)'4(.242*-/"$1*$."#$1*&*):"#+$U&24*&$2-8"&4*$1*$5*&282)0)27-$(&*#*-/01"$0$.0$V"&/*$V"-#/2/')2"-0.CF$(H%S$`<$T<$1*$*-*&"$1*$JKK`S$!0$U&")'&01'&B0$Z*-*&0.$1*$.0$M0)27-$)"2-)21*$)"-$.0#$)28&0#$(&"("&)2"-010#$("&$P))27-$N")20.S$U&")'&01'&B0$Z*-*&0.$1*$.0$M0)27-F$AV"-/&".$
& & & & & & (0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
(0&/2)'.0&4*-/*!0!)#4'-2101*$!08&#)#.#4320-0$!*!2-1@%*-0$!a'*!8'*&#-!*\('.$010$!1*!.#$!
/*&&2/#&2#$!a'*!#)'(0&#-!/&012)2#-0.4*-/*Q:9!
!
U-!8*3&*&#!1*!FCCR`!*.!]#-1#!H0)2#-0.!1*!D*(0&0)27-`!&*$(#-$03.*!1*!)'$/#120&!.0$!/2*&&0$!=!
.#$!0)/25#$!1*5'*./#$!(#&!.#$!(0&042.2/0&*$!1'&0-/*!*.!Z&#)*$#!1*!m'$/2)20!=!Z06`!)#-/030!
$#.04*-/*!)#-!,_u!:!42..#-*$!*-!0)/25#$`!)#-8#&401#$!(#&!/2*&&0$`!%0-01#`!12-*&#!*-!
*8*)/25#!=!5*<@)'.#$Q>9!_7.#!EB!(0&042.2/0&*$!=!>!3.#a'*$!(0&042.2/0&*$!<03@0-!1*5'*./#!
#82)20.4*-/*!0.!%#32*&-#!.#$!0)/25#$!a'*!/*-@0-!*-!$'!(#1*&`!)#4#!(0&/*!1*.!Z&#)*$#!1*!
m'$/2)20!=!Z06QL9!
!
J.!4*-#$!(0&/*!1*.!(.*40!*$!a'*!*.!%#32*&-#!42$4#!1*)&*/7!a'*!.#$!(0&042.2/0&*$`!*-!
8#&40!2-12521'0.`!(#1@0-!1*5#.5*&!.#$!32*-*$!1*!(&#)*1*-)20!2.*%0.!*-!)'0.a'2*&!4#4*-/#!
0-/*$!1*!$*&!0)'$01#$!(#&!1*.2/#$!*-!52&/'1!1*!.0!"*=!1*!m'$/2)20!=!Z069!Z#&!.#!/0-/#`!-#!<'3#!
'-!5*&101*&#!2-)*-/25#!(0&0!a'*!1*5#.52*&0-!12)<#$!32*-*$!/*4(&0-#!*-!*.!(&#)*$#QR9!
G*$('[$!1*!.0!*\/&012)27-`!.0!40=#&@0!1*!.#$!.@1*&*$!-#!/'5#!$2a'2*&0!*$*!2-)*-/25#9!
!
;1*-/282)0&!=!&*)'(*&0&!.0$!/2*&&0$!a'*!.#$!(0&042.2/0&*$!/#40&#-!(#&!.0!8'*&60!*$!'-0!/0&*0!
)#4(.*?0!(0&0!.0!)'0.!$*!-*)*$2/0&K!'-0!*$/&0/*%20!)'2101#$04*-/*!(.0-282)010!=!.0!
2-5*&$27-!1*!&*)'&$#$!$'$/0-)20.*$9!"0!"*=!1*!m'$/2)20!=!Z06`!0$@!)#4#!125*&$#$!1*)&*/#$!1*!
24(.*4*-/0)27-!=!$*-/*-)20$!1*!.0!A#&/*!A#-$/2/')2#-0.`!*\2%*-!a'*!*.!%#32*&-#!%0&0-/2)*!.0!
&*$/2/')27-!1*!.0$!/2*&&0$QT9!H#!#3$/0-/*`!*.!%#32*&-#!&*)2[-!<0!)#4*-601#!0!)#-8#&40&!.0$!
(&*5*-/25"$;$#*%'242*-/"$0$.0#$(".B/2)0#$(p3.2)0#$*-$40/*&20$1*$&*2-#*&)27-$;$1*#4"52.260)27-CF$5".S$<F$(H%S$<gIS$N'("-2*-1"$n'*$."#$(0&042.2/0&*#$:'32*&0-$/"401"$*.$Ti$("&$)2*-/"$1*$*#0#$/2*&&0#F$#*$:03&B0-$n'*101"$)"-$JFg$42.."-*#$1*$:*)/H&*0#S$Ig$U&")'&01'&B0$Z*-*&0.$1*$.0$M0)27-F$AU&";*)/"$1*$)"-/&".$(&*5*-/25"$;$#*%'242*-/"$0$.0#$(".B/2)0#$(p3.2)0#$*-$40/*&20$1*$&*2-#*&)27-$;$1*#4"52.260)27-CF$5".S$<F$(H%S$<giS$IR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$h0&.*-*$h*#0F$N'312&*)/"&0$1*$P/*-)27-$0$OB)/240#$1*$.0$O2".*-)20F$o"-1"$M0)2"-0.$1*$?*(0&0)27-F$JJ$1*$8*3&*&"$1*$JKK`S$=-$'-$(&24*&$4"4*-/"F$.0$_82)2-0$1*.$P./"$V"42#2"-01"$(0&0$.0$U06$2-8"&47$n'*F$
1'&0-/*$.0#$)*&*4"-20#$1*$1*#4"52.260)27-F$."#$%&'("#$1*5".52*&"-$4H#$1*$gL$2-4'*3.*#$'&30-"#F$<IL$0'/"4752.*#$;$T$
052"-*#F$;$n'*$(&"("&)2"-0&"-$2-8"&40)27-$#"3&*$TTI$(&"(2*101*#$&'&0.*#$D.0#$)'0.*#$#'4030-$JgSRK<$:*)/H&*0#ES$_82)2-0$1*.$
P./"$V"42#2"-01"$(0&0$.0$U06F$U&*#21*-)20$1*$.0$?*(p3.2)0$1*$V"."4320F$AU&")*#"$1*$U06$)"-$.0#$P'/"1*8*-#0#+$9-8"&4*$
=j*)'/25"CF$12)2*43&*$1*$JKKRF$]]]S0./")"42#2"-01"(0&0.0(06S%"5S)"\.23&"\!23&"S(18$D)"-#'./01"$*.$<J$1*$0%"#/"$1*$JKK`EF$
(H%S$<K<S$$=-$*.$#2/2"$]*3$1*$P))27-$N")20.$('*1*$)"-#'./0&#*$'-$.2#/01"$0)/'0.2601"$1*$."#$32*-*#$1*5'*./"#$P))27-$N")20.F$
o"-1"$(0&0$.0$?*(0&0)27-$1*$.0#$OB)/240#F$
://(+\\]]]S0))2"-#")20.S%"5S)"\)"-/*-21"\)"-/*-21"S0#(ab)0/9XcIgge)"-9Xc<RRi$D)"-#'./01"$*.$<I$1*$")/'3&*$1*$JKKLES$Ii$P))27-$N")20.F$o"-1"$(0&0$.0$?*(0&0)27-$1*$.0#$OB)/240#F$://(+\\]]]S0))2"-#")20.S%"5S)"\)"-/*-21"\)"-/*-21"S0#(ab)0/9XcIgge)"-9Xc<RRi$D)"-#'./01"$*.$<I$1*$")/'3&*$1*$JKKLEv$U.0/08"&40$1*$_&%0-260)2"-*#$1*$X*#0&&".."$='&"(*0#$*-$V"."4320F$AG".*/B-$2-8"&40/25"+$U&")*#"$1*$1*#4"52.260)27-$1*$."#$%&'("#$(0&042.2/0&*#CF$://(+\\("1*)S"&%\2-1*aS(:(b21cTLR$D)"-#'./01"$*.$<I$1*$")/'3&*$1*$JKKLES$I`$X*)&*/"$M0)2"-0.$TTL<$1*$JKKRF$JL$1*$#*(/2*43&*$1*$JKKRF$0&/S$gF$(H&&S$<S$IL$P$/&05l#$1*$'-$1*)&*/"F$*.$%"32*&-"$)"."4320-"$"&1*-7F$*-$JKKRF$n'*$.0$VM??$12#*k0&0$'-$U&"%&040$1*$?*#/2/')27-$1*$G2*-*#F$)"-$.0$)".03"&0)27-$1*$.0#$V"42#2"-*#$?*%2"-0.*#$1*$?*#/2/')27-$1*$G2*-*#$D0'-n'*F$*-$0n'*.$4"4*-/"F$*#/0#$)"42#2"-*#$0p-$-"$:03B0-$#21"$)&*010#ES$X*)&*/"$M0)2"-0.$IiRK$1*$JKgF$JK$1*$12)2*43&*$1*$JKKgF$0&/S$J<S$$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & /)
)#42$2#-*$!&*%2#-0.*$!$#3&*!&*$/2/')27-!1*!/2*&&0$!a'*!*\2%*!.0!"*=!1*!m'$/2)20!=!Z06:C`!=!0c-!
1*3*!2-5*&/2&!&*)'&$#$!$'$/0-)20.*$!(0&0!&*)030&!2-8#&40)27-!3K$2)0!0)*&)0!1*!.0$!(*&$#-0$!
1*$(.06010$!=!.0$!/2*&&0$!'!#/&0$!(&#(2*101*$!a'*!8'*&#-!#3?*/#!1*!0(&#(20)27-:B9!
!
_2!*.!%#32*&-#!-#!/#40!4*1210$!*82)0)*$!(0&0!21*-/282)0&!.0$!/2*&&0$!1*!.0$!)'0.*$!$*!
0(&#(20&#-!.#$!(0&042.2/0&*$!=!0$@!1*5#.5*&.0$!0!$'$!(&#(2*/0&2#$`!1*?0&K!2-/0)/0!'-0!8'*-/*!
$2%-282)0/250!1*!&2a'*60!=!(#1*&!(0&0!a'2*-*$!&*$(0.10-!0!.#$!(0&042.2/0&*$!=!0)/c0-!)#4#!
$'$!/*$/08*&&#$9!G*321#!0!.0!80./0!1*!2-5*$/2%0)27-!$#3&*!*$/0!)'*$/27-`!&*$'./0!128@)2.!$03*&!0!
)2*-)20!)2*&/0!*-!a'[!4*1210$!.#$!0)/25#$!=!.0$!8'*-/*$!1*!82-0-)2042*-/#!1*!.0$!J,A!
)#-/2-'0&#-!0.24*-/0-1#!.0$!0)/252101*$!1*!.#$!%&'(#$!$')*$#&*$9!H#!#3$/0-/*`!$*%c-!.#!
*\('*$/#!*-!$*))2#-*$!(#$/*&2#&*$`!*-!&*%2#-*$!/0.*$!)#4#!,&03K`!$*!<0!2-8#&401#!a'*!.#$!
/*&&0/*-2*-/*$!a'*!$*!3*-*82)20&#-!)#-!.0$!0(&#(20)2#-*$!2.@)2/0$!1*!.#$!(0&042.2/0&*$!
*$/0&@0-!0)/'0-1#!*-!)#-?'-/#!)#-!.#$!%&'(#$!$')*$#&*$!(0&0!04*-060&!*!2-).'$#!40/0&!0!
.0$!5@)/240$!a'*!3'$)0-!&*)'(*&0&!$'$!/2*&&0$9!
=.$%"32*&-"$/0432l-$*#/03.*)27F$0$/&05l#$1*$'-$1*)&*/"F$n'*$.0$N'(*&2-/*-1*-)20$1*.$M"/0&201"$;$1*.$?*%2#/&"$#*&B0$&*#("-#03.*$1*$)""&12-0&$*$24(.*4*-/0&$'-$#2#/*40$1*$&*8*&*-)20$)&'6010$1*$/"1"#$."#$&*%2#/&"#$1*$125*�#$2-#/2/')2"-*#$1*.$=#/01"$0)*&)0$1*$.0$*a/*-#27-$1*$.0#$/2*&&0#F$#'$/2/'.0&2101$;$("#*#27-F$;$.0#$/&0-#8*&*-)20#$1*$/2/'.0&2101$&*0.26010#$&*#(*)/"$1*$12):0#$/2*&&0#S$N*$(&*5l$n'*$*#/*$#2#/*40$1*$2-8"&40)27-$2-).';0$.0#$(&"(2*101*#$&*%2#/&010#$*-$&*.0)27-$)"-$1*).0&0)2"-*#$1*$&2*#%"$1*$1*#(.06042*-/"$2-42-*-/*$"$1*$1*#(.06042*-/"$8"&601"S$=.$1*)&*/"F$12)/01"$*-$JKKRF$*#/03.*)27$n'*$.0$N'(*&2-/*-1*-)20$)"4*-60&B0$0$24(.*4*-/0&$*#/*$#2#/*40$*-$*.$/l&42-"$1*$'-$4*#$0$(0&/2&$1*$.0$8*):0$1*.$1*)&*/"S$X*)&*/"$M0)2"-0.$TTL<$1*$JKKRF$JL$1*$#*(/2*43&*$1*$JKKRF$0&/S$IS$$
N2-$*430&%"F$*#"$-"$#')*127S$=-$*-*&"$1*$JKK`F$*.$%"32*&-"$12)/7$"/&"$1*)&*/"$("&$*.$)'0.$"&1*-030$.0$)&*0)27-$1*$<J$V"42#2"-*#$?*%2"-0.*#$1*$?*#/2/')27-$1*$G2*-*#S$X*)&*/"$M0)2"-0.$<iR$1*$JKK`F$JI$1*$*-*&"$1*$JKK`F$0&/S$gS$X2):0#$V"42#2"-*#$"(*&0&B0-$*-$G"%"/HF$h*1*..B-F$N2-)*.*j"F$G0&&0-n'2..0F$G')0&040-%0F$O0..*1'(0&F$U0#/"F$V0.2F$h")"0F$M*250F$z'231"$;$V0&/0%*-0S$$gK$U&*#21*-)20$1*$.0$?*(p3.2)0$1*$V"."4320F$P&&0-)7$U&"%&040$1*$?*#/2/')27-$1*$G2*-*#F$<K$1*$j'.2"$1*$JKKLF$://(+\\]*3S(&*#21*-)20S%"5S)"\#(\JKKL\j'.2"\<K\Kg<KJKKLS:/4.$D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLES$g<${0$*-$JKK`F$8'-)2"-0&2"#$1*$.0$N'(*&2-/*-1*-)20$1*.$M"/0&201"$;$1*.$?*%2#/&"$2-8"&40&"-$n'*F$*-$V"."4320F$#".04*-/*$:03B0$<L<$"82)2-0#$(0&0$*.$&*%2#/&"$1*$32*-*#F$n'*$)'3&B0-$p-2)04*-/*$*.$<i$("&$)2*-/"$1*$."#$4'-2)2(2"#$1*.$(0B#S$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$!210$N0.060&F$N'(*&2-/*-1*-)20$1*.$M"/0&201"$;$1*.$?*%2#/&"F$JJ$1*$8*3&*&"$1*$JKK`S$$
Z&0-$(0&/*$1*$.0$2-8"&40)27-$n'*$#*$*-)'*-/&0$*-$("1*&$1*$.0#$"82)2-0#$*#/H$1*#(&"/*%210S$V0#2$.0$42/01$1*$12):0#$"82)2-0#$qLTF$#*%p-$."#$8'-)2"-0&2"#$1*$.0$NM?q$0p-$40-/2*-*-$/"1"#$#'#$&*%2#/&"#$p-2)04*-/*$*-$8"&40/"$24(&*#"S$V"4"$)"-#*)'*-)20F$."#$&*%2#/&"#$('*1*-$#*&$40-2('.01"#$*-$.0#$"82)2-0#$.")0.*#S$=-$*-*&"$1*$JKKRF$("&$*j*4(."F$#*$(&"1'j"$'-$2-)*-12"$*-$.0#$"82)2-0#$1*$&*%2#/&"#$1*$O0..*1'(0&q'-0$&*%27-$1"-1*$*.$G."n'*$M"&/*$1*$."#$(0&042.2/0&*#$*j*&)B0$*.$)"-/&".q$)"-$.0$0(0&*-/*$2-/*-)27-$1*$1*#/&'2&$&*%2#/&"#S$A[*-/0/250$1*$2-)*-12"$(0&0$1*#/&'2&$&*%2#/&"#$1*$/2*&&0#$*-$*.$V*#0&CF$V0&0)".$?012"F$TK$1*$*-*&"$1*$JKKRS$$
=-$4'):"#$)0#"#F$.0#$(*&#"-0#$1*#(.06010#$-"$:03B0-$&*%2#/&01"$.0#$/2*&&0#$n'*$("#*B0-F$"$#*$52*&"-$"3.2%010#$0$5*-1*&$#'#$/2*&&0#$0$30j"#$(&*)2"#F$1*$4"1"$n'*F$*-$.0$0)/'0.2101F$12):0#$/2*&&0#$0(0&*)*-$&*%2#/&010#$0$-"43&*$1*$"/&0$(*&#"-0S$!"#$(0&042.2/0&*#$-"$-*)*#0&204*-/*$:0-$&*%2#/&01"$.0#$/2*&&0#$0$#'$-"43&*F$#2-"$n'*$('*1*-$:03*&$'#01"$/*#/08*&&"#$"$('*1*-$:03*&.0#$5*-121"S$P1*4H#F$.0$%*#/27-$1*$.0#$&*).040)2"-*#$&*.0)2"-010#$)"-$*#0#$/2*&&0#$("&$(0&/*$1*$.0#$&*(0&/2)2"-*#$*#/0/0.*#$:0$#21"$-"/"&204*-/*$1*82)2*-/*S$U"&$*j*4(."F$*-$JKKRF$.0$U&")'&01'&B0$Z*-*&0.$*42/27$'-$2-8"&4*$*-$*.$)'0.$#*$*#/03.*)B0$n'*$*.$9-#/2/'/"$V"."4320-"$(0&0$*.$X*#0&&".."$?'&0.$D9MV_X=?E$/&042/030$TiSR<`$*a(*12*-/*#$#"3&*$.0$&*#".')27-$1*$&*).040)2"-*#$&*.0)2"-010#$)"-$/2*&&0#F$;$n'*$12):0#$&*).040)2"-*#$:03B0-$*#/01"$1*/*-210#F$#2-$-2-%p-$050-)*F$1'&0-/*$."#$1"#$0k"#$0-/*&2"&*#S$U&")'&01'&B0$Z*-*&0.$1*$.0$M0)27-F$P-H.2#2#$0$.0$=j*)')27-$1*$.0$?*8"&40$N")20.$P%&0&20$;$.0$Z*#/27-$1*.$9-#/2/'/"$V"."4320-"$(0&0$*.$X*#0&&".."$?'&0.F$8*3&*&"$1*$JKKRF$(H%#S$JJQJTS$
[0432l-$#*$2-8"&47$n'*$."#$(0&042.2/0&*#$#*$2-82./&0&"-$*-$.0#$&*(0&/2)2"-*#$1*.$%"32*&-"$;$4"1282)0&"-$."#$&*%2#/&"#$&*.0/25"#$0$.0#$/2*&&0#S$At?0("-06"u$1*$(0&042.2/0&*#$08*)/7$(".B/2)0$1*$/2*&&0#$1*.$(&24*&$%"32*&-"$1*$|.50&"$,&23*CF$=.$[2*4("F$Ji$1*$40;"$1*$JKKiF$://(+\\]]]S*./2*4("S)"4\0&):25"\1")'4*-/"\VhNQTgi<`IR$D)"-#'./01"$*.$I$1*$-"52*43&*$1*$JKKLEv$A!"#$(0&042.2/0&*#$)"-52*&/*-$0$"82)2-0#$1*$2-#/&'4*-/"#$(p3.2)"#$*-$"3j*/25"$42.2/0&*CF$=.$[2*4("F$JL$1*$j'.2"$1*$JKKRS$
& & & & & & /*& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
Z#&!c./24#`!/0.!)#4#!f'40-!D2%</$!h0/)<!.#!1#)'4*-/7!0-/*&2#&4*-/*`!0!(*$0&!1*!.#$!
*$8'*&6#$!1*!.0!A#&/*!_'(&*40!=!1*!#/&#$!(#&!2-5*$/2%0&!=!&*$(#-$032.260&!0!.#$!)74(.2)*$!1*!
.#$!(0&042.2/0&*$!*-!*.!K432/#!(#.@/2)#!=!42.2/0&`!*.!%#32*&-#!<0!/#401#`!*-!&*2/*&010$!
#(#&/'-2101*$`!4*1210$!a'*!(#1&@0-!8&'$/&0&!#!.242/0&!.#$!050-)*$!*-!*$/0!K&*0:F9!U-!
(0&/2)'.0&`!8'-)2#-0&2#$!1*.!%#32*&-#!1*!,&23*!<0-!&*2/*&0104*-/*!(*&(*/&01#!0/0a'*$!
(c3.2)#$!)#-/&0!.0!A#&/*!_'(&*40!=!$'$!42*43&#$!0!/@/'.#!(*&$#-0.`!*-!.#!a'*!$*!0$*4*?0!0!
'-0!)04(0X0!)#-)*&/010!(0&0!1*$0)&*12/0&!0!.0!A#&/*`!=!<0!(&#('*$/#!&*8#&40&!.0!
)#-$/2/')27-!)#-!*.!#3?*/#!1*!*.242-0&!.0$!1*-#42-010$!2-5*$/2%0)2#-*$!i(0&0(#.@/2)0$j!1*!
.0!)#4(*/*-)20!1*!.0!A#&/*9!^0432[-!<0!3.#a'*01#!24(#&/0-/*$!2-2)20/250$!1*!&*8#&40!1*.!
A#-%&*$#!a'*!3'$)030-!*.242-0&!.0!2-8.'*-)20!(0&042.2/0&:E9!_*%c-!-#/2)20$!&*)2*-/*$`!50&2#$!
1*!.#$!(#.@/2)#$!a'*!*$/K-!$2*-1#!2-5*$/2%01#$!=!<0-!&*-'-)201#!*$/K-!&*$(0.10-1#!.0$!
)0-1210/'&0$!1*!$'$!<*&40-#$!=!)7-='%*$`!a'2*-*$!.#$!&**4(.060&@0-!1*!40-*&0!/0.!a'*!$*!
40-/*-1&@0!$'!2-8.'*-)20!$#3&*!*.!A#-%&*$#:Q9!!
!!
OB-)'."#$*-/&*$.0#$P,V$;$#'#$#')*#"&*#$
U\2$/*-!128*&*-)20$!*-/&*!.#$!%&'(#$!$')*$#&*$!1*!.#$!(0&042.2/0&*$!=!.0$!J,A9!U-!(&24*&!
.'%0&`!.#$!%&'(#$!$')*$#&*$`!*-!$'!40=#&@0`!(0&*)*-!#(*&0&!1*!40-*&0!&*.0/2504*-/*!
2-1*(*-12*-/*!*-/&*!$@+!0.!(0&*)*&!0c-!-#!<0-!)#-8#&401#!'-0!)#0.2)27-!c-2)0!a'*!.*$!
(*&42/0!0&/2)'.0&!4*/0$!*!2-/*&*$*$!)#4'-*$`!)##&12-0&!$'$!0)/252101*$!1*.2)/250$!=`!*-!
0.%'-#$!)0$#$`!$'$!#(*&0)2#-*$!1*!/2(#!42.2/0&9!U-!$*%'-1#!.'%0&`!$'$!.@1*&*$!/2*-*-!4*-#$!
52$232.2101!a'*!0.%'-#$!1*!.#$!.@1*&*$!1*!.0$!J,A`!)#4#!(#&!*?*4(.#`!A0&.#$!A0$/0X#9!g!*-!
/*&)*&!.'%0&`!.0!40=#&@0!1*!.#$!%&'(#$!$')*$#&*$!(0&*)*-!*$/0&!4*-#$!*-8#)01#$!*-!.0!.')<0!
)#-/&0!.0!2-$'&%*-)209!H#!#3$/0-/*`!/2*-*-!*-!)#4c-!)#-!.0$!J,A!'-0!40&)010!(0&/2)2(0)27-!
*-!0)/252101*$!1*.2)/250$!1*!/2(#!4082#$#`!a'*!2-).'=*-!*.!-0&)#/&K82)#`!/0.!)#4#!.#!<0!
$*X0.01#!-#!$7.#!*.!%#32*&-#`!$2-#!/0432[-!.0!W2$27-!1*!J(#=#!0.!Z&#)*$#!1*!Z06!*-!
A#.#4320!1*!.0!YUJ!d.0!WJZZbYUJe::9!!g!)#4#!$*!*\(#-*!0!)#-/2-'0)27-`!*-!4')<#$!
0$(*)/#$!*$/#$!%&'(#$!$#-!'-0!)#-/2-'0)27-!1*!.#$!3.#a'*$!1*!.0$!J,A!=!$#-!$242.0&*$!0!
*$/#$9!
gJ$>'40-$?2%:/#$@0/):F$y?"4(2*-1"$*.$V"-/&".b$$gT$93B1S$gI$AyN2..0$50)20b$s*F$j*FC$N*40-0F$://(+\\]]]S#*40-0S)"4\-"/2)20#Q-0)2"-\#2..0Q50)20Qj*Qj*\<JL`RTS0#(a$D)"-#'./01"$*.$<I$1*$")/'3&*$1*$JKKLES$$,-0$&*)2*-/*$)".'4-0$*12/"&20.$*-$=.$=#(*)/01"&$/0432l-$*a(&*#0$(&*")'(0)27-$("&$.0$)"-/2-'0$2-8.'*-)20$1*$(0&/21"#$(".B/2)"#$;$)0-1210/"#$52-)'.01"#$0.$(0&042.2/0&2#4"$*-$.0#$(&7a240#$*.*))2"-*#$0.$V"-%&*#"S$$AyU*#/2&H$.0$V0(/'&0$1*.$=#/01"bCF$=.$=#(*)/01"&F$<i$1*$*-*&"F$JKKLF$://(+\\]]]S*.*#(*)/01"&S)"4\"(2-2"-\*12/"&20.\0&/2)'."<`JRJRQ(*#/2&0Q)0(/'&0Q1*.Q*#/01"$D)"-#'./01"$*.$<L$1*$*-*&"F$JKKLES$gg$_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$AX*)24"(&24*&$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320CF$_=P\N*&SZF$VU\1")SITJ<\K`F$Jg$1*$j'-2"$1*$JKK`F$://(+\\]]]S40((Q"*0S"&%\1")'4*-/"#\2-8"&4*#\[&24*#/&0.*#^JKhPUU\=.*5*-/:dz'0&/*&.;d?*("&/S(18$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLES$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & /(
B'+().@$%#
_*%c-!2-8#&4*$!(#.2)20.*$!0)*&)0!1*!.0!*$/&')/'&0!1*!.#$!%&'(#$!$')*$#&*$`!.0!40=#&@0!
*$/0&@0-!12&2%21#$!(#&!*\!?*8*$!1*!&0-%#!4*12#!1*!.0$!J,A!a'*!-'-)0!$*!1*$4#52.260&#-!#!
a'*!$24(.*4*-/*!)#-/2-'0&#-!#(*&0-1#!1*$('[$!1*!'-0!$'('*$/0!1*$4#52.260)27-9!U$/*!*$!
*.!)0$#!1*!Z*1&#!Y.25*&2#!V'*&&*&#!dA')<2..#e`!.@1*&!1*.!UDZJAl!50&2#$!1*!.#$!.@1*&*$!1*!.#$!
%&'(#$!a'*!#(*&0-!*-!W*1*..@-l!=!Y5212#!;$060!*-!.0!&*%27-!1*.!W0%10.*-0!W*12#`!*-/&*!
#/&#$9!G0-2*.!D*-17-`!a'*!12&2%27!0!.#$!,&03*X#$!<0$/0!$*&!)0(/'&01#!*-!FCCT`!/0432[-!*&0!
42*43&#!1*!.0$!J,A!=!<*&40-#!1*!]&*11=!D*-17-`!*.!.@1*&!1*.!k.#a'*!U.4*&!AK&1*-0$!1*!.0$!
J,A9!"0!(&2-)2(0.!*\)*()27-!*$!*.!%&'(#!D0$/&#?#$!a'*`!$*%c-!$*!2-8#&40`!$*!<03&@0!#&2%2-01#!
)#4#!'-!3&06#!0&401#!1*.!)0&/*.!1*!-0&)#/&K82)#!1*.!H#&/*!1*.!I0..*`!0.!)'0.!-#!$*!.*!(*&42/27!
(0&/2)2(0&!*-!*.!(&#)*$#!1*!1*$4#52.260)27-9!
!
4.)1%7)C>'1%#<#%7).0#.17'?'+.+(0#+("'17'?.0#
J.!2%'0.!a'*!.#$!3.#a'*$!1*!.0$!J,A`!.#$!%&'(#$!$')*$#&*$!*$/K-!('-104*-/*!
2-5#.')&01#$!*-!*.!-0&)#/&K82)#!=!#/&0$!0)/252101*$!1*.2)/250$`!a'*!2-).'=*-!*.!)#-/&030-1#`!
.0!*\/#&$27-!=!*.!.0501#!1*!0)/25#$`!*-/&*!#/&0$9!G*!<*)<#`!.0$!J,A!$*!8#&40&#-!0!(0&/2&!1*.!
%&'(#!iW'*&/*!0!_*)'*$/&01#&*$j`!'-0!0.20-60!)#-8#&4010!*-!.#$!0X#$!#)<*-/0!(#&!.#$!
-0&)#/&082)0-/*$!Z03.#!U$)#30&`!]21*.!A0$/0X#`!V#-60.#!D#1&@%'*6!V0)<0!=!#/&#$`!)#-!*.!
#3?*/#!1*!.23*&0&!0!/&082)0-/*$!#!8042.20&*$!1*!/&082)0-/*$!a'*!<03@0-!$21#!$*)'*$/&01#$!(#&!
%&'(#$!%'*&&2..*&#$:>9!
!
U-!H#&/*!1*!_0-/0-1*&`!(#&!*?*4(.#`!0'-!)'0-1#!*.!k.#a'*!A0/0/'43#!1*!.0$!J,A!(0&/2)2(7!
*-!<#&&#&#$0$!40$0)&*$!=!40/0-60$!1*!)252.*$!0!a'2*-*$!)0/0.#%030-!)#4#!i$24(0/260-/*$!
1*!.0!%'*&&2..0j`!.0$!8'*-/*$!&*.0/0&#-!a'*!$7.#!*-!&0&0$!#)0$2#-*$!/*-@0-!)#430/*$!12&*)/#$!
)#-!.0!%'*&&2..09!,-0!1*!$'$!(&2-)2(0.*$!0)/252101*$!*&0!)#-/&#.0&!.#$!.')&0/25#$!)#&&*1#&*$!
1*.!-0&)#/&K82)#!=!&*0.260&!#(*&0)2#-*$!1*!)#-/&030-1#!*-!.0!8&#-/*&0!)#-!I*-*6'*.0`!0$@!
)#4#!*\/#&$27-!=!#/&0$!0)/252101*$!1*.2)/250$:L9!
!
W')<#$!)#-#)21#$!(0&042.2/0&*$!)#4#!iG#-!k*&-0j!#!iW0)0)#j!8'*&#-!2-2)20.4*-/*!
-0&)#/&082)0-/*$!0-/*$!1*!(&*$*-/0&$*!0.!4'-1#!)#4#!(0&042.2/0&*$:R9!
! gR$>'40-$?2%:/#$@0/):F$V"."4320$}$!0$94('-2101$1*$V:*n'*&0$*-$V"."4320F$JJ$1*$#*(/2*43&*$1*$JKKTF$://(+\\:&]S"&%\30)f%&"'-1*&\04*&2)0#\):*)f3""fQ24('-2/;S(18F$(H%S$IS$gi$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*(&*#*-/0-/*$1*$.0$o'-10)27-$U&"%&*#0&F$Vp)'/0F$<$1*$#*(/2*43&*$1*$JKK`S$g`$AX"-$G*&-0C$8'*$0-/*&2"&4*-/*$j*8*$1*$#*%'&2101$1*$.0$8042.20$Z0.*0-"F$0#")2010$0$=#)"30&$*$2-/*%&0-/*$1*.$)0&/*.$1*$h*1*..B-S$>'40-$?2%:/#$@0/):F$V"."4320$}$!0$94('-2101$1*$V:*n'*&0$*-$V"."4320F$JJ$1*$#*(/2*43&*$1*$JKKTF$://(+\\:&]S"&%\30)f%&"'-1*&\04*&2)0#\):*)f3""fQ24('-2/;S(18F$(H%S$<Kv$A=.$9-/")03.*CF$N*40-0F$L$1*$j'-2"$1*$JKKiF$://(+\\]]]S#*40-0S)"4\]8d9-8"P&/2)'."S0#(ab21P&/c<KIJLR$D)"-#'./01"$*.$TK$1*$03&2.$1*$JKK`ES$
& & & & & & //& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
,-!#82)20.!1*!0./#!&0-%#!1*!.0!(#.2)@0!..*%7!0!*\(&*$0&!0!f'40-!D2%</$!h0/)<!a'*!5*@0!'-0!
).0&0!)#-/2-'2101!*-/&*!.#$!(0&042.2/0&*$!=!.#$!%&'(#$!$')*$#&*$`!*-!*.!$*-/21#!1*!a'*!.#$!
3.#a'*$!1*!.0$!J,A!i-#!*&0-!(0&042.2/0&*$l!*&0-!40820$!-0&)#/&082)0-/*$!a'*!$*!0%0&&0-!1*.!
(0&042.2/0&2$4#9!n"#$!%&'(#$!$')*$#&*$o!$#-!*.!(')/#!1*!'-0!1*$4#52.260)27-!)#-!4')<#!
*-%0X#9!!U$/#$!/2(#$!-#$!*-%0X0&#-!0!/#1#$9!;-)#&(#&0&#-!0!4')<0)<#$!1*$(.0601#$9!!H#!$*!
1*$4#52.260&#-!.#$!a'*!40/030-j:T9!
!
!17'?'+.+(0#1%*7).'*0;)$(*7(0#
f'40-!D2%</$!h0/)<!&*)2327!2-8#&40)27-!a'*!2-12)030!a'*!0.%'-#$!1*!.#$!%&'(#$!$')*$#&*$!
d#!$*)/#&*$!1*-/&#!1*!*$/#$e!#)0$2#-0.4*-/*!(0&/2)2(030-!*-!#(*&0/25#$!)#-/&0!.0!
2-$'&%*-)20!=!*-!(*&$*)')2#-*$!1*!(*&$#-0$!0!a'2*-*$!)#-$21*&030-!)#.03#&01#&*$!1*!.0$!
]JDA`!(0&/2)'.0&4*-/*!*-!&*%2#-*$!1#-1*!.0$!]JDA!0c-!/2*-*-!(&*$*-)209!Z#&!*?*4(.#`!*-!
W*/0`!(#3.01#&*$!1*!.0!6#-0!2-8#&40&#-!a'*!42*43&#$!1*!.#$!%&'(#$!$')*$#&*$!<03@0-!
*$/01#!3'$)0-1#!2-8#&40)27-!0)*&)0!1*!(*&$#-0$!a'*!(#1&@0-!<03*&!0='101#!0!%'*&&2..*&#$`!
=!<03@0-!04*-0601#!0!#/&0$!(#&!)#-$21*&0&.0$!i)#.03#&01#&*$!1*!.0!%'*&&2..0j9!^0432[-!*-!
H0&2X#`!f'40-!D2%</$!h0/)<!&*)2327!2-8#&40)27-!0)*&)0!1*!(#$23.*$!*-8&*-/042*-/#$!*-/&*!
0.%'-#$!1*!.#$!%&'(#$!$')*$#&*$!=!.0$!]JDA9!
!
W')<0$!1*!.0$!04*-060$!a'*!.#$!$2-12)0.2$/0$`!.#$!1*8*-$#&*$!1*!1*&*)<#$!<'40-#$!=!#/&0$!
(*&$#-0$!<0-!&*)2321#!1*!.#$!%&'(#$!$')*$#&*$!$*!&*82*&*-!0!.0$!(*&$#-0$!a'*!$#-!3.0-)#$!
1*!$'$!0%&*$2#-*$!)#4#!%'*&&2..*&#$!#!)#.03#&01#&*$!1*!.0!%'*&&2..0`!'/2.260-1#!'-!.*-%'0?*!
$242.0&!0.!1*!.0$!J,A9!G*!40-*&0!$242.0&`!.#$!(0-8.*/#$!04*-060-/*$!a'*!0(0&*)2*&#-!*-!
4')<0$!.#)0.2101*$!=!)2'101*$!1*!A#.#4320!*-!*.!c./24#!0X#`!a'*!*-!0.%'-0$!#)0$2#-*$!
*$/030-!82&401#$!(#&!.0$!iO%'2.0$!H*%&0$j!'!#/&#$!%&'(#$!$242.0&*$`!0!4*-'1#!$*!&*82*&*-!0!
$'$!1*$/2-0/0&2#$!)#4#!i#3?*/25#$!42.2/0&*$j!=!.#$!0)'$0-!1*!i%'*&&2..*&#$j>C9!
!
"0!40=#&@0!1*!.#$!%&'(#$!$')*$#&*$!(0&*)*-!*$/0&!4*-#$!*-8#)01#$!*-!.0!)#-/&02-$'&%*-)20!
a'*!.0$!J,A9!G*!<*)<#`!8'*-/*$!1*.!%#32*&-#!0!4*-'1#!<03.0-!1*!5@-)'.#$!*-/&*!.#$!%&'(#$!
$')*$#&*$!)#-!.0$!]JDA!#!*.!U"H`!0.!4*-#$!(0&0!82-*$!1*!-0&)#/&K82)#9!I0&20$!8'*-/*$!
*\(&*$0&#-!0!f'40-!D2%</$!h0/)<!a'*`!*-!H0&2X#!=!A0')0`!*.!%&'(#!D0$/&#?#$!da'*!-'-)0!
gL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$"82)20.$1*$0./"$&0-%"$1*$.0$U".2)B0$M0)2"-0.F$G"%"/HF$<i$1*$j'.2"$1*$JKKLS$RK$AU*&#"-0#$4*-)2"-010#$*-$(0-8.*/"#$1*$|%'2.0#$M*%&0#$8'*&"-$0#*#2-010#$*-$h02)0"$;$"/&0#$)2'101*#CF$&*52#/0$V0432"F$<L$1*$40&6"$1*$JKKLF$://(+\\]]]S)0432"S)"4S)"\(02#)0432"\`JK\P?[9V,!_Q@=GQM_[Pd9M[=?9_?dVPhG9_QI``g`IiS:/4.$D)"-#'./01"$*.$<I$1*$")/'3&*$1*$JKKLES$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & /.
<03@0!8#&401#!(0&/*!1*!.0$!J,Ae!<03&@0!8#&?01#!'-0!0.20-60!)#-!.#$!%'*&&2..*&#$!1*.!U"H!
)#-/&0!.0$!]JDA`!(0&0!)#-/&#.0&!*.!/*&&2/#&2#!)#-!82-*$!1*!-0&)#/&K82)#>B9!
!
J'-!0$@`!.0$!(&#(20$!J,A!2-).'@0-!0!50&2#$!%&'(#$!a'*!-#!*$/030-!(&2-)2(0.4*-/*!
)#-)*-/&01#$!*-!0)/252101*$!)#-/&02-$'&%*-/*$`!/0.*$!)#4#!.#$!%&'(#$!1*!G#-!k*&-0!*-!
W*1*..@-`!a'*!$*!)#-)*-/&030-`!*-!%&0-!4*1210`!*-!)#-/&#.0&!0)/252101*$!1*.2)/250$9!"#!
42$4#!('*1*!1*)2&$*!1*!.#$!%&'(#$!12&2%21#$!(#&!A0&.#$!W0&2#!m24[-*6!H0&0-?#!diW0)0)#je`!
*.!?*8*!1*.!k.#a'*!A*-/&0.!k#.@50&!1*!.0$!J,Al!D#1&2%#!Z[&*6!J.60/*!diZ03.#!_*52..0-#je`!*.!?*8*!
1*.!k.#a'*!"23*&01#&*$!1*.!_'&l!=!]&0-)2$)#!m052*&!v'.'0%0!diV#&1#.2-1#je`!a'*!12&2%@0!*.!
k.#a'*!Z0)@82)#!1*!.0$!J,A>F9!
!
_*%c-!.#!*\(&*$0!.0!)##&12-01#&0!1*!.#$!82$)0.*$!*$(*)20.2601#$!a'*!2-5*$/2%0-!0!.#$!%&'(#$!
$')*$#&*$`!*$/#$!%&'(#$!$#-!i'-!1*$0&&#..#!1*!.#$!(0&042.2/0&*$999!!U$*!$#(#&/*!21*#.7%2)#!
a'*!/*-@0-!n.#$!(0&042.2/0&*$o`!a'*!*$!4'=!12$)'/23.*`!0<#&0!.#!*$!4K$j>E9!
R<$!"#$4*12"#$/0432l-$2-8"&40&"-$0)*&)0$1*$*#/"#$5B-)'."#S$P&2*.$o*&-0-1"$|52.0F$AV74"$#*$*#/H$10-1"$.0$%'*&&0$*-$*.$V0')0$:";CF$N*40-0F$JK$1*$")/'3&*$1*$JKKLF$://(+\\]]]S#*40-0S)"4\-"/2)20#Q)"-8.2)/"Q0&401"\)"4"Q*#/0Q10-1"Q%'*&&0Q)0')0Q:";\<TKJRiS0#(a$D)"-#'./01"$*.$J$1*$-"52*43&*$1*$JKKLES$RJ$,-$/*-2*-/*$&*/2&01"$1*.$=jl&)2/"$n'*$12)*$:03*&$/&030j01"$*-$*#/&*):0$)".03"&0)27-$)"-$."#$.B1*&*#$1*.$G!N$;$*.$GVG$1'&0-/*$50&2"#$0k"#$&*.0/0$n'*$*.$G!N$2-).'#"$:03B0$&*0.2601"$-*%")2"#$&*.0)2"-01"#$)"-$*.$-0&)"/&H82)"$)"-$8&*-/*#$1*$.0#$oP?V$;$*.$=!M$*-$JKKI$;$JKKgS$A=.$-'*5"$t5*-/2.01"&u$(0&0CF$N*40-0$DG"%"/HEF$`$1*$40&6"$1*$JKK`F$://(+\\]]]S#*40-0S)"4\]8d9-8"P&/2)'."S0#(ab21P&/c<<K<JI$D)"-#'./01"$*.$JJ$1*$03&2.$1*$JKK`ES$=-$40;"$1*$JKKgF$#*$*-)"-/&0&"-$<g$/"-*.010#$1*$)")0B-0$*-$3"/*#$*-$['40)"F$n'*$*#/030-$40&)010#$)"-$."#$#B43"."#$1*$.0#$oP?V$;$1*$."#$(0&042.2/0&*#S$AM0&2k"F$('*&/"$1*$)")0$*-$*.$U0)B82)"CF$=.$[2*4("$DG"%"/HEF$://(+\\]]]S*./2*4("S)"4\0&):25"\1")'4*-/"\hPhQ<RiRgLT$D)"-#'./01"$*.$J$1*$")/'3&*$1*$JKKLES$RT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$h2&204$V*)2.20$h*1&0-"$Z74*6F$V""&12-01"&0$1*.$Z&'("$1*$[0&*0#$=#(*)20.F$,-2101$M0)2"-0.$V"-/&0$G0-10#$V&242-0.*#F$JT$1*$j'.2"F$JKKLS$
& & & & & & /,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
!
=38'J0#A,+,"4-%'?'$"&*##%((%'$"'(%&'A#0;%&'&05"&%#"&'
!
"0$!1*$4#52.260)2#-*$!1*!.0$!J,A!/*&42-0&#-!#82)20.4*-/*!*.!B:!1*!0%#$/#!1*!FCC>>Q9!
Z#$/*&2#&4*-/*`!-'4*&#$#$!%&'(#$!$')*$#&*$!*$/&*)<04*-/*!52-)'.01#$!)#-!.0$!J,A!
0(0&*)2*&#-!*-!50&20$!(0&/*$!1*.!(0@$9!
!
"0!W2$27-!1*!J(#=#!0.!Z&#)*$#!1*!Z06!*-!A#.#4320!d#!WJZZe!1*!.0!YUJ`!0(#=K-1#$*!*-!
2-8#&40)27-!#82)20.!#3/*-210!1*!.0!(#.2)@0!)#.#4320-0`!2-8#&47`!0!(&2-)2(2#$!1*!FCCL`!a'*!
<03@0!21*-/282)01#!iFF!*$/&')/'&0$`!*-!.0$!)'0.*$!$*!*-)'*-/&0!.0!(0&/2)2(0)27-!1*!40-1#$!
4*12#$!t1*$4#52.2601#$!#!-#t`!*.!&*).'/042*-/#!1*!*\)#430/2*-/*$!1*!.0$!0'/#1*8*-$0$`!=!
*.!)#-/&#.!1*!*)#-#4@0$!2.@)2/0$j>:9!"0!WJZZ!*$/247!a'*!.#$!%&'(#$!)#-/030-!)#-!
0(&#\240104*-/*!E9CCC!42*43&#$>>9!
!
RI$_82)2-0$1*.$P./"$V"42#2"-01"$(0&0$.0$U06F$U&*#21*-)20$1*$.0$?*(p3.2)0$1*$V"."4320F$AU&")*#"$1*$U06$)"-$.0#$P'/"1*8*-#0#+$9-8"&4*$=j*)'/25"CF$12)2*43&*$1*$JKKRF$]]]S0./")"42#2"-01"(0&0.0(06S%"5S)"\.23&"\!23&"S(18$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEF$(H%S$`$Rg$_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$A_)/05"$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320$DhPUU\_=PECF$_=P\N*&SZ$VU\1")S$I<iR\KiF$<I$1*$8*3&*&"$1*$JKKiF$://(+\\]]]S40((Q"*0S"&%\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e52*]c0&/2).*e21cJJe9/*421ciI$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEF$(H%S$TS$RR$_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$A_)/05"$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320$DhPUU\_=PECF$_=P\N*&SZ$VU\1")S$I<iR\KiF$<I$1*$8*3&*&"$1*$JKKiF$://(+\\]]]S40((Q"*0S"&%\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e52*]c0&/2).*e21cJJe9/*421ciI$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEF$(H%S$RS$X*#/0)7$*#(*)B82)04*-/*$n'*$:03B0$5*&282)01"$)0#"#$1*$&*0&4*$*-$."#$*#/01"#$1*$!0$Z'0j2&0F$V*#0&F$P/.H-/2)"F$M"&/*$1*$N0-/0-1*&F$G".B50&F$V7&1"30F$[".240F$V0#0-0&*F$V0n'*/H$;$M0&2k"v$;$*42/27$A0.*&/0#$1*$&*0&4*C$&*#(*)/"$1*$"/&"#$%&'("#$n'*F$0(0&*-/*4*-/*F$"(*&030-$2-$V*0&F$h0%10.*-0F$N')&*F$N0-/0-1*&F$P-/2"n'20F$h*/0F$M0&2k"$;$U'/'40;"S$$
_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$A_)/05"$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320$DhPUU\_=PECF$_=P\N*&SZ$VU\1")S$I<iR\KiF$<I$1*$8*3&*&"$1*$JKKiF$://(+\\]]]S40((Q"*0S"&%\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e52*]c0&/2).*e21cJJe9/*421ciI$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEF$(H%#S$iQ<<S$=-$2-8"&4*#$("#/*&2"&*#F$.0$hPUU$5".527$0$*a(&*#0&$#'$(&*")'(0)27-$("&$.0#$0)/252101*#$;$*.$)&*)242*-/"$1*$*#/"#$%&'("#$#')*#"&*#S$_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$AXl)24"$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320CF$_=P\N*&SZF$VU\1")SIJIL\KiF$T<$1*$")/'3&*$1*$JKKiF$://(+\\]]]S40((Q"*0S"&%\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e52*]c0&/2).*e21cJJe9/*421ciI$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEv$AX*)24"(&24*&$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320CF$_=P\N*&SZF$VU\1")SITJ<\K`F$Jg$1*$j'-2"$1*$JKK`F$://(+\\]]]S40((Q"*0S"&%\1")'4*-/"#\2-8"&4*#\[&24*#/&0.*#^JKhPUU\=.*5*-/:dz'0&/*&.;d?*("&/S(18$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEv$AX*)24"#*%'-1"$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320CF$_=P\N*&SZF$VU\1")SITRg\KL$)"&&S<F$L$1*$8*3&*&"$1*$JKKLF$://(+\\]]]S40((Q"*0S"&%\#2/*#\1*80'./\82.*#\240%*#\/]*.8/:n'0&/*&.;&*("&/^JK40((S(18$D)"-#'./01"$*.$R$1*$0%"#/"$1*$JKKLES$,-"#$4*#*#$4H#$/0&1*F$.0$V"42#27-$M0)2"-0.$1*$?*(0&0)27-$;$?*)"-)2.20)27-$*42/27$'-$2-8"&4*$n'*$/0432l-$015*&/B0$0)*&)0$1*$.0$0(0&2)27-$1*$%&'("#$#')*#"&*#F$;$1*#/0)7$n'*$#*$*#/24030$n'*$12):"#$%&'("#$)"-/030-$)"-$*-/&*$TKKK$;$gKKK$42*43&"#S$P#242#4"F$12):"$2-8"&4*$:0)*$'-$..0401"$A0$.0$#")2*101$;$0.$%"32*&-"$(0&0$n'*$#*$&*)"-"6)0$.0$%&05*101$1*$*#/0$#2/'0)27-$n'*$04*-060$)"-$.0$("#232.2101$1*$n'*$#'&j0-$-'*5"#$8*-74*-"#$1*$52".*-)20$*-$128*&*-/*#$&*%2"-*#CS$V"42#27-$M0)2"-0.$1*$?*(0&0)27-$;$?*)"-)2.20)27-$1*$V"."4320F$|&*0$1*$X*#4"52.260)27-F$X*#0&4*$;$?*2-/*%&0)27-F$A9-8"&4*$MSm$<+$X2#21*-/*#F$&*0&401"#$;$*4*&%*-/*#+$y30-10#$)&242-0.*#$"$/*&)*&0$%*-*&0)27-$(0&042.2/0&bC$40;"$1*$JKKiF$://(+\\]]]S)-&&S"&%S)"\-*]\2-/*&2"&d"/&"#\2-8"&4*XX?S(18$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEF$(H%#S$TF$gS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & /-
G*$1*!0a'*.!4#4*-/#`!.0!)0-/2101!1*!42*43&#$!a'*!2-/*%&0-!.#$!%&'(#$!=!.0$!K&*0$!*-!a'*!
*$/#$!#(*&0-!<0-!)&*)21#!1*!40-*&0!$#$/*-2109!"0$!*$/240)2#-*$!0)*&)0!1*.!-c4*&#!1*!
%&'(#$!$')*$#&*$!=!.0!)0-/2101!1*!42*43&#$!)#-!a'*!)'*-/0-!50&@0-!-#/03.*4*-/*!1*!
0)'*&1#!)#-!.0!8'*-/*!0-0.26010`!(*&#`!*-!0.%'-#$!)0$#$`!..*%0!0!BC9FCC!42*43&#$>L9!J!
4*1201#$!1*!FCCR`!.0!WJZZ!*\(&*$7!$'!(&*#)'(0)27-!(#&a'*!i*$/0$!80))2#-*$!)#-/2-c*-!*!
2-).'$#!$*!2-)&*4*-/*-`!0!(*$0&!1*!.0$!0))2#-*$!&*0.26010$!(#&!.0!]'*&60!Zc3.2)09!"#!0-/*&2#&!
4'*$/&0!'-0!24(#&/0-/*!)0(0)2101!1*!&*$2$/*-)20!=!&*-#50)27-`!)#-!&*)'&$#$!a'*!(*&42/*-!
'-!&*).'/042*-/#!)#-$/0-/*!=!*.!40-/*-242*-/#!1*!.0!)#&&'()27-!*-!*.!-25*.!.#)0.j>R9!
!
_*%c-!8'*-/*$!(#.2)20.*$`!a'*!40-*?0-!.0$!)28&0$!4K$!)#-$*&501#&0$`!.0!)0-/2101!/#/0.!1*!
%&'(#$!$*!<0!&*1')21#`!101#!a'*!4')<#$!$*!<0-!8'$2#-01#!#!03$#&321#!*-/&*!$@`!=!0.%'-#$!
<0-!1*$0(0&*)21#!#!<0-!$21#!1*&&#/01#$>T9!H#!#3$/0-/*`!.0!)0-/2101!1*!42*43&#$!)#-!a'*!
)'*-/0-!=!$'!(&*$*-)20!&*%2#-0.!$2%'*!)&*)2*-1#9!J.!BL!1*!?'.2#!1*!FCCT`!.0!(#.2)@0!2-8#&4030!
a'*!.#$!%&'(#$!/*-@0-!Q9CEL!42*43&#$`!.#!)'0.!4#$/&030!'-!0'4*-/#!)#-!&*$(*)/#!0!.#$!
E9L>C!a'*!.0!42$40!8'*-/*!<03@0!1*).0&01#!0(*-0$!'-#$!4*$*$!0-/*$`!*-!8*3&*&#!1*!FCCT9!
Y(*&0-!*-!FQ!1*!.#$!EF!1*(0&/04*-/#$!1*!A#.#43209!"0$!)28&0$!(#.2)20.*$!/0432[-!4'*$/&0-!
a'*`!*-/&*!8*3&*&#!=!?'.2#!1*!FCCT`!.#$!%&'(#$!)#4*-60&#-!0!#(*&0&!*-!FB!-'*5#$!
4'-2)2(2#$`!=!(0$0&#-!1*!/*-*&!(&*$*-)20!*-!B:F!4'-2)2(2#$!0!#(*&0&!*-!BLELC9!
Ri$=-$'-0$*-/&*52#/0$&*0.26010$*-$j'.2"$1*$JKKLF$."#$&*(&*#*-/0-/*#$1*$.0$hPUU\_=P$*a(&*#0&"-$0$>'40-$?2%:/#$@0/):$n'*$*#/24030-$n'*$."#$%&'("#$#')*#"&*#$)"-/030-$)"-$*-/&*$iSKKK$;$`SKKK$42*43&"#F$1*$."#$)'0.*#$0(&"a240104*-/*$ISKKK$0$ISgKK$*&0-$(0&042.2/0&*#$n'*$0-/*&2"&4*-/*$#*$:03B0-$1*#4"52.2601"S$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$&*(&*#*-/0-/*#$1*$.0$hPUU\_=PF$G"%"/HF$<i$1*$j'.2"$1*$JKKLS$!0$"&%0-260)27-$-"$%'3*&-04*-/0.$M'*5"$P&)"$9&2#$*#/247F$*-$'-$*#/'12"$&*0.2601"$*-$12)2*43&*$1*$JKK`F$n'*$."#$%&'("#$/*-B0-$(&*#*-)20$*-$JIR$4'-2)2(2"#$n'*$)"-/030-$)"-$0.$4*-"#$<KSJKK$42*43&"#S$h0'&2)2"$?S$O210.$;$P-%l.2)0$PS$_&/26F$AtG0-10#$V&242-0.*#uF$N*%'&2101$X*4")&H/2)0$;$V"&&'()27-CF$&*52#/0$P&)0-"#F$V"&("&0)27-$M'*5"$P&)"$9&2#F$5".S$<<F$-Sm$<IF$12)2*43&*$1*$JKK`F$(H%S$IgS$!0$"&%0-260)27-$-"$%'3*&-04*-/0.$9-1*(06$2-8"&47F$*-$12)2*43&*$1*$JKK`F$n'*$:03B0$gT$%&'("#$*-$T<$1*(0&/04*-/"#F$)"-$(&*#*-)20$*-$JRR$4'-2)2(2"#S$9-1*(06F$AU&*#*-)20$1*$%&'("#$-0&)"Q(0&042.2/0&*#$*-$*.$JKK`CF$U'-/"$1*$=-)'*-/&"$MSm$gJF$12)2*43&*$1*$JKK`F$(H%S$I`S$R`_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$AX*)24"(&24*&$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320C$_=P\N*&SZF$VU\1")SITJ<\K`F$Jg$1*$j'-2"$1*$JKK`F$://(+\\]]]S40((Q"*0S"&%\1")'4*-/"#\2-8"&4*#\[&24*#/&0.*#^JKhPUU\=.*5*-/:dz'0&/*&.;d?*("&/S(18$D)"-#'./01"$*.$R$1*$0%"#/"$1*$JKKLEF$(H%S$IS$!0$hPUU$&*2/*&7$#'$(&*")'(0)27-$*-$JKKLF$;$1*#/0)7$n'*$:03B0$"3#*&501"$.0$A)0(0)2101$1*$t&*-"50)27-u$n'*$/2*-*-$*#/0#$*#/&')/'&0#$2.*%0.*#F$*#(*)20.4*-/*$*-$#'#$40-1"#F$."$)'0.$#*$)"-#/2/';*$*-$'-$&*/"$(0&0$.0#$0'/"&2101*#$0$82-$1*$-"$(*&42/2&$#'$&*"&%0-260)27-$"$*.$&*#'&%242*-/"$1*$"/&"#$.21*&06%"#CS$_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$AX*)24"/*&)*&$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320CF$w-p4*&"$"82)20.$-"$12#("-23.*xF$J<$1*$")/'3&*$1*$JKKLF$://(+\\]]]S40((Q"*0S"&%\1")'4*-/"#\2-8"&4*#\~999^JK9Mo_?h=^JKhPUUKLS(18$D)"-#'./01"$*.$TK$1*$")/'3&*$1*$JKKLEF$(H%S$`S$RL$U"&$*j*4(."F$8'*-/*#$(".2)20.*#$*a(&*#0&"-$0$>'40-$?2%:/#$@0/):$n'*$."#$?0#/&"j"#$:03B0-$03#"&321"$0$.0#$|%'2.0#$M*%&0#$*-$*.$1*(0&/04*-/"$1*$M"&/*$1*$N0-/0-1*&$*-$.0$&*%27-$#'&$1*.$1*(0&/04*-/"$1*$G".B50&S$X*$40-*&0$#242.0&F$*.$%&'("$P./0$Z'0j2&0$:03B0$#21"$03#"&321"$("&$."#$U02#0#S$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*(&*#*-/0-/*$1*$.0$U".2)B0$M0)2"-0.F$G"%"/HF$<i$1*$j'.2"$1*$JKKLS$iK$U".2)B0$M0)2"-0.$1*$V"."4320F$X2&*))27-$1*$V0&032-*&"#$;$N*%'&2101$?'&0.F$Z&'("$1*$N*%'242*-/"$0$Z&'("#$P&401"#$9.*%0.*#F$V"4(0&0/25"$Z*-*&0.$G0-10#$V&242-0.*#$M0&)"/&082)0-/*#F$<i$1*$j'.2"$1*$JKKLv$h*4"&0-1"$1*$h*#0$[l)-2)0$1*$V"-/*"$G0-10#$V&242-0.*#$MSm$LF$G"%"/HF$JL$1*$j'-2"$1*$JKKLS$=-$'-$2-8"&4*$1*$4*1201"#$1*$JKK`F$.0$hPUU$/0432l-$#*$&*82&27$0$.0$*a2#/*-)20$1*$'-$A)"&&*1"&$)&B/2)"$1*$08*)/0)27-$n'*$(0&/*$1*#1*$*.$,&03HF$*-$12&*))27-$:0)20$*.$"&2*-/*F$(0#0-1"$("&$*.$#'&$1*$V7&1"30F$*.$G0j"$V0')0F$*.$#'&$1*.$G".B50&F$G0&&0-)03*&4*j0$;$0.%'-"#$4'-2)2(2"#$0.*10k"#F$*.$#'&$1*.$V*#0&F$..*%0-1"$:0#/0$.0$(&"52-)20$1*$_)0k0F$*-$*.$4'-2)2(2"$1*$M"&/*$1*$N0-/0-1*&CS$_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$AX*)24"(&24*&$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$
& & & & & & /A& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
!"#$(&2-)2(0.*#$%&'("#$#')*#"&*#$
J!4*1201#$!1*!FCCT`!1#)'4*-/#$!(#.2)20.*$!2-12)030-!a'*!*\2$/@0-!#)<#!%&'(#$!$')*$#&*$!
*-!0)/252101LB9!_*%c-!8'*-/*$!1*!.0!(#.2)@0!=!.0!]2$)0.@0!V*-*&0.`!)'0/&#!1*!.#$!%&'(#$!$#-!
-#/03.*4*-/*!4K$!8'*&/*$!=!)#-$/2/'=*-!*.!(&2-)2(0.!8#)#!1*!0/*-)27-!1*!.0$!0'/#&2101*$LF+!
!
• "#$!1*!,&03K!#!.#$!,&03*X#$+!0-/*&2#&4*-/*`!*$/*!%&'(#!8'*!12&2%21#!(#&!G0-2*.!
D*-17-!d)#-#)21#!/0432[-!)#4#!iG#-!W0&2#je`!'-!42*43&#!-#!1*$4#52.2601#!1*!.0$!
J,A!a'*!/0432[-!*$!<*&40-#!1*!]&*11=!D*-17-!J&20$!diU.!J.*4K-je`!*\!.@1*&!1*.!
3.#a'*!(0&042.2/0&!iU.4*&!AK&1*-0$j!`!a'*!$'('*$/04*-/*!$*!1*$4#52.267!*-!
FCC>LE9!G*$('[$!1*!.0!)0(/'&0!1*!G#-!W0&2#!0!(&2-)2(2#$!1*!FCCT`!.0!1#)'4*-/0)27-!
1*!.0!(#.2)@0!2-12)030!a'*!*.!%&'(#!$*!<03@0!('*$/#!30?#!.0$!7&1*-*$!1*!m'0-!1*!G2#$!
,$'%0!G0521`!)#-#)21#!/0432[-!)#4#!iV2#50--2jLQ9!H#!#3$/0-/*`!*-!#)/'3&*!1*!
FCCT`!.0!(#.2)@0!2-8#&47!.0!1*/*-)27-!1*!#/&#!<#43&*`!Y40&!J.3*&/#!V74*6`!
)#-#)21#!)#4#!iU.!V'0?2&#j`!0!a'2*-!21*-/282)0&#-!)#4#!.@1*&!1*.!%&'(#L:9!_*%c-!
1#)'4*-/#$!(#.2)20.*$`!*$/*!%&'(#`!a'*!0-/*&2#&4*-/*!'/2.267!#/&#$!-#43&*$`!)#4#!
if[&#*$!1*!A0$/0X#j!d*-!0.'$27-!0.!1*$0(0&*)21#!?*8*!1*!.0$!J,A!A0&.#$!A0$/0X#e!=!
iJ'/#1*8*-$0$!V02/0-2$/0$!1*!A#.#4320j`!04(.27!$'!K&*0!1*!#(*&0)2#-*$!1*!.0!
&*%27-!1*!,&03K!1*!A<#)7!=!J-/2#a'20!0!-'*5*!1*(0&/04*-/#$!=!LT!4'-2)2(2#$9!_*!
<0!2-8#&401#!a'*!*.!%&'(#!)'*-/0!)#-!B9BFC!42*43&#$L>9!
• "#$!D0$/&#?#$+!$*%c-!4c./2(.*$!2-8#&4*$!&*)2321#$!(#&!f'40-!D2%</$!h0/)<`!.#$!
D0$/&#?#$!*&0-!'-!3&06#!0&401#!1*.!)0&/*.!1*!-0&)#/&082)0-/*$!H#&/*!1*.!I0..*`!a'*!
<2$/7&2)04*-/*!<0-!*$/01#!52-)'.01#$!)#-!h2.3*&!I0&*.0!d)#-#)21#!/0432[-!)#4#!
im037-je`!'-!-0&)#/&082)0-/*!a'*!<03&@0!$21#!0$*$2-01#!*-!I*-*6'*.0!*-!*-*&#!1*!
*-$V"."4320CF$_=P\N*&SZF$VU\1")SITJ<\K`F$Jg$1*$j'-2"$1*$JKK`F$://(+\\]]]S40((Q"*0S"&%\1")'4*-/"#\2-8"&4*#\[&24*#/&0.*#^JKhPUU\=.*5*-/:dz'0&/*&.;d?*("&/S(18$D)"-#'./01"$*.$R$1*$0%"#/"$1*$JKKLEF$(H%S$IS$i<$h*4"&0-1"$1*$h*#0$[l)-2)0$1*$V"-/*"$G0-10#$V&242-0.*#$MSm$LF$G"%"/HF$JL$1*$j'-2"$1*$JKKLF$V"-).'#2"-*#S$iJ$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*(&*#*-/0-/*$1*$.0$U".2)B0$M0)2"-0.F$G"%"/HF$<i$1*$j'.2"$1*$JKKLS$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$&*(&*#*-/0-/*#$1*$.0$o2#)0.B0$Z*-*&0.F$G"%"/HF$JJ$1*$j'.2"$1*$JKKLS$iT$AN*$1*#4"52.267$G."n'*$=.4*&$VH&1*-0#CF$_82)2-0$1*.$P./"$V"42#2"-01"$(0&0$.0$U06F$)"4'-2)01"$1*$(&*-#0$1*$.0$U&*#21*-)20$1*$.0$?*(p3.2)0$1*$V"."4320F$<g$1*$0%"#/"$1*$JKKRF$://(+\\]]]S0./")"42#2"-01"(0&0.0(06S%"5S)"\-"/2)20#\JKKR\0%"#/"\0%"#/"d<gdKRS:/4$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLES$iI$h*#0$[l)-2)0$1*$V"-/*"$G0-10#$V&242-0.*#$MSm$LF$G"%"/HF$JL$1*$j'-2"$1*$JKKLS$$ig$AV0*$)"40-10-/*$1*$.0#$P'/"1*8*-#0#$Z02/0-2#/0#$1*$V"."4320CF$=.$=#(*)/01"&F$JR$1*$")/'3&*$1*$JKKLF$://(+\\]]]S*.*#(*)/01"&S)"4\-"/2)20#\j'12)20.\0&/2)'."<R`R`TQ)0*Q)"40-10-/*Q1*Q0'/"1*8*-#0#Q%02/0-2#/0#Q1*Q)"."4320$D)"-#'./01"$*.$g$1*$-"52*43&*$1*$JKKLES$iR$!"#$1*(0&/04*-/"#$#"-$V:")7F$P-/2"n'B0F$V7&1"30F$h0%10.*-0F$!0$Z'0j2&0F$N')&*F$V*#0&F$G".B50&$;$M0&2k"S$h*4"&0-1"$1*$h*#0$[l)-2)0$1*$V"-/*"$G0-10#$V&242-0.*#$MSm$LF$G"%"/HF$JL$1*$j'-2"$1*$JKKLS$$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & /B
FCCRLL9!_*!)&*@0!a'*!<03@0-!/*-21#!5@-)'.#$!)#-!*.!.@1*&!(0&042.2/0&!1*$4#52.2601#!
A0&.#$!W0&2#!m24[-*6!H0&0-?#!d)#-#)21#!/0432[-!)#4#!iW0)0)#jeLR9!U.!%&'(#!2-/*-/7!
(0&/2)2(0&!*-!*.!(&#)*$#!1*!1*$4#52.260)27-`!(*&#!82-0.4*-/*!-#!$*!.*!(*&42/27!
<0)*&.#`!(#&a'*!*.!%#32*&-#!.#!)#-$21*&7!)#4#!'-0!#&%0-260)27-!)&242-0.LT9!"#$!
1#)'4*-/#$!#82)20.*$!2-12)0-!a'*!.#$!D0$/&#?#$!#(*&0-!*-!BC!1*(0&/04*-/#$!=!:C!
4'-2)2(2#$`!)'*-/0-!)#-!B9ETQ!42*43&#$!=!*$/K-!30?#!*.!40-1#!1*!m052*&!J-/#-2#!
A0..*!_*&-0!d)#-#)21#!/0432[-!)#4#!iU.!G#)/#&jeRC9!
• "#$!Z02$0$+!4c./2(.*$!8'*-/*$!*\(&*$0&#-!0!f'40-!D2%</$!h0/)<!a'*!.#$!Z02$0$!$#-!
.#$!<*&*1*&#$!1*.!.@1*&!(0&042.2/0&!G#-!k*&-0`!=!a'*!/2*-*-!5@-)'.#$!)#-!$'!iY82)2-0!
1*!U-52%01#j`!'-0!#&%0-260)27-!)&242-0.!a'*!#(*&0!*-!W*1*..@-9!!_*%c-!4c./2(.*$!
8'*-/*$!G#-!k*&-0!)#-/2-'7!)#-/&#.0-1#!*$/#$!%&'(#$!1*$1*!.0!(&2$27-9!_*!2-8#&47!
a'*`!1*$1*!$'!*\/&012)27-`!$*!<0-!(')21#!-'4*&#$0$!.')<0$!2-/*&-0$!=!(#$23.*$!
8&0)/'&0$!1*!.#$!%&'(#$9!"#$!1#)'4*-/#$!#82)20.*$!2-12)0-!a'*!.#$!Z02$0$!#(*&0-!*-!L!
1*(0&/04*-/#$!=!Q:!4'-2)2(2#$!=!)'*-/0-!)#-!QB:!42*43&#$l!$*!12)*!a'*!$'!.@1*&!*$!
]032#!"*7-!I[.*6!A#&&*0!d)#-#)21#!/0432[-!)#4#!iH2/#jeRB9!
• U?[&)2/#!D*5#.')2#-0&2#!Z#('.0&!J-/2/*&&#&2$/0!A#.#4320-#!#!UDZJA+!*$/*!%&'(#!*$!
12&2%21#!(#&!Z*1&#!Y.25*&2#!V'*&&*&#!A0$/2..#!d)#-#)21#!/0432[-!)#4#!iA')<2..#je9!
A')<2..#!*$!'-!.@1*&!(0&042.2/0&!1*!.0&%0!/&0=*)/#&20`!a'*!(&24*&#!#(*&7!*-!*.!*?[&)2/#!
(&2501#!1*.!-0&)#/&082)0-/*!V#-60.#!D#1&@%'*6!V0)<0`!=!.'*%#!$*!'-27!0.!k.#a'*!
A*-/0'&#$!1*!.0$!J,A9!_*!12)*!a'*!A')<2..#!40/7!0!a'2*-!8'*!*.!.@1*&!1*.!k.#a'*!
A*-/0'&#$`!W2%'*.!J&&#=05*RF9!Z0&/2)2(7!*-!*.!(&#)*$#!1*!1*$4#52.260)27-!)#4#!.@1*&!
1*.!8&*-/*!f[&#*$!1*.!V'0520&*!1*.!k.#a'*!A*-/0'&#$`!(*&#!)#-/2-'7!$'!0)/252101!
2.*%0.9!U.!UDZJA!#(*&0!(&2-)2(0.4*-/*!*-!.0$!..0-'&0$!a'*!$*!*-)'*-/&0-!0.!*$/*!1*!
k#%#/K`!*-!.#$!1*(0&/04*-/#$!1*!W*/0`!A0$0-0&*`!I2)<010!=!V'0520&*`!0'-a'*!.#$!
2-8#&4*$!(#.2)20.*$!2-12)0-!a'*!/0432[-!/2*-*!(&*$*-)20!*-!J&0')0!=!V'02-209!"0!
(#.2)@0!*$/240!a'*!)'*-/0!)#-!LLC!42*43&#$RE9!
! ii$V:&2#$�&0'.F$AV"."4320-$1&'%$."&1$#:"/$1*01CF$!"#$P-%*.*#$[24*#F$J$1*$8*3&*&"$1*$JKK`F$://(+\\0&/2).*#S.0/24*#S)"4\JKK`\8*3\KJ\]"&.1\8%Q-0&)"J$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLES$$i`$9-/*&-0/2"-0.$V&2#2#$Z&"'(F$!"#$-'*5"#$%&'("#$0&401"#$1*$V"."4320F$9-8"&4*$#"3&*$P4l&2)0$!0/2-0$MSm$JKF$<K$1*$40;"$1*$JKKiF$(H%#S$<JQ<TS$iL$A?0#/&"j"#$#2-$.*;CF$N*40-0F$TK$1*$40;"$1*$JKKLF$://(+\\8"&"#S#*40-0S)"4\-"/2)20#Q-0)2"-\&0#/&"j"#Q.*;\<JIgIiS0#(a$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLES$$`K$h*4"&0-1"$1*$h*#0$[l)-2)0$1*$V"-/*"$G0-10#$V&242-0.*#$MSm$LF$G"%"/HF$JL$1*$j'-2"$1*$JKKLF$V"-).'#2"-*#S$!"#$1*(0&/04*-/"#$#"-$V:")7F$O0..*$1*.$V0')0F$V0')0F$M0&2k"F$P-/2"n'20F$V*#0&F$G".B50&F$N0-/0-1*&$;$V0n'*/HS$`<$9321S$`J$O*&101P32*&/0S)"4F$AV'):2.."F$U*1&"$_.25*2&"$Z'*&&*&"CF$://(+\\]]]S5*&101032*&/0S)"4\]*3T\52)/240&2"#\."#Qj*8*#\RiKQ(*&82.Q(*1&"Q".25*2&"Q%'*&&*&"Q0.20#Q)'):2.."$D)"-#'./01"$*.$R$1*$0%"#/"$1*$JKKLES$`T$h*4"&0-1"$1*$h*#0$[l)-2)0$1*$V"-/*"$G0-10#$V&242-0.*#$MSm$LF$G"%"/HF$JL$1*$j'-2"$1*$JKKLF$V"-).'#2"-*#S$
& & & & & & /0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
J1*4K$`!.0!(#.2)@0!2-8#&40!a'*!<0!21*-/282)01#!.#$!$2%'2*-/*$!%&'(#$+!
!
• D*-0)*&+!.0!(#.2)@0!2-8#&40!a'*!*$/*!%&'(#!#(*&0!*-!BB!4'-2)2(2#$!1*.!1*(0&/04*-/#!
1*!A<#)7!30?#!.0$!7&1*-*$!1*!m#$[!W0&@0!H*%&*/*!d)#-#)21#!/0432[-!)#4#!iD0c.je`!=!
a'*!)'*-/0!)#-!BCC!42*43&#$RQ9!
• H'*50!V*-*&0)27-+!f'40-!D2%</$!h0/)<!<0!&*)2321#!2-8#&40)27-!)&*@3.*!a'*!2-12)0!
a'*!*$/*!%&'(#!8'*!)&*01#!(#&!42*43&#$!1*.!k.#a'*!"23*&/01#&*$!1*.!_'&!1*!.0$!J,A`!
)0$2!2-4*120/04*-/*!1*$('[$!1*!$'!$'('*$/0!1*$4#52.260)27-9!"0!(#.2)@0!2-8#&40!
a'*!*$/*!%&'(#!#(*&0!*-!/&*$!4'-2)2(2#$!1*!H0&2X#`!30?#!.0$!7&1*-*$!1*!Y40&!
V&0--#3.*!d)#-#)21#!/0432[-!)#4#!iU.!^2%&*je`!=!a'*!)'*-/0!)#-!BBQ!42*43&#$R:9!
• "#$!1*.!W0%10.*-0!W*12#+!.0!(#.2)@0!2-8#&40!a'*!*$/*!%&'(#!#(*&0!*-!#)<#!
4'-2)2(2#$!*-!)'0/&#!1*(0&/04*-/#$`!=!a'*!)'*-/0!)#-!RC!42*43&#$9!_'!.@1*&`!
$*%c-!)#-$/0!*-!1#)'4*-/#$!(#.2)20.*$`!*$!Y5212#!;$060!d)#-#)21#!/0432[-!)#4#!
iD#a'*jeR>9!;$060!*$!'-!*\!.@1*&!1*!.0$!J,A!*-!.0!&*%27-!1*.!W0%10.*-0!W*12#9!
^0432[-!*$!<2?#!1*!D047-!;$060`!'-#!1*!.#$!(&24*&#$!=!4K$!(*-*-/*$!.@1*&*$!1*!
.0$!J,A9!G*$('[$!1*!$'!$'('*$/0!1*$4#52.260)27-`!-'-)0!(0&/2)2(7!*-!*.!(&#)*$#!1*!
m'$/2)20!=!Z06`!=!8'*!.23*&01#!(#&!.0$!0'/#&2101*$!(#&!80./0!1*!(&'*30$RL9!
• "#$!W0)<#$+!0.!2%'0.!a'*!.#$!D0$/&#?#$`!$*!12)*!a'*!*$/*!%&'(#!*$!*.!3&06#!0&401#!1*!
'-!)0&/*.!1*!-0&)#/&082)0-/*$!a'*!*\2$/@0!(&*5204*-/*9!"0!(#.2)@0!2-8#&40!a'*!#(*&0!
*-!1#$!4'-2)2(2#$!1*.!1*(0&/04*-/#!1*!I0..*!1*.!A0')0!=!)'*-/0!)#-!QQ!42*43&#$RR9!
!
"0$!*-/&*52$/0$!)#-!5@)/240$!=!0'/#&2101*$!.#)0.*$!1*!/#1#!*.!(0@$!$'%2*&*-!a'*!.0$!)28&0$!1*!
.0!(#.2)@0!)#.#4320-0!$'3*$/240-!.0!)0-/2101!1*!42*43&#$!=!*.!-c4*&#!1*!%&'(#$!$')*$#&*$!
*\2$/*-/*$9!U-!0.%'-0$!&*%2#-*$`!f'40-!D2%</$!h0/)<!&*)2327!10/#$!$#3&*!.0!*\2$/*-)20!1*!
%&'(#$!a'*!.0!(#.2)@0!-#!&*)#-#)@0!)#4#!/0.*$9!Z#&!*?*4(.#`!*-!'-0!*-/&*52$/0!)#-!f'40-!
D2%</$!h0/)<`!'-!42*43&#!1*!0./#!&0-%#!1*!.0$!8'*&60$!(#.2)20.*$!*\(&*$7!a'*!*.!%&'(#!
O%'2.0$!H*%&0$!1*!H0&2X#!*$!i4K$!4@/2)#j!a'*!&*0.2101RT9!H#!#3$/0-/*`!*-!&*2/*&010$!
#(#&/'-2101*$`!f'40-!D2%</$!h0/)<!&*)2327`!(#&!(0&/*!1*!.#$!(#3.01#&*$!1*!H0&2X#`!
2-8#&40)27-!)#2-)21*-/*!0)*&)0!1*!.0!#(*&0)27-!1*!.0$!O%'2.0$!H*%&0$`!a'*!)#-/&#.030-!
`I$9321S$`g$93B1S$`R$93B1S$`i$Z."&20$V0#/&2..7-F$A=.$o2-$1*$.0$N0-%&2*-/0$N0%0$1*$?047-$9#060CF$=.$=#(*)/01"&F$<i$1*$40;"$1*$JKK`F$://(+\\]]]S*.*#(*)/01"&S)"4\24(&*#"\j'12)20.\0&/2)'."24(&*#"Q*.Q82-Q1*Q#0-%&2*-/0Q#0%0Q1*Q&04"-Q2#060$D)"-#'./01"$*.$i$1*$0%"#/"$1*$JKKLES$``$h*4"&0-1"$1*$h*#0$[l)-2)0$1*$V"-/*"$G0-10#$V&242-0.*#$MSm$LF$G"%"/HF$JL$1*$j'-2"$1*$JKKLF$V"-).'#2"-*#S$`L$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$8'*-/*$1*$.0$U".2)B0$M0)2"-0.F$G"%"/HF$j'.2"$1*$JKKLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & .)
50&20$!&*%2#-*$!1*.!/*&&2/#&2#`!04*-06030-!0!)252.*$!=`!0(0&*-/*4*-/*`!*$/030-!.23&0-1#!'-0!
$0-%&2*-/0!30/0..0!)#-/&0!.#$!D0$/&#?#$!(#&!*.!)#-/&#.!1*!^'40)#9!W*-#$!1*!1#$!4*$*$!
1*$('[$!1*!<03*&!-*%01#!.0!*\2$/*-)20!1*!.0$!O%'2.0$!H*%&0$!*-!&*'-2#-*$!)#-!f'40-!
D2%</$!h0/)<`!.0!(#.2)@0!0-'-)27!*-!.#$!4*12#$!.0!)0(/'&0!1*!E>!42*43&#$!1*!.0$!O%'2.0$!
H*%&0$!*-!H0&2X#TC9!G*!40-*&0!$242.0&`!(*$*!0!a'*!.0!(#.2)@0!2-12)0!a'*!*.!UDZJA!)'*-/0!)#-!
LLC!42*43&#$`!*-!.0$!-#/2)20$!$*!<0-!)2/01#!10/#$!1*.!U?[&)2/#!=!*.!A'*&(#!^[)-2)#!1*!
;-5*$/2%0)27-!1*!.0!]2$)0.@0`!a'*!*$/240-!a'*!)'*-/0!)#-!B9BFC!42*43&#$!=!*$/K!)&*)2*-1#!
5*.#64*-/*!0!/&05[$!1*!'-!&*).'/042*-/#!0)/25#TB9!
!
yz'*$#"-$.0#$|%'2.0#$M*%&0#b$
U-!-'4*&#$#$!$*)/#&*$!1*.!(0@$`!.#$!/*$/2%#$!a'*!$*!)#4'-2)0&#-!)#-!f'40-!D2%</$!h0/)<!
$*X0.0&#-!a'*!.0$!(*&$#-0$!a'*!)#-/&#.030-!*.!1*.2/#!=!)#4*/@0-!0$*$2-0/#$`!
1*$(.06042*-/#$!8#&6010$`!52#.0)2#-*$!$*\'0.*$!=!04*-060$!$*!21*-/282)030-!)#4#!
42*43&#$!1*!.0$!iO%'2.0$!H*%&0$j9!"#$!5#.0-/*$!=!.0$!04*-060$!*$)&2/0$!)#-/&0!1*8*-$#&*$!
1*!1*&*)<#$!<'40-#$!0!4*-'1#!..*50-!.0!82&40!1*!O%'2.0$!H*%&0$9!
!
_2-!*430&%#`!42*43&#$!1*!.0!Z#.2)@0!12?*&#-!0!f'40-!D2%</$!h0/)<!a'*!.0$!iO%'2.0$!
H*%&0$j!-#!)#-8#&4030-!'-!c-2)#!%&'(#`!$2-#!a'*!$*!/&0/030!1*!'-!-#43&*!1*.!)'0.!$*!
<03@0-!0(&#(201#!125*&$#$!%&'(#$`!*-/&*!*..#$!.0$!(0-12..0$!.#)0.*$`!(0&0!2-8'-12&!/*4#&!
*-/&*!.0!(#3.0)27-929!!
!
A#4#!$*!$*X0.0!4K$!01*.0-/*!*-!*$/*!2-8#&4*`!*-!H0&2X#`!f'40-!D2%</$!h0/)<!&*)2327!
1*-'-)20$!$242.0&*$!1*!50&2#$!&*$21*-/*$!=!0'/#&2101*$!a'*!2-12)030-!a'*!*-!*$0!&*%27-!.0$!
O%'2.0$!H*%&0$!$#-!*-!&*0.2101!'-!c-2)#!%&'(#!$')*$#&!)#-!'-!0./#!%&01#!1*!)##&12-0)27-`!
a'*!#(*&0!*-!4')<#$!0$(*)/#$!)#4#!'-!*\!3.#a'*!1*!.0$!J,A9!U-!,&03K`!f'40-!D2%</$!
h0/)<!&*)2327!1*-'-)20$!1*!a'*!.#$!%&'(#$!$')*$#&*$!.#)0.*$!d..0401#$!0..@!,&03*X#$e!*-!
#)0$2#-*$!$*!<0-!21*-/282)01#!)#4#!O%'2.0$!H*%&0$`!=!<0-!'$01#!*$/*!-#43&*!
2-12$/2-/04*-/*!?'-/#!)#-!#/&#$9!U$/#$!%&'(#$!-#!$#-!$24(.*$!(0-12..0$!.#)0.*$9!_2-!
*430&%#`!f'40-!D2%</$!h0/)<!-#!&*)2327!2-8#&40)27-!$2%-282)0/250!a'*!2-12)0&0!a'*!.#$!
125*&$#$!%&'(#$!a'*!'/2.260-!.0!1*-#42-0)27-!O%'2.0$!H*%&0$!8'*&0-!'-!c-2)#!%&'(#!
-0)2#-0.9!!
LK$AU".2)B0$M0)2"-0.$)0(/'&7$0$-'*5*$)03*)2..0#$1*$.0#$|%'2.0#$M*%&0#CF$)"4'-2)01"$1*$(&*-#0$1*.$h2-2#/*&2"$1*$X*8*-#0$1*$.0$?*(p3.2)0$1*$V"."4320F$`$1*$#*(/2*43&*$1*$JKKLF$://(+\\]]]S42-1*8*-#0S%"5S)"\2-1*aS(:(b(0%*c<`<e21cLI<ieU>UN=NN9Xc)8*gigIJii<IRg*KR0)L)iL)Rg8ITR1L$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLES$$L<$AtV'):2.."u$;0$/2*-*$4H#$1*$<S<KK$(0&042.2/0&*#$;$th0&/B-$!.0-"#u$&*"&%0-267$#'#$0'/"1*8*-#0#CF$=.$[2*4("F$JK$1*$#*(/2*43&*$1*$JKKLS$92$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$0./"$8'-)2"-0&2"$1*$.0$U".2)B0$M0)2"-0.F$<i$1*$j'.2"$1*$JKKLS
& & & & & & .*& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
?*).'/042*-/"$1*$-'*5"#$42*43&"#$
"#$!%&'(#$!$')*$#&*$!&*).'/0-!42*43&#$!0)/2504*-/*`!#8&*)2*-1#!$0.0&2#$!4'=!0./#$!=`!*-!
0.%'-0$!#)0$2#-*$`!04*-060-1#!0!(*&$#-0$!(0&0!#3.2%0&.0$!0!$'40&$*!0!$'$!82.0$9!W')<0$!
5*)*$!3'$)0-!(#$23.*$!42*43&#$!*-/&*!.0!(#3.0)27-!1*$4#52.260109!
!
_*%c-!&*.0/7!'-!1*$4#52.2601#!1*!_')&*`!)'0-1#![.!$*!1*$4#52.267!*-!FCC:`!$'!?*8*!12?#!0.!
%&'(#+!iN'2*-!a'2*&0!*-/&*%0&$*!('*1*!<0)*&.#`!(*&#!a'2*-!a'2*&0!5#.5*&!('*1*!&*%&*$0&j!0!
$'!K&*0!1*!#(*&0)2#-*$!*-!J-/2#a'209!iU$/K-!0..@9!"0!<2$/#&20!-#!<0!/*&42-01#j`!*\(&*$79!G*!
<*)<#`!i<0=!4')<#$!%&'(#$!0)/25#$!1*!.#$!42$4#$!(0&042.2/0&*$9!;-).'$#!0=*&`!)'0-1#!8'2!0!
.0!*$)'*.0`!'-!)#4(0X*&#!4*!12?#!a'*!pA')<#q!.#!<03@0!..0401#!(0&0!1*)2&.*!a'*!
&*'-2[&04#$!0!0.%'-#$!4')<0)<#$!=!8'[&04#$9!Z0%0-!:CC!#!4K$9!W*!.#!(&#('$2*&#-!50&20$!
5*)*$`!0-/2%'#$!?*8*$`!042%#$999!W')<#$!<0-!0)*(/01#jTE9!
!
Y/&#!1*$4#52.2601#!&*.0/7!a'*!i<0=!(*&$#-0$!a'*!50-!0!.#$!-'*5#$!%&'(#$999!f0=!
4')<0)<#$!a'*!4*!(&*%'-/0-!$2!=#!*$/0&@0!12$('*$/#!0!2&!#/&0!5*69!_2*-/*$!42*1#!1*!<03.0&9!
W')<0$!(*&$#-0$!<0-!4'*&/#!(#&!<03*&!<03.01#9!"0$!0'/#1*8*-$0$!-#!$*!<0-!12$'*./#999!
f0=!#/&0$!(*&$#-0$!a'*!/0432[-!50-`!%*-/*!-'*509!nU.!(0%#o!-'-)0!*$!4*-#&!1*!4*12#!
42..7-!1*!(*$#$9!U$!8K)2.!*-/&0&`!(*&#!$0.2&!*$!128@)2.jTQ9!,-!8'-)2#-0&2#!.#)0.!1*!_2-)*.*?#!
2-8#&47!0!f'40-!D2%</$!h0/)<!a'*!/*-@0!)#-#)242*-/#!1*!0(&#\240104*-/*!BQ!)0$#$!1*!
1*$4#52.2601#$!a'*!<03@0-!$21#!)#-/0)/01#$!(#&!$'$!0-/2%'#$!?*8*$!(0&0!(&#(#-*&.*$!a'*!
5#.52*&0-!0!2-)#&(#&0&$*!0!$'$!%&'(#$T:9!
!
,-!42*43&#!1*!'-0!#&%0-260)27-!1*!(0&042.2/0&*$!1*$4#52.2601#$!1*!k0&&0-)03*&4*?0!
&*.0/7!a'*!42*43&#$!1*!$'!#&%0-260)27-!<03@0-!$21#!0$*$2-01#$9!iU$/04#$!0/&05*$0-1#!'-!
4#4*-/#!)#4(.*?#!(#&a'*!*$/04#$!&*)232*-1#!04*-060$!1*!(*&$#-0$!a'*!a'2*&*-!a'*!
5#.504#$!0!.0!0)/252101!1*.2)/2509!U$!1'&#!(#&a'*!<*4#$!/&0/01#!1*!#&%0-260&-#$`!(*&#!
<*4#$!&*)2321#!04*-060$999!nJoc-!<0=!%&'(#$!)&242-0.*$!a'*!5*-!0!.#$!1*$4#52.2601#$!
)#4#!)0-1210/#$!a'*!('*1*-!$*&!&*).'/01#$`!*!2-/*-/0&!2-)#&(#&0&.#$!0!.#$!%&'(#$!0!/&05[$!
1*!04*-060$jT>9!
!
LT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$42*43&"$1*.$G."n'*$h2-*&"$1*$.0#$P,VF$N2-)*.*j"$DN')&*EF$Jg$1*$8*3&*&"$1*$JKK`S$LI$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$42*43&"$1*.$G."n'*$V*-/&0.$G".B50&$1*$.0#$P,VF$N2-)*.*j"$DN')&*EF$Jg$1*$8*3&*&"$1*$JKK`S$Lg$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$8'-)2"-0&2"$.")0.$1*$N2-)*.*j"F$N')&*F$JR$1*$8*3&*&"$1*$JKK`S$LR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$42*43&"$1*#4"52.2601"$1*$.0#$P,VF$G0&&0-)03*&4*j0F$g$1*$#*(/2*43&*$1*$JKK`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & .(
D*.0/7!a'*`!0!4*1201#$!1*!FCCR`!42*-/&0$!'-!%&'(#!1*!1*$4#52.2601#$!(0&/2)2(030!1*!'-0!
$*$27-!1*!0(#=#!($2)#$#)20.!0.!02&*!.23&*!)#4#!(0&/*!1*!$'!(&#%&040!1*!&*2-$*&)27-`!'-!
%&'(#!1*!<#43&*$!0&401#$!(0$7!*-!'-0!4#/#)2).*/0!=!.*$!12$(0&7`!*!<2&27!0.!($2)7.#%#!=!0!
/&*$!1*!.#$!)#-)'&&*-/*$TL9!J.%'-#$!1@0$!1*$('[$`!*.!BT!1*!0%#$/#`!12?#!<03*&!&*)2321#!'-0!
..04010!1*!'-0!(*&$#-0!a'*!1*)@0!a'*!1*3@0!&*'-2&$*!)#-!.0!i-'*50!*4(&*$0j!*-!'-!)04(#!
1*!8c/3#.9!_*%c-!*.!*-/&*52$/01#`!*$/0!(*&$#-0!(R&27!04*-060$!)#-/&0!$'!8042.209!H#!8'*!0.!
)04(#!1*!8c/3#.`!(*&#!/*4@0!(#&!.#!a'*!(#1&@0!(0$0&TR9!
!
_*%c-!2-8#&40&#-!0!f'40-!D2%</$!h0/)<!.#$!8'-)2#-0&2#$!1*!.0!WJZZ`!$*!*$/240!a'*!4K$!
1*.!:C!(#&!)2*-/#!1*!.#$!42*43&#$!1*!.#$!%&'(#$!$')*$#&*$!*&0-!(*&$#-0$!&*)2*-/*4*-/*!
&*).'/010$9!"#$!2-/*%&0-/*$!1*!.0!42$27-!$*X0.0-!a'*`!0!4*-'1#`!$*!'/2.260-!04*-060$!=!
*-%0X#$!(0&0!(*&$'012&!0!.#$!-'*5#$!42*43&#$!1*!a'*!$*!2-)#&(#&*-!0!.#$!%&'(#$TT9!"0!
WJZZ!2-8#&47!a'*!.0$!0)/252101*$!1*!&*).'/042*-/#!4K$!2-/*-$0$!a'*!<03@0-!1#)'4*-/01#!
$*!*$/030-!..*50-1#!0!)03#!*-!.0$!&*%2#-*$!1*!,&03K`!A*$0&`!"0!V'0?2&0`!*-!.0!&*%27-!1*.!
W0%10.*-0!W*12#`!k'*-05*-/'&0!=!.0!)#$/0!1*!H0&2X#9!iU\2$/*-!K&*0$!a'*!<2$/7&2)04*-/*!
<0-!$21#!805#&03.*$!(0&0!*.!&*).'/042*-/#`!=!.#$!%&'(#$!$03*-!)'K.*$!$#-j`!$*X0.7!'-!
&*(&*$*-/0-/*!1*!.0!WJZZ9!
!
J!4*-'1#`!.0$!(*&$#-0$!&*).'/010$!$#-!/&0$.01010$!(0&0!/&030?0&!*-!6#-0$!0.*?010$9!Z#&!
*?*4(.#`!*-!*.!*$/01#!1*!H0&2X#`!*-!.0!&*%27-!$'&!1*.!(0@$`!f'40-!D2%</$!h0/)<!&*)2327`!*-!
50&20$!#(#&/'-2101*$`!2-8#&40)27-!a'*!2-12)030!a'*!4')<#$!42*43&#$!1*.!%&'(#!a'*!.#$!
(#3.01#&*$!21*-/282)0-!)#4#!.0$!O%'2.0$!H*%&0$!/*-@0-!'-!0)*-/#!i(02$0j`!)0&0)/*&@$/2)#!1*!
.#$!<032/0-/*$!1*!J-/2#a'20`!*-!*.!-#&/*!1*.!(0@$9!G*!40-*&0!$242.0&`!f'40-!D2%</$!h0/)<!
&*)2327!2-8#&40)27-!1*!a'*!4')<#$!<#43&*$!1*!.0!&*%27-!1*!,&03K`!*-!.0!6#-0!#*$/*!1*.!
(0@$`!*$/030-!#(*&0-1#!30?#!.0$!7&1*-*$!1*!A')<2..#!*-!.#$!..0-#$!#&2*-/0.*$9!
!
,-!<#43&*!1*!.0!&*%27-!1*!,&03K!1*.!1*(0&/04*-/#!1*!A<#)7!1*$)&2327!)#4#!.0$!O%'2.0$!
H*%&0$!$*!<03@0-!..*501#!0!BR!<#43&*$!1*!k*.[-!1*!k0?2&K9!i,-#!*&0!42!-2*/#`!a'*!$*!('1#!
*$)0(0&9!_*!.#$!*$/030-!..*50-1#!0.!V'0520&*`!=!0..@!$*!230-!0!2-)#&(#&0&!0!.0$!O%'2.0$!H*%&0$9!
_#-!)0&0$!-'*50$`!-#!$#-!1*!0a'@9!g!0!.0$!(*&$#-0$!1*!0a'@!.0$!*-5@0-!0!#/&#$!.'%0&*$jBCC9!
!
Li$9321S$$L`$93B1S$LL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$8'-)2"-0&2"#$1*$.0$hPUU\_=PF$G"%"/HF$<i$1*$j'.2"$1*$JKKLS$<KK=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$:"43&*$1*$.0$&*%27-$1*$V'&50&017F$V:")7F$TK$1*$40;"$1*$JKKLS$
& & & & & & ./& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
"#$!8&*)'*-/*$!#(*&0/25#$!1*!&*).'/042*-/#!a'*!..*50-!0!)03#!.#$!%&'(#$!=!*.!/&0$.01#!1*!
(*&$#-0$!1*!'-0!&*%27-!1*.!(0@$!0!#/&0!$'%2*&*-!'-!0./#!-25*.!1*!2-/*%&0)27-!-0)2#-0.!=!'-0!
2-/*-$0!0)/2521019!
!
f'40-!D2%</$!h0/)<!/0432[-!&*)2327!2-8#&40)27-!a'*!2-12)030!a'*!<03@0!<#43&*$!a'*!
)#-/2-'030-!*-!*.!(&#%&040!1*!1*$4#52.260)27-l!(*&#!a'*`!0.!42$4#!/2*4(#`!/&030?030-!
(0&0!%&'(#$!(0&042.2/0&*$9!]'*-/*$!a'*!/&030?0-!)#-!*.!(&#%&040!1*!&*2-$*&)27-!*-!*.!
1*(0&/04*-/#!1*!H#&/*!1*!_0-/0-1*&!&*.0/0&#-!a'*!4')<#$!(0&/2)2(0-/*$`!*$(*)20.4*-/*!*-!
.#$!('*3.#$!1*!^23c!=!Z'*&/#!_0-/0-1*&`!i$2%'*-!1*.2-a'2*-1#9!Z*&#!-#!(#1*4#$!<0)*&!-010!
<0$/0!a'*!0.%'2*-!1*-'-)2*999!"#$!4')<0)<#$!$2%'*-!)#-!.0!(#.2)@0!=!(0$0-!1*.0-/*!1*!.0!
(#.2)@0`!=!.0!42$40!)#4'-2101!0)'1*!0!*..#$!n*-!.'%0&!1*!0)'12&o!0!.0!(#.2)@0!0!<0)*&!
1*-'-)20$`!&*a'*&242*-/#$999!U$!(*&5*&$#999!<0=!'-0!$2/'0)27-!1*!$2.*-)2#`!)#-!)*&#!!
1*-'-)20`!(*&#!*$!'-!$*)&*/#!0!%&2/#$jBCB9!,-!1*$4#52.2601#!a'*!525*!*-!Z'*&/#!_0-/0-1*&!
)#2-)2127!)#-!.#!*\(&*$01#!(&*)*1*-/*4*-/*!=!0%&*%7!a'*!i.#$!1*$4#52.2601#$!1*!Z'*&/#!
_0-/0-1*&!/2*-*-!'-!4#-#(#.2#!&0ϧ!I0-!0!/0..*&*$`!&*'-2#-*$!)#-!.0!YUJ`!(*&#!*$/K-!
/&030?0-1#!)#-!.0$!O%'2.0$!H*%&0$jBCF9!
<K<$=-/&*52#/0#$1*$>'40-$?2%:/#$@0/):$)"-$(*&#"-0#$n'*$/&030j0-$)"-$*.$(&"%&040$1*$&*2-/*%&0)27-$*-$M"&/*$1*$N0-/0-1*&F$Vp)'/0F$J$1*$#*(/2*43&*$1*$JKK`S$<KJ$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$1*#4"52.2601"$1*$U'*&/"$N0-/0-1*&F$Vp)'/0F$J$1*$#*(/2*43&*$1*$JKK`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & ..
!
38'L(',+;*5-%'$"'(%&'A#0;%&'&05"&%#"&'"4'-M#+,4%&'N0+*4,-*#,%&'?'$"'
$"#"5N%&'N0+*4%&''
!
"#$!%&'(#$!$')*$#&*$!)#4*/*-!03'$#$!%&05*$!=!%*-*&0.2601#$`!a'*!2-).'=*-!40$0)&*$`!
0$*$2-0/#$`!1*$0(0&2)2#-*$!8#&6010$`!52#.0)2#-*$!$*\'0.*$`!1*$(.06042*-/#!8#&601#`!
04*-060$`!*\/#&$27-`!$*)'*$/&#$!=!&*).'/042*-/#!1*!-2X#$!(0&0!*.!)#430/*9!
!
"#$!03'$#$!4K$!8&*)'*-/*$!$#-!0$*$2-0/#$!=!04*-060$!)#-/&0!)252.*$`!)#4#!$2-12)0.2$/0$`!
(*&2#12$/0$`!1*8*-$#&*$!1*!1*&*)<#$!<'40-#$!=!5@)/240$!1*!.0$!J,A!a'*!&*).040-!.0!
&*$/2/')27-!1*!$'$!/2*&&0$!=!*\2%*-!?'$/2)20!)#4#!(0&/*!1*.!(&#)*$#!1*!m'$/2)20!=!Z069!_#-!'-#!
1*!.#$!(&2-)2(0.*$!0)/#&*$!&*$(#-$03.*$!1*.!1*$(.06042*-/#!8#&601#!1*!4K$!1*!F:C9CCC!
)#.#4320-#$!)010!0X#9!!
!
"0!WJZZ!<0!$*X0.01#!a'*!*-!50&20$!&*%2#-*$!.0$!(#3.0)2#-*$!i-#!(*&)23*-!'-0!4*?#&@0!*-!
.0$!)#-12)2#-*$!1*!$*%'&2101j!)#4#!&*$'./01#!1*!.0!1*$4#52.260)27-!(0&042.2/0&BCE9!
A#.#4320-#$!1*!12$/2-/0$!&*%2#-*$!2-8#&40&#-!0!f'40-!D2%</$!h0/)<!a'*!*.!).240!1*!/*4#&!
*-!a'*!525@0-!-#!<03@0!)043201#!$2%-282)0/2504*-/*!(#&!*8*)/#!1*!.0$!1*$4#52.260)2#-*$9!
!
U-!0.%'-0$!#(#&/'-2101*$!*.!%#32*&-#!<0!&*)#-#)21#!*$/*!<*)<#!1*!40-*&0!2-12&*)/09!Z#&!
*?*4(.#`!*-!$'!2-8#&4*!1*!FCCL!$#3&*!1*&*)<#$!<'40-#$!*-!A#.#4320`!*.!Y3$*&50/#&2#!1*!
G*&*)<#$!f'40-#$!1*!.0!I2)*(&*$21*-)20!1*!.0!D*(c3.2)0!$*X0.7!a'*in<o2$/7&2)04*-/*`!.0$!
0'/#1*8*-$0$!*&0-!.0$!(&2-)2(0.*$!&*$(#-$03.*$!1*!.0$!40$0)&*$!a'*!#)'&&@0-!*-!*.!(0@$`!$2-!
*430&%#!)#-!.0!1*$0(0&2)27-!1*!*$/0$999!$*!<0!2-)&*4*-/01#!*.!(#&)*-/0?*!1*!)0$#$`!$#3&*!
.#$!a'*!-#!$*!/2*-*!)#-#)242*-/#!1*.!0'/#&999!nIo0&2#$!1*!*$/#$!)0$#$999!*$/K-!&*.0)2#-01#$!
)#-!*.!$'&%242*-/#!1*!-'*50$!30-10$!)&242-0.*$`!52-)'.010$!)#-!*.!-*%#)2#!1*.!
-0&)#/&K82)#jBCQ9!
!
G*!<*)<#`!*-/&*!FCCL!=!FCCR!.0!)0-/2101!1*!40$0)&*$!&*%2$/&010$!0-'0.4*-/*!*-!A#.#4320!
$*!2-)&*4*-/7!03&'(/04*-/*!*-!'-!QF!(#&!)2*-/#`!=!(0$7!1*!F>!)0$#$!d)#-!BFR!5@)/240$e!0!EL!
)0$#$!d)#-!B>T!5@)/240$e9!_*%c-!*.!Y3$*&50/#&2#!1*!G*&*)<#$!f'40-#$`!.#$!%&'(#$!
<KT$_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$A_)/05"$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320$DhPUU\_=PECF$_=P\N*&SZ$VU\1")S$I<iR\KiF$<I$1*$8*3&*&"$1*$JKKiF$://(+\\]]]S40((Q"*0S"&%\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e52*]c0&/2).*e21cJJe9/*421ciI$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEF$(H%S$RS$<KIU&"%&040$U&*#21*-)20.$1*$X*&*):"#$>'40-"#F$_3#*&50/"&2"$1*$X*&*):"#$>'40-"#$1*$V"."4320F$9-12)01"&*#$#"3&*$X*&*):"#$>'40-"#$;$X9>$V"."4320F$Pk"$JKKiF$://(+\\]]]S1*&*):"#:'40-"#S%"5S)"\"3#*&50/"&2"d1*dXX>>\1")'4*-/"#\9-12)01"&*#\"3#d2-12)01"&*#d12)JKKiS(18$D)"-#'./01"$*.$L$1*$-"52*43&*$1*$JKKLEF$(H%S$LS$
& & & & & & .,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
$')*$#&*$!'/2.260-!.0$!40$0)&*$!)#4#!i4*12#!1*!5*-%0-60`!(0&0!0(#1*&0&$*!1*.!/*&&2/#&2#`!
1*4#$/&0&!(#1*&!=!<0)*&!i('&%0$j!1*-/&#!1*!.0$!42$40$!#&%0-260)2#-*$`!/#1#!.#!0-/*&2#&!
#&2*-/01#!0.!)#-/&#.!1*.!-*%#)2#!1*!.0!1&#%0jBC:9!
!
O2".*-)20$;$04*-060#$)"-/&0$%&'("#$5'.-*&03.*#$
U-!/#10$!.0$!&*%2#-*$!52$2/010$!(#&!f'40-!D2%</$!h0/)<`!&*)2327!-'4*&#$0$!1*-'-)20$!1*!
04*-060$!=!0$*$2-0/#$!(#&!(0&/*!1*!%&'(#$!$')*$#&*$9!J!4*-'1#!$'$!0%&*$2#-*$!$*!12&2%*-!
)#-/&0!1*8*-$#&*$!1*!1*&*)<#$!<'40-#$`!$2-12)0.2$/0$`!(*&2#12$/0$!=!5@)/240$!1*!.0$!J,A!
a'*!2-/*-/0-!<0)*&!50.*&!$'$!1*&*)<#$9!U$/0$!04*-060$!)#-!8&*)'*-)20!2-<23*-!#!8&'$/&0-!*.!
/&030?#!.*%@/24#!1*!.0$!(*&$#-0$!a'*!$#-!#3?*/#!1*!$'$!0/0a'*$9!
!
Z#&!*?*4(.#`!*.!Q!1*!-#52*43&*!1*!FCCL`!g#.0-10!k*)*&&0`!(&*$21*-/0!1*!.0!Y&%0-260)27-!
]*4*-2-0!Z#('.0&!dY]Ze!*-!k0&&0-)03*&4*?0`!1*(0&/04*-/#!1*!_0-/0-1*&`!2-8#&47!<03*&!
$21#!0%&*1210`!%#.(*010!=!.*$2#-010!(#&!<#43&*$!0&401#$!a'*!2-%&*$0&#-!(#&!.0!8'*&60!0!$'!
5252*-10!=!.*!12?*&#-!a'*!/*-@0!QR!<#&0$!(0&0!030-1#-0&!.0!)2'101`!#!1*!.#!)#-/&0&2#!
i.2a'210&@0-!0!$'!8042.20j9!J-/*&2#&4*-/*`!<03@0!1*-'-)201#!<03*&!&*)2321#!'-0!04*-060!1*!
4'*&/*!(#&!*$)&2/#!1*!.0$!iO%'2.0$!H*%&0$j`!=!<03@0!$21#!)0/0.#%010!)#4#!i*-*42%0!1*.!
(&#)*$#!1*!(06j!(#&!'-!*\!?*8*!(0&042.2/0&9!A#4#!&*$'./01#!1*!.0$!04*-060$!=!.0$!
0%&*$2#-*$`!g#.0-10!1*327!/&0$.010&$*!1*!k0&&0-)03*&4*?0!0!k')0&040-%0`!1#-1*!)#-/2-c0!
0.!8&*-/*!1*!.0!Y]Z`!(*&#!<0!1*321#!/#40&!24(#&/0-/*$!4*1210$!1*!$*%'&2101BC>9!!
!
,-0!4'?*&!a'*!)##&12-0!'-!%&'(#!$#3&*!1*$0(0&2)2#-*$!082&47+!iI25#!*-!'-0!)#4'-2101!1*!
0./#!&2*$%#!1#-1*!)#-52524#$!)#-!.#$!(0&042.2/0&*$9!U$/*!0X#`!50&20$!(*&$#-0$!$*!0)*&)0&#-!
0!42!5252*-10!=!4*!12?*&#-!a'*!/*-@0!a'*!1*8*-1*&!0999!'-!(0&042.2/0&!1*$4#52.2601#!a'*!
*$/030!*-!.0!)K&)*.9!W*!04*-060&#-jBCL9!
!
U-!.0!(&24*&0!42/01!1*!FCCR!$*!('?#!'-0!#.0!1*!04*-060$!)#-/&0!%&'(#$!1*!1*&*)<#$!
<'40-#$`!$2-12)0.2$/0$!=!#/&0$!(*&$#-0$`!.0-6010$!*-!$'!40=#&@0!(#&!.0$!O%'2.0!H*%&0$!'!
#/&#$!%&'(#$!$')*$#&*$9!I0&20$!04*-060$!$*!52-)'.030-!)#-!'-0!40&)<0!40$250!)#-/&0!.0!
52#.*-)20!(0&042.2/0&!=!.#$!)&@4*-*$!1*!*$/01#!&*0.26010!*.!>!1*!40&6#!1*!FCCR9!Z#&!*?*4(.#`! <Kg$U&"%&040$U&*#21*-)20.$1*$X*&*):"#$>'40-"#F$_3#*&50/"&2"$1*$X*&*):"#$>'40-"#$1*$V"."4320F$9-12)01"&*#$#"3&*$X*&*):"#$>'40-"#$;$X9>$V"."4320F$Pk"$JKK`F$://(+\\]]]S1*&*):"#:'40-"#S%"5S)"\"3#*&50/"&2"d1*dXX>>\1")'4*-/"#\9-12)01"&*#\"3#d2-12)01"&*#d12)JKK`dKLKTTKS(18$D)"-#'./01"$*.$L$1*$-"52*43&*$1*$JKKLEF$(H%#S$JTQJ`S$<KR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-${".0-10$G*)*&&0F$12&*)/"&0$1*$.0$_&%0-260)27-$o*4*-2-0$U"('.0&F$G')0&040-%0F$R$1*$#*(/2*43&*$1*$JKK`v$_&%0-260)27-$o*4*-2-0$U"('.0&F$AP))27-$,&%*-/*+$9-)'-$1*$:"43&*#$0&4010#$*-$5252*-10$1*${".0-10$G*)*&&0$*$2-/24210)27-$0$s0)n'*.2-*$?"j0#CF$I$1*$-"52*43&*$1*$JKKiF$://(+\\)"."4320S2-1;4*120S"&%\-*]#\JKKi\<<\iIgI<S(:($D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLES$$<Ki$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$5B)/240$1*$04*-060#F$G0&&0-)03*&4*j0F$I$1*$#*(/2*43&*$1*$JKK`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & .-
*.!BB!1*!40&6#!1*!FCCR`!*.!ik.#a'*!k#%#/Kj!1*!.0$!iO%'2.0$!H*%&0$j!*-527!'-0!04*-060!*-!
/&*$!(0&/*$!0!125*&$0$!#&%0-260)2#-*$!=!(*&$#-0$!a'*!(0&/2)2(0&#-!*-!.0!40&)<0`!=!..047!0!.0!
i4'*&/*!0!.#$!.21*&*$!n1*!.0o!40&)<0!(#&!.0!(06!=!%'*&&2..*&#$!=!0'\2.201#&*$j`!01*4K$!1*!
1*).0&0&!0!50&20$!#&%0-260)2#-*$!=!(*&$#-0$!)#4#!i#3?*/25#!42.2/0&jBCR9!U.!1@0!$2%'2*-/*!
)2&)'.7!#/&0!04*-060!*$)&2/0!)#-/&0!.0!&*52$/0!_*40-0`!.0!)#-8*1*&0)27-!$2-12)0.!A,^`!Z*0)*!k&2%01*$!;-/*&-0/2#-0.`!%&'(#$!2-1@%*-0$!=!#&%0-260)2#-*$!1*!1*&*)<#$!<'40-#$9!U$/0!
04*-060`!82&4010!(#&!*.!.@1*&!1*.!iA#40-1#!A*-/&0.!O%'2.0$!H*%&0$!*-!D*0&4*j`!0-'-)27!*.!
i/#/0.!&*0&4*!1*!.0$!8'*&60$!(0&042.2/0&*$j!*!21*-/282)7!0!50&2#$!%&'(#$!)#4#!#3?*/25#$!
42.2/0&*$BCT9!G'&0-/*!.0!$*40-0!(#$/*&2#&!0!.0!40&)<0`!)'0/&#!$2-12)0.2$/0$!8'*&#-!
0$*$2-01#$`!*-/&*!*..#$!0.%'-0$!1*!.0$!(*&$#-0$!a'*!<03@0-!#&%0-2601#!.0!40-28*$/0)27-!*-!
$'!&*%27-BBC9!"0!#&%0-260)27-!H'*5#!J&)#!;&2$`!a'*!<0!(0&/2)2(01#!0)/2504*-/*!*-!*.!
4#-2/#&*#!1*!.0!2-82./&0)27-!(0&042.2/0&!1*.!$2$/*40!(#.@/2)#`!2-8#&47!a'*!$'!$*1*!8'*!/#4010!
(#&!<#43&*$!0&401#$!a'*!&#-!$'$!0&)<25#$!2-8#&4K/2)#$9!U.!J./#!A#42$2#-01#!1*!.0$!
H0)2#-*$!,-210$!(0&0!.#$!G*&*)<#$!f'40-#$!2-8#&47!/0432[-!a'*!*.!FR!1*!8*3&*&#!1*!FCCR!
$*!*8*)/'0&#-!12$(0&#$!)#-/&0!.0!5252*-10!1*!"'6!J1&20-0!V#-6K.*6`!42*43&#!1*.!A#42/[!
Z*&40-*-/*!(0&0!.0!G*8*-$0!1*!.#$!G*&*)<#$!f'40-#$!=!'-0!1*!.0$!(#/#&0$!1*.!*5*-/#!
a'*!/'5#!.'%0&!*.!>!1*!40&6#!*-!*.!1*(0&/04*-/#!1*!Z*&*2&0BBB9!
!
"0$!04*-060$!<0-!2-).'21#!0!#3$*&501#&*$!2-/*&-0)2#-0.*$!=!*430?010$!*\/&0-?*&0$9!_*%c-!
/&0$)*-127`!#)<#!*430?010$!*\/&0-?*&0$!*-!k#%#/K!<03&@0-!&*)2321#!04*-060$!82&4010$!(#&!
iO%'2.0$!H*%&0$j!*-!40&6#!1*!FCCRBBF9!G*!40-*&0!$242.0&`!*-!-#52*43&*!1*!FCCL`!'-!
&*(&*$*-/0-/*!1*!.0!WJZZ!8'*!04*-0601#!(#&!%&'(#$!$')*$#&*$!a'*!#(*&0-!*-!W*1*..@-BBE9!
!
U-!.0!&*%27-!$'&!1*.!1*(0&/04*-/#!1*!k#.@50&`!*.!Z&#%&040!1*!G*$0&&#..#!=!Z06!1*.!W0%10.*-0!
W*12#`!0$@!)#4#!50&20$!#&%0-260)2#-*$!1*.!).*&#`!#&%0-260)2#-*$!-#!%'3*&-04*-/0.*$!=!*.!
<K`$P4*-060#$*-52010#$4*120-/*$)"&&*"$*.*)/&7-2)"$("&$A|%'2.0#$M*%&0#C$0$125*&#"#$%&'("#F$<<$1*$40&6"$1*$JKK`S$$<KL$P4*-060$82&4010$("&$*.$AV"40-1"$V*-/&0.$|%'2.0#$M*%&0#$*-$?*0&4*C$0$125*&#"#$%&'("#F$<J$1*$40&6"$1*$JKK`S$<<K$N24"-$?"4*&"F$A,-2"-$�2..2-%#$U*&2.$[&01*$U0)/$]2/:$V"."4320CF$[:*$M*]${"&f$[24*#F$<I$1*$03&2.$1*$JKK`S$<<<$AU&*")'(0)27-$("&$04*-060#$;$0#*#2-0/"#$1*$1*8*-#"&*#$1*$1*&*):"#$:'40-"#CF$_82)2-0$1*.$P./"$V"42#2"-01"$1*$.0#$M0)2"-*#$,-210#$(0&0$."#$X*&*):"#$>'40-"#$*-$V"."4320F$<T$1*$40&6"$1*$JKK`F$://(+\\]]]S:):&S"&%S)"\('3.2)"\)"4'-2)01"#\JKK`\)"4'-2)01"#JKK`S(:(Tb)"1c`e)0/ciT$D)"-#'./01"$*.$TK$1*$03&2.$1*$JKK`Ev$V0&/0$1*$JI$"&%0-260)2"-*#$2-/*&-0)2"-0.*#$-"$%'3*&-04*-/0.*#$0.$U&*#21*-/*$,&23*F$Jg$1*$40&6"$1*$JKK`F$://(+\\:&]S"&%\*-%.2#:\1")#\JKK`\KT\JR\)"."43<`TILS:/4Ä8/<S$<<J$A_):"$*430j010#$1*-'-)20-$04*-060#$1*$|%'2.0#$M*%&0#CF$=.$=#(*)/01"&$DG"%"/HEF$g$1*$40&6"$1*$JKK`F$://(+\\]]]S*.*#(*)/01"&S)"4\-"/2)20#\j'12)20.\0&/2)'."Q"):"Q*430j010#Q1*-'-)20-Q04*-060#Q1*Q0%'2.0#Q-*%&0#$D)"-#'./01"$*.$`$1*$40&6"$1*$JKK`ES$!0#$*430j010#$08*)/010#$&*(&*#*-/030-$0$."#$%"32*&-"#$1*$N'*)20F$=#(0k0F$V0-01HF$M"&'*%0F$O*-*6'*.0F$=)'01"&F$G".2520$;$P&%*-/2-0S$$<<T$Ao'*$04*-06010$1*$4'*&/*$42*43&"$1*$h2#27-$1*$.0$_=P$n'*$5*&282)0$1*#4"52.260)27-$1*$."#$t(0&0#uCF$=.$[2*4("$DG"%"/HEF$<<$1*$12)2*43&*$1*$JKKiF$://(+\\]]]S*./2*4("S)"4\0&):25"\1")'4*-/"\VhNQT`ggTg<$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEv$AP4*-060$1*$4'*&/*$)"-/&0$&*(&*#*-/0-/*$1*$.0$_=PCF$)"4'-2)01"$1*$(&*-#0$1*$>'40-$?2%:/#$@0/):F$<J$1*$12)2*43&*$1*$JKKiF$://(+\\:&]S"&%\*-%.2#:\1")#\JKKi\<J\<J\)"."43<igI`S:/4S$
& & & & & & .A& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
$2-12)0/#!]*1*0%*$3#.!2-8#&40&#-!<03*&!&*)2321#!04*-060$!1'&0-/*!.0!(&24*&0!42/01!1*!
FCCR!(#&!(0&/*!1*!i*$/&')/'&0$!(0&042.2/0&*$!a'*!0)/c0-!1*!40-*&0!.23&*`!(c3.2)0!=!032*&/0!
*-!*.!_'&!1*!k#.@50&j9!A#-)&*/04*-/*`!&*)232*&#-!04*-060$!(#&!)#&&*#!*.*)/&7-2)#!82&4010$!
(#&!iO%'2.0$!H*%&0$`!k.#a'*!H#&/*!1*!A#.#4320j`!1#-1*!$*!*\(&*$0!a'*!*$/030-!$2*-1#!
52%2.01#$!=!a'*!*.!i(.0-!1*!0-2a'2.042*-/#!)#-/&0!n*..#$o!2-2)20&K!)#-!)'0.a'2*&!)2*&&*jBBQ9!
!
G2&#!A[$0&!V#-6K.*6!^*?010`!'-!(*&2#12$/0!1*!k0&&0-)03*&4*?0`!_0-/0-1*&`!a'*!('3.2)0!*-!
8#&40!2-1*(*-12*-/*!'-!3&*5*!(*&2712)#!.#)0.!$#3&*!52#.*-)20!=!52#.0)2#-*$!1*!1*&*)<#$!
<'40-#$!*-!.0!)2'101`!&*.0/7!$'!*\(*&2*-)20!0.!<03*&!*$/01#!1*$(.0601#!1'&0-/*!'-!0X#`!
.'*%#!1*!a'*!1#$!<#43&*$!0&401#$!$*!(&*$*-/0&0-!*-!$'!5252*-10!(&*%'-/0-1#!(#&![.9!
G*$('[$!1*!&*%&*$0&!0!k0&&0-)03*&4*?0`!082&47`!i<*4#$!$21#!$*%'21#$!(*&40-*-/*4*-/*!
(#&!<#43&*$!0&401#$!a'*!$#-!)#-#)21#$!(0&042.2/0&*$j9!G2&#!40-28*$/7!a'*!&*)23*!
04*-060$!*-!$'!#82)2-0!=!a'*!.#$!%&'(#$!$')*$#&*$!i..040-!)#-$/0-/*4*-/*!0!42!*$(#$0`!.*!
4*-)2#-0-!.#$!.'%0&*$!0!.#$!)'0.*$!<0!21#!=!.*!12)*-!p504#$!0!40/0&.0q999!_0.5#!(0&0!2&!0!.0!
#82)2-0`!-#!$0.%#!1*!42!)0$09!H#!/*-%#!5210!$#)20.!=!-#!('*1#!2&!0!-2-%c-!.01#!$2-!42$!
*$)#./0$j9!G2&#!082&47!a'*!<03@0!(#121#!(&#/*%*&$*!%&0)20$!0.!0(#=#!1*!#&%0-260)2#-*$!-#!
%'3*&-04*-/0.*$!=!0!.0!0/*-)27-!2-/*&-0)2#-0.!a'*!<03@0!&*)2321#!$'!)0$#`!(*&#!a'*!.0$!
0'/#&2101*$!(c3.2)0$!<03@0-!-*%01#!&*2/*&0104*-/*!a'*!*$/'52*&0!$')*12*-1#!0.%#!*-!
k0&&0-)03*&4*?09!i_2!*$/#!*$!.#!a'*!(0$0!)#-42%#!a'*!$#=!(*&2#12$/0`!Ma'[!('*1*!*$(*&0&!
'-!)04(*$2-#!a'*!<0)*!'-0!1*-'-)20Pj`!$*X0.7BB:9!!
!
U-!-#52*43&*!1*!FCCT`!50&2#$!%&'(#$!1*!1*&*)<#$!<'40-#$!*!2-1@%*-0$!1*.!1*(0&/04*-/#!
1*!H0&2X#!&*)232*&#-!'-0!04*-060!*$)&2/0!82&4010!(#&!.#$!iA#40-1#$!,&30-#$j!1*!.#$!
D0$/&#?#$`!*-!.0!)'0.!$*!0$#)2030!0!.0$!#&%0-260)2#-*$!-#!%'3*&-04*-/0.*$!)#-!%'*&&2..0$!1*!
26a'2*&10!=!.*$!015*&/@0-!a'*!(#1@0-!$*&!0$*$2-01#$BB>9!
<<I$AU*&#*)')27-$*-$*.$N'&$1*$G".B50&CF$)"4'-2)01"$1*$(&*-#0$1*$o*1*&0)27-$P%&"42-*&0$1*.$N'&$1*$G".B50&$;$"/&"#F$<I$1*$03&2.$1*$JKK`F$://(+\\8*1*0%&"42#3".S"&%\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e/0#fc52*]e21cTTe9/*421cIg$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLES$P-/*$*#/0$A*#)0.010$1*$52".*-)20CF$50&2"#$*a(*&/"#$1*$.0$_M,$*42/2*&"-$'-0$1*).0&0)27-$*-$.0$)'0.$*a(&*#030-$#'$(&"8'-10$(&*")'(0)27-$("&$A*.$1*/*&2"&"$1*$.0$#2/'0)27-$1*$."#$1*8*-#"&*#$1*$1*&*):"#$:'40-"#$*-$."#$p./24"#$4*#*#F$*-$(0&/2)'.0&$.0#$*j*)')2"-*#F$*.$:"#/2%042*-/"$;$.0$2-/24210)27-$1*$0)/252#/0#$1*$.0$#")2*101$)252.F$.B1*&*#$#2-12)0.*#$;$03"%01"#$n'*$&*(&*#*-/0-$0$5B)/240#CS$At=-1$O2".*-)*$P%02-#/$X*8*-1*&#$2-$V"."4320u$/:*$)0..$"8$,M$*a(*&/#CF$_82)2-0$1*$.0#$M0)2"-*#$,-210#$*-$Z2-*3&0$)"4'-2)01"$1*$(&*-#0F$TK$1*$03&2.$1*$JKK`F$://(+\\]]]S'-:):&S):\:'&2)0-*\:'&2)0-*S-#8\52*]K<\TgLIoXXJ=GTXJTooV<JgiITGKKgiRPJJb"(*-1")'4*-/$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLES$=-/&*$."#$*a(*&/"#$#*$2-).'B0-$.0$?*(&*#*-/0-/*$=#(*)20.$1*.$N*)&*/0&2"$Z*-*&0.$1*$.0$_M,$#"3&*$.0$N2/'0)27-$1*$."#$X*8*-#"&*#$1*$."#$X*&*):"#$>'40-"#F$>2-0$s2.0-2v$*.$?*.0/"&$=#(*)20.$#"3&*$.0#$*j*)')2"-*#$*a/&0j'12)20.*#F$#'40&20#$"$0&32/&0&20#F$U:2.2($P.#/"-v$;$*.$?*.0/"&$=#(*)20.$#"3&*$.0$9-1*(*-1*-)20$1*$."#$h0%2#/&01"#$;$P3"%01"#F$!*0-1&"$X*#("';S$<<g$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$X2&"$Vl#0&$Z"-6H.*6$[*j010F$G0&&0-)03*&4*j0F$I$1*$#*(/2*43&*$1*$JKK`S$<<R$!0$04*-060F$0$.0$)'0.$/'5"$0))*#"$>'40-$?2%:/#$@0/):F$*a(&*#030+$A!'*%"$1*$'-$*a:0'#/25"$;$.0&%"$(&")*#"$1*$2-/*.2%*-)20$n'*$2-).';7$#*%'242*-/"#$*$2-82./&0)2"-*#F$*-/&*$"/&0#$0)/252101*#F$1*$50&20#$"&%0-260)2"-*#$1*$M0&2k"$n'*$#'('*#/04*-/*$1*82*-1*-$."#$1*&*):"#$:'40-"#F$."#$V"40-1"#$,&30-"#$1*$!"#$?0#/&"j"#$:0-$..*%01"$0$.0#$#2%'2*-/*#$)"-).'#2"-*#+$D<E$V"-42-0&$0$/"10#$*#/0#$"&%0-260)2"-*#$0$1*j0&$1*$.01"$*.$12#)'&#"$#'35*"$0&)02)"$*-$805"&$1*$."#$1*&*):"#$*$21*"."%B0#$1*$."#$-0&)"/*&&"&2#/0#$1*$.0#$oP?V$;$=!MSSS$1*$."$)"-/&0&2"$2&*4"#$4H#$0..H$1*$.0#$04*-060#v$DJE$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & .B
D'%".+.#<#.-(*.@.+.#9%)#.<;+.)#.#?217'-.0#
i"')@0j`!a'2*-!(2127!-#!$*&!21*-/282)010!(#&!$'!-#43&*`!&*.0/7!<03*&!$21#!52#.010!(#&!
42*43&#$!1*!.0$!O%'2.0$!H*%&0$!*-!J-/2#a'20!*-!FCCL!)#4#!&*(&*$0.20!(#&!3&2-10&!
0$2$/*-)20!0!5@)/240$+!!
!
W*!*-)#-/&030999!3&2-10-1#!'-0!0$*$#&@0!0!'-0!1*!.0$!4'?*&*$!5@)/240$!1*!
n.0$!J,Ao999a'*1030!.*?#$!1*!1#-1*!(0$030-!.#$!3'$*$!=!*$/030!)0=*-1#!
0%'0!=!*$0!-#)<*!4*!/#)#!(*&-#)/0&!0..K9!!Z0$010!.0!4*120-#)<*999/#)0&#-!.0!
('*&/09999!U-/&0-!/&*$!/2(#$!*-)0(')<01#$!a'*!$*!21*-/282)0&#-!)#4#!O%'2.0$!
H*%&0$!=!*4(*60&#-!0!2-/*&&#%0&4*!$#3&*!42!/&030?#999!U..#$!12?*&#-!a'*!4*!
a'*1030!(&#<2321#!3&2-10&!*.!0(#=#!$2)#$#)20.!*-!*.!4'-2)2(2#999!J!*..#$!-#!
.*$!2-/*&*$030!a'*!.0$!5@)/240$!)#-#)2*&0-!$'$!1*&*)<#$!-2!4')<#!4*-#$!
a'*!1*-'-)20&0-9999!J-/*$!1*!2&$*`!1#$!1*!*$/#$!)<2)#$!03'$0&#-!
$*\'0.4*-/*!1*!.0!$*X#&0!=!1*!4@`!(#&!4')<#!&0/#BBL9!
!
"')@0!a'*17!*430&06010!0!)0'$0!1*!.0!52#.0)27-`!(*&#!082&47!a'*!82-0.4*-/*!(*&127!
*.!8*/#!ia'26K$!1*!.0!42$40!&0320!=!.0!1*(&*$27-!*-!.0!a'*!*-/&[999!U$!.#!4K$!<#&&23.*!
a'*!.*!('*1*!(0$0&!0!'-#!(#&a'*!'-#!$*!$2*-/*!2-)#4(*/*-/*!=!5'.-*&03.*!1*.!/#1#!
(#&a'*!-#!('*1*!<0)*&!-0109999!U$!.0!8#&40!1*!*..#$!1*!2-/24210&!0!.0$!(*&$#-0$jBBR9!
A'0-1#!"')@0!)#-/2-'7!$'!/&030?#`!.0$!O%'2.0$!H*%&0$!.0!*-)#-/&0&#-!-'*504*-/*+!
!
!A010!1@0!(0&/2)2(030!4*-#$9!nZ*&#!*-/#-)*$o!<2)24#$!'-!(#!(0&0!
n/*.*52$27-!*-!.0!)'0.!$*!4#$/&030!(0&/*!1*!42!/&030?#9!J.!1@0!$2%'2*-/*o!
)'0/&#!/2(#$!0&401#$!%#.(*0&#-!0!42!('*&/0999!W*!$'3*-!0!.0!)042#-*/0999!!=!
4*!5*-10&#-!.#$!#?#$999!!(*-$[!a'*!-#!5#.5*&@0!0!42!)0$0!(#&a'*!$*!*$/030-!
10-1#!4'*&/*$!*-!*$#$!1@0$!4'=!8'*&/*$!1#-1*!*$/030-!*-/&*%0-1#!0!.0!
%*-/*!(2)010!*-!3#.$0$!=!<0)20!(#)#!<03@0-!40/01#!0!'-0!)#4(0X*&0!4@0`!
.0!<03@04#$!*-)#-/&01#!(2)010!*-!'-!)#$/0.!999!nY/&#!<#43&*o!12?#!a'*!-#!
$03*!)74#!4*!/2*-*!a'*!<03.0&`!a'*!$2!*$!a'*!-#!/*-%#!8042.20!=!$2!-#!8'*!
X*).0&0&$"3j*/25"$42.2/0&$0$w50&20#$"&%0-260)2"-*#$1*$1*&*):"#$:'40-"#$;$%&'("#$2-1B%*-0#$P]Hxv$DTE$N'#(*-1*&$1*$2-4*120/"$.0$)04(0k0$1*$.0501"$1*$)*&*3&"$*-$n'*$*#/H-$)"4(&"4*/210#$*#/0#$"&%0-260)2"-*#$("&$/"10$.0$%*"%&08B0$1*$M0&2k"SSS$M"$-"#$:0)*4"#$&*#("-#03.*#$("&$."$n'*$.*#$('*10$(0#0&$0$."#$.B1*&*#$1*$*#/0#$"&%0-260)2"-*#$#2$#03*4"#$n'*$*#/H-$*-$-'*#/&"#$/*&&2/"&2"#CS$<<i$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$A!')B0C$D*.$-"43&*$:0$#21"$&**4(.0601"$0$(*121"$1*$.0$8'*-/*EF$G"%"/HF$<I$1*$40&6"F$JKKLS$<<`$93B1S$
& & & & & & .0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
$'82)2*-/*!)#-!*.!*$)0&42*-/#!a'*!4*!<03@0-!101#!=!.0$!015*&/*-)20$!a'*!4*!
<03@0-!<*)<#999!W*!12)*-!a'*!/*-%#!B:!1@0$!(0&0!1*?0&!.0!&*%27-BBT9!
!
"0$!04*-060$!)#-/&0!$'!8042.20!82-0.4*-/*!#3.2%0&#-!0!"')@0!0!2-/*-/0&!1*-'-)20&!=!
030-1#-0&!.0!)2'101`!(*&#!*-)#-/&7!-'4*&#$#$!#3$/K)'.#$!0.!(*12&!0='10+!
!
A#4#!*$/K304#$!/&030?0-1#999!)#-!.0!A#42$27-!H0)2#-0.!1*!D*(0&0)27-!=!
D*)#-)2.20)27-`!(*124#$!)2/0999!(*&#!.0!&067-!a'*!4*!1*?0&#-!*$!a'*!-#`!a'*!
-#!*&0-!)#4(*/*-/*$!=!a'*!-#!4*!(#1@0-!0(#=0&`!a'*!8'*&0!0!m'$/2)20!=!Z069!
"0!82$)0.999!12?#!a'*!0!*..0!$*!.*!$0.@0!1*!.0$!40-#$`!a'*!*..0!5*@0!1*.2/#$!0-/*$!
1*!.0!1*$4#52.260)27-!=!=0!<03@0!(0$01#!.0!1*$4#52.260)27-!=!-#!(#1@0!<0)*&!
-0109999!!!nZ#$/*&2#&4*-/*o`!8'2!0.!V0'.0!n(0&0!1*-'-)20&!*.!<*)<#!)#4#!
$*)'*$/&#o999!*..#$!.#!a'*!<0)*-!*$!42&0&4*!=!$*!&@*-!=!12)*-!a'*!=#!<03@0!
$21#!5@)/240!1*!42!(&#(2#!2-5*-/#`!a'*!$2!$03@0!a'*!0!.#$!1*8*-$#&*$!1*!
1*&*)<#$!<'40-#$!.#$!40/030-999!a'*!(#&!a'[!4*!<03@0!4*/21#!0!<0)*&!*$#!
=!a'*!(#&!a'*!1*$('[$!1*!<0)*&4*!'-0!015*&/*-)20!<03@0!$*%'21#999!H#!
<2)2*&#-!-0109!!n]2-0.4*-/*o!.0!G*8*-$#&@0!1*.!Z'*3.#!*-!W*1*..@-!4*!
/#40&#-!.0!1*-'-)20!=!n#3/'5*!&*'32)0)27-!)#4#!1*8*-$#&0!1*!1*&*)<#$!
<'40-#$!1'&0-/*!/&*$!4*$*$!0!/&05[$!1*.!W2-2$/*&2#!1*.!;-/*&2#&o9!"'*%#`!!4*!
<0-!0(#=01#!#/&0$!YHV!*!2-$/2/')2#-*$999!"0!2-5*$/2%0)27-!-#!<0!050-601#!
03$#.'/04*-/*!-010999!nI25#o!)#-!/*4#&`!(#&a'*999!'-#!-#!$03*!*-!a'2[-!
)#-820&999BFC!
!
"')@0!=0!<03@0!$21#!5@)/240!0-/*&2#&4*-/*!*-!BTT:`!(*&#!*-!*$0!#)0$27-!0!40-#$!1*!.0$!
]JDA`!a'2*-*$!.0!$*)'*$/&0&#-!=!&*/'52*&#-!1'&0-/*!$*2$!4*$*$9!]2-0.4*-/*`!8'*!.23*&010!
)'0-1#!$'!8042.20!'/2.267!<0$/0!$'$!c./24#$!&*)'&$#$!(0&0!(0%0&!*.!&*$)0/*9!
!
D'%"(*1'.#.*7'E0'*+'1."##
J1*4K$!1*!.#$!1*8*-$#&*$!1*!1*&*)<#$!<'40-#$`!.#$!$2-12)0.2$/0$`!a'2*-*$!0!4*-'1#!*&0-!
0/0)01#$!=!$*X0.01#$!)#4#!%'*&&2..*&#$!(#&!.0$!J,A`!<0-!$21#!#3?*/#!1*!04*-060$!=!
52#.*-)20!)#-/2-'0$!(#&!(0&/*!1*!.#$!%&'(#$!$')*$#&*$9!_*%c-!.0!U$)'*.0!H0)2#-0.!_2-12)0.`!
*-!FCCR!8'*&#-!ET!.#$!$2-12)0.2$/0$!0$*$2-01#$9!_2!32*-!.#$!10/#$!)#4(.*/#$!
)#&&*$(#-12*-/*$!0!FCCT!0c-!-#!*$/K-!12$(#-23.*$`!0.!L!1*!12)2*43&*!.0!U$)'*.0!H0)2#-0.!
_2-12)0.!<03@0!&*%2$/&01#!E>!0$*$2-0/#$!1*!$2-12)0.2$/0$9!G*321#!0!.0!24('-2101!a'*!
<<L$93B1S$<JK$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & ,)
(&*50.*)*!*-!*$/#$!)0$#$`!.0!40=#&@0!1*!.#$!&*$(#-$03.*$!-#!<0-!$21#!1*$)'32*&/#$9!_2-!
*430&%#`!*\2$/*-!&06#-*$!1*!(*$#!(0&0!)&**&!a'*!.#$!%&'(#$!$')*$#&*$!(0&/2)2(0-!*-!
4')<#$!1*!.#$!0$*$2-0/#$+!*-!FCCR`!.#$!$2-12)0.2$/0$!2-8#&40&#-!<03*&!&*)2321#!QTR!
04*-060$!d)#-/&0!QC:!$2-12)0.2$/0$e9!G*!*$0$`!F>:!$*!2-12)0-!)#4#!&*0.26010$!(#&!%&'(#$!
$')*$#&*$`!42*-/&0$!a'*!FFC!8'*&#-!5*&/210$!(#&!0)/#&*$!-#!21*-/282)01#$BFB9!
!
"0$!04*-060$!<0-!2-<2321#!.0!0)/252101!$2-12)0.9!Z#&!*?*4(.#`!Y5*&!G#&01#`!1*.!$2-12)0/#!
1#)*-/*!JG;GJ`!*-!W*1*..@-`!$*X0.7!a'*!*-!.#$!(&24*&#$!-'*5*!4*$*$!1*!FCCR!<03@0!
&*)2321#!*-/&*!FC!=!F:!04*-060$!(#&!/*.[8#-#!=!)#&&*#!*.*)/&7-2)#9!U-!'-0!%&030)27-!1*!'-0!
1*!.0$!04*-060$!/*.*87-2)0$`!a'*!&*('?#!0!f'40-!D2%</$!h0/)<`!*.!0'/#&!.#!0)'$030!1*!
/*&&#&2$/0!=!4*-)2#-030!'-!0/*-/01#!80..21#!*-!$'!)#-/&09!G01#!a'*!*-!.0!40=#&@0!1*!.#$!
<*)<#$!1*!52#.*-)20!(*&(*/&01#$!)#-/&0!$2-12)0/#$!*-!*.!(0$01#!.#$!&*$(#-$03.*$!-#!<0-!
$21#!?'6%01#$`!*$/0$!04*-060$!&*$'./0-!0c-!4K$!0.0&40-/*$!(0&0!.#$!$2-12)0.2$/0$9!G#&01#!
082&47!a'*!'-#!1*!$'$!)#.*%0$`!m'.2#!V74*6`!'-!24(#&/0-/*!42*43&#!1*.!$2-12)0/#`!<03@0!
$21#!0$*$2-01#!*-!FCCL9!iZ*&#!&*)2[-!4*!*-/&*52$/0&#-!*-!&*.0)27-!)#-!*.!)0$#!<0)*!/&*$!
1@0$9!]'*!0$*$2-01#!<0)*!'-!0X#`!=!&*)2[-!0<#&0!*$/K-!2-5*$/2%0-1#!1*321#!0!.0!(&*$27-!1*!
.#$!%&2-%#$999!"0!4'*&/*!1*!$2-12)0.2$/0$!<0!08*)/01#!4')<@$24#!0!.0!#&%0-260)27-`!=0!a'*!
*$/K304#$!8#&/0.*)2*-1#!*.!$2-12)0/#!=!)#-$2%'2*-1#!'-!*8*)/#!*-!.0!(#.@/2)0!-0)2#-0.999!Z*&#!
.0$!04*-060$!/2*-*-!'-!*8*)/#!$2.*-)201#&jBFF9!
!
U-!Ac)'/0`!&*(&*$*-/0-/*$!1*!J_;HYD^`!#/&#!$2-12)0/#!1#)*-/*!1*.!1*(0&/04*-/#!1*!H#&/*!
1*!_0-/0-1*&`!40-28*$/0&#-!a'*!$2!32*-!*&0-!4*-#$!.#$!$2-12)0.2$/0$!0$*$2-01#$!*-!
)#4(0&0)27-!)#-!*.!(0$01#`!i.0!52#.*-)20!$*!<0!/&0-$8#&401#999!40/0-!0!'-#$!(#)#$!=!
04*-060-!0.!&*$/#9!"0!04*-060!*$!*8*)/250!=!.0$!(*&$#-0$!/2*-*-!42*1#!1*!<03.0&999!U-/&*!
.#$!$2-12)0.2$/0$`!(&*50.*)*!*.!/*4#&!=!.0!0)/252101!$2-12)0.!*$!40=#&4*-/*!).0-1*$/2-09!
W0-/*-*4#$!*.!(*&82.!4K$!30?#!(#$23.*jBFE9!
!
!-(*[email protected]#<#.0(0'*.7%0#.#*'?("#"%1."F#;*#9)%&"(-.#1%*07.*7(#
"#$!%&'(#$!$')*$#&*$!-#!$7.#!0/0)0-!0!1*8*-$#&*$!1*!1*&*)<#$!<'40-#$`!$2-12)0.2$/0$!=!
(*&2#12$/0$`!$2-#!/0432[-!0!)2'1010-#$!)#4'-*$`!)#4#!)04(*$2-#$`!.@1*&*$!)#4'-2/0&2#$`!
(*a'*X#$!*4(&*$0&2#$!=!5*)2-#$!a'*!1*!0.%c-!4#1#!*$/#&30-!0!.#$!%&'(#$9!
<J<$=#)'*.0$M0)2"-0.$N2-12)0.F$AO2".0)2"-*#$0$.0$5210F$0$.0$.23*&/01$;$0$.0$2-/*%&2101+$P#*#2-0/"#F$04*-060#$;$1*#0(0&2)2"-*#$("&$0'/"&F$JKKJQJKKLCF$*-5201"$("&$)"&&*"$*.*)/&7-2)"$("&$!*21;$N0-j'0-$0$>'40-$?2%:/#$@0/):F$JR$1*$0%"#/"$1*$JKKLS$O*&$/0432l-$4*-#0j*$1*$)"&&*"$*.*)/&7-2)"$*-5201"$("&$s"#l$!')20-"$N0-2-F$12&*)/"&$1*$.0$=#)'*.0$M0)2"-0.$N2-12)0.F$0$>'40-$?2%:/#$@0/):F$i$1*$12)2*43&*$1*$JKKLS$<JJ$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$_5*&$X"&01"$V0&1"-0F$h*1*..B-F$<J$1*$#*(/2*43&*$1*$JKK`S$<JT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*(&*#*-/0-/*$1*$.0$P#")20)27-$1*$9-#/2/'/"&*#$M"&/*#0-/0-1*&*0-"#$DPN9M_?[EF$Vp)'/0F$J$1*$#*(/2*43&*$1*$JKK`S$
& & & & & & ,*& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
U-!Ac)'/0`!.0$!8'*-/*$!&*.0/0&#-!a'*!.#$!%&'(#$!$')*$#&*$!<03@0-!12$/&23'21#!5#.0-/*$!
#&1*-0-1#!/#a'*$!1*!a'*10!*-!1*/*&42-01#$!30&&2#$!1*!.0!)2'101!*-!.#$!)'0.*$!3'$)030-!
)#-/&#.0&!0)/252101*$!.')&0/250$!1*!)#-/&030-1#`!)#4#!*.!-0&)#/&K82)#9!iA#-/&#.0-!.#$!30&&2#$!
4*120-/*!.24(2*60!$#)20.9!"#$!5#.0-/*$!2-12)0-!a'*!1*$('[$!1*!.0$!T!(949!-#!('*1*-!$0.2&j`!
082&47!'-!#3$*&501#&!2-/*&-0)2#-0.!0$2%-01#!0!Ac)'/09!i"0$!(*&$#-0$!5*-!.0$!1&#%0$999!=!
1*/&K$!1*!*$/#!<0=!#/&#$!-*%#)2#$`!(&[$/04#$!1*!12-*&#`!)#&&'()27-!(#.2)20.9!W0-*?0-!.#$!
(.*40$!)#/2120-#$!1*.!30&&2#999!D*).'/0-!0!?75*-*$jBFQ9!
!
J.%'-0$!8'*-/*$!$*X0.0&#-!a'*`!0-/*$!1*!.0!1*$4#52.260)27-`!.0$!J,A!<03@0-!/#401#!0!$'!
)0&%#!.0!(4$27-!1*!i8'*&60$!1*!$*%'&2101!(&25010j!*-!.0!)2'101`!=!a'*!.#$!%&'(#$!
$')*$#&*$!*$/030-!0(.2)0-1#!.0!42$40!*$/&0/*%209!iU4(*60&#-!0!0$*$2-0&!0!)*.01#&*$!1*!.0!
)#4'-2101`!(0&0!)#.#)0&!)##(*&0/250$!1*!)*.01#&*$!=!)#-/&#.0&!.0!)#4'-21019!!U-!42!30&&2#!
0$*$2-0&#-!0.!)*.01#&j`!082&47!'-!&*(&*$*-/0-/*!1*!.0!]'-10)27-!Z&#%&*$0&`!'-0!
#&%0-260)27-!1*!1*&*)<#$!<'40-#$!1*!Ac)'/0BF:9!Y/&#!&*$21*-/*!40-28*$/7+!i.#$!)#42/[$!1*!
52%2.0-)20!&*a'2$0-!0!.0!%*-/*`!.#$!40./&0/0-999.#!04*-060-!0!'#999!.#!)#%*-!0!('-/0(2[!=!
('-#9!!_#-!2-8#&40-/*$!1*!/#1#!.#!a'*!$')*1*!*-!.0!6#-0999!J<#&0!.*!10!0!'-#!42*1#!*$/0&!
08'*&0!1*!-#)<*9!!"0!6#6#3&0!$*!40-/2*-*9!jBF>9!
!
U.!(&*$21*-/*!1*!'-!)#-$*?#!5*)2-0.!1*!Ac)'/0!&*.0/7!)74#!<03@0!.#%&01#!*$)0(0&!(#&!(#)#!
1*!a'*!.#!0$*$2-0&0-!0%&*$#&*$!-#!21*-/282)01#$`!a'*!(#$23.*4*-/*!(*&/*-*)@0-!0!%&'(#$!
$')*$#&*$+!i^*-@0!42*1#!1*!(0&/2)2(0&!*-!*.!)#-$*?#!(#&a'*!42!$*X#&0!4*!<03@0!12)<#!a'*!
.0$!(*&$#-0$!a'*!(0&/2)2(030-!p1*$0(0&*)@0-q!#!*&0-!0$*$2-010$999!G*$('[$!1*!.0!(&24*&0!
&*'-27-999!1#$!<#43&*$!$*!0)*&)0&#-!42*-/&0$!)042-030999!U.!<#43&*!a'*!)042-030!0!42!
.01#!&*)2327!'-!12$(0&#!*-!*.!<#43&*!=!)0=7!0.!(2$#9!"'*%#!4*!12$(0&0&#-!$*2$!5*)*$999!H#!
*-/2*-1#!)74#!$#3&*525@`!=0!a'*!*.!<#43&*!a'*!*$/030!0!42!.01#999!4'&27jBFL9!
!
,-!1*$4#52.2601#!-#$!12?#!a'*!*-!Z'*&/#!_0-/0-1*&!dH#&/*!1*!_0-/0-1*&e`!i.0$!(*&$#-0$!
a'*!(0&/2)2(0-!*-!)#-/&030-1#!/2*-*-!a'*!(0%0&!0!.0$!O%'2.0$!H*%&0$999!_*!&*'-2*&#-!)#-!.#$!
(**1#&*$!1*!%0$#.2-0999!*!<2)2*&#-!'-0!.2$/0!1*!a'2[-*$!)#4(&0-!%0$#.2-0999!n^o0432[-!
*$/K-!*-!*.!-0&)#/&K82)#999!W0-*?0-!.#$!)'./25#$!1*!)#)0999!=!/2*-*-!.03#&0/#&2#$!=!)#-/&#.0-!*.!
/&0-$(#&/*9!"0!(#.2)@0!.#$!(&#/*%*jBFR9!
!
<JI$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$"3#*&501"&$2-/*&-0)2"-0.F$Vp)'/0F$<$1*$#*(/2*43&*$1*$JKK`S$<Jg$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*(&*#*-/0-/*$1*$.0$o'-10)27-$U&"%&*#0&F$Vp)'/0F$<$1*$#*(/2*43&*$1*$JKK`S$<JR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$Vp)'/0F$<$1*$#*(/2*43&*$1*$JKK`S$<Ji$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$U&*#21*-/*$1*$'-0$s'-/0$1*$P))27-$V"4'-0.$*-$Vp)'/0F$<$1*$#*(/2*43&*$1*$JKK`Sw$$<J`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$(*&#"-0$1*#4"52.26010F$Vp)'/0F$J$1*$#*(/2*43&*$1*$JKK`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & ,(
,-0!4'?*&!1*!W*1*..@-!082&47!a'*!<03@0!$21#!1*$(.06010!1*!^'&3#`!J-/2#a'20`!.'*%#!1*!
&*)232&!04*-060$!1*!'-!%&'(#!0.!)'0.!21*-/282)7!)#4#!.0$!O%'2.0$!H*%&0$9!iH#$!04*-060&#-!
(#&a'*!5*-1@04#$!1&#%0$999!$#-!.#$!42$4#$!(0&042.2/0&*$!a'*!<0-!)043201#!1*!-#43&*9!
"#$!(0&042.2/0&*$!/0432[-!(*&$*%'@0-!0!.0$!(*&$#-0$!a'*!5*-1@0-!1&#%0$!$2!-#!.*$!(0%030-!
.0!50)'-0999!f0-!40/01#!0!/&082)0-/*$!=!?75*-*$999!J!4@!4*!04*-060&#-!12&*)/04*-/*+!1#$!
<#43&*$!$*!0)*&)0&#-!*-!4#/#)2).*/0!=!12?*&#-!a'*!230-!0!40/0&!0!a'2*-*$!5*-1@0-!
1&#%0$jBFT9!
!
!-(*[email protected]#<#?'%"(*1'.#1%*7).#?217'-.0#+(#".0#!8,#
I@)/240$!=!8042.20&*$!1*!5@)/240$!1*!.0$!J,A!a'*!<0-!*\2%21#!?'$/2)20!(#&!.#$!)&@4*-*$!1*!.#$!
(0&042.2/0&*$!<0-!$21#!04*-0601#$`!0%&*121#$!*!2-).'$#!0$*$2-01#$9!J!4*-'1#`!$*X0.0-!0!
.#$!%&'(#$!$')*$#&*$!)#4#!.#$!0'/#&*$!1*!.0$!04*-060$9!
!
U.!)0$#!4K$!&*$#-0-/*!8'*!*.!1*!g#.0-10!;6a'2*&1#`!a'2*-!8'*!8'$2.010!?'-/#!)#-!$'!40&21#!
08'*&0!1*!$'!5252*-10!*-!A7&1#30`!*-!*-*&#!1*!FCCL9!;6a'2*&1#!<03@0!&*(&*$*-/01#!0!.0$!
8042.20$!a'*!*\2%@0-!.0!&*$/2/')27-!1*!42.*$!1*!<*)/K&*0$!1*!/2*&&0!*-!*.!40&)#!1*.!(&#)*$#!1*!
m'$/2)20!=!Z069!f03@0!$#.2)2/01#!&*2/*&0104*-/*!.0!(&#/*))27-!1*!.0$!0'/#&2101*$`!(*&#!$'$!
(*121#$!8'*&#-!2%-#&01#$9!G*$1*!*-/#-)*$`!.0!(#.2)@0!<0!0&&*$/01#!0!I@)/#&!J.#-$#!D#?0$!
d)#-#)21#!30?#!*.!0.20$!1*!im0w2je`!'-!(&*$'-/#!42*43&#!1*!.#$!i,&03*X#$j!=!
$'('*$/04*-/*!*\!0$*$#&!12&*)/#!1*.!.@1*&!1*!.0$!J,A!_0.50/#&*!W0-)'$#`!(#&!.#$!
0$*$2-0/#$9!]2$)0.*$!1*!1*&*)<#$!<'40-#$!/0432[-!<0-!$*X0.01#!0!_#&!^*&*$0!V74*6`!
)'X010!1*!.#$!.@1*&*$!1*!.0$!J,A!A0&.#$!=!I2)*-/*!A0$/0X#`!*-!&*.0)27-!)#-!*.!0$*$2-0/#BEC9!
_*!$03*!a'*!V74*6!)#-/&#.0!%&0-1*$!*\/*-$2#-*$!1*!/2*&&0`!a'*!<03&@0!/#401#!1*!.0$!
(*&$#-0$!1*$(.06010$!(#&!.#$!(0&042.2/0&*$`!*-!.0!&*%27-!1*!,&03KBEB9!
!
,-0!5@)/240!1*!.0!40$0)&*!1*!U.!_0.01#!.*!12?#!0!f'40-!D2%</$!h0/)<!a'*!-#!<03@0!&*.0/01#!
$'!<2$/#&20!0!&*(&*$*-/0-/*$!1*!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-!(#&a'*!/*4@0!a'*!*..0!#!$'$!
<2?#$!8'*&0-!0%&*121#$!$2!0.%'2*-!$03@0!.#!a'*!.*!<03@0!$')*121#+!in*-!42!)2'101o!-#!12%#!
a'*!$#=!1*!U.!_0.01#!(#&a'*!/*-%#!0!42$!<2?#$999!Z#&a'*!n.0!)2'101!*-!a'*!525#o!*$!4'=!
<JL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$4'j*&$1*#(.06010F$h*1*..B-F$<<$1*$#*(/2*43&*$1*$JKK`S$<TK$A[&0#$.0$4'*&/*$1*${".0-10$96n'2*&1"F$%"32*&-"$2-/*-/0$8&*-0&$)0)*&B0$0$5B)/240#$1*$."#$(0&042.2/0&*#CF$N*40-0$DG"%"/HEF$J$1*$8*3&*&"$1*$JKKiv$AV0*$(&*#'-/"$0#*#2-"$1*$.0$.B1*&$1*$1*#(.0601"#$1*$V7&1"30F${".0-10$96n'2*&1"CF$=.$[2*4("$DG"%"/HE$<g$1*$0%"#/"$1*$JKKLF$://(+\\]]]S*./2*4("S)"4\)"."4320\)0&23*\P?[9V,!_Q@=GQU!PM[9!!PdM_[Pd9M[=?9_?Qg`gLg`iS:/4.vAU".2)B0$)0(/'&0$0$*a$j*8*$(0&042.2/0&$0)'#01"$1*$40/0&$0$.B1*&$)04(*#2-0C$0%*-)20$1*$-"/2)20#$=o=F$<g$1*$0%"#/"$1*$JKKLS$<T<$AP)'#0-$0$&*(&*#*-/0-/*$1*$o'-10)27-$)&*010$("&$V0#/0k"$1*$)&24*-$1*$4'j*&$.B1*&$1*$1*#(.0601"#CF$=.$[2*4("$DG"%"/HEF$J$1*$8*3&*&"$1*$JKKiF$://(+\\]]]S*./2*4("S)"4\0&):25"\1")'4*-/"\VhNQTIJJLiL$D)"-#'./01"$*.$Ji$1*$#*(/2*43&*$1*$JKKLES$
& & & & & & ,/& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
(*.2%&#$0`!0!.0$!>!(949!=0!)*&&04#$!.0!('*&/09!U$/#=!/&0-a'2.0!1'&0-/*!*.!1@0!(*&#!-#!1*!
-#)<*`!(#&a'*!.0$!O%'2.0$!H*%&0$!*$/K-!0..@jBEF9!
!
,-0!4'?*&!a'*!<03@0!(&*$*-/01#!'-0!1*-'-)20!$#3&*!.0!1*$0(0&2)27-!1*!$'!(01&*!1*$)&2327!
)74#!'-!%&'(#!$')*$#&!.0!<03@0!#3.2%01#!0!030-1#-0&!$'!5252*-10!*-!FCC>+!iU.!%&'(#!..*%7!
0!42!)0$0!=!-#$!04*-067999!_*!..*50&#-!42$!1#)'4*-/#$9!999G2?*&#-!a'*!$2!4*!a'*?030!(#&!.0$!
1*$0(0&2)2#-*$!#!(#&!*.!1*$(.06042*-/#`!4*!40/030-999!U&0-!E:!=!*$/030-!5*$/21#$!1*!
)04'8.01#jBEE9!
!
Y/&#!%&'(#!1*!8042.20&*$!1*!(*&$#-0$!0$*$2-010$!*-!'-0!40$0)&*!)#4*/210!(#&!.0$!J,A!*-!
_0-/0-1*&!082&40&#-!a'*!<03@0-!$21#!04*-0601#$!.'*%#!1*!*\2%2&!?'$/2)20!0!/&05[$!1*.!
(&#)*$#!1*!m'$/2)20!=!Z06`!(*&#!*$/030-!1*40$201#!0/*4#&2601#$!(0&0!10&!0!)#-#)*&!.#$!
1*/0..*$!1*!.0$!04*-060$BEQ9!G*.!42$4#!4#1#`!.#$!8042.20&*$!1*!.#$!42*43&#$!1*!'-0!
)#42$27-!1*!2-5*$/2%0)27-!1*!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-!i1*$0(0&*)21#$j!#!*?*)'/01#$!
(#&!*.!k.#a'*!H#&/*!1*!.0$!J,A!2-8#&40&#-!<03*&!$21#!#3?*/#!1*!04*-060$!=!0%&*$2#-*$!(#&!
2-/*-/0&!)#-#)*&!.0!5*&101!$#3&*!*.!1*$/2-#!1*!$'$!$*&*$!a'*&21#$BE:9!
!
_*%c-!.0!Y82)2-0!1*.!J./#!A#42$2#-01#!1*!.0$!H0)2#-*$!,-210$!(0&0!.#$!G*&*)<#$!f'40-#$`!
*-!FCCL!.0!Z#.2)@0!H0)2#-0.!2-8#&47!B>C!04*-060$!1*!4'*&/*!)#-/&0!5@)/240$!a'*!
2-/*-/030-!<0)*&!50.*&!$'$!1*&*)<#$`!*-!/0-/#!.0!A#42$27-!H0)2#-0.!1*!D*(0&0)27-!=!
D*)#-)2.20)27-!&*%2$/&7!BE!<#42)212#$!1*!5@)/240$!a'*!*\2%@0-!.0!&*$/2/')27-!1*!$'$!/2*&&0$!=!
#/&#$!32*-*$BE>9!!
!
s'0-$X0521$XB06+$P4*-0601"$("&$G'#)0&$s'#/2)20$
m'0-!G0521!G@06!A<04#&&#!*$!<2?#!1*!U'10.1#!i^2/#j!G@06`!a'2*-!$*!1*$*4(*X7!)#4#!0.)0.1*!
1*!U.!D#3.*`!_')&*`!=!8'*!0$*$2-01#!*-!03&2.!1*!FCCF!(#&!(0&042.2/0&*$`!a'*!(&*$'-/04*-/*!
0)/'0&#-!*-!)#--25*-)20!)#-!(#.@/2)#$!.#)0.*$9!!U-!'-!)#-$*?#!1*!$*%'&2101!*-!FCCF!)#-!*.!
(&*$21*-/*!,&23*`!0./#$!#82)20.*$!1*!.0$!8'*&60$!1*!$*%'&2101`!=!50&2#$!8'-)2#-0&2#$!
<TJ$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$5B)/240$1*$.0$40#0)&*$1*$=.$N0.01"F$G0&&0-n'2..0F<$1*$")/'3&*$1*$JKKiS$<TT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$4'j*&$1*#(.06010F$G0&&0-)03*&4*j0F$g$1*$#*(/2*43&*$1*$JKK`S$<TI$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$%&'("$1*$8042.20&*#$1*$5B)/240#$1*$40#0)&*#F$G0&&0-)03*&4*j0F$g$1*$#*(/2*43&*$1*$JKK`S$<Tg$AU"&$G'#)0&$.0$O*&101F$O2)/240#$1*$O0..*1'(0&$N'8&*-$M'*5"#$?2*#%"#CF$O*&101P32*&/0S)"4F$Jg$1*$#*(/2*43&*$1*$JKKLF$://(+\\]]]S5*&101032*&/0S)"4\]*3T<\j'#/2)20Q;Q(06\<RLLQ52)/240#Q04*-06010#Q*-Q50..*1'(0&$D)"-#'./01"$*.$TK$1*$#*(/2*43&*$1*$JKKLES$<TR$_82)2-0$1*.$P./"$V"42#2"-01"$1*$.0#$M0)2"-*#$,-210#$(0&0$."#$X*&*):"#$>'40-"#$*-$V"."4320F$A9-8"&4*$#"3&*$.0$#2/'0)27-$1*$."#$1*&*):"#$:'40-"#$*-$V"."4320$JKKiCF$P\>?V\i\TLF$J`$1*$8*3&*&"$1*$JKK`F$://(+\\]]]S:):&S"&%S)"\1")'4*-/"#*2-8"&4*#\2-8"&4*#\0./")"42#2"-01"\JKKi\?*("&/^JK>2%:^JKV"442##2"-*&^JK=-%.2#:^JKPXOPMV=^JK=X9[9_MS:/4Äd8/-&*8Ti$D)"-#'./01"$*.$TK$1*$03&2.$1*$JKK`EF$(H&&S$gKS$$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & ,.
&*%2#-0.*$!1*!_')&*!2-).'=*-1#!0.!%#3*&-01#&!_0.501#&!J&0-0`!^2/#!<03@0!1*-'-)201#!a'*!
.#$!(#.@/2)#$!.#)0.*$!2-/*-/030-!/#40&!&*)'&$#$!1*!U.!D#3.*!(0&0!82-0-)20&!0!.0$!J,A`!=!a'*!
42.*$!1*!(*&$#-0$!<03@0-!$21#!0$*$2-010$!(#&!.#$!(0&042.2/0&*$!*-!*.!1*(0&/04*-/#9!m'0-!
G0521!082&40!a'*!(#$/*&2#&4*-/*!^2/#!8'*!(*&$*%'21#!(#&!.#$!(0&042.2/0&*$!=!&*/2&01#!1*!$'!
)0&%#!(#&!8'-)2#-0&2#$!)#&&'(/#$9!U-!'-!)#-$*?#!)#4'-0.!)#-!*.!Z&*$21*-/*!,&23*!..*501#!0!
)03#!*.!B!1*!8*3&*&#!1*!FCCE`!^2/#!&*2/*&7!$'$!1*).0&0)2#-*$!=!12?#!a'*!.#$!(#.@/2)#$!230-!0!
40/0&.#9!
!
^2/#!8'*!0$*$2-01#!/&*$!4*$*$!1*$('[$`!*.!:!1*!03&2.9!^2/#!$0.27!1*!$'!5252*-10!(0&0!0$2$/2&!0!
'-!*-)'*-/&#!(#.@/2)#!)#-!0./#$!8'-)2#-0&2#$`!(*&#!1*$0(0&*)27!.'*%#!1*!.0!&*'-27-9!U.!BC!1*!
03&2.`!*.!)'*&(#!1*!^2/#!8'*!*-)#-/&01#!*-!'-!)042-#!)#-!40&)0$!1*!/#&/'&0!=!4c./2(.*$!
<*&210$!1*!30.09!_*!*-)#-/&030!*-!(#$2)27-!1*!)&')282\27-!=!)#-!.0!)&*1*-)20.!1*!0.)0.1*!*-!
.0!8&*-/*9!U-!$'!60(0/#`!$'$!8042.20&*$!*-)#-/&0&#-!'-0!)0&/0!1*!^2/#!1*.!R!1*!03&2.!12&2%210!0.!
i)#40-10-/*!D#1&2%#j!d)#-#)21#!)#4#!iA01*-0j`!*.!?*8*!(0&042.2/0&!.#)0.e9!U-!.0!)0&/0`!^2/#!
&#%030!a'*!A01*-0!0)*(/0&0!&*'-2&$*!=!(*1@0!a'*!/'52*&0!(2*101!)#-!$'!8042.209!
!
i"#!8&'$/&0-/*!*$!a'*!/#1#$!.#$!(#.@/2)#$!a'*!42!(01&*!<03@0!1*-'-)201#!8'*&#-!
&*)#4(*-$01#$9!,-#!1*!.#$!<#43&*$!a'*!0)'$7!8'*!1*$2%-01#!0%&*%01#!42.2/0&!*-!]&0-)20999!
Y/&#!8'*!-#43&01#!*430?01#&!*-!A<2.*999!H2-%'-#!*$/K!(0%0-1#!(#&!$'$!)&@4*-*$j`!082&47!
m'0-!G05219!U.!Z&*$21*-/*!,&23*!-#43&7!0.!*\!%#3*&-01#&!1*!_')&*`!_0.501#&!J&0-0`!
*430?01#&!*-!A<2.*!(#)#!1*$('[$!1*.!<#42)212#9!!
!
U.!1@0!*-!a'*!$'!(01&*!8'*!0$*$2-01#`!m'0-!G0521!&*)2327!04*-060$!1*!(*&$#-0$!a'*!.*!
12?*&#-!a'*!1*3@0!030-1#-0&!_')&*!*-!FQ!<#&0$9!_*!8'*!(#&!1#$!0X#$`!(*&#!.'*%#!&*%&*$7!=!
)#4*-67!0!/&030?0&!)#-!*.!W#5242*-/#!1*!I@)/240$!1*!A&@4*-*$!1*!U$/01#9!G*$1*!*-/#-)*$`!
<0!(0&/2)2(01#!*-!'-0!.')<0!)#-/2-'0!=!8&'$/&0-/*!(#&!?'6%0&!0!.#$!0$*$2-#$!1*!$'!(01&*9!f0!
&*)2321#!-'4*&#$0$!04*-060$9!
!
f0-!2-/*-/01#!40/0&4*!*-!(.*-0!)0..*9!W*!<0-!04*-0601#!=!(*&$*%'21#`!=!
4*!<0-!12)<#!a'*!030-1#-*!*.!1*(0&/04*-/#!#!4*!50!0!$')*1*&!.#!42$4#!
a'*!0!42!(01&*!(#&!)#-/2-'0&!1*-'-)20-1#!0!.#$!(0&042.2/0&*$!=!/&030?0-1#!
(#&!.0!?'$/2)209!Z*&#!-#!4*!5#=!0!2&!1*!_')&*!(#&a'*!1*3#!.*50-/0&!.0!30-1*&0!
a'*!42!(01&*!2-/*-/7!.*50-/0&!=!a'*!8'*!1*$/&'210BEL9!
!
_*%c-!m'0-!G0521`!BB!/*$/2%#$!1*.!)0$#!<0-!$21#!0$*$2-01#$`!<'3#!0/*-/01#$!)#-/&0!.0!5210!
1*!#/&#$!1#$`!'-#!<0!1*$0(0&*)21#!=!#/&#$!<0-!$21#!04*-0601#$9!U-!'-!4*-$0?*!&*)2*-/*`! <Ti$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$s'0-$X0521$XB06F$N2-)*.*j"F$N')&*F$JT$1*$8*3&*&"$1*$JKK`S$
& & & & & & ,,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
m'0-!G0521!082&47!a'*!i.0$!04*-060$!*-!)#-/&0!4@#!=!1*!42!8042.20!$*!<0-!2-)&*4*-/01#`!*-!
8#&40!1*!(0-8.*/#$`!4*-$0?*$!1*!)#&&*#!*.*)/&7-2)#!=!'-!0/*-/01#!1*!4'*&/*!a'*!2-/*-/0&#-!
(*&(*/&0&!*.!FL!1*!40&6#!nFCCTo`!/#1#!(0&0!24(*12&!a'*!)#-/2-'K&04#$!&*).040-1#!-'*$/&#!
1*&*)<#!0!.0!?'$/2)20jBER9!m'0-!G0521!)&**!a'*!.#$!<#43&*$!a'*!2-/*-/0&#-!0$*$2-0&.#!*-!
40&6#!*&0-!42*43&#$!1*!.#$!Z02$0$BET9!!,-0!04*-060!&*)2*-/*!a'*!..*%#!(#&!)#&&*#!
*.*)/&7-2)#`!*-!#)/'3&*!1*.!FCCT`!04*-06030!a'*!$2!J&0-0!*&0!)#-1*-01#`!.0!8042.20!1*!m'0-!
G0521!4#&2&@099OI!!!
!
H#!#3$/0-/*`!$*2$!0X#$!1*$('[$!1*.!0$*$2-0/#!1*!^2/#`!.0!A#&/*!_'(&*40!<0!)#-1*-01#!0!
J&0-0!1*!)#.03#&0&!)#-!(0&042.2/0&*$!=!1*!(0&/2)2(0&!*-!*.!<#42)212#!1*!^2/#!G206`!
24(#-2[-1#.*!'-0!(*-0!1*!QC!0X#$!1*!(&2$27-99O9!!_*%c-!m'0-!G0521`!#/&#$!8'-)2#-0&2#$!=!
(0&042.2/0&*$!a'*!('*1*-!<03*&!*$/01#!2-5#.')&01#$!*-!*.!0$*$2-0/#!0'-!-#!<0-!$21#!
?'6%01#$9!!!!
!
X*#(.06042*-/"$2-/*&-"$
_*!)#-$21*&0!a'*!.#$!%&'(#$!(0&042.2/0&*$!$#-!&*$(#-$03.*$!1*!4K$!1*$(.06042*-/#$!a'*!
)'0.a'2*&!#/&#!0)/#&!*-!A#.#4320!dEL!(#&!)2*-/#`!$*%c-!'-!*$/'12#!&*)2*-/*!&*0.2601#!)#4#!
(0&/*!1*.!4#-2/#&*#!1*!.0!128@)2.!$2/'0)27-!1*!.0$!(*&$#-0$!1*$(.06010$!..*501#!0!)03#!(#&!.0!
A#&/*!A#-$/2/')2#-0.!1*!A#.#4320eBQF9!
!
<T`$V"4'-2)0)27-$("&$)"&&*"$*.*)/&7-2)"$*-52010$("&$s'0-$X0521$XB06$0$>'40-$?2%:/#$@0/):F$<L$1*$#*(/2*43&*$1*$JKKLv$X0-2*.$V"&"-*..F$A!0$h0-"$M*%&0CF$N*40-0$DG"%"/HEF$<L$1*$*-*&"$1*$JKKLF$://(+\\]]]S#*40-0S)"4\-"/2)20#Q"(2-2"-\40-"Q-*%&0\<<LiTTS0#(a$DV"-#'./01"$*.$Ji$1*$#*(/2*43&*$1*$JKKLEv$O*&101P32*&/0S)"4F$A!0$.2#/0$1*$("#23.*#$/*#/2%"#$#2.*-)201"#$*-$*.$)0#"$P&0-0CF$JT$1*$8*3&*&"$1*$JKKLF$://(+\\]]]S5*&101032*&/0S)"4\]*3T\(0&0(".2/2)0\LJJQ.0Q.2#/0Q1*Q."#Q/*#/2%"#Q#2.*-)201"#Q*-Q*.Q)0#"Q0&0-0$D)"-#'./01"$*.$Ji$1*$#*(/2*43&*$1*$JKKLES$<TL$V"4'-2)0)27-$("&$)"&&*"$*.*)/&7-2)"$*-52010$("&$s'0-$X0521$XB06$0$>'40-$?2%:/#$@0/):$;$"/&"#F$<g$1*$0%"#/"$1*$JKKLS$9OIV"4'-2)0)27-$("&$)"&&*"$*.*)/&7-2)"$*-52010$("&$s'0-$X0521$XB06$0$>'40-$?2%:/#$@0/):F$JL$1*$12)2*43&*$1*$JKKLS$9O9!CV"-1*-0-$0$IK$0k"#$1*$)H&)*.$0$N0.501"&$P&0-0FC$=.$=#(*)/01"&F$T$1*$12)2*43&*$1*$JKKLF$://(+\\]]]S*.*#(*)/01"&S)"4\-"/2)20#\j'12)20.\0&/2)'."<iggiiQ)"-1*-0-QIKQ0-"#Q1*Q)0&)*.Q#0.501"&Q0&0-0$D0))*##*1$
X*)*43*&$T<F$JKKLES!<IJ$V"42#27-$1*$N*%'242*-/"$0$.0$U".B/2)0$Up3.2)0$N"3&*$*.$X*#(.06042*-/"$o"&601"F$AU&")*#"$M0)2"-0.$1*$O*&282)0)27-$1*$."#$X*&*):"#$1*$.0$U"3.0)27-$X*#(.06010+$U&24*&$9-8"&4*$0$.0$V"&/*$V"-#/2/')2"-0.CF$J`$1*$*-*&"$1*$JKK`F$(H%#S$T<QTJS$=.$42#4"$2-8"&4*$#*k0.0$'-0$128*&*-)20$*-/&*$."#$&*#'./01"#$1*$*#/0$*-)'*#/0$;$."#$10/"#$&*)0301"#$("&$*.$#2#/*40$1*$2-8"&40)27-$"82)20.$#"3&*$("3.0)27-$1*#(.06010F$n'*$#7."$0/&23';*$0$."#$(0&042.2/0&*#$&*#("-#032.2101$("&$'-$<<FT$("&$)2*-/"$1*$."#$)0#"#$1*$1*#(.06042*-/"S$=.$2-8"&4*$2-12)0$n'*$."#$&*%2#/&"#$*-$*.$#2#/*40$1*$2-8"&40)27-$"82)20.$#"3&*$1*#(.06042*-/"#$)0'#01"#$("&$."#$(0&042.2/0&*#$:0-$(&*#*-/01"$'-0$&*1'))27-$n'*$A('*1*$"3*1*)*&F$(&"303.*4*-/*$;$*-/&*$"/&"#$80)/"&*#F$0$.0#$1282)'./01*#$#'&%210#$)"-$4"/25"$1*$."#$(&")*#"#$1*SSS$2-#)&2()27-$*-$*.$&*%2#/&"SSS$#'#)2/010#$)"-$")0#27-$1*.$(&")*#"$1*$1*#4"52.260)27-$1*$."#$%&'("#$(0&042.2/0&*#SSS$w("&n'*x$)"4"$:0$#21"$1*-'-)201"$("&$50&20#$"&%0-260)2"-*#SSSF$0.%'-0#$1*$.0#$,-2101*#$[*&&2/"&20.*#$D,[E$1*$P))27-$N")20.$)"4*-60&"-$0$-*%0&$#2#/*4H/2)04*-/*$*.$&*%2#/&"$1*$(*&#"-0#$;$:"%0&*#$n'*SSS$#*k0.030-$0$."#$%&'("#$(0&042.2/0&*#$)"4"$."#$0'/"&*#$1*.$1*#(.06042*-/"S$X*$0)'*&1"$)"-$.0$#2/'0)27-$1*-'-)2010F$.0#$,[$(0&/B0-$1*$.0$(&*#'-)27-$1*$n'*$."#$%&'("#$(0&042.2/0&*#F$:032l-1"#*$1*#4"52.2601"F$-"$("1B0-$#*k0.0&#*$)"4"$0'/"&*#$1*$1*#(.06042*-/"CS$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & ,-
U.!(&#)*$#!1*!1*$4#52.260)27-!-#!$*!/&01'?#!*-!'-0!&*1'))27-!$2%-282)0/250!=!$#$/*-210!1*!
.#$!1*$(.06042*-/#$`!)#4#!(#1&@0!<03*&$*!*$(*&01#9!Z#&!*.!)#-/&0&2#`!$*%c-!J))27-!_#)20.`!
*-!.#$!0X#$!$2%'2*-/*$!0!.0!1*$4#52.260)27-!.#$!@-12)*$!1*!1*$(.06042*-/#!2-/*&-#!1*!
A#.#4320!$*!2-)&*4*-/0&#-9!
!
G*!0)'*&1#!)#-!.0$!)28&0$!#82)20.*$`!1*$('[$!1*!&*1')2&$*!0!FFR9RFR!*-!FCCQ`!.0!)0-/2101!1*!
-'*50$!(*&$#-0$!1*$(.06010$!$*!2-)&*4*-/7!)010!0X#!<0$/0!..*%0&!0!EFL9>FQ!*-!FCCL9!"0$!
)28&0$!#82)20.*$!1*!FCCR!$#-!0.%#!4*-#&*$`!)#-!ECC9>TE`!(*&#!)#-/2-c0-!$2*-1#!4')<#!4K$!
*.*5010$!a'*!0.!(&2-)2(2#!1*.!(&#)*$#!1*!1*$4#52.260)27-BQE9!
!
AYGfU_!dA#-$'./#&@0!(0&0!.#$!G*&*)<#$!f'40-#$!=!*.!G*$(.06042*-/#e`!'-0!1*$/0)010!
#&%0-260)27-!-#!%'3*&-04*-/0.!1*!A#.#4320`!2-8#&40!#/&0$!)28&0$`!=!)#-).'=*!a'*!)*&)0!1*!
ERC9R>E!(*&$#-0$!8'*&#-!1*$(.06010$!*-!FCCR`!.#!)'0.!&*(&*$*-/0!'-!2-)&*4*-/#!1*.!FQ`QL!
(#&!)2*-/#!&*$(*)/#!1*!.0!)28&0!a'*!128'-127!(0&0!FCCL!dEC:9T>>eBQQ9!!
!
U-!1*).0&0)2#-*$!&*0.26010$!0-/*!%&'(#$!1*!1*&*)<#$!<'40-#$!0!4*1201#$!1*!FCCT`!*.!
12&*)/#&!1*!J))27-!_#)20.!$*X0.7!a'*!<0$/0!*-/#-)*$!.0$!)28&0$!)#&&*$(#-12*-/*$!0!FCCT!
(0&*)@0-!&*8.*?0&!'-0!$'$/0-)20.!&*1'))27-!*-!.#$!1*$(.06042*-/#$!1'&0-/*!*$*!0X#+!0.!EC!1*!
$*(/2*43&*`!<03@0!&*%2$/&01#!R>9ETL!-'*5#$!)0$#$!1'&0-/*!FCCT9!H#!#3$/0-/*`!0.!4#4*-/#!
1*!.0!*.03#&0)27-!1*.!(&*$*-/*!2-8#&4*!0c-!*$!4'=!(&#-/#!(0&0!1*/*&42-0&!$2!.0$!)28&0$!1*!
FCCT`!'-0!5*6!a'*!*$/[-!)#4(.*/04*-/*!(&#)*$010$`!4#$/&0&K-!'-0!&*1'))27-!*-!.0!
)0-/2101!1*!1*$(.06042*-/#$!2-/*&-#$9!
!
U.!/2/'.0&!1*!J))27-!_#)20.!$*X0.7!0!f'40-!D2%</$!h0/)<!a'*!*.!2-)&*4*-/#!*-!.#$!
1*$(.06042*-/#$`!0.!4*-#$!*-/&*!FCC>!=!FCCL`!(#1@0!1*3*&$*!0!.0!i(*&)*()27-!1*!52#.*-)20j!
(#&!(0&/*!1*!.0$!5@)/240$!*-!)0$#$!*-!a'*!/0.!52#.*-)20!-#!*\2$/@0!&*0.4*-/*`!0!i(&#)*$#$!1*!
*&&012)0)27-!40-'0.!1*!)'./25#$!1*!)#)0`!a'*!..*50&#-!0!.#$!%&'(#$!n0&401#$o!0!*?*&)*&!
(&*$27-!$#3&*!.0!(#3.0)27-!)252.`!=!0!12$('/0$!/*&&2/#&20.*$!n*-/&*!%&'(#$!0&401#$ojBQ:9!
!
<IT$P%*-)20$U&*#21*-)20.$(0&0$.0$P))27-$N")20.$;$.0$V""(*&0)27-$9-/*&-0)2"-0.F$?*%2#/&"$W-2)"$1*$U"3.0)27-$X*#(.06010F$Y-12)*$Z*-*&0.$1*$[03'.01"#$1*$U"3.0)27-$X*#(.06010F$8*):0$1*$)"&/*$)"&&*#("-12*-/*$0.$TK$1*$-"52*43&*$1*$JKKLF$12#("-23.*$*-$://(+\\]]]S0))2"-#")20.S%"5S)"\=#/012#/2)0#\('3.2)0)2"-^JK-"52*43&*^JK1*^JKJKKLS:/4$D)"-#'./01"$*.$JL$1*$12)2*43&*$1*$JKKLES$$<II$V_X>=NF$V"1:*#$2-8"&40+$OB)/240#$*4*&%*-/*#F$X*#(.06042*-/"F$1*&*):"#$:'40-"#$;$)"-8.2)/"$0&401"$*-$JKK`F$(H%S$TF$JJ$1*$03&2.$1*$JKKLF$://(+\\]]]S)"1:*#S"&%\2-1*aS(:(b"(/2"-c)"4d1")40-e/0#fc)0/d52*]e%21cTge9/*421cgK$D)"-#'./01"$*.$JL$1*$12)2*43&*$1*$JKKLES$<Ig$X*).0&0)2"-*#$1*$X2*%"$h".0-"F$12&*)/"&$1*$P))27-$N")20.F$1'&0-/*$'-$*-)'*-/&"$)"-$%&'("#$1*$1*&*):"#$:'40-"#$1*$=#/01"#$,-21"#$*-$.0$=430j010$1*$V"."4320$*-$12):"$(0B#F$@0#:2-%/"-F$XVF$R$1*$-"52*43&*$1*$JKKLS$
& & & & & & ,A& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
AYGfU_`!(#&!$'!(0&/*`!0/&23'=*!*.!2-)&*4*-/#!*-!.#$!1*$(.06042*-/#$!&*%2$/&01#!<0$/0!FCCR!
0!125*&$#$!80)/#&*$`!(*&#!1*$/0)0!*-!(0&/2)'.0&!*.!)&*)242*-/#!1*!.#$!%&'(#$!$')*$#&*$9!!
!
;-1*(*-12*-/*4*-/*!1*!$2!.#$!%&'(#$!$')*$#&*$!$#-!.0!(&2-)2(0.!)0'$0!1*.!2-)&*4*-/#!1*!.#$!
1*$(.06042*-/#$!)#-!(#$/*&2#&2101!0!FCCQ`!&*$'./0!).0&#!a'*!$*!/&0/0!1*!'-!80)/#&!
$2%-282)0/25#!a'*!2-)21*!*-!.#$!1*$(.06042*-/#$9!f'40-!D2%</$!h0/)<!&*)2327!-'4*&#$0$!
1*-'-)20$!1*!1*$(.06042*-/#$!(#)01#$!(#&!%&'(#$!$')*$#&*$`!%*-*&0.4*-/*!4*120-/*!
04*-060$9!,-0!4'?*&!1*$)&2327!$'!*\(*&2*-)20!*-!*.!$'&!1*.!1*(0&/04*-/#!1*!A*$0&!*-!.#$!
$2%'2*-/*$!/[&42-#$+!!
!
W*!8'2!(#&!'-!%&'(#!..0401#!O%'2.0$!H*%&0$9!W2$!1#$!<2?#$!1*!BB!0X#$!=!#/&#!
?#5*-!<03@0-!1*$0(0&*)21#!.0!$*40-0!0-/*&2#&9!"#$!3'$a'[999!"'*%#!$*!
(&*$*-/7!'-!%&'(#!1*!.#$!O%'2.0$!H*%&0$999!U.!%&'(#!12?#!i1*3*$!2&/*!0<#&0!#!
/*!40/0&*4#$j9!W2$!1#$!<2?#$!0(0&*)2*&#-!525#$!4K$!01*.0-/*!*-!Ac)'/0!=!
*$/K-!30?#!*.!)'2101#!1*.!%#32*&-#999!U.!1@0!0-/*$!1*!a'*!1*$0(0&*)2*&0-`!.#$!
-2X#$!4*!<03@0-!12)<#!a'*!<03@0-!52$/#!0!0.%'-#$!<#43&*$!*-!.0!)0..*!)#-!
&#(0$!-*%&0$!*\/&0X0$`!(*&#!a'*!-#!12?*&#-!-0109!A&*#!a'*!/*-@0-!0!42$!<2?#$!
(*&#!.#$!1*5#.52*&#-!(#&a'*!*&0-!1*40$201#!?75*-*$!(0&0!$*&52&.*$9!U.!#/&#!
?#5*-!$2%'*!1*$0(0&*)21#999!"0$!(*&$#-0$!a'*!-#$!(212*&#-!a'*!1*?K&04#$!.0!
)2'101!*$/030-!'$0-1#!(&*-10$!42.2/0&*$!-*%&0$999!g0!<03@04#$!$21#!
1*$(.0601#$!(#&!.#$!(0&042.2/0&*$!0-/*$999!W*!12?*&#-!a'*!$2!)#-/2-'030!
10-1#!5'*./0$!)#-!(0(*.*$!12)2*-1#!a'*!*&0!1*$(.06010`!4*!40/0&@0-9!U$/#=!
)0-$010!1*!4#5*&4*!/#1#!*.!/2*4(#!$2-!(0699OQ!!
!
Y/&0!4'?*&!a'*!<03@0!$21#!1*$(.06010!(#&!*.!42$4#!%&'(#!$*X0.7+!
!
n]o'24#$!1*$(.0601#$!1*!Z'*&/#!D2)#!(#&!'-!%&'(#!..0401#!O%'2.0$!H*%&0$9!
G2?*&#-!a'*!1*3@04#$!)#.03#&0&!)#-!*..#$!#!-#$!40/0&@0-9!U.!1@0!0-/*&2#&`!=0!
<03@0-!1*$(.0601#!0!(*&$#-0$!1*!.0!6#-09!".*%0&#-!*.!EC!1*!0%#$/#!n1*!
FCCRo999!I0&2#$!<#43&*$!)#-!0&40$!.0&%0$!=!)#-!)04'8.01#!-*%&#!$*!
(&*$*-/0&#-!*-!42!)0$09!".*%0&#-!12*6!<#43&*$9!_#=!401&*!$#./*&0!=!/*-@0!
4')<#!42*1#`!=!*$)0([!)#-!42!-2X09!A&*@!a'*!4*!40/0&@0-!$2!4*!a'*10309!
U$/030!0/*&&#&26010999!A&*#!a'*!a'*&@0-!.0!/2*&&0!=!a'*!)#.03#&0&0`!a'*!
/&030?0&0!)#-!*..#$999!f0=!(#)#$!(#.2)@0$!#!42.2/0&*$!0..@`!=!-#!(&*$*-/04#$!
9OQ$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$(*&#"-0$1*#(.06010$*-$'-$0.3*&%'*$*-$G0&&0-)03*&4*j0F$g$1*$#*(/2*43&*$1*$JKK`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & ,B
1*-'-)20$!(#&a'*!/*-*4#$!42*1#9!G*?[!.0!%&0-?0!=!)042-[!1'&0-/*!)0$2!/&*$!
1@0$!<0$/0!a'*!..*%'[!0a'@BQL9!
!
G*!<*)<#`!%&0-!(0&/*!1*!.#$!1*$(.06042*-/#$!#)'&&*-!*-!&*%2#-*$!1#-1*!.#$!%&'(#$!
$')*$#&*$!*$/K-!0)/25#$9!AYGfU_!082&40!a'*!<'3#!RF!)0$#$!1*!1*$(.06042*-/#$!40$25#$!
*-!FCCR`!=!a'*!.#$!1*(0&/04*-/#$!4K$!08*)/01#$!8'*&#-!H0&2X#!=!A<#)7`!1#-1*!.#$!%&'(#$!
$')*$#&*$!$*!*-)'*-/&0-!(.*-04*-/*!0)/25#$BQR9!
!
_*%c-!*.!2-8#&4*!0-'0.!1*.!A#42/[!;-/*&-0)2#-0.!1*!.0!A&'6!D#?0!dA;ADe`!*.!>>`:!(#&!)2*-/#!1*!
.0$!(*&$#-0$!1*$(.06010$!0!.0$!)'0.*$!3&2-17!0$2$/*-)20!*.!A;AD!1'&0-/*!FCCR!<03@0-!$21#!
1*$(.06010$!1*321#!0!04*-060$!1*!4'*&/*9!Y/&#!BC`T!(#&!)2*-/#!8'*&#-!1*$(.06010$!)#4#!
&*$'./01#!1*!04*-060$!1*!&*).'/042*-/#!8#&601#!(0&0!2-/*%&0&!%&'(#$!0&401#$BQT9!
!
=j*4(."#$&*%2"-0.*#$
U-!)010!'-0!1*!.0$!)'0/&#!&*%2#-*$!a'*!0-0.2604#$!*-!1*/0..*!(0&0!*$/*!2-8#&4*`!
)#4(İ#$!a'*!.#$!%&'(#$!$')*$#&*$!40-/*-@0-!*.!)#-/&#.!1*!80)/#!1*!/*&&2/#&2#`!('*3.#$!
=!30&&2#$`!=!)#4*/@0-!03'$#$!8&*)'*-/*$!=!%&05*$!)#-/&0!)252.*$9!H'*$/&0$!)#-).'$2#-*$!$*!
2-12)0-!0!)#-/2-'0)27-`!$*%c-!.0!&*%27-9!
!
3);9%0#0;1(0%)(0#(*#G(+(""2*##
iU.!(*&&#!a'*!0-/*$!-#$!4#&127!0<#&0!-#$!*$/K!4#$/&0-1#!.#$!12*-/*$j9!
t]'-)2#-0&2#!.#)0.!1*!W*1*..@-!
!
U-!W*1*..@-`!&*$'./0!).0&#!a'*!*.!(&#)*$#!1*!1*$4#52.260)27-!8'*!2-)#4(.*/#`!=!a'*!4')<0$!
(*&$#-0$!a'*!$'('*$/04*-/*!$*!<03@0-!1*$4#52.2601#!t*-/&*!*..0$`!*.!/2/'.0&!1*.!(&2-)2(0.!
%&'(#!(0&042.2/0&!1*!W*1*..@-`!G2*%#!]*&-0-1#!W'&2..#!k*?0&0-#`!)#-#)21#!)#4#!iG#-!
k*&-0jt!)#-/2-'0&#-!)#-/&#.0-1#!*.!1*.2/#!*-!.0!)2'1019!
!
_2-!*430&%#`!1'&0-/*!0X#$!4*12#$!1*!)#4'-2)0)27-!)#.#4320-#$`!0'/#&2101*$!-0)2#-0.*$!=!
.#)0.*$!=!8'-)2#-0&2#$!1*!U$/01#$!,-21#$!$*!<0-!&*8*&21#!<032/'0.4*-/*!0!W*1*..@-!)#4#!
'-0!)2'101!*?*4(.0&!*-!&*.0)27-!)#-!.0!1*$4#52.260)27-!(0&042.2/0&!=!.0!&*1'))27-!1*!.0!
<Ii$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$"/&0$(*&#"-0$1*#(.06010$*-$'-$0.3*&%'*$*-$G0&&0-)03*&4*j0F$g$1*$#*(/2*43&*$1*$JKK`S$<I`V_X>=NF$V"1:*#$2-8"&40+$OB)/240#$*4*&%*-/*#F$X*#(.06042*-/"F$1*&*):"#$:'40-"#$;$)"-8.2)/"$0&401"$*-$JKK`F$JJ$1*$03&2.$1*$JKKLF$://(+\\]]]S)"1:*#S"&%\2-1*aS(:(b"(/2"-c)"4d1")40-e/0#fc)0/d52*]e%21cTge9/*421cgK$D)"-#'./01"$*.$JL$1*$12)2*43&*$1*$JKKLEF$(H%S$TS$<IL$V"42/l$9-/*&-0)2"-0.$1*$.0$V&'6$?"j0F$A9-8"&4*$P-'0.$JKK`+$V"."4320CF$Ji$1*$40;"$1*$JKKLF$(H%S$<gS$
& & & & & & ,0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
52#.*-)20B:C9!G*!<*)<#`!*-/&*!FCC>!=!FCCR!.0!)2'101!$*!)#-52&/27!*-!'-!1*$/2-#!(&*8*&21#!1*!
1*.*%0)2#-*$!1*.!A#-%&*$#!*$/01#'-21*-$*!#&%0-26010$!(#&!.0!Y82)2-0!1*!.0!D*(&*$*-/0-/*!
1*!A#4*&)2#!=!1*.!G*(0&/04*-/#!1*!A#4*&)2#!1*!U$/01#$!,-21#$!(0&0!(#5*&!'-!/&0/01#!
1*!.23&*!)#4*&)2#!)#-!A#.#4320B:B9!
!
U8*)/2504*-/*`!W*1*..@-!<03@0!&*%2$/&01#!'-0!&*1'))27-!$2%-282)0/250!1*!.0!52#.*-)20!*-/&*!
FCCF!=!FCCLB:F9!_2-!*430&%#`!)#4#!$*!*\(.2)0!*-!.0$!$2%'2*-/*$!$*))2#-*$`!.0!&*1'))27-!*-!.0!
)0-/2101!1*!<#42)212#$!$*!1*327!40=#&4*-/*!0!a'*!G#-!k*&-0!40-/*-@0!*.!4#-#(#.2#!1*.!
1*.2/#!*-!.0!)2'101!=!=0!-#!*$/030!2-4*&$#!*-!)#-8.2)/#$!/*&&2/#&20.*$!)#-!#/&#$!%&'(#$9!H#!
#3$/0-/*`!.#$!42*43&#$!1*!*$/#$!%&'(#$!t*-/&*!.#$!)'0.*$!$*!)'*-/0-!(*&$#-0$!
$'('*$/04*-/*!1*$4#52.26010$t!)#-/2-'0&#-!0$*$2-0-1#!0!.@1*&*$!)#4'-2/0&2#$!=!
04*-060-1#!=!*\/#&$2#-0-1#!0!&*$21*-/*$9!
!
G01#!a'*!*.!%&'(#!1*!G#-!k*&-0!$*!<0!1252121#!1*321#!0!.')<0$!2-/*&-0$!=!a'*!$'!)#-/&#.!<0!
$21#!12$('/01#!(#&!#/&#$!%&'(#$!$')*$#&*$!a'*!..*%0-!0!.0!)2'101!1*$1*!.0$!08'*&0$`!
W*1*..@-!*\(*&24*-/0!'-0!5*6!4K$!'-!&K(21#!2-)&*4*-/#!1*!.0!52#.*-)209!U-/&*!FCCR!=!FCCT`!
*.!@-12)*!1*!<#42)212#$!..*%7!0!4K$!a'*!1'(.2)0&$*`!$'40-1#!B9LBL!4'*&/*$!1'&0-/*!.#$!12*6!
(&24*&#$!4*$*$!1*.!0X#!d'-!(*12#!1*!LQ`B!<#42)212#$!)010!BCC9CCC!<032/0-/*$eB:E9!U.!
1*$(.06042*-/#!2-/*&-#!1*-/&#!1*!.0!)2'101!/0432[-!$*!<0!4K$!a'*!1'(.2)01#!*-!*.!c./24#!
0X#9!U-!0.%'-#$!)0$#$`!.#$!82$)0.*$!1*!W*1*..@-!<0-!2-/*-/01#!2-5*$/2%0&!0!.#$!%&'(#$`!(*&#!
.0$!2-5*$/2%0)2#-*$!$*!<0-!52$/#!#3$/0)'.26010$!(#&!-'4*&#$0$!1282)'./01*$`!)#4#!.0!80./0!1*!
(&#/*))27-!01*)'010!1*!.#$!/*$/2%#$9!J$242$4#`!$*!<0-!8#&4'.01#!%&05*$!1*-'-)20$!1*!
5@-)'.#$!*-/&*!0.%'-#$!1*!*$/#$!%&'(#$!=!)2*&/#$!0%*-/*$!1*.!*$/01#`!*-/&*!*..#$!*.!*\!
12&*)/#&!1*!.0!]2$)0.@0!1*!W*1*..@-`!a'2*-!0)/'0.4*-/*!*$/K!$2*-1#!2-5*$/2%01#!(*-0.4*-/*9!
<gK$_)/052"$U2-*10F$AP50-60$*-$h*1*..B-$?*2-#*&)27-$1*$tU0&0#uCF$?*8"&40$Dhla2)"$XSoSEF$Jg$1*$#*(/2*43&*$1*$JKKRv$h0&B0$U*k0F$AP.)0.1*$o0j0&1"$O*-1*$*-$@0#:2-%/"-$*.$th2.0%&"u$1*$h*1*..B-CF$0%*-)20$1*$-"/2)20#$=o=F$<K$1*$j'.2"$1*$JKKiS$<g<$s'0-$o"&*&"F$A9-$V"."4320F$0$@0#:2-%/"-$N0.*#$U2/):+$G'#:$P142-2#/&0/2"-$!*01#$,SNS$!0]40f*&#$"-$O2#2/$P24*1$0/$o&**$[&01*$U0)/CF$[:*$@0#:2-%/"-$U"#/F$<L$1*$")/'3&*$1*$JKKiv$U*/*&$V":-F$Ah*1*..B-Å#$X0&f*#/$X0;#$P&*$Z"-*$0#$>"'#*$h*43*&#$O2#2/CF$V"-%&*##$X02.;\PShSF$L$1*$03&2.$1*$JKK`S$<gJ$!0$)0B10$4H#$1&H#/2)0$#*$(&"1'j"$*-/&*$JKKJ$;$JKKTF$)'0-1"$*.$B-12)*$1*$:"42)212"#$1*#)*-127$1*$<`I$0$L`FJ$)010$<KKSKKK$:032/0-/*#S$=.$B-12)*$1*$:"42)212"#$)"-/2-'7$1*#)*-12*-1"$1'&0-/*$50&2"#$0k"#F$:0#/0$n'*$..*%7$0$.0$)28&0$4H#$30j0$1*$J`FR$)010$<KKSKKK$*-$JKKiS$N*)&*/0&B0$1*$Z"32*&-"$h'-2)2(0.$1*$h*1*..B-F$>"42)212"#$V"4'-*#$*-$h*1*..B-$<L`LQJKKRS$=.$%"32*&-"$1*$.0$)2'101$082&47$n'*$.0$&*1'))27-$1*$.0$52".*-)20$8'*$'-$&*#'./01"$1*$#'#$(".B/2)0#F$n'*$2-).';*&"-$.0$0#2%-0)27-$1*$24("&/0-/*#$&*)'&#"#$0$'-$(&"%&040$1*$&*2-#*&)27-$(0&0$(*&#"-0#$1*#4"52.26010#F$;$.0$)&*0)27-$1*$'-$(&";*)/"$1*#/2-01"$0$3&2-10&$0#2#/*-)20$(#2)"#")20.$;$.*%0.$0$.0#$5B)/240#S$P.)0.1B0$1*$h*1*..B-F$U&"%&040$1*$U06$;$?*)"-)2.20)27-F$N2#/*40/260)27-$1*.$U&"%&040$U06$;$?*)"-)2.20)27-+$h"1*."$1*$9-/*&5*-)27-$?*%&*#"$0$.0$!*%0.2101F$Dh*1*..B-+$P.)0.1B0$1*$h*1*..B-F$JKKiEF$(H%#S$JJQRiS$N*&%2"$o0j0&1"F$n'2*-$#*$1*#*4(*k7$)"4"$0.)0.1*$*-/&*$JKKT$;$JKKiF$/0432l-$8'*$*."%201"$("&$2-5*&/2&$&*)'&#"#$1*$.0$)2'101$*-$*#)'*.0#F$323.2"/*)0#$;$(0&n'*#$)"4"$(0&/*$1*$'-0$*#/&0/*%20$n'*F$#*%p-$8'-)2"-0&2"#$1*$.0$)2'101F$(*&42/27$n'*$."#$)2'1010-"#$(0#0&0-$A1*.$42*1"$0$.0$*#(*&0-60CS$O*&F$(S$*jSF$h0&B0$U*k0F$AP.)0.1*$o0j0&1"$O*-1*$*-$@0#:2-%/"-$*.$th2.0%&"u$1*$h*1*..B-CF$0%*-)20$1*$-"/2)20#$=o=$S$<gT$U*&#"-*&B0$1*$h*1*..B-F$9-8"&4*$=j*)'/25"$1*$X*&*):"#$>'40-"#$JKKLF$(H%S$RF$12#("-23.*$*-$://(+\\]]]S(*&#"-*&204*1*..2-S%"5S)"\4"1'.*#\('3.2)0)2"-*#\2/*4S(:(b2/*421cgR$D)"-#'./01"$*.$JT$1*$12)2*43&*$1*$JKKLES$$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & -)
U-!'-0!*-/&*52$/0!1*!$*(/2*43&*!1*!FCCR`!*.!0)/'0.!0.)0.1*!J.#-$#!_0.060&!1*).0&7!a'*!.0!
)2'101!$*!*-)#-/&030!*-!'-0!$2/'0)27-!1*!i/*-$27-j!=!a'*!*-8&*-/030!%&05*$!#3$/K)'.#$`!
101#!a'*!*&0!128@)2.!i40-/*-*&!.0!%#3*&-032.2101!)#-!'-!8*-74*-#!/0-!1*$*$/032.2601#&!
)#4#!*.!-0&)#/&K82)#jB:Q9!D*)#-#)27!a'*!(0&/*!1*.!(.*40!*&0!a'*!0.%'-#$!$*)/#&*$!1*!.#$!
%&'(#$!(0&042.2/0&*$`!2-).'210$!80))2#-*$!1*!$'$!.@1*&*$`!<03@0-!)#-/2-'01#!.2%01#$!0!.0!
0)/252101!1*.2)/2509!
!
,-0$(06$24('*#/0$$
"0!$'('*$/0!(06!a'*!52527!W*1*..@-!1'&0-/*!0.%'-#$!0X#$!8'*!&*$'./01#!1*.!4#-#(#.2#!a'*!
40-/*-@0!G#-!k*&-0!$#3&*!*.!1*.2/#!*-!.0!)2'1019!G*!<*)<#`!.#$!<#42)212#$!)#4*-60&#-!0!
30?0&!*-!W*1*..@-!30$/0-/*!0-/*$!1*!.0!1*$4#52.260)27-!1*.!3.#a'*!(0&042.2/0&!A0)2a'*!
H'/230&0!0!82-*$!1*!FCCE9!A#4#!$*!$*X0.7!(&*)*1*-/*4*-/*`!*.!@-12)*!$*!&*1'?#!0!)0$2!.0!
42/01!*-/&*!FCCF!=!FCCE9!"0!&*1'))27-!(0&*)*!<03*&!*$/01#!*$/&*)<04*-/*!.2%010!0!.0!
1*&&#/0!1*.!k.#a'*!W*/&#!1*!.0$!J,A!(#&!*.!k.#a'*!A0)2a'*!H'/230&0`!1*!G#-!k*&-0`!0$@!
)#4#!0!.0!*\('.$27-!1*!.0!%'*&&2..0!1*!.0!)2'101!(#&!*.!U?[&)2/#!)#.#4320-#!=!.#$!
(0&042.2/0&*$B::9!J.!4#4*-/#!1*!.0!1*$4#52.260)27-!1*!F9CEE!(*&$#-0$!a'*!$'('*$/04*-/*!
(*&/*-*)@0-!0.!k.#a'*!f[&#*$!1*!V&0-010!*-!0%#$/#!1*!FCC:`!.0!4K$!%&0-1*!(')210!*-!
W*1*..@-`!.#$!@-12)*$!1*!<#42)212#$!=0!<03@0-!0.)0-601#!-25*.*$!4@-24#$!$2-!
(&*)*1*-/*$B:>9!,-!(0&042.2/0&!1*$4#52.2601#!1*!30?#!&0-%#!-#$!12?#!i)'0-1#!-#$!
1*$4#52.2604#$`!=0!<03@04#$!%0-01#`!/#1#!*$/030!)#-/&#.01#jB:L9!
!
f'40-!D2%</$!h0/)<!&*)2327!)#4*-/0&2#$!$242.0&*$!1*!.@1*&*$!1*!.0!A#&(#&0)27-!G*4#)&0)20`!
'-0!#&%0-260)27-!1*!42*43&#$!1*$4#52.2601#$!1*!.#$!3.#a'*$!A0)2a'*!H'/230&0!=!f[&#*$!1*!
V&0-010`!4*120-/*!.0!)'0.!.0!)2'101!)##&12-030!<032/'0.4*-/*!$'!2-/*&0))27-!)#-!.#$!
(0&042.2/0&*$!1*$4#52.2601#$9!"#$!.@1*&*$!1*!.0!A#&(#&0)27-!G*4#)&0)20!$*X0.0&#-!a'*!8'*!
$'!i.@1*&!-0/'&0.j!G#-!k*&-0!a'2*-!..*57!.0!(06!0!W*1*..@-!1*$('[$!1*!a'*!$'!%&'(#!<03@0!
i&*%'.01#j!0!/#10$!.0$!30-10$!=!0)/#&*$!0&401#$!1*!.0!)2'101`!.#%&0-1#!a'*!i1*?0&0-!1*!
40/0&$*!*-/&*!*..#$jB:R9!G*!<*)<#`!082&40&#-!a'*!.0!A#&(#&0)27-!G*4#)&0)20!<03@0!
<gI$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$P."-#"$N0.060&F$P.)0.1*$1*$h*1*..B-F$h*1*..B-F$<<$1*$#*(/2*43&*$1*$JKK`S$<gg$>'40-$?2%:/#$@0/):F$!0#$0(0&2*-)20#$*-%0k0-+$!0$1*#4"52.260)27-$1*$%&'("#$(0&042.2/0&*#$*-$V"."4320$DM'*50${"&f+$>'40-$?2%:/#$@0/):F$JKKgEF$://(+\\:&]S"&%\&*("&/#\JKKg\)"."4320K`Kg\$(H%S$IKS$<gR$[0-/"$."#$3."n'*#$(0&042.2/0&*#$V0)2n'*$M'/230&0$)"4"$>l&"*#$1*$Z&0-010$*#/030-$30j"$.0$12&*))27-$1*$X2*%"$o*&-0-1"$h'&2.."$G*j0&0-"F$/0432l-$)"-")21"$("&$#'#$0.20#$AX"-$G*&-0C$"$AP1".8"$U06CS$!0$_82)2-0$1*.$P./"$V"42#2"-01"$(0&0$.0$U06$*-$V"."4320$:0$('3.2)01"$)28&0#$"82)20.*#$1*82-2/250#$#"3&*$.0$)0-/2101$1*$(*&#"-0#$1*#4"52.26010#$*-$)010$3."n'*$(0&042.2/0&S$_82)2-0$1*.$P./"$V"42#2"-01"$(0&0$.0$U06$*-$V"."4320F$AU&")*#"$1*$U06$)"-$.0#$P'/"1*8*-#0#+$9-8"&4*$=j*)'/25"CF$12)2*43&*$1*$JKKRF$://(+\\]]]S0./")"42#2"-01"(0&0.0(06S%"5S)"\.23&"\!23&"S(18$D)"-#'./01"$*.$L$1*$*-*&"$1*$JKK`ES$<gi$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$(0&042.2/0&$1*#4"52.2601"$D*.$-"43&*$;$"/&"#$10/"#$#*$40-/2*-*-$30j"$&*#*&50$("&$>'40-$?2%:/#$@0/):EF$h*1*..B-F$J`$1*$#*(/2*43&*$1*$JKKiS$<g`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$o032"$P)*5*1"$;$s"50-2$h0&B-F$h*1*..B-F$J`$1*$#*(/2*43&*$1*$JKKiS$
& & & & & & -*& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
)#-/2-'01#!&*$(#-12*-1#!0!G#-!k*&-0!42*-/&0$!*$/*!$*!*-)#-/&030!*-!(&2$27-!0!.0!*$(*&0!
1*!'-0!(*-0!&*1')210!*-!52&/'1!1*!.0!"*=!1*!m'$/2)20!=!Z069!
!
iU-!.0!)2'101!<'3#!'-!5*-)*1#&!a'*!0)/'0.4*-/*!40-/2*-*!.0!<*%*4#-@0j`!40-28*$/7!'-!
8'-)2#-0&2#!1*!.0!,-2101!Z*&40-*-/*!1*!G*&*)<#$!f'40-#$!1*!.0!Z*&$#-*&@0!1*!W*1*..@-!*-!FCCL9!iU-!.0$!)#4'-0$!=!30&&2#$!5*)2-#$!<0=!'-!$7.#!0)/#&!a'*!('*1*999!24(#-*&!$'$!.*=*$!0!
.0!8'*&609!_#-!.0$!04*-060$`!.0!*\/#&$27-999!J!5*)*$!$*!40-282*$/0-!)#4#!'-!0)/#&!0&401#`!
#/&0$!)#4#!'-!0)/#&!$#)20.9!A#432-0-!12$/2-/0$!8#&40$!1*!0)/252101jB:T9!
!
U.!*\!J.)0.1*!]0?0&1#!/0432[-!&*)#-#)27!*-!'-0!*-/&*52$/0!1*!$*(/2*43&*!1*!FCCL!a'*!.#$!
(0&042.2/0&*$!<03@0-!)#-$*&501#!(#1*&!*-!W*1*..@-!.'*%#!1*!.0!1*$4#52.260)27-`!$2!32*-!
$*X0.7!a'*!$'!%#32*&-#!2-/*-/7!a'*3&0&!*$*!(#1*&!2-52&/2*-1#!*-!.0!&*2-$*&)27-+!
!
f03@0!'-!<#43&*!4'=!(#1*&#$#!)#-!'-!%&'(#9!A#4*-604#$!0!)04320&!*$*!
(#1*&9!"0!40=#&@0!)#42*-60!0!/*-*&!'-0!&*.0)27-!)#-!.0!)2'101`!)#-!
($2)7.#%#$`!/&030?01#&*$!$#)20.*$999!A#42*-60-!0!12$/0-)20&$*!1*.!%&'(#999!
J.%'-#$!*$/K-!42-/2*-1#999!)*&)0!1*.!BC!(#&!)2*-/#999!Jc-!40-/2*-*-!*$*!
(#1*&999!Zį.*4*-/*!)#3&0-!50)'-0$999!nZ*&#o!4')<#$!1*!.#$!?75*-*$!-#!
a'2*&*-!a'*!*$#!$')*10999!)#.03#&0-!)#-!2-8#&40)27-B>C9!
!
H#!#3$/0-/*`!$2!32*-!*$!(#$23.*!a'*!.0$!4*1210$!1*!&*2-$*&)27-!*-!W*1*..@-!<0=0-!0='101#!
0!0.%'-#$!?75*-*$!a'*!(0&/2)2(0&#-!*-!.0$!)*&*4#-20$!1*!1*$4#52.260)27-!
d2-1*(*-12*-/*4*-/*!1*!a'*!8'*&0-!#!-#!(0&042.2/0&*$e`!4')<#$!&*$21*-/*$!1*!W*1*..@-!
)#-/2-'0&#-!(*&)232*-1#!0!.#$!(0&042.2/0&*$!=!0!.0$!(*&$#-0$!52-)'.010$!)#-!*..#$!)#4#!'-0!
04*-060!&*0.9!Z#&!*?*4(.#`!'-0!4'?*&!a'*!0-/*&2#&4*-/*!<03@0!$21#!'-0!.@1*&!)#4'-2/0&20!
*-!.0!A#4'-0!BE!=!a'*!<03@0!$21#!1*$(.06010!8#&60104*-/*!(#&!(0&042.2/0&*$!*-!FCCF`!
$*X0.7!a'*!(*&40-*)@0!1*$(.06010!1*321#!0!a'*!.#$!(0&042.2/0&*$!)#-/2-'030-!/*-2*-1#!*.!
)#-/&#.+!i.#$!(0&042.2/0&*$!0c-!*$/K-!(#&!0a'@999!_2%'*-!12)2*-1#!a'*!$2!.0$!(*&$#-0$!5'*.5*-!
.0$!50-!0!40/0&jB>B9!
!
U$/#$!/*4#&*$!*$/030-!?'$/282)01#$9!Z*$*!0!.#$!/*&&23.*$!<*)<#$!1*!52#.*-)20!#)'&&21#$!*-!
W*1*..@-!1'&0-/*!.0!/#40!1*!.0!)2'101!(#&!*.!k.#a'*!A0)2a'*!H'/230&0`!$7.#!FE!42*43&#$!1*!
<gL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$.0$,-2101$U*&40-*-/*$1*$X*&*):"#$>'40-"#$1*$.0$U*&#"-*&B0$1*$h*1*..B-F$h*1*..B-F$J`$1*$#*(/2*43&*$1*$JKKiS$$<RK$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$*-/"-)*#$P.)0.1*$1*$h*1*..B-$N*&%2"$o0j0&1"F$h*1*..B-F$J`$1*$#*(/2*43&*$1*$JKKiS$<R<$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$*a$.B1*&$)"4'-2/0&20F$T$1*$12)2*43&*$1*$JKKiS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & -(
12)<#!3.#a'*!$*!*-)'*-/&0-!*-!.0!.2$/0!1*!(0&042.2/0&*$!a'*!$#.2)2/0&#-!3*-*82)2#$!*-!52&/'1!
1*!.0!"*=!1*!m'$/2)20!=!Z06B>F9!G*!.#$!F9CEE!42*43&#$!1*.!k.#a'*!f[&#*$!1*!V&0-010!a'*!$*!
2-8#&47!#82)20.4*-/*!a'*!$*!<03@0-!1*$4#52.2601#`!$7.#!L:!$#.2)2/0&#-!.#$!3*-*82)2#$!1*!.0!
"*=!1*!m'$/2)20!=!Z06B>E9!Z#&!)#-$2%'2*-/*`!.0$!(*&$#-0$!&*$(#-$03.*$!1*!%&0-!(0&/*!1*!.0!
52#.*-)20!40$250!a'*!$'8&27!W*1*..@-!<0$/0!FCCF!d=!(#$/*&2#&4*-/*e!-#!1*32*&#-!&*$(#-1*&!
)#4#!(0&/*!1*.!(&#)*$#!1*!1*$4#52.260)27-9!
!
;-4*120/04*-/*!1*$('[$!1*!.0!1*$4#52.260)27-!1*!A0)2a'*!H'/230&0`!50&2#$!*$(*)20.2$/0$!
1*-'-)20&#-!a'*!G#-!k*&-0!)#-/2-'030!)#-/&#.0-1#!*.!)&24*-!*-!.0!)2'101`!0!/0.!('-/#!a'*!
)'0-1#!G#-!k*&-0!8'*!)0(/'&01#!(#&!*.!(&*$'-/#!0$*$2-0/#!1*!'-!)#-%&*$2$/0`!*.!/&0-$(#&/*!
.#)0.!*-!W*1*..@-!$*!(0&0.267!1'&0-/*!50&20$!<#&0$B>Q9!
!
_*!$#$(*)<0!a'*!$#)2#$!)*&)0-#$!0!G#-!k*&-0!<03&@0-!/#401#!*.!)#-/&#.!1*!.0$!#(*&0)2#-*$!
120&20$!1*!.0!1*-#42-010!Y82)2-0!1*!U-52%01#`!'-0!#&%0-260)27-!a'*!#8&*)*!$*&52)2#$!1*!
$2)0&20/#!=!$*%'&2101!0.!)&24*-!#&%0-2601#!*-!W*1*..@-!=!a'*`!$*%c-!*.!%#32*&-#`!$*!<03@0!
1*$4#52.2601#!)#4#!(0&/*!1*.!k.#a'*!f[&#*$!1*!V&0-010B>:9!iG*!'-#!'!#/&#!4#1#`!.#$!?*8*$!
(0&042.2/0&*$!1*!J-/2#a'20!)#-$*&50-!*.!(#1*&j`!082&47!*.!(*&2712)#!U.!U$(*)/01#&!*-!8*3&*&#!1*!FCCL9!ig`!*-!*$/*!)#-/*\/#`!.0!40=#&@0!1*!.#$!)042-#$!)#-1')*-!0!'-0!$#.0!(*&$#-0+!
G2*%#!]*&-0-1#!W'&2..#!k*?0&0-#`!4K$!)#-#)21#!)#4#999!G#-!k*&-0jB>>9!
!
V"-/&".$)"-/2-'"$
"#$!%&'(#$!$')*$#&*$!<0-!)#-/2-'01#!)#-/&#.0-1#!4')<#$!30&&2#$!1*!W*1*..@-!.'*%#!1*!.0!
1*$4#52.260)27-9!_'!)#-/&#.!$*!40-282*$/0!4*120-/*!0$*$2-0/#$!=!04*-060$!12&2%210$!)#-/&0!
.@1*&*$!)#4'-2/0&2#$`!.0!*\/#&$27-!1*!)#4*&)20-/*$!.#)0.*$`!*.!i)0$/2%#j!1*!a'2*-*$!-#!
)'4(.*-!4*120-/*!%#.(260$!=!*.!4#-#(#.2#!1*.!)&24*-!*-!.0!)2'1019!
!
U-!0.%'-#$!30&&2#$`!.#$!i)##&12-01#&*$j!.#)0.*$!1*!.#$!(0&042.2/0&*$!1*$4#52.2601#$!ta'*!
$#-!/0432[-!?*8*$!.#)0.*$!1*$4#52.2601#$t!-#!$*!.242/0&#-!0!)##&12-0&!.0$!0)/252101*$!
<RJ$o2#)0.B0$Z*-*&0.$1*$.0$M0)27-F$AU"#/'.01"#$0$.0$!*;$Lig\JKKgCF$30#*$1*$10/"#$*-$.B-*0F$://(+\\]]]S82#)0.20S%"5S)"\j'#/2)20(06\X")'4*-/"#\U"#/'.01"#LigS(18$D)"-#'./01"$*.$<g$1*$")/'3&*$1*$JKKLES$<RT93B1S$<RI$A>2j"$1*$_&.0-1"$G*-B/*6$*#/H$1*)*()2"-01"$("&n'*$j'#/2)20$03#".527$0$t1"-$G*&-0uCF$=.$[2*4("$DG"%"/HEF$<g$1*$j'-2"$1*$JKKiF$://(+\\]]]S*./2*4("S)"4\j'#/2)20\j'2)2"d(0&0#\:"4*\P?[9V,!_Q@=GQM_[Pd9M[=?9_?QTgLRIKRS:/4.$D)"-#'./01"$*.$L$1*$*-*&"$1*$JKK`Ev$AN*$-"&40.260$*.$#2#/*40$1*$/&0-#("&/*$1*$h*1*..B-CF$V0&0)".$DG"%"/HEF$JR$1*$40;"$1*$JKKgF$://(+\\]]]S)0&0)".S)"4S)"\-"/2)20#\<iI`igS0#(b21c<iI`ig$D)"-#'./01"$*.$L$1*$*-*&"$1*$JKK`ES$<Rg$A!0$2-82./&0)27-$t(0&0u$*-$.0$o2#)0.B0$1*$h*1*..B-CF$=.$=#(*)/01"&$DG"%"/HEF$J`$1*$03&2.$1*$JKKiF$://(+\\]]]S*.*#(*)/01"&S)"4\*.*#(*)/01"&\N*))2"-*#\X*/0..*#S0#(ab21M"/2)20c`LiJe21N*))2"-cJJ$D)"-#'./01"$*.$L$1*$*-*&"$1*$JKK`ES$<RRA=.$&*-0)242*-/"$(0&042.2/0&$*-$P-/2"n'20CF$=.$=#(*)/01"&$DG"%"/HEF$JI$1*$8*3&*&"$1*$JKKiS$
& & & & & & -/& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
&*.0)2#-010$!)#-!.0!1*$4#52.260)27-`!$2-#!a'*!)#-/2-'0&#-!0)/'0-1#!)#4#!0'/#&2101*$!
.#)0.*$`!)'=0$!7&1*-*$!$*!24(#-*-!4*120-/*!.0!8'*&609!,-!<#43&*!1*$4#52.2601#!*\(&*$7!
a'*!.#$!)##&12-01#&*$!)#-$21*&030-!a'*!*&0!(0&/*!1*!$'!/&030?#!i)0$/2%0&j!0!.#$!
1*$4#52.2601#$!=!i$0)'12&.#$!'-!(#)#!$2!-#!(&*$/0-!0/*-)27-jB>L9!U$/*!/2(#!1*!)#-/&#.!
/0432[-!$*!0(.2)0!0!i#/&0$!(*&$#-0$!1*!.0!)#4'-2101jB>R9!U$/0!42$40!(*&$#-0!12?#!a'*!*-!
$'!30&&2#!<03@0!%&'(#$!2-/*%&01#$!(#&!(*&$#-0$!1*$4#52.26010$!a'*!i0c-!$0.*-!0!
*\/#&$2#-0&!0!.0!%*-/*jB>T9!
!
Y/&#!<#43&*!1*$4#52.2601#!12?#!a'*!i$2!0.%'2*-!<0)*!0.%#!40.#`!)#4#!&999!.#$!
n)##&12-01#&*$o!.#$!*-8&*-/0-!=!$2!*$/#!$')*1*!4')<#`!('*1*-!/#40&!4*1210$!4K$!$*5*&0$!
)#4#!%#.(*0&.#$`!(0/*0&.#$999!U-!*.!30&&2#!/#1#$!/2*-*-!a'*!2&!*-!.0!42$40!12&*))27-jBLC9!
!
J.*\0-1*&!Z'.%0&@-`!'-!.@1*&!)#4'-2/0&2#`!$*X0.7!0!f'40-!D2%</$!h0/)<!*-!FCCL!a'*!'-!
42*43&#!1*!.0!A#&(#&0)27-!G*4#)&0)20`!J-/#-2#!"7(*6`!)#-#)21#!/0432[-!)#4#!im#3j`!
<03@0!#&1*-01#!*.!0$*$2-0/#!1*!)##&12-01#&*$!1*!$'!30&&2#!a'*!-#!i.#!)#(2030-j`!*$!1*)2&`!
a'*!-#!$*%'@0-!$'$!7&1*-*$BLB9!G2?#!a'*!)010!5*6!a'*!..*%030!'-!-'*5#!)##&12-01#&`!*&0!
2-/242101#!#!)#4(&01#!(#&!'-!42*43&#!1*!.0!A#&(#&0)27-!G*4#)&0)20BLF9!iD*=!4'*&/#!*$!&*=!
('*$/#j`!082&479!iU$/0!*$!.0!(06!)#-!'-!&*5#.5*&!0.!)'*..#`!=!a'2*-!$*!$0.%0!1*.!)#&&0.`!
(2*&1*jBLE9!
!
U-/#-)*$`!Z'.%0&@-!*$/030!2-/*-/0-1#!(#$/'.0&$*!0!.0!?'-/0!1*!0))27-!)#4'-0.`!=!&*.0/7!a'*!
m#3!.#!<03@0!(&*$2#-01#!(0&0!a'*!8'*&0!$'!&*(&*$*-/0-/*!*-!.0!?'-/09!_*%c-!Z'.%0&@-`!i12?#!
pa'*&*4#$!a'*!*$/[$!)#-!-#$#/&#$999!^*!10&[!'-!)0&&#`!1#$!*$)#./0$!=!/&*$!42..#-*$!n1*!
(*$#$o!0.!4*$999!^*!10&[!'-0!*$/&')/'&0!.#%@$/2)0qj9!Z'.%0&@-!082&47!a'*!)'0-1#!$*!-*%7`!
)#4*-67!0!&*)232&!04*-060$BLQ9!
!
Y/&0!(*&$#-0!a'*!..*5030!0!)03#!'-0!2-/*-$0!.03#&!)#4'-2/0&20!*-!.0!A#4'-0!R!)#2-)2127!
)#-!.0!5*&$27-!1*!Z'.%0&@-`!=!&*.0/7!)74#!0!4*1201#$!1*!FCCR!*.!30&&2#!a'*17!30?#!*.!)#-/&#.!
1*!m#3!=!#/&#!42*43&#!1*!.0!A#&(#&0)27-!G*4#)&0)20`!m#<-!h2..204!"7(*6`!)#-#)21#!)#4#!
<Ri$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$(*&#"-0$1*#4"52.26010$*-$h*1*..B-F$J`$1*$#*(/2*43&*$1*$JKKiS$<R`$93B1S$<RL$93B1S$<iK$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$(*&#"-0$1*#4"52.26010$*-$h*1*..B-F$J`$1*$#*(/2*43&*$1*$JKKiS$<i<$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$P.*a0-1*&$U'.%0&B-F$h*1*..B-F$JL$1*$#*(/2*43&*$1*$JKKiS$<iJ$93B1S$<iT$93B1S$<iI$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & -.
iW*4@-j9!J43#$!<#43&*$`!12?#`!<03@0-!40-*?01#!/#1#!*.!)&24*-!#&%0-2601#!*-!*.!30&&2#BL:9!
_*X0.7!a'*!*-!0.%'-#$!$*)/#&*$!1*.!30&&2#!.0$!(*&$#-0$!*&0-!*\/#&$2#-010$!(#&!<#43&*$!
0&401#$9!iA#-/2-c0-!)#-!.0!2-/24210)27-!=!.#$!)0$/2%#$999!12)*-!a'*!.#$!$#(.#-*$!1*3*-!$*&!
*.242-01#$jBL>9!
!
G*!<*)<#`!W*4@-!%0-7!.0!*.*))27-!)#4#!(&*$21*-/*!1*!.0!?'-/0!1*!0))27-!)#4'-0.!1*!
I2..0/2-0BLL9!U-!?'.2#!1*!FCCR`!m#3!8'*!0$*$2-01#!*-!'-!*\).'$25#!&*$/0'&0-/*!*-!*.!$*)/#&!1*!
"0$!Z0.40$`!*-!*.!)042-#!1*.!0*&#('*&/#!1*!D2#-*%&#!0!W*1*..@-BLR9!g`!*-!40&6#!1*!FCCT`!
W*4@-!8'*!)#-1*-01#!(#&!1*$(.06042*-/#!8#&601#`!)#-$/&*X242*-/#!0.!*.*)/#&!=!)#-)2*&/#!
(0&0!1*.2-a'2&BLT9!A'0/&#!/*$/2%#$!8'*&#-!0$*$2-01#$!1'&0-/*!*.!?'2)2#`!*-!*.!)'0.!W*4@-!
/0432[-!0)'$7!0.!J.)0.1*!J.#-$#!_0.060&!1*!0)*(/0&!.0!0='10!(0&042.2/0&!1'&0-/*!$'!
)0-1210/'&0!d_0.060&!<0!-*%01#!.0$!0)'$0)2#-*$eBRC9!WK$!/0&1*!*$*!0X#`!J.*\0-1*&!Z'.%0&@-`!
a'2*-!<03@0!1*).0&01#!)#-/&0!W*4@-`!/0432[-!8'*!0$*$2-01#BRB9!
!
f'40-!D2%</$!h0/)<!&*)2327!4c./2(.*$!1*-'-)20$!1*!a'*!.#$!%&'(#$!$')*$#&*$!.#)0.*$!
*\/#&$2#-030-!0!*4(&*$0$!=!&*$21*-/*$!.#)0.*$`!1*$(.06030-!0!a'2*-*$!-#!)'4(.@0-!$'$!
7&1*-*$`!&*).'/030-!0!-2X#$!=!(*&(*/&030-!52#.0)2#-*$!$*\'0.*$`!01*4K$!1*.!-0&)#/&K82)#!=!
#/&0$!0)/252101*$!1*!)&24*-!#&%0-2601#9!i^#40-!0!-2X#$!1*!#)<#!#!-'*5*!0X#$999!_2!.#$!
-2X#$!-#!$*!2-5#.')&0-`!.#$!04*-060-j`!082&47!'-!.@1*&!1*!.0!A#4'-0!BE9!iJc-!)#3&0-!
50)'-0$`!04*-060-!0!(*&$#-0$!a'*!-#!<0)*-!.#!a'*!12)*-999!.0$!%#.(*0-!1*.0-/*!1*!
/#1#$jBRF9!
!
<ig$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$42*43&"$1*$.0$V"4'-0$`F$h*1*..B-F$J<$1*$j'.2"$1*$JKK`S$<iR$93B1S$<ii$h0&;$!'6$P5*-10k"F$AG0j"$U&"/*))27-$[*#/2%"#$1*.$V0#"$1*$P.20#$h*4B-CF$=.$=#(*)/01"&$DG"%"/HEF$I$1*$12)2*43&*$1*$JKK`F$://(+\\]]]S*.*#(*)/01"&S)"4\24(&*#"\-0)2"-0.\0&/2)'."24(&*#"LRT`iQ30j"Q(&"/*))2"-Q/*#/2%"#Q1*Q(&")*#"Q1*Q0.20#Q4*42-$D)"-#'./01"$*.$<`$1*$0%"#/"$1*$JKK`ES$<i`$AP#*#2-01"$j*8*$1*#4"52.2601"$1*$.0#$P,VCF$N*40-0$DG"%"/HEF$J`$1*$j'.2"$1*$JKK`F$://(+\\]]]S#*40-0S)"4\]8d9-8"P&/2)'."S0#(ab21P&/c<<IK<i$D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLES$<iL$U0'.0$!7(*6F$AV"-1*-01"$th*4B-u$0$JJ$0k"#CF$=.$V"."4320-"$Dh*1*..B-EF$<I$1*$40&6"$1*$JKKLF$://(+\\]]]S*.)"."4320-"S)"4\G0-)"V"-")242*-/"\V\)"-1*-01"d4*42-d0dJJd0-"#\)"-1*-01"d4*42-d0dJJd0-"#S0#($D)"-#'./01"$*.$<`$1*$0%"#/"$1*$JKKLES$<`K$h0&;$!'6$P5*-10k"F$AG0j"$U&"/*))27-$[*#/2%"#$1*.$V0#"$1*$P.20#$h*4B-CF$=.$=#(*)/01"&$DG"%"/HEF$I$1*$12)2*43&*$1*$JKK`F$://(+\\]]]S*.*#(*)/01"&S)"4\24(&*#"\-0)2"-0.\0&/2)'."24(&*#"LRT`iQ30j"Q(&"/*))2"-Q/*#/2%"#Q1*Q(&")*#"Q1*Q0.20#Q4*42-$D)"-#'./01"$*.$<`$1*$0%"#/"$1*$JKK`Ev$U0'.0$!7(*6F$AV"-1*-01"$th*4B-u$0$JJ$0k"#CF$=.$V"."4320-"$Dh*1*..B-EF$<I$1*$40&6"$1*$JKKLF$://(+\\]]]S*.)"."4320-"S)"4\G0-)"V"-")242*-/"\V\)"-1*-01"d4*42-d0dJJd0-"#\)"-1*-01"d4*42-d0dJJd0-"#S0#($D)"-#'./01"$*.$<`$1*$0%"#/"$1*$JKKLES$<`<$V"4'-2)01"$1*$(&*-#0$1*$>'40-$?2%:/#$@0/):F$AV"."4320+$[*#/2%"#$*-$)0#"#$)"-/&0$(0&042.2/0&*#$-*)*#2/0-$(&"/*))27-CF$JT$1*$12)2*43&*$1*$JKKLF$12#("-23.*$*-$://(+\\]]]S:&]S"&%\*-\-*]#\JKKL\<J\JT\)"."4320Q(&"/*)/Q]2/-*##*#Q(0&042.2/0&;Q)0#*#$D)"-#'./01"$*.$JT$1*$12)2*43&*$1*$JKKLES$<`J$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$.0$:*&40-0$?"#0$V010521F$42*43&"$1*$.0$V"4'-0$<TF$h*1*..B-F$J<$1*$j'.2"$1*$JKK`S$
& & & & & & -,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
"#$!%&'(#$!<0-!(0&/2)2(01#!*-!0$*$2-0/#$!=!04*-060$`!=!0!4*-'1#!<0-!0/0)01#!0!.@1*&*$!
)#4'-2/0&2#$9!U-!'-!)0$#`!.0!,-2101!Z*&40-*-/*!1*!G*&*)<#$!f'40-#$!1*!.0!Z*&$#-*&@0!
2-8#&47!a'*!i*.!(&*$21*-/*!1*!.0!?'-/0!1*!0))27-!)#4'-0.999!$*!52#!#3.2%01#!0!&*-'-)20&!0!$'!
)0&%#!1*321#!0!.0$!(&*$2#-*$!*?*&)210$!(#&!'-!)#-#)21#!1*$4#52.2601#jBRE9!U-!#/&#!4#4*-/#`!
.0!'-2101!1*-'-)27!a'*!i*-!'-0!1*!.0$!?'-/0$!1*!0))27-!)#4'-0.!dmJAe!&**4(.060&#-!0!.0!
/#/0.2101!1*!.0!?'-/0!)#-!(*&$#-0$!a'*!$*%'@0-!$'$!7&1*-*$jBRQ9!
!
i^*-*4#$!42*1#j`!082&47!'-!%&'(#!1*!.@1*&*$!)#4'-2/0&2#$!1*!.0!v#-0!H#&#&2*-/0.!1*!
W*1*..@-!*-!FCCR9!iH#!$03*4#$!)74#!50!0!&*5*-/0&999!"#$!a'*!40-*?0-!.#$!<2.#$999!/2*-*-!$'!
2-$/&'4*-/#!n*-o!.0$!30-10$`!(*&#!.#$!a'*!40-*?0-!*$/0!%'*&&0!$#-!0)/#&*$!*\/*&-#$jBR:9!
!
U-!0%#$/#!1*!FCC>`!f021*&!D04@&*6`!'-!(#('.0&!.@1*&!)#4'-2/0&2#!1*!.0!A#4'-0!BE!8'*!
0$*$2-01#!(#&!$2)0&2#$9!J.%'-#$!4*$*$!1*$('[$`!*.!_2$/*40!1*!J.*&/0$!^*4(&0-0$!1*!.0!
G*8*-$#&@0!1*.!Z'*3.#!(&*(0&7!'-!i;-8#&4*!1*!D2*$%#j!0)*&)0!1*!.0!A#4'-0!BEBR>9!U.!2-8#&4*!
1*!&2*$%#!015*&/@0!$#3&*!.0!04*-060!a'*!$'(#-*!.0!*\2$/*-)20!1*!i%&'(#$!0&401#$!
1*&2501#$!1*!.#$!1*$4#52.2601#$!1*!.#$!3.#a'*$!A0)2a'*!H'/230&0!=!f[&#*$!1*!V&0-010`!0$@!
)#4#!-'*5#$!%&'(#$!0&401#$!2.*%0.*$!(#$/!1*$4#52.260)27-!O%'2.0$!H*%&0$jBRL9!_*X0.7!*.!
&2*$%#!1*!a'*!.#$!%&'(#$!)#4*/2*&0-!<#42)212#$`!8#&60&0-!0!.0$!(*&$#-0$!0!030-1#-0&!$'$!
5252*-10$`!&*)'&&2*&0-!0!.0$!04*-060$!=!.0!8'*&60!(0&0!&*).'/0&!-'*5#$!42*43&#$!=!
$*43&0&0-!/*4#&!*-/&*!.0!(#3.0)27-!)252.BRR9!U\(&*$7!a'*!*.!0$*$2-0/#!1*!f021*&!D04@&*6!8'*!
'-!0)/#!(&*4*12/01#!1*$/2-01#!0!)&*0&!'-!/*4#&!%*-*&0.2601#!*-!.0!6#-0`!*$(*)20.4*-/*!*-!
*$/*!0X#!1*!*.*))2#-*$!4'-2)2(0.*$!=!&*%2#-0.*$`!=!&*(&*$*-/030!.0!*.242-0)27-!1*!.@1*&*$!
$#)20.*$!a'*!$*!-*%030-!0!(0&/2)2(0&!*-!*.!#&1*-!*$/03.*)21#!BRT9!
!
_2-!*430&%#`!.0!J.)0.1@0!&*)<067!*.!2-8#&4*!1*!&2*$%#!=!$*X0.7!*-!$'!&*$('*$/0!1*.!BC!1*!
03&2.!1*!FCCL!a'*!i*-!.0!A#4'-0!BE!-#!$*!(&*$*-/0!'-!)#-8.2)/#!0&401#l!*\2$/*-`!*$#!$@`!
)#43#$!=!%&'(#$!1*!1*.2-)'*-)20!)#4c-`!a'*!$#-!.#$!)0'$0-/*$!1*!.0!%&0-!40=#&@0!1*!.#$!
<`T$,-2101$U*&40-*-/*$1*$X*&*):"#$>'40-"#$1*$.0$U*&#"-*&B0$1*$h*1*..B-F$AN2/'0)27-$1*$."#$X*&*):"#$>'40-"#$*-$h*1*..B-$1'&0-/*$*.$0k"$JKKiCF$`$1*$j'.2"$1*$JKKLF$://(+\\]]]S(*&#"-*&204*1*..2-S%"5S)"\4"1'.*#\('3.2)0)2"-*#\2/*4S(:(b2/*421cgJ$D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLEF$(H%S$IgS$<`I$93B1S$<`g$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$.B1*&*#$)"4'-2/0&2"#$1*$.0$r"-0$M"&"&2*-/0.$1*$h*1*..B-F$h*1*..B-F$<J$1*$#*(/2*43&*$1*$JKK`S$<`R$X*8*-#"&B0$1*.$U'*3."$1*$.0$?*(p3.2)0F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$-p4*&"$KKLQKiC$J<$1*$40&6"$1*$JKKiS$<`i$93B1S$<``$93B1S$<`L$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & --
1*.2/#$!a'*!0..@!$*!)#4*/*-9!U$/#$!%&'(#$!-#!#3*1*)*-!0!*$/&')/'&0!42.2/0&!0.%'-0`!('*$!*-!
.0!)#4'-0!BE!-#!<0=!(&*$*-)20!#&%0-26010!1*!%'*&&2..0$!#!(0&042.2/0&*$jBTC9!
!
G#$!$*40-0$!1*$('[$`!*.!FE!1*!03&2.!1*!FCCL`!m'12/<!I*&%0&0`!'-0!.@1*&!)#4'-2/0&20!1*.!
30&&2#!U.!Z*$*3&*!*-!.0!A#4'-0!x;;;`!1*!EE!0X#$!1*!*101!=!401&*!1*!)'0/&#!<2?#$`!8'*!8'$2.010!
(#&!'-!0%&*$#&!-#!21*-/282)01#!42*-/&0$!520?030!*-!0'/#3c$`!)042-#!0!$'!/&030?#BTB9!_*%c-!
"'2$!]*&-0-1#!N'2?0-#`!a'2*-!/&030?030!*-!*$/&*)<0!)#.03#&0)27-!)#-!m'12/<`!12?#!a'*!*..0!=!
#/&#!42*43&#!1*.!%&'(#!<03@0-!$21#!1*/*-21#$!=!04*-0601#$!(#&!(0&042.2/0&*$!*-!?'.2#!1*!
FCC:9!N'2?0-#!082&40!a'*!m'12/<!/*-@0!(&*52$/#!(#$/'.0&$*!0!'-!24(#&/0-/*!)0&%#!(#.@/2)#`!
(*&#!a'*!0.%'-#$!1@0$!0-/*$!1*!$'!4'*&/*!.*!<03@0!12)<#!a'*!/*-@0!42*1#!1*!<0)*&.#!(#&!.#$!
(.*40$!a'*!<03@0!/*-21#!)#-!.#$!(0&042.2/0&*$!*-!$'!30&&2#BTF9!
!
_*%c-!'-!&*(&*$*-/0-/*!1*!.0!G*8*-$#&@0!1*.!Z'*3.#`!i.#$!1#$!0$*$2-0/#$!n*.!1*!I*&%0&0!=!*.!
1*!D04@&*6o!*$/030-!52-)'.01#$999!nJo43#$!/*-@0-!(.*40$!)#-!.#$!1*$4#52.2601#$jBTE9!
!
W*&=!1*.!_#)#&&#!H0&0-?#!=!W0&@0!1*.!_#)#&&#!W#$a'*&0`!a'2*-*$!/*-@0-!('*$/#$!(#.@/2)#$!
.#)0.*$!*-!.0!A#4'-0!BE`!$*X0.0&#-!a'*!<03@0-!$21#!(&*$2#-010$!(#&!(*&$#-0$!52-)'.010$!
)#-!.#$!(0&042.2/0&*$!(0&0!a'*!0(&0-!(&#=*)/#$!a'*!805#&*)@0-!0!.#$!(0&042.2/0&*$!
'/2.260-1#!(&*$'('*$/#$!.#)0.*$BTQ9!
!
Y/&0!.@1*&!)#4'-2/0&20!1*!.0!v#-0!H#&#&2*-/0.!1*!W*1*..@-!$*X0.7!a'*!<03@0!030-1#-01#!$'!
/&030?#!*-!(#.@/2)0!1*321#!0!.0$!(&*$2#-*$!1*!.#$!%&'(#$!$')*$#&*$+!iW*!04*-060&#-!=!4*!
12?*&#-!a'*!1*?0&0!.0!?'-/09!"#!a'*!4*!1'*.*!*$!a'*!4*!*\).'=*&#-!1*!.0!0142-2$/&0)27-!
(c3.2)0!(#&!4')<#!/2*4(#j9!^0432[-!40-28*$/7!a'*!.#$!%&'(#$!(&*$2#-030-!0!.0!)#4'-2101!
(0&0!a'*!5#/0&0!0!$'$!)0-1210/#$!0!.0!?'-/0!1*!0))27-!)#4'-0.+!iG'&0-/*!.0!*.*))27-`!50-!
('*&/0!0!('*&/0`!$*!0)*&)0-!0!.0$!(*&$#-0$!4K$!5'.-*&03.*$999!=!.*$!12)*-!a'*!/2*-*-!a'*!
5#/0&!(#&!$'!.2$/0jBT:9!
!
<LK$P.)0.1B0$1*$h*1*..B-F$N*)&*/0&B0$1*$Z"32*&-"F$A!0$)"4'-0$<T$1*$h*1*..B-+$X*.$42*1"$0$.0$*#(*&0-60F$"3#*&50)2"-*#$0.$2-8"&4*$1*$&2*#%"$M"S$KKL$1*$JKKiCF$TK$1*$40&6"$1*$JKKiS$$<L<$A=.$0#*#2-0/"$1*$s'12/:$O*&%0&0$#2*43&0$.0$6"6"3&0$*-$.0$)"4'-0$<T$1*$h*1*..B-CF$N*40-0$DG"%"/HEF$Jg$1*$03&2.$1*$JKKiF$://(+\\]]]S#*40-0S)"4\]8d9-8"P&/2)'."S0#(ab21P&/c<KJgLR$D)"-#'./01"$*.$<K$1*$*-*&"$1*$JKK`Ev$Z.*42#$h"%".."-$O*&%0&0F$A!0$)"4'-0$<T$(2*&1*$"/&0$.B1*&$0$40-"#$1*$52".*-/"#CF$=.$V"."4320-"$Dh*1*..B-EF$j'.2"$1*$JKKiS$<LJ$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$!'2#$o*&-0-1"$z'2j0-"F$h*1*..B-F$J`$1*$-"52*43&*$1*$JKKiS$<LT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$8'-)2"-0&2"$1*$.0$X*8*-#"&B0$1*.$U'*3."$1*$h*1*..B-F$h*1*..B-F$Ji$1*$-"52*43&*$1*$JKKiS$<LI$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$h*&;$1*.$N")"&&"$M0&0-j"$;$h0&B0$1*.$N")"&&"$h"#n'*&0F$h*1*..B-F$J`$1*$-"52*43&*$1*$JKKiS$$<Lg$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$.B1*&$)"4'-2/0&20F$r"-0$M"&"&2*-/0.F$h*1*..B-F$<J$1*$#*(/2*43&*$1*$JKK`S$
& & & & & & -A& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
iU.!#3?*/25#!*$!)#-/&#.0&!.#$!(&*$'('*$/#$!.#)0.*$!0!/&05[$!1*!?'-/0$!1*!0))27-!)#4'-0.j`!
082&47!'-!8'-)2#-0&2#!1*!.0!,-2101!1*!G*&*)<#$!f'40-#$!1*!.0!Z*&$#-*&@0!1*!W*1*..@-l!
i/0432[-!$*!2-82./&0-!*-!.0$!2-$/2/')2#-*$!*1')0/250$!.#)0.*$`!(&*$2#-0-!0!.#$!8'-)2#-0&2#$!
*1')0/25#$!(0&0!a'*!.*$!1*-!)#-/&0/#$jBT>9!
!
I0&2#$!&*(&*$*-/0-/*$!1*!AUGUA;_`!'-0!#&%0-260)27-!a'*!/&030?0!*-!/*40$!1*!*1')0)27-!*-!
6#-0$!1*!30?#$!&*)'&$#$!1*!W*1*..@-`!&*.0/0&#-!0!f'40-!D2%</$!h0/)<!a'*!*-!?'.2#!1*!FCCL!
0.%'-#$!42*43&#$!1*!.0!A#&(#&0)27-!G*4#)&0)20!$*!(&*$*-/0&#-!*-!'-0!1*!.0$!*$)'*.0$!1*!
AUGUA;_9!G2?*&#-!a'*!.#$!<#43&*$!(&*$2#-0&#-!0!.0$!0'/#&2101*$!*$)#.0&*$!(0&0!a'*!
*-520&0-!0!.#$!*$/'120-/*$!0.!)*-/&#!1*!W*1*..@-!.0!$*40-0!$2%'2*-/*!0!82-!1*!a'*!
(0&/2)2(0&0-!*-!'-0!)*.*3&0)27-!)0..*?*&0!*-!<#4*-0?*!0!iG#-!k*&-0j`!)'0-1#!8'*!
/&0$.0101#!0!.0!)2'101!(0&0!(&*$*-/0&!$'!i)#-8*$27-j!0-/*!.#$!82$)0.*$BTL9!J-/*&2#&4*-/*`!
)'0-1#!*.!?*8*!(0&042.2/0&!iU.!J.*4K-j!<03@0!*$/01#!*-!W*1*..@-!(0&0!(&*$*-/0&!$'!
)#-8*$27-`!)2*-/#$!1*!(*&$#-0$!i<03@0-!$0.21#!0!.0!)0..*j!(0&0!0.*-/0&.#!8&*-/*!0!.0!
]2$)0.@0BTR9!iZ&*%'-/0&#-!0.!12&*)/#&!)'K-/#$!0'/#3'$*$!(#1@0!..*-0&!n)#-!*$/'120-/*$oj`!
082&40&#-!.#$!&*(&*$*-/0-/*$!1*!AUGUA;_9!iA'0-1#!*.!12&*)/#&!$*!-*%7`!)#4*-60&#-!0!
8#&4'.0&!04*-060$`!=!12?*&#-!a'*!.0!*$)'*.0!-#!50.@0!-010!n=o!a'*!-'-)0!.#$!<03@0!
0(#=01#jBTT9!
!
Z#)#!1*$('[$`!.#$!8'-)2#-0&2#$!1*!AUGUA;_!*42/2*&#-!'-!)#4'-2)01#!1*!(&*-$0!0)*&)0!1*!.#!
$')*121#`!=!)&**-!a'*!%&0)20$!0!*$/#!.#$!8'-)2#-0&2#$!1*!.0!)2'101!24(212*&#-!a'*!.0!
A#&(#&0)27-!G*4#)&0)20!)*.*3&0&0!'-!*5*-/#!40$25#!)#-!4#/25#!1*!.0!)#-8*$27-!1*!iG#-!
k*&-0j`!)#4#!<03@0-!(.0-*01#!#&2%2-0.4*-/*FCC9!"0!A#&(#&0)27-!G*4#)&0)20!&*$(#-127!)#-!
'-!)#4'-2)01#!1*!(&*-$0!*-!*.!)'0.!*\(&*$030-!a'*!i-'-)0!<03@0-!#3.2%01#!0!-2-%'-0!
(*&$#-0!0!0$2$/2&!0!*5*-/#$!1*!$#.210&2101!)#-!nG#-!k*&-0oj`!a'*!.0$!082&40)2#-*$!1*!a'*!
<03@0-!(&*$2#-01#!0!(*&$#-0$!(0&0!a'*!)#-)'&&2*&0-!0.!*5*-/#!*&0-!80.$0$!=!a'*!a'2*-*$!.0$!
<LR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$8'-)2"-0&2"$1*$.0$,-2101$U*&40-*-/*$1*$X*&*):"#$>'40-"#$1*$.0$U*&#"-*&B0$1*$h*1*..B-F$h*1*..B-F$J`$1*$#*(/2*43&*$1*$JKKiS$<Li$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$&*(&*#*-/0-/*#$1*$V=X=V9NF$h*1*..B-F$Ji$1*$#*(/2*43&*$1*$JKKiS$<L`AOB)/240#$1*.$GVG$U*&12*&"-$=#(0)2"$(0&0$h"#/&0&$#'$[&0%*120CF$P%*-)20$1*$U&*-#0$9-#/2/'/"$U"('.0&$1*$V0(0)2/0)27-$D9UVEF$<T$1*$j'-2"$1*$JKKiF$://(+\\]]]S#*40-0S)"4\-"/2)20#Q"-Q.2-*\52)/240#Q1*.Q3)3Q(*&12*&"-Q*#(0)2"Q(0&0Q4"#/&0&Q#'Q/&0%*120\<KITL<S0#(a$D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLEv$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$Z'#/05"$O2..*%0#F$h*1*..B-F$J`$1*$#*(/2*43&*$1*$JKKiS$P.%"$#242.0&$#')*127$1'&0-/*$.0$)"-8*#27-$1*$Ah0)0)"CF$#*%p-$'-$8'-)2"-0&2"$1*$.0$U&")'&01'&B0$Z*-*&0.$1*$.0$M0)27-S$AV"4"$.0$(.060$*#/030$)*&&010F$."#$(0&/210&2"#$1*$h0)0)"$8'*&"-$0$"/&0$(.060$*-$8&*-/*S$!.*%0&"-$*-$'-$0'/"3p#$;SSS$#'('*#/04*-/*$&*)232*&"-$<KKSKKK$)010$'-"CS$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$8'-)2"-0&2"$1*$.0$U&")'&01'&B0$Z*-*&0.$1*$.0$M0)27-F$h*1*..B-F$#*(/2*43&*$1*$JKKiS$$<LL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$&*(&*#*-/0-/*#$1*$V=X=V9NF$h*1*..B-F$Ji$1*$#*(/2*43&*$1*$JKKiS$JKK$93B1Sv$AV=X=V9N$1*-'-)20$04*-060#$;$)"*&)27-$("&$(0&/*$1*$(0&042.2/0&*#$0$."#$0.'4-"#$1*.$)".*%2"$V=U=X?_CF$)"4'-2)01"$1*$(&*-#0$1*$V=X=V9NF$<T$1*$j'.2"$1*$JKKiF$://(+\\]]]S1*&*):"#S"&%\-26f"&\)"."4320\1")\)*1*)2#S:/4.$D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLES$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & -B
8#&4'.0&#-!*&0-!i(*&$#-0$!2-*$)&'('.#$0$!=!40.2-/*-)2#-010$!a'*!*$/K-!*-!)#-/&0!1*.!
(&#)*$#!1*!(06jFCB9!"#$!8'-)2#-0&2#$!1*!AUGUA;_!082&40-!a'*!*.!12&*)/#&!1*!.0!*$)'*.0!&*)2327!
50&20$!04*-060$!4K$!*-!.0$!$*40-0$!$2%'2*-/*$FCF9!
!
Y/&#$!%&'(#$!#!(*&$#-0$!a'*!0(0&*-/*4*-/*!*$/0&@0-!52-)'.010$!)#-!.#$!(0&042.2/0&*$!
/0432[-!.0-60&#-!04*-060$!)#-/&0!.0!,-2101!Z*&40-*-/*!1*!G*&*)<#$!f'40-#$!1*!.0!
Z*&$#-*&@0!1*!W*1*..@-9!U-!'-0!#)0$27-`!1#$!42*43&#$!1*.!(*&$#-0.!a'*!&*0.26030-!/&030?#!
1*!)04(#!*-!.0!A#4'-0!B!1*32*&#-!$#.2)2/0&!(&#/*))27-!(#.2)20.!)'0-1#!'-!4#/#)2).2$/0!
*4(*67!0!$*%'2&.#$l!#/&0!5*6`!'-!42*43&#!1*!.0!A#&(#&0)27-!G*4#)&0)20!0)'$7!
(c3.2)04*-/*!0!42*43&#$!1*!.0!'-2101!1*!$*&!i%'*&&2..*&#$jFCE9!
!
"0!D*1!m'5*-2.!1*!W*1*..@-`!'-!%&'(#!1*!?75*-*$!4*-#&*$!1*!FL!0X#$!)#-/&0!.0!52#.*-)20`!
2-8#&47!a'*!<03@0!&*)2321#!04*-060$!1*$('[$!1*!)*.*3&0&!'-!)#-)2*&/#!8'*&0!1*!.0$!#82)2-0$!
1*!A#&(#&0)27-!G*4#)&0)209!i,-0$!<#&0$!1*$('[$!1*.!)#-)2*&/#`!0.%'2*-!0('X0.7!=!40/7!0!
'-!?#5*-!*-!'-!(0&a'*!)*&)0-#999!G#$!$*40-0$!1*$('[$999!..*%0&#-!04*-060$!(#&!)#&&*#!
*.*)/&7-2)#!12)2*-1#!a'*!-'-)0!4K$!<2)2[&04#$!*.!)#-)2*&/#9!A2&)'.0&#-!'-0!.2$/0!a'*!2-).'@0!
0!#)<#!(*&$#-0$!1*!-'*$/&0!#&%0-260)27-9!"0$!(*&$#-0$!1*!.0!.2$/0!8'*&#-!$*%'210$!=!
8#/#%&082010$999!,-!4*$!1*$('[$`!..*%7!'-0!04*-060!0!'-999!(*&2712)#!a'*!/&030?030!)#-!
-#$#/&#$9!"#$!n-'*5#$o!4*-$0?*$!1*!)#&&*#!*.*)/&7-2)#!*&0-!$242.0&*$!0!.0$!04*-060$!a'*!
<03@04#$!&*)2321#`!(*&#!.#$!0'/#&*$!$*!21*-/282)0&#-!)#4#!%&'(#$!0-/2%'*&&2..0!=!-#!)#4#!.0$!
O%'2.0$!H*%&0$jFCQ9!"0!#&%0-260)27-!?'5*-2.!)#-/2-c0!..*50-1#!0!)03#!$'!/&030?#`!i(*&#!0c-!
<0=!4')<#!/*4#&jFC:9!
!
U-!12)2*43&*!1*!FCCL`!.#$!8'-)2#-0&2#$!1*!.0!WJZZ!2-8#&40&#-!a'*!'-!&*(&*$*-/0-/*!1*!.0!
#82)2-0!.#)0.!1*!.0!WJZZ!*-!W*1*..@-!<03@0!&*)2321#!'-0!04*-060!1*!4'*&/*!$*&20FC>9!,-!
JK<$V"4'-2)01"$1*$(&*-#0$1*$.0$V"&("&0)27-$X*4")&0)20F$#2-$8*):0F$://(+\\)"&("&0)2"-1*4")&0)20S"&%\)"4'-2)01"#S(:(b213cRR$D)"-#'./01"$*.$<K$1*$*-*&"$1*$JKK`ES$JKJ$93B1S$JKT$,-2101$U*&40-*-/*$1*$X*&*):"#$>'40-"#$1*$.0$U*&#"-*&B0$1*$h*1*..B-F$AN2/'0)27-$1*$."#$X*&*):"#$>'40-"#$*-$h*1*..B-$1'&0-/*$*.$0k"$JKKiCF$`$1*$j'.2"$1*$JKKLF$://(+\\]]]S(*&#"-*&204*1*..2-S%"5S)"\4"1'.*#\('3.2)0)2"-*#\2/*4S(:(b2/*421cgJ$D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLEF$(H%S$g`S$JKI$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$&*(&*#*-/0-/*#$1*$.0$?*1$s'5*-2.$1*$h*1*..B-F$h*1*..B-F$<<$1*$#*(/2*43&*$1*$JKKLS$JKg$93B1S$JKR$Ao'*$04*-06010$1*$4'*&/*$42*43&"$1*$h2#27-$1*$.0$_=P$n'*$5*&282)0$1*#4"52.260)27-$1*$."#$t(0&0#uCF$=.$[2*4("$DG"%"/HEF$<J$1*$12)2*43&*$1*$JKKiS$
& & & & & & -0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
4#/#)2).2$/0!2-%&*$7!0!.0!#82)2-0!=!12?#!a'*!*.!12&*)/#&!1*!.0!#82)2-0!.#)0.!-#!1*3@0!0(0&*)*&!
(#&!0..@!-'-)0!4K$`!#!.#!40/0&@0-FCL9!
!
!'):0#$("&$*.$("1*&$
U-!.#$!c./24#$!0X#$`!*.!(#1*&!1*!.0$!*$/&')/'&0$!1*.2)/250$!1*!G#-!k*&-0!<0!$21#!12$('/01#!
(#&!#/&#$!%&'(#$!$')*$#&*$!=!(#&!.')<0$!2-/*&-0$!1*-/&#!1*!.0!Y82)2-0!1*!U-52%01#FCR9!!
!
G#$!1*!.#$!(&*$'-/#$!$#)2#$!1*!G#-!k*&-0`!V'$/05#!,(*%'2!=!G0-2*.!J.3*&/#!W*?@0!d0.20$!
iG0-2*.2/#je`!8'*&#-!0$*$2-01#$!*-!'-0!0(0&*-/*!.')<0!(#&!*.!(#1*&!1*-/&#!1*!.0!
#&%0-260)27-FCT9!Y$)0&!H0&0-?#`!G2&*)/#&!V*-*&0.!1*!.0!Z#.2)@0!H0)2#-0.!1*!A#.#4320`!$*X0.7!
*-!FCCL!a'*!*.!I2)*(&*$21*-/*!1*!.0!A#&(#&0)27-!G*4#)&0)20`!A0&.#$!W0&2#!J%'2.0&`!)#-#)21#!
(#&!*.!0.20$!1*!iD#%*.2#j`!$*!<03@0!)#-5*&/21#!*-!*.!-'*5#!?*8*!1*!.0!Y82)2-0!1*!U-52%01#FBC9!!
!
iU\2$/*-!*$/&')/'&0$!a'*!*-!'-!(&24*&!4#4*-/#!p)#(20&#-q!n$2%'2*&#-!.0$!7&1*-*$!1*o!k*&-0`!
(*&#!1*321#!0!.0!1*$0(0&2)27-!1*!G0-2*.2/#!=!,(*%'2`!)#42*-60-!0!0(0&*)*&!-'*50$!
JKi$9321Sv$A_=P$1*-'-)20$04*-060#$0$)""&12-01"&0$1*$"82)2-0$1*$42#27-$*-$h*1*..B-CF$P%*-)20$=o=F$<J$1*$12)2*43&*$1*$JKKiF$://(+\\/*&&0-"/2)20#S/*&&0S*#\0&/2)'."\:/4.\05JJ<<LiKTS:/4$D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLEv$AV"."4320+$P4*-060$1*$h'*&/*$)"-/&0$?*(&*#*-/0-/*$1*$.0$_=PCF$)"4'-2)01"$1*$(&*-#0$1*$>'40-$?2%:/#$@0/):F$<J$1*$12)2*43&*$1*$JKKiF$://(+\\:&]S"&%\*-%.2#:\1")#\JKKi\<J\<J\)"."43<igI`S:/4S$JK`$A=a$0%*-/*$1*.$V[9$)"-)*-/&0$*.$("1*&$4Ha24"$1*$.0$"&%0-260)27-$)&242-0.$t_82)2-0$1*$=-52%01"uCF$=.$[2*4("$DG"%"/HEF$<K$1*$#*(/2*43&*$1*$JKKiF$://(+\\]]]S*./2*4("S)"4\0&):25"\1")'4*-/"\VhNQTi<g`Kg$D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLES$=.$9-#/2/'/"$U"('.0&$1*$V0(0)2/0)27-$D9UVEF$'-0$"&%0-260)27-$1*$h*1*..B-$n'*$&*0.260$2-5*#/2%0)2"-*#$*-$.0$)2'101F$:0$(&"("&)2"-01"$10/"#$#242.0&*#S$N*%p-$2-8"&4*#$1*.$9UVF$1'&0-/*$50&2"#$4*#*#$#*$.23&7$'-0$A%'*&&0$1*$0./0$/*-#27-C$*-/&*$.0$_82)2-0$1*$=-52%01"$;$O0&*.0F$An'2*-$3'#)0$:0)*&#*$0.$)"-/&".$1*$h*1*..B-F$1*#1*$1"-1*$(&*/*-1*$-'/&2&$#'#$*jl&)2/"#$(&2501"#$;$)"-/&".0&$3'*-0$(0&/*$1*$."#$-*%")2"#$2.B)2/"#$0.&*1*1"&$1*$.0$(&"1'))27-F$)"4*&)20.260)27-$;$*a("&/0)27-$1*$)")0B-0CS$=.$9UV$(&*#*-/7$50&2"#$*j*4(."#$1*$0#*#2-0/"#$*-/&*$."#$1"#$%&'("#F$)"4"$.0$4'*&/*$1*$o&0;$h0&/B-$r0(0/0$V0#/0k"F$'-$42*43&"$1*#4"52.2601"$1*.$G."n'*$>l&"*#$1*$Z&0-010F$n'2*-$0)/'7$)"4"$A)""&12-01"&$#")20.C$1*$.0$V"&("&0)27-$X*4")&0)20$*-$V"4'-0$<F$0(0&*-/*4*-/*$*-$&*(&*#0.20$("&$#'$#'('*#/0$(0&/2)2(0)27-$*-$'-0$*j*)')27-S$AV0&/*.$1*.$M"&/*$1*.$O0..*F$/&0#$.0$:*%*4"-B0$0&4010$*-$h*1*..B-CF$P%*-)20$1*$U&*-#0$9UVF$JL$1*$-"52*43&*$1*$JKKiF$://(+\\]]]S2()S"&%S)"\(0%*\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e/0#fc52*]e21c<<TKe9/*421cTR`$D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLEv$V:&2#$�&0'.F$AV"."4320-$1&'%$."&1$#:"/$1*01CF$!"#$P-%*.*#$[24*#F$J$1*$8*3&*&"$1*$JKK`F$://(+\\0&/2).*#S.0/24*#S)"4\JKK`\8*3\KJ\]"&.1\8%Q-0&)"J$D)"-#'./01"$*.$g$1*$-"52*43&*$1*$JKKLES$JKL$X*8*-#"&B0$1*.$U'*3."$1*$.0$?*(p3.2)0F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$-p4*&"$KKLQKiCF$J<$1*$40&6"$1*$JKKiS$J<K$M0&0-j"$082&47$n'*$A?"%*.2"C$/*-B0$A)"-/&".$12&*)/"$1*$.0$"&%0-260)27-$n'*$(*&/*-*)B0$0$X"-$G*&-0CF$;$n'*$*#/H$A52-)'.01"$)"-$/&*#$%&'("#+$.0$_82)2-0$1*$=-52%01"F$!0$,-27-$;$!0$V0.0/&050S${$#'$0)/252101$2-).';*$*.$40-*j"$1*$#2)0&2"#F$*a/"-$;$*.$)"3&"$1*$1*'10#CS$P%'2.0&$-*%7$.0#$0)'#0)2"-*#$;$082&47$n'*$.0#$1*).0&0)2"-*#$1*$M0&0-j"$;$*.$/&0#.01"$1*$AX"-$G*&-0C$0$"/&0$(&2#27-$:03B0-$#21"$'-$2-/*-/"$("&$A/&'-)0&$*.$(&")*#"$1*$w1*#4"52.260)27-xCS$A?"%*.2"$-2*%0$#*&$j*8*$1*$30-10CF$=.$V"."4320-"$Dh*1*..B-EF$I$1*$#*(/2*43&*$1*$JKKiv$A!0$?*8"&40$1*$.0$_82)2-0$1*$=-52%01"CF$=.$=#(*)/01"&$DG"%"/HEF$I$1*$0%"#/"$1*$JKKiF$://(+\\]]]S*.*#(*)/01"&S)"4\*.*#(*)/01"&\N*))2"-*#\X*/0..*#S0#(ab21M"/2)20c<TITKe21N*))2"-cJJ$D)"-#'./01"$*.$<K$1*$*-*&"$1*$JKK`ES$$
Z'#/05"$O2..*%0#F$*-/"-)*#$N*)&*/0&2"$1*$Z"32*&-"$1*$h*1*..B-F$)"4*-/7$0$>'40-$?2%:/#$@0/):$n'*$."#$82#)0.*#$-"$:03B0-$*42/21"$'-0$"&1*-$1*$1*/*-)27-$)"-/&0$A?"%*.2"CF$;$n'*$.0$V2'101$A/&030j0&B0$)"-$."#$1*#4"52.2601"#$:0#/0$n'*$.*$12j*&0-$n'*$:03B0$'-0$"&1*-$1*$)0(/'&0$*-$#'$)"-/&0CS$=-$)'0.n'2*&$)0#"F$#*k0.7$O2..*%0#F$-"$8'*$.0$)2'101$#2-"$*.$%"32*&-"$-0)2"-0.$*.$)'0.$A1'&0-/*$.0$1*#4"52.260)27-$82&47$'-$1")'4*-/"$n'*$&*)"-")B0$0$.0$V"&("&0)27-$X*4")&0)20$)"4"$.0$"&%0-260)27-$n'*$&*(&*#*-/0$0$."#$1*#4"52.2601"#CS$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$Z'#/05"$O2..*%0#F$N*)&*/0&2"$1*$Z"32*&-"$1*$h*1*..B-F$h*1*..B-F$J`$1*$#*(/2*43&*$1*$JKKiS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & A)
*$/&')/'&0$!1*!(#1*&!a'*!3'$)0-!$'!(&#(2#!3*-*82)2#j`!*\(&*$7!'-!8'-)2#-0&2#!1*!.0!
G*8*-$#&@0!1*.!Z'*3.#!*-!W*1*..@-`!0!82-*$!1*!FCCL9!iD#%*.2#!/2*-*!)2*&/#!)#-/&#.999!0.%'-#$!
12)*-!a'*!*$/K!/&030?0-1#!$2-!k*&-0`!#/&#$!a'*!*$/K-!?'-/#$jFBB9!U-!'-0!*-/&*52$/0!1*!8*3&*&#!
1*!FCCR`!*.!V*-*&0.!H0&0-?#!$*X0.7!a'*!in1o*$1*!<0)*!(#&!.#!4*-#$!#)<#!4*$*$!.#!a'*!$*!
-#/7!*$!a'*!<03@0!*$8'*&6#!1*$1*!,&03K!(#&!..*%0&!0!W*1*..@-!)#-!'-!%&'(#!$2)0&20.!0!/&0/0&!
1*!$#4*/*&!0!.0!Y82)2-0!1*!U-52%01#j`!=!*$#!$2%-282)7!50&20$!4'*&/*$FBF9!H0&0-?#!082&47!a'*!.0!
Y82)2-0!1*!U-52%01#!(0&*)@0!<03*&$*!&*/2&01#!=!8&0))2#-01#`!42*-/&0$!a'*!#/&#$!%&'(#$!$*!
*$/030-!&**$/&')/'&0-1#FBE9!
!
U-!40=#!1*!FCCR`!*.!%#32*&-#!)#.#4320-#!*\/&012/7!0!G#-!k*&-0!0!U$/01#$!,-21#$9!iJ!(0&/2&!
1*!*-/#-)*$`!/#1#!)04327j`!40-28*$/7!*.!V*-*&0.!D#3*&/#!"*7-!D20X#`!*-/#-)*$!0.!8&*-/*!1*!
.0!G2&*))27-!1*!A0&032-*&#$!1*!.0!Z#.2)@0FBQ9!U\(.2)7!a'*!$*!('?#!'-!*-8&*-/042*-/#!*-/&*!
G#-!W0&2#!d1*!,&03Ke!=!D#%*.2#9!I0&2#$!4*$*$!1*$('[$`!D#%*.2#`!a'2*-!'-0!5*6!8'*!
2-5*$/2%01#&!1*!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-`!$*!<03&@0!*-/&*%01#!5#.'-/0&204*-/*!0!.0$!
0'/#&2101*$!*$/01#'-21*-$*$FB:9!
!
G*$1*!*-/#-)*$`!.#$!%&'(#$!1*!W*1*..@-!<0-!/*-21#!'-0!$')*$27-!1*!.@1*&*$`!4')<#$!1*!.#$!
)'0.*$!$#-!(0&042.2/0&*$!$'('*$/04*-/*!1*$4#52.2601#$`!=!0.%'-#$!<0-!$21#!1*/*-21#$!#!
0$*$2-01#$9!
!
Z#&!*?*4(.#`!.0!(#.2)@0!1*/'5#!0!m#<-!h2..204!"7(*6!U)<050&&@0!d)#-#)21#!/0432[-!)#4#!
iW*4@-je`!'-!42*43&#!1*.!k.#a'*!A0)2a'*!H'/230&0!a'*!$'('*$/04*-/*!$*!<03@0!
1*$4#52.2601#9!f'40-!D2%</$!h0/)<!<03@0!..*%01#!0!&*'-2&$*!)#-!W*4@-!*-!.0$!#82)2-0$!1*!
.0!A#&(#&0)27-!G*4#)&0)20!0!4*1201#$!FCCL9!A#4#!$*!*\(.2)7!(&*5204*-/*`!W*4@-!8'*!
82-0.4*-/*!)#-1*-01#!(#&!1*$(.06042*-/#!8#&601#`!)#-$/&*X242*-/#!0.!*.*)/#&!=!)#-)2*&/#!
(0&0!1*.2-a'2&!d*$/0!24('/0)27-!*$!.0!a'*!'$'0.4*-/*!$*!0(.2)0!0!.#$!(0&042.2/0&*$e!*-!.0!
A#4'-0!RFB>9!!
J<<$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*(&*#*-/0-/*$1*$.0$X*8*-#"&B0$1*.$U'*3."$*-$h*1*..B-F$n'2*-$(2127$n'*$-"$#*$125'.%0&0$#'$21*-/2101F$h*1*..B-F$Ji$1*$-"52*43&*$1*$JKKiS$J<J$A_82)2-0$1*$=-52%01"$3'#)0$A(0/&7-C$(0&0$#"3&*5252&+$%*-*&0.$M0&0-j"CF$P%*-)20$1*$U&*-#0$9UVF$<g$1*$8*3&*&"$1*$JKK`F$://(+\\]]]S2()S"&%S)"\(0%*\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e/0#fc52*]e21c<<g<e9/*421cTR`$D)"-#'./01"$*.$TK$1*$03&2.$1*$JKK`ES$J<T$9321S$J<I$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$Z*-*&0.$?"3*&/"$!*7-$?20k"F$X2&*)/"&$1*$V0&032-*&"#F$U".2)B0$M0)2"-0.$1*$V"."4320F$G"%"/HF$<R$1*$j'.2"$1*$JKK`S$J<g$At?"%*.2"uF$V0&."#$h0&2"$P%'2.0&CF$O*&101P32*&/0S)"4F$://(+\\]]]S5*&101032*&/0S)"4\]*3T\52)/240&2"#\."#Qj*8*#\RR`Q(*&82.Q)0&."#Q40&2"Q0%'2.0&Q0.20#Q&"%*.2"$D)"-#'./01"$*.$J<$1*$#*(/2*43&*$1*$JKKLES$J<R$U0'.0$!7(*6F$AV"-1*-01"$th*4B-u$0$JJ$0k"#CF$=.$V"."4320-"$Dh*1*..B-EF$<I$1*$40&6"$1*$JKKLF$://(+\\]]]S*.)"."4320-"S)"4\G0-)"V"-")242*-/"\V\)"-1*-01"d4*42-d0dJJd0-"#\)"-1*-01"d4*42-d0dJJd0-"#S0#($D)"-#'./01"$*.$g$1*$-"52*43&*$1*$JKKLEv$h0&;$!'6$P5*-10k"F$AG0j"$U&"/*))27-$[*#/2%"#$1*.$V0#"$1*$P.20#$h*4B-CF$=.$
& & & & & & A*& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
f'40-!D2%</$!h0/)<!<03@0!&*)2321#!0-/*&2#&4*-/*!1*-'-)20$!1*!a'*!W*4@-!*&0!.0!40-#!
1*&*)<0!1*!J-/#-2#!"7(*6!d)#-#)21#!/0432[-!)#4#!im#3je`!'-!0./#!.@1*&!1*.!k.#a'*!A0)2a'*!
H'/230&0!=!42*43&#!1*!.0!A#&(#&0)27-!G*4#)&0)20!a'*!/&030?030!*-!)#.03#&0)27-!)#-!G#-!
k*&-09!J!4*1201#$!1*!FCCR`!$*!1*$0/7!'-!8'*&/*!*$)K-10.#!)'0-1#!.0!&*52$/0!_*40-0!('3.2)7!2-8#&40)27-!$#3&*!'-!*-)'*-/&#!1*!m#3!)#-!0./#$!0$*$#&*$!1*.!Z&*$21*-/*!,&23*!*-!.0!
A0$0!1*!H0&2X#`!*-!*.!)'0.!m#3!.*$!#8&*)27!40/*&20.*$!a'*!$'('*$/04*-/*!$*&52&@0-!(0&0!
1*$0)&*12/0&!0!'-!40%2$/&01#!0'\2.20&!1*!.0!A#&/*!_'(&*409!!m#3!8'*!0$*$2-01#!(#)0$!
$*40-0$!1*$('[$FBL9!
!
9-/*-#282)0)27-$1*$."#$03'#"#$
"0$!.')<0$!2-/*&-0$!=!.0!8&0)/'&0!1*!.#$!%&'(#$!$')*$#&*$!*$/'52*&#-!0)#4(0X010$!(#&!'-!
&K(21#!2-)&*4*-/#!1*!.0!52#.*-)20!*-!W*1*..@-9!_*%c-!*.!;-$/2/'/#!1*!W*12)2-0!"*%0.!1*!
W*1*..@-`!*-!.#$!(&24*&#$!12*6!4*$*$!1*!FCCT!$*!('?*&#-!B9LBL!<#42)212#$9!U$/0!)28&0!
&*(&*$*-/0!'-!2-)&*4*-/#!1*!4K$!1*.!BCC!(#&!)2*-/#!&*$(*)/#!1*!.#$!REC!)0$#$!&*%2$/&01#$!
*-!*.!42$4#!(*&@#1#!1'&0-/*!FCCRFBR9!
!
W')<0$!1*!.0$!5@)/240$!$#-!(0&042.2/0&*$!(&*$'-/04*-/*!1*$4#52.2601#$9!_*%c-!.0!,-2101!
Z*&40-*-/*!1*!G*&*)<#$!f'40-#$!1*!.0!Z*&$#-*&@0!`!LB!(0&042.2/0&*$!1*$4#52.2601#$!
8'*&#-!0$*$2-01#$!*-!W*1*..@-!*-!FCCR9!Y/&#$!BF:!8'*&#-!0$*$2-01#$!<0$/0!*.!BL!1*!
-#52*43&*!1*!FCCTFBT9!!
!
^0432[-!0'4*-/7!.0!)0-/2101!1*!1*$(.06042*-/#$!-'*5#$!2-/&0'&30-#$9!"0!,-2101!
Z*&40-*-/*!1*!G*&*)<#$!f'40-#$!1*!.0!Z*&$#-*&@0!$*X0.0!a'*!*-!.#$!(&24*&#$!12*6!4*$*$!
1*!FCCT!&*)2327!1*-'-)20$!$#3&*!*.!1*$(.06042*-/#!1*!F9BCE!(*&$#-0$!/0-!$7.#!1*-/&#!1*!.0!
)2'101!1*!W*1*..@-`!.#!)'0.!(&K)/2)04*-/*!/&2(.2)0!.0!)0-/2101!1*!1*-'-)20$!a'*!<03@0!
&*)2321#!.0!Z*&$#-*&@0!*.!0X#!0-/*&2#&FFC9!
!
"0!Z*&$#-*&@0!2-8#&47!0!f'40-!D2%</$!h0/)<!a'*!.0$!(*&$#-0$!a'*!8'*&#-!#3.2%010$!0!
030-1#-0&!$'!<#%0&!1'&0-/*!.0!(&24*&0!42/01!1*!FCCT!21*-/282)0&#-!)#4#!&*$(#-$03.*$!*-!
$'$!1*).0&0)2#-*$!0!.#$!$2%'2*-/*$!0)/#&*$+!%&'(#$!(0&042.2/0&*$`!EF!(#&!)2*-/#!1*!.#$!)0$#$l!
=#(*)/01"&$DG"%"/HEF$I$1*$12)2*43&*$1*$JKK`F$://(+\\]]]S*.*#(*)/01"&S)"4\24(&*#"\-0)2"-0.\0&/2)'."24(&*#"LRT`iQ30j"Q(&"/*))2"-Q/*#/2%"#Q1*Q(&")*#"Q1*Q0.20#Q4*42-$D)"-#'./01"$*.$g$1*$-"52*43&*$1*$JKKLES$J<i$>'40-$?2%:/#$@0/):F$y?"4(2*-1"$*.$V"-/&".bF$(H%#S$<JJQ<JgS$J<`U*&#"-*&B0$1*$h*1*..B-F$9-8"&4*$=j*)'/25"$1*$X*&*):"#$>'40-"#$JKKLF$(H%S$RF$12#("-23.*$*-$://(+\\]]]S(*&#"-*&204*1*..2-S%"5S)"\4"1'.*#\('3.2)0)2"-*#\2/*4S(:(b2/*421cgR$D)"-#'./01"$*.$JT$1*$12)2*43&*$1*$JKKLES$$J<L$93B1SF$(H%S$`S$$JJK$93B1SF$(H%S$<`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & A(
42*43&#$!1*!30-10$!)&242-0.*$`!FT!(#&!)2*-/#!1*!.#$!)0$#$l!%&'(#$!0&401#$!-#!
21*-/282)01#$`!FQ!(#&!)2*-/#!1*!.#$!)0$#$l!=!(*&$#-0$!1*$4#52.26010$`!BC!(#&!)2*-/#!1*!.#$!
)0$#$9!_7.#!*.!Q!(#&!)2*-/#!0/&23'=7!*.!1*$(.06042*-/#!0!.0!1*.2-)'*-)20!)#4c-`!*.!B!(#&!
)2*-/#!0!%'*&&2..0$!=!*.!B!(#&!)2*-/#!0.!U?[&)2/#9!U-!$'$!1*).0&0)2#-*$`!.0$!5@)/240$!$*X0.0-!a'*!
-#!*\2$/*-!128*&*-)20$!)#-)&*/0$!*-/&*!4')<#$!1*!*$/#$!%&'(#$`!=0!a'*!/2*-*-!)#-1')/0$!
$242.0&*$!=!$'$!42*43&#$!(0$0-!8K)2.4*-/*!1*!'-!%&'(#!0!#/	!"0!Z*&$#-*&@0!-#/7!a'*!
4')<0$!1*!.0$!5@)/240$!$*!&*8*&@0-!0.!i?*8*j!a'*!40-*?0!.0$!)#$0$!*-!*.!30&&2#`!=!12?#!a'*!
<03@0!$242.2/'1*$!*-!.#$!(0/&#-*$!1*!)#-/&#.!1*!.#$!%&'(#$`!.#!)'0.!$'%*&@0!.0!*\2$/*-)20!1*!
&*1*$!?*&K&a'2)0$!4K$!04(.20$9!"0$!5@)/240$!1*-'-)20&#-!&*2/*&0104*-/*!a'*!.#$!%&'(#$!
*?*&)@0-!*.!)#-/&#.!$#)20.`!..*5030-!0!)03#!.24(2*60!$#)20.`!&*).'/030-!0!?75*-*$!=!-2X#$!=!
(0&/2)2(030-!*-!*\/#&$27-!=!04*-060$FFB9!!
X*#(.06042*-/"$1*.$G0&&2"$U03."$=#)"30&$$
U-/&*!82-*$!1*!FCCR!=!?'.2#!FCCT`!4K$!1*!QC!&*$21*-/*$!1*.!30&&2#!1*!Z03.#!U$)#30&!d'-0!
6#-0!(*a'*X0!a'*!030&)0!'-0$!(#)0$!)'01&0$e!*-!W*1*..@-!8'*&#-!1*$(.0601#$!)#4#!
&*$'./01#!1*!.0$!04*-060$!=!.#$!0$*$2-0/#$!(#&!(0&/*!1*!'-!%&'(#!12&2%21#!(#&!*\!42*43&#$!
1*!.#$!3.#a'*$!A0)2a'*!H'/230&0!=!f[&#*$!1*!V&0-010!1*!.0$!J,AFFF9!f'40-!D2%</$!h0/)<!
*-/&*52$/7!0!-'4*&#$#$!42*43&#$!1*!.0!)#4'-2101!1*$(.06010`!a'2*-*$!&*.0/0&#-!a'*!*.!
%&'(#`!a'*!*..#$!)&*@0-!40-/*-@0!5@-)'.#$!)#-!.0!Y82)2-0!1*!U-52%01#`!*?*&)@0!'-!)#-/&#.!
*$/&2)/#!=!52#.*-/#!1*!$'$!0)/252101*$9!
!
,-0!4'?*&!1*$)&2327!*.!0$*$2-0/#!1*!$'!<2?#!(#&!*.!%&'(#!*-!40=#!1*!FCCT!*-!.#$!$2%'2*-/*$!
/[&42-#$+!iA'0-1#!)#4*-67!.0!%'*&&0!*-/&*!1*$4#52.2601#$`!.0$!30-10$!1*!W*1*..@-!$*!
a'*10&#-!$2-!.*=!-2!.@1*&`!=!*-!-#52*43&*!1*!FCCR!)#4*-60&#-!0!40/0&!0!?75*-*$!a'*!0-/*$!
-#!$*!.*$!(*&42/@0999!U.!FR!1*!8*3&*&#`!&*)2324#$!'-0!04*-060!=!n42!<2?#o!-#$!)#-$2%'27!'-0!
)0$0!(0&0!a'*!('12[&04#$!*$)#-1*&-#$!*-!#/&#!30&&2#jFFE9!Z*&#!*.!%&'(#!.#!.#)0.267!*-!$'!
-'*50!5252*-109!i"#!*$/030-!*$(*&0-1#!*-!.0!*-/&0109!"#!40/0&#-9!g#!$0.@!)#&&2*-1#!*-!
4*12#!1*!.#$!12$(0&#$l!-#$!12$(0&0&#-!0!4@!=!0!42!<2?0!(*a'*X09!D*)#-#)@!0!'-#!1*!.#$!
?75*-*$!1*.!30&&2#j`!12?#9!"0!4'?*&!082&47!a'*!*.!%&'(#!$*!<03@0!*-#?01#!)#-!*..#$!(#&a'*!
<03@0!)#4*-601#!0!1*).0&0&!*-!&*.0)27-!)#-!'-!)&24*-!a'*!<03@0!(&*$*-)201#9!i_2!/*!
a'*10$!*$/K$!)#-!*..#$`!=!$2!/*!50$!*&*$!'-!*-*42%#!(#&a'*!*&*$!'-!/*$/2%#j`!12?#!#/&#!
JJ<$9-8"&40)27-$(&"("&)2"-010$0$>'40-$?2%:/#$@0/):$4*120-/*$)"&&*"$*.*)/&7-2)"$("&$&*(&*#*-/0-/*#$1*$.0$,-2101$U*&40-*-/*$1*$X*&*):"#$>'40-"#$1*$.0$U*&#"-*&B0F$<K$1*$0%"#/"$1*$JKKLS$JJJs'0-$Z'0&-26"$|.50&*6F$A=#/H-$1*#/*&&01"#$1*-/&"$1*$#'$(&"(20$)2'101CF$=.$V"."4320-"$Dh*1*..B-EF$<J$1*$j'.2"$1*$JKKLF$://(+\\]]]S*.)"."4320-"S)"4\G0-)"V"-")242*-/"\=\*#/0-d1*#/*&&01"#d1*-/&"d1*d#'d(&"(20d)2'101\*#/0-d1*#/*&&01"#d1*-/&"d1*d#'d(&"(20d)2'101S0#($D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLES$JJT$=-/&*52#/0$1*$>?@$)"-$(&24*&0$4'j*&$1*.$30&&2"$1*$U03."$=#)"30&F$h*1*..B-F$J$1*$j'-2"$1*$JKKLS$
& & & & & & A/& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
8042.20&FFQ9!iH#!*$!?'$/#!a'*!/#1#$!<0%0-!.0!52$/0!%#&10!n0!.#$!)&@4*-*$!a'*!)#4*/*-oj`!
0%&*%7!.0!401&*9!i"0!30-10!<0!12)<#!a'*!-012*!('*1*!1*?0&!*.!30&&2#!#!.#$!50-!0!)#&/0&!*-!
(*106#$999!H2-%'-0!0'/#&2101!<0!2-/*&5*-21#!=!n.0!30-10o!*$/030!0)/'0-1#!.23&*4*-/*`!(#&!.#!
a'*!-#!<03.[!40$jFF:9!!
!
I0&2#$!?75*-*$!1*!.0!)#4'-2101!082&40&#-!a'*!<03@0-!&*)2321#!04*-060$!1*.!%&'(#!
2-/24K-1#.#$!0!'-2&$*!#!2&$*9!iU-!W*1*..@-!/#1#$!.#$!30&&2#$!$#-!)0.2*-/*$9!H#!/*-*4#$!
$*%'&2101j`!12?#!'-#!1*!*..#$FF>9!!
!
if0-!0$*$2-01#!0!4')<0$!(*&$#-0$`!5*$!)74#!.0$!%#.(*0-!<0$/0!40/0&.0$9!^#40-!(0&0!*..#$!
0!.0$!?75*-*$!4K$!.2-10$`!1*!BF!#!BE!0X#$9!g!$2!-#!0)*(/0-`!.0$!52#.0-!=!.0$!40/0-j`!082&47!
#/	!I0&2#$!42*43&#$!1*!.0!)#4'-2101!1*$)&232*&#-!)0$#$!1*!?75*-*$!a'*!<03@0-!$21#!
52#.010$`!(#&!.#!%*-*&0.!*-!'-0!*$)'*.0!030-1#-010!..04010!.0!i*$)'*.2/0j9!iA010!1#42-%#!
<0)*-!82*$/0$!=!0..@!..*50-!0!)'0.a'2*&!?#5*-!a'*!0%0&&0-9!U$*!*$!'-!(*a'*X#!2-82*&-#9!
^#&/'&0-!0!(*&$#-0$j`!12?#!#/&#!<#43&*FFL9!
!!
Y/&0!4'?*&!1*$)&2327!)74#!$'!<2?#!<03@0!$21#!0$*$2-01#!=!1*$)'0&/2601#!*.!BL!1*!03&2.!1*!
FCCT9!iG2?#!a'*!0.4#&60&@0!)#-42%#999!(*&#!-'-)0!..*%7999!"0!(#.2)@0!4*!..047!(0&0!a'*!
&*)#-#)2*&0!*.!)01K5*&999!_0)0&#-!'-0!3#.$0!1*.!30c.!1*.!)0&&#!n1#-1*!*$/030!$'!)'*&(#oj9!_'!
<2?#!)#-1')@0!'-!/0\2`!=!*..0!)&**!a'*!8'*!0$*$2-01#!(#&!*.!%&'(#!1*321#!0!a'*!-#!0)*(/7!
/&030?0&!)#-!*..#$9!iA#4*-)[!0!&*)232&!04*-060$`!1#-1*!(&*%'-/030-!pMA'K-/#!50$!0!
a'*10&/*P!#!MI0$!0!$0.2&!)#4#!/'!<2?#PqjFFR9!!
!
_*%c-!50&2#$!&*$21*-/*$`!42*43&#$!1*!.0!(#.2)@0!.#)0.!/#.*&0-!.0$!0)/252101*$!1*.!%&'(#9!i"0!
(#.2)@0!.*$!/2*-*!42*1#`!=!)#4#!.*$!(0%0-`!(*$*!0!a'*!<0-!)043201#!n0.!(*&$#-0.!(#.2)20.o!:!
5*)*$`!$2*4(&*!$')*1*!.#!42$4#j`!12?#!'-!42*43&#!1*!.0!)#4'-21019!_*%c-!-#$!
)#4*-/0&#-!50&2#$!42*43&#$!1*!.0!)#4'-2101`!*.!%&'(#!/0432[-!40-*?0!*.!-*%#)2#!1*!.0!
1&#%0!*-!*.!30&&2#!=!#3.2%0!0!.#$!)#-1')/#&*$!1*!/0\2$!0!..*50&!1&#%0!(0&0!*..#$9!J.%'-#$!
&*$21*-/*$!40-28*$/0&#-!a'*!*-!.#$!c./24#$!4*$*$`!*.!%&'(#!<03@0!)#4*-601#!0!/&030?0&!
(0&0!'-!-'*5#!.@1*&!..0401#!iA<0(0&&#j`!a'*!#&2%2-0.4*-/*!<03@0!8#&401#!(0&/*!1*!.0!
Y82)2-0!1*!U-52%01#!=!a'2*-`!$*%c-!$*X0.0&#-`!0)/'0.4*-/*!)#-/&#.0!50&2#$!%&'(#$!*-!.0!
JJI$=-/&*52#/0$1*$>?@$)"-$#*%'-10$4'j*&$1*.$30&&2"$1*$U03."$=#)"30&F$h*1*..B-F$J$1*$j'-2"$1*$JKKLS$JJg$=-/&*52#/0$1*$>?@$)"-$(&24*&0$4'j*&$1*.$30&&2"$1*$U03."$=#)"30&F$h*1*..B-F$J$1*$j'-2"$1*$JKKLS$JJR$=-/&*52#/0#$1*$>?@$)"-$&*#21*-/*#$1*#(.0601"#$1*.$30&&2"$1*$U03."$=#)"30&F$h*1*..B-F$J$1*$j'-2"$1*$JKKLS$JJi$9321S$JJ`$=-/&*52#/0$1*$>?@$)"-$(&24*&0$4'j*&$1*.$30&&2"$1*$U03."$=#)"30&F$h*1*..B-F$J$1*$j'-2"$1*$JKKLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & A.
A#4'-0!T!1*!W*1*..@-9!ig0!-#!(#1*4#$!5252&!*-!W*1*..@-9!^2*-*-!/*-/K)'.#$!*-!/#10$!
(0&/*$j`!12?#!'-!&*$21*-/*FFT9!
!!
"0$!(*&$#-0$!1*$(.06010$!1*.!30&&2#!1*!Z03.#!U$)#30&!-#!/2*-*-!0!17-1*!2&9!U.!Z*&$#-*&#!1*!
G*&*)<#$!f'40-#$!1*!W*1*..@-!<26#!%*$/2#-*$!(0&0!a'*!('12*&0-!(*&40-*)*&!*-!'-!&*8'%2#!
4'-2)2(0.!(0&0!(*&$#-0$!1*$(.06010$9!_2-!*430&%#`!4')<#$!*\(&*$0&#-!$'!1*$)#-/*-/#!
1*321#!0!a'*!-#!(#1@0-!/&030?0&!42*-/&0$!*$/030-!*-!*.!&*8'%2#`!(#&!/*4#&!0!$*&!
21*-/282)01#$!=!0$*$2-01#$FEC9!U$-*21*&!A042.#!f2%'2/0`!'-!<#43&*!1*$(.0601#!a'*!1*)2127!
030-1#-0&!*.!&*8'%2#`!8'*!0$*$2-01#!(#$/*&2#&4*-/*!*-!*.!30&&2#!1*!Z03.#!U$)#30&`!*.!BF!1*!
$*(/2*43&*!1*!FCCTFEB9!
!
"0$!(*&$#-0$!1*.!&*8'%2#!$*!*-)'*-/&0-!*-!'-0!$2/'0)27-!1*!2-)*&/21'43&*!*-!)'0-/#!0!$'$!
)#-12)2#-*$!1*!52109!U.!82$)0.!0!)0&%#!1*!.0!2-5*$/2%0)27-!1*!.#$!03'$#$!)#4*/21#$!(#&!*.!
%&'(#!<0!(*121#!&*2/*&0104*-/*!0.!Z&#%&040!1*!Z&#/*))27-!0.!^*$/2%#!1*!.0!]2$)0.@0!V*-*&0.!
1*!.0!H0)27-!a'*!3&2-1*!(&#/*))27-`!=!f'40-!D2%</$!h0/)<!*-527!'-0!)0&/0!0!.0!]2$)0.@0!
0(#=0-1#!*$/#$!(*121#$FEF9!_2-!*430&%#`!<0$/0!*.!4#4*-/#!*-!*.!a'*!$*!*$/030!*.03#&0-1#!
*$/*!2-8#&4*`!.0!]2$)0.@0!$7.#!<03@0!0(ĭ#!.#$!(*121#$!1*!(&#/*))27-!)#&&*$(#-12*-/*$!0!
1#$!42*43&#$!1*!.0!)#4'-21019!W2*-/&0$!/0-/#`!.0$!0'/#&2101*$!4'-2)2(0.*$!1*!W*1*..@-!
082&40-!a'*!-#!$#-!&*$(#-$03.*$!1*!(&#/*%*&!0!.0!)#4'-2101`!1*321#!0!a'*!.#$!&*$21*-/*$!
1*$(.0601#$!(*&/*-*)*-!0.!(&#%&040!1*!(&#/*))27-!1*!/*$/2%#$9!"0!)2'101!)#-/2-c0!
(*&42/2*-1#!a'*!(*&40-*6)0-!*-!*.!&*8'%2#`!(*&#!082&40!a'*!$*!*$/K-!0%#/0-1#!$'$!
&*)'&$#$FEE9!!
!
"0!2-5*$/2%0)27-!1*!.#$!03'$#$!*-!*.!30&&2#!1*!Z03.#!U$)#30&!$*!*-)'*-/&0!30?#!.0!12&*))27-!
1*!'-!82$)0.!*$(*)20.2601#!a'*!8#&40!(0&/*!1*!'-!%&'(#!1*!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-!
*-)0&%01#!1*!2-5*$/2%0&!0!.#$!%&'(#$!$')*$#&*$9!U-!#)/'3&*!1*!FCCT`!*.!82$)0.!)#-$2%'27!.0!
)0(/'&0!1*!BR!<#43&*$!a'*!.0!)#4'-2101!<03@0!21*-/282)01#!)#4#!2-/*%&0-/*$!1*!.0!30-10!
JJL$=-/&*52#/0#$1*$>?@$)"-$&*#21*-/*#$1*#(.0601"#$1*.$30&&2"$1*$U03."$=#)"30&F$h*1*..B-F$J$1*$j'-2"$1*$JKKLS$JTK$9321S$JT<$V"4'-2)0)27-$("&$)"&&*"$*.*)/&7-2)"$1*$!'6$U0/&2)20$V"&&*0$h01&2%0.F$/2/'.0&$1*$.0$Z*&*-)20$1*$X*#(.06042*-/"$1*$.0$V2'101$1*$h*1*..B-$(0&0$>'40-$?2%:/#$@0/):F$JT$1*$#*(/2*43&*$1*$JKKLS$JTJ$V0&/0$1*$s"#l$h2%'*.$O250-)"F$12&*)/"&$(0&0$.0#$P4l&2)0#$1*$>'40-$?2%:/#$@0/):F$0.$U&"%&040$1*$U&"/*))27-$0.$[*#/2%"$1*$.0$o2#)0.B0$Z*-*&0.$1*$.0$M0)27-F$1*$8*):0$<L$1*$j'-2"$1*$JKKLS$=.$o2#)0.$Z*-*&0.$&*#("-127$n'*$:03B0$*50.'01"$.0#$#".2)2/'1*#F$40-28*#/7$n'*$1*3*-$)'4(.2&#*$'-0$#*&2*$1*$&*n'2#2/"#$(0&0$n'*$'-$/*#/2%"$2-%&*#*$0.$(&"%&040$1*$(&"/*))27-$1*$/*#/2%"#$;$#*k0.7$n'*$0'-n'*$#*$1*-2*%'*$'-0$#".2)2/'1$."#$)2'1010-"#$/2*-*-$1*&*):"$0$.0$(&"/*))27-$%*-*&0.$1*.$=#/01"F$n'*$-"&40.4*-/*$)"&&*#("-1*$0$.0$U".2)B0$A)"4"$:0$#')*121"$:0#/0$.0$8*):0$*-$*.$0.3*&%'*$n'*$#*$.*#$"8&*)27CS$V0&/0$1*.$o2#)0.$Z*-*&0.$0$s"#l$h2%'*.$O250-)"F$TK$1*$j'-2"$1*$JKKLS$JTT$V"4'-2)0)27-$("&$)"&&*"$*.*)/&7-2)"$*-52010$("&$!'6$U0/&2)20$V"&&*0$h01&2%0.F$JT$1*$#*(/2*43&*$1*$JKKLS$
& & & & & & A,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
a'*!<03@0!)#4*/21#!.#$!03'$#$9!H#!#3$/0-/*`!0c-!-#!<0-!$21#!1*/*-21#$!#/&#$!/&*$!<#43&*$!
)#-/&0!.#$!)'0.*$!$*!*42/2*&#-!7&1*-*$!1*!)0(/'&09!!
!
3);9%0#0;1(0%)(0#(*#".#)($'5*#+("#8).&C##
"0!&*%27-!1*.!V#.8#!1*!,&03K`!a'*!2-).'=*!(0&/*!1*!.#$!1*(0&/04*-/#$!1*!A<#)7!=!J-/2#a'20`!
<0!$'8&21#!<2$/7&2)04*-/*!0.%'-0$!1*!.0$!(*#&*$!0/&#)2101*$!1*.!)#-8.2)/#!0&401#!2-/*&-#!1*!
A#.#43209!J!82-*$!1*!.0!1[)010!1*!BTTC`!.#$!(0&042.2/0&*$!/#40&#-!%&0-!(0&/*!1*!.0!&*%27-!=!
#(*&030-!)#-!.0!/#.*&0-)20`!*!2-).'$#!.0!)#--25*-)20`!1*!0.%'-#$!$*)/#&*$!1*!.0!BLy!k&2%010!
1*.!U?[&)2/#`!2-).'21#`!$*%c-!50&20$!8'*-/*$`!*.!V*-*&0.!D2/#!J.*?#!1*.!D@#FEQ9!"0$!#(*&0)2#-*$!
42.2/0&*$!=!(0&042.2/0&*$!*-!.0!&*%27-!..*50&#-!0.!1*$(.06042*-/#!40$25#!1*!)252.*$`!*-/&*!
*..#$!-'4*&#$#$!08&#)#.#4320-#$!a'*!030-1#-0&#-!$'$!/*&&2/#&2#$!/&012)2#-0.*$9!!
!
"0!&*%27-`!'32)010!*-!.0!)#$/0!1*.!Z0)@82)#`!)#-$/2/'=*!'-!)#&&*1#&!*$/&0/[%2)#!(0&0!*.!/&K82)#!
1*!1&#%0$!=!0&40$9!U$/K!2-/*%&010!01*4K$!(#&!/2*&&0$!8[&/2.*$!a'*!$*!'/2.260&#-!
<2$/7&2)04*-/*!(0&0!(.0-/0)2#-*$!30-0-*&0$9!"'*%#!1*.!1*$(.06042*-/#!1*!)252.*$`!50&20$!
*4(&*$0$!(&25010$!=!(&#(2*/0&2#$!1*!/2*&&0$!t0.%'-#$!1*!.#$!)'0.*$!40-/*-1&@0-!*$/&*)<#$!
5@-)'.#$!)#-!.0$!J,At!#)'(0&#-!04(.20$!*\/*-$2#-*$!1*!/2*&&0$!08&#)#.#4320-0$9!Z.0-/0&#-!
(0.40!08&2)0-0`!(0&0!.0!('))27-!1*.!&*-/03.*!0)*2/*!1*!(0.40`!=!/0432[-!(*&$2%'2*&#-!.0!
*\(.#/0)27-!401*&*&0FE:9!!
!
G*$1*!4*1201#$!1*!.0!1[)010!1*!BTTC`!.0!&*%27-!1*!A<#)7!*-!,&03K!(0$7!0!*$/0&!30?#!
)#-/&#.!1*.!3.#a'*!U.4*&!AK&1*-0$!1*!.0$!J,A`!0.!40-1#!1*!]&*11=!D*-17-!d)#-#)21#!
/0432[-!)#4#!iU.!J.*4K-je9!A#4#!$*!*\(.2)0!*-!*.!$2/2#!w*3!$#3&*!-#/2)20$!1*!2-5*$/2%0)27-!
I*&101J32*&/09)#4`!a'*!<0!&*0.2601#!*\<0'$/250$!2-5*$/2%0)2#-*$!$#3&*!.0!<2$/#&20!1*!.#$!
(0&042.2/0&*$+!
!
n"#$!<#43&*$!1*!U.!J.*4K-o!0$*$2-0&#-!=!1*$(.060&#-!0!)2*-/#$!1*!2-1@%*-0$!
=!08*$)*-12*-/*$!a'*!$*!-*%0&#-!0!5*-1*&!$'$!/2*&&0$!(0&0!$*43&0&!
(0.409!"0$!)#4'-2101*$!1*!A'&50&017`!A0)0&2)0!=!G#42-%#17`!<03.0-!1*!
(#&!.#!4*-#$!FF9CCC!<*)/K&*0$!a'*!.*$!<0-!$21#!0&&*30/010$!(#&!.#$!
JTI$>'40-$?2%:/#$@0/):F$y?"4(2*-1"$*.$V"-/&".bF$(H%#S$IgQIiv$AV"."4320+$,N$V"-%&*##$N:"'.1$h02-/02-$>".1$"-$h2.2/0&;$P21C$)"4'-2)01"$1*$(&*-#0$1*$>'40-$?2%:/#$@0/):F$<i$1*$")/'3&*$1*$JKKiF$://(+\\]]]S:&]S"&%\*-\-*]#\JKKi\<K\<i\)"."4320Q'#Q)"-%&*##Q#:"'.1Q402-/02-Q:".1Q42.2/0&;Q021v$AV"."4320+$U*#/*-$.0#$1*82)2*-)20#$*-$.0$o2#)0.B0$Z*-*&0.CF$)"4'-2)01"$1*$(&*-#0$1*$>'40-$?2%:/#$@0/):F$<K$1*$40&6"$1*$JKKIF$://(+\\]]]S:&]S"&%\*-\-*]#\JKKI\KT\<K\)"."4320Q(&"#*)'/2"-Q(&"3.*4#Q(*#/S$$$$JTg$=-$'-0$*-/&*52#/0$&*0.26010$*-$JKKg$("&$N*40-0F$*.$j*8*$(0&042.2/0&$O2)*-/*$V0#/0k"$&*)"-")27$n'*$."#$(0&042.2/0&*#$8"4*-/030-$*-$)'./25"$1*$.0$(0.40$08&2)0-0$*-$,&03H+$A=-$,&03H$/*-*4"#$)'./25"#$1*$(0.40S${"$42#4"$)"-#*%'B$."#$*4(&*#0&2"#$(0&0$2-5*&/2&$*-$*#"#$(&";*)/"#CF$40-28*#/7S$A>03.0$O2)*-/*$V0#/0k"CF$N*40-0$DG"%"/HEF$g$1*$j'-2"$1*$JKKgF$://(+\\]]]S#*40-0S)"4\]8d9-8"P&/2)'."S0#(ab91P&/c`iRJ`$D)"-#'./01"$*.$TK$1*$03&2.$1*$JKK`ES$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & A-
<#43&*$!1*.!k.#a'*!U.4*&!AK&1*-0$9!"0!6#-0!1*!k*.[-!1*!k0?2&K!*-!W'/0/K!
/0432[-!&*%2$/&0!42.*$!1*!<*)/K&*0$!$*43&010$!)#-!(0.40`!.0$!)'0.*$!
/0432[-!$*!12)*!8'*&#-!/#4010$!(#&!*.!k.#a'*!r.4*&!AK&1*-0$`!=!(#&!I2)*-/*!
A0$/0X#`!/&0$!#3.2%0&!0!)2*-/#$!1*!)04(*$2-#$!0!*-/&*%0&.*!$'$!/*&&2/#&2#$9!
_2-!*430&%#`!/#1#!*$/*!1*$(#?#!<0!$21#!(&*$*-/01#!(#&!iU.!J.*4K-j!=!.#$!
<#43&*$!1*!$'!k.#a'*!)#4#!'-!(&#=*)/#!1*!*-5*&%01'&0!$#)20.999!=!a'*!
3'$)0!%*-*&0&!*4(&*$0$!(')/250$!*-!6#-0$!0.*?010$9!U-!&*0.2101`!*$!
(0&/*!1*!'-0!*$/&0/*%20!1*!&*(#3.042*-/#!=!)#-/&#.!/*&&2/#&20.!)'=#!*?*!*$!'-0!
0%-1'$/&20!401*&*&0!=!(0.4@8*&0!12$*X010!(#&!I2)*-/*!A0$/0X#FE>9!!
!
U-!.#$!c./24#$!0X#$`!0.%'-0$!(*&$#-0$!1*$(.06010$!<0-!2-/*-/01#!&*%&*$0&!=!&*).040&!$'$!
/2*&&0$`!*-!0.%'-#$!)0$#$!4*120-/*!.0!)&*0)27-!1*!i6#-0$!<'40-2/0&20$j`!*$!1*)2&`!(*a'*X0$!
)#4'-2101*$!1*!80)/#!*-!.0$!)'0.*$!$*!<0-!0$*-/01#`!#!)*&)0!1*!.0$!/2*&&0$!a'*!
0-/*&2#&4*-/*!/&030?030-9!!
!
U-!FCC>`!*.!k.#a'*!U.4*&!AK&1*-0$!$'('*$/04*-/*!$*!1*$4#52.2679!H#!#3$/0-/*`!'-!-'*5#!
%&'(#!30?#!*.!40-1#!1*.!<*&40-#!1*!U.!J.*4K-`!G0-2*.!D*-17-!diG#-!W0&2#je`!a'2*-!
/0432[-!$'('*$/04*-/*!$*!<03@0!1*$4#52.2601#`!)#4*-67!0!#(*&0&!*-!.0!&*%27-!)0$2!
2-4*120/04*-/*`!)#-!)#-1')/0$!4'=!$242.0&*$!0!.0$!1*.!k.#a'*!U.4*&!AK&1*-0$9!!
!
U*#/*-)20$1*.$)"-/&".$;$."#$03'#"#$
G#-!W0&2#!$*!(&*$*-/030!8&*)'*-/*4*-/*!)#4#!*.!5*&101*&#!<*&*1*&#!1*!A0&.#$!A0$/0X#`!'-!
24(#&/0-/*!*\!.@1*&!1*!.0$!J,A!d(&*$'-/04*-/*!0$*$2-01#!(#&!$'!<*&40-#!I2)*-/*!A0$/0X#e`!
a'2*-!0!4*-'1#!082&4030!a'*!.#$!(0&042.2/0&*$!(0&/2)2(030-!*-!'-0!.')<0!21*#.7%2)0!)#-/&0!
.0$!%'*&&2..0$!=!0.!)'0.!$*!0/&23'=*-!.0$!0/&#)2101*$!4K$!03*&&0-/*$9!U.!%&'(#!1*!G#-!W0&2#!
'/2.267!128*&*-/*$!-#43&*$`!)#4#!if[&#*$!1*!A0$/0X#j`iJ'/#1*8*-$0$!V02/0-2$/0$!1*!
A#.#4320j!=!iO%'2.0$!H*%&0$j9!"0!(#.2)@0!.#$!..040!i.#$!1*!,&03Kj`!=!#/&#$!$*!&*82*&*-!0!*..#$!
)#4#!.#$!i,&03*X#$j9!U-!FCCL!=!FCCR!*.!%&'(#!(0&*)27!)&*)*&!&K(2104*-/*!=!$*!)#-#)2*&#-!
2-8#&4*$!1*!a'*!<03@0!)#4*-601#!0!/*-*&!(&*$*-)20!*-!W*1*..@-`!1#-1*!12$('/030!*.!(#1*&!
0!.#$!%&'(#$!1*!G#-!k*&-09!
!
U-!03&2.!1*!FCCT`!.0!(#.2)@0!1*/'5#!0!G#-!W0&2#FEL9!_2-!*430&%#`!#/&#$!42*43&#$!/#40&#-!*.!
)#-/&#.!1*!$'!#&%0-260)27-9!
JTR$A=.$G."n'*$=.4*&$VH&1*-0#CF$O*&101P32*&/0S)"4F$://(+\\]]]S5*&101032*&/0S)"4\]*3T\52)/240&2"#\."#Q3."n'*#\I<RQ3."n'*Q*.4*&Q)0&1*-0#Q1*Q'&030Q$F$#2-$8*):0F$D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLES$$JTi$AV"-$(*&&"#F$)0(/'&0-$0$tX"-$h0&2"uCF$=.$[2*4("$DG"%"/HEF$<R$1*$03&2.$1*$JKKLF$://(+\\]]]S*./2*4("S)"4\0&):25"\1")'4*-/"\hPhQTIK<ILI$D)"-#'./01"$*.$J$1*$")/'3&*$1*$JKKLES$
& & & & & & AA& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
f'40-!D2%</$!h0/)<!52$2/7!1#$!6#-0$!<'40-2/0&20$!tK&*0$!1#-1*!$*!<0-!0$*-/01#!.0$!
(*&$#-0$!1*$(.06010$!=!a'*!&*).040-!)#4#!*.!/*&&2/#&2#!1*.!)'0.!8'*&#-!*\('.$010$t!*-!
,&03K`!0430$!)*&)0!1*!.0!)'*-)0!1*.!&@#!A'&50&017!*-!*.!1*(0&/04*-/#!1*!A<#)7`!=!<03.7!
)#-!(*&$#-0$!1*!#/&0$!(0&/*$!1*!,&03K!a'*!520?0&#-!(0&0!&*'-2&$*!)#-!-#$#/&#$9!"#$!
&*$21*-/*$!1*$)&232*&#-!'-0!$2/'0)27-!1*!04*-060$!)#-$/0-/*$!(#&!%&'(#$!0&401#$!.#)0.*$`!
a'*!0!4*-'1#!#(*&0-!*-!0(0&*-/*!)#.'$27-!)#-!0.%'-#$!*4(&*$0&2#$!=!/*&&0/*-2*-/*$!a'*!
2-/*-/0-!24(*12&!a'*!.#$!08&#)#.#4320-#$!&*)'(*&*-!$'$!/2*&&0$9!!
!
]'*-/*$!(#.2)20.*$!a'*!)#-$'./04#$!12?*&#-!a'*!.#$!%&'(#$!$')*$#&*$!1*!.0!&*%27-!1*!,&03K!
*$/K-!)*&)0-04*-/*!52-)'.01#$!)#-!*.!-*%#)2#!1*.!)'./25#!1*!(0.40`!=!a'*!(#1@0-!$*&!
)#-$21*&01#$!i*?[&)2/#$!(&2501#$jl!'-#!1*!.#$!#82)20.*$!$*X0.7!a'*!*$/*!8*-74*-#!/0432[-!
(#1@0!#3$*&50&$*!*-!#/&0$!(0&/*$!1*.!(0@$`!)#4#!*-!.#$!1*(0&/04*-/#$!1*!.#$!..0-#$FER9!!
!
U-!%*-*&0.`!.#$!&*$21*-/*$!$*X0.0&#-!a'*!.#$!%&'(#$!a'*!#(*&0-!*-!.0!&*%27-!$*!21*-/282)030-!
)#4#!iO%'2.0$!H*%&0$j!=!8#&4030-!(0&/*!1*!.0!*$/&')/'&0!a'*!<03@0!12&2%21#!G#-!W0&2#9!
!
iW0-/2*-*-!'-!)#-/&#.!*$/&2)/#9!U-!k&2$0$`!Z050&0-1#`!A'&50&017`!W'/0/0`!1#-1*!50=0$`!
/2*-*-!*.!)#-/&#.j`!12?#!'-!&*$21*-/*FET9!"#$!&*$21*-/*$!&*.0/0&#-!a'*!*\2$/@0-!-'4*&#$#$!
&*/*-*$!1*!.#$!%&'(#$!$')*$#&*$!*-!/#10!.0!&*%27-9!if0=!'-!&*/[-!4752.!0-/*$!1*!$0.2&!1*!
W'/0/K!(0&0!*-/&0&!0!.0!)0&&*/*&0!)*-/&0.`!1#-1*!)#3&0-!'-0!50)'-0!0!/#1#$!.#$!5*<@)'.#$!)#-!)0&%0j`!082&47!#/	!J1*4K$!1*!*\2%2&!*$/#$!(0%#$!0!.#$!42*43&#$!1*!.0!)#4'-2101!=!0!
.0$!*4(&*$0$!.#)0.*$!4*120-/*!*\/#&$27-`!.0!40=#&@0!1*!.#$!&*$21*-/*$!)&**!a'*!*$/#$!
%&'(#$!*$/K-!#3/*-2*-1#!8#-1#$!1*!.0$!(.0-/0)2#-*$!1*!(0.40!=!*.!-0&)#/&K82)#9!i_*!
*-)0&%0-!1*!.#$!)'./25#$!1*!(0.409!_#-!(0&/*!1*!.0!42$40!*$/&')/'&0!na'*!*\2$/@0!
0-/*&2#&4*-/*oj`!082&47!'-!*\!8'-)2#-0&2#!-0)2#-0.!a'*!<03@0!/&030?01#!*-!*.!K&*0FQC9!!
!
,-0!6#-0!<'40-2/0&20!a'*!<0!$21#!&*)2*-/*4*-/*!#3?*/#!1*!-'4*&#$0$!0%&*$2#-*$!*$!.0!1*!
A0X#!W0-$#`!0!.0!5*&0!1*.!&@#!A'&50&0179!U.!BQ!1*!#)/'3&*!1*!FCCR`!$*%c-!082&40-!42*43&#$!
1*!.0!)#4'-2101`!.0$!O%'2.0$!H*%&0$!0$*$2-0&#-!0.!.@1*&!)#4'-2/0&2#!V'0.3*&/#!f#=#$!1*!
A0X#!W0-$#9!i"#!40/0&#-!0!'-0!)'01&0!1*!.0!*$)'*.0!1*!A0X#!W0-$#j`!12?#!'-!&*$21*-/*`!
a'2*-!1*-'-)27!a'*!.0$!O%'2.0$!H*%&0$!/&030?030-!*-!*$/&*)<0!)#.03#&0)27-!)#-!
*4(&*$0&2#$!=!/*&&0/*-2*-/*$!.#)0.*$FQB9!_*%c-!.0!A#42$27-!;-/*&04*&2)0-0`!i/&0$!*.!0$*$2-0/#!
JT`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$.0$U".2)B0$M0)2"-0.F$G"%"/HF$<i$1*$j'.2"$1*$JKKLS$JTL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$:"43&*$1*$.0$&*%27-$1*$V'&50&017F$V:")7F$TK$1*$40;"$1*$JKKLS$$JIK$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$"82)20.$n'*$/&030j7$*-$.0$&*%27-$1*$,&03HF$G"%"/HF$<R$1*$j'.2"$1*$JKKLS$JI<$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$V0k"$h0-#"F$P-10.')B0$DV'&50&017EF$T<$1*$40;"$1*$JKKLv$V"42#27-$9-/*&04*&2)0-0$1*$X*&*):"#$>'40-"#F$A9-8"&4*$#"3&*$.0$52#2/0$0.$/*&&*-"$*-$&*.0)27-$)"-$.0#$4*1210#$(&"52#2"-0.*#$"&1*-010#$0$805"&$1*$."#$42*43&"#$1*$."#$42*43&"#$1*$.0#$)"4'-2101*#$)"-#/2/'210#$("&$*.$)"-#*j"$)"4'-2/0&2"$1*.$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & AB
.#$!0%&*$#&*$!$*!..*50&#-!.#$!/*.[8#-#$!)*.'.0&*$!1*!.0!)#4'-2101!(0&0!1*?0&.#$!
2-)#4'-2)01#$9!"0!Z#.2)@0!$*!(&*$*-/7!0.!.'%0&!&*)2[-!)2-)#!<#&0$!1*$('[$!1*!#)'&&21#$!.#$!
<*)<#$!=!*.!U?[&)2/#!$2*/*!<#&0$!1*$('[$jFQF9!
!!
G'&0-/*!'-0!52$2/0!1*!f'40-!D2%</$!h0/)<!0!.0!&*%27-!1*!A'&50&017!&*0.26010!*.!EC!1*!40=#!
1*!FCCT`!.#$!(#3.01#&*$!2-8#&40&#-!a'*!<03@0!<0321#!'-!)#-8.2)/#!*-/&*!&*$21*-/*$!1*!.0!
6#-0!<'40-2/0&20!1*!A0X#!W0-$#!=!*.!0142-2$/&01#&!1*!/2*&&0$!1*!.0!(*&$#-0!a'*!<03@0!
0$'421#!*.!)#-/&#.!1*.!/*&&2/#&2#9!!_'('*$/04*-/*`!*.!0142-2$/&01#&!/*-@0!*.!&*$(0.1#!1*!
42*43&#$!1*.!U?[&)2/#9!iU.!0142-2$/&01#&!12?#!a'*!/*-@04#$!a'*!2&-#$!1*!.0!6#-0!
<'40-2/0&20`!.#!a'2$2[&04#$!#!-#9!,-#!1*!-'*$/&#$!042%#$!8'*!04*-0601#9!U.!U?[&)2/#!
*$/030!(&*$*-/*`!52*&#-!)74#!n.#$!<#43&*$o!)#&/030-!.0!)*&)0!na'*!<03@0!)#.#)01#!.0!
)#4'-2101!1*$(.06010!(0&0!1*.242/0&!$'!/*&&2/#&2#o!0.&*1*1#&!1*!.0!6#-0!<'40-2/0&20!1*!
A0X#!W0-$#j`!&*.0/7!'-!&*$21*-/*9!Y/&#!0%&*%7+!i*$/04#$!(&*#)'(01#$!(#&a'*!&*)2324#$!
04*-060$!1*!.0$!O%'2.0$!H*%&0$9!f03@0!1#$!<#43&*$!1*!.0$!O%'2.0$!H*%&0$!0..@999!/#40&#-!
521*#$!=!8#/#$999!.#$!a'*!/'430&#-!.0!)*&)0!/&030?0-!(0&0!.#$!*4(&*$0&2#$jFQE9!!
!
P4*-0601"$;$#*)'*#/&01"$("&$1*8*-1*&$0$.0$)"4'-2101$$
g244=!J&40-1#!m0-$0$#=`!'-!?#5*-!42*43&#!1*!.0!A#42$27-!;-/*&*).*$20.!1*!m'$/2)20!=!Z06`!
'-0!#&%0-260)27-!-#!%'3*&-04*-/0.!a'*!/&030?0!)#-!.0$!)#4'-2101*$!08&#)#.#4320-0$!1*!
.0!)'*-)0!1*.!&@#!A'&50&017`!8'*!#3.2%01#!0!*$)0(0&!1*!.0!&*%27-!.'*%#!1*!$*&!04*-0601#!=!
$*)'*$/&01#!(#&!.0$!iO%'2.0$!H*%&0$j!*-!FCCR9!W2*-/&0$!$*!*-)#-/&030!#)'./#`!-#$!&*.0/7!$'!
<2$/#&20+!
!
J!(0&/2&!1*.!FQ!1*!0%#$/#!)#4*-604#$!0!&*)232&!04*-060$!1*!.0$!O%'2.0$!
H*%&0$999!/#1#!*.!*a'2(#!1*!A'&50&017`!#)<#!1*8*-$#&*$!1*!1*&*)<#$!
<'40-#$`!&*)2324#$!04*-060$!1*!a'*!1*3@04#$!030-1#-0&!.0!6#-0!(0&0!
$*%'2&!)#-!5210999!U-!*$0!6#-0!<0=!4')<#$!2-/*&*$*$999!0='104#$!0!.0$!
)#4'-2101*$!0!1*8*-1*&!.#!a'*!*$!$'=#!(#&!1*$)*-1*-)209!!
!
s2%'0420-17$;$.0#$8042.20#$1*.$V'&50&017F$4'-2)2(2"$1*$V0&4*-$1*.$X0&2l-F$1*(0&/04*-/"$1*.$V:")7F$?*(p3.2)0$1*$V"."4320CF$JK$1*$8*3&*&"$1*$JKKLF$://(+\\]]]S)21:S"&%\)"'-/&;&*(\hUV"."4320JSJKSKLS#(S:/4$D)"-#'./01"$*.$<I$1*$#*(/2*43&*$1*$JKKLEF$(H&&S$TiS$JIJ$V"42#27-$9-/*&04*&2)0-0$1*$X*&*):"#$>'40-"#F$A9-8"&4*$#"3&*$.0$52#2/0$0.$/*&&*-"$*-$&*.0)27-$)"-$.0#$4*1210#$(&"52#2"-0.*#$"&1*-010#$0$805"&$1*$."#$42*43&"#$1*$."#$42*43&"#$1*$.0#$)"4'-2101*#$)"-#/2/'210#$("&$*.$)"-#*j"$)"4'-2/0&2"$1*.$s2%'0420-17$;$.0#$8042.20#$1*.$V'&50&017F$4'-2)2(2"$1*$V0&4*-$1*.$X0&2l-F$1*(0&/04*-/"$1*.$V:")7F$?*(p3.2)0$1*$V"."4320CF$JK$1*$8*3&*&"$1*$JKKLF$://(+\\]]]S)21:S"&%\)"'-/&;&*(\hUV"."4320JSJKSKLS#(S:/4$D)"-#'./01"$*.$<I$1*$#*(/2*43&*$1*$JKKLEF$(H&&S$TiS$JIT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$V0k"$h0-#"F$P-10.')B0$DV'&50&017EF$T<$1*$40;"$1*$JKKLS$
& & & & & & A0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
n"0$!04*-060$o!&*0.4*-/*!08*)/0&#-!.0$!0)/252101*$!1*!-'*$/&0!
#&%0-260)27-999!U.!E1*!$*(/2*43&*`!$0.@!(0&0!<0)*&!50&20$!5*'./0$!=!8'2!
$*)'*$/&01#!(#&!Q!<#43&*$!0&401#$9!W*!4*/2*&#-!*-!'-!)0427-`!3#)0!
030?#`!)#-!.0$!40-#$!0/010$!*-!.0!*$(0.109!W*!2-/24210&#-!)#-!'-!0&409!W*!
#&1*-0&#-!a'*!.*$!12*&0!2-8#&40)27-!$#3&*!42$!)#4(0X*&#$!1*!/&030?#!=!$'$!
8042.20&*$999!Z*-$[!a'*!230-!0!40/0&4*!(#&a'*!.0$!04*-060$!*&0-!*-!$*&2#9!
G2?*&#-!a'*!0.!/&030?0&!(0&0!.0!#&%0-260)27-`!.#!a'*!3'$)030!*&0!4#&2&4*999!
nZ*&#!82-0.4*-/*!4*!.23*&0&#-o9!
!
J!(0&/2&!1*!*$*!4#4*-/#`!/'5*!a'*!030-1#-0&!42!/*&&2/#&2#999!U.!>!1*!
$*(/2*43&*!&*)23@!4K$!04*-060$!*-!42!/*.[8#-#!)*.'.0&9!W2!)#.*%0!/0432[-!
&*)2327!'-0!04*-060!*.!42$4#!1@0999!-#$!124#$!)'*-/0!1*!a'*!*$/K304#$!
/&0/0-1#!)#-!'-0!*$/&')/'&0!%&0-1*9!!
!
I24#$!a'*!.#$!%&'(#$!0)/c0-!)#-!24('-2101`!=!*$#!*$!.#!.04*-/03.*9!I24#$!
a'*!.0$!#&%0-260)2#-*$!1*!1*&*)<#$!<'40-#$!*$/K-!*-!(*.2%&#!(#&a'*!*$!
'-0!*$/&')/'&0!%&0-1*!=!8'*&/*999!_#-!(0&042.2/0&*$9!_*!1*$4#52.260&#-`!(*&#!
.0!1*$4#52.260)27-!8'*!'-!0)/#!1*!('3.2)2101!4'-120.9!U-!&*0.2101`!.#$!
%&'(#$!40-/'52*&#-!.0!42$40!*$/&')/'&09!A#-/2-c0-!40/0-1#!=!*\(.#/0-1#!0!
$'$!)#4'-2101*$9!W0-/2*-*-!$'!(&*$*-)20!*-!.0!)#4'-21019!U.!*$/01#!-#!
<0)*!-010!(0&0!(#-*&!82-!0!*$/0$!*$/&')/'&0$9!"#$!(0&042.2/0&*$!0)/c0-!*-!
8#&40!).0-1*$/2-09!H#!('*1*-!$*&!52$23.*$!)#4#!0!82-*$!1*!.#$!-#5*-/0`!(*&#!
*.!)#-/&#.!)#-/2-c09!J$*$2-0-!0!.@1*&*$!)#4'-2/0&2#$`!0!a'2*-*$!<03.0-`!
*\(.#/0-!0!.0$!)#4'-2101*$!a'*!/&030?0-`!0!.0!(*&$#-0!a'*!/&030?09!U?*&)*-!
*.!)#-/&#.!$#3&*!*.!/*&&2/#&2#!)#-!.0!*\)'$0!1*!a'*!*$/K-!*-!)#-/&0!1*!.0$!
%'*&&2..0$`!(*&#!*-!&*0.2101!*$/K-!/&0/0-1#!0!.0$!)#4'-2101*$!)#4#!
%'*&&2..0$`!)#4'-2101*$!a'*!-#!/2*-*-!-010!a'*!5*&!)#-!*.!)#-8.2)/#!
-0)2#-0.999!"#!<0)*-!(0&0!)#-/&#.0&!*.!/*&&2/#&2#`!#3/*-*&!&2a'*60!*!24(#-*&!$'!
0%-1'$/&209!N'2*&*-!0.)0-60&!'-!0./#!-25*.!*)#-742)#`!(*&#!0!)#$/0!1*!
$0-%&*!=!.0!5210!1*!.0$!)#4'-2101*$9!J/*&&#&260-!0!.0$!)#4'-2101*$!(0&0!
a'*!030-1#-*-!$'$!/2*&&0$999!U$!(#$23.*!a'*!1*321#!0!.0!1*$4#52.260)27-!.#$!
(0&042.2/0&*$!$*0-!4*-#$!52$23.*$`!(*&#!*.!)#-/&#.!(0&042.2/0&!=!42.2/0&!30?#!
.0!42$40!*$/&')/'&0!(*&$2$/*jFQQ9!
!
JII$=.$)0#"$1*${244;$/0432l-$#*$1*#)&23*$3&*5*4*-/*$*-$.0$('3.2)0)27-$1*.$X*(0&/04*-/"$1*$=#/01"$1*$=#/01"#$,-21"#F$Ah*4"&0-1'4$"8$s'#/282)0/2"-$V"-)*&-2-%$>'40-$?2%:/#$V"-12/2"-#$]2/:$?*#(*)/$/"$P##2#/0-)*$8"&$V"."4320u#$P&4*1$o"&)*#CF$`$1*$#*(/2*43&*$1*$JKKLF$(H%S$igS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & B)
3);9%0#0;1(0%)(0#(*#("#G(7.##
"#$!1*(0&/04*-/#$!0.!*$/*!1*!k#%#/K`!a'*!.242/0-!)#-!I*-*6'*.0!tW*/0`!I2)<010`!A0$0-0&*!
=!V'0520&*t!=!$*!1*-#42-0-!*-!)#-?'-/#!i.#$!..0-#$j`!$*!*-)'*-/&0-!*-/&*!.#$!4K$!
%#.(*01#$!(#&!.0!52#.*-)20!1*!.0$!J,A9!U.!/*&&2/#&2#!<0!$21#!$2*4(&*!50.2#$#!(0&0!*.!)'./25#!1*!
)#)0`!*.!/&K82)#!1*!1&#%0$!(#&!.0!8&#-/*&0!=!*.!)'./25#!1*!32#)#43'$/23.*$`!)0')<#`!401*&0!=!
&*)'&$#$!-0/'&0.*$`!)#4#!(*/&7.*#!=!42-*&@09!!
!
"#$!1*(0&/04*-/#$!1*!.#$!..0-#$!/0432[-!&*(&*$*-/0-!'-!).0&#!*?*4(.#!1*!)#-/2-'2101!*-/&*!
.#$!(0&042.2/0&*$!1*!.0$!J,A!=!$'$!%&'(#$!$')*$#&*$9!U.!%&'(#!4K$!0)/25#!*-!.0!6#-0`!*.!
UDZJA`!*$!'-0!80))27-!1*.!k.#a'*!A*-/0'&#$!1*!.0$!J,A`!a'*!$*!40-/'5#!0)/250!30?#!*.!
40-1#!1*!Z*1&#!Y.25*&2#!V'*&&*&#!dA')<2..#e`!(*$*!0!a'*!*$/*!$'('*$/04*-/*!$*!<03@0!
1*$4#52.2601#9!
!
"0$!]JDA!<0-!40-/*-21#!$'!(&*$*-)20!*-!.0!&*%27-!1'&0-/*!0X#$`!=!.#$!..0-#$!t
*$(*)20.4*-/*!*-!W*/0t!/0432[-!/2*-*-!'-0!24(#&/0-/*!(&*$*-)20!1*!.0$!8'*&60$!42.2/0&*$9!
!
J!(&2-)2(2#$!1*!.0!(&*$*-/*!1[)010`!.#$!..0-#$!$*!)#-52&/2*&#-!*-!*$)*-0&2#!1*!.')<0$!
2-/*&-0$!*-/&*!128*&*-/*$!%&'(#$!(0&042.2/0&*$`!a'*!3'$)030-!/#40&!*.!)#-/&#.!1*.!/*&&2/#&2#9!
Z#&!#/&0!(0&/*`!.0$!J'/#1*8*-$0$!A04(*$2-0$!1*.!A0$0-0&*!(0&/2)2(0&#-!*-!'-0!.')<0!
$0-%&2*-/0!)#-/&0!*.!k.#a'*!A*-/0'&#$!1*!.0$!J,A!d30?#!*.!)#-/&#.!1*!W2%'*.!J&&#=05*e!*-!
FCCE!=!FCCQ9!_*!24('$#!*.!k.#a'*!A*-/0'&#$`!=!$'!.@1*&!W2%'*.!J&&#=05*!(0&/2)2(7!*-!
-*%#)20)2#-*$!1*!1*$4#52.260)27-!*-!D0.2/#!<0$/0!a'*!8'*!0$*$2-01#!*-!FCCQ`!)#4#!
&*$'./01#!1*!'-0!.')<0!2-/*&-0!)#-!*.!3.#a'*!A*-/0'&#$9!U$*!3.#a'*!$*!1252127!*-!1#$!
80))2#-*$+!.#$!f[&#*$!1*.!".0-#`!0.!40-1#!1*!m*$c$!W0&@0!Z2&030-!dZ2&0/0e`!=!f[&#*$!1*.!
V'0520&*`!*-)03*601#$!(#&!Z*1&#!Y.25*&2#!V'*&&*&#!dA')<2..#eFQ:9!J.%'-#$!8'-)2#-0&2#$!
$#$/2*-*-!a'*!A')<2..#!*$!&*$(#-$03.*!1*!.0!4'*&/*!1*!J&&#=05*FQ>9!^0-/#!A')<2..#!)#4#!
Z2&0/0!*-/&0&#-!*-!*.!(&#)*$#!1*!1*$4#52.260)27-`!(*&#!A')<2..#!-'-)0!$*!*-/&*%79!!
!
N'&%242*-/"$1*.$=?UPV$"$."#$AV'):2.."#C$
U-!*.!FCCL`!$*!1*$0/7!'-0!.')<0!(#&!*.!)#-/&#.!1*!.#$!..0-#$!*-/&*!*.!%&'(#!1*!A')<2..#!=!
125*&$0$!80))2#-*$!1*!#/&#$!%&'(#$!1*!.0!&*%27-!a'*!*$/030-!0)/250$9!,-!2-8#&4*!1*!&2*$%#!
1*.!_2$/*40!1*!J.*&/0$!^*4(&0-0$!1*!.0!G*8*-$#&@0!1*.!Z'*3.#!0152&/27!.#!$2%'2*-/*!*-!
-#52*43&*!1*!FCCL+!
JIg$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$"82)20.$-0)2"-0.$n'*$/&030j7$*-$."#$..0-"#F$G"%"/HF$L$1*$40&6"$1*$JKKLS$JIR$A!0#$1'10#$1*.$U&*#21*-/*CF$N*40-0$DG"%"/HEF$R$1*$-"52*43&*$1*$JKK`F$://(+\\]]]S#*40-0S)"4\-"/2)20#Q(&"3.*40#Q#")20.*#\12-*&"Q&0(21"Q80)2.Q*43".0/01"\-"/2)20#Q)"-8.2)/"Q0&401"\1'10#Q1*.Q(&*#21*-/*\<<iI<IS0#(a$D)"-#'./01"$*.$J$1*$")/'3&*$1*$JKKLES$$
& & & & & & B*& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
U.!-#!1*$4#52.2601#!k.#a'*!V'0520&*!d80))27-!1*.!k.#a'*!A*-/0'&#$!1*!.0$!
J,A!999e`!0.!40-1#!1*!Z*1&#!Y.25*&2#!V'0&&*&#!diA')<2..#je!$*!)#-$/2/'=*!*-!*.!
%&'(#!1*!.#$!iA')<2..#$z`!a'*!%&01'0.4*-/*!<0!21#!)#-$#.210-1#!$'!1#42-2#!
*-!*.!W*/0`!I2)<010!=!V'0520&*!*-!.0!)#-8&#-/0)27-!a'*!.23&0!)#-!*.!%&'(#!
(0&042.2/0&!1*!.#$!1*-#42-01#$!iZ02$0$j!7!iW0)0)#$j9!J!4*1210!a'*!*.!
%&'(#!1*!i"#$!A')<2..#$j!050-60`!/0432[-!8#&/0.*)*!$'!(&*$*-)20!*-!6#-0$!1*!
12$('/0!)#-!.0$!]JDA`!24('.$01#$!(#&!.#$!&*)'&$#$!1*!.0!)#)0!=!(#&!.0!
#3/*-)27-!0!.0!8'*&60!1*!%&0-1*$!*\/*-$2#-*$!1*!/2*&&0999!`!$*!*$/03.*)*-!1*!
40-*&0!52#.*-/0!$#3&*!)#4'-2101*$!)#-$21*&010$!0(#=#!1*!.0!%'*&&2..0`!
*$/&0/*%20!)#-/&02-$'&%*-/*!a'*!0)*-/c0!.0!)&'1*60!1*!.0$!52#.0)2#-*$!0!.#$!
1*&*)<#$!8'-104*-/0.*$!=!.0$!2-8&0))2#-*$!0.!G;fFQL9!
!
"0$!(*&$#-0$!1*!A')<2..#!$*!24('$2*&#-!)*&)0!1*!#)/'3&*!1*!FCCL`!=!$'!%&'(#!0)/'0.4*-/*!
)#-/&#.0!%&0-!(0&/*!1*!.0!&*%27-`!$2!32*-!f'40-!D2%</$!h0/)<!&*)2327!1*-'-)20$!1*!a'*!#/&#$!
%&'(#$!4K$!(*a'*X#$!/0432[-!)#-/2-c0-!#(*&0-1#!0..@9!Y/&#!0)/#&!a'*!#(*&0!*-!.0!&*%27-!*$!
*.!-0&)#/&082)0-/*!)#-#)21#!)#4#!U.!"#)#!k0&&*&0`!=!50&20$!8'*-/*$!t*-/&*!*..0$`!.0!(#.2)@0t!
082&40&#-!a'*!/&030?030!)#-!A')<2..#FQR9!
!
I0&2#$!8'-)2#-0&2#$!1*.!%#32*&-#`!.@1*&*$!1*!#&%0-260)2#-*$!$2-!82-*$!1*!.')&#!=!.@1*&*$!1*!.0!
2%.*$20!=!)#4'-2/0&2#$!$*X0.0&#-!0!f'40-!D2%</$!h0/)<!a'*!A')<2..#!$*!4'*5*!.23&*4*-/*!
(#&!.#$!..0-#$`!(*$*!0!.0!8'*&/*!(&*$*-)20!1*.!U?[&)2/#9!_2!32*-!.0!(#.2)@0!082&40!a'*!*.!UDZJA!
)'*-/0!)#-!LLC!$#.101#$!30?#!$'!40-1#`!.#$!4*12#$!<0-!2-8#&401#!a'*!*.!GJ_!=!*.!A^;!
)#-$21*&0-!a'*!.0!)28&0!0$)2*-1*!0!4K$!1*!B9FCC`!=!#/&0$!8'*-/*$!)0.)'.0-!.0!)0-/2101!1*!
42*43&#$!*-/&*!F9:CC!=!E9CCCFQT9!_*%c-!*.!G*8*-$#&!1*.!Z'*3.#!D*%2#-0.+!
!
U$/*!/*&&2/#&2#!*$/K!1#42-01#!(#&!A')<2..#`!a'*!*$/K!*-!(&#)*$#!1*!
*\(0-$27-`!=!*$/K!/#40-1#!*.!$'&!1*.!*$/01#!=!050-60!<0)20!V'0520&*!=!
I2)<0109!_'!(&*$*-)20!*$!(0&*)210!0!.0!1*!.#$!(0&042.2/0&*$!999!^2*-*!'-0!).0&0!
(&*$*-)20!*-!Z'*&/#!".*&0$`!Z'*&/#!D2)#`!=!I2$/0<*&4#$0`!)#-!)#-/&#.!1*!.0!
(#3.0)27-9!H#!<0=!1'10$!1*!a'*!*$!A')<2..#999!*$/K!(&*$*-/*!'-!*.*4*-/#!1*!
)#-/&02-$'&%*-)209!f0=!*-8&*-/042*-/#$!*-/&*!(0&042.2/0&*$!=!%'*&&2..0!*-/&*!
W0(2&2(K-!=!Z'*&/#!V02/K-9!^2*-*-!4K$!1*!B9CCC!42*43&#$9!
!
JIiX*8*-#"&B0$1*.$U'*3."$1*$.0$?*(p3.2)0F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$-p4*&"$KTJQKiP9CF$$<i$1*$-"52*43&*$1*$JKKiF$(H%#S$gQRS$JI`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$42*43&"$1*$0./"$&0-%"$1*$.0$U".2)B0$M0)2"-0.F$<i$1*$j'.2"$1*$JKKLS$JIL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$8'-)2"-0&2"$-0)2"-0.$n'*$/&030j7$*-$."#$..0-"#F$G"%"/HF$L$1*$40&6"$1*$JKKLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & B(
J%&*%7!a'*!A')<2..#!&*).'/0!$#.101#$!0)/2504*-/*!*-!.0$!)2'101*$`!2-).'$#!-2X#$9!iY8&*)*!
*-/&*!RCC9CCC!=!B!42..7-!1*!(*$#$999!*$(*)20.4*-/*!*-!I2..052)*-)2#jF:C9!!
!
P3'#"#$)"-/&0$)252.*#$;$0)/252101*#$1*$)"-/&02-#'&%*-)20$
f'40-!D2%</$!h0/)<!52$2/7!125*&$#$!$*)/#&*$!1*!W*/0`!2-).'21#$!Z'*&/#!D2)#`!I2$/0<*&4#$0`!
V&0-010!=!.0!)0(2/0.`!I2..052)*-)2#9!Z'*&/#!D2)#!=!I2$/0<*&4#$0!)'*-/0-!)#-!'-0!8'*&/*!
(&*$*-)20!1*.!U?[&)2/#!)#.#4320-#`!a'*!2-).'=*!&*/*-*$!*-!.0$!)0&&*/*&0$!=!%&0-1*$!30$*$!
42.2/0&*$9!_2-!*430&%#`!f'40-!D2%</$!h0/)<!&*)2327!-'4*&#$0$!1*-'-)20$!1*!a'*!.#$!
%&'(#$!$')*$#&*$`!(&*$'-/04*-/*!30?#!*.!40-1#!1*!A')<2..#`!*$/030-!#(*&0-1#!*-!*.!K&*0!=!
04*-06030-!=!40/030-!0!)252.*$9!U-!*.!4'-2)2(2#!1*!I2$/0<*&4#$0`!*-!(0&/2)'.0&`!.#$!
&*$21*-/*$!2-8#&40&#-!$2$/*4K/2)04*-/*!a'*!'-!%&'(#!1*!<#43&*$!a'*!$*!21*-/282)030-!
)#4#!iO%'2.0$!H*%&0$j!=!082&4030-!/&030?0&!(0&0!A')<2..#!*$/030-!#(*&0-1#!*-!.0!&*%27-!=!
04*-060-1#!0!)252.*$9!U-!'-0!-#/0!1*!$*%'242*-/#!1*!#)/'3&*!1*!FCCR!0!$'!2-8#&4*!1*!
&2*$%#`!*.!_J^!0152&/27!.#!$2%'2*-/*+!
!
"0!)#-$#.210)27-!1*.!(&#=*)/#!*\(0-$25#!1*.!%&'(#!(0&042.2/0&!1*-#42-01#!
.#$!iA')<2..#$j`!999!*-!'-0!*$/&0/*%20!a'*!$*!<0!*-8#)01#!*-!)#&/0&!)2&)'2/#$!
/*&&2/#&20.*$`!*)#-742)#$!=!1*!4#52.2101`!)#-$21*&01#$!*$/&0/[%2)#$!(#&!.#$!
]&*-/*$!1*!.0$!]JDA!a'*!40-/2*-*-!2-8.'*-)20!*-!.0$!6#-0$!&'&0.*$!1*!Z'*&/#!
D2)#!=!I2$/0<*&4#$0`!2%'0.4*-/*!)#-!*.!#3?*/25#!1*!)#-/&#.0&!6#-0$!1*!
)#4*&)2#!=!('))27-!)#)02-*&09!U$/#!$*!<0!52$/#!&*8.*?01#!*-!'-0!*$(2&0.!1*!
52#.*-)20!)#-/&0!.0!(#3.0)27-!)252.!)#4#!04*-060$`!0$*$2-0/#$!$*.*)/25#$`!
1*$(.06042*-/#$!8#&601#$`!&*).'/042*-/#!#!'/2.260)27-!2.@)2/0!1*!-2X#$`!-2X0$!
=!01#.*$)*-/*$`!2-/24210)27-!=!/*&&#&`!*$(*)20.4*-/*!*-!)#-/&0!1*!.@1*&*$!1*!
.0$!m'-/0$!1*!J))27-!A#4'-0.!=!1*!J$#)20)2#-*$!A04(*$2-0$!a'*!$#-!
1*).0&01#$!#3?*/25#!42.2/0&!(#&!(0&/*!1*!*$/*!0)/#&!0&401#<K99!!
!
,-!8'-)2#-0&2#!(c3.2)#!1*!I2$/0<*&4#$0!$*X0.7!a'*!.0!%*-/*!1*!A')<2..#!<03@0!)#4*-601#!0!
2-%&*$0&!0!.0!6#-0!*-!8#&40!40$250!*-!#)/'3&*!1*!FCCRF:F9!Y/&#!8'-)2#-0&2#!12?#!a'*!.#$!
<#43&*$!1*!A')<2..#!/*-@0-!'-0!i).0&0!(&*$*-)20!*-!Z'*&/#!".*&0$`!Z'*&/#!D2)#!=!
I2$/0<*&4#$0`!)#-!)#-/&#.!1*!.0!(#3.0)27-999!H#!<0=!1'10$!1*!a'*!*$!A')<2..#jF:E9!!
!
JgK$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$X*8*-#"&$1*.$U'*3."$?*%2"-0.F$O2..052)*-)2"F$h*/0F$<T$1*$40&6"$1*$JKKLS$Jg<$X*8*-#"&B0$1*.$U'*3."$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$M"/0$1*$N*%'242*-/"$M"S$KTJQK`+$U&24*&0$M"/0$0.$9-8"&4*$1*$?2*#%"$M"S$KTJQKi$PS9S$1*.$<R$1*$M"52*43&*$1*$JKKiF$T$1*$")/'3&*$1*$JKK`S$JgJ$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$(*&#"-*&"$1*$O2#/0:*&4"#0F$O2#/0:*&4"#0F$h*/0F$<<$1*$40&6"$1*$JKKLS$JgT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$X*8*-#"&$1*.$U'*3."$?*%2"-0.F$O2..052)*-)2"F$h*/0F$<T$1*$40&6"$1*$JKKLS$$
& & & & & & B/& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
D*$21*-/*$!1*!I2$/0<*&4#$0!$*X0.0&#-!1*!40-*&0!)#-$2$/*-/*!.0!*\2$/*-)20!*-!.0!&*%27-!1*!
'-!%&'(#!a'*!&*$(#-1@0!0!A')<2..#!=!a'*!*$/030!04*-060-1#!=!40/0-1#!0!(*&$#-0$`!=!
$*X0.0&#-!a'*!$'$!42*43&#$!0!4*-'1#!0)'$030-!0!.#$!&*$21*-/*$!1*!%'*&&2..*&#$!#!
082&4030-!(*&$*%'2&!0!.0$!%'*&&2..0$9!
!
Z#&!*?*4(.#`!0.%'-#$!&*$21*-/*$!1*!.0!.#)0.2101!1*!_0-/#!G#42-%#`!)*&)0!1*!I2$/0<*&4#$0`!
W*/0`!12?*&#-!a'*!42*43&#$!1*!.#$!%&'(#$!$')*$#&*$!a'*!*-!#)0$2#-*$!$*!21*-/282)030-!
)#4#!O%'2.0$!H*%&0$`!(*&#!/&030?030-!(0&0!A')<2..#`!<03@0-!..*%01#!0!$'!('*3.#!0!82-*$!1*!
FCCR9!"#$!42*43&#$!<03&@0-!#3.2%01#!0!.#$!)#)0.*&#$!0!5*-1*&.*$`!=!/0432[-!04*-06030-!0!
.0$!(*&$#-0$`!#3.2%030-!0!.0!)#4'-2101!0!0.24*-/0&.#$!=!)#4*/@0-!0$*$2-0/#$9!_*%c-!'-!
42*43&#!1*!.0!)#4'-2101+!i$*!/&0/0!1*.!)#-/&#.!1*.!/*&&2/#&2#9!_#-!1*.!$'&!n1*.!1*(0&/04*-/#o!
1*!k#.@50&999!=!12)*-!/&030?0&!(0&0!A')<2..#9!_*!52$/*-!1*!-*%	!U.!U?[&)2/#!*$/K!0..@!(*&#!-#!
<0)*!-010jF:Q9!!
!
Y/&#!&*$21*-/*!$*X0.7!a'*!i<0=!4')<#!(0&042.2/0&2$4#!0..@999!U$/K-!&#/0-1#!)#-$/0-/*4*-/*`!
B:!7!FC!1*!*..#$j9!U.!<#43&*!<03@0!030-1#-01#!0-/*&2#&4*-/*!.0!.#)0.2101!5*)2-0!1*!U.!^2%&*!
)'0-1#!'-!%&'(#!1*!<#43&*$!0&401#$!$*!(&*$*-/0&#-!1'&0-/*!.0!-#)<*!=!$*)'*$/&0&#-!0!
50&20$!(*&$#-0$9!iU$/#!*$!)#-/&02-$'&%*-)20+!.#!12?*&#-!0..@`!a'*!50-!0!40/0&!0!/#1#!.#!a'*!
<'*.0!0!)#.03#&01#&!1*!.0!%'*&&2..09!"#!12)*-!1*.0-/*!1*!.0!%*-/*999!U$/0$!)#4'-2101*$!<0-!
*$/01#!40-*?010$!(#&!.0$!%'*&&2..0$!1'&0-/*!0X#$j9!
!
G*!40-*&0!$242.0&`!*-!k0.)#-)2/#$`!#/&0!.#)0.2101!(*a'*X0!1*!I2$/0<*&4#$0`!'-0!4'?*&!
40-28*$/7+!!
!
!i52524#$!30?#!.0!(&*$27-!1*!.0!%'*&&2..0!n=o!.'*%#!..*%7!*.!U?[&)2/#9!n_*!8'*o!=!
.'*%#!.#$!(0&042.2/0&*$!..*%0&#-!*-!-#52*43&*!1*!FCCR999!A'0-1#!..*%0&#-!.#$!
(0&042.2/0&*$!*-!-#52*43&*!12?*&#-!a'*!*&0-!0'/#1*8*-$0$9!U-/&0&#-!0!.0$!
)0$0$!0!.0!8'*&60!=!12?*&#-!a'*!.0$!(*&$#-0$!/*-@0-!a'*!(*&42/2&!a'*!$*!
a'*10&0-999!Y)<#!(*&$#-0$!8'*&#-!1*$(.06010$9!n"#$!(0&042.2/0&*$o!-#!
<2)2*&#-!4')<#9!".*%030-!=!(&*%'-/030-!)'K-/#$!%'*&&2..*&#$!<03@0-!*$/01#`!
a'[!*$/030-!<0)2*-1#9!_*!8'*&#-!*.!FF!1*!12)2*43&*!=!*.!U?[&)2/#!..*%7!*.!FQ9!
H#!.*!12?24#$!0.!U?[&)2/#999!G2)*-!a'*!*$/K-!)#-!*.!U?[&)2/#!=!a'*!$'!?*8*!50!0!
$03*&!$2!0.%'-#!<03.0!$#3&*!*..#$999!U$!.0!.*=!1*.!$2.*-)2#jF::9!!
!
JgI$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$O2#/0:*&4"#0F$O2#/0:*&4"#0F$h*/0F$<<$1*$40&6"$1*$JKKLS$Jgg$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$O2#/0:*&4"#0F$O2#/0:*&4"#0F$h*/0F$<<$1*$40&6"$1*$JKKLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & B.
Y/&0!4'?*&!a'*!525@0!*-!k0.)#-)2/#$!12?#!a'*!$*!<03@0!21#!i(#&a'*!.#$!(0&042.2/0&*$!..*%0&#-!
=!4*/2*&#-!0!1#$!(*&$#-0$!*-!)010!)0$09!^*-@0-!&*'-2#-*$999!"#$!1*!k0.)#-)2/#$!12?*&#-!a'*!
*&0-!(0&042.2/0&*$!a'*!/&030?030-!(0&0!A')<2..#9!Z#&!*$#!$*!8'*&#-!4')<0$!(*&$#-0$9!,-!
5*)2-#!-#$!12?#!a'*!*$/K304#$!*-!'-0!.2$/0`!=!*-/#-)*$!-#$!8'24#$jF:>9!!
!
i"#$!<#43&*$!1*!A')<2..#!$*!4*/2*&#-!*-!.0!)#4'-21019!_*!<0)*-!..040&!O%'2.0$!H*%&0$j`!
40-28*$/7!'-0!4'?*&!a'*!<03@0!$21#!1*$(.06010!1*!"0!A##(*&0/250`!I2$/0<*&4#$09!iG2?*&#-!
a'*!/#1#!.#!a'*!#.2*&0!0!%'*&&2..0!1*3@0!2&$*!1*!.0!&*%27-9!"0$!(*&$#-0$!/*-@0-!42*1#!=!
)#4*-60&#-!0!030-1#-0&!*.!('*3.#9!f'3#!4')<0$!04*-060$!1*!.#$!<#43&*$!1*!A')<2..#!
)#-/&0!.0!m'-/0!1*!J))27-!A#4'-0.!=!#/&#$j9!"0!4'?*&!&*.0/7!a'*!$*!<03@0!21#!(#&a'*!<03@0!
*$)')<01#!a'*!*$/030!*-!'-0!.2$/0!0&4010!(#&!.0!%*-/*!1*!A')<2..#!*-!.0!)'0.!$*!2-12)030-!
:C!(*&$#-0$!a'*!$*&@0-!0$*$2-010$!*-!Z2X0.2/#`!_0-/#!G#42-%#`!.0!A##(*&0/250`!U.!^2%&*`!
Z'*&/#!^#.*1#!=!I2..0!"0!Z069!
!
U-!A0X#!J40&2..#`!'-!&*$21*-/*!$*X0.7!a'*!.#$!%&'(#$!$')*$#&*$!<03@0-!..*%01#!0.!('*3.#!=!
*$/030-!*\/#&$2#-0-1#!0!.0$!(*&$#-0$+!i".*%0-!4')<0$!(*&$#-0$!1*$)#-#)210$999!=!-#!
52*-*-!0!/&030?0&9!".*%0-!4K$!)'0-1#!.0$!8'*&60$!1*!$*%'&2101!*$/K-!)*&)09!f0)*!'-#$!1@0$!
)'0/&#!<#43&*$!0&401#$!..*%0&#-!0!A0X#!J40&2..#`!=!.0$!8'*&60$!1*!$*%'&2101!*$/030-!
)*&)0999!*$/K-!<0)2*-1#!p.24(2*60q!1*!.#$!&*1')/#$!%'*&&2..*&#$9!U.!0X#!(0$01#`!<'3#!
04*-060$!)#-/&0!(*&$#-0$!0)'$010$!1*!)#.03#&0&!)#-!.0!%'*&&2..0jF:L9!
!
,-!&*$21*-/*!1*!W0/0!1*!k043c`!I2$/0<*&4#$0`!12?#!a'*!.#$!%&'(#$!$*!21*-/282)030-!)#4#!
O%'2.0$!H*%&0$!=!*$/030-!'-28#&401#$9!iI0-!*-!%&'(#$!1*!0.&*1*1#&!1*!B:C!(*&$#-0$!=!
0)04(0-!*-!.0$!4#-/0X0$999!H#$!(&*%'-/0&#-!$2!<03@04#$!52$/#!0!.0!%'*&&2..0jF:R9!!
!
_#3&*!.0!30$*!1*!.#$!2-8#&4*$!1*!&2*$%#!1*!.0!G*8*-$#&@0!1*.!Z'*3.#`!$*!*42/27!'-0!0.*&/0!
/*4(&0-0!(0&0!.#$!4'-2)2(2#$!1*!I2$/0<*&4#$0`!Z'*&/#!".*&0$!=!Z'*&/#!D2)#9!_2-!*430&%#`!'-!
8'-)2#-0&2#!12?#!a'*!.0!0.*&/0!$*!)0-)*.7!(#$/*&2#&4*-/*!(#&a'*!i*.!W2-2$/*&2#!1*!G*8*-$0!$*!
a'*?7999!=!*.!%#32*&-#!1*(0&/04*-/0.!$*!#('$#9!f'3#!'-0!&*'-27-!)#-!*.!A#42/[!
;-/*&2-$/2/')2#-0.!1*!J.*&/0$!^*4(&0-0$`!*-!.0!)'0.!1*)212*&#-!*.242-0&!.0!0.*&/0`!(*&#!-#!8'*!
(#&!80./0!1*!(&'*30$jF:T9!!!
!
JgR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$&*#21*-/*$U'*&/"$?2)"F$U'*&/"$?2)"F$h*/0F$<J$1*$40&6"$1*$JKKLS$Jgi$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$O2#/0:*&4"#0F$O2#/0:*&4"#0F$h*/0F$<<$1*$40&6"$1*$JKKLS$Jg`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$O2#/0:*&4"#0F$U'*&/"$?2)"F$h*/0F$<J$1*$40&6"$1*$JKKLS$JgL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$8'-)2"-0&2"$-0)2"-0.F$O2..052)*-)2"F$h*/0F$<T$1*$40&6"$1*$JKKLS$
& & & & & & B,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
3);9%0#0;1(0%)(0#(*#4.)'H%#
U-!*.!1*(0&/04*-/#!8&#-/*&26#!1*!H0&2X#`!0.!$'&!1*.!(0@$`!0)/'0.4*-/*!(&*50.*)*!'-!)#-/*\/#!
1*!52#.*-)20!%*-*&0.26010`!)#-!*8*)/#$!$'404*-/*!-*%0/25#$!*-!/[&42-#$!<'40-2/0&2#$!=!1*!
1*&*)<#$!<'40-#$9!^0-/#!.0$!]JDA!=!*.!U"H!)#4#!*.!U?[&)2/#!=!.0!W0&2-0`!0.!2%'0.!a'*!.#$!
%&'(#$!$')*$#&*$!1*!.#$!(0&042.2/0&*$!=!125*&$#$!%&'(#$!1*!-0&)#/&K82)#`!$*!40-/2*-*-!
0)/25#$9!U-!FCCR`!1*!0)'*&1#!)#-!)28&0$!#82)20.*$!1*.!Y3$*&50/#&2#!1*!G*&*)<#$!f'40-#$!
)#&&*$(#-12*-/*$!0.!1*(0&/04*-/#`!<'3#!LFE!<#42)212#$!=!FE9>CQ!(*&$#-0$!8'*&#-!
1*$(.06010$F>C9!_2!32*-!*$/0$!*$/01@$/2)0$!#82)20.*$!$*!*-)'*-/&0-!*-/&*!.0$!4K$!0./0$!1*.!
(0@$`!*$!(#$23.*!a'*!.0$!)28&0$!&*0.*$!$*0-!4')<#!4K$!*.*5010$9!_*%c-!8'-)2#-0&2#$!.#)0.*$!
=!#3$*&501#&*$!2-/*&-0)2#-0.*$`!.0!)0-/2101!1*!<#42)212#$!=!1*$(.06042*-/#$!8#&601#$!a'*!
-#!$*!1*-'-)20-!*$!0.0&40-/*`!=!*$/#!$*!1*3*!0!.0$!1282)'./01*$!a'*!(.0-/*0!*.!0))*$#!0!.0!
&*%27-`!0.!/*4#&!1*!.#$!)2'1010-#$!0!1*-'-)20&!.#$!03'$#$!=!0!a'*!.#$!0)/#&*$!0&401#$!0!
4*-'1#!*$)#-1*-!.#$!)'*&(#$`!1*$)'0&/26K-1#.#$!=!$*('./K-1#.#$!*-!8#$0$!)#4'-*$`!#!
.0-6K-1#.#$!0.!&@#F>B9!!
!
H0&2X#!*$!'-!1*(0&/04*-/#!40=#&4*-/*!&'&0.`!1*12)01#!0!.0!0%&2)'./'&0`!*01#!(#&!'-0!
*\/*-$0!)#$/0!0.!#*$/*!=!(#&!.0!)#&12..*&0!1*!.#$!J-1*$!0.!*$/*9!_'!(#$2)27-!=!$'$!)#-12)2#-*$!
%*#%&K82)0$!.#!)#-52*&/*-!*-!'-!)#&&*1#&!*$/&0/[%2)#!(0&0!*.!/&K82)#!1*!1&#%0$`!=!(&*$*-/0!
&'/0$!1*!/&0-$(#&/*!a'*!..*%0-!<0$/0!$'$!('*&/#$!40&@/24#$!=!0/&052*$0-!)&')*$!8&#-/*&26#$!
<0)20!U)'01#&!)#-!)#-/&#.*$!1*82)2*-/*$9!U-!*.!1*(0&/04*-/#!/0432[-!$*!)'./250!)#)0!=!$*!<0!
..*501#!0!)03#!'-0!04(.20!8'42%0)27-!0[&*0!)#-!8#-1#$!1*.!Z.0-!A#.#4320!(*-2*-/*$!1*!
U$/01#$!,-21#$9!J.3*&%0!24(#&/0-/*$!)#4'-2101*$!08&#)#.#4320-0$!a'*!$*!<0-!52$/#!
%&05*4*-/*!08*)/010$!(#&!.0!52#.*-)209!H0&2X#!/0432[-!*$!'-0!&*%27-!)#-!03'-10-/*$!
&*)'&$#$`!50$/0$!/2*&&0$!8[&/2.*$!0(/0$!(0&0!)'./25#$!2-1'$/&20.*$!)#4#!.0!(0.40!08&2)0-0!=!
6#-0$!42-*&0$!*-!.0$!4#-/0X0$9!!
!
X*#4"52.260)27-$1*.$G."n'*$!23*&/01"&*#$1*.$N'&$
U.!(&2-)2(0.!%&'(#!(0&042.2/0&!a'*!#(*&030!*-!H0&2X#!*&0!*.!k.#a'*!"23*&/01#&*$!1*.!_'&!
dk"_e`!a'*!8#&47!(0&/*!1*.!4K$!04(.2#!k.#a'*!A*-/&0.!k#.@50&!dkAke9!U.!kAk!#(*&030!*-!
-'4*&#$0$!&*%2#-*$!1*!/#1#!*.!(0@$!30?#!*.!40-1#!1*!A0&.#$!W0&2#!m24[-*6!H0&0-?#!
JRK$U&"%&040$U&*#21*-)20.$1*$X*&*):"#$>'40-"#$;$X*&*):"$9-/*&-0)2"-0.$>'40-2/0&2"F$_3#*&50/"&2"$1*$X*&*):"#$>'40-"#F$U&*#21*-)20$1*$.0$?*(p3.2)0$1*$V"."4320F$A9-12)01"&*#$#"3&*$1*&*):"#$:'40-"#$;$X9>$V"."4320$Pk"$JKK`CF12)2*43&*$1*$JKK`F$://(+\\]]]S1*&*):"#:'40-"#S%"5S)"\"3#*&50/"&2"d1*dXX>>\1")'4*-/"#\9-12)01"&*#\"3#d2-12)01"&*#d12)JKK`dKLKTTKS(18$D)"-#'./01"$*.$J<$1*$#*(/2*43&*$1*$JKKLES$JR<$=-/&*52#/0#$1*$>'40-$?2%:/#$@0/):$)"-$0'/"&2101*#$.")0.*#$;$"3#*&501"&*#$2-/*&-0)2"-0.*#F$M0&2k"F$V"."4320F$JiQJL$1*$8*3&*&"$1*$JKK`v$X*8*-#"&B0$1*.$U'*3."$1*$.0$?*(p3.2)0F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$M"S$KKIQKiCF$J$1*$40&6"$1*$JKKiv$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$o032"$[&'j2.."F$N*)&*/0&2"$1*$Z"32*&-"$1*$M0&2k"F$U0#/"F$J<$1*$j'.2"$1*$JKKLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & B-
diW0)0)#je9!"#$!<*&40-#$!D#1&2%#!Z[&*6!J.60/*!dim'.2K-!k#.@50&je!=!V'2..*&4#!Z[&*6!J.60/*!
diZ03.#!_*52..0-#je!/0432[-!8'*&#-!?*8*$!24(#&/0-/*$!1*.!k"_!=!*.!kAk9!!
!
_*%c-!'-!?*8*!1*$4#52.2601#!1*.!k"_`!*.!k"_!<03&@0!2-%&*$01#!(&24*&#!0!H0&2X#!)#-!*.!0(#=#!
1*.!k0/0..7-!k#=0)K!1*.!U?[&)2/#!*-!FCCF`!&*0.260-1#!#(*&0)2#-*$!)#-?'-/0$F>F9!
!
U.!k"_!(0&/2)2(7!0)/2504*-/*!*-!*.!-0&)#/&K82)#!*-!H0&2X#9!"#$!2-8#&4*$!1*!(&*-$0!)2/0-!0!'-!
/*$/2%#!t'-!/*-2*-/*!&*/2&01#!1*.!U?[&)2/#!a'*!082&40!<03*&!/&030?01#!*-!)#.03#&0)27-!)#-!
.#$!.@1*&*$!1*.!k"_!=!*.!kAk!1'&0-/*!50&2#$!0X#$t!a'*!$*X0.7!a'*!*.!k"_!2-).'$#!<03&@0!
&*0.2601#!-*%#)2#$!52-)'.01#$!)#-!*.!-0&)#/&K82)#!)#-!%'*&&2..*&#$!1*!.0$!]JDA!=!*.!U"H!*-!
FCCQ!=!FCC:F>E9!_#$/'5#!a'*!)010!$*40-0!..*%030-!0!.0!&*%27-!-010!4*-#$!a'*!,_u!BL!
42..#-*$!(0&0!.0!)#4(&0!1*!)#)0`!=!a'*!.#$!?*8*$!1*.!k"_!#&1*-0&#-!/&*$!40$0)&*$!*-!.0!
.#)0.2101!(#&/'0&20!1*!".#&*-/*!a'*!/0432[-!*$/030-!&*.0)2#-010$!)#-!.0!5*-/0!1*!)#)0F>Q9!
!
U.!k"_!$*!1*$4#52.267!8#&40.4*-/*!*.!EC!1*!?'.2#!1*!FCC:`!=!>RT!(*&$#-0$!(0&/2)2(0&#-!*-!
.0$!)*&*4#-20$!1*!1*$4#52.260)27-F>:9!_2-!*430&%#`!50&20$!8'*-/*$!2-8#&40&#-!0!f'40-!
D2%</$!h0/)<!a'*!*.!k"_!0)/'7!*-!8#&40!8&0'1'.*-/0!1'&0-/*!.0$!1*$4#52.260)2#-*$`!
(*&42/2*-1#!a'*!0.%'-#$!$*)/#&*$!1*!.0$!&*1*$!(0&042.2/0&*$!(*&40-*)2*&0-!2-/0)/#$9!
J'/#&2101*$!.#)0.*$!12?*&#-!a'*!1#$!#!/&*$!4*$*$!0-/*$!1*!.0!1*$4#52.260)27-!.#$!
(0&042.2/0&*$!&*).'/030-!0!?75*-*$!(0&0!a'*!(0&/2)2(0&0-!*-!.0$!)*&*4#-20$9!J'/#&2101*$!
&*)232*&#-!1*-'-)20$!1*!)2'1010-#$!a'*!082&40&#-!<03*&!52$/#!0'/#3'$*$!..*-#$!1*!
<#43&*$!?75*-*$!a'*!..*%030-!0!.0!6#-0!(0&0!)#&/0&$*!*.!)03*..#!=!(#-*&$*!'-28#&4*$!)#4#!
.#$!1*!.#$!(0&042.2/0&*$9!iH#!/#1#$!.#$!(0&042.2/0&*$!$*!1*$4#52.260&#-`!=!-#!/#1#$!.#$!
1*$4#52.2601#$!*&0-!(0&042.2/0&*$j`!082&47!'-!8'-)2#-0&2#!.#)0.F>>9!U.!42$4#!8'-)2#-0&2#!
1*$)&2327!)74#`!(#)0$!$*40-0$!0-/*$!1*!.0$!1*$4#52.260)2#-*$`!$*!)&'67!)#-!'-!%&'(#!1*!
JRJ$A!"#$M*a"#$h2.2/0&*#$1*.$G."n'*$!23*&/01"&*#$1*.$N'&CF$O*&101P32*&/0S)"4F$<i$1*$12)2*43&*$1*$JKK`F$://(+\\]]]S5*&101032*&/0S)"4\]*3T\-'-)0Q40#\`KQ5*"-*#Q#*))2"-\RIKQ."#Q-*a"#Q42.2/0&*#Q1*.Q3."n'*Q.23*&/01"&*#Q1*.Q#'&$D)"-#'./01"$*.$g$1*$")/'3&*$1*$JKKLES$JRT$A=.$M'*5"$t5*-/2.01"&u$(0&0CF$N*40-0$DG"%"/HEF$`$1*$40&6"$1*$JKK`F$://(+\\]]]S#*40-0S)"4\]8d9-8"P&/2)'."S0#(ab21P&/c<<K<JI$D)"-#'./01"$*.$JJ$1*$03&2.$1*$JKK`ES$=-$40;"$1*$JKKgF$#*$*-)"-/&0&"-$<g$/"-*.010#$1*$)")0B-0$*-$3"/*#$*-$['40)"F$n'*$*#/030-$40&)010#$)"-$."#$#B43"."#$1*$.0#$oP?V$;$1*$."#$(0&042.2/0&*#S$AM0&2k"F$('*&/"$1*$)")0$*-$*.$U0)B82)"CF$=.$[2*4("$DG"%"/HEF$://(+\\]]]S*./2*4("S)"4\0&):25"\1")'4*-/"\hPhQ<RiRgLT$D)"-#'./01"$*.$J$1*$")/'3&*$1*$JKKLES$$JRI$A=.$M'*5"$t5*-/2.01"&u$(0&0CF$N*40-0$DG"%"/HEF$`$1*$40&6"$1*$JKK`F$://(+\\]]]S#*40-0S)"4\]8d9-8"P&/2)'."S0#(ab21P&/c<<K<JI$D)"-#'./01"$*.$JJ$1*$03&2.$1*$JKK`ES$=.$/*#/2%"$4*-)2"-0$A*-/&*$<KSKKK$;$TgSKKK$42.."-*#$1*$(*#"#CS$P$'-0$/0#0$1*$)0432"$1*$0(&"a240104*-/*$JSKKK$(*#"#$("&$17.0&F$("1&B0-$*#/0&$*-$j'*%"$)*&)0$1*$<i$42.."-*#$1*$17.0&*#S$JRg$_82)2-0$1*.$P./"$V"42#2"-01"$(0&0$.0$U06F$U&*#21*-)20$1*$.0$?*(p3.2)0$1*$V"."4320F$AU&")*#"$1*$U06$)"-$.0#$P'/"1*8*-#0#+$9-8"&4*$=j*)'/25"CF$12)2*43&*$1*$JKKRF$]]]S0./")"42#2"-01"(0&0.0(06S%"5S)"\.23&"\!23&"S(18D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEF$(H%S$IJS$JRR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$8'-)2"-0&2"$.")0.F$U0#/"F$M0&2k"F$J`$1*$8*3&*&"$1*$JKK`S$
& & & & & & BA& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
<#43&*$!?75*-*$!*-!'-0!6#-0!&'&0.`!a'2*-*$!.*!12?*&0-!a'*!.*$!<03@0-!#8&*)21#!2-%&*$0&!0.!
(&#)*$#!(0&0!a'*!('12*&0-!&*)232&!'-!*$/2(*-12#!a'*!*.!%#32*&-#!*-/&*%030!0!.#$!
(0&042.2/0&*$!1*$4#52.2601#$!d*.!$0.0&2#!4@-24#!1'&0-/*!BR!4*$*$eF>L9!,-!8'-)2#-0&2#!1*.!
)*-/&#!1*!&*8*&*-)20!.#)0.!(0&0!1*$4#52.2601#$!&*)#-#)27!a'*!i0.%'-#$!n1*!.#$!
1*$4#52.2601#$o!('*1*-!$*&!)252.*$!a'*!.#%&0&#-!(0$0&!2-015*&/21#$jF>R9!
!!
N'&%242*-/"$1*$."#$%&'("#$#')*#"&*#$$
G*$1*!.0!1*$4#52.260)27-!1*.!k"_`!H0&2X#!<0!*$/01#!$'421#!*-!.0!52#.*-)20!#)0$2#-010!(#&!
%&'(#$!a'*!#(*&0-!1*!40-*&0!$242.0&!0!.0$!J,A+!&*).'/0-`!04*-060-`!52#.0-!=!0$*$2-0-!0!
)252.*$`!(0&/2)2(0-!*-!-0&)#/&K82)#!=!)#4(2/*-!*-/&*!$@!=!)#-!.0$!%'*&&2..0$!(#&!*.!/*&&2/#&2#9!
;-2)20.4*-/*`!*.!4K$!(*-*-/*!1*!*$/#$!%&'(#$!8'*!.0!Y&%0-260)27-!H'*50!V*-*&0)27-!
d/0432[-!..04010!(#&!.0!$2%.0!JAHVtJ'/#1*8*-$0$!A04(*$2-0$!H'*50!V*-*&0)27-t`!a'*!0)/'0.4*-/*!$*!)#-#)*!$24(.*4*-/*!)#4#!H'*50!V*-*&0)27-!#!HVeF>T9!Z#$/*&2#&4*-/*`!*.!
%&'(#!.#$!D0$/&#?#$!01a'2&27!40=#&!(#1*&`!=!f'40-!D2%</$!h0/)<!&*)2327!-'4*&#$0$!
1*-'-)20$!$#3&*!.0!(&*$*-)20!1*!'-!%&'(#!)#-#)21#!)#4#!O%'2.0$!H*%&0$9!!
!
"#$!%&'(#$!$*!)#-)*-/&0-!*-!/&*$!6#-0$!(&2-)2(0.*$+!HV!/2*-*!40=#&!(&*$*-)20!*-!.0$!
4#-/0X0$9!"#$!D0$/&#?#$!=!O%'2.0$!H*%&0$!#(*&0-!*-!.0!)#$/0!1*.!Z0)@82)#!d=!*$/0&@0-!
.')<0-1#!(#&!*.!)#-/&#.!1*!.0!)2'101!(#&/'0&20!1*!^'40)#e`!=!/2*-*-!)010!5*6!40=#&!
(&*$*-)20!*-!.0!&*%27-!0-12-0`!*-!.0!)0&&*/*&0!^'40)#SZ0$/#!=!*-!*.!4'-2)2(2#!1*!k0&30)#0$9!!
!
,-!8'-)2#-0&2#!1*.!)*-/&#!1*!&*8*&*-)20!.#)0.!(0&0!1*$4#52.2601#$!082&47!a'*!*$)')<7!
i4')<0$!1*-'-)20$!1*!a'*!n.#$!1*$4#52.2601#$o!*$/030-!$2*-1#!&*).'/01#$!(#&!.0$!42$40$!
(*&$#-0$9!J.%'-#$!12)*-!a'*!*$/K-!*-!)#-/0)/#!)#-!%&'(#$!a'*!$*!40-/2*-*-!0)/25#$999!
k'$)0-!&*).'/0&!(*&$#-0$!)#-!*\(*&2*-)20jFLC9!U.!8'-)2#-0&2#!40-28*$/7!a'*!*.!)*-/&#!1*!
&*8*&*-)20!2-/*-/0!..*50&!'-!$*%'242*-/#`!(*&#!082&47+!i-#!$03*4#$!$2!1*!-#)<*!<0)*-!
)#$0$j!)#-!.#$!%&'(#$!0&401#$FLB9!!
!
"0!G*8*-$#&@0!1*.!Z'*3.#`!*-!'-!2-8#&4*!1*!&2*$%#!$#3&*!H0&2X#!*42/21#!*-!FCCL`!1*$)&2327!
*.!)0$#!1*!'-!?#5*-!1*$4#52.2601#!1*.!k"_!a'*!$*!<03@0!/&0$.0101#!0.!1*(0&/04*-/#!1*!
JRi$93B1S$JR`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$8'-)2"-0&2"$1*.$)*-/&"$1*$&*8*&*-)20$1*$M0&2k"F$J`$1*$8*3&*&"$1*$JKK`S$JRL$U")"$1*#('l#$1*$n'*$82-0.260&0-$.0#$1*#4"52.260)2"-*#F$#'&%2*&"-$50&2"#$%&'("#$#')*#"&*#$)"-$*.$-"43&*$1*$A>"43&*#$1*$M*%&"CF$Ah0-"$M*%&0CF$A_&%0-260)27-$M'*50$Z*-*&0)27-$D_MZE$;$A?0#/&"j"#Cv$X*8*-#"&B0$1*.$U'*3."$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$MSm$K<RQKi$DM0&2k"ECF$JL$1*$j'-2"$1*$JKKiS$N2-$*430&%"F$>"43&*#$1*$M*%&"$;$h0-"$M*%&0$(0&*)*-$:03*&$1*#0(0&*)21"F$)043201"$1*$-"43&*$"$#'401"$0$"/&"#$%&'("#S$JiK$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$8'-)2"-0&2"$1*$'-$)*-/&"$1*$&*8*&*-)20F$U0#/"F$M0&2k"F$J`$1*$8*3&*&"$1*$JKK`S$Ji<$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & BB
A7&1#309!U-!03&2.!1*!FCCL`!*.!?#5*-!(2127!0='10!0!8'-)2#-0&2#$!1*!H0&2X#`!0!a'2*-*$!2-8#&47!
a'*!<03@0!0)*(/01#!'-0!#8*&/0!1*!'-#!1*!$'$!*\!)#40-10-/*$!(0&0!/&030?0&!*-!'-!(&#=*)/#!
1*!*\(.#/0)27-!8#&*$/0.!0!(&2-)2(2#$!1*!*$*!0X#FLF9!_*%c-!*.!2-8#&4*`!*-!&*0.2101!*$/030!
$2*-1#!&*).'/01#!-'*504*-/*!(0&0!2-/*%&0&!'-!%&'(#!0&401#!)#-!82-*$!1*!
)#-/&02-$'&%*-)20+!!
!
J.!..*%0&!0!.0!6#-0!&'&0.!1*!;$)'0-1*`!(į.*4*-/*!$*)/#&!)#4(&*-121#!
*-/&*!.0$!1#$!3#)0-0$!*\2$/*-/*$!*-/&*!;$)'0-1*!=!V'0(2SA0')0`!*-)#-/&7!*-!
*$*!.'%0&!)*&)0!1*!FCC!(*&$#-0$`!TC!1*!*..#$!1*$4#52.2601#$!p/0432[-!
/&0@1#$!)#-!*-%0X#`!)#4#!(#$23.*$!/&030?01#&*$!1*.!(&*$'-/#!(&#=*)/#!
401*&*&#`!$2-!0&404*-/#!$'82)2*-/*`!*.!)'0.!(&7\2404*-/*!..*%0&K!1#/0)27-!
/#/0.!(0&0!*.!%&'(#q9!U$/0$!(*&$#-0$`!*$/K-!$2*-1#!&*).'/01#$!(#&!$*%'-10!
5*6!)#-!*.!#3?*/25#!1*!)#-8#&40&!'-!-'*5#!%&'(#!!(0&042.2/0&`!(0&0!&*2-%&*$0&!
*-!.0!&*%27-!)#$/*&0!1*.!(0)@82)#!)#-!*.!82-!1*!)#430/2&!0!.#$!2-$'&%*-/*$!=!$'!
(&*$'-/0!30$*!$#)20.l!01*4K$!'-2&$*!*-!*.!8'/'&#!)#-!*.!%&'(#!(0&042.2/0&!
a'*!52*-*!1*$0&&#..0-1#!0))2#-*$!0&4010$!*-!.0!$2*&&0!1*.!1*(0&/04*-/#l!
)#&12..*&0!Y))21*-/0.!-0&2X*-$*9<R@!!
!
U.!?#5*-!.#%&7!*$)0(0&!=!.0$!0'/#&2101*$!.#!0='10&#-!0!030-1#-0&!*.!*$/01#FLQ9!!
!
^#1#$!.#$!%&'(#$!$')*$#&*$!(0&/2)2(0-!*-!0)/252101*$!a'*!08*)/0-!0!.0!(#3.0)27-!)252.`!)#4#!
.0!*?*)')27-!$*.*)/250!1*!)252.*$`!.0$!04*-060$`!.0!*\/#&$27-!=!*.!1*$(.06042*-/#!8#&601#9!!
!
I0&2#$!%&'(#$!1*!.0!$#)2*101!)252.`!.@1*&*$!(#.@/2)#$!=!0)/252$/0$!1*!1*&*)<#$!<'40-#$!1*!
H0&2X#`!)#4#!.0!Z0$/#&0.!_#)20.!1*!^'40)#`!*.!A#42/[!Z*&40-*-/*!1*!G*&*)<#$!f'40-#$`!
J5&*`!.0!Y&%0-260)27-!;-/*&-0)2#-0.!1*!W2%&0)27-!=!*.!A#-$*?#!H#&'*%#!(0&0!D*8'%201#$`!
*-/&*!#/&#$`!<0-!&*)2321#!04*-060$!(#&!)#&&*#!*.*)/&7-2)#!a'*!<03&@0-!$21#!*-52010$!(#&!
(0&042.2/0&*$!1*!H'*50!V*-*&0)27-9!_*!*-520&#-!04*-060$!*-!40&6#!=!?'.2#!1*!FCCL`!=!.'*%#!
0!(&2-)2(2#$!1*!FCCR`!*-!&*.0)27-!)#-!.0!40&)<0!*-!)#-/&0!1*!.0!52#.*-)20!(0&042.2/0&!a'*!
*$/030!$2*-1#!#&%0-26010!(0&0!*.!>!1*!40&6#!1*!FCCR9!Y/&#!%&'(#!a'*!$*!21*-/282)7!)#4#!
i"*%2#-0&2#$!1*.!k.#a'*!_'&!1*!.0$!J,Aj!12$/&23'=7!'-0!)0&/0!032*&/0!0!.0!(#3.0)27-!1*!
H0&2X#!*-!.0!)'0.!082&40!$*&!*.!5*&101*&#!<*&*1*&#!1*!.0$!J,A!=!0-'-)20!a'*!)#4*-60&K!0!
&*0.260&!0))2#-*$!*-!H0&2X#!)#-/&0!.0$!%'*&&2..0$!=!.0$!30-10$!)&242-0.*$FL:9!!
JiJ$X*8*-#"&B0$1*.$U'*3."$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$M"S$K<KQKiCF$JT$1*$40;"$1*$JKKiS$$<R@$9321S$JiI$93B1S$Jig$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$P-/"-2"$M050&&"F$Z"3*&-01"&$1*$M0&2k"F$U0#/"F$J`$1*$8*3&*&"$1*$JKK`S$$
& & & & & & B0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
J-/#-2#!H050&&#`!*.!V#3*&-01#&!1*!H0&2X#`!)#4*-/7!a'*!i$2!-#!$#-!(0&042.2/0&*$`!$#-!4'=!
$242.0&*$!0!*$/#$!%&'(#$jFL>9!!
!
Z&'("#$#')*#"&*#$*-$.0$)"&12..*&0$*-$M0&2k"$
4;(?.#3(*().1'5*##
"'*%#!1*!.0!1*$4#52.260)27-!1*.!k"_`!$'&%2*&#-!5*&$2#-*$!1*!a'*!%&'(#$!$')*$#&*$!
#(*&030-!*-!50&2#$!4'-2)2(2#$!*-!.0!)#&12..*&0!0-12-0!1*!H0&2X#FLL9!!
!
U-!8*3&*&#!1*!FCCL`!.0!W2$27-!1*!.0!Y&%0-260)27-!1*!.#$!U$/01#$!J4*&2)0-#$!1*!J(#=#!0.!
Z&#)*$#!1*!Z06!dWJZZe!2-8#&47!a'*!$*!)&*@0!a'*!H'*50!V*-*&0)27-!dHVe!)#-/030!)#-!)*&)0!
1*!ECC!<#43&*$!a'*!0)/'030-!*-!.0!&*%27-!=!a'*!<03@0!)#-$#.2101#!$'!)#-/&#.!1*!
)#4'-2101*$!*-!.#$!4'-2)2(2#$!1*!"#$!J-1*$`!Z#.2)0&(0`!A'432/0&0`!U.!D#$0&2#!=!"*250FLR9!U.!
2-8#&4*!$*X0.7!a'*!*-!.0$!6#-0$!&'&0.*$!.#$!42*43&#$!1*.!%&'(#!5*$/@0-!1*!)04'8.01#`!
(#&/030-!3&060.*/*$!)#-!$'!2-$2%-20!=!(0/&'..030-!)#-!0&40$!.0&%0$9!U.!%&'(#!)#-/&#.030!0!.0!
(#3.0)27-!)252.!4*120-/*!&*/*-*$!*-!.0$!)0&&*/*&0$!=!&*0.26030-!#(*&0/25#$!12&2%21#$!0!)252.*$`!
)#4#!i*\/#&$27-`!0$*$2-0/#$!$*.*)/25#$`!52#.0)2#-*$!=!04*-060$jFLT9!U.!%&'(#!/0432[-!$*!
<03@0!*-8&*-/01#!*-!)#430/*!)#-!*.!]&*-/*!FT!1*!.0$!]JDA`!=!*$/#!)0'$7!*.!1*$(.06042*-/#!
40$25#!1*!)252.*$FRC9!
!
,-!2-8#&4*!1*!.0!G*8*-$#&@0!1*.!Z'*3.#!$*X0.7!(#)#!1*$('[$!a'*`!01*4K$!1*!0$*$2-0/#$!
$*.*)/25#$`!1*$0(0&2)2#-*$`!*\/#&$27-`!&*).'/042*-/#!1*!4*-#&*$!=!1*$0(0&2)2#-*$!8#&6010$`!
HV!(#$23.*4*-/*!*$/0&@0!'/2.260-1#!42-0$!0-/2(*&$#-0.*$FRB9!U.!2-8#&4*!1*$)&2327!*.!2-%&*$#!
52#.*-/#!1*!HV!0.!4'-2)2(2#!1*!Z#.2)0&(0!*-!FCC>`!i0-'-)2n0-1#o!.0!2-/*-)27-!1*!0(#1*&0&$*!
1*!0.%'-#$!$*)/#&*$`!$2-!24(#&/0&!*.!)#$/#!1*!5210$!a'*!*$/#!)#-..*50`!1#-1*!.#!a'*!(&240!*$!
(#$2)2#-0&$*!*$/&0/[%2)04*-/*`!#3$/0)'.260-1#!.0!4#52.260)27-!1*!.0$!]JDA`!a'*!#(*&0!*-!*.!
4'-2)2(2#j9!U-!.0!42$40!&*%27-`!$*X0.0!*.!2-8#&4*`!.#$!42*43&#$!1*!HV!52#.0&#-!0!50&20$!
JiR$93B1S$Jii$_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$A_)/05"$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320$DhPUU\_=PECF$_=P\N*&SZ$VU\1")S$I<iR\KiF$<I$1*$8*3&*&"$1*$JKKiF$://(+\\]]]S40((Q"*0S"&%\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e52*]c0&/2).*e21cJJe9/*421ciIF$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEF$(H%S$Tv$9-/*&-0/2"-0.$V&2#2#$Z&"'(F$A!"#$-'*5"#$%&'("#$0&401"#$1*$V"."4320CF$9-8"&4*$#"3&*$P4l&2)0$!0/2-0$MSm$JKF$<K$1*$40;"$1*$JKKiF$(H%#S$<JQ<TS$Ji`$_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$A_)/05"$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$Z*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320$DhPUU\_=PECF$_=P\N*&SZ$VU\1")S$I<iR\KiF$<I$1*$8*3&*&"$1*$JKKiF$://(+\\]]]S40((Q"*0S"&%\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e52*]c0&/2).*e21cJJe9/*421ciIF$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLEF$(H%#S$LQ<KS$JiL$93B1S$J`K$93B1S$J`<$X*8*-#"&B0$1*.$U'*3."$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$M"S$KKIQKiCF$JT$1*$40;"$1*$JKKiS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & 0)
4'?*&*$`!03'$0&#-!1*!/&030?01#&0$!$*\'0.*$!=!%*-*&0&#-!*.!1*$(.06042*-/#!40$25#!1*!
)252.*$FRF9!
!
i^#&/'&0&#-!0!.0$!(&#$/2/'/0$!1'&0-/*!)2-)#!1@0$!=!.0$!52#.0&#-j`!$*X0.7!'-!#3$*&501#&!
2-/*&-0)2#-0.9!iI24#$!1#$!)'*&(#$!*-!*.!&@#!Z0/@0!*-!*$*!*-/#-)*$`!=!$'(24#$!a'*!<'3#!
4')<#$!4K$jFRE9!!
!
iU-!0%#$/#!1*!FCC>!.#$!(0&042.2/0&*$!40/0&#-!0!42!<2?#!*-!Z#.2)0&(09!G2?*&#-!a'*!*&0!
%'*&&2..*ϧ!.#!/#&/'&0&#-`!.#!0/0&#-999!=!.*!12*&#-!/&*$!/2&#$!*-!.0!)03*60!1*.0-/*!1*!/#1#$j`!
&*.0/7!'-0!4'?*&9!iG2?*&#-!a'*!4*!40/0&@0-!0$@!a'*!4*!8'2999!W0/0-!0!4')<0$!(*&$#-0$jFRQ9!!
!
U-!*.!4'-2)2(2#!5*)2-#!1*!A'432/0&0`!'-!8'-)2#-0&2#!.#)0.!)#4*-/7!a'*!*.!2-%&*$#!1*!HV!
/'5#!)#4#!&*$'./01#!-'4*&#$0$!*?*)')2#-*$!=!1*$(.06042*-/#$!8#&601#$9!if03@0!BRC!
8042.20$!*-!_K-)<*6!0!4*1201#$!1*!FCC>999!Z0&0!0%#$/#!1*!FCCL`!*&0-!)*&)0!1*!FC!8042.20$j`!
12?#!*.!8'-)2#-0&2#!.#)0.`!a'*!52$2/7!*.!K&*09!i_*!12)*!a'*!$2!1&*-0&0-!*.!&@#!Z0/@0!$*!
*-)#-/&0&@0-!42.*$!1*!)'*&(#$jFR:9!!
!
,-!<#43&*!a'*!8'*!1*$(.0601#!1*!_K-)<*6!*-!FCC>!$*X0.7+!i"#$!(0&042.2/0&*$!40/0&#-!0!
42!?*8*!=!0!/#1#$!.#$!a'*!/&030?030-!)#-![.!*-!#)/'3&*!1*!FCC>999!U&0-!BR!<#43&*$!=!.#$!
(0&042.2/0&*$!.#$!40/0&#-!0!/#1#$!<0$/0!a'*!..*%0&#-!0.!?*8*!=!.#!40/0&#-j9!U.!<#43&*!12?#!
a'*!*-!*$*!*-/#-)*$!<03@0!-'4*&#$#$!*-8&*-/042*-/#$!*-/&*!(0&042.2/0&*$!=!.0$!%'*&&2..0$!
a'*!(#)0&#-!4')<0$!4'*&/*$9!iU&0!/&2$/*!5*&!.0!)0-/2101!1*!)'*&(#$!a'*!(0$030-!
)#&&2*-/*!030?#!(#&!*.!&@#!Z0/@09!Z*&#!0<#&0!*-)#-/&0&#-!#/&#!4#1#!1*!*$)#-1*&!.#$!)'*&(#$9!
"*$!03&*-!*.!*$/740%#!=!4*/*-!(2*1&0$!01*-/	!U$!24(#$23.*!)#-/0&!)'K-/0$!(*&$#-0$!
1*$0(0&*)2*&#-!0a'@!*-!.#$!c./24#$!1#$!0X#$jFR>9!
!
,-!2-8#&4*!1*!$*(/2*43&*!1*!FCCL!(&*(0&01#!(#&!2-5*$/2%01#&*$!1*!.0!]2$)0.@0!V*-*&0.!1*!.0!
H0)27-`!0.!)'0.!/'5#!0))*$#!f'40-!D2%</$!h0/)<`!2-12)030!a'*!V'2..*&4#!Z[&*6!J.60/*!
d)#-#)21#!/0432[-!)#4#!Z03.#!_*52..0-#e!*&0!*.!.@1*&!1*!HV9!!Z[&*6!J.60/*!<03@0!$21#!*.!.@1*&!
1*.!k"_!=!$'('*$/04*-/*!$*!<03@0!1*$4#52.2601#9!!]'*!(#$/*&2#&4*-/*!*\/&012/01#!0!
U$/01#$!,-21#$9!U.!2-8#&4*!$*X0.030!a'*!HV!$'&%27!2-4*120/04*-/*!1*$('[$!1*!.0!
1*$4#52.260)27-!1*.!k"_9!^0432[-!2-12)0!a'*!*-!'-!4#4*-/#!*.!%&'(#!$*!(0&/27!*-!1#$!
J`J$93B1S$J`T$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$"3#*&501"&$2-/*&-0)2"-0.F$U0#/"F$M0&2k"F$J`$1*$8*3&*&"$1*$JKK`S$J`I$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$5B)/240F$U0#/"F$M0&2k"F$Ji$1*$8*3&*&"$1*$JKK`S$J`g=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$8'-)2"-0&2"$.")0.F$U0#/"F$M0&2k"F$Ji$1*$8*3&*&"$1*$JKK`S$J`R$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$5B)/240F$U0#/"F$M0&2k"F$Ji$1*$8*3&*&"$1*$JKK`S$
& & & & & & 0*& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
80))2#-*$!0!)0'$0!1*!'-0!12$('/0!2-/*&-09!,-#!1*!.#$!$'3%&'(#$!40-*?030!.#$!4'-2)2(2#$!
*-!.0!&*%27-!-#&/*!1*!.0!)#&12..*&0!1*!H0&2X#!30?#!*.!40-1#!1*.!?*8*!m<#-!m02&#!V0&)@0`!
)#-#)21#!(#&!$'!0.20$`!iH*-[j9!H*-[!<03@0!$21#!42*43&#!1*.!k"_!(*&#!-#!$*!<03@0!
1*$4#52.2601#9!_'!%&'(#!$*!<03&@0!#&%0-2601#!*-!)2-)#!3&2%010$!0-/2%'*&&2..0!1*!EC!
<#43&*$!)010!'-0`!a'*!5*$/@0-!1*!)04'8.01#`!'$030-!'-28#&4*$!=!..*5030-!8'$2.*$!J{SQL`!=!
*-!#/&0$!BB!3&2%010$!1*!BF!<#43&*$!)010!'-09!U.!#/&#!%&'(#`!0.!40-1#!1*!iU.!D#.#j`!/*-@0!
(&*$*-)20!*-!.#$!4'-2)2(2#$!$'&*X#$!)#4#!Z0$/#!*!;(20.*$9!_*%c-!*.!1#)'4*-/#!*-!)'*$/27-`!
HV!)#-/030!)#-!:C!4*-#&*$!*-/&*!$'$!$#.101#$`!1*!*-/&*!BQ!=!BL!0X#$9!U.!%&'(#!$*!
82-0-)2030!*\/#&$2#-0-1#!0!.0!(#3.0)27-!=!4*120-/*!*.!40-*?#!1*.!-*%#)2#!)#)0.*	!U.!
2-8#&4*!/0432[-!$*X0.030!0!HV!)#4#!&*$(#-$03.*!1*!<#42)212#$`!1*$0(0&2)2#-*$`!
1*$(.06042*-/#$!8#&601#$!=!*\/#&$27-9!
!
I0&20$!8'*-/*$!12?*&#-!0!f'40-!D2%</$!h0/)<!a'*!*-!FCC>!=!FCCL`!$*)/#&*$!1*.!U?[&)2/#!
)#.#4320-#`!*-!*$(*)20.!*.!k0/0..7-!k#=0)K!d*.!42$4#!a'*!(&*$'-/04*-/*!0='17!0.!k"_!0!
2-%&*$0&!0.!1*(0&/04*-/#!*-!FCCFe`!<03&@0-!/#.*&01#!0!HV9!_2-!*430&%#`!*-!FCCR!.0!k&2%010!
W752.!Hy!BT!1*.!U?[&)2/#!2-%&*$7!0!.0!&*%27-!=!)#4*-67!0!)#-8&#-/0&!0!HV`!=!H*-[!4'&27!*-!'-!
*-8&*-/042*-/#!)#-!.0!(#.2)@09!_*%c-!]032#!^&'?2..#`!_*)&*/0&2#!1*!V#32*&-#!1*!H0&2X#`!*.!
%#32*&-#!&*%2#-0.!<03@0!2-$/01#!0!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0$!0!a'*!*4(&*-12*&0-!
0))2#-*$!)#-/&0!HV`!*$(*)20.4*-/*!.'*%#!1*!'-0!40$0)&*!*-!"*250!(*&(*/&010!0!82-*$!1*!
FCCL<CR9!
!
_2!32*-!HV!$*!<03&@0!1*32.2/01#!$2%-282)0/2504*-/*`!0!4*1201#$!1*!FCCT!0.%'-0$!8'*-/*$!
a'*!525*-!*-!.0!&*%27-!082&40&#-!a'*!$*!40-/*-@0!0)/25#!*-!.0!)#&12..*&0`!)#-!'-!-'*5#!
)#40-10-/*!)#-#)21#!)#4#!iU.!^2%&*j!=!)#-!)*&)0!1*!FCC!<#43&*$!a'*!#(*&030-!*-/&*!.#$!
4'-2)2(2#$!1*!A'432/0&0!=!Z#.2)0&(09!!
!
I.07)%J%0#<#K$;'".0#4($).0#
J!4*1210!a'*!HV!$*!1*32.2/030`!*.!%&'(#!.#$!D0$/&#?#$!da'*!0(0&*-/*4*-/*!*$/0&@0!0.201#!
)#-!80))2#-*$!1*.!U"He!=!.0$!O%'2.0$!H*%&0$!<0-!2-/*-$282)01#!$'!(&*$*-)20!*-!.0!)#&12..*&09!!
!
_*%c-!'-!2-8#&4*!&*)2*-/*!1*.!_2$/*40!1*!J.*&/0$!^*4(&0-0$!1*!.0!G*8*-$#&@0!1*.!Z'*3.#`!
i1'&0-/*!*-*&#!1*!FCCT`!"0$!iO%'2.0$!H*%&0$j`!=!"0$!iJ'/#1*8*-$0$!H'*50!V*-*&0)27-j`!
*$/0!'./240!12*64010!(#&!.#$!%#.(*$!(&#(2-01#$!(#&!.0!]'*&60!Zc3.2)0`!'-2*&#-!*$8'*&6#$!
(0&0!)#-/*-*&!*.!2-%&*$#!52#.*-/#!1*!"#$!iD0$/&#?#$jl!.#$!)'0.*$!<03@0-!*$/03.*)21#$!
0)'*&1#$!)#-!.0!%'*&&2..0!1*.!U"H!(0&0!)#430/2&!0!.0$!]JDA`!*-!.0!6#-0!-#&/*!1*!.0!)#&12..*&0!
J`i$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$N*)&*/0&2"$1*$Z"32*&-"$1*$M0&2k"F$o032"$[&'j2.."F$U0#/"F$M0&2k"F$J<$1*$j'.2"$1*$JKKLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & 0(
#))21*-/0.!1*!H0&2X#j<CC9!U.!2-8#&4*!$*X0.0!a'*!*-!$'!2-/*-/#!(#&!)#-/&#.0&!*.!/*&&2/#&2#!=!.0$!
(#3.0)2#-*$`!.#$!%&'(#$!i*$/K-!#)'(0-1#!.0$!5252*-10$!1*!.#$!4#&01#&*$!=!.*$!*$/K-!
*\2%2*-1#!999!$*&52)2#$999!G*!.0!42$40!8#&40`!*.!*$/03.*)242*-/#!1*!(#1*&*$!0&401#$999!*$/0!
1*$*-)01*-0-1#!'-0!$*&2*!1*!4*)0-2$4#$!1*!52#.*-)20!($2)#.7%2)0!=!8@$2)0!)#-/&0!.0!
(#3.0)27-!)252.`!)#-$2$/*-/*$!*-!04*-060$`!*\/#&$2#-*$`!$*)'*$/&#$!*\/#&$25#$`!0$*$2-0/#$`!
1*$0(0&2)2#-*$`!=!1*$(.06042*-/#$9j<CS9!!
!
]032#!^&'?2..#`!*.!_*)&*/0&2#!1*!V#32*&-#!1*!H0&2X#`!/0432[-!)&**!a'*!.0$!O%'2.0$!H*%&0$!$*!
<0-!'-21#!)#-!HV`!=!a'*!.#$!D0$/&#?#$!$*!<0-!0.201#!)#-!*.!U"HFTC9!U-!2%'0.!$*-/21#`!'-!
#3$*&501#&!2-/*&-0)2#-0.!082&47!a'*!i*$!).0&#!a'*!.0$!O%'2.0$!H*%&0$!*$/K-!*-8&*-/K-1#$*!
)#-!.#$!D0$/&#?#$j9!A0.)'.7!a'*!0)/'0.4*-/*`!*-/&*!.#$!1#$!%&'(#$`!<0=!0.!4*-#$!>CC!
<#43&*$!0.&*1*1#&!1*!Z#.2)0&(09!i^#1#$!.#$!%&'(#$!*$/K-!*?*&)2*-1#!(&*$27-!$#3&*!.0!&*%27-!
)#-/&#.010!(#&!.0!%'*&&2..0+!*.!Z0/@0`!U.!A<0&)#9!U.!U?[&)2/#!=!.0!J&4010!*$/K-!0..@9!f0=!0/0a'*$!
*-/&*!.0!%'*&&2..0!=!*$/#$!(0&0$jFTB9!
!
_2-!*430&%#`!.0!(#.2)@0!1*!H0&2X#!$*!&*82&27!c-2)04*-/*!0!D0$/&#?#$!=!HV`!=!$#$/'5#!a'*!.0$!
O%'2.0$!H*%&0$!*-!&*0.2101!*&0-!HV!a'*!'$030-!*.!-#43&*!1*!O%'2.0$!H*%&0$FTF9!
!
,-0!?#5*-!1*!W01&2%0.!1*$)&2327!*.!*$/&2)/#!)#-/&#.!0.!)'0.!.0$!O%'2.0$!H*%&0$!$#4*/@0-!0!$'!
('*3.#`!30?#!*.!40-1#!1*!'-!<#43&*!)#-#)21#!)#4#!iJ&0X0j+!!
!
n"o0$!O%'2.0$!H*%&0$!#(*&0-!032*&/04*-/*!*-!*.!('*3.#9!"#$!D0$/&#?#$!*$/K-!
*-!.0!4#-/0X09!_*!12)*!a'*!.0!%'*&&2..0!*$/K!0.!#/&#!.01#!1*.!('*3.#9!"0$!
O%'2.0$!H*%&0$!$2*4(&*!<0-!*$/01#!)*&)0`!(*&#!*.!B!1*!?'-2#!)#4*-60&#-!0!
*-/&0&!0.!('*3.#9!J-/*$!5*-@0-!=!$*!..*5030!)#$0$!1*.!('*3.#`!(*&#!0<#&0!
525*-!*-!.0$!)0$0$!*-!*.!('*3.#9!G*$('[$!)#4*-60&#-!0!40/0&!0!?75*-*$!1*!
B:!#!B>!0X#$999!)#3&030-!50)'-0$!0!.#$!-*%#)2#$9!g#!)#-#)@0!0!'-#!1*!.#$!
?75*-*$!a'*!40/0&#-9!U$/K-!(&#(#-2*-1#!a'*!.#$!?75*-*$!50=0-!)#-!*..#$9!
,-#!1*!42$!042%#$!50!0!2&9!J!.0$!>!(949!)2*&&0!/#1#!=!*..#$!10-!5'*./0$!*-!
)0&&#$999!J4*-060$!0!.0$!?75*-*$!=!.*$!(&#(#-*-!a'*!$*!(&#$/2/'=0-!(0&0!
*..#$9!U-!W01&2%0.`!/&*$!)<2)0$!$*!8'*&#-!=!0!'-0!.0!40/0&#-!n*-!.0!.#)0.2101! J``$X*8*-#"&B0$1*.$U'*3."$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$AM"/0$1*$N*%'242*-/"$M"S$KKTQKLqU&24*&0$M"/0$#"3&*$9-8"&4*$1*$?2*#%"$MSm$KJIQK`QPS9S$1*$T<$1*$")/'3&*F$JKK`CF$J<$1*$40&6"$1*$JKKLS$$J`L$93B1S$JLK$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$o032"$[&'j2.."F$U0#/"F$M0&2k"F$J<$1*$j'.2"$1*$JKKLS$JL<$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$"3#*&501"&$2-/*&-0)2"-0.F$U0#/"F$M0&2k"F$J<$1*$j'.2"$1*$JKKLS$JLJ$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$V-*[email protected]$h"-/*6'40F$V"40-10-/*$1*$.0$U".2)B0$1*$M0&2k"F$U0#/"F$J<$1*$j'.2"$1*$JKKLS$
& & & & & & 0/& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
5*)2-0!1*!_0-/0!A&'6o999!"0$!#/&0$!1#$!<0-!1*$0(0&*)21#999!"0!(#.2)@0!*$/K!)#-!
J&0X0`!*..#$!)#-#)*-!.0!$2/'0)27-<S@9!!
!
,-!<#43&*!1*!_0-/0!A&'6!#8&*)27!'-!&*.0/#!$242.0&+!!
!
U-!W01&2%0.999!.0$!O%'2.0$!H*%&0$!-#$!2-/*&&#%0-`!)#-!.0!(#.2)@0!0!FC!4*/&#$999!
-#!('*1*$!)#-820&!*-!*.!U?[&)2/#!-2!.0!(#.2)@0!(#&a'*!(&K)/2)04*-/*!*$/K-!)#-!
*..#$9!U-!_0-/0!A&'6`!-#!(0&*)*-!$*&!O%'2.0$!H*%&0$`!(#&a'*!*$/K-!*-!
W01&2%0.!=!k0?#!A'432/0&0999!
!
U-!_0-/0!A&'6!=!_0-/0!D#$0`!/*-*4#$!0!.#$!D0$/&#?#$9!".*%0&#-!*-!40&6#!#!
03&2.9!".*%0&#-999!*-!)04'8.01#9!_#-!4')<@$24#$`!BCC`!B:C`!ECCl!<0-!)&*)21#!
4')<@$24#9!U$/K-!*-!.0!.#)0.2101!1*!_0-/0!D#$0!=!.'*%#!$*!4*/*-!*-!*.!
)04(#9!U$/K-!'-#$!1@0$!*-!_0-/0!A&'6!=!.'*%#!$*!50-9!I2*-*-!=!)#3&0-!.0!
50)'-0!0!.#$!*4(&*$0&2#$9!Z0&*)*!a'*!0!5*)*$!$*!*-8&*-/0-!0!.0!%'*&&2..0!=!
#/&0$!0!.0$!O%'2.0$!H*%&0$!=!H'*50!V*-*&0)27-9!_*!21*-/282)0-!)#4#!
D0$/&#?#$999!f0-!&*0.2601#!1#$!*-)'*-/&#$!)#-!.0!)#4'-2101!*-!_0-/0!A&'6!=!
12)*-!a'*!$#-!.#$!D0$/&#?#$9!J&40-!)&#-#%&040$999!!
!
J-/*$!1*!.#$!D0$/&#?#$`!/'524#$!0!HV9!U.!U?[&)2/#!0/0)7!0!HV!<0)*!)#4#!'-!
0X#999!*.!U?[&)2/#!$*!a'*17!1'&0-/*!E!$*40-0$9!_*!8'*&#-`!=!'-#$!1@0$!
1*$('[$!.#$!D0$/&#?#$!2-%&*$0&#-!0!_0-/0!D#$0!=!_0-/0!A&'69!^0432[-!.#!<26#!
HV`!(*&#!)#4#!O%'2.0$!H*%&0$999!"#$!D0$/&#?#$!/2*-*-!&*/*-*$!*-!_0-/0!
A&'69999!"#$!O%'2.0$!H*%&0$!=!.#$!D0$/&#?#$!*$/K-!.')<0-1#!(#&!*.!/*&&2/#&2#FTQ9!
!
Z&'("#$#')*#"&*#$*-$.0$5B0$s'-B-QG0&30)"0#$
I0&20$!8'*-/*$!1*$)&232*&#-!.0!(&*$*-)20!1*!'-!%&'(#!0&401#`!a'*!$*!)&**!(*&/*-*)*&@0!0!.#$!
D0$/&#?#$`!*-!.0!)0&&*/*&0!*-/&*!m'-@-!d?'-/#!0!.0!)0&&*/*&0!^'40)#SZ0$/#e!=!k0&30)#0$`!1#-1*!
$*!082&40!a'*`!*-!?'.2#!1*!FCCR`!/*-@0-!'-!&*/[-FT:9!_*%c-!50&20$!8'*-/*$`!*-!*.!&*/[-!*.!%&'(#!
-#!$7.#!1*/*-@0!0!.#$!5*<@)'.#$!$2-#!a'*!/0432[-!$*)'*$/&030!0!)252.*$9!iU.!U?[&)2/#!*$/K!*-!
k'*-052$/0!=!.#$!D0$/&#?#$!*$/K-!0!:!#!BC!|4!1*!0..@9!Y82)20.4*-/*`!*.!U?[&)2/#!-#!('*1*!
JLT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$&*#21*-/*$1*$h01&2%0.F$U0#/"F$J<$1*$j'.2"$1*$JKKLS$JLI$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$N0-/0$V&'6F$U0#/"F$J<$1*$j'.2"$1*$JKKLS$JLg$=-/&*52#/0#$1*$>'40-$?2%:/#$@0/):$)"-$(*&#"-0#$2-1B%*-0#F$0'/"&2101*#$.")0.*#$;$"3#*&501"&*#$2-/*&-0)2"-0.*#F$U0#/"F$M0&2k"F$JK$;$J<$1*$j'.2"$1*$JKKLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & 0.
*-8&*-/0&.#$!(#&a'*!$#-!&*$(#-$032.2101!1*!.0!(#.2)@09!H#!$#-!'-!#3?*/25#!42.2/0&!1*.!
%#32*&-#j`!)#4*-/7!'-!#3$*&501#&!2-/*&-0)2#-0.FT>9!
!
]032#!^&'?2..#`!*.!_*)&*/0&2#!1*!V#32*&-#!1*!H0&2X#`!&*)#-#)27!a'*!'-!%&'(#!0&401#!<03@0!
*$/01#!1*/*-2*-1#!0'/#3'$*$!*-!.0!)0&&*/*&0!m'-@-Sk0&30)#0$`!<03@0!#3.2%01#!0!.0$!
(*&$#-0$!0!1*$)*-1*&!=`!*-!0.%'-#$!)0$#$`!<03@0!(*&(*/&01#!0$*$2-0/#$!$*.*)/25#$9!^0432[-!
&*)#-#)27!a'*!.#$!%&'(#$!&*0.26030-!'-!)*-$#!1*!.0!(#3.0)27-!1*!0.%'-0$!.#)0.2101*$`!1*!
4#1#!1*!/*-*&!'-!&*%2$/&#!1*!a'2[-*$!..*%030-!=!$*!230-`!=!0$@!40-/*-*&!)#-/&#.01#!*.!
/*&&2/#&2#FTL9!
!
_2-!*430&%#`!*.!A#40-10-/*!1*!.0!Z#.2)@0!1*!H0&2X#`!*.!A#&#-*.!h2..204!W#-/*6'40`!082&47!
a'*!i*$!4*-/2&0j!a'*!*\2$/0-!&*/*-*$!*-!*.!)042-#!m'-@-Sk0&30)#0$!#!a'*!.#$!%&'(#$!<0=0-!
40/01#!#!1*/*-21#!0!(*&$#-0$9!^0432[-!12?#!a'*!-#!$03@0!1*!-2-%c-!)*-$#!1*!.0!(#3.0)27-+!
iU$!(#$23.*!a'*!%&'(#$!0&401#$!2.*%0.*$!<0=0-!)#4*/21#!52#.0)2#-*$999!(*&#!-#!$[!1*!
-2-%'-0!1*-'-)20!8#&40.jFTR9!
!
Z&'("#$#')*#"&*#$*-$.0$)"#/0$1*.$U0)B82)"$
U\2$/*!'-0!(&*$*-)20!$2%-282)0/250!1*!O%'2.0$!H*%&0$`!D0$/&#?#$!=!#/&#$!%&'(#$!*-!.0!)#$/09!J!
4*1201#$!1*!?'.2#!1*!FCCT`!.0!(#.2)@0!1*!H0&2X#!12?#!a'*!$*!('?*&#-!B:Q!0$*$2-0/#$!*-!*.!
4'-2)2(2#!1*!^'40)#!*-!FCCT`!.#!)'0.!&*(&*$*-/0!'-!2-)&*4*-/#!&*$(*)/#!1*!.#$!4K$!1*!BEF!
&*%2$/&01#$!1'&0-/*!.#$!(&24*&#$!L!4*$*$!1*!FCCLFTT9!"#$!&*$21*-/*$!1*!^'40)#`!0.!2%'0.!a'*!
.#$!#3$*&501#&*$!2-/*&-0)2#-0.*$!=!.0$!0'/#&2101*$!-0)2#-0.*$!=!&*%2#-0.*$`!*-/&*!*..0$!
]032#!^&'?2..#`!12?*&#-!a'*!.#$!D0$/&#?#$!=!.0$!O%'2.0$!H*%&0$!(&#/0%#-26030-!'-0!2-/*-$0!
30/0..0!(#&!*.!)#-/&#.!1*!^'40)#ECC9!!
!
,-!&*(&*$*-/0-/*!1*!(*&$#-0$!1*$(.06010$!1*!.0!)#$/0!1*!H0&2X#!-#$!)#4*-/7!a'*!.#$!
%&'(#$!*-!.0!6#-0!&'&0.!1*!^'40)#!-#!$7.#!$*!*$/K-!40/0-1#!*-/&*!$@!$2-#!a'*!/0432[-!
0$*$2-0-!0!)252.*$!a'*!$*!-2*%0-!0!5*-1*&.*$!)#)0`!=!a'*!.#$!)252.*$!&*)#-#)*-!0!0.%'-#$!1*!
.#$!42*43&#$!1*!.#$!%&'(#$!$')*$#&*$!)#4#!*\!42*43&#$!=!)#40-10-/*$!1*.!k"_ECB9!!
JLR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$"3#*&501"&$2-/*&-0)2"-0.F$U0#/"F$J<$1*$j'.2"$1*$JKKLS$JLi$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$o032"$[&'j2.."F$J<$1*$j'.2"$1*$JKKLS$JL`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$V"40-10-/*$1*$.0$U".2)B0$1*$M0&2k"F$*.$V-*[email protected]$h"-/*6'40F$U0#/"F$J<$1*$j'.2"$1*$JKKLS$JLL$93B1S$TKK$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$o032"$[&'j2.."F$J<$1*$j'.2"$1*$JKKLS$TK<$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*(&*#*-/0-/*$1*$(*&#"-0#$1*#(.06010#$1*$.0$)"#/0F$U0#/"F$J`$1*$8*3&*&"$1*$JKK`S$$
& & & & & & 0,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
"#$!%&'(#$!<0-!04*-0601#!=!0/0)01#!0!1*8*-$#&*$!1*!1*&*)<#$!<'40-#$!1*!.0!6#-09!Z#&!
*?*4(.#`!.0!#&%0-260)27-!AK&2/0$!1*-'-)27!*.!0$*$2-0/#`!(&*$'-/04*-/*!0!40-#$!1*!*$/#$!
%&'(#$`!1*!]*.2(*!"0-106'&=`!'-!42*43&#!1*.!)#-$*?#!)#4'-2/0&2#!.#)0.!a'2*-!/0432[-!
/&030?030!(0&0!.0!A0&2/0$!12#)*$0-0!*-!^'40)#!0='10-1#!0!(*&$#-0$!1*$(.06010$+!
!
,-!%&'(#!1*!<#43&*$!0&401#$!0/0)0&#-!A0-1*.2..0!1*!.0!W0&!=!)0(/'&0&#-!0.!
_&9!"0-106'&=9!G#$!<#&0$!1*$('[$`!*.!)01K5*&!1*.!/&030?01#&!1*!A0&2/0$!8'*!
*-)#-/&01#!)#-!/&*$!<*&210$!1*!30.0!*-!.0!)03*609!!"#$!<#43&*$!0&401#$!
*0&#-!.0!)#4'-2101!.#)0.!=!04*-060&#-!0!$'$!42*43&#$`!0)'$K-1#.#$!1*!
(0$0&!2-8#&40)27-!0.!*?[&)2/#!=!.#$!%'*&&2..*&#$!)#.#4320-#$!$#3&*!$'$!
0)/252101*$!*-!.0!6#-0999!U.!0$*$2-0/#!1*!"0-106'&=!#)'&&*!*-!)2&)'-$/0-)20$!
*-!a'*!42*43&#$!1*.!(*&$#-0.!1*!A0&2/0$!=!(*&$#-0$!a'*!/&030?0-!)#-!*..#$`!
)#4#!.#$!40*$/&#$!1*!*$)'*.0$`!*&0-!#3?*/#!1*!04*-060$!1*!4'*&/*ECF9!
!!
,-!2-8#&4*!1*!40=#!1*!FCCL!1*!.0!G*8*-$#&@0!1*.!Z'*3.#!<03@0!1*$)&2/#!.0!)&*)2*-/*!
(&*$*-)20!1*!.#$!%&'(#$!$')*$#&*$!*-!.#$!4'-2)2(2#$!1*!U.!A<0&)#`!"0!^#.0`!;$)'0-1[!=!Y.0=0!
f*&&*&0`!*-!.0!)#$/0!1*.!Z0)@82)#ECE9!U-!%*-*&0.`!*$/0$!<0-!$21#!6#-0$!a'*!<0-!/*-21#!
(&*$*-)20!1*!.0$!]JDA!=!*.!U"H`!(*&#!*.!2-8#&4*!$*X0.7!a'*!JAHV`!O%'2.0$!H*%&0$!=!D0$/&#?#$!
0(0&*)@0-!)010!5*6!)#-!40=#&!8&*)'*-)20!*-!*$/0$!K&*0$`!*-!*$(*)20.!*-!.0$!)0(2/0.*$!
4'-2)2(0.*$`!1#-1*!3'$)030-!2-8.'2&!0!a'2*-*$!01#(/030-!1*)2$2#-*$!0!-25*.!.#)0.ECQ9!U-!
FCCR`!f'40-!D2%</$!h0/)<!/0432[-!&*)2327!1*-'-)20$!1*!a'*!42*43&#$!1*!%&'(#$!0&401#$!
a'*!'$030-!3&060.*/*$!)#-!.0!2-$2%-20!JAH`!1*!iJ'/#1*8*-$0$!A04(*$2-0$!1*!H0&2X#j`!
<03@0-!$21#!52$/#$!*-!_0/2-%0EC:9!iG2*&#-!.0!#&1*-!1*!a'*!/#10$!.0$!*430&)0)2#-*$!a'*!
8'*&0-!0!_0/2-%0!1*3@0-!1*/*-*&$*!*-!Z2/0.!(0&0!$*&!&*52$010$!=!(0&0!5*&!$2!.#$!1*?030-!
(0$0&j`!)#4*-/7!'-!.@1*&!)#4'-2/0&2#EC>9!
!
,-0!4'?*&!1*!_0/2-%0!1*$)&2327!<#$/2%042*-/#!=!0/0a'*$!)#-/2-'#$!(#&!(0&/*!1*!.#$!%&'(#$!
$')*$#&*$+!! TKJ$AV0&2/0#$.."&0$.0$4'*&/*$1*$)".*%0$)"."4320-"$0#*#2-01"CF$)"4'-2)01"$1*$(&*-#0$1*$V0&2/0#F$<$1*$j'.2"$1*$JKK`F$://(+\\]]]S)0&2/0#S"&%\-*]#&""4\U&*##?*.*0#*K<dKidK`S:/4.$D)"-#'./01"$*.$<K$1*$j'.2"$1*$JKK`Ev$AP#*#2-01"$o*.2(*$!0-1H6'&F$1*$.0$s'-/0$1*$V"-#*j"#$V"4'-2/0&2"#$1*.$30j"$h2&0F$['40)"CF$)"4'-2)01"$1*$(&*-#0$1*$U&")*#"$1*$V"4'-2101*#$M*%&0#$*-$V"."4320F$Jg$1*$j'-2"$1*$JKK`F$://(+\\]]]S&*1)"."4320S"&%\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e/0#fc52*]e21cJKJe9/*421cgL$D)"-#'./01"$*.$I$1*$")/'3&*$1*$JKKLES$TKT$X*8*-#"&B0$1*.$U'*3."$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$MSm$K<KQKi$DM0&2k"ECF$JT$1*$40;"$1*$JKKiS$TKI$X*8*-#"&B0$1*.$U'*3."$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$MSm$K<KQKi$DM0&2k"ECF$JT$1*$40;"$1*$JKKiS$TKg$=-/&*52#/0#$1*$>'40-$?2%:/#$@0/):$)"-$42*43&"#$1*$.0$)"4'-2101F$['40)"F$<g$1*$#*(/2*43&*$1*$JKK`S$TKR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$.B1*&$)"4'-2/0&2"F$<g$1*$#*(/2*43&*$1*$JKK`S$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & 0-
"#$!5*4#$!5*-2&`!5*4#$!a'*!<03.0-!)#-!.0$!(*&$#-0$`!.*$!(21*-!.0!50)'-0!=`!$2!<0=!%0-01#!#!'-0!%0..2-0`!$*!.#$!..*50-9!W0/0-!0!(*&$#-0$!1*!.0!
)#4'-2101!)'0-1#!-#!(0%0-999!*$!4'=!0./#999!*-!'-0!6#-0!4'=!(#3&*9!"0$!
(*&$#-0$!-#!/2*-*-!12-*&#!(0&0!(0%0&!.0!50)'-09!^2*-*-!a'*!2&$*`!)#-5*&/2&$*!*-!1*$(.0601#$!*-!A0.2`!k'*-05*-/'&0`!^'40)#999!Z*.*0-!)#-!.0!%'*&&2..0+!
*$)')<04#$!.#$!)#430/*$!=!n5*4#$o!.#$!4'*&/#$9!f0=!*\(.#$2#-*$9!H#!*$!*.!
U?[&)2/#!-2!.0!;-80-/*&@0999!_#-!)#4#!)&242-0.*$`!(*&#!$*!*-8&*-/0-!0!.0!
%'*&&2..09!_*!52$/*-!2%'0.!a'*!*.!U?[&)2/#!(*&#!..*50-!'-0!2-$2%-20!*-!.#$!
<#43&#$!#!.0!*$(0.10`!=!<0)*!>!4*$*$!#!'-!0X#!..*5030-!'-!3&060.*/*!1*!.0$!
J,A9!"0$!J,A!$*!<0-!*-/&*%01#`!(*&#!*-!*.!)*-/&#!1*.!(0@$`!-#!*-!.0!)#$/09!
,-0!(0&/*!$*!*-/&*%7!(*&#!*.!&*$/#!$2%'*9!"0$!)#$0$!<0-!)043201#!4'=!(#)#9!
"0!&*0.2101!a'*!'-#!525*!*$!4'=!12$/2-/0!0!)#4#!.0!(&*$*-/0!*.!%#32*&-#ECL9!
!
,-0!(*&$#-0!a'*!/&030?0!*-!.#$!4'-2)2(2#$!1*!_0/2-%0`!Y.0=0!f*&&*&0!=!W#$a'*&0!12?#+!
!
"0!52#.*-)20!)#-/2-c0!(*&#!*-!4*-#&!*$)0.0`!.0$!(*&$#-0$!1*$0(0&*)*-!=!
'-#$!(#)#$!1@0$!1*$('[$!$*!5*-!.#$!)'*&(#$!a'*!30?0-!(#&!*.!&@#9!,$0-!0!
4')<#$!?75*-*$!(0&0!*-/&*%0&!1&#%0$!=!&*)232&!12-*&#`!=!)'0-1#!&*%&*$0-!.#$!
40/0-!(0&0!-#!/*-*&!a'*!(0%0&.*$9!U-!0.%'-#$!)0$#$`!<0-!04*-0601#!0!
42*43&#$!1*!.#$!)#-$*?#$!)#4'-2/0&2#$`!*-!*$(*)20.!(0&0!2-2)20&!.0!/#40!1*!
.#$!/*&&2/#&2#$9!U$!'-0!8'*&60!1*!(0&0S-0&)#$!#!-0&)#$!1*8*-121#$!(#&!(0&0$999!
U-!0.%'-0$!)#4'-2101*$`!*$/#!<0!)0'$01#!1*$(.06042*-/#$ECR9!
!
U-/&*!?'-2#!=!?'.2#!1*!FCCR`!4K$!1*!FCC!8042.20$!*-!/&*$!)#4'-2101*$!1*!_0/2-%0!d_0-!m#$[!
"0!^'&320`!f*&&01'&0!=!V74*6!m'&01#e!8'*&#-!1*$(.06010$!.'*%#!1*.!0$*$2-0/#!1*!1#$!
?75*-*$!=!.0!1*$0(0&2)27-!8#&6010!1*!#/&#!0!40-#$!1*!.0$!JAH9!iJ/0&#-!0!.0$!(*&$#-0$`!.0$!
*4('?0&#-!0.!(2$#`!$0)0&#-!0!0.%'-0$!=!.0$!40/0&#-!8&*-/*!0!.#$!1*4K$999!H012*!$03*!(#&!
a'[9!U&0-!(*&$#-0$!(#3&*$jECT9!_*%c-!'-0!8'*-/*`!BBR!8042.20$!1*!_0-!m#$[!"0!^'&320`!:E!1*!
.0!f*&&01'&0!=!QC!1*!V74*6!m'&01#!8'*&#-!1*$(.06010$9!iU-/&0&#-!0.!)0$)#!'&30-#!1*!
_0/2-%0999!50)20&#-!.0$!)0$0$!=!&*5#.52*&#-!)010!<032/0)27-9!G*?0&#-!(2-/0$!*-!.0$!)0$0$!a'*!
1*)@0-!JAHtJ'/#1*8*-$0$!A04(*$2-0$!1*!H0&2X#jEBC9!!
TKi=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$4'j*&$1*$N0/2-%0F$['40)"F$<i$1*$#*(/2*43&*$1*$JKK`F$TK`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$(*&#"-0$n'*$(2127$n'*$-"$#*$125'.%0&0$#'$21*-/2101F$['40)"F$<i$1*$#*(/2*43&*$1*$JKK`S$$TKL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$4'j*&$1*$N0/2-%0$n'*$(2127$n'*$-"$#*$125'.%0&0$#'$21*-/2101F$['40)"F$<i$1*$#*(/2*43&*$1*$JKK`S$T<K$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$(*&#"-0$n'*$(2127$n'*$-"$#*$125'.%0&0$#'$21*-/2101F$['40)"F$<i$1*$#*(/2*43&*$1*$JKK`S$$
& & & & & & 0A& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
,-!.@1*&!)#4'-2/0&2#!1*!.0!&*%27-!1*$)&2327!.#$!$')*$#$!1*.!$2%'2*-/*!4#1#+!
!
".040&#-!0!'-0!&*'-27-!1*!.0!)#4'-2101!n*-!*.!('*3.#o`!=!.#$!0)'$0&#-!1*!
0='10&!0!.0!%'*&&2..09!_*!..*50&#-!0!'-!?#5*-!a'*!-'-)0!4K$!0(0&*)279!"0!
$*%'-10!-#)<*!$*!..*50&#-!0!#/&#!0.!0%'0!=!.#!40/0&#-9!"'*%#!40/0&#-!0!#/&#!
*-!.0!)0..*!8&*-/*!0!.0!)#4'-21019!U$/030-!'-28#&401#$`!)#-!'-28#&4*$!1*!
2-80-/*&@0!1*!40&2-0`!(*&#!/*-@0-!3&060.*/*$!1*!.0$!JAH999!G2)*-!a'*!*&0-!
)*&)0!1*!QR!7!:C!*-!'-!3#/*999!"0!-#)<*!1*.!0$*$2-0/#`!<03@0!RC!8042.20$!*-!*.!
)04(#999!"'*%#!1*!.0!(&24*&0!-#)<*`!&*)#.*)/0&#-!/#10$!.0$!0&40$!a'*!<03@0!
*-!.0!)#4'-2101!=!12?*&#-!a'*!-012*!1*3@0!052$0&!0!.0!2-80-/*&@0!1*!40&2-0!
(#&a'*!=0!<03@0-!$21#!052$01#$EBB9!
!
U.!.@1*&!)#4'-2/0&2#!12?#!a'*!$*!)#-$21*&0!*-!%*-*&0.!a'*!*.!%&'(#!*$!1*!8'*&0!1*!.0!&*%27-9!
_*X0.7!a'*!.#$!42*43&#$!1*!.0!)#4'-2101!*$/030-!$'404*-/*!(&*#)'(01#$!(#&a'*!-#!
<'3#!-2-%'-0!2-5*$/2%0)27-!=!-012*!<03@0!$21#!?'6%01#9!i_*-/24#$!a'*!/*-*4#$!a'*!1*?0&!
-'*$/&#!/*&&2/#&2#`!)#-!.0!52#.*-)20`!*.!42*1#999!U-!_0/2-%0!)010!-#)<*!<0=!F`!E`!Q!4'*&/#$9!
H012*!12)*!-0109!U$!'-!4#1#!1*!*.242-0&-#$!12$)&*/04*-/*9!H#$!*$/04#$!4'&2*-1#!'-#!/&0$!
#/	!Z#&!G2#$`!-#!(#1*4#$!(*&42/2&!a'*!-#$!40/*-!1*!*$/*!4#1#jEBF9!
!
Y/&0!8'*-/*!12?#!a'*!.#$!%&'(#$!i%*-*&0-!42*1#!*-!.0$!(*&$#-0$999!^#40-!.0$!)0$0$!1*!.0$!
(*&$#-0$!1*$(.06010$9!U?*&)*-!*.!)#-/&#.`!$03*-!$#3&*!.#$!4#5242*-/#$!1*!.0$!
*430&)0)2#-*$!=!*.!-0&)#/&K82)#9!J.%'-#$!$#-!)#-/&02-$'&%*-/*$!=!#/&#$!1*82*-1*-!*.!
-0&)#/&K82)#9!"#$!)#-/&02-$'&%*-/*$!$#-!.#$!a'*!$*X0.0-!0!.0!(#3.0)27-!)252.`!#!0/0)0-!0!
?75*-*$!a'*!(0&*)*-!1*!.0!%'*&&2..0jEBE9!
!
_*%c-!'-!.@1*&!)#4'-2/0&2#+!
!
U-!W#$a'*&0!=!_0/2-%0!<03.0-!1*!.0$!O%'2.0$!H*%&0$!=!.0$!JAH`!(*&#!(0&0!
-#$#/&#$!$#-!(0&0$l!*$!.0!42$40!30&30&2101`!3&'/0.2101`!52#.*-)20`!0&40$`!
'-28#&4*$!1*!.0!40&2-09!U-!*.!('*3.#!*$/K-!5*$/21#$!1*!)252.`!(*&#!4K$!0..K!
*$/K-!'-28#&401#$!#!52$/*-!1*!-*%	!^2*-*-!&*/*-*$!*-!.0!$0.210!1*!Y.0=0!
f*&&*&0!=!4K$!0..K999!J(0&*-/*4*-/*!40/0-!0!.#$!)#.03#&01#&*$!1*!.0!%'*&&2..0!
T<<$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$:"43&*$1*$N0/2-%0$n'*$(2127$n'*$-"$#*$125'.%0&0$#'$21*-/2101F$<i$1*$#*(/2*43&*$1*$JKK`S$$T<J$93B1S$T<T$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$(*&#"-0$1*$.0$)"#/0$1*$M0&2k"$n'*$(2127$n'*$-"$#*$125'.%0&0$#'$21*-/2101F$['40)"F$<i$1*$#*(/2*43&*$1*$JKK`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & 0B
(0&0!2-8'-12&!*.!/*&&#&9!"0!)'*$/27-!*-!_0-!m#$[!8'*!24(#-*&!*.!/*&&#&`!'-!
0$*$2-0/#!8&*-/*!0!.0!)#4'-21019!999!W')<#$!)'*&(#$!30?0-!(#&!*.!&@#!
_0-%'20-%0!=!-012*!.#$!&*)#%*9!"0$!JAH!$*!40-/2*-*-!)#-!.#$!-0&)#$`!(*&#!
*$!'-!4#1#!1*!)#-/&#.0&!*.!/*&&2/#&2#9!!
!
!"#$0#*#2-0/"#$*-$=.$?"3.*$$
U.!B:!1*!$*(/2*43&*!1*!FCCR`!50&2#$!<#43&*$!0&401#$!..*%0&#-!0!.0!(*a'*X0!.#)0.2101!1*!U.!
D#3.*`!*-!.0$!08'*&0$!1*!^'40)#`!.0-60&#-!'-0!%&0-010!08'*&0!1*!'-0!5252*-10!0.!.@42/*!1*.!
('*3.#`!2-%&*$0&#-!(#&!.0!8'*&60!=!12$(0&0&#-!)#-/&0!.#$!<032/0-/*$9!G#$!<#43&*$!=!'-0!
4'?*&!40=#&!4'&2*&#-!)#4#!&*$'./01#!1*.!0/0a'*`!=!'-!3*3[!&*$'./7!<*&21#9!f'40-!D2%</$!
h0/)<!$*!*-)#-/&030!*-!#/&0!(0&/*!1*!^'40)#!*-!*$*!4#4*-/#!=`!*-!.#$!1@0$!$2%'2*-/*$`!
*-/&*52$/7!0!$#3&*5252*-/*$!=!0!.0$!0'/#&2101*$!.#)0.*$`!2-).'210!.0!(#.2)@0`!#3$*&57!.#$!
)'*&(#$!1*!.0$!5@)/240$!*-!*.!)*4*-/*&2#!1*!^'40)#!=!0$2$/27!0!'-!*-)'*-/&#!)#4'-2/0&2#!*-!
U.!D#3.*9!!
!
"#$!42*43&#$!1*!.0!)#4'-2101!=!#/&0$!(*&$#-0$!12?*&#-!a'*!.#$!0$*$2-#$!(*&/*-*)@0-!0!'-!
%&'(#!1*$)#-#)21#`!(#$23.*4*-/*!.#$!D0$/&#?#$`!0!a'2*-*$!1*$)&232*&#-!)#4#!
i(0&042.2/0&*$j9!_*%c-!50&2#$!/*$/2%#$`!1#$!1@0$!0-/*$!1*!.#$!0$*$2-0/#$`!*.!BE!1*!$*(/2*43&*!
1*!FCCR`!<'3#!'-!*-)'*-/&#!)#4'-2/0&2#!*-!*.!)'0.!0.%'-#$!42*43&#$!1*!.0!)#4'-2101!$*!
<03@0-!a'*?01#!1*!.0!(&*$27-!a'*!$'8&@0-!(#&!(0&/*!.0$!]JDA!=!.#$!D0$/&#?#$9!U$0!/0&1*`!
)'0/&#!<#43&*$`!a'*!$*!)&**!(*&/*-*)@0-!0!.#$!D0$/&#?#$`!/'52*&#-!'-0!12$)'$27-!)#-!'-!
<#43&*!1*!U.!D#3.*9!"0!12$)'$27-!)#-).'=7!)'0-1#!*.!<#43&*!1*!U.!D#3.*!12$(0&7!)#-/&0!'-#!
1*!.#$!D0$/&#?#$!=!.#!<2&279!"0!)#4'-2101`!(#&!/*4#&!0!a'*!.#$!<#43&*$!&*%&*$0&0-!)#-!K-24#!
1*!5*-%0-60`!(2127!0!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!a'*!2-%&*$0&0-!(0&0!3&2-10&.*$!
(&#/*))27-9!"0$!0'/#&2101*$!.#)0.*$!12?*&#-!0!f'40-!D2%</$!h0/)<!a'*!*.!U?[&)2/#!*$/'5#!*-!
*.!('*3.#!1'&0-/*!0.%'-0$!<#&0$`!(*&#!.'*%#!$*!&*/2&79!_*!)&**!a'*!.#$!0$*$2-0/#$!1*.!B:!1*!
$*(/2*43&*!<03&@0-!$21#!)#4*/21#$!(#&!.#$!42$4#$!<#43&*$!a'*!..*%0&#-!0.!('*3.#!*.!BE!1*!
*$*!4*$9!!
!
,-!5*)2-#!1*!.0$!5@)/240$!1*$)&2327!$'!*\(*&2*-)20+!!
!
W2!(01&*!*$/030!08'*&0!=!=#!*$/030!*-!)0$0!)#-!42!<*&40-#!)'0-1#!
*$)')<04#$!.0!*\(.#$27-!1*!.0!%&0-010!8&*-/*!0!-'*$/&0!)0$09!"'*%#!#@4#$!
12$(0&#$!=!'-0!4'?*&!a'*!(*1@0!0='109!A&*@!a'*!*&0!42!/@09!^*-@0!0!42!<2?#!*-!
3&06#$!=!/&0/[!1*!*$)0(0&999!J.!)#&&*&!4*!..*5[!(#&!1*.0-/*!'-!0.043&*!a'*!4*!
)#&/7!=!a'2$*!%&2/0&999!G2$(0&0&#-!0!'-!-2X#!=!'-0!4'?*&!a'*!-#!/*-@0-!-010!
& & & & & & 00& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
a'*!5*&999!W2!<2?#!a'*!*$/030!*-!3&06#$!12?#!)#&&04#$`!50-!0!40/0&-#$999!"*!
12?*!a'*!-#!..#&0&0jEBQ9!!
!
_*%c-!#/&0!4'?*&!1*.!('*3.#+!
!
"0$!/&*$!(*&$#-0$!a'*!40/0&#-!*&0-!3'*-#$!5*)2-#$999!"#$!na'*!.0$!40/0&#-o!
*&0-!(0&0$9!f03@0-!*$/01#!*-!*.!('*3.#!0-/*$!=!*.!('*3.#!$*!&*'-27!=!.*$!12?#!
a'*!-#!(#1@0-!*-/&0&!-2!(*&40-*)*&!0..@9!"#$!(0&0$!/#40&#-!.0$!0&40$!1*!.0$!
(*&$#-0$!1*.!('*3.#!=!0-1030-!)#4#!)252.*$9!U.!('*3.#!*$!8'*&/*`!=!)'0-1#!
*$)')<0&#-!12$(0&#$!$0.2*&#-!0!3'$)0&!0!.#$!(0&0$`!(*&#!=0!$*!<03@0-!21#999!U.!
U?[&)2/#!-#!(&#/*%27!0.!('*3.#9!A'0-1#!.0!(#.2)@0!..*%7999!.#$!(0&0$!$*!<03@0-!
21#EB:9!!
!
J!.0!*-/&010!1*.!<#$(2/0.!*-!*.!)'0.!*$/030!$2*-1#!0/*-121#!*.!3*3[!.'*%#!1*.!0/0a'*`!
<03.04#$!)#-!'-0!042%0!1*!.0!8042.20!0%&*12109!H#$!12?#!a'*!i.0$!(*&$#-0$!a'*!4'&2*&#-!
*&0-!.0!03'*.0`!*.!<2?#!1*!*$/0!=!#/&#!5*)2-#9!"#$!n$#3&*5252*-/*$o!1*32*&#-!2&!0.!<#$(2/0.!*-!
'-0!)0-#0!(#&a'*!/*-@0-!42*1#!1*!2&!(#&!/2*&&0j9!J%&*%7+!iW*!$2*-/#!24(#/*-/*9!"0!%*-/*!-#!
('*1*!<0)*&!-010!*-!*$/#$!)0$#$9!V*-/*!a'*!-'-)0!4#.*$/7!0!-012*`!a'*!*&0!
)#4(.*/04*-/*!2-#)*-/*`!/2*-*-!a'*!(0%0&jEB>9!
!
A'0-1#!f'40-!D2%</$!h0/)<!$*!12&2%27!0!.0!4#&%'*!1#-1*!*$/030-!.#$!)'*&(#$!1*!.0$!
5@)/240$!*.!BL!1*!$*(/2*43&*!1*!FCCR`!1*$)'3&27!a'*!.0!(#.2)@0!<03@0!1*?01#!.#$!)'*&(#$!
08'*&0!1*!.0!4#&%'*!*-!*.!)*4*-/*&2#!1*!^#40)#`!$2-!-2-%'-0!$'(*&52$27-`!0(*-0$!*-5'*./#$!
*-!3#.$0$!(.K$/2)0$9!"#$!)'*&(#$!<03@0-!$21#!*01#$!(#&!&*$21*-/*$!)'&2#$#$!1*!^'40)#!
a'*`!)010!/0-/#`!.*50-/030-!*.!(.K$/2)#!(0&0!42&0&!.#$!)01K5*&*$9!"#$!8'-)2#-0&2#$!1*.!
;-$/2/'/#!1*!W*12)2-0!"*%0.`!a'*!-#&40.4*-/*!..*50-!0!)03#!.0$!0'/#($20$!*-!*$/*!/2(#!1*!
)0$#$`!12?*&#-!0!f'40-!D2%</$!h0/)<!a'*!-2!$2a'2*&0!$03@0-!a'*!.#$!)'*&(#$!*$/030-!0..@`!=!
a'*!1*!/#1#$!4#1#$!-#!(#1@0-!<0)*&!-010!(#&a'*!.0!(#.2)@0!-#!.*$!<03@0!101#!.#$!
1#)'4*-/#$!(*&/2-*-/*$!(0&0!40-/*-*&!.0!)01*-0!1*!)'$/#120!d(*$*!0!a'*!*$/0!=0!$*!<03@0!
2-/*&&'4(21#!)'0-1#!.0!(#.2)@0!030-1#-7!.#$!)'*&(#$eEBL9!J!$'!5*6`!)'0-1#!f'40-!D2%</$!
T<I$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*#(.0601"$1*$=.$?"3.*F$['40)"F$<`$1*$#*(/2*43&*$1*$JKK`S$T<g$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$8042.20&$1*$."#$&*#21*-/*#$1*$=.$?"3.*F$['40)"F$<`$1*$#*(/2*43&*$1*$JKK`S$T<R$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$042%0$1*$.0#$5B)/240#$1*$."#$0#*#2-0/"#$1*$=.$?"3.*F$['40)"F$<i$1*$#*(/2*43&*$1*$JKK`S$T<i$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$8'-)2"-0&2"#$1*.$9-#/2/'/"$1*$h*12)2-0$!*%0.F$['40)"$DM0&2k"EF$<i$1*$#*(/2*43&*$1*$JKK`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *))
h0/)<!(&*%'-/7!0!.0!(#.2)@0!(#&!a'[!<03@0-!1*?01#!.#$!)'*&(#$!$2-!-2-%'-0!$'(*&52$27-`!-#!
('12*&#-!#8&*)*&!-2-%'-0!*\(.2)0)27-EBR9!!
!
U.!BR!1*!$*(/2*43&*!1*!FCCR`!*.!0.)0.1*!1*!^'40)#`!?'-/#!0!&*(&*$*-/0-/*$!1*!.0!0&4010`!
0$2$/27!0!'-!*-)'*-/&#!)#4'-2/0&2#!*-!U.!D#3.*9!f'40-!D2%</$!h0/)<!#3$*&57!)74#!50&2#$!
.@1*&*$!)#4'-2/0&2#$!$*!a'*?030-!(#&!.#$!0$*$2-0/#$!=!(*1@0-!0!.0$!0'/#&2101*$!a'*!.*$!
3&2-10&0-!40=#&!$*%'&2101+!iH#!$#4#$!52#.*-/#$`!$#4#$!(*&$#-0$!/&030?01#&0$!a'*!a'2*&*-!
'-0!$#)2*101!$2-!52#.*-)20j`!*\(&*$7!'-#!1*!*..#$9!U.!0.)0.1*!1*!^'40)#!12?#!0!.#$!0$2$/*-/*$!
a'*!*.!(.*40!3K$2)#!*&0!a'*!<03@0!(*&$#-0$!*-!.0!)#4'-2101!a'*!)'./25030-!)#)09!"#$!
.@1*&*$!1*!.0!)#4'-2101!40-28*$/0&#-!a'*!4')<#$!<03@0-!1*?01#!1*!)'./250&!)#)0!=!a'*`!*-!
/#1#!)0$#`!-*)*$2/030-!(&#/*))27-!(#&a'*!.#$!%&'(#$!0&401#$!t/0-/#!.0$!%'*&&2..0$!)#4#!
.#$!$')*$#&*$!1*!.#$!(0&042.2/0&*$t!.#$!(&*$2#-030-!(0&0!a'*!)'./250&0-9!iU\2%24#$!0='10!
2-4*120/0!(#&a'*!.0$!(*&$#-0$!*$/K-!$2*-1#!1*$(.06010$9!U$/04#$!12$('*$/#$!0!030-1#-0&!
'-!)'./25#!a'*!-#!&*(&*$*-/0!-'*$/&#!/&030?#!=!(#&a'*!$03*4#$!a'*!-#$!/&0*!(.*40$j`!
082&47!'-!.@1*&9@9S!!
T<`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$8'-)2"-0&2"#$1*$.0$N9s9MF$['40)"$DM0&2k"EF$<i$1*$#*(/2*43&*$1*$JKK`S$@9S$X*).0&0)2"-*#$1*$8'-)2"-0&2"#$.")0.*#$1'&0-/*$'-$*-)'*-/&"$)"4'-2/0&2"$*-$$=.$?"3.*F$['40)"$DM0&2k"EF$<`$1*$#*(/2*43&*$$1*$JKK`S$
& & & & & & *)*& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
!
3=8'.*'>"&;0"&-*'$"('7%6,"#4%'2%(%+6,*4%''
!
Z*$*!0!$'!).0&0!#3.2%0)27-!1*!0)/'0&!(0&0!24(*12&!*.!$'&%242*-/#!1*!.#$!%&'(#$!$')*$#&*$!=!
.0!04*-060!a'*!$'(#-*-`!<0$/0!*.!4#4*-/#!.0!&*$('*$/0!1*.!%#32*&-#!)#.#4320-#!<0!$21#!
1*82)2*-/*!*!2-*82)069!U.!%#32*&-#!0c-!-#!<0!01#(/01#!4*1210$!01*)'010$!(0&0!*-8&*-/0&!=!
1*$0&/2)'.0&!0!.#$!%&'(#$`!(&#/*%*&!0!.0!(#3.0)27-!)252.!1*!03'$#$!#!(&*5*-2&!/#.*&0-)20!1*!.#$!
%&'(#$!$')*$#&*$!(#&!(0&/*!1*!0%*-/*$!1*.!*$/01#`!(0&0!.#!)'0.!1*3*!2-5*$/2%0&!=!?'6%0&!)#-!
82&4*60!0!.#$!8'-)2#-0&2#$!)#-/&0!a'2*-*$!(*$0-!1*-'-)20$!)&*@3.*$!1*!a'*!<0-!/#.*&01#!0!
*$/#$!%&'(#$!#!1*!0.%c-!4#1#!0)/'01#!*-!)#--25*-)20!)#-!*..#$9!
!
_3.2%0)27-$1*$3&2-10&$(&"/*))27-$)"-/&0$."#$%&'("#$#')*#"&*#$
"#$!%&'(#$!$')*$#&*$!<0-!$21#!)0/0.#%01#$!1*!12$/2-/0$!40-*&0$`!)#4#!(0&042.2/0&*$`!
30-10$!)&242-0.*$`!%&'(#$!0&401#$!2.*%0.*$!=!)0&/*.*$!1*!-0&)#/&K82)#9!J.%'-0$!
#&%0-260)2#-*$!-#!%'3*&-04*-/0.*$!<03.0-!1*!'-0!i-'*50!%*-*&0)27-!1*!(0&042.2/0&*$j!#!
i-'*5#$!%&'(#$!(0&042.2/0&*$jEFC9!"0!WJZZbYJ_!<03.0!1*!i*$/&')/'&0$!0&4010$!2.*%0.*$!1*!
(*&82.!1*.2-)'*-)20.j`!0$@!)#4#!i%&'(#$!0&401#$!2.*%0.*$j!=!i80))2#-*$!0&4010$`!
*$/&*)<04*-/*!&*.0)2#-010$!)#-!*.!1*$0&&#..#!1*!*)#-#4@0$!2.*%0.*$jEFB9!U.!J./#!
A#42$2#-01#!1*!.0$!H0)2#-*$!,-210$!(0&0!.#$!G*&*)<#$!f'40-#$!<0)*!4*-)27-!1*!i%&'(#$!
0&401#$!2.*%0.*$!$'&%21#n$o!1*$('[$!1*!.0!1*$4#52.260)27-jEFF9!!
!
Z#&!$'!(0&/*`!*.!%#32*&-#!)#.#4320-#!$*!-2*%0!0!&*8*&2&$*!.#$!%&'(#$!$')*$#&*$!)#4#!
(0&042.2/0&*$!t101#!a'*!082&40!a'*!.#$!(0&042.2/0&*$!$*!<0-!1*$4#52.2601#t!=`!*-!)0432#`!
.#$!).0$282)0!)#4#!i30-10$!)&242-0.*$!*4*&%*-/*$j!#!kJAD;W9!J.%'-0$!8'*-/*$!<0-!
*\(.2)01#!a'*!.0!-*%0/250!1*.!%#32*&-#!)#.#4320-#!0!)0/0.#%0&!1*!(0&042.2/0&*$!0!.#$!%&'(#$!
$')*$#&*$!$*!1*3*!0!a'*!*.!%#32*&-#!a'2*&*!24(*12&!a'*!*$/#$!%&'(#$!('*10-!&*).040&!*.!
TJK$!*7-$O0.*-)20F$o'-10)27-$M'*5"$P&)"$9&2#F$Ay=4(*67$*.$1*).25*$1*$.0$#*%'&2101$1*4")&H/2)0bCF$JT$1*$-"52*43&*$1*$JKKLv$AP'/"1*8*-#0#$Z02/0-2#/0#$1*$V"."4320$0(0&*)*-$/0432l-$*-$M0&2k"CF$)"4'-2)01"$1*$(&*-#0$1*$.0$V"-#'./"&B0$(0&0$."#$X*&*):"#$>'40-"#$;$*.$X*#(.06042*-/"F$Ji$1*$")/'3&*$1*$JKK`F$://(+\\]]]S)"1:*#S"&%\2-1*aS(:(b"(/2"-c)"4d)"-/*-/e/0#fc52*]e21cTRJ$D)"-#'./01"$*.$Jg$1*$#*(/2*43&*$1*$JKKLES$TJ<$_&%0-260)27-$1*$."#$=#/01"#$P4*&2)0-"#F$AX*)24"#*%'-1"$9-8"&4*$[&24*#/&0.$1*.$N*)&*/0&2"$%*-*&0.$0.$V"-#*j"$U*&40-*-/*$#"3&*$.0$h2#27-$1*$P(";"$0.$U&")*#"$1*$U06$*-$V"."4320CF$_=P\N*&SZF$VU\1")SITRg\KL$)"&&S<F$L$1*$8*3&*&"$1*$JKKLF$://(+\\]]]S40((Q"*0S"&%\#2/*#\1*80'./\82.*#\240%*#\/]*.8/:n'0&/*&.;&*("&/^JK40((S(18$D)"-#'./01"$*.$R$1*$0%"#/"$1*$JKKLEF$(H%S$JS$$TJJ$_82)2-0$1*.$P./"$V"42#2"-01"$1*$.0#$M0)2"-*#$,-210#$(0&0$."#$X*&*):"#$>'40-"#$*-$V"."4320F$A9-8"&4*$1*$.0$P./0$V"42#2"-010$1*$.0#$M0)2"-*#$,-210#$(0&0$."#$X*&*):"#$>'40-"#$#"3&*$.0$#2/'0)27-$1*$."#$1*&*):"#$:'40-"#$*-$V"."4320CF$
P\>?V\i\TLF$J`$1*$8*3&*&"$1*$JKK`F$
://(+\\]]]S:):&S"&%S)"\1")'4*-/"#*2-8"&4*#\2-8"&4*#\0./")"42#2"-01"\JKKi\?*("&/^JK>2%:^JKV"442##2"-*&^JK=-%.
2#:^JKPXOPMV=^JK=X9[9_MS:/4Äd8/-&*8Ti$D)"-#'./01"$*.$TK$1*$03&2.$1*$JKK`EF$(H&&S$LID0ES$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *)(
*$/0/'$!1*!%&'(#!0&401#!2.*%0.!(0&0!*8*)/#$!1*!3*-*82)2#$!*-!8'/'&0$!-*%#)20)2#-*$!)#-!*.!
%#32*&-#9EFE!!Z*&#!*$/0!*\(.2)0)27-!*$!2-01*)'010`!=0!a'*!*.!%#32*&-#!)#.#4320-#!<0!
(0&/2)2(01#!*-!-*%#)20)2#-*$!*-!*.!(0$01#!)#-!#&%0-260)2#-*$!)&242-0.*$t/0.*$!)#4#!*.!
)0&/*.!1*!W*1*..@-`!1*!Z03.#!U$)#30&t#8&*)2[-1#.*$!3*-*82)2#$!$2-!24(#&/0&!$'!*$/0/'$!)#4#!
)&242-0.*$!#!%&'(#$!0&401#$9!!!!
!
_2-!*430&%#`!)#4#!$*X0.7!.0!Y82)2-0!1*.!J./#!A#42$2#-01#!1*!.0$!H0)2#-*$!,-210$!(0&0!.#$!
G*&*)<#$!f'40-#$`!i2-1*(*-12*-/*4*-/*!1*!$'!1*-#42-0)27-`!n.#$!%&'(#$o!)#-$/2/'=*-!
8'*-/*!1*!.*%@/240!(&*#)'(0)27-!(#&a'*!)#-/2-c0-!*?*&)2*-1#!52#.*-)20!)#-/&0!.0!(#3.0)27-!
)252.jEFQ9!g!4K$!0..K!1*!)74#!$*0-!)0/0.#%01#$`!*.!%#32*&-#!)#.#4320-#!/2*-*!
&*$(#-$032.2101*$!*$(*)@82)0$!1*!<0)*&!8&*-/*!0!.0!04*-060!a'*!&*(&*$*-/0-!(0&0!.0!
(#3.0)27-!)252.9!U-/&*!*$/0$!#3.2%0)2#-*$!$*!2-).'=*-!(&#/*%*&!0!.#$!)252.*$!8&*-/*!0!
0%&*$2#-*$`!(&*5*-2&!03'$#$!=!%0&0-/260&!*.!?'6%042*-/#!1*!.#$!03'$#$!#)'&&21#$EF:9!U.!%&01#!
1*!&*$(#-$032.2101!1*.!*$/01#!(#&!.#$!03'$#$!1*!.#$!%&'(#$!$')*$#&*$!$*!2-)&*4*-/0&K!*-!
8'-)27-!1*!.0!4*1210!*-!a'*!.#$!0%*-/*$!1*.!*$/01#!/#.*&*-!0!*$/#$!%&'(#$!#!)#.03#&*-!)#-!
*..#$9!!
!
;-1*(*-12*-/*4*-/*!1*!.0!1*)2$27-!1*.!%#32*&-#!)#.#4320-#!1*!-#!)0.282)0&!0!*$/#$!%&'(#$!
)#4#!(0&042.2/0&*$`!0.%'-#$!(#1&@0-!)#-$21*&0&$*!%&'(#$!0&401#$!0!*8*)/#$!1*!.0$!.*=*$!1*!
%'*&&0!d1*&*)<#!2-/*&-0)2#-0.!<'40-2/0&2#`!G;fe9!U-!.0!(&K)/2)0`!.#$!%&'(#$!$')*$#&*$!/2*-*-!
12$/2-/#$!-25*.*$!1*!#&%0-260)27-!=!)#-/&#.!/*&&2/#&20.`!=!0.%'-#$!*$/K-!4K$!.2%01#$!0.!
)#-8.2)/#!*-/&*!.0$!8'*&60$!1*!$*%'&2101!)#.#4320-0$!=!.0$!]JDA!=!*.!U"H!a'*!#/&#$9!!
!
"#$!%&'(#$!a'*!('*1*-!$*X0.0&$*!)#4#!52-)'.01#$!0.!)#-8.2)/#!)#-!.0!%'*&&2..0`!a'*!#(*&0-!
30?#!.0!12&*))27-!1*!'-!40-1#!&*$(#-$03.*!=!a'*!*?*&)*-!$#3&*!'-!/*&&2/#&2#!'-!)#-/&#.!/0.!
ia'*!.*$!(*&42/0!&*0.260&!#(*&0)2#-*$!42.2/0&*$!$#$/*-210$!=!)#-)*&/010$j!$*!)#-$21*&0-!
%&'(#$!0&401#$!0!*8*)/#$!1*.!1*&*)<#!2-/*&-0)2#-0.!<'40-2/0&2#!=!1*3*-!*$/0&!$'?*/#$!0!
*$/*9EF>!I0&2#$!1*!.#$!%&'(#$!$')*$#&*$`!)#4#!H'*50!V*-*&0)27-!*-!H0&2X#`!0$@!)#4#!.#$!
%&'(#$!a'*!#(*&0-!*-!.#$!1*(0&/04*-/#$!1*!W*/0`!I2)<010!=!V'0520&*`!$*!*-)'01&0-!*-!
TJT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$0./"$8'-)2"-0&2"$1*$.0$U".2)B0$M0)2"-0.F$G"%"/HF$<i$1*$j'.2"$1*$JKKLS$$V"4'-2)0)27-$*-52010$("&$)"&&*"$*.*)/&7-2)"$1*$'-$0-/2%'"$8'-)2"-0&2"$1*.$h2-2#/*&2"$1*$X*8*-#0$0$>'40-$?2%:/#$@0/):F$<L$1*$*-*&"$1*$JK<KS$TJI$_82)2-0$1*.$P./"$V"42#2"-01"$1*$.0#$M0)2"-*#$,-210#$(0&0$."#$X*&*):"#$>'40-"#$*-$V"."4320F$A9-8"&4*$1*$.0$P./0$
V"42#2"-010$1*$.0#$M0)2"-*#$,-210#$(0&0$."#$X*&*):"#$>'40-"#$#"3&*$.0$#2/'0)27-$1*$."#$1*&*):"#$:'40-"#$*-$V"."4320$
JKKiCF$(H&&S$IKS$TJg$O*.H#n'*6$?"1&B%'*6$5$>"-1'&0#F$N*-/*-)20$1*.$JL$1*$j'.2"$1*$<L``F$(H&&#S$<iJQ<igS$$TJR$U&"/")"."$P12)2"-0.$0$."#$V"-5*-2"#$1*$Z2-*3&0$1*.$<J$1*$0%"#/"$1*$<LIL$?*.0/25"$0$.0$U&"/*))27-$1*$OB)/240#$1*$V"-8.2)/"#$P&401"#$M"$9-/*&-0)2"-0.*#$DU&"/")"."$99EF$<<Jg$,SMS[SNS$RKLF$*-$52%"&$1*#1*$*.$i$1*$12)2*43&*$1*$<Li`F$&0/282)01"$("&$V"."4320$*.$<g$1*$0%"#/"$1*$<LLgF$0&/S$<D<ES$
& & & & & & *)/& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
*$/0!1*$)&2()27-`!$*%c-!.0!Y82)2-0!1*.!J./#!A#42$2#-01#!1*!.0$!H0)2#-*$!,-210$!(0&0!.#$!
G*&*)<#$!f'40-#$!*-!A#.#4320EFL9!U$!(.0'$23.*!$#$/*-*&!a'*!.#$!#/&#$!%&'(#$!1*!H0&2X#`!0.!
2%'0.!a'*!.#$!1*!,&03K`!$#3&*!.#$!)'0.*$!$*!<0!2-8#&401#!a'*!$'*.*-!*-8&*-/0&$*!0!0.%'-0$!
1*!.0$!%'*&&2..0$!=!a'*!)'*-/0-!)#-!'-0!(&*$*-)20!/*&&2/#&20.!$2%-282)0/250`!/0432[-!$*!
*-)'01&0-!*-!.0!1*$)&2()27-9!!
Y/&#$!%&'(#$`!)#-!'-!4*-#&!%&01#!1*!)#-/&#.!/*&&2/#&20.!=!#&%0-260)27-`!#!a'*!-#!*$/[-!0.2-*01#$!)#-!*.!)#-8.2)/#`!('*1*-!$*&!$24(.*$!i#&%0-260)2#-*$!)&242-0.*$j!&*$(*)/#!1*!.0$!)'0.*$!*.!*$/01#!*$/K!*-!*.!1*3*&!?'&@12)#!1*!(&*5*-2&`!&06#-03.*4*-/*`!.0$!52#.0)2#-*$!1*!1*&*)<#$!<'40-#$`!1*!2-5*$/2%0&!$*&204*-/*!)#-!.#$!4*12#$!0!$'!0.)0-)*!.0$!52#.0)2#-*$!a'*!$*!<0=0-!)#4*/21#!0!82-!1*!21*-/282)0&!0!.#$!&*$(#-$03.*$`!1*!24(#-*&.*$!.0$!$0-)2#-*$!(*&/2-*-/*$!=!1*!0$*%'&0&!0!.0!5@)/240!'-0!01*)'010!&*(0&0)27-EFR9!
V"430/2&$0$."#$%&'("#$
B.#+(1'0'5*#+(#;0.)#.#".#L%"'12.#(*#?(@#+("#6JM)1'7%#9.).#1%-&.7')#.#"%0#$);9%0#
0;1(0%)(0#
W*120-/*!'-0!12&*)/250!*42/210!*-!FCCT`!*.!W2-2$/*&2#!1*!G*8*-$0!<0!0$2%-01#!.0!(&2-)2(0.!
&*$(#-$032.2101!1*!)#430/2&!0!.#$!%&'(#$!$')*$#&*$!0!.0!Z#.2)@0!H0)2#-0.!1*!A#.#4320`!=!<0!
.242/01#!*$/&2)/04*-/*!*.!&#.!1*.!U?[&)2/#9!U$/0!1*)2$27-!$*!8'-104*-/7!*-!.0!(#$2)27-!1*.!
%#32*&-#!1*!a'*!.#$!%&'(#$!$')*$#&*$!$#-!$24(.*$!30-10$!)&242-0.*$!d#!kJAD;We`!=!a'*!
)#430/2&.#$!*$!'-0!42$27-!(&#(20!1*!.0!(#.2)@0`!=!-#!1*.!U?[&)2/#9!!
!
"0!12&*)/250!1*!FCCT!1*.!W2-2$/*&2#!1*!G*8*-$0!12$(#-*!a'*!i.0!Z#.2)@0!H0)2#-0.!/*-1&K!
(&240)@0!*-!.0!.')<0!)#-/&0!.0$!kJAD;W9!!A'0-1#!.#!)#-$21*&*!-*)*$0&2#`!(#1&K!&*a'*&2&!
0(#=#!1*!.0$!]'*&60$!W2.2/0&*$!)#-8#&4*!0.!(&#)*1242*-/#!*$/03.*)21#!*-!n#/&0!$*))27-!1*!.0!
12&*)/250oojEFT9!A#-)&*/04*-/*`!)'0-1#!.0!(#.2)@0!&*a'2*&0!0$2$/*-)20`!*.!G2&*)/#&!1*!.0!Z#.2)@0!
H0)2#-0.!(#1&K!(*12&!'-0!&*'-27-!)#-!'-!V&'(#!J$*$#&!0!)0&%#!1*.!A#40-10-/*!1*!.0$!
]'*&60$!J&4010$`!*.!)'0.!1*/*&42-0&K!*.!-25*.!1*!8'*&60!a'*!(#1&K!'/2.260&$*!(0&0!&*$(#-1*&!
0!12)<#$!&*a'*&242*-/#$EEC9!"0!12&*)/250!12$(#-*!0$242$4#!a'*!*.!V&'(#!J$*$#&!1*/*&42-0&K!
a'[!kJAD;W!$*&K-!#3?*/#!1*!.#$!#(*&0/25#$!42.2/0&*$!*8*)/'01#$!*-!&*$(0.1#!1*!.0!Z#.2)@0!
H0)2#-0.`!$2!32*-!$*X0.0!a'*!i*-!)'0.a'2*&!)0$#`!*-!)'4(.242*-/#!1*.!1*3*&!)#-$/2/')2#-0.!
TJi$_82)2-0$1*.$P./"$V"42#2"-01"$1*$.0#$M0)2"-*#$,-210#$(0&0$."#$X*&*):"#$>'40-"#$*-$V"."4320F$A9-8"&4*$1*$.0$P./0$V"42#2"-010$1*$.0#$M0)2"-*#$,-210#$(0&0$."#$X*&*):"#$>'40-"#$#"3&*$.0$#2/'0)27-$1*$."#$1*&*):"#$:'40-"#$*-$V"."4320CF$(H&&S$TLS$TJ`$O*.H#n'*6$?"1&B%'*6$)S$>"-1'&0#F$N*-/*-)20$1*.$JL$1*$j'.2"$1*$<L``F$(H&&S$<iIS$TJL$h2-2#/*&2"$1*$X*8*-#0$M0)2"-0.$1*$V"."4320F$X2&*)/250$U*&40-*-/*$MSm$JK`F$#*))27-$TD3ED<KED8ES$$TTK$93B1SF$#*))27-$DTED3ED0ED3ES$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *).
1*!.0$!]]WW!1*!(&#/*%*&!0!.0!(#3.0)27-`!)'0-1#!.0$!'-2101*$!42.2/0&*$!1*$(.2*%'*-!
#(*&0)2#-*$!=!/*-%0-!)#-/0)/#!)#-!'-!%&'(#!1*!kJAD;W!a'*!-#!<0=0!$21#!21*-/282)01#!)#4#!
#3?*/#!1*!#(*&0)2#-*$999!*.!'$#!1*!.0!8'*&60!$*!<0&K!*-!.*%@/240!1*8*-$09jEEB!!
!
"0!'-2101!1*!(#.2)@0!*-)0&%010!1*!..*50&!0!)03#!.0!40=#&@0!1*!.#$!#(*&0/25#$!)#-/&0!.#$!
%&'(#$!$')*$#&*$!*$!.0!G2&*))27-!1*!A0&032-*&#$!=!_*%'&2101!D'&0.EEF9!_#-!)2-)#!.0$!6#-0$!
a'*!<0-!$21#!0$2%-010$!)#4#!*.!8#)#!(&2-)2(0.!1*!.#$!#(*&0/25#$!1*!.#$!A0&032-*&#$9!A010!
6#-0!/2*-*!50&2#$!*$)'01&#-*$!4752.*$!1*!A0&032-*&#$!d)010!'-#!2-/*%&01#!(#&!E!#82)20.*$`!
BC!$'3#82)20.*$!=!BCL!%'0&120$eEEE9!]'*-/*$!(#.2)20.*$!$*X0.0&#-!a'*!*-!/#/0.!<03@0!LB!
*$)'01&#-*$!4752.*$`!FC!1*!.#$!)'0.*$!(*&/*-*)@0-!0!.0!G2&*))27-!1*!J-/2-0&)7/2)#$!=!*&0-!
'$01#$!)#-!82-*$!1*!*&&012)0)27-`!=!-#!(0&0!.')<0&!)#-/&0!%&'(#$!$')*$#&*$9!"#$!#/&#$!:B!
*$/030-!*-!.0!'-2101!1*!A0&032-*&#$`!=!8'*&#-!0$2%-01#$!0!.0!.')<0!)#-/&0!%&'(#$!$')*$#&*$!
*-!.0$!6#-0$!&'&0.*$9!
!
U$/0!40-*&0!1*!*-8&*-/0&!0!.#$!%&'(#$!$')*$#&*$!#8&*)*!0.%'-0$!5*-/0?0$`!=0!a'*!*$!4K$!
80)/23.*!a'*!.0!(#.2)@0!&*0.2)*!2-5*$/2%0)2#-*$!=!)0(/'&0$9!U.!U?[&)2/#!*$!4K$!(&#(*-$#!0!'$0&!
.0!8'*&60`!=!*$!$0321#!a'*!<0!)#4*/21#!*?*)')2#-*$!*\/&0?'12)20.*$`!)#4#!<0!a'*101#!
*\<0'$/2504*-/*!1#)'4*-/01#!(#&!-'4*&#$0$!#&%0-260)2#-*$!=!*.!D*.0/#&!U$(*)20.!1*!.0!
YH,!$#3&*!U?*)')2#-*$!U\/&0?'12)20.*$EEQ9!!
!
_2-!*430&%#`!.0!0)/'0.!1252$27-!1*!&*$(#-$032.2101*$!<0!%*-*&01#!0.%'-0$!)#-$*)'*-)20$!
(.*4K/2)0$!*-!.0!(&K)/2)09!
!
U-!(&24*&!.'%0&`!.0!(#.2)@0!)0&*)*!1*!(&*$*-)20!/*&&2/#&20.!8'*&/*`!*-!*$(*)20.!*-!.0$!6#-0$!
&'&0.*$`!=!(#&!.#!/0-/#!$24(.*4*-/*!-#!*$/K!0)/250!*-!4')<0$!&*%2#-*$!*-!.0$!)'0.*$!#(*&0-!
.#$!%&'(#$!$')*$#&*$9!H#&40.4*-/*`!.0!(#.2)@0!#(*&0!*-!K&*0$!'&30-0$!=!$7.#!.0$!'-2101*$!
TT<$93B1SF$#*))27-$TD3ED<KED8ES$TTJ$V0&/0$1*.$V-*.S$?2)0&1"$P.3*&/"$?*#/&*("$!"-1"k"F$X2&*)/"&$1*$V0&032-*&"#$;$N*%'&2101$1*$.0$U".2)B0$M0)2"-0.$1*$V"."4320F$12&2%210$0$>'40-$?2%:/#$@0/):F$L$1*$#*(/2*43&*$1*$JKKLS$!0$)0&/0$#*k0.0$n'*$.0$X2&*)/250$MSm$K<L$1*.$<R$1*$03&2.$1*$JKKLF$*42/210$("&$.0$_82)2-0$1*$U.0-*0)27-$1*$.0$U".2)B0F$1*.*%0$.0$&*#("-#032.2101$1*$)"430/2&$0$.0#$A30-10#$)&242-0.*#C$0$.0$X2&*))27-$1*$V0&032-*&"#S$TTT$93B1S$!0#$6"-0#$#"-+$
r"-0$<+$,&03H$DP-/2"n'20$;$V:")7E$r"-0$J+$V7&1"30F$N')&*$;$.0$&*%27-$1*.$G0j"$V0')0$1*$P-/2"n'20$r"-0$T+$V0#0-0&*F$h*/0F$O2):010F$Z'0520&*F$Z'02-20$r"-0$I+$&*%27-$#'&$1*$V*#0&F$&*%27-$#'&$1*$G".B50&F$M"&/*$1*$N0-/0-1*&S$
r"-0$g+$M0&2k"F$O0..*$1*.$V0')0F$V0')0$TTIX*).0&0)27-$1*.$U&"8*#"&$U:2.2($P.#/"-F$?*.0/"&$=#(*)20.$1*$.0$_M,$#"3&*$=j*)')2"-*#$=a/&0j'12)20.*#F$h2#27-$0$V"."4320$1*.$`$0.$<`$1*$j'-2"$1*$JKKLF$<`$1*$j'-2"$1*$JKKLF$://(+\\]]]S:):&S"&%S)"\1")'4*-/"#*2-8"&4*#\1")'4*-/"#\&*.0/"&*#*#(*)20.*#\JKKL\&*.0/"&*#S(:(Tb)"1cJe)0/c`K$D)"-#'./01"$*.$g$1*$-"52*43&*$1*$JKKLES$
& & & & & & *),& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
1*!)0&032-*&#$!*$/K-!(&*$*-/*$!*-!.0$!6#-0$!&'&0.*$9!H#!#3$/0-/*`!*-!.0!40=#&@0!1*!.0$!
6#-0$!&'&0.*$!a'*!52$2/7!f'40-!D2%</$!h0/)<!=!1#-1*!*$/030-!0)/25#$!.#$!%&'(#$!$')*$#&*$`!
.#$!&*$21*-/*$!-#!<03@0-!-#/01#!-2-%'-0!$*X0.!1*!.0!(&*$*-)20!1*!.0$!'-2101*$!1*!
)0&032-*&#$9!"#!42$4#!$*!)#-$/0/7!*-!$*)/#&*$!1*!W*/0`!,&03K!=!H0&2X#9!_2!32*-!.0!(#.2)@0!
082&40!a'*!)'*-/0!)#-!&*)'&$#$!$'82)2*-/*$!(0&0!)'4(.2&!$'!42$27-`!0.%'-#$!0./#$!
8'-)2#-0&2#$!1*.!W2-2$/*&2#!1*!G*8*-$0!)#4*-/0&#-!*-!.0$!&*'-2#-*$!)#-!f'40-!D2%</$!
h0/)<!a'*!.0!(#.2)@0!-#!/*-@0!.0!)0(0)2101!-2!.#$!&*)'&$#$!-*)*$0&2#$!(0&0!*-8&*-/0&!
*8*)/2504*-/*!0!.#$!%&'(#$!$')*$#&*$!*-!.0$!6#-0$!&'&0.*$EE:9!Z#&!*?*4(.#`!*-!W*/0`!.0!
(#.2)@0!1*!I2$/0<*&4#$0!12?#!0!f'40-!D2%</$!h0/)<!a'*!<03@0-!$21#!0$2%-01#$!0!/&030?0&!
c-2)04*-/*!*-!.0$!6#-0$!'&30-0$!=!a'*!-#!$*!#)'(030-!1*!.#$!%&'(#$!$')*$#&*$!*-!.0$!
6#-0$!&'&0.*$!5*)2-0$`!)#4#!.0!(*a'*X0!.#)0.2101!1*!_0-/#!G#42-%#`!1#-1*!(*$*!0!a'*!.#$!
&*$21*-/*$!1*-'-)2030-!)#-/2-'04*-/*!03'$#$!(#&!(0&/*!1*!.#$!<#43&*$!1*!A')<2..#`!-#!
<03@0!-2-%'-0!'-2101!1*!)0&032-*&#$!(0&0!*-8&*-/0&!0!*$/*!%&'(#EE>9!!
!
U-!$*%'-1#!.'%0&`!$2!32*-!.0!12&*)/250!12$(#-*!a'*!*.!U?[&)2/#!('*1*!)#430/2&!0!.#$!%&'(#$!
$')*$#&*$!(0&0!(&#/*%*&!0!.0!(#3.0)27-!)252.!*-!K&*0$!1#-1*!.0!(#.2)@0!-#!*$/K!(&*$*-/*`!0.!
4*-#$!0.%'-#$!$*)/#&*$!1*.!U?[&)2/#!-#!.#!*$/K-!<0)2*-1#9!!
!
f'40-!D2%</$!h0/)<!#3$*&57!*$/*!(0/&7-!*-!W*/0`!1#-1*!(*$*!0!-'4*&#$0$!1*-'-)20$!1*!
&*$21*-/*$!=!0'/#&2101*$!)252.*$!1*!a'*!.#$!<#43&*$!1*!A')<2..#!*$/030-!#(*&0-1#!*-!
I2$/0<*&4#$0`!&*(&*$*-/0-/*$!/0-/#!1*!.0!(#.2)@0!)#4#!1*.!U?[&)2/#!-*%0&#-!a'*!A')<2..#!
/'52*&0!'-0!(&*$*-)20!$2%-282)0/250!*-!.0!&*%27-9!Z*#&!0c-`!0430$!*-/2101*$!$*X0.0&#-!0!.0!
#/&0!)#4#!&*$(#-$03.*!1*!<0)*&!8&*-/*!0!*$/#$!%&'(#$9!A'0-1#!<03.04#$!)#-!.0!(#.2)@0!1*!
I2$/0<*&4#$0`!-*%0&#-!a'*!<'32*&0!%&'(#$!52-)'.01#$!)#-!.#$!(0&042.2/0&*$!*-!.0!6#-0`!$2-#!
$#.04*-/*!%'*&&2..0$9!iA')<2..#!-#!*$/K!*-!I2$/0<*&4#$0`!/0.!5*6!*$/[!*-!#/&0$!(0&/*$!1*!
W*/0j`!12?#!*.!)#40-10-/*!1*.!G*(0&/04*-/#!1*!Z#.2)@0!1*!I2$/0<*&4#$0EEL9!J82&47!a'*!$'!
'-2101!1*!(#.2)@0!-#!*&0!&*$(#-$03.*!1*!(0/&'..0&!.0$!6#-0$!&'&0.*$`!=!a'*!*$0!/0&*0!*$!
&*$(#-$032.2101!1*.!U?[&)2/#9!!
!
U.!A#&#-*.!A#&&*0`!A#40-10-/*!1*!.0!k&2%010!W752.!H9yBF`!12?#!a'*!<03@0!0.%'-0!(&*$*-)20!
1*!)&24*-!#&%0-2601#!*-!.0!&*%27-`!i(*&#!*$!'-0!$2/'0)27-!a'*!1*3*!40-*?0&!.0!(#.2)@0`!=!-#!
*.!U?[&)2/#`!(#&a'*!$#-!30-10$!)&242-0.*$9!H#!$#-!%&'(#$!)#-/&02-$'&%*-/*$999!_2!.#$!%&'(#$!
)&*)*-!1*40$201#`!*-/#-)*$!$*&@0!-#&40.!a'*!.0!(#.2)@0!(212*&0!0='10!0.!U?[&)2/#`!(*&#!.#$! TTg$V"4'-2)0)27-$*-52010$("&$)"&&*"$*.*)/&7-2)"$1*$'-$*a$8'-)2"-0&2"$1*$0./"$-25*.$1*.$h2-2#/*&2"$1*$X*8*-#0$0$>'40-$?2%:/#$@0/):F$<L$1*$*-*&"$1*$JK<KS$TTR=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$[*-2*-/*$!26)0-"F$V"40-10-/*$1*.$X*(0&/04*-/"$1*$U".2)B0$1*$O2#/0:*&4"#0F$O2#/0:*&4"#0F$h*/0F$<<$1*$40&6"$1*$JKKLS$TTi$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *)-
%&'(#$!-#!$#-!/0-!%&0-1*$999!G*3*!<03*&!B:!7!FC!<#43&*$!0&401#$`!=!#/&#$!FC!2-8#&40-/*$9!
A')<2..#!*$/K!*-!V'0520&*`!-#!*-!W*/0jEER9!U.!A#&#-*.!$*X0.7!a'*!$'!k&2%010!/*-@0!B9>CC!
$#.101#$!*-!I2$/0<*&4#$09!
!!
I(0;"7.+%0#-'N7%0#<#%&07C1;"%0#(*#".#";1A.#1%*7).#"%0#$);9%0#
"0!(#.2)@0!<0!.#%&01#!0.%'-#$!24(#&/0-/*$!&*$'./01#$`!)#4#!.0!)0(/'&0!1*!0./#$!40-1#$!1*!
.#$!%&'(#$!$')*$#&*$9!Z#&!*?*4(.#`!*.!%&'(#!)#-#)21#!)#4#!i"#$!H*501#$j`!a'*!#(*&030!*-!
.0!)#$/0!1*.!J/.K-/2)#!*-!6#-0$!a'*!0-/*&2#&4*-/*!*$/030-!30?#!*.!)#-/&#.!1*.!k.#a'*!H#&/*!
1*!.0$!J,A`!8'*!1*32.2/01#!$'$/0-)20.4*-/*!.'*%#!1*!.0!4'*&/*!1*!'-#!1*!$'$!.@1*&*$`!I@)/#&!
W0-'*.!W*?@0!W'-*&0`!=!.0!1*/*-)27-!1*!$'!<*&40-#!W2%'*.!O-%*.EET9!G*.!42$4#!4#1#`!.0!
1*/*-)27-!1*!iG#-!W0&2#j!*-!,&03K!(#&!.0!(#.2)@0!=!1*!-'4*&#$#$!.@1*&*$!1*!.0!Y82)2-0!1*!
U-52%01#!=!#/&#$!%&'(#$!*-!W*1*..@-!<0!$2%-282)01#!'-!8'*&/*!*430/*!)#-/&0!*$/#$!%&'(#$9!
!
H#!#3$/0-/*`!.0!(#.2)@0!(0&*)*!<03*&!.23&01#!'-0!30/0..0!2-c/2.!)#-/&0!*$/#$!%&'(#$9!U-!
(0.03&0$!1*!'-!#82)20.!1*!.0!WJZZbYUJ!d=!/0432[-!.0$!(0.03&0$!1*!J.*\0-1*&!Z'.%0&@-`!1*!
W*1*..@-e`!i'-!&*=!4'*&/#!*$!n999o!&*=!('*$/#j9!J!4*1210!a'*!.#$!.@1*&*$!1*!.0$!#&%0-260)2#-*$!
$#-!)0(/'&01#$`!$'*.*-!$*&!&**4(.0601#$!(#&!-'*5#$!.@1*&*$`!)#4#!0(0&*-/*4*-/*!$')*127!
*-!,&03K!.'*%#!1*!.0!1*/*-)27-!1*!G#-!W0&2#9!g!*-!)0$#$!*-!a'*!$*!<0-!0$*$/01#!8'*&/*$!
%#.(*$!0!*$/#$!%&'(#$`!#/&#$!<0-!#)'(01#!$'!.'%0&9!Z#&!*?*4(.#`!$*%c-!.0!)##&12-01#&0!1*!
.#$!82$)0.*$!*$(*)20.2601#$!*-)0&%01#$!1*!2-5*$/2%0&!0!.#$!%&'(#$!$')*$#&*$`!.'*%#!1*!.0!
4'*&/*!=!1*/*-)27-!1*!.#$!4*..26#$!W*?@0!W'-*&0`!.#$!H*501#$!8'*&#-!03$#&321#$!(#&!.#$!
Z02$0$!*-!W0%10.*-0!=!k0&&0-a'2..0EQC9!U.!&*).'/042*-/#!)#-$/0-/*!(*&42/*!0!*$/#$!%&'(#$!
&**4(.060&!8K)2.4*-/*!0!.#$!42*43&#$!a'*!(2*&1*-9!
!
A#4#!$*!$*X0.7!(&*)*1*-/*4*-/*`!.0$!)28&0$!#82)20.*$!1*!.0!(#.2)@0!2-12)0-!a'*!.0!)0-/2101!
1*!42*43&#$!1*!*$/#$!%&'(#$!<0!$21#!)0$2!.0!42$40!1*$1*!FCC>!d)#-!'-!.*5*!)&*)242*-/#!1*!
Q9CCC!0!Q9CEL!*-/&*!FCC>!=!4*1201#$!1*!FCCTe9!g!$'!(&*$*-)20!/*&&2/#&20.!$*!<0!
2-)&*4*-/01#`!1*!BBC!4'-2)2(2#$!0!BLE9!
!
TT`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$*.$V"&"-*.$=1%0&$V"&&*0F$V"40-10-/*$1*$.0$G&2%010$MSm$<J1*.$=jl&)2/"F$O2#/0:*&4"#0F$h*/0F$<<$1*$40&6"$1*$JKKLS$TTL$U&"%&040$U&*#21*-)20.$1*$X*&*):"#$>'40-"#$;$X*&*):"$9-/*&-0)2"-0.$>'40-2/0&2"F$9-12)01"&*#$#"3&*$1*&*):"#$:'40-"#$;$X9>F$JKK`F$://(+\\]]]S1*&*):"#:'40-"#S%"5S)"\"3#*&50/"&2"d1*dXX>>\1")'4*-/"#\9-12)01"&*#\"3#d2-12)01"&*#d12)JKK`dKLKTTKS(18$D)"-#'./01"$*.$L$1*$-"52*43&*$1*$JKKLEF$(H%S$g<S$TIK$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$h2&204$V*)2.20$h*1&0-"$Z74*6F$V""&12-01"&0$1*.$Z&'("$1*$[0&*0#$=#(*)20.*#F$,-2101$M0)2"-0.$V"-/&0$G0-10#$V&242-0.*#F$JT$1*$j'.2"$1*$JKKLS$
& & & & & & *)A& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
U$/#!&*$'./0!(0&/2)'.0&4*-/*!(&*#)'(0-/*!101#!a'*!1'&0-/*!*.!42$4#!(*&@#1#!.0$!8'*&60$!1*!
$*%'&2101!082&40-!<03*&!)0(/'&01#!0!>9QCE!42*43&#$!1*!.#$!%&'(#$!$')*$#&*$!=!<03*&!101#!
1*!30?0!0!B9BRQ9!dG*!*$/*!/#/0.`!.0!(#.2)@0!)0(/'&7!0!Q9FQQ!42*43&#$!1*!.#$!%&'(#$!=!40/7!0!
ET`!*.!U?[&)2/#!0&&*$/7!0!B9RFE!=!12#!4'*&/*!0!B9BER`!.0!W0&2-0!0&&*$/7!0!B::!=!40/7!0!B`!*.!GJ_!
0&&*$/7!0!BLT!=!40/7!0!>!=!*.!A^;!0&&*$/7!0!FEQB9e!
!
N'*!.0!)0-/2101!1*!42*43&#$!1*!.#$!%&'(#$!$')*$#&*$!$*!40-/*-%0!)#-$/0-/*`!(*$*!0!.0!
1*/*-)27-!1*!4K$!1*!>9CCC!(&*$'-/#$!42*43&#$`!1*$(2*&/0!1'10$!0)*&)0!1*!.0!*8*)/252101!
1*!.0$!4*1210$!1*.!*$/01#!(0&0!)#430/2&.#$9!
!
,-0!*\(.2)0)27-!1*!*$/0$!)28&0$!('*1*!$*&!a'*!0.%'-0$!1*!.0$!)0(/'&0$!-#!*$/[-!
1*32104*-/*!8'-104*-/010$9!"0!)##&12-01#&0!1*!.#$!82$)0.*$!a'*!2-5*$/2%0-!0!.#$!%&'(#$!
$')*$#&*$!$*X0.7!a'*!<03@0!52$/#!4')<#$!)0$#$!*-!.#$!)'0.*$`!(0&0!.#%&0&!&*$'./01#$`!.0!
(#.2)@0!<03@0!1*/*-21#!0!(*&$#-0$!(#&!1*.2/#$!a'*!-#!%'0&1030-!&*.0)27-!)#-!.0!0)/252101!1*!
.#$!%&'(#$!$')*$#&*$!d(#&!*?*4(.#`!(#&!-#!(0%0&!.0!)'#/0!0.24*-/0&20e!=!.#$!)#4('/030!)#4#!
)0(/'&0$!1*!42*43&#$!1*!.#$!%&'(#$!$')*$#&*$EQF9!^0432[-!*$!(#$23.*!a'*!*$/0$!)0(/'&0$!
$*0-!2-$'82)2*-/*$!(0&0!24(*12&!*.!)&*)242*-/#!1*!.#$!%&'(#$!$2!-#!*$/K-!0)#4(0X010$!(#&!
2-5*$/2%0)2#-*$!*8*)/250$!a'*!..*%'*-!0!a'2*-*$!82-0-)20-!0!.#$!%&'(#$!=!8&'$/&*-!$'!
)0(0)2101!1*!&**4(.060&!0!.#$!42*43&#$!=!.@1*&*$!a'*!$#-!)0(/'&01#$9!
!
o0./0$1*$&*-12)27-$1*$)'*-/0#$
A#4#!$*!$*X0.7!0-/*&2#&4*-/*`!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-!<0!)&*01#!'-0!'-2101!
*$(*)20.26010!1*12)010!0!.0!2-5*$/2%0)27-!1*!.#$!%&'(#$!$')*$#&*$9!U.!%&'(#!)#4*-67!0!
/&030?0&!)#-!)'0/&#!82$)0.*$!=!$2*/*!'!#)<#!2-5*$/2%01#&*$!*-!k#%#/K`!*-!-#52*43&*!1*!FCCR9!
^0432[-!)'*-/0!)#-!0.%'-#$!82$)0.*$!.#)0.*$!a'*!/&030?0-!(0&0!.0!]2$)0.@0!*-!W*1*..@-`!W*/0!
=!J-/2#a'209!_*%c-!.0!)##&12-01#&0`!W2&204!A*)2.20!W*1&0-#`!1*321#!0!.0!80./0!1*!&*)'&$#$!*.!
%&'(#!)#4*-67!0!)*-/&0&$*!*-!)'0/&#!%&'(#$!(&2-)2(0.*$+!.#$!H*501#$`!*.!UDZJA`!.#$!
,&03*X#$!=!.#$!Z02$0$EQE9!G2?#!a'*!0c-!-#!$*!<03@0-!)#-)*-/&01#!*-!H0&2X#9!"#$!%&'(#$!
i4'/0-!)#-$/0-/*4*-/*9!!f0)*!>!4*$*$!.#$!4K$!1'&#$!*&0-!.#$!,&03*X#$9!J<#&0!$#-!.#$!
TI<h*4"&0-1"$1*$.0$h*#0$[l)-2)0$1*$V"-/*"$G0-10#$V&242-0.*#$M"S$LF$G"%"/HF$JL$1*$j'-2"$1*$JKKLF$V"-).'#2"-*#S$!0$%&0-$)0-/2101$1*$4'*&/*#$1*$-'*5"#$42*43&"#$1*$%&'("#$0$40-"#$1*.$=jl&)2/"$*#$*#(*)20.4*-/*$0.0&40-/*$;$%*-*&0$2-/*&&"%0-/*#$0$.0$.'6$1*$."#$*#)H-10."#$#"3&*$.0$*j*)')27-$*a/&0j'12)20.$%*-*&0.26010$1*$)252.*#$("&$*#/0$2-#/2/')27-S$$TIJ$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$h2&204$V*)2.20$h*1&0-"$Z74*6F$V""&12-01"&0$1*.$Z&'("$1*$[0&*0#$=#(*)20.*#F$,-2101$M0)2"-0.$V"-/&0$G0-10#$V&242-0.*#F$JT$1*$j'.2"$1*$JKKLS$TIT$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *)B
D0$/&#?#$9!"0!?'12)20.260)27-!*$!'-!(&#)*$#!.*-/#9!!U$/04#$!2-2)20-1#!)#-!.#$!D0$/&#?#$999!"#!
(*#&!0<#&0!$#-!.#$!D0$/&#?#$`!.#$!,&03*X#$`!.#$!Z02$0$!=!*.!UDZJAjEQQ9!!
!
"0$!(&2-)2(0.*$!1282)'./01*$!a'*!*-8&*-/0!.0!'-2101`!$*%c-!.0!)##&12-01#&0`!$#-+!*-!(&24*&!
.'%0&`!.0!-*)*$2101!1*!)#-/0&!)#-!4K$!82$)0.*$!*!2-5*$/2%01#&*$!*-!.0!'-21019!,-!82$)0.!(#&!
%&'(#!(&2-)2(0.!-#!*$!$'82)2*-/*`!$*X0.7EQ:9!"0$!8'*-/*$!1*!.0!(#.2)@0!)#2-)212*&#-!)#-!*$/0!
082&40)27-`!=!#(2-0&#-!a'*!.#$!82$)0.*$!1*!.0!'-2101!$#-!i803'.#$#$j!=!a'*!(#1&@0-!/&030?0&!
)#-!*.!-c4*&#!a'*!/2*-*-`!(*&#!a'*!$*&@0!4')<#!4*?#&!$2!8'*&0-!4K$EQ>9!U-!$*%'-1#!.'%0&`!
12?#!a'*!.#$!82$)0.*$!0!4*-'1#!-#!(#1@0-!1*$*4(*X0&!$'!.03#&!1*!40-*&0!*8*)/250!(#&a'*!
.#$!#82)20.*$!1*!#/&0$!2-$/2/')2#-*$!1*.!*$/01#`!)#4#!.0!(#.2)@0!=!*.!U?[&)2/#`!-#!<0)@0-!$'!
/&030?#9!U-!/*&)*&!.'%0&`!40-28*$/7!a'*!.#$!5@-)'.#$!*-/&*!.#$!%&'(#$!=!50&20$!2-$/2/')2#-*$!
1*.!*$/01#`!)#4#!.0$!0'/#&2101*$!1*!0(.2)0)27-!1*!.0!.*=!=!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0`!
&*(&*$*-/0-!'-!%&05*!(.*409!"0!)##&12-01#&0!*\(.2)7!a'*!$'!'-2101!/0432[-!2-5*$/2%0!
*$/#$!5@-)'.#$`!(*&#!#3$*&57!a'*!*&0!128@)2.!2-2)20&!(&#)*1242*-/#$!(*-0.*$!)#-/&0!
8'-)2#-0&2#$!(c3.2)#$`!=0!a'*!i/2*-*-!4K$!a'*!(*&1*&j!a'*!#/&0$!(*&$#-0$`!1*!4#1#!a'*!.#$!
82$)0.*$!$#-!4K$!(&'1*-/*$9!U-!/*&)*&!.'%0&`!12?#!a'*!$'!'-2101!-*)*$2/030!)#-/0&!)#-!40=#&!
0))*$#!0!*$)')<0$!/*.*87-2)0$!=!#/&#!/2(#!1*!2-/*&5*-)27-!1*!)#4'-2)0)2#-*$!(0&0!(#1*&!
2-5*$/2%0&!*-!8#&40!*8*)/250!0!.#$!8'-)2#-0&2#$9!iH'*$/&0!40=#&!8#&/0.*60!2-5*$/2%0/250!$#-!
.0$!2-/*&)*(/0)2#-*$9!!"#$!/*$/2%#$!$#-!128@)2.*$`!$*!&*/&0)/0-`!.#$!04*-060-`!-#!0)*(/0-!*.!
(&#%&040!1*!(&#/*))27-9!Z*&#!.0!(&'*30!/[)-2)0!*$/K!0<@9!"#!1*!.#$!)'(#$!*-!.0$!$0.0$!1*!
2-/*&)*(/0)27-!*$!128@)2.!(#&a'*!-'-)0!<0=!)'(#$9!!H#!/*-*4#$!'-!)'(#!*$/03.*)21#`!j!-#$!
12?#EQL9!U-!#/&0$!(0.03&0$`!42*-/&0$!0.%'-#$!#&%0-2$4#$!#!'-2101*$!1*!.0!]2$)0.@0!V*-*&0.!1*!
.0!H0)27-!/2*-*-!0))*$#!(*&40-*-/*!0!/*)-#.#%@0!1*!2-/*&5*-)27-!/*.*87-2)0!a'*!.*$!(*&42/*!
2-/*&)*(/0&!..04010$!1*!8'-)2#-0&2#$`!.0!'-2101!-#!)'*-/0!)#-!12)<#!0))*$#9!A#4#!
&*$'./01#`!0!4*-'1#!1*3*!*$(*&0&!0!a'*!.0!/*)-#.#%@0!$*!*-)'*-/&*!12$(#-23.*!(0&0!..*50&!0!
)03#!2-/*&5*-)2#-*$!.*%@/240$9!
!
G*$1*!#)/'3&*!1*!FCCR!<0$/0!?'.2#!1*!FCCT`!.0!'-2101!<03@0!#3/*-21#!)*&)0!1*!ECC!7&1*-*$!
1*!)0(/'&0`!.0!40=#&@0!)#-/&0!42*43&#$!1*!.#$!,&03*X#$!=!*.!UDZJA9!^0432[-`!$*%c-!.0!
)##&12-01#&0!1*.!%&'(#`!<03@0-!)0(/'&01#!*-/&*!LC!=!RC!(*&$#-0$`!=!*$/030-!-*%#)20-1#!.0$!
(*-0$!1*!0.%'-0$!1*!*..0$9!Y/&0$!'-2101*$!1*!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-`!)#4#!.0!
TII$93B1S$TIg$93B1S$TIR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$0./"$42*43&"$1*$.0$U".2)B0$M0)2"-0.F$<i$1*$j'.2"$1*$JKKLS$TIi$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$h2&204$V*)2.20$h*1&0-"$Z74*6F$V""&12-01"&0$1*.$Z&'("$1*$[0&*0#$=#(*)20.*#F$,-2101$M0)2"-0.$V"-/&0$G0-10#$V&242-0.*#F$JT$1*$j'.2"$1*$JKKLS$
& & & & & & *)0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
,-2101!1*!J-/2-0&)7/2)#$`!/0432[-!<0-!*8*)/'01#!0.%'-0$!)0(/'&0$!d(#&!*?*4(.#`!*.!)0$#!
)#-/&0!G#-!W0&2#!*$/K!$2*-1#!..*501#!(#&!.0!'-2101!1*!0-/2-0&)7/2)#$e9!
!
"#$!(&#)*1242*-/#$!/0432[-!$*!5*-!08*)/01#$!(#&!(.*40$!%*-*&0.*$!*-!.0!]2$)0.@0!
V*-*&0.!1*!.0!H0)27-9!Z#&!*?*4(.#`!*-!50&20$!#(#&/'-2101*$!82$)0.*$!<0-!40-28*$/01#!0!
f'40-!D2%</$!h0/)<!.0!1282)'./01!1*!#3/*-*&!(&#/*))27-!(0&0!.#$!/*$/2%#$`!0c-!*-!)0$#$!
$'404*-/*!$*-$23.*$!a'*!2-5#.')&0-!0!.#$!%&'(#$!$')*$#&*$9!!
!
[".*&0-)20$("&$(0&/*$1*$0%*-/*#$1*.$*#/01"$
,-0!1*!.0$!*\(.2)0)2#-*$!a'*!12#!.0!(#.2)@0!0)*&)0!1*!(#&!a'[!-#!$*!<0!(#121#!1*/*-*&!*.!
)&*)242*-/#!1*!.#$!%&'(#$!$')*$#&*$!1*!.#$!(0&042.2/0&*$!*$!a'*!$'!i(#1*&!1*!)#&&'()27-!*$!
8'*&/*9!f0-!/#)01#!0.!U?[&)2/#999!82$)0.@0$!n&*%2#-0.*$o`!=!-2!<03.0&!1*!.0!1*!W*1*..@-9!U$#!)&*0!
(.*40$!)'0-1#!'-#!)0(/'&0jEQR9!!
!
"0!)##&12-01#&0!1*!.#$!82$)0.*$!*$(*)20.2601#$!a'*!2-5*$/2%0-!0!.#$!%&'(#$!$')*$#&*$!
/0432[-!0('-/7!0!$'('*$/#$!5@-)'.#$!*-/&*!.#$!%&'(#$!=!0%*-/*$!1*.!*$/01#!)#4#!'-#!1*!.#$!
(.*40$!a'*!*\2$/*-!*-!,&03K+!iU\2$/*-!5@-)'.#$!)#-!.0!8'*&60!(c3.2)0`!]2$)0.@0`!Z#.2)@0`!
GJ_9!_*!4'*5*-!)#4#!(*6!*-!*.!0%'09!A'0.a'2*&!#(*&0/25#`!.*$!052$0-!=!$*!50-!1*!.0!6#-09!!
U$#!24(21*!a'*!$*!<0%0-!)0(/'&0$9!!^2*-*-!'-0!&*1!1*!2-8#&40-/*$!4'=!)#4(.*?0`!1*$1*!.0!!
$*X#&0!1*!.0!/2*-10!<0$/0!*.!4#/#/0\2$/09!A#-!'-0!..04010!/*.*87-2)0`!=09!U$/K-!4'=!
8#&/0.*)21#$!*-!.0$!6#-0$jEQT9!_*%c-!*\(&*$7`!*.!(.*40!/0432[-!$*!40-28*$/0&@0!*-!W*/0`!
1#-1*!i5@-)'.#$!)#-!.0!8'*&60!(c3.2)0!24(21*-!.0$!#&1*-*$!1*!)0(/'&0!1*!A')<2..#!=!1*.!
n)#-#)21#!?*8*!1*.!-0&)#/&K82)#o!"#)#!k0&&*&09999!U.!(.*40!1*!5@-)'.#$!*$!1282)2.`!101#!a'*!
$2!-#!*$!'-0!2-$/2/')27-`!*$!#/&09!U-!/#10$!.0$!2-$/2/')2#-*$!<0=!%*-/*!4'=!3'*-0!=!4'=!40.09!!
U-!)'0.a'2*&!-25*.`!.0!2-8#&40)27-!('*1*!$*&!c/2.!(0&0!*..#$jE:C9!!
!
G*!<*)<#`!*-!)010!'-0!1*!.0$!&*%2#-*$!a'*!52$2/7!f'40-!D2%</$!h0/)<`!&*)2327!1*-'-)20$!1*!
a'*!42*43&#$!1*!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!'!#/&#$!0%*-/*$!1*.!*$/01#!/#.*&030-!0!
.#$!%&'(#$!$')*$#&*$!=`!*-!0.%'-#$!)0$#$`!(#$23.*4*-/*!0)/'0&@0-!*-!)#--25*-)20!)#-!*..#$9!
Z*&#!*.!%#32*&-#!)#.#4320-#!0c-!-#!<0!/#401#!4*1210$!*82)0)*$!(0&0!2-5*$/2%0&!/0.*$!
1*-'-)20$9!
!
TI`$=-/&*52#/0$1*$>?@$)"-$'-$42*43&"$1*$0./"$&0-%"$1*$.0$U".2)B0$M0)2"-0.F$<i$1*$j'.2"$1*$JKKLS$TIL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$h2&204$V*)2.20$h*1&0-"$Z74*6F$JT$1*$j'.2"$1*$JKKLS$TgK$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & **)
D*(&*$*-/0-/*$!1*!.0!(#.2)@0`!.0!WJZZbYUJ!=!.0!]2$)0.@0!V*-*&0.!1*!.0!H0)27-!/0432[-!
$*X0.0&#-!a'*!<03@0-!#3$*&501#!%&05*$!(.*40$!a'*!24(.2)030-`!)#4#!4@-24#`!
/#.*&0-)20!<0)20!.#$!%&'(#$!$')*$#&*$!=!)#&&'()27-!1*!.#$!8'-)2#-0&2#$!1*.!*$/01#!*-!*.!
K432/#!.#)0.9!Jc-!-#!*$/K!).0&#!)'K.!*$!*.!0.)0-)*!1*.!(.*40!-2!/04(#)#`!*-!.0$!8'*&60$!
1*!$*%'&2101!(c3.2)0`!<0$/0!a'[!-25*.!?*&K&a'2)#!1*!.0!)01*-0!1*!40-1#!..*%0&@09!
!
Z#&!*?*4(.#`!'-!#3$*&501#&!2-/*&-0)2#-0.!a'*!/&030?0!*-!Ac)'/0!2-12)7!a'*`!*$(*)20.4*-/*!
*-!Z'*&/#!_0-/0-1*&`!'-!('*3.#!8&#-/*&26#`!.0!(#.2)@0!<03&@0!&*).'/01#!0!1*$4#52.2601#$!(0&0!
a'*!$*!2-)#&(#&0&0-!0!.#$!%&'(#$!$')*$#&*$!1*!.#$!(0&042.2/0&*$E:B9!Y/&0$!8'*-/*$!1*!Ac)'/0!
/0432[-!)#4*-/0&#-!a'*+!i"0!%&0-!1282)'./01!*$!*.!%&01#!1*!)#&&'()27-9!U-!.0!]2$)0.@0!
V*-*&0.!=!*-!.0!(#.2)@0!-#!$03*$!)#-!a'2[-!*$/K$!<03.0-1#9!999"#!4K$!(*.2%&#$#!a'*!('*1*$!
<0)*&!*$!/*-*&!0!.0!(#.2)@0!0!/'!.01#jE:F9!D*(&*$*-/0-/*$!1*!'-0!#&%0-260)27-!-#!
%'3*&-04*-/0.!1*!^23c`!0!'-0$!<#&0$!1*!12$/0-)20!1*!Ac)'/0`!*\(&*$0&#-!a'*!i.0!(#.2)@0!
$7.#!/2*-*!1#$!(&#(7$2/#$+!)#3&0&!'-0!)#42$27-!0!.#$!12$/&23'21#&*$!1*!%0$#.2-0`!=!)#3&0&!.0!
50)'-0!0!a'2*-*$!5*-1*-!1&#%0$jE:E9!
!
U-!,&03K`!$*%c-!*.!&*.0/#!1*!4')<#$!(#3.01#&*$`!42*43&#$!1*.!U?[&)2/#!=!1*!.0!(#.2)@0!.#)0.!
4')<0$!5*)*$!(0&*)*-!/#.*&0&!.0$!0)/252101*$!1*!.#$!,&03*X#$`!=!*-!#)0$2#-*$!$*)/#&*$!1*!
.0!(#.2)@0!(0&*)*-!)#.03#&0&!)#-!*.!%&'(#9!,-!2-8#&4*!1*!.0!A#42$27-!;-/*&04*&2)0-0!1*!
G*&*)<#$!f'40-#$!)#&&*$(#-12*-/*!0!FCCR`!30$01#!*-!'-0!52$2/0!0!.0!&*%27-`!2-12)0!a'*!$*!
&*)232*&#-!2-8#&4*$!8#&40.*$!1*!.0!Z&#)'&01'&@0!V*-*&0.!1*!.0!H0)27-!*-!.#$!)'0.*$!$*!
&*)#-#)*!i.0!*\2$/*-)20!1*!'-!&2*$%#!(*&40-*-/*!(0&0!.#$!(#3.01#&*$!1*!.0$!)'*-)0$!1*!.#$!
&@#$!m2%'0420-17!=!A'&50&017`!1*&2501#!*-/&*!#/&#$`!1*!.0!0)/'0)27-!1*!%&'(#$!0.!40&%*-!1*!
.0!.*=!*-!)#--25*-)20!)#-!42*43&#$!1*!.0!8'*&60!(c3.2)0`!a'*!*$/0&@0-!#3.2%0-1#!0!.0!
(#3.0)27-!0!1*$(.060&$*!#!24(212[-1#.*!*.!0))*$#!0.!/*&&2/#&2#!)#4'-2/0&2#jE:Q9!!
!
Tg<$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$"3#*&501"&$2-/*&-0)2"-0.F$Vp)'/0F$<$1*$#*(/2*43&*$1*$JKK`S$TgJ$=-/&*52#/0#$1*$>'40-$?2%:/#$@0/):$)"-$(*&#"-0#$n'*$/&030j0-$)"-$*.$(&"%&040$1*$&*2-/*%&0)27-$*-$M"&/*$1*$N0-/0-1*&F$Vp)'/0F$J$1*$#*(/2*43&*$1*$JKK`S$TgT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$"&%0-260)27-$-"$%'3*&-04*-/0.$)"-$#*1*$*-$[23pF$Vp)'/0F$J$1*$#*(/2*43&*$1*$JKK`S$TgI$V"42#27-$9-/*&04*&2)0-0$1*$X*&*):"#$>'40-"#F$A9-8"&4*$#"3&*$.0$52#2/0$0.$/*&&*-"$*-$&*.0)27-$)"-$.0#$4*1210#$(&"52#2"-0.*#$"&1*-010#$0$805"&$1*$."#$42*43&"#$1*$."#$42*43&"#$1*$.0#$)"4'-2101*#$)"-#/2/'210#$("&$*.$)"-#*j"$)"4'-2/0&2"$1*.$s2%'0420-17$;$.0#$8042.20#$1*.$V'&50&017F$4'-2)2(2"$1*$V0&4*-$1*.$X0&2l-F$1*(0&/04*-/"$1*.$V:")7F$?*(p3.2)0$1*$V"."4320CF$JK$1*$8*3&*&"$1*$JKKLF$://(+\\]]]S)21:S"&%\)"'-/&;&*(\hUV"."4320JSJKSKLS#(S:/4$D)"-#'./01"$*.$<I$1*$#*(/2*43&*$1*$JKKLEF$(H&&S$`S$$
& & & & & & ***& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
i"0!8'*&60!(c3.2)0!-#!<0)*!-0109!_2!<03.0$!)#-!0.%'2*-!1*!.0$!8'*&60$!42.2/0&*$`!*..#$!.*!
052$0-!0.!%&'(#9!Ja'@!-#!$*!('*1*!1*-'-)20&!-0109!U..#$!)#-/&#.0-!/#1#!.#!a'*!$*!4'*5*`!=!
.0!8'*&60!(c3.2)0!*$/K!0..@j`!*\(.2)7!'-!42*43&#!1*!.0!)#4'-2101E::9!
!
,-!8'-)2#-0&2#!-0)2#-0.!a'*!<0$/0!<0)*!(#)#!/2*4(#!/&030?7!*-!.0!&*%27-!1*!,&03K!12?#+!iH#!
<*!-#/01#!a'*!*.!U?[&)2/#!)#.03#&*!)#-!.#$!n%&'(#$o`!(*&#!<*!52$/#!'-0!/#.*&0-)20!03$#.'/0j9!
_*%c-!*$/*!8'-)2#-0&2#`!$*!$'(#-@0!a'*!*.!U?[&)2/#!*&0!&*$(#-$03.*!1*!)#430/2&!0!.#$!%&'(#$!
$')*$#&*$!1*!.#$!(0&042.2/0&*$!*-!.0$!K&*0$!&'&0.*$`!42*-/&0$!a'*!.0!(#.2)@0!$*!*-)0&%030!1*!
.0$!K&*0$!'&30-0$9!Z*&#!*.!U?[&)2/#!i-#!.#$!*-8&*-/0j9!U.!42$4#!8'-)2#-0&2#!2-8#&47!a'*!
$*)/#&*$!1*!.0!(#.2)@0!1*!'-!('*3.#`!k*.[-!1*!k0?2&K`!$'('*$/04*-/*!)#.03#&030!)#-!.0$!
O%'2.0$!H*%&0$9!iU$!/#1#!4'=!*521*-/*999!"0!(#.2)@0!)#-/&#.0!.0!*-/&010!=!.0!$0.210!n1*.!
('*3.#o!=999!)#4(0&/*-!.0!2-/*.2%*-)209!"#$!(0&0$!)#-/&#.0-!*.!K&*09!k*.[-!1*!k0?2&K!*$!4'=!
24(#&/0-/*!(#&a'*!(#&!0..@!(0$0!.0!0'/#(2$/09!^0432[-!*$!*.!.'%0&!1#-1*!$*!)#-)*-/&0!*.!
(#1*&!*)#-742)#!=!(#.@/2)#!1*!.0!&*%27-999!*.!40-*?#!1*.!)'./25#!1*!(0.40`!.0!%0-01*&@0`!.0!
401*&0jE:>9!Y/&#!<#43&*!0$2-/27!=!0%&*%7!a'*!i*-!Z050&0-17999!.0$!O%'2.0$!H*%&0$!&*0.260-!
&*'-2#-*$!)#-!.0!)#4'-2101!8&*-/*!0!.0!(#.2)@09!U-!k*.[-!1*!k0?2&K`!$#-!.#!42$4#+!.0!(#.2)@0`!
*.!U?[&)2/#!=!.0$!O%'2.0$!H*%&0$jE:L9!D*.0/7!a'*!.0$!O%'2.0$!H*%&0$!$*!<03@0-!..*501#!0!BR!
?75*-*$`!2-).'21#!$'!-2*/#`!1*!k*.[-!1*!k0?2&K!.0!$*40-0!0-/*&2#&9!_'!-2*/#!<03@0!.#%&01#!
*$)0(0&9!
!
U.!B:!1*!#)/'3&*!1*!FCCR`!.0$!J'/#1*8*-$0$!V02/0-2$/0$!1*!A#.#4320!da'*`!$*%c-!.#$!
(#3.01#&*$!.#)0.*$`!$#-!.#$!42$4#$!(0&042.2/0&*$!a'*!2-/*%&0-!.0$!O%'2.0$!H*%&0$e!
)#-5#)0&#-!0!'-!(0&#!0&401#!&*%2#-0.!i)#-/&0!.0$!]JDAj!12$/&23'=*-1#!(0-8.*/#$!*-!^'&3#`!
J(0&/017!=!A0&*(0E:R9!_*%c-!.#!&*82*&*-!50&20$!8'*-/*$`!%&0-!(0&/*!1*!.0!&*%27-!1*!,&03K!1*?7!
1*!/&030?0&9!i^#1#!$*!1*/'5#9!H#!(#1@04#$!<0)*&!-0109!_2!0.%c-!)#4*&)20-/*!03&@0!$'!
-*%#)2#!=!5*-1@0!0.%#`!.#!04*-06030-j`!&*.0/7!'-!<032/0-/*!1*!.0!6#-0E:T9!i"0$!JVA!
0-'-)20&#-!.0!<'*.%0!)#-!(0-8.*/#$!=!1*!3#)0!*-!3#)0!*-!.0!)0..*j`!*\(&*$7!'-0!*\!0'/#&2101!
-0)2#-0.!a'*`!*-!0a'*.!4#4*-/#`!/&030?030!*-!.0!&*%27-9!^0432[-!&*.0/7!a'*!i&*0.26030-!
(2-/0$!*-!.0$!(0&*1*$9!U$0!*&0!$'!(&*$*-/0)27-!(c3.2)09!"0$!0'/#&2101*$!.#)0.*$!-#!
Tgg$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$:"43&*$1*$.0$&*%27-$1*$V'&50&017F$V:")7F$TK$1*$40;"$1*$JKKLS$TgR$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$*a$8'-)2"-0&2"$-0)2"-0.$n'*$/&030j7$*-$,&03HF$G"%"/HF$<R$1*$j'.2"$1*$JKKLS$$Tgi$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$:"43&*$1*$.0$&*%27-$1*$V'&50&017F$V:")7F$TK$1*$40;"$1*$JKKLS$Tg`$AP.0&40$("&$&*0&4*$(0&042.2/0&$*-$*.$(0B#CF$=.$=#(*)/01"&$DG"%"/HEF$JI$1*$")/'3&*$1*$JKK`F$://(+\\]]]S*.*#(*)/01"&S)"4\-"1*\`gLTI$D)"-#'./01"$*.$<I$1*$#*(/2*43&*$1*$JKKLEv$AU0&H.2#2#$*-$,&03H$("&$04*-060#$1*$%&'("$0&401"$2.*%0.CF$V0&0)".F$<g$1*$")/'3&*$1*$JKK`F$]]]S)0&0)".S)"4S)"\-"/0S0#(ab21cRLKRiL$D)"-#'./01"$*.$Ji$1*$#*(/2*43&*$1*$JKKLES$$TgL$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$['&3"F$<$1*$j'-2"$1*$JKKLS$$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & **(
&*)#-#)2*&#-!a'*!*.!(0&#!<'32*&0!/*-21#!.'%0&9!"0!(#.2)@0!1*!J(0&/017!0='17!0!..*50&.#!0!
)03#jE>C9!
!
I0&20$!8'*-/*$!1*$)&232*&#-!'-!)#-/*\/#!1*!%&0-!)#&&'()27-!*-/&*!.0$!0'/#&2101*$!.#)0.*$!*-!
*.!,&03K`!4')<0$!1*!.0$!)'0.*$!(&*$'-/04*-/*!*$/030-!$2*-1#!$#3#&-010$!(#&!*4(&*$0&2#$!
.#)0.*$!=!(#&!.#$!%&'(#$!$')*$#&*$9!i^2*-*-!.0!.*=!=!<0)*-!)#-!*..0!.#!a'*!a'2*&*-`!(#&a'*!$'!
.*=!*$!*.!12-*&#j`!*\(&*$7!'-!<032/0-/*!1*!.0!6#-0E>B9!
!
G*!40-*&0!$242.0&`!*-!W*/0`!50&20$!8'*-/*$!$*X0.0&#-!a'*!*.!U?[&)2/#!42&030!(0&0!#/&#!.01#!
)'0-1#!$*!/&0/030!1*!.#$!%&'(#$!1*!A')<2..#9!,-!8'-)2#-0&2#!&*.0/7!a'*!&*)23@0!i)#-$/0-/*$!
a'*?0$!1*!a'*!*.!U?[&)2/#!04*-060!0!.0!%*-/*`!12)2*-1#!a'*!1*/&K$!5*-@0-!p.#$!A')<2..#$q9!U-!
0.%'-#$!)0$#$`!*.!U?[&)2/#!$*!&*/2&0!*!2-%&*$0-!.#$!A')<2..#$999!"#$!A')<2..#$!=!*.!U?[&)2/#!
/2*-*-!'-0!).0&0!(&*$*-)20!*-!Z'*&/#!V02/K-9!J.%'-#$!1*!.#$!A')<2..#$!$*!52$/*-!1*!)252.!=!
#/&#$!'$0-!'-28#&4*$jE>F9!
!
G*!<*)<#`!'-0!/*$/2%#!12?#!a'*!42*43&#$!1*!.0!BF!y!k&2%010!.*!<03@0-!12)<#+!iH#!-#$!/*-%0$!
42*1#!0!-#$#/&#$`!/*-!42*1#!0!.#$!a'*!52*-*-!1*/&K$!1*!-#$#/&#$j`!*-!0.'$27-!0.!%&'(#!1*!
A')<2..#E>E9!D*)2324#$!2-8#&40)27-!$242.0&!(#&!(0&/*!1*!'-!<032/0-/*!1*!Z'*&/#!D2)#`!W*/0`!
a'*!0-/*&2#&4*-/*!<03@0!*$/01#!*-!k0?#!V'02040.9!D*.0/7!a'*!*.!U?[&)2/#!.#!<03@0!0)'$01#!
1*!$*&!'-!%'*&&2..*&#!=!.*!<03@0!12)<#!a'*`!$2!-#!$*!1*$4#52.26030`!5*-1&@0-!.#$!
(0&042.2/0&*$+!iG*)@0-!p-#!-#$!/*-%0$!42*1#l!/*-!42*1#!1*!.#$!a'*!52*-*-!1*/&K$q9!U-!*$0!
K&*0!<0=!<#43&*$!(0/&'..0-1#`!)#-!.0!2-$2%-20!1*!.0$!J,A`!a'*!$*!21*-/282)0-!)#4#!
42*43&#$!1*!.0$!J,AjE>Q9!!
!
J!82-*$!1*!FCCR`!*.!(&*$21*-/*!,&23*!)'*$/2#-7!(c3.2)04*-/*!$2!.0!Qy!G252$27-!1*.!U?[&)2/#!
*$/030!(&#/*%2*-1#!0.!i"#)#!k0&&*&0j!=!0!A')<2..#9!_*%c-!.0!&*52$/0!_*40-0`!%&030)2#-*$!1*!)#-5*&$0)2#-*$!/*.*87-2)0$!1*.!"#)#!k0&&*&0!4#$/&030-!a'*![.!*$/030!0.!/0-/#!1*!125*&$#$!
4#5242*-/#$!1*.!U?[&)2/#`!.#!)'0.!$'%*&@0!a'*!/*-@0!)#-/0)/#$!)#-!*$/*E>:9!
!
TRK$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$*a$0'/"&2101$-0)2"-0.$n'*$/&030j7$*-$.0$&*%27-$1*$,&03HF$G"%"/HF$<R$1*$j'.2"$1*$JKKLS$TR<$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$V0k"$h0-#"F$P-10.')B0$DV'&50&017EF$T<$1*$40;"$1*$JKKLS$TRJ$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$8'-)2"-0&2"F$O2..052)*-)2"F$h*/0F$<T$1*$40&6"$1*$JKKLS$TRT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$4'j*&*#$1*$!0$V""(*&0/250F$Z&0-010F$h*/0F$<J$1*$40&6"$1*$JKKLS$TRI$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$:032/0-/*$1*$U'*&/"$?2)"F$U'*&/"$?2)"F$h*/0F$<J$1*$40&6"$1*$JKKLS$TRg$A!0#$1'10#$1*.$U&*#21*-/*CF$N*40-0$DG"%"/HEF$R$1*$-"52*43&*$1*$JKK`F$://(+\\]]]S#*40-0S)"4\-"/2)20#Q(&"3.*40#Q#")20.*#\12-*&"Q&0(21"Q80)2.Q*43".0/01"\-"/2)20#Q)"-8.2)/"Q0&401"\1'10#Q1*.Q(&*#21*-/*\<<iI<IS0#(a$D)"-#'./01"$*.$J$1*$")/'3&*$1*$JKKLES$
& & & & & & **/& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
_2!32*-!$*!$03*!a'*!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!$*!<0-!*-8&*-/01#!)#-!0.%'-#$!1*!.#$!
%&'(#$!$')*$#&*$!*-!H0&2X#!t(0&/2)'.0&4*-/*!)#-!H'*50!V*-*&0)27-!1*$1*!FCCRt`!
-'4*&#$0$!8'*-/*$!1*$)&232*&#-!)0$#$!*-!.#$!)'0.*$!.#$!$#.101#$!=!.0!(#.2)@0!/#.*&0&#-!=`!0.!
4*-#$!*-!'-!)0$#!t*.!1*.!k0/0..7-!k#=0)K!1*.!U?[&)2/#!*-!FCC>`!a'*!$*!1*$)&23*!0!
)#-/2-'0)27-t`!0(0&*-/*4*-/*!)#.03#&0&#-!*-!8#&40!0)/250!)#-!%&'(#$!$')*$#&*$!*-!
H0&2X#9!
!
_*%c-!.#!$*X0.0-!50&20$!8'*-/*$`!*-!40=#!1*!FCC>`!0(&#\240104*-/*!BC9CCC!(*&$#-0$!1*!
H0&2X#!(0&/2)2(0&#-!*-!'-0!40-28*$/0)27-!40$250l!*-!0.%'-#$!)0$#$`!#3.2%010$!(#&!.0$!]JDA9!
"0!G*8*-$#&@0!1*.!Z'*3.#!2-8#&47!a'*`!)'0-1#!.#$!<032/0-/*$!1*!Z#.2)0&(0!=!A'432/0&0!
)#4*-60&#-!0!/&0$.010&$*!<0)20!*.!4'-2)2(2#!1*!D*4#.2-#$!(0&0!(0&/2)2(0&!*-!.0!
40-28*$/0)27-!1*.!B:!1*!40=#!*-!.0!A0&&*/*&0!Z0-04*&2)0-0`!8'*&#-!0%&*121#$!(#&!*.!%&'(#!
H'*50!V*-*&0)27-E>>9!_*!2-8#&47!a'*`!'-0!5*6!a'*!.#$!40-28*$/0-/*$!..*%0&#-!0!.0!)0&&*/*&0`!
.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!&*$(#-12*&#-!)#-!52#.*-)20l!BEC!)252.*$!&*$'./0&#-!<*&21#$!=!
BL!i1*$0(0&*)2*&#-jE>L9!G*321#!0!.0!&*$('*$/0!1*!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0`!.0!
G*8*-$#&@0!1*.!Z'*3.#!2-8#&47!a'*!Q9CCC!(*&$#-0$!<03@0-!$21#!#3.2%010$!0!2&!0!Z0$/#`!
1#-1*!<03@0-!(*&40-*)21#!50&2#$!1@0$!=!<03@0-!&*)2321#!0$2$/*-)20!(#&!(0&/*!1*!125*&$0$!
0'/#&2101*$!=!#&%0-260)2#-*$!2-/*&-0)2#-0.*$E>R9!_*%c-!&*.0/#$!1*!/*$/2%#$`!1'&0-/*!.0!
40-28*$/0)27-!$*!52*&#-!(*&$#-0$`!0!a'2*-*$!21*-/282)0&#-!)#4#!(0&042.2/0&*$`!(#&/0-1#!
0&40$!=!1*$(.06K-1#$*!*-!)042#-*$!1*.!U?[&)2/#E>T9!!
!
J1*4K$`!1@0$!1*$('[$!1*!)#-).'210!.0!40-28*$/0)27-`!50&20$!#&%0-260)2#-*$!2-/*&-0)2#-0.*$!
=!0'/#&2101*$!.#)0.*$!)#-8#&40&#-!'-0!i42$27-!<'40-2/0&20j!(0&0!0)#4(0X0&!0!.#$!
40-28*$/0-/*$!*-!*.!&*%&*$#!0!$'$!<#%0&*$ELC9!f'40-!D2%</$!h0/)<!&*)2327!5*&$2#-*$!
)#-$2$/*-/*$!1*!a'*!)'0-1#!.0!42$27-!..*%7!0.!('*3.#!1*!U?21#!=!$#.2)2/7!<03.0&!)#-!*.!?*8*!
42.2/0&!1*.!K&*0`!.*$!(&*$*-/0&#-!0!iJ&40-1#!Z06j`!a'2*-!$*!21*-/282)7!)#4#!?*8*!1*!H'*50!
V*-*&0)27-!=!.*$!12?#!a'*!-#!$*!(&*#)'(0&0-`!(#&a'*![.!%0&0-/260&@0!$'!$*%'&2101!(0&0!a'*!
.#$!40-28*$/0-/*$!('12*&0-!&*/#&-0&!0!$'$!.'%0&*$!1*!#&2%*-ELB9!U-/#-)*$`!.#$!<#43&*$!a'*!
$*!*-)#-/&030-!30?#!*.!40-1#!1*!J&40-1#!Z06!(&#)*12*&#-!0!03&2&!1#$!&*/*-*$!42.2/0&*$! TRR$X*8*-#"&B0$1*.$U'*3."$1*$.0$?*(p3.2)0$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$MSm$KKIQKiCF$JT$1*$40;"$1*$JKKiS$TRi$93B1S$TR`$93B1S$TRL$AG".*/B-$1*$1*-'-)20$MSm$Jq4"52.260)27-$*-$M0&2k"CF$V"42/l$U*&40-*-/*$(0&0$.0$X*8*-#0$1*$."#$X*&*):"#$>'40-"#F$)"4'-2)01"$1*$(&*-#0$1*$M0&2k"F$JK$1*$40;"$1*$JKKRF$://(+\\)"."4320S2-1;4*120S"&%\-*]#\JKKR\Kg\ITJLiS(:($D)"-#'./01"$*.$I$1*$")/'3&*$1*$JKKLES$TiK$=-/&*52#/0#$1*$>'40-$?2%:/#$@0/):$)"-$"3#*&501"&*#$2-/*&-0)2"-0.*#$;$0'/"&2101*#$.")0.*#F$U0#/"F$M0&2k"F$JiQJ`$1*$8*3&*&"$1*$JKK`S$Ti<$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & **.
a'*!<03@0!2-$/0.01#!*-!*.!)042-#9!U-!.0$!2-4*120)2#-*$`!.0!42$27-!*-)#-/&7!.#$!)'*&(#$!1*!
)252.*$!=!42*43&#$!1*!H'*50!V*-*&0)27-+!0(0&*-/*4*-/*`!*$/*!%&'(#!$*!<03@0!*-8&*-/01#!
)#-!.0$!]JDA!*-!.0!6#-0ELF9!
!
^#1#$!.#$!/*$/2%#$!1*.!*-)'*-/&#!1*!U?21#!40-28*$/0&#-!a'*!*&0!*521*-/*!a'*!*.!%&'(#!
/&030?030!)#-?'-/04*-/*!)#-!*.!U?[&)2/#9!i_*!/&0$.01030-!*-!)042#-*$!1*.!U?[&)2/#j`!&*.0/7!
'-#!1*!*..#$9!ig!*.!U?[&)2/#!/0432[-!*$/030!(&*$*-/*!*-!.0!*-/&010!1*!U?21#`!1*!40-*&0!a'*!
-#!<03@0!(#$232.2101*$!1*!a'*!-#!$'(2*&0-!1*!.0!(&*$*-)20!1*!H'*50!V*-*&0)27-j`!$*X0.7!*.!
/*$/2%#ELE9!!
!
G*!40-*&0!4K$!%*-*&0.`!5@)/240$!=!#/&0$!(*&$#-0$!&*.0/0&#-`!*-!&*2/*&010$!#(#&/'-2101*$`!
<03*&!52$/#!0!42*43&#$!1*.!U?[&)2/#!=!1*!.0!J&4010!#(*&0-1#!4'=!)*&)0!1*!.#$!%&'(#$!
$')*$#&*$!t0!5*)*$`!0!$7.#!12*6!42-'/#$!1*!12$/0-)20!(#&!'-0!42$40!&'/0t!$2-!*-8&*-/0&$*!
)#-!*..#$!-2!&*%2$/&0&!$'!(&*$*-)20ELQ9!!
!
U-!(0&/2)'.0&`!#3$*&501#&*$!&*.0/0&#-!a'*`!*-!FCC>`!<03@0-!015*&/21#!0(0&*-/*$!5@-)'.#$!
*-/&*!H'*50!V*-*&0)27-!=!$*)/#&*$!1*.!k0/0..7-!k#=0)K!1*.!U?[&)2/#9!Z#$/*&2#&4*-/*`!f'40-!
D2%</$!h0/)<!&*)2327!2-8#&40)27-!1*!a'*`!)#-!*.!2-%&*$#!1*!'-0!-'*50!3&2%010!4752.!1*.!
U?[&)2/#!0!.0!)#&12..*&0`!*.!U?[&)2/#!$*!<03@0!*-8&*-/01#!)#-!H'*50!V*-*&0)27-9!J.!42$4#!
/2*4(#`!.0!(#.2)@0!..*57!0!)03#!.0!)0(/'&0!1*!50&2#$!.@1*&*$!1*!H'*50!V*-*&0)27-9!Z*&#!0!
4*1210!a'*!H'*50!V*-*&0)27-!$*!<0!21#!1*$)#4(#-2*-1#`!.#$!D0$/&#?#$!=!.0$!O%'2.0$!
H*%&0$!(0&*)*-!*$/0&!)#3&0-1#!8'*&609!g!f'40-!D2%</$!h0/)<!&*)2327!2-8#&40)27-!1*!a'*`!
*-!50&2#$!)0$#$`!.0$!8'*&60$!1*!$*%'&2101!(c3.2)0!(0&*)@0-!/#.*&0&!.0$!0)/252101*$!1*!*$/#$!
%&'(#$`!*$(*)20.4*-/*!1*!.0$!O%'2.0$!H*%&0$9!
!
,-!#3$*&501#&!2-/*&-0)2#-0.!*\(&*$7!(&*#)'(0)27-!(#&!.0!(#$232.2101!1*!a'*!*.!U?[&)2/#!=!.0!
(#.2)@0!/#.*&0&0-!.0$!0)/252101*$!1*!.0$!O%'2.0$!H*%&0$!*-!.0!)#&12..*&0!1*!H0&2X#9!i"0!(#.2)@0!
$*!*-)'*-/&0!0!ECC!4*/&#$!=!-#!<0)*!-010999!f0=!<#43&*$!0&401#$!?'-/#!0!.0!*$/0)27-!1*!
(#.2)@0!1*!Z#.2)0&(0!=!W01&2%0.9!J..@!<0=!'-0!8'*&/*!(&*$27-!42.2/0&!(#&!(0&/*!1*!.0$!O%'2.0$!
H*%&0$jEL:9!G*!40-*&0!$242.0&`!*.!_2$/*40!1*!J.*&/0$!^*4(&0-0$!1*!.0!G*8*-$#&@0!1*.!Z'*3.#!
2-8#&47`!*-!'-0!-#/0!1*!$*%'242*-/#!0!'-#!1*!$'$!2-8#&4*$!1*!&2*$%#!a'*`!*.!BL!1*!40&6#!1*!
FCCT`!*.!k0/0..7-!k#=0)K!1*.!U?[&)2/#!$*!<03@0!*-8&*-/01#!)#-!.#$!D0$/&#?#$!*-!_0-/0)&'6`!*-! TiJ$93B1S$X*8*-#"&20$1*.$U'*3."$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$A9-8"&4*$1*$?2*#%"$M"S$KKIQKiCF$J$1*$40&6"$1*$JKKiS$TiT$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-0$0'/"&2101$.")0.F$U0#/"F$M0&2k"F$Ji$1*$8*3&*&"$1*$JKK`S$TiI$=-/&*52#/0#$1*$>'40-$?2%:/#$@0/):$)"-$8'-)2"-0&2"#$.")0.*#F$"3#*&501"&*#$2-/*&-0)2"-0.*#F$5B)/240#F$JiQJ`$1*$8*3&*&"$1*$JKK`v$JKQJ<$1*$j'.2"$1*$JKKLS$Tig$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$"3#*&501"&$2-/*&-0)2"-0.F$U0#/"F$M0&2k"F$J<$1*$j'.2"$1*$JKKLS$
& & & & & & **,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
.0!)#&12..*&09!Z*&#!1*$('[$!1*!*\('.$0&!0!.#$!D0$/&#?#$`!(0&*)@0!a'*!$*)/#&*$!1*.!U?[&)2/#!
<03&@0-!(*&42/21#!a'*!.0$!O%'2.0$!H*%&0$!2-%&*$0&0-!=!(*&40-*)2*&0-!*-!.0!6#-0+!!
!
G*!0)'*&1#!0!4c./2(.*$!2-10%0)2#-*$!*.!2-%&*$#!1*.!U?[&)2/#!)#2-)2127!)#-!*.!
0&&23#!1*.!-'*5#!%&'(#!0&401#!2.*%0.999!iO%'2.0$!H*%&0$j9!U.!42[&)#.*$!BR!1*!
40&6#`!"0!G*8*-$#&@0!1*.!Z'*3.#!$*!(*&)0/7!a'*!.'*%#!a'*!"#$!iD0$/&#?#$j!
8'*&#-!1*$0.#?01#$!1*.!)0$*&@#`!.0$!0'/#1*-#42-010$!iO%'2.0$!H*%&0$!s!
JVHj!<03@0-!#)'(01#!.0$!5252*-10$l!&*/*-2*-1#!=!..*5K-1#$*!*-!(&*$*-)20!
1*!.#$!(#3.01#&*$!0!'-!4#&01#&9!J)/'0.4*-/*`!.0!)#4'-2101!$*!*-)'*-/&0!
2-4*&$0!*-!'-!12.*40`!=0!a'*!$0.2&!1*$(.06010!&*(&*$*-/0!2-)&*4*-/0&!$'$!
)#-12)2#-*$!1*!5'.-*&032.2101`!=!&*8'%20&$*!*-!*.!4#-/*!$2%-282)0!$*&!
1*).0&01#!#3?*/#!1*!0/0a'*!(#&!.#$!0)/#&*$!0&401#$9!_2/'0)27-!1*!
2-1*8*-$27-!a'*!$*!0<#-10!(#&!.0!)0&*-)20!1*!'-0!*8*)/250!.03#&!1*!
(&#/*))27-!=!(&*5*-)27-!(#&!(0&/*!1*!.0!]'*&60!Zc3.2)09!!U-!A#-$*?#!1*!
_*%'&2101!&*0.2601#!*.!BT!1*!40&6#!1*!FCCT!*-!.0!)03*)*&0!4'-2)2(0.!1*!
Z#.2)0&(0`!!!.0$!0'/#&2101*$!4'-2)2(0.*$`!=!.#$!42*43&#$!1*!.0!]'*&60!Zc3.2)0!
)#-82&40&#-!.0!(&*$*-)20!1*!"#$!iD0$/&#?#$j!*-!.0!6#-0!999!J!.0!(0&`!.0!]'*&60!
Zc3.2)0!-*%7!.0!*\2$/*-)20!=!(&*$*-)20!1*!.0$!iO%'2.0$!H*%&0$j!*-!*.!
4'-2)2(2#`!42*-/&0$!a'*!.0$!!0'/#&2101*$!.#)0.*$!0.*&/0&#-!$#3&*!.0!
*\2$/*-)20!1*!(2-/0$!*-!.0$!)0$0$!1*!_0-/0)&'6!1*!iO%'2.0$!H*%&0$j!=!1*!
iJ'/#1*8*-$0$!H'*50!V*-*&0)27-jEL>9!!
!
^0.!)#4#!$*!$*X0.7!0-/*&2#&4*-/*`!)'0-1#!f'40-!D2%</$!h0/)<!.*!(&*%'-/7!0.!?*8*!1*!.0!
(#.2)@0!1*!H0&2X#!(#&!.0$!O%'2.0$!H*%&0$`!*$/*!-*%7!$'!*\2$/*-)209!H#!#3$/0-/*`!4K$!/0&1*`!.0!
(#.2)@0!2-8#&47!.0!)0(/'&0!1*!0.%'-#$!42*43&#$!1*!*$/*!%&'(#9!
!
U-!.0!)#$/0!1*!H0&2X#`!/0432[-!<'3#!/*$/24#-2#$!1*!125*&$0$!8'*-/*$!a'*!1*$)&232*&#-!
$2/'0)2#-*$!1*!(#$23.*!/#.*&0-)20!<0)20!.#$!%&'(#$!$')*$#&*$!(#&!(0&/*!1*!8'*&60$!1*!
$*%'&2101!(c3.2)09!iU.!(.*40!$*!$'$)2/0!)#-!/#10$!.0$!0'/#&2101*$9!U-!_0/2-%0`!.#$!
(#.2)@0$!$#-!4'=!?75*-*$!=!(&K)/2)04*-/*!-#!$*!4'*5*-!(#&!/*4#&9!U-!.0!)#4'-2101`!<0=!
(*&$#-0$!a'*!4'*&*-!)*&)0!1*!.#$!(#.2)@0$!=!*..#$!12)*-!na'*!-#!$03*-!-010o9!A&*#!a'*!.0!
(#.2)@0!0)/c0!*-!)#--25*-)20!=!&*)23*!12-*&#j!1*!.#$!%&'(#$`!$*X0.7!'-0!8'*-/*!1*!_0/2-%0ELL9!
U-!_0.0<#-10`!#/&#!<#43&*!-#$!2-8#&47!a'*!<03@0!i0(&#\240104*-/*!EC!(0&042.2/0&*$!
TiR$X*8*-#"&B0$1*.$U'*3."$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$AM"/0$1*$N*%'242*-/"$M"S$KKTQKLF$U&24*&0$M"/0$0.$9-8"&4*$1*$?2*#%"$M"S$KJIQK`PS9S$1*.$T<$1*$")/'3&*$1*$JKK`CF$J<$1*$40&6"$1*$JKKLS$$Tii$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$.0$)"#/0$1*$M0&2k"$n'*$(2127$n'*$-"$#*$125'.%0&0$#'$21*-/2101F$['40)"F$M0&2k"F$<i$1*$#*(/2*43&*$1*$JKK`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & **-
5252*-1#!0..@999!U-!*$*!('*3.#`!*$#$!<#43&*$!-#$!)#-#)*-!0!/#1#$`!(#&a'*!*$!'-!.'%0&!4'=!
(*a'*X#9!"0$!8'*&60$!1*!$*%'&2101!(c3.2)0!)#-#)*-!.0!$2/'0)27-`!$03*-!a'*!*$#$!<#43&*$!
*$/K-!0..@`!$03*-!a'2[-*$!$#-!=!-'-)0!<0)*-!-010jELR9!
!
"04*-/03.*4*-/*`!*.!%#32*&-#!)#.#4320-#!0c-!-#!<0!/#401#!4*1210$!*8*)/250$!(0&0!
(&*5*-2&!=!$0-)2#-0&!.0!$'('*$/0!/#.*&0-)20!=!(#$23.*$!5@-)'.#$!*-/&*!$*)/#&*$!1*!.0$!8'*&60$!
1*!$*%'&2101!'!#/&#$!0%*-/*$!1*.!*$/01#!=!.#$!%&'(#$!$')*$#&*$9!!
!
U-!0.%'-#$!)0$#$`!.0!(#.2)@0!(0&*)27!&*$(#-1*&!0!1*-'-)20$!1*!/#.*&0-)20!$24(.*4*-/*!
/&0$.010-1#!0!42*43&#$!1*!.0!8'*&60!0!#/&#$!.'%0&*$`!/0.!)#4#!#)'&&27!*-!*.!1*$(.06042*-/#!
1*!&*$21*-/*$!1*.!5*)2-10&2#!1*!Z03.#!U$)#30&!*-!W*1*..@-`!0.!)'0.!-#$!&*8*&24#$!
0-/*&2#&4*-/*9!U-!*$0!)2&)'-$/0-)20`!42*43&#$!1*!.0!)#4'-2101!&*.0/0&#-!a'*`!(*$*!0!a'*!
.0!(#.2)@0!.#)0.!<03@0!$21#!&*.*5010!*-!&*2/*&010$!#(#&/'-2101*$`!$*%'@0-!&*(2/2[-1#$*!.#$!
42$4#$!(0/&#-*$!1*!)#4(#&/042*-/#9!
!
W'=!(#)#$!0%*-/*$!1*.!*$/01#!<0-!$21#!2-5*$/2%01#$!#!(&#)*$01#$!(#&!$'('*$/0!/#.*&0)27-!
#!5@-)'.#$!)#-!.#$!%&'(#$!$')*$#&*$9!"0$!*\)*()2#-*$!0!*$/0!&*%.0!-#&40.4*-/*!<0-!/*-21#!
a'*!5*&!)#-!0)'$0)2#-*$!1*!)#--25*-)20!a'*!08*)/030-!0!0'/#&2101*$!)252.*$!1*!0./0$!
*$8*&0$`!a'*!8'*&#-!#3?*/#!1*!%&0-!128'$27-!*-!.#$!4*12#$`!=!-#!)#-!42*43&#$!1*!.0$!8'*&60$!
1*!$*%'&2101!(c3.2)09!
!
Z#&!*?*4(.#`!*.!%#3*&-01#&!1*.!1*(0&/04*-/#!1*!V'0520&*`!Y$)0&!1*!m*$c$!"7(*6!A010521`!
*$/K!$2*-1#!2-5*$/2%01#!(#&!$'!$'('*$/0!)#.03#&0)27-!)#-!A')<2..#9!"7(*6`!a'2*-!)'4(.27!
/&*$!(*&@#1#$!)#4#!&*(&*$*-/0-/*!1*.!A#-%&*$#!H0)2#-0.!=!8'*!*.*%21#!%#3*&-01#&!*-!FCCL`!
*$/K!0)'$01#!1*!40-/*-*&!&*.0)2#-*$!)#-!(0&042.2/0&*$!1*$1*!<0)*!4K$!1*!$*2$!0X#$9!_*!
2-8#&47!a'*!.0!]2$)0.@0!V*-*&0.!<03&@0!&*5*.01#!(&'*30$!1*!a'*!A')<2..#!04*-067!0!#/&#$!
)0-1210/#$!0.!)0&%#!1*!%#3*&-01#&!=!#&1*-7!0!.#$!*.*)/#&*$!a'*!5#/0&K-!(#&!"7(*6ELT9!!!
U-!'-!0&/@)'.#!&*)2*-/*4*-/*!('3.2)01#!*-!_*40-0!$*!2-8#&40!a'*!*.!?*8*!(0&042.2/0&!1*$4#52.2601#!r5*&!I*.#60!V0&)@0`!0.20$!if9f9j`!12?#!a'*!}$)0&!"7(*6!/0432[-!<03&@0!
/&030?01#!)#-!*.!.@1*&!(0&042.2/0&!I2)*-/*!A0$/0X#!(0&0!#3/*-*&!%&0-1*$!*\/*-$2#-*$!1*!
/2*&&0!*-!A0$0-0&*!a'*!.*!(*&42/2*&0-!(.0-/0&!(0.40!08&2)0-09!iW2*-/&0$!.#$!(0&042.2/0&*$!
2-/2421030-!#!1*$(.06030-!0!.#$!)04(*$2-#$`!$'('*$/04*-/*!"7(*6!=!$'$!/*$/08*&&#$!.0$!
Ti`$=-/&*52#/0$1*$>'40-$?2%:/#$@0/):$)"-$'-$&*#21*-/*$1*$.0$)"#/0$1*$M0&2k"$n'*$(2127$n'*$-"$#*$125'.%0&0$#'$21*-/2101F$['40)"F$M0&2k"F$<g$1*$#*(/2*43&*$1*$JKK`S$TiL$AU0&0Q(".B/2)0$0$.0$!.0-*&0CF$N*40-0$DG"%"/HEF$J<$1*$40&6"$1*$JKKLF$://(+\\]]]S#*40-0S)"4\-"/2)20#Q-0)2"-\(0&0(".2/2)0Q..0-*&0\<J<LLgS0#(a$D)"-#'./01"$*.$J$1*$")/'3&*$1*$JKKLES$$
& & & & & & **A& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
230-!01a'2&2*-1#`!0152&/27!*.!*\!(0&042.2/0&j9!_*40-0!/0432[-!2-8#&40!a'*!"7(*6!<03&@0!$21#!$#)2#!1*!A')<2..#!=!1*!'-#!1*!$'$!&*(&*$*-/0-/*$!*-!'-0!*4(&*$0!42-*&0!a'*!"7(*6!
<03@0!)&*01#!*-!FCC:9!_*%c-!.#!('3.2)01#!*-!_*40-0`!"7(*6!082&47!<03*&!0)*(/01#!0!A')<2..#!)#4#!$#)2#!(#&a'*!*$/030!*-!*.!(&#)*$#!1*!1*$4#52.260)27-l!=!1*!/#1#$!4#1#$`!
4K$!/0&1*!A')<2..#!)*127!$'!(0&/2)2(0)27-!*-!.0!*4(&*$0!0!#/&0!(*&$#-0ERC9!!
!
G*!40-*&0!$242.0&`!_*40-0!2-8#&40!a'*!.0$!2-5*$/2%0)2#-*$!1*!.0!A#&/*!_'(&*40!=!1*!.0!]2$)0.@0!V*-*&0.!$'%2*&*-!a'*!*.!%&'(#!1*!A')<2..#!<03&@0!0(#=01#!.0!*.*))27-!1*.!*\!A#&#-*.!
1*.!U?[&)2/#!k.0$!J&5*.2#!Y&/26!D*3#..*1#!)#4#!%#3*&-01#&!1*!I2)<0109!i"#!<03&@0!0='101#!
)#-!&*)'&$#$`!(&*$2#-01#!0!.0$!(*&$#-0$!0!5#/0&!(#&![.!=`!*-!0.%'-#$!)0$#$999!40-*?01#!.#$!
)#42)2#$!=!.#$!&*$'./01#$j9!_*%c-!.#!('3.2)01#!*-!_*40-0`!Y&/26`!a'*!$*!<03@0!1*$*4(*X01#!)#4#!)#40-10-/*!1*!.0!k&2%010!1*.!U?[&)2/#!*-!I2)<010`!$*!*-8&*-/0!0!
-'4*&#$0$!1*40-10$!(*-0.*$!*-!$'!)#-/&0!(#&!<03*&!&*)'&&21#!0!'-!$'('*$/#!8&0'1*!
*.*)/#&0.!a'*!.*!(*&42/27!%0-0&!(#&!$7.#!-'*5*!5#/#$ERB9!!!
U.!*\!G2&*)/#&!1*!]2$)0.@0$!1*!W*1*..@-`!V'2..*&4#!"*7-!I0.*-)20!A#$$2#`!<*&40-#!1*.!
W2-2$/&#!1*.!;-/*&2#&!=!1*!m'$/2)20!1*!A#.#4320`!*$/K!$2*-1#!?'6%01#!(#&!.0!A#&/*!_'(&*40!(#&!
$'!$'('*$/0!)#.03#&0)27-!)#-!*.!%&'(#!1*!G#-!W0&2#!*-!W*1*..@-ERF9!]2$)0.*$!$*X0.0&#-!a'*!
)'*-/0-!)#-!B9>CC!%&030)2#-*$!1*!)#-5*&$0)2#-*$!*-!.0$!)'0.*$!(0&/2)2(0-!I0.*-)20!A#$$2#!
=!m#<-!]&*11=!W0-)#!d)#-#)21#!(#&!$'!0.20$!iU.!;-12#je`!0)'$01#!1*!-0&)#/&K82)#`!0$@!)#4#!*.!
*4(&*$0&2#!m'0-!]*.2(*!_2*&&0`!a'*!(&*$'-/04*-/*!24(.2)0&@0-!0!I0.*-)20!A#$$2#9!U-!'-0!1*!
.0$!..04010$!2-/*&)*(/010$`!I0.*-)20!<03&@0!(&*$/01#!$'!)#-$*-/242*-/#!(0&0!*.242-0&!0!
W0-)#!1*!'-!120%&040!1*!.0!(#.2)@0!a'*!.#!'32)030!)#4#!$*%'-1#!42*43&#!1*!40=#&!
?*&0&a'@0!*-!*.!%&'(#!1*!G#-!W0&2#ERE9!U.!%*-*&0.!W0&)#!J-/#-2#!Z*1&*&#$`!?*8*!1*!.0!(#.2)@0!
*-!W*1*..@-`!&*-'-)27!0!.0!8'*&60!(#.2)20.!)#4#!)#-$*)'*-)20!1*.!42$4#!*$)K-10.#`!1*$('[$!
T`K$AU0&0Q(".B/2)0$0$.0$!.0-*&0CF$N*40-0$DG"%"/HEF$J<$1*$40&6"$1*$JKKLF$://(+\\]]]S#*40-0S)"4\-"/2)20#Q-0)2"-\(0&0(".2/2)0Q..0-*&0\<J<LLgS0#(a$D)"-#'./01"$*.$J$1*$")/'3&*$1*$JKKLES$$T`<9321S$$T`J$AZ'2..*&4"$O0.*-)20$V"##2"$#*$1*).0&0$2-")*-/*CF$=.$=#(*)/01"&$DG"%"/HEF$J<$1*$*-*&"$1*$JKKLF$://(+\\]]]S*.*#(*)/01"&S)"4\-"/2)20#\j'12)20.\0&/2)'."<<KKRJQ%'2..*&4"Q50.*-)20Q)"##2"Q#*Q1*).0&0Q2-")*-/*$D)"-#'./01"$*.$JI$1*$#*(/2*43&*$1*$JKKLEv$AV"42*-60$j'2)2"$)"-/&0$Z'2..*&4"$!*7-$O0.*-)20CF$=.$=#(*)/01"&$DG"%"/HEF$T$1*$-"52*43&*$1*$JKK`F$://(+\\]]]S*.*#(*)/01"&S)"4\24(&*#"\0&/2)'."24(&*#"`i`JTQ)"42*-60Qj'2)2"Q)"-/&0Q%'2..*&4"Q.*"-Q50.*-)20$D)"-#'./01"$*.$JI$1*$#*(/2*43&*$1*$JKKLEv$Ao2#)0.B0$(2127$&*/2&0&$1"#$1*.2/"#$0$O0.*-)20$V"##2"CF$=.$=#(*)/01"&$F$DG"%"/HEF$<`$1*$12)2*43&*$1*$JKK`F$://(+\\]]]S*.*#(*)/01"&S)"4\-"/2)20#\j'12)20.\0&/2)'."<KKJ<gQ82#)0.20Q(212"Q&*/2&0&Q1"#Q1*.2/"#Q50.*-)20Q)"##2"$D)"-#'./01"$*.$JI$1*$#*(/2*43&*$1*$JKKLES$T`TAZ'2..*&4"$O0.*-)20$V"##2"$#*$1*).0&0$2-")*-/*CF$=.$=#(*)/01"&$DG"%"/HEF$J<$1*$*-*&"$1*$JKKLF$://(+\\]]]S*.*#(*)/01"&S)"4\-"/2)20#\j'12)20.\0&/2)'."<<KKRJQ%'2..*&4"Q50.*-)20Q)"##2"Q#*Q1*).0&0Q2-")*-/*$D)"-#'./01"$*.$JI$1*$#*(/2*43&*$1*$JKKLES$$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & **B
1*!a'*!.0$!%&030)2#-*$!&*5*.0&0-!'-0!)#-5*&$0)27-!a'*!<03@0!40-/*-21#!)#-!_2*&&0`!(*$*!0!
a'*!Z*1&*&#$!<0!-*%01#!$'!(0&/2)2(0)27-!*-!0)/252101*$!1*.2)/250$ERQ9!!
!
G'&0-/*!0X#$`!*.!%#32*&-#!)#.#4320-#!-*%7!.0!*\2$/*-)20!1*!5@-)'.#$!*-/&*!.0$!J,A!*!
24(#&/0-/*$!$*)/#&*$!1*!.0$!8'*&60$!42.2/0&*$9!G*!<*)<#`!.0$!2-5*$/2%0)2#-*$!1*!42*43&#$!1*!
0./#!&0-%#!1*!.0$!8'*&60$!42.2/0&*$!*-!&*.0)27-!)#-!12)<#$!5@-)'.#$!$2%'*-!050-60-1#!4'=!
.*-/04*-/*9!"#$!*$/&*)<#$!5@-)'.#$!1*!.#$!(0&042.2/0&*$!)#-!4')<#$!42*43&#$!1*.!A#-%&*$#!
<0-!$0.21#!0!.0!.'6!*\).'$2504*-/*!%&0)20$!0!.0$!2-5*$/2%0)2#-*$!1*!.0!A#&/*!_'(&*40!1*!
A#.#43209!U$/*!*$!'-!/*40!a'*!&*a'2*&*!'-!4#-2/#&*#!)#-$/0-/*!=!$'40!0/*-)27-`!0$@!)#4#!
4*1210$!1*!(&*5*-)27-!)#-/'-1*-/*$!(#&!(0&/*!1*.!%#32*&-#9!
!
U-!(0&/2)'.0&`!*.!%#32*&-#!1*3*!0$*%'&0&!a'*!.0$!0)'$0)2#-*$!1*!/#.*&0-)20!<0)20!.#$!%&'(#$!
$')*$#&*$!(#&!(0&/*!1*!8'*&60$!1*!$*%'&2101!)#-1'6)0-!0!2-5*$/2%0)2#-*$!(*-0.*$!$*&20$`!
?'6%042*-/#$!0)/25#$!=!*.!)0$/2%#!1*!a'2*-*$!$*0-!1*).0&01#$!&*$(#-$03.*$l!=!a'*!12)<#$!
)#-8.2)/#$!-#!$*!$#.')2#-*-!$24(.*4*-/*!/&0$.010-1#!0!.#$!42*43&#$!0!#/&0$!&*%2#-*$9!U.!
W2-2$/*&2#!1*!G*8*-$0!1*3*&@0!0$*%'&0&!a'*!.#$!42*43&#$!1*!.0$!8'*&60$!1*!$*%'&2101!
(c3.2)0!a'*!$*0-!#3?*/#!1*!1*-'-)20$!)&*@3.*$!1*!<03*&!)#.03#&01#!)#-!.0$!0)/252101*$!1*!
.#$!%&'(#$!$')*$#&*$!#!1*!<03*&!/#.*&01#!$'!0))2#-0&!$*0-!$'$(*-121#$!42*-/&0$!$*!..*50-!
0!)03#!.0$!2-5*$/2%0)2#-*$9!
!
o0./0$1*$(&"/*))27-$01*)'010$0$."#$)252.*#$
J!/&05[$!1*.!W2-2$/*&2#!1*.!;-/*&2#&!=!1*!m'$/2)20`!*.!%#32*&-#!)#.#4320-#!<0!0142-2$/&01#!
1'&0-/*!0X#$!'-!(&#%&040!1*!(&#/*))27-!1*$/2-01#!0!1*8*-$#&*$!1*!1*&*)<#$!<'40-#$`!
$2-12)0.2$/0$!=!(*&2#12$/0$!a'*!$*!)#-$21*&0!a'*!*$/K-!*-!&2*$%#9!U.!(&#%&040!#8&*)*!
125*&$#$!-25*.*$!1*!(&#/*))27-!t1*$1*!/*.[8#-#$!)*.'.0&*$!<0$/0!)<0.*)#$!0-/230.0$!=!
*$)#./0$t!0!$'$!3*-*82)20&2#$9!U.!(&#%&040!<0!#8&*)21#!(&#/*))27-!2-12$(*-$03.*!0!(*&$#-0$!
a'*!*$/030-!*-!&2*$%#!%&05*9!_2-!*430&%#`!*.!(&#%&040!1*!(&#/*))27-!$*!)*-/&0!*-!)2*&/#$!
%&'(#$!5'.-*&03.*$!=!-#!(&#/*%*!0!*\!5@)/240$!1*!.0$!J,A!a'*!2-/*-/0-!<0)*&!50.*&!$'$!
1*&*)<#$9!^04(#)#!#8&*)*!(&#/*))27-!-2!0$2$/*-)20!0!.0!40=#&@0!1*!.#$!)#.#4320-#$!
)#4'-*$!a'*!*$/K-!$2*-1#!04*-0601#$!#!0/0)01#$!0)/'0.4*-/*!(#&!%&'(#$!$')*$#&*$9!
!
L)%7(11'5*#'*.+(1;.+.#+(#?217'-.0#+(#".0#!8,#
WK$!1*!FCC9CCC!(*&$#-0$!$*!<0-!&*%2$/&01#!)#4#!5@)/240$!0!*8*)/#$!1*!.0!"*=!1*!m'$/2)20!=!
Z06ER:9!"*%0.4*-/*`!*$/0$!5@)/240$!/2*-*-!1*&*)<#!0!&*)232&!0$2$/*-)20`!&*(&*$*-/0)27-!=! T`I$AZ*-*&0.$U*1&*&"#$*#$*.$n'2-/"$8'-)2"-0&2"$n'*$)0*$("&$)'*-/0$1*$#'$)*&)0-B0$)"-$o*.2(*$N2*&&0CF$&*52#/0$V0432"$DG"%"/HEF$J`$1*$0%"#/"$1*$JKK`F$://(+\\]]]S)0432"S)"4S)"\("&/010)0432"\iL<\P?[9V,!_Q@=GQM_[Pd9M[=?9_?dVPhG9_QIIiKII<S:/4.$D)"-#'./01"$*.$JI$1*$#*(/2*43&*$1*$JKKLES$
& & & & & & **0& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
(&#/*))27-!1*.!*$/01#ER>9!_2-!*430&%#`!*.!%#32*&-#!)#.#4320-#!0c-!-#!<0!)&*01#!'-!
(&#%&040!*8*)/25#!(0&0!(&#/*%*&.0$9!U-!0%#$/#!1*!FCCL`!*-!&*$('*$/0!0!'-0!(*/2)27-!1*!'-!
%&'(#!1*!5@)/240$`!'-0!?'*60!#&1*-7!0.!%#32*&-#!i12$*X0&`!24(.*4*-/0&!=!<0)*&!*8*)/25#!'-!
Z&#%&040!1*!Z&#/*))27-!1*!I@)/240$!=!^*$/2%#$!1*!.#$!Z&#)*$#$!1*!U$).0&*)242*-/#!m'12)20.!
1*!.0!"*=!1*!m'$/2)20!=!Z06j!*-!*.!(.06#!1*!/&*2-/0!1@0$ERL9!U-!&*$('*$/0`!*.!Z&*$21*-/*!,&23*!
12)/7!'-!1*)&*/#!(#&!*.!)'0.!#&1*-030!.0!)&*0)27-!1*!'-!(&#%&040!1*!(&#/*))27-ERR9!_2-!
*430&%#`!*.!1*)&*/#!<0!$'$)2/01#!)#-/*&$20$`!*-!(0&/*!1*321#!0!a'*!.0!(&#/*))27-!2-2)20.!
$*&@0!3&2-1010!4*120-/*!.0!0$2$/*-)20!1*!.0!(#.2)@0!.#)0.`!*-!.0!)'0.!4')<0$!5@)/240$!-#!
)#-8@0-!1*321#!0!$'!(*&)*()27-!s4')<0$!5*)*$!1*!.0&%0!10/0t1*!a'*!*\2$/2&@0-!5@-)'.#$!
*-/&*!.#$!(0&042.2/0&*$!d#!%&'(#$!$')*$#&*$e!=!.0!(#.2)@0!.#)0.ERT9!i^'524#$!'-!)0$#!1*!'-0!
(*&$#-0!a'*!<03@0!$21#!04*-06010!*-!k0&&0-a'2..0999!(*&#!*$0!(*&$#-0!*$/030!$2*-1#!
(*&$*%'210!(#&!.0!(#.2)@0!1*!.0!&*%27-j`!1*-'-)27!'-!&*(&*$*-/0-/*!1*!'-!%&'(#!1*!5@)/240$9!
iU.!1*)&*/#!12)*!a'*!.0!(#.2)@0!1*3*!(&#/*%*&.#$999!(*&#!*-!*$/*!)#-/*\/#!1*!)#4(.2)2101`!*$!
4'=!128@)2.jETC9!!
!
J!$'!5*6`!*.!%#32*&-#!0(*.7!.0!$*-/*-)20!a'*!*\2%27!*.!*$/03.*)242*-/#!1*.!(&#%&0409!
J8#&/'-0104*-/*`!.'*%#!1*!a'*!*.!A#-$*?#!1*!U$/01#!&*5#)0&0!2-2)20.4*-/*!.0!1*)2$27-`!.0!
A#&/*!A#-$/2/')2#-0.!)#-82&47!.0!$*-/*-)20!2-2)20.!a'*!*\2%@0!.0!)&*0)27-!1*!'-!(&#%&040!1*!
(&#/*))27-!1*!/*$/2%#$!=!#&1*-7!0.!%#32*&-#!a'*!*$/03.*)2*&0!'-!(&#%&040!a'*!/'52*&0!*-!
)'*-/0!*.!%[-*&#!1*!.0$!5@)/240$ETB9!!
!
A0&.#$!]&0-)#`!a'2*-!/&030?0!*-!*.!Z&#%&040!Z&*$21*-)20.!1*!G*&*)<#$!f'40-#$!1*!
A#.#4320`!082&47!0!f'40-!D2%</$!h0/)<!a'*!*.!%#32*&-#!*$/K!24(.*4*-/0-1#!0)/'0.4*-/*!
T`g$V"42#27-$M0)2"-0.$1*$?*(0&0)27-$;$?*)"-)2.20)27-F$AO*"-*#$!23&*#$U&"%&04010#CF$://(+\\]]]S)-&&S"&%S)"\-*]KL\5j&\5*&*#/0S:/4.$D)"-#'./01"$*.$<I$1*$")/'3&*$1*$JKKLES$!0$V"42#27-$2-8"&40$n'*$J<LS`<`$5B)/240#$#*$:03B0-$&*%2#/&01"$0.$T<$1*$40;"$1*$JKKLS$T`R$!0$!*;$1*$s'#/2)20$;$U06$12#("-*$n'*$*.$*#/01"$A%0&0-/260&H$*.$0))*#"$1*$.0#$5B)/240#$0$.0$0142-2#/&0)27-$1*$j'#/2)20CS$!*;$MSm$Lig$1*$JKKgF$0&/S$TiS$[0432l-$*#/03.*)*$n'*$."#$8'-)2"-0&2"#$1*.$*#/01"$A01"(/0&H-$.0#$4*1210#$01*)'010#$;$/"10#$.0#$0))2"-*#$(*&/2-*-/*#$(0&0$(&"/*%*&$.0$#*%'&2101F$*.$32*-*#/0&SSSF$.0$12%-2101$;$.0$5210$(&25010$1*$.0#$5B)/240#$;$."#$/*#/2%"#CS$93B1SF$0&/S$T`S$M"$"3#/0-/*F$50&20$12#("#2)2"-*#$*#(*)B82)0#$1*$.0$.*;$1*$:*):"$:0-$&*#/&2-%21"$."#$1*&*):"#$1*$.0#$5B)/240#$0$(0&/2)2(0&$(.*-04*-/*$*-$."#$(&")*1242*-/"#S$=#$0#B$n'*$.0$V"&/*$V"-#/2/')2"-0.$4"1282)7$50&20#$1*$*#/0#$12#("#2)2"-*#$*-$#'$#*-/*-)20F$0$82-$1*$%0&0-/260&$0$.0#$5B)/240#$*.$1*&*):"$0$#*&$"B10#F$*.$0))*#"$0$.0$2-8"&40)27-$*-$."#$*a(*12*-/*#F$*.$1*&*):"$0$(&*#*-/0&$(&'*30#$;F$*-$%*-*&0.F$0$(0&/2)2(0&$*-$/"1"#$."#$0#(*)/"#$1*$."#$(&")*1242*-/"#$.*%0.*#$&*.0/25"#$0$#'#$)0#"#S$V"&/*$V"-#/2/')2"-0.$1*$V"."4320F$X*)2#27-$MSm$VQTiKF$JKKRF$#*))27-$RSJSTSJS<S$T`i$[&23'-0.$1*$."$V"-/*-)2"#"$P142-2#/&0/25"$1*$V'-12-040&)0EF$=a(*12*-/*$MSm$PS[S$JgKKKQJTQ<gQKKKQJKKiQKK`iRQK<F$<T$1*$0%"#/"$1*$JKKiS$!0$1*40-10$#*$(&*#*-/7$*-$j'.2"$1*$JKKiS$U0/&2)20$G'&2/2)HF$'-0$1*$.0#$)"42#2"-010#$1*$.0$V"42#27-$M0)2"-0.$1*$?*(0&0)27-$;$?*)"-)2.20)27-$;$/2/'.0&$1*$.0$"&%0-260)27-$9-2)20/250$1*$h'j*&*#$("&$.0$U06$F$(&*#*-/7$'-0$0(*.0)27-$*-$&*(&*#*-/0)27-$1*$<J$4'j*&*#$5B)/240#$1*$%&'("#$(0&042.2/0&*#S$T``$X*)&*/"$MSm$TgiK$1*.$<`$1*$#*(/2*43&*$1*$JKKiS$$T`L$9321F$0&/S$<LS$TLK$=-/&*52#/0$/*.*87-2)0$1*$>'40-$?2%:/#$@0/):$)"-$&*(&*#*-/0-/*#$1*$%&'("#$1*$5B)/240#F$JR$1*$40&6"$1*$JKK`S$TL<$V"&/*$V"-#/2/')2"-0.$1*$V"."4320F$N*-/*-)20$[QILR$1*$JKK`S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *()
'-!(&#%&040!1*!(&#/*))27-!0!/&05[$!1*!.0!Z#.2)@0!H0)2#-0.`!a'*!<0!*.03#&01#!i40(0$!1*!
&2*$%#j!0!82-!1*!1*/*&42-0&!a'[!-25*.!1*!(&#/*))27-!1*3*!3&2-10&$*!0!.0$!5@)/240$!*-!*.!
40&)#!1*.!(&#)*$#!1*!m'$/2)20!=!Z06!*-!/#1#!*.!(0@$3929!!
!
_*%c-!;-2)20/250!1*!W'?*&*$!(#&!.0!Z06!d;WZe`!.0!#&%0-260)27-!a'*!(.0-/*7!.0!-*)*$2101!1*!
*$/03.*)*&!'-!(&#%&040!1*!(&#/*))27-!1*!5@)/240$`!.0!Z#.2)@0!1*!<*)<#!<0!1*$0&&#..01#!'-!
40(0!1*!&2*$%#!)#-!*.!82-!1*!1*/*&42-0&!17-1*!)*-/&0&!$'!.03#&9!_*!$'(#-*!a'*!.0!(#.2)@0!
1*3*!2-)&*4*-/0&!$'!(&*$*-)20!=!$'$!0)/252101*$!*-!.#$!4'-2)2(2#$!1*!0./#!&2*$%#9!"#$!
40(0$`!$*%c-!$*!$*X0.0!*-!'-!2-8#&4*!1*!;WZ`!4'*$/&0-!a'*!1*!.#$!B9CTT!4'-2)2(2#$!
)#.#4320-#$`!.0!%&0-!40=#&@0!dRRTe!$7.#!(&*$*-/0!-25*.*$!i30?#$j!1*!&2*$%#`!42*-/&0$!a'*!
*-!#/&#$!BFQ!*.!&2*$%#!*$!i2-*\2$/*-/*j9!A#-).'=*&#-!a'*!*\2$/@0!'-!&2*$%#!i*\/&0#&12-0&2#j!*-!
/0-!$7.#!FE!4'-2)2(2#$`!=!$#.04*-/*!*-!QC!1*/*&42-0&#-!a'*!*.!&2*$%#!*&0!i0./#j9!!U.!;WZ!
/0432[-!$*X0.0!a'*!*.!%#32*&-#!<0!3&2-101#!(&#/*))27-!12&*)/0!0!0.%'-0$!5@)/240$9!U-/&*!
#)/'3&*!1*!FCCL!=!$*(/2*43&*!1*!FCCR!*.!%#32*&-#!<03&@0!*50.'01#!QBF!)0$#$!1*!(*&$#-0$!
a'*!$#.2)2/030-!(&#/*))27-9!k&2-17!0$2$/*-)20!*-!BC>!1*!*$#$!)0$#$3939!!
!
D*$'./0!(#$2/25#!a'*!*.!%#32*&-#!<0=0!/#401#!0.%'-0$!4*1210$!1*$/2-010$!0!3&2-10&!
(&#/*))27-!0!.0$!5@)/240$!1*!.0$!J,A!*-!*.!(&#)*$#!1*!m'$/2)20!=!Z06`!=!0!&*8#&60&!.0!$*%'&2101!
*-!0.%'-#$!4'-2)2(2#$9!H#!#3$/0-/*`!.0!)0-/2101!1*!4'-2)2(2#$!a'*!$*!)#-$21*&0-!)#4#!1*!
-25*.!1*!&2*$%#!i0./#j!=!1*!(*&$#-0$!a'*!&*)232*&#-!(&#/*))27-!t0.!4*-#$!<0$/0!4*1201#$!
1*!FCCRt!(0&*)*!&*.0/2504*-/*!30?0`!=!$'$)2/0!1'10$!*-!)'0-/#!0!$2!*.!(&#%&040!0.)0-60!
*8*)/2504*-/*!0!/#10$!.0$!5@)/240$!a'*!(0&/2)2(0-!*-!*.!(&#)*$#!1*!.0!"*=!1*!m'$/2)20!=!Z06!
a'*!*$/K-!*-!&2*$%#9!J$242$4#`!-#!/#10$!.0$!5@)/240$!1*!.0$!J,A!*$/K-!(0&/2)2(0-1#!*-!*.!
(&#)*$#!1*!.0!"*=!1*!m'$/2)20!=!Z06`!=!(#&!.#!/0-/#!-#!*$/K-!)#-/*4(.010$!*-!*.!1*)&*/#9!!!
!
U-!&*$('*$/0!0!'-0!$#.2)2/'1!(&*$*-/010!(#&!f'40-!D2%</$!h0/)<!(0&0!#3/*-*&!2-8#&40)27-!
4K$!1*/0..010!$#3&*!*.!(&#%&040!1*!(&#/*))27-`!*.!%#32*&-#!)#.#4320-#!*\(&*$7!a'*!$2!32*-!
*$/030!24(.*4*-/0-1#!'-!(&#%&040!*-!*.!40&)#!1*.!1*)&*/#!#&2%2-0.`!<03@0!&*10)/01#!'-!
-'*5#!1*)&*/#!)'=0!0()27-!$*!*-)#-/&030!*-!)'&$#9!U.!%#32*&-#!082&40!a'*!*.!-'*5#!
(&#%&040!$*&K!)##&12-01#!*-!8#&40!)*-/&0.!(#&!*.!W2-2$/*&2#!1*.!;-/*&2#&`!=!/*-1&K!'-0!
)#3*&/'&0!&*%2#-0.!4K$!04(.203949!
392
$X*).0&0)2"-*#$1*$V0&."#$o&0-)"F$X2&*)/"&$1*.$U&"%&040$U&*#21*-)20.$1*$X*&*):"#$>'40-"#$1*$V"."4320F$1'&0-/*$'-$*-)'*-/&"$)"-$%&'("#$1*$1*&*):"#$:'40-"#$1*$=#/01"#$,-21"#$*-$.0$=430j010$1*$V"."4320$*-$12):"$(0B#F$@0#:2-%/"-F$XVF$R$1*$-"52*43&*$1*$JKKLS$393
$9-2)20/250$1*$h'j*&*#$V"."4320-0#$("&$.0$U06F$AX")'4*-/"$Up3.2)"$MSm$I+$s'#/2)20$;$N*%'&2101$(0&0$.0#$O2)/240#$1*.$V"-8.2)/"$P&401"F$P-H.2#2#$)"-$U*&#(*)/250$1*$Zl-*&"CF$03&2.$1*$JKKLF$(H%#S$R`Q`iS 394$V"4'-2)0)27-$("&$)"&&*"$*.*)/&7-2)"$*-52010$("&$V.0'120$V'*50#F$N*%'-10$N*)&*/0&20F$=430j010$1*$V"."4320$*-$=#/01"#$,-21"#F$0$>'40-$?2%:/#$@0/):F$&*)23210$*.$<L$1*$*-*&"$1*$JK<KS
& & & & & & *(*& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
O;&)($'07)%#+(#+(09"[email protected]'(*7%0#9)%?%1.+%0#9%)#"%0#$);9%0#0;1(0%)(0#
f'40-!D2%</$!h0/)<!&*)2327!2-8#&40)27-!1*!50&20$!8'*-/*$!a'*!2-12)030-!a'*`!*-!0.%'-#$!
)0$#$`!#82)2-0$!.#)0.*$!1*!J))27-!_#)20.!$*!-*%030-!0!&*%2$/&0&!)#4#!1*$(.0601#$!0!
(*&$#-0$!a'*!082&4030-!<03*&!$21#!#3.2%010$!(#&!.#$!(0&042.2/0&*$!0!030-1#-0&!$'!<#%0&9!
A#4#!2-8#&47!.0!A#42$27-!1*!_*%'242*-/#!0!.0!Z#.@/2)0!Zc3.2)0!_#3&*!*.!G*$(.06042*-/#!
]#&601#!*-!$'!2-8#&4*!0!.0!A#&/*!A#-$/2/')2#-0.+!
!
!n"0$!1*-'-)20$!1*!1*$(.06042*-/#$!)0'$01#$!(#&!(0&042.2/0&*$!&*%2$/&010$!*-!*.!
$2$/*40!1*!2-8#&40)27-!#82)20.!$*!<0-!&*1')21#`!.#!)'0.o!999('*1*!#3*1*)*&`!
(į.*4*-/*!=!*-/&*!#/&#$!80)/#&*$`!0!.0$!1282)'./01*$!$'&%210$!)#-!4#/25#!1*!.#$!
(&#)*$#$!1*999!2-$)&2()27-!*-!*.!&*%2$/ϧ!$'$)2/010$!)#-!#)0$27-!1*.!(&#)*$#!1*!
1*$4#52.260)27-!1*!.#$!%&'(#$!(0&042.2/0&*$999!A#4#!<0!$21#!1*-'-)201#!(#&!50&20$!
#&%0-260)2#-*$999`!0.%'-0$!1*!.0$!,-2101*$!^*&&2/#&20.*$!d,^e!1*!J))27-!_#)20.!
)#4*-60&#-!0!-*%0&!$2$/*4K/2)04*-/*!*.!&*%2$/&#!1*!(*&$#-0$!=!<#%0&*$!a'*999!
$*X0.030-!0!.#$!%&'(#$!(0&042.2/0&*$!)#4#!.#$!0'/#&*$!1*.!1*$(.06042*-/#9!G*!
0)'*&1#!)#-!.0!$2/'0)27-!1*-'-)2010`!.0$!,^!(0&/@0-!1*!.0!(&*$'-)27-!1*!a'*!.#$!
%&'(#$!(0&042.2/0&*$`!<032[-1#$*!1*$4#52.2601#`!-#!(#1@0-!$*X0.0&$*!)#4#!0'/#&*$!
1*!1*$(.06042*-/#ET:9!
!
G*!40-*&0!$242.0&`!f'40-!D2%</$!h0/)<!&*)2327!1*-'-)20$!a'*!2-12)030-!a'*!*-!0.%'-0$!
&*%2#-*$!J))27-!_#)20.!$*!-*%030!0!&*%2$/&0&!0!(*&$#-0$!1*$(.06010$!a'*!082&4030-!<03*&!
$21#!*\('.$010$!(#&!%&'(#$!$')*$#&*$`!)#-!*.!0&%'4*-/#!1*!a'*!12)<#$!%&'(#$!*&0-!
i)&242-0.*$j9!Z#&!*?*4(.#`!/0-!$7.#!*-!W*1*..@-`!.0!Z*&$#-*&@0!1*!W*1*..@-!&*)2327!FC>!
1*).0&0)2#-*$!1*!5@)/240$!1*!1*$(.06042*-/#!8#&601#!1*-/&#!1*!.0!)2'101!*-/&*!*-*&#!=!
?'-2#!1*!FCCT9!G*!*..0$`!BLF!<03@0-!$21#!(&*$*-/010$!0-/*!*.!D*%2$/&#!H0)2#-0.!1*!Z#3.0)27-!
G*$(.06010`!0!)0&%#!1*!J))27-!_#)20.9!_2-!*430&%#`!$*%c-!.0!Z*&$#-*&@0`!*.!:C!(#&!)2*-/#!1*!
.0$!1*).0&0)2#-*$!da'*!2-5#.')&030-!0!EQRe!<03@0-!$21#!&*)<06010$!(#&!J))27-!_#)20.9!G*!
0)'*&1#!)#-!.0!Z*&$#-*&@0`!'-0!1*!.0$!(&2-)2(0.*$!&06#-*$!(#&!.0$!)'0.*$!8'*&#-!&*)<06010$!
*$!a'*!.0$!5@)/240$!$*X0.030-!a'*!<03@0-!$21#!1*$(.06010$!(#&!0)/#&*$!a'*!J))27-!_#)20.!
)#-$21*&030!a'*!(*&/*-*)@0-!0.!i1*.2/#!)#4c-j!#!0.!i)&24*-!#&%0-2601#jET>9!,-0!
&*(&*$*-/0-/*!1*!"'/<*&0-!h#&.1!D*.2*8!.*!2-8#&47!0!f'40-!D2%</$!h0/)<!a'*!*-!50&20$!
#)0$2#-*$!$'!*a'2(#!*-!*.!1*(0&/04*-/#!1*!A7&1#30!<03@0!#3$*&501#!*.!42$4#!(.*40`!
TLg$V"42#27-$1*$N*%'242*-/"$0$.0$U".B/2)0$Up3.2)0$N"3&*$*.$X*#(.06042*-/"$o"&601"F$AO*&282)0-1"$*.$)'4(.242*-/"$1*$."#$1*&*):"#+$U&24*&$2-8"&4*$1*$5*&282)0)27-$(&*#*-/01"$0$.0$V"&/*$V"-#/2/')2"-0.CF$T<$1*$*-*&"$1*$JKK`F$(H%S$gTS$$TLR$9-8"&40)27-$*-/&*%010$0$>'40-$?2%:/#$@0/):$("&$)"&&*"$*.*)/&7-2)"$*-5201"$("&$&*(&*#*-/0-/*#$1*$.0$,-2101$U*&40-*-/*$1*$X*&*):"#$>'40-"#$1*$.0$U*&#"-*&B0$1*$h*1*..B-F$<K$1*$0%"#/"$1*$JKKLS$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *((
*-!*.!)'0.!8'-)2#-0&2#$!1*.!*$/01#!$*!-*%030-!0!&*%2$/&0&!)#4#!1*$(.0601#$!0!(*&$#-0$!a'*!
2-8#&4030-!<03*&!$21#!1*$(.06010$!(#&!%&'(#$!$')*$#&*$9@SR!
!
"0!80./0!1*!&*%2$/&#!1*!*$/0$!(*&$#-0$!)#4#!1*$(.06010$!(#1&@0!$2%-282)0&!'-0!
$'3*$/240)27-!1*.!(.*40!1*.!1*$(.06042*-/#!=!#3$/0)'.260&!*.!120%-7$/2)#!1*!$'$!
)0'$0$`!.#!a'*!1282)'./0&@0!0c-!4K$!.0!/#40!1*!4*1210$!(0&0!*52/0&!8'/'&#$!1*$(.06042*-/#$9!
WK$!2-a'2*/0-/*!0c-`!.0$!(*&$#-0$!a'*!-#!*$/K-!&*%2$/&010$!)#4#!1*$(.06010$!-#!&*)23*-!
.0!(&#/*))27-!-2!.0!0$2$/*-)20!1*.!*$/01#!a'*!1*!#/&#!4#1#!.*$!)#&&*$(#-1*&@09!
!
U-!'-!*-)'*-/&#!)#-!%&'(#$!1*!1*&*)<#$!<'40-#$`!*.!/2/'.0&!1*!J))27-!_#)20.!$*X0.7!a'*!
i-#!<0=!-2-%'-0!#&1*-!1*!-#!&*%2$/&0&!0!.0$!5@)/240$!1*!30-10$!*4*&%*-/*$999!H#!*$!'-0!
(#.@/2)0!n1*.!*$/01#ojETR9!H#!#3$/0-/*`!0-/*!.0$!1*-'-)20$!1*!a'*!*$/#!*$/030!$')*12*-1#!*-!
*.!K432/#!.#)0.`!$*!)#4(*/27!0!2-5*$/2%0&!*.!(.*409!
!
I(09;(07.0#P*.+(1;.+.0#<#I(1;)0%0#P*0;>'1'(*7(0#9.).#("#O'07(-.#+(#!"()7.0#
Q(-9).*.0##
,-!#&%0-2$4#!a'*!<0!1*$*4(*X01#!'-!(0(*.!$'404*-/*!24(#&/0-/*!*-!.0!21*-/282)0)27-!1*!
.#$!&2*$%#$!a'*!%*-*&0-!.#$!%&'(#$!$')*$#&*$!(0&0!.#$!)252.*$!*$!*.!_2$/*40!1*!J.*&/0$!
^*4(&0-0$!d_J^e!1*!.0!G*8*-$#&@0!1*.!Z'*3.#9!A#-!8&*)'*-)20`!.#$!0-0.2$/0$!&*%2#-0.*$!1*.!
_J^!$#-!.#$!(&24*&#$!=!)0$2!.#$!c-2)#$!8'-)2#-0&2#$!(c3.2)#$!a'*!$*!/&0$.010-!0!&*%2#-*$!
&*4#/0$!1#-1*!*\2$/*!'-0!)&2$2$!<'40-2/0&20`!04*-060$!)#-/&0!.0!(#3.0)27-!)252.!'!#/&#$!
(.*40$!1*!1*&*)<#$!<'40-#$9!U.!_J^!*.03#&0!&*%'.0&4*-/*!i2-8#&4*$!1*!&2*$%#j!$#3&*!
04*-060$!0!.0!(#3.0)27-!)252.!*-!50&20$!&*%2#-*$9!"#$!2-8#&4*$!$*!*-5@0-!0!'-!)#42/[!
%'3*&-04*-/0.!2-/*&2-$/2/')2#-0.`!2-/*%&01#!(#&!*.!I2)*(&*$21*-/*!1*!A#.#4320`!*.!J./#!
A#-$*?*&#!Z&*$21*-)20.!(0&0!.0!J))27-!_#)20.`!*.!W2-2$/&#!1*.!;-/*&2#&!=!1*!m'$/2)20`!*.!W2-2$/&#!
1*!G*8*-$0!=!*.!G2&*)/#&!1*.!GJ_9!G2)<#!)#42/[!d*.!A#42/[!;-/*&2-$/2/')2#-0.!1*!J.*&/0$!
^*4(&0-0$!#!A;J^e!*50.c0!*.!&2*$%#!=!1*/*&42-0!$2!)#&&*$(#-1*!*42/2&!'-0!i0.*&/0!/*4(&0-0j!
$#3&*!.0!30$*!1*.!2-8#&4*!1*!&2*$%#`!*42/*!&*)#4*-10)2#-*$!0!.0$!0'/#&2101*$!)252.*$!=!.0$!
8'*&60$!1*!$*%'&2101!(c3.2)0!(0&0!a'*!/#4*-!4*1210$!(&*5*-/250$`!=!4#-2/#&*0!.0!
24(.*4*-/0)27-!1*!.0$!4*1210$!=!.0!*5#.')27-!1*.!&2*$%#ETT9!U.!A;J^!<0!$21#!)&2/2)01#!(#&!-#!
*42/2&!0.*&/0$!/*4(&0-0$!0!(0&/2&!1*!2-8#&4*$!1*!&2*$%#!0.0&40-/*$!*-!4')<0$!#)0$2#-*$`!
@SR$V"4'-2)0)27-$*-52010$("&$)"&&*"$*.*)/&7-2)"$("&$P--0.2#*$?"4"#*&F$X2&*)/"&0$*-$8'-)2"-*#$(0&0$U".B/2)0#$U'3.2)0#$;$V032.1*"F$!'/:*&0-$@"&.1$?*.2*8F$0$>'40-$?2%:/#$@0/):F$&*)2321"$*.$<L$1*$*-*&"$1*$JK<KS$TL`$X*).0&0)2"-*#$1*$X2*%"$h".0-"F$12&*)/"&$1*$P))27-$N")20.F$1'&0-/*$'-$*-)'*-/&"$)"-$%&'("#$1*$1*&*):"#$:'40-"#$1*$=#/01"#$,-21"#$*-$.0$=430j010$1*$V"."4320$*-$12):"$(0B#F$@0#:2-%/"-F$XVF$R$1*$-"52*43&*$1*$JKKLS$TLL$X*)&*/"$U&*#21*-)20.$MSm$J`RJF$JKKiF$0&/#S$JQTF$://(+\\]]]S(&*#21*-)20S%"5S)"\(&*-#0d-*]\1*)&*/"#.2-*0\JKKi\j'.2"\Ji\1*)J`RJJiKiKiS(18$D)"-#'./01"$*.$g$1*$")/'3&*$1*$JKKLES$
& & & & & & *(/& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
0.%'-0$!)#-!)#-$*)'*-)20$!80/0.*$QCC9!G*!<*)<#`!*-!*.!(*&2#1#!FCCRSFCCT`!*.!A;J^!$#.#!
*42/27!0.*&/0$!/*4(&0-0$!$#3&*!.0!30$*!1*!.0!42/01!1*!.#$!2-8#&4*$!1*!&2*$%#!(')21#$!(#&!
*.!_J^!d*$!1*)2&`!<'3#!BBC!2-8#&4*$!1*!&2*$%#`!(*&#!*.!A;J^!$#.#!*42/27!::!0.*&/0$!
/*4(&0-0$e9OI9!!
U.!_J^!<0!*42/21#!50&2#$!2-8#&4*$!1*!&2*$%#!$#3&*!.0$!04*-060$!a'*!$'(#-*-!.#$!%&'(#$!
$')*$#&*$9!U-!*.!(*&2#1#!FCCRSFCCT`!*.!_J^!$*X0.7!0!.#$!%&'(#$!$')*$#&*$!)#4#!.0!8'*-/*!
1*.!&2*$%#!*-!'-!-c4*&#!2%'0.!1*!5*)*$!a'*!0!.0$!]JDA!dRR!5*)*$!)010!'-#e9OI<!_2-!*430&%#`!
*-!4')<#$!)0$#$!.#$!2-8#&4*$!<0-!$21#!)#-/*&$20.*$!=!<0-!/*-21#!'-0!&*)*()27-!-*%0/250!
*-!#/&#$!$*)/#&*$!1*.!%#32*&-#9!Z#&!*?*4(.#`!*-!W*/0`!50&20$!8'*-/*$!2-8#&40&#-!0!f'40-!
D2%</$!h0/)<!a'*!*.!A;J^!<03@0!*42/21#!'-0!0.*&/0!/*4(&0-0!(*&#!1*)2127!)0-)*.0&.0!.'*%#!
1*!a'*!$*!a'*?0&0-!.0$!0'/#&2101*$!.#)0.*$9!!
!
"0!Y82)2-0!1*.!;-$(*)/#&!V*-*&0.!1*!.0!J%*-)20!U$/01#'-21*-$*!(0&0!*.!G*$0&&#..#!
;-/*&-0)2#-0.!dY882)*!#8!/<*!;-$(*)/#&!V*-*&0.!#8!/<*!,_!J%*-)=!8#&!;-/*&-0/2#-0.!
G*5*.#(4*-/`!,_J;Ge!<0!$*X0.01#!a'*!.0!2-1*(*-1*-)20!1*.!_J^!i$*!<03&@0!52$/#!
)#4(*/210!0.!&*)#-#)*&!0'/#&2101!1*)2$#&20j!0.!A#42/[!;-/*&2-$/2/')2#-0.!1*!J.*&/0$!
^*4(&0-0$!d!A;J^e`!=!a'*!*\2$/*-!i0.%'-0$!(&'*30$!1*!a'*!.0!(0&/2)2(0)27-!1*.!A;J^!<0!
&*1')21#!.0!)0-/2101!1*!0.*&/0$!*42/210$999!_*%c-!50&20$!8'*-/*$`!$*!<0-!(')21#!
52#.0)2#-*$!1*!1*&*)<#$!0c-!)'0-1#!*.!_J^!<0!&*42/21#!'-!2-8#&4*!1*!&2*$%#!0.!A;J^jQCE9!!Z#&!
)#-$2%'2*-/*`!,_J;G!<0!&*)#4*-101#!a'*!*.!%#32*&-#!)#.#4320-#!&*8#&4*!*.!$2$/*40!(0&0!
%0&0-/260&!.0!('3.2)2101!1*!.#$!2-8#&4*$!1*!&2*$%#l!(*&42/2&!.0!(0&/2)2(0)27-!*-!*.!A;J^!=!*.!
)#-/&#.!1*!*$/*!(#&!(0&/*!1*!.0!G*8*-$#&@0!1*.!Z'*3.#!=!.0!Z&#)'&01'&@0!V*-*&0.!1*!.0!H0)27-l!
24(.*4*-/0&!(&#)*1242*-/#$!/*-12*-/*$!0!0$*%'&0&!.0!)#4'-2)0)27-!*8*)/250!=!#(#&/'-0!
*-/&*!*.!_J^!=!*.!A;J^l!=!0$*%'&0&!a'*!*.!_J^!*$/03.*6)0!(.06#$!2-/*&-#$!(0&0!.0!*.03#&0)27-!=!
*.!*-5@#!1*!2-8#&4*$!1*!&2*$%#QCQ9!
!
U.!_J^!/0432[-!$*!<0!52$/#!(*&?'12)01#!0!)0'$0!1*!.0!80./0!1*!&*)'&$#$!#!.0$!1*4#&0$!*-!*.!
82-0-)2042*-/#`!a'*!<0-!%*-*&01#!([&1210$!1*!(*&$#-0.!=!1282)'./01*$!(0&0!a'*!.#$! IKK$AV"."4320+$!0#$oP?V$0#*#2-0-$0$<i$2-/*%&0-/*#$1*$%&'("$2-1B%*-0CF$)"4'-2)01"$1*$(&*-#0$1*$>'40-$?2%:/#$@0/):F$<K$1*$8*3&*&"$1*$JKKLF$://(+\\]]]S:&]S"&%\*-\-*]#\JKKL\KJ\<K\)"."4320Q80&)Qf2..#Q<iQ2-12%*-"'#Q%&"'($D)"-#'./01"$*.$J`$1*$#*(/2*43&*$1*$JKKLES$O*&$/0432l-$,NP9X$_882)*$"8$/:*$9-#(*)/"&$Z*-*&0.F$P'12/$"8$,NP9X\V"."4320u#$>'40-$?2%:/#$U&"%&04F$P'12/$?*("&/$M"S$<Qg<IQKLQKKiQUF$R$1*$40&6"$1*$JKKLS$OI9$X*8*-#"&B0$1*.$U'*3."$1*$V"."4320F$N2#/*40$1*$P.*&/0#$[*4(&0-0#F$(&*#*-/0)27-$("]*&("2-/$1*$A9-8"&4*$NP[$P'12*-)20$1*$?*-12)2"-$1*$V'*-/0#CF$#2-$8*):0F$*-5201"$("&$)"&&*"$*.*)/&7-2)"$("&$8'-)2"-0&2"#$1*$.0$X*8*-#"&B0$1*.$U'*3."$0$>'40-$?2%:/#$@0/):F$&*)2321"$*.$g$1*$*-*&"$1*$JK<KS$OI<$9321S$IKT$,NP9X$_882)*$"8$/:*$9-#(*)/"&$Z*-*&0.F$P'12/$"8$,NP9X\V"."4320u#$>'40-$?2%:/#$U&"%&04F$P'12/$?*("&/$M"S$<Qg<IQKLQKKiQUF$R$1*$40&6"$1*$JKKLF$(H%#S$RQ`S$IKI$93B1S$
1"$"'"$%;&'"&?%;&@4$437?7:4$";& & & *(.
0-0.2$/0$!..*5*-!0!)03#!$'!.03#&9!U.!_J^!8'*!)&*01#!)#-!24(#&/0-/*!0='10!*$/01#'-21*-$*`!
(*&#!)#-!*.!/2*4(#!,_J;G!<0!21#!&*1')2*-1#!.#$!8#-1#$!)#-!42&0$!0!.#%&0&!.0!
i)#.#4320-260)27-j!1*.!(&#=*)/#9!_*%c-!&*(&*$*-/0-/*$!1*.!_J^`!*.!FB!1*!12)2*43&*!1*!FCCT!
,_J;G!)*$7!$'!82-0-)2042*-/#!1*.!(&*$'('*$/#!#(*&0/25#!1*.!_J^!d$2!32*-!)#-/2-'7!
(&#(#&)2#-0-1#!8#-1#$!(0&0!0.%'-#$!%0$/#$!)#4#!'$#!1*!/*.[8#-#$!)*.'.0&*$e`!=!/&0$.017!.0!
&*$(#-$032.2101!(#&!*.!(&*$'('*$/#!#(*&0/25#!*\).'$2504*-/*!0.!%#32*&-#!)#.#4320-#9!_2-!
*430&%#`!.0!&*0))27-!1*.!%#32*&-#!)#.#4320-#!(0&0!)'3&2&!*$/*!1[82)2/!<0!$21#!.*-/0`!=!%&0-!
(0&/*!1*.!(*&$#-0.!1*.!_J^!/&030?0!0)/'0.4*-/*!30?#!.0!4#10.2101!1*!)#-/&0/#$!a'*!$*!
*\/2*-1*-!$7.#!<0$/0!?'.2#!1*!FCBC9!A#4#!&*$'./01#`!8'-)2#-0&2#$!1*.!_J^!*\(&*$0&#-!
(&*#)'(0)27-!(#&!.0!*$/032.2101!1*!$'$!*4(.*#$!=!$*X0.0&#-!a'*!/*4@0-!a'*!$'$!)0&%#$!-#!
8'*&0-!82-0-)201#$!.'*%#!1*!?'.2#4059
405
$X*).0&0)2"-*#$1*$8'-)2"-0&2"#$1*.$NP[$*-52010#$("&$)"&&*"$*.*)/&7-2)"$0$>'40-$?2%:/#$@0/):F$R$1*$*-*&"$1*$JK<KS
& & & & & & *(,& & 12345&6789:;&<4:=9&>&!"#$"$%&'"&()*)&
!
PA#*$"5,+,"4-%&'
!
"0!2-5*$/2%0)27-!=!&*10))27-!1*!*$/*!2-8#&4*!*$/'52*&#-!0!)0&%#!1*!.0!G252$27-!1*!.0$!
J4[&2)0$!1*!f'40-!D2%</$!h0/)<9!U.!2-8#&4*!8'*!*12/01#!(#&!J2$.2-%!D*21=`!0$*$#&0!.*%0.!
$[-2#&`!m#*!_0'-1*&$`!$'312&*)/#&!1*!(&#%&040$`!G0-2*.!h2.|2-$#-`!$'312&*)/#&!1*!.0!G252$27-!
1*!.0$!J4[&2)0$`!=!m#$[!W2%'*.!I250-)#`!12&*)/#&!(0&0!.0$!J4[&2)0$!1*!f'40-!D2%</$!h0/)<9!
Z0#.0!J1&206#.0`!{052/0!_<0<!=!U50!]#&/*$`!0$#)2010$!1*!.0!G252$27-!1*!.0$!J4[&2)0$`!
)#.03#&0&#-!)#-!.0!.#%@$/2)0!1*!.0!2-5*$/2%0)27-`!.0!('))27-!=!.0!*12)27-9!J--0!"#(&2#&*!=!
]2/6&#=!f*(|2-$!(&#(#&)2#-0&#-!'-0!50.2#$0!0='10!)#-!.0!('))27-9!!
!
f'40-!D2%</$!h0/)<!1*$*0!0%&01*)*&!0!.#$!4')<#$!50.2*-/*$!)#.#4320-#$!a'*!0)*(/0&#-!
<03.0&!)#-!-#$#/&#$l!*-!0.%'-#$!)0$#$`!1*32*&#-!/&0$.010&$*!1*$1*!.'%0&*$!&*4#/#$!(0&0!
*-)#-/&0&-#$9!_2-!$'!)#-/&23')27-`!*$/*!2-8#&4*!-#!<'32*&0!$21#!(#$23.*9!W')<#$!$#.2)2/0&#-!
-#!$*&!21*-/282)01#$!(#&!&06#-*$!1*!$*%'&21019!
!
!
!
!
!
!
!
!
!
H UMA N R I G H TS WATCH350 Fifth Avenue, 34th FloorNew York, NY 10118-3299
www.hrw.org
H U M A N
R I G H T S
W A T C H
Los cuerpos de tres víctimas de asesinatos,presuntamente cometidos por un grupo sucesorde los paramilitares, en El Roble, Nariño. Luegode recuperar los cuerpos, la Policía los dejóafuera de la morgue del cementerio de Tumaco,Nariño sin ninguna supervisión, mientrasresidentes curiosos se acercaban para mirar.
© 2008 Stephen Ferry
Herederos de los ParamilitaresLa Nueva Cara de la Violencia en Colombia
Entre 2003 y 2006, el gobierno colombiano implementó un proceso de desmovilización de 37 grupos armadosque integraban la violenta y mafiosa coalición paramilitar conocida como las AUC. El gobierno anunció que elproceso había sido exitoso, ya que más de 30.000 personas participaron en ceremonias de desmovilización y sesumaron a programas de reinserción. Pero casi inmediatamente después surgieron grupos en todo el país quecontinuaron las actividades delictivas que anteriormente desarrollaban las AUC. Estos grupos sucesores hoycometen abusos frecuentes y graves contra civiles que incluyen masacres, asesinatos, desplazamientosforzados, violaciones sexuales, amenazas y extorsión. Han atacado en reiteradas oportunidades a defensores dederechos humanos, sindicalistas, personas desplazadas y miembros de la comunidad que no aceptan susórdenes. En algunas regiones, como en la ciudad de Medellín, donde el índice de homicidios se ha duplicado enel último año, la actuación de estos grupos ha causado un marcado incremento de la violencia.
Herederos de los Paramilitares, basado en casi dos años de investigación de campo, documenta la relación entreel surgimiento de los grupos sucesores y las deficiencias en la desmovilización de las AUC. Describe gravísimosabusos cometidos por estos grupos contra civiles, especialmente en Medellín, el Urabá y los departamentos deMeta y Nariño. Y llama la atención sobre la inadecuada respuesta del gobierno frente al peligro que representanestos grupos. El estado tiene la obligación legal de proteger a la población civil, impedir que se cometan abusosy juzgar a los responsables. Sin embargo, no ha asegurado que las unidades de policía encargadas de combatira estos grupos ni el grupo de fiscales responsables de investigarlos cuenten con la suficiente capacidad parahacerlo. Tampoco ha asegurado que se investiguen las frecuentes denuncias que señalan que algunosfuncionarios del estado, como mínimo, toleran las actividades de los grupos sucesores. Y aún no ha adoptadomedidas adecuadas para proteger a los civiles frente a esta nueva amenaza.