!"#$%&$'()*(!'(*+,-(.$$/$#0.!1'1#(2%0)'$!(#3"#0*).!4$#51!6*$30!6#2!
6##+!"'(7'8*18!'""$*(')*#10
!!49!0:;<=!0<;><9!7<?@A<;BC
!'!+*00.2)')*#1
!0DEFBGGHI!G:
!3BJABK<;!0G<GH!/;BLH?CBG9
!B;!M<?GB<=!
ND=NB==FH;G!:N!GAH!?HODB?HFH;GC
!N:?!GAH!IHK?HH!:N
!"<J@<KB;K
P+:JG:?!:N!"AB=:C:MA9
!QRQR!!'40)2'()
!"#$%&$'()*(!'(*+,-(.$$/$#0.!1'1#(2%0)'$!(#3"#0*).!4$#51!6*$30!6#2!
6##+!"'(7'8*18!'""$*(')*#10
!49!0:;<=!0<;><9!7<?@A<;BC
!":=9&=<JGBJ!<JBI,!&"$',
S!<!EB:
PE<CHI!M:=9FH?S!A<C!CHLH?<=
!<GG?<JGBLH!M?:MH?GBHC!CDJA!<C!
HTJH==H;G!CGBNN;HCCS!?H<C:;<E=H!CG?H;KGAS!HTJH==H;G!N=<L:?!<;I!<?:F<!E<??BH?S!<C!UH==!<C!K::I!K?H<CH!
<;I!:B=!?HCBCG<;JH
V!+HCMBGH!GAHCH!<GG?BEDGHCS!"$'WC!<MM=BJ<EB=BG9!<C!<!
N=HTBE=H!
N::I!M<J@<KB;K!
F<GH?B<=!BC!=BFBGHI!IDH!G:!CH
LH?<=!I?<UE<J@C!CDJA!<C!E?BGG=H;HCCS!M::?!U<GH?!L<M:?!<;I!F:IH?<GH!
:T9KH;!E<??BH?!M?:MH?GBHC!<C!UH==!<C!
NB=F!
M?:JHCCB;K!IBNNBJD=GBHC!IDH!G:!BGC!B;CDNNBJBH;G!FH=G!CG?H;KGA
V!)ABC!CGDI9!U<C!<BFHI!<G!
:LH?J:FB;K!GAHCH
!I?<UE<J@C!G:!
UBIH;!
"$'WC!
<MM=BJ<EB=BG9!B;!G
AH!N::I!
M<J@<KB;K!B;IDCG?9V
!6B?CG=9
S!GAH!HNNHJGBLH;HCC!<;I!HNNBJBH;J9!:N!GU:!;HU=9!IHLH=:MHI!N::I!K?<IH!FD=GBND;JGB:;<=!
HM:TBHC!UBGA!=:U!<;I!ABKA!HM:T9!HODBL<=H;G!UHBKAGC!B;!JA<B;!HTGH;IB;K-E?<;JAB;K!"$'!UH?H!
CGDIBHI!B;!<!G:?ODH!?AH:FHGH?
S!B;!:?IH?!G:!
:LH?J:FH!GAH!BCCDH!:N!"$'WC!B;CDNNBJBH;G!FH=G!CG?H;KGA
V!4:GA!
JA<B;!HTGH;IH?!&
(.,!K?<IHC!
;:G!:;=9!JA<B;
PHTGH;IHI!"$'!HNNHJGBLH=9!
<C!B;IBJ<GHI!E9!<!
CBK;BNBJ<;G!B;J?H<CH!B;!GAH!FBTB;K!G:?ODH
!<C!UH==!<C!"$'WC!
FH=G!LBCJ:CBG9!<;I!F:=HJD=<?!UHBKAGS!
EDG!<=C:!E?<;J
AHI!BG!=H<IB;K!G:!BGC!?HIDJHI!J?9CG<==B;BG9V!
*;N?<?HI
!?HCD=GC!B;IBJ<GHI!GA<G!J
A<B;!
HTGH;CB:;!:JJD??HI!GA?:DKA!GAH!?B;K!:MH;B;K!?H<JGB:;!:N!HM:T9!K?:DMC!B;!GAH!(.!UBGA!"$'WC!
A9I?:T9=!<;I-:?!J<?E:T9=!K?:DMCV!
)ABC!J
A<B;!HTGH;CB:;-E?<;JAB;K!U<C!EH;HNBJB<=!B;!:
LH?J:FB;K!
"$'!NB=FWC
!E?BGG=H;HCC!CB;JH!BGC!BFM<JG!CG?H;KGA!B;J?H<CHI!<=F:CG!=B;H<?=9!UBGA!GAH!(.!J:;GH;GV
!0HJ:;I=9S!JH==D=:CH!;<;:J?9CG<=C!
&(1(C,!
UH?H
!<IIHI!G:!<!"$'!F<G?BT!G:!
B;J?H<CH!BGC!
J?9CG<==B;BG9!<;I!<JG!<C!BFM
H?FH<E=H
!?HKB:;C!B;!:?IH?!G:!
BFM?:LH!BG
C!E<??BH?!M?:MH?GBHC
V!X:UHLH?S
!(1(C!
UH?H!
IBNNBJD=G!G:!IBCMH?CH!B;!;:;
PM:=<?!M:=9FH?C!IDH!G:!GAHB?!ABKA!M:=<?BG9!<;I!CG?:;K!
!A9I?:KH;!E:;IB;K!N:?JHC
V!)AH?HN:?HS!G
U:!IBNNH?H;G!
C:=LH;G
PN?HH!
<MM?:<JAHC!:N!B;J:?M:?<GB;K!
<;I!
IBCMH?CB;K!
(1(C!B;G:!
GAH
!"$'!F<G?BT
!UH?H!HT<FB;HI
V!)AH!NB?CG!<MM?:<JA!J:;CBCGHI!:N!FH=G
PE=H;IB;K
!"$'!<;I!(1(C!B;!<
;!B;GH?;<=!FBTH?!UAH?H<C!GAH!CHJ:;I!FHGA:I!B;L:=LHI!IB?HJG!I?9
PFBTB;K!:N!"$'!<;I!(1(C!B;!<!ABKA!B;GH;CBG9!FBTH?
S!EHN:?H!
NB=F!F<;DN<JGD?H!GA?:DKA!GAH!
E=:U;!
NB=F!HTG?DC
B:;!M?:JHCCV
!8::I!IBCG?BEDGB:;!
<;I!E<??BH?!MH?N:?F<;JH!BFM?:LHFH;G!
UH?H
!<JABHLHI!E9!
E:GA!FHGA:ICV!X:UHLH?S!
GAH!
IB?HJG!I?9
PE=H;IB;K
!GHJA;BODH!<MMH<?HI!G:!EH!GAH!EHGGH?
!<MM?:<JA!N:?!
<IIB;K!
(1(C!B;G:!GAH!"$'!F<G?BT!EHJ<DCH!BG!HTM:CH
I!GAH!C<FM=HC!G:!=HCC!AH<G
Y!GADCS
!FB;BFBZ
B;K
!GAH?F<=!IHK?<I<GB:;
!<C!IHF:;CG?<GHI
!E9!GAH!
OD<;GBNB
HI!
;DFEH?!:N!
JA<B;!CJBCCB:;
CS!F:=
HJD=<?!
UHBKAG!<;I!FH=GB;K
!GHFMH?<GD?H!
?HCD=GCV
!)AH?H<NGH?
S!GAH!B;N=DH;JH!:N!(1(!<IIBGB:;!=HLH=!<;I!H;LB?:;FH;G<=!GHCGB;K!J:;IBGB:;C!:;!
GAH!U<GH?!L<M:?!&5[",!<;I!:T9KH;!&#",!MH?FH<EB=BG9!
:N!IB?HJG!I?9
PE=H;IHI!"$'-(1(!NB=FC!UH?H!
CGDIBHIV!
4:GA!5["!<;I!#"!:N!"$'!<;I!"$'-(1(!;<;:J:FM:CBGH!NB=FC!L<?BHI!HTM:;H;GB<==9!U
BGA!
GHFMH?<GD?H!<C!HTMHJGHI!N?:F!GAH!'??AH;BDC!HOD<GB:;S!UAH?H<C!GAH!5["!?HF<B;HI!J:;CG<;G!UBGA!
?H=<GBLH!ADFBIBG9!
&2X,!
<C!HTMHJGHI!N?:F!6BJ@WC!=<UV!
'IIBGB:;<==9S!
GAH!L<=DHC!:N!5["!<;I!#"!
;HK<GBLH=9!J:??H=<GHI!UBGA!GAH!IHK?HH!:N!J?9CG<==B;BG9
V!+HMH;IB;K
!:;!GHCGB;K!GHFMH?<GD?H!:?!
ADFBIBG9S!:MGBFDF!BFM?:LHFH;GC!B;!5["!&\R
P]R^,!<;I!#"!&_`
Pa`^,!:N!"$'!NB=FC!:JJD??HI!<G!
b^!(1(CS!<!(1(!J:;GH;G!GA<G!J:??H=<GHI!LH?9!UH==!UBGA!GAH!F<TBFDF!B;J?H<CH!B;!J?9CG<==B;BG9V
!6B;<==9S!GAH!M:GH;GB<=!:N!GAH!
IHLH=:MHI!
"$'-b^!(1(!NB=FC!UBGA!H;A<;
JHI!E<??BH?!
MH?N
:?F<;JH!
B;!HTGH;IB;K!GAH!CAH=N
P=BNH!:N!<!F:BCGD?H
PCH;CBGBLH!N::I!M?:IDJG!&J?<J@H?C,!U<C!
<CCHCCHI!<;I!
F<GAHF<GBJ<==9!
F:IH=HIV!*;GH?H
CGB;K=9S!
GAH!J?<J@H?C!M<J@<KHI!B;!GAH!(1(
PE<CHI!
NB=FC!A<I!<MM?:TBF<GH=9!]R^!=:;KH?!CAH=N
P=BNH!J:FM<?HI!G:!GAH!:;HC!M<J@<KHI!B;!;H<G!"$'S!
B??HCMHJGBLH!:N!GAH!2XV!
)AH!:LH?<==!?HCD=G
C!:N!GABC!?HCH<?JA
!B;IBJ<GH!GA<G!GAH!
"$'-(1(
!NB=FC!
IHLH=:MHI!B;!GABC!CGDI9!A<LH!G?HFH;I:DC!M:GH;GB<=!N:?!N::I!M<J@<KB;K!<MM=BJ<GB:;CV
!(:M9?BKAG!E9
!0#1'$!0'1c'%!7'27X'1*0
!QRQR!!L!+HIBJ<GHI!G:!F9!M<?H;GC
!0<;><9!<;I!3:A<;<!7<?@A<;
BC!!LB!'(71#5$.+8.3.1)0
!*!<F!HTG?HFH=9!
GA<;@ND=!G:!F9!<ILBC:?!+?V!$<D?H;G!3<GD<;<
!&0JA::=!:N!"<J@<KB;KS!
3BJABK<;!0G<GH!/;BLH?CBG9,!N:?!ABC!GBFHS!CDMM:?G!<;I!KDBI<;JH
V!XH!A<C!EHH;!<;!HTJH==H;G!GH<JAH?!
<;I!FH;G:?!G:!FH!<;I!<=U<9C!MDCAHI!FH!G:!EH!<!EHGGH?!?HCH<?JAH?V!
XH!A<C!J:;CG<;G=9!AH=MHI!FH!
BFM?:LH!F9CH=N!B;!<==!<CMHJGC!:N!F9!J<?HH?!B;J=DIB;K!CJBH;GBNBJ!U?BGB;K
S!<;I!
J:FFD;BJ<GB:;!
<C!UH==!
<C!M?HCH;G<GB:;!
C@B==CV!
3:?H:LH?S!
*!<F!HTG?HFH=9!GA<;@ND=!G:!F9!J:FFBGGHH!FHFEH?CS!+?V!.L<!
'=FH;<?!
&0JA::=!:N!"<J@<KB;KS!3BJABK<;!0G<GH!/;BLH?CBG9,S!+?V!
+:;<GB
H;P"<CJ<=!7<FIHF
S!<;I!
+?V!%<;!$BD
!&4B:C9CGHFC!<;I!'K?BJD=GD?<=!.;KB;HH?B;KS!3BJABK<;!0G<GH!/;BLH?CBG9,!
N:?!GAHB
?!B;CBKAGND=!CDKKHCGB:;CS!B;L<=D<E=H!GBFH!J:FFBGFH;G!<;I!HTMH?GBCHV
!*!U:D=I!<=C:!=B@H!G:!<J@;:U=HIKH!
3?V!'<?:;!5<=U:?GA!&0JA::=!:N!"<J@<KB;KS!3BJ
ABK<;!
0G<GH!/;BLH?CBG9,!N:?!AH=MB;K!FH!=H<?;!<;I!CHG!DM!HODBMFH;G!DCHI!<C!<!M<?G!:N!GABC!CGDI9V!
'IIBGB:;<==9S!*!<F!K?<GHND=!G:!F9!?HCH<?JA!K?:DM!N:?!GAHB?!AH=M!<;I!J?BGBODH!:N!GABC!?HCH<?JAV
!5H!K?<GHND==9!<J@;:U=HIKH!GAH!/0+'!6:?HCG!0H?LBJH!<;I!)AH!/V0V!.;I:UFH;G!N:?!
6:?HCG?9!<;I!(:FFD;BGBHC
P"!1<;:!&8?<;G!1:V!"\
PdE,!N:?!NB;<;JB<=!CDMM:?G!:N!GABC!?HCH<?JA!U:?@
V!'=C:S!*!HTGH;I!F9!AH<?GNH=G!K?<GBGDIH!G:!GAH!0JA::=!:N!"<J@<KB;KS!BGC!N<JD=G9!<;I!CG<N
NV!6B;<==9S!*!FDCG!HTM?HCC!F9!LH?9!M?:N:D;I!K?<
GBGDIH!G:!F9!M<?H;GC!
N:?!M?:LBIB;K!FH!UBGA!
D;N<B=B;K!CDMM:?G!<;I!J:;GB;D:DC!H;J:D?<KHFH;G
V!)AH9!A<LH!<=U<9C!EHH;!GAH?H!N:?!FH!UAH;HLH?!
*!;HHIHI!GAHFV!*!<F!<=C:!LH?9!K?<GHND=!G:!F9!N?BH;ICS!UA:!UH?H!F9!N<FB=9!<
U<9!N?:F!A:FHS!<;I!
UA:!UH?H!<=U<9C!<?:D;I!G:!=BCGH;!G:!F9!J:D;G=HCC!
M?<JGBJH!M?HCH;G<GB:;C!N:?!J:;NH?H;JHCS!
J:FFBGGHH!FHHGB;KCS!<;I!F9!J:FM?HAH;CBLH!HT<FV!
)A<;@!9:D
V!!!LBB
!)'4$.!#6!(#1).1)0
!$*0)!#6!)'4$.0
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!TB!$*0)!#6!6*8/2.0
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!TBBB
!(A<MGH?!b
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb!*1)2#+/()*#1
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb!bVb!*;G?:IDJGB:;
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb!bVQ!#E>HJGBLHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVe!bV\!X9M:GAHCBC
VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbR!bV]!0G?DJGD?H!:N!+BCCH?G<GB:;
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbR!2.6.2.1(.0
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbb!(A<MGH?!Q
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb_!4'(782#/1+!'1+!$*).2')/2
.!2.[*.5
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb_!QVb!*;G?:IDJGB:;
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb_!QVQ!":=9&=<JGBJ!<JBI,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb_!QVQVb!09;GAH
CBC!:N!"$'
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb_!QVQVQ!"?:MH?GBHC!:N!"$'
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbd!QVQVQVb!)AH?F<=!M?:MH?GBHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbe!QVQVQVQ!3HJA<;BJ<=!M?:MH?GBHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbe!QVQVQV\!4<??BH?!M?:MH?GBHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbe!QVQVQV]!2AH:=:KB
J<=!M?:MH?GBHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQb!QV\!*FM?:LHFH;G!:N!"$'WC!M?:MH?GBHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQ\!QV]!(A<B;!HTGH;IH?C!&(.C,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQ]!QV]Vb!(:FF:;=9!DCHI!(.C
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQ]!QV]VQ!"?:MH?GBHC!:N!(.C
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQ`!QV]V\!/CH!:N!(.C!B;!"$'!F<G?BT
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQ_!QV]V]!'IIBGB:;!:N!(.C!B;G:!"$'!F<G?BT
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQa!QV]V`!)HJA;BODHC!N:?!LH?BN9B;K!JA<B;!HTGH;CB:;!:N!"$'
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQe!QV]V`Vb!8H=!MH?FH<GB:;!JA?:F<G:K?<MA9!&8"(,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQe!QV]V`VQ![BCJ:CBG9!FH<CD?HFH;GC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\b!QV]V`VQVb!3H=G!N=:U!B;IHT!&36*,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\b!QV]V`VQVQ!):?ODH!?AH:FHG?9
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\\!QV]V`V\!6:D?BH?!G?<;CN:?F!B;N?<?HI!CMHJG?:CJ:M9!&6)*2,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\`!QV]V`V]!+BNNH?H;GB<=!CJ<;;B;K!J<=:?BFHG?9!&+0(,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\e!QV]V`V`!6<==B;K!I<?G!BFM<JG!CG?H;KGA
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]R!QV`!(H==D=:CH!;<;:J?9CG<=C!&(1(C,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]b!QV`Vb!"?:IDJGB:;!:N!(1(C
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]Q!QV`VQ!"?:MH?GBHC!:N!(1(C
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]Q!QV`V\!/CH!:N!(1(C!B;!EB:
PE<CHI!M:=9FH?!F<G?BJHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]\!QV_!+BCMH?CB:;!:N!JH==D=:CH!;<;:F<GH?B<=C!B;!M:=9FH?!F<G?BJHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]]!QV_Vb!0:=LH;G
PJ<CGB;K
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]]!QV_VQ!0:=LH;G!IBCMH?CB:;!M?B:?!G:!FH=G!J:FM:D;IB;K
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]_!LBBB
!QV_V\!3H=G
PM?:JHCCB;K
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]a!QV_V]!)HJA;B
ODHC!N:?!CGDI9B;K!IBCMH?CB:;!:N!(1(C!B;G:!M:=9FH?!F<G?BJHC
!VVVVVVVVVVVVVVVVVVVVVVV]d!QV_V]Vb!$BKAG!FBJ?:CJ:M9
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]d!QV_V]VQ!/=G?<LB:=HG
P[BCBE=H!&/[
P[BC,!0MHJG?:CJ:M9
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]e!QVa!4<??BH?!MH?N:?F<;JH!:N!"$'-(1(!NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`b!QVaVb!4<??BH?!FH<CD?HFH;G
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`b!QVaVbVb!*C:CG<GBJ!FHGA:I
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`Q!QVaVbVQ!fD<CB
PBC:CG<GBJ!FHGA:I
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`\!QVd!0AH=N
P=BNH!:N!F:BCGD?H
PCH;CBGBLH!N::I
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`_!QVdVb!0:?MGB:;!BC:GAH?F!:N!<!F:BCGD?H
PCH;CBGBLH!N::I!M?:IDJG
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`a!QVdVbVb!4<J@K?:D;I
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`a!QVdVbVQ!3<GAHF<GBJ<=!F:IH=C
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`e!QVdVbVQVb!$B;H<?S!OD<I?<GBJ!<;I!JDEBJ!F:IH=C
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`e!QVdVbVQVQ!8DKKH;AHBF!';IH?C:;!IH!4:H?!&8'4,!F:IH=
!VVVVVVVVVVVVVVVVVVVVVVVVVVV_R!QVdVbVQV\!8::I;HCC!:N!NBG!DCB;K!?::G!FH<;!COD<?H!&230,!L<=DH
!VVVVVVVVVVVVVVVV_\!QVdVQ!0AH=N
P=BNH!:N!N::I!M<J@<KHI!B;!NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV_]!QVdVQVb!.TMH?BFH;G<=!CAH=N
P=BNH!IHGH?FB;<GB:;!:N!M?:IDJG
PM<J@<KH!
C9CGHF
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV_]!QVdVQVQ!0AH=N
P=BNH!F:IH=B;K
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV_`!2.6.2.1(.0
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVaR!(A<MGH?!\
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVad!.g".2*3.1)'$
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVad!\Vb!3<GH?B<=C
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVad!\VQ!0<FM=H!F<;DN<JGD?B;K
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVae!\VQVb!"?HM<?<GB:;!:N!"$'-(.!J:FM:CBGHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVae!\VQVQ!"?HM<?<GB:;!:N!"$'-(1(!J:FM:CBGHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVdR!\VQVQVb!+B?HJG!I?9
PE=H;IB;K!&+4,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVdR!\VQVQVQ!3H=G!E=H;IB;K!M?:JHCC!&34,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVdR!\VQVQV\!"$'-(1(!NB=F!F<;DN<JGD?B;K
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVdb!\V\!"?:MH?G9!HL<=D<GB:;
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVdQ!\V\Vb!6:D?BH?!G?<;CN:?F!B;N?<?HI!CMHJG?:CJ:M9!&6)*2,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVdQ!\V\VbVb!6)*2!:N!"$'-(.!E=H;IC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVdQ!\V\VbVQ!6)*2!:N!"$'!<;I!"$'-b^!(1(!J:FM:CBGH!NB=FC!M?HM<?HI!E9!
E:GA!+4!<;I!34!M?:JHCCHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVdQ!\V\VQ!8H=!MH
?FH<GB:;!JA?:F<G:K?<MA9
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVd\!\V\V\!3H=G!N=:U!B;IHT!&36*,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVd]!\V\V]!+BNNH?H;GB<=!CJ<;;B;K!J<=:?BFHG?9!&+0(,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVd`!\V\V`!)AH?F:K?<LBFHG?BJ!<;<=9CBC!&)8',
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVd_!\V\V_!$BKAG!FBJ?:CJ:M9
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVd_!\V\Va!/=G?<LB:=HG
PLBCBE=H!&/[
P[BC,!CMHJG?:CJ:M9
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVd_!\V\Vd!2HCBIH;JH!GBFH!:N!"$'-(.!E=H;IC!B;!GAH!HTG?DIH?
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVda!\V\Ve!6<==B;K!I<?G!BFM<JG!CG?H;KGA
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVda!\V\VbR!5<GH?!L<M:?!MH?FH<EB=BG9!&5[",
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVdd!\V\Vbb!#T9KH;!MH?FH<EB=BG9!&#",
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVde!\V]!0AH=N
P=BNH!:N!J?<J@H?C!M<J@<KHI!B;!IB?HJG!I?9
PE=H;IHI!"$'-b^!(1(!
NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVeR!\V]Vb!3:BCGD?H!C:?MGB:;!BC:GAH?F!:N!J?<J@H?C
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVeR!BT!\V]VbVb!*;BGB<=!F:BCGD?H!J:;GH;G!&*3(,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVeR!\V]VbVQ!.ODB=BE?BDF!F:BCGD?H!J:;GH;G!&.3(,
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVeb!\V]VQ!0AH=N
P=BNH!:N!J?<J@H?C!M<J@<KHI!B;!"$'!<;I!"$'-(1(!NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVeQ!\V`!0G<GBCGBJC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVe\!2.6.2.1(.0
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVe]!(A<MGH?!]
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVed!2.0/$)0!'1+!+*0(/00*#1
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVed!]Vb!.TG?DC
B:;!E=:U;!NB=FC!:N!M:=9&=<JGBJ!<JBI,!JA<B;
PHTGH;IHI!UBGA!N::I!K?<IH!
FD=GBND;JGB:;<=!HM:TBHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVed!]VbVb!.NNHJGBLH;HCC!<;I!
HNNBJBH;J9!:N!FD=GBND;JGB:;<=!HM:T9!K?<IHC!B;!JA<B;!
HTGH;IB;K!"$'
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVed!]VbVQ!.TG?DCB:;
PE=:U;!JA<B;
PHTGH;IHI!"$'!NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbbQ!]VbV\!.NNHJG!:N!JA<B;!HTGH;IH?!J:;GH;G!:;!GAH!I<?G!BFM<JG!CG?H;KGA!:N!"$'!
NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbb_!]VQ!"H?N:?F<;JH!:N!M:=9&=<JGBJ!<JBI,-JH==D=:CH!;<;:J?9CG<=!J:FM:CBGH!E=:U;!NB=FC!
M?:JHCCHI!E9!GU:!IBNNH?H;G!J:FM:D;IB;K!<MM?:<JAHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbbd!]VQVb!.NNHJG!:N!E=H;IB;K!M?:JHCC!:;!(1(!IBCMH?CB:;!<;I!"$'WC!:MGBJ<=!
M?:MH?GBHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbbd!]VQVQ!.NNHJGC!:N!(1(!<IIBGB:;!<;I!E=H;IB;K!M?:JHCC!:;!"$'WC!GAH?F<=!
M?:MH?GBHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbQb!]VQV\!.NNHJGC!:N!(1(!<IIBGB:;!<;I!E=H;IB;K!M?:JHCC!:;!GAH!IHK?<I<GB:;!:N!
"$'!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbQ_!]VQV]!.NNHJGC!:N!(1(!<IIBGB:;!<;I!E=H;IB;K!M?:JHCC!:;!GAH!5[)2!<;I!#)2!
:N!"$'
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb\`!]V\!5<GH?!L<M:?!<;I!:T9KH;!E<??BH?!M?:MH?GBHC!:N!
HTG?DCB:;
PE=:U;!M:=9&=<JGBJ!
<JBI,-JH==D=:CH!;<;:J?9CG<=C!;<;:J:FM:CBGH!NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb\_!]V\Vb!.NNHJG!:N!(1(!J:;GH;G!:;!U<GH?!L<M:?!MH?FH<EB=
BG9!&5[",!<;I!:T9KH;!
MH?FH<EB=BG9!&#",!:N!NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb\a!]V\VQ!.NNHJG!:N!(1(!J:;GH;G!:;!U<GH?!L<M:?!MH?FH<EB=BG9!&5[",!<;I!:T9KH;!
MH?FH<E
B=BG9!&#",!:N!NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb]]!]V]!":GH;GB<=!:N!HTG?DCB:;
PE=:U;!M:=9&=<JGBJ!<JBI,-JH==D=:CH!;<;:J?9CG<=C!
;<;:J:FM:CBGH!NB=FC!N:?!BFM?:LB;K!
GAH!CAH=N
P=BNH!:N!<!I?9!N::I!M?:IDJG
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb`Q!]V]Vb!3:BCGD?H!C:?MGB:;!:N!N::I
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb`Q!]V]VQ!.TMH?BFH;G<=!CAH=N
P=BNH!:N!J?<J@H?C!M<J@<KHI!B;!"$'!<;I!"$'-(1(!
J:FM:CBGH!NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb`_!]V]V\!0AH=N
P=BNH!F:IH==B;K!:N!J?<J@H?C!M<J@<KHI!B;!"$'!<;I!"$'-(1(!B;!
NB=FC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb`d!'"".1+*(.0
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb_b!'"".1+*g!'h!.TG?DCB:;!E=:U;!NB=FC!:N!M:=9&=<JGBJ!<JBI,!JA<B;
PHTGH;IHI!
UBGA!N::I!K?<IH!FD=GBND;JGB:;<=!HM:TBHC
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb_Q!'"".1+*g!4h!"H?N:?F<;JH!:N!M:=9&=<JGBJ!<JBI,-JH==D=:CH!;<;:J?9CG<=!
J:FM:CBGH!E=:U;!NB=FC!M?:JHCCHI!E9!GU:!IBNNH?H;G!J:FM:D;IB;K!
<MM?:<JAHCV
!VVVVVVVVVVVVVVbaQ!'"".1+*g!(h!5<GH?!L<M:?!<;I!:T9KH;!E<??BH?!M?:MH?GBHC!:N!HTG?DCB:;
PE=:U;!
M:=9&=<JGBJ!<JBI,-JH==D=:CH!;<;:J?9CG<=C!;<
;:J:FM:CBGH!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVba_!T!'"".1+*g!+h!":GH;GB<=!:N!HTG?DCB:;
PE=:U;!M:=9&=<JGBJ!<JBI,-JH==D=:CH!
;<;:J?9CG<=C!;<;:J:FM:CBGH!NB=FC!N:?!BFM?
:LB;K!GAH!CAH=N
P=BNH!:N!<!I?9!N::I!
M?:IDJGV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbae!2.6.2.1(.0
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbdQ!(A<MGH?!`
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbde!(#1($/0*#10
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbde!`Vb!(:;J=DCB:;C
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbde!`VQ!6DGD?H!U:?@
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbe`!TB!$*0)!#6!)'4$.0
!)<E=H!QVb!(:FM<?BC:;!:N!"$'!M?:MH?GBHC!UBGA!:GAH?!MHG?:=HDF
PE<CHI!M:=9FH?C!ibe
PQQjV!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQR!)<E=H!QVQ!"?:MH?GBHC!:N!JA<B;!HTGH;IH?C!iQdS\bS\QjV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQ`!)<E=H!QV\!3:IH=C!G:!M?HIBJG!F:BCGD?H!C:?MGB:;!BC
:GAH?FC!iddSeRjV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV_R!)<E=H!QV]!3:IH=C!G:!M?HIBJG!CAH=N
P=BNH!:N!F:BCGD?H!CH;CBGBLH!N::IC!idd
PebjV!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV__!)<E=H!\Vb!"?:MH?GBHC!:N!JA<B;!HTGH;IH?CV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVad!)<E=H!\VQ!)AH:?HGBJ<=!<;I!FH<CD?HI!?H=<GBLH!ADFBIBG9!&2X,!J:;IBGB:;C!KH;H?<GHI!B;!
IHCBJJ<G:?C!UBGA!C<GD?<GHI!C<=G!C:=DGB:;CV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVeQ!)<E=H!]Vb!3BTB;K!GBFH!:N!"$'!UBGA!E:GA!K?<IHC!:N!FD=GBND;JGB:;<=!HM:TBHC!B;!G:?ODH!
?AH:FHGH?V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbRb!)<E=H!]VQ!4<;I!<CCBK;FH;GC!N:?!GAH!U<LH;DFEH?C!:N!MH<@C!DCHI!B;!6)*2!<;<=9CBC!<;I!
J:??HCM:;IB;K!ND;JGB:;<=!K?:DMCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbR`!)<E=H!]V\!3:=HJD=<?!UHBKAGCS!IBCMH?CBG9!B;IBJHC!<;I!FH=G!N=:U!B;IHT!L<=DHC!:N!"$'!
JA<B;
PHTGH;IHI!UBGA!(.!]]_dV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbRe!)<E=H!]V]!"?:JHCCB;K!M<?<FHGH?C!?HJ:?IHI!ID?B;K!HTG?DCB:;
PE=:U;!NB=F!<;I!?HCBIH;JH!
GBFHC!<C!<!ND;JGB:;!:N!(.!]]_d!J:;GH;G!B;!"$'V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbb\!)<E=H!]V`!3:=HJD=<?!UHBKAGC!<;I!IBCMH?CBG9!B;IBJHC!:N!"$'!NB=FC!JA<B;
PHTGH;IHI!UBGA!
(.!]]_dV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbb]!)<E=H!]V_!+0(!<;<=9CBC!N:?!"$'!<C!UH==!<C!IB?HJG!I?9
PE=H;IHI!&+4,!<;I!FH=G
PE=H;IHI!
&34,!"$'-b^!(1(!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbQ`!)<E=H!]Va!3:=HJD=<?!UHBKAGC!:N!"$'S!IB?HJG!I?9
PE=H;IHI!"$'-(1(!&+4,!<;I!FH=G
PE=H;IHI!"$'-(1(!&34,!NB=FC!<C!UH==!<C!D;M?:JHCCHI!"$'!MH==HGCS!<;I!"$'!MH==HGC!
CDE>HJGHI!G:!+4!<;I!34!M?:JHCCHCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbQd!)<E=H!]Vd!4<;I!<CCBK;FH;GC!N:?!GAH!U<LH;DFEH?C!:N!MH<@C!DCHI!B;!6)*2!<;<=9CBC!<;I!
J:??HCM:;IB;K!ND;JGB:;<=!K?:DMC!i_S\_S`R
P``jV!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb\Q!)<E=H!]Ve!5[)2!<;I!#)2!:N!"$'!<C!UH==!<C!IB?HJG!I?9
PE=H;IHI!&+4,!<;I!FH=G
PE=H;IHI!&34,!"$'-b^!(1(!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb\`!)<E=H!]VbR!.NNHJG!:N!(1(!J:;GH;G!:;!GAH!U<GH?!L<M:?!<;I!:T9KH;!<JGBL<GB:;!H;H?K9!
&.",!<;I!M?H
PHTM:;H;GB<=!N<JG:?!&'
#,!:N!"$'!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb]d!TBB
!)<E=H!]Vbb!)BFH!N:?!J?<J@H?C!M<J@<KHI!B;!"$'!<;I!"$'-(1(!NB=FC!G:!?H<JA!J?BGBJ<=!
F:BCGD?HV!J:;GH;G!:N!d^!<G!IBNNH?H;G!?H=<GBLH!ADFBIBG9!J:;IBGB:;C!<
;I!<!J:;CG<;G!
GHFMH?<GD?H!:N!Q`
$(V!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb`a!)<E=H!]VbQ!5<GH?!L<M:?!MH?FH<EB=BG9!L<=DHC!:N!"$'!<;I!"$'-(1(!NB=FC!<G!IBNNH?H;G!
?H=<GBLH!ADFBIBG9!J:;IBGB:;C!<;I!<!J:;CG<;G!GHFMH?<GD?H!:N!Q\
$(V!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb`d!)<E=H!]Vb\!"?HIBJGHI!<;I!HTMH?BFH;G<=!CAH=N
P=BNH!:N!J?<J@H?C!M<J@<KHI!B;!"$'!<;I!
"$'-(1(!NB=FC!CG:?HI!<G!L<?B:DC!?H=<GBLH!ADFBIBG9!J:;IBGB:;CV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb_R!)<E=H!'Vb!0G:J@!GHFMH?<GD?H!<;I!FBTB;K!G:?ODH!:N!"$'!<;I!BGC!E=H;IC!UBGA!(.!]]RR!
<C!<!ND;JGB:;!:N!GB
FH!KH;H?<GHI!E9!<!G:?ODH!?AH:FHGH?V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!b_\!)<E=H!'VQ!0G:J@!GHFMH?<GD?H!<;I!FBTB;K!G:?ODH!:N!"$'!<;I!BGC!E=H;IC!UBGA!(.!]]_d!<C!<!
ND;JGB:;!:N!GBFH!KH;H?<GHI!E9!<!G:?ODH!?AH:FHGH?V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!b_a!)<E=H!'V\!3:=HJD=<?!UHBKAGCS!ZH?:
PCAH<?!LBCJ:CBG9!<;I!J?9CG<==B;BG9!L<=DHC!:N!
"$'!JA<B;
PHTGH;IHI!UBGA!(.!]]_d!B;!<;!B;GH?;<=!FBTH?V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!bab!)<E=H!'V]!.NNHJG!:N!(.!J:;GH;G!:;!GAH!J?9CG<==B;BG9!<;I!N<B=D?H!F<CC!:N!"$
'!NB=FCV
!VVVVVVVVVVVVVVVVV!bab!)<E=H!4Vb!.NNHJGC!:N!(1(!<IIBGB:;!<;I!E=H;IB;K!M?:JHCC!:;!GAH!G?<;CM<?H;J9!:N!"$'!
<;I!"$'-(1
(!J:FM:CBGH!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!ba\!)<E=H!4VQ!
(<?E:T9=!B;IBJHC!
DCB;K!GAH!B;GH;CBGBHC!:N!?HNH?H;JH!MH<@C!<G!Qee]!JF
%&!<;I!Qe]`!JF
%&!:N!"$'S!"$'-b^!(1(!&+4,!<;I!"$'-b^!(1(!&34,!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!ba`!)<E=H!(Vb!5<GH?!L<M:?!MH?FH<EB=BG9!&Q\
$(!<;I!d`^
!2X,S!:T9KH;!MH?FH<EB=BG9!&Q\
$(!<;I!R^!2X,!<C!UH==!<C!J?9CG<==B;BG9!:N!"$'-(1(!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!baa!)<E=H!(VQ!.NNHJGC!:N!(1(!J:;GH;G!<;I!
GHCGB;K!GHFMH?<GD?H!:;!GAH!5["!:N!"$'!NB=FC!<G!d`^!2X
VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!baa!)<E=H!(V\!.NNHJGC!:N!(1(!J:;GH;G!<;I!?H=<GBLH!ADFBIBG9!&2X,!:;!GAH!5["!:N!
"$'!NB=FC!<G!Q\
$(VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!bad!)<E=H!(V]!.NNHJGC!:N!(1(!<IIBGB:;!<;I!GHCGB;K!GHFMH?<GD?H!:;!GAH!#"!:N!"$'!NB=FC!<G!R^!2XV
VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!bad!)<E=H!+Vb
!3:BCGD?H!J:;GH;GC!:N!J?<J@H?C!<C!<!ND;JGB:;!:N!GBFH!?HJ:?IHI!<G!Q`
$(!<;I!
L<?B:DC!CG:?<KH!?H=<GBLH!
ADFBIBG9!J:;IBGB:;CV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!bdR!)<E=H!+VQ
!.ODB=BE?BDF
!F:BCGD?H!J:;GH;G!L<=DHC!:N!J?<J@H?C!:EG<B;HI!HTMH?BFH;G<==9!<;I!
M?HIBJGHI!E9!8'4!HOD<G
B:;!<G!Q`
$(V!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV!bdb!TBBB
!$*0)!#6!6*8/2.0
!6BKD?H!QVb!(AHFBJ<=!CG?DJGD?H!:N!$
P$<JGBJ!<JBI!<;I!+
P$<JGBJ!<JBIV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVba!6BKD?H!QVQ!0GH?H:JAHFBCG?9!:N!=<JGBIHV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbd!6BKD?H!QV\!)9MBJ<=!LBCJ:CBG9!LC!CAH<?!?<GH!JD?LHV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVQQ!6BKD?H!QV]!0JAHF<GBJ!IB<K?<F!:N!CHM<?<GB:;!:
N!CF<==!<;I!=<?KH!F:=HJD=HC!B;!8"(!
i]djV!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\R!6BKD?H!QV`!)9MBJ<=!M=:G!:N!ZH?:
PCAH<?!LBCJ:CBGBHC!IHGH?FB;HI!N?:F!GAH!36*!I<G<!<C!<!
ND;JGB:;!:N!UHBKAG
P<LH?<KH!F:=HJD=<?!UHBKAG!:N!JA<B;!HTGH;IHI!"$'V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\Q!6BKD?H!QV_!)9MBJ<=!JD?LH!:N!G:?ODH!:N!;H<G!"$'!<C!<!ND;JGB:;!:
N!GBFH!KH;H?<GHI!E9!<!
G:?ODH!?AH:FHGH?V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\]!6BKD?H!QVa!0JAHF<GBJ!?HM?HCH;G<GB:;!:N!<!6)*2!B;CG?DFH;GV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\_!6BKD?H!QVd!)9MBJ<=!6)*2!CMHJG?DF!:N!"$'V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\a!6BKD?H!QVe!8H;H?<=BZHI!?H<JGB:;!FHJA<;BCF!:N!<!FD=GBND;JGB:;<=!HM:T9!JA<B;!HTGH;IH?!
UBGA!GAH!A9I?:T9=!<;I!J<?E:T9=!H;I!K?:DMC!B;!"$'V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV\d!6BKD?H!QVbR!0JAHF<GBJ!?HM?HCH;G<GB:;!:N!<!IBNNH?H;GB<=!CJ<;;B;K!J<=:?BFHGH?!i`aj
'!VVVVVVVVVVVVVVVVVVVVVVV]R!6BKD?H!QVbb!6<==B;
K!I<?G!BFM<JG!GHCGH?!i`ejV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]b!6BKD?H!QVbQ!(AHFBJ<=!CG?DJGD?H!:N!(1(!i_RjV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]Q!6BKD?H!QVb\!(H==D=:CH!;<;:J?9CG<=!<KK=:FH?<GB:;CV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]]!6BKD?H!QVb]!0:=LH;G
PJ<CGB;K!M?:JHCC!iaajV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]`!6BKD?H!QVb`!$BODBI
PNHHIB;K!M?:JHCC!iaQjV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]a!6BKD?H!QVb_!$BKAG!FBJ?:CJ:MH!idRjV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV]e!6BKD?H!QVba!)9MBJ<=!CMHJG?<!:N!"$'WC!=BKAG!G?<;CFBCCB:;!<C!<!ND;JGB:;!:N!BGC!
U<LH=H;KG
A!KH;H?<GHI!E9!<!/[
P[BC!CMHJG?:MA:G:FHGH?V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`R!6BKD?H!QVbd!*C:CG<GBJ!FHGA:I!:N!MH?FH<EB=BG9!FH<CD?HFH;GV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`Q!6BKD?H!QVbe!"=:G!:N!N=:U!?<GH!<C!<!ND;JGB:;!:N!GBFH!KH;H?<GHI!E9!GAH!BC:CG<GBJ!FHGA:IV
!VVVVVVVVVVVVVVVVV`\!6BKD?H!QVQR!fD<CB
PBC:CG<GBJ!FHGA:I!:N!U<GH?!L<M:?!MH?FH<EB=BG9!FH<CD?HFH;GV
!VVVVVVVVVVVVVVVVVVVVVVVVVV`]!TBL
!6BKD?H!QVQb!"=:G!:N!N=:U!?<GH!<C!<!ND;JGB:;!:N!GBFH!KH;H?<GHI!E9!GAH!OD<CB
PBC:CG<GBJ!
FHGA:IV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV``!6BKD?H
!QVQQ!#LH?LBHU!:N!GAH!CAH=N
P=BNH!IHGH?FB;<GB:;!M?:JHCCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`_!6BKD?H!QVQ\!)9MBJ<=!F:BCGD?H!C:?MGB:;!BC:GAH?FV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV`d!6BKD?H!QVQ]!'!G9MBJ<=!M=:G!:N!GAH!HTMH?BFH;G<=!L<=DHC!N:?!<
(-.3(!<C!<!ND;JGB:;!:N!<
(V!VVVVVVVVVVVVVVV_b!6BKD?H!QVQ`!"=:G!:N!F:BCGD?H!J:;GH;G!<C!<!ND;JGB:;!:N!GBFH!N:?!CAH=N
P=BNH!IHGH?FB;<GB:;V
!VVVVVVVVVVVVVV_`!6BKD?H!]Vb!)9MBJ<=!JD?LHC!:N!G:?ODH!<;I!CG:J@!GHFMH?<GD?H!:N!;H<G!"$'!<C!<!ND;JGB:;!
:N!GBFH!KH;H?<GHI!E9!<!G:?ODH!?AH:FHGH?V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVee!6BKD?H!]VQ!)9MBJ<=!JD?LHC!:N!CG:J@!GHFMH?<GD?H!<;I!FBTB;K!G:?ODH!:N!"$'!E=H;IC!UBGA!
(.!]]_d!i&<,!<;I!&J,j!<C!UH==!<C!(.!]]RR!i&E,!<;I!&I,j!<C!<!ND;JGB:;!:N!GBFH
!KH;H?<GHI!
E9!<!G:?ODH!?AH:FHGH?V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbRR!6BKD?H!]V\!8H;H?<=BZHI!?H<JGB:;!FHJA<;BCF!:N!<!FD=GBND;JGB:;<=!HM:T9!JA<B;!HTGH;IH?!
UBGA!GAH!A
9I?:T9=!<;I!J<?E:T9=!H;I!K?:DMC!B;!"$'V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbR\!6BKD?H!]V]!
*;N?<?HI!CMHJG?<!:N!"$'S!(.!]]_dS!<;I!"$'!E=H;IHI!UBGA!IBNNH?H;G!(.!
J:;GH;GC!
B;!<;!B;GH?;<=!FBTH?V!'EC:?E<;JH!B;!GAH!9
P<TBC!BC!B;!<?EBG?<?9!D;BGCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbR]!6BKD?H!]V`!
8H;H?<=BZHI!?H<JGB:;!FHJA<;BCF!:N!<!FD=GBND;JGB
:;<=!HM:T9!JA<B;!HTGH;IH?!
UBGA!GAH!A9I?:T9=!<;I!J<?E:T9=!H;I!K?:DMC!B;!"$'V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbR_!6BKD?H!]V_!
.;I!G:?ODH!:N!"$'!
JA<B;
PHTGH;IHI!UBGA!=:U!&(.!]]_d,!<;I!ABKA!&(.!
]]RR,!HM:T9!HODBL<=H;G!UHBKAG!FD=GBND;JGB:;<=!HM:TBHC!<C!<!ND;JGB:;!:N!GAHB?!J:;GH;GCV
!VVVVVVVVVVVVbRa!6BKD?H!]Va!kH?:
PCAH<?!LBCJ:CBGBHC!<C!<!ND;JGB:;!:N!UHBKAG
P<LH?<KH!F:=HJD=<?!UHBKAGC!
:N!"$'-(.!E=H;IC!M?:JHCCHI!B;!<;!B;GH?;<=!FBTH?V!*;CH?G!CA:UC!GAH!LBCJ:CBG9!LCV!
F:=HJD=<?!UHBKAG!G?H;I!:N!GAHCH!E=H;IC!<G!=:U!ZH?:
PCAH<?!LBCJ:CBG9!L<=DHCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbbb!6BKD?H!]Vd!
.NNHJG!:N!(.!J:;GH;G!:;!GAH!J?9CG<==B;BG9!:N!"$'!M?:JHCCHI!B;!<;!B;GH?;<=!
FBTH?V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbbQ!6BKD?H!]Ve!
.NNHJG!:N!(.!J:;GH;G!:;!GAH!J?9CG<==B;BG9!:N!"$'!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbb]!6BKD?H!]VbR!)9MBJ<=!?HCBIH;JH!GBFH!IBCG?BEDGB:;!JD?LHC!:N!"$'!UBGA!&<,!RVQ`^!(.!<;I!
&E,!RV`^!(.V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbb`!6BKD?H!]Vbb!
.NNHJG!:N!(.!J:;GH;G!:;!GAH!N<B=D?H!F<CC!:N!"$'!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbba!6BKD?H!]VbQ!
$BKAG!FBJ?:CJ:MH!:N!&<,!"$'S!&E,!"$'-b^!(1(!&+4,!<;I
!&J,!"$'-b^!
(1(!&34,!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbbe!6BKD?H!]Vb\!
.NNHJGC!:N!(1(!<IIBGB:;!<;I!E=H;IB;K!M?:JHCC!:;!GAH!G?<;CM<?H;J9!:N!
"$'!<;I!"$'-(1(!J:FM
:CBGH!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbbe!TL!6BKD?H!]Vb]!
&<,!1:;
PBC:GAH?F<=!GAH?F:K?<FCS!&E,!1:;
PBC:GAH?F<=!+)8!<;I!&J,!
*C:GAH?F<=!GAH?F:K?<FC!:N!"$'!<;I!
"$'-(1(!J:FM:CBGH!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVbQQ!6BKD?H!]Vb`!
"?:M:CHI!l
P(PX!G?<;CNH?!FHJA<;BCF!N:?!IHK?<I<GB:;!:N!"$'V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb\R!6BKD?H!]Vb_!
*;N?<?HI!CMHJG?<!:N!"$'!<;I!"$'-(1(!J:FM:CBGH!NB=FC!M?HM<?HI!E9!
IB?HJG!I?9!&+4,
P!<;I!FH=G
PE=H;IB;K!&34,!M?:JHCCHCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb\b!6BKD?H!]Vba!
(<?E:T9=!B;IBJHC!
DCB;K!GAH!B;GH;CBGBHC!:N!?HNH?H;JH!MH<@C!<G!Qee]!JF
%&!<;I!
Qe]`!JF
%&!:N!"$'S!"$'-b^!(1(!&+4,!<;I!"$'-b^!(1(!&34,!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb\]!6BKD?H!]Vbd!
.NNHJG!:N!(1(!J:;GH;G!:;!GAH!5["!&Q\
$(!<;I!d`^!2X,!<;I!#"!&Q\
$(!<;I!R^!2X,!:N!"$'!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb\a!6BKD?H!]Vbe!
5["!<;I!#"!:N!"$'!<;I!"$'-(1(!;<;:J:FM:CBGH!NB=FC!<C!<!ND;JGB:;!
:N!J?9CG<==B;BG9!:EG<B;HI!N?
:F!&<,!b
)*!AH<G!<;I!&E,!Q
+,!AH<GV!*;!GAH!b
)*!AH<G!GAH!
J?9CG<==B;BGBHC!UH?H!]V`!m!RVbY!`Vb!m!bVRY!`V]!m!RVdY!<;I!_VQ!m!RVQ!UAH?H<C!B;!GAH!Q
+,!AH<G!GAH9!UH?H!bV`!m!RV]Y!QVd!m!RV]Y!]V`!m!RV]Y!<;I!]Va!m!RV]!N:?!"$'!UBGA!RY!RV`Y!bY!
<;I!Q^!(1(S!?HCMHJGBLH=9V
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb\d!6BKD?H!]VQR!
+BKBG<=!FBJ?:CJ:MH!BF<KHC!:N!"$'!NB=FC!UBGA!L<?B:DC!(1(!J:;GH;GC!:N!
&<,!RV`^Y!&E,!b^Y!<;I!&J,!Q^!<C!UH==!<C!&I,!
(1(!<KK=:FH?<GB:;!N?HODH;J9!<C!<!
ND;JGB:;!:N!GAHB?!IB<FHGH?C!B;!GAH!;<;:J:FM:CBGH!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb]b!6BKD?H!]VQb!
.NNHJG!:N!(1(!J:;GH;G!:;!GAH!G?<;CM<?H;J9!:N!"$'!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb]\!6BKD?H!]VQQ!
[BCD<=!J=<?BG9!:N!"$'!<;I!"$'-(1(!;<;:J:FM:CBGH!NB=FCV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb]\!6BKD?H!]VQ\!.NNHJGC!:N!&<,!(1(!J:;GH;G!<;I!GHCGB;K
!GHFMH?<GD?H!:;!GAH!5["!:N!"$'!
NB=FC!<G!d`^!2X!<;I!&E,!(1(!<IIBGB:;!<;I!GHCGB;K!GHFMH?<GD?H!:;!GAH!#"!:N!"$'!
NB=FC!<G!R^!2XV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb]`!6BKD
?H!]VQ]!
5["!<;I!#"!:N!"$'!<;I!;<;:J:FM:CBGH!NB=FC!<G!L<?B:DC!GHFMH?<GD?HC!<C!
<!ND;JGB:;!:N!MH?JH;G!J?9CG<==B;BG9!:EG<B;HI!N?:F!b
)*!AH<G!i&<,!<;I!&E,j!<;I!Q
+,!AH<G!i&J,!
<;I!&I,jV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb]_!6BKD?H!]VQ`!
.NNHJGC!:N!(1(!J:;GH;G!<;I!2X!:;!GAH!&<,!5[)2!<;I!&E,!5["!:N!"$'!
NB=FC!<G!Q\
$(V!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb`R!6BKD?H!]VQ_!
5["!:N!"$'!<;I!"$'-(1(!;<;:J:FM:CBGH!NB=FC!GHCGHI!<G!L<?B:DC!
?H=<GBLH!ADFBIBG9!J:;IBGB:;C!<C!<!ND;JGB:;!:N!NB=FCW!J?9CG<==B;BG9!:EG<B;HI!N?:F!&<,!b
)*!AH<G!<;I!&E,!Q
+,!AH<GV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb`b!6BKD?H!]VQa!
3:BCGD?H!J:;GH;GC!:N!J?<J@H?C!<C!<!ND;JGB:;!:N!GBFH!?HJ:?IHI!<G!Q`
$(!<;I!
L<?B:DC!CG:?<KH!?H=<GBLH!ADFBIBG9!J:;IBGB:;CV
!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb`\!6BKD?H!]VQd!
3:BCGD?H!C:?MGB:;!BC:GAH?F!:N!J?<J@H?C!<G!Q`
$(V!VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVb`]!b!"#$%&'(!)
!*+,-./0",*.+
!)1)!*2&(3456&732
!#LH?!GAH!M<CG!NHU!9H<?CS!H;LB?:;FH;G<=!BCCDHC!CDJA!<C!M:==DGB:;S!IHM=HGB:;!:N!;<GD?<=!
?HC:D?JHC!<;I!
C:=BI!U<CGH!IBCM:C<=!A<LH!EHJ:FH!F<>:?!K=:E<=!J:;JH?;C!ibjV!'!CMHJBNBJ!J:;JH?;!BC!
GAH!NBH=I!:N!M<J@<KB;KS!UABJA!M?:IDJHC!K?H<G!<F:D;GC!:N!;:;
PIHK?<I<E=H!M=<CGBJ!U<CGH!GA<G!BC!
<JJDFD=<GHI!B;!=<;INB==C!<;I!:JH<;CS!J<DCB;K!J=BF<GH!JA<;KH!<;I!A<?F!G:!GH??HCG?B
<=!<C!UH==!<C!
<OD<GBJ!=BNH!iQjV!*;!N<JGS!_\^!:N!GAH!JD??H;G!M=<CGBJ!U<CGH!J:FHC!N?:F!M<J@<KB;K!<MM=BJ<GB:;C!:N!
UABJA!=HCC!GA<;!b]^!BC!?HJ9J=<E=H!iQjV!):!JB?JDFLH;G!GABC!K?:UB;K!H;LB?:;FH;G<=!M?:E=HF!J<DCHI!
E9!;:;
PIHK?<I<E=H!MHG?:=HDF
PE<CHI!M=<CGBJCS!?HCH<?
JA!HNN:?GC!A<LH!N:JDCHI!:;!GAH!IHLH=:MFH;G!:N!
<=GH?;<GBLH!M<J@<KB;K!F<GH?B<=C!GA<G!<?H!J:FM:CG<E=H!<;I!EB:IHK?<I<E=H!ibjV
!":=9&=<JGBJ!<JBI,!&"$',!BC!:;H!:N!GAH!F:CG!HTGH;CBLH=9!?HCH<?JAHI!J:FM:CG<E=H!<;I!
EB:IHK?<I<E=H!<=BMA<GBJ!M:=9HCGH?!EHJ<DCH!:N!BGC!M:GH;GB<=!G:!?HM=<JH!J:;LH;GB:;<=!MHG?:=HDF
PE<CHI!
M:=9FH?C!N:?!FHIBJ<=!<;I!:GAH?!B;IDCG?B<=!<MM=BJ<GB:;C!ibjV!
*G!A<C!CHLH?<=!
IHCB?<E=H!M?:MH?GBHC!CDJA!
<C!ABKA!CGBNN;HCCS!?H<C:;<E=H!CG?H;KGAS!HTJH==H;G!N=<L:?!<;I!<?:F<!E<??BH?S!<C!UH==!<C!K::I!K?H<CH!
<;I!:B=!?HCBCG<;JH!J:FM<?HI!G:!J:;LH;GB:;<=!MHG?:=HDF
PE<CHI!M:=9FH?C!i\
PdjV!+HCMBGH!GAHCH!
<GG?BEDGHCS!"$'!A<C!CHLH?<=!I?<UE<J@C!CDJ
A!<C!E?BGG=H;HCCS!M::?!U<GH?!L<M:?!<;I!F:IH?<GH!:T9KH;!
E<??BH?!M?:MH?GBHC!<C!UH==!<C!<;I!M?:JHCCB;K!IBNNBJD=GBHC!IDH!G:!BGC!B;CDNNBJBH;G!FH=G!CG?H;KGA!<;I!=:U!
GAH?F<=!CG<EB=BG9S!=H<IB;K!G:!<!;<??:U!M?:JHCCB;K!UB;I:U
!i\PdjV!"$'WC!B;<IHOD<GH!FH=G!CG?H;KGA!
M:CHC!JA<==H;KHC!N:?!BGC!F<;DN<JGD?H!B;G:!N=HTBE=H!NB=F!GA?:DKA!M?:JHCCHC!GA<G!?HODB?H!CG?HGJAB;K!:?!
:?BH;G<GB:;S!CDJA!<C!E=:U;!<;I!J<CG!NB=F!HTG?DCB:;S!<C!UH==!<C!N:<FB;K!UAH?H<C!BGC!E?BGG=H;HCC!=H<IC!
G:!NB=F!?DMGD?H!<;I!N<B=D?H!B;!F<;9!M<J@<KB;K!MH?N:?F<;J
H!GHCGCV!3:?H:LH?S!
GAH!E<??BH?!M?:MH?GBHC!
Q!:N!<!NB=F!G:!U<GH?!L<M:?!<;I!K<C!<?H!J?BGBJ<=!M?:MH?GBHC!N:?!N::I!M<J@<KB;K!F<GH?B<=C!IDH!G:!GAHB?!
?:=H!B;!N::IWC!IHGH?B:?<GBLH!?H<JGB:;C!<;I!FBJ?:EB<=!K?:UGAV!)AH?HN:?HS!
BG!BC!:N!M<?<F:D;G!
BFM:?G<;JH!G:!BFM?:LH!"$
'WC!FH=G!CG?H;KGAS!E?BGG=H;HCC!<C!UH==!<C!U<GH?!<;I!K<C!E<??BH?!M?:MH?GBHC!
B;!:?IH?!N:?!BG!G:!EH!DCHI!<C!<!N=HTBE=H!M<J@<KB;K!F<GH?B<=V
!6B?CG=9S!JA<B;!HTGH;IH?C!&(.,!:?!FH=G!CG?H;KGA!H;A<;JH?C!CDJA!<C!FD=GBND;JGB:;<=!HM:TBHCS!
bS]PEDG<;H!IB
PBC:J9<;<GHS!<;I!
AHT<FHGA9=H;H!IB
PBC:J9<;<GH!<F:;K!:GAH?C!<?H!:NGH;!E=H;IHI!UBGA!
"$'!F<G?BT!G:!B;J?H<CH!BGC!FH=G!CG?H;KGA!ie
Pb_jV!)AHCH!<IIBGBLHC!B;J?H<CH!"$'WC!F:=HJD=<?!UHBKAG!
E9!B;G?:IDJB;K!JA<B;!E?<;JAB;KS!GAH?HE9!B;J?H<CB;K!BGC!CAH<?!<;I!H=:;K<GB:;<=!LBCJ:CBGBHCV!)ABC
!=H<IC!G:!BFM?:LHI!FH=G!CG?H;KGA!UABJA!N<JB=BG<GHC!GAH!E=:U;!NB=F!HTG?DCB:;!M?:JHCC!<;I!:GAH?!
M?:JHCCHC!CDJA!<C!J<CGB;K!<;I!N:<FB;K!ie
Pb_jV!*;!:D?!M?HLB:DC!U:?@S!"$'!NB=FC!UH?H!CDJJHCCND==9!F<;DN<JGD?HI!UBGA:DG!<;9!(.!E9!
J:;G?:==B;K!GAH!FH=G!?AH:=:K9!GA?:D
KA!M?:JHCCB;K!GHFMH?<GD?H!<;I!:GAH?!HTG?DCB:;
PE=:U;!
M?:JHCCB;K!J:;IBGB:;C!CDJA!<C!GAH!M?:JHCCB;K!
CMHHI!?<GB:C!
<;I!B;GH?;<=!<B?!M?HCCD?HC!i\jV!X:UHLH?S!
GAHCH!E=:U;!NB=FC!GH<?HI!H<CB=9!IDH!G:!GAHB?!E?BGG=H;HCC!<;I!IBI!;:G!CD?LBLH!CHLH?<=!M<J@<KB;K!
MH?N:?F<;J
HC!GHCGC!CDJA!<C!:T9KH;!MH?FH<GB:;V!
(:;CHODH;G=9S!JA<B;!HTGH;IH?C!<?H!;HHIHI!B;!GAH!
N:?FD=<GB:;C!G:!B;J?H<CH!"$'WC!IDJGB=BG9!ib`jV
!'=GA:DKA!E=H;IB;K!"$'!UBGA!GAH!<N:?H
PFH;GB:;HI!
<IIBGBLHC!B;J?H<CHC!GAH!IDJGB=BG9!
:N!NB=FC!
DCHI!B;!CHLH?<=!M<J@<KB;K!
<MM=BJ<GB:;CS!GAH9!<=C:!A<LH!L<?B:DC!I?<UE<J@CV!6:?!HT<FM=HS!
FD=GBND;JGB:;<=!HM:TBHC!A<LH!;:G!EHH;!<MM?:LHI!N:?!N::I
PK?<IH!<MM=BJ<GB:;C!E9!GAH!/;BGHI!0G<GHC!
6::I!<;I!+?DK!'IFB;BCG?<GB:;!&6+',!i\SbajV!#;!GAH!:GAH?!A<;IS!IB
PBC:J9<;<GHC!<?H!D;IH?!CJ?DGB;9!
IDH!G:!GAHB?!G:TBJBG9S!?BC@!:N!:JJDM<GB:;<=!A<Z<?ICS!<;I!GAHB?!BFM<JG!:;!GAH!B;AH?H;G!EB:IHK?<I<EB=BG9!
:N!"$'!i\SbdjV
!\!2HJH;G=9S!;HU!6+'!<MM?:LHI!N::I
PK?<IH!FD=GBND;JGB:;<=!HM:TBHC!UBGA!L<?9B;K!?H<JGBLBGBHC!
&=:U!<;I!ABKA!HM:T9!HODBL<=H;G!UHBKAG,!A<LH!EHH;!IHLH
=:MHIV!/;N:?GD;<GH=9S!=BFBGHI!CGDIBHC!A<LH!
EHH;!?HM:?GHI!:;!GAHB?!DCH!G:!FH=G!CG?H;KGAH;!"$'!<;I!?HIDJH!BGC!E?BGG=H;HCCV!)AH?HN:
?HS!
!"#$%$!&'(%
#)*+$!#,-!+'%!"+%+..+/!#*+)+$$%-)'%+..#/#+)/(%0.%!"+$+%1&2!#.&)/!#0)-2%-''#!#*+$%#)%/"-#)%+3!+)'#),
%-)'%45-)/"#),
%6789%#1:50*#),%#!$%:50/+$$-4#2#!(%!"50&,"%!"+%420;)%.#21%+3!5&$#0)%:50/+$$%-)'%
5+'&/#),%!"+%45#!!2+)+$$%0.%678%.#21$
<!0HJ:;I=9S!J?9CG<==BZ<GB:;!BC!:;H!:N!GAH!U<9C!G:!BFM?:LH!"$'WC!E<??BH?!M?:MH?GBHC!EHJ<DCH!
:N!GAH!G:?GD:CBG9!HNNHJG!J?H<GHI!E9!BFMH?FH<E=H!
J?9CG<==BGHC!i]S`SbeSQRjV!#?BH;G<GB:;!:N!GAH!NB=F!
GA?:DKA!I?<UB;K!<;I!<;;H<=B;K!ID?B;K!M?:JHCCB;K!J<;!B;J?H<CH!"$'WC!J?9CG<==B;BG9V!6:?!B;CG<;JHS!
B;!:;H!CGDI9!GAH!J?9CG<==B;BG9!:N!"$'!U<C!B;J?H<CHI!GA?:DKA!<;;H<=B;K!<G!b\R
$(!N:?!bR!FB;DGHC!
?HCD=GB;K!B;!`R^
!?HIDJGB:;!B;!U<GH?!MH?FH<EB=BG9!J:FM<?HI!G:!BGC!<F:?MA:DC!J:D;GH?M<?G!iQRjV!
'IIBGB:;<==9S!"$'WC!J?9CG<==B;BG9!J<;!<=C:!EH!B;J?H<CHI!GA?:DKA!B;J:?M:?<GB:;!:N!:?K<;BJ!<;I!
B;:?K<;BJ!;DJ=H<GB;K!<KH;GCV!X:UHLH?S!;<GD?<=!<;I!EB:
PE<CHI!<IIBGBLHC!<?H!M?HNH??HI!B;
!:?IH?!G:!
M?HCH?LH!GAH!B;AH?H;G!EB:IHK?<I<EB=BG9!:N!"$'V
!(H==D=:CH!;<;:F<GH?B<=C!&(1C,!CDJA!<C!
JH==D=:CH!;<;:J?9CG<=C!&(1(C,!<;I!JH==D=:CH!
;<;:NBEH?C!&(16C,!<?H!?HJH;G=9!K<B;B;K!B;GH?HCG!<F:;KCG!?HCH<?JAH?C!<C!;<GD?<=!<;I!EB:
PE<CHI!
;DJ=H<GB;K!<KH;GC!iQb
PQajV!'=GA:DKAS!UH==
PIBCMH?CHI!(1C!J<;!B;J?H<CH!"$'WC!J?9CG<==B;BG9S!GAHB?!
IBCMH?CB:;!B;G:!"$'!F<G?BT!BC!<!JA<==H;KHV!
(1!M<?GBJ=HC!GH;I!G:!<KK=:FH?<GH!IDH!G:!GAHB?!ABKA!
CD?N<JH!<?H<!G:!L:=DFH!?<GB:!UAH;!GAH!<ODH:DC!FHIBDF!GA<G!GAH9!<?H!M?:IDJHI!B;!BC!H=BFB;<G
HI!E9!
N?HHZH!:?!CM?<9!I?9B;KV!3:?H:LH?S!(1!M<?GBJ=HC!<?H!IBNNBJD=G!G:!IBCMH?CH!B;!;:;
PM:=<?!M:=9FH?C!IDH!
G:!GAHB?!ABKA!M:=<?BG9!<;I!CG?:;K!A9I?:KH;!E:;IB;K!N:?JHC!iQdjV![<?B:DC!<MM?:<JAHC!CDJA!<C!
C:=LH;G
PJ<CGB;K!<;I!FH=G
PJ:FM:D;IB;K!A<LH!EHH;!B;LHCGBK<GHI!
G:!IBCMH?CH!JH==D=:CH!;<;:F<GH?B<=C!
B;G:!<!M:=9FH?!F<G?BT!iQb
P\\jV!]!2HJH;G=9S!"HB!<;I!J:
PU:?@H?C!B;LHCGBK<GHI!GAH!IBCMH?CB:;!:N!JAHFBJ<==9!F:IBNBHI!(1(C!
B;G:!<!"$'!F<G?BT!iQajV!*;!GABC!U:?@S!<!M?HIHGH?FB;HI!<F:D;G!:N!CB=9=<GHI!(1(!&0(1(,!U<C!
IBCMH?CHI!B;!<;
!:?K<;BJ!C:=LH;G!<;I!FBTHI!UBGA!<!M?HLB:DC=9!M?HM<?HI!C:=DGB:;!:N!"$'V!)AH!FBTGD?H!
U<C!CGB??HIS!J<CG!:;!<!K=<CC!MHG?B!IBCA!<;I!I?BHI!G:!N:?F!"$'-0(1(!;<;:J:FM:CBGH!NB=FCV!XBKA!
IHK?HH!:N!0(1(CW!IBCMH?CB:;!U<C!<JABHLHI!B;G:!GAH!"$'!F<G?BT!IDH!G:!NBEH?!G?H<GF
H;G!GA<G!?HIDJHI!
<KK=:FH?<GB:;V!)AH!"$'-b^!0(1(!NB=FC!A<I!ABKAH?!J?9CG<==B;BG9!J:FM<?HI!G:!GAH!"$'!NB=FCS!
=H<IB;K!G:!<!Qa^!B;J?H<CH!B;!GH;CB=H!F:ID=DCV!X:UHLH?S!GAH!H=:;K<GB:;!<G!E?H<@!:N!GAH!"$'-b^!
0(1(!NB=FC!U<C!CBK;BNBJ<;G=9!=:UH?!GA<;!GA<G!:N!"$'!NB=FC
!IDH!G:!GAH!M::?!B;GH?N<JB<=!<IAHCB:;!
EHGUHH;!GAH!"$'!<;I!;<;:M<?GBJ=HC!?HCD=GB;K!B;!B;CDNNBJBH;G!CG?HCC!G?<;CNH?!iQajV!*;!<;:GAH?!CGDI9S!
6:?GD;<GB!<;I!J:
PU:?@H?C!?HM:?GHI!<!?HIDJGB:;!:N!\]^!B;!U<GH?!L<M:?!MH?FH<EB=BG9!:N!"$'!UAH;!
b^!(1(!F:IBNBHI!UBGA!<;!<
JBI!MA:CMA<GH!HCGH?!:N!HGA:T9=<GHI!;:;9=MAH;:=!U<C!<IIHI!G:!GAH!"$'!
F<G?BT!DCB;K!GAH!C:=LH;G!J<CGB;K!GHJA;BODH!iQbjV
!"$'-JH==D=:CH!;<;:NBEH?!&(16,!J:FM:CBGHC!A<LH!<=C:!EHH;!M?HM<?HI!DCB;K!<!GU:
PCGHM!
M?:JHCC!iQdjV!)AH!C:=LH;G!J<CGB;K!GHJA;BODH!U<C!DCHI!G:!M
?HM<?H!<!F<CGH?!E<GJAS!UABJA!U<C!GAH;!
J?DCAHIS!IB=DGHI!<;I!I?9
PFBTHI!UBGA!"$'S!FH=G
PJ:FM:D;IHI!B;!<;!HTG?DIH?S!MH==HGBZHI!<;I!NB;<==9!
B;>HJGB:;!F:=IHIV!)AH!"$'-`^!(16!C<FM=HC!M?HM<?HI!E9!GAH!IHCJ?BEHI!GHJA;BODH!A<I!Q]^!<;I!
Qb^!B;J?H<CH!B;!GH;CB=H!F:ID=DC!<
;I!GH;CB=H!CG?H;KGAS!?HCMHJGBLH=9V!1:;HGAH=HCCS!=<?KH!CG<;I<?I!
IHLB<GB:;!B;!GAH!L<=DHC!:N!GH;CB=H!F:ID=DC!?HM:?GHI!B;IBJ<GHI!<!;:;
PA:F:KH;:DC!IBCMH?CB:;!:N!
(16C!B;!GAH!"$'!F<G?BT!iQdjV
!';:GAH?!<MM?:<JA!G:!IBCMH?CH!(16C!B;G:!<!"$'!F<G?BT!A<C!EHH;!HT<FB;HI!E
9!:GAH?!
B;LHCGBK<G:?C!UA:!M?HM<?HI!<ODH:DC!CDCMH;CB:;C!:N!(16!B;!<!C=D??9!:N!M=<CGBJBZH?S!<JHG:;H!<;I!
U<GH?!iQejV!)AH!M?HM<?HI!CDCMH;CB:;!U<C!FH=G
PJ:FM:D;IHI!UBGA!"$'!MH==HGC!B;!<!GUB;
PCJ?HU!
HTG?DIH?!HODBMMHI!UBGA!<!=BODBI!NHHIH?!<;I!LH;GC!N:?!?HF:L<=!:N!<
JHG:;H!<;I!U<GH?V!)AH!:EG<B;HI!
`!HTG?DI<GH!U<C!GAH;!J:FM?HCCB:;!F:=IHI!B;G:!NB=FC!N:?!GHCGB;K!:N!FHJA<;BJ<=!M?:MH?GBHCV!)AH!?HCD=GC!
B;IBJ<GHI!GA<G!<IIBGB:;!:N!:;=9!b^!(16!B;J?H<CHI!GAH!H=:;K<GB:;!<G!E?H<@!:N!GAH!M=<CGBJBZHI!"$'!
E9!Qa^!IDH!G:!GAH!C=BMMH?9!HNN
HJG!:N!(16C!J:<GHI!UBGA!M=<CGBJBZH?!<;I!GAH!J?<ZB;K!MAH;:FH;:;!
<GG?BEDGHI!G:!GAH!M?HCH;JH!:N!(16C!iQejV
!*;!<!F:?H!?HJH;G!CGDI9S!"$'!<;I!b^!JH==D=:CH!;<;:J?9CG<=!<C!UH==!<C!JABGB;!;<;:J?9CG<=!
&(A1(,!;<;:J:FM:CBGH!NB=FC!UH?H!:EG<B;HI!DCB;K!=BODBI!NHHIB;K!B;!
<!LH;GHI!GUB;
PCJ?HU!HTG?DIH?!
M?B:?!G:!J:FM?HCCB:;!F:=IB;K!i\RjV!
'!M=<CGBJBZH?!iQR^!G?BHGA9=!JBG?<GH!&).(,j!
U<C!DCHI!G:!=BODBI!
NHHI!GAH!GU:!G9MHC!:N!;<;:J?9CG<=C!UAB=H!<JGB;K!<C!<!M?:JHCCB;K!<BI!G:!H;A<;JH!GAHB?!IBCMH?CB:;!B;G:!
GAH!"$'!F<G?BTV!)ABC!=BODBI!N
HHIB;K!GHJA;BODH!?HCD=GHI!B;!F:IH?<GH!IBCMH?CB:;!:N!(1(C!<C!UH==!<C!
(A1(C!B;!GAH!"$'!F<G?BTS!UBGA!C:FH!<F:D;G!:N!<KK=:FH?<GB:;C!CGB==!M?HCH;G!N:?!E:GA!G9MHC!:N!
;<;:J?9CG<=CV!X:UHLH?S!CBK;BNBJ<;G!B;J?H<CH!B;!GAH!9BH=I!CG?H;KGA!&\b_^!N:?!(1(C!<;I!]ad^!N:?!
(A1(C,!<C!UH==!<C!%:D;KWC!F:ID=DC!&Q_a^!N:?!(1(C!<;I!\RR^!N:?!(A1(C,!UH?H!:EG<B;HI!N:?!
GAH!;<;:J:FM:CBGH!NB=FC!J:FM<?HI!G:!GAHB?!J:D;GH?M<?G!"$'-).(!NB=FC!UBGA:DG!<;9!;<;:J?9CG<=C!
i\RjV!)AH!
<E:LH
PIHCJ?BEHI!
=BODBI!NHHIB;K!<MM?:<JA!A<C!<=C:!EHH;!CDJJHCCND==9!D
CHI!G:!M?:IDJH!
M=<CGBJBZHI!"$'-M:=9EDG9=H;H!<IBM<GH
PJ:PGH?HMAGA<=<GH!&"4'),!E=:U;!NB=FC!UBGA!G<=J!<;I!(A1(!
i\bjV!*;!GABC!CGDI9S!<!F<CGH?E<GJA!:N!"$'S!`^!(A1(C!<;I!QR^!K=9JH?:=!G?B<JHG<GH!M=<CGBJBZH?!&8)',!
U<C!M?HM<?HI!DCB;K!GAH!M?HLB:DC=9!IHCJ?BEHI!=BODBI!
NHHIB;K!GHJA;BODH!B;!<!LH;GHI!GUB;
PCJ?HU!
HTG?DIH?V!)ABC!F<CGH?E<GJA!U<C!IB=DGHI!UBGA!"$'!<;I!"4')!<;I!FBTHI!UBGA!G<=J!G:!M?:IDJH!NB=FC!
UBGA!b^!(A1(CS!_^!G<=JS!e^!8)'S!Q`^!"4')!<;I!`e^!"$'V!)AH!NB;<=!J:FM:CBGHC!UH?H!GAH;!
E=:U;!B;G:!NB=FC!<;I!HL<=D<GHI!N:?!:
MGBJ<=S!GAH?F<=S!FHJA<;BJ<=!<;I!E<??BH?!M?:MH?GBHC!<F:;KCG!
:GAH?CV!)AH!?HCH<?JAH?C!N:D;I!GA<G!<IIBGB:;!:N!(A1(C!B;J?H<CHI!GAH!LBCJ:CBG9!<;I!FH=G!CG?H;KGA!:N!
"$'S!GADC!<BIB;K!B;!GAH!E=:U;!NB=F!M?:JHCCB;K!:N!GAH!NB=FCV!3:?H:LH?S!GAH!<IIBGB:;!:N!b^!(A1(C!
_!B;J?
H<CHI!GAH!GH;CB=H!F:ID=DCS!GH;CB=H!CG?H;KGAS!GH<?!?HCBCG<;JH!<;I!MD;JGD?H!?HCBCG<;JH!:N!GAH!NB=F!
E9!a]^S!_]^S!dR^!<;I!\RR^S!?HCMHJGBLH=9V!*;!J:;G?<CGS!GAH!;<;:J:FM:CBGH!NB=FC!IBI!;:G!A<LH!
BFM?:LHI!GAH?F<=!CG<EB=BG9!:?!E<??BH?!MH?N:?F<;JH!J:FM<?HI!G:!GAHB?!
?HNH?H;JH!NB=FC!i\bjV
!"?:JHCCB;K!<BIC!CDJA!<C!M:=9LB;9=!<=J:A:=!&"[#X,!A<LH!<=C:!EHH;!DCHI!G:!BFM?:LH!GAH!
IBCMH?CB:;!:N!(1(C!B;G:!GAH!"$'!F<G?BT!i\QjV!.;A<;JHI!IBCMH?CB:;!:N!(1(C!B;G:!"$'!J<;!EH!
<JABHLHI!E9!?H<JGB;K!GAH!A9I?:T9=!K?:DMC!B;!"[#X!UBGA!GAH!A9I
?:MAB=BJ!(1(C!<;I!GAH!LB;9=!
<JHG<GH!K?:DMC!UBGA!GAH!A9I?:MA:EBJ!"$'V!*;!:;H!CGDI9S!"$'-(1(!;<;:J:FM:CBGHC!UH?H!
F<;DN<JGD?HI!DCB;K!"[#X!E9!GU:!IBNNH?H;G!NHHIB;K!FHGA:ICh!I?9!NHHIB;K!"[#X-(1(!MH==HGC!
UBGA!"$'!<;I!=BODBI!NHHIB;K!"[#X-(1(!CDCMH;CB:;!B;G:!F:=GH
;!"$'!ID?B;K!HTG?DCB:;!B;!<!LH;GHI!
GUB;PCJ?HU!HTG?DIH?V!)AH!J:FM:CBGH!F<GH?B<=C!UH?H!
GAH;!J:FM?HCCB:;
PF:=IHI!B;G:!NB=FC!M?B:?!G:!
GHCGB;K!N:?!IBCMH?CB:;!<;I!FHJA<;BJ<=!MH?N:?F<;JHV!)AH!?HCD=GC!CA:UHI!GA<G!M::?!B;GH?N<JB<=!
<IAHCB:;!EHGUHH;!"$'!<;I!"[#X!
?HCD=GHI!B;!MA<CH!CHM<?<GB:;!UBGA!<!J:;GB;D:DC!"$'!MA<CH!<;I!
IBCJ:;GB;D:DC!"[#X!MA<CHS!B??HCMHJGBLH!:N!GAH!NHHIB;K!FHGA:IV!6D?GAH?F:?H
S!GAH!(1(C!UH?H!
I:FB;<;G=9!M?HCH;G!B;!GAH!"[#X!MA<CH!IDH!G:!GAHB?!ABKAH?!<NNB;BG9!G:!"[#X!GA<;!"$'V!
(:;CHODH;G=9S!GAH!;<;:
J:FM:CBGH!NB=FC!A<I!M::?!FHJA<;BJ<=!M?:MH?GBHC!IDH!G:!GAH!BFFBCJBEB=BG9!
:N!"$'!<;I!"[#X!?HCD=GB;K!B;!MA<CH!CHM<?<GB:;!i\QjV
!'=GA:DKA!K::I!;<;:M<?GBJ=H!IBCMH?CB:;!B;G:!"$'!F<G?BT!U<C!?HM:?GHI!E9!IBNNH?H;G!C:=LH;G!
J<CGB;K!
<;I!=BODBI!NHHIB;K!GHJA;BODHC
S!GAHCH
!A<LH!L<?B:DC!I?<UE<J@C!iQbSQa
PQeS\\jV!0:=LH;G!
E=H;IB;K!<;I!J<CGB;K!GHJA;BODHC!?HODB?H!I?9B;K!:N!NB=FCS!UABJA!<II!F:?H!H;H?K9!J:;CDFMGB:;!B;!
NB=F!F<;DN<JGD?HS!<;I!C:=LH;G!IBCM:C<=!J:D=I!<=C:!EH!<;!BCCDH!N:?!GABC!M?:JHCC!EHJ<DCH!C:FH!
C:=LH;GC!F<9!EH!A<?FND=
!G:!U:?@H?C!<;I!GAH!H;LB?:;FH;GV!
'IIBGB:;<==9
S!G?<JH!<F:D;GC!:N!C:=LH;GC!
J<;!?HF<B;!B;!GAH!M?:IDJHI!NB=FCS!UABJA!J:D=I!M:CH!?HKD=<G:?9!J:FM=B<;JH!BCCDHCV!)AH!?HCBID<=!
a!C:=LH;G!J<;!<=C:!<JG!<C!<!M=<CGBJBZH?S!GAH?HE9!
?HIDJB;K!GAH!CG?H;KGAS!CGBNN;HCC!<;I!E<??B
H?!M?:MH?GBHC!
:N!GAH!M?:IDJHI!NB=FC!i\]jV
!+DH!G:!GAH!I?<UE<J@C!:N!C:=LH;G
PE<CHI!FBTB;K!GHJA;BODHCS!<=GH?;<GBLH!<MM?:<JAHC!G:!
F<;DN<JGD?H!"$'-(1(!J:FM:CBGH!NB=FC!UBGA!BFM?:LHI!E<??BH?!M?:MH?GBHC!CA:D=I!EH!J:;CBIH?HIV!
3H=GPM?:JHCCB;K!BC!:;H!:N!GAH!BFM:?G<;G!
C:=LH;G
PN?HH!M?:JHCCB;K!FHGA:IC!N:?!B;G?:IDJB;K!
;<;:J:FM:CBGH!F<GH?B<=C!B;!GAH!F<?@HG!UAH?H!ABKA
PL:=DFH!M?:IDJGB:;!BC!?HODB?HI!i\`j
V!X:UHLH?S!
=BFBGHI!CGDIBHC!A<LH!EHH;!?HM:?GHI!:;!BFM?:LB;K!GAH!E<??BH?!MH?N:?F<;JH!:N!"$'!DCB;K!FH=G
PM?:JHCCB;K!iQ`SQ_jV!*;!:
;H!CDJA!CGDI9!HFM=:9B;K!FH=G
PM?:JHCCB;KS!BFM?:LHFH;GC!:N!QR^!<;I!_R^!
B;!U<GH?!L<M:?!<;I!:T9KH;!E<??BH?!:N!HTG?DCB:;
PJ<CG!"$'!NB=FC!UH?H!?HM:?GHI!UAH;!b^!JH==D=:CH!
;<;:J?9CG<=C!IH?BLHI!N?:F!J:NNHH!CB=LH?C@B;!UH?H!FH=G
PFBTHI!UBGA!"$'!B;!<!GUB;
PCJ?HU!HTG?DIH?
!iQ`jV!0BFB=<?!?HCD=GC!A<LH!EHH;!?HM:?GHI!
N:?!"$'-(1(
PE<CHI!J<CG!NB=FC!M?:IDJHI!E9!<!CB;K=H
PCGHM!
?H<JGBLH!HTG?DCB:;!M?:JHCC!iQ_jV
!+DH!G:!GAH!=BFBGHI!?HCH<?JA!:;!BFM?:LB;K!GAH!E<??BH?!MH?N:?F<;JH!:N!"$'!DCB;K!C:=LH;G
PN?HH!<MM?:<JAHCS!<=GH?;<GBLH!C:=LH;G
PN?HH!<MM?:<JAHC!G:!F<;DN<JGD?H!"$'-(1(!J:FM:CBGH!NB=FC!
CA:D=I!EH!J:;CBIH?HIV!*;!GABC!U:?@S!GU:!C:=LH;G
PN?HH!<MM?:<JAHC!:N!<IIB;K!(1(C!B;G:!GAH!"$'!
F<G?BT!
UH?H!HT<FB;HI
V!)AH!NB?CG!<MM?:<JA!
U<C!G:!FH=G
PE=H;I!(1(C!UBGA!"$'!B;!<!GA?HH
PMBHJH!
B;GH?;<=!E<GJA!FBTH?!G
:!F<TBFBZH!A:F:KH;:DC!IBCMH?CB:;!:N!(1(C!B;G:!GAH!F<G?BT!UAB=H!
FB;BFBZB;K!GAH!=:CC!:N!(1(C!GA<G!F<9!:JJD?!B;!ABKA!L:=DFH!FBTH?C!i\_jV!'=GA:DKA!GABC!GHJA;BODH!
H=BFB;<GHC!GAH!DCH!:N!C:=LH;GCS!BG!BC!<!GBFH
PJ:;CDFB;K!E<GJA!M?:JHCC!GA<G!CDE>HJGC!AH<G
PCH;CBGBLH!
"$'!G:!<IIBGB:;<=!GAH?F<=!ABCG:?9V!)AH?HN:?HS!<!CHJ:;I!<MM?:<JA!HFM=:9B;K!J:;LH;GB:;<=!IB?HJG!
I?9PE=H;IB;K!
U<C!<=C:!HT<FB;HI
V!*;!GABC!FHGA:IS!(1(C!
UH?H
!IB?HJG=9!<IIHI!G:!GAH!"$'!F<G?BT!
ID?B;K!J:;LH;GB:;<=!I?9
PJ:FM:D;IB;KV!(:FM<?HI!UBGA!FH=G
PE=H;IB;KS!GABC!
=HCC!GBFH
PJ:;CDFB;K!
<MM?:<JA!FB;BFBZHC!HTM:CD?H!:N!"$'!G:!ABKA!GHFMH?<GD?HV
!d!):!GAH!EHCG!:N!:D?!@;:U=HIKHS!GAH
CH!B;LHCGBK<GHI
!C:=LH;G
PN?HH!E=H;IB;K!<MM?:<JAHC!
A<LH!
;:G!EHH;!M?HLB:DC=9!DCHI!G:!F<;DN<JGD?H!
"$'-(1(!J:FM:CBGH!E=:U;!NB=FCV!(:;CHODH;G=9S!
!"+%
:+5.
051-)/+%0.%678=>?>%420;)%.#21$%:5+:-5+'%4(%!"+%1+2!
@42+)'#),%-)'%'#5+/!%'5(
@42+)'#),%
!+/")#A&+$%#)%!+51$%0.%:-5!#/2+%'#$:+5$#0)9%0:!#/-29%!"+51-29%102+/&2-5%;+#,"!%-)'%4-55#+5%
:50:+5!#+$%
;+5+
%/01:-5+'%
#)%!"#$%$!&'(%
!0%#'+)!#.(%!"+%10$!%+..+/!#*+%
42+)'#),%-::50-/"
V!)AH!E<??BH?!M?:MH?GBHC!:N!<!NB=F!G:!
F:BCGD?H
!<;I!K<C!<?H!J?BGBJ<=!M?:MH?GBHC!N:?!N::I!
M<J@<KB;K!F<GH?B<=C!IDH!G:!GAHB?!?:=H!B;!N::IWC!IHGH?B:?<GBLH!?H<JGB:;C!<;I!FBJ?:EB<=!K?:UGA
!i\aP\ejV!3:BCGD?H!K<B;!:?!=:CC!B;!N::I!M?:IDJGC!J<;!J<DCH!
IHNHJGC!CDJA!<C!N?HHZH?!ED?;S!;:;
PH;Z9F<GBJ!
E?:U;B;KS!CG<?JA!?HG?:K?<I<GB:;S!F:=I!<;I!FBJ?:EB<=!K?:UGAS!<C!UH==!<C!N=<L:?S!J:=:?!<;I!GHTGD?<=!
JA<;KHCS!<F:;KCG!:GAH?C
!i\aS\djV!6:?!B;CG<;JHS!
I?9!N::IC!&HVKVS!J?<J@H?C,!<;I!F:BCG!M?:IDJGC!&HVKVS!
J<@H
,!<?H!:NGH
;!CDCJHMGBE=H!G:!
GHTGD?<=!JA<;KHC!CDJA!<C!C:KKB;HCC!<;I!
E?BGG=H;HCC
!IDH!G:!F:BCGD?H!
K<B;!
<;I!=:CCS!?HCMHJGBLH=9
S!C:!GAH9!?HODB?H!<!M<J@<KH!GA<G!J<;!M?:LBIH!C:FH!F:BCGD?H!E<??BH?V
!#T9KH;
PCH;CBGBLH!N::I!M?:IDJGC!
<?H
!CDCJHMGBE=H!G:!:TBI<GBLH!?H<JGB:;C!?HCD=GB;K!B;!=:CC!:N!;DG?BH;GC!
<;I!:GAH?!D;IHCB?<E=H!JA<;KHC!B;!N=<L:?S!<MMH<?<;JH
!<C!UH==!<C
!GHTGD?H
!i\aS\djV!)AHCH!M?:IDJGC!
;HHI!M<J@<KHC!GA<G!M?:LBIH!C:FH!:T9KH;!E<??BH?V
!'IIBGB:;<==9S!BG!BC!UH==
PI:JDFH;GHI!GA<G!IBNNH
?H;G!
J:;IBGB:;C!:N!GHFMH?<GD?H!<;I!?H=<GBLH!ADFBIBG9!&2X,!CG?:;K=9!B;N=DH;JH!E:GA!GAH!E<??BH?!M?:MH?GBHC!
:N!NB=FC!<;I!GAH!N::I!OD<=BG9!ID?B;K!IBCG?BEDGB:;!<;I!CG:?<KH!i\ajV!
)AH?HN:?HS!:;JH!<!;HU!M=<CGBJ!
NB=F!N:?!N::I!M<J@<KB;K!<MM=BJ<GB:;C!BC!IHLH=:MHIS!BG
!BC!:N!DGF:CG!BFM:?G<;JH!G:!JA<?<JGH?BZH!BGC!
E<??BH?!M?:MH?GBHC!B;!IBNNH?H;G!H;LB?:;FH;G!J:;IBGB:;C!B;!:?IH?!G:!<CCHCC!BGC!
M:GH;GB<=
!B;!HTGH;IB;K!
N::I!CAH=N
P=BNH!GA?:DKA:DG!GAH!CDMM=9!JA<B;V
!+HCMBGH!@;:U;!HNNHJGC!:N!GHCGB;K!H;LB?:;FH;G<=!J:;IBGB:;C!:;!GAH!
E<??BH?!MH?N:?F<;JH!:N!
F<GH?B<=CS!;:!?HCH<?JA!A<C!EHH;!J<??BHI!:DG!G:!HT<FB;H!GAH!B;N=DH;JH!:N!GHFMH?<GD?H!<;I!2X!:;!GAH!
E<??BH?!M?:MH?GBHC!:N!;<;:JH==D=:CH
PE<CHI!"$'!E=:U;
PNB=FC!UBGA!L<?B:DC!(1(!J:;GH;GCV!)AH?HN:?HS!
e!!"+%#).2&+)/+%0.%
>?>%-''#!#0)%2+*+2%-)'
%+)*#50)1+)!-2%!+$!#),%/0)'#!#0)$%0)%!"+%
4-55#+5%:50:+5!#+$%
0.%678=>?>%420;)%.#21$%-$%;+22%-$%!"+#5%
!"+51-2%-)'%0:!#/-2%:50:+5!#+$%
;+5+
%$!&'#+'%#)%!"#$%;05B
V!3:?H:LH?S!
!"+%
:0!+)!#-2
%0.%!"+%1-)&.-/!&5+'%)-)0/01:0$#!+%.#21$%#)%+3!+)'#),%!"+%$"+2.
@2#.+%0.%
10#$!&5+
@$+)$#!#*+%.00'%:50'&/!$%
;+5+
%-$$+$$+'
V!)18!.9:'6&7;'<
!)AH
!F<B;!K:<=!:N!GABC!
?HCH<?JA!
M?:>HJG!BC!G:!K<B;!ND;I<FH;G<=!D;IH?CG<;IB;K!:N!;<;:CJ<=H!
IBCMH?CB:;!<;I!IBCG?BEDGB:;!:N!(1(C!B;G:!<!"$'!F<G?BT!B;!:?IH?!G:!IHLH=:M!<!;<;:J:FM:CBGH!NB=F!
UBGA!BFM?:LHI!E<??BH?!MH?N:?F<;JH!GA?:DKA!C:=LH;G
PN?HH!M?:JHCCB;K!FHGA:IC!N:?!N::I!M<J@<KB;K!
<MM=BJ<GB:
;CV!
):!<JABHLH!GABC!:E>HJGBLHS!GAH!N:==:UB;K!
CMHJBNBJ!:E>HJGBLHC!
UH?H
!M?:M:CH
Ih!bV!*;LHCGBK<GH!GAH!HNNHJGBLH;HCC!<;I!HNNBJBH;J9!:N!GU:!N::I
PK?<IH!FD=GBND;JGB:;<=!HM:TBHC!
UBGA!L<?9B;K!?H<JGBLBGBHC!B;!JA<B;!HTGH;IB;K!<;I!E?<;JAB;K!"$'S!BFM?:LB;K!BGC!
M?:JHCC<EB=
BG9!GA?:DKA!GAH!E=:U;!NB=F!HTG?DCB:;!M?:JHCC!<;I!BFM?:LB;K!GAH!IDJGB=BG9!:N!
"$'!NB=FCV
!QV!(:FM<?H!GAH!MH?N:?F<;JH!:N!"$'-(1(!E=:U;!NB=FC!M?HM<?HI!E9!GAH!FH=G
PE=H;IB;K!<;I!
IB?HJG!I?9
PE=H;IB;K!GHJA;BODHC!B;!GH?FC!:N!M<?GBJ=H!IBCMH?CB:;S!:MGBJ<=S!GAH?F<=S!
F:=HJD
=<?!UHBKAG!<;I!E<??BH?!M?:MH?GBHC!G:!BIH;GBN9!GAH!F:CG!HNNHJGBLH!E=H;IB;K!
<MM?:<JAV
!\V!.L<=D<GH!GAH!HNNHJGC!:N!(1(!<IIBGB:;!=HLH=!<;I!H;LB?:;FH;G<=!GHCGB;K!J:;IBGB:;C!:;!GAH!
E<??BH?!M?:MH?GBHC!:N!"$'-(1(!NB=FC!<C!UH==!<C!GAHB?!GAH?F<=!<;I!:MGBJ<=!M?:MH?GBHCV!
)AH!D=GBF<GH!K:<=!:N!GABC!CGDI9!BC!G:!K<B;!<;!B;
PIHMGA!D;IH?CG<;IB;K!:N!GAH!FHJA<;BCFC!
K:LH?;B;K!BFM?:LHFH;G!B;!E<??BH?!M?:MH?GBHCS!G:!F:IH=!<;I!G:!HCG<E=BCA!?H=<GB:;CABMC!
bR!EHGUHH;!H;LB?:;FH;G<=!GHCGB;K!J:;IBGB:;C!<;I!E<??BH?!M?:MH?GBHC!<C!UH==!<C!G:!:MGBFB
ZH!GAH!(1(!J:;GH;GV
!]V!'CCHCC!GAH!HNNHJGBLH;HCC!:N!F<;DN<JGD?HI!;<;:J:FM:CBGH!NB=FC!B;!HTGH;IB;K!GAH!CAH=N
P=BNH!:N!F:BCGD?H
PCH;CBGBLH!N::I!M?:IDJGC
V!)1=!>?%3&#'<7<
!)ABC!?HCH<?JA!BC!B;GH;IHI!G:!GHCG!GAH!A9M:GAHCBC!GA<G!GAH!<IIBGB:;!:N!ABKA=9!
J?9CG<==B;H!(1(!
;DJ=H<GB;K!<KH;GC!B;G:!<!"$'!F<G?BT!UB==!=H<I!G:!;<;:J:FM:CBGH!NB=FC!UBGA!BFM?:LHI!E<??BH?!
M?:MH?GBHC!<;I!HTGH;IHI!CAH=N
P=BNH!:N!M<J@<KHI!N::IV
!)1@!A&(56&5('!3B!
/7<<'(&$&732
!)AH!NB?CG!JA<MGH?!:N!GAH!GAHCBC!B;G?:IDJHC!GAH!?<GB:;<=H!:N!GABC!?
HCH<?JAV!'!E<J@K?:D;I!:;!
M:=9
&=<JGBJ!<JBI
,!&"$',S!JH==D=:CH!;<;:J?9CG<=C!&(1(,S
!<;I!JD??H;G!<MM?:<JAHC!DCHI!G:!
B;J:?M:?<GH!
(1(!B;G:!<!"$'!<?H!?HLBHUHI!B;!
(A<MGH?!QV!)AH!HTMH?BFH;G<=!FHGA:ICS!B;J=DIB;K!F<GH?B<=!
CMHJBNBJ<GB:;CS!HODBMFH;G
S!C<FM=H!F<;DN<JGD?B;
K!<;I!M?:MH?G9!HL<=D<GB:;!
<?H!IHCJ?BEHI!B;!(A<MGH?!
\V!)AH!?HCD=GC!:N!GAH!HNNHJGC!:N!E=H;IB;K!GHJA;BODHCS!(1(!
<;I!GU:!N::I
PK?<IH!FD=GBND;JGB:;<=!
HM:T9!
<IIBGB:;!=HLH=
C!<;I!
H;LB?:;FH;G<=!GHCGB;K!J:;IBGB:;C
!:;!GAH!MH?N:?F<;JH!:N!"$'-(1(!
E=:U;!NB=FCS!<C!UH==!<C
!GAH!F<;DN<JGD?HI!NB=FCW!HNNHJGBLH;HCC!B;!HTGH;IB;K!GAH!CAH=N
P=BNH!:N!
F:BCGD?H
PCH;CBGBLH!N::I!M?:IDJGC!<?H!IBCJDCCHI!B;!(A<MGH?!]V
!(A<MGH?!`!KBLHC!GAH!CDFF<?9!:N!GAH!
NB;IB;KC!B;NH??HI!N?:F!GAH!HTMH?BFH;G<=!I<G<!<;I!M?:M:CHI!NDGD?H!U:?@V
!!bb!-CDC-C+"CA
!!bQ!-CDC-C+"CA
!bV!3D==H?S!cVS!8:;Z<=HZ
P3<?GB;HZS!(VS!<;I!(AB?<=GS!'VS!(:FEB;<GB:;!:N!M:=9&=<JGBJ,!<JBI!<;I!CG<?JA!
N:?!EB:IHK?<I<E=H!N::I!M<J@<KB;KS!
3<GH?B<=C
S!bR&d,h!e`Q!&QRba,V!QV!"<?@H
?S!$VS
!6<CG!N<JGC!<E:DG!M=<CGBJ!M:==DGB:;S!2HG?BHLHI!N?:F!
1<GB:;<=!8H:K?<MABJ
h!AGGMCh--;HUCV;<GB:;<=KH:K?<MABJVJ:F
V!'JJHCCHI!
B;!
#JG:EH?
S!QRbeV!\V!7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!0<E:S!2V(VS!<;I!3<GD<;<S!$V3VS!4=:U;!NB=F!HTG?DCB:;!:N!
M:=9&=<JGBJ!<JBI,!UBGA:DG!FH=G!CG?
H;KGA!H;A<;JH?C
S!c:D?;<=!:N!'MM=BHI!":=9FH?!0JBH;JH
S!b\]&\],h!]`QbQ!&QRba,V!]V!7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!0<E:S!2V(VS!<;I!3<GD<;<S!$V3VS!
"H?N:?F<;JH!:N!M:=9&=<JGBJ!
<JBI,-JH==D=:CH!;<;:J?9CG<=!J:FM:CBGH!E=:U;!NB=FC!M?:JHCCHI!E9!GU:!IBNNH?H;G!J:FM:D;IB;K!
<MM
?:<JAHCS!
":=9FH?!.;KB;HH?B;K!<;I!0JBH;JH
S!`d&bb,h!be_`Pbea]!&QRba,V!`V!7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!0<E:S!2V(VS!<;I!3<GD<;<S!$V3VS!
5<GH?!L<M:?!<;I!:T9KH;!E<??BH?!
M?:MH?GBHC!:N!HTG?DCB:;
PE=:U;!M:=9&=<JGBJ!<JBI,-JH==D=:CH!;<;:J?9CG<=C!;<;:J:FM:CBGH!NB=FC
S!(:FM
:CBGHC!"<?G!'h!'MM=BHI!0JBH;JH!<;I!3<;DN<JGD?B;KS!bb]h!QR]
PQbb!&QRbd,V!_V![B><9<?<><;S!0VS!0H=@HS!0V.V3VS!<;I!3<GD<;<S!$V3VS!(:;GB;D:DC!E=H;IB;K!<MM?:<JA!B;!GAH!
F<;DN<JGD?H!:N!HM:TBIBZHI!C:9EH<;
PM=<CGBJBZHI!M:=9&=<JGBJ!<JBI,!CAHHGC!<;I!NB=FCS!
3<J?:F:=HJD=<?!3
<GH?B<=C!<;I!.;KB;HH?B;KS!Qee&`,h!_QQ
P_\R!&QRb],V!aV!gB;KS!(V!<;I!3<GD<;<S!$V3VS!
.M:TBIBZHI!C:9EH<;!:B=
!M=<CGBJBZHI!M:=9!&=<JGBJ!<JBI,!NB=FC!
MH?N:?F<;JH!<C!BFM<JGHI!E9!CG:?<KHS
!c:D?;<=!:N!'MM=BHI!":=9FH?!0JBH;JH
S!b\\&bQ,h!]\QRb!&QRb_,V!dV!3<GD<;<S!$V3VS!
7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!<;I!0<E:S!2V(VS
!(H==D=:CH!1<;:J?9CG<=C!<C!E<??BH?!
MH?N:?F<;JH!H;A<;JH?!:N!HTG?DCB:;
PE=:U;!"$'!NB=FC!N:?!N::I!<MM=BJ<GB:;CS!
4B:GHJAS!
4B:F<GH?B<=C!<;I!4B:FHIBJ<=!
P!)HJA(:;;HJG!4?BHNC
S!\h!bP]!&QRb_,V!eV!3<==HGS!4VS!$<F;<U<?S!7VS!<;I
!3<<Z:DZS!'VS!*FM?:LHFH;G!:N!E=:U;!NB=F!HTG?DCB:;!:N!
M:=9&=<JGBJ!<JBI,h!CG?DJGD?H
PM?:JHCCB;K
PM?:MH?GBHC!?H=<GB:;CABMCS!":=9FH?!.;KB;HH?B;K!<;I!
0JBH;JHS!`]&],h!d]R
Pd`a!&QRb],V!bRV!3<==HGS!4VS!$<F;<U<?S!7VS!<;I!3<<Z:DZS!'VS!
(:FM:D;IB;K!<;I!FH=G!
CG?H;KGAH;B;K!:N!
M:=9&=<JGBJ!<JBI,h!CAH<?!<;I!H=:;K<GB:;<=!B;LHCGBK<GB:;C!N:?!N:?FB;K!M?:JHCCS!7H9!.;KB;HH?B;K!
3<GH?B<=CS!``]
P``ah!ba`b
Pba`_!&QRb\,V!bbV!3BA<BS!3VS!XD;H<D=GS!3V'VS!<;I!6<LBCS!4V+VS!2AH:=:K9!<;I!HTG?DCB:;!N:<FB;K!:N!JA<B;
PE?<;JAHI!M:=9&=<JGBJ!<J
BI,S!":=9FH?!.;KB;HH?B;K!<;I!0JBH;JHS!`R&\,h!_Qe
P_]Q!&QRbR,V!bQV!"B==<S!0VS!7BFS!0V8VS!'DH?S!8V7VS!8:;KS!0VS!<;I!"<?@S!(V4VS!3BJ?:JH==D=<?!HTG?DCB:;
!N:<FB;K!:N!
M:=9=<JGBIH!UBGA!JA<B;
!HTGH;IH?S!":=9FH?!.;KB;HH?B;K!<;I!0JBH;JHS!]e&d,h!b_`\
Pb__R!&QRRe,V!b\!b\V!+BS!%VS!*
<;;<JHS!0VS!+B!3<B:S!.VS!<;I!1BJ:=<BCS!$VS!2H<JGBLH=9!F:IBNBHI!M:=9!&=<JGBJ!<JBI,h!
M?:MH?GBHC!<;I!N:<F!M?:JHCCB;KS!3<J?:F:=HJD=<?!3<GH?B<=C!<;I!.;KB;HH?B;KS!QeR&bb,h!bRd\
PbReR!&QRR`,V!b]V!)D:FB;H;S!cVS!79=FnS!cVS!<;I!0HMMn=nS!cVS!(A<B;!HTGH;IB;K!:N!=<JGBJ!<JBI
!:=BK:FH?CV!QV!B;J?H<CH!
:N!F:=HJD=<?!UHBKAG!UBGA!bS_
PAHT<FHGA9=H;H!IBBC:J9<;<GH!<;I!QSQo
PEBC&Q
P:T<Z:=B;H,S!":=9FH?!
]\&b,h!\
PbR!&QRRQ,V!b`V!+:;KS!5VS!k:DS!4VS!%<;S!%VS!3<S!"VS!p!(AH;S!3VS!.NNHJG!:N!JA<B;
PHTGH;IH?C!:;!GAH!M?:MH?GBHC!
<;I!A9I?:=9GBJ!IHK?<I<GB:;!EH
A<LB:?!:N!GAH!M:=9&=<JGBIH,-M:=9&EDG9=H;H!<IBM<GH
PJ:PGH?HMAGA<=<GH,!E=H;ICS!
*;GH?;<GB:;<=!c:D?;<=!:N!3:=HJD=<?!0JBH;JHCS!b]&bR,
h!QRbdePQRQR\!&QRb\,V!b_V!c<CZ@BHUBJZS!'VS!4=HIZ@BS!'V!7VS!p!3H=>:;S!'VS!#;=B;H!:ECH?L<GB:;C!<;I!M?:JHCC!<;<=9CBC!:N!
JA<B;!HTGH;IHI!M
:=9=<JGBIHC!ID?B;K!B;>HJGB:;!F:D=IB;KS!
":=9FH?!+HK?<I<GB:;!<;I!0G<EB=BG9S!
bRb&b,h!_`PaR!&QRb],V!baV!/;BGHI!0G<GHC!+HM<?GFH;G!:N!'K?BJD=GD?HS!2HG?BHLHI!N?:F!/0+'!HJ:;:FBJ!?HCH<?JA!CH?LBJHh!
AGGMCh--UUUVH?CVDCI<VK:L
V!'JJHCCHI!
B;!
#JG:EH?S!QRb_V
!bdV!4?D;S!.VS!.TMH?G!6:
?HJ<CG!:;!.FH?KB;K!(AHFBJ<=!2BC@C!2H=<GHI!G:!#JJDM<GB:;<=!0<NHG9!<;I!
XH<=GAS!#NNBJH!N:?!#NNBJB<=!"DE=BJ<GB:;C!:N!GAH!.D?:MH<;!(:FFD;BGBHCS!$DTHFED?KS!MMV!\\!
&QRRe,V!beV!$BDS!%V!<;I!3<GD<;<S!$V3VS!
0D?N<JH!GHTGD?H!<;I!E<??BH?!MH?N:?F<;JH!:N!M:=9&=<JGBJ!<JBI,
PJH==D=:CH!;<;:J?9CG<=!HTG?DIHI
PJ<CG!NB=FCS!
c:D?;<=!:N!'MM=BHI!":=9FH?!0JBH;JH
S!b\_&QQ,h!]a`e]!&QRbe,V!QRV!+D<;S!kV!<;I!)A:F<CS!1V$VS!
5<GH?!L<M:D?!MH?FH<EB=BG9!:N!M:=9&=<JGBJ!<JBI,h!J?9CG<==B;BG9!<;I!
GAH!G:?GD:DC!M<GA!F:IH=S!c:D?;<=!:N!'MM=BHI!"A9CBJCS!bb`h
!R_]eR\!&QRb],V!QbV!6:?GD;<GBS!.VS!"H=GZH?S!3VS!'?FH;G<;:S!*VS!):??HS!$VS!cBFH;HZS!'VS!<;I!7H;;9S!cV!3VS!.NNHJGC!:N!
F:IBNBHI!JH==D=:CH!;<;:J?9CG<=C!:;!GAH!E<??BH?!<;I!FBK?<GB:;!M?:MH?GBHC!:N!"$'!;<;:
PEB:
J:FM:CBGHCS!
(<?E:A9I?<GH!":=9FH?CS!eR&Q,
h!e]dPe`_!&QRbQ,V!QQV!.CMB;:
P"q?HZS!.VS!4?<CS!cVS!+DJ?DHGS![VS!8DB;<D=GS!'VS!+DN?HC;HS!'VS!<;I!+:FH;H@S!0VS!
*;N=DH;JH!
:N!JAHFBJ<=!CD?N<JH!F:IBNBJ<GB:;!:N!JH==D=:CH!;<;:UABC@H?C!:;!GAH?F<=S!FHJA<;BJ<=S!<;I!
E<??BH?!M?:MH?G
BHC!:N!M:=9&=<JGBIH,!E<CHI!EB:;<;:J:FM:CBGHCS!
.D?:MH<;!":=9FH?!c:D?;<=
S!]eh!\b]]P\b`]!&QRb\,V!Q\V!0<;JAHZ
P8<?JB<S!3V+V!<;I!$<K<?:;S!cV3VS!
#;!GAH!DCH!:N!M=<;G!JH==D=:CH!;<;:UABC@H?C!G:!
H;A<;JH!GAH!E<??BH?!M?:MH?GBHC!:N!M:=9=<JGBJ!<JBIS!
(H==D=:CHS!ba
h!edaPbRR]!&QRbR,V!Q]V!%DS!XV%VS!kA<;KS!XVS!0:;KS!3V$VS!kA:DS!%VS!%<:S!cVS!<;I!1BS!fVfVS!
6?:F!JH==D=:CH!;<;:CMH?HCS!
;<;:?:IC!G:!;<;:NBEH?Ch!L<?B:DC!<CMHJG!?<GB:!B;IDJHI!;DJ=H<GB:;-?HB;N:?JB;K!HNNHJGC!:;!
M:=9=<JGBJ!<JBI!N:?!?:EDCG
PE<??BH?!N::I!M<J@<KB;KS!'(0!'MM=BHI!3<GH?B
<=C!<;I!*;GH?N<JHCS!
e&`R,h!]\eQR
P]\e\d!&QRba,V!b]!Q`V!0D;KS!0VXVS!(A<;KS!%VS!<;I!X<;S!cVS!
+HLH=:MFH;G!:N!M:=9=<JGBJ!<JBI!;<;:J:FM:CBGH!NB=FC!
?HB;N:?JHI!UBGA!JH==D=:CH!;<;:J?9CG<=C!IH?BLHI!N?:F!J:NNHH!CB=LH?C@B;
9%(<?E:A9I?<GH!":=9FH?C
S!b_eh!]e`
P`R\!&QRba,V!Q_V!+A<?S!"VS!8<D?S!0V0VS!0:D;I<?<?<><;S!1VS!8DMG<S!'VS!4A<C;H9S!0V3VS!3B==BS!3VS!7DF<?S!'VS!<;I!
7<GB9<?S![VS!
2H<JGBLH!HTG?DCB:;!:N!M:=9=<JGBJ!<JBI-JH==D=:CH!;<;:J?9CG<=!NB=FC!N:?!N::I!
M<J@<KB;K!<MM=BJ<GB:;Ch!B;N=DH;JH!:N!NB==H?!G9MH!:;!GAH?F:FHJA<;BJ<=S!?AH:=
:KBJ<=S!<;I!E<??BH?!
M?:MH?GBHCS!
*;IDCG?B<=!<;I!.;KB;HH?B;K!(AHFBCG?9!2HCH<?JAS!`_&b_,
h!]abdP]a\`!&QRba,V!QaV!"HBS!'VS!kA:DS!fVS!<;I!4H?K=D;IS!$V'VS!
6D;JGB:;<=BZHI!JH==D=:CH!;<;:J?9CG<=C!<C!EB:E<CHI!
;DJ=H<GB:;!<KH;GC!B;!M:=9&=
P=<JGBIH,!&"$$',!
P!J?9CG<==BZ<GB:;!
<;I!FHJA<;BJ<=!M?:MH?G9!HNNHJGC
9%(:FM:CBGHC!0JBH;JH!<;I!)HJA;:=:K9S!aR&`,
h!db`PdQb!&QRbR,V!QdV!c:;::EBS!3VS!X<?D;S!cVS!3<GAHUS!'V"VS!<;I!#@CF<;S!7VS!3HJA<;BJ<=!M?:MH?GBHC!:N!JH==D=:CH!
;<;:NBEH?!&(16,!?HB;N:?JHI!M:=9=<JGBJ!<JBI!&"$',!M?HM<?HI!E9!GUB;!CJ?HU!HTG?
DCB:;S!
(:FM:CBGHC!0JBH;JH!<;I!)HJA;:=:K9S!aR&bQ,h!ba]Q
Pba]aV!QeV!XH??H?<S!1VS!3<GAHUS!'V"VS!<;I!#@CF<;S!7VS!
"=<CGBJBZHI!M:=9=<JGBJ!<JBI-JH==D=:CH!
;<;:J:FM:CBGHC!M?HM<?HI!DCB;K!FH=G
PHTG?DCB:;!<;I!=BODBI!NHHIB;Kh!FHJA<;BJ<=S!GAH?F<=!<;I!
:MGBJ<=!M?:MH?GBHCS!(:FM:
CBGHC!0JBH;JH!<;I!)HJA;:=:K9
S!bR_h!b]ePb``!&QRb`,V!\RV!XH??H?<S!1VS!0<=<EH??B<S!'V3VS!3<GAHUS!'V"VS!<;I!#@CF<;S!7VS!
"=<CGBJBZHI!M:=9=<JGBJ!<JBI!
;<;:J:FM:CBGH!NB=FC!UBGA!JH==D=:CH!<;I!JABGB;!;<;:J?9CG<=C!M?HM<?HI!DCB;K!HTG?DCB:;!<;I!
J:FM?HCCB:;!F:=IB;K!UBGA!GU:
!J::=B;K!?<GHCh!.NNHJGC!:;!FHJA<;BJ<=S!GAH?F<=!<;I!:MGBJ<=!
M?:MH?GBHCS!(:FM:CBGHC!"<?G!'h!'MM=BHI!0JBH;JH!<;I!3<;DN<JGD?B;KS!d\h!de
Pea!&QRb_,V!\bV!XH??H?<S!1VS!2:JAS!XVS!0<=<EH??B<S!'V3VS!"B;:
P#?H==<;<S!3V'VS!$<EBIBS!cVS!6H?;<;IHCS!0V(VS!
2<IBJS!+VS!$HBL<S'VS!<
;I!#@CF<;S!7VS!
6D;JGB:;<=BZHI!E=:U;!NB=FC!:N!M=<CGBJBZHI!M:=9=<JGBJ!
<JBI-JABGB;!;<;:J:FM:CBGHh!"?HM<?<GB:;!<;I!JA<?<JGH?BZ<GB:;S!3<GH?B<=C!<;I!+HCBK;S!eQh!d]_
Pd`Q!&QRb_,V!\QV!4:;IHC:;S!+V!<;I!#@CF<;S!7VS!
":=9=<JGBJ!<JBI-JH==D=:CH!UABC@H?!;<;:J:FM:CBGHC!F:IBNBH
I!E9!
M:=9LB;9=!<=J:A:=
9%(:FM:CBGHC!"<?G!'h!'MM=BHI!0JBH;JH!<;I!3<;DN<JGD?B;KS!\dh!Q]d_
PQ]eQ!&QRRa,V!\\V!0ABS!fVS!kA:DS!(VS!%DHS!%VS!8D:S!5VS!5DS!%VS!<;I!5DS!fVS!
3HJA<;BJ<=!M?:MH?GBHC!<;I!B;!LBG?:!
IHK?<I<GB:;!:N!H=HJG?:CMD;!EB:
P;<;:J:FM:CBGH!F<GC!N?:F!"$'!<;I!J
H==D=:CH!;<;:J?9CG<=CS!
(<?E:A9I?<GH!":=9FH?CS!eR&b,h!\Rb
P\Rd!&QRbQ,V!\]V!2ABFS!cV5VS!3:A<;G9S!'V7VS!0B;KAS!0V"VS!<;I!1KS!"V7VS!
.NNHJG!:N!GAH!M?:JHCCB;K!FHGA:IC!:;!
GAH!MH?N:?F<;JH!:N!M:=9=<JGBIH!NB=FCh!GAH?F:J:FM?HCCB:;!LH?CDC!C:=LH;G!J<CGB;KS!c:D?;<=!:N!
'MM=BH
I!":=9FH?!0JBH;JHS!
bRb&_,h!\a\_P\a]Q!&QRR_,V!\`V!#@CF<;S!7VS!'BG:F
<@BS!%VS!3<GAHUS!'V"VS!0BODHB?<S!8VS!kA:DS!fVS!4DG9=B;<!0VS!
)<;MBJA<BS!0VS!
kA:DS!gVS!X::CAF<;IS!0VS!2HLBHU!:N!GAH!?HJH;G!IHLH=:MFH;GC!B;!JH==D=:CH!;<;:J:FM:CBGH!
M?:JHCCB;K
9!(:FM:CBGHC!"<?G!'h!
'MM=BHI!0JBH;JH!<;I!3<;DN<JGD?B;KS!d\h!Q
Pbd!&QRb_,V!b`!\_V!6<?D@S!#V!<;I!3<GD<;<S!$V3VS!
1<;:J=<9
!?HB;N:?JHI!X+".!<C!<!F<G?BT!N:?!U::I
PM=<CGBJ!
J:FM:CBGHCS!(:FM:CBGHC!0JBH;JH!<;I!)HJA;:=:K9S!
_d&e,h!
QRa\PQRaa!&QRRd,V!\aV!0B?<JDC<![VS!
6::I!M<J@<KB;K!MH?FH<EB=BG9!EHA<LB:D?h!<!?HM:?GS!*;GH?;<GB:;<=!c:D?;<=!:N!
":=9FH?!0JBH;JHS!
QRbQh!bPbb!&QRbQ,V!\dV!2:DI<DGS!8V!<;I
!+HEH<DN:?GS!6V
S!(AHFBJ<=!IHGH?B:?<GB:;!<;I!MA9CBJ<=!B;CG<EB=BG9!:N!N::I!<;I!
EHLH?<KHC
S!5::IAH<I!"DE=BCAB;KS!#TN:?I
S!MMV!b]\Pbd`!&QRbR,V!\eV!'=FH;<?S!.VS!5H<GAH?B;K!GAH!GHJA;:=:KBJ<=!JA<;KHC!:N!F:IBNBHI!<GF:CMAH?H!M<J@<KB;KS!
2HG?BHLHI!N?:F!"<J@<KB;K!+BKHCGh!
AGGMCh--UUUVM<J@<KB;KIBKHCGVJ:F-N::I
PM<J@<KB;K-UH<GAH?B;K
PGHJA;:=:KBJ<=
PJA<;KHC
PF:IBNBHI
P<GF:CMAH?H
PM<J@<KB;K
V!'JJHCCHI!B;!
0HMGHFEH?S!QRQRV
!!!b_!"#$%&'(!8
!EF"GH-.0+/!F+/!I*,C-F,0-C!-CJ*CK
!81)!*2&(3456&732
!(:;CBCGH;G!UBGA!GAH!CJ:MH!:N!GABC!CGDI9S!<!E<J@K?:D;I!<;
I!=BGH?<GD?H!?HLBHU!:;!GAH!JD??H;G!
<MM?:<JAHC!DCHI!G:!F<;DN<JGD?H!J:FM:CBGH!NB=FC!:N!M:=9&=<JGBJ!<JBI,!&"$',!UBGA!
JA<B;!HTGH;IH?C
!&(.,!<;I-:?!
JH==D=:CH!;<;:F<GH?B<=C
!&(1(C,!<?H!M?HCH;GHI!B;!GABC!JA<MGH?V!)AH!?HLBHU!N:JDCHC!:;!
GAH!GHJA;BODHC!DCHI!G:!B;J:?M:?<GH!<;I!IBCMH?CH!GAHCH!<IIBGBLHC!&(.C!<;I!(1(C,!B;G:!GAH!"$'!
F<G?BT!<;I!GAHB?!HNNHJG!:;!"$'WC!M?:MH?GBHCV!'IIBGB:;<==9S!GAH!M:GH;GB<=!DCH!:N!J:FM:CBGH!NB=FC!G:!
HTGH
;I!GAH!CAH=N
P=BNH!:N!F:BCGD?H
PCH;CBGBLH!N::I!M?:IDJGC!BC!<=C:!IBCJDCCHIV
!818!L3M?NM$6&76!$674O
!":=9&=<JGBJ!<JBI,!BC!<!EB:E<CHIS!EB:IHK?<I<E=H!<;I!J:FM:CG<E=H!GAH?F:M=<CGBJ!IH?BLHI!N?:F!
?H;HU<E=H!?HC:D?JHC!CDJA!<C!J:?;S!CDK<?!EHHGC!<;I!?BJH!ibjV!*G!HTABEBGC
!?H<C:;<E=H!CG?H;KGAS!ABKA!
CGBNN;HCCS!K::I!AH<G!CH<=<EB=BG9S!HTJH==H;G!N=<L:?!<;I!<?:F<!E<??BH?S!<C!UH==!<C!K::I!K?H<CH!<;I!:B=!
?HCBCG<;JH!iQ
P]jV!!"!"#$%&'()*+,+$-.$/01
$$<JGBJ!<JBIS!GAH!E<CBJ!EDB=IB;K!E=:J@!:N!"$'S!BC!<!CBFM=H!JAB?<=!F:=HJD=H!UABJA!HTBCGC!
<C!GU:!:MGBJ<==9!<JGBLH!H;<;GB:FH?CS!$!<;I!+
P=<JGBJ!<JBI!&
6BKD?H!QVb
,V!*G!J<;!EH!J:;LH?GHI!B;G:!GA?HH!
G9MHC!:N!J9J=BJ!IBFFH?Ch!$
P=<JGBIHS!+
P=<JGBIH!<;I!FHC:
P=<JGBIH!&6BKD?H!QVQ,V
!ba!6BKD?H!QV
b!(AHFBJ<=!CG?DJGD?H!:N!$
P$<JGBJ!<JBI!<
;I!+P$<JGBJ!<JBIV
!$<JGBJ!<JBI!BC!M?:IDJHI!E9!NH?FH;G<GBLH!:?!JAHFBJ<=!C9;GAHCBC!i`jV!)AH!F:CG!M:MD=<?!?:DGH!
N:?!M?:IDJB;K!=<JGBJ!<JBI!BC!E9!E<JGH?B<=!NH?FH;G<GB:;!DCB;K!KH;HGBJ<==9!F:IBNBHI!$<JG:E<JB==DC!G:!
J:;LH?G!CDK<?!<;I!CG<?JAHC!B;G:!=<JGBJ!<JBI!i_Saj
V!#GAH?!?:DGHC!N:?!JAHFBJ<=!C9;GAHCBC!:N!=<JGBJ!<JBI!
B;J=DIH!E<CH
PJ<G<=9ZHI!IHK?<I<GB:;!:N!CDK<?CS!:TBI<GB:;!:N!M?:M9=H;H!K=9J:=S!?H<JGB:;!:N!
<JHG<=IHA9IHS!J<?E:;!F:;:TBIHS!<;I!U<GH?!<G!ABKA!GHFMH?<GD?H!<;I!M?HCCD?HS!A9I?:=9CBC!:N!
JA=:?:M?:MB:;BJ!<JBIS!<;I
!;BG?BJ!<JBI!:TBI<GB:;!:N!M?:M9=H;HS!<F:;K!:GAH?C!idjV
!"$'!BC!DCD<==9!M?:IDJHI!N?:F!=<JGBJ!<JBI!E9!GU:!FHGA:ICh!&b,!IB?HJG!M:=9J:;IH;C<GB:;!:N!
=<JGBJ!<JBI!:?!&Q,!?B;K!:MH;B;K!M:=9FH?BZ<GB:;!&2#",!:N!=<JGBIHV!)AH!IB?HJG!M:=9J:;IH;C<GB:;!
FHGA:I!
?HODB?HC!ABKAH?!?H<JGB:;!GBFHC!<;I!H;G<B=C!GAH!DCH!:N!C:=LH;G!G:!M?:IDJH!=:U!G:!B;GH?FHIB<GH!
F:=HJD=<?!UHBKAG!"$'V!(:;LH?CH=9!GAH!2#"!FHGA:I!DCHC!J<G<=9CG!<;I!M?:IDJHC!"$'!UBGA!
J:;G?:==HI!F:=HJD=<?!UHBKAG!i_SejV!(<?KB==!+:U!$$(!BC!:;H!:N!GAH!F<;DN<JGD?H?C!
:N!"$'!UABJA!
A<C!HTM=:BGHI!GAH!2#"!:N!=<JGBIH!G:!M?:IDJH!<E:DG!\RR!FB==B:;!M:D;IC!:N!1<GD?H5:?@C!"$'!MH?!
9H<?!ibRjV
!!!bd!6BKD?H!QV
Q!0GH?H:JAHFBCG?9!:N!=<JGBIHV
!)AH!2#"!:N!=<JGBIH!J<;!EH!J<??BHI!:DG!DCB;K!<;B:;BJS!J<GB:;BJ!:?!J:
P:?IB;<GB:;!FHJA<;BCFC!
ibbSbQjV!';B:;BJ!FHJA<;BCFC!:NGH;!?HCD=G!B;!E<J@
PEBGB;K!?H<JGB:;C!<;I!:GAH?!CBIH!?H<JGB:;C!IDH!G:!
GAH!ABKA=9!<JGBLH!<;B:;BJ!?H<JG<;GCV!3:?H:LH?S!J<GB:;BJ!FHJA<;BCFC!?HCD=G!B;!D;IHCB?<E=H!CBIH!JA<B;!
?H<JGB:;C!IDH!G:!;DJ=H:MAB=BJ!<GG<J@C!
:;!GAH!<JGBL<GHI!F:;:FH?C!:?!M?:M<K<GB;K!CMHJBHCV!)AHCH!
FHJA<;BCFC!?HCD=G!B;!M:=9FH?!JA<B;C!UBGA!=:U!F:=HJD=<?!UHBKAG!<;I!=:U!J?9CG<==B;BG9V!(:;LH?CH=9S!
J::?IB;<GB:;!M:=9FH?BZ<GB:;!UBGA!FHG<=!J<G<=9CGC!CDJA!<C!GB;!&**,!:JG:<GHS!?HCD=G!B;!ABKA!F:=HJD=<?!
UHBKAG!M:=9FH?!JA<B;C!UBGA!<!ABKA!IHK?HH!:N!J?9CG<==B;BG9V!(:;CHODH;G=9S!J::?IB;<GB:;!
M:=9FH?BZ<GB:;!BC!GAH!M?HNH??HI!FHGA:I!N:?!GAH!B;IDCG?B<=!M?:IDJGB:;!:N!"$'!ib\jV
!!"!"!$/2-3*2(,*+$-.$/01
$)AH!GAH?F<=S!?AH:=:KBJ<=S!FHJA<;BJ<=!<;I!E<??BH?!M?:MH?GBHC!:N!"$'!
L<?9!UBGA!GAH!IHK?HH!
:N!J?9CG<==B;BG9V!)AH!IHK?HH!:N!J?9CG<==B;BG9!:N!"$'!J<;!EH!J:;G?:==HI!E9!<I>DCGB;K!GAH!?H=<GBLH!
<F:D;GC!:N!$!<;I!+
P=<JGBIH!CGH?H:BC:FH?C!B;!GAH!M:=9FH?V!8H;H?<==9S!"$'!F<IH!N?:F!F:?H!GA<;!
e\^!$
P=<JGBJ!<JBI!BC!CHFB
PJ?9CG<==B;H!UAB=H!"$
'!F<IH!N?:F!`R
Pe\^!$
P=<JGBJ!<JBI!BC!<F:?MA:DC!
ib]jV!0HFB
PJ?9CG<==B;H!"$'!A<C!ABKAH?!K=<CC!G?<;CBGB:;!<;I!FH=GB;K!GHFMH?<GD?HC!GA<;!<F:?MA:DC!
"$'V!*G!<=C:!GH;IC!G:!A<LH!EHGGH?!FHJA<;BJ<=S!E<??BH?!<;I!?AH:=:KBJ<=!M?:MH?GBHCV
!be!C<C<C<D%E"+51-2%:50:+5!#+$
%"$'!A<
C!<!K=<CC!G?<;CBGB:;!GHFMH?<GD?H!EHGUHH;!]R!<;I!aR
$(!<;I!<!FH=G!GHFMH?<GD?H!
EHGUHH;!b\R!<;I!bdR
$(!ib`jV!)AH?F<=!M?:MH?GBHC!:N!"$'!L<?9!UBGA!GAH!$
P=<JGBIH!J:;GH;GY!ABKAH?!
$P=<JGBIH!J:;GH;G!B;J?H<CHC!)
-.<;I!)
/.ib_jV!C<C<C<C%F+/"-)#/-2%:50:+5!#+$
%"$'!A<C!FHJA
<;BJ<=!M?:MH?GBHC!J:FM<?<E=H!G:!GA:CH!:N!J:;LH;GB:;<=!M:=9FH?CV!*G!A<C!<;!
H=<CGBJ!F:ID=DC!EHGUHH;!\RRR
P]RRR!3"<!<;I!<!GH;CB=H!CG?H;KGA!EHGUHH;!`R
PaR!3"<!&)<E=H!QVb,!
ibajV!X:UHLH?S!"$'!A<C!=:U!BFM<JG!CG?H;KGA!J:FM<?HI!G:!:GAH?!MHG?:=HDF
PE<CHI!M=<CGBJC!&)<E=
H!QVb,V!"$'WC!BFM<JG!CG?H;KGA!B;J?H<CHC!UBGA!B;J?H<CB;K!F:=HJD=<?!UHBKAG!<;I!J?9CG<==B;BG9!ibdjV!*G!
BC!<=C:!ABKA=9!CH;CBGBLH!G:!;:GJAB;K!<;I!F<GH?B<=!M?:JHCCB;KV!)AH!;:GJAHI!*Z:I!BFM<JG!?HCBCG<;JH!:N!
CHFBPJ?9CG<==B;H!"$'!?<;KHC!N?:F!\
Pa!@c-F
0!UAB=H!GAH!D;;
:GJAHI!*Z:I!BFM<JG!?HCBCG<;JH!?<;KHC!
N?:F!bd
P\`!@c-F
0!ibajV!C<C<C<G%H-55#+5%:50:+5!#+$
%4<??BH?!M?:MH?GBHC!:N!M<J@<KB;K!F<GH?B<=C!IHGH?FB;H!GAH!<EB=BG9!:N!GAH!F<GH?B<=!G:!:ECG?DJG!
GAH!N=:U!:N!MH?FH<;GC!CDJA!<C!U<GH?!L<M:?S!:T9KH;!&#
0,!<;I!J<?E:;!
IB:TBIH!&(#
0,V!)AHCH!
M?:MH?GBHC!<?H!M<?GBJD=<?=9!DCHND=!B;!IHGH?FB;B;K!GAH!<MM=BJ<GB:;C!:N!M:=9FH?C!B;!N::I!M<J@<KB;KV!
6:?!B;CG<;JHS!<!I?9!N::I!M?:IDJG!BC!F:?H!=B@H=9!G:!EH!M<J@<KHI!B;!<!M=<CGBJ!GA<G!BC!<!K::I!E<??BH?!G:!
U<GH?!L<M:?!G:!M?HLH;G!U<GH?!<EC:?M
GB:;!<;I!J:;CHODH;G=9!C:KKB;HCC!:N!GAH!M?:IDJGV
!4<??BH?!M?:MH?GBHC!:N!F<GH?B<=C!<?H!KH;H?<==9!JA<?<JGH?BZHI!E9!M<?<FHGH?C!CDJA!<C!
MH?FH<EB=BG9S!IBNNDCBLBG9!<;I!C:=DEB=BG9V!XBKAH?!MH?FH<EB=BG9!:N!<!F<GH?B<=!IHJ?H<CHC!BGC!E<??BH?!
M?:MH?GBHCV!'D?<C!<;I!J:
PU:?
@H?C!?HM:?GHI!GA<G!"$'!A<C!#
0!<;I!(#
0!MH?FH<EB=BG9!J:HNNBJBH;GC!
QR!J:FM<?<E=H!G:!GA:CH!:N!M:=9HGA9=H;H!GH?HMAGA<=<GH!&".),S!EDG!=:UH?!GA<;!M:=9CG9?H;H!&"0,!ibejV!'!
J:FM<?BC:;!:N!"$'WC!E<??BH?!M?:MH?GBHC!UBGA!GA:CH!:N!:GAH?!MHG?:=HDF
PE<CHI!M:=9FH?C!BC!=BCGHI!B
;!)<E=H!QVbV
!)<E=H!QV
b!(:FM<?BC:;!:N!"$'!M?:MH?GBHC!UBGA!:GAH?!MHG?:=HDF
PE<CHI!M:=9FH?C!
ibePQQjV!!%"?:MH?GBHC
!"$'!".)!"0!""!)/!&#(,!``!a`!bR`!PbR!+H;CBG9!&K-JJ,
!bVQ]!bV\\!bVR`!RVe!)H;CB=H!0G?H;KGA!<G!4?H<@!&3"<,
!`\VRe!`]V]a!]]VdQ!\bVR\!)H;CB=H!3:ID=DC!&3"<,
!\]]a!Qa`d!Qde_!de_!^!.=:;K<GB:;
!_!b\R!a!bQR!8<?I;H?!BFM<JG!&@K
PJF,!RV`d!\VQ\!`Vbd!dVR_!5<GH?!L<M:?!MH?FH<EB=BG9!<G!Q\
$(!&bR%&!!@KPF-F0PCP"<,!dRP\_R!bbR!_aR!QQ`!#T9KH;!MH?FH<EB=BG9!<G!Q`
$(S!aR^!2X!
!&bR%&1.@KPF-F0PCP"<,!RVbQb!RVRbdd!Qa!]ed!(<?E:;!IB:TBIH!MH?FH<EB=BG9!<G!Q`
$(S!R^!2X!
&bR%&1.@KPF-F0PCP"<,!QVaa!RVba\!b`V`!bRdR!Qb!C<C<C<I%J"+020,#/-2%:50:+5!#+$
%2AH:=:K9!BC!GAH!CGDI9!:N!N=:U!<;I!IHN:?F<GB:;!:N!F<GGH?V!*G!BC!HTG?HFH=9!BFM:?G<;G!G:!
D;IH?CG<;I!GAH!
N=:U!EHA<LB:?!&:?!?AH:=:K9,!:N!<!M=<CGBJ!EHJ<DCH!M=<CGBJC!<?H!DCD<==9!CA<MHI!B;G:!
<?GBJ=HC!B;!GAHB?!F:=GH;!CG<GHV!8H;H?<==9S!N=:U!M?:MH?GBHC!:N!<!M=<CGBJ!<?H!FH<CD?HI!E9!FH<CD?B;K!
GAHB?!CAH<?!LBCJ:CBG9V!0AH<?!LBCJ:CBG9!:N!<!N=DBI!BC!IHNB;HI!<C!BGC!?HCBCG<;
JH!G:!N=:U!UAH;!CDE>HJGHI!
G:!CAH<?V!)AH!CAH<?!LBCJ:CBG9!:N!M=<CGBJC!BC!F:=HJD=<?!UHBKAG!<;I!GHFMH?<GD?H!IHMH;IH;GY!ABKAH?!
F:=HJD=<?!UHBKAG!B;J?H<CHC!GAH!CAH<?!LBCJ:CBG9!UAB=H!ABKAH?!GHFMH?<GD?H!IHJ?H<CHC!BG!iQ\jV
!6BKD?H!QV\!CA:UC!<!G9MBJ<=!JD?LH!N:?!=:K<?BGAFBJ!CAH<?!LBCJ:CBG9!LC!=:K<?BGAFBJ!CAH<?!?<GHV!
'G!LH?9!=:U!CAH<?!?<GHCS!GAH!LBCJ:CBG9!BC!B;IHMH;IH;G!:N!CAH<?!?<GHV!)ABC!?HKB:;!:N!GAH!K?<MA!BC!
@;:U;!<C!GAH!1HUG:;B<;!?HKB:;V!*;!J:;G?<CGS!GAH!?HKB:;!UAH?H!GAH!LB
CJ:CBG9!L<?BHC!UBGA!CAH<?!?<GH!
BC!@;:U;!<C!GAH!M:UH?
P=<U!?HKB:;!:?!GAH!;:;
P1HUG:;B<;!?HKB:;V!)AH!LBCJ:CBG9!B;!GAH!1HUG:;B<;!
?HKB:;S!<G!LH?9!=:U!CAH<?!?<GHC!BC!@;:U;!<C!GAH!ZH?:
PCAH<?!LBCJ:CBG9!
&!#,!UAH?H<C!GAH!LBCJ:CBG9!B;!
GAH!;:;
P1HUG:;B<;!?HKB:;!BC!@;:U;
!<C!GAH!CAH<?!LBCJ:CBG9V
!!!QQ!6BKD?H!QV
\!)9MBJ<=!LBCJ:CBG9!LC!CAH<?!?<GH!JD?LHV
!';:GAH?!BFM:?G<;G!?AH:=:KBJ<=!M<?<FHGH?!BC!GAH!FH=G!CG?H;KGAV!3H=G!CG?H;KGA!BC!GAH!
F<TBFDF!N:?JH!?HODB?HI!G:!E?H<@!<;!HTG?DIHI!CG?<;I!<;I!BC!?H=<GHI!G
:!CAH<?!<;I!H=:;K<GB:;<=!
LBCJ:CBGBHC!:N!M=<CGBJCV!.=:;K<GB:;<=!LBCJ:CBG9!J<;!EH!IHNB;HI!<C!GAH!?HCBCG<;JH!:N!<!N=DBI!B;!
HTGH;CB:;V!
8H;H?<==9S!GAH!H=:;K<GB:;<=!LBCJ:CBG9!L<?BHC!IB?HJG=9!UBGA!GAH!CAH<?!LBCJ:CBG9S!BVHVS!<C!GAH!
CAH<?!LBCJ:CBG9!B;J?H<CHCS!GAH!H
=:;K<GB:;<=!LBCJ:CBG9!B;J?H<CHC!<;I!LBJH!LH?C<!&.OD<GB:;!QVb,V!
3:?H:LH?S!ABKAH?!CAH<?!<;I!H=:;K<GB:;<=!LBCJ:CBGBHC!?HCD=G!B;!ABKAH?!FH=G!CG?H;KGAV
!!"!#$%&'()*"%&+,!*"-.%"#%/#"#$%&'()*"%&+,!*"%"#-.%0#"!&.OD<GB:;!QVb
,!!UAH?H!
r2!BC!GAH!H=:;K<GB:;<=!LBCJ:CBG9S!;!BC!GAH!N=:U!EHA<LB:?!B;IHTS!
""2!BC!GAH!M?HCCD?H!I?:M!
<G!GAH!J<MB==<?9!H;G?<;JHS!
!3!BC!GAH!<MM<?H;G!CAH<?!LBCJ:CBG9S!
#3!BC!GAH!
<MM<?H;G!CAH<?!CG?HCC!
<;I!
$3!BC!GAH!<MM<?H;G!CAH<?!?<GH
V!Q\!3H=G!CG?H;KGA!BC!HCMHJB<==9!
BFM:?G<;G!B;!E=:U;!<;I!J<CG!NB=F!HTG?DCB:;S!<C!UH==!<C!N:<FB;KV!
$:U!CAH<?!<;I!H=:;K<GB:;<=!LBCJ:CBGBHC!:N!"$'!?HCD=GB;K!B;!=:U!FH=G!CG?H;KGA!=BFBG!BGC!M?:JHCCB;K!
B;G:!NB=FC!E9!E=:U;!<;I!J<CG!NB=F!HTG?DCB:;!iQ]jV!*;!E=:U;!NB=F!HTG?DCB:;S!"$'WC!=<J@!:N!FH=G!
CG?H;KGA!AB;IH?C!GAH!N:?F<GB:;!:N!<;!B;N=<G<E=H!M:=9FH?!GDEH!<;I!=H<IC!G:!<JJDFD=<GB:;!:N!GAH!
M:=9FH?!;H<?!GAH!IBH!HTBGS!@;:U;!<C!FH=G!C<KV!2HCH<?JAH?C!A<LH!E=H;IHI!"$'!UBGA!<IIBGBLHC!iQ`
P\Rj!B;!:?IH?!G:!B;J?H<CH!BGC!F:=HJD=<?!UHBKAG!<;I!J:;CHODH;G=9!FH=G!
CG?H;KGAS!<C!IHCJ?BEHI!B;!CHJGB:;!
QV]!:N!GAH!=BGH?<GD?H!?HLBHUV
!*G!BC!BFM:?G<;G!G:!;:GH!GA<G!"$'!BC!CDCJHMGBE=H!G:!A9I?:=9GBJ!<;I!GAH?F<=!IHK?<I<GB:;CS!UABJA!
<NNHJG!LBCJ:CBG9!FH<CD?HFH;GC!<;I!M?:JHCCB;K!:N!"$'V!*G!BC!AH;JH!J?DJB<=!G:!I?9!GAH!F<GH?B<=!EHN:?
H!M?:JHCCB;KV!'IIBGB:;<=!CG<EB=BZH?C!F<9!EH!<IIHI!G:!M?HLH;G!M:=9FH?!IHK?<I<GB:;!iQ\jV
!81=!*P%(3;'P'2&!3B!LIFQ<!%(3%'(&7'<
!'C!FH;GB:;HI!M?HLB:DC=9S!"$'!A<C!=:U!BFM<JG!CG?H;KGAS!B;CDNNBJBH;G!FH=G!CG?H;KGAS!M::?!
U<GH?!L<M:?!<;I!F:IH?<GH!:T9KH;!E<??BH?!M?:MH?
GBHCV!)AHCH!I?<UE<J@C!=BFBG!"$'WC!B;!GAH!N=HTBE=H!
M<J@<KB;K!B;IDCG?9V!6B?CG=9S!"$'WC!=:U!BFM<JG!CG?H;KGA!<;I!B;CDNNBJBH;G!FH=G!CG?H;KGA!J<;!EH!
:LH?J:FH!E9!<=GH?B;K!BGC!M?:JHCCB;K!J:;IBGB:;CS!E=H;IB;K!BG!UBGA!<IIBGBLHC!CDJA!<C!JA<B;!HTGH;IH?CS!
<;I-:?!E9!H=H
JG?:;!EH<F!B??<IB<GB:;S!<F:;KCG!:GAH?CV!0HJ:;I=9S!"$'WC!E<??BH?!M?:MH?GBHC!J<;!:NGH;!
EH!BFM?:LHI!E9!B;J?H<CHI!J?9CG<==B;BG9!GA?:DKA!<I>DCGB;K!GAH!M?:JHCCB;K!J:;IBGB:;C!&CG?HGJAB;K!<;I!
J::=B;K!?<GHC,!:?!F:IBN9B;K!GAH!F<GH?B<=!N:?FD=<GB:;C!&DCH!:N!:?K<;BJ!<;
I-:?!B;:?K<;BJ!<IIBGBLHC,V!
*;!GABC!CGDI9S!N::I!K?<IH!JA<B;!HTGH;IH?C!<;I!JH==D=:CH!;<;:J?9CG<=C!UH?H!CH=HJGHI!G:!BFM?:LH!GAH!
FH=G!CG?H;KGA!<;I!E<??BH?!M?:MH?GBHC!:N!"$'S!?HCMHJGBLH=9!iQ]
PQdjV!Q]!81@!"#$72!'R&'24'(<!N"C<O
!(A<B;!HTGH;IH?C!<?H!KH;H?<==9!=:U!F:=H
JD=<?!UHBKAG!J:FM:D;IC!GA<G!<?H!DCHI!G:!B;J?H<CH!
GAH!F:=HJD=<?!UHBKAG!:N!<!M:=9FH?!E9!B;G?:IDJB;K!JA<B;!HTGH;CB:;!<;I-:?!E?<;JAB;KV!*;J?H<CB;K!
GAH!F:=HJD=<?!UHBKAG!:N!<!M:=9FH?!=H<IC!G:!BGC!B;J?H<CHI!LBCJ:CBG9!<;I!FH=G!CG?H;KGAV
!!"4"#$5-66-'7&$8+*9$5:+
$(A<B;!HTGH;IH?C!<?H!J:FF:;=9!DCHI!G:!B;J?H<CH!GAH!F:=HJD=<?!UHBKAG!:N!M:=9J:;IH;C<GB:;!
M:=9FH?C!CDJA!<C!M:=9HCGH?C!<;I!M:=9<FBIHC!UBGA!ND;JGB:;<=!H;I!K?:DMCV!)AH!JA<B;!HTGH;CB:;!
:JJD?C!E9!?H<JGB;K!GAH!H;I!K?:DMC!:N!M:=9J:;IH;C<GB:;!M:=9FH?C!UBGA!<!EB
P!:?!FD=G
BPND;JGB:;<=!
?H<JGBLH!J:FM:D;I!iQeS\RjV!4B
PND;JGB:;<=!JA<B;!HTGH;IH?C!J:DM=H!UBGA!GU:!H;I!K?:DMC!MH?!JA<B;!
?HCD=GB;K!B;!<!=B;H<?S!JA<B;
PHTGH;IHI!M:=9FH?V!XBKA!<F:D;GC!:N!CDJA!EB
PND;JGB:;<=!(.C!<?H!;HHIHI!
G:!KHG!<!CBK;BNBJ<;G!B;J?H<CH!B;!F:=HJD=<?!UHBKAG!:N
!M:=9J:;IH;C<GB:;!M:=9FH?CV!#;!GAH!:GAH?!A<;IS!
FD=GBND;JGB:;<=!(.C!=H<I!G:!;:;
P=B;H<?!JA<B;!HTGH;CB:;!&E?<;JAB;K,S!J?:CC=B;@B;K!<;I!C:FHGBFHC!
KH=<GB:;!IHMH;IB;K!:;!GAH!ND;JGB:;<=BG9!<;I!<IIBGBLH!J:;JH;G?<GB:;!iQeS\RjV
!":=9HCGH?!JA<B;C!A<LH!
P(##X!<;I!
P#X!H;
I!K?:DMC!UAH?H<C!M:=9<FBIHC!A<LH!
P1X0!<;I!
P(##X!H;I!K?:DMCV!0B;JH!(.C!?H<JG!UBGA!GAH!H;I!K?:DMC!:N!M:=9FH?CS!C:FH!M?:M:CHI!JAHFBCG?BHC!
N:?!(.C!DCHI!B;!M:=9J:;IH;C<GB:;!M:=9FH?C!B;J=DIH!IBHM:TBIHCS!EBC
P:T<Z:=B;HCS!IBBC:J9<;<GHCS!
IB<;A9I?BIHCS!IBHCGH?C!<;I!J
<?E:IBBFBIH!iQeS\RjV
!(A<B;!HTGH;CB:;!:N!M:=9FH?BZ<GB:;!M:=9FH?C!CDJA!<C!M:=9:=HNB;C!<;I!M:=9CG9?H;H!<?H!
=BFBGHI!EHJ<DCH!:N!<!=<J@!:N!ND;JGB:;<=!H;I!K?:DMCV!6:?!M:=9FH?C!J:;G<B;B;K!I:DE=H!E:;IC!
&HT<FM=Hh!M:=9HGA9=H;H,S!C:FH!<F:D;G!:N!E?<;JAB;K!<;I!J?:CC=B;@
B;K!BC!B;G?:IDJHI!ID?B;K!
M?:JHCCB;K!B;!GAH!M?HCH;JH!:N!?<IBJ<=!KH;H?<G:?C!CDJA!<C!MH?:TBIHC!<;I!A9I?:T9=<FB;H!HCGH?CV!
Q`!$BFBGHI!JA<B;!HTGH;CB:;!:N!M:=9M?:M9=H;H!J<;!EH!<JABHLHI!E9!J:FEB;B;K!?<IBJ<=!KH;H?<G:?C!<;I!
FD=GBND;JGB:;<=!<J?9=<GHC!iQejV
!0B;JH!GAH!N:J
DC!:N!GABC!IBCCH?G<GB:;!BC!JA<B;!HTGH;CB:;!:N!"$'!B;!M<?GBJD=<?S!:;=9!(.C!DCHI!
B;!"$'!<?H!IBCJDCCHI!B;!GAH!N:==:UB;K!CDE
PCHJGB:;CV
!!"4"!$/2-3*2(,*+$-.$5:+
$)AH!ND;JGB:;<=!CBIH!K?:DMS!F:=HJD=<?!UHBKAG!<;I!UHBKAG!HODBL<=H;G!:N!C:FH!J:FF:;=9!DCHI!(.C!
<?H!=BCGH
I!B;!)<E=H!QVQ!iQdS\bS\Qj
V!)<E=H!QV
Q!"?:MH?GBHC
!:N!JA<B;!HTGH;IH?C!
iQdS\bS\QjV!!$(A<B;!.TGH;IH?
!6D;JGB:;<=!CBIH!
K?:DM!3:=HJD=<?!UHBKAG!
&+<,
!5HBKAG!HODBL<=H;G!
&K-F:=,
!c:;J?9=
!!]\_d!.M:T9
!_dRR!Qd`!c:;J?9=
!!]]_d!.M:T9
!aQ`R!\bR!c:;J?9=
!!]]RR!.M:T9
!abRR!]d`!c:;J?9=
!!\QQe!3<=HBJ!<JBI!
<;A9I?BIH
!d\RR!]`R!"9?:FH==BGBJ!IB<;A9I?BIH
!'JBI!<;A9I?BIH
!Qbd!!XHT<FHGA9=H;H!
IBBC:J9<;<GH
!*C:J9<;<GH
!b_d!!Q_!!"4";$<+*$-.$5:+$,'$/01$6=(2,>
$"$'!A<C!CHLH?<=!IHCB?<E=H!M?:MH?GBHC!CDJA!<C!ABKA!
CGBNN;HCCS!?H<C:;<E=H!CG?H;KGAS!HTJH==H;G!
N=<L:?!<;I!<?:F<!E<??BH?S!<C!UH==!<C!K::I!K?H<CH!<;I!:B=!?HCBCG<;JH!J:FM<?HI!G:!J:;LH;GB:;<=!
MHG?:=HDF
PE<CHI!M:=9FH?C!iQ]
PQdS\\S\]jV!X:UHLH?S!BGC!<MM=BJ<EB=BG9!B;!N=HTBE=H!M<J@<KB;K!BC!
=BFBGHI!IDH!G:!CHLH?<=!I?<UE<
J@C!CDJA!<C!E?BGG=H;HCCS!M::?!U<GH?!E<??BH?!M?:MH?GBHCS!<;I!M?:JHCCB;K!
IBNNBJD=GBHC!IDH!G:!BGC!B;CDNNBJBH;G!FH=G!CG?H;KGA!<;I!=:U!GAH?F<=!CG<EB=BG9S!=H<IB;K!G:!<!;<??:U!
M?:JHCCB;K!UB;I:U!i\`
P\djV!)AH!=:U!FH=G!CG?H;KGA!:N!"$'!BC!<GG?BEDGHI!G:!GAH!JA<B;!CJBC
CB:;!
?H<JGB:;C!GA<G!:JJD?!UAH;!BG!BC!CDE>HJGHI!G:!CAH<?!<;I!ABKA!GHFMH?<GD?H!B;!<;!HTG?DIH?!i\ejV!)AHCH!
?H<JGB:;C!=:UH?!BGC!F:=HJD=<?!UHBKAG!<;I!;HK<GBLH=9!BFM<JG!F:=HJD=<?!UHBKAG!IHMH;IH;G!M?:MH?GBHC!
CDJA!<C!CAH<?!<;I!H=:;K<GB:;<=!LBCJ:CBGBHCS!?HCD=GB;K!B
;!B;CDNNBJBH;G!FH=G!CG?H;KGA!i\ejV!"$'WC!
B;<IHOD<GH!FH=G!CG?H;KGA!M:CHC!JA<==H;KHC!N:?!BGC!F<;DN<JGD?H!B;G:!N=HTBE=H!NB=F!GA?:DKA!M?:JHCCHC!
GA<G!?HODB?H!CG?HGJAB;K!:?!:?BH;G<GB:;S!CDJA!<C!E=:U;!<;I!J<CG!NB=F!HTG?DCB:;S!<C!UH==!<C!N:<FB;K!
i]RjV!(A<B;!HTGH;I
H?C!&(.,!CDJA!<C!FD=GBND;JGB:;<=!HM:TBHCS!IBBC:J9<;<GHCS!<;I!IB<;A9I?BIHC!&<C!
FH;GB:;HI!B;!CHJGB:;!QV]Vb,!<?H!:NGH;!E=H;IHI!UBGA!"$'!F<G?BT!G:!B;J?H<CH!BGC!FH=G!CG?H;KGA!<;I!
?HIDJH!BGC!E?BGG=H;HCC!i\bS\QS\`
P\aS]bP]]jV!)AHCH!<IIBGBLHC!B;G?:IDJH!JA<B;!E?<;JA
B;K!<;I-:?!JA<B;!
HTGH;CB:;!B;!"$'S!GAH?HE9!?HCD=GB;K!B;!B;J?H<CHI!F:=HJD=<?!UHBKAGS!CAH<?!<;I!H=:;K<GB:;<=!
LBCJ:CBGBHCS!FH=G!CG?H;KGA!<;I!?HIDJHI!E?BGG=H;HCCV!"$'WC!BFM?:LHI!FH=G!CG?H;KGA!N<JB=BG<GHC!BGC!
M?:JHCCB;K!GA?:DKA!GAH!E=:U;!NB=F!HTG?DCB:;!M?:JHCC!
<;I!:GAH?!M?:JHCCHC!CDJA!<C!J<CGB;K!<;I!
N:<FB;K!i\bS\QS\`
P\aS]bP]]jV!!!Qa!!"4"4$199,(,-'$-.$5:+$,'(-$/01$6=(2,>
$0HLH?<=!?HCH<?JAH?C!A<LH!B;LHCGBK<GHI!GAH!HNNHJG!:N!(.!<IIBGB:;!B;G:!"$'!F<G?BTV!0:FH!
CDJA!HNN:?GC!<?H!IBCJDCCHI!B;!GABC!CHJGB:;V
!'GGHFMGC!A<LH!
?HJH;G=9!EHH;!F<IH!G:!B;J?H<CH!GAH!FH=G!CG?H;KGA!:N!"$'!DCB;K!FD=GB
PND;JGB:;<=!HM:TBHC!N:?!N:<FB;K!<MM=BJ<GB:;CV!6:?!HT<FM=HS!3BA<B!<;I!J:
PU:?@H?C!B;LHCGBK<GHI!GAH!
CAH<?!<;I!H=:;K<GB:;<=!LBCJ:CBGBHC!:N!HTG?DCB:;!N:<FHI!<F:?MA:DC!<;I!CHFBJ?9CG<==B;H!"$'!UBG
A!GAH!<IIBGB:;!:N!DM!G:!Q^!FD=GB
PND;JGB:;<=!CG9?H;H
P<J?9=BJ
PHM:T9!J:M:=9FH?!DCB;K!J<?E:;!IB:TBIH!
&(#0,!<C!<!E=:UB;K!<KH;G!i\ajV!)AH9!?HM:?GHI!<;!B;J?H<CH!B;!GAHCH!LBCJ:CBGBHC!<;I!CG?<B;!A<?IH;B;K!
:N!"$'!UBGA!B;J?H<CB;K!JA<B;!HTGH;IH?!J:;GH;GS!B??HCMHJGBLH!
:N!"$'WC!J?9CG<==B;BG9V!)AH!JA<B;!
HTGH;CB:;!?HIDJHI!N:<F!IH;CBG9!:N!J?9CG<==B;H!"$'!N?:F!_`!G:!\_!@K-F
!!:UB;K!G:!EHGGH?!JH==!U<==!
CG<EB=BZ<GB:;!B;IDJHI!E9!JA<B;!E?<;JAB;K!<G!=:U!E=:UB;K!<KH;G!J:;JH;G?<GB:;!&`^!(#
0,V!1HLH?GAH=HCCS!<F:?MA:DC!"$'!N:<FC!UH?H!D
;<NNHJGHI!E9!JA<B;!HTGH;IH?CV
!3D=GB
PND;JGB:;<=!HM:TBHC!A<LH!<=C:!EHH;!DCHI!G:!FH=G!CG?H;KGAH;!"$'!N:?!E=:U;!NB=F!
<MM=BJ<GB:;CV!2HJH;G=9S!3<==HG!<;I!J:U:?@H?C!B;LHCGBK<GHI!L<?B:DC!N:?FD=<GB:;C!:N!"$'!UBGA!FD=GB
PND;JGB:;<=!HM:T9S!;DJ=H<GB;K!<KH;GC!<;I!M=<CGB
JBZH?C!G:!FH=G!CG?H;KGAH;!<;I!E=:U!"$'!NB=F!i\`S\_j!
)AH9!?HM:?GHI!<;!B;J?H<CH!B;!CAH<?!<;I!H=:;K<GB:;<=!LBCJ:CBGBHC!:N!"$'!UBGA!B;J?H<CB;K!FD=GB
PND;JGB:;<=BZHI!HM:T9!J:;GH;GV!'IIBGB:;<==9S!GAH9!M?:IDJHI!HTG?DCB:;
PE=:U;!;H<G!"$'!NB=FC!UBGA!<!
E=:U
PDM!?<GB:!&
4/2,!:N!<E:DG!\V`!EDG!?HC:?GHI!G:!FH=G!E=H;IB;K!"$'!UBGA!RV`^!FD=GB
PND;JGB:;<=!
HM:T9!G:!H;=<?KH!BGC!M?:JHCCB;K!UB;I:UV!)ABC!"$'-FD=GB
PND;JGB:;<=!HM:T9!N:?FD=<GB:;!E=H;IHI!
UBGA!bR^!M:=9HGA9=H;H!K=9J:=!&".8,S!b^!1S1W
PHGA9=H;HEBC!&CGH<?<FBIH,!&.40',!<;I!b^!G<
=J!H;=<?KHI!GAH!M?:JHCCB;K!UB;I:U!HLH;!F:?HV!X:UHLH?S!GAH!:EG<B;HI!NB=F!U<C!G?<;C=DJH;G!IDH!G:!
H;A<;JHI!@B;HGBJC!:N!J?9CG<==BZ<GB:;!:N!"$'!H;<E=HI!E9!GAH!<IIBGB:;!:N!GAHCH!<IIBGBLHC!i\`S\_jV
!Qd!3:?H:LH?S!GU:
PCGHM!?H<JGBLH!F:IBNBJ<GB:;!:N!"$'!UBGA!JA<B;!HTGH;I
H?C!CDJA!<C!bS]
PEDG<;H!
IBPBC:J9<;<GH!B;!J:FEB;<GB:;!UBGA!bS]
PEDG<;HIB:=!A<C!EHH;!CDJJHCCND==9!DCHI!G:!B;J?H<CH!"$'WC!
LBCJ:CBG9!E9!B;J?H<CB;K!BGC!F:=HJD=<?!UHBKAGV!+B!<;I!J:U:?@H?C!<IIHI!bS]
PEDG<;HIB:=!B;!GAH!NB?CG!
CGHM!G:!?H<JG!UBGA!"$'WC!J<?E:T9=!K?:DM!<;
I!GAH;!<IIHI!bS]
PEDG<;H!IB
PBC:J9<;<GH!B;!GAH!CHJ:;I!
CGHM!G:!?H<JG!UBGA!"$'WC!A9I?:T9=!K?:DM!G:!JA<B;
PHTGH;I!"$'!i]Qj!)AH9!L<?BHI!GAH!<F:D;GC!:N!
GAHCH!JA<B;!HTGH;IH?C!G:!CGDI9!GAHB?!HNNHJG!:;!GAH!LBCJ:CBGBHC!:N!"$'!<;I!GAHB?!BFM=BJ<GB:;C!N:?!
N:<FB;K!<MM=BJ<
GB:;CV!)AH9!?HM:?GHI!GA<G!HTJHCCBLH!bS]
PEDG<;HIB:=!IHK?<IHC!"$'!UAB=H!F:?H!bS]
PEDG<;H!IB
PBC:J9<;<GH!M?:IDJHC!ABKA=9!J?:CC
P=B;@HIS!ABKA!F:=HJD=<?!UHBKAG!"$'V!)AH!N<L:?<E=9!
LBCJ:DCS!J?:CC
P=B;@HI!"$'!<==:UHI!N:?!GAH!M?:IDJGB:;!:N!=:U
PIH;CBG9!N:<FC!UBGA!CF<==H
?!JH==
PCBZH!<;I!ABKAH?!JH==!IH;CBG9!J:FM<?HI!G:!;H<G!"$'!i]QjV
!#GAH?!JA<B;!HTGH;IH?C!ND;JGB:;<=BZHI!UBGA!F<=HBJ!<JBI!<;A9I?BIH!?H<JGBLH!K?:DMC!A<LH!<=C:!
EHH;!DCHI!G:!JA<B;!HTGH;I!B;>HJGB:;!F:=IHI!"$'V!*;!:;H!CDJA!CGDI9S!GAH!B;N=DH;JH!:N!JA<B;!
HTGH;CB:;!<JA
BHLHI!DCB;K!GU:!IBNNH?H;G!JA<B;!HTGH;IH?C!&HM:TBIBZHI!<;I!F<=H<GHI,!:;!B;>HJGB:;!
F:=IB;K!M<?<FHGH?C!CDJA!<C!B;>HJGB:;!M?HCCD?HS!FH=G!GHFMH?<GD?H!<;I!N=:U<EB=BG9!U<C!CGDIBHI!<;I!
J:FM<?HIV!)AH!<IIBGB:;!:N!GAH!F<=H<GHI!JA<B;!HTGH;IH?!G:!GAH!"$'!F<G?BT!IBI!;:G
!<NNHJG!<;9!:N!GAH!
B;>HJGB:;!F:=IB;K!M<?<FHGH?C!IDH!G:!<!=<J@!:N!B;GH?<JGB:;!EHGUHH;!GAH!<IIBGBLH!<;I!GAH!GH?FB;<=!
H;I!K?:DMC!:N!"$'V!#;!GAH!:GAH?!A<;IS!GAH!HM:TBIBZHI!(.C!?H<JGHI!UBGA!"$'!LH?9!?<MBI=9!=H<IB;K!
G:!<;!B;J?H<CH!B;!B;>HJGB:;!M?HCCD?H!<;I!FH=G!
GHFMH?<GD?H!<C!UH==!<C!?HIDJHI!N=:U<EB=BG9!i\QjV!#GAH?!
?HCH<?JAH?C!A<LH!<=C:!?HM:?GHI!CDJJHCCND=!JA<B;!HTGH;CB:;!:N!"$'!UBGA!HM:TBIBZHI!(.C!i]`jV
!'=GA:DKA!E=H;IB;K!"$'!UBGA!GAH!<N:?H
PFH;GB:;HI!
<IIBGBLHC!B;J?H<CHC!GAH!FH=G!CG?H;KGA!<;I!
IDJGB=BG9!
:N!"$'S!GAH
9!<=C:!A<LH!L<?B:DC!I?<UE<J@CV!6:?!HT<FM=HS!FD=GBND;JGB:;<=!HM:TBHC!A<LH!
;:G!EHH;!<MM?:LHI!N:?!N::I
PK?<IH!<MM=BJ<GB:;C!E9!GAH!/;BGHI!0G<GHC!6::I!<;I!+?DK!'IFB;BCG?<GB:;!
Qe!&6+',!iQ]S]_jV!#;!GAH!:GAH?!A<;IS!IB
PBC:J9<;<GHC!<?H!D;IH?!CJ?DGB;9!IDH!G:!GAHB?!G:TBJB
G9S!?BC@!:N!
:JJDM<GB:;<=!A<Z<?ICS!<;I!GAHB?!BFM<JG!:;!GAH!B;AH?H;G!EB:IHK?<I<EB=BG9!:N!"$'!iQ]S]ajV
!!"4"?$@*A)',B8*+$.-2$C*2,.&,'D$A)=,'$*>(*'+,-'$-.$/01
$C<I<K<D%L+2%:+51+-!#0)%/"501-!0,5-:"(%ML6>N
%8H=!MH?FH<GB:;!JA?:F<G:K?<MA9!&8"(,!:?!CBZH!HTJ=DCB:;!JA?:
F<G:K?<MA9!&0.(,!BC!<!
CHM<?<GB:;!GHJA;BODH!DCHI!G:!CHM<?<GH!F<J?:F:=HJD=HC!&:?!M:=9FH?C,!:N!IBNNH?H;G!CBZHC!N?:F!H<JA!
:GAH?V!)AH!M?BF<?9!MD?M:CH!:N!GAH!8"(!GHJA;BODH!BC!G:!IHGH?FB;H!GAH!L<?B:DC!G9MHC!:N!F:=HJD=<?!
UHBKAGC!:N!M:=9FH?C!<;I!M?:LBIH!B;N:?F<GB:;
!<E:DG!BGC!F:=HJD=<?!UHBKAG!IBCG?BEDGB:;!i]dS]ejV!
1DFEH?
P<LH?<KH!&3
+,S!UHBKAG
P<LH?<KH!&3
(,S!Z
P<LH?<KH!&3
4,S!LBCJ:CBG9
P<LH?<KH!&3
5,!F:=HJD=<?!
UHBKAGC!<;I!IBCMH?CBG9!B;IHT!<?H!J:FF:;=9!IHGH?FB;HI!GA?:DKA!GABC!LH?C<GB=H!GHJA;BODH!i]dS]ejV
!8"(!DCHC!<!M:?:DC!F<GH?B<=!<C!GAH!CG<GB:;<?9!MA<CH!<;I!<!=BODBI!<C!<!F:EB=H!MA<CHV!)AH!
IB<FHGH?C!:N!GAH!M:?HC!:N!GAH!M:?:DC!F<GH?B<=!J<;!?<;KH!N?:F!`!G:!bRRSRRR!;F!<;I!<?H!DCHI!G:!
IHGHJG!F:=HJD=<?!UHBKAGC!:N!`RR!G:!b!FB==B:;!+<!i]dS]ejV!":=9FH?C!J:FM?BCH!:
N!JA<B;C!UBGA!
IBNNH?H;G!CBZHC!UABJA!MH;HG?<GH!GAH!M:?HC!<JJ:?IB;K!G:!GAHB?!CBZHV!0F<==H?!F:=HJD=HC!N?HH=9!IBNNDCH!
<;I!MH;HG?<GH!B;G:!<==!M:?GB:;C!:N!GAH!M:?HC!<;I!<?H!?HG<B;HI!N:?!<!=:;KH?!GBFHS!?HCD=GB;K!B;!=:;KH?!
H=DGB:;!GBFHCV!#;!GAH!:GAH?!A<;IS!=<?KH?!
F:=HJD=HC!H=DGH!N<CGH?!IDH!G:!GAHB?!=BFBGHI!<EB=BG9!G:!
MH;HG?<GH!GAH!CF<==H?!M:?HCV!)ABC!?HCD=GC!B;!<!IBNNH?H;JH!B;!GAH!?<GHC!<G!UABJA!GAH!F:=HJD=HC!M<CC!
I:U;!GAH!J:=DF;!&GAH!=<?KH?!F:=HJD=HC!G?<LH=!N<CGH?!GA<;!GAH!CF<==H?!F:=HJD=HC,!i]dS]ejV!+HGHJG:?C!
&KH;H?<==9!D=G?<LB:=HG!:?!?HN?<JGBLH!B;IHT,!F:;BG:?!GAH!<F:D;G!:N!M:=9FH?!H=DGHI!ID?B;K!H<JA!GBFH!
B;GH?L<=S!GAH?HE9!KH;H?<GB;K!<!M=:G!:N!GAH!IHGHJG:?!?HCM:;CH!<C!<!ND;JGB:;!H=DGB:;!GBFHV!(:FM<?BC:;!
:N!GAH!H=DGB:;!GBFH!:N!GAH!C<FM=HC!UBGA!GA:CH!:N!F:;:IBCMH?CH
!C<FM=HC!:N!@;:U;!F:=HJD=<?!UHBKAG!
\R!<==:U!GAH!H;GB?H!F:=HJD=<?!UHBKAG!IBCG?BEDGB:;!&35+,!G:!EH!IHGH?FB;HIV!3:=HJD=<?!UHBKAGC!&3
+S!3(S!35!<;I!3
4,!J<;!GAH;!EH!J<=JD=<GHI!N?:F!GAH!35+!i]dS]ejV
!6BKD?H!QV
]!0JAHF<GBJ!IB<K?<F!:N!CHM<?<
GB:;!:N!CF<==!<;I!=<?KH!F:=HJD=HC!B;!8"(
!i]djV!8"(!J<;!EH!DCHI!G:!IHGHJG!GAH!JA<B;!HTGH;CB:;!?H<JGB:;!:N!"$'!CB;JH!JA<B;!HTGH;CB:;!<;!
B;J?H<CH!B;!F:=HJD=<?!UHBKAG!BC!<CC:JB<GHI!UBGA!JA<B;!HTGH;CB:;V!0HLH?<=!?HCH<?JAH?C!A<LH!?HM:?GHI!
B;J?H<CHI!F:=HJD=<?!:N!
UHBKAG!:N!"$'!IDH!G:!GAH!<IIBGB:;!:N!JA<B;!HTGH;IH?C!i\bS\QS]Q
P]`jV!!!\b!C<I<K<C%O#$/0$#!(%1+-$&5+1+)!$
%(A<B;!HTGH;CB:;!<;I-:?!E?<;JAB;K!J<;!<=C:!EH!F:;BG:?HI!E9!GAH!LBCJ:CBG9!:N!<!M:=9FH?!FH=G!
CB;JH!<;!B;J?H<CH!B;!LBCJ:CBG9!BC!<CC:JB<GHI!UBGA!JA<B;!HTGH;CB:;
!i\bS\QjV!3H=G!N=:U!B;IHT!<;I!
G:?ODH!?AH:FHG?9!UH?H!DCHI!B;!GABC!CGDI9!G:!F:;BG:?!GAH!LBCJ:CBG9!:N!"$'!iQdjV!X:UHLH?S!BG!CA:D=I!
EH!;:GHI!GA<G!CHLH?<=!:GAH?!GHJA;BODHC!CDJA!<C!J<MB==<?9!?AH:FHG?9S!CAH<?!:CJB==<G:?9!FH<CD?HFH;GC!
DCB;K!I9;<FBJ!FHJA<;BJ<=!<;<=
9CBCS!<;I!?:G<GB:;<=!<C!UH==!<C!HTGH;CB:;<=!?AH:FHGH?C!J<;!EH!DCHI!
G:!HCGBF<GH!GAH!LBCJ:CBG9!:N!<!M:=9FH?V
!C<I<K<C<D%F+2!%.20;%#)'+3%MFPQN
%)AH!FH=G!N=:U!B;IHT!&36*,!BC!<!FH<CD?H!:N!GAH!H<CH!:N!N=:U!:N!FH=GHI!M=<CGBJC!<G!<!M<?GBJD=<?!
GHFMH?<GD?HV!)AH!FH<CD?
HFH;G!:N!36*!B;L:=LHC!UHBKAB;K!GAH!F<CC!:N!FH=GHI!M=<CGBJ!<NGH?!BG!BC!
<==:UHI!G:!M<CC!GA?:DKA!<!J<MB==<?9!IBH!:N!<!CMHJBNBJ!=H;KGA!<;I!IB<FHGH?!:LH?!<!GBFHI!B;GH?L<=!<G!<!
J:;CG<;G!GHFMH?<GD?H!<;I!M?HCCD?HV!36*!BC!HTM?HCCHI!B;!K?<FC!:N!M:=9FH?!MH?!bR!FB;DGH
C!ID?<GB:;!
:N!GAH!GHCGV!8H;H?<==9S!=:UH?!36*!BFM=BHC!ABKAH?!LBCJ:CBG9!<;I!B;IBJ<GHC!JA<B;!HTGH;CB:;!iQ]SQdS\]jV
!(A<B;!HTGH;CB:;!<;I-:?!E?<;JAB;K!J<;!<=C:!EH!F:;BG:?HI!E9!GAH!ZH?:
PCAH<?!LBCJ:CBG9!&
!#,!:N!<!M:=9FH?!FH=GS!UABJA!BC!IB?HJG=9!?H=<GHI!G:!BGC!F:=H
JD=<?!UHBKAG!&3
(,!E9!GAH!3<?@
PX:DUB;@!
HOD<GB:;!iQdjh
!!!!"#$%"#!&.OD<GB:;!QVQ
,!!UBGA!@!<;I!<!<C!3<?@
PX:DUB;@!J:;CG<;GCV
!!!\Q!)AH!36*!GHCG!J<;!EH!DCHI!G:!J<=JD=<GH!GAH!ZH?:
PCAH<?!LBCJ:CBG9!L<=DH!DCB;K!GAH!N:==:UB;K!
HOD<GB:;!iQ]SQ\S\]jh
!!"$#1%2324&52678
2924'"!&.OD<GB:;!QV\
,!!UAH?H!s
-!BC!GAH!FH=G!IH;CBG9!UABJA!BC!J<=JD=<GHI!<C!GAH!?<GB:!:N!36*!G:!FH=G!L:=DFH!?<GH!
&3[2,S!2!BC!GAH!E:?H!?<IBDC!:N!GAH!IBHS!2
6!BC!GAH!E:?H!?<IBDC!:N!GAH!J9=B;IH?!UAH?H!GAH!M:=9FH?!
FH=GCS!$!BC!GAH!=H;KGA!:N!GAH!IBH!<;I!5!BC
!GAH!<MM=BHI!IH<I!=:<IV
!6BKD?H!QV
`!)9MBJ<=!M=:G!:N!ZH?:
PCAH<?!LBCJ:CBGBHC!IHGH?FB;HI!N?:F!GAH!36*!I<G<!<C!<!ND;JGB:;!:N!
UHBKAG
P<LH?<KH!F:=HJD=
<?!UHBKAG!:N!JA<B;!HTGH;IHI!"$'
V!!!"#""$""%""$""%""&""'""(""!"#$%#"&'()*+
!,-.#/0")12-/)*+,+-./!01/2-3/.*!42+56,!
17!-6.+8!28,.85/2028,
!\\!6BKD?H!QV`!CA:UC!<!G9MBJ<=!M=:G!:N!ZH?:
PCAH<?!LBCJ:CBGBHC!IHGH?FB;HI!N?:F!GAH!36*!I<G<!<C!
<!ND;JGB:;!:N!UHBKAG
P<LH?<KH!F:=HJD=H!UHBKAG!:N!JA<B;!HTGH;IHI!"$'!iQdjV!'C!CHH;!B;!GAH!NBKD?HS!
GAH!LBCJ:CBG9!B;J?H<CHC!K?<ID<==9!D;GB=!<!F:=HJD=<?!UHBKAG!L<=DH!:N!t]a`@+<!&B;!GABC!J<CH,!BC!
?H<JAHIS!<NGH?!UABJA!BG!B;J?H<CHC!HTM:;H;GB<==9V!)ABC!M:B;G!:N!B;N=HJGB:;!&t]a`@+<S!B;!GA
BC!J<CH,!
B;IBJ<GHC!GAH!J?BGBJ<=!F:=HJD=<?!UHBKAGS!BVHS!GAH!:;CHG!:N!JA<B;!H;G<;K=HFH;GC!<GG?BEDG<E=H!G:!GAH!ABKA!
IHK?HH!:N!E?<;JAB;K!iQdjV
!'C!CHH;!B;!GAH!NBKD?HS!GAH!LBCJ:CBG9!B;J?H<CHC!K?<ID<==9!D;GB=!<!F:=HJD=<?!UHBKAG!L<=DH!:N!
t]a`@+<!&B;!GABC!J<CH,!BC!
?H<JAHIS!<NGH?!UABJA!BG!B;J?H<CHC!HTM:;H;GB<==9V!)ABC!M:B;G!:N!B;N=HJGB:;!
&t]a`@+<S!B;!GABC!J<CH,!B;IBJ<GHC!GAH!J?BGBJ<=!F:=HJD=<?!UHBKAGS!BVHS!GAH!:;CHG!:N!JA<B;!
H;G<;K=HFH;GC!<GG?BEDG<E=H!G:!GAH!ABKA!IHK?HH!:N!E?<;JAB;K!iQdjV
!C<I<K<C<C%E05A&+%
5"+01+!5(
%'C!IHCJ?BEHI!M?HLB:DC=9S!JA<B;!HTGH;CB:;!<;I-:?!E?<;JAB;K!:N!<!M:=9FH?!=H<IC!G:!<;!
B;J?H<CH!B;!BGC!LBCJ:CBG9V!0B;JH!B;J?H<CHI!LBCJ:CBG9!BC!<CC:JB<GHI!UBGA!B;J?H<CHI!G:?ODHS!G:?ODH!
?AH:FHG?9!J<;!EH!DCHI!G:!F:;BG:?!GAH!G:?ODH!ID?B;K!M:=9FH?!M?:JHCC
B;K!<;I!GADC!N:==:U!JA<B;!
HTGH;CB:;!?H<JGB:;C!i`R
P`QjV!'!G9MBJ<=!JD?LH!:EG<B;HI!N?:F!<!4?<EH;IH?!G:?ODH!?AH:FHGH?!N:?!GAH!G:?ODH!:N!"$'!<C!<!
ND;JGB:;!:N!FBTB;K!GBFH!BC!CA:U;!B;!6BKD?H!QV_V!
*G!J<;!EH!CHH;!B;!6BKD?H!QV_!GA<G!GAH!G:?ODH!JD?LH!
?H<JAHC!<!F<TBFD
F!G:?ODH!ID?B;K!GAH!B;BGB<=!=:<IB;K!:N!;H<G!"$'!?HCB;!B;G:!GAH!FBTB;K!JA<FEH?Y!
B;IBJ<GB;K!GA<G!GAH!JA<FEH?!BC!NB==HI!UBGA!?HCB;V!)AH;!GAH!G:?ODH!K?<ID<==9!IHJ?H<CHC!<;I!?H<JAHC!<!
J:;CG<;G!L<=DH!:?!<;!HODB=BE?BDF!UAH;!GAH!M=<CGBJ!BC!FH=GHI!B;G:!<!A:F:KH;:DC
!F<CC!i`\jV!)AH!
HODB=BE?BDF!G:?ODH!&:?!H;I!G:?ODH!L<=DH,!BC!M?:M:?GB:;<=!G:!GAH!<MM<?H;G!LBCJ:CBG9!<;I!F:=HJD=<?!
UHBKAG!:N!GAH!F<GH?B<=!<;I!IHMH;IC!:;!M:=9FH?!JA<B;!CG?DJGD?H!CDJA!<C!E?<;JAB;K!i`R
P`QjV!';!
\]!B;J?H<CH!B;!GAH!H;I!G:?ODH!L<=DHC!B;IBJ<GHC!<;!B;J?
H<CH!B;!GAH!LBCJ:CBG9!<;I!F:=HJD=<?!UHBKAG!IDH!
G:!GAH!N:?F<GB:;!:N!=:;KH?!<;I-:?!E?<;JAHI!JA<B;C!i\QS]]S`R
P`QjV!(:;CHODH;G=9S!GAH!H;I!G:?ODH!
L<=DHC!J:D=I!EH!DCHI!G:!F:;BG:?!GAH!JA<B;!HTGH;CB:;!?H<JGB:;!:N!<!M:=9FH?V
!6BKD?H!QV
_!)9MBJ<=!JD?LH!:N!G:?ODH!:N!;H<G!"$'!<C!<!ND;JGB:;!:N!GBFH!KH;H?<GHI!E9!<!G:?ODH!
?AH:FHGH?V
!0HLH?<=!?HCH<?JAH?C!A<LH!?HM:?GHI!<;!B;J?H<CH!B;!GAH!H;I!G:?ODH!L<=DHC!:N!"$'!i`RjS!M:=9!
&EDG9=H;H!<IBM<GH
PJ:PGH?HMAGA<=<GH,!&"4'),!i`Rj!<C!UH==!<C!M:=9!&HGA9=H;H!GH
?HMAGA<=<GH,!&".),!
i`Qj!:;!<IIBGB:;!:N!JA<B;!HTGH;IH?CV
!!!"#"$"%"&""#""$""%""3%4567()89/
3"97()#/
\`!C<I<K<G%P0&5#+5%!5-)$.051%#).5-5+'%$:+/!50$/0:(%MPEQJN
%6)*2!BC!<;!<;<=9GBJ<=!GHJA;BODH!DCHI!G:!BIH;GBN9!:?K<;BJ!&<;I!B;!C:FH!J<CHC!B;:?K<;BJ,!
F<GH?B<=CV!)ABC!GHJA;BODH!FH<CD?HC!GAH!<EC:?MGB:;!:N!B;N
?<?HI!?<IB<GB:;!E9!GAH!C<FM=H!F<GH?B<=!
LH?CDC!GAH!B;JBIH;G!U<LH=H;KGAV!)AH!B;N?<?HI!<EC:?MGB:;!E<;IC!BIH;GBN9!F:=HJD=<?!J:FM:;H;GC!<;I!
CG?DJGD?HC!i]ejV
!3:=HJD=HC!UBGA!J:L<=H;G!E:;IC!F<9!<EC:?E!B;N?<?HI!?<IB<GB:;!UAH;!<!E:;I!B;!GAH!F:=HJD=H!
?:G<GHC!:?!LBE?<
GHC!<G!GAH!C<FH!N?HODH;J9!<C!GAH!B;JBIH;G!?<IB<;G!H;H?K9V!'NGH?!<EC:?EB;K!?<IB<GB:;S!
GAH!F:=HJD=HC!A<LH!F:?H!H;H?K9!<;I!LBE?<GH!<G!B;J?H<CHI!<FM=BGDIHV!)AH!N?HODH;J9!<EC:?EHI!
IHMH;IC!:;!L<?B:DC!N<JG:?C!CDJA!<C!GAH!F<CC!:N!GAH!<G:FC!B;!GAH!E:;IS!GAH!KH:FHG?
9!:N!GAH!F:=HJD=HS!
GAH!CG?H;KGA!:N!GAH!E:;IS!<;I!CHLH?<=!:GAH?!N<JG:?CV!X:UHLH?S!BG!CA:D=I!EH!;:GHI!GA<G!F:=HJD=HC!
FDCG!A<LH!<!JA<;KH!B;!IBM:=H!F:FH;G!ID?B;K!LBE?<GB:;!B;!:?IH?!G:!<EC:?E!*2!?<IB<GB:;!i]ejV
!6BKD?H!QVa!CA:UC!<!CJAHF<GBJ!IB<K?<F!:N!<;!B;N?<?H
I!CMHJG?:MA:G:FHGH?V!'C!CA:U;!B;!GAH!
NBKD?HS!<;!B;N?<?HI!C:D?JH!CDJA!<C!<!CB=BJ:;!J<?EBIH!H=HFH;G!AH<GHI!G:!bQRR
$7!&8=:E<?,!KH;H?<GHC!
?<IB<GB:;!UABJA!M<CCHC!GAH!C<FM=H!GA?:DKA!<!3BJAH=C:;!B;GH?NH?:FHGH?V!'!IHGHJG:?!FH<CD?HC!GAH!
B;GH;CBG9!:N!G?<;CFBGGHI!:?!
?HN=HJGHI!=BKAG!<NGH?!M<CCB;K!GA?:DKA!GAH!C<FM=H!<C!<!ND;JGB:;!:N!BGC!
U<LH=H;KGAV!)AH!CBK;<=!:EG<B;HI!N?:F!GAH!IHGHJG:?!BC!<;!B;GH?NH?:K?<FS!UABJA!BC!<;<=9ZHI!DCB;K!
6:D?BH?!G?<;CN:?FC!G:!:EG<B;!<!CB;K=H
PEH<F!B;N?<?HI!CMHJG?DFV!)AH!6)*2!CMHJG?<!<?H!DCD<==9!
M?HCH;GHI!<C!M=:GC!:N!B;GH;CBG9!LH?CDC!U<LH;DFEH?!&B;!JF
%&,!i]ejV!\_!6BKD?H!QV
a!0JAHF<GBJ!?HM?HCH;G<GB:;!:N!<!6)*2!B;CG?DFH;GV
!!!!"#$%&$%'($#$%
)*(+,$
-$#$.#'%
!"#$%&$%'/%*
(012.'(+3#$%
!"#$%"&'()
*&+),)'-./01(2
!"3#$$%#$%&"'&&"%&#""$#
"($#$&')+$.#%3(
\a!6BKD?H!QVd!CA:UC!G9MBJ<=!6)*2!CMHJG?DF!:N!"$'V!)AH!MH<@C!:ECH?LHI!<G!Qee]S!Qe]`!<;I!
b]`Q!JF
%&!J:??HCM:;I!G:!GAH!CG?HGJAB;K!:N!(
PX!B;!(X
!V!3:?H:LH?S!GAH!MH<@C!<G!ba``!<;I!e`a!JF
%&!<?H!J=H<?=9!LBCBE=H!<;I!EH=:;K!G:!GAH!CG?HGJAB;K!:N!(u#!<;I!#
PX!LBE?<GB:;!B;!
"$'WC!
J<?E:T9=!K?:DMV!
)AH!J=DCGH?!:N!MH<@C!<G!<E:DG!bReQ!<;I!bbeQ!JF
%&!<?H!JA<?<JGH?BCGBJ!:N!
(P#!CG?HGJAB;K!B;!J<?E:T9=!
<;I!(
P#P(!CG?HGJA
V!6BKD?H!QV
d!)9MBJ<=!6)*2!CMHJG?DF!:N!"$'V
!!!!"#$%"&'()
*&+),)'-./01(2
!"3#$$%#$%&"'&&"%&#""$#
"($#$&'\d!6)*2!CMHJG?:CJ:M9!J<;!EH!DCHI!G:!K<B;!<;!B;
PIHMGA!D;IH?CG<;IB;K!:N!JA<B;!HTGH;CB:;!
?H<JGB:;!FHJA<;BCFCV!)AH!?H<JGB:;!EHGUHH;!
FD=GBND;JGB:;<=!HM:TBHC!<;I!M:=9HCGH?C!CDJA!<C!"$'!
A<C!EHH;!HTGH;CBLH=9!CGDIBHI!B;!GAH!=BGH?<GD?H!iQdS]`S`RS`]
P`_jV!"$'!A<C!GU:!IBCGB;JG!ND;JGB:;<=!
H;I
PK?:DMCS!J<?E:T9=!<;I!A9I?:T9=S!GA<G!J<;!?H<JG!UBGA!GAH!HM:T9!K?:DMC!B;!FD=GBND;JGB:;<=!
HM:TBHCV!)AH!?H<J
GB:;!M?:JHHIC!LB<!?B;K
P:MH;B;K!:N!GAH!HM:TBIH!K?:DM!=H<IB;K!G:!GAH!N:?F<GB:;!:N!
;HU!CHJ:;I<?9!A9I?:T9=!K?:DMC!<;I!HCGH?!=B;@<KHC!UAH;!?H<JGB:;!:JJD?C!UBGA!"$'WC!J<?E:T9=!
K?:DMC!<;I-:?!HGAH?!=B;@<KHC!UBGA!"$'WC!A9I?:T9=!K?:DMC!&6BKD?H!QVe,!iQdS]`S`RS`]
P`_jV!0HLH?<=!
?HCH<?JAH?C!A<LH!?HM:?GHI!GAH!IBC<MMH<?<;JH!:N!HM:T9!K?:DMC!B;!E=H;IC!:N!"$'!<;I!JA<B;!HTGH;IH?C!
IDH!G:!GAHB?!J:;CDFMGB:;!ID?B;K!GAH!?B;K
P:MH;B;K!?H<JGB:;!UBGA!"$'!iQdS]`jV
!6BKD?H!QV
e!8H;H?<=BZHI!?H<JGB:;!FHJA<;BCF!:N!
<!FD=GBND;JGB:;<=!HM:T9!JA<B;!HTGH;IH?!UBGA!GAH!
A9I?:T9=!<;I!J<?E:T9=!H;I!K?:DMC!B;!"$'V
!!!\e!C<I<K<I%R#..+5+)!#-2%$/-))#),%/-205#1+!5(%MRS>N
%)AH!IHK?HH!:N!J?9CG<==B;BGBHC!:N!"$'!J<;!<=C:!EH!HL<=D<GHI!G:!LH?BN9!BGC!JA<B;!E?<;JAB;KV!
8H;H?<==9S!IH;CH!
M<J@B;K!:N!E?<;JAHI!M:=9FH?!JA<B;C!BC!IBNNBJD=GS!=H<IB;K!G:!?HIDJHI!J?9CG<==B;BG9V!
+BNNH?H;GB<=!CJ<;;B;K!J<=:?BFHG?9!&+0(,
S!:;H!:N!GAH!F:CG!J:FF:;=9!DCHI!GAH?F<=!<;<=9CBC!
FHGA:ICS!BC!<!J<=:?BFHG?BJ!GHJA;BODH!GA<G!FH<CD?HC!GAH!IBNNH?H;JHC!B;!AH<G!N=:U!EHGUH
H;!<!?HNH?H;JH!
<;I!C<FM=H!<C!<!ND;JGB:;!:N!GAH!C<FM=HWC!GHFMH?<GD?HV!#;H!:N!GAH!EBKKHCG!<IL<;G<KHC!:N!GABC!
GHJA;BODH!BC!GA<G!LH?9!=BGG=H!:?!;:!C<FM=H!M?HM<?<GB:;!BC!?HODB?HIV!'IIBGB:;<==9S!GAH!?HCD=GC!<?H!
ODBJ@=9!<;I!H<CB=9!KH;H?<GHI!B;!GAH!N:?F!:N!<!GAH?F
:K?<F!i]ej
V!*;!GABC!GHJA;BODHS!GAH!?HNH?H;JH!F<GH?B<=!&DCD<==9!<B?,!<;I!C<FM=H!&`
PbR!FK,!<?H!J:;G<B;HI!
B;!GU:!IBNNH?H;G!<=DFB;DF!M<;CV!)AHCH!M<;C!<?H!M=<JHI!:;!AH<GHI!GAH?F:H=HJG?BJ!IBC@C!UBGA!
GAH?F:J:DM=HC!B;!:?IH?!G:!EH!AH<GHI!B;!<!J:;G?:==HI!F<;;H?V!)AH
!IBNNH?H;JH!B;!GAH!GAH?F:J:DM=H!
CBK;<=C!BC!DCHI!G:!FH<CD?H!GAH!IBNNH?H;GB<=!AH<G!N=:U!G:!GAH!C<FM=H!<;I!?HNH?H;JH!M<;C!i]ejV!)ABC!
IBNNH?H;JH!B;!AH<G!N=:U!BC!M=:GGHI!<K<B;CG!GAH!C<FM=H!GHFMH?<GD?H!<;I!BC!DCHI!G:!HCGBF<GH!GAH?F<=!
G?<;CBGB:;!GHFMH?<GD?HC!CDJA
!<C!K=<CC!G?<;CBGB:;!GHFMH?<GD?H!&)
/,S!J?9CG<==BZ<GB:;!GHFMH?<GD?H!&)
7,!<;I!FH=GB;K!GHFMH?<GD?H!&)
-,V!*G!J<;!<IIBGB:;<==9!EH!DCHI!G:!HCGBF<GH!GAH!AH<G!:N!FH=GB;K!&vX
-,!<;I!AH<G!:N!J:=I!J?9CG<==BZ<GB:;!&vX
7,S!UABJA!J<;!GAH;!EH!DCHI!G:!J<=JD=<GH!GAH!IHK?HH!:
N!J?9CG<==B;BG9!:N!GAH!M:=9FH?!EHB;K!JA<?<JGH?BZHI!i]ejV
!!!]R!6BKD?H!QV
bR!0JAHF<GBJ!?HM?HCH;G<GB:;!:N!<!IBNNH?H;GB<=!CJ<;;B;K!J<=:?BFHGH?!
i`aj'!*G!CA:D=I!EH!;:GHI!GA<G!:GAH?!GHJA;BODHC!CDJA!<C!GAH!IH;CBG9!K?<IBH;G!FHGA:I!<;I!
gP?<9!
IBNN?<JGB:;!J<;!<=C:!EH!DCHI!G:!FH<CD?H!GAH!IH;CBG9!:N!<!M:=9FH?V
!C<I<K<K%P-22#),%'-5!%#1:-/!%$!5+),!"
%(A<B;!E?<;JAB;K!BC!<CC:JB<GHI!UBGA!?HIDJHI!J?9CG<==B;BG9!<;I!AH;JH!ABKAH?!BFM<JG!CG?H;KGAV!
)AH?HN:?HS!BFM<JG!CG?H;KGA!J<;!EH!DCHI!<C!<;!B;IBJ<G:?!:
N!JA<B;!E?<;JAB;K!iQdjV!6<==B;K!I<?G!BFM<JGS!
DCB;K!GAH!N<==B;K!I<?G!BFM<JG!GHCGH?!CA:U;!B;!6BKD?H!QVbbS!BC!<!G?<IBGB:;<=!FHGA:I!N:?!HL<=D<GB;K!GAH!
BFM<JG!CG?H;KGA!:N!<!M=<CGBJ!NB=FV!)ABC!GHCG!DCHC!<!I<?G!I?:MMHI!N?:F!<!CMHJBNBJ!I?:M!AHBKAGS!UAB=H!
L<?9B;K!G
AH!UHBKAG!:N!GAH!I<?GV!*;!GABC!GHCGS!NB=F!C<FM=HC!<?H!J=<FMHI!<G!GAH!E<CH!:N!<!I?:M!G:UH?S!
<;I!<!I<?G!BC!B;CH?GHI!B;G:!GAH!GHCGB;K!E?<J@HGV!)AH!I<?G!BC!GAH;!?H=H<CHI!:;G:!GAH!JH;GH?!:N!GAH!GHCG!
CMHJBFH;S!<;I!GAH!GHCG!?HCD=G!&M<CC-N<B=,!BC!?HJ:?IHI!<=:;K!UB
GA!GAH!UHBKAG!:N!GAH!I<?GV!6<B=!BC!
KH;H?<==9!IHNB;HI!<C!NB=F!?DMGD?H!C:!GA<G!GAH!I<?G!MH;HG?<GHC!GA?:DKA!GAH!NB=F!<;I!wM<CCx!B;IBJ<GHC!
GAH!CBGD<GB:;!UAH?H!GAH!NB=F!CDCG<B;C!BGC!B;GHK?BG9!G:!A:=I!GAH!I<?G!iQdS`dS`ejV!)AH!y4?DJHG:;!
0G<B?J<CHW!M?:JHCC!BC!DCHI
!G:!HL<=D<GH!GAH!I<G<h!UAH;!GAH!C<FM=H!M<CCHCS!GAH!I<?G!UHBKAG!BC!B;J?H<CHIS!
UAH?H<C!GAH!I<?G!UHBKAG!BC!IHJ?H<CHI!BN!GAH!C<FM=H!N<B=CV!)AH!?HCD=GC!<?H!GAH;!DCHI!G:!J<=JD=<GH!GAH!
]b!BFM<JG!N<B=D?H!UHBKAGS!UABJA!BC!IHNB;HI!<C!GAH!UHBKAG!N:?!UABJA!`R^!:?!F:?H!:N
!GAH!GHCG!C<FM=HC!
UB==!N<B=!D;IH?!GAH!BFM<JG!<G!<!KBLH;!AHBKAG!i`ejV
!6BKD?H!QV
bb!6<==B;K!I<?G!BFM<JG!GHCGH?
!i`ejV!81S!"'MM5M3<'!2$236(?<&$M<!N"+"<O
!(H==D=:CH!;<;:J?9CG<=C!&(1(C,!<?H!?H;HU<E=H!<;I!EB:IHK?<I<E=H!;<;:F<GH?B<=C!IH?
BLHI!
N?:F!GAH!F:CG!<ED;I<;G!;<GD?<=!M:=9FH?S!JH==D=:CHV!)AHB?!JAHFBJ<=!CG?DJGD?H!BC!CA:U;!B;!6BKD?H!
QVbQV!)AHCH!;<;:F<GH?B<=C!A<LH!?HJHBLHI!CBK;BNBJ<;G!B;GH?HCG!IDH!G:!GAHB?!FHJA<;BJ<=S!:MGBJ<=S!
JAHFBJ<=S!<;I!?AH:=:KBJ<=!M?:MH?GBHCV!(1(C!<?H!:NGH;!<IIHI!G:
!GAH!"$'!F<G?BT!G:!B;J?H<CH!BGC!
J?9CG<==B;BG9!<;I!BFM?:LH!BGC!E<??BH?!<;I!FHJA<;BJ<=!M?:MH?GBHC!i_R
P_\jV!]Q!6BKD?H!QV
bQ!(AHFBJ<=!CG?DJGD?H!:N!(1(
!i_RjV!!"?"#$/2-98A(,-'$-.$5E5+
$(1(C!<?H!HTG?<JGHI!N?:F!=BK;:JH==D=:CHC!GA?:DKA!<!JAH
FBJ<=!M?:JHCCV!*;!GAH!NB?CG!CGHMS!
@;:U;!<C!?HNB;B;KS!;:;
PJH==D=:CH!J:FM:;H;GC!<?H!CHK?HK<GHI!N?:F!GAH!C:D?JH!F<GH?B<=V!*;!GAH!
CHJ:;I!CGHMS!HTG?<JGB:;!:N!(1(C!G<@HC!M=<JH!E9!<JBI!A9I?:=9CBCS!UAH?HB;!M<?<
PJ?9CG<==B;H!&:?!
IBC:?IH?HI,!?HKB:;C!<?H!NB?CG!C:=DEB=
BZHIS!=H<LB;K!EHAB;I!GAH!J?9CG<==B;H!I:F<B;C!GA<G!M:CCHCC!ABKA!
?HCBCG<;JH!G:!<JBIV!)AH!?HCD=GB;K!ABKA=9!J?9CG<==B;H!I:F<B;C!<?H!UABC@H?
P=B@H!<;I!<?H!@;:U;!<C!
(1(CV!0D=ND?BJ!<;I!A9I?:JA=:?BJ!<JBIC!<?H!J:FF:;=9!DCHI!N:?!GAH!<JBI!A9I?:=9CBCS!?HCD=GB;K!B;!
(1(C
!UBGA!L<?9B;K!IBCMH?CBEB=BG9V!(1(C!M?:IDJHI!N?:F!CD=ND?BJ!<JBI!A<LH!<;!<ED;I<;JH!:N!
JA<?KHI!CD=N<GH!K?:DMC!:;!BGC!CD?N<JH!<;I!<?H!AH;JH!?H<IB=9!IBCMH?CHI!B;!U<GH?V!#;!GAH!:GAH?!A<;IS!
(1(C!M?:IDJHI!N?:F!A9I?:JA=:?BJ!<JBI!<?H!IBNNBJD=G!G:!IBCMH?CH!IDH!G:!GAH
!=<J@!:N!JA<?KH!i_R
P_\jV!!"?"!$/2-3*2(,*+$-.$5E5+
$(1(C!HTABEBG!K::I!JA<?<JGH?BCGBJC!CDJA!<C!?H;HU<EB=BG9S!=:U!IH;CBG9S!EB:J:FM<GBEB=BG9!<;I!
EB:IHK?<I<EB=BG9!J:FM<?HI!G:!:GAH?!B;:?K<;BJ!;<;:M<?GBJ=HCV!)AHB?!KH:FHG?BJ<=!IBFH;CB:;C!J<;!
L<?9!UBIH=9S!UBGA!<!IB<
FHGH?!?<;KB;K!N?:F!]
PQ`!;F!<;I!=H;KGA!?<;KB;K!N?:F!bRR
PbRRR!;F!i_R
P_\jV!]\!)AH!C:D?JH!<;I!HTG?<JGB:;!FHGA:I!:N!(1(C!B;N=DH;JH!GAHB?!CBZHS!F:?MA:=:K9!<;I!
J?9CG<==B;BG9V!#;!<;!<LH?<KHS!GAH!GH;CB=H!CG?H;KGA!:N!(1(C!BC!B;!GAH!?<;KH!:N!aV`
PaVa!8"<S!UABJA!BC!
FDJA!F
:?H!GA<;!GA<G!:N!CGHH=!UB?HV!)AHB?!H=<CGBJ!F:ID=DC!BC!tb`R!8"<!<;I!G?<;CLH?CH!F:ID=DC!BC!
B;!GAH!?<;KH!:N!bd
P`R!8"<!i_R
P_\jV!)AH!GAH?F<=!CG<EB=BG9!:N!(1(C!BC!BFM:?G<;G!EHJ<DCH!BG!BC!:NGH;!<IIHI!G:!M:=9FH?!F<G?BJHC!
GA<G!<?H!M?:JHCCHI!<G!GHFMH?<GD?HC!HTJHHIB;
K!QRR
$(V!*;!KH;H?<=S!(1(C!A<LH!<!GAH?F<=!
IHJ:FM:CBGB:;!GHFMH?<GD?H!:N!\RR
$(S!UABJA!FHHGC!GAH!GHFMH?<GD?H!?HODB?HFH;GC!N:?!M?:JHCCB;K!
J:FM:CBGH!F<GH?B<=Ci_R
P_\jV!(1(C!A<LH!HTJH==H;G!:MGBJ<=!M?:MH?GBHCV!0HLH?<=!?HCH<?JAH?C!A<LH!?HM:?GHI!GA<G!(1(!J<CG!
NB=FC!<
?H!ABKA=9!G?<;CM<?H;G!EHJ<DCH!GAH9!A<LH!HGAH?!<;I!A9I?:T9=!K?:DMC!<C!UH==!<C!J<?E:;
PJ<?E:;S!
<;I!J<?E:;
PA9I?:KH;!E:;IC!UABJA!I:!;:G!<EC:?E!=BKAG!B;!GAH!LBCBE=H!?<;KH!&
]RRPaRR!;F,!i_R
P_\jV!!"?";$<+*$-.$5E5+$,'$F,-
GF=+*9$3-7&6*2$6=(2,A*+
$(H==D=:CH!
;<;:J?9CG<=C!&(1(C,!<?H!?HJH;G=9!K<B;B;K!B;GH?HCG!<F:;KCG!?HCH<?JAH?C!<C!;<GD?<=!
<;I!EB:
PE<CHI!;DJ=H<GB;K!<KH;GC!i_]
PaRjV!5H==
PIBCMH?CHI!(1(C!B;!<!M:=9FH?!F<G?BT!J<;!B;J?H<CH!
GAH!M:=9FH?WC!J?9CG<==B;BG9V
!*;J?H<CHI!J?9CG<==B;BG9!BC!<CC:JB<GHI!UBGA!BFM?:LHI!GAH?F<=S!
FHJA<;BJ<=!<;I!E<??BH?!MH?N:?F<;JHV
!'=GA:DKAS!UH==
PIBCMH?CHI!(1(C!J<;!B;J?H<CH!<!M:=9FH?WC!J?9CG<==B;BG9S!GAHB?!IBCMH?CB:;!B;G:!
GAH!M:=9FH?!F<G?BT!BC!<!JA<==H;KHV!
(1(!M<?GBJ=HC!GH;I!G:!<KK=:FH?<
GH!&6BKD?H!QVb\,!IDH!G:!GAHB?!
ABKA!CD?N<JH!<?H<!G:!L:=DFH!?<GB:!UAH;!GAH!<ODH:DC!FHIBDF!GA<G!GAH9!<?H!M?:IDJHI!B;!BC!H=BFB;<GHI!
E9!N?HHZH!:?!CM?<9!I?9B;KV!3:?H:LH?S!(1(!M<?GBJ=HC!<?H!IBNNBJD=G!G:!IBCMH?CH!B;!;:;
PM:=<?!M:=9FH?C!
IDH!G:!GAHB?!ABKA!M:=<?BG9!<;
I!CG?:;K!A9I?:KH;!E:;IB;K!N:?JHC!iabjV![<?B:DC!<MM?:<JAHC!CDJA!<C!
]]!C:=LH;G
PJ<CGB;K!<;I!FH=G
PJ:FM:D;IB;KS!IHCJ?BEHI!B;!GAH!;HTG!CHJGB:;S!A<LH!EHH;!B;LHCGBK<GHI!G:!
IBCMH?CH!JH==D=:CH!;<;:F<GH?B<=C!CDJA!<C!(1(C!B;G:!<!M:=9FH?!F<G?BT!i_]
Pa_jV!6BKD?H!QV
b\!(H==D=:CH!;<;:J?9CG<=!<KK=:FH?<GB:;CV
!81T!/7<%'(<732!3B!6'MM5M3<'!2$23P$&'(7$M<!72!%3M?P'(!P$&(76'<
!!"H"#$%-7C*'(
GA=+(,'D
$)AH!C:=LH;G
PJ<CGB;K!GHJA;BODH!B;L:=LHC!GAH!IBCC:=DGB:;!:N!GAH!M:=9FH?!<;I!(1(C!B;!<!
C:=LH;G!CDJA!<C!U<GH?S!<=J:
A:=S!:?!<;9!:?K<;BJ!C:=LH;GV!)AH!C:=DGB:;!BC!GAH;!CGB??HI!<;I!J<CG!:;G:!<!
F:=I!:?!N=<G!CD?N<JH!&CDJA!<C!MHG?B
PIBCA,!!UAH?H!GAH!C:=LH;G!HL<M:?<GHCS!<;I!GAH!I?BHI!;<;:J:FM:CBGH!
NB=F!J<;!EH!MHH=HI!:NN!&6BKD?H!QVb],!iaajV
!!!]`!6BKD?H!QV
b]!0:=LH;G
PJ<CGB;K!M?:JHCC!
iaajV!0HLH?<=!?HCH<?JAH?C!A<LH!DCHI!C:=LH;G
PJ<CGB;K!GHJA;BODH!G:!F<;DN<JGD?H!"$'!
;<;:J:FM:CBGH!NB=FC!UBGA!BFM?:LHI!E<??BH?!MH?N:?F<;JH!E9!<IIB;K!L<?B:DC!<F:D;GC!:N!D;F:IBNBHI!
<;I!F:IBNBHI!JH==D=:CH!;<;:F<GH?B<=C!i_]
P_ajV!*;!:;H
!CDJA!HNN:?GS!GAH!<IIBGB:;!:N!b^!(1(C!
F:IBNBHI!UBGA!<;!<JBI!MA:CMA<GH!HCGH?!:N!HGA:T9=<GHI!;:;9=MAH;:=!&C
P(1(C,!IHJ?H<CHI!GAH!:T9KH;!
G?<;CFBCCB:;!?<GH!&#)2,!<;I!U<GH?!L<M:?!MH?FH<EB=BG9!&5[",!:N!"$'!NB=FC!E9!Q_^!<;I!\]^S!
?HCMHJGBLH=9!<GG?BEDG<E=H!G:!GAH!G:
?GD:CBG9!HNNHJG!B;IDJHI!E9!UH==!IBCMH?CHI!C
P(1(C!i_]jV!)AHCH!
?HCD=GC!UH?H!J:;CBCGH;G!UBGA!GA:CH!M?HLB:DC=9!?HM:?GHI!E9!0<;JAHZ
P8<?JB<!<;I!J:
PU:?@H?C!N:?!
;<;:J:FM:CBGH!NB=FC!J:;G<B;B;K!b^!;<;:UABC@H?C!i__jV
!!!]_!!"H"!$%-7C*'($9,+3*2+,-'$32,-2$(-$6*7($A-63-8'9,
'D$":=9FH?-JH==D=:CH!;<;:F<GH?B<=!J:FM:CBGHC!A<LH!<=C:!EHH;!M?HM<?HI!DCB;K!<!GU:
PCGHM!
M?:JHCC!iabjV!*;!GAH!NB?CG!CGHMS!GAH!C:=LH;G
PJ<CGB;K!GHJA;BODH!BC!DCHI!G:!M?HM<?H!<!F<CGH?E<GJA!:N!GAH!
JH==D=:CH!;<;:F<GH?B<=!UBGA!GAH!M:=9FH?!F<G?BTV!*;!GAH!CHJ:;I!CGHMS
!GAH!F<CGH?E<GJA!BC!J?DCAHIS!
IB=DGHI!<;I!I?9
PFBTHI!UBGA!GAH!M:=9FH?!F<G?BTS!FH=G
PJ:FM:D;IHI!B;!<;!HTG?DIH?S!<;I!GAH;!
M?HM<?HI!B;G:!C<FM=HC!E9!GHJA;BODHC!CDJA!<C!J:FM?HCCB:;!:?!B;>HJGB:;!F:=IB;KV!6:?!B;CG<;JHS!
"$'-`^!JH==D=:CH!;<;:NBEH?!C<FM=HC!M?HM<?HI!E9!
GAH!IHCJ?BEHI!GHJA;BODH!A<I!Q]^!<;I!Qb^!
B;J?H<CH!B;!GH;CB=H!F:ID=DC!<;I!GH;CB=H!CG?H;KGAS!?HCMHJGBLH=9V!1:;HGAH=HCCS!=<?KH!CG<;I<?I!
IHLB<GB:;!B;!GAH!L<=DHC!:N!GH;CB=H!F:ID=DC!?HM:?GHI!B;IBJ<GHI!<!;:;
PA:F:KH;:DC!IBCMH?CB:;!:N!
(16C!B;!GAH!"$'!F<G?BT!iabjV
!';:GAH?!<MM?:<JA!G:!IBCMH?CH!JH==D=:CH!;<;:F<GH?B<=C!B;G:!M:=9FH?!F<G?BJHC!A<C!EHH;!
HT<FB;HI!E9!B;LHCGBK<G:?C!UAH?H!<;!<ODH:DC!CDCMH;CB:;!:N!JH==D=:CH!;<;:F<GH?B<=C!B;!<!C=D??9!:N!
M=<CGBJBZH?S!<JHG:;H!<;I!U<GH?!BC!M?HM<?HI!&6BKD?H!QVb`,!iaQ
Pa]jV!)AH!M?HM<?HI
!CDCMH;CB:;!BC!GAH;!
FH=GPJ:FM:D;IHI!UBGA!M:=9FH?!MH==HGC!B;!<;!HTG?DIH?!HODBMMHI!UBGA!<!=BODBI!NHHIH?!<;I!LH;GC!N:?!
?HF:L<=!:N!<JHG:;H!<;I!U<GH?!iaQ
Pa]jV!(:FM?HCCB:;!F:=IB;KS!B;>HJGB:;!F:=IB;K!:?!HTG?DCB:;!
E=:U;
PNB=F!M?:JHCCHC!J<;!GAH;!EH!DCHI!G:!M?HM<?H!C
<FM=HCV!
*;!:;H!CDJA!CGDI9S!<!F<CGH?E<GJA!:N!
"$'S!`^!(A1(C
!<;I!QR^!K=9JH?:=!G?B<JHG<GH!M=<CGBJBZH?!&8)',!U<C!M?HM<?HI!DCB;K!GAH!M?HLB:DC=9!
IHCJ?BEHI!=BODBI!NHHIB;K!GHJA;BODH!B;!<!LH;GHI!GUB;
PCJ?HU!HTG?DIH?V!)ABC!F<CGH?E<GJA!U<C!IB=DGHI!
UBGA!"$'!<;I!"4')!<;I!FBTHI!UBGA!G<=J!G:!M?:IDJH!NB=FC!UBGA!b^!(A1(CS!_^!G<=JS
!e^!8)'S!
Q`^!"4')!<;I!`e^!"$'V!)AH!NB;<=!J:FM:CBGHC!UH?H!GAH;!E=:U;!B;G:!NB=FC!<;I!HL<=D<GHI!N:?!
:MGBJ<=S!GAH?F<=S!FHJA<;BJ<=!<;I!E<??BH?!M?:MH?GBHC!<F:;KCG!:GAH?CV!)AH!?HCH<?JAH?C!N:D;I!GA<G!
<IIBGB:;!:N!(A1(C!B;J?H<CHI!GAH!LBCJ:CBG9!<;I!FH=G!CG?H;KGA!:N!"
$'S!GADC!<BIB;K!B;!GAH!E=:U;!NB=F!
M?:JHCCB;K!:N!GAH!NB=FCV!3:?H:LH?S!GAH!<IIBGB:;!:N!b^!(A1(C!B;J?H<CHI!GAH!GH;CB=H!F:ID=DCS!GH;CB=H!
]a!CG?H;KGAS!GH<?!?HCBCG<;JH!<;I!MD;JGD?H!?HCBCG<;JH!:N!GAH!NB=F!E9!a]^S!_]^S!dR^!<;I!\RR^S!
?HCMHJGBLH=9V!*;!J:;G?<CGS!GAH!;<;
:J:FM:CBGH!NB=FC!IBI!;:G!A<LH!BFM?:LHI!GAH?F<=!CG<EB=BG9!:?!
E<??BH?!MH?N:?F<;JH!J:FM<?HI!G:!GAHB?!?HNH?H;JH!NB=FC!ia]jV
!6BKD?H!QV
b`!$BODBI
PNHHIB;K!M?:JHCC!
iaQjV!!"H";$I*7(
G32-A*++,'D
$"<CG!HNN:?GC!:;!IBCMH?CB;K!JH==D=:CH!;<;:F<GH?B<=C!B;!M:=9FH?!F<G?BJHC!UH?H!N:JDCHI!:;!
C:=LH;G
PJ<CGB;K!GHJA;BODHC!&<!E<GJA!M?:JHCC,!B;CGH<I!:N!FH=G
PM?:JHCCB;K!UABJA!
BC!<;!BFM:?G<;G!
M?:JHCCB;K!FHGA:I!N:?!B;G?:IDJB;K!;<;:J:FM:CBGH!F<GH?B<=C!B;!GAH!F<?@HG!UAH
?H!ABKA
PL:=DFH!
M?:IDJGB:;!BC!?HODB?HI!iadj
V!X:UHLH?S!
=BFBGHI!CGDIBHC!A<LH!EHH;!?HM:?GHI!:;!IBCMH?CB;K!JH==D=:CH!
;<;:F<GH?B<=C!B;G:!M:=9FH?!F<G?BJHC!DCB;K!FH=G
PM?:JHCCB;K!iQ`
PQaS_dS_ejV!)AH!FH=G
PM?:JHCCB;K!GHJA;BODH!HFM=:9C!&b,!AH<G!G:!C:NGH;!GAH!M:=9FH?!<;
I!&Q,!CAH<?!G:!
F<TBFBZH!IBCMH?CB:;!:N!JH==D=:CH!;<;:F<GH?B<=C!B;G:!GAH!M:=9FH?!F<G?BTV!*;!GABC!<MM?:<JAS!
F<GH?B<=C!M<CC!GA?:DKA!FH=G!J:FM:D;IH?C!CDJA!<C!B;GH?;<=!E<GJA!FBTH?C!:?!CB;K=H-GUB;!CJ?HU!
HTG?DIH?C!:;H!:?!F:?H!GBFHC!EHN:?H!GAH!NB;<=!M?:IDJG!BC!:EG<
B;HI!i_QjV!6:?!HT<FM=H!S!(1(C!IH?BLHI!
N?:F!J:NNHH!CB=LH?C@B;!UH?H!IBCMH?CHI!B;G:!<!"$'!F<G?BT!DCB;K!<!GUB;
PCJ?HU!HTG?DIH?!EHN:?H!EHB;K!
suspensioncanbeseenin
Fig.1
(c).Theopticalimageshowsthat
thenanoÞberswerehomogenouslydistributedintheliquidand
GTAplasticizerwasdissolvedinthew:amixturewithoutphase
separation.Theviscosityofthesuspensionwasmeasuredto
14.6mPas,whichis15timeshigherthantheviscosityofwater;
however,thisviscousliquidwaspumpablewithaperistaltic
pump.Thissuspensionwasfedintotheextrudertopreparethe
PLAnanocomposite,andpureGTAandGTAdissolvedinthesame
w:amixturewerefedtopreparethecontrolsamples.
2.2.2.Extrusionusingliquidfeeding
PlasticizedPLAÐCNFnanocompositewaspreparedbycom-
poundingextrusionfollowedbycompressionmoldingaccording
toaslightlymodiÞedprocedurereportedearlierbyOksmanand
co-workers[14].Aco-rotatingtwin-screwextruder(ZSK-18
MEGALab,CoperionW&P,Stuttgart,Germany)withagravimetric
feeder(K-tron,Niederlenz,Switzerland)fortheneatPLAanda
peristalticpump(PD5001Heidolph,Schwabach,Germany)for
theliquidfeedingofCNFandplasticizerwereused.Thetotalmate-
rialthroughputwas3kg/h,thefeedingrateofthePLAwas2.3Ð
2.4kg/handthepumpingratesofGTA,GTAw:aandGTAw:a/CNF
were0.6,2.3and2.4kg/h,respectively.NeatPLAandtwoplasti-
cizedPLAmaterialswerealsopreparedascontrolsamplestostudy
theeffectoftheplasticizerandthesolvents.BoththePLAandthe
correspondingliquidforeachmaterialwerefedatthemainportof
theextruder.Theextrusionwascarriedoutwithascrewspeedof
300rpmandtemperatureproÞlerangedfrom170
!Cto200
!CfromthefeedingzonetotheßatproÞledie.Atmosphericventing
atzone2and4wasusedtoremovethewaterandacetonevapor
andvacuumventingattheendoftheextruderwasusedtoevacu-
atetheentrappedairandsolvent.
Forcharacterizationofthematerialproperties,Þlmsofcom-
poundedmaterialswerepreparedbycompressionmoldingusing
anLPC-300FontijneGrotnespress(Vlaardingen,Netherlands).
About5Ð6gofthematerialwasplacedbetweenmetalplates
andtheninthehotpressat190
!Cfor3.5minwithoutpressure,
andthenfor30sunderapressureof2.5MPa.Theplateswere
removedfromthemoldandcooleduntiltheyreachedroomtem-
perature(
!20min),andthentheÞlmwasremoved.Thethickness
oftheÞlmswas
!0.15mmandtheywerekeptunderambientcon-
ditionsfor1daybeforetesting.
Fig.2
illustratestheextrusionpro-
cesswithliquidfeedingand
Table1
showsthecompositionofthe
preparedmaterials.
3.Characterization
3.1.Differentialscanningcalorimetry
ThethermalpropertiesofthepreparedÞlmswereinvestigated
usingaMettlerToledoDSC822e(Schwerzenbach,Switzerland)dif-
ferentialscanningcalorimeter.AllDSCscanswereperformedon
!5mgofmaterialplacedinahermeticaluminumpanandwere
rununderN
2atmospherefrom30
!Cto200
!Cataheatingrate
of10
!C/min.Theglasstransitiontemperature(
Tg),coldcrystalliza-
tiontemperature(
Tcc),coldcrystallizationenthalpy(
DHcc),melting
temperature(
Tm)andthemeltingenthalpy(
DHm)ofthematerials
weredeterminedfromthethermograms.Thedegreeofcrystallin-
ity(
Xc)ofthematerialswasestimatedusingthefollowingequation
Xc"DHm#DHccDH$m%100w&1'whereDHmandDHccaretheenthalpiesofmeltingandcoldcrystal-
lization,respectively;
DHmistheenthalpyofmeltingfor100%crys-
tallinePLAmaterial(93J/g)
[7,11]andwistheweightfractionof
PLAinthesample.Thepre-meltcrystallizationwassubtractedfrom
themeltingenthalpywherenecessary.
3.2.Opticalproperties
LighttransmittanceofthematerialswasmeasuredusingaPer-
kinElmerUV/VisSpectrometerLambda2S(ƒberlingen,Germany).
Thescanwascarriedoutfrom200nmto800nmwithascanspeed
of240nm/min.
3.3.Tensiletesting
Themechanicalpropertiesofthepreparedmaterialsweremea-
suredusingaconventionalShimadzuAG-Xuniversaltesting
machinewithaloadcellof1kN,agaugelengthof20mmanda
crossheadspeedof2mm/min.Stripsof5mm
%50mmwerepre-
paredfromtheÞlms.Sevensamplesofeachmaterialweretested
andtheaverageofthevalueswasreported.Thetensilestrength
andtheelongationatbreakwereobtaineddirectlyfromtesting
results,whilethetensilemodulusandtheworkoffracturewere
calculatedfromthestressÐstraincurves.
Fig.2.
Schematicimageofextrusionprocesswithliquidfeeding.
Table1
Compositionsofthepreparedmaterials(wt%).
MaterialsPLACNFGTA
PLA100ÐÐ
PLAÐGTA80Ð20
aPLAÐGTAw:a80Ð20
a,bPLAÐGTAw:a-CNF791
a,c20a,caFedasliquid.
b1.7kg/hw:aremovedasvaporduringextrusion.
cGTAandCNFcontentinthesuspensionwere25.1wt%and1.3wt%respectively,
and1.8kg/hw:aremovedasvaporduringextrusion.
N.Herreraetal./CompositesScienceandTechnology106(2015)149Ð155
151]d!J:FM?HCCB:;!F:=IHI!B;G:!NB=FCV!)AHCH!"$'-\^!(1(!;<;:J:FM:CBGH!NB=FC!A<I!ABKAH?!J?9CG<==B;BG9!
<;I!AH;JH!EHGGH?!E<??BH?!<;I
!FHJA<;BJ<=!MH?N:?F<;JH!J:FM<?HI!G:!GAHB?!;H<G!"$'!J:D;GH?M<?G!NB=FC!
i_djV!!"H"4$@*A)',B8*+$.-2$+(89&,'D$9,+3*2+,-'$-.$5E5+$,'(-$3-7&6*2$6=(2,A*+
$+BCMH?CB:;!:N!(1(C!B;G:!M:=9FH?!F<G?BJHC!J<;!EH!HT<FB;HI!DCB;K!GHJA;BODHC!CDJA!<C!
FBJ?:CJ:M9!&=BKAGS!CJ<;;B;K!
H=HJG?:;!<;I!G?<;CFBCCB:;!H=HJG?:;,!<C!UH==!<C!CMHJG?:CJ:M9!
&D=G?<LB:=HG
PLBCBE=H,S!<F:;KCG!:GAH?CV!0B;JH!=BKAG!FBJ?:CJ:M9!<;I!D=G?<LB:=HG
PLBCBE=H!&/[
P[BC,!
CMHJG?:CJ:M9!UH?H!DCHI!B;!GABC!IBCCH?G<GB:;!G:!:ECH?LH!GAH!IBCMH?CB:;!:N!(1(C!B;G:!<!"$'!F<G?BTS!
GAHC
H!GHJA;BODHC!<?H!IHCJ?BEHI!B;!GABC!CHJGB:;!:N!GAH!=BGH?<GD?H!?HLBHUV
!C<T<I<D%7#,"!%1#/50$/0:(
%3BJ?:CJ:MHC!CDJA!<C!GAH!:;H!CA:U;!B;!6BKD?H!QVb_!<?H!:NGH;!DCHI!G:!HT<FB;H!GAH!
IBCG?BEDGB:;!<;I!IBCMH?CB:;!:N!(1(C!B;!<!"$'!F<G?BT!iQ`SQ_jV!)AHCH!FBJ?:CJ:MHCS!<=C
:!@;:U;!<C!
:MGBJ<=!FBJ?:CJ:MHCS!J:FF:;=9!DCH!LBCBE=H!=BKAG!<;I!<!C9CGHF!:N!:E>HJGBLH!=H;CHC!G:!KH;H?<GH!
F<K;BNBHI!BF<KHC!:N!CF<==!:E>HJGCS!<==:UB;K!GAH!DCH?!G:!:ECH?LH!BG!E9!GAH!;<@HI!H9HV!)AH!CMHJBFH;!
&"$'-(1(!NB=FS!B;!GABC!J<CH,!BC!M=<JHI!:;!<!CG<KH!UABJ
A!BC!=BG!E9!<;!B==DFB;<GB:;!C:D?JH!M=<JHI!
EH=:U!BG!<;I!F<9!EH!LBHUHI!IB?HJG=9!GA?:DKA!:;H!:?!GU:!H9HMBHJHC!:;!GAH!FBJ?:CJ:MH!iaejV!'!
J<FH?<!BC!G9MBJ<==9!DCHI!G:!J<MGD?H!GAH!BF<KHV!*F<KH!M?:JHCCB;K!C:NGU<?H!J<;!GAH;!EH!DCHI!G:!
FH<CD?H!GAH!(1(!<KK=:FH?<GB:;!
CBZH!<;I!OD<;GBN9!GAHB?!N?HODH;J9!:LH?!<!CMHJBNBHI!CD?N<JH!<?H<V
!]e!6BKD?H!QV
b_!$BKAG!FBJ?:CJ:MH!
idRjV!C<T<I<C%U2!5-*#02+!
@O#$#42+%MUO
@O#$N%S:+/!50$/0:(
%)?<;CM<?H;J9!J<;!EH!DCHI!<C!<;!B;IBJ<G:?!:N!GAH!IBCMH?CB:;!:N!;<;:M<?GBJ=HC!B
;!<!F<G?BTS!BN!
GAH!CBZH!:N!B;IBLBID<=!;<;:M<?GBJ=HC!BC!CF<==H?!GA<;!GAH!U<LH=H;KGA!:N!LBCBE=H!=BKAG!&
]RRPaRR!;F,!
&6BKD?H!QVba,!iQ`SQ_SaQjV!*;!:GAH?!GH?FCS!BN!;<;:CBZH!
IBCMH?CB:;!
:N!(1(!B;!"$'!F<G?BT!BC!:EG<B;HIS!
GAH!<IIBGB:;!:N!(1(C!UB==!;:G!<NNHJG!GAH!
G?<;CM<?H;J9!:N!?HCD=GB;K!NB=FCS!EHJ<DCH!MD?H!(1(!NB=FC!
<?H!ABKA=9!G?<;CM<?H;G!iQ`SQ_Sdb
jV!/[
P[BC!CMHJG?:CJ:M9!J<;!EH!DCHI!G:!F:;BG:?!GAH!G?<;CM<?H;J9!
:N!"$'!<;I!"$'-(1(!;<;:J:FM:CBGH!NB=FC!iQ`SQ_jV
!*;!<!/[
P[BC!CMHJG?:MA:G:FHGH?S!=BKAG!BC!M<CCHI!GA?:DKA!GA
H!C<FM=H!<G!<!CMHJBNBJ!U<LH=H;KGA!
B;!GAH!D=G?<LB:=HG!:?!LBCBE=H!CMHJG?DF
!idQjV!)AH!C<FM=H!<EC:?EC!C:FH!:N!GAH!=BKAG!<;I!G?<;CFBGC!GAH!
?HCGV!
)AH!<EC:?EHI!H;H?K9!HBGAH?!J<DCHC!GAH!HFBCCB:;!:N!H=HJG?:;CS!?HCD=GB;K!B;!<!MA:G:JD??H;G!:?!
F:LHC!H=HJG?:;C!B;G:!GAH
!J:;IDJGB:;!E<;I!:N!<!C:=BI!CHFBJ:;IDJG:?S!?HCD=GB;K!B;!<;!B;J?H<CH!B;!
`R!J:;IDJGBLBG9V!+HGHJGB:;!IHLBJHC!CDJA!<C!MA:G:H=HJG?BJ!G?<;CIDJH?CS!A<LH!CD?N<JHC!GA<G!J<;!<EC:?E!
?<IB<;G!H;H?K9!<;I!J:;LH?G!BG!B;G:!<;!H=HJG?BJ<=!CBK;<=V![<?B:DC!C:NGU<?H!BC!GAH;!DCHI!G
:!KH;H?<GH!
<EC:?MGB:;!:?!G?<;CFBCCB:;!CMHJG?<!:N!C<FM=HC!i]ejV
!6BKD?H!QVba!CA:UC!<!G9MBJ<=!CMHJG?<!:N!"$'WC!=BKAG!G?<;CFBCCB:;!<C!<!ND;JGB:;!:N!BGC!
U<LH=H;KGA!KH;H?<GHI!E9!<!/[
P[BC!CMHJG?:MA:G:FHGH?V!)A?HH!Z:;H!<?H!J=H<?=9!LBCBE=H!B;!GAH!NBKD?Hh!
&b,!GAH!/[
!=BKAG!?HKB:;!N?:F!bR
P]RR!;F
S!&Q,!LBCBE=H!=BKAG!N?:F!
]RRPaRR;FS!<;I!GAH!&\,!B;N?<?HI!
=BKAG!?HKB:;!N?:F!aRR!;F!:;U<?IC!&DM!G:!b!FF,V
!6BKD?H!QV
ba!)9MBJ<=!CMHJG?<!:N!"$'WC!=BKAG!G?<;CFBCCB:;!<C!<!ND;JGB:;!:N!BGC!U<LH=H;KGA!KH;H?<G
HI!
E9!<!/[
P[BC!CMHJG?:MA:G:FHGH?V
!!!!"#$"#""#%"#&"#!"#$%&'%%'($)*+,
-#./0/$123)*$&,
'(()*)+,
-./`b!81U!E$((7'(!%'(B3(P$26'!3B!LIFV"+"!B7MP<
!'C!IBCJDCCHI!M?HLB:DC=9S!B;J:?M:?<GB;K!(1(C!B;G:!<!"$'!F<G?BT!J<;!BFM?:LH!BGC!E<??BH?!
MH?N:?F<;JH!E9!&b,!B;J?H<CB;K!"$'WC!J?9CG<==B;BG9!<;I!&Q,!<JGB;K!<C!BFMH?FH<E=H!?HKB:;C!B;!GAH!
F<G?BTV!
)AH!BFMH?FH<E=H!?HKB:;C!J?H<GH!<!F:?H!G:?GD:DC!IBNNDCB:;!M<GA!N:?!G
AH!MH?FH<;GS!=H<IB;K!
G:!C=:UH?!IBNNDCB:;!<;I!AH;JH!=:UH?!G?<;CFBCCB:;!?<GHC!
iQ`PQaS_RS_bjV!'!NHU!GHJA;BODHC!G:!HL<=D<GH!
GAH!E<??BH?!MH?N:?F<;JH!:N!"$'!<;I!"$'-(1(!;<;:J:FM:CBGH!NB=FC!<?H!IBCJDCCHI!B;!GABC!CHJGB:;!
:N!GAH!=BGH?<GD?H!?HLBHUV!'=C:S!GAH!M:GH;GB
<=!<MM=BJ<GB:;!:N!GAHCH!;<;:J:FM:CBGH!NB=FC!G:!HTGH;I!GAH!
CAH=N
P=BNH!:N!N::I!<?H!?HLBHUHIV
!!"J"#$K=22,*2$6*=+82*6*'(
$)AH!J:;JHMG!:N!MH?FH<EB=BG9!BC!;:?F<==9!<CC:JB<GHI!UBGA!GAH!OD<;GBG<GBLH!HL<=D<GB:;!:N!GAH!
E<??BH?!M?:MH?GBHC!:N!<!M=<CGBJ!F<GH?B<=V!"H?FH<
EB=BG9!BC!IHNB;HI!<C!GAH!OD<;GBNBJ<GB:;!:N!MH?FH<GH!
G?<;CFBCCB:;S!K<C!:?!L<M:?S!GA?:DKA!<!?HCBCGB;K!F<GH?B<=!id\jV!'!K::I!E<??BH?!F<GH?B<=!A<C!=:U!
MH?FH<EB=BG9V!):!FH<CD?H!U<GH?!L<M:?!:?!K<C!MH?FH<EB=BG9!:N!<!NB=F!C<FM=HS!GAH!C<FM=H!BC!F:D;GHI!
EHGUHH;!GU:!
JA<FEH?C!:N!<!MH?FH<EB=BG9!JH==!id]jV!#;H!JA<FEH?!A:=IC!GAH!MH?FH<;G!CDJA!<C!K<C!
:?!U<GH?!L<M:?V!0B;JH!GAH?H!BC!<!MH?FH<;G!J:;JH;G?<GB:;!IBNNH?H;JH!EHGUHH;!GAH!JA<FEH?CS!GAH!
MH?FH<;G!IBNNDCHC!GA?:DKA!GAH!NB=F!B;G:!GAH!CHJ:;I!JA<FEH?V!)AH!OD<;GBG9!:N!MH?FH<
;G!H;GH?B;K!GAH!
CHJ:;I!JA<FEH?!BC!FH<CD?HI!E9!<!IHGHJGB:;!FHGA:I!CDJA!<C!B;N?<?HI!CMHJG?:CJ:M9S!K?<LBFHG?9S!
J:D=:FHG?9S!F<;:FHG?9!:?!K<C
P=BODBI!JA?:F<G:K?<MA9V!8H;H?<==9S!MH?FH<EB=BG9!BC!FH<CD?HI!E9!GAH!
N:==:UB;K!GHCG!M?:JHID?HCh!&b,!BC:CG<GBJ!<;I!&Q,!OD<C
BPBC:CG<GBJ!id]jV
!!!`Q!C<V<D<D%Q$0$!-!#/%1+!"0'
%5BGA!GAH!BC:CG<GBJ!FHGA:I!:N!MH?FH<EB=BG9!FH<CD?HFH;GS!GAH!M?HCCD?H!B;!H<JA!JA<FEH?!BC!
AH=I!J:;CG<;G!&KH;H?<==9!<GF:CMAH?BJ!M?HCCD?H,V!#;H!JA<FEH?!A<C!<!J:;GB;D:DC!CDMM=9!:N!MH?FH<;G!
UABJA!MH?FH<GHC!
GA?:DKA!GAH!NB=F!B;G:!GAH!:GAH?!JA<FEH?!&=:UH?!MH?FH<;G!J:;JH;G?<GB:;,!&6BKD?H!
QVbd,V!6BKD?H!QV
bd!*C:CG<GBJ!FHGA:I!:N!MH?FH<EB=BG9!FH<CD?HFH;G
V!)AH!MH?FH<GHI!F:=HJD=HC!<?H!J:;GB;D:DC=9!J:;LH9HI!&;:!<JJDFD=<GB:;,!E9!<!J<??BH?!K<
C!G:!
GAH!CH;C:?!N:?!OD<;GBNBJ<GB:;!<;I!GAH!MH?FH<;G!N=:U!LH?CDC!GBFH!BC!?HJ:?IHI!&6BKD?H!QVbe,S!
M?:LBIB;K!FH<CD?HFH;GC!B;!E:GA!GAH!D;CGH<I9!<;I!GAH!CGH<I9!CG<GH!?HKB:;CV!*;!GABC!FHGA:IS!GAH!N=:U!
?<GH!:N!GAH!MH?FH<;G!J:;GB;DHC!G:!B;J?H<CH!D;GB=!BG!EHJ:FHC!J
:;CG<;G!&CGH<I9!CG<GH,V!)AH!MH?FH<EB=BG9!
:N!GAH!F<GH?B<=!&",!BC!GAH;!J<=JD=<GHI!DCB;K!GAH!N:==:UB;K!HOD<GB:;h
!!,#7((2:;2+<!&.OD<GB:;!QV]
,!!UAH?H!6
))!BC!GAH!N=:U!?<GH!<G!CGH<I9!CG<GHS!=!BC!GAH!GABJ@;HCC!:N!GAH!F<GH?B<=
S!'!BC!GAH!HNNHJGBLH!
<?H<!:N!MH?FH<
GB:;
!<;I!
"M!BC!IBNNH?H;JH!B;!M<?GB<=!M?HCCD?H!:N!MH?FH<;G!<J?:CC!GAH!C<FM=HV
!!"#$%&'()%#
*&+#&",-'),
*&+#&",-'./-
0"++)&+'1"2'),
0"++)&+'1"2'3'*&+#&",-'
./-'-.'4&-&5-.+
6.'"55/#/%"-).,'.7'$&+#&",-
`\!6BKD?H!QV
be!"=:G!:N!N=:U!?<GH!<C!<!ND;JGB:;!:N!GBFH!KH;H?<GHI!E9!GAH!BC:CG<GBJ!FHGA:IV
!(:FFH?JB<==9!<L<B=<E=H!BC:CG<GBJ!GHCGB;K!HODBMFH;G!A<C!EHH;!DCHI!HTGH;CBLH=9!N:?!
FH<CD?B;K!GAH!:T9KH;!<;I!J<?E:;!IB:TBIH!MH?FH<EB=BG9!:N!M=<CGBJ!NB=FC!id]jV
!C<V<D<C%W&-$#
@#$0$!-!#/
%1+!"0'
%)AH!F<B;!IBNNH?H;JH!EHGUHH;!GAH!BC:CG<GBJ!<;I!OD<CB
PBC:CG<GBJ!FHGA:IC!BC!GA<G!GAH!MH?FH<;G!
BC!<==:UHI!G:!<JJDFD=<GH!B;!GAH!=:UH?
PJ:;JH;G?<GB:;!JA<FEH?!B;!GAH!OD<CB
PBC:CG<GBJ!FHGA:IV!)ABC!
FHGA:I!:N!MH?FH<EB=BG9!FH<CD?HFH;G!BC!KH;H?<==9!DCHI!G:!FH<CD
?H!GAH!U<GH?!L<M:?!MH?FH<EB=BG9!
:N!NB=FC!&6BKD?H!QVQR,V
!!"#$%&'()%*!
!+,-.)%*(+
!"#$%&'()
#$&$%
*$%&'()
#$&$%
+,-.)/&$%)&$)
#$%&'()#$&$%)
0+!!1`]!6BKD?H!QV
QR!fD<CB
PBC:CG<GBJ!FHGA:I!:N!U<GH?!L<M:?!MH?FH<EB=BG9!FH<CD?HFH;G
V!*;!GABC!FHGA:IS!GAH!G:G<=!OD<;GBG9!:N!<JJDFD=<GHI!MH?FH<;G!BC!GAH;!IHGH?FB;HI!<;I!M=:GGHI!
<C!<!
ND;JGB:;!:N!GBFH!&6BKD?H!QVQb,!id]jV!
)AH!G:G<=!OD<;GBG9!:N!MH?FH<;G!B;
J?H<CHC!K?<ID<==9!B;!GAH!
D;CGH<I9!CG<GH!<;I!GAH;!=B;H<?=9!B;!GAH!CGH<I9!CG<GH
!<C!<!ND;JGB:;!:N!GBFH
V!)AH!C=:MH!:N!GAH!=B;H<?!
M:?GB:;!:N!GABC!M=:G!BC!IB?HJG=9!?H=<GHI!G:!GAH!C<FM=HWC!MH?F
H<EB=BG9!DCB;K!
GAH!N:==:UB;K!HOD<GB:;h
!!,#=>?@((A:;2+<!&.OD<GB:;!QV
`,!!UAH?H!
&O-G,
))!BC!GAH!N=:U!?<GH!<G!CGH<I9!CG<GHS!=!BC!GAH!GABJ@;HCC!:N!GAH!F<GH?B<=
S!'!BC!GAH!
HNNHJGBLH!<?H<!:N!MH?FH<GB:;
!<;I!
"M!BC!IBNNH?H;JH!B;!M<?GB<=!M?HCCD?H!:N!MH?FH<;G!
<J?:CC!GAH!C<FM=HV
!!!!"#$%&'()%#
*&+),,"-.'./'"0+/10'#/)+.21&
3-4)1/-#&-."%',5"#0&1'+&.'".'+$&,)6),'.&#$&1".21&'"-7'1&%".)4&'52#)7).8
9&1#&"-.':;".&1'4"$/1<
``!6BKD?H!QV
Qb!"=:G!:N!N=:U!?<GH!<C!<!ND;JGB:;!:N!GBFH!KH;H?<GHI!E9!GAH!OD<CB
PBC:CG<GBJ!FHGA:IV
!!!!"#$%&%'()*+
,&-.()%+
!"#$%&'&
()*+,
!!!+%-./&0+-+%
120+%-./&0+-+%
`_!81W!A#'MB
XM7B'!3B!P37<&5('
X<'2<7&7;'!B334
!)AH!CAH=N
P=BNH!HCGBF<GB:;!<;I!F:IH==B;K!:N!<!F:BCGD?H
PCH;CBGBLH!M?:ID
JGPM<J@<KH!C9CGHFC!
?HODB?HC!GAH!IHGH?FB;<GB:;!:N!&b,!F:BCGD?H!C:?MGB:;!BC:GAH?FC!N:?!N::IY!&Q,!E<??BH?!M?:MH?GBHC!:N!
NB=FCY!&\,!HTMH?BFH;G<=!CAH=N
P=BNH!HCGBF<GB:;!:N!GAH!M?:IDJG
PM<J@<KH!C9CGHF!<;I!&],!CAH=N
P=BNH!
F:IH=C!<C!CA:U;!B;!6BKD?H!QVQQV!)AH!N:==:UB;
K!CHJGB:;!E?BHN=9!IHCJ?BEHC!H<JA!:N!GAHCH!J:;JHMGC!
HCCH;GB<=!N:?!CAH=N
P=BNH!IHGH?FB;<GB:;S!HTJHMG!N:?!E<??BH?!M?:MH?G9!HCGBF<GB:;!UABJA!U<C!IHCJ?BEHI!
B;!CHJGB:;!QVa!:N!GABC!IBCCH?G<GB:;V
!6BKD?H!QV
QQ!#LH?LBHU!:N!GAH!
CAH=N
P=BNH!IHGH?FB;<GB:;!M?:JHCCV
!!!!"#$%%&#'(%&)*+,
!"#$%&%'()*+%,&-./)0+$&/$&)1#2345)3.%&%0'()
*+%,&-./)0+$&/$&)132345)67-%(%8.%-*)
*+%,&-./)0+$&/$&)16234
9"2+%,&-./):+.;&%+$)#,+&</.*)1623)=,)>?4
@6A;/.%*/$&'(
@2+B/(,C)D%$/'.5)7-'B.'&%05)0-8%05)EFG
!!"#'-*.-/!0/#1-+2(!-3
!")2/',-./);/.*/'8%(%&H)+I)
;'0J'K%$K)*'&/.%'("
!!!"#'-*.-/2&#*(-*.2(
!")L/&/.*%$/)&</)/A;/.%*/$&'()
,</(I
@(%I/)
+I);'0J'K/B)
I++B
!4"1%&233!0/
!"M,/%$I+.*'&%+$
I.+*
,/0&%+$
#'$B
##'$B
';;(H
*'&</*'&%0'
(*+B/(,
&+B/&/.*%$/
&</
,</(I
@(%I/
+II++
B1/A'*;(/
C(%$/'.
5(+K5
*%BB(/
@;+%$&5
I+.*-('5
EFG4
"9"3+*;'./
&</
,</(I
@(%I/
+8&'%$/B
/A;/.%*/$&'((H
1:/0&%+$
###4&+&</
,</(I
@(%I/
+8&'%$/B
I.+*
*+B/(
1:/0&%+$
#N4&+;%0J
&</
8/,&
*+B/(
"`a!!"L"#$%-23(,-'$,+-()*26$-.$=$6-,+(82*
G+*'+,(,C*$.--9$32-98A(
$C<X<D<D%H-/B,50&)'
%5AH;!<!N::I!M?:IDJG!BC!@HMG!B;!GAH!H;LB?:;FH;GS!BG!F<9!K<B;!:?!=:CH!F:BCGD?H!IHMH;IB;K!
:;!UAHGAH?!BG!A<C!F:?H!:?!=HCC!F:BCGD?H!GA<G!GAH!
CD??:D;IB;K!BG!BC!@HMG!B;V!*N!GAH!M?:IDJG!A<C!=HCCH?!
F:BCGD?H!GA<;!BGC!CD??:D;IB;KCS!BG!UB==!<EC:?E!F:BCGD?HV!*G!UB==!=:CH!F:BCGD?H!BN!BG!A<C!F:?H!F:BCGD?H!
GA<;!GA<G!:N!GAH!CD??:D;IB;KC!BG!BC!@HMG!B;V!*;!HBGAH?!J<CHS!BG!UB==!HLH;GD<==9!J:FH!G:!<;!HODB=BE?B
DF!
UBGA!GAH!H;LB?:;FH;GV!)AH!J:??HCM:;IB;K!F:BCGD?H!J:;GH;G!:N!GAH!M?:IDJG!UAH;!BG!?H<JAHC!<;!
HODB=BE?BDF!UBGA!GAH!H;LB?:;FH;G!BC!@;:U;!<C!HODB=BE?BDF!F:BCGD?H!J:;GH;G!&.3(,V!*G!J<;!EH!
HL<=D<GHI!DCB;K!GAH!N:==:UB;K!HOD<GB:;h
!!B6CD&E*#F3!3)&86C()*G)HA)II!&.OD<G
B:;!QV
_,!!UAH?H!5
2!BC!GAH!UHBKAG!:N!GAH!N::I!M?:IDJG!<G!HODB=BE?BDF!&K,S!5
8!BC!GAH!B;BGB<=!UHBKAG!:N!
GAH!M?:IDJG!&K,!<;I!*3(!BC!GAH!B;BGB<=!F:BCGD?H!J:;GH;G!J<=JD=<GHI!<C!N:==:UCh
!!86CD&E*#3)G3*3*A)II!&.OD<GB:;!QV
a,!!UAH?H!5
8!BC!GAH!B;BGB<=!UHBKAG!:N!GAH!M?:IDJG!&EHN:?H!I?9B;K,!&B;!K,!<;I!5
9!BC!GAH!UHBKAG!:N!
GAH!M?:IDJG!<NGH?!I?9B;K!&B;!K,!B;!GAH!:LH;V
!!!`d!5AH;!GABC!.3(!BC!M=:GGHI!<K<B;CG!GAH!U<GH?!<JGBLBG9!:N!GAH!M?:IDJG!<G!<!M<?GBJD=<?!
GHFMH?<GD?HS!<!F:BCGD?H!C:?MGB:;!BC:GAH?F
!BC!:EG<B;HIV!0DJA!M=:GC!<?H!LH?9!DCHND=!B;!IHGH?FB;B;K!
GAH!CG<EB=BG9!:N!GAH!N::I!M?:IDJG!<;I!CH=HJGB;K!<MM?:M?B<GH!M<J@<KB;K!F<GH?B<=C!id`Sd_jV
!6BKD?H!QVQ\!CA:UC!<!C:?MGB:;!BC:GAH?F!IHLH=:MHI!N:?!<!G9MBJ<=!F:BCGD?H
PCH;CBGBLH!N::I!
M?:IDJGV!*G!J<;!EH!IBLBIH
I!B;G:!GA?HH!?HKB:;Ch!&b,!)AH!U<GH?!B;!?HKB:;!'!?HM?HCH;GC!CG?:;K=9!E:D;I!
U<GH?V!4:D;I!U<GH?!B;J=DIHC!CG?DJGD?<=!<;I!F:;:=<9H?!U<GH?S!UABJA!BC!<EC:?EHI!E9!GAH!A9I?:MAB=BJ!
K?:DMC!:N!GAH!N::I!M?:IDJG!<;I!BC!D;<L<B=<E=H!N:?!JAHFBJ<=!?H<JGB:;CV!&Q,!2HKB:;!4!J:
;G<B;C!U<GH?!
F:=HJD=HC!GA<G!<?H!E:D;I!=HCC!NB?F=9!GA<;!GA:CH!B;!?HKB:;!'V!)AHCH!U<GH?!F:=HJD=HC!<?H!M?HCH;G!B;!
CF<==!J<MB==<?BHC!<;I!J:;GB;D:DC=9!G?<;CBGB:;!N?:F!E:D;I!G:!N?HH!U<GH?V!&\,!2HKB:;!(!J:;G<B;C!
=::CH=9!E:D;I!N?HH!U<GH?!AH=I!B;!L:BICS!=<?KH!J<MB=
=<?BHC!<;I!J?HLBJHC!id`Sd_jV
!6BKD?H!QV
Q\!)9MBJ<=!F:BCGD?H!C:?MGB:;!BC:GAH?F
V!!!!"!#!$!!%!
!%#
!%&
!%'
!%(
"%!
!"#$%$&'$#()(*$+,#'-)
.*/,-/,)012
34,-')4.,$5$,6
!"#`e!3:BCGD?H!C:?MGB:;!BC:GAH?FC!J<;!EH!DCHI!G:!M?HIBJG!GAH!OD<=BG9S!CAH=N
P=BNHS!CG<EB=BG9!<;I!
F:BCGD?H!JA<;KHC!GA<G!J<;!EH!HTMHJGHI!G:!:JJD?!B;!<!M?:IDJ
G!<G!<!M<?GBJD=<?!U<GH?!<JGBLBG9V!)AH9!<?H!
<=C:!DCHND=!N:?!IHGH?FB;B;K!GAH!I?9B;K!HODBMFH;G!?HODB?HI!B;!:?IH?!G:!M?HCH?LH!N::I!E9!IHA9I?<GB:;!
FHGA:IC!id`
PeRjV!C<X<D<C%F-!"+1-!#/-2%10'+2$
%0B;JH!F:BCGD?H!C:?MGB:;!BC:GAH?FC!<?H!J:;CBIH?HI!C:!BFM:?G<;G!B;!GAH!
M<J@<KB;K!<;I!N::I!
CJBH;JH!B;IDCG?9S!F<;9!HOD<GB:;C!<;I!F:IH=C!A<LH!EHH;!M?:M:CHI!G:!IHGH?FB;H!GAH!CGH<I9
PCG<GH!?H=<GB:;CABM!EHGUHH;!GAH!U<GH?!<JGBLBG9!:N!<!N::I!M?:IDJG!<;I!BGC!HODB=BE?BDF!F:BCGD?H!J:;GH;G!
id`Sd_jV!$B;H<?S!OD<I?<GBJS!JDEBJ!<C!UH==!<C!8DKK
H;AHBF!';IH?C:;!IH!4:H?!&8'4,!F:IH=CS!
<F:;KCG!CHLH?<=!:GAH?CS!A<LH!EHH;!M?:M:CHI!N:?!IHGH?FB;B;K!GABC!?H=<GB:;CABMV!*G!CA:D=I!EH!;:GHI!
GA<G!HLH;!GA:DKA!GAH!=B;H<?S!OD<I?<GBJ!<;I!JDEBJ!F:IH=C!A<LH!EHH;!M?HLB:DC=9!DCHI!G:!NBG!C:?MGB:;!
BC:GAH?F!I<G<S!GAH!8'4!
F:IH=!BC!GAH!F:CG!UBIH=9!<JJHMGHI!:;HV
!C<X<D<C<D%7#)+-59%A&-'5-!#/%-)'%/&4#/%10'+2$
%)<E=H!QV\!CDFF<?BZHC!GAH!HOD<GB:;C!DCHI!N:?!F:IH=B;K!C:?MGB:;!BC:GAH?FC!DCB;K!GAH!=B;H<?S!
OD<I?<GBJ!<;I!JDEBJ!F:IH=C!iddSeRjV!)AH!=B;H<?S!OD<I?<GBJ!<;I!JDEBJ!HOD<GB:;C!=BCG
HI!B;!)<E=H!QV\!
A<LH!EHH;!DCHI!G:!NBG!C:?MGB:;!BC:GAH?F!I<G<!N:?!J:?;N=<@HC!ieRj!<C!UH==!<C!C<=GHI!J?<J@H?C!iddjV
!!!_R!)<E=H!QV
\!3:IH=C!G:!M?HIBJG!F:BCGD?H!C:?MGB:;!BC:GAH?FC!
iddSeRjV!3:IH=C
!.OD<GB:;C
!+HNB;BGB:;!:N!GH?FC!DCHI!B;!
HOD
<GB:;V
!$B;H<?
!B6C+,!-
#J24K(L!<!BC!GAH!C=:MH!:N!GAH!CG?<BKAG!
=B;HY!E!BC!<!J:;CG<;GV
!fD<I?<GBJ
!B6C+,!-
#JM24K"(LM24K(NM!<WSEW!<;I!JW!<?H!J:;CG<;GC!:N!
OD<I?<GBJ!HOD<GB:;V
!(DEBJ
!B6C+,!-
#JO24K.(LO24K"(NO24K(PO!<xSExSJx!<;I!Ix!<?H!
J:;CG<;GC!:N!JDEBJ!
HOD<GB:;V
!!C<X<D<C<C%L&,,+)"+#1%8)'+5$0)%'+%H0+5%ML8HN%10'+2
%)AH!8DKKH;AHBF!';IH?C:;!IH!4:H?!&8'4,!F:IH=!BC!<!?HNB;HFH;G!:N!GAH!4?D;<DH?
!.FFHGG!)H==H?!&4.),!<;I!$<;KFDB?!GAH:?BHC!:N!MA9CBJ<=!<IC:?MGB:;!<;I!BC!HTM?HCCHI!<C!GAH!N:==:UB;K!
HOD<GB:;h
!!B6C+,!-
#CQJ/3%&)GQJ/*2&)GQJ/(CQJ/*!&.OD<GB:;!QV
d,!!UAH?H!.3(
":2,
!BC!GAH!M?HIBJGHI!HODB=BE?BDF!F:BCGD?H!J:;GH;G!:N!GAH!M?:IDJGS!(!BC!GAH!
8DKKH;AH
BF!J:;CG<;GS!7!BC!GAH!J:??HJGB:;!N<JG:?S!5
-!BC!GAH!F:;:=<9H?!C<GD?<GHI!U<GH?!J:;GH;GS!<;I!
<(!BC!GAH!U<GH?!<JGBLBG9!&KBLH;!<C!^2X-bRR,V
!!!_b!*;!:?IH?!G:!J<=JD=<GH!GAH!(S!7!<;I!5
-!L<=DHC!B;!HOD<GB:;!QV
dS!<!M=:G!:N!GAH!HTMH?BFH;G<=!
L<=DHC!N:?!<
(-.3(!<C!<!
ND;JGB:;!:N!<
(.BC!KH;H?<GHIV!6BKD?H!QVQ]!CA:UC!<!G9MBJ<=!M=:G!:N!<
(-.3(!<C!
<!ND;JGB:;!:N!<
(!iebjV!6BKD?H!QV
Q]!'!G9MBJ<=!M=:G!:N!GAH!HTMH?BFH;G<=!L<=DHC!N:?!<
(-.3(!<C!<!ND;JGB:;!:N!<
(V!'!OD<I?<GBJ!G?H;I!BC!
GAH;!NBG!G:!GAH!M=:G!CA:U;!B;!6BKD?H!QVQ]!DCB;K!GAH!N:==:UB;K!HOD<GB:;!
id_Pebjh!!J/B6C#R&J/"*(SJ/(/!&.OD<GB:;!QV
e,!!UAH?H!
%S!&!<;I!
$!<?H!J:;CG<;GC!:N!GAH!OD<I?<GBJ!HOD<GB:;!DCHI!G:!NBG!GAH!HTMH?BFH;G<=!I<G<V
!!!"$&(9#"":"
":$
":&
":(
":9
#:"
-":;0<=-&74(-$&">"&'()-
"/#!$%&
"&'("')*+("*,!!_Q!#;JH!GAH!L<=DHC!:N!
%S!&!<;I!
$!<?H!@;:U;S!GAH!N:==:UB;K!HOD<GB:;!J<;!EH!DCHI!G:!HCGBF<GH!
GAH!L<=DHC!:N!(!iebjh
!!C#T(UT"GVT.!&.OD<GB:;!QV
bR,!!5AH?H!)!BC!KBLH;!<Ch
!!T#S"GR/(V!&.OD<GB:;!QVb
b,!!)AH!L<=DHC!:N!7!<;I!5
-!J<;!EH!:EG<B;HI!E9!C:=LB;K!GAH!N:==:UB;K!HOD<GB:;C!CBFD=G<;H:DC=9!
iebjh!!R#W3%F)CG)H!&.OD<GB:;!QVb
Q,!!/#)3%CW!&.OD<GB:;!QVb
\,!!)AH!F<>:?!<IL<;G<KHC!:N!GAH!8'4!F:IH=!<?Hh!&b,!BG!BC!F<GAHF<GBJ<==9!CBFM=H!<;I!H<C9!G:!
B;GH?M?HG!EHJ<DCH!BGC!M<?<FHGH?C!A<LH!<!MA9CBJ<=!FH<;B;K!B;!GH?FC!:N!GAH!C:?MGB:;!M?:JHCCY!&Q,!BG!
M?:LBIHC!<!K::I!IHCJ?BMGB:;!:N!GAH!C:?MGB:;!EHA<LB:?!:N!<=F:CG!<==!N::I
!BC:GAH?FC!UBGA!<!U<GH?!
<JGBLBG9!EHGUHH;!R
PRVeY!&\,!BG!J<;!EH!DCHI!G:!IHCJ?BEH!GAH!GHFMH?<GD?H!HNNHJG!:;!BC:GAH?FC!E9!FH<;C!
:N!GAH!'??AH;BDC!HOD<GB:;!idajV!X:UHLH?S!BG!CA:D=I!EH!;:GHI!GA<G!GAH!8'4!F:IH=!D;IH?HCGBF<GHC!
HODB=BE?BDF!F:BCGD?H!J:;GH;G!L<=DHC!<G
!ABKA!U<GH?!<JGBLBG9!=HLH=C!&<E:LH!RVe\,!<;I!BC!GADC!
_\!D;CDBG<E=H!N:?!<!ABKA!ADFBIBG9!?<;KH!id`Sd_jV!)ABC!F:IH=!A<C!EHH;!UBIH=9!DCHI!B;!?HCH<?JA!G:!
IHCJ?BEH!GAH!F:BCGD?H!C:?MGB:;!EHA<LB:?!:N!I?9!N::I!M?:IDJGC!=B@H!C<=GHI!iddj!<;I!?BJH!J?<J@H?C!idej!
<C!UH==!<
C!J:?;N=<@HC!ieRjV
!C<X<D<C<G%L00')+$$%0.%.#!%&$#),%500!%1+-)%$A&-5+%MJFSN
%*-2&+
%0B;JH!L<?B:DC!F:IH=C!HTBCG!G:!M?HIBJG!GAH!C:?MGB:;!BC:GAH?F!:N!M?:IDJGCS!BG!BC!BFM:?G<;G!G:!
D;IH?CG<;I!UABJA!F:IH=!NBGC!GAH!I<G<!F:CG!<JJD?<GH=9V!)AH!?::G!FH<;!COD<?H!&230,!L<=
DH!BC!:;H!
CDJA!G::=!GA<G!J<;!AH=M!IHGH?FB;H!BN!GAH!M?HIBJGHI!.3(!L<=DHC!KH;H?<GHI!E9!F:IH=C!NBG!GAH!
HTMH?BFH;G<=!I<G<V!*G!J<;!EH!J<=JD=<GHI!<C!N:==:UC!idd
PeRjh!!46X#YZZZZ[\]^B6C!0+GB6C+,!-
B6C+,!-
_"1)23`abbbbcA)II!&.OD<GB:;!QVb
],!!UAH?H!.3(
2;"
!BC!GAH!HTMH?BFH;G<=!HODB=BE?BDF!F:BCGD?H!J:;GH;GS!.3(
":2,
!BC!GAH!
HODB=BE?BDF!F:BCGD?H!J:;GH;G!M?HIBJGHI!E9!GAH!8'4!F:IH=S!<;I!1!BC!GAH!;DFEH?!:N!HTMH?BFH;G<=!
M:B;GCV
!8H;H?<==9S!<!=:U!230!L<=DH!&EH=:U!bR^,!CBK;BNBHC!<!K::I!NBG!:N!GAH!F:IH=!G:!GAH!
HTMH?BFH;
G<=!I<G<!idd
PeRjV!!!_]!!"L"!$%)*7.
G7,.*$-.$.--9$3=AM=D*9$,'$.,76+
$0AH=N
P=BNH!BC!IHNB;HI!<C!GAH!=H;KGA!:N!GBFH!EHN:?H!<!N::I!M?:IDJG!BC!J:;CBIH?HI!D;<JJHMG<E=H!
G:!GAH!J:;CDFH?V!*G!BC!BFM:?G<;G!G:!;:GH!GA<G!GAH!GH?F!wCAH=N
P=BNHx!C<9C!;:GAB;K!<E:DG!GAH!C<NHG9!:N
!GAH!N::I!M?:IDJGV!6:?!B;CG<;JHS!<!N::I!M?:IDJG!GA<G!M<CCHC!BGC!CAH=N
P=BNH!I:HC!;:G!BFFHIB<GH=9!
EHJ:FH!D;C<NH!N:?!ADF<;!J:;CDFMGB:;V!2<GAH?S!BG!;:!=:;KH?!J:;N:?FC!G:!<!CHG!:N!KBLH;!OD<=BG9!
M<?<FHGH?C!ieQjV!0AH=N
P=BNH!:N!<!N::I!BC!B;N=DH;JHI!E9!GAH!M?:IDJG!
BGCH=NS!M<J@<KB;K!F<GH?B<=CS!N::I!
M?:JHCCB;K!FHGA:IC!<C!UH==!<C!CG:?<KH!J:;IBGB:;CS!<F:;KCG!:GAH?C!ieQjV
!C<X<C<D%Y3:+5#1+)!-2%$"+2.
@2#.+%'+!+51#)-!#0)%0.%:50'&/!
@:-/B-,+%$($!+1
%6:?!F:BCGD?H!CH;CBGBLH!N::I!M?:IDJGCS!GAH!CAH=N
P=BNH!BC!IHGH?FB;HI!<C!
GAH!GBFH!
?HODB?HI!E9!
GAH!N::I!M?:IDJG!G:!?H<JA!BGC!J?BGBJ<=!F:BCGD?H!J:;GH;G!&(3(,!N?:F!F:BCGD?H!J:;GH;G!LH?CDC!CG:?<KH!
GBFH!M=:GCV!8H;H?<==9S!(3(!BC!IHGH?FB;HI!E9!CH;C:?9!HL<=D<GB:;!GHCGC!<C!GAH!FB;BFDF!F:BCGD?H!
J:;GH;G!<G!UABJA!GAH!M?:IDJG!EHJ:FHC!:?K<;:=HMGBJ<==
9!D;<JJHMG<E=HS!N:?!HT<FM=H!=:CB;K!BGC!
J?BCMB;HCC!ieQjV
!6BKD?H!QVQ`!CA:UC!<!G9MBJ<=!M=:G!:N!F:BCGD?H!J:;GH;G!LC!CG:?<KH!N:?!<!F:BCGD?H!CH;CBGBLH!
N::I!M?:IDJG!&J?<J@H?C,!M<J@<KHI!B;!<!NB=F!&"$',!<G!<!J:;CG<;G!GHFMH?<GD?H!<;I!?H=<GBLH!ADFBIBG9!
&2X,V!'C!
CHH;!B;!GAH!NBKD?HS!GAH!N::I!M<J@<KHI!B;!GAH!NB=F!<EC:?EC!F:BCGD?H!K?<ID<==9!UBGA!
B;J?H<CB;K!GBFH!D;GB=!BG!?H<JAHC!<!J:;CG<;G!L<=DH!:?!<;!HODB=BE?BDF
V!)AH!CAH=N
P=BNH!:N!GAH!N::I!
M?:IDJG!J<;!EH!:EG<B;HI!N?:F!CDJA!<!M=:G!E9!I?<UB;K!<!A:?BZ:;G<=!=B;H!M<?<==H=
!G:!GAH!g
P<TBC!&GBFH,!
<G!GAH!J?BGBJ<=!F:BCGD?H!J:;GH;G!L<=DHV!)AH!M:B;G!:;!GAH!g
P<TBC!<G!UABJA!GABC!=B;H!B;GHCHJGC!GAH!I<G<!
G?H;I=B;H!BC!@;:U;!<C!GAH!CAH=N
P=BNHV
!!!_`!6BKD?H!QV
Q`!"=:G!:N!F:BCGD?H!J:;GH;G!<C!<!ND;JGB:;!:N!GBFH!
N:?!CAH=N
P=BNH!IHGH?FB;<GB:;V
!C<X<C<C%S"+2.
@2#.+%10'+2#),
%0AH=N
P=BNH!IHGH?FB;<GB:;!:N!N::I!M?:IDJG
PM<J@<KH!C9CGHFC!DCB;K!HTMH?BFH;G<=!GHJA;BODHC!
J<;!EH!LH?9!GBFH!<;I!=<E:D?!B;GH;CBLHS!IHMH;IB;K!:;!GAH!G9MH!:N!N::I!M?:IDJGS!M<J@<KB;K!F<GH?B<=!
<;I!CG:?<KH!J:
;IBGB:;CV!*;!N<JGS!HLH;!C=BKAG!JA<;KHC!B;!<!M?:IDJGWC!B;K?HIBH;GC!<;I!M?:JHCCB;KS!
M<J@<KB;K!F<GH?B<=CS!<C!UH==!<C!CG:?<KH!H;LB?:;FH;G!J<;!I?<CGBJ<==9!JA<;KH!GAH!CAH=N
P=BNH!:N!GAH!
C9CGHFV!0B;JH!N::I!F<;DN<JGD?H?C!<?H!J:;CG<;G=9!JA<;KB;K!GAHB?!M?:IDJG
PM<J@<K
B;K!C9CGHF!N:?!
CDMH?B:?!M?:IDJG!MH?N:?F<;JH!<;I!J:CG!?HIDJGB:;S!CAH=N
P=BNH!M?HIBJGB:;!DCB;K!F<GAHF<GBJ<=!F:IH=C!
EHJ:FHC!LH?9!J?DJB<=!N:?!F<@B;K!J:FFH?JB<=!IHJBCB:;C!UBGAB;!GBKAG!GBFH!J:;CG?<B;GCV!X:UHLH?S!BG!
CA:D=I!EH!;:GHI!GA<G!<==!CAH=N
P=BNH!CBFD=<GB:;!F
:IH=C!<?H!<MM?:TBF<GB:;CS!<;I!GAH?HN:?H!A<LH!
<CC:JB<GHI!H??:?V!*;!F:CG!J<CHCS!GAH!HTMHJGHI!H??:?!BC!bR
P`R^S!E<CHI!:;!GAH!<CCDFMGB:;C!F<IH!idd
PeQjV!!!!"#!#"!$!!
%!!
&!!
!"#$%&'()*"+%(+%),-./#0(),1"&'$.
'(')*+,-.,/-+__!0HLH?<=!F<GAHF<GBJ<=!F:IH=C!N:?!M?HIBJGB;K!GAH!CAH=N
P=BNH!:N!<!F:BCGD?H!CH;CBGBLH!M?:IDJG!
M<J@<KHI!B;!<!NB=
F!A<LH!EHH;!IHCJ?BEHI!B;!=BGH?<GD?HV!0:FH!:N!GAHCH!F:IH=CS!CDJA!<C!GAH!=B;H<?S!
FBII=H
PM:B;GS!=:K<?BGAFBJ!<;I!8'4!F:IH=!A<LH!EHH;!IHCJ?BEHI!B;!GABC!CHJGB:;V!
)<E=H!QV]!=BCGC!GAH!
F:IH=C!<;I!GAHB?!?HCMHJGBLH!HOD<GB:;C!DCHI!N:?!GAH!CAH=N
P=BNH!M?HIBJGB:;!:N!<!F:
BCGD?H!CH;CBGBLH!
M?:IDJG
PM<J@<KH!C9CGHF!idd
PebjV!)<E=H!QV
]!3:IH=C!G:!M?HIBJG!CAH=N
P=BNH!:N!F:BCGD?H!CH;CBGBLH!N::IC!
iddPebjV!!!3:IH=
!.OD<GB:;
!$B;H<?
!?#:23*2S,2;2,(:'DdJ/4GJ/562$J/4GJ/5626e!!3BII=H
PM:B;G
!?#:23*,2;2,(fg6)J/4G=J/562)(J/562)73.@8)23!$:K<?BGAFBJ
!?#:23*,2;2,(fS):'DdJ/4GJ/562)J/4GJ/562)73e8)23!UAH?H!=!BC!GAH!
GABJ@;HCC!:N!GAH!M<J@<KB;K!F<GH?B<=Y!5
9!BC!GAH!UHBKAG!:N!M?:IDJG!B;!GAH!
M<J@<KHY!"!BC!GAH!MH?FH<EB=BG9!:N!GAH!M<J@<KB;K!F<GH?B<=Y!'!BC!<?H<!:N!GAH!M<J@<KHY!"
)!BC!GAH!
C<GD?<GHI!L<M:?!M?HCCD?H!<G!N::I!CG:?<KH!GHFMH?<GD?HY!<
($!BC!GAH!U<GH?!<JGBLBG9!<G!GAH!CG:
?<KH!
J:;IBGB:;!&^2X-bRR,Y!
&!BC!GAH!C=:MH!:N!GAH!CG?<BKAG!=B;HY!<
(<*=#
!BC!GAH!U<GH?!<JGBLBG9!<G!B;BGB<=!
F:BCGD?H!J:;GH;GY!<
(<*=*
!BC!GAH!U<GH?!<JGBLBG9!<G!J?BGBJ<=!F:BCGD?H!J:;GH;GY!
"38!BC!F:BCGD?H!J:;GH;G!
JA<;KH!B;!H<JA!B;GH?L<=!wBxY!<
(<*=8
!<;I!<
(<*=8>&
!<?H
!GAH!U<GH?!<JGBLBGBHC!<G!GAH!EHKB;;B;K!<;I!H;I!:N!
H<JA!B;GH?L<=!wBxS!?HCMHJGBLH=9Y!<;I!
&8!BC!GAH!C=:MH!:N!GAH!=B;H!<G!H<JA!B;GH?L<=!wBzV
!_a!)AH!=B;H<?!F:IH=!N:?!CAH=N
P=BNH!M?HIBJGB:;!BC!GAH!CBFM=HCG!:;HV!*;!GABC!F:IH=S!GAH!C:?MGB:;!
BC:GAH?F!I<G<!BC!F:IH==HI!=B;H<?=9!B;!GAH!?<;KH!:N!B;GH?HCG!&EHGUHH;!*3(!<;I!(3(,V!*;!GAH!
FBII=H!
M:B;G!FHGA:I!<;I!=:K<?BGAFBJ!FHGA:ICS!GAH!?HKB:;!:N!B;GH?HCG!BC!IBLBIHI!B;G:!w;x!B;GH?L<=C!<;I!GAH!
L<=DH!:N!GBFH!;HHIHI!G:!JA<;KH!GAH!M?:IDJGWC!F:BCGD?H!J:;GH;G!EHGUHH;!GAH!=BFBGC!:N!H<JA!B;GH?L<=!
BC!J<=JD=<GHIV!)AH!=<?KH?!GAH!;DFEH?!:N!B;GH?L<=C!&F
B;BFDF!:N!GA?HH,S!GAH!CF<==H?!GAH!H??:?!idd
PebjV!'==!:N!GAH!<E:LH!F:IH=C!A<LH!EHH;!DCHI!G:!M?HIBJG!GAH!CAH=N
P=BNH!:N!F:BCGD?H!CH;CBGBLH!N::I!M?:IDJGC!
iddPebjV!*;!:;H!CDJA!CGDI9S!GAH!M?HLB:DC=9!FH;GB:;HI!F:IH=C!UH?H!DCHI!G:!M?HIBJG!GAH!CAH=N
P=BNH!:N!
C<=GHI!
J?<J@H?C!M<J@<KHI!B;!J:FFH?JB<=!=:U
PIH;CBG9!M:=9HGA9=H;H!&$+".,!NB=FC!iddjV!)AH!
?HCH<?JAH?C!?HM:?GHI!GA<G!GAH!=B;H<?S!FBII=H!M:B;G!<;I!=:K<?BGAFBJ!F:IH=C!:LH?HCGBF<GHI!GAH!
HTMH?BFH;G<=!CAH=N
P=BNH!E9!`RS!\R!<;I!\R^S!?HCMHJGBLH=9V!)AH!?HCH<?JAH?C!<GG?BEDGHI!
GAHCH!
IBNNH?H;JHC!G:!HTMH?BFH;G<=!H??:?C!B;!IHGH?FB;B;K!GAH!C:?MGB:;!BC:GAH?F!<;I!J?BGBJ<=!F:BCGD?H!
J:;GH;G!iddjV
!!!_d!'=GA:DKA!GAH!F:IH=C!FH;GB:;HI!M?HLB:DC=9!A<LH!EHH;!DCHI!G:!M?HIBJG!GAH!CAH=N
P=BNH!:N!I?9!
N::IC!M<J@<KHI!B;!NB=FCS!GAH!8'4!HOD<GB:;!BC!GAH!F:
CG!J:FF:;=9!DCHI!F:IH=V!)AH!CAH=N
P=BNH!:N!<!
N::IPM<J@<KH!C9CGHF!M?HIBJGHI!E9!GAH!8'4!HOD<GB:;!J<;!EH!IHGH?FB;HI!<C!N:==:UC!iebjh
!!?#Khi!&.OD<GB:;!QVb
`,!!UAH?H!XS!
'!<;I!
(!<?H!KBLH;!<Ch
!!K#69G6)(.3%Ch:'^h69G.3%Ch6)G.3%C_!&.OD<GB:;!QVb
_,!!j#&)GC*&.QJ/4G.*!&.OD<GB:;!QVb
a,!!i#;2,2,(.Q2&)GC*2:23*!&.OD<GB:;!QVb
d,!!UAH?H!(S!5
-!<;I!7!<?H!8'4!J:;CG<;GC!&IHCJ?BEHI!B;!CHJGB:;!QVdVbVQVQ,S!3
?!<;I!3
8!<?H!GAH!
J?BGBJ<=!<;I!B;BGB<=!F:BCGD?H!J:;GH;GC!:N!GAH!N::IS!
<($!BC!GAH!U<GH?!<JGBLBG9!<G!GAH!CG:?<KH!J:;IBGB:;!
&^2X-bRR,S!'!BC!<?H<!:N!GAH!M<J@<KH
S!"!BC!GAH!MH?FH<EB=BG9!
:N!GAH!M<J@<KB;K!F<GH?B<=S!"
)!BC!GAH!
C<GD?<GHI!L<M:?!M?HCCD?H!<G!N::I!CG:?<KH!GHFMH?<GD?HS!=!BC!GAH!GABJ@;HCC!:N!GAH!M<J@<KB;K!F<GH?B<=Y!
59!BC!GAH!UH
BKAG!:N!M?:IDJG!B;!GAH!M<J@<KHV
!!!_e!)AH!8'4!F:IH=!A<C!EHH;!DCHI!G:!M?HIBJG!GAH!CAH=N
P=BNH!:N!CHLH?<=!I?9!N::I!M?:IDJGC!UBGA!
<MM?:TBF<GH=9!]R
P`R^!IBNNH?H;JHC!EHGUHH;!GAH!HTMH?BFH;G<=!<;I!M?HIBJGHI!CAH=N
P=BNH!iddSdejV!
)AHCH!IBNNH?H;JHC!UH?H!
<GG?BEDGHI!G:!GAH!M:CCBE=H!CM:B=<KH!:N!N::I!IDH!G:!N<JG:?C!CDJA!<C!N::I!
CG?DJGD?H!<;I!J:FM:CBGB:;S!EHCBIHC!F:BCGD?H!J:;GH;GV!*G!CA:D=I!EH!;:GHI!GA<G!8'4!F:IH=C!U:?@!
EHCG!UAH;!GAH!CAH=N
P=BNH!:N!GAH!N::I!IHMH;IC!:;!BGC!F:BCGD?H!J:;GH;G!:;=9V
!!aR!-CDC-C+"CA
!!ab!-CDC-C+"CA
!bV!X<?GF<;;S!3VXV!<;I!7<M=<;!+V
$VS!
4B:M:=9FH?C!N?:F!
?H;HU<E=H!
?HC:D?JHC
S!0M?B;KH?!
P[H?=<KS!
4H?=B;S!MMV!\_a
P]bb!&beed,V!QV!$HHS!0V%VS!7<;KS!*V'VS!+:AS!8VXVS!%::;S!XV8VS!"<?@S!4V+VS!<;I!5DS!fVS!)AH?F<=
!<;I!
FHJA<;BJ<=!M?:MH?GBHC!:N!U::I!N=:D?-G<=J
PNB==HI!M:=9=<JGBJ!<JBI!J:FM:CBGHCh!
HNNHJG!:N!NB==H?!
J:;GH;G!<;I!J:DM=B;K!G?H<GFH;GS!c:D?;<=!:N!)AH?F:M=<CGBJ!(:FM:CBGH!3<GH?B<=CS!Qb!&\,h!QRe
PQ\!&QRRd,V!\V!"B==<S!0VS!8:;KS!0VS!#W1HB==S!.VS!2:UH==S!2V3VS!<;I!7?Z9C
B@S!'V3VS!":=9=<JGBIH
PMB;H!U::I!N=:D?!
J:FM:CBGHCS!":=9FH?!.;KB;HH?B;K!<;I!0JBH;JHS!]dh!`ad
Pda!&QRRd,V!]V!#@CF<;S!7VS!0@?BNL<?CS!3VS!<;I!0H=B;S!cV6VS!1<GD?<=!NBEH?C!<C!?HB;N:?JHFH;G!B;!M:=9=<JGBJ!<JBI!
&"$',!J:FM:CBGHCS!(:FM:CBGHC!0JBH;JH!<;I!)HJA;:=:K9S!_\h!b\
baPQ]!&QRR\,V!`V!$<CM?B==<S!'VcVS!3<?GB;HZS!8V'VS!$D;H==BS!4VXVS!c<?IB;BS!'V
$VS!<;I!2DEH;CS!3V6VS!":=9
P=<JGBJ!<JBI!
C9;GAHCBC!N:?!<MM=BJ<GB:;!B;!EB:FHIBJ<=!IHLBJHC
P<!?HLBHUS!4B:GHJA;:=:K9!'IL<;JHCS!
\R!&b,h!
\QbP\Qd!&QRbQ,V!_V!8DMG<S!4VS!2HL<K<IHS!1VS!<;I!XB=E:?;S!
cVS!":=9!&=
<JGBJ!<JBI,!NBEH?h!<;!:LH?LBHUS!
"?:K
?HCC!B;!
":=9FH?!0JBH;JHS!
\Q!&],h!]``
P]dQ!&QRRa,V!aV!'ICD=S!3V8VS![<?F<S!'VcVS!<;I!8:@A<=HS!+V
[VS!$<JGBJ!<JBI!M?:IDJGB:;!N?:F!U<CGH!CDK<?J<;H!
E<K<CCH!IH?B
LHI!JH==D=:CHS!8?HH;!(AHFBCG?9S!
e!&b,h!`d
P_Q!&QRRa,V!dV!+<GG<S!2VS!)C<BS!0V"VS!4:;CBK;:?HS!"VS!3::;S!0VXVS!<;I!6?<;@S!cV
2VS!)HJA;:=:KBJ<=!<;I!HJ:;:FBJ!
M:GH;GB<=!:N!M:=9!&=<JGBJ!<JBI,!<;I!=<JGBJ!<JBI!IH?BL<GB
LHCS!6.30!3BJ?:EB:=:K9!2HLBHUCS!
b_&QP\,h!QQb
PQ\b!&bee`,V!eV!c<?IB;BS!'V$VS!<;I!$:MHCS!3V
0VS!09;GAHCBC!<;I!JA<?<JGH?BZ<GB:;C!:N!M:=9!&=<JGBJ!'JBI,!E9!?B;K
P:MH;B;K!M:=9FH?BZ<GB:;!N:?!EB:FHIBJ<=!<MM=BJ<GB:;CS!
(AHFBJ<=!.;KB;HH?B;K!)?<;C<JGB:;C
S!\dh!
\\bP\\_!&QRb],V!!bRV!":?GH?S!7V
'VS!2B;K!:MH;B;K!M:=9FH?BZ<GB:;!:N!=<JG
BIH!N:?!GAH!C9;GAHCBC!:N!M:=9!&=<JGBJ!<JBI,S
!0G<GH!:N!*==B;:BC!&QRR_,V
!bbV!8<?=:GG<S!+VS!'!=BGH?<GD?
H!?HLBHU!:N!M:=9!&=<JGBJ!<JBI,S!
c:D?;<=!:
N!":=9FH?C!<;I!GAH!.;LB?:;FH;GS!
e&Q,h!_\
Pd]!&QRRb,V!bQV!8DMG<S!'V
"V!<;I!7DF<?S![VS!1HU!HFH?KB;K!G?H;IC!B;!C9;GAHGBJ!EB:IHK?
<I<E=H!M:
=9FH?C
{M:=9=<JGBIHh!<!J?BGBODHS!
.D?:MH<;!":=9FH?!c:D?;<=S!]\&bR,h!]R`\
P]Ra]!&QRRa,V!b\V!3<CDG<;BS!7V!<;I!7BFD?<S!%VS!
":=9&=<JGBJ!<JBI,!
CJBH;JH!<;I!
GHJA;:=:K9h!M?:JHCCB;KS!M?:MH?GBHCS!
<IIBGBLHC!<;I!<MM=BJ<GB:;C
S!)AH!2:9<=!0:JBHG9!:N
!(AHFBCG?9S!(<FE?BIK
HS!MMV!b
P\_!&QRb],V!aQ!b]V!'Lq?:DCS!$V
!<;I!":==HGS!.VS!.;LB?:;FH;G<=!CB=BJ<GH!;<;:
PEB:J:FM:CBGHCS!0M?B;KH?
P[H?=<KS!
$:;I:;S!MMV!b\
P\e!&QRbQ,V!b`V!0FBGAS!2VS!4B:IHK?<I<E=H!M:=9FH?C!N:?!B;IDCG?B<=!<MM=BJ<GB:;CS!5::IAH<IY!(2(!"?H
CCS!
(<FE?BIKHS!MM!\a
P]Q!&QRR`,V!b_V!/?<9<F<S!X
VS!3::;S!0V
*VS!<;I!7BFD?<S!%VS!3BJ?:CG?DJGD?H!<;I!GAH?F<=!M?:MH?GBHC!:N!
M:=9=<JGBIHC!UBGA!IBNNH?H;G!$
P!<;I!+
PD;BG!CHODH;JHCh!*FM:?G<;JH!:N!GAH!AH=BJ<=!;<GD?H!:N!GAH!$
PCHODH;JHI!CHKFH;GCS!3<J?:F:=HJD=<?!3<GH?B<=C!<;I!.;K
B;HH?B;KS!Qddh!b\a
Pb]\!&QRR\,V!baV!"H?HK:
S!8V!<;I!(H==<S!8V+VS!":=9&=<JGBJ!<JBI,!C9;GAHCBCS!CG?DJGD?HCS!M?:MH?GBHCS!M?:JHCCB;KS!<;I!
<MM=BJ<GB:;CS!c:A;!5B=H9!p!0:;CS!*;JVS
!1HU!cH?CH9S!MM!b]b
Pb`]!&QRbR,V!bdV!'D?<CS!2VS!X<?GHS!4
VS!<;I!0H=@HS!0VS!';!:LH?LBHU!:N!M:=9=<JGBIHC!<C!M<J@<KB;K!F<GH?B<=CS!
3<J?:F
:=HJD=<?!
4B:CJBH;JHCS!]h!d\`
Pd_]!&QRR],V!beV!'D?<CS!2VS!
X<?GHS!4VS!0H=@HS!0VS!<;I!XH?;<;IHZS!2VS!3HJA<;BJ<=S!MA9CBJ<=S!<;I!E<??BH?!M?:M
H?GBHC!
:N!M:=9!&=<JGBIH,!NB=FCS!
c:D?;<
=!:N!"=<CGBJ!NB=F!<;I!0AHHGB;KS!
be&Q,h!bQ\
Pb\`!&QRR\,V!QRV!(9K<;S!kVS!*FM?:LB;K!M?:JHCCB;K!
<;I!M?:MH?GBHC!:N!M:=9=<JGBJ!<JBIS
!"=<CGBJ!)?H;ICS!QRh!]e!
&QRRe,V!QbV!'=FH;<?S
!.V!<;I!
'D?<CS!2VS!":=9&=<JGBJ!<JBI,!C9;GAHCBCS!CG?DJGD?HCS!M?:MH?GBHCS!M?:JHCCB;KS!<;I!
<MM=BJ<GB:;CS!c:A;!5B=H9!p!0:;CS!*;JVS!1HU!cH?CH9S!MM!b``
PbdR!&QRbR,V!QQV!%<FS!7V$VS!)AH!5B=H9!H;J
9J=:MHIB<!:N!M<J@<KB;K!GHJA;:=:K9S!
c:A;!5B=H9!p!0:;CS!*
;JVS!1HU!
cH?CH9S!MM!``b
P```!&QRRe,V!Q\V!+:?K<;S!cV2VS!":=9&=<JGBJ!<JBI,!C9;GAHCBCS!CG?DJGD?HCS!M?:MH?GBHCS!M?:JHCCB;KS!<;I!<MM=BJ<GB:;CS!
c:A;!5B=H9!p!0:;CS!*;JVS!1HU!cH?CH9S!MM!bQ`
Pb\e!&QRbR,V!Q]V!7<?@A<;BCS!0
V0VS!0G<?@S!1V3VS!0<E:S!2V(VS!<;I!3<GD<;<S!$V3VS!4=:U;!NB=F!HTG?DCB:;!:N!
M:=9&=<JGBJ!<JBI,!UBGA:DG!FH=G!CG?H;KGA!H;A<;JH?C
S!c:D?;<=!:N!'MM=BHI!":=9FH?!0JBH;JH
S!b\]&\],h!]`QbQ!&QRba,V!Q`V!7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!0<E:S!2V(VS!<;I!3<GD<;<S!$V3VS!
"H?N:?F<;JH!
:N!M:=9&=<JGBJ!
<JBI,-JH==D=:CH!;<;:J?9CG<=!J:FM:CBGH!E=:U;!NB=FC!M?:JHCCHI!E9!GU:!IBNNH?H;G!J:FM:D;IB;K!
<MM?:<JAHCS!
":=9FH?!.;KB;HH?B;K!<;I!0JBH;JH
S!`d&bb,h!be_`Pbea]!&QRba,V!Q_V!7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!0<E:S!2V(VS!<;I!3<GD<;<S!$V3VS!
5<GH?!L<M:?!<;I!:T9KH;!E<??BH?!
M?:MH?GBHC!:N!HTG?DCB:;
PE=:U;!M:=9&=<JGBJ!<JBI,-JH==D=:CH!;<;:J?9CG<=C!;<;:J:FM:CBGH!NB=FC
S!(:FM:CBGHC!"<?G!'h!'MM=BHI!0JBH;JH!<;I!3<;DN<JGD?B;KS!bb]h!QR]
PQbb!&QRbd,V!QaV!3<GD<;<S!$V3VS!7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!<;I!0<E:S!2V(VS
!(H==D=:CH!1<;:J?9CG<=C!<C!E<??BH?!
MH?N:?F<;JH!H;A<;JH?!:N!HTG?DCB:;
PE=:U;!"$'!NB=FC!N:?!N::I!<MM=BJ<GB:;CS!
4B:GHJAS!
4B:F<GH?B<=C!<;I!4B:FHIBJ<=!
P!)HJA(:;;HJG!4?BHNC
S!\h!b
P]!&QRb_,V!a\!QdV!7<?@A<;BCS!
0V0V
!<;I!3<GD<;<S!$V3VS!
.TG?DCB:;!E=:U;!NB=FC!:N!M:=9&=<JGBJ!<JBI,!JA<B;
PHTGH;IHI!
UBGA!N::I!K?<IH!FD=GBND;JGB:;<=!HM:TBHCS!
":=9FH?!.;KB;HH?B;K!<;I!0JBH;JH
S!`e&bb,h!QQbb
PQQbe!&QRbe,V!QeV!0<=LBI<?
P8DH??<
S!.V!<;I!
[BL<=I:
P$BF<S!.VS!"H?HK:S!8VS!
X<;IE::@!:N!M:=9FH?!
C9;GAHCBCVS!
JA<?<JGH?BZ<GB:;!<;I!M?:JHCCB;KS!
c:A;!5B=H9!p!0:;CS!*;JVS!1HU!cH?CH9S!MM!
QQ`PQ]a!&QRb\,V!\RV!6?H;Z
S![VS![B==<=:E:C
S!3VS!'U:>D=D
S!'V'S!.IBC:;
S!3VS!L<;!IH?!3HH?
S!2VS!3D=GBND;JGB:;<=!
M:=9FH?C!<C!JA<B;!HTGH;IH?C!<;I!J:FM<GBEB=BZH?C!N:?!M:=9J:;IH;C<GHC!
<;I!EB:M:=9FH?CS!
0".!';GHJ!QR
RdP3B=U<D@HH
S!5BCJ:;CB;
S!b_dQPb_d_!&QRRd,V!\bV!3H;KS!fVS!XHDZH9S!3V(VS!<;I!(<??H<D
S!"VcVS!(:;G?:=!:N!GAH?F<=!IHK?<I<GB:;!:N!M:=9=<JGBIH-J=<9!
;<;:J:FM:CBGHC!ID?B;K!FH=G!M?:JHCCB;K!E9!JA<B;!HTGH;CB:;!?H<JGB:;S!
":=9FH?!+HK?<I<GB:;!<;I!
0G<EB=BG9S!ea&bR,
h!QRbRPQRQR!&QRbQ,V!\QV!c<CZ@BHUBJZS!'VS!4=HIZ@BS!'V!7VS!p!3H=>:;S!'VS!#;=B;H!:ECH?L<GB:;C!<;
I!M?:JHCC!<;<=9CBC!:N!
JA<B;!HTGH;IHI!M:=9=<JGBIHC!ID?B;K!B;>HJGB:;!F:D=IB;KS!":=9FH?!+HK?<I<GB:;!<;I!0G<EB=BG9S!
bRb&b,h!_`
PaR!&QRb],V!\\V![B><9<?<><;S!0VS!0H=@HS!0V.V3VS!<;I!3<GD<;<S!$V3VS!(:;GB;D:DC!E=H;IB;K!<MM?:<JA!B;!GAH!
F<;DN<JGD?H!:N!HM:TBIBZHI!C:9EH<;
PM=<CGBJBZHI!M:=9&=<JGBJ!<JBI,!CAHHGC!<;I!NB=FCS!
3<J?:F:=HJD=<?!3<GH?B<=C!<;I!.;KB;HH?B;KS!Qee&`,h!_QQ
P_\R!&QRb],V!\]V!gB;KS!(V!<;I!3<GD<;<S!$V3VS!
.M:TBIBZHI!C:9EH<;!:B=
!M=<CGBJBZHI!M:=9!&=<JGBJ!<JBI,!NB=FC!
MH?N:?F<;JH!<C!BFM<JGHI!E9!CG:?<KHS
!c:D?;<=!:N!'MM=BHI!":=9FH?!0JBH;JHS!
b\\&bQ,h!]\QRb!&QRb_,V!\`V!3<==HGS!4VS!$<F;<U<?S!7VS!<;I!3<<Z:DZS!'VS!*FM?:LHFH;G!:N!E=:U;!NB=F!HTG?DCB:;!:N!
M:=9&=<JGBJ!<JBI,h!CG?DJGD?H
PM?:JHCCB;K
PM?:MH?GBHC!?H=<GB:;CABMCS!":=9FH?!.;KB;HH?B;K!<;I!
0JBH;JHS!`]&],h!d]R
Pd`a!&QRb],V!\_V!3<==HGS!4VS!$<F;<U<?S!7VS!<;I!3<<Z:DZS!'VS!
(:FM:D;IB;K!<;I!FH=G!CG?H;KGAH;B;K!:N!
M:=9&=<JGBJ!<JBI,h!CAH<?!<;I!H=:;K<GB:;<=!B;LHCGBK<GB:;C!N:?!N:?FB;K!M?:JHCCS!7H9!.;KB;HH?B;K!
3<GH?B<=CS!``]
P``ah!ba`b
Pba`_!&QRb\,V!\aV!3BA<BS!3VS!XD;H<D=G
S!3V'VS!<;I!6<LBCS!4V+VS!2AH:=:K9!<;I!HTG?DCB:;!N:<FB;K!:N!JA<B;
PE?<;JAHI!M:=9&=<JGBJ!<JBI,S!":=9FH?!.;KB;HH?B;K!<;I!0JBH;JHS!`R&\,h!_Qe
P_]Q!&QRbR,V!\dV!3<GD<;<S!$V3VS!<;I!+B<ZS!(V'VS!0GDI9!:N!JH==!;DJ=H<GB:;!B;!FBJ?:JH==D=<?!M:=9&=<JGBJ!<JBI,!
N:<FHI!UBGA!CDMH
?J?BGBJ<=!(#
0!GA?:DKA!<!J:;GB;D:DC
PHTG?DCB:;!M?:JHCCS!*;IDCG?B<=!<;I!
.;KB;HH?B;K!(AHFBCG?9!2HCH<?JAS!]e&`,h!Qbd_
PQbe\!&QRbR,V!\eV!'=P*G?9S!2VS!$<F;<U<?S!7VS!<;I!3<<Z:DZS!'VS!
*FM?:LHFH;G!:N!GAH?F<=!CG<EB=BG9S!?AH:=:KBJ<=!
<;I!FHJA<;BJ<=!M?:MH?GBHC!:N!"$'S!"4')!<
;I!GAHB?!E=H;IC!E9!?H<JGBLH!HTG?DCB:;!UBGA!
ND;JGB:;<=BZHI!HM:T9S!":=9FH?!+HK?<I<GB:;!<;I!0G<EB=BG9S!
ea&bR,h!bded
Pbeb]!&QRbQ,V!]RV!$BFS!$V)VS!(B;@S!7VS!<;I![<;9:S!)VS!":=9&=<JGBJ!<JBI,!C9;GAHCBCS!CG?DJGD?HCS!M?:MH?GBHCS!
M?:JHCCB;KS!<;I!<MM=BJ<GB:;CS!c:A;!5B=H9!
p!0:;CS!*;JVS!1HU!cH?CH9S!MM!beb
PQb`!&QRbR,V!a]!]bV!"B==<S!0VS!7BFS!0V8VS!'DH?S!8V7VS!8:;KS!0VS!<;I!"<?@S!(V4VS!3BJ?:JH==D=<?!HTG?DCB:;
!N:<FB;K!:N!
M:=9=<JGBIH!UBGA!JA<B;
!HTGH;IH?S!
":=9FH?!.;KB;HH?B;K!<;I!0JBH;JHS!]e&d,h!b_`\
Pb__R!&QRRe,V!]QV!+BS!%VS!*<;;<JHS!0VS!+B!3
<B:S!.VS!<;I!1BJ:=<BCS!$VS!2H<JGBLH=9!F:IBNBHI!M:=9!&=<JGBJ!<JBI,h!
M?:MH?GBHC!<;I!N:<F!
M?:JHCCB;KS!
3<J?:F:=HJ
D=<?!3<GH?B<=C!<;I!.;KB;HH?B;KS!
QeR&bb,h!bRd\
PbReR!&QRR`,V!]\V!)D:FB;H;S!cVS!79=FnS!cVS!<;I!0HMM
<=<S!cVS!(A<B;!HTGH;IB;K!:N!=<JGBJ!<JBI!:=BK:FH?CV!QV!B
;J?H<CH!
:N!F:=HJD=<?!UHBKAG!UBGA!bS_
PAHT<FHGA9=H;H!IBBC:J9<;<GH!<;I!QSQo
PEBC&
QP:T<Z:=B;H,S!":=9FH?!
]\!&b,h!\
PbR!&QRRQ,V!]]V!+:;KS!5VS!k:DS!4VS!%<;S!%VS!3<S!"VS!p!(AH;S!3VS!.NNHJG!:N!JA<B;
PHTGH;IH?C!:;!GAH!M?:MH?GBHC!
<;I!A9I?:=9GBJ!IHK?<I<GB:;!EHA<LB:?!:N!GAH!M
:=9&=<JGBIH,-M:=9&EDG9=H;H!<IBM<GH
PJ:PGH?HMAGA<=<GH,!E=H;ICS!
*;GH?;<GB:;<=!c:D?;<=!:N!3:=HJD=<?!0JBH;JHCS!b]&bR,
h!QRbdePQRQR\!&QRb\,V!]`V!5<;KS!%VS!6DS!(VS!$D:S!%VS!2D<;S!(VS!kA<;KS!%VS!<;I!6DS!%VS!3H=G!C9;GAHCBC!<;I!JA<?<JGH?BZ<GB:;!
:N!M:=9&$
P=<JGBJ!<JBI,!JA<
B;!=B;@HI!E9!FD=GBND;JGB:;<=!HM:T9!J:FM:D;IS!c:D?;<=!5DA<;!
/;BLH?CBG9!:N!)HJA;:=:K9S!3<GH?B<=C!0JBH;JH!.IBGB:;S!Q`&`,h!aa]
Paae!&QRbR,V!]_V!6?H;ZH;S!"V+VS!3<>JA?:UBJZS!)V'VS!4DZE9S!cV(VS!<;I!*FA:NNS!4VS!
(:;CDFH?!<JJHMG<;JH!:N!
B??<IB<GHI!FH<G!<;I!M:D=G?9!M?:IDJG
C!&1:V!\\_b_,S!/;BGHI!0G<GHC!+HM<?GFH;G!:N!'K?BJD=GD?HS!
.J:;:FBJ!2HCH<?JA!0H?LBJH!&QRRR,V
!]aV!4?D;S!.VS!
.TMH?G!N:?HJ<CG!:;!HFH?KB;K!JAHFBJ<=!?BC@C!?H=<GHI!G:!:JJDM<GB:;<=!C<NHG9!<;I!AH<=GA
S!#NNBJH!N:?!#NNBJB<=!"DE=BJ<GB:;C!:N!GAH!.D?:MH<;!(:FFD;BGBHCS!$DTHFED?
KS!MMV!\\Pa_!&QRRe,V!]dV!5DS!(V!0V!&QRR\,V!
X<;IE::@!:N!CBZH!HTJ=DCB:;!JA?:F<G:K?<MA9!<;I!?H=<GHI!GHJA;BODHCh!?HLBCHI!
<;I!HTM<;IHI
S!3<?JH=!+H@@H?
S%1HU!%:?@S!
MM!bPQ\!&QRR\,V!]eV!2:EB;C:;S!cV5VS!6?<FHS!.V3V0VS!
<;I
!6?<FH!**S!8V3VS!
/;IH?K?<ID<GH!
B;CG?DFH;G<=!<;<=9CBC
S!3<?JH=!+H@@H?S
!1HU!%:?@
!&QRR`,V!`RV!'??DI<S!$V(VS!3<K<G:;S!3VS!4?HG<CS!2V.V0VS!<;I!/H@BS!3V3VS!
*;N=DH;JH!:N!JA<B;!HTGH;IH?!:;!
FHJA<;BJ<=S!GAH?F<=!<;I!F:?MA:=:KBJ<=!M?:MH?GBHC!:N!E=:U;!NB=FC!:N!"$'-"4')!E=H;ICS
!":=9FH?!)HCGB;KS!]\h!Qa
P\a!&QRb`,V!`bV!$BDS!cVS!$:DS!$VS!%DS!5VS!$B<:S!2VS!$BS!2VS!<;I!kA:DS!(VS!
$:;K!JA<B;!E?<;JAB;K!M:=9=<JGBIHh!
CG?DJGD?HC!<;I!M?:MH?GBHCS!
":=9FH?S!`b&QQ,h!`bd_
P`bea!&QRbR,V!`QV!(<L<=J<;GBS!6V1VS!)H:NB=:S!.V)VS!2<EH==:S!3V0VS!<;I!0B=L<S!0V3V$VS!(A<B;!HTGH;CB:;!<;I!
IHK?<I<
GB:;!ID?B;K!?H<JGBLH!M?:JHCCB;K!:N!".)!B;!GAH!M?HCH;JH!:N!G?BMAH;9=!MA:MABGHS!
":=9FH?!
.;KB;HH?B;K!<;I!0JBH;JH
S!]a&bQ,h!Qb``
PQb_\!&QRRa,V!`\V!)HHS!%V4VS!)<=BES!2V'VS!'EI<;S!7VS!(AB;S!1V$VS!4<CA<S!2V7VS!<;I!%D;:CS!7V6V3VS!):DKAH;B;K!
M:=9&=<JGBJ!<JBI,!<;I!<BIB;K!
GAH!FH=G
PJ:FM:D;IB;K!UBGA!EB:
PC:D?JHI!M=<CGBJBZH?CS!
'K?BJD=GD?H!
<;I!'K?BJD=GD?<=!0JBH;JH!"?:JHIB<
S!Qh!Qde
PQe`!&QRb],V!a`!`]V!#>B>:![V!<;I!2<9S!0V0VS!0DMH?!G:DKAH;HI!EB:IHK?<I<E=H!M:=9=<JGBIH!E=H;IC!UBGA!;:;
P=B;H<?!
J:M:=9FH?!B;GH?N<JB<=!<?JABGHJGD?H!:EG<B;HI!LB<!N
<JB=H!B;
PCBGD!?H<JGBLH!J:FM<GBEB=BZ<GB:;S!
":=9FH?S!dRh!b
Pba!&QRb`,V!``V!)<;<@<S!%V!<;I!7<@BDJABS!XVS!cVS!0GDI9!:N!HM:T9!J:FM:D;IC!V!M<?G!LB!V!JD?B;K!?H<JGB:;C!:N!HM:T9!
?HCB;!<;I!<JBI!<;A9I?BIH!UBGA!<FB;H!S!<JBI!S!<=J:A:=!S!<;I!MAH;:=!<C!J<G<=9CGCS!c:D?;<=!:N!
":=9FH?!0JBH;JHh!"<?G!'S!Qh!\]R`
P\]\R!&be_],V!`_V!5<;KS!gVS!3BS!cVS!<;I!kA:DS!XVS!cVS!)?<;CBGB:;!N?:F!FBJ?:JH==D=<?!G:!;<;:JH==D=<?!JA<B;!
HTGH;IHI!M:=9!&!=<JGBJ!<JBI!,-!A9I?:T9=
PND;JGB:;<=BZHI!K?<MAH;H!N:<FC!E9!CDMH?J?BGBJ<=!(#
0S!c:D?;<=!:N!3<GH?B<=C!0JBH;JHS!`
]&`,h!\d_\
P\daa!&QRbe,V!`aV!":=9FH?!0JBH;JH!$H<?;B;K!(H;GH?S!+BNNH?H;GB<=!0J<;;B;K!(<=:?BFHG?9S!2HG?BHLHI!N?:F!":=9FH?!
0JBH;JH!$H<?;B;K!(H;GH?h!AGGMCh--MC=JVUC-F<J?:K-ICJVAGFV!'JJHCCHI!:;!'DKDCG!\RS!QRQRV
!`dV!$BDS!%V!<;I!3<GD<;<S!$V3VS!0D?N<JH!GHTGD?H!<;I!E<??BH?!MH?N:?F<;JH!:N!M:=9&=<JGBJ!<JBI,
PJH==D=:CH!;<;:J?9CG<=!HTG?DIHI
PJ<CG!NB=FCS!
c:D?;<=!:N!'MM=BHI!":=9FH?!0JBH;JH
S!b\_&QQ,h!]a`e]!
&QRbe,V!`eV!6<==B;K!I<?G!BFM<JG!GHCGB;K!MH?!'0)3!+baRe!<;I!*0#!aa_`S!2HG?BHLHI
!N?:F!8Q3)!
=<E:?<G:?BHCh!
AGGMCh--UUUVKQFG=<ECVJ:F-N<==B;K
PI<?G
PBFM<JG
PGHCGB;K
P<CGFPIbaRePBC:Paa_`Pb-V!'JJHCCHI!:;!'DKDCG!\RS!QRQRV
!_RV!0G<?@S!1V3VS!#MM:?GD;BGBHC!N:?!JH
==D=:CH!;<;:F<GH?B<=C!B;!M<J@<KB;K!NB=FCh!<!?HLBHU!<;I!NDGD?H!
G?H;ICS!c:D?;<=!:N!2H;HU<E=H!3<GH?B<=CS!]&`,h!\b\
P\Q_!&QRb_,V!_bV!8H:?KHS!cV!<;I!0<E<M<GABS!0V1VS!(H==D=:CH!;<;:J?9CG<=Ch!C9;GAHCBCS!ND;JGB:;<=!M?:MH?GBHCS!<;I!
<MM=BJ<GB:;CS!1<;:GHJA;:=:K9S!0JBH;JH!
<;I!'MM=BJ<GB:;CS!dh!]`
P`]!&QRb`,V!_QV!3:@AH;<S!)V(VS!0HN<IBS!cV0VS!0<IB@DS!.V2VS!c:A;S!3VcVS!3:JA<;HS!3VcVS!<;I!3GBEHS!'VS!
)AH?F:M=<CGBJ!M?:JHCCB;K!:N!"$'-JH==D=:CH!;<;:F<GH?B<=C!J:FM:CBGHCS!":=9FH?CS!bR&bQ,h!b\_\!
&QRbd,V!!_\V!3::;S!2VcVS!3<?GB;BS!'VS!1<B?;S!cVS!
0BF:;CH;S!cVS!<;I!%:D;KE=::IS!cVS!(H==D=:CH!;<;:F<GH?B<=C!
?HLBHUh!0G?DJGD?HS!M?:MH?GBHC!<;I!;<;:J:FM:CBGHCS!(AHFBJ<=!0:JBHG9!2HLBHUCS!]R&a,h!\e]b
P\ee]!&QRbb,V!_]V!6:?GD;<GBS!.VS!"H=GZH?S!3VS!'?FH;G<;:S!*VS!):??HS!$VS!cBFH;HZS!'VS!<;I!7H;;9S!cV!3VS!.NNHJGC!:N!
F:IBNBHI!JH==D=:CH!;<;:J?9CG<=C!:;!GAH!E<??BH?!<;I!FBK?<GB:;!M?:MH?GBHC!:N!"$'!;<;:
PEB:J:FM:CBGHCS!(<?E:A9I?<GH!":=9FH?CS!eR&Q,h!e]d
Pe`_!&QRbQ,V!_`V!.CMB;:
P"q?HZS!.VS!4?<CS!cVS!+DJ?DHGS![VS!8DB;<D=GS!'VS!+DN?HC;HS!'VS!<;I!+:FH;H@S!0VS!
*;N=DH;JH!
:N!JAHFBJ<=!CD?N
<JH!F:IBNBJ<GB:;!:N!JH==D=:CH!;<;:UABC@H?C!:;!GAH?F<=S!FHJA<;BJ<=S!<;I!
E<??BH?!M?:MH?GBHC!:N!M:=9&=<JGBIH,!E<CHI!EB:;<;:J:FM:CBGHCS!.D?:MH<;!":=9FH?!c:D?;<=S!
]eh!
\b]]P\b`]!&QRb\,V!__V!0<;JAHZ
P8<?JB<S!3V+V!<;I!$<K<?:;S!cV3VS!#;!GAH!DCH!:N!M=<;G!JH==D=:CH!;<;:UA
BC@H?C!G:!
H;A<;JH!GAH!E<??BH?!M?:MH?GBHC!:N!M:=9=<JGBJ!<JBIS!(H==D=:CHS!bah!eda
PbRR]!&QRbR,V!a_!_aV!%DS!XV%VS!kA<;KS!XVS!0:;KS!3V$VS!kA:DS!%VS!%<:S!cVS!<;I!1BS!fVfVS!6?:F!JH==D=:CH!;<;:CMH?HCS!
;<;:?:IC!G:!;<;:NBEH?Ch!L<?B:DC!<CMHJG!?<GB:!B;IDJHI!;DJ=H<GB:;-?HB;N:
?JB;K!HNNHJGC!:;!
M:=9=<JGBJ!<JBI!N:?!?:EDCG
PE<??BH?!N::I!M<J@<KB;KS!'(0!'MM=BHI!3<GH?B<=C!<;I!*;GH?N<JHCS!
e&`R,h!]\eQR
P]\e\d!&QRba,V!_dV!0D;KS!0VXVS!(A<;KS!%VS!<;I!X<;S!cVS!
+HLH=:MFH;G!:N!M:=9=<JGBJ!<JBI!;<;:J:FM:CBGH!NB=FC!
?HB;N:?JHI!UBGA!JH==D=:CH!;<;:J?9CG<
=C!IH?BLHI!N?:F!J:NNHH!CB=LH?C@B;
9%(<?E:A9I?<GH!":=9FH?CS!
b_eh!]e`
P`R\!&QRba,V!_eV!+A<?S!"VS!8<D?S!0V0VS!0:D;I<?<?<><;S!1VS!8DMG<S!'VS!4A<C;H9S!0V3VS!3B==BS!3VS!7DF<?S!'VS!<;I!
7<GB9<?S![VS!
2H<JGBLH!HTG?DCB:;!:N!M:=9=<JGBJ!<JBI-JH==D=:CH!;<;:J?9CG<=!NB=FC!
N:?!N::I!
M<J@<KB;K!<MM=BJ<GB:;Ch!B;N=DH;JH!:N!NB==H?!G9MH!:;!GAH?F:FHJA<;BJ<=S!?AH:=:KBJ<=S!<;I!E<??BH?!
M?:MH?GBHCS!*;IDCG?B<=!<;I!.;KB;HH?B;K!(AHFBCG?9!2HCH<?JAS!`_&b_,h!]abd
P]a\`!&QRba,V!aRV!"HBS!'VS!kA:DS!fVS!<;I!4H?K=D;IS!$V'VS!6D;JGB:;<=BZHI!JH==D=:CH!;<;
:J?9CG<=C!<C!EB:E<CHI!
;DJ=H<GB:;!<KH;GC!B;!M:=9&=
P=<JGBIH,!&"$$',!
P!J?9CG<==BZ<GB:;!<;I!FHJA<;BJ<=!M?:MH?G9!HNNHJGC
9%(:FM:CBGHC!0JBH;JH!<;I!)HJA;:=:K9S!aR&`,h!db`
PdQb!&QRbR,V!abV!c:;::EBS!3VS!X<?D;S!cVS!3<GAHUS!'V"VS!<;I!#@CF<;S!7VS!3HJA<;BJ<=!M?:MH?GBHC!:N!JH
==D=:CH!
;<;:NBEH?!&(16,!?HB;N:?JHI!M:=9=<JGBJ!<JBI!&"$',!M?HM<?HI!E9!GUB;!CJ?HU!HTG?DCB:;S!
(:FM:CBGHC!0JBH;JH!<;I!)HJA;:=:K9S!aR&bQ,h!ba]Q
Pba]aV!aQV!XH??H?<S!1VS!3<GAHUS!'V"VS!<;I!#@CF<;S!7VS!"=<CGBJBZHI!M:=9=<JGBJ!<JBI-JH==D=:CH!
;<;:J:FM:CBGHC!M?HM<?HI!DCB;K!
FH=GPHTG?DCB:;!<;I!=BODBI!NHHIB;Kh!FHJA<;BJ<=S!GAH?F<=!<;I!
:MGBJ<=!M?:MH?GBHCS!(:FM:CBGHC!0JBH;JH!<;I!)HJA;:=:K9S!
bR_h!b]ePb``!&QRb`,V!a\V!XH??H?<S!1VS!0<=<EH??B<S!'V3VS!3<GAHUS!'V"VS!<;I!#@CF<;S!7VS!"=<CGBJBZHI!M:=9=<JGBJ!<JBI!
;<;:J:FM:CBGH!NB=FC!UBGA!JH==D=:
CH!<;I!JABGB;!;<;:J?9CG<=C!M?HM<?HI!DCB;K!HTG?DCB:;!<;I!
J:FM?HCCB:;!F:=IB;K!UBGA!GU:!J::=B;K!?<GHCh!.NNHJGC!:;!FHJA<;BJ<=S!GAH?F<=!<;I!:MGBJ<=!
M?:MH?GBHCS!(:FM:CBGHC!"<?G!'h!'MM=BHI!0JBH;JH!<;I!3<;DN<JGD?B;KS!d\h!de
Pea!&QRb_,V!a]V!XH??H?<S!1VS!2:JAS!XVS!0<=<EH
??B<S!'V3VS!"B;:
P#?H==<;<S!3V'VS!$<EBIBS!cVS!6H?;<;IHCS!0V(VS!
2<IBJS!+VS!$HBL<S'VS!<;I!
#@CF<;S!7VS!6D;JGB:;<=BZHI!E=:U;!NB=FC!:N!M=<CGBJBZHI!M:=9=<JGBJ!
<JBI-JABGB;!;<;:J:FM:CBGHh!"?HM<?<GB:;!<;I!JA<?<JGH?BZ<GB:;S!3<GH?B<=C!<;I!+HCBK;S!eQh!d]_
Pd`Q!&QRb_,V!a`V!4:;IHC:;S!+V!<;I!#@CF<;S!7VS!":=9=<JGBJ!<JBI-JH==D=:CH!UABC@H?!;<;:J:FM:CBGHC!F:IBNBHI!E9!
M:=9LB;9=!<=J:A:=
9%(:FM:CBGHC!"<?G!'h!'MM=BHI!0JBH;JH!<;I!3<;DN<JGD?B;KS!\dh!Q]d_
PQ]eQ!&QRRa,V!a_V!0ABS!fVS!kA:DS!(VS!%DHS!%VS!8D:S!5VS!5DS!%VS!<;I!5DS!fVS!3HJA<;BJ<=!M?:M
H?GBHC!<;I!B;!LBG?:!
IHK?<I<GB:;!:N!H=HJG?:CMD;!EB:
P;<;:J:FM:CBGH!F<GC!N?:F!"$'!<;I!JH==D=:CH!;<;:J?9CG<=CS!
(<?E:A9I?<GH!":=9FH?CS!eR&b,h!\Rb
P\Rd!&QRbQ,V!aaV!7<GB9<?S!1V!<;I!4<=<CDE?<F<;B<;S!7VS!1<;:
PAH<G
PCB;@!GAB;!NB=F!J:FM:CBGH!:N!"(-GA?HH
PIBFH;CB:;<=!;HGU:?@
HI!;<;:
PNDFHI!CB=BJ<!UBGA!HTODBCBGH!A9I?:MA:EBJBG9S!
JS>%8'*-)/+$
S!S&_,h!
]\a_P]\d]!&QRb`,V!aa!adV!#@CF<;S!7VS!'BG:F<@BS!%VS!3<GAHUS!'V"VS!0BODHB?<S!8VS!kA:DS!fVS!4DG9=B;<!0VS!)<;MBJA<BS!0VS!
kA:DS!gVS!X::CAF<;IS!0VS!2HLBHU!:N!GAH!?HJH;G!IHLH=:MFH;GC!B;!
JH==D=:CH!;<;:J:FM:CBGH!
M?:JHCCB;K
9!(:FM:CBGHC!"<?G!'h!'MM=BHI!0JBH;JH!<;I!3<;DN<JGD?B;KS!d\h!Q
Pbd!&QRb_,V!aeV!#=9FMDCS!)9MHC!:N!:MGBJ<=!FBCJ?:CJ:MHCS!2HG?BHLHI!N?:F!#=9FMDCh!AGGMCh--UUUV:=9FMDC
PBFCVJ:F-H;-FBJ?:CJ:MH-GH?FC-NH<GD?HbR
-V!'JJHCCHI!:;!'DKDCG!\RS!QR
QRV!dRV!3<??BC:;S!cVS!3<??B:GGS!"VS!<;I!#W)::=HS!"VS!
"G9JA:K?<MA9
P<!=<EH=!N?HHS!ABKA
PJ:;G?<CG!BF<KB;K!
GHJA;BODH!N:?!=BLH!JH==C!DCB;K!OD<;GBG<GBLH!MA<CH!B;N:?F<GB:;
S!0JBH;GBNBJ!2HM:?GCS!\h!Q\_e!
&QRb\,V!dbV!kA:DS!%VS!6DH;GHC
PXH?;<;IHZS!(VS!7A<;S!)V3VS!$BDS!cV(VS!XCD
S!cVS!0ABFS!cV5VS!+B;I<?S!'VS!
%:D;KE=::IS!cV"VS!3::;S!2VcVS!<;I!7BMMH=H;S!4VS!2HJ9J=<E=H!:?K<;BJ!C:=<?!JH==C!:;!JH==D=:CH!
;<;:J?9CG<=!CD?N<JHS!0JBH;GBNBJ!2HM:?GCS!\h!b`\_!&QRb\,V
!dQV![:=JA@:
S!cVS![BCBE=H!=BKAG!CMHJG?DFh!N?:F!<!=BKAGB;K!F<;DN<JGD?H?WC!MH?CMHJGBLHS!2HG?BHLHI!N?:F!
$DFBGHTh!
AGGMCh--UUUV=DFBGHTVJ:F-E=:K-LBCBE=H
P=BKAG
PCMHJG?DF
V!'JJHCCHI!:;!'DKDCG!\RS!
QRQRV!d\V!0B?<JDC<![VS!6::I!M<J@<KB;K!MH?FH<EB=BG9!EHA<LB:D?h!<!?HM:?GS!
*;GH?;<GB:;<=!c:D?;<=!:N!
":=9FH?!0JBH;JHS!QRbQh!b
Pbb!&QRbQ,V!d]V!2:C<G:S!
3V8V!<;I!2:C<G:S!+V[VS!
"=<CGBJC!IHCBK;!A<;IE::@
S!0M?B;KH?S!1HU!%:?@!&QRRb,V
!d`V!2:EH?GC:;S!8V$
VS!6::I!M<J@<KB;Kh!M?B;JBM=HC!<;I!M?<JGBJHS
!(2(!M?HCC
S!4:J<!2<G:;!&QRb\,V
!d_V!';I?<IH!"S2V+VS!$HFDC!3
S2VS!<;I
!"H?HZ!(S(V.V
S!3:IH=C!:N!C:?MGB:;!BC:GAH?FC!N:?!N::Ih!DCHC!
<;I!=BFBG<GB:;C
S![BG<HS!bd&\,h!\Q`
P\\]!&QRbb,V!daV!L<;!IH;!4H?KS!(V
S!"?:MH?GBHC!:N!U<GH?!B;!N::ICS!
0M?B;KH?
S!1HU!%:?@S!MM!bbe
Pb\b!&bed`,V!ddV!2<JAG<;<MD;S!"VS!0AH=N!=BNH!CGDI9!:N!C<=GHI!J?<J@H?C!B;
!M:DJA!E9!DCB;K!J:FMDGH?!CBFD=<GB:;!
F:IH=CS!(AB<;K!3<B!c:D?;<=!:N!0JBH;JHS!\]&Q,h!QRe
PQbd!&QRRa,V!deV!0B?M<G?<U<;S!/VS!0AH=N
P=BNH!CBFD=<GB:;!:N!M<J@<KHI!?BJH!J?<J@H?CS!c:D?;<=!:N!6::I!fD<=BG9S!
\Q&Q,h!QQ]
PQ\e!&QRRe,V!eRV!'Z<;A<S!'V4V!<;I!6<?B<S!cV'V6VS!/CH!:N!F<GAH
F<GBJ<=!F:IH=C!N:?!HCGBF<GB;K!GAH!CAH=N|=BNH!:N!
J:?;N=<@HC!B;!N=HTBE=H!M<J@<KB;KS!"<J@<KB;K!)HJA;:=:K9!<;I!0JBH;JHS!bd&],h!bab
Pbad!&QRR`,V!ebV!2:EH?GC:;S!8V$V!<;I!$HHS!+V0VS!(:FM<?BC:;!:N!=B;H<?!<;I!8'4!BC:GAH?FC!N:?!HCGBF<GB;K!GAH!
CAH=N!=BNH!:N!=:U!F:BCGD?H!N
::I!M<J@<KHI!B;!M=<CGBJ!NB=FCS!c:D?;<=!:N!6::I!.;KB;HH?B;KS!Qebh!
'?GBJ=H!bbR\ba!&QRQb,V
!eQV!7B=J?<CGS!
+V!<;I!0DE?<F<;B<FS!"VS!
6::I!<;I!EHLH?<KH!CG<EB=BG9
!<;I!CAH=N!=BNHS!5::IAH<I!
"DE=BCAB;KS!(<FE?BIKH!&QRbb,V
!!!ad!"#$%&'(!=
!CYLC-*ZC+,FI
!=1)!Z$&'(7$M<
!":=9&=<JGBJ,!<JBI!&"$'!]R]]+,
!UBGA!<!
FH=G!N=:U!?<GH!:N!\Ve`!K-bR!FB;!&beR
$(S!QVb_!@K,!<;I!
IH;CBG9!:N!bVQ]!K-JF
!S!:EG<B;HI!N?:F!1<GD?H5:?@C
@!$$(!&3B;;HG:;@<S!31,!U<C!DCHI!<C!GAH!?HCB;!
B;!GABC!CGDI9!i
bP\jV!)U:!K?<IHC!:N!HM:T9
PND;JGB:;<=BZHIS!6+'
P<MM?:LHI!M:=
9FH?BJ!JA<B;!HTGH;IH?C!
&(.,S!c:;J?9=!'+2
@!]]_d!<;I!]]RR!B;!GAH!C:=BI!N=<@H!N:?F!UH?H!DCHIS!UBGA!JA<?<JGH?BCGBJC!<;I!
=BCGHI!B;!)<E=H!
\VbV!6?HHZH
PI?BHI!JH==D=:CH!;<;:J?9CG<=C!UH?H!:EG<B;HI!N?:F!6:?HCG!"?:IDJGC!
$<E:?<G:?9!&QRbQ
P6"$P(1(
PR]\,V!)AHCH!(1(C!UH?H!M
?:IDJHI!E9!IBCC:=LB;K!U::I!MD=M!DCB;K!GAH!
CD=ND?BJ!<JBI!M?:JHCC!UBGA!<!M?:JHID?H!IHCJ?BEHI!H=CHUAH?H!i
]jV!)AH9!A<LH!IB<FHGH?C!<?:D;I!`!;F!
<;I!=H;KGAC!<?:D;I!bRR
P\RR!;F!i
`jV!!)<E=H!\V
b!"?:MH?GBHC!:N!JA<B;!HTGH;IH?C
V!!!L(3%'(&7'<
!"#$72!'R&'24'(![($4'<
!]]_d!]]RR!.M:T9!HODBL<=H;G!UHBKAG!
&K-F:=,
!\bR!]d`!3:=HJD=<?!UHBKAG!&K-F:=,
!aSQ`R!aSbRR!0MHJBNBJ!K?<LBG9S!Q`}(
!bVRd!bVRd!ae!=18!A$P%M'!P$25B$6&5(72[
!)AH!N:==:UB;K!CHJGB:;!IHCJ?BEHC!GAH!C<FM
=H!J:FM:D;IB;K!<;I!NB=F!
F<;DN<JGD?B;KV
!;"!"#$/2*3=2=(,-'$-.$/01N5:$A-63-+,(*+
$6B?CG=9S!HTMH?BFH;GC!UH?H!MH?N:?FHI!B;!<!G:?ODH!?AH:FHGH?!G:!HL<=D<GH!GAH!HNNHJGBLH;HCC!
<;I!HNNBJBH;J9!:N!GU:!FD=GBND;JGB:;<=!HM:T9!(.!K?<IHC!B;!JA<B;!HTGH;IB;K!"$'V!
"$'!MH==HGC!
<;I!
GAH!GU:!K?<IHC!:N!(.!=BCGHI!B;!)<E=H!
\Vb!UH?H!:LH;
PI?BHI!<G!`R
$(!N:?!<G!=H<CG!Q]!A:D?C!G:!?HF:LH!
F:BCGD?H!EHN:?H!J:FM:D;IB;KV
!(:FM:D;IB;K!:N!"$'!MH==HGC!UBGA!E:GA!K?<IHC!:N!FD=GBND;JGB:;<=!
HM:TBHC!G::@!M=<JH!B;!<;!H=HJG?BJ<==9!AH<GHI!_R!F=!GA?HH
PMBHJH!
B;GH?;<=!FBTH?-FH<CD?B;K!AH<I!&\hQ!
KH<?!?<GB:,!UBGA!J:D;GH?
P?:G<GB;K!?:==H?!CG9=H!FBTB;K!E=<IHC!&(V5V!4?<EH;IH?!*;CG?DFH;GCS!0:DGA!
X<J@H;C<J@S!1c,!<G!QRR
$(!N:?!`!FB;DGHC!UBGA!GAH!?:G:?!CMHHI!CHG!<G!\`!?MFV!'!`V_!@5!&aV`!AM,!
*;GH==B
P):?ODH!"=<CGB
P(:?IH?!G:?
ODH!?AH:FHGH?!&(V5V!4?<EH;IH?!*;CG?DFH;GC,!M:UH?HI!GAH!FBTH?!
ibS_SajV!)AH!FD=GBND;JGB:;<=!HM:T9!=:<IB;K!L<?BHI!N?:F!RVQ`!G:!b!UG^S!UBGA!<;!B;J?HFH;G!:N!RVQ`!
UG^V!6?:F!GABC!HTMH?BFH;GS!GAH!G:?ODH!<;I!CG:J@!GHFMH?<GD?H!I<G<!UH?H!?HJ:?IHI!<C!ND;JGB:;!:N!
FBTB;K!GBFH!<;I!<;<=9ZHI!G:!<CCHCC!GAH!HNNHJGBLH;HCC!:N!GAHCH!JA<B;!HTGH;IH?C!<;I!BIH;GBN9!GAH!F:CG!
HNNBJBH;G!:;HV
!0HJ:;I=9S!GAH!NH<CBEB=BG9!:N!DGB=BZB;K!GAH!F:CG!HNNBJBH;G!(.!B;!HTG?DCB:;
PE=:U;!"$'!NB=F!
M?:JHCCB;K!U<C!<CCHCCHI!E9!I?9
PE=H;IB;K!BG!<G!L<?B:D
C!J:;JH;G?<GB:;C!&R!G:!b!UG^,!UBGA!"$'!B;!<!
ABKA
PB;GH;CBG9!FBTH?!&4=H;IH?!3gbR`Rg)0!N?:F!5<?B;K!(:FFH?JB<=S!(<=A:D;S!8'S!/0',!<G!
QQSRRR!?MF!N:?!bR!C!i
bSQSdjV!)AH!J:FM:D;IHI!N:?FD=<GB:;C!B;!MH==HG!N:?F!UH?H!K?<LBG9
PNHI!B;G:!
GAH!A:MMH?!:N!<!be!FF!CB;K=H
PCJ?H
U!HTG?DIH?!&(V5V!4?<EH;IH?!*;CG?DFH;GC,!UBGA!<!=H;KGA
PG:PIB<FHGH?!?<GB:!:N!\Rhb!<;I!E=:U;!B;G:!NB=FC!<C!M?HLB:DC=9!IHCJ?BEHI!i
bP\SdPbRjV!0G<?GB;K!N?:F!GAH!
A:MMH?!G:!GAH!IBHS!GAH!GHFMH?<GD?H!M?:NB=H!:N!GAH!HTG?DIH?!U<C!CHG!<G!QRR
PQRRPQRRPQRR}(V!)AH!
dR!CMHHIC!:
N!GAH!HTG?DIH?WC!?:G<GB:;<=!CJ?HU!<;I!GAH!MD==
PDM!?:==H?C!N:?!NB=F!G<@H!:NN!UH?H!CHG!<G!\`!?MF!
<;I!]R!?MFS!?HCMHJGBLH=9S!UAB=H!<;!<B?!M?HCCD?H!:N!RV`ba!@"<!&RVRa`!MCB,!U<C!DCHI!G:!B;N=<GH!GAH!
NB=F!G:!<!E=:U
PDM!?<GB:!:N!`S!=H<IB;K!G:!
kRVRQa!FF!GABJ@!NB=FCS!
FH<CD?HI!E9!IBKBG<=!FBJ?:FHGH?!
ibP\SdPbRjV!;"!"!$/2*3=2=(,-'$-.$/01N5E5$A-63-+,(*+
$)AH!(1(C!UH?H!M?H
PE=H;IHI!B;!<!ABKA!B;GH;CBG9!FBTH?!<G!QQSRRR!?MF!N:?!<MM?:TBF<GH=9!b!
FB;DGH!G:!?HIDJH!GAHB?!CBZH!N?:F!GAH!?HJHBLHI!J<@H!G:!<!NB;H!M:UIH?V!
"$'!MH==HGC!<;I!(1
(C!UH?H!
:LH;
PI?BHI!<G!`R
$(!N:?!<G!=H<CG!Q]!A:D?C!G:!?HF:LH!F:BCGD?H!EHN:?H!J:FM:D;IB;K!GA?:DKA!GAH!
N:==:UB;K!G
U:!IBNNH?H;G!<MM?:<JAHC!:N!B;J:?M:?<GB;K!(1(C!B;G:!GAH!"$'!F<G?BTV
!G<C<C<D%R#5+/!%'5(
@42+)'#),%MRHN
%)AH!IB?HJG!I?9
PE=H;IB;K!:N!L<?9B;K!
<F:D;GC!:N!(1(C!&RY!RV`Y!bY!bV`!<;I!Q!UG^,!B;G:!"$'!
U<C!J<??BHI!:DG!B;!<!ABKA!B;GH;CBG9!FBTH?!<G!QQSRRR!?MF!N:?!<MM?:TBF<GH=9!b!FB;DGHV!)AH!
J:FM:D;IHI!F<GH?B<=C!UH?H!GAH;!DCHI!G:!F<;DN<JGD?H!E=:U;!NB=F!<C!IHCJ?BEHI!EH=:UV
!6?:F!GAH!M?H=BFB;<?9!U:?@!N:?!GAH!
IB?HJG!I?9
PE=H;IB;K!M?:JHCCS!b!UG^!(1(!U<C!
IHGH?FB;HI!<C!GAH!BIH<=!J:;JH;G?<GB:;!<;I!U<C!DCHI!N:?!GAH!;HTG!CHJGB:;!&0HJGB:;!\VQVQVQ!3H=G!
E=H;IB;K,!idjV
!G<C<C<C%F+2!%42+)'#),%:50/+$$%MFHN
%3BTB;K!GHFMH?<GD?HS!CMHHI!<;I!GBFH!<NNHJG!GAH!IBCMH?CB:;!:N!<IIBGBLHC
!B;G:!M:=9FH?!
F<G?BJHC!i
bbjV!4=H;IB;K!:N!(1(C!UBGA!"$'!G::@!M=<JH!B;!<;!H=HJG?BJ<==9!AH<GHI!_R!F=!GA?HH
PMBHJH!
B;GH?;<=!FBTH?-FH<CD?B;K!AH<I!&\hQ!KH<?!?<GB:,!UBGA!J:D;GH?
P?:G<GB;K!?:==H?!CG9=H!FBTB;K!E=<IHC!
db!&(V5V!4?<EH;IH?!*;CG?DFH;GCS!0:DGA!X<J@H;C<J@S!1c,
!<G!b_R
$(!N:?!\!FB;DGHC!UBGA!GAH!?:G:?!CMHHI!
CHG!<G!\R!?MFV!'!`V_!@5!&aV`!AM,!*;GH==B
P):?ODH!"=<CGB
P(:?IH?!):?ODH!2AH:FHGH?!&(V5V!4?<EH;IH?!
*;CG?DFH;GCS!0:DGA!X<J@H;C<J@S!1c,!M:UH?HI!GAH!FBTH?V!)AHCH!M?:JHCCB;K!J:;IBGB:;C!UH?H!
:MGBFBZHI!B;!:D?!M?H=BFB;<?9!
CGDI9V!
'C!M?HLB:DC=9!FH;GB:;HIS!G
AH!(1(!=:<IB;K!U<C!NBTHI!<G!b!
UG^S!UABJA!U<C!IHGH?FB;HI!<C!GAH!BIH<=!J:;JH;G?<GB:;!N?:F!:D?!M?H=BFB;<?9!U:?@!i
djV!)AH!
J:FM:D;IHI!F<GH?B<=C!UH?H!N?:ZH;!N:?!<G!=H<CG!Q]!A:D?C!<;I!GAH;!MD=LH?BZHI!DCB;K!<!
)A:F<C
P5B=H9!
$<E:?<G:?9!3B==
P3:IH=!]!&'VXV!)A:F<C!(:VS!"AB=<IH=MAB<S!"',!UBGA!<!CJ?HH;!FHCA!CBZH!:N!Q!FF!
<;I!GAH;!E=:U;!B;G:!<!NB=F!<C!IHCJ?BEHI!B;!GAH!N:==:UB;K!CHJGB:;CV
!G<C<C<G%678=>?>%.
#21%1-)&.-/!&5#),
%1H<G!"$'!MH==HGC!<;I!GAH!J:FM:D;IHI!F<GH?B<=C!&(1
(!NB==HI!"$'!M?:JHCCHI!E9!IB?HJG!I?9
P!<;I!FH=G
PE=H;IB;K,!IHCJ
?BEHI!<E:LH!
UH?H!E=:U;!B;G:!NB=FC!DCB;K!<
!be!FF!CB;K=H!CJ?HU!HTG?DIH?!
&(V5V!4?<EH;IH?!*;CG?DFH;GCS!0:DGA!X<J@H;C<J@S!1c,
S!M:UH?HI!E9!<!\Va\!@B=:U<GG!&`!AM,!"?HM!
(H;GH?
@!+`Q
!&(V5V!4?<EH;IH?!*;CG?D
FH;GCS!0:DGA!X<J@H;C<J@S!1c,V!)AH!HTG?DIH?!A<I!<!
=H;KGA
PG:PIB<FHGH?!?<GB:!:N!\Rhb!<;I!U<C!NBGGHI!UBGA!<;!<;;D=<?!IBH!:N!IB<FHGH?!Q`V]!FF!<;I!IBH!:MH;B;K!:N!
RVdde!FFV!'!LH;GB;K!CB;K=H
PCG<KH!FBTB;K!CJ?HU!&QV_\hb!J:FM?HCCB:;!?<GB:,!UBGA!<!G:?MHI:!CJ?HU!
GBM!&\
`!IHK?HHC,!U<C!DCHI!ID?B;K!M?:JHCCB;KV!0G<?GB;K!N?:F!GAH!A:MMH?!G:!GAH!IBHS!GAH!GHFMH?<GD?H!
M?:NB=H!:N!GAH!HTG?DIH?!U<C!CHG!<G!bdR
PbdRPbdRPbdR$(V!)AH!?:G<GB:;<=!CJ?HU!CMHHI!:N!GAH!HTG?DIH?!
U<C!CHG!<G!\`!?MF!UAH?H<C!GAH!CMHHI!:N!G<@H
PDM!?:==H?C!N:?!I?<UB;K!
GAH!NB=F!DMU<?I!U<C!CHG!<G!]R!
?MFV!';!B;GH?;<=!<B?!M?HCCD?H!:N!RV`ba!@"<!&RVRa`!MCB,!U<C!DCHI!G:!B;N=<GH!GAH!NB=FV!)AH!E=:U
PDM!?<GB:!:N!GAH!NB=FS!IHNB;HI!<C!GAH!?<GB:!:N!GAH!IB<FHGH?!:N!GAH!NB;<=!GDED=<?!NB=F!G:!GAH!IB<FHGH?!:N!GAH!
<;;D=<?!IBHS!U<C!J<=JD=<
GHI!<C!`V!
)AH!<LH?<KH!GABJ@;HCC!U<C!FH<CD?HI!<C!tRVRQa!FF!<G!bR!?<;I:F!
=:J<GB:;C!<=:;K!GAH!NB=F!DCB;K!<!IBKBG<=!FBJ?:FHGH?!&F:IH=!]e
PaR!N?:F!)3*S!2:;@:;@:F<S!1%S!
/0',!UBGA!<!?HC:=DGB:;!:N!RVRRb!FF!i
bP\SdSejV!dQ!=1=!L(3%'(&?!';$M5$&732
!;";"#$O-82,*2$(2='+.-26$
,'.2=2*9$+3*A(2-+A-3&$PO@QRS
$G<G<D<D%PEQJ%0.%678=>Y%42+)'$
%(A<B;!HTGH;CB:;!?H<JGB:;C!EHGUHH;!"$'!<;I!(.!B;!E=H;IC!J:;G<B;B;K!L<?B:DC!<F:D;GC!:N!
JA<B;!HTGH;IH?C!J:FM:D;IHI!B;!<;!B;GH?;<=!FBTH?!UH?H!CGDIBHI!GA?:DKA!6:D?BH?!G?<;CN:?F!B;N?<?HI!
CMHJG?:CJ:M9!DCB
;K!<!0ABF<IZD!*2!'NNB;BG9!b0!B;N?<?HI!CMHJG?:MA:G:FHGH?!&0ABF<IZD!
(:?M:?<GB:;S!79:G:S!c<M<;,!B;!<GGH;D<GHI!G:G<=!?HN=HJG<;JH!&')2,!F:IHV!.<JA!CMHJG?DF!U<C!
:EG<B;HI!UBGA!G?B<;K=H!<M:IBZ<GB:;!DCB;K!_]!CJ<;C!B;!GAH!?<;KH!:N!]RRR
P]RR!JF
%&S!<G!<!
U<LH=H;KGA!
?HC:=DGB:;!:N!]!JF
%&!ibjV!)AH!CMHJG?<!UH?H!CF::GAH;HI!UBGA!GAH!E:TJ<?!CF::GA!FHGA:I!DCB;K!a!
CF::GA!M:B;GC!<;I!G?D;J<GHI!N?:F!`RR
PQRRR!JF
%&!G:!CGDI9!GAH!?HKB:;!:N!B;GH?HCG!DCB;K!5B;6*20)!
C:NGU<?H!N?:F!)AH?F:!1BJ:=HG!&3<IBC:;S!5*,V!)AH!J:FM:D;IHI!
F<GH?B<=C!UH?H!J:FM?HCCB:;!
F:=IHI!B;G:!IBC@C!EHN:?H!<;<=9CBCV
!G<G<D<C%PEQJ%0.%678%-)'%678=DZ%>?>%/01:0$#!+%.#21$%:5+:-5+'%4(%40!"%RH%-)'%FH%:50/+$$+$
%*;N?<?HI!CMHJG?<!:N!"$'!<;I!"$'-b^!(1(!J:FM:CBGH!NB=FC!M?HM<?HI!E9!E:GA!IB?HJG!I?9
P!<;I!FH=G!E=H;IB;K!M?:J
HCCHC!UH?H!J:==HJGHI!DCB;K!GAH!<N:?HFH;GB:;HI!CMHJG?:MA:G:FHGH?!G:!LH?BN9!
GAHB?!FHJA<;BCF!:N!IHK?<I<GB:;V!0MHJG?<!:N!NB=FC!UH?H!:EG<B;HI!DCB;K!J:;IBGB:;C!M?HLB:DC=9!
IHCJ?BEHIV!6B=FC!:N!CBFB=<?!GABJ@;HCC!&t!RVRbd!FF,!UH?H!I?BHI!N:?!Q]!A:D?C!B;!<;!:LH;!<G!`R
$(!M?B:?!G:!GHCGB;KV!)AH!GABJ@;HCC!:N!C<FM=HC!U<C!@HMG!J:;CG<;G!G:!<==:U!J:FM<?BC:;!:N!IBNNH?H;G!
CMHJG?<!CB;JH!GAH!MH<@!B;GH;CBG9!:N!<!6)*2!<EC:?MGB:;!E<;I!BC!IHMH;IH;G!:;!GAH!M<GA!=H;KGA!:N!
B;N?<?HI!=BKAGS!BVH
VS!C<FM=HWC!GABJ@;HCCV
!d\!)AH!MH<@!AHBKAGC!&MH<@!
B;GH;CBG9,!UH?H!<;<=9ZHI!UBGA:DG!CF::GAH;B;K!:?
!E<CH=B;H!
J:??HJGB:;V
!)AH!MH<@!B;GH;CBG9!<G!e`a!JF
%&S!<CCBK;HI!G:!GAH!#
PX!LBE?<GB:;C!B;!J<?E:T9=!K?:DMCS!<!
M:GH;GB<=!M?:IDJG!:N!JA<B;!CJBCCB:;!:N!"$'S!U<C!JA:CH;!G:!J<=JD=<GH!GAH!J<?E:T9=!B;IHT!N:?!H<JA!
NB=F!i
bSbQSb\jV!)ABC!MH<@!U<C!;:?F<=BZHI!DCB;K!GAH!B;GH;CBGBHC!:N!?HNH?H;JH!MH<@C!<G!Qee]!JF
%&!<;I!
Qe]`!JF
%&S!J:??HCM:;IB;K!G:!CG?HGJAB;K!LBE?<GB:;C!:N!(
PX!B;!C<GD?<GHI!A9I?:J<?E:;CS!EHJ<DCH!GAH9!
JA<;KHI!GAH!=H<CG!ID?B;K!GAH?F<=!IHK?<I<GB:;!IDH!G:!M?:JHCCB;KV
!)AH!J<?E:T9=!B;IHT!N:?!H<JA!NB=F!
U<C!J<=JD=<GHI!DCB;K!GAH!N:==:UB;K!HOD<GB:;!i
bSbQSb\jh!!CJlLmno:Dp'PqnD#D
8:;<8=!&.OD<GB:;!\Vb,
!!UAH?H!*
AB1!BC!GAH!MH<@!B;GH;CBG9
!<G!e`a!JF
%&!<;I!*
;!BC!GAH!MH<@!B;GH;CBG9!:N!?HNH?H;JH!MH<@!<G!
Qee]!JF
%&!:?!Qe]`!JF
%&V!0<FM=HC!UH?H!GHCGHI!B;!G?BM=BJ<GHC
!ibjV!;";"!$T*7$3*26*=(,-'$A)2-6=(-D2=3)&
$)AH!;DFEH?!<LH?<KH!&3
+,S!UHBKAG!<LH?<KH!F:=HJD=<?!UHBKAG!&3
(,!<;I!LBCJ:CBG9!<LH?<KH!
F:=HJD=<?!UHBKAG!&3
5,!:N!"$'
S!"$'-(.!<;I!"$'-(1(!NB=FCY!"$'-(.!F<GH?B<=C!J:FM:D;IHI!B;!
<;!B;GH?;<=!FBTH?Y!<C!UH==!<C!D;M?:JHCCHI!"$'!MH==HGC!<;I!"$'!MH==HGC!CDE>HJGHI!G:!IB?HJG!I?9
P!<;I!
FH=GPFBTB;K!UH?H!FH<CD?HI!E9!8"(!DCB;K!<!5<GH?C!B;CG?DFH;G!&5<GH?C!b`b`S!5<GH?CS!3B=N:?IS!
3',!HODB
MMHI!UBGA!<!CH?BHC!:N!X2!0G9?<KH=~!J:=DF;C!&X2]S!X2\S!X2Q!FF!&*V+,,!<;I!
<!2HN?<JGBLH!*;IHT!&2*,!IHGHJG:?!&5<GH?C!Q]b]S!5<GH?CS!3B=N:?IS!3',V!)AH!GHCG!U<C!J:;IDJGHI!<G!
<!N=:U!?<GH!:N!b!F=-FB;!<G!\`
$(!DCB;K!GAH!3<?@
PX:DUB;@!J:??HJGHI!J:;CG<;G!7!u!RV
RRRba]!F=-K!
<;I!
%!u!RVa\_!N:?!"$'!C:=DGB:;!B;!'(0!2H<KH;G!8?<IH!&eeVee^!MD?H,!GHG?<A9I?:ND?<;!&)X6,V!
":=9CG9?H;H!&"0,!CG<;I<?IC!?<;KB;K!EHGUHH;!QVe
)bR!!G:!\V_]
)bRC!I<=G:;C!&+<,!UH?H!DCHI!N:?!
d]!J<=BE?<GB:;V!'MM?:TBF<GH=9!QR!FK!:N!C<FM=H!U<C!IBCC:=LHI!B;!bR!
F=!:N!)X6V!)AH!C<FM=HC!UH?H!
GAH;!NB=GH?HI!<;I!G?<;CNH??HI!B;G:!Q!F=!K=<CC!LB<=CV!'!C9?B;KH!U<C!DCHI!G:!B;>HJG!bRR•=!C<FM=HC!N?:F!
GAH!LB<=!B;G:!GAH!8"(V!)AH!IHGHJG:?!<;I!J:=DF;!UH?H!F<B;G<B;HI!<G!\`
$(V!)AH!:EG<B;HI!I<G<!U<C!
<;<=9ZHI!DCB;K!GAH!4?HHZH!C:NGU<?
H!&LH?CB:;!\V\R!0"'S!QRRQ,!&5<GH?CS!3B=N:?IS!3'S!/0',V!
0<FM=HC!UH?H!GHCGHI!B;!G?BM=BJ<GHC!i
bS\jV!;";";$I*7($.7-U$,'9*>$PIOQS
$)AH!
FH=G!N=:U!B;IHT!&36*,!<;I!
FH=G!IH;CBG9!&s
-,!:N!"$'!<C!UH==!<C!"$'-(.!E=H;IC!
J:FM:D;IHI!B;!<;!B;GH?;<=!FBTH?!
UH?H!FH<CD?HI!DCB;K!<!3H=G!*;IHTH?!&F:IH=!$3*!]RRR,!CDMM=BHI!
E9!+9;BCJ:!":=9FH?!)HCGB;K!&6?<;@=B;S!3',V!3HGA:IC!'!<;I!4!:DG=B;HI!B;!'0)3!bQ\d!UH?H!
HFM=:9HI!CBFD=G<;H:DC=9!G:!FH<CD?H!GAH!36*!<
;I!FH=G!L:=DFH!?<GH!&3[2,V!)A?HH!?HM=BJ<GHC!N:?!
H<JA!C<FM=H!UH?H!GHCGHI!<G!beR
$(!UBGA!<!IH<I!=:<I!:N!QVb_!@KV!)ABC!B;N:?F<GB:;!U<C!GAH;!DCHI!G:!
J<=JD=<GH!GAH!s
-!:N!GAH!C<FM=HC!DCB;K!GAH!N:==:UB;K!HOD<GB:;!i
eSbRjh!!1>D#D678
6r4
!&.OD<GB:;!\VQ,
!!)AH!36*!<;I!
s-!UH?H!GAH;!DCHI!
G:!:EG<B;!GAH!ZH?:
PCAH<?!LBCJ:CBG9!&
!#,!DCB;K!GAH!N:==:UB;K!
HOD<GB:;!i
eSbRjh!!"$#1%2324&52678
2924'"#Vs5tVuA1%23678
!&.OD<GB:;!\V\,
!!d`!UAH?H!2!&bVR]a`!FF,!BC!GAH!E:?H!?<IBDC!:N!GAH!IBHS!2
6!&]Vaa`!FF,!BC!GAH!E:?H!?<IBDC!:N!GAH!
J9=B;IH?!UAH?H!GAH!M:=9FH?!FH=GCS!$!&d!FF,!BC!GAH!=H;KGA!:N!GAH!IBH!<;I!5!&Qb_R!K,!BC!GAH!<MM=BHI!
IH<I!=:<IV
!;";"4$V,..*2*'(,=7$+A='','D$A=7-2,6*(2&$PV%5S
$+BNNH?H;GB<=!CJ<;;B;K!J<=:?BFHG?9!&+0(,
!U<C!MH?N:?FHI!
:;!<G!=H<
CG!GA?HH!C<FM=HC!&H<JA!
UHBKAB;K!_
PbR!FK,!:N!"$'S!"$'-(.!<;I!"$'-(1(!NB=FC!<C!UH==!<C!"$'-(.!F<GH?B<=C!
J:FM:D;IHI!B;!<;!B;GH?;<=!FBTH?
!DCB;K!<!fbRR!B;CG?DFH;G!&)'!*;CG?DFH;GCS!1HU!(<CG=HS!+.,!B;!
<JJ:?I<;JH!UBGA!'0)3!+\]bdV!)AH!+0(!JH==!U<C!MD?KHI!UBGA!=BODB
I!;BG?:KH;!N=:UB;K!<G!aR!
F=-FB;V!.<JA!GHCG!HFM=:9HI!_
PbR!FK!:N!C<FM=H!GHCGHI!UBGA!<!CHG!:N!AH<GB;K!<;I!J::=B;K!J9J=HCV!
)AH!C<FM=HC!UH?H!AH<GHI!N?:F!Q`
$(!G:!QRR
$(!<G!<!?<FM!?<GH!:N!bR
$(-FB;!<;I!AH=I!<G!QRR
$(!N:?!`!
FB;DGHC!G:!H?<CH!GAHB?!GAH?F<=!ABCG:?9V!0DE
CHODH;G=9S!GAH!C<FM=HC!UH?H!J::=HI!G:!Q`
$(!<;I!?HAH<GHI!
G:!QRR
$(!<G!GAH!C<FH!?<FM!?<GHV!)AH!K=<CC!G?<;CBGB:;!GHFMH?<GD?H!&)
/,S!J:=I!J?9CG<==BZ<GB:;!
GHFMH?<GD?H!&)
7,S!FH=G!MH<@!GHFMH?<GD?H!&)
-,S!H;GA<=M9!:N!GAH!J:=I!J?9CG<==BZ<GB:;!M?:JHCC!&†X
7,!<;I!FH=GB;K
!MH<@C!&†X
-,!UH?H!IHGH?FB;HI!DCB;K!GAH!C:NGU<?H!/;BLH?C<=!';<=9CBC!QRRRS![]V`!&)'!
*;CG?DFH;GCS!+H=<U<?H,V!
)AH!MH?JH;G<KH!J?9CG<==B;BG9!&^!‡
7,!U<C!J<=JD=<GHI!N?:F!E:GAS!GAH!NB?CG!<;I!
CHJ:;I!AH<G!CJ<;C!DCB;K!GAH!N:==:UB;K!HOD<GB:;!ib
P\SeSbRSb]Sb`jh!!Ev?#gK%GgK?gK%@Aw)G&Ex?
DC`Cy)II*zA)II!&.OD<GB:;!\V],
!!UAH?H!^UG!(1(!BC!GAH!G:G<=!UHBKAG!MH?JH;G<KH!:N!(1(!&b!UG^,V!)AH!FH=G!H;GA<=M9!:N!<!
CMAH?D=BGH!:N!B;NB;BGH!CBZH!&†X
-D,!DCHI!N:?!"$'!U<C!e\!c-K!ib
P\SeSbRSb]Sb`jV!0BT!C<FM=HC!UH?H!
GHCGHI!N:?!H<JA!F<GH?B<=
V!d_!;";"?$@)*26-D2=C,6*(2,A$='=7&+,+$P@T1S
$1:;
PBC:GAH?F<=!<;I!BC:GAH?F<=!)8'!FH<CD?HFH;GC!:N!GAH!;H<G!"$'!<;I!"$'-(1(!J:FM:CBGH!
NB=FC!UH?H!MH?N:?FHI!DCB;K!<!f`RR!GAH?F:K?<LBFHG?BJ!<;<=9ZH?!&)'!*;CG?DFH;GCS!1HU!(<CG=HS!
+.,!:;!
C<FM=HC!UHBKAB;K!EHGUHH;!_
PbR!FKV!6:?!;:;
PBC:GAH?F<=!)8'S!GAH!C<FM=HC!&B;!G?BM=BJ<GHC,!
UH?H!AH<GHI!N?:F!Q`
$(!G:!aRR
$(!<G!<!?<FM!?<GH!:N!bR
$(-FB;!D;IH?!;BG?:KH;!<GF:CMAH?H!&]R!
F=-FB;,V!*;!J:;G?<CGS!GAH!C<FM=HC!UH?H!AH<GHI!G:!bdR
$(!<G!<!?<GH!:N!bdR
$(-FB;!<;I
!AH=I!BC:GAH?F<=!
N:?!\RR!FB;DGHC!D;IH?!GAH!C<FH!;BG?:KH;!<GF:CMAH?H!N:?!BC:GAH?F<=!)8'
!ibjV!;";"H$0,D)($6,A2-+A-3&
$"$'!<;I!"$'-(1(!J:FM:CBGH!NB=FC!UH?H!:ECH?LHI!DCB;K!<;!#=9FMDC!4g]b!:MGBJ<=!
FBJ?:CJ:MH!&#=9FMDCS!(H;GH?![<==H9S!"',!HODBMMHI!UBGA!<!J<FH?<!&#
=9FMDC!fJ:=:?\,V!
'IIBGB:;<==9S!GAH!NB=FC!UH?H!<=C:!:ECH?LHI!DCB;K!<!7H9H;JH![Xg
P_RR.!&7H9H;JH!(:?M:?<GB:;S!
#C<@<S!c<M<;,!FBJ?:CJ:MH!HODBMMHI!UBGA!<!7H9H;JH![X
PkbRR2!=H;C!G:!F:;BG:?!GAH!IBCG?BEDGB:;!
<;I!IBCMH?CB:;!:N!(1(C!B;G:!GAH!"$'!NB=F!ib
P\jV!;";"J$<7(2=C,-7*(
GC,+,F7*$P<W
GW,+S$+3*A(2-+A-3&
$'!/[
P[BCBE=H!CMHJG?:MA:G:FHGH?!"H?@B;
P.=FH?!$<FEI<!Q`!&"H?@B;
P.=FH?!*;CG?DFH;GCS!
4H<J:;CNBH=IS!/7,!U<C!DCHI!G:!?HJ:?I!GAH!G?<;CFBGG<;JH!:N!"$'!<;I!"$'-(1(!J:FM:CBGH!NB=FCV!
)AH!/[
P[BCBE=H!CMHJG?<!UH?H!:EG<B;HI!:LH?!<!U<
LH=H;KGA!?<;KH!:N!QRR!G:!eRR!;F!<G!<!CJ<;!?<GH!:N!
Q]R!;F-FB;V!6:?!H<JA!CMHJG?DFS!GAH!<LH?<KH!=BKAG!G?<;CFBCCB:;!L<=DH!?HM:?GHI!U<C!HCGBF<GHI!E9!
<LH?<KB;K!GAH!MH?JH;G!=BKAG!G?<;CFBCCB:;!L<=DHC!B;!GAH!LBCBE=H!?<;KHS!BVHVS!N?:F!\dR!G:!aQR!;F!
U<LH=H;KGAV!)A?HH
!?HM=BJ<GHC!UH?H!GHCGHI
!ibP\jV!da!;";"L$R*+,9*'A*$(,6*$-.$/01N5:$F7*'9+$,'$()*$*>(289*2
$)AH!?HCBIH;JH!GBFHC!:N!JA<B;
PHTGH;IHI!"$'!J:FM:D;IC!B;!GAH!CB;K=H
PCJ?HU!HTG?DIH?!UH?H!
HCGBF<GHI!N?:F!GAHB?!?HCBIH;JH!GBFH!IBCG?BEDGB:;!&2)+,!JD?LHCV!)AHCH!2)+!JD?LHC!N:?!"
$'-(.!
E=H;IC!UH?H!:EG<B;HI!E9!B;G?:IDJB;K!J<?E:;!E=<J@!<C!<!G?<JH?!B;G:!GAH!NHHI!CG?H<F!:N!GAH!HTG?DIH?!
ID?B;K!E=:U;!NB=F!F<;DN<JGD?H!DCB;K!M?:JHCCB;K!J:;IBGB:;C!M?HLB:DC=9!IHCJ?BEHIV!'!J:;CG<;G!
<F:D;G!:N!J<?E:;!E=<J@!&`R!FK,!U<C!IB?HJG=9!NHI!B;G:!GAH!CB;K
=H!CJ?HU!HTG?DIH?!B;CG<;G<;H:DC=9!
:;JH!GAH!NB=FC!UH?H!B;N=<GHI!G:!<!CG<E=H!E=:U
PDM!?<GB:!:N!`V!6B=FC!UH?H!J:==HJGHI!HLH?9!b`!C!<;I!
G?<JH?!J:;JH;G?<GB:;C!B;!GAH!NB=FC!IHGH?FB;HI!DCB;K!<!/[
P[BC!CMHJG?:MA:G:FHGH?!&"H?@B;
P.=FH?!
$<FEI<!Q`S!"H?@B;
P.=FH?!*;CG?DFH
;GCS!4H<J:;CNBH=IS!/7,S!D;GB=!GAH!E=<J@!J:=:?!BFM<?GHI!E9!GAH!
G?<JH?!LBCD<==9!IBC<MMH<?HI!&<MM?:TBF<GH=9!\R!FB;DGHC,V!0B;JH!J<?E:;!E=<J@!<EC:?EC!=BKAG!
GA?:DKA:DG!GAH!LBCBE=H!=BKAG!?<;KH!&\dR
PaQR!;F,S!/[
P[BC!CMHJG?<!UH?H!:EG<B;HI!:LH?!<!?<;I:F=9!
CH=HJGHI!U<
LH=H;KGA!?<;KH!:N!]dR
P`QR!;F!<G!<!CJ<;!?<GH!:N!bQR!;F-FB;!EDG!GAH!G?<JH?!J:;GH;GC!UH?H!
IHGH?FB;HI!<G!<!NBTHI!U<LH=H;KGA!:N!`RR!;F!i
bSQSb_PbdjV!)AH!:EG<B;HI!G?<JH?!J:;JH;G?<GB:;C!UH?H!
M=:GGHI!<C!<!ND;JGB:;!:N!C<FM=B;K!GBFHC!N:?!H<JA!NB=F!G:!IHLH=:M!BGC!2)+!
JD?LHV
!;";"X$O=77,'D$9=2($,63=A($+(2*'D()
$*FM<JG!CG?H;KGA!:N!GAH!NB=FC!U<C!IHGH?FB;HI!DCB;K!$<EGAB;@!6+*
PRb!6<==B;K!+<?G!*FM<JG!
)HCGH?!&$<EGAB;@!*;GH?;<GB:;<=S!*;JVS!3HIN:?IS!3'S!/0',!B;!<K?HHFH;G!UBGA!FHGA:I!'!IHCJ?BEHI!
B;!'0)3!+baRe!UBGA!C=BKAG!F:IBNBJ<G
B:;CV!'!JDCG:FBZHI!bR!K!I<?G!UBGA!IB<FHGH?!:N!\dVQ!FF!U<C!
I?:MMHI!N?:F!<!AHBKAG!:N!RV\\!F!&b\!B;,!:;G:!N:D?!=<9H?C!:N!GAH!NB=F!CMHJBFH;C!CHJD?HI!E9!J=<FM!
?B;KC!UBGA!<;!B;CBIH!IB<FHGH?!:N!a_VQ!FFV!)AH!NB=FC!UH?H!GAH;!<CCHCCHI!<C!N<B=!:?!;:;
PN<B=V!w6<B=D?Hx!
?HNH?C!G:!GAH!NB=F!?DMGD?H!<==:UB;K!GAH!ND==!MH;HG?<GB:;!:N!GAH!I<?G!GA?:DKA!GAH!NB=FCS!<;I!w;:;
PN<B=D?Hx!B;IBJ<GHC!GAH!NB=FC!CDCG<B;!GAH!B;GHK?BG9!G:!A:=I!GAH!I<?GV!)HCGB;K!N:==:UHI!<!CG<B?
PCGHM!
dd!<MM?:<JA!UBGA!GAH!B;J?HFH;G!:N!I<?G!UHBKAG!:N!`!KS!FH<;B;K!G
A<G!GAH!UHBKAG!:N!GAH!I<?G!B;J?H<CHI!
E9!`!K!BN!w;:;
PN<B=x!:JJD??HI!:?!IHJ?H<CHI!E9!`!K!B;!J<CH!:N!NB=F!N<B=D?HV!.<JA!GHCG!?HODB?HI!GAH!
:JJD??H;JH!:N!<G!=H<CG!GH;!N<B=C!<;I!GH;!;:;
PN<B=C!G:!J:FM=HGH!<;I!KH;H?<GHI!GAH!N<B=D?H!UHBKAG!<C!<!
FH<CD?HFH;G!:N!BFM<J
G!CG?H;KGAV!)ABC!CGDI9!HFM=:9HI!<G!=H<CG!GA?HH!GHCG!?HM=BJ<GHC!N:?!H<JA!NB=F!
J:FM:CBGB:;!i
bejV!;";"#Y$Z=(*2$C=3-2$3*26*=F,7,(&$PZW/S
$)AH!U<GH?!L<M:?!G?<;CFBCCB:;!?<GH
!&5[)2,!:N!GAH!"$'-(1(!NB=FC!U<C!FH<CD?HI!
K?<LBFHG?BJ<==9S!<JJ:?IB;K!G:!GAH!IHCBJJ<;G!FHGA:I!B;!'0)3!.!e_V!6B=F!C<FM=HCS!B;!?HM=BJ<GHC!:N!
<G!=H<CG!`S!UH?H!FHJA<;BJ<==9!CH<=HI!:;G:!\-]z!IHMGA!L<M:FHGH?!JDM!<CCHFE=BHCS!UHBKAHI!<;I!
M=<JHI!B;!<!J:;G?:==HI!ADFBI
BG9!JA<FEH?!CHG!<G!L<?B:DC!GHFMH?<GD?H!<;I!?H=<GBLH!ADFBIBG9!&2X,!
J:;IBGB:;C!<C!IHCJ?BEHI!EH=:UV!)AH!JDMC!UH?H!?HF:LHI!N?:F!GAH!JA<FEH?!<;I!UHBKAHI!G:!GAH!
;H<?HCG!RVRRRb!K!<NGH?!Q]!A:D?C!G:!IHGH?FB;H!GAH!<F:D;G!:N!U<GH?!L<M:?!MH?FH<GB;K!GA?:DKA!GAH!
NB=F!<;
I!EHB;K!<EC:?EHI!E9!GAH!IHCBJJ<;G!&<;A9I?:DC!J<=JBDF!CD=N<GH,V!)AH!JA<;KH!B;!GAH!UHBKAG!
:N!JDMC!U<C!DCHI!G:!J<=JD=<GH!GAH!U<GH?!L<M:?!G?<;CFBCCB:;!?<GH!&5[)2,!<C!N:==:UC!ibSQSdjh
!!3rT4
#g3?{;!&.OD<GB:;!\V`,
!!UAH?H!v5!BC!GAH!UHBKAG!K<B;!:N!GAH!JDMC!<G!GBFH!G!&Q]!A:D?C,Y!<;I!'!BC!GAH!HNNHJGBLH!<?H<!:N!
HTM:CHI!NB=F!&\bV_a!
)!bR%E!F0,V!6:?!GAH!"$'!<;I!"$'-(1(!&+4,!NB=FCS!GAH!B;N=DH;JH!:N!GHFMH?<GD?H!U<C!CGDIBHI!DCB;K!
N:D?!IBNNH?H;G!GHFMH?<GD?HC!&bR
$(S!ba
$(S!Q\
$(!<;
I!\b
$(,!<G!<!J:;CG<;G!2X!:N!d`^S!UAH?H<C!GAH!
de!HNNHJG!:N!2X!J:;GH;G!U<C!HL<=D<GHI!<G!Q\
$(!B;!GAH!?<;KH!:N!`R^!G:!d`^!UBGA!a^!B;J?HFH;GCS!E:GA!
GHCGB;K!J:;IBGB:;C!KH;H?<GB;K!IBNNH?H;G!M<?GB<=!U<GH?!L<M:?!M?HCCD?HC!iQjV
!)AH!:EG<B;HI!5[)2!L<=DHC!UH?H!;:?F<=BZHI!
E9!GAH!GABJ@;HCC!&=,!<;I!IBNNH?H;JH!B;!M<?GB<=!
M?HCCD?H!:N!MH?FH<;G!<J?:CC!GAH!C<FM=H!&
,!G:!J<=JD=<GH!GAH!5["h
!!3r,
#3rT4
A:g<#3rT4
A:<3G<"#3rT4
A:,(#6
2&4K4A6G4K)8*!&.OD<GB:;!\V_,
!!UAH?H!
!<;I!
!<?H!GAH!M<?GB<=!L<M:?!M?HCCD?HC!:N!GAH!MH?FH<;G!&U<GH?!L<M:?,!:;!GAH!
:DGCBIH!<;I!B;CBIH!:N!GAH!GHCG!NB=FS!?HCMHJGBLH=9!<;I!J<;!EH!KBLH;!<C!
!<;I!
S!?HCMHJGBLH=9V!2X
$F*!<;I!2X
8+!<?H!GAH!?H=<GBLH!ADFBIBGBHC!:N!GAH!HTGH?;<=!&GHCGB;K!
2X,!<;I!B;GH?;<=!CBIH!&…!R^,!:N!GAH!NB=FY!<;I!"
)3*!BC!GAH!C<GD?<GHI!L<M:?!M?HCCD?H!<G!GAH!GHCG!
GHFMH?<GD?HV!6:?!GAH!GHFMH?<GD?HC!GHCGHIS!GAH!C<GD?<GHI!L<M:?!M?HCCD?HC!UH?H!bQQa!"<S!be\d!"<S!
QdbQ!"<!<;I!
]]ed!"<!<G!bR
$(S!ba$(S!Q\$(!<;I!\b
$(S!?HCMHJGBLH=9V
!;";"##$[>&D*'$3*26*=F,7,(&$P[/S
$#T9KH;!G?<;CFBCCB:;!?<GH!&#)2,!:N!"$'!<;I!"$'-(1(!NB=FC!U<C!FH<CD?HI!DCB;K!['(
P[Q!8<C!"H?FH<EB=BG9!)HCGH?!&$<EGAB;@!*;GH?;<GB:;<=S!3HIN:?IS!3'S!/0',!B;!<JJ:?I<;JH!UBGA!
GAH!
M?:JHID?HC!:DG=B;HI!B;!'0)3!+\ed`V!)AH!B;N=DH;JH!:N!GHFMH?<GD?H!U<C!CGDIBHI!N?:F!ba
$(!G:!`R
$(!<G!R^!2XV!'G!=H<CG!GA?HH!?HM=BJ<GHC!UH?H!GHCGHI!N:?!H<JA!NB=F!C<FM=H
!iQjV!)AH!#"!U<C!J<=JD=<GHI!
N?:F!#)2!L<=DHC!<C!N:==:UCh
!!!"!"!"!"#$%#
&'()*!=!"#$%
&'()*!=eR!|,#|T4
A:g<!&.OD<GB:;!\Va,
!!UAH?H!=!BC!GAH!GABJ@;HCCY!
!BC!IBNNH?H;JH!B;!M<?GB<=!M?HCCD?H!:N!MH?FH<;G!&:T9KH;,!<J?:CC!
GAH!C<FM=H!&
bRbS\Q`!"<,V
!=1@!A#'MBXM7B'!3B!6($6\'(<!%$6\$['4!72!47('6&!4(?
X9M'24'4!LIFV)]!"+"!B7MP<
!;"4"#$I-,+(82*$+-23(,-'$,+-()*26$-.$
A2=AM*2+
$G<I<D<D%Q)#!#-2%10#$!&5+%/0)!+)!%MQF>N
%0BT!<=DFB;DF!IBCAHC!UH?H!UHBKAHI!DCB;K!GAH!#A<DC!+BCJ:LH?9!';<=9GBJ<=!4<=<;JH!&#A<DC!
(:?MVS!"<?CBMM<;9S!1c,!UBGA:DG!GAH!M?:IDJG!&J?<J@H?C,V!'E:DG!Q
P\!K?<FC!:N!GAH!C<=GB;H!J?<J@H?C!
UH?H!J?DCAHIS!M=<JHI!B;G:!GA
H!<=DFB;DF!IBCAHC!<;I!UHBKAHI!<K<B;V!)AH!<=DFB;DF!IBCAHC!UBGA!GAH!
J?<J@H?C!UH?H!GAH;!M=<JHI!B;G:!<;!:LH;!N:?!I?9B;K!<G!bRR!m!Q
$(!N:?!]d!A:D?C!D;GB=!<!J:;CG<;G!UHBKAG!
U<C!<JABHLHIV!)AH!IBCAHC!UH?H!?H
PUHBKAHI!G:!IHGH?FB;H!GAH!UHBKAG!=:CC!:N!GAH!
M?:IDJGV!)AH!B;BGB<=!
F:BCGD?H!J:;GH;G!&*3(,!:;!I?9!E<CBC!U<C!J<=JD=<GHI!DCB;K!GAH!N:==:UB;K!HOD<GB:;
!iQRPQQjh!!6CD&E*#3)G3*3*A)II!&.OD<GB:;!\Vd,
!!UAH?H!5
8!BC!GAH!B;BGB<=!UHBKAG!:N!GAH!M?:IDJG!&EHN:?H!I?9B;K,!&B;!K,!<;I!5
9!BC!GAH!UHBKAG!:N!
GAH!M?:IDJG!<NGH?!I?9B;K!&B;!K,!B;!GAH!:LH;V
!!!!"eb!G<I<D<C%YA&#2#45#&1%10#$!&5+%/0)!+)!%M
YF>N%0BT!IBNNH?H;G!C<GD?<GHI!C<=G!C:=DGB:;C!UH?H!DCHI!B;!IHCBJJ<G:?C!G:!M?:LBIH!J:;CG<;G!?H=<GBLH!
ADFBIBG9!&2X,!J:;IBGB:;C!?<;KB;K!N?:F!bR^!G:!e_^!&)<E=H!
\VQ,V!)AHCH!IHCBJJ<G:?C!UH?H!ND?GAH?!
M=<JHI!B;!<;!:LH;!CHG!G:!Q`
$(!G:!F<B;G<B;!<!J:;CG<;G!GHFMH?<GD?HV!0BT!
C<FM=HC!:N!<MM?:TBF<GH=9!Q
P\!K?<FC!:N!C<=GB;H!J?<J@H?C!UH?H!MDG!B;!<=DFB;DF!IBCAHC!<;I!M=<JHI!B;!H<JA!:N!GAH!CBT!IHCBJJ<G:?C!
J:;G<B;B;K!IBNNH?H;G!C<GD?<GHI!C<=G!C:=DGB:;C!&L<?B:DC!2X!J:;IBGB:;C,V!)AH!C<FM=HC!UH?H!<==:UHI!G:!
HODB=BE?<GH!N:?!<!MH?B:I!:N!<G!=
H<CG!GU:!UHH@C!D;GB=!GAH?H!U<C!;:!IBCJH?;<E=H!UHBKAG!K<B;V!)AH!.3(!
:N!GAH!C<FM=HC!U<C!GAH;!J<=JD=<GHI!DCB;K!GAH!N:==:UB;K!HOD<GB:;
!iQRPQQjh!!6CD&E*#F3!3)&86C()*G)HA)II!&.OD<GB:;!\Ve,
!!UAH?H!5
2!BC!GAH!UHBKAG!:N!J?<J@H?C!<G!HODB=BE?BDF!&K,S!5
8!BC!GAH!B;BGB<=!UHBKAG!:N!J?<J@H?C!
&K,!<;I!*3(!BC!GAH!B;BGB<=!F:BCGD?H!J:;GH;G!J<=JD=<GHI!N?:F!
.OD<GB:;!\Vd
V!)AH!F:BCGD?H!C:?MGB:;!BC:GAH?F!U<C!J:;CG?DJGHI!<C!<!M=:G!:N!GAH!.3(!L<=DHC!:N!GAH!J?<J@H?C!
<C!<!ND
;JGB:;!:N!GAHB?!CG:?<KH!2X
!iQRPQQjV!!!eQ!)<E=H!\V
Q!)AH:?HGBJ<=!<;I!FH<CD?HI!?H=<GBLH!ADFBIBG9!&2X,!J:;IBGB:;C!KH;H?<GHI!B;!IHCBJJ<G:?C!
UBGA!C<GD?<GHI!C<=G
!C:=DGB:;CV
!!;"4"!$%)*7.G7,.*$-.$A2=AM*2+$3=AM=D*9$,'$/01$='9$/01N5E5$.,76+
$6B=F!C<FM=HC!&"$'!<;I!"$'-
b^!(1(
!IB?HJG!I?9
PE=H;IHI
,!UH?H!FHJA<;BJ<==9!CH<=HI!:;G:!
GAH!M?HLB:DC=9!IHCJ?BEHI!L<M:FHGH?!JDM!<CCHFE=BHC!J:;G<B;B;K!<MM?:TBF<GH=9!bR!K?<FC!:N!J?DCAHI!
J?<J@H?C!<;I!M=<JHI!B;G:!GAH!IHCBJJ<G:?C!CHG!<G!L<?B:DC!2X!J:;IBGB:;CV!)AH!IHCBJJ<G
:?C!UH?H!GAH;!
M=<JHI!B;!<;!:LH;!CHG!<G!Q`
$(!G:!F<B;G<B;!<!J:;CG<;G!GHFMH?<GD?HV!
)AH!L<M:FHGH?!JDM!<CCHFE=BHC!
UH?H!UHBKAHI!MH?B:IBJ<==9!:LH?!<!:;H
PF:;GA!MH?B:I!G:!IHGH?FB;H!GAH!MH?JH;G!F:BCGD?H!K<B;!D;GB=!
GAH!HODB=BE?BDF!F:BCGD?H!J:;GH;G!&.3(,!U<C!?H<JAHI!&
CGH<I9!CG<GH,V
!6?:F!GAH!I<G<S!M=:GC!:N!F:BCGD?H!J:;GH;G!LH?CDC!CG:?<KH!GBFH!UH?H!KH;H?<GHI
!iQ\jV!)AH!
M?:IDJGWC!CAH=N
P=BNHS!BVHVS!GAH!GBFH!?HODB?HI!E9!GAH!J?<J@H?C!G:!?H<JA!BGC!J?BGBJ<=!F:BCGD?H!J:;GH;G!
&(3(,S!U<C!IHGH?FB;HI!N?:F!F:BCGD?H!J:;GH;G!LH?CDC!CG:
?<KH!GBFH!M=:GCV!8H;H?<==9S!(3(!BC!
IHGH?FB;HI!<JJ:?IB;K!G:!GAH!CH;C:?9!HL<=D<GB:;!<C!GAH!FB;BFDF!F:BCGD?H!J:;GH;G!<G!UABJA!GAH!
A$M&
!]->!$&!8S
!"!,#'3('&76$M
!Z'$<5('4
!$BGABDF!JA=:?BIH
!bbV\!bRV]!±!RVd!3<K;HCBDF!JA=:?BIH
!\QVd!\bVd!±!bVd!3<K;HCBDF!;BG?<GH
!`Q!`RVb!±!\V`!0:IBDF!;BG?BGH
!_`!_bVb!±!\V`!'FF:;BDF!JA=:?BIH
!adVd!adV`!±!`V\!":G<CCBDF!;BG?<GH
!e\V_!e_Vb!±!`Ve!e\!M?:IDJG!EHJ:FHC!:?K<;:=HMGBJ<==9!D;<JJHMG<E=HS!N:?!HT<FM=H!=:CB;K!BGC!J?BCMB;HCCV!(?BGBJ<=!
F:BCGD?H!J:;GH;G!L<=DHC!:N!_Vb^!N:?!UA
H<G!J?<J@H?C!i
Q]jY!_Vd^!N:?!?BJH!J?<J@H?C!&QbVRe^!N<GS!_V\b^!
M?:GHB;S!_dV\e^!G:G<=!J<?E:A9I?<GH,!i
QbjY!<C!UH==!<C!bR^!<;I!d^!N:?!=H<;!<;I!?BJA!J?<J@H?CS!
?HCMHJGBLH=9!i
Q`SQ_j!A<LH!EHH;!?HM:?GHI!B;!GAH!=BGH?<GD?H!E<CHI!:;!GAH!CH;C:?9!HL<=D<GB:;!N:?!
J?<J@H?CY!?BJH!J?<J@H?CY!<;I!J?<J@H?CS!?HCMHJGBLH=9V!1HLH?GAH=HCCS!<!(3(!L<=DH!:N!d^!U<C!<I:MGHI!
B;!GABC!CGDI9S!<;!<LH?<KH!EHGUHH;!GAH!(3(!L<=DHC!:N!_^!<;I!bR^!?HM:?GHI!B;!GAH!=BGH?<GD?H!N:?!
UAH<G!J?<J@H?C!i
QbSQ]PQ_jV!=1S!A&$&7<&76<
!3H<;C!UH?H!J:FM<?HI!E9!
GAH!<;<=9CBC!:N!L<?B<;JH!&'1#[',!<;I!=H<CG!CBK;BNBJ<;G!
IBNNH?H;JHC!&$0+,!GHCGC!<G!`^!=HLH=!:N!CBK;BNBJ<;JH!DCB;K!*43!0"00!0G<GBCGBJC!Q]!&'?F:;@S!1%,V
!!!e]!-CDC-C+"CA
!!!e`!-CDC-C+"CA
!bV!7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!0<E:S!2V(VS!<;I!3<GD<;<S!$V3VS!
"H?N:?F<;JH!:N!M:=9&=<JGBJ!
<JBI,-JH==D=:CH!;<;:J?9CG<=!J:FM:CBGH!E=:U;!NB=FC!M?:JHCCHI!E9!GU:!IBNNH?H;G!J:FM:D;IB;K!
<MM?:<JAHCS!
":=9FH?!.;KB;HH?B;K!<;I!0JBH;JH
S!`d&bb,h!be_`Pbea]!&QRba,V!QV!7<?@A<;B
CS!0V0VS!0G<?@S!1V3VS!0<E:S!2V(VS!<;I!3<GD<;<S!$V3VS!
5<GH?!L<M:?!<;I!:T9KH;!
E<??BH?!M?:MH?GBHC!:N!HTG?DCB:;
PE=:U;!M:=9&=<JGBJ!<JBI,-JH==D=:CH!;<;:J?9CG<=C!;<;:J:FM:CBGH!
NB=FC
S!(:FM:CBGHC!"<?G!'h!'MM=BHI!0JBH;JH!<;I!3<;DN<JGD?B;KS!bb]h!QR]
PQbb!&QRbd,V!\V!7<?@A<;BCS!0V0V
!<;I!3<GD<;<S!$V3VS!
.TG?DCB:;!E=:U;!NB=FC!:N!M:=9&=<JGBJ!<JBI,!JA<B;
PHTGH;IHI!UBGA!N::I!K?<IH!FD=GBND;JGB:;<=!HM:TBHCS!
":=9FH?!.;KB;HH?B;K!<;I!0JBH;JH
S!`e&bb,h!QQbb
PQQbe!&QRbe,V!]V!2HB;H?S!2V0V!<;I!2DIBHS!'V5VS!
"?:IDJGB:;!<;I!'MM=BJ<GB:;C!:N!(H
==D=:CH!1<;:F<GH?B<=CS!
)'""*!"?HCCS!"H<JAG?HH!(:?;H?CS!MMV!Qb
PQ]!&QRb\,V!`V!":CGH@S!
3V)VS!
[=<I<?S!'VS!
+<K<G<S!
cVS!
6<?@<CS!
1VS!
3B;KS!
4VS!5<K;H?S!
2VS!2<F<;S!
'VS!
3::;S!
2VcVS!
0<E:S!
2VS!<;I!5HK;H?S!
)VXVS!+HLH=:MFH;G!:N!GAH!FHG?:=:K9!<;I!BF<KB;K!:N!JH==D=:CH!
;<;:J?
9GC<=CS!3H<CD?HFH;G!0JBH;JH!<;I!)HJA;:=:K9S!
QQ&b,h!RQ]RR`
!&QRbb,V!_V!6<?D@S!#V!<;I!3<GD<;<S!$V3VS!
1<;:J=<9!?HB;N:?JHI!X+".!<C!<!F<G?BT!N:?!U::I
PM=<CGBJ!
J:FM:CBGHCS!(:FM:CBGHC!0JBH;JH!<;I!)HJA;:=:K9S!
_d&e,h!
QRa\PQRaa!&QRRd,V!aV!3<GD<;<S!$V3V!<;I!7BFS!cV5VS!6DCB:;
!JA<?<JGH?BCGBJC!:N!?BKBI!"[(-U::I
PN=:D?!J:FM:CBGHC!
E9!G:?ODH!?AH:FHG?9S!c:D?;<=!:N!LB;9=!<IIBGBLH!<;I!GHJA;:=:K9S!b\&b,h!a
Pb\!&QRRa,V!dV!3<GD<;<S!$V3VS!7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!<;I!0<E:S!2V(VS
!(H==D=:CH!1<;:J?9CG<=C!<C!
E<??BH?!MH?N:?F<;JH!H;A<;JH?!:N!HT
G?DCB:;
PE=:U;!"$'!NB=FC!N:?!N::I!<MM=BJ<GB:;CS!
4B:GHJAS!
4B:F<GH?B<=C!<;I!4B:FHIBJ<=!
P!)HJA(:;;HJG!4?BHNC
S!\h!bP]!&QRb_,V!eV!7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!0<E:S!2V(VS!<;I!3<GD<;<S!$V3VS!4=:U;!NB=F!HTG?DCB:;!:N!
M:=9&=<JGBJ!<JBI,!UBGA:DG!FH=G!CG?H;KGA!H;A<;JH?C
S!c:D?;<=!:N!'MM=BHI!":=9FH?!0JBH;JH
S!b\]&\],h!]`QbQ!&QRba,V!bRV![B><9<?<><;S!0VS!0H=@HS!0V.V3VS!<;I!3<GD<;<S!$V3VS!(:;GB;D:DC!E=H;IB;K!<MM?:<JA!B;!GAH!
F<;DN<JGD?H!:N!HM:TBIBZHI!C:9EH<;
PM=<CGBJBZHI!M:=9&=<JGBJ!<JBI,!CAHHGC!<;I!NB=FCS!
3<J?:F:=HJD=<?!3<GH?B<=C!<;I!.;KB;HH?B;KS!Qee&`,h!_QQ
P_\R!&QRb],V!bbV!3<9:?<=S!4VS!$:MHCS!cVS!<;I!3J1<==9S!)VS!*;N=DH;JH!:N!M?:JHCCB;K!M<?<FHGH?C!ID?B;K!CF<==
PCJ<=H!E<GJA!FH=G!FBTB;K!:;!GAH!IBCMH?CB:;!:N!35(1)C!B;!<!M:=9&M?:M9=H;H,!F<G?BTS!
3<J?:F:=HJD=<?!3<GH?
B<=C!<;I!.;KB;HH?B;KS!Qee
&`,h!_Re
P_Qb!&QRb],V!bQV!0G<?@S!1V3!<;I!3<GD<;<S!$V3VS!0D?N<JH!JAHFBCG?9!JA<;KHC!:N!UH<GAH?HI!X+".-U::I
PN=:D?!
J:FM:CBGHC!CGDIBHI!E9!g"0!<;I!6)*2!CMHJG?:CJ:M9S!":=9FH?!+HK?<I<GB:;!<;I!0G<EB=BG9S!
d_&b,h!b
Pe!&QRR],V!e_!b\V!6HJAB;HS!8VcV3VS!2<EH=
=:S!3V0VS!0:DG:!3<B:?S!2V3VS!<;I!(<G<=<;BS!$VXVS!0D?N<JH!
JA<?<JGH?BZ<GB:;!:N!MA:G:IHK?<IHI!M:=9&HGA9=H;H!GH?HMAGA<=<GH,V!)AH!HNNHJG!:N!D=G?<LB:=HG!
<EC:?EH?CS!
":=9FH?S!]`&a,
h!Q\R\PQ\Rd!&QRR],V!b]V!gB;KS!(V!<;I!3<GD<;<S!$V3VS!.M:TBIBZHI!C:9EH<;!:B=
PM=<CGBJBZHI!M:=9&=<JGBJ!<JBI,!NB=FC!
MH?N:?F<;JH!<C!BFM<JGHI!E9!CG:?<KHS!
c:D?;<=!:N!'MM=BHI!":=9FH?!0JBH;JHS!b\\&bQ,
h!]\QRb!&QRb_,V!b`V!4<GGHK<ZZ:?HS!+VS!4:JJAB;BS!0VS!<;I!6?<JAHS!'VS!(?9CG<==BZ<GB:;!@B;HGBJC!:
N!M:=9&=<JGBJ!<JBI,
PG<=J!J:FM:CBGHCS!.TM?HCC!":=9FH?!$HGGH?CS!`&bR,h!d]e
Pd`d!&QRbb,V!b_V!5<;KS!cVS!)AD?EH?S!(VS!4BCA:MS!3VS!3:;<H;@:L<S!+VS!3<?JAE<;@CS!.VS!7BFS!XVS!7HH;HS!.VS!
<;I!(AH;S!gVS!
0GDI9!:N!?HCBIH;JH!GBFH!IBCG?BEDGB:;!N:?!<!E=:U;!NB=F!=B;H!DCB;K!B;=B;
H!DL
PLBC!
CMHJG?:CJ:M9!<;I!:MGBJ<=!BF<KB;K!:;!<!NB=F!EDEE=HS!
0".!';GHJ!QRba
{';<AHBFS!(<=BN:?;B<S
!bb_dPbba]!&QRba,V!baV!5HCA:=:UC@BS!cVS!4H?KA<DCS!'VS!<;I!)A:FFHCS!3VS!
*;=B;H!IHGH?FB;<GB:;!:N!?HCBIH;JH!GBFH!
IBCG?BEDGB:;!B;!A:G
PFH=GPHTG?DCB:;S!
"A<?F<JHDGBJCS!bR&Q
,h!]e!&QRbd,V
!bdV!$HLB;C:;S!2VS!4H?I<A=S!"VS!
<;I!
'@E<?BS!XVS!
0:=<?!CMHJG?<=!:MGBJ<=!M?:MH?GBHC!:N!MBKFH;GC
P!"<?G!
*h!F:IH=!N:?!IH?BLB;K!CJ<GGH?B;K!<;I!<EC:?MGB:;!J:HNNBJBH;GC!N?:F!G?<;CFBGG<;JH!<;I!
?HN=HJG<;JH!FH<CD?HFH;GCS!0:=<?!.;H?K9!3<GH?B<=C!<;I!0:=<?!(H==
CS!de&],h!\be
P\]e!&QRR`,V!beV!$BDS!%V!<;I!3<GD<;<S!$V3VS!
0D?N<JH!GHTGD?H!<;I!E<??BH?!MH?N:?F<;JH!:N!M:=9&=<JGBJ!<JBI,
PJH==D=:CH!;<;:J?9CG<=!HTG?DIHI
PJ<CG!NB=FCS!
c:D?;<=!:N!'MM=BHI!":=9FH?!0JBH;JH
S!b\_&QQ,h!]a`e]!&QRbe,V!QRV!2<JAG<;<MD;S!"VS!0AH=N!=BNH!CGDI9!:N!C<=
GHI!J?<J@H?C!B;!M:DJA!E9!DCB;K!J:FMDGH?!CBFD=<GB:;!
F:IH=CS!(AB<;K!3<B!c:D?;<=!:N!0JBH;JHS!\]&Q,h!QRe
PQbd!&QRRa,V!QbV!0B?M<G?<U<;S!/VS!0AH=N
P=BNH!CBFD=<GB:;!:N!M<J@<KHI!?BJH!J?<J@H?CS!c:D?;<=!:N!6::I!fD<=BG9S!
\Q&Q,h!QQ]
PQ\e!&QRRe,V!QQV!'Z<;A<S!'V4V!<;I!6<?B<S!
cV'V6VS!/CH!:N!F<GAHF<GBJ<=!F:IH=C!N:?!HCGBF<GB;K!GAH!CAH=N|=BNH!:N!
J:?;N=<@HC!B;!N=HTBE=H!M<J@<KB;KS!"<J@<KB;K!)HJA;:=:K9!<;I!0JBH;JHS!bd&],h!bab
Pbad!&QRR`,V
!Q\V!3<GD<;<S!$V3VS!7<?@A<;BCS!0V0VS!0G<?@S!1V3VS!<;I!0<E:S2V(VS!":GH;GB<=!:N!"$'-(1(!NB=FC!
N:?!BFM?:L
B;K!GAH!CAH=N!=BNH!:N!<!I?9!N::I!M?:IDJG!i30/!*;LH;GB:;!+BCJ=:CD?HjS!(<CH!;DFEH?!
).(QRbd
PRb\bS!6B=HI!:;!'M?B=!_S!QRbdV
!Q]V!X<:S!6VS!$DS!$VS!<;I!5<;KS!cVS!6B;BGH!H=HFH;G!CBFD=<GB:;!:N!CAH=N!=BNH!M?HIBJGB:;!:N!F:BCGD?H
PCH;CBGBLH!J?<J@H?C!B;!MH?FH<E=H!M<J@<KB;K!D
;IH?!IBNNH?H;G!CG:?<KH!J:;IBGB:;CS!c:D?;<=!:N!
6::I!"?:JHCCB;K!<;I!"?HCH?L<GB:;S!]R&b,h!\a
P]a!&QRb_,V!Q`V!7<=HGD;JS!8V!<;I!4?HC=<DH?S!7VcVS!(A<?<JGH?BZ<GB:;!:N!JH?H<=C!<;I!N=:D?Ch!M?:MH?GBHCS!<;<=9CBC!
<;I!<MM=BJ<GB:;CS!3<?JH=!+H@@H?S!*;JS!1HU!%:?@S!MMV!b`b
Pbab!&QRR\,V!ea!Q_V!'FHFB9<S!cV!<;I!3H;>BL<?S!cV'VS!3HJA<;BJ<=!M?:MH?GBHC!:N!JH?H<=
PE<CHI!N::I!JH==D=<?!
C9CGHFCS!'FH?BJ<;!'CC:JB<GB:;!:N!(H?H<=!(AHFBCGCS!aaGA!';;D<=!3HHGB;KS!3B;;H<M:=BCS!
'ECG?<JG!QRa!&beeQ,V
!!!ed!"#$%&'(!@
!-CA0I,A!F+/!/*A"0AA*.+
!@1)!CR&(5<732!9M3^2!B7MP
<!3B!%3M?NM$6&76!$674O!6#$72
X'R&'24'4!^7&#!B334![($4'!P5M&7B526&732$M!
'%3R7'<
!E"+%!#!2+%-)'%/0)!+)!%0.%$+/!#0)%I<D%;+5+%:&42#$"+'%#)%
602(1+5%Y),#)++5#),%-)'%
S/#+)/+9%K[MDDN\%CCDD
@CCD[%MC]D[N<%'0#\%
"!!:$\=='
0#<05,=D]<D]]C=:+)<CKCCI
<%E"#$%
:-:+5%;-$%/0
@-&!"05+'%4(%7<F<%F-!&-)-<
%)AH!F<B;!:E>HJGBLH!:N!GABC!CHJGB:;!
U<C!G:!B
;LHCGBK<GH!GAH!HNNHJGBLH;HCC!<;I!HNNBJBH;J9!:N!
GU:!N::I
PK?<IH!FD=GBND;JGB:;<=!HM:TBHC!UBGA!L<?9B;K!?H<JGBLBGBHC!B;!JA<B;!HTGH;IB;K!<;I!
E?<;JAB;K!
"$'S!BFM?:LB;K!BGC!M?:JHCC<EB=BG9!GA?:DKA!GAH!E=:U;!NB=F!HTG?DCB:;!M?:JHCC!<;I!BFM?:LB;K!GAH!
IDJGB=BG9!:N!"$'!NB=FC
!&$:+/#.#/%04^+/!#*+%_D
,!ibjV!4"#"#$:..*A(,C*'*++$='9$*..,A,*'A&$-.$687(,.8'A(,-'=7$*3->&$D2=9*+$,'$A)=,'$*>(*'9,'D$/01
$):?ODH!?AH:
FHG?9!J<;!EH!DCHI!G:!N:==:U!GAH!JA<B;!HTGH;CB:;!?H<JGB:;!:N!"$'!UBGA!
(.!CB;JH!
<;!B;J?H<CH!B;!G:?ODH!BC!<CC:JB<GHI!UBGA!JA<B;!HTGH;CB:;!i
QP]jV!)9MBJ<=!JD?LHC!:EG<B;HI!N?:F!GAH!4?<EH;IH?!G:?ODH!?AH:FHGH?!N:?!GAH!G:?ODH!<;I!CG:J@!
GHFMH?<GD?H!:N!"$'!<C!<!ND;JG
B:;!:N!FBTB;K!GBFH!<?H!CA:U;!B;!6BKD?H!
]VbV!*G!J<;!EH!CHH;!GA<G!CG:J@!
GHFMH?<GD?H!?HIDJHC!UAH;!GAH!F<GH?B<=!BC!=:<IHI!<;I!GAH;!B;J?H<CHC!<E:LH!GAH!CHG!GHFMH?<GD?H!:N!
QRR$(!G:!?H<JA!Qbb
$(!IDH!G:!CAH<?!KH;H?<GHI!E9!GAH!FBTH?!UAH;!GAH!F<GH?B<=!BC!
@;H<IHI!E9!GAH!
?:G:?!E=<IHC!i
`jV!!!ee!6BKD?H!]V
b!)9MBJ<=!JD?LHC!:N!G:?ODH!<;I!CG:J@!GHFMH?<GD?H!:N!;H<G!"$'!<C!<!ND;JGB:;!:N!GBFH!
KH;H?<GHI!E9!<!G:?ODH!?AH:FHGH?V
!0BFB=<?!?HCD=GC!UH?H!:EG<B;HI!N:?!"$'!E=H;IHI!UBGA!L<?B:DC!(.!J:;GH
;GC!N:?!E:GA!K?<IHC!
:N!(.!i
6BKD?H!
]VQ!&<,!<;I!&E,
jV!'C!HTMHJGHIS!
GAH!CG:J@!GHFMH?<GD?H!LC!GBFH!JD?LHC!:N!<==!"$'-(.!
E=H;IC!:LH?=<MMHI!ID?B;K!M?:JHCCB;K!<;I!IBI!;:G!JA<;KH!UBGA!(.!J:;GH;G!:?!K?<IH!i6BKD?H!
]VQ!&<,!
<;I!&E,jV
!*G!J<;!<=C:!EH!CHH;!B;!6BKD?H!
]Vb!GA<G!GAH!G:?ODH!JD?LHC!?H<JA!<!F<TBFDF!G:?ODH!ID?B;K!
GAH!B;BGB<=!=:<IB;K!:N!;H<G!"$'!?HCB;!B;G:!GAH!FBTB;K!JA<FEH?Y!B;IBJ<GB;K!GA<G!GAH!JA<FEH?!BC!NB==HI!
UBGA!?HCB;V!)AH;!GAH!G:?ODH!K?<ID<==9!IHJ?H<CHC!<;I!?H<JAHC!<!J:;CG<;G!L<=DH!:?!<;!HODB=BE?BDF!
UAH;!GA
H!M=<CGBJ!BC!FH=GHI!B;G:!<!A:F:KH;:DC!F<CC!i
`jV!0BFB=<?!JD?LHC!UH?H!:EG<B;HI!N:?!"$'-(.!
E=H;IC!i
6BKD?H!
]VQ!&J,!<;I!&I,
jV!!!"#""$""%"""$''";'#"""#""$""%""&""379?74-&647()
#</3%4567()89/
3"97()#/
!"#$%&
!&'(&#)*%#&
bRR!!!!!6BKD?H!]V
Q!)9MBJ<=!JD?LHC!:N!CG:J@!GHFMH?<GD?H!<;I!FBTB;K!
G:?ODH!:N!"$'!E=H;IC!UBGA!(.!]]_d!
i&<,!<;I!&J,j!<C!UH==!<C!(.!]]RR!i&E,!<;I!&I,j!<C!<!ND;JGB:;!:N!GBFH!KH;H?<GHI!E9!<!G:?ODH!
?AH:FHGH?V
!!!#'"#9"$#"$&""#""$""%""&""379?74-&647()
#</3"97()#/
#<":;'<
":'"<
":$'<
#'"#9"$#"$&""#""$""%""&""379?74-&647()
#</3"97()#/
#<":;'<
":'"<
":$'<
"#"$"%"&""#""$""%""&""3%4567()89/
3"97()#/
#<":;'<
":'"<
":$'<
"#"$"%"&""#""$""%""&""3%4567()89/
3"97()#/
#<":;'<
":'"<
":$'<
)-/
()@/
()$/
()A/
(bRb!6?:F!GAHCH!JD?LHCS!GAH!GBFHC!?HODB?HI!G:!?H<JA!QRR
$(!UH?H!?HJ:?IHI!&)<E=H!
]Vb,V!'!
?HCBIH;JH!GBFH!:N!<G!=H<CG!bQR!C!
BC!?HJ:FFH;IHI!E9!GAH!F<;DN<JGD?H?!N:?!GAH!?H<JGB:;!:N!GAHCH!(.!
G:!EH!:LH?!ee^!J:FM=HGH!<G!QRR
$(V!0B;JH!GAH!G:G<=!M?:JHCCB;K!GBFH!U<C!AH=I!J:;CG<;G!<G!\RR!CS!GAH!
?HCBIH;JH!GBFHC!M?:LBIHI!G:!"$'-FD=GBND;JGB:;<=!HM:T9!C<FM=HC!<G!<!FB;BFDF!:N!QRR
$(!UH?H!
J<=JD=<GHI!E9!GAH!IBNNH?H;JH!EHGUHH;!GAH!G:G<=!FBTB;K!GBFHC!<;I!GAH!GBFHC!G<@H;!G:!?H<JA!QRR
$(!&6BKD?HC!
]Vb!<;I!
]VQ,!<;I!GAH!?HCD=GC!<?H!G<ED=<GHI!B;!)<E=H!
]VbV!)AH!HTMH?BFH;G<=!?HCBIH;JH!GBFHC!
N:?!J:FM=HGH!JA<B;!HTGH;CB:;!?H<JGB:;!EHGUHH;!"$'!<;I!E:GA!FD=GBND;
JGB:;<=!HM:T9!K?<IHC!
HTJHHIHI!GAH!GBFH!?HJ:FFH;IHI!E9!GAH!F<;DN<JGD?H?S!B??HCMHJGBLH!:N!GAH!(.!J:;GH;GS!J=H<?=9!
B;IBJ<GB;K!GA<G!GAH!?H<JGB:;!U<C!:LH?!ee^!J:FM=HGHV!
0B;JH!GAH!CG:J@!GHFMH?<GD?H!J:;GB;DHI!G:!
B;J?H<CH!<E:LH!GAH!?HJ:FFH;IHI!QRR
$(!IDH!G:!CAH<?!K
H;H?<GHI!ID?B;K!M?:JHCCB;KS!BG!BC!EH=BHLHI!
GA<G!GABC!B;J?H<CHI!AH<G!J:D=I!A<LH!<JJH=H?<GHI!GAH!JA<B;!HTGH;CB:;!?H<JGB:;!EHGUHH;!GAH!"$'!<;I!
(.V
!)<E=H!]V
b!3BTB;K!GBFH!:N!"$'!
UBGA!E:GA!K?<IHC!:N!FD=GBND;JGB:;<=!HM:TBHC!B;!G:?ODH!?AH:FHGH?V
!!!"C!N]O!,7P'!&3!('$6#!8__
!"!N<O
!,3&$M!&7P'!$&!8__
X8))!"!N<O
!]]_d!]]RR!]]_d!]]RR!RVQ`!b_QV\!±!QQVb!baRVR!±!\V`!b\aVa!±!QQVb!b\RVR!±!\V`!RV`!b_bVa!±!bRVR!ba\Va!±!aV`!b\dV\!±!bRVR!bQ_V\!±!aV`!RVa`!b`eVa!±!]V`!b_aV\!±!dVb!b]RV\!±!]V`!b\QVa!±!dVb!b!b`QV\!±!bbVR!b`QVR!±!bbVd!b]aVa!±!bbVR!b]dVR!±!bbVd!bRQ!)AH!<LH?<KH!L<=DHC!:N!GAH!GBFH!G:!?H<JA!QRR
$(!IHJ?H<CHI!UBGA!(.!J:;GH;G!UAH?H<C!<;!
:MM:CBGH!G?H;I!U<C!:ECH?LHI!N:?!GAH!<LH?<KH!L<=DHC!:N!GAH!G:G<=!GBFH!<G!QRR
PQbb$(S!UABJA!B;J?H<CHI!
UBGA!(.
!J:;GH;GS!B??HCMHJGBLH!:N!(.!G9MH!&)<E=H!
]Vb,V!(:FM<?BC:;!EHGUHH;!GAH!GU:!JA<B;!HTGH;IH?!
K?<IHC!UBGA!IBNNH?H;G!HM:T9!HODBL<=H;G!UHBKAGC!B;IBJ<GHI!GA<G!GAH!(.!UBGA!=:UH?!HM:T9!HODBL<=H;G!
UHBKAG!&(.!]]_d,!HTMH?BH;JHI!C=BKAG=9!CA:?GH?!GBFHC!G:!?H<JA!QRR
$(S!BV
HVS!=:;KH?!G:G<=!GBFHC!<G!QRR
PQbb$(!GA<;!GAH!J:D;GH?M<?G!UBGA!ABKA!HM:T9!HODBL<=H;G!UHBKAG!&(.!]]RR,!&)<E=H!
]Vb,V!8H;H?<==9S!
F:?H!LBCJ:DC!F<GH?B<=C!KH;H?<GH!ABKAH?!CAH<?!B;!<!FBTH?!UAH;!GAH9!<?H!@;H<IHI!E9!GAH!?:G:?!E=<IHC!
:N!GAH!FBTH?V!)ABC!<IIBGB:;<=!CAH
<?!J:;G?BEDGHC!G:!B;J?H<CHI!AH<GS!?HCD=GB;K!B;!CA:?GH?!GBFHC!G:!?H<JA!
GAH!CHG
PM:B;G!GHFMH?<GD?HV!'C
!GAH!(.!J:;GH;G!B;J?H<CHIS!GAH!LBCJ:CBG9!:N!GAH!F<GH?B<=C!B;J?H<CHIS!
=H<IB;K!G:!B;J?H<CHI!CAH<?!UABJA!J:;G?BEDGHI!G:!?<BCHI!GHFMH?<GD?HCS!?HCD=GB;K!B;!?HIDJH
I!GBFHC!G:!
?H<JA!QRR
$(S!B??HCMHJGBLH!:N!GAH!(.!K?<IHV!3:?H:LH?S!GAH!(.!K?<IH!UBGA!=:UH?!HM:T9!
HODBL<=H;G!
UHBKAG!
?HCD=GHI!B;!ABKAH?!CAH<?!IDH!G:!BGC!ABKAH?!?H<JGBLBG9!<;I!GADC!?H<JAHI!QRR
$(!B;!CA:?GH?!GBFH!
J:FM<?HI!G:!BGC!J:D;GH?M<?G!UBGA!ABKAH?!HM:T9!HODBL
<=H;G!UHBKAGS!?HK<?I=HCC!:N!(.!J:;GH;GV!)AH!
B;J?H<CHI!LBCJ:CBG9!:N!GAH!F<GH?B<=C!IDH!G:!GAH!<IIBGB:;!:N!(.!<;I!GAH!IBNNH?H;JH!EHGUHH;!GAH!
?H<JGBLBGBHC!:N!GAH!GU:!(.!K?<IHC!UB==!EH!ND?GAH?!IBCJDCCHI!B;!GAH!N:==:UB;K!CHJGB:;CV
!)AH!?H<JGB:;!EHGUHH;!FD=GBND;JG
B:;<=!HM:TBHC!<;I!M:=9HCGH?C!CDJA!<C!"$'!A<C!EHH;!
HTGH;CBLH=9!CGDIBHI!B;!GAH!=BGH?<GD?H!i
]S_PejV!"$'!A<C!GU:!IBCGB;JG!ND;JGB:;<=!H;I
PK?:DMCS!J<?E:T9=!
<;I!A9I?:T9=S!GA<G!J<;!?H<JG!UBGA!GAH!HM:T9!K?:DMC!B;!FD=GBND;JGB:;<=!HM:TBHCV!)AH!?H<JGB:;!
M?:JHHIC!LB<!?
B;K
P:MH;B;K!:N!GAH!HM:TBIH!K?:DM!=H<IB;K!G:!GAH!N:?F<GB:;!:N!;HU!CHJ:;I<?9!
A9I?:T9=!K?:DMC!<;I!HCGH?!=B;@<KHC!UAH;!?H<JGB:;!:JJD?C!UBGA!"$'WC!J<?E:T9=!K?:DMC!<;I-:?!HGAH?!
=B;@<KHC!UBGA!"$'WC!A9I?:T9=!K?:DMC!&6BKD?H!]
V\,!i
]S_PejV!6:D?BH?!G?<;CN:?F!B;N?<?HI!
CMHJG?:CJ:M9!
&6)*2,!U<C!DCHI!G:!K<B;!<;!B;
PIHMGA!D;IH?CG<;IB;K!:N!GAHCH!?H<JGB:;!FHJA<;BCFCV
!!!bR\!6BKD?H!]V
\!8H;H?<=BZHI!?H<JGB:;!FHJA<;BCF!:N!<!FD=GBND;JGB:;<=!HM:T9!JA<B;!HTGH;IH?!UBGA!GAH!
A9I?:T9=!<;I!J<?E:T9=!H;I!K?:DMC!B;!
"$'V!)AH!6)*2!CMHJG?<!:N!;H<G!"$'S!(.!]]_dS!<;I!"$'-(.!E=H;IC!J:FM:D;IHI!B;!<;!B;GH?;<=!
FBTH?!<?H!B==DCG?<GHI!B;!6BKD?H!
]V]V!)<E=H!
]VQ!CDFF<?BZHC!GAH!E<;I!<CCBK;FH;GC!N:?!GAH!
U<LH;DFEH?C!:N!MH<@C!N:D;I!B;!GAHCH!CMHJG?<!G:!GAHB?!J:??HCM:;IB;K!ND;JGB:;<=!K?:
DMC!i
_SaSbRjV!)U:!IBCGB;JG!G?H;IC!UH?H!:ECH?LHIV!6B?CG=9S!GAH!MH<@C!<G!d]]S!eR`!<;I!bQ`R!JF
%&!B;!(.!]]_d!
CMHJG?DFS!<CCBK;HI!G:!GAH!(
P#!CG?HGJAB;K!:N!HM:T9!K?:DMS!IBC<MMH<?HI!B;!GAH!CMHJG?<!:N!"$'!
J:FM:D;IHI!UBGA!(.S!?HK<?I=HCC!:N!(.!J:;GH;G!&6BKD?H!
]V],V!)
ABC!?HCD=G!B;IBJ<GHC!GA<G!GAH!(.!
?H<JGHI!UBGA!"$'!GA?:DKA!?B;K
P:MH;B;K!?H<JGB:;!:N!HM:T9!K?:DMC!<C!B==DCG?<GHI!B;!6BKD?H!]
V\!i_SajV!0HJ:;I=9S!GAH!MH<@C!M?HCH;G!<G!b]de!<;I!b`ea!JF
%&!B;!(.!]]_d!&6BKD?H!
]V],S!J:??HCM:;IB;K!G:!(
P(!CG?HGJAB;K!B;!MAH;9=!K?:DM!&
6BKD?H!
]V`,S!FH?KHI!B;G:!<!E?:<I!CA:D=IH?!B;!"$'-(.!J:FM:D;IC!<G!
b`b\Pb`]a!JF
%&!&6BKD?H!
]V],V!*G!CA:D=I!EH!;:GHI!GA<G!GAH!MAH;9=!K?:DMC!B;!(.!]]_d!I:!;:G!
M<?GBJBM<GH!B;!GAH!?H<JGB:;!UBGA!"$'!<;I!J:D=I!AH;JH!EH!DCHI!G:!IHGHJG!GAH!M?HCH;JH!:N!(.!B;!GAH!
E=H;I
C!CB;JH!GAHCH!K?:DMC!<?H!<ECH;G!B;!;H<G!"$'V!)ADCS!GAH!N:?F<GB:;!:N!<!E?:<I!CA:D=IH?!N?:F!
b`b\Pb`]a!JF
%&!B;!GAH!E=H;IC!J:;NB?FHI!GAH!M?HCH;JH!:N!(.V!'C!HTMHJGHIS!GABC!E?:<I!CA:D=IH?!
CHHFHI!G:!B;GH;CBN9!<C!GAH!(.!J:;GH;G!B;J?H<CHI!B;G:!"$'!F<G?BT!M?:E<E=9!I
DH!G:!F:?H!MAH;9=!
K?:DMC!B;!GAH!E=H;IC!UBGA!ABKAH?!(.!J:;GH;GCV
!!!bR]!6BKD?H!]V
]!*;N?<?HI!CMHJG?<!:N!"$'S!(.!]]_dS!<;I!"$'!E=H;IHI!UBGA!IBNNH?H;G!(.!J:;GH;GC!B;!<;!
B;GH?;<=!FBTH?V!'EC:?E<;JH!B;!GAH!9
P<TBC!BC!B;!<?EBG?<?9!D;BGCV
!!!!"#
$%&&
$&'$
$()*
+)'
,'$
%'$
),+
$',%
$&+,
$&&%
$('-
,-'
+&&
$%($
#./&&)+
-0('1
$&'&
$()*
$%&'
$'$*
,'(
+)'
$&'$
$()*
+)'
,'(
-0'1
$'&%
-0%'1
$'$*
$&'(
$()*
+))
,'*
$%&)
$1$&'$
$()*
,'(
+))
$'*+
!""
#""
$"""
$%""
$&""
$!""
$#""
%"""
'()*+,-.*/0123-45$6
7.08/.(+3*bR`!)<E=H!]V
Q!4<;I!<CCBK;FH;GC!N:?!GAH!
U<LH;DFEH?C!:N!MH<@C!DCHI!B;!6)*2!<;<=9CBC!<;I!
J:??HCM:;IB;K!ND;JGB:;<=!K?:DMCV
!!!K$;'25P9'(!N6P
"#O!L'$\!$<<7[2P'2&<
!"$'!(.!]]_d!"$'!E=H;IC!UBGA
!RVQ`S!RV`S!RVa`!<;I!b^
!(.!ba]]!baQb!tba]`!0G?HGJAB;K!:N!(u#
!P!b]deS!b`ea!b`b\Pb`]a!0G?HGJAB;K!:N!(
P(!B;!MAH;9=
!b]`b!b]]a!tb]`b!0JBCC:?B;K!:N!(X
!!bQ_\!P!bQ_\!0G?HGJAB;K!:N!(
P#!B;!
J<?E:T9=!
<;I!(
P#P(!CG?HGJA
!P!bQ`R!P!0G?HGJAB;K!:N!(
P#!B;!HM:T9
!e`b!P!te`Q!2:J@B;K!:N!(X
!!<;I!
CG?HGJAB;K!:N!(
P(!P!d]]S!eR`!P!0G?HGJAB;K!:N!(
P#!B;!HM:T9
!d_`!P!td_`!0G?HGJAB;K!:N!(
P#P(!bR_!6BKD?H!]V
`!8H;H?<=BZHI!?H<JGB:;!FHJA<;BCF!:N!<!FD=GBND;JGB:;<=!HM:T9!JA<B;!HTGH;IH?!UBGA!GAH!
A9I?:T9=!<;I!J<?E:T9=!H;I!K?:DMC!B;!"$'V
!)AH!HODB=BE?BDF!G:?ODH!G<@H;!<G!\RR!C!B;!6BKD?HC!
]Vb!<;I!
]VQ!&H;I!G:?ODH!L<=DH,!BC!
M?:M:?GB:;<=!G:!GAH!<MM<?H;G!LBCJ:CBG9!<;I!F:=HJD=<?!UHBKAG!:N!GAH!F<GH?B<=C!<;I!IHMH;IC!:;!
M:=9FH?!JA<B;!CG?DJGD?H!CDJA!<C!E?<;JAB;K!i
QP]jV!';!B;J?H<CH!B;!GAH!H;I!G:?ODH!L<
=DHC!B;IBJ<GHC!<;!
B;J?H<CH!B;!GAH!LBCJ:CBG9!<;I!F:=HJD=<?!UHBKAG!IDH!G:!GAH!N:?F<GB:;!:N!=:;KH?!<;I-:?!E?<;JAHI!
JA<B;C!i
QP]SbbSbQjV!(:;CHODH;G=9S!GAH!H;I!G:?ODH!L<=DHC!J:D=I!EH!DCHI!G:!F:;BG:?!GAH!JA<B;!
HTGH;CB:;!?H<JGB:;!:N!<!M:=9FH?V
!6BKD?H!
]V_!B==DCG?<G
HC!GAH!H;I!G:?ODH!L<=DHC!:N!"$'!JA<B;
PHTGH;IHI!UBGA!=:U!<;I!ABKA!HM:T9!
HODBL<=H;G!UHBKAG!FD=GBND;JGB:;<=!HM:TBHC!:EG<B;HI!N?:F!GAHB?!G:?ODH!LC!FBTB;K!GBFH!JD?LHC!
&6BKD?H!
]VQ,!G:!IHGH?FB;H!GAHB?!HNNHJGBLH;HCC!<;I!HNNBJBH;J9!B;!JA<B;!HTGH;IB;K!"$'V!4:GA!
FD=G
BND;JGB:;<=!HM:TBHC!JA<B;
PHTGH;IHI!"$'!HNNHJGBLH=9!CB;JH!GAH9!CBK;BNBJ<;G=9!B;J?H<CHI!GAH!H;I!
G:?ODH!ID?B;K!FBTB;KV!X:UHLH?S!GAH!HNNBJBH;J9!:N!GAH!FD=GBND;JGB:;<=!HM:T9!K?<IHC!<C!JA<B;!
HTGH;IH?C!L<?BHI!<;I!U<C!IHMH;IH;G!:;!GAH!HM:T9!HODBL<=H;G!UHBKAGCV!(A<
B;!HTGH;IH?WC!HNNBJBH;J9!
BC!IHNB;HI!<C!GAH!J:;G?BEDGB:;!G:!B;J?H<CH!GAH!H;I!G:?ODH!:N!GAH!E=H;I!MH?!D;BG!:N!JA<B;!HTGH;IH?!i
b\j!<C!HTM?HCCHI!B;!GAH!N:==:UB;K!HOD<GB:;h
!bRa!!CBDq}}pNpq'No#B8-C64,DA!
EBC?486!86
!&.OD<GB:;!]V
b,!!6BKD?H!]V
_!.;I!G:?ODH!:N!"$'!JA<B;
PHTGH;IHI!UBGA!=:U!&(.!]]_d,!<;I!ABKA!&(.!]]RR,!HM:T9!
HODBL<=H;G!UHBKAG!FD=GBND;JGB:;<=!HM:TBHC!<C!<!ND;JGB:;!:N!GAHB?!J:;GH;GCV
!*G!BC!HLBIH;G!N?:F!6BKD?H!
]V_!GA<G!GAH!<IIBGBLH!UBGA!=:UH?!HM:T9!HODBL<=H;G!UHBKAG!&
(.!]]_d,!U<C!F:?H!HNNBJBH;G!B;!B;J?H<CB;K!GAH!H;I!G:?ODH!:N!"$'!J:FM<?HI!G:!BGC!J:D;GH?M<?G!UBGA!
ABKA!HM:T9!HODBL<=H;G!UHBKAG!&
(.!]]RR,!IDH!G:!GAH!CF<==H?!<F:D;G!:N!
(.!;HHIHI!G:!B;J?H<CH!GAH!
H;I!G:?ODH
!<G!<!CBFB=<?!L<=DHV!6:?!HT<FM=HS!E9!I?<UB;K!<!A:?BZ:;G<=!=B;H!M<?<==H=!G:!GAH!g
P<TBC!
&JA<B;!HTGH;IH?!J:;GH;G,!<G!<;!<?EBG?<?9!H;I!G:?ODH!L<=DH!&HVKVS!d!1F!B;!6BKD?H!
]V_,S!GAH!I<G<!J<;!
M?:IDJH!GU:!B;GH?CHJGB:;!M:B;GC!i
b\jV!)AH!NB?CG!B;GH?CHJGB:;!M:B;G!IHGH
JGHI!<G!=:UH?!JA<B;!HTGH;IH?!
J:;GH;G!N:?!
(.!]]_d!&RV`^,!<;I!GAH!;HTG!CHH;!<G!ABKAH?!JA<B;!HTGH;IH?!J:;GH;G!N:?!
(.!]]RR!&b^,S!
UABJA!J=H<?=9!B;IBJ<GHC!GAH!ABKAH?!HNNBJBH;J9!:N!
(.!]]_d!B;!JA<B;!HTGH;IB;K!"$'S!<C!HTMHJGHI!N?:F!
HOD<GB:;!
]Vb!ib\jV!)ABC!?HCD=G!J<
;!EH!HTM=<B;HI!E9!GAH!=:UH?!HODBL<=H;G!UHBKAG!:N!(.!]]_dS!
?HCD=GB;K!B;!F:?H!HM:T9!K?:DMC!MH?!JA<B;!<;I!GADC!ABKAH?!?H<JGBLBG9V!0B;JH!GAH!HNNBJBH;J9!:N!(.!
"&9#$#(":""
":$'
":'"
":;'
#:""
#:$'
;BA(&%4567()89/<;()C/&&(9
&&""
bRd!UBGA!<!=:UH?!HM:T9!HODBL<=H;G!UHBKAG!&(.!]]_d,!U<C!ABKAH?!GA<;!BGC!J:D;GH?M<?G!
UBGA!ABKA!HM:T9!
HODBL<=
H;G!UHBKAG!&
(.!]]RR,S!BG!U<C!GAH;!CH=HJGHI!N:?!ND?GAH?!CGDIBHCV
!(A<B;!HTGH;CB:;!:N!"$'!UBGA!GAH!F:CG!HNNBJBH;G!K?<IH!:N!(.!&(.!]]_d,!U<C!ND?GAH?!
J:;NB?FHI!E9!GAH!L<=DHC!:N!F:=HJD=<?!UHBKAGC!<;I!IBCMH?CBG9!B;IBJHC!:N!"$'!<;I!"$'-(.!E=H;IC!
&)<E=H!]
V\,V!)AH!<
IIBGB:;!:N!(.!B;J?H<CHI!GAH!;DFEH?!&3
+,S!UHBKAG!&3
(,!<;I!LBCJ:CBG9!&3
5,!<LH?<KH!F:=HJD=<?!UHBKAGCS!<C!UH==!<C!M:=9IBCMH?CBG9!B;IHT!&+*,!:N!"$'S!IDH!G:!GAH!N:?F<GB:;!:N!
=:;KH?!<;I-:?!E?<;JAHI!JA<B;CV!0BFB=<?!?HCD=GC!A<LH!EHH;!?HM:?GHI!N:?!"$'!JA<B;
PHTGH;IHI
!UBGA!
:GAH?!;:;
PN::I!K?<IHC!:N!FD=GBND;JGB:;<=!HM:TBHC!i
_SbQSb]j!<;I!M:=9HGA9=H;H!GH?HMAGA<=<GH!JA<B;
PHTGH;IHI!UBGA!bS_
P+BBC:J9<;<G:AHT<;H!i
b`jS!<F:;KCG!:GAH?CV
!!!bRe!)<E=H!]V
\!3:=HJD=<?!UHBKAGCS!IBCMH?CBG9!B;IBJHC!<;I!FH=G!N=:U!B;IHT!L<=DHC!:N!"$'!JA<B;
PHTGH;IHI!UBGA!(.!]]_dV
!!'C!M?HLB:DC=9!FH;GB:;HIS!JA<B;!HTGH;CB:;!<;I-:?!E?<;JAB;K!J<;!<=C:!EH!F:;BG:?HI!E9!GAH!
ZH?:
PCAH<?!LBCJ:CBG9!&
!#,!:N!<!
M:=9FH?!FH=GS!UABJA!BC!IB?HJG=9!?H=<GHI!G:!BGC!F:=HJD=<?!UHBKAG!&3
(,!E9!GAH!3<?@
PX:DUB;@!HOD<GB:;h
!!"$#W26/#!&.OD<GB:;!]VQ
,!!UBGA!@!<;I!<!<C!3<?@
PX:DUB;@!J:;CG<;GCV
!!!"C!N]O!Z3M'65M$(!^'7[#&!N\[VP3MO
!/*!ZD*!N[V)_!P72<O
!Z$!Z%!Z&!R!bQ\!±!`!QbQ!±!_!bed!m!_
!bVa!m!RVR
!bbV`b!m!RV\R
!RVQ`!b\e!±!\!\]R!±!\]!Qe_!m!Q`
!QV]!m!RVQ
!`Ve]!m!RVR\
!RV`!b`a!±!]!]a`!±!]]!]Ra!m!`e
!\VR!m!RV]
!bV_Q!m!RVRR
!RVa`!bdb!±!bQ!`R\!±!b]!]\\!m!e
!QVd!m!RV\
!RVQQ!m!RVRR
!b!QQb!±!bR!`d\!±!Qd!]_e!m!b`
!QV_!m!RVb
!RVR`!m!RVRR
!bbR!6BKD?H!
]Va!CA:UC!<!M=:G!:N!ZH?:
PCAH<?!LBCJ:CBGBHC!IHGH?FB;HI!N?:F!GAH!36*!I<G<!
&)<E=H!]
V\,!<C!<!ND;JGB:;!:N!UHBKAG
P<LH?<KH!F:=HJD=<?!UHBKAGC!&3
(,!:N!"$'!J:FM:D;IHI!UBGA!IBNNH?H;G!
J:;GH;GC!:N!(.!&)<E=H!]
V\,!B;!<;!B;GH?;<=!FBTH?V!
)AH!LBCJ:CBG9!B;J?H<CHI!UBGA!F:=HJD=<?!UHBKAG!<G!
IBNNH?H;G!HTGH;GC!EH=:U!<;I!<E:LH!<!F:=HJD=<?!UHBKAG!L<=DH
!:N!]a`!@+<S!UABJA!J:??HCM:;IC!G:!(.!
J:;GH;G!:N!RV`^!&)<E=H!]
V\,V!4H=:U!]a`!@+<S!B;J?H<CB;K!GAH!F:=HJD=<?!UHBKAG!:N!"$'-(.!E=H;IC!
N?:F!QbQ!G:!]a`!@+<
!K?<ID<==9!B;J?H<CHI!GAHB?!LBCJ:CBGBHC!N?:F!bSRd_!G:!aSQaR!"<
PCS!?HCMHJGBLH=9V!
)ABC!G?H;I!BC!;:G!J=H<?=9!CHH;!B;!6BKD?H!
]Va!IDH!G:!<!UBIH!?<;KH!:N!LBCJ:CBG9!L<=DHC!:;!GAH!9
P<TBCS!
UABJA!U<C!:LH?J:FH!E9!G?D;J<GB;K!<;I!IBCM=<9B;K!GABC!?<;KH!:N!GAH!K?<MA!<C!<;
!B;CH?GV
!*;!J:;G?<CGS!
<!CA<?M!B;J?H<CH!B;!LBCJ:CBG9!U<C!:ECH?LHI!<E:LH!]a`!@+<S!UAH?H!GAH!LBCJ:CBG9!:N!GAH!E=H;IC!
B;J?H<CHI!N?:F!aSQaR!G:!Q]RSaQa
!"<PC!UAH;!GAH!F:=HJD=<?!UHBKAG!L<?BHI!N?:F!]a`!@+<!G:!`d\!@+<S!
?HCMHJGBLH=9V
!)ABC!M:B;G!:N!B;N=HJGB:;!B;IBJ<GH
C!GAH!J?BGBJ<=!F:=HJD=<?!UHBKAGS!BVHS!GAH!:;CHG!:N!JA<B;!
H;G<;K=HFH;GC!<GG?BEDG<E=H!G:!GAH!ABKA!IHK?HH!:N!E?<;JAB;KV!+<=CB;!
<;I!J:
PU:?@H?C!?HM:?GHI!<!
CBFB=<?!G?H;I!N:?!<G<JGBJ!M:=9M?:M9=H;H!UAH?HB;!<!UH<@!IHMH;IH;JH!:N!ZH?:
PCAH<?!LBCJ:CBG9!:;!BGC!
F:=HJD=<?
!UHBKAG!U<C!?HM:?GHI!D;GB=!<!J?BGBJ<=!F:=HJD=<?!
UHBKAG!:N!dV`!@+<S!<NGH?!UABJA!
GAH!ZH?:
PCAH<?!LBCJ:CBG9!B;J?H<CHI!HTM:;H;GB<==9!UBGA!B;J?H<CB;K!F:=HJD=<?!UHBKAG!i
b_jV!!!bbb!6BKD?H!]V
a!kH?:
PCAH<?!LBCJ:CBGBHC!<C!<!ND;JGB:;!:N!UHBKAG
P<LH?<KH!F:=HJD=<?!UHBKAGC!:N!"$'-(.!
E=H;IC!M?:JHCCHI!B;!<;!B;GH?;<=!FBTH?V!*;CH?G!CA:UC!GAH!LBCJ:CBG9!LCV!F:=HJD=<?!UHBKAG!G?H;I!:N!
GAHCH!E=H;IC!<G!=:U!ZH?:
PCAH<?!LBCJ:CBG9!L<=DHCV
!!!!"#""$""%""$""%""&""'""(""!"#$%#"&'()*+
!,-.#/0")12-/"%(=$""%""&""'""!"#$%#"&'()*+
!,-.#/0D()12-/bbQ!)AH!IHK?HH!:N!J?9CG<==B;BGBHC!:N!"$'!<;I!BGC!E=H;IC!UH?H!<=C:!HL<=D<GHI
!G:!J:??:E:?<GH!JA<B;!
E?<;JAB;K!&6BKD?H!
]Vd,!:ECH?LHI!
GA?:DKA!
GAH!
F:=HJD=<?!UHBKAG!<;I!LBCJ:CBG9!I<G<V!8H;H?<==9S!IH;CH!
M<J@B;K!:N!E?<;JAHI!M:=9FH?!JA<B;C!BC!IBNNBJD=GS!=H<IB;K!G:!?HIDJHI!J?9CG<==B;BG9V!'C!HTMHJGHIS!GAH!
<IIBGB:;!:N!(.!B;G:!GAH!"$'!F<G?BT!?
HIDJHI!BGC!IHK?HH!:N!J?9CG<==B;BG9!B;IBJ<GB;K!E?<;JAB;K!<;I!
J:;NB?FB;K!JA<B;!HTGH;CB:;S!J:;CBCGH;G!UBGA!GAH!G?H;I!?HM:?GHI!B;!=BGH?<GD?H!i
bajV!6BKD?H!]V
d!.NNHJG!:N!(.!J:;GH;G!:;!GAH!J?9CG<==B;BG9!:N!"$'!M?:JHCCHI!B;!<;!
B;GH?;<=!FBTH?V
!4"#"!$:>(28+,-'
GF7-U'$A)=,'
G*>(*'9*9$/01$.,76+
$)AH!NH<CBEB=BG9!:N!DGB=BZB;K!GAH!BIH;GBNBHI!F:CG!HNNBJBH;G!(.!K?<IH!&(.!]]_d,!B;!HTG?DCB:;
PE=:U;!"$'!NB=F!M?:JHCCB;K!U<C!<CCHCCHI!E9!I?9
PE=H;IB;K!BG!UBGA!"$'!NB?CG!<;I!GAH;!<GGHFMGB;K!
NB=F!F<;D
N<JGD?B;KV!)AH!FH=G!CG:J@!GHFMH?<GD?H!<;I!M?HCCD?H!<G!GAH!IBH!KH;H?<GHI!ID?B;K!
M?:JHCCB;K!:N!GAH!E=H;IC!UBGA!L<?B:DC!(.!J:;JH;G?<GB:;C!&DM!G:!b!UG^,!UH?H!?HJ:?IHI!<;I!=BCGHI!
B;!)<E=H!
]V]V!!!"#$%&'"":$'
":'
":;'
#<4'#&-EE"B"&'()C/<;()C/#>,!62.,
$8?!62.,
bb\!)<E=H!]V
]!"?:JHCCB;K!M<?<FHGH?C!?HJ:?IHI!ID?B;K!HTG?DCB:;
PE=:U;!NB=F!<;I!?HCBIH;JH!GBFHC!<C!<!
ND;JGB:;!:N!
(.!]]_d
!J:;GH;G!B;!"$'V
!3'LH?<KH
.L<=DHC!:N!<G!=H<CG!]`!I<G<!M:B;GCV
!G'LH?<KH!L<=DHC!:N!GA?HH!?HM=BJ<GHCV
!!)AH!FH=G!HTMH?BH;JHI!<!CG:J@!GHFMH?<GD?H!ABKAH?!
GA<;!GAH!?HJ:FFH;IHI!QRR
$(!&)<E=H!
]V],!IDH!G:!CAH<?!KH;H?<GHI!ID?B;K!M?:JHCCB;KV!
1:GBJH!GA<G!NB=F!F<;DN<JGD?H!U<C!NH<CBE=H!:;=9!UBGA!
E=H;IC!J:;G<B;B;K!DM!G:!RV`^!(.S!EHJ:FB;K!D;M?:JHCC<E=H!<E:LH!GABC!J:;GH;G!IDH!G:!GAH!B;J?H<CHI!
LBCJ:CBG9!<G!GABC!J?BGBJ<=!
F:=HJD=<?!UHBKAG!N:?!JA<B;!H;G<;K=HFH;G!&6BKD?H!
]Va,S!B;IBJ<GHI!E9!GAH!
B;J?H<CHI!FH=G!M?HCCD?H!ID?B;K!M?:JHCCB;K!&)<E=H!
]V],V!)AH!FH=G!M?HCCD?H!B;!GAH!HTG?DIH?!&)<E=H!
]V],S!CDKKHCGBLH!:N!GAH!E=H;IWC!CAH<?!CG?HCCS!B;J?H<CHI!UBGA!B;J?H<CB;K!JA<B;!HTGH;IH?!J:
;GH;G!
<GG?BEDG<E=H!G:!GAH!JA<B;!HTGH;CB:;!?H<JGB:;!EHGUHH;!GAH!"$'!<;I!(.!i
\SbbSbQjV!)AH!B;J?H<CHI!
F:=HJD=<?!UHBKAG!&)<E=H!
]V`,!<;I!IHJ?H<CHI!J?9CG<==B;BG9!&6BKD?H!
]Ve,!:N!"$'!NB=FC!UBGA!JA<B;!
HTGH;IH?!J:;GH;G!J:??:E:?<GHI!GAH!JA<B;!HTGH;CB:;!<;I!E?<;JAB;K
!:N!"$'V!'C!HTMHJGHIS!GAHCH!
?HCD=GC!UH?H!CBFB=<?!G:!GA:CH!:EG<B;HI!N:?!"$'-(.!E=H;IC!M?:JHCCHI!B;!GAH!B;GH?;<=!FBTH?!&)<E=H!
]V\!<;I!6BKD?H!
]Vd,V!!"C!N]O!Z'M&!&'P%'($&5('
'!N!"O!L('<<5(''!N)_(!L$O
!-'<74'26'!&7P'
)!N<O
!L'$\!&7P'
)!N<O
!C24!&7P'
)!N<O
!R!Qbb!±!R!]_`!±!\!P!P!P!RVQ`!Qbb!±!R!]e_!±!\\!b\Q!m!_
!b`_!m!bR
!Q]_!m!_
!RV`!Qbb!±!R!`ab!±!bR!ba_!m!Q]
!QQd!m!\R
!QeR!m!Qd
!RVa`!1#)!"2#(.00'4$.
!b!bb]!)<E=H!]V
`!3:=HJD=<?!UHBKAGC!<;I!IBCMH?CBG9!B;IBJHC!:N!"$'!NB=FC!JA<B;
PHTGH;IHI!UBGA!(.!]]_d
V!!6BKD?H!]V
e!.NNHJG!:N!(.!J:;GH;G!:;!GAH!J?9CG<==B;BG9!:N!"$'!NB=FCV
!!!"C!N]O
!Z3M'65M$(!
^'7[#&!N\/$O
!/*!Z$!Z%!Z&!R!bR`!±!a!bd\!±!Q!baR!±!b!bVa!m!RVb
!RVQ`!bbQ!±!`!Q\Q!±!Q!QRd!±!Q!QVb!m!RVb
!RV`!bQa!±!e!Q]\!±!b_!Qbe!±!bQ!bVe!m!RV\
!RVa`!1#)!"2#(.00'4$.
!b!"#$%&'"":$'
":'
":;'
#<4'#&-EE"B"&'()C/<;()C/#>,!62.,
$8?!62.,
!"#$
%&"'())
*+,-(
!bb`!):!H;CD?H!GA<G!GAH!FH=GC!HTMH?BH;JHI!GAH!?HJ:FFH;IHI!QRR
$(!UBGAB;!bQR!C!N:?!ee^!
?H<JGB:;!G:!:JJD?!EHGUHH;!"$'!<;I!(.S!
GAH
!?HCBIH;JH!GBFHC!:N!M?:JHCC<E
=H!E=H;IC!B;CBIH!GAH!
HTG?DIH?!UH?H!?HJ:?IHIV!6BKD?H!
]VbR!CA:UC!G9MBJ<=!?HCBIH;JH!GBFH!IBCG?BEDGB:;!&2)+,!JD?LHC!:N!
"$'!NB=FC!E=H;IHI!UBGA!RVQ`!<;I!RV`^!(.V!)AH!?HCBIH;JH!GBFHS!MH<@!GBFH!<;I!H;I!GBFH!UH?H!GAH!
GA?HH!M<?<FHGH?C!HTG?<JGHI!N?:F!H<JA!2)+!JD?LH!K
H;H?<GHI!&)<E=H!
]V],V!)AH!?HCBIH;JH!GBFH!BC!
IHNB;HI!<C!GAH!NB?CG!GBFH!<G!UABJA!<!G?<JH?!CBK;<=!:N!`^!:N!GAH!F<TBFDF!MH<@!AHBKAG!U<C!IHGHJGHIV!
*G!?H=<GHC!G:!GAH!FB;BFDF!HTM:CD?H!GBFH!<;I!ID?<GB:;!N:?!"$'!G:!?H<JG!UBGA!(.!B;!GAH!HTG?DIH?V!
)AH!MH<@!GBFHS!
UAH?H!GAH!F<TBFDF!CBK;<=!:JJD??HIS!?HM?HCH;GC!GAH!<LH?<KH!G?<;CBG!:?!FH<;!
M?:JHCCB;K!GBFHV!)AH!H;I!GBFHS!GAH!GBFH!N:?!IHGHJGB:;!:N!GAH!=<CG!CBK;<=!:N!`^!:N!GAH!F<TBFDF!MH<@!
AHBKAGS!BC!=B;@HI!G:!GAH!F<TBFDF!GBFH!GAH!E=H;IC!?HCBIHI!B;!GAH!HTG?DIH?!i
bdSbejV!!!6BKD?H!]V
bR!)9MBJ<=!?HCBIH;JH!GBFH!IBCG?BEDGB:;!JD?LHC!:N!"$'!UBGA!&<,!RVQ`^!(.!<;I!&E,!RV`^!
(.V
!!!"#$%&"$""&""(""F@#%4@-B$7()C/3"97()#/
!"#$%"&'"
(")*
+&%
)-/
("#$%&"$""&""(""F@#%4@-B$7()C/3"97()#/
!"#$%"&'"
(")*
+&%
)@/
(bb_!"$'-(.!E=H;IC!HTMH?BH;JHI!?HCBIH;JH!GBFHC!=:;KH?!GA<;!GAH!?HJ:FFH;IHI!bQR!C!<G!QRR
$(S!CDKKHCGB;K!ee^!J:FM=HGB:;!:N!?H<JGB:;V!)AH!?HCBIH;JH!GBFH!:N!"$'!E=H;IHI!UBGA!RV`^!(.!U<C!
=:;KH?!GA<;!BGC!J:D;GH?M<?G!UBGA!RVQ`^!&)<E=H!
]V],S!IDH!G:!BGC!ABKAH?!LBCJ:CBG9!&6BKD?H!
]Va,S!UABJA!
M?:LBIHI!F:?H!?HCBCG<;JH!G:!N=:U!?HCD=GB;K!B;!C=:UH?!F:LHFH;G!:
N!GAH!E=H;I!GA?:DKA!GAH!HTG?DIH?Y!
GADC!ABKAH?!MH<@!<;I!H;I!GBFHC!&)<E=H!
]V]!<;I!6BKD?H!
]VbR,V!*G!BC!<=C:!U:?GA!FH;GB:;B;K!GA<G!GAH!
F<TBFDF!GBFH!GA<G!GAH!F<GH?B<=C!CG<9HI!B;!GAH!HTG?DIH?!&H;I!GBFH,!U<C!F:?H!GA<;!GUBJH!GAH!bQR!C!
<;I!GAH!FH=G!HTMH?BH;JHI!<!GH
FMH?<GD?H!:N!bb
$(!<E:LH!GAH!QRR
$(!?HJ:FFH;IHI!E9!GAH!
F<;DN<JGD?H?!&)<E=H!
]V]!<;I!6BKD?H!
]VbR,V!)ABC!J=H<?=9!B;IBJ<GHC!GA<G!GAH!E=H;IC!UH?H!HTM:CHI!G:!
HTG?DCB:;!M?:JHCCB;K!J:;IBGB:;C!&AH<G!<;I!GBFH,!GA<G!N<L:?HI!JA<B;!HTGH;CB:;!?H<JGB:;C!B;!GAH!NB=FCV
!4"#";$:..*A($-.$A)=,'$*>(*'9*2$A-'(*'($-'$()*$9=2($,63=A($+(2*'D()$-.$/01$.,76+
$6BKD?H!
]Vbb!CA:UC!GAH!N<B=D?H!F<CCS!B;IBJ<GBLH!:N!GAH!N<==B;K!I<?G!BFM<JG!CG?H;KGA!:N!"$'!
NB=FC!JA<B;
PHTGH;IHI!UBGA!L<?B:DC!<F:D;GC!:N!(.!]]_d!&=:U!HM:T9!HODBL<=H;G!UHBKAG,V!(A<B;!
HTGH;CB:;!:N!"$'!NB=F!U<C!N:D;I!EH;HNBJB<=!B;!:LH?J:FB;K!BGC!E?BGG=H;HCCV!'C!CHH;!B;!6BKD?H!
]VbbS!GAH!BFM<JG!CG?H;KGA!:N!"$'!NB=F!B;J?H<CHI!<=F:CG!=B;H<?=9!UBGA!GAH!JA<B;!HTGH;IH?!J:;GH;GS!
BFM=9B;K!GA<G!GAH!NB=F!EHJ<FH!F:?H!IDJGB=H!E9!E?<;JAB;K!GAH!M:=9FH?!
JA<B;!<;I!?HIDJB;K!BGC!
J?9CG<==B;BG9!&6BKD?H!
]Ve,V!*;GH?HCGB;K=9S!GAH!<IIBGB:;!:N!:;=9!RV`^!JA<B;!HTGH;IH?!B;G:!GAH!"$'!
NB=FC!B;J?H<CHI!BGC!N<B=D?H!F<CC!E9!t`_^S!IDH!G:!GAH!JA<B;!HTGH;CB:;!?H<JGB:;V!)AHCH!?HCD=GC!L<=BI<GH!
GAH!;HHI!N:?!JA<B;!HTGH;IH?C!G:!?H
IDJH!GAH!E?BGG=H;HCC!:N!"$'!NB=FC!HLH;!GA:DKA!;H<G!"$'!NB=FC!
UBGA:DG!<;9!JA<B;!HTGH;IH?C!A<LH!EHH;!CDJJHCCND==9!F<;DN<JGD?HI!B;!GABC!<;I!:D?!M?HLB:DC!CGDIBHC!
ibRSQRSQbjV!!!bba!6BKD?H!]V
bb!.NNHJG!:N!(.!J:;GH;G!:;!GAH!N<B=D?H!F<CC!:N!"$'!NB=FCV
!!!#'$"$'%"%'"":$'
":'
":;'
#G-"E647(9-##()H/
<;()C/!"#$
%&"'())
*+,-(
!bbd!@18!L'(B3(P$26'!3B!%3M?NM$6&76!$674OV6'MM5M3<'!2$236(?<&$M!63P%3<7&'!9M3^2!B7MP<!%(36'<<'4!
9?!&^3!47BB'('2&!63P%352472[!$%%(3$6#'<
!E"+%!#!2+%-)'%/0)!+)!%0.%$+/!#0)%I<C%;+5+%:&42#$"+'%#)%602(1+5%Y),#
)++5#),%-)'%
S/#+)/+9%KXMDDN\%D[TK
@D[VI%MC]DVN<%'0#\%
"!!:$\=='0#<05,=D]<D]]C=:+)<CIX]T
<%E"#$%
:-:+5%;-$%/0
@-&!"05+'%4(%?<F<%S!-5B9%J<><%S-40%-)'%7<F<%F-!&-)-
<$)AH!F<B;!:E>HJGBLH!:N!GABC!CHJGB:;!
U<C!G:!
J:FM<?H
!GAH!MH?N:?F<;JH!:N!"$'-(1(!E=:U;!
NB=FC!M?HM<?HI!E9!GAH!FH=G
PE=H;IB;K!<;I!IB?HJG!I?9
PE=H;IB;K!GHJA;BODHC!B;!GH?FC!:N!M<?GBJ=H!
IBCMH?CB:;S!:MGBJ<=S!GAH?F<=S!F:=HJD=<?!UHBKAG!<;I!E<??BH?!M?:MH?GBHC!G:!BIH;GBN9!GAH!F:CG!HNNHJGBLH!
E=H;IB;K!<MM?:<JA
!&$:+/#.#/%0
4^+/!#*+%_C
,!ibRj
V!*G!CA:D=I!EH!;:GHI!GA<G!N:?!<==!?HCD=GC!M?HCH;GHI!B;!
GABC!CHJGB:;S!GAH!(1(!=:<IB;K!U<C!NBTHI!<G!b^S!UABJA!U<C!IHGH?FB;HI!<C!GAH!BIH<=!J:;JH;G?<GB:;!
B;!:D?!M?H=BFB;<?9!CGDI9V
!4"!"#$:..*A($-.$F7*'9,'D$32-A*++$-'$5E5$9,+3*2+,-'$='9$
/01\+$-3(,A=7$32-3*2(,*+
$(1(!IBCG?BEDGB:;!<;I!IBCMH?CB:;!B;!GAH!"$'!F<G?BT!UH?H!HT<FB;HI!DCB;K!=BKAG!FBJ?:CJ:M9!
&6BKD?H!
]VbQ,V!*;!GABC!CGDI9S!(1(!IBCMH?CB:;!U<C!IHNB;HI!<C!GAH!IHK?HH!:N!E?H<@B;K!DM!:N!(1(!
<KK=:FH?<GHCS!UAH?H<C!(1(!IBCG?BEDGB:;!U<C!<!FH<CD?
H!:N!A:U!D;BN:?F=9!GAH!(1(C!UH?H!
IBCG?BEDGHI!GA?:DKA:DG!GAH!"$'!F<G?BT!i
QQjV!'C!CHH;!B;!6BKD?H!
]VbQS!A:F:KH;:DC!IBCG?BEDGB:;!:N!
(1(C!B;!GAH!"$'!F<G?BT!U<C!<JABHLHIS!B??HCMHJGBLH!:N!GAH!E=H;IB;K!GHJA;BODHV!X:UHLH?S!C:FH!
<KK=:FH?<GHC!UH?H!CGB==!LBCBE=HS!B;IB
J<GBLH!:N!;:G!UH==
PIBCMH?CHI!(1(C!B;!GAH!F<G?BTV!)AH!IBNNH?H;JH!
B;!(1(!IBCMH?CB:;!B;!GAH!IB?HJG!I?9
PE=H;IHI!<;I!FH=G
PE=H;IHI!NB=FC!U<C!;:G!<MM<?H;G!N?:F!GAH!
:EG<B;HI!BF<KHCV!)AH?HN:?HS!/[
P[BC!CMHJG?:CJ:M9!U<C!MH?N:?FHI!G:!ND?GAH?!B;LHCGBK<GH!GAH!
IBCMH?CB:;
!:N!(1(C!B;G:!GAH!"$'!F<G?BT!&6BKD?H!
]Vb\,V!!!bbe!6BKD?H!]V
bQ!$BKAG!FBJ?:CJ:MH!:N!&<,!"$'S!&E,!"$'-b^!(1(!&+4,!<;I!&J,!"$'-b^!(1(!&34,!
NB=FCV
!!6BKD?H!]V
b\!.NNHJGC!:N!(1(!<IIBGB:;!<;I!E=H;IB;K!M?:JHCC!:;!GAH!G?<;CM<?H;J9!:N!"$'!<;I!
"$'-(1(!J:FM:CBGH!NB=FCV
!!!$""!@0
!-!$!$""!@0
!$""!@0
!@!"$"&"("9"#""#'"%'"''";'"='"34-B#9"##"%B()C/
=->7E7BH&I()B9/
ABC
ABCD)E)!FGHI
ABCD)E)!FJHI
bQR!)?<;CM<?H;J9!J<;!EH!DCHI!<C!<;!B;IBJ<G:?!:N!GAH!IBCMH?CB:;!:N!;<;:M<?GBJ=HC!B;!<!F<G?BTS!BN!
GAH!CBZH!:N!B;IBLBID<=!;<;:M<?G
BJ=HC!BC!CF<==H?!GA<;!GAH!U<LH=H;KGA!:N!LBCBE=H!=BKAG!&\dR
PaRR!;F,!
iQ\jV!*;!:GAH?!GH?FCS!BN!;<;:CBZH!IBCMH?CB:;!:N!(1(!B;!"$'!F<G?BT!BC!:EG<B;HIS!GAH!<IIBGB:;!:N!
(1(C!UB==!;:G!<NNHJG!GAH!G?<;CM<?H;J9!:N!?HCD=GB;K!NB=FCS!EHJ<DCH!MD?H!(1(!NB=FC!<?H!ABKA=9!
G?<;CM<?H;G!i
Q]jV!)AH!/[
P[BC!CMHJG?:CJ:M9!?HCD=GC!N:?!;H<G!"$'!<;I!"$'-(1(!J:FM:CBGH!NB=FC!
M?HM<?HI!E9!GAH!IB?HJG!I?9
P!<;I!FH=G
PE=H;IB;K!<MM?:<JAHC!<?H!B==DCG?<GHI!B;!6BKD?H!
]Vb\V!)AH!
<LH?<KH!=BKAG!G?<;CFBCCB:;!L<=DHC!N:?!;H<G!"$'S!"$'-(1(!IB?HJG!I?9
PE=H;IHI
!&+4,!<;I!"$'-(1(!
FH=GPE=H;IHI!&34,!NB=FC!B;!GAH!LBCBE=H!?HKB:;!UH?H!J<=JD=<GHI!<C!IHCJ?BEHI!B;!GAH!HTMH?BFH;G<=!
CHJGB:;!<;I!?HM:?GHI!<C!ebV`!m!RVd^S!adV`!m!\V\^!<;I!a]V`!m!RVe^S!?HCMHJGBLH=9V!)AHCH!?HCD=GC!
CA:U!GA<G!GAH!=BKAG!G?<;CFBCCB:;!:N!;H<G!"$'!IHJ?
H<CHI!CBK;BNBJ<;G=9!E9!<IIB;K!b^!(1(CS!
B??HCMHJGBLH!:N!GAH!E=H;IB;K!GHJA;BODH!&6BKD?H!
]Vb\,V!2HIDJHI!G?<;CM<?H;J9!:N!"$'!IDH!G:!GAH!
<IIBGB:;!:N!(1(CS!B??HCMHJGBLH!:N!GAH!E=H;IB;K!FHGA:IS!BFM=BHI!GA<G!;<;:CJ<=H!IBCMH?CB:;!IBI!;:G!
ND==9!:JJD?!<;I!C:FH!FBJ?:F
HGH?!CBZHI!<KK=:FH?<GB:;C!J:D=I!CGB==!EH!M?HCH;GV!)AH!=BKAG!FBJ?:CJ:MH!
BF<KHC!CA:UB;K!<KK=:FH?<GB:;C!:N!(1(C!&6BKD?H!
]VbQ,!J:??:E:?<GH!GAH!/[
P[BC!?HCD=GC!&6BKD?H!
]Vb\,V!8H;H?<==9S!;<;:M<?GBJ=H!<KK=:FH?<GB:;!CBZHC!=<?KH?!GA<;!GAH!B;JBIH;G!U<LH=H;KGA!:N!=BKA
G!GH;I!
G:!CJ<GGH?!=BKAG!<;I!?HIDJH!=BKAG!G?<;CFBCCB:;!iQ
\jV!'=GA:DKA!GAH?H!BC!CGB==!;HHI!N:?!BFM?:LHFH;G!G:!
J:FM=HGH=9!H=BFB;<GH!<KK=:FH?<GB:;CS!<!G?<;CM<?H;J9!B;!GAH!?<;KH!:N!a`
Pad^!U<C!<JABHLHI!B;!GABC!
CGDI9S!IHF:;CG?<GB;K!GA<G!?H<C:;<E=9!K::I!G?<;CM<?H;
J9!?HF<B;C!IHCMBGH!=BFBGHI!IBCMH?CB:;V!*G!BC!
U:?GA!FH;GB:;B;K!GA<G!GAH!IBNNH?H;JH!B;!<LH?<KH!=BKAG!G?<;CFBCCB:;!L<=DHC!:N!IB?HJG!I?9
PE=H;IHI!
"$'-(1(!NB=FC!&adV`!m!\V\^,!<;I!FH=G
PE=H;IHI!"$'-(1(!NB=FC!&a]V`!m!RVe^,!UH?H!;:G!
CBK;BNBJ<;G=9!IBNNH?H;GS!BFM=9B;K
!GA<G!E=H;IB;K!FHGA:IC!9BH=IHI!NB=FC!:N!CBFB=<?!G?<;CM<?H;J9V
!!!bQb!4"!"!$:..*A(+$-.$5E5$=99,(,-'$='9$F7*'9,'D$32-A*++$-'$/01\+$()*26=7$32-3*2(,*+
$)AH?F:K?<LBFHG?BJ
!<;<=9CBC!&)8',!U<C!MH?N:?FHI!G:!HL<=D<GH!GAH!HNNHJGC!:N!(1(!<IIBGB:;!
<;I!E=H;IB;K!<MM?:<JAHC!:;
!GAH!GAH?F<=!IHJ:FM:CBGB:;!:N!"$'
V!)AH!;:;
PBC:GAH?F<=!)8'!<;I!
IBNNH?H;GB<=!GAH?F:K?<LBFHG?BJ!&+)8,!JD?LHC!:N!"$'!<;I!"$'-(1(!J:FM:CBGH!NB=FC!<?H!
B==DCG?<GHI!B;!6BKD?H!]Vb]!&<,!<;I!&E,V!
)AH?H!U<C!;:!;:GBJH<E=H!
CBK;BNBJ<;G
!IBNNH?H;JH!B;!GAH!
:;CHG!
GHFMH?<GD?HC
!:N!IHJ:FM:CBGB:;
!&t!\b`
$(,!FH<CD?HI!:;!<IIBGB:;!:N!b^!(1(C
S!B??HCMHJGBLH!:N!GAH!
E=H;IB;K!M?:JHCC!DCHI
V!0BFB=<?!?HCD=GC!
UH?H!?HM:?GHI!E9!$BZD;IB<!<;I!J:
PU:?@H?C!N:?!"$'
PK?<NGHI!
(1(C!<G!b
!UG^!i
Q`jV!*G!BC!HLBIH;G!N?:F!6BKD
?H!
]Vb]!&<,!GA<G!
GAH!IHJ:FM:CBGB:;!:N!<==!
NB=FC!
CG<?GHI!
<G!GHFMH?<GD?H
C!:N!t\b
`$(!<;I!
?H<JA
HI!
GAHB?!
F<TBFDF!IH
J:FM:CBGB:;C
!<G!t\_]
$(V!)AH
!IHJ:FM:CBGB:;
!:N!"$'!<E:LH!QRR
$(!A<C!EHH;!?HM:?GHI!E9!L<?B:DC!?HCH<?JAH?C!<;I!
J:D=I!EH
!<GG?BEDGHI!G:!A9I?:=9CBC!:N!HCGH?!E:;IC!B;!GAH!F<B;!JA<B;S!D;ZBMMB;K!IHM:=9FH?BZ<GB:;!?H<JGB:;C!
J<G<=9ZHI!E9!?HCBID<=!M:=9FH?BZ<GB:;!J<G<=9CGCS!:TBI<GBLH!?<;I:F!F<B;
PJA<B;!CJBCCB:;!<C!UH==!<C!
B;GH?!<;
I!B;G?<
P!F:=HJD=<?!G?<;CHCGH?BNBJ<GB:;!?H<JGB:;C!=H<IB;K!G:!GAH!N:?F<GB:;!:N!=:U!F:=HJD=<?!
UHBKAG!F:
;:FH?C!<;I!:=BK:FH?BJ!HCGH?C!i
Q_PQejV!6BKD?H!
]Vb]!&J,!CA:UC!GAH!)8'!FH<CD?HFH;GC!
MH?N:?FHI!D;IH?!BC:GAH?F<=!J:;IBGB:;C!<G!bdR
$(!N:?!\RR!FB;DGHC!N:?!"$'!<;I!
"$'-(1(!
;<;:J:FM:CBGH!NB=FCV!)AH!<IIBGB:;!:N!(1(C!E9!E:GA!GAH!IB?HJG!I?9
P!<;I!FH=G
PE=H;IB;K!M?:JHCCHC!
IBI!;:G!<NNHJG!GAH!
IHJ:FM:CBGB:;
!:N!"$'!NB=FC!<G!GAH!M?:JHCCB;K!GHFMH?<GD?H!DCHI!B;!GABC!CGDI9!G:!
F<;DN<JGD?H!E=:U;!NB=FCV!)AH!UHBKAG!=:CC!N:?!<==!NB=FC!U
<C!<?:D;I!
b^!HLH;!<NGH?!A:=IB;K!GAH!NB=FC!
<G!bdR
$(!N:?!\RR!FB;DGHCV
!!!bQQ!!!!6BKD?H!]V
b]!&<,!1:;
PBC:GAH?F<=!GAH?F:K?<FCS!&E,!1:;
PBC:GAH?F<=!+)8!<;I!&J,!*C:GAH?F<=!
GAH?F:K?<FC!:N!"$'!<;I!"$'-(1(!J:FM:CBGH!NB=FCV
!!!"$"&"("9"#""$""$'"%""%'"&""J7#"A6-E(D7"HI&()C/379?74-&647()
K</ABC
ABCD)E)!FGHI
ABCD)E)!FJHI
"#$%$""$'"%""%'"&""274">-&">7(D7"HI&()C:K</379?74-&647()
K</ABC
ABCD)E)!FGHI
ABCD)E)!FJHI
='=(=;=9==#"""#""$""%""J7#"A6-E(D7"HI&()C/3"97()9"B6&7#/
ABC
ABCD)E)!FGHI
ABCD)E)!FJHI
!"!#!bQ\!)<E=H!]V_
!=BCGC!GAH!GAH?F<=!G?<;CBGB:;!GHFMH?<GD?HC!&)
/S!)
7!<;I!)
-,!<;I!IHK?HH!:N!
J?9CG<==B;BG9!&^‡
7,!N?:F!GAH!NB?CG!<;I!CHJ:;I!
+0(!
AH<GB;K!CJ<;C!FH<CD?HI
!N:?!"$'!<C!UH==!<C!
"$'-(1(!J:FM:CBGH!NB=FC!F<;DN<JGD?HI!E9!GAH!IB?HJG!I?9
P!<;I!
FH=GPE=H;IB;K!GHJA;BODHCV
!*;!GABC!
CGDI9S!GAH!NB?CG!AH<GB;K!CJ<;!U<C!DCHI!G:!<CCHCC!GAH!NB=FWC!GAH?F<=!M?:MH?GBHC!B;!GAH!<C
PF:=IHI!
J:;IBGB:;!UAH?H<C!GAH!CHJ:;I!AH<GB;K!CJ<;!U<C!DCHI!G:!HL<=D<GH!GAH!
F<GH?B<=WC!B;G?B;CBJ!
M?:MH?GBHC!
<NGH?!H?<CB;K!BGC!GAH?F<=!A
BCG:?9V
!*;!E:GA!GAH!NB?CG!<;I!CHJ:;I!AH<GB;K!CJ<;CS!
;:!;:G<E=H!JA<;KHC!
UH?H!:ECH?LHI!B;!GAH!)
/!:N!GAH!"$'!NB=FC!:;!<IIBGB:;!:N!(1(S!B??HCMHJGBLH!:N!GAH!E=H;IB;K!
GHJA;BODHV!*;GH?F:=HJD=<?!B;GH?<JGB:;!<;I!JA<B;!N=HTBEB=BG9!J<;!J<DCH!<!JA<;KH!B;!<!F<GH?B<=WC!
)/!i\RjV!'C!HTMHJGHIS!GAH!=:U!J:;JH;G?<GB:;!:N!<IIHI!(1(C!IBI!;:G!CBK;BNBJ<;G=9!JA<;KH!GAH!"$'WC!
JA<B;!N=HTBEB=BG9!;:?!B;GH?F:=HJD=<?!B;GH?<JGB:;!<;I!J:;CHODH;G=9!A<I!;:!;:GHU:?GA9!HNNHJG!:;!BGC!
)/V!*;!J:;G?<CG
S!G
AH!)
7!L<=DHC!:N!IB?HJG!
I?9PE=H;IHI!<;I!
FH=GPE=H;IHI!"$'-(1(!NB=FC!
B;!GAH!NB?CG!
<;I!CHJ:;I!AH<GB;K!CJ<;C!
UH?H!CBK;BNBJ<;G=9!=:UH?!GA<;!GA<G!:N!;H<G!"$'!&J:;G?:=!NB=FC,S!B;IBJ<GB;K!
N<CGH?!J?9CG<==BZ<GB:;!IDH!G:!GAH!;DJ=H<GB:;!HNNHJG!:N!(1(CS!<C!HTMHJGHI!N?:F!GAH!AHG
H?:KH;H:DC!
;DJ=H<GB:;!GAH:?9!i\b
jV!)AH!;DJ=H<GB:;!?<GH!&1,S!<JJ:?IB;K!G:!GAH!AHGH?:KH;H:DC!;DJ=H<GB:;!GAH:?9!
BC!KBLH;!<C!N:==:UC
!i\bjh!!`~`4Aqn<
^GCgT_!&.OD<GB:;!]V\
,!!5AH?H!1
$!BC!GAH!M?H
PN<JG:?S!<;I!v)!<;I!(!<?H!KBLH;!<C!N:==:UCh
!!gT#T%4GT?!&.OD<GB:;!]V]
,!!!bQ]!C#V22!2T%4W2T2+•!&.OD<GB:;!]V`
,!!UAH?H!
!BC!GAH!HODB=BE?BDF!FH=GB;K!GHFMH?<GD?HS!)
7!BC!GAH!J:=I!J?9CG<==BZ<GB:;!
GHFMH?<GD?HS!—!<;I!—
2!<?H!GAH!H;I!<;I!=<GH?<=!CD?N<JH!N?HH!H;H?KBHCS!@!BC!GAH!4:=GZF<;;WC!J:;CG<;GS!
)!BC!GAH!GHFMH?<GD?H!<;I!vA!BC!GAH!H;GA<=M9!:N!NDCB:;V
!!!"#!"#$$%&'()$*+
,$-./$&0&(1232$456$789$&2$:)(($&2$;36)<=$
;61>'()0;);$?-@A
$&0;$
B)(=>'()0;);$
?C@A$
789D!E$/F/$43(B2+
$!.&B)$2GH)62<63H=$()==)62$:3=I30$=I)$2&B)$<5(GB0$&6)$05=$23J0
343<&0=(1$
;344)6)0=$'&2);$50$=I)$9FKL9$6
)2G(=2$&=$#E$23J0343<&0<)$()M)(+
$$!"#$%&"'(
)*!)+",-#)*$)+",-#$*%)+",-#).$)+/-#)!"#$I)&=
$"$%$I)&=
$!"#$I)&=
$"$%$I)&=
$!"#$I)&=
$"$%$I)&=
$!"#$I)&=
$"$%$I)&=
$789$,N+"$O$"+P
&$,!+Q$O$Q+*
&$!!R+Q$O$N+!
&$!"*+P$O$!+"
&$!*P+P$O$Q+N
&$!#!+Q$O$Q+#
&$*+#$O$Q+!
&$!+#$O$Q+*
&$789$S$!E$/F/$
$?-@A
$,N+N$O$N+Q
&$,Q+T$O$Q+"
&$!!N+P$O$"+!
'$!""+R$O$!+"
'$!*P+"$O$Q+N
&$!#Q+*$O$Q+*
&$#+*$O$Q+T
'$*+#$O$Q+*
'$789$S$!E$/F/$
$?C@A
$,*+#$O$Q+N
&$,!+!$O$Q+R
&$!!!+R$O$Q+"
($!!N+"$O$Q+!
($!*R+R$O$Q+"
'$!*T+Q$O$Q+!
'$*+,$O$Q+N
&$*+*$O$Q+"
'$!"#$%&$'()*+,-.&$
/01$*.2$
/0/$&)33'&+4$*$5-6'7$8-52$879&+*55,:*+,-.$+';<'7*+)7'$
7'&)5+&$,.
$=,3='7$
.)85'*+,-.$7*+'$
*.2$>*&+'7$879&+*55,:*+,-.0$
?=)&4$+='$5-6'7$?
!$->$@A%BCDC$8-;<-&,+'$>,5;&$
-E+*,.'2$,.$+=,&$&+)29$6*&$*88-;<*.,'2$E9$&,3.,>,8*.+59$=,3='7$
879&+*55,.,+9$
8-;<*7'2$+-$
.'*+$@A%$
>,5;&$,.$+='$&'8-.2$='*+$8)7F'$
8-.>,7;,.3$+=*+$CDC&$*8+'2$*&$'>>,8
,'.+$.)85'*+,.3$*3
'.+&0
$G,;,5*7$
7'&)5+&$=*F'$E''.$7'<-7+'2$>-7$@A
%$.*.-8-;<-&,+'&$6,+=$CDC&$H"I41"
J1IK4$;,87-879&+*55,.'$
8'55)5-&'$LMCCN$H1#K4$8'55)5-&'$.*.->,E'7&$H1O
K4$*.2$<5*&+,8,:'2$@A%$6,+=$MCC$H
1PK0$Q+$,&$*5&-$
6-7+=$;'.+,-.,.3$+=*+$*$&,3.,>,8*.+59$5-6'7$?
!$6*&$-E&'7F'2$>-7$+='$;'5+
JE5'.2'2$LMRN$@A%BCDC$
>,5;&$8-;<*7'2$+-$+=',7$2,7'8+$279
JE5'.2'2$LSRN$8-).+'7<*7+&$E'8*)&'$->$+='$>*&+'7$879&+*55,:*+,-.$
->$&=-7+'7$<-59;'7$8=*,.&$7'&)5+,.3$>7-;$2'37*2*+,-.$->$+='$;'5+
JE5'.2'2$@A%BCDC$>,5;&4$5'*2,.3$
+-$*$5-6'7$?
!0$T-6'F'74$+=,&$7'2)8'2$?
!4$,.2,8*+,.3$.)85'*+,.3$*8+,-.$->$+='$2'37*2*+,-.$<7-2)8+&
$,.$+='$;'5+
JE5'.2'2$>,5;&
$6*&$.-+$*88-;<*.,'2$E9$*$>)7+='7$,.87'*&'$,.$879&+*55,.,+90$U@C$
L2'&87,E'2$,.$+='$.'V+$&'8+,-.N$6*&$<'7>-7;'2$+-$8-.>,7;$+='$2'37*2*+,-.$->$
;'5+JE5'.2'2$
@A%BCDC$>,5;&0
$?='$?
"$->$2,7'8+$
279JE5'.2'2$@A%BCDC$>,5;&$7';*,.'2$).8=*.3'2$*&$8-;<*7'2$
+-$.'*+$@A%
$,.$+='$>,7&+$*.2$&'8-.2$='*+,.3$8)7F'&
0$Q.$8-.+7*&+4$+='$
;'5+JE5'.2'2$@A%BCDC$>,5;&$
=*2$*$&,3.,>,8*.+59$5-6'7$?
"4$6=,8=$6*&$*++7,E)+'2$+-$+='$2'37*
2*+,-.$->$+='&'$>,5;&0$U'.'7*5594$
2'37*2*+,-.$->$>,5;&$,&$*88-;<*.,'2$E9$*$7'2)8+,-.$,.$;-5'8)5*7$6',3=+$5'*2,.3$+-$7'2)8'2$8=*,.$
5'.3+=$*.2$8=*,.$'.+*.35';'.+0$G=-7+'7$*.2$5'&&$'.+*.35'2$8=*,.&$7'(),7'$5'&&$'.'739$+-$&5,2'$<*&+$
'*8=$-+='7$*.2$
;'5+$*+$5-6'
7$+';<'7*+)7'&
0$!"#"$%&''()*+%,'%-.-%/001*1,2%/20%34(20125%67,)(++%,2%*8(%0(57/0/*1,2%,'%9:;
%%&$2,&8)&&'2$*E-F'4$+='$?
!$*.2$?
"$7'&)5+&$L?*E5'$
/0#N$7'F'*5'2$+=*+$+='$'V+7*$='*+$*.2$
;'8=*.,8*5$&='*7$'V<'7,'.8'2$,.$+='$;'5+
JE5'.2,.3$<7-8'&&$2'37*2'2$+='$;'5+
JE5'.2'2$@A%BCDC$
>,5;&0$U@C$6*&$<'7>-7;'2$+-$'F*5)*+'$@A%$2'37*2*+,-.$2)7,.3$8-;<-).2,.3$*.2$+='$7'&)5+&$*7'$
&=-6.$,.$?*E5'$
/0O0$?='$*22,+,-.$->$C
DC&$+=7-)3=$+='$2,7'8+$279
JE5'.2,.3$<7-8'&&$2,2$.-+$*>>'8+$
!"O$+='$M
#$->$@A%$>,5;&4$6='7'*&$+=',7$*22,+,-.$+=7-)3=$+='$;'5+
JE5'.2,.3$<7-8'&&$2'87'*&'2$+='$M
#$->$@A%$>,5;&0$?='$;'8=*.,8*5$&='*7$3'.'7*+'2$*+$""4WWW$7<;$2)7,.3$+='$2,7'8+$279
JE5'.2,.3$
<7-8'&&$=*2$
.-$&,3.,>,8*.+$'>>'8+$-.$+='$M
#$->$2,7'8+$279
JE5'.2'2$@A%BCDC$8-;<-).2&0$T-6'F'74$
+='$M
#$->$@A%BCDC$>,5;&$<7-2)8'2$E9$+='$;'5+
JE5'.2,.3$<7-8'&&$6*&$&,3.,>,8*.+59$5-6'7$+=*.$
+=',7$2,7'8+$279
JE5'.2'2$8-).+'7<*7+&$*.2$.'*+$@A%4$6=,8=$8*.$E'$*++7,E)+'2$+-$+='$
*22,+,-.*5$='*+$
'V<-&)7'$->$+='&'$8-;<-).2&$2)7,.3$+='$;'5+
JE5'.2,.3$<7-8'&&$,.$*$+=7''
J<,'8'$;,V'7$<7,-7$+-$
E5-6.$>,5;$'V+7)&,-.0$Q.$8-.+7*&+4$+='$M
$$*.2$M
%$->$@A%$>,5;&$7';*,.'2$).*>>'8+'2$-.$+='$*22,+,-.$
->$CDC&$E9$E-+=$E5'.2,.3$*<<7-*8='&0$?='$@A%$*.2$
@A%BCDC$8-;<-&,+'$>,5;&$6'7'$<7-8'&&'2$
)&,.3$+='$&*;'$<7-8'&&,.3$8-.2,+,-.&$->$E5-6.$>,5;$'V+7)&,-.$*.2$+='$-.59$2,>>'7'.8'$E'+6''.$
+='&'$>,5;&$6*&$+=',7$<7'
J<7-8'&&,.3$L-7$E5'.2,.3N0$?=)&4$,+$6*&$*88'<+*E5'$+-$*&&);'$+=*+$+='$
7'2)8+,-.$,.$M
#$>-7$+='$;'5+
JE5'.2'2$>,5;&$-88)77'2$2)7,.3$+='$E5'.2,.3$<7-8'&&0$?-$8-.>,7;$+=*+$
+='$2'37*2*+,-.$->$@A%BCDC$8-;<-&,+'$>,5;&$6*&$-88)77,.3$'V85)&,F'59$2)7,.3$+='$E5'.2,.3$
<7-8'&&$<7,-7$+-$E5-6.$>,5;$'V+7)&,-.4$.'*+$@A%$<'55'+&$<7-8'&&'2$+=7-)3=$2,7'8+$279
J$*.2$;'5+
JE5'.
2,.3$*<<7-*8='&$6'7'$+'&+'2$E9$U@C$6,+=-)+$;*.)>*8+)7,.3$,.+-$>,5;&0$?='$U@C$7'&)5+&$->$
).<7-8'&&'2$@A%$<'55'+&4$@A%$LSRN$*.2$@A%$LMRN$*7'$&=-6.$,.$?*E5'$
/0O0$?='$M
#$->$;'5+
JE5'.2'2$@A%$6*&$&,3.,>,8*.+59$5-6'7$+=*.$+=*+$->$).<7-8'&&'2$@A%$<'55'+&$,;<59,.3$
+=*+$@A%$
2'37*2'2$2)7,.3$+='$;'5+
JE5'.2,.3$<7-8'&&4$6='7'*&$+='$M
#$->$2,7'8+$279
JE5'.2'2$@A%$7';*,.'2$
).*>>'8+'2$E9$+='$2,7'8+$279
JE5'.2,.3$<7-8'&&0$?='$&*;'$+7'.2$6*&$-E&'7F'2$>-7$+='$@A%BCDC$
8-;<-&,+'$>,5;&$8-.>,7;,.3$+=*+$2'37*2*+,-.$->$@A%$6*&$-88)77,.
3$2)7,.3$+='$;'5+
JE5'.2,.3$
<7-8'&&$2)'$+-$*22,+,-.*5$='*+$'V<-&)7'4$<7,-7$+-$E5-6.$>,5;$'V+7)&,-.0
$$$!"P$?*E5'$/0
O$M-5'8)5*7$6',3=+&$->$@A%4$2,7'8+$279
JE5'.2'2$@A%BCDC$LSRN$*.2$;'5+
JE5'.2'2$
@A%BCDC$LMRN$>,5;&$*&$6'55$*&$).<7-8'&&'2$@A%$<'55'+&4$*.2$@A%$<'55'+&$&)EX'8+'2$+-$SR$*.2$
MR$<7-8'&&'&0
$&G*;'$&)<'7&87,<+$5'++'7&$6,+=,.$+='$&*;'$8-5);.$
->$>,5;&$-7$<'55'+&$
*7'$.-+$&,3.
,>,8*.+59$
2,>>'7'.+$
E*&'2$-.$+='$%DYZ%$7'&)5+&$*+$I[$&,3.,>,8*.8'$5'F'50
$$$!"#$%&"'(
)!!)*+,
!-.'/
")!#)*+,
!-.'/
")!$)*+,
!-.'/
")0)12"&3)
(1&((&.3)
)*45%&)-.'6+,/
)!"#$%&$$$$@A%$!/"$\$1
'$"O"$\$!W
'$"I"$\$P
'$J$@A%$]$![$CDC$LSRN
$!1P$\$1
'$"O"$\$/
'$"I!$\$/
'$"!1$@A%$]$![$CDC$LMRN
$!"#$\$O
($"#O$\$!1
'$"/#$\$!!
'$^!I$'(##()%&$$$$@A%$!IP$\$O
'$1!W$\$!1
'$"PO$\$!"
'$J$@A%$LSRN
$!/O$\$!!
'$"^^$\$O
')($"O#$\$O
'$IW^$@A%$LMRN
$!1W$\$^
($"P"$\$!O
($"I^$\$!I
($!1^^$!"^$?='$2'37*2*+,-.$->$@A%$,&$F'79$8-;<5'V$*.2$8*.$-88)7$E9$F*7,-)&$;'8=*.,&;&4$,.85)2,.3$
7*.2-;$;*,.$8=*,.$&8,&&,-.$7'*8+,-.&$*.2$=927-59&,&$H
"P4"^41^K0$T927-59+,8$2'37*2*+,-.$7'&)5+&$,.$
27*&+,8$7'2)8+,-.$,.$*F'7*3'$;-5'8)5*7$6',3=+0$D'F'7+='5'&&4$&,.8'$+='$7'2)8+,-.$,.$M
#$6*&$.-+$
F'79$<7-;,.'.+4$+='$2-;,.*+,.3$;'8=*.,&;$->$2'37*2*+,-.$6*&$;-7'$5,_'59$+-$E'$8=*,.$&8,&&,-.$
*.2$.-+$=927-59&,&$H
"PK0$?='$
.);E'7$->$8=*,.$&8,&&,-.&$>-7$+='$@A%BCDC$8-;<-&,+'$>,5;&$
8*58)5*+'2$)&,.3$+='$>-55-6,.3$'()*+,-.$H/
W4/!K`$$!"#$%&'"(#&((&)'(*+,!-#)./)(&01
23+,!-4562$La()*+,-.$/0
#N$$b='7'$M
#$L8-;<-&,+'N$,&$+='$.);E'7$*F'7*3'$;-5'8)5*7$6',3=+$->$@A%BCDC$LSRN$-7$
@A%BCDC$LMRN$>,5;&$*.2$M
#$L@A%N$,&$+='$.);E'7$*F'7*3'$;-5'8)5*7$6',3=+$->$@A%$>,5;&0$
a()*+,-.$
/0#$6*&$*5&-$)&'2$+-$8*58)5*+'$+='$8=*,.$&8,&&,-.$->$@A%$LSRN$*.2$@A%$LMRN$6='7'$M
#$L8-;<-&
,+'N$,&$+='$.);E'7$*F'7*3'$;-5'8)5*7$6',3=+$->$@A%$LSRN$-7$@A%$LMRN$8-;<-).2&$*.2$
M#$L@A%N$,&$+='$.);E'7$*F'7*3'$;-5'8)5*7$6',3=+$->$).<7-8'&&'2$@A%$<'55'+&0
$?='$.);E'7$->$8=*,.$&8,&&,-.&$,&$5,&+'2$,.$?*E5'$
/0O0$c.&)7<7,&,.3594$+='$@A%BCDC$
;'5+JE5'.2'2$>,5;&$*.2$@A%$LMRN$=*2$;-7'$8=*,.$&8,&&,-.&$8-;<*7'2$+-$+=',7$2,7'8+$279
JE5'.2'2$
8-).+'7<*7+&4$,.2,8*+,.3$+=*+$+='$;'5+
JE5'.2'2$8-;<-&,+'&$2'37*2'2$;-7'$2)7,.3$+='$;'5+
JE5'.2,.3$
<7-8'&&$2)'$+-$+='$*22,+,-.*5$='*+$'V<'7,'.8'2$2)7,.3$+=,&$<7-8'&
&0$?='&'$>,.2,.3&$8-77-E-7*+'$+='$
?!$*.2$?
"$7'&)5+&$L?*E5'$
/0#N$+=*+$,.2,8*+'2$2'37*2*+,-.$->$+='$@A%BCDC$;'5+
JE5'.2'2$8-;<-&,+'&0
$Q+$6*&$->$,.+'7'&+$+-$>)7+='7$,.F'&+,3*+'$+='$;'8=*.,&;$->$2'37*2*+,-.$-88)77,.3$,.$+='$
@A%BCDC$8-;<-&,+'$>,5;&0$%$5,+'7*+)7'
$7'F,'6$7'F'*5'2$+=*+$,.$8*&'$->$<-59'&+'7&4$8=*,.$&8,&&,-.$
8*.$-88)7$F,*$d
JCJT$+7*.&>'7$7'*8+,-.$Le,3)7'$/
0!IN4$5'*2,.3$+-$*$2'87'*&'$,.$;-5'8)5*7$6',3=+$*.2$
!1W$3'.'7*+,-.$->$F,.95$+'7;,.*+'2$'&+'7$*.2$8*7E-V95$'.2
J37-)<$H
"P41^4/"4/1K0$?='$<7'&'.8'$->$
8*7E-V
95$'.2
J37-)<&4$6=,8=$2'&,3.*+'&$2'37*2*+,-.4$8*.$E'$2'+'8+'2$E9$e?Qf$&<'8+7-&8-<9$
H//4/IK0$Q.>7*7'2$&<'8+7*$->$.'*+$@A%$*.2$@A%BCDC$8-;<-&,+'$>,5;&$<7'<*7'2$E9$E-+=$E5'.2,.3$
<7-8'&&'&$*7'$&=-6.$,.$e,3)7'$
/0!#0$?*E5'$
/0P$5,&+&$+='$E*.2$*&&,3.;'.+&$>-7$+='$6
*F'.);E'7&$->$
<'*_&$>-).2$,.$+='&'$&<'8+7*$+-$+=',7$8-77'&<-.2,.3$>).8+,-.*5$37-)<&$H
"P4/#JI"K0$e,3)7'$/0
!I$@7-<-&'2$d
JCJT$+7*.&>'7$;'8=*.,&;$>-7$2'37*2*+,-.$->$@A%0
$$$!"#
$$%&'()*+,
-.&/01%-.2
$301*+
$-.&/01%-.2
$!1!$e,3)7'$/0
!#$Q.>7*7'2$&<'8+7*$->$@A%$*.2$@A%BCDC$8-;<-&,+'$>,5;&$<7'<*7'2$E9$2,7'8+$279$LSRN
J$*.2$;'5+
JE5'.2,.3$LMRN$<7-8'&&'&0
$$$!"#
$!"#$%&%'()*+
$!"#$%&%'(,*+
$#'4(&'%15.,$6%7.18/'.&4,95/
!":$!1"$?*E5'$/0
P$R*.2$*&&,3.;'.+&$>-7$+='$6*F'.);E'7&$->$<'*_&$)&'2$,.$e?Qf$*.*59&,&$*.2$
8-77'&<-.2,.3$>).8+,-.*5$37-)<&$
H#41#4IWJIIK0$$$7"8$39-:$%)*1-
%'/);$"+)"((&,3-$3#(
)@A%$@A%BCDC$LSRN
$@A%BCDC$LMRN
$"^^/4$"^/I$"^^/4$"^/I$"^^/4$"^/I$G+7'+8=,.3$->$C
JT$,.$CT
*$!OII$!OII$!OII$G+7'+8=,.3$->$CgY
$!/I"4$!1P"4$!1#/$!/I"4$!1P"4$!1#/$!/I"4$!1P"4$!1#/$G+7'+8=,.3$->$C
JT$,.$CT
*$!"#O4$!!^"4$!!"P4$!W^"4$!W/O$!"#O4$!"!O4$!!P"4$!!1/4$!!"!4$!WPW4$!W/O$!"#O4$!"!I4$!!P/4$!!1"4$!!!14$!WP"4$!W/O$G+7'+8=,.3$->$C
JY$,.$
8*7E-V95$*.2$C
JYJC$&+7'+8=
$^IO$^IO$^IO$YJT$F,E7*+,-.$,.$8*7E-V95
$POW$POW$POW$%;-7<=-)&$<=*&'$->$@A%
$OI#$OI#$OI#$C79&+*55,.'$<=*&'$->$@A%
$!11$?='$;*X-7$2,>>'7'.8'&$E'+6''.$+='$&<'8+7);$->$@A%$>,5;$*.2$+='$&<'8+7*$->$@A%BCDC$
>,5;&$
6'7'$-E&'7F'2$,.$+='$7'3,-.$E'+6''.$!W/I
J!"OW$8;
+,4$*&&-8,*+'2$6,+=$C
JY$*.2$C
JYJC$&+7'+8=,.30$?='$<'*_$<7'&'.+$*+$!!^"$8;
+,$,.$.'*+$@A%$&<5,+$,.+-$+6-$<'*_&$*+$!"!O$8;
+,$*.2$!!P"$
8;+,$,.$+='$@A%BCDC$LSRN$>,5;&4$*.2$!"!I$8;
+,$*.2$!!P/$8;
+,$,.$+='$@A%BCDC$LM
RN$>,5;&0$
%22,+,-.*5594$+='$&=*7<$<'*_$*+$!!"P$8;
+,$,.$@A%$>,5;&$&<5,+$,.+-$+6-$E7-*2'7$<'*_&$,.$+='$
8-;<-&,+'$>,5;&$H!!1/$8;
+,$*.2$!!"!$8;
+,$,.$@A%BCDC$LSRNh$!!1"$8;
+,$*.2$!!!1$8;
+,$,.$
@A%BCDC$LMRNK0$?='$E7-*2$<'*_$,.$@A%$*+$!W^"$8;
+,$E'8*;'$&=*7<'7$*.2$&
=,>+'2$+-$5-6'7$
6*F'5'.3+=&$,.$+='$7*.3'$->$!WPW
J!WP"$8;
+,$>-7$+='$8-;<-&,+'$>,5;&0$?='&'$8=*.3'&$8-)52$,.2,8*+'$
2'37*2*+,-.$->$+='$@A%BCDC$8-;<-&,+'$>,5;&$E'8*)&'$'&+'7$5,._*3'&$,.$@A%i&$;*,.$8=*,.$85'*F'$
+-$>-7;$8*7E-V95$'.2
J37-)<&4$*&$,55)&+7*+'2$,.$e,3
)7'$/
0!I0$T-6'F'74$&,.8'$+='$7'3,-.$E'+6''.$
!W/IJ!"OW$8;
+,$,&$*&&,3.'2$+-$E-+=4$C
JY$&+7'+8=$>7-;$8*7E-V95$37-)<&$*.2$C
JYJC$&+7'+8=,.3$
F,E7*+,-.&4$,+$6*&$2,>>,8)5+$+-$)&'$,+&$,.+'.&,+9$-7$*7'*$+-$*88)7*+'59$()*.+,>9$+='$>-7;*+,-.$->$
8*7E-V95$'.2
J37-)<&0$?=)
&4$+='$,.+'.&,+9$->$+='$<'*_$*+$^IO$8;
+,4$*&&,3.'2$&<'8,>,8*559$+-$+='$Y
JT$F,E7*+,-.&$,.$8*7E-V95$37-)<&4$6*&$8-.&,2'7'2$;-7'$*<<7-<7,*+'$+-$;-.,+-7$+='$8*7E-V95$37-)<$
>-7;*+,-.$E9$8*58)5*+,.3$+='$8*7E-V95$,.2'V$L'()*+,-.$
10!N0$%.$,.87'*&'$,.$8*7E-V95$,.2'
V$6-)52$
,.2,8*+'$+='$<7'&'.8'$->$*22,+,-.*5$8*7E-V95$'.2
J37-)<&$3'.'7*+'2$2)'$+-$;*,.$8=*,.$&8,&&,-.$E9$
+='$<7-<-&'2$2'37*2*+,-.$;'8=*.,&;$Le,3)7'$/
0!IN0$$$!1/$?='$8*7E-V95$,.2,8'&$->$@A%$*.2$@A%BCDC$8-;<-&,+'$>,5;&$*7'$,55)&+7*+'2$,.$e,3)7'$
/0!O0$@A%BCDC$8-;<
-&,+'$>,5;&$=*F'$=,3='7$8*7E-V95$,.2,8'&$8-;<*7'2$+-$@A%4$,.2,8*+,.3$+=*+$8=*,.$
&8,&&,-.$-88)77'2$2)7,.3$E-+=4$+='$2,7'8+$279
J$*.2$;'5+
JE5'.2,.3$<7-8'&&'&$E9$+='$<7-<-&'2$
2'37*2*+,-.$;'8=*.,&;$Le,3)7'$/
0!IN0$T-6'F'74$+='$@A%BCDC$;'5+
JE5'.2'2$>,5;&$=*F'$=,3
='7$
8*7E-V95$,.2'V$+=*.$+=',7$2,7'8+$279
JE5'.2'2$8-).+'7<*7+&$&)33'&+,.3$+=*+$;-7'$8=*,.$&8,&&,-.&$
-88)77'2$>-7$+='&'$>,5;&4$,.$8-77-E-7*+,-.$6,+=$+='$U@C$7'&)5+&0
$e,3)7'$/0
!O$C*7E-V95$,.2,8'&$
)&,.3$+='$,.+'.&,+,'&$->$7'>'7'.8'
$<'*_&$*+$"^^/$8;
+,$*.2$"^/I$8;
+,$->$@A%4$@A%B![$CDC$LSRN$*.2$@A%B![$CDC$LMRN$>,5;&0
$$$-./
-.0
-.1
-.2
-.3
!"#
!"#$%&%
()*+
!"#$%&%
(,*+
!"#$%&'()*+,-&456575895':5;<';='/>>1'9?
7@456575895':5;<';='/>12'9?
7@!1I$!"#"!%&''()*+%,'%-.-%/001*1,2%/20%34(20125%67,)(++%,2%*8(%<=>?%/20%@>?%,'%9:;
%?='$,.8-7<-7*+,-.$->$![$CDC&$
,.+-$+='$@A%$;*+7,V$,;<7-F'2$,+&$
6*+'7$*.2$-V93'.$E*77,'7$
<'7>-7;*.8'4$,77'&<'8+,F'$->$+='$E5'.2,.3$<7-8'&&$L?*E5'$/
0^N0$?=,&$,;<7-F'2$E*77,'7$<'7>-7;*.8'$
->$@A%BCDC$8-;<-&,+'$>,5;&$8*.$E'$*++7,E)+'2$+-$+='$<7'&'.8'$->$=,3=59$879&+*55,.'$8'55)5-&'$
.*.-879&
+*5&$6=,8=$*8+$*&$,;<'7;'*E5'$7'3,-.&$,.$+='$;*+7,V0$?='$,;<'7;'*E5'$7'3,-.&$87'*+'$*$
;-7'$+-7+)-)&$2,>>)&,-.$<*+=$>-7$+='$<'7;'*.+4$5'*2,.3$+-$&5-6'7$2,>>)&,-.$*.2$='.8'$5-6'7$
+7*.&;,&&,-.$7*+'&$H
I1JIIK0$$?*E5'$/0
^$bZ?f$*.2$Y?f$->$@A%$*&$6'55$*&$2,7'8+$279
JE5'.2'2$LSRN$*.2$;'5+
JE5'.2'2$LMRN$
@A%B![$CDC$>,5;&0
$&G*;'$&)<'7&87,<+$5'++'7&$6,+=,.$+='$&*;'$8-5);.$*7'$.-+$&,3.
,>,8*.+59$
2,>>'7'.+$E*&'2$-.$+='$
%DYZ%$7'&)5+&$*+$I[$&,3.,>,8*.8'$5'F'50
$$$!"#$%&"'(
)7<=>)"#)?@
(A)"3B)@CD)>E
)*45%))+,6-
*!(/")F=>)"#)G?
(A)"3B)5D)>E)
)*45%'+)+,6-
*!(/")%F'7*3'
$[$S'87'*&'
)%F'7*3'
$[$S'87'*&'
)@A%$IP/0^$\$/^0I
'$J$//"01$\$PO0/
'$$@A%$]$![$CDC$LSRN
$/W^0O$\$"!01
($1W$!OP0^$\$"10!
($#W$@A%$]$![$CDC$LMRN
$//"0^$\$"I0^
!$"/$"OW0!$\$OO0/
!$1^$!1#$D-.'+='5'&&4$,+$&=-)52$E'$;'.+,-.'2$+=*+$+='$bZ?f$*.2$Y?f$->$@A%BCDC$;'5+
JE5'.2'2$
>,5;&$6*&$=,3='7$+=*.$+=',7$2,7'8+$279
JE5'.2'2$8-).+'7<*7+&$2)'$+-$+='7;*5$2'37*2*+,-.$->$+='&'$
>,5;&$*&$2';-.&+7*+'2$E9$SGC$L?*E5'$
/0#N4$U@C$L?*E5'$
/0ON$*.2$e?Qf$Le,3)7'$
/0!ON$7'&)5+&0$e7-;$
-E+*,.'2$bZ?f$*.2$Y?f$7'&)5+&4$2,7'8+$279
JE5'.2,.3$*<<'*7'2$+-$E'$+='$E'++'7$*<<7-*8=$>-7$
,.8-7<-7*+,.3$CDC&$,.+-$+='$@A%$;*+7,V$+-$'.=*.8'$,+&$6*+'7$*.2$-V93'.$E*77,'7$<7-<'7+,'&0
$HI?)7"#$%)8"J.%)"3B).KL,$3):"%%&$%)J%.J$%#&$().M)
$K#%9(&.3
N:'.O3)J.'L*'"1#&1)"1&B/61$''9'.($)
3"3.1%L(#"'()3"3.1.-J.(&#$)M&'-(
)*+(&)")#(&,-.&/0-)(-)&01&%(/)"0-&234&5(6(&789#"%+(.&"-&:0$70%")(%&',6)&;<&;77#"(.&
=/"(-/(&,-.&>,-81,/)86"-?
@&AA2<&BC2
DBAA&EBCAFG3
&.0"<&
+))7%<HH.0"306?HAC3ACAIHJ3/0$70%")(%,3BCAF3CF3CBK
3&*+"%&7,7(6&5,%&/0
D,8)+06(.&9L&
M3>3&=),6N@&O3:3&=,90&,-.&P3>3&>,)8,-,3
&?='$;*,.$-EX'8+,F'$->$+=,&$&'8+,-.$6*&$+-$
'F*5)*+'$+='$'>>'8+&$->$CDC$*22,+,-.$5'F'5$*.2$
'.F,7-.;'.+*5$+'&+,.3$8-.2,+,-.&$-.$+='$E*77,'7$<7-<'7+,'&$->$@A%BCDC$>,5;&$*&$6'55$*&$+=',7$
+='7;*5$*.2$-<+,8*5$<7-<'7+,'&0$?='$)5+,;*+'$3-*5$->$+=,&$&'8+,-.$->$+='$&+)29$6*&$+-$3*,.$*.$,.
J2'<+=$).2'7&+*.2,.3
$->$+='$;'8=*.,&;&$3-F'7.,.3$,;<7-F';'.+$,.$E*77,'7$<7-<'7+,'&4$+-$;-2'5$
*.2$+-$'&+*E5,&=$7'5*+,-.&=,<&$E'+6''.$'.F,7-.;'.+*5$+'&+,.3$8-.2,+,-.&$*.2$E*77,'7$<7-<'7+,'&$*&$
6'55$*&$+-$-<+,;,:'$+='$CDC$8-.+'.+$L&<'8,>,8$-EX'8+,F'$j1N
$H"!K0$Q+$&=-)52$E'$.-+'2$
+=*+$>-7$*55$
7'&)5+&$<7'&'.+'2$,.$+=,&$&'8+,-.4$+='$2,7'8+$279
JE5'.2,.3$<7-8'&&$6*&$)&'2$+-$,.8-7<-7*+'$CDC&$,.+-$
+='$@A%$;*+7,V$E'8*)&'$,+$*<<'*7'2$+-$E'$+='$E'++'7$*<<7-*8=$
8-;<*7'2$+-$+='$;'5+
JE5'.2,.3$
+'8=.,()'$
*&$2'+'7;,.'2$,.$+='$<7'F,-)&$
&'8+,-.0
$$$!1O$!"$"A%&''()*%,'%-.-%),2*(2*%,2%B/*(7%C/6,7%6(7D(/3141*E%F<=9G%/20%,HE5(2%6(7D(/3141*E%F@9G%
,'%'14D+
%e,3)7'$
/0!P$,55)&+7*+'&$+='$'>>'8+$->$CDC$8-.+'.+$-.$+='$6*+'7$F*<-7$<'7;'*E,5,+9$LbZ@N$
*.2$-V93'.$<'7;'*E,5,+9$LY@N$->$@A%$>,5;&0$?='$bZ@$*.2$Y@
$2'87'*&'2$*&$+='$CDC$
8-.8'.+7*+,-.$,.87'*&'2$)<$+-$![$*.2$7';*,.'2$8-.&+*.+$+='7'*>+'70$G,3.,>,8*.+$,;<7-F';'.+&$->$
*<<7-V,;*+'59$1^[$*.2$O/[$,.$bZ@$*.2$Y@4$7'&<'8+,F'594$6'7'$-E&'7F'2$E9$*22,.3$-.59$![$
CDC$,.+-$@A%$;*+7,V0$?=,&$,;<7-F'2$E*77,'7$<'7>-7;*.
8'$->$+='$.*.-8-;<-&,+'$>,5;&$,&$5,_'59$
2)'$+-$+='$<7'&'.8'$->$=,3=59$879&+*55,.'$CDC&$6=,8=$*8+'2$*&$'>>,8,'.+$.)85'*+,.3$*3'.+$7'&)5+,.3$
,.$=,3='7$2'37''$->$879&+*55,.,+9$Le,3)7'$
/0!^N$*&$6'55$*&$,;<'7;'*E5'$7'3,-.&$,.$+='$;*+7,V$
H!W4/#4IIJIOK0$Y+='7$,.F
'&+,3*+-7&$=*F'$7'<-7+'2$&,;,5*7$7'&)5+&$>-7$@A%$.*.-8-;<-&,+'&$6,+=$
CDC&$H!
W4"I41"41141IK4$;,87-879&+*55,.'$8'55)5-&'$H1
#K4$*.2$8'55)5-&'$.*.->,E'7&$H1
OK0$e,3)7'$/0
!P$a>>'8+$->$CDC$8-.+'.+$-.$+='$bZ@$L"1
-C$*.2$PI[$fTN$*.2$Y@$
L"1-C$*.2$W[$fTN$
->$@A%$>,5;&0
$$$-2-A--A2-/---A--/--0--1--2----.2
A/./)01
2!"#345676$585/"9:;/)012
!"%345676$585/"9!<!)=%+>-+>)0?9BC!
D!!1P$$$$e,3)7'$/0
!^$bZ@$*.2$Y@$->$@A%$*.2$@A%BCDC$.*.-8-;<-&,+'$>,5;&$*&$*$>).8+,-.$->$
879&+*55,.,+9$-E+*,.'2$>7-;$L*N$!
./$='*+$*.2$LEN$"
#0$='*+0$Q.$+='$!
./$='*+$+='$879&+*55,.,+,'&$6'7'$/0I$
\$W0!h$I0!$\$!0Wh$I0/$\$W0Ph$*.2$#0"$\$W0"$6='7'*&$,.$+='$"
#0$='*+$+='9$6'7'$!0I$\$W0/h$"0P$\$W0/h$
/0I$\$W0/h$*.2$/0O$\$W0/$>-7$@A%$6,+=$Wh$W0Ih$!h$*.2$"[$CDC4$7'&<'8+,F'590
$R'8*)&'$+='$<'7;'*.+$2-'&$.-+$7'*2,59$2,>>)&'$+
=7-)3=$879&+*55,+'&$H
II4IOK4$,+$,&$E'5,'F'2$
+=*+$+='$<7'&'.8'$->$.)85'*+'2$879&+*5&$*.2$CDC&$,.87'*&'&$+='$'>>'8+,F'$+7*F'5$<*+=&$>-7$6*+'7$
F*<-7$*.2$-V93'.$;-F';'.+&$+=7-)3=$+='$.*.-8-;<-&,+'&4$;*_,.3$+='$<*+=$5'.3+=$;-7'$+-7+)-)&4$
6=,8=$7'2)8'&$+='$2,>>)
&,-.$<7-8'&&4$+=)&$5-6'7,.3$<'7;'*+,-.$*&$7'<-7+'2$E9$-+='7&$H
!W4I14I#4IOK0$Q.+'7'&+,.3594$+='$F*5)'&$->$bZ@$*.2$Y@$.'3*+,F'59$8-77'5*+'2$6,+=$+='$2'37''$->$
879&+*55,.,+9$Le,3)7'$
/0!^N$,.$+='$*&
J;-52'2$@A%$>,5;&$L!
./$='*+N$*&$6'55$*&$+=',7$,.+7,.&,8$
879&+*55,.,+9$L"
#0$='*+N4$,.$7'*&-.*E5'$*37'';'.+$6,+=$+='$6-7_$->$G=-37'.$H
IPK$6=-$*&&'7+'2$*.$
,;<7-F';'.+$->$IW[$-7$=,3='7$,.$bZ@$->$*;-7<=-)&$@A%$E9$879&+*55,:,.3$,+$+=7-)3=$*..'*5,.3$
*+$!1W
-C$>-7$!W$;,.)+'&$,.$*$F*8));
$-F'.0$G,;,5*7594$+='$bZ@$->$*.-+='7$E,-<-59;'74$<-59Ld
J=927-V9E)+97*+'
J8-J=927-V9JF*5'7*+'N$L@TRZN$6,+=$F*7,-)&$F*5'7*+'$8-.+'.+&$L#4$!"4$*.2$!P[N4$
-2-A--A2-/--/2-0---A--/--0--1--2--11.2
22.2
33.2
./)012
!"#&345676$585/"9:;/)012
!"%345676$585/"9?)!#'8>"((*+*>')01'(@-">9
B;=57
DEFG58
-2-A--A2-/--/2-0---A--/--0--1--2--A/012./)012
!"#&345676$585/"9:;/)012
!"%345676$585/"9?)!#'8>"((*+*>')0A)*@-">9
B;=57
DEFG58
:")!1^$8-77'5*+'&$6'55$6,+=$+='$879&+*55,.,+90$%&$F*5'7*+'$8-.+'.+$->$@TRZ$2'87'*&'&4$+='$879&+*55,.,+9$
,.87'*&'&$
*.2$bZ@$2'87'*&'&0$Q.$-+='7$+'7;&4$=,3=59$879&+*55,.'$@TRZ$6,+=$5-6$F*5'7*+'$8-.+'.+$
L@TRZ
J#N$=*2$5-6'7$F*5)'&$->$bZ@$,.$+='$7*.3'$->$+';<'7*+)7'&$,.F'&+,3*+'2$L#
J/^-CN$H
IPK0$G'F'7*5$-+='7$,.F'&+,3*+-7&$=*F'$*5&-$7'<-7+'2$.'3*+,F'$8-77'5*+,-.$E'+6''.$+='$2
'37''$->$
879&+*55,.,+9$*.2$bZ@$*&$6'55$*&$Y@$F*5)'&$->$@A%$*.2$,+&$.*.-8-;<-&,+'&$6,+=$8'55)5-&'$
.*.-;*+'7,*5&$;*.)>*8+)7'2$)&,.3$&-5F'.+
J8*&+,.3$+'8=.,()'&$H
I#4I^J#!K0$Q.$-.'$&)8=$&+)294$
G*.8=':
JU*78,*$*.2$A*3*7-.$2';-.&+7*+'2$+=*+$@A%i&$879&+*55,.,+9$,.8
7'*&'2$&5,3=+59$>7-;$^0![$
+-$!W0O[$E9$*22,.3$1[$&-5F'.+
J'V8=*.3'2$8'55)5-&'$.*.-6=,&_'7&$7'&)5+,.3$,.$*$&,3.,>,8*.+$
2'87'*&'$->$/^[$,.$bZ@$F*5)'&$->$@A%$H
I^K0$Q.$*.-+='7$&+)294$+='$*22,+,-.$->$1[$).;-2,>,'2$*.2$
1[$&)7>*8+*.+$;-2,>,'2$CDC&$,.87'*&'2$@A%i&$8
79&+*55,.,+9$>7-;$I0I[$+-$#0"[$*.2$P0O[4$
7'&<'8+,F'59$5'*2,.3$+-$7'2)8+,-.&$->$!#[$*.2$!O[$,.$bZ@$->$@A%4$7'&<'8+,F'59$*.2$"![$*.2$
"I[$,.$Y@$->$@A%4$7'&<'8+,F'59$H
#WK0$G,;,5*7594$Y_&;*.$*.2$@'+'7&&-.$8-.>,7;'2$+='$.'3*+,F'$
8-77'5*+,-.$E'+6''.$879&+*55,.,+9
$*.2$Y@$F*5)'&$E9$7'<-7+,.3$*$"/W[$,.87'*&'$,.$@A%i&$Y@$-.$
*22,+,-.$->$I[$&6-55'.$;,87-879&+*55,.'$8'55)5-&'$LG
JMCCN$2)'$+-$+='$8-;E,.'2$'>>'8+&$->$
2'87'*&'2$879&+*55,.,+9$->$.*.-8-;<-&,+'$>,5;&$8-;<*7'2$+-$@A%$*.2$5-6$G
JMCCB@A%$
,.+'7*8+,-.&$5'*2,.3$+-$*$&
+7*,3=+$*.2$5'&&$+-7+)-)&$<*+=$>-7$+='$3*&$;-5'8)5'&$+-$+7*F'5$H
#!K0$?='$;*V,;);$,.87'*&'$,.$879&+*55,.,+9$-88)77'2$*+$![$CDC&$L&''$e,3)7'$
/0!^$8*<+,-.N4$*$
CDC$8-.+'.+$+=*+$8-77'5*+'&$F'79$6'55$6,+=$+='$-<+,;);$,;<7-F';'.+$,.$+='$E*77,'7$<7-<'7+,'&$->$
+='$
>,5;&$Le,3)7'$
/0!PN0$Q+$&=-)52$E'$;'.+,-.'2$+=*+$+='$*22,+,-.$->$;-7'$+=*.$![$CDC&$2,2$.-+$
,;<7-F'$+='$879&+*55,.,+9$->$@A%$>)7+='7$L&''$e,3)7'$
/0!^$8*<+,-.N$<7-E*E59$2)'$+-$+='$7'+*72'2$
879&+*5$37-6+=$8*)&'2$E9$CDC$*335-;'7*+,-.&$*+$=,3=$5-*2,.3$5'F'5&$H
1I4#"K0$$$!/W$C-.&'()'.+594$.*.-8-;<-&,+'$>,5;&$6,+=$2,>>'7'.+$CDC$8-.+'.+&$LW0Ih$!$*.2$"[N$6'7'$
'V*;,.'2$).2'7$*$2,3,+*5$;,87-&8-<'$+-$;-.,+-7$CDC$*335-;'7*+,-.&$*+$=,3=$5-*2,.3$5'F'5&$
Le,3)7'$
/0"WN0$%$<5-+$->$+='$CDC$*335-;'7*+,-.$>7'()'.89$*&$*$>).8+,-.$->$+
=',7$2,*;'+'7&$,&$*5&-$
&=-6.0$T-;-3'.-)&$2,&+7,E)+,-.$->$CDC&$6*&$*8=,'F'2$,.$+='$@A%$;*+7,V4$7'3*725'&&$->$+='$CDC$
8-.+'.+0$T-6'F'74$&-;'$*335-;'7*+'&$,.2,8*+'2$E9$+='$;,87-;'+'7
J&,:'2$<*7+,85'$2,*;'+'7&$
7'8-72'2$,.$e,3)7'$
/0"W$L*J8N$6'7'$&+,55$F,&,E5'$&)
33'&+,.3$+=*+$.*.-&8*5'$2,&<'7&,-.$6*&$.-+$
*8=,'F'2$*&$<7'F,-)&59$7'<-7+'2$H!
WK0$%&$'V<'8+'24$+='$@A%$>,5;&$6,+=$"[$CDC&$&5,3=+59$=*2$
=,3='7$.);E'7$->$<*7+,85'&$6,+=$&,:'$!Wk;$-7$5*73'7$8-;<*7'2$+-$+='$-+='7$8-.8'.+7*+,-.&$He,3)7'$
/0"W$L2NK0$$$!/!$!!!!$e,3)7'$/0
"W$S,3,+*5$;,87-&8-<'$,;*3'&$->$@A%$>,5;&$6,+=$F*7,-)&$CDC$8-.+'.+&$->$L*N$W0I[h$LEN$
![h$*.2$L8N$"[$*&$6'55$*&$L2N$
CDC$*335-;'7*+,-.$>7'()'.89$*&$*$>).8+,-.$->$+=',7$2,*;'+'7&$,.$
+='$.*.-8-;<-&,+'$>,5;&0
$!$-/-1-3--H2
2HA-
IA-
B#-CD-+=')0?9
E44(%6-#">*%+)8*F-)0G69
-.2J'%&%AJ%&%/J%&%"):)B)1)!/"$S)'$+-$5,;,+'2$CDC$2,&<'7&,-.4$+='$5,3=+$+7*.&;,&&,-.
$->$@A%$>,5;&$,.$+='$F,&,E5'$5,3=+$$
6*F'5'.3+=$7*.3'$L1PW
JO"W$.;N$2'87'*&'2$E9$*22,.3$CDC&$,.+-$+='$>,5;&4$,77'&<'8+,F'$->$+='$CDC$
8-.+'.+$Le,3)7'$/
0"!N0$?=,&$2'5'+'7,-)&$'>>'8+$8-)52$E'$*++7,E)+'2$+-$+='$<7'&'.8'$->$.)85'*+'2$
879&+*5&$*.2$;,87-;'+'7
J&,:'2$CDC$*335-;'7*+,-.&$5*73'7$+=*.$+='$,.8,2'.+$6*F'5'.3+=$->$5,3=+$
L.*.-;'+'7N$,.$+='$.*.-8-;<-&,+'$>,5;&4$6=,8=$&8*++'7$5,3=+$
H!W4"14#1K0$?='$+7*.&<*7'.
89$->$@A%$
>,5;&$2'87'*&'2$>7-;$l^"[$+-$lP#[$6,+=$+='$*22,+,-.$->$W0I[$CDC&4$>)7+='7$2'87'*&'2$+-$lOP[$
6,+=$+='$*22,+,-.$->$![$CDC&$*.2$+='.$5'F'55'2$->>$6,+=$>)7+='7$*22,+,-.$->$CDC&0$f';*7_*E594$
+='$2'87'*&'2$5,3=+$+7*.&;,&&,-.$->$@A%$>,5;&$-.$+='$*22,+,-
.$->$CDC&$2,2$.-+$*>>'8+$+=',7$F,&)*5$
85*7,+9$Le,3)7'$
/0""N0$Q+$&=-)52$E'$;'.+,-.'2$+=*+$+='$*22,+,-.$->$CDC&$,.+-$@A%$7'2)8'2$+='$5,3=+$
+7*.&;,++*.8'$,.$+='$cZ$7'3,-.$->$+='$&<'8+7*$L"IW
J1PW$.;N$,.2,8*+,.3$+=*+$CDC&$E5-8_'2$5,3=+$,.$
+=,&$7'3,-.4$;*_,.3$+=
'$.*.-8-;<-&,+'$>,5;&$*++7*8+,F'$;*+'7,*5&$>-7$<*8_*3,.3$*<<5,8*+,-.&
$7'(),7,.3$cZ$5,3=+$<7-+'8+,-.$*&$7'<-7+'2$E9$-+='7&$>-7$@A%$.*.-8-;<-&,+'&$6,+=$CDe&$H
"1K4$CDC&$H
#14#/K$*.2$G
JMCC&$H
#!K0$$$!/1$e,3)7'$/0
"!$a>>'8+$->$CDC$8-.+'.+$-
.$+='$+7*.&<*7'.89$->$@A%$>,5;&0
$e,3)7'$/0
""$Z,&)*5$85*7,+9$->$@A%$*.2$@A%BCDC$.*.-8-;<-&,+'$>,5;&0
$$$-/-1-3-K-A--A2-02-22-L2->2-H#"+86*88*%+)0?9
:"I-(-+4>@)0+69
!"#
!"#'M'-.2J'%&%
!"#'M'AJ'%&%
!"#'M'A.2J'%&%
!"#'M'/J'%&%
!//$!"$"#%&''()*%,'%-.-%),2*(2*%,2%B/*(7%C/6,7%6(7D(/3141*E%F<=9G%/20%,HE5(2%6(7D(/3141*E%F@9G%
,'%'14D+
%C-.&,2'7$>,7&+$+='$'>>'8
+&$->$CDC$*22,+,-.$*.2$+'&+,.3$+';<'7*+)7'$-.$+='$bZ@$He,3)7'$
/0"1$L*NK$*.2$Y@$He,3)7'$
/0"1$LENK$->$@A%$>,5;&0$Q.87'*&,.3$+='$+';<'7*+)7'$->$+='$&9&+';$5'2$+-$
*.$'V<-.'.+,*5$2'87'*&'$,.$+='$bZ@$E)+$*.$'V<-.'.+,*5$,.87'*&'$,.$Y@$>-7$@A%$*.2$@A%BCDC$
.*.-8-;<-&,+'$>,5;&$,.$*37'';'.+$6,+=$7'&)5+&$7'<-7+'2$E9$-+='7$,.F'&+,3*+-7&$H
IP4#IJ#OK0$T-6'F'74$
+='$bZ@$2'87'*&'2$*&$+='$CDC$8-.+'.+$,.87'*&'2$)<$+-$![$*.2$7';*,.'2$8-.&+*.+$
+='7'*>+'74$,77'&<'8+,F'$->$+='$+'&+,.3$+';<'7*+)7'$He,3)7'$
/0"1$L*NK0$G,.8'$+='$-<+,;);$
,;<7-F';'.+$,.$bZ@$6*&$-E&'7F'2$*+$![$CDC$8-.+'.+$He,3)7'$
/0"1$L*NK4$+='$Y@$2'<'.2'.8'$-.
$+';<'7*+)7'$6*&$'F*5)*+'2$>-7$.'*+$@A%$*.2$@A%B![$CDC$.*.-8-;<-&,+'$>,5;&$-.59$He,3)7'$
/0"1$LENK0$YF'7*554$+='$.*.-8-;<-&,+'$>,5;&$=*2$E'++'7$6*+'7$*.2$-V93'.$E*77,'7$<7-<'7+,'&$+=*.$
.'*+$@A%$8-).+'7<*7+&4$7'3*725'&&$->$+'&+,.3$+';<'7*+)7'$2)'$,.$<*7+$+-$
+='$,.87'*&'2$879&+*55,.,+9$
Le,3)7'$
/0"/N4$6=,8=$F*5,2*+'&$+='$.'3*+,F'$8-77'5*+,-.$E'+6''.$+='$E*77,'7$<7-<'7+,'&$LbZ@$*.2$
Y@N$*.2$879&+*55,.,+9$2,&8)&&'2$'*75,'70
$$$!/I$$e,3)7'$/0
"1$a>>'8+&$->$L*N$CDC$8-.+'.+$*.2$
+'&+,.3$+';<'7*+)7'$-.$+='$bZ@$->$@A%$>,5;&$*+$
PI[$fT$*.2$LEN$CDC$*22,+,-.$*.2$+'&+,.3$+';<'7*+)7'$-.$+='$Y@$->$@A%$>,5;&$*+$W[$fT0
$$$$$-A--/--0--1--2--3--0./
0.0
0.1
0.2
0.3
:;/)012
!"%345676$585/"917H-6J-#">D#-)012
!+,K!"9-J-.2J
AJ/J"-A--/--0--1--0.-
0./
0.1
0.3
./)012
!"#345676$585/"917H-6J-#">D#-)012
!+,K!"9-JAJ:!/#$$$$$$e,3)7'$/0
"/$bZ@$*.2$Y@$->$@A%$*.2$.*.-8-;<-&,+'$>,5;&$*+$F*7,-)&$
+';<'7*+)7'&$*&$*$>).8+,-.$
->$<'78'.+$879&+*55,.,+9$-E+*,.'2$>7-;$!
./$='*+$HL*N$*.2$LENK$*.2$"
#0$='*+$HL8N$*.2$L2NK0
$!$-A--/--0--1--2--3--1.-
1.2
2.-
2.2
3.-
3.2
:;/)012
!"%345676$585/"9?)!#'8>"((*+*>')01'(@-">9
A-N%
ALN%
/0N%
0AN%
"-A--/--0--1--1.-
1.2
2.-
2.2
3.-
./)012
!"#345676$585/"9?)!#'8>"((*+*>')01'(@-">9
/0N%
0AN%
0KN%
2-N%
:-A--/--0--1--2--3--A.-
/.-
0.-
1.-
2.-
:;/)012
!"%345676$585/"9?)!#'8>"((*+*>')0A)*@-">9
A-N%
ALN%
/0N%
0AN%
1-A--/--0--1--A.-
/.-
0.-
1.-
2.-
./)012
!"#345676$585/"9?)!#'8>"((*+*>')0A)*@-">9
/0N%
0AN%
0KN%
2-N%
B!/O$?='$'V<-.'.+,*5$7'5*+,-.&=,<&$E'+6''.$+='$<'7;'*E,5,+9$L6*+'7$*.2$-V93'.N$*.2$
+';<'7*+)7'$&=-6.$,.$e,3)7'$
/0"1$8*.$E'$2'&87,E'2$E9$+='$>-
55-6,.3$%77='.,)&$7'5*+,-.&=,<`
$$8*6"91:/
#$!%&'$La()*+,-.$/0O
N$$6='7'$m$,&$+='$bZ@$-7$Y@$->$+='$>,5;&h$%
1$,&$+='$<7'
J'V<-.'.+,*5$>*8+-7$-7$%77='.,)&$
8-.&+*.+4$,0'04$+='$bZ@$-7$Y@$->$+='$>,5;$*+$F'79$=,3=$+';<'7*+)7'$L*<<7-*8=,.3$,.>,.,+9N$6=,8=$
=*&$.-$<=9&,8*5$;'*.,.3$E)+$7'<7'&'.+&$<'7;'*E,5,+9$,.$+='$*E&'.8'$->$<-59;'7
J<-59;'7$
,.+'7*8+,-.$H
#IKh$a
2$,&$+='$*8
+,F*+,-.$'.'7394$,0'04$+='$;,.,;);$'.'739$E*77,'7$+-$E'$-F'78-;'$E9$
6*+'7$F*<-7$-7$-V93'.$+-$&+*7+$<'7;'*+,.3$+=7-)3=$+='$>,5;h$f$,&$+='$).,F'7&*5$3*&$8-.&+*.+$
LW0WWP1!/$_n$;-5
+,$o+,Nh$*.2$?$,&$+='$+';<'7*+)7'$L
-oN0
$?*E5'$
/0!W$&);;*7,:'&$+='$7'37'&&,-.$*.*
59&,&$7'&)5+&$>-7$+='$*8+,F*+,-.$'.'739$La
2N$*.2$
<7'J'V<-.'.+,*5$>*8+-7$L%
1N$->$@A%$*.2$@A%BCDC$.*.-8-;<-&,+'$>,5;&$>7-;$+='$%77='.,)&$<5-+&$
&=-6.$,.$e,3)7'$
/0"10$?='$*8+,F*+,-.$'.'739$>-7$6*+'7$F*<-7$<'7;'*E,5,+9$,&$.'3*+,F'$>-7$+='$@A%$
*.2$.*.-8-;<-&,+'$
>,5;&0$D'3*+,F'$*8+,F*+,-.$'.'739$F*5)'&$->$
JW0!$_nB;-5$>-7$&';,
J879&+*55,.'$
@A%$H
IPK4$J10^1$_nB;-5$>-7$8-;;'78,*5$@A%$8*&+$>,5;&$H
#IK4$J^0P$_nB;-5$>-7$@A%$/W1WS$6,+=$^P[$
AJA*8+,2'$H
##K$*.2$
J!W0!$_nB;-5$>-7$@A%$/W/WS$6,+=$^/[$A
JA*8+,2'$H
##K$=*F'$*5&-$E''.$
7'<-7+'2$
*.2$*++7,E)+'2$+-$+='$<-5*7,+9$->$@A%$H
IP4#IK4$6=,8=$*>>'8+&$+='$*8+,F*+,-.$'.'73,'&$>-7$2,>>)&,-.$
La0N$*.2$&-7<+,-.$L-7$='*+$->$&-5)+,-.4$pT
.N4$+6-$;*X-7$8-;<-.'.+&$8-.+7,E)+,.3$+-$+='$-F'7*55$
*8+,F*+,-.$'.'739$>-7$<'7;'*+,-.$3,F'.$E9`
$$;(*;)<=>*$La()*+,-.$/0P
N$$$!/P$?*E5'$/0
!W$a>>'8+$->$CDC$8-.+'.+$-.$+='$6*+'7$F*<-7$*.2$-V93'.$*8+,F*+,-.$'.'739$La
2N$*.2$<7'
J'V<-.'.+,*5$>*8+-7$L%
1N$->$@A%$>,5;&0
$$Q.F'&+,3*+-7&$=*F'$7'<-7+'2$5-6'7$F*5)'&$->$a
0$>-7$=927-<=,5,8$<-59;'7&$2)'$+-$+=',7$5-6'7$
*8+,F*+,-.$'.'739$>-7$6*+'7$2,>>)&,-.0$b='7'*&4$pT
.4$6=,8=$,&$8-.+7-55'2$E9$+6-$&'<*7*+'$
+='7;-29.*;,8$<7-8'&&'&4$,&$'()*5$+-$+='$&);$->$+='$='*+&$->$8-.2'.&*+,-.$LpT
!N$*.2$;,V,.3$
LpT
"N0$@-5*7$<-59;'7&$&)8=$*&$@
A%4$8'55)5-&'$*8'+*+'$LC%N4$8'55)5-&'$*8'+*+'$<7-<,-.*+'$LC%@N$
*.2$'+=95$8'55)5-&'$L*$=927-<=,5,8$<-59;'7N$=*F'$.'*7
J:'7-$-7$.'3*+,F'$F*5)'&$>-7$pT
"$HIP4#IK0$G,.8'$pT
!$,&$.'3*+,F'$*.2$'()*5$+-$
J/"$_nB;-5$>-7$6*+'7$F*<-74$pT
.$E'8-;'&$.'3*+,F'4$7'&)5+,.3$,.$
.'3*+,F'$F*5)'&$->$a
2$L'()*+,-.$
/0PN$HIP4#IK0$?='$*8+,F*+,-.$'.'739$>-7$6*+'7$<'7;'*E,5,+9$L*E&-5)+'$a
2$F*5)'&$,.$?*E5'$
/0!WN$&5,3=+59$
,.87'*&'2$E9$*22,.3$CDC&$,.+-$+='$;*+7,V4$7'3*725'&&$->$CDC$8-.+'.+4$&)33'&+,.3$+=*+$;-7'$'.'739$
,&$7'(),7'2$+-$,.,+,*+'$
6*+'7$F*<-7$<'7;'*+,-.$+=7-)3=$+='$.*.-8-;<-&,+'$>,5;&0$G,;,5*7$+7'.2$,&$
-E&'7F'2$>-7$Y@$6='7'$+='$a
2$&5,3=+59$,.87'*&'2$E9$*22,.3$![$CDC$,.+-$@A%$;*+7,V4$-6,.3$+-$
+='$'V8'55'.+$-V93'.$E*77,'7$->$8'55)5-&'$.*.-;*+'7,*5&$H
IIK0$?='$*8+,F*+,-.$'.'739$>-7$-V93
'.$
APA)1.3#$3#)&3)
;QR)
M&'-()*D/
)7<;)F;)%1$L!W+,3$_3J;B;4J&J@*N$a2$L_nB;-5N
$f4$%1$L!W+,5$_3J;B;4J&J@*N$a2$L_nB;-5N
$f4$W$!#0O$JO0I$W0PP$P0I$"!0W$W0^^$W0I$!0!$J!10I$W0^1$J$J$J$!$!0^$J!!0O$W0O#$"#0I$"O0!$W0^^$"$101$J!W01$W0O^$J$J$J$!/^$<'7;'*E,5,+9$->$"!0W$_nB;-5$-E+*,.'2$,.$+=,&$&+)29$>-7$.'*+$@A%$>,5;&$,&$8-.&,&+'.+$6,+=$+='$a
2$F*5)'&$->$"P0/1$_nB;-5$H
##K4$"10P#^$_nB;-5$H
#OK$*.2$"/0^$_nB;-5$H
#PK$,.$+='$5,+'7*+)7'0
)Q+$,&$6-7+=$
;'.+,-.,.3$+=*+$+='$%77='.,)&$'()*+,-.$<*7*;'+'7&$L%
1$*.2
$a2N$5,&+'2$,.$?*E5'$
/0!W$8*.$E'$)&'2$,.$
'()*+,-.$
/0O$+-$<7'2,8+$bZ@$*.2$Y@$F*5)'&$->$+='$@A%$*.2$@A%BCDC$.*.-8-;<-&,+'$>,5;&$*+$
*.9$*E&-5)+'$+';<'7*+)7'$Lo'5F,.N0
$C-.&,2'7$.'V+$+='$'>>'8+&$->$CDC$8-.+'.+$*.2$7'5*+,F'$=);,2,+9$LfTN$-.$+='$bZ?f$*.2$
bZ@$->$@A%$>,5;&$Le,3)7'$
/0"IN0$Q+$,&$3'.'7*559$*88'<+'2$+=*+$+='$bZ?f$+=7-)3=$*$<-59;'7,8$
>,5;$2'<'.2&$-.$+='$8-.8'.+7*+,-.$37*2,'.+$->$+='$<'7;'*.+$*.2$,&$2'&87,E'2$E9$+=
'$e,8_i&$5*6$
H#^4OWK`$$?*3@A#$La()*+,-.$/0^
N$$6='7'$n$,&$+='$2,>>)&,-.$>5)Vh$S$+='$2,>>)&,-.$8-'>>,8,'.+h$*.2$
$+='$8-.8'.+7*+,-.$37*2,'.+$
->$+='$<'7;'*.+$,.$+='$>,5;0
$$G,.8'$+='$2,>>)&,-.$8-'>>,8,'.+$LSN$,&$,.2'<'.2'.+$->$+='$<'7;'*.+$8-.8'.+7*+,-.$*+$&+'*29$
&+*+'4$'()*+,-.$
/0^$8*.$E'$8-;E,.'2$6,+=$T'.79i&$5*6$L
N$*.2$,.+'37*+'2$+-$3,F'$H
#^4OWK`$$?**@9#+3#,B*@9C9/+3/,B*49/+3/,B$La()*+,-.$/0!W
N$$!!!"#!=!IW$6='7'$n
.$,&$+='$2,>>)&,-.$>5)V$*+$&+'*29$&+*+'$LbZ?fNh$5$,&$+='$>,5;$+=,8_.'&&h$8
,$*.2$8
4$*7'$
+='$8-.8'.+7*+,-.&$->$+='$<'7;'*.+$L6*+'7$F*<-7N$-.$+='$'V+'7.*5$*.2$,.+'7.*5$&,2'&$->$+='$+'&+$>,5;h$
G$,&$+='$&-5)E,5,+9$8-'>>,8,'.+h$*.2$@$,&$+='$<'7;'*E,5,+9$8
-'>>,8,'.+4$,0'04$<7-2)8+$->$S$*.2$G0
$$c&,.3
$/+3/,*4*-.
9-D>/0.3D>1!24$'()*+,-.$
/0!W$8*.$E'$7'*77*.3'2$*&$>-55-6&`
$$?**EFGD
*"494*-.
B9-D>/0.3D>1!2$La()*+,-.$/0!!
N$$Q+$,&$85'*759$&''.$,.$e,3)7'$
/0"I$L*N$+=*+$bZ?f$,.87'*&'2$5,.'*759$6,+=$,.87'*&,.3$+'&+,.3$
fT4$,77'&<'8+,F'$->$CDC$8-.+'.+$*&$'V<'8+'2$>7-;$e,8_i&$A*6$L'()*+,-.$
/0!!N4$,.$*37'';'.+$6,+=$
7'&)5+&$7'<-7+'2$>-7$@A%$H
I1K$*.2$-+='7$<5*&+,8&$H
O!K0$$$$e,3)7'$/0
"I$a>>'8+&$->$CDC$8-.+'.+$*.2$fT$-.$+='$L*N$bZ?f$*.2$LEN$bZ@$->$@A%$>,5;&$*+$
"1-C0$!$2-A2-/2-02-12--.1
-.2
-.3
-.L
-.K
-.>
:;HL)012
!-3476
$589L-(">*I-)@D6*,*>'-J-.2J
AJ/J"2-A2-/2-02-12--.1
-.2
-.3
-.L
-.K
-.>
:;/)012
!"%345676$585/"9L-(">*I-)@D6*,*>'-J-.2J
AJ/J:!I!$?='$bZ?f$F*5)'&$->$@A%$*.2$.*.-8-;<-&,+'$>,5;&$6'7'$.-7;*5,:'2$E9$+='$>,5;$+=,8_.'&&$
*.2$+='$2,>>'7'.8'$,.$<*7+,*5$F*<-7$<7'&&)7'&$+-$-E+*,.$+='$<'7;'*E,5,+9$L'()*+,-.$
10#N0$%$<5-+$->$
+='$-E+*,.'2$bZ@$*&$*$>).8+,-.$->$fT$>-7$@A%$*.2$.*.-8-;<-&,+'$>,5;&$,&$
&=-6.$,.$
e,3)7'$
/0"I$LEN0$G,.8'$+='$2,>>'7'.8'$,.$<*7+,*5$F*<-7$<7'&&)7'$,.$'()*+,-.$
10#$Hp<$g$@
.'/$LfT-6/$q$fT7#NK$,.87'*&'&$5,.'*759$6,+=$,.87'*&,.3$+'&+,.3$fT$L,0'04$,.87'*&'$,.$fT
-6/$-.59$&,.8'$fT
7#$r$W[N4$+='$
.-7;*5,:'2$bZ@$->$@A%$*.2$.*.-8-;<-&,+'$>,
5;&$2,2$.-+$F*79$6,+=$8=*.3'&$,.$+'&+,.3$fT4$,.$
*37'';'.+$6,+=$+='$>,.2,.3&$7'<-7+'2$,.$+='$5,+'7*+)7'$>-7$@A%$/W1WS$6,+=$^P[$A
JA*8+,2'$*.2$
@A%$/W/WS$6,+=$^/[$A
JA*8+,2'$H
##K0$D'F'7+='5'&&4$*55$.*.-8-;<-&,+'$>,5;&$6'7'$E'++'7$E*77,'7&$
+-$6*+'7$F*<-7$+=*.$.'
*+$@A%$>,5;&$*++7,E)+*E5'$+-$+='$,.87'*&'2$879&+*55,.,+9$Le,3)7'$
/0"#N4$*3*,.$
F*5,2*+,.3$+='$.'3*+,F'$8-77'5*+,-.$E'+6''.$+='$bZ@$*.2$879&+*55,.,+94$,.&'.&,+,F'$+-$fT0
$$!!$e,3)7'$/0
"#$bZ@$->$@A%$*.2$@A%BCDC$
.*.-8-;<-&,+'$>,5;&$+'&+'2$*+$F*7,-)&$7'5*+,F'$=);,2,+
9$8-.2,+,-.&$
*&$*$>).8+,-.$->$>,5;&i$879&+*55,.,+9$-E+*,.'2$>7-;$L*N$!
./$='*+$*.2$LEN$"
#0$='*+0
$$$2-A2-/2-02-12-1.-
1.2
2.-
2.2
3.-
3.2
:;/)012
!"%345676$585/"9?)!#'8>"((*+*>')01'(@-">9
-.2-
-.2L
-.31
-.LA
-.LK
-.K2
"2-A2-/2-02-12-A.-
/.-
0.-
1.-
2.-
:;/)012
!"%345676$585/"9?)!#'8>"((*+*>')0A)*@-">9
-.2-
-.2L
-.31
-.LA
-.LK
-.K2
:!I"$HIH);.#$3#&"').M)$K#%9(&.3
N:'.O3)J.'L*'"1#&1)"1&B/61$''9'.($)3"3.1%L(#"'()3"3.1.-J.(&#$)M&'-()
M.%)&-J%.8
&3,)#2$)(2$'M
N'&M$).M)")B%L)M..B)J%.B91#
)*+(&)")#(&,-.&/0-)(-)&01&%(/)"0-&23
2&,6(&7,6)&01&)+(&$,-8%/6"7)&8-.(6&76(7,6,)"0-&
106&%89$"%%"0-&)0&!00.&',/N,?"-?&,-.&=+(#1
DP"1(&J086-,#3
&e7-;$+='$&+)2,'&$<'7>-7;'2$,.$+='$<7'F,-)&$&'8+,-.&4$,+$6*&$'F,2'.+$+=*+$
+='$2,7'8+$279
JE5'.2,.3$+'8=.,()'$*<<'*7'2$+-$E'$+='$E'++'7$*<<7-*8=$>-7$,.8-7<-7*+,.3$CDC&$,.+-$+='$@A%$
;*+7,V0
$M-7'-F'74$
-<+,;);$,;<7-F';'.+&$,.$E*77,'7$<7-<'7+,'&$->$@A%$>,5;&$-88)
77'2$*+$![$
CDC&0
$?='7'>-7'4$+='
$;*,.$-EX'8+,F'$->$+=,&$&'8+,-.$6*&$+-$*&&'&&$+='$
<-+'.+,*5
$->$+='$2'F'5-<'2$
@A%B![$CDC$
.*.-8-;<-&,+'$>,5;&$
;*.)>*8+)7'2$)&,.3$+='$2,7'8+$279
JE5'.2,.3$*<<7-*8=$
,.$
'V+'.2,.3$+='$&='5>
J5,>'$->$;-,&+)7'
J&'.&,+,F'$>--2$<7-2)8+
$L87*8_'7&N$
E%7(/"1"/&09J(/)"Q(&R
2N0$!"!"A%I,1+*J7(%+,76*1,2%,'%',,0
%?='$,.,+,*5$;-,&+)7'$8-.+'.+$LQMCN$->$+='$87*8_'7&$6*&$/0![$L279$E*&,&N4$,.$8-77-E-7*+,-.$
6,+=$-+='7$7'&'*78='7&$H
O"K0$G,.8'$+='$QMC$,&$5-64$+='$<7-2)8+$=*&$*$+'.2'.89$+-$*E&-7E$
;-,&+)7'$
>7-;$,+&$&)77-).2,.3$*+;-&<='7'4$;*_,.3$,+$*$;-,&+)7'
J&'.&,+,F'$<7-2)8+0$Y.$*E&-7E,.3$;-,&+)7'4$
+='$<7-2)8+$E'8-;'&$&-339$*.2$).*<<'+,:,.30$Q+$,&$,;<-7+*.+$+-$'
&+*E5,&=
$+='$&-7<+,-.$E'=*F,-7$->$
>--2$<7-2)8+&$+-$'&+,;*+'$<7-2)8+$&+*E,5,+9$*+$F*7,-)
&$&+-7*3'$8-.2,+,-.&$*.2$+-$'F*5)*+'&$+='$
7'(),7';'.+&$->$<*8_*3,.3$;*+'7,*5&$,.$-72'7$+-$'.&)7'$*2'()*+'$<7-2)8+$&='5>
J5,>'0$?='7'>-7'4$+='$
;-,&+)7'$8-.+'.+$->$).<*8_*3'2$87*8_'7&$6*&$;-.,+-7'2$).2'7$F*7,-)&$8-.2,+,-.&$->$7'5*+,F'$
=);,2,+9$LfTN$*&$*$>).8+
,-.$->$+,;'$Le,3)7'$
/0"ON0$?6-$2,&+,.8+$+7'.2&$6'7'$&''.$>7-;$e,3)7'$
/0"O0$e,7&+594$+='$;-,&+)7'$8-.+'.+$->$
87*8_'7&
$,.87'*&'2$*&$
+='
$fT$
,.87'*&'24$,77'&<'8+,F'$->$+='$&+-7*3'$
+,;'0$%&$'V<'8+'24
$+='$;-,&+)7'$&-7<+,-.$->$>--2$,.87'*&'2$6,+=$fT$&,.8'$
;-7'
$6*+'7$;-5'8)5'&$
6'7'$*F*,5*E5'$
,.$+='$*+;-&<='7'$+-$E'$*E&-7E'2$*+$*$=,3='7$fT4$5'*2,.3$+-$*$=,3='7$8-.8'.+7*+,-.$
!I1$37*2,'.+4$*&$<'7$e,8_i&$5*60$G'8-.2594$+='$;-,&+)7'$8-.+'.+$->$>--2$,.87'*&'2$37*2)*559$6,+=$
,.87'*&,.3$+,;'$*.2$+='.$7'*8='2$*$8-.&+*.+$F*5)'$-
7$*.$'(),5,E7,);
$>-7$'*8=$fT$8-.2,+,-.4
$,.2,8*+,.3$+=*+$+='$<7-2)8+$,&$&)&8'<+,E5'$+-$;-,&+)7'$3*,.$2)'$+-$,+&$5-6$QMC0$?='$;-,&+)7'$8-.+'.+$
*+$+='$'(),5,E7,);$8-.2,+,-.4$_.-6.$*&$+='$'(),5,E7,);$;-,&+)7'$8-.+'.+$LaMCN4$6*&$<5-++'2$
*3*,.&+$fT$+-$3'.'7*+'$+
='$;-,&+)7'$&-7<+,-.$,&-+='7;0
$e,3)7'$/0
"O$M-,&+)7'$8-.+'.+&$->$87*8_'7&$*&$*$>).8+,-.$->$+,;'$7'8-72'2$*+$"I
-C$*.2$F*7,-)&$
&+-7*3'$7'5*+,F'$=);,2,+9$8-.2,+,-.&0
$e,3)7'$
/0"P$&=-6&$*$<5-+$->$+='$'V<'7,;'.+*5$aMC$->$+='$>--2$L-E+*,.'2$>7-;$e,3)7'$
/0"ON$*&$*$>).8+,-.$->$+='$&+-7*3'$fT$*+$"I
-C0$?='$-E+*,.'2$'V<'7,;'.+*5$;-,&+)7'$,&-+='7;$Le,3)7'$
/0"PN$'V=,E,+'2$+='$&,3;-,2*5$L?9<'
JQQN$-7$G
J&=*<'$8)7F'$+9<,8*559$-E&'7F'2$E9$-+='7$
7'&'*78='7&$
,.$;-,&+)7'
J&'.&,+,F'$>--2&$&)8=$*&$&*5+'2$87*8_'7&$H
O1K4$7,8'$87*8_'7&$H
O"K$*.2$8-7.>5*_'&$HO
/K0$?='$aMC$,.87'*&'2$37*2)*559$*+$5-6'7$fT$E)+$7*<,259$*+$=,3='7$fT0
$-A-/-0-1--A--/--0--1--M%*8>D#-)=%+>-+>)0?9H*6-)0@%D#89
A-J'4O
0/J'4O
2-J'4O
3AJ'4O
L>J'4O
>3J'4O
!I/$?='$'V<'7,;'.+*5$;-,&+)7'$&-7<+,-.$2*+*$6*&$>,++'2$)&,.3$.-.
J5,.'*7$7'37'&&,-.$*
.*59&,&$+-$
+='$U)33'.=',;$%.2'7&-.$2'$R-'7$LU%RN$'()*+,-.$*&$>-55-6&$H
O"JO/K`$$;,H(23)
*HI%4E5-+3I%429-+3I%4<HI%42$La()*+,-.$/0!"
N$$6='7'$aMC
2890
$,&$+='$<7'2,8+'2$'(),5,E7,);$;-,&+)7'$8-.+'.+$->$+='$<7-2)8+4$C$,&$+='$
U)33'.=',;$8-.&+*.+4$o$,&$+='$8-77'8+,-.$>*8+-74$b
"$,&$+='$;-.-5*9'7$&*+)7*+'2$6*+'7$8-.+'.+4$*.2$
*$$,&$+='$6*+'7$*8+,F,+9$L3,F'.$*&$[fTB!WWN0
$e,3)7'$/0
"P$M-,&+)7'$
&-7<+,-.$,&-+='7;$->$87*8_'7&$
*+$"I
-C0$$$-A-/-0--/-1-3-K-A--NCD*(*$#*D6)6%*8>D#-)=%+>-+>)0?9L-(">*I-)@D6*,*>')0?9PE:57Q?58=;R
S#*
%,%
%,%'T'KJ
!!II$?='$<7'8,&,-.$->$>,+$->$+='$U%R$;-2'5$+-$+='$'V<'7,;'.+*5$2*+*$6*&$8*58)5*+'2$)&,.3$+='$
7--+$;'*.$&()*7'$LfMGN$F*5)'$*&$>-55-6&$H
O"JO/K`$$D,C*JKKKKLMNO;,H36(3;,H(23)
;,H(23)
P,718+QRSSSSTU+VV$La()*+,-.$/0!1
N$$6='7'$aMC
9:2
$,&$+='$'V<'7,;'.+*5$'(),5,E7,);$;-,&+)7'$8-.+'.+4$aMC
2890
$,&$+='$
'(),5,E7,);$;-,&+)7'$8-.+'.+$<7'2,8+'2$E9$+='$U%R$;-2'54$*.2$D$,&$+='$.);E'7$->$'V<'7,;'.+*5$
<-,.+&
0$U'.'7*5594$*$5-6$fMG$F*5)'$LE'5-6$!W[N$&,3.,>,'&$*$3--2$>,+$->$+='$;-2'5$+-$+
='$
'V<'7,;'.+*5$2*+*$H
O"JO/K0$Q.$+=,&$8*&'4$+='$fMG$F*5)'$-E+*,.'2$6*&$10P[$
,.2,8*+,.3$$+=*+$+='$U%R$
;-2'5$6*&$*$3--2$>,+$+-$+='$'V<'7,;'.+*5$2*+*$-E+*,.'2$>-7$87*8_'7&
0$Y)7$7'&)5+&$
8-77-E-7*+
'$-+='7$
&+)2,'&$>-7$;-,&+)7'
J&'.&,+,F'$>--2&$&)8=$*&$&*5+'2
$87*8
_'7&
$HO1K$*.2$7,8'$87*8_'7&$H
O"K$*&$6'55$*&$
8-7.>5*_'&$H
O/K0$b=,5'$&'F'7*5$,.F'&+,3*+-7&$=*F'$7'<-7+'2$+='$)&'>)5.'&&$->$+='$U%R$'()*+,-.$+-$
>,+$&-7<+,-.$,&-+='7;&4$,+$&=-)52$E'$.-+'2$+=*+$+=,&$;-2'5$6-7_&$E'&+$E'5-6$^W[$fT$HO
/K0$%&$;'.+,-.'2$<7'F,-)&594$+
='$5,+'7*+)7'$7'F,'6$&=-6'2$*.$*F'7*3'$CMC$F*5)'$->$P[$>-7$
87*8_'7&0$R9$27*6,.3$*$=-7,:-.+*5$5,.'$<*7*55'5$+-$+='$s
J*V,&$L[$fTN$*+$+='$*F'7*3'$CMC$F*5)'$
LP[N4$+='$2*+*$<7-2)8'2$*.$,.+'7&'8+,-.$
6,+=$+='$;-,&+)7'$&-7<+,-.$,&-+='7;$
*+$1O[$fT
$Le,3)7'$
/0"PN0$?=,&$7'&)5+$,;<5,'&$+=*+$+='$>--2$<7-2)8+$,&$&='5>
J&+*E5'$6='.$&+-7'2$*+$*$fT$E'5-6$1O[$
&,.8'$+='$aMC$F*5)'&$-E+*,.'2$E'5-6$1O[$fT$*7'$E'5-6$+='$CMC0$Q.$-+='7$+'7;&4$6='.$+='$>--2$
<7-2)8+$,&$&+-7'2$E'5-6$1O[$fT4$,+$
6,55$7'*8=
$,+&$'(),5,E7,);$;-,&+)7'$8-.
+'.+$E'>-7'$,+$8*.$7'*8=$
!I#$+='$87,+,8*5$;-,&+)7'$8-.+'.+4$;*_,.3$,+$&='5>
J$&+*E5'$E'5-6$+=,&$&+-7*3'$
7'5*+,F'$=);,2,+9
0$Y.$+='$
-+='7$=*.24$6='.$+='$>--2$<7-2)8+$,&$&+-7'2$*E-F'$1O[
$fT4$,+$6,55$*E&-7E$;-,&+)7'$*.2$6,55$
'F'.+)*559$7'*8=$+='$CMC4$E'9-.2$6=,8=$,
+$6,55$E'$).*88'<+*E5'$+-$+='$8-.&);'70$@*8_*3,.3$
;*+'7,*5&$&)8=$*&$@A%$*.2$@A%BCDC$>,5;&$8*.$E'$)&'2$+-$2'5*9$+=,&$;-,&+)7'$*E&-7<+,-.$
*.2$
&='5>
J&+*E,5,+9
4$+='7'E9$
'V+'.2
,.3
$+='$&='5>
J5,>'$->$>--20
$!"!"#%&H6(71D(2*/4%+
8(4'K41'(%,'%)7/)L(7+%6/)L/5(0%12%9:;
%/20%9:;M-.-%),D6,+1*(%'14D+
%Y)7$<7'F,-)&$&+)2,'&$2';-.&+7*+'2$+=*+$
+='$,.8-7<-7*+,-.$->$![$CDC&$,.+-$*$@A%$;*+7,V$
E9$*$2,7'8+$279
JE5'.2,.3$*<<7-*8=$,;<7-F'2$+='$6*+'7$*.2$-V93'.$E*77,'7$<'7>-7;*.8'$->$@A%$E9$
/W[$*.2$#W[4$7'&<'8+,F'59$H
!W4"!4I1K0$Q.$+=,&$
&'8+,-.$->$+='$+='&,&
4$+='$
'>>'8+,F'.'&&$->$+='$
;*.)>*8+)7'2$@A%BCDC$.*.-8-;<-&,+'$>,5;&$,.$'V+'.2,.3$+='$&='5>
J5,>'$->$;-,&+)7'
J&'.&,+,F'$
>--2$<7-2)8+&$6'7'$*&&'&&'20
$?*E5'$
/0!!$&);;*7,:'&
$+='$&='5>
J5,>'$->$87*8_'7&$<*8_*3'2$,.$@A%$*.2$@A%BCDC$>,5;&$
&+-7'2
$*+$"I
-C$*.2$F*7,-)&$fT$8-.2,+,-.&0$
?='$87*8_'7&$<*8_*3'2$,.$E-+=$@A%$*.2$@A%BCDC$
>,5;&$2,2$.-+$7'*8=$
+='$87,+,8*5$;-,&+)7'$8-.+'.+$F*5)'$->$P[
$6='.$&+-7'2$E'5-6$IW[$fT4$
2';-.&+7*+,.3
$&='5>
J&+*E,5,+9$*+$+='&'$&+-7*3'$8-.2,+,-.&0$
Q+$&=-)52$E'$.-+'2$+=*+$+='$).<*8_*3'2$
87*8_'7&$6'7'$&='5>
J&+*E5'$)<$+-$
1O[$fT$-.594$,.2,8*+,.3
$+=*+$+='$<*8_*3,.3$;*+'7,*5&$
2'5*9'2$
;-,&+)7'$*E&-7<+,-.$*.2$+='7'>-7'$,.87'*&'2
$+='$
F*5)'$->$
&+-7*3'$7'5*+,F'$=);
,2,+9$).+,5$6=,8=$+='$
87*8_'7&$6'7'$
&='5>
J&+*E5
'$+-$IW[$fT
0$?='
$87*8_'7&$<*8_*3'2$,.$E-+=$@A%$*.2$@A%BCDC$>,5;&$
7'*8='2$P[$CMC$6='.$&+-7'2$*E-F'$IW[$fT0$T-6'F'74$+='$+,;'$7'(),7'2$+-$7'*8=$+='$CMC$
L_.-6.$*&$&='5>
J5,>'N$F*7,'2$6,+=$+='$&+-7*3'$'.F,7-.;'.+*5
$8-.2,+,-.$L<'78'.+$fTN$*.2$+='$
<*8_*3,.3$>,5;$8-;<-&,+,-.0$e,7&+594$+='$&='5>
J5,>'$->$<*8_*3'2$
87*8_'7&$
2'87'*&'2$6,+=$,.87'*&,.3$
fT4$,77'&<'8+,F'$->$+='$>,5;$8-;<-&,+,-.
0$?=,&$+7'.2$
8*.$E'$*++7,E)+'2$+-$+='$5-6$;-,&+)7'$37*2,'.+$
!IO$E'+6''.$+='$,.&,2'$->$+='
$<*8_*3'$*.2$+='$&+-7*3'$'.F,7-.;'.+$*+$5-6'7$fT0$b,+=$,.87'*&,.3$fT4$
+='$;-,&+)7'$37*2,'.+$,.87'*&'&4$5'*2,.3$+-$=,3='7$6*+'7$F*<-7$+7*.&;,&&,-.$7*+'&$*.2$7'2)8'2$&='5>
J5,>'4$,77'&<'8+,F'$->$+='$<*8_*3,.3$;*+'7,*5$8-;<-&,+,-.0$G'8-.2594$
*E-F'$IW[$fT$
+='$&
='5>
J5,>'$->$
87*8_'7&$<*8_*3'2$,.$@A%BCDC$>,5;&$6*&$
5-.3'7
$+=*.$+=-&'$<*8_*3'2$,.$).>,55'2$@A%$>,5;&4$
,77'&<'8+,F'$->$+='$&+-7*3'$fT4$*++7,E)+*E5'$+-$+='$&)<'7,-7$6*+'7$E*77,'7$<'7>-7;*.8'$->$+='$
@A%BCDC$>,5;&$8-;<*7'2$+-$+='$.'*+$@A%$8-).+'7<*7+$>,5;&$L?*
E5'$
/0!"N0$f';*7_*E594$+='$&='5>
J5,>'$->$87*8_'7&$<*8_*3'2$,.$+='$@A%BCDC$>,5;&$6*&$*<<7-V,;*+'59$/W[
$5-.3'7
$+=*.$+='$
87*8_'7&
$<*8_*3'2$,.$.'*+$@A%$>,5;&4$,77'&<'8+,F'$->$+='$&+-7*3'$fT4$,.$8-77-E-7*+,-.$6,+=$+='$,;<7-F'2$
6*+'7$E*77,'7$<'7>-7;*.8'$->$+='$.
*.-8-;<-&,+'$>,5;&$Ll/W[N0
$?*E5'$/0
!!$?,;'$>-7$87*8_'7&$<*8_*3'2$,.$@A%$*.2$@A%BCDC$>,5;&$+-$7'*8=$87,+,8*5$;-,&+)7'
0$8-.+'.+$->$P[$*+$2,>>'7'.+$7'5*+,F'$=);,2,+9$8-.2,+,-.&$*.2$*$8-.&+*.+$+';<'7*+)7'$->$"I
-C0$$$D)>E
)S2$'MN'&M$)*2.9%(/
);QR
);QR64D)APA
)T$'"L)#&-$)#.)%$"12)A!A
)!W$G='5>
J&+*E5'
$G='5>
J&+*E5'
$$11$G='5>
J&+*E5'
$G='5>
J&+*E5'
$$IW$G='5>
J&+*E5'
$G='5>
J&+*E5'
$$#!$#10/$\$W0#
$P#0!$\$!0#
$""0O$O^$/"0^$\$W0O
$I^0^$\$I0!
$!O0W$^#$!/0"$\$W0"
$"W0!$\$W0/
$I0^$!IP$?*E5'$/0
!"$b*+'7$F*<-7$
<'7;'*E,5,+9$F*5)'&
$->$@A%$*.2$@A%BCDC$>,5;&$*+$2,>>'7'.+$7'5*+,F'$
=);,2,+9$8-.2,+,-.&$*.2$*$8-.&+*.+$+';<'7*+)7'$->$"1
-C0$$!"!"$%N8(4'
K41'(%D,0(44125%,'%)7/)L(7+%6/)L/5(0%12%9:;%/20%9:;M-.-%12%'14D+
%G'F'7*5$;*+=';*+,8*5$;-2'5&$>-7$<7'2,8+,.3$+='$
&='5>
J5,>'$->$*$;-,&+)7'$&'.&,+,F'$<7-2)8+$
<*8_*3'2$,.$*$>,5;4$2'&87,E'2$,.$&'8+,-.$"0P0"0"$->$+='$5,+'7*+)7'$7'F,'6$6'7'$)&'2$,.$+=,&$&'8+,-.$
->$+='$+='&,&$+-$<7'2,8+$+='$&='5>
J5,>'$->$87*8_'7&$<*8_*3'2$,.$@A%$*.2$@A%BCDC$>,5;&0
$?='$'V<'7,;'.+*5$&='5>
J5,>'$*.2$+='$<7'2,8+'2$&='5>
J5,>'$->$87*8_'7&$<*8_*3'2$,.$@A%$*.2$
@A%BCDC$>,5;&$*+$&'F'7*5$&+-7*3'$7'5*+,F'$=);,2,+9$8-.2,+,-.&
$*7'$5,&+'2$,.$?*E5'$/0!1
0$Q.+'7'&+,.3594$&='5>
J5,>'$<7'2,8+,-.&$&)<<-7+$+='$'V<'7,;'.+*5$2*+*$+=*+$+
='$87*8_'7&$<*8_*3'2$,.$+='$
@A%BCDC$8-;<-&,+'$>,5;&$=*
F'$*$=,3='7$&='5>
J5,>'$8-;<*7'2$+-$+=-&'$<*8_*3'2$,.$@A%
$>,5;&4$
,77'&<'8+,F'$->$+='$&+-7*3'$7'5*+,F'$=);,2,+9$*.2$
;*+=';*+,8*5$
;-2'5
&$';<5-9'2
$L?*E5'$/0!1N
0$?='&'$7'&)5+&$85'*759$2';-.&+7*+'$+='$'>>'8+,F'.'&&$->$@A%BCDC$>,5;&$+-$'
V+'.2$279
J>--2&i$&='5>
J5,>'$8-;<*7'2$+-$.'*+$@A%$>,5;&0
$D'F'7+='5'&&
4$+='$&='5>
J5,>'$F*5)'&$<7'2,8+'2$E9$+='$;*+=';*+,8*5$
D)>E
)7"#$%)8"J.%)J$%-$":&'&#L)*45
%'&,+,N-6-
*N(N;"/
);QR
);QR64D)APA
)D)T$1%$"($
)IW$1"O0"$\$!#0!
$!##0^$\$/0!
$/^$IO$11!0O$\$"W0#
$!P"0O$\$I0W
$/I$#/$11W0O$\$"O01
$!PO0O$\$"0^
$/1$O!$1!P0^$\$"!01
$!P!0#$\$10#
$/1$OP$1!/0P$\$/10^
$!^#0I$\$#0!
$1P$PI$1/!0P$\$IW0W
$"WW01$\$!W0W
$/!$!I^$;-2'5&
$2,2$.-+$;*+8=$+=-&'$-E+*,.'2$'V<'7,;'.+*559
$L?*E5'$/0!1N
0$?='
&'$2,>>'7'.8'&$E'+6''.$+='$
'V<'7,;'.+*5$*.2$<7'2,8+'2$&='5>
J5,>'$
8-)52$E'$*++7,E)+'2$+-$+='$5,;,+*+,-.&$->$$+='$;*+=';*+,8*5$
;-2'5&4$6=,8=$<7'2,8+$&='5>
J5,>'$
E*&'2$&-5'59$-.$+='$7'5*+,-.&=,<$E'+6''.$;-,&+)7'$8-.+'.+$->$
+='$
>--2$<7-2)8+$*.2$E*77,'7$<7-<'7+9$-
>$+='$<*8_*3,.3$;*+'7,*54$;*9$.-+$E'$
*88)7*+'
0$R'&,2'&$+='$
;-,&+)7'$8-.+'.+$->$>--2$<7-2)8+$*.2
$+='$<*8_*3'$<'7;'*E,5,+94$-+='7$>*8+-7&$
&)8=$*&$
>--2$&+7)8+)7'$
*.2$8-;<-&,+,-.$;*9$*5&-$&,3.,>,8*.+59$*>>'8+$+='$&='5>
J5,>'$8=*7*8+'7,&+,8&$->$+='$<*8_*3'2$>--2
&0$
e-7$,.&+*.8'4$+='$&*5+
$*.2B-7$>*+$
<7'&'.+
$,.$+='$87*8_'7&$8*.$*>>'8+$+='$
;-,&+)7'$*E&-7<+,-.$*.2$='.8'$
&='5>
J5,>'$<7'2,8+,-.$+=7-)3=$+='$;-2'55,.3$+'8=.,()'&$)&'20$Y+='7$7'&'*78='7&$=*F'$*5&-$7'<-7+'2$
5*73'$2'F,*+,-.&$,.$+='$<7'2,8+'2$*.2$'V<'7,;'.+*5$&
='5>
J5,>'$F*5)'&$->$&*5+'2
$87*8_'7&
$HO1K$*.2$7,8'$
87*8_'7&
$HO"K$*++7,E)+*E5'$+-$+='$<7'&'.8'$->$*22,+,-.*5$>--2$8-.&+,+)'.+&$&)8=$*&$&*5+$H
O1K$*.2$>*+$
HO"K0$%22,+,-.*5$>*8+-7&$&)8=$*&$*$.-.
J).,>-7;,+9$->$<*8_*3,.3$>,5;$+=,8_.'&&$*&$6'55$*&$
>5)8+)*+,-.&$,.$
&+-7*3'$+';<'7*+)7'4$*.2$7'5*+,F'$=);,2,+9$2)7,.3$+'&+,.34$*;-.3&+$-+='7&$8-)52$
*5&-$*>>'8+$+='$*88)7*89$->$&='5>
J5,>'$<7'2,8+'2$E9$;*+=';*+,8*5$;-2'5&
0$G,.8'$+='$>,5;&$)&'2$,.$
+=,&$&+)29$6'7'$;*2'$,.$*$5*E-7*+-79$)&,.3$+='$E5-6.$>,5;$'V+7)&,-.$<7-8'&&4$+=
'9$
6'7'$<7-.'
$+-$
+=,8_.'&&$F*7,*+,-.&
$2)'$+-$&)7>*8'$7-)3=.'&&$HOIK$
6=,8=$
8-)52$=*F'$*5&-$8-.+7,E)+'2
$+-$
'V<'7,;'.+*5$'77-7&$*.2$,.*88)7*+'$&='5>
J5,>'$<7'2,8+,-.&0$R*&'2$-.$+='&'$7'&)5+&4$+='7'$,&$*$.''2$+-$
2'F'5-<$-+='7$;-2'5&$+=*+$8*.$<7'2,8+$+='$&='5>
J5,>'$->$<*8_*3'2$87*8_'7&$;-7'$*88)7*+'590
$$$!#W$?*E5'$/0
!1$@7'2,8+'2$*.2$'V<'7
,;'.+*5$&='5>
J5,>'$->$87*8_'7&$<*8_*3'2$,.$@A%$*.2$@A%BCDC$
>,5;&$&+-7'2$*+$F*7,-)&$7'5*+,F'$=);,2,+9$8-.2,+,-.&0
$!.B$'(
)S2$'MN'&M$)*2.9%(/
)U4D)>E
)VWD)>E
)WUD)>E
);QR
);QR6APA
);QR
);QR6APA
);QR
);QR6APA
)A,.'*7
$"/0^$/10^$!^0"$110P$!10/$"10#$M,225'
J<-,.+
$!10"$"101$!!01$!^0^$P0^$!I0O$A-3*7,+=;,8
$"!0/$1O0O$!#0/$"^0W$!!0I$"W0"$U%R$"!0O$1P0"$!#0I$"^0!$!!0/$"W0!$aV<'7,;'.+*5
$#10/$P#0!$/"0^$I^0^$!/0"$"W0!$!#!$R;;XPTYAXS
)!!!#"$R;;XPTYZ)R
[)XK#%9(&.3):'.O3)M&'-().M)J.'L*'"1#&1)"1&B/)
12"&3
N$K#$3B$B)O&#2)M..B),%"B$)
-9'#&M931#&.3"')$J.K&$(
)!!#1$?*E5'$%0
!$G+-8_$+';<'7*+)7'$*.2$;,V,.3$+-7()'$->$@A%$*.2$,+&$E5'.2&$6,+=$Ca$//WW$*&$*$
>).8+,-.$->$+,;'$3'.'7*+'2$E9$*$+-7()'$7='-;'+'70
$=&-$)
*(/
)DAX)HH55)&3)
;QR
)5D)5IGCD)5ICD)5IVCD)4D)=$-J)
*(A/)=.%\9$)
*P-/
)=$-J)
*(A/)=.%\9$)
*P-/
)=$-J)
*(A/)=.%\9$)
*P-/
)=$-J)
*(A/)=.%\9$)
*P-/
)=$-J)
*(A/)=.%\9$)
*P-/
)W$"W10!$W0W$"W"01$W0W$"W"0#$W0W$"W101$W0W$"WI0"$W0W$"$!P#0W$"01$!PO0!$"0"$!^W0O$"0!$!P^0!$"0!$!PO0O$"0W$/$!PW0"$O0W$!P!0"$#0"$!^W0O$I0"$!PI0I$I0!$!P10I$I0^$#$!OI0O$!!0/$!#^0/$^01$!OO0O$^0W$!O#0P$P0W$!O"0I$P0O$P$!##0#$!#0O$!#I0W$!/0"$!O"0^$!"0#$!#O0#$!W0P$!OW0"$!/0/$!W$!#10W$"10/$!#"0!$!P0W$!#/0"$!O01$!#"0P$!#0"$!#"0O$"W0O$!"$!#W0W$"^0"$!IP0W$"#0/$!#W0#$"/0^$!#W0"$"/01$!#W0#$"O0/$!/$!IP0P$110^$!II0"$110O$!I^01$1!0P$!IP0I$1W0P$!IO0^$1W01$!#$!IP0P$1#0W$!IO0^$1O0W$!IO0^$1I0"$!IP0O$1!0/$!IP0!$1!01$!P$!IP0W$110"$!I#01$1#0I$!I^0P$1/0#$!IP0I$1!0P$!IO0I$"^0"$"W$!#W0!$1!0"$!I#0P$110#$!I^01$1!0P$!IP0^$1!0W$!I^0P$"^0W$""$!I^0^$"P0P$!I^0/$"^0#$!#!0P$"O0/$!I^0P$"P01$!#W0O$"O0P$"/$!#W0P$"10/$!IP0/$"#0!$!#"0"$"I0#$!IO0/$"I0/$!#W0O$"/0/$"#$!#"01$"W0#$!#W0#$"10/$!#/0"$"10/$!IO0#$""0I$!#W01$"!0#$"P$!#10P$!P0!$!#10#$"!0I$!#/0/$"!0P$!#!01$!^0^$!#!0!$!^0!$1W$!#10W$!I0P$!#"0^$!^0I$!#W0#$"W0W$!#"0I$!P0W$!#/0^$!#0I$1"$!##0!$!/0W$!#"0^$!#0#$!#I0^$!O01$!#/0W$!I0I$!#/0#$!/01$1/$!##0"$!"0"$!#I0/$!/0W$!#O0#$!I01$!##0/$!10P$!##0"$!"0P$1#$!#^0W$!W0P$!#P0/$!"0P$!#O0P$!10I$!#^0"$!"0"$!OW0O$!!0#$1P$!O"0W$^0P$!#^0I$!!0^$!OW01$!"0I$!OW0/$!!0#$!O!0P$!!0W$/W$!O10#$^01$!O!0"$!!01$!O!0O$!!0O$!O"0#$!!0"$!O10I$!W0I$/"$!O/0O$P0P$!O"0P$!W0#$!O10^$!!01$!O10"$!W0I$!OI0W$!W01$//$!O#0I$P01$!O/0^$!W0!$!OI0I$!W0P$!OI0/$!W0"$!O#0#$^0^$/#$!OO0#$O0^$!OI0^$^0#$!OI0^$!W0!$!O#0^$^0^$!OO0/$^0#$/P$!OP0P$O0#$!O#0P$^0!$!OO0"$^0P$!OP0/$^01$!OP0P$^01$IW$!O^0^$O0/$!OP0/$P0^$!OP0#$^0I$!O^0W$^0W$!PW01$^0W$I"$!PW0^$O0"$!O^0I$P0I$!O^0O$^0"$!PW01$P0P$!P!0#$P0O$I/$!P!0P$O0W$!PW0#$P01$!PW0I$P0^$!P!01$P0#$!P"0I$P0I$I#$!P"0#$#0P$!P!01$P0!$!P!0/$P0O$!P"01$P0/$!P10I$P01$IP$!P10"$#0#$!P"01$O0^$!P"01$P0/$!P10"$P0"$!P/01$P0!$#W$!P/0!$#0I$!P10W$O0O$!P10/$P01$!P/0W$O0^$!PI0/$O0^$#"$!P/0#$#0/$!P10#$O0I$!P/0!$P0!$!P/0O$O0P$!P#0!$O0P$#/$!PI01$#01$!P/0#$O0/$!P/0#$O0^$!PI0/$O0#$!P#0^$O0O$!#/$?*E5'$
%0!$L8-.+i2N
!##$!P#0W$#0"$!PI0W$O0"$!PI01$O0P$!P#0"$O0I$!PO0O$O0I$#P$!P#0/$#0!$!PI0O$O0!$!P#0W$O0#$!P#0P$O0/$!PP01$O0/$OW$!PO01$#0W$!P#0/$O0W$!P#0O$O0/$!PO0!$O01$!PP0^$O01$O"$!PO0P$I0^$!P#0^$#0P$!PO0"$O0/$!PP0!$O0!$!P^0#$O01$O/$!PP01$I0P$!PO0#$#0P$!PO0^$O0"$!PP01$O0!$!^W0!$O0"$O#$!PP0O$I0P$!PP0W$#0O$!PP01$O0"$!PP0^$#0^$!^W0O$O0!$OP$!P^01$I0O$!PP0I$#0#$!PP0P$O0!$!P^0#$#0P$!^!01$O0W$PW$!P^0O$I0#$!P^0W$#0I$!P^0I$O0W$!P^0^$#0P$!^!0O$O0W$P"$!^W0!$I0#$!P^0/$#0/$!P^0P$#0^$!^W0O$#0P$!^"0"$#0^$P/$!^W0I$I0I$!P^0^$#01$!^W01$#0P$!^W0P$#0O$!^"0O$#0P$P#$!^W0^$I0/$!^W01$#01$!^W0O$#0P$!^!0I$#0#$!^10!$#0P$PP$!^!0"$I0/$!^W0O$#0"$!^!0!$#0O$!^!0^$#0I$!^10#$#0O$^W$!^!0O$I01$!^!0!$#0"$!^!0#$#0O$!^"0!$#0I$!^10^$#0O$^"$!^!0^$I01$!^!0/$#0"$!^!0P$#0#$!^"0/$#0/$!^/0"$#0#$^/$!^"01$I0"$!^!0^$#0!$!^"0"$#0I$!^10W$#0/$!^/0#$#0#$^#$!^"0I$I0"$!^"0!$#0W$!^"0#$#0I$!^101$#01$!^/0^$#0#$^P$!^10W$I0"$!^"0/$#0W$!^"0^$#0/$!^10I$#01$!^I01$#0#$!WW$!^101$I0!$!^"0^$I0^$!^101$#01$!^/0W$#01$!^I0#$#0I$!W"$!^10/$I0!$!^10W$I0^$!^10I$#01$!^/0"$#0"$!^I0P$#0/$!W/$!^10P$I0W$!^10/$I0P$!^10P$#01$!^/0/$#0"$!^#0!$#0/$!W#$!^/0W$I0W$!^10#$I0P$!^/0!$#0"$!^/0^$#0"$!^#0/$#0/$!WP$!^/0"$I0W$!^10P$I0O$!^/0/$#0"$!^I0W$#0!$!^#0O$#0/$!!W$!^/0/$/0^$!^/0W$I0O$!^/0O$#0!$!^I0W$#0!$!^#0^$#0/$!!"$!^/0P$/0^$!^/0"$I0O$!^/0^$#0"$!^I0/$#0!$!^O0"$#01$!!/$!^I0W$/0^$!^/0#$I0O$!^I0"$#0!$!^I0O$#0!$!^O0/$#0/$!!#$!^I0"$/0P$!^/0^$I0#$!^I0/$#0!$!^#0!$#0W$!^O0#$#0/$!!P$!^I0I$/0P$!^/0^$I0#$!^I0/$#0!$!^#01$#0W$!^O0^$#01$!"W$!^I0#$/0P$!^I0"$I0#$!^I0^$#0W$!^#01$#0W$!^P0W$#01$!""$!^I0O$/0P$!^I0/$I0#$!^#0"$#0W$!^#0O$#0W$!^P01$#01$!"/$!^I0^$/0O$!^I0P$I0I$!^#01$#0W$!^#0^$I0^$!^P0#$#01$!"#$!^#01$/0O$!^I0^$I0I$!^#0#$I0^$!^O0W$I0^$!^P0P$#01$!"P$!^#0/$/0O$!^#0!$I0I$!^#0O$#0W$!^O01$I0^$!^P0^$#01$!1W$!^#0#$/0#$!^#01$I0I$!^#0^$I0^$!^O0I$I0^$!^^0"$#01$!1"$!^#0P$/0#$!^#0/$I0/$!^O0"$I0^$!^O0P$I0^$!^^01$#0"$!1/$!^O0W$/0#$!^#0#$I0/$!^O01$I0^$!^O0^$I0P$!^^0#$#0"$!1#$!^O0!$/0#$!^O0W$I0/$!^O0#$I0^$!^P0W$I0^$!^^0#$#0"$!1P$!^O01$/0#$!^O0!$I0/$!^O0O$I0P$!^P01$I0P$!^^0^$#0"$!/W$!^O0I$/0I$!^O0"$I01$!^O0^$I0P$!^P0/$I0P$"WW0!$#0"$!/"$!^O0O$/0I$!^O0/$I01$!^P0!$I0P$!^P0#$I0P$"WW0"$#0"$!//$!^O0P$/0I$!^O0I$I01$!^P0"$I0P$!^P0O$I0P$"WW0I$#01$!/#$!^O0^$/0I$!^O0^$I01$!^P0/$I0P$!^P0P$I0P$"WW0#$#01$!/P$!^P0!$/0I$!^O0^$I01$!^P0#$I0P$!^^0!$I0P$"WW0P$#01$!IW$!^P01$/0/$!^P0W$I0"$!^P0P$I0P$!^^01$I0P$"W!0W$#01$!#I$?*E5'$
%0!$L8-.+i2N
$!I"$!^P0/$/0/$!^P01$I0"$!^P0^$I0P$!^^0/$I0P$"W!0!$#01$!I/$!^P0I$/0/$!^P01$I0"$!^^0W$I0P$!^^0O$I0P$"W!0/$#01$!I#$!^P0I$/0/$!^P0#$I0"$!^^0"$I0P$!^^0O$I0P$"W!0I$#01$!IP$!^P0P$/0/$!^P0O$I0"$!^^0/$I0P$"WW0W$I0P$"W!0O$#01$!#W$!^P0^$/01$!^P0P$I0!$!^^0I$I0P$"WW0!$I0P$"W!0^$#01$!#"$!^^0!$/01$!^^0!$I0!$!^^0P$I0P$"WW0"$I0P$"W!0^$#01$!#/$!^^0"$/01$!^^0"$I0!$!^^0P$I0P$"WW0/$I0P$"W"0!$#01$!##$!^^01$/01$!^^01$I0!$"WW0W$I0O$"WW0#$I0P$"W"0"$#01$!#P$!^^0/$/01$!^^0/$I0!$"WW0!$I0O$"WW0O$I0P$"W"0/$#01$!OW$!^^0#$/01$!^^0O$I0!$"WW0"$I0O$"WW0^$I0P$"W"0#$#01$!O"$!^^0O$/0"$!^^0^$I0!$"WW0/$I0O$"W!0W$I0P$"W"0O$#01$!O/$!^^0P$/01$"WW0W$I0!$"WW0I$I0O$"W!0!$I0P$"W"0P$#0/$!O#$!^^0^$/0"$"WW0!$I0!$"WW0O$I0O$"W!01$I0P$"W10W$#0/$!OP$"WW0W$/0"$"WW0"$I0W$"WW0O$I0O$"W!0/$I0P$"W10W$#0/$!PW$"WW0W$/0"$"WW01$I0W$"WW0P$I0O$"W!0/$I0P$"W10"$#0/$!P"$"WW0"$/0"$"WW0I$I0W$"W!0W$I0O$"W!0I$I0P$"W101$#0I$!P/$"WW01$/0"$"WW0#$I0W$"W!0"$I0O$"W!0O$I0P$"W10I$#0/$!P#$"WW0/$/0!$"WW0#$I0W$"W!01$I0O$"W!0^$I0P$"W10#$#0I$!PP$"WW0I$/0!$"WW0^$I0W$"W!01$I0O$"W"0W$I0P$"W10O$#0I$!^W$"WW0#$/0!$"WW0^$I0W$"W!0I$I0O$"W"0!$I0P$"W10^$#0I$!^"$"WW0O$/0!$"W!0!$/0^$"W!0O$I0O$"W"0"$I0^$"W10^$#0I$!^/$"WW0P$/0!$"W!0!$I0W$"W!0P$I0O$"W"01$I0P$"W/0W$#0#$!^#$"W!0W$/0!$"W!0"$/0^$"W!0^$I0O$"W"0I$I0^$"W/0"$#0#$!^P$"W!0W$/0!$"W!0I$/0^$"W"0W$I0O$"W"0I$I0^$"W/0"$#0#$"WW$"W!0!$/0W$"W!0I$/0^$"W"0W$I0O$"W"0P$I0^$"W/0/$#0#$"W"$"W!0"$/0W$"W!0#$/0^$"W"0"$I0#$"W"0O$I0^$"W/0/$#0O$"W/$"W!01$/0W$"W!0O$/0^$"W"0/$I0#$"W"0^$I0^$"W/0I$#0O$"W#$"W!0/$/0W$"W!0P$/0P$"W"0I$I0O$"W10W$I0^$"W/0#$#0O$"WP$"W!0#$/0W$"W"0W$/0P$"W"0O$I0#$"W10!$I0^$"W/0O$#0O$"!W$"W!0#$/0W$"W"0!$/0^$"W"0O$I0O$"W10"$I0^$"W/0^$#0O$"!"$"W!0O$/0W$"W"0"$/0P$"W"0P$I0O$"W10/$I0^$"WI0W$#0O$"!/$"W!0P$/0W$"W"0"$/0P$"W"0^$I0O$"W10I$I0^$"WI0W$#0P$"!#$"W!0^$10^$"W"01$/0P$"W"0^$I0O$"W10I$I0^$"WI0"$#0P$"!P$"W"0W$10^$"W"0I$/0P$"W10!$I0#$"W10O$#0W$"WI01$#0P$""W$"W"0!$10^$"W"0#$/0P$"W10"$I0O$"W10P$I0^$"WI0/$#0P$"""$"W"01$10^$"W"0O$/0P$"W101$I0O$"W10^$I0^$"WI0I$#0P$""/$"W"01$10^$"W"0P$/0P$"W10/$I0O$"W/0!$#0W$"WI0I$#0P$""#$"W"01$10^$"W"0P$/0P$"W10I$I0O$"W/0!$#0W$"WI0O$#0^$""P$"W"0I$10^$"W10W$/0P$"W10#$I0#$"W/0"$#0W$"WI0P$#0^$"1W$"W"0#$10^$"W10!$/0P$"W10P$I0O$"W/0/$#0W$"W#0W$#0^$"1"$"W"0O$10P$"W10!$/0P$"W10^$I0O$"W/0/$#0W$"W#0W$#0^$"1/$"W"0O$10P$"W10/$/0P$"W10^$I0O$"W/0#$#0W$"W#0!$O0W$"1#$"W"0^$10P$"W10/$/0P$"W/0W$I0O$"W/0O$#0W$"W#0/$O0W$!##$?*E5'$
%0!$L8-.+i2N
$"1P$"W"0^$10P$"W10I$/0O$"W/0!$I0O$"W/0O$#0W$"W#01$O0W$"/W$"W10W$10P$"W10I$/0O$"W/0"$I0O$"W/0^$#0W$"W#0I$O0W$"/"$"W10!$10P$"W10#$/0O$"W/0"$I0O$"WI0W$#0!$"W#0#$O0W$"//$"W10!$10P$"W10O$/0O$"W/01$I0O$"WI0W$#0!$"W#0#$O0!$"/#$"W10"$10P$"W10P$/0P$"W/0/$I0O$"WI01$#0W$"W#0P$O0!$"/P$"W10"$10P$"W10^$/0O$"W/0/$I0O$"WI01$#0!$"W#0P$O0!$"IW$"W10/$10P$"W10^$/0O$"W/0#$I0P$"WI0/$#0!$"W#0^$O0!$"I"$"W10I$10P$"W/0W$/0O$"W/0O$I0P$"WI0/$#0!$"WO0!$O0"$"I/$"W10I$10P$"W/0"$/0O$"W/0P$I0O$"WI0I$#0!$"WO0!$O0"$"I#$"W10I$10O$"W/0"$/0O$"W/0^$I0P$"WI0O$#0!$"WO0"$O0"$"IP$"W10#$10O$"W/01$/0O$"W/0^$I0P$"WI0O$#0!$"WO01$O0"$"#W$"W10O$10O$"W/0/$/0O$"WI0W$I0P$"WI0P$#0"$"WO0/$O01$"#"$"W10P$10O$"W/01$/0O$"WI0!$I0P$"WI0^$#0"$"WO0I$O01$"#/$"W10^$10O$"W/0I$/0O$"WI0"$I0O$"WI0^$#0"$"WO0I$O0/$"##$"W10^$10O$"W/0#$/0O$"WI01$I0P$"W#0!$#0"$"WO0#$O01$"#P$"W/0W$10O$"W/0#$/0O$"WI01$I0P$"W#0!$#0"$"WO0P$O0/$"OW$"W/0W$10O$"W/0O$/0O$"WI0/$I0O$"W#0"$#0"$"WO0P$O0/$"O"$"W/0!$10O$"W/0O$/0O$"WI0I$I0P$"W#01$#0"$"WP0W$O0/$"O/$"W/0"$10O$"W/0P$/0O$"WI0I$I0P$"W#01$#01$"WO0^$O0/$"O#$"W/0"$10#$"W/0P$/0O$"WI0I$I0P$"W#0/$#01$"WP0!$O0I$"OP$"W/0"$10#$"W/0^$/0O$"WI0#$I0P$"W#0I$#01$"WP01$O0I$"PW$"W/0"$10#$"WI0!$/0O$"WI0O$I0P$"W#0I$#01$"WP0"$O0#$"P"$"W/0/$10#$"WI0W$/0O$"WI0P$I0P$"W#0O$#01$"WP0/$O0I$"P/$"W/0/$10#$"WI0"$/0#$"WI0P$I0^$"W#0O$#01$"WP0/$O0I$"P#$"W/0/$10#$"WI0"$/0#$"W#0W$I0^$"W#0P$#01$"WP0I$O0#$"PP$"W/0I$10#$"WI0"$/0O$"WI0^$I0^$"W#0^$#01$"WP0#$O0#$"^W$"W/0#$10#$"WI0/$/0#$"W#0!$I0P$"W#0^$#0/$"WP0#$O0O$"^"$"W/0#$10#$"WI0I$/0O$"W#0!$I0^$"WO0!$#0/$"WP0O$O0O$"^/$"W/0O$10#$"WI0I$/0#$"W#0"$I0^$"WO0!$#0/$"WP0P$O0O$"^#$"W/0O$10#$"WI0I$/0O$"W#0/$I0^$"WO0!$#0/$"WP0P$O0O$"^P$"W/0P$10#$"WI0#$/0#$"W#01$I0^$"WO0"$#0/$"WP0^$O0O$1WW$"W/0^$10I$"WI0O$/0O$"W#0/$I0^$"WO0"$#0/$"WP0^$O0P$$$!#O$?*E5'$%0
"$G+-8_$+';<'7*+)7'$*.2$;,V,.3$+-7()'$->$@A%$*.2$,+&$E5'.2&$6,+=$Ca$//#P$*&$*$
>).8+,-.$->$+,;'$3'.'7*+'2$E9$*$+-7()'$7='-;'+'70
$=&-$)
*(/
)DAX)HHU@)&3);QR
)5IGCD)5ICD)5IVCD)4D)=$-J)
*(A/)=.%\9$)
*P-/
)=$-J)
*(A/)=.%\9$)
*P-/
)=$-J)
*(A/)=.%\9$)
*P-/
)=$-J)
*(A/)=.%\9$)
*P-/
)W$"W"0!$W0W$"W10!$W0W$"W"0/$W0W$"W10I$W0W$"$!P^0I$"0"$!^"0O$!0#$!P^0W$!0^$!P^0^$"0"$/$!OP0O$#0#$!PO0#$/0!$!P/0#$I0/$!PI0/$I0/$#$!#^0O$!!0I$!OI0#$O0"$!OP0I$P0W$!OO0!$P0I$P$!OW0!$!I0W$!OI0#$^0W$!O10P$!!0#$!#^0/$!!0O$!W$!#10#$"!0!$!#I0P$!I0!$!#^0!$!O0#$!#I0^$!P0^$!"$!#"0W$1W0W$!#"0I$"10I$!#10W$"/0/$!#"0^$"#0P$!/$!IP0!$1I0!$!#W0!$1W01$!I^0"$"^0"$!I^01$1!0!$!#$!IP0#$1^01$!IO0"$110I$!IP0W$110/$!IO0W$1"0"$!P$!IP0/$1^0"$!IO0#$1O0"$!IP0"$1I0P$!IO0/$1/0W$"W$!IO0/$1I0/$!IP0"$1O0P$!IO0#$1I0^$!IP01$1!0I$""$!#W0O$1W0^$!IO01$1101$!#W0/$110W$!#W0P$1W0"$"/$!#"0/$"P0/$!IP0#$1!0W$!#W0P$1!0O$!#10"$"O01$"#$!#I0P$"I0W$!#"0^$"P0"$!#W0^$"I0O$!##0W$""0P$"P$!#I0^$""0I$!#!0^$"/0/$!#I0#$"10I$!#/0"$"!0#$1W$!#/0^$!^0O$!#/0W$"!0O$!#I0"$""0W$!#10O$"W0P$1"$!#/01$!O0O$!#/01$!^01$!#/0O$!^0"$!##0#$!P0I$1/$!##0^$!I0^$!##0"$!#0P$!#/0!$!O0"$!#P0W$!#0^$1#$!##0^$!/0"$!#/0W$!/0O$!#O0I$!I0P$!#O0"$!I0/$1P$!#P0^$!10W$!#P0W$!10I$!#^0#$!/0"$!#O0#$!/0^$/W$!OW0P$!"0I$!OW0!$!"0#$!O!0^$!"0^$!#P0P$!10I$/"$!O10#$!!0O$!O!0^$!!0^$!O"0W$!"0/$!O!0P$!"0P$//$!OI0"$!W0P$!O10/$!!01$!O10^$!!0^$!O10O$!"0!$/#$!O#0#$!W01$!O/0P$!W0O$!OI0#$!!0I$!OI0#$!!0I$/P$!OO0W$^0^$!O#0I$!W0/$!O#0^$!!0W$!O#0^$!!0"$IW$!OP01$^0I$!OO0O$!W0!$!OP0#$!W0O$!OP0W$!W0P$I"$!O^0I$^0"$!OP0#$^0O$!OP0I$!W01$!OP0^$!W0I$I/$!O^0^$^0W$!O^0O$^0#$!O^0P$!W0!$!O^0O$!W0"$I#$!P!0W$P0#$!PW0/$^01$!PW0P$^0P$!P!01$!W0W$IP$!P!0O$P0/$!P!0I$^0!$!P!0I$^0O$!P"0!$^0P$#W$!P"0/$P01$!P"0I$P0P$!P"0/$^0I$!P10W$^0O$#"$!P10"$P0!$!P"0O$P0O$!P101$^0"$!P10!$^0#$#/$!P/0/$P0W$!P/0W$P0#$!P/0"$^0!$!P/0#$^0/$!#P$?*E5'$
%0"$L8-.+i2N
$##$!P/0#$O0^$!P/0P$P0/$!P/0P$^0W$!PI0"$^01$#P$!PI0"$O0#$!PI0I$P01$!PI0I$P0P$!P#0"$^0"$OW$!P#0!$O0#$!P#0!$P0"$!P#0W$P0O$!P#0O$^0!$O"$!P#0I$O0I$!P#0P$P0W$!P#0P$P0#$!P#0^$^0W$O/$!PO0W$O0/$!PO0/$P0W$!PO0I$P0/$!PO0O$^0W$O#$!PO0O$O01$!PP0W$O0^$!PO0I$P0I$!PP0#$P0^$OP$!PP0!$O0"$!PP0#$O0P$!PP0I$P0/$!P^0!$P0^$PW$!PP0O$O0!$!P^0W$O0O$!PP0O$P01$!P^0I$P0^$P"$!PP0^$O0W$!P^0#$O0O$!P^0/$P01$!^W0!$P0P$P/$!P^0I$#0^$!^W0W$O0#$!^W0W$P0!$!^W01$P0P$P#$!P^0^$#0^$!^W0I$O0I$!^W01$P0!$!^!0"$P0P$PP$!^W0"$#0P$!^W0^$O0I$!^W0^$P0W$!^!0/$P0P$^W$!^W0P$#0O$!^!0"$O0I$!^!0"$P0!$!^!0P$P0P$^"$!^W0^$#0O$!^!0P$O0/$!^!0/$P0!$!^"01$P0P$^/$!^!01$#0O$!^"0!$O0/$!^"0!$P0W$!^"0#$P0^$^#$!^!0O$#0#$!^"0/$O01$!^"0"$P0W$!^"0^$P0^$^P$!^"0W$#0#$!^"0^$O01$!^"0O$O0^$!^10#$^0W$!WW$!^"01$#0I$!^10W$O01$!^10!$O0^$!^10P$P0^$!W"$!^"0O$#0I$!^10I$O01$!^10"$O0^$!^/0!$P0^$!W/$!^"0^$#0/$!^10O$O0"$!^10O$O0^$!^/0#$P0^$!W#$!^"0^$#0/$!^/0W$O0"$!^10P$O0^$!^/0P$P0^$!WP$!^101$#0/$!^/0I$O0!$!^/0"$O0^$!^/0^$^0W$!!W$!^10#$#01$!^/0#$O0"$!^/0#$O0P$!^I01$P0^$!!"$!^10^$#01$!^/0^$O0!$!^/0O$O0P$!^I0O$^0W$!!/$!^/0"$#01$!^I0"$O0!$!^I0W$O0P$!^I0^$^0W$!!#$!^/01$#01$!^I0/$O0!$!^I0"$O0P$!^#01$^0W$!!P$!^/0I$#01$!^I0O$O0!$!^I0I$O0P$!^#0/$^0W$!"W$!^/0P$#0"$!^I0^$O0!$!^I0^$O0P$!^#0#$^0!$!""$!^I0W$#0"$!^#0"$O0W$!^#0W$O0^$!^O0!$^0!$!"/$!^I01$#0"$!^#0/$O0W$!^#01$O0P$!^O0"$^0!$!"#$!^I0I$#0!$!^#0I$O0!$!^#01$O0P$!^O0I$^0!$!"P$!^I0#$#0!$!^#0^$O0W$!^#0#$O0P$!^O0P$^0"$!1W$!^I0^$#0!$!^O0!$O0W$!^O0W$O0P$!^O0^$^0"$!1"$!^#0!$#0!$!^O01$O0W$!^#0^$O0P$!^P0!$^0"$!1/$!^#0!$#0!$!^O0I$O0W$!^O01$O0P$!^P0/$^01$!1#$!^#0/$#0!$!^O0#$O0W$!^O0I$O0P$!^P0O$^0"$!1P$!^#0I$#0!$!^O0^$O0W$!^O0I$O0^$!^^0W$^01$!/W$!^#0O$#0!$!^P0!$O0W$!^P0W$O0P$!^^0!$^01$!/"$!^#0^$#0W$!^P0"$O0W$!^P0W$O0P$!^^01$^01$!//$!^O0!$#0!$!^P0I$O0W$!^P01$O0^$!^^0/$^0/$!/#$!^O01$#0W$!^P0#$O0W$!^P0#$O0^$!^^0^)^01$!/P$!^O0I$#0W$!^P0P$O0W$!^P0I$O0^$"WW0!)^0/$!IW$!^O0O$#0W$!^^0W$O0W$!^P0P$O0^$"WW0!$^0I$!#^$?*E5'$
%0"$L8-.+i2N
$!I"$!^O0^$#0W$!^^0!$O0!$!^P0^$O0^$"WW0#$^0/$!I/$!^P0W$#0W$!^^0I$O0W$!^^0"$O0^$"WW0#$^0I$!I#$!^P0"$#0W$!^^0#$O0W$!^^01$O0^$"WW0P$^0I$!IP$!^P01$#0W$!^^0P$O0W$!^^0/$P0W$"W!0!$^0I$!#W$!^P0I$#0W$!^^0^)O0W$!^^0O$P0W$"W!0!$^0#$!#"$!^P0O$#0W$"WW0!)O0W$!^^0O$P0W$"W!0#$^0#$!#/$!^P0O$I0^$"WW0"$O0W$"WW0W)P0W$"W!0O$^0#$!##$!^P0^$I0^$"WW0I$O0W$"WW0"$P0W$"W!0O$^0#$!#P$!^^0!$I0^$"WW0#$O0W$"WW0"$P0W$"W"0!$^0O$!OW$!^^0!$I0^$"WW0O$O0W$"WW01$P0W$"W"0!$^0P$!O"$!^^0/$I0^$"WW0P$O0!$"WW0#$P0W$"W"0I$^0O$!O/$!^^0/$I0^$"W!0!$O0!$"WW0O$P0"$"W"0O$^0P$!O#$!^^0#$I0P$"W!0"$O0!$"W!0W$P0!$"W"0O$^0P$!OP$!^^0P$I0^$"W!0/$O0!$"W!0W$P0"$"W"0^$^0P$!PW)!^^0P)I0^$"W!0#$O0!$"W!0"$P0"$"W10W$^0P$!P")"WW0!)I0^$"W!0I$O0"$"W!0/$P0"$"W10/$^0^$!P/$"WW0"$I0^$"W!0^$O0!$"W!0/$P0"$"W10I$!W0W$!P#$"WW01$I0^$"W!0^$O0"$"W!0#$P0"$"W10#$!W0W$!PP$"WW01$I0^$"W"0!$O0"$"W!0P$P0"$"W10P$!W0W$!^W$"WW0I$I0P$"W"01$O0"$"W"0W$P0"$"W/0W$!W0W$!^"$"WW0#$I0P$"W"01$O0"$"W"0W$P0"$"W/0"$!W0W$!^/$"WW0P$I0P$"W"0/$O0"$"W"0"$P01$"W/0/$!W0!$!^#$"WW0^$I0P$"W"0#$O0"$"W"0/$P01$"W/01$!W0!$!^P$"W!0!$I0P$"W"0O$O01$"W"0#$P01$"W/0O$!W0!$"WW$"W!0!$I0P$"W"0^$O01$"W"0O$P0/$"W/0O$!W0!$"W"$"W!01$I0O$"W10!$O01$"W"0P$P01$"W/0P$!W0"$"W/$"W!0/$I0O$"W10W$O0"$"W"0^$P0/$"WI0!$!W0!$"W#$"W!0I$I0O$"W10!$O01$"W10"$P0/$"WI0!$!W01$"WP$"W!0O$I0O$"W101$O01$"W101$P0/$"WI0/$!W0"$"!W$"W!0#$I0O$"W10I$O01$"W101$P0I$"WI0#$!W01$"!"$"W!0^$I0O$"W10#$O0/$"W10#$P0I$"WI0I$!W01$"!/$"W"0W$I0O$"W10#$O01$"W10#$P0I$"WI0O$!W01$"!#$"W"0W$I0O$"W10P$O01$"W10#$P0#$"WI0^$!W0/$"!P$"W"01$I0O$"W10^$O0/$"W10^$P0#$"W#0!$!W01$""W$"W"01$I0O$"W/0!$O0/$"W10^$P0#$"W#0"$!W0/$"""$"W"0I$I0O$"W/0"$O0/$"W/0"$P0#$"W#01$!W0I$""/$"W"0I$I0O$"W/0"$O0/$"W/01$P0#$"W#0I$!W0I$""#$"W"0"$I0O$"W/0I$O0I$"W/0I$P0#$"W#0#$!W0I$""P$"W"01$I0O$"W/0I$O0/$"W/0I$P0O$"W#0P$!W0I$"1W$"W"0/$I0O$"W/0#$O0/$"W/0#$P0P$"W#0^$!W0#$"1"$"W"0I$I0O$"W/0P$O0I$"W/0P$P0O$"W#0^$!W0I$"1/$"W"0I$I0#$"W/0^$O0I$"W/0^$P0O$"WO0"$!W0I$"1#$"W"0#$I0O$"WI0W$O0I$"W/0^$P0P$"WO0"$!W0#$!OW$?*E5'$
%0"$L8-.+i2N
$"1P$"W"0P$I0O$"WI0!$O0I$"WI0!$P0O$"WO0/$!W0#$"/W$"W"0^$I0O$"WI01$O0I$"WI0"$P0^$"WO0I$!W0#$"/"$"W10W$I0O$"WI01$O0I$"WI01$P0^$"WO0I$!W0O$"//$"W10!$I0O$"WI0I$O0#$"WI0/$P0^$"WO0^$!W0O$"/#$"W10!$I0P$"WI0#$O0I$"WI0I$^0W$"WP0W$!W0O$"/P$"W101$I0O$"WI0#$O0I$"WI0O$P0^$"WO0^$!W0P$"IW$"W101$I0O$"WI0P$O0#$"WI0O$P0^$"WP0"$!W0O$"I"$"W10/$I0O$"WI0^$O0#$"WI0P$P0^$"WP01$!W0^$"I/$"W10I$I0O$"W#0W$O0#$"W#0W$^0W$"WP0I$!W0^$"I#$"W10I$I0O$"W#0"$O0#$"W#0W$^0W$"WP0O$!W0^$"IP$"W10O$I0O$"W#0"$O0#$"W#01$^0W$"WP0#$!W0^$"#W$"W10P$I0O$"W#01$O0O$"W#0/$^0!$"WP0P$!W0^$"#"$"W10O$I0O$"W#0I$O0O$"W#01$^0!$"W^0W$!!0W$"#/$"W10P$I0O$"W#0#$O0O$"W#0O$^0!$"W^0"$!!0W$"##$"W10^$I0O$"W#0O$O0O$"W#0O$^0"$"W^0"$!!0W$"#P$"W10^$I0O$"W#0P$O0O$"W#0^$^0!$"W^01$!!0!$"OW$"W/0!$I0O$"W#0O$O0P$"WO0!$^0"$"W^0I$!!0W$"O"$"W/0!$I0O$"WO0W$O0P$"WO0!$^0"$"W^0/$!!0!$"O/$"W/0"$I0O$"WO0W$O0P$"WO0"$^0"$"W^0O$!!0"$"O#$"W/0/$I0O$"WO0W$O0P$"WO01$^01$"W^0P$!!0!$"OP$"W/0/$I0O$"WO0"$O0P$"WO0/$^0"$"W^0P$!!0"$"PW$"W/0I$I0O$"WO01$O0^$"WO0I$^01$"!W0!$!!0"$"P"$"W/0#$I0O$"WO01$O0^$"WO0#$^01$"!W0W$!!01$"P/$"W/0O$I0O$"WO01$O0^$"WO0O$^01$"!W0!$!!01$"P#$"W/0O$I0O$"WO0I$P0W$"WO0P$^01$"!W0/$!!01$"PP$"W/0O$I0O$"WO0I$O0^$"WO0P$^0/$"!W01$!!0/$"^W$"W/0^$I0O$"WO0O$P0W$"WP0W$^0/$"!W0#$!!01$"^"$"WI0W$I0O$"WO0P$O0^$"WP0W$^0I$"!W0O$!!0/$"^/$"WI0W$I0O$"WO0P$P0W$"WP01$^0/$"!W0I$!!0I$"^#$"WI0!$I0O$"WO0P$P0W$"WP01$^0I$"!W0^$!!0I$"^P$"WI0W$I0O$"WP0W$O0^$"WP01$^0#$"!W0^$!!0I$1WW$"WI0"$I0O$"WP0W$P0W$"WP0#$^0#$"!W0^$!!0I$$$!O!$?*E5'$%0
1$M-5'8)5*7$6',3=+&4$
:'7-
J&='*7$F,&8-&,+9$*.2$879&+*55,.,+9$F*5)'&$
->$@A%$8=*,.
J'V+'.2'2$6,+=$Ca$//#P
$,.$*.$,.+'7.*5$;,V'70
$$$?*E5'$%0
/$a>>'8+$->$Ca$8-.+'.+$-.$+='$879&+*55,.,+9$*.2$>*,5)7'$;*&&$->$@A%$>,5;&0
$!D)AX)HHU@
)&3);QR
)R8$%",$)-.'$19'"%)O$&,2#()*,6-.'/
)]$%.
N(2$"%)8&(1.(&#L
)*;"
N(/)A%L(#"''&3&#L)*D/
)!!)!#)!$)4(#)2$"#
)G3B)2$"#
)W$!"14!#/$"!"4!1^$!^O4I"^$!4WP#$10P$"0P$W0"I$!1^4"//$11^4P!O$"^I4#1O$!4P1P$"0^$!0^$W0I$!IO4W/W$/O/4^W/$/W#4#1!$O4"OW$"0I$!0P$W0OI$!PW4#W#$IW14!WO$/114W#P$I14//!$"0!$!0#$!$""W4P1W$IP"4^I"$/#P4I#/$"/W4O"O$!0I$!0#$D)AX)HHU@)&3);QR)
M&'-(
)A%L(#"''&3&#L)*D/
)^"&'9%$)-"(()*,/
)4(#)2$"#
)G3B)2$"#
)W$/01$"0I$!^0W$W0"I$"0P$!0"$""0O$W0I$W0^$!$"^0O$W0OI$DY?$@fYCaGG%RAa
$!$!O"$R;;XPTYZ)_
[);$%M.%-"31$).M)J.'L*'"1#&1)"1&B/61$''9'.($)3"3.1%L(#"')1.-J.(&#$):'.O3)
M&'-()J%.1$(($B):L)#O.)B&MM$%$3#)1.-J.93B&3,)"JJ%."12$(
I)!!!O1$?*E5'$R0
!$a>>'8+&$->
$CDC$*22,+,-.$*.2$E5'.2,.3$<7-8'&&$-.$+='$+7*.&<*7'.89$->$@A%$*.2$
@A%BCDC$8-;<-&,+'$>,5;&0
$7"8$'$3,#2)*3-/
)=%"3(-&((&.3)*D/
);QR
);QR6APA)*T_/
);QR6APA)*!_/
)^WW$^"0!^W$O^0/PP$O#0"#W$P^W$^"01P!$O^0II1$O#0"!#$PPW$^"0W/O$O^0#IW$O#0!PP$POW$^"0IW/$O^0#"#$O#0!##$P#W$^!0^!1$O^0II/$O#0!WO$PIW$^"0I"^$O^0I!!$O#0W^P$P/W$^!0^/P$O^0/OO$O#0W^/$P1W$^"01^^$O^0/II$O#0W#P$P"W$^"0!#O$O^0/"/$OI0^W!$P!W$^"0W!^$O^0/!W$OI0^W1$PWW$^"0#!^$O^0/!W$OI0^#1$O^W$^!0#P!$O^0/W^$OI0PIW$OPW$^"0I"!$O^01#^$OI0P"!$OOW$^"0!^I$O^01!^$OI0O^1$O#W$^!0#^W$O^0"^!$OI0O1#$OIW$^"0#WI$O^0"#/$OI0OW^$O/W$^"0!^!$O^0"1/$OI0#O#$O1W$^!0I1!$O^0!P/$OI0#1#$O"W$^"0"1^$O^0!1I$OI0IP/$O!W$^"0I##$O^0!1"$OI0#O!$OWW$^!0^1O$O^0WP/$OI0P^"$#^W$^!0I^O$O^0W#!$O#0#O^$#PW$^!0^W/$OP0^^#$OI0111$#OW$^"0!^"$OP0^#O$OI0"O!$##W$^"0"I/$OP0^!I$OI0!^O$#IW$^"0!""$OP0^!!$OI0!W1$#/W$^"0W""$OP0P//$OI0WIW$#1W$^!0^#/$OP0P!/$OI0!1O$#"W$^!0^""$OP0O/1$OI0!"!$#!W$^!0^!!$OP0#^#$OI0W#W$#WW$^!0P^#$OP0#W1$O/0^O1$I^W$^!0PPO$OP0I#P$O/0^!W$IPW$^!0P/#$OP0#II$O/0P/!$IOW$^!0O#O$OP0##!$O/0OW/$I#W$^!0#/1$OP0#/P$O/0O/#$!O/$?*E5'$
R0!$L8-.+i2N
$IIW$^!0PWO$OP0#"O$O/0#1/$I/W$^!0O!/$OP0I#/$O/0I//$I1W$^!0/1O$OP0/^!$O/0/P^$I"W$^!0P"^$OP0/1/$O/0/""$I!W$^!01"I$OP01IO$O/01^I$IWW$^!0O"/$OP01/!$O/01IO$/^W$^!0"IP$OP01W"$O/0"PW$/PW$^!01/^$OP0"##$O/0!1"$/OW$^!0/1^$OP0"#"$O/0WP"$/#W$^!0"IW$OP0"IO$O/0W!!$/IW$^!0""I$OP0"W!$O10P^#$//W$^!0"W"$OP0!W!$O10O^!$/1W$^W0PPO$OP0!!1$O10#1^$/"W$^W0IO/$OP0W#1$O10/P/$/!W$^!0"W^$OO0^PP$O101W^$/WW$^W0#/I$OO0POW$O10!W!$1^W$^W0^P"$OO0O1I$O"0P#1$1PW$^W0"!#$OO01/!$O"0#"1$1OW$^W0"##$OO0/WW$O"0"PW$1#W$^W01W1$OO0"//$O!0P1I$1IW$^W0!"/$OO0W^"$O!0/"I$1/W$P^0#O#$O#0^II$OW0^!O$11W$P^0"1"$O#0#"I$#^0#IW$1"W$PP0^WP$O#0IIO$#^0!/"$1!W$PP0#IO$O#0"1O$#P0I##$1WW$PP0/"O$OI0OO/$#O0#!O$"^W$PO0^#O$OI0!O"$##0IPP$"PW$PO0W1!$O/0/I!$#I0#^I$"OW$P#0"//$O10#II$#/0I!#$"#W$PI0!^P$O"0O#^$#W0#O!$"IW$P!0^!W$#^0P1^$IP0!^P$"/W$#!0W//$I!0PI/$/P0P/^$"1W$!P0!"1$!O0!O!$"W011O$""W$"0!OP$10#OP$W0WO^$"!W$W0#^"$!0O^!$W0!PO$"WW$!0OWW$10!1P$"0I!P$$$!OI$?*E5'$R0
"$C*7E-V95$,.2,8'&$
)&,.3$+='$,.+'.&,+,'&$->$7'>'7'.8'$<'*_&$*+$"^^/$8;
+,$*.2$"^/I$8;
+,$->$@A%4$@A%B![$CDC$LSRN$*.2$@A%B![$CDC$LMRN$>,5;&0
$!"#$%&"'(
)A"%:.KL')Y3B$K
)>$M$%$31$)J$"+)"#)GWWH)1-
%')>$M$%$31$)J$"+)"#)GWHC)1-
%')@A%$W01W"$\$W0WWO
$W01^1$\$W0WW#
$@A%BCDC$LSRN
$W01I^$\$W0WWO
$W0/I#$\$W0WW#
$@A%BCDC$LMRN
$W01^W$\$W0WWP
$W0/PO$\$W0WWP
$!O#$R;;XPTYZ)A
[)7"#$%)8"J.%)"3B).KL,$3):"%%&$%)J%.J$%#&$().M)$K#%9(&.3
N:'.O3)J.'L*'"1#&1)
"1&B/61$''9'.($)3"3.1%L(#"'()3"3.1.-J.(&#$)M&'-(
I)!!!OO$?*E5'$C0
!$b*+'7$F*<-7$<'7;'*E,5,+9
$L"1-C$*.2$PI[$fTN
4$-V93'.$
<'7;'*E,5,+9
$L"1-C$*.2$W[$
fTN$
*&$6'55$*&$879&+*55,.,+9$
->$@A%
BCDC
$>,5;&0
$$$?*E5'$C0
"$a>>'8+&$->$CDC$8-.+'.+$*.2$+'&+,.3$+';<'7*+)7'$-.$+='$bZ@$->$@A%$>,5;&$*+$PI[$fT
0$$$$D)APA
)7<;)*45
%'&)+,N-6-
*N(N;"/
)F;)*45
%'-)+,N-6-
*N(N;"/
)A%L(#"''&3&#L
)4(#)2$"#
)G3B)2$"#
)W$1/^0P$\$I!0^
$!#10"$\$!/01
$/0I/$!0/^$W0I$"/P0!$\$!^0!
$I^0P$\$^01
$I0!"$"0OP$!$"!10^$\$!W01
$/"0#$\$10W
$I01^$/0/O$"$"!#0!$\$P0W
$/!0W$\$^0I
$#0"W$/0OW$=$-J$%"#9%$)
)*(A/)7"#$%)8"J.%)J$%-$":&'&#L)*45
%'&,+,N-6-
*N(N;"/
);QR
);QR6
5ICD)APA
);QR64D)APA
);QR6GD)APA
)!W$/"W0I$\$PO0P
$1/P0/$\$O!0"
$"^I0#$\$1!0^
$"P#01$\$!^0P
$!O$1#!0/$\$"I0/
$"PI0"$\$#/0P
$"!^0/$\$/0P
$"""0#$\$#0^
$"1$1/^0P$\$I!0^
$"/P0!$\$!^0!
$"!10^$\$!W01
$"!#0!$\$P0W
$1!$11/0!$\$/I0O
$"1#0!\$1!0P
$"WI0"$\$I0#
$"WO0O$\$^0"
$!OP$?*E5'$C0
1$a>>'8+&$->$CDC$8-.+'.+$*.2$
7'5*+,F'$=);,2,+9$L
fTN$-.$+='$bZ@$->$@A%$>,5;&$*+$"1
-C0$>E)7"#$%)8"J.%)J$%-$":&'&#L)*45
%'&,+,N-6-
*N(N;"/
);QR
);QR65ICD)APA
);QR64D)APA
);QR6GD)APA
)W0IW$1"O0"$\$!#0!
$"1P0W$\$
"!0/$!##0^$\$/0!
$!P101$\$/0I
$W0IO$11!0O$\$"W0#
$"1/0!$\$//0/
$!P"0O$\$I0W
$!P"01$\$!W0!
$W0#/$11W0O$\$"O01
$"//0W$\$##0P
$!PO0O$\$"0^
$!P!0!$\$^01
$W0O!$1!P0^$\$"!01
$"I10O$\$""0P
$!P!0#$\$10#
$!P^0/$\$^0P
$W0OP$1!/0P$\$/10^
$"#10W$\$!^0O
$!^#0I$\$#0!
$!^W0^$\$!"
$W0PI$1/!0P$\$IW0W
$"IW0W$\$"10"
$"WW01$\$!W0W
$!P#0#$\$!W0P
$$$$?*E5'$C0
/$a>>'8+&$->$CDC$*22,+,-.$*.2$+'&+,.3$+';<'7*+)7'$-.$+='$Y@$->$@A%$>,5;&$*+$W[$fT0
$=$-J$%"#9%$)*
(A/$FKL,$3)J$%-$":&'&#L)*45
%'-)+,N-6-
*N(N;"/
);QR
);QR64D)APA
)!O$J$1I0#$\$"0O$"1$!#10"$\$!/01$/"0#$\$10W$1!$"!P0W$\$"#01$I#0^$\$I0W$1P$"/101$\$1#0O$O"0P$\$/0"$IW$1/W01$\$!O0P$!!!01$\$^01$!!O^$R;;XPTYZ)T
[);.#$3#&"').M)$K#%9(&.3
N:'.O3)J.'L*'"1#&1)"1&B/61$''9'.($)3"3.1%L(#"'()
3"3.1.-J.(&#$)M&'-()M.%)
&-J%.8&3,)#2$)(2$'M
N'&M$).M)")B%L)M..B)J%.B91#
I)!!!PW$?*E5'$S0
!$M-,&+)7'$8-.+'.+&$->$87*8_'7&$*&$*$>).8+,-.$->$+,;'$7'8-72'2$*+$"I
-C$*.2$F*7,-)&$
&+-7*3'$7'5*+,F'$=);,2,+9$8-.2,+,-.&0
$=&-$)*2.9%(/
)!.&(#9%$)1.3#$3#)*D/
)=&-$)*2.9%(/
)!.&(#9%$)1.3#$3#)*D/
)45D)>E
)C5D)>E
)VWD)>E
)?GD)>E
)U4D)>E
)WUD)>E
)W$/0!W$/0!W$/0!W$W$/0!W$/0!W$/0!W$"$/0W"$O0/1$^0"O$"$I0/^$O0W!$^0W!$#$/0!!$P01I$!!01/$/$#01P$^0""$!"0WW$!"$/0!O$P0#/$!"0"1$P$#0OI$^0P"$!/01^$!P$/0"W$P0PO$!10!W$!P$O0"!$!!0W^$!P01/$"I$/0"1$^0!^$!/0!O$"1$O0""$!!0WI$!P0P/$IW$/0"!$^0W!$!/0/#$/1$O01"$!!0/^$"!0PP$O/$/0"I$^0W^$!/0P!$#O$O01O$!!0#!$"10""$^P$/0"!$^0"O$!I0/I$^"$O01I$!!0#!$"10OP$!""$/0"W$^0"O$!I0O"$!"1$O0/^$!!0OI$"/0II$!OW$/0"#$^0"!$!I0#O$!/O$O0II$!!0P1$"I0WW$"!P$/0""$^0""$!I0O"$!OW$O01^$!!0#W$"/0I1$"/"$/0"^$^0!/$!I0O"$"!P$O01/$!!0I1$"/01O$"##$/011$^0"W$!I0O"$"##$O01P$!!0#W$"/0IW$1!/$/01!$^0!P$!I0#I$1!/$O01#$!!0#W$"/0/I$11#$/0"O$^0!/$!I0#^$111$O0/"$!!0#"$"/0/I$$$!P!$?*E5'$S0
"$a(),5,E7
,);$;-,&+)7'$8-.+'.+$F*5)'&$->$87*8_'7&$
-E+*,.'2$'V<'7,;'.+*559$*.2$
<7'2,8+'2$E9$U%R$'()*+,-.
$*+$"I
-C0$$>$'"#&8$)29-&B&#L)*D/
)X\9&'&:%&9-)-.&(#9%$)1.3#$3#)*D/
)XKJ$%&-$3#"'
);%$B&1#$B):L)
`R_)W0W$W0WWWW$W0WWWW$!W0/$/0"P/W$/01!O#$1!0P$O01OO^$O0"#IP$IW0!$^0!O#I$^0#IO/$#W0^$!!0I^!#$!!0I!1^$OP0I$!I0#^O/$!#0!#^"$^#0!$"/0/#W!$"#0!1/O$!P"$>X^X>XPAXS
))!P1$>X^X>XPAXS
!!0'o*7_=*.,&4$G0G0$*.2$M*+)*.*4$A0M04$aV+7)&,-.$E5-6.$>,5;&$->$
<-59L5*8+,8$*8,2N$8=*,.
J'V+'.2'2$
6,+=$>--2$37*2'$;)5+,>).8+,-.*5$'<-V,'&4$@-59;'7$a.3,.''7,.3$*.2$G8,'.8'4$I^L!!N`$""!!
J""!^$L"W!^N0$"0'A,)4$n04$A-)4$A04$m)4$b04$A,*-4$f04$A,4$f04$*.2$t=-)4$C04$
A-.3$8=*,.$E7*.8=,.3$<-595*8+,2'`$
&+7)8+)7'&$*.2$<7-<'7+,'&4$
@-59
;'74$I!L""N`$I!P#
JI!^O$L"W!WN0$10'C*F*58*.+,4$e0D04$?'->,5-4$a0?04$f*E'55-4$M0G04$*.2$G,5F*4$G0M0A04$C=*,.$'V+'.&,-.$*.2$
2'37*2*+,-.$2)7,.3$7'*8+,F'$<7-8'&&,.3$->$@a?$,.$+='$<7'&'.8'$->$+7,<='.95$<=-
&<=,+'4$
@-59;'7$
a.3,.''7,.3$*.2$G8,'.8'
4$/OL!"N`$"!II
J"!#1$L"WWON0$/0'%77)2*4$A0C04$M*3*+-.4$M04$R7'+*&4$f0a0G04$*.2$c'_,4$M0M04$
Q.>5)'.8'$->$8=*,.$'V+'.2'7$-.$
;'8=*.,8*54$+='7;*5$*.2$;-7<=-5-3,8*5$<7-<'7+,'&$->$E5-6.$>,5;&$->$@A%B@R%?$E5'.2&4
$@-59;'7$?'&+,.34$/1`$"O
J1O$L"W!IN0$I0'?''4$m0R04$?*5,E4$f0%04$%E2*.4$o04$C=,.4
$D0A04$R*&=*4$f0o04$*.2$m).-&4$o0e0M04$?-)3='.,.3$
<-59L5*8+,8$*8,2N$*.2$*,2,.3$+='$;'5+
J8-;<-).2,.3$6,+=$E,-
J&-)78'2$<5*&+,8,:'7&4$
%37,8)5+)7'$
*.2$%37,8)5+)7*5$G8,'.8'$@7-8'2,*
4$"`$"P^
J"^I$L"W!/N0$#0'YX,X-$Z0$*.2$f*94$G0G04$G)<'7$+-)3='.'2$E,-2'37*2*E5'$<-595
*8+,2'$E5'.2&$6,+=$.-.
J5,.'*7$
8-<-59;'7$,.+'7>*8,*5$*78=,+'8+)7'$-E+*,.'2$F,*$>*8,5'$,.
J&,+)$7'*8+,F'$8-;<*+,E,5,:*+,-.4$
@-59;'74$PW`$!
J!O$L"W!IN0$O0'b*.34$m04$e)4$C04$A)-4$m04$f)*.4$C04$t=*.34$m04$*.2$e)4$m04$M'5+$&9.+='&,&$*.2$8=*7*8+'7,:*+,-.$
->$<-59LA
J5*8+,8$*8,2N$8=*,.$5,._'2$E9$;)5+,>).8+,-.*5$'<-V9$8-;<-).24$n-)7.*5$b)=*.$
c.,F'7&,+9$->$?'8=.-5-394$M*+'7,*5&$G8,'.8'$a2,+,-.4$"ILIN`$OO/
JOO^$L"W!WN0$P0'?*.*_*4$m0$*.2$o*_,)8=,4$T04$n04$G+)29$->$'<-V9$8-;<-).2&$0$<*7+$F,$0$8)7,.3$7'*8+,-.&$->$'<-V9$
7'&,.$*.2$*8
,2$*.=927,2'$6,+=$*;,.'$4$*8,2$4$*58-=-5$4$*.2$<='.-5$*&$8*+*59&+&4$n-)7.*5$->$
@-59;'7$G8,'.8'`$@*7+$%4$"`$1/WI
J1/1W$L!^#/N0$^0'b*.34$s04$M,4$n04$*.2$t=-)4$T04$n04$?7*.&,+,-.$>7-;$;,87-8'55)5*7$+-$.*.-8'55)5*7$8=*,.$
'V+'.2'2$<-59$L$5*8+,8$*8,2$NB$=927-V95
J>).8+,-.*5,:'2$37*<='.'$>-*;&$E9$&)<'787,+,8*5$CY
44$n-)7.*5$->$M*+'7,*5&$G8,'.8'4$I/LIN`$1P#1
J1POO$L"W!^N0$!W0'o*7_=*.,&4$G0G04$G+*7_4$D0M04$G*E-4$f0C04$*.2$M*+)*.*4$A0M04$@'7>-7;*.8'$->$<-59L5*8+,8$
*8,2NB8'55)5-&'$.*.-879&+*5$8-;<-&,+'$E5-6.$>,5;&$
<7-8'&&'2$E9$+6-$2,>>'7'.+$8-;<-).2,.3$
*<<7-*8='&4$@-59;'7$a.3,.''7,.3$*.2$G8,'.8'4$IPL!!N`$!^#I
J!^O/$L"W!ON0$!!0'S-.34$b04$t-)4$R04$m*.4$m04$M*4$@04$*.2$C='.4$M04$a>>'8+$->$8=*,.
J'V+'.2'7&$-.$+='$<7-<'7+,'&$
*.2$=927-59+,8$2'37*2*+,-.$E'=*F,-7$->$+='$<-59L5*8+
,2'NB$<-59LE)+95'.'$*2,<*+'
J8-J+'7'<=+=*5*+'N$E5'.2&4$Q.+'7.*+,-.*5$n-)7.*5$->$M-5'8)5*7$G8,'.8'&4$!/L!WN`$"W!P^
J"W"W1$L"W!1N0$!P/$!"0'n*&:_,'6,8:4$%04$R5'2:_,4$%0$o04$u$M'5X-.4$%04$Y.5,.'$-E&'7F*+,-.&$*.2$<7-8'&&$*.*59&,&$->$
8=*,.$'V+'.2'2$<-595*8+,2'&$2)7,.3$,.X
'8+,-.$;-)52,.34$@-59;'7$S'37*2*+,-.$*.2$G+*E,5,+94$
!W!L!N`$#I
JOW$L"W!/N0$!10'%>7,>*=4$o0%0$*.2$M*+)*.*4$A0M04$
Q;<*8+$;-2,>,8*+,-.$->$<-595*8+,2'$6,+=$*$E,-2'37*2*E5'$
'+=95'.'B*8795*+'$8-<-59;'74$M*87-;-5'8)5*7$M*+'7,*5&$*.2$a.3,.''7,.34$
"^IL^N`$PW"
JP!!$L"W!WN0$!/0'M*55'+4$R04$A*;.*6*74$o04$*.2$M**:-):4$%04$Q;<7-F';'.+$->$E5-6.$>,5;$'V+7)&,-.$->$
<-59L5*8+,8$*8,2N`$&+7)8+)7'
J<7-8'&&,.3
J<7-<'7+,'&$7'5*+,-.&=,<&4$@-59;'7$a.3,.''7,.3$*.2$
G8,'.8'4$I/L/N`$P/W
JPIO$L"W!/N0$!I0'f*>>*4$@04$C-5+'55,4$M0R04$G*F,4$G04$R,*.8=,4$G04$
*.2$C*&+'5F'+7-4$Z04$C=*,.$'V+'.&,-.$*.2$
E7*.8=,.3$->$<-59L'+=95'.'$+'7'<=+=*5*+'N$L@a?N$6,+=$2,
J$*.2$;)5+,>).8+,-.*5$'<-V9$-7$
,&-89*.*+'$*22,+,F'&`$*.$'V<'7,;'.+*5$*.2$;-2'55,.3$&+)294$f'*8+,F'$*.2$e).8+,-.*5$@-59;'7&4$
O"`$IW
J#W$L"W!"N0$!#0'S*5&,.4$G0n04$T,55
;9'74$M0%04$*.2$R*+'&4$e0G04$M-5'8)5*7$6',3=+$2'<'.2'.8'$->$:'7-
J&='*7$
F,&8-&,+9$,.$*+*8+,8$<-59<7-<95'.'$E-++5'E7)&=$<-59;'7&4$M*87-$A'++'7&4$1LIN`$/"1
J/"O$L"W!/N0
$!O0'A)26,8:*_4$n0$*.2$o-:5-6&_,4$M04$e-*;,.3$->$<-595*8+,2'$,.$+='$<7'&'.8'$->$8=*,.$'V+'.2'74$
n-)7.*5$->$@-59;'7&$*.2$+='$a.F,7-.;'.+4$"14$!1O
J!/"$L"W!IN0$!P0'b*.34$n04$?=)7E'74$C04$R,&=-<4$M04$M-.*'._-F*4$S04$M*78=E*._&4$a04$o,;4$T04$o''.'4$a04$*.2$
C='.4$s04$
G+)29$->$7'&,2'.8'$+,;'$2,&+7,E)+,-.$>-7$*$E5-6.$>,5;$5,.'$)&,.3$,.5,.'$)F
JF,&$
&<'8+7-&8-<9$*.
2$-<+,8*5$,;*3,.3$-.$*$>,5;$E)EE5'4$
G@a$%.+'8$"W!O
J%.*=',;4$C*5,>-7.,*4$
!!#PJ!!O/$L"W!ON0$!^0'b'&=-5-6&_,4$n04$R'73=*)&4$%04$*.2$?=-;;'&4$M04$
Q.5,.'$2'+'7;,.*+,-.$->$7'&,2'.8'$+,;'$
2,&+7,E)+,-.$,.$=-+
J;'5+J'V+7)&,-.4$
@=*7;*8')+,8&4$!WL"N`$/^$L"W!PN0
$"W0'o*7_=*.,&4
$G0G04$G+*7_4$D0M04$G*E-4$f0C04$*.2$M*+)*.*4$A0M04$R5-6.$>,5;$'V+7)&,-.$->$
<-59L5*8+,8$*8,2N$6,+=-)+$;'5+$&+7'.3+=$'.=*.8'7&4$n-)7.*5$->$%<<5,'2$@-59;'7$G8,'.8'4$
!1/L1/N`$/I"!"$L"W!ON0
$"!0'o*7_=*.,&4$G0G04$G+*7_4$D0M04$G*E-4$f0C04$*.2$M*+)*.*4$A0M04$b*+'7$F*<-
7$*.2$-V93'.$E*77,'7$
<7-<'7+,'&$->$'V+7)&,-.
JE5-6.$<-59L5*8+,8$*8,2NB8'55)5-&'$.*.-879&+*5&$.*.-8-;<-&,+'$>,5;&4$
C-;<-&,+'&$@*7+$%`$%<<5,'2$G8,'.8'$*.2$M*.)>*8+)7,.34$!!/`$"W/
J"!!$L"W!PN0$""0'G'5_'4$G0a0M0$*.2$C)+5'74$n0S04$@5*&+,8&$@*8_*3,.3`$@7-<'7+,'&4$@7-8
'&&,.34$%<<5,8*+,-.&$*.2$
f'3)5*+,-.&4$T*.&'7$@)E5,8*+,-.&4$C,.8,..*+,4$<<0$!I^
J!P/$L"W!#N0$"10'T'77'7*4$D04$M*+='64$%0@04$*.2$Y_&;*.4$o04$@5*&+,8,:'2$<-595*8+,8$*8,2B8'55)5-&'$
.*.-8-;<-&,+'&$<7'<*7'2$)&,.3$;'5+
J'V+7)&,-.$*.2$5,(),2$>''2,.3`$;'8=*.,8*54$+='7;*5
$*.2$
-<+,8*5$<7-<'7+,'&4$C-;<-&,+'&$G8,'.8'$*.2$?'8=.-5-394$
!W#`$!/^J!II$L"W!IN0$!PI$"/0't=-)4$
m04$
e)'.+'&
JT'7.*.2':4$
C04$o=*.4$
?0M04$
A,)4$
n0C04
$T&)4$
n04$
G=,;4$
n0b04$
S,.2*74$
%04
$m-).3E5--24$
n0@04$
M--.4$
f0n04$
*.2$o,<<'5'.4$
R04$f'8985*E5'$-73*.,8$&-5*7$8'55&$-.$8'55
)5-&'$
.*.-879&+*5$&)7>*8'4$G8,'.+,>,8$f'<-7+&4$1`$!I1#$L"W!1N0
$"I0'A,:).2,*4$a04$e-7+).*+,4$a04$S-;,.,8,4$e04$Z,5*&4$n0A04$A'v.4$A0M04$%7;'.+*.-4$Q04$?-77'4$A04$*.2$
o'..94$n0M04$@AA%
J37*>+'2$8'55)5-&'$.*.-879&+*5&`$7-5'$->$+='$CDC$8-.+'.+$*.2$37*>+,.3$-.$
+='$@
A%$E,-.*.-8-;<-&,+'$>,5;$<7-<'7+,'&4$C*7E-=927*+'$@-59;'7&4$!/"`$!WI
J!!1$L"W!#N0$"#0'?7,<*+=,4$D04$M-.,_*4$*.2$o*+,9*74$Z04$@-59L5*8+,8$*8,2NB;-2,>,'2$3);$*7*E,8$E*&'2$
E,-.*.-8-;<-&,+'$>,5;&`$+='7;*5$2'37*2*+,-.$_,.'+,8&4$
@-59;'7$a.3,.''7,.3$*.2$G8,'.8'4$
IOL!!N`$!!^1
J!"W#0$"O0'b*.34$m04$G+',.=->>4$R04$R7,._;*..4$C04$*.2$%5,34$Q04$Q.
J5,.'$;-.,+-7,.3$->$+='$+='7;*5$
2'37*2*+,-.$->$<-59LA
J5*8+,8$*8,2N$2)7,.3$;'5+$'V+7)&,-.$E9$cZ
JZ,&$&<'8+7-&8-<94$@-59;'74$
/^LIN`$!"IO
J!"#I$L"WWPN0$"P0'%5JQ+794$f04$A*;.*6*74$o04$*.2$M**:-):4$%04$
Q;<7-F';'.+$->$+='7;*5$&+*E,5,+94$7='-5-3,8*5$
*.2$;'8=*.,8*5$<7-<'7+,'&$->$@A%4$@R%?$*.2$+=',7$E5'.2&$E9$7'*8+,F'$'V+7)&,-.$6,+=$
>).8+,-.*5,:'2$'<-V94$@-59;'7$S'37*2*+,-.$*.2$G+*E,5,+94$
^OL!WN`$!P^P
J!^!/$L"W!"N0$"^0'n*;&=,2,4$o04$T9-.4$G0T04$*.2$Q_*2*4$m04$
?='7;*5$8=*7*8+'7,:*+,-.$->$<-595*8+,2'&4$
@-59;'74$
"^L!"N`$"""^
J""1/$L!^PPN0$1W0'G<'75,.34$A0T04$Q.+7-2)8+,-.$+-$@=9&,8*5$@-59;'7$G8,'.8'4$n-=.$b,5'9$u$G-.&$@)E5,8*+,-.4$
D'6$n'7&'94$<<0$1/^
J/"#$L"WW#N0$1!0'@,-7_-6&_
*4$a0$*.2$f)+5'23'4$U0C04$T*.2E--_$->$
<-59;'7$
879&+*55,:*+,-.4$n-=.$b,5'9$u$G-.&$
@)E5,8*+,-.4$D'6$n'7&'94$<<0$!"I
J!#1$L"W!1N0$1"0'G=,4$w04$t=-)4$C04$m)'4$m04$U)-4$b04$b)4$m04$*.2$b)4$w04$M'8=*.,8*5$<7-<'7+,'&$*.2$,.$F,+7-$
2'37*2*+,-.$->$'5'8+7-&<).$E,-
J.*.-8-;
<-&,+'$;*+&$>7-;$@A%$*.2$8'55)5-&'$.*.-879&+*5&4$
C*7E-=927*+'$@-59;'7&4$^WL!N`$1W!
J1WP$L"W!"N0$110'C*88,-++,4$Q04$e-7+).*+,4$a04$@)35,*4$S04$*.2$o'..94$n0M04$
a>>'8+$->$&,5F'7$.*.-<*7+,85'&$*.2$
8'55)5-&'$.*.-879&+*5&$-.$'5'8+7-&<).$<-59L5*8+,8N$*8,2$;*+&`$;-7<=
-5-394$+='7;*5$<7-<'7+,'&$
*.2$;'8=*.,8*5$E'=*F,-74$C*7E-=927*+'$@-59;'7&
4$!W1L!N$""J1!$L"W!/N0$1/0'G)55,F*.4$a0M04$M--.4$f0n04$*.2$o*5*,+:,2-)4$o04$
@7-8'&&,.3$*.2$8=*7*8+'7,:*+,-.$->$8'55)5-&'$
.*.-879&+*5&B<-595*8+,8$*8,2$.*.-8-;<-&,+'$>,5;&4$
M*+'7,*5&4$PL!"N`
$P!W#JP!!#$L"W!IN0$1I0'U)<+*4$%04$G,;;-.&4$b04$G8=)'.';*.4$U0?04$T95+-.4$S04$*.2$M,.+:4$a0%04$
f='-5-3,8*5$*.2$
+='7;-
J;'8=*.,8*5$<7-<'7+,'&$->$<-59L5*8+,8$*8,2NB5,3.,.
J8-*+'2$8'55)5-&'$.*.-879&+*5$
8-;<-&,+'&4$
%CG$G)&+*,.*E5'$C=';,&+79$*.2$a.3,.''7,.34$IL"N`$!O!
!J!O"W$L"W!ON0$1#0'M*+='64$%0$@04$Y_&;*.4$o04$*.2$G*,.4$M04$?='$'>>'8+$->$;-7<=-5-39$*.2$8=';,8*5$
8=*7*8+'7,&+,8&$->$8'55)5-&'$7',.>-78';'.+&$-.$+='$879&+*55,.,+9$->$<-595*8+,8$*8,24$n-)7.*5$->$
%<<5,'2$@-59;'7$G8,'.8'4$!W!L!N`$1WW
J1!W$L"WW#N0$!P#$1O0'b*.34$s04$G).4$T0
4$R*,4$T04$u$t=*.34$A04$
?='7;*54$;'8=*.,8*54$*.2$2'37*2*+,-.$<7-<'7+,'&$->$
.*.-8-;<-&,+'&$<7'<*7'2$)&,.3$5,3.,.
J8'55)5-&'$.*.->,E'7&$*.2$<-59L5*8+,8$*8,2N4$
R,-f'&-)78'&4$^L"N`$1"!!
J1""/$L"W!/N0$1P0'T*5*&:4$o0
$*.2$C&v_*4
$A04$@5*&+,8,:'2$E,-2'37*2*E5'$<-59L5*8+,
8$*8,2N$E*&'2$8-;<-&,+'&$
8-.+*,.,.3$8'55)5-&'$,.$;,87-
J$*.2$.*.-&,:'4
$n-)7.*5$->$a.3,.''7,.34$"W!1
`$!$L"W!1N0$1^0'o-<,._'4$e0$S04$f';;5'74$M04$M*8_'.:,'4$o04$M-2'74$M04$*.2$b*8=&'.4$Y04$?='7;*5$
2'8-;<-&,+,-.$->$E,-2'37*2*E5'$<-59'&+'7&$
J$QQ0$<-59L5*8+,8$*8,2N4
$@-59;'7$S'37*2*+,-.$*.2$
G+*E,5,+94$I1L1N
`$1"^
J1/"$L!^^#N0$/W0'f*&&'5'+4$S04$f)'55*.4$%04$U),.*)5+4$%04$M,()'5*72
JU*7.,'74$U04$G-55-3-)E4$C04$*.2$e*9-55'4$R04$
YV,2*+,F'$2'37*2*+,-.$->$<-595*8+,2'$L@A%N$*.2$,+&$'>>'8+&$-.$<=9&,8*5$*.2$;'8=*.,8*5$
<7-<'7+,'&4$
a)7
-<'*.$@-59;'7$n-)7.*54$IWL!N`$!W^
J!!#$L"W!/N0$$/!0'G*,+-4
$Y04$a>>'8+&$->$=,3=$'.'739$7*2,*+,-.$-.$<-59;'7&$QQ0$'.2
J5,._,.3$*.2$3'5$>7*8+,-.4$n-)7.*5$
->$+='$@=9&,8*5$G-8,'+9$->$n*<*.
4$!1L!"N`$
!/I!J!/#/$L!^IPN0$/"0'T-55*.24$R0$n0$*.2$T*94$n0$D04$?='$+='7;*5$
2'37*2*+,-.$->$<-59LF,.95$*8'+*+'N$;'*&)7'2$E9$
+='7;*5$*.*59&,&
Je-)7,'7$+7*.&>-7;$,.>7*7'2$&<'8+7-&8-<9
4$@-59;'74$/1LPN`$""WO
J""!!$L"WW"N0$/10'%-9*3,4$m04$m*;*&=,+*4$o04$*.2$S-,4$m04$?='7;*5$2'37*2*+,-.$->$<-59HLfN
J1J=927-V9E)+97*+'K4$
<-59Hx
J8*<7-5*8+-.'K4$*.2
$<-59HLGN
J5*8+,2'K4$
@-59;'7$S'37*2*+,-.$*.2$G+*E,5,+94$O#L!N
`$I1
JI^$L"WW"N0$//0'G+*7_4$D0M$*.2$M*+)*.*4$A0M04$G)7>*8'$8=';,&+79$8=*.3'&$->$6'*+='7'2$TS@aB6--2
J>5-)7$
8-;<-&,+'&$&+)2,'2$E9$s@G$*.2$e?Qf$&<'8+7-&8-<94$@-59;'7$S'37*2*+,-.$*.2$G+*E,5,+94$P#L!N`$
!J^$L"WW/N0$/I0'e'8=,.'4$U0n0M04$f*E'55-4$M0G04$G-)+-$M*,-74$f0M04$*.2$C*+*5*.,4$A0T04$G)7>*8'$
8=*7*8+'7,:*+,-.$->$<=-+-2'37*2'2$<-59L'+=95'.'$+'7'<=+=*5*+'N0$?='$'>>'8+$->$)5+7*F,-5'+$
*E&-7E'7&4$
@-59;'74$/ILON
`$"1W1J"1WP$L"WW/N0$/#0's,.34$C0$*.2$M*+)*.*4$A0M04$a<-V,2
,:'2$&-9E'*.$-,5
J<5*&+,8,:'2$<-59L5*8+,8$*8,2N$>,5;&$
<'7>-7;*.8'$*&$,;<*8+'2$E9$&+-7*3'4$
n-)7.*5$->$%<<5,'2$@-59;'7$G8,'.8'4$!11L!"N
`$/1"W!$L"W!#N0$/O0'A,)4$s04$t-)4$m04$A,4$b04$C*-4$U04$*.2$C='.4$b04$o,.'+,8&$->$+='7;-
J-V,2*+,F'$*.2$+='7;*5$
2'37*2*+,-.$->$<-5
9LS4A
J5*8+,2'N$L@SAA%N$*+$<7-8'&&,.3$+';<'7*+)7'4$
@-59;'7$S'37*2*+,-.$
*.2$G+*E,5,+94$^!L!"N`$1"I^
J1"#I$L"WW#N0$/P0'C*75E-7.4$o0$*.2$M*+)*.*4$A0M04$C-;<-&,+'$;*+'7,*5&$;*.)>*8+)7'2$>7-;$6--2$<*7+,85'&$
;-2,>,'2$+=7-)3=$*$7'*8+,F'$'V+7)&,-.$<7-8'&&4$@-59;'7$C-;<-
&,+'&4$"#L/N`$
I1/JI/!$L"WWIN0$/^0'C*75E-7.4$o0$*.2$M*+)*.*4$A0M04$M-2'5,.3$*.2$-<+,;,:*+,-.$->$>-7;*52'=92'
J>7''$6--2
JE*&'2$8-;<-&,+'&$)&,.3$*$E-V
JE'=._'.$2'&,3.4$@-59;'7$C-;<-&,+'&
4$"OL#N`$
I^^J#WO$L"WW#N0$!PO$IW0'C*75E-7.4$o0$*.2$M*+)*.*4$A0M04$e).8+,-.*5,:*+,-.$->$6
--2$<*7+,85'&$+=7-)3=$*$7'*8+,F'$
'V+7)&,-.$<7-8'&&4$
n-)7.*5$->$%<<5,'2$@-59;'7$G8,'.8'4$!W!LIN`$1!1!
J1!/"$L"WW#N0$I!0'A,4$
w0$
*.2$M*+)*.*4$
A0M04$G)7>*8'$->$8'55)5-&,8$;*+'7,*5&$;-2,>,'2$6,+=$>).8+,-.*5,:'2$
<-59'+=95'.'$8-)<5,.3$*3'.+&4$
n-)7.*5$->$%<<5,'2$@-59;'7$G8,'.8'4$
PPL"N`$
"OPJ"P#$L"WW1N0$I"0'@*5*8,-&4$n04$%5E*.-4$C04$U-.:*5':4$U04$C*&+,55-4$f0Z04$o*7*;4$%04$*.2$C-F,&4$M04$
C=*7*8+'7,:*+,-.$*.2$+='7;*5$2'37*2*+,-.$_,.'+,8&$->$<-59L5
J5*8+,2'N$.*.-8-;<-&,+'&$6,+=$
8*7E-.$.*.-+)E'&4$@-59;'7$a.3,.''7,.3$*.2$G8,'.8'4$IIL1N`$O!W
JO!P$L"W!IN0$I10'M*+)*.*4$A0M04$o*7_=*.,&4$G0G04$G+*7_4$D0M04$*.2$G*E-4$f0C04
$C'55)5-&'$
.*.-879&+*5&$*&$E*77,'
7$<'7>-7;*.8'$'.=*.8'7$->$'V+7)&,-.
JE5-6.$@A%$>,5;&$>-7$>--2$*<<5,8*+,-.&4$
R,-+'8=4$
R,-;*+'7,*5&$*.2$R,-;'2,8*5$
J$?'8=C-..'8+$R7,'>&
4$1`$!
J/$L"W!#N0$I/0'U'-73'4$n0$*.2$G*E*<*+=,4$G0D04$C'55)5-&'$.*.-879&+*5&`$&9.+='&,&4$>).8+,-.*5$<7-<'7+,'&4$*.2$
*<<5,8*+,-.&4
$D*.-+'8=.-5-394$G8,'.8'$*.2$%<<5,8*+,-.&4$P
`$/I
JI/$L"W!IN0$II0'G+*7_4$
D0M04$Y<<-7+).,+,'&$>-7$8'55)5-&'$.*.-;*+'7,*5&$,.$<*8_*3,.3$>,5;&`$*$7'F,'6$*.2$>)+)7'$
+7'.2&4$
n-)7.*5$->$f'.'6*E5'$M*+'7,*5&
4$/LIN`$1!1J1"#$L"W!#N0$I#0'e-7+).*+,4$a04$@'5+:'74$M04$%7;'.+*.-4$
Q04$?-77'4$A04$n,;'.':4$%04$*.2$o'..94$n0M04$a>>'8+&$->$
;-2,>,'2$8'55)5-&'$.*.-879&+*5&$-.$+='$E*77,'7$*.2$;,37*+,-.$<7-<'7+,'&$->$@A%$.*.-
JE,-8-;<-&,+'&4$
C*7E-=927*+'$@-59;'7&4$^WL"N`
$^/PJ^I#$L"W!"N0$IO0'M*+)*.*
JM*5*.2*
4$A04$@*7_
4$C0R04$*.2$
R*5*+,.'8:
4$n0n04$C=*7*8+'7,:*+,-.$->$;,87-8'55)5*7$
>-*;'2$@ZCB8'55)5-&,8
J>,E7'$8-;<-&,+'&
4$n-)7.*5$->$C'55)5*7$@5*&+,8&4$
1"LIN`//^
J/#^$L!^^#N0$IP0'G=-37'.
4$f04$b*+'7$F*<-7$<'7;'*E,5,+9$->$E,-2'37*2*E5'$<-59;'7&
4$n-)7.*5$->$a.F,7-.;'.+*5$
@-59;'7$S'37*2*+,-.
4$IL"N`$^!J^I$L!^^ON0$I^0'G*.8=':
JU*78,*
4$M0S0$*.2
$A*3*7-.
4$n0M04$Y.$+='$)&'$->$<5*.+$8'55)5-&'$.*.-6=,&_'7&$+-$
'.=*.8'$+='$E*77,'7$<7-<'7+,'&$->$<-595*8+,8$*8,2
4$C'55)5-&'
4$!OLIN`$^POJ!WW/$L"W!WN0$#W0'A):,
4$e04$e-7+).*+,
4$a04$n,;
'.':
4$%04$@)35,*
4$S04$@'::-55*
4$S04$U,35,-++,
4$U04$o'..94$n0M04$C=,7*5+4$
%04$*.2$?-77'4$A04$
@7-2)8+,-.$*.2$8=*7*8+'7,:*+,-.$->$@A%y@RG$E,-2'37*2*E5'$E5'.2&$
7',.>-78'2$6,+=$8'55)5-&'$.*.-879&+*5&$'V+7*8+'2$>7-;$=';<$>,E7'&
4$Q.2)&+7,*5$C7-<&$*.2$
@7-2)8+&
4$^1`$"O#J"P^0$#!0'@'+'7&&-.
4$A0$*.2
$Y_&;*.
4$o04$R,-<-59;'7$E*&'2$.*.-8-;<-&,+'&`$8-;<*7,.3$5*9'7'2$
&,5,8*+'&$*.2$;,87-879&+*55,.'$8'55)5-&'$*&$.*.-7',.>-78';'.+
4$C-;<-&,+'&$G8,'.8'$*.2$?'8=.-5-394
$##L!1N`$"!POJ"!^#$L"WW#N0$#"0'b',4$A04$A)-4$G04$M8S-.*524$%0U04$%3*76*54$c0@04$T,7+=4$o0C04$M*+)*.*4$A0M04$G*E-4$f0C04$
*.2$G+*7_4$D0M04$@7'<*7*+,-.$*.2$8=*7*8+'7,
:*+,-.$->$+='$.*.-8-;<-&,+'&$>7-;$8=';,8*559$
;-2,>,'2$.*.-8'55)5-&'$*.2$<-59L5*8+,8$*8,2N4$
n-)7.*5$->$f'.'6*E5'$M*+'7,*5&4$ILIN
`$/!WJ/""$L"W!ON0$!PP$#10'T'77'7*4$D04$G*5*E'77,*4$%0M04$M*+='64$%0@04$*.2$Y_&;*.4$o04$@5*&+,8,:'2$<-595*8+,8$*8,2$
.*.-8-;<-&,+'$>,5;&$6,
+=$8'55)5-&'$*.2$8=,+,.$.*.-879&+*5&$<7'<*7'2$)&,.3$'V+7)&,-.$*.2$
8-;<7'&&,-.$;-52,.3$6,+=$+6-$8--5,.3$7*+'&`$
'>>'8+&$-.$;'8=*.,8*54$+='7;*5$*.2$-<+,8*5$
<7-<'7+,'&4$C-;<-&,+'&$@*7+$%`$%<<5,'2$G8,'.8'$*.2$M*.)>*8+)7,.34$P1`$P^
J^O$L"W!#N0$#/0'%77,'+*
4$M0@4$e-7+)
.*+,
0$a04$S-;,.,8,
4$e04$f*9
-.4$a04$A
-<':
4$n04$o'..9
4$n0M04$@A%J@TRB8'55)5-&'$E*&'2$>,5;&`$;'8=*.,8*54$E*77,'7$*.2$2,&,.+'37*+,-.$<7-<'7+,'&
4$@-59;'7$
S'37*2*+,-.$*.2$G+*E,5,+9
4$!WO`$!1^J!/^$L"W!/N0$#I0'e5-2E'73
4$U04$T'55*.2
4$Q04$?=-;&&-.
4$A04$e7'27,_&'.
4$G0R04$R*77,'7$<7-<'7+,'&$->$<-59<7-<95'.'$
8*7E-.*+'$*.2$<-59L5*8+,8$*8,2N$8*&+$>,5;&
4$a)7-<'*.$@-59;'7$n-)7.*5
4$#1`$"!OJ""#$L"W!IN0$##0'%)7*&4$f0%04$T*7+'4$R04$G'5_'4$G04$*.2$T'7.*.2':4$f04$M'8=*.,8*54$<=9&,8*54$*.2$E*77,'7$
<7-<'7+,'&$->$<-59L5*8+,
2'N$>,5;&4$
n-)7.*5$->$@5*&+,8$e,5;$*.2$G=''+,.34$!^L"N
`$!"1J!1I$L"WW1N0$#O0'm).,*7+-4$o04$b'5+4$R0%04$@)76*.+-4$%04$@)76*2*7,*4$T0o04$*.2$%E2'55*+,'>4$%04$a>>'8+$->$
<5*&+,8,:'7$-.$-V93'.$<'7;'*E,5,+9$->$8*&+$<-595*8+,8$*8,2$L@A%N$>,5;&$2'+'7;,.'2$)&,.3$
29.*;,8
$*88);)5*+,-.$;'+=-24$
n-)7.*5$->$%<<5,'2$@*8_*3,.3$f'&'*78=4$#L"N
`$I!
JIO$L"W!/N0$#P0'R*-4$A04$S-73*.4$n0f04$o.*)&&4$S04$T*,+4$G04$Y5,F',7*4$D0G04$*.2$M*7)88=-4$Q0M04$U*&$<'7;'*+,-.$
<7-<'7+,'&$->$<-59L5*8+,8$*8,2N$7'F,&,+'24$
n-)7.*5$->$M';E7*.'$G8,'.8'4$"PIL!
q"N`$!##
J!O"$L"WW#N0$#^0'G,7*8)&*$Z04$e--2$<*8_*3,.3$<'7;'*E,5,+9$E'=*F,-)7`$*$7'<-7+4$Q.+'7.*+,-.*5$n-)7.*5$->$
@-59;'7$G8,'.8'4$"W!"`$!
J!!$L"W!"N0$OW0'T*-4$e04$A)4$A04$*.2$b*.34$n04$e,.,+'$'5';'.+$&,;)5*+,-.$->$&='5>$5,>'$<7'2,8+,-.$->$;-,&+)7'
J&'.&,+,F'$87*8_'7&$,
.$<'7;'*E5'$<*8_*3,.3$).2'7$2,>>'7'.+$&+-7*3'$8-.2,+,-.&4$
n-)7.*5$->$e--2$
@7-8'&&,.3$*.2$@7'&'7F*+,-.4$/WL!N
`$1OJ/O$L"W!#N0$O!0'M-4$C04$m)*.4$b04$A',4$b04$*.2$G=,X,)
4$m04$a>>'8+&$->$+';<'7*+)7'$*.2$=);,2,+9$-.$+='$E*77,'7$
<7-<'7+,'&$->$E,*V,*559
J-7,'.+'2$<-59<7-<95'.'$*.2$<-59F,.95$*58-=-5$>,5;&4$
n-)7.*5$->$%<<5,'2$
@*8_*3,.3$f'&'*78=4$#L!N
`$/WJ/#$L"W!/N0$O"0'G,7<*+7*6*.4$c04$G='5>
J5,>'$&,;)5*+,-.$->$<*8_*3'2$7,8'$87*8_'7&
4$n-)7.*5$->$e--2$w)*5,+94$
1"L"N`$""/
J"1^$L"WW^N0$O10'f*8=+*.*<).4$@04$G='5>$5,>'$&+)29$->$&*5+'2$87*8_'7&$,.$<-)8=$E9$)&,.3$8-;<)+'7$&,;)5*+,-.$
;-2'5&4$C=,*.3$M*,$n-)7.*5$->$G8,'.8'4$1/L"N`$"W^
J"!P$L"WWON0$O/0'%:*.=*4$%0R0$*.2$e*7,*4$n0%0e04$c&'$->$
;*+=';*+,8*5$;-2'5&$>-7$'&+,;*+,.3$+='$&='5>z5,>'$->$
8-7.>5*_'&$,.$>5'V,E5'$<*8_*3,.34$@*8_*3,.3$?'8=.-5-39$*.2$G8,'.8'4$!PL/N`$!O!
J!OP$L"WWIN0$OI0'A,)4$m0$*.2$M*+)*.*4$A0M04$
G)7>*8'$+'V+)7'$*.2$E*77,'7$<'7>-7;*.8'$->$<-59L5*8+,8$*8,2N
J8'55)5-&'$.*.-879&+*5$'V
+7)2'2
J8*&+$>,5;&4$
n-)7.*5$->$%<<5,'2$@-59;'7$G8,'.8'
4$!1#L""N`$/OI^/$L"W!^N0$!$!P^$A2"J#$%)C
)AFPAQaSYFPS
)CI4)A.31'9(&.3(
)?='
$;*,.$3-*5$->$+=,&$
7'&'*78=$
<7-X'8+$
6*&$+-$3*,.$>).2*;'.+*5$).2'7&+*.2,.3$->$.*.-&8*5'$
2,&<'7&,-.$*.2$2,&+7,E)+,-.$->$CDC&$,.+-$*$@A%$;*+7,V$,.$-72'7$+-$2'F'5-<$*$.*.-8-;<-&,+'$>,5;$
6,+=$,;<7-F'2$E*77,'7$<'7>-7;*.8'$+=7-)3=$&-5F'.+
J>7''$<7-8'&&,.3$;'+=-2&$>-7$>--2$<*8_*3,.3$
*<<5,8*+,-.&0$
?-$*8=
,'F'$+=,&$
3-*5
4$+='$>-55-6,.3$
>-)7$&<'8,>,8$-EX'8+,F'&$
6'7'
$&+)2,'24
$*.2$
8-.85)&,-.&$6'7'$27*6.$>7-;$'*8=$&<'8,>,8$-EX'8+,F'`
$!0'G<'8,>,8$-EX'8+,F'$j!$8-.&,&+'2$->$+6-$<*7+&0$Q.$+='$>,7&+$<*7+$->$+=,&$-EX'8+,F'4$+
='$
'>>'8+,F'.'&&$*.2$'>>,8,'.89$->$eS%
J*<<7-F'
2$>--2$37*2'$<-59;'7,8$8=*,.$'V+'.2'7&$LCaN$
6,+=$5-6$LCa$//#PN$*.2$=,3=$LCa$//WWN$'<-V9$'(),F*5'.+$6',3=+&$,.$8=*,.$'V+'.2,.3$@A%$
6'7'$&+)2,'2$)&,.3$*$+-7()'$7='-;'+'7
0$R*&'2$-.$+='$'V<'7,;'.+*5$7'&)5+&4$+='$>-55-6,.3$
8-.85)&,-.&$6'7'$
;*2'
`$%0'?='$7'&,2'.8'$+
,;'$*.2$;'5+$&+-8_$+';<'7*+)7'$'V8''2'2$*+$5'*&+$!"W$&$
7'8-;;'.2'2$E9$+='$;*.)>*8+)7'7$>-7$+='$7'*8+,-.$E'+6''.$@A%$*.2$Ca$+-$E'$-F'7$
^^[$8-;<5'+'$*+$"WW
-C4$85'*759$,.2,8*+,.3$+=*+$+='$E5'.2&$6'7'$<7-8'&&'2$*+$
8-.2,+,-.&$>*F-7,.3$8=*,.$'V+'.&,-.$7'*8+,-.
0$?=,&$8=*,.$'V+'.&,-.$<7-8''2'2$F,*$
+='$
7,.3$-<'.,.3$7'*8+,-.$->$'<-V,2'$37-)<&$,.$+='$Ca$6,+=$@A%i&$=927-V95$*.2B-7$
8*7E-V95$37-)<&
4$*&$8-.>,7;'2$E9$
e-)7,'7$+7*.&>-7;$,.>7*7'2$&<'8+7-&8-<90
$R0'R-+=$Ca$37*2'&$6'7'$'>>'8+,F'$*+$8=*,.$'V+'.2,.3$@A%$E'8*)&'$+='9$
&,3.,>,8*.+59$
,.87'*&'2$@A%i&$+-7()'$2)7,.3$;,V,.30$?='$+-7()'$,.87'*&'$6*&$7'5*+'2$+-$,.87'*&'2$
!^W$;'5+$F,&8-&,+9$8*)&'2$E9$;-5'8)5*7$6',3=+$,.87'*&'0$%22,+,-.*5594$+='$7'2)8'2$
879&+*55,.,+9$->$+='$E5'.2&$8-;<*7'2$+-$.'*+$@A%$,.2,8*+'2$8=*,.$E7*.8=,.3$->$@A%
0$D'F'7+='5'&&4$+='$Ca$6,+=$5-6'7$'<-V9$'(),F*5'.+$6',3=+$LCa$//#PN$6*&$;-7'$
'>>,8,'.+$,.$,.87'*&,.3$+='$+-7()'$->$@A%$8-;<*7'2$+-$,+&$8-).+'7<*7+$6,+=$=,3=$
'<-V9$'(),F*5'.+$6',3=+$LCa$//WWN$2)'$+-$,+&$=,3='7$7'*8+,F,+90
$Q.$+='$&'8-.2$<*7+$->$+=,&$-EX'8+,F
'4$
+='$<7-8'&&*E,5,+,'&$->$@A%$>,5;&$8=*,.
J'V+'.2'2$*.2$
E7*.8='2$6,+=$F*7,-)&$*;-).+&$->$+='$;-&+$'>>,8,'.+$Ca$6'7'$*&&'&&'24$
5'*2,.3$+-$+='$>-55-6,.3$
8-.85)&,-.&`
$%0'e,5;$;*.)>*8+)7'$6*&$-.59$>'*&,E5'$6,+=$E5'.2&$8-.+*,.,.3$)<$+-$W0I[$Ca$E)+$
2,>>,8)5+$*E-F'$+=,&$8-.+'.+$2)'$+-$8=*,.$'.+*.35';'.+$5'*2,.3$+-$&,3.,>,8*.+$
,.87'*&'$,.$;'5+$F,&8-&,+90$R5'.2&$6,+=$W0"I$*.2$W0I[$Ca$'V<'7,'.8'2$7'&,2'.8'$
+,;'&$*.2$;'5+$+';<'7*+)7'&$->$*+$5'*&+$!1"$&$*.2$"!!
-C$,.$+='$'V+7)2'74$
7'&<'8+,F'590$aV<-&)7'$+-$
+='&'$<7-8'&&,.3$8-.2,+,-.&$>*F-7'2$^^[$8-;<5'+,-.$->$
+='$8=*,.$'V+'.&,-.$7'*8+,-.4$8-.>,7;'2$
E9$+='$,.87'*&'2$;'5+$<7'&&)7'$,.$+='$
'V+7)2'7$*&$6'55$*&$+='$,.87'*&'2$;-5'8)5*7$6',3=+$*.2$2'87'*&'2$879&+*55,.,+9$->$
@A%BCa$E5'.2&$8-;<*7'2$+-$.'*+$@A%0
$R0'C=*,.$E7*.8=,.3$7'2)8'2$879&+*55,.,+9$*.2$,;<7-F'2$+='$2)8+,5,+9$->$@A%$>,5;&0$?='$
*22,+,-.$->$-.59$W0I[$Ca$,.+-$+='$@A%$>,5;&$,.87'*&'2$,+&$>*,5)7'$;*&&$E9$lI#[0
$!$!^!$"0'?6-$2,>>'7'.+$*<<7-*8='&$->$,.8-7<-7*+,.3$CDC&$,.+-$*$@A%$;*+7,V$6'7'$'V*;,.'2
$,.$
&<'8,>,8$
-EX'8+,F'$j"0
$?='$>,7&+$;'+=-2$,.F-5F'2$+='$;'5+
JE5'.2,.3$->$@A%$*.2$CDC&$,.$*$
+=7''
J<,'8'$,.+'7.*5$;,V'7$>-7$=-;-3'.-)&$2,&<'7&,-.$->$CDC&$,.+-$+='$;*+7,V0$?='$&'8-.2$
;'+=-24$2,7'8+$279
JE5'.2,.34$8-.&,&+'2$->$2,7'8+$279
J;,V,.3$->$@A%$*.2$CDC&$,.$*$=,3=$
,.+'.&,+9$;,V'70$?='$8-;<-).2'2$;*+'7,*5&$6'7'$+='.$E5-6.$,.+-$>,5;&$*.2$8-;<*7'2$,.$
+'7;&$->$<*7+,85'$2,&<'7&,-.4$-<+,8*54$+='7;*54$;-5'8)5*7$6',3=+$*.2$E*77,'7$<7-<'7+,'&0$
Y)7$
$'V<'7,;'.+*5$7'&)5+&4$
5'2$+-$+='$
>-55-6,.3$8-.85)&,-.&
`$%0'?='$2,&+7,E)+,-.$*.2$2,
&<'7&,-.$->$CDC&$6'7'$.-+$,.>5)'.8'2$E9$+='$E5'.2,.3$
;'+=-20$
U--2$
2,&+7,E)+,-.
$->$CDC&$6*&$*8=,'F'2$,.$+='$@A%$;*+7,V
$E)+$&-;'$
*335-;'7*+,-.&$
6'7'$&+,55$F,&,E5'4$,.2,8*+,F'$->$.-+$6'55
J2,&<'7&'2$CDC&$,.$+='$
;*+7,V4
$,77'&<'8+,F'$->$+='$E5'.2,.3$<7-8'&&
0$@--
7$2,&<'7&,-.
$.'3*+,F'59$,;<*8+'2$
+='$+7*.&<*7'.89$->$@A%BCDC$8-;<-&,+'$>,5;&0$D'F'7+='5'&&4$8-;<-&,+'$>,5;&$6,+=$
OIJOP[$+7*.&;,&&,-.$6'7'$-E+*,.'24$
2';-.&+7*+,.3$+=*+$7'*&-.*E59$3--2$
+7*.&<*7'.89$7';*,.&$2'&<,+'$5,;,+'2$2,&<'7&,-.0
$R0'YF'7*554$@A%BCDC$
8-;<-&,+'$>,5;&$<7-2)8'2$E9$E-+=$2,7'8+$279
J$*.2$;'5+
JE5'.2,.3$*<<7-*8='&$+='7;*559$2'37*2'2$2)7,.3$+='$E5'.2,.3$<7-8'&&4$E)+$*+$
2,>>'7'.+$'V+'.+&0$?='$2'37*2*+,-.$6*&$2';-.&+7*+'2$*.2$()*.+,>,'2$)&,.3$F*7,-)&$
*.*59+,8*5$;'+=-2&$&)8=$*&$U@C4$e?Qf4$*.2$SGC4
$6=,8=$85'*759$,.2,8*+'2$+=*+$+='$
@A%BCDC$;'5+
JE5'.2'2$>,5;&$2'37*2'2$;-7'$+=*.$+=',7$2,7'8+$279
JE5'.2'2$
8-).+'7<*7+&0$?='$d
JCJT$+7*.&>'7$*<<'*7'2$+-$E'$+='$2-;,.*.+$;'8=*.,&;$->$
2'37*2*+,-.$>-7$+='$8-;<-&,+'$>,5;&0
$!^"$C0'?='$,.8-7<-7*+,-.$->$CDC&$,.+-$+='$@A%$;
*+7,V$E9$+='$2,7'8+$279
J$*.2$;'5+
JE5'.2,.3$<7-8'&&'&$,;<7-F'2$+='$6*+'7$F*<-7$E*77,'7$<7-<'7+,'&$->$).>,55'2$@A%$
>,5;&$E9$1W[$*.2$"/[4$7'&<'8+,F'59$
*.2$-V93'.$E*77,'7$<7-<'7+,'&$E9$#W[$*.2$
1^[4$7'&<'8+,F'590$?='$,.>'7,-7$E*77,'7$<'7>-7;*.8'$->$+='$@A%BCDC$
;'5+JE5'.2'2$
>,5;&$8-;<*7'2$+-$+='$2,7'8+$279
JE5'.2'2$8-).+'7<*7+$>,5;&$8-)52$
E'$*++7,E)+'2$+-$
+='$+='7;*5$2'37*2*+,-.$8*)&'2$E9$+='$'V+7*$='*+$'V<-&)7'$->$+='$8-;<-).2$2)7,.3$
+='$;'5+
JE5'.2,.3$<7-8'&&$,.$*$+=7''
J<,'8'$;,V'7$<7,-7$+-$E5-6.$>,5;$'V+7)&,-.0
$?='7'>-7'
4$+='$2,7'8+$279
JE5'.2,.3$+
'8=.,()'$*<<'*7'2$+-$E'$+='$E'++'7
$*<<7-*8=$>-7$
,.8-7<-7*+,.3$CDC&$,.+-$+='$@A%$;*+7,V$E'8*)&'$,+$'V<-&'
&$+='$&*;<5'&$+-$5'&&$='*+$*.2$+=)&$
;,.,;,:'
&$+='7;*5$2'37*2*+,-.0
$10'Q.$+='$+=,72$&<'8,>,8$-EX'8+,F'4$';<=*&,&$6*&$<5*
8'2$-.$&+)29,.3$+
='$'>>'8+$->$CDC$8-.+'.+$
-.$+='$6*+'7$F*<-7$LbZ@N$*.2$-V93'.$LY@N$E*77,'7$<7-<'7+,'&$->$E5-6.$@A%$>,5;&$6*&$
'F*5)*+'2$*+$F*7,-)&$+';<'7*+)7'&$*.2$7'5*+,F'$=);,2,
+9$8-.2,+,-.&
0$?='$>-55-6,.3$
8-.85)&,-.&$6'7'$
,.>'77'2$>7-;$+=,&$&+)29
`$%0'R-+=$b
Z@$*.2$Y@$->$@A%$*.2$@A%BCDC$.*.-8-;<-&,+'$>,5;&$F*7,'2$
'V<-.'.+,*559$6,+=$+';<'7*+)7'$*&$'V<'8+'2$>7-;$+='$%77='.,)&$'()*+,-.4$6='7'*&$
+='$bZ@$7';*,.'2$8-.&+*.+$6,+=$7'5*+,F'$=);,2,+9$*&$'V<'8+'2$>7-;$e,8_i&$5*60$
T-6'F'74$+6-$2,&+,.8+$+7'.2&$6'7'$-E&'7F'2
$>-7$+='$8=*.3'$,.$bZ@$*.2$Y@$*&$
>).8+,-.$->$+'&+,.3$+';<'7*+)7'0$bZ@$2'87'*&'2$6,+=$,.87'*&,.3$+';<'7*+)7'$
6='7'*&$*.$-<<-&,+'$+7'.2$6*&$-E&'7F'2$>-7$Y@4$7'&)5+,.3$,.$.'3*+,F'$*8+,F*+,-.$
'.'739$>-7$6*+'7$<'7;'*E,5,+9$*++7,E)+'2$+-$@A%i&$<-5*7,+9$E)+$<-&,+
,F'$*8+,F*+,-.$
'.'739$>-7$-V93'.$<'7;'*E,5,+94$,77'&<'8+,F'$->$CDC$8-.+'.+0$?='$*8+,F*+,-.$'.'739$
!^1$>-7$E-+=$6*+'7$F*<-7$*.2$-V93'.$<'7;'*E,5,+,'&$,.87'*&'2$E9$*22,.3$CDC$,.+-$@A%$
;*+7,V0
$R0'?='$.*.-8-;<-&,+'$>,5;&$6'7'$E'++'7$E*77,'7&$+-$E-+=$6*+'7$*.2$-V93'.$
8-;<*7'2$
+-$@A%$>,5;&$,77'&<'8+,F'$->$+='$+'&+,.3$+';<'7*+)7'$*.2$7'5*+,F'$=);,2,+94$
*++7,E)+*E5'$+-$+='$<7'&'.8'$->$=,3=59$879&+*55,.'$CDC&4$6=,8=$,.87'*&'2$+='$2'37''$
->$879&+*55,.,+9$->$+='$.*.-8-;<-&,+'&$*.2$*8+'2$*&$,;<'7;'*E5'$7'3,-.&$,.$+='$
;*+7,V4$
+=)&$87'*+,.3$*$+-7+)-&,+9$'>>'8+0
$C0'?='$F*5)'&$->$bZ@$*.2$Y@$.'3*+,F'59$8-77'5*+'2$6,+=$+='$2'37''$->$879&+*55,.,+94$
,0'04$*&$+='$879&+*55,.,+9$,.87'*&'2$+='$bZ@$*.2$Y@$2'87'*&'20$Q.$>*8+4$2'<'.2,.3$-.$
+'&+,.3$+';<'7*+)7'$-7$=);,2,+94$-<+,;);$,;<7-F';'.+&$,
.$bZ@$L1W
J/W[N$*.2$Y@$
L#IJOI[N$->$@A%$>,5;&$-88)77'2$*+$![$CDC&4$*$CDC$8-.+'.+$+=*+$8-77'5*+'2$F'79$
6'55$6,+=$+='$;*V,;);$,.87'*&'$,.$879&+*55,.,+90
$S0'?='$8-;E,.'2$'>>'8+&$->$,.87'*&'2$879&+*55,.,+9$*.2$CDC$*335-;'7*+,-.&$
.'3*+,F'59$*>>'8+'2$+='$5,3=+$+7*.&;
,&&,-.$->$.*.-8-;<-&,+'$>,5;&$E9$&8*++'7,.3$
5,3=+$6,+=-)+$*>>'8+,.3$+=',7$F,&)*5$85*7,+90
$a0'?='$+7*.&<*7'.+$E5-6.$@A%BCDC$.*.-8-;<-&,+'$>,5;&$6,+=$E'++'7$E*77,'7$
<'7>-7;*.8'$2'F'5-<'2$,.$+=,&$&+)29$=*F'$+7';'.2-)&$<-+'.+,*5$>-7$>--2$<*8_*3,.3$
*<<5,8*+,-.&0
$!$!^/$/0'?=,&$
&<'8,>,8$-EX'8+,F'$6*&$
*,;'2$*+$*&&'&&,.3
$+='$<-+'.+,*5$->$CDC
JE*&'2$@A%$>,5;&$+-$
'V+'.2$+='$&='5>
J5,>'$->$;-,&+)7'
J&'.&,+,F'$>--2$<7-2)8+&$L&)8=$*&$87*8_'7&N$8-;<*7'2$+-$
).>,55'2$@A%$>,5;&0$
?='$;*X-7$>,.2,.3&$>7-;$+=,&$7'&'*78=$-EX'8+,F'$*7'$*&$>-55-6&`
$%0'?='$;-,&+)7'$&-7<+,-.$,&-+='7;$2'+'7;,.'2$
>-7$+='$87*8_'7&$'V=,E,+'2$*$&,3;-,2*5$
&=*<'$6=,8=$8-)52$E'$2'&87,E'2$'>>'8+,F'59$E9$+='$U%R$;-2'50
$R0'C7*8_'7&$<*8_*3'2$
6,+=,.$
E-+=$
@A%$*.2$@A%BCDC$<*8_*3'&$
2,2$.-+$
7'*8=$+='$
87,+,8*5$;-,&+)7'$8-.+'.+$LCMCN$->$P[$6='.$&+-7'2$
E'5-6$IW[fT$
*+$"I-C4$,.2,8*+,.3$+
=*+$+='$<*8_*3'2$87*8_'7&$6'7'$&='5>
J&+*E5'$*+$+='&'$8-.2,+,-.&0$%E-F'$
*$&+-7*3'$fT$->$IW[4
$+='$87*8_'7&$,.&,2'$E-+=$<*8_*3'&$7'*8='2$+='$CMC$E)+$*+$
2,>>'7'.+$+,;'&
$6,+=$
CDC
JE*&'2$<*8_*3'&$=*
F,.3
$*<<7-V,;*+'59$/W[
$5-.3'7$&='5>
J5,>'$
8-;<*7'2$+-
$+='$.'*+$@A%
$<*8_*3'
4$,77'&<'8+,F'$->$+='$fT
0$C0'?='$5,.'*74$;,225'
J<-,.+4$5-3*7,+=;,8$*.2$U%R$;*+=';*+,8*5$;-2'5&$6'7'$)&'2$+-$
'&+,;*+'$+='$&='5>
J5,>'$->$87*8_'7&$<*8_*3'2$,.$@A%$*.2$@A%BCDC$>,5;&0$T-6'F'74$
.-.'$->$+='$;-2'5&$8-)52$*88)7*+'59$<7'2,8+$+='$&='5>
J5,>'$->$+
='$<7-2)8+
J<*8_*3'$
&9&+';$*++7,E)+*E5'$+-$>*8+-7&$&)8=$*&$+='$>--2$8-;<-&,+,-.4$+=,8_.'&&$F*7,*+,-.&$,.$
<*8_*3,.3$>,5;&$*.2$>5)8+)*+,-.&$,.$&+-7*3'$+';<'7*+)7'$*.2$7'5*+,F'$=);,2,+90$
D'F'7+='5'&&4$*55$;-2'5&$<7'2,8+'2$*$5-.3'7$&='5>
J5,>'$>-7$87*8_'7&$<*8_*
3'2$,.$+='$
@A%BCDC$8-;<-&,+'$>,5;&$8-;<*7'2$+-$+=',7$.'*+$@A%$8-).+'7<*7+$>,5;&4$
,77'&<'8+,F'$->$+='$7'5*+,F'$=);,2,+90
$Q.$8-.85)&,-.4$+='$7'&)5+&$
->$+=,&$2,&&'7+*+,-.$
,.2,8*+'$+=*+$+='$
2'F'5-<'2$
8-;<-&,+'$>,5;&$
=*F'$+7';'.2-)&$<-+'.+,*5
$>-7$>--2$<*8_*3,.3
$*<<5,8*+,-.&
$E'8*)&'$->$+=',7$,;<7-F'2$2)8+,5,+9$*.2$
E*77,'7$<'7>-7;*.8'0
!$!^I$CIG)^9#9%$)O.%+
)?=,&$&+)29$6*&$*,;'2$*+$
3*,.$>).2*;'.+*5$).2'7&+*.2,.3$->$.*.-&8*5'$2,&<'7&,-.$*.2$
2,&+7,E)+,-.$->$CDC&$,.+-$*$@A%$;*+7,V$,.$-72'7$+-$2'F'5-<$*$.*.-8-;<-&,+'$>,5;$6
,+=$,;<7-F'2$
E*77,'7$<'7>-7;*.8'$+=7-)3=$&-5F'.+
J>7''$<7-8'&&,.3$;'+=-2&$>-7$>--2$<*8_*3,.3$*<<5,8*+,-.&0
$Q.$+=,&$&+)294$@A%BCDC$.*.-8-;<-&,+'$>,5;&$6,+=$'.=*.8'2$6*+'7$*.2$-V93'.$E*77,'7$<'7>-7;*.8'$
6'7'$2'F'5-<'2$*.2$+=',7$<-+'.+,*5$+-$'.=*.8'$+='$&='5>
J5,>'$->$*$;-,&+)7'$&'.&,+,F'$<7-2)8+$6*&$
*&&'&&'20$T-6'F'74$*$;-7'$,.
J2'<+=$&='5>
J5,>'$&+)29$6,+=$'V<5-7*
+,-.$->$-+='7$&='5>
J5,>'$;-2'5,.3$
+'8=.,()'&$,&$<7-<-&'2$>-7$>)+)7'$&+)2,'&0$M-7'-F'74$+='$<-+'.+,*5$->$+='$.*.-8-;<-&,+'$>,5;&$+-$
'V+'.2$+='$&='5>
J5,>'$->$*.$-V93'.
J&'.&,+,F'$<7-2)8+$;)&+$*5&-$E'$'F*5)*+'20
$