Marquette University Law School
Marquette Law Scholarly Commons
Faculty Publications
Faculty Scholarship
1-1-2010
Appellate Review of Sentences: Reconsidering
Deference
Michael M. O'Hear
Marquette University Law School, [email protected]
Follow this and additional works at: http://scholarship.law.marquette.edu/facpub
Part of the Law Commons
Publication Information
Michael M. O’Hear, Appellate Review of Sentences: Reconsidering Deference, 52 Wm. & Mary L.
Rev. 2123 (2010). Copyright 2000 by the William & Mary Law Review.
Repository Citation
O'Hear, Michael M., "Appellate Review of Sentences: Reconsidering Deference" (2010). Faculty Publications. Paper 130.
http://scholarship.law.marquette.edu/facpub/130
This Article is brought to you for free and open access by the Faculty Scholarship at Marquette Law Scholarly Commons. It has been accepted for
inclusion in Faculty Publications by an authorized administrator of Marquette Law Scholarly Commons. For more information, please contact
[email protected].
#22?::#R?"/?SC?T"MJ"<?UR?UG?<V"/?GMU<C+?/CUW
+?J?/?UG?
4CGH#?:"4>"MXH?#/!
#@<R/#GR
12"$,+%)'%//"&&%*"'+03$*4'5%6"'&0)-'$"4,4*"#'+%&&4'*5%*'*5"7'/&%7
%'20$"'$0834*'$0&"',)'*5"'4")*")+,)-'/$0+"449',)4,4*,)-'*5%*'*5"7'234*
#":"$'*0';5%*'*5"7'+5%$%+*"$,<"'%4'*5"'43/"$,0$'4")*")+,)-'+02/"*")+"
0:' *$,%&' =3#-"4>' ?5,4' /04,*,0)' ,4' 3):0$*3)%*"' ,)40:%$' %4' $,-0$034
%//"&&%*"' $"6,";' 2,-5*' %#6%)+"' 3),:0$2,*7' %)#' 0*5"$' $3&"@0:@&%;
6%&3"4' *5%*' %$"' *5$"%*")"#' 87' 8$0%#' *$,%&' +03$*' #,4+$"*,0)>' ?5,4
1$*,+&"' *534' /$06,#"4' *5"' :,$4*' 474*"2%*,+' +$,*,A3"' 0:' *5"' %//"&&%*"
+03$*4B'4*%)#%$#'=34*,:,+%*,0)4':0$'#":"$$,)-'*0'*$,%&'+03$*'4")*")+,)#"+,4,0)4>'!0$',)4*%)+"9'*5"4"'=34*,:,+%*,0)4'%$"'450;)'*0'8"'8%4"#'0)
/$"2,4"4'*5%*'%$"',)+0)4,4*")*';,*5'"2/,$,+%&'$"4"%$+5'0)'+0-),*,0)
%)#' #"+,4,0)' 2%C,)->' D"4/,*"' *5"' 450$*+02,)-4' 0:' *5"' 4*%)#%$#
=34*,:,+%*,0)49'*5,4'1$*,+&"'43--"4*4'*5%*'*5"$"',4'%'4*$0)-"$'%$-32")*
:0$'#":"$")+"'*5%*',4'8%4"#'0)'*5"'*$,%&'=3#-"B4'8%+C-$03)#'C)0;&"#-"
$"-%$#,)-'*5"'/%$*,+3&%$'+,$+324*%)+"4'0:'*5"'&0+%&'+0223),*7'%)#
+03$*5034">'E6")'*5"'/0*")*,%&'8")":,*4'0:'&0+%&,<%*,0)9'*503-59'#0')0*
+&"%$&7'03*;",-5'*5"'$3&"@0:@&%;'+04*4'0:'%//"&&%*"'#":"$")+">'?5349
*5,4'1$*,+&"'+0)+&3#"4';,*5'%'/$0/04%&':0$'%'4&,#,)-@4+%&"'%//$0%+5'*0
#":"$")+"'*5%*'4*$")-*5")4'*5"'%//"&&%*"'$0&"9'83*'%&40'%++0220#%*"4
&0+%&,<%*,0)'6%&3"4',)'*5"'+%4"4',)';5,+5'*5"7'%$"'204*'4%&,")*>
!"#$$%&'()*"+*(,"-%."/*$*(.&0"(,1"2.%-*$$%.3"4(.56*))*"7,'8*.$')9":(;"<&0%%=>"?1')%.3
!"#"$%&'(")*")+,)-'."/0$*"$>"@>#>3"A>+>"B(=*"7,'8*.$')9>"C"(D"E.()*-6="-%."&%DD*,)$"%,"(,
*(.='*."1.(-)"-.%D"A*=(,'"A*--*.$%,"?F6D3"G(.'$$("@9.,*"H*$$'&I3"J>"#,1.*;"H*$$'&I3"A(,'*
K'D3" <6$(," 4(,1'L*.E3" +(," 4(.I*=3" G0(1" M=1-()0*.3" (,1" A%0," 2-(--3" (,1" -%." .*$*(.&0
($$'$)(,&*"-.%D"@.'(,"@%.I%;'&N>
OPOQ
OPOY
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
R#@:?"MJ"GMUR?UR<
CUR/M+7GRCMU > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
C>"RH?"G#<?"#W#CU<R"+?J?/?UG?V"
#"2/?:C4CU#/B"SC?T > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
CC>"RH?"G#<?"JM/"+?J?/?UG? > > > > > > > > > > > > > > > > > > > > > > > > >
1> F5%*'*5"'G03$*4'(%7'1803*'D":"$")+" > > > > > > > > > > > > > > >
H> ?5"$"'1$"'I0'G&"%$&7'G0$$"+*'1)4;"$4 > > > > > > > > > > > >
J> ?$,%&'K3#-"4'L%6"'M0$"'EN/"$,")+" > > > > > > > > > > > > > >
O> ?$,%&'K3#-"4'L%6"'1++"44'*0'
D"2"%)0$'E6,#")+" > > > > > > > > > > > > > > > > > > > > > > > > > > >
P> (")*")+,)-'."A3,$"4'!,)"@Q$%,)"#'
K3#-2")* > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
R> (")*")+,)-',)'%'S&,)C > > > > > > > > > > > > > > > > > > > > > > > > > >
S>?5"'T0+%&,<%*,0)'1++03)* > > > > > > > > > > > > > > > > > > > > > > > > >
G>144"44,)-'*5"'G%4"':0$'D":"$")+" > > > > > > > > > > > > > > > > > > >
CCC>"RH?"<:C+CUW`<G#:?"#22/M#GH > > > > > > > > > > > > > > > > > > > > >
1> U)#,+,%'0:'T0;'?$%)4%+*,0)'G04*4 > > > > > > > > > > > > > > > > > >
S>U)#,+,%'0:'L,-5'T"-%&,*7'G0)+"$)4 > > > > > > > > > > > > > > > > > >
G>U)#,+,%'0:'F"%C'T0+%&,<%*,0)'S")":,*4 > > > > > > > > > > > > > > >
D>."+%/'%)#'U&&34*$%*,0) > > > > > > > > > > > > > > > > > > > > > > > > > > >
GMUG:7<CMU > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > >
OPO[
OPQ\
OPQ[
OPQ[
OPQ]
OPQ^
OPYP
OPY_
OP[P
OP[O
OP[[
OP[a
OP]\
OP]P
OP]O
OP]Q
OP][
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPO[
CUR/M+7GRCMU
4%.*")0(,")0'.)9`-'8*"9*(.$"(E%3"A61E*"4(.8',"J.(,I*="-(D%6$=9
1*,%6,&*1"$*,)*,&',E"',")0*"7,')*1"<)()*$"($"i=(;";')0%6)"%.1*.>jP
C," )0*" (L$*,&*" %-" &=*(." =*E(=" $)(,1(.1$" E%8*.,',E" c6,'$0D*,)" %.
D*(,',E-6="(cc*==()*".*8'*;3")0*"6,&0*&I*1"1'$&.*)'%,"%-"$*,)*,&',E
h61E*$"c.%16&*1";0()"J.(,I*="&0(.(&)*.'N*1"($"i0%..'L=*"1'$c(.'`
)'*$jOli(" ;'=1" (..(9" %-" $*,)*,&',E" h61ED*,)$" ;')0%6)" (,9" $*D`
L=(,&*"%-")0*"&%,$'$)*,&9"1*D(,1*1"L9")0*"'1*(="%-"*56(="h6$)'&*>jQ
C," $%D*" $)()*$3" )0*" &.')'&'$D$" %-" J.(,I*=" (,1" %)0*." .*-%.D*.$
.*$6=)*1"',")0*"(1%c)'%,"%-"L',1',E"$*,)*,&',E"E6'1*=',*$>Y"C,"D%$)
$)()*$")%1(93"0%;*8*.3"$*,)*,&',E"%&&6.$";')0%6)"E6'1*=',*$"%.";')0
6,*,-%.&*(L=*3" (18'$%.9" E6'1*=',*$>[" C," )0*$*" $)()*$3" (cc*==()*
.*8'*;"D'E0)"$6cc=9";0()"E6'1*=',*$"1%",%)V"("$(-*E6(.1"(E(',$)
%6)='*."$*,)*,&*$"(,1"("$%6.&*"%-".*($$6.(,&*")0()")*.D$"%-"'Dc.'$`
%,D*,)"(.*",%"=%,E*.")0(,"1*D%,$).(L=9",*&*$$(.9")%"(18(,&*")0*
L($'&" c6.c%$*$" %-" c6,'$0D*,)>" B*)" $)()*" (cc*==()*" &%6.)$" 0(8*3
(=D%$)";')0%6)"*F&*c)'%,3"$0'*1"(;(9"-.%D")0*$*"'Dc%.)(,)")($I$>]
P> R0'$"c0.($*";($")0*"$6L)')=*"%-"J.(,I*=X$"',-=6*,)'(="P_^Q"L%%I"%,"$*,)*,&',E>"(""
4#/SCU"?>"J/#UK?:3"G/C4CU#:"<?UR?UG?<V":#T"TCRHM7R"M/+?/"dP_^Qe>"J%."("1'$&6$$'%,"%J.(,I*=X$" ',-=6*,&*3" $**" 4'&0(*=" 4>" MXH*(.3"?5"' V$,-,)%&' U)*")*' 0:' W),:0$2,*7' ,)' !"#"$%&
(")*")+,)-3"^Y"7>"GCU>":>"/?S>"^Y_3"^[_3"^]O`]Q"dO\\]e>"
O> J/#UK?:3"43/$%',%)*"P3"()"OP>
Q> U#>"()"^>
Y> #$" %-" O\\Y3" );*,)9`%,*" $)()*$" 0(1" c.*$6Dc)'8*" %." D(,1()%.9" E6'1*=',*$" $9$)*D$>
<)*c0(,%$"@'L($"f"<6$(,"K=*',3"?5"'(,N*5'12")#2")*'%)#'G$,2,)%&'(")*")+,)-3"Q\"G#/+MgM
:>" /?S>" ^^[3" ^a]" dO\\ae>" C," O\\Y3" 0%;*8*.3" )0*" <6c.*D*" G%6.)" 1*&=(.*1" $6&0" $9$)*D$
6,&%,$)')6)'%,(=")%")0*"*F)*,)")0*9".*='*1"%,"h61'&'(="-(&)`-',1',E")%"1*)*.D',*"("c.*$6Dc)'8*
$*,)*,&',E".(,E*>"@=(I*=9"8>"T($0',E)%,3"[YO"7><>"O_]3"Q\Q`\Y"dO\\Ye>"S&%C"&7"c.%Dc)*1"-'8*
$)()*$")%"&%,8*.)")0*'."E6'1*=',*$"-.%D"c.*$6Dc)'8*"%."D(,1()%.9")%"8%=6,)(.9>"@'L($"f"K=*',3
43/$%3"()"^a[`a]>
[> #$" %-" O\\Y3" $*8*,)**," $)()*$" 0(1" ,%" E6'1*=',*$3" (,1" $*8*," dc=6$" )0*" +'$).'&)" %G%=6DL'(e"0(1"(18'$%.9"E6'1*=',*$>"@'L($"f"K=*',3"43/$%',%)*"Y3"()"^a[>"R0*"<6c.*D*"G%6.)X$
S&%C"&7"1*&'$'%,"0($"$',&*"&(6$*1"(,"(11')'%,(="-'8*"$)()*$")%"D%8*"',)%")0'$"&(Dc>"U#>"()"^a[`
a]>
]> (""9'">->3"#4>" :#T" CU<R>3" 4M+?:" 2?U#:" GM+?V" <?UR?UGCUW"["dR*,)()'8*"+.(-)"U%>"P
O\\^e" diU%" $)()*" $*,)*,&',E" $9$)*D" ;')0" (18'$%.9" E6'1*=',*$" 0($" 9*)" c.%16&*1" *--*&)'8*
(cc*==()*`&%6.)" $&.6)',9" %-" ).'(=`&%6.)" c*,(=)'*$>je>" C," (" -%.)0&%D',E" c(c*.3" 2.%-*$$%." A%0,
2-(--" $6EE*$)$" )0()" C,1'(,(" D(9" L*" (," *F&*c)'%," )%")0*" E*,*.(=" .6=*" %-" (,*D'&" (cc*==()*
$*,)*,&*".*8'*;"',"h6.'$1'&)'%,$";')0%6)"D(,1()%.9"$*,)*,&',E"E6'1*=',*$>"A%0,"J>"2-(--3"?5"
!3*3$"'0:'1//"&&%*"'(")*")+,)-'."6,";X'@%%I*.",)'*5"'(*%*"43"_Q"4#/k>" :>" /?S>"d-%.)0&%D',E
O\\_e"dD(,6$&.'c)"()"OQ3"%,"-'=*";')0"(6)0%.e>
OPO]
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
R0*"*F).(%.1',(.9" 1*-*.*,&*"E'8*,")%"$*,)*,&',E"h61E*$"1%6L)`
=*$$=9" %;*$" D6&0" )%" )0*" (cc*==()*" &%6.)$X" -*(." )0()" D%.*" .%L6$)
.*8'*;" ;%6=1" ',8')*" (" $0(.c" ',&.*($*" '," )0*" ,6DL*." %-" $*,)*,&*
(cc*(=$>^"@6)")0*"(cc*==()*"&%6.)$")0*D$*=8*$"1*-*,1"1*-*.*,&*"%,
%)0*."E.%6,1$3"&0'*-=9")0()").'(="=*8*="h61E*$"(.*"L*))*."c%$')'%,*1")%
D(I*"E%%1"$*,)*,&',E"1*&'$'%,$>"R0*"2*,,$9=8(,'("<6c.*D*"G%6.)X$
.*($%,',E"'$")9c'&(=V
R0*" .()'%,(=*" L*0',1" $6&0" L.%(1" 1'$&.*)'%," (,1" )0*"&%,&%D'`
)(,)=9" 1*-*.*,)'(=" $)(,1(.1" %-" (cc*==()*" .*8'*;" '$" )0()" )0*
$*,)*,&',E"&%6.)"'$"i',")0*"L*$)"c%$')'%,")%"1*)*.D',*")0*"c.%c*.
c*,(=)9"-%."("c(.)'&6=(."%--*,$*"L($*1"6c%,"(,"*8(=6()'%,"%-")0*
',1'8'16(="&'.&6D$)(,&*$"L*-%.*"')>j"<'Dc=9"$)()*13")0*"$*,)*,&`
',E"&%6.)"$*,)*,&*$"-=*$0`(,1`L=%%1"1*-*,1(,)$"(,1")0*",6(,&*$
%-" $*,)*,&',E" 1*&'$'%,$" (.*" 1'--'&6=)" )%" E(6E*" -.%D" )0*" &%=1
).(,$&.'c)"6$*1"6c%,"(cc*==()*".*8'*;>"4%.*%8*.3")0*"$*,)*,&',E
&%6.)" *,h%9$" (," ',$)')6)'%,(=" (18(,)(E*" )%" (cc*==()*" .*8'*;3
L.',E',E")%"')$"1*&'$'%,$"(,"*Fc*.)'$*3"*Fc*.'*,&*3"(,1"h61ED*,)
)0()"$0%6=1",%)"L*"='E0)=9"1'$)6.L*1>a
#=)0%6E0"$*8*.(="$&0%=(.$"0(8*"&(==*1"-%."D%.*".%L6$)"(cc*==()*
.*8'*;" %-" $*,)*,&*$3_" )0*" &($*" -%." 1*-*.*,&*" 0($" ,%)" 9*)" L**,
&.')'&(==9"*F(D',*1"%,"')$"%;,")*.D$>"C,$)*(13"$&0%=(.$"-%&6$"%,".6=*`
%-`=(;"&%,&*.,$V"0'E0"1*-*.*,&*"D*(,$")0()"*(&0"$*,)*,&',E"h61E*
D(I*$"0'$"%."0*."%;,"=(;3"(,1")0*.*"'$",%".*(="$(-*E6(.1"(E(',$)
6,;(..(,)*1"1'$c(.')'*$>P\"@6)")0'$"&.')'&'$D"1%*$",%)".*(==9"(11.*$$
^> K*8',"/>"/*')N3"(")*")+,)-'Q3,#"&,)"4'(74*"24'%)#'(")*")+,)-'1//"%&4X'1'G02/%$,40)
0:'!"#"$%&'%)#'(*%*"'EN/"$,")+"43"_P"UT>"7>":>"/?S>"PYYP3"PYY]"dP__^e>
a> G%DD%,;*(=)0"8>"T(==$3"_O]"#>O1" _[^3"_]P"d2(>"O\\^e"d56%)',E"G%DD%,;*(=)0"8>
T(.13"[]a"#>O1"POYO3"POYQ"d2(>"P__\ee>
_> (""9'">->3"G(.'$$("@9.,*"H*$$'&I"f"J>"#,1.*;"H*$$'&I3"1//"&&%*"'."6,";'0:'(")*")+,)D"+,4,0)43"]\"#:#>" :>" /?S>"P3"Oa"dO\\ae"d&.')'&'N',E"(cc*==()*"1*-*.*,&*")%"c%='&9"1*&'$'%,$"L9
$*,)*,&',E"h61E*$em"@(..9":>"A%0,$%,3"D,4+$"*,0)'%)#'*5"'.3&"'0:'T%;',)'!"#"$%&'Q3,#"&,)"4
(")*")+,)-X'D"6"&0/,)-'D"/%$*3$"'K3$,4/$3#")+"',)'*5"'F%C"'0:'K%%,"8>"7,')*1"<)()*$3" [a
MHCM" <R>" :>A>"P]_^3"P^Qa"dP__ae"d&.')'&'N',E"i1*-*.*,)'(="(L6$*"%-"1'$&.*)'%,".*8'*;jem"/*')N3
43/$%" ,%)*" ^3" ()" PY^P3" PYa\" d&.')'&'N',E" c($$'8*" .%=*" %-" (cc*==()*" &%6.)$" '," 2*,,$9=8(,'(X$
$*,)*,&',E"$9$)*De>"R0*"D%$)".*&*,)"1.(-)"%-".*8'$'%,$")%")0*"4%1*="2*,(="G%1*X$"$*,)*,&',E
c.%8'$'%,$" (=$%" &(==$" -%." i.*8'*;" )0()" '$" D%.*" $*(.&0',E" )0(," 6,1*." (," (L6$*`%-`1'$&.*)'%,
$)(,1(.1>j"#4>":#T"CU<R>3"43/$%",%)*"]3"()"QQP>
P\> (""9'">->3"H*$$'&I"f"H*$$'&I3"43/$%",%)*"_3"()"QP`QO"diZ:b*(8',E"$6L$)(,)'8*"$*,)*,&',E
c%='&9" )%" 1'$).'&)" &%6.)" 1'$&.*)'%," >>>" $(&.'-'&*Z$b" *56(=" ).*()D*,)" (,1" )0*" .6=*" %-" =(;>jem
A%0,$%,3" 43/$%" ,%)*" _3" ()" P^Y\`Y[" d1'$&6$$',E" )*,$'%," L*);**," .6=*`%-`=(;" ',)*.*$)$" (,1
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPO^
)0*"L($'&"&=('D"%-")0*"(cc*==()*"&%6.)$V")0()"'$3"1*-*.*,&*".*$6=)$"',
0'E0*."56(=')9"$*,)*,&*$")0()"D%.*"-6==9")(I*"',)%"(&&%6,)"(=="%-")0*
,6(,&*$"%-"*(&0"&($*3"("8(=6*")0()"2.%-*$$%."K9.%,"H6'E*,$"&(==$
i-',*`E.(',*1,*$$>jPP"C-"1*-*.*,&*"&%DD%,=9".*$6=)$"',"0'E0*."56(=')9
$*,)*,&*$"',")0'$"$*,$*3"')"'$",%)"'DD*1'()*=9"&=*(.";09".6=*`%-`=(;
8(=6*$"$0%6=1").6Dc"-',*`E.(',*1,*$$"8(=6*$"d%."8'&*"8*.$(3"-%.")0()
D())*.e>"C-";*"E.(,)")0*"(cc*==()*"&%6.)$X"c.*D'$*")0()").'(="&%6.)$
(.*"L*))*."c%$')'%,*1")%"D(I*"0'E0"56(=')9"$*,)*,&',E"1*&'$'%,$3";*
$**D")%"L*"()"(,"'Dc($$*>
@6)3"',").6)03")0*"&($*"-%."1*-*.*,&*"'$",%)",*(.=9"($"$).%,E"($")0*
(cc*==()*"&%6.)$"$**D")%"L*='*8*>"C,1**13"c$9&0%=%E'&(=".*$*(.&0"%,
&%E,')'%," (,1" 1*&'$'%," D(I',E" c.%8'1*$" .*($%,$" )%" )0',I" )0()
(cc*==()*"&%6.)$"D(9"(&)6(==9"L*"8"**"$"c%$')'%,*1")0(,").'(="&%6.)$
)%" D(I*" 0'E0" 56(=')93" -',*`E.(',*1" $*,)*,&',E" 1*&'$'%,$>" J%.
',$)(,&*3")0*"(cc*==()*"h61E*X$".*='(,&*"%,"("i&%=1").(,$&.'c)j"D(9
(&)6(==9"5"&/'L9"c.%8'1',E"',$6=()'%,"-.%D"D'$=*(1',E"8'$6(="&6*$"()
)0*" ',`c*.$%," $*,)*,&',E" 0*(.',E>PO" M," )0*" %)0*." 0(,13" D%8',E
L*9%,1" )0*" 8(E6*" (,1" 16L'%6$" &='&0n$" ',8%I*1" L9" )0*" (cc*==()*
&%6.)$3"')"'$"c%$$'L=*")%"'D(E',*"%,*".*(="(18(,)(E*")0()").'(="h61E*$
1%"0(8*V")0*9"(.*"D%.*"='I*=9")%"c%$$*$$"L(&IE.%6,1"',-%.D()'%,",%)
&%,)(',*1" '," )0*" -%.D(=" &%6.)" .*&%.1" .*E(.1',E" .*=*8(,)" =%&(=
&'.&6D$)(,&*$>PQ"R06$3"-%."',$)(,&*3").'(="h61E*$"(.*"c.%L(L=9"L*))*.
c%$')'%,*1")0(,"(cc*==()*"h61E*$")%"(1(c)"$*,)*,&*$")%"-')"&%DD6`
,')9"8(=6*$>PY"@6)"=%&(='N()'%,"'$",%)"*56(==9"(cc.%c.'()*"',"(=="&($*$>
C-"("1*-*,1(,)X$"8'&)'D$"(.*"1'$c*.$*1"(&.%$$"$*8*.(="&%DD6,')'*$3
1*-*.*,)'(="(L6$*`%-`1'$&.*)'%,".*8'*;em"/*')N3"43/$%",%)*"^3"()"PY^P"d'1*,)'-9',E"1'$c(.')9"($
("1%D',(,)"&%,&*.,"',"2*,,$9=8(,'(X$"$9$)*D"%-";*(I"(cc*==()*".*8'*;em"C(,"T*',$)*',3"?5"
D,4+0)*,)3034'?$%#,*,0)'0:'(")*")+,)-'D,4+$"*,0)X'K%%,B4'!%,&3$"'?0'."+0-),<"'*5"'."45%/,)0:' K3#,+,%&' D,4+$"*,0)' W)#"$' *5"' Q3,#"&,)"43" ^_" @>7>" :>" /?S>" Y_Q3" [\]" dP___e" d&.')'&'N',E
(1%c)'%,"%-"(L6$*`%-`1'$&.*)'%,"$)(,1(.1"',")0*"-*1*.(="$9$)*D"($"&.*()',E"$')6()'%,$"',";0'&0
i%6)&%D*$"&%,)',6*")%")6.,"%,";0%"1%*$")0*"h61E',Ejem"/%,(=1"J>"T.'E0)3".3&"4':0$'(")*")+,)."60&3*,0)49' P\a" B#:?" :>A>" PQ[[3" PQ^_" dP___e" d&.')'&'N',E" c.%c%$(=" -%." 1*-*.*,)'(=
i.*($%,(L=*,*$$".*8'*;j"',")0*"-*1*.(="$9$)*D"($"&.*()',E"("$9$)*D"',";0'&0"iZ*b(&0").'(="h61E*
;%6=1"L*"-.**")%"(cc=9"0*."%;,"&0%$*,"c.',&'c=*$3"',"0*."%;,".*($%,(L=*";(9je>
PP> K9.%," H6'E*,$3" (0&6,)-' *5"' T'=='(D$" Y3<<&"3" P\[" GM:74>" :>" /?S>" P\Ya3" P\]Q`]Y
dO\\[e>"
PO> (""',):$%"2(.)"CC>#>Q>
PQ> <0*..'=9," #>" C-'==3" K3#-,)-' *5"' K3#-"4X' .%+,%&' D,6"$4,*79' U2/%$*,%&,*7' %)#
."/$"4")*%*,0)'0)'(*%*"'?$,%&'G03$*43"Q_"@>G>":>"/?S>"_[3"P\Q`\["dP__^e>
PY> U#>
OPOa
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
-%."*F(Dc=*3"')"D'E0)"$**D"(.L').(.9")%"$*=*&)")0*"8(=6*$"%-"(,9"%,*
&%DD6,')9")%"&%,).%=")0*"$*,)*,&',E"1*&'$'%,>"
M,&*"c*.$6($'8*"E.%6,1$"-%."(cc*==()*"1*-*.*,&*"(.*"'1*,)'-'*13"')
L*&%D*$" *($'*." )%" $**" )0()" )0*" h6$)'-'&()'%," -%." 1*-*.*,&*" '$" ,%)
6,'-%.D=9"$).%,E"(&.%$$")0*"L%(.1>"R06$3"("$*=*&)'8*3"$='1',E`$&(=*
(cc.%(&0")%"1*-*.*,&*"D(9"L*"(,"*--*&)'8*";(9")%"='D')"1*-*.*,&*")%
)0%$*"&($*$"',";0'&0"')"'$"(&)6(==9"D%$)"='I*=9")%"&%,).'L6)*")%"0'E0
56(=')9" 1*&'$'%,$3" ;0'=*" D(',)(',',E" (," *Dc0($'$" %," .6=*`%-`=(;
8(=6*$"*=$*;0*.*>P[
C,"1*8*=%c',E")0*$*"c%',)$3")0'$"#.)'&=*"c.%&**1$"($"-%==%;$>"2(.)
C"'1*,)'-'*$"',"D%.*"1*)('=")0*"L($'&"8(=6*$"()"$)(I*"(,1")(I*$"("-'.$)
&6)"()"D(I',E")0*"&($*"%-%,)4*'1*-*.*,&*>"2(.)"CC"&.')'&(==9"(,(=9N*$
)0*" &($*" )0()" 0($" L**," D(1*" :0$" 1*-*.*,&*" (,1" (18(,&*$" (" ,*;
(&&%6,)"L($*1"%,")0*").'(="h61E*X$"L(&IE.%6,1"I,%;=*1E*"%-"=%&(=
&'.&6D$)(,&*$>"J',(==93"2(.)"CCC"c.%c%$*$")0*"$='1',E`$&(=*"(cc.%(&0
($"c.*-*.(L=*")%"0'E0"1*-*.*,&*"(&.%$$")0*"L%(.1>
R0.**"&(8*()$"(.*"',"%.1*."L*-%.*"c.%&**1',E>"J'.$)3"D9"&%,&*.,
',")0'$"#.)'&=*"'$"$%=*=9";')0")0*".%=*"%-"(cc*==()*"&%6.)$"',"h6.'$1'&`
)'%,$")0()"*')0*."*Dc=%9",%,L',1',E3"i(18'$%.9j"$*,)*,&',E"E6'1*`
=',*$3" %." 1%" ,%)" 0(8*" $*,)*,&',E" E6'1*=',*$" ()" (==>" #" .'&0" L%19" %$&0%=(.=9"=')*.()6.*"(11.*$$*$")0*".%=*"%-"(cc*==()*"&%6.)$"',"c%='&',E
E6'1*=',*$"&%Dc='(,&*"',"D(,1()%.9"h6.'$1'&)'%,$>P]" H%;*8*.3")0*
P[> #"1%N*,"9*(.$"(E%3"2.%-*$$%."G9,)0'("K>B>":**"c.%c%$*1"(")0%6E0)-6="$='1',E`$&(=*
(cc.%(&0" -%." (cc*==()*" 1*-*.*,&*" '," &%,,*&)'%," ;')0" i1*c(.)6.*j" 1*&'$'%,$" '," )0*" )0*,`
D(,1()%.9"-*1*.(="$*,)*,&',E"E6'1*=',*$"$9$)*D>"G9,)0'("K>B>":**3"1'I";'Z(&,#,)-@(+%&"'0:
D":"$")+"[' 1//$0%+5' *0' 1834"' 0:' D,4+$"*,0)X' 1//"&&%*"' ."6,";' 0:' D,4*$,+*' G03$*' D"/%$*3$"4
W)#"$'*5"'!"#"$%&'(")*")+,)-'Q3,#"&,)"49'Q["#4>"G/C4>":>"/?S>"P3"YP`Y^"dP__^e>"H*."(cc.%(&0
*D*.E*1"-.%D"("&%,&=6$'%,3"$'D'=(.")%"D',*3")0()",*')0*.")0*"(cc*==()*"&%6.)",%.")0*").'(="&%6.)
0($"&=*(." $6c*.'%.')9";')0".*$c*&)")%"(=="($c*&)$"%-"(=="$*,)*,&',E"1*&'$'%,$>"U#>"()"QY>"H*.
c.%c%$(="1'--*.$"-.%D"D',*"',")0()"0*.$";($"1'.*&)*1")%")0*")0*,`D(,1()%.9"-*1*.(="$9$)*D3
;0'=*"D',*"'$"1*$'E,*1"-%."6$*"',",%,D(,1()%.9"$9$)*D$"d;0'&0";%6=1",%;"',&=61*")0*"-*1*.(=
$9$)*De>" #11')'%,(==93" 0*." c.%c%$(=" .*='*1" %," ).(1')'%,(=" 8'*;$" .*E(.1',E" )0*" .*=()'8*
&%Dc*)*,&*"%-").'(="(,1"(cc*==()*"&%6.)$"',"1*&'1',E"56*$)'%,$"%-"=(;"(,1"-(&)>"(""9'">->3",#>"()
YY"diH*.*3",%,1*-*.*,)'(=".*8'*;"D(I*$"$*,$*3"L*&(6$*")0*"&0(.(&)*.'N()'%,"%-"("E.%6,1"-%.
1*c(.)6.*"$**D$")%"&%,$)')6)*"("56*$)'%,"%-"=(;".()0*.")0(,"("56*$)'%,"%-"-(&)>>>>"Z+b'$).'&)
&%6.)$"(.*"L*))*."c%$')'%,*1")%"*8(=6()*")0*"-(&)$"%-")0*"&($*>je>"49"(,(=9$'$"&($)$"1%6L)"%,
)0*$*").(1')'%,(="8'*;$"%-".*=()'8*"',$)')6)'%,(="&%Dc*)*,&*"(,1"',$)*(1"(18(,&*$")0*"'1*(")0()
I,%;=*1E*"%-"=%&(="&'.&6D$)(,&*$"$6cc='*$")0*"D%$)"c*.$6($'8*"(.E6D*,)"-%."$6c*.'%.").'(=
&%6.)"&%Dc*)*,&*>"
P]> (""9'">->3"K#R?"<RCRH"f"AM<o"#>"G#@/#U?<3"J?#/"MJ"A7+WCUWV"<?UR?UGCUW"W7C+?:CU?<
CU" RH?" J?+?/#:" GM7/R<" P]^`]a" dP__aem" +%6E=($" #>" @*.D(,3" S%&%)+"#' %)#' Y3$/04":3&
D"/%$*3$"4X'!,N,)-'%'K3$,4/$3#")+"'?5%*'W)#"$2,)"4'*5"'!"#"$%&'(")*")+,)-'Q3,#"&,)"43"^]
UMR/?" +#4?" :>" /?S>" OP" dO\\\em" +(,'*=" A>" J.**13" !"#"$%&' (")*")+,)-' ,)' *5"' F%C"' 0:' *5"
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPO_
,6DL*."%-"$)()*$";')0"D(,1()%.9"E6'1*=',*$3";0'&0"0($",*8*."L**,
("D(h%.')93"0($"(&)6(==9"L**,"1*&=',',E"',".*&*,)"9*(.$3P^"(,1"*8*,
)0*"-*1*.(="$9$)*D"$;')&0*1"-.%D"D(,1()%.9")%"(18'$%.9"',"O\\[>Pa
R0*" &6..*,)" ).*,1" (;(9" -.%D" D(,1()%.9" E6'1*=',*$" D(I*$" (
.*&%,$'1*.()'%,"%-")0*"(cc*==()*".%=*"',",%,D(,1()%.9"h6.'$1'&)'%,$
*$c*&'(==9")'D*=9>P_
<*&%,13" D9" (,(=9$'$" &%,&*.,$" %,=9" $6L&%,$)')6)'%,(=" (cc*==()*
.*8'*;>"#"&%,$'1*.(L=*"(D%6,)"%-"$&0%=(.=9";%.I"0($"L**,"1%,*"%,
$*,)*,&*".*8'*;"6,1*.")0*"G.6*="(,1"7,6$6(="26,'$0D*,)"G=(6$*
%-" )0*" ?'E0)0" #D*,1D*,)>O\" #)" c.*$*,)3" 0%;*8*.3" )0*" E%8*.,',E
Q3,#"&,)"4X'W)%++"/*%8&"'T,2,*4'0)'*5"'D,4+$"*,0)'0:'(")*")+"$49'P\P"B#:?":>A>"P]aP3"P^O^`Y\3
P^Y^`Ya"dP__Oem"A%0,$%,3"43/$%",%)*"_m":**3"43/$%',%)*"P[m"/*')N3"43/$%",%)*"^m"T*',$)*',3
43/$%',%)*"P\>
P^> (""'43/$%",%)*$"Y`[>"?F&=61',E")0*"-'8*"$)()*$";')0"h6.9"$*,)*,&',E"d;0'&0"c.*$*,)$
("8*.9"1'--*.*,)"$*)"%-"'$$6*$"-%."(cc*==()*".*8'*;")0(,"C"&%,$'1*."0*.*e3")0*"$*8*,)**,"$)()*$
;')0%6)" E6'1*=',*$3" ($" %-" =()*" O\\a3" ;*.*" J=%.'1(3" W*%.E'(3" C1(0%3" C%;(3" :%6'$'(,(3
4($$(&06$*))$3"4'$$'$$'cc'3"4%,)(,(3"U*L.($I(3"U*8(1(3"U*;"H(Dc$0'.*3"U%.)0"+(I%)(3
/0%1*"C$=(,13"<%6)0"G(.%=',(3"<%6)0"+(I%)(3"T*$)"S'.E','(3"(,1"T9%D',E>"@'L($"f"K=*',3
43/$%" ,%)*" Y3" ()" ^a[" ,>YY>" R0*" );*=8*" $)()*$" ;')0" (18'$%.9" E6'1*=',*$" ;*.*" #=(L(D(3
G(='-%.,'(3"+*=(;(.*3"C,1'(,(3"4(.9=(,13"U*;"A*.$*93"M0'%3"2*,,$9=8(,'(3"R*,,*$$**3"7)(03
S'.E','(3"(,1"T'$&%,$',3"($";*=="($")0*"+'$).'&)"%-"G%=6DL'(>"U#>"()"^a[",>Y[3"^a]",>Ya>"C,"A6,*
O\\_3"T'$&%,$',"*--*&)'8*=9"(L(,1%,*1"*8*,"(18'$%.9"E6'1*=',*$"(,1"$0%6=1",%;"L*"&%6,)*1
(D%,E" )0*" $)()*$" ;')0%6)" E6'1*=',*$>" (""' O\\_" T'$>" #&)" Oa3" p" QQa]D" d.*D%8',E" $*&)'%,
_^Q>\P^dOed(e"%-"T'$&%,$',X$"$*,)*,&',E"$)()6)*")0()".*56'.*1"h61E*$")%"&%,$'1*."E6'1*=',*$e>
R0*"(,(=9$'$"%-")0'$"#.)'&=*"'$"D%$)"'DD*1'()*=9".*=*8(,)")%")0*"-%.*E%',E");*,)9`,',*"$)()*$3
)0*"+'$).'&)"%-"G%=6DL'(3"(,1")0*"-*1*.(="$9$)*D>"M-"&%6.$*3"E'8*,".*&*,)").*,1$3"')"'$"c%$$'L=*
)0()"(11')'%,(="$)()*$";'=="D%8*"',)%")0'$"&(Dc"',"&%D',E"9*(.$>
Pa> 7,')*1"<)()*$"8>"@%%I*.3"[YQ"7><>"OO\3"OY["dO\\[e>
P_> R0*" -*1*.(=" $9$)*DX$" .*&*,)" $;')&0" -.%D" D(,1()%.9" )%" (18'$%.9" E6'1*=',*$" 0($
c.%Dc)*1"$%D*"%)0*.".*&*,)"$&0%=(.=9";%.I"%,")0*"(cc*==()*".%=*"',"(18'$%.9"$9$)*D$3";')0
c(.)'&6=(."())*,)'%,"E'8*,")%")0*"56*$)'%,$"%-";0*)0*."')"'$"(cc.%c.'()*"-%.")0*"-*1*.(="&%6.)$
)%" E'8*" (" c.*$6Dc)'%," %-" .*($%,(L=*,*$$" )%" $*,)*,&*$" ;')0'," )0*" .*&%DD*,1*1" E6'1*=',*$
.(,E*" (,1" ;0*)0*." 1'$).'&)" h61E*$" $0%6=1" L*" E'8*," )0*" (6)0%.')9" )%" .*h*&)" c%='&9" &0%'&*$
*DL%1'*1"',")0*"-*1*.(="E6'1*=',*$>"(""9'">->3"H*$$'&I"f"H*$$'&I3"43/$%",%)*"_3"()"Pa`Oa>"R0*$*
(.*"'Dc%.)(,)"56*$)'%,$"-%.")0*"-*1*.(="$9$)*D3"L6)",%)",*&*$$(.'=9"-%."%)0*."(18'$%.9"$9$)*D$>
(""9'">->3"4'&0(*="4>"MXH*(.3"1//"&&%*"'."6,";'0:'(")*")+"'EN/&%)%*,0)4X'T"%$),)-':$02'*5"
F,4+0)4,)'%)#'!"#"$%&'EN/"$,")+"43"_Q"4#/k>":>"/?S>"d-%.)0&%D',E"O\\_e"dD(,6$&.'c)"()"Q^`
Qae" Z0*.*',(-)*." MXH*(.3" 1//"&&%*"' ."6,";' 0:' (")*")+"' EN/&%)%*,0)4b3" %6%,&%8&"' %*' 0))cVqq
c(c*.$>$$.,>&%Dq$%=Qqc(c*.$>&-Dr(L$).(&)s'1tPYO^Ya_" d&%Dc(.',E" -*1*.(=" (,1" T'$&%,$',
$9$)*D$e>"C,"(,9"*8*,)3")0*"c.*$*,)"#.)'&=*"(11.*$$*$")0*"(cc*==()*".%=*"()"("$%D*;0()"0'E0*.
=*8*="%-"E*,*.(=')9>"
O\> (""9' ">->3" @.(1-%.1" />" G=(.I3" G0)4*,*3*,0)%&' (*$3+*3$"9' K3#,+,%&' D,4+$"*,0)9' %)#'*5"
E,-5*5' 12")#2")*9' aP" UMR/?" +#4?" :>" /?S>" PPY_" dO\\]em" B%6,Eh(*" :**3" U)*"$)%*,0)%&
G0)4")434'%4'Y"$43%4,6"'13*50$,*7',)'*5"'E,-5*5'12")#2")*3"P[]"7>" 2#>" :>" /?S>"]Q"dO\\^em
A%0,"J>"<)',,*-%.13"?5"'V$,-,)%&'M"%),)-'0:'ZW)343%&[X'?5"'E,-5*5'12")#2")*'%4'%'S%$'*0
G$3"&'U))06%*,0)3"P\O"UT>"7>":>"/?S>"P^Q_"dO\\ae>
OPQ\
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
?'E0)0"#D*,1D*,)"h6.'$c.61*,&*"1%*$",%)"c.%8'1*"("D*(,',E-6=
L($'$"-%.")0*".*8'*;"%-",%,&(c')(="$*,)*,&*$>OP"C-"(cc*==()*".*8'*;"'$
)%"L*&%D*"D%.*".%L6$)3")0*"D%.*"c.%D'$',E"c()0";%6=1"(cc*(.")%"L*
)0*" &%6.)$X" $)()6)%.9" %." ',0*.*,)" (6)0%.')9" )%" .*8'*;" ).'(=" &%6.)
$*,)*,&',E"1*&'$'%,$>"
R0'.13" )0*" #.)'&=*" -%&6$*$" ,%)" %," )0*" -%.D(=" =(L*=" ())(&0*1" )%
(cc*==()*" .*8'*;3" L6)" %," )0*" (&)6(=" 1*E.**" %-" 1*-*.*,&*" (&&%.1*1
$*,)*,&',E" 1*&'$'%,$>OO" 4%$)" h6.'$1'&)'%,$" $**D" )%" 0(8*" (1%c)*1
i(L6$*"%-"1'$&.*)'%,3j"%."$%D*"$='E0)"8(.'()'%,"%,")0()")*.D',%=%E93
)%"1*$&.'L*")0*"-%.D(="$)(,1(.1"%-".*8'*;"-%."$*,)*,&*$>OQ"@6)"(L6$*
%-" 1'$&.*)'%," '$" (" ,%)%.'%6$=9" c.%)*(," $)(,1(.13" ;0'&0" $%D*)'D*$
',8%=8*$" 8'.)6(==9" ='D')=*$$" 1*-*.*,&*" (,1" $%D*)'D*$" (=D%$)" ,%
1*-*.*,&*>OY" C" 0(8*" ,%" 56(..*=" ;')0" &%,)',6*1" 6$*" %-" i(L6$*" %1'$&.*)'%,j" d%." (,9" %-" ')$" &=%$*" &%6$',$e" ($" )0*" -%.D(=" $)(,1(.1" %.*8'*;"-%."$*,)*,&*$m"D9"&%,&*.,"'$";')0")0*"&%,)*,)")0()"'$"E'8*,")%
)0*"=(L*=l0'E0"1*-*.*,&*"8*.$6$"=%;"1*-*.*,&*>
C>"RH?"G#<?"#W#CU<R"+?J?/?UG?V"#"2/?:C4CU#/B"SC?T
#=)0%6E0" $&0%=(.$" 0(8*" =(.E*=9" ,*E=*&)*1" )0*" 56*$)'%," %-" 0%;
D6&0" 1*-*.*,&*" (cc*==()*" &%6.)$" $0%6=1" E'8*" )%" ).'(=" &%6.)$" '," (
h6.'$1'&)'%,";')0%6)"D(,1()%.9"E6'1*=',*$3"("$'N*(L=*"L%19"%-";%.I
(11.*$$*$")0*"c(.(==*="56*$)'%,"%-"0%;"D6&0"1'$&.*)'%,").'(="&%6.)
h61E*$" $0%6=1" 0(8*" '," (" $9$)*D" ;')0" D(,1()%.9" E6'1*=',*$>O[" C,
E.(cc=',E" ;')0" )0'$" 56*$)'%,3" 1'--*.*,)" $&0%=(.$" 6$*" 1'--*.*,)
)*.D',%=%E9"(,1".*(&0"1'--*.*,)"L%))%D`=',*"&%,&=6$'%,$3"L6)")0*.*
'$" (" E*,*.(=" &%,$*,$6$" ($" )%" )0*" -6,1(D*,)(=" 8(=6*$" )0()" (.*" ()
OP> (""9'">->3"?;',E"8>"G(='-%.,'(3"[Qa"7><>"PP3"Q\`QP"dO\\Qe"dc=6.(=')9e"d6c0%=1',E"$*,)*,&*
%-" );*,)9`-'8*" 9*(.$" )%" ='-*" -%." $0%c='-)',E" )0.**" E%=-" &=6L$" (-)*." (" &0(==*,E*" %," ?'E0)0
#D*,1D*,)"E.%6,1$e>
OO> R%"L*"&=*(.3"C".*-*."0*.*")%";0()"'$"$%D*)'D*$"&(==*1"i$6L$)(,)'8*j"(cc*==()*".*8'*;>
C"0(8*";.'))*,"*=$*;0*.*".*E(.1',E"ic.%&*16.(=j"(cc*==()*".*8'*;3"c(.)'&6=(.=9".*8'*;"%-")0*
(1*56(&9"%-")0*"*Fc=(,()'%,"E'8*,"%,")0*".*&%.1"L9")0*"$*,)*,&',E"h61E*>"MXH*(.3"1//"&&%*"
."6,";'0:'(")*")+"'EN/&%)%*,0)49'43/$%',%)*"P_m"4'&0(*="4>"MXH*(.3"EN/&%,),)-'(")*")+"49
Q]"J:#>"<R>"7>":>"/?S>"Y[_"dO\\_e>
OQ> #4>":#T"CU<R>3"43/$%',%)*"]3"()"QOam"4""9'">->9"W(=="8>"7,')*1"<)()*$3"[[O"7><>"Qa3"Y[`Y]
dO\\^e"d,%)',E")0()"-*1*.(="$)(,1(.1"%-".*8'*;"'$"(L6$*"%-"1'$&.*)'%,em"<)()*"8>"W(=='%,3"]^a
U>T>O1"P_^3"O\Q"dT'$>"O\\Ye"d,%)',E")0()"T'$&%,$',"$)(,1(.1"%-".*8'*;"'$"*..%,*%6$"*F*.&'$*
%-"1'$&.*)'%,e>
OY> H*$$'&I"f"H*$$'&I3"43/$%',%)*"_3"()"P]>
O[> (""'43/$%",%)*$"_`PP"(,1"(&&%Dc(,9',E")*F)>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPQP
$)(I*>"R0*$*"$(D*"8(=6*$"(=$%"c=(9"(,"'Dc%.)(,)".%=*"',"($$*$$',E
)0*"(cc*==()*".%=*"',"(",%,D(,1()%.9"$9$)*D>
R0*" -6,1(D*,)(=3" &%Dc*)',E" 8(=6*$" D(9" L*" &0(.(&)*.'N*1" ($
i=*E(=')9j" (,1" i-',*`E.(',*1,*$$>jO]" T"-%&,*7" .*-*.$" )%" )0%$*" ).(')$
)0()";*"&%DD%,=9"($$%&'()*";')0")0*"'1*(="%-".6=*"%-"=(;>O^"R0*$*
).(')$" ',&=61*" -('." ,%)'&*" %-" =*E(=" ,%.D$Oa" (,1" 6,'-%.D')9" '," )0*'.
(cc='&()'%,l)0()"'$3"$'D'=(.").*()D*,)"%-" $'D'=(."&($*$>O_"J.%D"(
1*-*,1(,)X$"c*.$c*&)'8*3"=*E(=')9")06$"0($"L%)0"*F"(,)*"(,1"*F"c%$)
1'D*,$'%,$>" M," )0*" *F" (,)*" $'1*3" =*E(=')9" 8(=6*$" ',1'&()*" )0()
c.%$c*&)'8*"%--*,1*.$"$0%6=1"L*"(L=*")%"1'$&*.,")0*'.".*(="$*,)*,&',E
*Fc%$6.*" L*-%.*" &%DD'))',E" (" &.'D*3" 1*-*,1(,)$" *,E(E*1" '," c=*(
L(.E(',',E"$0%6=1"L*"(L=*")%"1*)*.D',*")0*"c*,(="&%,$*56*,&*$"%(&&*c)',E"("c(.)'&6=(."c=*("1*(=3"(,1"&%,8'&)*1"1*-*,1(,)$"d(,1")0*'.
=(;9*.$e"c.*c(.',E"-%."$*,)*,&',E"$0%6=1"L*"(L=*")%"-'E6.*"%6)"0%;
)%")('=%.")0*'."*8'1*,&*"(,1"(.E6D*,)$"$%"($")%"(11.*$$";0()".*(==9
D())*.$>"?F"c%$)"d)0()"'$3"(-)*."$*,)*,&',Ee3"1*-*,1(,)$"$0%6=1"L*
(L=*" )%" $**" )0()" )0*'." $*,)*,&*$" ;*.*" '," =',*" ;')0" ;0()" %)0*.
$'D'=(.=9"$')6()*1"1*-*,1(,)$".*&*'8*1>
!,)"@-$%,)"#)"44'.*-*.$")%"("0'E0"1*E.**"%-"&%..*=()'%,"L*);**,
)0*" h61ED*,)$" %-" (" =*E(=" $9$)*D" (,1" &%DD6,')9" 8'*;$" ($" )%" h6$)
c6,'$0D*,)3")(I',E"',)%"(&&%6,)")0*"-6==".(,E*"%-"D%.(==9".*=*8(,)
%--*,$*"(,1"%--*,1*."&0(.(&)*.'$)'&$>Q\"#$"2.%-*$$%."H6'E*,$"(.E6*$3
-',*`E.(',*1,*$$" $**D$" ,%" =*$$" 'Dc%.)(,)" )0(," =*E(=')9" )%" )0*
=*E')'D(&9" %-" )0*" &.'D',(=" h6$)'&*" $9$)*DV" iW'8*," )0*" 0'E0" $)(I*$
',8%=8*13" D%.(==9" &.*1'L=*" %6)&%D*$" (.*" (" ,*&*$$')9" '-" ;*" (.*" )%
D(',)(',"c6L='&"$6cc%.)"-%.")0*"=*E(="$9$)*D>"U%"=*E(="$9$)*D")0()
.%6)',*=9"c6,'$0*$"D%.(==9"',,%&*,)"&%,16&)"%.")0()"&0.%,'&(==9"-('=$
)%"c6,'$0"D%.(==9"E6'=)9"&%,16&)"&(,"*Fc*&)")%"$6.8'8*"',")0*"=%,E
.6,>jQP
O]> C"L%..%;")0*$*")*.D$"-.%D"2.%-*$$%."H6'E*,$>"H6'E*,$3"43/$%",%)*"PP3"()"P\]Q`]Y>
O^> U#>"()"P\]Q>
Oa> U#>
O_> #=)0%6E0"H6'E*,$"1%*$",%)"1'$&6$$"6,'-%.D')9"c*."$*"',"0'$"1*-',')'%,"%-"=*E(=')93"%)0*.
$&0%=(.$"0(8*"($$%&'()*1"6,'-%.D')9";')0".6=*`%-`=(;"8(=6*$3"4""9'">->3"A%0,$%,3"43/$%',%)*"_3
()" P^Y[3" (,1" )0()" &%,,*&)'%," $**D$" ',)6')'8*=9" &%..*&)>" C,1**13" 6,'-%.D')9" $**D$" ()" =*($)
'Dc='&')"',")0*",%)'%,"%-"-('.",%)'&*"%-"=*E(=",%.D$m"'-",%.D$"(.*",%)"(cc='*1"',"(".*($%,(L=9
&%,$'$)*,)"-($0'%,3")0*,"(&)%.$"&(,,%)"0(8*"-('.",%)'&*"%-";0()"'$"1*D(,1*1"%-")0*D>
Q\> H6'E*,$3"43/$%",%)*"PP3"()"P\]Y>
QP> U#>"R0*"',8%&()'%,"%-"D%.(=".'E0)"(,1";.%,E"$**D',E=9"&%,,*&)$"-',*`E.(',*1,*$$")%
.*).'L6)'8*")0*%.'*$"%-"c6,'$0D*,)>"2.%-*$$%."2(6="/%L',$%,3"',"c(.)'&6=(.3"0($"(18(,&*1")0*
(.E6D*,)")0()")0*"c*.&*'8*1"=*E')'D(&9"%-")0*"&.'D',(="h6$)'&*"$9$)*D".*$)$"%,")0*"&%..*=()'%,
OPQO
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
R0*")*,$'%,"L*);**,"=*E(=')9"(,1"-',*`E.(',*1,*$$"(.'$*$"-.%D")0*
L($'&"=*E(='$)"'Dc6=$*")%"(L$).(&)"(;(9"-.%D")0*"c(.)'&6=(.')'*$"%$c*&'-'&"&($*$"(,1"D(I*"1*&'$'%,$"L($*1"%,"E*,*.'&"&()*E%.'*$l(,
(,(=9)'&(=" c.%&*$$" )0()" '$" (c)" )%" &(6$*" 'Dc%.)(,)" &($*`$c*&'-'&
,6(,&*$")%"L*&%D*"=%$)"',")0*"$06--=*>"R0'$"'$",%)"$(9")0()"=*E(=')9
(,1"-',*`E.(',*1,*$$"(.*";0%==9"',&%Dc()'L=*3"L6)"')"'$")%"$6EE*$)
)0()"c6$0',E"0(.1"',"%,*"1'.*&)'%,"='I*=9".*56'.*$").(1*`%--$"',")0*
%)0*.>" J%." ',$)(,&*3" (," *Dc0($'$" %," =*E(=')9" D'E0)" =*(1" )%" )0*
(1%c)'%,"%-"',-=*F'L=*"D(,1()%.9"E6'1*=',*$3"L6)"L*&(6$*"E6'1*=',*
1.(-)*.$"&(,,%)"c%$$'L=9"0%c*")%"(&&%6,)"-6==9"-%."(=="%-")0*"c%)*,`
)'(==9".*=*8(,)"%--*,$*"(,1"%--*,1*."&0(.(&)*.'$)'&$3"-',*`E.(',*1,*$$
'$"='I*=9")%"$6--*.>"U%)"$6.c.'$',E=93")0*,3"',")0*"E6'1*=',*$`8*.$6$`
h61E*$"1*L()*3"=*E(=')9"'$"',8%I*1")%"$6cc%.)"E6'1*=',*$3QO";0'=*"-',*`
E.(',*1,*$$"'$"',8%I*1")%"$6cc%.)"h61'&'(="1'$&.*)'%,>QQ
@6)" 0%;" 1%")0*$*"8(=6*$"c=(9"%6)"',")0*"1*L()*"%8*."(cc*==()*
1*-*.*,&*r" R0*" .*D(',1*." %-" )0'$" 2(.)" ;'==" 1*8*=%c" )0*" L($'&
(.E6D*,)" (E(',$)" 0'E0" 1*-*.*,&*" L($*1" %," =*E(=')9>" #$" -%." -',*`
E.(',*1,*$$3")0*",*F)"2(.)";'=="$0%;")0()"')"1%*$",%)"&=*(.=9"$6cc%.)
*')0*."$'1*"',")0*"1*L()*>
C,"%.1*.")%"$**"0%;"=*E(=')9"$6cc%.)$")0*"=%;"1*-*.*,&*"c%$')'%,3
')"'$"0*=c-6=")%"1'$(EE.*E()*")0*"1'--*.*,)")9c*$"%-"1*&'$'%,$")0()"D(9
E%"',)%")0*"$*=*&)'%,"%-"("$',E=*"$*,)*,&*>"2.%-*$$%.$"2(6="/%L',$%,
(,1" @(.L(.(" <c*==D(," 0(8*" c.%c%$*1" h6$)" $6&0" (" 1'$(EE.*E()*1
D%1*=3";0'&0"',&=61*$"$'F"1'--*.*,)")9c*$"%-"$*,)*,&',E"1*&'$'%,$QYV
dPe" /0&,+72%C,)-lc.'%.')'N',E" (D%,E" )0*" -6,1(D*,)(=3" %-)*,
L*);**," ')$" h61ED*,)$" (,1" c6L='&" 8'*;$" %-" 1*$*.)>"(""9' ">->3" 2(6=" H>" /%L',$%," f" A%0," 4>
+(.=*93"?5"'W*,&,*7'0:'D"4"$*3"_P"UT>"7>":>"/?S>"Y[Q3"Y[^"dP__^e>"/%L',$%,"D(9"%."D(9",%)"L*
&%..*&)3"L6)",%)0',E"',"D9"(,(=9$'$"0*.*"1*c*,1$"%,"("c6L='&"c.*-*.*,&*"-%."c6.*"1*$*.)"%8*.
%)0*."(cc.%(&0*$")%"c6,'$0D*,)3"$6&0"($")0*").(1')'%,(="6)'=')(.'(,"(cc.%(&0>"C"($$6D*"%,=9
)0()")0*.*"'$"$%D*"1*$'.*1".(,E*"%-"$*,)*,&*$"',"(,9"E'8*,"&($*")0()"*DL%19"(";*==`',-%.D*1
(cc='&()'%,"%-"c6L='&"8(=6*$3";0()*8*.")0%$*"8(=6*$"D(9"L*3")%")0*"c(.)'&6=(."-(&)$"%-")0*"&($*3
(,1")0()"("-',*`E.(',*1"$*,)*,&*"'$"%,*";')0',")0()".(,E*>"
QO> (""9' ">->3" J/#UK?:3" 43/$%' ,%)*" P3" ()" PPO`PQ" d(18%&()',E" &.*()'%," %-" $*,)*,&',E
E6'1*=',*$"L($*1"%,".6=*`%-`=(;"&%,&*.,$e>
QQ> (""9' ">->3" K()*" <)')0" f" A%$n" #>" G(L.(,*$3" K3#-,)-' W)#"$' *5"' !"#"$%&' (")*")+,)Q3,#"&,)"43"_P"UT>"7>":>"/?S>"POY^3"POaO`aQ"dP__^e"d&.')'&'N',E"E6'1*=',*$"%,")0*"E.%6,1")0()
h6$)'&*".*56'.*$"ih61ED*,)")0()")(I*$"(&&%6,)"%-")0*"&%Dc=*F')'*$"%-")0*"',1'8'16(="&($*je>
QY> 2(6=" H>" /%L',$%," f" @(.L(.(" #>" <c*==D(,3" (")*")+,)-' D"+,4,0)4X' M%*+5,)-' *5"
D"+,4,0)2%C"$'*0'*5"'D"+,4,0)'I%*3$"3"P\["GM:74>":>"/?S>"PPOY3"PPOa`O_"dO\\[e>"C"D%1'-9")0*'.
)*.D',%=%E9"("L')"0*.*"',"%.1*.")%"(8%'1"&%,-6$'%,"=()*."%,>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPQQ
&%Dc*)',E" 8(=6*$" %-" )0*" $*,)*,&',E" $9$)*DmQ[" dOe" /0&,+7' %$*,+3&%@
*,0)l).(,$=()',E"c%='&9"c.*-*.*,&*$"',)%"D%.*"$c*&'-'&3"&()*E%.'&(=
c.',&'c=*$"(L%6)";0()"-(&)%.$"(.*".*=*8(,)"()"$*,)*,&',E"(,1"0%;
D6&0";*'E0)")0*9"$0%6=1"L*"E'8*,mQ]"dQe":%+*:,)#,)-l1*)*.D',',E
)0*"-(&)$".*E(.1',E"%--*,$*"(,1"%--*,1*.")0()"0*=c")%"*$)(L='$0")0*
*F'$)*,&*" d%." ,%,*F'$)*,&*e" %-" c(.)'&6=(." $*,)*,&',E" -(&)%.$mQ^" dYe
=3#-2")*@2%C,)-lD(I',E")0*",%.D()'8*"h61ED*,)$".*E(.1',E")0*
-(&)$" )0()" 0*=c" )%" *$)(L='$0" )0*" *F'$)*,&*" d%." ,%,*F'$)*,&*e" %c(.)'&6=(." $*,)*,&',E" -(&)%.$mQa" d[e" #"*"$2,),)-' /3),452")*
%203)*l1*&'1',E" 0%;"$*8*.*")0*"$*,)*,&*"%6E0)")%"L*mQ_"(,1"d]e
#"*"$2,),)-' /3),452")*' 2"*50#l1*&'1',E" 0%;" )%" (&0'*8*" )0*
1*$'.*1"=*8*="%-"$*8*.')9")0.%6E0"$%D*"(cc.%c.'()*"&%DL',()'%,"%c6,'$0D*,)" )9c*$3" $6&0" ($" ',&(.&*.()'%,3" -',*3" (,1" $6c*.8'$*1
.*=*($*>Y\
T')0")0*$*"1'--*.*,)"($c*&)$"%-")0*"$*,)*,&',E"1*&'$'%,"',"D',13
')"L*&%D*$"*($'*.")%"$**"0%;".%L6$)"(cc*==()*".*8'*;"%-"$*,)*,&*$
D'E0)"&%,).'L6)*")%"=*E(=')9>"4%$)"%L8'%6$=93")0*"c%='&9D(I',E"(,1
c%='&9" (.)'&6=()'%," 1*&'$'%,$" c.*$*,)" %cc%.)6,')'*$" -%." (cc*==()*
&%6.)$" )%" *,$6.*" )0()" $*,)*,&*$" (.*" 'Dc%$*1" (&&%.1',E" )%" &=*(.3
6,'-%.D"c.',&'c=*$>"H'E0=9"1*-*.*,)'(="(cc*==()*".*8'*;"=*(8*$"')")%
*(&0" ',1'8'16(=" $*,)*,&',E" h61E*" )%" D(I*" 0'$" %." 0*." %;," c%='&9
&0%'&*$>"7,'-%.D".*$6=)$"$**D"D6&0"=*$$"='I*=9"'-"1'$c(.()*"c.',&'`
c=*$"(.*"(cc='*1>"J('.",%)'&*"&%,&*.,$"D(9"(=$%"L*"'Dc='&()*13"-%.
c%='&9" (.)'&6=()'%," 1*&'$'%,$" *$)(L='$0" (" $0(1%;" &.'D',(=" &%1*" %$%.)$>"
@9";(9"%-"'==6$).()'%,3"'D(E',*")0()"A61E*"#"1*&'1*$")0()"1.6E`
1*(=',E" '," (" c(.)'&6=(." ,*'E0L%.0%%1" L*$*)" ;')0" 1.6E`.*=()*1
8'%=*,&*"'$"("0'E0=9"(EE.(8()',E"$*,)*,&',E"-(&)%.V"1*-*,1(,)$"&%,`
Q[> R0*$*"8(=6*$"',&=61*")0*").(1')'%,(==9".*&%E,'N*1"c6.c%$*$"%-"c6,'$0D*,)"d.*).'L6)'%,3
1*)*..*,&*3" ',&(c(&')()'%,3" (,1" .*0(L'=')()'%,e3" ($" ;*==" ($" %)0*." $9$)*D'&" 8(=6*$" $6&0" ($
6,'-%.D" ).*()D*,)" %-" $'D'=(.=9" $')6()*1" %--*,1*.$" (,1" *--'&'*,)" &($*" c.%&*$$',E>"(""' ,#>" ()
PPO_>
Q]> U#>"()"PPO_`Q\>
Q^> U#>"()"PPQ\>
Qa> U#>"J%."',$)(,&*3"'-"("&%6.)"1*)*.D',*$")0()")0*"=*(1*.$"%-"("&.'D',(="*,)*.c.'$*"$0%6=1
.*&*'8*"("=%,E*."$*,)*,&*")0(,")0%$*";')0"=*$$*.".%=*$"d("c%='&9"(.)'&6=()'%,"1*&'$'%,e3"-',1',E
)0*"0'$)%.'&"-(&)$"(L%6)"("1*-*,1(,)X$".%=*";'=="$)'=="=*(8*"("$*c(.()*3",%.D()'8*"1*&'$'%,")%"L*
D(1*".*E(.1',E";0*)0*.")0*$*"-(&)$"*$)(L='$0")0()")0*"1*-*,1(,)"0(1"("$6--'&'*,)=9"'Dc%.)(,)
c%$')'%,"',")0*"*,)*.c.'$*")%";(..(,)"',&.*($*1"c6,'$0D*,)>
Q_> U#>"()"PPQ\`QP>
Y\> U#>"()"PPQP`QO>
OPQY
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
8'&)*1"%-"1*(=',E"',")0*",*'E0L%.0%%1"(=;(9$".*&*'8*")0*"D(F'D6D
$*,)*,&*" -.%D" A61E*" #>" R06$3" )0*.*" '$" (" D(,1()%.9" D','D6D
$*,)*,&',E"=(;"',"*--*&)"',"A61E*"#X$"&%6.).%%D>"@6)"0%;"(.*"1.6E
1*(=*.$" )%" %L)('," ,%)'&*" %-" )0'$" i=(;jr" R.'(=" =*8*=" $*,)*,&',E
1*&'$'%,$"(.*",%)"&%DD%,=9"c6L='$0*13"(,1"A61E*"#"D'E0)"%."D'E0)
,%)" D(I*" (,9" *--%.)" )%" c6L='&'N*" )0*" c%='&9" 1*&'$'%,>YP" 4%.*%8*.3
A61E*$" @3" G3" (,1" +" '," )0*" $(D*" &%6.)0%6$*" D(9" 0(8*" D(1*" (
&%,).(.9"1*&'$'%,")0()",*'E0L%.0%%1"'$"'..*=*8(,)"',"$*,)*,&',E"1.6E
%--*,1*.$>" ?8*," '-" $%D*0%;" (;(.*" %-" A61E*" #X$" c.%&='8')'*$3" (
1*-*,1(,)"D'E0)"$)'=="-**=")0()",%)'&*"%-")0*"iD(,1()%.9"D','D6Dj
;($"6,-('."L*&(6$*")0*"%11$";*.*"=%;")0()"0*";%6=1"L*"$*,)*,&*1"',
A61E*"#X$"&%6.).%%D>"#,1"'D(E',*")0*"1*-*,1(,)X$"$*,$*"%-".*$*,)`
D*,)" '-" (" -*==%;" 1*(=*." -.%D" )0*" $(D*" ,*'E0L%.0%%13" -%.)6,()*
*,%6E0")%"L*"($$'E,*1")%"A61E*"@X$"&%6.).%%D3".*&*'8*$"("$*,)*,&*
)0()"'$"%,=9"("-.(&)'%,")0*"=*,E)0"%-"0'$"%;,>
@9" &%,).($)3" '," (" $9$)*D" ;')0" .%L6$)" (cc*==()*" .*8'*;3" (,
(cc*==()*"&%6.)"&%6=1"*,$6.*")0()")0*"$(D*"c%='&9"1*&'$'%,$"E%8*.,
'," *8*.9" &%6.).%%D" '," (" E'8*," &%6.)0%6$*>" #,1" (cc*==()*" &%6.)
1*&'$'%,$3"*$c*&'(==9")0%$*"(.)'&6=()',E"E*,*.(=".6=*$3"(.*"&%DD%,=9
c6L='$0*13";0'&0";%6=1"(=$%"1'D','$0",%)'&*"&%,&*.,$>
C)"'$"(1D'))*1=9"=*$$"%L8'%6$")0()"=*E(=')9"0($"(,9)0',E")%"1%";')0
)0*" )9c*$" %-" $*,)*,&',E" 1*&'$'%,$" )0()" (.*" ,%)" '," )0*" ,()6.*" %c%='&9D(I',E"%."c%='&9"(.)'&6=()'%,>"R0*"%)0*."$%.)$"%-"1*&'$'%,$"',
)0*" /%L',$%,`<c*==D(," D%1*=" )*,1" )%" L*" &($*" $c*&'-'&" (,1" -(&)
',)*,$'8*m" )0*'." .*$%=6)'%," $**D',E=9" 1%*$" ,%)" =*,1" ')$*=-" )%" )0*
1*8*=%cD*,)"(,1"(.)'&6=()'%,"%-"c.',&'c=*$"%-"E*,*.(="(cc='&(L'=')9>
@6)"=*E(=')9"&%,&*.,$"(.*",%,*)0*=*$$"'Dc='&()*1>"#=)0%6E0")0*
$c*&'-'&"',-%.D()'%,"&%,$'1*.*1"-%."$*,)*,&',E"c6.c%$*$";'==",*8*.
L*"c.*&'$*=9")0*"$(D*"-.%D"&($*")%"&($*3"$'D'=(."'$$6*$";'==".*&6.3
(,1")0*"=*E(=')9"c.',&'c=*"',1'&()*$")0()")0*9"$0%6=1"L*".*$%=8*1"',
$'D'=(.";(9$>"J%."',$)(,&*3";0*)0*."("D*DL*."%-"("1.6E`).(--'&I',E
%.E(,'N()'%," 0($" *,%6E0" %-" (" =*(1*.$0'c" .%=*" )%" ;(..(,)" (," *,`
0(,&*1" $*,)*,&*" ;'==" .*56'.*" )0*" ;*'E0',E" %-" D(,9" &($*" $c*&'-'&
-(&)$3" L6)" &*.)('," c())*.,$" ;'==" *D*.E*" (&.%$$" &($*$>" 2(.)'&6=(.
1*-*,1(,)$";'==",%)"0(8*"*F(&)=9")0*"$(D*"$*)$"%-".*$c%,$'L'=')'*$3
YP> C,"E*,*.(=3"h61E*$",**1"c.%8'1*"='))=*"L9";(9"%-"*Fc=(,()'%,"%-")0*'."$*,)*,&*$"(,1
0(8*"(,"',&*,)'8*")%"(8%'1"$)()',E")0*'."c%='&9"1*&'$'%,$"L*&(6$*"$6&0"1*&'$'%,$"(.*"D%$)"='I*=9
)%"()).(&)"&.')'&(="())*,)'%,"-.%D"(cc*==()*"&%6.)$>"/*')N3"43/$%",%)*"^3"()"PYY[`Y]>"
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPQ[
L6)")0*.*";'==",%,*)0*=*$$"$**D",%"E%%13"c.',&'c=*1";(9"%-"1'$)',`
E6'$0',E")0*'."L=(D*;%.)0',*$$>"T0*)0*."%.",%)"("&=*(.3"$*,$'L=*
.6=*" &(," L*" (.)'&6=()*1" )%" 1.(;" )0*" =',*" L*);**," i=*(1*.$j" (,1
i-%==%;*.$jlC")0',I"c.%L(L=9",%)YOl)0*"=*E(=')9"c.',&'c=*",%,*)0*`
=*$$"',1'&()*$")0()"$'D'=(."&($*$"%6E0)")%"L*").*()*1"(='I*>"#cc*==()*
&%6.)$3"L9"8'.)6*"%-")0*'."$D(==*.",6DL*.$"%-"h61E*$"(,1")0*'."6$*"%&%==*E'(="1*&'$'%,`D(I',E"c.%&*$$*$3"$**D"D%.*"='I*=9")%"*,$6.*"$6&0
6,'-%.D')9")0(,"(.*")0*").'(="&%6.)$")0*9"$6c*.8'$*>"<'Dc=9"c6)3"',
(cc*==()*"&%6.)$3"%6)='*."h61E*$"(.*"=*$$"='I*=9")%"&%,).%="%6)&%D*$>
4%.*%8*.3")0*"1*&'$'%,$"%-"(cc*==()*"&%6.)$"L*&%D*".*(1'=9"(8('=(L=*
L*,&0D(.I$"-%."6$*"L9"(=="h61E*$"',"-6)6.*"&($*$3")06$"(18(,&',E")0*
&(6$*"%-"-('.",%)'&*"(,1"1'D','$0',E")0*"='I*='0%%1"%-"$6L$*56*,)
1'$c(.')'*$"',"$'D'=(."&($*$>"C"$6EE*$)3"',"%)0*.";%.1$3")0()"(cc*==()*
&%6.)$"D(9"(18(,&*"=*E(=')9"8(=6*$"*8*,";0*,")0*9"(.*",%)"(&)',E
'," (" =(;`1*&=(.()'%," D%1*>" @6)" )0*$*" 8(=6*$" &(,,%)"L*" (18(,&*1
*--*&)'8*=9" '-" (cc*==()*" .*8'*;" D*.*=9" .6LL*.$)(Dc$" =%;*." &%6.)
1*&'$'%,$>
CC>"RH?"G#<?"JM/"+?J?/?UG?
R0*"c.*8'%6$"2(.)"$6EE*$)*1"("=*E(=')9`L($*1"(.E6D*,)"%-%,)4*
1*-*.*,&*>" R0'$" 2(.)" ,%;" &%,$'1*.$" )0*" (.E6D*,)" :0$' 1*-*.*,&*>
J'.$)3"C"$6DD(.'N*"(,1"'1*,)'-9";*(I,*$$*$"',")0*"h6$)'-'&()'%,$"-%.
1*-*.*,&*")0()"0(8*"L**,"%--*.*1"L9")0*"(cc*==()*"&%6.)$")0*D$*=8*$>
U*F)3";*(8',E")%E*)0*."$%D*"%-")0*"D%$)"c.%D'$',E")0*D*$"',")0*
&($*"=(;"(,1"1.(;',E"%,")0*"&%,&*c)"%-"=%&(='N()'%,3"C"$6EE*$)"(",*;
h6$)'-'&()'%,"-%."1*-*.*,&*>"J',(==93"C"$0%;")0()"*8*,")0'$"&($*"-%.
1*-*.*,&*"1%*$",%)"&=*(.=9"h6$)'-9")0*"=*E(=')9"&%$)$>
1>'F5%*'*5"'G03$*4'(%7'1803*'D":"$")+"
#"$6.8*9"%-")0*"$*,)*,&*".*8'*;"h6.'$c.61*,&*"-.%D"(&.%$$"(=="-'-)9
$)()*$"(,1")0*"-*1*.(="$9$)*D".*8*(=$"='))=*"$9$)*D()'&"*Fc=(,()'%,
%-")0*"1*-*.*,&*"c.',&'c=*"L6)")0*".*c*()*1"',8%&()'%,"%-"("0(,1-6=
%-" =%%$*=9" .*=()*1" )0*D*$>" R0'$" <*&)'%," ($$*$$*$" *(&0" %-" )0*$*
)0*D*$"',")6.,>
YO> ("""<)')0"f"G(L.(,*$3"43/$%',%)*"QQ3"()"PO]]`]^"d1'$&6$$',E"&%Dc=*F')9"%-"&($*"=(;
',)*.c.*)',E"-*1*.(="E6'1*=',*$"c.%8'$'%,".*E(.1',E".%=*"',")0*"%--*,$*e>"
OPQ]
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
H>'?5"$"'1$"'I0'G&"%$&7'G0$$"+*'1)4;"$4
M,*"&%DD%,"h6$)'-'&()'%,"-%."1*-*.*,&*"'$")0*"',1*)*.D',(&9"%)0*"=*E(="$)(,1(.1$"E%8*.,',E"$*,)*,&',E>"#$")0*"C,1'(,("<6c.*D*
G%6.)"$)()*13
ZTb0*)0*.";*".*E(.1"("$*,)*,&*"($"(cc.%c.'()*"()")0*"*,1"%-")0*
1(9")6.,$"%,"%6."$*,$*"%-")0*"&6=c(L'=')9"%-")0*"1*-*,1(,)3")0*
$*8*.')9"%-")0*"&.'D*3")0*"1(D(E*"1%,*")%"%)0*.$3"(,1"D9.'(1
%)0*." -(&)%.$" )0()" &%D*" )%" ='E0)" '," (" E'8*," &($*>" C,1'8'16(=
h61ED*,)$"($")%")0*"c.%c*."L(=(,&*")%"L*"$).6&I"(D%,E")0*$*
&%,$'1*.()'%,$";'==",*&*$$(.'=9"8(.9"-.%D"c*.$%,")%"c*.$%,3"(,1
h61E*$3";0*)0*.")0*9"$')"%,").'(="%."(cc*==()*"L*,&0*$3"(.*",%
*F&*c)'%,>" R0*.*" '$" )06$" ,%" .'E0)" (,$;*." ($" )%" )0*" c.%c*.
$*,)*,&*"',"(,9"E'8*,"&($*>"#$"(".*$6=)3")0*".%=*"%-"(,"(cc*==()*
&%6.)"',".*8'*;',E"("$*,)*,&*"'$"6,='I*"')$".%=*"',".*8'*;',E"(,
(cc*(="-%."=*E(="*..%."%."$6--'&'*,&9"%-"*8'1*,&*>YQ
M)0*."$)()*"$6c.*D*"&%6.)$"0(8*"*&0%*1")0'$"c%',)>YY
#$" (" h6$)'-'&()'%," -%." E'8',E" 0'E0" 1*-*.*,&*" )%" $*,)*,&',E" 1*&'`
$'%,$3")0%6E03")0*"&%6.)X$"(,(=9$'$"c.%8*$")%%"D6&0>"#$")0*"$(9',E
E%*$3" ;*" (.*" (==" =*E(=" .*(='$)$" )0*$*" 1(9$3Y[" (,1" ')" '$" ,%;" ;'1*=9
(&&*c)*1")0()"D(,9"i=*E(=j"56*$)'%,$".*8'*;*1"1*",%8%"L9"(cc*==()*
YQ> G(.1;*=="8>"<)()*3"a_["U>?>O1"POP_3"POOY"dC,1>"O\\ae>
YY> (""9'">->3"<)()*"8>"H%1(.'3"__]"2>O1"POQ\3"POQO"d#=($I("O\\\e"diZ/b*($%,(L=*"h61E*$3
&%,-.%,)*1" ;')0" '1*,)'&(=" -(&)$3" &(," (,1" ;'==" 1'--*." %," ;0()" &%,$)')6)*$" (," (cc.%c.'()*
$*,)*,&*>jem" 2*%c=*" 8>" +6.(,3" [QQ" 2>O1" PPP]3" PPP_" dG%=%>" P_^[e" di<*,)*,&',E" '$" L9" ')$" 8*.9
,()6.*" (" 1'$&.*)'%,(.9" 1*&'$'%," (,1" '$" (," (.)3" ,%)"(" $&'*,&*>j" d&')()'%," %D'))*1eem" <)()*" 8>
@.%(10*(13"aPY"2>O1"Y\P3"Y\["dC1(0%"P__Pe"di<6&0"1*)*.D',()'%,$"Z%-")0*"=*,E)0"%-"(")*.D"%&%,-',*D*,)b"&(,,%)"L*"D(1*";')0"c.*&'$'%,>j"d56%)',E"<)()*"8>"R%%0'==3"][\"2>O1"^\^3"^P\`PP
dC1(0%"G)>"#cc>"P_aQeem"<)()*"8>"J%.D(.%3"]Qa"U>T>O1"^O\3"^O["dC%;("O\\Oe"diR0*"(cc='&()'%,
%-")0*$*"Z$*,)*,&',Eb"E%(=$"(,1"-(&)%.$")%"(,"',1'8'16(="&($*3"%-"&%6.$*3";'==",%)"(=;(9$"=*(1
)%")0*"$(D*"$*,)*,&*>"B*)3")0'$"1%*$",%)"D*(,")0*"&0%'&*"%-"%,*"c(.)'&6=(."$*,)*,&',E"%c)'%,
%8*."(,%)0*."&%,$)')6)*$"*..%.>"C,$)*(13"')"*Fc=(',$")0*"1'$&.*)'%,(.9",()6.*"%-"h61E',E"(,1")0*
$%6.&*"%-")0*".*$c*&)"(--%.1*1"L9")0*"(cc*==()*"c.%&*$$>jem"<)()*"8>"W(=='%,3"]^a"U>T>O1"P_^3
O\_"dT'$>"O\\Ye"diT*"(.*"D',1-6=")0()")0*"*F*.&'$*"%-"Z$*,)*,&',Eb"1'$&.*)'%,"1%*$",%)"=*,1
')$*=-")%"D()0*D()'&(="c.*&'$'%,>je>"J%."("-*1*.(="&($*"D(I',E"("$'D'=(."%L$*.8()'%,"',"$6cc%.)
%-"1*-*.*,&*3"$**"7,')*1"<)()*$"8>"A%,*$3"[QP"J>Q1"P]Q3"P^Y"dO1"G'.>"O\\ae"di<*,)*,&',E"'$",%)3
(-)*."(==3"("c.*&'$*"$&'*,&*>"/(.*=93"'-"*8*.3" 1%")0*"c*.)',*,)"-(&)$"1'&)()*"%,*"(,1"%,=9"%,*
(cc.%c.'()*"$*,)*,&*>"/()0*.3")0*"-(&)$"D(9"-.*56*,)=9"c%',)"',"1'--*.*,)"1'.*&)'%,$"$%")0()
*8*,"*Fc*.'*,&*1"1'$).'&)"h61E*$"D(9".*($%,(L=9"1'--*.>j"d&')()'%,"%D'))*1ee>
Y[> (""9'">->3"4'&0(*="<)*8*,"W.**,3"T"-%&'."%&,42'%4'?5"0$7'0:'T%;3"Y]"T4>"f"4#/B":>
/?S>"P_P[3"P_P^"dO\\[e"diZCb)"'$"%-)*,"$('1l',1**1"40'%-)*,"$('1")0()"')"0($"L*&%D*"("&='&0n")%
&(=="')"("u&='&0nXl)0()";*"(.*"(==".*(='$)$",%;>j"d-%%),%)*"%D'))*1ee>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPQ^
&%6.)$" =(&I" %Lh*&)'8*=9" &%..*&)" (,$;*.$>Y]" C-" ',1*)*.D',(&9" (=%,*
;*.*")0*"&.')*.'%,3"')"'$",%)"&=*(.";0*)0*."%)7"1*&'$'%,$";%6=1"L*
.*8'*;*1" ,%,1*-*.*,)'(==9>Y^" ML$*.8',E" )0*" ',1*)*.D',(&9" %$*,)*,&',E"$)(,1(.1$"&(,,%)"*,1")0*"(,(=9$'$m".()0*.3"')"L*E$")0*
56*$)'%,"%-";0*)0*."$*,)*,&',E"56*$)'%,$"(.*")0*"$%.)$"%-"',1*)*.D'`
,()*"56*$)'%,$"($")%";0'&0"=*E(=')9"8(=6*$"',1'&()*")0()"(cc*==()*
&%6.)$"$0%6=1"$**I")%"*,$6.*"6,'-%.D"(,$;*.$3"%.";0*)0*.")0*.*"(.*
%)0*."&%Dc*)',E"8(=6*$")0()"%6);*'E0"=*E(=')9"&%,&*.,$>
C,1**13")0*"',1*)*.D',(&9"c%',)"'$"56*$)'%,`L*EE',E"()"(,"*8*,
D%.*"-6,1(D*,)(="=*8*=3"-%."',1*)*.D',(&9"&%6=1"L*"$**,"($"=*$$"(,
"N/&%)%*,0)" -%." 1*-*.*,&*" )0(," (" $"43&*" %-" 1*-*.*,&*>" #=)0%6E0
$)()6)%.9" $*,)*,&',E" $)(,1(.1$" D(9" L*" 0'E0=9" ',1*)*.D',()*3
(cc*==()*" &%6.)$" &%6=13" '," ',)*.c.*)',E" (,1" (cc=9',E" )0%$*" $)(,`
1(.1$3"1*8*=%c".6=*$")0()"(.*"D6&0"=*$$"',1*)*.D',()*>"R0*"&%6.)$
&%6=1" &.*()*" .6=*$" $'D'=(." )%" )0*" 8(E6*" &%,$)')6)'%,(=" $)(,1(.1
c.%0'L')',E"6,.*($%,(L=*"$*(.&0*$"(,1"$*'N6.*$3";0'&0"0($"$c(;,*1
("0%$)"%-"-(."D%.*"$c*&'-'&"=*E(=".6=*$")0.%6E0"h61'&'(="c.%&*$$*$"(I',
)%")0*"1*8*=%cD*,)"%-")0*"&%DD%,"=(;>Ya"@6)"$6&0"c.%&*$$*$"$**D
6,='I*=9"',")0*"$*,)*,&',E"(.*("($"=%,E"($"(cc*==()*"&%6.)$".*D(',
$%"1*-*.*,)'(=")%"$*,)*,&',E"h61E*$>Y_"#E(',3";*"(.*"=*-)")%";%,1*.
;0()"&%6,)*.8('=',E"8(=6*$";(..(,)")0*"&%$)"',"=*E(=')9>
J>'?$,%&'K3#-"4'L%6"'M0$"'EN/"$,")+"
C-"',1*)*.D',(&9"(=%,*"1%*$",%)"c.%8'1*"("$()'$-(&)%.9"L($'$"-%.
1'$)',E6'$0',E" $*,)*,&',E" -.%D" &%,$)')6)'%,(=" ',)*.c.*)()'%," (,1
%)0*." $%.)$" %-" i=*E(=j" 1*&'$'%,$" ).(1')'%,(==9" .*8'*;*1" 1*" ,%8%3
)0*," $%D*" (11')'%,(=" h6$)'-'&()'%," D6$)" L*" %--*.*1" -%." 1*-*.*,&*>
R9c'&(==93" )0*" (11')'%,(=" h6$)'-'&()'%," $%6,1$" '," &%Dc*)*,&*V
(cc*==()*"h61E*$"$0%6=1"1*-*."L*&(6$*").'(="h61E*$";'==")*,1")%"(..'8*
Y]> ("""G0(1"4>"M=1-()0*.3"W),6"$4%&'D"'I060'."6,";3"^^"W?M>" T#<H>" :>" /?S>"Q\a3"QOP
,>[^"dO\\_e"diZRb0*"-(&)")0()"=(;"1*&=(.()'%,"'$",%;".*E(.1*1"($"%,*"%-")0*");',"-6,&)'%,$"%(cc*==()*" &%6.)$" $)(,1$" ($" *8'1*,&*" %-" L.%(1" (&&*c)(,&*" %-" )0*" c.%c%$')'%," )0()" =(;" '$
u6,1*.1*)*.D',()*>Xje>
Y^> (""'43/$%",%)*$"YQ`YY"(,1"(&&%Dc(,9',E")*F)>
Ya> (""9'">->3"4(.9=(,1"8>"@6'*3"Y_Y"7><>"QO[3"QQY"dP__\e"d0%=1',E")0()"c%='&*"D(9"&%,16&)
$*(.&0"',&'1*,)")%"(..*$)";')0%6)"c.%L(L=*"&(6$*em"R*..9"8>"M0'%3"Q_O"7><>"P3"O^"dP_]^e"d0%=1',E
)0()"c%='&*"D(9"$)%c"(,1"-.'$I";')0%6)"c.%L(L=*"&(6$*e>
Y_> (""'43/$%",%)*"a"(,1"(&&%Dc(,9',E")*F)>
OPQa
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
()"L*))*."(,$;*.$>[\"R0'$"<*&)'%,"&%,$'1*.$")0*"-'.$)"%-")0.**"E.%6,1$
)0()" (.*" %--*.*1" -%." )0'$" &%,&=6$'%,l*Fc*.'*,&*>" R0*" %)0*." );%
E.%6,1$3".*=()',E")%"1*D*(,%."*8'1*,&*"(,1"-',*`E.(',*1,*$$3"(.*
&%,$'1*.*1"',")0*",*F)");%"<*&)'%,$>
?Fc*.'*,&*"c=(9*1"(,"'Dc%.)(,)".%=*3"-%."',$)(,&*3"',")0*"7,')*1
<)()*$"<6c.*D*"G%6.)X$"1*&'$'%,"',"Q%&&'6>'W),*"#'(*%*"43"',";0'&0
)0*"G%6.)"%8*.)6.,*1")0*"?'E0)0"G'.&6')X$"(cc*==()*".*8'*;"$)(,1(.1
-%."$*,)*,&*$"($"',$6--'&'*,)=9"1*-*.*,)'(=>[P"R0*"G%6.)"%L$*.8*1")0()
iZ1b'$).'&)" &%6.)$" 0(8*" (," ',$)')6)'%,(=" (18(,)(E*" %8*." (cc*==()*
&%6.)$"',"D(I',E")0*$*"$%.)$"%-"1*)*.D',()'%,$"Z(L%6)";0*)0*.")%"E%
%6)$'1*" )0*" .(,E*" .*&%DD*,1*1" L9" )0*" $*,)*,&',E" E6'1*=',*$b3
*$c*&'(==9" ($" )0*9" $**" $%" D(,9" D%.*" W6'1*=',*$" $*,)*,&*$" )0(,
(cc*==()*"&%6.)$"1%>j[O"R0*"G%6.)",%)*1")0()"1'$).'&)"h61E*$"$*,)*,&*
(,"(8*.(E*"%-"PP^"1*-*,1(,)$"c*."9*(.3";')0"%,=9"("$D(=="-.(&)'%,"%)0*"$*,)*,&*$"L*',E"(cc*(=*1>[Q"R0*"'DL(=(,&*"L*);**,"$*,)*,&*$
'Dc%$*1"(,1"$*,)*,&*$"(cc*(=*1"='I*=9"D*(,$")0()")0*"(8*.(E*").'(=
h61E*" $**$" (" E.*()*." ,6DL*." (,1" 1'8*.$')9" %-" $*,)*,&',E" -(&)
c())*.,$"',"(,9"E'8*,"9*(.")0(,")0*"(8*.(E*"(cc*==()*"h61E*>
@6)" 1%*$" )0'$" .*(==9" ).(,$=()*" ',)%" $6c*.'%." 1*&'$'%,`D(I',E
&%Dc*)*,&*r" #=)0%6E0" )0*" 7,')*1" <)()*$" <6c.*D*" G%6.)" '$" ,%)
(=%,*"',"$6EE*$)',E"($"D6&03")0*.*"(.*"E%%1".*($%,$")%"1%6L)")0'$
&%,&=6$'%,>[Y"J%."%,*")0',E3"')"'$"D'$=*(1',E")%"$'Dc=9"&%Dc(.*")0*
[\> (""'43/$%",%)*"a"(,1"(&&%Dc(,9',E")*F)>
[P> [[O"7><>"Qa3"Y]"dO\\^e"d.*h*&)',E")0*"iG%6.)"%-"#cc*(=$X".6=*".*56'.',E"uc.%c%.)'%,(=X
h6$)'-'&()'%,$"-%."1*c(.)6.*$"-.%D")0*"W6'1*=',*$".(,E*je>
[O> U#>"()"[O"d(=)*.()'%,"',"%.'E',(=e"d',)*.,(="56%)()'%,"D(.I$"%D'))*1e"d56%)',E"K%%,"8>
7,')*1"<)()*$3"[Pa"7><>"aP3"_a"dP__]ee>
[Q> U#>" ()" [O" ,>^" d&')',E" #+4CU>" MJJCG?" MJ" 7><>" GM7/R<3" O\\]" J?+?/#:" GM7/R
4#U#W?4?UR"<R#RC<RCG<"P]^e>
[Y> (""9'">->3"7,')*1"<)()*$"8>"4(.)',3"[O\"J>Q1"a^3"_O"dP$)"G'.>"O\\ae"diZRb0*"$*,)*,&',E
&%6.)"c%$$*$$*$"(",6DL*."%-"',$)')6)'%,(="(18(,)(E*$3"',&=61',E">>>")0*"&6D6=()'8*"*Fc*.'*,&*
E(.,*.*1")0.%6E0")0*"$0**.",6DL*."%-"1'$).'&)"&%6.)"$*,)*,&',E"c.%&**1',E$")0()")(I*"c=(&*
1(9"L9"1(9>j"d&')',E"Q%&&3"[[O"7><>"()"[P`[Oeem"7,')*1"<)()*$"8>"A%,*$3"[QP"J>Q1"P]Q3"P^\`^P"dO1
G'.>" O\\ae" d'1*,)'-9',E3" ($" ',$)')6)'%,(=" (18(,)(E*" %-" $*,)*,&',E" &%6.)$3" )0()" )0*9" i'Dc%$*
$&%.*$"%-"$*,)*,&*$"*(&0"9*(.j"d&')',E"Q%&&3"[[O"7><>"()"[P`[Oeem"7,')*1"<)()*$"8>"2%9,)*.3"Y_[
J>Q1"QY_3"Q[P"d])0"G'.>"O\\^e"di#,1"6,='I*")0*").'(="&%6.)3"D%$)"(cc*==()*"h61E*$"0(8*"='))=*
*Fc*.'*,&*"$*,)*,&',E"',1'8'16(=$>"T0'=*").'(="h61E*$"$*,)*,&*"',1'8'16(=$"-(&*")%"-(&*"-%."(
='8',E3";*".*8'*;").(,$&.'c)$"-%."("='8',E>jem"2*%c=*"8>"@(L&%&I3"]]]"U>T>O1"OQP3"OYQ"d4'&0>
O\\Qe" di@*&(6$*" %-" )0*" ).'(=" &%6.)X$" >>>" *Fc*.'*,&*" '," $*,)*,&',E3" )0*" ).'(=" &%6.)" '$" L*))*.
$')6()*1")0(,")0*"(cc*==()*"&%6.)")%"1*)*.D',*";0*)0*."("Z$*,)*,&',Eb"1*c(.)6.*"'$";(..(,)*1
'," (" c(.)'&6=(." &($*>jem" G%DD%,;*(=)0" 8>" T(==$3" _O]" #>O1" _[^3" _]P" d2(>" O\\^e" diZRb0*
$*,)*,&',E" &%6.)" *,h%9$" (," ',$)')6)'%,(=" (18(,)(E*" )%" (cc*==()*" .*8'*;3" L.',E',E" )%" ')$
1*&'$'%,$"(,"*Fc*.)'$*3"*Fc*.'*,&*3"(,1"h61ED*,)")0()"$0%6=1",%)"L*"='E0)=9"1'$)6.L*1>je>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPQ_
(,,6(=" ,6DL*." %-" $*,)*,&',E" &($*$" $**," L9" ).'(=" (,1" (cc*==()*
h61E*$3" ()" =*($)" '-" )0*" '1*(" '$" )%" $6EE*$)" )0()" ).'(=" h61E*$" 0(8*
(8('=(L=*" (" E.*()*." $)%.*0%6$*" %-" I,%;=*1E*" .*E(.1',E" %)0*.
&.'D',(="&($*$>"4(,9"(cc*==()*"h61E*$"0(8*"c.'%."*Fc*.'*,&*"($").'(=
h61E*$"%."&.'D',(="=(;9*.$>"J%."',$)(,&*3"(D%,E")0*"*=*8*,"(&)'8*
h61E*$"%-")0*"?'E0)0"G'.&6')3"-.%D";0'&0"Q%&&"*D*.E*13"$*8*,"0(8*
$*.8*1" *')0*." ($" ).'(=" &%6.)" h61E*$" %." ($" c.%$*&6)%.$>[[" 4%.*%8*.3
(cc*==()*"h61E*$3"6,='I*").'(="h61E*$3"(.*",%)"='D')*1")%")0*'."%;,
c*.$%,(=" I,%;=*1E*" '," 1*&'1',E" &($*$3" L6)" &(," (=$%" 1.(;" %," )0*
*Fc*.'*,&*"%-");%"&%`c(,*='$)$"%."*8*,"D%.*")0(,")0()"%,"("$6c.*D*
&%6.)>[]"R0*"&%==*&)'8*"*Fc*.'*,&*";')0"&.'D',(="&($*$"%,"(,9"E'8*,
(cc*==()*"c(,*="D(9"D()&0"%."*F&**1")0*"',1'8'16(="*Fc*.'*,&*"%D(,9" ).'(=" h61E*$>[^" #11')'%,(==93" ')" $**D$" ='I*=9" )0()" )0*.*" (.*
1'D','$0',E"D(.E',(=".*)6.,$"-.%D"*Fc*.'*,&*>"M,&*"("h61E*"0($
$**," 0*." -'.$)" -'-)9" 1.6E" &($*$3" ')" '$" ,%)" ()" (==" &=*(." ;0*)0*." )0*
$*&%,1"-'-)9";'=="(11"(,9)0',E"0*=c-6=")%")0*"h61E*X$"$)%.*0%6$*"%I,%;=*1E*>[a
@6)"c*.0(c$")0*.*"'$"$%D*)0',E"(L%6)")0*"*Fc*.'*,&*"c%',)")0()
E%*$"L*9%,1")0*"(8('=(L'=')9"%-"I,%;=*1E*>"2*.0(c$"$*,)*,&',E"'$"(
$I'==")0()"D6$)"L*"c.(&)'&*1".*E6=(.=9"',"%.1*.")%"(&0'*8*")0*"L*$)
.*$6=)$>"C)"'$"&%DD%,=9"$('13"-%."',$)(,&*3")0()"c.%-*$$'%,(="()0=*)*$
E*)" i.6$)9j" ;0*," )0*9" 1%" ,%)" c=(9" .*E6=(.=9m" c*.0(c$" (cc*==()*
h61E*$"$6--*."("$'D'=(."1'$(L'=')9";0*,")0*9"1%",%)"0(8*"("$)*(19
-=%;"%-"$*,)*,&*$")%".*8'*;>"
M,")0*"%)0*."0(,13"')"'$",%)"&=*(.";09"%,*";%6=1"L*&%D*"("L*))*.
$*,)*,&*." ;')0" .*E6=(." c.(&)'&*" %." L*&%D*" (" ;%.$*" $*,)*,&*." L9
1%',E"')"=*$$"-.*56*,)=9>"#-)*."(==3"$*,)*,&',E"'$",%)"(,"(&)'8')9"-%.
;0'&0")0*.*"'$"*--*&)'8*"-**1L(&I>[_"#)0=*)*$"E*)"'DD*1'()*"-**1L(&I
%,")0*"56(=')9"%-")0*'."c*.-%.D(,&*l)0*9"E*)"("0')"%.")0*9"$).'I*
[[> #&&%.1',E")%"L'%E.(c0'&(="',-%.D()'%,"(8('=(L=*")0.%6E0")0*"J*1*.(="A61'&'(="G*,)*.X$
;*L$')*3")0.**"?'E0)0"G'.&6')"h61E*$"d46.c093"4*==%93"(,1"<0*c0*.1e"0(8*").'(=`=*8*="h61'&'(=
*Fc*.'*,&*3";0'=*"-%6."dT%==D(,3"@9*3"G%==%)%,3"(,1"W.6*,1*.e"0(8*"c.%$*&6)%.'(="*Fc*.'*,&*>
J*1*.(="A61'&'(="G*,)*.3"@'%E.(c0'&(="+'.*&)%.9"%-"J*1*.(="A61E*$3"0))cVqq;;;>-h&>E%8qc6L='&q
0%D*>,$-q0'$h"d=($)"8'$')*1"4(.>"Y3"O\P\e"d)9c*"',"h61E*X$",(D*"',")0*";0')*"$*(.&0"L%F",(D*
-%."("1*$&.'c)'%,"%-")0*"h61E*X$"c.%-*$$'%,(="*Fc*.'*,&*e>
[]> G:>"M=1-()0*.3"43/$%",%)*"Y]3"()"QO_`Q\"d*Fc=(',',E".%=*"%-"c(,*=$e>
[^> U#>
[a> (""" @(.L(.(" #>" <c*==D(,3' V)' *5"' (3//04"#' EN/"$*,4"' 0:' K3#-"4' ,)' E6%&3%*,)E6,#")+"3"P[]"7>"2#>":>"/?S>"2?UU4@/#"P3"^"dO\\^e3"0))cVqq;;;>c*,,6DL.(>&%Dq.*$c%,$*$q
\Q`O\\^q<c*==D(,>c1->
[_> U#>
OPY\
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
%6)3")0*9"D(I*")0*"$0%)"%.",%)3")0*9"&%Dc=*)*")0*"c($$"%.")0.%;"(,
',)*.&*c)'%,l(,1")0*9"(.*"(L=*")%"D(I*"(1h6$)D*,)$"L($*1"%,")0()
-**1L(&I>"@6)"0%;"'$"("$*,)*,&',E"h61E*")%"I,%;";0*)0*."0*"%."$0*
'$" c*.-%.D',E" ;*==r" R0*" L($'&" -**1L(&I" D*&0(,'$D" ;')0'," )0*
h61'&'(="L.(,&0"'$"$6cc='*1"L9"(cc*==()*".*8'*;3"L6)"0'E0"1*-*.*,&*
6,1*.D',*$")0*"*--*&)'8*,*$$"%-")0()"-**1L(&I>"?=*&)*1"h61E*$"D(9
(=$%".*&*'8*"%&&($'%,(="-**1L(&I"-.%D")0*"c%=')'&(="$9$)*D3"L6)"8%)*.$
E*,*.(==9" 1%" ,%)" 0(8*" (&&*$$" )%" (,9)0',E" D%.*" )0(," (,*&1%)(=
',-%.D()'%,"(L%6)")0*"$*,)*,&',E"c.(&)'&*$"%-"',1'8'16(="h61E*$>]\"C,
$0%.)3")0*.*"'$",%"(cc(.*,)".*($%,")%")0',I")0()"$*,)*,&',E"'$")0*
$%.)" %-" (&)'8')9" )0()" =*,1$" ')$*=-" )%" )0*" 1*8*=%cD*,)" %-" *Fc*.)'$*
)0.%6E0".*E6=(."c.(&)'&*>]P
C,")0*"*,13")0*"*Fc*.'*,&*"c%',)"$**D$",%"=*$$"56*$)'%,`L*EE',E
)0(,")0*"',1*)*.D',(&9"c%',)>"C-"(cc*==()*"h61E*$"(.*"=*$$"&%Dc*)*,)
L*&(6$*")0*9"$**"-*;*."$*,)*,&',E"&($*$3")0*9"&%6=1"$6.*=9"',&.*($*
)0*'.",6DL*."%-"$*,)*,&',E"&($*$"L9"(1%c)',E"$)(,1(.1$"%-".*8'*;
)0()" (.*" D%.*" -.'*,1=9" )%" (cc*==(,)$>" #,13" *8*," ($" D())*.$" ,%;
$)(,13"')"'$",%)"&=*(.")0()"(cc*==()*"h61E*$"$**"("D()*.'(==9"$D(==*.
c.%c%.)'%,"%-"$*,)*,&',E"'$$6*$")0(,")0*9"1%"(,9"%)0*.")9c*"%-"'$$6*>
W'8*,"0'E0"$*))=*D*,)".()*$"(&.%$$")0*"L%(.1"',"&'8'="(,1"&.'D',(=
&($*$3" ).'(=" h61E*$" ='I*=9" (11.*$$" (==" )9c*$" %-" '$$6*$3" (,1" ,%)" h6$)
$*,)*,&',E"'$$6*$3";')0"E.*()*."-.*56*,&9")0(,"(cc*==()*"h61E*$l
',&=61',E" )0%$*" )9c*$" %-" i=*E(=j" '$$6*$" )0()" (.*" ).(1')'%,(==9
.*8'*;*1"1*",%8%>"C,"$0%.)3";*"$)'=="=(&I"("&%,8',&',E"L($'$"-%."1'$`
)',E6'$0',E"$*,)*,&',E"1*&'$'%,$"-.%D")0%$*")0()"(.*"(&&%.1*1"D6&0
=*$$"(cc*==()*"1*-*.*,&*>
]\> A61E*$" D(9" (=$%" E*)" -**1L(&I" %-" (" $%.)" ;0*," (" ='E0)" $*,)*,&*" '$" 'Dc%$*1" %," (
1*-*,1(,)"(,1")0()"1*-*,1(,)")6.,$"(.%6,1"(,1"&%DD')$"(,%)0*."&.'D*m")0'$"D(9"$'E,(=")0()
)0*"h61E*"$0%6=1"0(8*"'Dc%$*1"("D%.*"$*8*.*"$*,)*,&*"',")0*"-'.$)"c=(&*"-%."',&(c(&')()'%,"%.
$c*&'-'&"1*)*..*,&*"c6.c%$*$>"R0'$"'$"(,"6,$()'$-(&)%.9"-**1L(&I"D*&0(,'$D3")0%6E03"L*&(6$*
')"'$"6,$9$)*D()'&>"U*;"&.'D*$"D(9"%."D(9",%)"&%D*")%")0*"h61E*X$"())*,)'%,3"c(.)'&6=(.=9"',
("D6=)'D*DL*.").'(="&%6.)"',";0'&0")0*",*;"&($*"D(9"L*"($$'E,*1")%"("1'--*.*,)"h61E*>"R0'$
D*&0(,'$D"'$"(=$%"($9DD*).'&"L*&(6$*")0*"h61E*";'=="E*)",*E()'8*"-**1L(&I"%,"6,16=9"=*,'*,)
$*,)*,&*$3"L6)",%)"%,"6,16=9"0(.$0"$*,)*,&*$>"
]P> G:>"<c*==D(,3' 43/$%",%)*"[a3"()"^"diZ?bFc*.)'$*"1*8*=%c$"%6)"%-"uD(,9")0%6$(,1$"%0%6.$" %-" $c*&'-'&" )9c*$" %-" c.(&)'&*" (,1" ).(',',EX" l" (" c.%&*$$" &(==*1" u1*='L*.()*" c.(&)'&*>X
+*='L*.()*"c.(&)'&*".*56'.*$"-%&6$*1"c.%E.(DD()'&"$)619>"C)"',&=61*$"(cc.%c.'()*"-**1L(&I
(L%6)" c*.-%.D(,&*>" C)" ',&=61*$" '1*,)'-9',E" *..%.$" (,1" ;%.I',E" %," c.%&*16.*$" )%" *='D',()*
)0*D>>>>"#,1").'(="h61E*$"&(,"$')")0.%6E0"06,1.*1$"%-"&($*$"(,1",*8*."1%")0*"-%&6$*1"$)619"%.
0(8*")0*"-($)".*='(L=*"-**1L(&I",*&*$$(.9"-%."1*8*=%c',E"*Fc*.)'$*>j"d&')()'%,"%D'))*1ee>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPYP
O>'?$,%&'K3#-"4'L%6"'1++"44'*0'D"2"%)0$'E6,#")+"
" C)" '$" $('1" )0()" i)0*" .%=*" %-" 1*D*(,%." '," ($$*$$',E" ;'),*$$
&.*1'L'=')9"c.%8'1*$"%,*"%-")0*"$)(,1(.13"(,1"%=1*$)3"h6$)'-'&()'%,$"-%.
(cc*==()*" 1*-*.*,&*" )%" =%;*." &%6.)" -(&)" -',1',E>j]O" R0'$" E*,*.(=
%L$*.8()'%," 0%=1$" ).6*" '," )0*" $*,)*,&',E" &%,)*F)3" ;')0" (cc*==()*
&%6.)$"-.*56*,)=9"&')',E")0*"-(&*`)%`-(&*"&%,)(&)"L*);**,"$*,)*,&',E
h61E*"(,1"1*-*,1(,)"($"("L($'$"-%."1*-*.*,&*>]Q"#=)0%6E0")0*"&%6.)$
)*,1" )%" -%&6$" %," )0*" 'Dc%.)(,&*" %-" )0*" #":")#%)*B4" 1*D*(,%." ',
c(.)'&6=(.3" ')" 0($" L**," $6EE*$)*1" )0()" )0*" 1*D*(,%." %-" %)0*.
;'),*$$*$"(,1"c(.)'*$"D(9"(=$%"L*"6$*-6="',"$*=*&)',E"("$*,)*,&*>]Y
/*&(==',E")0*"1'--*.*,)")9c*$"%-"1*&'$'%,$")0()"E%"',)%")0*"$*=*&)'%,
%-"("$*,)*,&*3"1*D*(,%."*8'1*,&*"$**D$"D%$)"&=*(.=9".*=()*1")%"-(&)`
]O> 4(F"4',N,*.3"D"*"+*,)-'T,"4'W4,)-'D"2"%)0$9'S,%49'%)#'G0)*"N*3"O_"G#/+MgM":>"/?S>
O[[^3"O[[_"dO\\ae>
]Q> (""9'">->3"W(=="8>"7,')*1"<)()*$3"[[O"7><>"Qa3"[P`[O"dO\\^e"diuR0*"$*,)*,&',E"h61E*"0($
(&&*$$")%3"(,1"E.*()*."-(D'='(.')9";')03">>>")0*"',1'8'16(="1*-*,1(,)"L*-%.*"0'D")0(,")0*">>>
(cc*(=$"&%6.)>Xj"d&')()'%,"%D'))*1eem"7,')*1"<)()*$"8>"A%,*$3"[QP"J>Q1"P]Q3"P^\`^P"dO1"G'.>"O\\ae
d'1*,)'-9',E" )0()" )0*9" i0*(." (==" )0*" *8'1*,&*" .*=*8(,)" )%" $*,)*,&',E3" D(I*" &.*1'L'=')9
1*)*.D',()'%,$3" (,1" ',)*.(&)" 1'.*&)=9" ;')0" )0*" 1*-*,1(,)j" ($" ',$)')6)'%,(=" (18(,)(E*$" %$*,)*,&',E"&%6.)$"d&')',E"Q%&&3"[[O"7><>"()"[Peem"2*%c=*"8>"+6.(,3"[QQ"2>O1"PPP]3"PPP_"dG%=%>
P_^[e"diC,"%6."8'*;3")0*"(cc*==()*"&%6.)"'$"(=;(9$"()"("1'$(18(,)(E*"L*&(6$*"%-")0*"-(&)")0()
')"1%*$",%)"0(8*")0*"L*,*-')"%-")0*").'(="&%6.)X$"&%,)(&)";')0")0*"1*-*,1(,)3";0'&0"'$"D()*.'(=
(,1".*=*8(,)"',"*8*.9"&($*>jem"2*%c=*"8>"<)(&*93"^Q^"U>?>O1"]O]3"]O_"dC==>"O\\\e"diR0*").'(="h61E*
0($")0*"%cc%.)6,')9")%";*'E0"$6&0"-(&)%.$"($")0*"1*-*,1(,)X$"&.*1'L'=')9"Z(,1b"1*D*(,%.>jem
<)()*"8>"J(8*=(3"_PP"2>O1"^_O3"aP\"dK(,>"P__]e"diR06$3"1*-*.*,&*"$0%6=1"L*"E.(,)*1")%")0*
$*,)*,&',E"h61E*3";0%"0($"0(1"-'.$)`0(,1"*Fc*.'*,&*";')0")0*"1*-*,1(,)>jem"2*%c=*"8>"@(L&%&I3
]]]"U>T>O1"OQP3"O]a"d4'&0>"O\\Qe"diC)"'$"&=*(.")0()")0*":*E'$=()6.*"0($"'Dc%$*1"%,")0*").'(=
&%6.)")0*".*$c%,$'L'=')9"%-"D(I',E"1'--'&6=)"1*&'$'%,$"&%,&*.,',E"&.'D',(="$*,)*,&',E3"&%$-"&7
0)'*5"'8%4,4'0:';5%*'5%4'*%C")'/&%+"',)',*4'#,$"+*'084"$6%*,0)>j"d*Dc0($'$" (11*1eem"<)()*"8>
/'=*93"Y_^"U>T>O1"OQ3"O["dU*L>"P__Qe"diR0*"(cc.%c.'()*,*$$"%-"("$*,)*,&*"'$",*&*$$(.'=9"(
$6Lh*&)'8*" h61ED*,)" (,1" ',&=61*$" )0*" $*,)*,&',E" h61E*X$" %L$*.8()'%," %-" )0*" 1*-*,1(,)X$
1*D*(,%."(,1"())')61*>jem"<)()*"8>"W(=='%,3"]^a"U>T>O1"P_^3"O\Q"dT'$>"O\\Ye"diuZ<b*,)*,&',E
1*&'$'%,$" %-" )0*" &'.&6')" &%6.)" (.*" E*,*.(==9" (--%.1*1" (" $).%,E" c.*$6Dc)'%," %-" .*($%,(L'=')9
L*&(6$*" )0*" &'.&6')" &%6.)" '$" L*$)" $6')*1" )%" &%,$'1*." )0*" >>>" 1*D*(,%." %-" )0*" &%,8'&)*1
1*-*,1(,)>Xj"d&')()'%,"%D'))*1ee>
]Y> (""9'">->3"7,')*1"<)()*$"8>"4(.)',3"[O\"J>Q1"a^3"_O"dP$)"G'.>"O\\ae"diZRb0*"$*,)*,&',E
&%6.)"c%$$*$$*$"(",6DL*."%-"',$)')6)'%,(="(18(,)(E*$3"',&=61',E">>>")0*"%cc%.)6,')9")%"$**"(,1
0*(.")0*"c.',&'c(=$"(,1")0*")*$)'D%,9"()"-'.$)"0(,1>jem"7,')*1"<)()*$"8>"2%9,)*.3"Y_["J>Q1"QY_3
Q[P"d])0"G'.>"O\\^e"di7,='I*")0*").'(="&%6.)3";*"1'1",%)"$**")0*"1*-*,1(,)3")0*"8'&)'D$"%."-(D'=9
D*DL*.$")*$)'-9"()")0*"$*,)*,&',E"0*(.',E>jem"<)()*"8>"#0*(.,3"Q\\"<>?>O1"]a_3"]_^"dU>G>"P_aQe
diR0*"J('."<*,)*,&',E"#&)";($",%)"',)*,1*13"0%;*8*.3")%".*D%8*"(=="1'$&.*)'%,"-.%D"%6."(L=*
).'(="h61E*$>"R0*").'(="h61E*"$0%6=1"L*"c*.D'))*1";'1*"=()')61*"',"(..'8',E"()")0*").6)0"($")0*
*F'$)*,&*" %-" (EE.(8()',E" (,1" D')'E()',E" &'.&6D$)(,&*$3" -%." ')" '$" %,=9" 0*" ;0%" %L$*.8*$" )0*
1*D*(,%."%-")0*";'),*$$*$"(,1"0*(.$")0*")*$)'D%,9>je>
OPYO
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
-',1',E" 1*&'$'%,$3" ;0'&0" %-)*," .*56'.*" &.*1'L'=')9"1*)*.D',()'%,$>
R0*.*"$**D$",%"E%%1".*($%,3"0%;*8*.3";09")0*"$*,)*,&',E"h61E*X$
(&&*$$" )%" 1*D*(,%." *8'1*,&*" $0%6=1" .*$6=)" '," 1*-*.*,&*" )%" %)0*.
$%.)$" %-" 1*&'$'%,$" $6&0" ($" )0%$*" %-" )0*" c%='&9D(I',E" %." c%='&9
(.)'&6=()'%,"8(.'*)9>"C-"')"'$")0%6E0)"'Dc%.)(,)")%"1*-*.")%"1*D*(,%.`
L($*1"1*&'$'%,$3")0*,"$*,)*,&',E"h61E*$"&%6=1"L*"($I*1")%"'1*,)'-9
)0*'." -',1',E$" %-" -(&)" $*c(.()*=93" ($" '$" .*56'.*13" -%." ',$)(,&*3" L9
J*1*.(="/6=*"%-"G'8'="2.%&*16.*"[Od(e"',"&%,,*&)'%,";')0"&'8'="L*,&0
).'(=$>"#cc*==()*"&%6.)$"D'E0)"L*".*56'.*1")%"(&&*c)")0*$*"-',1',E$
($" ).6*" d6,=*$$" &=*(.=9" *..%,*%6$e3" L6)" $)'==" 0(8*" (" -.**" 0(,1" )%
.**8(=6()*")0*"$'E,'-'&(,&*"%-")0*"-',1',E$>"C,1**13"1*-*.*,&*"D'E0)
L*" *8*," D%.*" ,(..%;=9" E.(,)*1" )%" -',1',E$" *Fc.*$$=9" L($*1" %,
1*D*(,%."*8(=6()'%,>"@*&(6$*"0*(.$(9"'$"c*.D'))*1"-%."$*,)*,&',E
c6.c%$*$3][" 'Dc%.)(,)" $*,)*,&',E" -(&)$" (.*" %-)*," -%6,1" L($*1" %,
;.'))*,"$6LD'$$'%,$"(=%,*m")0*"(8('=(L'=')9"%-"1*D*(,%."*8'1*,&*
c.%8'1*$" ,%" (cc(.*,)" h6$)'-'&()'%," -%." (cc*==()*" 1*-*.*,&*" )%
1*&'$'%,$"%-")0()")9c*>
4%.*"'Dc%.)(,)=93")0%6E03")0*"=%,E$)(,1',E"8'*;")0()"1*D*(,%.
*8'1*,&*" .*$6=)$" '," L*))*." 1*&'$'%," D(I',E" -='*$" '," )0*" -(&*" %-" (,
*D*.E',E"&%,$*,$6$"',")0*"=*E(="(,1"$%&'(="$&'*,&*"=')*.()6.*")0()
c*%c=*"E*,*.(==9"1%"("c%%."h%L"',"*8(=6()',E"1*D*(,%."*8'1*,&*>]]
<)61'*$"$6EE*$)3"-%."',$)(,&*3")0()"='*$"(.*"(&&6.()*=9"1*)*&)*1"L9
%L$*.8*.$"%,=9"(L%6)"0(=-")0*")'D*>]^"C,1**13";0*,"&%,-.%,)*1";')0
1*D*(,%."*8'1*,&*3")*$)"$6Lh*&)$"&%,$'$)*,)=9"-%&6$"%,")0*";.%,E
&6*$V"i2*%c=*"E*,*.(==9"L*='*8*Z b")0()"(".*16&)'%,"',"$D'=',E3"(,"',`
&.*($*"',"-6.)'8*"E=(,&*$3"-'1E*)',E3"(,1"E(N*"(8%'1(,&*"',1'&()*Z b
)0()"Z(b";'),*$$"Z'$b"=9',E>"C,"-(&)3",%,*"%-")0*$*"L*='*-$"Z0($b"$6cc%.)
'," )0*" $%&'(=" $&'*,&*" =')*.()6.*>j]a" 4%.*%8*.3" L*&(6$*" %-" )0*'.
)*,1*,&9" )%" -%&6$" %," )0*$*" 6,.*='(L=*" 8'$6(=" &6*$3" $6Lh*&)$" ;0%
;%*+5";'),*$$*$"$c*(I',E"(.*"=*$$"(&&6.()*"',"1*)*&)',E"='*$")0(,
)0%$*";0%".*(1"(").(,$&.'c)"(-)*.")0*"-(&)>]_"R0'$"$6EE*$)$")0()3"'(,9)0',E3"(cc*==()*"h61E*$"D'E0)"1%"("8"**"$"h%L"%-"-(&)`-',1',E")0(,
][> T'=='(D$"8>"U*;"B%.I3"QQ^"7><>"OYP3"O[\`[P"dP_Y_e>
]]> 4',N,*.3"43/$%",%)*"]O3"()"O[[^>
]^> U#>"()"O[]P>
]a> U#>"()"O[]O"d&')',E"A*.*D9"#>"@=6D*,)0(=3"1'F,/"'0:'*5"'L%)#49'1'T,+C'0:'*5"'T,/4X'?5"
\%&,#,*7'0:'D"2"%)0$'E6,#")+"',)'144"44,)-'F,*)"44'G$"#,8,&,*73"^O"U?@>" :>" /?S>" PP[^3"PP_Y
dP__Qee>
]_> U#>" d&')',E" M='," W69" T*==L%.," CCC3" D"2"%)0$9" ^]" GM/U?::" :>" /?S>" P\^[3" P\a]`a^
dP__Pee>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPYQ
).'(="h61E*$"/$"+,4"&7'8"+%34"'*5"7'#0')0*'5%6"'%++"44'*0'#"2"%)0$
"6,#")+">^\
R%" L*" $6.*3" D6&0" %-" )0*" .*$*(.&0" %," 1*D*(,%." *8'1*,&*" 0($
',8%=8*1"=(9")*$)"$6Lh*&)$"',"*Fc*.'D*,)(="$*))',E$3"(,1").'(="h61E*$
%c*.()',E"',"("&%6.).%%D"D'E0)"1%"L*))*.>"@6)")0*".*$*(.&0")%"1()*
0($" -%6,1" ='))=*" *8'1*,&*" )0()" )0%$*" ;0%" D'E0)" L*" )0%6E0)" ='*
1*)*&)'%,"i*Fc*.)$3j"$6&0"($"=(;"*,-%.&*D*,)"%--'&*.$3"-%.*,$'&"c$9`
&0'().'$)$3"=(;9*.$3"(,1"h61E*$3"c*.-%.D"D6&0"L*))*.")0(,"=(9c*%c=*
',"*Fc*.'D*,)(="$*))',E$>^P"4%.*%8*.3"($"2.%-*$$%."G0(1"M=1-()0*.
%L$*.8*$3")0*"&%DD*,)()%.$";0%"0(8*"($$*$$*1")0*").(,$-*.(L'=')9
%-")0*"*Fc*.'D*,)(=".*$6=)$")%")0*"&%6.).%%D"$*))',E"0(8*"i6,'-%.D=9
&%,&=61*1j" )0()" )0*" &%6.).%%D" $*))',E" '$" 6,='I*=9" )%" c.%16&*
$6L$)(,)'(==9"L*))*.".*$6=)$3"(,1"D(9"(&)6(==9";%.$*,")0*"c.%L=*D>^O
#=)0%6E0"='*"1*)*&)'%,"'$")0*")($I"D%$)"&%DD%,=9"($$%&'()*1";')0
1*D*(,%."*8'1*,&*3"')"'$"c%$$'L=*")0()"$6&0"*8'1*,&*"'$"(=$%"6$*1"-%.
("$='E0)=9"1'--*.*,)"-(&)`-',1',E")($I"()"$*,)*,&',EV",%)"h6$)"1*&'1',E
L*);**,"&%Dc*)',E"8*.$'%,$"%-"0'$)%.'&(="-(&)3"L6)"(=$%"1*)*.D',',E
)0*"1*-*,1(,)X$"&6..*,)"*D%)'%,(="$)()*";')0".*$c*&)")%")0*"%--*,$*>
#,13"',1**13"$%D*"%-")0*"&($*$"1%"$6EE*$)")0()"1*D*(,%."*8'1*,&*
D(9"L*".*=*8(,)"()"$*,)*,&',E"-%."c6.c%$*$"%-".*D%.$*"1*)*&)'%,>^Q
^\> C,"D(I',E"("$'D'=(."c%',)".*E(.1',E"(cc*==()*"1*-*.*,&*"E*,*.(==93"2.%-*$$%."G0(1
M=1-()0*."0($"0*=c-6==9"*=(L%.()*1")0*"(18(,)(E*$"%-"-(&)`-',1',E"L($*1"%,"(").(,$&.'c)>"G0(1
4>"M=1-()0*.3"1//"&&%*"'G03$*49'L,4*0$,+%&'!%+*49'%)#'*5"'G,6,&@G$,2,)%&'D,4*,)+*,0)3"[^"S#U+>
:>" /?S>"YQ^3"Y[P`[^"dO\\Ye>"J'.$)3"&%6.).%%D")*$)'D%,9"i'$"c.*$*,)"%,=9"-%."(,"',$)(,)3")0*,
1'$(cc*(.$3j",#>"()"Y[P3";0'=*")*$)'D%,9"%,")0*"c.',)*1"c(E*"&(,"L*".*.*(1"(,1".*&%,$'1*.*1
',"='E0)"%-"$6L$*56*,)")*$)'D%,9m",#>"()"Y[[>"<*&%,13"i%.(="=(,E6(E*"*,&%6.(E*$"(,"',)6')'8*
(,1"*D%)'%,(=")0%6E0)"c.%&*$$"',"')$"0*(.*.$>j"U#>"()"Y[Q>"/*=()*1=93"i='D')()'%,$"%,"06D(,
(L'=')9")%"0%=1"%.(==9"&%DD6,'&()*1"',-%.D()'%,"',"D*D%.9"'Dc('.")0*"(L'=')9")%"c.%&*$$")0*
',-%.D()'%,"',"(,"',)*==*&)6(==9"&%Dc=*F"-($0'%,>j"U#>"()"Y[Y>"J',(==93"6$*"%-"(").(,$&.'c)"0*=c$
)0*"(cc*==()*"&%6.)")%"(8%'1")0*"c')-(=="%-"-%&6$',E"%,"6,.*='(L=*"8'$6(="&6*$>"U#>"()"Y[Y3"Y[^`[a>
^P> U#>"()"Y[a>"C)"'$",%)"$6.c.'$',E")0()"*Fc*.'*,&*"',"8'*;',E"1*D*(,%."*8'1*,&*"1%*$",%)
).(,$=()*"',)%"*Fc*.)'$*"',"*8(=6()',E"')3"-%.").6*"*Fc*.)'$*"*D*.E*$"-.%D";0()"c$9&0%=%E'$)$
&(==" i1*='L*.()*" c.(&)'&*3j" ;0'&0" ',&=61*$" -%&6$*1" $)619" (,1" -**1L(&I" %," c*.-%.D(,&*>
<c*==D(,3"43/$%',%)*"[a3"()"^>"C)"'$",%)"&=*(."0%;"$*,)*,&',E" h61E*$" ;%6=1" E*)")0*"$%.)"%-**1L(&I",*&*$$(.9")%"D(I*")0*D"L*))*."()"*8(=6()',E"1*D*(,%."*8'1*,&*>
^O> M=1-()0*.3" 43/$%' ,%)*" ^\3" ()" Y[a`[_>" M=1-()0*." 0'E0='E0)$" &.%$$`*F(D',()'%," ($" (
c%)*,)'(==9"'Dc%.)(,)"c.%L=*D"',")0*"&%6.).%%D"$*))',E>"(""',#>"()"Y[_"diG.%$$`*F(D',()'%,
D(9" 0(8*" (" -6.)0*." 1'$)%.)',E" *--*&)" L%)0" L*&(6$*" %-" )0*" )9c'&(==9" $6$c'&'%6$" )%,*" %-" )0*
56*$)'%,',E3";0'&0"0($"L**,"$0%;,")%"&.*()*"("$6$c'&'%6$"D',1$*)"',"%L$*.8*.$3"(,1")0*"$).*$$
&(6$*1" '," )0*" ;'),*$$3" ;0'&0" D(9" =*(1" 0*." )%" E'8*" %--" )0*" $%.)$" %-" L*0(8'%.(=" &6*$" )0()
%L$*.8*.$"'Dc.%c*.=9"($$%&'()*";')0"1*&*c)'%,>je>
^Q> (""9'">->3"G%DD%,;*(=)0"8>"A%,*$3"]PQ"#>O1"[a^3"[_P"d2(>"<6c*.>"G)>"P__Oe"d*,"L(,&e
d,%)',E"$6c*.'%."c%$')'%,"%-"$*,)*,&',E"h61E*")%"i8'*;")0*"1*-*,1(,)X$">>>"1'$c=(9$"%-".*D%.$*3
OPYY
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
C)"'$"&%DD%,=9"$('1")0()"E*,6',*"&%,).')'%,"'$3")%"56%)*")0*"7,')*1
<)()*$"<*,)*,&',E"G%DD'$$'%,3"i("$%6,1"',1'&()%."%-".*0(L'=')()'L*
c%)*,)'(=>j^Y" C-" $%3" (,1" '-" )0*" ).'(=" h61E*X$" (&&*$$" )%" 1*D*(,%.
*8'1*,&*" %--*.*1" .*D%.$*" 1*)*&)'%," (18(,)(E*$3" )0*," ).'(=" h61E*$
D'E0)" L*" L*))*." c%$')'%,*1" )0(," (cc*==()*" h61E*$" )%" 1*)*.D',*
.*&'1'8'$D".'$I>^[
@6)")0%$*"(.*"L%)0"L'E"i'-$>j"+*$c')*")0*"&%,8*,)'%,(=";'$1%D")0()
c.*$*,)" -**=',E$" %-" .*D%.$*" c.*1'&)" -6)6.*" 1*$'$)(,&*" -.%D" &.'D*3
8*.9" ='))=*" .*$*(.&0" 0($" L**," 1%,*" )%" $6L$)(,)'()*" )0*" .*D%.$*`
.*&'1'8'$D"&%,,*&)'%,>^]"R%"L*"$6.*3"c$9&0%=%E'$)$".*&%E,'N*")0()"(
c*.$%,X$"-**=',E$"%-"E6'=)".*E(.1',E"$%D*)0',E"0*"%."$0*"0($"1%,*
)*,1")%"',16&*"c.%`$%&'(="L*0(8'%."d$6&0"($"*--%.)$")%".*c('.")0*"0(.D
)0*" c*.$%," 0($" &(6$*1^^e" (,1" )0()" )0*" 1'$&%D-%.)" %-" $6&0" E6'=)9
-**=',E$"D(9"',0'L')"-6)6.*").(,$E.*$$'%,$>^a"R0*.*"'$"(=$%"*8'1*,&*
)0()"("c*.$%,X$"ic.%,*,*$$">>>")%"E6'=)j"'$"($$%&'()*1";')0"D%.*"&%,`
$).6&)'8*".*$c%,$*$")%"(,E*."(,1"',)*.c*.$%,(="&%,-='&)>^_"@6)"')"'$"-(.
-.%D"&=*(.")0()")0*"*D%)'%,")0()"$*,)*,&',E"h61E*$"&0(.(&)*.'N*"($
i.*D%.$*j" %." i&%,).')'%,j" '$" )0*" $(D*" d%." ()" =*($)" 0($" )0*" $(D*
L*0(8'%.(=" &%,$*56*,&*$e" ($" )0*" *D%)'%," )0()" c$9&0%=%E'$)$" =(L*=
1*-'(,&*"%."',1'--*.*,&*je3"A30*"#',)"G%DD%,;*(=)0"8>"T(==$3"_O]"#>O1"_[^3"_]P"d2(>"O\\^e>
^Y> 7><>"<?UR?UGCUW"W7C+?:CU?<"p"@QOP"&D)>"d2.*='D',(.9"+.(-)"P_a]e"dP_a]e3"$"/$,)*"#
,)"[P"J*1>"/*E>"Q[3\a\3"Q[3PP]"dM&)>"P3"P_a]e>
^[> C,"(11')'%,")%"(18(,&',E")0*"6)'=')(.'(,"E%(="%-"(11.*$$',E".*&'1'8'$D".'$I$"*--*&)'8*=93
.*D%.$*"1*)*&)'%,"D'E0)"(=$%"0(8*"(".%=*")%"c=(9"',".*).'L6)'8*"(cc.%(&0*$")%"c6,'$0D*,)>
4%.*"$c*&'-'&(==93")0*"*D%)'%,(="$6--*.',E")0()"("1*-*,1(,)"*Fc*.'*,&*$"($"(".*$6=)"%-".*D%.$*
D(9"1'D','$0")0*",**1"-%."*F)*.,(==9"'Dc%$*1"c6,'$0D*,)"',"%.1*.")%"(&0'*8*")0*".*).'L6)'8*
E%(="%-"h6$)"1*$*.)$>"W.*EE"A>"W%=1"f"@*.,(.1"T*',*.3"."20$4"9'G0):"44,0)9'Q$03/'U#")*,*79
%)#'EN/"+*%)+,"4'1803*'."/"%*,)-'%'?$%)4-$"44,0)3"OO"@#<CG"f"#22:C?+"<MG>"2<BGHM:>"O_P3
O_P"dO\\\e>"
^]> <0(11" 4(.6,(" f" H*')0" G%c*$3" F5%*' L%6"' F"' T"%$)"#' :$02' !,6"' D"+%#"4' 0:
I"3*$%&,<%*,0)'."4"%$+53"QO"G/C4?"f"A7<R>"OOP3"O[]",>P["dO\\[e>
^^> /%L" 4>#>" U*='$$*," f" 4(.&*=" g**=*,L*.E3" F5")' Q3,&*' E60C"4' ("&:@Y3),452")*X
E6,#")+"':0$'*5"'EN,4*")+"'0:'%'+%LL9"?--*&)3"_"?4MRCMU"PPa3"PPa"dO\\_e>
^a> W.(N9,("K%&0(,$I("*)"(=>3"Q3,&*'%)#'E::0$*:3&'G0)*$0&X'?;0'M"+5%),424'?5%*'Y$"6")*
D,4$3/*,6"'D"6"&0/2")*%&'?$%="+*0$,"43"_^"A>"2?/<MU#:CRB"f"<MG>"2<BGHM:>"QOO3"QOO"dO\\_e>
R%"L*"D%.*"c.*&'$*3"E6'=)"D(9"L*"(,"'Dc%.)(,)"&0*&I"%,"(,)'$%&'(="&%,16&)"-%."',1'8'16(=$";0%
0(8*"1'D','$0*1"&(c(&')9")%"*F*.&'$*"1*='L*.()*3"i*--%.)-6="&%,).%=j"%8*.")0*'."&%,16&)>"U#>"()
QQ\>
^_> A6,*" 2.'&*" R(,E,*9" *)" (=>3" ."&%*,0)' 0:' (5%2"' %)#' Q3,&*' *0' G0)4*$3+*,6"' \"$434
D,4$3/*,6"'."4/0)4"4'*0'1)-"$'1+$044'*5"'T,:"4/%)3"^\"A>"2?/<MU#:CRB"f"<MG>"2<BGHM:>"^_^3
a\]"dP__]e>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPY[
iE6'=)3j" ($" %cc%$*13" -%." ',$)(,&*3" )%" $6&0" *D%)'%,$" ($" $0(D*" (,1
*DL(..($$D*,)3";')0";0'&0"E6'=)"'$"%-)*,"&%,-6$*1>a\
R0*" c%)*,)'(=" &%,-=()'%," %-" $0(D*" (,1" E6'=)" '$" c(.)'&6=(.=9
c.%L=*D()'&V" iT0*," $0(D*13" (" c*.$%,X$" -%&(=" &%,&*.," '$" ;')0" )0*
*,)'.*"$*=->"<%D*",*E()'8*"L*0(8'%."%."-('=6.*"'$")(I*,"($"(".*-=*&)'%,
%-"("D%.*"E=%L(="(,1"*,16.',E"1*-*&)"%-")0*"$*=->jaP"T0*,"*Fc*.'*,&`
',E" E6'=)3" L9" &%,).($)3" i(" c*.$%,X$" -%&(=" &%,&*.," '$" ;')0" (" $c*&'-'&
L*0(8'%."%."-('=6.*3"$%D*;0()"(c(.)"-.%D")0*"E=%L(="$*=->jaO"46&0
.*$*(.&0" ',1'&()*$" )0()" $0(D*" (,1" E6'=)" 0(8*" 56')*" 1'--*.*,)
'Dc='&()'%,$"-%."c$9&0%=%E'&(="-6,&)'%,',E3";0*)0*."&%,$'1*.*1"($
$)()*$"()"("c(.)'&6=(."D%D*,)"',")'D*"%."($").(')$"dc.%,*,*$$")%"E6'=)
8*.$6$"c.%,*,*$$")%"$0(D*e>aQ"J%."',$)(,&*3"(".*&*,)".*8'*;"%-")0*
=')*.()6.*" -%6,1" (" i$).%,E3" *Dc'.'&(==9" E.%6,1*1" &%,$*,$6$j" )0()
i$0(D*`c.%,*" ',1'8'16(=$" (.*" D%.*" ='I*=9" )%" -**=" (,E*." (,1" )%
D(,(E*")0*'."(,E*."',"(,"6,&%,$).6&)'8*"-($0'%,>jaY"T0()*8*."D(9
L*" c=(6$'L=9" 09c%)0*$'N*1" (L%6)" (" =',I" L*);**," E6'=)" (,1" =%;
.*&'1'8'$D".'$I3"')"$**D$"6,='I*=9")0()"$0(D*";%6=1"0(8*")0*"$(D*
.*=()'%,$0'c")%".*&'1'8'$D>"B*)3")0*"E6'=)`$0(D*"1'$)',&)'%,"'$"-.*`
56*,)=9"%8*.=%%I*1"*8*,"',"&=','&(="$*))',E$3a["(,1")0*");%"*D%)'%,$
(.*" %-)*," &%,-6$*1" %." ).*()*1" ',)*.&0(,E*(L=9>a]" G%,-%6,1',E
D())*.$3"E6'=)"(,1"$0(D*"(.*"%-)*,"*Fc*.'*,&*1"()")0*"$(D*")'D*3"%.
(.*" -*=)" $*56*,)'(==9" ;')0" .*$c*&)" )%" )0*" $(D*" ',&'1*,)>a^" R0*
c%$')'8*"c$9&0%=%E'&(="($$%&'()'%,$";')0"E6'=)"(,1"E6'=)`c.%,*,*$$
$**D")%"D(,'-*$)")0*D$*=8*$"%,=9";0*,"E6'=)"'$",%)"(&&%Dc(,'*1"L9
$0(D*m")06$3")0*"c(.)'&6=(."*D%)'%,(="$)()*")0()"$**D$"%-"E.*()*$)
.*=*8(,&*")%"$*,)*,&',E";%6=1"L*";0()"c$9&0%=%E'$)$"&(=="i$0(D*`
a\> (""" A6,*" 2.'&*" R(,E,*9" *)" (=>3" 1$"' (5%2"9' Q3,&*9' %)#' E28%$$%442")*' D,4*,)+*
E20*,0)4]3"^\"A>"2?/<MU#:CRB"f"<MG>"2<BGHM:>"PO[]3"PO[]"dP__]e"diZ@b%)0"c$9&0%=%E'$)$"(,1
=(9c*%c=*"D(9"-',1"')"1'--'&6=)")%"1'--*.*,)'()*")0*$*")0.**")9c*$"%-"(--*&)'8*"*Fc*.'*,&*$>je>
#,%)0*."$'D'=(.3"L6)"1'$)',E6'$0(L=*3"*D%)'%,(="$)()*"'$".*E.*)>"4(.&*="g**=*,L*.E"f"<*E*.
4>" @.*6E*=D(,$3" ?5"' .0&"' 0:' U)*"$/"$40)%&' L%$2' ,)' D,4*,)-3,45,)-' ."-$"*' :$02' Q3,&*3" a
?4MRCMU"[a_3"[a_"dO\\ae>"
aP> R(,E,*9"*)"(=>3"43/$%",%)*"^_3"()"^_^>
aO> U#>"()"^_a>
aQ> U#>
aY> /(--(*=*"/%1%E,%3"(5%2"'%)#'Q3,&*',)'."4*0$%*,6"'K34*,+"3"PY"2<BGHM:>"27@>"2M:XB"f
:>"PYO3"P[["dO\\ae>"
a[> R(,E,*9"*)"(=>3"43/$%",%)*"^_3"()"a\^>
a]> A*--*.9"<>"#$0L9"*)"(=>3"Y47+50&0-,4*4B'T%8"&,)-'0:'*5"'1::"+*,6"'(*%*"4'0:'(5%2"'%)#'0:
Q3,&*3"QY"2<BGHMRH?/#2B"[a3"[_"dP__^e>
a^> R(,E,*9"*)"(=>3"43/$%",%)*"^_3"()"a\P>
OPY]
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
-.**"E6'=)>jaa"R0*.*"'$",%".*($%,3"0%;*8*.3")%")0',I")0()"$*,)*,&',E
h61E*$"(.*"&%,$'$)*,)=9"$**I',E"%6)")0'$"$c*&'-'&"(,1"0(.1`)%`'1*,)'-9
*D%)'%,(="$)()*";0*,")0*9"(.*"=%%I',E"-%.".*D%.$*>
4%.*%8*.3"*8*,"($$6D',E")0()".*D%.$*".*='(L=9"c.*1'&)$".*&'1'`
8'$D".'$I3")0*.*"(.*"E%%1".*($%,$")%"1%6L)")0()"1*D*(,%."*8'1*,&*
(&)6(==9"&%,).'L6)*$"D6&0")%"$6&&*$$-6=".*D%.$*`1*)*&)'%,>"G.')'&$
0(8*" =%,E" *Fc.*$$*1" 1%6L)" (L%6)" )0*" &(c(&')9" %-" ).'(=" h61E*$" )%
1'$)',E6'$0"L*);**,"E*,6',*=9"-*=)"(,1"c6.*=9"$*=-`$*.8',E"*Fc.*$`
$'%,$"%-".*D%.$*"()"$*,)*,&',E>a_"#=)0%6E0"$%D*".*$*(.&0"$6EE*$)$
)0()"*D%)'%,(="$)()*$"&(,"L*"(&&6.()*=9"1*)*.D',*1"L9"i.*(1',Ej")0*
*Fc.*$$'%,$" %," (" c*.$%,X$" -(&*3" )0'$" '$" (" $I'==" )0()" D(9" .*56'.*
&%,$'1*.(L=*").(',',E"(,1"c.(&)'&*>_\"4%.*%8*.3"')"$**D$"='I*=9")0()
aa> (""',#>"d1'$&6$$',E"1'$)',&)'%,"L*);**,"i$0(D*`-.**"E6'=)"(,1"E6'=)`-.**"$0(D*je>"R%
L*"$6.*3"6,1*.")0*".*).'L6)'8*"h6$)'-'&()'%,"-%.")(I',E".*D%.$*"',)%"(&&%6,)3"43/$%",%)*"^[3"')
D'E0)" L*" (.E6*1" )0()" (,9" c(',-6=" *D%)'%,(=" $)()*3" ',&=61',E" $0(D*3" ;%6=1" $6--'&*" )%
(&&%Dc='$0")0*"c6,')'8*"%Lh*&)'8*$>"M,")0*"%)0*."0(,13"$0(D*"D(9"L*"*00"c%;*.-6="(",*E()'8*
*D%)'%,")%"(18(,&*" .*).'L6)'8*"*,1$"*--*&)'8*=9m"$0(D*")9c'&(==9").'EE*.$"$).%,E"(8%'1(,&*
.*$c%,$*$3"',&=61',E"L=(D*`*F)*.,(='N()'%,"(,1"%)0*.`1'.*&)*1"(,E*.>"R(,E,*9"*)"(=>3"43/$%
,%)*"^_3"()"a\]>"R0*"',$)(L'=')9"%-"$0(D*"($"(,"*D%)'%,(="$)()*";%6=1"$**D")%"D(I*"')"1'--'&6=)
)%"-')"',)%")0*"h6$)"1*$*.)$"$&0*D*>"#"c%$$'L=9".*=()*1"c.%L=*D";')0")0*"i.*).'L6)'8*".*D%.$*j
)0*%.9"'$")0*"1'--'&6=)9"%-"(&&6.()*"(--*&)'8*"-%.*&($)',EV"("&%,$'1*.(L=*"L%19"%-".*$*(.&0",%;
$0%;$" )0()" ,*E()'8*" *D%)'%,$" )*,1" )%" L*" &%,$'1*.(L=9" =*$$" 16.(L=*" )0(," '$" &%DD%,=9
$6cc%$*13"*8*,"',".*$c%,$*")%"$**D',E=9"D(h%.").(6D($"='I*")0*"1*()0"%-"("$c%6$*>"A*.*D9"#>
@=6D*,)0(=3"T%;'%)#'*5"'E20*,0)4X'?5"'Y$08&"24'0:'1::"+*,6"'!0$"+%4*,)-3"a\"CU+>":>A>"P[[3
P]]`^O" dO\\[e" d$6DD(.'N',E" $)61'*$e>" #$" 2.%-*$$%." A*.*D9" @=6D*,)0(=" &%,&=61*$3" iM,
(8*.(E*3" ;*" (.*" c%%." ()" c.*1'&)',E" 'Dc%.)(,)" *=*D*,)$" %-" -6)6.*" *D%)'%,(=" *Fc*.'*,&*$3
;0*)0*."%6."%;,"%."(,%)0*.X$3"*8*,"D',6)*$"',)%")0*"-6)6.*>j"U#>"()"P^O>"H*"*Fc=(',$")0*$*
.*$6=)$3"',"c(.)3"L9".*-*.*,&*")%")0*"iuc$9&0%=%E'&(="'DD6,*"$9$)*Dl("$9$)*D"%-"&%E,')'8*
D*&0(,'$D$")0()").(,$-%.D$"%6."D*,)(=".*c.*$*,)()'%,$"%-",*E()'8*"*8*,)$"$%")0()")0*9"E'8*
.'$*")%"D%.*"c%$')'8*"*D%)'%,$>Xj"U#>"()"P^[`^]"d56%)',E"+(,'*="R>"W'=L*.)"*)"(=>3"?5"'?$038&"
;,*5'\$0)4C7X'U2/%+*'S,%4',)'*5"'!0$"+%4*,)-'0:'!3*3$"'1::"+*,6"'(*%*"49',)"RH?" TC<+M4"CU
J??:CUW" PPY3" POY" d:'$(" J*=1D(," @(..*))" f" 2*)*." <(=%8*9" *1$>3" O\\Oee>" C," (,9" *8*,)3" -%.
c.*$*,)"c6.c%$*$3")0*"c%',)"'$")0()"*8*,")0*"D%$)"I**,=9"-*=)"$*,$*"%-"$0(D*"d%."(,9"%)0*.
,*E()'8*" *D%)'%,e" ()" $*,)*,&',E" D'E0)" D%1*.()*" ;')0" $6.c.'$',E" $;'-),*$$" (-)*.;(.1$3
c*.0(c$"E.*()=9"1'D','$0',E"')$"6$*-6=,*$$"-.%D"(".*).'L6)'8*"$)(,1c%',)>
a_> (""9'">->3"7,')*1"<)()*$"8>"H*,1.'F3"[\["J>O1"POQQ3"POQ]"dO1"G'.>"P_^Yem"4'&0(*="4>
MXH*(.3" ."20$4"9' G00/"$%*,0)9' %)#' Z1++"/*%)+"' 0:' ."4/0)4,8,&,*7[X' ?5"' (*$3+*3$"9
U2/&"2")*%*,0)9'%)#'.":0$2'0:'("+*,0)'OEH>H'0:'*5"'!"#"$%&'(")*")+,)-'Q3,#"&,)"43"_P"UT>
7>":>"/?S>"P[\^3"P[[Y`[]"dP__^e"Z0*.*',(-)*."MXH*(.3"."20$4"b>
_\> 4#:GM:4" W:#+T?::3" @:CUKV" RH?" 2MT?/" MJ" RHCUKCUW" TCRHM7R" RHCUKCUW" OQa`Q_
dO\\[e>"G%Dc(.*3"-%."',$)(,&*3")0*"c'&)6.*"%-"("$',E=*3"6,).(',*1"h61E*"())*Dc)',E")%"1'$&*.,
*D%)'%,$"-.%D"("1*-*,1(,)X$"',`&%6.)"c*.-%.D(,&*";')0")0*";(9"*D%)'%,(="$)()*$"(.*"$)61'*1
L9" (&(1*D'&" .*$*(.&0*.$V" $6Lh*&)$" (.*" 8'1*%)(c*1" d;0'&0" c*.D')$" .*c*()" 8'*;',Ee3" ).(',*1
)*(D$" %-" &%1*.$" $**I" )%" '1*,)'-9" $c*&'-'&" .*$c%,$*$" -.%D" )0*" 8'1*%)(c*$3" (,1" .*='(L'=')9" '$
56(,)')()'8*=9"($$*$$*1"(&.%$$")*(D$"%-"&%1*.$>"(""9'">->3"K%&0(,$I("*)"(=>3"43/$%",%)*"^a3"()
QOQ`OY"d1'$&6$$',E"&%1',E"c.%&*$$*$"(,1".*='(L'=')9"1()("-.%D"%,*"$*.'*$"%-"$)61'*$"%,"E6'=)e>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPY^
)0*" .*='(,&*" %," D'$=*(1',E" 8'$6(=" &6*$" )0()" 'Dc('." ='*" 1*)*&)'%,
;%6=1" (=$%" )%" $%D*" *F)*,)" 'Dc('." .*D%.$*" 1*)*&)'%,m" ',1**13" )0*
.*D%.$*"1*)*&)'%,")($I"D(9"L*"&%,&*'8*1"%-"($"1*)*.D',',E";0*)0*.
)0*"1*-*,1(,)"'$"=9',E";0*,"0*"$(9$"iCXD"$%..9j"%."iC"(&&*c)".*$c%,$'`
L'=')9>j" J',(==93" )0*" c.(&)'&*" %-" .*;(.1',E" $**D',E=9" iE*,6',*j
.*D%.$*" D(9" &.*()*" 6,;(..(,)*1" 1'$c(.')'*$" L9" L*,*-'))',E" )0*
$(889".*c*()"c=(9*."d;0%"I,%;$";0()")%"$(9"(,1"0%;")%"(&)"',")0*
&%6.).%%De3";0'=*"1'$(18(,)(E',E"-'.$)`)'D*.$3")0*"c%%.=9"&%6,$*=*13
)0*" D*,)(==9" '==3" )0*" 9%6,E3" )0*" c%%.3" (,1" D*DL*.$"%-" .(&'(=" (,1
*)0,'&"D',%.')9"E.%6c$>_P
R0*"=())*."&%,$'1*.()'%,"c%',)$")%"("D%.*"E*,*.(="c.%L=*D";')0
)0*"6$*"%-"1*D*(,%."*8'1*,&*"()"$*,)*,&',E"-%."(,9"c6.c%$*V")0*".'$I
)0()"1*D*(,%."($$*$$D*,)$";'=="L*"',-*&)*1"L9".(&'(="L'($"(,1";'==
*F(&*.L()*")0*".(&'(="1'$c(.')'*$")0()"(=.*(19"c=(E6*")0*"&.'D',(=
h6$)'&*" $9$)*D>_O" 4%&I" h6.9" *Fc*.'D*,)$" ',1'&()*" )0()" )0*" $(D*
c.%$*&6)'%,"*8'1*,&*"'$"-%6,1"D%.*"&%,8',&',E"(,1"=%,E*."$*,)*,&*$
(.*" .*&%DD*,1*1" ;0*," )0*" 1*-*,1(,)" '$" L=(&I" )0(," ;0*," )0*
1*-*,1(,)" '$" ;0')*3_Q" ;0'&0" '$" &%,$'$)*,)" ;')0" ;*==" 1%&6D*,)*1
.(&'(="1'$c(.')'*$"',"$*,)*,&*"=*,E)0$")0()"1%",%)"$**D"()).'L6)(L=*
)%"1'--*.*,&*$"',"%--*,$*"$*8*.')9"%."&.'D',(="0'$)%.9>_Y"#=)0%6E0")0*
c$9&0%=%E'&(=".*$*(.&0"0($",%)"-%&6$*1"%,"&.%$$`.(&'(="='*"1*)*&)'%,
%." .*D%.$*" 1*)*&)'%," c*." $*3" )0*.*" '$" $%D*" *8'1*,&*" )0()" &.%$$`
+3&*3$%&" ='*" 1*)*&)'%," '$" =*$$" (&&6.()*3_[" (,1" )0*.*" (.*" .*($%,$" )%
)0',I")0()")0*"$(D*"c0*,%D*,%,";%6=1"L*"%L$*.8*1"',"&.%$$`.(&'(=
$*))',E$>_]"2.%-*$$%."A%$*c0"/(,1"0($")06$"$6EE*$)*1")0*"*F'$)*,&*
%-"("i+*D*(,%."W(cj"L*);**,")0*".(&*$>_^"
_P> MXH*(.3"."20$4"3"43/$%",%)*"a_3"()"P[Ya`[Q3"P[[[>
_O> ("""4'&0(*="4>"MXH*(.3"."*5,)C,)-'D$3-'G03$*4X'."4*0$%*,6"'K34*,+"'%4'%'."4/0)4"'*0
.%+,%&'U)=34*,+"3"O\"<R#U>":>"f"2M:XB"/?S>"Y]Q3"Y]]`]^3"Y^Q`^^"dO\\_e"d1'$&6$$',E"D(E,')61*
(,1"0(.D-6=,*$$"%-".(&'(="1'$c(.')'*$e>
_Q> (""" G0*)" K>T>" 2(E*.3" S&,)#' K34*,+"9' G0&0$"#' ?$3*54' %)#' *5"' \",&' 0:' U-)0$%)+"3" YP
TC::#4?RR?":>"/?S>"Q^Q3"Q_Q`_Y"dO\\[e"d$6DD(.'N',E"$)61'*$e>
_Y> J%."("1'$&6$$'%,"%-")0*".*=*8(,)".*$*(.&03"$**"MXH*(.3"."*5,)C,)-'D$3-'G03$*49'43/$%
,%)*"_O3"()"Y]]`^O>
_[> 2(E*.3"43/$%",%)*"_Q3"()"Q_^"d&')',E"G0(.=*$"J>"@%,13"A.>"*)"(=>3"T,"'D"*"+*,0)'1+$044
G3&*3$"43"PY"UMUS?/@#:"@?H#S>"Pa_"dP__\ee>
_]> U#>"()"Q_^`Y\\>
_^> A%$*c0"T>"/(,13"?5"'D"2"%)0$'Q%/X'.%+"9'T,"'D"*"+*,0)9'%)#'*5"'K3$73"QQ"GMUU>":>
/?S>"P3"Y"dO\\\e>
OPYa
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
7,&%,$&'%6$"E.%6c"L'($"='I*=9"&%,).'L6)*$")%")0*$*"1'$c(.')'*$>_a
H%;*8*.3" ,*E()'8*" .(&'(=" $)*.*%)9c*$" (.*" =*$$" ='I*=9" )%" ',-=6*,&*
1*&'$'%,$"'-".(&*"'$"6,I,%;,3"=*$$"$(='*,)3"%."1'$&%8*.*1"%,=9"(-)*.
)0*"c.%&*$$',E"%-"%)0*.3"D%.*".*=*8(,)"',-%.D()'%,>__"+.>"G0*)"2(E*.
0($" )06$" c.%c%$*1" )0()" ;'),*$$*$" )*$)'-9" '," &%6.)" L*0',1" $&.**,$
)0()" ;%6=1" 1'$E6'$*" )0*'." .(&*>P\\" @6)" ,%)*" )0()" (cc*==()*" &%6.)$
(=.*(19"0(8*")0*"-6,&)'%,(="*56'8(=*,)"%-"2(E*.X$"$&.**,V")0*9"1%",%)
$**" 1*-*,1(,)$3" L6)" %,=9" .*(1" (L%6)" )0*D" )0.%6E0" )0*" c.',)*1
$*,)*,&',E".*&%.1>"C)"'$"c%$$'L=*3"%-"&%6.$*3")0()"(cc*==()*"&%6.)$";'==
1'$&%8*.")0*"1*-*,1(,)X$".(&*")0.%6E0")0*".*&%.1l')"D'E0)"L*",%)*13
-%."',$)(,&*3"',".*c%.)$"c.*c(.*1"L9"c%='&*"%."c.%L()'%,"%--'&*.$3"%.
%)0*.;'$*" L*" *8'1*,)" -.%D" )0*" 1*-*,1(,)X$" ).(,$&.'L*1" )*$)'`
D%,9lL6)3"($"2(E*."$6EE*$)$3" ')" D(9" D())*.",%)"%,=9";5"*5"$"(
1*&'$'%,"D(I*."I,%;$")0*"1*-*,1(,)X$".(&*3"L6)"(=$%";5")'(,1"50;
.(&*" '$" 1'$&%8*.*1>" R06$3" )0*.*" D(9" L*" (" .*(=" 1'--*.*,&*" L*);**,
L*',E"&%,-.%,)*1"-(&*`)%`-(&*"L9"("1*-*,1(,)"%-"(,%)0*.".(&*"()")0*
$)(.)"%-")0*"$*,)*,&',E"0*(.',E"(,1"=*(.,',E"(L%6)")0*"1*-*,1(,)X$
.(&*"($"("D%.*"(L$).(&)"1()6D"(-)*."%)0*.3"D%.*".*=*8(,)"',-%.D(`
)'%,"0($"(=.*(19"L**,".*8'*;*1>P\P
C,"$6D3";0*)0*.")0*"-(&)`-',1',E")($I"'$"='*"1*)*&)'%,"%.".*D%.$*
1*)*&)'%,3"(&&*$$")%"',`&%6.)"8'$6(="&6*$"d',&=61',E"1*D*(,%."(,1
.(&*e" $**D$" (L%6)" ($" ='I*=9" )%" =*(1" )0*" ).'(=" h61E*" ($).(9" ($" )%
-(&'=')()*"E%%1"1*&'$'%,"D(I',E>"R06$3")0*"(cc*==()*"h61E*X$",*&*$`
_a> 2(E*.3"43/$%',%)*"_Q3"()"Y\P`PP>
__> (""',#>"()"YQO>
P\\> U#>" ()" Q^[>" #=)0%6E0" )0'$" D(9" $%6,1" ='I*" (" 1.(D()'&" (,1" 6,='I*=9" 1*c(.)6.*" -.%D
).(1')'%,3" 4(=&%=D" W=(1;*==" .*c%.)$" )0()" (" $'D'=(." .*8%=6)'%," 0($" %&&6..*1" '," %.&0*$).(
(61')'%,$" '," )0*" c($)" )0'.)9" 9*(.$3" ;')0" $&.**,$" ,%;" &%DD%,=9" L*',E" 6$*1" )%" $0'*=1" )0*
'1*,)')'*$" %-" (61')'%,',E" D6$'&'(,$>" W:#+T?::3" 43/$%' ,%)*" _\3" ()" O[\>" +6.',E" )0()" )'D*
c*.'%13" )0*" ,6DL*." %-" ;%D*," '," D(h%." 7><>" %.&0*$).($" 0($" ',&.*($*1" -'8*-%=13" ,#>3" ;0'&0
$6EE*$)$" )0()" $&.**,',E" D(9" L*" (" c%;*.-6=" ;(9" %-" .*16&',E" )0*" *--*&)" %-" L'($" '," 1*&'$'%,
D(I',E>
P\P> (""' 2(E*.3" 43/$%' ,%)*" _Q3" ()' YQP" d,%)',E" )0()" i;0*," (&)6(==9" :%+"#' ;,*5' (" L=(&I
;'),*$$3")0*"*--*&)"%,"$)*.*%)9c*"(&)'8()'%,"'$"$).%,E*.")0(,"D*.*=9"I,%;',E")0*";'),*$$X".(&*
($"("$*c(.()*"-(&)je>"#cc*==()*"h61E*$"(.*"(=$%"$0'*=1*1"-.%D")0*"-6=="*D%)'%,(="*--*&)"%-"8'&)'D
'Dc(&)" *8'1*,&*>" #=)0%6E0" )0*" 6$*" %-" 8'&)'D" 'Dc(&)"*8'1*,&*" ()" $*,)*,&',E" 0($" E*,*.()*1
&%,&*.,$" )0()" )0*" *D%)'%,$" *='&')*1" L9" $6&0" *8'1*,&*" D(9" 1'$)%.)" 1*&'$'%," D(I',E3" )0*
c$9&0%=%E'&(=".*$*(.&0"'$"*56'8%&(="(,1"$)'=="()"("c.*='D',(.9"$)(E*>"J%."(".*&*,)"$6DD(.9"%)0*" .*=*8(,)" =')*.()6.*3" $**" @.9(," 49*.$" *)" (=>3" Y47+50&0-7' F",-54' ,)' 0)' *5"' D"8%*"
(3$$03)#,)-'\,+*,2'U2/%+*'(*%*"2")*4'%)#'G%/,*%&'(")*")+,)-X'1$"'E20*,0)%&'K3$0$4'."%&&7
U$$%*,0)%&]3"P_"J?+>"<?URXW"/?2>"PQ"dO\\]e>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OPY_
$(.9".*='(,&*"%,"(").(,$&.'c)"D(9"L*"=*$$"("='D')()'%,")0(,"("$%6.&*
%-"',$)')6)'%,(="(18(,)(E*>
P>'(")*")+,)-'."A3,$"4'!,)"@Q$%,)"#'K3#-2")*
R0*"&%Dc=*F')9"%-")0*"$*,)*,&',E"1*&'$'%,"c.%8'1*$"("-',(=")0*D*
)0()"'$"c.%D',*,)"',")0*"(cc*==()*"&%6.)$X"1'$&6$$'%,"%-"1*-*.*,&*>
R0*" 4(.9=(,1" 0'E0" &%6.)3" -%." ',$)(,&*3" %L$*.8*13" i#" &.'D',(=
$*,)*,&',E" 1*&'$'%," '$" ,*8*." %,*" *($'=9" D(1*3" (,1" ',8%=8*$" (
c=*)0%.("%-"&%,$'1*.()'%,$3"L%)0"%L8'%6$"(,1"$6L)=*>"R06$"')";%6=1
L*"'==%E'&(=")%"&%,16&)"(,9".*8'*;"%-"("$*,)*,&*"6$',E"$).',E*,)"(,1
.'E'1"$)(,1(.1$>jP\O"M)0*."(cc*==()*"&%6.)$"(.%6,1")0*"&%6,).9"0(8*
D(1*"$'D'=(."$)()*D*,)$>P\Q"<6&0"%L$*.8()'%,$"*&0%")0*"i,%"&=*(.
.'E0)" (,$;*.j" )0*D*" 1'$&6$$*1" (L%8*3" L6)" D(9" L*" (18(,&',E" (,
(,(=9)'&(==9" 1'$)',&)" c%',)V" ')" '$" ,%)" $%" D6&0" )0()" $*,)*,&',E
$)(,1(.1$" (.*" ',1*)*.D',()*" c*." $*3" L6)" )0()" (cc=9',E" )0*D" '$
1'--'&6=)";%.I"d(,"i(.16%6$")($I3j"($")0*"C%;("<6c.*D*"G%6.)"c6)
')P\Ye" (,1" ',8%=8*$" )0*" ;*'E0',E" %-" i&($*`$c*&'-'&" 1*)('=*1" -(&)6(=
&'.&6D$)(,&*$>jP\["C,"%)0*.";%.1$3")0*"&%6.)$"$**D")%"L*"&%,,*&)',E
)0*" i-',*`E.(',*1,*$$j" %-" E%%1" $*,)*,&',E" 1*&'$'%,$" )%" (cc*==()*
1*-*.*,&*>
C)"1%*$"$**D"&=*(."*,%6E0")0()")0*"(cc*==()*"&%6.)$".*16&*")0*
(.16%6$,*$$"%-")0*'."%;,";%.I"L9".*8'*;',E"-',*`E.(',*1"1*&'$'%,$
1*-*.*,)'(==9>"T0()"'$"=*$$"&=*(."'$";09")0'$"h6$)'-'*$"1*-*.*,&*>"#-)*.
(==3"'-".*16&',E";%.I=%(1";($"(=;(9$"(,"%8*..'1',E"&%,$'1*.()'%,3
(cc*==()*"&%6.)$";%6=1".*8'*;"*8*.9)0',E"1*-*.*,)'(==9m"L6)")0*9"1%
,%)"1%"$%>
P\O> R0%D($"8>"<)()*3"]QY"#>O1"P3"^"d41>"P__Qe>
P\Q> (""9'">->3"2*%c=*"8>"+6.(,3"[QQ"2>O1"PPP]3"PPP_"dG%=%>"P_^[e"d*,"L(,&e"diR0*").'(="h61E*
D6$)"L(=(,&*")0*"D(,9"-(&*)$";0'&0"*,)*."',)%"("$*,)*,&',E"1*&'$'%,")%"(&0'*8*"(".*$6=)";0'&0
c.%)*&)$")0*".'E0)$"%-"$%&'*)9"(,1")0*"1*-*,1(,)>jem"<)()*"8>"J%.D(.%3"]Qa"U>T>O1"^O\3"^O[
dC%;(" O\\Oe" d.*-*..',E" )%" )0*" i0%$)" %-" -(&)%.$" )0()" ;*'E0" '," %," )0*" %-)*," (.16%6$" )($I" %$*,)*,&',E" (" &.'D',(=" %--*,1*.3" ',&=61',E" )0*" ,()6.*" %-" )0*" %--*,$*3" )0*" ())*,1',E
&'.&6D$)(,&*$3")0*"(E*3"&0(.(&)*.3"(,1"c.%c*,$')9"%-")0*"%--*,1*.3"(,1")0*"&0(,&*$"%-".*-%.Dj
d&')()'%,"%D'))*1eem"2*%c=*"8>"@(L&%&I3"]]]"U>T>O1"OQP3"OYQ"d4'&0>"O\\Qe"diC)"'$"&=*(.")0()")0*
:*E'$=()6.*" 0($" 'Dc%$*1" %," )0*" ).'(=" &%6.)" )0*" .*$c%,$'L'=')9" %-" D(I',E" 1'--'&6=)" 1*&'$'%,$
&%,&*.,',E"&.'D',(="$*,)*,&',E">>>>"ZRb0*"56*$)'%,"()"'$$6*"E.%;$"%6)"%-3"(,1"'$"L%6,1*1"L93
&($*`$c*&'-'&"1*)('=*1"-(&)6(="&'.&6D$)(,&*$>je>
P\Y> !0$2%$03"]Qa"U>T>O1"()"^O[>
P\[> S%8+0+C3"]]]"U>T>O1"()"OYQ"d56%)',E"@6-%.1"8>"7,')*1"<)()*$3"[QO"7><>"[_3"]["dO\\Pee>
OP[\
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
:6.I',E"',")0*"L(&IE.%6,1"D(9"L*"("8'$'%,"%-"$c*&'(='N()'%,"(,1
&%Dc(.()'8*" *Fc*.)'$*V" ).'(=" &%6.)$" &%,&*,).()*" %," -',*`E.(',*1
1*&'$'%,$" )0()" ',8%=8*" ;*'E0',E" D(,9" &($*`$c*&'-'&" -(&)$3" ;0'=*
(cc*==()*" &%6.)$" $c*&'(='N*" '," ;0()" )0*" 4'&0'E(," <6c.*D*" G%6.)
)*.D$" i.*&6..',E3" c6.*=9" =*E(=" D())*.Z$bj" (,1" i56*$)'%,Z$b" .*(1'=9
.*$%=8*1" L9" .*-*.*,&*" )%" E*,*.(=" =*E(=" c.',&'c=*$" (,1" $)(,1(.1$
(=%,*>jP\]" <6&0"(,"(.E6D*,)"-.%D"&%Dc(.()'8*"*Fc*.)'$*"-*()6.*$
c.%D',*,)=9" '," )0*" ($$*$$D*,)" %-" (cc*==()*" $)(,1(.1$" %-" .*8'*;
D%.*"E*,*.(==9>P\^
@6)")0*"(.E6D*,)3"(=)0%6E0"-(D'='(.3".',E$"0%==%;"',"(",6DL*."%.*$c*&)$>"C"0(8*"(=.*(19"56*$)'%,*13"-%."',$)(,&*3";0*)0*.")0*"$%.)
%-"-**1L(&I"D*&0(,'$D$"*F'$)")0()";%6=1"(==%;"-%.")0*"1*8*=%cD*,)
%-").6*"$*,)*,&',E"*Fc*.)'$*"(D%,E").'(="h61E*$>P\a"4%.*%8*.3")%")0*
*F)*,)")0*.*"'$"(,9"&%Dc(.()'8*"(18(,)(E*"',"D(I',E"-',*`E.(',*1
1*&'$'%,$3")0*"(18(,)(E*"D(9";*=="='*";')0"%//"&&%*""&%6.)$"L*&(6$*
)0*9"*Dc=%9"E.%6c"1*&'$'%,`D(I',E"c.%&*16.*$>"R0*"c$9&0%=%E'&(=
.*$*(.&0"%,"1*&'$'%,"D(I',E"',1'&()*$")0()"E.%6c$"(.*"L*))*.")0(,
',1'8'16(=$"()")(I',E"D6=)'c=*"-(&)%.$"',)%"(&&%6,)>P\_
?8*," E.(,)',E" )0*" 16L'%6$" ($$6Dc)'%," )0()" ).'(=" &%6.)" h61E*$
0(8*"(,"*Fc*.)'$*")0()"c*.D')$")0*D")%"D(I*"0'E0*."56(=')9"-',*`
E.(',*1" 1*&'$'%,$" )0(," (cc*==()*" &%6.)$3" 1*-*.*,&*" ;%6=1" D%$)
&=*(.=9"L*"h6$)'-'*1"%,=9"($")%"1*&'$'%,$")0()"(.*3"',"-(&)3"-',*`E.(',*1>
B*)3"($"/%L',$%,"(,1"<c*==D(,"$6EE*$)"',")0*'."D%1*="%-"$*,)*,&',E
1*&'$'%,$3")0*"$*=*&)'%,"%-"("$*,)*,&*";')0',"("1'$&.*)'%,(.9".*E'D*
D(9"',8%=8*"c%='&9D(I',E"(,1"c%='&9"(.)'&6=()'%,"1*&'$'%,$3")%";0'&0
1*-*.*,&*";%6=1",%)"L*"h6$)'-'*1>PP\"4%.*%8*.3"*8*,"($")%")0*"D%.*
&($*`$c*&'-'&"($c*&)$"%-")0*"$*,)*,&',E"1*&'$'%,3"')"'$",%)"&=*(.")0()
).'(="&%6.)$"(&)6(==9".%6)',*=9"*,E(E*"',"(",6(,&*1"L(=(,&',E"%-")0*
c=*)0%.("%-"c%)*,)'(="&%,$'1*.()'%,$3"($"%cc%$*1")%"*Dc=%9',E"56'&I3
i.%6E0"h6$)'&*j"&(=&6=()'%,$"L($*1"%,"',$)',&)'8*".*$c%,$*$")%"("$D(==
,6DL*."%-"8(.'(L=*$>"C,1**13"*Fc*.'*,&*"',"L6$9"6.L(,"&%6.).%%D$
P\]> U#>"d56%)',E"S3:0$#3"[QO"7><>"()"][e>
P\^> M=1-()0*.9'43/$%",%)*"Y]3"()"QO^>
P\a> (""'43/$%')*F)"(&&%Dc(,9',E",%)*$"[_`]P>
P\_> /%L',$%,"f"<c*==D(,3"43/$%",%)*"QY3"()"PPY]"d&')',E"+(,'*="W'E%,*"f"/*'1"H($)'*3"?5"
U2/%+*'0:'U):0$2%*,0)'0)'(2%&&'Q$03/'G50,+"3"^O"A>"2?/<MU#:CRB"f"<MG>"2<BGHM:>"PQO3"PQ_
dP__^ee>"#$"M=1-()0*."0($"%L$*.8*13"0%;*8*.3")0*"c.*D'$*")0()"D6=)'c=*"h61E*$"c(.)'&'c()*
D*(,',E-6==9"',"*(&0"(cc*==()*"1*&'$'%,"D(9"0(8*"=*$$").6)0")%1(9")0(,"',"(,"*.("%-"$D(==*.
1%&I*)$>"M=1-()0*.3'43/$%",%)*"Y]3"()"QO_>"
PP\> /%L',$%,"f"<c*==D(,3"43/$%",%)*"QY3"()"PPY]>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OP[P
$6EE*$)$")0()")0*".%6E0"h6$)'&*"(cc.%(&0"D(93"'-"(,9)0',E3"L*"D%.*
)9c'&(="',"c.(&)'&*>PPP"#,"'1*(="%-"-',*`E.(',*1,*$$3",%"D())*."0%;
()).(&)'8*"',")0*%.93"$**D$"("c%%."h6$)'-'&()'%,"-%."(&.%$$`)0*`L%(.1
(cc*==()*" 1*-*.*,&*" '-" )0*" '1*(=" '$" ,%)" &%DD%,=9" (&0'*8*1" ',
c.(&)'&*>
R>'(")*")+,)-',)'%'S&,)C
C," 0'$" O\\[" L*$)`$*==*." S&,)CX' ?5"' Y0;"$' 0:' ?5,)C,)-' F,*503*
?5,)C,)-3"h%6.,(='$)"4(=&%=D"W=(1;*=="c%c6=(.'N*1")0*",%)'%,")0()
56'&I3" ',)6')'8*" h61ED*,)$" (.*" %-)*," (" L*))*." L($'$" -%." 1*&'$'%,
D(I',E")0(,"=*,E)0'*.3"D%.*"1*='L*.()*"h61ED*,)$>PPO"#=)0%6E0",%
(cc*==()*"&%6.)$"0(8*"9*)"',8%I*1"S&,)C"($"("L($'$"-%."1*-*.*,&*")%
$*,)*,&',E"1*&'$'%,$3")0*"&%6.)$X"&0(.(&)*.'N()'%,"%-"$*,)*,&',E"($
',1*)*.D',()*PPQ"(,1"&%Dc=*FPPY"D'E0)"$6EE*$)")%"$%D*"(,"',&0%()*
8'*;" )0()" 1*='L*.()'%," &(," 1%" ='))=*" )%" 'Dc.%8*" )0*" 56(=')9" %$*,)*,&',E" 1*&'$'%,$" .*=()'8*" )%" ',)6')'%,>" C,1**13" c*.0(c$" E%%1
$*,)*,&',E"1*&'$'%,$"(.*"$%"1*c*,1*,)"%,"',(.)'&6=(L=*"-(&)%.$")0()
)0*"D%.*"1*='L*.()'8*"c.%&*$$*$"($$%&'()*1";')0"(cc*==()*"1*&'$'%,
D(I',E3" *$c*&'(==9" )0*" E*,*.()'%," %-" -%.D(=" ;.'))*," %c','%,$
)0.%6E0" (" &%==*E'(=" 1.(-)',E" (,1" *1')',E" c.%&*$$3" (&)6(==9" c6)
(cc*==()*"&%6.)$"()"("1'$(18(,)(E*".*=()'8*")%").'(="&%6.)$>"M,*"&%6=1
)06$"'D(E',*"("h6$)'-'&()'%,"-%."(cc*==()*"1*-*.*,&*"E.%6,1*1"%,")0*
8'*;")0()").'(="&%6.)$"(.*"L*))*."(L=*")%"0(.,*$$";0()"W=(1;*=="&(==$
)0*"ic%;*."%-")0',I',E";')0%6)")0',I',E>jPP[
?8*,"W=(1;*==".*&%E,'N*$3"0%;*8*.3")0()"',)6')'8*"h61ED*,)$"(.*
%-)*,"=*1"($).(9"L9"$6c*.-'&'(="(cc*(.(,&*$3PP]"',&=61',E".(&*3PP^"(,1
)0()")0*"(L'=')9")%"D(I*"&%,$'$)*,)=9"E%%1"$,(c"h61ED*,)$".*56'.*$
).(',',E>" #$" 0*" c6)$" ')3" ;*" D6$)" iD(,(E*" (,1" *16&()*" Z%6.b
PPP> (""9'">->3"<R?S?"@MWC/#3"GM7/R/MM4"Q\OV"#"B?#/"@?HCU+"RH?"<G?U?<"CU"#U"#4?/CG#U
G/C4CU#:"GM7/RHM7<?"Q_"dO\\[e"d,%)',E")0*"$c**19"1'$c%$')'%,"%-"&($*$"',"("G0'&(E%"&.'D',(=
&%6.).%%D"(,1"1*$&.'L',E"%,*"&($*"',";0'&0"(")%)(="%-"-'-)**,"D',6)*$";($"$c*,)"%,"(&&*c)',E
("c=*("(,1"1*)*.D',',E"("$*,)*,&*e>"
PPO> W:#+T?::3" 43/$%" ,%)*" _\3" ()" P]`P^m" 4""' %&40" G0.'$" W6)0.'*" *)" (=>3"S&,)C,)-' 0)' *5"
S")+5X'L0;'K3#-"4'D"+,#"'G%4"43"_Q"GM/U?::":>"/?S>"P3"["dO\\^e>
PPQ> (""'43/$%")*F)"(&&%Dc(,9',E",%)*$"YQ`YY>
PPY> (""'43/$%")*F)"(&&%Dc(,9',E",%)*"a>
PP[> W:#+T?::3"43/$%",%)*"_\>
PP]> U#>"()"^O`_a>
PP^> U#>"()"^^`a]>
OP[O
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
6,&%,$&'%6$" .*(&)'%,$>jPPa" C," ='E0)" %-" )0*$*" ='D')()'%,$3" 2.%-*$$%.
G0.'$" W6)0.'*" (,1" 0'$" &%(6)0%.$" 0(8*" (.E6*1" c*.$6($'8*=9" )0()
=3#-,)-"$0%6=1",%)"L*"=*-)")%"c6.*=9"',)6')'8*"(cc.%(&0*$>PP_"R0*'.
E*,*.(="(.E6D*,)$"$**D")%"&(..9"%8*.")%"$*,)*,&',EmPO\"',1**13")0*
(.E6D*,)$" &=%$*=9" *&0%" &.')'&'$D$" D(1*" (L%8*" .*E(.1',E" *Fc*.`
'*,&*`POP" (,1" 1*D*(,%.`L($*1POO" h6$)'-'&()'%,$" -%." (cc*==()*" 1*-*.`
*,&*>"J'.$)3"W6)0.'*"(,1"0'$"&%==*(E6*$"(.E6*3"i',)6')'%,"'$")0*"='I*=9
c()0;(9" L9" ;0'&0" 6,1*$'.(L=*" ',-=6*,&*$3" ='I*" .(&*3" E*,1*.3" %.
()).(&)'8*,*$$" %-" c(.)'*$3" (--*&)" )0*" =*E(=" $9$)*D>jPOQ" G%,&*.,$
.*E(.1',E" .(&'(=" L'($3" %-" &%6.$*3" 0(8*" (" c(.)'&6=(." $(='*,&*" ',
+$,2,)%&" &($*$>POY" <*&%,13" ih61E*$" (.*" 6,='I*=9" )%" %L)('," Z)0*b
(&&6.()*"(,1".*='(L=*"-**1L(&Ij"%,")0*'."1*&'$'%,$")0()"'$",*&*$$(.9
)%"'Dc.%8*")0*"56(=')9"%-")0*'."',)6')'8*"h61ED*,)$>PO["
4%.*%8*.3"',"(11')'%,")%"$6&0"&%,&*.,$".*E(.1',E")0*"4384*%)*,6"
56(=')9"%-"',)6')'8*"1*&'$'%,$3")0*.*"D(9"L*"%)0*.".*($%,$")%".*h*&)
)0*" iL=',Ij" D%1*=" -%." $*,)*,&',E>" J%." ',$)(,&*3" C" 0(8*" (.E6*1
*=$*;0*.*" )0()" /$0+"#3$%&" h6$)'&*" .*56'.*$" )0()" $*,)*,&*$" L*
*Fc=(',*1";')0"("1*E.**"%-".'E%.")0()"'$"c.%L(L=9"',&%Dc()'L=*";')0
56'&I3"',)6')'8*"1*&'$'%,"D(I',E>PO]
C," $6D3" ,%);')0$)(,1',E" )0*" $6.c.'$',E" c%;*." %-" 6,&%,$&'%6$
)0',I',E"',"$%D*"&%,)*F)$3")0*"iL=',Ij"c0*,%D*,%,"$**D$",%"D%.*
='I*=9" )%" $6cc=9" (" c*.$6($'8*" h6$)'-'&()'%," -%." (cc*==()*" 1*-*.*,&*
)0(," 1%" )0*" )0*D*$" )0()" (.*" *Fc.*$$=9" ',8%I*1" L9" )0*" (cc*==()*
&%6.)$>
S>'?5"'T0+%&,<%*,0)'1++03)*
:*)"6$",%;"&%,$'1*."(,%)0*.3"D%.*"c.%D'$',E")9c*"%-"(18(,)(E*
*,h%9*1" L9" )0*" ).'(=" h61E*V" 0'$" %." 0*." L(&IE.%6,1" I,%;=*1E*
.*E(.1',E"=%&(="&'.&6D$)(,&*$"',")0*"&%6.)0%6$*"(,1")0*"&%DD6,')9>
C,"*Fc=(',',E")0*".*=*8(,&*"%-"=%&(="&'.&6D$)(,&*$3"')"D(9"L*"0*=c-6=
PPa>
PP_>
PO\>
POP>
POO>
POQ>
POY>
PO[>
PO]>
U#>"()"P]>
W6)0.'*"*)"(=>3"43/$%",%)*"PPO3"()"O_`QQ>
(""',#>
(""'43/$%"2(.)"CC>#>O>
(""'43/$%"2(.)"CC>#>Q>
W6)0.'*"*)"(=>3"43/$%",%)*"PPO3"()"QP>"
MXH*(.3"."*5,)C,)-'D$3-'G03$*49'43/$%",%)*"_O3"()"Y]]`]^>
W6)0.'*"*)"(=>3"43/$%",%)*"PPO3"()"QO>
MXH*(.3"1//"&&%*"'."6,";'0:'(")*")+"'EN/&%)%*,0)49'43/$%",%)*"P_3"()"[`^>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OP[Q
)%" 1'$)',E6'$0" (D%,E" )0*" 1'--*.*,)" )9c*$" %-" $*,)*,&',E" 1*&'$'%,$
'1*,)'-'*1"L9"/%L',$%,"(,1"<c*==D(,>PO^"J'.$)3"&%,$'1*."c%='&9D(I`
',E"(,1"c%='&9"(.)'&6=()'%,>POa"R.'(="h61E*$"E*,*.(==9";%.I"(,1".*$'1*
'," )0*" &%DD6,')'*$" '," ;0'&0" )0*9" $*,)*,&*" 1*-*,1(,)$" (,1" $%
c.%L(L=9")*,1")%"L*"L*))*."',-%.D*1"(L%6)"=%&(="8(=6*$"(,1",**1$
.*E(.1',E"&.'D*"(,1"c6,'$0D*,)")0(,")0*"(cc*==()*"h61E*$"(L%8*
)0*D" '," )0*" &%6.)" $9$)*D" ;0%" $*.8*" D6&0" =(.E*." E*%E.(c0'&(=
(.*($>"C-")0*").'(="h61E*$"(.*"*=*&)*13"%-"&%6.$*3")0*.*"'$")0()"D6&0
E.*()*.".*($%,")%"c.*$6D*")0()")0*").'(="h61E*$"(.*"',")%6&0";')03
(,1".*$c%,$'8*")%3"&%DD6,')9"8(=6*$"(,1",**1$>"#)")0*"c%='&9"=*8*=3
)0*,3"1*-*.*,&*")%").'(="h61E*$"D(9"$*.8*")%"(1(c)"$*,)*,&',E")%"$6')
c(.)'&6=(."&%DD6,')'*$3"',"='*6"%-"'Dc%$',E"(")%c`1%;,3"%,*`$'N*`
-')$`(=="(cc.%(&0>PO_"R06$3"-%."',$)(,&*3"'-"%,*".*E'%,"',"("$)()*"-(8%.$
.*0(L'=')()'8*" (cc.%(&0*$" )%" c6,'$0D*,)3" (,1" (,%)0*." -(8%.$
.*).'L6)'8*3" L%)0" &(," 0(8*" )0*'." c.*-*.*,&*$" $()'$-'*1>" M.3" '-" (,
6.L(," &%DD6,')9" )0',I$" )0()" 6,='&*,$*1" E6," c%$$*$$'%," '$" (,
*F).(%.1',(.'=9" 1(,E*.%6$" (,1" L=(D*;%.)09" &.'D*3" (,1" (" .6.(=
&%DD6,')9" '," )0*" $(D*" $)()*" )0',I$" )0()" E6," %;,*.$0'c" '$" (
-6,1(D*,)(=" .'E0)" (,1" ,%)" (cc.%c.'()*" -%." $*8*.*" c6,'$0D*,)3
(cc*==()*"1*-*.*,&*"&(,"0*=c")%"*,$6.*")0()"$*,)*,&',E"c.(&)'&*$"',
L%)0"&%DD6,')'*$"&%,-%.D")%"=%&(="8(=6*$>PQ\
K,%;=*1E*" %-" =%&(=" &'.&6D$)(,&*$" (=$%" D(9" L*" 0*=c-6=" ;')0
.*$c*&)" )%" -(&)`-',1',E" 1*&'$'%,$>PQP" R0*" .*$*(.&0" %," ='*" 1*)*&)'%,
$0%;$")0()"(&&6.(&9"'Dc.%8*$"&%,$'1*.(L=9";0*,")*$)"$6Lh*&)$"0(8*
&%,)*F)6(="I,%;=*1E*"-.%D"("$%6.&*"%)0*.")0(,")0*";'),*$$";0%$*
&.*1'L'=')9"'$"()"'$$6*>PQO"R0*").'(="h61E*X$"',1*c*,1*,)"I,%;=*1E*"%)0*"&%DD6,')9"D(9"c.%8'1*"h6$)"$6&0"6$*-6="&%,)*F)6(="',-%.D()'%,>
<6&0"I,%;=*1E*"D'E0)"0*=c"%,*")%"1*)*.D',*3"-%."',$)(,&*3";0*)0*.
')" '$" c=(6$'L=*" )0()" (" $).**)" &%.,*." 1.6E" 1*(=*." '," (" c(.)'&6=(.
PO^> (""'43/$%")*F)"(&&%Dc(,9',E",%)*$"QY`Y\>
POa> (""'43/$%")*F)"(&&%Dc(,9',E",%)*$"Q[`Q]>
PO_> ("""S',&*,)":>"@.%1*.'&I3"T0+%&'!%+*0$4',)'(")*")+,)-3"["J?+>" <?URXW" /?2>" QPY3"QPY
dP__Qem"4""'%&40"4'&0(*="4>"MXH*(.3"T0+%&,<%*,0)'%)#'?$%)4/%$")+7',)'(")*")+,)-X'.":&"+*,0)4
0)'*5"'I";'E%$&7'D,4/04,*,0)'D"/%$*3$"3"O^"H#4:CU?":>"/?S>"Q[^3"Q]\`]O"dO\\Ye>
PQ\> +.(;',E" %," c6L='&" &0%'&*" )0*%.93" C" 0(8*" (.E6*1"*=$*;0*.*" )0()" 1*&*,).(='N()'%," %$*,)*,&',E" c%='&9" '," (.*($" ;0*.*" )0*.*" '$" ',)*,$*" c6L='&" 1'$(E.**D*,)3" $6&0" ($" ;')0" 1.6E
&.'D*$3"D(F'D'N*$"%8*.(==";*=-(.*"%8*.")0*"=%,E".6,"d($$6D',E")0()"&*.)(',"&%,1')'%,$3"$6&0
($"$c'==%8*."*--*&)$3"(.*",%)"c.*$*,)e>"4'&0(*="4>"MXH*(.3"!"#"$%&,42'%)#'D$3-'G0)*$0&9'[^
S#U+>":>"/?S>"^aQ3"a[]`[a"dO\\Ye"Z0*.*',(-)*."MXH*(.3"!"#"$%&,42'%)#'D$3-'G0)*$0&b>"
PQP> (""'43/$%")*F)"(&&%Dc(,9',E",%)*"Q^>
PQO> 4',N,*.3"43/$%",%)*"]O3"()"O[]a>
OP[Y
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
,*'E0L%.0%%1"0($",%"E(,E"(--'='()'%,3"%.";0*)0*."')"'$"L*='*8(L=*")0()
c%%." .%(1" &%,1')'%,$3" (,1" ,%)" h6$)" )0*" 1*-*,1(,)X$" .*&I=*$$,*$$3
&%,).'L6)*1")%"("-()(="&(."(&&'1*,)>
#$" ;*" D%8*" )%" )0*" -',(=" )0.**" )9c*$" %-" 1*&'$'%,$lh61ED*,)`
D(I',E3" 1*)*.D',',E" c6,'$0D*,)" (D%6,)3" (,1" 1*)*.D',',E
c6,'$0D*,)"D*)0%1PQQlI,%;=*1E*"%-"8(=6*$"',")0*"=%&(="&%DD6,')9
D(9" $)'==" c=(9" (" .%=*3" L6)" I,%;=*1E*" %-" =%&(=" &%6.)0%6$*" &'.&6D`
$)(,&*$" (=$%" L*&%D*$" 'Dc%.)(,)>" J%." ',$)(,&*3" '," h6.'$1'&)'%,$" ',
;0'&0"')"'$"&6$)%D(.9"-%.")0*"c.%$*&6)%."(,1q%."1*-*,$*"=(;9*.")%
%--*." $*,)*,&',E" .*&%DD*,1()'%,$3" ')" D(9" L*" 0*=c-6=" )%" I,%;
$%D*)0',E" (L%6)" )0*" *Fc*.'*,&*" (,1" .*c6)()'%," %-" )0*" ())%.,*9$>
R0*"())%.,*9$"D(9"0(8*"c.'8()*"',-%.D()'%,"%-")0*'."%;,".*E(.1',E
)0*"&'.&6D$)(,&*$"%-")0*"1*-*,1(,)3"8'&)'D3"%."&%DD6,')93"(,1")0*'.
.*&%DD*,1()'%,$" D(9" .*-=*&)" (" )0%6E0)-6=3" ;*==`',-%.D*13" -',*`
E.(',*1"($$*$$D*,)"%-")0*"&($*>"@6)3"(L$*,)"c.'%."*Fc*.'*,&*";')0
)0*"())%.,*9$"%."I,%;=*1E*"%-")0*'.".*c6)()'%,$3"')";%6=1"L*"1'--'&6=)
-%." (," (cc*==()*" h61E*" )%" I,%;" ;0'&0" .*&%DD*,1()'%,$" ;(..(,)
1*-*.*,&*" (,1" ;0'&0" (.*" L*))*." 1'$D'$$*1" ($" *Dc)9" c%$)6.',E>
<*,)*,&',E" .*&%DD*,1()'%,$" -.%D" c.%L()'%," %--'&*.$" c.*$*,)" (
$'D'=(." $*)" %-" '$$6*$>" M,&*" (E(',3" )0*" c.'8()*" I,%;=*1E*" %-" ).'(=
h61E*$" .*E(.1',E" )0*" *Fc*.'*,&*" (,1" .*c6)()'%," %-" c(.)'&6=(.
c.%L()'%," %--'&*.$" D(9" E'8*" ).'(=" h61E*$" (," 'Dc%.)(,)" (18(,)(E*
%8*."(cc*==()*"h61E*$>PQY
#,%)0*."c%)*,)'(==9"6$*-6="-%.D"%-"=%&(="I,%;=*1E*"'$")0*"c())*.,
%-"$*,)*,&',E"c.(&)'&*$"',"("c(.)'&6=(."&%6.)0%6$*>PQ["R0*"',1'8'16(=
h61E*";'=="&*.)(',=9"0(8*"("-**="-%."0*."%;,"$*,)*,&',E"c.(&)'&*$"(,1
'$"='I*=9"(=$%")%"I,%;"$%D*)0',E"(L%6)")0*"$*,)*,&',E"c.(&)'&*$"%-
PQQ> (""'43/$%")*F)"(&&%Dc(,9',E",%)*$"Qa`Y\>
PQY> #,%)0*."c%)*,)'(="(18(,)(E*"='*$"',")0*").'(="h61E*X$"E.*()*."-(D'='(.')9";')0")0*"=%&(=
D*1'(>"#").'(="h61E*"'$"='I*=9")%"0(8*"("D6&0"L*))*."$*,$*"%-"D*1'("',)*.*$)"',"("&($*"(,1"0%;
1'--*.*,)"$*,)*,&',E"c%$$'L'=')'*$"D'E0)"L*".*c%.)*1")%")0*"c6L='&>"C,")0'$";(93")0*").'(="h61E*
D(9" L*" L*))*." c%$')'%,*1" )%" *,$6.*" )0()" $*,)*,&*$" '," 0'E0`c.%-'=*" &($*$" $()'$-9" c6L='&
c.*-*.*,&*$"(,1"1%",%)".*$6=)"',"("=%$$"%-"c6L='&"&%,-'1*,&*"',")0*"&.'D',(="h6$)'&*"$9$)*D>"M,
)0*"%)0*."0(,13"(=)0%6E0"')"$**D$"1*$'.(L=*"-%."$*,)*,&*$")%"&%,-%.D"E*,*.(==9")%"&%DD6,')9
8(=6*$3" ')" '$" ,%)" &=*(." )0()" D*1'(" ',)*.*$)" '," (" c(.)'&6=(." &($*" $0%6=1" (--*&)" )0*" %6)&%D*>
A61'&'(=" &()*.',E" )%" )0*" D*1'(" .('$*$" &%,&*.,$" (L%6)" 6,;(..(,)*1" $*,)*,&',E" 1'$c(.')'*$
1*c*,1',E"%,")0*"c.*$*,&*"%-"(".*c%.)*."',")0*"&%6.).%%D"(,1")0*"c%$$'L'=')9"%-"c(,1*.',E")%
(")*Dc%.(.'=9"',-=(D*1"c6L='&"%c','%,>"("""@.%1*.'&I3"43/$%",%)*"PO_3"()"QP[>
PQ[> ("""+(8'1"J>":*8'"f"4')6"W6=()'3"K3#-,)-'M"%43$"43"^^"74KG":>"/?S>"QaP3"Y\_"dO\\ae
d.*&%DD*,1',E")0()"$*,)*,&',E"1()("$0%6=1"L*"&%==*&)*1"(,1"c.%8'1*1")%"h61E*$e>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OP[[
%)0*."h61E*$"',")0*"$(D*"&%6.)0%6$*>PQ]"<6&0"I,%;=*1E*"&(,"0*=c")%
L.',E"(L%6)"("D*($6.*"%-"6,'-%.D')9";')0',")0*"&%6.)0%6$*>"
J',(==93" ;0*," ')" &%D*$" )%" 1*)*.D',',E" 2"*50#" %-" c6,'$0D*,)3
=%&(=" I,%;=*1E*" .*E(.1',E" &%DD6,')9`L($*1" $(,&)'%,$" D(9" L*" %E.*()"8(=6*>"J%."c6.c%$*$"%-"1*$'E,',E"("&%DD6,')9`L($*1"$(,&)'%,
%."1*&'1',E")0()"$6&0"("$(,&)'%,"'$"',(cc.%c.'()*3"')"'$"8*.9"0*=c-6=
)%"I,%;")0*"(,$;*.$")%"$6&0"56*$)'%,$"($V"+%*$")0*"=%&(="c.%L()'%,
%--'&*" c.%8'1*" *--*&)'8*" $6c*.8'$'%,r" #.*" )0*.*" E%%1" (11'&)'%,
).*()D*,)" %c)'%,$" (8('=(L=*" '," )0*" &%DD6,')9r" T0()" (.*" )0*
%--*,1*.X$" c.%$c*&)$" -%." %L)(',',E" E%%1" *Dc=%9D*,)" %." 6$*-6=
8%&()'%,(=").(',',Er"T0()"'$")0*"&0(.(&)*."%-")0*",*'E0L%.0%%1"',
;0'&0")0*"%--*,1*.".*$'1*$r"
C,"$6D3")0*").'(="h61E*X$"c.'8()*"I,%;=*1E*"%-"=%&(="&'.&6D$)(,&*$
0*=c$" )%" -'==" '," )0*" E(c$" '," )0*" $)(,1(.1" (&&%6,)" %-" (cc*==()*
1*-*.*,&*>"@9"E'8',E".%%D"-%."I,%;=*1E*"%-"=%&(="&'.&6D$)(,&*$")%"L*
L.%6E0)" )%" L*(." '," )0*" $*,)*,&',E" c.%&*$$3" 1*-*.*,&*" &(," =*(1" )%
L*))*."$*,)*,&',E"1*&'$'%,$3"c(.)'&6=(.=9"',")0*"$*,$*")0()"$*,)*,&*$
L*))*.".*-=*&)"&%DD6,')9"8(=6*$3")0*"c.(&)'&*",%.D$"%-"c(.)'&6=(.
&%6.)0%6$*$3" (,1" )0*" (8('=(L'=')9" %-" =%&(=" .*$%6.&*$" )%" $6cc%.)
&%DD6,')9`L($*1"$(,&)'%,$>"@6)".*&%E,'N',E")0'$"c%)*,)'(="(18(,`
)(E*"%-"1*-*.*,&*"1%*$",%)",*&*$$(.'=9"D*(,")0()")0*"$6D")%)(="%(18(,)(E*$"(,1"1'$(18(,)(E*$"6=)'D()*=9"-(8%.$"1*-*.*,&*>"
G>'144"44,)-'*5"'G%4"':0$'D":"$")+"
#$" $6EE*$)*1" (L%8*3" )0*" (cc*==()*" &%6.)$X" &0(.(&)*.'N()'%," %$*,)*,&',E"($"i1'--'&6=)jPQ^"(,1"i(.16%6$jPQa"c%',)$")%"%,*"(18(,)(E*
%-" 1*-*.*,&*V" ')" .*16&*$" )0*" (cc*==()*" &%6.)$X" ).(,$(&)'%," &%$)$>" #
0'E0=9" 1*-*.*,)'(=" (cc.%(&0" 1'$&%6.(E*$" (cc*(=$3" 1*D(,1$" (" =*$$
.'E%.%6$".*8'*;"%-")0*".*&%.1";0*,")0*.*"'$"(,"(cc*(=3"(,1"c.%8'1*$
(".*(19"L($'$"-%."$6DD(.9".*h*&)'%,"%,")0*"D*.')$";')0"='))=*";.'))*,
(,(=9$'$>" @6)3" %-" &%6.$*3" ).(,$(&)'%," &%$)$" (=%,*" &(,,%)" h6$)'-9
1*-*.*,&*3"-%.").(,$(&)'%,"&%$)$"&%6=1"L*"D','D'N*1"L9").*()',E"%&&
PQ]> ?8*,"'-")0()"',-%.D()'%,"'$",%)"$9$)*D()'&(==9"&%==*&)*1"(,1"$0(.*13")0*"h61E*$";0%
$0(.*"("&%6.)0%6$*".%6)',*=9")(=I"(D%,E$)")0*D$*=8*$"(,1";')0")0*"=(;9*.$";0%"c.(&)'&*"',
-.%,)"%-")0*Dm"$6&0"',-%.D(="*F&0(,E*$"$6cc=9"',-%.D()'%,"(L%6)"&%6.)0%6$*",%.D$")0()"'$
=*$$"='I*=9"(8('=(L=*")%"(cc*==()*"h61E*$>
PQ^> 2*%c=*"8>"@(L&%&I3"]]]"U>T>O1"OQP3"OYQ"d4'&0>"O\\Qe>
PQa> <)()*"8>"J%.D(.%3"]Qa"U>T>O1"^O\3"^O["dC%;("O\\Oe>
OP[]
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
=%;*." &%6.)" 1*&'$'%,$" 1*-*.*,)'(==9>" C)" D(9" L*" )0()" $*,)*,&',E
1*&'$'%,$" )*,1" )%" L*" "4/"+,%&&7" &%$)=9" L*&(6$*" %-" )0*" ,6DL*." (,1
8(.'*)9"%-"-(&)%.$")0()"%6E0)")%"L*"&%,$'1*.*1m"L6)",%)"(=="$*,)*,&',E
.*&%.1$"(.*")0'&I>"C,"L6$9"&%6.).%%D$3"h61E*$"%-)*,"0(8*"='))=*"D%.*
)%"E%"%,")0(,"("&0(.E',E"1%&6D*,)3"(".(c"$0**)3"(,1"("-*;"L.'*-"',`
&%6.)" $)()*D*,)$" -.%D" )0*" 1*-*,1(,)>" C," &%,).($)3" $%D*" i=*E(=j
1*&'$'%,$" )0*D$*=8*$" .*56'.*" .*8'*;" %-" D(,9" 1'8*.$*" )*F)$l
&%,$'1*.3" -%." ',$)(,&*3" )0*" &%Dc=*F" ;*'E0',E" %-" (.&(,*" 0'$)%.'&(=
$%6.&*$")0()"&(,"E%"',)%"%.'E',(='$)"&%,$)')6)'%,(="',)*.c.*)()'%,>PQ_
4%.*%8*.3" (=)0%6E0" *8*.9" $*,)*,&',E" &($*" '$" 6,'56*" '," $%D*
.*$c*&)$3")0*.*"(.*".*E6=(.=9".*&6..',E"'$$6*$"(,1"-(&)"c())*.,$"',
$*,)*,&',E3PY\"$6&0")0()"(,"(cc*==()*"&%6.)X$"',8*$)D*,)"%-"*--%.)"',
&=*(.3" ;*==`.*($%,*1" $*,)*,&',E" %c','%,$" &%6=1" $(8*" ).(,$(&)'%,
&%$)$"',".*$%=8',E"-6)6.*"&($*$>"R06$3"(=)0%6E0")0*").(,$(&)'%,"&%$)$
(.E6D*,)"D(9"c.%8'1*"$%D*"$6cc%.)"-%."1*-*.*,&*3"')"0(.1=9"$**D$
("$0%;$)%cc*.>PYP
M,")0*"%)0*."$'1*3"($"1*$&.'L*1"',"2(.)"C3"=*E(=')9"8(=6*$"$6cc%.)
,%,1*-*.*,)'(=".*8'*;>PYO"R%"L*"$6.*3"($"$6EE*$)*1"',")0*"c.*8'%6$
<*&)'%,3").'(="h61E*$"D(9"1*c=%9")0*'."I,%;=*1E*"%-"=%&(="$*,)*,&',E
c.(&)'&*$"$%"($")%"D')'E()*")0*"=*E(=')9"&%$)$"%-"1*-*.*,&*>PYQ"4%.*
$c*&'-'&(==93" )0*.*" (.*" E%%1" .*($%,$" )%" $6$c*&)" )0()" ',)*.h61E*
1'$c(.')'*$" ;')0'," (" E'8*," &%6.)0%6$*" (.*" =*$$" $'E,'-'&(,)" )0(,
',)*.&%6.)0%6$*" 1'$c(.')'*$>" ?Dc'.'&(=" .*$*(.&03" )0%6E0" ='D')*13
c.%8'1*$"$%D*"$6cc%.)"-%.")0'$"c.%c%$')'%,>PYY"@6)"1*-*,1(,)$"-.%D
PQ_> (""9' ">->3" #cc.*,1'" 8>" U*;" A*.$*93" [Q\" 7><>" Y]]3" Y^]`aO3" [\P`Pa3" [O[`O_" dO\\\e
d1'$&6$$',E"()"=*,E)0")0*"$'E,'-'&(,&*"%-"8(.'%6$"*'E0)**,)0`"(,1",',*)**,)0`&*,)6.9").*()'$*$
(,1"&($*$"-%.")0*"&%,)*Dc%.(.9"$&%c*"%-")0*".'E0)")%"h6.9"-(&)`-',1',E"L*9%,1"(".*($%,(L=*
1%6L)"',"&.'D',(="&($*$"',")0*"D(h%.')93"&%,&6..',E3"(,1"1'$$*,)',E"%c','%,$e>
PY\> (""9'">->3"7,')*1"<)()*$"8>"T'=='(D$3"^a"J>"<6cc>"O1"Pa_3"P_\"d<>+>U>B>"P___e"di4(.8',
T'=='(D$3" )0*" 1*-*,1(,)3" c.*$*,)$" (" c'&)6.*" )0()" '$" (==" )%%" -(D'='(." )%" (,9" +'$).'&)" A61E*
$'))',E"',"(,"6.L(,"&%6.)>je>
PYP> C,1**13"1*$c')*")0*".*16,1(,)").(,$(&)'%,"&%$)$3")0*"&%6.)$"%-"%)0*.",()'%,$"$%D*)'D*$
c.%8'1*"D6&0"L.%(1*."1*",%8%".*8'*;")0(,"#D*.'&(,"&%6.)$>"(""9'">->3"<6$(,"J>"4(,1'L*.E3
F57'(")*")+,)-'87'%'K3#-"'(%*,4:,"4'*5"'.,-5*'*0'K3$7'?$,%&X'1'G02/%$%*,6"'T00C'%*'@=(I*=9
%)#' @%%I*.3" Y\" 4GW?M/W?" :>" /?S>" P\^3" PO_" dO\\_e" d,%)',E" )0()" J.*,&0" (cc*==()*" &%6.)$
c.%8'1*"1*",%8%".*8'*;"%-"L%)0"-(&)6(="(,1"=*E(="1*)*.D',()'%,$e>
PYO> (""'43/$%")*F)"(&&%Dc(,9',E",%)*$"O]`O_>
PYQ> (""'43/$%")*F)"(&&%Dc(,9',E",%)*$"PQ[`Q]>
PYY> G:>"7><>"<?UR?UGCUW"GM44XU3"JCJR??U"B?#/<"MJ"W7C+?:CU?<"<?UR?UGCUW"_^`_a"dO\\Ye
d.*c%.)',E")0()"PO>^"c*.&*,)"%-"8(.'()'%,"',"$*,)*,&*"=*,E)0"',"-*1*.(="1.6E").(--'&I',E"&($*$
'$"()).'L6)(L=*")%")0*"&')9"%-"c.%$*&6)'%,3";0*.*($")0*"c.'D(.9"h61E*"*--*&)3".*-=*&)',E".(,1%D
($$'E,D*,)"%-"("&($*")%"("h61E*";')0',"("1'$).'&)3"*Fc=(',$"%,=9"P>]Y"c*.&*,)"%-"8(.'()'%,e>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OP[^
D(,9"1'--*.*,)"&%6.)0%6$*$"(.*")9c'&(==9"0%6$*1")%E*)0*."',"c.'$%,3
(,1" )0%$*" -.%D" 0(.$0*." &%6.)0%6$*$" ;'==" $)'==" I,%;" (,1" -**=" )0*
$)',E"%-")0*"L.%(1*."1'$c(.')'*$>"4%.*%8*.3")0*"-(&)")0()")0*"h61E*$
;')0',"("&%6.)0%6$*"D(9"E*,*.(==9"(10*.*")%"6,;.'))*,",%.D$"1%*$
,%)"(11.*$$")0*"-('.",%)'&*"&%,&*.,$")0()"(=$%"(.*"*,&%Dc($$*1"L9
=*E(=')9>"
T')0").(,$(&)'%,"&%$)$"c%',)',E"',"-(8%."%-"1*-*.*,&*"(,1"=*E(=')9
&%,&*.,$"c%',)',E"(E(',$)3"1*&'$'%,(="56(=')9"$**D$")0*"D%$)"='I*=9
)'*L.*(I*.>"R0'$"'$3"',"-(&)3")0*"D(',"c%',)".*='*1"%,"L9")0*"(cc*==()*
&%6.)$3" (,1" ;0*," =%&(='N()'%," 8(=6*$" (.*" ',&%.c%.()*1" ',)%" )0*
56(=')9"(.E6D*,)3"')"'$"()"=*($)"("c=(6$'L=*"c%$')'%,>"R0*").'(="h61E*$
0(8*" c.'8()*" I,%;=*1E*" .*E(.1',E" =%&(=" &'.&6D$)(,&*$3" (,1
(cc*==()*"1*-*.*,&*"E'8*$".%%D"-%.")0()"I,%;=*1E*")%"L*"L.%6E0)")%
L*(.>"C-";*"($$6D*")0()")0*"56(=')9"%-"("$*,)*,&',E"1*&'$'%,"'$"',
=(.E*"D*($6.*"("-6,&)'%,"%-"')$"-',*`E.(',*1,*$$l("-6,&)'%,3")0()"'$3
%-"')$"$*,$')'8')9")%"("1'8*.$*".(,E*"%-"-(&)$"(,1"&%,$'1*.()'%,$")0()
(.*".*=*8(,)")%")0*"L=(D*;%.)0',*$$"%-")0*"1*-*,1(,)X$"&%,16&)"(,1
)0*"(cc.%c.'()*"$%&'*)(=".*$c%,$*l)0*,"=%&(="I,%;=*1E*"1%*$"',1**1
$**D"='I*=9")%"&%,).'L6)*")%"1*&'$'%,(="56(=')9>
B*)3"c=(6$'L=*")0%6E0")0*"=%&(='N()'%,")0*%.9"D(9"L*3"1*&'$'%,(=
56(=')9" 1%*$" ,%)" c.%8'1*" 1*&'$'8*" $6cc%.)" -%." 1*-*.*,&*" *')0*.>
C,1**13"("c=(6$'L=*")0*%.9"&(,"L*"(18(,&*1")0()"(cc*==()*"&%6.)$"(.*
$)'=="L*))*."c%$')'%,*1")0(,").'(="&%6.)$")%".*(&0"0'E0"56(=')93"-',*`
E.(',*1"$*,)*,&',E"1*&'$'%,$3",%);')0$)(,1',E")0*'."=*$$*."I,%;=`
*1E*"%-"=%&(="&'.&6D$)(,&*$>"+*-*.*,&*"E'8*$").'(="h61E*$"(,"%cc%.)6`
,')9")%"L.',E"0*=c-6="c.'8()*"',-%.D()'%,")%"L*(.3"L6)"1%*$",%)"($$6.*
)0()" )0*9" ;'==" 1%" $%>" C,$)*(13" ).'(=" h61E*$" D'E0)" c=(&*" )%%" D6&0
.*='(,&*3"&%,$&'%6$=9"%."6,&%,$&'%6$=93"%,".(&*"(,1"%)0*."'..*=*8(,)
8'$6(="&6*$3"($")0*".*$*(.&0"%,"='*"1*)*&)'%,"$6EE*$)$"'$"&%DD%,=9
1%,*>PY[":'I*;'$*3").'(="h61E*$")*,1")%"$**"("$D(==",6DL*."%-"=(;9*.$
c.(&)'&',E"',"-.%,)"%-")0*D".*c*()*1=9"',"&.'D',(="&($*$"(,1"D'E0)
&%,$&'%6$=9"%."6,&%,$&'%6$=9"E'8*")%%"D6&0";*'E0)")%")0*".*&%DD*,`
1()'%,$" %-" .*c*()" c=(9*.$" ;')0" ;0%D" )0*9" ;'$0" )%" .*)('," (" E%%1
;%.I',E".*=()'%,$0'c>"4%.*%8*.3"($"C"0(8*"1*$&.'L*1"',"D%.*"1*)('=
*=$*;0*.*3")0*"%.1*."',";0'&0"',-%.D()'%,"'$"c.*$*,)*1"',")0*").'(=
&%6.)" D(9" )*,1" )%" c.%16&*" &%E,')'8*" L'($*$" )0()" =*(1" $*,)*,&',E
PY[> (""'43/$%'2(.)"CC>#>Q>
OP[a
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
h61E*$")%"c=(&*")%%"D6&0"*Dc0($'$"%,"(EE.(8()',E"%--*,$*"&'.&6D`
$)(,&*$".*=()'8*")%"D')'E()',E"%--*,1*."&'.&6D$)(,&*$>PY]"
T0'=*"(cc*==()*"h61E*$"(.*"1%6L)=*$$"$6Lh*&)")%"8(.'%6$"L'($*$"%)0*'."%;,3"')"'$",%)"'Dc=(6$'L=*")0()3"%,")0*";0%=*3")0*9"(.*"L*))*.
c%$')'%,*1" )%" .*,1*." -',*`E.(',*1" h61ED*,)$" L($*1" %," (" -6==" &%,`
$'1*.()'%,"%-".*=*8(,)"%--*,$*"(,1"%--*,1*."&0(.(&)*.'$)'&$>"C"(=.*(19
0(8*" ,%)*1" )0()" ).(,$&.'c)`L($*1" 1*&'$'%,$" D(9" L*" =*$$" c.%,*" )%
1'$)%.)'%,"L($*1"%,"'..*=*8(,)"8'$6(="&6*$")0(,"&%,-.%,)()'%,`L($*1
1*&'$'%,$>PY^"4%.*"E*,*.(==93"E.%6c"1*&'$'%,"D(I',E3"($"'$").(1')'%,`
(==9" *Dc=%9*1" ()" )0*" (cc*==()*" =*8*=3" '$" L*))*." $6')*1" )%" 1*&'$'%,$
)0()".*56'.*")(I',E"D6=)'c=*"-(&)%.$"',)%"(&&%6,)>PYa"?(&0"D*DL*.
%-")0*"E.%6c"'$"(L=*")%"(&)"($"("&0*&I"%,")0*")*,1*,&9"%-")0*"%)0*.$
)%" %8*.=%%I" %." 1%;,c=(9" .*=*8(,)" ',-%.D()'%,>" T')0" )0*" ('1" %-" (
;.'))*,".*&%.1")0()"&(,"L*".*(1"(,1".*.*(1"',"(".*-=*&)'8*"-($0'%,3
(cc*==()*"&%6.)$")06$"$**D")%"0(8*"E.*()*."&(c(&')9")0(,").'(="&%6.)$
)%"*,$6.*")0()"'Dc%.)(,)"',-%.D()'%,"'$",%)"%8*.;0*=D*1"L9"$).%,E
*D%)'%,(="%."',)6')'8*".*$c%,$*$")%"h6$)"("$D(==",6DL*."%-"&6*$>"R0'$
&%E,')'8*"(18(,)(E*3")0%6E03"D(9"%."D(9",%)"L*"*,%6E0")%"%6);*'E0
)0*").'(="&%6.)X$"c.'8()*"',-%.D()'%,"(18(,)(E*V"'$"')"L*))*.")%"0(8*
("1*&'$'%,"D(I*.";')0"("E.*()*."56(,)')9"%-".*=*8(,)"',-%.D()'%,3"%.
("1*&'$'%,"D(I*."L*))*."(L=*")%"c.%&*$$"')$"=*$$*."(D%6,)"%-"',-%.D(`
)'%,"*--*&)'8*=9r
C,"$6D3";*"$**D")%"L*"()"(,"'Dc($$*>"R.(,$(&)'%,"&%$)"&%,&*.,$
$6cc%.)"1*-*.*,&*3"=*E(=')9"&%,&*.,$"c%',)"',")0*"%cc%$')*"1'.*&)'%,3
(,1"')"'$",%)"&=*(.";0'&0" =*8*="%-"&%6.)"0($")0*"1*&'$'%,(=`56(=')9
(18(,)(E*>
CCC>"RH?"<:C+CUW`<G#:?"#22/M#GH
R0*"&($*"-%."(&.%$$`)0*`L%(.1"(cc*==()*"1*-*.*,&*")%").'(="&%6.)
$*,)*,&',E"1*&'$'%,$"$**D$"=*$$")0(,"&%Dc*==',E>"#)")0*"$(D*")'D*3
')"'$"1'--'&6=)")%"$**"("&($*"-%."(&.%$$`)0*`L%(.1"1*",%8%".*8'*;")0()
'$" (,9" $).%,E*.>" R%" L.*(I" )0*" 'Dc($$*3" C" c.%c%$*" '," )0'$" 2(.)" (
$='1',E`$&(=*" (cc.%(&0" )%" (cc*==()*" .*8'*;>" /()0*.")0(," (" $',E=*3
PY]> R0*" 6,1*.=9',E" c$9&0%=%E'&(=" D*&0(,'$D$" (.*" )0%$*" )0()" .*$6=)" '," -'.$)`.*&*'8*1
',-%.D()'%," L*',E" E'8*," D%.*" ;*'E0)" )0(," =()*.`.*&*'8*1" ',-%.D()'%,>" MXH*(.3" 1//"&&%*"
."6,";'0:'(")*")+"'EN/&%)%*,0)49'43/$%',%)*"P_3"()"P\`PO>
PY^> (""'43/$%"2(.)"CC>#>Q>
PYa> /%L',$%,"f"<c*==D(,3"43/$%",%)*"QY3"()"PPY]>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OP[_
(&.%$$`)0*`L%(.1"(cc.%(&03"(cc*==()*"&%6.)$"D'E0)".*8'*;"$*,)*,&*$
;')0"E.*()*."%."=*$$*." .'E%."1*c*,1',E"%,")0*"c.*$*,&*"%-"&*.)(',
',1'&'(")0()"$6EE*$)")0*"&($*"-%."1*-*.*,&*"'$" *$c*&'(==9"$).%,E"%.
;*(I>" C," )0'$" ;(93" (cc*==()*" &%6.)$" D'E0)" c.%16&*" $%D*" %-" )0*
=*E(=')9"(,1"1*&'$'%,(=`56(=')9"L*,*-')$"%-"D%.*".'E%.%6$".*8'*;3"L6)
$)'==" (8%'1" )0*" (11*1" ).(,$(&)'%," &%$)$" %-" &=%$*." $&.6)',9" '," )0%$*
&($*$";0*.*")0*"&%$)$"(.*"=*($)"='I*=9"%6);*'E0*1"L9")0*"L*,*-')$>PY_
R%"L*"D%.*"$c*&'-'&3")0*"i(L6$*"%-"1'$&.*)'%,j"$)(,1(.1"&%DD%,=9
6$*1" -%." .*8'*;',E" $*,)*,&*$" 0($" (" -=*F'L'=')9" )0()" $**D$" 56')*
&(c(L=*" %-" $6cc%.)',E" 1'--*.*,)" =*8*=$" %-" 1*-*.*,&*" '," 1'--*.*,)
&'.&6D$)(,&*$>P[\" C" $6EE*$)" 0*.*" (" 1*-(6=)" =*8*=" %-" 0'E0" 1*-*.*,&*
)0()"'$"1'D','$0*1")%")0*"*F)*,)")0()")0*").(,$(&)'%,"&%$)$"%-"&=%$*.
$&.6)',9"(.*"6,6$6(==9"=%;3")0*"=*E(=')9"&%,&*.,$"%-"0'E0"1*-*.*,&*
.*8'*;" (.*" 6,6$6(==9" &%Dc*==',E3" %." )0*" =%&(='N()'%," L*,*-')$" %PY_> R0*"(cc.%(&0"C"c.%c%$*l$).*,E)0*,',E"(cc*==()*".*8'*;")%"1*(=";')0"=*E(=')9"&%,&*.,$
L6)"c.*$*.8',E"&%,$'1*.(L=*"1'$&.*)'%,"()")0*").'(="&%6.)"=*8*=lD(9"(cc.%c.'()*=9"L*"c=(&*1
'," )0*" &%,)*F)" %-" =%,E$)(,1',E" &(==$" -%." (cc*==()*" &%6.)$" )%" 1*8*=%c" (" &%DD%," =(;" %$*,)*,&',E>"(""9'">->3"/*')N3"43/$%',%)*"^3"()"P[\\"diC"(10*.*"c.%8'$'%,(==9")%")0*"&%.*"%-")0*
.*-%.D'$)" 8'$'%," )0()" (cc*==()*" h61E*$" $0%6=1" L*" *,&%6.(E*1" )%" &%,).'L6)*" '," )0%6E0)-6=3
c.*&*1*,)'(=3" (,1" c%='&9`',-%.D*1" ;(9$" )%" )0*" E.%;)0" %-" (" $6L$)(,)'8*" &%DD%," =(;" %$*,)*,&',E>je>" J%." ',$)(,&*3" '," )0*'." D6&0" 1'$&6$$*1" P__a" c.%c%$(=" )%" .*-%.D" -*1*.(=
$*,)*,&',E3"2.%-*$$%."K()*"<)')0"(,1"A61E*"A%$n"G(L.(,*$";.%)*3"
ZCb,"1*)*.D',',E"0%;")%"&%,$).(',"h61E*$X"1'$&.*)'%,"',"$*,)*,&',E";*"$0%6=1"=%%I
)%")0*"D*&0(,'$D")0()"0($"L**,"6$*1"-%."&*,)6.'*$")%"'Dc%$*"$6&0"&%,$).(',)$
',"D%$)"%)0*."h61'&'(="D())*.$V".*56'.',E").'(="h61E*$")%"E'8*".*($%,$"-%.")0*'.
1*&'$'%,$3" (,1" )0*," c*.D'))',E" =')'E(,)$" )%" $**I" .*8'*;" %-" )0%$*" 1*&'$'%,$" ',
(cc*==()*"&%6.)$>>>>"<=%;=9"L6)"$6.*=93"("-*1*.(="&%DD%,"=(;"%-"$*,)*,&',E";%6=1
L*"&.*()*1>
<RCRH" f" G#@/#U?<3"43/$%',%)*"P]3"()"P^\>"C,"&.')'&'N',E")0*'."c.%c%$(=3"0%;*8*.3"2.%-*$$%.
J.(,I"@%;D(,"0($"56*$)'%,*1";0*)0*.")0*"h61'&'(.9"'$".*(==9";'==',E")%"1%")0*";%.I".*56'.*1
)%"1*8*=%c"("&%DD%,"=(;"%-"$*,)*,&',E>"J.(,I"M>"@%;D(,3"CCC3"!"%$'0:'T%;X'?503-5*4'0)'J*(.
%-"A61E',E"%)#'*5"'(*%*"'0:'*5"'!"#"$%&'(")*")+,)-'Q3,#"&,)"43"YY"<R>":M7C<"7>":>A>"O__3"QOQ
dO\\\e>"W'8*,"i)%%"-*;"-*1*.(="h61E*$"(,1")%%"D(,9"-*1*.(="&($*$3j"@%;D(,"$6EE*$)$")0()"')
D(9"L*"6,.*(='$)'&")%"*Fc*&)"("ic*.$6($'8*"&%DD%,"=(;"%-"-*1*.(="$*,)*,&',Ej")%"(.'$*>"U#>"()
Q[]>"49"c.%c%$(="D(9"L*")0%6E0)"%-"($"(".*$c%,$*")%"@%;D(,X$"$6EE*$)'%,3"(,13"L9"*F)*,$'%,3
)%"$)()*"(,1"-*1*.(="(cc*==()*"h61E*$";0%"$0(.*")0*"8'*;")0()" )0*9" &(,,%)".*(='$)'&(==9"L*
*Fc*&)*1" )%" 1*8%)*" (" $6L$)(,)'(==9" E.*()*." $0(.*" %-" )0*'." )'D*" )%" $*,)*,&',E" '$$6*$>" C)" '$
c%$$'L=*")%"'1*,)'-9"("='D')*1"$6L$*)"%-"&($*$")0()"&(,"L*")(.E*)*1"%,"c.',&'c=*1"E.%6,1$"-%.
&=%$*." .*8'*;3" ;')0%6)" ,*&*$$(.'=9" %c*,',E" )0*" -=%%1E()*$" )%" .%6)',*" 1*" ,%8%" .*8'*;" %$*,)*,&*$>
P[\> (""':**3"43/$%",%)*"P[3"()"P[3"P_"di<%D*"(cc*==()*"&%6.)$"6$*"("-6,&)'%,(="(cc.%(&0
)%"D'F*1"56*$)'%,".*8'*;3"1*&'1',E"%,"("&($*`L9`&($*"L($'$";0'&0"h61'&'(="(&)%."d1'$).'&)"h61E*
%."(cc*==()*"h61E*e"'$"D%.*"&%Dc*)*,)")%"1*&'1*")0*"D())*.>>>>"W'8*,")0*";'1*"1'8*.E*,&*"%%c','%,"($")%")0*"D*(,',E"%-"(L6$*"%-"1'$&.*)'%,3"6$*"%-"("-6,&)'%,(="(cc.%(&0"$'D'=(.")%")0()
(cc='*1")%"D'F*1"56*$)'%,$"%-"-(&)"(,1"=(;"0($"E.*()"(cc*(=>je>
OP]\
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
1*-*.*,&*"(.*" 6,6$6(==9";*(I>"#$"1*)('=*1"L*=%;3"8(.'%6$"',1'&'(
&(," L*" '1*,)'-'*1" )0()" )*,1" )%" $'E,(=" )0()" ()" =*($)" %,*" %-" )0*$*
&%,1')'%,$"'$"c.*$*,)>P[P"
1>'U)#,+,%'0:'T0;'?$%)4%+*,0)'G04*4
T0*,"(,"(cc*==()*"&%6.)".*8'*;$"("$*,)*,&*3")0*"&%6.)"D(9"L*
&%,-.%,)*1"L9"("8%=6D',%6$".*&%.1"-.%D")0*"=%;*."&%6.)3"',&=61',E3
-%."',$)(,&*3"(").'(=").(,$&.'c)3"("&%Dc.*0*,$'8*"c.*$*,)*,&*"',8*$`
)'E()'%,".*c%.)3";.'))*,"$6LD'$$'%,$"-.%D")0*"c(.)'*$3"(,1"("=*,E)09
$*,)*,&',E"0*(.',E").(,$&.'c)>P[O"@6)")0*".*&%.1",**1",%)"L*",*(.=9
$%"*F)*,$'8*>"#"&($*"D'E0)3"-%."',$)(,&*3"D%8*"1'.*&)=9"-.%D"E6'=)9
c=*(" )%" $*,)*,&',E3" ;')0%6)" (" c.*$*,)*,&*" ',8*$)'E()'%," .*c%.)" %.
$6L$)(,)'(="c.*$*,)()'%,$"-.%D")0*"c(.)'*$>P[Q"T0*.*")0*".*&%.1"'$
.*=()'8*=9" )0',3" %-" &%6.$*3" )0*" (cc*==()*" &%6.)" (L$%.L$" D','D(=
).(,$(&)'%," &%$)$" '," -6==9" .*&%,$'1*.',E" (==" %-" )0*" ',-%.D()'%,
c.*$*,)*1")%")0*"$*,)*,&',E"h61E*3"(,1"1*-*.*,&*"'$"(&&%.1',E=9"=*$$
='I*=9")%"L*"h6$)'-'*1>"
C," (11')'%," )%" &($*$" '," ;0'&0" )0*.*" '$" %,=9" (" D*(E*." .*&%.1" )%
.*8'*;3" ()" =*($)" %,*" %)0*." )9c*" %-" &($*" ;%6=1" $**D" )%" c.*$*,)
())*,6()*1").(,$(&)'%,"&%$)"&%,&*.,$>"R0*.*"(.*"&($*$")0()"',8%=8*
(" &%DD%,=9" .*&6..',E" '$$6*" )0()" &(," L*" .*$%=8*1" )0.%6E0" )0*
(1%c)'%,"%-"("E*,*.(="c.',&'c=*>"C,"$6&0"&($*$3")0*"(cc*==()*"&%6.)X$
',8*$)D*,)"%-"*--%.)")%".*$%=8*")0*"&%DD%,=9".*&6..',E"'$$6*"',"(
&=*(.3"1*-',')'8*"-($0'%,"D(9"$(8*").(,$(&)'%,"&%$)$"%8*.")0*"=%,E
.6,3"($")0*"'$$6*";'==",%"=%,E*.",**1")%"L*"=')'E()*1"()")0*").'(="%.
(cc*==()*"=*8*=$>"M,")0*"%)0*."0(,13"'-")0*"'$$6*"'$"("D())*."($")%
;0'&0"1'--*.*,)"&%DD6,')'*$"',")0*"h6.'$1'&)'%,"0%=1"1'8*.E*,)"(,1
$).%,E=9"0*=1"L*='*-$l($"D'E0)"%&&6.3"-%."',$)(,&*3"',"1.6E"%."E6,
&($*$l)0*," =%&(='N()'%," 8(=6*$" D(9" $)'==" ;(..(,)" ("0'E0" =*8*=" %1*-*.*,&*>"
P[P> C," -%.D6=()',E" $6&0" ',1'&'(3" %-" &%6.$*3" ')" '$" 'Dc%.)(,)" )%" ).9" )%" (8%'1" ,6D*.%6$" %.
0'E0=9"',1*)*.D',()*"&.')*.'(")0()";%6=1".*56'.*"$6L$)(,)'(=").(,$(&)'%,"&%$)$")%"$%.)"%6)"*8*,
L*-%.*"(,9"(,(=9$'$"%-")0*"D*.')$")(I*$"c=(&*>
P[O> ("""H#//B"C>" <7@CU"?R"#:>3"RH?" 2/#GRCG?"MJ"J?+?/#:"G/C4CU#:":#TV" 2/M<?G7RCMU
#U+" +?J?U<?"Ya[`[O]"dO\\]e"d1*$&.'L',E"-*1*.(="$*,)*,&',E"c.%&*$$"(,1"c.%8'1',E"$(Dc=*$
%-"1%&6D*,)$"&.*()*1"',")0*"c.%&*$$e>
P[Q> (""'43/$%",%)*"PPP>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OP]P
S>'U)#,+,%'0:'L,-5'T"-%&,*7'G0)+"$)4
:*E(=')9" &%,&*.,$" -%&6$" %," 6,'-%.D')9" (,1" -('." ,%)'&*>P[Y" T')0
.*$c*&)")%"6,'-%.D')93"%,*"',1'&()%."%-"&%,&*.,"'$"("$*,)*,&*",*(.")0*
8*.9")%c"%."L%))%D"%-"(";'1*"$*,)*,&',E".(,E*>"C-"%,*"($$6D*$")0()
)0*" D%$)" *F).*D*" $*,)*,&*$" (.*" E*,*.(==9" .*$*.8*1" -%." )0*" D%$)
*F).*D*"&($*$3")0*,")0*"'Dc%$')'%,"%-"(,"*F).*D*"$*,)*,&*"D'E0)"L*
)(I*,"($"("$'E,")0()")0*"(cc*==()*"&%6.)"$0%6=1")(I*"("&(.*-6="=%%I
)%" *,$6.*" )0()" )0*" &($*" ).6=9" '$" (," *F).*D*" %,*3" (,1" )0()" )0*
$*,)*,&*"1%*$",%)".*$6=)"',$)*(1"-.%D"%,*" h61E*X$"0'E0=9"'1'%$9,`
&.()'&".*$c%,$*")%")0*"&($*>"<'D'=(."=%E'&";%6=1"h6$)'-9"&=%$*."$&.6`
)',9" %-" $*,)*,&*$" -(." (L%8*" %." L*=%;" (" $*,)*,&',E" .(,E*" .*&%D`
D*,1*1"L9"(18'$%.9"E6'1*=',*$>P[[
:'I*;'$*3"("$*,)*,&*")%"c.'$%,3"($"%cc%$*1")%"("$0%.)*.")*.D"%',&(.&*.()'%,"',"("=%&(="h('="%."(,%)0*."&%DD6,')9`L($*1"$(,&)'%,3
D'E0)").'EE*."0*'E0)*,*1"=*E(=')9"&%,&*.,$>"4%.*"$*8*.*"$*,)*,&*$
(cc.%c.'()*=9" 1*D(,1" E.*()*." .*($$6.(,&*" %-" )0*'." &%,-%.D')9" )%
.6=*`%-`=(;" 8(=6*$>P[]" #11')'%,(==93" c.'$%,$" E*,*.(==9" (EE.*E()*
%--*,1*.$"-.%D"(&.%$$".*E'%,$";')0',"("h6.'$1'&)'%,m")06$3"c.'$%,*.$
)*,1")%"L*"(&6)*=9"(;(.*"%-"',)*.&%6.)0%6$*"1'$c(.')'*$3";0'&0"&(,
6,1*.D',*")0*'."c*.&*c)'%,$"%-")0*"=*E')'D(&9"%-")0*"&.'D',(="h6$)'&*
$9$)*D>P[^
J('." ,%)'&*" &%,&*.,$" (.'$*" ;0*," ',1'8'16(=" $*,)*,&',E" h61E*$
-%==%;" '1'%$9,&.()'&" c.',&'c=*$" )0()" (.*" ,%)" E*,*.(==9" I,%;," %.
.*(1'=9"I,%;(L=*>"R0*$*"&%,&*.,$"D(9"L*"1'D','$0*1")%")0*"*F)*,)
P[Y> H6'E*,$3"43/$%",%)*"PP3"()"P\]Q>
P[[> R%"L*"$6.*3"(cc*==()*"&%6.)$"D(9".6,"(-%6="%-"1*-*,1(,)$X"<'F)0"#D*,1D*,)"h6.9`).'(=
.'E0)$"'-"&=%$*"$&.6)',9"%-"$*,)*,&*$"%6)$'1*".*&%DD*,1*1"E6'1*=',*$"*--*&)'8*=9").(,$-%.D$
(18'$%.9"E6'1*=',*$"',)%"D(,1()%.9"E6'1*=',*$>"(""'43/$%",%)*"Y>"H%;*8*.3")0*"<6c.*D*"G%6.)
0($"',1'&()*1")0()"$*,)*,&*$"-(."%6)$'1*")0*".(,E*"D(9"c*.D'$$'L=9"L*").*()*1"1'--*.*,)=9")0(,
$*,)*,&*$"&=%$*.")%")0*".(,E*>"("""W(=="8>"7,')*1"<)()*$3"[[O"7><>"Qa3"Y^"dO\\^e"diC,".*8'*;',E
)0*".*($%,(L=*,*$$"%-"("$*,)*,&*"%6)$'1*")0*"W6'1*=',*$".(,E*3"(cc*==()*"&%6.)$"D(9")0*.*-%.*
)(I*" )0*" 1*E.**" %-" 8(.'(,&*" ',)%" (&&%6,)" (,1" &%,$'1*." )0*" *F)*,)" %-" (" 1*8'()'%," -.%D" )0*
W6'1*=',*$>je>
P[]> G:>" MXH*(.3" 1//"&&%*"' ."6,";' 0:' (")*")+"' EN/&%)%*,0)49' 43/$%" ,%)*" P_3" ()" [^`[a
d(.E6',E" )0()" )0*" .*=()'8*" 'Dc%.)(,&*" %-" ='L*.)9" ',)*.*$)$" ()" $)(I*" $6cc%.)$" (" .%L6$)
*Fc=(,()'%,".*56'.*D*,)"-%."$*,)*,&*$3"*$c*&'(==9";0*,"$*,)*,&*"=*,E)0"*F&**1$"%,*"9*(.e>
P[^> ("""A%,()0(,"+>"G($c*."*)"(=>3"Y$0+"#3$%&'K34*,+"',)'!"&0)7'G%4"49'OO":#T" f" <MGXB
/?S>"YaQ3"Ya]3"Y_Y"dP_aae"d1'$&6$$',E"*Dc'.'&(=".*$*(.&0"',1'&()',E")0()"1*-*,1(,)$X"8'*;$"%)0*"-('.,*$$"%-")0*"$9$)*D"(.*"',-=6*,&*1"L9"0%;")0*'."%6)&%D*$"&%Dc(.*1";')0")0%$*"%-"%)0*.
1*-*,1(,)$e>
OP]O
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
)0()"h61E*$"&=*(.=9"(.)'&6=()*")0*"c.',&'c=*$"%,";0'&0")0*'."$*,)*,&*$
.*$)>" R0*" c.',&'c=*$" (.*" )0*," *Fc%$*1" -%." c6L='&" 1'$&6$$'%," (,1
1*L()*" (,1" $)(,1" (" E.*()*." &0(,&*" %-" 1'$$*D',()'%," L*9%,1" )0*
&%6.)0%6$*" ',$'1*.$" ;0%" .*E6=(.=9" c.(&)'&*" '," -.%,)" %-" )0*" h61E*>
G%,8*.$*=93" (" +*=c0'&" $*,)*,&*3" 'Dc%$*1" ;')0" (" -*;" &6.$%.9
.*-*.*,&*$" )%" )0*" &'.&6D$)(,&*$" %-" )0*" %--*,$*" %." )0*" %--*,1*.3
c.%8'1*$"='))=*".*($$6.(,&*")0()")0*"1*-*,1(,)"0($"0(1"-('.",%)'&*"%;0()" .*(==9" D())*.*1" '," )0*" $*=*&)'%," %-" 0'$" $*,)*,&*>P[a" J%." )0()
.*($%,3"("$*,)*,&*")0()"0($"L**,"*Fc=(',*1"%,=9"',"c*.-6,&)%.9"%.
E*,*.'&" )*.D$" D'E0)" (cc.%c.'()*=9" L*" $6Lh*&)" )%" =*$$" 1*-*.*,)'(=
.*8'*;>"
G>'U)#,+,%'0:'F"%C'T0+%&,<%*,0)'S")":,*4
C-")0*"&($*"-%."0'E0*."1*&'$'%,(="56(=')9"',")0*").'(="&%6.)".*$)$"%,
=%&(='N()'%,"8(=6*$3")0*,"&($*$";')0";*(I"=%&(='N()'%,"L*,*-')$"$**D
.*=()'8*=9" '==" $6')*1" -%." 0'E0=9" 1*-*.*,)'(=" ).*()D*,)>" R06$3" -%.
',$)(,&*3" )0*" 1'$c%$')'%," %-" &($*$" )0()" (.*" %-" $'E,'-'&(,)" &%,&*.,
L*9%,1")0*"=%&(="&%DD6,')93"$6&0"($")0*"c.%$*&6)'%,"%-")0*"=*(1*.$
%-"("$)()*;'1*"1.6E").(--'&I',E"*,)*.c.'$*"%."2%,N'"$&0*D*3"$**D$
=*$$"(cc.%c.'()*=9"$6Lh*&)")%"&%DD6,')9`$c*&'-'&"8(=6*$")0(,3"$(93
.%6)',*"$).**)"&.'D*>P[_":'I*;'$*3"("$*,)*,&*")0()"0($"L**,"*Fc=(',*1
%,=9"L9".*-*.*,&*")%"E*,*.'&"&%,$'1*.()'%,$"(,1"1%*$",%)"*Fc.*$$=9
',8%I*" =%&(=" &%,$'1*.()'%,$" c.%8'1*$" (" .*=()'8*=9" ;*(I" &($*" -%.
(cc*==()*"1*-*.*,&*>"C,1**13"E'8*,")0*")*,1*,&9"%-"c6L='&"*Fc=(,(`
)'%,"%-"1*&'$'%,$")%"())*,6()*")0*"*--*&)$"%-"$%D*"&%E,')'8*"L'($*$3
c%%.=9" *Fc=(',*1" $*,)*,&*$" (.*" D%.*" ='I*=9" )0(," %)0*.$" )%" L*
',-=6*,&*1" L9" )0*" $%.)$"%-"L'($*$"%6)=',*1"',")0*"c.*8'%6$"2(.)>P]\
/*&%,$'1*.()'%," L9" (" D6=)'h61E*" c(,*=" D'E0)" D(I*" (" $'E,'-'&(,)
&%,).'L6)'%,")%"56(=')9"',"$6&0"&($*$>"J',(==93"&%Dc=*D*,)',E")0*
*(.='*." $6EE*$)'%," )0()" c.'$%," $*,)*,&*$" (.*" D%.*" ='I*=9" )%" .('$*
'Dc%.)(,)" =*E(=')9" &%,&*.,$3" )0*" .*h*&)'%," %-" &%DD6,')9`L($*1
P[a> R0*" (,&'*,)" %.(&=*" ()" +*=c0'" %--*.*1" -(D%6$=9" ',$&.6)(L=*" c.%,%6,&*D*,)$>" (""
<).',E-*==%;"@(..3"RH?"TC::"MJ"g?7<V"#"HC<RM/B"MJ"W/??G?"J/M4"RH?"M/CWCU<"MJ"H?::?UCG
G7:R7/?" RM" RH?" +?#RH" MJ" #:?v#U+?/" aP" dP_]Pe" di<c*&'-'&" 56*$)'%,$" ;*.*" ='I*=9" )%" *='&')
E*,*.(="(,$;*.$"%."(,$;*.$";0'&0">>>";%.*"(,"('."%-"L*',E"$c*&'-'&"9*)"'..*=*8(,)>je>
P[_> G:>"MXH*(.3"!"#"$%&,42'%)#'D$3-'G0)*$0&9'43/$%",%)*"PQ\3"()"a[a`[_"d1'$&6$$',E")0*
(L'=')9" %-" $c'==%8*." *--*&)$" )%" %8*.&%D*" )0*" E*,*.(=" c.*$6Dc)'%," '," -(8%." %-" 1*&*,).(='N*1
1*&'$'%,"D(I',E"',1'&()*1"L9")0*"c6L='&`&0%'&*"D%1*="%-"-*1*.(='$De>"
P]\> MXH*(.3"1//"&&%*"'."6,";'0:'(")*")+"'EN/&%)%*,0)49'43/$%",%)*"P_3"()"PQ`PY>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OP]Q
$(,&)'%,$" D*(,$" )0()" $*(.&0',E" (cc*==()*" .*8'*;" '$"=*$$" ='I*=9" )%
$(&.'-'&*")0*"L*,*-')$"%-")0*"$*,)*,&',E"h61E*X$"c.'8()*"I,%;=*1E*"%&%DD6,')9"$6c*.8'$'%,"(,1".*0(L'=')()'%,".*$%6.&*$>
D>'."+%/'%)#'U&&34*$%*,0)
R%"$6DD(.'N*3")0*"-%==%;',E"',1'&'("$6EE*$)")0()" )0*",%.D(==9
0'E0" =*8*=$" %-" 1*-*.*,&*" $0%;," )%" $*,)*,&',E" 1*&'$'%,$" D'E0)" L*
(cc.%c.'()*=9" (1h6$)*1" )%" c.%8'1*" -%." D%.*" $*(.&0',E" (cc*==()*
.*8'*;V
w R0',".*&%.1"%-"$*,)*,&',E".*=()*1"',-%.D()'%,"1*8*=%c*1"',").'(=
&%6.)
w 2.*$*,&*" %-" &%DD%,=9" .*&6..',E" $*,)*,&',E" 56*$)'%," ,%)
c.*8'%6$=9".*$%=8*1"L9"(cc*==()*"&%6.)
w <*,)*,&*",*(."8*.9")%c"%."L%))%D"%-";'1*"$)()6)%.9"$*,)*,&',E
.(,E*
w 2.'$%,")*.D"'Dc%$*1
w 2*.-6,&)%.9"%."E*,*.'&"*Fc=(,()'%,"%-"$*,)*,&*3"*$c*&'(==9"'-",%
.*-*.*,&*"D(1*")%"=%&(="c(.)'&6=(.')'*$
w M--*,$*"1'.*&)=9"(--*&)*1"=(.E*."E*%E.(c0'&(="(.*(")0(,"h61'&'(=
1'$).'&)"',";0'&0"$*,)*,&',E"%&&6..*1>
R%" L*" &=*(.3" C" 1%" ,%)" D*(," )%" $6EE*$)" )0()" (,9" c.*&'$*" -%.D6=(
$0%6=1"E%8*.,")0*"&%,$'1*.()'%,"%-")0*$*"',1'&'(>"/()0*.3")0*"'1*("'$
)0()")0*"c.*$*,&*"%-"D6=)'c=*"',1'&'(3"%."c*.0(c$"*8*,"h6$)"%,*"',
$%D*"&($*$3"$0%6=1"=*(1")%"("=*$$"1*-*.*,)'(="$)(,&*")0(,",%.D(="L9
)0*"(cc*==()*"&%6.)>"T0*.*")0*"',1'&'("(.*"c.*$*,)"',"(,"6,6$6(==9
$).%,E";(93")0*,")0*".*8'*;"D'E0)"(cc.%c.'()*=9"L*"',")0*",()6.*"%1*",%8%".*&%,$'1*.()'%,"%-")0*"$*,)*,&*>
#=)0%6E0" )0*" $='1',E`$&(=*" (cc.%(&0" C" c.%c%$*" 1'--*.$" -.%D" )0*
(&.%$$`)0*`L%(.13" 0'E0" 1*-*.*,&*" )9c'&(==9" (&&%.1*1" $*,)*,&',E
1*&'$'%,$3"($c*&)$"%-"D9"(cc.%(&0"(.*"%&&($'%,(==9".*-=*&)*1"',")0*
*F'$)',E"&($*"=(;>"#"E%%1"*F(Dc=*"'$")0*"T'$&%,$',"<6c.*D*"G%6.)X$
%c','%,"',"M+G&"%$7'6>'(*%*">P]P"
C," M+G&"%$73" )0*" $*,)*,&',E" h61E*" 'Dc%$*1" (," ',1*)*.D',()*
c.'$%," )*.D" %-" 6c" )%" ,',*" 9*(.$" %," (" &0*&I" -%.E*." ;')0" ,%" c.'%.
&.'D',(="0'$)%.9>P]O"R0*"T'$&%,$',"<6c.*D*"G%6.)"-%6,1")0'$")%"L*
P]P> PaO"U>T>O1"[PO"dT'$>"P_^Pe>
P]O> U#>"()"[P]>
OP]Y
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
(,"(L6$*"%-"1'$&.*)'%,P]Q"(,1".*16&*1")0*"$*,)*,&*")%"-'8*"9*(.$>P]Y
#=)0%6E0")0*"&%6.)X$"1*&'$'%,";($",%)"$9$)*D()'&(==9")0*%.'N*13")0*
&%6.)"*Dc0($'N*1"8(.'%6$"($c*&)$"%-")0*"&($*")0()".*$%,()*";')0")0*
',1'&'(" 1*$&.'L*1" (L%8*V" )0*" .*&%.1" ;($" )0',3P][" )0*" $*,)*,&*" ;($
,*(.=9"()")0*")%c"%-")0*")*,`9*(."$)()6)%.9".(,E*3P]]"("c.'$%,")*.D
;($"'Dc%$*13P]^"(,1"%,=9"("c*.-6,&)%.9"*Fc=(,()'%,";($"E'8*,"-%.
)0*"$*,)*,&*>P]a
#,%)0*." ($c*&)" %-" )0*" &%6.)X$" (,(=9$'$" (=$%" .*$%,()*$" ;')0" )0*
$='1',E`$&(=*"(cc.%(&0>"#$"1'$&6$$*1"',")0*"c.*8'%6$"2(.)3"%,*"E%%1
.*($%," -%." (cc*==()*" h61E*$" )%" 1*-*." )%" ).'(=" h61E*$" '$" )0()" ).'(=
h61E*$"%-)*,"0(8*"*F)*,$'8*"*Fc*.'*,&*";')0")0*"1'--*.*,)"c.%L()'%,
%--'&*.$";0%";%.I"',")0*'."&%6.)0%6$*$3"(,1";'==")06$"L*))*."L*"(L=*
)%"($$*$$")0*";*'E0)")0()"$0%6=1"L*"E'8*,")%"',1'8'16(="c.%L()'%,
%--'&*.$X"%L$*.8()'%,$"(,1".*&%DD*,1()'%,$>P]_"R0*"$*,)*,&',E"h61E*
'," M+G&"%$7' 1'1" ',1**1" .*=9" %," (" c.%L()'%," %--'&*.X$" .*c%.)" (,1
.*&%DD*,1()'%,>P^\"@6)")0'$"c(.)'&6=(."c.%L()'%,"%--'&*.";($"("i,*;
(,1"',*Fc*.'*,&*1"&($*;%.I*.3";0%"0(13"(&&%.1',E")%")0*".*&%.13",%
c.'%."*Fc*.'*,&*"%.").(',',E"',"c.%L()'%,";%.I>jP^P"R0*".*&%.1")06$
0(cc*,*1")%"D(I*"&=*(.")0()")0*"$*,)*,&',E"h61E*";($",%)"1.(;',E
%,"c.'8()*"I,%;=*1E*")0()" )0*"c.%L()'%,"%--'&*."0(1"("E%%1").(&I
.*&%.13"L6)";($"',$)*(1"*')0*."-%==%;',E"("E*,*.(="c%='&9"%-"1*-*..',E
P]Q> U#>"()"[OO>
P]Y> U#>"()"[O]>
P][> (""',#>"()"[P["d,%)',E")0()"$*,)*,&',E"0*(.',E"i(--%.1*1")0*"1*-*,1(,)",%"%cc%.)6,')9
)%"%--*."(,9"c.%%-"',"&%,).(8*,)'%,"%-"-(&)$"$*)"-%.)0"',")0*"c.*$*,)*,&*".*c%.)"(,1"Z1'1",%)b
(--%.1Z b")0*"1*-*,1(,)")0*".'E0)"%-"(==%&6)'%,jem",#>"()"[OY"diC,")0*"',$)(,)"&($*3"%,=9"$'F"c(E*$
%-")0*".*&%.1"',")0*"-'.$)"$*,)*,&',E";*.*"1*8%)*1")%")0*")*$)'D%,9"%-"4&G=*(.9>"C)"D(9";*==
L*"1%6L)*1")0()3"%,")0*"L($'$"%-"$6&0"L.'*-"(cc*(.(,&*"L*-%.*")0*"&%6.)3"(,9"%L$*.8()'%,$"&%6=1
L*"D(1*")0()";%6=1"h6$)'-9"Z)0*b"$*,)*,&*"Z',')'(==9"'Dc%$*1b>je>
P]]> (""',#>"()"[PY"d,%)',E")0*")*,`9*(."D(F'D6Dem",#>"()"[OY"diT*"(.*"$()'$-'*1")0()"',")0*
',$)(,)" &($*" )0*.*" '$" ,%" *8'1*,&*" )0()" h61'&'(=" 1'$&.*)'%," ;($" *F*.&'$*1" '," (" D(,,*." )0()
h6$)'-'*$"(",*(.`D(F'D6D"$*,)*,&*>je>
P]^> (""',#>"()"[P]>
P]a> (""',#>" diZRb0*"h61E*X$".*($%,$"-%."'Dc%$',E")0*",',*`9*(."$*,)*,&*";*.*"*F).*D*=9
L.'*->jem",#>"()"[OO"diR0*"c.%L=*D"',")0*"',$)(,)"&($*"(.'$*$"L*&(6$*")0*").'(="h61E*"-('=*1")%
E'8*"0'$".*($%,$";09"("=*,E)093",*(.`D(F'D6D"$*,)*,&*";($"(cc.%c.'()*>je>
P]_> (""'43/$%"2(.)"CC>@>
P^\> ("""M+G&"%$73"PaO"U>T>O1"()"[P["d,%)',E")0()"()")0*"$*,)*,&',E"0*(.',E"i)0*").'(=
h61E*".*(1";')0%6)"&%DD*,)"c%.)'%,$"%-")0*"c.*$*,)*,&*".*c%.)3j"(,1"56%)',E").'(="h61E*"($
$(9',E" iuC" ',)*,1" )%" -%==%;" )0*" .*&%DD*,1()'%," %-" )0*" 2.%L()'%," +*c(.)D*,)Xjem",#>" ()" [OQ
diJ.%D")0'$".*c%.)")0*").'(="h61E*"(cc(.*,)=9"1.*;")0*"&%,&=6$'%,")0()")0*"1*-*,1(,)"0(1"(
ZU'*)N$&0*(,b"())')61*"(,1"&%,$'1*.*1"0'D$*=-"(L%8*")0*"=(;>je>
P^P> U#>"()"[OO>
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OP][
)%"c.%L()'%,"%--'&*.$"%."1*&'1',E")0()")0*"&%,)*,)"%-")0*"c.%L()'%,
%--'&*.X$".*c%.)";($"$6--'&'*,)=9"&%Dc*==',E")%";(..(,)"1*-*.*,&*"',
)0*"&($*"()"0(,1>"?')0*.";(93")0*"$*,)*,&',E"h61E*";($"',",%"L*))*.
c%$')'%,")0(,")0*"(cc*==()*"h61E*$")%"1*)*.D',*"0%;"D6&0";*'E0)
%6E0)" )%" L*" E'8*," )%" )0*" c.%L()'%," %--'&*.X$" .*c%.)>" R0*" (cc*==()*
h61E*$"&%6=1".*(&0")0*'."%;,3"1*",%8%"&%,&=6$'%,"($")%")0()"56*$)'%,
;')0%6)"-*(."%-"=%$',E")0*"L*,*-')"%-"(,9"c.'8()*"=%&(="I,%;=*1E*>
#,1")0*"(cc*==()*"h61E*$"1'1"',1**1"1*)*.D',*")0()")%%"D6&0";*'E0)
0(1"L**,"E'8*,")%")0*"c.%L()'%,"%--'&*.X$".*c%.)>P^O
U%,*" %-" )0'$" '$" )%" $(9" )0()" M+G&"%$7" *Fc.*$$=9" (1%c)*1" )0*
c.%c%$*1"$='1',E`$&(=*"(cc.%(&0")%"1*-*.*,&*>"C,1**13")0*"%c','%,"'$
-.6$).()',E=9"8(E6*"',"(",6DL*."%-".*$c*&)$3"$6&0"($"0%;")0*"&%6.)X$
&.')'56*" %-" )0*" c.%L()'%," %--'&*.X$" ;%.I" -')$" ',)%")0*" L.%(1*." =*E(=
(,(=9$'$>"@6)"M+G&"%$7"1%*$"$6EE*$)")0()"$%D*"%-")0*"L($'&"&%,&*.,$
6,1*.=9',E" )0*" $='1',E`$&(=*" c.%c%$(=" 0(8*" L**," $0(.*1" L9" )0*
h6$)'&*$"%-"()"=*($)"%,*"$)()*"$6c.*D*"&%6.)>
GMUG:7<CMU
<',&*"()"=*($)")0*")'D*"%-"A61E*"J.(,I*=X$"c()0L.*(I',E";%.I"',
)0*" *(.=9" P_^\$3P^Q" )0*" =*E(=" $&0%=(.$0'c" %," $*,)*,&',E" 0($" L**,
1%D',()*1"L9")0*"E6'1*=',*$`8*.$6$`1'$&.*)'%,"1*L()*>"7=)'D()*=93
)0*"1*L()*"&(,"0(8*",%".*$%=6)'%,"L*&(6$*"*(&0"$'1*X$"c%$')'%,".*$)$
%,"',&%DD*,$6.()*"8(=6*$"(,1"6,&*.)(',"*Dc'.'&(="($$6Dc)'%,$>
W6'1*=',*$"c.%c%,*,)$"',8%I*".6=*`%-`=(;"8(=6*$3";0'=*"%cc%,*,)$
c%',)"%6)")0()",%"$9$)*D"%-"$*,)*,&',E".6=*$"&(,"*8*."0%c*")%"E'8*"(
c.%c*.3"D%.(==9"1*-*,$'L=*";*'E0)")%"*8*.9"$*,)*,&',E"-(&)%."',"*8*.9
&($*>"2.%c%,*,)$")0',I")0()"E6'1*=',*$"&(,"E*)"*,%6E0"%-")0*"&($*$
.'E0)")0()"1'$&.*)'%,"&(,"L*"I*c)"=%;3";0'=*"%cc%,*,)$"(.E6*")0()
*8*.9" 1*-*,1(,)" '$" (" 6,'56*" 06D(," L*',E" ;0%" '$" *,)')=*1" )%" L*
&%,$'1*.*1" ($" $6&0>" C)" $**D$" .*($%,(L=9" &=*(." )0()" D(,1()%.9
E6'1*=',*$"',*8')(L=9".*$6=)"',"$%D*"&($*$"L*',E"0(,1=*1"',"("D%.*
&=6D$9"-($0'%,")0(,";%6=1"L*"1%,*"L9"("h61E*"E'8*,";'1*"1'$&.*)'%,
)%"c6.$6*"-',*`E.(',*1"$*,)*,&',E>"@6)")0*"-.*56*,&9"%-"$6&0"&($*$
'$"6,I,%;,"(,1"c*.0(c$"6,I,%;(L=*>"U%."'$"')"&=*(."0%;")%";*'E0
P^O> (""',#>"()"[OQ"diR0'$";.')*.">>>"'$"%-")0*"%c','%,")0()")0*"c0'=%$%c0*.`c.%L()'%,"(E*,)
;($"%8*.N*(=%6$"',"())*Dc)',E")%"D(I*"0'$"c($)"*16&()'%,(="*Fc*.'*,&*"c*.)',*,)")%"0'$",*;
h%L>je>
P^Q> ("""J/#UK?:3"43/$%",%)*"P>
OP]]
TC::C#4"#U+"4#/B":#T"/?SC?T
ZS%=>"[PVOPOQ
)0*" -',*`E.(',*1,*$$" &%$)$" %-" $6&0" &($*$" (E(',$)" )0*" =*E(=')9" (,1
%)0*." &%$)$" %-" (" 0'E0=9" 1'$&.*)'%,(.9" $9$)*D>" C," )0*" *,13" )0*
E6'1*=',*$"1*L()*"L.*(I$"1%;,"',)%"("56*$)'%,"%-";0*.*")0*"L6.1*,
%-"c.%%-"'$"c=(&*13";')0"$%D*"c.*-*..',E")%"*.."%,")0*"$'1*"%-".6=*`%-`
=(;"8(=6*$"(,1"%)0*.$"c.*-*..',E")%"*.."%,")0*"$'1*"%-"*,$6.',E")0*
c%$$'L'=')9" %-" -',*`E.(',*1" $*,)*,&*$" )('=%.*1" )%" )0*" -6==" .(,E*" %%--*,$*"(,1"%--*,1*."&0(.(&)*.'$)'&$>
T')0"$%"D6&0"())*,)'%,"-%&6$*1"%,")0*"6=)'D()*=9"',&%,&=6$'8*
E6'1*=',*$" 1*L()*3" $&0%=(.$" (,1" c%='&9D(I*.$" 0(8*" ,*E=*&)*1" )0*
.%=*"%-"(cc*==()*"&%6.)$"',")0*"$*,)*,&',E"c.%&*$$l*F&*c)"',$%-(."($
)0*" (cc*==()*" &%6.)$" c%='&*" E6'1*=',*$" &%Dc='(,&*>"R0'$" ,*E=*&)" '$
6,-%.)6,()*" L*&(6$*" .%L6$)" (cc*==()*" .*8'*;" %-" $*,)*,&*$" D(9
c.*$*,)" )0*" L*$)" 0%c*" -%." (&&%DD%1()',E" L%)0" =*E(=')9" (,1" -',*`
E.(',*1,*$$"8(=6*$>"#cc*==()*"&%6.)$"(.*"(L=*")%"'1*,)'-9"(,1"&%..*&)
%6)='*." $*,)*,&*$3" ;')0" )0*'." 1*&'$'%,$" )0*," L*&%D',E" $0(.*1
L*,&0D(.I$" -%." =%;*." &%6.)$>" #cc*==()*" &%6.)$" (.*" (=$%" (L=*" )%
1*8*=%c"E*,*.(=".6=*$"%8*.")'D*"',")0*"(.*($"%-"c%='&9D(I',E"(,1
c%='&9"(.)'&6=()'%,>"@6)3"6,='I*"$*,)*,&',E"&%DD'$$'%,$3"(cc*==()*
&%6.)$"(.*",%)"='D')*1")%"*F"(,)*".6=*D(I',E"(,1"&(,"(1(c)"E*,*.(=
.6=*$"(,1"1'$)',E6'$0"c.*&*1*,)$"%,"("&($*`L9`&($*"L($'$")%"*,$6.*
)0()"$*,)*,&*$")(I*"',)%"(&&%6,)"(==".*=*8(,)"%--*,$*"(,1"%--*,1*.
&0(.(&)*.'$)'&$"',"("-',*`E.(',*1";(9>
@6)" $).%,E*." (cc*==()*" .*8'*;" D6$)" %8*.&%D*" =%,E$)(,1',E
).(1')'%,$"%-"1*-*.*,&*3"()"=*($)"%6)$'1*")0*"D',%.')9"%-"$)()*$";')0
L',1',E" $*,)*,&',E" E6'1*=',*$>" J%.)6,()*=93" =*E(=" $&0%=(.$" (,1
=(;9*.$" (.*" L*&%D',E" ',&.*($',E=9" I,%;=*1E*(L=*" (L%6)" )0*
c$9&0%=%E'&(=".*$*(.&0"%,"&%E,')'%,3";0'&0"&($)$"D6&0"1%6L)"%,")0*
-(D'='(." E.%6,1$" E'8*," L9" (cc*==()*" &%6.)$" -%." 1*-*.*,&*>" M," )0*
%)0*." 0(,13" (" $).%,E*." (.E6D*,)" -%." 1*-*.*,&*" &(," L*" D(1*" L9
.*-*.*,&*")%").(,$(&)'%," &%$)$"(,1"$*,)*,&',E"h61E*$X"L(&IE.%6,1
I,%;=*1E*"%-"=%&(="&'.&6D$)(,&*$>"R0'$"(.E6D*,)"$**D',E=9"=*(1$
)%"(,%)0*."'Dc($$*>
C," %.1*." )%" E*)" (.%6,1" )0*" 'Dc($$*3" C" $6EE*$)" (" $='1',E`$&(=*
(cc.%(&0")%"1*-*.*,&*3";')0"(cc*==()*".*8'*;"E.%;',E"D%.*".%L6$)
)%")0*"*F)*,)")0()")0*").(,$(&)'%,"&%$)$"(.*"=%;3")0*"=*E(=')9"L*,*-')$
0'E03" %." ()" =*($)" )0*" ='I*='0%%1" %-" =%$',E" )0*" L*,*-')$" %-" =%&(=
I,%;=*1E*"=%;>"S(.'%6$"',1'&'("&(,"L*"6$*1")%"0*=c"'1*,)'-9";0*,
=%;"1*-*.*,&*"&%,1')'%,$"(.*"c.*$*,)>"
O\P\b
#22?::#R?"/?SC?T"MJ"<?UR?UG?<
OP]^
C)"'$").6*")0()")0*"$='1',E`$&(=*"c.%c%$(="&%,)*Dc=()*$"D%.*";%.I
-%."(cc*==()*"&%6.)$>"@6)")0*"6,'56*=9"'Dc%.)(,)"',)*.*$)$"()"$)(I*
',"&.'D',(="c6,'$0D*,)"$6.*=9";(..(,)"D%.*")0%6E0)-6="(cc*==()*
).*()D*,)")0(,"'$"',1'&()*1"L9")0*".*c*()*1"',8%&()'%,"%-"E*,*.'&
&='&0n$"(L%6)")0*"8(=6*"%-"1*D*(,%."*8'1*,&*"(,1")0*"*Fc*.'*,&*"%).'(="h61E*$>