!"#$%&'()*+*,-"!$+../01/+2"+3..4!

"#$%&'$()*$!+,-!

%.*!/0!120/!#$!$#&0)/$1$!$/!3$4/0($5&.!6715'1.!8$!6*0)09.!:$42*.!$5!;/&2*0#!
</!='5'#&*.!8$!/0!>*.&$11'?5!:.1'0/ !$5!2#.!8$!#2#!0&*')21'.5$#!/$40/$# !$5!$#%$1'0/!8$!/0#!
!2$!/$!1.5"'$*$5!$/!0*&#12/.!$%&!8$/!'?8'4.!:2#&05&'(.!8$/!6*0)09. !$/!/'&$*0/!0-!8$/!0*&#12/.!
&$!8$!/0!)$*!+,!8$!-+.+!*!$/!52($*0/!-+!8$/!0*&#12/.!+/!8$/!0$1*$&.!+12!8$!+11$ !
'34:50<3;4036!
72$!$/!.)9$&'(.!)8#'1.!8$/!:'#&$(0!9$5$*0/!8$!3'$#4.#!>*."$#'.50/$#!$#!/0!%*.(.1'?5!8$!
/0! #0/28! .12%01'.50/! *! /0! %*$($51'?5! 8$! /.#! *'$#4.#! /0).*0/$# ! %0*0! $('&0*! 011'8$5&$#! 8$!
&*0)09.!*!$5"$*($808$#!%*."$#'.50/$#:!
72$!1.5".*($!0!/.!8'#%2$#&.!$5!$/!0*&#12/.!.1!8$/!0$1*$&.;/$*!-++2!8$!-++% !$/!'.5#$9.!
401'.50/!8$!3'$#4.#!>*."$#'.50/$#!&'$5$!1.(.!"251'?5!*$1.($580*!/0#!5.*(0#!&715'10#!8$!
#0/28!.12%01'.50/!!2$!*$42/05!$/!1.5&*./! 8$!/.#! "01&.*$#!8$! *'$#4.<!<5! 8$#0**.//.!8$!$#&0!
"251'?5! $=%'8'?! $/! ;12$*8.! 5>($*.! 11%! 8$! +11-! !2$! 1*$?! /0! '.('#'?5! 401'.50/! %0*0! $/!
0$#0**.//.! 8$! 4.*(0#! 6715'10# ! /0! 120/! 0(0/?! /0#! *$1.($5801'.5$#! $5! 1205&.! 0! /0! *$4/0;
($5&01'?5!8$!&*0)09.!#$42*.!$5!0/&2*0#:!
72$!1.5".*($!0!/.!%*$('#&.!$5!/.#!0*&#12/.#!$%&!8$/!'?8'4.!:2#&05&'(.!8$/!6*0)09.:!&1 !
&-!*!&%!8$!/0!)$*!+,!8$!-+.+:!+-!8$/!0$1*$&.;/$*!-++2!8$!-++%:!+/!8$!/0!3$#./21'?5!+%11!
8$!-+.+!*!52($*0/!,!8$!/0!1'*12/0*!25'"'1080!8$!+11% !/.#!$(%/$08.*$#!#.5!*$#%.5#0)/$#!
8$! /0! #0/28! .12%01'.50/! 8$! #2#! &*0)0908.*$#! *! 8$! %*.($$*/$#! 1.58'1'.5$#! #$42*0#! 8$!
&*0)09.:!
72$! 1.5".*($! 0/! 0$1*$&.! ,-%! 8$! -+&%! $#! .)/'401'?5! 8$! /.#! $(%/$08.*$#! .*405'?0*! *!
40*05&'?0*!$/!"251'.50('$5&.!8$!25!%*.4*0(0!8$!#0/28!.12%01'.50/:!
72$! #$4>5! /.! 8'#%2$#&.! $5! $/! 0*&#12/.! --! 8$! /0! 3$#./21'?5! -1-,! 8$! -+&+ ! $/!
:2)%*.4*0(0! 8$! @'4'$5$! *! :$42*'808! 5582#&*'0/ ! &'$5$! 1.(.! .)9$&.! /0! '8$5&'"'101'?5 !
*$1.5.1'('$5&. ! $(0/201'?5! *! 1.5&*./! 8$! /.#! "01&.*$#! 0()'$5&0/$#! !2$! #$! .*'4'5$5! $5! /.#!
/240*$#!8$!&*0)09.!*!!2$!%2$805!0"$1&0*!/0!#0/28!8$!/.#!&*0)0908.*$#:!
72$!/0!&0*$0!8$!&*0)09.!$5!0/&2*0#!$#&8!1.5#'8$*080!1.(.!8$!0/&.!*'$#4.!*!1.5".*($!0!
/0#! $#&08##&'10#! 501'.50/$# ! $#! /0! %*'($*0! 102#0! 8$! 011'8$5&0/'808! *! 8$! (2$*&$! $5! $/!
&*0)09.:!
72$!$5!('*&28!8$!/.!05&$*'.* !#$!A01$!5$1$#0*'.!$#&0)/$1$*!$/!*$4/0($5&.!&715'1.!%0*0!$/!
&*0)09.!#$42*.!$5!0/&2*0#:!
<5!(7*'&.!8$!/.!$=%2$#&. !!
!
3<:B<)C<6!
';>56B)3!5!!
2567865958:;6+<;:;=>?;6++
=!"9#?8+ $%&+ 3)9$&.! *! 10(%.! 8$! 0%/'101'?5<! )0! %*$#$5&$! *$#./21'?5! &'$5$! %.*! .)9$&.!
$#&0)/$1$*! $/! *$4/0($5&.! &715'1.! %0*0! &*0)09.! #$42*.! $5! 0/&2*0#! *! 0%/'10! 0! &.8.#! /.#! $(;

%/$08.*$# !$(%*$#0# !1.5&*0&'#&0# !#2)1.5&*0&'#&0#!*!&*0)0908.*$#!8$!&.80#!/0#!01&'('808$#!

$1.5?('10#!8$!/.#!#$1&.*$#!".*(0/$#!$!'5".*(0/$#!8$!/0!$1.5.(#0 !!2$!8$#0**.//$5!&*0)09.#!
$5!0/&2*0#!1.5!%$/'4*.!8$!10#80#<!
>0*0! $"$1&.#! 8$! /0! 0%/'101'?5! 8$! /0! %*$#$5&$! *$#./21'?5! #$! $5&$58$*8! %.*! &*0)09.! $5!
0/&2*0# ! &.80! /0).*! .! 8$#%/0?0('$5&.! !2$! #$! *$0/'1$! 0! - 21! ($&*.#! .! (8#! #.)*$! 25! 5'($/!
'5"$*'.*<!
;*&#12/.!+/<! 0$"'5'1'.5$#<!>0*0!/.#!$"$1&.#!8$!$#&$!*$4/0($5&.!#$!0%/'105!/0#!#'42'$5&$#!
8$"'5'1'.5$#6!
'68=';:!;+(;+9)8*#;++<!2'%.!12*0!"251'?5!$#!8'#('52'*!/0#!"2$*?0#!8$!'(%01&.!$5!
$/!12$*%.!8$/!&*0)0908.*!.!$5!/.#!%25&.#!8$!051/09$!$5!$/!(.($5&.!8$!250!10#80<!
:9?>,;++ >25&.! #$42*.! 0/! !2$! #$! %2$8$! 1.5$1&0*! 25! $!2'%.! %$*#.50/! 8$! %*.&$11'?5!
1.5&*0!10#80#!1.5!*$#'#&$51'0!(#5'(0!8$!2<111!/')*0#!"+<+.+!D4-!%.*!%$*#.50!1.5$1&080<!
=:-6++:'#&$(0!8$!1.**$0#!1.#'80#!*!8$)'80($5&$!0#$42*080# !'51/2*$!$/$($5&.#!%0*0!
1.5$1&0*! $!2'%.#! *! 0#$42*0*#$! 0! 25! %25&.! 8$! 051/09$:! #2! 8'#$E.! %$*('&$! 8'#&*')2'*! $5!
(0*'0#!%0*&$#!8$/!12$*%.!$/!'(%01&.!4$5$*08.!82*05&$!250!10#80<!
.>=>:(>++</$($5&.!($&8/'1.! .!8$! (08$*0! !2$!#$!'5#&0/0!0/!).*8$!8$! 25!/240*!8.58$!
A0*0! %.#')'/'808! 8$! 10#80 ! 8$)$! 40*05&'?0*! 250! *$#'#&$51'0! 05&$! '(%01&.#! A.*'?.5&0/$#! *!
1.5&0*!1.5!25!&*0($#0E.!8$!040**$!#2%$*'.* !25.!'5&$*($8'.!*!250!)0**$*0!1./.1080!0!5'($/!
8$/!#2$/.!%0*0!$('&0*!/0!10#80!8$!.)9$&.#<!
';=!5/59>950:++'.5#&051'0!!2$!#$!$5&*$40!0/!"'50/!8$!25!%*.1$#. !!2$!01*$8'&0!!2$!25!
8$&$*('508.!$/$($5&.!12(%/$!1.5!/0#!$='4$51'0#!8$!10/'808!8$!/0!5.*(0!!2$!/.!*$42/0 !.!
!2$! 250! %$*#.50! %.#$$! /.#! 1.5.1'('$5&.#! *! A0)'/'808$#! 5$1$#0*'0#! %0*0! 8$#$(%$E0*!
1'$*&0#!01&'('808$#!8$&$*('5080#!%.*!$/!&'%.!8$!10%01'&01'?5<!
'8:;9!8=++ '20/!2'$*! $!2'%.! !2$! %$*('&0! 25'*! $/! 0*57#! 8$/! &*0)0908.*! 0/! %25&.! 8$! 05;
1/09$<!
256!>:95>+ (;+ '>"(>+ %5'=;++ 0$#%/0?0('$5&.! ($*&'10/! *! #>)'&.! 8$/! 1.5$1&.*! %0*0!
8$&$51'?5!8$!10#80# !*!(0!8$#8$!$/!'5'1'.!8$!/0!10#80!A0#&0!!2$!$#&0!#$!8$&'$5$!.!1.('$5?0!
0!01&'(0*#$!$/!0)#.*)$5&$!8$!1A.!2$<!<#&0!8'#&051'0!$=1/2*$!/0!8'#&051'0!8$!8$#01$/$*01'?5 !
%$*.! '51/2*$! 120/!2'$*! 8'#&051'0! 8$! 01&'(01'?5! 8$/! 8$&$5$8.*! 8$! 10#80#! 05&$#! 8$! !2$! #$!
01&'($5!/0#!"2$*?0#!8$!8$&$51'?5!8$!10#80#<!
256!>:95>+(;+(;!;:950:++)0!8'#&051'0!($*&'10/!&.&0/!*$!2$*'80!%0*0!8$&$5$*!250!10#80 !
'51/2*$58.!/0!8'#&051'0!8$!8$#01$/$*01'?5!*!/0!8'#&051'0!8$!01&'(01'?5<!
256!>:95>+ (;+ (;6>9;?;=>950:++ )0! 8'#&051'0! ($*&'10/! $5&*$! $/! %25&.! 8.58$! &$*('50! /0!
10#80! /')*$! *! #$! 1.('$5?0! 0! 01&'(0*! $/! 0)#.*)$5&$! 8$! 1A.!2$! A0#&0! !2$! $#&$! >/&'(.! %0*$!
%.*!1.(%/$&.<!
":!=;:>(8=++ >*."$#'.50/!1$*&'"'108.!1.(.!%$*#.50!1.(%$&$5&$!*F.!10/'"'1080 !1.5!$5;
&*$50('$5&.! 1$*&'"'108.! $5! ($&.8./.4#0! 8$! $5#$E05?0 ! %.*! 250! '5#&'&21'?5! 0%*.)080!
501'.50/! .! '5&$*501'.50/($5&$<! '.5! 250! $=%$*'$51'0! 1$*&'"'1080 ! $5! &*0)09.! $5! 0/&2*0#!
(#5'(0!8$!8.#!"+-!0E.#!1.5&'52.#!.!1'51.!"2-!0E.#!8'#1.5&'52.#<!
"6?5:<>++'.5$1&.*!1.5! 250!/.54'&28!(8='(0!8$!-<&1!(!"0)*'108.!$5! (0&$*'0/$#!1.(.!
12$*80 !*$0&0 !10)/$!8$!01$*.!.!108$50<!)0#!$#/'540#!12$5&05!1.5!4051A.#!%0*0!"01'/'&0*!#2!
1.5$='?5! 0/! 0*57#! *! 0! /.#! %25&.#! 8$! 051/09$:! 0/4250#! $#/'540#! #$! /$#! '51.*%.*0! 25!
0)#.*)$5&$!8$!1A.!2$<!
1>:9)8++ <!2'%.! ($&8/'1.! !2$! $#! %0*&$! '5&$4*0/! 8$! /.#! 1.5$1&.*$#! *! %$*('&$! *$0/'?0*!
1.5$='.5$#!$5&*$!$/!0*57#!0!/.#!%25&.#!8$!051/09$ !#2#!8'($5#'.5$#!(0*#05!8$!012$*8.!0!#2!
2#. !/.#!4051A.#!$#&85!%*.('#&.#!8$!250!0*4.//0!2!.9.!0/!!2$!$#&8!0#$42*08.!$/!(0&$*'0/!8$/!
$!2'%.! 1.5$1&.*! "12$*80 ! *$0&0 ! 10)/$ ! 108$50-! *! 25! #'#&$(0! 8$! 0%$*&2*0! *! 1'$**$! 1.5!

8.)/$! #'#&$(0! 8$! 011'.50('$5&.! %0*0! $('&0*! 250! 0%$*&2*0! 011'8$5&0/! !2$! 0#$42*0! !2$! $/!
4051A.!5.!#$!#0/40!8$!#2!%25&.!8$!1.5$='?5<!
2#;98++<#%01'.!(01#.!.!)*$1A0!1.5!250!%*."258'808!(#5'(0!8$!2!1(!%.*!8$)09.!8$!/0!
#2%$*"'1'$!$5!8.58$!#$!10('50!*F.!&*0)090<!
%":;>6+ (;+ 35(>+ )8=548:!>?;6++ :'#&$(0#! 8$! 10)/$#! 8$! 01$*. ! 12$*80#! .! *'$/$#! !2$!
8$)'80($5&$!051/080#!0!/0!$#&*21&2*0!8.58$!#$!*$0/'?0*8!$/!&*0)09.!$5!0/&2*0# !%$*('&'*85!
/0! 1.5$='?5! 8$! /.#! $!2'%.#! %$*#.50/$#! 8$! %*.&$11'?5! 1.5&*0! 10#80#! *! $/! 8$#%/0?0('$5&.!
A.*'?.5&0/!8$/!&*0)0908.*!#.)*$!250!8$&$*('5080!#2%$*"'1'$<!!
%":;>6+(;+35(>+3;=!59>?;6++:'#&$(0#!8$!10)/$#!8$!01$*.!.!12$*80#!!2$!8$)'80($5&$!
051/080#! $5! 25! %25&.! #2%$*'.*! 0! /0! ?.50! 8$! /0).* ! %*.&$4$5! 0/! &*0)0908.*! $5! #2!
8$#%/0?0('$5&.!($*&'10/!"0#1$5#.F8$#1$5#.-<!!
-;9>:5658+(;+>:9?>,;++<!2'%.#!8$!8'"$*$5&$#!8'#$E.#!*!(0&$*'0/$#!!2$!0)*0?05!250!
8$&$*('5080! $#&*21&2*0! .! #$! '5#&0/05! $5! 25! %25&.! %0*0! 1*$0*! 25! %25&.! 8$! 051/09$<! <#&.#!
($105'#(.#!12$5&05!1.5!0*4.//0# !!2$!%$*('&$5!/0!1.5$='?5!8$!/.#!$!2'%.#!%$*#.50/$#!8$!
%*.&$11'?5!1.5&*0!10#80#<!
-;(5(>6+(;+7=;3;:950:++'.5925&.!8$!011'.5$#!'58'('820/$#!.!1./$1&'(0#!!2$!#$!'(%/$;
($5&05!%0*0!08($*&'*!.!$('&0*!/0!10#80!8$!%$*#.50#!*!.)9$&.#!12058.!#$!*$0/'?05!&*0)09.#!
$5! 0/&2*0#! *! ".*(05! %0*&$! 8$! /0#! ($8'80#! 8$! 1.5&*./<! <5&*$! $//0#! $#&85! #'#&$(0#! 8$!
'54$5'$*#0:!%*.4*0(0!8$!%*.&$11'?5!1.5&*0!10#80#!*!/0#!($8'80#!1./$1&'(0#!8$!%*$($51'?5<!
-;(5(>6+ (;+ 7=8!;9950:++ '.5925&.! 8$! 011'.5$#! '58'('820/$#! .! 1./$1&'(0#! !2$! #$! '(;
%/$($5&05!%0*0!8$&$5$*!/0!10#80!8$!%$*#.50#!*!.)9$&.#!250!($?!.12**0!.!%0*0!('&'40*!#2#!
1.5#$12$51'0#<!
-86*#;!0:++ <!2'%.! ($&8/'1.! $5! ".*(0! 8$! 0*4.//0! !2$! %$*('&$! *$0/'?0*! 1.5$='.5$#!
8'*$1&0#!8$/!0*57#!0!/.#!%25&.#!8$!051/09$<!3&*.!2#.!$#!#$*('*!8$!1.5$='?5!$5&*$!$!2'%.#!8$!
%*.&$11'?5!1.5&*0!10#80#!.!*$#10&$!0!#2!%25&.!8$!051/09$<!!
6;=68:>+ >#!8=54>(>++ >$*#.50! !2$! 8$#%27#! 8$! *$1')'*! 250! 10%01'&01'?5 ! 0%*.)0*/0! *!
&$5$*!&.8.#!/.#!*$!2'#'&.#!!2$!$#&0)/$1$!/0!%*$#$5&$!*$#./21'?5 !%2$8$!8$#0**.//0*!&*0)09.#!
$5!0/&2*0#<!
6;=68:>+ 9857;!;:!;++ >$*#.50! 10%0?! 8$! '8$5&'"'10*! %$/'4*.# ! $5! $/! #'&'.! $5! 8.58$! #$!
*$0/'?05!&*0)09.#!$5!0/&2*0# !*$/01'.508.#!1.5!$/!0()'$5&$!.!1.58'1'.5$#!8$!&*0)09.!*!!2$!
&'$5$! /0! 02&.*'?01'?5! %0*0! 0%/'10*! ($8'80#! 1.**$1&'(0# ! /.! (8#! %*.5&.! %.#')/$ ! %0*0!
1.5&*./0*!/.#!*'$#4.#!0#.1'08.#!0!8'1A.#!%$/'4*.#<!
6;=68:>+9>?5/59>(>++>$*#.50!!2$!&'$5$!25!4*08.!*$1.5.1'8.!.!1$*&'"'108.!%*."$#'.50/!*!
0(%/'0! $=%$*'$51'0! *! 1.5.1'('$5&.#! $5! $/! &$(0 ! !2$! #$0! 10%0?! 8$! 8'#$E0* ! 050/'?0* !
$(0/20*!*!$/0).*0*!$#%$1'"'101'.5$#!$5!$/!&*0)09. !%*.*$1&.!.!%*.821&.!8$/!&$(0<!
6865958:>55;:!8+ (;+ !=>'>,8++ '.5925&.! 8$! %*.1$8'('$5&.#! ($8'05&$! /.#! 120/$#! #$!
(05&$58*8! .! #.#&$58*8! $/! &*0)0908.*! 0! 25! /240*! $#%$1#"'1.! 8$! &*0)09. ! /'('&058.! /0! 10#80!
/')*$!8$!$#&$!0!+!%'$#!"1<,1!(-!.!($5.#<!!
!;*#;=555;:!8+ (;+ 9?>=5(>(++ <#%01'.! ($*&'10/! /')*$! *$!2$*'8.! %.*! 25! &*0)0908.*! $5!
10#.! 8$! 250! 10#80 ! $5! $/! !2$! #$! $='4$! !2$! $#&$! 5.! '(%01&$! 1.5&*0! $/! #2$/.! .! 1.5&*0! 25!
.)#&812/.<!</!*$!2$*'('$5&.!8$!1/0*'808!8$%$58$*8!%*'51'%0/($5&$!8$!/0!1.5"'42*01'?5!8$/!
#'#&$(0!8$!8$&$51'?5!8$!10#80#!2&'/'?08.<!
7=>'>,86+ ;:+ 6#67;:650:++ 60*$0#! $5! /0#! !2$! $/! &*0)0908.*! 8$)$! G#2#%$58$*#$H! .!
1./40*#$!*!(05&$5$*#$!$5!$#0!%.#'1'?5!#'5!%.#')'/'808!8$!10#80 !('$5&*0#!*$0/'?0!#2!&0*$0!.!
('$5&*0#!$#!#2)'8.!.!)0908.<!!
!

';>56B)3!55!
$'?5<>958:;6+8+=;*#;=555;:!86+
;*&#12/.!$/<! 3)/'401'.5$#!8$!$(%/$08.*$#<!6.8.!$(%/$08.*!!2$!&$540!&*0)0908.*$#!!2$!
*$0/'1$5!&0*$0#!8$!&*0)09.!$5!0/&2*0!8$)$6!
-<!551/2'*!$5!$/!%*.4*0(0!8$!#0/28!.12%01'.50/ !/.#!%*.1$8'('$5&.# !$/$($5&.#!*!8'#%.;
#'1'.5$#!$#&0)/$1'80#!$5!/0!%*$#$5&$!*$#./21'?5<!!
+<! 5(%/$($5&0*! $/! >*.4*0(0! 8$! >*.&$11'?5! 1.5&*0! '0#80#! 8$! 1.5".*('808! 1.5! /0!
%*$#$5&$!*$#./21'?5 !/0#!($8'80#!5$1$#0*'0#!%0*0!/0!'8$5&'"'101'?5 !$(0/201'?5!*!1.5&*./!8$!
/.#!*'$#4.#!0#.1'08.#!0/!&*0)09.!$5!0/&2*0#<!
$<!'2)*'*!&.80#!/0#!1.58'1'.5$#!8$!*'$#4.!$='#&$5&$#!($8'05&$!($8'80#!8$!1.5&*./!1.5&*0!
10#80#!8$!%$*#.50#!*!.)9$&.# !/0#!120/$#!8$)$5!#$*!8'*'4'80#!0!#2!%*$($51'?5!$5!".*(0!1.;
/$1&'(0 !05&$#!8$!'(%/$($5&0*!($8'80#!'58'('820/$#!8$!%*.&$11'?5!1.5&*0!10#80#<!<5!5'54>5!
10#. !%.8*85!$9$12&0*#$!&*0)09.#!#'5!/0!08.%1'?5!%*$('0!8$!8'1A0#!($8'80#!1./$1&'(0#<!!
%<!;8.%&0*!($8'80#!1.(%$5#0&.*'0#!*!$"'101$#!8$!#$42*'808 !12058.!/0!$9$121'?5!8$!25!
&*0)09.!%0*&'12/0*!$='90!$/!*$&'*.!&$(%.*0/!8$!120/!2'$*!8'#%.#'&'(.!8$!%*$($51'?5!1./$1&'(0!
1.5&*0!10#80#<!B50!($?!1.51/2'8.!$/!&*0)09.!%0*&'12/0* !#$!(./($*85!0!1./.10*!$5!#2!/240*!/.#!
8'#%.#'&'(.#!8$!%*$($51'?5!1./$1&'(0!1.5&*0!10#80#<!!
2<!90*05&'?0*!!2$!/0!$#&*21&2*0!8$!051/09$!2&'/'?080!&$540!1.(.!(#5'(.!250!*$#'#&$51'0!
8$! 2<111! /')*0#! "++<+! I'/.5$J&.5#! K! +<+.+! D4-! %.*! %$*#.50! 1.5$1&080 ! $5! /0!
'(%/$($5&01'?5! 8$! ($8'80#! 1./$1&'(0#! $! '58'('820/$#! 8$! %*.&$11'?5! 1.5&*0! 10#80#! 8$!
%$*#.50#<! ;##! ('#(. ! 8$)$! 40*05&'?0*! !2$! /.#! #'#&$(0#! 8$! %*.&$11'?5! 1.5&*0! 10#80#!
40*05&'1$5!/0!('#(0!*$#'#&$51'0<!!
,<! 0'#%.5$*! 8$! %$*#.50/! 10%01'&08. ! 1.(%$&$5&$! *! 10/'"'108.! %0*0! /0#! 01&'('808$#! 1.5!
&*0)09.#!$5!0/&2*0#<!!
.<!90*05&'?0*!25!%*.4*0(0!8$!10%01'&01'?5!*!$5&*$50('$5&.!0!&.8.!&*0)0908.*!!2$!$#&7!
$=%2$#&.!0/!*'$#4.!8$!&*0)09.!$5!0/&2*0# !05&$#!8$!'5'1'0*!&0*$0#!*!25.!8$!*$$5&*$50('$5&. !
%.*! /.! ($5.#! 250! ($?! 0/! 0E. ! $/! 120/! 8$)$! '51/2'*! /.#! 0#%$1&.#! %0*0! 10%01'&01'?5!
$#&0)/$1'8.#!$5!/0!%*$#$5&$!*$#./21'?5<!!
&<! 90*05&'?0*! /0! .%$*0&'('808! 8$! 25! %*.4*0(0! 8$! '5#%$11'?5! 1.5".*($! 0! /0#!
8'#%.#'1'.5$#!8$!/0!%*$#$5&$!*$#./21'?5 !8$!/.#!#'#&$(0#!8$!%*.&$11'?5!1.5&*0!10#80#!%.*!/.!
($5.#!250!($?!0/!0E. !%.*!'5&$*($8'.!8$!250!%$*#.50!.!$!2'%.!8$!%$*#.50# !1.(%$&$5&$#!
*F.!10/'"'1080#!#$4>5!1.**$#%.580 !#$0!1.5!*$12*#.#!%*.%'.#!.!1.5&*0&08.#<!
+<! :./'1'&0*! /0#! %*2$)0#! !2$! 40*05&'1$5! $/! )2$5! "251'.50('$5&.! 8$/! #'#&$(0! 8$!
%*.&$11'?5!1.5&*0!10#80#!.!/.#!1$*&'"'108.#!!2$!/.!0(0/$5<!)0#!%*2$)0#!8$)$5!12(%/'*!1.5!
/.#! $#&8580*$#! 501'.50/$#! $! '5&$*501'.50/$#! ('4$5&$#! %0*0! 1080! 1.(%.5$5&$! 8$/! #'#&$(0 !
$5! 10#.! 8$! 5.! %.8$*! *$0/'?0*! /0#! %*2$)0#! #$! 8$)$5! #./'1'&0*! /0#! ($(.*'0#! 8$! 18/12/.! *!
80&.#! 8$/! #'#&$(0! !2$! #$! %2$805! #'(2/0*! %0*0! *$%*$#$5&0*! .! 8$(.#&*0*! 250! 1.58'1'?5!
#'('/0*! .! #$($905&$! 8$! /0! "251'.50/'808! *! "251'?5! 8$/! 8'#$E.! 8$/! #'#&$(0! 8$! %*.&$11'?5!
1.5&*0!10#80#<!
-1<! ;#$42*0*! /0! 1.(%0&')'/'808! 8$! /.#! 1.(%.5$5&$#! 8$/! #'#&$(0! 8$! %*.&$11'?5! 1.5&*0!
10#80#:!%0*0!$//.!8$)$!$(0/20*!.!%*.)0*!1.(%/$&0($5&$!#'!$/!10()'.!.!(.8'"'101'?5!8$!25!
#'#&$(0!12(%/$!1.5!$/!$#&8580*!0!&*0(7#!8$!250!%$*#.50!1.(%$&$5&$!.!10/'"'1080<!!
--<!551/2'*!8$5&*.!8$!#2!>/05!8$!<($*4$51'0#!25!%*.1$8'('$5&.!%0*0!*$#10&$!$5!0/&2*0# !
1.5!%$*#.50/!$5&*$508.<!

;*&#12/.! %/<! 3)/'401'.5$#! 8$! /.#! &*0)0908.*$#<! '20/!2'$*! &*0)0908.*! !2$! 8$#$(%$E$!
/0).*$#!$5!0/&2*0#!8$)$6!
-<! ;#'#&'*! 0! /0! 10%01'&01'?5 ! %0*&'1'%0*! $5! /0#! 01&'('808$#! 8$! $5&*$50('$5&.! *! *$$5&*$;
50('$5&.!%*.4*0(08.#!%.*!$/!$(%/$08.*!*!0%*.)0*!#0&'#"01&.*'0($5&$!/0#!$(0/201'.5$#!8$!
1.5.1'('$5&.#!*!8$!8$#$(%$E.<!!
+<!'2(%/'*!&.8.#!/.#!%*.1$8'('$5&.#!$#&0)/$1'8.#!%.*!$/!$(%/$08.*<!
$<! 55".*(0*! #.)*$! 120/!2'$*! 1.58'1'?5! 8$! #0/28! !2$! /$! 4$5$*$! *$#&*'11'.5$#! 05&$#! 8$!
*$0/'?0*!120/!2'$*!&'%.!8$!&*0)09.!$5!0/&2*0#<!
%<! B&'/'?0*! /0#! ($8'80#! 8$! %*$($51'?5! *! %*.&$11'?5! 1.5&*0! 10#80#! !2$! #$05!
'(%/$($5&080#!%.*!$/!$(%/$08.*<!!
2<!3$%.*&0*!$/!8$&$*'.*.!.!80E.!8$!/.#!#'#&$(0#!1./$1&'(0#!.!'58'('820/$# !8$!%*$($51'?5!
*!%*.&$11'?5!1.5&*0!10#80#<!
,<!>0*&'1'%0*!$5!/0!$/0).*01'?5!*!$/!8'/'4$51'0('$5&.!8$/!%$*('#.!8$!&*0)09.!$5!0/&2*0# !
0##!1.(.!010&0*!/0#!8'#%.#'1'.5$#!8$/!('#(.<!
;*&#12/.! 2/<! 3$!2$*'('$5&.#! %0*0! /.#! &*0)0908.*$#<! </! $(%/$08.*! 8$)$! 8'#$E0*! /.#!
%$*"'/$#! $='4'8.#! %0*0! /0! ('512/01'?5! 8$! &*0)0908.*$#! !2$! *$0/'1$5! &*0)09.#! $5! 0/&2*0# ! 8$!
012$*8.! 1.5! /0! 01&'('808! $1.5?('10! *! /0! &0*$0! 0! *$0/'?0* ! &$5'$58.! $5! 12$5&0!
%*'51'%0/($5&$!0#%$1&.#!8$!".*(01'?5 !$=%$*'$51'0 !#$4>5! /.#!8'($*#.#!%$/'4*.#! 0!/.#!!2$!
$#&0*8!$=%2$#&.!*!/0#!*$#&*'11'.5$#!$5!/0#!1.58'1'.5$#!8$!#0/28!%0*0!$//.#<!!
</! $(%/$08.*! $#! $/! >5'1.! *$#%.5#0)/$ ! 05&$#! 8$! /0! ('512/01'?5! /0).*0/! *! %.*! /.! ($5.#!
250!($?!0/!0E.!*!0!&*0(7#!8$!(78'1.#!.12%01'.50/$#!8$!#2!$(%*$#0!.!1.5&*0&08.# !8$!/0!
$(0/201'?5! 8$! /0#! 1.58'1'.5$#! 8$! 0%&'&28! %#'1."##'10! 8$! /.#! $(%/$08.# ! 5$1$#0*'0#! %0*0!
*$0/'?0*! &*0)09.#! $5! 0/&2*0#<! <#&0! $(0/201'?5! 8$)$! 092#&0*#$! 0! /.#! 1*'&$*'.#! !2$! #$!
$#&0)/$?105! $5! $/! *$#%$1&'(.! %*.4*0(0! 8$! #0/28! .12%01'.50/! *! 0! /.#! $#&0)/$1'8.#! $5! /0!
5.*(0! 501'.50/! ('4$5&$! !2$! *$4/0($5&0! /.#! $=8($5$#! (78'1.#! %*$.12%01'.50/$# !
%$*'?8'1.#!*!8$!$4*$#.<!
</! .)9$&'(.! 8$! /0#! $(0/201'.5$#! (78'10#! %*$.12%01'.50/$#! %0*0! *$0/'?0*! &*0)09.#! $5!
0/&2*0# ! $#! 8$&$*('50*! /0! 0%&'&28! 8$/! &*0)0908.*! %0*0! 8$#$(%$E0*! $5! ".*(0! $"'1'$5&$! #2!
/0).*!#'5!102#0*!%$*92'1'.!0!#2!#0/28!.!/0!8$!&$*1$*.#!1.(%0*058.!/0#!8$(0580#!8$/!."'1'.!
%0*0! $/! 120/! #$! 8$#$0! 1.5&*0&0*! 1.5! #2#! 10%01'808$#! "##'10#! *! ($5&0/$#:! $#&0)/$1$*! /0!
$='#&$51'0! 8$! *$#&*'11'.5$#! !2$! 0($*'&$5! 0/4250! 1.58'1'?5! #29$&0! 0! (.8'"'101'?5 ! $!
'8$5&'"'10*!1.58'1'.5$#!8$!#0/28!!2$!$#&058.!%*$#$5&$#!$5!$/!&*0)0908.* !%2$805!04*0(0*#$!
$5!8$#0**.//.!8$/!&*0)09.<!
:.5! *$#&*'11'.5$#! %0*0! *$0/'?0*! &*0)09.! $5! 0/&2*0# ! $5&*$! .&*0# ! /0#! #'42'$5&$#6! )0!
$='#&$51'0! 8$! %0&./.4#0#! ($&0)?/'10# ! 10*8'.(0#12/0*$# ! ($5&0/$#! 5$2*./?4'10# ! !2$!
4$5$*$5!(7*&'4.!.!(0*$. !0/&$*01'.5$#!8$/!$!2'/')*'. !8$!/0!1.51'$51'0 !8$!/0!028'1'?5!!2$!
1.(%*.($&05! )0580#! 1.5($*#01'.50/$# ! 1$42$*0! &$(%.*0/$#! .! %$*(05$5&$# ! 0/&$*01'.5$#!
8$! /0! 0428$?0! ('#20/! .! %$*1$%1'?5! 8$/! 1./.*! *! 8$! %*."258'808 ! !2$! 5.! %2$805! #$*!
1.**$4'80#! 1.5! &*0&0('$5&.! *! 0/&$*01'.5$#! 8$! 1.(%.*&0('$5&.#! $5! 0/&2*0#! &0/$#! 1.(.!
".)'0#<! 5420/($5&$! #$! &$58*8! $5! 12$5&0! $/! #58'1$! 8$! (0#0! 1.*%.*0/! *! $/! %$#.! 8$/!
&*0)0908.*<!!
).#! ($5.*$#! 8$! $808! *! /0#! (29$*$#! $5! 120/!2'$*! &'$(%.! 8$! 4$#&01'?5! 5.! %2$8$5!
*$0/'?0*! &*0)09.! $5! 0/&2*0#<! 60(%.1.! /.! %2$8$5! *$0/'?0*! !2'$5$#! &$5405! /0#! *$#&*'11'.5$# !
&$(%.*0/$#!.!%$*(05$5&$# !!2$!#$!#$E0/05!$5!$/!%*$#$5&$!0*&#12/.<!
)0#! $(0/201'.5$#! (78'10#! *! /0#! $(0/201'.5$#! 8$! 1.58'1'.5$#! 8$! #0/28! $#%$1#"'10#! #.5!
%0*&$! 8$! /0! A'#&.*'0! 1/#5'10! .12%01'.50/! 8$/! &*0)0908.*! *! %2$8$5! ".*(0*! %0*&$! 8$! /0!
('4'/051'0!$%'8$('./?4'10!%0*0!&*0)09.!$5!0/&2*0# !8$/!%*.4*0(0!8$!#0/28!.12%01'.50/!8$!/0!
$(%*$#0<!

>0*84*0".<! '2058.! 1.(.! 1.5#$12$51'0! 8$! 120/!2'$*0! 8$! /0#! $(0/201'.5$#! (78'10#!
%*01&'1080#!0/!&*0)0908.* !#2*90!/0!*$1.($5801'?5!8$!&*0&0('$5&. !8$)$*8!#$*!*$('&'8.!0!/0#!
$5&'808$#!08('5'#&*08.*0#!8$/!:'#&$(0!8$!:$42*'808!:.1'0/!1.**$#%.58'$5&$#!*!#?/.!%.8*8!
*$'54*$#0*! 0! /0! /0).*! 12058.! %.*! 1$*&'"'108.! (78'1.! #$0! ($*'"'1080! /0! 1.58'1'?5! 8$!
12(%/'('$5&.!8$!/.#!*$!2'#'&.#!(#5'(.#!%0*0!*$0/'?0*!#2!."'1'.!. !$5!#2!8$"$1&. !#$!*$0/'1$5!
/.#! %*.1$8'('$5&.#! 8$! *$A0)'/'&01'?5! %*."$#'.50/! 8$! 012$*8.! 1.5! /0! 1.58'1'?5! 8$! #0/28!
$='#&$5&$<!
';>56B)3!555!
2567865958:;6+68'=;+9>7>95!>950:+
;*&#12/.! ,/<! '0%01'&01'?5<! )0! 10%01'&01'?5! 8$)$! *$0/'?0*#$! 0! 8.#! &'%.#! 8$! %.)/01'?5!
.)9$&.6!/0#!%$*#.50#!!2$!*$0/'?05!/0).*$#!8$!&'%.!08('5'#&*0&'(.!"$(%/$08.*$# !9$"$#!*!#2;
%$*('#.*$#-!*!0!/0#!%$*#.50#!!2$!*$0/'?05!/0).*$#!.%$*0&'(0#!"&*0)0908.*$#!$5!0/&2*0# !9$"$#!
*!#2%$*('#.*$#-<!<#&0!10%01'&01'?5!8$)$!#$*!*$0/'?080!%.*!$5&*$508.*$#!1$*&'"'108.#<!!
)0!10%01'&01'?5!#$!*$0/'?0*8!$5!&*$#!5'($/$#6!)8#'1. !($8'.!*!0(05?08. !8$%$58'$58.!8$!
/0! 01&'('808! $1.5?('10 ! /.#! *'$#4.#! *$0/$#! *! %.&$51'0/$#! *! $/! 5'($/! 8$! $=%.#'1'?5! 8$/!
&*0)0908.*<!!
'080! 5'($/! 8$! 10%01'&01'?5! #$*8! 8$"'5'8.! %.*! 250! %$*#.50! 1.(%$&$5&$! *F.! 10/'"'1080! $!
'51/2'8.!$5!$/!%*.4*0(0!8$!1.5&*./!8$!10#80#<!!
)0#!8'#%.#'1'.5$#!#.)*$!10%01'&01'?5!8$!$#&$!10%#&2/. !#.5!8$!.)/'40&.*'.!12(%/'('$5&.!
%0*0! !2'$5$#! *$0/'1$5! 8'1A.! %*.1$#.6! <(%/$08.*$# ! ;8('5'#&*08.*0#! 8$! 3'$#4.#!
>*."$#'.50/$#!$!'5#&'&21'.5$#!.!$(%*$#0#!/$40/($5&$!1.5#&'&2'80#!!2$!."*$?105!$#&$!&'%.!8$!
10%01'&01'?5<!
</!$(%/$08.*!&'$5$!/0!.)/'401'?5!8$!0#2('*!/0!10%01'&01'?5!*!($*'"'10*!/0!1$*&'"'101'?5!0/!
'5'1'.! 8$! /0).*$#! *! *$1$*&'"'101'?5! 8$! /.#! &*0)0908.*$#! !2$! *$0/'1$5! &*0)09.! $5! 0/&2*0# !
(#5'(.!250!($?!0/!0E.<!
4'54>5! &*0)0908.*! %.8*8! &*0)090*! $5! 0/&2*0#! #'5! 1.5&0*! 1.5! /0! 1$*&'"'101'?5! *$#%$1&'(0!
!2$!01*$8'&$!/0#!1.(%$&$51'0#!/0).*0/$# !8$/!5'($/!%0*0!$/!120/!"2$!1$*&'"'108.<!!
6.8.! &*0)0908.*! !2$! /0).*$! $5! 01&'('808$#! 8$! 0/&.! *'$#4.! *! !2$! *$0/'1$! &*0)09.! $5!
0/&2*0#!8$)$!$#&0*!1$*&'"'108.!$5!$/!5'($/!0(05?08.<!
6.8.! &*0)0908.*! !2$! *$0/'1$! /0).*$#! $5! 0/&2*0#! 0#$42*08.! 1.5! #'#&$(0#! 8$! &*85#'&.!
($*&'10/ ! #'5! !2$! '(%/'!2$! 8$#%/0?0('$5&.#! A.*'?.5&0/$#! $5! 0/&2*0# ! 8$)$! $#&0*! 1$*&'"'108.!
1.(.!(#5'(.!$5!$/!5'($/!($8'.!8$!1.(%$&$51'0#!/0).*0/$#<!
6.8.! &*0)0908.*! 12*0! /0).*! #$0! 8$! )090! $=%.#'1'?5! $5! 0/&2*0# ! 8.58$! /0! 0/&2*0#! 8$! #2!
&*0)09.! 5.! #2%$*$! /.#! -<2! (! .! &*0)09$! $5! %/0&0".*(0#! 8$! 011$#.! 0! /.#! #'&'.#! 8$! 0/&2*0# !
%*.&$4'80#! %.*! )0*0580# ! 8$)$! $#&0*! 1$*&'"'108.! 1.(.! (#5'(.! $5! $/! 5'($/! )8#'1.! 8$!
1.(%$&$51'0#!/0).*0/$#<!
;*&#12/.! ./<! 3$!2'#'&.#! 8$! /0#! '5#&'&21'.5$#! !2$! *$0/'1$5! 10%01'&01'?5! 8$! &*0)09.! $5!
0/&2*0#<! )0! 10%01'&01'?5! 8$)$*8! //$(0*#$! 0! 10).! $5! '5#&'&21'.5$#! !2$! 12(%/05! 1.5! /.#! #';
42'$5&$#!*$!2'#'&.#!)8#'1.#6!
-<!55#&'&21'?5!.!$(%*$#0!/$40/($5&$!1.5#&'&2'80<!
+<!72$!12$5&$!1.5!%$*#.50/!1$*&'"'108.!1.(.!$5&*$508.*$#<!
$<!72$!12$5&$!1.5!/.#!%*.4*0(0#!8$!10%01'&01'?5!8$!&*0)09.!$5!0/&2*0#!0%*.)08.#!%.*!
/0!02&.*'808!501'.50/!.!'5&$*501'.50/!1.(%$&$5&$<!

%<! 0'#%.5$*! 8$! 250! '5"*0$#&*21&2*0! *! *$12*#.#! &715'1.# ! %*.%'.#! .! 1.5&*0&08.# ! %0*0! /0!
*$0/'?01'?5!8$/!$5&*$50('$5&.<!
2<!<5&*$40*!25!1$*&'"'108. !0!!2'$5$#!0%*2$)$5!/0!10%01'&01'?5<!
;*&#12/.!&/<! '.5&$5'8.#!8$!/0!10%01'&01'?5<!</!1.5&$5'8.!8$!/0!10%01'&01'?5!%0*0!&*0)09.!
$5!0/&2*0#!#$*8!/0!#'42'$5&$6!
-<!;!/0#!%$*#.50#!!2$!*$0/'?05!/0).*$#!8$!&'%.!08('5'#&*0&'(.!"$(%/$08.*$# !9$"$#!*!#2;
%$*('#.*$#- !1.5!250!'5&$5#'808!(#5'(0!8$!&!A.*0# !0).*8058.!%.*!/.!($5.#!/.#!#'42'$5&$#!
&$(0#6!
0-!=0*1.!/$40/!501'.50/!$!'5&$*501'.50/!8$!&*0)09.!$5!0/&2*0# !8$!012$*8.!0!/0!01&'('808!
$1.5?('10:!
)-!3$#%.5#0)'/'808!1'('/!*!%$50/:!
1-!=0*1.!1.51$%&20/!#.)*$!%*$($51'?5!*!%*.&$11'?5!1.5&*0!10#80#!$5!&*0)09.!$5!0/&2*0# !
%$*('#.#!8$!&*0)09.!*!%*.1$8'('$5&.!8$!*$#10&$:!
8-!=$8'80#!8$!%*$($51'?5!*!%*.&$11'?5!1.5&*0!10#80#<!!
+<!).#!1.5&$5'8.#!8$!/0!10%01'&01'?5!%0*0!$/!%$*#.50/!!2$!*$0/'?0!01&'('808$#!.%$*0&'(0# !
'51/2'*85 !%.*!/.!($5.#6!
0-!)0!50&2*0/$?0!8$!/.#!%$/'4*.#!8$!10#80!8$!%$*#.50#!*!.)9$&.#!$5!$/!8*$0!8$!&*0)09.!*!
".($5&.!8$/!02&.12'808.!8$!/0#!%$*#.50#:!
)-!=0*1.!/$40/!501'.50/!$!'5&$*501'.50/!8$!&*0)09.!$5!0/&2*0# !8$!012$*8.!0!/0!01&'('808!
$1.5?('10:!
1-!3$#%.5#0)'/'808!1'('/!*!%$50/:!
8-!;#%$1&.#!&715'1.#!8$!/0!>*.&$11'?5!'.5&*0!'0#80#:!
$-!=$8'80#!8$!%*$($51'?5:!
"-!=$8'80#!8$!%*.&$11'?5!1.5&*0!10#80#:!
4-!).#!%*.1$8'('$5&.#!%0*0!(05'%2/0*!*!0/(01$50*!$!2'%.#!*!(0&$*'0/$#!2&'/'?08.#!%0*0!
&*0)09.!$5!0/&2*0#:!
A-! ).#! %*.1$8'('$5&.#! %0*0! (05'%2/0*! *! 0/(01$50*! /.#! $/$($5&.#! 8$! %*.&$11'?5! %$*;
#.50/:!
'-!>*'($*.#!;2='/'.# !*$#10&$!*!02&.**$#10&$<!
)0!10%01'&01'?5!0!/0#!%$*#.50#!!2$!*$0/'?05!/0).*$#!.%$*0&'(0#!"&*0)0908.*$#!$5!0/&2*0# !
9$"$#!*!#2%$*('#.*$#- !#$*8!.*'$5&080!0!/0!01&'('808!$1.5?('10 !8$#0**.//.!&715'1.!.!&$15.;
/?4'1. !1.5!/0!#'42'$5&$!'5&$5#'808!(#5'(06!!
4'($/!)8#'1.6!&!A.*0# !$!%0*0!&$.*#0!*!2!%0*0!$5&*$50('$5&.!%*81&'1.<!!
4'($/!=$8'.6!+%!A.*0# !8$!/0#!120/$#!&!#$*85!&$?*'10#!*!-,!8$!$5&*$50('$5&.!%*81&'1.<!
4'($/!;(05?08.6!%1!A.*0# !8$!/0#!120/$#!(#5'(.!#$*85!-,!&$?*'10#!*!+%!$5&*$50('$5&.!
%*81&'1.<!!
!
';>56B)3!5C!
!;*#;=555;:!86+5":5586+7>=>+7=;3;:950:+8+7=8!;9950:+(;+9>"(>6+
;*&#12/.! +/<! =$8'80#! 8$! %*$($51'?5! 1.5&*0! 10#80#<! >0*0! $"$1&.#! 8$! /0! %*$#$5&$!
*$#./21'?5 ! #$! 1.5#'8$*05! ($8'80#! 8$! %*$($51'?5! 8$! 10#80# ! &.80#! 0!2$//0#! 8'#%.#'1'.5$#!
!2$!#./0#!.!$5!1.5925&. !#.5!'(%/$($5&080#!%0*0!08($*&'*!.!$('&0*!/0!10#80!8$/!&*0)0908.*!
12058.!$#&$!*$0/'?0!/0).*$#!$5!0/&2*0#<!!

</! 2#.! 8$! ($8'80#! 8$! %*$($51'?5! 5.! $='($! 0/! $(%/$08.*! 8$! #2! .)/'401'?5! 8$! '(%/$;
($5&0*! ($8'80#! 8$! %*.&$11'?5 ! 12058.! #$! A0*05! 8$&$*('508.! $5! $/! %*.4*0(0! 8$! #0/28!
.12%01'.50/!1.(.!5$1$#0*'0#!*!('0)/$# !/.!120/!8$)$*8!$#&0*!01.*8$!1.5!/.#!*$!2'#'&.#!8$!/0!
%*$#$5&$!*$#./21'?5<!
;*&#12/.! -1<! 3$!2$*'('$5&.#! (#5'(.#! %0*0! ($8'80#! 8$! %*$($51'?5<! )0#! ($8'80#! 8$!
%*$($51'?5!1.5&*0!10#80# !250!($?!#$05!#$/$11'.5080#!$!'(%/$($5&080# !1.5".*($!0!/0!01;
&'('808!$1.5?('10 !&0*$0!0!8$#0**.//0*!*!10*01&$*##&'10#!8$/!#'&'.!8$!&*0)09. !8$)$5!12(%/'*!
1.5!/.#!#'42'$5&$#!*$!2$*'('$5&.# !$#&0)/$1'8.#!%0*0!1080!250!8$!$//0#6!!
-<!:'#&$(0#! 8$! 554$5'$*#06!;!2$//.#! #'#&$(0#!*$/01'.508.#!1.5! 10()'.#! .!(.8'"'101'?5!
$5!$/!8'#$E. !(.5&09$ !1.5#&*211'?5 !'5#&0/01'?5 !%2$#&0!$5!"251'.50('$5&. !%0*0!$/'('50*!
.!('&'40*!$/!*'$#4.!8$!10#80<!:$!*$"'$*$!0!&.80#!0!2$//0#!($8'80#!&.(080#!%0*0!$/!1.5&*./!
$5! /0! "2$5&$ ! 8$#8$! 0!2$//0#! 01&'('808$#! 8$#&'5080#! 0! $('&0*! $/! &*0)09.! $5! 0/&2*0#! .! /0!
#2)'80! 8$/! &*0)0908.* ! A0#&0! /0! '(%/$($5&01'?5! 8$! ($105'#(.#! !2$! %$*('&05! ($5.*!
&'$(%.!8$!$=%.#'1'?5<!60/$#!#'#&$(0#!8$)$5!$#&0*!8.12($5&08.#!*!"2580($5&08.#!8$5&*.!
8$/!%*.4*0(0!8$!#0/28!.12%01'.50/<!
+<! >*.4*0(0! 8$! >*.&$11'?5! 1.5&*0! '0#80#6! =$8'80! 8$! %*$($51'?5! !2$! 1.5#'#&$! $5! /0!
%/05$01'?5 ! .*405'?01'?5 ! $9$121'?5! *! $(0/201'?5! 8$! /0#! 01&'('808$#! '8$5&'"'1080#! %.*! $/!
$(%/$08.*! 1.(.! 5$1$#0*'0#! 8$! '(%/$($5&0*! $5! /.#! #'&'.#! 8$! &*0)09.! $5! ".*(0! '5&$4*0/! $!
'5&$*8'#1'%/'50*'0 ! %0*0! %*$($5'*! /0! .12**$51'0! 8$! 011'8$5&$#! 8$! &*0)09.! %.*! &*0)09.! $5!
0/&2*0#<!!
<5! $#&$! %*.4*0(0! 8$)$5! !2$80*! $#&0)/$1'80#! /0#! 1.58'1'.5$#! 050/'?080#! *! 01.*8080#!
%0*0!/0!$9$121'?5!8$!250!&0*$0!*!8$)$5!$#&0*!$5!1.51.*8051'0!0!/.!!2$!#$!A0!%/05&$08.!$5!
$/! %*.4*0(0! 8$! #0/28! .12%01'.50/ ! *$/01'.5058.! /0#! ($8'80#! 8$! 1.5&*./! 1.5! /.#! 0#%$1&.#!
.%$*0&'(.#! 8$! /0! &0*$0! 0! $9$12&0* ! 8$! (05$*0! 1.A$*$5&$! $5&*$! ##! *! 8$)$5! $#&0*!
8.12($5&08.#!%.*!$/!$(%/$08.*<!!
;##!('#(. !8$)$5!!2$80*!$#&0)/$1'8.#!/.#!%*.1$8'('$5&.#!%0*0!$/!&*0)09.!$5!0/&2*0#!/.#!
120/$#!8$)$5!#$*!1/0*.#!*!1.(25'108.#!0!/.#!&*0)0908.*$#!8$#8$!/.#!%*.1$#.#!8$!'58211'?5 !
10%01'&01'?5! *! $5&*$50('$5&.<! 60/$#! %*.1$8'('$5&.# ! 8$)$5! #$*! *$('#08.#! *! 092#&08.# !
12058.! 10()'$5! /0#! 1.58'1'.5$#! 8$! &*0)09.:! .12**0! 0/4>5! '51'8$5&$! .! 011'8$5&$! .! /.#!
'58'108.*$#! 8$! 4$#&'?5! 0##! /.! 8$"'505<! ).#! %*.1$8'('$5&.#! 8$)$5! #$*! $/0).*08.#! %.*! /.#!
&*0)0908.*$#! 1.5! $/! #.%.*&$! 8$! 250! %$*#.50! 10/'"'1080! *! 0(0/08.#! %.*! $/! *$#%.5#0)/$! 8$/!
%*.4*0(0!8$!#0/28!.12%01'.50/!8$!/0!$(%*$#0<!
$<!=$8'80#!1./$1&'(0#!8$!%*$($51'?56!6.80#!0!2$//0#!01&'('808$#!8'*'4'80#!0!'5".*(0*!.!
8$(0*10*!/0!?.50!8$!%$/'4*.!*!$('&0*!250!10#80!8$!0/&2*0#!.!#$*!/$#'.508.!%.*!.)9$&.#!!2$!
10'405<!<#&0#!($8'80# !%*$('$5$5!$/!01$*10('$5&.!8$!/.#!&*0)0908.*$#!.!8$!&$*1$*.#!0!/0#!
?.50#!8$!%$/'4*.!8$!10#80# !#'*($5!1.(.!)0**$*0#!'5".*(0&'(0#!*!1.**$#%.58$5!0!($8'80#!
8$!1.5&*./!$5!$/!($8'.<!:2!#$/$11'?5!1.(.!($8'80!%*$($5&'(0!$!'(%/$($5&01'?5!8$%$58$5!
8$/!&'%.!8$!01&'('808! $1.5?('10!*! 8$!/0!('0)'/'808!&715'10!8$!#2!2&'/'?01'?5!$5! $/!($8'.! *!
#$4>5!/0!&0*$0!$#%$1#"'10!0!*$0/'?0*<!
'2058.! %.*! *0?.5$#! 8$/! 8$#0**.//.! 8$! /0! &0*$0 ! $/! &*0)0908.*! 8$)0! '54*$#0*! 0/! 8*$0! .!
?.50! 8$! %$/'4*.! 8$(0*1080 ! #$*8! .)/'40&.*'. ! $5! &.8.! 10#. ! $/! 2#.! 8$! #'#&$(0#! 8$!
%*.&$11'?5!1.5&*0!10#80#<!!
:'$(%*$! #$! 8$)$! '5".*(0* ! $5&*$50*! *! 10%01'&0*! 0! /.#! &*0)0908.*$#! #.)*$! 120/!2'$*!
($8'80!!2$!#$!0%/'!2$<!
0$5&*.!8$!/0#!%*'51'%0/$#!($8'80#!1./$1&'(0#!8$!%*$($51'?5!$#&856!!
$<-<!0$/'('&01'?5!8$/!8*$06!=$8'80!8$!%*$($51'?5!!2$!&'$5$!%.*!.)9$&.!/'('&0*!$/!8*$0!.!
?.50!8$!%$/'4*.!8$!10#80!8$!%$*#.50#!*!%*$($5'*!$/!01$*10('$5&.!8$!%$*#.50#!0!$#&0<!!

)0!8$/'('&01'?5!8$!/0!?.50!8$!%$/'4*.!8$!10#80!8$!%$*#.50#!#$!A0*8!($8'05&$!12$*80# !
10)/$# !(0//0# !108$50# !1'5&0# !*$0&0# !)0580# !1.5.# !)0/'?0# !)058$*0# !8$!120/!2'$*!&'%.!
8$! (0&$*'0/ ! 8$! 1./.*! 0(0*'//.! *! 5$4*. ! 1.()'508.# ! #'! #.5! %$*(05$5&$#! *! 50*0590! *!
)/051. !1.()'508.# !#'!#.5!&$(%.*0/$#<!
).#! $/$($5&.#! 2&'/'?08.#! %0*0! 8$/'('&0*! /0#! ?.50#! 8$! %$/'4*.! *! *'$#4.! %2$8$5! '*! .! 5.!
$54051A08.#! 0! #.%.*&$#! 8$! #$E0/'?01'?5 ! #$4>5! #$0! 5$1$#0*'.! *! %2$8$5! #$*! 2&'/'?08.#!
#./.#! .! 1.()'508.#! $5&*$! ## ! 8$! &0/! (05$*0! !2$! #$! 40*05&'1$! #2! ('#')'/'808! 8$! 8#0! *! 8$!
5.1A$<! :'$(%*$! !2$! #$! 2&'/'1$! 25! #'#&$(0! 8$! 8$/'('&01'?5 ! 120/!2'$*0! !2$! #$0 ! #$! 8$)$!
2&'/'?0*!#$E0/'?01'?5<!
<5! /0#! 8*$0#! 8$! &*0)09.! $5! 0/&2*0#! $5! 8.58$! 5.! #$0! ('0)/$! $/! #'#&$(0! 8$! 8$/'('&01'?5 !
8$)$5! 08.%&0*#$! .&*0#! ($8'80#! 8$! %*.&$11'?5! 1.5&*0! 10#80! 8'#%2$#&0#! $5! /0! %*$#$5&$!
*$#./21'?5<!
:'$(%*$!!2$!25!&*0)0908.*!'54*$#$!0!/0!?.50!8$!%$/'4*. !8$)$!$#&0*!%*$('0($5&$!02&.;
*'?08.!"%$*('#.!8$!&*0)09.!$5!0/&2*0#-!*!1.5!/0#!($8'80#!8$!%*.&$11'?5!1.5&*0!10#80# !$5!
10#.! 8$! !2$! 5.! A0*0! )0*0580#! !2$! 12(%/05! 1.5! /0#! $#%$1'"'101'.5$#! 8$#1*'&0#! $5! /0!
%*$#$5&$!*$#./21'?5<!!
>0*0!/0!%*$($51'?5!8$!10#80#!8$!.)9$&.#!#$!8$)$5!8$/'('&0*!8*$0#!%0*0!%0#.!%$0&.50/!*!
(0//0#!$#1.()*$*0#<!;##!('#(. !$('&0*!!2$!/0#! %$*#.50#!'54*$#$5! 0!?.50#!1.5!%$/'4*.!8$!
10#80!8$!.)9$&.#<!
$<+<! :$E0/'?01'?5! 8$/! 8*$06! =$8'80! 8$! %*$($51'?5! !2$! '51/2*$ ! $5&*$! .&*.# ! 0('#.#!
'5".*(0&'(.#!!2$!'58'105!1.5!/$&*0#!.!##()./.#!4*8"'1.#!$/!%$/'4*.!8$!10#80!8$!%$*#.50#!*!
.)9$&.#<!)0!#$E0/'?01'?5!8$)$!$#&0*!('#')/$!0!120/!2'$*!%$*#.50!$!'5#&0/080!0!(8='(.!+!(!
8$!8'#&051'0!$5&*$!##!#.)*$!$/!%/05.!A.*'?.5&0/!*!0!250!0/&2*0!8$!"81'/!('#20/'?01'?5!*!12(%/'*!
1.5!/0!*$4/0($5&01'?5!501'.50/!'5&$*501'.50/!1.**$#%.58'$5&$<!!
$<$<!L0*0580#++=$8'80!8$!%*$($51'?5!1.5#&'&2'80!%.*! $#&*21&2*0#!!2$! #$!2&'/'?05! 1.(.!
($8'80!'5".*(0&'(0!*F.!8$!*$#&*'11'?5<!>2$8$5!#$*!%.*&8&'/$#!.!"'90#!*!$#&0*!%$*(05$5&$#!.!
&$(%.*0/$# ! #$4>5! /0! &0*$0! !2$! #$! 8$#0**.//$<! )0! )0*0580! %.8*8! #$*! 8$! 1./.*! 0(0*'//.! *!
5$4*. ! 1.()'508.# ! #'! #.5! %$*(05$5&$#! *! #'! #.5! &$(%.*0/$#! 50*0590! *! )/051. !
1.()'508.#<!
)0#! )0*0580#! "'90#! #'$(%*$! 8$)$5! !2$80*! 051/080#! 0! /0! $#&*21&2*0! %*.%'0! 8$/! 8*$0! 8$!
&*0)09.!$5!0/&2*0#<!
)0#! )0*0580#! "'90#! *! %.*&8&'/$#! #'$(%*$! 8$)$5! $#&0*! '8$5&'"'1080#! *! 12(%/'*! 1.(.!
(#5'(. !1.5!/.#!*$!2$*'('$5&.#!$#&0)/$1'8.#!$5!/0!#'42'$5&$!&0)/06!!
60)/04/!-!
!"9&"!(-("*7$#+ -(*(-$#+ 6 ! + . ! *2 #+ '$-$+ -"2(2 #+ '$%"'7(: #+
2"+6!":"*'($*+"*+7! . ;$#+"*+ %7&! #!
!
7(6$+2"+!"9&"!(-("*7$!
-"2(2 !
3$#'#&$51'0!$#&*21&2*0/!8$!/0!)0*0580<!
=#5'(.!+11!/')*0#!"+1<&!D4-<!
;/&2*0#! 8$! /0! )0*0580! "0$#8$! /0! #2%$*"'1'$! $5! <5&*$!25!"--!(!*!-<+1!(!"(8='(.-<!
8.58$! #$! 10('50! *F.! &*0)090! A0#&0! $/! ).*8$!
#2%$*'.*!8$/!&*0($#0E.!#2%$*'.*-<!!
B)'101'?5!8$!&*0($#0E.#!'5&$*($8'.#!!
0$)$5! #$*! 2)'108.#! 0! %1! 1(<! $5&*$!
$9$# ! ($8'8.#! 8$#8$! $/! ).*8$! #2%$*'.*!
8$/!&*0($#0E.!#2%$*'.*!8$!/0!)0*0580<!!
:$%0*01'?5!$5&*$!#.%.*&$#!($*&'10/$#<!
B5! "--! (! .! 0!2$//0! !2$! 40*05&'1$! /0!
*$#'#&$51'0!(#5'(0!#./'1'&080<!

;/&2*0#!8$!/.#!*.80%'7#<!

0$! -2! 0! +1! 1( ! ($8'8.#! 8$#8$! /0!

#2%$*"'1'$! $5! 8.58$! #$! 10('50! *F.!
&*0)090<!

!
)0#! )0*0580#! !2$! #$! 2&'/'1$5! 8$)$5! #$*! 8$! (0&$*'0/! /'#.! 1.5! 10*01&$*##&'10#! 8$! 040**$ !
/')*$!8$!#2%$*"'1'$!*24.#0!*!$#1.*'0#!.!"'/.#!/01$*05&$#<!'2058.!/0#!)0*0580#!#$05!2&'/'?080#!
1.(.!($8'80!8$!*$#&*'11'?5 !8$)$*85!#$*!"'90#<!</!(0&$*'0/!8$!/0#!)0*0580#!8$)$!#$*!*#4'8. !
5.!#$!%$*('&$!2#0*!0/0()*$# !%/8#&'1. !(05'/0#!5'!(0&$*'0/!#'5&7&'1. !$5&*$!.&*.#<!
)0#! )0*0580#! 52510! 8$)$*85! #$*! 2#080#! 1.(.! %25&.#! 8$! 051/09$#! %0*0! 8$&$51'?5! 8$!
10#80# !5'!%0*0!'?0*!10*40#<!!
'2058.! $5! 250! #2%$*"'1'$! $5! 8.58$! #$! 10('50! *F.! &*0)090 ! #$! 8$&$*('5$! '5#&0/0*!
)0*0580# !$#&0#!8$)$5!1./.10*#$!0!/.!/0*4.!8$/!).*8$!!2$!%*$#$5&0!$/!%$/'4*.!8$!10#80!8$!
%$*#.50#!*!.)9$&.#<!!
$<%<!'.5&*./!8$!011$#.6!=$8'80!8$!%*$($51'?5!!2$!%.*!($8'.!8$!($105'#(.#!.%$*0&'(.#!
.!08('5'#&*0&'(.# !1.5&*./0!$/!011$#.!0!/0!?.50!8$!%$/'4*.!8$!10#80<!!
'2058.!#$!2&'/'?05 !8$)$5!".*(0*!%0*&$!8$!/.#!%*.1$8'('$5&.#!8$!&*0)09.!*!%2$8$5!#$*!
1.(.!(#5'(.6!=$8'80#!8$!('4'/051'0 !#$42*'808!1.5!420*80# !2#.!8$!&0*9$&0#!8$!#$42*'808 !
8'#%.#'&'(.#!8$!#$42*'808!%0*0!$/!011$#. !%$*('#.#!8$!&*0)09. !#$5#.*$#!.!0/0*(0#!2!.&*.#!
&'%.#!8$!#$E0/'?01'?5<!!
60()'75! #$! %2$8$5! 2#0*! )0*0580#! !2$! 12(%/05! 1.5! /.#! *$!2'#'&.#! $#&'%2/08.#! $5! /0!
%*$#$5&$!*$#./21'?5<!;8$(8# !#$!&$58*85!$5!12$5&0!/0#!($8'80#!8$!8$/'('&01'?5!*!#$E0/'?0;
1'?5!%*$('#&0#!$5!$#&0!*$#./21'?5!!2$!$#&0)/$1$!$/!*$4/0($5&.!&715'1.!%0*0!&*0)09.!#$42*.!
$5!0/&2*0#<!
$<2<!=05$9.!8$!8$#5'($/$#!*!.*'"'1'.#!"A2$1.#-6!=$8'80!%*$($5&'(0!%.*!($8'.!8$!/0!120/!
#$!8$(0*105!*F.!12)*$5!.*'"'1'.#!"A2$1.#-!.!8$#5'($/$#!!2$!#$!$512$5&*05!$5!/0!#2%$*"'1'$!
8.58$!#$!&*0)090!.!10('50<!!
:'$(%*$! !2$! #$! $512$5&*$! $/! %$/'4*.! 8$! 10#80! 8$! 0/&2*0#! 8$)'8.! 0! /0! $='#&$51'0! 8$!
.*'"'1'.#!"A2$1.#-!1$*105.#!.!8$5&*.!8$!/0!?.50!8$!&*0)09. !#$!8$)$5!2&'/'?0*!1.(.!(#5'(.6!
'2)'$*&0#!8$!%*.&$11'?5!&0/$#!1.(.!*$9'//0#!8$!120/!2'$*!(0&$*'0/ !&0)/0#!.!&0%0# !1.5!250!
*$#'#&$51'0!8$!8.#!($1$#!/0!10*40!(8='(0!%*$('#&0!!2$!%2$80!//$40*!0!#.%.*&0*:!1./.1080#!
#.)*$! $/! .*'"'1'.! "A2$1.- ! 8$/'('&080#! *! #$E0/'?080# ! #$4>5! /.! 8'#%2$#&.! $5! /0! %*$#$5&$!
*$#./21'?5!%0*0!/0#!($8'80#!8$!%*$($51'?5<!!
'2058.!#$!&*0&$!8$!8$#5'($/$#!#$!8$)$5!2&'/'?0*!($8'80#!!2$!%$*('&05!/0!1.(25'101'?5!
$5&*$!$//.# !8'#('52*$58.!$/!*'$#4.!8$!10#80 !&0/$#!1.(.!*0(%0#!1.5!25!8542/.!8$!'51/'50;
1'?5!8$!-2/!0!$1/ !.!$#10/$*0#!1.5!($8'80!(#5'(0!8$!A2$//0!8$!+2!0!$1!1$5&#($&*.#!*!8$!
/0! 1.5&*0A2$//0! 8$! (#5'(.! -,! 1$5&#($&*.#! *! (8='(.! -&! 1$5&#($&*.#! *! 8$)$5! #$*! 8$!
#2%$*"'1'$#!05&'8$#/'?05&$#<!
$<,<! 55#%$1&.*! 8$! :$42*'8086! >$*#.50! 1.(%$&$5&$! $510*4080! 8$! ($*'"'10*! /0#!
1.58'1'.5$#!8$!#$42*'808!*!1.5&*./0*!$/!011$#.!0!/0#!8*$0#!8$!*'$#4.!8$!10#80!8$!.)9$&.#!.!
?.50#!!2$!*$%*$#$5&$5!*'$#4.!8$!10#80#!8$!0/&2*0#<!!
'2058.! 5.! #$! A0! '(%/$($5&08.! .&*0! ($8'80! %*$($5&'(0! 1.5&*0! $/! %$/'4*.! 8$! 10#80! 8$!
%$*#.50#! *! .)9$&.#<+ $/! $(%/$08.*! 8$)$! 5.()*0*! 0! 25! '5#%$1&.*! 8$! #$42*'808! !2$! 8$)$!
*$0/'?0*!/0#!#'42'$5&$#!"251'.5$#!*!*$25'*!/0#!#'42'$5&$#!10%01'808$#6!
$<,<-<!:$*!1.(%$&$5&$!%0*0!*$1.5.1$*!/.#!%$/'4*.#!8$!10#80!8$!%$*#.50#!*!.)9$&.#<!
$<,<+<! :$*! 10%0?! 8$! 08($*&'*! 0! /.#! &*0)0908.*$#! 8$! /.#! %$/'4*.#! 8$! 10#80! *! 8$! 8$&$1&0*!
%*81&'10#!'5#$42*0#!8$!&*0)09.!*!1.5!02&.*'?01'?5!%0*0!0%/'10*!($8'80#!1.**$1&'(0#<!!

$<,<$<!<#&0*!/.!#2"'1'$5&$($5&$! 1$*10!8$!.%$*01'.5$#!8$!&*0)09.!%0*0!($*'"'10*!/0#!1.5;
8'1'.5$#!8$!*'$#4.<!
6.8.#! /.#! &*0)0908.*$#! $5! ?.50#! 1.5! 1.5&*./! 8$! 011$#. ! 8$)$*85! #$*! 10%01'&08.#! $5!
08($*&$51'0#! 8$! %$/'4*.#! 8$! 10#80#! $('&'80#! %.*! $/! 55#%$1&.*! 8$! :$42*'808 ! %0*0! !2$! #$!
12(%/05!'5($8'0&0($5&$<!!
;*&#12/.! --<! =$8'80#! 8$! %*.&$11'?5! 1.5&*0! 10#80#<! )0#! ($8'80#! 8$! %*.&$11'?5! 1.5&*0!
10#80# !#.5! 0!2$//0#!'(%/$($5&080#!%0*0!8$&$5$*!/0! 10#80 !250!($?! .12**0 !.!('&'40*!#2#!
1.5#$12$51'0#<!
</! $(%/$08.*! 8$)$! 8$"'5'*! /0#! ($8'80#! 8$! %*$($51'?5! *! %*.&$11'?5! 0! #$*! 2&'/'?080#! $5!
1080!#'&'.!8$!&*0)09.!8.58$!$='#&0!%.*!/.!($5.#!250!%$*#.50!&*0)09058.!$5!0/&2*0#!*0!#$0!
.10#'.50/! .! %$*(05$5&$($5&$ ! $#&0#! ($8'80#! 8$)$5! $#&0*! 01.*8$#! 1.5! /0! 01&'('808!
$1.5?('10!*!&0*$0#!!2$!/0!1.(%.5$5<!
</! 2#.! 8$! ($8'80#! 8$! %*.&$11'?5! 5.! $='($! 0/! $(%/$08.*! 8$! #2! .)/'401'?5! 8$!
'(%/$($5&0*! ($8'80#! 8$! %*$($51'?5 ! 12058.! #$! A0*05! 8$&$*('508.! $5! $/! %*.4*0(0! 8$!
#0/28!.12%01'.50/!1.(.!5$1$#0*'0#!*!('0)/$# !/.!120/!8$)$*8!$#&0*!01.*8$!1.5!/.#!*$!2'#'&.#!
$#&0)/$1'8.#!$5!/0!%*$#$5&$!*$#./21'?5<!
;*&#12/.! -+<! 3$!2$*'('$5&.#! (#5'(.#! %0*0! ($8'80#! 8$! %*.&$11'?5! 1.5&*0! 10#80#<! ).#!
$/$($5&.#! .! $!2'%.#! 8$! /.#! #'#&$(0#! 8$! %*.&$11'?5! 1.5&*0! 10#80#! 8$)$5! #$*! 1.(%0&')/$#!
$5&*$! ## ! $5! &0(0E. ! "'42*0 ! (0&$*'0/$# ! ".*(0 ! 8'8($&*.! *! 8$)$5! #$*! 1$*&'"'108.#! 1.5! /0#!
$5&'808$#!501'.50/$#!$!'5&$*501'.50/$#!1.(%$&$5&$#<!
>.8*85! 2&'/'?0*#$ ! #$4>5! /0#! 5$1$#'808$#! 8$&$*('5080#! %0*0! 25! &*0)0908.*! *! $/!
8$#0**.//.! 8$! #2! /0).* ! ($8'80#! 8$! 0#1$5#.! *! 8$#1$5#.! .! ($8'80#! A.*'?.5&0/$#! .! 8$!
&*0#/08.<!<5!&.8.!10#. !#$!8$)$*85!2&'/'?0*!0*5$#$#!8$!12$*%.!$5&$*.<!
6.8.!#'#&$(0!#$/$11'.508.!8$)$!%$*('&'*!/0!8'#&*')21'?5!8$!"2$*?0 !0(.*&'420*!/0!"2$*?0!
8$! '(%01&. ! $/.5401'?5 ! *$#'#&$51'0! 8$! /.#! 1.(%.5$5&$#! 0! &$5#'?5 ! 1.**.#'?5! .! #$*!
0'#/05&$#! $/71&*'1.#! .! 05&'$#&8&'1.#! 12058.! #$! *$!2'$*05! *! 1.(%0&')'/'808! 1.5! .&*.#!
$/$($5&.#!8$!%*.&$11'?5!'58'('820/<!
).#!$!2'%.#!8$!%*.&$11'?5!'58'('820/!%0*0!8$&$51'?5!*!*$#&*'11'?5!8$!10#80#!#$!#$/$11'.;
50*85!&.(058.!$5!12$5&0!/.#!"01&.*$#!8$!*'$#4.!%*$('#')/$#!.!5.!%*$('#')/$# !%*.%'.#!8$!/0!
&0*$0!*!#2#!10*01&$*##&'10# !&0/$#!1.(.!/0!$='#&$51'0!8$!*.&2*0#!8$!$#&*21&2*0# !1.58'1'.5$#!
0&(.#"7*'10# ! %*$#$51'0! 8$! #2#&051'0#! !2#('10# ! $#%01'.#! 1.5"'508.# ! %.#')'/'808! 8$!
'51$58'.#!.!$=%/.#'.5$# !1.5&01&.#!$/71&*'1.# !#2%$*"'1'$#!10/'$5&$#!.!0)*0#'(0# !$5&*$!.&*.#<!
5420/($5&$ ! #$! 8$)$5! &$5$*! $5! 12$5&0! /0#! 1.58'1'.5$#! "'#'./?4'10#! 8$/! '58'('82.! 1.5!
*$/01'?5!0!/0!&0*$0!*!#2!$#&08.!8$!#0/28!$5!4$5$*0/<!
60()'75!#$!#$/$11'.50*85!8$!012$*8.!0!/0#!1.58'1'.5$#!8$!/0!&0*$0!*!/.#!%*.1$8'('$5&.#!
1.(.!0#1$5#. !8$#1$5#. !8$&$51'?5!8$!10#80# !%.#'1'.50('$5&. !'?0('$5&. !&*05#%.*&$!8$!
%$*#.50/ !#0/(0($5&.!*!*$#10&$<!
>0*84*0".<!6.8.!$!2'%.!#.($&'8.!0!250!10#80!8$)$*8!#$*!*$&'*08.!8$!/0!.%$*01'?5!*!5.!
%.8*8!(./($*!0!#$*!2&'/'?08.!A0#&0!!2$!250!%$*#.50!1.(%$&$5&$!$5!/.#!&7*('5.#!8$!$#&0!*$;
#./21'?5 !8$#0**.//$!250!*$('#'?5!&715'10!*!8$&$*('5$!#2!$#&08.:!$5!$/!10#.!8$!/0#!/#5$0#!8$!
('80!02&.**$&*81&'/$#!%.8*85!#$*!$5('080#!0!*$%0*01'?5!*!*$1$*&'"'1080#!%.*!$/!"0)*'105&$<!
>0*0! /.#! "'5$#! 8$! $#&0! *$#./21'?5! !2$! $#&0)/$1$! $/! *$4/0($5&.! &715'1.! %0*0! &*0)09.!
#$42*.!$5!0/&2*0# !/0#!($8'80#!8$!%*.&$11'?5!#$!1/0#'"'105!$5!%0#'(0#!*!01&'(0#<!
-<! -;(5(>6+ 6>653>6+ (;+ 6=8!;9950:++ <#&85! 8'#$E080#! %0*0! 8$&$5$*! .! 10%&2*0*! 0/!
&*0)0908.*!$5!$/!&*0*$1&.!8$!#2!10#80 !#'5!%$*('&'*!'(%01&.!1.5&*0!$#&*21&2*0#!.!$/$($5&.# !
*$!2'$*$5!%.10!.!5'54250!'5&$*($51'?5!8$/!&*0)0908.*!!2$!*$0/'?0!$/!&*0)09.<!!
0$5&*.!8$!/0#!%*'51'%0/$#!($8'80#!%0#'(0#!8$!%*.&$11'?5!$#&86!

3$8! 8$! :$42*'808! %0*0! /0! 8$&$51'?5! 8$! 10#80#6! =$8'80#! 1./$1&'(0#! 8$! %*.&$11'?5! 12*.!
.)9$&.!$#!8$&$5$*!/0!10#80!/')*$!8$!25!&*0)0908.*<!
'2058.!#$!8$&$*('5$!'5#&0/0*!250!*$8!8$!#$42*'808 !5.!8$)$!1./.10*#$!0!(8#!8$!52$($!
"+-! ($&*.#! %.*! 8$)09.! 8$! /0! #2%$*"'1'$! $5! 8.58$! #$! 10('50! *F.! &*0)090! *! 8$)$! %.8$*!
#.%.*&0*!#2!'(%01&.!#'5!4./%$0*!5'54>5!.)#&812/.!8$)09.!8$!$//0<!
)0#!8'#&051'0#!8$!'5#&0/01'?5!#$*85!/0#!!2$!#$!#$E0/05!$5!/0!#'42'$5&$!&0)/0<!
60)/04/!+!
!"9&"!(-("*7$#+2"+2(#7 *'( +6 ! +(*#7 % '($*+2"+!"2+2"+#"1&!(2 2!
!
2(#7 *'( + :"!7(' %+ 2"#2"+ % + 2(#7 *'( + -(*(- + 2$!(@$*7 %+ !"A
#&6"!=('("+ "*+ 2$*2"+ #"+ ' -(* + 9&"!(2 + 2"#2"+ "%+ .$!2"+ "B7"!*$+
>?$+ 7! . ; + 2 #7 + % + #&6"!=('("+ 2"+ % + - %% + 2 #7 + "%+ .$!2"+ 2"+ % +
2$!(@$*7 %+2"+% +!"2!
#&6"!=('("+2"+7! . ;$!
-<2!(!
+<%1!(!
=8#!8$!-<2<!(!A0#&0!$!(!
$!(!
=8#!8$!$!(!
%!(!
!
)0!*$8!8$!#$42*'808!8$)$!#$*!8$!%./'0('80!.!(0&$*'0/!#'('/0*!%0*0!!2$!%2$80!#.%.*&0*!
$/!'(%01&.!#'5!&.10*!5'54>5!.)#&812/.!8$)09.!8$!$//0<!
<#&0#!*$8$#!8$)$5!12(%/'*!1.5!/.#!#'42'$5&$#!*$!2'#'&.#6!
0-!B50!*$#'#&$51'0!(#5'(0!8$!*2%&2*0!8$!2<111!/')*0#!"++<+!I'/.5$J&.5#!K!+<+.+!D4-:!
)-!B5!&0(0E.!(8='(.!8$!$5&*0(08.!8$!/0!*$8!8$!1'$5!"-11-!(<( !%$*.!#'!08$(8#!/0!
*$8! &'$5$! %.*! .)9$&'(.! /0! 8$&$51'?5! 8$! .)9$&.# ! #$! 8$)$*8! 1./.10*! 250! (0//0! %0*0!
$#1.()*.#!%.*!8$)09. !#'42'$58.!/0#!$#%$1'"'101'.5$#!&715'10#!8$/!"0)*'105&$:!
1-!).#!%25&.#!8$!051/09$!8$!/0!*$8!0!/0!$#&*21&2*0!8$)$5!&$5$*!250!*$#'#&$51'0!(#5'(0!
8$!2<111!/')*0#!"++<+!I'/.5$J&.5#!K!+<+.+!D4-:!
8-!).#!05'//.#!$5!0!*!4051A.#!1.5!*$#.*&$ !8$)$5!&$5$*!250!*$#'#&$51'0!(#5'(0!8$!2<111!
/')*0#!"++<+!I'/.5$J&.5#!K!+<+.+!D4-:!
$-!)0#!*$8$#!8$!#$42*'808!*!#2#!%25&.#!8$!051/09$ !8$)$*85!#$*!0%*.)080#!%.*!250!%$*;
#.50!10/'"'1080!$5!$/!#'&'.!8$!&*0)09.!8$#%27#!8$!#2!'5#&0/01'?5!'5'1'0/!*!05&$#!8$!#$*!2#080!
1.(.!#'#&$(0!8$!%*.&$11'?5!8$!10#80#!*!12058.!*$!2'$*0!#$*!*$'5#&0/080!8$#%27#!8$!250!
*$%0*01'?5:!
"-! )0#! 8'#&051'0#! $5&*$! %25&.#! 8$! 051/09$! 8$)$5! #$*! &$5'80#! $5! 12$5&0! 1.5".*($! 0! /0#!
$#%$1'"'101'.5$#! 8080#! %.*! "0)*'105&$#! 1$*&'"'108.# ! %.*! /0#! 02&.*'808$#! .! $5&'808$#!
1.(%$&$5&$#!501'.50/$#!.!'5&$*501'.50/$#!*!0%*.)080#!%.*!/0!%$*#.50!10/'"'1080:!
4-!6.80!*$8!8$!#$42*'808!8$)$!#$*!1$*&'"'1080!*!8$)$!&$5$*!250!A.90!8$!('80!$5!8.58$!
$#&75! 1.5#'4508.#! /.#! 80&.#! 8$! "$1A0! 8$! "0)*'101'?5 ! 2#.! 05&$*'.* ! *$4'#&*.#! 8$! %*2$)0# !
*$4'#&*.#!8$!'5#%$11'?5 !1$*&'"'101'.5$#!$=%$8'8.#!%.*!%$*#.50#!10/'"'1080#<!
)0#!*$8$#!8$)$5!$#&0*!/')*$#!8$!120/!2'$*!$/$($5&. !(0&$*'0/ !$!2'%.!.!A$**0('$5&0!$5!
#2! '5&$*'.* ! 82*05&$! &.8.! $/! &'$(%.! !2$! #$! *$0/'1$! $/! &*0)09. ! /.! 120/! 8$)$! #$*! ($*'"'108.!
82*05&$!#2!2#.<!;##!('#(. !8$)$5!&$5$*!25!%25&.!8$!011$#.!!2$!%$*('&0!/0!*$(.1'?5!8$!
$/$($5&.#!.!%$*#.50#!!2$!10'405!$5!$//0<!
)0#!*$8$#!8$)$5!#$*!'5#%$11'.5080#!#$(050/($5&$!($*'"'1058.!#2!$#&08.<!0$#%27#! 8$!
120/!2'$*! '51'8$5&$! !2$! %2$80! 0"$1&0*! /0! '5&$4*'808! 8$! $#&$! #'#&$(0! *! $5! $/! 10#.! 8$!
8$&$*'.*.! .! '(%01&.! 8$)$5! #$*! 10()'080#! 8$! (05$*0! '5($8'0&0 ! 8$9058.! *$4'#&*08.! /0!
"$1A0!*!&'%.!8$!*$8!%.*!/0!!2$!#$!10()'0<!

<5!$/!10#.!8$!!2$!$5!/0#!8*$0#!8$!&*0)09.!$5!0/&2*0# !$#&75!/0).*058.!#'(2/&85$0($5&$!
8.#! .! (8#! &*0)0908.*$# ! 8$)$*85! '(%/$($5&0*#$! #'#&$(0#! 8$! %*$($51'?5! .! %*.&$11'?5!
1.(%/$($5&0*'.#<!
+<! -;(5(>6+ 9!53>6+ (;+ 6=8!;9950:++ ;!2$//0#! !2$! '5(./21*05! /0! %0*&'1'%01'?5! 8$/!
&*0)0908.* ! 1.5!$/!*$!2'#'&.!8$!!2$! $#&$! 8$)$! $#&0*!10%01'&08.! *!$5&*$508.!$5!$/! 2#.!8$!
/.#! $/$($5&.#! 8$! %*.&$11'?5! %$*#.50/ ! #'#&$(0#! 8$! &*0)09.! $5! 0/&2*0#! *! $5! /.#!
%*.1$8'('$5&.#! .%$*0&'(.#! #$42*.#! 8$! &*0)09. ! 1.5".*($! 0! /0! 01&'('808! $1.5?('10! *! 0! /0!
&0*$0!0!*$0/'?0*:!&0/$#!#'#&$(0#!8$)$5!#$*!'(%/$($5&08.# !#'5!%$*92'1'.!8$!/0#!($8'80#!8$!
%*$($51'?5!*!%*.&$11'?5!1.5&*0!10#80# !!2$!&*0&0!$#&$!*$4/0($5&.!&715'1. !0!/0#!120/$#!$#&8!
.)/'408.!$/!$(%/$08.*<!
6.8.#! /.#! $/$($5&.#! *! $!2'%.#! 8$! %*.&$11'?5! 8$)$5! #$*! #.($&'8.#! 0! '5#%$11'?5! 05&$#!
8$!1080!2#.!%.*!%0*&$!8$/!&*0)0908.* !$5!$/!!2$!1.5#&0&$!!2$!&.8.#!/.#!1.(%.5$5&$# !#$!
$512$5&*05!$5!)2$5!$#&08.<!
6.8.#!/.#!$/$($5&.#!*!$!2'%.#!8$!%*.&$11'?5!8$)$5!12(%/'*!1.5!/.#!*$!2$*'('$5&.#!8$!
(0*101'?5!1.5".*($!0!/0#!5.*(0#!501'.50/$#!$!'5&$*501'.50/$#!('4$5&$#:!8$)$5!1.5&0*!1.5!
250! *$#'#&$51'0! (#5'(0! 8$! 2<111! /')*0# ! 1$*&'"'108.#! %.*! /0#! '5#&051'0#! 1.(%$&$5&$#! 8$/!
5'($/! 501'.50/! .! '5&$*501'.50/! *! 8$)$5! #$*! *$#'#&$5&$#! 0! /0! "2$*?0 ! 0/! $5($9$1'('$5&. ! 0! /0!
0)*0#'?5 !/0!1.**.#'?5!*!0/!10/.*<!!
)0#! ($8'80#! 01&'(0#! 8$! %*.&$11'?5! #$! 1.5#&'&2*$5! $5! 25! #'#&$(0! !2$! 8$(0580! 250!
1.5"'42*01'?5! !2$! '5(./21*05! /.#! #'42'$5&$#! 1.(%.5$5&$#6! %25&.! 8$! 051/09$ ! ($105'#(.#!
8$!051/09$ !1.5$1&.*$# !#.%.*&$!1.*%.*0/!*!%/05!8$!*$#10&$!
+<-<! >25&.#! 8$! ;51/09$! "'9.#6! ;!2$//.#! $!2'%.#! !2$! 0#$42*08.#! ($8'05&$! &715'10#! 8$!
'54$5'$*#0!0!250!$#&*21&2*0 !#.5!10%01$#!8$!#.%.*&0*!/0#!"2$*?0#!4$5$*080#!%.*!250!10#80 !
8$)$5! 1.5&0*! 1.5! 250! *$#'#&$51'0! (#5'(0! 8$! $<,11! /')*0#! "-2<&$! I'/.5$J&.5#! K! -<,1.!
D'/.4*0(.#- ! #'! #.5! 10/12/08.#! %.*! 250! >$*#.50! '0/'"'1080 ! 8$! .&*0! ".*(0! #$! $='4'*8! 250!
*$#'#&$51'0!(#5'(0!8$!2<111!/')*0#!"++<+!I'/.5$J&.5#!K!+<+.+!I4-!0!1080!%25&.!8$!051/09$ !
%.*! %$*#.50! 1.5$1&080<! '2058.! #$! '5#&0/$5! 8.#! &*0)0908.*$#! 0/! ('#(.!%25&.! 8$! 051/09$ !
$#&$! 8$)$! *$#'#&'*! -1<111! /')*0#! "%%<%! I'/.5$J&.5#! K! %<2%%! D4-<! <5! 120/!2'$*! 10#.! 5.! #$!
%$*('&$!/0!1.5$='?5!8$!(8#!8$!8.#!&*0)0908.*$#!0!25!%25&.!8$!051/09$!"'9.<!
+<+<! =$105'#(.#! 8$! ;51/09$6! 0'#%.#'&'(.#! 8$! &'%.! %.*&8&'/! !2$! 0)*0?05! .! #$! 092#&05! 0!
250! 8$&$*('5080! $#&*21&2*0! *! &'$5$5! 1.(.! "251'?5! #$*! %25&.#! #$42*.#! 8$! 01.%/0('$5&.!
%0*0! /.#! 4051A.#! 8$! /.#! 1.5$1&.*$# ! 12058.! $#&.#! >/&'(.#! 5.! %2$805! 1.5$1&0*#$!
8'*$1&0($5&$!0!/0!$#&*21&2*0<!!
>.8*85!#$*!8$!10)/$!8$!01$*. !108$50!($&8/'10 !*$0&0#!8$!(0&$*'0/$#!#'5&7&'1.#!.!8'#$;
E08.#!$5!01$*.#!.!(0&$*'0/$#!($&8/'1.# !%0*0!092#&0*#$!0!/0#!".*(0#!8$!250!8$&$*('5080!
$#&*21&2*0:!&$58*85!250!*$#'#&$51'0!0!/0!*2%&2*0!(#5'(0!8$!2<111!/')*0#!"++<+!I'/.5$J&.5#!
K!+<+.+!D4-<!
).#!05&$*'.*$#!8'#%.#'&'(.#!8$)$5!1.5&0*!1.5!/0#!#'42'$5&$#!10*01&$*##&'10#6!
0-!3$#'#&$51'0!(#5'(0!8$!2<111!/')*0#!"++<+!I'/.5$J&.5#!K!+<+.+!D4-!$5!120/!2'$*0!8$!
#2#!1.(%.5$5&$#:!
)-! 6.8.#! /.#! 05'//.#! $5! 0 ! $5! 3! 2! .(0/08.#! !2$! A0405! %0*&$! 8$! 25! 8'#%.#'&'(.! 8$!
051/09$ !8$)$5!#$*!1$*&'"'108.#!1.5!250!10*40!8$!$<,11!/')*0#!"-2<&$!I'/.5$J&.5#!K!-<,1.!
D'/.4*0(.#-!%.*!/0#!$5&'808$#!1.(%$&$5&$#!*$1.5.1'80#!501'.50/!.!'5&$*501'.50/($5&$:!
1-!0$#%27#!8$!#$*!'5#&0/08.#!/.#!051/09$#!"'9.# !8$)$5!#$*!1$*&'"'108.#!0/!-11M!%.*!250!
%$*#.50! 10/'"'1080 ! 0! &*0(7#! 8$! ($&.8./.4#0! %*.)080! %.*! /0#! 02&.*'808$#! *$1.5.1'80#!
501'.50/!.!'5&$*501'.50/($5&$<!
+<$<!>25&.#!8$!;51/09$!=?('/$#6!;!2$//.#!!2$!%$*('&$5!$/!8$#%/0?0('$5&.!8$/!&*0)0908.*!
$5!".*(0!($*&'10/!*!A.*'?.5&0/<!!

+<$<-<! )#5$0#! 8$! ('80! %0*0! 8$#%/0?0('$5&.! A.*'?.5&0/++ :'#&$(0! 8$! %*.&$11'?5! 1.5&*0!
10#80# !1.(%2$#&.!%.*!25!10)/$ !12$*80!8$!(0&$*'0/!#'5&7&'1.!.!*'$/!!2$!(05!"'9.#!0!/0!$#;
&*21&2*0!($8'05&$!25.#!051/09$#!*!%.#$$5!250!%'$?0!1.**$8$*0!!2$!#$!8$#/'?0!0!&*0(7#!8$!
&.8.!$/!10)/$ !12$*80!.!*'$/!//0(080!8$#/'?08.*!!2$!$#&8!8'#$E080!8$!".*(0!!2$!5.!%2$80!
#0/'*#$!8$/!#'#&$(0<!
)0#!/#5$0#!8$!('80!#$*85!8'#$E080#!$!'5#&0/080#!1.(.!%0*&$!8$!25!#'#&$(0!8$!%*.&$11'?5!
1.5&*0! 10#80#! !2$! 8$)$! (05&$5$*! 25! "01&.*! 8$! #$42*'808! 5.! ($5.*! !2$! 8.#! "+-! *! 8$)$!
(05&$5$*!250!#2%$*('#'?5!8$!250!>$*#.50!'0/'"'1080<!
>.8*85! #$*! %*.('#'.50/$#! .! "'90# ! $#&0#! >/&'(0#! 8$)$*85! #$*! 8'#$E080#! *! 10/12/080#! %.*!
250!>$*#.50!'0/'"'1080 !$!'5#&0/080#!%.*!25!%*."$#'.50/!.!&715'1.!!2$!01*$8'&$!$=%$*'$51'0!
$5! $//.! )09.! #2%$*('#'?5! 8$! 250! %$*#.50! 10/'"'1080 ! 1.5! (0&$*'0/$#! 1$*&'"'108.#<! <#&0#!
8$)$5!'51/2'*!#'#&$(0#!0)#.*)$8.*$#!8$!$5$*4#0!12058.!/.#!18/12/.#!.!/0#!1.58'1'.5$#!8$!/0!
/#5$0!0##!/.!8$&$*('5$5<!!
)0! /.54'&28! 8$/! 0)#.*)$8.*! 8$! $5$*4#0! 8$)$! #$*! &$5'80! $5! 12$5&0! $5! /.#! 18/12/.#! 8$/!
*$!2$*'('$5&.!8$!1/0*'808<!
)0#! /#5$0#! 8$! ('80! A.*'?.5&0/$#! %*.('#'.50/$#! 8$)$*85! #$*! 8$! (0&$*'0/$#! 1$*&'"'108.#! $!
'5#&0/080#!$5&*$!%25&.#!8$!051/09$!1.5!250!*$#'#&$51'0!(#5'(0!8$!2<111!/')*0#!"++<+!I'/.;
5$J&.5#!K! +<+.+! D4-! %.*!%$*#.50! 1.5$1&080<! )0#!('#(0#!8$)$5!1.5&0*!0)#.*)$8.*$#! 8$!
$5$*4#0! 1$*&'"'108.#! %.*! /0#! $5&'808$#! 501'.50/$#! $! '5&$*501'.50/$#! 1.(%$&$5&$# ! %0*0! $/!
&'%.!8$!/#5$0 !#'5!!2$!#2%$*$5!/0!*$#'#&$51'0!8$!/0!$#&*21&2*0<!
</!8'8($&*.!(#5'(.!8$/!10)/$!($&8/'1.!0!$(%/$0*!%0*0!/#5$0#!8$!('80!A.*'?.5&0/$# !8$)$!
#$*!8$!&(( !$5!10#.!8$!&$5$*!/#5$0#!8$!('80!&$(%.*0/$#!8$)$5!#$*!$5!(0&$*'0/$#!#'5&7&'1.#!
#'('/0*$#! .! '420/$#! 0! /0#! %./'0('80#! 1.(.! $/! %./'7#&$*! *! #2! 8'8($&*.! %.8*8! #$*! 8$! 2F&H!
"-,((-! .! $5! 1.5"'42*01'.5$#! ($5.*$#! %$*.! !2$! 12(%/05! 1.5! /0! *$#'#&$51'0! (#5'(0! 8$!
2111/)!"++<+!I'/.5$J&.5#!K!+<+.+!D4-!%.*!%$*#.50!1.5$1&080<!:'!/0!/#5$0!8$!('80!A.*'?.5&0/!
$#!'5#&0/080!$5!25!0()'$5&$!!2$!%2$80!0"$1&0*/0!%.*!1.**.#'?5 !#$!8$)$!&*0)090*!1.5!10)/$!
8$!01$*.!'5.='80)/$<!!
'2058.! #$! 12$5&0! 1.5! #'#&$(0#! 8$! *'$/ ! #$! 8$)$*85! 1.5&$(%/0*! /.#! 18/12/.#! 8$/!
"0)*'105&$!*!8$!250!%$*#.50!10/'"'1080!%0*0!8$&$*('50*!/0#!8'#&051'0#!$5&*$!/.#!%25&.#!8$!
0%.*.<!:$!8$)$5!%*$#$5&0*!/.#!18/12/.#!8$!8'#$E.!*!%*2$)0#!8$!/0!1.5"'42*01'?5!$(%/$080<!
'$*&'"'1058.!/.!'5#&0/08.<!
</! 8'#$E.! *! 18/12/.! 8$! /0#! /#5$0#! 8$! ('80! 8$)$! 1.5&$(%/0*! $/! 5>($*.! 8$! %$*#.50#! 1.;
5$1&080# !/0!/.54'&28!8$!/0!/#5$0 !$/!10/')*$!8$/!10)/$ !$/!5>($*.!8$!051/09$#!'5&$*($8'.# !$/!
&'%.!8$!$!2'%.!1.5$1&.*!0!2&'/'?0*!%.*!%0*&$!8$!/.#!&*0)0908.*$# !*$!2$*'('$5&.!8$!1/0*'808:!
08$(8#!8$!/0!%*$&$5#'?5!.!'58'108.*!8$!&$5#'?5!*!/0!5$1$#'808!8$!#'#&$(0#!0)#.*)$8.*$#!
8$!$5$*4#0!!2$!%*.&$905!/.#!051/09$#<!!
+<$<+<! )#5$0#! 8$! ('80! ($*&'10/$#6! :'#&$(0#! 8$! 10)/$#! 8$! 01$*.! .! 12$*80#! !2$!
8$)'80($5&$!051/080#!$5!25!%25&.!#2%$*'.*!0!/0!?.50!8$!/0).* !%*.&$4$5!0/!&*0)0908.*!$5!
#2!8$#%/0?0('$5&.!($*&'10/!"0#1$5#.F8$#1$5#.-<!</!#'#&$(0!8$!/#5$0!($*&'10/!8$)$!'51/2'*!25!
10)/$!8$!01$*.!.!250!12$*80!#'5&7&'10!8$)'80($5&$!1$*&'"'1080!*!"0)*'1080!%0*0!8'1A.!2#.!*!
1.(.! %25&.! 8$! 051/09$ ! 8$)$! 40*05&'?0*! 250! *$#'#&$51'0! 8$! (#5'(.! 2<111! /')*0#! "++<+!
I'/.5$J&.5#!K!+<+.+!D4-<!
)0#! /#5$0#! 8$! ('80! ($*&'10/$#! %.8*85! #$*! %$*(05$5&$#! .! %.*&8&'/$#! #$4>5! /0! 5$1$#'808:!
8$)$5!$#&0*!051/080#!0!25!%25&.!1.5!250!*$#'#&$51'0!(#5'(0!8$!2<111!/')*0#!"++<+!I'/.5$;
J&.5#! K! +<+.+! D4-! *! %2$8$5! '51/2'*! 25! #'#&$(0! 0)#.*)$8.*! 8$! $5$*4#0! !2$! 8'#('52*0! $/!
$"$1&.! 8$! /0! 10#80! #.)*$! $/! %25&.! 8$! 051/09$ ! 8$! &0/! (05$*0! !2$! $#&$! 5.! "0//$<! >.8*85!
$(%/$0*! /0#! 8'"$*$5&$#! 1.5"'42*01'.5$#! $#&0)/$1'80#! $5! /0#! 5.*(0#! '5&$*501'.50/$#!

('4$5&$# ! 12(%/'$58.! 1.5! /0#! $='4$51'0#! 1.5&$5'80#! $5! $#&0! *$#./21'?5<! ;8$(8# ! 8$)$5!
&$5$*!0/4>5!($105'#(.!8$!&$5#'?5!!2$!40*05&'1$!!2$!%$*(05$?10!($*&'10/<!
+<$<$<! )0#! /#5$0#! 8$! ('80! ($*&'10/$#! "'90#6! :$! 2&'/'?05! $5! $#&*21&2*0#! !2$! #2%$*$5! 250#!
0/&2*0#! 8$! $( ! %2$8$5! #$*! '5#&0/080#! $5! $#10/$*0#! &'%.! 40&.! "($*&'10/$#-! *! 0#$42*0*85! $/!
011$#.! 0! 12)'$*&0# ! %/0&0".*(0# ! &05!2$# ! &.**$#! .! 120/!2'$*! #'&'.! '582#&*'0/! 12*.! 011$#.!
&$540! $#&0! 1.5"'42*01'?5! *! !2$! %.*! #2#! 10*01&$*##&'10#! .! "*$12$51'0! 8$! 2#. ! $='90! !2$! $/!
#'#&$(0!8$!0#$42*0('$5&.!%0*0!&*85#'&.!($*&'10/!%$*(05$?10!'5#&0/08.<!
</!8'#$E.!8$!/0!/#5$0!8$!('80!($*&'10/!8$%$58$*8!8$/!&'%.!8$!$#&*21&2*0!*!08$(8#!8$!/0!
105&'808! 8$! 2#20*'.#! !2$! %.8*85! $#&0*! 0#$42*08.#! 0! $//0<! <#&0! '5#&0/01'?5! 8$)$! #$*! 1.5!
10)/$!8$!01$*.!8$!0/(0!#?/'80!*!10/')*$!$5&*$!&!((!*!+!((!*!$#&0*!"'90!0!/0#!$#10/$*0#!8$/!
#'&'.! #$4>5! 8'#$E.! 1$*&'"'108.! 8$! 1080! "0)*'105&$! *! #$*8! '5#&0/080! %.*! %$*#.50#!
1.(%$&$5&$#!*!1$*&'"'1080#!%.*!$/!"0)*'105&$!8$!/0#!/#5$0#<!:2!051/09$!#2%$*'.* !8$)$!1.5&0*!
1.5!25!#'#&$(0!0)#.*)$8.*!8$!$5$*4#0!12*.!8'#$E.!$('8$51'$!#'!A0!#'8.!01&'(08.<!)0!/#5$0!
8$)$!1.5&0*!1.5!25!051/09$!'5"$*'.*!'5#&0/08.!$5!/0!$#10/$*0 !!2$!12$5&$!1.5!25!($105'#(.!
8$! &$5#'?5! *! 25! '58'108.*! 8$! &$5#'?5! #$4>5! 8'#$E.! 8$/! "0)*'105&$<! ;8'1'.50/($5&$ ! #$!
*$!2'$*$!!2$!#$4>5!/0!/.54'&28!8$!/0!/#5$0!8$!('80 !!2$!$#&0!12$5&$!1.5!42#0#!8$!10)/$!!2$!
$('&$5! $/! (.('('$5&.! 8$/! ('#(.! *! 8$)'$58.! %$*('&'*! $/! %0#.! "81'/! 8$! /.#! 1.5$1&.*$#! 8$!
&*85#'&.! ($*&'10/<! <#! 5$1$#0*'.! !2$! /0! /#5$0! 8$! ('80! ($*&'10/! 01.(%0E$! $/! 0#1$5#.! 8$/!
&*0)0908.*! A0#&0! 12058.! $/! ('#(.! $#&7! #.)*$! /0! #2%$*"'1'$! 8$! &*0)09. ! %.*! &0/! (.&'(. ! /0!
/#5$0! 8$! ('80! 8$)$*8! #.)*$#0/'*! (#5'(.! -<+1! (! %.*! $51'(0! 8$! /0! #2%$*"'1'$! 8$! /0).*<! )0#!
$#10/$*0#! 8.58$! #$! '5#&0/$5! $#&.#! #'#&$(0#! 8$)$5! &$5$*! /0! 10%01'808! $#&*21&2*0/! %0*0!
#.%.*&0*!/0!10#80!#'(2/&85$0!8$!/.#!2#20*'.#!02&.*'?08.#!%0*0!2#0*!/0!/#5$0!8$!('80<!!
+<$<%<! )0#! /#5$0#! 8$! ('80! ($*&'10/$#! %.*&8&'/$#6! >2$8$5! #$*! $5! 10)/$! 8$! 01$*.! 1.5!
8'8($&*.#! $5&*$! &! ((! 0! +! ((! .! 12$*80#! $#&8&'10#! 1.5! 250! $/.5401'?5! (8='(0! 8$/! 2M !
"0)*'1080! 1.5! (0&$*'0/$#! #'5&7&'1.#! 1.5! 8'8($&*.! 8$! (#5'(.! -$! (( ! 8$)'80($5&$!
1$*&'"'1080#!*!*$#'#&$5&$#!0!/0!"*'11'?5!*!$/!8$#40#&$<!!
)0#!/#5$0#!8$!('80!($*&'10/$#!$5!12$*80!8$)$*85!1.5&0*!1.5!25!.9.!".*(08.!($8'05&$!25!
528.!&*$5?08.!12058.!/0!12$*80!&$540!&*$#!*0(0/$# !$/!&*$5?08.!8$)$*8!40*05&'?0*!(#5'(.!
"%-!8.)/$1$# !0##!('#(. !$5!$/!10#.!8$!!2$!/0!12$*80!5.!#$0!8$/!&'%.!&*$5?08. !$/!.9.!%.8*8!
$#&0*! ".*(08.! %.*! #'#&$(0#! 1$*&'"'108.#! !2$! 0%*'#'.5$5! /0! 12$*80! *! 40*05&'1$5! /0!
*$#'#&$51'0!$='4'80:!$5!&.8.#!/.#!10#.# !$/!.9.!8$)$*8!%*.&$4$*#$!1.5!25!420*8010).<!:2#!
$(%0/($#! #$! 8$)$5! *$0/'?0*! 1.5! $/$($5&.#! 0! 1.(%*$#'?5 ! 5.! 1.5! 528.#<! <5! /0! %0*&$!
'5"$*'.*!8$!/0!/#5$0!#$!8$)$!1./40*!25!1.5&*0%$#.!!2$!(05&$540!/0!12$*80!1.(%/$&0($5&$!
$#&'*080<! <#&$! &'%.! 8$! /#5$0#! 8$! ('80! 8$)$5! #$*! 1.5$1&080#! 0! %25&.#! 8$! 051/09$! 1.5! 25!
(.#!2$&?5! 1.5! 250! *$#'#&$51'0! (#5'(0! 8$! 2<111! /')*0#! "++ +! D4! ;+<+.+! D4-! 1.5! 1'$**$!
02&.(8&'1.! 8$! #$42*'808 ! 5.! #$! %$*('&'*85! #'#&$(0#! *.#108.#! *! #$! 8$)$! $('&0*! !2$! /0#!
('#(0#!*.1$5!1.5&*0!"'/.#!8$!$#&*21&2*0#!!2$!%2$805!.10#'.50*!#2!*.&2*0<!
)0#!/#5$0#!8$!('80!($*&'10/$#!8$!&'%.!%.*&8&'/!$5!10)/$!8$!01$*. !8$)$5!&$5$*!25!.9.!1.5!
01.%/0('$5&.#! $#&0(%08.#! 0! %*$#'?5! .! #'#&$(0#! %*$5#010)/$#! "%$**.#- ! $/! .9.! #'$(%*$!
$#&0*8! %*.&$4'8.! 1.5! 25! 420*8010).! 8$! &0(0E.! 0%*.%'08.<! <#&0#! /#5$0#! 8$! ('80! 8$)$*85!
1.5&0*!1.5!25!#'#&$(0!8$!1.5&*0%$#.!!2$!#$!2)'10*8!$5!/0!%0*&$!'5"$*'.*!8$!/0!/#5$0!%0*0!
&$5#'.50*/0<!
6.8.! #'#&$(0! 8$! 8$&$51'?5! 8$! 10#80 ! '51/2*$58.! /.#! #'#&$(0#! 8$! /#5$0#! 8$! ('80!
($*&'10/$# !8$)$5!(05&$5$*!25!"01&.*!8$!#$42*'808!8$!0/!($5.#!8.#!"+-!*!/0!0%*.)01'?5!8$!
250! %$*#.50! 10/'"'1080<! <5! $/! 10#.! 8$! !2$! 25! #'#&$(0! A0*0! #2"*'8.! $/! '(%01&.! 8$! 250!
10#80 ! 8$)$*8! #$*! *$&'*08.! '5($8'0&0($5&$! 8$! #$*('1'.! *! 5.! #$*85! 2&'/'?08.#! %.*! .&*.#!
&*0)0908.*$#!0!($5.#!!2$!#$05!'5#%$11'.508.#!*!$(0/208.#!%.*!250!%$*#.50!1.(%$&$5&$!

.! 10/'"'1080! %0*0! 8$&$*('50*! #'! 8$)$5! *$&'*0*#$! 8$! #$*('1'.! .! %2$8$5! #$*! %2$#&.#! $5!
.%$*01'?5!!
).#!0**$#&08.*$#!.!8$&$5$8.*$#!8$!10#80#!8$)$5!01&20*!02&.(8&'10($5&$!$5!#2!"251'?5!
8$! )/.!2$.! "8$&$51'?5! 8$! 10#80#- ! /.#! !2$! &*0)0905! #.)*$! /#5$0#! 8$! ('80! ($*&'10/! *! #$!
0%.*05! $5! #2! .%$*01'?5 ! >5'10($5&$! $5! $/! %*'51'%'.! 8$! 0%0/0510('$5&.! %0*0! #2!
0#$42*0('$5&. ! 8$)$5! 01&20*! 8$! (05$*0! $"$1&'(0! 05&$#! 8$! !2$! /0! %0/0510! #$! &.*5$!
%$*%$58'12/0*! 0! /0! /#5$0! 8$! ('80<! ).#! #'#&$(0#! 8$! 8$&$51'?5! 8$! 10#80#! 0! &*0(7#! 8$! 528.#!
$#&85! $=1/2'8.#! 8$! $#&0! *$#./21'?5! !2$! $#&0)/$1$! $/! *$4/0($5&.! &715'1.! %0*0! &*0)09.!
#$42*.! $5! 0/&2*0#<! ).#! 0**$#&08.*$#! %0*0! /#5$0#! 8$! ('80! ($*&'10/$# ! 8$)$5! $#&0*!
8$)'80($5&$!(0*108.#!'58'1058.!#2!8'*$11'?5!8$!2#.<!!
)0#! /#5$0#! 8$! ('80! ($*&'10/$#! 8$! &'%.! %.*&8&'/ ! %.8*85! '51/2'*! #'#&$(0#! 8'#'%08.*$#! "0);
#.*)$8.*$#-!8$!$5$*4#0!#$4>5!/0#!10*01&$*##&'10#!8$/!%25&.!8$!051/09$<!
).#!$/$($5&.#!.!$!2'%.#!8$!/0#!/#5$0#!8$!('80!($*&'10/!8$)$5!#$*!1.(%0&')/$#!$5&*$!## !
$5!&0(0E. !"'42*0 !(0&$*'0/$# !".*(0 !8'8($&*.!*!8$)$5!#$*!1$*&'"'108.#!1.5!/0#!$5&'808$#!
501'.50/$#! $! '5&$*501'.50/$#! 1.(%$&$5&$#! *! 8$)$5! #$*! 0(0/08.#! %.*! 250! %$*#.50!
1.(%$&$5&$<!
+<%<! '.5$1&.*$#6! '.(%.5$5&$#! .! #2)#'#&$(0#! 8$! 25! #'#&$(0! 8$! %*.&$11'?5! 1.5&*0!
10#80# ! !2$! &'$5$5! ($8'.#! $#%$1#"'10($5&$! 8'#$E08.#! %0*0! $/! 01.%/$! $5&*$! $/! #'#&$(0! 8$!
%*.&$11'?5!1.5&*0;10#80#!0/!051/09$<!
).#! 1.5$1&.*$#! #$*85! 8'"$*$5&$#! 8$%$58'$58.! $/! &'%.! 8$! &0*$0! 0! *$0/'?0*! *! #$!
#$/$11'.50*85!1.5".*($!0!/0!#'42'$5&$!1/0#'"'101'?56!
+<%<-<!9051A.#!8$!#$42*'8086!<!2'%.#!!2$!12$5&05!1.5!25!#'#&$(0!8$!1'$**$!8$!8.)/$!
#$42*'808!%0*0!$('&0*!#2!0%$*&2*0!'5(./25&0*'0 !%$*('&$5!25'*!$/!0*57#!0/!%25&.!8$!051/09$<!
<//.#!5.!8$)$5!&$5$*!).*8$#!"'/.#.#!.!*24.#.#!!2$!%2$805!1.*&0*!.!8$#40#&0*!%.*!"*'11'?5!
/.#!10).#!.!/0#!1.**$0#!.!/0#&'(0*!0/!2#20*'.<!!
+<%<+!=.#!2$&.5$#6!8$)$5!#$*!1.5!1'$**$!8$!)/.!2$.!02&.(8&'1.!*!"0)*'108.#!$5!01$*. !
1.5!250!*$#'#&$51'0!(#5'(0!1$*&'"'1080!8$!2<111!/')*0#!"++<+!I'/.5$J&.5#!K!+<+.+!D4-<!!
>0*0! /.#! "'5$#! 8$! $#&0! *$#./21'?5! !2$! $#&0)/$1$! $/! *$4/0($5&.! &715'1.! %0*0! &*0)09.!
#$42*.!$5!0/&2*0# !$/!2#.!8$!(.#!2$&.5$#!*.#108.#!!2$805!%*.A')'8.#!$5!/.#!#'#&$(0#!8$!
%*.&$11'?5!1.5&*0!10#80#<!!
+<%<$<! '.5$1&.*$#! %0*0! *$#&*'11'?5! 8$! 10#80#6! 6'$5$5! 1.(.! "251'?5! 0#$42*0*! 0/!
&*0)0908.*!0!25!%25&.!8$!051/09$!#'5!%$*('&'*!!2$!$#&$!#$!01$*!2$!0/!(01#.!.!0!25!).*8$!
8$#%*.&$4'8.<!</!%25&.!8$!051/09$!8$)$!40*05&'?0*!250!*$#'#&$51'0!(#5'(0!8$!$<111!/')*0#!
"-$<-+!I5!K!-<$$+<+!D4-<!<#&.#!1.5$1&.*$#!%.8*85!#$*!8$!"')*0!#'5&7&'10 !12$*80!.!10)/$!8$!
01$*.!1.5!250!*$#'#&$51'0!8$!2<111!/')*0#!"++<+!I'/.5$J&.5#!K!+<+.+!D4-<!!
+<%<%<!'.5$1&.*$#!8$!>.#'1'.50('$5&.6!6'$5$5!/0!"'50/'808!8$!%$*('&'*!!2$!$/!&*0)0908.*!
#$!2)'!2$!$5!25!%25&.!$#%$1#"'1.!0!8$#0**.//0*!#2!/0).* !$('&058.!!2$!/0!10#80!/')*$!#$0!8$!
(8#!8$!,1!1(<!).#!1.5$1&.*$#!8$!%.#'1'.50('$5&.!8$)$5!&$5$*!250!*$#'#&$51'0!(#5'(0!8$!
2<111! /')*0#! "++<+! I'/.5$J&.5#! K! +<+.+! D4-<! <#&.#! 1.5$1&.*$#! %.8*85! #$*! 8$! 12$*80! .!
)0580! 8$! "')*0! #'5&7&'10 ! 108$50#! .! (.#!2$&.5$#! 8$! 4*05! 0%$*&2*0! !2$! 40*05&'1$5! 250!
*$#'#&$51'0!(#5'(0!8$!2<111!/')*0#!"++<+!I'/.5$J&.5#!K!+<+.+!D4-<!!
+<%<2<! '.5$1&.*$#! %0*0! 8$&$51'?5! 8$! 10#80#6! <!2'%.#! !2$! '51.*%.*05! 25! #'#&$(0!
0)#.*)$8.*!8$!$5$*4#0!.!($105'#(.#!!2$!8'#('52*$5!/0!"2$*?0!8$!'(%01&. !*$821'$58.!/0!
%*.)0)'/'808!8$!/$#'.5$#!%*.(.1080#!%.*!/0!('#(0<!
<#&.#!1.5$1&.*$# !#'5!'(%.*&0*!#2!/.54'&28!$#&85!1/0#'"'108.#!$56!
+<%<2<-<!<#/'540#!1.5!0)#.*)$8.*!8$!$5$*4#06!>$*('&$5!250!10#80!/')*$!8$!(8='(.!-<&1!
(! *! 0/! 01&'(0*#$! %.*! $"$1&.! 8$! /0! 10#80! %$*('&$5! 250! $/.5401'?5! (8='(0! 8$! -<1.! ( !

0(.*&'42058.! /.#! $"$1&.#! 8$! /0! 10#80:! *$821'$58.! /0#! "2$*?0#! 8$! '(%01&.! 0/! 12$*%.! 8$/!
&*0)0908.*!0!(8='(.!+11!/')*0#!"$<+2!I5!K!%1-<.,!D4-<!
+<%<2<+<!)#5$0#!8$!('80!02&.**$&*81&'/$#6!<!2'%.#!12*0!/.54'&28!8$!1.5$='?5!$#!(0*'0)/$ !
%$*('&'$58.! (.('('$5&.#! ($*&'10/$#! 8$/! &*0)0908.*! *! $5! %/05.#! A.*'?.5&0/$#! !2$! 5.!
#2%$*$5!/.#!-2/!1.5!*$#%$1&.!0/!%25&.!8$!051/09$!"'9.!*!8$&'$5$!/0!10#80!8$/!&*0)0908.*!0!
250!8'#&051'0!(8='(0!8$!,1!1(<!<#&0#!/#5$0#!8$!('80!02&.**$&*81&'/$#!8$)$5!#$*!$5!10)/$!
($&8/'1.!.!"')*0#!#'5&7&'10#!1$*&'"'1080#!%.*!/0!$5&'808!501'.50/!.!'5&$*501'.50/!1.(%$&$5&$<!
<5!$/!10#.!8$!2&'/'?0*!250!$#/'540!1.5!25!0)#.*)$8.*!8$!$5$*4#0!.!250!/#5$0!8$!('80!02;
&.**$&*81&'/! 1.5$1&080! 0! 250! 8$! /#5$0! ('80! A.*'?.5&0/ ! #$! 8$)$*8! &$5$*! $5! 12$5&0! /0!
$/.5401'?5!8$!/0!('#(0!%0*0!$"$1&.#!8$/!18/12/.!8$!/0!8'#&051'0!8$!10#80<!!
+<%<,<!'.5$1&.*$#!%0*0!&*85#'&.!($*&'10/!""*$5.-6!;%/'105!$=1/2#'(0($5&$!#.)*$!/#5$0#!8$!
('80!($*&'10/ !*!#$!1/0#'"'105!$56!
+<%<,<-<! '.5$1&.*$#! %0*0! /#5$0#! 8$! ('80! "'90#! $5! 10)/$! 8$! 01$*.6! </! 1.5$1&.*! 8$)$! #$*!
1.(%0&')/$! 1.5! 10)/$#! 8$! 01$*.! $5&*$! &! ((! 0! +! ((! *! %0*0! #2! 1.5$='?5! 0/! 0*57#! 8$)$!
1.5&0*! 1.5! 25! (.#!2$&?5! 8$! 1'$**$! 02&.(8&'1.! 1.5! *$#'#&$51'0! (#5'(0! 8$! 2<111! /')*0#!
"++<+! I'/.5$J&.5#! K! +<+.+! D4- ! 1$*&'"'108.#! %.*! $5&'808! 1.(%$&$5&$! 501'.50/! .!
'5&$*501'.50/<!!
+<%<,<+<! '.5$1&.*$#! %0*0! /#5$0#! 8$! ('80! %.*&8&'/$#! $5! 12$*806! :$! 8$)$! 40*05&'?0*! 250!
1.(%0&')'/'808!8$!/.#!10/')*$#!*!8'8($&*.#!8$!/0!/#5$0!8$!('80!($*&'10/!1.5!$/!&'%.!8$!0**$#;
&08.*$#!0!2&'/'?0*<!<#&.#!1.5$1&.*$#!%.8*85!'51/2'*!25!#'#&$(0!0)#.*)$8.*!8$!$5$*4#0!*!%0*0!
#2!1.5$='?5!0/!0*57#!8$)$!1.5&0*!1.5!25!4051A.!8$!8.)/$!#$42*.!.!(.#!2$&?5!8$!1'$**$!
02&.(8&'1.!1.5!*$#'#&$51'0!(#5'(0!8$!2<111!/')*0#!"++<+!I'/.5$J&.5#!K!+<+.+!D4-<!1$*&'"';
108.#!%.*!$5&'808!1.(%$&$5&$!501'.50/!.!'5&$*501'.50/<!!
L09.! 5'54250! 1'*125#&051'0! /.#! 1.5$1&.*$#! %0*0! &*85#'&.! ($*&'10/! ""*$5.#-! #$! %.8*85!
2&'/'?0*!1.(.!%25&.#!8$!051/09$!%0*0!.&*.!&'%.!8$!1.5$1&.*$#<!
4.!#$!08('&$5!528.#!1.(.!*$$(%/0?.!8$!/.#!1.5$1&.*$#!%0*0!&*85#'&.!($*&'10/!""*$5.#-<!
+<2<! ;*57#! 12$*%.! 1.(%/$&.++ <!2'%.! !2$! A01$! %0*&$! 8$/! #'#&$(0! 8$! %*.&$11'?5! 1.5&*0!
10#80# ! !2$! #$! 092#&0! 0/! &.*#.! *! 0! /0! %$/('#! 8$/! &*0)0908.* ! 8'#$E08.! %0*0! 8'#&*')2'*! /0#!
10*40#!%*.821'80#!%.*!250!10#80!/')*$!*!8'#&*')2'*!/0!"2$*?0!8$!8$&$51'?5!8$!$#&0!#.)*$!/0!
%0*&$!#2%$*'.*!8$!/.#!(2#/.# !/0!%$/('# !$/!%$1A.!*!/.#!A.()*.#!*!!2$!&'$5$!1.(%.5$5&$#!
%0*0!1.5$1&0*/.!0!/.#!8'"$*$5&$#!8'#%.#'&'(.#!8$!%*.&$11'?5!1.5&*0;!10#80#<!0$)$!1.5#&0*!8$!
1.**$0#! .! 8$! $/$($5&.#! #'('/0*$#! 8$! 092#&$ ! #'&208.#! $5! /0! *$4'?5! %$/('050 ! (2#/.# !
1'5&2*0 ! %$1A.! *! A.()*.#! *! 1.(.! (#5'(. ! 250! 0*4.//0! 8.*#0/! *! 8$)$! #$*! 1$*&'"'108.!
1.5".*($!0!/0#!5.*(0#!501'.50/$#!$!'5&$*501'.50/$#!('4$5&$#<!!
)0#!1.**$0#!*!/.#!A'/.#!8$!1.#&2*0!8$/!0*57#!8$)$5!$#&0*!"0)*'108.#!1.5!"')*0#!#'5&7&'10#!
!2$! %.#$05! 10*01&$*##&'10#! $!2'(0/$5&$#! 0! /0#! 8$! /0#! "')*0#! 8$! %./'7#&$*! .! %./'0('80 ! 1.5!
250! *$#'#&$51'0! 0! /0! "2$*?0 ! 0/! $5($9$1'('$5&.! 0! /0! 0)*0#'?5! *! 0/! 10/.* ! $!2'(0/$5&$! 0! /0#!
%./'0('80#<!<5!5'54>5!10#. !8$)$*85!#$*!*$(01A08.#!*!/.#!A'/.#!8$!1.#&2*0!8$)$5!#$*!8$!
8'"$*$5&$! 1./.*! %0*0! "01'/'&0*! /0! '5#%$11'?5<! )0#! 0*4.//0#! 8$/! 0*57#! 8$)$5! &$5$*! 250!
*$#'#&$51'0! (#5'(0!8$! *.&2*0!8$!2<111!/')*0#!"++<+!I'/.5$J&.5#!K!+<+.+!D4-<!</!051A.!8$!
/0#!1.**$0#!!2$!#29$&05!0/!12$*%.!82*05&$!*!8$#%27#!8$!8$&$5'80!/0!10#80 !#$*8!(#5'(.!8$!
-;!2F&!%2/4080#!"%-!((-<!
</!0*57#!8$)$!#$*!#.($&'8.!0!'5#%$11'?5!05&$#!8$!1080!2#.!%.*!%0*&$!8$/!&*0)0908.* !$5!
$/! !2$! 1.5#&0&$! !2$! &.8.#! /.#! 1.(%.5$5&$# ! #$! $512$5&*05! $5! )2$5! $#&08.<! ;##! ('#(. !
8$)$! *$0/'?0*#$! 250! '5#%$11'?5! &715'10! %.*! /.! ($5.#! 250! ($?! 0/! 0E.! %.*! 250! %$*#.50!
1.(%$&$5&$ !1.5".*($!0!/0#!5.*(0#!501'.50/$#!$!'5&$*501'.50/$#!('4$5&$#<!:'!#$!'8$5&'"'105!
10*01&$*##&'10#!8$/!0*57#!!2$!5.!40*05&'1$5!2#.!#$42*.!8$/!('#(. !8$)$!*$&'*0*#$<!

).#!A$**09$#!8$/!0*57# !8$)$5!12(%/'*!1.5!/.#!*$!2$*'('$5&.#!8$!(0*101'?5!1.5".*($!0!
/0#!5.*(0#!501'.50/$#!$!'5&$*501'.50/$#!('4$5&$#<!
)0#!A$**0('$5&0#!!2$!8$)0!2#0*!$/! &*0)0908.*!$5!$/!8$#0**.//.!8$!#2!/0).* !5.!%.8*85!
#$*! %.*&080#! $5! $/! 0*57#! #'5.! !2$! #$! 8$)$*8! 8'#%.5$*! 8$! 25! %.*&0A$**0('$5&0#! !2$! 5.!
'5&$*"'$*0! #2! ($105'#(.! 8$! 011'?5 ! !2$! #$! 1.5$1&0*8! 0/! ('#(.! .! 25! 12).! .! )./#0! %.*&0;
A$**0('$5&$*0<!).#!$/$($5&.#!1.*&.%25?05&$#!!2$!&$5405!!2$!#$*!2#08.#!%0*0!&*0)09.!$5!
0/&2*0#!8$)$5!#$*!//$(08.#!$5!$/!%.*&0;A$**0('$5&$*.<!
</!0*57#!$#!8$!2#.!.)/'40&.*'.!%0*0!&.8.!&*0)0908.*!$5!0/&2*0#<!:$!$512$5&*0!%*.A')'8.!
$/!2#.!8$!1'5&2*.5$#!/'5'$*.#!.!$/$($5&.#!#'('/0*$# !$5!#2!*$$(%/0?. !1.(.!$/$($5&.!%0*0!
8$&$51'?5!8$!10#80#<!
;*&#12/.! -$<! </$($5&.#! 8$! %*.&$11'?5! %$*#.50/! %0*0! &*0)09.! $5! 0/&2*0#<! ).#! $/$($5&.#!
8$! %*.&$11'?5! '58'('820/! 1.5&*0! 10#80#! 8$)$5! #$*! '(%/$($5&08.# ! #'5! %$*92'1'.! 8$! /0#!
($8'80#! 8$! %*$($51'?5! *! %*.&$11'?5! 1.5&*0! 10#80# ! 8$! !2$! &*0&0! $#&0! *$#./21'?5! !2$!
$#&0)/$1$!$/!*$4/0($5&.!&715'1.!%0*0!&*0)09.!#$42*.!$5!0/&2*0# !0!/0#!120/$#!$#&8!.)/'408.!
$/!$(%/$08.*<!
'2058.! #$! 2&'/'1$5! $/$($5&.#! 8$! %*.&$11'?5! '58'('820/! 82*05&$! &*0)09.#! $5! 0/&2*0# ! #$!
8$)$*85! 12(%/'*! /0#! #'42'$5&$#! 1.58'1'.5$#! .! *$!2'#'&.#! %0*0! #2! #$/$11'?5! *! 2#.! #$4>5! /0!
01&'('808!$1.5?('10!*!$/!."'1'.<!!
).#! $/$($5&.#! (#5'(.#! 8$! %*.&$11'?5! %$*#.50/! %0*0! &*0)09.! $5! 0/&2*0#! 1.5! /.#! !2$!
8$)$5!1.5&0*!!2'$5$#!*$0/'1$5!$#&0#!&0*$0#!#.56!
-<! '0#1.! 1.5! *$#'#&$51'0! *! 0)#.*1'?5! 05&$! '(%01&.# ! #$4>5! /0! 5$1$#'808! %.8*85! #$*!
8'$/71&*'1.#:! 1.5&0*85! 1.5! )0*)2!2$9.! 8$! &*$#! %25&.#! 8$! 0%.*.! "0)*'108.! 1.5! (0&$*'0/$#!
*$#'#&$5&$#!!2$!"'9$5!$/!10#1.!0!/0!10)$?0!*!$('&$5!#2!(.('('$5&.!.!10#80<!!
+<!90"0#!8$!#$42*'808!!2$!%*.&$905!0!/.#!.9.#!8$!'(%01&.# !*0*.#!BC !8$#/2()*0('$5&.<!
$<!>*.&$11'?5!028'&'(0!#'!$#!5$1$#0*'0<!
%<!9205&$#!05&'8$#/'?05&$# !"/$=')/$#!8$!0/&0!*$#'#&$51'0!0!/0!0)*0#'?5<!
2<!L.&0!05&'8$#/'?05&$!*!.&*.#!*$!2$*'('$5&.#!#$4>5!/0!01&'('808!$1.5?('10!*!$/!."'1'.<!!
,<!3.%0!8$!&*0)09. !8$!012$*8.!0!/.#!"01&.*$#!8$!*'$#4.!*!1.58'1'.5$#!1/'(8&'10#<!
;*&#12/.!-%<! )'5$0('$5&.#!%0*0!$/!%$*('#.!8$!&*0)09.!$5!0/&2*0#<!</!%$*('#.!8$!&*0)09.!
$5! 0/&2*0#! $#! 25! ($105'#(.! !2$! ($8'05&$! /0! ($*'"'101'?5! *! 1.5&*./! %*$('.! 8$! &.8.#! /.#!
0#%$1&.#!*$/01'.508.#!$5!/0!%*$#$5&$!*$#./21'?5!!2$!$#&0)/$1$!$/!*$4/0($5&.!&715'1.!%0*0!
&*0)09.!#$42*.!$5!0/&2*0# !&'$5$!$/!.)9$&.!8$!%*$($5'*!/0!.12**$51'0!8$!011'8$5&$#!82*05&$!
/0!*$0/'?01'?5!8$!/0!&0*$0<!!
<#&$! %$*('#.! 8$! &*0)09.! %2$8$! #$*! $/0).*08.! %.*! $/! &*0)0908.*! .! %.*! $/! $(%/$08.*! *!
8$)$!#$*!*$('#08. !($*'"'108.!$5!$/!#'&'.!8$!&*0)09.!*!0(0/08.!%.*!250!%$*#.50!1.(%$&$5&$<!
</! ('#(.! 8$)$! #$*! $('&'8.! %0*0! &*0)09.#! .10#'.50/$#<! '2058.! #$! &*0&$! 8$! &*0)09.#!
*2&'50*'.#! %.8*8! '(%/$($5&0*#$! 25! /'#&08.! 8$! ($*'"'101'?5! 0(0/08.! %.*! 250! %$*#.50!
1.(%$&$5&$<!
</! %$*('#.! 8$! &*0)09.! 8$)$! 1.5&$5$*! 1.(.! (#5'(.6! '5".*(01'?5! 4$5$*0/! $5! /0! !2$! #$!
$#%$1'"'!2$56!5.()*$!"#-!8$!&*0)0908.*!"$#- !&'%.!8$!&*0)09. !"$1A0!*! A.*0!8$!'5'1'.! *!8$!
&$*('501'?5!8$!/0!&0*$0:!($*'"'101'?5!8$!/0!0"'/'01'?5!('4$5&$!0!/0!#$42*'808!#.1'0/:!*$!2'#'&.#!
8$! &*0)0908.*! "*$!2$*'('$5&.#! 8$! 0%&'&28-:! 8$#1*'%1'?5! *! %*.1$8'('$5&.! 8$! /0! &0*$0:!
$/$($5&.#!8$!%*.&$11'?5!%$*#.50/!1.5".*($!0!/.!8'#%2$#&.!$5!/0!%*$#$5&$!*$#./21'?5!!2$!
$#&0)/$1$!$/!*$4/0($5&.!&715'1.!%0*0!&*0)09.!#$42*.!$5!0/&2*0#:!($*'"'101'?5!8$!%25&.#!8$!
051/09$! %.*! %$*#.50:! #'#&$(0! 8$! %*$($51'?5! 8$! 10#80# ! $!2'%.# ! #'#&$(0! 8$! 011$#.! %0*0!
&*0)09.!$5!0/&2*0# !A$**0('$5&0#!0!2&'/'?0* !.)#$*(01'.5$#!*!"'*(0#!8$!/.#!&*0)0908.*$#!*!8$/!
$('#.*<!

>0*84*0".<!4'54>5!&*0)0908.*!%2$8$!*$0/'?0*!&0*$0#!.!&*0)09.#!.10#'.50/$#!1.5!*'$#4.!8$!
10#80!8$#8$!0/&2*0# !#'5!!2$!12$5&$!1.5!$/!8$)'8.!%$*('#.!8$!&*0)09.!*$('#08. !($*'"'108.!
$5!$/!#'&'.!8$!&*0)09.!*!0(0/08.!%.*!250!%$*#.50!1.(%$&$5&$!8$/$408.!%.*!$/!$(%/$08.*<!!
!
';>56B)3!C!
#56!;5>6+(;+>99;68+7>=>+!=>'>,8+;:+>?!#=>6!
;*&#12/.! -2<! 3$!2$*'('$5&.#! (#5'(.#! %0*0! /.#! #'#&$(0#! 8$! 011$#.! %0*0! &*0)09.! $5!
0/&2*0#<! >0*0!/.#!"'5$#!8$!$#&0!*$#./21'?5!!2$!$#&0)/$1$!$/!*$4/0($5&.!&715'1.!%0*0!&*0)09.!
#$42*.!$5!0/&2*0# !#$!1.5#'8$*0*85!1.(.!#'#&$(0#!8$!011$#.!%0*0!&*0)09.!$5!0/&2*0#6!/.#!
0580('.# ! /0#! $#10/$*0# ! /.#! $/$(08.*$#! 8$! %$*#.50/ ! /0#! 4*>0#! 1.5! 1050#&0! *! &.8.#!
0!2$//.#! ($8'.#! 12*0! "'50/'808! #$0! %$*('&'*! $/! 011$#.! *F.! #.%.*&$! 8$! &*0)0908.*$#! 0!
/240*$#!%0*0!8$#0**.//0*!&*0)09.!$5!0/&2*0#<!
6.8.!#'#&$(0!8$!011$#.!%0*0!&*0)09.!$5!0/&2*0#!*!#2#!1.(%.5$5&$# !8$)$5!12(%/'*!/0#!
#'42'$5&$#!1.58'1'.5$#!.!*$!2'#'&.#!%0*0!#2!#$/$11'?5!*!2#.6!
-<!:$*!#$/$11'.508.#!8$!012$*8.!0!/0#!5$1$#'808$#!$#%$1#"'10#!1.5".*($!0!/0!01&'('808!
$1.5?('10 !/0!&0*$0!0!8$#0**.//0*!*!/.#!"01&.*$#!8$!*'$#4.#!%*$('#')/$#!.!5.!%*$('#')/$#!8$/!
8*$0!8$!&*0)09.<!!
+<!:$*!1.(%0&')/$#!$5&*$!## !$5!&0(0E. !"'42*0 !(0&$*'0/$# !".*(0 !8'8($&*.!*!$#&0#!10;
*01&$*##&'10#!8$)$5!#$*!0(0/080#!%.*!250!%$*#.50!10/'"'1080<!!
$<! 90*05&'?0*! /0! *$#'#&$51'0! 0! /0#! 10*40#! 1.5! 25! "01&.*! 8$! #$42*'808! 8$! (#5'(.! +! 8$!
012$*8.! 0! /0! (8='(0! "2$*?0! 0! #.%.*&0*! *! *$#'#&$51'0! 0! /0! 1.**.#'?5! .! 8$#40#&$! %.*!
#2#&051'0#!.!$/$($5&.#!!2$!8$&$*'.*$5!/0!$#&*21&2*0!8$/!('#(.<!
%<! 55#%$11'.50*#$! 05&$#! 8$! #2! 2#.! %.*! %0*&$! 8$/! 2#20*'.! *! (#5'(.! 1080! 0E.! %.*! 250!
%$*#.50!1.(%$&$5&$ !1.5".*($!0!/0#!5.*(0#!501'.50/$#!$!'5&$*501'.50/$#!('4$5&$#<!:'!$='#;
&$5!5.!1.5".*('808$# !$/!#'#&$(0!8$)$!*$&'*0*#$!*!#'!/.!0($*'&0!$5('0*#$!0!(05&$5'('$5&.!
1$*&'"'108. !8$!/.!1.5&*0*'.!8$)$!$/'('50*#$<!
2<! 6$5$*! 250! A.90! 8$! ('80! $5! 8.58$! $#&75! 1.5#'4508.#! /.#! 80&.#! 8$! "$1A0! 8$!
"0)*'101'?5 ! &'$(%.! 8$! ('80! >&'/ ! A'#&.*'0/! 8$! 2#. ! *$4'#&*.#! 8$! '5#%$11'?5 ! *$4'#&*.#! 8$!
(05&$5'('$5&. !"'1A0!&715'10 !1$*&'"'101'?5!8$/!"0)*'105&$!*!.)#$*(01'.5$#<!
;*&#12/.! -,<! )'5$0('$5&.#! %0*0! $/! 2#.! #$42*.! 8$! #'#&$(0#! 8$! 011$#.! %0*0! &*0)09.! $5!
0/&2*0#<! </!(.5&09$!*F2!.%$*01'?5!8$!&.8.!#'#&$(0!8$!011$#.!%0*0!&*0)09.!$5!0/&2*0#!8$)$!
#$*! *$0/'?08.! %.*! %$*#.50#! 1.(%$&$5&$#! 1.5".*($! 0! /0#! '5#&*211'.5$#! 8080#! %.*! $/!
"0)*'105&$!*!0&$58'$58.!/0#!5.*(0#!501'.50/$#!$!'5&$*501'.50/$#!$5!$/!&$(0!*!0&$58'$58.!0!
/0#!8'#%.#'1'.5$#!8$!%*$($51'?5!*!%*.&$11'?5!$#&0)/$1'80#!$5!/0!%*$#$5&$!*$#./21'?5<!
:$!8$)$!40*05&'?0*!1.(%/$&0!$#&0)'/'808!*!#$42*'808!8$/!#'#&$(0!8$!011$#.!%0*0!&*0)09.!
$5!0/&2*0# !8$!&0/!".*(0!!2$!$#&$!5.!#2"*0!(./10('$5&.!.!10#80<!
</! (.5&09$! *F2! .%$*01'?5! 8$! &.8.! #'#&$(0! 8$! 011$#.! %0*0! &*0)09.! $5! 0/&2*0# ! 8$)$!
40*05&'?0*!250!8'#&051'0!#$42*0!$5&*$!$#&$!*!/0#!/#5$0#!$/71&*'10#!$5$*4'?080#<!
6.8.!#'#&$(0!8$!011$#.!%0*0!&*0)09.!$5!0/&2*0# !8$)$!$#&0*!8$)'80($5&$!0#$42*08.!$5!
".*(0!($*&'10/!*F2!A.*'?.5&0/ !1.5".*($!0!/0#!$#%$1'"'101'.5$#!8$/!('#(.<!
:'$(%*$!!2$!#$!&*0)09$!1.5!#'#&$(0!8$!011$#.!%0*0!&*0)09.!$5!0/&2*0# !$/!&*0)0908.*!5.!
8$)$! 0#1$58$*! %.*! $51'(0! 8$! /.#! /#('&$#! #$42*.#! %$*('&'8.#! $#&0)/$1'8.#! %0*0! 1080!
#'#&$(0<! <5! $/! 10#.! $5! !2$! $/! #'#&$(0! 12$5&$! 1.5! 250! %/0&0".*(0 ! $//0! 8$)$! 12)*'*! /0!
&.&0/'808!8$!/0!#2%$*"'1'$!8$!&*0)09.!*!1.5&0*!1.5!#'#&$(0!8$!)0*0580#!!2$!12(%/0!1.5!/0#!
8'#%.#'1'.5$#!$#&0)/$1'80#!$5!/0!%*$#$5&$!*$#./21'?5<!
</!2#.!8$!#'#&$(0!8$!011$#.!%0*0!&*0)09.!$5!0/&2*0#!5.!$=1/2*$!$/!2#.!8$!#'#&$(0#!8$!
%*$($51'?5!*!%*.&$11'?5!1.5&*0!10#80#<!

>0*84*0".<! )0! #$/$11'?5! *! 2#.! $#%$1#"'1.#! 8$! 1080! #'#&$(0! 8$! 011$#.! %0*0! &*0)09.! $5!
0/&2*0# !8$)$!#$*!0(0/08.!%.*!250!%$*#.50!1.(%$&$5&$!*!8$)$!0&$58$*!0!/0#!'5#&*211'.5$#!
*!$#%$1'"'101'.5$#!8080#!%.*!$/!"0)*'105&$<!
!
';>56B)3!C5!

2567865958:;6+/5:>?;6!
;*&#12/.!-.<! 3$#10&$<! 6.8.!$(%/$08.*!!2$!'51/2*0!$5!#2#!01&'('808$#!&*0)09.#!$5!0/&2;
*0# !8$)$!1.5&0*!1.5!25!%/05!8$!*$#10&$!$#1*'&. !%*01&'108.!*!1$*&'"'108.!!2$!40*05&'1$!250!
*$#%2$#&0! .*405'?080! *! #$42*0 ! %0*0! 011$8$* ! $#&0)'/'?0* ! 8$#1$58$*! *! &*0#/080*! 0! 25!
#$*('1'.!(78'1.!0%*.%'08. !0!25!&*0)0908.*!!2$!A0*0!#2"*'8.!250!10#80!*!$#&7!#2#%$58'8.!
8$! #2#! $!2'%.#! %$*#.50/$#! 8$! %*.&$11'?5! 1.5&*0! 10#80# ! .! A0*0! #2"*'8.! 250! /$#'?5! .!
0"$11'?5! 8$! #0/28! $5! 25! #'&'.! 8$! 0/&2*0#<! 0$)$! 40*05&'?0*! /0! 8'#%.5')'/'808! 8$! $!2'%.#!
1$*&'"'108.#!%0*0!*$0/'?0*!/0!.%$*01'?5!8$!*$#10&$!$5!$/!#'&'.!8$!&*0)09.!*!250!10%01'&01'?5!
$#%$1#"'10!#.)*$!*$#10&$!0!/.#!&*0)0908.*$#!$=%2$#&.#<!
</!$(%/$08.*!8$)$!1.5&0*!1.5!25!%/05!8$!*$#10&$!%.*!1080!#'&'.!8$!&*0)09.!.!01&'('808!0!
*$0/'?0*! $5! 0/&2*0# ! 8'#$E08.! %.*! 250! %$*#.50! 10/'"'1080 ! 01&20/'?08.! *! 8'#%.5')/$! $5! $/!
/240*!8$!&*0)09.<!
).#!$!2'%.#!0#'4508.#!%0*0!$/!*$#10&$!8$)$5!#$*!1$*&'"'108.#!%0*0!*$0/'?0*!/0!.%$*01'?5!
8$!*$#10&$!*!092#&08.#!0/!&'%.!8$!.%$*01'?5!$5!/.!*$"$*$5&$!0!/.54'&28$# !1.(%0&')'/'808!*!
*$#'#&$51'0!0!1.58'1'.5$#!0()'$5&0/$#<!
:$! 8'#%.58*85! $5! $/! #'&'.! 8$! &*0)09.! $!2'%.#! %0*0! /0! 0&$51'?5! 8$! 25! %01'$5&$ ! !2$!
'51/2*0! 1.(.! (#5'(. ! ).&'!2#5! 1.5! $/$($5&.#! %0*0! '5(.('/'?01'?5 ! 0&$51'?5! 8$! A$*'80#! *!
A$(.**04'0#!*!$!2'%.#!%0*0!08('5'#&*0*!3$05'(01'?5!'0*8'.!>2/(.50*!"3'>-<!!
).#! &*0)0908.*$#! !2$! 8$#0**.//05! /0! /0).*! 8$)$*85! *$1')'*! $5&*$50('$5&.! $#%$1'0/'?08.!
$5!&715'10#!8$!*$#10&$!*!$#&0)'/'?01'?5!)8#'10!8$!%01'$5&$#!%./'&*02(0&'?08.#<!
;*&#12/.!-&<!6*0)09.!$5!#2#%$5#'?5<!).#!&*0)09.#!$5!#2#%$5#'?5!1.5!82*01'?5!8$!(8#!8$!
1'51.!"2-!('52&.#!8$)$*85!#$*!*$0/'?08.#!2&'/'?058.!250!#'//0!%0*0!&*0)09.#!$5!0/&2*0# !!2$!
$#&7! 1.5$1&080! 0! /0! 0*4.//0! %$1&.*0/! .! 0! /0! 8.*#0/! 8$/! 0*57#! *! 0/! #'#&$(0! 8$! 8$#1$5#.!
$#1.4'8. !8$!012$*8.!0/!&'%.!8$!$#%01'.!$5!8.58$!#$!(0*0!0!&*0)090*<!!
;8'1'.50/($5&$ !$/!&*0)0908.*!$#&0*8!0#$42*08.!0!250!/#5$0!8$!('80!($*&'10/!$5!12$*80 !
'5#&0/080!1.5!25!051/09$!'58$%$58'$5&$<!
>0*0! &*0)09.! $5! 0/&2*0# ! #$! 02&.*'?05! #./0($5&$! $!2'%.#! 8$! 1.(25'101'?5! %0*0!
.%$*01'.5$#! 8$! /0! &0*$0! !2$! #$! $#&7! *$0/'?058. ! ($8'05&$! 25! #'#&$(0! 8$! (05.#! /')*$#! *!
#'$(%*$!*!12058.!/0#!1.58'1'.5$#!8$!#$42*'808!/.!%$*('&05<!!
;*&#12/.!-+<! C'4'/051'0 !1.5&*./!*!#051'.5$#<!)0!('4'/051'0!*!1.5&*./!8$/!12(%/'('$5&.!8$!
/0#!8'#%.#'1'.5$#!$#&0)/$1'80#!$5!/0!%*$#$5&$!*$#./21'?5 !1.**$#%.58$!$5!%*'($*!/240* !0!/0#!
;8('5'#&*08.*0#!8$!3'$#4.#!>*."$#'.50/$# !1.5".*($!0!/.!$#&0)/$1'8.!$5!$/!0*&#12/.!2,!8$/!
0$1*$&.;/$*!-++2!8$!-++%!*!0!/0#!0'*$11'.5$#!6$**'&.*'0/$#!8$/!='5'#&$*'.!8$!/0!>*.&$11'?5!
:.1'0/ !8$!1.5".*('808!1.5!$/!0*&#12/.!+-!8$/!0$1*$&.;/$*!-++2!8$!-++% !$/!52($*0/!$!8$/!
0*&#12/.!$1!8$/!0$1*$&.!+12!8$!+11$!*!/0#!3$#./21'.5$#!111+!*!+2-!8$!+11$<!
;*&#12/.! +1<! C'4$51'0! *! 8$4.*0&.*'0#<! )0! %*$#$5&$! *$#./21'?5! *'4$! 0! %0*&'*! 8$! #2!
%2)/'101'?5!*!8$*.40!/0#!8'#%.#'1'.5$#!!2$!#$05!1.5&*0*'0#!8'#%2$#&0#!$5!$#&$!&$(0!$5!/0#!
3$#./21'.5$#!+%11!8$!-+.+!*!+%-$!8$!-+.+<!
>2)/#!2$#$!*!1>(%/0#$<!

0080!$5!L.4.&8 !0<!'< !0!+,!8$!#$%&'$()*$!8$!+11&<!

</!='5'#&*.!8$!/0!>*.&$11'?5!:.1'0/ !
0'$4.!>0/01'.!L$&051.2*&<!
C'&=&D!
!