Chaim Weizmann and the Balfour Declaration

Transcription

Chaim Weizmann and the Balfour Declaration
!
Proceedings of the
Policy Studies Organization
New Series, No. 24!
!
!
!
!
1527 New Hampshire Ave, NW
Washington DC, 20036
Tel: (202) 483 2512
Fax: (202) 483 2657
www.ipsonet.org
!
!
!
The Proceedings appear various times a year as an adjunct to all of the
PSO journals and are among the most widely distributed sources in
the policy world. All Proceedings are permanently available online at
bitly.com/psoproceedings. Material for the Proceedings, including
syllabi, meeting and professional announcements, scholarships and
fellowships should be sent to the Proceedings editor, Daniel Gutierrez
at [email protected]!
Sponsored by American Public University System
!"#$%&'(('")#*+,'#-)./0#123#45//('#$+,)'3"#*2.3,',#
In keeping with this journal's longstanding custom of providing syllabi and teaching
materials, this issue presents a case study of a highly controversial period in Middle
Eastern history.
This resource for the curriculum is just part of our scholarly interest in the region. The
Policy Studies Organization has published DOMES (Digest of Middle East Studies) for
many years, guided by the distinguished editorship of Professor Mohammad Aman of the
University of Wisconsin. We have recently added a number of important book titles to
our Middle East resources through Westphalia Press.
Every February in Washington the PSO sponsors the Middle East Dialogue, a major
conference on the Middle East. This brings together leaders in the area's conflicts, with
prominent Muslims, Jews and Christians coming together in the neutral atmosphere that
characterizes all PSO conferences. We try with all our activities to provide forums for
discussion rather than confrontation.
Hopefully the following will find a place in syllabi and be useful in the classroom, and it
can be reinforced by the use of many articles available online from DOMES and our
offerings from Westphalia Press that are available both in paper and on kindle. I know
when I have taught Middle East courses just how hard it is to find appropriate material;
we think PSO publications are part of the answer in the search for readings that will
benefit students.
Paul Rich
President, Policy Studies Organization!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!"#$%#&'()$#%)*%+,)$*&)-),%+&"&$,."-&/%!0")1%2$)31"**%"*(%&0$%
4"5-6'.%7$,5"."&)6*%8%+,)$*,$9%+,)$*&)#&#%"*(%:';5),%7)<561",=%
4=%4".;"."%:-$--$.%4)55"'$.%
!"#$%&#"'()"*++,"&%$+"-("./"0+'$#"#0'#"&1-+(1+"2-,,"3$-(4"#5"#0-&",'()"35#0"6+'1+"'()"'"$+(+2',"
5*"-#&"/5%#07"1$+'#-(4"0+$+"#0+"&6$-(4&"5*"'"(+2"&6-$-#%',"'()".'#+$-',",-*+8"9888:"!"&6+';"5*"35#0"
&1-+(1+"*5$"-#&"52("&';+"'()"&1-+(1+"'&"'".+'(&"#5"'("+()8<78.9':+;%'<:9((1+=>6?@=""
!("BCIB"A,3+$#"R-(&#+-("
O5-(+)"S0'-."T+-U.'(("-("
'"*%()F$'-&-(4".-&&-5("#5"
#0+"VL"5("3+0',*"5*"#0+"
K+2-&0"W'#-5(',"X%()"'()"
#0+"N+3$+2"V(-@+$&-#/8"
P605#5"R-(&#+-("A$10-@+&"
?+6#8"5*"Y+)-'"Z+,'#-5(&7"
N+3$+2"V(-@+$&-#/["
+
++
+++++++++
+
+
A=0+">',*5%$"?+1,'$'#-5("$+6$+&+(#+)"#0+"15(@-(1+)"65,-1/"5*"',,"6'$#-+&"-("5%$"15%(#$/"'()"
',&5" -(" A.+$-1'7" 3%#" #0+" ,'%(10-(4" 5*" -#" -(" BCBD" 2'&" )%+7" '&" !" 0'@+" &'-)7" #5" 6$56'4'()-&#"
$+'&5(&8E"F?'@-)"G,5/)"H+5$4+I"
J!*"'"K+2-&0"L#'#+"2+$+"+&#'3,-&0+)"-("M',+&#-(+7"-#".-40#"3+15.+"#0+"1+(#$+"5*"'"(+2"1%,#%$+8"
=0+"K+2-&0"3$'-("-&"$'#0+$"'"$+.'$;'3,+"#0-(47"'()7"%()+$"('#-5(',"'%&6-1+&7"#0+"L#'#+".-40#"
3+15.+" '" *5%(#'-(" 5*" +(,-40#+(.+(#" '()" '" &5%$1+" 5*" '" 4$+'#" ,-#+$'#%$+" '()" '$#" '()"
)+@+,56.+(#"5*"&1-+(1+8E""G5$)"N+$3+$#"L'.%+,"15..+(#-(4"5("#0+">',*5%$"?+1,'$'#-5(8!
:.$-",$%
=0-&"'$#-1,+"-&"#0+"&+15()"5*"'"&+$-+&"-(@+&#-4'#-(4"#0+"-.65$#'(1+"5*"&1-+(1+"'()"&1-+(#-&#&"-("
*5$4-(4"'()"*%,*-,,-(4"45@+$(.+(#',"53O+1#-@+&7"'"*-+,)"!"1',,"JL1-+(#-*-1"L#'#+1$'*#E8"=0+"%&+"5*"
$'2" &1-+(1+" -(" 6,'((-(4" '()" 65,-1/" -&7" 5*" 15%$&+7" 5(+" +,+.+(#" 5*" #0+" *-+,)8" PA" 1'&+F&#%)/" -&"
)-&1%&&+)"-("JB#*.C9D*+E9--F%+#,+B%"'$.#G+/$'%(-','$+/-9-%$"9,-+'(+;9",9"%+H+I%**#(*+'(+J'F'-9"K+
L((#M9-'#(+ 9(&+ /$'%(-','$+ N9$-'$9F+ L('-'9-'M%4OP@+ N52+@+$7" 3+/5()" #0+" $'2" ;(52,+)4+" '()"
)'#'"#0'#"&1-+(1+"*%$(-&0+&"#0+"65,-#-1-'(7"3$5')+(-(4"0+$"5$"0-&"56#-5(&"-("*5$.-(4"65,-1/"5$"
$+&65()-(4" #5" 15(&#-#%+(#" (++)&7" #0+" *-+,)" '))$+&&+&" #0+" $5,+" 5*" #0+" &1-+(#-&#" Q%'" &1-+(#-&#"
!
!
!
"!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
2-#0-(" #0+" $+',." 5*" 65,-1/.';+$&7" 45@+$(.+(#'," $+6$+&+(#'#-@+&" '()" 65,-#-1'," +('3,+$&8" !#" -&"
6$565&+)" #0'#" #0+" %(-Q%+" .-()F&+#" 5*" '" &1-+(#-&#\7" &5.+5(+" #$'-(+)" -(" 53O+1#-@-#/7]205"
.'(-*+&#&"-(#+4$-#/^"/+#"-&"(5"&#$'(4+$"#5"')@51'1/7D"15%6,+)"2-#0".+.3+$&0-6"-("'"15..%(-#/""
P&1-+(#-&#&[_" $+4'$)+)" 2-#0" +&#++." '()" $+&6+1#" 25$,)F5@+$7" 4-@+&" #0+" &1-+(#-&#F65,-#-1-'(" '("
')@'(#'4+" -(" *5$.-(4" '()" *5$4-(4" 4,53'," 65,-1/8" =0+" %(-Q%+" 25$,)F@-+2" 5*" #$%+" &1-+(#-&#"
'**5$)&"#0+."'("'3-,-#/"#5"@-+2"5,)"-(*5$.'#-5("-("(+2"2'/&"20-10"5*#+("+,%)+&"#05&+"#$'-(+)"
-(" #0+" .5$+" #$')-#-5('," .`#-+$&" #0'#" *5$." #0+" 6+$&5((+," 5*" L#'#+" '()" X5$+-4(" Y-(-&#$/"
?+6'$#.+(#&8C" =0%&7" -#" -&" 6$565&+)" #0'#" &1-+(1+" +)%1'#-5(" '()" 15(#'1#&" -(" #0+" &1-+(#-*-1"
15..%(-#/"#$'(&,'#+"-(#5"*5$+-4("65,-1/"&%11+&&+&Ba"20-10".'/"(5#"53#'-('3,+"3/"#$')-#-5(',"
65,-#-1-'(&"#$'-(+)"-(",'27"0-&#5$/"5$"45@+$(.+(#8"BB"
?$8" W5$.'(" A" >'-,+/" 15..5(,/" 3$+';&" #0+" +,+.+(#&" 5*" P-(#+$('#-5(',[" &#'#+1$'*#" -(#5" &-b"
1'#+45$-+&c" ?-6,5.'1/7" M%3,-1" ?-6,5.'1/" PM$56'4'()'[7" L%3@+$&-5(7" R15(5.-1" L#'#+1$'*#7"
Y-,-#'$/"?-&6,'/"'()"T'$8BI"V(#-,"#0+"$5,+"5*"&1-+(1+"-&"$+154(-U+)"'&")+&+$@-(4"'"d.-(-&#$/e"5*"
-#&" 52(7" !" 2-,," %&+" +'10" 5*" #0+&+" 1'#+45$-+&" #5" -,,%&#$'#+" #0+" -.65$#'(1+" 5*" +-#0+$" &1-+(1+" 5$"
&1-+(#-&#"-("&+1%$-(4"-(#+$('#-5(',"65,-1/"53O+1#-@+&8""
!(" #0+" *-$&#" '$#-1,+" -(" #0-&" &+$-+&7Bf" " !" )-&1%&&" #0+" 6$5.-(+(1+" 5*" >+(O'.-(" X$'(;,-(" FF" -(" 0-&"
&1-+(#-*-1" 1'6'1-#/" g" '&" ,+')-(4" #5" 0-&" &%11+&&+&" -(" #0+" $+',." 5*" )-6,5.'1/8B\" =0+$+-(" !"
-(@+&#-4'#+" X$'(;,-(e&" $5,+" '&" A.+$-1'e&" *-$&#" &%11+&&*%," +(@5/" #5" X$'(1+7" )+.5(&#$'#-(4" #0+"
-.65$#'(1+"5*"0-&"&1-+(#-*-1"&#'#%$+"'()"15(#'1#&"2-#0"5#0+$"&1-+(#-&#&"'&"*'1#5$&"20-10"$'6-),/"
0+,6+)"&+1%$+"1$-#-1',"'4$++.+(#&"2-#0"X$'(1+"',5(4"2-#0"*%()-(4"*5$"#0+"Z+@5,%#-5('$/"T'$8"
S5(#-(%-(4"-("#0'#"@+-(7"0+$+"!"+b'.-(+"#0+"$5,+"5*"'"&1-+(#-&#"-("1$+'#-(4"#0+"QCRF'$+&'QF#:9$K+
7Q"#Q9)9(&9@"+,+.+(#"20-10"0+,6+)"&+1%$+"*5$+-4("65,-1/"53O+1#-@+&8"
=0+"6%3,-1")-6,5.'1/"1'&+"&#%)/"-&"-,,%&#$'#+)"#0$5%40"#0+"'1#-@-#-+&"5*"S0'-."T+-U.'((7",'#+$"
#5" 3+15.+" #0+" *-$&#" M$+&-)+(#" 5*" =0+" L#'#+" 5*" !&$'+,8" ?$8" T+-U.'((" 2'&7" ,-;+" X$'(;,-(7" '"
&1-+(#-&#8" !(" '66$5'10" '()" '10-+@+.+(#&7" 052+@+$7" 0+" .5$+" 1,5&+,/" $+&+.3,+)" '(5#0+$"
A.+$-1'(" L1-+(#-&#FX5%()-(4" X'#0+$7" =05.'&" K+**+$&5(8B]" T0-,+" 6+$0'6&" (5#" '&" +b',#+)" '&"
X$'(;,-(7" K+**+$&5(7" #0+" &+15()" VL" +(@5/" #5" X$'(1+7" 35'&#+)" ,'%)'#5$/" &1-+(#-*-1"
'115.6,-&0.+(#&8" =0+&+" '115.6,-&0.+(#&" &+$@+)" #5" $+.-()" #0+" X$+(10" 5*" #0+" -(#+,,+1#%',"
6$52+&&"5*"#0+"('&1+(#"15%(#$/"g"'"*'1#5$"20-10"0+,6+)"15(@-(1+"#0+."#0'#"g"15(#$'$/"#5"#0+"
6$+@'-,-(4"2-&)5."5*"S5%(#">%**5("FF"A.+$-1'(&"2+$+"(5#"&'@'4+&7"'()"#0+-$"Q%+&#"2'$$'(#+)"
X$+(10"'-)8""S5%,)"'"(5(F&1-+(#-&#"0'@+"6+$*5$.+)"#0'#"$5,+h"!#"-&")-**-1%,#"#5"&'/7"5#0+$"#0'("
(5#-(4"#0'#"#25"A.+$-1'(",'2/+$&7"L-,'&"?+'(+"'()"K50("A)'.&7"2+$+"5("#0+"&1+(+"3+*5$+"'()"
15(#+.65$'(+5%&"2-#0"X$'(;,-(7"'()"2+$+"35#0"-(+**+1#-@+8"!#"-&"',&5"1,+'$"#0'#"5("X$'(;,-(e&"
d$+#-$+.+(#7e"#0+"X$+(10"2+$+")+&-$5%&"5*"&5.+5(+"205"15%,)"*-,,"0-&"&05+&8B^"L-.-,'$,/7"S0'-."
T+-U.'((e&" 15(#$-3%#-5(&" 2+$+" &%66,+.+(#+)" 3/" '(5#0+$" &1-+(#-&#7" A'$5(" A'$5(&50(7" 205"
3+1'.+";(52("#5";+/">$-#-&0"65,-1/"F.';+$&"'()"6,'/+$&"-("#0+">$-#-&0"2'$"5**-1+"'"*%,,"/+'$"
3+*5$+"T+-U.'((e&"+**5$#&"35$+"*$%-#8BD"
>*&.6(',&)6*/%?0$%4"5-6'.%7$,5"."&)6*%"#%:.6<"@"*("%
N.%+K%9"+39*+=>=?4++E"'-9'(+39*+9-+39"4+N.%+S('-%&+/-9-%*1+9*+!"%*'&%(-+;##&"#3+;'F*#(+
Q"#C&FK+ R#9*-%&1+ 39*+ (#-4+ N.%+ 0--#:9(*+ $#(-"#FF%&+ -.%+ T#FK+ I9(&+ HH+ 9(&+ E"'-9'(+ 39*+
,').-'()+#(+-3#+,"#(-*G+9)9'(*-+-.%+U%":9(*+9(&+9)9'(*-+-.%+NC"V*4++N.%+*-9-%+#,+9,,9'"*+,#"+
E"'-9'(+ 39*+ &'$%K4+ N.%+ E"'-'*.+ &%*Q%"9-%FK+ (%%&%&+ .%FQ+ W+ %*Q%$'9FFK+ ,C(&'()4+ N.%K+ 9F*#+
!
!
!
#!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
*#C).-+X:%"'$9(+*CQQ#"-+9*+9(+9$-'M%+9FFK4++Y%"K+:C$.+F'V%+'(+"%$%(-+-':%*1+'-+39*+X:%"'$9(+
,#"$%*+ 9(&+ L*"9%F'+ L(-%FF')%($%+ -.9-+ $9:%+ -#+ E"'-'*.+ 9'&4+ EC-+ C(F'V%+ -#&9K1+ -.%+ $.9((%F*+
-."#C).+3.'$.+-.%*%+,#"$%*+3%"%+:#R'F'<%&+3%"%+(#M%F+9(&+C(-"'%&4+
N.'*+'*+-.%+R9$VH*-#"K+#,+-.%+E9F,#C"+Z%$F9"9-'#(1+9+M%.'$F%+,#"+E"'-'*.+*C$$%**+'(+;#"F&+;9"+
L+ 9(&+ -.%+ $#"(%"*-#(%+ #,+ -.%+ R'"-.+ #,+ -.%+ /-9-%+ #,+ L*"9%F4+ L-+ '*+ 9+ *-#"K+ #,+ -.%+ -"'C:Q.*+ #,+
/$'%(-','$+ /-9-%$"9,-+ W+ #,+ -.%+ '(,FC%($%+ #,+ -3#+ *$'%(-'*-*1+ 8.9':+ ;%'<:9((+ 9(&+ X9"#(+
X9"#(*#.(+73.#*%+"#F%+3'FF+R%+'(M%*-')9-%&+'(+9+$#:Q9('#(+9"-'$F%@+'(+R"'()'()+9R#C-+-.%+
Z%$F9"9-'#(4+ X(&+ '-+ '*+ 9+ M'(&'$9-'#(+ #,+ Q"#Q9)9(&9+ 9*+ 9+ M%.'$F%+ -#+ %,,%$-C9-%+ '(-%"(9-'#(9F+
Q#F'$K4+ N.%*%+ Q"#Q9)9(&9+ 7QCRF'$+ &'QF#:9$K@+ %,,#"-*+ "%*CF-%&+ '(+ -.%+ *')('()+ #,+ -.%+
Z%$F9"9-'#(+'(+=>=[+3.'$.+Q"#$F9':%&+E"'-'*.+*CQQ#"-+,#"+9+B%3'*.+T#:%F9(&+9(&+.%FQ%&+
Q"%Q9"%+-.%+3#"F&+,#"+-.%+$"%9-'#(+#,+9+B%3'*.+*-9-%1+-.%+/-9-%+#,+L*"9%F1+P=+K%9"*+F9-%"4+++++++++++++++++++++++++++++++++++++++++
?0$%>1<6.&"*,$%6-%&0$%4"5-6'.%7$,5"."&)6*%&6%+&"&$,."-&/%A*%A,&%6-%:.6<"@"*("%
X*+ -.%+ .'*-#"'9(+ B#(9-.9(+ /$.(%%"+ 3"'-%*+ '(+ %*-9RF'*.'()+ -.%+ R9*'*+ ,#"+ F9R%F'()+ -.%+
Z%$F9"9-'#(+9+Q"#Q9)9(&9+-##F1+=\+A-.%+M'%3+,"#:+;.'-%.9FF+%9"FK+'(+=>=?G+AL,+&%,%9-+39*+(#-+
'::'(%(-1+ (%'-.%"+ 39*+ M'$-#"K]+ 9(&+ -.%+ #C-$#:%+ ^#,+ -.%+ 39"_444+ $#CF&+ (#-+ R%+
Q"%&'$-%&`E"'-9'(D*+3'FF'()(%**1+R%)'(('()+%9"FK+'(+=>=?1+-#+%aQF#"%+*%"'#C*FK+*#:%+V'(&+#,+
9""9()%:%(-+3'-.+b3#"F&+B%3"Kc+#"+bU"%9-+B%3"Kc+:C*-+R%+C(&%"*-##&+'(+-.'*+$#(-%a-4O++=>++ L-+
'*+9)9'(*-+-.'*+R9$V)"#C(&+-.9-+N.%+E9F,#C"+Z%$F9"9-'#(1+3.'$.+9"-'$CF9-%&+E"'-'*.+*CQQ#"-+
,#"+ 9+ B%3'*.+ T#:%F9(&+ 9(&+ &%,'(%&+ E"'-'*.+ Q#F'$K+ -#39"&*+ d'#('*:+ 9-+ -.%+ -':%+ :C*-+ R%+
%a9:'(%&4+ 8#CQF%&+ 3'-.+ 9&:'**'#(*+ ,"#:+ !"':%+ J'('*-%"+ IF#K&+ U%#")%+ 9(&+ Q"#:'(%(-+
#-.%"*+9*+3'FF+R%+*%%(+R%F#31+-.%+,C($-'#(+#,+-.%+Z%$F9"9-'#(+9*+9+Q"#Q9)9(&9+-##F+R%$#:%*+
$F%9"+9(&+C(&%('9RF%4++
N.%+#*-%(*'RF%+#Re%$-'M%+#,+-.%+Z%$F9"9-'#(1+$"%9-'()+9+B%3'*.+.#:%F9(&1+39*+(#-+F':'-%&+-#+
-.%+E"'-'*.4+N.%+*C")%+'(+Q#)"#:*1+-.%+,"9)'F'-K+#,+N*9"'*-+fC**'91+-.%+X":%('9(+U%(#$'&%+#,+
=>=g+ 73.'$.+ *#:%+ M'%3%&+ 9*+ 9+ Q"%$%&%(-+ -.9-+ 3#CF&+ R%+ 9QQF'%&+ -#+ B%3*@15h+ 9(&+ -.%+
*CR*%iC%(-+ %aQCF*'#(+ #,+ -.%+ B%3'*.+ Q#QCF9-'#(+ ,"#:+ N%F+ XM'M+ RK+ -.%+ 0--#:9(+ "CF%"*+ 9FF+
Q"%K%&+#(+$#FF%$-'M%+B%3'*.+$#(*$'#C*(%**4+N.%*%+,#"$%*+9F*#+':Q"'(-%&+-.%:*%FM%*+#(+-.%+
Q*K$.%*+#,+*K:Q9-.%-'$+E"'-'*.+8."'*-'9(*+9(&+X":%('9(*G5=+9+B%3'*.+T#:%F9(&+39*+(#-+9(+
#Q-'#(4+L-+39*+9+(%$%**'-K4+++
N.%+ (#-'#(+ #,+ 9+ 29-'#(9F+ T#:%F9(&+ .9&+ R%%(+ *Q9"V%&+ &%$9&%*+ %9"F'%"]+ -.%+ ,'"*-+ bXF'K9.c+
R%)9(+ '(+ =\\5+ 9(&+ -.%+ ,#"$%*+ ,#:%(-'()+ -.%+ d'#('*-'$+ ':9)'(9-'#(+ R%)9(+ %M%(+ &%$9&%*+
R%,#"%+-.9-5515P++RC-+-.%+d'#('*-+*Q9"V+.9&+(#-+K%-+$9C).-+,'"%456+j%-+3'-.+%9$.+Q#)"#:1+3'-.+
%9$.+ :9**9$"%1+ 9(&+ 3'-.+ %9$.+ R9""'%"+ -#+ '::')"9-'#(+ ':Q#*%&+ '(+ -.%+ S('-%&+ /-9-%*1+ -.%+
B%3'*.+ $#(&'-'#(+ R%$9:%+ :#"%+ &'"%+ 9(&+ -.%+ (%%&+ ,#"+ 9+ B%3'*.+ T#:%F9(&+ :#"%+ 9$C-%4+ EC-+
,#"+ -.%+ E"'-'*.1+ 9-+ F%9*-+ 9-+ -.%+ -':%1+ -.%+ :#-'M9-'#(+ ,#"+ -.%+ Z%$F9"9-'#(+ 39*+ QC"%FK+ ,#"+ '-*+
Q"#Q9)9(&9+M9FC%4++
X$$#"&'()+ -#+ IF#K&+ U%#")%15g+ -.%+ AQ#F'$K+ ^#,+ 9+ B%3'*.+ .#:%F9(&_+ 39*+ `4+ &%$'&%&+ RK+ -.%+
89R'(%-+ #(+ :%"'-*1+ 9(&+ L+ .9M%+ (#+ &#CR-+ `+ -.9-+ *#:%+ *C$.+ Q"#M'*'#(+ 3#CF&+ RK+ $#::#(+
$#(*%(-+`+.9M%+R%%(+'(*%"-%&+'(+-.%+!%9$%+N"%9-K+%M%(+.9&+-.%"%+R%%(+(#+Q"%M'#C*+QF%&)%+
#"+Q"#:'*%4+"#$!$%&!'($#')!$*+&!,-!$%&!.&()'/'$*,0!1'2!.&$&/+*0&.!34!(,02*.&/'$*,02!,-!
!
!
!
$!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
1'/!5,)*(46+L-+39*+Q9"-+#,+#C"+Q"#Q9)9(&'*-+*-"9-%)K+,#"+:#R'F'<'()+%M%"K+#Q'('#(+9(&+,#"$%+
-."#C).#C-+ -.%+ 3#"F&+ 3.'$.+ 3#CF&+ 3%9V%(+ -.%+ %(%:K+ 9(&+ ':Q"#M%+ -.%+ XFF'%&+ $.9($%*4+
!"#Q9)9(&9+#(+R#-.+*'&%*+Q"#R9RFK+QF9K%&+9+)"%9-%"+Q9"-+'(+-.%+F9*-+39"+-.9(+'(+9(K+#-.%"4+
`4+ ^N_.%"%+ 3%"%+ -3#+ Q9"9:#C(-+ Q"#RF%:*+ 9-+ -.9-+ -':%444+ ^0(%_+ 39*+ -.9-+ -.%+ 39"+
Q"%Q9"9-'#(*+ '(+ -.%+ S('-%&+ /-9-%*+ *.#CF&+ R%+ *Q%%&%&+ CQ+ `+ 9(&+ 3%+ .9&+ %M%"K+ "%9*#(+ ^-#+
R%F'%M%_`+-.9-+`+-.%+,"'%(&F'(%**+#"+.#*-'F'-K+#,+-.%+B%3'*.+"9$%+:').-+:9V%+9+$#(*'&%"9RF%+
&',,%"%($%4O5?+ ^k:Q.9*'*+ 9&&%&_4X*+ ;'FF'9:+ 0":*RKHU#"%9+ 5[% E"'-'*.+ S(&%"H/%$"%-9"K+ #,+
/-9-%+,#"+-.%+8#F#('%*+F9-%"+(#-%&G5\+bA*#+$"#0+")+1,'$'#-5(7"#0+"%#.5&#"%&+"2'&".')+"5*"-#"3/"
G5$)"W5$#01,-**+e&"6$56'4'()'")+6'$#.+(#8E"5>+
X-+ 9+ ;9"+ 89R'(%-+ Ph+ :%%-'()+ .%F&+ #(+ P=+ 0$-#R%"+ =>=[1+ E9F,#C"+ P=*C))%*-%&+ -.9-+ 9+
&%$F9"9-'#(+ ,9M#"9RF%+ -#+ d'#('*-+ 9*Q'"9-'#(*+ 3#CF&+ 9FF#3+ U"%9-+ E"'-9'(+ lD-#+ $9""K+ #(+
%a-"%:%FK+ C*%,CF+ Q"#Q9)9(&9+ R#-.+ '(+ fC**'9+ 9(&+ X:%"'$91l+ + 9*+ -.%+ $9R'(%-+ R%F'%M%&+ -.9-+
%aQ"%**'()+*CQQ#"-+3#CF&+9QQ%9F+-#+B%3*+'(+U%":9(K+9(&+X:%"'$9+9(&+.%FQ+-.%+39"+%,,#"-4+
L-+ 39*+ 9F*#+ .#Q%&+ -#+ %($#C"9)%+ *CQQ#"-+ ,"#:+ -.%+ F9")%+ B%3'*.+ Q#QCF9-'#(+ '(+ fC**'94+ N.%+
9,-%"H%,,%$-*+ 3%"%+ (#-+ F#*-+ #(+ -.%+ E"'-'*.+ %'-.%"4+ 0($%+ 9+ B%3'*.+ T#:%F9(&+ %a'*-%&+ '(+
!9F%*-'(%+ W+ C(&%"+ E"'-'*.+ 9C*Q'$%*+ 9(&+ C(&%"+ E"'-'*.+ Q#F'-'$9F+ $#(-"#F1+ -.%+ E"'-'*.+ $#CF&+
%,,%$-'M%FK+l,"%%<%+#C-+m"9($%+79(&+9(K#(%+%F*%@+,"#:+9(K+Q#*-W39"+Q"%*%($%+'(+!9F%*-'(%4l++
N.%+Q"#Q9)9(&9+M9FC%+#,+-.%+Z%$F9"9-'#(+&'&+(#-+)#+C((#-'$%&+RK+-.%+U%":9(*4P5+7/#:%+*9K+
-.%K+ $#(*'&%"%&+ &#'()+ *#:%-.'()+ *':'F9"+ -.%:*%FM%*@4+ U%(%"9F+ IC&%(&#",,+ '*+ *9'&+ -#+ .9M%+
*9'&+9,-%"+-.%+;9"+-.9-G+lN.%+E9F,#C"+Z%$F9"9-'#(+39*+-.%+$F%M%"%*-+-.'()+&#(%+RK+-.%+XFF'%*+
'(+-.%+39K+#,+Q"#Q9)9(&91+9(&+.%+3'*.%&+U%":9(K+.9&+-.#C).-+#,+'-+,'"*-l+PP+
X)9'(*-+-.'*+F9(&*$9Q%+-.%+E9F,#C"+Z%$F9"9-'#(+39*+R#"(+H+RC-+(#-+3'-.#C-+F9R#"+Q9'(*4+N.%+
E"'-'*.+ 39(-%&+ ;'F*#(c*+ *CQQ#"-+ ,#"+ -.%+ Z%$F9"9-'#(+ 9(&+ -.%K+ 39(-%&+ '-+ :9&%+ QCRF'$4+
L('-'9FFK1+;'F*#(+R9FV%&+9-+-.%+b)#'()+QCRF'$c+Q9"-1+(#-+39(-'()+-#+9(-9)#('<%+-.%+0--#:9(*4+
N.%(+ -.%"%+ 3%"%+ #C-"').-+ #QQ#(%(-*+ 9(&+ #R*-9$F%*+ 3'-.'(+ -.%+ E"'-'*.+ !9"F'9:%(-4P6+ 2%a-+
$9:%+-.%+E"'-'*.+X(-'H*%:'-%*1+-.%+X"9R*+9(&+#,+$#C"*%+-.%+NC"V*4+X(&+,'(9FFK1+eC*-+9*+(#31+
-.%"%+ 39*+ 9+ B%3'*.+ ,9$-'#(+ 3.#+ #QQ#*%&+ '-1Pg1P?+ '(+ E"'-9'(P[+ '(+ -.%+ S4/4+ P\1P>16h+ 9(&+ '(+
!9F%*-'(%4+
A%4.)$-%:.$8B)#&6.=%
N.%+$#($%Q-+#,+d'#('*:+39*+$'"$CF9-%&+'(+-.%+E"'-'*.+89R'(%-+9*+%9"FK+9*+2#M%:R%"+#,+=>=6+
RK+I#"&+T%"R%"-+/9:C%F+'(+9+:%:#"9(&C:+%(-'-F%&+=0+"X%#%$+"5*"i-5(-&.4+6=++N.%"%'(+I#"&+
/9:C%F+ "%9**C"%&+ .'*+ $#FF%9)C%*+ -.9-+ -.%+ M%a'()+ b!9F%*-'('9(+ !"#RF%:c+ $#CF&+ R%+ *#FM%&+ RK+
9((%a'()+-.%+$#C(-"K+-#+-.%+E"'-'*.+k:Q'"%4+N.9-+Q"#Q#*9F+39*+"%e%$-%&4+L-+-##V+-."%%+:#"%+
K%9"*+9,-%"+-.9-+,#"+-.%+'&%9+-#+)%":'(9-%+9(&+R%9"+,"C'-4+
N.%+ '&%9+ ,#"+ E"'-'*.+ *CQQ#"-+ #,+ 9+ B%3'*.+ /-9-%+ 9"#*%+ %M%(+ %9"F'%"+ -.9(+ /9:C%Fc*+ Q"#Q#*9F4+
N.%+ (#-'#(+ 39*+ $#($%'M%&+ 9-+ -.%+ -C"(+ #,+ -.%+ 8%(-C"K+ RK+ *%M%"9F+ kC"#Q%9(+ d'#('*-+ F%9&%"*+
R%,#"%+ :9V'()+ '-*+ 39K+ -#+ -.%+ S('-%&+ /-9-%*4+ + N.%+ *%%&*+ #,+ d'#('*:+ 3%"%+ QF9(-%&+ '(+ -.%+
E"'-'*.+ Q*K$.%+ 9*+ %9"FK+ 9*+ =>hP4+ /#:%-':%+ '(+ =>h6+ #"+ =>hg65+ + 3.%(+ E9F,#C"+ 39*+ !"':%+
J'('*-%"+79(&+$%"-9'(FK+3%FF+R%,#"%+=>=6+ 6P+3.%(+E9F,#C"+R%$9:%+m#"%')(+J'('*-%"@1+8.9':+
;%'<:9((1+-.%(+9+F%$-C"%"+'(+8.%:'*-"K+9-+J9($.%*-%"+S('M%"*'-K1+Q"#Q#*%&+-.%+(#-'#(+#,+9+
!
!
!
%!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
B%3'*.+.#:%+'(+!9F%*-'(%+-#+E9F,#C"+W+3.#*%+Q#*'-'M%+M'%3*+#(+-.%+*CRe%$-+.9&+9F"%9&K+R%%(+
9"-'$CF9-%&4+ j%-1+ '-+ -##V+ :#"%+ -.9(+ 9+ &%$9&%+ R%,#"%+ -.%+ Z%$F9"9-'#(+ -.9-+ R%9"*+ .'*+ (9:%+
,'(9FFK+39*+*')(%&4++m'"*-1+-.%+E"'-'*.+.9&+-#+$#9F%*$%+9(&+-.%(+:#R'F'<%+R%.'(&+-.%+'&%94+N.9-+
*%%:*+ -#+ .9M%+ #$$C""%&+ RK+ =>=?4+ + T#3%M%"1+ *-'FF+ 9(#-.%"+ K%9"+ 3%(-+ RK+ R%,#"%+ '-*+ ,#":9F+
'**C9($%4+ + ;.'F%+ &"9,-+ F9()C9)%+ #,+ -.%+ &#$C:%(-+ W+ 9(&+ $%"-9'(FK+ -.%+ $#($%Q-+ H+ .9&+ R%%(+
$'"$CF9-'()+'(+Q9"F'9:%(-+-."#C).#C-+=>=[1+(#-+C(-'F+-.%+*C::%"+#,+-.9-+K%9"+39*+-.%+'&%9+
,#":9FFK+ 9(&+ QCRF'$FK+ Q"#Q#*%&4+ L(+ BCFK+ #,+ =>=[1+ 9+ ,CFF+ *%M%(+ :#(-.*+ 9,-%"+ IF#K&+ U%#")%+
9**C:%&+ -.%+ Q"':%+ :'('*-%"*.'Q166+ + E9F,#C"1+ -.%(+ m#"%')(+ /%$"%-9"K1+ 3'-.+ IF#K&+ U%#")%c*+
9QQ"#M9F+ 9(&+ *CQQ#"-+ "%iC%*-%&+ I#"&+ 29-.9(+ f#-.*$.'F&1+ -.%+ F%9&%"+ #,+ -.%+ E"'-'*.+ B%3'*.+
8#::C('-K+ 7-#+ 3.#:+ -.%+ %M%(-C9F+ &%$F9"9-'#(+ 39*+ 9&&"%**%&@1+ -#+ ,#":CF9-%+ -.%+ %a9$-+
3#"&'()+#,+'-*+$#(-%(-*4++
E9F,#C"+"%$%'M%&+9+&"9,-+,"#:+f#-.*$.'F&+'(+XC)C*-4+N."%%+:#"%+:#(-.*+Q9**%&4+X(+':Q9**%+
'(+ -.%+ ,#":+ #,+ ;'F*#(c*+ "%FC$-9($%+ -#+ *CQQ#"-+ -.%+ QF9(+ -."%9-%(%&+ -#+ &%"9'F+ '-*+ 9&#Q-'#(4++
ZC"'()+/%Q-%:R%"+9(&+0$-#R%"+,C"'#C*+(%)#-'9-'#(*+#(+R#-.+*'&%*+#,+-.%+X-F9(-'$+9QQ%9"+-#+
.9M%+ 9**C9)%&+ ;'F*#(c*+ "%*%"M9-'#(*4+ X(K+ "%:9'('()+ #Re%$-'#(*+ 3%"%+ #M%"$#:%+ M'9+
F9()C9)%+"%M'*'#(*+'($#"Q#"9-%&+'(+-.%+&#$C:%(-4+N.%+E"'-'*.+;9"+89R'(%-+:%-+'(+0$-#R%"+
9(&+9QQ"#M%&+-.%+(%3+F9()C9)%+9(&+E9F,#C"+*')(%&+-.%+&#$C:%(-+#(+2#M%:R%"+5+9(&+-.%+
Z%$F9"9-'#(+R%9"'()+.'*+(9:%+39*+:9&%+QCRF'$+#(+2#M%:R%"+=[4++kM%(-C9FFK+'-*+Q"'($'QF%*+
3%"%+'($#"Q#"9-%&+'(-#+-.%+!9"'*+7/%M"%*@+!%9$%+N"%9-K+3'-.+NC"V%K+'(+=>=>+9(&+$#(,'":%&+
RK+-.%+I%9)C%+#,+29-'#(*+#(+BCFK+561+=>5546g++SF-':9-%FK+A^N_.%+&%$F9"9-'#(+39*+9$$%Q-%&+RK+
-.%+I%9)C%+#,+29-'#(*+'(+=>554+;'-.+-.9-+%9($-:%(-1+B%3*+'(+-.%+T#FK+I9(&+3%"%+9RF%+-#+"C(+
-.%'"+#3(+'(-%"(9F+9,,9'"*+9(&+%$#(#:K1+9(&+B%3'*.+$CF-C"9F+F',%+,F#C"'*.%&4O6?1+6[4+
C'$#&)6*#%6-%!.$()&%
N.%+ ':Q#"-9($%+ #,+ -.%+ Q"#$F9:9-'#(+ 9*+ 9+ Q"#Q9)9(&9+ -##F+ $F%9"FK+ $9(+ R%+ *%%(+ RK+ -.%+
'($"%9*%&+ *CQQ#"-+ #,+ X:%"'$9(+ B%3*1+ :9(K+ #,+ 3.#:+ 3%"%+ #,+ U%":9(+ %a-"9$-'#(+ 9(&+ .9&+
)"%9-+ &',,'$CF-K+ *%M%"'()+ -.%'"+ %:#-'#(9F+ -'%*+ 3'-.+ -.%+ bm9-.%"F9(&c46\46>+ L-+ '*+ '-*+ -':'()1+ 9*+
!"':%+ J'('*-%"+ IF#K&+ U%#")%+ (#-%&1+ -.9-+ R%9"*+ '(M%*-')9-'#(G+ + ;.K+ 39*+ -.%+ Q"#$F9:9-'#(+
'**C%&+eC*-+3.%(+'-+39*n+;.K+(#-+K%9"*+%9"F'%"+3.%(+R#-.+IF#K&+U%#")%+9(&+E9F,#C"+,'"*-+
9"-'$CF9-%&+*CQQ#"-+,#"+d'#('*:n++
N.9-+-.%+'**C9($%+#,+-.%+Z%$F9"9-'#(+#$$C""%&+:#"%+-.9(+9+&%$9&%+9,-%"+-.%+'&%9+39*+,'"*-+
"9'*%&+'(+U"%9-+E"'-9'(+9(&+9F:#*-+-."%%+K%9"*+9,-%"+'-+.9&+R%%(+QF9$%&+'(+-.%+$#(*$'#C*(%**+
#,+E"'-9'(c*+Q#F'-'$9F+%F'-%gh+*C))%*-*+-.%+'(,FC%($%+#,+9+Q%"*#(1+7#"+Q%"*#(*@+"9-.%"+-.9(+-.%+
*-9-%+#,+9,,9'"*+:C*-+.9M%+R%%(+-.%+&"'M'()+W+#"+9-+F%9*-+9+:9e#"+$#(-"'RC-'()+HH+,#"$%4+N.%+
Q"':%+$9(&'&9-%*+)%(%"9FFK+$#(*'&%"%&+,#"+-.'*+.#(#"+9"%+IF#K&+U%#")%1+B9:%*+J9F$#F:+7-.%+
X":%('9(+ f%Q"%*%(-9-'M%+ '(+ E"'-9'(@1+ /'"+ J9"V+ /KV%*+ #,+ -.%+ E"'-'*.+ ;9"+ 0,,'$%+ 79(&+ $#H
9C-.#"+ #,+ -.%+ F9-%"+ &'*9M#3%&+ /KV%*H!'$#-+ X)"%%:%(-@1+ 9(&+ 8.9':+ ;%'<:9((4g=+ + T'*-#"K+
.9*+ &#3(QF9K%&+ 9(&+ C(&%"M9FC%&+ -.%+ $"C$'9F+ "#F%*+ #,+ T%"R%"-+ /9:C%F+ 9(&+ X9"#(+
X9"#(*#.(1+ 3.#*%+ $#(-"'RC-'#(+ 3'FF+ R%+ &'*$C**%&+ '(+ -.%+ $#:Q9('#(+ 9"-'$F%4+ g5N.%+
"%:9'(&%"+ #,+ -.'*+ 9"-'$F%+ &%-9'F*+ -.%+ "#F%+ #,+ 8.9':+ ;%'<:9((+ '(+ -.%+ Q"#&C$-'#(+ #,+ -.%+
E9F,#C"+Z%$F9"9-'#(4gP++
+
!
!
!
&!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
+
L(+#(%+*%(*%1+'-+*.#CF&+$#:%+9*+(#+*C"Q"'*%+-.9-+;%'<:9((+3#CF&+QF9K+9+Q'M#-9F+"#F%+'(+-.%+
Z%$F9"9-'#(c*+&%M%F#Q:%(-4+T'*+9$-'M%+"#F%+'(+d'#('*:+$9(+R%+&#$C:%(-%&+9*+%9"FK+9*+=>h=+
9*+9+-3%(-KH,'M%+K%9"+#F&+:%:R%"+#,+-.%+m',-.+d'#('*-+8#()"%**4+j%-+'(+.'*+Q"#,%**%&+'(-%"%*-+
'(+d'#('*:1+.%+39*+.9"&FK+9F#(%4+T%"<F1+N"C:Q%F&#"1+9(&+B9R#-'(*VK+$#::9(&%&+-.%+)"%9-%*-+
Q"%*-')%4+ X:%"'$9(+ d'#('*-*+ '($FC&'()+ f9RR'+ /-%Q.%(+ ;'*%g6+ 9(&+ B9$#R+ &%+ T99*+ 9F*#+ 3%"%+
3%FFH"%$#)('<%&4+X(&+-.%"%+3%"%+#-.%"+*')(','$9(-+QF9K%"*4gg++
j%-1+ C('iC%+ 9:#()+ -.%*%+ d'#('*-*1+ '-+ '*+ ;%'<:9((+ 3.#+ '*+ $"%&'-%&+ 3'-.+ %(9$-:%(-+ #,+ -.%+
Z%$F9"9-'#(4+ + L-+ '*+ *C))%*-%&+ -.9-+ ;%'<:9((c*+ "%QC-%+ '(+ -.%+ 3#"F&+ #,+ *$'%($%+ )9M%+ .':+ 9+
Q"%*%($%+':Q#**'RF%+,#"+-.%+E"'-'*.+-#+')(#"%+9(&+.'*+'(,FC%($%+'(+Q"#:#-'()+-.%+'&%9+,#"+9+
B%3'*.+T#:%F9(&+39*+-.C*+'($#:Q9"9RF%4+N.9-+;%'<:9((+*.#CF&+R%+F'*-%(%&+-#+'(+(#+*:9FF+
:%9*C"%+&%"'M%&+,"#:+-.'*+*$'%(-','$+*-9-C"%4+JC$.+F'V%+N.#:9*+B%,,%"*#(1+-.%(1+3.#*%+3%FFH
"%*Q%$-%&+ *$'%(-','$+ QC"*C'-*+ 9(&+ %"C&'-'#(+ %F%M9-%&+ .'*+ *-9-C"%+ 9-+ -.%+ m"%($.+ $#C"-+ 9(&+
.%($%+*C$$%**+9-+$.9:Q'#('()+-.%+(9*$%(-+S('-%&+/-9-%*1+8.9':+;%'<:9((+39*+9+$.%:'*-+
3.#+ 9&M#$9-%&+ R%,#"%+ -.%+ E"'-'*.+ 8#C"-+ #(+ R%.9F,+ #,+ 9(+ L(&%Q%(&%(-+ B%3'*.+ /-9-%+ '(+
!9F%*-'(%4+%
L,+ ;%'<:9((+ &#%*+ &%*%"M%+ -.%+ $"%&'-1+ #(%+ :C*-+ 9*V+ 3.9-+ 7*C&&%(FK@+ )9M%+ ;%'<:9((+ -.%+
*Q%$'9F+ %(-"o%1+ Q"%*-')%+ #"+ "%*Q%$-+ -#+ %,,%$-C9-%+ '-*+ Q"#$F9:9-'#(+ '(+ =>=[1+ 3.%(+ .'*+ ,'"*-+
Q"#Q#*9F+ -#+ I#"&+ E9F,#C"1+ -.'"-%%(+ K%9"*+ %9"F'%"1+ ,9'F%&n+ ;.9-+ $.9()%&+ '(+ -.%+ '(-%"M%('()+
K%9"*+ "%)9"&'()+ ;%'<:9((c*+ Q#*'-'#(+ #"+ *-9-C"%+ -.9-+ %(9RF%&+ .':+ -#+ 9&M9($%+ -.'*+
Q"#$F9:9-'#(+ -#+ ,"C'-'#(n+ 8%"-9'(FK1+ -.%+ $.9()'()+ -':%*+ 9F#(%+ $9((#-+ 9$$#C(-+ -.%+ *C$$%**4+
m"#:+9+.'*-#"'$+Q#'(-+#,+M'%3+-.%+Q'M#-9F+%Q'*#&%*+)%(%"9FFK+$#(*'&%"%&+-#+.9M%+:#R'F'<%&+
-.%+E"'-'*.+d'#('*-+:#M%:%(-+#$$C""%&+'(+=>=6+W+-.%+K%9"+-.9-+-.%+39"+R"#V%+#C-+7'(+BCFK@+
9(&+ -.%+ "%9F'<9-'#(+ -.9-+ -.%+ Q#F'-'$9F+ 3'(&*+ .9&+ *.',-%&1+ 9*+ "%M%9F%&+ '(+ 9+ *Q%%$.+ #,+ !"':%+
J'('*-%"+ X*iC'-.+ '(+ 2#M%:R%"+ #,+ =>=6+ 9(&+ 9+ *CR*%iC%(-+ 9"-'$F%+ -.9-+ :#(-.+ #(+ -.%+ *9:%+
-#Q'$4+2%M%"-.%F%**+9+,CFF+-."%%+K%9"*+%F9Q*%&+R%,#"%+-.%+Z%$F9"9-'#(+39*+'**C%&4+
L-+*.#CF&+R%+(#-%&+9-+-.%+#C-*%-+-.9-+;%'<:9((c*+*$'%(-','$+$"%&%(-'9F*+7.%+QCRF'*.%&+*#:%+
=hh+ *$'%(-','$+ Q9Q%"*+ 9(&+ 39*+ 939"&%&1+ 9F#(%+ #"+ e#'(-FK1+ *#:%+ ==h+ Q9-%(-*@1g?+ 9F#()+ 3'-.+
.'*+ *$'%(-','$+ $#(-"'RC-'#(+ -#+ -.%+ E"'-'*.+ ;9"+ %,,#"-+ &'*-'()C'*.%&+ .':+ ,"#:+ #-.%"+ 9"&%(-+
d'#('*-*4+T#3%M%"1+'-+39*+9+Q9"-'$CF9"+&'*$#M%"K+-.9-+"%(&%"%&+-.%+E"'-'*.+'(&%R-%&+-#+.':4++
L(+,9$-1+-.'*+*%:'(9F+*$'%(-','$+$#(-"'RC-'#(+7-.%+&'*$#M%"K+#,+-.%+:9(C,9$-C"%+#,+9$%-#(%+RK+
,%":%(-9-'#(@+ 39*+ *#+ ':Q#"-9(-+ *$'%(-','$9FFK1+ -.9-+ ;%'<:9((+ '*+ $#(*'&%"%&+ -.%+ ,9-.%"+ #,+
'(&C*-"'9F+ ,%":%(-9-'#(4+ ;%'<:9((c*+ Q"#$%**+ 39*+ &'*$#M%"%&+ '(+ =>=6+ 9(&+ ':QF%:%(-%&+
&C"'()+ =>=g+ 9(&+ =>=?4+ EK+ =>=[+ -.%+ Q"9$-'$9F+ ':QF'$9-'#(*+ -#+ -.%+ E"'-'*.+ $#CF&+ (#-+ R%+
')(#"%&G+X$%-#(%+'*+9+(%$%**9"K+$#:Q#(%(-+#,+%aQF#*'M%+:C('-'#(*4+N.%+U%":9(*+3%"%+,9"+
:#"%+ 9&M9($%&+ 9(&+ #")9('<%&+ '(+ %*-9RF'*.'()+ 9+ "%9&K+ *CQQFKg[+ 9(&+ -.%+ E"'-'*.+ 3%"%+ '(+
&9()%"+ #,+ ,#",%'-'()+ -.%+ 39"+ R%$9C*%+ #,+ -.%'"+ :C('-'#(*+ *.#"-9)%4+ ;%'<:9((c*+ &'*$#M%"K1+
-.%(1+39*+(#-+#(FK+*$'%(-','$9FFK+':Q#"-9(-1+RC-+$"C$'9F+-#+E"'-9'(c*+*C$$%**+'(+-.%+39"4+++
IF#K&+ U%#")%1+ JC('-'#(*+ J'('*-%"+ ,"#:+ =>=g+ -#+ =>=?1g\+ Q#'(-%&FK+ 9"-'$CF9-%&+ -.9-+ -.%+
Z%$F9"9-'#(+ 39*+ '(+ (#+ *:9FF+ :%9*C"%+ 9+ Q9KR9$V+ ,#"+ ;%'<:9((c*+ %,,#"-*4+ IF#K&+ U%#")%c*+
Q"#(#C($%:%(-+*.#CF&+(#-+R%+-9V%(+'(+9+M9$CC:+9*+'-+$#(-"9&'$-*+#-.%"+*-9-%:%(-*+R#-.+.%+
!
!
!
'!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
9(&+ ;%'<:9((+ :9&%4+ 7L-+ '*+ .#3%M%"+ $#""#R#"9-%&+ RK+ Y%"9+ ;%'<:9((c*+ 9$$#C(-@4++
2%M%"-.%F%**1+ '-+ .%FQ*+ %aQF9'(+ 3.K+ -.%+ '&%9+ ,#"+ -.%+ Z%$F9"9-'#(+ 39*+ (#-+ b,#":9FFKc+
'(9C)C"9-%&+ C(-'F+ F9-%+ =>=?g>+ *#:%+ :#(-.*+ 9,-%"+ ;%'<:9((c*+ *$'%(-','$+ -"'C:Q.*+ R%$9:%+
V(#3(+-#+-.%+E"'-'*.+89R'(%-+9(&+*'a+:#(-.*+9,-%"+-.%+JC('-'#(*+J'('*-"K+&%$'&%&+-#+,#")%+
9.%9&+3'-.+F9")%+*$9F%+Q"#&C$-'#(+#,+9$%-#(%+C*'()+;%'<:9((c*+Q"#$%**4?h++
?0$%4",D8+&6.=%6-%&0$%4"5-6'.%7$,5"."&)6*/%!0")1%2$)31"**E#%+,)$*&)-),%
!6*&.);'&)6*#%
;%'<:9((c*+ ,'"*-+ Q9-%(-+ 39*+ )"9(-%&+ '(+ =>h=?=1+ -.%+ *9:%+ K%9"+ .%+ R%$9:%+ 9+ F%$-C"%"+ '(+
8.%:'*-"K+9-+-.%+S('M%"*'-K+#,+U%(%M91+-.%+*9:%+K%9"+.%+39*+9+&%F%)9-%+-#+-.%+;#"F&+d'#('*-+
8#(,%"%($%1+9(&+-.%+*9:%+K%9"+-.9-+*93+.':+&%M%F#Q+-.%+*%F,H$#(,'&%($%+-#+#Q%(FK+&'*9)"%%+
3'-.+ T%"<F4+ + L(+ =>h6+ .%+ 39*+ #,,%"%&+ 9+ F%$-C"%*.'Q+ '(+ $.%:'*-"K+ 9-+ -.%+ S('M%"*'-K+ #,+
J9($.%*-%"1+ F9-%"+ R%$#:'()+ 9+ F%9&%"+ 9:#()+ E"'-'*.+ d'#('*-*4+ X-+ -.9-+ -':%1+ !"':%+ J'('*-%"+
X"-.C"+E9F,#C"+39*+9F*#+-.%+8#(*%"M9-'M%+J!+"%Q"%*%(-'()+;%'<:9((c*+&'*-"'$-+9(&+-.%+-3#+
:%-+&C"'()+#(%+#,+E9F,#C"D*+%F%$-#"9F+$9:Q9')(*4+E9F,#C"+*CQQ#"-%&+-.%+$#($%Q-+#,+9+B%3'*.+
.#:%F9(&+ RC-+ ,%F-+ -.%"%+ 3#CF&+ R%+ :#"%+ *CQQ#"-+ 9:#()+ Q#F'-'$'9(*+ ,#"+ *'-C9-'()+ '-+ '(+ '(+
S)9(&91+9(+'&%9+$9FF%&+bN.%+E"'-'*.+S)9(&9+!"#)"9::%4c+N.9-+Q"#Q#*9F+39*+&"#QQ%&+W+'(+(#+
*:9FF+:%9*C"%+&C%+-#+;%'<:9((c*+#QQ#*'-'#(4+
E%-3%%(+ =>=5?5+ 9(&+ =>=6?P;%'<:9((+ 3#"V%&+ #(+ &%M%F#Q'()+ *K(-.%-'$+ "CRR%"1?6+ + 9*+ 9+
$#(*%iC%($%+#,+3.'$.+.%+&'*$#M%"%&+.#3+-#+C*%+R9$-%"'9F+,%":%(-9-'#(+-#+Q"#&C$%+9$%-#(%4+
?g+ X$%-#(%+ '*+ 9+ (%$%**9"K+ $#:Q#(%(-+ '(+ -.%+ Q"#&C$-'#(+ #,+ $#"&'-%1?? + -.%+ M'-9F+ Q"#Q%FF9(-?[+
,#"+RCFF%-*1+*.%FF*+9(&+%aQF#*'M%*4++!"'#"+-#+;;L1+-.%+9$%-#(%+'(+E"'-'*.+:C('-'#(*+39*+:9&%+
,"#:+ &"K+ &'*-'FF9-'#(+ 7QK"#FK*'*@+ #,+ 3##&1+ 9+ Q"#$%**+ "%iC'"'()+ 9F:#*-+ 9+ .C(&"%&+ -#(*+ #,+
R'"$.1+R%%$.+#"+:9QF%+-#+Q"#&C$%+#(%+-#(+#,+9$%-#(%1+?\+(%$%**'-9-'()+F9")%+':Q#"-*+#,+3##&+
9(&+.9:Q%"'()+-.%+"%9&K+*CQQFK+#,+:C('-'#(*4+EK+=>=g1+U%":9(K+.9&+$#"(%"%&+*CQQF'%*+#,+
$9F$'C:+ 9$%-9-%1+ 9+ :9e#"+ *#C"$%+ #,+ 9$%-#(%1+ ,C"-.%"+ *.',-'()+ -.%+ R9F9($%+ #,+ Q#3%"4+
;%'<:9((c*+ &'*$#M%"K+ Q"#M'&%&+ -.%+ :%$.9('*:+ ,#"+ :9**+ Q"#&C$-'#(+ #,+ 9$%-#(%?>+ 9(&+
.%($%+"%'(M')#"9-'#(1+'(+,9$-1+"%M'M9F1+#,+-.%+E"'-'*.+:C('-'#(*+*CQQFK1+$.9()'()+-.%+#C-$#:%+
#,+ -.%+ 39"4+ IF#K&+ U%#")%+ 9(&+ m#"%')(+ J'('*-%"+ E9F,#C"+ 3%"%1+ #,+ $#C"*%1+ Q"#Q%"FK+ )"9-%,CF4+
IF#K&+ U%#")%+ 3"'-%*GAN.%+ ,9$-+ -.9-+ E"'-9'(+ 9-+ F9*-+ #Q%(%&+ .%"+ %K%*+ -#+ -.%+ #QQ#"-C('-K+
9,,#"&%&+ -#+ -.%+ XFF'%*+ -#+ "9FFK+ -.'*+ Q#3%",CF+ Q%#QF%+ -#+ -.%'"+ *'&%+ 39*+ 9--"'RC-9RF%+ -#+ -.%+
'('-'9-'M%1+ -.%+ 9**'&C'-K+ 9(&+ $%&! -&/7,#/! ,-! ,0&! ,-! $%&! 8/&'$&2$! 9&3/&12! ,-! '))! $*+&:! ;/6!
<%'*+!=&*>+'006?!^k:Q.9*'*+*CQQF'%&_4[h+
L-+ :C*-+ R%+ Q#'(-%&FK+ (#-%&+ -.9-+ (#-+ #(FK+ &'&+ -.%+ *C$$%**+ #,+ -.%+ 39"+ %,,#"-*+ -C"(+ #(+
;%'<:9((c*+ &'*$#M%"K1+ RC-+ *#+ &'&+ -.%+ *C$$%**+ #,+ IF#K&+ U%#")%c*+ Q#F'-'$9F+ ,C-C"%4+ N.%+
-"9e%$-#"K+#,+E9F,#C"c*+$9"%%"+9F*#+R%(%,'-%&+W+9-+F%9*-+'(&'"%$-FK4+X(&+3.'F%+-.%+':Q#"-9($%+
#,+ :9**+ Q"#&C$-'#(+ #,+ 9$%-#(%+ -#+ -.%+ 39"+ %,,#"-+ $9((#-+ R%+ C(&%"%*-':9-%&1+ '-+ 9F*#+
$#(-"'RC-%&+-#+-.%+"9Q'&+"'*%+-#+Q#3%"+#,+IF#K&+U%#")%1+ [=+3.'$.+'*+'(%a#"9RFK+'(-%"-3'(%&+
3'-.+;%'<:9((c*+&'*$#M%"K4++
L-+'*+)%(%"9FFK+9$$%Q-%&+-.9-+IF#K&+U%#")%c*+9*$%(-+-#+-.%+!"':%+J'('*-%"*.'Q+39*+&'"%$-FK+
#$$9*'#(%&+RK+-.%+/.%FF+8"'*'*+#,+=>=g[5+3.%(+:C('-'#(*+*CQQFK+39*+9-+9(+9FFH-':%+F#34+N.'*+
*'-C9-'#(+"%*CF-%&+'(+-.%+,9FF+#,+-.%+X*iC'-.+)#M%"(:%(-+'(+J9K+#,+=>=g1+[P+-.%+,#":9-'#(+#,+9+
!
!
!
(!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
$#9F'-'#(+)#M%"(:%(-1+-.%+9QQ#'(-:%(-+#,+IF#K&+U%#")%+9*+JC('-'#(*+J'('*-%"1+9(&+9+K%9"+
9(&+ 9+ .9F,+ F9-%"+ .'*+ !"':%+ J'('*-%"*.'Q4+ L(+ -.9-+ $9Q9$'-K+ IF#K&+ U%#")%+ 9QQ#'(-%&+ X"-.C"+
E9F,#C"+-#+.%9&+-.%+m#"%')(+J'('*-"K4++N.%"%+'*+9:QF%+%M'&%($%+-.9-+-.%+$#FF9Q*%+#,+X*iC'-.c*+
)#M%"(:%(-+ 39*+ '(+ (#+ *:9FF+ :%9*C"%+ '(*-')9-%&+ RK+ IF#K&+ U%#")%1[6+ 9'&%&+ 9(&+ 9R%--%&+ RK+
I#"&+2#"-.$F',,%[g+M'9+*$9(&9F'<9-'#(+#,+-.%+/.%FF+8"'*'*4++
?0$%+0$55%!.)#)#%6-%FGFH%
EK+ %9"FK+ =>=g+ -.%"%+ 39*+ '($"%9*'()+ &'*iC'%-[?+ 9R#C-+ -.%+ 39K+ -.%+ 39"+ 39*+ R%'()+
$#(&C$-%&[[++9(&+RK+J9"$.+-.%+*.#"-9)%+#,+E"'-'*.+:C('-'#(*+R%$9:%+%)"%)'#C*FK+9$C-%4++0(+
J9"$.+ =h+ 9-+ -.%+ E9--F%+ #,+ 2%CM%+ 8.9Q%FF%[\+ A-.%+ E"'-'*.+ ,'"%&+ :#"%+ *.%FF*+ '(+ 9+ *'()F%+ PgH
:'(C-%+R#:R9"&:%(-+-.9(+-.%K+.9&+&C"'()+-.%+3.#F%+E#%"+;9"1O[>+9(&+-.9-+*%%:*+-#+.9M%+
%a.9C*-%&+-.%'"+%(-'"%+:C('-'#(*+*CQQFK4+L-+9QQ%9"%&+-.%+E"'-'*.+.9&+%(#C).+)C(*+RC-+3%"%+
,9*-+ "C(('()+ #C-+ #,+ 9(K-.'()+ -#+ ,'"%1+ 9(&+ -.#*%+ *.%FF*+ -.9-+ 3%"%+ 9M9'F9RF%+ #,-%(+ ,9'F%&+ -#+
%aQF#&%+ #"+ RC"*-+ Q"%:9-C"%FK4+ 0(+ =5+ J9"$.1+ U%":9(+ ,#"$%*+ F9C($.%&+ 9+ $#C(-%"H9--9$V+
3.'$.+ ,#"$%&+ -.%+ E"'-'*.+ -#+ C*%+ CQ+ :#*-+ #,+ -.%+ "%:9'('()+ 9"-'FF%"K+ 9::C('-'#(4+ \h+ N.%+
QF9((%&+E"'-'*.+"%*Q#(*%+(%M%"+:9-%"'9F'<%&4+I#"&+2#"-.$F',,%1+-.%+#3(%"+#,+=0+"=-.+&+9(&+
-.%+?'-,/"Y'-,1+QCRF'$FK+RF9:%&+I#"&+p'-$.%(%"1+/%$"%-9"K+#,+/-9-%+,#"+;9"1+,#"+-.%+&%R9$F%4\=+
+
/.#"-9)%*+#,+*.%FF*+.9&+R%%(+9+*%"'#C*+Q"#RF%:+*'($%+9C-C:(+=>=6+9(&+#(+J9"$.+5[+#,+-.9-+
K%9"1+-.%+E"'-'*.+8#::9(&%"H'(H8.'%,1+m'%F&+J9"*.9F+/'"+B#.(+m"%($.1\5+)9M%+9(+'(-%"M'%3+-#+
=0+"=-.+&+$9FF'()+,#"+:#"%+9::C('-'#(4+I9-%"+#(+.%+*-9-%&+A-.9-+-.%+9":K+,#")#-+#(%+#,+-.%+
:9e#"+F%**#(*+#,+-.%+E#%"+;9"1+(9:%FK+-.9-+,'"%+Q#3%"+3#(+R9--F%*4O+ \P+/'"+B#.(+*#C).-+-#+
:9V%+-.%+'**C%+#,+'(9&%iC9-%+:C('-'#(*+QCRF'$+'(+9(+9F:#*-+&%*Q%"9-%+9--%:Q-+-#+Q%"*C9&%+
I#"&+ p'-$.%(%"1\6+ -#+ )%-+ *.%FF*+ -#+ -.%+ -"##Q*+ '(+ 9&%iC9-%+ iC9(-'-'%*4\g+ 0(+ -.%+ R9*'*+ #,+
9**C"9($%*+ ,"#:+ p'-$.%(%"+ -.9-+ -.%+ 9":K+ .9&+ *C,,'$'%(-+ 9::C('-'#(1+ #(+ XQ"'F+ 5h+ X*iC'-.+
"%9**C"%&+-.%+E"'-'*.+#,+-.%'"+:'F'-9"K+*CQ%"'#"'-K4+EC-+RK+J9K+=>=g1+-.%+*'-C9-'#(+R%$#:%+
*#+*%"'#C*+-.9-+:#*-+E"'-'*.+)C(*+3%"%+"%&C$%&+-#+,'"'()+eC*-+,#C"+*.%FF*+9+&9K4+L-+*%%:%&+A9*+
',+-.%+39"+39*+)#'()+-#+R%+F#*-1+(#-+'(+-.%+-"%($.%*+#,+mF9(&%"*+RC-+-.%+,9$-#"'%*+#,+E"'-9'(4O+
\?++
X,-%"+-.%+,9'FC"%+#,+-.%+E9--F%+#,+XCR%"*+ \[+#(+J9K+>1+=>=g1+=0+"=-.+&+39"+$#""%*Q#(&%(-1+
8#F#(%F+8.9"F%*+q+8#C"-+f%Q'()-#(1+*%(-+9+-%F%)"9:+-#+.'*+(%3*Q9Q%"+9)9'(+RF9:'()+F9$V+#,+
.').+%aQF#*'M%+*.%FF*4+X+$#QK+#,+-.%*%+&#$C:%(-*+39*+*%(-+-#+IF#K&+U%#")%+9(&+ E9F,#C"4\\++
0(+J9"$.+=61+\>+-.%+N':%*+<%9F#C*FK+"%Q#"-%&+-.9-+A3%+.9&+(#-+*C,,'$'%(-+.').+%aQF#*'M%*O+>h++
9(&+$#::%(-%&+-.9-+-.%+A39(-+#,+C(F':'-%&+*CQQFK+#,+.').+%aQF#*'M%*+39*+9+,9-9F+R9"+-#+#C"+
*C$$%**1O+$F%9"FK+QC--'()+-.%+#(C*+#(+-.%+)#M%"(:%(-4>=+0(+J9K+=6+-.%+.%9&F'(%+RF9*-%&+X+
2kkZ+m0f+/TkII/+EfLNL/T+XNNX8p/+8Tkp8kZ+ILJLNkZ+/S!!Ij+NTk+8XS/k4>5+X(+%M%(+
:#"%+*%(*9-'#(9F'<%&+M%"*'#(+#,+-.%+*-#"K+9QQ%9"%&+'(+-.%+Q#QCF9"+lZ9'FK+J9'Fl+#(+J9K+5=+
*Q%$','$9FFK+ RF9:'()+ I#"&+ p'-$.%(%"4+ N.%+ .%9&F'(%+ RF9"%&1+ lN.%+ /.%FF*+ /$9(&9FG+ I#"&+
p'-$.%(%"c*+N"9)'$+EFC(&%"4O+m#C"+&9K*+F9-%"1+-.%+I'R%"9F+)#M%"(:%(-+,%FF4+L(+-.%+9,-%":9-.1+
I#"&+2#"-.$F',,%+$9FF%&+,#"+$"%9-'()+9+J'('*-"K+#,+JC('-'#(*+9(&+-.%+9QQ#'(-:%(-+#,+Z9M'&+
IF#K&+U%#")%1+Q"%M'#C*FK+V(#3(+,#"+.'*+&#:%*-'$+'(-%"%*-*1+-#+.%9&+'-4+JC('-'#(*+J'('*-%"+
IF#K&+U%#")%+39*+9+.C)%+*C$$%**1+9+*C$$%**+'(+(#+*:9FF+:%9*C"%+&C%+-#+-.%+$#(-"'RC-'#(*+#,+
8.9':+;%'<:9((4>P+++
!
!
!
)!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!0")1%2$)31"**GI%"*(%7"J)(%K56=(%L$6.@$GH%
8#(-%:Q#"9(%#C*+ 3'-.+ -.%*%+ Q#F'-'$9F+ &%M%F#Q:%(-*>?1+ -.%+ -.%(+ m'"*-+ I#"&+ #,+ -.%+
X&:'"9F-K1+ ;'(*-#(+ 8.C"$.'FF1>[+ + F%9"(%&+ #,+ ;%'<:9((D*+ &'*$#M%"K+ #,+ *K(-.%-'$+ 9$%-#(%+
-."#C).+.'*+:C('-'#(*+9&M'*#"+/'"+m"%&%"'$V+29-.9(>\+'(+m%R"C9"K+=>=g4+>>1=hh++EK+'*#F9-'()+
-.%+ R9$-%"'C:+ S,5&#$-)-%.BaB" '1+#53%#/,-1%.7+ =h5+ F9-%"+ "%H(9:%&+ b-.%+ T+-U.'((" 5$4'(-&.7e+
;%'<:9((+39*+9RF%+-#+$#(M%"-+*-9"$.%*+7C*'()+$#"(+,%":%(-9-'#(@+-#+9+:'a-C"%+#,+%-.9(#F1+
9$%-#(%1=hP+9(&+RC-KF+9F$#.#F4=h6+L(+J9"$.+#,+=>=g=hg+8.C"$.'FF=h?+9*V%&+',+;%'<:9((+$#CF&+
'(&C*-"'9F'<%+ -.%+ &'*$#M%"K1=h[+ + 9(&+ #(+ R%'()+ 9**C"%&+ -.9-+ '-+ $#CF&+ R%+ &#(%1+ 8.C"$.'FF+
%($#C"9)%&+;%'<:9((c*+"%*%9"$.+RK+Q"#M'&%&+,9$'F'-'%*+,#"+,C"-.%"+%aQ%"':%(-9-'#(4=h\++EK+
J9K+#,+=>=g+;%'<:9((+39*+9RF%+-#+&%:#(*-"9-%+-.9-+.'*+9(9%"#R'$+,%":%(-9-'#(+Q"#$%**+
$#CF&+ $#(M%"-+ =hh+ -#(*+ #,+ )"9'(+ -#+ =5+ -#(*+ #,+ 9$%-#(%4+ IF#K&+ U%#")%1=h> + (#3+ :C('-'#(*+
:'('*-%"1==h+ ,#FF#3%&+ 8.C"$.'FF===+ '(+ *CQQ#"-'()+ ;%'<:9((c*+ %,,#"-*4+ ==5+ 0(+ J9K+ 5g1+ =>=g+
-3#+ 9(&+ 9+ .9F,+ :#(-.*+ 9,-%"+ ;%'<:9((+ 39*+ "%-9'(%&+ -#+ -%*-+ -.%+ Q"#$%**1+ 8.C"$.'FF+ 39*+
"%QF9$%&+9*+m'"*-+I#"&+#,+-.%+X&:'"9F-K+RK+I#"&+E9F,#C"4+N.%+M%"K+*9:%+&9K+IF#K&+U%#")%+
39*+9QQ#'(-%&+-#+.%9&+-.%+(%3FK+$"%9-%&+J'('*-"K+#,+JC('-'#(*4+I9-%"+-.%+-3#+&%Q9"-:%(-*+
e#'(-FK+ #R-9'(%&+ F9R#"9-#"K+ ,9$'F'-'%*+ ,#"+ ;%'<:9((+ 9-+ -.%+ I'*-%"+ L(*-'-C-%+ 9(&+ *%$C"%&+
9$$%**+-#+9+e#'(-FK+,C(&%&+'(&C*-"'9F+QF9(-+,#"+Q"#&C$-'#(4==P+++
L(+%9"FK+=>=?==6+9,-%"+-.%+Q'F#-+QF9(-+39*+$#:QF%-%&1+'(&C*-"'9FH*$9F%+Q"#&C$-'#(+#,+9$%-#(%+
R%)9(4+ XF:#*-+ Phhh+ -#(*==g+ )9FF#(*+ #,+ 9$%-#(%+ 3%"%+ Q"#&C$%&+ -.%+ ,'"*-+ K%9"1+ %M%(-C9FFK+
-#-9F'()+ Ph1hhh+ -#(*+ RK+ -.%+ %(&+ #,+ -.%+ 39"4+ X*+ 9+ "%*CF-+ #,+ ;%'<:9((c*+ %,,#"-*1==?+ *.%FF+
Q"#&C$-'#(+"#*%+,"#:+ghh1hhh+'(+-.%+,'"*-+,'M%+:#(-.*+#,+-.%+39"+-#+=?46+:'FF'#(+'(+=>=g4+EK+
=>=[1+-.9(V*+-#+-.%+(%3+:C('-'#(*+,9$-#"'%*1+-.%+E"'-'*.+k:Q'"%+39*+*CQQFK'()+:#"%+-.9(+
gh+:'FF'#(+*.%FF*+9+K%9"4+EK+39"c*+%(&1+-.%+E"'-'*.+X":K+.9&+,'"%&+=[h+:'FF'#(+*.%FF*4==[+
+EK+ =>=?+ ;%'<:9((c*+ Q#*'-'#(+ '(+ -.%+ E"'-'*.+ )#M%"(:%(-+ 39*+ b"%)CF9"'<%&4O+ X$$#"&'()+ -#+
*#:%+ 9$$#C(-*1==\1==>+ IF#K&+ U%#")%+ (9:%&+ ;%'<:9((+ Z'"%$-#"+ #,+ -.%+ E"'-'*.+ JC('-'#(*+
I9R#"9-#"'%*4=5h+ ;%'<:9((+ F#*-+ (#+ -':%+ '(+ Q9"F9K'()+ -.%+ 9QQ#'(-:%(-+ 9(&+ .'*+ %F%M9-%&+
Q#F'-'$9F+ *-9-C"%+ '(-#+ 9+ QF9-,#":+ 9&M#$9-'()+ -.%+ $"%9-'#(+ #,+ 9+ B%3'*.+ T#:%4+ IF#K&HU%#")%+
3"'-%*+ #,+ .'*+ ,'"*-+ :%%-'()+ 3'-.+ ;%'<:9((+ '(+ -.9-+ "%F9-%&+ -#+ d'#('*:+ 3.'$.+ #$$C""%&+ '(+
=>=?=5=1+(#-'()+-.9-+;%'<:9((+A%aQF9'(%&+.'*+9*Q'"9-'#(*+9*+-#+-.%+"%Q9-"'9-'#(+#,+-.%+B%3*+
-#+ -.%+ *9$"%&+ F9(&+ -.%K+ .9&+ :9&%+ ,9:#C*4+ N.9-+ 39*+ -.%+ ,#C(-+ 9(&+ #"')'(+ #,+ -.%+ ,9:#C*+
&%$F9"9-'#(+9R#C-+-.%+29-'#(9F+T#:%+,#"+-.%+B%3*+'(+!9F%*-'(%4444+X*+*##(+9*+L+R%$9:%+!"':%+
J'('*-%"+L+-9FV%&+-.%+3.#F%+:9--%"+#M%"+3'-.+J"+E9F,#C"1+3.#+39*+-.%(+m#"%')(+/%$"%-9"K4O+
=55 ++
+IF#K&+ U%#")%+ R%$9:%+ !"':%+ J'('*-%"+ '(+ Z%$%:R%"+ #,+ =>=?4+ /.#"-FK+ -.%"%9,-%"1+ .%+ :9&%+
)##&+ #(+ .'*+ Q"#:'*%+ -#+ "%H'(-"#&C$%+ ;%'<:9((+ -#+ E9F,#C"4+ X-+ -.'*+ Q#'(-+ ;%'<:9((+ 9(&+
E9F,#C"+R%)9(+-#+:%%-+"%)CF9"FK1+A*-"#FF'()+9"#C(&+;.'-%.9FF+9-+(').-+9(&+&'*$C**'()+.#3+9+
B%3'*.+.#:%F9(&+3#CF&+*%"M%1+RK+-.%+iC'"V*+#,+,9-%1+-.%+'(-%"%*-*+#,+.'*-#"'$9F+eC*-'$%+9(&+
E"'-'*.+ Q#3%"O4+ =5P+ ;%'<:9((+ 9)9'(+ 39*-%&+ (#+ %,,#"-*+ '(+ R"'()'()+ .'*+ d'#('*-+ Q9**'#(+ -#+
R%9"4=56+ N.%+ .'*-#"'9(+ N#:+ /%)%M+ "%F9-%*+ .#31+ #(%+ (').-1+ E9F,#C"+ 9(&+ ;%'<:9((+ 39FV%&+
R9$V39"&*+9(&+,#"39"&*+,#"+-3#+.#C"*1+9,-%"+-.%+F9--%"+.9&+&'(%&+3'-.+E9F,#C"G+AN.%+d'#('*-+
:#M%:%(-+*Q#V%1+;%'<:9((+*9'&1+3'-.+-.%+M#$9RCF9"K+#,+:#&%"(+*-9-%*:9(*.'Q1+RC-+39*+
,C%FF%&+ RK+ 9+ &%%Q+ "%F')'#C*+ $#(*$'#C*(%**4+ E9F,#C"+ .':*%F,1+ 9+ :#&%"(+ *-9-%*:9(1+ 9F*#+
$#(*'&%"%&+d'#('*:+9*+9(+'(.%"%(-+Q9"-+#,+.'*+8."'*-'9(+,9'-.4+L-+39*+9+R%9C-',CF+(').-]+-.%+
:##(+39*+#C-4+/##(+9,-%"1+E9F,#C"+&%$F9"%&+'(+9+89R'(%-+:%%-'()1+AL+9:+9+d'#('*-4O=5g1+=5?1+=5[4+
!
!
!
*!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
m"#:+ =>=?+ -#+ =>=[+ ;%'<:9((+ $#(-'(C%&+ .'*+ 3#"V+ 9-+ -.%+ E"'-'*.+ X&:'"9F-K+ F9R#"9-#"'%*+
9(&+ R%$9:%+ 9(+ .#(#"9"K+ 9&M'*%"+ -#+ -.%+ E"'-'*.+ J'('*-"K+ #,+ /CQQFK1+ + &#'()+ "%*%9"$.+ #(+
*K(-.%-'$+ "CRR%"+ 9(&+ .').H#$-9(%+ )9*#F'(%+ 9F*#+ (%%&%&+ ,#"+ -.%+ 39"+ %,,#"-1+ 9FF#3'()+ ,#"+
$#(-'(C%&+$#(-9$-+3'-.+IF#K&+U%#")%4++
L(+ -.'*+ F').-1+ -.%+ "%)9"&+ 79(&+ )"9-'-C&%@+ #,+ IF#K&+ U%#")%+ -9V%*+ #(+ 9&&'-'#(9F+ *')(','$9($%1+
9(&+ -.%+ *CQ%"F9-'M%*+ .%+ .%9Q*+ #(+ ;%'<:9((+ 7A5(+" 5*" #0+" 4$+'#+&#" N+3$+2&" 5*" ',," #-.+E["
R%$#:%*+C(&%"*-9(&9RF%8+X*+IF#K&+U%#")%+(#-%*1+;%'<:9((+A,#C(&+.'*+#QQ#"-C('-K+'(+-.'*+
;9"+ #,+ 29-'#(*+ -#+ 9&M9($%+ -.%+ $9C*%+ -#+ 3.'$.+ .%+ .9&+ $#(*%$"9-%&+ .'*+ F',%4+ Z"4+ ;%'<:9((+
%(F'*-%&+ :K+ 9&.%*'#(+ -#+ .'*+ '&%9F*+ 9-+ 9+ -':%+ 3.%(1+ 9-+ :K+ "%iC%*-1+ .%+ 39*+ *C$$%**,CFFK+
9QQFK'()+ .'*+ *$'%(-','$+ *V'FF+ 9(&+ ':9)'(9-'#(+ -#+ *9M%+ E"'-9'(+ ,"#:+ 9+ "%9F+ &'*9*-%"+ #M%"+ -.%+
,9'FC"%+#,+3##&+9F$#.#F+,#"+-.%+:9(C,9$-C"%+#,+$#"&'-%4+L(+9&&'-'#(+-#+-.%+)"9-'-C&%+L+,%F-+,#"+
.':+,#"+-.'*+*%"M'$%1+.%+9QQ%9F%&+-#+:K+&%%Q+"%M%"%($%+,#"+-.%+)"%9-+:%(+#,+.'*+"9$%+3.#+
3%"%+-.%+9C-.#"*+#,+-.%+*CRF':%+F'-%"9-C"%+CQ#(+3.'$.+L+39*+R"#C).-+CQ4+L+'(-"#&C$%&+.':+
-#+J"4+E9F,#C"1=5\+3.#+39*+3#(+#M%"+$#:QF%-%FK+RK+.'*+$.9":1+.'*+Q%"*C9*'M%(%**+9(&+.'*+
'(-%FF%$-C9F+Q#3%"4=5>1=Ph4+
;%'<:9((c*+ %,,#"-*+ 3%"%+ Q%"*'*-%(-+ 9(&+ -9")%-%&4+ EK+ :'&H=>=[1+ -.%K+ 3%"%+ R%)'(('()+ -#+
':Q9$-+ #(+ V%K+ E"'-'*.+ QF9K%"*+ 9(&+ 3'-.#C-+ ;%'<:9((c*+ #(H+ -.%H*$%(%+ Q"%*%($%+ 9(&+
Q%"*'*-%($%+'-+'*+&#CR-,CF+-.%+Q"#$F9:9-'#(+3#CF&+.9M%+'**C%&4++T#3%M%"1+'-+39*+(#-+C(-'F+9-+
F%9*-+ -."%%+ K%9"*+ 9,-%"+ ;%'<:9((c*+ '('-'9F+ 9$%-#(%+ &'*$#M%"K+ -.9-+ -.%+ "%*#FC-'#(+ $9:%+ -#+
Q9**4+EK+;%'<:9((c*+9$$#C(-1+'-+39*+.'*+Q9**'#(9-%+d'#('*-'$+*-9($%+-.9-+:#M%&+E9F,#C"1+ =P=+
3.'F%+ -.%+%:'(%(-FK+)"9-%,CF+IF#K&H+U%#")%+$F9':*+-.9-+'-+.%+3.#+A39*+9+Q"':%+*CQQ#"-%"+
9(&+%M%(+*5$1+".'O+%$++'(+%($#C"9)'()+E9F,#C"c*+%,,#"-*4O+IF#K&+U%#")%+3"'-%*1+AZC"'()+-.%+
*C::%"+ #,+ =>=[1+ J"4+ E9F,#C"1+ 3'-.+ :K+ <%9F#C*+ 9**%(-+ 9*+ !"':%+ J'('*-%"1+ %(-%"%&+ '(-#+
(%)#-'9-'#(*+ 3'-.+ I#"&+ f#-.*$.'F&+ #(+ -.%+ *CRe%$-+ #,+ -.%+ d'#('*-+ 9':*4O+ SF-':9-%FK+ '-+ '*+
"%$#"&%&+ -.9-+ -.%+ ;9"+ 89R'(%-+ #(+ /%Q-%:R%"+ P"&1+ =>=[1+ l.9&+ C(&%"+ $#(*'&%"9-'#(+
$#""%*Q#(&%($%+ 3.'$.+ .9&+ Q9**%&+ R%-3%%(+ -.%+ /%$"%-9"K+ #,+ /-9-%+ ,#"+ m#"%')(+ X,,9'"*+ 9(&+
I#"&+ f#-.*$.'F&+ #(+ -.%+ iC%*-'#(+ #,+ -.%+ Q#F'$K+ -#+ R%+ 9&#Q-%&+ -#39"&*+ -.%+ d'#('*-+
:#M%:%(-4l=P5 +
N.%+$F9':*+#,+IF#K&+U%#")%+9QQ%9"+#(FK+Q9"-'9FFK+$#:Q9-'RF%+3'-.+%(*C'()+%M%(-*4+++IF#K&+
U%#")%+ 9**C:%&+ -.%+ !"':%+ J'('*-%"*.'Q+ #(+ Z%$%:R%"+ [1+ =>=?+ *.#"-FK+ 9,-%"+ ;%'<:9((c*+
*-9-C"%+ 39*+ %F%M9-%&+ '(+ -.%+ E"'-'*.+ X&:'"9F-K+ I9R#"9-#"'%*+ 9(&+ 9F:#*-+ 9+ ,CFF+ K%9"+ R%,#"%+
N.%+E9F,#C"+Z%$F9"9-'#(+39*+*')(%&4=PP++2%M%"-.%F%**1+-.%+e#'(-+%,,#"-*+#,+;%'<:9((1+IF#K&+
U%#")%+9(&+E9F,#C"+*C"%FK+3%"%+$"'-'$9F+,9$-#"*+'(+-.%+'**C9($%+#,+-.%+Z%$F9"9-'#(4+=P6+
M$J)#)6*)#&%B)#&6.=FNH%
f%)9"&F%**+#,+-.%+:#-'M%+R%.'(&+'-*+':QF%:%(-9-'#(+#"+'-*+9$-C9F+':Q#"-9($%+'(+F%9&'()+-#+
-.%+ *-9-%.##&+ #,+ L*"9%F1+ :#*-+ R%F'%M%+ -.%+ Q*K$.#F#)'$9F+ ':Q9$-+ #,+ N.%+ Z%$F9"9-'#(+ 39*+
%(#":#C*4+ N.'*+ 39*+ -.%+ %:R%"+ -.9-+ ')('-%&+ 9(&+ -.%(+ ,9((%&+ -.%+ ,F9:%*+ #,+ -.%+ $#FF%$-'M%+
$#(*$'#C*(%**+#,+d'#('*-*4+8%"-9'(FK+:C$.+$"%&'-+,#"+9$$#:QF'*.'()+-.'*+*C$$%**+R%F#()*+-#+
;%'<:9((=P?++9(&+-.C*+;%'<:9((+%:%")%*+9*+9+Q#3%",CF+d'#('*-+Q"#Q9)9(&'*-+'(+-.%+R%*-+
*%(*%+#,+-.9-+3#"&4+X*+E"'-'*.+m'%F&+J9"*.9FF+B9(+8."'*-'99(+/:C-*=P[+9F39K*+"%:'(&%&+.'*+
"%9&%"*+9(&+F'*-%(%"*1+lL-+39*+;%'<:9((+3.#+Q%"*C9&%&+C*4l+=P\+++
!
!
!
"+!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
N.%+ ':Q#"-9($%+ #,+ ;%'<:9((c*+ *$'%(-','$+ 9$.'%M%:%(-*+ '(+ *%$C"'()+ $#(-9$-+ 3'-.+ IF#K&+
U%#")%+9(&+I#"&+E9F,#C"+W+3'-.#C-+3.'$.+.'*+'(,FC%($%+$#CF&+(#-+.9M%+R%%(+,%F-HH++$9((#-+R%+
C(&%"%*-':9-%&4+ N.%"%+ &#%*1+ .#3%M%"1+ *%%:+ -#+ R%+ *#:%+ &%R9-%+ 9*+ -#+ '-*+ *')(','$9($%+ '(+
%,,%$-C9-'()+-.%+Z%$F9"9-'#(+'-*%F,4+/#:%+$F9':+-.%+&%$F9"9-'#(+39*+'(+,9$-+9+Q%-)"6$5"Q%5+,#"+
;%'<:9((c*+&'*$#M%"K+#,+9$%-#(%+&C"'()+9+$"C$'9F+Q%"'#&+#,+-.%+39"4+0-.%"*+9")C%+-.9-+-.%+
&%$F9"9-'#(+39*+9+R"'FF'9(-+Q'%$%+#,+Q"#Q9)9(&9+W+#(%+-.9-+9'&%&+-.%+E"'-'*.+39"+%,,#"-+,"#:+
9+Q*K$.#F#)'$9F+Q%"*Q%$-'M%+9(&+-.9-+'-*+QC"Q#*%+39*+'(-%(&%&+ -#+R%(%,'-+U"%9-+E"'-9'(1+9-+
F%9*-+'(+-.%+:9'(4++L(+%'-.%"+$9*%1+;%'<:9((c*+*$'%(-','$+$#(-"'RC-'#(+C(&#CR-%&FK+QF9K%&+9+
"#F%+ '(+ -.%+ "'*%+ #,+ IF#K&HU%#")%c*+ Q%"*#(9F+ *-9"+ W+ #(%+ ,#"+ 3.'$.+ IF#K&+ U%#")%+ 39*+ R%+
Q"#,#C(&FK+W+9(&+%aQF'$'-FK+)"9-%,CF4+0(%+&#%*+(#-+R%*-#3+-.%+9$$#F9&%+#,+R%'()+#(%+#,+A-.%+
)"%9-%*-+ T%R"%3*+ #,+ 9FF+ -':%O+ 3'-.#C-+ 9+ Q"#,#C(&+ "%9*#(+ ,#"+ &#'()+ *#4+ ;.%-.%"+ IF#K&+
U%#")%+ &%M%F#Q%&+ -.'*+ .').+ "%)9"&+ ,#"+ ;%'<:9((+ R%$9C*%+ #,+ -.%+ ':Q9$-+ ;%'<:9((c*+
*$'%(-','$+&'*$#M%"K+.9&+#(+-.%+*-9(&'()+#,+.'*+$#C(-"K+#"+.'*+Q%"*#(1+:9K+R%+&%R9-%&4+;.9-+
'*+ C(iC%*-'#(9RF%+ '*+ -.9-+ ;%'<:9((+ &'&+ :9V%+ 9(+ ':Q9$-+ W+ 9(&+ -.9-+ .'*+ *$'%($%+ 39*+
"%*Q#(*'RF%+,#"+&#'()+*#4+
L,+ -.9-+ '*+ '(+ ,9$-+ -.%+ $9*%1+ -.%+ ':Q#"-9($%+ #,+ *$'%($%+ 79(&+ *$'%(-'*-*@+ 9*+ 9+ &'QF#:9-'$+ #"+
Q"#Q9)9(&'*-+-##F+,'"*-+:C*-+R%+9$V(#3F%&)%&+9(&+-.%(+C-'F'<%&4+kM%(+-.#*%+$F9':'()+-.9-+
;%'<:9((c*+$#(-"'RC-'#(+39*+(#-+"%F9-%&+-#+.'*+*$'%(-','$+9$.'%M%:%(-*+:C*-+$#($%&%+-.9-+
'-+39*+#(FK+&C%+-#+-.#*%+9$.'%M%:%(-*+-.9-+.%+39*+-9V%(+*%"'#C*FK+RK+E9F,#C"+7-.%(+'(+.'*+
$9Q9$'-K+ 9*+ m'"*-+ I#"&+ #,+ -.%+ X&:'"9F-K@HH+ + 9(&+ -.9-+ .%+ %M%(+ *%$C"%&+ 9(+ '(-"#&C$-'#(+ -#+
IF#K&+U%#")%G+
L-+ :C*-+ R%+ "%$9FF%&+ -.9-+ ;%'<:9((c*+ ,'"*-+ :%%-'()+ 3'-.+ E9F,#C"+ #$$C""%&+ :#"%+ -.9(+ 9+
&%$9&%+R%,#"%+Z%$F9"9-'#(+'**C%&+9(&+-.9-+-.'*+,'"*-+:%%-'()+39*+%(-'"%FK+C(Q"#&C$-'M%4+N.%+
:%%-'()+ 9QQ%9"%&+ (#-+ -#+ .9M%+ %M%(+ :9&%+ 9(+ ':Q"%**'#(+ #(+ E9F,#C"4+ =P>+ kM%(+ R%,#"%+
;%'<:9((c*+ ,'"*-+ :%%-'()+ 3'-.+ .':1+ E9F,#C"+ .9&+ %(-%"-9'(%&+ -.%+ (#-'#(+ #,+ 9+ B%3'*.+
.#:%F9(&1+#,,%"'()+-.%+B%3*+S)9(&9+9*+-.%+M%(C%+9*+%9"FK+9*+=>hP4+L-+39*+#(FK+9,-%"+E9F,#C"+
39*+ '(-"#&C$%&+ -#+ ;%'<:9((+ '(+ =>=g+ 7'(+ ;%'<:9((c*+ $9Q9$'-K+ 9*+ 9+ *$'%(-'*-@+ =6h+ -.9-+
E9F,#C"+,#$C*%&+.'*+9--%(-'#(+#(+;%'<:9((c*+d'#('*-+:%**9)%4++
L(+-.%+$9*%+#,+IF#K&+U%#")%1+-.%+':Q#"-9($%+'*+%M%(+*-9"V%"4+;'-.#C-+;%'<:9((c*+*$'%(-','$+
$#(-"'RC-'#(+.%+$#CF&+39*+(#-+%M%(+)9'(+9(+9QQ#'(-:%(-+HH+*':QF%+9$$%**+HH+-#+IF#K&+U%#")%4+
/9&FK1+-.'*+,9$-+'*+#R*$C"%&+RK+3.9-+9QQ%9"*+-#+R%+9+)##&+&%9F+#,+"%M'*'#('*-+.'*-#"K4+E%$9C*%+
-.%+ &%-%":'('()+ -.%+ ':Q#"-9($%+ #,+ ;%'<:9((c*+ *$'%(-','$+ *-9-C"%+ -C"(*+ #(+ 3.%(+ .%+ 39*+
,'"*-+9RF%+-#+*%$C"%+9+:%%-'()+3'-.+-.%+,C-C"%+Q"':%+:'('*-%"1+-.%+&9-'()+#,+-.9-+,'"*-+:%%-'()+
'*+$"C$'9F4++
L-+'*+9QQ9"%(-+,"#:+-.%+(#-%*+9(&+F%--%"*+#,+-.%+%&'-#"+#,+-.%+J9($.%*-%"+UC9"&'9(1+8!+/$#--1+
-.9-+/$#--+73.#+%(e#K%&+,"%iC%(-FK+7#,-%(+3%%VFK@+:%%-'()*+3'-.+IF#K&+U%#")%+W+9*+3%FF+9*+
.9M'()+ b.'*+ %9"c@+ .9&+ R%%(+ -"K'()+ -#+ :9V%+ -.%+ '(-"#&C$-'#(+ R%-3%%(+ IF#K&+ U%#")%+ 9(&+
;%'<:9((+9*+%9"FK+9*+/%Q-%:R%"+#,+=>=6+H+C(*C$$%**,CFFK4++N.%*%+"%Q%9-%&+W+9(&+$#($%"-%&+
W+ %,,#"-*+ 8!+ /$#--+ -."#C).#C-+ -.%+ ,9FF+ #,+ -.9-+ K%9"+ W+ 9*+ 3%FF+ 9*+ ;%'<:9((+ C*'()+ #-.%"+
$.9((%F*+ -#+ -.%+ *9:%+ %(&HH+ &'&+ (#-+ R%9"+ ,"C'-+ C(-'F+ '-$&/" ;%'<:9((+ .9&+ Q9-%(-%&+ .'*+
9$%-#(%H,%":%(-9-'#(+ Q"#$%**1+ 9&M'*%&+ -.%+ JC('-'#(*+ J'('*-"K+ 9R#C-+ '-+ 9(&+ 39*+ .'"%&+ RK+
-.%:+-#+C-'F'<%+-.%+Q"#$%**+#(+9+:9**+Q"#&C$-'#(+R9*'*4+
!
!
!
""!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
2%M%"-.%F%**1+-.%+R'#)"9Q.%"*+#,+R#-.+/$#--+9(&+;%'<:9((+)#+-#+)"%9-+F%()-.*+-#+&9-%+#,+-.%+
,'"*-+:%%-'()+R%-3%%(+IF#K&+U%#")%+9(&+;%'<:9((+-#+B9(C9"K+=g1+=>=g+#"+%M%(+%9"F'%"+7-#+
Z%$%:R%"=h@1+ 3.'$.+ 6$+1++)+&" ;%'<:9((c*+ .'"'()+ RK+ -.%+ X&:'"9F-K+ #"+ -.%+ JC('-'#(*+
J'('*-"K4+N.%"%+'*1+.#3%M%"1+(#-.'()+-.9-+$#""#R#"9-%*+-.'*+M'%31+*9M%+9+)9"RF%&+(#-9-'#(+'(+
;%'<:9((c*+ :%:#'"*+ 3"'--%(+ K%9"*+ F9-%"+ 9(&+ $#(,C*'()+ $F9':*+ RK+ ;%'<:9((c*+
R'#)"9Q.%"*4=6=X(#-.%"+ ,9*$'(9-'()+ 79(&+ .%9"*9K@+ 9--%:Q-+ -#+ R9$V&9-%+ -.'*+ ,'"*-+ $#(-9$-+
3'-.+ IF#K&+ U%#")%+ &%"'M%*+ ,"#:+ F%--%"*+ #,+ "%$#::%(&9-'#(+ RK+ ;%'<:9((c*+ $#FF%9)C%*+ -#+
E"9(&%'*+'(+BCFK+9(&+2#M%:R%"+#,+=>=g4+N.%*%+9"%+*%-+,#"-.+9*+-3#+*%Q9"9-%+9(&+$#(,F'$-'()+
.%9"*9K+9$$#C(-*+#,+;%'<:9((c*+$F9':+#(+-.%+E"'-'*.+%F'-%4+2%'-.%"+"%(&'-'#(+$#:Q#"-*+3'-.+
M%"','9RF%+ &9-91+ 9(&+ R#-.+ %M%(+ $#(,F'$-+ 3'-.+ ;%'<:9((c*+ #3(+ "%(&'-'#(4+ ^*%%+ 9QQ%(&'a+ 6+
8.9'(+#,+8C*-#&K+,#"+9+Q9"*'()+#,+-.%+$F9':*4_=65+
L-+9QQ%9"*+;%'<:9((c*+9--%:Q-+-#+:%%-+3'-.+IF#K&+U%#")%+9(&+E9F,#C"+'(+=>=6r%9"FK+=>=g+
-#+"%HQ"#Q#*%+ .'*+ 7Q#F'-'$9F@+ d'#('*-+ '&%9*+ ,9'F%&4+ 2#-+C(-'F+.%+39*+9RF%+-#+&%:#(*-"9-%+.'*+
*$'%(-','$+ Q"#3%**+ 9(&+ $#(-"'RC-%+ .'*+ *$'%(-','$+ 9$.'%M%:%(-*+ -#+ -.%+ R%(%,'-+ #,+ -.%+ E"'-'*.+
;9"+ 0,,'$%+ 39*+ .%+ 9RF%+ -#+ *%$C"%+ -.#*%+ :%%-'()*4+ + N.%+ *$'%(-','$+ R"%9V-."#C).+ #$$C""%&+
*#:%-':%+'(+=>=g+9(&+-.%+:%%-'()*+3'-.+IF#K&+U%#")%+9(&+E9F,#C"+R%)9(+'(+F9-%+=>=g+9(&+
=>=?1+"%*Q%$-'M%FKG+++
=4 N.%+9$$#C(-+#,+IF#K&+U%#")%+$#(-"9&'$-*+;%'<:9((c*+&9-%+#,+-.%+,'"*-+:%%-'()++
54 N.%"%+'*+(#+#,,'$'9F+$#::C('$9-'#(+R%-3%%(+IF#K&+U%#")%+9(&+;%'<:9((+#"+/$##-+
#"+.9M'()+-#+&#+3'-.+d'#('*:+R%,#"%+=>=[4+
P4 N.%+,'"*-+:%%-'()+;%'<:9((+9(&+/$#--+$F9':+-#+.9M%+.9&+3'-.+IF#K&+U%#")%+7'(+
Z%$%:R%"+=>=6+#"+B9(C9"K+1+=>=g@+9F*#+'($FC&%&+I#"&+/9:C%F+9(&+B#*'9.+
;%&)%3##&4+I#"&+/9:C%Fc*+Q9Q%"*+&#+(#-+*CQQ#"-+-.'*4+
64 B#*'9.+;%&)%3##&c*+#3(+9$$#C(-+#,+.'*+,'"*-+:%%-'()+3'-.+;%'<:9((+'(&'$9-%*+-.9-+
'-+39*+9-+9+R"%9V,9*-+.#*-%&+RK+IF#K&+U%#")%+W+'(+Z%$%:R%"+#,+=>=?4+
g4 f%$#"&*+#,+-.%+E"'-'*.+29-'#(9F+X"$.'M%*1+%*-9RF'*.+-.9-+IF#K&+U%#")%+.9&+9F"%9&K+
:%-+;%'<:9((+*%M%"9F+-':%+R%,#"%+Z%$%:R%"+=>=?+-.9-++HHR%)'(('()+'(+BC(%+#,+=>=g+
H+'($'&%(-+-#+;%'<:9((c*+*$'%(-','$+3#"V+4+IF#K&+U%#")%1+9(&+39*+$F%9"FK+'(,#":%&+W+
9(&+':Q"%**%&+RK+-.%+':Q#"-9($%+#,+;%'<:9((c*+*$'%(-','$+$#(-"'RC-'#(+RK+-.%+-':%+
-.%K+,'"*-+&'*$C**%&+.'*+d'#('*-+9$-'M'-'%*4+^/%%+XQQ%(&'a+5+3.'$.+$#(-9'(*+9(+
9((#-9-%&+9(&+$#:Q#*'-%+-':%F'(%+#,+-.%+M9"'#C*+*#C"$%*+-#)%-.%"+3'-.+*CQQ#"-'()+
7#"+$#(,F'$-'()@+$#""#R#"9-'#(+,"#:+F%--%"*+$#(-9'(%&+'(+-.%+E"'-'*.+29-'#(9F+
X"$.'M%*_4+
X$$#"&'()+ -#+ -.%+ $#""%*Q#(&%($%*+ #,+ IF#K&+ U%#")%+ 9*+ :9'(-9'(%&+ '(+ -.%+ E"'-'*.+ 9"$.'M%*1+
;%'<:9((+.9&+.'*+,'"*-+:%%-'()+3'-.+IF#K&+U%#")%+'(+BC(%+#,+=>=g+7'($'&%(-+-#+.'*+*$'%(-','$+
9$-'M'-'%*@4+N.9-+;%'<:9((c*+R'#)"9Q.%"*+-"K+-#+QF9$%+-.%+&9-%+#,+-.%+,'"*-+:%%-'()+"%)9"&'()+
d'#('*:+ *'a+ :#(-.*+ %9"F'%"1+ *%%:*+ (#-+ *#+ :C$.+ 9(+ 9--%:Q-+ -#+ :'(':'<%+ -.%+ ':Q9$-+ #,+
;%'<:9((c*+*$'%(-','$+$#(-"'RC-'#(+-#+-.%+&'QF#:9-'$+Q"#$%**W+RC-+9(+9--%:Q-+-#+:'(':'<%+
-.%+ ':Q#"-9($%+ #,+ T%"R%"-+ /9:C%Fc*+ "#F%+ 9(&+ 9))"9(&'<%+ ;%'<:9((c*+ Q"%H%:'(%($%+ '(+
'(,FC%($'()+ -.%+ E"'-'*.+ %F'-%1+ -.%"%RK+ C*C"Q'()+ /9:C%Fc*+ ':Q#"-9($%4+ =6P1=664+ =6g+ N.%+
:'*&9-'()+ #,+ -.%+ ,'"*-+ :%%-'()+ 3'-.+ IF#K&+ U%#")%1+ .#3%M%"1+ &#%*+ (#-+ '(+ 9(K+ 39K+ &%-"9$-+
,"#:+ ;%'<:9((c*+ CF-':9-%+ 9$$#:QF'*.:%(-G+ :9"*.9FF'()+ -.%+ &'*$#"&9(-+ 9""9K+ #,+ E"'-'*.+
d'#('*-*+'(-#+#(%+$#.%*'M%+)"#CQ+3'-.+9+C('-%&+:%**9)%+,#"+/'"+J9"V+/KV%*+-#+Q9"F9K+'(-#+9+
!
!
!
"#!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
,#":9F+Z%$F9"9-'#(+RK+-.%+89R'(%-+9(&+-.%+9R'F'-K+-#+9"-'$CF9-%+.'*+Q9**'#(9-%+M'*'#(+,#"+-.%+
T#FK+I9(&+*#+9*+-#+)9FM9('<%+E"'-'*.+*CQQ#"-%"*+-#+%(9RF%+'-*+$"%9-'#(4+
N.9-+;%'<:9((c*+*$'%(-','$+9$.'%M%:%(-*+3%"%+"%*Q#(*'RF%+,#"+.'*+%(-"%%+-#+IF#K&+U%#")%+'*+
#(FK+ .').F').-%&+ RK+ -.%+ "%Q%9-%&+ 9(&+ ,9'F%&+ %,,#"-*+ -#+ :9V%+ $#(-9$-+ 3'-.+ IF#K&+ U%#")%+
R%,#"%+2#M%:R%"+=>=g4++N.%+9$$#:QF'*.:%(-*+#,+;%'<:9((+R%$#:%+%M%(+:#"%+':Q"%**'M%+
3.%(+ M'%3%&+ '(+ -.'*+ F').-4+ 2#-+ #(FK+ &'&+ .%+ *C$$%%&+ '(+ "%(&%"'()+ $"'-'$9F+ 9**'*-9($%+ -#+ -.%+
E"'-'*.+ ;9"+ k,,#"-1+ Q#**'RFK+ -C"('()+ -.%+ -'&%+ '(+ ,9M#"+ #,+ E"'-'*.+ *C$$%**1+ (#-+ #(FK+ &'&+ .%+
&%:#(*-"9-%+ -.%+ ':Q#"-9($%+ #,+ '(&C*-"'9F+ ,%":%(-9-'#(+ 9*+ 9+ *$'%(-','$+ %(&%9M#"1+ RC-+ .%+
*C$$%%&%&+ -#+ 9--9'(+ -.%+ "%*Q%$-+ #,+ IF#K&+ U%#")%+ ,'"*-+ ,#"+ .'*+ *$'%(-','$+ 9(&+ -.%(+ ,#"+ .'*+
Q#F'-'$9F+Q"#3%**+W+"%*CF-'()+'(+'**C9($%+#,+-.%+E9F,#C"+Z%$F9"9-'#(4+
20"&%2$)31"**%!6'5(*E&%76%
N.%+#Q'('#(+-.9-+-.%+:9e#"+$"%&'-+'*+&C%+-#+;%'<:9((+'*+(#-+*.9"%&+RK+9FF=6?1+9F-.#C).+'-+'*+
-.%+ M'%3+ #,+ .'*-#"'9(+ XM'+ /.F9':4=6[+ 0-.%"+ $#(-%(&%"*+ ,#"+ -.%+ $"%&'-+ 9"%+ IF#K&+ U%#")%1+ /'"+
J9"V+ /KV%*+ 9(&+ B9:%*+ J9F$#F:1+ -.%+ X":%('9(+ f%Q"%*%(-9-'M%+ -#+ E"'-9'(4+ 0(%+ *$.##F+ #,+
-.#C).-+ 9--"'RC-%*+ :C$.+ #,+ -.%+ $"%&'-+ -#+ BC*-'$%+ I#C'*+ E"9(&%'*+ 9(&+ .'*+ $#FF%9)C%+ BC*-'$%+
m%F'a+m"9(V,C"-%"+,#"+-.%'"+"#F%+'(+*%$C"'()+-.%+*CQQ#"-+#,+!"%*'&%(-+;'F*#(1+9+$"'-'$9F+*-%Q+
R%,#"%+-.%+Z%$F9"9-'#(+39*+-#+R%+'**C%&4+N.%+E"'-'*.+'(*'*-%&+-.9-+;'F*#(c*+QCRF'$+9QQ"#M9F+
39*+ 9+ Q"%H"%iC'*'-%+ ,#"+ -.%+ Z#$-"'(%+ 9(&+ ;'F*#(1+ -.%+ Q9$','*-+ 3.#+ $9:Q9')(%&+ ,#"+ .'*+
*%$#(&+%F%$-'#(+#(+-.%+*F#)9(1+A.%+V%Q-+C*+#C-+#,+39"1O+39*+"%FC$-9(-4+
N.%+ ':Q#"-9($%+ #,+ ;%'<:9((c*+ %,,#"-*+ $9((#-+ R%+ C(&%"%*-':9-%&1+ "%)9"&F%**+ #,+ 3.#+ '*+
9,,#"&%&+ CF-':9-%+ $"%&'-4+ ;.%-.%"+ -.%+ &#$C:%(-+ 39*+ 9+ $#(-"9$-+ 3'-.+ X:%"'$9(+ B%3*1+ 9+
M%.'$F%+ ,#"+ E"'-'*.+ 39"+ Q"#Q9)9(&91+ #"+ 9+ "%39"&+ ,#"+ ;%'<:9((c*+ *$'%(-','$+ $#(-"'RC-'#(1+
3'-.#C-+ ;'F*#(c*+ %M%(-C9F+ *CQQ#"-1+ '-+ 3#CF&+ (#-+ .9M%+ $#:%+ 9R#C-4+ X(&+ -.'*+ #R*-9$F%1+
!"%*'&%(-+ ;##&"#3+ ;'F*#(1+ 39*+ #(%+ %M%(+ ;%'<:9((1+ 3'-.+ 9FF+ .'*+ Q"#:'(%($%1+ $#CF&+ (#-+
9&&"%**4=6\+ ;.'F%+ ;%'<:9((+ .9&+ %(#C).+ F#$9F+ "%$#)('-'#(+ -#+ '(,FC%($%+ -.%+ E"'-'*.+
)#M%"(:%(-1+.'*+,9:%+.9&+(#-+9*+K%-+*Q"%9&+-#+-.%+S('-%&+/-9-%*4++T%+.9&+(#+&'"%$-+-'%*+-#+
;'F*#(4+ N.%"%+ 3#CF&+ .9M%+ -#+ R%+ 9(#-.%"+ :%9(*+ ,#C(&+ -#+ %()'(%%"+ 9(&+ '(,FC%($%+ ;'F*#(c*+
*CQQ#"-4+E"'-'*.+'(*'*-%($%+#(+*%$C"'()+;'F*#(c*+*CQQ#"-+'(+-.%+*C::%"+9(&+,9FF+#,+=>=[+'*+
$C"'#C*4+ EK+ -.%+ ,9FF+ #,+ =>=[+ 3.%(+ ,'(9F+ (%)#-'9-'#(*+ #M%"+ -.%+ Z%$F9"9-'#(c*+ 3#"&'()+ 3%"%+
C(&%"39K1+ -.%+ S('-%&+ /-9-%*+ .9&+ 9F"%9&K+ &%$F9"%&+ 39"+ W+ 9(&+ .9&+ &#(%+ *#+ *'a-.+ :#(-.*+
%9"F'%"4++
X39"%+#,+-.%+&%*'"%+RK+-.%+E"'-'*.+,#"+S4/4+*CQQ#"-+#,+9+B%3'*.+.#:%F9(&1+;%'<:9((+*#C).-+
9+ R9$V&##"+ Q9*-+ -.%+ (#-#"'#C*FK+ 9(-'H/%:'-'$+ /-9-%+ Z%Q9"-:%(-1+ 3.'F%+ -.%+ E"'-'*.+ m#"%')(+
0,,'$%+39(-%&+9+&'"%$-+"#C-%+-#+-.%+;.'-%+T#C*%4++X*+:9(K+.9M%+*C))%*-%&1+;%'<:9((+9(&+
-.%+ E"'-'*.+ ,#C(&+ -.9-+ $#(&C'-+ '(+ BC*-'$%+ I#C'*+ E"9(&%'*1+ 3.'$.+ '*+ (#-+ *C"Q"'*'()4+ T9M'()+
*CQQ#"-%&+ ;'F*#(+ *'($%+ =>=51+ R%'()+ #,+ R"'FF'9(-+ :'(&1+ *-%"F'()+ $.9"9$-%"1+ 9(&+ '(-%(*%+
F#K9F-K1+ E"9(&%'*+ 39*+ (#:'(9-%&+ -#+ -.%+ /CQ"%:%+ 8#C"-+ RK+ ;'F*#(+ '(+ =>=?+ 9(&+ ;'F*#(+
$#(-'(C%&+-#+*%%V+.'*+$#(,'&%($%+9(&+9&M'$%+-.%"%9,-%"4++
N.C*+#(+\+XQ"'F+=>=[1+;%'<:9((1+3.#+39*+F9-%"+-#+R%+"%*Q#(*'RF%+,#"+E"9(&%'*c+9R9(&#('()+
-.%+ L(-%"(9-'#(9F+ d'#('*-+ 0")9('<9-'#(+ 9F-#)%-.%"1+ $9RF%&+ E"9(&%'*+ 9&M'*'()+ -.9-+ l9(+
!
!
!
"$!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
%aQ"%**'#(+#,+#Q'('#(+$#:'()+,"#:+K#C"*%F,+9(&+Q%".9Q*+#-.%"+)%(-F%:%(+$#((%$-%&+3'-.+
-.%+ U#M%"(:%(-+ '(+ ,9M#"+ #,+ 9+ B%3'*.+ !9F%*-'(%+ C(&%"+ 9+ E"'-'*.+ Q"#-%$-#"9-%+ 3#CF&+ )"%9-FK+
*-"%()-.%(+#C"+.9(&*4l+ =6>+L-+'*+':Q#"-9(-+-#+"%$#)('<%+-.9-+9-+-.'*+Q#'(-+;%'<:9((+.9&+(#-+
:%-+ 9(&+ F'V%FK+ (#-+ $#::C('$9-%&+ &'"%$-FK+ 3'-.+ E"9(&%'*4=gh+ 2%M%"-.%F%**1+ ;%'<:9((+ 39*+
'(,FC%(-'9F+#(+-3#+,"#(-*1+3#"V'()+3'-.+E"9(&%'*+9$"#**+-.%+*%9*+9(&+,"#:+-.%+*.#"%*+#,+.'*+
#3(+$#C(-"KH+C*'()+-.%+$.9((%F*+9M9'F9RF%+9(&+.#*Q'-9RF%+-#+.':1+'(+F9")%+:%9*C"%+R%$9C*%+
#,+.'*+*$'%(-','$+9$$#:QF'*.:%(-*4++
E"9(&%'*c+ '(M#FM%:%(-1+ R#-.+ '(+ -%":*+ #,+ 3#"&H*:'-.'()+ -.%+ &#$C:%(-+ -#+ 9&&"%**+ 9(&+
9**C9)%+;'F*#(c*+$#($%"(*1+9(&+.'*+(%)#-'9-'#(*+3'-.+;'F*#(+C")'()+*CQQ#"-+3%"%+$"'-'$9F4+
j%-1+ -.%+ $#(M%"*'#(+ #,+ E"9(&%'*1+ 9(+ 9M#3%&+ 9**':'F9-'#('*-+ C(-'F+ .'*+ :'&H,',-'%*+ 9(&+ -.%+
(9*$%($%+ #,+ -.%+ *C&&%(+ &%*'"%+ -#+ $.9:Q'#(+ 9+ $9C*%+ .%+ .9&+ .%"%-#,#"%+ "%e%$-%&+ .9*+ (%M%"+
R%%(+,CFFK+'(M%*-')9-%&4++;'-.#C-+E"9(&%'*1+'-+'*+&#CR-,CF+;'F*#(+3#CF&+.9M%+$#:%+#(+R#9"&4+
N.%+$#(M%"*'#(+#,+E"9(&%'*+-#+d'#('*:+9(&+-.%+':Q9$-+#,+.'*+'(-"#&C$-'#(+-#+I#"&+E9F,#C"+
3.'$.+,'"*-+#$$C"*+'(+XQ"'F+#,+=>=[1+"%:9'(*+-#+R%+9&&"%**%&4+
A<<$*(),$#+
A<<$*()O%F/
5+2#M%:R%"1+=>=[++
+
m#"%')(+0,,'$%+
2#M%:R%"+5(&1+=>=[+
Z%9"+I#"&+f#-.*$.'F&1+
L+ .9M%+ :C$.+ QF%9*C"%+ '(+ $#(M%K'()+ -#+ K#C1+ #(+ R%.9F,+ #,+ T'*+ J9e%*-KD*+ U#M%"(:%(-1+ -.%+
,#FF#3'()+ &%$F9"9-'#(+ #,+ *K:Q9-.K+ 3'-.+ B%3'*.+ d'#('*-+ 9*Q'"9-'#(*+ 3.'$.+ .9*+ R%%(+
*CR:'--%&+-#1+9(&+9QQ"#M%&+RK1+-.%+89R'(%-4+
lT'*+ J9e%*-KD*+ U#M%"(:%(-+ M'%3+ 3'-.+ ,9M#C"+ -.%+ %*-9RF'*.:%(-+ '(+ !9F%*-'(%+ #,+ 9+ (9-'#(9F+
.#:%+,#"+-.%+B%3'*.+Q%#QF%1+9(&+3'FF+C*%+-.%'"+R%*-+%(&%9M#C"*+-#+,9$'F'-9-%+-.%+9$.'%M%:%(-+
#,+-.'*+#Re%$-1+'-+R%'()+$F%9"FK+C+9(&%"*-##&+-.9-+(#-.'()+*.9FF+R%+&#(%+3.'$.+:9K+Q"%eC&'$%+
-.%+$'M'F+9(&+"%F')'#C*+"').-*+#,+%a'*-'()+(#(HB%3'*.+$#::C('-'%*+'(+!9F%*-'(%1+#"+-.%+"').-*+
9(&+Q#F'-'$9F+*-9-C*+%(e#K%&+RK+B%3*+'(+9(K+#-.%"+$#C(-"K4l+
L+ *.#CF&+ R%+ )"9-%,CF+ ',+ K#C+ 3#CF&+ R"'()+ -.'*+ &%$F9"9-'#(+ -#+ -.%+ V(#3F%&)%+ #,+ -.%+ d'#('*-+
m%&%"9-'#(4+
!
!
!
"%!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
j#C"*+*'($%"%FK1+
X"-.C"+B9:%*+E9F,#C"G+;;L+Z#$C:%(-+X"$.'M%+s+0,,'$'9F+!9Q%"*+s+?0$%4"5-6'.%
7$,5"."&)6*++
A<<$*()O%P/%A**6&"&$(%"*(%!61<6#)&$%?)1$5)*$%Q;$@)*#%*$O&%<"@$R%5$@$*(%;$56S%
EF9$V+ -KQ%H+ /9(&%"*+ 1+ AN.%+ T').+ ;9FF*+ #,+ B%"C*9F%:G+ X+ T'*-#"K+ #,+ -.%+ E9F,#C"+ Z%$F9"9-'#(+
9(&+-.%+E'"-.+#,+-.%+E"'-'*.+J9(&9-%+,#"+!9F%*-'(%O+*%%+,##-(#-%*+,#"+-.%+$#:QF%-%+$'-9-'#(4+
7j#0+$"&5%$1+&"-("-#',-1&@4+
f%&+-KQ%+W+%a$%"Q-%&+,"#:+f%'(.9"<1+A/$'%($%+'(+-.%+/%"M'$%+#,+!#F'-'$*G+-.%+$9*%+#,+8.9':+
;%'<:9(+&C"'()+-.%+m'"*-+;#"F&+;9"O+*%%+,##-(#-%*+,#"+$#:QF%-%+$'-9-'#(4+
U"%%(+.').F').-+$#""%*Q#(&%($%+,"#:+-.%+29-'(9F+E"'-'*.+X"$.'M%*+
45'$%&=<$%8%"'&06.E#%,611$*&#%"*(%"*"5=#)#%
j%FF#3+ .').F').-%"G+ m"#:+ !;L!+ &9-9+ R9*%+ 7!9F%*-'(%+ L(,#":9-'#(+ 3'-.+ !"#M%(9($%+ !L;!+
&9-9R9*%+#(+F'(%4+
=>=h+ !"#,4+ ;:+ !%"V'(]+ /"+ !"#,%**#"+ #,+ 0")9('$+ 8.%:'*-"K+ 9-+ J9($.%*-%"+ S+ .'"%*+
;%'<:9((+-#+9**'*-+.':+'(+$#(-"9$-+3#"V+.%+.9&+3'-.+/-"9()%+,#"+Q"#&C$-'#(+#,+*K(-.%-'$+
"CRR%"4+ ;%'<:9((+ *C))%*-*+ %(F'*-'()+ XC)C*-+ m%"(R9$.+ &'"+ #,+ -.%+ m%":%(-9-'#(+ I9R+ 9-+
!9*-%C"+L(*-'-C-%+-#+e#'(+-.%+-%9:4+
+
=>=hH=>=5++3#"V%&+,#"+/K(-.%'$+!"#&C$-*+8#+#3(%&+RK+T9F,#"&+/-"9()%]+3#"V%&+#(+
,%":%(-9-'#(+++
+
=>==H+ m%"(R9$.+ 9(&+ ;%'<:9((+ ,#C(&+ R9$-%"'9F+ :'a-C"%+ -.9-+ 3#CF&+ ,%":%(-+
Q#-9-#%*+K'%F&'()+%-.KF+9F$.#.#F+
+
J9"$.+=>==G+N-.%K+Q"#&C$%+RC-KF+9F$#.#F4+
+
BC(%+=>==G++m%"(R9$.+&'*$#M%"*+7nL*#F9-%&@+9+R9$-%"'9+7Em1+E9$'FFC*+m%"(R9$.@++
+
J9"$.+ =>=5G+ J"+ p9(%1+ :)"+ 9-+ /-"9()%+ &'*$#M%"%&+ -.9-+ ',+ Em+ 39*+ 9&&%&+ -#+ #-.%"+
*-9"$.%*+'-+K'%F&%&+9$%-#(%4+
+
/Q"'()+ =>=5G+ ;%'<:9((+ 9(&+ !%"V'(*+ &'*9)"%%+ 9R#C-+ -.%+ ,'(9($'9F+ -%":*+ #,+ -.%+
$#(-"9$-4+
+
BC(%+=>=5G+;%'<:9((+'*+,'"%&+RK+!%"V'(*4+
+
BCFK+ =>=5H=>=PG+ ;%'<:9((+ ;#"V*+ '(&%Q%(&%(-FK+ #(+ RC-KF+ 9F$.#F+ Q"#&C$-'#(+
,'(9($%&+ RK+ .'*+ ,"'%(&BC'#C*+ /':#(4+ XQQ#'(-%&+ f%9&%"+ 9-+ J9($.%*-%"+ S('M%"*'-K4+ L(+
2#M%:R%"1+=>=P+9*V*+9+,"'%(&1+J#*%*+/$.#%(1+3#"V'()+,#"+/-"9()%+-#+*%(&+:#"%+$CF-C"%*4+
/$.#%(+&%:C"*+
+
/%Q-%:R%"+5\H2#M=61+=>=6G+/-"9()%+&%:#(*-"9-%*+9+(%3+R9$'FFC*+mEEE+&'*$#M%"%&+
RK+ m%"(R9$.+ -#+ + ;:+ f'(-#CF1+ .%9&+ #,+ "%*%9"$.+ 9-+ 2#R%Fc*+ kaQF#*'M%c*+ 8#:Q9(K4+ + f%Q#"-*+
3%"%+&'*9QQ#'(-'()+9$$#"&'()+-#+f'(-#CF4+
/%Q-4+ =61=>=6+ G+ ;%'<:9((+ :%%-*+ 8!+ /$#--+ 9-+ Q9"-K+ #,+ #(%+ J"*+ k$V.9"&1+ 9+ ,"'%(&+ #,+
Z"%K,C**1]+ R#-.+ #,+ 3.#:+ 3%"%+ R%(%,9$-#"*+ #,+ -.%+ Y'$-#"'9+ J%:#"'9F+ T#*Q'-9F+ 3.%"%+ Y%"9++
;%'<:9((+ 3#"V%&4+ 8!+ /$#--+ Q"#:'*%*+ ;%'<:9((+ -#+ -"K+ -#+ 9""9()%+ 9+ :%%-'()+ 3'-.+ IF#K&+
U%#")%4+ ^-.%(+8.9($%FF#"+#,+-.%+ka$.%iC%"]+-.%+"%9*#('()+R%.'(&+-.%+$"'-'$9F+':Q#"-9($%+#,+
+
!
!
!
"&!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
9""9()'()+ 9(+ '(-"#&C$-'#(+ R%-3%%(+ .':+ 9(&+ ;%'<:9((+ 9-+ -.'*+ Q#'(-+ -.9-+ '(+ -':%+ W+ -3#+
:#(-.*+ R%,#"%+ /9:C%F+ &%-%":'(%*+ -.9-+ IF#K&+ U%#")%+ .9*+ 9(+ '(-%"%*-+ '(+ -.%+ :9--%"HH+ *%%+
R%F#3H+'*+#R*$C"%_4+
2#M%:R%"+ >1+ =>=6G+ /9:C%F+ 3"'-%*+ AL+ .9&+ 9(+ #QQ#"-C('-K+ -#&9K+ #,+ 9+ R"'%,+ -9FV+ 3'-.+
IF#K&+ U%#")%+ #(+ -.%+ *CRe%$-+ #,+ 9+ QF9(+ ,#"+ 9+ B%3'*.+ *-9-%+ '(+ !9F%*-'(%4O+ + + IF#K&+ U%#")%+ 9-+ 9+
$9R'(%-+ :%%-'()+ .9&+ %aQ"%**%&+ A-.9-+ .%+ 39*+ M%"K+ V%%(O+ -#+ *%%+ 9+ B%3'*.+ /-9-%+ ,#C(&%&+ '(+
!9F%*-'(%4+Q?>4+
2#M%:R%"+=51+=>=6G+;%'<:9((+3"'-%*+-#+/$#--+"%)9"&'()+X*iC'-.c*+*Q%%$.4+
2#M%:R%"+=g1+=>=6G+/$#--+:%%-*+;%'<:9((+'(+.'*+#,,'$%4++Q=hg+
2#M+5=1+=>=6+9"-'$F%++'(+2%3+/-9-%*:9(1+RK+XJT+7XFR%"-+J#(-%,'#"%+TK9:*#(@G+A-.'*+
.9*+R%%(+-.%+,'"*-+-':%+-.9-+-.%+F'iC'&9-'#(+#,+NC"V%K`+.9*+R%$#:%+9+&%,'('-%+Q"#*Q%$-1+9(&+
3'-.+ J"+ X*iC'-.c*+ 3#"&*`+ -.%+ .#Q%*+ #,+ -.%+ d'#('*-*+ .9M%+ *C&&%(FK+ Q9**%&+ ,"#:+ 9(+ '&%9F+
'(-#+9+:9--%"+#,+Q"9$-'$9F+Q#F'-'$*4O+Q4+[h4++
2#M+551+=>=6G+/$#--+3"'-%*+-#+;%'<:9((+Q"#:'*'()+-#+"9'*%+'**C%+3'-.+IF#K&+U%#")%+
#(+m"'&9K4+
2#M+5[1+=>=6G+IF#K&+U%#")%+:%%-*+3'-.+8!+/$#--+3.#1+A9*+9+,'(9F+Q#'(-+/$#--+"9'*%&+
-.%+iC%*-'#(+#,+!9F%*-'(%+9(&+-.%+d'#('*-*1`+L-+39*+(#-+iC'-%+(%3+-#+.':1++/$#--+#R*%"M%&1++
(#+ &#CR-+ 3'-.+ *#:%+ *C"Q"'*%+ A9*+ .%+ .9&+ *%%(+ -.%+ 9"-'$F%+ '(+ -.%+ 2%3+ /-9-%*:9(+ 9(&+
:%(-'#(%&+ + 9F*#+ -.9-+ .%+ .9&+ 9`+ .%9"-+ -#+ .%9"-+ $#(M%"*9-'#(+ 3'-.+ /9:C%F+ 9(&+ .9&+ R%%(+
9*-#('*.%&+ -#+ ,'(&+ #C-+ .#3+ -.9-+ $#F&+ + 9(&+ &"K+ Q%"*#(+ *C&&%(FK+ V'(&F%&+ 9(&+ -.%K+ .9&+
*K:Q9-.'<%&+ #(+ -.%+ $#::#(+ )"#C(&+ #,+ -.%+ *:9FF+ (9-'#(9F'-K4O+ Q4+ [>4+ /$#--+ "%-C"(%&+ -#+
J9($.%*-%"+ #(+ /9-C"&9K+ 9(&+ 3"#-%+ -#+ ;%'<:9((+ #(+ /C(&9K+ -.9-+ .%+ -.#C).-+ .%+ $#CF&+
9""9()%+ ,#"+ 9+ :%%-'()+ 3'-.+ ;%'<:9((+ 9(&+ IF#K&+ U%#")%+ -.%+ ,#FF#3'()+ m"'&9K+ 9-+ ==+
Z#3('()+/-4l+
Z%$%:R%"+P1+=>=6+7N.C"*&9K@G+;%'<:9((+Q"%Q9"%*+-#+:%%-+IF#K&+U%#")%+-.%+(%a-+
&9K]+ "%$%'M%*+ -%F%)"9:+ ,"#:+ /$#--+ $9($%FF'()+ '-+ 9(&+ *C))%*-'()+ :%%-'()+ #(+ ,#FF#3'()+
;%&(%*&9K+Z%$%:%:R%"+>4+
Z%$%:R%"+ >1+ =>=6G+ + /$#--+ 9)9'(+ $9($%F*+ IF#K&+ U%#")%+ :%%-'()+ 9(&+ *$.%&CF%*+ #(%+
3'-.+T%"R%"-+/9:C%F+,#"+Z%$+=h4+X$$#"&'()+-#+-.%+Q9Q%"*+#,+8.9':+;%'<:9((1+;%'<:9((+
$F9':*+ -.9-+ '-+ 39*+ IF#K&+ U%#")%+ .':*%F,+ 3.#+ $9($%FF%&+ 9(&+ *C))%*-%&+ -.%+ :%%-'()+ 3'-.+
/9:C%F4+!4=5P+
+ATJ$*&% UIHHI+ 8.9':+ ;%'<:9((+ 9(&+ T%"R%"-+ /9:C%F+ :%%-+ '(+ /9:C%FD*+ #,,'$%++
7"&$G+ N.C"*&9K1+ =h+ Z%$+ =>=6+ X+ F#()+ 9$$#C(-1+ RK+ ;%'<:9((1+ #,+ -.'*+ :%%-'()+ 9QQ%9"*+ #(+
Q9)%*+=55H=5g+#,+-.'*+$#FF%$-'#(+#,+;%'<:9((D*+Q9Q%"*]+'(+-.'*+9$$#C(-1+;%'<:9((+&#%*+(#-+
)'M%+-.%+&9-%+RC-+E9"(%-+I'-M'(#,,1+-.%+%&'-#"+#,+-.%+$#FF%$-'#(1+*9K*1+'(+(#-%+[+#(+Q9)%+=551+
-.9-+'-+39*+#(+=h+Z%$%:R%"+=>=64O++!L;!+&9-9R9*%4!!!!!!!!!!!!+
=0+" )'#+" 5*" #0+" *5,,52-(4" ,+##+$" )'#+" -&" (5#" 1,+'$" 3%#" -&" &'-)" #5" $+*+$" #5" #0+" .++#-(4"
1,'-.+)" #5" 0'@+" 511%$$+)" +-#0+$" 5(+ ?+1+.3+$" Ba" BCB\" 20-10" -(1,%)+)" G,5/)" H+5$4+" '()"
K5&-'0"T+)4+255)"'&"2+,,"'&"N+$3+$#"L'.%+,c++
?+'$"Y$8"L15##7"9R)8c"S8M8"L15##7"#0+",+4+()'$/"+)-#5$"5*"#0+"Y'(10+&#+$"H%'$)-'(7"2'&"'"
.%#%',"*$-+()"5*"S0'-."T+-U.'(("'()"5*"#0+(">$-#-&0"M$-.+"Y-(-&#+$"?'@-)"G,5/)"H+5$4+:""!"
'.",+'@-(4"0+$+"'""#"\cB]"#0-&"'*#+$(55("'()"-*"!")5(k#"0+'$"*$5."/5%"+-#0+$"0+$+"5$"-("G5()5("
'#"BI7"H,+(.5$+"Z5')7"N'@+$&#'1;"N-,,"WT7"$%'$!@!('0!2&&!A/6!B),4.!C&,/8&D!@!2%'))!+'E&!0,!
'$$&+5$! $,! 2&&" 0-.8" !" &0',," 3+" -(" G5()5(" %(#-," L'#%$)'/" '*#+$(55(" '()" '(/" #-.+" %(#-," #0+("
!
!
!
"'!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
25%,)"&%-#".+8"j*"15%$&+"!"-()++)"0'@+"-("G5()5("',&5".%10"25$;"'()"'".++#-(4"15%,)"#';+"
6,'1+"#0+(7"&05%,)""2+"*'-,"#0-&"2++;8">%#"#52'$)&"#0+"+()"5*"(+b#"2++;"!"25%,)",-;+"#5"6$51++)"
#5" X$'(1+" '()" !#',/" '()" -#" 25%,)" 3+" 5*" 4$+'#" -.65$#'(1+" -*" !" 15%,)" 0'@+" &++(" G8H8" 3/" #0+(l8"
9+.60'&-&"&%66,-+):+7;%'<:9((+.9&+)#(%+-#+!9"'*+-.%+Q"'#"+3%%V+RC-+#(FK+,#"+9+&9K+W+.%+&'&+
(#-+)#+-#+L-9FK+-.%(+9(&+3#CF&+(#-+)#+-#+L-9FK+C(-'F+K%9"*+F9-%"4@+
N.%+ $F9':+ -.9-+ -.%+ ,'"*-+ :%%-'()+ R%-3%%(+ ;%'<:9((+ 9(&+ IF#K&+ U%#")%+ #$$C""%&+ %'-.%"+ '(+
Z%$%:R%"+=>=6+#"+B9(C9"K+=>=g+'*+iC%*-'#(9RF%+9(&+*C*Q%$-4+N.%+':Q#"-9($%+#,+-.%+&9-%+#,+
-.%+:%%-'()+R%9"*+#(+-3#+'**C%*G+9+&%*'"%+-#+:'(':'<%+-.%+$"'-'$9F+"#F%+#,+T%"R%"-+/9:C%F*+'(+
'('-'9-'()+ -.%+ '(-%"%*-+ #,+ -.%+ E"'-'*.+ 89R'(%-+ '(+ 9+ B%3'*.+ T#:%F9(&+ '(+ !9F%*-'(%1+ 9(&+ -.%+
&%"'M9-'M%+':QF'$9-'#(+(%)9-'()+-.%+':Q#"-9($%+#,+;%'<:9((c*+*$'%(-','$+3#"V+9*+Q"#M'&'()+
-.%+ '('-'9F+ %(-"o%+ -#+ IF#K&+ U%#")%+ CQ#(+ 3.'$.+ .%+ C*%&+ 9*+ 9+ *$9,,#F&+ -#+ 9&M#$9-%+ ,#"+ -.%+
B%3'*.+/-9-%4+
N.%+ $F9':+ #,+ -.%+ %9"FK+ &9-%+ ,#"+ -.%+ ,'"*-+ :%%-'()+ R%-3%%(+ ;%'<:9((+ 9(&+ IF#K&+ U%#")%+
&%"'M%*+,"#:+/$#--+9(&+;%'<:9((c*+#3(+3"'-'()*1+ '($FC&'()+9+)9"RF%&+9$$#C(-+3"'--%(+RK+
;%'<:9((+ '(+ .'*+ J%:#'"*+ K%9"*+ 9,-%"39"&+ '(&'$9-'()+ 9(+ ':Q"%$'*%+ "%$#FF%$-'#(+ #,+ %M%(-*1+
9(&+9(+C(&9-%&+F%--%"+$#(-9'(%&+'(+-.%+;%'<:9((+9"$.'M%*+7*%%+-.%+,#FF#3'()+%(-"K@4+^N.%+
#(FK+9$-C9F+"%$#"&+#,+-.%+:%%-'()+.9M'()+9$-C9FFK+-"9(*Q'"%&+$#:%*+,"#:+;%'<:9((c*+E##V+
bN"'9F+9(&+k""#"1c+3"'--%(+K%9"*+F9-%"_4+E9*%&+#(+-.%*%+'(&'$'9+'-+'*+"%Q#"-%&+-.9-1O+8!+/$#--+
'(-"#&C$%&+ ;%'<:9((+ -#+ IF#K&+ U%#")%1+ -.%(+ 8.9($%FF#"+ #,+ -.%+ ka$.%iC%"1+ 9-+ 9+ R"%9V,9*-+
3'-.+ T%"R%"-+ /9:C%F+ 9(&+ B#*'9.+ ;%&)%3##&4O+ 9-+ 3.'$.+ ;%'<:9((+ *9K*+ -.%K+ &'*$C**%&+
d'#('*:4+=g=4+N.%+':Q#**'R'F'-K+#,+-.%+&9-%+#,+-.'*+:%%-'()+'*+*%-+,#"-.+R%F#34++
N.%+F%--%"+"%,%""%&+-#+9R#M%+3.'$.+R%9"*+-.%+QC"Q#"-%&+&9-%+#,+Z%$%:R%"+=h1+=>=6+9(&+'*+
,#C(&+ '(+ -.%+ $#FF%$-%&+ Q9Q%"*+ #,+ ;%'<:9((+ '*+ '(-"#&C$%&+ RK+ -.%+ Q"#M%(9($%+ "%$#"&%&+
R%F#3G+
+J=$'(&1$-3+)" 3/" K+'(+##+" H5,)3+$47" +)-#+)" 3/" H+$&05." Y'$#-(8" =0-&" ,+##+$" P#0+" *'1&-.-,+"
1'$$-+&" (5" )'#+[" 2'&" 2$-##+(" '$5%()" BCB\" #5" S8M8L15##" 5*" #0+" Y'(10+&#+$" H%'$)-'(7" 20+("
T+-U.'(("2'&"#$/-(4"#5"4'-("'("-(#$5)%1#-5("2-#0"#0+(">$-#-&0"M$-.+"Y-(-&#+$"?'@-)"G,5/)F
H+5$4+8E+^*'$_+
N.'*+'(-"#&C$-#"K+:%**9)%+'-*%F,+'(&'$9-%*+-.9-+-.%+F%--%"+^3.'$.+'*+,#C(&+'(+'-*+%(-'"%FK+'(+
XQQ%(&'a+g_+39*+(#-+3"'--%(+#(+-.%+&9-%&+$F9':%&+9(&+'(+,9$-+$9FF*+'(-#+iC%*-'#(+-.%+F%--%"4++
=r+'-+R%9"*+(#+&9-%+5r'-+'*+-"9(*$"'R%&+,"#:+9+b,9$*':'F%c1+rP4+N.%+-.%(+!"':%+J'('*-%"+39*+
I#"&+ X*iC'-.4+ 6r+ Z9M'&+ IF#K&+ U%#")%+ 39*+ 8.9($%FF#"+ #,+ -.%+ ka$.%iC%"+ 9-+ -.%+ -':%+ 9(&+
-.#C).+ .%+ 39*+ F9-%"+ -#+ R%$#:%+ iC'-%+ Q'M#-9F+ '(+ -.%+ E9F,#C"+ Z%$F9"9-'#(+ 9(&+ B%3'*.+ /-9-%+
Q"#$%**+ W+ 9-+ -.'*+ -':%+ 1+ #-.%"+ -.9(+ 9+ Q9**'()+ '(-%"%*-+ %aQ"%**%&+ -#+ T%"R%"-+ /9:C%F1+ .'*+
'(,FC%($%+ 39*+ 9($'FF9"K4+ N.%*%+ ,9$-#"*1+ 9F#()+ 3'-.+ $#(,C*'#(+ #,+ -.%+ &9-%*+ #,+ -.%+ :%%-'()+
9F#()+3'-.+;%'<:9((c*+&'*-'($-+F9$V+#,+9+$F%9"+"%$#FF%$-'#(+#,+-.%+%M%(-*+9(&+-.%+,9'FC"%+-#+
:9V%+9+$#(-%:Q#"9(%#C*+(#-9-'#(+'(+.'*+"%$#"&*+#"+9+*%(&+9+F%--%"+#,+-.9(V+K#C+-#+/$#--1+
3#CF&+*CQQ#"-+IF#K&+U%#")%c*+"%$#FF%$-'#(+-.9-+-.%+,'"*-+:%%-'()+#$$C""%&+'(+2#M%:R%"+#,+
=>=g_4+/9(&%"*+'*+#,+-.%+#Q'('#(+-.9-+-.'*+:%%-'()+#$$C""%&+#(+B9(4+=g+=>=g4+kM%(+-.'*+$F9':+
9F*#+ (#-+ $#""#R#"9-%&+ RK+ '(&%Q%(%(-+ *#C"$%*4+ L(+ 9FF+ F'V%F'.##&1+ -.%+ :%%-'()+ -.9-+ '($FC&%&+
;%&)%3##&+&'&+(#-+#$$C"+C(-'F+Z%$%:R%"1+=>=?4+++
!
!
!
"(!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
F((,/.*08! $,! G'#)! A#)7&4DHIJ! =&.8&1,,.K2! 3*,8/'5%&/D! =&.8&1,,.! +&$! =&*>+'00!
*0! ;&(&+3&/! HLHM! N'$! ,0&! ,-! B),4.! C&,/8&K2! 3/&'E-'2$26! =&.8&1,,.! 1'2! 0,$! $,! 8,!
5#3)*(! 1*$%! %*2! O*,0*2+! #0$*)! P&3! HD! HLHQ! *0! '! )&$$&/! $,! $%&! A'0(%&2$&/! C#'/.*'06!!
=&.8&1,,.D! %*+2&)-D! ()'*+2! %*2! O*,0*2+! '/,2&! *0! )'$&! HLHM! '$! '! +&&$*08! 1*$%! R&*)!
G/*+/,2&! '0.! S#-#2! @2''(2D! '0.! 5,22*3)4! T'+&2! S,$%2(%*).6+ N.'*+ 3#CF&+ $#""#R#"9-%+
IF#K&+ U%#")%c*+ "%$#FF%$-'#(+ -.9-+ -.%+ ,'"*-+ :%%-'()+ &'&+ (#-+ #$$C"+ C(-'F+ BC(%+ #,+ =>=g+ 9-+ -.%+
%9"F'%*-1+ 9(&+ -.9-+ -.%+ ,'"*-+ -':%+ -.%+ -3#+ *Q#V%+ 9R#C-+ d'#('*-+ :9--%"*+ 39*+ '(+ 2#M%:R%"+ #,+
=>=g4+ N.%+ %9"F'%*-+ "%$#"&%&+ $#""%*Q#(&%($%+ 3%+ .9M%+ R%-3%%(+ -.%+ -3#+ '*+ &9-%&+ J9K+ 5=+
=>=[4=gP+
mC"-.%"+'(&'$9-'()+$#(,C*'#(+#(+-.%+Q9"-+#,+;%'<:9((+8!+/$#--+#"+;%'<:9((c*+R'#)"9Q.%"*+
9"%+(#-9-'#(*+,#C(&+'(G+
?0$% :2>:% ("&"% ;"#$% Q:"5$#&)*$% >*-6.1"&)6*% S)&0% :.6J$*"*,$% :>2:% ("&";"#$V% ?0$%
W'6&$#% -.61% % &0$% ("&"% ;"#$% )*,5'($#% ;6&0% $*&.)$#% -.61% 2$)31"**E#% <"<$.#% "*(%
:>2:E#% ,611$*&".=% ".$% S.)&&$*% )*% ;5",D% "*(% ,6*&")*$(% S)&0)*% &0$% =$556S% ;6O$(%
$*&.)$#V+
.--QGrr$#*:#*4C$$4'%r$*=h?6re9R#3%(rL!/8rQ.Qr%M%(-4Q.Qn%'&t6?hg+ N.%+ )"%%(+ R#F&%&+
-KQ%+9"%+*CQQF'%&+RK+-.%+9C-.#"+-#+$9FF+9--%(-'#(+-#+M9"'#C*+9(#:9F'%*4_%
+
TJ$*&%UIXYH+;%'<:9((1+8!+/$#--1+IF#K&+U%#")%1+T%"R%"-+/9:C%F+9(&+B#*'9.+;%&)3##&+
:%%-+,#"+R"%9V,9*-+
7"&$/+N.C"*&9K1+P+Z%$+=>=6++
A;%'<:9((+ &%*$"'R%*+ -.'*+ R"%9V,9*-+ #(+ Q9)%+ =gh+ #,+ .'*+ :%:#'"*4+ T%+ *9K*+ -.9-+ #(+ P+
Z%$%:R%"+=>=61+.%+.9&+R"%9V,9*-+3'-.+T%"R%"-+/9:C%F1+Z9M'&+IF#K&+U%#")%1+8+!+/$#--+9(&+
B#*'9.+;%&)3##&4O+N.'*+%(-"K+Q9-%(-FK+$#(-"9&'$-*+8!+/$#--c*+F%--%"+#,+Z%$%:R%"+P+*9K'()+
#(+-.9-+&9-%+-.9-+.%+39*+$9($%FF'()+-.%+:%%-'()+9""9()%&+,#"+-.9-+&9-%4+
+
A-.%"%+ :9K+ R%+ *#:%+ $#(,C*'#(4+ + L(+ (#-%+ [+ #(+ Q9)%+ =55+ #,+ -.'*+ $#FF%$-'#(+ #,+ ;%'<:9((D*+
Q9Q%"*1+E9"(%-+I'-M'(#,,+*9K*+-.9-+/9:C%F+9$$#:Q9('%&+;%'<:9((+-#+9+R"%9V,9*-+3'-.+IF#K&+
U%#")%+ #(+ FH% Z"*'".=% FGFH1+ RC-+ &#%*+ (#-+ :%(-'#(+ -.%+ P+ Z%$%:R%"+ =>=6+ R"%9V,9*-4+ Z'&+
;%'<:9((+ :%%-+ IF#K&+ U%#")%+ -3'$%+ ,#"+ R"%9V,9*-+ '(+ -.%+ *Q9$%+ #,+ *'a+ 3%%V*n+ 0"+ '*+
;%'<:9((+3"#()+'(+.'*+:%:#'"n+0"+'*+I'-M'(#,,+3"#()nO^%:Q.9*'*+*CQQF'%&_4+
!
E%-3%%(+2#M%:R%"+9(&+B9(C9"K+T%"R%"-+/9:C%F+'*+3"'-'()+9+Q#*'-'#(+Q9Q%"+#(+!9F%*-'(%W+
3.'$.+ .%+ *CR:'-*+ -#+ I#"&+ U"%K+ W+ $9FF'()+ ,#"+ 9+ B%3'*.+ *-9-%+ '(+ !9F%*-'(%+ C(&%"+ E"'-'*.+
Q"#-%$-'#(4+
!
TJ$*&% UFXII+ T%"R%"-+ /9:C%F+ *CR:'-*+ 9+ &"9,-+ $9R'(%-+ :%:#"9(&C:+ 9&M#$9-'()+
%*-9RF'*.:%(-+ #,+ B%3'*.+ *-9-%+ '(+ !9F%*-'(%+ C(&%"+ E"'-'*.+ Q"#-%$-'#(4++
7"&$/+ J#(&9K1+ 5g+ B9(+ =>=gG+ X+ ,%3+ 3%%V*+ 9,-%"+ .%+ $#(,'&%&+ .'*+ *CQQ#"-+ #,+ d'#('*:+ '(+ 9+
$#(M%"*9-'#(+ 3'-.+ k&39"&+ U"%K+ #(+ >+ 2#M%:R%"+ =>=61+ T%"R%"-+ /9:C%F+ *CR:'-*+ 9+ &"9,-+
$9R'(%-+:%:#"9(&C:+9&M#$9-'()+%*-9RF'*.:%(-+#,+B%3'*.+*-9-%+'(+!9F%*-'(%+C(&%"+E"'-'*.+
Q"#-%$-'#(4++
++
A/9:C%F+39*+Q"#:Q-%&+-#+9$-+RK+.'*+9F9":+9-+-.%+,9$-+-.9-1+#(+[+B9(C9"K1+-.%+9$-'()+
E"'-'*.+T').+8#::'**'#(%"+'(+k)KQ-+*%(-+9+-%F%)"9:+-#+I#(&#(+3.'$.+'(&'$9-%&+-.9-+9+F9")%+
!
!
!
")!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
Q"#Q#"-'#(+ #,+ -.%+ Q#QCF9-'#(+ #,+ /K"'9+ 9(&+ !9F%*-'(%+ 3#CF&+ 3%F$#:%+ 9""'M9F+ #,+ E"'-'*.+ 9(&+
C")%&+9+:'F'-9"K+#,,%(*'M%1+3'-.+9+F9(&'()+'(+XF%a9(&"%--91+':QFK'()+$"%9-'#(+#,+9(+X"9R+9"%9+
C(&%"+ E"'-'*.+ Q"#-%$-'#(4+ + + T%+ *CR:'--%&+ 9+ "%M'*%&+ :%:#"9(&C:+ '(+ J9"$.+ =>=g++
++++++++++++
+
Z%$%:R%"+=51+=>=6G+;%'<:9((+:%%-*+,#"+*%$#(&+-':%+3'-.+I#"&+E9F,#C"+7N.%+,'"*-+
39*+'(+=>h?@+E9F,#C"+39*+9+,"'%(&+#,+-.%+/9**##(*+7-#+3.#:+B9:%*+J9F$#F:+$#(-%(&*+.%+
9""9()%&+,#"+;%'<:9((+-#+:%%-@4+AE9F,#C"+9*V%&+A',+;%'<:9((+39(-%&+9(K-.'()+Q"9$-'$9F+
9-+Q"%*%(-1+9(&+;%'<:9((+*9'&+-.9-1+9*+F#()+9*+-.%+)C(*+3%"%+"#9"'()1+9FF+.%+39(-%&+39*+-#+
%aQF9'(+ -#+ .':+ .#3+ )"%9-+ 9(&+ &%%Q+ '*+ -.%+ RF##&+ *-9'(%&+ -"9)%&K+ #,+ -.%+ B%3*1O+ 9(&+ -.9-+ .%+
.#Q%&+-#+$9FF+#(+.':+9)9'(+3.%(+-.%+:'F'-9"K+*'-C9-'#(+R%$9:%+$F%9"%"4+!=5=4+
++++++++++++++Z%$%:R%"+5g1+=>=6G+;%'<:9((+M'*'-*+/9:C%F+3'-.+Z"+U9*-(%"+-.%(+,#":9FFK+.%9&+#,+
-.%+B%3'*.+8#::C('-K]+$.'%,+/%Q.9"&'$+f9RR'1+V(#3(+RK+R#-.+/9:C%F+9(&+F9-%"+/KV%*4++
+
+
/0JkNLJk+L2+=>=6+;%'<:9((+&'*$#M%"*+9+7E9$'FFC*@+F9-%"+(9:%&+8F#*-"'&C:+9$%-#H
RC-KF'$C:+;%'<:9((+R%$9C*%+'-+9**C:%&+-.9-+*.9Q%+9*+9+*Q#"%HQ"#&C$%"4+^;%'<:9((+&#%*+
(#-+:%(-'#(+-.'*+&'*$#M%"K+'(+.'*+F%--%"+#,+'(-"#&C$-'#(+-#+/$#--1+#*-%(*'RFK+&9-%&+Z%$%:R%"+
=>=61+RC-+:#"%+F'V%FK+&9-%&+/%Q-%:R%"1+*.#"-FK+9,-%"+.%+:%-+/$#--+,#"+-.%+,'"*-+-':%4_+
+
=>=g+
B9(C9"K+ ==1+ =>=gG+ ;%'<:9((c*+ Q9Q%"*+ $F9':+ .%+ "%$%'M%*+ 9+ F%--%"+ ,"#:+ /9:C%F+
"%)9"&'()+9+:%%-'()+.%c*+9""9()%&+3'-.+.':+9(&+IF#K&+U%#")%+#(+B9(C9"K+=g+,#"+R"%9V,9*-4+
B9(C9"K+=g1+=>=gG+/9(&%"*+$F9':*+;%'<:9((+:%%-*+IF#K&+U%#")%+,#"+-.%+,'"*-+-':%+
R9*%&+ #(+ 9+ .9<K+ "%$#FF%$-'#(+ '(+ ;%'<:9((c*+ J%:#'"*+ 3"'--%(+ K%9"*+ F9-%"1+ 9-+ 3.'$.+
;%'<:9((+ &#%*(c-+ "%:%:R%"+ :C$.+ #,+ 3.9-+ .9QQ%(%&+ #-.%"+ -.9(+ IF#K&+ + U%#")%+ ,'"'()+
iC%*-'#(*+9R#C-+!9F%*-'(%+9(&+-.%+(C:R%"+#,+B%3*+$C""%(-FK+-.%"%+9(&+.#3+:9(K+$#CF&+-.%+
$#C(-"K+9R*#"R4+;%'<:9((+*9K*+.%+39*+*.K+9(&+$#(,C*%&+A9(&+,F'QO4+IF#K&+U%#")%+.9*+(#+
"%$#FF%$-'#(+ #,+ 9(K+ :%%-'()+ Q"'#"+ -#+ BC(%+ ?1+ =>=g+ 73.'$.+ 39*+ QC"%FK+ '($'&%(-+ -#+ -.%+ /.%FF+
$"'*'*@4+ /9(&%"*+ 9**%"-*+ -.9-+ '-+ '*+ IF#K&+ U%#")%c*+ "%$#FF%$-'#(+ 3.'$.+ '*+ 9-+ ,9CF-+ -.%"%RK+
9FF#3'()+ ,#"+ IF#K&+ U%#")%+ -#+ R%+ ,"%%+ A,"#:+ 9(K+ $#::'-:%(-+ -#+ d'#('*:+ C(-'F+ 9,-%"+ '-+ 39*+
R"#C).-+-#+.':+RK+b9+R"'FF'9(-+$.%:'*-+3.#+&'&+39"+3#"V+,#"+.':4O+=g6+
B9(C9"K+5\1+=>=gG+/9:C%F+3"'-%*+"%Q#"-+#,+,'M%+*Q%$','$+9")C:%(-*+'(+,9M#"+#,+Q#F'$K+
,9M#"'()+ 9+ B%3'*.+ .#:%+ ,"#:+ -.%+ *-9(&Q#'(-+ #,+ E"'-'*.+ '(-%"%*-*+ 3.'$.+ '*+ "%9&+ RK+ X*iC'-.+
"%)9"&'()+-.%+AE"'-'*.+9((%a9-'#(+#,+!9F%*-'(%4O+Q+=Pg+
+
+
k9"FK+=>=gG+;'FF'9:+f'(-#CF+"%$%'M%*+9+F%--%"+,"#:+8.9':+;%'<:9((+73.#+3"#-%+9-+
-.%+*C))%*-'#(+#,+!"#,4+T9"#F&+Z'a#(@+'(,#":'()+.':+#,+.'*+Q"#$%**4+
m%R+ >1+ =>=gG+ f'(-#CF+ M'*'-*+ ;%'<:9(c*+ F9R#"9-#"K1+ %a9:'(%*+ Q"#$%**+ 9(&+ 9&M'*%*+
;%'<:9((+ -#+ 9QQFK+ ,#"+ 9+ Q9-%(-4+ /%%+ 9F*#+ /9(&%"*+ Q4+ =\?4+ ^N.'*+ '*+ -.%+ ,'"*-+ b'(&%Q%(&%(-c+
$#""#R#"9-'#(+#,+-.%+&9-%+#,+;%'<:9((c*+&'*$#M%"K4_+
+
J9"$.+ =g1+ =>=gG+ ;%'<:9((+ *')(*+ 9+ $#(-"9$-+ 3'-.+ f'(-#CF+ 72#R%F+ I9R*@]+ + + f'(-#CF+
9&M'*%*+9+,#":%"+:9(9)%"+9-+2#R%F1+/'"+m"%&%"'$V+29-.9(=gg+7(#3+9-+-.%+X&:'"9F-K+C(&%"+
8.C"$.'FF@1+#,+;%'<:9((c*+&'*$#M%"K4++
!
!
!
"*!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
J9"$.+ 5>1+ =>=gG+ + ;%'<:9((+ 9QQF'%*+ ,#"+ 9+ Q"#M'*'#(9F+ Q9-%(-+ 9(&+ *CR:'-*+ 9+ ,CFF+
Q9-%(-+ 9QQF'$9-'#(+ 0$-#R%"1+ =>=g4+ 7N.%+ Q9-%(-+ Q9Q%"*+ *9K+ m"%&%"'$V+ 29-.9(+ 9&M'*%&+
;%'<:9((+-#+*%%V+-.%+Q9-%(-@4+
+
XQ"'F+ =>1+ =>=gG+ /-"9()%+ *')(*+ $#(-"9$-+ 3'-.+ -.%+ E"'-'*.+ )#M%"(:%(-+ -#+ Q"#&C$%+
9$%-#(%4+
++
+
XQ"'F+5=1+=>=gG+;%'<:9((+:%-+29-.9(+'(+I#(&#(+9(&+9)"%%&+-#+$9""K+#C-+F9")%H*$9F%+
-"'9F*+,#"+-.%+X&:'"9F-K4+T%+&%,%"*+iC%*-'#(+#,+"%:C(%"9-'#(+#"+"#K9F-'%*+C(-'F+9,-%"+-.%+;9"1+
%a$%Q-+,#"+%aQ%(*%*+9(&+-#+.'"%+T9"#F&+Z9M'%*+9*+9(+9**'*-9(-4+
+
m"#:+-.%+29-'#(9F+X"$.'M%*+#,+U"%9-+E"'-9'(G+8.9':+;%'<:9((1+6=+89:Q&%(+T#C*%+f#9&1+
p%(*'()-#(1+ ;'(*-#(+ 8.C"$.'FF1+ -#+ /'"+ m"%&%"'$V+ 7EF9$V@+KL[7[FY[F[F\%%ID" X+3" BCB^+
!6*&$*&#/+ Z%*$"'R%*+ .#3+ -.%+ X&:'"9F-K+ *Q#(*#"%&+ .'*+ 9$%-#(%+ Q"#$%**+ 9*+ %9"FK+ "#% A<.)59%
FGFH+ 9(&+ 9QQ#'(-%&+ .':1+ F#&% +$<% FGFH1+ 9*+ -%:Q#"9"K+ .#(#"9"K+ N%$.('$9F+ X&M'*#"+ #(+
9$%-#(%+*CQQF'%*4+`+
+
XQ"'F+Ph1+=>=gG+;%'<:9((+R%)'(*+%aQ%"':%(-9F+3#"V+9-+E"#:F%K+C(&%"+)"9(-+#,+-.%+
N"%9*C"K+k:%")%($K+/-9(&'()+8#::'--%%4+
J9K=51=>=gG+ 29-.9(+ 9C-.#"'<%*+ 9(+ 9)"%%:%(-+ 3'-.+ ;%'<:9((4+ N9V%*+ ;%'<:9((+ -#+ :%%-+
8.C"$.'FF4+
J9K+5g1+=>=g]+8.C"$.'FF+&'*:'**%&+,"#:+X&:'"9F-K]+"%QF9$%&+RK+I#"&+E9F,#C"4+
^Q%"+ /9(&%"*1+ &C"'()+ -.%+ $#C"*%+ #,+ E9F,#C"c*+ -%(C"%+ 9-+ X&:'"9F-K1+ .%+ $#::C('$9-%*+ 3'-.+
;%'<:9((+#(+#(FK+-3#+#$$9**'#(*_4+
J9K+5g1+=>=gG+IF#K&+U%#")%+R%$#:%*+J'('*-%"+#,+JC('-'#(*4+
BC(%+P1=>=gG+/$#--+3"'-%*+-#+;%'<:9((+*9K'()+.%+R"#C).-+;%'<:9((c*+'(M%(-'#(+-#+
IF#K&+ U%#")%4+ /$#--+ *9K*+ -.9-+ IF#K&+ U%#")%+ b.9*+ 9+ M%"K+ $F%9"+ ':Q"%**'#(+ #,+ ;%'<:9((c*+
Q%"*#(9F'-KO+9(&+"%:%:R%"*+8;+A39":FK4O++^9QQ9"%(-FK+/$#--+3"'-%*+-#+;%'<:9((+R%,#"%+
:%%-'()+IF#K&+U%#")%+#(+-.%+?-.1++*%%+R%F#3_+
BC(%+?1+=>=gG+8!+/$#--+*%%*+IF#K&+U%#")%+9(&+-9FV*+-#+.':+9R#C-+;%'<:9((4+/$#--+
3"'-%*+'(+.'*+&'9"KG+AIF#K&+U%#")%+*%%:%&+'(-%"%*-%&+9(&+-##V+:%+-#+*%%+Z"+8."*-#Q.%"+
X&&'*#(1+!9"F'9:%(-9"K+/%$"%-9"K+-#+J'('*-"K+#,+JC('-'#(*4O++EC-+$#:Q9"%+/9(&%"*+9$$#C(-G+
;%&(%*&9K+BC(%+++>1+=>=gG+/$#--++:%%-*++3'-.+IF#K&+U%#")%+3.#+9*V*+.':+9R#C-+;%'<:9((+
9(&+R"#C).-+/$#--+R9$V+-#+-9FV+-#+8."'*-#Q.%"+X&&'*#(1+-.%+Q9"F'9:%(-9"K+C(&%"*%$"%-9"K+#,+
-.%+JC('-'#(*+J'('*-"K+3.#+9QQ%9"%&+F%**+':Q"%**%&+3'-.+;%'<:9(((c*+iC9F','$9-'#(*+RC-+
(%M%"+-.%+F%**+A-##V+.':+#(4O+7/9(&%"*+Q+=h?@4+^/9(&%"*c+9$$#C(-+'*+9-+#&&*+3'-.+"%$#"&*+'(+
-.%+29-'#(9F+X"$.'M%*1+R%F#3_G+
+
+
BC(%+ ?1+ =>=gG+ 84!4/$#--1+ N.%+ m'"*1+ -#+ IF#K&+ U%#")%++KL[7[F\[FH[P%%?+ BC(%+
=>=g:".5)"1$*&".=%A.,0)J$#%/C))%*-*+-.9-+',+IF#K&+U%#")%+'*+*%%'()+;%'<:9((+-.%+(%a-+
&9K1+ .%+ *.#CF&+ 9*V+ .':+ 9R#C-+ -.%+ ;9"+ 0,,'$%+ $#(-"9$-+ l3'-.+ 9+ $%"-9'(+ $#:Q9(Kl+ ,#"+ -.%+
:9(C,9$-C"%+ #,+ 9$%-#(%1+ 9*+ -.%K+ 9"%+ *Q%(&'()+ 9R#C-+ u5h1hhh+ #(+ 9+ Q"#$%**+ #"')'(9FFK+
&%M'*%&+RK+;%'<:9((1+(#3+3#"-.F%**4+f%,%"*+-#+;%'<:9((D*+#,,%"+#,+.'*+(%3+Q"#$%**+-#+-.%+
;9"+ 0,,'$%1+ 3.'$.+ -.%+ X&:'"9F-K+ 9"%+ (#3+ &%M%F#Q'()4+ /C))%*-*+ -.9-+ ;%'<:9((+ 3#CF&+ R%+
C*%,CF+'(+#")9('*'()+$.%:'$9F+3#"V*1+#3'()+-#+.'*+,9:'F'9"'-K+3'-.+U%":9(+:%-.#&*4+
!
!
!
#+!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
BC(%+[1+=>=gG+;%'<:9((+:%%-*+IF#K&+U%#")%+,#"+-.%+,'"*-+-':%1+'-+3#CF&+*%%:4+AN.%+
%(-'"%+ '(-%"M'%3+ F9*-%&+ #(FK+ 9+ ,%3+ :'(C-%*+ 9(&+ ;%'<:9((+ &'&+ (#-+ %M%(+ .9M%+ 9+ $.9($%+ -#+
Q"#Q%"FK+&'*$C**+-.%+9$%-#(%+Q"#$%**O+XFF+.%+$#CF&+&#+39*+$#(M%K+(%%&+-#+:#R'F'<%+m"%($.+
9(&+/3'**+*$'%(-'*-*+-#+.%FQ4++;%'<:9((+#,,,%"%&+-#+)#+.':*%F,+9(&+.'"%+-.%+R%*-+:%(4+AIF#K&+
U%#")%+(#&&%&+'(+9QQ"#M9F+9(&+.C""'%&+#(+-#+.'*+(%a-+9QQ#'(-:%(--4O+7/9(&%"*+Q4+=>g@+
BC(%+ >1+ =>=g+ ;%'<:9((+ 3"'-%*+ :%:#+ #,+ V%K+ Q#'(-*+ #,+ Q"#$%**4+ ;%'<:9((+ "%F9-%*+
-.9-+IF#K&+U%#")%+'*+C($#($%"(%&+-.9-+;%'<:9((+.9&+9F"%9&K+.9(&%&+#M%"+-.%+Q"#$%**+-#+
-.%+ X&:'"9F-K+ 9(&+ '(*-"C$-%&+ I#"&+ J#CF-#(+ + -#+ $#(-9$-+ ;%'<:9((+ 9(&+ 9""9()%+ A-'%+ .':O+
^;%'<:9((_+ -#+ -.%+ JC('-'#(*+ J'('*-"K4+ 7/9(&%"*+ 3"'-%*+ -.9-+ ;%'<:9((+ *Q#V%+ -#+ IF#K&+
U%#")%c*+ *%$"%-9"K1+ TC:R%"-+ ;#F,%1+ 9R#C-+ -.%+ Q"#$%**+ 9(&+ ;%'<:9((+ -#F&+ ;#F,%+ -#+ &%9F+
3'-.+-.%+X&:'"9F-K4@+
+
BCFK+5\+=>=gG+!'F#-+QF9(-+RC'F-+,#"+;%'<:9((c*+3#"V+9-+-.%+2'$.#F*#(+)'(+,9$-#"K+9(&+
F9")%+-"'9F*+^,#"+-.%+X&:'"9F-K_+9"%+*C$$%**,CFFK+$#:QF%-%&4+
+
BCFK+=>1+=>=gG+;%'<:9((+3"'-%*+-#+/$#--+-.9-+.%+9*V%&+29-.9(+,#"+-.%+X&:'"9F-K+-#+
"%$#)('<%+-.%+*C$$%**+#,+-.%+%aQ%"':%(-*+RK+A)'M'()+^:%_+9+$%"-9'(+*-9-C*]4+N.'*+*.#CF&+(#-+
'(M#FM%+ (%$%**9"'FK+ 9(K+ Q9K:%(-*4c+ X(&+ -.9-+ 29-.9(+ 9)"%%&+ 9(&+ Q"#:'*%+ -#+ $#(*'&%"+ -.%+
:9--%"+'(+9+,%3+&9K*4+++T%+9F*#+A39(-%&+*':'F9"+"%$#)('-'#(+,"#:+-.%+J'('*-"K+#,+JC('-'#(*O+
3"'-'()+-#+/$#--4O+
+
XC)C*-1+ =>=gG+ 2#R%F+ QF9(-+ &%*-"#K%&+ RK+ ,'"%+ ,"#:+ N2N+ %aQF#*'#(]+ f'(-#CF+ 9*V*+
;%'<:9((+ -#+ "%F%9*%+ 2#R%F+ ,"#:+ -.%+ $#(-"9$-]+ ;%'<:9((+ '::%&'9-%FK+ &#%*+ *#4+ !F9(-+
"%#Q%(*+ '(+ 0$-#R%"89W5#+&" -(" #0+" >$-#-&0" A$10-@+" $+@+'," #0'#" L-$" X$+)+$-1;" W'#0'(" &%&6+1#&"
'$&5(8"=0-&"25%,)"4-@+"'")-**+$+(#"4,5&&"#5"G5$)"Y5%,#5(e&"$+*%&',"#5"',,52"T+-U.'(("#5"#$'@+,"
#5"X$'(1+"'#"#0-&"#-.+"5#0+$"#0'("#0+"15..5(,/"6$+&%.+)"b+(56053-'"5$"'(#-FL+.-#-&.8:"
!
XC)C*-+ 5P1+ =>=gG+ + N.%+ ,'"*-+ F9")%+ *$9F%+ %aQ%"':%(-*+ ,#"+ J'('*-"K+ #,+ JC('-'#(*+ 9"%+
$#:QF%-%&+ 9(&+ 9QQ"#M%&+ RK+ I#"&+ J#CF-#(1+ Z'"%$-#"HU%(%"9F+ #,+ kaQF#*'M%*+ /CQQFK+ C(&%"+
J'('*-%"+IF#K&+U%#")%4++
+
8.9':+ ;%'<:9((1+ 6=+ 89:Q&%(+ T#C*%+ f#9&1+ p%(*'()-#(1+ ;'(*-#(+ 8.C"$.'FF1+ -#+ /'"+
m"%&%"'$V+
7EF9$V@++KL[7[FY[F[F\%%P]+
m%R+
=>=?+
!6*&$*&#/++
Z%*$"'R%*+ .#3+ -.%+ X&:'"9F-K+ *Q#(*#"%&+ .'*+ 9$%-#(%+ Q"#$%**+ 9*+ %9"FK+ "#% A<.)59% FGFH+ 9(&+
9QQ#'(-%&+ .':1+ =*-+ /%Q+ =>=g1+ 9*+ -%:Q#"9"K+ .#(#"9"K+ N%$.('$9F+ X&M'*#"+ #(+ 9$%-#(%+
*CQQF'%*4+ 2#-%*+ -.9-+ -.%+ J'('*-"K+ #,+ JC('-'#(*+ #(FK+ R%$9:%+ '(-%"%*-%&+ '(+ .':+ )*% A'@'#&9%
FGFH+ 9(&+ 9QQ#'(-%&+ .':1+ '(+ /%Q+ =>=g1+ 8.%:'$9F+ X&M'*#"+ #(+ X$%-#(%+ /CQQF'%*4+ N.'(V*+ .'*+
Q#*'-'#(+(#-+*C,,'$'%(-FK+"%)CF9"'*%&4+/-"%**%*+-.%+':Q#"-9($%+#,+.'*+Q"#$%**+
/%Q-%:R%"1+ =>=gG+ X&:'"9F-K+ &%$'&%*+ -#+ *%-+ CQ+ %aQ%"':%(-9F+ *-9-'#(+ 9-+ -.%+ f#K9F+
29M9F+8#"&'-%+m9$-#"K+9-+T#F-#(+T%9-.4+
;%'<:9((+ '*+ :9&%+ AN%:Q#"9"K+ T#(#"9"K+ N%$.('$9F+ X&M'*#"+ -#+ -.%+ X&:'"9F-K+ #(+
X$%-#(%+/CQQF'%*4O+3'-.+9+)"9(-+#,+5hhh+FR*4+9+K%9"+,#"+-3#+K%9"*4++
+
;%'<:9((+'*+9QQ#'(-%&+b8.%:'$9F+X&M'*#"+-#+-.%+J'('*-"K+#,+JC('-'#(*+#(+X$%-#(%+
/CQQF'%*O+3'-.+9+*9F9"K+#,+=ghh+Q#C(&*+9(&+ghh+Q#C(&*+,#"+%aQ%(*%*4+T'*+"%*%9"$.+39*+-#+
R%+ $#(&C$-%&+ .%($%,#"-.+ 9-+ -.%+ I'*-%"+ L(*-'-C-%+ '(+ I#(&#(+ 9-+ -.%+ e#'(-+ %aQ%(*%+ #,+ -.%+
X&:'"9F-K+9(&+-.%+JC('-'#(*+J'('*-"K4++
M$5*+&&5$" N'$5,)" ?-b5(" P205" *-$&#" 1',,+)" Z-(#5%,e&" '##+(#-5(" #5" T+-U.'((e&" 25$;[" 3+15.+&"
?+6%#/"!(&6+1#5$"5*"N-40"Rb6,5&-@+&"*5$"#0+"Y'(10+&#+$"'$+'7"*5$"20-10"&+$@-1+"0+"2'&".')+"'"
S5..'()+$"5*"=0+"Y5&#"Rb1+,,+(#"j$)+$"5*"#0+">$-#-&0"R.6-$+"
+
!
!
!
!
#"!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
0$-#R%"+ =?1+ =>=?G+ 84!4/$#--1+ N.%+ m'"*-1+ -#+ IF#K&+ U%#")%4++KL[7[F\[FH[I%+ID" j1#" BCB]+
(6,'1$*&#% ".$% 0$5(% "&+ :".5)"1$*&".=% A.,0)J$#G+ k($F#*C"%G+ 84!4/$#--1+ U%(%M9+ -#+
7;%'<:9((@4+
=?+
0$-+
^=>=g_+
f%Q#"-*+ ,'(&'()+ 3#"V*+ $9Q9RF%+ #,+ -C"('()+ #C-+ IUr5rP+ -#(*+ #,+ Q'$"'$+ 9$'&+ 9+ &9K]+ $#CF&+
Q"#&C$%+ :#"%+ ',+ *CQQF'%&+ 3'-.+ Q.%(#F4+ 2#+ &',,'$CF-K+ 9R#C-+ %aQ#"-9-'#(4+ f%$%(-+
$#(*')(:%(-*+ *%(-+ -#+ m"9($%4+ J'(C-%&+ '(+ J'**+ /-%M%(*#(D*+ .9(&G+ l8#QK+ #,+ %a-"9$-+ *%(-+ -#+
J"4+E9<'"%4IUr5>r=hl4+
+
+
;%'<:9((+:#M%*+-#+I#(&#(]+-9V%*+F%9M%+#,+9R*%($%+,"#:+S+#,+J9($.%*-%"4++
+
+
^6J$1;$.% FF9% FGFH+ 84!4+ /$#--1+ N.%+ m'"*-1+ -#+ J"4+ 7/'$+ J'**@+ /-%M%(*#(4+
NKQ%*$"'Q-++KL[7[F\[FH[X%%BB" W5@" BCB]+ ?0$#$% (6,'1$*&#% ".$% 0$5(% "&+ :".5)"1$*&".=%
A.,0)J$#%;'FF+*%%+;%'<:9((+-.%+(%a-+&9K+9(&+#R-9'(+,CFF+'(,#":9-'#(4+k'-.%"+;%'<:9((+#"+
.%+3'FF+$9FF+#(+IF#K&+U%#")%+6*%+"&'.("=+
+
+
2#M%:R%"+=61+=>=gG++J#CF-#(+'*+$#(-'(C'()+-#+$9C*%+;%'<:9((+&',,'$CF-'%*+9(&+/$#--+
*Q%9V*+-#+IF#K&+U%#")%+9R#C-+'-4+
+
+
2#M+5?1+=>=gG++;%'<:9((1+/9:C%F+9(&+/$#--+.9M%+FC($.+3'-.+IF#K&+U%#")%4+/%%+9F*#+
/9(&%"*+Q+5>h4++N.'*+'*+-.%+,'"*-+-':%+-.9-+IF#K&+U%#")%+-9FV*+-#+;%'<:9((+9R#C-+9(K-.'()+
#-.%"+ -.9(+ $.%:'*-"KH+ '4%4+ -.%+ !9F%*-'(%+ iC%*-'#(4+ 2#-+ :C$.+ 39*+ 9$$#:QF'*.%&+ 9-+ -.'*+
:%%-'()1+-.#C).1+R%$9C*%+/$#--+39*+:#"%+$#($%"(%&+3'-.+-.%+C(,9'"+-"%9-:%(-+;%'<:9((+
39*+)%--'()+,"#:+I#"&+J#CF-#(+9-+-.%+J'('*-"K4+I9-%"+-.%+$#(M%"*9-'#(+-C"(%&+-#+!9F%*-'(%+
3.%(+IF#K&+U%#")%+9*V%&+;%'<:9((1+A.#3+:9(K+$#F#('*-*+-.%+B%3*+%aQ%$-%&+-#+*CQQFK+9(&+
;%'<:9((+*9'&+.%+-.#C).+.9F,+9+J'FF'#(+'(+gh+K%9"*4+A+IF#K&+U%#")%+%M'&%(-FK+-.#C).-+-.'*+9+
*:9FF+(C:R%"O+Q4+5>P4+E#-.+IF#K&+U%#")%c*+:%:#'"*+9(&+-.%+Q9Q%"*+#,+B#*'9.+;%&)%3##&+
QC-+ -.'*+ &9-%+ '(+ Z%$%:R%"+ #,+ =>=?4+ XF*#1+ -.%+ '**C%*+ "9'*%&+ 9-+ -.'*+ :%%-'()+ 9"%+ $C"'#C*FK+
M'"-C9FFK+'&%(-'$9F+-#+-.%+'**C%*+-.9-+;%'<:9((+$F9':*+3%"%+&'*$C**%&+9-+-.%+,'"*-+:%%-'()+
.%+.9&+3'-.+IF#K&+U%#")%+'(+Z%$%:R%"+#,+=>=6+7#"+B9(C9"K+#,+=>=g@s+
+
Z%$%:R%"+=+9(&+51+=>=?+84+!4/$#--1+N.%+m'"*1+-#+IF#K&+U%#")%++KL[7[F\[FH[\%%5+Z%$+=>=g+
?0$#$%(6,'1$*&#%".$%0$5(%"&+:".5)"1$*&".=%A.,0)J$#+L*+*%(&'()+;%'<:9((D*+F%--%"1+-#+
R%+ -"%9-%&+ 9*+ $#(,'&%(-'9F1+ '(+ #"&%"+ -#+ *.#3+ -.9-+ ;%'<:9((D*+ Q#*'-'#(+ C(&%"+ J#CF-#(+ '*+
C(-%(9RF%+ 9(&+ -.9-+ $#(&'-'#(*+ :C*-+ R%+ 9F-%"%&+ ',+ IF#K&+ U%#")%+ '*+ -#+ #R-9'(+ -.%+ *CQQFK+ #,+
9$%-#(%4+N.'()*+3#CF&+3#"V+&',,%"%(-FK+C(&%"+9+:9(+F'V%+/'"+m4+29-.9(4++
k($F#*C"%G+8.9':+;%'<:9((1+P+BC*-'$%+;9FV1+/4;41+-#+J"4+/$#--+NKQ%*$"'Q-+$#QK++
=+Z%$+=>=g+J#CF-#(D*+#Re%$-'#(*+-#+.'*+)#'()+-#+m"9($%+9(&+/3'-<%"F9(&+9,-%"+.'*+9)"%%:%(-+
'(+XC)C*-4+8#:QF9'(*+-.9-+.'*+9$%-#(%+Q"#$%**+'*+R%'()+%(-"C*-%&+-#+9(+9:9-%C"4+2%'-.%"+.%+
(#"+29-.9(+C(&%"*-9(&*+3.9-+'*+)#'()+#(4+X*V*+,#"+9&M'$%4+
+
IF#K&+U%#")%41+-#+I#"&+J#CF-#(4++KL[7[FY[F[FI%%P+Z%$+=>=g+?0$#$%(6,'1$*&#%".$%0$5(%
"&%:".5)"1$*&".=%A.,0)J$#%
kaQF9'(*+.'*+C(%9*'(%**+9R#C-+-.%+*CQQFK+#,+Q"#Q%FF9(-*+9(&+.'*+&%$'*'#(+-#+"%$#(*-"C$-+-.%+
&%Q-4+ RK+ %'-.%"+ #")9('*'()+ 9+ R"9($.+ '(+ J#CF-#(D*+ #,,'$%+ #"+ *%Q9"9-'()+ -.%+ *CQQFK+ #,+
Q"#Q%FF9(-+ %aQF#*'M%*+ ,"#:+ -.%+ kaQF#*'M%*+ /CQQFK+ Z%Q-4+ 9(&+ $"%9-'()+ 9+ (%3+ #")9('*9-'#(4+
X*V*+,#"+J#CF-#(D*+M'%3*4+
!
!
!
##!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
+
J#CF-#(1+/-#"%KD*+U9-%1+-#+IF#K&+U%#")%4++KL[7[FY[F[FH%%P+Z%$+=>=g+?0$#$%(6,'1$*&#%
".$%0$5(%"&%:".5)"1$*&".=%A.,0)J$#%
I#"&+J#CF-#(G+f%QC&'9-%*+$.9")%+-.9-+.%+'*+"%*Q#(*'RF%+,#"+,9'FC"%+-#+V%%Q+Q"#:'*%+-#+-.%+
X&:'"9F-K+ -#+ %"%$-+ 9+ UC(+ 8#--#(+ ,9$-#"K+ 9-+ vC%%(*,%""K4+ /9K*+ -.9-+ (%'-.%"+ E9F,#C"+ (#"+ /'"+
m"%&%"'$V+ EF9$V+ 3#CF&+ .9M%+ 9FF#3%&+ -.%+ $.9")%+ -#+ .9M%+ R%%(+ :9&%4+ XF*#+ %a#(%"9-%*+
8.C"$.'FF+,"#:+RF9:%1+9*+.%+l3#CF&+R%+')(#"9(-+#,+3.9-+.9QQ%(%&+9-+-.%+X&:'"9F-K+9,-%"+.%+
.9&+F%,-+'-l4k($F#*C"%G+J%:#4+RK+J#CF-#(+9*+-#+-.%+9""9()%:%(-*+3'-.+-.%+X&:'"9F-K+,#"+-.%+
$#(*-"C$-'#(+#,+-.%+m9$-#"K+9-+vC%%(*,%""K4+?QQ+NKQ%*$"'Q-+P+Z%$+=>=g+
+
+
J'&+B9(C9"K1+=>=?G+-"'9F*+9-+-.%+f#K9F+29M9F+8#"&'-%+,9$-#"K+*9-'*,9$-#"'FK+$#:QF%-%&4+
N.%+X&:'"9F-K+RC'F&*+'-*+#3(+QF9(-+,#"+Q"#&C$-'#(+9-+!##F%4+/-9"-*+#Q%"9-'#(+=>=[+C(&%"+
89Q-+Z%*R#"#C).1+=>=?++
f4+ /#-.%"(+ T#FF9(&1+ Z%Q-4+ #,+ kaQF#*'M%*+ /CQQF'%*1+ -#+ J"4+ Z9M'%*4++KL[7[FY[F[F]%%I_" K'("
BCB^"?0$#$%(6,'1$*&#%".$%0$5(%"&%:".5)"1$*&".=%A.,0)J$#%!6*&$*&#G++Z"4+;%'<:9((+'*+
*9-'*,'%&+ 3'-.+ 9""9()%:%(-*+ 9F"%9&K+ :9&%+ ,#"+ .':+ -#+ 3#"V+ #C-+ -.%+ Q"#$%**+ '('-'9-%&+ RK+
f'(-#CF1+ 2#R%FD*+ $.'%,+ $.%:'*-1+ ,#"+ Q"#&C$-'#(+ #,+ N#FC#F+ ,"#:+ !%-"#F4+
J'(C-%&+RK+B4N4Z9M'%*4+
+
m%R"C9"K1+=>=?G+;%'<:9((+'*+3#"V'()+#(+$#(M%"-'()+RC-KF+9F$#.#F+-#+R%(<%(%+9(&+
-#FC%(%+,#"+-.%+J'('*-"K+#,+JC('-'#(*+RC-+RK+-.%+-':%+-.%+Q"#$%**+39*+"%9&K1+-.%"%+39*+(#+
,C"-.%"+ (%%&+ #,+ '-]+ T'*+ Q"#$%**+ #,+ $#(M%"-'()+ RC-KF+ 9F$#.#F+ -#+ :%-.KH%-.KFHV%-#(%+ '*+ *-'FF+
R%'()+C*%&+RK+-.%+X&:'"9F-K+'(+-.%+8#"&'-%+QF9(-4+
++ 8.9':+ ;%'<:9((1+ 6=+ 89:Q&%(+ T#C*%+ f#9&1+ p%(*'()-#(1+ ;'(*-#(+ 8.C"$.'FF1+ -#+ /'"+
m"%&%"'$V+ 7EF9$V@+KL[7[FY[F[F\++ID" X+3" BCB^+ !6*&$*&#G+ Z%*$"'R%*+ .#3+ -.%+ X&:'"9F-K+
*Q#(*#"%&+.'*+9$%-#(%+Q"#$%**+9*+%9"FK+"#%A<.)59%FGFH+9(&+9QQ#'(-%&+.':1+=*-+/%Q+=>=g1+9*+
-%:Q#"9"K+ .#(#"9"K+ N%$.('$9F+ X&M'*#"+ #(+ 9$%-#(%+ *CQQF'%*4+ 2#-%*+ -.9-+ -.%+ J'('*-"K+ #,+
JC('-'#(*+#(FK+R%$9:%+'(-%"%*-%&+'(+.':+)*%A'@'#&9%FGFH+9(&+9QQ#'(-%&+.':1+'(+/%Q+=>=g1+
8.%:'$9F+ X&M'*#"+ #(+ X$%-#(%+ /CQQF'%*4+ N.'(V*+ .'*+ Q#*'-'#(+ (#-+ *C,,'$'%(-FK+ "%)CF9"'*%&4+
/-"%**%*+-.%+':Q#"-9($%+#,+.'*+Q"#$%**4+
+
m%R"C9"K+ =[1+ =>=?G+ ;%'<:9((+ 3"'-%*+ -#+ 29-.9(+ 73.#+ .9*+ (#3+ :#M%&+ #M%"+ -#+ -.%+
JC('-'#(*+ J'('*-"K@+ -.9-+ .'*+ *-9-C*+ A'*+ (#-+ $#::%(*C"9-%+ 3'-.+ .'*+ *CR*-9(-'9F+
9$$#:QF'*.:%(-4O+
^$C"'#C*FK+-.'*+F%--%"++*%%:*+-#+'($FC&%+9+$#QK+-#+;'(*-#(+8.C"$.'FF1+3.#+RK+(#3+.9*+F#()+
R%%(+)#(%+,"#:+-.%+X&:'"9F-K_4+
+
84!4/$#--1+ /-4+ !9($"9*+ T#-%F1+ -#+ IF#K&+ U%#")%4++KL[7[F\[FH[G%%5>+ m%R+ =>=?+ ?0$#$%
(6,'1$*&#%".$%0$5(%"&+:".5)"1$*&".=%A.,0)J$#+/-"#()FK+9&M#$9-%*+m'*.%"D*+"%-C"(+-#+-.%+
X&:'"9F-K4+E9F,#C"+:C*-+)#+',+.%+$9((#-+3#"V+3'-.+m'*.%"+N.%+89R'(%-+:C*-+"%9F'*%+-.'*+-.%+
(%a-+&9K]+',+^444_+1+(#-1+-.%+!"':%+J'('*-%"+*.#CF&+R%+Q"%**%&+-."#C).+'(&%Q%(&%(-+Q#%"*+9(&+
#M%(+ 9+ -."%9-+ #,+ 9+ :#-'#(+ ,#"+ 9+ *%$"%-+ $#::'**'#(+ #,+ '(iC'"K4+ IF#K&+ U%#")%+ -.%+ #(%+
L(&%Q%(&%(-+ :9(+ '(+ -.%+ 89R'(%-]+ J$p%((91+ -.#C).+ 9F'M%+ -#+ -.%+ *'-C9-'#(1+ '*+ (#-+ F'V%FK+ -#+
*-9V%+9FF+l#(+-.'*+'**C%l4+.--QGrr&'*$#M%"K4(9-'#(9F9"$.'M%*4)#M4CVr/%9"$.SL+
+
J9"$.1+=>=?G+JC('-'#(*+J'('*-"K+&%$'&%*+-#+:9V%+9$%-#(%+#(+M%"K+F9")%+*$9F%+C*'()+
;%'<:9((c*+Q"#$%**4++;#"V+R%)'(*+'(+*'a+&'*-'FF%"'%*+4I93*C'-+#M%"+Q9-%(-+R%-3%%(+/-"9()%+
9(&+;%'<:9((+.%9-*+CQ4+I#"&+J#CF-#(+'*+(#-+QF%9*%&4++
!
!
!
#$!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
+
XQ"'F+g1+=>=?+G+29-.9(+7(#3+%:QF#K%&+9-+JC('-'#(*+J'(*'-"K@+3"'-%*+-.9-+(#3+-.9-+
9$%-#(%+'*+-#+R%+Q"#&C$%&+'(+F9")%+*$9F%1+-.%K+3#CF&+R%+Q"#&C$%&+RK+9+*%Q9"9-%+R"9($.+#,+
-.%+Z%Q9"-:%(-+#,+kaQF#*'M%+/CQQF'%*+9-+-.%+J'('*-"K+#,+JC('-'#(*+9(&+;%'<:9(+39*+-#+R%+
(9:%&+ A/CQ-+ #,+ -.%+ I'*-%"+ L(*-'-C-%+ U#M-+ I9R#"9-#"'%*+ '(+ $.9")%+ #,+ "%*%9"$.+ 3#"V+ 9(&+
R9$-%"'9+Q"%Q9"9-'#(+9(&+-"9'('()+9(&+.9M%+*-9-C*+#,+-%$.('$9F+9&M'*#"+#(+9FF+*$'%(-','$+9(&+
%aQ%"':%(-9F+3#"V+"%F9-'()+-#+Q"#&C$-'#(+#,+9$%-#(%4O+
+
J9"$.+=61+=>=?G+/-"9()%c*+Q"#$%**+'*+9+$#:QF%-%+,9'FC"%4+N.%+,9$-#"K+#,+-.%+/K(-.%-'$+
!"#&C$-*+ 8#:Q9(K+ '*+ -9V%(+ #M%"+ RK+ -.%+ )#M%"(:%(-+ 9(&+ -C"(%&+ #M%"+ ,#"+ %a$FC*'M%+ C*%+ #,+
;%'<:9((c*+Q"#$%**+C*'()+$#"(+'(*-%9&+#,+-.%+/-"9()%c*+Q"#$%**+C*'()+Q#-9-#%*4++
+
X4+E9<'"%1+Z%Q-4+#,+kaQF#*'M%*+/CQQF'%*1+-#+Z9M'%*4++KL[7[FY[F[PY%%Bf"Y'/"BCB^"
!6*&$*&#G+G+/9K*+-.9-+I#"&+J#CF-#(+.9*+9QQ"#M%&+#,+-.%+X$%-#(%+J%:#4+
k($F#*C"%G+79@+J'(C-%+,"#:+J#CF-#(4+NKQ%*$"'Q-+=P+J9K+=>=?+
N.%+Q"#)"%**+#,+;%'<:9((D*+"%*%9"$.4+
7R@+N3#+J%:#*4+RK+m4I429-.9(4+NKQ%*$"'Q-+=5+J9K+=>=?+
N.%+Q"#&C$-'#(+#,+9$%-#(%+RK+-.%+;%'<:9((+!"#$%**+9(&+-.%+Q"#M'*'#(+#,+%aQ%"':%(-9F+
QF9(-4+
+
8.4+;%'<:9((1+X&:'"9F-K+I9R#"9-#"'%*1+-#+J"4+Z9M'%*4++KL[7[FY[F[PF%%I]"Y'/"BCB^+?0$#$%
(6,'1$*&#%".$%0$5(%"&+:".5)"1$*&".=%A.,0)J$#+k($F#*C"%G+8.4+;%'<:9((1+X&:'"9F-K+
I9R#"9-#"'%*1+-#+f-4+T#(4+Z4+IF#K&+U%#")%@4+NKQ%*$"'Q-+5g+J9K+=>=?+
f%,%"*+-#+-.%'"+'(-%"M'%3+-.9-+:#"('()+9(&+*-9-%*+-.9-+.%+'*+Q"#$%%&'()+3'-.+9""9()%:%(-*+
,#"+$#(-'(C'()+-.%+%aQ%"':%(-*+,#"+-.%+$#(M%"*'#(+#,+#"&'(9"K+*Q'"'-*+'(-#+R%(<%(%+9(&+
-#FC%(%+9(&+-.%"%,#"%+'(-#+Q'$"'$+9$'&4+
+
XQ"'F+=>=g++8;+*C::#(%&+RK+m"%&%"'$V+29-.8.4+;%'<:9((1+X&:'"9F-K+I9R#"9-#"'%*1+-#+J"4+
Z9M'%*4++IUrZr=hr=r5=++5g+ J9K+ =>=?+ ?0$#$% (6,'1$*&#% ".$% 0$5(% "&+ :".5)"1$*&".=%
A.,0)J$#++k($F#*C"%G+8.4+;%'<:9((1+X&:'"9F-K+I9R#"9-#"'%*1+-#+7f-4+T#(4+Z4+IF#K&+U%#")%@4+
NKQ%*$"'Q-+ 5g+ J9K+ =>=?+ f%,%"*+ -#+ -.%'"+ '(-%"M'%3+ -.9-+ :#"('()+ 9(&+ *-9-%*+ -.9-+ .%+ '*+
Q"#$%%&'()+ 3'-.+ 9""9()%:%(-*+ ,#"+ $#(-'(C'()+ -.%+ %aQ%"':%(-*+ ,#"+ -.%+ $#(M%"*'#(+ #,+
#"&'(9"K+*Q'"'-*+'(-#+R%(<%(%+9(&+-#FC%(%+9(&+-.%"%,#"%+'(-#+Q'$"'$+9$'&4+
+
J9K+ Ph1+ =>=?G+ ;%'<:9((+ '(*'*-*+ -#+ J#CF-#(+ -.9-+ -.%+ 9$%-#(%+ Q"#$%**+ 39*+ .'*4+
J#CF-#(+'*+Q"%**C"'()+;%'<:9((+-#+9$$%Q-+9"R'-"9-'#(4+T%+9QQ9"%(-FK+*C$$%%&*4+
+
k(&+ BCFKG+ U#M-+ $.9()%*]+ IF#K&+ U%#")%+ R%$#:%*+ Q"':%+ :'('*-%"]+ E9F,#C"+ R%$#:%*+
,#"%')(+*%$"%-9"K4+
+
XC-C:(1+ =>=?+ $#(-"9$-+ 3'-.+ JC('-'#(*+ J'('*-"K+ .9&+ -%":'(9-%&4+ L**C%+ #,+
$#:Q%(*9-'#(+9"'*%*4+/$#--+)%-*+IF#K&+U%#")%+'(M#FM%&4+E9F,#C"+M9$'FF9-%*4+
+
m%R"C9"K1+=>=[G+N3#+#,+-.%+&'*-'FF%"'%*+3%"%+Q"#&C$'()+55\+-#(*+#,+9$%-#(%+9+:#(-.4+
+
m%R"C9"K1+=>=[G+;%'<:9((+(#3+C*%*+.#"*%H+$.%*-(C-*+9(&+9$#"(*++3.%(+J'('*-"K+#,+
m##&+#C-F93%&+C*%+#,+$#"(4++
+
!"#$%**+-%":'(9-%&+W-#+F9$V+#,+(%%&4+;%'<:9((+-C"(*+.'*+9--%(-'#(+,CFF+-':%+-#+-.%+
!9F%*-'(%+iC%*-'#(+9(&+.'*+d'#('*-+9$-'M'-'%*4+
+
+
BCFK+=>=[G+/Q%$'9F+$#:Q%(*9-'#(+$#::'--%%+&%-%":'(%*+;%'<:9((c*+939"&4+
+
%
!
!
!
#%!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
A<<$*()O%I/%!0")*%6-%!6*&",&%%
+
+
X$$#"&'()+-#+f%'(.9"<+7'(+-.%+k()F'*.+T'*-#"'$9F+f%M'%3G@+
+
X+I%--%"+-#+E"9(&%'*+7&9-%&+BCFK+>1+=>=g@+RK+TJ+p9FF%(+73.#+39*+(#-+*#+,#(&+#,+
;%'<:9((c@ciC#-'()+,"#:+F%--%"+#,+Xk+d'::%"(+#,+-.%+Q#F'-'$9F+'(-%FF')%($%+&%Q-+
#,+ -.%+ m#"%')(+ #,,'$%+ *Q#V%+ #,+ -.%+ .').+ ':Q#"-9($%+ #,+ ;%'<:9((+ '(+ Q#F'-'$9F+
$'"$F%*G+ *9K'()+ -.9-+ ;%'<:9((+ .9*+ *C$$%%&%&+ '(+ '(-%"%*-'()+ bK#C()+ J"*4+ B9:%*+
f#-.*$.'F&+3.#+'(-"#&C$%&+.':+-#+E9"#(+9(&+J9"$.'#(%**+#,+8"%3%+9(&+-."#C).+
-.%+ F9--%"+ -#+ I#"&+ U"%K+ 7/%$"%-9"K+ #,+ /-9-%+ ,#"+ m#"%')(+ X,,9'"*+ C(-'F+ =>=?@+ + 9(&+
IF#K&+U%#")%4+
L4
m"#:+ LI+ p9(&%F+ 3.#+ "%Q#"-%&+ '(+ 9C-C:+ #,+ =>=g+ -.9-+ ;%'<:9((+ 39*+ b*.#CF&%"'()+
-.%+ 3.#F%+ RC"&%(+ #,+ &%M%F#Q'()+ 9+ *%(-':%(-+ ,#"+ d'#('*:+ 9:#()+ -.%+ F%9&%"*+ #,+
k()F'*.+Q#F'-'$*+A-."#C).+8!+/$#--+3.#+'(-"#&C$%&+.':+-#+IF#K&+U%#")%+9(&+-.%(+
Q9***%&+.':+#(+-#+T%"R%"-+/9:C%F+7Q#*-:9*-%"+U%(%"9F@+3.#+)9M%+.':+,9M#"9RF%+
.%9"'()4+ J"4+ E9F,#C"+ 39*+ (%a-+ "%9$.%&+ 9(&+ 39*+ :C$.+ ':Q"%**%&4+ p9(&%F+ 3"#-%+
-.'*+F%--%"+-#+T#"9$%+p9FF%(+#(+2#M%:R%"+=>1+=>=g4++
+f%'(.9"<+ &#%*+ (#-%+ -.%+ '($#(*'*-%($K+ '(+ -.%+ "%(&'-'#(*+ #,+ p9FF%(+ 9(&+ d'::%"(4++
EC-+$#""%$-FK+Q#'(-*+#C-+-.9-+R#-.+M%"*'#(*+Q#'(-+-#+9(+'($"%9*'()+'(,FC%($%+9(&+
':Q#"-9($%+ #,+ ;%'<:9((4+ + L(+ ,9$-1+ (%'-.%"+ #,+ -.%+ M%"*'#(*+ "%Q#"-%&+ -#+ E"9(&%'*+
9QQ%9"+-#+R%+$#""%$-4+2%M%"-.%F%**1+f%'(.9"<c*+CF-':9-%+$#($FC*'#(+*-'FF+"%:9'(*+
M9F'&G+ "%)9"&F%**+ #,+ -.%+ :9((%"+ '(+ 3.'$.+ ;%'<:9((+ *C$$%%&%&+ -#+ "%9$.+ IF#K&+
U%#")%+ HH+ RK+ 2#M%:R%"+ #,+ =>=g+ .%+ .9*+ *C$$%%&%&+ '(+ %*-9RF'*.'()+ 9+ $#((%$-'#(+
3'-.+ IF#K&+ U%#")%+ -.9-+ -"9(*$%(&*+ .'*+ *$'%(-','$+ $#(-"'RC-'#(+ 9(&+ "%F9-%*+ -#+
d'#('*:4++
+2%M%"-.%F%**1+ ,#"+ -.%+ QC"Q#*%+ #,+ &%-%":'('()+ -.%+ "#F%+ ;%'<:9((c*+ *$'%(-','$+
$#(-"'RC-'#(+ QF9K%&+ '(+ .'*+ *%$C"'()+ -.%+ %(-"o%+ -#+ IF#K&+ U%#")%1+ 9(&+ %M%(-C9FFK+
.'*+-"C*-+9(&+$#(,'&%($%+'(+Q#F'-'$9F+:9--%"*1+'-+'*+':Q#"-9(-+-#+Q9"*%+#C-+-.%+.#3+
9(&+3.%(+#,+;%'<:9((c*+*C&&%(+9(&+*-%FF9"+9*$%(-+'(+-.%+%*-%%:+#,+E9F,#C"+9(&+
IF#K&+U%#")%4++
LLLs+ A,,6.()*@% &6% 2$)31"**% 0)1#$5-9% FHX% 0$% -).#&% ,6*&",&$(% _.#% M6&0#,0)5(% "-&$.%
1$$&)*@% +"1'$5V% 2$)31"**% ,5")1#% 0$% ,6*&",&$(% _.#% M6&0#,0)5(% )*% ^6J$1;$.% 6-%
FGFI9% S0$*% 0$% 6*5=% 1$&% +"1'$5% )*% 7$,$1;$.9% FGFIV% % ?0$% `J$.=% -"J6.";5$% 6<)*)6*E%
2$)31"**% .$-$.#% &6% S"#% )*% .$@".(% &6% _.#% M6&0#,0)5(% $*W').)*@% 6-% 4".6*% !.$S$% Q&6%
S061%#0$%S"#%.$5"&$(a%S0$&0$.%&0"&%@$*&5$1"*%S6'5(%;$%S)55)*@%`%&6%&"D$%"*=%",&)6*%
"&% <.$#$*&VEEFH]% A,,6.()*@% &6% !65)*% +,0)*(5$.% )&% "<<$".#% &0"&% K6.(% +"1'$5% S"#% )*%
,6*&",&% S)&0% K6.(% L.$=% .$@".()*@% &0$% )##'$% )*% W'$#&)6*% ";6'&% &0$% #"1$% &)1$% &0"&%
2$)31"**% ,6*&",&$(% 76.6&0=% M6&0#,0)5(FH\% "*(% ,$.&")*5=% "#% $".5=% "#% ^6J$1;$.% G9%
FGFI9% @)J)*@% +"1'$5% <.$,$($*,$% )*% .")#)*@% &0$% )##'$% S)&0% &0$% 4.)&)#0% @6J$.*1$*&V%
+61$&)1$% &0$.$"-&$.% _.#% M6&0#,0)5(% )*&.6(',$(% 2$)31"**% &6% K"(=% !.$S$% "*(% &6%
?0$6% M'##$59% &0$% <.)J"&$% #$,.$&".=% 6-% K6.(% L.$=VFHG% % ?0$.$% )#% *6% )*(),"&)6*% &0"&% #0$%
)*&.6(',$(% 2$)31"**% &6% K6.(% L.$=% 0)1#$5-9% "*(% L.$=E#% <6#)&)6*% S"#% *6&% *$".5=% "#%
($-)*)&)J$%"#%&0$%6&0$.#%"&%&0"&%&)1$V%%;.'F%+d'#('*:+.9&+9+*-"#()+*%(-':%(-9F+9--"9$-'#(+
,#"+ I#"&+ U"%K+ =?h+ .'*+ $#FF%9)C%*1+ '($FC&'()+ .'*+ $#C*'(+ k&3'(+ J#(-9)C1+ &'&+ (#-+ )'M%+ .':+
!
!
!
#&!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
:C$.+%($#C"9)%:%(-4+2%M%"-.%F%**1+.%+3#"V%&+3'-.+IF#K&+U%#")%+9(&+/9:C%F+-#+Q"#&C$%+9+
"%M'*%&+-%a-+#,+/9:C%Fc*+B9(C9"K+:%:#+-#+-.%+89R'(%-+'(+-.%+:'&&F%+#,+J9"$.+=>=g4=?=4+
?0$% )*)&)"5% "*(% )*)&)"&)*@% ,6*&",&#% S)&0% K6.(% L.$=% .$@".()*@% "% Z$S)#0% B61$% )*%
:"5$#&)*$% #$$1% &6% 0"J$% ;$$*% &0$% <.6J)*,$% 6-% K6.(% +"1'$5V% A#% $".5=% "#% &0$% 6'&#$&% 6-%
22>%QZ'5=%FGFIa%+"1'$5%0"(%#'@@$#&$(%&0$%)($"%&6%0)1VFXP%?0)#%6'&.$",0%,6*&)*'$(%
&0.6'@0%FGFHV%Q>&%S6'5(%&0$.$-6.$%"<<$".%&0"&%K6.(%+"1'$5%"5.$"(=%0"(%"%<.6-6'*(%
)*-5'$*,$%6*%K6.(%L.$=%56*@%<.)6.%&6%2$)31"**E#%-).#&%1$$&)*@%S)&0%0)1%b%&0$%$O",&%
("&$% 6-% S0),0% .$1")*#% '*(6,'1$*&$(9% 6&0$.% &0"*% &6% #"=% )&% "<<$".#% *6&% &6% 0"J$%
6,,'..$(% ;$-6.$% FGFX% "&% &0$% $".5)$#&V@+ L(+ B9(C9"K+ =>=g+ /9:C%F+ Q"#&C$%&+ 9+ d'#('*-+
:%:#"9(&C:+ #(+ !9F%*-'(%+ 9,-%"+ &'*$C**'#(*+ 3'-.+ ;%'<:9((+ 9(&+ IF#K&+ U%#")%4+ L-+
$#(-9'(%&+ 9")C:%(-*+ '(+ ,9M#"+ #,+ $#:R'('()+ E"'-'*.+ 9((%a9-'#(+ #,+ !9F%*-'(%+ 3'-.+ E"'-'*.+
*CQQ#"-+ ,#"+ d'#('*-+ 9*Q'"9-'#(*1+ 9(&+ %(&%&+ 3'-.+ #Re%$-'#(*+ -#+ 9(K+ #-.%"+ *#FC-'#(4^gP_+
/9:C%F+ $'"$CF9-%&+ '-+ -#+ .'*+ $#FF%9)C%*+ '(+ -.%+ 89R'(%-4+ IF#K&+ U%#")%+ 39*+ 9F"%9&K+ 9+ d'#('*-+
DDQ9"-'*9(DD]+I#"&+T9F&9(%1+-#+3.#:+;%'<:9((+.9&+.9&+9$$%**1+3"#-%+%aQ"%**'()+9+,"'%(&FK+
'(-%"%*-]+ ^g6_+ -.#C).+ Q"'M9-%FK+ %aQ"%**'()+ d'#('*-+ *K:Q9-.'%*1+ -.%+ J9"iC%**+ #,+ 8"%3%+
Q"%*C:9RFK+&'&+(#-+%aQ"%**+9(K+M'%3*+'(+-.%+89R'(%-+#(+-.%+:%:#"9(&C:]+!"':%+J'('*-%"+
X*iC'-.+ 3"#-%G+ lL+ $#(,%**+ -.9-+ L+ 9:+ (#-+ 9--"9$-%&+ RK+ -.%+ Q"#Q#*%&+ 9&&'-'#(+ -#+ #C"+
"%*Q#(*'R'F'-'%*1+ RC-+ '-+ '*+ 9+ $C"'#C*+ 'FFC*-"9-'#(+ #,+ Z'**KD*+ ,9M#"'-%+ :9a':+ -.9-+ "9$%+ '*+
%M%"K-.'()+ -#+ ,'(&+ -.'*+ 9F:#*-+ FK"'$9F+ #C-RC"*-+ Q"#$%%&'()+ ,"#:+ -.%+ 3%FFH#"&%"%&+ 9(&+
:%-.#&'$9F+ R"9'(+ #,+ T4/4l+ ^g[_=?P+ ^R"9$V%-%&+ (#-%*+ "%,%"+ -#+ (#-%*+ '(+ -.%+ #"')'(9F+ 3.'$.+
&#$C:%(-+-.%+,##-(#-%*+*CQQ#"-'()+-.%*%+$F9':*1+:9'(FK+"%,%"%($%*+-#+/9:C%Fc*+Q9Q%"*4+/%%+
9F*#+(#-%+g?4_+
c*5=% ;=% 5"&$% FGFX% ()(% &0$% 5)1$5)@0&% ;$@)*% &6% -6,'#% 6*% 2$)31"**9% FXI% )*% *6% #1"55%
1$"#'.$% ;$,"'#$% +).% _".D% +=D$#% 0"(% &"D$*% 6*% &0$% 1"*&5$% 6-% $--$,&'"&)*@% &0$%
7$,5"."&)6*%"*(%*$$($(%"%,60$#)J$%<6#)&)6*%;=%&0$%Z$S)#0%,611'*)&=9%S0),0%S"#%)*%"%
#&"&$% 6-% 1"d6.% ()#".."=V% e>&% )#% )*&$.$#&)*@% &6% *6&$% &0"&% "&% &0)#% &)1$% 2$)31"**E#%
#,)$*&)-),% .$#<6*#);)5)&)$#% ;6&0% "&% &0$% _)*)#&.=% 6-% _'*)&)6*#% "*(% "&% &0$% A(1)."5&=%
S$.$% S"*)*@fV% 2$)31"**E#% 1"d6.% ,6*&.);'&)6*9% )*% "(()&)6*% &6% -"**)*@% &0$%
)1"@)*"&)6*#% 6-% K56=(% L$6.@$% "*(% K6.(% 4"5-6'.% ;$@)**)*@% )*% % 5"&$8FGFH% S"#% &6%
<.6J)($% "% '*)&$(% g)6*)#&% <6#)&)6*% 6*% ;$0"5-% 6-% 4.)&)#0% Z$S.=% -6.% +=D$#% &6% #0$<0$.(%
&0.6'@0%&0$%!";)*$&4+
!5$".5=9% g)11$.*E#% .$*()&)6*% 6-% &0$% ,0.6*656@=% 6-% $J$*&#% S"#% #<'.)6'#V% 4'&% )-%
g)11$.*%S"#%)*%$..6.9%h"55$*%S"#%$J$*%16.$%#6V%?0$.$%,"*%;$%*6%(6';&%&0"&%1$$&)*@%
+"1'$5% <.$8("&$(% 2$)31"**EE#% 1$$&)*@% S)&0% K56=(% L$6.@$% Q&0$% _$16).#% 6-%
2$)31"**% 0)1#$5-% "&&$#&% &6% &0)#9% "*(% +"1'$5E#% S.)&)*@#% ,6..6;6."&$% )&a% "*(% -).#&%
,6*&",&%S)&0%4"5-6'.%6,,'..$(%*$".5=%"%($,"($%$".5)$.V%i'.&0$.9%",,6.()*@%&6%+"*($.#9%
$J$*% "#% _)*)#&$.% 6-% &0$% A(1)."5&=9% % Q5g+ J9K+ =>=g+W+ =h+ Z%$%:R%"+ =>=?+ @% 4"5-6'.% S"#%
6*5=% )*% ,6*&",&% S)&0% 2$)31"**% d'#&% &S),$V% c*5=% "-&$.% 4"5-6'.% ;$,"1$% i6.$)@*%
_)*)#&$.% Q"*(% +=D$#% "<<$".$(% 6*% &0$% #,$*$a% S"#% 2$)31"**% &6% 0"J$% "*% )1<6.&"*&%
)1<",&%6*%4"5-6'.V%
%
!
!
!
#'!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
A<<$*()O%H/%?0$%,5")1$(%;"#)#%
N.%+ ,#FF#3'()+ '*+ $#(-9'(%&+ '(+ -.%+ 9"$.'M%*+ #,+ -.%+ ;%'<:9((+ L(*-'-C%+ 9(&+ C*%&+ -#+ *CQQ#"-+
-.%+(#-'#(+-.9-+;%'<:9((c*+,'"*-+:%%-'()+3'-.+IF#K&+U%#")%+#$$C""%&+'(+Z%$%:R%"+=>=64++
!"%*C:9RFK+ -.%+ F%--%"+ 39*+ 3"'--%(+ '(+ Q"%Q9"9-'#(+ ,#"+ 9+ :%%-'()+ 3'-.+ IF#K&+ U%#")%1+
9F-.#C).+ *'($%+ ;%'<:9((+ .9*+ (#-+ &%-9'F%&+ -.%+ &'*$#M%"K+ #,+ E9$'FFC*+ ;%'<:9((1+ -.'*+ :C*-+
.9M%+R%%(+3"'--%(+*#:%-':%+'(+M%"K+F9-%+=>=6+#"+%9"FK+=>=g+9-+-.%+%9"F'%*-4+
AI%--%"+RK+8.9':+;%'<:9((+-#+84!4+/$#--1+$4+=>=6+,"#:+-.%+;%'<:9((+L(*-'-C-%+Z%Q9"-:%(-+
#,+8.%:'*-"K+'(-%"(%-+Q9)%4++
AN"9(*$"'R%&+ RK+ B%9(%--%+ U#F&R%")1+ %&'-%&+ RK+ U%"*.#:+ J9"-'(4+ N.'*+ F%--%"+ 7-.%+ ,9$*':'F%+
$9""'%*+ (#+ &9-%@+ 39*+ 3"'--%(+ 9"#C(&+ =>=6+ -#+ 84!4/$#--+ #,+ -.%+ J9($.%*-%"+ UC9"&'9(1+ 3.%(+
;%'<:9((+ 39*+ $/4*08! $,! 8'*0! '0! *0$/,.#($*,0! 1*$%! $%&0! "/*$*2%! G/*+&! A*0*2$&/! ;'7*.!
B),4.UC&,/8&4O++^*'$_+
72#-%+-.%+%""#"+'(+-.%+&9-%+#,+IF#K&HU%#")%c*+Q"':%+:'('*-%"*.'Q4+T%+&'&+(#-+R%$#:%+Q"':%+
:'('*-%"+C(-'F+=>=?4@+
Z%9"+ J"4+ /$#--1+ ^k&4G+ 84!4+ /$#--1+ -.%+ F%)%(&9"K+ %&'-#"+ #,+ -.%+ J9($.%*-%"+ UC9"&'9(1+ 39*+ 9+
:C-C9F+,"'%(&+#,+8.9':+;%'<:9((+9(&+#,+-.%(+E"'-'*.+!"':%+J'('*-%"+Z9M'&+IF#K&+U%#")%_++
L+ 9:+ F%9M'()+ .%"%+ 9-+ 6G=g+ -.'*+ 9,-%"(##(+ 9(&+ ',+ L+ &#(D-+ .%9"+ ,"#:+ K#C+ %'-.%"+ .%"%+ #"+ '(+
I#(&#(+9-+=51+UF%(:#"%+f#9&1+T9M%"*-9$V+T'FF+2;1+-.9-+L+$9(+*%%+J"4+IF#K&+U%#")%1+L+*.9FF+
:9V%+ (#+ 9--%:Q-+ -#+ *%%+ .':4+ L+ *.9FF+ R%+ '(+ I#(&#(+ C(-'F+ /9-C"&9K+ 9,-%"(##(+ 9(&+ 9(K+ -':%+
C(-'F+-.%(+3#CF&+*C'-+:%4+0,+$#C"*%+L+'(&%%&+.9M%+'(+I#(&#(+9F*#+:C$.+3#"V+9(&+9+:%%-'()+
$#CF&+-9V%+QF9$%+-.%(1+*.#CF&+3%+,9'F+-.'*+3%%V4+EC-+-#39"&*+-.%+%(&+#,+(%a-+3%%V+L+3#CF&+
F'V%+-#+Q"#$%%&+-#+m"9($%+9(&+L-9FK+9(&+'-+3#CF&+R%+#,+)"%9-+':Q#"-9($%+',+L+$#CF&+.9M%+*%%(+
I4U4+RK+-.%(4++
L+-.'(V+'-+'*+#(FK+"').-+-.9-+L+*.#CF&+*CR:'-+-#+K#C+9+R"'%,+*-9-%:%(-+9R#C-+:K+#3(+Q%"*#(4++
L+.9M%+*-C&'%&+$.%:'*-"K+'(+8.9"F#--%(RC")+^k&4G+9-+-.%+p9'*%"F'$.%+N%$.('*$.%+T#$.*$.CF%1+
Q"%*%(-FK+ -.%+ N%$.('*$.%+ S('M%"*'-9%-+ E%"F'(_1+ -##V+ :K+ &%)"%%+ #,+ /$4+ Z4+ '(+ m"%'RC")+
7/3'-<%"F9(&@+^k&4G+9F*#+m"'R#C")G+(#-+-#+R%+$#(,C*%&+3'-.+m"%'RC")1+U%":9(K_1+-.%(+R%$9:%+
9+ !"'M9-HZ#<%(-+ '(+ U%(%M9+ C(&%"+ !"#,4+ 84+ U"9%R%+ H+ #(%+ #,+ -.%+ ,9-.%"*+ #,+ #")9('$+ *K(-.%-'$+
$.%:'*-"K4+X,-%"+.9M'()+3#"V%&+3'-.+.':+,#"+,#C"+K%9"*+R#-.+-%9$.'()+9(&+"%*%9"$.+L+$9:%+
.%"%+ -%(+ K%9"*+ 9)#4+ L+ R%$9:%+ 9+ F%$-C"%"+ '(+ 0")4+ 8.%:'*-"K+ 9(&+ 39*+ !"#,%**#"+ !%"V'(D*+
9**'*-9(-+,#"+:9(K+K%9"*1+$#(&C$-'()+R#-.+-%9$.'()+9(&+"%*%9"$.+'(+.'*+F9R#"9-#"'%*4+J#*-+#,+
-.%+ M9$9-'#(*+ L+ *Q%(-+ '(+ -.%+ !9*-%C"+ L(*-'-C-%1+ 3.%"%+ L+ 3#"V+ 9-+ E'#F#)'$9F+ 8.%:'*-"K4+ !"#,4+
!%"V'(1+ 9*+ K#C+ V(#31+ F%,-+ -.'*+ S('M%"*'-K+ ,#"+ 0a,#"&+ -3#+ K%9"*+ 9)#4+ L(+ -.%+ *9:%+ -':%+ -.%+
8#C($'F+ $#(*'&%"%&+ '-+ (%$%**9"K+ -#+ &%M%F#Q+ -.%+ *CRe%$-+ #,+ E'#$.%:'*-"K+ .%"%+ 9(&+ 9+ *:9FF+
Z%Q9"-:%(-+39*+$"%9-%&+9(&+L+39*+QC-+'(+$.9")%+#,+'-4+L(+M'%3+#,+-.%+,9$-+-.9-+-.'*+*CRe%$-+'*+
(%3+ 9(&+ -.%+ R%)'(('()+ $#:Q9"9-'M%FK+ *:9FF1+ (#+ !"#,%**#"*.'Q+ 39*+ $"%9-%&+ RC-+ 9+
f%9&%"*.'Q+^k&4G+9+f%9&%"+'(+-.%+SV+'*+"#C).FK+%iC'M9F%(-+-#+9(+X**#$'9-%+!"#,%**#"+'(+-.%+
S/4_4+N.%+$#C"*%+#,+8.%:'*-"K+#,+&K%*-C,,*+39*+9F*#+.9(&%&+#M%"+-#+:%+9*+L+.9M%+3#"V+#(+
!
!
!
#(!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
-.'*+ *CRe%$-+ ,#"+ 9+ )##&+ :9(K+ K%9"*4+ !"#,*4+ /$.C*-%"+ 9(&+ Z'a#(+ 3#CF&+ 3'FF'()FK+ R%9"+ #C-+
-.#*%+*-9-%:%(-*4+L+.9M%+QCRF'*.%&+9+,9'"+9:#C(-+#,+Q9Q%"*+'(+-.%+$.%:'$9F+e#C"(9F*+9(&+#(+
-.%+*-"%()-.+#,+:K+"%*%9"$.1+-.%+Z%)"%%+#,+Z4/$4+#,+-.'*+S('M%"*'-K+39*+939"&%&+-#+:%+9(&+
:K+(9:%+'*+9-+Q"%*%(-+CQ+,#"+-.%+m%FF#3*.'Q+#,+-.%+f#K9F+/#$'%-K4++
L+9:+'(+-.%+d'#('*-+:#M%:%(-+*'($%+L+39*+=g+9(&+9-+Q"%*%(-+L+9:+9+:%:R%"+#,+#C"+ka%$C-'M%4+
L+39*+R#"(+'(+=\[6+'(+J#-#F+7!"#M'($%+#,+U"#M(#1+fC**'9@4++
j#C"*+M%"K+*'($%"%FK1++J8.9':+;%'<:9((+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
1
Department of Organic Chemistry, Weizmann Institute of Science
http://www.weizmann.ac.il/Organic_Chemistry/weizlab.shtmle
5+Z9M'&+IF#K&+U%#")%1+A;9"+J%:#'"*1O1+;9"+j%9"*1+7=>=6H=>=?+9(&+=>=?+-#+=>=\@+Q9)%+
[56G+0&.9:*+!"%**+I':'-%&+I#(&#(1+=>PP+
.--QGrr9"$.'M%4#")r&%-9'F*r39":%:#'"*M#FC:%hPg5\6:RQ4++/%%+9F*#O+IF#K&+U%#")%c*+
T9')G+X+!F9(#:9('9$1O+"%+IF#K&+U%#")%+9*+9+.'*-#"'9(+*%%G+
.--QGrr3334e#.(&$F9"%4(%-r33'PwIUw;9"J%:#'"*4.-:4+
PE9"R9"9+!+E'FF9C%"1+AB#*.C9c*+E9--F%+#,+B%"'$.#G+/$'%(-','$+/-9-%$"9,-+'(+;9",9"%+W+I%**#(*+'(+
/$'%(-','$+N9$-'$9F+L('-'9-'M%O+.--QGrr**"(4$#:r9R*-"9$-t55P6[Ph4+++
+
6+k'(*-%'(+"%e%$-%&+-.%+#,,%"+-#+R%$#:%+-.%+*%$#(&+Q"%*'&%(-+#,+L*"9%F1+,%%F'()+-.9-+.%+&'&+(#-+
.9M%+-.%+"%iC'*'-%+-%:Q%"9:%(-+(#"+%aQ%"'%($%+'(+&%9F'()+3'-.+"%F9-'#(*.'Q*4+T#3%M%"1+'-+
'*+Q"%$'*%FK+-.'*+:'%(+9*+9+*$'%(-'*-+-.9-+:9&%+k'(*-%'(+9+M%"K+9--"9$-'M%+$9(&'&9-%+,#"+-.%+
"#F%4+0,+.'*+^*$'%(-','$_+:'(&*%-1+k'(*-%'(+3"'-%*+'(+9+F%--%"+Q#*-.C:#C*FK+&%F'M%"%&+-#+XRR9+
kR9(1+-.%+L*"9%F'+"%Q"%*%(-9-'M%+-#+-.%+S('-%&+29-'#(*1+lL+9:+&%%QFK+:#M%&+RK+-.%+#,,%"+,"#:+
#C"+/-9-%+#,+L*"9%F+7-#+*%"M%+9*+!"%*'&%(-@1+9(&+9-+#($%+*9&&%(%&+9(&+9*.9:%&+-.9-+L+$9((#-+
9$$%Q-+'-4+F))!+4!)*-&!@!%'7&!.&')$!1*$%!,3V&($*7&!+'$$&/21+.%($%+L+F9$V+R#-.+-.%+(9-C"9F+
9Q-'-C&%+9(&+-.%+%aQ%"'%($%+-#+&%9F+Q"#Q%"FK+3'-.+Q%#QF%+9(&+-#+%a%"$'*%+#,,'$'9F+,C($-'#(*4O+
^k:Q.9*'*+*CQQF'%&_4+
+
g+X+iC#-%+RK+XFR%"-+k'(*-%'(+'*+'FFC*-"9-'M%G+AE%F'%,+'(+9(+A#Re%$-'M%+"%9F'-K+.9*+F%&+-#+)"%9-+
*$'%(-','$+9&M9($%*+-."#C).#C-+-.%+9)%*+`+N.'*+R%F'%,+'*+9(&+9F39K*+3'FF+"%:9'(+-.%+
,C(&9:%(-9F+:#-'M%+,#"+9FF+*$'%(-','$+$"%9-'#(4O+XFR%"-+k'(*-%'(+9(&+I%#Q#F&+L(,%F&1+AN.%+
kM#FC-'#(+#,+!.K*'$*G+N.%+U"#3-.+#,+L&%9*+,"#:+k9"FK+8#($%Q-*+-#+f%F9-'M'-K+9(&+vC9(-91O+
89:R"'&)%+S('M%"*'-K+!"%**1+=>P\4+
+
?+X*+k'(*-%'(+3"#-%1+AX(K#(%+3.#+&#%*(D-+-9V%+-"C-.+*%"'#C*FK+'(+*:9FF+:9--%"*+$9((#-+R%+
-"C*-%&+'(+F9")%+#(%*+%'-.%"4O++
+
[++N.%+,#"39"&+:#M%:%(-+#,+*$'%($%+'*+(#-+:%"%FK+9+,C($-'#(+#,++-.%+&'*Q9**'#(9-%+
9**%**:%(-+#,+*$'%(-','$+"%*%9"$.1+RC-+-.%+Q"#&C$-+#,+Q9**'#(9-%+*$'%(-'*-*+3.#+R%$#:%+
$#(M'($%&+#,+-.%+:%"'-*+#,+-.%'"+3#"V4+;.%(+$.9()'()+$C""%(-+Q9"9&'):*1+-.%+&%)"%%+#,+
9&M#$9$K+'(M#FM%&+R%$#:%*+'::%(*%4+/%%+!9CF+&%+p"C',1+AY-1$53+"N%(#+$&1O+$.9Q-%"*+#(+
!
!
!
#)!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
k."F'$.+9(&+J%-$.('V#M4+X+T9"M%*-rTEB+E##V1+T9"$#C"-+E"9$%+B#M9(#M'$.1+/9(+Z'%)#+2%3+
j#"V+I#(&#(1+8#QK"').-+=>5?+RK+!9CF+&%+p"C',1+8#QK"').-+"%(%3%&+=>g6+RK+!9CF+&%+p"C',4+
+
\++/$'%(-','$+"%M#FC-'#(*1+$9FF%&+Q9"9&'):+*.',-*+RK+N.#:9*+pC.(1+"%iC'"%+*$'%(-'*-*+-#+,#")%+
9(&+9$$%Q-+9+C(','%&+:#&%F+#,+%aQF9(9-'#(+,#"+(9-C"9F+Q.%(#:%(94+A+X+Q9"9&'):+'*+3.9-+
:%:R%"*+#,+9+*$'%(-','$+$#::C('-K1+9(&+-.%K+9F#(%1+*.9"%l+EK+$#(-"9*-1+pC.(+.%F&+-.9-+l9+
*-C&%(-+'(+-.%+.C:9('-'%*1+C(F'V%+9+(#":9F+^*'$_+*$'%(-'*-1+.9*+$#(*-9(-FK+R%,#"%+.':+9+
(C:R%"+#,+$#:Q%-'()+9(&+'($#::%(*C"9RF%+*#FC-'#(*+-#+-.%*%+Q"#RF%:*1+*#FC-'#(*+-.9-+.%+
:C*-+CF-':9-%FK+%a9:'(%+,#"+.':*%F,4+1O+/%%+N.#:9*+pC.(1+AN0+"R&&+(#-',"=+(&-5(1+1O++
S('M%"*'-K+#,+8.'$9)#+!"%**+=>?5H+=>[[4+L(+%**%($%1+pC.(+'*+*-9-'()+-.9-+-.%*%+$#:Q%-'()+
3#"F&+M'%3*+"%*CF-+'(+Q#F'-'$9F+':Q9**%+9*+%9$.+*'&%+:C*-+9$V(#3F%&)%+-.%+M9F'&'-K+#,+
9F-%"(9-'M%+M'%3*4+N.%+%(*C'()+&'*$#"&+"%*CF-*+,"#:+*CRe%$-'M%+9(&+.%($%+'&'#*K($"9-'$+
$#($%"(*+-.9-+*.9Q%+-.%+M'%3*+9(&+Q%"*Q%$-'M%*+#,+-.%+*-C&%(-+#,+.C:9('-'%*4+++
+
>+/$'%($%1+#,+$#C"*%1+'*+,#"39"&+:#M'()]+-.%+*$'%(-','$+"%M#FC-'#(+R%'()+-.%+:%$.9('*:+
3.%"%'(+-.%+Q"%M'#C*FK+.%F&+*$'%(-','$+$#(*%(*C*+'*+9:%(&%&1+',+(#-+"%e%$-%&+%(-'"%FK1+9(&+9+
(%3+$#FF%$-'M%+M'%3Q#'(-+'*+%:R"9$%&4+pC.(c*+M'%3+'*+-.9-+*$'%(-'*-*+9"%+"%iC'"%&+-#+9$$%Q-+
-.'*+C(','%&+$#(*%(*C*+#,+*$'%(-','$+-.%#"K+W+RC-+eC*-+C(-'F+%(#C).+D#Re%$-'M%c+%M'&%($%+'*+QC-+
,#"-.+-#+%(9RF%+-.%+*$'%(-','$+$#::C('-K+-#+M'%3+-.%+M%"K+*9:%+'(,#":9-'#(+"%F'%&+#(+%9"F'%"+
-#+,#":+(%3+*$'%(-','$+$#(*%(*C*4O+N.#:9*+pC.(1+A=0+"L#$%1#%$+"5*"L1-+(#-*-1"Z+@5,%#-5(&1O+
S('M%"*'-K+#,+8.'$9)#+!"%**1+=>?54+pC.(+C*%&+-.%+A&C$VH"9RR'-+#Q-'$9F+'FFC*'#(O+-#+
&%:#(*-"9-%+-.%+$#)('-'M%+:%$.9('*:+3.%"%RK+-.'*+$#FF%$-'M%+:'(&H*.',-+#$$C"*4+L(+-.'*+
#Q-'$9F+'FFC*'#(+-.%+':9)%+9*+9+3.#F%+*3'-$.%*+R9$V+9(&+,#"-.+,"#:+R%'()+9+&C$V+-.%(+R%'()+
9+"9RR'-4+U%*-9F-+Q*K$.#F#)'*-*+C*%+-.'*+'FFC*-"9-'#(+-#+%aQF9'(+3.K+-.%+,')C"%+9(&+)"#C(&+9"%+
"%M%"*'RF%4+
+
=h+/%M%"9F+$#C(-"'%*1+'($FC&'()+L(&'91+8.'(9+9(&+L*"9%F+&#+.9M%+J'('*-"'%*+#,+/$'%($%1+3.'$.+
.9M%+F%&+-#+:%9*C"9RF%+)9'(*+'(+-%$.(#F#)K+'(+-.%+K%9"*+,#FF#3'()+-.%'"+%*-9RF'*.:%(-4+N.%+
%,,%$-+#,+-.%*%+J'('*-"'%*+#(+,#"%')(+Q#F'$K+*C$$%**%*+'*+#C-*'&%+-.%+*$#Q%+#,+-.'*+9"-'$F%4+
+
==%/%%+m+10-+,">+1;+$7+7Z'"%$-#"1+S2k/80HTSB+L/JEJ1+L*"9%F+N.%+S2k/80HT%R"%3+
S('M%"*'-K+#,+B%"C*9F%:1L(-%"(9-'#(9F+/$.##F+,#"+J#F%$CF9"+E'#F#)K+9(&+J'$"#R'#F#)K@1+A+
!(#+$('#-5(',""L/.65&-'"5("L1-+(1+"*5$"M+'1+ES2k/80+T%R"%3+S('M%"*'-K+#,+B%"C*9F%:1+
L*"9%F+HL(-%"(9-'#(9F+/$.##F+,#"+J#F%$CF9"+E'#F#)K+9(&+J'$"#R'#F#)K++m'"*-+/K:Q#*'C:+H+==+
Z%$%:R%"+=>>g1+Y#FC:%+(#4+P4TTM%:TA!Tj%_V%4T!hTM+
+
=5+2#":9(+X+E9'F%K1+!.Z4+Q%"*#(9F+$#::C('$9-'#(+5h==4++L(+Z"4+E9'F%Kc*+F'*-1+k$#(#:'$+
/-9-%$"9,-+Q"%$%&%*+/CRM%"*'#(4+
+
=P++E9"R9"9+!+E'FF9C%"1+AE%(e9:'(+m"9(VF'(G+/-9-%*:9(H/$'%(-'*-+9(&+-.%+m9-.%"+#,+/$'%(-','$+
/-9-%$"9,-1O+!"#$%%&'()*+#,+-.%+!#F'$K+/-C&'%*+0")9('<9-'#(+W+2"L+$-+&7"W58"BI1+1+
.--QGrr3334'Q*#(%-4#")rQ"#$%%&'()*r3QH$#(-%(-rCQF#9&*r5h=5rh[r!"#$%%&'()*H#,H-.%H
!/0H2%3H/%"'%*H(#4H=54Q&,+5h==1+//f2+.--QGrr**"(4$#:r9R*-"9$-t=6\>?=g+5hh>+
!
!
!
#*!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=6+AE%(e9:'(+m"9(VF'(G+m'"*-+X:%"'$9(+Z'QF#:9-1+=[[?H=[\g1O+E%(e9:'(+m"9(VF'(1+-.%+:#*-+
&'*-'()C'*.%&+*$'%(-','$+9(&+F'-%"9"K+X:%"'$9(+#,+.'*+9)%1+39*+-.%+,'"*-+X:%"'$9(+&'QF#:9-4O+
m"#:+-.%+0,,'$%+#,+-.%+T'*-#"'9(+S4/4+Z%Q9"-:%(-+#,+/-9-%4+
.--QGrr.'*-#"K4*-9-%4)#Mr:'F%*-#(%*r=[[?H=[\PrEm"9(VF'(%
=g+E%"(9"&+8#.%(1+AL1-+(1+"'()"#0+"X5%()-(4"X'#0+$&c"/$'%($%+'(+-.%+!#F'-'$9F+N.#C).-+#,+
N.#:9*+B%,,%"*#(1+E%(e9:'(+m"9(VF'(1+B#.(+X&9:*1+9(&+B9:%*+J9&'*#(1O+;4+;4+2#"-#(+x+
8#:Q9(K1+=>>[4+
+
=?+;.%(+N.#:9*+B%,,%"*#(+*C$$%%&%&+m"9(VF'(+'(+=[\g1+-.%+m"%($.+m#"%')(+J'('*-%"1+
Y%")%((%*1+9*V%&G+lL-+'*+K#C+3.#+"%QF9$%+Z"4+m"9(VF'(nl+B%,,%"*#(+"%QF'%&1+l2#+#(%+$9(+
"%QF9$%+.':1+/'"]+L+9:+#(FK+.'*+*C$$%**#"4l+
+
=[+N.%+"#F%+#,+X9"#(+X9"#(*#.(1+9)"#(#:'*-1+.K&"#F#)'*-1+$9"-#)"9Q.%"+9(&+)%#F#)'*-1++'(+
9R%--'()+'**C9($%+#,+-.%+E9F,#C"+Z%$F9"9-'#(1+9'&'()+E"'-'*.+'(-%FF')%($%+9(&+-.%"%RK+
,C"-.%"'()+-.%+E"'-'*.+39"+%,,#"-1+9(&+&"9,-'()+-.%+#"')'(9F+R#"&%"*+#,+!9F%*-'(%+9*+
'($#"Q#"9-%&+'(-#+-.%+/%M"%*+!%9$%+N"%9-K+#,+=>=>+.9*+R%%(+*-C&'#C*FK+')(#"%&+9(&+'*+-.%+
*CRe%$-+#,+-.%+$#:Q9('#(+9"-'$F%4+
+
=\B#(9-.9(+/$.(%%"1+A=0+">',*5%$"?+1,'$'#-5(c"=0+"j$-4-(&"5*"#0+"A$'3F!&$'+,-"S5(*,-1#1O+
f9(&#:+T#C*%1+5h=h+Q+=g54+
.--QGrrR##V*4)##)F%4$#:rR##V*n'&tKh-B)NP[!Lv8xFQ)t!!=x&it-.%y5hR9F,#C"y5h&%$F9
"9-'#(x.Ft*MxQ)t!!=zMt#(%Q9)%xix,t,9F*%:4+++
=>++AN.%+E9F,#C"+Z%$F9"9-'#(1O+'(+-.%+3#"&*+#,+!"#,4+T4+J4+Y4+N%:Q%"F%K1+39*+9+l&%,'('-%+
$#(-"9$-+R%-3%%(+-.%+E"'-'*.+U#M%"(:%(-+9(&+B%3"Kl+7N-&#5$/"5*"#0+"M+'1+"S5(*+$+(1+"-("
M'$-&1+M#F4+?1+Q4+=[P@4+N.%+:9'(+$#(*'&%"9-'#(+)'M%(+RK+-.%+B%3'*.+Q%#QF%+7"%Q"%*%(-%&+9-+-.%+
-':%+++-.%+F%9&%"+#,+-.%+d'#('*-+0")9('<9-'#(@+39*+-.%'"+.%FQ+'(+R"'()'()+!"%*'&%(-+;'F*#(+-#+
-.%+9'&+#,+-.%+XFF'%*4+.--QGrr3334.%"%-'$9F4$#:r:'*$%FF9rQF9(&:9(4.-:F+
5h+/.:C%F+p9-<1+A=0+"A'$5(&5("L'4'1O+U%,%(+!CRF'*.'()1+B%"C*9F%:1+5hhh4+
+
5=+X+F%--%"+%(-%"%&+'(+T%"<FD*+&'9"K+9*+%9"FK+9*+=g+J9K+=\>?+*-9-%*+-.9-+-.%+.%9&+#,+-.%+
X":%('9(+:#M%:%(-+'(+I#(&#(+'*+-.%+QCRF'*.%"+XM%-'*+29<9".%V4+N.%+"#F%+#,+B9:%*+
J9F$#F:1+-.%+X":%('9(+f%Q"%*%(-9-'M%+-#+E"'-9'(+'(+-.%+'**C9($%+#,+-.%+E9F,#C"+Z%$F9"9-'#(+
'*+-.%+*CRe%$-+#,+&%R9-%4+JC$.+#,+-.%+$"%&'-+9--"'RC-%&+-#+.':+*%%:*+-#+.9M%+9"'*%(+,"#:+9(+
9C-#R'#)"9Q.'$9F+*Q%%$.+)'M%(+RK+J9F$#F:+'(+I#(&#(+'(+=>664+7B9:%*+J9F$#F:1+A0"')'(*+#,+
-.%+E9F,#C"+Z%$F9"9-'#(G+Z"4+;%'<:9((D*+8#(-"'RC-'#(1O+
.--QGrr3334:9'F*-9"4(%-r:9F$#F:4.-:F@4++JC$.+#,+3.9-+.%+*9K*+"%)9"&'()+.'*+#3(+
$#(-"'RC-'#(+9QQ%9"*+-#+R%+%a9))%"9-%&+9(&+$."#(#F#)'$9FFK+'(&%,%(*'RF%4+L-+9QQ%9"*+-.9-+
J9F$#F:c*+$#(-"'RC-'#(+:9K+.9M%+R%%(+F':'-%&+-#+#"$.%*-"9-'()+;%'<:9((c*+'(-"#&C$-'#(+-#+
J9"V+/KV%*+4+7kM%(+-.'*+$F9':+-.9-+:9K+R%+$#(-"#M%"-%&+RK+QC"%+F#)'$H+*C"%FK+I#"&+E9F,#C"+W+
3.#+39*+3%FF+V(#3(+-#+/KV%*+HH+3#CF&+.9M%+R%%(+'(+9+Q#*'-'#(+-#+&#+*#+K%9"*+%9"F'%"+-.9(+
J9F$#F:c*+9""'M9F+#(+-.%+*$%(%@4+2%M%"-.%F%**1+-.%+9"$.'M%*+#,+;%'<:9((+&#+9$V(#3F%&)%+
!
!
!
$+!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J9F$#F:c*+*CQQ#"-1+',+(#-+$#(-"'RC-'#(1+-#+-.%+$9C*%4+/%%+J9"-'(+T9F9R'9(+AN.%+d'#('*:+#,+
B9:%*+X4+J9F$#F:1+X":%('9(+Q9-"'#-1O+RK+4+!CRF'*.%&+=>?5+89FF+2C:R%"G+7>@h6+TXII1+
F#$9-%&G+8.9':+;%'<:9((+X"$.'M%*+4+
55+m'"*-+XF'K9.+JC*%C:1+f%$.#M+T929&'M+1d'$."#(+j99V#M4+L*"9%F1++
+
5P+f#(9F&+/9(&%"*1+A=0+"N-40"T',,&"5*"K+$%&',+.c"A"N-&#5$/"5*"#0+">',*5%$"?+1,'$'#-5("'()"#0+"
>-$#0"5*"#0+">$-#-&0"Y'()'#+"*5$"M',+&#-(+1O+T#F-1+f'(%.9"-+9(&+;'F*#(1+2%3+j#"V1+=>\P4+
+
56+L*"9%F+J'('*-"K+#,+XR*#"Q-'#(1+m'"*-+;9M%+
.--QGrr3334:#'94)#M4'Frk()F'*.rm%%F'()L*"9%FrXR#C-L*"9%Fr!9)%*r9F'K9=49*Qa+]++
+
5g+I%#(9"&+/-%'(+A=0+">',*5%$"?+1,'$'#-5(1O+2%3+j#"VG+/':#(+9(&+/$.C*-%"1+$=>?=4++kR##VG+
.--QGrriC#&4F'R4C:'$.4%&Cr$)'r-r-%a-r-%a-H'&an$t9$F*]'&(#t.%Rhh>651+S('M%"*'-K+#,+
J'$.')9(+!"%**4+
+
5?AN.%+E9F,#C"+Z%$F9"9-'#(+"%Q"%*%(-%&+-.%+$#(M'($%&+Q#F'$K+#,+9FF+Q9"-'%*+'(+#C"+$#C(-"K+
9(&+9F*#+'(+X:%"'$91+RC-+-.%+F9C($.'()+#,+'-+'(+=>=[+39*+&C%1+9*+L+.9M%+*9'&1+-#+Q"#Q9)9(&'*-+
"%9*#(*4+>%#06'5(%5)D$%6*,$%16.$%&6%.$1)*(%&0$%4.)&)#0%<';5),9%S06%1"=%;$%0$#)&"&)*@%
";6'&%&0$%;'.($*#%6-%6'.%g)6*)#&%7$,5"."&)6*%&68("=9%6-%&0$%",&'"5%S".%<6#)&)6*%"&%&0$%
&)1$%6-%&0"&%7$,5"."&)6*4+;%+9"%+(#3+F##V'()+9-+-.%+;9"+-."#C).+-.%+&9<<F'()+)F#3+#,+9+
-"'C:Q.9(-+%(&1+RC-+)*%FGF]%&0$%)##'$%6-%&0$%2".%S"#%#&)55%J$.=%1',0%)*%(6';&V+;%+3%"%+
$#(M'($%&+H+RC-+(#-+9FF+#,+C*+H+-.9-+3%+3#CF&+QCFF+-."#C).+M'$-#"'#C*FK1+RC-+-.%+U%":9(*+
3%"%+%iC9FFK+Q%"*C9&%&+-.9-+M'$-#"K+3#CF&+"%*-+#(+-.%'"+R9((%"*1+9(&+-.%K+.9&+:C$.+
"%9*#(+,#"+$#:'()+-#+-.9-+$#($FC*'#(4+N.%K+.9&+*:9*.%&+-.%+f#C:9('9(*4+N.%+fC**'9(+
X":K+39*+$#:QF%-%FK+&%:#"9F'*%&+RK+'-*+(C:%"#C*+&%,%9-*4+N.%+m"%($.+X":K+39*+
%a.9C*-%&+9(&+-%:Q#"9"'FK+C(%iC9F+-#+*-"'V'()+9+)"%9-+RF#34+N.%+L-9F'9(*+.9&+*C*-9'(%&+9+
*.9--%"'()+&%,%9-+9-+89Q#"%--#4+N.%+C(F':'-%&+*CR:9"'(%+$9:Q9')(+.9&+*C(V+:'FF'#(*+#,+
-#(*+#,+#C"+*.'QQ'()4+N.%"%+3%"%+(#+X:%"'$9(+&'M'*'#(*+9-+-.%+,"#(-1+9(&+3.%(+L+*9K+9-+-.%+
,"#(-1+L+:%9(+9M9'F9RF%+'(+-.%+-"%($.%*4+i6.%&0$%A55)$#%&0$.$%S$.$%&S6%<"."16'*&%
<.6;5$1#+9-+-.9-+-':%4+?0$%-).#&%S"#%&0"&%&0$%!$*&."5%:6S$.#%#06'5(%;$%;.6D$*%;=%&0$%
;56,D"($%;$-6.$%6'.%#'<<5)$#%6-%-66(%"*(%$##$*&)"5%."S%1"&$.)"5%S$.$%,'&%6--+RK+
*'(V'()*+#,+#C"+#3(+*.'Q*4+?0$%6&0$.%S"#%&0"&%&0$%S".%<.$<"."&)6*#%)*%&0$%k*)&$(%
+&"&$#%#06'5(%;$%#<$$($(%'<+-#+*C$.+9(+%a-%(-+9*+-#+%(9RF%+-.%+XFF'%*+-#+R%+9&%iC9-%FK+
"%'(,#"$%&+'(+-.%+$"'-'$9F+$9:Q9')(+#,+=>=\+RK+X:%"'$9(+-"##Q*4+>*%&0$%#65'&)6*%6-%&0$#$%
&S6%<.6;5$1#9%<';5),%6<)*)6*%)*%M'##)"%"*(%A1$.),"%<5"=$(%"%@.$"&%<".&9%"*(%S$%0"(%
$J$.=%.$"#6*%"&%&0"&%&)1$%&6%;$5)$J$%&0"&+'(+R#-.+$#C(-"'%*+-.%+,"'%(&F'(%**+#"+.#*-'F'-K+#-%
&0$%Z$S)#0%.",$%1)@0&%1"D$%"%,6*#)($.";5$%()--$.$*,$Vl%Z9M'&+IF#K&+U%#")%1+A&+,*/2!
,-!$%&!G&'(&!<,0-&/&0(&D!W,)#+&!@@1+2%3+T9M%(1+j9F%+S('M%"*'-K+!"%**+=>P>]+78.4+{{LLL@1+Q+
[5P4+^k:Q.9*'*+*CQQF'%&_4+
+
5[;'FF'9:+0":*RKHU#"%+79F*#+-.%+E"'-'*.+"%Q"%*%(-9-'M%+-#+-.%+!%":9(%(-+J9(&9-%*+
8#::'**'#(+#,+-.%+I%9)C%+#,+29-'#(*+,"#:+=>5=+-#+=>554@1+&%*$"'R'()+*$5.".+.5$/"-.%+
%M%(-*+F%9&'()+-#+-.%+&%$F9"9-'#(1++(#-%&G+bN.%+M9FC%+#,+-.%+&%$F9"9-'#(+"%$%'M%&+"%:9"V9RF%+
-"'RC-%+,"#:+U%(%"9F+IC&%(&#",,`4+N.%+/+#,+/+^/%$"%-9"K+#,+/-9-%_+*.#CF&+.9M%+9+*-9-%:%(-+
!
!
!
$"!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*.#3'()+*':'F9"+&%$F9"9-'#(*+RK+#-.%"+Q#3%"*+CQ+-#+9(&+'($FC&'()+-.%+"%$%(-+#(%+#,+-.%+
X:%"'$9(+/%(9-%+4L+3"#-%+9(+9"-'$F%+#(+-.%+iC%*-'#(+'(+-.%+{L{-.+8%(-C"K+9R#C-+5+K%9"*+9)#+
3.'$.+.9*+*#:%+'(-%"%*-'()+&9-9c4+;0U+56r=5r=>554+m"#:+-.%+E9F,#C"+!"#e%$-+N.%+E9F,#C"+
Z%$F9"9-'#(+W+p%K+QF9K%"*+9(&+%M%(-*+RK+J9"K+U"%K4+.--QGrr3334R9F,#C"Q"#e%$-4#")r-.%H
R9F,#C"H&%$F9"9-'#(HV%KHQF9K%"*H9(&H%M%(-*HRKH:9"KH)"%K4+
5\+X*+9(+'FFC*-"9-'#(+^#,+-.%+Q"#Q9)9(&9+*-"9-%)K+,#"+:#R'F'<'()+)F#R9F+#Q'('#(+9(&+,#"$%1_+
IF#K&+U%#")%+*9'&G+AL+:').-+-9V%+-.%+QCRF'$+&%$F9"9-'#(*+3%+:9&%+#,+-.%+XFF'%&+'(-%(-'#(+-#+
F'R%"9-%+9(&+$#(,%"+*%F,H)#M%"(:%(-+#(+(9-'#(9F'-'%*+'(*'&%+-.%+%(%:K+k:Q'"%*1+H+NC"V%K1+
U%":9(K1+9(&+XC*-"'94+N.%*%+9((#C($%:%(-*+3%"%+'(-%(&%&+-#+.9M%+9+Q"#Q9)9(&'*-+%,,%$-1+
(#-+#(FK+9-+.#:%1+RC-+9F*#+'(+(%C-"9F+$#C(-"'%*+9(&+Q%".9Q*+:#*-+#,+9FF+'(+%(%:K+$#C(-"'%*4O+
Z9M'&+IF#K&+U%#")%1+E"'-'*.+!"':%+J'('*-%"1+#(+-.%+(%)#-'9-'#(*+3'-.+f#-.*$.'F&+9(&+-.%+
d'#('*-+F%9&%"*.'Q1+Q"'#"+-#+-.%+E9F,#C"+Z%$F9"9-'#(4+ka$%"Q-+,"#:+IF#K&+U%#")%D*+AY+.5-$&"
5*"#0+"M+'1+"S5(*+$+(1+cX$5."JL0'$-(4"#0+"G'()"5*"S'(''(1O+
.--QGrriC:*'K%.4#")rR9F,#C"&%$F9"9-'#(4+
5>
+ +L-+:C*-+R%+(#-%&+-.9-+Z9M'&+IF#K&+U%#")%+9F*#+*-9-%&+-.9-+.%+*CQQ#"-%&+-.%+$"%9-'#(+#,+9+
B%3'*.+.#:%F9(&+'(+!9F%*-'(%+R%$9C*%+l'-+3#CF&+.%FQ+*%$C"%+Q#*-H39"+E"'-'*.+$#(-"#F+#,+
!9F%*-'(%1+3.'$.+39*+*-"9-%)'$9FFK+':Q#"-9(-+9*+9+RC,,%"+-#+k)KQ-+9(&+-.%+/C%<+89(9F4O+++
Ph+N.%+;9"+89R'(%-+C(&%"-##V+-.%+*CQ"%:%+&'"%$-'#(+#,+-.%+39"+%,,#"-4+L-+39*+$#:Q#*%&+#,+
Z9M'&+IF#K&+U%#")%1+-.%+!"':%+J'('*-%"1+X"-.C"+E9F,#C"+(#3+m#"%')(+/%$"%-9"K+"%QF9$'()+
k&39"&+U"%K1+X(&"%3+E#(9"+I931+I#"&+29-.9('%F+8C"<#(1+XF,"%&+J'F(%"1+X"-.C"+T%(&%"*#(+
9(&+/'"+J9C"'$%+T9(V%K+7'-*+/%$"%-9"K@4+J9"V+/KV%*+9(&+I%#Q#F&+X:%"K+3%"%+9F*#+
*%$"%-9"'%*4+/%%+N.%+E9F,#C"+!"#e%$-+N.%+E9F,#C"+Z%$F9"9-'#(+W+p%K+QF9K%"*+9(&+%M%(-*+RK+
J9"K+U"%K+.--QGrr3334R9F,#C"Q"#e%$-4#")r-.%HR9F,#C"H&%$F9"9-'#(HV%KHQF9K%"*H9(&H
%M%(-*HRKH:9"KH)"%K4+
P=+;%'<:9((+39*+$"%&'-%&+F9-%"+3'-.+Q%"*C9&'()+E9F,#C"1+-.%(+-.%+m#"%')(+J'('*-%"1+,#"+
E"'-'*.+*CQQ#"-+-#+%*-9RF'*.+9+B%3'*.+.#:%F9(&+'(+!9F%*-'(%1+-.%+#"')'(9F+d'#('*-+&%:9(&G+
A;%+^-.%+B%3'*.+Q%#QF%_+.9M%+(%M%"+R9*%&+-.%+d'#('*-+:#M%:%(-+#(+B%3'*.+*C,,%"'()+'(+
fC**'9+#"+'(+9(K+#-.%"+F9(&4+`4+*C,,%"'()+.9M%+(%M%"+R%%(+-.%+:9'(*Q"'()+#,+d'#('*:4+N.%+
,#C(&9-'#(+#,+d'#('*:+39*1+9(&+$#(-'(C%*+-#+R%+-#+-.'*+&9K1+-.%+K%9"('()+#,+-.%+B%3'*.+
Q%#QF%+,#"+'-*+.#:%F9(&1+,#"+9+(9-'#(9F+$%(-%"+9(&+9+(9-'#(9F+F',%4O+
P5
+ +N.%+*C$$%**+#,+E"'-'*.+Q"#Q9)9(&9+:%-.#&*+3%"%+9$V(#3F%&)%&+RK+9+U%":9(+*#F&'%"+#,+
-.%+-':%+3.%(+.%+&'$-9-%&+.'*+:%:#'"*1+Y+-("n'.6*1+'(+=>5gG+lL(+k()F9(&+Q"#Q9)9(&9+39*+
"%)9"&%&+9*+9+3%9Q#(+#,+-.%+,'"*-+#"&%"1+3.%"%9*+3'-.+C*+'-+"%Q"%*%(-%&+-.%+F9*-+.#Q%+#,+9+
F'M%F'.##&+,#"+#C"+C(%:QF#K%&+Q#F'-'$'9(*+9(&+9+*(C)+e#R+,#"+*.'"V%"*+#,+-.%+:#&%*-+.%"#'$+
-KQ%4+N9V%(+9FF+'(+9FF1+'-*+"%*CF-*+3%"%+(%)9-'M%4l+f#R%"-+B#.(1+A>+0-()"#0+">',*5%$"
?+1,'$'#-5(7E+N.%+B#C"(9F+#,+T'*-#"'$9F+f%M'%31+;'(-%"1=>\gH?+7Y#F4+?1+2#4+6@1+Q9)%*+P\>H
6gh1+6>\4+N.'*+Q9Q%"+39*+,'"*-+Q"%*%(-%&+'(=>\P+9(&+9F*#+-.%+R9*'*+,#"+-.%+R##VF%-1+>+0-()"
#0+">',*5%$"?+1,'$'#-5(c"=0+"N-))+("j$-4-("5*"=5)'/k&"Y-)+'&#"S$-&-&1+QCRF'*.%&+RK+-.%+
L(*-'-C-%+,#"+T'*-#"'$9F+f%M'%3+'(+=>\\4+
PP+/9:C%F+I9(&:9(1+AH$+'#">$-#'-(7"=0+"K+2&"'()"M',+&#-(+7E"3"'--%("C(&%"+-.%+9C*Q'$%*+#,+
-.%+d'#('*-+X**#$'9-'#(1+J9"$.+=>P?1+iC#-'()+J"4+;'$V.9:+/-%%&1+3.#+*9K*+U%(%"9F+
!
!
!
$#!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
IC&%(&#",,+'*+9FF%)%&+-#+.9M%+*9'&+9,-%"+-.%+;9"+-.9-G+lN.%+E9F,#C"+Z%$F9"9-'#(+39*+-.%+
$F%M%"%*-+-.'()+&#(%+RK+-.%+XFF'%*+'(+-.%+39K+#,+Q"#Q9)9(&91+9(&+-.9-+.%+3'*.%&+U%":9(K+
.9&+-.#C).-+#,+'-+,'"*-l+7M#F4+51+Q4+P>5@4+AX*+9+:9--%"+#,+,9$-1O+*9K*+I9(&:9(1+-.9-+A-.'*+39*+
*9'&+RK+IC&%(&#",,+-#+/'"+XF,"%&+J#(&+79,-%"39"&*+I#"&+J%F$.%--@1+*##(+9,-%"+-.%+;9"4+N.%+
,9$-+-.9-+'-+39*+B%3'*.+.%FQ+-.9-+R"#C).-+S/X+'(-#+-.%+;9"+#(+-.%+*'&%+#,+-.%+XFF'%*+.9*+
"9(VF%&+%M%"+*'($%+'(+U%":9(+W+%*Q%$'9FFK+29<'+W+:'(&*1+9(&+.9*+$#(-"'RC-%&+'(+(#+*:9FF+
:%9*C"%+-#+-.%+Q"#:'(%($%+3.'$.+9(-'H/%:'-'*:+#$$CQ'%*+'(+-.%+29<'+Q"#)"9::%4c+
AI9(&:9(G+H$+'#">$-#'-(7"=0+"K+2&"'()"M',+&#-(+1+QQ4+PH?]++/%%+9F*#+A+E"'-9'(G+T'*-#"'$+
"%*Q#(*'R'F'-'%*+,#"+-.%+L*"9%FH!9F%*-'(%+8#(,F'$-OG+!#3%"+!#'(-+,"#:+-.%+8#C($'F+#,+m#"%')(+
f%F9-'#(*1+.--QGrr3334$,"4#")r'*"9%Fr$"'*'*H)C'&%H'*"9%F'HQ9F%*-'('9(H$#(,F'$-+
rQ=P\ghn)$F'&t8IC':B5\<RV8mS%2P)#&fh$Xmv4+
/%%+9F*#+,##-(#-%+5?+"%F9-'()+$#::%(-*+RK+0":*RKHU#"%4+
%+
P6+E#-.+I#"&+8C"<#(+9(&+k&3'(+J#(-9)C+3%"%+9)9'(*-+-.%+&%$F9"9-'#(4+8C"<#(1+7m'"*-+
J9"iC%**+8C"<#(+#,+p%&F%*-#(@+=\g>H=>5g1+9+$#(*%"M9-'M%+Q#F'-'$'9(1+,#":%"FK+M'$%"#K+#,+
L(&'9+,"#:+=\>\H+=>hg+e#'(%&+X*iC'-.c*+)#M%"(:%(-+'(+=>=g4+L(M'-%&+RK+IF#K&+U%#")%+-#+
e#'(+.'*+)#M%"(:%(-+'(+=>=?1+.%+39*+9F*#+'(M'-%&+-#+e#'(+-.%+7*%F%$-@+;9"+89R'(%-+3.%"%+.%+
*%"M%&+9*+F#"&+Q"%*'&%(-+#,+-.%+$#C($'F4+X,-%"+-.%+39"+8C"<#(+"%QF9$%&+E9F,#C"+9*+m#"%')(+
/%$"%-9"K+9(&+*%"M%&+C(-'F+-.%+I9R#"+M'$-#"K+'(+-.%+)%(%"9F+%F%$-'#(+#,+=>5P48C"<#(+39*+
*-"#()FK+#QQ#*%&+-#+d'#('*-+9':*+'(+!9F%*-'(%+9(&+9")C%&+-.9-+B%3'*.+'::')"9(-*+3#CF&+(#-+
R%+9RF%+-#+%*-9RF'*.+9+.#:%F9(&+-.%"%+3'-.#C-+%aQ%FF'()+-.%+'(&')%(#C*+X"9R*4++/%%+N.%+
E9F,#C"+!"#e%$-1"&%6$'4+
Pg+N.%+)"%9-+:9e#"'-K+#,+E"'-'*.+B%3*+3%"%+A9**':'F9-'#('*-O+9(&+-.%"%,#"%+9(-'Hd'#('*-4+I%&+
RK+IC$'%(+;#F,1+3.#+$9:%+-#+&#:'(9-%+-.%+8#(e#'(-+8#::'--%%+#,+-.%+X()F#HB%3'*.+
X**#$'9-'#(+9(&+-.%+E#9"&+#,+Z%QC-'%*+#,+E"'-'*.+B%3*1+;#F,+9(&+.'*+$#FF%9)C%*+7%*Q%$'9FFK+
8F9C&%+J#(-%,'#"%+9(&+k&3'(+J#(-9)C@+3#"V%&+-'"%F%**FK+-#+'(,FC%($%+E"'-'*.+Q#F'$K+
9)9'(*-+%*-9RF'*.'()+9+B%3'*.+.#:%F9(&+'(+!9F%*-'(%4+N.%'"+Q#*'-'#(+&%('%&+-.%+%a'*-%($%+#,+
B%3'*.+(9-'#(9F'-K1+9(&+-.%K+*#C).-+9**'*-9($%+,"#:+E"'-9'(+-#+%(*C"%+-.%+"').-*+#,+B%3*+'(+
3.9-%M%"+$#C(-"K+-.%K+F'M%&4+N.%K+9F*#+39(-%&+E"'-9'(+-#+QC"*C%+9+*%Q9"9-%+Q%9$%+3'-.+-.%+
0--#:9(*4++B#(9-.9(+/$.(%%"+.--QGrr:%Q$4#")re#C"(9Fr:'&&F%H%9*-HQ#F'$KH
9"$.'M%*rR9F,#C"H&%$F9"9-'#(++.--QGrr:%Q$4#")re#C"(9Fr:'&&F%H%9*-HQ#F'$KH
9"$.'M%*rR9F,#C"H&%$F9"9-'#(+4+
P?+N.%+=-.+&+"%Q#"-%&+#(+=6+XQ"'F+=>==1+#,+-.%+d'#('*-+#")9(+K+%(+"=%$1k&+lM'#F%(-+.#*-'F'-K+
-#+k()F9(&l+9(&+l'-*+)%":9(#Q.'F%+%(-.C*'9*:1l+9(&+-.%+Q"#Q9)9(&9+$9""'%&+#(+9:#()+
NC"V'*.+B%3*+RK+lU%":9(+d'#('*-+9)%(-*4l+N.%+$#($%"(+#,+-.%+:9e#"'-K+#,+"'$.+k()F'*.+B%3*+
39*+(#-+9FF9K%&+RK+9"-'$F%*+'(+-.%+K+2-&0"S0$5(-1,+1+%&'-%&+RK+I%#Q#F&+U"%%(R%")1+3.'$.+
Q#'(-%&+#C-+-.9-+'(+-.%+E9*F%+Q"#)"9:+-.%"%+39*+l(#-+9+3#"&+#,+9(K+9C-#(#:#C*+B%3'*.+
*-9-%4l+L(+?-+"T+,#1+-.%+#,,'$'9F+#")9(+#,+-.%+J#M%:%(-1+9(+9"-'$F%+RK+29.C:+/#V#F#31+-.%(+
-.%+U%(%"9F+/%$"%-9"K+#,+-.%+d'#('*-+0")9('<9-'#(1+Q"#-%*-%&+-.9-+-.%"%+39*+(#+-"C-.+'(+-.%+
9FF%)9-'#(+-.9-+d'#('*:+9':%&+9-+-.%+%*-9RF'*.:%(-+#,+9(+'(&%Q%(&%(-+B%3'*.+/-9-%4++
!
!
!
$$!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P[+N.%*%+'($FC&%&+k&3'(+J#(-9)C+7=\[>H+=>56@+3.#+39*+9+B%3'*.+9(-'Hd'#('*-+9(&+F'R%"9F+
Q#F'-'$'9(+3'-.+$F#*%+-'%*+-#+X*iC'-.4+T%+%9"(%&+-.%+F9--%"c*+%(:'-K+RK+e#'('()+-.%+IF#K&+
U%#")%+$#9F'-'#(+)#M%"(:%(-+9(&+F%&+-.%+#QQ#*'-'#(+'(+-.%+89R'(%-+-#+-.%+E9F,#C"+
Z%$F9"9-'#(G+.'*+M'%3+39*+-.9-+.%+.9&+*Q%(-+.'*+F',%+9*+9+E"'-'*.+$'-'<%(+9(&+&'&+(#-+39(-+-#+
"%-C"(+-#+9+AB%3'*.+U.%--#O4+EC-+eC*-+R%,#"%+-.%+89R'(%-+$9:%+-#+9+,'(9F+&%$'*'#(1+.%+.9&+-#+
F%9M%+-.%+$#C(-"K+-#+-9V%+CQ+9+Q#*-+9*+/%$"%-9"K+#,+/-9-%+,#"+L(&'94+/%%+-.%+E9F,#C"+!"#e%$-1+
AN.%+E9F,#C"+Z%$F9"9-'#(G+N.%+0"')'(*+#,+-.%+X"9RHL*"9%F'+8#(,F'$-O1+&%6$'4+
P\+kM%(+9-+-.%+==-.+8#()"%**+'(+=>=P1+0--#+;9"RC")1+*Q%9V'()+9*+$.9'":9(+#,+-.%+d'#('*-+
ka%$C-'M%1+)9M%+9**C"9($%*+#,+F#K9F-K+-#+NC"V%K1+9&&'()+-.9-+'(+$#F#('<'()+!9F%*-'(%+9(&+
&%M%F#Q'()+'-*+"%*#C"$%*1+d'#('*-*+3#CF&+R%+:9V'()+9+M9FC9RF%+$#(-"'RC-'#(+-#+-.%+Q"#)"%**+
#,+-.%+NC"V'*.+k:Q'"%4+
P>+f#R%"-+B#.("3"'-%*"A0,+-.%+;9"RC")+'(-%"(9-'#(9F+R9(V'()+,9:'FK`4+XF-.#C).+#*-%(*'RFK+9+
*%$#(&+/%$"%-9"K+'(+-.%+;'F.%F:*-"9**%1+;9"RC")+.9*+R%%(+"%Q#"-%&+9*+.9M'()+-.%+*9:%+
Q#*'-'#(+'(+U%":9(+$#C(-%"'(-%FF')%($%+9*+X&:'"9F+89(9"'*+'(+;#"F&+;9"+LL`4+++B9$#R+/$.',,1+
U%":9(HR#"(+*%('#"+Q9"-(%"+'(+pC.(1+I#%R+x+8#4+9(&+l-.%+:#*-+'(,FC%(-'9F+,')C"%+#,+.'*+&9K+
'(+X:%"'$9(+B%3'*.+F',%1l+3"#-%+'(+=0+"Y+(5$'0"K5%$(',+#,+XQ"'F+=>=gG+lL-+'*+3%FF+V(#3(+-.9-+
L+9:+9+U%":9(+*K:Q9-.'<%"+444+k()F9(&+.9*+R%%(+$#(-9:'(9-%&+RK+.%"+9FF'9($%+3'-.+fC**'9+444+
9:+iC'-%+$#(M'($%&+-.9-+'(+U%":9(K+9(-'H/%:'-'*:+'*+9+-.'()+#,+-.%+Q9*-4+f#R%"-+B#.("7"
J>+0-()"#0+">',*5%$"?+1,'$'#-5(c"=0+"N-))+("j$-4-("5*"=5)'/k&"Y-)+'&#"S$-&-&7E"N.%+B#C"(9F+#,+
T'*-#"'$9F+f%M'%31+;'(-%"+=>\gH?+7Y#F4+?1+2#4+6@1+Q9)%*+P\>H6gh1+6>\4+N.'*+Q9Q%"+39*+,'"*-+
Q"%*%(-%&+RK+-.%+9C-.#"+9-+-.%+m',-.+LTf+8#(,%"%($%1+=>\P4+L-+39*+9F*#+-.%+R9*'*+,#"+-.%+
R##VF%-1+>+0-()"#0+">',*5%$"?+1,'$'#-5(8"
6h
+ ++N.%+K+2-&0"R(1/1,56+)-'+,#"+=>h?+*-9-%*+-.9-+l/$.',,D*+,'":+*CR*$"'R%&+,#"+9(&+,F#9-%&+-.%+
F9")%+B9Q9(%*%+39"+F#9(+'(+=>h6Hhgl+7,#"+-.%+fC**#HB9Q9(%*%+39"@4+l'(+"%$#)('-'#(+#,+3.'$.+
-.%+J'V9&#+$#(,%""%&+#(+/$.',,+-.%+*%$#(&+#"&%"+#,+-.%+/9$"%&+N"%9*C"%+#,+B9Q9(4l+!9"-(%"*+
3'-.+/$.',,+3%"%+m%F'a+J4+;9"RC")+9(&+.'*+R"#-.%"+!9CF+3.#+.9&+$#:%+-#+2%3+j#"V+'(+=>h5+
,"#:+T9:RC")1+9(&+#")9('<%&+-.%+m%&%"9F+f%*%"M%+/K*-%:4+
+
6=+L(+A=0+"X%#%$+"5*"M',+&#-(+7E"P9+:%:#"9(&C:+&"9,-%&+RK+I#"&+T%"R%"-+/9:C%F+'(+
2#M%:R%"+9(&+Q"%*%(-%&+-#+-.%+E"'-'*.+89R'(%-+'(+B9(C9"K++9(&+J9"$.+#,+=>=g1+-3#+:#(-.*+
9,-%"+-.%+E"'-'*.+&%$F9"%&+39"+#(+-.%+0--#:9(+k:Q'"%@1+A+I#"&+/9:C%F+*-9-%&+-.9-+lL+9:+
9**C"%&+-.9-+-.%+*#FC-'#(+#,+-.%+Q"#RF%:+#,+!9F%*-'(%+3.'$.+3#CF&+R%+:C$.+-.%+:#*-+
3%F$#:%+-#+-.%+F%9&%"*+9(&+*CQQ#"-%"*+#,+-.%+d'#('*-+:#M%:%(-+-."#C).#C-+-.%+3#"F&+
3#CF&+R%+-.%+9((%a9-'#(+#,+-.%+$#C(-"K+-#+-.%+E"'-'*.+k:Q'"%4O+
65+L(+F9-%+=>hg+8.9"F%*+Z"%K,C*+9""9()%&+,#"+;%'<:9((+-#+:%%-+E9F,#C"1+.'*+B%3'*.+
$#(*-'-C%($K+"%Q"%*%(-9-'M%1+&C"'()+3.'$.+;%'<:9((+9*V%&+,#"+#,,'$'9F+E"'-'*.+*CQQ#"-+,#"+
d'#('*:]+-.%K+3%"%+-#+:%%-+9)9'(+#(+-.'*+'**C%+'(+=>=64+
6P+T9""K+Z%,"'%*1+AS5(&+$@'#-@+"M'$#/"A##-#%)+&"#5"K+2&"BCaaFBC]a1O+fC-F%&)%1+5hh=1+L/E2+
>[\HhH[=6?Hg55=H61+QQ4ghHg=4+
+
!
!
!
$%!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
66+N.%+;%R+8."#(#F#)K+!"#e%$-1+AN.%+E9F,#C"+Z%$F9"9-'#(1O+2#M%:R%"+51+=>=[4+
6g+N.%+-%":*+3%"%+9F*#+&'*$C**%&+9-+-.%+/9(+f%:#+!%9$%+8#(,%"%($%+#,+=>5h+9-+3.'$.+
Q9**%&+"%)9"&'()+-.%+:9(&9-%*+#,+-.%+I%9)C%+#,+29-'#(*+,#"+9&:'('*-"9-'#(+#,+-.%+,#":%"+
0--#:9(H"CF%&+H"CF%&+F9(&*+'(+-.%+J'&&F%+k9*-4+N.%+Q"%$'*%+R#C(&9"'%*+#,+9FF+-%""'-#"'%*+
3%"%+F%,-+C(*Q%$','%&1+-#+lR%+&%-%":'(%&+RK+-.%+!"'($'Q9F+XFF'%&+!#3%"*4l+N.%*%+3%"%+(#-+
,'(9F'<%&+C(-'F+,#C"+K%9"*+F9-%"4+
IX%mT'*-#"K+#,+L*"9%F9%N.%+E9F,#C"+Z%$F9"9-'#(+#,+=>=[1O+N.%+L(-%"(9-'#(9F+m%FF#3*.'Q+#,+
8."'*-'9(*+9(&+B%3*4+.--QGrr3334',$e4#")r*'-%r!9)%29M')9-#"r*,'w9R#C-w39"wR9F,#C"%
6[+L(+=>P>1+U"%9-+E"'-9'(+'**C%&+9+3.'-%+Q9Q%"1+%**%(-'9FFK+"%(%)'()+#(+-.%+#"')'(9F+
&%$F9"9-'#(1+9(&+*-9-'()+-.9-+9+B%3'*.+.#:%F9(&+39*+(#+F#()%"+9+Q"'#"'-K4+L::')"9-'#(+-#+
!9F%*-'(%+39*+*%M%"%FK+"%*-"'$-%&1+9(&+R%$9C*%+#,+-.'*1+:9(K+B%3*+3%"%+C(9RF%+-#+,F%%+-.%+
Q%"*%$C-'#(+-9V'()+QF9$%+'(+%9*-%"(+9(&+$%(-"9F+kC"#Q%4+Z%*Q'-%+-.'*1+-.%+E9F,#C"+
Z%$F9"9-'#(+F9'&+9+*#F'&+,#C(&9-'#(+,#"+"%9F'<'()+-.%+d'#('*-+&"%9:1+R%$#:'()+-.%+,'"*-+
#,,'$'9FFK+*9($-'#(%&+*-%Q+-#39"&+3.9-+3#CF&+%M%(-C9FFK+R%$#:%+-.%+B%3'*.+*-9-%4+
+
6\+2#-+#(FK+3%"%+*#:%+X:%"'$9(+B%3*+"%FC$-9(-+-#+9$$%Q-+-.%+(#-'#(+#,+!9F%*-'(%+R%'()+
C(&%"+E"'-'*.+&#:'('#(1+RC-+(#-9RF%+L*"9%F'*+.9&+Q"#RF%:*+9*+3%FF4+N.%*%+'($FC&%&+Z9M'&+
E%(+UC"'#(1+3.#+,9M#"%&+0--#:9(+$#(-"#F+W+'(+(#+*:9FF+:%9*C"%+R%$9C*%+.%+*Q%(-+*%M%"9F+
K%9"*+'(+NC"V%K1+%9"('()+.'*+F93+&%)"%%+9-+-.%+S('M%"*'-K+#,+L*-9(RCF4+
6>+L-+*.#CF&+R%+(#-%&+-.9-+'('-'9FFK1+-.%+U%":9(*+"%9$.%&+-.%+*9:%+$#($FC*'#(+9*+-.%+E"'-'*.1+
-.9-+$"%9-'#(+#,+9+B%3'*.+/-9-%+3#CF&+9M9'F+-.%:+#,+-.%+"%*#C"$%*+#,+X:%"'$9(+B%3"K+9(&+
X:%"'$9(+Q#F'-'$9F+*CQQ#"-4+/%%+,##-(#-%+5?+9(&+,##-(#-%+Ph4+
gh+L(+-.%+,#":+#,+9+:%:#"9(&C:+Q"%Q9"%&+RK+T%"R%"-+/9:C%F+R%-3%%(+2#M%:R%"1+=>=6+
9(&+B9(C9"K+=>=g1+*CR:'--%&+9(&+-.%(+$'"$CF9-%&+#(+B9(C9"K+5\+9(&+-.%(+"%M'*%&+9(&+"%H
$'"$CF9-%&+'(+J9"$.4+
+
g=,"#:+AN.%+E9F,#C"+!"#e%$-1+N.%+E9F,#C"+Z%$F9"9-'#(+W+p%K+QF9K%"*+9(&+%M%(-*+RK+J9"K+
U"%K4+
g5+8%$'F+EF##:1+AX9"#(+X9"#(*#.(G+,#")#--%(+:9(+#,+.'*-#"KnOB%3'*.+T'*-#"'$9F+/-C&'%*1+
M#FC:%+6h1+5hhg+.--QGrr3334e.*%4#")rR##Vr%aQ#"-r9"-'$F%r55[g64+
gP+L(+-.%+9QQ%(&'a1+L+3'FF+*CQ%",'$'9FFK+9&&"%**+-.%+':Q#"-9($%+#,+I#"&+/9:C%Fc*+
$#(-"'RC-'#(1+F%9M'()+'-+-#+.'*-#"'9(*+-#+%:R%FF'*.+,C"-.%"4+
g6+0-.%"+X:%"'$9(*+3%"%+9F*#+'(-%"%*-%&+'(+-.%+bB%3'*.+Q"#RF%:c+'($FC&'()+I#C'*+E"9(&%'*1+
9(&+m%F'a+m"9(V,C"-.%"+9*+%9"FK+9*+XC)C*-+Ph1+=>=64+X-+9+$#(,%"%($%+'(+2%3+j#"V+#(+Ph+
XC)C*-+=>=61+9+$#::'--%%+39*+*%-+CQ+C(&%"+-.%+$.9'":9(*.'Q+#,+I#C'*+Z4+E"9(&%'*1+3'-.+
-.%+E"'-'*.HR#"(+Z"4+f'$.9"&+U#--.%'F+9(&+B9$#R+&%+T99*1+f9RR'+/-%Q.%(+;'*%+9(&+m%F'a+
!
!
!
$&!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
m"9(V,C"-%"1+9:#()+.'*+Q"'($'Q9F+F'%C-%(9(-*4+m#"+/.:9"K9+I%M'(1+-.%+"%Q"%*%(-9-'M%+#,+-.%+
d'#('*-+ka%$C-'M%+'(+-.%+S('-%&+/-9-%*1+9(&+Z"4+BC&9.+J9)(%*1+-#+3.#:+-.%+9FF'9($%+#,+
k()F9(&+9(&+m"9($%+3'-.+fC**'9+*%%:%&+lC(.#FK1l+fC**'9(+$<9"'*:+39*+-.%+%(%:K+9)9'(*-+
3.'$.+-.%'"+,#"$%+*.#CF&+R%+Q'--%&4+EC-+#(+=+0$-#R%"+=>=6+U#--.%'F1+,'"*-+!"%*'&%(-+#,+-.%+
d'#('*-+0")9('<9-'#(+#,+X:%"'$91+3"#-%+,"#:+-.%+Z%Q9"-:%(-+#,+/%:'-'$+I9()C9)%*1+
8#FC:R'9+S('M%"*'-K1+-#+E"9(&%'*+'(+E#*-#(+%($F#*'()+9+:%:#"9(&C:+#(+3.9-+-.%+
#")9('<9-'#(+QF9((%&+-#+*%%V+,"#:+-.%+R%FF')%"%(-*1+3'-.+"%*Q%$-+-#+-.%+fC**'9(+B%3*G+b;%+
.9M%+)#-+-#+R%+Q"%Q9"%&+-#+3#"V+C(&%"+-.%+U#M%"(:%(-+#,+9(K+#(%+#,+-.%+!#3%"*+444+*.9FF+R%+
)F9&+-#+.9M%+9(K+*C))%*-'#(+,"#:+K#C+'(+"%)9"&+-#+-.'*+:%:#"9(&C:1+9(&+*.9FF+R%+)F9&+-#+
V(#3+',+'-+:%%-*+3'-.+K#C"+9QQ"#M9F4+L+"%$#)('<%+-.9-+L+#C).-+(#-+-#+.9M%+QC-+'-+#C-+3'-.#C-+
,'"*-+$#(*CF-'()+K#C]+RC-+-.%+%a')%($'%*+#,+-.%+*'-C9-'#(+&%:9(&%&+'::%&'9-%+9$-'#(4+;%+
#C).-+-#+R%+,CFFK+Q"%Q9"%&+-#+-9V%+9&M9(-9)%+#,+9(K+#$$9*'#(+-.9-+#,,%"*+'-*%F,4^6>_O+L(+,9$-1+
-.%+X:%"'$9(+d'#('*-*+3%"%+,9"+:#"%+9&M9($%&+'(+$##"&'(9-'()+9+QF9-,#":1+#")9('<'()+9+
Q"#)"9:1+$#FF%$-'()+,C(&*1+9(&+9&:'('*-%"'()+9+RC&)%-4+X-+-.'*+-':%1+-.%+E"'-'*.+d'#('*-*+
3%"%+(#-+%M%(+'(+9+*-9-%+#,+$#.%*'#(1+F%-+9F#(%+C(9(':'-K+#,+#Q'('#(*1+%M%(+3'-.'(+-.%+"9(V*+
#,+-.%+d'#('*-*4c+'."4#")4+
gg'($FC&'()+2#"&9C1+d9()3'F+9(&+!'(*V%"+9$$#"&'()+-#+E%(<'#(+2%-9(K9.C1+AN.%+m#C(&'()+
m9-.%"*+#,+d'#('*:1O+E9F,#C"+E##V*1+0VF9.#:91+5h=54+
+
g?+Z%Q9"-:%(-+#,+0")9('$+8.%:'*-"K1+;%'<:9((+L(*-'-C-%+#,+/$'%($%+
.--QGrr33343%'<:9((49$4'Fr0")9('$w8.%:'*-"Kr3%'<F9R4*.-:F-#++
+
g[+N.%+E"'-'*.+$#:Q9(K1+2#R%F+kaQF#*'M%*+#,+UF9*)#31+39*+-.%+:9'(+Q"#&C$%"+#,+-.%+
*:#V%F%**+Q#3&%"1+$#"&'-%1+9(&+R%)9(+-#+%aQ9(&+'-*+,9$'F'-'%*+9F:#*-+'::%&'9-%FK4+L(+
U%":9(K1+9*+B#.(*#(+"%$#C(-*1+-.%+.%9&+#,+-.%+U%":9(+2#R%F+$#:Q#(%(-1+UC*-9M+
XC,*$.F|)%"1+39*+9F:#*-+'::%&'9-%FK+:9&%+.%9&+#,+-.%+$#C(-"Kc*+;9"+8.%:'$9F*+
8#"Q#"9-'#(1+#(+Ph+/%Q-%:R%"+=>=64=[+
/kjJ0Sf+JXS/p0!m+fkYL/LNL2U+NTk+b8TkJL/N/c+;Xfc1+=>=6W=>5PG+J0Zkf2+
;Xf1+JS2LNL02/1+X2Z+2XNL02XI+/j/NkJ/+/Q"'()%"+QCRF'$9-'#(*4+
g\+T%+39*+JC('-'#(*+J'('*-%"+,"#:+J9K+5g1+=>=g+-#+BCFK+>1+=>=?4+!"'#"+-#+-.9-+.%+39*+
8.9($%FF#"+#,+-.%+ka$.%iC%"]+,#FF#3'()+.'*+*-'(-+9*+JC('-'#(*+J'('*-%"1+.%+39*+J'('*-%"+#,+
;9"+73'-.+F'--F%+Q#3%"@+C(-'F+.%+"%*')(%&+#(+Z%$%:R%"+g4+0(+Z%$%:R%"+[1+9,-%"+XF,"%&+
E#(9"+I93+39*+C(9RF%+-#+QC-+-#)%-.%"+9+$#9F'-'#(1+.%+R%$9:%+!"':%+J'('*-%"4+
+
g>+L(+%9"FK+=>=?1+9$$#"&'()+-#+0":*RKHU#"%1+A?$"T+-U.'(("2'&"#0+("%(;(52(4O+^%:Q.9*'*+
*CQQF'%&_4+m"#:+AE"'-9'(+'(+!9F%*-'(%+E"'-9'(c*+.'*-#"'$+"%*Q#(*'R'F'-'%*+,#"+-.%+L*"9%FH
!9F%*-'(%+$#(,F'$-G/-9"-'()+9(+.#(%*-+$#(M%"*9-'#(1O++9+!#3%"+!#'(-+Q"%*%(-9-'#(+,"#:+N.%+
E9F,#C"+!"#e%$-1+&%6$'4+
+
+
?h+29-'#(9F+X"$.'M%*+#,+E"'-9'(4+/%%+9F*#+3334e*-#"4#")r*-9RF%rg?\5P?"3/"K+0%)'"Z+-(0'$U"F"
oBC_]"A/$'%($%+'(+-.%+*%"M'$%+#,+Q#F'-'$*G+-.%+$9*%+#,+8.9':+;%'<:9((+&C"'()+-.%+m'"*-+;#"F&+
!
!
!
$'!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;9"1O+N.%+k()F'*.+T'*-#"'$9F+f%M'%3+++Y#F4+=hh1+2#4+P>?1+BCF41+=>\gG+0a,#"&+S('M%"*'-K+!"%**+
X"-'$F%+/-9RF%+SfIG+.--QGrr3334e*-#"4#")r*-9RF%rg?\5P?=h45Ph[rg?\5P?+
+
?=+/#:%+"%,%"%($%*+*9K+'-+39*+=>h64++.--QGrr3334$.%:'*-"K%aQF9'(%&4$#:rY9H
dr;%'<:9((H8.9':4.-:F!
+
?5+f%'(.9"<1+'(+-.%+:#*-+9C-.#"'-9-'M%+^9(&+'($"%&'RFK+3%FFH"%*%9"$.%&+9"-'$F%+#(+-.%+
*CRe%$-17*%%+(#-%g\@++QF9$%*+-.%+&9-%+*#:%-':%+'(+=>=64+7*%%+,##-(#-%+g\@+X+:#"%+Q"%$'*%+
$."#(#F#)K+#,+%M%(-*+R9*%&+#(+f%'(.9"<+"%*%9"$.+9(&+$#""#R#"9-%&+RK+F%--%"*+'(+-.%+
29-'#(9F+X"$.'M%*+#,+U"%9-+E"'-9'(+9(&+#-.%"+*#C"$%*+'*+,#C(&+'(+XQQ%(&'a+P_4+
+
?P+L(+=>=5+;%'<:9((+&'*$#M%"%&+-.9-+-.9-+-.%+R9$-%"'C:+S,5&#$-)-%."'1+#53%#/,-1%."
$#(M%"-%&+*-9"$.+-#+9+:'a-C"%+#,+%-.9(#F1+9$%-#(%1+9(&+RC-KF+9F$#.#F4++J'$.9%F+/C--#(1+
AJ#CF&%"+#,+J#F%$CF%*G+J9V%"+#,+9+29-'#(1O+
.--QGrr3334$.%:'*-"K4#")4'FrR##VF%-r=5rQ&,r3%'<:9((4Q&,4++/C--#(c*+&9-%+'*+$#(-"9&'$-%&+
'(+R#-.+;%'<:9((c*+Q9-%(-+9QQF'$9-'#(+7,#"+3.'$.+.%+,'"*-+9QQF'%&+'(+J9"$.+#,+=>=g@+9(&+
f%'(.9"<c+9"-'$F%4+L-+9QQ%9"*+-.9-+'(+=>=5+;%'<:9((+39*+3#"V'()+#(+9+*':'F9"+Q"#$%**+C*'()+
9+&',,%"%(-+#")9('*:+&'*$#M%"%&+RK+9+Z"+m%"(R9$.+3.'$.+39*+-#+R%+C*%&+#(+Q#-9-#%*4+0(FK+
R%$9C*%+-.9-+Q"#$%**+39*+9+&'*9QQ#'(-'()+,9'FC"%1+39*+;%'<:9((c*+&'*$#M%"K+*#+M9FC%&4+++
+
?6+;%'<:9((1+.--QGrr3334$.%:'*-"K%aQF9'(%&4$#:rY9Hdr;%'<:9((H8.9':4+
+
?g+;%'<:9((+9QQF'%&+,#"+9+^Q"#M'*'#(9F_+E"'-'*.+Q9-%(-+'(+J9"$.=>=g+9(&+9+S/+Q9-%(-+C(&%"+
-.%+(9:%+8.9"F%*+;%'<:9((+'(+=>=?4+T%+39*+)"9(-%&+S/+Q9-%(-+=P=gg\gX++'(+=>=>4+
+
??+8#"&'-%+.9&+R%%(+C*%&+RK+-.%+E"'-'*.+:'F'-9"K+*'($%+=\\>1+3.%(+'-+,'"*-+"%QF9$%&+RF9$V+
)C(Q#3&%"4+L-+$#(*'*-%&+$.'%,FK+#,+-.%+.').H%aQF#*'M%*+('-"#)FK$%"'(%+9(&+('-"#$%FFCF#*%+
7)C(H$#--#(@1+3'-.+9$%-#(%+QF9K'()+-.%+V%K+"#F%+#,+*#FM%(-+'(+-.%+:9(C,9$-C"'()+Q"#$%**4+
+
?[+/%%+.--QGrr3334K#C-CR%4$#:r39-$.nMt:MdPL9g)!R#+,#"+9(+%a$%FF%(-+M'&%#+#(+-.%+
.'*-#"K+#,+$#(*-"C$-'#(+#,+-.%+f#K9F+29M9F+8#"&'-%+m9$-#"K+'(+Z#"*%-+RC'F-+C(&%"+8.C"$.'FFc*+
&'"%$-'#(+,#"+;%'<:9((c*+3#"V+#(+9$%-#(%4+
+
?\/9CF+Z9M'&1+A>%,,+#&7">55#&"A()">'()'4+&c"N52"=5"Z+',,/"T-("A"T'$c+Z'&+8#(V%"*+T%FQ+;'(+
-.%+m'"*-+;#"F&+;9"nO++EE8+*%"'%*1+.--QGrr3334.'*-#"K%a-"94$#:r$#(V%"1+%aQF9'('()+3.K+
E"'-9'(+39*+,#"$%&+-#+':Q#"-+-.%+M9*-+:9e#"'-K+#,+'-*+9$%-#(%+,"#:+-.%+S('-%&+/-9-%*+R%,#"%+
;%'<:9((c*+&'*$#M%"K4+
?>++A8.9':+;%'<:9((1+8.%:'*-"K+kaQF9'(%&1O++.--QGrr3334$.%:'*-"K%aQF9'(%&4$#:rY9H
dr;%'<:9((H8.9':4.-:F+
[h+Z9M'&+IF#K&+U%#")%1+AY+.5-$&"5*"#0+"M+'1+"S5(*+$+(1+7"p5,%.+"!!1O+2%3+T9M%(1+j9F%+
S('M%"*'-K+!"%**1+=>P>]+7$.4+{{LLL@4+/%%+J9'F*-9"+.--QGrr:9'F*-9"4(%-rFH)%#")%4.-:F+!%-%"+
JK%"*1+5hhh4+
+
!
!
!
$(!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
[=AN.%+J'('*-"K+#,+JC('-'#(*+39*+$"C$'9F+-#+-.%+"'*%+#,+IF#K&+U%#")%+-#+*CQ"%:%+Q#3%"4+L(+9+
)#M%"(:%(-+)"9QQF'()+3'-.+*-9F%:9-%+#(+-.%+3%*-%"(+,"#(-1+,9'FC"%+9-+U9FF'Q#F'+9(&+9+
:C&&F%+9-+/9F#('$91+-.%+#")9('<9-'#(+#,+:C('-'#(*+Q"#&C$-'#(+#(+M9*-FK+':Q"#M%&+F'(%*+39*+
9+&"9:9-'$+*C$$%**4+8'-'()+!%-%"+I#3%1+AN.%+f'*%+-#+!"%:'%"*.'Q1O+'(+X4Bs0s+N9KF#"+%&4+IF#K&+
U%#")%G+N3%FM%+k**9K*+7I#(&#(1+=>[=@+Q+=h?+$'-%&+'(++f+B+v+X&9:*1+AZ%F'M%"'()+-.%+U##&*G+
f%9QQ"9'*'()+-.%+J'('*-"K+#,+JC('-'#(*G+=>=gH=>=?4+3334+B*-#"4#")4+
+
[5+fBv+X&9:*1+AZ%F'M%"'()+-.%+U##&*G+f%9QQ"9'*'()+-.%+J'('*-"K+#,+JC('-'#(*G+=>=gH=>=?1+
XFR'#(1+Y#F4+[4+2#4+P4+XC-C:(+=>[g4++
.--QGrr3334e*-#"4#")r&'*$#M%"r=h45Ph[r6h6\=[\nC'&t5=5>xC'&t5xC'&t[hxC'&t6x*'&t
5==h5?gg>>?[?P+
[P+/9CF+Z9M'&1+AECFF%-*1+E##-*+9(&+E9(&9)%*G+T#3+-#+f%9FFK+;'(+9-+;9"++H+T#3+U%":9(K++I#*-++
-.%+;;L++X":*+"9$%1O+=?+m%R"C9"K+5h=5+4+/9CF+Z9M'&+'*+!"#,%**#"+#,+;9"+/-C&'%*+9-+-.%+
S('M%"*'-K+#,+E'":'().9(4++
[6+.--QGrr3334,'"*-3#"F&39"4$#:r9-#<r*.%FF*$9(&9F4.-:+N.%+/.%FF+8"'*'*+#,+=>=g1G+AZ9M'&+
IF#K&+U%#")%1+-.%+I'R%"9F+8.9($%FF#"1+,%"M%(-FK+R%F'%M%&+-.9-+9+"9&'$9F+':Q"#M%:%(-+-#+-.%+
:C('-'#(*+'(&C*-"K+39*+(#-+#(FK+Q#**'RF%+RC-+-.#"#C).FK+(%$%**9"K+',+-.%+E"'-'*.+3%"%+-#+
$#:Q%-%+3'-.+U%":9(K+'(+9+F#()+39"4++T%+&'&+(#-+.#3%M%"+R%F'%M%+-.9-+-.%+39"+*%$"%-9"K1+
I#"&+p'-$.%(%"1+C(&%"+3.#:+"%*Q#(*'R'F'-K+,#"+:C('-'#(*+Q"#&C$-'#(+,%FF1+39*+CQ+-#+-.%+
-9*V+#,+&%F'M%"'()+-.%+"%iC'"%&+Q"#&C$-'#(+#M%".9CF4+IF#K&+U%#")%+-.%"%,#"%+%($#C"9)%&+
-.%+Q"#Q"'%-#"+#,+-.%+Q#3%",CF+=-.+&+9(&+?'-,/"Y'-,"(+2&6'6+$&1+I#"&+2#"-.$F',,%1+'(+-.%+
F9--%"D*+&%-%":'(9-'#(+-#+QCRF'*.+&%-9'F*+#,+-.%+D*.%FF+*$9(&9FD+'(+.'*+(%3*Q9Q%"*4++2#"-.$F',,%+
&CFK+QCRF'*.%&+9(+9"-'$F%+RK+f%Q'()-#(+#(+=6+J9K+=>=g+$F9':'()+-.9-+-.%+,9CF-+#,+-.%+:9--%"+
F9K+3'-.+-.%+;9"+0,,'$%+9(&+'(+Q9"-'$CF9"+3'-.+I#"&+p'-$.%(%"4++N.%+"%*CF-9(-+CQ"#9"+39*+
(#-+"%*-"'$-%&+-#+-.%+Q#F'-'$9F+%F'-%4O+
[g+2#"-.$F',,%+9F*#+.%FQ%&+R"'()+9R#C-+IF#K&+U%#")%D*+9QQ#'(-:%(-+9*+!"':%+J'('*-%"+'(+
=>=?4[g+L(+"%-C"(+IF#K&+U%#")%+#,,%"%&+2#"-.$F',,%+9+Q#*-+'(+.'*+$9R'(%-1+RC-+2#"-.$F',,%+
&%$F'(%&4+L(*-%9&+.%+9$$%Q-%&+-.%+Q#*-+#,+Z'"%$-#"+,#"+!"#Q9)9(&94+
[?+L(+m%R"C9"K1+IF#K&+U%#")%+R%)9(+9+*%"'%*+#,+Q"#(#C($%:%(-*+#(+-.%+*CRe%$-1+)#'()+*#+,9"+
9*+-#+*9K+'(+9+*Q%%$.+-#+.'*+$#(*-'-C%(-*+'(+E9()#"+#(+m%R"C9"K+5\+-.9-+A3%+9"%+$#(&C$-'()+9+
39"+9*+',+-.%"%+39*+(#+39"O4+N.%+*Q%%$.+39*+Q"'(-%&+'(+=0+"=-.+&"-.%+,#FF#3'()+&9K4+
+
[[+N.%+m'"*-+;#"F&+;9"4+8#:1+AN.%+/.%FF+/$9(&9F4O+
.--QGrr3334,'"*-3#"F&39"4$#:r9-#<r*.%FF*$9(&9F4.-:+
+
[\+N.%+E9--F%+#,+2%CM%+8.9Q%FF%1+=>=g1+,'"*-+3#"F&39"4$#:!
+
[>+X$$#"&'()+-#+-.%++.'*-#"'9(+J9"-'(+U'FR%"-+Q%"+AN.%+E9--F%+#,+2%CM%+8.9Q%FF%1O+
.--QGrr3334,'"*-3#"F&39"H.'*-#"K4$#4CVrQ9)%H54Q.Q+
+
!
!
!
$)!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\h+2#-3'-.*-9(&'()+-.%+9C*Q'$'#C*+R%)'(('()*+#,+-.%+9--9$V1+-.%+#Q%"9-'#(+&'&+(#-+%(&+3%FF4+
;.'F%+-.%+E"'-'*.+"%$9Q-C"%&+9R#C-+5+V:+7=45+:'@+#,+)"#C(&1+9F:#*-+==1hhh+E"'-'*.+9(&+
L(&'9(*+3%"%+V'FF%&1+9R#C-+5gy+#,+-.%+-"##Q*+&%QF#K%&4+N.%+QF9((%&+E"'-'*.+#,,%(*'M%+39*+
Q#*-Q#(%&+#(+J9"$.+=P+9(&+9R9(&#(%&+-3#+&9K*+F9-%"4+
+
\=+/%M%"9F+,9$-#"*+:C*-+R%+(#-%&+'(+$#(*'&%"'()+-.%+'(-%(*'-K+#,+I#"&+2#"-.$F',,%c*+9$-'M'-'%*4+
=4+N.%+"%$%(-+&%9-.+'(+9$-'#(+#,+.'*+(%Q.%3+9-+2%CM%+8.9QQ%FF%4+54+N.%+#M%"H<%9F#C*(%**+#,+
.'*+9$-'#(*+Q"#:Q-%&+IF#K&+U%#")%+.9&+-#+39"(+2#"-.$F',,%+-.9-+-.%+$9:Q9')(+39*+
$#C(-%"Q"#&C$-'M%+9(&+$"%9-'()+*K:Q9-.K+,#"+p'-$.%(%"+3.#+9-+-.9-+Q#'(-+39*+$#(*'&%"%&+9+
(9-'#(9F+.%"#4.--QGrr3334,'"*-3#"F&39"4$#:rR'#r(#"-.$F',,%4.-:+3.#c*+3.#4+I#"&+
2#"-.$F',,%+
+
\5++Z9M'&+m"%($.1+AN.%+J'F'-9"K+E9$V)"#C(&+-#+-.%+b/.%FF+8"'*'*+#,+J9K+=>=g1O+
+
B#C"(9F+#,+/-"9-%)'$+/-C&'%*1+Y#FC:%+51+L**C%+51+=>[>+
.--QGrr3334$%"$F%*4$#:r(5=rQ9"*#(*4Q&,+
+
\P++LR'&4+
+
\6+X*+IF#K&+U%#")%+3"#-%+'(+.'*+:%:#'"*G+ATC:9(+M9F#C"+'*+(#+*.'%F&+9)9'(*-+.').+
%aQF#*'M%*+#"+:9$.'(%H)C(+RCFF%-*4+L-+*##(+R%$9:%+%M'&%(-+-#+$F%9"+%K%*+9(&+)"9&C9FFK+-#+
-.%+:#*-+#R-C*%+M'*'#(+-.9-+-.%+39"+3#CF&+R%+,#C).-+9(&+CF-':9-%FK+&%$'&%&+'(+-.%+
3#"V*.#Q+9(&+-.%+F9R#"9-#"K4O+Y#F4+51+Q4+[g4+
+
\g+Ap'-$.%(%"+.9&+-"'%&+-#+Q%"*C9&%+-.%+9":K+-#+R%+%$#(#:'$9F+'(+'-*+C*%+#,+*.%FF*1+9*+3%FF+9*+
&'M%"-'()+*#:%+#,+-.%+:C$.H(%%&%&+:C('-'#(*+-#+-.%+Z9"&9(%FF%*4+N.%+"%*CF-+39*+-.9-+-.%+
Q"%F':'(9"K+R#:R9"&:%(-*+3.'$.+-.%+E"'-'*.+$#CF&+&%QF#K+-#+R"%9V+&#3(+U%":9(+
&%,%($%*+^*'$_+R%,#"%+F9C($.'()+9(+9**9CF-+C*%&+,9"+,%3%"+*.%FF*+-.9(+-.%+m"%($.+9(&+3%"%+
:C$.+F%**+%,,%$-'M%4O+\g+.--QGrr3334$%"$F%*4$#:r(5=rQ9"*#(*4Q&,+
\X%/9CF+Z9M'&1+AT#3+U%":9(K+F#*-+-.%+;;L+9":*+"9$%1O=?+m%R"C9"K+=5+EE8+
.--QGrr3334RR$4$#4CVr(%3*r:#R'F%r:9)9<'(%H=[h==?h[+
\[N.%+E9--F%+#,+XCR%"*++.--QGrr3334=>=6H=>=\4(%-rR9-==4.-:++
\\+=0+"=-.+&+.%9&F'(%+#,+J9K+=6+&'&+(#-+:'**+-.%+#QQ#"-C('-K+-#+F9:R9*-+-.%+)#M%"(:%(-4+
N.%+.%9&F'(%+RF9"%&G+A2%%&+,#"+*.%FF*G+E"'-'*.+9--9$V*+$.%$V%&G+I':'-%&+*CQQFK+-.%+$9C*%G+X+
I%**#(+m"#:+m"9($%O+L-+$#::%(-%&+l;%+.9&+(#-+*C,,'$'%(-+.').+%aQF#*'M%*+-#+F#3%"+-.%+
%(%:KD*+Q9"9Q%-*+-#+-.%+)"#C(&+`+N.%+39(-+#,+9(+C(F':'-%&+*CQQFK+#,+.').+%aQF#*'M%*+39*+9+
,9-9F+R9"+-#+#C"+*C$$%**1l+$F%9"FK+QC--'()+-.%+#(C*+#(+-.%+)#M%"(:%(-4++
\>
+ +2kkZ+m0f+/TkII/1+-.%+=-.+&+.%9&F'(%+RF9"%&+#(+J9K+=61+Q'$V'()+CQ+#(+m"%($.D*+$F9':*4+
EfLNL/T+XNNX8p/+8Tk8pkZ+}+ILJLNkZ+/S!!ILk/+NTk+8XS/k4+N.%+9"-'$F%+iC#-%&+m"%($.+
9(&+*-9-%&+-.9-+N.%+9--9$V*+^9-+XCR%"*+f'&)%_+3%"%+3%FF+QF9((%&+9(&+M9F'9(-FK+$#(&C$-%&4+
N.%+'(,9(-"K+&'&+*QF%(&'&FK1+RC-+-.%+$#(&'-'#(*+3%"%+-##+.9"&4+N.%+39(-+#,+9(+C(F':'-%&+
*CQQFK+#,+.').+%aQF#*'M%*+39*+9+,9-9F+R9"+-#+#C"+*C$$%**4+N.#C).+m"%($.D*+$F9':*+
!
!
!
$*!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$#(-"9&'$-%&+%9"F'%"+*-9-%:%(-*+:9&%+RK+!"':%+J'('*-%"+T%"R%"-+X*iC'-.1+'(+9+*Q%%$.+-#+
:C('-'#(*+3#"V%"*+'(+2%3$9*-F%1+-.%K+(#(%-.%F%**+*%-+#,,+9+,CFFHRF#3(+$"'*'*+9(&+X*iC'-.D*+
I'R%"9F+)#M%"(:%(-1+9F"%9&K+C(&%"+,'"%+,#"+'-*+C(*C$$%**,CF+(9M9F+Q#F'$K+'(+-.%+
Z9"&9(%FF%*}'(+Q"#-%*-+#,+3.'$.+m'"*-+/%9+I#"&+B#.(+X"RC-.(#-4+B9$V'%+m'*.%"1+-.%+:9(+3.#+
.9&+"%RC'F-+-.%+E"'-'*.+(9MK+'(+-.%+K%9"*+R%,#"%+-.%+39"+9(&+'(-"#&C$%&+-.%+,9:#C*+
Z"%9&(#C).-+R9--F%*.'Q1+"%*')(%&+#(+J9K+=g}39*+,#"$%&+-#+9$$%Q-+-.%+,#":9-'#(+#,+9+
$#9F'-'#(+$9R'(%-4+
>h++/9CF+Z9M'&1+AECFF%-*1+E##-*+9(&+E9(&9)%*G+T#3+-#+f%9FFK+;'(+9-+;9"++HH+T#3++U%":9(K+IF#*-++
-.%+;;L++X":*++f9$%1O+m%R"C9"K+=?1+5h=51+.--QGrr3334RR$4$#4CVr(%3*r:9)9<'(%H=[h==?h[!
>=
+ +N.'*+;%%V+'(+T'*-#"K1+Y'/"B\"F"Y'/"Ia"A'4!HXD!HLHM!I#(&#(+N':%*+9"-'$F%+*Q9"V*+l/.%FF*+
8"'*'*l+/%%+9F*#+X+&9K+'(+.'*-#"K4$#:+
>5+f#(9F&+/9(&%"*1+AN.%+T').+;9FF*+#,+B%"C*9F%:H+X+T'*-#"K+#,+-.%+E9F,#C"+Z%$F9"9-'#(+9(&+
-.%+E'"-.+#,+-.%+E"'-'*.+J9(&9-%+,#"+!9F%*-'(%4O+T#F-1+f'(%.9"-+9(&+;'(*-#(1+2%3+j#"V1+
=>\P4+
+
>P+!%"+J%K%"+;%'*)9F+'(+A8.9':+;%'<:9((G+X+E'#)"9Q.K+RK+/%M%"9F+T9(&*+J%K%"+;#F,%+
;%'*)9F;%'&%(,%F&+9(&+2'$#F*#(1+=>?5+1+A;%'<:9((+3'-.+.'*+&'*$#M%"K+(#-+#(FK+.%FQ%&+C*+
3'(+-.%+39"+RC-+:9&%+9+Q%":9(%(-+:9"V+#(+-.%+:9Q+#,+-.%+3#"F&4O+!4==>4+
>6+.--QGrr3334-.%e$4$#:rF',%*-KF%rF',%*-KF%H,%9-C"%*r\>h5?r$.9':H3%'<:9((H9(&H.#3H
R9F,#C"H&%$F9"9-'#(H39*H:9&%H:9($.%*-%"4+
>g+0(%+"%(&'-'#(+#,+%M%(-*+$9(+R%+,#C(&+'(+lN.%+X$%-#(%+*-#"K1O+Q"%Q9"%&+#(+Z%$%:R%"+61+
=>P5+RK+8.9':+;%'<:9((1+9*+9+b:%:#"9(&C:+,#"+IF#K&+U%#")%1+b+Q"%Q9"%&+9-+.'*+"%iC%*-44O+
/%%+IF#K&+U%#")%1+;9"+J%:#'"*1+I#(&#(+=>P61+Y#F4+LL4+!Q4+g\PHg\64+Y#F4+{Y+Q4+6=>4+
+
>?+E%)'(('()+'(+=>=61+;%'<:9((+R%)9(+*%9"$.'()+,#"+9+$#(&C'-+-#+IF#K&+U%#")%+9(&+E9F,#C"4++
0(%+Q#-%(-'9F+M%.'$F%+39*+84!4+/$#--1+k&'-#"+#,+-.%+J9($.%*-%"+UC9"&'9(4+/$#--+&'&+,C"-.%"+
;%'<:9((+9(&+d'#('*:c*+Q"%*-')%+9(&+9+"9-.%"+"#:9(-'$'<%&+M'%3+#,+.'*+$#(-"'RC-'#(++
R9*%&+Q"':9"'FK+#(+/$#--c*+#3(+9$$#C(-+$9(+R%+,#C(&+'(1+8'FF'9(+/-%Q.%(+Z#KF%+7EX@+
AA)56#-(4"i-5(-&."'&"'",-3+$',"1'%&+c"S8M8"L15##7"#0+"Y'(10+&#+$"H%'$)-'("'()"#0+"i-5(-&#"
.5@+.+(#7+BCB\FBCfI1l+.--QGrr3334C$&4'%r'RQrJXZ'**%"-9-'#(*5hh>rZ#KF%p'FF'9(4Q&,4+
>[+X:#()+;%'<:9((c*+,"'%(&*+'(+-.%+'(-%FF%$-C9F+B%3'*.+8#::C('-K+'(+J9($.%*-%"+39*+9+
B#C"(9F'*-+#(+-.%+J9($.%*-%"+UC9"&'9(1+T9""K+/9$.%"1+9F-.#C).+'-+9QQ%9"*+-.9-+/9$.%"+39*+
(#-+-.%+#(%+"%*Q#(*'RF%+,#"+9""9()'()+-.%+:%%-'()+R%-3%%(+;%'<:9((+9(&+/$#--1+RC-+"9-.%"+
-.%+:%%-'()+$9:%+-."#C).+9+*#$'9F+-%9+M'9+#(%+#,+Y%"9+;%'<:9((c*+9$iC9'(-9($%*4++
L:Q"%**%&+RK+;%'<:9((c*+$.9":+/$#--+9--%:Q-%&+-#+'(-"#&C$%+.':+9(&+-.%+d'#('*-+'&%9F+-#+
IF#K&+U%#")%+3'-.+3.#:+/$#--+39*+:%%-'()+"%)CF9"FK+'(+=>=6+7*%%+9QQ%(&'a@4++N.%+
9--%:Q-%&+'(-"#&C$-'#(+&'&+(#-+Q9(+#C-+9(&+'-+"%:9'(%&+,#"+;%'<:9((+-#+:%%-+IF#K&+
U%#")%+-."#C).+.'*+*$'%(-','$+Q"#3%**+9(&+9$$#:QF'*.:%(-*+-.%+,#FF#3'()+K%9"V%kM%(+.%"%1+
.'*+#3(+'('-'9-'M%+9(&+$#(-9$-*+&'&+(#-+Q9K+#,,4+++T'*+"%*Q#(*%+-#+9+;9"+0,,'$%+"%iC%*-+,#"+
*$'%(-'*-*+-#+$#(-"'RC-%+"%F%M9(-+%,,#"-*+39*+"%RC,,%&+9(&+'-+"%:9'(%&+,#"+/'"+m"%&"'$V+
!
!
!
%+!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
29-.9(1+9(+%aQ%"-+#(+:C('-'#(*+#(+-.%+*-9,,+#,+;'(*-#(+8.C"$.'FF+-#+*%%V+;%'<:9((+#C-+-.%+
,#FF#3'()+K%9"4+7/%%+,##-(#-%+\P4@+
>\+/'"+m"%&"'$V+29-.9(+39*+9(+k()F'*.+*#F&'%"+9(&+$.%:'*-4+T%+e#'(%&+-.%+f#K9F+X"-'FF%"K+'(+
=\[>4+T%+R%$9:%+9(+%aQF#*'M%*+%aQ%"-+9(&+&C"'()+;#"F&+;9"+L+#")9('<%&+:C('-'#(*+
:9(C,9$-C"%4+T%+39*+Q"%*'&%(-+#,+-.%+L(*-'-C-'#(+#,+8.%:'$9F+k()'(%%"*+,"#:+=>5g+-#+=>5[4+
m"#:+=>hg+-#+=>5?+.%+*%"M%&+9*+$#::9(&9(-+#,+-.%+B%3'*.+I9&*D+E"')9&%4++EF9$V3%FF+
f%,%"%($%+#(F'(%4+
.--QGrr3334RF9$V3%FF"%,%"%($%4$#:rQCRF'$r-#$(#&%n'&t)>[\h?P==\[5\\w$.C(Vw)>[\h?
P==\[5\\=>w**=Hg6+
+
GG%8.9':+;%'<:9((1+A=0+"G+##+$&"'()"M'6+$&"5*"S0'-."T+-U.'((c"&+$-+&">1O4+/%%+9F*#++
AS0'-."T+-U.'((7"S0+.-&#$/"R(1/1,56+)-'7""S0+.-&#$/"Rb6,'-(+)1O++
.--QGrr3334$.%:'*-"K%aQF9'(%&4$#:rY9Hdr;%'<:9((H8.9':4.-:F!
+
=hh +!%"+f%'(.9"-<1+29-.9(+39*+:9&%+939"%+#,+;%'<:9((c*+Q"#$%**+'(+m%R"C9"K+#,+=>=g4+/%%+
XQQ%(&'a+P+,#"+9+:#"%+Q"%$'*%+$."#(#F#)K+#,+-.%+-':'()+#,+%M%(-*4++
+
=h= +8F#*-"'&'9+'*+-.%+)%(C*+#,+"#&H*.9Q%&+R9$-%"'9+-.9-+'($FC&%+#")9('*:*+-.9-+C-'F'<%+
9(9%"#R'$+73'-.#C-+9'"@+Q"#$%**%*4+f#&+*.9Q%&+#")9('*:*+-.9-+"%iC'"%+9'"+9"%+$9FF%&+R9$'FF'+
7*%%+(#-%+=hh@+
+
=h5 +X$$#"&'()+-#+;%'<:9((+R'#)"9Q.%"+2#":9(+f#*%1+A;.%(+-C"(%&+F##*%+#(+9+:9*.+#,+
$#"(1+R9$'FFC*+EHj+$9C*%&+'-+-#+,%":%(-+"9Q'&FK+Q"#&C$'()+9+*#FC-'#(+-.9-+$#(-9'(%&+RC-9(#F1+
9$%-#(%1+9(&+:'(#"+iC9(-'-'%*+#,+%-.KF+9F$#.#F`N.%*%+*#FM%(-*+$#CF&+-.%(+R%+*%Q9"9-%&+'(+
QC"%+,#":+RK+9+"%F9-'M%FK+*':QF%+Q"#$%**+#,+&'*-'FF9-'#(4O++
=hP +AX$%-#(%+.9&+Q"%M'#C*FK+R%%(+:9&%+,"#:+$9F$'C:+9$%-9-%+':Q#"-%&+,"#:+U%":9(K4+
/'($%+':Q#"-9-'#(+#,+-.%+U%":9(+$9F$'C:+9$%-9-%+39*+(#-+Q#**'RF%+9(&+-.%+S('-%&+/-9-%*+&'&+
(#-+.9M%+9+F9")%+*CQQFK1+;%'<:9((+39*+"%$"C'-%&+RK+;'(*-#(+8.C"$.'FF+9(&+-.%+E"'-'*.+
)#M%"(:%(-+-#+*%-+CQ+.'*+:'$"#R'9F+,%":%(-9-'#(+,#"+-.%+Q"#&C$-'#(+#,+9$%-#(%+,"#:+$#"(+9-+
-.%+2'$.#F*#(+Z'*-'FF%"K+'(+I#(&#(4+N.%+)"9'(+*CQQFK+39*+C("%F'9RF%1+.#3%M%"1+R%$9C*%+#,+
-.%+U%":9(+RF#$V9&%+9(&+'-+39*+(%$%**9"K+-#+F##V+,#"+9+&',,%"%(-+,%":%(-9RF%+$9"R#.K&"9-%4+
m##&+39*+R%'()+"9-'#(%&+*#+9+*CR*-"9-%+-.9-+$#CF&+(#-+R%+C*%&+,#"+.C:9(+,##&+39*+(%%&%&4+
L(+=>=?1+;%'<:9((+%M%(+-"'%&+-#+C*%+.#"*%+$.%*-(C-*+$#FF%$-%&+RK+$.'F&"%(1+RC-+-.%+*CQQFK+
39*+'(*C,,'$'%(-+,#"+9+F9")%H*$9F%+,%":%(-9-'#(4+N.%+E"'-'*.+-C"(%&+-#+#-.%"+Q9"-*+#,+-.%+
E"'-'*.+k:Q'"%+9(&+-#+-.%'"+9FF'%*+,#"+9+,%":%(-9RF%+$9"R#.K&"9-%4+8#(*%iC%(-FK1+'(+=>=?1+
-.%+;%'<:9((+Q"#$%**+39*+:#M%&+-#+9+&'*-'FF%"K+'(+N#"#(-#+789(9&9@+9(&+9(#-.%"+39*+RC'F-+
'(+L(&'94+L(+=>=[1+9+QF9(-+39*+*%-+CQ+-#+,%":%(-+$#"(+'(+L(&'9(9+7S4/4@4O+8."'*-'(%+89*%1+k&4Z4+
J'$"#R'#F#)K+!"#,%**#"1+/VKF'(%+8#FF%)%+AJ'$"#R'9F+m%":%(-9-'#(*G+8.9()%&+N.%+8#C"*%+0,+
TC:9(+T'*-#"KO+.--QGrr33349$$%**%a$%FF%($%4#")rI8r//r,%":wR9$V)"#C(&4Q.Q+
+=h6+f#)%"+/-9('%"1+J'$.9%F+Z#C&#"#,,+9(&+k&39"&+X&%FR%")1+AN.%+J'$"#R'9F+;#"F&1O+P"&+
%&'-'#(1+!"%(-'$%HT9FF1+L($4+24B41+=>\P+Q4+?6P1+\6?H\6[4+
+
!
!
!
%"!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=hg I%--%"+#,+8.4+;%'<:9((1+X&:'"9F-K+I9R#"9-#"'%*1+I'*-%"+L(*-'-C-%+#,+!"%M%(-'M%+J%&'$'(%1+
8.%F*%9+U9"&%(*1+I#(&#(1+/4;41+-#+J"4+Z9M'%*4++KL[7[FY[F[FG++^"Y'$10"BCB]"0+,)"-("#0+"Vn"
M'$,-'.+(#'$/"A$10-@+&c"T+-U.'(("JX*V*+,#"+%($F#*%&+-#+R%+)'M%(+-#+IF#K&+U%#")%4+
k($F#*C"%G+8.4+;%'<:9((1+X&:'"9F-K+I9R#"9-#"'%*1+-#+7f-4+T#(4+IF#K&+U%#")%@+NKQ%*$"'Q-+?+
J9"$.+=>=g1+^-.'*+:C*-+R%+9+-KQ#)"9Q.'$9F+%""#"+R%$9C*%+;%'<:9((+39*+(#-+Q#*-%&+-#+-.%+
I'*-%"+L(*-'-C-%+C(-'F+=>=?_+/CR:'-*1+9*+"%iC%*-%&+-.%+Q"%M'#C*+m"'&9K1+-.%+"%*CF-*+#,+-.%+
%aQ%"':%(-*+#(+-.%+C*%+#,+RC-KF+9F$#.#F+,#"+#R-9'('()+9$%-#(%4+/9K*+-.%"%+'*+l"%9*#(9RF%+
$.9($%+#,+*C$$%**l+eC&)'()+,"#:+-.'*+Q"%F':'(9"K+'(M%*-')9-'#(4O+
.--QGrr3334(9-'#(9F9"$.'M%*4)#M4CVrX5Xr"%$#"&*49*Qan$9-th?=HF)w6H=x$'&t=H=hH=H
=hz=H=hH=H=h4+
+
=h? +AL(+XC)C*-+=>=61+;%'<:9((+3"'-%*1+.%+,#C(&+9+$'"$CF9"+#(+.'*+&%*V+,"#:+-.%+;9"+0,,'$%1+
'(M'-'()+*$'%(-'*-*+-#+"%Q#"-+9(K+&'*$#M%"K+#,+:'F'-9"K+M9FC%4+!%".9Q*1+;%'<:9((+-.#C).-1+L+
$9(+b,%":%(-c+9$%-#(%4+;%'<:9((+#,,%"%&+-.%+;9"+0,,'$%+.'*+,%":%(-9-'#(+Q"#$%**%*4+N.%"%+
39*+(#+"%*Q#(*%+C(-'F+.%+39*+*#C).-+#C-+RK+9(&+9&M'*#"+#(+8.C"$.'FFc*+*-9,,4++L(+=>=g1+
9$#"&'()+-#+;%'<:9((c*+9C-#R'#)"9Q.K+A=$-',"'()"R$$5$7O+.%+39*+*C::#(%&+-#+:%%-+3'-.+
-.%+m'"*-+I#"&+#,+-.%+X&:'"9F-K+HH+9+K#C()+%(%")%-'$+*-9-%*:9(+(9:%&+;'(*-#(+8.C"$.'FF4+
8.C"$.'FFc*+,'"*-+3#"&*+3%"%1+A;%FF1+Z"4+;%'<:9((1+3%+(%%&+-.'"-K+-.#C*9(&+-#(*+#,+9$%-#(%4+
89(+K#C+:9V%+'-nO++8.C"$.'FF+39*+%*Q%$'9FFK+V%%(+#(+,'(&'()+9F-%"(9-'M%*+-#+9$%-#(%+
Q"#&C$-'#(+'(+F').-+#,+p'-$.%(%"c*+'(*'*-%($%+-.9-+9F-%"(9-'M%*+,#"+9$%-#(%+R%+,#C(&+9FF+-.%+
3.'F%+p'-$.%(%"+$C"-9'F%&+'-*+C*%4+7*%%+Sp+JC('-'#(*+9"$.'M%*@4+
+
=h[ +p'%F+J9e%3*V'++N%""%+T9C-%+X(&+;;L+
.--QGrr&')'-9F4-%""%.9C-%F'M'()4$#:r9"-'$F%rN%""%wT9C-%wX(&w;;Lr?P>[5=r?==\[r9"-'$F%
4.-:F+
+
FY\%mL1-+(1+"-("#0+"&+$@-1+"5*"65,-#-1&c"#0+"1'&+"5*"S0'-."T+-U.'((")%$-(4"#0+"X-$&#"T5$,)"
T'$7E"+k()F'*.+T'*-#"'$9F+f%M'%3+7=>\g@+8+7888{8YL@G+g[5H?hP4+
+
=h> ++X+F%--%"+,"#:+A8.9':+;%'<:9((1+6=+89:Q&%(+T#C*%+f#9&1+p%(*'()-#(1+;'(*-#(+
8.C"$.'FF1+-#+/'"+m"%&%"'$V+^EF9$V_++IUrZr=hr=r=\1++5[+m%R+=>=?+&%*$"'R%*+.#3+-.%+
X&:'"9F-K+*Q#(*#"%&+.'*+9$%-#(%+Q"#$%**+9*+%9"FK+9*+F5/*)1+=>=g+9(&+9QQ#'(-%&+.':1+=*-+
/%Q+=>=g1+9*+-%:Q#"9"K+.#(#"9"K+N%$.('$9F+X&M'*#"+#(+9$%-#(%+*CQQF'%*4+;%'<:9((+(#-%*+
-.9-+-.%+J'('*-"K+#,+JC('-'#(*+#(FK+R%$9:%+'(-%"%*-%&+'(+.':+'(+F#8#2$1+=>=g+9(&+
9QQ#'(-%&+.':1+'(+/%Q+=>=g1+8.%:'$9F+X&M'*#"+#(+X$%-#(%+/CQQF'%*4+N.'(V*+.'*+Q#*'-'#(+(#-+
*C,,'$'%(-FK+"%)CF9"'*%&4+/-"%**%*+-.%+':Q#"-9($%+#,+.'*++Q"#$%**4O+^*'$_++
.--QGrr3334(9-'#(9F9"$.'M%*4)#M4CVrX5Xr"%$#"&*49*Qan$9-th?=HF)w6H=x$'&t=H=hH=H
=hz=H=hH=H=h+N.'*+F%--%"+$9*-*+)"9M%+&#CR-+#(+-.%+$F9':*+#,+8!+/$#--+7#,+-.%+J9($.%*-%"+
UC9"&'9(@+-#+.9M%+%()'(%%"%&+;%'<:9((c*+9QQ#'(-:%(-+RK+-.%+J'('*-"K+#,+JC('-'#(*4+L-+
9QQ%9"*+'-+39*+(#-+8!+/$#--+1+RC-+8.C"$.'FF+3.#+'(-"#&C$%&+;%'<:9((+-#+IF#K&+U%#")%1+9*+'(+
,9$-+IF#K&+U%#")%c*+#3(+"%$#"&*+9--%*-4++L-+9F*#+'(&'$9-%*+-.9-+"9-.%"+-.9(+;%'<:9((c*+
Q%"*#(9F'-K+9(&+<%9F+'(+Q"#:#-'()+d'#('*:1+'-+39*+.'*+*$'%(-','$+9$$#:QF'*.:%(-*+-.9-+
'('-'9FFK+3%"%+#,+'(-%"%*-+-#+IF#K&+U%#")%4+
!
!
!
%#!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
==h +N.%+/.%FF+8"'*'*+9F*#+$#(-"'RC-%&+-#+-.%+,9'F%&+(9M9F+9--9$V+#(+-.%+Z9"&9(%FF%*+9(&+
X&:'"9F+m'*.%"c*+"%*')(9-'#(4+
+
=== +EK+-.'*+-':%+'-+9QQ%9"*+,"#:+IF#K&+U%#")%c*+(#-%*+-.9-+.%+39*+9F"%9&K+V%%(FK+939"%++#,+
9(&+'(M#FM%&+3'-.+;%'<:9((c*+*$'%(-','$+QC"*C'-*4+;%'<:9((+.9*+R%%(+'(+$#(-9$-+3'-.+J"+
Z9M'%*+#,+.'*+#,,'$%+*'($%+J9"$.+#,+=>=g4++A8.4+;%'<:9((1+X&:'"9F-K+I9R#"9-#"'%*1+-#+J"4+
Z9M'%*4++IUrZr=hr=r5=1++I]"Y'/"BCB^"k($F#*C"%G+8.4+;%'<:9((1+X&:'"9F-K+I9R#"9-#"'%*1+-#+
7f-4+T#(4+Z4+IF#K&+U%#")%@4+NKQ%*$"'Q-+5g+J9K+=>=?+3.'$.+"%,%"*+-#+-.%'"+'(-%"M'%3+-.9-+
:#"('()+9(&+*-9-%*+-.9-+.%+'*+Q"#$%%&'()+3'-.+9""9()%:%(-*+,#"+$#(-'(C'()+-.%+
%aQ%"':%(-*+,#"+-.%+$#(M%"*'#(+#,+#"&'(9"K+*Q'"'-*+'(-#+R%(<%(%+9(&+-#FC%(%+9(&+-.%"%,#"%+
'(-#+Q'$"'$+9$'&4O+
+
==5 +AN#+I#(&#(+RK+(').-+-"9'(+Q"':9"'FK+-#+*%%+IF#K&+U%#")%+9R#C-+:C('-'#(*4+;%'<:9((+
.9M'()+9$.'%M%&+$#:QF%-%+*C$$%**+'(+F9")%+*$9F%+Q"#&C$-'#(+#,+9$%-#(%1+%**%(-'9F+'()"%&'%(-+
,#"+$#"&'-%+7Q"#e%$-'F%@1+%9)%"+-#+QC*.+#(+3'-.+%aQ%"':%(-*+'(+Q"#&C$-'#(+#,+-#FC#F+%**%(-'9F+
,#"+.').+%aQF#*'M%*4+/#:%+%aQ%(*%+'(M#FM%&4+I#"&+J#CF-#(+#R*-"C$-'M%+`+IF#K&+U%#")%+
V%%(FK+'(-%"%*-%&+`+9(&+Q"#:'*%&+-#+9$-4O+S8"M8"L15##c")-'$/"*5$"IDqI_"K'(%'$/"BCB^8+
==P +Af%Q#"-+#(+;%'<:9((+9$%-#(%+Q"#$%**+$9""'%&+#C-+9-+f#K9F+29M9F+8#"&'-%+m9$-#"K1+!##F%1+
Z#"*%-1+J'('*-"K+#,+JC('-'#(*G+m'F%*+-"9(*,%""%&+-#+-.%+;9"+0,,'$%4+Z%Q9"-:%(-+#,+kaQF#*'M%*+
/CQQFK4+X$%-#(%+/CQQF'%*1+kaQ%"':%(-*1+%-$4+f%Q#"-+#(+;%'<:9((+9$%-#(%+Q"#$%**+$9""'%&+
#C-+9-+f#K9F+29M9F+8#"&'-%+m9$-#"K1+!##F%1+Z#"*%-+8#FF%$-'#(G+f%$#"&*+#,+-.%+J'('*-"K+#,+
JC('-'#(*+9(&+*C$$%**#"*1+'($FC&'()+Q9Q%"*+#,+Z9M'&+IF#K&+U%#")%4+Z9-%+"9()%G5h+
Z%$%:R%"+=>=g+H+5h+Z%$%:R%"+=>=g+f%,%"%($%G+JS2+[r5P\/CRe%$-*GX":%&+m#"$%*+
7U%(%"9F@1+J9(C,9$-C"'()1+;%9Q#(*1+X":K1+29MK4O+m'F%*+-"9(*,%""%&+-#+-.%+;9"+0,,'$%+
==6 +AE9<'"%1+Z%Q-4+#,+kaQF#*'M%*+/CQQF'%*1+-#+Z9M'%*4++IUrZr=hr=r5h++Bf"Y'/"BCB^EI#"&+
J#CF-#(+.9*+9QQ"#M%&+#,+-.%+X$%-#(%+J%:#4+k($F#*C"%G+79@+J'(C-%+,"#:+J#CF-#(4+
NKQ%*$"'Q-+=P+J9K+=>=?4+N.%+Q"#)"%**+#,+;%'<:9((D*+"%*%9"$.4+7R@+N3#+J%:#*4+RK+
m4I429-.9(4+NKQ%*$"'Q-+=5+J9K+=>=?4N.%+Q"#&C$-'#(+#,+9$%-#(%+RK+-.%+;%'<:9((+!"#$%**+
9(&+-.%+Q"#M'*'#(+#,+%aQ%"':%(-9F+QF9(-4O++I#"&+J#CF-#(+39*+9(#-.%"+%a9:QF%+#,+-.%+
*$'%(-'*-+*-9-%*:9(4+X+m%FF#3+#,+-.%+f#K9F+/#$'%-K1+J#CF-#(+39*+9+:9-.%:9-'$'9(1+F93K%"+
9(&+eC&)%4+T%+39*+939"&%&+-.%+m"%($.+I%)'#(+#,+T#(#C"+,#"+.'*+3#"V+'(+%*-9RF'*.'()+
'(-%"(9-'#(9F+$#H#Q%"9-'#(+'(+-%":*+#,+-.%+:%9*C"%:%(-+#,+%F%$-"'$9F+iC9(-'-'%*4+L(+=>=6+.%+
R%$9:%+$.9'":9(+#,+9+$#::'--%%+-#+9&M'*%+#(+-.%+*CQQFK+#,+%aQF#*'M%*+%M%(-C9FFK+R%$#:'()+
Z'"%$-#"HU%(%"9F+#,+-.%+kaQF#*'M%*+Z%Q9"-:%(-+#,+-.%+;9"+0,,'$%+3.%"%+.%+Q%"*#(9FFK+
M'*'-%&+%M%"K+:C('-'#(*+,9$-#"K4+
==g+
XR#C-+>h1hhh+)9FF#(*+
==? +Af%Q#"-*+RK+Z"4+8.9"F%*+^*'$_+;%'<:9((+#(+%aQ%"':%(-*+'(+Q"#&C$-'#(+#,+9$%-#(%+
J'('*-"K+#,+JC('-'#(*G+m'F%*+-"9(*,%""%&+-#+-.%+;9"+0,,'$%4+Z%Q9"-:%(-+#,+kaQF#*'M%*+
/CQQFK4+X$%-#(%+/CQQF'%*1+kaQ%"':%(-*1+%-$4+f%Q#"-*+RK+Z"4+8.9"F%*+^*'$_+;%'<:9((+#(+
%aQ%"':%(-*+'(+Q"#&C$-'#(+#,+9$%-#(%4+8#FF%$-'#(G+f%$#"&*+#,+-.%+J'('*-"K+#,+JC('-'#(*+9(&+
*C$$%**#"*1+'($FC&'()+Q9Q%"*+#,+Z9M'&+IF#K&+U%#")%+Z9-%+"9()%G5P+/%Q-%:R%"+=>=g+H+h=+
!
!
!
%$!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
BCFK+=>=?+f%,%"%($%GJS2+[r5P?/CRe%$-*GX":%&+m#"$%*+7U%(%"9F@1+;%9Q#(*1+X":K1O+,"#:+
-.%+E"'-'*.+X"$.'M%*+,'F%*+H+Q9Q%"*+#,+IF#K&+U%#")%4^*#:%-':%*+;%'<:9((+C*%&+-.%+(9:%+
b8.9"F%*c1+3.'$.+'*+9F*#+,#C(&+#(+.'*+=>=>+Q9-%(-+9QQF'$9-'#(+'(+-.%+S4/4_r!
==?
+ +Af%Q#"-+#(+;%'<:9((+9$%-#(%+Q"#$%**+$9""'%&+#C-+9-+f#K9F+29M9F+8#"&'-%+m9$-#"K1+!##F%1+
Z#"*%-+J'('*-"K+#,+JC('-'#(*G+m'F%*+-"9(*,%""%&+-#+-.%+;9"+0,,'$%4+Z%Q9"-:%(-+#,+kaQF#*'M%*+
/CQQFK4+X$%-#(%+/CQQF'%*1+kaQ%"':%(-*1+%-$4+f%Q#"-+#(+;%'<:9((+9$%-#(%+Q"#$%**+$9""'%&+
#C-+9-+f#K9F+29M9F+8#"&'-%+m9$-#"K1+!##F%1+Z#"*%-48#FF%$-'#(G+f%$#"&*+#,+-.%+J'('*-"K+#,+
JC('-'#(*+9(&+*C$$%**#"*1+'($FC&'()+Q9Q%"*+#,+Z9M'&+IF#K&+U%#")%Z9-%+"9()%G5h+Z%$%:R%"+
=>=g+H+5h+Z%$%:R%"+=>=g+f%,%"%($%GJS2+[r5P\/CRe%$-*GX":%&+m#"$%*+7U%(%"9F@1+
J9(C,9$-C"'()1+;%9Q#(*1+X":K1+29MK1O+,"#:+-.%+E"'-'*.+X"$.'M%*1+,"#:+-.%+E"'-'*.+X"$.'M%*+
,'F%*+H+Q9Q%"*+#,+IF#K&+U%#")%4%
==[ +E"'-9'(+-"'%&+-#+"C(+-.%+,%":%(-9-'#(+Q"#$%**+#(+9(+'(&C*-"'9F+*$9F%+9-+M9"'#C*+QF9(-*+
9"#C(&+-.%+S('-%&+p'()&#:1+-#+(#+9M9'F+&C%+-#+)"9'(+*.#"-9)%*4+;.%(+-.%+S('-%&+/-9-%*+
%(-%"%&+-.%+39"+'(+=>=[1+E"'-9'(+&%$'&%&+-#+-"K+-.%+Q"#$%**+3.%"%+-.%+$#"(+39*+QF%(-',CF+
9(&+-.%+&'*-'FF%"'%*+3%"%+'(+,CFF+%,,%$-4+N.%+S('-%&+/-9-%*+X'"+/%"M'$%+9(&+-.%+E"'-'*.+;9"+
J'**'#(+QC"$.9*%&+-.%+8#::%"$'9F+9(&+J9e%*-'$+3.'*V%K+&'*-'FF%"'%*+#(+-.%+;9R9*.+f'M%"+
'(+N%""%+T9C-%+9(&+9&9Q-%&+-.%:+,#"+9$%-#(%+Q"#&C$-'#(+RK+-.%+;%'<:9((+Q"#$%**4+
X$$#"&'()+-#+m"9($%*+TC).%*+#,+-.%+N%""%+T9C-%+/Q%$-9-#"1+R%-3%%(+J9K+#,+=>=\+9(&+
X":'*-'$%+Z9K+=4g+:'FF'#(+)9FF#(*+#,+9$%-#(%+3%"%+Q"#&C$%&+,#"+-.%+39"+%,,#"-+'(+N%""%+
T9C-%1+L(&'9(94+
.--QGrrR##V*4)##)F%4$#4'FrR##V*n'&t!*9R2-aPPYJ8xQ)t!X?g6xFQ)t!X?g6x&it3%'<:9(
(~"CRR%"x*#C"$%tRFx#-*t!X.vdk.(Yix*')tVCaLf8<9.J/8)MQw)h?fjv.dpk)x.Ft%(x*
9t{x%'t%ZLPSQTIE#RR*)RX'jT)X)xM%&th8Ukv?Xk3E3zMt*('QQ%-xit3%'<:9((y5hFF
#K&y5h)%#")%x,t,9F*%4!
+
==\ N.%+29-'#(9F+X"$.'M%*+#,+IF#K&+U%#")%+$#""%*Q#(&%($%*+'(&'$9-%+9+"9-.%"+F%**+)"9(&+
Q#*'-'#(1+A8.%:'$9F+X&M'*#"+#(+X$%-#(%+/CQQF'%*4O+/%%+9QQ%(&'a+P4+
+
==> +L(+J9K+#,+=>=?1+X+F%9&+9"-'$F%+'(+-.%+=-.+&+#,+I#(&#(+Q"#$F9':*+-.9-+9(+'(*C,,'$'%($K+#,+
:C('-'#(*+'*+F%9&'()+-#+&%,%9-+,#"+E"'-9'(+#(+-.%+R9--F%,'%F&*+#,+;#"F&+;9"+L4+N.%+9"-'$F%+
*Q9"V%&+9+)%(C'(%+$"'*'*+#(+-.%+.#:%+,"#(-1+,#"$'()+-.%+I'R%"9F+)#M%"(:%(-+-#+)'M%+39K+-#+9+
$#9F'-'#(+9(&+Q"#:Q-'()+-.%+$"%9-'#(+#,+9+J'('*-"K+#,+JC('-'#(*4+
=5h
+ +T%+9F*#+$"%9-%&+9+;9"+89R'(%-+3.'$.+C(&%"-##V+-.%+*CQ"%:%+&'"%$-'#(+#,+-.%+39"+%,,#"-4+
L-+39*+$#:Q#*%&+#,+Z9M'&+IF#K&+U%#")%1+-.%+!"':%+J'('*-%"1+X"-.C"+E9F,#C"1+(#3+m#"%')(+
/%$"%-9"K1+"%QF9$'()+k&39"&+U"%K1+X(&"%3+E#(9"+I931+I#"&+29-.9('%F+8C"<#(1+XF,"%&+
J'F(%"1+X"-.C"+T%(&%"*#(+9(&+/'"+J9C"'$%+T9(V%K+7'-*+/%$"%-9"K@4+J9"V+/KV%*+9(&+I%#Q#F&+
X:%"K+3%"%+9F*#+*%$"%-9"'%*4.--QGrr3334R9F,#C"Q"#e%$-4#")r-.%HR9F,#C"H&%$F9"9-'#(HV%KH
QF9K%"*H9(&H%M%(-*HRKH:9"KH)"%K4+
=5= +N.%+&9-%+#,+;%'<:9((c*+,'"*-+:%%-'()+3'-.+IF#K&+U%#")%+'*+.#-FK+$#(-%*-%&4+J#*-+#,+.'*+
R'#)"9Q.%"*1+9*+3%FF+9*+.'*+Q9-"#(1+8!+/$#--+#,+-.%+J9($.%*-%"+UC9"&'9(1+QF9$%+-.%+&9-%+#,+
-.%+,'"*-+:%%-'()+'(+Z%$%:R%"+#,+=>=6+#"+B9(C9"K+#,+=>=g+7/9(&%"*@+R9*%&+#(+9+"9:RF'()+
(#-%+3"'--%(+K%9"*+F9-%"+'(+;%'<:9((c*+:%:#'"*++9(&+9(+C(&9-%&+F%--%"+,"#:+;%'<:9((+-#+
/$#--1+#*-%(*'RFK+3"'--%(+'(+=>=644++N.'*+:%%-'()+W+3.'$.+9FF+*#C"$%*+$F9':'()+-.'*+&9-%+9)"%%+
!
!
!
%%!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
'($FC&%&+I#"&+/9:C%F1+8!+/$#--1+;%'<:9((1+IF#K&+U%#")%+9(&+B#*'9.+;%&)3##&+(%M%"+
*%%:%&+-#+.9M%+#$$C""%&+9-+9FF4+;%&)%3##&+,'"*-+:%-+;%'<:9((+'(+Z%$%:R%"+#,+=>=?+X(&+
3.'F%+;%&)%3##&+F9-%"+R%$9:%+9(+9"&%(-+$.9:Q'#(+#,+d'#('*:1+'(+B9(C9"K+#,+=>=g+W+-.%"%+
'*+(#-+#(%+*."%&+#,+%M'&%($%+*CQQ#"-'()+-.%+(#-'#(+-.9-+-.%+J!+,"#:+2%3$9*-F%+.9&+9(K+
d'#('*-+'($F'(9-'#(+9-+9FF4+;%&)3##&c*+"%$#FF%$-'#(+$#(,'":*+-.%+Q#*'-'#(+#,+IF#K&+U%#")%+
7*CQQ#"-%&+RK+"%$#"&*+,"#:+-.%+29-'#(9F+9"$.'M%*@+'(&'$9-'()+;%'<:9((+:%-+IF#K&+U%#")%+
'(+XC)C*-+#,+=>=gH+'($'&%(-+-#+.'*+.'"'()+"%)9"&'()+&%M%F#Q'()+9$%-#(%+RK+.'*+:%-.#&+,#"+
C*%+RK+-.%+J'('*-"K+#,+JC('-'#(*4+N.%+,'"*-+-':%+-.9-+IF#K&+U%#")%+&'*$C**%&+d'#('*:+W+9-+
F%9*-+-#+9(K+&%)"%%+#,+*CR*-9($%}&'&+(#-+#$$C"+C(-'F+2#M%:R%"+#,+=>=g+W+*.#"-FK+9,-%"+-.%+
,'"*-+*C$$%**,CF+:9**+Q"#&C$-'#(+#,+9$%-#(%+#$$C""%&4+
+
=55 ++Z9M'&+IF#K&+U%#")%1+J%:#'"*1+&%6$'4+
+
=5P +N.%+E9F,#C"+!"#e%$-1+&%6$'8+
=56 +++8.9"F%*+Z4+/:'-.1+'(+M',+&#-(+"'()"#0+"A$'3F!&$'+,-"S5(*,-1#1+E%&,#"&r/-4+J9"-'(D*+7@1+QQ4+
?\H\P4+9")C%*+-.9-+;%'<:9((D*+%,,%$-'M%+F#RRK'()+39*+F9")%FK+"%*Q#(*'RF%+,#"+&%M%F#Q'()+
E"'-'*.+3'FF'()(%**+-#+'**C%+-.%+E9F,#C"+Z%$F9"9-'#(4+T#3%M%"1+A'-+3#CF&+(#-+.9M%+$#:%+
9R#C-+3'-.#C-+-.%+RF%(&'()+#,+;%'<:9((D*+9")C:%(-*+"%)9"&'()+-.%+M9FC%+#,+d'#('*:+-#+
E"'-'*.+'(-%"%*-*+3'-.+-.%+%:%")%($%+#,+%M%(-*+-.9-+*%%:%&+-#+Q"#M%+.':+"').-4O++
=5g +/%)%M1+Q46=4+X$5."=0+"G+##+$&"'()"M'6+$&"5*"S0'-."T+-U.'((8"X$5."#0+">',*5%$"M$5O+1#+
=5? +0"')'(*+#,+-.%+E9F,#C"+Z%$F9"9-'#(+.--QGrr3334<'#('*:H
'*"9%F4$#:rE9F,#C"wZ%$F9"9-'#(w=>=[4.-:+
=5[ ++L(&%%&1+E9F,#C"+Q"'&%*+.':*%F,+#(+.'*+QC"%FK+d'#('*-'$+'(-%(-'#(*+9(&+:#-'M9-'#(*4+L(+.'*+
'(-"#&C$-'#(+-#+29.C:+/#V#F#3D*+AT'*-#"K+#,+d'#('*:1O+E9F,#C"+:9V%*+'-+$F%9"+-.9-+.%+
*CQQ#"-%&+-.%+Q"#e%$-+#,+9+l(9-'#(9F+.#:%l+,#"+-.%+B%3'*.+Q%#QF%+R%$9C*%+.%+R%F'%M%&+'-+39*+
eC*-4O++
=5\ +IF#K&+U%#")%+:9K+$F9':+$"%&'-+,#"+'(-"#&C$'()+;%'<:9((+-#+E9F,#C"+RC-+;%'<:9((+.9&+
:%-+E9F,#C"+K%9"*+Q"%M'#C*FK4+L-+'*+Q%".9Q*+-.%+"%H'(-"#&C$-'#(+,#FF#3'()+;%'<:9((c*+
&'*$#M%"K+#,+9$%-#(%+-#+3.'$.+IF#K&+U%#")%+"%,%"*4+
=5> +Z9M'&+IF#K&+U%#")%1+AY+.5-$&"5*"#0+"M+'1+"S5(*+$+(1+7"p5,%.+"!!1O+2%3+T9M%(1+j9F%+
S('M%"*'-K+!"%**+=>P>]+78.4+{{LLL@4+
=Ph ++lE'#)"9Q.K+#,+8.9':+;%'<:9((1l+d'#('*:H'*"9%F4$#:4+f%-"'%M%&+5h=5Hh?Hh\4+
=P= +XF-.#C).+-.%+-':%+F9)+R%-3%%(+-.%+'($%Q-'#(+#,+%M%(-*+9(&+'-*+,"C'-'#(+.'(-*+-#+-.%+
'(M#FM%:%(-+#,+9(#-.%"+'(,FC%($%1+-#+R%+&'*$C**%&+'(+-.%+$#:Q9('#(+9"-'$F%4+
=P5%+Z9M'&+IF#K&+U%#")%1+A;9"+J%:#'"*1+Y#FC:%++L9+0&.9:*+!"%**+I':'-%&+I#(&#(1+C('M%"*9F+
I'R"9"K+J%:#'"*4++
+
=PP +.--QGrr3334-.%(9)9'(4'(,#r3%R$."#(r:'&&F%%9*-rE9F,#C"4.-:F+
!
!
!
%&!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+
=P6 +L(+,9$-+R%$9C*%+#,+3.9-+IF#K&+U%#")%+3"#-%+'(+.'*+9C-#R'#)"9Q.KK1+:9K+Q%#QF%+R%F'%M%+
-.%+E9F,#C"+&%$F9"9-'#(+39*+9+"%39"&+,#"+;%'<:9((c*+3#"V+'(+R'#$.%:'*-"K+,#"+-.%+
X&:'"9F-K4+/%%+J9"K+U"%K1+A8.9':+;%'<:9((+7=\[6H=>g5@1+N.%+E9F,#C"+!"#e%$-4O+N.'*+
;%'<:9((+.':*%F,+"%e%$-*1+*9K'()+AL+9F:#*-+3'*.+'-+.9&+R%%(+9*+*':QF%+9*+-.9-1+9(&+-.9-+L+
.9&+(%M%"+V(#3(+-.%+.%9"-R"%9V1+-.%+&"C&)%"K+3.'$.+Q"%$%&%&+-.%+Z%$F9"9-'#(4+EC-+.'*-#"K+
&#%*+(#-+&%9F+'(+XF9&&'(c*+F9:Q*4O+;%'<:9((1+AN"'9F+9(&+k""#"1+AT9:'*.+T9:'F-#(1+I#(&#(+
=>6>4+
+
=Pg +E%"(9"&+;9**%"*-%'(+'(+AY'*'#(+8#(,"#(-*+f%9F'-KG+T'*-#"'$9F+!%"*Q%$-'M%*+#(+-.%+
8#(-%:Q#"9"K+B%3'*.+X)%(&94+%&'-%&+RK+fC-.+p#<#&#K1+Z9M'&+/'&#"*VK1+p9F:9(+/CF-9('V+9%
X**#$'9-%&+S('M%"*'-'%*+!"%**11+T%"<F+!"%**1+2%3+j#"V1+B9(+=1+=>\>%,)&)*@%f'$.9"&+8"#**:9(+
7+9+'&+#,+;%'<:9((c*@+3.#+9--"'RC-%&+;%'<:9((c*+*$'%(-','$+&'*$#M%"'%*+9*+Q"#M'&'()+-.%+
:C$.+(%%&%&+'((&22+-#+IF#K&+U%#")%+-."#C).+3.'$.+;%'<:9((+39*+9RF%+-#+QC-+,#"39"&+
-.%+d'#('*-+9)%(&94+/%%+Q4=[\4
+
+
=P? +A8C""%(-+E'#)"9Q.K+=>651O+QQ4+\[[W\h4+N.%+*-#"K+)#%*+-.9-+;%'<:9((+9*V%&+E9F,#C"1+
l;#CF&+K#C+)'M%+CQ+I#(&#(+-#+F'M%+'(+/9*V9-$.%39(nl+;.%(+E9F,#C"+"%QF'%&+-.9-+-.%+E"'-'*.+
.9&+9F39K*+F'M%&+'(+I#(&#(1+;%'<:9((+"%*Q#(&%&1+lj%*1+9(&+3%+F'M%&+'(+B%"C*9F%:+3.%(+
I#(&#(+39*+*-'FF+9+:9"*.4l!
+
=P[ +/:C-*+F9-%"+R%$9:%+!"':%+J'('*-%"+#,+-.%+S('#(+#,+/#C-.+X,"'$94+
+
=P\ +I%#(9"&+/-%'(1+AN.%+E9F,#C"+Z%$F9"9-'#(O+J9)(%*+!"%**4++7J9K+=>\P@4++
=P> +X$$#"&'()+-#+89:%"#(+T9<F%.C"*+9(&1+/9FFK+;.'-%.%9&+A+UC'&%+-#+-.%+!9Q%"*+#,+E"'-'*.+
89R'(%-+J'('*-%"*+=>hhH=>?6+!9"-+#,+f#K9F+T'*-#"'$9F+/#$'%-K+UC'&%*+9(&+T9(&R##V*+
89:R'&)%+S('M%"*'-K+!"%**4++!4+=[=1+E9F,#C"c*+8#""%*Q#(&%($%*+"%F9-'()+-#+d'#('*:+,'"*-+
9QQ%9"+'(+=>=>4+++
+
=6h +X$$#"&'()+-#+_".=%L.$=%6-%&0$%4"5-6'.%:.6d$,&/+AL-+39*+IF#K&+U%#")%:'('*-%"+#,+
:C('-'#(*1+3.#+'(-"#&C$%&+.':+-#+E9F,#C"4%%FGFP%,)&)*@%
E'#)"9Q.KG+X"-.C"+E9F,#C"+=\6\H+=>Ph+
=6= A/#:%+9C-.#"*+7,#"+%a9:QF%1+E%"(9"&+;9**%"*-%'(+'(+-.'*+9"-'$F%@+-.'(V+-.'*+39*+-.%+,'"*-+
-':%+-.9-+T%"R%"-+/9:C%F+9(&+8.9':+;%'<:9((+:%-1+RC-+#(+Q9)%+=gh+#,+.'*+:%:#'"*+
;%'<:9((+*9K*+-.%K+:%-+#(+P+Z%$%:R%"+=>=61+9-+9+R"%9V,9*-+3'-.+Z9M'&+IF#K&+U%#")%1+8+!+
/$#--+9(&+B#*'9.+;%&)3##&4O+m"#:+-.%+!;L!+&9-9+R9*%4+
=65 +f%'(.9"<4+
+
=6P +LR'&4+!"#,4+J%K'"+Y%"'-%+*C))%*-*+-.9-+:#*-+#,+-.%+$"%&'-+R%F#()*+-#+T%"R%"-+/9:C%F+9(&+
29.C:+/9V#F#34++
!
!
!
%'!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L,1+9*+.'*-#"K+*%%:*+-#+$#(,'":1+/9:C%F+39*+3#"V'()+#(+9+:9(',%*-#+*CQQ#"-'()+-.%+
(#-'#(+#,+9+B%3'*.+.#:%F9(&+9*+%9"FK+9*+2#M%:R%"+=>=6+7-#+R%+*C"%+3'-.+'(QC-+RK+
;%'<:9((+W+3.#+/9:C%F+R%F'%M%&+39*+'(+,9$-+-##+-9:%+3'-.+.'*+&%:9(&*@+-.%(+/9:C%F+
&%*%"M%*+:#"%+$"%&'-+-.9(+.%+'*+-"9&'-'#(9FFK+)'M%(+
=66+
=6g+
L(+,9$-1+/9:C%F+*CR:'--%&+.'*+:9(',%*-#+-#+-.%+89R'(%-+7#(+B9(C9"K+5\1+=>=g@4+
=6? ++/%%+9F*#+AL(-"#&C$-'#(+W+3.9-+:#-'M9-%&+-.%+E9F,#C"+Z%$F9"9-'#(+n+p%K+QF9K%"*+9(&+
%M%(-*G+J9"K+U"%K1O+N.%+E9F,#C"+!"#e%$-1+*CQ"94+
+
=6[ +XM'+/.F9':%9%mN.%+E9F,#C"+Z%$F9"9-'#(+X(&+'-*+8#(*%iC%($%*1O+'(+;:4+f#)%"+I#C'*1+%&41+
mE+#"Y5$+"A)@+(#%$+&"2-#0">$-#'((-'c"M+$&5(',-#-+&7"M5,-#-1&"'()"S%,#%$+"-(">$-#'-(1O+I#(&#(1++
L4+E4+N9C"'*1+5hhg1+QQ4+5g=H5[h4+++
=6\ I9-%"+-.9-+K%9"1+#(+BCFK+=5-.1+29.C:+/#V#F#3+3"#-%+9+-%(-9-'M%+&"9,-+#,+-.%+&%$F9"9-'#(^=_+
9(&+*%(-+'-1+9(&+*#:%+%aQF9(9-#"K+$#::%(-*+-#+I#"&+f#-.*$.'F&1+-.%+.%9&+#,+-.%+d'#('*-+
m%&%"9-'#(+'(+U"%9-+E"'-9'(4+/#V#F#3+9F*#+*%(-+-.%+&"9,-+-#+/'"+J9"V+/KV%*+9(&+/'"+f#(9F&+
U"9.9:4+
+
=6> ++Z#(9F&+2%,,1+AX',,+("M-,,'$&"7V8L8"M5,-1/"#52'$)&"M',+&#-(+"'()"!&$'+,"&-(1+"BC\]1O+8.9Q-%"+
0(%G+d'#('*:G+B%3'*.+X:%"'$9(*+9(&+-.%+/-9-%+Z%Q9"-:%(-1+=\>[H=>6g1++L(*-'-C-%+,#"+
!9F%*-'(%+/-C&'%*1+5hh54+
+
=gh +;%'<:9((+9(&+E"9(&%'*+&'&+(#-+:%%-+,9$%+-#+,9$%+C(-'F+=>=>+9(&+-.%'"+"%F9-'#(*.'Q+
9QQ%9"%&+,"#*-K+,"#:+-.%+#C-*%-1+(#-3'-.*-9(&'()+-.%+$#FF9R#"9-'#(+9(&+$##Q%"9-'#(+
R%-3%%(+-.%+-3#+:%(+&C"'()+-.%+F9-%"+:#(-.*+#,+=>=[4++L(+BC(%1+=>=>1+#(+.'*+39K+-#+
!9F%*-'(%+E"9(&%'*+*-#QQ%&+,#"+9+*.#"-+-':%+'(+I#(&#(+3.%"%+.%+:%-+;%'<:9((+,#"+-.%+,'"*-+
-':%4+L(+9+F%--%"+-#+.'*+3',%1+E"9(&%'*+3"#-%+-.9-+;%'<:9((+l'*+(%'-.%"+9*+)"%9-+(#"+9*+
#Re%$-'#(9RF%+9*+.%+39*+Q9'(-%&4+EC-+.%+'*+M%"K+l+:C$.+#,+9+:9(+9(&+:C$.+R'))%"+-.9(+:#*-+
#,+.'*+,%FF#3*l4+;%'<:9((+'(+.'*+l=$-',"'()"R$$5$<+&%*$"'R%*+E"9(&%'*+9*+lCQ"').-1+9C*-%"%1+
#,+9+*$"CQCF#C*+.#(%*-K+9(&+':QF9$9RF%+F#)'$l4++
=g= +8#F#(%F+B#*'9.+8F%:%(-+;%&)3##&+7=\[5H=>6P@1+J!1+39*+#(%+#,+YF9&':'"+7d%D%M@+
B9R#-'(*VKD*+*-"#()%*-+R9$V%"*+9(&+.'*+$#FF%9)C%+'(+-.%+/%M%(-.+Z#:'('#(+I%9)C%4+L(+=>5\1+
;%&)3##&+QCRF'*.%&+9+R##V1+=0+"L+@+(#0"?5.-(-5(1+$9FF'()+,#"+!9F%*-'(%+-#+R%$#:%+9+
B%3'*.+Z#:'('#(+3'-.'(+-.%+E"'-'*.+k:Q'"%4+T9M'()+"%-C"(%&+-#+k()F9(&1+;%&)3##&+39*+
%F%$-%&+9*+J%:R%"+#,+!9"F'9:%(-+7J!@+,#"+2%3$9*-F%HC(&%"HIK:%+9-+-.%+=>h?+)%(%"9F+
%F%$-'#(4+N.#C).+.%+*-##&+,#"+-.%+I'R%"9F+!9"-K1+.%+:9&%+'-+$F%9"+-.9-+.%+3#CF&+-9V%+9(+
'(&%Q%(&%(-+F'(%+'(+!9"F'9:%(-+',+(%$%**9"K1+'(+9$$#"&9($%+3'-.+.'*+$#(*$'%($%4+T%+39*+"%H
%F%$-%&+9-+R#-.+%F%$-'#(*+'(+=>=h1+9(&+-.9-+K%9"+39*+9F*#+%F%$-%&+-#+/-9,,#"&*.'"%+8#C(-K+
8#C($'F4+T'*+'(-%"%*-+'(+d'#('*:+39*+(#-+V(#3(+C(-'F+F9-%+=>=?+9-+-.%+%9"F'%*-4+
.--QGrr3334e-94#")r=>5\r==r=6r9"$.'M%r<'#('*-H"%M'*'#('*-*H%:R"9$%H3%&)3##&*H'&%9H
#,H*%M%(-.H&#:'('#(+
=g5
+ !%"+!9CF+JCFM%K+9C-.#"+#,+-.%+AN.%+!#F'-'$9F+I',%+#,+B#*'9.+84+;%&)3##&G+I9(&1+I'R%"-K+
9(&+k:Q'"%1+=\[5H=>6PO+Grr)#4:'$"#*#,-4$#:r,3F'(VrQrnI'(VL&t5gg=6=++
!
!
!
%(!
!"#$%%&'()*+#,+-.%+!/01+2%3+/%"'%*+2#4+56+
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
=gP +LR'&+Q4+[P+
+
=g6+/
9(&%"*4+
FHH%29-.9(+3#"V%&+9-+2#R%F+I9R#"9-#"'%*+C(-'F+=>h>4+f0EkfN+f0EkfN/021+0R'-C9"K+/'"+
m"%&%"'$+29-.9(1+p4E4kW'#%$++FNN1+ggHgg+7=P+B9(C9"K+=>P6@+Ä+&#'G=h4=hP\r=PPhgg9h4%
=g? +AN.%+I%--%"*+9(&+!9Q%"*+#,+8.9':+;%'<:9((G+XC)C*-+=\>\HBCFK+=>P=4O+
=g[ +8#F'(+/.'(&F%"+1+AN.%+N"'C:Q.+#,+J'F'-9"K+d'#('*:G+29-'#(9F'*:+9(&+-.%+0"')'(*+#,+-.%+
L*"9%F'+f').-O+L4E4N9C"'*+!CRF'*.'()1+*%%+%(&(#-%*+
+
=g\ +B#(9-.9(+/$.(%%"1+AN.%+E9F,#C"+Z%$F9"9-'#(G+N.%+0"')'(*+#,+-.%+X"9RHL*"9%F'+8#(,F'$-O+
(#-%+=5>4
+
=g> +B#(9-.9(+/$.(%%"+1+AN.%+E9F,#C"+Z%$F9"9-'#(G+N.%+0"')'(*+#,+-.%+X"9RHL*"9%F'+8#(,F+
EF##:*RC"K+!CRF'*.'()4
+
=?h +I#"&+T%"R%"-+/9:C%F1+Y+.5-$&1+Q4=6=4+
=?= +f#R%"-+B#.(1+A+E%.'(&+-.%+E9F,#C"+Z%$F9"9-'#(1E"'-9'(D*+U"%9-+;9"+!F%&)%+N#+I#"&+
f#-.*$.'F&O+=0+"K5%$(',"5*"N-&#5$-1',"Z+@-+21+;'(-%"+=>\gH?+7Y#F4+?1+2#4+6@1+Q9)%*+P\>H6gh1+
6>\4+N.'*+Q9Q%"+39*+,'"*-+Q"%*%(-%&+RK+-.%+9C-.#"+9-+-.%+m',-.+LTf+8#(,%"%($%1+=>\P4+L-+39*+
9F*#+-.%+R9*'*+,#"+-.%+R##VF%-1+>+0-()"#0+">',*5%$"?+1,'$'#-5(c"=0+"N-))+("j$-4-("5*"=5)'/k&"
Y-)+'&#"S$-&-&1+QCRF'*.%&+RK+-.%+L(*-'-C-%+,#"+T'*-#"'$9F+f%M'%3+'(+
=>\\4.--QGrr3334'."4#")re."rMh?rMh?QP\>wB#.(4.-:Fz,-("%,g\+
=?5 +I'(&9+J9"'%+/4+X'&9(+1+AE%F'%,*+X(&+!#F'$K:9V'()+'(+-.%+J'&&F%+k9*-G+X(9FK*'*+#,+-.%+
L*"9%F'+f').-4O{I'R"'*+$#"Q4+Q+g=+
+
=?P +LR'&+
+
=?6 ++LR'&4++
+
2#M%:R%"+=61+5h=P+2#M%:R%"+=>45h=P+
!
!
!
%)!