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

/0+)10"
02'233$432'52

6$%&$'"($)*+',"789523/:%
;<=>

!"6!?@!A"(!BCDAE-F7GDBHG"GIAIJJ!KJIALI
!8"1)3$)14+/"./0+)$"=-MN":/"$"%.#418.O#+0"P-=>N":5,+)&$#$"/81#1'$

Q252823:/
"# $%&'%( # )%*+,(-./01,*21# 13(344%543(63# %# 7%&'%( # )%*+,(- # 89:6340;&# 2*4%*# 1/%+,44 # <)%*+,(-= # ;0#
<>?+,*-#843/53(=#5;6#@%0952*%4/#A,&26%*#(35+3*139B#/01,*21#092$2(%#1;09C*4D#"#13(344%543(6#%*%EA25#
$F1:+B # )%*+,(-./01,*21 # 0424?0925%1 # $3&@%42(,920% # % # $%&'%( # 1:9,14%420G%5 # 3*0B # H9G35 # %#
IJDKLL.!MJNN!D#;0#ILDOP!.!MJNNID#092$Q#,14%420/#$/5/0943(/#@%42(,9%4,11%*#4:(4;54#$3&R#$%A+#394#
1:634B35#%#13(344%543(6#%#JNMJNNOD#STD#LDU#V7#(35+3*3443*#%*43(5%4H6#13(344%543(61;54#1/@/(+34;0(3#
13(C*4D # " # 13(344%543(6 # $3&QA?*4 # 1,5W3EW/XA2G%5 # % # Y3$934/ # "*%E4%543(6 # 3*62(20%/ # $3**344#
$3&A3*35531 # % # $%&'%(,(092&/ # )%*+,(-./01,*21 # 3++/&/ # $F1:+;03 # 0,(25 # -3*@%*$,9,44 # E3+%&X&/%/#
4%E%094%*%4,1D#
"# )%*+,(-./01,*21 # 4/935@2(,$ # ;6-,*'%$$%* # $F1:+B # 5363*;0/.,14%420/ # /54;9$;5'1;54 # 3**24A21 # %9#
2*4%*25,0#/01,*%R#%#&/$529/?$#;0#%9#%*%E-,1Q#$F6;0934/#/01,*%#-3*%+%4%/4D#)%*+,(-./01,*%#$F1:+@34#
5',*W#;6-,*'%$$%*#/0R#%$3*'#%9#2*4%*25,0#/01,*%/R#;0#:4#;6-,*'%$$%*R#%$3*'#%#&/$529/?$/#-3*%+%4,1#
$3**344 # *24A% # 3* # %9 # %*%E-,1Q # $F6;0934/ # /01,*% # -3*%+%4%/4D # " # )%*+,(-./01,*21 # 5363*;0/.,14%420/#
436;135'0;&C134 # % # 13(344%543(6 # 093(/54 # 6;&9/1R # E3+%&X&/%/ # E(,&(%$A?1%4 # ;0 # 3&';G # /01,*%/#
+,1?$354?$%/1%4#%#13(344%543(6G35#-,&*%*4%1#$3&4%(42026%*#%*1,4A21#$3&D
Z% # %9 # /01,*% # )%*+,(-R # /**3463 # >?+,*- # 843/53( # /01,*%1;54 # 1H625A% # $3&536395/ # $%&24 # 6%&' # @3*'/#
4%543(6;G35 # @/6%41,9201;54 # 093(3E3*434/ # 3 # 5363134R # %11,( # . # $/63* # 3 # 53631 # ,*4%*,$ # %*%44 # 2**X#
6;+A3&'31 # . # 1:43*30 # % # 7%&'%( # )%*+,(- # 89:6340;& # 5;6@%0952*%4/ # 35&3+;*';4 # G3093(395/ # ;0#
$F1:+;03#0,(25#%#89:6340;&#5;6@%0952*%4(%#6,5%41,9X#09%G2*'%/4#$3&4%(4%5/D
"# $%&'%( # )%*+,(-./01,*21# 13(344%543(63# ?&'%5%11,( # 093$*;*34;G35R # $X+093(3/G35R # 3*A2(20%/G%5#
(;09G35#6%&'#3&;09G35#-,((20?*#09,*&2*@%4#$20#/01,*%#@3*'/#4%543(6;531#1;09H4;0;@39D
!"#$%&$'"($)*+',-./0+)10"02'233$432'52";<=>R"0+4S2TS.UV$W"/82'028232
"#$%&'%(#)%*+,(-./01,*21#2*4%*#1:9:035#1/+,*&,9,44#13(344%543(6#%#1:95363*;0(B*#09X*X#JN!!D#;6/#
[\[D#4:(6;5'#]D#^#SPU.S]U#G3139+;0;531#-3*@%4%*$%920%#%*%EA25#%9#%*43(5%4H6#)%*+,(-.E3+%&X&/%#
%*%E3*63/(3#;EC*63#@%42(,99%#$3&#%#)%*+,(-./01,*21G%5#-,*'X#0%A24,0#1:95363*;0/#436;135'0;&34D#"#
13(344%543(6#:009@%5&G%5#2**#%#53$9341:9/#)%*+,(-.4%543(63113*R#?&'%5%11,(#$3&A3*35H4/#%#$%&'%(#
1?*4Q(%#;(4;13/4R#;0#;EH4#%9#3*$Q*4#1/*35W635#;6#)%*+,(-.E3+%&X&/%/#4%E%094%*%4%/(%R#1?4%420%/(%D
" # 13(344%543(6 # % # 1:95363*;0/ # 4:(6;5' # 2*4%* # $3&35&3+344 # 1:(G35 # ;* # % # 0E3W/2*/0 # 09%G2*',920#
*3@34B0;&;63*_#$3&@%42(,99%#%#)%*+,(-.E3+%&X&/2(%#;EC*B#5363*;0/.,14%420/#436;135'0;&#0%A24,0#
E3+%&X&/%/ # 4%(4%*$/ # 1:6343*$;5'3/4 # ;0 # %9 # 3 # 4%(4%*$%1GX* # -%1%+X # /01,*%/ # 093(63934/.$F1:+;0/#
0%A24,002&,1%4R # H&' # 1C*:5:035 # G3$?4%4A% # % # E3+%&X&?0 # $?51%1:(R # %9 # 3*-,&%+,44 # E3+%&X&?0#
6;&93440;&31 # ;0 # 09%11;E93440;&31 # 431/5434;G35 # 3*62(4 # 1:6343*$;5'3134R # % # )%*+,(-./01,*21(%#
/(25'%+X#;EH4;0C&'/#3*BH(20,1%4R#@3*'/0;&.R#3091:9.#;0#-3*093(3*;0/&;5'4R#%#)%*+,(-.E3+%&X&/25%1#
$3&-3*3*B # $/5B0;&&,5+,920 # ;0 # 43*A30H4$;5';(4;13*;0 # %*%E3*63/4R # %9 # /01,*21 # 0%A24,0 # 63934;0/#
$,+3**A;4 # ;0 # 093(63934;4R # 5363*;0. # ;0 # ,14%420093(639;0;4R # 6%*%$/54 # % # @3*'/ # 4%543(631#
3*1;09H4;0;@39#09C10;&30#Q4$?4%4X4#%9#%*2GG/#-3A393431(3#4%&,*4%5_
!"($)*+',-T2*$%U%.$",2)$*$3$.W"S:)0.3X8:/2.W"$)$T2)52.
!"K!J":/"$"02'233$432'5
!",2V)Y*:/"1))+#1/$."$"3$432'5"/82#T+43V1ZU)"["\+'.8+431)./"3$432'5
!"($)*+',-./0+)10"02'233$432'52"$8"=-=>N":5,+)&$#+0+4"["52'3.01)./"3$432'5
!"($)*+',-./0+)10"#X5:/823."4252):/:420"02'233$432'52"$8"=-=>N":5,+)&$#+0+4
J

!"($)*+',-./0+)10"4252)Y"#O401V1\+8"/8]0/:%2/"\2)&./:%20W"Z2'24*28:/20":/"2/809890"
V2%&8:02W":T^3:/]%&."2)Y^'1/+0
!"($)*+',-./0+)10Z$4"$"T2*$%U%O/"#O40$09'90"Z239)3:/:\28"/8]0/:%2/"5:%8233/:%20
6.4Y/:%%+4*+81/"$"($)*+',-./0+)10Z$4
!"($)*+',-./0+)10"94.%$8%$3U"'24*/82'2W"/82'528232":/"#X09*:/2
_3#O3$31/+0"$"($)*+',-./0+)10"\2)&."3$432'5:420"2)0:/8^3:/:\28
J$431'%&."'24*/82'":/"U'$/81#+0

($)*+',-T2*$%U%.$",2)$*$3$.W"S:)0.3X8:/2.W"$)$T2)52.
FN"!"($)*+',-T2*$%U%.$",2)$*$3$.W"S:)0.3X8:/2.
"#)%*+,(-./01,*%#E3+%&X&/%/#E(,&(%$A%#$:&:44#%#09%*?4,&3539/0#S%9#3&;090;&300;&(3#4:(316;0R#
$20#1,543`4?0G%5#%#-3554%(4@%4X#3$G3(/#-3A*B+;0U#3*63#@Q9X+/1#$3&_#a:(313+5C51#13**#%((%R#@,&'#
,*'%5#1:(C*$;5'3134#43(3$40C51#%#&'3($31#-3A*B+;03#092$2(%R#$3*'#%+,4402&%/5%1#-C&&6;5';G35#
*3@34B6; # 4309/ # % # 4304/.*3*1/.093**3$/ # ;(43*3$G35 # 3&;090;&30 # 3$G3((3 # A3**3$9B # 4?*%A+,502&,1R#
1;E300;&31 # *3@34B # *3&09;*303GG # 012*2A25%1 # *3@34B # *3&,E4/$2*/0%GG # 1/G,54%1,94%42024R # %#
42(0%+%*,$G%#6%*X#G3/**30913+;0#;(+31;G35D#"9#3$G3((;#62*20#-,*'%$%425%1#3&;09;4#093$#3*B44#
4%(46% # 53$ # 1,(*24,99% # % # 5363*;04.,14%4204 # %9 # /+B09%1,0%5 # 62*4,9XR # $Q*X # 4(35+1;54 # E(3-3(2*4#
4?*%A+,502&,1#3&',*+%*Q#3(B0H4;0;(3#SE*D#AX#$?51%62**%*XUD#b5531#;(43*$;G35#%#)%*+,(-.E3+%&X&/%#
-/&'3*3$G3 # 6;63 # % # 43($;093430 # ;(;0/ # -,*'%$%4,1%4 # $/5+35 # ;*341,(G%5 # % # &'3($3131 # 43*A30#
093$;*'/0;&;531R # 6%&'/0 # 4304/.*3*1/.093**3$/ # 1;E300;&3/531 # +/5%$/1?0 # 3&'350Q*'G%5 # *;6B#
-3A*3094;0;(3 # 4:(3109/1R # /50E/(2*A% # % # &'3($3131 # G3*0B # -3A*B+;0;4 # ;0 # 3*B03&H4/ # % # 1C*6/*2&&%* # 6%*X#
3&;090;&30 # 1%EW0,*%4 # 1/%*%1?*2024D # b9 # ?4XGG/ # 3(3+$;5'300;&;4 # 53$ # 3*0B0,(G%5 # % # 4%5?*$25'/#
3(3+$;5' # %*%1?*2025 # $;(/ # *3R # @%53$ # 1;E300;&.R # 1;090;&-3A*3094B # A3**3&FR # $,+3(5 # E3+%&X&/%/#
;(43*3$G35#1,$E3435W/%%*%EQ#5363*;04.,14%4204#6%*X0H4#$3&R#H&'#%#)%*+,(-.4%543(6#c#%#1:95363*;0/#
4:(6;5'#QA,55%5#$3&-,&%*$%9,44#%*%E3*63/63*#:009@%5&G%5#c#3&'-,($%#A3*354B0;&&3*#-,&*%*1,9/1#
%9#3&'30#;6-,*'%$,5
! %#1C*:5G:9B#;*341,(,1@,9#1%EW0,*X+X#5363*;0/#W;*,1#*3H(2026%*R
! %9#%+,44#;*341,(G%5#09C10;&30#1;E300;&.1;090;&-3A*3094;003*R#
! %9#%+,44#;*341,(G%5#3*0%A24H420(%#13(C*B#4%542(&'/#4%(4%*$%11%*D
b # @2($%0 # W;*(35+093( # ;6-,*'%$,51;54/ # $3&@%42(,920% # 09/&,(Q%5 # % # -3A*B+;0*;*314%5 # ;0 # %9#
%54(,E,9X-/%/#%54(,E,*X&/%#%*%EA25#4:(4;5/1R#%#093$;*'30#;0#%#09,W/2*/0#1,$E3435W/21%4#3&'%(254#
431/5434G3 # 6;63 # % # )%*+,(-./01,*% # 5363*;0/.,14%420/ # (35+093(;G35 # %9 # /+BG3,09420#
@%5&0Q*'3*4,*X+2024#3(3+$;5'39/#%9#2*4%*25,0.#;0#1:9;E/01,*21G%5#A3*35*3&#09,120,0@,9#1;E304D#
d344B0#W;*A%_
! #"9#3*0B+*3&30#E(3635W/X#$3&6%*X0H420%#_#73&3*B95/#%#1C*:5G:9B#-3A*B+;0/#E(,G*;$21R#3935#
G3*C* # 1C*:5:035 # % # 4%5?*20/ # @24(25',1R # 53@;90;&31R # 1/%*%1?*2024 # ;0 # % # 6/03*13+;0/R#
G3/**30913+;0/#53@;90;&31#*;4(3A:44;4D#b5531#3*;(;0;(3#1C*:5:035#%9#%*0X#09%1%09G%5#5%&'#
@%5&0Q*'4 # 1%E # %# 09;*30 # %*%E,1,5 # 5'?&6X # 1;E300;&.R # 1;090;&-3A*3094;0R # $3*' # 1;0BGG # /0#
1:634139343035 # $3&3*B9/ # %9 # 3&'30 # 1;E300;&31@39 # 1:4:44R # %+,44 # 4%542(&'/ # 4%(4%*$%1#
$3&A3*35;0;4D
! d/3&'35*H4B.@%($,5/92*X # E3+%&X&/%/ # @%420 # 3*;(;03_ # % # 093$;*'/0;&35 # G3*C*/#
S/54(%E3(09,52*/0UR # 1C*:5:035 # % # 1;E300;&.R # 1;090;&-3A*B+;0 # 43(;5 # $3&*;6B # -3A*B+;0/#
3&'3534*350;&31R # +/09@%($X5/21 # E3+%&X&/%/ # $X+093(3113* # 4:(4;5B # 1/3&'35*H4;03R#
@%($,5/92*20%D # b9 # %# 1/3&'35*H4;0# S@%($,5/92*20U # 53$ # 1,(*24,9X+/1# %# 4%542(&'/ # 4%(4%*$%1#
3*0%A24H4202@,9 # 09C10;&30R # -B1;EE35 # 1,&5/4H6 # 1;E300;&.R # 1;090;&04(?14Q(%# -3A*3094;0;(3R#
@%53$ # %9 # ;(93*$/./5+?*%4/R # %9 # %1%(%4/.W03*316;030 # ;0 # % # 09,W/2*/0 # ;*34G35 # 09C10;&30#
I

1;E300;&.R#1;090;&04(?14Q(%#@%($,5/92*2024#/0#093$#3*B44#4%(4A%D
"#W;*,1#$3&6%*X0H42025%1#)%*+,(-.4%543(6#5'QA4,44%#*3@34B0;&3/
! " # 4%543(6/ # X(%13(34G35 # 1GD # !MI.!MI.!MI # %(25'G%5 # 093(3E3*531 # % # $,4,(,0.-/5,$$,4,(,0#
-3A*B+;04#;0#%#E(%14/1?0#/543**/&35W/24R#%#*3*1/.;(93*$/#-3A*B+;04#;0#%9#;(93*$/#/543**/&35W/24R#
6%*%$/54 # % # 1,&5/4H6 # 1;E300;&3134R # 43@24 # % # &,5+,*1,+204 # ;0 # % # 093**3$/ # -3A*B+;04 # 03&H4B#
4%542(&'%1D#
! #"#$,4,(,0.-/,$$,4,(,0# -3A*B+;04 #03&H4B# 4%542(&'%1# 3&'G35 #42$,&%4A21# %# 09359,$,4,(,0##
-3A*B+;04R # % # 09359,$,4,(,0 # /543&(2W/X4 # /0D # e*'3531 # E*D # % # A24;1X(%R # f,4@$3(.&/$5%094/1%R#
3?(/4$/%R#-,($%(%A9#;0#09%G%+1;9/#&3,$34(/%R#1;9/$?51%#X(%R#1;9$F6300;&#S-%$F6300;&R#
(;9$F6300;&R#%094%*,002&R#1,62W0,*20R#09:6;0R#1,02(-,520U#6%*%$/54#%#-B,14%420,5#G3*C*/#
(/4$/1?0#(;09#;0#%#1C*:5G:9B#E(,A314$?5121R#$/54_#@29;EH4;0R#-:*+$F63*;0R#$3043(0;&31g#%#
-3*0B # 4%&,9%4,5 # S].!ID # ,0942*'U # % # 1C*:5G:9B # &'%1,(*%4,1_ # $39B&%9+%02&/ # E(%14/1?$R#
3(+;0934/#E(%14/1?$R#09,W/2*/0#E(%14/1?$R#/E%(/#E(%14/1?$D#b935#4Q*#%9#,0942*'4%5H4X#53&'3+/1#
,0942*'4X* # :094:59/ # % # &'3($313134R # @,&' # %*1%4?15%1 # $3&-3*3*B # 0E,(4436;135'0;&3134#
62*%009%5%1D#
! #"# *3*1/.;(93*$/ # -3A*B+;04 # 03&H4B # 4%542(&'%1 # 3&'G35 # 42$,&%4A21 # % # 1C*6/*2& # 093$*;*;0;531##
G3*0B#1;E9344;#62*2024#;0#3931#;(93*$/.&,5+,*%4/#-3*+,*&,92024D#e*'3531#E*D#3?(/4$/%R#-304;0R#
(%A9R # ;531.9353R # %&'%&,920R # 09,G(209%4R # +(2$%X(%R # 1:*4;09344%5R # PD # ,0942*',0 # ;0 # !JD#
,0942*',0 # ;630 # $?51%R # ;630 # 09H5+%(%G # ;0 # +(2$%E(,A31431R # 09,W/2*/0 # E(%14/1?$R # %#
-B,14%420,5 # G3*C* # % # $30;1R # 4:(4;53431D # b93135 # 4Q* # %9 # ,0942*'4%5H4X # @%($%+/1 # ,0942*'4X*#
:094:59/R#@,&'#%#&'3($3131#%*1%4?15%1#$3&-3*3*B#@%5&093(35#935;4#4%5?*A%5%1R#1X(?0G%#
A2(A%5%1D#
! #"#&,5+,*1,+20#-3A*3094;03#%#1:9/0$3(34/#42(&'%1#13(343/5#G3*C*#6%*X0?*#$3&#D#"#1:634139B#
@2($%002&,4#$?4%4A%_#%#A3*350;&#$3&-/&'3*;03R#3*B/+;9;03#SE(%14/1?0#&,5+,*1,+20#09/54A3Ug#
% # A3*350;& # *3H(20% # S1;E93431R # 1;E/ # &,5+,*1,+20 # 09/54A3UR # % # A3*350;&GB* # *36,5@%4X#
09%G2*'093(F0;&31R # 4:(6;5'31 # -3*/0$3(;03 # S09/$G,*/1?0 # (3E(393542W/X1R # 3*6,54#
&,5+,*1,+20#09/54A3UD#"#-,*'%$%4G%5#%#&'3($31531#$3&4%5?*A21R#@,&'#$/*'35# *;EW0B1:5#
13(3094C*# *3@34 # 3*A?45/# %9# :52**X# &,5+,*%4,1@,9R # @,&'%5# 4?+A21 # E(%14/1?0# 4%E%094%*%4%/1%4#
&,5+,*%4,1(%#62*4%5/R#:0093-C&&;031G35#*245/R#6%*%$/54#%9#3*6,54#&,5+,*%4,1%4#%#6%*X02&#
A3*350;&3/@39#1%EW0,*5/R#434431(3#62*4%5/D#
! " # 093$;*'/0;&35 # G3*C*/ # @%($X5/% # $3&43(3$4;0;531 # /&;5'3 # 3&;09 # )%*+,(-.E3+%&X&/%/#
(35+093(4#24@%4A%R#39;(4#53$#W0%1#%9#3&'30#X(%4HE?0,1G%5#430430C*#$3&R#@%53$#$/5+35#
E3+%&X&/%/#436;135'0;&C51#35531#%#@2($%002&5%1#%#$354;5#6%*X0?*#$3&D#
! "# 1,(09%1,0 # (35+093(G35 # S3E,W@2*/0 # A3**3&FU # -B,14%420 # -3*;EH4;03 # /0 # 394 # % # @2($%002&,4#
4C1(:9/#S(/4$/1?0#(;09#.#-B(;09#.#$303R#4:(4;534UR#6%*%$/54#%#09%14%52(,15%1#/0#-/&'3*3$G3#
13** # 6355/C1 # %9 # X(%43(639;01,( # 394 # % # @%($,5/92*X # E3+%&X&/%/ # 3*634D # "9 # 3&'30#
09%142(&'%1G%5#4:GG09:(#%#63(4/12*/0#4%543(6/#-3*;EH4;0G35#/0#$3&A3*35/1#39#%#@2($%002&_#E*D#
%9#/+3&35#5'3*63134#%9#3*0B#@2(,$#,0942*'G%5#W0%1#09XG3*/0;&&3*R#$,9&20.(/4$?0.G309;+#
:00931%EW0,*2026%* # 4%5H4A?1R # 1;0BGG # % # 09X1/5W0R # $,5+%4%*1,420R # 4:(4;53431 # ;0 # 6;&C* # %#
5'3*64%5/#4:(6;5'093(F0;&31#1:634139531D#
! "#1,(09%1,0#4%5H420/#$X+#42$,&%4A%#%#1;090;&.R#1;E300;&-3A*B+;0#/+B/#(/4$?024R#-/&'3*3$G3#
6309/R # 35531 # Q5D # *2435W/% # 09%1%0924R # 392*4%* # 3*B03&H4/ # % # 1;E300;& # *3@34B # *3&43*A303GG#
1/G,54%1,92024D # b&'.3&' # 1;E300;& # -3A*3094;03 # I.h # @3430 # /54359H6 # 09%1%09,1 # 0,(25 # %#
-B,14%420G%5 # 4:(4;5/1R # $%A+ # 3&' # 136;0G; # /54359H6 # -3554%(4X.&'%1,(*X # -29/0 # 1:634139/1R#
$3*'@39#%#&'%1,(*X#X(21#%+A21#%#*3@34B0;&34D#b9#/+B#%*%44#%9#/+3&(35+093(G35#$3&09/*2(+?*#
%9#%+,44#1;090;&.1;E300;&#SE(,W3+?(2*/0#4?+20U#$3542*/0#(3E(393542W/XA%R#W0%1#39?425#62*/1#
*3@340;&300;R # @,&' # % # $2( # % # 09X # *3&09,(,0%GG # ;(43*$;G35 # 6344 # 1;090;&31G35#
h

$3&5'/*625?*X # 1;E300;&34 # %9 # 3&'(3 # GB6C*B # ;0 # $%&%0%GG # 09/5435 # $3&A3*35B # 4%5%5'%&#

3*0%A24H4202@,9#@%0952*5/#*3@30035D
" # )%*+,(-./01,*% # % # -3*0,(,*4 # E3+%&X&/%/ # W;*,1 # 3*;(;03 # ;(+31;G35 # %9 # %*%E1;E300;&31#
3*0%A24H42024#3*5'QA4,44#%*0X#09%1%09G%5#i!.J.I#S.hUD#,0942*'j#6%*X0H4A%#$3&R#%@,*#*3@34B0;&#
6%5R # -B1;EE35 # %# 092$4%5# ;0# %9# H(20.,*6%020 # 4%5?*20G%5 # %# *%00%GG# C43$F# @%*%+20(%R # %#
&'3($3131#-,1,9%4,0%5#A?45%1#3*#%#1344B0#3*6,5%41,94%420,5#24#S%#G309;*B4B*#;0#%#G309;+#
@%5&9X#,*+%*24X*U#%#09/$GX*?$,1#1;090;&09/54F#@%0952*%42/&D#
" # )%*+,(-.E3+%&X&/% # 093$*;*34;G35 # 3&'350Q*'G% # 13(C* # % # 1:9:00;& # ;0 # %9 # 3&';5#
-3A*B+;0;531#-,54,002&%R#%9#2*4%*25,0#-3A*B+;0$3534#;0#%9#3&'30#-3A*B+;0;531#1%EW0,*%4%D#
a31/543443* # 6%5 # %9 # /5+/6/+?2*/0 # 1C*:5G0;&31(3R # 3*-,&%+A%R # @,&' # % # &'3($3131 # 1;E300;&3/#
@%0,5*X#;*341,(?1#3**35;(3#/&35#1C*:5G:9B31#*3@34531R#42$,&%4A%R#/50E/(2*A%#%9#/5+/6/+?2*/0#
-3A*B+;0/ # Q4 # G3A2(2024R # % # 43($;09343035 # G31:634139B # -3A*B+;0/ # 1(H9/031 # $3&;*;0;4 # ;0#
$3&,*+2024D # k&'%5%11,( # % # )%*+,(-./01,*% # W;*A%R # @,&' # (3*%4H63 # 5%&' # ,0942*'*;4092$$%*#
SJL.IN # -BU # +,&,99,5R # @/0935 # -,54,0 # E3+%&X&/%/ # W;* # %9 # ,0942*',5 # G3*C*/ # &%9+%& # 09,W/2*/0#
1%EW0,*%4(35+093( # 1/%*%1H420% # S$3*' # $,+3**395/ # 1H625A% # % # 42(0%+%*$/ # 0,109H5F0;&34R # ;0#
;(4;11;54 # $?4%4A% # $3&UD # 7/5+35 # ,0942*'4%5H4X5%1 # % # 0%A24 # E3+%&X&/%/ # 3091:92(24 # ;0 # %9#
/01,*2G%5 # %+,44 # -3A*3094B.03&H4B # 3*A2(20,1%4 # 431/5434G3 # 6;63 # 13** # $;(*3&3*5/3R # @,&'%5 # 4?+#
3&'350Q*'4#4%(4%5/#%9#2*4%*25,0#;0#%9#3&'30R#%#1:9:00;&#-3A*B+;03#;0#%9#3&';5#-3A*B+;0/#Q4A%#
1:9:44D
"9 # 3&;090;&30 # -3A*B+;0 # 3*B03&H4;03 # ;(+31;G35 # % # )%*+,(-.E3+%&X&/% # 09,(,0#
3&'C44$F1:+;04 # /&'3109/1 # %*%1H4%5/ # % # 09C*B113*D # " # 09C*B134 # % # &'3($31 # 5363*;0;G35#
3&'35(%5&QR # 1,$E34350 # 093$;*'531 # 431/54/R # 09C*B/ # 30431R # 3*B%+20,1 # 13(34;G35#
-,*'%$%4,0%5# 42A;1,94%4A% # %9 # %+,44 # ;*341,( # A3**3$9B/(B*R # E3+%&X&/%/ # W;*1/4F9;03/(B*R#
-3*%+%4%/(X*D # d;(/ # % # 09C*B1 # 03&H40;&;4 # % # &'3($31S31U # 092$2(% # *3&$3&-3*3*BGG # 1:(5'3934#
1/%*%1H4202G%5R # -3554%(4202G%5D # " # -3*$3(C*B # E3+%&X&/%/ # E(,G*;$21 # $3&G309;*;0;(3 # ;0#
1:9:0#$3&,*+202(%#4:(3109/1D#

"#E3+%&X&/%/#E(,&(%$#$3&6%*X0H42025%1#093$;*'/#-3*4;43*3/
" # )%*+,(-.E3+%&X&/%R # $/54 # %9 # 3&';5/ # 09C10;&*3431(3 # ;0 # 1;E300;&31(3R # +3 # % # 09,W/2*/0#
G32&'%9X+20(%#3&'%(254#;(9;135'#5363*;0/#(35+093(#%#-354#629,*4#E3+%&X&/%/#W;*,1%4#%9#%*2GG/#
093$;*'/#-3*4;43*31#43*A30C*;03#2*4%*#;(@34/#3*D
! "#)%*+,(-.E3+%&X&/%#%*%E3*63/4#W0%1#,*'%5#,0942*'4%5H4X#;0#09%14%52(#1;E30#%*1%*$%95/R#%1/#
% # )%*+,(-.E3+%&X&/2G%5 # 1;E9344R # /&;5'3 # 6%5 # % # -,*'%$%4,0 # G3*0B # -3A*B+;0(3 # ;0#
4,62GG1;E9;0(3#S*/-3*,5&#*3%(5/5&UD#
! "#)%*+,(-.E3+%&X&?0#%44/4F+A3#G3-,&%+XR#3*-,&%+XD#a/0942G%5#6%5#%99%*R#@,&'#$;&#%#4/E/1?0#
-3A*B+;0/ # ?4%4 # G3A2(XR # 3&'%9,5 # 1,(W0,E,(4@,9 # 4%(4,9X # &'3($3131 # 1:9:44 # /0 # *3@34531#
1;E300;&.R#1;090;&G3*/#3*4;(;031R#$3*'3134#%#5363*;0.,14%420#0,(25#-/&'3*3$G3#13**#6355/D
! "# E3+%&X&?0 # /0$3(A3R # ;0 # 1;E30 # *3&'35 # %*1%*$%95/ # % # &'3($3131 # 3&';5/ # $3&-/&'3*;0;4#
)%*+,(-.E3+%&X&/%/ # 093$E,54,1 # 093(/54/ # &'3($31*3H(20G%5D # a?+A% # @%0952*5/ # %9 # 3&';5/#
G2520$X+ # 1/%*%1H42024 # 03&H4B # ,*'%5 # $3542*/0.$3+/4%4H6 # )%*+,(-.E3+%&X&/%/ # 3091:9:134R#
$/54#%#&'3($3131#*;5';531#304;51;54/#-3*/+;9;03R#;0#%#@34/#(35+093(300;&&3*#$3&4%(4,44#
4%52(/#1,5-3(35W/%#&'3($31$3&G309;*;03/D#d;E30#*3&'35#%9#3&';5/#09:63&30#;(4;13*;0(3R#
%9#3&';5/#1;E300;&31#%14?2*/0#*3H(202(%D#
! "9#,0942*'4%5H4X#;0#%#09%14%52(#1;E30#*3&'35#%9#,0942*',5#G3*C*R#%9#3&'30#4/E/1?0#-3A*B+;0F#
&'3(3131 # 1:9:44/ # 1;E300;&.R # 1;090;&1C*:5G0;&31 # 4%5X(25R # %9 # ,0942*'$?512G%5 # 6%*X#
1393*;0;(3R # 6%*%$/54 # c # 1C*:5 # -3*1;09C*;003* # c # %9 # 3&'30 # &'3($3131 # 1;E300;&E(,-/*A2G%5#
$3&$?4%41,9X
#
+/09@%($X5/21(%R
#
1;E300;&.
1;090;&-3A*B+;0/ # 3*$%(%+20,1(% # (2*200,5 # ;0 # 03&H40;&&3* # %9 # ,0942*',5 # G3*C*/ # E3+%&X&/%/#
L

$?512G%5#%#*;4092$#-C&&6;5';G35#%#*3@34B#*3&5%&',GG#$;(4;1G35#431/5434G3#4?+A%#6355/#
%9,1%4D
"9 # ,0942*'4%5H4X1 # ;0 # % # 09%14%52(,1 # $3&03&H4;03 # ;(+31;G35 # 09C10;& # 6%5 # ,*'%5R # %#
)%*+,(-.E3+%&X&/%/ # (35+093(;63* # 1,$E%4/G/*/0 # E3+%&X&/%/ # -3A*3094B.03&H4B # 3*A2(20,1#
@%0952*%42(%R # $/54 # E*D # %9 # b`4(% # l300,5R # % # @/&/;5/%/. # ;0 # 09,W/2*3?(/4$/%R # 6%&' # %#
$F6;0934/.E3+%&X&/%/#43(2E/%D#b931#%#09%13$G3(31#03&H40;&34#5'QA4%5%1#%9#,0942*'4#4%5H4X#
E3+%&X&?0,15%1#%#-3A*B+;0/R#;(;0/#E(,G*;$21#-3*/0$3(;0;G35#;0#%9#,0942*'$?512G%5#6%*X#
-/&'3*3$G36;43*;G35D#

FFN"!"($)*+',-T2*$%U%.$"$)$T2)52.
7$V13+/"3$4O)1/.":/"3$4^31/.",+)&$#$3+0W"0])949/"320.432332)"$8"2T+S\1)./"3$4^31/W"$"/8$0U'10W"
$"%&$0+')$3+0":/"T'+V20320"'24*/82':'2N"
"9 # ,14%420. # ;0 # /01,*%/ # ;*34 # 093(639;03R # %9 # X(%. # ;0 # 5%E/(35+31 # 1/%*%1H420% # %9 # ;*341,(/#
0%A24,002&,15%1 # ;0 # % # 4%5H420 # (/4$?025%1 # -/&'3*3$G3 # 6;43*;63* # 4:(4;5/1D # " # )%*+,(-./01,*% # %#
4%542(&'%1 # 0%A24,002&2GX* # %+X+X%5 # % # 4%5H4204 # -B.R # ;0 # 09%1,14%420 # 093(/54 # 4%&,*A%g # 39 # +/+%14/1%/#
-,($%#093(/54#3E,W@2*/0#4%5H4205%1#;0#%#09%1X(215%1#-3*3*#$3&_#%9#,*'%5#3*$;*34/R#$F6;0934/#;0#
&'%1,(*%4/ # 4%542(&'%1R # %$3*'31 # 3034;G35 # 3&' # 13(31R # *392(4 # 4;$24 # 42(&'%*?51R # 3E,W@2*/0 # ,14%420#
-,($2A2G%5#A3*35531#$3&R#$20#42(&'%1%4#.#-B*3&#@%#2**%5+X#&'%1,(*204#/&;5'3*531#.#09%1X(21G%5#
4%5H4?51D # " # -B,14%420 # 4/E/1?0 # 4%542(&'%/_ # %5'%5'3*6R # $%43$%4/1%.&3,$34(/%R # -:*+(%A9.&%9+%02&/#
/0$3(3431R # 4:(4;53*3$.42(0%+%*$/ # /0$3(3431R # 43($;0934(%A9.G/,*X&/%R # -/9/1%R # 1;$/%R # 3094;4/1%D # "#
4%E%094%*%4 # 093(/54 # %9 # %5'%5'3*6/ # ;0 # % # $%43$%4/1%/ # /0$3(3431 # ;0 # 1,$E3435W/% # $3&093(9;03#
;(+31;G35#%#$20,+/1#3*3$#.#%9#2**%5+X#&'%1,(*20#.#/0#-,54,0#%#4%5H420G%5#;0#%#4%5?*20G%5D#"#
4%543(6G35#39;(4#A3*35531#$3&#%9#3E,W@21#$3**344#%9#%5'%5'3*6/#;0#%#$%43$%4/1%#09%1X(21#/0D#720#
4%542(&'%1%4 # % # 09%1X(21 # @%&',$25',0 # (35+A;G35 # 4%5H4?51D #"$355'/G35 # %9,5G%5 # % # $F6;0934/R#
1;9$F630.&'%1,(*%4/#42(&'%1#6%&'#%9#/+3&35#5'3*631#3034;G35#:0093-C&&B#-3*%+%4#6%&'#E(,A314#
A3**3&F # $?51% # %+X+/1R # %11,( # 393134 # /0 # *3@34 # 43($;09343035 # 4:$G:0H4344 # -,($2G%5R # 3E,W@2*/0%5#
4%5H4%5/D
"# 4%543(6# $/5+35# 4%5?*X# 092$2(%# 1:43*39BD#"#)%*+,(-./01,*21(%# 53$# A3**3$9B#%# 53$31# 093(/54/#
W0,E,(4G,5420D #"9 # ,*'%5 # 42(&'%1 # X(2/5 # /0R # $/54 # 1;9/$?51%R # 13(4$F63*;0 # 6%&' # 1;9$F6300;& # %#
*25',1#;0#-/Q1#3&'%(254#(;094#6309531D#[0,E,(4G,5420#?&'%5#3*B-,(+?*R#+3#39#53$#53$31#6%&'#
43*A30H4$;5'#093(/54#4:(4;5/1R#%#*3&-,54,0%GG#093$E,54#$/5+/&#%9R#@,&'#%#*;4092$#;0#%#1;E300;&31#
431/5434;G35#/0#1/3&'35*H4344#*3&'35#%#W0,E,(4D#d/6;43*4#1;E39@34531#%9#/+3&35#5'3*631R#%$3*'315;*#
%#1;E300;&#6%&'#43*A30H4$;5'#093(/54/#+/--3(35W/2*20#/0#*3@340;&30D
"#4%5%5'%&#3*0%A24H42025%1#-,($2A2@,9#4%(4,9/1#%9#:52**X#$?5121(%#6%*X#-3*1;09C*;0#/0_#3931#%9#Q5D#
E(,A31431#;0#;630#$?5121R#%$3*'31#0,(25#%#4%5%5'%&#%*1,4X#A3**3&F#-3*+,*&,920%#%#-3*%+%4R#%9#
3*$;*34/R # $F6;09/ # ;0 # 1;9$F630.&'%1,(*%4/ # 3*3$31# :00931%EW0,*2026%*D #"9 # /01,*% # $/5+355%EA%/4#
2409:6/1#%#1:9:00;&34#%*%1H4X#;0#3(B0H4B#436;135'0;&31_#@X5%EM;609%1C553E31R#%9#;630#(/4$?0@,9#
/&%9,+X#C553E31R#4%5?*X/#&'%1,(*%4,1R#1/(25+?*20,1R#09H5+%(%G,1D#
!8#+/831)&3$4^3U#0.2#2)3#/82'2T2#
7/5+35#,0942*'5%1#0%A24#,0942*'4%5H4XA%#6%5R#%1/#/+32*/0#3034G35#5',*W#;6/&#1H0;(/#%9#,0942*'4D#"9#
,0942*'4%5H4X#4%(4A%#%#(3&&3*/#-B,14%4204#S%#4:$G:0H4344#1:9/0$3(34/#42(&'%1%4U#;0#%#1;E30H4;0;531#
$3&-3*3*B#09%1X(21%4#%#0%A24#,0942*'2G%5D
"9#,0942*'4%5H4X#E3+%&X&/%/#-3*%+%4%R#@,&'#%9#,0942*'1:9:00;&GB*#3&'C44$F1:+B#09,W/2*/0#1:93&34#
-,($2*A,5R # ;0 # $3&43(3$403 # % # 4%5H420.4%5?*20 # ,E4/$2*/0 # -3*4;43*3/4D # 7,(2*/0 # 431/54;*';4#
3*1:43*393440;&;63*R#%#&'3($313113*#6%*X#G2520$X+A26%*R#%#&'3(3131#/(254/#6%*X+/#;(+31*B+;003*#;0#
%#09C*B113*#6%*X#09,(,0R#5'H*4R#G/9%*,$43*A30#1%EW0,*%426%*#4?+A%#$3&%*%E,95/D
O

"9#,0942*'4%5H4X#1%EW0,*%4,4#4%(4#%9#,0942*'2G%5#4%5H4X#09%14%52(,11%*R#1:*W0:5:035#-/&'3*3$$3*#
1H0;(/1 # 3&'$20 # $?512A24D # >35+093(3035 # ,0942*'1,5-3(35W/24 # 093(639R # %$/1,( # % # 09%14%52(,11%*#
1:9:035#,0942*'.#;0#&'3(31$3&G309;*;04#-,*'4%45%1D
"9#,0942*'4%5H4X#-,*'%$%4,0#1%EW0,*%4G%5#6%5#%#09C*B113*R#@%6/#(35+093(300;&&3*#09C*B/#3043134#
4%(4R#3*B03&H4/#%9#,0942*'#09C*B/#1:9:00;&3#093**3$/R#E3+%&X&/%/#$?512A25%1#%9#3*$;*'C*;0;4R#;0#
G3E/**%54204 # %+ # %9 # ,0942*'G%5 # 4:(4;5B # -,*'%$%4,1G%D # b94 # % # W;*4 # 09,*&2*@%4A21 # % # 09C*B1 # 092$2(%#
093(639344#5'H*4#5%E,1R#%9#;609%1C553E31R#%#W0%*2+/#E(,&(%$,1R#1/(25+?*20,1#/0D#"9#,0942*'4%5H4X#%#
09C*B1531#S-,&%+XX(21R#W0%*2+*24,&%420,1#13(34;G35U#3&';5/*3&#/0#*3@34B0;&34#G/94,0H4#093$;*'30#
G309;*&34;031(3D
"9 # ,0942*'4%5H4X5%1 # 09%1$%/ # ;0 # $?51%093(9B+;0G35 # $3&@%42(,9,44 # 1:43*300;&3 # % # 4%52(/#
1,5-3(35W/21#E3+%&X&/%/#1?4%4X$?512A2G%5#6%*X#(;096;43*D
!8"+/831)&9//823:32)"T2*$%U%.$."2)52.W"3$4O)U,2)5:32)
"9 # ,0942*',1 # :00932**H420% # 0,(25 # 4:GG # 093$E,54,4 # 13** # -/&'3*3$G3 # 6355/D # " # 53$31 # 1:9:44/#
1/3&'35*H43440;& # % # )%*+,(-./01,*21 # 3*/5+?*20% # X4% # 5%&',5 # -,54,0D # a:(3109C51 # %((%R # @,&' # %9#
,0942*',1G%5 # %9,5,0 # %(25'G%5 # *3&'3531 # -/Q1 # ;0 # *25',1D # "9 # /01,*% # -/9/1%/ # *3@34B0;&3/@39#
%*1%*$%91,+6% # S$3&-3*3*B # $;(34F # 4%543($31 # $3&*;43U # 13** # $3&@%42(,95/ # %9 # 3&'30 # ,0942*',1G%#
-3*63@34B # &'3(3131 # $%`/$2*/0 # *;4092$24R # -/&'3*63 # %((%R # @,&' # $/5;* # 4:GG35 # %*1,0021 # %9#
,0942*'1:9:00;&34D#b94#5%&',5#*;5'3&30531#4%(4A?1R#$3(4#%#4%52(#;0#+/21#093$;*'30#1%EW0,*%4%#
$3**344#%#+/21,1#1:9:44/#1%EW0,*%4,1#0,109H5F0;&3#/0#A3*354B0#5363*B#3(B63*#GH(D#"#&'3(3131#1:9:44#
1/%*%1?*X # &%9+%& # 1%EW0,*%4/ # @2*X # *3@34B0;&34 # 43(3$4 # % # 4,*3(%5W/% # &'%1,(*202(%R # % # W0,E,(4,0#
3&'C44$F1:+;031#62*4,9%4,0#1/%*%1?*202(%R#%#+/5%$/1?0#24%*%1?*20,1(%#;0#%#09;*0B0;&30#@3*'93431#
W0/**%EH4202(%D#"#IN#-B#1:(C*/#,0942*'*;4092$,1#H&'#53$#(/4121#;0#53$#/0#W;*#%#*;4092$,1#(3+?12*20%D#
"9#,0942*',1G%#/543&(2*@%4X#;0#/543&(2*%5+X#0%A24,0#5363*;0/#/&;5'F#+/21,1#/+32*/0#*;4092$%#!Nm#
1:(C*#6%5R#3((B*#(;09*343035#%#-3A*3094;0#*3@34B0;&3/(B*#09X*X#-3A3934G35#H(?51D#Y3$#09%G2*'R#+3#
C+6:9*35+BR # @% # %9 # ,0942*',1G% # % # *3&1C*:5G:9BGG # 42(0%+%*$/ # (;43&31GB* # 0/13(C* # &'3(313134#
-3*6355/R # 392*4%* # %9 # ,0942*'1:9:00;& # *31;E39@34/ # % # 42(0%+%*,$ # :00934;43*;4R # ;0 # 39 # :5$%&2G%5#
1,$,*'#5363*B#3(BD
E2)5:32)"$8"2)/Y"+/831)&Z$
"#)%*+,(-./01,*%#53$#1:43*39B#-3*6;43*4#G/94,0H4X#/01,*%D#"9#3*0B#,0942*',1#1/%*%1H42024#%#*335+B#
,0942*'4%5H4X#;0#%9#/01,*2G%5#4%5H4X#4%52(,1#1:9:035#6;&9/1D#"9#/5+?*X#,0942*',1#*;4092$%#/+32*/0#
3034G35#JOcIN#1:9:44#62*4,9/1D
" # )%*+,(-./01,*21 # 2*4%*25,0 # E3+%&X&/%/ # W;*1/4F9;03 # % # &'3($3131 # @%($,5/1?0R # 3&;090;&30#
-3A*B+;03R#35531#1:6341394;G35#%#A3*354139B#&'3($31315;*#53$#%#A:6BG35#62(@%4X#43*A30H4$;5'#%#
-3*6;43* # 1(/4;(/?$%D # e&'3109C51 # ,*'%5 # ,0942*',1%4 # 1/%*%1H4%5/R # %$3*'31G35 # % # 1C*:5G:9B#
43$E3(%$354?$QR#*3*1/#%*1%4Q#&'3($3131#1:9:44#3&'350Q*'#6%5R#?&'%5%11,(#-/&'3*C51#%#-/Q1.*25',1#
%(25'2(% # /0D # a31/5434G3 # 63009C1 # % # 09C*B1 # /01,*%62*%09420/ # 093$E,54A%/4 # /0R # 39 # ?&'%5/0 # +:54B#
A3*354B0;&F#%9#3*1:634139B#/+B09%1#E3+%&X&/%/#3&'C44$F1:+;0;531#0/13(3#;(+31;G35D#"#1/;EC*4#
)%*+,(-./01,*21#3034;G35#%#A3*354139B#&'3($3131#1:9C*#%#4:GG0;&#)%*+,(-.X6,+2G%5#5363*13+344R#
/**3463#43046;(3#$2(#%9#/01,*%#4%5?*XA%R#H&'#B1#%#-3*6;43*5;*#3*B5'4#;*639531D
"#)%*+,(-./01,*21#%9#%+,44#/54;9$;5'#/(254#;(+31*B+B#09C*B1#092$2(%#%#G3/(%41,920/#/+B09%1#3*B44#
4:GG # @X5%EE%* # 3*B%+20.0,(,9%4,4 # /5+H4%5%1D # b93134 # % # 4%52(/ # 1,**;&/?$ # 4%&A%/R # 09C*B1R # /**3463 # %#
&%9+%02&/ # 63934B # 4%(4A%D # "9 # 3*B%+X1 # % # )%*+,(-.E3+%&X&/% # %*%E3*63/531R # -B # /(25'6,5%*%/5%1#
/0$3(434;03 # $3**344 # /*'351,( # G3431/54;04 # 5'QA4%5%1 # % # E3+%&X&/% # 093**3$/ # @2443(;G3R # %#
$X+093(4%52G%R#%9#/01,*%#;*34;531#A3**3&934300;&3/G3D#b94#1:634B35#%#09C*B1#A3*354139;0/#*%E,4#
4:*43531 # 1/R # $3*'35 # % # $3&%+,44 # 1;(+;031 # %*%EA25 # (;09*343035 # *3 # 13** # H(5/?1 # &'3($31C1 # 3++/&/#
-3A*B+;0;4R # ;0 # /5+,1,*5/?1 # 13** # %9 # /01,*251G% # 6%*X # A3*354139;0C134D # "9 # ?4,*0X # G309;*&34;035#
K

*3@34B0;&#093(/54#%#4%52(/#1,**;&/?$#G3$?4%4A%#%#*335+B#,0942*'4%5H4X4D
"#&'3(3131#092$2(%#093(639344#A24;1,0#/0$3(13+;0#;0#%#09C*B113*#-,*'4%4,44#G309;*&34;0#0,(25#%9#
3*0B#,0942*'#:00932**H4202;(4#-3*3*B0#4%52(/#W0,E,(4#/&'3109/1#$/5;*#E,54,0%GG#1;E34#1/%*%1H4%5/#%#
&'3($31(B*R # % # 09C*B1(B*R # % # W0%*2+G%5 # 1/%*%1?*4 # 09C*B.&'3($31 # 1%EW0,*%4(X*D # >;09*343035#
244%5?*$25',9921#%#09C*B#2*4%*#G3%+,44#A3*354139;0/#*%E,4R#%$/#1/%*%1H4A%#%#G309;*&34;0#62924D#"#
09C*B # /*'351,( # (;09*343035 # G309;*@34 # &'3($31;(B*R # 1/-3A4@34/ # %9,1%4 # % # -,54,0 # $,$354?$,1%4R#
%$3*'3134#%#A3*354139;0/#*%E,5#53$#2**4#$X+A2G%5#(;09*34395/R#%#4%52(,1#E3+/&#,*'%5#1;(+;03134#
634@34531#-3*R#$3*'31#%#G3%+,44#%5'%&#%*%EA25#*;5'3&30531#4F5531D#a3($;09343035#%#09C*B1#/0#
-3*4309531#,*'%5#1;(+;03134R#$3*'31(3#%9#3*B%+20,1#%*%EA25#53$#0/13(C*4#62*%094#1%E5/?1D
" # &'3($3131 # 092$2(% # 093(639344 # A24;1,0 # /0$3(13+;035 # % # -,&*%*1,920,5 # (;094 # 636B#
E3+%&X&?0,15%1#%*1%*$?51#6%5#%9#/01,*2G%#A3*354139B#&'3($3131#%*%E,0%GG#$3&/0$3(;0;(3D#"#
093$;*'30#4%*2*1,9X1#6;&;5#%#4%52(,1#:0093&9/1#4%E%094%*%4%/1%4R#;0#:00932**H4A21#%9#,0942*'4D#"#
-3*6;43*(3#A%6%0,*4#&'3($313134#%#a%52(/#d,**;&/?$#3&'34;(4;0;63*#63009C1#-3*#-3*#%9#,0942*'G%D
"#*335+B#,0942*'4%5H4X#3**24,&%4#%#1C*:5G:9B#X6,+%/#W0,E,(4,1G%#/0R#@,&'#3*A:635+B#4%5H4625'%/4#%9#
X6,+%/#436;135'0;&35#G3*C*#/0#$3&/0$3(@3003D
E2)5:32)"$"#$%$/$ZZ"+/831)&+0Z$
>35+093(3035 #3*B-,(+?*R #@,&' #%# 4%5;6# 1:9G35R # 6%&'#%9 #QA #4%5;6# 139+34;5# A3*354139531# 09C*B1#
-3*6;43*/#1;(3*3$$3*D#e*'35#3034G35#%9#,0942*'4%5H4X#S.1H0;(BU#%9#,0942*'G%5#4%5H4X#1,**;&2/6%*#3&'C44#
$;(*3&3*/R # @,&' # %9 # ,0942*' # 4?+.3 # QA%GG # &'3($3134 # G3-,&%+5/D # " # -3*6;43*/ # *3&%*2GG # 1;4 # 4%52(#
A3*35*;4;G35 # 9%A*/1R # $X+A24 # ;0 # % # -3*6;43* # 1(/4;(/?$%/4 # % # &'3($31 # ;*341,(% # ;0 # %9 # /**34B # ,0942*'#
:00934;43*3 # @%42(,99%# $3&D # b94 # %9# /01,*%# %# 893(63934/ # ;0# 7F1:+;0/ # 89%G2*'9%42G%5 # (:&9H4/D #"#
-3*6;43*(B*#%9#,0942*'4%5H4XR#.1H0;(B#@,9#+:54;04R#%$/531#3(3+$;5';(B*#;(430H4/#%#4%52(/#1,**;&/?$,4#
;0#%#09C*B134D
E2)5:32)"$"098:T./0+)1Z$
"#)%*+,(-.1:9;E/01,*21G%#4:(4;5B#A3*354139;0#%#1:9;E/01,*%/#-3*6;43*/#3*A2(20#13(34;G35 %#
de>.(35+093(35#13(3094C*#4:(4;5/1D
"#!I# ;6-,*'%$$%*# $F1:+B# /01,*21# E3+%&X&/%/ #E(,&(%$A% #$3&@%42(,99%R # @,&'# $/*'35# -3*4;43*31#
43*A30C*;03#$3**344#G/94,0H4A%#%#4%5?*X#(;09;(3#%#1:9;E/01,*2G%#6%*X#-,*'%$%4,0#4,62GG@%*%+204D#"#
)%*+,(-./01,*21 # 2*4%*25,0 # &'%1,(*%4%R # @,&' # % # 1:9;E/01,*2G% # A3*354139B # 4%5?*X11%* # ;0 # 09C*3/113*#
1C*:5.1C*:5#/0$3(13+B#;0#$,4/62W/X0#G309;*&34;04#-,*'4%45%1#%#1:9;E/01,*2G%5#4%5H4X1R#%$3*'531#
0,(25#%#4%52(,1#$3&/0$3(/1#%#+/21,1#2*4%*25,0#/01,*%/#4%5?*$25'/#43*A30H4$;5';4#;0#3(3+$;5'3/4D#
"9#L#;6-,*'%$$%*#$F1:+B#:52**X#)%*+,(-.&/$529/?$,1#%#-3*6;43*/#1:6343*$;5'3134#;0#%#-3*6;43*/#
3*A2(20(35+34#3#13(344%543(6G35#-,&*%*4%1(%#-/&'3*3$$3*#@%42(,9921#$3&D
"#13(344%543(6#-354/#(35+3*139;03/#%*%EA25#$3&%*%E,9,44#/01,*%62*%09420#;(+31;G35#%9#/01,*21#%#
E3+%&X&/%/#E(,&(%$A?1G%5#$3&@%42(,9921#%#4%5?*X-3*6;43*#@3*'/#09%G2*'%/4#;0#%94#%#-,*'%$%4,4R#
%$3*'G35#%#09C*B1#$3&/0$3(13+531#%#E3+%&X&/26%*R#%9#/01,*26%*R#%#09C*B/#093(3EE3*D
"9 # ,0942*'1:9:00;& # $3&4%(420% # ;(+31;G35 # % # )%*+,(-./01,*% # 4:(3109/1 # % # 4%5?*X1 # @3*'934;4#
3&';5/*3& # $;(*3&3*63 # %9 # ,0942*'/0$;4*;0 # 3*13(C*;0;(3D # " # )%*+,(-.E3+%&X&/% # 3*-,&%+A% # %9#
,0942*':00936,5204 # % # 43*A30 # 2*4%*25,0 # /01,*%/ # 09%1%09G%5_ # /*'35 # @3*'93431G35 # $F1:+B # /01,*21#
3034;G35 # % # 53$9341:9/ # )%*+,(-./01,*%/ # 4%E%094%*%4,1 # -3*@%0952*20% # ;0# %# 1,,E3(%4H6# E3+%&X&/%/#
&'%1,(*%4,1#/0$3(343#1/3$3*435#-,54,0D
!"3$4O)U."32)V2/^3#:4&20"/8952%2/":'3:02):/2
"#)%*+,(-./01,*%#(35+093(30#09XG3*/#;0#09:63&30#H(20G3*/#;(4;13*;04#%+#$/5+35#4%5?*X#-3A*B+;0;(B*#
$/5+35#;*341,(G%5R#,0942*'9204#53$#%*1%*$%9D#"#4%5;6#6;&;5#1/%+,44#09:63&30#;(4;13*;0#$/5+35#
4%5?*X # 3034;G35 # % # 43*A30 # 4%5;6/ # $?5124 # ;0 # -3A*B+;04 # 2*4%*2G%5 # ;0 # 42(&'%51;54 # /0 # (;09*343963#
P

4%(4%*$%9X # 3&';5(3 # 09%G,44R # (;09*3430 # ;(4;13*;0R # %$3*'G35 # % # 4%5?*X # 43*A30H4$;5';531 # *3H(20%#

$3**344#-3A*B+;0;4#/0#;(4;13*/1#;0#3*/0$3(/1R#/$E?*9?0,1%4#%+5%1#%#4,62GG/#$?512@,9D#
" # )%*+,(-.E3+%&X&/2G%5 # 2*4%*25,0%5 # %*1%*$%9,44 # 09:63&30 # ;(4;13*;0 # 4?+%4,0%5 # 1/;EH4344#
&'%1,(*%4%# %9#3*0B# ,0942*'4X*# %# 4/93513443+/1/&# 3&'/1# %*%E634B# 5363*;0/#3091:93# %9# /01,*25%1D #"#
09:63&30 # ;(4;13*;04 # % # )%*+,(-.E3+%&X&/% # ,*'%5 # 1?*W0-,54,002&Q # %*%E3*6531 # 431/54/R # %$3*'531#
$%(%+;14%*%5#;(6;5'30C*;03#53$#09C*B/R#4%5?*X/#62*%09420#1;(+;03R#39;(4#%#09:63&30#;(4;13*;04B*#
W0%1 # 1/6;43*3035R # /01,*%62*420 # ;0 # 4,62GG4%5?*20 # 3034;5 # 4;( # 3*D # "9 # 3*0B # 5',*W # ;6-,*'%$,5 # %#
&'3($3131 # *;5';4 # $3&(%&%+X # $/5;* # ;(9;135'3GG # 2*4%*25,0 # E3+%&X&/%/ # A3**3$9;0 # ;0 # 09%142(&'/#
;(4;13*;031 # %*1,4A21D # " # A3**3$9;0531 # c # 43($;09343035 # ;(93*3$4B* # 53$ # $35430 # c # 09%G%4,0#
$,5+%4,1G%5 # $3&-,&%*$%9,44 # E,54,0 # *3H(205%1 # 13** # *355/3D # b93113* # :009@%5&G%5 # % # 09%142(&'/#
;(4;13*;0315;* # /0 # -,54,0 # %9 # /(25'$?4%4X # 42(&'/*%&,002&_ # %9 # 3*6;&9344 # ;630 # $?51% # 4%(4%*$/#
:0093-,&*%*XA% # ?425# 1:634139/1 # %9# 3&';5/ # $?51% # ;(4;13*;03D #"# 09?GA314H6 # ;0 # ,GA314H6# *2420$X+#
1:9:44/ # @3*'30 # %(25',1 # $3&4%*2*20% # +:54B # A3*354B0;&FD # " # 1/*35W3+/1 # ;6-,*'%$4X* # 09%142(&'/#
;(4;13*;031GB*#436B+/1#:0093#%#G/9,5'H4625'D#"#)%*+,(-./01,*%#%9#3*0B#5;&'#;6-,*'%$,5#%#1;090;&.R#
1;E300;&-3A*3094;04#@3*'39/#3*B4;(G3R#39;(4#53$#%*1%*$%9#5,($%4H6#;(4;13*;04R#1/92(X*%&#-,*'%$%4.#
;0 # -3A*3094B # ;(4;13*;04 # 6;&39D # b5531 # (;093 # %9 # ;61:9/ # 09XG3*/ # ;0M6%&' # H(20G3*/ # ;(4;13*;0R # ;0 # %#
09C*B113* # 6%*X # G309;*&34;0 # ;0 # %9 # ;6 # 6;&/ # 09:63&30 # G/9,5'H4625'D # "9 # !.hD # ;6-,*'%$,5 # %9#
;(4;13*;031 # 3&'(;094 # % # 4%5;6 # 0,(25 # &'%1,(,*4 # ;0 # $3&093(9344 # 1;090;&31R # 1;E300;&31R # %#
$3&093(9344 # E(,W3+?(2*/0 # ;0 # +31*%(%4H6 # 4?+20 # -3A*B+;0/ # *3H(2024 # 4%(4%*$%9921R # $20(;094#
$3&$?4%4A21 # % # 1;E300;&31 # -3A*B+;0;531.-3A*3094;0;531 # A:6BG3*/ # /(25'24D # b9 # 2(5'%*4%GGR#
/5+/6/+?2*/0%5 # +/--3(35W/2*4 # S3&';5/30H4344U # $3&1:93*H4;04 # 4309 # *3@34B6;R # $/54 # %9 # :4-,1Q # 012*%D#
Z2443(;G35 # %9# % # E3+%&X&/%/ # $3&&,5+,*20 # 2**R # @,&' # % # )%*+,(-.E3+%&X&/% # 42$,&%4A% # %9 # 3$G3(/#
0,109H5F0;&34R # $/5+35 # 4%5?*X4 # 3&'-,($25 # ;(4;130531 # 431/54R # -C&&34*35C* # %9,1# 1;E300;&3/4B* # ;0#
43*A30H4$;5';4B*D#"*0XGG#,0942*'#-,1,1,5#@%5&0Q*',9,44%5#%#09C*B1531#09X*#%#G/9,5'H4625'D#n,54,0#
3*3$3#%9#;6#6;&/#;(4;13*;0531#%#G/9,5'H4625'1;E#;0#G/9,5'H4625'63(0D#"#$%&%0%GG#;6-,*'%$,1,5#
3&;0935# %#!JD # ,0942*'/& #$3&$%(%+# %9# 3*BGG #3$*H4344 # -,*'%$%4. # ;0#-3A*3094B#;(4;13*;0R # $3*'@39#
5,($%4H6 # 3*3$31 # /0 # 42(0?*5%1R # 3931 # % # $3&093(9344 # +31*%(%4H6 # 4?+204 # $?4%4A21 # !N.!!D # ,0942*'/&#
2*4%*2G%5#0929%*;1,0#-,($2G%5D#d;0BGG#;(+3$A3&'31#-,($2A2G%5D#"#-,*'%$%4#3(3+$;5'31;EE35#
1,$E%4/G/*/002#62*/1#;(4;13*;0/#(35+093(C51#%#Y3$934/#d:95363*;0/#a:(6;55'3*R#$;&/0#$3&$%(%+#
3&';5/*3&#+/--3(35W/2*X#;0#$,4/62*X#A3**3&3D
"#$%&%4%(420#;0#09,(&%*,$#;(4;13*;03#%#G/9,5'H4625'#2*4%*25,0#*3H(20%#3*3$31;54#A3*35/1#$3&D#"#
A?4%*$%9204#.#%$/#%#-,*'%$%4;(4;13*;0#(;093#.#%9#2*4%*25,0#;0#1C*:5G:9B#-,1,9%4Q#+/W0;(34#62*4A%#1/D#
" # 1/3$3*4 # 09XG3*/ # +/W0;(34 # % # !JD # ,0942*',0 # ;630 # $?512/5%1 # ;0 # %9 # ;(3440;&/ # 6/90&21#
3(3+$;5'@/(+34;031,(#&'%1,(*%4D#
"#A,&09%G2*'G%5#$3&@%42(,9,44#-;*;6/#;(4;13*;0#09%G2*'%/4#%9#/01,*21#$%&?1#%*%1H4A21#1/_#W;*093(F#
%9#3&'093(FR#(:6/+#09:63&30#;(4;13*;0#%#-;*;6#3E,W@2/5%1#;0#09%1X(2/5%1#$?512A2(X*D#
6X5:/8."4252):/W"#X5:/82332)"4252):/"
"#1,$E*3`#$F6;093443*#6%*X#5363*;0/#E(,&(%$#c#%#)%*+,(-.093$*;*34F#$F6;0934,14%420#c#%#$%&%#
:0093434435 # 1393*4R # 3*0B0,(G%5 # % # 09,W/2*/0 # ;0 # ;(93*$/ # 1,$E3435W/21 # -3A*3094;0;(3 # @%4XR # $/5+35#
4%5?*X(%#1/43(A3+B#0%A24,0#$F6;0934/#436;135'0;&3113*#3&'35*B#$X+,5#;0#$;(4;1G35#-3A*3094/#%#
&'3($31#/543**314?2*/0R#;(93*$/#;0#W03*316;0G35#$3&5'/*625?*X#.#&'%1,(*%4/#.#1;E300;&3/4R#H&'#%#
$F6;09/ # 1;090;&31 # -3A*3094;03 # $3**344 # %*1%*$%0 # % # 4%5?*20/ # ;0 # 6/03*13+;0/ # E(,G*;$21#
1/%*%1?*2025%1 # $3&3*B9;0;(3R # %9 # 3&;090;& # $3&B(9;0;(3D # " # <)%*+,(- # $F6;0934/ # 5363*;0=#
4%542(&'%/#%#1:9/0$3(34/#42(&'%11%*#3&'0;&30#4%543(634#%*1,46%#%#1:43*39B#X(21#(;093/D#
L$))1/+/#4252):/#
"#)%*+,(-./01,*%#-,54,05%1#4%(4A%R#@,&'#%#4%5?*X#6%*%$/*'35#6%**20#,14%420G%5#(;0930C*A:5R#%9#3993*#
]

1%EW0,*%4,0#&,5+,*%4,1%4#%#09%G%+#6%**20#4%543(6/#G363934BA;G35#H(4?1#*3D#"9#34/1%#4%542(&'#Y"a#
2*4%*#$3&@%42(,9,44#4%(4%*$/#3*3$3/#1/3$3*;003*#$3&A3*35531#%#09%G%+#6%**20#4%543(6;G35D
I%:/8/:%4252):/#:/#09'4&28233O*$3+//1%#
"9#3$G3(#G,*+,&?*2025%1#-,54,0#:0093436BA3#0%A24#3&;090;&;531#2**%E,4%#;0#%#1:(5'393443*#6%*X#
@%($X5/% # $3&43(3$4;03D # b9 # % # 1;4 # +,*,& # % # )%*+,(-./01,*21 # 093$*;*34;G35 # 53$ # 62*%094@%4X # 3*#
3&'$204X*D # o&' # 6;*AC1R # @,&' # %9 # 3&';5/ # 3&;090;& # ;0 # % # 1:(5'3934 # 3&;090;&3 # 53$ # 093$*;*@34B#
1C*:5.1C*:5R # W0%1 # 3&'C44 # 6%5 # ;(43*$3 # G309;*5/ # 3931(B*D # "9 # 3&;090;&5363*;0 # ;0 # % # 1:(5'3934#
2E,*2025%1#4?+%4,0#436;135'0;&3#53$#,*'%5#-3*%+%4R#%$/4#%9#/01,*%#3&'3+C*#3*#4?+#*245/R#/44#/0#AX*#
4%E%094%*@%4X # % # 09C*B/ # $/54% # -,54,002&%R # %9 # ,44@,5/ # 093$*;*34D # a3($;09343035 # 39 # ?4XGG/#
1/%*%1H4202G%5#0,1%4#4?+#03&H435/#%9#/01,*%#%99%*R#@,&'#,*'%5#4;$21%4#+,*&,9#-3*#%#09C*B113*#6%*X#
1:9:0 # $?512G%5R # %$/ # %9 # 3&'30 # W0%*2+,15%1 # 03&H4 # 1/%*%1H4%5/R # 24%*%1H4%5/ # 09,120(35+AC134D #"#
4?+%4,0 # +:54;031 # &'%1,(*20% # 3*35&3+@3434*35 # $/5+1;4 # 43(C*3435R # %# 1C*6/*2& # 2*4%* # 5'QA4,44 # 0;$21#
53$#-3*4;4*35#@3*'3031D#"#62*%09420#*3@34B0;&;531#$3&4%5H420%#+:54B#A3*354B0;&FR#*3&'35#%9#%9#
3&;090;&30 # ;4139;0 # 6%&' # % # 093*314H6 # @?**%+;1&'FA4;0D # n,54,0R # @,&' # 3931 # % # +:54;031 # %#
@;41:95%E,1G%5#(?4/552#62*A%5%1R#53#E3+/&#1%$E25'093(F35#1:63413993531#W0%1#G3R#@,&'#%9425#
3&' # QA%GG # 1%$E25' # $20@,62 # /(25'H40% # %1%(%4?51%4D #"9 # 3&';5/ # 3&;090;&5363*;0 # 43(;5 # 5%&',5#
-,54,0R#@,&'#53$#E?09425#%9#3&;090;&&3*#1%EW0,*%4,0#/0$3(343134#%1%(A?1#1:9634H435/R#@%53$#%9#
3&;090;&34R # $/54 # +/5%$/1?0 # -,*'%$%4,4 # 2E,*5/ # 0925+;1,9?51D #"9 # 3&;090;& # 53$ # W0%1 # % # 4304/R#
@%53$ # % # *3*1/.093**3$/ # 4;(35 # /0 # 1:9E,54/ # A3*354B0;&FR # H&' # %9 # 2E,*205%1 # 0,1 # -,($2A24 # *3@34#
&'%1,(,*5/D#"9#3*0B#,0942*'4X*#$3&A3*35B#0,1#$,9&20R#%9#3?(/4$/%R#$/54#0%A24,0#$,9&20$F6;0934#
53$#W0?E25#;*344%5/*%&#-3A4#1/#AX#@%4204R#@%53$#%#4304$,9&200%*#1%EW0,*%4,0#AX#;(9;03134#:00931:4/#
%#$F6;093431#2*4%*#%+,44#*3*1/.093**3$/#AX#;(9;003*D#"#$F6;0934/#X(21#5%&'#092$%#/0#03&H4/#%94R#@,&'#
*3*1/*3&#24#4?+A21#+,*&,95/#%9#B134#;(4#G35',$20,1%4R#3993*#/0#1/%*%1H46%#3&'-%A4%#*3*1/#@/&/;5;4D#"#
)%*+,(-./01,*21 # $X+093(4%52(X* # 3*$,5+@%4XR # @,&' # % # &'3(31 # ;*341,(/ # 0%A24,002&%/4 # /&'3109/1#
$%`/$2*/0%5 # -/&'3*3$G3 # 6355/R # %$/ # 03&H4@34 # %GG%5R # @,&' # % # 4%5?*200%* # 1%EW0,*%4,0 # -3*30*3&30#
$;(4;1F#04(3009#$/5/$2*/0#09/5435#$%(%+A,5R#$/1:9G35#%#$3&-3*3*B#1/@H620,14X*#53$#1H$;*AC1#$3&#
%# &'3(313134D#"# 4%543(6#092$,0#@3*'35#4%(4%*$%9#,*'%5#4;$21%4R#%$/#(2/(25'H4A%#-/&'3*$C5134#%#
1:(5'393443*#6%*X#09,(,0#3&'C44*;4(3R#%9#%99%*#1%EW0,*%4,0#-3*3*B00;&(3D#e44#/0R#%@,&'#%9#3&;090;&30#
;*34$X+ # 43(;5 # /0R # % # -,*'%$%4,0R # 436;135' # 2E,*204 # /&'3109C51 # 09,12002 # 4355/D # " # 1C*:5G:9B#
43($;09344?+,$25',0#3E,W@21R#$3*'31#%9#3$G3(#;0#%#1:(5'3934#1%EW0,*%424#42(&'%*A21R#W0%1#3&'#
(;09;4 # %+A21 # %9 # 39/(25'Q # 5363*;0531D # " # 13(4$F63*;0 # 1%EW025 # ,*'%5 # &'%1,(*%4/ # 6/09,5'G%#
13(C*@34531 # % # 1:(5'3934C113*R # %@,* # 0%A24 # GB(C1:5 # 4%E%094%*A21R # $/4 # A3*354 # %9 # 3$G3( # 092$2(% # %#
1:(5'3934 # 2E,*20%D # "9 # 3&'30 # 1:(5'3934/ # E(,G*;$211%* # 1%EW0,*%4,0 # 4;$21%4 # ,*'%5 # ;*341,(G%5#
42(&'%*A?1 # $;*'0;&3/G35R # %$/1,( # % # +/21,1 # $2( # 1;E3031 # 6%*%$/*'35 # %14H6 # $X+,5 # %9 # %+,44#
-,*'%$%4,5#436;135'35#62*4,94%45/R#%#6309;*'31#-3*0,(,*20%#&'%1,(*%4/#436;135'0;&#5;*1C*#/512GG#%#
43@3434*350;& # ;(9;0;4 # 5:63*@34/1R # %$/ # ;EE # W;*A%/511%* # 3**354;43035 # G3-,*'20,*@%4A% # % # +/21,1#
@,9922**2024D#"#4%543(6#1:634;03#0,(25#$X+#6%5#%((%R#@,&'#%9#3$G3(/#3&;090;&34#;0#%#1C*6/*2&#
3&;090;&;4 # 53 # 1;4 # 1C*:5 # 4;$%1;54 # /0$3(A;1 # $3& # % # &'3(3131R # @%53$ # 3&' # ,*'%5 # 3&'0;&1;54R#
$3*'531#-3554%(4202G%5#%9#3$G3(/#+:54;031531#1?*W0093(3E3#6%5D
7T2S.1)./"3$431'%&$0"+03$31/$
" # 4%542(&'%1 # 1:9:44 # $3&A3*35531 # % # 0E3W/2*/0 # )%*+,(-.4%542(&'%1_ # %9 # 3?(/4$/%R # % # $,9&20 # ;0#
43045363*;0#;0#3935#G3*C*#%#f,4@$3(.&/$5%094/1%R#%#13(4$F63*;0R#/**3463#%9#/01,*21#-3*313934314B*#
-C&&34*35R#09%G%+#6%**20#X(21%4#1H52*@%45%1D
`'+V20320W"%&$0+')$3+0W":52/"#O4010
"#)%*+,(-.E3+%&X&/25%1#%*%EA3**3&934300;&3#%9#/54359H63GG#$?5124#-3*4;43*39B#/+B09%1,0#4%5?*20D#
!N

"*0XGG#,0942*',1G%5#%9#3&'$204#62*4X#3E,W@21G%5R#%#@XC553E31(3#1;09C*B#3*B%+20,11%*#/0#H&'#
+,*&,95%1 # $2( # % # &'3(3131D # a,62GG/ # 3091:93 # *3@34 # 35531 # % # $X+093(531 # $2( # %9 # 3*0B # 5',*W#
,0942*'G%5 # % # 43$%4/1?0 # A3**3&F # 3(+3/ # /01,*21R # 42G,(,1 # 093(639;03g # 1:9;E/01,*2G%5 # %9#
;*3409%1%09,15%1 # $3&-3*3*434@34B # -3*%+%4,11%* # 4:GG # @3430 # &'%1,(*%4,1 # S$39B&%9+%02&/R#
-:*+$;(;0.3(+3/R#09,W/2*/0R#/E%(/U#6/09/1#4,62GG#393134#%#-,*'%$%4,1%4D#T%5#$2(#E;*+%#%9#L.PD#;0#%#
1:9;E/01,*%/ # ,0942*'-,1,1,5 # 1C*:5G:9B # 4;$%@3431 # $3&6%*X0?*202(%D # PD # ;0 # !JD # ,0942*'G%5#
S43($;09343035 # $20 # ;0 # $20 # $/5B0;&G35U # 3&'.3&' # 92(X$?5126%* # -3A39/1 # G3 # % # +/21,1 # %#
1;E9;0C134D#"9#;*3409%1%09/#62*420,15%1#A3*1;E30#:0093&9B/#/0#3931#%#-3*%+%4,1_#4:GG#@X5%E,0#
3&';5/ # $?51% # 6;&9;04 # -3*4;43*39531D # " # 5',*W%+/1,0 # ;630 # $?5125%1 # 4;5'*3&3035 # %9#
:0093&9B.6/009%431/54B # 0%A24,002&% # % # @%5&0Q*',0%GGg # % # 4/93513443+/130 # S% # 43(639;04B* # %#
$3&%*1,420/& # AX # 3034G35 # 4:GG # $/54 # 3&' # 5%E42(/ # ;6/& # 4%(4XU # -3*%+%4G%5 # $/5+3931 # $3**344 # %9#
3*B(3431/54BR # A:6BG3 # /(25'?*X # A3**3& # $2( # -,54,0%GGD # 7/5+1;4 # 92(204 # E(,A314093(F # G3$?4%4X#
$?51211%* # *3@34 # 3*B1;09H435/D # d:9;E/01,*20,152* # C+6:0 # *3553 # 3&'.3&' # $?51%-,*'%$%45%1#
E,(4-X*/X093(F#:5;(4;13*;003*#43*A30#*363934;0;63*#-3*;EH435/#%#E(,A3143134D
=>N"+/831)&
"#4/935@%($%+/1#;6-,*'%$#%9#;(3440;&/(3#6%*X#-3*1;09C*;04#09,*&2*A%D#"9#394#$3&3*B9B#4%5;6G35#%#
1;4 # -,54,0 # 92(X$?51% # 3*6;&9;0;63* # *392(?* # % # +/21,1 # )%*+,(-.1;E9;03D # " # 1:43*39B # $%&'%(R#
4:(4;53*3$R # $%43$%4/1% # ;0 # % # *3&%*2GG # 1344B # 62*%094,44 # 4%542(&' # ;(3440;&/ # 6/90&2A2(% # 1;09C*531#
3GG35 # % # 4/935@%($%+/1 # ;6G35D # p*4%*25,0 # &'%1,(*%4R # @,&' # % # $3&3*B9B # 1;4 # 4%5;6G35 # S% # -3*6;43*/#
E,54,1 # 092$H420% # ,125U # $2( # $3&A3*35/1 # %9 # ;(+3$A3&&'3* # 6%*X # ;(4;13*;0D # " # $2A?0/ # ;(3440;&/#
6/90&2(%#G3*0B#<1/0;(3440;&/=#6/90&%(35+093((3*#/0#1;09C*531#%#4/935@%($%+/1#;6G35D#Sb?(XE2G%5#
6%5 # ,*'%5 # 2**%$R # %@,* # % # )%*+,(-.4%5?*$25',1 # *392(20% # -3*A,&,0H4 # % # -3*0B,14%420G%5 # 6%*X#
4,62GG4%5?*20(%DU
a442T20
"#)%*+,(-./01,*21#;6$3534;4#%#6/*2&G%5#S393(#)%*+,(-./01,*%U#%9#%+,44#1?*4?(2*/0#1:93&#C553E3/#
@%42(,9921 # $3&D #"# 1?*4Q(% # $/54 # %9 # <;*3434.09%G2*',9X # 3*6= # $/5+35 # 093**3$/ # $F1:+;0 # *3&-BGG#
@%4X3(3A3D#7%&'%(,(092&,5#%#13(3094;5'#C553E1:(#2*4%*#$3&@%42(,9,44#%9#;6(35+_#3&'.3&'#4%5;6#
89354#7/@2*'#5%E4X*R#%#$3&$;(34434;0R#$;(*3&3*;0R#%#092$634;0#5%EA24X*#89354#q25,0#5%E/&R#%9#
;*343(B1#+3*3*;0;531#5%EA2/&#H63*D#"9#%+6354#;0#@Q06;4#1/3$3*13+/1#%9#;6G35_#$/54#%#62(%1,95/#;0#
-3*$?4%45/#4?+20#C553E3/D#"9#3++/&#3$*H434431#$3**344#$;&#A3*30#5%E,1_#%#89354#72(4,5#5%E#S%9#
:5$%&?51#;0#$20,1#-3*;#-,(+?*5/#4?+20UR#6H913(3094#S-3*/0$3(;0UR#-%(0%5&#S<1/-,(+?*20=UR#EC51:0+#
S-3*@%5&920UD # 7/5+35 # /01,*25%1 # :52**X # -3*%+%4% # C553E3/ # 093**3$/ # @2443(;531 # -3*42(20%R#
$3&/0$3(;03R#%9#;*341,(,15%1#S!.!JD#,0942*'R#@2(,$#4%&,9%4U#$3&-3*3*B#C553E*;0#$3&6%*X0H420%D#
[;*093(F # $3&4%*2*5/R # QAGX* # ;0 # QAGX* # 24&,5+,*5/ # %9 # 3&'30 # C553E31 # ;0 # % # @,992A?1 # 1:4:44#
436;135'0;&31#093(3E;4D#[0%1#E;*+%1;54_#%#89354#7/@2*'#5%E#G24,(02&E(XG2A%#;0#%#89354#72(4,5#
5%E/#1;09C*B+;0#W;*A%#;0#A3**3&3#c#;*3409%1%09,51;54#3&;0935#$20#;0#$20g#%9#%+6354#@;4-B/#1:9:0#
139+;0 # % # 1:9:00;&/ # @/6%42025%1 # $3&6%*X0H420% # 1,$,*' # -3*%+%4g # % # EC51:0+ # % # 1/03GG31#
63(035&;0;531R # % # 4/93513443+/13031R # /**3463 # %9 # ;(3440;&/9B # 4/935@%($%+/1,0,1 # $3&09X*%*5/#
4?+2025%1#3&'G330;03#1/-3A39B#E2(@?9%$D
r609%1.#%6%&'#@XC553E31#3&'.3&'#4%5?*20/#/+B09%15%1#i1344B.5;&'#3E,W@%#SB09.4;*.4%6%09.5'2(U#
6%&'#-;*;6#S4;*.5'2(U#?425j#%9#:0093&9B#*392(20%/_#+(%$%4/92*4#A24;1,1R#%9#,0942*'1:9:00;&31#2*4%*#
*;4(3@,9,44 # 3*B%+20,1 # G3$?4%4202(%R # 3?(/4$/%.G3$?4%4X1(%R # 1X(?0;531*;0(3R # 1:9:0 # 935;*;0(3R#
$F6;09/#$?5121#1/2**H4202(%#6%5#/*'351,(#*3@34B0;&D
"# 53$934/ # C553E3/51 # % # 6/009%3$*;139;0 # /+BE/**%5%4%/D #a%&,9%4,51;54 # $20 # ;0 # $20R # 09/54;5 # %9#
/01,*21#2*4%*#S%#4:(6;5'31#093(/54#$3&@%42(,9,44#13(3431#1:9:44U#4?+%4,0%5#$3&@%42(,9%5+X#$X+,5#
A%6%0,*4#$3&3$*;1395/#(X*?1D
!!

J$4094&5\$/841)$3"/$V13+//1%$."
"# )%*+,(-./01,*2G%5 # % # 4%5H420 # 92*,&% # ;0 # % # 4?+20 # -,((20% # 53$ # % # 4%51:5'6R # @%53$ # % # 4%52(D # s#
62*%094A%#1/#%94#%#4%5%5'%&,4#;0#4%5?*20/#-,($24R#%$3*'#%#&'3(3131#%+,44#W0,E,(4A25%1#*3&/512GG#
$3&-3*3*D
" # 4%5X(21 # &,5+,0 # 3*B1;09H4;03 # 03&H4/ # % # 4%5%5'%& # 1;E/ # $3&(%&%+2024R # 392*4%* # $3&09X*H4A% # %#
&'3(3131 # ;(9;06/*2&24R # ;0 # -3*13*4/ # ;(+31*B+;0;4D # 89:63&&'FA43$;5'31R # -3*%+%4&'FA43$;5'31R#
09X42(%1R # %4*%09,1R # /(,+%*$/. # ;0 # $20 # 03&;+%5'%&,1R # -,((20,1 # 6%&' # 1;9/1:5'631R # /**3463 # %#
13(344%543(6/ # 4%(4%*$%1 # -3*+,*&,92024 # 03&H4BR # % # 7%&'%( # )%*+,(- # 89:6340;& # ;0 # % # -3554%(4202G%5#
$F1:+B # 09%1$%/ # 09,*&2*4%4X # /54;934 # S)%*+,(- # Z29U # &,5+,9202G%5 # $3&A3*35B # 4%5?*X/#
$?51%-C93431R#03&;+*3431#@%0952*%4%#-,54,0R#+3#$/5+/&#%#4%52(#2*4%*#3*B1;09H4344R#-3*+,*&,9,44#;0#
24%+,44#4%5%5'%&#%*242$%094202(%#@%0952*A?1#B134D#"#4%(4X0#4%51:5'63134R#%#1:43*39B.#;0#%A25*,44#
/(,+%*$/# $F63134 # 6%&' # 3&';G# 4%51:5'63134 # %# 09,W/2*/0%5 # (209,(?*X# 4%5?*X1# 092$2(%# %9# /01,*%/#
1:5'642(%1#G/94,0H4A21D
"#@%&',$25',0#4%51:5'63134#;0#*3&QA%GG#43W@5,*X&/25%1#$3&-3*3*B#%?+/,6/9?2*/0#4%53091:9:134#
3*0B0,(G%5#%#)%*+,(-./01,*21#-3*0B#4%&,9%425#@%0952*A21R#,44#/0#/512GG#%11,(R#@%#:52**X#$?512(%#
:094:5:9531D#"9#:52**X#1?4%4X$?51%#4,62GG/#-,((20%/#%#E(/$3(#/(,+%*,$R#%#09:63&&'FA43$;5'31R#
3(3+34/ # +,1?$354?$,1R # 0%A24 # $?51%*%E,1R # 04%4/094/121R # *3`/1,5,1R # %$3*'31 # 5:6316B # $;(4;1G35#
1;E39/1#%#-3*0B#4%&,9%4#$?512A25%1#(;09;4D#"#+/21,15%1#$3&#13**#4%5?*5/?1R#@,&'#%#4%5%5'%&5%1#
$%&?1#%+A%5%1#-,($24R#%+,44#3034G35#,*'%5#-,($24R#@,&'#%94#5'/*625,002&(%#/0#*3@30035#@,95/g#
$3&#13**#4%5?*5/?1R#$/1;54#13**#-,*'%$%4,1%4#*3H(5/R#+,1?$3542*5/#;0#(35+093(093(F35#4%&,*5/D
"#)%*+,(-./01,*2G%5#3*0B0,(G%5#%#4%5?*X1#2*4%*#63934344#6%&'#:00932**H4,44#3E,W@%.-C93431#6309/1#24#
%#4%51:5'631#093(3E;4D
K$T098."/82'2T2
" # )%*+,(-./01,*21G%5 # +;*?425,51;54 # -3554%(4,44 # 5%E1:9/ # 3*0B0,(G%5 # % # &'3(3131 # 09,W/2*/0#
1,$E3435W/2/4#-3A*3094/D#"#-%5429/%#3(B134#$3&$,9&%4X#;0#4304/#C&'300;&34#1H625X#09%G%+.#;0#%#
E3+%&X&?0#2*4%*#63934344#S4:GG5'/(3#?+6%(/U#A24;1#%#5%E1:9/G35#4:*4:44#/+B#$3&@%42(,9X#3*3$3D#"#@;4#
$/5+35#4%5H420/#5%EA24#3&'.3&'#(35+093(3035#6/009%4;(B#436;135'0;&#A3**3$9/_#G2G,920R#+/%634H4;0R#
-,($2920R # 5;E/ # &'3($31A24;1,1R # $303$,5+20R # 1;9$F630 # -,&*%*1,920,1R # -3A*3094B # A24;1,1g#
%*1%*$%51;54#;0#/5+,1,*4#303431G35#*3@34B6;#43009C1#;0#03&H4AC1#%#@29/#-3*%+%4,1#$3&H(2024#/0D#
"#5%E1:9/G35#?90,5524#/0#G/94,0H4?51#%#&'3(3131#092$2(%g#%9#;4139;0#3*B1;09C*343/4#%#&'3(3131#
E3+%&X&?0,00%*#3&'C44#6;&9/1D#"#5%E1:9/4#A3**3$9B35#%9#%*0X#4%&,9%4,0#&'3($3131#6309/1#/&;5'G3#
5%E,54%#!J_NN.!O_IN#X(2/&D#
7$V13+/"./0+)$."/82'02823
"#)%*+,(-./01,*21#%9#2*4%*25,0#$F63*40;&34#$3&%*%E,9X#1;E9;0#$3**344#%#13(344%543(6GB*#%+X+X%5#
3**24A21 # %9 # %*%E-,1Q # $F6;0934,14%420 # -3*%+%4%/4 # /0D # " # &/$529/?$/ # 1;E9;0 # ;0 # %9 # ;(3440;&/(3#
-3*1;09H4;0 # :4 # ;6-,*'%$,5 # 4:(4;5/1R # % # 1:9;E/01,*%/ # 5363*;0.,14%420 # % # 4/935@%($%+/1 # ;6-,*'%$,5#
-3A39B+/1#G3D#
"#)%*+,(-./01,*21#$;(34C1#093(/54#1/0#/01,*21_#;6-,*'%$,51;54#2*4%*2G%5#3&'#,0942*'#093(639B+/1R#%#
4%5?*X/ # ;0 # %*1%*$%9,44/ # 1:9:00;& # *;4092$% # AX6%* # 3*$%(%+ # % # A,&/ # 09%G2*',920 # $,+3**A;4 # %+XR#
;6-,*'%$,51;54#4:GG#,0942**'%*#$F1:+B#/01,*214X*D#"#1:9:00;&/#093(63934#;0#$F1:+;0#136;0G;#
4%&,*4R#%#1%EW0,*%44%(420#1:9634*353GGR#%#5363*;0#093$;*'/#;0#42(&'/#-3*4;43*3/#3*4;(B31D
"#)%*+,(-./01,*21#$?51%42(0%/#%((%#62**%*1,95%1R#@,&'#%#09%G%+#093**3$/#;*34#,*'%5#:5/&%9&%420Q#
/54;9$;5'3/4#43(3$4/1#$3&R#%$3*'31G35#%#)%*+,(-.E3+%&X&/%#$3&6%*X0H4@%4XD#"9#/54;9$;5'31#%#
09,W/2*/0#,(&%5/9$?0#>?+,*- #843/53(#2*4%*#-3*-3+39344#4:(6;5'3/#093(/54#@2(,$#%*%E3*6(3# ;EC*531_#
:5/&%9&%420R#+3$,1(%4/1?0.(3E?G*/125?0#3*6R#-?51W/,52*/0#@2($%0#4%&,9X+20D#"9#/01,*24#%#093**3$/#
!J

;*34 # %*%E-3*4;43*;GB* # /&%9&%4A21 # % # $?51%42(0%1R # %9 # /&%9&%420 # % # 093**3$4?+,$25',0#

3$G3(/0$3(34GB*#;0#%9#3GGB*#%+X+X#$X+093(4%5GX*#1//5+?*6%#4:(4;5/1D#"9#/01,*%#093**3$/#63934;03#
;0#/&%9&%420%R#$F1:+434;03#.#%#E3+%&X&/%/#$?51%#$3**344#c#%#a%52(/#d,**;&/?$#-3*%+%4%D#"9#/01,*21#
-3554%(4X/ # % # 09C*B/ # 139+3$;5'39;0(3 # %*%EH4,44 # ;0 # % # $/5+351,(/ # 09C*B/ # 1:9:00;& # 42$,&%42026%*#
$F1:+434344 # 5,5E(,-/4 # W/6/* # 093(6393431 # S%*%EH4625',1R # 3&'30C*3431UD # " # -3554%(4X # ;0 # /01,*%#
1%EW0,*%42G%5#+,$/5250#;0#@%5&0Q*',0#%9#3&'C44$F1:+;0#%9#/01,*%#$F1:+;03R#$/54#1:9:0#W;*#
09,*&2*%42G%5D # " # -3554%(4X/ # 436;135'0;&34 # % # 09C*B/ # 1:9:00;& # % # W/6/* # 093(6393431(B* # 09X*X#
A,&09%G2*',1#13(343/#1:9:44#*24A%#3*R#A3*354;135'#:51;5430#093$;*'30#1:9(3$F1:+;0#62**%*2026%*#;0#
%9#/54;9$;5'-3554%(4X/#W;*#%5'%&/#42$,&%42026%*D
"#093(63934/#;0#$F1:+;0/#0%A24,002&,1(X*#GB63GG35#%#e\D#-3A3934#(35+3*139/1D
!"T2*$%U%O/"#O40$09'"/$V13+//1%$.
"#E3+%&X&?0,11%*#093$G35#0%A24,0#3*62(20,1#A3*35531#$3&#%9#X(2(%#-3*1;09C*;0G35R#3&'(;094#%9#
3E,W@2*/0#,14%420093(639;0R#$20(;094#%#@34/#(35+093(300;&&3*#4%(4,44#4%52(/#1,5-3(35W/%.C*;03135#
6%*X#(;096;43*#$/%44D#
78$Z$*:5
"9#%*%E1;E93440;&#$3&*;43#$3**344#%9#/01,*%#%94#/0#3*62(A%R#@,&'#%9#,0942*'4%5H4X1#%9#3(3+$;5'30#
5',*W # ;630 # $?51% # ;(+31;G35 # (35+093(30 # ;630 # 4,62GG1;E9;03135 # 63&'3531 # (;094D # 89%1$%/#
$3&QA?*20(%#%+@%4#*3@34B0;&34#%9#/0R#@,&'#.#%$355'/G35#%9#/01,*%#&%9+2*1,+20%#394#3*;(@34B6;#
4309/ # . # %9 # ,0942*'4%5H4X # 1;4 # 5',*W # ;630 # W/1*?0 # 1:9:44 # 3&' # ,*'%5 # ;634 # 4:*4@34 # 3*R # $3*'531 # 0,(25#
W0:11354344#$?51%/+B#$3**344#1;09C*@34#-3*#%#1:634139B#,0942*'#/5+H42025%1#E3+%&X&/%/#-3*%+%4%/(%D#
"#E3+%&X&?0#$?51%1:((B*#4,62GG/#(35+3*139;03134#%#e\D#-3A3934#4%(4%*$%9#D
J$4O)U."V+%5./8+4&"/$V13+//1%$.
"#&'%1,(*%4G%5#%#09C*B1#(;09;(B*#&'3($31C1#G3H(%42026%*#3&'#E3+%&X&/%#62*%09420%#4:(4;5/1#$3&R#
%$3*'# $3**344# 0%A24,0%5# $3&A3*35/1# %# W/6/*#09314,(G3*/# /54;9$;5'-3554%(4X/#436;135'0;&G35#6%*X#
(;096;43* # 1:6343*$;5'3 # S1:9@%095Q # W;* # 42$,&%420% # 093$;*'30 # 1:9(3$F1:+;003* # ;0 # E;59G35/#
%+,$255'%*UD #"9 # /01,*% # $F1:+434;03 # ;0 # -3554%(4@%4X02&% # $3&6%*X0H42025%1 # ;(+31;G35 # 09,(,0#
3&'C44$F1:+;0#;0#42$,&%420#%*%1?*#1/#%#09C*B/#1:9:00;&#;0#%9#/54;9$;5'#1:9:44R#%$3*'4B*#A,&/#
093$E,54GX* # 3*@%42(,*%5+X # % # 4%5?*X/ # A,&6/09,5'D # " # 4%5?*X/ # A,&6/09,5' # %9 # /01,*% # ;0 # % # 4%5?*X#
A,&6/09,5'%R#%$3*'#53$#1%EW0,*@%4X#:0093#%#-3554%(4X#436;135'0;&;63*#;0#42$,&%42026%*D
!"/8])Y."/82'2T
"#)%*+,(-./01,*%#$/5+/&#09C*B1#3*@%42(,9202GX*#A:5#*;4(3D#"#09C*B/#$?51%#%9,5G%5#53$#;(#6;&34#%9#
/01,*%#3*/5+H42026%*R#$/63*#%9#,44#+,*&,9X#E3+%&X&?0,1#5363*B#E%(453(1;54#431/543531#%#09C*B1(3D#
"55%1 # ;(+31;G35R # @,&' # 3*63/134R # &'%1,(*%4?1%4R # ;(4;1(35+AC134 # @%($X5/2G% # @,9921R # % # 4%52(,1#
(35+093(30#09C*B/#3043134#093(639531#%9#,0942*'G%#A2(X#&'3(3131#09C*3/531D#b931#%#09C*B/#30431#
%*1%*$%4#%+5%1#%9#309$3W03(;(3R#%#4%E%094%*%4,1#$3&,094202(%R#%#-,54,0%GG#;*341,(/#E(,G*;$21#
1:9:0#$3&;(4;0;(3R#-3*+,*&,9202(%D#"#@%6/#(35+093(300;&&3*#4%*2*1,9X#09C*B1#3*3635#1%EW0,*%4,4#
2E,*5%1#%9#,0942*'4#63934B#4%52((%*#;0#3&'$200%*#/0R#35531#(;6;5#,*'%5#09,W/2*/0#1:93&#A:@34#*;4(3R#
%$/#03&H4@34/#%#$/5+355%E,0#&,5+,1#$3&,*+2024#;0#5%&',GG#1(H9/031#%*1%*$26%*#/0#42$,&%4204#
5'QA4@%4# %# G%AG%# 13(C*B1531D # b935#1:9634*35#3$G3(/#1%EW0,*%44%(420#3*35&3+@3434*35#-3*4;43*3# %#
&'3(3131#5363*;0;531R#%#1:9:0#-3*3*B00;&#4?+%4,0#1/%*%1H42025%1D#"#09C*B1#G36,520%#%9#/01,*2G%5#
9%A*X # 1:9:00;&/ # E(,&(%$,1R # C553E31 # 093(639;0;G3 # 09/54;5 # 3(B0H4@34/ # %9 # 3*1:43*393440;&34 # ;0#
*3@34B6;#4309/#%#09C*B1#092$2(%#%#E3+%&X&/%/#-,*'%$%4,1G%#4:(4;5B#G3431/54;04D#b94#%#435+35W/24#
3(B0H4/1 # % # (35+093(3035 # $3&4%(4,44 # <@X5%EC553E31=R # $3*'31 # 0,(25 # % # &'3(3131 # C553E/ # 13(3431#
1:9:44#%+5%1#G3431/54;04#%9#;(+31*B+B#09C*B1531#%9#X(21,5#6;&9344#$?512(X*D
"#09C*B/#1:9:00;&#0%A24,0#093(3E1:(3#%9#/54;9$;5'-3554%(4X/#-3*%+%4,1#3**2420%D#"#)%*+,(-./01,*21#
!I

W/6/* # 093(6393431R # 09C*B/ # 139+3$;5'39;0(3 # %*%EH4,44 # ;0 # % # $/5+351,(/ # 09C*B/ # 1:9:00;& # 2*4%*#

$F1:+434344 # %*%EH4625',1 # ;0 # 3&'30C*3431 # -3554%(4202G%5 # $F1:+531D # " # 09C*B1 # -3554%(4X/#
436;135'0;&;(B*#(;09*34303GG35#%#e\D#-3A3934#09X*D
`2*$%U%O/0:T8:/":/"3+51ZZ0:T8:/
" # )%*+,(-.E3+%&X&/% # 3$G3(/0$3(34/ # %*%EA%/5%1 # ;0 # $34,+/1%/.+/+%14/1%/ # 0%A24,002&%/5%1#
3*0%A24H420%R # % # 1C*:5G:9B # ;*341,(,15%1 # ;0 # % # 4%5H4,44 # 42(&'%15%1 # $3&-3*3*B # 3091:9:1 # ;0#
,14%420093(639;0/#-,($21#$3&/0$3(;03#1C*:5#5363*;04?+,$25'/#;0#$F6;0934/#E3+%&X&?01;E9;04#
/&;5'3*R#%$3*'34#%#7%&'%(#)%*+,(-#89:6340;&#,(092&,0#09%1$%/#09,*&2*4%4X#/54;934#;0#)%*+,(-#
t3+%&X&/%/ # e54;934 # 13(34;G35 # 093(639344 # %11(3+/42*4 # ;0 # 3&';G # E3+%&X&?0.1;E9;031R#
4,62GG1;E9;031#G/94,0H4%5%1D
"#1;E9;0#*3&-,54,0%GG#3*3$3/_#%9#%54(,E,*X&/%/#4%5?*$25',1R#%#)%*+,(-.E3+%&X&/%#$X+093(4%5%R#
%#$F6;09/.%*1,4X#436;135'0;&#;0#%#09,W/2*/0#1,$E3435W/%D#"#)%*+,(-.E3+%&X&?01;E9;0#%#-3*0,(,*4#
43(C*343135#%#1:634139B#W;*,1%4#-,&%*$%99%#$3&_
.
"#E09/W@,*X&/%/.E3+%&X&/%/#3$G3(4%55%1#%#&'3($31#093$*;*B#$3&;(4;0;@39#13**#639345/3D
.
"#$X+093(4%5/#,14%420#W;*A%#%#4%5%5'%&#3$G3(4%5/#3*$;*'H4;03R#;0#%55%1#$3&;(4;03R#@,&'#
%9#,14%420#0925+;1%/#$/1;54#;(6;5'30C*531D
.
"#$F6;09/#&'%1,(*%45%1#c#-304;0R#%&'%&,920R#9353R#+(2$%R#3?(/4$/%R#G309;+1;E9;0#c#13**#
%9 # ?4%4 # 3*B1;09H435/C1 # %@@,9 # %9 # 24%*%1?*20/ # ;0 # ;(9;1355'; # 436B # -,*'%$%4@,9R # %$3*' # $/5+ # %#
$F6;09/#%*1,4204R#$/5+#%#E09/W@,*X&/%/#$3&/0$3(;04#42$,&%4A%D
.
"# 09,W/2*/0 # 3&'C44$F1:+;0 # &'%1,(*20% # 03&H4/ # %9 # 3$G3(31 # ;0 # % # 6/*2& # /(254/ # ;(+31*B+;0#
1/%*%1H42024#;0#-3554%(42024D
"#)%*+,(-.E3+%&X&?0#$?512A2@,9#3*35&3+@3434*35C*#@,9924%(4,9/1#%#-,*'%$%4,0#4,62GG1;E9;0#;0#
:51;E9;0D#"#1;E9;0#;0#:51;E9;0#0,(25#1/%*%1H4@%4X1#%#4%52(/#@/6%420@,9#09C10;&30#*3&-,54,0%GG#
3(;5'31_#$,4/62W/XR#:5(3-*3`/XR#;(+31*B+;0R#*3*1303+;0R#139+3$;5'39B1;090;&#;0#09%14?+20D
"FFFN"!"($)*+',-T2*$%U%.$W"#.43"$8".432%'1S.U"2%&")2\23/:%2/"/8^432'2
"
"#)%*+,(-.E3+%&X&/%#093$*;*34;G35#4C1(:9/#%9#!]]PD#;6/#\\TeD#4:(6;5'#%#-,&'%4;1,0#093$;*'31#
A,&%/(X*#;0#30;*'3&'35*B0;&C1#G/94,0H4202(X*R#%#JNNIM[\\TD#4:(6;5'#%9#3&'35*B#G2520$X+(X*#;0#%9#
30;*'3&'35*B0;&#G/94,0H4202(X*#6%*%$/54#%#Y3$934/#d:95363*;0/#a:(6;5'#/(25'3*63/4D#"$3**344R#@,&'#
% # @%42*',0 # 4:(6;5'/ # 13(343135 # G3*C* # %*1%*$%91,+/1 # % # 1C*:5G:9B # 4%5?*20/. # ;0M6%&' # 6/03*13+;0/#
E(,G*;$21 # *3H(202(% # -3*2**H4,44 # 1%43&X(/21@,9R # $/54 # 0%A24,0 # 5363*;0/ # /&;5' # S4,62GG/%1G%5 # 8YeUR#
4%5?*20/.R # G3/**30913+;0/ # 53@;90;& # S4,62GG/%1G%5 # afYUR # @24(25',0 # @3*'934R # /**3463 # @%*$,9,44%5#
@24(25',0#@3*'934#S4,62GG/%1G%5#ZZR#/**3463#ZZZUR#%9,5G%5#%#4%5?*X1%4#;(/54B#E(,G*;$21#3034;5#
53$#%#+3-/W/4,(/3542*4#,(6,0/#$,+3**4R#@%53$#%#1,(093(FGG#4%5?*20#;0#(;096;43*#,(/3542*4#09,W/2*/0#
$,+3**4 # 6309/ # %*%E?*D # b # 093$*;*34G35 # 0E3W/2*/0%5 # % # &'3($31 # 53@;90;&3/4 # -/&'3*3$G3 # 6;63 # 13**#
$3&43(3$435C51#%9#/01,*%/#5363*;0.,14%420G%5#6%*X#(;096;43*;531#-3*4;43*3/4D
"# )%*+,(-.E3+%&X&/% # 5363*;0/ # %44/4F+A3 # % # 1C*:5G:9B # /543&(2W/X0 # 093$*;*3431 # 1:9C* # %9 # /51*?9H6#
-,($2@,9#2**#%#*3&1:93*3GGR#%#1:634139B#/0$;(631#$/%44_
n3*/0$3(/#;0#4/0943*34G35#4%(4A%#%#4%5?*X1#1:9:44/#3&';5/#1C*:5G0;&3134R#-C&&34*35C*#%44X*R#@,&'#%9,1#
$/GB*#3(3+531R#;0#%9#/01,*%/#;*34#$3*'#43(C*34;5#A3*35531#$3&D
b9#%#093$*;*34#%#)%*+,(-./01,*%#3&;09#;*34;4#24@%4A%_#$3&A3*35/1#%9#,0942*'43($/#$?512G%5#;0#%#
4%5X(25#1H6C*/#5363*;0/#@3*'93431G35R#%#4%52(/#1,**;&/?$ #$?512A2G%5R#6%*%$/54#%#09C*B113*#6%*X#
1%EW0,*%4G%5#/0D
"9#%+,44#1,(,0942*'#-3A*B+;0/#0%A24,002&%/4#4%(4A%#093$#3*B44R#3@@39#(35+3*/#%9#%14?2*/0#,0942*'-,1,5#
%#4%5%5'%&,4D
89:63&30#;(4;13*;04#%*1%*$%9R#$3*'G35#%#4%5?*X#:5$%&2@,9#$;(4#-3A*B+;0;4#/0#$3&A3*35H4/D
!h

"#43*A30#093$;*'/0;&#-3A*3094;0;(3#4:(3109/1R#53$#E?09425#%#4?+20#$3&093(9;0;(3#1,5W354(2*R#%#
5363*;0/#4%5H420/#-,*'%$%4G%5#/0#42$,&%4A%#%#4%5?*X/#0,1-;*30;&34D
n,54,05%1#4%(4A%R#@,&'#$/5+35#&'3($31#%#*3@34B#*3&5%&',GG#%14/6/4200%*#63&'35#(;094#%#4%5?*20/#
-,*'%$%4G%5D
"#&'3($31#1/3&'35*H4344R#@%($,5/1?0#-3A*B+;0(3R#/*'35#$X+,5#%#$3&3*B9;0;(3#-X1?092*D
n,54,05%1#4%(4A%#%#4%5?*204#42$,&%4X#1:(5'3934#1/%*%1H42024R#3*1:43*39344#%GG%5R#@,&'#-3*/0$3(A3#%#
4%5?*20#;0#%#(;096;43*#%1%+2*'%/4#;0#$;(0;13*A3#%9,1%4D
"9#/543&(2*4#S/51*?9H6U#,14%420#%11,(#63934@34B#G3#%#)%*+,(-./01,*2G%5R#@,&'@%#%#1:9:00;&#S4%52(/#
1,**;&/?$R # 09C*B1 # 1:9:00;&3 # ;0 # % # -3554%(4X # 3&'C443035U # 3*1:43*3934431 # %55%1 # -3*4;43*3/4#
$3&43(3$435/R#0#394#E(,&(%$1;54#%9#/01,*%#-3A*3094;0/#43(6;G3#2&'%95/D#"#-3*4;43*31#%9#e51*Q9/X0#
e5+3` # SJNN]U # 1;9/1:5'6;531 # @%9%/ # *3H(20%/6%* # :009@%5&G%5 # 1:634139B # +/$359/X1G%5 # A3*35531#
$3&_
"U
"9#/51*?9H6#093$*;*34#1/%*%1H420%
fU
e51*Q9/X0#E(,&(%$,1#1/+,*&,920%
[U
"9#/51*Q9/X#$/5+355%E/#&'%1,(*%425%1#$3&093(639;03

!b"!8".40)c8.U/"/82#):)23"0.$)$0^31/$
"#(35+093(#%*%EA24#%9#/51*Q9/X0#093$*;*34#1/%*%1H420%#A3*354/R#$3*'#43($;093430#$X+,5#1:93*#2**#%#
)%*+,(-.E3+%&X&/%/#3$G3(1;E;@39D#"9#/51*Q9/X0#093$*;*34#4309/#*3@34B6;R#@,&'#%9#/01,*%1:9:00;&#
$/5+@2(,$ # ,*+%*% # 3*-,&%+A% # %9 # /51*?9H6 # ;(4;13134 # $%A+ # 3931R # %9 # 3&'C44$F1:+;035 # %*%E?*X#
1%EW0,*%4,1#63934531#%#$20/1#1;4#+/$359/X#$3&6%*X0H4202@,9D#"#(35+093(#-C&&B*3&30#435&3*';5#
A3*35/1 # $3& # %9 # /51*Q9/X0 # E(,&(%$,1 # 1/+,*&,920%R # 39 # % # 4%543(6 # 093$E,54A2GX* # % # 63(4/12*/0 # ;0#
@,(/9,542*/0 # 4%543(6 # /51*Q9/X0 # 093$E,54Q # 24+,*&,92024 # 6%*%$/54 # %9 # %*1%*$%9,44 # 4%5?*204 # 03&H4B#
3*A2(20,1 # ;0 # 43(2E/21 # E(,&(%$A%/4 # 4%(4%*$%99%D # " # (35+093( # @%($%+/1 # +/$359/XA% # %9 # /51*Q9/X#
$/5+355%E/ # &'%1,(*%425%1 # $3&093(639;03R # /44 # A3*35/1 # $3&# %# 1,51(;4R # 5%E/ # E3+%&X&/%/ # 43(639;0#
09/54A;5#%9#/51*Q9/XR#%#E3+%&X&?04#3GG35#%#093$*;*34#;0#%#E3+%&X&/%/#E(,&(%$#/0#03&H4/_#H&'#E*D#
1;E30 # 3*@2(H4%5/ # % # -3*$3(C*B # %1%+2*',1%4 # %55%1 # ;(+31;G35R # @,&' # $,9&200;(C*4 # 4%5?*X # (;094#
63@30035#%9#,0942*'1/(25+?*20,5D
!Nb"!8".40)O8^5"/82#):)23"0.$)$0^31/$
"#)%*+,(-./01,*21G%5R#1/3$3*4#W;*R#@,&'#%9,15%1#%#09C*B1531R#%1/1#/*'35#093$*;*34G35#093(345;1#
-3*5363*5/ # &'3($313/134R # *3&'35 # *3@34B0;&C1 # %((%R # @,&' # % # )%*+,(-.E3+%&X&/24 # 62*%00921R#
-C&&34*35C* # %44X*R # $/*'35 # 1;E300;&3113* # (35+3*139531 # &'3($313/1D # "9 # /51*Q9/X0 # 093$*;*34#
!L

1/%*%1H420% # % # )%*+,(-./01,*21G%5 # %9;(4 # /0 # GH( # %9 # 3?(XE%/52* # 5%&',GG # A3*354B0;&&3*R # $/63*#

7%&'%(,(092&,5 # 53$ # A3*35431 # $3& # ,*'%5 # )%*+,(-.&'X&'E3+%&X&/%/ # /54;9$;5'31R # $3*' # $20#
3?(XE%/#,(092&,1G%5#SE*D#"?094(/%R#Y;$34,(092&R#862AWR#Z,**%5+/%R#"5&*/%U#$2(#2**%$/*%&#3*/0$3(4#
E(,&(%$$%*R#2**%$/#-/5%509H(,920#$3**344#$F1:+531D
"9#/51*?9H6#093$*;*34#1/%*%1H42025%1#W;*A%R#@,&'#G/94,502&,0R#3*-,&%+XR#3&'C44$F1:+B#;0#:094:59B#
*;&1:( # A:AA:5 # *;4(3 # %9 # /01,*%1:9:00;&G35R # $3*'G35 # $/5+351/4 # % # *3&A,GG # 43*A30H4$;5';531#
G/94,0H4;1%1;54#;(4;13*531D#d:9:0#;(4;131#%*%1?*A%5%1#1/R#$3*'3134#%9#/01,*%1:9:00;&#$/5+#@2(,$#
,*+%*% # $%&2;5%1 # 6%**R # 0 # 3931 # $354;5 # 093(639B+A:5 # %9 # /01,*% # $/5+355%E/ # ;*343D # "#
093$*;*34%*%1H4204#1;4#09%1%09(%#G,54A?1_
d:9:00;&-3A*3094;0
"9#/51*?9H6#;(4;131#$3&43(3$4;03
" #0989//:%,2V)2/83:/G35 # % # )%*+,(-./01,*2(% # %$Q&' # /0 # A3**3$9B # +3$,1(%4/1?0%5 # ;EH4139B#
1:9:00;&/ # -,($% # %*%E;(4;1;6; # 62*/1 # %9 # 3$G3(/ # 0,109H5F0;& # 42$,&%420%R # 3935 # G3*C* # % # 4%5?*X/#
0,109H5F0;&#43($;093430#3*/0$3(;03D#[;*R#@,&'#%#0,109H5F0;&#42$,&%420%#%#E3+%&X&/%/#$?51%#
$3**344#%9#/01,*%#1:9:00;&/#;*34;531#$/5+35#09H543(;5#S&'3($311:9:00;&R#4%52(/#1:9:00;&R#09C*B/#
1:9:00;&U # % # *3@34B # *3&43*A303GG # $;(4;1G35 # $3&A3*35@30035D # " # &'3($31/ # 0,109H5F0;&#
42$,&%4202G%5#3*0B+*3&30#-3*%+%4R#1/6;43*#5;*1C*#$/5+35#&'3($31531#$3&43(3$40C1#%#*3@34B0;&34#
%9 # /+32*/0 # -3A*B+;0(3D # b5531 # 3&'/1 # 92*,&%R # @,&' # %9 # ,0942*',1 # :00934;43*3 # 4C1(:993 # %9 # 24*%&#
5;E300;& # %(25'%/4R # $/5+ # % # 4/E/1?0%5R # $/5+ # %9 # %4/E/1?0%5 # -3A*B+B # &'3($3131 # 3034;G35D # 7%/#
4?+20?51 # 093(/54 # 39 # % # 1C*:5G:9B # %4/E/1?0%5 # -3A*B+B # W0,E,(4,1 # 093$E,54A2GX* # % # 1:634139B#
%(25',1%4 # $?4%4A%_ # 8YeuL.Kmg # afYu!N.!Lmg # ZZZu!N.!LmDS"# ZZZ # %(25'% # %9 # /01,*% # -:*+(%A9/#
3*@3*'3913+;0;4B*#-C&&B35#62*4,9@%4DU#"#@343(,&;5#4%5?*X/#:00934;43*4#%9,5G%5#42&%5#;(43*$3963#%#
1/3$3*13+B # 43@340;&F # 4%5?*X1 # &,5+,92025%1 # /0 # 43(34 # 13** # G/94,0H4%5/ # %9 # ,0942*',1G%5D #"# -354/#
%(25',1#$3**344#1/3&'35*H4344#*3@34#%#E3+%&X&?0#5363*B.4%5H4X#$?512A%#/0#%9#,0942*'G%5R#3&'35*B35#
-/&'3*63#%#1:9:00;&/#;0#%9#/5+/6/+?2*/0#;(4;131(3D
"9#.40)O8^5":'3:020"#2%32'2#3:/2#43(;5#%#)%*+,(-.E3+%&X&/%/#%54(,E,*X&/%#%9#3$G3(G35#%#a304#
l;*31#893**3$#3&'C44$F1:+;0;4#*24A%D#"#)%*+,(-.&'X&'E3+%&X&/%#%*%E&,5+,*%4%R#@,&'#%#-3A*B+;0/#
9%6%(,1%4R # -,&'%4;1,002&,1%4 # Q&' # 431/54/R # $/54 # %9 # 3$G3( # 093**3$/.*3*1/ # 3(B/ # ;0 # 4304/ # 093(639343#
1:9:44 # -3552**X # 3&'C44$F1:+;0/ # +3-/W/434D # bGG35 # %9 # :0093-C&&;0G35 # $%&% # %9 # 3$G3( # 093**3$/#
/5+/6/+?%*/420%#53$#G343&#6%&'#0;(C*4R#%9,5G%5#%#1;E300;&31#-3A*B+;0;(3#&'%1,(,*4#@%42024#%#4304#
;0M6%&' # % # *;*31 # 0;(C*;03R # -,&'%4;1,002&% # -,*'425 # W0%1 # (;09G35R # @/25',0%5 # -3A4@34/ # 1/D # "#
)%*+,(-.5363*;0R#.,14%420#%((%#4:(3109/1R#@,&'#%#*3*1/#;0#4304/#0;(C*;04#$3&03&H4;03R#1,$E3592*20%#
2*4%*#$355;*#5%&',GG#*3@34B0;&34#G/94,0H40,5#%#&'3($31/#-3A*B+;0#0,(25#%#093**3$/#/5+/6/+?%*/420#
092$2(%#%#G3553#(3A*B#1;E300;&31#1/G,54%1,94%4202(%D
"9#/51*?9H6#;(4;131#$3&43(3$4;0;G35#%#)%*+,(-.E3+%&X&/%#%9,5#3(1:*W0/.6%**20/.09,W/2*/0#%*%E3*63#
*309#*3&5%&',GG#03&H40;&C51(3R#@,&'#%#&'3($313134#%#qXR#%#89;E#;0#%9#e&%9#@2($%002&2G%5#
5363*A3 # -3*R # $/5+351,( # $3&-3*3*43463 # 394 # % # &'3($31 # %14?2*/0 # -3A*B+;0/ # 09/54A;531R # ;0 # ;(6;5'(3#
A?44%46%#393134#%9#;(4;13134#%9#/01,*%/#;*34#$/5+35#43(C*34;5D
QNb
F40)c8.U/"T'+%'$#+0"0.*+)%+81/$
[;*A%R#@,&'#$3&43(63993#%9#/01,*%#4;(/.#;0#/5-,1,$$?5/12W/X0#%1%+2*'$35430H4;0;4R#6%*%$/54#%9#
2*4%*25,0#)%*+,(-.E3+%&X&/%/#E(,&(%$#24+,*&,92025#;0#0E3W/2*/0#43(2E/20#E(,&(%$,1#1/+,*&,92025#
13(3094C* # 6%*%$355'/ # 4%5?*X # 092$2(% # G/94,0H40% # % # 4%5?*20/.5363*;0/ # -,*'%$%4G%5R # 6%*%$/54 # %#
1:9:00;&/ # ;*34G35 # 6%*X # *3@34B # *3&43*A303GG # S%1%+2*'$35430U # (;096;43* # E3+%&X&/%/ # -3*4;43*3/4D #"#
+/$359/X#09%1%09%/_
"#4;(/#;0#/5-,1,$$?5/12W/X0#%1%+2*'$35430H4;0
"#4%543(6#24+,*&,920%
a%5?*204#03&H4B#;0#43(2E/20#E(,&(%$,1#1/+,*&,920%
t3+%&X&?0,1#4,62GG1;E9;03
!O

" #3:'.- " :/ " .4,+0+##O4.01S.U/ " $0$*1)&#2432/^3:/# % # 1C*:5G:9B # -,&'%4;1,002&,1 # 0E3W/2*/0#
/&;5'3/#093(/54#13**R#@,&'#$3&6%*X0?*A,5D#v&'#$3&#13**#,*+%5/_
.6+8%1//:'])3"3$4O)U#S13(313009;113*R#6%&'#$20#03&;+3091:993*#@3*'34#62*4,94%4XU#092$2(%#
$3& # 13** # ,*+%5/ # %9 # /01,*% # %1%+2*'4%*%5 # G3A2(2024R # 35531 # 3091:93/ # *3@34531 # % # 1C*:5G:9B#
(2$E21R # 13(313009;1.-3*6,5XR # *;EW0B5 # A2(X # 13(313009;1R # $,9&200;(C*4.)[ # 1/%*%1H420%R#
,E4/$2*/0 # 09;*300;&F # 1:9*313+;0/ # 43(31 # G/94,0H420%R # % # 13(313009;1531R # 6%&' # $20#
03&;+3091:9531#$3&-3*3*B#4%5?*X%094%*#1/%*%1H420%R#6%*%$/54#09C10;&#3034;5#093$;*'/#03&H4B#
G/94,0H420%D#S#"#093$;*'/#03&H4B#%9#/01,*%1:9:00;&#G2($3*'#4%&A%#*3@34R#4%5?*X42(0#;EE35#Q&'R#
$/54 # 09C*BR # 4%52(R # E3+%&X&?0 # %009/094350 # 6%&' # 43W@5/1%/ # +,*&,9XD # 7?512A24 # 1:9:00;&/#
-3*%A25*20GX*R # 6%&' # W031;*' # +HA%920;(4 # 6;&9/DU #"# $,9&200;(C*;0 # -%A42A% # 093(/54 # 09C10;& # *3@34#
1C*:5G:9B#3*314(,5/1?0#1,$$?5/12W/X0#3091:9:1(3#/0R#$/54#E*D#0E3W/2*/0%5#1393*@34B#093$;*'/#
092$H4X&;E#6%&'#1,$$?5/124,(D
.d$))1//:'])3"3$4O)U"3034;G35#%9#/5-,1,$$?5/12W/X0#%1%+2*'$35430H4;0531#4%(4%*$%95/%#13**#
%#0;(C*;00E3W/-/1?0#@%5&3(B0H4;04R#$3*'#%#093$;*'#$/5+355%E/#@%0952*%42G%5#*;6B#0E3W/2*/0#
@%**X1;09C*;13#$3**344#$,G/*R#6%&'#G3;EH4344#/5+?1W/X0#@?(,13(B0H4B#@%0952*%424#A3*354/D
.B131//:'])3 "4%5?*X # 3034;G35 # %9 # 3&';5/ # /5-,($2W/X-3*6;43*/ # W0%4,(5% # -/&'3*3$G36;43*;63*#
S6%1,152* # 4%14/*/0 # W0%4,(5%R # &'35&;5*24X152* # 6/9?2*/0 # W0%4,(5%U # 13** # G/94,0H4%5/ # %9#
/01,*%;EC*34G35 # 6%*X # 42A;1,9X+20 # *3@34B0;&;4R # % # E%+*X5 # 63934B0H53113*R # % # *;EW0B-,1,1#
E3(3$;5 # ;*;5102(&% # 09%*%&&%*R # /**3463 # %9 # %A4X5 # 5%&'$;(34FR # AX # 1,54(%094@%420QR # *3@34B*3&#
+,$G,(5',$20Q#-3*/(%4,11%*#S6%1,1#3034;G35#f(%/**3.H(200%*UD#"9#/01,*%#3*314(,5/1?0#-3*C*343/4#
S@,5*%ER#*363*39B#*/04%R#3.*3%(5/5&U#%#-3*,*6%0X#E(,&(%$,1#092$2(%#-3*/0$3(@34B6;#13**#%*%1H4%5/D#
"#4%5%5'%&,1#%1%+2*'$35430H4;0;4#6%1,1#092$2(%#f%/**3.H(20,0R#6%&'#@%5&,01:5'6#-,($2G%5R#
&'35&;5*24X1 # 092$2(%R # %094%*/ # 6%&' # 3*314(,5/1?0 # 5%&'H4X1 # 03&H40;&;63* # G/94,0H40?1D # "#
G3A2(201,(R#/**3463#0E3W/2*/0#%*1%*$%11,(#093$;*'/#03&H4B(3#/0#09C10;&#*3@34#S(;09*343963#*0+D#
$,9&200;(C*4#4%5?*XUD
.C./8)2e.1/# 4%5?*X # (;09;(3 # 09/54;5 # % # -3*,*6%0X # E(,&(%$,1R # @%5&,01:5'631 # A3*354@34531#
03&H40;&34R # 42(0?*X # +/09&(2-/% # 3034;5 # % # A3&'9343*;0@39 # ;0 # % # 4%5?*20@,9 # 6%*%$/54#
@3*'30H(203**35B(9;0@39#/0#*%E4,E(%#*309#09C10;&D
!" 3$432'5 " 13*+)%+81/$1,( # -/&'3*3$G3 # 13** # 6355/ # %9 # 3&'30 # -,&'%4;1,002&/ # 43(C*3431(3 # A3**3$9B#
3*4;(B#-3A*B+;0$353434R#$3*'#$3&A3*35@34_
%9#;(9;1093(6/.$,9&20,0#-?51W/X1R
%#$3&/0$3(B#-?51W/X1R
%#1,$$?5/12W/X
%#09,W/%G/*/420
%#4%5?*20/#43*A30H4$;5'31#09/54A;5#3&'%(254D
q3*35 # +,1?$354?$ # 43(A3+3*$/ # 1,(*24%/ # $/%44 # W0%1 # % # *3&-,54,0%GG # 093$E,54,1(% # @H6A?1 # -3* # %#
-/&'3*$34R # 1C*:5.1C*:5 # 3$*H463 # %9 # ;(/54344 # -,&'%4;1,002&/ # 43(C*343134D # " # @3*'/ # 4%543(6#
$3&%*1,420%1,(#-,54,0#-/&'3*3$G3#6355/R#@,&'#%9#3&'30#-,&'%4;1,002&/#43(C*3431#$%&?1#/0#/512GG#
&'FA4B$3&53639;031R # 393135 # G3*C* # /&35 # 0,1-%A4%R # &'%1(%5 # 3*4;(B # 4C5343113* # (35+3*139B # 1X(1;E#
4%*2*@%4XR#$3*'31#0Q*',002&%#3&';5351;54#/0#5%&'#1C*:5G0;&3134#$?4%4R#39;(4#3&'$204X*#3*4;(B#
$3&03&H4;04 # /&;5'3*531R # @%G/*/42W/X0.(3@%G/*/42W/X0 # E(,&(%$,1 # 1/+,*&,9202@,9 # %9 # %+,44#
8Ye.43(C*34@39 # ;(4B # 09%1,0 # &'X&'E3+%&X&?0 # 03&H40;&;4 # -3*4;4*35C* # 63&'C1 # /&;5'G3D # "#
4%543(61;09H4;0#0,(25#09C10;&300;#62*/1#%9#3&'30#4%542(&'%1#%5'%&25%1R#1:6343*$;5'09/54A;531#
%+%E42*20%#%9#8Ye.4%5?*X1#3&'30#W0,E,(4A%/(%R#3935#13(3094C*#%9#3&'30#1,51(;4#4%5?*X1(%#/0D
." ##+8%1//:'])3 " 3$4O)U "$,9&20%R # 392*4%* # ;(9;1093(6/ # -3A*B+;03 # /0 # 3*4;( # 4/E/1?0%5 # -3A*B+B#
42(0%/4X*R#$/63*#1:(C*:443#%#4;(#*309F1C*R#%#1:(5'3934#$3&/0$3(;03#*%00%GG2#62*/1R#@/25',0%5#
$3@34#6;&G3D#b9#@%4200%*#*3@34#%9#/5&3(-3*+,*&,920#-,*'%$%42(%R#3993*#3&'C44#%#$3&/0$3(B#
-?51W/X1R#3*0B0,(G%5#%#&,5+,*1,+20#-3A*B+;0;(3D#7,9&%4X-?51W/X/5%1#1,(*24,9,4402&%#G309;+;4R#
!K

;0 # &(%-,$,4,(,0 # $3&5'/*625?*20%/4 # /0 # @24(25',0%5 # ;(/54@34/R # 6%*%$/54 # G309;+;(4;0;4 # /0#

G3-,*'20,*@%4A%D # d,$$?5/12W/X0 # W0%4,(521 # 1:9C* # 5,563(G2*/0 # 1:9*;03/ # *3@34531 # 53@3935#
;(43*$39@34B31R # %(4/1?*2W/XA% # 53@393GG35 # ;(4@34BD # a%5?*20/ # 43*A30H4$;5'3/G35 # 43@24 # %#
092$,*20R # H(20.,*6%020R # ;0 # 2*4%*2G%5 # % # 63(G2*/0 # /5-,($2W/X-3*+,*&,920(% # ;EC*B # 4%542(&'%1 # /0#
53@;90;&34 # A3*354@34531R # W0%1Q&'R # $/54 # % # $,9&20,0 # 43*A30H4$;5'31@39 # 1:4:44 # 42(&'%1 # SE*D#
43045363*;0R # 1;9/$?51%R # 3?(/4$/%R # 13(4$F63*;0UD # " # 4%5X(21,5 # +/--3(35W/2*4 # -3*%+%4%+204R#
1;E300;&3/@39#;0#$,4,(,0#*3@34B0;&3/@39#/&%9,+X#092$,51;(;04#;0#;(4;13*;04#/&;5'3*D
."#)131//:'])3"3$4O)U"3034;G35#-,54,0R#@,&'#3&',*+%*Q#53@;90;&;4#%#4:GG/#;(9;13*;0/#-,*'%$%4#
/54359H6 # -3A*3094;0;63* # 1,$E3592*A?1R # C&'3*AC51 # (2R # @,&' # % # 4%5X(%/ # /5-,($2W/X24%+20#
$?*4/09359,(,0 # A3**3&F # *3&'35 # S@%**20R # 4%E/5420R # H9*3*;0R # 09%&*20R # @B # ;(9;13*;0R#
$,9&20;(9;13*;0R # 3&'350Q*'.;(9;13*;0UR # @,&' # 3*3&35+B # ;(9;1*34/ # G35',$20 # 2**A,5#
(35+3*139;0(3 # % # *24200;(C*4 # 092$2(% # /0D # " # 09C*34;0;4B* # -,&6% # *24200;(C*4 # &'3($31#
$,9&20-3A*B+;03 # G309F1C*R # *;5'3&3035 # $3&*%00?* # 4/E/1?0 # -3A*B+;0F # 42(0%/@,9 # 1;E304D#
73&/0$3(B#-?51W/X/#2*4%*2G%5#3(B035R #-3A*B+531R#-B1;54 #%G094(%14# &,5+,*1,+20%R #$/63*#39#AX#
1,$E3592W/X0 # *3@34B0;&34 # G/94,0H4@%4 # 092$2(% # % # @/25',0 # ;(9;1093(6/ # 4%E%094%*20#
1/3&;09H4;0;G35D#"#1,$$?5/12W/X0#W0%4,(521%4#431/5463#5,563(G2*/0#1,$$?5/12W/XA%#G309F1C*4#
*3@34R # 39 # 3&'%(254 # 6,5%41,9/1 # 4304/ # &3094?0,1(% # ;0 # $/$/12(%R # 394 # 3034351;54 # /54359H63GG#
63(G2*/0 # 1,$$?5/12W/X6%* # 1,$E3592*A%D # a%5?*20/ # 43*A30H4$;5'3/531 # %*%1?*202G%5 # -,54,0#
093(3E34 # A2409%5%1 # % # 0E3W/2*/0 # 03&;+3091:9:1 # ;0 # % # 4%5%5'%& # %1%+2*'$35430 # @,992-;(;03R#
6%*%$/54 # % # 0;(C*;0.0E3W/-/1?0%5 # %*%1H4,44 # 092$,51;(;0_ # E*D # 09XG3*/ # /0$3(341:9*;0 # 4Q*0Q*'%R#
%G%W?0R#4%E/54@%4X#2G(21R#G(%/**3.H(200%*#1;09H4344#6%&'#%1%+2*'$35430H4344#3*314(,5/1?0#%*%EQ#
+,*&,9%4,1D#
." #\$))1//:'])3 " 3$4O)UW "5%&',4@%**X # ;0 # 0/134 # 4%5?*X1 # @%**206309430;&3 # % # -,54,0%GG#
G309;+-(31635W/21,5#,*'%5#$;(4;1FR#@,&'#%#@%5&,0#G309;+#@%**20#Q4A25#4:(4;5B#$3&;(4;0;(3#
53$R#6%&'#W0%1#1/03GG#(;09G35#1;E3031D#v&'#%#4/E/1?04X*#3*4;(B#*3@34#%#09XG3*/#;0#%9#H(,44#5'3*6/#
1,$$?5/12W/X # SG309;+;(4;0R # 09:63&;(4B # ,*6%020 # 09X1/5W0R # 5'3*6/ # 093(1393431 # ;(4;03 # ;0#
@%0952*%4%R # @%5&9X # G309;+ # 04GDU # -3A*3440;&3D # v&' # % # @%**200;(C*4 # 4%5?*X # G309;+43*A30H4$;5'3#
2*4%*2G%5 # 53$ # 1,((3*2* # ;*341,(26%*R # ?&'%5%11,( # $20 # 1,$$?5/12W/X0 # W0%4,(521,5 # ;*;51#
1%EW0,*%44%(4204 # -,*'4%4_ # E*D # A3*5'3*6 # @%0952*%4D # " # $3&/0$3(B-?51W/X1 # -3A*B+;0;G35 # %9#
%G094(%1W/X # 53@;90;&;63* # 1C9+@34R # %9 # 3*6,54 # &,5+,*1,+20 # 1/%*%1H420% # % # 4/E/1?04X* # 3*4;(B35#
@%*%+@%4D # n,54,0 # 092$2(% # % # 4%5?*5/6%*X # 6/9?2*/0R # 6%&' # $20 # ;(9;1*34/ # W0%4,(52(% # 6%*X#
*31;E39;03D # " # 63(G2*/0 # 4%5?*20/ # 43*A30H4$;5'31 # 3034;G35 # 5%&' # @24(25'G% # 13(C*R # $H& # %#
E3(-,($2W/X0 # A3**3&F315;* # AX* # 43*A30H4@34D # " # 09,W/2*/0 # 1%EW0,*%4,1 # ;EH4;0;G35 # /0 # 03&H40;&34#
/&;5'3*#3*4;(B#1,$$?5/12W/XA%#$/%44D
.""3$4O)1/Z$4"$0$*1)&+8+33"3$4O)U1"%9#/+3&(35+093(#35'@3R#1C*:5-;*3#3(3+34FR#:(:1:*4#6%&'#
1,(%/#;*341,(G%5#093(9344#0;(C*;0;4#;0M6%&'#-?51W/X9%6%(24#$?4%4A21D#l3&-,54,0%GG#A3**3$9BAC1#
% # $3&/0$3(B # -?51W/X1 # $3&*%00QGG,+,44 # -3A*B+;03R # $3*'531 # 1:634139$;5'3/ # %9#
;(9;13*;0.;09*3*;0R # % # 1/6/43*39;0.6;&(3@%A420R # % # 09,W/,.3$,W/,52*/0 # 43(C*343135R # 6%*%$/54 # %#
1,$$?5/12W/X#43(;5#3&'%(254 #A3*354139@34531D #w'35&;GG# 4%5?*20/#43*A30H4$;5'C134 #-B1;54# %#
-/&'3*3$R # %9 # 3$*;13934R # % # &,5+,*1,+20 # 53@;90;&3/R # %9 # 3993* # A2(X # $3&*%00QGG,+,44#
$?51%6;&9;0R # 6%*%$/54 # % # 5'3*6/ # $3&;(4;0 # ;0 # 1/-3A39B1;090;& # 43(C*34;5 # $?4%4,44 # 3034*3&30#
&'35&30;&C1 # $%&'%(299%D # a%5?*20/ # 43$EXA?1 # +/--3(35W/2*4%5 # *%00%GG # @%*%+204 # /&;5'3*D # "#
&'%1,(*20 # $355'/0;&3 # ;0 # % # 092$,51;(;0 # $X+A% # /0 # E09/W@;0 # 43*A30H4$;5'3/1@39 # 13**R # @,&'#
/&%9,+A,5D
." #Z2/8:*,+%&$3:0+/ " 3$4O)U1 # 1:(;G3 # 0,(,*A?1 # 53$ # W0%1 # % # 5'3*6-3A*B+;0/ # 9%6%((%* # 1C9+BR#
Q&'53639344 # -3A*B+;0/# +/09-29/20# &'3($3134R # 6%*%$/54 # %9# H(,44 # 5'3*6/# 9%6%((%*# 1C9+B# -3A*B+;0/#
+/09*3`/20#4%5?*X4g#+3#E*D#%#G309;+-,*'%$%4,002&#9%6%(26%*#1C9+B#0Q*',0#+%+,&X#&'3($3134#/0D#
k4XGG/%1 # 3034;G35 # % # $3*3&R # 3*-,&%+X # *;&1:( # ;0 # % # 09XG3*/ # $3&5'/*625?*20,1 # 1/62(20% # 6%&'#
!P

1/62*420%#%#&'X&'H(D#"#,2V)Y*:/."*./8,18.$R#%#G309;+#;0#5'3*6/#-3A*B+;0#9%6%(%R#$3*'#%#G309;+#
;0#%#5'3*6#$3&;(4;0;531#;0M#6%&'#1/6/43*39;0;531#0Q*',0#53@;90;&3D#"9#%4/E/1?0#-3A*B+;0#%#
*3&1C*:5G:9BGG # 5'3*6/ # 09/543135 # A3*35@34 # $3& # % # 1/3A4;0 # @/G2/4X* # % # G309;+@%5&,1 # @/25',0#
-3*/0$3(;0;5R#%9#%14H6#;0#E%009H6#09X1/5W0#;*341,(/#24*%&52*#A3*354B035#%*%W0,5'%GG#6,*425R#%#
5'3*64%5/ # 093(1393431 # 1;E9;0;531 # ;0 # $3&;(4;0;531 # 53@;90;&;5R # % # 1/-3A39B1;090;&35 # ;0#
G309;+$3&;(4;035 # 24 # 3&;0935 # % # 43*A30 # 5'3*6@%0952*%4/&D # 7/63* # % # )%*+,(-./01,*% # A3**3$9B35#
&%9+%&#09XG3*/#1,$$?5/12W/X0#*3@34B0;&3134#G/94,0H4#SG309;*&34B1:(R#$303@%**&%420R#(/4$/1?0#
(;09R # 5'3*6/ # A24;1,1R # 4%*2*X0 # 1;(+;031R # ,0942*'09H5+%(%G,1UR # -,54,0R # @,&' # $20#
1/-3A39B3091:9:113*#/0#%*242$%009?1#%#09XG3*/#1:9*;03134_#E*D#093$*;*434;0R#;*;51#5,563(G2*/0#
1,$$?5/12W/XR # +(%$%4/92*20R # $F6;0934/ # %*1,420,1D # 83&H40;&C* # ,*'%5 # 4%5?*20$X+093(4%5/#
3091:9:134#%+A?51#%#5'3*6-3A*B+;0/#9%6%(G%5#093563+B#&'3($31#139;G3R#$3*'31#42$,&%4A21#B4#
% # 4%5%5'%&-3*+,*&,9202G%5D #"# 09,W/2*/0 # 1%EW0,*%4,1 # 1/;EH4;0;G35 # /0 # 03&H4B # 3&'C44$F1:+;04#
/&;5'3*#%#1,(*24,9,44#5'3*6/#1X+#@%0952*%4%#$/%44D#"#-3A*B+;0/#+/09-29/%#3&'C44#A2(@%4#-3A*B+;0/#
+/09*3`/26%*#/0R#+3#%#+/09*3`/%#:52**X%5R#$/54 #^'+33"4&2)5."8$5$'R#%#G309;+#1;E300;&#W0:11354#
6,*4%#5;*1C*#/0#3*B-,(+?*@%4D#"#+/09*3`/20#&'3($31#H(,445'3*6/#1;E300;&3/#AX6%*#&'35&;GG35#;0#
$201;EE35#-3A*B+531R#$/54#3&'1,(Q#42(0%/1;D#Y3$#6%&'#W0%1#53@3935#1;E30#%9#H(,44#5'3*6/#
A3*3134#+31X+,*5/R#@%5&9X1(%R#09%6%1(%#62*4%5/D#720/1#53@;90;&3R#@,&'#%#+31X+,*20#-,*'%$%424#
53$ # 1:634/ # %9 # /5-,($2W/X # 09/5434/92*20%R # %9%9 # 53$ # ;(4/ # $3& # 6%&' # W0%1 # /&35 # *%00%5 # 1;E30#
-3*+,*&,95/#%9#,*6%0,44%1#4%(4%*$24D#b9#-B1;EE35#%9#,*6%0204%5?*20G%5R#%#09:63&;(4;0G35#;0#%#
@3*'30H(20G%5#A3*35/1#$3&R#%9,5G%5#;(/54@34/#%#09:63&%*1,4204 #;0#244;43*3035#$/5+%9,1%4#%#
1:9/0$3(34/ # 4%542(&'%1%4R # $3*'31 # +:54B35 # ,*6%020,0 # 4%5?*20(% # ;EC*531D # k&'%5%11,( # 0,1#
3034G35#42$%091,+@%4?51#%9#/*'35#4%5?*X1#-3A*344#1;E/#*24202(%R#%9#3&;0934#&*,G2*/0%5#24*24X#
093$*;*34;(3#;0#1(3%4/6/4202(%#3&'%(254R#$3*'#0%A24,0#4%5?*20/#?4%1#1/-3A*3094;0;4#4309/#*3@34B6;R#
+3#394#%#-,*'%$%4,4#%#43(%E3?4215%1#;0#%#4%52(,15%1#/0#@%4;1,5'%5#42$,&%45/?1#13**D#
.! " #2%./#2'Y " ,O40S.U0 " 5$%& " $ " 5./2)02*:/ " ,2V)Y*:/:420 " 3$'3U/ " :/ " /c)&+/"
'24*2))242//:%:52) " 0]8*Y " 3$4O)U0# 09/54;5 # /&35 # 3*4;(B # 1,&5/4H6 # ;0 # 4%5?*20/ # 1;E300;&3113*#
GH(5%1D #! " ,.%&2)2#- " :/f5$%& " $03.5.31/8$5$'4 # S"xxR # "xZ"xU # $?4%4X # 4%5?*X1 # E(,G*;$2/#
2*4%*2G%5#09359,$,4,(,0#09/5435R#%9#;09*3*;0#;0#%#-3*+,*&,920#43(C*34;5#%#*3&1/-3A393443GG31D#
Y3$ # 4?+A21 # % # 1:(5'3934C1 # /5&3(3/4 # 093*3142*5/R # 6%*%$/54 # (35+395/D # o&' # /0 # $,5+@%45251R # 4Q*#
0,1%4#;09*3*531R#53$#4?+5%1#62*%094%5/R#39;(4#3034*3&30R#@,&'#$3*'/1#;09*3*34#13(C*#%#1,&5/4H6#
-,*'%$%4,1 # -3*+,*&,9202/& # ;0 # $3*'/1 # 53$D # 8 # $/63* # % # 1,&5/4H6 # -,*'%$%4,1 # -3*+,*&,920/#
1%E%W/420% # 6;&30R # 39 # -B1;EE35 # % # -/&'3*$/ # ;0 # %9# 3$*;13934/ # $F1:+;031G35 # ,1,9 # 9%6%(4D #"#
-/&'3*$F1#1:55'35#3*-2(%+R#-B1;EE35#,0942*'1:(5'3934G35R#%@,*#53$#W0%1#%#4%5?*20/#-,*'%$%4#
/5&3(3/4#13**#-3*6355/C1R#$H&#1/0W0,E,(4,0#;0#3&';5/#@3*'934G35#$3&*3EB35#AX*#43*A30H43531D#"#
4%5X(21,5#43@24#6;&*3431/&#-,($2*4R#;0#G3*24@%4X#$355'/0;&F#/5-,($2W/X4#13**#1%E5/?1R#39#5:63*/#
%#-3*+,*&,920#6%*X09H5F0;&;4D#n/&'3*$C1#/(25'H42024#/0#/+B(B*#/+B(3#03&H435/#09C10;&30R#$3(4R#
G2(#&,5+,*1,+20/#-,*'%$%4%/1#2*4%*2G%5#AX1R#53$#(/4125#24*%&#-3*344/31R#-/&'3*3$4%(420/#;0M6%&'#
/$E?*9/6/420/# E(,G*;$2/1# $/%44 # 53$ # 4?+5%1# 6;&/&@%*%+5/ # %# 1H6254 # &,5+,*%4$353435D # b9 # 53$#
W0%1 # -2(%+442R # @%53$ # 4C(3*$34*355;R # 3034*3& # %&(3009H662 # /0 # 43@34/ # B134D # "9 # /$E?*9/6/420#
%*%W0,5'#$,5,4X5/%4F(;003*#/0#A2(@%4R#39;(4#W;*093(F#%#4%5X(25#%9#3&'30#-3*%+%4,1#+/5%$/1?0#
62*42024R#6%&'#%#-3*%+%4.$3&,*+20/#$X+,1#0,109H5F0;&;4#G/94,0H4%5?51D#"9#/$E?*9/6/420#$20/1#
63*3A2(XA% # 3&' # 3(B0 # 43*A30H4$;5'/5&%+,920R # 39 # %9 # /+3&(35+093( # -,1,9,44 # -2(%+;1,5'02&26%*#
-C&& # :0093D # " # 09,1%4*%5?* # &'35&3 # 43*A30H4$;5'4 # 1/62*4@%4A% # %9 # /+BA2(20R # 6%&' # % # @,009Q#
4%5?*$25'/ # /+B09%1 # 6;&3 # -3*; # G2($/*'35 # <4Q*W0,(+?*X # /5&3(=R # 3034*3& # 09,W/2*/0 # ;0M6%&'#
1,$$?5/12W/X0#53@;90;&31D#f2(#3931#%#&'3($3131#2*4%*2G%5#43*A30#5'3*6/#1X+,4#@%0952*5%1R#
$;&/0 # &'%1(%5 # (,009?* # ;09*3*/1 # 42(0%/1 # 5,563(G2*/0 # 6%&' # 63(G2*/0 # A3*3/4R # H&' # 09,1%4*%5?*#
(3%&2*5%1#%9,1(%R#39;(4#-B*3&#09,W/2*/0#1%EW0,*%4%/1#-:554%(4202G%5#/&;5'3*531#03&H40;&34D
! " 3$4O)1/. " 32)V2/^3#:4&20 " T'+Z):#1V16%* # *3&&'%1(%GG%5 # % # G309;+-,&'%4;1,0,152* # $2(#
!]

(;09*3439344#^'+33"4&2)5."8$5$'S+/09*3`/%U#;0#%#$,04#42(&'%*%5+X#*./80$)0c).$#3034;5#G309;*C51D#b9#
?4XGG/#%#$%43$%4/1%/#&,5+,*1,+20#9%6%(%D#a/094%#-,($2A2G%5#%#$%43$%4/1%/#+31X+,*20#53@;90;&;4#
;0# %# $%43$%4/1%/# &,5+,*1,+20# &'35&30;&;4# A3*354/D# Y3@;90;&34# ,1,9#53$ #W0%1# %# 092$A3&'31#
-3*/0$3(;03R#+3#%#092$-,&%*$%1R#%#@3*'/;(4;1R#%#$F63*3431#;0#%#$%43$%4/1%/#:0093-C&&;031#SE*D#
%(25',1R#4:(6;5'31U#$3&4%5?*20%R#$3&;(4;03D#8Q*',002&%#/&35#3*4;(B#*3@34R#+3#$/5+351;EE35#%9#
;*341,(/*%&#3*62(452*#A3*354B035#%*%W0,5'%GG#092$1:(G35#;0#%G094(%1W/X0#09/5435#1;E3031#W0%1#%#
-3*%+%4,1#$3&,*+202(%D#b9#%#53@;90;&#53$#W0?E25#%#092$4%5#X(21,5R#@%53$#$20#09%1X(21,5#/0#
$3&A3*35/1_#E*D#;6092$,11%*R#/+B/0;&&3*R#%(25',11%*R#3&';G#092$,002&&%*#1%EW0,*%4,0#/0$3(3431#
3*0%A24H420%1,(D
!"J$4O)1/3"/2%^3Y"T'+%'$#+0":/"32'1T.10"0.*+)%+81/$1,(#-,54,0#-/&'3*3$G3#6355C51R#@,&'#%#
)%*+,(-./01,*%/ # ,0942*'4%5H4X # 2*4%*2G%5 # P # ;6-,*'%$(% # 62**%*A% # % # &'3($3131 # 5363*;0;4R # 4%5H42024R#
43@24#093$;*'30#-3*3*B00;&3#/0R#@,&'#$/5+35#&'3($31#092$2(%#G/94,0H40%#%9#/01,*%/#;631#%*%44#%#
*3@34B # *3&43*A303GG # -3A*B+;04D #"# 09%14%52(,1 # /0 # %9 # ,0942*'4%5H4X # 03&H40;&;63* # *;E531 # G3 # 3GG3 # %#
4%5H420/.5363*;0/ # -,*'%$%4G%D # "9 # /01,*2G%5 # +,*&,9X # 03&H4B.R # -3A*3094B.R # 43(2E/20 # 09%13$G3(31#
-3*%+%4%#E3+/&R#@,&'#03&H40;1#%#&'3($31#-3A*B+;0;4#;0#%9#,0942*'4%5H4XR#6%*%$/54#%#09%14%52(,1#
5363*B.,14%4X # $?512A24D # " # 1C*:5G:9B # 3*A2(20,1 # *3&@%4;1,5'%GG%5 # %11,( # $F1:+@34531R # @% # %#
-3A*3094B.03&H4B.43(2E/20#09%13$G3(31#*3&%*2GG#@%6/#(35+093(300;&&3*#43%$.$?512G%5#+,*&,95%1#
3&'C44R#1:9:035#&,5+,96%#%9#/01,*2G%5#4%5?*X#8YeR#faY#;0#ZZZ.6%*#1C9+B#&'3($3131#0,(024D#"#
0%A24,0#5363*;0/#/&;5'F#&'3($31#-3A*3094;03.03&H4;03#h#0H1,5#4:(4;5/1#%#)%*+,(-./01,*2G%5D
!D
"9#8Ye.&'3(3131#093$E,54A2GX*#3&'(;094#-/&'3*3$G3#13**#6355C51#%#1:9,14%420G%5#$%#
(35+3*139;0(3 # 2**XR # %9 # 3&'30 # -,&'%4;1,002&/ # 43(C*3431(3 # 1/+,*&,9,44 # 0;(C*;00E3W/-/1?0#
43(2E/21%4R # G/94,0H4%5?51 # 13** # 3931 # 6;&9;0;@39 # % # $3&-3*3*B # 09%13$G3(4 # S%9 # %14?2*/0#
09C10;&*3431531#$3&-3*3*B35#13(C*#$3&GH920(%R#H&'#*3@34#X(%%+X#6%&'#(;092**20Q#/0UD#e+32*/0R#
@% #%# $3&-3*3*B #09%13$G3( # 3&'G35 #)%*+,(-.E3+%&X&/%/# 6;&93440;&&3* #/0 #(35+3*139/1D # Z%# 39#
W0%1 # @,009%GG # 426,5 # G/94,0H4@%4XR # %11,( # 09;*301:(F35 # 42A;1,9X+A,5 # % # E3+%&X&/%#
3$G3(1;E;(B*R # %9# ,0942*'-,1,51;54/ #1:6343*$;5'31(B*D #d;E30# *3&'35 #%9# /01,*2G%5 #%9# /01,*%#
-3A*3094B.43(2E/20 # W0,E,(4A26%* # 6%*X # 09,(,0 # 3&'C44$F1:+;0(3D # " # 0;(C*;0E3W/-/1?0 # 3**2420 # %#
53$934/#1:95363*;0/#4:(6;5'#2*4%*#09%G2*',9,44#$X+A%#%#1C*:5G:9B#-,&'%4;1,002&/#43(C*3431(3#
5;963#%#1:634139B_
$,9&200;(C*431 # 3034;G35_ # $,9&205363*;0 # S09,$%4,E3+%&X&?0UR # &'X&'4,(5%#
S&'X&'4,(5209UR#1,5+?14H6#E3+%&X&/%/#$3&03&H4;0#S1,5+?14,(Ug
*24200;(C*431 # 3034;G35_ # *24205363*;0 # S4/-*,E3+%&X&?0R # *24200;(C*431 # E3+%&X&/2A% # 09%1,0#
&'X&'E3+%&X&?0UR # %1/ # %9 # ;(9;1093(6/ # -3A*3094;0 # $3**344 # %9 # /5-,($2W/X # -3*6;43* # ;0 # % # 4%5?*20/#
-,*'%$%4,1#$3&03&H4;0;4#/0#6;&39@34/g
@%**200;(C*431 # 3034;G35_ # @%**205363*;0 # ;0 # G309;+. # ;0 # 5'3*6/ # -3A*3094;0 # S%9 # 3*BGG/4#
09?(+,E3+%&X&?0 # 6%&' # @%**200;(C*431 # E3+%&X&/2A% # 09%1,0 # &'X&'E3+%&X&?0R # ?4XGG/4 # 3 # $3**344#
*,&,E;+?0#/0#6;&39@34/Ug#
4%5?*20G%5 # %1%+2*',9,44 # 4%5?*X# 1,&5/4H6# ;0#4%5?*20/# 1;E300;&3/531 #-3A*3094;03# S,*/&,-(;5#
E3+%&X&/% # 6%&' # 4%5?*20G%5 # %1%+2*',9,44%1 # E3+%&X&/2A% # 09%1,0 # &'X&'E3+%&X&?0 # 6;&39@34/R#
3&';G#A2(?*;1,0#$3&03&H4;0C134#E*D#,*6%020.R#092$,*209%6%(#*,&,E;+?0#/0#6;&39@34/Ug
G309;+-,&'%4;1,0 # 4%5?*X # G309;+. # ;0 # 5'3*6/ # -3A*3094;03R # 6%*%$/54 # %9 # H(,44 # 5'3*6/ # 9%6%(#
1393*;03#S*,&,E;+?0#6%&'#*,&,E;+/%#09%1,0#&'X&'E3+%&X&?0#6;&39@34/Ug
%#$3&/0$3(B#-?51W/X1#6%&'#%#6/03*13+;0#-3A*B+;0;531#4%(4X0#;0#0Q*',0#(35+3**35300;&;63*#
1C9+B # 4%5?*X1 # 0;(C*;00E3W/-/1?0 # -3A*3094;03 # $%&2G%5 # -,&*%*A% # % # $3&/0$3(B-?51W/X1 # +/(314 # 6%&'#
/5+/(314#-3A*3094;0;4#6%*%$/54#1C*:5G:9BR#09/54;5#+/(314#6%&'#/5+/(314#6/03*13+;0$X+,0H4X#43(2E/21%4R#
+/091%*1Q*/20,1 # 3034;G35 # % # +/091%*1Q*/% # 43(2E/24 # S3*0B0,(G%5 # E09/W@,E3+%&X&?0R # 6%&'#
E09/W@,E3+%&X&/% # 09%1,0R # +3 # 3&';G # $20 # 09%1,0 # &'X&'E3+%&X&?0 # /0 # 1;E30H4344 # 3931#
3*6;&9;0;(3UD
JN

JD
" # )%*+,(-.E3+%&X&/% # 3$G3(1;E;63* # AX* # 3&'C44$F1:+B # $20R # 53$ # 0;(C*;00E3W/-/1?0R#
?&'%5%11,( # % # 093$;*'/0;&-3A*B+;0 # 3&;09;(3 # 1C*:5G:9B # 09/543135 # @%4X # 03&H4B.-3A*3094B.#
43(2E/20 # S9:$;G35 # 53$9341:9/*3& # 3*/0$3(4R # A,&6;+3*3$ # %*%44 # 2**XU # 3*A2(20,1 # G36,5202(% # /0#
09C10;&#6%5R#%#E(3635W/XR#%9#;*34$/5B0;&#A%6H420%#;0#%#1:634139$;5'30#-3A*B+;0/#@24(25',1#
*31C9+;03#;(+31;G35D#"9#/*'35#-3A*3094B.43(2E/20#3*A2(20,1#/01,*%/#%*1%*$%92025%1#1(/4;(/?$%/_
"# 43(%E3?4% # 1;E30 # *3&'35 # %9 # %+,44 # 3*A2(20 # E3+%&X&/%/ # 093$E,54Q # ;(4;13*;0;(3R#
@%42043(C*34;531#*3H(202(%D
" # 43(%E3?4% # /0$3(A3 # % # 4%543(634R # *3&'35 # 4/0942G%5 # %9 # 3&'30 # ,0942*'-,1,1#
1:6343*$;5'09/54A;63*D
" # 43(%E3?4% # 1;E30 # *3&'35 # (35+093(3035 # 3&'C44$F1:+5/ # %9 # /01,*2G%5 # $F1:+B#
-3A*3094B.43(2E/20#W0,E,(44%*R#42A;1,94%4%4204#%+5/#%#&'3($31#-3A*B+;0;(B*D
"#43(%E3?4%#1;E30#*3&'35#09,(,0%5#3&'C44$F1:+5/#%9#,0942*'4%5H4X6%*R#42A;1,94%45/#
B4#%#&'3($31#@%*%+202(X*D
d;E30#*3&'35#3&'C44$F1:+5/#%#09C*B63*D
)%*+,(-./01,*21G%5#A3*35*3&#@%0952*4R#%#)%*+,(-.E3+%&X&/%#3$G3(1;E;(3#;EC*B#3*A2(20,1#(:6/+#
*3H(20%_
"9#$43'+T+8U,O/"+'5+/)1/#SW;*093(FR#@%#%#)%*+,(-#/01,*2G%5#%9#/01,*%,(6,0#3993*#%#093$*;*3443*#
(35+3*139/1U # 3&'0;&G35 # *246% # % # 4304/. # % # *3*1/. # ;0 # % # 093**3$/ # -3A*B+;04R # 03&H4 # % # &'3($31#
;*34-,*'%$%4%/5%1 # ;0 # 1,&5/4H6. # 6%*%$/54 # 4%5?*20/ # -,*'%$%4%/5%1 # :0093-C&&;03/4 # -3*/0$3(5/R#
$3&$?4%4A% # % # 09C10;&30 # G3%6%41,920,1 # /(25'24 # ;0 # 1/A3*:*/ # %9,1 # W;*A24R # -/&'3*3$$3* # 1H0;(/#
+/%&5,094/1?0#$?512A%#0,(25#%#-3A*B+;0G35#G31:634139344#62*4,920,1%4R#09C10;&#3034;5#A%6%0*%4,4#
4309#%#43(2E/%#$X+,0H4202(%D
"9 #Ie3'$ " B2//+4 " ,2V)2/83Y " 2)V1'1/ "/5+/(314 # $X+,5R # $,9&20.R # (%A9. # ;0 # -304;0&'%1,(*%4,1#
03&H40;&;63*#-3A*3094/#%#09359,$,4,(,0#(35+093(4R#%#09359,(,0#/543&(2W/X0#1;E300;&34R#392*4%*#%#
1,&5/4H6 # 1;E300;&3134R # $3*'31 # 3&'C443035 # % # 4%5?*20/ # 43*A30H4$;5'31 # A%6?*202@,9 # 63934531D#
Z%4;1,5' # 3*A2(20 # 4%5?*20/ # ;0M6%&' # 6/03*13+;0/ # 9%6%(,1 # 3034;5D # 8E3W/-/1?0 # -3*%+%4%/ # %9 # 3&'30#
;*341,(,15%1 # $3&-3*3*B # G,5420G%5 # A3*35531 # $3& # % # 1:634139B # 43(C*343135_ # $,9&201,,(+/52W/XR#
43044?+%4 # ;0 # 4;(;09*3*;0R # -/5,$$,4,(/1% # ;0 # 6/9?,$,4,(,0 # 1,,(+/52W/XR # 6H909/5430. # ;0 # -C&&B*3&30#
1:9;E6,5%*/#0,(,$EX#,*+20%R#+,$/5%5W/%#3(B0H4;0D
"#?&U%&2O'.3#.$"%#G309;+@%5&.1;E9;0#$,9&20$3W@%5/9$?0%/5%1#$34%$,(-X9/0%/4#%9#3&;09#4304#
$,9&20%/(%#43(A3094/#1/D#"#4:(9903*#;0#%#6;&4%&,11%*#6;&9344#0E3W/2*/0R#4?+%4,0%5#-3*;EH4344#(/4$/92*4#
$,9&20,1 # % # 6;(13(/5&;0 # %9 # %5'%&W03(3. # ;0 # % # *;&9B.(35+093( # -/9/,*X&/%/ # ;0 # -?51W/,52*/0#
-,*'%$%4%/(% # ;0 # %9 # /+3&(35+093(/ # -,*'%$%4,1(% # @%45%1D # v&' # @%4;1,5'%5 # ,*+A% # % # $20,+*%&,0#
E09/W@;0#4C5343134_#E*D#%#09,(,5&204R#%9#%&(3009/X4#%#1;5'093(300;&34#;0#%#@%5&?*%4/5&%+,9204D
83&H40;&34 # 5'QA4 # % # &'3($31531 # % # 4;( # ;0 # %9 # /+B # 24*24202@,9R # 39;(4 # $/5+35 # ,*'%5 # 3034G35 # AX#
3(3+$;55'3*#@%0952*@%4XR#%$/1,(#%#4%5?*20/.#;0M6%&'#6/03*13+;0/#53@;90;&31#$:&:44#%#43044?+%4R#
%#$,9&201,,(+/52W/XR#%#4;(;09*3*;0#;0#%#(/4$/1?0#1;E300;&31#-3A*B+;0/#9%6%(%#-/&'3*@34B#$3&D#"#
1,&5/4H6#-?51W/X1#1:9C*#*3&/512GG#%#-/&'3*3$1,5W354(2W/X4#%9#;09*3*;04#;0#%9#3$*;1393434#-3A*3094/D
" #6X5:/823- " 5$%& " #X5:/823. " 32'1T.$# % # *3*1/ # 3(B1 # @%($,5/92*2025%1 # 3091:93 # %#
)%*+,(-.E3+%&X&/2G%5D # " # $3542*@/&/;5;0 # A3**3&F # 1393*;0 # % # $%&%4%(420/ # 53@;90;&31 # ;0 # %#
$20,+*%&,0#E09/W@;0#0;(C*;031#1393*;0;@39#1C*:5G:9B#1;E9B$F6;0934/#43W@5/121%4#@%0952*#-3*R#
$/54#%#-304;0R#%#E%0943**.#;0#%#09;5(%A9R#%#-,($%(%A9R#%#+/5%$/1?0#(%A9#;0#%#E*%094/1%D#"#&'3($31#%#
43(2E/20#C*;031#0,(25#43$%4/1?0#%*1,420/#-,*'%$%4G%5#6309#(;094R#31:9G35#%#-3*+,*&,920(%#13(C*531#
%#-309C*40;&31R#%9#24;*4#4(%?$21#;0#%#$%&%4%(420/#E(,G*;$21D
" #d2).+/ " #+8%1/32'1T.$# % # )%*+,(-./01,*2G%5 # @%0952*%4,0 # f,4@$3(.&/$5%094/1% # 43(2E/20#
093$*;*34F#-3*3(B0H4;03D#nB#%*%E3*63R#@,&'#%#G355C5134#1:(C*636B#4;(#$3&;(4;0;63*#;0#24;*;0;63*R#
3*;(@34B#%#$,9&20#&'X&'H4X#3091:91;54#6%*X#-3*@%0952*20%D#"#&'X&'H4X#$,9&20#1:9634*35C*#@%4#%#
J!

-/9/1%/#4304(3R#;EH4B#;0#1/3&'350Q*',9X#@%4200%*#6%5#%#6/09W3(2*/0#(35+093((3#S;*34;(9;1U#;0#3(B0H4/#
%9 # r5.4?+%4,4D # >;093/_ # f,4@$3(.&/$5%094/1% # &'%1,(*%4,1R # 1,5W354(2W/X0.R # (/4$?0.R # C&'300;&/.R#
1,,(+/52W/X0 # &'%1,(*%4,1R # A24;1,1R # %4*;4/1%/ # 3*3$31R # 1;E93*34-3A*3094B # A24;1,1D # " # $,9&20,5#
13(3094C*R#%#-/9/1%/#430435#;0#430443*#+,*&,96%#/&'3109/1#3#$X+093(#6/009%2**H4%5/#%9#3$G3(R#$/54#
4304/R#*3*1/R#093**3$/#*;5'#3&'350Q*'24D#"#&'%1,(*%4,1#*3@340;&30#1/3&;09H4BA3#%#t(3003*.$%009290D
" #A.3#.0O/ "#$//818/ "SZ%?0W@1%.-;*3U #3*6/# @2443(;G35 #%9 #%5'%&W03(3.6;&4%&(35+093(R # (/4$/1?0#
(35+093(#;0#/+3&.;(9;1093(6/#(35+093(#3&'0;&3#2**D#"#53+613(/5&;0#(/4$/1?0#04/$?*2*2025#13(3094C*#
% # 093(63934 # -/9/,*X&/20 # 1/3&'35*H4B.@%($,5/92*X # -,*'%$%4%/4 # 42$,&%4A%D # b*B03&H4/ # % # &'3($31/#
-/&'3*3$#G3-3*;#S%9#/543(,W3E4H6#-,*'%$%4,1#-3*;U#-,(+?*2024D#b92*4%*#3&'#:5$%&2G%5#$3&5'?&6X#
-,*'%$%4,4 # /5+H4 # 3*R # @%($,5/92*6% # % # 4304/.;0 # *3*1/ # $F1:+;031 # 1%EW0,*%424D # dC*:5:035 # @%4;1,5'#
1C*:5G:9B#6/03*13+;09%6%(,1#1393*;0;G35D
#
ID
" # )%*+,(-.E3+%&X&/% # E(36354H6 # 093$*;*34FR # 1/3&'35*H4B # @%420Q # E3+%&X&/%R # 5%&'#
@%5&0Q*'4 # -31434 # %9 # /54(%E3(09,52*/0 # 1;E300;&31 # 1/3&'35*H4344 # -3A*B+;0;(3D # b935 # @%420,1#
(;09*3430 # *3H(2024 # % # 4%543(6 # E(3%$G?*?$% # 4%(4%*$%99%D # "9 # 8Ye # &'3($3131 # 093$E,54A2GX*#
-3A*3094B#;0#(3@%G/*/42/X0#@%420Q5%1#$/5B0C*531#$/5+%9,1#%#-B,14%420G3*/#;0#09%1X(%/#3*3$31R#
$3*'31 # 09,*&2*A21_ # E*D # % # 09359,$,4,(,0 # (35+093(R # % # 09359,(,0 # /543&(2W/X # -3A*B+;0;4R # %#
*3*1/.;(93*$/ # -3A*B+;04 # % # E(%14/1?0 # /543**/&35W/% # 6%&' # % # 1,&5/4H6 # -,*'%$%4,1 # -3A*B+;0;4D # v&' # %#
09%14%52(,1#0%A24#4%542(&'?1#X(2/5#/0#6;&39@34531#1/3&;09H4B#(3@%G/*/42W/X0#436;135'0;&34R#@%#
13**B35#+/--3(35W/2*A21#%#-3*%+%4%+204R#$%`/$2*/0#-/&'3*3$$3*#%9#8Ye.&'3(3131(3D
#
hD
)%*+,(- # ,0942*'4%5H4X # ;0 # % # &'3($31 # 1C*:5*3&30 # 1%EW0,*%4% # -,*'425 # %9 # 3++/& # 3$*H4344#
3*A2(20,1 # 3&'(;094 # 42$,&%4A21 # %9 # ,0942*'4%5H4X4 # %9 # 8Ye # &'3($31 # 4%5X(%/ # 09C10;&*343/531#
$%(%+;14%*%5#1/3*;&H4;0;G35R#$20(;094#$%&%#%9#,0942*'4%5H4X#6;&9/#%#&'3($31#1,((3E342*2024R#
4%542(&'/#-3*92(1X94%42024R#@/0935#B#/0$3(/#%#*3&A,GG%5#%9#%+,44#&'3($31#4%5?*20/#04(%4;&/2/4R#
4%5?*20/#43*A30H4$;5'3/4D#b((3#%#4%543(6#G/94,0H4A%#%#&'%1,(*XX(21#(35+093(;4D
#
" #T2*$%U%O/+0 " 3+51ZZ0:T8:/2 "0,(25 # %9 # /01,*215%1 # % # $?51%43(6G35 # 3*B4;(G3 # 13** # @3*'395/3#
%9,1%4 # % # 4%5-,*'%$,1%4R # 4(;5/5&3134R # $3*'31 # % # 4%5?*X/ # 0,1-;*30;& # 42$,&%42024 # 4309/1 # *3@34B6;D#
d39+34G35 # % # 1C*:5G:9B # 0;(C*;00E3W/-/1?0 # ;(9;135'H4B # E(,&(%$,1,5 # 6%5 # % # @%5&0Q*'R # $3*'31 # %#
G3-,&%+X#%44/4F+#$3&43(3$4;0;4#03&H4/1#E3+%&X&?0,1#;0#09C*B1#1:(;G35#3&'%(254D#b94#1:634B35#
6%5 # 09C10;& # % # 4%5?*X/ # 0,109H5F0;& # 42$,&%42024 # 03&H4B # $X+093(31R # (35+093(31 # 3*0%A24H4202(%#
13(C*@34#0,(_#E*D#%9#/51*?9H6#E3+%&X&/%R#%#+/--3(35W/2*20#$X+093(3R#%#1,,E3(%4H6#43W@5/121#;0#%#
E(,A314$X+093( # $3&/0$3(;03 # 4%(4,95%1 # % # *3&-,54,0%GG%1 # 1:9;D # "9 # 3*BGG/3113* # 3&'35(%5&Q#
$;(4;1G35 # 42$,&%4%5+X1 # % # )%*+,(-.E3+%&X&/% # 093$*;*34;@39 # 1:93*2**XR # % # &'3($3131#
$3&/0$3(;0;4#$3&;(4;0;4#3*$;*'H4BR#;0#%#-3A*3094B.03&H4B#3*A2(20,1%4#G3$?4%4X#4,62GG1;E9;031#/0_#
E*D#b`4(%#l300,5R#f,4@$3(.&/$5%094/1%R#(/4$/1?0#G3+:(90:*;0R#1C*:5:035#%A25*,44%1#%9#%4/E/1?0%5#
-3A*B+B#&'3($3131#&,5+,9202G%5#(;094636B#&'X&'E3+%&X&?0,1#092$2(%D
gNb
!8".40)c8.U"#.4*244$T."%&$0+')$314$0"#2%/82'528:/2
[;*A%R#@,&'#%9#/01,*%#$/5+35#436;135'0;&/#09H543(;5#SE*D#4%5X(21R#09C53431R#E(,A31431R#C553E31R#
1/(25+?*20,1U # $/5+35 # 4%5?*X # %14H6 # (;096;43*;4R # @%*%+2024 # *3@34B6; # 43&'C1R # ;0 # 3@@39 # %#
(35+3*139;0(3#2**X#42(&'/#;0#093$;*'/#-,((20,1%4#G/94,0H40?1D#"#+/$359/X#09%1%09%/_
"#4%5?*20.4%5H420#-,*'%$%425%1#093(639;03
"9#3(B-,((20,1#$,9&X0H420%
! " 3$4^31/-3$4O)1/ " ,+)&$#$314$0 " #2%/82'528:/2 "+:54B35 # % # 4%52(/ # 1,**;&/?$ # ;0 # %#
-3A*3094B.43(2E/20#43%$#-3*%+%4%D#"#9#,0942*'4%5H4X#;0#%#09%14%52(,1#%((%#13**R#@,&'#4:(313+A3531R#
@,&' # % # 4%5X(21 # -,*'%$%4% # % # *3@34B # *3&%14H6%GG%5 # 42$,&%00% # % # 4%5?*X/ # 0,1-;*30;&34R # %#
JJ

+/--3(35W/2*20#;0#%#1,,E3(%4H6#43W@5/121#09;*30#42(@2924#%*1%*$%9921D#"#$?51%#-,*'@%4#3&'.#6%&'#
%12( # 1;44%52(,0 # $,+3**G35 # S4%52(y&'X&'E3+%&X&?0 # 6%&' # E3+%&X&/%/.R # &'X&'E3+%&X&/%/#
%009/094350#03&H40;&;63*U#/0D#"9,5G%5#%#-3A*3094B1531#;0#%#&'X&'E3+%&X&?05%1#$/5+35#3034G35#
09,(,0%5#3&'C44#13**#$F1:+5/3#%9#,0942*'4%5H4X6%*R#%#09%14%52(,11%*#;0#%#&'3($31#09C*3/63*D#b5531#
*;E;03/#%#1:634139B1_
"#&'X&'E3+%&X&?0#6%&'#%#43(%E3?4%#*24,&%4A%#%9#,0942*'#4%5H420/#X(2/4R#$3&-/&'3*/#%9#8Ye#
&'3($31 # X(%/ # $?512A24R # 1%EW0,*X+2024 # %9 # ,0942*'1:9:00;&&3*R # 3&'C44$F1:+;0;4 # %9#
,0942*'4%5H4X6%*#;0#42(0%/6%*D
"#&'X&'E3+%&X&?0#;63543#$3&6/90&2*A%#%9#8Ye#&'3($3134D
" # @,0E/42*20 # 4%E%094%*%4%/4 # ;0 # % # 6/90&2*%4 # 3(3+$;5'3/4 # $3&G309;*/ # %9 # ,0942*'4%5H4X6%*#
6%*%$/54#%#09C*B113*D
d:9:035#1/4F9/1#%9#%+,44#E3(/X+?0#E3+%&X&/%/.&'X&'E3+%&X&/%/.5363*;0/#W;*A%/4D
" # &'X&'E3+%&X&?0 # 03&H4 # %9 # ,0942*'4%5H4X5%1 # $3&4%*2*5/ # % # $3&-3*3*B # 3091:9:134R#
$X+093(3134#%9#8Ye#4%5?*X#*3@34B#*3&,E4/$2*/0%GG#X(%/#(;096;43*;531#G/94,0H420%#;(+31;G35D
" # &'X&'E3+%&X&?0 # 4%52W0,1%4 # %+ # % # 09C*B531 # %9 # ,44@,5/ # 1:(5'3934 # ;0 # 09,120,1#
*3&$3&-3*3*BGG#1/%*%1H4202@,9R#%#&'3($31#4%5?*$25'%/5%1#,44@,5/#03&H4;0;@39D
89C10;& # 093(/54 # 53&'3+;63543 # 6%&' # -;*;63543 # % # 09C*B1 # ;0 # % # E3+%&X&?0,1 # 1:9:035#
;(4;13*/1 # %9 # 3*6;&9344 # E3+%&X&/%/.&'X&'E3+%&X&/%/ # $?51% # ;0 # % # 09C*B/ # $3&03&H4;0#
3(3+$;5'300;&;4R#QA#W;*,1%4#4F9531#1/R#6%&'#$X+,0H4A21#%#1,(2GG/%1%4D
7?512A?1%4 # 42$,&%4A% # % # -3A*3094B.43(2E/20 # 43%$ # ;0 # 09C10;& # 093(/54 # % # 4%52(/ # 1,**;&/?$#
&'3($31$3&G309;*;03#/0D
"#4%5?*20093(639;05;*#%#)%*+,(-.4%52(/#$?51%#-,54,0#1H625%*$%R#@,&'#53#W0%1#%9#/0$3(34#1,&5/4H6#
,*+%*24R#+3#*3*1/.;(93*$/#%0E314?0%/4R#6%*%$/54#E(%14/1?0#%*1%*$%92024#/0#3&'-,($%#0Q**'%*#A3*35H403#
$3&D#v&'#62*/1#%#4%5?*20#;(+31300;#;0#;*3443*#43*/6;D#7/5+35#42(&'G%5#-,1,9%4,0%5#03&H4/#%#+/21,1%4#
%#6%*X#;*34GB*#%#-,1,9%4,0#%G094(%1W/X5#24#%9#3*6,54#-,&%*$%1#;0#%9,1#09/$G,*/1?0#$3&A3*35H4;03#
-3*;D#v&'#-/&'3*3$G3#6309/#%#&'3($3131#1C*:5G:9B#3&';5/#4%E%094%*%4%/4R#G3$3534/#4?+2009/54A;4D#"9#
,0942*'4%5H4X15%1#;0#%#09%14%52(,15%1#-3*1;09C*;01,(#%#1:634139B#1;(+;03134#W;*093(F#$%&?15%1#
-3*4355/C1R#@,&'#4?+%4,0%5#$;(*3&3*A;1R#$/*'35#$;(4;1G35#1;E3031#%9#X(%/#$?512G%5#-/&'3*3$G3#
6355/#%#0%A24,0#5363*;0/#/&;5'4R#%#4%5X(%#3&'30#*;E;03/5;*#$/1;54#+/--3(35W/2*5%1z
n3*3*B00;&34#;(39.3#%9#X(25#6%*%$355'/#4%5?*X#4%5?*202;(4z
" # 1/%*%1H4,44 # 09,120,1R # 09%G2*',1 # 42$,&%4A21.3 # % # +/--3(35W/2*X.1,,E3(2*X # $?5124 # %9#
,0942*'G%5z
a:(3109/1.3#%((%R#@,&'#%9#8Ye#4%5?*X1#093$09:&;GB*#/0#6;&/&&,5+,*A%#%#4%5?*2042$,&%420#
1C*:5G:9B#$X+A%/4z
7/5+35#4%5?*X#092$2(%#1:634@34B.3#%#09XG3*/#1:9*;0#;0#%9#H(,44#09:63&z
"#-C934$?512G%5#(:&9H4@34/1.3#1C*:5G:9B1;EE35#S1;E300;&3/1531#$3&-3*3*B35U#%#+/21,1#%#
4%5?*4%1%4z
Z%4;1,5'%5 # 03&H4/.3 # 3*B # % # 4%5?*X1 # ;0 # % # 4%52(R # 6%*%$/54 # % # +/21,1 # 3&'$20 # 1:9:44/#
1,$$?5/12W/XA24z
n/&'3*3$G3 # 6309/.3R # @,&' # 5;@25' # 4%5?*X # 092$2(% # 5%&',GG # -/9/,*X&/20 # ;0M6%&' # $3542*/0#
$3&43(@3*;04#A3*354#%#4%5X(%R#$/54#$20,15%1z
"9#;(4;13*;0#@,992A2(?*.3#$/5+35#4%5?*X#43*A30H4$;5';531#-,1,9202@,9z
Z,0E/42*5%1.3 # % # 4%52(,1 # (35+093(3035 # 3&'$2052*z # 89H63035 # -,&%+A?1.3 # $20 # 4%52(,1#
;09(36;43*3/4z#d;E3031#6%&'?51.3#35531#@%4202(%#62*4,94%45/#%#4%5H420093(639;0G35z
Z% # 1;44%52(,0 # $,+3**G35 # +,*&,9?51R # 4:(3109C51.3 # % # 1:9:0 # E(,G*;$%$3&,*+20(%R#
-3*3*B00;&62**%*20(% # % # 4%5?*X1 # 3&'-,($% # (;096;43*;531 # G/94,0H420% # ;(+31;G35z # VE4/$2*/0%5#
1/@%0952*A?1.3#%#03&H4B#4%52(#S%009/094350U#A3*35*;4;4z
"#4%5X(25#1H6C*/#$?512@,9#+/--3(35W/2*4%5#%+A?1.3#%#@29/#-3*%+%4,1%4z
JI

7/5+35#&'3($31531#G/94,0H4A?1.3R#@,&'#%#1:9:0#09%G%+/+B0#436;135'0;&31G35#6%*%$/54#%#
1:9:00;&/#C553E3135#/0#(;09463&'35#%9#,0942*'#;0#%9#/01,*%#;*34;G35z
"9 #2'Y,+''1/+0 " #+8%U/^31/$ "0,(25 # % # 4%52(/ # 1,**;&/?$R # % # 09C*B/. # ;0 # % # &'3($311:9:00;&34#
6%*%$/54#%#-3554%(4X4#/0#G36,56%#-3*42(A%#%9,1%4#%#-,((20,1%4R#$3*'31#%9#8Ye#&'3(3131#4%5?*20G%5#
6%*X#(;096;43*;531#*3&,E4/$2*/0%GG#$3&6%*X0?*202@,9#09C10;&3031D#b9#3&'%(254#*3@34#%5'%&/.R#
42(&'/.#6%&'#093$;*'/#03&H40;&D#"#09C*B/#1:9:00;&#4%&A%/4#%#G3/(%41,920#0,(25#1;(AC1R#A3*:*A3531#$3&#
%9 # /01,*%/ # ;*34G35 # ,*'%5 # 43(C*3434R # $3*'G35 # 09H63035 # 03&H435;531 # % # 4%5;6 # 0,(25R # 3931 # 1:9:44#
093(3E3*#%9#8Ye#&'3($3131#03&H4;03#/0D#"9#3034351;54#09C10;&30#093$;*'/#03&H4;04#/0#*3@34B0;&#
093(/54 # %9 # /01,*%1:9:00;&35 # G3*C*(B* # /+32*/0 # $3&,*+%5/D #" # -,((201/@%0952*20 # $3&-/&'3*;0;(3 # %#
1:634139B#1;(+;03134#43@34AC1#-3*_
a3*A30 # $;(4;1G35 # @%095,0H4A?1.3 # % # E3+%&X&?0,1 # 09%1;(43*$;4 # % # 4%5?*X/ # 0,1-;*30;&#
42$,&%4202G%5z
73&(%&%+A?1.3#%#*3@34B0;&3134#%#4%5H420#42(&'/.093$;*'/#-3*4;43*;531#-3A*3094;0;(3z
e0$3(AC1.3#;0#13**B35#@%095,0H4A?1.3#%9#/01,*%#42(0%+%*$/#1:(5'3934;531#3(B-,((20%/4z
"#$3&*;6B#3(B-,((20,1%4#/&%902&,0%5#,094A?1.3#3*R#@,&'#03&H40C1#%9#/51*Q9/X4z

!"K!J":/"$"02'233$432'5
FN"!"!"#$%&'()*+,+-./(01+2+.3(4+5.+)*36)1(3+,7.+3+0(6)(&(0+,+33&'3+,8(81)*9':&
=N"!8"2'09)S/."4252):/
" # )%*+,(-./01,*% # *;4(3@,92025%1 # E/**%5%424X* # $F1:+;0;531 # $/5+355%EA%/5 # 24 # ,*'%5 # 4?+%4,0#
093$;*'30#A3*35*;434#/&;5'3*#$/5+#09C*B/R#$/5+#4%52(/#(;09(B*R#%$3*'#$2(#@,9922**20?51%4#431/5463#
:5$%&2G%5#E;*+%$?4%4X#%9#/01,*2G%#A2(X#&'3(3131531D#"#09C*B1#4?+%4,0#+:54;0C1#%*%EA25#53$#
W0?E25 # %5'%&/ # -3554%(4X/62 # 62*5%1 # %9 # /54;9$;5'3/51531R # +3 # 5%E(X* # 5%E(% # /01,*%/ # 303$;5'31#
1:9(3$F1:+B.093(639B/R # %9 # /01,*%/ # 093**3$/0;&;G3 # G31%EW0,*X+X%5 # 4;5'*3&30 # ;*434B/ # *309531#
&'3($31C1 # /01,*2A% # ;*34;531D # " # 4%52(,1 # $?512A% # /0 # 1/3$3*13+B # 3&'C44$F1:+;04 # /&;5'3*_ # %#
&'3($3131 # 35531 # 4?+%42G%5 # -,*'4%4A21 # 4%5?*$25'%/1%4D #"9 # /01,*%/ # ;*34531 # $/5+35 # $,99%5%4%# %#
A3*35*;4531#394#%#$%&%0#$/5B0;&;4#-3*4;43*39/_#$/5+39#$/5+35#-;*#092$2(%#%#*3@34B#*3&&'%1,(*%4/GG#
4%*2*1,9204#@,99%#%9#;*34G35#(251#62(X#-3*%+%4,11%*D

;N"K2#823."943O*$3W"\$8$,.$/"4252):/
"#53$934/#:54?+%4(%#5363*;0#&'%1,(*%42G%5#6%*X0?*#$3&#%#)%*+,(-./01,*2G%5D#x/21A%/51#092$2(%#
$2(#%9#3*0B#;6-,*'%$,1,5#%#$%&'%(#1?*4Q(26%*#24@%4,44#4%543(6C51#G/94,0H4#43($;093430#%5'%5'3*6/#
1:93&34_ # % # $%&'%( # 1:*4;0934 # ;0 # % # $%&'%( # 9353.R # (/4$?0. # ;0 # +%**%$1/5W0 # @%42(,9921 # $3& # %#
$/5+355%EA%/1%4D # d;9$F630.$F6;0934/ # 4%542(&'%/51R # /01,*%/ # C553E3/51 # (;6;5 # 5;E/ # 1?*4Q(251#
@%&',$25'%/4 # ;*@34/1 # $3& # % # 4%5?*X1D # " # -3*0BGG # ;6-,*'%$,1,5 # 53$934/ # C553E3/51#
$3&3$*;139;03/531#*;4(3@,9202G%5#%*1,4X%5#6309531#(;094#%#+/21,1D#"#4%543(6C51531#092$4%*%5#
,*'%5#634C*343#6%5R#%$3*'#%12(#1:9634*35#*%1X@3*'#$3&/0$3(;03#2*4%*#%#09C*B-:*+R#%12(#%#4:(4;53*3$#
0,109H5F0;&;531#-3*/0$3(;03#2*4%*#%#@%9%093(3434#;(9;0;4#42E*2*A21D

>N"H))$#T+)%1'/1%'$W"*2#+0'1S.1'$"4252):/
"# )%*+,(-./01,*% # $F1:+;0;531 # -3*4;43*3 # 3&' # :5/&%9&%420/ # %*%E,1,5 # 093(639B+B # /01,*%/(25'H420D#
b993*#1/62*X#E;*+24#%+#%#$;*425',0#3&'C44$F1:+;0GB*#09C*34B#$?512(%R#%9#3&'C44;*;0/#09%G2*',1#
$3&%*1,4202(%#;0#%*1%*$%9202(%R#%9#3&';5/#;0#1:9:00;&/#W;*,1#:0093@%5&,*2025%1#&'%1,(*%42(%D#
" # +3$,1(%4/1?0R # 09%G%+,5 # %*1,4X # 2**%$E,*&2(/ # 436;135'0;& # 09;E # E;*+2A% # % # )%*+,(-./01,*21#
09%1$%/ # ;(+316;+3*$/ # 3&'30C*34;531R # %9 # !]]K # X4% # 436;135'13+B # 7%&'%( # )%*+,(- # 89:6340;&#
Jh

-3554%(420%_#35531#%9#/54;9$;5'31531#+3*3&2W/X0%5#$F1:+B#A3**3&3#1/62*X#E;*+2A%#+3$,1(%4/1?0#
093(63934/#$F1:+;0531D#"#*3&-,54,0%GG#2**%$E,*&2(/#A,&,1#;0#1:43*300;&31#&'%1,(*2025%1#43(3E3#
39_ # %9 # ;(+31.1;E6/03*34/ # $F1:+;0R # % # 1:9C&'31 # &'%1,(*20%R # % # 09%1$%/ # $?51% # 093(639;03R#
4%52(/.09C*B/#4,62GG1;E9;031#$/5+#%*1,4X#-3*3*B00;&43*A30#A3*35*;434#/&;5'3*531D

hN"!8"94./#2'23":/"$"31'/$/"0O)3c'$",2V)2/83:/2
"# )%*+,(-.E3+%&X&/% # 6%**A%R # @,&' # %9 # /01,*% # 3&'/1 # *3&-,54,0%GG # -3*%+%4% # 09,W/2*/0 # 1;E300;&31#
-3A*3094;03D#t3+%&X&/%/#$F1:+;0;531#3&'/1#%*%EE/**;(3#%#+/21,1#3&'C44$F1:+;0/#1;090;&;531R#%9#
3&'$20#-3*;#-,(+?*205%1#-,*'%$%4,0#&'%1,(*20%D#"#$F6;0934/#c#1C*:5:035#%9#3?(/4$/%R#%#+(2$%#;0#
% # 1:9:0 # 9353/ # c # 5363*;0G35 # $2( # %9 # %*0XGG # ,0942*'-,1,1,5 # /0 # /&35 # 5%&' # A3*354B0;&3 # 6%5 # %#
1:9:00;&/ # 3&'C44$F1:+;035 # %*%E?*X # 4%5?*205%1R # % # 5%&',GG # W0,E,(4,1 # 1:9:0 # $F6;0934/#
3*B%+20%/5%1R # -3**;E;03/531D # b9 # % # 4:(316;0 # 4/9351;4 # ;635 # 13(3094C* # 6;&/&1H0;(/ # 3&'.3&' # ,0942*'#
;*34;4D#"#1;9$F630#;0#1;E9B$F6;0934/#4%542(&'%1#%9#%1%(%4/#5363*;0#*3&-BGG#3091:93/_#%9#;631#
$Q*426%*#3&'(3#-,1,9,44%GG%5#09,*&2*A21#%9#:5/0$3(3434R#0#H&'#%#42(0%0#3&'C44;*;0#$3&%*%E,9X/62#
*309531D

iN"!"S/$)1*.":)23'2"4252):/
"9#24(35+39B+BR#(3*%4/6/92*X+X#;(4;1(35+F#6/*2&G%5#3&'#)%*+,(-./01,*%#$F1:+;0;G35#1/3$3*13+B#
093(3E # A?4 # -,1,9,44 # W0%*2+/ # 3&'C44$F1:+;0531D # 72( # 3*363 # 3663* # %9 # %*%E@3*'93443* # 43($;093430#
E,9/4H6 # 5363*;0/ # %*%E1:93&34 # G/94,0H4 # % # &'3($3131 # 092$2(%D # "9 # 3*43*B # ;631 # 0,(25 # % # +/21,1#
-,1,9%4,0%5 # 3&'(3 # 4:GG # 1:9:00;&/ # -3*%+%4,4 # 6309531 # 24 # % # W0%*2+4%&,14X*D # k&'%5%11,( # %9 # QA#
)%*+,(-.13(344%543(6G35 # 4%543(6/ # W;*1/4F9;0 # %9 # 3&;090;&(3 # ;0 # %9 # 3&;090;&30 # 093`?%*/420(%#
5363*;0D

jN"!"32/3.":/")2)0."2%:/8/:%'2"4252):/
" # )%*+,(-./01,*21 # E3+%&X&/%/ # ;0 # /01,*%-3554%(420/ # 436;135'0;&3/1G35 # % # +/21.09C*B.4%52(#
@2($%02(% # ;EH43531D #"9 # 3&;090;&300;&(3 # 4:(316;0 # %9 # /01,*%/ # ;*34 # $/5+35 # 09/54A;(3 # 1/43(A3+_ # %#
E3+%&X&/%/ # $?51% # -,54,0 # $,99%5%4% # % # -3A*3094B # E3+%&X&?0,11%*R # /01,*%,(6,00%* # 6%*X # 09,(,0#
3&'C44$F1:+;0D # b9 # % # -/&'3*3$ # 2*4%*25,0 # /&;5'1;54M1:6343*$;5'1;54 # 093(639B # 3(3A3 # %9 # /01,*%/#
-,*'%$%4,15%1_#E,9/4H6#@%420%# 6%5#%#W0%*2+,1#;*34;(3#/0D#"#)%*+,(-./01,*21#@/&/;5/%/# E3+%&X&/%/#
093(3E3#%#$%&'%(#1:9,14%420G%5#3935#%#43(C*3435#/0#;(9;13*@34BD

kN"E2)2)Y//:%51))$)1/"#1/+0:'3W"940:432//:%
"9#QA#)%*+,(-.13(344%543(6#%A25*20%/G%5#$3&-,&%*$%9,44%1#093(/54#%9#/01,*2/515%1#4:(313+5/C1#13**#
%9 # /51*?9H6 # A3**3&F # 1:9:00;&;EH4;0(3_ # W;*A%/ # 1:9:44 # 3*@%5&9/1R # @,&' # 3*-,&%+XR # 3&'C44$F1:+B # ;0#
:094:59B#*;&1:(#A:AA:5#*;4(3#%9#/01,*2G%5D#S"#1C*:5G:9B#1;090;&G3*/#53@;90;&3113*#1C9+B#+/21,1#
092$%(25'%#%9#,0942*'1:9:00;&G35#53#@%*%+A%#$3&#%9#,(092&#:009*%1,0092$2(%#30B#24*%&,1%4D#U#
b935 # 2*4%*25,0 # $F1:+;0/ # 3*6 # 093(/54 # % # +/21,1 # 093$;*'/0;&-3A*B+;0;531 # 3&'/1 # W0QW0E,54A% # %#
4/9353&'3+/1 # ;6-,*'%$G%5 # $3&6%*X0H4%5+X # 09,W/2*/0 # &'%1,(*%4D # "9 # 3&';5/ # -3*3*B00;&62**%*20#
&'%1,(*%4/ # E(XG2A% # $/5+35 # +/21,4 # 093$G30H4 # %9 # 3$G3(;*34 # 1:9:00;&/ # ;0 # 3&';5/ # @%42(%/6%* # /0R#
$3&4%E%094%*A21#%#6%*X02&,0#03&H40;&#A3*354B0;&;4#%#09,W/2*/0#1%EW0,*%4,1G%5D

MN"E2443$'3\$3U/1%W"09'4&28233O*$3+//1%
" # )%*+,(-./01,*21 # -3554%(42025%1 # G/94,0 # %*%EA24 # %+X # 09C*B/ # 1:( # ,*'%5 # 4?+%4,0 # +:54;04 # 13**#
$3&@,95/?1R#%$/1,(#394#%9#/01,*%4HE?04#62*%094A21#&'3($31C1531R#%$3*'#$2(#3*363#-3*4;43*39#3&'#
$20#A3**3&F#W0%*2+/#%*%E2**204#%#6/*2&G%5D#"#1:(5'39344?+%4,0#$%&%4%(420#09/543#%*%E/&;5'4#4%(4@%4X#
092$,5#$/5+#%9#/01,*%-3554%(4X/R#$/5+#%#/01,*%$F1:+434B/#,*+%*,5D#"#4%543(6#-3*;EC*;03#$2(#%9#
JL

%*0XGG#,0942*',1G%5#-,*'%$%4,0#1%EW0,*%4,4#/&'3109/1#1/%*%1H4%5/#%#6%*X0#6/*2&&%*R#/**3463#%#6/*2&#
43($;093430#-,*'%$%4%/6%*R#(;&/#$3043(0;&31R#436;135'0;&3113*#6%*X#4%*2*1,920#2*4%*#%#&'3(3131#
,*'%5R # %9 # :5-3554%(4X # 43($;0934300;&&3* # $F1:+B # 4:(4;53*$/ # &%9+%02&/ # &'%1,(*%4,11%*#
/0$3(13+531 # $3&R # %$/531 # :5$%&2G%5 # E;*+%$?4%4X # ;(4;13 # 6%5D #"# -3*0B0 # 43($;09344?+,$25'/#
4%543(631531#E3+/&#43$%4/1%/*%&#/0#(;093#1;E39/1#3931#%#1;(+;031D

PN"`1)&$+'.2431S.U
"#)%*+,(-.E3+%&X&/%#3&;093#%#4?+%4,0#;5.4#G/(4,1*X#3$G3(#5363*;0;(3#/(25'?*D#b94#W;*,9921#%9#
%*%E-,1Q#$F6;0934/#5363*;0#5',*W%+/1,0#;0#4/93513443+/130#;630#92(X$?512/#/0D#"9#3*0B#6/90&%#
5',*W#;6#4%5?*$25'%/5%1R#%#1/-3A*B+:44#1;E300;&31531#6/009%431/54B#A3**3&F#-3*$;(;03#/0g#%#$20,+/1#
6/90&% # 3*62(201;54 # c # $/54 # % # 4/9351;4 # ;630 # )%*+,(-.1;E9;0 # 3&';5/ # *392(20% # c # $2( # $%&2G%5#
@,(+,99% # %55%1 # *3@34B0;&;4R # @,&' # %# +/21 # A:635+B # ;*34Q4A25%1 # /(25'%/ # -3*; # $,9+?*A,5D # b5531 # %#
-3*/0$3(;0/ # ;0 # :5.$3&/0$3(;0/ # -,*'%$%45%1 # % # 42$,&%420%(% # /(25'?* # 4/9351;4 # ;635 # 13(3094C* # %#
$F6;0934/ # 5363*;0R # %9 # ;*341,(,1 # 0%A24,002&%/4 # -/&'3*3$G3 # 636B # 4%543(6/ # 1,5W3EW/XR # %9 # /01,*%/#
&'%1,(*%4,1#0,(%D#"#6;&0B#W;*1/4F9;0R#@,&'#%#+/21#3&';5/#%+,4402&%/GX*#/0#-%1%+X#1;E300;&3/G35#
1/43*A303+63#+:54;03134#$3&@,95/#4?+X#3$G3(1;54#@%&'A%#3*#%9#/01,*%E%+,4D

=<N"?$8*$/1%.":/"T:48]%&."4252):/
"9#QA#$%&'%(#)%*+,(-.13(344%543(6G35#1;4#$,+?*G%5#$3&A3*35/1#%#&%9+%02&/#;0#E;59C&'/#5363*;0D#
"#E;59#6/*2&?51%4#%*%1H4X#093(3E;531#4?+%4,0#6;&/&&,5+,*2025#%*%E?*X#&%9+%02&4%5.4%543(6#%9#
:4:+/14B* # % # 5',*W%+/1 # ,0942*'/& # %*%E634B # &'%1,(*%4/.*,&/1%/ # 1;090;&3134 # /&'3109/1 # 1/%*%1H4%5/ # %#
&'3($3131G35g # $%A+ # % # 1/*35W3+/14B* # % # 4/93513443+/1 # ,0942*'/& # 4%(4X # /+B09%1G%5 # $2( # 5%&',GG#
(2*24204#1H625#%+5/#%#&%9+%02&,4#$F1:+434BR#+3#%12(#%#6/*2&&%9+%02&#62*4,920%/4#$3&@%42(,9X#
-,*'%$%4,1(%D

==N"6:*.$3O*$3+//1%'$"4252):/
"# 4?+%4,0 # $;+/%/0$3(34 # ;0 # .%*1%*$%920 # A3*354B0;&;4 # 3*/0$3(63 # 09/54;5 # 1C*:5 # 4%543(6 # 1;09C*4_#
%*%E634B#W;*?51#/44#/0#%#$;+/24X*#$F1:+;0;4B*#24@%4,44#;0#G3-,*'20,*4#$/5+355%E/#;*34C51#;(4;13*6F#
093(639;0;531R#4?+%4,0#3&';5/#/(25'H42025%1#$3&4%5?*20%D#"#$;+/24#639;(*B#3(B1#S$3&U/0$3(;03R#
@%420$3W@%5/9$?0%/5%1 # $3&;(4;03R # % # $;+/%@%0952*%4 # 4?+%4,002&25%1 # 1/%*%1H420% # % # +/21,152*#
3*0B # (35+F # -3*%+%4_ # -3*/0$3(4345/ # 63*C1 # % # AX # 1,$$?5/12W/X0 # 1;E300;&31 # 1/%*%1H42025%1R # /**3463#
%55%1#$3&*;4;531#$/*'35#-3*3*B00;&43*A30#093(3E3#6%5#%#42(0%+%*$?51#;*34;G35D

=;N"!"3$4O)1/"3$4^31/$
"9#QA#)%*+,(-.13(344%543(6G35#62*%094@%4X#4%542(&'1;54#1C*:5#4%543(6/#09%1%09#4%*2*@%4X#%#4%5?*20#
4%5?*202(X*D # 72( # 0,1 # ;630 # 4%E%094%*%4 # ;0 # &'%1,(*%4 # %*%EA25 # -3*;EH4344 # 4%543(6R # 4%5?*204 # 03&H4B#
1:5'631#%*%EA25#E,54,0%5#G3@%42(,*@%4X#%9#%9#;*341,(R#%$/1,(#@%4;1,5'%5#*3@34#394#%#1;E300;&34#
-3A*309435/D #" # )%*+,(-.E3+%&X&/2G%5 # 3&' # ,0942*'4%5H4X5%1 # c # %1/ # 5',*W # ;6/& # 63934/ # ,0942*'24 # c#
3&'3+C*2**X # *3@34B0;&3 # ;0 # -3*3*B00;&3 # /0R # @,&' # A2(4%0 # *3&'35 # 3931G35 # %9 # 3*A2(20,1G%5D # "#
)%*+,(-.E3+%&X&/%#W;*A%/#1:9:44#%9#;*$;5'093(F#4%5H420R#%#4%5?*4%1#:(:$$3*#24@%4,44#$3&;*;03R#%#
$3&-/&'3*;0/.*3H(20/#&'%1,(*%4,1R#%#6/*2&#A3*350;&3/#/(254/#5'/4,4402&(%#4:(316B#-/&'3*3$#1/%*%1H420%#
53$ # W0?E25 # $/5+R # $/5+ # 093(3E3*531R # @%53$ # % # 09%1$X+093(4%5% # /0 # 3931GB* # % # W;*1/4F9;031GB*#
/5+?*#1/D

FFN"!8"2%:/8":)2324"13"3$'3U"3$4O)1/\+8"/8]0/:%2/"0O)S/0+#T2324S.10"2O'UT$."
'2,2'24S.$02'232":/"$"02'233$432'5
=N"!4&$4&2)5."0+##O4.01S.U
JO

! " #$%%&'(#)*(+ " , " -$'.$/,0$#1 " 234256# " 25 " 02'76# " 54+86/( " 25 " 93)586/( " :$3%)8,' " 0;302'< "
#(:6=64252'6#"25"2306/%64252'6#"#2>6552-6","0)35,.,/%("25"#&/0&3)/(5"#$'06?0&5$#"06/=65"5#)/)=)'"
@","%&'#,A6/76'1"$00A$'"25","54,8,.(.<86'B

;+,+33&'3+,81(1)2+,+3+0
!
!
!
!

!
!

"9 # %*%E09X1/5W0R # % # -?51W/,52*/0 # 5'3*64%5 # ;0 # 04H*?0,1R # 6%*%$/54 # % # 5'3*6/ # -?51W/X1 # G/94,0#

/0$3(343D#
"# 63(G2*/0 # /543(%1W/X # 1C*:5-;*3 # 4HE?0%/5%1 # SG309;*&34;0R # /543(AQR # 6/4% # 04GDU # ;0 # % # 1C*:5-;*3#
G309;*4#5'3*6/#04H*?0,1#-B#A3**3$9B/531#/0$3(343D#
"#1,$$?5/12W/XG%5#@%0952*4#63(G2*/0#;0#5,5.63(G2*/0#3091:9:1#/0$3(343#S%#G309;+@%5&#
$/5B0;&;63*#1%EW0,*%4,0#A3**3$9B1R#%(W1/-3A39;031R#43044%(420#;0#&3094?0,1#(35+093(3UD
"9 # /(,+%*$/ # 09:63&-%A421 # S$303R # $H4,09R # *3&35+%R # 63(0R # *H(%/ # 1:*43$;5'R # +(2$%R # 5,63**%R#
(3&;5'U # ;0 # -B # A3**3$9B/1R # 6%*%$/54 # % # 53$ # /(,+%*$/ # 09:63&-%A421 # S:5;*34(%A9R # E2*'29%4R#
G3092$,*XR#W/11R#3009;R#G309;+#04GDU#;0#-B#A3**3$9B/1#/0$3(343D
"9 # H(,44 # 5'3*6 # -B # A3**3$9B/531 # %9 # /0$3(343 # S@/6%4%*,0R # @;41:95%E/R # 4?+,$25',0R#
90?(5%*/094/1%/R#G/9%*$%0#04GDUD
"#5'3*6#;0#%#1,$$?5/12W/X0#-,($21 # /+B@:9R # -:*+(%A9/R # 42(0%+%*$/ # ;0 # 1,$$?5/12W/X0#
1:(5'3934@39#6%*X#1:4:440;&;531#;0#62*4,9%4,002&25%1#-3*/0$3(;03D

;+,+33&'3+,81(06)*)6<+0
!
!

!
!

!
!

dC*:5G:9B#C9353431#1:9*;03#
H(20G%5 # ;0 # 09XG%5R # /**3463 # %9,1 # $3&;(4;03 # 6%&'#
$20,11%*#6%*X#$3&;(434;03#62*4,9%4,0#@3*'93431G35R#1C*:5G:9B#W;**%*D#
dC*:5-;*3 # 09:63&31 # ,*6%020% # ;0 # $3&;(4;03 # % # 1C*:5G:9B # W;*,15%1 # S/5-,($2W/X093(9;0R#
4%5?*20 # 6%&' # 09X(%1,920U # ;0 # 09:63&4HE?0,15%1 # $3&-3*3*B # ,*6%020/ # 04(%4;&/21#
%*1%*$%92026%*D#
dC*:5G:9B#4HE?0Q#;0#1C*:5-;*3#W;*,1%4#09,*&2*X#H(,44#09:63&31#%*1,420%D#"#09:63&%*1,420#
-,*'%$%425%1#5',$,5#1:634;03#S%#629*%41;09H4;04B*#%9#24,*6%020/&UD#
v(20G3*/ # /5-,($2W/X1R # %+%4,1 # ;0 # -,&%*$%1 # 13(30;03R # &'FA4;03 # ;0 # -3*+,*&,920% # % # 4%5?*20#
0,(25R # % # 4?+20 # 09/0943$%4/1?0 # (35+093(39;03D # " # -,54,0 # /5-,($2W/X1 # 1/09F(;03 # %#
09:63&;(4;0R#G309;+R#,*6%020#;0#H(20#0,(25D#
8%A24#;(631#$3&&'B9B#$X+,5#4:(4;5B#$3&-,&%*$%920%#09XG%5#;0#H(20G%5R#6%*%$/54#$20,1#
H(20G%5#;0#09XG%5#1/-3A4344#5;9BE,54A%/5%1#%#43*A30#$;(4;1F#-/&'3*3$G36;43*3D#
d,$E*3` # 09:63&31 # S3*B%+20,1R # G309;*&34;031R # ?4%0H420,1R # /543(AQ1R # 6/421U # %*1,4202@,9R#
3*B%+202@,9 # 6%&' # $3&;(4;0;@39 # @%0952*4 # 03&;+3091:9:1 # SE*D # A3&'93431R # 629*%4,1R#
4;(1;E31U#%*1%*$%920%D#

=/(0+,+33&'3+,81(3+,7.+3+1
7%&'%(#5'3*6#;0#/(,+%*,$R#4:(4;53*3$

;N"F*2%24"4&2)5."0+##O4.01S.U
!4 " (.6-6' " '76/C( " #$%%&'(#)*(+ " , " -$'.$/,0$#1 " 234256# " 25 " 02'76# " 54+8,' " 25 " 93)58,' " 0;302'< "
%6-230252'6#1"#(:6=64252'6#"25"2306/%64252'6#"#2>6552-6","0)35,.,/%("25"#&/0&3)/(5"#$'06?0&5$#"
%6-:6/6/<"5#)/)=)'"@","%&'#,A6/76'1"$00A$'1","54,8,.(.<86'1",4"$#0,0)58,'"25"#2>42586'"@",4"
,'7,'76/C0</ " #D/;'8;4< " '76/C6E#6F'1 " (//60C6 " ,4 " (5#$/, " 0,'90)5( " '76/C2' " ,4 " 6-72'( " (-2'76# " 25"
54D#52-/606#"5463('0B

JK

;+,+33&'3+,81(1)2+,+3+0
!
!
!
!
!

"#09X1/5W0R#%#-?51W/,52*/0#5'3*64%5R#%9#/54,52W/X#;0#%#1/3A4;0#/0$3(343D#
"# 63(G2*/0 # /543(%1W/X # 1C*:5-;*3 # 4HE?0%/5%1 # %9 # /0$3(343 # S093$;*'30 # ;0 # 43*3-,5,5 # 4:(4;5B#
G309;*&34;0R#/543(AQ#04GDUD
"9#/(,+%*$/#;0#53$#/(,+%*$/#09:63&-%A421#$3&-3*3*B#1:(;531#/0$3(343#S5,63**%R#63(0R#QA02&.#
;0#-,*'X/(%4W/11R#@,5*%ER#Q4$?4%4XR#*36;*R#(:6/+#G3092$,*X#04GDUD
"#1C*:5G:9B#G309;*4#;0#H(,44#5'3*6/#04H*?0,1#S@/6%4%*,0R#@;41:95%E/R#90?(5%*/094/1%/R#G/9%*$%0#
04GDU#-B#A3**3$9B/531#/0$3(343D
"#42(0%+%*$/#1,5635W/X1#;0#1?*4?(2*/0#093$E,54,1R#6%*%$/54#%#5'3*6-:*+(%A9/R#42(0%+%*$/#;0#
1,$$?5/12W/X0#1:(5'3934@39#6%*X#1:4:440;&531#;0#62*4,9%4,002&5%1#%#-3*/0$3(;03D

;+,+33&'3+,81(06)*)6<+0
!

!
!

!
!

89XG3*/ # C9353431 # $3&@%**&%420% # ;0 # $3&;(4;03 # % # 1,$$?5/12W/X0 # @3*'93431 # $3&-3*3*B#

1:(;G35#S/0$3(B0R#%#093$;*'30#;(+31*B+;0/#1:(@:9#6%&'#%#$/5+355%E/#;*34@39#1%EW0,*X+X#
4;$21(X*UD
f309;*&34;0#139+3$;5'39;03R#-,*'4%420%#;0#G3-3A39;03#/0$3(B0R#%#093$;*'30#;(+31*B+;0/#
1:(@:9#6%&'#%#$/5+355%E/#;*34@39#1%EW0,*X+X#4;$21(X*D
dC*:5-;*3#4;$21(X*#09X*XR#53$#09%109:63&531#$/5B0C*BR#/**3463#c#3&'30#303431G35#c#/0$3(4#
43(C*34@39 # 4%(4,9X # 4;$2(X* # 09X*XR # 09%109:63&531 # $/5B0C*B # H(,44 # 09:63&31 # ,*6%020% # ;0#
$3&;(4;03R#6%*%$/54#1C*:5G:9B#4HE?0Q#;0#1C*:5-;*3#W;*,1%4#09,*&2*X#H(,44#09:63&31#%*1,420%#
$3&-3*3*B#@3*'93431G35D
83&;+3091:9:1#SE*D#A3&'93431R#2G(21R#4;(1;E31U#$3&-3*3*B#@%0952*%4%#09XG3*/#;0#H(20G3*/#
09:63&31#SG309;*&34;0R#Q4$?4%4XR#/543(AQR#G309;+#04GDU#$3&;(4;0;@39#6%&'#%*1,4202@,9D
"# 5'3*64%5?*204 # 09,*&2*X # :52**X # 436;135'0;&31 # $3&-3*3*B # 1:(;531 # 139+3$;5'39;03 # ;0#
-,*'4%420%D

=/(0+,+33&'3+,81(3+,7.+3+1
e+3&355'3*631

>N"6$32#$3.0$."0+#T2324S.$
!"/6-,/,>C60<88"54('06'","%,06%,0(#,("#$%>606'*(,",4";5546,.)51"#(C$')51"54$34)51"$540)51", "
54)4,/2#$# " 25 " ," 0;306# " A,54')/,0)',# " #2>6552-20 " :$-/,/=, " %,-)8,' " :6=86' " 25 " 93)58,' " C2-4600"
54)%90)5$#"5$3)'1"#D/;':2/6"%('.6'',>(">3$8/2%)#"%6-$/.)5,"*2/=)8+/B
G,-,5,88"54('06'","%,06%,0(#,("#$%>606'*(,","%,06%,0(#,("-$'.$/#$.)5%+."E/$-(#&5"25"02386/("
-$'.$/#$.)5F " 25 " , " C,/+5)- " %,-7,3)4,0)3, " 25 " /693)5)3, " 6-7606%656' " A,54')/0 " %,06%,0(#,("
#(:6=6425%+. " E#2>/606#1 " %$.6//6#1 " -6$%603(,( " )83)#1 " -;382#1 " -3,:(#$'$#F " A,54')/,0)3, " C,/+"
#2>6552-"25"#25452-",4",.$00"#$'06?0&5',#"%6-:6/6/<6'B

;+,+33&'3+,81(1)2+,+3+0
!

!
!

" # 092$,1 # ;0 # $;(4;13&'0;&31 # G/94,0 # /0$3(343 # ;0 # % # $/5+355%E/ # 1,543`4?0,1G%5 # 6%*X#

@%0952*%4%R # %$3*' # % # 092$4%5/ # %*%E$F63*3431 # ;0 # % # $%43$%4/1%/ # 1/-3A39;0$X+ # %*%E634B#
-,($2/5%1 # c # % # &(%-/1,5,15%1R # 1;E*3431531 # ;0 # 04%4/094/1215%1 # c # %9 # /0$3(34;4 # -,&*%*A%#
$%&2G%5D
" # $%43$%4/1%/ # 1/-3A39;031 # ;0 # -,&%*$%1 # G/94,0 # /0$3(343 # % # *3&-,54,0%GG # &3,$34(/%/ # ;0#
%*&3G(%/#4;43*3134#/0#G3*3;(463D#
"#$%43$%4/1%#03&H40;&;63*#$3&62*%09,*@%4X#1;(+;0-%A421#/0$3(343#;0#$3&;(4;03D
JP

;+,+33&'3+,81(06)*)6<+0
!

!
!

"#$%43$%4/1%/#1,$E3435W/%#%*%E3*3$3/531#%*1%*$%920%_#%9#:0093%+20#;0#1/6,520R#09,(920#
;0 # ,09420R # 0929%*;1,1 # ;0 # 4:(431R # $;(4;13&'0;&31 # % # $/5+355%E/ # ;*34G35 # -3*$3(C*B#
E(,G*;$21#$3&1:93*H4;03#;0#$3&,*+20%D# t;*+2?*_ # % # 6202(*20 # 0,(25 # S2(%1#
:0093@%0,5*H420%R#$;(4;13&'0;&31R#2(.;(4;1#%(25'#/0$3(343Ug
"#$20,1#2*4%*#3*B%+,44#/5+,1*20#1:634;03#;0#;(4;13*;0(3#;0#%9#/5+,1*20#%*%E&,5+,*%425%1#
-3*/0$3(;03D
" # $%43$%4/1%/ # A3*31 # ;0 # 1;E*3431 # @%0952*%4%R # % # $%43$%4/1% # 5'3*6;531 # +31X+,*20% # ;0#
;(43*$39;03R#6%*%$/54#%#$%43$%4/1%#5'3*63#;0#%#43($;093430#5'3*6#1:9:44/#:0093-C&&;031#
-3*/0$3(;0(3D
7%43$%4/1%/ # &,5+,*1,+20 # ;0 # ;(63*;0R # % # $%43$%4/1%/ # &,5+,*1,+20$X+ # 3*0%A24H420%_#
%G094(%1W/X # ;0 # 2*4%*25,0H420R # @% # % # 1;(+;0 # $3&1:6343*/R # $%43$%4/1%/ # $,+3**39;0R # %9%9#
S$,+3**31#3*3$9;03#;0#1;09H4;03U#$3&*;6B#$,+3**31#@%0952*%4%#;0#%*1%*$%920%#%#-3*4344#
1;(+;0#$3&62*%09,*202@,9D
7%43$%4/1%/ # -3*%+%4,1R # A3*350;&31 # ;0 # 09/4?2W/X1 # 1C*:5-;*3 # *3H(20%/5%1R # 2G(29,*20%/5%1#
$3&;(4;03 # ;0 # %*1%*$%920% # SA3*354;0 # $3&-3A4;03R # ;(43*$39;03 # ;0 # %9 # 2G(29,*20$X+,1#
1:9:44/#1C*:5G0;&4;43*UR#6%*%$/54#%#*3H(20.#;0#2G(29,*20$X+,1#1:9:44/#62*%09420#;0#62*420#%9#
%+,44#@3*'934#1:6343*$;5'3/531#$3&-3*3*B35D
"#1(/4/1%/#&,5+,*1,+20(%#6%*X#
@%A*%$g#1C*:5G:9B#$%43$%4/1%/#2**H420,1#SE*D#2**H420#;0#
-3*436;0U#$3&1C*:5G:9434;03g#$%43$%4/1%/#G/9,5'H420,1#$3&;(4;03R#-,&%*$%1#%*1%*$%920/#
1:(;531#;0#1,(*24%/5%1#%#-3*/0$3(;03D
83&;+3091:9:1#;0#3&';G#3091:9:1#S1:94C1#/5-,($%4/1%/#3091:9:1U#@%0952*%4%D

=/(0+,+33&'3+,81(3+,7.+3+1
7%43$%4/1%R#&%9+%02&/#/0$3(3431R#/5-,($%4/1%

hN"J2'#:/8233O*+#14&.":/"32S\4+)U%.$."0+#T2324S.10
!"063%254600&.$%)'7("#$%>606'*(,",4$#',#",4"(5%63606#'6#"25"%+.54636#'6#","A,54')/,0)3, "
C,/+"#2>6552-"25"#25452-1",%6/76##6/","063%254600&.$%)'7$#","063%25460("C(/)-$0"%,-7,3)44)#B"
! " 06*A'$/+-(,( " #$%>606'*(, " 6''6# " , " 0&.)5',# " ,4 " ,/#,/%,4)5, " , " 063%25460( " #;3'76460 "
)0,/,#90)5)8,'",4"6%863":6/(5%630"(-2'76(36"C,-7"54D#52-/606(36"C)/,54$/C,B

;+,+33&'3+,81(1)2+,+3+0
!
!

"#43($;0934/#6/*2&#;0#%#43W@5,*X&/%/#3091:9:1#;0#-,*'%$%4,1#%*%E3*63/531#%9#/0$3(343D
" # 43W@5,*X&/% # ;0 # $20 # 43(C*3431 # c # 4?+,$25',0 # -3A*B+;0 # SE*D # %9 # ,(6,04?+,$25'G%5UR#
42(0%+%*,$ # S;(4;131R # 3(1:*W0/ # 1;(+;031UR # 1?*4Q(% # SE*D # % # $?*4/$;+/%U # ;0 # % # 1:(5'3934#
S1:(5'393409355'39;0R#-3554%(4@%4X#-3A*B+;0U#c#1:9:44/#:0093-C&&;031#$3&;(4;03D

;+,+33&'3+,81(06)*)6<+0
!

!
!

" # 43W@5,*X&/%/ # 3091:9:1 # ;0 # &;E31R # 6%*%$/54 # 4?+,$25',0 # %+%4,1 # ;0 # $3&2**%EH420,1#

-3*@%0952*20%R # /**3463# %9# %9,11%*# 6%*X #$?51% #6%*%$/*'35 #W;* #6%&' #1:634139434;0# 3*;(;03#
;(+31;G35D
"#4?+,$25',0#1?4%420#*;5'3&/#A3**3$9B/531#-3*/0$3(;03D
d:634139434;031#;0#%#1/+,*&,920?1@,9#63934B#&,5+,*%4$3534#/0$3(434;03D

J]

=/(0+,+33&'3+,81(3+,7.+3+1
a3($;09344?+,$25',0 # 4%542(&'%1_ # G/,*X&/%R # -/9/1%R # 1;$/%R # -:*+(%A9 # ;0 # % # &%9+%02&/ # ;0#
42(0%+%*,$/0$3(34

iN"C.%.31)./"0+#T2324S.$
!".(-(0)/(5"#$%>606'*(,",4"(':$3%)*(+5"0)35,.,/$%"06*A'$/+-()(',#"EHIIF"%,-,8(40$5"25"#3(0(#&5 "
A,54')/,0)3, " C,/+ " #2>6552- " , " %&'#)8,'1 " , " 54,8,.(.<86' " 25 " , " #$%%&'(#)*(+8,'B " J46# " ,"
#$%>606'*()# " , " /$-(#,( " 25 " #3(0(#,( " -$'.$/#$.)55,/1 " , " %,-,5 " 54('0K " (':$3%)*(+#646/25("
#25452-6##6/" 25" ,":6=/600 "#$%%&'(#)*(+5"#25452-6##6/" )//',#" #,>*5$/,08,'B"!4"(':$3%)*(+5" 25"
#$%%&'(#)*(+5 " 06*A'$/+-()# " EHLIF " ,/#,/%,4)5)A$4 " #,>*5$/+.+ " #25452-6# " , " /6-,/,>C60<88"
54('06' " , " %&/0(%2.(, " 06*A'$/+-()=M " (':$3%)*(+# " #636525201 " 2302#6/25201 " 0)3$/)5)01 " /2036A$4)5)01"
86%&0,0)5)0"25")0,.)5)01"C,/,%('0",4"('063'6065"#$%%&'(#)*(+0"25","A)/+4,0$#8,'"C,/+"3254C206/"
#2>6552-20";/6/(#":6/B

;+,+33&'3+,81(1)2+,+3+0
"9#eaa#43($;0934;531#;0#%#$/5+355%E/#;*34#1C*:5-;*3#1,543`4?0%/G%5#G34:*4:44#093(3E;531R#/**3463#
*3@34B0;&3/531#%*%E,0#/0$3(343R#%$3*'#$%&2G%5#-,&*%*A%_
! % # *3&-,54,0%GG # 092$H4X&;E30 # %*1%*$%920,1R # 1:94C1 # % # 09:63&093(13094;0R # %#
42G*29%41393*;0R#%9#%+%4G29/0,1R#%9#/5-,($2W/X42(,*20#;0#.1393*;0#/0$3(34;4g#
! %9#/543(534#;0#%9#3*314(,5/1?0#1,$$?5/12W/X#S3.$%/*R#@2*X9%4/#3091:9:1U#@%0952*%4%#2*4%*#
5'QA4,44 # *3@34B0;&31R # 6%*%$/54 # % # 6%*X02& # ;0 # % # 6/(4?2*/0 # 6/*2& # 1:9:44/ # 1C*:5G0;&31#
-3*/0$3(;0;4g
! %9#eaa#-3*@%0952*20/#*3@34B0;&3/531#%9#/0$3(34;4#%#093$;*'/0;&#1/43*A30H4;0;4R#%#42(0%+%*$/#
G3/**30913+;04#;0#%#-,&*%*1,94%4@%4X02&,4#3*B03&H4B#1(3%4/6/420#;0#QAH420#43(;5g
! % # (35+3*139;0(3 # 2**X # /5-,($2W/X1 # $3&GH9@%4X02&25%1 # ;0 # ;(6;5'300;&;531#
S3*;(@34B0;&M3*-,&%+@%4X02&U # %*%E09/54F# $3&;(4;0;4 # ;0#%55%1# -3*/0$3(;0;4R # @,&'# %9# eaa#
/543(%14H6#@%0952*%4%#0,(25#G/9,5',0#34/1%/#3*63134#4/0943*34G35#13**#4%(4%5/D

;+,+33&'3+,81(06)*)6<+0
7/63* # %9 # /5-,($2W/X0 # 42(0%+%*,$ # 43W@5,*X&/2/5%1 # %*1%*$%9202(% # 3&'(3 # 4:GG # *3@34B0;& # 6%5 # %#
$/5+355%E/#;*34G35R#H&'#%#4%5?*20G%5#;0#%#09%G%+/+BG35R#%#09C10;&30#1;090;&31#%#1:634139B1_
! 3*314(,5/1?0 # /5-,($2W/X1R # %+%4,1 # ;0 # -,&%*$%1 # 13(30;03R # &'FA4;03 # ;0 # -3*+,*&,920%#
S*;4(3@,920%R#(35+093(39;03R#%#-,54,0#;0#53$#-,54,0R#09?GA314H6#;0#,GA314H6R#%#6%*X02&,0#;0#
%#6/(4?2*/0#1:9:44/#1C*:5G0;&4;43*UR#6%*%$/54#09/0943$%4/1?0#$X+,5#4:(4;5B#-3*@%0952*20%g
! % # $3&-3*3*B # 03&;+3091:9:1 # SE(393542W/X1R # &(%-/1,5,1R # 42G*29%4,1R # 4;(1;E31U # @%0952*%4%#
:00934344#/5-,($2W/X1#
*;4(3@,920%R#G3$?4%420%#6%&'#;(43*$39;03#W;*A2GX*g
! /543(53430 # ,*+%*%1 # 3*;(;03 # ;0 # %9 # %9,1,5 # 4:(4;5B # 13(30;0R # 6%*%$/54 # /543(534 # %*%EQ#
09,*&2*4%420,1R#E*D#6/4%-X(?$,1#;0#3*314(,5/1?0#*363*39;0#@%0952*%4%g
! %9 # eaa# @%0952*%4% # % # 1(/4/1%/ # &,5+,*1,+20R # 1(3%4/6/420 # ;0 # QAH420 # 09,*&2*%42G%5 # 1C*:5G:9B#
1,543`4?0,1G%5#,44@,5R#%#09%G%+/+BG35#;0#%#$?51%@3*'35D

=/(0+,+33&'3+,81(3+,7.+3+1
e5-,($%4/1%

jN"!"3$4O)1/"3$4O)1/$
! " N0,'&/)5 " 0,'&/)5,O " , " 5,=)0 " 0,'&/)5 " ;')//+,' " 25 " *5$>$308,' " 0;302'< " 5463C64252'6# " 25 "

IN

54,8)/7$4)5)',# " , " #2>6552-20 " :$-/,/=, " %,-)8,'B " P25420 " #2>64( " , " A,02#$'7 " (.<86$540)51 " ,"
>3$8/2%,%6-$/.)51",4"M="0&.)5"6/5,=)090)5)',#1":6/.$/-$4)5)',#1"2302#6/252'6#"25"862>90252'6#1"
C,/,%('0",4"M="(5%63606#"25"#25452-6#"#D/;'8;4<"#$'06?0&5$#8,'"@"$00A$'1","%&'#,A6/76'1",4"
$#0,0)58,' " 25 " #2>42586' " @ " 0;302'< " ,/#,/%,4)5)',# " #2>6552-6B " Q/0,/)'$5,88,' " :$-,/%,4C, " ,"
0,'&/)5 " 0,'&/)5, " 63<06/=656' " 86:$/7)5$/=, " ,401 " A$-7 " ,4 " 6-72' " %6''7(36 " #2>65 " 5,=)0 " 54,#%,("
>)/7,:&0)5)',#"(3)'790)5)3,B

;+,+33&'3+,81(1)2+,+3+0
!

8%A24 # 13+63*4 # 4%5?*20/ # $X+093(31R # 3(B00;&31 # ;0 # &'35&30;&31R # 1;090;&31R # %*1%*$%002&#

;(4B#/0$3(343D

;+,+33&'3+,81(06)*)6<+0
!
!
!
!

" # 4%5?*20 # :52**X # /(25'H420%D #" # 4%5?*20 # /+BG3,09420%R # %?4,5X$/%R # -3&'3*3$R # 1/4%(420 # ;0#
/5-,($2W/X1393*;0#%#4%5?*20/#-,*'%$%4#0,(25D
Z,009%GG#;0#(:6/+3GG#/+3/&#4%(4X#1,5W354(2W/XD
"#4%5?*20#42(&'2(%#;0#W;*A2(%#/(25'?*X#1(/4/1%/#(3-*3`/XD
"#1,$$?5/12W/X#$/54#%#4%5?*20/#-,*'%$%4#(;093R#%#09XG3*/# 1,$$?5/12W/X
#
$3&-3*3*B#
3091:93/531 # S/54,52W/XR # &3094?0,1R # $/$/1% # 04GDU # %*1%*$%920%R # 6%*%$/54 # 1C*:5-;*3#
$?*4/$;+/%.C9353431# SH(,44#6%&'#G309;*4#5'3*6R#@%5&R#9353#04GDU#$3&;(4;03#;0#*;4(3@,920%#
(;6;5D

=/(0+,+33&'3+,81(3+,7.+3+1
d:9/0$3(34/R#1;090;&.#;0#$F6;0934/#42(&'%1

kN"782#:)&098.W".432'0O)3O'1)./":/"/8+S.1)./"0+#T2324S.10
!"546%2/7#;4("#$%>606'*()#A$4"0,30$4',#"%('.,4$#","C(56/#6.25:$3%)#1",%6/76#60",4"6-72''6#"
6/ " #6// " 5,=)090,'(, " ,AA$41 " A$-7 " #2>65 " /6-76' " A,02#$'7 " 25 " #$'503&#09C " %+.$' " 32540 " C6''( " , "
0)35,.,/%( " 2/6086'1 " 25 " 54D#52- " 65602' " %6- " 0&.=, " $/.,'( " , " #$':/(#0&5$#,0B " ! " 546%2/7#;4("
#$%>606'*()#"'2/#D/;4A6060/6'6#","A,02#$'7"546%2/765"25"*5$>$30$5"23('0#642586'"25"%('.","
#;4R1"%('.","%,-)'2/60"063D/602'B

;+,+33&'3+,81(1)2+,+3+0
!
!
!
!

"#1C*:5G:9B#42(0%+%*$%1G%5#2*4%*25,0%5#3*-,&%+,44#6%&'#42$,&%4,44#6/03*13+;0/#09%G2*',1#
;0#6/03*13+;0$X+,1#/0$3(343D
"9 # 3&';5R # W0,E,(4R # 42(0%+%*,$ # ;0 # 1?*4Q(% # -,&%*$%1 # /0$3(343R # /**3463 # 3 # -,&%*$%1#
-3A*B+;0;531#%#$3&;(4;03#%#4:(4;53*3$#0,(25D
"9#3&;090;&$3&B(9;0R#%#@/&/;5/%#;0#%#42E*2*1,920#
09%G2*'%/5%1 # /0$3(343 # ;0 # 3931#
1%$%4,94%420%#%#0%A24#;*34G35#;0#%#W0%*2+#;*34;G35D
"9#/543(1?*4?(2*/0#+/$359/X#093(3E;531#%#$3&;(4;03#%9#3?(XE%/#;0#$20#42(0%+%*$%1G%5D#

;+,+33&'3+,81(06)*)6<+0
!
!
!

d,504(?14H6#1,$$?5/12W/X#1C*:5-;*3#42(0%+%*$/#@3*'93431G35#S4,*3(%5W/%#$20,1#5;9343/63*#
;0#6/03*13+;0;63*#093$G35g#%9#3&';5/#;0#%#1,**314H6#-3*3*B00;&#4?+%4,0H420%UD
720,1#G/9%*$25%1#;0#3&'C44;(9;0;531#1/62*420%D
"#53$934/#1?*4?(2*/0#/+354/420#4?+%4,0H420%#;0#$3&;(4;03#b?(XE%#;0#%#6/*2&#4:GG/#(;09;531#
1?*4?(2*/0#/+354/42026%*#6%*X#1:*W0:5@%420%/5%1#%9#/0$3(34;G35D
I!

=/(0+,+33&'3+,81(3+,7.+3+1
7%&'%(#5'3*6.#;0#/(,+%*,$R#4:(4;53*3$R#/+3&35#5'3*631R#42(0%+%*,$/0$3(34

MN"H))$#T+)%1'."0+#T2324S.10
!4 " )//,%>$/-)3( " #$%>606'*()# " )0:$-+88,#1 " %('0 " , " 546%2/7#;4(6#1 " %(C6/ " 0)35,.,/%( " 54('06' "
%K#;.'6#B"!4$#',#","#$%>606'*()#',#","A,/%,4,#2'0"93A,0+#"/61",%6/76#",4"6-72' "54)%)3,"
/6A60<C2"0654(#",4")//,%>$/-)3("54636>C)//,/)50B

;+,+33&'3+,81(1)2+,+3+0
!
!
!

"#E,*&2(/#A,&,1#;0#%#*%1X@3*'#093(/54/#,(092&#%*1,4$25'25%1#;0#1,($25'%#$F1:+;0;531#%9#
/0$3(343D
"#@3*'/#;0#53$934/#09/54F#1,($25'9%4#1?*W0093(3E*B/531R#%#E,*/4/1%/#E2(4,15%1#;0#%9#2*4%*?1#
@%5&,94%4,44#E,*/4/1%/#5;93431531#%9#/0$3(343D
" # +3$,1(2W/% # ;0 # %9 # 2**%$E,*&2(02& # -,&%*$%/5%1 # ;0 # %9 # %9,1(X* # 09X*X # 53$9341:9/#
5'/*%41,9%4,15%1#S1:94C1#%9#b?(XE%/#k5/X#%*%EA,&/#W@%(42A25%1#;0#%#893(9B+;031531U#%9#
/0$3(343D
" # 53$934/R # %9 # 3?(XE%/ # ;0 # % # 6/*2&4:(4;53*$34 # G3-,*'20,*X # *3&-,54,0%GG # 303$;5'31R#
2(%$*%4,1 # ;0 # 62*4,9204 # 1/62*4X # 093(3E*B1R # 6%*%$/54 # b?(XE% # ;0 # 09,$09;+%/ # A3*35*3&/#
@3*'934;531#%9#/0$3(343D
" # 1/625+,(*20R # G3625+,(*20 # ;0 # % # 1/03GG0;&31 # -,&%*$25%1 # /0$3(343 # 3?(XE%/ # ;0#
6/*2&6/09,5'*%4G%5D

;+,+33&'3+,81(06)*)6<+0
!
!
!
!
!

>;096;43*#%9#/01,*%R#%#43*3EC*;0M*%1X@3*'#;*34;G35D
T;*3$;5' # $3&-,&%*$%920% # % # @3*'/R # /**3463 # % # 42&%GG # 1:9:00;&34 # ;(/54B # E(,G*;$21 # /(254g#
;(+31*B+;0#;0#%#E(,G*;$%$3&,*+20G%5#6%*X#(;096;43*#(;6;5D
"#1:9/54;9$;5'3113*#6%*X#@%4;1,5'#;(/54139;0D
"9#bk#2*4%*#1H52*4#*3@34B0;&31#1/@%0952*20%D
"9#,(092&G%5#G309;*4#5'3*6#@%0952*%42@,9#09C10;&30#1;090;&31D

=/(0+,+33&'3+,81(3+,7.+3+1
a:(4;53*3$R#&%9+%02&/#;0#42(0%+%*,$/0$3(34

PN"L1))$)0+8U."0+#T2324S.$
!" C)//,/#$4+( " #$%>606'*()',# " 6-7 " ,#09C " 25 " 6-7 " >,5549C " ;554606C<=6 " C,'S " 6-732540 " , " C)/0$4)5"
#(C)/0)5)3, " C,/+ " 0;36#C251 " %)532540 " , " #D/5< " 02'764<# " )/0,/ " #(C)/0$00 " M=90)5$# " D.C;4/252'6# " 25"
0)%$-,0)5)',# " , " #2>6552-6B " ! " C)//,/#$4+( " #$%>606'*(, " 32546 " , " C)/0$4)5A$4 " C,/+ " >$4(09C"
C(54$'7&/)51",4"6-72'"5,=)0"E>$4(09C"25"'6-,09CF"*56/6#6.606("(3)'0(":6/6/<552-"C)//,/)5,1","*2/$#"
#(0K4256"25"%6-C,/+590)5,B

;+,+33&'3+,81(1)2+,+3+0
!

"#(35+3*139;0(3#2**X#*3@34B0;&31#/0$3(343#;0#%9#3&';5#093$;*'30R#09%1$%/#;0M6%&'#C9*34/#
436;135'0;&3/@39#/**3094@34B#*3@34B0;&31#-3*/0$3(;03D

;+,+33&'3+,81(06)*)6<+0
IJ

!
!
!
!
!
!

" # 43(639;0R # 093(639;0R # 3*3$9;0R # 1,$$?5/12W/XR # W03*316;0R # 3(3+$;5'31(B* # 6%*X#

G3092$,*20R#;(4;13*;0#;0#+,1?$3542W/X#1;090;&3/D
t(,A31431#1/+,*&,9202@,9#;0#6;&(3@%A4202@,9#09C10;&30#1;090;&31D
"9#3&'C44$F1:+;0(3#;EC*BR#(?&%*$%0#W0%E%4$?51%D
"#093$;*'30#3(B00;&31#;0#&'35&30;&31#-3*/0$3(;03D
"9#303$;5'31#3*;G3#$35B#W03*316;0#;0#%#62*4,920,1(%#6%*X#E,9/4H6#(3%&2*20D
"#1,W129%4,1#-3*$;(;03#;0#13**B#/+BE,54G%5#;0#$X+,5#4:(4;5B#62**%*20%D

=/(0+,+33&'3+,81(3+,7.+3+1
w%9+%02&/.#;0#42(0%+%*,$/0$3(34R#&'%1,(*%4,1R#;630#$?5121

=<N"GO)3O'1)./"0+#T2324S.$
! " -$'.$/,0$#1 " 2/%2'76# " 25 " 234256# " #D/;':2/6 " %+.$' " @ " 0;886# " #;4;00 " 46'61 " 0)'*1 " (3$.,/$%1 "
54$83)54,0"25":65025460"@"0;302'<"#36,09C"#(:6=64252'6#":$'0$55)-)0":$-/,/=,"%,-)8,'B

;+,+33&'3+,81(1)2+,+3+0
!
!
!
!

"9 # 3$G3(/0;& # 4:(4;53*$;(B* # 4%5Q01,+X # A3*354B0 # 1?*4?(2*/0 # %*1,420,1 # %*%E09/54F # /0$3(343R#

G3*3;(463#%#E,E?*2(/0#1?*4Q(24#/0D
"#53$934/#;0#3?(XE%/#1?*4?(2*/0#:(:10;&#;0#3931#6/*2&G%5#3*-,&*%*4#@3*';531#%9#/0$3(343D
"9#3?(XE%/#1?*4?(2*/0#;0#5'3*6/#0,109H5F0;&#4?+%4,0H420%D
"#1:9H9*;0#%*%1?*2025%1#;0#%9#3094;4/1%/#4;5'39B1# $/5+355%E/ # ;*34G35 # G34:*4:44#
-,54,002&25%1#%#-3*/0$3(;03D

=/(0+,+33&'3+,81(3+,7.+3+1
7F6;0934/#4%5?*$25',1#.#3094;4/1%R#1;E9B$F6;0934/#42(&'%1R#4:(4;53*3$R#/(,+%*,$

FFFN"!"0984252):/."'24*/82'"2%&2/",2)$*$3$.4$0"#2%V2)24:/2"$"02'233$432'5Z24"
I3.0$fI'09)S/3$4
" # Y3$934/ # "*%E4%543(6G35 # $3&@/(+34344 # 3&'/1 # %*%E&,5+,*%4_ # < # "9 # 3(1:*W0/ # 5363*;0 # % # $/5+35#
3$G3(G35# A3*35#*;6B# 3(1:*W0/# ;(9;1# 1/$F63*;0;4# A3*354/g# %$/#53$ #1/-3A3934435# 3&'/1# 6%&'# $20/1#
4%542(&' # -3*%+%4%D= # 8,1 # E,54,5 # $3&-3*3* # 35531 # %9 # 3*6531 # % # )%*+,(-.13(344%543(6_ # 092$,0#
*3@34B0;&34 # G/94,0H4 # %((%R # @,&' # 1C*:5G:9B # 4%542(&'%1 # @%4;1,5' # 3091:93/ # *3&'3531 # %9 # 3(1:*W0/#
5363*;0531D #"# )%*+,(-./01,*% # ;*34(3 # @H620% # 3*363 # -3*4;43*39 # 1:9:00;&/ # %1%(%4,4 # ;0 # -,*'%$%4,0#
1:9:00;&;EH4B # 436;135'0;&3134_ # ,*'%5 # 09C*B/ # 3&'C44$F1:+;04 # /&;5'3*531 # %9 # /01,*%/ # ;*34#
$/5+355%EA%/R # %9#/54;9$;5' #-3554%(420%R # %$3*'# W0%1# 4?+%4,0R # $;*'35# 34/1%/ #A3**3&F# +:54;03135#
%*%E?*@%4D#"9#:5/&%9&%4X#4%54304C*34/#3&'C44$F1:+;0#/0#E;*+%;(4;1F#W03*313+34#$/5+#%#+/21,1R#$/5+#
%#W0%*2+,1#092$2(%D#"9R#@,&'#%9#/01,*21#;6(35+A3#%#13(3094;5'#1?*4Q(1:(#093**3$/#$F1:+;0;@39#
1:4B+/1R#;*B6;#4309/#%#1:4B+;04#%9#3?(XE%/#@%&',$25',1@,9D#a%542(&'%/51#1:9C*#%#09%G%+#6%**20#
4%543(63#%9R#%$3*'/1#*3&1:9634*353GG#$X+,5#-3*634/R#0#%#*3@34B#*3&&'%1,(*%4/GG%5#42(&'%*A%#/0#%9#
%*%E634B/ # 3$G3(/ # 34/1%/ # 1;(+;03134D #"9 # C553E3/51 # 42(&'%*20%1,( # $2( # 4344C51 # ?4%*20,1%4R # $/*'35#
2*4%*25,0#3$G3(/#;(4;131@39R#13(3094;5'#@%&',$25',1@,9#1%EW0,*X+?51#2*4%*?1D#b935#303$;5'31#
;*34(3#@H6202@,9#4?+%4,0%5#24&,5+,*4#;0#-3*;EH4344#/01,*%/#$F1:+;0(3#6%5#09C10;&_#%#62*4,920#;0#%#
@%&',$25',1@,9#1:4B+;0#1/3&'35*H4;0/#-,*'%$%424#13**#:(:1:035#;*4345/D#a%543(6C51#@,(/9,542*/0#;0#
63(4/12*/0 # -3*;EH4;0;G35 # /0 # 3&' # $;*'3GG35 # 6;&/&&,5+,*4 # $,(%*/420 # -3A39B+/1 # 1/_ # 4%542(&'/#
:0093-C&&;031R#4;$%62*%09420,1R#4%543(6/#H631#%# &'3($3131#;*341,(/#0%A24,002&%/5%1#3$G3(4%5/#
II

/0$3(343/5#%*%E09%5%1D#"#)%*+,(-.4%52(/#$F1:+;0531#3&'/1#%*%EE/**;(3#%#-,*'%$%4,0#(;096;43*#%#
4%52(4,62GG1;E9;03135R # /01,*21 # 1:9:44/ # E3+%&X&/%/ # 4%52(/ # 1,5-3(35W/21,5D # " # 42(0%+%*$/#
3*1:43*393440;& # /54;9$;5'/ # 1/-3A39B+;03 # % # )%*+,(-./01,*21 # 09%1$%/ # ;0 # ;(+316;+3*$/#
093(63934;531R#%#7%&'%(#)%*+,(-#89:6340;&531#%#*;43D
"#4%543(63/51531#A3*35#09F1#13(3431#1:9:44#%#09%G%+#6%**20#-354#3$*H4344#093(3E;5#4Q*#$;&#@2(,$#
6,5?*%424#093(345;51#-3*$?4%45/D#"9#3$G3(/#4:(4;53431#2*4%*#6%*X#5363*;0_#%*0XGG#;6-,*'%$,1,5#%#
5;E$30;1R#2**%44:(4;53431R#0935431#;*343R#G/G*/%/#43(3$4;04:(4;534#$3&/0$3(;03#(;6;5#4%*2*1,95%1#%#
&'3(3131 # %(W@34/E/1?0%5 # 3(3+35+B # $,(2*/0 # 1;(+;03113*D # b9 # % # -,*'%$%4 # %9 # /5+/6/+?2*/0#
;*34*3@34B0;&31 # $/542/4 # %+X # ;*34(%A9,1 # 3*G309;*;0;63* # -,*'4%4X+/1 # % # -3*0BGG # ;6-,*'%$,1G%5D # "#
4:(4;53*3$#4%5H42025%1#$3&A3*35;0;63*R#%9#3$G3(/0;&#4:(4;534;531#$3&/0$3(;0;63*#$2(#:4:+/1#
,0942*'4X*#$3&6%*X0?*#%#Y"a#3&'#$20/1#W;*A%#%9#34/1%#4%5H42026%*_#%$3*'#<-3*42(A%#;0#-,&%*$/*%&#
$3&(%&%+@%4X62#4309/#%9,1%4#%9#;(4;13*63134R#%$3*'3135#%#42(0%+%*$/#3&'C44;*;0#G36344#5,($2/#
%*%E?*5%1#;0#03&H4/#%#1?*4?(2*/0#0,109H5F0;&#;(4;1;531#-3*/0$3(;0;4=D#"#1:9;E/01,*2G%5#$2(#53$#
W0?E25 # % # @?$25 # 4%542(&'%1 # %+A21 # $3& # % # *3@34B0;&34 # %((%R # @,&' # 4/094% # -/*,9X-/%/ # ;(43*3$G35#
6/4%00%5%1#$3&#34/1%/#1;(+;03134_#%#43($;09344?+,$25',0#4%5?*$25',1#/+3A;5#0,((%#634B+531#-:*#
-3A*B+;03*6F # 1,(?51 # 0,1.0,1 # 3**354$,5+20,002&,4 # @,(+,9X # ;0 # $,(2*/0 # 1;(+;03134 # -3093&34B#
&,5+A%/D

6.4*244$T+/"32/3#+8%1/
" # Y"a # -3A*3094;0/ # 43(C*3431 # ;0 # 5363*;0/ # W;*,1 # -3A3934;G35 # %9 # %*2GG/%1 # /0 # 3*@%5&,95%1_ # <"9#
3&;090;&30 # ;*34$X+(% # 5363*;0 # @,99203&H4 # %9 # 3&;090;&30 # 4304/ # ;0 # *3*1/ # 2**%E,4 # :(:$43*/#
$3&;*;0;@39D=#"#$/5+355%E,0#4304$,9&20#$3&A3*35;03#%#Y3$934/#"*%E4%543(6G35#,*'%5#c#(;&35#
$3&3*B*3&39344 # c # QA # $,99%5%4R # %$3*' # % # )%*+,(-.E3+%&X&/% # %*%E634B # W;*1/4F9;03/63* # 43*A3035#
3&'G330/1_ # %*0XGG # ;6-,*'%$,1,5 # %9 # 3E,W@2*/0 # 4%5H420 # *3&A3**3$9BGG # &'%1,(*%4%1;54 # %*1%*$%9,44#
!NL # E3(W30 # $/5+355%E/ # -B4%5H420 # (/4$/1?0 # (;0931;54 # 4?+%4,0%5 # %*1%*$%9,44 # 3091:93 # %#
E3+%&X&/2515%1 # % # +(%$%4/92*4 # A24;1,1 # 2*4%*R # % # G34FH(20G%5R # % # 092$,*20 # &'%1,(*202G%5#
$3&6%*X0?*X # $,9&20D #"# -B4%5H420# ?425 # 4%(4,44 # @,009Q # 09C53431 # 3&'/1 # W;*A% # 09/54;5 # % # $3&-3*3*B#
$,9&20/+B # G/94,0H420%D # "9 # 3?(/4$%/ # $,9&20$F6;0934/ # 4%542(&' # 4/9351;4 # ;6-,*'%$,5 # 13(3094C*#
3&'3+/ # (;093 # % # )%*+,(-.4%543(6531D # " # )%*+,(-.E3+%&X&/% # 0%A24,0 # 43045363*;0/ # $X+093(3R # %#
f,4@$3(.&/$5%094/1%#E3+/&#%#1C*:5G:9B#;*341,(,1#0%A24,002&%/(%#-3*;EH4344#4?+%4,0#(35+093(;63*#
09/54;5 # % # $,9&20 # 3*0B(35+F0;&;531 # 3*-,&%+2025 # ;0 # /0$3(34;5 # %*%E09/1D # " # $/5+355%E,0#
4304$,9&20(X* # 3*$,5+@%4A?1R # @,&' # 53$ # W0?E25 # W;*A%/51R # @%53$ # E3+%&X&/%/ # 3091:93/51 # 1:9;#
4%(4,9,44_#$/5+/&#/0#&'%1,(*%4%#6,*4#E3+%&X&/2515%1D

6X5:/823."4252):/
" # )%*+,(-.E3+%&X&/% # 3&'/1 # %*%EE/**;(3 # % # $F6;0934/ # 5363*;0D # "*%E3*&,5+,*20?51R # @,&' # %#
$F6;093431 # 2*4%*/ # S0 # 53$ # $F6;0934(3R # $F6;009;{U # 5363*;0531R # ?&'%5Q&' # $/54 # % # $/5+355%E/#
4304$,9&205%1#+:54B#093(3E3#6%5#%9#%1%(%4/#5363*;0G35D#"9#2*4%*25,0#)%*+,(-.1;E9;0#4/9351;4#
;63#%*%44#%#9353/R#1;E9B$F6;0934/R#+(2$%/#;0#425WS.$,9&20U.$F6;0934/#1;E9;0531#/0#093(3E3#6%5D#
Y3$#<W0%1=#3&'/1531#6%&'#$20/15%1R#@%53$#%(25',0%5#$3&%*1,46%#3&'.3&'#;6-,*'%$#E3+%&X&/%/#
$?512A24_ # $/5+3&'/1531 # % # 4/9351;4 # ;6-,*'%$,5 # 13(3094C*D # " # 5;&' # $F6;0934/ # 09%12& # $/5+35#
;6-,*'%$,5 # 2*4%*25,0%5 # $3&A3*35/1 # % # 13(344%543(6G35D # l3&%*2GG # @2(,$393( # X(2G%5 # 6;&39531#
$F6;0934/ # 436;135'0;&34 # % # )%*+,(-.+/21,1 # %# 4/9351;4 # ;6 # %*%44D # d/%*%1?*4 # 1;E300;&3/1(B* # ;609%1#
C553E3135 # S@XC553E31U # 3*B%+20%/5R # G3*0B # /01,*%/ # 1/2**H420,1,5R # 1/0.1,5W3(43135R#
+(2$%G3$?4%4X1,5R # 0 # 53$ # ?4,*0X # 0,(G%5 # 5',*W%+/1,0 # ;0 # 4/93513443+/130 # 92(X$?512/1#
3*1;09H4;031,( # ;0 # %9 # :009$F6;0934/ # 3(;5'3134 # -3*$?4%4X # 09H5+%(%G # G3$?4%4X/1,5 # 4309531#
4%5QG/9,5'02&,4D#"#W;*#43($;09343035#%#6/*2&#A3*350;&3/(3#5'/4,44%GGR#/**3463#%#9%A*X#;*34G3#G3;EC*5/#
4?+XR#%*1,4X.436;135'#093$;*'/0;&#;*34(3#03&H4;03D
Ih

!",2V)Y*:/"1))+#1/$."$"3$432'5"/82#T+43V1ZU)"["$"\+'.8+431)./"
3$432'5
"#@,(/9,542*/0#4%543(6G35#%#4%542(&'%1%4#;6-,*'%$,1(%#*3G,546%#42(&'%*A?1R#Q&'#%@,&'%5#%9,1%4#3&'#
1:93*#%9,5,0#;*341,(Q#&'3($3131GB*#2**X#,0942*'5%1#3&'#/01,*%/#4%5;6#0,(25#4%5H4A?1D#b94#1:634B35#
%#63(4/12*/0#4%543(6G35#$?4%4A?1#G3#%94R#@,&'#%9#3&'30#4%542(&'%1#@,&'%5#;EC*531#-3*#;6(B*.;6(3#%9#
3*0B#,0942*'4X*#%#4/935@%($%+/1/&D#"#@,(/9,542*/0#4%543(6G35#?4%*?51#%(%R#@,&'#%9#3&'30#4%542(&'%1#
@,&'%5#1%EW0,*X+5%1#3&'$20@,9R#-/&'3*3$G3#6;63#%9#;*341,(/#0%A24,002&,1%4D#b9#3&'G35#%((%#/0#
*3@34B0;&34#43(3$4R#@,&'#-3*629,*A?1#%9#3&'30#1,(W0,E,(4,1#-3A*B+;0G3*/#0%A24,002&%/4D#"#63(4/12*/0#
4%543(6/#(;09G35#%#4%5?*20#0E/(2*/0#A3**3&;4#629,*A?1#-3*R#%$3*'G35#%9#QA#1;090;&31#;0#1;E300;&31#%#
$2(#$3&*;6B1(3#;EC*531R#;0#%@,*#%9#3&'30#4;$21%4#%9#;*341,(,15%1#$3&-3*3*B#093$E,54GX*#/0#
G3$?4%4A?1DD
"#4%52(,15%1#Q&'#13**#%*1%*$%95/?1#%#4%543(634R#@,&'#%9#$3&-3*3*A35#%#&'3($3131#09C10;&*343/531D#
b55;*-,&6% # -,54,0R # @,&' # 4/0942G%5 # *3&'C51 # %99%* # % # 4;55'3*R # @,&' # %9 # %*2GG # *3H(4 # 3E,W@2*/0 # ;0#
09%142(&'/ # X(21 # 3034;G35 # % # 4%52(/ # $3&1:93*H4;0 # $/5B0;&/ # 1C*:5G0;&3/ # *3&%*2GG # %11,(% # 0Q**'%*#
093(3E3*531R#$/54#$%&%#%#4%5%5'%&D#b931#%#1C*:5G0;&31#%*%1H4A21#%#4%543(634#%55%1#$3&-3*3*B35R#
@,&'#%#&'3($3131#093**3$/R#E09/W@,*X&/%/#6%&'#-/9/1%/#;(43*3$G35#$/*'35#-3A*3440;&/#09/5435#2**5%1D#
" # )%*+,(-./01,*2G%5 # $/5+35 # 4%52(5%1 # -3*%+%4%R # @,&' # -,($2*A%R # QA(%;(4;13*A3 # ;0 # $3&QAH40% # %#
4%543(634D
[%(,*/53 # 6,5 # Z'+3G(%5+ # S!]JLU # %9 # 3*0B # )%*+,(-.4%543(6 # :00932**H4XA% # % # 1:634139B1;EE35#
-,&%*$%94%#$3&#%#4%543(6#*;5'3&;4_" N!4"(.6)/(5"0,'063C"%,-)'"C(56/(",":6=/<.<"6%863("063%25460 "
#D/;'8;4<"2/60#$3("54,#,54$#8,'"C)/0$4+"#2>201".6"%('0"%('.6'"(.6)/"546%86'")//",4"2/60"06/=65 "
C,/+5)-)C,/1"25",AA$4"#6//"(-,4$.'(,B"JAA64","C,/+5)-A$4"5$#"%('.6'"0,30$4(#S",4"$540)/7"6/<00")//+"
0,')3"546%2/7(52-61"%,-,",4"$540)/71"%('.6'"6-765"0,'&/+"5,=)0"06/=65"C(/)-)C,/1"A$44)0,30$4(#","
C(/)-0;302'6/%("(.<"25",":;/.'6#",4$'","A6/72'"23C2'765"(5#$/,("0;3C2'76#"25"A,0+5)-("6/<93)5$#1 "
,A$/ " , " 0,'063C60 " %6-C,/+590,'( " #9C)'+ " (5#$/, " )//B " G('.646# " %+.$590A,0=)# " ,4 " (.6)/(5 " 0,'063C601"
C)/0$40,0)50"25"6-764060250"#;C606/A60'6#B"!40","'6C6/25(":6/,.,0$01",%6/7"6/2","';C6#6.<"6%863 "
/2'76")//90"%('#601"*5,#",##$3"0&.=&#"%6-$/.,'(1"A,","0,'063C";'%,-)8,'",/,#90A,0+"25"#2>5463KBO

=N":5,+)&$#"lj-k":52/"0+'b
E2V)Y*:/."V2))2%8232//:%20
"#)%*+,(-.E3+%&X&/%#%#G34:*4:44#@%4,+/1#;*34;634#4%(4A%#$3&-3*3*B531#%9#/01,*%139+;0(3D#"9#3*0B#@;4#
;6#-,*'%$25#%#1/0&'3($31#,44@,5(%#4%*2*#0%A24#-/9/1%/#4304;G35R#1/%*%1H4A%#4;(G3*/#42A;1,9X+2024R#;0#
3*0%A24H4A%#%9,1%4#%9#%*%E634B#1;E300;&3134R#%$/4#%#A2(20R#%#G309;+#;0#%#&,5+,*1,+20#A3*354D#"#
&'3($31 # 3&;09 # 1:(5'3934;531 # $/5+35 # (39+C*;03 # 4%5?*20/ # %*%E?* # 09,*&2* # 092$2(%R # @/0935 # %#
1/0&'3($31#$/5+354#;0#$/5+351/4#?425,9#1:(5'3934;G35D#"9#?425920#&3094?0%#(;6;5#+3(C*#1/R#@,&'#
$/#%9R#%$/4#%#1/0&'3($31#$2(#$3&4%5?*4D#"#1/0/01,*20#1,(G%5#$;&#$/5+/&#4%(4#%9#?425920R#3((3#%#
1;E300;&C1(3 # 3*0B0,(G%5 # % # 4%5?*20/ # 436;135'0;&31G35 # *3@34 # ;EH435/D # d,(?51G%5 # -,54,0#
E3+%&X&/%/ # W;*1/4F9;0R # @,&' # %9 # /543**314?2*/0%5 # ;G3(3GGR # ;(3443GG # &'3(3131 # -/9/1%/ # ;(9;13/4 # /0#
-3A*3009C1 # /(25'H4,44R # 1,,(+/52*4 # $,9&20-,($21,5 # 13(3094C*D # "9 # 3&'350Q*';(9;1C1R # %#
4%E/5420.;(9;1C1 # 6%&' # % # 0%A24.$,9&20.;(9;1C1 # 2E,*20% # 03&H4/ # %9 # %1%(%4/ # -3A*B+;0C134R # 392*4%*#
$,9&20?1%4#;0#-/&'3*$C134#/0#3&'%(254#/01,*299?1D
"9#X6,+2G%5#%#4%E%094%*%4,5#%*%E?*X#4%5?*20R#%#1(3%4H6#A24;1#13(34;G35#4344#-3*-3+39;031R#6%*%$/54#
IL

% # &'3($313113* # ;0 # %9 # X6X5B63* # 1/%*%1H4,44 # 42(0%0 # 1%EW0,*%4,1 # 1;E39/1 # % # *3&-BGG # E3+%&X&/%/#

-3*%+%4,1%4D # "9 # %5'%5'3*634 # ;0 # % # 092$,*204 # 53$ # +/+%14/1?0%5 # 4%5?*A21R # @%53$ # A24;1,0#
-,&*%*1,920,1,5#;0#W0,E,(4,0#436;135'0;&31#13(34;G35D
" # @343+/1 # ;*34;6 # 1:(C* # % # -,&62*420 # 139+34;63* # %9,1 # %9 # 3(B1R # $3*'31 # /+2/& # % # &'3($31#
5:6313+;0;531#09,*&2*%42G%5#2**4%1R#-3*09%G%+?*5%1R#;0#%#-C&&34*35R#1;E/#&,5+,*1,+20#092$2(%#
62*5%1#%14H662D#bGG35#%9#;*341,(G%5#3*139+AC1#%9#H(20.,*6%020R#%#092$,*20#;0#$20#1:9/0$3(34/.#;0#
1;090;&42(&'%1#4%5H42024D#"#&'3($31(3#311,(#$;&#$/5+/&#A3**3$9B#%#1;E/#*2420$X+R#1:55'3GG35#
4?+#6%*%$/4#43*A3035#24;*5/R#$/54#-/&'3*$;4#;0#&,5+,*1,+2024#3&'#4%5?*20/#-3*%+%4(%#:009E,54,0H4%5/D

`2*$%U%.$."S:)0.3X8:/20
bGG35#%9#;6G35#%#&'3($3131#X(/20/#*;E;04#4309531#$3&R#%$/1,(#%9#X6,+2GX*#G313(C*531#%9#/01,*%#
-,($2*/0#4%5?*20/#13(343/#1:9;D#"#&'3($3131#%#4%52(#/(25'H42026%*#093(9/1#$3&#3*0B#4%E%094%*%4%/1%4#
% # -,($21R # @%5&,1R # G34F1 # ;0 # 092$,1 # 6/*2&2G%5R # %$3*'3134 # 3*0B0,(G%5 # ;(9;03135R # 1;E3135R#
(/4$?0,1,5#;0#4:(4;5343135#13(3094C*#+,*&,9?51#-3*D
" # &'3($3131 # 092$4%*%5 # &'%1,(*%4/ # 436;135'0;& # . # $,9&20R # A24;1R # G309;+R # (%A9,1 # ;0 # H(20 # .#
03&H40;&;63*#4%5?*A21#$3&#-3*/0$3(5/#;0#$3&A3&'395/#%9#QA,55%5#4%5?*4%1%4D#"9#,0942*'5%1#3GG35#
%9#;6G35#13**#@,99209,15/%#%@@,9#%#1:9:0#/01,*%/#;*34@39#;0#$?512@,9R#%$3*'#%9#%*%EA24#1;E39/#
$%A+ # 53$W0%1 # %9 # 3&;09 # %*0X # 4%&,9%4,0R # @%53$ # *;5'3&;G35 # %9 # %94 # 1:634BR # 3&;09 # /01,*%/#
/+B09%15%1D#"9#3*0B#;0#394#1:634B#,0942*',1#*3&-,54,0%GG#$,(2*/0#W;*1/4F9;03/4#%#1:634139B1G35#
-,&*%*@%4A?1#:0093_#4%5H40?1#%#&'3($313134#%((%R#@,&'#4/0943*A;1#%#43($;093434R#X6A21#1:(5'3934C134R#
G3W0C*A3531 # $20,1%4R # 13*40C1 # -3* # ;(+31*B+;0C134 # % # 6/*2& # /(254 # ;0 # ;EH40C51 # G355C1 # G/9%*$%4 # %#
4%52(,1#/(254D#"#1,51(;4#4%5H420/#4%(4%*$%1#;0#436;135'0;&31#/(254/#*3*1303+;0#/0#%9#,14%420.5363*;0#
W;*A%D # " # 4%52(,15%1 # %((% # 13** # 4:(313+5/C1R # @,&' # 3&' # ,*'%5 # 09,W/2*/0 # 1,@;9/X # A:AA:5 # *;4(3 # %9#
,0942*'G%5R#$3*'G35#%#&'3($3131#4:(B+531#3&'$200%*#;0#-/&'3*531#%#$20/1(%D

;N":5,+)&$#"lk-M":52/"0+'b
E2V)Y*:/."V2))2%8232//:%20
"#P#;630#&'3($31#092$2(%#4,62GG(%#/0#3&'0;&30#%#6/*2&DR#"#1C*6/*2&#303$;5'3/#;0#4%E%094%*%4%/#%#
&'3($31 # 1;E93*B3(3A;5R # $/54 # 09F(B5 # $35531 # 13(3094C*R # @,&' # ,44 # % # &'3($31/ # *2420$X+5%1#
$3&-3*3*B35 # QA(%(35+39B+A3531D # " # &'3($3131 # 3GG35 # %9 # ;*341,(G%5 # $2( # 5%&',GG # ;G3(0;&34#
4%5Q0H4%5%1 # % # 1:(C*:44C1 # 4:(4;5B # +,*&,1 # /(25'2G%D #"# 1H625W0/02& # 092$?1(% # % # 4?+20 # 1%E?A%g # %#
1;E93*B3(3AC1 # /0 # ;G3(D #"$3**344R # @,&' # -3*;G(3+ # % # $%&%094,0 # 3(1:*W0/ # ;(4;131 # G3-,&%+20% # /(254/#
62&'?1R#-3*3(B0:+531#G355C1#%9#2*4%*25,0#3$G3(/#;(9;031#/0_#G24,(02&R#@/Q02&R#(%6%0902&R#AX02&DDD#
b#1;4#;*34;(9;0@39#1%EW0,*X+X%5#3*0B0,(G%5#*3&35+21%4#;0#-%G?*21%4#$30;*C51#531/1D

" # 4%543(6 # 3GG35 # %9 # ;*341,(G%5 # 3*0B0,(G%5 # %((% # /(25'?*R # @,&' # % # 5'3*6 # ;(9;03134 # ;0#
;(93*$3134#1/-3A39B#&%9+%&02&24#;0#$;*'0;&;4#43&'3#;(9;1*34300;#%#&'3($3131#092$2(%D
r(43*$/#093$E,54GX*#4,62GG(%#/0#%9#%#-B#-3*%+%4R#@,&'#%#&'3($31#,44@,5#;(3993#$%&24#3&'#,*'%5#
4%5?*20/ # 1:93&G35R # %@,* # % # 1;E31G35 # 6%*X # &,5+,*1,+20 # %9 # 3*0B+*3&30D # n,&%*$%1%4 # Q&' # *3@34#
*3&A,GG%5#A3*354;003*#$3&4:*435/R #@%# %9,1#$/5B0;&C134# 431/5463# E*%094/1?0%1#;0#,(&%5/1?0%1D #"#
4%5?*X1 # 4,62GG # /0$3(13+531 # %9 # H(20.,*6%020 # ;0 # % # 092$,*20 # %*%EA%/6%*R # $/1:9G35 # % # -/5,$. # ;0#
5%&'$,4,(,0 # $,9&20 # 43(C*34;5 # c # ?&(2*20R # *%G+%+,G2*20R # 1:4;0R # @,(&,*20 # 6%&' # -?(?*'2920 # c#
4,62GG-3A*3094/1#%9#3*0B#,0942*'G%5#-3*;G(3+B#1;090;&3134#;0#1;E300;&3134D#"9#/543**314?04#Q&'#
E(XG2*A?1#%#&'3($3131G35#-3*;G(309435/R#@,&'#%9#24;*;0#;0#%#W03*316;0#3(B/4#@H6A?1#03&H40;&C*D
"#$20,+/1#,0942*',0#&'3($3131#2**%5+X#-,&%9%4%#4,62GG(%#/0#5:6313+;0G35#6%5R#%#*%43(%*/420#;0#%#
+,$/5%5W/%#311,((%#6/09,54#$2(#6;&*3&3035#1/%*%1?*D#"#G/94,502&;(934R#%$3*'#$3&$?4%41,9/1#3&'#
$20,+/1,0#4%5?*X#6/03*13+;0;5R#3&';(43*$F35#%9#3*0B#,0942*'G%5#*34344#%*%E,15%1#1:09:5@34BD

IO

`2*$%U%.$."S:)0.3X8:/20
"9 # 3*0B # ;6 # 139+34/ # 4%E%094%*%4%/ # 4,62GG # $;*'C*531 # ;0 # QA%GG%11%* # &'%(%E,+5%1 # % # $20,+/1#
,0942*'G%5D#b9#%9#/+B09%1#%*%E634B35#%94#09,*&2*A%R#@,&'#%9#3*B9B#;6G35#093(9344#QA#1;090;&3134#
G3&'%1,(,*A?1 # ;0 # 4,62GG-3A*3009C1D #"9 # 2*4%*25,0 # 4?+5/6%*X1 # 1:(3 # 09;*303+/1 # % # 1:9/0$3(34/ # ;0 # %#
1;090;&42(&'%1G%5 # 3&'%(254D # fB6C*531 # % # 1?*4?(2*/0.4%5?*20/ # %*%E1;090;&3/1D # 7H& # %9 # 3*0B#
,0942*'G%5#%((%#-,(+H4,44?1#-/&'3*$C51#5%&'#(;09;4R#@,&'#%9#,0942*'GX*#3(B0#09,W/2*/0#1:9:00;&34#
-,($2*A?51R # $3*'G35 # % # &'3($313134 # % # 43*A300;& # $3&4%E%094%*20% # 3(B0H4/R # % # $20,+/1 # ,0942*'(%#
A3**3$9B # 3&'-%A4% # E,*%(/92*X+20R # %$3*' # E;*+2?* # % # &'3($3131 # 3&'$20@,9 # 6%*X # 6/09,5'2G%5 # /0#
$3&-/&'3*@34BD#"#&'3($3131531#03&H40;&34#4?+?51#5'QA4%5/#3GG35#%9#;*3409%1%09G%5#%99%*R#@,&'#
0935431 # ;*34;(B* # 09X*X # *3&35+21%4 # ;0 # 6;&*3430 # 3$G3(/ # 6/03*13+;0/ # -,($21%4 # ;0 # A3**3$6,520,1%4#
2G(29,*X # -%G?*21%4 # $30;*C51 # 531/1D # e+3 # 4%(4,95%1 # % # 5:6;5'31(B*R # 2**%4,1(X* # 6%&' # % # $/5+355%E/#
;*34(B*#09X*X#4:(4;53431#/0#Db5531#%9#,0942*'5%1#3(B0#/(25'H420(%#6%5#09C10;&3R#$3*'#3&'(;094#%#
4%52(,1#1:63413934300;&;GB*R#$20(;094#1;E93*B3(3A;GB*#42E*2*1,9/1D

>N":5,+)&$#"lM-P":52/"0+'b
E2V)Y*:/."V2))2%8232//:%20
bGG35#%9#;6G35#*;E531#G3#%#&'3(3131#%#!ND#;*34;6C1G3R#%$/1,(#-,54,0#-/9/1%/R#E09/W@,*X&/%/#;0#
1,&5/4H6 # 62*4,920,1,5 # $35531 # 13(3094C*D # b931 # %9,1 # % # 62*4,920,1R # %$/4 # % # 1/*35W.4H9 # ;6 # 1:(C*/#
&'3($31315;* # |>?G/1,55%1= # 53639C51R # %$3*'34 # 1C*:5G:9B # /+B4%(4%$G%5 # ;0 # /54359/4200%* # ;*531#
$3&D # b9 # %9 # ;*341,( # A3*354B0# 4?+%4/ # 62*4,920,1%4 # @,9 # %9 # :54?+%4(%# 4%*2*20 # -,*'%$%42G%5D # b94 # %9#
2**%E,4,4 # &'%1(%5 # . # $/5+ # ;(93*$/R # $/5+ # -/9/1%/ # ;(43*3$G35 # 6344 # . # 3*1C*:5C*;01;54 # ;*/1 # $3& # %#
&'3(3131R#/**3463#%#1C*0B#;0#%#G3*0B#6/*2&#09;462*20%1;54D#"#6/*2&#1,(2GG/#3&'0;&;531#3*63094;03#
093$G313(C* # % # 6/*2& # QA-%A4% # $3&/0$3(;03 # -:*:44/ # W0,+2*1,9200%*R # ;0 # 39 # %9 # 3**354;4 # &'%1(%5#
:00939%6%(,+204R#G/9,5'4%*%502&;(9;04#62*4#1/#%#&'3($3131GB*D#Z%($%+/1#,0942*'G%5#%#&'3($3131#
0%A24 # *3*1C1G35# 4%E%094%*5%1# 3&'-%A4%# 1344B00;&34 # %# 6/*2& # G3-,&%+2026%*# 1%EW0,*%4G%5D # b11,( # %#
&'3($31 # 3&'(3 # 5:6316B # 3(B63* # 4%E%094%*A% # $3& # %9 # ,GA314/6/420 # ;(9;0;4R # +3 # ?&'%5%11,( # 3&'#
5:6316B#09?GA314/6/4204#/0#;(9;13*D#"#&'3($31#*3*1;G35#%#09?GA314H6#G3*0B#4%E%094%*%4#;0#%#6/*2&#
,GA314H6#6%*X02&%#3**35EX*?0,5#2**5%1D#b55;*-,&6%#1;(+;031#;0#1;43*'31R#3&'3+C**;4#;(9;03#;0#3&'#
139+B+B#1(/4/1%/#@%5&6;43*#*309#A3**3$9B#%#&'3($31#*3*1/#2**%E,42(%D#b931#&'%1(%5#$%&%4%(420G3*/#
62*4,920,1G%5#:*43531#430434R#%$3*'31#6;($;(0;1*344B*#;0#093$;*'/0;&4B*#-C&&B35#A3*354B0#3*4;(;04#
$?4%4@%45%1D#Y;@25'#&'3($315;*#39#%#-3A*B+;0/#09%1%09#-2(%+;1,5'02&,4R#62*4,9;1,5'#;462&'%4R#
3034*3&#%*6209%6%(,1%4#/+;9@34#3*B#6%&'#3&';G#;(9;13*@34B#-/9/1%/#4C53443*#/0#A2(@%4D
" # &'3($3131 # -3A*B+;03 # 3GG35 # %9 # ;*341,(G%5 # 0,11%* # 1/3&'350Q*',9,44%GG%5 # @%*%+_ # %#
G309;+@%5&,1%4 # 3&'(3 # /512GG # % # 092AC(3& # 1:93E;5 # 1;E9/1R # 0,11%* # 4/0942GG%5 # %(4/1?*2*5%1R # ;0#
-/&'3*$C1344#A,GG%5#:009E,54,0H4A21D#"#&'3($3131#-/9/1%/#093(639343#093$$3*#*24@%4X%5#3(B03GGD#"#
09H6#$3&5BR#;0#5%&',GG#$355'/0;&F#6;(#-,&%+202(%#%*1%*$%0R#;0#6;&*3&300;#62*/1#%#G3*;*3&9;0#
;0#%#E?*9?0#3&'$20@,9#6%*X#%(25'%_#3&'#G3*;*3&9;0#%*%44#5;&'34#+,GG%5#%#09H6D
bGG35 # % # 62*4,9XR # 13(30B # /+B09%1G%5 # %9 # }09:6340;& # 1;E3/R # 4:(6;5'3/ # ;0 # 093**3$/ # /(25'H420%#
5:63*@34/1#G3*0B#G/94,502&;(934C134R#%#&%9+2*1,+20#;0#%#@29;EH4;0.3E,W@%#E3+/&#%GG%5#*3@34531#
03&H40;&C1(3R#@,&'#QA#1%EW0,*%4,4#4?+A%5%1#1/%*%1H4%5/#1:(5'3934C113*D
`2*$%U%.$."S:)0.3X8:/20
"@,&' # % # @%($%+/1 # ,0942*',0 # 4%5?*X1 # 3&'(3 # /512GG # 4/0942G% # 13(C*531 # :5$%&?11%* # ;0 # %9 # B134#
1:(C*636B#-/9/1%/#1:(5'393443*R#139+3531#QA-%A4%#$X+,5#;(+31*B+5/#%9#%5'%&/#6/*2&#/(254D#7/?425#%#
$20,+/1#,0942*'G%5#%*%E,0%5#G3&'%1,(,*421#%#092$,*20#;0#%9#H(20.,*6%020#%*%EA%/4R#$,04#$2(#%#
$/5+355%E/#;*34#092$4%*%5#@3*'934;G35#4?+A21#394#%#4?+20?1%4#1%$%4,94%45/R#E;*+2?*#1C*:5G:9B#
$;(;031G35R#3&'093(F#-3*%+%4,1#$3&,*+202G%5R#6%&'#*36;*H(20G%5D#b9#%9#;*341,(#%#<4%5,1=#c#E*D_#%#
IK

5'3*64%5#c#139+343D#b5531#3*B-3*4;43*3R#@,&'#%#]D#;*34;6#1:(C*#*39%A*X#;(;0/#-,*'%$%4#1:6341394;G35#
1;E300; # 62*A%5%1 # % # &'3(3131 # (2431/5435/ # % # 1:(C*:44C1 # *;6B # 6/*2&(%D #"# &'3(3131531 # % # E(%14/1?0#
+,*&,1#$3&/0$3(;03#;0#1/E(XG2*20%#?425/#62&'24R#$/5+35-;*3#&'%1,(*%4/#436;135'0;&&3*R#+3#-B*3&#%#
$3043(0;&31#G3$?4%42026%*#;0#%#@29;EH4;003*#3*;&H4AC1#1/D#b993*#3GG35#%9#;*341,(G%5#53$#%9#%#
W;*?51R # @,&' # 6%*%$/4 # % # &'3($31 # |1/4%5?*A,5= # 6%&' # %*%E,0%5 # G3&'%1,(,*A,5R # @%53$R # @,&'#
$3&4%5?*A%#G3W0C*5/#%#$?5124R#;0#1/*;E@30035#%9#,0942*'43(3$#92(4#6/*2&2GX*R#|3*$;*34/=#*;&1:(;GB*D

hN":5,+)&$#"lP-=<":52/"0+'b
E2V)Y*:/."V2))2%8232//:%20
"#hD#;0#%9#LD#,0942*'R#%$/1,(#%#&'3(3131#!N.!!#;63031#*309531R#%9#,0942*'4%5H4X/#/+B09%1#1:93E;5#
@3*'3913+/1#3*D#"#1/0&'3($311,(GX*#4%(4X#24$3534#$2(#G3-3A39B+:44R#%#E?G3(420#-3*;#4%(4X#6/09,54#
$;&#53$#139+B+:44#3*D#"9#,0942*'4%5H4X/#/+B09%1#1:9;EE,54A%#3&'G330/1#%9#;*34#$20,+/1#@;4;630#
E3(/X+?025%1#1:93E;63*R#%$/4#%#)%*+,(-.E3+%&X&/2G%5#%#<&'3($311,(#09H6;531=#53639C51D
" # &'3($31 # :5436;135'0;&3 # $%&26%* # 6,5A% # % # *;&9;0 # ;0 # % # 6;(13(/5&;0 # 1%EW0,*%425%1#
@%($,5/92*2024#/0D
bGG35 # %9 # 2**%E,4?1G%5 # 4%E%094%*@%4X # $%&%G/94,002& # 1/4:(B # ;*343(BG35 # ;0 # % # 6/*2& # /(254/#
1H625W0/02&G%5#A?4#c#4:GG31#1:9:44#c#1/-3A39;0(3D#a,62GG-,&*%*1,9?51#%#1:9634*35#1:(5'393443*R#+3#
$,04#$2(#53$#4:(4;5343135R#@%53$#c#1;E093(F#c#/0$3(343135#13(3094C*D#"#6/*2&#$3&/0$3(;0;G35#
%9#3$G3(#;0#%#43($;0934#1%EW0,*%4%R#%9%9#%#43($;09344?+,$25',0#,14%420#A3*354B0#093(3E34#4:*4#
G3D # b*0B1;54 # %9 # 2**%46/*2& # $3&-/&'3*;0;63* # 139+AC1 # % # 43($;09344?+,$25',0 # 4%5?*$25',1%4R#
$;&E3+/& # %9 # 3$G3(3113* # 6%*X # %*%14%5/ # @%0,5*X02&,1 # ;0 # 1C*:5G:9B0;&31 # :0093634;0;63*D # b94#
1:634/#%#1:9634*35#1:(5'3934#%*%E,0#$3&/0$3(;03R#%$/#%#%#1:9634*35#*%1X.;0#/01,*%/#1:(5'3934#
$3&/0$3(;0;63*#/5+?*#;0#%#4;(1;E1;09H4;0G35#;(/#3*#W0QW0E,54A24D#"#4;(#;0#%9#/+B#$3&@%42(,9X#
/(25',1#%#53&'3+/1#,0942*'#4%543(6;G35D
`2*$%U%.$."S:)0.3X8:/20
"9#3*0B+*3&30#;0#*3&-,54,0%GG#-3*%+%4#%#hD#,0942*'G%5R#@,&'#%94#%#@%4%*$%0#353(&/24R#%$/4#3931#%#
4H9;630#&'3(3131#%9#,0942*'43(3$G3#@,95%1R#E,9/4H6#/(25'G%#43(3*AC1D#"#&'3($3131531#1/@H620,1(%#
6%5#09C10;&C1R#;0#%((%R#@,&'#-3*%+%4%/1#0,1,*+%*Q%1R#0,109H5F31#;0#$,9&%*$%0%1#*3&'3531D
" # &'3($3131 # 5:6316B # 4?+2062&'% # /&;5'*/R # @,&' # $/5;* # 4:GG # 1,51(;4 # /0$3(3434 # 1%EA%5%1R # ;0#
1H52*A%5%1 # -3* # ,*'%5 # *3@34B0;&3134R # %$3*'31 # :52**X # 6%&' # W0,E,(4,0R # 1,,E3(%4H6 # $?512(%#
43(3$43531 # %*1%*$%4D #"# &'3($3131531 # %((% # 6%5 # 09C10;&C1R # @,&' # QA # 1%EW0,*%4,4 # %*%1H40%5%1 # 1/#
-3*%+%4%/11%*R#42(0%/11%*#;0#4%52(%/11%*D#"9#X(21#5%((%4H6#(;093/G35#,*'%5#4:(4;5343113*#4%*2*1,95%1#%#
&'3(3131R#$3*'31G35#0,109H5F#093$;*'/0;&31#A2409%5%1#093(3E34#%#42(0%+%*,$#3&;09;G35#S$/54#
E;*+2?* # %9# ;09%1/# /043531UR # ;0# 3*/5+?*# %9# % # -,*'%$%4R # %$3*'531 # 3(3+$;5'31;EE35# 1C*:5G0;&34#
139+3531 # 4355/ # % # AX # ;0 # % # (,009 # $3&H4;*;0;G35D # " # 4H9;630 # &'3($31 # 5'C90&BR # $,9&%*$%0#
43($;0934;531 # AX* # $3&-3*3*531 # %9 # ;09%1/ # $/4,*X&/% # Sb++%U # 6/@%(,0 # 4:(4;543/R # +3 # % # d%*36%*% # ;0#
$%&'%(#$,5+%1:(#/0#-,54,0#(;093#%#-B,14%420#4:(4;534%5'%&25%1D#"#&'3($3131G35#139+#1/%*%1?*5/#
%55%1#%#4?+%4%R#@,&'#@,6%#/0#4%(4,95%1#09F13GG#;0#42&%GG#1:(5'3934C1G35D#b935#%9#;6-,*'%$,5#
139+AC1#3*#%#@,5/0$3(3434#S-:*+(%A9U#;0#%#G/,*X&/24#S3$G3(.#;0#2**%44%5U#4%5H4%5/D#"#&'3($31/#%(%5'1,(#
*392(?*R # ;0 # 1/*;E531 # % # &'3(3131 # % # 6/*2& # 0,109H5F0;&;G3D # b*139+B+/1 # % # 4;(@39 # ;0 # %9 # /+B@:9#
09,(,0%GG%5#1%EW0,*X+X#4%542(&'%1#,14%420%D

iN":5,+)&$#"l=<-==":52/"0+'b
E2V)Y*:/."V2))2%8232//:%20
"#&'3($3131#$,9&202G%5#3&'-%A4%#1:55'3+0;&34#-3+39@34C51#-3*#3GG35#%9#;*341,(G%5D#"#-3A*B+;0#
IP

3935 # 09%1%092G%5 # % # 1,,(+/52*4R # 1/3&'350Q*',9,44 # ;0 # @%($,5/1?0 # $,9&20 # &'%1,(*20%#

1?*W0-,54,002&QD#l3*1/#-3A*B+;0C1(3#A3**3$9BR#@,&'#3&'(3#A,GG%5#3*62*/1#3&'$204X*#%#1C*6/*2&#;0#%9#
|r5=#G3*0B#6/*2&%R#3&'(3#%(4/1?*2*4%GG#*309#%#093$;*'30#%1%(%4/#4;5'39BR#%9#|;5=.4?+%4#$3&3(B0:+/1R#
+3#$;&#0,1#62*4,920,5#$3&'#13(3094C*D#Z%0,5*X1;EE35#+/5%$/1?0%5#%*%1?*#%9#,0942*',5#G3*C*/#
09,W/2*/0#6/09,5',1#(35+093(3D#r(43*$/#-3A*B+;0C134#%9#A3**3$9/R#@,&'#%#1;(+;031R#A3*350;&31#(32*/0R#
;0093(F#6,5%41,920%/4#3&'(3#A,GG%5#-3*-,&A21#;0#/&;5'*/1D#"#&,5+,*1,+20#-,*'%$%42G%5#%#1;E/#3*3$#
$;&#$/5+/&#-,54,0#093(3E34#A2409/1R#+3#3&'(3#/512GG#1;E3031#;0#@%A*%$,0%1#344B*#3*6,5%41,94%45/R#
/**3463#4/094%R#4;5'093(FR#;(93*3$$35430#-,&%*$%1%4#1:9634*35C*#-3*-,&5/R#$3&;(435/D
"9#3$*;139B1;E300;&#5:6313+;0;63*#3&'C44#3&'(3#A,GG%5#1/%*%1?*#/+B;(9;1C1#/0D#"9#3$*;13934#
4309/#*3@34B6;#%#$Q*4G%#6%*X#6/009%431/54;04R#0#3((3#42$%091,+/1#$%A+#%#A:6B#$3&43(639;03#/0D#Z%#
394 # % # 4?+%4/ # -,*'%$%4,4 # $;*' # ;(93*$/ # %14/6/420 # 1H0;(/R # %11,( # 39 # 3&'C44 # % # -3*3*B00;&;(934#
$3&3(B0:+;0;4#/0#$%&26%*#@,99%D
" # -3A*B+B # &'3($31 # /543**314?2*/0 # ;0 # $,(2*/0 # ;(43*3$G35 # /0 # $3&;(344 # %9 # QA # 1/@H620,1(%D # "9#
H(20.,*6%020G%5#;0#%#092$,*20G%5#%9#%*%E,1%4#$2(#4H9;630#1,(?1/&#*34344;1R#$,04#AX#*3@34B0;&#6%5#
3931 # 1%EW025 # %9 # 3&';5/ # -3*3*B00;&;(934 # 1/%*%1H4202(%R # % # |AX # ;0 # % # (,009= # (%W/,52*/0#
$3&1C*:5G:9434;0;(3D
b9 # %9 # ;6 # % # &'3($311,( # ;0 # % # E?G3(420 # 1:9:44/ # -,(+?*XE,54D # " # &'3(3131 # ,*'%5 # 1,(2GG%5#
3*1;E93*@3434*35#09/543134#1;E3031#3*;(5/R#$?512/11%*#43*A3035#%9,5,0?*5%1R#0,1#/+B4#4:*43531#%9,1#
4:1;*3430H4;0;63*R # +H09H4;0;63*D # 8%A24 # 3*6;&9344 # $?512/1@,9 # %9 # 3*B9B # ;65;* # E,9/4H6%GG%5#
6/09,5'?*5%1R#&'%1(%5#GC091;1#3(3+$;5'3/1(3D#
"#4%5;6#6;&3#-3*;#AX*#;(9;13*@34B#%#4%5?*X1#3&'(3#5:6316B#/543**314?2*/0#1;E300;&3D#d:(5'3934C134#
1(/4/1?0%GG%5 # 093$*;*/1R # %$/ # QA%GG # -3A*B+;0/ # 09%1%094 # A3*39D #"# 4%5;6(3 # 3++/& # A3**3$9B # @%($X5/%#
139+#3*63095/R#0#394#$%A+#W0%1#%#-3*0B#4%&,9%4#$20,+/1#-3*;G35#4%*2*A21#$3&#QA(%D

`2*$%U%.$."S:)0.3X8:/20
b5531#%#4%5;6531#%9#%9#3&'/1#*3&-,54,0%GG#-3*%+%4%R#@,&'#$3&4%*2*A?1#%9#24$353434#%#$H4,09GX*#%#
4:(4;53*3$G3R # $/1:9G35 # $3&6/90&2*A?1 # 35531 # 1/@%42024 # %9 # 3&';5(3D # " # &'3(3131531 # 3&'(3#
4?+%4,0%GG%5#13**#24;*5/C1#%9#;*34#;0#%9#%94#*3@34B6;#436B#1:(5'3934#1:*W0:5:0#3&'$20(%#@%42024R#
394 # % # -,*'%$%4,4 # 5%&'G%5 # 03&H4/1 # % # 5:6;5'4%5/ # 4%5?*$25',1D # Y%&' # @%5&0Q*'4 # 1%E # %9 # 3(3+34/#
,*/$E/%/#309$3R#%@,*#%#W0,E,(4,1#1:9:44/#1C*:5G0;&3134#-3*C*H(A%#3&'#$%&%0%GG#(35+39B#3*6R#;0#
%@,*#%#09;E0;&#*3&%*2GG#,*'%5#-,54,0#;(4;1R#$/54#%#&',(0%02&R#6%&'#%9#3(BD#"#&'3(3131#$3$X(/2A24#
/+3&35#09%6%1#4%5?*2026%*#/0#*3@34#-3A*309435/R#+3#/*'35#W;*4#09,*&2*@%4#%#-:*+(%A9/#43(C*3431#6/9?2*/0#
-3*/+;9;03#/0D

jN":5,+)&$#"l==-=;":52/"0+'b
E2V)Y*:/."V2))2%8232//:%20
"#&'3($3131#4304/#5:6313+;0;531#-B#@%5&0Q*'%#3GG35#%9#;6G35#%#W0,54(35+093(#5:6313+;0;5#
6%5D#"#$3&5'Q*X#6;&4%&,1#1:6341394;G35#$,9+?*%4%/1#09:&*34303GG;#62*5%1D#"#-:*+/#53@;913+;04R#
%9#3*53@39C*;04#3&'(3#W0,54/&#@%4,*XGG%5#;(9/#%#!J#;630#&'3($31D#b93134#%#-/9/1%/#62*4,920,1%4#%#
&,5+,*1,+20 # 62*4,920% # /0 # 1H0;(/R # 3935 # % # 4;(35 # % # 1%?9%*/420 # 3(B43*A30 # 4%E%094%*20% # % # *3&/512GG#
?(%*1,+X#;*$;5'D #l3*1/# -3A*B+;0;G35#,*'%5#09%1%09G%#*;ER # %$/4 # %9# 2**%5+X# 62*4,920#A3**3$39D #"#
&'3($311,( # $3&09F5/1R # %9 # /5+/6/+??$ # E3+/& # /$$2( # $3&09C*34BG35 # 6%5D # " # $20,+/1 # @;4;630#
E3(/X+?0#?4,*0X#@%($%+2G%5#$2(#%#1%$%091,(#3*B(3634C*;0;(B*#G309;*@34C51D#"#1C*:5G:9B#4%543(6/#
4;$21#.#3&'$20(%#;EC*BR#*3A3&'9344#4:(4;53*3$R#b?(XE%#-:*+(%A9%R#*3H(X#&3,$34(/%R#1:9&%9+%02&/#
$%43$%4/1%R # % # 43($;09344?+,$25',1 # -35,$35,*X&/%/ # $3&1:93*H4;03R # 13(4$F63*;0R # -%(%&20 # ;0#
W0%E%4A24;1,1#.#3&'4B*#3&'/&#%#&'3($31#-/9/1%/R#*3*1/#;0#;(43*$/#62*4,920%/4#09X*H4A21#$3&D

I]

`2*$%U%.$."S:)0.3X8:/20
bGG35 # %9 # ;*341,(G%5 # % # 4%52( # %((% # 4:(3109/1R # @,&' # % # &'3($3131 # 1C*6/*2& # /(254/ # ;(+31*B+;0;4#
1/%15299%R # 1/G,54%1,9X # 1(/4/1%/ # 1;E300;&3/134 # E3+/& # % # 43($;09344?+,$25',0 # $3&-/&'3*;031#
/(25'2G%#/&'3109/1#43(3*5/D#"#09,W/2*/0#1%EW0,*%4,1#-3*3(B0:+;03#AX#%*%E,4#43(3$4@34#%((%R#@,&'#QA#
4HE?0Q#-3*3*B00;&34#;(3993531#%9#,0942*'1:9:00;&#3&;093#;0#%55%1#3&'30#4%&A%/#/(254R#6%*%$/54#QA#
%*%E,1(%#@3*'399;1#6/09,5'?1%4#4%52(?11%*#;0#+/2142(0%/11%*D
oA#;(43*$/#1;E300;&3/1#$3&A3*35;0;63*#/$$2(#%((%#:094:5:9@34AC1#%#&'3(313134R#@,&'#%#6/*2&G%5#
A3*35#*;6B# ,102&/#:0093-C&&;03134 #%9,1#$F1:+;03#1:9G35#;(40;1# $3&D #n/&'3*$C134#3&'#,*'%5#
6/*2&#-3*;#13**#/(25'H4%5/R#%$/G35#;*5/#;0#+,*&,95/#%1%(5%1#$%A+#-3*5B44#1,(?1G%5D#d,$,*'#1/@H620,1#
3*;#/0#2**H4@%4A?1#B134R#@/0935#/$$2(#5%&',5#09H56,5%*%0#$?5121%4#1;E3031#*;4(3@,95/R#$3&%*1,45/D

kN":5,+)&$#"l=;-=>":52/"0+'b
E2V)Y*:/."V2))2%8232//:%20
"# @343+/1 # ,0942*'G%5 # %# 4%5?*X1 # %# 1%$%091,(G% # *;E531D # b5531 # %9 # ;*3409%1%095%1 # 1;4 # %*%E634B#
A3**3$9BA3 # 6%5_ # %9 # 3&'/1 # %9 # /54359H6 # 1C*0B # %14/6/420G%5 # 5'/*625?* # $3&R # % # $20/1 # 3&' # -,((,5&XR#
+/5%$/1?0#G3*0B#*3*1/2**%E,4D#"#6/*2&#A3*350;&3/#/(254/#4?+2062&'#$3**344#$3&A3*35531#%9#3&'$20#
/(254/#-/&'3*3$#;0#%9#:5(3-*3`/X#1;E300;&;531#3*0B#$3&5'/*625?*20%/D#b931G35#%9#/54359H6#3(B1G35#
3&'(3 # @%42(,9,44%GG # 093(3E34 # A2409%5%1 # %9,1 # %9 # ;*344%5/ # ;0 # *3*1/ # 62*4,920,1R # $3*'31 # % # 53$/#
/+354/4204 # %*%1H4A21 # ;0 # % # 093`?%*/420 # 1;E300;&;4 # 43(3$4/1 # $3&D # p*4%*25,0 # 4%E%094%*%41;54#
$3&-,&%*$%9@%4XR#@,&'#%9#;*344%5/#62*4,920,1#$3&3*B9/1#%#*3*1/#-3A*B+;04#3935#%#4;(35D#"#&'3(3131#
3&'(;094 # $3&;(9/1 # %9 # :52**X02&R # % # -C&&34*350;& # ;0 # %9 # 3&'3+C**;4 # H9;4R # 62&'%1,95%1 # /0 # /*'35#
;*$;5'31(3R#?&'%5%11,(#3&'-%A4%#09,(,5&20R#-,1,9,44#;(9;135'0;&#;0#5;$/#9%6%(#1H0;(/#393134#%9#
;*$;5'3134D
p*4%*25,002&G%5#3*$,5+@%4XR#@,&'#3GG35#%9#;*341,(G%5#A3*354B0#1C*:5G0;&31#$?4%41,95%1#%#-/Q1#
;0#%#*25',1#1:9:44R#%9#QA#;*34@3*'93431#$20-%A4%#1/@H620,1%4#A3*3543531#092$?1(%#;0#$201;54#/0#
(3%&2*5%1 # 3931(3D # " # 6/*2& # -3*-3+39;0;(3 # /(25'?*X # 62&' # ;0 # % # 4%5?*X1 # G3*0B # ?4%920% # 09;E35#
4C1(:9B+/1 # % # 4%5;6(3 # A3**3$9B # 4;$21G%5_ # 5%&' # -:*+(%A9/ # -3*-3+39;031R # % # @%5&?*%4,1 # ;0 # 04H*?0,1#
4%5?*$25',920%#%9#/(,+%*,$G%5R#%9#;&;0R#/**3463#%#$3W@%5/1%#4%5?*$25',920%#%#1;$/2G%5#;0#%#
-/9/12G%5R#42E*2*1,920#;0#3&;090;&4%5#3E,W@%#%#G/,*X&/2G%5D

`2*$%U%.$."S:)0.3X8:/20
"#4%52(,15%1#QA#E3(0E314H621%4#13**#5'/45/?1#%#1%$%09,1#092$2(%R#0#1C*:5:035#%((%#13**#C&'3*5/C1R#
@,&' # -/&'3*$C134 # % # 6/*2& # -3*; # 43(3*A;1D # " # @343+/1303134 # %((% # 13** # :094:5:95/R # @,&'#
139+3$;5'3993531 # ;0 # @,&' # 4?+A21 # ;(4;13*5/ # %9 # %G094(%14R # *,&/1?0 # 1;(+;0-3*634;03134D #"((% # /0#
GH94%45/ # 13** # B134R # @,&' # $3&1;(+BA3*399;1 # %9,1%4 # % # 5;9343134 # ;0 # 6/03*13+;0-,($21%4R # $3*'3134#
3++/& # 431/54;*'%*%E,5 # 3*-,&%+4%1D # 73& # 13** # %94 # /0 # $?4%45/ # 531/1R # @,&' # $/1;54 # 13** # 0%A24#
093$E,54A%/1%4#1/%*%1H4%5/R#?&'%5%11,(#3*-,&%+6%#%94R#@,&'#39#%99%*#A2(R#$20,1#$201;54#*24@%4A21#%#
6/*2&,4R # %55%1 # @3*'9343/4D # " # 4%52(5%1 # 3&'(3 # /512GG # 093$G3 # 13** # 5;95/3 # % # 4%5?*X1 # 3&';5/#
6;*3$;5';63*R#;0#-,1,9%4,0%5#%((%#13**#/5+H4%5/#B134R#@,&'#-3*3*B00;&&3*#6/03*43003531#$%&?1#;0#%#
1:9:00;& # /(254D # bGG35 # %9 # ;*341,(G%5 # 5%&',5 # -,54,0R # @,&' # % # &'3(3131 # 0%A24 # $%&?1%4 # 3&'-3*B*#
6/*2&E,*&2(1;54#;*A;1#$3&R#$20-3*B*#,*'%5#/5+/6/+??$1;54R#%1/#?&'%5%11,(#09,W/2*/0#-3*3*B00;&&3*#
GH(D

MN":5,+)&$#"l=>-=h":52/"0+'b
E2V)Y*:/."V2))2%8232//:%20
"#PD#,0942*'#0,(25#%#4%5?*X1#24*;E/1#!hD#;*34;6C134R#39#3&'G35#%9#,0942*'4%5H4X/#/+B09%1#6;&;4#/0#
hN

A3*354/D#d,(2GG%5#0,1%1#092$2(%#39#6,*4#%9#%9#/+B09%1R#%$/1,(#%#4%5?*X1#G3-3A394;1#%9#/01,*24#;0#
$3&139+4;1#/5%0;63/134#6%*%$/*'35#/E%(/#6%&'#1;9$F630#$F@3*'G35D#b55;*-,&6%#%#PD#,0942*'(%#
Q&' # 431/5434431R # $/54 # % # &'3($31 # /01,*294%42025%1 # |*313(31H4;0;(3=D # "9 # 3*$Q*4 # ;60929%+G%5#
b?(XE%.093(43 # 1/4,*X+,44 # %9 # /01,*294%420 # -3*0B # @%42(%R # ;0 # % # )%*+,(-./01,*21G%5 # /0 # *;4(3A:4431 # %9#
Q&'53639344#-3*0B#4%&,9%4,1R#H&'#%#!h#;630#1,(#$%#$2(#53$#%9#/01,*%#G3-3A39;0;531#/+BE,54A24#
A3*354/D # b993* # 3&'C44 # % # PD # ,0942*' # 4,62GG(% # /0 # 6%*%$/531 # % # *392(X+2024 # A3*354/R # +3 # 39 # /512GG # %#
&'3(3131#6/*2&1;E;(3R#%#6/*2&#;0#%9#3$G3(#3&'-%A4%#6/09,5'2(%#6,5%41,9X#*392(X+20D
"#1%$%091,(G%5#%#-/9/1%/#;0#*3*1/#62*4,920,1#$/5+351/5;*#AX*#434435;(@34B1D#"#-/%4%*,1#%#1,(2GG/#;631#
*2&'02&2@,9# 1;E304 #2*4%*2G%5# 0,11%*#09:&*34303GG31R #(,G?094?0%GG%1#*309531R# 3GG35# %9,5G%5#
5%&'#%9#3&';5/#3*4;(;0#*3@34B0;&3D#Y:6313+;0C1R#;(;0C1#%#-/Q152*#4:GG31#1:9:44#%#$?42*20G%5R#
*25',152*#%#$3504(?2W/X#$3&/5+?*202G%5#-3A39B+/1#1/D#b9#%9#%#1,(R#%$/1,(#%#1%$%09,1#092$2(%#%#
6/*2&G%5#*;439B#-,&%*$%1#139+3531#A3*354;003*#$3&43*5/R#1(/4/1%/#;(9;1C1#-,1,9,44%5#;*300;#139+#
62*5/R#39#?4XGG/6%*#-B*3&#%9#3++/&/#13(343134R#09%G2*',1%4#139+/1#1/D#b94#%9#;(93*$3113*#/0#43*H4344#
1(/4/1%/#@%A*%$,4#3**350Q*',99%#%9#;*34C1G35#3&'(3#5%&',GG#093(3E34#A2409X#(%W/,5%*/420R#/+B51;54#
-3*C*#/0#13(313+/1#;5AC1#&,5+,*1,+X#(;093D
" # -C&&34*35 # ;(93*$/ # ;*34 # 1/%*%1?*20% # QA%GGR # 6;&0B # 09%1%092G% # *;ER # 0 # %9 # 394 # 1H0;(B # ;(93*$/#
4?(G?*35W/%#53$#1/0#1/@H620#3*;#2**H4A%#%#4%52(,1%4#;0#09C*B134#3&'%(254D#a?+6%#%94R#@,&'#%#1(H9/0#
@,9924%(4,9/1 # % # -3A*B+;0@39R # % # 5363*;0 # 1:9E,54/ # 1;(+;03 # %9 # *309R # $/1;54 # 1H0;(AC1 # 3931531 # %9#
3&';5/#;(9;031531R#0%A24,0#&,5+,*%4,15%1R#-C&&34*35#4:(316;031531#09C*34;0;4#;0#-3A*B+;0;4#Q&'R#
@,&'#1:9G35#$/5134#53#0,+,(A%5%1#3*#%9#393113*#A2(X#@%4%*$%0#;(93*$/#@?**2$,1D
7H&#%#*25',1#/+3AC1#;0#353(&/2A?1#5%&'#(;09;4#%((%#-,(+H4A21R#@,&'#1/03GGR#:00934%(4X#W0,E,(4,1G%5#
,00921#$3&#3&'$200%*#;(9;03/134R#G309;*A;1#$3&#%9#;(93*$/#;0#09,W/2*/0#303$;5'3134R#%++/&#%#
-/Q1 # 2*4%*2G%5 # $201;EE # (3%&2*5%1 # %9 # B134 # ;(4 # @,($,52*/0 # ;0 # *3*1/ # 62*4,920,1(%D # s1 # *2409X*%&#
A3*354B035#*3$%(%+5%1#%#*25',1@,9#1;E304#%#09,W/2*/0#6/03*13+;0#;0#%9#;(93*$/#;(3440;&#43(;5R#
@/0935 # 53$ # 4Q* # 1,$$?5/1%4H6%1R # ;(9;134*35531 # 4F5531R # ;0 # @%A*%$,0%1 # % # 5'3(0R # $,&,(6%#
6/03*13+;0(3D#b935#1C*0B+*3&30#A3&'31#$3**344#QAR#3++/&#/0$3(34*35#426*%4,1#5'H*5%1#$3&#%#+/21,1#
3*B44R # $3*'31@39 # ;*303+B # 3*$;63*R # $3*3& # 09H663* # ;0 # % # 53@;913+;003* # 1C9+B # 6;&4%&,11%*#
1:93*H43531D#r6#6;&;(3#%#4%5?*X1#$2(#QA#E;*+%1;E3134R#431/54;*'3134#;0#093(3E$/5421%4#13(30531#
$%&?15%1D

`2*$%U%.$."S:)0.3X8:/20
bGG35 # %9 # ;*341,(G%5 # 5%&',5 # -,54,0 # %9R # @,&' # $/5+%94R # %$/4 # 3++/& # 4%5?*4%1R # 4%E%094%*4%1 # %9#
/01,*2G%5R # :00931:00C1 # % # 6/*2&&%*R # 3&' # ,*'%5 # 6/*2&1;E # 1/%*%1H420% # ;(+31;G35R # $3*'G35 # %#
-B093(3E34#%#1C9+BR#1:(5'3934;63*#@%($X5/2(%#4:(316BR34/1?0#3$G3(#A24009%D
"#PD#,0942*'G%5#4:GG#5%&'#-3*%+%4#3*B44#2**5%1#%#+/21,1D#"9#3&'/1#%9#:52**X#;630#$?51%#3*1;09H4;03R#
$3*'531# 0,(25#$/5+35# 4%5?*X5%1#62*%094%5/%#13**# 3&'# ,*'%5# 4;$24R# %$/5#3&;09# ;635#24 #1;E30#
+,*&,95/R # ;0 # %$3*'531 # $3&%*1,4202(X* # % # 42(0%/ # 3*B44 # G3 # 4?+ # 092$,*5/D # Y3$W0%1 # $F6;09/#
093$E,54GX*R # @%53$ # 09,W/2*/0%5 # /0 # -,54,0 # *3@34 # %9 # ,0942*' # +(2$%G3$?4%4XA%R # $3*'531#
$?51%-,*'%$%4%#$%&25#6/03*/#%9#3&';5/#-3*3*B00;&#;0#%#1:9:00;&/#$?51%#A3&'3/4#/0D

PN":5,+)&$#
E2V)Y*:/."V2))2%8232//:%20
a:(4;53*3$X(21 # QA(% # % # !LcJND # 0929%+ # 1:9:44/ # /+B09%1,4 # 42(&'%*A21D # " # W;* # %9R # @,&' # % # +/21,1#
$3&/0$3(A;1 # % # 1,(09%1 # %9,5 # 63934B # 309$;/4R # %$3*'31 # QA # -3A*B+;0/ # -,*'%$%4,1%4 # 63934431 # G3 # %#
4:(4;53*3$G3 # S-(%5W/% # -,((%+%*,$R # %$3(/1%/ # -C&&34*350;&/ # @2G,(Q # ;0 # %9 # %$3(/1%/ # %*1,4$25'R # %9#
,(,09,(092&/#-,((%+%*,$#04GDUD#b931#%9#309$;1#&'%1(%5#&,5,09#@%4%*$/#3091:99;#/0#62*@%45%1#c#
$/54#%@,&'#%#89,6A34?5/X#6%&'#%#Z%($%+/1#f/(,+%*,$#$3&09C*34;03#/0#$?4%4A%D#b93135#%#E;*+21,5#
h!

13(3094C*#6/*2&,002#62*5%1#%9,1#%#E(,G*;$21R#$3*'3134#%#-/%4%*,1#$%&?1,5#/0#;(39531#%#1/*35W3+/1#
,0942*'G%5_#%@,&'#%9#/+32*4X*#%#$3&6%*X0?*20/&#63934B#Q4,5#09C10;&#6%5#%#6%*X02&#;(9;13*;0;(3g#
%@,&'#%#$,(2*/0#$3(360;&#;0#%#-%5%4/1?0#/+3%*/9$?0#1:634139$;5'3#3(B09%1#;0#4:(4;53*$/#1?+%(W#
/0#*3@34D
# "# 4:(4;53*3$3E,W@% # W;*A%R # @,&' # -3*;G(30093 # % # -/%4%*,1 # 6/*2& # /(254/ # ;(+31*B+;0;4D #"# -:*+&:$G(B*#
3*4F5531#%9#?4,*0X#<-3@;(#-,*4,1=#/0R#%9#3$G3(/#4?+%4#*%00%51;54#3&'0;&;G35#139+/#3*#093$*;*5/#%#
n:*+34D#"9,11%*#%#4:(4;53*$/#3(B113*#/0#$3&#13**#/0$3(13+5/C1R#$3*'31#%#6/*2&#A3*35*3&/#@3*'934;4#
@%42(,9921#$3&D#"9#QA#;639(3+#139+343#3&'#,*'%5#:00934344#6/*2&,4#@,9#$%&26%*#c#&,5+,*A?51#%#
@/+3&@2G,(Q#6;&;(3R#p90/%#;0#"-(/1%#6;&34#53$#;(B#1,5-*/14?0%/(%R#%9#3*@Q9X+X#E,0941,*,5/%*/04%#
/+B09%1#+39/543&(2W/X0#3(B/(3#cR#%$3*'G35#%#-/%4%*,15%1#,(/3542W/X0#E,54,1(%#6%5#09C10;&C1D#"#
6/*2&&%9+%02& # ;0 # % # 1,$$?5/12W/X0 # (35+093(31 # &*,G%*/92W/XA% # QA # 1,(09%1,4 # @,9,44 # %#
6/*2&4:(4;53*3$G35R # $3*' # (35+1H6C* # /9&%*$%0 # % # 4%5?*X1 # 092$2(%D #"# +/21,15%1 # %9 # 3*314(,5/1?0#
$;+/%R # 0 # 1C*:5:035 # %9 # /543(534 # 43(C*34;5 # 3&'(3 # 5:6316B # 4?+2024 # /0 # <&*,G2*/0 # 1,543`4?0G%= # 13**#
@3*'395C51D
"#-/9/1%3E,W@2G%5#%9#3$G3(/#1?4%4X436;135'0;&#;0#-3*-3+39;031#-,54,0#6H6$25'%/4#42(&'%*A?1_#%#
&B9&;E34R # % # &B9$,9+,5'4R # % # (,GG%5X. # ;0 # %9 # 3*314(,$,4,(4R # % # 6/**%5';&B4R # % # 43*3-,54R # %#
092$,*X&;E34R#%#43*36H9/X4R#%#*;93(4#;0#%#092$H4X&;E34#S5;@25'%4#3931#1:9C*#$2(#PD#,0942*'G%5UD#"#
4%5?*X1#]D#,0942*'G%5#%#!Pc!]D#0929%+#(%W/,52*/0%5#1/+,*&,9,44#43W@5/12A26%*#-,&*%*1,95%1D#892$,0#
43W@5/1%/ # QAH420 # 3931 # 1:9C* # -,((%+%*$%0H4,44% # %9 # 3$G3(31 # $,G/*/42024 # ;0 # 1,$$?5/12W/X0#
*3@34B0;&3/4D #"# 4;$%# -3*+,*&,920%1,( # %9# 3&'/1 # *3&/9&%*$%0%GG # -3*%+%4 # %55%1 # %# 1%EW0,*%45%1# %#
-3*42(20%R #%$/ #%9# 3&'30# &;E31 #-3*4%*2*20%R # ;0#% #@%0952*%4?1GX* # -%1%+X #4?+%4/# 62*4,920,1 #1:9:44#
-/&'3*@34B#$3&D#n,54,0R#@,&'#42(&'%*A?1#3931531#%#-3*-3+39;031531#%#$/5+355%E/#;*34(3#&'%1,(,*4#
@%42024R#W0%1Q&'R#$/54#%94#/0R#$/#62(@%4XR#@%#$;&#1,(093(FGG#G3(35+39;031#;0#(35+093(31#62*4A21#
-3*# %# A3*35*3&/3134D #"# 4%5?*X1 # %# E,094/5+?094(/%*/9$?0# 1,(09%12G%# 5B531 # G3*3_ # 3((3# -3*# 13**# B134#
1;09H435C51D
b55;* # % # 4;$252* # +:54BR # @,&' # % # +/21,1 # $3&/0$3(13+A3531 # %9,11%* # %9 # 3$G3(3113*R # %1/1531 # %9#
309$;/ # ;0 # 3*0925402&% # 3931@39 # % # -3*-3+39;031@39 # 63934431D # b93135 # % # E;*+21,5 # 13(3094C* # %#
43W@5/124R # $/54 # %9 # 3$G3(/ # &,5+,*%4 # $3&6%*X0?*2024 # (%&%+@%4A21 # $3&D # b935 # &,5+,*%4$353431#
$F@3*';G3R # /**3463 # % # -3*4%*2*X1 # ;*34(%A92G% # 6%*X # G3431/54;0 # % # $%/ # 1?*4Q(E3009/$/9$?0 # 3**35;G35#
*3*130H4@34/#B134D
7%43$%4/12G%5#%9#3&'35*3431#;0#%#6%*X09H5F0;&092$H420#2**#%#1:9;EE,54G%5D#b9#%#-,($2*/0#*,&/1%#
093(/54/#&,5+,*1,+205%1#AX#&'%1,(*X43(3E3D#7/5+35-;*3#$20,+-,1Q#3&'35*343134R#6%*%$/54#43(C*34.#
;0#4;(-,&%4092$H420,1%4#6;&9C51D
w3,$34(/2G%5#3&'093(FR#09%G2*',0#E*%4X5/#43043135#E(XG2*A?1#$3&R#@,&'#3*BGG#3&'#G3*0B#1;E34#
%*1,00?51 # (X*?1R # 0 # W0%1 # %9?425 # (%A9,*A?1 # *3 # B134D # b94 # c # 1C*:5:035 # % # 093(13094;0;4 # 431/5463 # c#
3&'093(FR # 4;(G35 # AX* # 24*24@%4XR # -3(+35;934/ # 2G(29,*20/ # $X++%*R # /**3463 # -C&&B*3&30 # E2(@?9%$,0#
E(,A31W/X6%*#6;&39@34AC1#3*D#Z%0,5*X#$X+,5#A2(?51#3*#%#1QE093*343113*#/0_#$/5+39#QA+,502&#%#PD#
,0942*'@,9#1;E304D#b**/E09/04R#E%(%G,*24#;0#@/E3(G,*24#093(13094C51D
f/,*X&/2G%5#-,*'%4A?1#%#PD#,0942*'G%5#$3&139+344#3$G3(4%54_#%9#3$G3(#W0,54.#;0#/9,$(35+093(;4#
42(&'%*A?1R#6%*%$/54#%9#;(9;1093(63134R#$3*'31#03&H40;&;63*#%9#3$G3(#%#-/9/1%/#*;439;04#4%E%094%*A%#
$3&D # "9 # 3*B9B # ;6G35 # 3*139+344 # 4;$21 # 4,62GG63934;0;63* # 39Q44%* # *;5'3&3035 # $;*'3GG(3#
@%4,*@%4?51#%#W0,54(35+093(#-3*;EH4;0;531#;0#-?51W/XA25%1#4%5?*$25',9202G%5D#a?+%4#%*%44#;EE35#
393113*#%#1;(+;03113*#6%5#3*-,&*%*6%#3&'#4/935:4#;630_#4:GG31#1:9:44#%#&(%6/42W/X#*31C9+;0;63*#c#%#
-3*3&'35303+;0#3&;09#4;$%1:(3#W354(2*/0#@3*'34#-,&*%*#3*#3GG35#%9#;*3409%1%09G%5D
" # -:*+(%A9 # -3*0B # 4%&,9%4,5 # % # n:*+ # 3&;09;63* # 139+ # 3* # -,&*%*1,95/D # " # ]D # ,0942*'G%5 # 3*B09:( # %#
1B934G?(,11%*D#"#-/%4%*,1G%5#QA,55%5#-3*;G(3+BR#+3#$;&#(35+3934*35#093$;*'/0;&#3(B/4R#;0#3&'(3#
5:6316B# 6;*3$;5'-,($2*X# 1;E300;&C134 # /&'3109C51# %# &3,*X&/%/#A3*350;&31(3# /(25'H4%5/D# l;4C51#
-/9/1%/ # %*%EA%/5%1 # 09%1093(F # $3&/0$3(;03R # %55%1 # 4314,5/1%/ # ;0 # &3,$,(-,*X&/%/ # -,*'%$%4%/#
hJ

42A;1,9X+20/ # E,54,1%4 # 5'QA4@%45%1R # ;0 # ;(9;13*434@34/1R # @,&' # % # -:*+-3*09H5 # 093(139343#

5%&'$;(4;1G35 # % # -3*09H5 # %*%44/ # +/5%$/1?0 # 3(B1 # $?512A25%1 # 1:634139$;5'3_ # %9 # 3(X9/X # 09/543#
;(9;13*@3434*35R # $;&/0 # 43($;134*35H4B # -,*'%$%4% # ;0 # 63*3 # 093$G35 # % # 6?*1%5/1?0 # 436;135'0;&#
G3$?4%420%#2*4%*#%#62*4,920,1#09;*0B0;&30#-,($2/4#42(@%4A?1#%#4%5?*X1#3*;g#%#*3C*3E3+;0#1/3&'35*H4B#
;0 # QA(%;EH4B # -,*'%$%425%1 # 2G(29,*2026%* # 04%G/*/92*X # 1:9;E?4%4 # ;(9;13*434@34AC1D # "9 # 3(B. # ;0#
/+B012*21#09;*0B0;&3/#,*'%5#E,*%(/420,1R#$3*'31#AX*#4C1(:9/1#%9,1%4#%#6;&*343134R#%$3*'31G35#%#
-/%4%*,1#%#6/*2&,4#$3&4%E%094%*A21D
d;$/2G%5 # %9# %5'%&,1 # 13*34139;0/ # -,*'%$%4%/4 # 431/54AC1# 24_ # %9# ;&;0 # ;0# %9# /99H420# 43($;13/4R # %9#
3*093530H4;0 # 3(3+$;5';4R # % # 093(630 # %5'%&,1 # *3G,$*2025%1 # -,*'%$%424 # 3&;0935 # %#
@?$?091;E9B+;0/&R # % # 1B,*%A # 1/%*%1?*2024R # % # 5:6;5'31G35 # *39%A*X # 24%*%1?*20/ # -,*'%$%4,1%4D # "#
+3094/**2W/X # 1%EW025 # % # +/21,1 # 24;*/1 # %9 # %5'%&,1 # 3*BGG # /**;1,55'2R # $%A+ # QAGX* # 1;993*-,&@%4X62#
62*2024R#%#4/094?*204#;0#%#4/094H4204#c#,*'%5#-,*'%$%4,1%4R#%$3*'3135#$%&?1#/0#2430531D
"#$F6;09344:(4;534R#%$3*'#%#-3*0B#4%&,9%4#3*3A;5#QA#4%542(&'1;54#A3*35/1#$3&R#1:9E,54/#A3*354B0;&F#
% # ]D # ,0942*' # 092$2(%D # " # 43($;09344?+,$25',0 # 42(&'%1 # S-/9/1%R # 1;$/%U # 09/&,(Q # 4:(6;5'3/4 # 13**#
3**350Q*',95/%R#;0#3&'#3&;0935#$20#6/*2&,4#%#+/21,1#3*;#42(5/%R#%$3*'G35#%9#3$G3(#09%G%+,5#
43(3$4@34/ # $3& # :5$%&% # 4:(6;5'3/4D # " # 09,G(209%4 # ;0 # % # -304;0934 # (3$31$F63/63* # 6%*X#
$3&/0$3(13+;0 # 0,(25 # :(:$;4 # *3*/ # % # $F6;0934G35R # ;0 # %94 # 4%E%094%*@%4A%R # @,&' # % # $F6;09/#
436;135'0;&#3&'#,*'%5#43(C*34#%9#3$G3(#092$2(%R#%@,*#%#09%G%+02&R#%#09%G%+#%*1,420#$3&;*@34BD#
"9 # 3?(XE%/ # /01,*21G%5 # % # 5'?&%4/ # 1?*4Q(@%&',$25'4 # %9 # X1,(/ # 3&'/E4,$/ # $F6;09344B* # 139+AC1#
$3&/0$3(5/R#394#1:634/#%#&:(:&R#%#(X$%/R#$%A+#%#1,(%#13(3094;5'#$F6;0934#42(&'%*20%#3&;0935#%#
1:9;E1,(/&R#$%A+#%9#/42*/%/#(353092509#139+343/D#l3&-,54,0%GG#-3*%+%4?51R#@,&'#;(9;13*4300C1_#%#
$F6;0934G35#%9#3$G3(/#4?+%4#62*4,920%/4#1:634@34AC1#5',$,5D
>%A9X(25#%#-31343c-3@;(#E,*%(/4202G%5#+,*&,9?51R#43@24#43*A3035#%GG%5#%#09;*0B0;&30#6/*2&G%5R#
%$3*'G35#%#]D#,0942*',0,1#;*531D#"#+/21,1#0%A24#*3*1/#09C10;&*343/134#;*@34/1#$3&#%#E,*%(/420,11%*#
4?+%4,0%5 # -,&*%*%4,01,+X # %*1,4X # $?51% # 0,(25D # dC*:5:035 # -,54,0 # % # 0:4;4GB* # % # 6/*2&,0G% # 6%*X#
24*;E;0R#%9#;*34#1(/4/1?0R#24$353434#1;E39B#<09C(13#43(C*343/531=#-3*42(20%D
"9#/(,+%*,$4%5H420G%5#09/54;5#4:GG#-B#4;$%#2**@%4#3&'$20#$3**344D#"9#3&'/1#3E,W@%#%#+(2$%#;0#
09H5@29 # 139+343/63* # -,&*%*1,9@%4D # 89%1(2*/0 # 3(3+34;5;* # -,&6% # $/5+ # % # 4(%&;+/25%1R # $/5+ # %#
1,$;+/25%1#$3&6%55%1#%#$%&%#0E/(/4?2*/0#6,5%41,920%/D#bGG35#%9#;*341,(G%5#1C*:5:035#-,54,0#
$3&4%E%094%*5/#%#09%1(2*/04X*#%#6/*2&/#-3*;#63934B#24$353434D#"#+(2$24#$/5+#3*$;*34/R#$/5+#4:(4;534/#
13(34G3 # 13** # @3*'395/D # a3($;09343035 # % # &'%1,(*%4G%5 # /0 # $3& # 13** # 4%E%094%*5/?1 # $/5+394#
+(2$%$F@3*'$?5121#;0#.A24;1,1#03&H40;&;63*D#b5531#%#-,*'%$%45%1#%9#X1,(/#+(2$%#42(&'%*20%#
*3@34#%#W0QW0E,54A%_#89,E@,1*;09#@B03/#%#*3&$%&%0%GG#(35+F#093$;*'/0;&31#4%5?*$25',9202(%#
43(3$43531#*3@34B0;&34D#"*1%*,$#%+X+/1#%((%#/0R#@,&'#G350B#1%EW0,*%4,4#%*%1H40%5%1#1/R#QA(%;EH40;1#
%#1%$%091,(#0,(25#$3&*%9?*4R#6%&'#3034*3&#43*A3035#3*6309344#1%EW0,*%4,4#%#5'3*6/#093**3$/0;&&3*D#
720/1#4;$%#*3@34#%#@?$,(D#"#@?$,(#426,*02&,4#43(3$4#%#A3*350;&31#;0#:5$%&?51#1:9:44R#392*4%*#
$3&4%5H4A% # % # 4%5?*X1%4 # %((%R # @,&' # % # +,*&,1%4 # 1C*:5G:9B # E3(0E314H62GX* # *3@34 # 093$*;*5/D # b5531#
(;6;5 # -,54,0 # *;*314%5/ # -3*-3+39;031(3 # 43@34531 # 093(4 # %9 # 3$G3(/ # 43($;0934(3 # 6,5%41,9X%5D#
b9351H6C*#%#@?$,(#3*6309#6%*%$355'/4#%#1(/4/1%#;*;GB*R#;0#3*6/03*@34BGG;#4309/#%9#:5$%&?51(X*#
%*1,4,44 # 1;E34 # /0D # " # 53634;0 # %9 # /5+/6/+?2*/0 # 3$G3( # ,*'%5 # 1C*:5*3&30 # 1;E300;&3R # %$/ # 03&H4#
-3*+,*&,95/#%94R#%$/#63*3#4:(4;5/1D#"#1C*:5G:9B#*3*1/2**%E,4,1%4R#H&'#%9#3&'C44;(9;04R#%#(;096;434R#%#
0H(204R # % # 53634;04 # 6%*%$/5 # 6%&' # 6%*%1/63* # 3&'C44R # 09/54;5 # $3& # *3@34 # 09,W/2*/0 # ;0 # E09/W@,*X&/%/#
093$E,54GX*#/0#6/90&2*5/D#Z%#393134#%#*3*1/#$/5B0;&3134#%9#3094;4/1?$#03&H40;&;63*#@H6A?1#;*34(3R#%#
1/*35W3+/13031#24;*@34/1#%#6/*2&#3**354;43/#1:94#09C543*35C*#-3552**X#-309C*40;&34R#+3#-3*W0/**%5@%45%1#
092$?1(%#%#-3*,*+20#*3@34B0;&3/D
"@@,9R# @,&'#%# +/21,1# $3&4%*2*A21# 0%A24 #@%5&A?1%4 # c# W0%1Q&'R# $/54# %9# H(201;090;&# 3034;G35# c#
&'%1,(*20(% # 6%5 # 09C10;&C1D # 73&1:55'H4/ # % # 5'3*663* # 6%*X # QAR # 4?+%4,0 # 1%EW0,*%4 # 1/%*%1?*2024R # @%#
1C*:5G:9B # 04H*?0,1%4 # &'%1,(,*5%1 # H(20G%5 # ;0 # 09XG%5R # 3009;134R # 4%5?*$25',1%4 # H(5%1R#
hI

1:5'6G3092$,*X1%4#1;09H43531D#"9#%#-,*'%$%4R#%$3*'35#%#1%$%09#13(3094C*#$3&'R#$3*'531#0,(25#
%9# 3&';5 #3*426,*,+/1 # 0%A24 #1?*4?(2*/0# 1:(5'3934;(B*R # 1/43(A3+# %9#%5'%5'3*6(3 #/0D # b9# 63934 #%@@,9R#
@,&'#%#-/%4%*,1#3&'#0%A24#<G3*0B=#@%0952*%4Q#5'3*634#+,*&,95%1#1/R#$3*'G35#%9,1%4#%#1/-3A39;03134#
%*1%*$%9921#3*B093(343443*R#$3*'31#%#*3&136;0G;#$%&24X*#;(434B+B1D#"#$3&@:11354;0R#$3*'34#3#
5'3*6#%#-3*5B4431GB*#1/62*4R#%#-,*'%$%4#*;5'3&;@39#4%(4,9/1D
"9#%#435+35W/%R#$3*'531#0,(25#%9#3&';5#3*/+3&353+/1#0%A24#:(:1C*#1%E,44#5'3*6;4B*R#3*B55';#62*/1#
%9 # /+3&35 # 5'3*631 # 4%5?*20252*D # " # 4%5?*X1 # ,*'%5 # &,5+,*1,+20$X+,11%* # ;0 # 1/-3A39;03113*#
/0$3(13+531#$3&R#%$3*'31#%5'%5'3*6C1:5#09,1%4*%5,1R#0#;*639/1#%9#3GGB*#%+X+X#*3@34B0;&3134D#
V*6%0$25'1;54#,*'%5#1?4%4X1R#$;(5:1:1#;0#$20#A3*354B0#093$;*'/0;&31#;*34(%A924#62*%094@%4A?1R#
%1/1 # % # 4:(4;53*3$X(21,5 # 4%5?*4 # 1,(09%1,1 # $3&@%42(,9X # 093$;*'/0;&3/ # 6,*4%1D # r(*3*/ # % # -/%4%*,1#
309$;5'3/4#;0#W;*A%/4R#@%#,*'%5#3$G3(31#;*34;63*#/0$3(13+531#$3&R#%1/1#3$G3(42(0%/1#3*B44#A2(4%1#%#
n:*+#$3&@X+H4202G%5D#720#1?*4Q(21G%5#6%*X#3*$;*'C*;0#09/54;5#09;*30H4/#%#1%$%09,1#*24X1:(;4D#"#
$%/#/+B1G35#1C*:5:0#A3*354B0;&34#1%E#%9#/+3&355'3*6.,14%420G%5#%9R#@,&'#%#4%5?*X1#$3&;(403531#
$20,1%4R#*3&'3531#%9,1#~/+3&3531~#6%&'#~$3531C*431~D#
oA(%#24431/54AC1#;0#(35+093(399C1#$/5+%94R#%$/4#5'3*64%5GX*#4%5?*4%1R#0#392*4%*#%9#3++/&#&'%1,(*20#
2*4%*#$3&4%5?*4#+,*&,1#092$2(%#QA#$3&;(4;0/#*3@34B0;&31#5'H*5%1D#"9#/+3&355'3*6.4%5H420#$,04%5(%#
$2(#53$#?425920(%#;0#%#5'3*6G35#6%*X#$3&$3(H4139;0(3#;EC*R#@%53$#%#09:63&31#1H6C*(B*#6%*X#
$3&4%5?*2025#;0#%*1%*$%92025#13(3094C*#3*A?4,44#,+%R#@,&'#%#+/21,1#$,04#$2(#;(435/#%1%(A21#%#
5'3*634D # b55;*-,&6% # 1C*:5:035 # -,54,0 # % # 1/*35W3+/1 # ,0942*'G%5 # %9 # 3&;09 # 5'3*64%5/ # (35+093(#
09/0943$%4/1?0 # :0093-,&*%*20%R # $3*' # 09%G2*',1R # (35+093(31 # 4?+%4,0H42025R # ;0 # /+/,$%4/1?0#
09X1%EW0,*%4,1#:0093@%0,5*H42025#13**R#@,&'#%*%E?*A,5D#b9#%9#%9#;*341,(R#%$/1,(#%#5'3*64%51:5'6#%#
4%5H420 # @%095,0 # 3091:9;6; # 62*/1D # d,(2GG%5 # % # 4%51:5'63134 # (3-3(35W/%1;54 # @%0952*@%44?1R # 6%&'#
%9,15%1#%#+,*&,15%1#%9#/0$;4*;031,(#62*4%1#@%095,002R#%$/134#$2(#4%5H4,44?51D#7,04#3*;(139344#%9#
/+3A3 # %9 # ,*'%5 # 09/0943$%4/1?0 # 4%51:5'631 # %*1%*$%92025%1R # $3*'31 # %G094(%14 # 04(?14Q(21 # ;0#
42G*29%4,1#03&H40;&;63*#;EH4139531D#[0%1Q&'R#$/54#%9#/(,+%*,$4%5H42052*R#%#5'3*64%5#4%5H420252*#/0#
09C10;& # 6%5 # 3&'-3*B* # @?$,((%R # ;*34(%A9,1 # ,*6%0202(%R # ;0 # 1:95'3*6/ # -,(+?*%4,1 # %*1%*$%9202(%R#
$20-3*B*#%#1/-3A39;031#@%0952*%425%1#E,54,002&2(%D#7/5+#%9#,*6%0,44#09:63&31R#$/5+#%#5'3*64%5#
3*0B0,(G%5# %55%1# %9# 3&'350Q*'5%1# %9# 3*;(;0;4 # 09,*&2*A%R # %$/531 # %9# 3(3+$;5'3 # *3@34R # @,&'# %#
4%5?*X1#A,GG%5#4?+A%5%1#/+3&35#5'3*635#1,$$?5/12*5/D#
"# 9353 # 4%5H420% # @%0,5*X # 5;9BE,54GX* # /5+?* # 1/D # Y%&' # 935;0931 # ;*34(%A925 # 13(3094C* # ;(+31*B+;0#
;G(3+@34#%#+/21,1G%5#3931#@%*@%4%4*%5#$F63/#/(254D#Z%095,0#*3@34R#@%#<093$G30H4C51=#3&'$200%*#
1;4 # A3*354B0 # $F6;094_ # % # G;W0/ # 1*%009/1?0 # 935;G35 # 7,9%(4,4 # ;0 # f334@,6354R # 6%&' # % # G%(,11G%5#
Z5+3*4 # ;0 # f%W@,4D # "# G%(,11 # ;0 # % # 1*%009/1% # 1:9:44/ # 1C*:5G0;&34 # % # $F6;0931 # $F63/GB* # 6344#
E;*+21,5#13(3094C*#+,*&,9@%4A?1#1/D#"#+/21,1%4#%((%#13**#(2639345C51R#@,&'#%#$F631#6,12*/0#6%&'#
@%5&093(30#1:634;03#0,(25#53#W0%1#%9#;(9;031#QA%GG#$;*'0;&3/4#-3+399;1#-3*R#@%53$#%#<9353/#
5'3*6 # &(%$$%4/12A24= # /0 # 1/@%**A21R # ;0 # 1;E3031 # *3&'3531 # 6/009%%+5/ # % # @%5&0,(,1 # 62*4,92024R # ;0#
392*4%*#%#G%(,11#;0#%#1*%009/1%#1:9:44/#04H*?0G3*/#$34%$,(-X9/04#/0#$3&;(40;1D#7/5+35R#%$/531#1:93#
6%5#%#62*4,920,1@,9R#G3-,&%+20(%#4%*2*R#;0#%#$F6;0934#42$,&%42026%*#03&H435/#4?+A%#%#-/%4%*,1%4#
%GG%5R#@,&'#6/*2&,0%GG%5#*200%5%1#0%A24#<24;EH4;0/#-,*'%$%4?1G%5=D#d/*35W3+/1#,0942*'4X*#139+63#%#
4%5?*X1#%#-3*0B#4%&,9%4,0#1X(?0G%5#;5313*@34531R#/**3463#%#-3*0B0#93531%(G%5#$?90/12*@%45%1D
b?(/4$/2G%5#%#1/*35W3+/13031#092$2(%#JND#0929%+/#;0#1,(42(0#63(03134R#9353$F63134#24&,5+,*4%5#
;0#09%1093(F35#%*%1H4A?1#24#$,9&2002#;0#-,($262D#"#4%5?*X15%1#4/0942G%5#13**#*355/C1#%9#3?(/4$/%#
-,($2*/0#3*3$3/63*R#$3&#13**#4%5?*5/?1R#@,&'#$/1;54#13**#$3&-3*3*B#-,($24#1,(3,&(%-2*5/#1C*:5G:9B#
04H*?0Q # 935;(3 # 6%&' # 1:*43$;5'(3R # 5'3*6/ # 6%&' # 5'3*64%5/ # 3*3$31(3R # 1C*:5G:9B # @%5&53$31(3D#
l3@34B0;&34 # 13** # 43(3$435/ # %((% # /0R # @,&' # % # 4%5?*X1 # $20 # 425W-,($211%* # /0 # $3&/0$3(13+A3531 # %#
42(0%0425W,14X*#139+63#%# *3&1C*:5-;*;GG#$,+3(5#425W,1/&D #7/5+31:9G35#%#-/%4%*,15%1#4/0942G%5#
13**#*355/C1#%#$F6;09/#3*3$3113*D#7/54#4;$%#;0#3091:9#53$#@/25',9@%4#%#@?$,(#03$#%9#X(21(X*D#
"@@,9R # @,&' # %9 # 3?(/4$/%,14%420G%5 # /&%925 # $%&26%* # 4?+A?1 # (%&%+5/ # % # -/%4%*,1 # ;(+31*B+;0;4R#
hh

%*1%*$%4#13**#43(3$435/#%((%R#@,&'#(35+093(3035#*24@%00%5%1#S%#!!D#;0#%#!JD#,0942*'#3*B%+20%/5#
1H6C* # /0U # E(,-3009/,52*/0 # 3*B%+20,1%4D # 094:59B35 # @%4 # (2A?1R # @% # 3*$;*'C*4 # $F6;09/ # $?51%#
3(3+$;5'31;54#4%*2*1,95%1#%9#3?(/4$/26%*D
d3(4$F63*;0(3# 3GG35#%9#,0942*'G%5#6%&'#3&'#@,009%GG#/+3/&#4%(4X#3E,W@%#S42A;EH4;0R#Q4;EH4;0R#
*;EW0B;EH4;0R#13(H4;0;EH4;0UR#6%&'#3&'#$39B&%9+%02&/#&'%1,(*%4#13(34;G35#5'H*@%4#$X+D#b&'#6%&'#
1;4 # @;4/& # 13** # G/94,0H4%5?51R # @,&' # % # 4%5?*X1 # (;094 # 63@3003531 # %9 # %+,44 # 13(4/ # ;0 # 09254X-:*+/#
$?512G%5D#"#-/%4%*,15%1#%#0,1#QA+,502&#$3**344#%*1%*$?1#6%5#$3&4%E%094%*5/R#@,&'#%#43($;0934#
$/1;54#%*%1H4A%#%#@;41:95%EA%/51%4R#0B4#%9#3&;09#3$G3(/#;*3434D#"#-3*%+%4#43($;09343035#%9#/01,*%#
;0#%#@3*'/#1:9:00;&#*3@34B0;&3/4B*#-C&&D#"#&'%1,(*%4#0,(25#%9#%#*3&-,54,0%GGR#@,&'#%#4%5?*X1#/&%9/#
13$;5' # -/9/1%/ # $?5126%*R # 093(092$,1 # @%0952*%426%*R # $?51%-,*'%$%4,1 # ;0 # G/94,502&/ # 3*A2(20,1#
3*0%A24H42026%*R#6%*%$/54#%9#/*'35#$?5126%*#3&'C44#A2(X#W0%E%4$?5126%*#/0$3(13+A3531#$3&D#7%&%#
% # &%9+2*1,+20 # 03$ # 136;0G; # -,54,0 # 4;$%D # l3&/512GG # %9R # @,&' # $3&/0$3(13+A3531 # % # $?51%#
;(4;1;63*R#%#1:(5'3934#&,5+,92025%1#*3@34B0;&3/63*D#
n%-%(%&20X(25 # 3&'093(F # /**3094;03134 # 4%5?*5%1 # $3& # ;0 # @%0952*5%1 # -3*D # " # 43`4/*$?51% # 0,(25#
3&';5/*3& # 1/%*%1H4,44 # 09%G20$/5421 # %*%EA25 # +,*&,95%1 # SE;*+2?* # 09,15'24R # 9%1X4 # 1;09H43531UD#
>;9$F6300;& # S3*B09:( # 3034*3& # W0%1 # % # !ND # ,0942*'G%5U # ;0 # 1,02(-,520 # X(25 # /&35W0%1 # 3*C4B#
$X+093(3113*#@%0,5*X#42(&'%1%4#1;09H43531_#E;*+2?*#42*%1%4R#03(*3&3134R#1C*:5G:9B-%A4%#1,0%(%1%4#
c # % # G3*0B # 4;( # /*'351,( # $/5+/& # % # 1H6C*(B* # A:6B # 13$;5' # $?51% # 2(25 # %*%1?* # 1/D # 7/5+3931G35 # %#
436;135'0;&31G35#%9#%5'%&#43($;0934;4#4%E%094%*A21#$3&#%#4%5?*X1D#"#&'%1,(*%4/#$?512G%#$/5+/&#
G3*3 # 13** # ;EH435C51 # %9 # %+,44 # 1;9$F6300;& # &%9+%02&/ # ;0 # :1,*X&/%/ # 6,5%41,920%/4 # /0R # 1C*:5:035#
%9,1%4R#$3*'31#%#42A@,9R#%#5'3(0%5'%&@,9#;0#%#$?51%-,*'%$%4@,9#1%EW0,*X+5%1D#V*'%5#42(&'%1%4#
13** # 3*B2**H4%5/?1R # $3*'31 # @%095,0%1 # % # 6%*X # 6/*2&G%5R # 0 # 53$ # W0?E25 # +3$,504(2W/X0 # W;*,1%4#
09,*&2*5%1D
"9 # 3*BGG/31 # 6,5%41,95%1 # %9 # /5-,($%4/12(% # /0D # 7/5+35 # 4%5?*X5%1 # G3*3 # 13** # *245/% # 3&;0935 # %#
<1;9$F6300;&4B*=#3*/5+?*6%#%#092$H4X&;E#09C*34;0;G3_#$/1;54#/0#*3@34#%9#<24*24@%4%4*%5#+,G,9G%=#
92(4#42(&'%4R#%9#3*6,54%5#*;439B#12(4'21GX*R#%*%E*%E,1GX*#@%0952*%4/#3091:99;#;EH435/D
"9,5 # 4%5?*X1 # 092$2(%R # %1/1 # 6%*%$/*'35 # ,152* # -,&6% # 53$ # 6309531 # (;094 # % # 43*A30 # ,14%420/#
-,*'%$%4G%5R#&'%1,(*%4/#;0#09,W/2*/0#43($;0934F#3&';G#X(21%4#1H52*#%#)%*+,(-./01,*%D#b931531#%#
4%5?*X15%1#*3@34B0;&34#13**#%+5/#%((%R#@,&'#3&'.3&'#0E3W/2*/0#43(C*3435#-3A*3094@300;1#$%&?1%4R#
%$/ # %9 # /01,*25 # G3*C* # 3&'3+/.3&';5/ # -3*3*B00;&34 # A3*354 # % # 092$?1(%_ # 03&H43531 # %9 # X6,+2G%5R # %#
1,5'@2G%5R#%9#/01,*%#1:(C*/#$?5121G%5R#6%&'#%9#/01,*%#09H5@29%#1:(C*D#f2($/*'35#-3*%+%44%*#GH99%#
/0#$3&#%9#/01,*%#%#4%5?*X4R#-,54,0R#@,&'#%94#4%E%094%*A%R#@,&'#$?512A24#3*/0$3(;0#:639/R#;0#H&'#
3&'(3#A,GG%5#24;(9/#W03*313+343/531#0Q*'24D

`2*$%U%.$."S:)0.3X8:/20"$"PN":5,+)&$#Z$4
a:(313+5/#13**#%((%R#@,&'#%#]D#;6-,*'%$#6;&;(3#%#4%5?*X1#$2(_#
;(+31*B+;04 # 4%5Q0H40%5%1 # %9 # B134 # 1:(C*636B # 6/*2& # /(254g # %9 # B134 # ;(+31*B+B # 4;$21G%5 # % # 4?+204#
-,1,9%4,0%5#:52**X#%+%4&'FA4;0#;0#1?4%420#Q4A25#093(399;1#$3&R
04(?14?(2*4%5 #&,5+,*1,99%5%1# ;0#3&'093(F #*,&/1%/R #,1.,1,9%4/ #1:634139434;03134 #4?+A%5%1# @,95/R#
3*$,9+?*A%5%1 # %9 # ;(9;03135 # %*%E?*X # H4;*34%*1,4204X* # SPD # ,0942*'U # % # $3&;(4;0GB* # -%1%+X # ;0#
$3&-/&'3*;035 # %*%E?*X # H4;*3431 # /(25'2G%g # 4?+A%5%1 # %5%*/4/1?0 # -,*'%$%4,1%4 # %*1%*$%95/R # ;0#
-3*/0$3(A;1#%9#393134#%*242$%094X#3*63134R#4?+A21R#@,&'%5#A?4@%45%1#%#&,5+,*%44X*#%9#309$;/&R#%9#
309$;4B* # % # &'%1,(*%4/&R # % # -3*-3+39;04B* # SK.PD # ,0942*'U # % # $3&6%*X0H420/& # ;0 # % # -3*4%*2*20/&R # 4?+A21#
%1%(%4?1%4#309$;/1#09,*&2*%42G%#2**H4%5/R#/0$3(A;1#%#43W@5/124R#$/54#<:4:+/1#1/(2*'02&,4=R#%#1?*4Q(%#
G/(,+%*$24R # $3*'34 # %9 # 3$G3(/ # *;5' # @,9,44 # *;4(3R # ;0 # -3+399;1 # -3* # % # 43W@5/12G%5 # % # <-:*+/6; # *344#
&,5+,*%4,4=R
/0$3(A;1 # -3* # %9 # ;*34 # 1C*:5G:9B # 43(C*343/5R # 1C*:5:035 # % # $F6;0934G35R # % # 09;*0B0;&31 # 1:9:44/#
24$353434R
hL

;(40;1R # @,&' # % # $F6;0934 # ;0 # % # 4?+,$25' # % # 1?*4?(2*/0 # 4?+%4 # 4:(4;53*$/ # 62*4,920%/(% # (3-*3142*_ # %#

$F6;0931#;0#4?+X0,1#6/*2&*2420%#$F63/1G35#A?4#1/-3A39;0(3R
4%5?*A%5%1 # $3& # +,*&,95/R # ;0 # 62*A%5%1 # 1;E300; # %((%R # @,&' # % # $?51% # 03&H40;&;63* # 4%5?*A%5%1g#
093(3993531#%#4%5?*X1#%55'/#1;993*-,&@%4X#&'%1,(*%4/#4%E%094%*%4,4R#%$355'/4#W0%1#*3@340;&30R
4?+A%5%1#W0,E,(4$?512G%5#+,*&,95/R#;0#E(,G*;$21%4#1:9:035#$3&,*+%5/D

=<N":5,+)&$#
E2V)Y*:/."V2))2%8232//:%20
7/G35#1C*:5G:9/1#%#4/93+/1#,0942*'#%#1/*35W3+/1#,0942*'4X*z#"#1:9:0#$?51%#0,(25#3&'(3#/512GG#
:52**X#093$;*'/0;&31#%*%1?*5%1#1/D#"#W;*#%9#c#0#/*'35#/(25'Q#*;E;03134#13**#-,&%5%4,0H4%5?51#c#@,&'#
%# 4%5?*X1#:5436;135'0;&C1#(;6;5# :5$%&?1(%#4%*2*A%5%1D #"# &,5+,*1,+20# 4/094%02&%# ;0#5:6316B#
H4;*B1;E300;&C1#13**R#@,&'#03&H4035#%#+/21,15%1#%GG%5R#@,&'#%#09/$E24/%.%54/E24/%#G/9,5'4%*%5#
;(93*$/#6/*2&24X*#3&'(3#A,GG%5#3*,*+A21#$%&?1%4D#b((3#09,*&2*@%45%1#%9,1#%#6/421R#$3*'3135#%#6/*2&#
4:(6;5'093(F0;&3/4#%5%*/92*A21R#0#/0$3(/1#$3&#&,5+,*1,+20#(;6;5D
"#G/,*X&/26%*#1%EW0,*%4G%5#>?+,*-#843/53(#4%543(6/#%A25*20%#%#1:634139B1;EE35#@%5&9/1_#<r(4@34B6;#
13**#4355/#%9#3$G3(4R#$/54#3&'3+/#*;5'4#SDDDU#"#-/9/1%/#3$G3(4#%#093(63113*#;0#%#093(6/#-?51W/X11%*R#
3931#*3*1/#;0#093**3$/#:0093-C&&;03/63*D=#d//5+?*XE,541;54#%#$,(-,*X&/%/#$3&1:93*H4;04#62*%094A?1R#
%$3*'(3 # -,1,9%4,0%5 # %9 # ;*344%5/ # ;0 # % # E09/W@,09,$%4/1?0 # 093(66/90&2*%4,4 # ;EH4AC1D # b9351:9G35#
5'H*/1#*3@34B0;&#%((%R#@,&'#:0093@%0,5*H40?1#3&'$200%*#%9#%&'%4#;0#%9#/+3&(35+093(4D#"#09H6#;0#%#
13(/5&;0/#(35+093(#1%EW0,*%425%1#-3*42(20%#(35+1H6C*#-,54,0#;(93*$/#4%E%094%*%4#%#4%5?*X1#092$2(%D#
" # -/%4%*,1 # 092$2(% # :5$%&?1 # 3&' # ,*'%5 # 43(C*343 # 5'H*/1 # $3&R # %@,* # $/5+35 # -3A*B+;0/ # -,*'%$%4#
1:*W0:5@%420,11%*#GH(R#0#3((3#(35+1H6C*#-,&;1,5'%1#3GG35#%9#;*341,(G%5D#"#-:*+(%A93E,W@2G%5#%#
@,*/094/1?0#6/90&2*%4#%#6H9.#;0#*363&BG?(,1(%R#%#1*H$%9X521(%#;0#4,62GG/#09-;(21(%#S%#n:*+#G3*03A3R#
1C*0B#G?(1,1U#/0#1/43(A3+R#6%*%$/54#42(&'%*A?1#3931#0,1(;4F#:0093-C&&;03/4#;0#$,9&20%/4#/0D#b993*#%#
G/,09-;(%#;0#%9#:1,*X&/%#%*%EA%/5%1#$3&;(4;0;4#/0#4,62GG;EH4AC1D#"#W;*#%9R#@,&'#%#n:*+34#3&'#,*'%5#
;*B # ,(&%5/9$?01;54 # -,&A?1 # -3*R # %$3*' # % # (/4$?0%/G% # ;0 # 1:(-,(&20%/G% # 6%*X # G3%6%41,920,1(%#
(35+1H6C*#;(9;135'35#(3%&2*D
"#13(4;EH4;0G35#%#$F63*;0#;0#%#1?*4Q(%43(3$4;0#13(C*#3*B4;(G3D#"$355'/G35#%#4/93+/1#,0942*'G%5#
13(4;EH4;04#/0#G3/14%4?51R#%11,(#%GG%5#%9#3034G35#%9#,*420#$/094;(/?$26%*#-,&*%*1,99?51D#"@,&'%5#
%#1/*35W3+/1#,0942*'G%5#%#$39B&%9+%02&/#&'%1,(*%4#@3*'34430H4@34/#%#13(4$F63*;04R#Q&'#%#4/93+/1G35#
13(4;EH4;0#@3*'344#3(+;0934/#&'%1,(*%4,4#/14%4@%4?51#G3D#b9#53$#-3*4;4*35C*#@3*'34430H4/#%#13(4;EH4;04R#
*3@34 # 1/3&;09H4;03 # ;0 # 3*$;*'H4;03 # % # -354/31531D # n,54,0 # 3GG35 # %9 # ;*341,(G%5R # @,&' # % # 4%5?*X1#
1:9634*35#;*344%E%094%*%4,1(%#43&'3531#093(4#%#*3&1C*:5G:9BGG#-,&*%*1,920,1#2*4%*D#"9#3(+;0934/#
&'%1,(*%4,4#@3*'34430H4@34AC1#6%*%$3*'#$20#$?51%&'%1,(*%44%*#/0D
" # 4:(4;53*3$3E,W@% # 13(34;G35 # 3&' # ,*'%5 # 5;9BE,54 # 13(C* # 3*B4;(G3R # %$3*' # ;(39@34B#
:0093-C&&;0G35#2**#%#-:*+(%A99%*_#%9#3$G3(/#;0#1?*4?(2*/0#36,*QW/X#@2443(;G35#%#-:*+#;0#%#-:*+(%A9/#
1:(5'3934#62*4,920%/#2**5%1D#l3@34B0;&#5'H*/1#%9#3$G3(/#B04:(4;534#$3&/0$3(;0;(3#%#@,$,#0%E/350#
$3&A3*35;0;4B*R#;0#%#$/543&'#hN#NNN#;663*#393*B44/#E%*3,*/4/1?0#-,((%+%*,$4X*#139+63D#b5531#0,(25#
%*1%*$?51 # 6%5 # % # A;&1,(09%1/ # $%&%01?*4Q(% # $F6;0934;531 # 4%5?*$25',9202(%R # %$/4 # %9 # ?4,*0X#
A;&1,(09%1#6;&;5#%#$39,*/4/1?0#24$3534/#/+B09%1#1:634D#"#$39B&%9+%02&#1/%*%1?*20%#;0#%9#3*0B#
2**%5+X # 43*3EC*;031 # %*%EH420% # 53$W0%1 # % # E(3@/094,(/1?0 # 3$G3( # &%9+%02&2G%5 # 092$H4 # 5%&'#
3*B(3*;E;0531R#@%53$#%9#3$G3(/#4?+%4#-3A*B+;0;4#/0#%*%E634B35#G3-,*'20,*4%D#b5531#1:09:5@34B1#%#
62(,0/ # W/6/*/92W/X1 # 1/%*%1?*20%_ # 6%**202**%$%/11%*R # 43$E*,$%/11%*R # %9 # H(20G3*/0;& # 1/%*%1?*2026%*R#
GC(,1(2W/2A?11%*R # 4:(6;5'3/113*R # ;0 # @/3(%(W@/1?0 # 09,W/2*/0 # (35+AC113*D # k&'%5/44 # 42(&'%*@%4A?1 # %#
A3*354B0# 43W@5/1%/# QAH420,1%4R # ;0#% #62(,0/%0,+20# 3&';G# 1:634139$;5'3/4R #$/54 # E;*+2?* #%9,1%4 # %#
G343&0;&3134R # $3*'31 # 2**%4,1(X* # 13(C*431 # 24 # %9 # 3$G3((3D # b935 # 1?*4Q(21 # 4%5H420%1,( # %((% # 13**#
*3&/512GG # 4:(313+5C51R # @,&' # :0093@%0,5*H420,1%4 # 6;&399C51 # %GGX* # % # 093$E,54GX*R # @,&' # %#
hO

1C*:5G:9B#-:*+(%A9/#%+,4402&Q#1?*4Q(21#@,&'%5#G/(1X94%1#$3&#43($;0934/#%+,4402&%/11%*R#;0#$/*'35#
42(0%+%*$/ # -,($2W/X1%4 # @,94%1 # *;4(3D # " # 4%5?*X1 # $3&4%E%094%*@%4A21 # %9 # 3$G3( # ;0 # % # n:*+#
1%EW0,*%425%1 # %*%1?*2024R # $/1:9G35 # 6;&/&1:634/1 # %9 # 3&';5/0;& # -,1,9%4,0 # 1/3$3*13+;0;4 # %#
W0,E,(4GX*R#*3&'35#%9#1*25R#4:(90R#6%&'#53$934D
"#$%&'%(3E,W@%#@%0,5*X#+,*&,1%4#1:9634H4R#$/54#%#4:(4;53*3$R#%$355'/G35#-/&'3*$;4#%#$H4,094X*#
%9#/(,+%*,$#1/%*%1?*202/&#63934B#Q4(%#/(25'H4A%R#;0#6;&/&1:634/#%94#%#62*4,9204R#%@,&'%5#1/62*/1#%#
139+34/ # 1:9:00;&/R # (/4?2*/0.6%**20/ # $F6;0934GB* # %9 # 3&';5 # @%5&A%D # b&' # $20/1 # 3E,W@2G%5 # $X+,4#
43(3$4@34C51 # %((%R # @,&' # 3&'093((3 # -,&*%*1,99?51 # 5'3*6;093443*R # % # 1:*4;0934 # +/1W/XA26%* # ;0#
3094;4/12A26%*R#$3*'531#0,(25#-3*42(@%4A?1#%9#3$G3(/#5'3*6#3(3+34;4#;0#04(?14Q(2A24D
7F6;09344:(4;534G35#39#/+3/&#3*0B0,(G%5#1;E9B$F6;093443*#-,&*%*1,94?51D#7,04#%#1:*4;0934R#$/54#%#
5'3*6 # $F6;09343 # 13(C* # %9 # ;(+31*B+;0 # @,$*,143(;G3R # 0 # 392*4%* # % # @%5&0Q*' # % # 4;(G35 # 1/-3A39B+B#
$F6;0934(B* # %9 # /+BG35 # 1/-3A39B+B # $F6;0934(3 # 4,*X+/1D #"# 1:*4;0934 # -,($%/ # 4:(6;5'3/4 # c # (/4$?0R#
@%5&920R#1;E#c#3E/1?0R#*H(/1?0#;0#+(%$%4/1?0#E;*+21,5#4%5?*$25',99?1R#;0#0%A24#E(XG2*1,920,1,5#
13(3094C*#&'%1,(,*A?1D
n304;0934#X(25#QA(%#3*B13(C*531#%#09H531R#$3*'531#0,(25#%#4%5?*X1#3*B09:(#%#09H531#1/-3A39B3(3A;4#
&'%1,(,*@%4A21R # $%A+ # ,*'%5 # $,4H6?$,1%4 # %*%1H4@%45%1 # 1/R # $3*'31 # 03&H40;&;63* # @%5&?*%4,1%4R#
*3*1/2**%E,4,1%4 # 4?+5%1 # 1/-3A395/D # Z%095,0 # *3@34 # 3GG35 # %9 # ;*341,(G%5 # $;& # % # $3409341;09H4;0_#
$3&$,9&%4A%#%#4%5?*X1#&,5+,*1,+2024R#?&'%5%11,(#E(3WH9#$?512(%#1;09434/#B134R#$3*'531#0,(25#%#
1;E#4C1:(1;E;4#13**#3*B09:(#$3&(%A9,*5/?1D
"9 # 3?(/4$/% # 4%5H420% # $3&-3*3*B # E;*+21,5 # 13(3094C* # 03&H4@34/ # % # 1:*4;09344%5.3E,W@24R # %#
5'3*6@%0952*%4/ # &'%1,(*%4,1%4D # [0,E,(4 # +,*&,96% # S$/54 # 3&' # 1%(1X(?0U # 1:9:0 # $,9&200%*#
$?4%4@%4A21#G3#$?512A?1%4_#3@@39#%#+/21,15%1#:52**X#-,($21%4#/0#1/#13**#+,*&,95/?1D
"9 # /+3&35 # 5'3*631 # 4%5?*202G%5 # -,54,0 # 093(3E34 # A2409/1R # 5%&' # ;*6393434 # A3*354@34R # % # @?$,(#
;(9;13*;03 # % # 1:9634*35 # $3&;(4;0G35 # S-,(+H420 # 5;*1C*UD # Z?$,(,0 # 09:63&31R # 6/WW31R # /+/,$%4/1?0#
1/-3A39;031#4%5?*$25',920%#09;*30H4@34/#%#4%5?*X1#09,W/2*/0R#*3*1/#;0#1?*4?(2*/0#@,(/9,54A24D#b&'(3#
5:6316B#$;(4;1G35#@%0952*@%4?51#3(3+34/#S(:6/+H434*35U#/(,+%*$%4D#"#4/094%#&,5+,*1,+20#&'%1,(*20%#
-:*:44 # ;(9344 # :(:$ # $3**; # 42(0?*@%4 # %9 # 3091:91;54 # @%0952*4 # 5'3*64%5 # $3&;(4;0;63* # A2(X # :(:$D#
0093@%0,5*H4X#5'3*6;0934/#6/90&2*%4,11%*#SE;*+2?*#%#$%&'%(#;0#3&'#/+3&35#5'3*6#:0093634;0;63*U#
$3&$?4%4@%4A?1#%#4%5?*X15%1R#@,&'#%#5'3*6#093**3$3#$/1;54#1;E30#1/-3A39;0(3#A?45/#%#1C*:5G:9B#
5;E093**3$31#1(3%4/6/42025#13(3094C*D#"#1C*:5G:9B#5'3*631#-3A*B+;0;531#4%5?*$25',920%#03&H4@34#
$;&#A,GG%5#-3*42(5/#%#5'3*6#36,*QW/XA%#$:&:44#%9#3$G3(/#4?+%4#%*%1?*2024D#"9#/+3&35#5'3*635#*39%A*X#
6/4%# c# E;*+2?*# 3&'# 4;5'2**20# G3$?4%420%# ;0# ?&'%535531# $3&W2-,*20%# c# /0# 3*B03&H4/# %9# 3935# %#
5'3*635#4:(4;5B#&,5+,*1,+204D
"# 9353X(21,5 # %9,5 # -2(%+,9?51R # @,&' # % # &'3($3131 # %*%E,1%4 # 1%EA%5%1 # % # 6%*X+/ # 9353;(4;0@39D#
b@@39 # 1X(?0$F63134 # ;0 # 1%$%(%9353/ # +%(%G,1%4 # &'%1,(,*5%1D #"9 # :009@%5&9%44%54 # % # $3&4%5?*4#
E;*+21,5#13(3094C*#-3A*3094AC1#4,62GGD
"# $%43$%4/1%.R # % # -/9/1%.R # % # 1;$/%.R # %9 # 2G(29,*X # &3,$34(/% # 3E,W@21 # ;0 # % # -:*+$;(;0/ # &'%1,(*%4#
1//5+?*20/#E,54A%#/0#@%0,5*XD#"#-/9/1%#4%542(&'#4%(4%*$2G%5#1C*:5:035#4/094%#-,($2G%5#A3*35531#$3&#
% # -:*+/ # S-/9/1%/U # 6/*2& # 1;E9B+;0/.13*34139;0/ # 3*63/_ # 03@,* # $20?44 # 53$ # 355'/(3 # 24431/54@34B31 # %#
43($;0934/#4:(6;5'31R#*363934;0C1#03@,*#53$#(%&%+@%4X#$3&#,*'%5#6/*2&,0%5R#$/54#%#1*%009/1?0#
$3W@%5/12G%5D #"# 4%5?*X1# Q&'# 1;E3031# %# 1H0;(*344B* #%# $3&-/&'3*;035# 24 # %# 4:(6;5'093(F0;&/&R # %#
1;E*3431/&R#;0#%#092$H420,1/&#3*A?45/R#@,&'#1:9G35#0,@%#53$#63094/1#3*#4/09425*2420?1%4D#"#4/094%#
$3&-/&'3*;04R # % # *,&/1?0 # 1:634139434;04R # %9 # ,1.,1,9%4/ # 6/09,5',1 # ;09*3*;0;531 # $/1;54A;4 # ;0 # %9#
%5%*/4/1?0#&,5+,*1,+204#/01,*299?1#311,(D
"#4/93+/130#092$2(%#%9#3&'/1#*3&-BGG#W;*1/4F9;0R#@,&'#?4%4#4%*2*A,5#%9#;*34#&'%1,(*%4/#,*+%*%#-3*;D#"#
-C&&B*3&30531#%#6H909/5430@39#6%*X#6/09,5'%#@%42(,99%#$3&#%#&'%1,(*%4/#-3*%+%4,1#-,&%*$/#13(34;4R#
*3&'35 # 09X # E,54,0 # $3&-/&'3*;0(B* # 6%&' # AX9%5 # H4;*34%*1,420(X*D # n:*+$;(;01,(R # W0%1Q&'R # $/54 # %#
$F09%1/#(%A952*#%#+3(;109:&#%*1,4A%#%#13(3434#%9#3*$;*34/#092$H420,1#3*6;&9;0;@39D#n%-%(%&201,(R#
hK

$/54#$/5+35#093(13094;01,(#39#%+A%#%9#3*$;*34/#@2443(34#%#E,54,0#$;(;0@39D#>?@%6%((201,(#6%&'#
09%G201,( # $/5+35 # 3&';5/ # $/54% # %9 # %5'%& # 09:6;0;531 # +3(;109:&F # $/542A2@,9 # 6/09,5'?*D # Z%#
%&'%&,9?51R # %11,( # /0 # Q&' # 13** # %9 # %&'%&,4 # 3*@3*'395C51 # % # 1,(,5&,5R # @,&' # C&'3*C51 # %9 # 3+;5'#
-C&&B*3&30#;0#6H909/5430#0H1A2(%D#n;$$?5121#1;09H4;031,(#%#6%0#1,62W0,*20%#;0#$3&-,($2*20%#%9#
C**B5#%#1%*%E2W0#(/4$/1?0#C4:&34;0;63*#%#$3&$?512*20#3(3A;531#E,54,0#-3*$;(;0;4R#6%*%$/54#%9#
%5'%&#/0$3(34;4#1:6343*/#$3&#%#+/21,14X*D
"#-:*+$;(;03E,W@%#1/4F5B#%*1%*$%4#1H52*#%((%R#@,&'#c#%92*4%*R#@,&'#%#n:*+#3&'#1/0#(;09;4#S-3*U$;(/1R#
*3(%A9,*A21#c#%#4%5?*X1#1//0$3(A;1#$%&?1%4#%#n:*+:5D#"9#3&'.#6%&'#1;4@3430#&'%1,(*%4#?425#%9#%+,44#
(;094#Q&'#/0$3(/#$2(R#$/54#%#435'3(;4D#"#-:*+$;(;0@39#%#$;(;0531#@2(,$#09/54A;4#13**#3*0%A24H4%5/_#%#
G3W0*;04R # % # 4%*%A # $;(;0;4 # (?+%11%*R # *25W,11%* # ;0 # $;(B09%*%&&%*R # ;0 # %9 # 3*$;*34/ # 092$H420,1%4R#
$3*'31#%#43,+,*/4#$;(;03/5#%*%E?*5%1D#b#@2(,$#$;(;0GB*#1%E,44#3(3+$;5'4#13**#/543&(2*5/?1#%@@,9R#
@,&' # @2(,$+/$359/X0 # (%A9,4 # 4?+A%5%1 # 1;09H435/D # Z% # 393134 # % # $F09%1/ # 1;E300;&3134 # -:*+(%A9#
4%5?*$25'%/1G%5 # @%0952*A21 # -3*R # $3&4%5?*5%1 # E,54,0%5 # +,*&,95/ # ;0 # 3*/&%9,+5/ # % # 4;(G35D # b935#
&'%1,(*%44%* # 09,(,0 # 1%EW0,*%4G%5 # 2**5%1 # % # $;(4%5/ # 4%5?*$25'%/1_ # %9 # 3*0B # $%43$%4/1%3E,W@% # -B#
(;09;4#1;E39/#%#4(/&,5,$34(/%R #%$3*'34 #%9425#%#-:*+$;(;0G35#-3*@%0952*?51D #"#1,09/5?094;43*#%#
-/9/12G%5#/0#03&H4#%#04%4/1%/#092$H420,1#3*6;&9;0;G35D
"# (/4$/1?0 # 092$,*20/ # 3*A2(20,1 # 43(C*34;5R # % # 0929%*;1092$H420G%5 # ;0 # % # *,&%(/4$?0092$H420G%5#
+,*&,9@%4?51#4,62GG/#$%43$%4/1%/#4:(6;5'093(F0;&3135D#"#$%43$%4/125%1#3GG35#%9#,0942*'G%5#
$/5+35@,* # % # &'%1,(*%4/ # -3*@%0952*20(X* # 13** # 09X*5/%D # "9 # /((%W/,52*/0 # 092$,1 # ;0 # %9#
:0093$;(@3434*350;&#3*63R#$3*'31GB*#%9#%(%5'$3409;0#4:(6;5'093(F0;&3/4#*363934@34AC1R#$2(#%9#
3$G3((3 # 6,5%41,9X # 1;E9B3*631 # $20-%A4% # $/5B0;&;(3R # ;0 # 3&'Q44%* # $2( # % # !!D # ,0942*'G%5#
42(&'%*%5+X1(%#$?4%4#3*B(3D
d;$/2G%5#%#4%5?*X1#%#0%6%1#;0#G29/0,1#E,*%(/42025R#;0#%#0X1#1(/042*'1;E9;0;5#+,*&,95%1D#b9#%9#
3E,W@% # 1:9634*35 # :0093-C&&;0G35 # 2** # % # &3,$34(/26%*R # %@,* # 5%&'(;094 # % # 09%G2*',0 # ;0 # %#
-;*09%G2*',0 # 43043113*R # ;0 # 3931 # 09/$$34(/%.4:(6;5'093(F0;&3/531 # (%A9,0 # -3*+,*&,92026%*#
-,&*%*1,95%1D#
"#-:*+$;(;0@39#;0#$20#E(%14/1?0#42(&'%1@,9#@%0,5*X%5#%#$?51%+%(%G#$%&%#-,&A%#1/A%6H4%5/#%#
4%5?*X4#%#$%&%#1/139+@3434*35#,GA314/6/42026%*D#"#0Q*'E,54#/44#%#$/54%+%(%G#@%0952*%4/#;(4;13#*3@34D#
b$3**344 #%# &'%1,(*%4/ #;*34 #,*'%5# 3&';G# 43W@5/1%/# E(,G*;$2/4 # /0# $3&42(&'%*@%4A?1R # $/54 # E;*+2?* #%#
13(;1E2(#03G300;&62*4XA%#6%&'#%#)[.:G*H4;0/#$3W@%5/9$?0%D#"#!ND#,0942*'#%#*3&%*1%*$%0%GG#%((%R#
@,&'#%#@%0952*4#%5'%&,1#QA(%@%095,0H4202(X*#G309;*AC51R#$3*'531#0,(25#%#5'3(0%5'%&4X*#%#1;09#
E(,+?14?$/&#63934B#1:(-,(&20#QA(%139+B+/1D
"9#/5-,($%4/1%#4%5H420%#0,(25#-3*3*B00;&43*A3035#$3&#13**#6/4%45/R#@,&'#35531#%#43W@5,*X&/25%1#%#
62*4,920%# $/1;54 #G3-,*'20,*A%# %9#3$G3( #;*34;4D# b9#%94 #A3*354/R #@,&'# $3&# 13**# 4%5H4%5?51R #$/# %9#
/5-,($2W/XR # @,&'%5 # 42(,*421 # 3++/&R # ;0 # @,&'%5 # 42(,*A?1 # $%R # ;0 # $3& # 13** # 42(&'%*5?51 # % # 1;(+;0#
09,W/2*/0 # 6,5%41,920%/4 # /0D # b@@39 # %9 # 3E,W@2@,9 # 4%(4,9/1 # % # (:&9H4344 # @%5& # ;0 # % # $%43$%4/1%/#
092$H420,1#(:6/+#4:(4;534;531#-3*629,*20%#/0D#b93135#%9#X(21,5#13**#%#092$H4X&;E#@%0952*%425%1#
%*%EA%/4# /0#$3&42(&'%*5/R# ;0# $F1:+;0/# %*%E3*6;4 #$3&;(4345/D # b44B*# %9# ,0942*'4X*# 1H52*1,9/1# %55%1#
*3@34B0;&3 # /0R # @,&' # % # -/9/1%/ # %*%E,11%* # ;0 # % # $%43$%4/1%/ # /0$3(343113* # :0093-C&&;0G35R # %#
&'%1,(*%4G%5#/0#1/6/43*399;1#%9#%?4,$%4/1?0#E%(%5W0-?44%420#*3&3&'093(FGG#43W@5/1%/#$3&,*+20%/4R#
;0 # E;*+2?* # 1/0 # 092$,*X&;E3134 # @,99%5%1 # *;4(3R # %$/531 # 03&H40;&;63* # 1:55'35 # $3&4%5?*@%4X # %#
092$H4X&;E#$F1:+;0;531#%*%E3*63D
"#4%5?*X1#&'%1,(*%4/#;0#%9#;*34G35#%*1%*$%9@%4X#+,*&,1#/(254/#/&;5';4#3&'#3*0B03&;*'#&'%1,(*%44%*#
3*;&H4@34AC1#1/D#Y:63*/#%#+/21,1#G3*0B#G/94,502&;(934;4R#@%#1;E300;#62*5%1#%((%R#@,&'#%94#43&';1R#
%$/4#3&'#%+,44#@3*'934#%+,44#E/**%5%4%#$3&1H625D

`2*$%U%.$."S:)0.3X8:/20"$"=<N":5,+)&$#Z$4
a:(313+5/#13**#%((%R#@,&'#!ND#;6-,*'%$#6;&;(3#%#4%5?*X1#$2(_
hP

4?+A%5%1 # ,GA314H635 # ;0 # 4/09425 # &,5+,*1,+5/R # *,&/1%/R # 1%?92*/0 # 1:634139434;03134 # @,95/R # 4?+A%5%1#

AX9%5#H4;*343134#;0#-,&%*$%1%4#%*1,45/R
/0$3(A;1 # -3* # % # 6/*2& # 43($;0934/ # 4:(6;5'093(F0;&3/4 # %5%*/4/1?0 # &,5+,*1,+20 # 03&H40;&;63*R # ;0#
&'%1,(*%4/#@3*'93431@39#-,&%*$/#3091:9:134#4?+A%5%1#@,992(35+3*5/R
;(40;1R #@,&'#:00934344 #-,*'%$%4,1#$/1;54 #A:5531#*;4(3R #@,55%5#3(3+531R #;0#$/*'35#%*%E3*63135#
5'?&09%5%1R
E,54,0 # $?5124 # 6;&3993531R # ;0 # 4?+A21 # $/5+%94 # % # &'%1,(*%4G%5 # %*1%*$%95/R # %$/4 # 3*$;*34G35#
4%5?*4%1R
62**%*A%5%1 # -3*3*B00;&34 # $?512A?1;(4 # ;0 # 6/03*13+;0C1;(4R # 1;E3031 # *3&'3531 # +:54;03/1G35R#
62*%09420%/1G%5#G3*0B#$3&*2420?1%4#1:6345/R#;0#4?+A%5%1#:52**X#6;*3$;5'4#%*1,45/R#0#394#$3&#/0#
4?+A21#/5+,1,*5/D

==N":5,+)&$#
E2V)Y*:/."V2))2%8232//:%20
Z%#1:93*3GG(B*#$3&5;99C1#%#!!D#,0942*',0#4%543(6#A%6%0,*4#4%542(&'%/4R#*24@%4A?1R#@,&'#%#A%6%0,*4#
4;$21 # % # *3&1C*:5G:9BGG # 42(&'%1 # 3034;G35 # /&'3139531 # % # A3*350;&31 # $:&; # @%4,*6% # % # 6;&*3431#
1:9:44/#G3*0B#3&'350Q*'4#$3&4%*2*5/R#4:(31093531#%#-,*'%$%4093(F0;&(3#;0#$3&QA@,+20(%D#7H&#%#]D#
,0942*'4#%#@,(/9,54#42&H420%#A3**3$3943R#%#4/93+/134#E3+/&#%#+,*&,1#*;5'3&;531#$3&;(4;0;(3#6%*X#
4:(316;0D # b9 # $?4%41,9/1 # $3& # % # $%43$%4/12G%5 # E;*+2?* # %9 # %5%*/4/1?0 # &3,$34(/%R # % # @%42(;(4;1#
-,&%*$25%1 # G363934;031,(R # /**3463 # %11,(R # %$/1,( # % # &3,$34(/24 # /543&(2*A?1 # %9 # %*&3G(26%*R # %9#
%(/4$34/126%*R # 6%&' # %9 # 3?1*/+309/ # &3,$34(/% # 4:(6;5'3/4 # /543&(2*A?1 # % # E(,A314H6 # &3,$34(/2G%D # "#
<6;&43*35C* # 426,*/= # 3*3$3113* # SE,54 # % # 6;&43*35G35R # 3&'3530 # % # 6;&43*35G35R # 0H1 # % # 6;&43*35G35U#
%9;(4 # -,&*%*1,99?51R # @,&' # % # 4%5?*X11%* # &,5+,*%4/*%& # $3&;(4300C1 # % # 6;&43*354D # " # (39&;0#
4%5?*$25',920%1,(#%#!ND#,0942*',0#4(/&,5,$34(/%#%5'%&24#@,99?1#$,9&20G%R#3993*#%*%E,99?1#$3&#
%#@?**2$3*$;*34#$3&;(4;0;4R#%$/#3*35&3+@3434*35#%#4/9353&'3+/130#-/9/1%3E,W@%#%5'%&24#1;E39B#
+(X4#5;*1C*/#%+%4246/43*#G2($3*'/1;531#6/90&2*%42@,9D#"#&:$G#4(/&,5,$34(/2A24#1/43(A3094AC1R#;0#%#0H1#
4(/&,5,$34(/2A% # 13(C* # 3*B4;(G3D # 7/54 # %@,&' # 092$,0 # 3&';G # 42(&&'%* # /0 # 4:(4;55/ # -,&_ # 139+3531#
:00931%EW0,*X+5/#!!D#,0942*'G%5#%9,1#%9#/0$3(3431R#%$3*'3134#3&'$204X*#-C&&34*35C*#4%5?*4%1#%#
+/21,1D
Z%0,5*X # :0093-C&&;031(3 # G?11%5@%4?51 # % # G/,*X&/252*R # %@,* # % # 03A44%5 # ;0 # % # $/1(,091XE#
4%5?*$25',920% # %9 # %5'%&R # W0%1Q&'R # $/54 # %9 # :1,*X&/%/ # &'%1,(*%4G%5D # b9 # ?4XGG/ # 3034;G35 # %#
$/1(,091,E/1?0#3*3$31#6/90&2*%424#$/5+/&#%#$%1(,091,E/1?0#G/,09-;(%#4%5?*$25',92026%*#3&'C44#
6;&399C1D#"#4%5?*X15%1#G/9,5'2(%#$2(#53$#QA+,502&#39#%#<1/-,(+H4,$.G3-,(+H4,$=#-,*'%$%4R#@/0935#
4%*2*1,94%1#$2(#63*3#%#E(,A314H6#&3,$34(/252*D
"# 1;$/%4%5H4205%1 # %9# % # -3*%+%4%R # @,&' # 24-,&X # 1;E34 # 629,*A?51 # -3*R # %$3*'G35 # 1/+,*&,9@%4A?1 # %9#
3*3$31#3&';5/#1%(%143(;4#%#1;$/%/#09?G094%5W/211%*#6%*X#(3%1W/X/1#093(/54D#b993*#:0093-C&&;0G35#
42(&'%*@%4A?1#%#E3(/X+?0,0#(35+093(4R#%$/4#%9,5G%5#53$#3*363#%+,44#(35+39B#3*61;54#$?4%4?51#G3R#
@%53$ # $/54 # 1C*:5*3&30 # 3*6/ # $,+3**4R # %$/531 # 03&H40;&;63* # G/9,5',0 # 4:(6;5'093(F0;&3134 # ;0#
-,*'%$%4,1%4#4?+?51#*3H(5/D
Z%0,5*X # $3&-/&'3*;03134 # 43@34C51 # % # -/9/12G%5 # /0D # "$355'/G35 # % # !ND # ,0942*',0 # -/9/1% # %#
$3&-/&'3*@34B # $3W@%5/1%/ # 3(B1 # @%42025%1 # 6/90&2*%42(% # /(25'?*4R # Q&' # % # !!D # ,0942*'G%5 # %9#
3*314(,$2&53030#$39B1#@%42025%1R#3&;0935#%#(2+/X%14/6/420/&#43(A3+B#0?&2(920,1R#;0#%9#%5'%&#
-3*;EH4;0;(3 # 6,5%41,9X # 3*$;*3431 # $3&;(4;03 # % # -3*%+%4D # Z% # 3931 # G2($3*'/1;4 # c # % # *,&/1%#
4:(6;5'093(F0;&3/4 # 1:63463 # c # -C&&34*35 # (35+093(1;54 # 093$*;*AC1R # %11,( # 3**354$,5+20,1G%#
C41:9C51R#+3#3993*#?&'%5%11,(#%#6%*X02&#3&'#3*1;E93*@3434*35#093&$350;(3#G?11%5?51#(2D#n/9/124#
;0#1;$/24#/*'#$X+,5#:0093-C&&B#3&'0;&1;54#*3@34#093$*;*5/D
[/1*?0,1R#%#@%*%+20#-,*'%$%4%/#;0#$3&QA@,+20#%#4;$2A%#4:(4;53*3$4%5H4205%1#/0R#%$3*'#3GG35#%9#
h]

;6G35 # %9 # %54/16/420 # :(:10;&;63*R # 6%*%$/54 # % # 13(3094;5'0;& # ;0 # %9 # /09*2$ # 43(A3+;0;G35 # A2409,44#

093(3E;63* # -,&*%*1,9/1D #"9 # ;*34 # ;0 # % # 093563+;0 # ;(43*$;531 # 13(30;0;4 # 4%*2*@%4A21 # % # 4%5?*X1 # %#
t%(9/6%*.3E,09G%5#;0#%#1:9;E1,(#1?*4Q(%4:(4;534;G35#S$3*'#09/54;5#!!D#,0942*',0#%5'%&Ug#,*'%5#
1;(+;03134R#$3*'31#%#4%5?*X1#*3*1;531#*3&$;*';(B*#-%1%+5%1#3GG35#%9#/+BG35D#b5531#%#4:(4;53*$/#
1,(5%1#%#*;5'3&30#$,$354?$%#%#G/E,*%(/420R#/**3463#*;5'3&/#%#+/21,1#092$2(%#%#-,*'%$%4093(F0;&#
-3*/0$3(;03#%#EX*?0,1#1:9:44#-,*'X#1C9+3*3$G35D#e*'35#3**354;4E2(,1%4#-/&'3*@34C51#$3&#%#E2E%#;0#
W02092(R#3&'@29#;0#2**%$R#13(3094;5'0;&#;0#/09*2$R#$,5%(W@/%#;0#G2(X/#*/&%R#Q(#;0#E%(%094R#-%*?#;0#
62(,0#1,5-*/14?02G%5D
"9#/(,+%*,$#&'%1(%5#,*'#$X+,5#4309#-3*#%9#3&';5(3#;0#%#42(0%+%*,$(%#6,5%41,9X#1;(+;03134R#@,&'#
%9,1#$3&1;(+BA3*39/1#%#-3552**X#42(0%+%*,$#093$*;*34$X+A24D#"#A3*354B0#/(,+%*,$#%((X*#/0$3(09/1#
$3&R#@,&'#$/5+/&#6%5#G3553#6%*%$/#E(,-34/1?0#;0#3(3+34/R#?&'%5%11,(#W0%1#(/4125#09,*&2*#1;09#
62*%09,11%*D # e512GG # %((% # :094:59/ # %9 # ,*6%0X4R # @,&' # 4Q**;EA35 # :5$%&25D # 73&5'/4A% # % # *3*134 # %#
1C*:5*3&30R#53$.@;41:95%E/#4%E%094%*%4,1#G3-,&%+202(%D#"#!!D#,0942*',0#4%5?*X5%1#;EE35#3((3#6%5#
09C10;&3D
),*-(%$#6,5#b0W@35G%W@#1;0B1:9;E1,(/#t%(9/6%*A%#c#$;&#@%#W0?E25#W0%1#-,(+H420,5#13(3094C*#
@,992-;(@34B#09:63&#/0#cR#,*'%5#?4%920(%#/56/42*A%#%9#,*6%0X4R#%$3*'#%#4;63+;04B*R#%#-2A+%*$,5R#
0Q*',0 # 03G3135 # ;0 # 3*63094344 # *3@34B0;&3135R # GF5:5 # ;0 # 1/(313094;035 # 13(3094C* # 63934 # %#
63931*;0@39#;0#$3&62*420@,9D #"9# :5%9,5,002&#13(30;0;531#3&'#1C*:5*3&3035#09;E#4:(4;5343R#
$3*'#5%&',5#1:93*#2**#%@@,9#%#G3*0B#Q4@,9R#%$/#%#1%$%09,1#3*B44#2**#3GG35#%9#/+B09%1G%5D#"#
G3553 # 2G(29,*4 # *3*1/ # %(W@34HE?0,1 # W0%1 # $;& # A,GG%5 # 1/$%&%0*%5%1 # %92*4%*R # @,&' # % # 4:(4;534 # 3&'#
1?*4?(2*/0#/0$3(34*35#1:93&G35#A2409X+/1D
"# t%(9/6%*.$H4,09 # $,4H6?$%/4 # 5',$,5 # 1:634@34AC1 # % # !].JND # 0929%+/ # /(,+%*,$G%5D #"# (,$%54/1%#
/(,+%*$%#6343443#-3*#%9,1%4#%#1;(+;03134R#$/54#%#1;E93*B3(B#-,((2025%1#13(30;03R#%#43($;0934#;0#%#
5363*;0#1:9;#09,(?*4#3$G3(#E(,G*;$2A%R#%#$F6;09/#;0#%#-350;&30#3(3+343R#6%&'#%#$%43(/%*/9$?0#
6309;*'3D#"#(,$%54/1?0#$F6;0934#;0#/(,+%*,$#$3&09X*H4A%#%#!!D#,0942*',0#4%5?*X1%4D#T:(:0$%(4'R#
d:*W03'R #"(%5'R # t34B-/ # ;*34(%A9% # 5%&' # ;(+31*B+;0(3 # 4%(4@%4 # 52*?1 # 092$,4D # x3 # ?&'%5H&' # % # JND#
0929%+G%5_ # <-3*42(?*1,9X= # $F63/1 # ,*6%020% # 2*4%* # <G3*3@%4,*5/= # d,094,*25'/ # 6%&' # f%G/40 # ;*34;G3#
09/54;5#/9&%*$%0#-3*%+%4D
b*B4;(G3#13(C*@34531#%#5%&'#1:*4B1#;0#+(2$%H(X1#%9#/+3&355'3*6.,14%420G%5#/0D#"9#/(,+%*,$X(21#
4;$2/4#/44#/0#*3@34#$3&-3*3*B#-,($2G%5#-,*'4%45/R#0#4%*25#%9#,0942*'#3*#/0#A2409@%4#3&'#+%(%G,4#/+3&35#
5'3*635D#
" # !!D # ,0942*' # -:*+(%A93E,W@2A24 # 1;4 # 093$E,54 # @%42(,99% # $3&_ # 3&'(;094 # % # G363934;0 # %#
4;(1;E;0934G3R # $3*'531 # 0,(25 # % # n:*+ # 1C*:5G:9B # 634C*343/4 # 13** # 1/092$,*5/?1 # ;0 # 2G(29,*5/?1R#
$20(;094 #%9R #@,&' # %#!!D # ,0942*',0# -/%4%*# 3&'(3#@%42(,9,44%GG%5# 139+/ #13(305/ # *3*1/ # ;0#09,W/2*/0#
@3*';4R#<G3*0B#,44@,524=D#b5531#-3*3*#$3&#%#n:*+#&%9+%02&-:*+(%A9/#093$*;*343R#$3(4#/44#3&'#4,62GG/R#
%9#3$G3(#2*4%*#43(3$4344#<G?(1,4=#*3@34#%#4?+%4?1G%#3$3*5/D#d?*4Q(%@,(+,9X#;0#&%9+2*1,+X#*;5'1;54#
%9 # 3$G3( # 3*-,&*%*A% # ;0 # 24%*%1H4A% # % # 43(34R # 3993* # 3&'(3 # 24-,&XGG # 4;(4?+%4,4 # -3A*3094 # 1/D #"# &*,G2*/0#
&%9+%02&/ # 1%EW0,*%4,1R # 0 # %9 # 3931 # $:&:44 # $3&@Q9X+X # 3*631R # W0%1Q&'R # $/54 # % # 1:*W0:5:00;&R#
3&'C44$F1:+;0#;0#:1,*X&/%/#;G3(0;&#309$;A3#*3&'B9@34/1#%#6%1R#:59B#;0#1/9021$25',*X#3(B134D#"9#
353(&/%43($3*;0 # 1C*:5G:9B # *3@34B0;&3/4 # S09/*2(+ # 4C93*B # $3&@%A420Q # 3(B$F631R # %4,$.R # 6H9/ # ;0#
09;*3(B$F631R # 5%E353(&/%.43($3*;0U # 13** # 24&,5+,*5/ # 3&;0935 # % # 43W@5/1%/ # (;09*3431/&R # Q&'R # @,&'#
1:9G35#4?+%4,0H4A?1#%#$3&&,5+,*%4*%5#353(&/%$%5/E?*2W/X1#1:634139$;5'3/4#/0D#83@,*#$20?44#53$#
$?4%41,9/1 # $3& # 6/*2&,0%GG%5 # % # 6/*2& # -,*'4,5,002&2G% # 634344 # 3*/+3&35H4@3434*35 # @/4R # $/54 # %9#
353(&/%-3*@%0952*20 # 1;(+;03/531 # 43(C*34;5D #"# -/9/12@,9R # 1;$/2@,9R # ;0 # %9 # :1,*X&/2@,9 # $%&?14X*#
%+X+5%1#1%EW0,*X+20/#E,54,1D
"9#/5-,($%4/1%#4%5H4202G%5#%GG%5#13**#3*B(3*;E5/#%#!ND#,0942*'@,9#1;E304R#@,&'#%#+/21,1#1;E3031#
*3&'3531#$3&;(435/#-3*-,&@%4%4*%55%1#4F5B#-,*'%$%4,1%4#/0D#V1#;0#,1,9%4#1:9:44/#:0093-C&&;031#
@3*'344R # %$/4 # !ND # ,0942*'G%5 # *;E;0(B*.*;E;0(3R # $?51%-,*'%$%4,1 # 3&'$20?425A2G%5 # 1:634431 # %#
LN

4%5?*X1R#$,04#,*'%5#-3*%+%4,1%4#1%E5%1R#$3*'3134#W0%1#&,5+,*%4G%5#*3@34#$3&;(435/D#x3#E;*+2?*#%9#
3*314(,094%4/1%/ # $3&-/&'3*;031 # ,*'%5 # 43(C*3435 # 9%A*%5%1R # $3*'31 # ;(9;1093(663* # 53$ # ;09*3*@34B1R#
W0%1#3*1;E93*5/#*3@34#B134D#7/5+3@@39#%#-;*63934B1#;0#%9,1#-3*+,*&,920/#43W@5,*X&/2/#1;E39/1#%#
-/9/1%/.43W@5/1%/#@2443(34D
"#$F6;09344%5H420G%5#/0#%9#:0093-C&&;031#13(30;03#13(C*#3*B4;(G3D#dC*:5G:9B#$F6;0934/#2&%1#
@%0,5*X02&%/#;0#1C*:5G0;&3/#63934531#%@@,9R#@,&'#%#09,G(209%4,4#%#-304;093443*R#%#935;4#E3+/&#%#
1:*4;093443* # 6300C1 # :0093D # V*'%5 # 093$G35 # 2**X # 093$*;*3431 # :0093634;03R # $/54 # %9 # %E,**X/ # ;0 # %#
+/,5C09,09/R # 6%&' # %9 # /$E(3009/,5/04% # ;0 # %9 # 3`E(3009/,5/04% # 04H*?0R # %*1%*$%0%1 # %((%R # @,&'#
G3$?4%0021#%#$F6;0934G35#%9#3$G3(/#4?+%4#;0#%9#/&%902&#6H6X+2024D#b93134#%#-3*-3+39;03134#
/543(+/09W/E*/52(/0 # Q4,5 # /0 # $3&1:93*H4@34AC1R # Q&' # @,&' # :0093@%0,5*H4A?1 # %9 # /(,+%*,$R # %#
1;E9B$F6;0934#;0#%#9353#6H6$25'%/4D
89,G(209%4G%5R # -,($2920G%5 # W0%1Q&'R # $/54 # 3?(/4$/2G%5 # % # 4%5?*X1 # *3*1/2**%E,4,1%4R # *3*1/#
$/5B0;&3134#E(XG2*5%1#1/-3A395/#%9#3$G3(/#4304#&3094?0%/5#13(3094C*#S1;(;04R#62*%094R#G309;*&34;04R#
:(:$:4R#G25%4,4R#09,(,5&204UD#b93135#%#&3094?0,1,5#13(3094C*#-3+39@34/1#-3*R#@,&'#%#4304#%#*;*31#
4C1(3D#"#-3*%+%4#%9R#@,&'#$3&E(XG2*A21#-3*/0$3(5/#%9#,GA314H634#%#09?GA314H6#G/(,+%*$2G%5D
b?(/4$/%X(25#3931#%#-3*-3+39;031#%#1:*4;093435#;0#%#935;5#13(3094C*#%9#%E,**X/#;0#+/,5C09,09/#
@%5&?*%4#1:9634*35#$3&4%E%094%*2026%*#3&;09C*531#1/R#39351H6C*#42(&'%*A?1#%#1C*:5G:9B#04H*?0,1%4R#
;0#%((%#G/94%4A?1#%#4%5?*X1%4R#@,&'#:52**X#6;*3$;5'4#%*1,00%5%1D#d:*4;0934531#;0#935;531#3&'#
3*3$G35 # 13** # 3&'30C*5/3D # "9 # 3&';5/ # $,9&20 # $%&24X* # ;(434B+B # 24;*;03R # %$/ # 3*6309344 # %#
E?G3(420G%5R#$,04#$%&%0%GG#09/5435#QAA2;*3+R#;0#%#&3094?0,1G%5R#%#$,9&20G%5#%#-/%4%*,1#0%A24#
/+354/420%#A?4#1/-3A39;0(3D
"9 # 3&;09 # 4%5;6G35 # %9 # 3&'/1 # *3&A3*354B03GG # 303$;5' # % # !!D # ;634 # *392(X # 09,W/2*/0 # &'%1,(*%4D#
d;4.@2(,$ # @;435 # 13(3094C* # 1X(@29%1G%5R # 1*/5/121,5R # -,&'%4;1,0.,44@,5,1G%5 # ;0 # ./01,*21G%5#
+,*&,95%1#%#+/21,1D#b9#*3@34B0;&34#43(3$4#%((%R#@,&'#$3&/0$3(13+A3531#,*'%5,11%*R#%1/1#0,11%*#
1/09,*&2*4%4,44%GG#@3*'934G35#6%55%1R#$/54#B1D#"94#/0#$3&4%E%094%*@%4A21R#@,&'#%9#3&';5#1;E30#
3&' # 1/0 # -;5'0?&%(%4 # 6/55/ # 3&' # $20/1 # 3$G3( # ;*34;531 # 09,$,(Q02&2G% # c # G2( # &'%1(%5 # % # @3*'934#
-,(+H4,44_#%9,1#4?+5%1#6%*XA2G%5#4:GG#3(B4#%+5/R#%1/1#3*-,&%+A21#%#03&H40;&34D#"#09,W/2*/0#3$E24/%#
3&'#QA#09/54A;4#*3@34#392*4%*#1/-3A*309435/D#"#4,*3(%5W/%#%9#3&'/1#*3&-,54,0%GG#+,*,&R#%$/4#3&'#/*'35#
$?51% # 0,(25 # $3&4%5?*@%45%1_ # $/5+ # % # $20,1 # &'35&30;&3 # ;0 # 3035+B0;&3 # /(254R # $/5+ # 0%A24#
@%42(%/1#$3&4%E%094%*202G%5D#b931#%#4%E%094%*%4,1#@,009Q#426Q#-3A*B+;0/#*3@34B0;&3134#(3A43531#
$%&?1G%5D

`2*$%U%.$."S:)0.3X8:/20"$"==N":5,+)&$#Z$4
a:(313+5/#13**#%((%R#@,&'#!!D#;6-,*'%$#6;&;(3#%#4%5?*X1#$2(_
,GA314/6/420(%#43&'3531#093(4#;(9;03/1G35R#3&'(3#/512GG#4?+A%5%1#6;*3$;5'4#%*1,45/#H9*;0R#04H*?0#;0#
09,W/2*/0#6/03*13+;0#+,*&2G%5R
*3&'35#(?&%*$%0#&,5+,*1,+20?1R#%$/#3++/&(3#4Q*#13**R#@,&'#*;EA35#%#!ND#,0942*',0#&,5+,*1,+20#
,1.,1,9%4/ # :0093-C&&;031(3 # ;EC*B # *,&/12A25R # ;0 # 3&' # @,*/094/1?0 # 093$*;*34 # A3&';G35 # 1;E3031#
*3&'3531#1C*:5G:9B#4;5'39B1#1:9:44#:0093-C&&;03134#43(3$435/#;0#393134#09/5434/92*5/g#39#%94#/0#
$%&2G%5 # -,&*%*A%R # @,&' # 1;E3031 # % # 6;&43*35(B* # ;0 # 53$ # 1:9634*35C* # ;(9;13*@34B # A3*350;&31(B*#
&,5+,*1,+5/R
(35+3*139531#:5$%&?1#2*4%*#/(25'H4,44#09,W/2*/0#-3*3*B00;&;(93443*R
1;E3031#%((%R#@,&'#3&'#@,*/094/1?0#$3&;(4;0#A3&';G35#/543&(2*A%5%1#;0#1,((3*2*A%5%1#3&'$200%*#
1%EW0,*X+X#A3*350;&3134D

=;N":5,+)&$#
E2V)Y*:/."V2))2%8232//:%20
L!

b&'#!P.!]#;630#-/%4%*#$20-%A4%#1;(+;03134#4309#-3*R#$/54#3&'#!K#;630D#"94#%1%(A%#4?+5/R#@,&'#BR#$/54#
3&'3+/ # 3$G3(R # $/*'35 # @%4200%* # 4?+ # *355/ # % # 6/*2& # 09,W/2*/0R # &%9+%02&/R # 43W@5/1%/ # 6%&' # E,*/4/1%/#
$3534;(3D#"94#%1%(A%#4?+5/R#@,&'#@,*#%9#B#@3*'3#%#6/*2&G%5D
"#!JD#,0942*'#4%543(6;G35#:0093-,&*%*A?1#$/5+%94R#%$/4#%#4/9351;4#;6#-,*'%$25#4%5?*4?51D#"#W;*#%9R#
@,&'#3&'#24-,&X#1;E#$3&(%A9,*2026%*#/543&(2*A?1#%#)%*+,(-.E3+%&X&/%#0%(11:6;4R#$3*'#%9#3$G3(/#
*;5'#43($;0934;531#%*%1?*2024#;0#%#6/*2&G%5#3*-,&*%*4#@3*';4#431/54/#6/90&2*%4%#42(&'25%1D
"# G/,*X&/%4%5H420 # -3*%+%4% # %9 # 3*$Q*4 # ;631 # 0,(25 # 4%5?*4%1 # :0093-,&*%*X # 24431/54;03D #"# 093(634*35#
4?+,$25',11%* # 093$G35 # % # G/,*X&/% # 3GGB* # % # 093$E,54GX* # 1C*:5:0 # @3*'34 # -,&*%* # 3*D #"9 # ?4,*0X#
4%5;6G35 # 2*4%*2G%5# 1;4 # G/,*X&/%3E,W@%# 6%5_ # 3&'/1# %# $%&%0%GG# 5:6;5'31 # G,4%5/12A%R # $20/1# %9#
3&;09#2**%46/*2&,4#24-,&X#9,,*X&/%R#$3*'#%9#3$G3(4%5G%5#434B9B+/1#G3D#"9#2*4%*25,0#/01,*2G%5#%#
&'3(3131#3&'#,*'%5#?4%4 #A2(5%1#G3R#$3*'#%9#</0$3(B0= #3$G3(4B*# -,1,9%4,0%5#A?4 #3*#%#43($;0934#
G/(,+%*$%/5#13(3094C*#%9#20625'4%5/&D#"#1:9;E/01,*%#?4,*0X#53&'3+;G35#-,(+H4,44#?4%4#A2(5%1#G3#%#
4%5?*X1R#0#%#*3&3&'093(FGG#;*34-,($214X*#1//5+?*6%#%9#3&;09#2**%46/*2&,4#6;&/&431/5463#A?45%1#3*#%9#
3$G3(/&D#b92*4%*#1:634/1#6;&/&#;0#/0$3(/1#-3*#%9#;*34#@%A4X3(3A31;54#$F1:+B#-3A*B+;0&,5+,*%4,4D
bGG35#%9#;6G35#%#-:*+(%A9#,14%420G%5#/0#3&'#24-,&X#1;E#$3&(%A9,*202(%#4:(3109C51D#"#+/21,1#%#
-3*5B441,(#1C09:G;5#2**5%1R#-/&'3*$C134#%9#%14?2*/0#6/*2&@3*'934(3#;0#093$;*'30#A:6BAC1(3#/(25'H4A21D#
r(34431 # $2( # %((%R # @,&' # c # %9 # 3*$Q*4 # ;631G35 # $20 # 4%542(&'%1 # 0,(25 # /0 # -3*$3(C*4 # c # 5;@25' # A,&/#
1;(+;04 # QA(%&,5+,*A%5%1D # " # 4%5H420 # 1:9;EE,54A2G%5 # %9 # 3$G3(/0;& # 1?*4?(2*/0 # $3&,094,4402&%#
2**@%45%R#%#1C*:5G:9B#-%A,1R#1?*4Q(21#;0#42(0%+%*,$E,*/4/1%/#1;E9B+$;5'31D#b5531#42(&'%*2026%*#%#
KD#;0#PD#,0942*'#4;$2A24#6/009C1#4,62GGR#$,04#%9,5G%5#%99%*#%#W;**%*R#@,&'#$3&;(4300C1#%#n:*+#
1?*4?(2*/0#;0#093**3$/#%(W?*%424#%*%1H4X#3(B1#$F1:+;0;4R#%#n:*+#<1?*4?(2*/0#G?(125%1=#@%42024D
Z%0,5*X#W;*GX*#%#!JD#,0942*'G%5#%9#/+3&35#5'3*6#4%5H4202G%5#/0#%#G309;+#;0#&,5+,*1,+20#3&';5/#
04H*?0%/4 #13**#G3$?4%45?51R# @,&'# 393135#13(3094C*# /0$3(13+A3531# $3&# %#4%5?*X1# %9#%+,44# 5'3*6#
1?*4?(2*/0 # @%42026%*R # %$/ # 1C*:5:035 # 3(3+34/ # /(,+%*,$ # ,*6%02025 # 13(3094C* # ;(6;5'30C*D # b9 # 63934#
%@@,9R#@,&'#*;5'3&;G35#;(40;1#$3&#%9#3&'30#1?*4Q(21#1:9(3$F1:+;0;4#%#6/*2&4:(4;53*3$G35R#;0#
6;&0B#0,(,5#0%A24#1?*4Q(2A?1#;0#5'3*6C1#@3*';4#%#6/*2&G%5D
"#93534%5H420#3&'/1#1;E9;0/#W;*A%#%#JND#0929%+#0%A24,0#9353/#5'3*6;531#-3*/0$3(;03R#$3&;(4;03#;0#
*3H(20%D#b5531#0,(25#%#+/21G%5#4?+%4,0?*5/%#13**#%55%1R#@,&'#%#A3*351,(#9353/#1;(+;03/531#B#/0#
(;09303D#d,(?51#1,$E,9HW/X0#/(25'9%4%/5#13(3094C*#%9#3$G3(/0;&#A3*35*3&/#@3*'9343#62*/1#;(4@34B6;#
092$2(%R#%$3*'#1C*:5-;*3#3&';5/0;&31G35#;0#1?*4?(2*/0#2(%$*%4,1G%5#A?4#1/-3A39B+;0(3D
7%&'%(X(21,5 # 5'H*/1 # $X+ # %((%R # @,&' # 1,(42(0 # /(,+%*$/ # %*1,420,11%* # /0$3(13+A3531 # $3&R # $/5+#
%5'%5'3*6/R#$/5+#E3+/&#-,(+H420,5#13(3094C*#3*;(@34B#6/*2&/(,+%*$/#$F63113*D#n,54,0R#@,&'#35531#
4%&*%*20%#0,(25#1/4;(AC51#%((%R#@,&'#%9#/(,+%*$/#$F631#@,&'%5#(3-*3142*5%1#%9#3&';5/#;0#1?*4?(2*/0#
4?+%4 # 62*4,920%/(%D # V*'%5 # 1*%009/1?0 # 6/*2&/(,+%*$/ # %*1,420,1%4 # 63@34C51R # $3*'31 # AX* # E;*+29921#
1,(?51#3&'343$30#;0#093$;*'30#1?*4?(2*/0#4%E%094%*%4%/4#/0D
" # 4:(4;53*3$. # ;0 # % # -:*+(%A94%5H420 # 1:9:44 # $3&-3*3*;03134 # -3+39@34C51 # -3*D # " # 4%5?*X1 # %((%#
4:(31093531R # @,&' # % # 1?*4Q(21 # E3(/,+/1?0 # -3A*B+;0;4 # ;0 # G3*0B # -3*;EH4;0;4 # ;(40;1 # $3&D # b9 # ,*'%5#
1;(+;031#-3*634;0;4#6,5A%#$%&%#?425R#$/54#E;*+2?*_#7/#A3**3$3943#%#&:(:&.(X$%/#/+B09%1,4z#7/G35#
1C*:5G:9:44#%#1:9;E1,(#%#$,+3(5#1,(09%14X*z#Z,&'%5#*3@34#4:(4;53*$/#1,(09%1,1%4#$3&@%42(,95/z#
k&'%5%9,11%*#%#-3A*B+;0/#09%1%09,11%*#4%*2*1,9?51.3#1C*:5G:9B#-:*+(%A9/#43(C*343135#/0_#E;*+2?*#%#
a26,*.d3*3435#;0#b?(XE2G%5z#n,54,0R#@,&'#$3&$?4%00?1#3GG35#%9#3E,W@2G%5R#@,&'#%#4:(4;53*$/#
303$;5'31 # % # -3A*B+;0 # G3*0B # -,*'%$%4%/5%1 # 1C*0B # $3&5'/*625?*20%/D # b9 # % # 4%5H420G%5 # %9 # 3&';5/#
2**20E,54 # 4?+%4,0 # 1/%*%1H4202@,9 # 63934R # /**3463 # %55%1 # G3*24202@,9R # @,&' # %9 # 3&';5 # AX # ;0 # (,009#
W03*313+343/63*#%*%1H4A%#%#4:(4;53*$34R#@%4#1:(5'3934;(3R#;0#39#-3*3*B00;&&3*#A2(D#"#!JD#,0942*',0#
4:(4;53*3$4%5H420G%5R # %$3*'# 42(0%+%*,$/0$3(3443* # 3&;09C* #1/R # 093$*;*3462*420 #-/&'3*@34B# $3&_ # %#
1(,5,*X&/%/#4%&,*204#%#43$%4/1%/#:0093-C&&;031R#-,*'%$%4,1#;0#13(3094$34093431#093(/54/#;EH4139;0#
62*4A%#-:*D#"9#2**20E,54#$3&62*4,94%42026%*#%#4%5?*X1#G3E/**%54204#5'3(@34531#%#4:(4;5344?+,$25'#
-/*,9X-/2A2G%#;0#$X+093(4%52G%D
LJ

b931#?425#%#42(0%+%*,$/0$3(34531#Q&'#13**#E,*/4/1%/#1;E9;04#5'QA4%5/%R#@,&'#%9#53#*3&'35#4/09425#
3*$;*34/ # A3**3&FD # 7/63* # $%5%E02& # % # -/%4%*,1 # 1:9:44 # 2*4%*25,0 # 3**3509356 # $?4%41,9/1 # % # E,*/4/1%#
6/*2&26%*#093$G35R#-,54,0#@%5&0Q*',95?51R#@,&'#$/*'35#-,54,0R#@,&'#-3*#4?+A?1#13*435/#%#4%5?*X1#
%14H6#;(+31*B+;0;4#E,*/4/1%/#-,*'%$%4,1#/(254D#b&'/1#1//5+?*20/#E,54?51#%9#*3@34R#@,&'#W0,E,(4,0%5#
+,*&,9?51 # -3* # 30343134_ # E;*+2?* # *3&-3*0BGG.GH(X02&/ # 3*A2(204R # 1,**314H6 # 093(9B+;003* # 1%EW0,*%4,0#
42(&'%*204R # %14?2*/0 # 4:(6;5'A%6%0*%4,4 # %9 # ,(092&&'F*;035g # 6%&' # ,*'%5 # *24,&%420,1%4 # 093(639C51R#
$3*'31 # 0,(25 # 6%*%$/*'35 # E,*/4/1%/ # /54;9$;5'4 # *24,&%4?51 # $3&R # *3@34B0;&34 # 1%E6% # %((%R # @,&'#
E,*/4/1?0,11%* # G309;*&300C51 # $?512A?1(X*R # 309$;5'3/1(B*D # " # 4%5%5'%& # b?(XE% # 2**%$/R # A,&/ # ;0#
&%9+%02&/ # -3A*B+;03 # % # -(%5W/% # -,((%+%*,$4X* # % # JND # 0929%+ # 6;&/ # $,+3(5 # AX*;4/ # 2**%$/&D#
a%5?*$25',9@%4A?1#4:GG31#1:9:44#%9#3$G3(/#;0#E,*&2(/#A,&,1#1/G,54%1,92024R#6%&'#%#13*34.5'?&%4/#
6%&'#;09%1.+;*/#1,5-*/14?0#%*%1?*2024D#"#E;*+21#%*%E,0#6/90&2*%425#13(3094C*#%#4%5?*X1#24-,&X#1;E34#
5'3(531#%9#3$G3(/#W/6/*/92W/X(X*#;0#1?*4Q(2(X*D#Sb931#%9,5G%5#1/*35W3+/1#,0942*'4X*#%9#3E,W@24X*#
-C&&34*35C*R#%#09%1X(%#4;$2A24#/0#1;E39@34/1DU
" # 1;$/%3E,W@25 # 4Q**;E63 # % # @%&',$25',0R # 1%?92*/0.%5%*/4/1?0 # 093$*;*3435 # c # %$3*'G35 # %#
1C*:5G:9B#1;$/%/#$,+3**3134#63934AC1#G3#;0#6/4%4A?1#$3&#c#%#<-,*'%$%4,(/3542*4=#1;$/%#6/*2&2G%#
*;EC51 # G3R # %@,* # 24%*%1?*20/ # -,*'%$%4,1 # 2**5%1 # % # 1:9;EE,54G%5_ # E;*+2?* # % # -3@;(A;1 # 1C*:5G:9B#
-%A42/5%1 # -35,$35,*X&/%/ # 6/90&2*%4%D # e*' # $X+,5 # % # 4%5?*XR # ;*341,(25%1 # $3&-3*3*B35R # 16%*/4%4H6#
:0093-C&&;031#093$*;*34;4#;0#$3&;(4;0;4#4%5?*A%#$3&D#dC*:5:035#-,54,0#093(3E34#1%E#%#G/,1;$/%R#
$/63*#*3@34B0;&34#43(3$4#%((%R#@,&'#,*'%5#1;$/24#4%5H40?51R#%$/#53$#$;(&39/R#@%53$#&'X&'H4A%#%#
1:(5'393434 # ;0# %9 # 3$G3(4D # 8Q*',9,44 # 4;$% # *3@34 # % # 1;$/%/ # 43W@5,*X&/% # 42(&'%*20%_ # 62*%094@%4A?1#
E;*+2?* # % # $F%5'%&&'2(420 # ;0 # ./E%( # 43(C*343/4R # 6%&' # 35531 # 5',$25 # *%G,(G%5 # $,+3**39@34AC1 # %#
1:(5'393412(,0H420R # 09355'39B+;0$35430H4;0R # QA(%-3*@%0952*20 # E(,G*;$2/4D # Z% # 6%5 # 3935 # %9#
;6-,*'%$,5 # %9 # /01,*2G%5 # /E%(/ # &'%1,(*%4R # %11,( # 3@@39 # 1%EW0,*X+@%45%1 # % # $?51%@3*'/#
3&;090;&12(,0,+20#1;(+;03/531#$3&6/4%420%#/0D#b5531#1%EW025#QA#43W@5,*X&/21%4#6/90&2*@%4?51#
$3&R # @,&' # %*1%*$%0%1.3 # &'%1,(*%4/ # E(,G*;$21 # $3&,*+202(%D # Z% # 0Q*'E,541;54 # % # 092$H4X&;E30#
43W@5,*X&/24 # 62*%094A?1R # %11,( # % # 4%5?*X11%* # ,*'%5 # E(,&(%$,1%4 # 13** # H(%45?51R # %$3*'31 # /E%(/#
@%095,0H420(%#%*1%*$%0%1D#b5531#(;6;5#$3&4%E%094%*@%4A21R#@,&'#%9#3$G3(#53$#(%G09,*&2A%#%#
&;E531R#@%53$#093**3$/#%*1,4XA%D
"#1;$/2@,9#@%0,5*X%5#%#-/9/124#/0#%#-35,$35,*X&/%/#$3&1:93*H4;0#A3**3$9/D#7/?425#%#4%5?*X1#!!D#
,0942*'G%5#$3&/0$3(13+431#%#-/9/1%#;(9;13*;0#$:&:44/#6/*2&26%*R#!JD#,0942*'G%5#%#-/9/1%#%9#,E4/1%#
43(C*34;5 # QAR # &'%1,(*%4/ # ?4%1(% # *;ED # " # $/1(,1,9$,09 # 16%54?$3*$;*343 # ;0 # % # $%1(,1,9$,09#
(3*%4/6/4203*$;*343#:0093&9B+/1#%9#3$G3(/#4%E%094%*%4,5#13(3094C*D#"#*2420GX*#;0#%#4;5'31#&,5+,*%4/#
246/*2&H4202GX* # 1//5+?*6% # E(XG2*?51 # ?4%4 # 4%*2*5/ # % # <-;5' # *;5'3&;@39=D # b993* # E2(@?9%$,0%5 # *3@34#
1/+,*&,95/#%#$F6;0934/#,14%420G%5#%#&,34@3/#09H54%54#-304;0X(21,5D#"9#%*1,4X#1//5+?*20/#E,54A%#62*/1#
1:9E,54/ # 1;(+;00;D # bGGB* # 1:634139/1 # %9 # % # 1;(+;0-3*634;0R # %$/ # %9 # 3$G3( # 6/*2&G%5 # 3*-,&*%*4#
1C*:5*3&30#@3*'934;(3#/(25'?*D
"#$F6;0934/#,14%420#39351H6C*#%94#%#*3@34B0;&34#1H52*A%R#@,&'#%#-304;0#;0#%#-,($2920#13(34;G35#%9#
3$G3(#*3&3&';5/GGR#*3&1/-3A39BGG#4304(;09;63*#-,&*%*1,99?51_#%#-3AA3*D#"#-304;0R#%#-,($2920R#%#1B#
$3&$?512*20% # 0,(25 # % # 4%5?*X1 # % # -3A531 # :00934;63094@3434*35 # 1,E,5'%-,($24 # ;0 # %(W1/-3A39;04#
1:*W0:5:9531D # b93113* # % # $?51211%* # @%0,5*X # 1;(+;031 # G?11%5@%45%1 # -3*_ # "9 # 3$G3(/ # 4304G35#
6%*XG%5#1/-3A39;0(3#A?4.3#%#*;*31#;0#%#093**3$z
Z%0,5*X#/(25'4#1:634#%9#3?(/4$/%,14%420#/0D#bGG35#3&'#9353/#+%(%G#6%&'#1:*43$;5'#(/4$?025%1#
$3&-3*3*B # -,($% # 1/%*%1H420% # % # -3*%+%4 # Q&'R # @,&' # %9 # 2G(29,*20 # $3&A3*35H403 # % # $F%*1,420#
0%A24,002&%/4R # G3*0B # $/5B0;&;4D # " # 4/93513443+/13031531 # $3& # 13** # 4?+5/?1 # $?4%45/ # %9 # 3?(/4$/%#
92(X3*B%+20,5R#@,&'#093$;*'/0;&C134#$,9&20,5#;0#&3094?0,1,5#13(3094C*#/0#1/#4?+A21#-3A395/D
"$355'/G35 # !!D # ,0942*'G%5# %9# Q4 # %9# %5%*/4/1?0# &3,$34(/2G%5# $;&# %# 093$*;*434344 # &3,$34(/24X*#
63934344#%#092$,*20,0#%*&3G(%#6/*2&2G%R#%++/&#%#!JD#,0942*'#$%43$%4/1%#4%5H4202G%5#39#;EE35#
-,(+H46% # 6%5D #"9 # %5%*H9/0G35 # % # 4%5?*X1 # % # <E?094%= # 092$,*200%* # 139+/1R # $%A+ # 393135 # 13(3094C*#
LI

4%*2*5%1 # ?4%4 # %9 # /543&(2*. # ;0 # +/--3(35W/2*092$H420/&D # " # +/--3(35W/2*16XW/350 # -,&%*$25%1#

1/+,*&,92026%*#%#4%5?*X15%1#QA#+/$359/X4#13**#-3*-,&5/?1#%#$%43$%4/12G%5D#b94#53$W0%1#%*1%*$%95/#
13**#4?+5/?1R#@%53$#;(435/C1#/0#13**R#;0#$3&#13**#4%E%094%*5/?1R#$/54#A3*350;&34D#[0%1#39?425#43&'C1#
@,992# %#092$,*@%4X# 2G(29,*20%1;54# %9# ;(9;13*@34BR #&(%-/1?0# A3*34D#"9#3&'35*34GB*# $3&4%*2*5/#%#
-,($24R#%#-,($2GX*#$3&/0$3(5/#%9#3&'35*3434#c#H&'#E(XG2*A?1#$3&#%#4%5?*X1G%5#%#G3*0B#%14/6/4204#
-3*;G(309435/R # ;0 # :094:5:95/ # % # $355'/0;&/ # $3&;(4;0;4 # % # $%43$%4/12G%5R # %$/ # 6;&C* # /0#
3*13(C*@3434*35R#@%#/&%925#-3*#%1%(A?1#-,&5/#%9#%*1%*$%9,44#-/9/124D#b993*#:0093-C&&;0G35#$?4%00?1#
G3R#@,&'#?&'%5,*'%5#4HE?0Q#3&'35*343134#%9#%*1%*$%9,44#-/9/1%#$/*'35#1C*:5G:9B#$X+,5#@%0952*_#
%9 # ,E4/1%R # %9 # 3*314(,$,002&R # % # $3W@%5/1% # 6%&' # %9 # F(@%AX920 # 43(C*34;5D # "9 # /543&(2*092$H420#
%*%EA%/5%1#1/+,*&,920%1,(#%#4%5?*X1#-3*/0$3(@34/1R#@,&'#%#$%&%0%GG#$%43$%4/1%#6/*2&2G%5#3&'#
$%43$%4/1%/#-,*'%$%45%1#3&'#%99%*#E,*2(/0#-,*'%$%4#/0#$3&-3*3*@34R#0#3993*#%#6/*2&#$%43$%4/1%/#
$3&;(4;0;531#/0#QA#+/$359/XA%#42(?*@%4#-:*#3*B44C1D
"44X*#-C&&B35R#@,&'#%9#,0942*'#$/4#4%5?*4#3*B9B#;6G35R#3&'#$20,+/1#E(,A314H6#&3,$34(/%3E,W@24#/0#
-3*;EH4@34C51R # %@,* # % # E3(0E314H624 # 6%&' # % # &:$G&3,$34(/24 # 63@34AC1 # 4%5%5'%&1;54D #"# E(,A314H6#
&3,$34(/%R # H&' # 4%5H46% # %94 # 3(3+$;5'39/R # @,&' # % # 4%5?*X1 # $3&;(4/1 # $%A+ # % # E3(0E314/6/1?0 # (%A9#
*;5'3&;4#;EH4;0934/#;0#$F6;0934/#4%5?*$25'%/1#0,(25D#"#&:$G&3,$34(/%#%#W0/**%&209%4#-3*;#5'/4A%#
$3&#%9#?4%4R#/**3463#4,62GG#%#n:*+#4%5?*$25',920%#-3*;D
b&'#$20,+/1#$%43$%4/1%3E,W@%#13(34;G35#1H0;(*3434#43@34C51#%((%R#@,&'#3&'#5%&'#:0091;EG35#
1%EW0,*A?1#:0093#%#$%43$%4/124R#%#G,4%5/124R#%#W0/**%&209%4,4R#%9#3$G(/,*X&/24#;0#%#&3,$34(/24R#0#
H&'#4%5?*$25',99?1#%#-,($%3*634D#b9#%9,5G%5#3(B035#-C&&#%9#,0942*'#;(3440;&/#-,124X*D
"9#3*B9B#;6-,*'%$#09,W/2*/0#&'%1,(*%4%#?425#35531#%9#;6531#%#*392(?*426%*#3&'#3034*3&30#5'2(/#/E%(/#
&'%1,(*%4 # 0,(25 # % # <4,*3(%5W/%= # 3&;0935 # $20 # -,&%*$% # -,&*%*1,94%4A% # % # 4%5?*X1%4D # t;*+2?* # 3&'#
-;$-3*+,*&,9X./E%(/ # 62**%*%4 # 43($3*;0/ # -,*'%$%42G%5 # % # 093(092$,1 # E,54,002&26%* # 093$G35/#
<4,*3(%5W/2(X*= # *3@34 # 09XD #"# +/21,1 # 3GG35 # % # 4:GG@3430 # &'%1,(*%4G%5 # c # %@,* # % # &%9+%02&/ # ;*3434#
<%*?*(X*= # /0$3(/1 # $3& # c # 4%E%094%*%4,4 # 093(39531 # % # $?512(X*R # % # +,*&,9X # 3$G3(31(B*R # ;0 # H&'#
:5$%&?1(X* # /0D # b5531 # 0,(25 # 24;*@34/1R # $/4 # A3*354 # $20 # 3$G3(3113* # 3&'C44 # +,*&,95/ # 3&' # 1:9:0#
&%9+%02&/ # W;* # ;(+31;G35D # 73&/0$3(13+531 # % # $,+3(5R # $?51%$3&,094X # 42(0%+%*$?51#
E(,G*;$2/6%*#;0#$3&;*@34;0/#30;*'3/63*D#"#$?512G%5#$3&-/&'3*@34/1R#@,&'#3&'#E,54,5#3*1:634344#
@/G%#@,&'%5#@%4#1/#%9#3&;09#43($3*;0/#-,*'%$%4(%D#a3($;09343035#$3&4%5?*A21#%94#/0R#$/1;54#13**#
E,54,0%5#1393*5/#3&'#&;E34R#@,&'%5#13**#%5'%&,4#6/90&2*5/R#;0#$20#3**35B(9;03134#6;&(3@%A4%5/D#
d:9634*35C* # $3&4%E%094%*A21R # $355'/ # 093$;*'30 # 353(&/24 # /&;5'3*R # @,&' # % # $?51%.09%G%+/+B#
E,*%(/4202G%#3&'#@%($%+/1R#093**3$/.%*1,4X#3*3$34#/0#4?+%4,0%5#G3#*3@30035#;EH435/D#b9#%9#/E%(/#
&'%1,(*%4 # 092$,0 # 1C*:5G:9B # E3+%&X&/%/ # -3*%+%4 # 09,*&2*%42G%5 # 2**D # b94 # 3034*3& # S3&'(3 # /512GGU#
1/62*4@%4A%#%9#C9*34/#;*34G35#6%&'#%#09,*&2*4%4X#/E%(G%5#6;&9344#@%0,5*X#&'%1,(*%4D#"9#%#*;5'3&30#
3931G35#%#&'%1,(*%4,1G%5R#@,&'#%#$?51%#$,(2*/0#634C*34;4#/0$3(A;1#$3&R#;0#$3&4%E%094%*A21#%94#
%#@3*'93434R#%$/1,(#B1#09,*&2*A21#$20,1#09C10;&*343/4D
"#!JD#,0942*'#+(2$%3*B%+20%#AX#E;*+%#%9#3&';5#-3*3*B00;&62**%*202(%#%#1:9:00;&;(4R#6%*%$/54#%((%R#
@,&' # % # 1:9:0 # W;*;(4 # 6%*X # -2(%+,920GX* # 4:GG # 13*34139@34R # $/54 # %$355'/4 # %9 # 3&';5/ # 1;E300;&31#
3&'093(F# :0093&9;03# (;6;5# %9#,0942*'(X*# 1;E93*5;51D# b&'#09H5+%(%GR #3&'# ,E3(%R# 3&'# $?0/W%*R#
6%&'#E;*+2?*#3&'#1%G%(;#3*B%+202G%5#%9#,0942*'#$3&4%E%094%*A%#:5$%&%#3&'C4430#3(3A;4D#89:63&R#
4%&*3A4;0R#9353R#;531#S3034*3&#3?(/4$/%UR#(35+39;0R#09H5E%+1;ER#6/*2&H420R#E(,&(%$/0$3(434BR#E*%124#
c#394#$/5+#3*#13**#1;09H435/C1#%#5;@25'#3*B%+20#S&'%1(%5#1344B0#093(3E,09420G%5#6%*XU#3*A240920%#
$3**344D
"#$%&'%(,(092&/#)%*+,(-./01,*21G%5#%#!JD#;634#3&'#A3*354B0#3&';5/#$?5126%*#92(A21#*3D#7/5+35#
4%5?*X5%1#3&'#&'%1,(*%4/.$F6;09/#4;$24#;0#3&'#3*$;*34/#S09%142(&'%1#-:*:44/U#4;$24#13**#1/+,*&,95/%#
;630#$?51%#WH$;5D#"#+/21,15%1#3&;09#;635#24#1;09C*5/C1#13**#62*%094,44#4;$2A?1(%R#%$/G35#3&'#
4?4,(#6%&'#09%1$%/#4%52W0%+X#03&H4/#$?512A?1%4D#"#&'%1,(*%4/#92(X$?5121%4#3&'#1/2**H420,5#2**H4A21#
1/R # 6%&' # 3&' # +;*?425/M304/ # 3*B%+20 # 13(34;G35 # 5'/*625,0%5 # $?4%4A21 # G3D #"9 # 3*$;*34/ # $?512@,9#
Lh

$/5+35# 4%5?*X5%1# 5'/*625,0 # (3-3(24?$,4R # %@@,9 # 1%EW0,*X+X%5 # E3+/& # 6/424 # 13** # (35+395/3D #"# !JD#
,0942*'#-3*%+%4%/#1:9;#4%(4,9/1#%9#/0R#@,&'#35531#$;*4X#-,($24#%+A,5D
"#!JD#,0942*'#639;(-,5%*24#1:63463#S3&'343$30R#24-,&X#093$E,54,1#;(6;5'30H4;03U#%#$F6;0934/#
,14%420#3&'/1#-B#4;$2A%1;54#A3*35/1#$3&#%9#;EH4;0934R#$/54#3&'343$30#$F6;0934R#%$3*'G35#$/5+35#
$F6;0934 # :009@%420% # %9 # :009$F6;0934 # /+32A2G%5 # W0QW0,0,+@%4 # 1/D # n,54,0 # 39351H6C* # % # !JD#
,0942*'G%5 # % # $F6;0934(B* # ;0 # %9 # 3094;4/12(X* # 6%*X # -/*,9,-2*20D # " # -/*,9X-/%4:(4;534 # ;0 # % # 6/*2&#
6%**20%/5%1 # :0093@%0,5*H4X # 4%5?*$25',920% # E3+/& # 24431/54;04 # %+@%4 # %9 # 3$G3( # 093**3$/#
4:(316;03/(B*D
"#!JD#,0942*'G%5#-,*'X#$?5125%1R#1;E6/03*63#%#)%*+,(-.E3+%&X&/%#4/9351;4#;6;4R#@,992#13**#A2(?*5/%#
%9#3$G3(#A,GG#$3&/0$3(;0;@39R#%@@,9#%#W;*@,9R#%$/4#>?+,*-#843/53(#!]JN.G%5#H&'#-,&%*$%9,44_#
<"9#3$G3(#%#6/*2&,4#$3&/0$3(63#:5$%&2(%#4%*2*R#;0#$%&24#$3&/0$3(63#-3*42(?*#092$2(%#%#6/*2&D=

`2*$%U%.$."S:)0.3X8:/20"$"=;N":5,+)&$#Z$4
a:(313+AC51#%((%R#@,&'#%#!JD#;6-,*'%$#6;&;(3#%#4%5?*X1#$2(_
24-,&X#1;EE3*#(35+3*13993531#%9#3$G3(R#%9#3$G3(/#42(0%+%*,$#;0#%#43($;0934#A3**3&934300;&3/(B*R
4?+A%5%1 # :52**X # 6;*3$;5'4 # -,($2*5/R # ;0 # %94 # $3& # /0 # 4?+A21 # 6;+35/ # %9 # B134 # ;(/54B # 4;$21 # 09;*30#
012*2A25R
AX#09,W/2*/0#;(9;113*#(35+3*13993531R
$?4%00%5%1#;(+31*B+;04#%9#3$G3(/#0,(0#1;(+;03/#/(254R
;(9;1/ # $3&-/&'3*;035 # %*%E?*X # $/5B0;&3134 # 4?+A%5%1 # -3*/0$3(5/R # 4?+A21 # 393134 # A3**3$395/R # ;0#
4?+A%5%1#G3092$,*5/#$3&-/&'3*;03/1(B*R
&'%1,(*%4/R # 09,W/2*/0 # ;0 # -,&%*$/ # 4;(35 # 4?+A%5%1 # 3*$,9+?*5/ # % # (;09314B* # %9 # 3&;09 # ;(9;13*;0;531#
/(25'2G%R
4%5Q0H40%5%1#G3*0B#$,G/*/4204#%#&,5+,*1,+20G%5R#4?+A%5%1#3*B(3#;0#@24(%-3*;#<1:9*313+5/=#3&'#%+,44#
-,*'%$%4G%5R # G/9,5'H46% # 392*4%*R # @,&' # ;(4/1 # %9 # 3&;09 # -,*'%$%4,4R # ;0 # 4?+A21 # $3&-,&%*$%95/ # %#
-,*'%$%4#@2443(;G35#2**X#309$;4D
4?+A%5%1#$2(#G3*0B#1%EW0,*%4,1%4#4%*2*5/#%9,1#1:9:44#%#A3*350;&31#1:9:44R#$3*'31#%#6/*2&,4#-,($2*X#
;0 # *;4(3@,9X # %*%E3*631 # 1/-3A39B/R # $/531 # 0,(25 # -3*42(?* # % # 093**3$R # % # *24@%4X # -,($% # ;0 # %9 # %5'%&#
:009A24;1%R#;(40;1#%#1C*:5G0;&34#%9#,1.,1,9%4/R#%5%*/4/1?0#;0#%#43*3,*,&/1?0#$3&-/&'3*;031#1:9:44R
/0$3(A;1#%#1%EW0,*%4,4#4:(6;5'R#09C10;&093(F0;&R#09%G%+02&#;0#-3*3*B00;&#1:9:44R
4?+A21 # :5$%&?1%4 # 1;E6/03*5/R # $3& # 4?+A21 # 6%*X0H4%5/ # 0%A24 # $3&*2420%/1%4R # $/1:9G35 # 1;E3031#
-3*3*B00;&34#62**%*5/#43443/1;(4D

!"($)*+',-./0+)10"02'233$432'52"$8"=-=>N":5,+)&$#+0+4"-"
52'3.01)./"3$432'5
6$%&$'"4&2)5":/".'+*$)+#
Q252823:/
" # 5'3*6 # %9 # 3$G3(/ # 1%EW0,*%443(3$4;0 # %*%E634B # 3091:93 # ;0 # ;EE35 # 39;(4 # % # 4%5H420 # 3&;09;4#
G3@2*X99%#;0#$3&@%42(,99%D#"#&'3($31/#4?+%4#%9#/01,*201,(#139+34;5#62*/1#;(344;#%((%R#@,&'#%#
09XG3*/0;&GB* # 4,62GG*;EA35 # %9 # H(20G3*/0;&(3D # b9 # 53$ # 3&'093(F35 # 1;9C&'300;& # ;0 # 43W@5/1%#
1;(+;03R#$/54#%@,&'#%9#H(20#03$#W0?E25#%#G309;+#A3*3113*#4:(4;5B#*3A3&'9;03D#8,11%*#/512GG#1;4#
1C*:5G:9B # &,5+,*1,+20/ # -,($2(X* # 6%5 # 09XR # $3*'3134 # 1:55'35 # :0093@%0,5*H4@%4?51R # @% # %9#
3$G3(/0;&#1?*4Q(4:(4;534;G35#6/90&2*A?1#%9#09XG3*/0;&GB*#%9#H(20G3*/0;&G3#4:(4;5B# 24$353434D#"#
LL

09XG3*/0;&(3#A3**3$9BR#@,&'#$:&:443#2**X#4?+%4#$/4/1?0#A3**3&FR#1,51(;4#1;E31G35#&,5+,*1,+/1#;0#
3(B035#;*#%#@3*'934@39#;0#(H4?0@,9#1%EW0,*X+X#1:9:00;&/#3$*;131G35D#"9#H(20G3*/#4?+%4#(%W/,52*/0#
;0 # % # 4:(4;53*$/ # ;(9;135'0;& # A3**3$9/D # a:(3109/1 # %9 # 3*6,54 # :0093-C&&;030 # -3*42(202(%R # %*%EA% # %#
$3&@%42(,920 # ;0 # % # *,&/1?0 # 1%43&X(/21G%5 # 4:(4;5B # &,5+,*1,+20D # a3($;09343035 # $/5+1;4#
4?+%4-,($% # $3&A3*35@34 # 09XG%5 # ;0 # H(20G%5 # /0D #"9 # 3E,09,1R # % # $H4,09,1R # % # *H(%/ # %*1,420,1 # ;0 # %#
+(2$21 # ,*6%0@%4X1 # ?&'%5R # +3 # 3*0B0,(G%5 # % # 09XG3*/0;& # 63(03*B # @%&',$25'2GX* # 42E*2*1,9X#
1/-3A39;0/ #-,($21g # %#4?+,$25',0 #;0# 4:(4;53*$/ # H(20,1# ;0#3&';G# E(X9%#$F631# /512GG# %9#H(20,0#
@%&',$25'@,9#4%(4,95%1D#
"9 # /01,*% # 4:GG # ;639(3+30 # /54;9$;5'3 # 3*0B0,(G%5 # %9 # H(20,0 # @%&',$25'4 # 1;E6/03*/R # @244;(G3#
09,(H46%#%#09XG3*/0;&G35#$3&B(9:44#;(4;13134D#7%&'%(#5'3*6#;0#/(,+%*,$#4%542(&'#4%5H4202G%5R#%((%#
13**#4:(313+5/R#@,&'#%#09XG3*/0;&#1?*4Q(2A%#$3&$%(%+A,5#;0#Q&'#-3A*B+A:5R#@,&'#3((3#3(B0#H(20,0#
1?*4Q(%#;EC*@30035D#"#&'3($31/#-3A*B+;0#3*0B#09%1%092G%5R#%#A2(20#4%5?*202G%5R#%#G309;+#;0#%#
&,5+,*1,+20 # 3*0%A24H4202G%5 # % # 5'3*6531 # 1:9634H4B # 093(3E3 # 6%5D # a?*%A+,51;EE35 # % # 5'3*6 # ;0 # %#
G309;+#03&H40;&;63*#%#&'3($31G35#%9#3*0%A24H4,44#$,9&20#QA#$/5B0;&;G35#4C1(:9B+/1D#"#$3&4%5?*4#
$,9&20,1R#%9#C&'300;&#H&'#@%4#%#&,5+,*1,+20#1;E300;&;(3D#d39+34G35#$%&%#%#G309;+#%*%1H4A%#%#
G309;+@39#;0#@%**20@,9#@%0952*4#093(63134R#%$3*'31#%#09%6%1%4#;0#$,5+%4093(139343134#;09*3*/1R#
(35+093(39/1#;0#$3&;(4/1D#b9#%9#%5'%5'3*6#4%5?*20%#1:9G35#4:(4;5/1D#b94#1:634B35R#%#5'3*6#62*/1#%#
&'3($31#*3*1/#;*34;531#3&'/1#1:9634H4BA;6;D#
b&'-3*B*#%#5'3*6#*3@34B6;#4309/R#@,&'#%#&'3($31#1/-3A3993#:5$%&24#;0#1%EW0,*%4,4#@,99,5#*;4(3#%#
6/*2&&%*R#$20-3*B*#03&H4#(35+395/#;0#(35+093(395/#%#&,5+,*1,+204R#@,&'#%#&'3($31#4%E%094%*%4%/#
A3*354;04 # 1%EA%5%1D #"# 5'3*6 # %9 # 3*0B+*3&30 # $3&A3*35H4;0/ # $X+?51 # ;0 # %9 # 3*0B+*3&30 # 1:93&C51R#
%$/531#03&H40;&;63*#%#6/*2&(X*#;0#1C*:5:035#%#G3553#*;6B#6/09,5',1(X*#1;E34#%*1,4?51D#"#5'3*6#
3&'343$30#A3**3&3#1;E300;#4309/#%9#3$G3(4R#@,&'#@,992-;(A35#G2(1/#2*4%*R#G2($/*'35#5'3*635#1:9:*4#
&,5+,*%4,1@,9D #"# 5'3*6 # 3*B03&H4/R # @,&' # % # -:*+(%A9 # ;0 # 1?*4?(2*/0 # 1:(5'3934GB*R # %@,6% # % # &'3($31#
09C*34344R # 4,62GG # *3@30035 # *;E5/ # ,+%R # %@,* # %9 # 3&';5 # 0%A24 # &,5+,*%4%/4 # 1;E30 # 1/-3A395/ # 0%A24#
@%5&A25%1#$3&4%*2*2026%*D#
"#09,(,0#1:43*;134R#%$3*'#%#G309;*4#5'3*6#6%*%$/54#%#-:*+(%A9/#1:93&#1:9:44#*;439/1R#09/54;5#1C*:5:0#
-/&'3*3$$3*#13**#2E,*5/D#"#$%&'%(#5'3*6#$/54#093(630#A3*(35+093(R#09/54;5#%#6/*2&#43*A300;&;4#1;E39/#
*3g # $/5+ # 093(13934;G35R # $/5+ # E3+/& # $F1:+;0/ # (35+A;G35 # % # 6%*X02&,4 # (%&%+A% # $3&R # %99%*#
3&'*;5'3&FR#%#6/*2&#/0435/.43(3$4B.(35+A;4#53$#W0?E25#4C1(:9/R#@%53$#QA(%#/0#%*1,4A%D#
"#&'3($31+%*,1#;0#63(031R#1/092$,*XA24;1,1#%9#3&;09#1:95'3*6/#@%&',$25'R#-,54,0#%#&'3($31#
092$2(%D#b94#%#G309;*4#3*3$34#%#@3*'0;&53631R#*3&35+21R#$,5+21#;0#%#5;E@%&',$25'#&%9+%&#
09X1/5W03 # 3&;09H4/ # 1/D # t?G3(4200%* # % # &'3($31G35 # *39%A*X # 4304/ # -,*'%$%4,1 # 3**350Q*',9202(%R # %#
5'3*6531#%#1:95'3*6/#09/5435#4Q*#13**#43(A3+5/3R#3&'343$303GG#$/5B0;&3134#13**#1?4%45/%#%9#309$;1#
6/*2&2G%5D # bGG35 # %9 # /+B09%1G%5 # 6309H4/ # 3* # % # -/%4%*3$G3( # 43($;093430 # 1%EW0,*%424 # % # 5'3*6#
093**3$;63*#;0#/$$2(#4?+%4,0#$?5126%*#13**#6/009%093(395/#%94D
=N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#)%*+,(-./01,*21G%5#?&'%5,*'%5#-,54,0#%#63(G2*/0#5'3*6/#1;090;&#$F63*;03#;0#A3*354B0;&;531#
@%5&0Q*',920%R#$/54#%9#H(204?+20#$F63*;03D#"#09XG3*/0;&#1:9634*350;&3#-3*;G(3094/#%#&'3($31#
-/&'3*$;4R # ;(+31*B+;0;4 # ;0 # 1;E93*34;4D # b9 # %*%1H4 # 1/ # -,&;1,5'02&,4 # % # 1;0BGG/31G35 # %9 # /(,+%*,$#
,*6%0202@,9#;0#;(4;13*;0;@39#c#35531#%#1;E300;&531#%#$3&*;43#%44X*#S/0U#-C&&R#@,&'#%9#,*6%0X1#
$355'/(3 # 1;E3031 # % # 09:63&4%(4%*$%4 # % # 0%A24 # 1;E93*34C1G35 # -,*';1,5'%5 # ;0 # &24%1 # 5;*1C*#
QA(%%*1,45/D#b9;(4#5%&',5#-,54,0#%#$30;*;0R#@/0935#%#$303#@%**&%420%#1:9G35#%#&'3($31#G3*0B#
1;E3134#1;09H4#c#1C*:5:035R#@%#%#4%5H4X#<-3AGB*=R#09%G%+,5#$30;*#c#24;*/#%#093**3$/#$,9&204R#%9#
;(93*$/ # %9,5,0?*204D # V*'%5 # $30;134 # ;0 # 4:(4;5343134 # 13** # % # &'3($31 # 092$2(% # 62*%094%5/R#
%$3*'31GB*#%12(#3(1:*W0/*3&R#%12(#%#6/*2&G%5#6%*X#@3*'42**20%#;(+31;G35#G/94,0#%*%E,1%4#$3(H4@34D#
f/94,502&,4#%+#%#&'3($31531#%9R#@,&'#%#4:(4;53431#3&'0;&G35#4%(4A21#%#$3&/0$3(@34B#6/*2&,4D
b9#%#$3&1:93*H4;0#-,*'4%4X+/1#%#4,62GG/#;631G35#%#1,(,0942*'5%1#$3&-3*3*B#62*4,94%420,11%*D
"9#3*0B#,0942*'G%5#5'3*64%54#$;&#53$#4%5?*5%1#%#&'3(3131D
"9 # H(20 # -3A*B+;03 # :009@%5&G%5 # 6%5 # %9 # 3$G3(/0;& # -3A*B+;0;63*D # "9 # H(20 # 3(3+343 # % # 1;EH(20/&#
SE/14,&(2-/%U # 5'Q*/1 # 6/009%D # " # $%&+%*;5/ # 1?*4Q(% # G%(*%5&(%A9%/4 # $;& # % # -3*4F5B35 # 43($;0934@F#
LO

2G(29,*20#A3**3$9/R#%9#394#1:634B#1,(,1#G%(*%5&-304$;5'3/#3&'(3#04/*/92*4%GG#-,($2G%5R#%#*;5'3&(3#
09,(H41,96%R#W0%1#E2(#6,5200%*#?4%*5%1#%9#2G(29,*4#42(&'(%D#d;0BGG#39#%9#;*34@F0;&4B*#3*426,*,+,44R#
A3*1;E30#2G(29,*20#63934344#%#1;EH(20#%E(X#A3*3/531#1/%*%1?*202@,9D#b94#1:63443#%9425#%#-,&%*,$H(20#
S/+3,&(2-/%UR#%#09X.#;0#09X4%&H(20R#$%A+#%#G34FH(20D
"#1;EH(20#1/%*%1?*2026%*#$3&09C*34431#%9#3*0B#%G094(%14#A3*31R#+3#%#1%EW0,*%4#%#-,&%*,$#;0#%9#
3(3+34/ # 1;E # 1:9:44 # $3&$%(%+4D #"# 1;E # % # 43*A30 # 3$G3(@39 # 09X*R # % # 43*A30 # 3$G3(4 # (%&%+A% # $3&R#
%1%(%42G%5R#;(9;0;G35R#&,5+,*1,+202G%5D
"#&'3($315;*#/0#-,54,0R#@,&'#%#A3*3134#4?+A21#1:45/#%#1C*6/*2&@,9R#*3&'35#G3*0B#;*$;5'C1#(X*%R#53#
W0?E25#%9#/543**314?0#Q4A25#13**A35#-3*-,&5/R#%$/4#4%5?*5%1D#"#G34F4%5H4204#/0#$30;63*#63934AC1#G3R#;0#
$30;1#1H0;(531#6;&/&#$/5+35#3&'30#@%5&,4R#%$3*'31#G34F11;#-,($2*X+5%1D
"#&'3(3131#H&'#43($;093430#1%EW0,*%4,4#4%*2*5%1#%#G34F1#;0#%#1C*6/*2&#1:9:44R#%$3*'#03&H40;&C1(3#
6%5 # %GG%5R # @,&' # % # $2( # A3*1;54 # @%0952*4R # % # 6/*2&4X* # 3*09%1H4,44 # G34F134 # %9 # ;(9;03/135 # 13(3094C*#
$3&(%&%+A21#;0#:00931%EW0,*A21#%99%*R#%@,55%5#3931#%#09/$GX*?$,1#3(3+34/*3&#092($%95%1D#
"#&'3(3131#,*6%05/#%9#2*4%*?1#6%&'#%#4%52(#2*4%*#42G*2(%#H(4#09:63&35#4%5?*5%1D#
m'$02'23";h<"U'$
I)Y8232/"3O*1/
"9#%5'%5'3*6#2E,*2025%1#09H5@3*'3#3++/&#*3&/512GG#%9#,44@,5#;0#%9#X6,+%#6,*4R#%@,*#;*343#3*0B#
;63/G35#;*B#4%E%094%*%4,1%4#093(9344D#b931(3#%9#%*%E,1(%#*3@34#;EH41395/#%9#3*0B#,0942*'G%5D
J$431'%&.",2V)2/83:/."S:)+0
"# $/5+355%E/# ;*$;5'31# 4%(4%*$25%1 # -3*/+;9;03R # 3*$30;*;03D #"9# X(%92(X# 4:(4;534 # (;09G35 # 6%&'#
3&;09;G35#3$*;13934GB*#4:(4;5B#-3*/+;9;03D#
n/&'3*3$#%#42(0%/(%#;0#%#-3*5B44#G309;*&34B42(0%1(%D
a:(316;0#%#$20,1#092$2(%#;(4@34B#;0#1/-3A39B#G309;+(3D
"9#:52**X#-3*%+%46;&9;0#3&'30#*;E;03/531#$3&%*%E,920%#;0#&'%1,(*20%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# 5',$4%4,44 # 5%&'G34F1 # G363934;03R # -,1,9%4,0%5D # a3*A30 # $,5+%4,1 # $20,*20% # ;0 # @%**20 # ?425/#
*3H(20%R#$3*'31#%#$2(#$3&/0$3(4R#3*@%5&9,44#4:(4;53431GB*#3$3*13+531#1/D#b93135#%#$3&+,*&,9,44#
;0#*3H(4#$,5+%4,1,5#139+3531#3*#,*6%05/#%#&'3(3131D#
"#4%52(#2*4%*#62*%094,44#(:6/+#09:63&3134#/0#/**?094(2*A21D#
"#(3&&3*/#1:(#$,5+X12/5%1R#63(03/531#1X(?0G%5#09%6%*20%D
"A25*,44#09;E/(,+%*,$_
w(/$$#*3&093GG#$30;/
f353+31#b*31#$30;/
e**';0#w'?*%_#KK#$%&'%(#5;E$303
n;0F0#r6%_#b9C04@3&3+FR#$20#5;E31#$30;/
a:(:1#825+,(_#n%*%41%#1/(2*'02&%
)3:(30#825+,(R#d2(,*'/#"$'R#d25'2+/#825+,(R#3*1#,*425R#a%(G%'#b+3R#89/*2&'/#x,$,51,0#63(03/
G$TS/+)U*1/."T+43+0
" # 5'3*6 # % # 4%5H420 # 3&;09;4 # 24@%4A% # ;0 # $3&@%42(,99%R # 39;(4 # $/5+35 # 4%5H4,44 # 4%542(&&'%*#
:0093-C&&;0G35#6%5D#dC*:5:035#1/3$3*35+BR#@,&'#%#-,($%(%A9#4%542(&'@,9R#%9#H(20#3*B1;09H4;03#
09/54A;5#/0#1%EW0,*X+/1#%9#%5'%5'3*6/#5363*;0D
GO)S/,+%$)#$0"f",+%$)#$0
G309;+@%**20R # @%**20 # ?425/ # ;(4;0R # G309;+-3A*3440;&R # %9 # H(20 # A3*(35+093(3R # 5',$4%4,44 # 5%&'G34F1R#
5'3*6/#$/54%1:634;0#G309;+G35R#A24;1,002&R#9353/0;&R#(/4$?0;*$;5'
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131#1;E3031#%9#,0942*'#3&;09;63*#63(03134R#$,5+X121%4#1X(?0G%5#09%6%*5/D#73&4%5?*A21#
LK

1:6345/#%#4%52(#2*4%*#%+,44#?4%0H420,1%4D#d;E3031#3&'093(F#G309;+&'%1,(*%4,1%4#;0#5'3*64:(B134#%9#
,0942*' # 3&;09;63* # 3&'C44 # $,5+%5/D # 73&4%5?*A21 # % # 4%52(,1 # 2*4%* # $30;*4 # 4:(4;53431R # 092$?1(%#
*;5'3&30#E,54A%/4#-3*/+;95/D#d/03GG#093(3E31#3*A2409202(%#/0#62**%*1,95%1D#73&4%5?*A21#%#5',$4%4,44#
5%&'G34F1#H(2024D#"#&'%1,(*%4#0,(25#1;E300;#62*5%1#@,009%GGR#:0093-C&&B#09:63&#$20,*2025%1#
*3H(202(%D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#$20,+/1#,0942*'G%5#4,62GG#-,*'4%4X+/1#%#$,5+X121R#1:(A24;1,1R#5'3*64:(B1#&'%1,(*20%R#%$3*'G3#
G31%EW0,*X+/1 # % # @3*'303 # 3A4;0 # 4%5H420% # /0_ # <% # @%5&&'%1,(*%4,1,5R # % # 1/3A4;0.&'%1,(*%4,1,5 # S%#
$%&25@%5&9X1R # $200%*@%5&9X1 # @3*'30 # 3A4;0;5UR # % # @%5&0Q*' # &'%1,(*%4,1,5 # ;0 # % # (/4$?0#
&'%1,(*%4,1,5=#S7,542&@#e$(3_#"#G309;+#$F6;09343U#13(3094C*D#"#1C*:5G:9B#5'3*6/#53@;90;&3113*#
1C9+B#&'3($3131#3034;G35#3*139+B+/1#%#42$,&%4X#$?51%R#$3*'(3#%#09%1/(25'Q#SE*D#*,&,E;+/%/U#
03&H40;&31#1:9:44#%9#3?(/4$/%#G/9,5',0#2&%R#%#&'X&'3?(/4$/%#/0#%*1%*$%0D#
720,+/1#,0942*'#/(,+%*$/#%5'%&%_#%#0935431#;*343R#%#-%G?*21#;0#%#43($;0934/#$30;1D#"#$30;*B531#
%9#3&;09#3$G3(4#$3&#13**#(%&%+5/%D#n,54,0R#@,&'#%#&'3($31#3&;09#4304;G35#;(39935#6%*%$/4#%9#
3*$30;*431GB*D#[0?E25#%9#24;(9344#+,*&,1GX*R#%9#/5+?*%4,1GX*R#%$3*'34#13*4C51#13**#1:6341395/3#%9#
3*$,5+,44 # +,*&,1 # $3&;(4;0;531D # "$/1,( # $30;4 # 6%&' # *3&35+24 # $,5+ # % # 4%5H4X # 6%&' # -304;030#
(%A9,*20,0 # -3*%+%4,4 # 6;&39434 # % # &'3($313113*R # 53$ # $%&'%(299%R # @%53$ # @%&'A%R # @,&' # %9#
$3&(%&%+A% # % # 43*A30 # 3$G3(4D # " # &'3($31 # W0%1 # ?4X*%&R # :5$%&2GX* # 1//5+?*6% # A?4 # 3* # % # +,*&,1#
$3&;(4;0;@39D#
"9 # 2**%4$30;1G35 # %9 # 3&',*+%*Q # 3$G3(/ # 4?*%A+,502&,1 # ;0 # ;(9;031 # SE*D # 1%E90/02&R # (%6%0902&R#
/(/&'0;&R # 5%&'(%62&'20U # A3*35531 # $3&D # 7H& # % # *3&35+21 # 6/*2&% # % # 4/094% # ;(9;03134 # ;0 # 3$G3(/#
;(4;13134#@,(+,9921#SE*D#89354#b(90;G34R#89354#n3(35WR#89354#d(/04X-#4:(4;53434D
Z%5&0Q*',0#@3*'34#1%E5%1#%#$3$,(/43(31#S)3:(30#825+,(R#[0,1,5%/#T/4;9#7/@2*'R#t34B-/#825+,(R#
3*1#,*425R#d25'2+/#825+,(#63(03/UR#;0#%#+(%$%4/1?0#A24;1,1R#$3*'31#09/4?%4H6#A3**3&C15;*#-,&6%R#
4:GG#/(25'G%5#/0#2E,*A21#;0#-3A*3094/1#%#&'3($3131#5'3*6/#1;090;&3/4R#1;E300;&3/4_#%#53$#63(G2*/0#
1,$$?5/12W/X0 # 3091:9:134 # S&3094?0R # 431/5434R # 09:63&-,534/1%/R # $,5+%4-,534/1%/ # 3091:9:1#
%*1%*$%920%R#4304C5113*#6%*X#1,$$?5/12*20#*3@34B0;&3/4UR#%#E(,+?14H6#;0#%#(3E(,+?14H6#G309;+34#
04GDR#%#09X1/5W0#GB6H4;0;4D#893(63035#1%EW0,*X+6%#%9#3*B9B#;6G35#$2(#3*139+344#$?512@,9#%#5%&'#
5',$4%4,44#G34F1#?425#$3&/0$3(13+531#5',$4%4,44#1/0G34F113*D#73&09C*34@34#%9#3*0B#,*6%0X1:5'6#
/0R#%$3*'#%#4%52(#2*4%*#1/62*%094,44#09:63&31R#%#(3&&3*/#1:(GB*#/0$3(4#63(031R#$30;1R#43($;0934/#
4:(4;53431#&'FA43$;5'3R#0#$3*'@39#%#&'3($3131#%14H6#(;096;43*C113*#3(B43*A3035#1:4B+531D
"9#;6#$20,+/1#-3A;G35#G363934;0(3#13(C*@34#%#-,*'XH(20R#+3#39#@%($%+/1#;6#3*3A;(3#/0#43@34BD
"9 # H(20R # 3&'G35 # %9 # ,*6%020 # 4%5?*20% # /0D #"# *3H(4 # 09:63&3134 # %9 # X(% # 6;&;5 # $/5+/& # 3*,*6%00% # %9#
,0942*'D
b*B09:(#%#&'3($3131#2*4%*#*3H(4#63(03134R#$,5+X121%4#,*6%0021R#%#5',$4%4,44#09:63&#,*6%020%#W0%1#
39?425 # 1:634139@34D # d/03GG # 63(031 # ;0 # $,5+X121 # W0%1 # %11,( # 13(C*531 # % # -C934G3R # @% # %9,1%4 # %#
&'3($31#$2(#/0$3(4;1#;0#4:GG09:(/#$,5+20#?425#3*0%A24H4,4421#S/543(/,(/92*421UD#
Y%&',5#-,54,0#%#1X(?0G%5#4:(4;5B#,*6%020R#3*B09:(#%#4%5H4X6%*#3&'C44D#aB*3#6309/1#24#%#&'3(3131#%#
63(0#9353/0;&;4R#%9#;(43*$/#@%5&0Q*',1%4R#%#@%5&09H5#62*4,920%/4#04GD#"9?425#%#4%5H4X#5;*1C*#%9#
,0942*'#3&'3+C*R#$%A+#3&'.3&'#&'3(31#,*6%0D
"#5'3*64%5 #3*B1;09H4;03 #% #63(G2*/0# 1/-3A39B1;090;&# %*%E,92026%* #4:(4;5/1D #"# @,009Q# $%&25. # ;0#
$200%*@%5&9X1 # @3*'30 # 3A4;0;63* # 4?+%4,0 # $?51% # -,*'/1 # % # 5'3*6@%0952*%4 # 43(;5R # $3*' # *%00%5#
$3&%*%E,99%#%#$%&'%(#@3*'30H(204D#"#63(03135#;0#(/4$?0,1,5#13(3094C*#1;E34#1%E@%45%1#%#09X#;0#
$,5+%4#3&'0;&;(B*D#
m'$02'23";h<"U'$
I)Y8232/"3O*1/
"9#3*0B#,0942*'G%5#$3&093(9344#4?+20(%#;EH4C51R#%#5',$4%4,44#5%&'G34F1#/0$3(34;(3R#%#4%52(#2*4%*#
%+,44R#%#&'3($3131#2*4%*#/0$3(4#(:6/+#09:63&31#*3H(2025%1#1;E300;&;(3D#

LP

J$431'%&.",2V)2/83:/."S:)+0
n3*1;09C*;0#%9#,*6%020(%#.#-/&'3*3$R#$3&-/&'3*;0R#(/4$?0R#3$*;13934R#1;E93*34#-3A*3094;03
a2A;1,9X+20#0H1G%5#;0#4;(G35D
Z%5&#;0#G34FR#09X4%&R#09X#-3*/0$3(;03D
Y',$4%4,44#5%&'G34F#;0#5',$4%4,44#1/0G34FM-,*'XH(20#G34F/531#/0$3(343D
7,5+%4,1#:00931%EW0,*20%D
d;(+;031#;0#62*%09,1#$3&-,&%*$%920%D
Y'3*6/#$/54%1:634;0#G309;+G35#;0#H(20G%5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#:52**X#63(0$,5+20#S3(B0#(/4$?0Q#;0#0,1#/0$;4*;04#4%(4%*$%9X#63(031R#43($;093463(031U
.#5'3*64:(B1R#(/4$?0A24;1,1
. # 09XG3*/ # 1/-3A39;0$X+,1 # 3*4;(B # $/5B0;&3/531 # $3&A3*35;03 # SW03*316;04 # 1/-3A39B # /&;1#
@%5&0Q*',920%R#%#*3H(X#3*3$31#;0#53631#-3*-3+39;03R#%#4?*%A+,502&,1#1/-3A39;03U
. # 4%5$30;1R # 3*0B0,(G%5 # 2**%4,1(X* # 09X*X # $30;1_ # b9XE?0R # Z3*4%/ # w20E2(R # l3,5%(+, # +%# T/5W/R # l%#
n,54%/53R#l300/5&#$30;/R#%9#%$3(/1%/#/5+/25#@%&',$25'#2**%4$30;/R#0935431#;*343#;0#*3&35+2/
.#5',$4%4,44#1/0G34F1M-,*'XH(20#H(20%R#6%04%&#09H530#W3(?926%*
.#-,*'XH(20#G363934;03
.#%#$20,*4#09:63&3134#%#4%52(#%#42G*2(%#H(A%R#$3*'31#4%(4%*$%#%#-B4%5H420#4;$2A2@,9#1%EW0,*X+/1
.#%#4%52(#2*4%*#%+,44#/0$3(4#09:63&31#1:9:0#;0#3&';5/#,*6%020%
.,*6%0X1:5'6#1;09H4;03
.#%#$%&%0#;0#$;*'#$%&25@%5&9X1#$3&1C*:5G:9434;03#@%**20#%*%EA25R
.#@,009Q#;0#(:6/+#$200%*@%5&9X1#@%**20#?425/#$3&1C*:5G:9434;03
# "#&'%1,(*20#3091:93/_#A24;1,0#&'%1,(*%4,1#3&'#09X#3*0B#;0#?4,*0X#@%5&A25%1R#%#09XG%5#093(3E*B#
$%&25@%5&9X1R#$200%*@%5&9X1#$3&4%*2*202(%#;0#$3&@%42(,9202(%D#>H$A24;1,1#;0#2G;W;A24;1,1#
S2G;W;(35++3*#3&'C44UD
.#G34F1#G3@3*'34430H4;03#QA#09%6%1#1;E9;0;@39R#09X*25WR#%+,44#@%5&,1GX*#09%6%1#%*1,420%R#4%*2*X0#
1;(+;031
G$TS/+)U*1/."T+43+0
" # 5'3*6 # % # 4%5H420 # 3&;09;4 # 24@%4A% # ;0 # $3&@%42(,99%R # 39;(4 # $/5+35 # 4%5H4,44 # 4%542(&&'%*#
:0093-C&&;0G35#6%5D
dC*:5:035#1/3$3*35+BR#@,&'#%#-,($%(%A9#4%542(&'@,9R#%9#H(20#3*B1;09H4;03#09/54A;5#/0#1%EW0,*X+/1#
%9#%5'%5'3*6/#5363*;0D
GO)S/,+%$)#$0"f",+%$)#$0
Z%**,44#09:63&#$3&;(4;03R#4%(4%*$25%1#-3*/+;9;03D
7/5+355%E/#;*$;5'31#4%(4%*$25%1#-3*/+;9;03R#3*$,5+20%D
Z%5&,0#,*6%020#&'%1,(*20%D
"9#%14H6#09X1/5W0#&%9+%&H420%D
>:6/+#09:63&31#%*1,42025%1#&'%1,(*20%D
d/3A4;0/#&'%1,(*%4,1R#09X4%&,*20D
w,5+,*%4,1R#;(93*$31R#6;*3$;5'31#1/-3A39;03D
q24;1,002&R#9353/0;&R#(/4$?0;*$;5'D
!",2V)2/83:/"51'3"2'2*#:4&2.
"9#3*0B#,0942*'G%5#3*0%A24H4,44#1;E300;&31#4,62GG/#2E,*20%#$3**344R#%9#:52**X#63(0$,5+20G%5#/0#
A2(4%002&,4 # 093(39531 # SG/9,5'H4625'63(031 # 3*$,5+20%UD # w'%1,(*%4,4 # 093(39531 # 2*4%*?1 # /0$3(4#
09:63&31 # 1X(?0G%5 # 4:(4;5B # 09X4%&,*202(%D # q2(4%002&,4 # 093(39531 # % # 4%*2*X0 # 1;(+;031#
$3&;(4;0;G35 # ;0 # $3&-3A4;0;G35D # d;E3031 # 3&'093(F # 5'3*6/ # A24;1,1G%5 # 6%*X # (;096;43*(3 # E*D#
09X*25WD#>;09*343/G35#1;E3031#%#4%52(,1#2*4%*#3*$30;*4#4:(4;53431#-3*/+;9;0;(3D#73&4%5?*A21#;0#
&'%1,(,*A21 # % # 5',$4%4,44 # 1/0G34F1 # H(2024D # b*0%A24H4A21 # % # -,*'XH(204R # $3&4%5?*A21 # % # G34F1 # 2G;W;0#
(35+A;4D#d;E3031#@,009%GG#09:63&31#E,54,0#$20,*202(%D#q2(4%002&,4#093(39531#5;@25'#&'%1,(/#
09X#@3*'30#G34F9;0;G35#;0#3*62*%094202G%5D#
L]

"9#H(20/#;0#,*6%020/#53@;90;&3113*#1C9+B#&'3($3131#42$,&%420%_
"#$20,+/1#,0942*'#6;&;(3#%9#,0942*'4%5H4X5%1#*245/%#13**R#$3*'/1#&'3($315;*#A3*354139/1#4%5?*20/#
53@;90;&#%9#H(20.,*6%020#43(;5D#"#*3&%094;5/%#$3&3*B9;0;(3#%#)%*+,(-.E3+%&X&/%#1C*:5:0#&,5+,4#
-,(+H4_#%9#,*6%020#;0#H(204%5H420#0,(25#%#1:634139B#093$E,54,1%4#4%(4A%#093$#3*B44_
.#53$#%#*3@34B#*3&&',(0%GG%5R
.#53$#%#*3@34B#*3&1,(2GG%5R
. # +3# 24-,&X%5R # %# &'3($31# 3&;09;4 # .# %9# %1%(%4/# ;0# ;(9;0G3*/# 1;E300;&3/4 # 3&'%(254 # $3&09X*H46%#
3&'35&34/#%9#H(20@,9#;0#%9#,*6%020@,9#09C10;&30#&,5+,*1,+20/#?4%4D
"#1/%*%1?*4#H(20.#;0#,*6%0209%6%(4#3*0B0,(G%5#@%**20.#;0#G309;+&'%1,(*%4,1#Q4A25#35'@H4AC1D#
7/5+3931#$3**344#%
.#$,9&201,,(+/52W/X0#&'%1,(*%4,1R
.#3&'350Q*'&'%1,(*%4,1#S4304-:*+(%A9U
.#4;(,(/3542W/X0#&'%1,(*%4,1R
.#09/$$34(/%&'%1,(*%4,1#SE*D#-,($%(%A9U
/0#A3*354B0#42$,&%4204#5'QA4@%45%1#%9#3*B(3@%*%+20G%5D
Z% # 6%5 # &'X&'E3+%&X&?0R # -3A*3094BE3+%&X&?0 # %9 # /01,*2G%5R # %A25*,44 # % # $20,+/1 # ,0942*' # 6;&;5#
$/5+35 # &'3($31 # 5'3*6/R # $,4,(/1?0R # 1,,(+/52W/X0R # *2420/. # ;0 # @%**20/ # 1;E300;&3/4 # -3*$;(5/R # ;0#
$3&6/90&2*5/D#Z%#5/5W0R#%11,(#%9#,0942*'4%5H4X5%1#;(+3$30#1C*:5*3&30#-/&'3*$34#-,(+H4%5/%#%9,1(%#
%#&'3($3131(3R#%1/15;*#%#1:634139B#A3*350;&31#1:9C*R#4:GG#3&'/+3AF*3&#-,(+?*#3*B#;0#09%13$G3(#
03&H40;&;4#1;(5/D#
"#1:634139B#*/04%#42$E,54,4#5'QA4@%4#3@@39_
.#&'35&3#3&'350Q*'#
.#&'35&3#1,,(+/52W/X
.#09%&&%4,44#$,9&20
.#53@3935#+,G#;0#1%E#3*#*%G+24
.#53@3935#4?+#3&'353035#C*5/#6%&'#2**5/
.#@3*'43*35#W3(?9%4%(420
.#@3*'43*35#G34F-,($2*20
.#1;E43*35#3&'353035#H(5/#3*B(3#6,5%*%9,44#*%E,5
.#:00931363(/#%#1/0.#;0#5%&'G34F134
.#-3*W03(;*/#6%&'#$3&-,(+H4A%#%#G34F134R#092$,1%4#SE*D#GM+R#EMR#?M5R#0M9R#JMLR#OM]R#IMbR#KU
.#4Q*#0,1#6%&'#136;0#*2G%4#(%A9,*#%#G34F1531#S$R#5U
.#53$#4/094%#G309;+
.#(,009#3$*;139B1;E300;&
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#(3&&3*/#(/4$/1?0#(;09G35#%9#3*0B#1;4#;6G35#3*139+344#$?51%#-,*'/1#4,62GGD
dC*:5:035 # @%5&0Q*',0 # @3*'(3 # 13(C* # % # G309;+%(4/1?*2W/XR # % # *;&9;043W@5/1%R # % # @%5&0Q*',920R # %#
G309;+#(/4$?025%1#;0#+%**%$25%1#;(9;13*434;03D
"#5'3*64:(B1R#$,5+X121R#63(031#&'%1,(*20%R#1:9:0#W0,E,(4,0#;0#3&';5/#$,5+20%#13**B#*3@34B0;&34#
5'QA4#%#5'3*6/#1;090;&31#-3A*3094;0;(3D#nB#4;$%#%9#}4304%$354?$#4:(4;5343/R#/**3463#$%&'%(#H(X1#
63(03/#S)3:(30#825+,(R#[0,1,5%/#T/4;9#7/@2*'R#d25'2+/#825+,(R#3*1#,*425#UD
"9#;6#$20,+/1#-3*;4B*#3&'#1/62*%094,44#,*6%0$25'4#/0#-3*+,*&,9@%45%1#%#4%52(#63934;0;63*
SE*D#7X(%#n3(35W_#d/5W013(30B#1/01:+$:5UD
b5531#%9#;6531#-3*%+%4%/#1:9;#4%(4,9/1#%9#,*6%020/#1;090;&#;0#1;E300;&#-3A*3094;03D
"#&'3($3131#%#$2(#$20,+/1#,0942*'G%5#3*139+344#$X+,5#%#(:6/+3GG#09:63&31(B*#*%00%5#244;(531#%#
@,009%GG#09:63&31#,*6%0202(%D#"9#3*B9B#;6/#,*6%0X1:5'6#%*%EA25#%#4%5H4X#63934;0;63*#3GG35#%9#
;6G35 # /0 # 1:9:035 # $3&-,($2*@%4X # 3&' # ,*6%0X1:5'6R # $3*' # @F35 # ;0 # 3&';5/35 # 1:634/ # %9 # ,0942*'#
%(W?*%424R#-/&'3*3$G3#6;63#%9#;6#%14?2*/0#4;$2/4#SX09:6340;&/#4:(4;53431R#$3043(0;&31R#@29;EH4;0UD#
b9 # % # 1:5'6 # /0 # ;6 # 6;&;5 # 13(C* # G31:4;0(3R # 0 # % # &'3($3131 # $?512/ # /**?094(2*A21R # $3*' # $3&-3*3*B#
6/009%A3*9;04#%+@%4#%#4%5H4X5%1R#431/5434G3#6;63#%9#3*0B+*3&30#$3&;(4;0#3**35B(9;0;4D
"#$/5+351,(/#W;*#%9#,*6%020#-3A*3094;03R#%#$3&-3*3*B#,*6%020/#03G300;&#1/%*%1H420%#;0#4:(316;0#%#
ON

@%5&0Q*',0R#1/-3A39B#,*6%020(%D
"9 # H(20.,*6%0204%5H420 # 53$ # 1C*:5C* # 3* # 3&'$204X*R # +3 # %9 # H(201;090;& # 1/%*%1H42025%1 # ;(+31;G35#
G/9,5',0 # (;0943(C*3431 # 5%&',GG # @%5&0Q*'4 # 1%E5%1D # n,54,0R # @,&' # %9 # 3*0BR # /**3463 # % # $20,+/1#
,0942*'G%5#@%0952*4#6/%091(;42(X*#;0#6%04%&#09H530#W3(?92(X*#-,1,9%4,0%5#4;(A3531#24#%#&'3(3131#%#
4:*4B4,**(%D#w'%1,(*%4,4#093(39531#%9#3*B44C1#*;6B#C(30#E%EH(#%(25',0#1/4:*4;0;(3#S%#4;(@%0952*%4(%U#
;0#%#G34F1#E,54,0#5%&'02&25%1#$3&-,($2*202(%R#%#0,(1/@%&'20,1(%R#G3139+;031#3*@3*'39;0;(3D
a,62GG-3A*3094AC1#%#&'3($3131#%9,5#1;E300;&3/4R#@,&'#:52**X%5#/0#139+A;1#*3H(5/#%9#;*$;5'3/134R#
(:6/+3GG.@,009%GG#,*6%0$25'%/1%4D#b92*4%*#$3&4309/1#%9#3*0B#*;E;03/134#/0#%9#H(20G3*/#-,&%*$%920#
-3*;D#
l3@340;&30R#@,&'#%#-,*'XH(20#G363934;0;(3#%#@%($%+/1#,0942*'#3*0B#-;*;6;G35#13(C*#0,(D
7303093(F35 # 09:6B+/1 # G3*3 # %9 # ,14%420G% # % # 5'3*64%5D # 73&/0$3(13+531 # % # $,5+%4-%A4211%* # %#
4%(4%$?1 # ;0 # % # @%5&0Q*'?1 # 093(/54D # " # &'%1,(*20,1GX* # ;0 # %9 # ;*34@3*'93431GB* # 1/5B63#
$3&-,&%*$%9X+5%1 # % # 09%G2*',1R # %$3*'31 # $3$,(/92*20% # $;& # 53$ # 1:43*39BD # n,54,0R # @,&'#
%*1%*$%920#;0#-3*/0$3(;0#09/5435#*3&'3531#4/0942G%5#%#1C*:5G:9B#$,5+%4-%A4211%*D#"#09X-%A,1#1:9C*#
%9#/&;63*#139+B+/1#%#5'3*64%5#4%5H420%R#%#-B5363113*#-,*'4%4A?1#;0#6;&C*#%#$3**;153631#13(C*531#
G363934;0(3D#"#09X-%A,1#3*0%A24H420%#0,1#W03*316;003*R#A24;11%*R#4%E%094%*%4093(9;003*#4:(4;5/1D#"#
-B5;6 # 1/$,5+20% # 2*4%* # %9 # 3$G3( # 3*1C*:5H4/ # $%&24 # % # 1:(5'39344B*R # % # $3**;15;6 # 1/$,5+20% # 2*4%*#
:00931%EW0,*A%#$%&24#63*3R#%9#/&3#1/$,5+20%#2*4%*#E3+/&#436;135'35#G3*3,*+X+/1#%#1:(5'3934G3R#
3&'C44#$,9+?*#63*3D
m'$02'23"=j<"U'$
I)Y8232/"3O*1/
"9#3*0B#;0#%#$20,+/1#,0942*'G%5#$3&4%5H4,44#G34F/0$3(34(3R#09:63&-3*/0$3(;0(3R#H(20#;0#,*6%020#
1;090;&(3#;0#1;E300;&(3#;EH4C51D#
J$431'%&.",2V)2/83:/."S:)+0
"# $/5+351,(/# W;*#%9# ,*6%020# -3A*3094;03R# %#$3&-3*3*B#,*6%020/# 43$EX#1/%*%1H420%#;0#4:(316;0#%#
1/-3A39B # ,*6%020(%D # " # (35+093(G3 # -,&*%*20 # @3*'344 # % # 5'3*64%5 # 4%5H42025%1 # W;*A% # % # @%($%+/1#
,0942*'G%5R#@,&'#%9#3*4;(B#$/5B0;&3135#13(3094C*#/0$3(A;1#-3*#%#&'3($3131#%#1C*:5G:9B#-%A42AQ#
$,5+%4,1%4#;0#09X-%A,1%4D
89:63&%*1,420#-3A*3094;03g#:52**X#-,&%*$%920#1;09H4;03R#*;5'3&1/3$3*;0D
>35+093(3035#63934344#-C93431#1;09H4;03D
52**X#-3*%+%4$3&,*+20D
89:63&;(4;0 # -3A*3094;03 # @%**,44 # 09:63& # ?425/ # E,54,0 # -3*/+;9;003* # ;0 # H(,44 # 09:63&GB*#
*;5'3&1/3$3*;003*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#*3H(X#;0#@?$,(,0#1:*43$;5'31R#@,009%GG#63(031#%#@29;EH4;0R#1;9$F630#$?5121R#$39B&%9+%02&#
4;$2A2GX*#S3*B#/0#*3@34#%+5/#393134UD
.#%9#}4304%$354?$_#%#6/*2&#;0#%9#3$G3(#43(3$4;03R#%#t%(%+/W0,$GX*#6%*X#1/F934;0R
5%&'#X4304%$354?$/#%*%1,1#43443/531#G3$?4%420%D
.#7X(%#n3(35W_#d/5W013(30B#1/01:+$:5
.#%#-,*'XH(20#@%0952*%4%_#AX*#-,($2*4R#3094;4/1?0R#,*6%0@%4X#H(20R#@3*'30#1;9.#;0#43044%(420D
.#4:*4B4,**#@%0952*%4%
.#-,&%*$%920,1#H(20%#%#-B,14%420#4;$2/6%*#1%EW0,*%4G%5D#
.#(35+093(30#@%5&,0#,*6%020D
.#%9#,*6%0X1:5'6#1;09H4;03#4%5%5'%&@,9#1%EW0,*X+X#4;$%1:(:1GB*#S@29;EH4;0R
$3043(0;&31R#G/G*/%/#4:(4;53431UD
.#G309;+#-B#(;093/531#1C*:5*3&30#A3**3$9B/_#%9#X@%A4X#;0#%#-3*1/2*4X#$,5+%4R#/54,52W/XR
@%5&0Q*'R#+%**%$D
.#%#@2(,$#-B#09X-%A#;0#3*4;(B#4?*%A+,502&%/1_#/&3#S<W03*316B#09X=UR#-B5;6#S<$3&53639B#09X=UR
$3**;15;6#S<4?*%A+,502&#09X=UD
.#%9#/&31:4B1#@3*'30H(2024#/0#&'%1,(,*A?1D#
O!

. # %9 # H(20A3*31R # E,54,1R # 63009B1R # 5%&'G34F1R # 1/0G34F1R # -3*1/2*4XA3*31 # ;0 # 1;(+BA3*31 # @%0952*%4%#

3*0B0,(G%5#%94#6/90&2*6%R#@,&'#$/*'35#G309;+G3*/#4%(4%*$%4#A3*:*531#%9#H(20A3*31D
.#1/0#09H5+%(%G,1#3*B%+20%#%#-B,14%420#4;$2/5%1#1:(;GB*D
"A25*,44#09;E/(,+%*,$_#
"9#!D#;0#JD#,0942*'G%5#-3*0,(,*4#$%&'%(#1:*4:1#&'3($3163(03/R#l292(#b(6/5#(3&;5'3/#Sf3(90/25#;0#
x/+31/R # " # @;4-3AF # 4C5+;(R # 893&;5' # x90,5/ # ;0 # p(5/1%R # f%G # f3(W/ # 1%*%5+A%/R # " # 1/0-/Q # $3& # %9#
,(,09*25,1Ug#[0?120#e04625_#"#4;*/#4CW0:1#$30;/g#83*$%#l%&3(*:-_#d(/094?0.*3&35+21g#q%W,G#84(3/4_#
r0#*B5#6/*2&,002&R#IOL#4:(4;534#&'3(3131531#%#f/G*/2GX*#
G$TS/+)U*1/."T+43+0
" # 5'3*6 # % # 4%5H420 # 3&;09;4 # 24@%4A% # ;0 # $3&@%42(,99%R # 39;(4 # $/5+35 # 4%5H4,44 # 4%542(&&'%*#
:0093-C&&;0G35#6%5D#d/3$3*35+B#%9#3?(/4$/%.#;0#%#9353X(%R#%@,*#%#5'3*6#(/4$?026%*R#09:63&31#
$3&-,($2*2026%*R#24%*%1H42026%*#%#@%0952*4#5'3*634#$20#093$E,54,1GX*#1:93*H4AC1#$3&D
GO)S/,+%$)#$0"f",+%$)#$0
"#@%**,44#09:63&#C93534;531R#;(93*$/#4%(4%*$25%1#$3&;(4;03D
7/5+355%E/#;*$;5'31R#,*6%0$25',1#4%(4%*$25%1#-3*/+;9;03R#3*$,5+20%D
"#$/5+355%E/#;*34#09X1/5W0;531#GB6H4;03D
52**X#,*6%020R#09:63&;(4;0D
89:63&%*1,420D
a%5?*4#09:63&31#09:63&@F#;0#1/-3A39B#4,*$2W0,*20%D
a:(316;0#%#$20,1#092$2(%#;(4@34B#;0#1/-3A39B#G309;+(3D
!",2V)2/83:/"51'3"2'2*#:4&2.
"9#3*0B#;0#$20,+/1#,0942*'G%5#3*0%A24H4,44#1;E300;&31#4,62GG/#2E,*20%#$3**344#%#&'3(3131#1;E300;#
62*5%1#:009343443GG#4:(4;53431#;0#303$;5'31#E,54,0#6/009%%+202(%D
"9#3E,W@21#4;$2A2@,9#1%EW0,*X+X#09H5+%(%G,1G%5#:52**X#093(3E34#/0#62**%*5%1D
720,+/1 # ,0942*'4X* # 139+63 # 3&'(3 # 5%&',GG # A2(4%002&,4 # 093(39531 # %9 # 2*4%*?1 # /0$3(4 # 09:63&31#
5%&',GG#3&'0;&31(3#4%&,*202G%5D
bGG35#%9#;6G35#09:63&31#@%**20#?425/#$,5+%4(%#4%&,*202G%5#/0#&'%1,(*%4,4#093(39531D
73&/0$3(13+531 # % # *3&&'%1(%GG%5 # 3*B-,(+?*X # H(20A3*31 # @%0952*%426%* # S$,5+%46;&/ # H(20A3*31R#
63009BUD # w'%1,(,*A21 # %9 # /&3R # % # -B5;6 # ;0 # % # $3**;15;6 # E;*+21,5 # 13(3094C* # 4:(4;5B # -3*/0$3(;0;4R#
A3**3$9;0;4R#%#$,5+%4%*1,4204D#d;E300;#62*5%1#0%A24#;*$;5'C1#3&'093(F#-,($2G%5#4:(4;5B#:52**X#
$3&-,&%*$%9202(%D
q2(4%002&,4#093(39531#/0$3(4#09%6%1#H(20G%5#4:(4;5B#3*62*%094202G%5R#/0$3(4#09:63&#09X4%&,*20#
?425/#,*6%0202G%5D
d;E3031 # *309531 # %9 # X(25 # *3H(4%1R # ;0 # 3*@%5&9,44%1 # $3&;(4;0;(3 # ;0 # -3*/+;9;0;(3 # % # *;5'3&#
1/3$3*;0;(3D
w'%1,(*%4,4#093(39531#%9#/0$3(4#09%6%1%4#4%(4%*$%9X#09:63&31#@%5&,0#;(4B,*6%0202G%5D
b&'093(F#5'3*63934F#1:5'631#:52**X#;0#@%5&,0#,*6%02024#3&'%(254#3*0%A24H4A21#3GG35#%9#;6G35D
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#hD#,0942*'4X*#139+63#3&'(3#A,GG%5#09;462*/1#%9#H(20#;0#%9#,*6%020#1;E300;&;531#&'%1,(*20%D
n,54,0R # @,&' # % # G309;*4 # 5'3*6 # $F63*;03 # /0 # -,*'4%4X+A,5 # 09%6%*200%*R # G309;+&'%1,(*%4,11%*R#
G3092$,*X11%*R#*3H(20,11%*R#$3&G309;*;03113*#;0#$3&-/&'3*;03113*D
e&%925#AX*#,*6%05/#%#AX*#G309;*BR#%(4/1?*2*X#3$G3(#4?+R#39;(4#$3&-/&'3*35+B#;0#1393*35+B#%#&'3(3131#
G309;+43W@5/12A%D # Z%5&0Q*',05%1 # 431/54@34B # % # G309;+*;&9;0R # % # G309;+(/4$?0 # 4%&,*20%R # %#
$,5+%4,1 # +%**%$25%1 # A24;1,0 # &'%1,(,*4%420%R # % # 53$ # 63(G2*/0 # 1,$$?5/12W/X # 3091:93/531#
$;*'H4;03R#093(3E.#;0#+(2$%A24;1,1#@%0952*%4%D
"#09XG3*/#-,&%*$%920#-3*B*#13**#4:(313+5/#%9#H(20G3*/#-,&%*$%920#4%5H420%#-3*;D
dH625%4,0#$/5+#%9#H(20R#$/5+#%9#,*6%020#43(;5#%#1;E300;&#09/54A;(3#A?45/R#@,&'#%9#:52**X#4%5?*20#
*3@34B0;&;4#$;*'H435/#4?+A?1#%#&'3($31315;*D
OJ

b5531 # %9 # ;6531 # %9 # /(,+%*$/ # %5'%&% # % # &3($25 # $/4,*X&/%R # /**3463 # % # $%&'%( # $,5+%6/*2& # %#

@,5-,&*%*20/&D # " # $/4,*X&/% # 5%&' # 1;E3/ # 3*G309;*;03/ # 1:9634H4/1 # %94 # % # *3*1/ # 4%(4%*$%4R # %$3*'(3#
09C10;&3 # 6%5 # % # &'3($31531 # 3GG35 # %9 # ;*341,(G%5D #"# *3*1/ # 1:4B+;003* # $3&;*4 # 09:63&31 # 5%&'#
*35+C*3434#%+5%1#%9#,*6%020#43W@5/12A25%1#/0D
a3($;09343035#$20#5;E31#43(3$4;04:(4;5343/4#;0#$/4,*X&/2A24#/0#-3*+,*&,9@%4A?1#SE*D#d%*36%*%UD
"#-3*4;43*39@34B35#1;09C*B#,*6%0X1:5'6#4,62GG(%#/0#%9#,0942*'#%(W?*%424#1:634/D#"5'%&24#%#$,5+21#
;0#$/4,*X&/%/#4:(4;53431R#/**3463#$%&'%(#1:*4B1#63(03/R#$30;/#%*1,4A21D
"9 # H(20 # 1;E300;&3 # -3*4;43*39/ # % # $2( # 4%5?*4%1 # %*1%*$%92024D # " # 4,**G%$,5+20 # A3*354B0;&;4 # %#
(35+093(30 # &'%1,(*20 # 2*4%* # @%5&0Q*',99?1D # 73$,(/43(3134 # /0 # 4%5?*5%1 # % # &'3(3131R # 3931#
1/62*%094202G%5#-,($%/*%&#%9#%**/43(2W/X#%#*3&-,54,0%GGR#%#$,9&200%*#6;&9344#63(0$,5+20#$;*'H4/#3*#
/&%925#%#$,5+%5/6%*X4D
"#1:9:035#-3*+,*&,9,44#/(,+%*$/#$F631#$3**344#@29/#,*6%0$25'4#/0#1%E@%45%1#%#&'3(3131R#$3*'531#
4;$2A%#1%EW0,*X+/1#%9#;6#@%5&?*%42@,9R#%#-B,14%420#4;$2/@,9D#b((B*#,*6%0X5%E*X4#1;09H43531#0,1#
/**?094(2W/X6%*#%#&'3(3131D
"9#;6#4;$2/#%9#/&3R#-B5;6#;0#$3**;15;6#W0,E,(4,0H420%#;0#-3*/0$3(;03#$3**344#/0$3(3431#24%+20%#%#
5;63*B(B*#%#093$;*'30#5;6$20(X*#;0#3&';G#1;E093(F35#$3&(%&%+@%4X#09X-%A,1(X*#SE*D#092$53631R#
/&31:4B1UD#7/5+3931#%#@%($%+/1#,0942*',0#4;$%1:(:1#1/GB6H4;0;4#A3*354/1D
"#hD#,0942*'#-B#5'3*64%5/#4;$2A%#%9#/&3/+B1D#n,54,0R#@,&'#%#&'3($3131#$3&;*A;1#%#@2(,$#/+B531#c#
A3*35R#$Q*4R#A:6B#c#%9#2**%5+X%5#62*4,9X#$/5B0;&;4R#<-,*'X=#A3**3&;4D#bGG35#%9#;*341,(G%5#@%5&0Q*'4#
1%E#%#09%6%1#3*62*%09420%R#%#$%&'%(#2G;W;#E,54,0#/0$3(343R#%#09X4:631#-3*/0$3(;03D
"#-B53631#4,*+%*;1,*@%4X02&%R#%#4;(G3*/#6/09,5',1#;0#3*@3*'3913+;031#09/54;5#%#hD#,0942*'#4;$2/D
"# 1:9;EE,54,920G%5 # % # 1;(+B # ;0 # % # -3*1/2*4XA3*31 # @%0952*%424 # *3@34 # 4,62GG$;*'H435/ # ;0 # 1/4;(5/ # %#
63009B#093(3E;(3#%#$,5+%4G%5D#"#$%&'%(#5'3*6#09X(35+A;63*#/0#-,&*%*1,9?51D#"#E2(@?9%$,1G%5#
6%*X#&,5+,*1,+20#24@%4A%#5'3*6C51R#$F63*40;&C51#;0#&,5+,*1,+20?51#3&;09;4D#"#$,5+%4#-3*344/#
09/543135 # /0# @%0,5*%4,1G%5# ;0# E2(@?9%$,1G%5# 093(639B+531 # 09:63&3/51R # *3@34B*3&# 13(C*63# %9#
%*2(35+3*;03134#;0#$3&@%42(,920,1%4D
"# @3*'30H(20 # -3A*3094;0;G35 # +:54B # 093(3E34 # A2409@%4 # % # $2( # 3*B9B # ;631G35 # 3*139+344 # $?51%_ # %#
@%5&,0 # ,*6%020 # &'%1,(*20%R # % # G309;+$F63*;0/ # &'%1,(*%4,1R # % # -/&'3*3$ # 1,5W354(2W/XA25%1#
-3A*3094;03R#%#09X#3$*;13934#-3A*3094;03#0#%55%1#%9#/&;5'531#1/%*%1H420%R#$3*'#%#&'3($3134#3GG35#
%9#;*34;6G35#:094:5:9@34/#%((%R#@,&'#H(20G3*/#$?512A%#/&;5'30R#E,54,0R#09;E#*3&'35D
a:(313+5/#13**#53@393GG#@3*'30H(20/#@3*'93431#&'%1,(*202(%_#%9#3$*;13934GB*#H(20(%R#/**3463#:52**X#
&,5+,*%4,1 # *3H(202(%R # $3&-,&%*$%9202(%D # bGG35 # 03&H43531 # %9,1 # % # 63(031R # $,5+X121R # 4%*2*X0#
1;(+;031R#$3*'3134#%#&'3($3131#/0$3(531R#;0#%9#3$*;13934C1GB*#1:55'3+;5#3*B@H65%1D
Z%5&0Q*'4#1%E#%#E,54,0#<A=#;0#%9#<*'=#&'%1,(,*4%420%#%#*3&&'%1(%GG%5#3*B-,(+?*X#09%6%1,5D
m'$02'23"=j<"U'$
I)Y8232/"3O*1/
"9 # 3*0B # @2(,$ # ,0942*'G%5 # 4%5H4,44%1(% # ;EH4C51D #"# 1/%*%1?*X # 09:63&;(4;0/R # H(20G3*/ # ;0 # ,*6%020/#
1;090;&(3 # %*%E,99?1 # % # 53&'3+/1 # ,0942*',0 # 4%5%5'%&,4D #"# &'3(3131531 # 1/%*%1?*4 # %5'%5'3*6/ # ;0#
/(,+%*$/#-,&%*$%/#6%55%1R#393134#GB6H4AC1D#
J$431'%&.",2V)2/83:/."S:)+0
l3&-BGG#W;*#$/5+#%9#,*6%020R#$/5+#%9#H(20#43(;5#%#1;E300;&31#-3A*3094;03#,*'%5#09/54(3R#@,&'#%9#
:52**X#4%5?*20#*3@34B6;#62*A;1D
"#@%**20#?425/#4,**G%$,5+20#3(3+$;5'31;54#%#@3*'30H(20#3*$;*'H4;03D
"#E,54,0#<A=#;0#%9#<*'=#$3&1C*:5G:9434;03#%#*3&&'%1,(/GG#09%6%1G%5D
"#1,$$?5/12W/X#-3A*3094;03#09X1/5W0#GB6H4;003*#;0#09/4?2W/X0#A24;1,11%*D
"9#QA#5'3*64%5/#/0$3(3431#:00931%EW0,*20%#%#$2(#$3&/0$3(43113*D
"#-/&'3*3$#1,5W354(2W/XA25%1#-3A*3094;03D
"#09X3$*;13934#-3A*3094;03D
"55%1#%9#/&;5'531#%#1/%*%1H420%R#$3*'#%#&'3($3134#:094:5:9@34/#%((%R#@,&'#%9#H(20G3*/#$?512A%#
/&;5'30#*3&'35D

OI

G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
f309;+#;0#-/&'3*3$
.#%9#;609%1@,9#1:4B+B#43($;0934#63(031#%#AX9%5#;09(B*#;0#%9#3$G3(/#G:*W0300;&(B*#09X*X#63(031R#%#
-B,14%420#4;$2A2@,9#1%EW0,*X+X#1:*43$;5'31#c#2**%4,1R#%#@3*'/#-:*+(%A9#;0#4:(4;53*3$
.#%9#b++%#(;09*343/R#%9#%**/43(%4H6#1:*4;0934R#%#d%*36%*%
.#%9#b++%R#%9#;09%1/#/043531#;0#@B0:1#*3&35+2/
.#%#$%&'%(#$,5+21#;0#$H4,09,1#;0#%#d%*36%*%#(;09*343/
.#G3092$,*X1#H(20%#%9#/01,*%/#;0#5%E/#4:(4;53431(B*#;0#303$;5'31(B*
.#*3H(20,1#2**%4,1(X*R#4:(4;53*$/#A3*353431(B*R#%#@3*'G3*/#42A%1(X*#093(9344#G35',$20,1(X*R#
?4%920,1(X*
.#@,009%GG#09:63&31#$20,*20%
.#4,**G%$,5+20#1C*:5-;*3#$X+,5
.#&'%1,(/R#+3#53@;9#09%6%1#@3*'30H(20%
.#/0$3(34*35#09%6%1#1/3A4;0;531#;0#@3*'30H(2025%1#&'%1,(*20%
.#/0$3(13+;0#%9#;(43*$39B#1;9/09X42((%*
.#%9#/&3/+B1#S#%#-B#/&3/+B1_#$Q*4R#A3*35R#A:6B#/+B#A3**3$9B/R#1;E9;0C1U
.#%#-B53631#4,*+%*;1,*@%4X02&%R#%#4;(G3*/#6/09,5',1#;0#3*@3*'3913+;031
.#%#1;(+B#;0#-3*1/2*4XA3*31R#%#63009B#
.#092$5;6#$3&@%42(,920%#;0#%*1%*$%920%R#%9#/&3/+B1#093(3E3#;0#@3*'30H(20?1
.#,0942*'+%(%G#%#4%5?*4#$/4,*X&/%/#4:(4;53431GB*#6%&'#%9#3E,09,1GX*D
"A25*,44#09;E/(,+%*,$
Y3&'3+/1#,0942*'4X*#%#&'3(3131#3&'.3&'#/(,+%*$/#$F634#1:9:035#+,*&,95%1#-3*D
"9#%*2GG#-3*0,(,*4#A%6%0*%4,1#1:9C*M$3**344#%9#,0942*'4%5H4X#62*%094A%#1/#394#%#$F634D
"#1/62*%0942052*#-,54,0#093$E,54R#@,&'#%#$F#5'3*63#%9#,0942*'#092$2(%#1:55'35#G3-,&%+@%4X#
*3&'35R#%#1:5'6#3&'0;&30#/(,+%*$/#%*1,420#*3&'35R#;0#4;$2A2G%5#1%EW0,*X+A,5#%9#;6#-B#4;$2/@,9#
SE*D#%9#2**%44%5@,9#n31343#e04625#(3&;5'3/R#d/E*/5&_#"#+90?5&3*#1:5'63#04GDUD
b++%g#w3($25.13*4%#(3&;1#;0#$,5+21g#a,*1/35_#"#f%GXg#f313#7%(&/4_#r09%1/#@B0:1g#d,$A24@'_#
7,5+21#1:5'63g#l35&'3*#x;530_#>;&/#$%&'%(#$,5+21g#n31343#e04625_#T?1R#d3*3R#f,&25W0#04GDg#
>?+'%(+#d/E*/5&_#"#+90?5&3*#1:5'63g#83*$%#l%&3(*:-_#Y/*0#Z,*&3(00,5g#f%?$_#}9R#%#5%&'#6%(290*Xg#
l3/0#[%(,**_#"*/W3#[0,+%,(092&G%5R#"*/W3#aC1:(,(092&G%5g#[%(*,#[,**,+/_#t/5,WW@/Xg#a(%63(0_#"#
W0?+2*%4,0#7%('#0,(,9%4g#b(/W#d5/&@4_#l%00/3.(3&;5'31D
G$TS/+)U*1/."T+43+0
" # 5'3*6 # % # 4%5H420 # 3&;09;4 # 24@%4A% # ;0 # $3&@%42(,99%R # 39;(4 # $/5+35 # 4%5H4,44 # 4%542(&&'%*#
:0093-C&&;0G35#6%5D#d/3$3*35+B1#%#$%&'%(02&/0$3(34#;0#%9#2**%44%5#4%542(&'%1R#$3(4#393135#%9#
3E,W@21,5#5%&',5#0,1%4#-,&%*$%95%1#%#&'3(3131D#
GO)S/,+%$)#$0"f",+%$)#$0
f309;+-3A*3094;0R#G309;+43W@5/1%D
"#53$#63(G2*/0#1,$$?5/12W/X#3091:93/D
"9#/&3R/&3/+B1R#-B5;6R#$3**;15;6D
89:63&;(4;0/#&'%1,(*%4,1D
89:63&%*1,420/#&'%1,(*%4,1R#*3H(X#-,&%*$%920,1R#093(3E*B1#A3**3$9;03D
52**X#-,*'%$%4,0R#;(4B#,*6%020#5;$25#;0#@%5&,0%5D
8%A24#6;*3$;5'#$3&-,&%*$%920%R#&,5+,*%4,1R#;(93*$31#1/-3A39;03D
"9#,*6%0,44#09:63&3113*#:0093-C&&;0G35#%9#%14H6#09X1/5W0#&%9+%&H420%D
l;5'3&#1/3$3*;0R#093(13934/#3&'0;&31#:0093-,&20%R#629*%41;09H4;0D
Y'3*6/.5'3*64%5/#A3*350;&31#-3*/0$3(;03#&'%1,(*%4/#4%E%094%*%4,1#%*%EA25D
Y;@25'#%*%E634B#@3*'30H(20/#09%G2*'#$3&/0$3(;03#;0#%*1%*$%920%D
"9#%5'%5'3*6#;0#%9#/+3&35#5'3*6#1C*:5G0;&;531#-3*/0$3(;03D
"9#/(,+%*$/#$F#1:9634*35C*#%+X+X#A3*354;0;531#-3*/0$3(;03#;0#$3&-,&%*$%920%D#
!",2V)2/83:/"51'3"2'2*#:4&2.
"#G309;+#&'%1,(*%4,1G%5#-/&'3*5/#4?+5%1#%#@3*'30#*;&9;0(3#;0#%#09%6%1#@3*'30#3A4;0;(3D
Oh

73&4%5?*5%1#1C*:5G:9B#(/4$?0Q#63(03134#1X(?0G%5#09%6%*5/D
"9#:52**X#63(0$,5+20G%5#/0#3&'(3#5%&',GG#&'%1,(*%4,4#093(39531D
d;E300;#62*5%1#09XG%5#4:(4;5B#1:9:0#4:(4;534#%*1,420(%D#
"9#,0942*'+%(%GG%5#:52**X#093(3E3134#A2409%5%1#3*D
d;E3031#%9#%14?2*/0#4;$2@,9#1%EW0,*X+X#4:(4;53431#E,54,0#3*G309;*;0;(3D
7%&%G/94,0#;0#:52**X#,*6%020(%#1;E3031#%#1:9E,54,920#-/&'3*3$G36;43*;63*D
w'%1,(*%4,4#093(39531#&'%1,(/#53@;9#09%6%1#@3*'30H(202G%5#SE*D#A.*'UD
V*6%0X5%E*X4#1;09H43531#%#@29/#,*6%0$25',1GX*D
q2(4%002&,4#093(39531#$3&4%5?*4#09:63&31#3$*;13934GB*#6%*X#c#3*-,&%+@%4X#E,54,002&&%*#4:(4;5B#
c#*3H(202G%5D
73&4%5?*A21#%9#/&3#%#-B5;6#;0#$3**;15;6#+3-/5/2*20%#$3**344#%#*3&&'%1,(/GG
09X-%A,1#A3**3$9B/4D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # LD # ,0942*',0 # +/21,1 # 5'/4,4402&% # *3@34B6; # 4309/R # @,&' # % # 4%52(,1 # 1C*:5G:9B # 09:63&3134#
62*%094@%00%5%1 # % # 1:9:0 # ;0 # 3&';5/ # 63(0$,5+20@,9R # G309;+&'%1,(*%4,1@,9D # b9351H6C* # %#
4:(4;53*3$3E,W@21,5#%9#X1,(/#1?*4Q(21GX*#092($%9X#09:63&(;09*3431#$,5+20%#/0
*3@34B6;#4309/#%#5'3*6/#1;090;&31#-3A*3094;0;4R#$/54#E;*+2?*#%#f@%&%6%+.&H42R#%#7%@%G@%(%4%R#%#
0?$;(R#%112+R#3&'/E4,$/#@/$5?09,1R#/$21D#"#426,*/#/+B1GB*#;0#@3*'31(B*#092($%9X#/(,+%*,$#03&H4/#%#
+/21,1%4R#@,&'#4/0943*3443*#5;993531#;0#5'/4,442#62*A%5%1#$20#5;E31#;0#1?*4Q(21#-3*;D#
"#&'3(3131#3&'(3#,GA314H63GGR#0,1,*+%*QGG#*3H(204#1;09H43531D#b&'#5:6;5'#*3H(20%#6%&'#3&'#42A#
@%5&?*%425%1#*3-304;03#*3@34#3&'#:52**X#$?51%#4;$2A%D
"#4:(4;53431#;0#%9#,*6%0$25'%5'%&#%9#X1,(/#13*34/#1?*4Q(21GX*#092($%95%1#Sd(/05%#;0#"(A?5%#@/5+?#
*3&35+2/R#w/*&%$30#4:(4;5343R#3&'/E4,$/#;0#&:(:&#$/4,*X&/%UD
"#&:(:&#$/4,*X&/%#4:(4;5343/#%#4%5;6#3*G309;*;0%5'%&25%1#@%5&0Q*',0#(;09;4#4309/1#1/D#"#&:(:&#
1?*4Q(%#@%($X5/2A%#%#@/$5?09,1G%5#;0#%#@B01:*43$;5'31#5'3*6;G35#/0#$3&5'/*625?*D
73$,(/43(1;54 # ,*'%5 # /(,+%*$/ # $F63134 # 62*%094?51R # $3*'31 # 1;E3/1G35R # (/4$?0?1G%5 # -3A*3094B35#
@%45%1#%#&'3($3131(3D#"#@3`%$343(#03&H4/#@%($,5/92*5/#%#09H6#;0#%#*;&9;0#(/4$?024D
bGG35#%9#,0942*'G%5#%9#/(,+%*,$#$/54#:52**X#3E,W@%#A3*35/1#$3&D#q%6%0,*4#4;$%1:(#t34B-/#825+,(#
q25,0#6/4;9#WH$F#$F63R#%#1:*4B#;*34(%A9%R#1/3&;09H463#%#1,(,0942*'5%1#$3&-3*3*B#1:*43$;5'3113*#
SE*D#%9#"*-:*+R#a/09%R#893E43$G3(#6;&;5R#t%4X#t2*#Q(R#n%*?#6;&;5#1?(4%#1,W0$%R#89C*B-:*+3$35R#
"5'2$#4'Q1A%UD
"9#LD#,0942*'4X*#%#&'3($3131#,*6%020/#09,120%/(%#%A25*,44#,*6%0$25',11%*#/&'3109C51#@%45/D#Y'2((%#
% # &'3($3131 # 1%E@%45%1 # 3&' # 1:5'6*/0424R # %$3*' # 03&H4/ # B134 # ,*6%0$25'%/1 # 1/62*%094202G%5D #"9#
2*4%*?1 # 1/62*%094,44 # 1:5'634 # :52**X%5 # -3* # /0 # +,*&,9@%4A21_ # 629*%4,4 # 1;09H4@34531R # 1;(+;03134#
-,&%*$%9@%45%1#$3&R#%A25*204#H(@%45%1#$20,1#092$2(%R#;*34(%A9/#1?4%420,1%4#6;&39@34531D#bGG35#
%9#;6G35#3&'(3#&'%1(%GG%5#H(5%1#:52**X#-,&%*$%920,1%4#/0R#%$3*'31#09,(,0%5#1%EW0,*X+5%1#%#
-B,14%420#4;$2/@,9#SE*D#-:*+(%A9R#5:6;5'4%5R#&3,$34(/%UD
b*0B0,(G%5 # ,*'%5 # 4;$21(X* # 1;09H43531 # -,&%*$%9204R # %$3*'31 # 6/*2&,0 # *3H(204 # ;0 # A3**3$9;04#
/&;5'3*531D
"9 # ,0942*'1/(25+?*20,1@,9 # @%0,5*X # 303$;5'31 # /5-,($2W/X&'FA4;0(3R # 1C*:5G:9B # 04H*?0Q # *363*31#
$3&H(202(%#G/94,0H4%5%1#%*1%*$%4D#b5531#3*0B+*3&30#W;*A%R#@,&'#%#&'3(3131#$3&4%5?*A21#6/*2&,0%5#
1/-3A395/#0925+;1%/1%4#;0#1H62502&%/1%4D
bGG35#%9#;6G35#%9#%5'%5'3*6/#5363*;0G35#%#@%5&0Q*'#%#5'3*6#09;E0;&;(3#@3*'39B+/1D
Y'3*6/#A24;1,1,5#13(3094C*#%#5'3*6#&%9+%&02&24#;(9;13*434AC1D
"# 5'3*6 # 09XG3*/ # ;0 # H(20G3*/ # @%0952*%4% # 0,(25 # 3*0B0,(G%5 # 53$ # % # 09%G2*',1 # $3&-,&%*$%920% # %#
*3&-,54,0%GGR # $3(4 # 3*BGG # % # &'3($3131531 # -3* # 13** # -3+395/C1 # % # A3*350;&34R # $/3*B44 # %9,1%4#
$3&536395;1R # $/5B0H435;1 # ;0 # A3**3$395;1D #"# -B,14%420 # 0,(25 # % # $20,*204 # -3*62*4A% # % # 4%5%5'%&#
@%**20#?425/#*3H(20%D#b9#5%&'#$;(4;1G35#3*B03&H4/#%#@3*'30H(20#1;090;&;531#-3A*B+;0;4D
bGG35#%9#;*341,(G%5#%#&'3(3131531#1C*:5G0;&34#13**#4355/C1#0%A24#;0#$20,1#6;*3$;5'3#1:9:44D
b94 #%# 1C*:5G0;&4;43*4 #&'%1,(,*A21#H(20G%5#/0#%9#/+;9BA3*31#@3*'30#@%0952*%426%*D #n/&'3*5/C1#13**#
%((%R#@,&'#E,54,0%5#$3&-/&'3*A;1#;0#$3&/0$;43*A;1#$20,1#$,5+%5/6%*XA24D#b1:9G35#%#&'3(3131#
OL

3&';(43*$F#1C*:5G0;&34#-3+39531#-3*#%1:9:44R#%$/4#0%A24#$%&?1#*244%1#6%&'#&,5+,*5%1R#;0#%1:9:44R#
%$/4 # $204X* # @%**,44%1D # b935 # % # 43(C*3435 # *3@34 # 3*$;*'H435/ # $/5+%94R # %$/4 # % # 1:9E,54,920(X* # /+2/&#
3*0%A24H4,44%1 # S% # 63009BR # %9 # /+;9BA3*R # % # 1344B0E,54R # % # E,54,0 # 63009BR # % # 1:4BA3* # ;0 # % # 92(XA3*#
@%0952*%424UD
"9 # LD # ,0942*' # 5'3*64%5/ # 4;$2A% # $;& # %9 # /&3/+B1 # ;0 # /&3$X+,1 # (35+093(;531 # 24*2420% # ;0 # @3*'30#
@%0952*%4%g#%#5;6$20,1%4#;0#%#1:4B09%6%1%4#4%(4%*$%9X#$,5+%4,1#$/5B0;&;531#$3&6/90&2*20%#
;0#%#$3**;15;6#-,1,920#/0D#"#5;63*B1#;0#%#5;6?4X1#@3*';531#;0#093(3E;531#$3&@%42(,920%#/0#
3GG35#%9#;6G35#4:(4;5/1D#"9#3&'093(F#$,5+%4#3*3$9;0;531#4%5H420%#/0#$3&139+B+/1D#"#$%&'%(#
5'3*6#09X1;09*34;63*R#%#@%5&%*%1#;0#A3*354;0#1%EW0,*%426%*#/0#-,&*%*1,9?51D
#
m'$02'23"=;j"U'$
I)Y8232/"3O*1/
"9#%*0X#4%&,9%4,5#%#&'3(3131#$3&4%5?*4%1#,*6%05/#;0#H(5/D#52**X%5#%*1,45%1#(:6/+3GG#09:63&3134#
4:GG # $F-%AG%5 # SE*D # *36;*R # *3H(X # ;0 # 3*G309;*B # -,&%*$%920UR # $3&%*%E,9421 # % # 629*%41;09H4;0 # ;0 # %#
*;5'3&1/3$3*;0 # 1;E300;&;4D # " # *3&-,54,0%GG # 09X-%A,11%* # $3&/0$3(13+431D # "*%E/0$3(343134#
093(39431 # % # $,5+%4(X*R # 393134 # % # &'%1,(*%4G%5 # /0 # %*1%*$%95/ # 139+4;1D # d;E3031 # % # 1:9:0#
4:(4;534%*1,420(%D # 73&4%5?*4%1 # 1C*:5G:9B # (/4$?0Q # 63(03134 # 1X(?0G%5 # 09%6%*5/ # ;0 # %9 # :52**X#
63(0$,5+20G%5#/0#3&'(3#5%&',GG#&'%1,(*%4,4#093(39431D
J$431'%&.",2V)2/83:/."S:)+0
"#AX*#-,($2*4R#;(4@34B#G309;+#1/%*%1H420%D#Z%**,44#;0#,*6%0,44#09:63&#43*A30#:0093-,&*%*20%R#629*%4#
1;09H4;03D#a%5?*4#09:63&31#09:63&@F#4,*$2W0,*20%R#:52**X#093(3E#62*%09420%R#3*A240920%D#"9#%14H6#
09X1/5W0 # &%9+%&H420%D # 89:63&31 # $F-%A/ # 1C*:5G0;&;531 # ;(9;13*;03D # q3**3$9;031 # 1;09H4;03 # %9#
,*6%0,44%1#%*%EA25D#"#1(3%4H6#09:63&%*1,420/#1;090;&#4,62GG-3A*3094;03D#"*%E634B#5'3*64%5/#4?+20?1#
%*1%*$%920%D#>:6/+3GG#G3092$,*X1#1;09H4;03D#52**X#-3*%+%46;&9;0D#73$X(/%-3A*3094;0#$,9&20,0#
&'%1,(*%4,11%*R # 1H6C*(B* # $3&4%5?*%5+X # 09:63&3113*D # " # @3*'30H(20 # 4,62GG/ # 09%G2*'%/5%1#
$3&/0$3(;03#;0#%*1%*$%920%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
. # 63(031 # ;0 # 09:63&(;09*3431 # %9 # X1,(/ # d3*34 # /(,+%*$2GX* # Sf@%&%6%+.&H42R # 7%@%G@%(%4%R # 6;+21R#
0?$;(R#%112+#;0#3&'/E4,$/#@/$5?09,1#;0#/$21R#/+B$;(4;130#63(031
. # 4:(4;53431 # ;0 # ,*6%0$25'%5'%&%9 # X1,(/ # 13*34/ # 1?*4Q(21GX*_ # d(/05% # ;0 # "(A?5% # @/5+? # *3&35+2/R#
w/*&%$30#0?$;(#*3&35+2/
.#&:(:&#$/4,*X&/%
.#t34B-/#825+,(#63(03/R%#1:*4B#;*34(%A9%R#%#q25,0#6/4;9#1:9:0#-3*+,*&,920%R#1/3&;09H4;03#35531#%9#
;*341,(5%1#$3&-3*3*B#63(03113*
.#09XG3*/#*3H(20R#3&'#5:6;5'#G3$?4%420%#6%&'#3&'#42A#@%5&?*%425%1#$3&-,&%*$%920%
.#*3H(20#;0#A3**3$9;0#H(20%#%#-B,14%420#4;$2/G%5
.#%A25*,44#,*6%0$25',1#,*6%020%#;0#G3$?4%420%R#%#093(3E*B1#A3**3$9;03R#%55%1#$3&-,&%*$%920%R#
@,&'#$/;(4#43409344#%#1:5'6R#$/;(4#%A25*A21#,*6%020(%#$20,15%1
.#%#@3*'30H(20#-3A*3094;03#4,**G%$,5+200%*
.#/+;9;0R#%9#/+;9BA3*#;0#%#&,5+,*%4A3*#@%0952*%4%
.#%#5;6$20,1R#%#1:4B09%6%1R%#-,1,9,44#$3**;15;6#R#%#5;63*B#;0#%#5;6?4X#@%0952*%4%
.#%9#/&3/+B1#;0#/&3$X+,1#(35+093(3#;0#@3*'30#@%0952*%4%R#%9#%*%5'#;0#%9#2**H4$25'#;0#%#42(&'#
G363934;03
. # % # 63009B1 # @%0952*%4%R # %9 # /+;9BA3*R # % # 1344B0E,54R # E,54,063009BR # 1:4BA3* # ;0 # 92(XA3* # %#
1:9E,54,920G%5
.#09H5+%(%G#%9#,0942*'#092$2(%#%#13*34/#6%&'#%#&:(:&#$H4,09,1#6%&'#%#&:(:&#4:(4;53*3$#1%EW025
.#09H5+%(%G#t34B-/#825+,(#$F63/GB*
!=)'/$00"542>(3$.,/$%
e5+/%/#(3&;1g#>2$2A%5%g#7%@2G@2(%4%R#T;+/1?0#@/$5?09,1g#t%5W0%4%54(%g#f%/5_#"#@%A5%*#*325'%#
OO

S@/5+?#3*G309;*;0Ug #f?++@%#;*343g # b&'/E4,$/# 43(3$4;0$H4,09,1g #w:(:&#(3&;1R# Z,$;(,09_# e*/209R#

V+C0093/%#S3(3+34/#;0#E(X9%#/0UR#n31343#e04625_#aC01362(R#Z3&3+F0#w;9%_#"9#H(5,1#;0#%#-2(%XR#"#
$/*;4,09/#@%AX0R#f?(5344_#"#4/41,0#13(4g#T3(53.(3&;5'31g#7%(1#a%/5#(3&;5'3/R#e-AD#w%2*#7X930_#"#
5'2(#09/&34;5R#>%50,$3_#n3W01;1#;0#-(?0121R#w%*%$GE,04%R#a;*/#09C5/+BR#n3W0136:*&'g#[,,E3(_#
Y%&'#/5+/251:5'6
G$TS/+)U*1/."T+43+0
"9#%5'%5'3*6/#5363*;0#$/5+35#4%542(&'@,9#1%EW0,*X+/1D
GO)S/,+%$)#$0"f",+%$)#$0
$/4,*X&/%R#6;+21R#@/$5?09R#&:(:&#/043531R#43(3$4;04:(4;534R#3*G309;*B#1:*43$;5'R#(H$#;0#(/4$?0R#
*3H(X#1;ER#%*%5'R#2**H4$25'R#42(&'R#%#1:9E,54,920#-,&%*$%/R#5;6$20R#1:4B09XR#5;63*BR#5;6?4X
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131#3GG35#%9#;6G35#/0#093(3E3*531#%9#,0942*'09H5+%(%GG%5D
"#1,(2GG/#;631G35#4%5?*4%1%4#-,*'4%46%#:00934344#1,5W354(2W/X0#&'%1,(*%4,1%4#6;&39531D
f309;+G35R#63(0$,5+20G%5#4?+%4,0%5#%*1%*$%9921#%#@3*'30#*;&9;0R#@3*'30#3A4;0#09%G2*'%/4D
"#(/4$?05%1#$3&-3*3*B35#4?+5%1#/+B$;(4;130#;0#C43$@%5&0Q*',0#63(03134#09%6%*5/D
d;E3031#62*%094;1,0%5#1/-3A395/#$%&?1%4#09XG%5R#%#4;$%#04H*?02@,9#/**B#09X1/5WW03*D
T3(031R#09:63&31#$,5+202G%5#1C*:5G:9B#;(93*$/#2**%E,4,1%4#4?+5%1#;(9;13*4345/D#73&4%5?*A21#%9#
/&3R#%#-B5;6R#%#$3**;15;6#A3**3$9;03#$3**344#%#*3&&'%1,(/GG#09X-%A,1#A3**3$9B/4D
"#&'3($3131#A2(4%002&,4#093(39531#%#$%&25#;0#@/6%4%*,0#*36;*#H(202G%5D
b*3$/ # -,1,5 # 09%G%4,0 # 1/-3A39;0(3 # 1;E3031 # 4:GG-;*3 # H(20G3*/ # $F-%AG%5 # S3*G309;*;0R # *3H(20R#
A3**3$9;0UD
dC*:5G:9B#04H*?0Q#1:5'63134#,*6%05%1#:52**X%5#;0#4%(4%*$?1%4#09XG%5#:0093#4?+A21#-,&*%*5/D
b&'.3&'#/0$3(34*35#09X#A3*354;0;4#1/#4?+A21#4%*2*5/#%#09:63&:0093-C&&;0GB*D
a:GG#(35+@%&'X#@3*'30H(20Q#09X4#/0$3(531#;0#@%0952*5%1D
n3*/0$3(/1#%9#3&'093(F#$,5+%4G%5#%9#%*%5'4R#%9#2**H4$25'4#;0#%#42(&'%4D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%4,+/1#,0942*'#/(,+%*$/#%5'%&25%1#-X1?092G%5#"(%5'#q25,0#1:*4;09343#2**R#1C*:5:0#431/543443*#%#
a,*+/(%D#a,*+/#7/1*X0#093$;*';G35#%#-3A*B+;0(3R#5:6313+;0(3#1;E30#@B0#*;E#%#&'3($3131#3*;D#b&'#
,*'%5#093$;*'/0;&#0,(04:(4;534;4#/0$3(/1#$3&R#%1/#1C9+#/5+?*%4%/6%*R#093563+;*'3/63*R#:094:53/63*R#
62&'%/6%*#;0#%#E(XG21#0,(25#/&%9/#*,6%&&2#62*/1D
b&'#3E,W@%#13(34;G35#-,&*%*1,9@%4?51#%#1:*4B63*#;0#$F6;63*D#"#4%5;6#0,(25%#&'3(3131#4:GG#63(034#
/0#$3&4%5?*@%45%1R#$3&/0$3(13+@34531#%#G%**%+211%*D#x(%$%4/92*@%4A21#%#a,*+/#3*0B# 1;4#;531;4#
6%&' # % # 1:*43$;5' # $20 # (;093/4D # " # &'3(3131 # *3&'3531 # 1;E3031 # $,5+%5/6%*XA?1 # 4:$:(H4;0;(3R#
/0$3(A;1#$3&#%#$,44X#-,&%*$24R#43&'3531#1C*:5G0;&34#%#1:*4B/#5'3*6#;0#E(X9%#5'3*6(3#;0#3091:93/#
1:9:44D # f309;*&3003531 # % # 5%&',GG # *;*3&934F # /(,+%*$/ # $F # 093(13934/ # 0%A24,002&%/(X*R # %#
G,5',+%*,$R#434BE,54#;0#%#$3&,*+20#093(3E;(B*D
b935#-3*C*#AXR#@%#%#&'3(3131#4,62GG(%#/0#43($;0934(B*#09X*X#1:*43$;5'3134#09%6%*5%1#%9#;609%15%1#
$3&-3*3*B35R#1*%009/1?0#;0#$,+3(5R#\\D#0929%+/#$F63134#3&'%(254D
" # 5'/*625,002& # 3*B44/ # G309;+34 # ;0 # %*%E634B # (34,(/124 # (:6/+ # G3092$,*X1 # 4%(42026%*R # *3*130H4B#
G309;+31R#?4%0H420,1#1;09H4;0;63*#;0#4%(42026%*#S%#&'3(3131#%9#X1,(/#>X$%#4:(4;53*$;4#4%5?*A21U#
*3@34#4%5H4%5/D
"9#X1,(/#(X$%/#G/(,+%*,$G%5#A2409X+/1#7X(%#n3(35W#"(%5'1,E,(0X#WH$F#(3&;5'3R#%#@,5-,&*%*204X*#
%9#p(E2+.@29/#1/(2*',1/&#4%(4X#4:(4;53*$/#/+B09%1(X*#09X*#Z3&3+F0#w;9%#"9#3&'34*35#Q4#;0#w2(+,5'/#
w;9%#"#*24@%4%4*%5#3$G3(#;0#%9#e0435#(%GA%/#WH$F#$F63D
Z%4,+/1 # ,0942*'G%5 # % # W;*R # @,&' # % # 5'3*6 # G3*0B # $,G/*/420% # /(254/ # 3(B0 # ;(9;1 # % # &'3(3131#
5'3*6;(9;1;531#(;09;6;#62*A,5D
bGG35#03&H4R#@%#%#09X-%A,1#(35+093(;4#43*A300;#3&;09H4AC1R#%94#6/90&2*A?1#E;*+2?*R#$/1;54#62*4,9/1#
$3&#%9#/&3g#%9#/&3#42(&'%0#;0#42(&'%4*%5#(%&,92025%1#2(5'%*%4G3*/#1C*:5G0;&3/4#;(9;13*434AC1R#6%&'#
OK

%94R # % # 09X-%A,1 # @,&'%5 # %*%1?*5%1 # 24 # $,5+%4G3*/ # 093(3EC1G35 # S$3**;15;6.A3*9BR # (%&,9,44#

-B5;6.@%42(,9X#04GDUD
b9;(4#/0#-,&*%*1,95%1#%#OD#,0942*'G%5#%#&'3(3131#%#42(&'%0#;0#42(&'%4*%5#/&;113*#;0#%9#/&35363113*D#
Z/6%41,96% # %9 # /&3$X+,1(%R # (3$31 # *3@34B0;& # 1H52*1,9/1 # % # 1:9634*35 # 3(1:*W0/ # 4%5H420(% # %#
09C10;&300;&R#*3@34B0;&R#1:43*300;&#;0#4:(6;5'300;&R#1;E300;&R#X@%A#;0#1H62502&#1%EW025D
"#OD#,0942*'G%5#-,*'4%4X+/1#%#$,5+%43*3$9;0#4%5H420%R#%9#%*%5'R#%9#2**H4$25'R#%#42(&'R#%#@%42(,9X1#
;0#%#A3*9B1#-,&%*$25%1#;0#$,5+%4G3*/#093(3E;531#$3&/0$3(434;0;63*D
" # $%&'%( # 4:(4;53*3$ # 4%5H420% # 1%EW025 # S@,5-,&*%*20U # $3& # *3@34 # G309;*5/ # % # $%&'%( # 5'3*6#
09X1/5W0;4D # l3@34 # 13(305/ # ,*'%5 # 09%6%1%4R # $3*'31 # %9 # B0/ # %*%E5'3*6/ # 1;09*34G3 # 4%(4,95%1R # *3@34#
G309;*5/ # % # A:636;5'09%6%1 # 3(3+34;(B* # S4:(:1R # 09*26R # *%4/5R # 5;$34 # A:636;5'09%6%1U # 3034*3& # *3@34#
G309;*5/#%#&'3(313113*#%((X*R#@,&'#$/#/0#%9#%#5'3*6W0%*2+R#0#@,&'%5#%*%1?*4#1/#G3*B*3#%#$/#5'3*6C51D
bGG35#%9#;6G35#-,*'4%4X+/1#%9#3009;H(20#&'%1,(*202G%5#LD#,0942*'G%5#$3&139+344#$?51%D#a:GG#
@%5&0Q*'4#-31434531#%#1H0;(*3431#E,54,0#*3H(202(%R#%#4:(4;53*$/#303$;5'31#&%9+%&R#1;E093(F#;0#
+(2$%/ # 3*G309;*;0;(3D #"# &'3(3131 # % # 43($;0934 # 4%5?*$25',92026%* # ;0 # -:*+(%A99%* # 1%EW0,*%4G%5#
*3H(20,1%4#/0#1;09H43531#;0#43($;09343035#4,62GG(%#/0#&'%1,(,*A21#%#@3*'30H(204D
m'$02'23"Pj"U'$
I)Y8232/"3O*1/
" # &'3(3131 # $2( # /0$3(531 # /(,+%*,$3*$;*34/ # -,&%*$%1%4R # A2(4%0%1 # % # 09:63&;(4;0G35R # 629*%4,1#
1;09H4;0;G35R # % # *;5'3& # 1/3$3*;0;G35D # V*6%0X5%E*X/1G%5 # :0093 # 4?+A21 # -,&*%*5/ # %9 # ,*6%0,44%1%4R#
A3**3$395/#4?A21#%#093(3E*B134D#89:63&%*1,420G%5#5;@25'#$F-%AG%5#$2(#1/E(XG2*421#-,&%*$%920G3*/#
4?+20?1%4R# -3*/0$3(/1# %# *3&-,54,0%GG# $F-%A,1%4# /0D# 73&/0$3(13+431# %#09X-%A,1# (35+093(;63*R #%9#
3&'093(F # $,5+%4 # (;093/63*R # ;0 # % # $,5+%43*3$9;003* # /0D # 89X1/5W0C1 # GB63GG; # 62*4R # 1;E3031#
62*%094;1,0%5#1/-3A395/#$%&?1%4D#"#$3$,(/43(31#4%5?*202G%5#&'%1,(*%4?1#6%5D#d;E3031#%9#:52**X#
$?512(%D#
J$431'%&.",2V)2/83:/."S:)+0
r(4@34BR#AX*#%(4/1?*2*4#G309;+D#89X#093(/54/#,*6%020D#n,*';1,5'R#,*6%0@%4XR#%#0%A24#A3&'3134#@,(+,9X#
H(204 # 4C1(:9B # H(201;E # 1/%*%1H420%D # d(3%4H6 # 09:63&31 # %*1,420% # 1C*:5G:9B # $F-%A,1G%5D # " # 5'3*6/#
3&'0;&31#1:9:44/#3&'093(FGGR#(35+093(093(F#:0093-C&&;031#-3*/0$3(;03D
8%A24 # 6;*3$;5' # $3&-,&%*$%920% # ;0 # $3&6;+;03R # $20,1 # 6;*3$;5';531 # $3&@%**&%420%R#
$3&;(4;03D #"9 # %14H6 # 09X1/5W0 # &%9+%&H420%D #"*%E634B # 5'3*6@3*'300;&/ # ;0 # @3*'30H(20/ # /0$3(3431#
4?+%4,0#%*1%*$%920%D#52**X#1/03*B%+20#1;09H4;03D
e0$3(13+;0#@3*'30H(20/#1;9/1:5'631#@%0952*%426%*D#"#1:*4B/#5'3*6#0%A24,002&%/5%1#$3&-/&'3*;03D#
"9#/(,+%*$/#$F631#;(43*$39;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#"(%5'#q25,0#1:*4;09343R#5;@25'#63(0;531#$3&4%5?*20%
.#"(%5'#q25,0_#a,*+/#.#%#$F#-3*+,*&,920%
.#%#$,5+%5/6%*X#4:$:(H435/#4?+20%
.#%#1:*4B/#5'3*6#;0#%#E(X9%#5'3*63#;0#3091:93/#1:9:44/#1C*:5G0;&31
.#%9#/(,+%*$/#$F#093(13934/#0%A24,002&%/
.#%*%E634B#(34,(/1%R#(:6/+#G3092$,*X1
.#%#09X-%A,1#(35+093(;531#43*A300;#3&;09H4;03_#%9#/&353631
.#%9#/&3$X+,1
.#%#A3*9B1#;0#@%42(,9X1#$,5+%4G%5#G34:*4:44#093(3E3
.#$,5+%43*3$9;0#;0#2&(%A9#1;09H4;03
. # % # $%&'%( # 5'3*6 # 09X1/5W03R # %9 # B0/ # %*%E5'3*6/ # 09%6%1R # % # A:636;5'09%6%1 # 3(3+343 # S4:(:1R # *%4/5R#
5;$34#A:636;5'09%6%1U
.#%#5'3*6W0%*2+,1
.#43($;0934/#A3*350;&31#E,54,0#*3H(20%
.#%#4:(4;53*$/#303$;5'31#&%9+%&#1;E093(F#;0#+(2$%/#3*G309;*;03
.#%#a,*+/#3*0B#1;4#;531;531R#6%&'#$20#(;09*343/531#+(%$%4/92*20%
OP

.#,0942*'+%(%G#%#4:(4;53*$/#4%5?*$25',1@,9#1%EW0,*X+6%R#6%&'#935;0#09H5+%(%G#(;09*34#3*B%+20%#
SE*D#7,9%(4_#T%(290-?6,*%U
!=)'/$00"542>(3$.,/$%"
7X(%#n3(35W_#"(%5'1,E,(0Xg#Z3&3+F0#w;9%_#"9#3&'34*35#Q4g#w2(+,5'/#w;9%_#"#*24@%4%4*%5#3$G3(R#
e0435#(%GA%/g#7,*52(#n3(35W_#"#t2*#?4W%/#-/Q1g#d,+,*25'/#q25,0_#q?*/%5?0#G%(24g#n%931%0#7/@2*'_#
lQ+%0#7%4'/g#w2(+,5'/#w;9%_#b&(/#W0/**%&,1g#[3(6%5430_#x,5#?/A,43
G$TS/+)U*1/."T+43+0
"9 # %5'%5'3*6/ # 5363*;0 # $/5+35 # 4%542(&'@,9 # 1%EW0,*X+/1D # bGG35 # % # 4%5;6G35 # 1/3$3*435 # %#
@,5-,&*%*204#42(&'%*X#4:(4;53*3$#3E,W@2@,9#%#5'3*64:(4;534#093$E,54A2GX*D
GO)S/,+%$)#$0"f",+%$)#$0
*,6%&/ # ;(4;131R # 1:*4B/ # 1/-3A39B # 3091:9:1R # *3H(X # 1;E31R # E2(G309;+R # +(2$%/ # -,(+?*%4R # 5'3*64:(4;534R#
09X1/5W0GB6C*;0R#@%42(,9X1R#A3*9B1R#/&353631R#/&3$X+,1R#$,5+%43*3$9;0R#$,5+%4(;0931R#2&(%A9
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3(3131#1;E3031#$,5+%5/6%*XA?1#4:$:(H4;0;(3D
dC*:5G0;&34#4?+5%1#4355/#%#1:*4B/#5'3*6#;0#%#E(X9%#5'3*6;531#3091:93/#1:9:44D
n3*/0$3(/1#%9#/(,+%*$/#$F#093(13934;4#%*1,4X#3*3$31#S3E/9X+R#E2(G309;+#04GDU#0%A24,002&%/4D
>:6/+#G3092$,*X1%4#4%(4%5%1#$3&@%42(,9,44#09:63&31#%*%EA25#6%*X#-3*1;09C*;0#%*%EA25D
" # $3$,(/43(3134 # 09:63&@F35 # 4?+A21 # 3*B%+5/R # % # @%**&%4X02& # -/&'3*$;531 # -3*13*4;0;63* # ;0#
-3554%(42026%*D
dC*:5-;*3#$F-%AG%5#;0#04H*?0G%5#1;E3031#%#09:63&%*1,420(%_#4?+,$25',0#1H0;(*34#*3H(20%R#5%E*XR#
$3&@%42(,9,44#@%5&?*%4#G3$?4%420%R#;*$;5'G3092$,*XR#(:6/+#63(0D
89:63&3/134#4?+%4,0%5#093(13094/1#SG363934;0R#42(&'%*20R#G3-3A39;0UD
52**X#$?512@,9#(3-3(35W/%1:5'63134#@%0952*5%1D
Z%0952*5/#4?+A21#%#5%&'09X42(4#;0#%9#34/$,*X&/%/#09X42(4D
>35+093(3035#,*6%05%1#3&';5/*3&#62*%094,44#@29/#,*6%0$25',1%4D
"#1C*:5G:9B#04H*?0Q#1:5'631#4%(4%*$24#H(20G%5#/0#09%G%4,0%5#4?+A21#:0093-,&*%*5/D
n3*/0$3(/1 # ;0 # 09XG%5 # ;0 # H(20G%5 # /0 # $3& # 4?+A21 # -,&%*$%95/ # % # @;41:95%E/ # @3*'93431#
4:(6;5'093(F0;&3/4D#
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@343+/1#,0942*'G%5R#%9#;6#1%(%143(;531#$3&-3*3*B35#5%&'#(353092509#4:(4;5343113*#/0$3(13+531#
$3&#%#&'3(3131D#"#(353092509#3$G3(309$;5'#2**#3*B44C1D#"94#1?4%4A?1R#%((%#13(30C51#62*%094R#$/;(4#
%*%1?*#1/#3&'#QA#/(,+%*,$D#89XG%#13(C*@34#8@%130E3%(3#;*34;531#;0#$F63/531#4C1(;G35#%#09H5@29#
G3*0B#6/*2&25%1#4%&*%*20%R#%$3*'#$2(#3*B1;09H4@34/#%#A:6B#;6/#09H5+%(%G,4#/0D#b&'#3E,W@%#13(34;G35#
-,&*%*1,9@%4?51 # % # 5'3*64%5/ # :0093-C&&;031 # 4%&*%*2026%* # 6%&' # %12( # % # (353092509 # /(,+%*,$#
04H*?03091:93/63*R#$F-%A/#S09,5344R#X+%R#@/$5?09R#+%*R#3*;&/%U#1%(%143(/92*2026%*D
"#+/21,1#13+635W#63(03/#$3&A3*35@34531#%9#X(21,5R#G24,(H4@%4A?1#B134#3931#G3$?4%4202(%D
V*'%5#09:63&3134#;(+3$30#62*%094%5/R#%$3*'31#%#+/21,15%1#$20#5;E31@39#;0#1?*4Q(21@,9#6%*X#
1%EW0,*%424#3*$;*'H4/1D#"#4:(4;53*3$4%5H420#4;$%1:(3/#%+A21#%#09:63&62*%09420@,9#%9#%5'%&,4#%#
-B,14%420G%5R # 3931 # 3*0B0,(G%5 # % # 5%&' # -:*+(%A9/ # -3*-3+39;031@39R # % # -3*4%*2*X1 # ;*34;@39 # ;0 # %#
(353092509@,9 # 1%EW0,*X+5%1D #"# &'3($313134 # 393135 # % # 09:63&3135R # ,*6%0$25',1,5 # 13(3094C*#
%((%#:094:5:99C1R#@,&'#:52**X%5#/0#,*6%00%5%1#;0#1?4%00%5%1#,*'%5#43(C*343135R#%$3*'31#%9#X(%/#
$?512GX* # $3(H463 # $3&;(/54344;1 # B134D # 52**X # $?512/1 # 3(3+$;5'3/4 # 1C*:5G:9B # $X+,5#
/0$3(434@34/1_ # 4%5?*$25'4 # 1;09H4@34531 # G3*B*3R # 1/03*B%+204 # 4%(4@%45%1R # H(20G%5 # 6%&' # 09XG%5#
1:5'6/0$3(434;03134#6;&39@34531D
"*43(5%4H6%1;54#3GG35#%9#;6G35#$3&/0$3(13+@34531#%#+/21,1#%#G%**%+%#$F-%A26%*#/0D#b931G35#%9#
/(,+%*$/ # $F631G35 # % # GF5 # ;0 # GF5@B+;0R # /&%902& # ;0 # @%$/002&R # 3*@%**&%420 # ;0 # 09X1/$,5+20#
-,&%*$%/#c#$3*'31#%#1%$%09,1%4#3GG35#%9#;*341,(G%5#-,&*%*1,94%4A21#c#%#$F-%A#A3**3&;GB*#%+X+X%5#
O]

4:$:(35R # +(2$%/%5# A3*35531 # $3&D #"# 5;EG%**%+21# $3**344 # %# 1:9;EE,54G%5 #"(%5'# q25,0# G%**%+2/#
2**5%1D
"#*3H(X#5'3*64%5#13(34;G35#3*A?45%1#%9#:00934344#$,5+%4,1#3*3$9;0;/&D#"#&'3(3131531#;(395/C1#13**#
%#$/5B0;&/#1C*:5G0;&34#%9#%*2(35+3*;0#;0#$3**;(35+3*;0#1:9:44D
"# 5'3*6 # 6/90&2*%425%1 # $20/1 # 3*B5'3R # @,&' # %*1%*$%4 # %+ # % # $34%-,(21 # ;0 # 1:*4B/ # 1;E31 # 6/*2&25%1#
-3*-3+39;0;(3D#"#1:*4;0934#1C*:5G:9B#$X+A%/5%1#-3*42(20%#/0#/9&%*$%0#43(C*34#%#-/%4%*,1#092$2(%D
e44#53$#%9#/(,+%*$/#$F631#3094;4/1%/#3*3$9;0;(B*#6%5#09XR#@%53$#%#5'3*631R#$/54#A3*350;&531#%#
$3&4%E%094%*202(X*D
"9#:52**X#-,&%*$%920,1R#4%5?*$25',1R#3009;1#H(20%#4,62GG#-,*'4%4X+/1#3GG35#%9#,0942*'G%5D
"#(353092509#6/*2&%R#-3*-3+39B1#;0#-3*4%*2*X1#;*343R#426,*/#,(092&,1#-:*+(%A9/#0%A24,002&%/R
%#W0/**%&,1#6/*2&%#092$,0#:52**X#$?512(%#G?9+H4X#4;$26%*#09,*&2*D
"# +/21,15%1 # %9,5 # 13** # +,*&,95/?1R # @,&' # $/1;54 # -/&'3*A3531 # $3& # 43($;0934/ # 6%&' # 1?*4Q(4:(4;534/#
A3*350;&3134R#@,&'#$/4#;(+3$30#393113*#1%EW0,*%4G%5#3*$,5+%5/R#Q&'R#$,5+%5+XA?1#1:9634*35C*#%#
4;5'31(3#6,5%41,99%5%1D#v(20G%5#;0#09XG%5#3&'%(254#E,54,0#*3H(20,1%4#13**#%+5/?1#-,*'%$%4,1(X*R#
A3*350;&31(B*R#303$;5'31(B*#;0#$20#$3&-/&'3*;031(B*D
m'$02'23"=<j"U'$
I)Y8232/"3O*1/
"#&'3(3131#%9#3*B9B#;6G35#G3@%4X%5#4%5?*$25',9421#%#5'3*6/#(35+093(4#;0#%9#3&'093(F#$,5+%4#
3*3$9;0;4 # ;0 # 2G(29,*2024 # /0 # $3&4%5?*421D # n,&*%*1,94%1 # (34,(/126%* # ;0 # 6/4294%1 # 3&'$200%*D # "#
$%&'%( # 5'3*6 # 4:(4;534;63* # /0$3(13+431D # n3*+,*&,9421 #"(%5' # q25,0 # ;*34Q4A24R # 5;@25' # 63(0;4 # ;0#
G%**%+2/4D#"#09:63&%*1,420#%*%EA%/5#4,62GG#;EH4139431#1(3%4H6#09:63&31#H(2026%*D#V*6%0$25'%/1%4#
3&'(3#A,GG%5#;(4/1R#4:$:(H435/#4?+A21R#3&'$205%1#%A25*%5/D#
J$431'%&.",2V)2/83:/."S:)+0
b$E%4/1?0 # 3&'C44$F1:+;0 # % # G309;*&34B # 42(0%11%*D # 8%A24 # 6;*3$;5' # $3&-,&%*$%920% # %+,44#
4;$21G%5R#%+,44#093$E,54,1#093(/54D#"9#%14H6#;0#E%009H6#09X1/5W0#GB6H4;03#:52**X#$?5126%*D
>:6/+3GGR # % # $%/ # 5'3*6@%0952*%44X* # 3*4;(B # 09:63&31 # $3&;(4;03 # SQ4*3H(20,1R # Q4/5%E*X1U #"9 # :52**X#
A3&'9343*;0 # %*%EA%/5%1 # 3*0%A24H420%D #"# @3*'30H(20/ # 09%G2*',1 # %*1%*$%920%D # d/03*B%+20,1 # 4%(420%R#
%5'%&&'FA4;0R#1:5'642(@%0952*%44%*D#0093-,&*%*20#1;09H4;03#$3&%+,44#093$E,54#%*%EA25D#"#5'3*6/#
3&'0;&31#093(13934/R#A3*354;04%5/#$3&-/&'3*;03D
"9#3$E24/%#-3A*3094;03#+(%$%4/1?0#-,($21R#A24;1,1#0,(25D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#"(%5'#q25,0#G%**%+2/
.#$,+3(5#1:*4;0934
.#(353092509#1:*4;0934#;0#+(2$%(;09*3431
.#%#(353092509#/(,+%*,$#04H*?03091:93/#S09,5344R#3E/&(%$$%R#X+%R#@/$5?09R#+%*R#3*;&/%U
.#8@%130E3%(3#;*343#;0#$F63/
.#%#09H5@29#G3*0B#6/*2&%
.#;*34(%A9,1#/0$3(434;03#;0#G3092$,*X1#%#-3*-3+39;031#1,(2GX*
.#%#04H*?0#;0#5'3*6/#1/-3A39B3091:93/#09XG%5#;0#H(20G%5
.#%#1:*4B/#1;E31#;0#%*%19%4,1
.#$,5+%4093(13934
.#$,5+%4-%A421
.#%9#:00934344#$,5+%4R#%*2(35+3*;0#;0#$3**;(35+3*;0
.#%#1:9E,54,920#@3*'30#%*1%*$%920%
.#%#4;$2@,9#$3&-3*3*B#$F-%A#;0#04H*?0#1/62*%09420%
.#%#4:(4;53*$/#6%&'#42(0%+%*$/#1;(+;031#3**354;430#/(25',1GX*#6%*X#$3&1:93*H4;03
.#H(20G%5#;0#09XG%5#3&'%(254#E,54,0#*3H(20,1#1;09H4;03#-,*'%$%4,1(X*R#303$;5'31(B*#;0#$20
#$3&-/&'3*;031(B*
.#(353092509#09H5+%(%G#A3*35343/531R#6%&'#(;09*34;531#3*B%+20%
.#%#-B,14%420#4;$2A2@,9#1%EW0,*X+X#09H5+%(%G#3*B%+20%D
KN

!=)'/$00"542>(3$.,/$%#
7%(W,#t,*,#;*34(%A9%R#f,+,#dC@5_#w?4435G3(&#$3043(#;*343g#f%(%G20#a/G,(_#72&/21#n/(359;G35g#
f%14%' # b(6/5_ # dB(:0/ # [0,$% # 825+,( # ;*343g # l3,5%(+, # +% # T/5W/ # H(20%/g # b(+B+/ # 825+,(_ # v&' # ;*4#
7%&3**25g#8%0,152*#$%&%0%GG%5R#v&'#;*4#Z?09#q25,0R#>X5%093&/#7/1*X0_#ZH52(,0#435&3(g#d%(*/W91'#
7%(&/4_#q%5?0#t%55,5/?0g#b63#[?(/3_#7%+%$3#[?(/3g#Z3&3+F0#w;9%_#73&1,5+?*5%1#%#@%(%5&,1R#"#
$3531C*B#@3(W3&R#[0/5&/9#"A4$%4,6_#"#-3@;(#@%AXg#w3(%(*+#x?((3**_#7%+%(%1R#2**%4,1#;0#(,1,5,1g#
7/10924@ # d2*$25_ # 89354 # t;43( # 303(5'BA3R #"# 1;4 # 1,*+?0+/21R # qX1%/ # 7X(_ #"9 # ?4,*0X # G?+%/ # E%0%R#
a:(:16/*2& # 7%&'%(,(092&,5R # l%$G_ # 8@%130E3%(3.$30;1R # e(/5& # 84,53_ # 7/W@3*%5&3*,R # 7%A4;5'/#
,*425_ # "9 # ?4,*0X # H4;*34R # w2(+,5'/ # w;9%_ # b&(/ # W0/**%&,1R # "09*25'/ # d2(,*'_ # d%*%5+,0 # 6%12W/XR#
a%(1,6091/A_#"9#;5#5%&'#G%(24,$R#7%(1#a%/5_#a,$#8%'3(
G$TS/+)U*1/."T+43+0
"9 # %5'%5'3*6/ # 5363*;0 # $/5+35 # 4%542(&'@,9 # 1%EW0,*X+/1D # bGG35 # %9 # ;6G35 # % # 5%&' # -:*+(%A9/#
-3*-3+39;03134#-3*+,*&,9X#3E,W@%#%#*3&-,54,0%GG#1%EW0,*X+20/#E,54D
GO)S/,+%$)#$0"f",+%$)#$0
(353092509 # 6/*2&1;ER # @/$5?09R # 09,5344R # X+%R # +%*R # 3*;&/%R # 3E/&(%$$%R # G%**%+%g # 1:*4B/ # 1;E31_#
$34%-,(%R#$3&093$;*'30H4;0R#%*2(35+3*B#;0#$3**;(35+3*B#:00934344#$,5+%4R#04H*?0#
!",2V)2/83:/"51'3"2'2*#:4&2.
"+,44#4;$2G%5#1C*:5G:9B#5;9BE,54,1%4#;0#6;*3$;5'3134#4?+5%1#6;+35/#;0#W2-,*5/D
>:6/+#G309;+34#4?+5%1#4%(4%5/#$3&@%42(,9,44#4;$2G%5D
8%A24#A3&'9343/1#%*%EA25#G3#4?+5%1#092$,*5/#%9#,*6%0,44#09:63&31(B*R#0%A24#09%6%/11%*R#09%G%+,5D
"9#,*6%0,44#63(0#;0#E(X9%#G3-,&%+X/#;*$;5';4#2(5'%*4%5#4?+A21#$3&-,&%*$%95/R#3&';5/#09H5393443*D#
V*6%0@%4XR#AX#43$EXAQ#3&';5/#H(20$X++%*#GH(5%1D#b*B%+20#?425/#G309;*&34;04#1:634B35#:52**X%5#
4?+5%1#:0093-,&*%*X#A3&'9343134#1;09H435/D
V*6%0,44#09:63&31GB*#A3&'9343134#4?+5%1#1;09H435/D
"#&'3(3131#-3*/0$3(/1#%9#%*2(35+3*4#;0#$3**;(35+3*4#$,5+%4,1#-%A42/4D
e0$3(/1#%#1:*4B/#04H*?0#0%A24,002&%/4D
0093 # 4?+A21 # @%0,5*H4%5/ # % # $%&'%( # 5'3*6 # ;0 # % # 4%5?*4 # /+3&35 # 5'3*631 # 5'3*64%5/ # (35+093(;531#
G/9,5',0#3*3$3/4D
"9#3&'093(F#$,5+%4#(;093/4#&'%1,(*,44%5#4?+A21#2G(29,*5/D#
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b*0B0,(G%5#%9#;*34(%A9,1R#%#4:(4;53*$/#303$;5'31(B*#;0#%#$,+3(5#4:(4;53*3$(B*#09X*X#(3&;5'31#
4%(4,95%1#35531#%9#;6531#%#*3&-,54,0%GG#,*6%0$25'%/#1:9;D
" # \e\D # 0929%+ # $%&%0 # $/5B0;&F # /(,+%*$2GX* # ;(+3$30 # $3(H435/_ # 6/*2&/(,+%*,$G%5 # %#
6/*2&4:(4;53*3$@39 # 1%EW0,*X+6% # x/W1350 # (3&;5'3/GB*g # 6%&' # %12( # 53$ # 3*G309;*B/ # A3**3&F#
$?5121GX*R#$/54#q3--3(0,5#nC&&34*350;&/#Y'/*%41,9%425%1#5'/4X#0,(%/R#7%(4/5#l?4@3(#d/5&#G309;+3/R#
T,*4%/(3R#>,?003%?R#x/+3(,4#-3*6/*2&,0?*4#&,5+,*%4%/D#"#$%&'%(#4:(4;53*3$@39#1%EW0,*X+6%#d,00?4@#
l%A,0 # ;0 # 89;W@35'/ # e04625 # G309;+3/GB* # /0$3(A3531 # $3& # (;09*343134R # d:*W03' # t%(%/530/0;531#
(;09*343/4R#%#Z/$5?094R#T:(:0$%(4'#89X9%424D
094:5:99C1#%#&'3(313134#%((%R#@,&'#-3+399;1#-3*#0%A24#;(+31*B+;0/#1:(C134R#39#3&'#3&;09#;630#
$?512A?1#*3@34R#%$3*'34#3&'#H(20G3*/#+,*&,9%4#3*1;09H4;0;63*R#3&'#09XG3*/#3*B%+20#$3&4%(42026%*#
;0# 3&'#@,992# 1%EW0,*X+X#$F6;09/# $?5126%*#92(5%1#*3D#"9#/(,+%*,$3E,W@%#1/3$3*13+B#4;$2A%#
*3@34 # % # (,$%54/1%R # % # (,$%54/1?0 # *2420$X+R # $3*' # $/543&' # 3**35EX*?0262 # 62*/1 # % # -,((%+%*$%1G%5#
$3&-2(%+4 # 3?(XE%/ # E,*&2(,0,+205%1D # T2*%094@%4A?1 # E;*+2?* # T:(:0$%(4' # ;*34(%A924R # 1:*4;0934;4R#
1:9;EE,54G%#2**H46%#%#[0,5&,(#;0#aC5+3#WH$F#$F6;4R#7%343(*/5W1#d;1#$%+2(#WH$F#$303A24;124D#
T2*%094@%4?51#%9,5G%5#%#\\D#0929%+#/(,+%*$2GX*#;*34(%A9,1%4#;0#$F63134_#E*D#d,094,*25'/#x390B#
6%&'#qX903-#"44/*%#;*34(%A924D
"#PD#,0942*'#3*B09:(#/0$3(13+/1#$3&#3&'#A3*354B03GG#+(2$%/#$F63*D#a3($;09343035#,0942*'1;54#
$2( # %+4%1 # 3*B # 09H5+%(%G,1%4 # %9 # ,0942*'4%5H4X/ # ;631 # 0,(25D # d:(C*431/54B35 # 13** # % # $?5124#
K!

3*B1;09H435/R#@%#%#W;*#3&'#43*A30#09H5@29/#%*1,420D
bGG35#%#1,(G%5#$;&#$/5+/&#*3@340;&30R#@,&'#%9#,0942*'4%5H4X#$%&%#H(A%#$3&#6%&'#%+%E42*#3&'#
09H5+%(%G,4#%9#,0942*'#09C10;&*343/(3#;0#1;E300;&3/(3#09%G,44#(;093113*#;0#4;$211%*D
"$/ # % # 093(3E,094204 # /**34/R # $;& # $/5+/& # 3*B5':0R # @% # % # 093(3E # E,9/4H6 # 1/@H6204 # A3*354 # % # +/21,1#
1;E300;&3/531#-3A*3094;0;@39D
Y',*W%+/1 # ,0942*'G%5 # :0093-,&*%*A21 # %9 # 3++/& # 4%5?*4 # 5'3*64%5/ # /0$3(343134R # ;0 # % # 4%52(5%1#
4:(313+5/3#13**#%((%R#@,&'#%#&'3(3131#3*B44#3&'0;&;G35#A3*35A35#$3&#%#$%&'%(#5'3*6#(35+093(3R#%#
1C*:5G:9B#5'3*6/#09/5431#S@%5&,1R#09%6%1R#09X-%A,1R#$,5+%4,1UD#oA#$X+093(#%#4%5H420G%5#%#09:63&#
-3*B*/#$3&1:93*H4;0_#$/5+#H(,44#-,($2G%5R#$/5+#%9#;*BG309;+G35D#b&'.3&'#$,5+%4#$3&/0$3(;03#
3&'093((3 # 4:GG # 5'3*6/ # 09/5435 # 4:(4;5@34R # 0B4 # 3&'.3&' # 09;E/(,+%*$/ # /+;934 # 3034;G35 # % # @%5&4%5/R#
09X-%A4%5/R#$,5+%44%5/#$3&1:93*H4;0#$3**;#@,99243@34/1#%#04/*/094/1%/#/0$;(63134#/0D
m'$02'23"=h;"U'$
I)Y8232/"3O*1/
Y',*W%+/1 # ,0942*'G%5 # :0093-,&*%*A?1 # $/5+%94R # %$/4 # $2( # 4%5?*4%1 # % # &'3(3131 # % # *3H(X # $%&'%(#
5'3*64%5GX*R#1,$$?5/12W/X#4;$2A2GX*R#09:63&;(4;0GB*#;0#09:63&%*1,420GX*D
e(,+%*,$GX*#/0#%#$3&*;6B#3*$;*34/#;0#&'%1,(*%4/#1;E300;&31(3#;EH4C51D#"#&'3(3131#%+,44#4;$2G%5#
1C*:5G:9B#5;9BE,54,1%4#;0#6;*3$;5'3134#4?+5%1#6;+35/#;0#W2-,*5/D
>:6/+#G309;+34#4?+5%1#4%(4%5/#$3&@%42(,9,44#4;$2G%5D
8%A24#A3&'9343/1#%*%EA25#G3#4?+5%1#092$,*5/#%9#,*6%0,44#09:63&31(B*R#0%A24#09%6%/11%*R#09%G%+,5D
"9#,*6%0,44#63(0#;0#E(X9%#G3-,&%+X/#;*$;5';4#2(5'%*4%5#4?+A21#$3&-,&%*$%95/R#3&';5/#09H5393443*D#
V*6%0@%4XR # AX # 43$EXAQ # 3&';5/ # H(20$X++%* # (35+3*139531D # b*B%+20 # ?425/ # G309;*&34;04 # 1:634B35#
:52**X%5#4?+5%1#:0093-,&*%*X#A3&'9343134#1;09H435/D
V*6%0,44#09:63&31GB*#A3&'9343134#4?+5%1#1;09H435/D
"#&'3(3131#-3*/0$3(/1#%9#%*2(35+3*4#;0#$3**;(35+3*4#$,5+%4,1#-%A42/4D
e0$3(/1#%#1:*4B/#04H*?0#0%A24,002&%/4D
0093 # 4?+A21 # @%0,5*H4%5/ # % # $%&'%( # 5'3*6 # ;0 # % # 4%5?*4 # /+3&35 # 5'3*631 # 5'3*64%5/ # (35+093(;531#
G/9,5',0#3*3$3/4D
"9#3&'093(F#$,5+%4#(;093/4#&'%1,(*,44%5#4?+A21#2G(29,*5/D#
J$431'%&.",2V)2/83:/."S:)+0
r(63*;0/ # 43W@5/121 # 3*$;*'H4;03D # d,$$?5/12W/X0 # 43W@5/121 # %*1%*$%920% # % # @3*'934531 # $3&-3*3*B#
$X+,5D#89X1/5W0-3A*3094;0D#Y',$4%4,44#;0#3*314(,5/1?0#-,($2AQ#/(,+%*$/#;0#3&';G#09:63&31#:52**X#
-3*+,*&,920%D # " # 4%5?*4 # 5'3*64%5/R # @3*'30H(20/ # /0$3(3431 # 5,($%1:634B # %*1%*$%920%D # dC*:5G:9B#
6;*3$;5'31 # :0093634;03D # " # $3$X(/% # -3A*3094;03D # " # 5'3*6/ # 3&'0;&31 # 09:63&G3*/ # 093(3E;531#
$3&-/&'3*;03D#"#1C*:5-;*3#/(,+%*$/#$F-%A,1#-3*/0$3(;03#;0#$3&1C*:5G:9434;03D#d(3%4H6#4:(4;534#;0#
3*G309;*;0/ # ;0 # 4:(4;534 # 24H(20/ # &'%1,(*%4,1D # 89/4?2W/X1 # ;0 # /504(?1W/X1 # ;(43*$39;03D # "9 # :52**X#
$FG3-,&%+20#43*A303GG#;0#$/5;*#&'%1,(/GG#;*$;5'3D#
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
. # 63(031R # /+;93431 # % # $,+3(5 # 4:(4;53*3$@39 # 1%EW0,*X+6%_ # d,00?4@ # l%A,0 # ;0 # 89;W@35'/ # e04625#
G309;+3/531#(;09*343/R#%#Z/$5?09R#T:(:0$%(4'#89X9%4%
.#3(B0#;*34(%A9/#;0#;(93*$/#4:*4;0F#1:*43$;5'31#SE*D#q?@209#w'?*%_#t2(/90/#3*;&/%g#qX903-#"44/*%_#"#
x?5252*R#l363&B4R#b*;&/%g#>%+5X4/#7/1*X0_#Y3$#4?+@%4,$g#"+'#b5+(3_#n:*.-:*+,G,44#1BU
.#;630#$?51%#1;09H4;03#09%G%+,5#62*%094,44#4;$2GX*R#;0#3*B%+20%#%9#,0942*'#3*B44
.# ;*34(%A9,1R #4:(4;53*$/# 303$;5'31#;0#%# $,+3(5# 4:(4;53*3$(B*# 09X*X# (3&;5'31#.# %#\e\D #0929%+#
6/*2&/(,+%*$2GX*_ # x/W1350 # (3&;5'3/R # 7%(4/5 # l?4@3( # d/5& # G309;+3/R # T,*4%/(3R # >,?003%?R # x/+3(,4#
-3*6/*2&,0?*4#&,5+,*%4%/
. # % # $%&'%( # /(,+%*,$GX* # %9 # /(,+%*,$3E,W@% # 4;$2A% # *3@34 # % # (,$%54/1%R # % # (,$%54/1?0 # *2420$X+_#
E;*+2?* # T:(:0$%(4' # ;*34(%A9%R # 1:*4;09343R # % # [0,5&,( # ;0 # aC5+3R # 7%343(*/5W1 # d;1 # $%+2( # WH$F#
$303A24;1%
#.#;*34(%A9,1#;0#$F631#%#\\D#0929%+#/(,+%*$2GX*#SE*D#d,094,*25'/#x390B#6%&'#qX903-#"44/*%
;*34(%A9%U
KJ

.#%#4%5?*4#5'3*64%5/#/0$3(3431#:0093-,&*%*20%#;0#&'%1,(*20%
.#%#5'3*6#3&'0;&30R#3&;09#(35+093(;531#6/90&2*%4%#%#1C*:5G:9B#5'3*6/#09/543135#S@%5&,1R
09%6%1R#09X-%A,1R#$,5+%4,1U
.#%#09:63&#4%5?*$25',920%#$/5+#H(,44#-,($2G%5R#$/5+#%9#;*BG309;+G35
.#3&'.3&'#$,5+%4#$3&/0$3(;03#3&'093((3#4:GG#5'3*6/#09/5435R#0B4#3&'.3&'#09;E/(,+%*$/
/+;934#3034;G35#%#@%5&4%5/R#09X-%A4%5/R#$,5+%44%5/#$3&1:93*H4;0#$3**344#04/*/094/1%/
/0$;(631#13(30;03#/0
.#3&'#43*A30#09H5@29/#3*B%+20#*;4(3@,920%_#62*%094@%4X#(353092509R#1*%009/W/04%#6%&'#%12(
(,$%54/1?0#+%(%G#/0D
!=)'/$00"542>(3$.,/$%
qX1%/#7X(_#"#1B09H6F#3$G3(#-/%/R#r0#$;&/0#$,9,&#%#-:*+R#n31343#&';$254,1R#b&'#$%&'%(#52G,Gg#
7/10924@#d2*$25_#"#&%6%**;(,1g#x?$%0_#Z2(,$#4304B(R#7,543.[@(/04,#&(X-A%g#q?*30#T3(53#(3&;5'3/g#
x/W1350_#a/04#V*/63(R#d%(2W0,5'/#;531g#Z%((/34#f33W@3(#84,3_#a%$20#G24'%#1?5'@XA%g#d3(4;09#
b(90;G34_#Z%((/34#(3&;5'3g#7X(/W9#0/&$,5+_#l;&'#AX#$/5+@%*2*/&R#t/E%W0,1#%#435&3(35g#;*34(%A9/#
(3&;5'31
G$TS/+)U*1/."T+43+0
"9 # %5'%5'3*6/ # 5363*;0 # $/5+35 # 4%542(&'@,9 # 1%EW0,*X+/1D # bGG35 # %9 # ;6G35 # %9 # ;6 # 6;&/#
+(2$%-3*+,*&,920@,9#1%EW0,*X+/1#*3&/512GG#%#4%542(&'D
GO)S/,+%$)#$0"f",+%$)#$0
$,+3(5#*H(%R#;*34(%A9R#Q413(30;0R#09:63&#-3*B*/#$3&1:93*H4;0R#09/54;9/0
!",2V)2/83:/"51'3"2'2*#:4&2.
52**X # 3*B%+204 # 4%(4%5%1 # c # 3&';5/ # 1?4%420 # ;0 # -,((20-3*+,*&,920 # ?425 # c # 09%G%+,5 # 62*%094,44#
4;$%1:(G35D
a2A;1,9X+5/#4?+5%1#%*%E634B#4:$3&1,$$?5/12W/X0#$F-%A,1G%5D
"#&'3(3131#093(3E3*531#3&'#43*A30#09H5+%(%GG%5D
n,&%*$%9204#4?+5%1#H(5/#3&'R#%9#X(25#$3&G309;*4#4;$2(X*#%#-B#E,54,1#:0093-,&*%*2026%*#6%&'#3&'#
G/9,5',0#093$E,54#1/3$3*;0;63*D#
"#&'3(3131#A2(4%0%112#62*5%1#%#1C*:5-;*3#;(63*B#$F-%A,1G%5_#/0$3(434;0R#$%&'%(29%4R#4?+X0H420D
e0$3(/1 # % # -B # 1:*4B/ # 1;E31 # ;0 # %*%19%4,1 # A3*354;0;4 # ;0 # @%0952*%424_ # @%0,5*%4R # $34%-,(%R#
$3&093$;*'30H4;0R#E2(@?9%$R#3**354;4R#/0$;4*;0R#-,1,920D
b*3$395/#4?+A21#%9#:00934344#$,5+%4,1%4#;0#09%6%1%4D
"#09%6%1%4#4%&,*5/#4?+A21#09X3*3$31(3D
a?+%4,0%5#@%0952*A21#%#09X1/5W0#1C*:5G:9B#(;43&3/4#S1:95'3*6R#09%15'3*6R#/(,+%*$/#5'3*6UD
f/94,0#@3*'30H(200%*#(35+3*139531#%#1:913*34F#/+3&35#09%6%1#;0#4?*%A+,553631#H(202G%5D#
Q252823:/"P-=;N":5,+)&$#
r63543#1;4#$%&'%(3E,W@%#6%5#]c!JD#,0942*'G%5D
"9#%*2GG/%1G%5#*3H(4#3E,W@21#4%(4%*$%#53$#1:43*39B35#4%5H4%5+XD#n,54,0%GGR#@,&'#$3&-/&'3*AC1#%9#
%+,44 # ,0942*'G% # A2(X # &'3(313134R # ;0 # 3((3 # %*%E,99?1 # 3&'.3&' # 4;$%62*%094204R # $/54 # @,&'#
(%&%091,+A?51#$2(#3034*3&#AX*#G362*4#3E,W@%4%(4%*$%1@,9D
"#5;@25'#/(,+%*$/#A%6%0*%4,4#W0%1#E;*+%1;54#1393*AC1D#8925+;1,0%5#53$#2**H4,44?51#:0093#A%6%0,*4#
/(,+%*,$A3&'9;134R#@,&'#3*13(C*AC51#$/5+35#3034*3&30#<-;*(3.;(4;04=#c#53$#*3@34#;0#53$#/0#09%G%+R#
@,&'#*3&'35#,*'%5#$3&1:93*H4;0R#%$/@39#%#4%52(5%1#/&%9,+5/#13**{
b&';G1;54#/0#$/5+35#/(,+%*$/#$3&1:93*H4;0531#,*'%5#62*4,9%4,05%1#13**#*355/3R#@,&'#%#1C*:5-;*3#
1?*4?(2*/0#1:93&31531#$3&-3*3*A35D#"9#%*2GG#-3*0,(,*4#3E,W@%$/5421#4:GG#;64/93+30#5'?&%4.3?(XE%/#
4%E%094%*%4#%*%EA25#;0#%#7%&'%(,(092&,5#$3&-,($2*X+,44#-3*0B#4%&,9%4,0#&'%1,(*%4,5#%*%E?*5%1D
" # -3*0B # 4%&,9%4,0 # $%&'%(4%543(6 # 093**3$/0;&;63* # ;0 # 04(?14Q(2A26%* # ,*'%5 # c # $2( # %*0XGG#
;6-,*'%$,1,5 # $3&139+344 # c # -,*'%$%4,1%4 # 1H625 # 4,62GG6/55/R # %$3*'31 # % # $%&'%( # /(,+%*$/ # ;0#
%5'%5'3*6/ # 5363*;0G35 # /0 # % # *3&1,(093(FGG # 5;9343113* # 3&'39531D # b&' # ,*'%5 # ,(092&,0 # 62*4,920/#
-,*'%$%4 # (;093 # *3@34 # 3&'G35R # %$3*'34 # $2( # % # 5%&' # $%&'%( # E3+%&X&/%/ # &,5+,*1,+XR # d%(2W0,5'#
825+,( # "9 # /(,+%*$/ # 5363*;0 # WH$F # $F6;G35 # H&' # /&353*4_ # %9 # </(,+%*,$(% # 4%5H4%5/ # %1%(A21 # %#
KI

5:635+;134#53$#5363*5/D#bGG3#%#@/G2G%#W0%1#%9#30@34/1#G3*3R#%1/#%94#@/09/R#@,&'#%#5:635+;1#
3&';5/.*3*1;531 # 4%(4%*$262 # 62*@%4 # %9 # /(,+%*,$ # S@,*,44 # %9 # 42(0%0 # *3*1/ # 6/09,5'?*20UDDD # DDDe(,+%*$/#
5363*;0 # E3+/& # W0%1 # /(,+%*,$$%* # *3@340;&30R # 3&';GG3* # 53$D= # b9;(4 # /0 # 6%5 # %9R # @,&' # G2(#
%54(,E,9X-/%/ # $3&-,54,*20,1,5 # %*%E?*X # $3&G/9,5',0,+20,1 # 4C1(:9B+531 # % # -3*0B # 4%&,9%4,0#
4%5%5'%& # A%6%0,*4 # 4%(4%*$%/G%5R # $;&/0 # -3554%(4A?1 # %55%1 # *3@34B0;&;4R # @,&' # % # 09%14%52( # <43*A30#
09%G%+02&/#-,11%*=#1393*@3003#%9#/(,+%*$%4#;0#%#$%&'%(#5'3*634#$/54#%5'%&,4D
893(345;51#1/4;(5/#%((%#/0R#@,&'#$/54#%*0XGG#,0942*',1G%5R#%#-3*0B#4%&,9%4,1,5#/0#09C10;&30531#
4%(4A?1 # % # @34/ # (35+093(300;&F # 1;4.1;4 # &'%1,(*X # X(24D # b5531 # 04(?14?(2*2024 # % # @3*'/ # 4%543(6G35#
09%G2*',9%5+X5%1 # &,5+,*A?1D # e(25'3*61;54 # %9,5G%5 # -,54,05%1 # 4%(4A?1R # @,&' # %9 # /(,+%*,$. # ;0#
5'3*64%509%1X(21#%#&'3($3131#$3&093(9344R#/**3463#%9#3E,W@21#1:9:44/#/+B09%1G%5#1;090;&3/134#
5%&'(;094#&'%1,(*%4/#$?5126%*#-3A*3009C1#4,62GGD
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# 1/*35W3+/1 # ,0942*',0 # +/21 # 5%&' # 3*62(20,11%*R # %9 # QA+,502&,1 # /(254/ # *3*1303+;003* # *;E # % # -3*0B#
4%&,9%4G%D
"#4%5H420#3&'(3#/512GG#%#&,5+,*1,+20#;0#%9#H4;*34%*1,420#;G(3+B#3(B/@39#/&%9,+/1D#b9#%9#/543**314?0#
-3A*3094;0;4 # ;0 # % # &,5+,*1,+20 # 3&'(3 # 4/0942GG # @%0952*%424 # 4309/ # 09C10;&300;D # " # &'3(3131#
4?+%4,0%GG%5#;*/1#$3&#%#09;E0;&R#/&%902&#;0#AX02&#/(254/#G/9%*$%4*%502&?1%4#D
"9 # 3GGB* # -%1%+X # 5363*;0/ # -3*%+%4R # @,&' # 3(B0H40C1 # % # 6/*2&&%* # 093$G35/ # $,(2*/0 # 3*62(20%/1G%5 # %#
-/%4%*,1%4#0#?&'%5%11,(#03&H40C51#531/1#3*-,&%+5/#%#6%*X02&,4D
"#&,5+,*1,+20.;(9;0.%1%(%4#$;&#5/5W0#:009@%5&G%5#G355C1R#39;(4#%#&'3(313134#%#G/9,5'4%*%502&#
A3**3$9/D #"# 09;4305/ # *2409X # 6/*2& # (35+39;0;@39 # %+ # 03&H40;&34 # %9R # @,&' # % # 1/*35W3+/130 # $%&'%(#
3E,W@21 # % # E,*%(/420(% # ;EC*531D # V*'%5 # %5'%&&%*R # 4;$211%* # -,&*%*1,95%1R # %$3*'31 # -3A*3094/1 # /-AQ/#
3(B/134R#;0#3&'G35#*3@34B6;#4309/1R#@,&'#%9#B134#-,&*%*1,94%4X# 1;(+;031(B*#G309;*@3003531D #"9#
3$G3(/#6/*2&#*;439B#;0#*2409X*%&#24@/+%*@%4%4*%5#3**354;43/4#-3*,*+%5/#<4(%&/1?0#;0#1,$/1?0#$X+,5=#
3&'%(254#*3@34D
"#5'3*663*#6%*X#4?+%4,0#$?51%R#H(20#;0#,*6%020#Q4A25#3&'%(254#3091:94#%+#%#&'3(3131#092$2(%_#
@,&'#<(35+34#6/&'3531=#/$E?*9H6#;(9;03/1G3R#@,&'#3*6393003#B134#0%A24#G350B#6/*2&?1GX*#%#1C*6/*2&#
,GA314/6/4202G%D #"9 # /(,+%*$/ # 4;$211%* # 6%*X # $?51% # $3**344 # % # &'3(3131 # *3@34B0;&34 # 1%E5%1 # %((%R#
@,&'#5'3*61;090;&C134#09XG%5#;0#H(20G%5#3&'%(254#-3A*3094@300;1D
m'$02'23"=k>"U'$
I)Y8232/"3O*1/
"# +/21,1 # $2( # 092$,0 # /0$3(3443* # (35+3*139531 # %9 # /(,+%*,$$%* # ;0 # % # 5'3*64%55%* # 1%EW0,*%4G%5D#
7%&%G/94,0%5 # -,&%*$%95%1R # %9 # %*0X. # ;0 # 1:9;E4%&,9%4,5 # 0,1 # /(,+%*$/ # $F63* # ;0 # %*1,4X6%*#
4%*2*1,94%1D#73&/0$3(4;1#%#$%&'%(#5'3*6#5'3*64%5/#(35+093(;4R#1C*:5-;*3#09:63&3134#%*1,44%1#;0#
,*6%04%1D # 89:63&;(4;0/ # 1;090;&C1 # 1/%*%1?*4R # 1;E3031 # %9 # H(,44 # ;0 # @%**,44 # 09:63& # *;5'3&;531#
1/3$3*;0;(3R#:0093-,&*%*202(%D#"#-3*0B#4%&,9%4,5#393134#%9#/0$3(343134#GB6H4AC1#;0#3*$;*'C*C51#%9#
/(,+%*,$3*$;*34#;0#%#$%&'%(#5'3*6;0934#4?+,$25'2G%5D
J$431'%&.",2V)2/83:/."S:)+0
"#4%5H4,44#/(,+%*$/#$F63135#13(3094C*#%#1%$%09,1%4#5'?&4%*%5H4X#%*%E634B#*;41;(+;031(3#13(300C1#
1:9:0 # $?5126%* # % # 62*%09,1%4D # " # 093(3E*B1 # A3**3$9;0;63*R # 43443/1R # 1%EW0,*%4%/1 # 3*3$9;0;63*#
:5/0$3(34(3 # ;0 # % # $20/1 # 3$G3( # W03*313+343/531 # $,9&%4X(?&X/(% # /(25'?* # % # -/&'3*3$D # d(3%4H6#
09:63&31#%*1,42026%*#-3A39/1#1/#%#&'3(3131#%#&,5+,*%4%/1%4D#73&4%5?*A21#%#G3$?4%4,44#A3*350;&31#
4:GG#093$E,54Q#$3&1:93*H4;0;4D
"# $F-%A/ # 0%A2402&,1 # 4%5H42026%* # /(,+%*,$3*$;*34/ # /0$3(3431(3 # 4309531 # 093(4D #"# 09XG3*/ # 1/-3A39B#
3091:9C1R # % # 5'3*6 # 09X1/5W03 # GB6C*D #"# &'%1,(*%4G%5 # /0 # 1/E(XG2*A21 # %9 # %+,44 # $F-%A4_ # A3*35343134#
A2409%5%1#3*#%#+(2$2GX*R#4,62GGH(5%1#3&'#09:63&34R#5%E*XG%5#G309;*434531#3&'#093(3E*B4D
n,54,0R # @,&' # $3&;(40;1R # % # 6/*2& # *2409X*%& # -3*,*+@%4%4*%5 # 3**354;43/ # -3*,*+@%4X1_ # %@,&' # $2(#
3$*H4344C1R#,GA314H6%5#4?+A%5%1#%#6/*2&#-3*;#-,(+?*5/D#n3*;G(3+A35#G355C1#%9#%*1,4X1#;*34(%A925%1#;0#
Kh

$F631#093(3E*B/531#$3&/0$3(;03#5',$25#%9#3$E24/%#;(9;03#$20,1#/(254R#0#(2W0,+2*1,99%5%1#%#
6/*2&#0,109H5F0;&;(3D
a?+%4,0%5 # -/&'3*A3531 # G309;+43W@5/12A?1(%R # % # G309;+C1 # $/5B0;&;(3 # ;0 # % # @3*'30H(20(%D#
p4/0$;43*63 # % # *3H(X # $%&'%( # 5'3*64%54R # 4?+%4,0%GG%5 # @%0952*A21 # % # 5'3*6C134 # &,5+,*%4%/1#
1/-3A39;0;(3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
!4"6/5<"6>$*A,
b94#%9#/+B09%1,4#53639/1#e+3%*/9$?0#3E,W@25%1#/0D#w,34@3#;*34(%A9%#;0#G%(2402&%#8W@/**3((3*R#0#%#
x,5 # [%(*,0 # 1/62*X # *3@34B0;&34 # %+5%1R # @,&' # % # 53$934/ # ;0 # 4:(4;53*$/ # 1%(%143(;G35 # $%&% # %#
4:(4;53*$/ # 1,( # 09X*H40% # $3& # % # 4/935:4 # ;630 # +/21,4D #"(%5' # q25,0 # ;*34E2*'2A%R # G%(2402&% # t34B-/#
825+,((%*R # 6%&' # %12( # % # a,*+/ # c # $/54 # % # $%&'%( # 5'3*6GB* # -%1%+X # *3&4/0942GG # -,((20 # c # 1/62*X#
%*43(5%4H624#A3*3543531D
k&'%5H&'R # @% # % # +(2$% # 4:(4;534;4 # 4%5?*A21 # %9 # X1,(/ # (/4?2*; # 3(3+34;4B* # % # $,+3(5 # 09H5@29#
1/%*%1?*202/&R # 5%&'093(F # -,(+H420,1G%5 # 2**5%1 # (35+3*139;0C51(3 # 6/*2&/(,+%*$/ # %*1,420,1D #"12( # %#
x,5#[%(*,0R#+3#E;*+2?*#%#>X$3X#;0#qQ*/%#/0R#6%&'#$;&#0,1#$20#%*1,420#/0#09XG%#A:@34U_#,*'%5#
$F631R#$3*'31#$3&09X*H4@%4A21#%#1%$%09,1#</+3%*/9$?0#/&;5';4=D#v&'#*3@34#%9#3E,W@%#3034*3&30#
W0QW0E,54A%#%9#b(90;G34.1,(/#S6%&'#1*%009/W/04%U#09H5@29#;0#09H5A240920#6/(2&920%D#t;*+2?*#3&'.3&'#
1,51(;4#+%(%G,4#4%5?*$25',9@%45%1#%#+/21,1_#4:GG#A3*35344HE?00%*#/0$3(13+@34531#$3&#$20.$20#
+%(%G,1GX*D #x3#@%#%# 1*%009/1?0#&:(:&#09H5@29@,9#4%*2*?51#6/009%#89,E@,1*;09#$F63/G35#c#%9#
"54/&,5;G%5R#%9#V/+/E?09#1/(2*'G%5R#6%&'#%9#b*314(2G%5#/0#c#%9#3$G3(/#*;4#%*%E634B#1;(+;03/#%#
*3&4/0942GG # -,($2G%5 # 634B+531 # -3*D # Y%&' # *3@34B0;& # % # 42(0%+%*$/ # ;0 # 6%**20/ # %0E314?0,1#
-3*6/**%542026%*#3&'G36345/#%#&:(:&#09H5@29#4:(4;534;4_#%9#b*314(%.4:(4;534#-3*G?11%520%/#%#d(D3D#TD#
0929%+#w:(:&,(092&2G%5D#"#&:(:&#09H5@29#6%*X02&25%1#093$G30H4;03#%#1;0BGG/#1,(,1R#/**3463#%#
A3*35#09H5A24092026%*#5%&',5#4%5?*02&,0#*3@34D#p*4%*2G%5#AX#3&'#43*A30#09H5+%(%G(%#;EH435/#%#1:9:0#
$?5124D#"9#/+B09%1,4#3&'#$,+3(5#09H5+%(%GG%*#/0#*3@34#92(5/D#a3($;09343035#3&'#+%(%G#09H5@29/#
$3&431/54;03#%#4;$%#-,54,0#1/3&;09H4BA3#*3@34D
f2(#%#+(2$%#$F-%A/02&2G%5#@,(+,99%#%94#%#*3@34B0;&34R#@,&'#%#6/*2&(%#0,109,(#09;*0B0;&3035#
(3%&2*X#1%$%094#$3&09X*H40%#;0#3&'093(0$/5+#;09(36;4*35C*#4C1(:4#2**H40,5#531/R#%#+(2$%/02&#-3*;#
@%A*XR # 6%&' # % # +(2$%/ # *;4@3*'9343134 # -3*+,*&,9X # 3E/1?0 # $F631 # /0 # %+@%4A21 # %9 # 3E,W@% # %5'%&24_#
l3,5@%(+ # n(%51_ # q;9?0 # 4%5H4625'%/g # )/**/%$ # w,*+/5& # _ # " # *3&'31 # ?(%g # a%$20/ # p(,5_ # pG3* # %#
(35&343&G35D # v&' # :009300;&;G35 # %9 # <%*%E1;(+;0= # /0 # 4:GG-;*31;EE35 # 43@34B # -3*_ # >35+ # ;0#
09%G%+02&g#"9#3$G3(#+(2$2A%#c#%#+(2$%#3$G3(3DDD
G)5$.(#"6>$*A,
"9 #3*B9B# <+(2$%/GG| #8H(20.3E,W@25%1 #% #Y3634;0.3E,W@%# *3@34 # 3**35E,54A%D #"# @?$,(,0#$?5121#
,*+X.3*35&3+BR#426,*02&;EH4B#@%4200%*#*3@34531#%#&'3(3131(3D#bE/1?0R#+(2$%/R#;0#*H(%/#$F631#/0#
%+5%1#*3@34B0;&34#%#@?$,(#1:9634*35#$3&;*;0;(3D#"12(#%#$2(#%9#3*B9B#3E,W@2G%5#42(&'%*4#1;4#
5%&'#1:*4B51R#"(%5'#;0#t34B-/#/0#09/543#$F-%A/#@%42(,1#5;*1C*#%#@?$,(,0#$F631#09;*30#E%*3442A24#
1H52*A21 # ;*34$F6C113*D # x3 # %12( # @% # % # <E2(@?9%$,0 # ;*34(%A9,152*= # %1%(?51 # $%(%+5/R # d%(/54@' # ;0#
d,094,*25'/ # /-AQ1,(/ # G%(2402&% # ;0 # %55%1 # 3$*;13/ # $;& # 5,63**21 # 09/54A;5 # /0 # 1/4F5B # *3@34B0;&34#
A3*3543531#%#@?$,(#$/G35*;4;531#;(9;13*434;0;(3D#dC*:5:035#d%(/54@'#n(/&'30#;*34$F63#%*1%*$%0#
%((%#/0R#@,&'#%12(#3&'#3$G3(#;*34Q4A25#G3*C*#/0#;(39@34B6;#62*A,5#%9#%#-309C*40;&R#%$/#3&'#/+3%*/04%#
3$G3(#0,(0%#;0#%#@?09%+/1#0929%+#6%*X02&%#1:9:44#2**S4U#-355D#73*'531#-3*,*+20%#5%&',5#0,109,(#
W0%1#%#@?$,(#*3@34D#w,5+,0%5#S{U#62*,&%46%#Y%&'#l%A,0_#d;E43*35#43($;0934(%A9%R#(1;5'#e04625#
b&'E3(W303/ # /0 # @/43*3035R # $;&/0 # <3*35&3+B35= # 09X*@%45%1 # % # +/21,1@,9D # Y3$ # 92(5251 # 1/ # %#
093$3*6;5'30#62*,&%420#*3@34B0;&;4#03$#%#(;&/#$%&'%(#/(,+%*,$4X*#1,(?51/&#S%12(#[0,1,5%/#T/4;9#
7/@2*'R#%12(#>,$@25'/#qX903-R#%12(#T%((X#x25/3*g#6%&'#aX4@#f;*%#%531+,4%&'FA43$;5'3R#7/10924@#
@?$,(%UD # " # 6/*2&/(,+%*,$GX* # 8@%130E3%(3R # ;0 # 7,*/3(3 # 6%&' # 7,(&35043(5 # 03$ # 3*63435+BD#
f309;*&34;0(3R#%9#;*3453+631#S@?$,?(~U#$3&/5+H4202(%#%#6H&A24;1,1R#5,63**21R#6/WW31#$/5+.$/5+#
%*1%*$%0%1D#T%&'#G3#*3@34#$?4%45/#3&'#@?$,(/04%#S&'%1(%5#-2A+%*$%0U#;*34(%A924D#"#6;&W;*#S@%#6%5#
/*'35U#53$#%55'/(%#%#<1,$/1?002&#3094;4/1%/#;(4;13*;03=_#0,11%*#/512GG#%9R#@,&'#G3$?4%00?1R#%#
@?$,( # ;*$;5'3 # $/1;54 # 62*@%4 # %9 # 3$G3( # 093$;*'/0;&-3A*3094;0;531 # QA%GG # +/$359/XA262R#
1%(%143(;531 # 3(3A;6;D #"# @?$,( # &'%1(%5 # 1:93*H4 # % # 4(%&/1?$@,9R # ;0 # H&' # % # 1,$;+/% # ;0 # 4(%&;+/%#
1:93*0;&3#/0#*3@34#6/90&2*%4?51#42(&'%D#"#53634;003*#;0#0H(200%*R#%#1,$;+/26%*#;0#4(%&;+/26%*#$/54#
<3094;4/1%/#5;9BE,544%*=#+,*&,96%#%#1/*35W3+/1#,0942*',0#+/21,1#$/5+1;4#3E,W@2G%5#$3&;*/1R#@,&'#
KL

% # 6/*2& # A3*350;&3/ # $/1;54 # *;439531 # 3 # 1;4 # 3**354;434 # 3&'30H4B # -309C*40;&;531 # % # 43(;G35D # b9#
*3@34B0;&34#1H52*#092$?1(%R#@,&'#-,($2*A21#0%A24R#5;@%#/&35W0%1#1/92(XS*%&,0U#S;*34U093$*;*34C134D
I//8:0":/"4&2)5
"9#/(,+%*$/#$?5121#4%(4%*$26%*#6%*X#$?5125#1H6C*#%#1/*35W3+/1#,0942*'#4%5?*X/#4,62GG#$F63*/1#;0#
-3A*3094/1#5'3*6@%0952*%4?1%4D#"#*3H(X#$%&'%(#5'3*64%54#24/0$;4*/1R#4?+20?1%4#$;*'H4/1_#@%#*3@340;&30#
/+3&35 # 5'3*6 # S(;09G35 # &(%$$%4/1%U # 4%5?*$25',92026%* # /0 # 1,$G/52*6%D # " # @3*'30H(20?1%4R # %#
1:9E,54,920 # @%0952*%424R # % # 09X@%0952*%4 # ;0 # 09/54%`/0 # 2*4%* # *3@34B6; # 4344 # 1C*:5-;*3#
1/-3A39;0$X+,11%* # 3&'C44 # 3(B0H4/1D # b&'-,($25 # &'%1,(,*A21 # % # 09?GA314H6 # *3H(X # 3009;1 # H(2024#
S4%(4%*,$A3&'9;113*R # 09:63&.:0093-,&*%*20,11%*R # ,0942*'G309;*&34;03113*R # G3092$,*X11%*R # 1;E31#
;0#1H0;(*3431#*3H(2026%*R#-3*,*6%0,44#09:63&31#3*$30;*;0;63*R#@%5&?*%4*3H(200%*UD#l3@34#QA(%#H(5/?1#
/(,+%*$/ # (;09*343134D #"# @%5&0Q*' # $/5+/& # % # 1(3%4H6 # $?512(%# @3*'3935+B_ # 04H*?01;090;&34 # %# W0%1#
+/21,1 # 2*4%* # H(4 # 09:63&31 # 2*4%* # *3@34 # -3A*309435/D # "# 6/*2& # -3*; # /(25'?*X # /54359H6 # ;(+31*B+;0C134R#
3&'093((3#@%0952*6%#;0#1/3*;&H463#G24(%5#*3@34#1:93*H435/#%#\\D#0929%+#6;&/#$%&'%(#1:*4;0934@39D
"#09XG3*/#$?51%#$3&@%42(,9X#4;$211%*#1%EW0,*%4,0#G309;*&34;03134R#E2(G309;+3134R#%9#;(63*;04R#
*,&/1?0#1:634139434;04#-/&'3*3$G3#636B#;(43139;03134#;0#%#+/21,1#3&';5/#G3092$,*X/4#4%(4%*$%99%D
892$,0#1*%009/1?0#;0#@?$,(,0#+%(%G#*;439/1R#%$/#3*B%+20(%#%*1%*$%0R#0#/**30913+/1#%#&'3(3131#
*3*1/0;&;@39R#/**3463#$/5+1;4#3E,W@%#4;$2A2@,9D
"9#%A25*,44#09;E/(,+%*,$GX*#,*6%0X5%E*X4#/0#1;09H4@34531#%#+/21,1D
!=)'/$00"542>(3$.,/$%
89,E@,1*;09_#V/+/E?09#1/(2*'R#"54/&,5;g#8@%130E3%(3_#>X$3X#;0#qQ*/%R#"#6/@%(R#7%WG34@g#w,34@3_#
"9 # /-AQ # )3(4@3( # 093563+;03 # ;0 # @%*2*%g # 8W@/**3(_ # x,5 # [%(*,0g # d%4,5% # qX903-_ # f251 # G25g #"(%5'#
q25,0_#a,*+/R#a,*+/#304;A3R#G%**%+21R#s09/1;1#Sd%EW0,0#1:5'6UD
"#\\D#0929%+/#1:*4;09343_#t/*/5091'#q25,0R#Y3$30#Y%&'#p&530R#Y%&'#l209*X#1:*4;09343g#1,(42(0#
1:*4;0934g # 7/10924@ # d2*$25R # 89354 # t;43( # 303(5'BA3R # qX1%/ # 7X(_ # " # 435&3(093$F # @:*&'R # b&'#
4/935@343+/1#0929%+/#1%*%5+,(R#"(%5'#q25,0#;0#t34B-/#825+,(#:00930#63(03
G$TS/+)U*1/."T+43+0
"9 # %5'%5'3*6/ # 5363*;0 # $/5+35 # 4%542(&'@,9 # 1%EW0,*X+/1D # dC*:5 # 1/3$3*35+B # % # +(2$%R # %#
G309;+-3A*3094;0 # ;0# %9# ;(4@34B # G309;+ # 43W@5/1% # &'%1,(*20% # $/%44g # ;0 # % # @%5&4%5 # 1%EW0,*%4% # %9#
3?(/4$/26%*D
GO)S/,+%$)#$0"f",+%$)#$0
x(2$%R # 4(%&;+/%R # 1,$;+/%R # 4(%&/1,$;+/%R # @?$,(R # %531+,4%R # 6/WWR # %+,$%R # A3*353439;0R # +(2$%/#
3*3$31R#A3**3$31R#1,5-*/14?0,1
"#*3H(X#$%&'%(#5'3*64%5#-,&%*$%/D
89:63&%*1,420R#09:63&;(4;0D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#$%&'%(#5'3*6#&(%$$%4/1%/#(35+093(;(B*#*3&'35#%#+/215%1#24431/54;03D
a?+A%#24;*5/#%#@%5&,1#1;E9;0;4#S1%EW0,*X+6%#%9#3?(/4$/%X(21@,9UD
"#09X#;0#A3*354;0#1%EW0,*%42(%#4?+A,5#(2431/5435/D
r(4BA3#;0#%*1%*$%9XA%#/0#*3&'35#%#$,5+%4,1#3*3$9;0;531D
V*6%0$25'%/4 # %*%E634B35 # ;(93*$/ # Q4,5 # 4?+A% # G3-,&%+5/D # b((B* # 4?+A,5 # 09XG%5 # ;0 # H(20G%5#
$3&5'/*625?*5/D#"9#3E,W@21,5#09C*30035#$3&#%#1;090;&#%9#/(,+%*$/#$F#1:9:0#G3-,&%+202(%_#39#
-3*4;43*39/#%#09:63&#;(4B#,*6%02024D
a?+A,5#&,5+,*1,+5/#%#+/21#%9#/(,+%*$/#$F631G35#093(3E*B1#A3**3$3/531#W0,E,(4,0H4202G%5_#4?+A,5#
%9,5,0?*5/ # % # @B0:113*R # /**3463 # %9 # 2*4%*?1 # 1;E6/03*4 # 1C*:5G:9B # 3$G3(/ # 5;9343134 # 4?+A% # C41:94345/#
:5$%&2G%5R#+3#$20,1G%5#/0D
e0$3(A35#-3*#-,*'%$%4,1#%9#/(,+%*$/#%*1,420,1G%5D
73$,(/43(_#L.!N#63(0R#+(2$%(;09*34S31U#/0$3(343D
=<N":5,+)&$#

KO

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#!ND#,0942*'#!O#;630#+/21A%/#$3&4%E%094%*A21#%#-C&&34*350;&34R#+3#%55%1#2(24#/0_#%#$%&25'4D#nB#
1;(+;0#092$?1(%_#<1/#6%&',1#;5z=g#;(+31*B+;0C1#:5$%&?1#-3*;#-,(+?*R#093(345;1#$3&;(435/#$/*'35#
3(B1#639;(*/1#%#6/*2&,4R#$/4B*#3&'3+/#6%*%$/R#@,55%5#092($%95%1#%#+,*&,1R#$/1#%#-3A*B+;0#/(25'%/R#
,1.,1,9%4/#:0093-C&&;03134#13(30531R#%#0%A24#Q4A?1%4#093(345;1#$3&4%*2*5/D#"#5'3*6#1(H9/02**%E,4G%5#
6%5#G355C1_#%#+/21,1#$2(#53$#;0#$;&#53$#1;E3031#1/-3A395/#G3*0B#4%E%094%*20?1%4#$3&-3*3*B#
$X+,5D
m'$02'23"=k>"U'$
I)Y8232/"3O*1/
" # +/21,1 # $2( # 092$,0 # /(,+%*,$3*$;*34/ # ;0 # 5'3*64%5/ # -,&%*,$$%* # 4%*2*1,94%1D # fB # 09X1/5WW03*#
62*4,9%4,0%5 # ;0 # 1(3%4H6%5 # -,&%*$%95%1D # w'%1,(*%4,4 # 093(39431 # /(,+%*$/ # $F631# 3*3$9;0;G35R # %#
A3**3$31R#303$;5'31#$3&H4;*;0;G35R#:52**X#6;*3$;5'-,($2*20G%5D#b931(3#%9#/0$3(3431(3#*3@34#
;EH435/D
J$431'%&.",2V)2/83:/."S:)+0
" # 09:63& # 4%(4%*$24 # ;0 # % # G309;*B # 0925+;1,4 # 4C1(:9B # 1/-3A39;0$X+ # 3091:93/531 # G/94,502&,0#
%*1%*$%920%D # d,$$?5/12W/X0 # -,*'%$%4 # :0093436B/531 # %9,5,0H420%R # ;(43*$39;03D # b*$;*'C*;0 # %9#
;(63*;0 # 43W@5/12/G%5R # $X+093(3/531 # @%0952*%42G%5D # 8%A24 # 6;*3$;5' # 1/%*%1H420%R # $20,1#
6;*3$;5';531 # 3*-,&%+20%D # dC*:5G:9B # 1,(04H*?0,1%4R # 04H*?0/(25'9%4,1%4R # 04H*?0(;43&3134#
(3E(393542*X#09:63&31#$3&/0$3(;03D#8%A24,002&%/1#-3*/0$3(;03R#;(43*$39;03D#V*6%0@%4X#3&';5/#
H(20$X+R*;5'3&1/3$3*B#:52**X#A3&'9343*;0/#43W@5/1%/#1/%*%1H420%D#89:63&%*1,420#$/5+35#$F-%AG%5D#
n3*1;09C*;0 # % # 5%&',GG # %5'%&&'FA4;04R # :52**X # $?5124 # /&;5'*B # 09:63&31 # H(202(%D # 52**X#
629*%41;09H4;0 # 1C*:5-;*3 # 3*A2(20,11%*D # 89:63&31 # E,54,0R # ;(43*$39B # -3*/+;9;03 # ;0 # :52**X#
(3E(,+?12*20% # % # W;*5%1 # $3&-3*3*B35D # " # 5'3*64%5/ # /0$3(3431 # :52**X # %*1%*$%920%R # % # 5'3*6/.R#
5'3*6@%0952*%4/ # A3*350;&31 # $3&1:93*H4;0;G35D # Y'3*6@3*'300;&/ # E(,G*;$21 # :52**X # $3&,*+20%D#
x(%$%4/92*4 # -,($21R # +/%*X&?0,1 # :52**X # ,*6%020%R # 1/+,*&,920%D # d,5-*/14?01393*;0/ # 3*A2(20,1#
4%5?*20%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
J/5<"6>$*A,S
"#4%543(6#%9#;09%1/#$/4,*X&/24#A3*:*/#$3&#4%5%5'%&1;54D#a:GG31#1:9:44#(;09*343134#%9#b++2GX*R#%#
T:*0?5&% # 0%&%GX*R # %9 # e9*%5+/ # 0%&%GX*R # % # Z/*+3G(%5+0*/3+ # (;09*343/4D # b931 # % # -/%4%*,15%1 # ,*'%5#
1;E3134#5'QA4%5%1R#%$/1#03&H43531#@3*'34430H435/#0%A24R#:5$%&?11%*#093$G35/#-3*3*B00;&C134#%9#
B0/#6;((,1,502&&%*D#"#Y/G3*?5&.;531#093(3E3*#%#4%5%5'%&G%5R#(;09G35#,*6%06%R#(;09G35#%#4%52(#
2*4%*#$30;*63D#"9#3993*#6%*X#$?51%#0,(25#%#+/21,1#4:GG31#1:9:44#-3*-3+39/1R#@,&'%5#%*%1?*#24#%#
$/4,*X&/%/#1;ER#1;E.4?+%4#/(,+%*$/#1;E311;R#$%A+#3E/1?0#1:*4;09344;D#"#Y/G3*?5&.;531#$/54#0%A24,0#
3?(XE%/#4?+%41:9634H4B#$F#3$3*35+B#1/D#d3(3094;5'0;&#3*B44/# <4?+%4-,*'%$,1G%5=#%9,5G%5#4%*25#
1:9634*353GGC* # 6/009%63934 # $/5+ # 1;E/*3&R # $/5+ # %9 # B0:094:5:0 # 1:*4B/ # 5'3*6@%0952*%4 # 2*4%* # %#
d%*36%*%D # 8 # 39 # $2( # $;*' # 2(%$%/G%5 # :0093;(@34 # %9 # 3&'/1 # 4:(4;53*3$3E,W@% # 3(3+3413(30B#
/$E?*9?026%*D#7/5+393135#4Q*#24-,&X#4;$%#*3@34#%#$F631#4;5'*3&30#4%(4%*$25#1H6C*#c#%#$H4,09GX*#
%9#/(,+%*,$G%#6%*X#24$3534#6/90&2*%4%D#7/@3*'4#%#4%52(#X1,(/#$/4,*X&/24#4%5?*#%#+/21,11%*#c#$/54#%#
w/*&%$30#3E,09R#%9#}4304%$354?$R#%9#e*/209#6%&'#%9#V+C0093/%#6%&'#V6/+/?0#734%$,(E@,030%#c#
*3@340;&30 # ,*'%5 # $,+3(5 # $F631GB* # /0 # $3(H435/R # $3*'31G35 # $/4,*,&/1?0 # 4;$21 # 6%&' # -,($21#
093(3E3*531D
G)5$.(#"6>$*A,S
"#$20,+/1#/(,+%*,$3E,W@%#-,&*%*1,9@%4#%#$,+3(5#/(,+%*,$G%5#4,62GG#;*B#Y/G3*?5&.$,4H6?$,11%*D#
b9 # 1/62*X # *3@34B0;& # %55%1 # $3&-/&'3*;0;(3R # @,&' # $/1;54 # %*%1?*4 # %9 # 3?(XE%/ # 4:(4;53*3$G35 # %9#
3$G3(/#4?+%4#-3A*B+;03R#%9#3*$Q*4#K.PNN#;6G35D#720(;094#%#+/21,15%1#1/W0/4#-3543GG(B*#E/**%546%#%#
<1;(+;0(3=#;(+3$30#%9#:0093?(XE%/02&G%5#6/90&2*5/#394#%#4?+%4-3A*B+;0/#6,5?*%4,4_#AX#*3@34B0;&#%9#
e*/209.V+?0093/%R # e*/209."353/0R # e*/209.Y/G3*?5&.;531R # /**3463 # Y/G3*?5&.;531.f?+% # @%*2*%R # 0B4 # %9#
<2*4%*25,0 # 3E,09-,($%= # ;0 # d%*36%*% # S3034*3& # 89/&34/ # 63093+3*3$U # :0093634;03134 # 3*6;&395/D#
Z24(25'%#35531#%#42(&'%*205%1R#@,&'#13(343/G35#%#$%&'%(#1:*4;0934#@244;(G3#09,(?*D#rEE35#39;(4#
KK

%A25*%4,0 # % # +/21,1 # :094:5:0 # 3(3+3413(30B # 62&'24 # 3034*3& # 3*63934@34AC1 # % # $%&'%(.*%4/5 # 5'3*6F#

*3&35+21#/(25'2G%#S89354#l209*XR#89354#e04625R#89354#7%(&/4#*3&35+2/UD#"9#/0#53$934C51#G3*0B#
093**3$/.1?*4?(2*/0 # -,*'%$%4%/5%1 # /9&%*$%0 # 6/90&2*%4/ # 42(&'% # *3@34R # @,&' # $/1;54 # ;*#
5;E1:*4;0934C51G35R#/**3463#%#1;E9B$F6;0934C51G35#$2(#%#091H4%#2G(29,*20,14X*#3(3+39434@34B35#
89354 #l209*X#%*%1A%R #6%&'#$/1;54#@%4#3*#%#[0,+%-/Q#09%(6%0#;0#89354#e04625#1:9:0#1;E3#Y%&'#
l209*X#1:*4;0934;G3D#
J5542#"25"'76/C"E/6A6052-65"-7,#$3/+"+3)#"(5FB
" # +/%*314/1?0 # 4;$211%* # 6%*X # $?5126%* # % # +/21,1 # &'%1,(,*@%4A21 # %9 # 3**354;430 # 6;*3$;5'31#
$3&42(&'%*2024#;0#1;E6/03*34;4D#b9#H(20G%5#;0#09XG%5#3&'%(254#6;&39@34BD#f2($3*'/1#/(,+%*$/#$F#
093(3E*BA;(B* # A3**3$9;04R # A3**3$31R # 1,5-*/14?0,1 # :0093634;0;4 # H(5/ # 09/54;5 # 1H625%4,0 # -3*%+%4R # $2(#
3GG35#%9#;*341,(G%5D#"#1;4#$%&'%(#3E,W@2G%5#c#/**3463#%94#1/3&;09H435+B#c#-,54,0#6/90&2*X+20/#
%5'%& # % # Z%*,44/ # G309;+ # ;0 # 1:5':(&;0 # ;0 # %9 # }$%&'%( # 72(/%.0/(%*,$D # 7/5+ # % # 1;4 # $F # $/54#
09:63&3$*;131 # %*%E634B # ;*$;5'3134 # 5'QA4%5%1 # % # +/21,15%1_ # 0%A24 # ,*6%0%4?1 # 1;09H4;03 # 1:9G35#
(2;G(3+531 # K.P # ;60929%+ # +:54B # 5'3*6/ # 62*4,920%/(%D # b1:9G35 # %*1%*$%9@%4A21 # 3*B9B # ;6G35#
3*$;*'H4344#@%5&4%5/#/0$3(343/134#;0#4:(4;534/#62*4,920/#-,*'%$%4,1G%#E/**%54@%45%1#%#&(%$$%4/1%R#
+3#%#$%&'%(#H(20(35+093(#;0#@3*'30H(20#-,($2*X+2025%1#$3&-/&'3*;03#(;6;5#/0D#"#$%&'%(#/(,+%*,$#
43(C*34;5#%9#3(3+3413(30;0#Q4A%1;54#S0#H&'R#%#f?+%#@%*2*%#E2(@?9%$%1;54#/0UR#+3#A3*35C51#53$934/#
1;(+;03/(3#62*%091;54#/0#09,*&2*@%4#%#\e\D#0929%+/#1:*4;0934C5113*#6%*X#-,&*%*1,920D#"#(3-,($1,((%*#
;0#-B*3&#%9#%54/1#4:(4;53*$/#4%5?*$25',11%*#/+32*/0#1%EW0,*%4G%5#*3@34531#(34,(/1%/#-,&*%*1,920,1#%#
5'3*64%5X(21,5_#43($;0934093(F35#%#4/094%#&'%1,(*%4/#$3&6%*X0?*20?1#%#1H625%4,0D
!=)'/$00"542>(3$.,/$%
7,*/3(3_#"#-:06;5'R#a%(4?--3g#)D#8@%130E3%(3_#7%WG34@R#"#63*35W3/#1%*$2(g#bDaD"D#Z,--$%55_#"9#
%(%5' # 6/(2&W03(;ER # d*3/04_ # " # W@/*3/ # -:*+(35&;0R # f%*9%W_ # w,(/,4 # %EXR # "9 # 3*6309344 # /**Q9/X1R # "#
09%$2(GB(g # f(3W@4_ # d?(290/ # $%$%R # T:(:0$%(4' # 7/@2*'_ # [0,5&,( # ;0 # aC5+3R # w'3(&'%/ # Sw3(&3/U#
"*G3(4_#p(&';*?0#@/04X(/2A%R#S5;EU$303_#aC5+;(#e*,5%R#t34B-/#825+,(_#"9#%E,04,*R#o4/1;E31R#"(%5'#
q25,0_ # f?+% # @%*2*%R # 89;W@;5'/ # e04625 # 5%E*XA%R # Y;$34@ # l209*X_ # e(&%*,$R # d3(4;09 # e$(3_#
8,(04%*%502&R # (1;5' # e04625_ # aX4@;1R # n(%59 # d%--1%_ #"# E3(R # Z3($%55 # Z3003_ #"# E?094%/ # -%(1%0R#
8%*/5&3(_#%G@3&'39BR#7%?(/%W_#"#093(3*3$#0/6%4%&%
"#-3*6/*2&,0,+20#;0#(3-,($1,(#1:*4;09343_#f3(9035'/R#[0,1,5%/R#d:*W03'R#T:(:0$%(4'g#"+'.R#f%G/40.R#
d,094,*25'/.1:43431R#(H5'/#7/1*X0_#89/&34/#63093+3*3$g#Z,$;(,09_#e*/209R#V+C0093/%g#x%543_#e0435/#
09H5A24;1
G$TS/+)U*1/."T+43+0
"9 # %5'%5'3*6/ # 5363*;0 # $/5+35 # 4%542(&'@,9 # 1%EW0,*X+/1D # dC*:5 # 1/3$3*35+B # % # +(2$%R # %#
G309;+-3A*3094;0#;0#%9#;(4@34B#G309;+43W@5/1%#&'%1,(*20%#$/%44D
GO)S/,+%$)#$0"f",+%$)#$0
f309;+@%**20R # @%**20 # ?425/ # ;(4;0R;(4@34B # AX* # %(4/1?*2*4 # :0093-C&&B # G309;+R # 5'3*6/ # ;0 # 53$ # 5'3*6/#
1X+,1R # 1?*4?(2*/0 # ;0 # $%&%4%(420G3*/ # A3**3$9B1R # $,5,*X&,1 # ;(43*$39B # 4,*$2W0,*20%R # 3*4;(B#
1,$$?5/12W/X0#W;*Q#09:63&4HE?0,1#5'3*6/R#09:63&@%0952*%4/#A3**3$9B/R#*,&/1%/#1%EW0,*%4,1D
d,@3(35W/%43(3$4B#3*3$31R#09:63&31#1,$$?5/12W/X0#;0#$F-%A/#A3**3$9B/R#1(3%4H6#H(20D
"#09X-%A/R#%#$,5+%44%5/#%*%E09/54F#5'3*64:(4;534/#/0$3(3431#%*1%*$%920%D
89;E/(,+%*$/#$F631#(;09*3430#09:63&@F#-3*/+;9;03D
89X1/5W0R#-(%93,*X&/%D
"#$%&'%(#5'3*6#(,1,502&%R#4:(4;5343D
"#-BGG#5'3*64:(4;534/#1,(09%1,1#;0#%#*3&-,54,0%GG#5'3*63$*;131R#5'3*662*4,9%4,1D
"#$%&'%(#5'3*6#%#6/*2&#5'3*63/#1:9:44D
bE,09R#E;*+29%4,0#4:(4;534R#*3&35+%R#3*G309;*B#5;9BE,54R#5%((2W/XR#A3**3$9;0R#@B04HE?0D
"9#/(,+%*$/#;0#1?*4?(2*/0#@%&',$25'#c#@3*'/#1:4B+;0R#53$934/#/+354/420R#(3&/,52*/0#1?*4Q(%R
4,E,09,1R#$,4H6?$,1R#3094;4/1%/#$/5B0;&31D
!",2V)2/83:/"51'3"2'2*#:4&2.

KP

"#09X#;0#A3*354;0#6/09,5'24#;(4B# $X+,5#4?+A%# -3*+,*&,95/#%#+/21_ #*200,5#%#$;*';(3#%#5'3*6C51#

4:(4;534/#62*4,920%/5%1D
a?+A%#3*@3*'395/#%5'%5'3*6;4#%#6/*2&#SE*D#%9#2*4%*%#4%5?*4U#5'3*63/#1:9:44D
89X42(@%0952*%4R#A3&'9341;09H4;0R#1;090;&09/5435#*3&'35#$3&#%#+/2152*D
a?+A,5#3&'G3-C&&B#09:63&34.G309;+34#H(5/R#/**3463#%94#09%G%4,0%5#3*B#/0#%+5/D
q?00,5 # 3* # % # +/21 # %9 # 3&';5/ # ,*6%020 # 1?*4Q(2A2/&_ # 0%A24 # ,*6%0$25',1 # 1/62*%09420%R # % # 1:43*39B#
,*6%0$25',1#;(4B#-3*+,*&,920%D
l3&'35 # 1;E30 # %9 # /(,+%*$/ # %*1,420,1 # 093(13934;531R # W03*31$;5';531 # 24431/54;0;(3g # % # 6/90&2*4#
$F634#:009343440;&;G35#*245/_#4;$21R#093(3E*B1R#303$;5'31D
7F53$3134R#$F-%A,1%4#/0$3(A35#-3*D
73$,(/43(_#:4.4H9#63(0R#+(2$%R#/**3463#E(X9%(;09*34S31U#/0$3(343
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#!!D#,0942*',0#+/21,1#3*;(139531#%GG%#%#1,(G%R#%$/1,(#%#42(0%+%*,$#24-,&X#6%*X02&2G%5#13(30/1#
093(3EC134D # r(+31*/1 # B134 # %9 # :009343443GG # *3*1/ # -,*'%$%4,1R # 09,W/2*/0 # ;(9;135'0;&C1 # 5:63109/1R#
%$/54#%GG%@%&'A21#%#6/*2&#303$;5'3/#-3*344#6%*X#E?094%#H4;*139;04#;0#-,1,9%4,0%5#(2A:5531R#@,&'#
(;094 # 62**%*@%45%1 # % # 6/*2& # C&'3/531 # -,($2*202G%5D # b&'(3 # /512GG # % # 0%A24 # 4%E%094%*%4%/1,5#
5'?&09%5%1#H4;*343/1D#8%A24#;*34Q4A?11%*#139+3531#3*#-,&*%*1,95/D#7,04#$2(#$3&5B#%#-,54,002&%#
%55%1R # @,&' # % # 093$;*'/0;&C1 # -3A*3094;0;4 # 09,*&2*X # ?4%4 # 1:6300;1D # 72( # 139+/1 # ;(9;13*5/ # %#
6/*2&@%42(,1%4_ # 0 # 093(345;1 # /0 # $3&@X+H4%5/ # %9,1%4D # bGG35 # % # $2( # 6/*2& # -3*; # -,(+?*X # /+B09%1G%5#
-,54,0#%#1(3%4/6/420R#@,&'#$/5+351/#(24%*2*A,5#%9#:51/-3A39;0#092$2(%#*3@340;&30#*3&%*1%*$%0%GG#
-,($2A2(%D #"# $%&'%(X(21 # %94 # %9 # /&;5' # /&'3139531 # 1/3*;&H435/R # @,&' # % # 5'3*6 # 1C*:5-;*3 # 09/54A3/4#
+/--3(35W/2*4%GG%5 # ;0 # E,54,0%GG%5 # ;(9;13*@300;1 # ;0 # 03&H4/R # @,&' # % # +/21,1 # 3&';5/GG # $X+,5#
1:93*H4@300;1#$3&#%#5'3*634D#"9#X(21#W;*A%R #@,&'#%#+/21,1#/54359H63GG35#1,5-(,542*X+A%5%1#%9#
3$G3(#G3*0B#6/*2&26%*#;0#%#-,*'%$%44%*R#$3*'531#0,(25#$3&4%*2*A%#;5.4?+%424D#"#+/21,1#-,1,9%4,0%5#
(2;G(3+531#%#$20,1#/(254/#-3*3*B00;&C1(3D
m'$02'23"=k>"U'$
I)Y8232/"3O*1/
"9#3*B9B#,0942*',1G%5#$2(#%#&'3(3131#3*0%A24H4,4421#%#09:63&;(4;0#;0#%#09:63&%*1,420#:00930#
1;E300;&;4D # a?+5%1 # 3&'G3-C&&B # 09:63&34.G309;+34 # H(5/R # 1;E3031 # %9 # /(,+%*$/ # %*1,420,1#
093(13934;531R # W03*31$;5';531 # 24431/54;0;(3g # % # 6/90&2*4 # $F63134 # :009343440;&;G35 # *245/R#
-3*/0$3(/1#%#$F-%A,1%4R#$F53$3134D#b*#4?+A21#@3*'395/#%5'%5'3*6C134#%#6/*2&#$20#5'3*63/#1:9:44D#
b931(3#%#1/%*%1?*4#1;E300;&31(3#;EH4C51#%#!!D#,0942*'G%5D
J$431'%&.",2V)2/83:/."S:)+0
" # 1,$$?5/12W/X0 # -,*'%$%4 # :0093436B/531 # %9,5,0H420% # ;0 # ;(43*$39;03D # " # 5,563(G2*/0#
1,$$?5/12W/X#%*1%*$%920%#1C*:5-;*3#1,$$?5/12W/X0#@3*'93431G35D#"9#;(4B#-/&'3*3$#%*1%*$%920%D#
"9 # ;(63*;0 # 4,62GG-3A*3094;03R # *,&/1?0 # &,5+,*%4$3534 # 1/%*%1H420%D # " # 1,$$?5/12W/X0 # 9%6%(,1R#
1,5-*/14?0,1 # -3*,*+2025%1 # 3*A2(20%/D # e$E(,6/92W/X0R # 09H5E%+/ # $?51%D # " # 09X1/5W0 # -,*'%$%4,0#
&%9+%&H420% # % # 5'3*6 # $/5+35 # (;43&;(3 # 1/43(A3+B35D # dC*:5G:9B # 04H*?0,1 # ;0 # 04H*?0(;43&31#
09:63&%*1,420/ # &'%1,(*20%D #"# $F631 # $F-%A/ # 43($;0934;531 # $3&-3*3*B # 3*A2(20,1R # $3&1:93*H4;0/#
$X+,1 # &'%1,(*20%D # dC*:5G:9B # ,*6%0,44 # 6;*3$;5'31 # :0093634;03R # ;(43*$39;03 # ;0 # 1(/4/12A%D#
dC*:5G:9B # 1,(04H*?0,1%4R # 04H*?0/(25'9%4,1%4 # (3E(393542*X # 09:63&31 # $3&/0$3(;03D # n3*1;09C*;0 # %#
5%&',GG#%5'%&&'FA4;04R#:52**X#$?5124#/&;5'*B#09:63&31#$3&/0$3(;0;(3R#H(202(%D#"+,44#-3*%+%4@,9#
4;$2@,9 # 629*%4 # %*%EA25 # 1C*:5-;*3 # $F-%AQ # 09:63&31 # %*1,420%D # 89:63&31 # E,54,0 # ;(43*$39B#
-3*/+;9;03 # ;0# QA# @3*'934G35 # 6%*X# %*1%*$%920%D # d,$$?5/12W/X0 # 303$;5'31# ;0 # 09:63&31# :52**X#
3*3$9;03D#Y;9BE,54,1#;0#%#5;9BE,5462*420,1#-?51W/XA25%1#;(43*$39;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20

K]

J/5<"6>$*A,S
),*-(%$ # 6,5 # b0W@35G%W@ # t%(9/6%*A% # %9 # 3E,W@% # 1:9;EE,54/ # 4;$2A%D # " # 1:9;E1,(/ # /(,+%*,$ # 3#
$3&@%42(,9,44#$F6;63*#6%*X#-,&*%*%4,002&?515%1#%#<4?+%4#36,*QW/XA%=#WH$34#/0#%+@%45251D#"#!!D#
,0942*',0#+/21,4#G3*0B#/&;5'3#@%0,5*X#093**3$/#/(25',1G%#43(3*/D#b@@39#%#t%(9/6%*.G%5#4:GG#-,54,0#
%0E314?04 # /0 # $3&4%*2*@%4_ # % # 4%*2*1,9204 # % # 1:9;E1,(/ # ?+6%(/ # 6/*2&&%*R # 4%*2*1,9204 # 3&' # ,*'%5#
42(0%+%*,$#1,(*24%/6%*#S;0#*3@34B0;&3/63*UR#%$3*'34#1C*0B#3*631R#(%A4%#1H6C*#2**X#3(B1#/(25'H4%5%1g#%#
w%%5.$3**;1W03*31$;5'4R # %$/ # %9 # 3$G3(/ # 0:4;4 # $;*'0;&3134 # ;0 # % # <43 # $3& # ;5= # 1%EW0,*%44%*#
:0093-C&&B # -3*%+%4,1 # 3&;09 # 1,9$,0924 # 42(A% # -3*D # 7%&24 # % # t%(9/6%*.4:(4;53434R # %$/ # %#
G3-3*;-,(+?*20(%#;0#%9#3&';5531#%#G?120R#GF5R#63931*;0#;0#13&'3*3$#2**,$20%/5#24@%*%+X#Q4A2(%#
:009E,54,0?*D#"#t%(9/6%*.4:(4;534#:5$%&2G%5#5363*;0/#3091:9#*3@34_#%#4:(4;53*$34#%9#2*4%*25,00%*#
;0 # %9 # 3&';5/63* # 1,$G/52*A%R # % # -3A*3$;5'31 # 0,(% # 1:55'3GG35 # 24431/54@34BR # $/54 # 3&' # $,+3(5#
5,63**2G%5D#v&'#-,54,0#S%9#24*;E@3434*35#5'3*6/.3094;4/1%/.@%42(,1#3**35;(3#i6%&'#4%*25#%552*#/512GGj#
/0UR # @,&' # % # 1:9;E1,(/ # 3$G3( # 09/&,(Q%5 # -,($2*4 # ;0 # G3-3*; # -,(+?*X # *;5';63* # 6%*X # 4%*2*1,9204 # %#
4:(4;53434 # ;*BG309;+G35R # 1:9634*35 # 1;E/0;&&3* # ;*@300;1 # $3& # % # +/21,1_ # 0%A24 # Q413(30;0C1@:9#
$3(H43531 # 3(B4 # 3GGB* # % # $FGB*D # n,54,0R # @,&' # % # 4%52(/ # G3$?4%420 # 2*4%* # /0$3(13+A3531 # $3& # %#
4:(4;53443*R#3&'.3&'#(;09;4#%#4:(4;534531#%#$3&/0$3(13+;0#?425#1%EA21#1;9@39#;0#,44@,5#,*6%0021#
3*D#b9#%9#?+6%(/#$F#092$,0#*3@34B0;&34#1H52*#3009;H(20(%R#&'%1,(*%4(%#%#5'3*6#;0#5'3*6/#04(?14Q(%#
$3&%*1,420%#43(;5D#a:(4;53*$/#4%5?*$25',1#;0#%9#/(,+%*$/#-,($21#:0093-C&&;03/531#6/90&2*%42(%D
720,+/1#3E,W@%_
"#$20,+/1R#%6%&'#<%*43(5%4H6=#3E,W@%#42(&'%#/&35#0,1-;*3#*3@34D#Z%#-,*'4%4A?1#%#5%&'#$%&'%(#1:*4B1#
;*34Q4A25%1 # ;0 # 1:*4;0934;531 # 6/90&2*%424 #"+' # b5+(3 # ;0 #"(%5' # q25,0 # ?425# qX903- #"44/*% # :5$%&%#
1?4%4X # $%&25',0 # 0,(0%R # $%&%002&%/6%* # ;0 # $;*'0;&3/63* # 3&'3+C*2**X # *3@34B0;& # %((%R@,&'#
<1,$E*3$3543(3=#*3&'35#%#t%(9/6%*.4:(4;534531D#"#$%&'%(3E,W@%#WH$;4#53$#0,11%*#%#1:*4B#@%*2*%#
3*B44 # 1/%+,44 # &'FA43$;5'30 # 1:434;531R # % # 73+63425W5%1 # % # $,44XA% # 3*363 # 0?&%**A%_ # <t,1,*(% # 13**#
%55%1#$355/DDD=
n,&*%*1,9@%4#%9#/+B09%1#%#t%(9/6%*.$,4H6?$,1#$3&A3*35;0;63*#%#\e\c\\D#0929%+/#/(,+%*,$G%5D#
892$,0#%(W@34/E/1?0#4;$%#A3*35/1#$3&R#QA(%#;0#QA(%#%9#/(,+%*,$G%5R#%@,*#QA#093$E,54,1GX*#1393*/1#
B134 # ;0 # $20 # $3&,*+20,1@,9 # 63934@34531 # S%9 # :52**X # 093$;*'/0;&&; # 62*20 # -,*'%$%4%R#
/043513(30;03R#%#-2A+%*,$#3*093563+;03#;0#,1,920%g#<43#$3&#;5=R#%#093(3434M093(3*3$#$/5B0;&3R#%#
GF5 # ;0 # 63931*;0R # 43443/51 # 1:634139$;5'3/;(4 # 6%*X # -3*3*B00;&R # 4,*3(%5W/%UD #"# 4%52( # 62*%0942024X*#
-C&&R # @,&' # %9 # /(,+%*,$4:(4;534(3 # 1,5W354(2* # 6%&' # /512GG # Q&' # 4%5?*$25',9 # 09/0943$%4/1?0%5#
4;$21%4R#%@,&'%5#%9,1#$3&A3*35531#5;@25'#1/62*%094,44#$FG35D
n,*'4%4@%4X # *3@3453 # %9 # 3*B9B # ;6G35 # &'%1,(*X # X(21,5 # $3&139+344 # </0$3(13+;0= # % # \e\D # 0929%+/#
$%&'%(#(,$%54/1%#/(,+%*$25%1#1:*4;0934;63*#Sd:*W03'R#T:(:0$%(4'R#t34B-/R#"(%5'UD#b9#1/431/54;003*#
A2(@%4#%9#3?(XE%/#(,$%54/1?0#/(,+%*,$(%#/0_#%5&,*R#5;$34R#,(,09#(,$%54/1%D#7/5+39#%#42(0%+%*$/R#
E,*/4/1%/R # $F6;09/ # ;0 # -/*,9X-/%/ # @2443(;63* # 3&'343$G35D # e+3 # *3@3453 # 6355/ # 43$%4/1?0#
$3&1:93*H4;03134#/0_#E*D#%#1;E93*34#093(3E3#%#$F6;09/#093$*;*34G35g#%#(,$%54/1?0#@B0#093(3E3#%9#
/(,+%*$/ # $F631G35R # %6%&' # % # 9035/1?*4?09 # $3&A3*35;0/ # -,($2/D # x3 # 3*1;E93*@34B # % # 4:(4;53*$/#
4%5?*$25',1 # E2(@?9%$%1;54 # 3&' # <43*A30= # 24431/54;03 # % # $%&'%( # 1:*4;0934531 # "(%5' # q25,0/&D#
a?+%4-3A*3094;0C51#1:634;03#%9#/0R#@%#3&'.3&'#$%&'%(#-3?+2*/0#1,(/#S0929%+?51#5%&'#1:*4BA;G35#
1/1(/042*',0,+X#093**3$/#$%&%4%(4204#;0#<$F1:+;04=#-/&'3*AC1#;0#@%0,5*H4A?1#%9#B4#$3&3*B9B113*R#
/**3463 # 1:634B113*D # t;*+2?* # %9 # %*2GG/ # <5',$6,5%*,5=_ # q%5?0 # t%55,5/?0 # c # f%*%00/ # c # (/5'/ # c#
[0,1,5%/#.#d:*W03'D
89/54;5 # 1;935-316B # $X+,5 # 1H52*1,9/1 # %9 # 3*B9B # 3E,W@% # 3**35EX*?025%1 # % # \e\D # 0929%+/ # 3E/1?0#
/(,+%*,$$%* # 6%*X # -,&*%*1,920 # t?01/54X* # [03@,6/& # ,*'%5 # <4C1:($340934;4= # 63@34AC1 # H&' # %#
13*34.3?(XE%/02&5%1R#$3*'G35#$/5+%55'/%5#@/43*3035#*24A?1#$3&#$;&#A3*35C5134#/0D#"9#,0942*'#*3*1/#
$/5B0;&;4B*# -C&&B35# %9# 3E,W@%# 1:9;EE,54/# 42(&'2G%# 62*%094@%4X# t?01/5#"5'3&/5A3R # l3($,54,6#
d,(?51#@B03D#x3#4%*25#*3&4%52W0,0%GG#3GG35#%9#;*341,(G%5#%9#e6%5#e*A/W0#@%*2*26%*#;0M6%&'#%#fF5#
;0#GF5@B+;003*#-,&*%*1,95/D#w,&,*#;0#[03@,6#5,63**2/#03$#3*13(C*35+B1D#V*'%5#%*%1,1#A3*35531#
$3&#3931G35#%#$F631G35R#%1/1531#%#<$3&/0$3(;0;63*=#%#A3*351,(/#3$G3(/#E(,G*;$21/&#/0#c#H&'#
:5$%&2@,9#c#%#*3@34B#*3&1:9634*353GGC*#;0#3&'093(0$/5+#*3&1:93*3GG#A?4@%4#%9#,*6%0XD#"#+/21,1#
3931G35#%#$F631G35#0,(0,1%4#1:634@34531#5',$,5D#73&/0$3(/1#%#09*26#1?*4Q(%#3&'#093*34;4R#%#
13*34.3?(XE%/02&#-,&%*$24R#392*4%*#1:93*3GG#A?4@%45%1#0%A24#&':13(3/1@39D
"#$%&'%(#(3&;5'/(,+%*,$G%5#4%*25#%#7/+209.$,4H6?$#42(&'%*20%#A3*354@34#6%*%$/-;*3#E2(@?9%$,4#
SqX1%/#7X(_#"9#%(%5'3$G3(R#"$G(?0#,*425_#7/+209#1/(2*'U
PN

b009;1#;0#5'3*6S#%#*3@340;&30#&'%1,(*X#X(21#/0U
b935#%9#;6-,*'%$,5#$2(#$3&-3*3*B#-,($2A2G%5#A3*35@34#$3&#%9#3*3$9;0#$/54#H(20G3*/#&'%1,(*%4_#
:52**X%5 # 6;&9344R # $X+093(30 # %5%*/92*20GX* # 09C*34@34531 # $3& # % # +/21,1 # 6/4%*/42026%* # ;0#
1(3%4/6/42026%* # 24@%4,44 # 09/54;9/0 # ;(4;1F # 3009;1D # b9 # 1,(2GG%5 # 53$ # *3@34344 # W0%1 # 426*%4/ # W;*R#
$,04%5(%#6/09,54#$2(#3*62(201;54# A3*35@34#$3&R# @/0935# %9#?4,*0X#;6#H(20G3*/#;630#$?512A25%1#
3*139+;0;@39#35531#$2(R#3*35&3+@3434*35#%*%E1;54#$3&#13**#*355/3D#k&'%5H&'#5%&',5#-,54,0#%9#
3*0%A24H420%# S-3*/0$3(;0/#;0#%*1%*$%920/#1;090;&# -3*/0$3(;03U# %#1C*:5G:9B# 5'3*6/# 04H*?0,15%1_# %#
@%5&0Q*'4#/44#/0#%#&'%1,(*%4/#-3*%+%4,1(%#13**#@3*'395/D#"#+/21,1#$2(.$2(#1;0935#2**5%1#3*A:6B#-3*5B44#
;*34C1#-3*;#$3&4355/#%9#3*0B#*;E;03134_#%*%E634B#03&H40;&#092$?1(%#%#1,$$?5/12W/X0#42A;1,9X+20/#
$X+,1#/0$3(343#c#%12(#%#1:9;*34/R#%12(#%#4?+,$25',0#5'3*6@%0952*%4(X*#6%5#09XD#"9#3009;H(20R#%#
4:(4;53*$/ # 4%5?*$25',1 # ;0 # % # $%&'%( # (3&;5'/(,+%*,$ # :00931%EW0,*202(% # &'%1,(*X # X(21#
1/@%0952*20%1;54#1/62*X#*3@34B0;&#%#\e\D#0929%+/#5%&'#(3&;5'H(X/51#$F63/63*#6%*X#-,&*%*%4,002&_#
b:46:0#qX903-_#7%&'%(,(092&#!L!h.G35R#d3$;5'#0/&$,5+_#>%A,5&X1g#7/10924@#d2*$25_#n31343#
62(,0D
!=)'/$00"(3$.,/$%
t?01/5_ #"5'3&/5R # 8435+@%*_ #T:(:0 #;0# -31343R # l36# Y'/1,*%A36/W0#a,*094,A_ # e6%5 #e*A/W0# @%*2*%R #"55%#
d%(35/5%R#7/@%/*#x,094,A36091/A_#fF5#;0#GF5@B+;0R#"54,5#t%6*,6/W0#[03@,6_#O.,0#092$Q#1X(43(3$R#
Z2(,$#5B6;(R#t*%4,5,6R#[03(305';013(4R#qX1%/#7X(_#"9#%(%5'3$G3(R#7/10924@#d2*$25_#f30943(W3#
,04(,$%R # aX4 # %4'%-/%1R # qX # E%*XW,1R # 7X(/W9 # 0/&$,5+_ # >,1,5,1R # o(/ # $?(/R # Y,63**21R # d%(/54@'#
n(/&'30_#k4%920#%#1,E,5'2$#1:(C*R#5,63**21R#x;('#a/G,(_#893(3*3$R#(1;5'#e04625_#b&'E3(W3031R#
8254%#n3(35W_ #Y,63**21R #ZQ09#X(%R #89%GX#e04625_#Y,63**21R #n3A30# b5+(3_#>,90+%43$34BR #8/51%#
e04625_#"#-31343#G,A42(#6%**,$20%/R#89%GX#x390B_#"9#3*0,+,(4#-%*?R#\\D#0929%+/#$%&'%(#1:*4;0934R#
f%G/40#7/@2*'R#d,094,*25'/#x390BR#qX903-#"44/*%#:00930#63(03/D
G$TS/+)U*1/."T+43+0
"9 # %5'%5'3*6/ # 5363*;0 # $/5+35 # 4%542(&'@,9 # 1%EW0,*X+/1D # dC*:5 # 1/3$3*35+B # % # +(2$%R # %#
G309;+-3A*3094;0 # ;0 # %9 # ;(4@34B # G309;+43W@5/1% # &'%1,(*20% # $/%44D # "9 # 3009;H(20 # 43W@5/12/5%1#
3*$;*'H4;03#%#4:(4;53*3$4%5H420#093$E,54A2GX*#/0#-,54,0D
GO)S/,+%$)#$0"f",+%$)#$0
>,$%54/1%R#(3%*/9$?0R#5%&'(3&;5'R#(3&;5'#093(13094;0/#$X+,1R#5,63**%R#*,6%&(3&;5'R#*,6%&/#3E/1%R#
5%((2W/XR # 3*G309;*B # 1:*43$;5'R # 63(030 # (3&;5'R # 1(/$/R # 04/*/094/1%/ # %*%E-,&%*$%1R # 04H*?0(;43&31#
(;09*3430#09X1;09*34;531#-,&%*$%/R#%5%*/92*20#;0#09/5434/92*20R#3009;R#1(/4/1%R#%#0%A4X5'3*6#1/-3A39;0/#
-,($2/R#5'3*6$F63*;0R#5'3*6(,$*20R#5'3*6/#62*4,920,1#%*%E-,&%*$%/R#9035/1?*4?09R#0E*335.;*34;(9;0R#
:5/0$3(34R#3$E24/%R#3&'C44;(9;0R#3*-,&%+20D
!",2V)2/83:/"51'3"2'2*#:4&2.
" # 1C*:5G:9B # @%5&53$3134R # 04H*?0,1%4 # /0$3(A3 # -3* # % # +/21R # 0 # 4?+A,5 # $3&09X*%*5/ # %9 # 2*4%*%#
62*%094,44%1G%5D # 89:63&%*1,420/ # 1;090;&;G35 # @3*'30H(202G%5 # A?00,5 # 3* # %9 # :53**35B(9;0/&D#
0093-C&&;0(35+093(;G35#43*A30R#4?+%4,0%5#-3*;EH4344#09:63&34#4?+A,5#H(5/R#/**3463#3@@39#@%0,5*X%5#
;*B09XG3*/ # 3*B%+204 # %*1,45/D # a?+A,5 # % # +/21 # 3&'093((3 # %5%*/92*X%5 # ;0 # 09/5434/92*X%5 # 1:93*H435/#
/(,+%*$/ # 1;(+;031@39D #"9 # /(,+%*$/ # $F631G35 # -3*G?11%5X # ;0 # 3$G3(/ # ;*343134 # ;(/54B # 1;(+;03134#
$;(A;1#0%A24#6/*2&*2420?1@,9D#73$,(/43(_#:4.4H9#63(0R#+(2$%.R#/**3463#E(X9%(;09*34S31UR/0$3(343D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#+/21,1#!PD#;*34;6C1#1:(C*#4?+%4,0%5#13(30/1#%94#%#42(0%+%*$%4#;0#6/*2&,4R#%$/#$/5+35#3$G3(4#
$3&/**34R # 0 # %$/531 # ;EH4;0;G35 # (;094 # 1H6255%1 # 6355/D # b94 # % # *;E;04 # $3&*3@34 # ;*5/ # Q&' # /0 # $/54#
@%4%*$%0 # 3*B(3*;E;04R # X(/20/ # *3@34B0;&34R # ;0 # Q&' # /0R # $/54 # @%4%*$%0 # 3&9/09435W/2*/0 # 1(H9/04D # d;4#
3&'$200%* # 3**354;430 # 3(B4 # 13** # :00933&'394345/C1 # %9 # 3(B0:+B # /5+/6/+?%*/4204 # ;0 # % # 5:6316BR#
$/5+35(3#1/43(A3+B#-/&'3*$34D#d;(+;0C1#%9R#@,&'%5#G3-,*'20,*@%4A21#B1#%#6/*2&#%*%1?*2024R#$/4#13**#
4355/C1 # %55%1 # -,($2*202;(4D # 7/4 # A3*354 # %# $%/ # 6/*2&G%5 # ;*5/z # d;0935 # 2**,1.3 # 3((3z # 7/(3 # %1%(,$#
P!

353(&/2/$%4 # -,(+H4%5/z # 892$4%*%5 # 1;(+;0 # $3(C* # -3* # % # @/6%4200%*R # E2(1%EW0,*%44%*R # ;*346/43**3* # ;0#
;*34W;*,11%*#1%EW0,*%4,0#(3$;5'3/1#;0#-;*3*$3/1#1/-3A39;031;54D#b931#$:&:44#6%5#3&'#$;*'3GGR#
3034*3& # (3A4344 # 1;(+;0_ # $3*'31 # %9 # 3$G3(/ # 4?+20 # 1,(*24%/z # 7/ # %9 # 3$G3( # $,(2*/0 # W03*313+343/531#
%*%EA%z # 7/#%# &,5,09z #7/# %9# 3$G3(/# ;*34 # ;(43*$3z #"# $%&'%(X(215%1# -/&'3*3$G3 #13**# 6355/3 #%9#
3931GB* # -%1%+X # /$E?*9?0,1%4D # " # $,+3(5 # E(,G*;$21%4 # % # 6/*2&/(,+%*,$ # 4C1(;5 # 13(3094C* # *3@34#
$3&6/4%45/D#e(,+%*$/#24431/54;0#1:634139/1R#35531#W;*A%R#@,&'#09/54;9/04#4?+A%5%1#43(3$435/#%9#3++/&#
4%5?*4%1#;0#%#0%A24#;*34C1#1:9:44D
m'$02'23"=kk"U'$
I)Y8232/"3O*1/
"9 # 3GG35 # %9 # ;6G35 # 6;&9344 # $?51% # $2( # *3-31434344 # %*%E,1(% # ;EC*R # *3H(20,1R # +/%*314/1?0 # 3009;1R#
1:*4;0934/# ;0#3&';G# 09:63&31# 3*3$9;03R# 04H*?0&'%1,(*%4%D# b931(3#%# +/21,1# 43*A30#4?+%4,002&&%*#
1;09C*531D#89/5434/92*X#;0#%5%*/92*X#1;E300;&3/1#-3A*3094;03#3*$;*'C*D
J$431'%&.",2V)2/83:/."S:)+1
" # 09X1/5W0 # -,*'%$%4,0 # &%9+%&H420% # % # 5'3*6 # $/5+35 # (;43&;(3 # 1/43(A3+B35D # n3*1;09C*;0 # %9#
;*34@,009/&#4%(4X#4%5?*20#-3*%+%4%/(%D#dC*:5G:9B#$F-%AQ#;0#(35+3*434;0F#09:63&31#093(13934;531#
;0 # A3*354;0(;43&3/531 # -3*42(20% # ;0 # ;(43*$39;03D # "9 # /5-,($2W/X0R # 1,$$?5/12W/X0 # 42(0%+%*,$#
$F-%A%/5%1 # $3&-3*3*B # ,*6%020/ # 09,120,1 # &'%1,(*20%D #"9 # 3931@39 # 1%EW0,*X+X # 6/*2& # -3*/0$3(;03R#
1/1C09:G:*;03D # 89:63&%*1,420 # % # 42(0%+%*$/ # ;*34 # $/5+35 # -,54,0 # 43(C*34;5 # % # E%EH(%*%EQ # ;0 # %9#
3*314(,5/1?0 # $F-%A,1G%5 # S*36;*R # :5;*34(%A9R # 1;(6;5'R # E2*'29%4 # 04GDUD # Y'3*6/ # 3*3$31 # 1C*:5G:9B#
04H*?0;(4;1;(B* # 4%E%094%*4%1 # 4?+%4,0 # %*1%*$%920% # % # 09:63&;(4;0G35 # ;0 # 09:63&%*1,420G%5D # "#
63(G2*/0#;0#53$#63(G2*/0#/5-,($2W/X1#3&'C4430#1393*;03R#$3&;(4;03#S/**?094(2W/X1R#2G(21R#4/E,&(2-/%R#
&(%-/1,5,1 # ;(43*$39;03 # 09:63&:0093-C&&;0G35UD # a2A;1,9X+20 # % # 5'3*61:9:00;& # ;0 # % # 5'3*6/#
(35+093( # 4:(4;534;531 # -BGG # 09%1%09%/(% # 6,5%41,9X%5D #"# 5'3*6/ # 2**%5+X02& # ;0 # 62*4,920 # ,1%/5%1#
1?4%420%D#Y%EA%/51#5'3*6/#62*4,920%/5%1#-3*/0$3(;03D#"#$%&'%(#5'3*6#3(3+34;531#6/90&2*%4%D#e&;5'#
% # 42(0%+%*$/ # 1:9:00;&/ # ;0 # 3&';5/ # 1,5-*/14?0,1 # $3&;(4;0;(3R # % # $,(2*/0 # &,5+,*1,+20(% # ;0#
H4;*34%*1,420(%D#d,5-*/14?01393*;0/#3*A2(20,1#%*1%*$%920%D#dC*:5-;*3#$F-%A,1#$20#$F6;0934/#2&@,9#
4%(4,9X#$F631#:0093@%0,5*H420%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
J/5<"6>$*A,S
"9#3(3+34/#5;$34#4%543(6#093(/54#w,34@3#n%?04A26%*#-,&*%*1,95%1_#%#5;$34#/(,+%*,$G%5#39#%#$F#
-3A39/ # 1/ # *3&:009343443GG35 # % # $,+3(5 # 3$G3( # 4?+2013(30;0;4D # 892$4%*%5 # 4;$% # G?11%5@%4 # -3* # %#
09:63& # 4%5?*$25',920%1,(D #"9 # ,0942*' # G309;*&34@34 # % # 4?+,$25',0 # 1?4%420,1 # $,(2*/0 # ;0 # 34/1%/#
1,(*24%/(X*R # % # &,5,09(X*R # % # 09%G%+02&(X* # ;0 # % # -3*3*B00;&(B*R # 093(3*3$(B*R # 3&,/9$?0(X*R # GF5(B*R#
4(%509W35+35W/2(X*D#7%&'%(,(092&,5#7%+2W@#e$(3#"9#3$G3(#4(%&;+/2A%#WH$F#+(2$%1:*43$;5'3#
/$$2( # ;60929%+,05%1 # $,5+@%4X # 4%5H420/ # 4%E%094%*%41;54 # 2**H4@%4XR # @,&' # 1;(+;0-3*436;0;531#
$/5B0;&;G35R # % # 4;$% # 4%(4%*$/ # ;0 # -,($%/ # 13(34;G35 # $/5+/& # /50E/(2*X%5 # @%4 # % # +/21,1(%D#
d,5W3EW/XA2G%5R # 3&'343$30 # 1/431/54;0;G35R # % # 5'/*6256%*X%5 # /@*34B # n%?044X* # 53$ # $%(%+ # 3*R#
&,5+,*%4/ # *34/094?*402&2G%5 # E3+/& # $2( # 5'3*6/ # ?5/1?$5%1 # 092$H4 # A3*35 # 1,(?51G%5R # % # 09/54;9/0#
43(3$4;0;(3#%#*3@34B#*3&A,GG#%*1%*$%4#1H52*A%D#f2($3*'/1#43$%4/124#/0#62*%094A?1#$3**344C1#6%&'#B134#
1/62*46%#;(+3$30#%#\\D#0929%+/#$%&'%(#1:*4;0934C5134#4,62GG#1?4%46%#%#+/21,11%*#3GG35#%9#;6G35#
/0#1:*4B/#;*34?4%1%4#6/90&2*?51D#Z/0935R#@%#t/*/5091'#q25,0(%#6%&'#)3:(30#825+,((%#&,5+,*?51#QA(%#
,*'%5#;*34E(,&(%$,11%*#c#/&%9/#1:*4B113*#c#4%*2*1,9@%45%1#%#+/21,1R#%$3*'31G35#3$G3(/#;*3431R#
$F6;09*;4G35 # 6%*X # $%(%+;14%*%5 # -3*,*+X+2024 # *24@%4A21 # $3&_ # $/5+134435 # %# @%($%+/1 # ;639(3+(3#
<1;09C*431=R # 3&' # 1,(09%1 # *392(?*2024 # A3*394;1 # ;*34$F6C113* # c # 0 # H&' # E;*+29421_ # % # \\D # 0929%+#
$20,+/1#-3*;G35#1:*4B531#*355/#53$#EX9R#53$#093(3ER#$;&#W0%1#53$#/0#43@340;&R#@%53$#0,11%*#
/512GG#;*34$/5B0;&R#3$G3(/#$/5B0;&#1;(+;03D
G)5$.(#"6>$*A,S
Z%#%9#3&'/1#3E,W@%#3&'34*35#$F63*R#1:*4B/#;*34$F63*#-,&*%*1,9/1R#%#$20,+/1#24431/54;04#%+@%4#6%&'#
%#$%&'%(R#6%&'#%#6/*2&/(,+%*,$(X*D#b034*3&#4:GG#(3$31$F634#/0#G3#*3@34#$?4%45/#:5$%&?1G%5#6%&'#
:0093@%0,5*H46%#3&'$200%*D#l,&/1?05%1#4F5/1#$,+3(5#%*1,420,1(%#1,5W354(2*5/R#+3#53$#-3*3+AC51#
PJ

3* # (;&3GG/ # $F63134R # %$/1 # $3&$?4%45%1 # 6%*%$/4 # %GGX*R # %$/(3 # %9 # 3$G3(531 # 09C10;&3 # 6%5 # %9#
;*34G35D # v&' # @24R # 3&'34*35 # +,*&,4 # ;(+3$30 # 3*;(5/ # % # +/21,152*_ # $%(%+A%5%1 # 5'/4,44%1 # G2($/*'35#
/(,+%*$/#/(25'9%4#/(254D#"@3*'344R#@,&'#1;09#6;*3$;5'4#%+5251#1:*4;0934(B*#6%&'#/(,+%*,$(X*R#/512GG#
%#1C*:5-;*3#/(,+%*$/#$/5B0;&31#/(254/#;(9;135'0;&C134#3(B0H40C1#4,62GG(%#/0D#b5&3+AC1#B134R#@,&'#
3*&,5+,*1,99%5%1 # ;0 # % # 5%&' # $F631(B* # 0%A24 # 6;*3$;5'4 # -,($2*A%5%1R # 3@@39 # $2( # $3&1%E421 # %#
$3&-3*3*B#%*%E,1%4D
b009;1#;0#5'3*6
"#+/21,1%4#%9#3++/&#%*1%*$%9,44#1C*:5-;*3#&'%1,(*%4,11%*#*3@34R#%9#H(,44#5'3*6#A,GG#;(4;0;@39R#%9,1#
-3*+,*&,9202@,9R#2*4%*?1#43(3$4344#09:63&31#$3&H(202@,9#@,99203&H435/D#89:63&3*3$9;03134#$2(#
%?4,5X$#$X+,5#%*1,45%1#$%&?1#/0D#"#1C*:5G:9B#1,(,1#$F63/(B*R#+3#%#6/*2&(X*#2*4%*2G%5#:52**X#
6;*3$;55'3*#(35+3*139531D#b*62(@%4X#43*A30H4$;5'#$2(#4B*C1#311,(R#@,&'#-3*/0$3(A;1#%#1C*:5G:9B#
/(,+%*$/ # 1,(,1 # A3**3$9B/4R # $F-%A%/4D # 73&G309;*@34/1 # &,5+,*%4%/1%4R # H(@%45%1 # 3009;134 # G/9,5',0#
1;(+;031 # -3*634;0;(3R # $/5+39 # %94 # A3*354/R # @,&' # %9 # /(25'?1G% # $3&A3*35B # 1:6343*$;5'3113*#
093$G35R#$3&5:6313+344#/&;5'300;&&3*#13**#GH(5/?1D#qX*#1/3&;09H4@34/#394R#0#$/543&'#3++/&/#5'3*6/#
4%5?*$25'%/1 # (35+093(39;0;4 # /0 # %+@%4A%R # @% # 6%*%$3*'304 # 43`4,*X&/%/ # /0$3(343134 # 093(39531D#
b$3**344 # 5'3*64%5/ # 4%5?*$25'%/1G%5 # /0 # $3&A3*35/1 # %9 # 24431/54B # A3**3&D # " # 43$%4/1?0M09/5434/92*X#
$3&1:93*H4;031#/44#/0#W;*093(F31_#E*D#5'3*64:(4;534/#62*4,920,1g#%#$%&'%(#@3*'30H(20#1/%*%1?*20%g#%#
5'3*6QAH420R # % # $%&'%( # 5'3*6 # 09/51(,56/90&2*%4%D # "9 # 3*B9B # ;6G35 # 3*139+344 # $X+093(303GG#
-,&*%*1,9204 # % # (3&;5'3113* # c # 5%&'(3&;5'3113*R # % # 09%1X(21 # 13(343/G35 # 4,62GG # *3@34 # -,*'4%45/_#
6%55%1 # ,*'%5 # \\D # 0929%+/ # $%&'%( # H(20,1R # $3*'31 # 1:9634*35C* # 1%EW0,*A21 # /(,+%*$?51%4 # c # 4%*25#
$,5+@%4X#c#<6/*2&/(,+%*,$#6;(13(/5&;0;G3=_#d(Q+'#w'?*%R#7X(/W9#0/&$,5+R#d,094,*25'/#x390BR#
V44*/1#w;9%#E(X92A2(%#&,5+,*@%4?51#/44#3*0B0,(G%5D
!=)'/$00"542>(3$.,/$%
w,34@3_#n%?04R#)/**/%$#8@%130E3%(3_#Z%$*34R#"#6/@%(R#89354#e625#;A/#2*,$R#7/@%/*#f?*&%1,6_#73043(#
;0#7%(&%(/4%R#8%$?3*#f3W1344_#w,+,4.(%#62(6%R#n(%59#d%-1%_#p462*4,920R#"#1%04;*'R#a@,$%0#7%55_#
72(/X#;0#%#6%(290*XR#a,5/,#d(:&3(R#T%(290@3&'R#Z3($%55#Z3003_#"9#C63&&':5&'A24;1R#"D#Z?`*3'_#
89;E#QA#6/*2&R#wD#V(3**_#!]PhR#xC((35$%44_#n/9/1?0,1R#Y%&'#>,$?*?0R#"9#:(3&#@:*&'#*24,&%420%R#wD#
w%(W/%#72(?39_#8929#;6#$%&25'R#89,*9035'/W/5_#e6%5#w'35'/09,6/W0#3&'#5%EA%R#83$E(?5_#Y%&'#
?4%920R # 7%+2W@ # e$(3_ #"9 # 3$G3( # 4(%&;+/2A%R # V44*/1 # w;9%_ # e01,*% # % # @%42(,5R # 8EH(X # w':(&'_ #"9#
/$E,094,(R#[0?(1%#e04625_#Z29$3043(0/(%4X#g#\\D#0929%+/#$%&'%(#1:*4;0934_#Y%&'#l209*XR#Y3$30#
Y%&'#p&530#;0#t/*/5091'#q25,0#;0#)3:(30#825+,(#:0093&'FA4:44#63(03/
G$TS/+)U*1/."T+43+0
"9#%5'%5'3*6/#5363*;0#$/5+35#4%542(&'@,9#1%EW0,*X+/1D#"9#3009;H(20#43W@5/12/5%1#3*$;*'H4;03#%#
4:(4;53*3$4%5H420 # 093$E,54A2GX* # /0 # -,54,0D # dC*:5 # 1/3$3*35+B # % # +(2$% # % # !JD # ,0942*'#
09H5+%(%GA25%1#$3&4%5?*20%#;0#G3$?4%420%#$/%44D
GO)S/,+%$)#$0"f",+%$)#$0
Y'3*64:(4;534R#5'3*6-3A*B+;0R#5'3*6W0%*2+R#5'3*6(,1,502&R#5'3*6/#&,5+,*1,+20R#09/51(,5#;0#+/%1(,5#
6/90&2*%4R#5'3*6/#A3*#;0#A3*(35+093(R#E,094$,+3(5#/(,+%*,$R#%(W@%/1?0#5'3*6@%0952*%4R#+(2$%/#5'3*6R#
A3*353439;0D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#!JD#,0942*'#09H5+%(%GA%_#%#!J#D#,0942*'#1/3$3*13+B#E,54A%#%#$%&?1#2*4%*#62*%094,44R#%*%E,0%5#
3*3$9344#;0#$F6;09/35#1/6/43*39344#09H5+%(%GD#"#+/21,1#%9,5#4Q*R#@,&'#093(3E3*531#%9#3*B%+20G%5#
%#09H5E%+(%#2**H420#6%*%$355'/#43(C*34;5#(;094#6309531_#E*%124,1R#+H09*3431R#1,094C$:1#1;09H4;03R#
9353R # 09H5E%+/ # (35+39;0D # Y3$ # *3@34 # 13**B # $;(4;1G35 # @%5&,94%45/ # %55%1 # A3*354B0;&;4R # @,&' # %#
093(3E,09420#$355'/(3#-,54,0#6%*%$355'/#+/215%1#0%A24#;*34Q4A%R#+3#%9#,0942*'#1:9:00;&/#;*34;531#
6;&0B#<*313(31H4;03=#093$E,54A2GX*#/0D#"#09H5+%(%G#%#G309;+M5'3*6#3(3A;531#24;*;0;(3#%+#%*1%*$%4D#
" # (34,(/1% # 1;(+;03/63* # 6%*X # -,&*%*%4,002& # 2*4%* # % # +/21,1 # $3&4%E%094%*@%4A21R # $/1;54 # *3@34#
3$G3(31(3 # @%45/D # b9 # @%095,0 # 4%E%094%*%4,1@,9 # A?44%4@%4A% # B134 # G2($/*'35 # $F6;09/ # E(,+?1W/X#
$3&1:93*H4;031,(R#+3#03&H4#%GG%5#/0R#@,&'#-3*/0$3(A;1R#@%#3034*3&#$%5/E?*2*5/#%1%(A21#B134D
PI

781#3$4":/"#$32#$3.0$
Q252823:/"=-hN":5,+)&$#
"#$%43$%4/12G%5#/0R#$/54#$/5+35#$20#42(&'G%5R#%#&'3(3131#43($;0934;4#-/&'3*3$G3#13**#6355/D#"#
$%43$%4/1%4%5H420#@2(,$#09%1%09(%#4%&,*X+/1#%#)%*+,(-./01,*2G%5D#"9#3*0B#@2(,$#,0942*'4#-3*:*3*B#
3*0B # 09%1%09G%5 # % # 092$4%54 # %# &'3($3131# ;*34-?51W/X/6%* # 1:9634*35C* # 1%EW0,*X+X # 436;135'0;&/#
43(C*34(B*#@H6A?1#3*BR#/44#%#(/4$?0(%#;0#$F6;09/#1;E93*B3(B(3#;EH4C51R#%#092$,11%*#6;&9344#$?5124#
(/4$/1?0#$,9&200%*#/0#03&H4AC1R#*3&'35#%9#-?420R#4%E0,*20#6%&'#?&(20D#"#1/0&'3($31#%#]D#;*34;6#
42A;12/&#%#6/*2&,4#3&'0;&G35#*24A%D#"#092$,*204%5H420G%5#139+34G35#%9#3&;09GB*#/5+?*?51#1/R#;0#%9#
3&;094B*#@%*%+?51#%#(;0931#-3*;D#"#@%($%+/1#,0942*'#6;&;5#%#&'3(3131#G/94,502&&%*#$,9,&5%1#%#
43($;093430#092$,1#6/*2&2G%5D#7/1,(#!N#;630#1,(G%5#%9#3&'0;&30#6/*2&#4:(3+395/#139+R#3*A:5#%9#
/+3A3R # @,&' # % # 4:(43113* # -,&*%*1,99?51D #"# &'3(3131 # 3&'(3 # 4?+%4,0%GG%5 # ;*531 # % # 6/*2&G%5R # H&' # %#
092$4%5-3*%+%4,15%1#/0#1:93*3GG#13**#13(C*5/C1#%#$/5+355%E/#;*34@39R#6%*X+/R#E(%14/1?0R#&'%1,(*%4/#
E;*+211%*#13**#-,&*%*1,95?51D#v&'#%#h.PD#,0942*'4#-3*:*3*B#$20,+/1#09%1%09G%5#%#-B#@%5&0Q*'#43*A30#
$;(4;1G35#244,*X+/1#%#&'%1,(*%4(%D#"#]D#,0942**'%*#139+B+B#@%($%+/1#09%1%09G%#6%*X#24$3534(3#%#
(%W/,52*/0#093$E,54,1#G3*;E;03#A3**3$9BD
=N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # %1%(%4*%&,0 # 436;135'0;& # +/5%$/12A25%1 # G350B6; # 13** # 62*5/% # % # $3&092$*2*@%4X02&#
$3&4%E%094%*20%#2*4%*D#"#1;E093(F#2G(29,*20G%5#$3&5'/*625?*X#092$$/5B0;&#13**#@,&'#$,4/62*A%#%#
&'3($3131 # 436;135'0;&;4D # n,54,0 # 093$E,54 # % # 4304.,(/3542*4 # ;(43*3$ # /01,*2920% # % # $,9&20/#
4%E%094%*%4,1R#%#$,9&20*3@34B0;&31#S5%&'#;0#-/5,$#$,4,(/1?0#$,9&20,1U#1/@%0952*20%R#6%*%$/54#
%#1,,(+/52W/X0#&'%1,(*%4,1#2*4%*D#b$3**344#*;5'3&30#3*3$#%#092$,*204%5?*20#3*0B#/+B09%12G%5#%#
1;E31#%*1%*$%920%D
b*3/543 # -,54,05%1 # *2409/1 # % # 4?*%A+,51;EE35/ # 092$,*20 # *3@34B # *3&1,51(;4%GGR # *3&093$*;*34303GG#
$3&1:93*H4;03R # 6%*%$/54 # <%9 # 3&;094B* # % # (;0931 # -3*;= # 639;($,4H6?$ # 093$ # 3*B44 # 4%(420%D # b9 # %94#
A3*354/R#@,&'#1/#13**#%*%1H4%5/#%9#%5%*/4/1?0#;0#%#09/5434/1?0#&,5+,*1,+20#@3*'30#1%EW0,*%424D
"# 092$,*20 # 4%5H4202G%5 # 139+34G35 # %5%*/4/1?0%5 # 13** # 3*A2(5/D #"9 # !.GB*R # $/54 # 3&'0;&GB* # 1//5+?*6%#
16%*/4%4H6#$X+,5#$?4%4A?1#$3&#%#4:GG/#092$,4#!.4B*#!N./&D#"#092$,1#H(20%#%#093$*;*34303GG#(X$%/#
092$,11%*#139+B+/1R#%$3*'31#%9#%(%G#092$,152*#136;0G;#%G094(%14%1D#b94#1:634/#%9#%(%G#092$,1#
@%0952*%4%D # " # 092$-,&%*,$ # 1/%*%1H42024 # 4:(4;5343113* # 03&H4AC1R # @,&' # % # &'3(3131 # ;(93*$/#
1%EW0,*%4,4#4?+A%5%1#1/%*%1H4%5/#%#092$,11%*R#H&'#53#W0?E25#3&'#%G094(%14#09/$GX*?$.(35+093(4#
*200%5%1#%#092$,1G%5D#"#092$,1#G363934;0;4#1:634/#%#5;&'#%*%E$F63*34#G363934;03D#"9#3*0B#
;631G35 # % # -3A092$,*20 # 1;E300;&;531 # 1/%*%1H420% # 1%E # 5%&',GG # @%5&0Q*'4 # ;0 # W0%1 # G3$?4%4X#
A3**3&&3*#/0$3(/1#$3&#%#5;&'#%*%E$F63*3434#*3H(X#$%43$%4/1%/#A3*(35+093(4D#a3@24#%#09XG3*/0;&#1%E#
5%&',GG # @%5&0Q*'4 # % # -3*%+%4,1 # 3*6;&9;0;5;*D #"# $%43$%4/1%/ # $F63*343134 # 139+34G35 # %5%*/4/1?0#
$X+,5 # . # %9 # 3&;09GB*R # %9 # 3(3+$;5'GB* # 1//5+?*6% # . # (;0931(3 # G,54200%* # 63934AC1 # G3D # b993* # %#
$X+093((3* # % # &'3(3131 # % # $%43$%4/1% # 62*%09,1 # *3@34B0;&;531 # 0,109H5F0;&;4 # /0#
$3&4%E%094%*@%4A21D # " # 5;&' # %*%E$F63*34 # 3&'093((3 # 13(C* # G363934;03D # " # 092$0,(,1 # (/4$/1?0R#
$,9&20,0#4%5?*20%#/0#3*139+B+/1D
" # -3*%+%4,1%4 # 2*4%*2G%5 # 1:9:035 # 6%&' # 1/03GG.5%&',GG # W0,E,(4G%5 # ,*+A21 # $3&R # %9 # 3&';5/#
-3*%+%4$3&,*+20,1#$;&#(/4125#A3*35531#$3&D
m'$02'23

=;<"U'$"
Ph

I)Y8232/"3O*1/
"#&'3(3131#092$*2*20/#1;E300;&3R#3++/&/#092$;*$;5'3/1D
J$431'%&.",2V)2/83:/."S:)+0
b*0B+*3&3035#%#092$-,&%*,$#1/%*%1H420%#%#4%5?*X1G%5D#892$A3&'31#H(2025%1#3*0%A24H420%D#"#5;&'#
%*%E$F63*34#03&H40;&;63*#%#-3A092$,*20#1;E300;&;531#-3A*3094;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
892$*2*20 # ;0 # 3&'093(F # -3A092$,*20 # !.4B* # !NN./& # 4%(4X # 092$1:(G35D #"# 092$A3&'31 # 3*0%A24H420%R#
1//5+?*6% # (X$%/M09;13*' # 092$A3&'31GB*R # %$3*'34 # %9 # %(%G # 092$A3&'31 # G363934;03 # 1:634D # Y;&'#
%*%E$F63*34 # G363934;03 # ;0 # %*1%*$%920% # % # 43($;0934303 # 092$,1 # 1:(;G35 # !.JN./& # 43(A3+B#
092$1:(G35D#n3A092$,*20#&'%1,(*20%#%#$3&%+,44#092$1:(G35D#"9#%*%E$F63*3431@39#1%EW0,*X+X#
%*%E634B#$%43$%4/1%/#$F63*34/#A3*31#$3&/0$3(;03D#892$0,(,0#$,9&20,0#G363934;03D
G$TS/+)U*1/."T+43+0
"# 092$*2*20 # %9 # 3&;09 # ;*34C5134 # 2409:6/D # 7/5+35 # 3*0B # ,0942*'G%5 # 4%5H4,44 # 4%542(&' # *3@34B0;&34#
G/94,0H4#%#092$*2*20(%R#%#5;&'#%*%E$F63*34#&'%1,(*202(%D
GO)S/,+%$)#$0"f",+%$)#$0
892$*2*20D#7/5B0;&/#092$-,&%*,$D#0093%+20R#1/6,520R#09,(920R#,09420D
"#-3A*3094;0#62(4#3(3+$;5'3/
"#4%5?*X1#3*/&%9,+5%1#%9#!.4B*#!NN./&#4%(4X#092$1:(G35D#"#092$A3&'3134#3GG35#%#4%(4,$25'G%5#
-3*/0$3(/1D # n3AG35 # 1;E3031 # 3&'093(F # -3A092$,*20,1%4 # 3*6;&395/ # % # !NN.%0 # 092$1:(G35D#
f/94,502&&%*#092$,*5%1#-3AG35#;0#H(20G%5#%#!.JN./&#43(A3+B#092$1:(G35D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# $20,+/1 # ,0942*'G%5 # -,*'4%4X+/1 # %9 # 3*0B # ,0942*' # 4%5?*20/ # -,*'%$%4%D #"# -3*%+%4,1 # $;& # $/5+/&#
09XG%5#@%5&,95%1#3*R#;0#-3A092$,*20#03&H40;&;63*#,*+A21#$3&#%#4%5?*X1D#"#$,9&20&'%1,(*%4,1#
4,62GG1H0;(/1#%#092$,*204%5?*204D#a%E00%*R#*;E;003*#;0#3&';G#C&'300;&34#-3A*3094B#&'%1,(*%4,11%*_#
?AA&'%1,(*%4,11%*R#-,5%*A24;1#03&H40;&;63*#-3A*3094AC1#%#1,5W354(2W/X0#;0#$3$X(/%#1;E300;&34#;0#%#
-/5,$ # $,4,(/1?0 # 1;090;&34D # "9 # H(20,0 # -3*%+%4,1 # 3&'(3 # 5%&',GG # @%5&0Q*'4 # 1%E5%1 # % # 09XG3*/#
$3&,*+20,1#$3**344D#w'%1,(,*A?1#%9#%5%*/4/1?0#;0#09/5434/1?0#-,($2G%5#$3&-,&%*$%9,44#092$,*20/#
-3*%+%4,1 # *3H(2024D #"# 092$0,(,1 # &'%1,(*2026%* # 3&'/+3AF*3& # G363934;0(3 # 13(C* # % # 09,(9X42G*%D #"#
09,(9X42G*21#3*0%A24H42024#03&H4/1#%#092$0,(,1#&(%-/1?0#$3&A3*35H4;03D
m'$02'23

=;<"U'$

I)Y8232/"3O*1/
"9#3*0B#,0942*'G%5#1/%*%1?*4#092$-,&%*,$#;0#%#5;&'#%*%E$F63*34#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
"#4%5?*X1#1,5W354(2W/X0#1;E300;&;531#-3A*3094;03D#"#092$,*20#/(254/#;(+31*B+;0#-3554%(420%D#"#
43($;093430#092$,1#-,&%*$25%1#GB6H4;03D#"#5;&'#%*%E$F63*34#092$1:(;531#GB6H4;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
PL

" # 092$1:( # 1/GB6H4;03D # " # 5;&' # %*%E$F63*34 # &'%1,(*20% # !NN.%0 # 092$1:(G35D # n3A092$,*20#
&'%1,(*20%D#"#5;&'#%*%E$F63*34#&'%1,(*20%#S%#-3*%+%4$3&,*+20#%*%EA%#$;&#$/5+/&#%#-3A092$,*20UD#
a:GG # 1C*:5G:9B # 092$4%5/ # $F63*3434 # 4%(4%*$%9X # -3*%+%4,1 # G363934;03 # ;0 # *3H(20%D # b&'093(F#
09:63&30 # -3*%+%4,1 # $3&,*+20%D # "9 # ,094@%4X02& # 09%G2*'093(F0;&3/531 # 6/90&2*%4% # % # E2(,0 # ;0#
E2(%4*%5 #092$,1# $3&/0$3(;0;63*D # 892$0,(,1# (35+093(30#&'%1,(*20%R # /0$3(343D #"#09,(9X42G*21#
G363934;03#!.4B*#!N./&D
G$TS/+)U*1/."T+43+0
e+3&35 # 5'3*63135 # -,*'4%4X+@%4 # % # 092$*2*20 # ;0 # 092$,*20D #"# -,($%(%A9 # 09/$$34(/%.-,($2/G%5 # /0#
$3&A3*35/1#%#092$,*20R#+3#%#$20,+/1#,0942*'#$20#436;135'0;&3/G35#/0#$3&6%5#%#*3@34B0;&#%#
$%43$%4/1%/#-3*%+%4,1#&'%1,(*202(%D
GO)S/,+%$)#$0"f",+%$)#$0
892$4%5/#0,(,1#6/90&2*%4%R#E2(,0#;0#E2(%4*%5#092$,1R#%*%E$F63*3431D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X1#1;E3031#!NN.%0#092$1:(G35#G/94,502&&%*#%#5;&'#%*%E$F63*3434#3*6;&395/#-3AG35#;0#*3H(4#
-,($2G%5D # e0$3(/1 # % # 4:GG # $F63*3434 # 4%(4%*$%9X # -3*%+%4,1%4D # e0$3(/1 # % # E2(,0 # ;0 # % # E2(%4*%5#
092$,1%4D#b$*;13934GB*#4?+A21#%#092$0,(,1%4#;0#%#09,(9X42G*%#3&'093(FGG#0,(%/4D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"$H&#%#1,(2GG/#;6-,*'%$,1,5#%#092$*2*204#;0#092$,*20/#-3*%+%4,1%4#1,51(;4#-3*%+%4,1@,9#1:4:44C1R#
%++/& # % # @%($%+/1 # ,0942*'G%5 # % # 092$-,&%*$%4 # % # 1C*:5G:9B # $;(;03113* # ;0 # % # $;(4;13&'0;&31#
G363934;0;63* # 2*4%*25,0H4A?1D # " # $;(;03134 # 139+34G35 # %*1%*$/*%& # 62*%094,44R # 1;0BGG # 09%G625'#
3&'0;&3113* # 6;&399C1D #"# $;(;0.1,(09%1G%5 # % # &'3(3131 # 2*4%* # % # $/5+355%E,1G%5 # @%0952*4 # ;0#
<G3*%1,44=#43(3134#6/90&2*A?1D#"#$;(;0#3091:93R#%#$;(4;1#%9#3$G3(@39#1:4B+/1R#3993*#093$G30C*531#
%#4%5?*X1D#"#$;(4;13&'0;&31#1/%*%1?*2025%1#09,W/2*/0#093(3E;4#;0#%9#3&'0;&30#$;(4;13&'0;&31#
@%0952*%425%1#-,54,002&24#4%E%094%*A21#$3&#392*4%*D#"#$;(;0#0,(25#%#092$3&'3530#G363934;0;(3#
/0#0,(#13(C*D
bGG35#%9#,0942*'G%5#$3&/0$3(434AC1#%9#H(20G3*/#%*%E$F63*3431@39#1%EW0,*X+X#-3*%+%4$3&,*+20,1#
$X+093(3/4R#%$3*'31#3*0%A24H420%#5%&'#@%5&0Q*'4#1%ED#"9#|H(20G3*/0;&=#%#$%43$%4/12G%5#%#@3*'/.;0#
%*%1/ # ;(4;131 # $3&;(4;0;G35 # 5'QA4 # 03&H40;&34D # " # -3A092$,*20 # 4,62GG(% # /0 # *;5'3&30 # 3*3$3 # %#
$%43$%4/1%.4%5?*205%1D#b@@39#1%EW0,*X+X%5#%#09,(9X42G*%#3&';5/R#3$*;13934GB*#6%*X#/0$3(343#%#
4%5;6#6;&;/&#$3&4:(4;5/1D
m'$02'23

==<"U'$

I)Y8232/"3O*1/
"#5;&'#%*%E$F63*34#@%0952*%4%#-3AG35#;0#H(20G%5#%#0929%0#092$4%(4,$25',5#G3*C*D#892$0,(,1#;0#
%#09,(9X42G*%#139+34/#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
" # 092$-,&%*,$ # 2*4%*25,0%GG # -,&%*,$$2 # 62*/1D # 73&/0$3(/1 # % # 4;(R # 4:$3&R # F(4%(4%*,$ # ;0 # /+B#
$3&@%42(,92024R#%#4%5?*4#$;(4;13&'0;&3134#%*1%*$%9921D#b993*#E2(@?9%$,0%5#$3&/0$3(13+531#
%9#H(20G3*/#092$,*20#43W@5/1%/#3*A2(20%/6%*D#"#1:9:0#-3*%+%4$3&,*+204#3&'(3#4:GG09:(#%9#3&';5/#
-3*%+%4#$3&,*+20,1#62*4A21#-3*D
PO

G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
n3A092$,*20#-3A*3094;03D#a:GGA3&'F#092$,1#:0093%+20%#;0#1/6,520%#-3AG35D#892$4%5/#$F63*3431#
092$1:(;531#GB6H4;03#!NNN#-:*;D#"#092$,1#@3*'/.;0#%*%1/#;(4;1;531#G363934;03D#"#5;&'#H(20G3*/#
%*%E$F63*34 # G363934;03 # ;0 # &'%1,(*20%D # d;4A3&'F # 092$,1 # 09,(920% # H(20G%5D # V09420 # 3&'A3&'F#
092$,11%* # H(20G%5D # 892$,1 # 1%EW0,*%4%/5%1 # 6/90&2*%4%R # ,094X # ;0 # 4:GG09:(:0 # -,&%*$%D#
7;(4;13&'0;&31 # /0$3(343R # $;(;0 # 62*%094,44 # ;0 # 1/%*%1H4,44 # 3&'0;&3113*D # a:$3&R # @,009Q02&R#
F(4%(4%*,$R#/+B#-,&%*$25%1#1/%*%1H420%D
G$TS/+)U*1/."T+43+0
e+3&35 # 5'3*63135 # 6%*X # 092$,*20R # 43(631 # 1;09H4;03 # % # @29;EH4;0 # 1,(09%1G%5R # $;(;031 # %#
1;9/$?512G%5D
GO)S/,+%$)#$0"f",+%$)#$0
7;(4;13&'0;&31D#f3W0*;0D#t,54,002&D#892$3&'3530D#v(20G3*/#%*%E$F63*3431D
!",2V)2/83:/"51'3"2'2*#:4&2.
"# 4%5?*X1 # G/94,502&&%* # 092$,*5%1 # %9 # !NNN # 092$1:(G35D # b$*;13934GB* # 4?+A21 # % # 09,(9X42G*24D#
e0$3(/1 # % # 092$,1 # @3*'/. # ;0 # %*%1/ # ;(4;1;4D #"# 5;&' # %*%E$F63*3434 # 1;E3031 # H(20G%5 # /0 # 3*6;&395/D#
e0$3(/1#%#4:$3&R#%#@,009Q02&R#%9#F(4%(4%*,$#;0#%9#/+B#$;(4;13&'0;&3/4D
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# &'3($3131 # -3A*B+;0;G35 # % # ]D # ;*34;6C1 # 3*;(;03 # 1:(C* # *;5'3&30 # 62*4,920,1 # $35531 # 6;&G3D #"#
1:(5'39B # 6/*2& # ;0 # G3*0B # 6/*2&?1 # @%($X5/2A% # <+%(%G,1(% # 4:(/1=D # " # *3*1C1G35 # 6;&G3$35B#
62*4,920,1@,9 # /&%9,+/1 # % # 092$,*20 # ;0 # $%43$%4/1% # 4%543(63R # %$/1,( # /0 # % # hD # ,0942*'G%5 # %#
&'3($313134 # G363934AC1 # % # 4:(4092$,1 # 6/*2&2G%D # "((% # 13** # 4:(313+5C51R # @,&' # % # &'3(3131#
$3&4%E%094%*A21 # ;0 # $3&;(40;1 # % # 4:(431 # *;5'3&;4D # b9?425 # &'%1,(,*A21 # % # 4:(43113* # % # 5;&'#
%*%E$F63*3434R # 6%*%$/54 # %9 # 3&'093(F0H4;04R # GB6H4;0R # % # 1:9:0 # 53639B(3 # @,9204 # ;0 # % # 4:(431#
:0093@%0,5*H42024D
"#@%($%+/1#;6-,*'%$G%5#%#$;(;0#;0#%9#H(20G3*/#%*%E$F63*3431#0,(25#-3*$3(C*4#%#$%(%+;1#-,&%*$%D#
"#E,9/4H6# 3&;09# 092$,1#@%*$%9%# $2( # 53$ #3*;&0;&30R # @,&'# 394 #%# E(,G*;$24 # 1393*5/# 4?+A?1D #"#
1:9:50;&30#4:(431#G363934;0;63*#*3@34B0;&#5'H*/1#%#E,9/4H6#3&;09#092$,1#(35+093(;GB*#1/*;E5/#;0#
QA # 093$E,54 # 093(/54 # 6/90&2*5/ # % # 6/*2&,4D # "9 # 3&;09 # ;0 # % # (;09 # 6/90&2*%4% # % # &'3($31G35 # 9%A*X#
62*4,920,1@,9#/0#1%E%091,+X4#G/94,0H4D
m'$02'23

==<"U'$

I)Y8232/"3O*1/
"# 09,(9X42G*%# /0$3(43R # %# 1,(2GG/ # -3A092$,*20/ # &'%1,(*%4,1# ;0 # %# 5;&'# %*%E$F63*34 # %*1%*$%920%#
$3&-3*3*B # %*%E,4 # 5'QA4%5%1 # % # 4:(431 # G363934;0;@39 # ;0 # % # 4:(4092$,11%* # 6%*X # $F63*3431#
3*0%A24H4202@,9D
J$431'%&.",2V)2/83:/."S:)+0
" # $3&-/&'3*B1;E300;&R # %9 # :52**XR # -3&'3*$39344R # *,&/1?0R # E(,G*;$%$3&,*+X # &,5+,*1,+20#
-3A*3094;03D#"#$%43$%4/1%/#4%(4%*,$#1;E/R#09XG3*/#;0#H(20G3*/#1/-3A39B1;090;&;531#-3A*3094;03D
"#$%43$%4/1%4%5?*200%*#1%EW0,*%4,0#436;135'0;&-,($21R#09,120,1#GB6H4;03R#3(B0H4;03D
" # GB6C*B # $%43$%4/1%/ # 4%(4%*,$5%1 # $3&-3*3*B35 # % # $%43$%4/1%/ # -,&%*,$%*1,420 # 1;E300;&3/531#
PK

-3A*3094;03D # " # 092$. # ;0 # $F63*34-,&%*,$ # 3*$;*'H4;03R # 4%(4%*$/ # GB6H4;03D # " # 092$,*20/ # (?4/5#
-3A*3094;03D#"9#:52**X02&#5:63*;03#%#-3*%+%4,1#;(43*$39;0;G35#;0#$3&,*+202G%5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
n3A092$,*20#&'%1,(*20%D#892$4%5/#$F63*3431#1/43(A3094;03#!N#NNN.30#092$1:((3D#v(20G3*/#09,(920#
;0 # ,09420 # 4:GGA3&'F # 092$,11%*D #"# $F63*3431 # 1:9:44/ # 1%EW0,*%4 # 6/90&2*%4%R # $F63*34/ # 0,((35+ # ;0#
92(XA3*#@%0952*%4%D
" # 1:9:50;&30 # 4:(4 # -,&%*$25%1 # G363934;03D # "9,5,0 # ;0 # 1C*:5G:9B # 53639BAF # 4:(431#
:0093@%0,5*H420%R#24%*%1H420%D#Y;&'#%*%E$F63*34#%#1:9:50;&30#4:(43113*D
f3W0*;0R#1:93*H4B#;(4;1#$3&13(30;03D#"#13(31H4344#;(4;131#-,&%*$25%1#1/%*%1H420%D#"#*3&5%&',GG#
1:9:0#,094X#;0#%#*3&1/03GG#1:9:0#4:GG09:(:0#-,&%*$25%1#$3&;(4;03#;0#@%0952*%4%D
G$TS/+)U*1/."T+43+0
d;9/$?51%.43(61;09H4;0#S13(3094093$30#@H$9;0UR#93534%5?*20R#%5'%5'3*6/#G309;+1;E9;0#
S1C*:5G:9B#C43$F#+%*,1R#63(031#;531*;03R#$,5+20%U
GO)S/,+%$)#$0"f",+%$)#$0
f355-,&*%*20D#b&'35*B#(;0931(3#,09420D#d:9:50;&30#4:(4D#p*4:(4R#63&'30#4:(4D#892$*2*XR#53639BD#
>3W/E(,1#-,&%*$%D#b&'093(F0H4;0R#GB6H4;0D#d:9:0#53639BD#00936,520D#a:(4#09,(920%#;0#,09420%#
3&;09#092$$%*D#"*%E$F63*3431#4:(4092$,11%*D
!",2V)2/83:/"51'3"2'2*#:4&2.
b*0%A24H4A21#%9#H(20G3*/#09,(920#;0#,09420#$F63*34;4#4:GGA3&'F#092$,11%*D#e0$3(/1#%#4:(4092$,1%4#
;0#%#@,992A?1#1%EW0,*X+X#-,&%*$%1#A3*354;03/4D#b*0%A24H4A21#%#5;&'#%*%E$F63*3434#%#1:9:50;&30#
4:(43113*D # " # 4%5?*X1 # /0$3(/1 # % # 1:9:0 # ,094X # ;0 # 1:9:0 # 4:GG09:(:0 # -,&%*$24D # d;E3031#
:0093@%0,5*H4%5/#%#4:(43134D
Q252823:/"i-MN":5,+)&$#
"#!!.!JD#;*34;6C134#G34:*4:44#&'3($3131#&,5+,*1,+20/.*,&/1%/#1;E300;&3#*3@34B6;#4309/R# @,&'#%#
$2( # $3&*;6B # 4?+20?1%4 # (35+093(395/ # 4?+A21D # b9 # % # *;E;0R # %$3*' # KD # ,0942*'4X* # $3&A3*35/1 # %9#
%*&3G(2G%5R#3*63934#%#092$,*20/#-,*'%$%4,1#$3&-/&'3*;0;5#24#%9#2*4%*25,0#;(6;5'F#:0093-C&&;031#
-3*/0$3(;0;@39D # Z% # % # +/21,1 # &'%1,(*%4,4 # ;0 # G/94,502&,4 # 093(39531 # % # $%43$%4/1%/ # 4:(6;5'31#
$3&/0$3(;03 # ;0 # % # $F63*3431 # 6;&9;03 # 0,(25R # $%&%G/94,002 # 62*5%1 # % # $%43$%4/1%/#
-3*%+%4$3&,*+20,1G%5D # bGG35 # %9 # ;*341,(G%5 # -3*;G(3094@34AC1 # % # +/21,1G%5 # % # 6/*2& # /(254/#
;(+31*B+;04R # @% # % # &,5+,*1,+204 # E(%14/1?0 # ;*3409C10;&*3431(3R # 1:6343*$;5'31(3 # /(25'H4A?1D # "#
092$,*20#%#&,5+,*1,+20#43(C*34;5#6;&9344#%14H6#%1%(%45363*;0D
" # &3,$34(/% # % # *3&%*%E634BGG # -,&%*$%1 # $3&/0$3(;0;5 # 24 # 3*63934 # % # 6/*2&G%5 # *;6B#
4:(6;5'093(F0;&31 # -3*/0$3(;0;@39D # b9 # % # -,*'%$%4 # 0,11%* # 1:55'3GG35 # 0/13(C*R # @% # % # +/21,1#
$3&/0$3(/1 # % # &3,$34(/%/ # 4:(6;5'093(F0;&31 # $3**344 # % # 093(13094344 # -,($21 # 09;E0;&;4 # /0D #"$/4#
W0,+2*1,9200%*#4%E%094%*5%1#$3&#%9#LD#,0942*',0#09%G%+1;9/#&3,$34(/2G%5R#%94#&,5+,*%4/#Q4,5#
4%5?*$25',9921 # % # O.KD # ;0 # % # PD # ,0942*',1G%5D #"# +/21,15%1 # $3& # 13** # /0$3(5/C1 # % # $%43$%4/1%#
4%5?*202@,9 # 09C10;&30 # 5'3*6/.*,&/1%/ # 093(139343134 # R # % # 1:95'3*6/ # ;0 # % # $%43$%4/1%/ # 5'3*6#
1C*:5G:9B0;&;4#;0#%#09%15'3*6#09,(,0#1:4B+;0;4#%#4%542(&'@,9D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
PP

" # 5;&' # %*%E$F63*34 # :00931%EW0,*20%R # $F63*3431 # 0,((35+A3D # 892$3*$;*34/ # %*%E,1D # 7F63*3431#

1:9:50;&30 # 4:(43113*D # " # 4/93+30 # 4:(431 # G363934;03D # 7F63*3431 # 4/93+30 # 4:(43113*D # 89%G%+1;9/#
&3,$34(/%D
m'$02'23

==j"U'$

I)Y8232/"3O*1/
"# 5;&' # %*%E$F63*34 # %9 # 3&;09 # 092$,1 # 1:(;G35 # SH(20G%5 # ;0# -3AG35UD #"# 4:(4 # -,&%*$%R # $F63*3431#
1:9:50;&30#4:(43113*D
J$431'%&.",2V)2/83:/."S:)+0
" # hD # ,0942*'G%5 # G363934344 # 4:(4092$H4204 # &'%1,(,*A21D # "9 # 3&'093(F0H4;04R # GB6H4;04 # % # 53639B1#
E(H$4;5'39B1(3#G,542026%*#6;&9/1D#b94#1:634/1#%#4/93+30#4:(431R#$/54#%#4:(4#092$,1#@%0952*%4%#%#
$/5+355%E,1G%5D#"#$%(%+;1,0#,09420#G363934;03#?425#%#+/21,1#%9#LD#,0942*'G%5#-3+39@34/1#-3*#%#
4/93+30#4:(43113*#6%*X#092$,*20#E(%14/1?002&24D#d/-3A*3094AC1#%#&'3($3131G35#%94#%#1;E300;&34R#
@,&' # %9 # 3&;09 # ;0 # 4:(4092$,11%*R # 6%*%$/54 # % # 4/93+30 # 4:(43113* # G/94,0%5 # 092$,*A%5%1D # "9 # LD#
,0942*',0#09%G%+1;9/#&3,$34(/24#%#1:(#;0#%9#3&'3530#1344B00;&;63*#139+AC1D#"@@,9R#@,&'#%#+/21,1#
092$2(%#39#%#1;4#$;(4%5/#%*%19%4#%#*3@34B#*3&/54359H63GG#;*$;55';#62*A,5R#%A25*%4,0#3*B09:(#1:(9B#
;0#6,5%*9X#5;*1C*R#09%G%+#1;993*#(%A9,*5/D#"#4:(4;53*3$#X(21,5#$30;*4#X.3&'/E4,$/#4:(4;5343113*#
:0093-C&&;0G35#*3@34#42(&'%*5/#t/4%&,(%09#90/5X(A24#S%#+3(;109:&#1/-309H4;0;@39U#;0#H&'#%#+/21,1#
3*B09:(#4%*2*1,9@%45%1#t/4%&,(%09#536;63*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#-3A092$,*20#2**%5+X#&'%1,(*20%D
"#5;&'#%*%E$F63*34#:00931%EW0,*20%R#$F63*3431#0,((35+A3D
t(H$.#;0#:00934344#092$,1D
d;4#092$#1:9:0#,094X/R#1:9:0#4:GG09:(:03/R#*3&5%&',GG#1:9:0#,094XR#*3&1/03GG#1:9:0#4:GG09:(:0#
$3&@%42(,920%#S%#53639B1#E(H$4;5'39B1(3#G,5420%UD
892$,*20#4:(43113*D
a:(431#2G(29,*20%#092$3&'353035D
"#4/93+30#4:(431#G363934;03D
"#@3*'/#;(4;1#42G*29%4#(/4$/1?0%5R#$,9&20093(F35#;0#$/5B0;&/*3&#G36393463D
"#4/93+30#4:(4#;0#%#@3*'/#;(4;1#1%EW0,*%4%D
892$,*20#4/93+30#4:(43113*R#%#4:(4#092$H420#G3&'%1,(*20%D
d3(31H4;0D
7;(4;13&'0;&31R#$/54#4/93+30#4:(431D
"#09%G%+1;9/#&3,$34(/%#3*63934#%#$;(4%5/#%*%19%4,1@,9D
d:(R#5;&'934R#@2(,$09:&#S#3&'35*B#,*+%*Q.R#3&'35*B#092(Q.R#+3(;109:&F#@2(,$09:&UD
89H539;003*#;0#-%5429/26%*#1C*:5-;*3#$/5421#;(@34B1#3*D#"#&'3($3131#1/09H539/1#393134#%#6/(2&093(F#
-,($21%4#;0#392*4%*#QA#&3,$34(/%/#-,($21%4#-3+39531#-3*D
G$TS/+)U*1/."T+43+0
Y:6;5'4%5#3E,W@%#S#6/(2&093(F#&3,$34(/%/#-,($21R#09/$$34(/21#6/90&2*%4%UD
a:(4;53*3$#3E,W@%#S3&'/E4,$/#4:(90#4:(431R#t/4%&,(%09#90/5X(UD
GO)S/,+%$)#$0"f",+%$)#$0
t(H$. # ;0 # :00934344 # 092$ # -,&%*$%D # d:9:0 # ,094XR # 1:9:0 # 4:GG09:(:0 # -,&%*$%R # *3&5%&',GG # 1:9:0#
,094XR#*3&1/03GG#1:9:0#4:GG09:(:0#-,&%*$%D#a/93+30#4:(4D
P]

d:(R#5;&'934R#@2(,$09:&#093$*;*3430#-,&%*$%D
!",2V)2/83:/"51'3"2'2*#:4&2.
"9 # H(20G3*/ # 09,(9204R # ,094204 # % # 4:GGA3&'F # 43($;093430 # 092$,11%* # $3&GH9@%4X%5 # 6;&9/1D # "#
&'3($3131#/0$3(/1#%#E(H$.#;0#:00934344#092$,1%4R#%#E(H$4;5'39B0#-3*G,54204R#%#*3&5%&',GG#1:9:0#
,094X # ;0 # % # *3&1/03GG # 1:9:0 # 4:GG09:(:0 # $3&@%42(,92024D # e0$3(/1 # % # 092$,1 # 4/93+304:(4 # %*%1A24D#
d;E3031 # :0093@%0,5*H4%5/ # % # 4/93+30 # 4:(43134D #"# 5;&' # %*%E$F63*3434 # 4/93+30 # 4:(43113* # 1;E3031#
3*6;&395/D # n3*/0$3(/1 # % # 09%G%+1;9/ # &3,$34(/% # 0,(25 # $3&/0$3(4 # %*%E634B # 0H1G3*/ # &3,$34(/%/#
%*%19%4,1%4D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # 4%5?*X1 # $3&/0$3(13+531 # % # (%W/,52*/0 # 092$,11%* # ;0 # % # 5;&' # %*%E$F63*3434 # /0 # 3GG35 # %#
092$1:(G35#6;&9/1D#"#0929%*;1092$H4204#3*0%A24H4A21#;0#%*1%*$%9921#-3*%+%4,1G%5D#"9#3?1*/+;09/#
093(13094;0 # 3*3$3/531 # 03&H40;&;63* # 09%G2*',0 # 0,109:&3134R # @2(,$09:&3134 # 093(130943531D#
73&/0$3(/1#%#@2(,$09:&31#;0#5;&'09:&31#-%A42/4#;0#4?*%A+,502&%/4D
m'$02'23

=>j"U'$

I)Y8232/"3O*1/
d:9:50;&30#;0#4/93+30#4:(43113*#6;&9344#$F63*3431#/0$3(343D
"#&3,$34(/%#3*3$3/531#;0#%*%19%4%/5%1#4%E%094%*%4/#Q4,5#093(9344#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
"#4%5?*X1#$3&/0$3(13+531#%#0929%*;1092$H4200%*R#$/54#%#$%43$%4/1%#&'%1,(*%4/#%*1%*$%92026%*D#
d:(9B63* # ;0 # 6,5%*9X6%* # E,54,0 # 093(13094;031 # 6;&39531R # 1;E3031 # % # 093(13094;0 # $3534;531#
*3H(202(%D # " # &3,$34(/%/ # 4:(6;5'093(F0;&3134 # ;0 # :0093-C&&;03134 # -3*/0$3(/1R # G/9,5'H4A21 # %#
@2(,$09:&31#3&'093(F#4;43*3/4D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
00934344#%(/4$34/1%/#-3*%+%4,1#6;&9;03#%#53$#53&%4H6#(%W/,52*/0#092$,1#1:(;G35D
b&'3530#;0#-,(+H4,44#%(25',002&D#"(25',0#,09420D
8929%*;1092$H420R # %9 # %*%ER # % # 0929%*;1*2G # ;0 # % # 0929%*;1;(4;1 # 1/092$H420% # %(25',0#
1:634139434;003*D
" # 0929%*;1092$H420 # %*1%*$%920% # % # 13(3013+3*$/ # 092$H420,1G%5_ # 1%$%4.R # 2(35&3+$;5'.R#
2462*420.R # 5'3(30;&. # ;0 # 6309430;&.R # 2-%.092$H420 # 6%*%$/54 # % # 1;E*3431 # @%0952*%425%1 # 2*4%*25,0#
G363934;03#%9#3&'093(F#1%$%4092$H420#03&H40;&;63*D
"#53&%4H6#3&;09#092$,1#G363934;03
"#5;&'#%*%E$F63*34#%#53&%4H6#092$,11%*D
89%G2*',0#0,109:&31#093(13094;03#%#1:(#3&'35*B#(;0931(3#4:(4;5B#,0942026%*D
Z2(,$09:&31#093(13094;0;531#%*%E30343/#0E3W/2*/0#S#3&'35*B#092(QR#3&'35*B#,*+%*QR#+3(;109:&FU#
;0#2*4%*25,0#@2(,$09:&(3D
"#@2(,$09:&31#G3*0B#09:&3/531#:0093&3D
"#09:&31#-%A42/R#536393430#09:&E2(,1#;0#4?*%A+,502&%/1D
Y;&'09:&31#-%A42/#;0#3*3$/#4?*%A+,502&%/1D

]N

G$TS/+)U*1/."T+43+0
d3(4$F63*;0R#-:*+(%A9#S#42A;1,9X+20#%#6%*X02&,0#6/09,5',1(X*#4;(1;E#;0#3&';G#629*%4,1#%*%EA25R#
%(25',0#G3W0*;0U
GO)S/,+%$)#$0"f",+%$)#$0
"9 # 3&'3530 # ;0 # -,(+H4,44 # %(25',002& # +3-/5HW/XA%D #"# 0929%*;1R # %*%E # R # 0929%*;1*2GR # 0929%*;1;(4;1#
-,&%*$%D # 892$,1 # 3**354344A3R # %G09,*Q4 # ;(4;13D # Z3&'3009:&R # 4,$E%09:&R # @,$,(Q # 09:&R#
3&'353009:& # ;0 # % # 43*A3009:& # -,&%*$%D # b&'2**20Q.R # 62*4X.R # $3**;109:&31D # Z2(,$09:&31#
3&'G362&X02&%D#"#5;&'09:&31#-%A42/#S5;&'934R#4;&*%*%ER#E%(%*3*,&(%$$%R#(,$G?09R#4(%E;9R#+3*4,/+U
!",2V)2/83:/"51'3"2'2*#:4&2.
"# +/21,1 # 1;090;&09/5435 # 6;&9/1 # % # $F63*343134 # % # 53$ # 53&%4H6 # (%W/,52*/0 # 092$,1 # 1:(;G35D #"9#
3&'3530 # ;0 # -,(+H4,44 # %(25',002&,4 # -3*/0$3(/1 # ;0 # %*1%*$%9921 # 3&'093(FR # 1,51(;4 # -3*%+%4,1G%5D#
e0$3(/1#%#0929%*;1092$H420#-,&%*$%/4#S%*%ER#0929%*;1;(4;1R#0929%*;1*2GUR#;0#3931#1/092$H42025%1#
$X+A24D # d;E3031 # 1:(9B63* # ;0 # 6,5%*9X6%* # E,54,0 # 093(13094;031 # 3*6;&9;0;(3D # 893(13094;0/#
-3*%+%4,1G%5#:52**X%5#4?+A21#%*1%*$%95/#%#09%1%09.#;0#09:&-3*39;04R#09:&$20,*204R#1;E3031#%+,44#
3&'353003* # E2(@?9%$,0 # ;0 # %+,44 # 3&'3530(3 # $3(B*3&30 # 3&'353031 # 093(13094;0;(3D # e0$3(/1 # %#
@2(,$09:&31#;0#5;&'09:&31#-%A42/4#;0#4?*%A+,502&%/4D#"#536393430#09:&E2(,1%4R#%#@2(,$09:&31#;0#
%#5;&'09:&31#G3*0B#09:&3/531#:0093&;4#%*1%*$%9921#3&'093(F#-3*%+%4,1G%5D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
f363934;0#%9#%*&3G(2G%D#b*0B-,1Q#3&'/0$3(34*3530#3&'35*3431#$3&,*+20%D#t,9/4H6#3&;09#1/436BAF#
@%4625',920 # %9 # 3&;09 # 092$,1 # 1:(;G35D # b&'G362&X02&/ # 4(%509-,($2W/X1D # d3(C*34. # ;0#
43(C*34092$H420D
m'$02'23

=;j"U'$

I)Y8232/"3O*1/
"#5;&'#%*%E$F63*34#6;&9;03#%#(%W/,52*/0#092$,1#1:(;G35D
a;(3*3$31R#0H1G3*/#%*%19%4,1#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
"9 # %*&3G(% # G363934;0;63* # % # $F63*34-,&%*$%4 # $;*'H4AC1 # 3* # ;0 # 43(A3094AC1 # 1/D # "9 # 3&'35*3431#
$3&,*+20%#0,(25#%#$;(*3&3*6#4?+%4,0#%*1%*$%9202(%#4:(3109C51R#%9#3(3+$;5'#3**35B(9;03#0,(25#
%# +/21,1# $3&4%5?*A21# 0%A24 #&,5+,*1,+20?1#1,54(,**A24# ;0#-3A*B+/1# %9# :53**35B(9B# 1;E300;&C1D #"#
&3,$34(/2G%5 # % # 4%5?*X1 # (35+093(39B # 1;E300;&;4 # ;0 # % # @3*'30 # 1,$$?5/12W/X0 # 1;E300;&34#
-3A*3094AC1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # 5;&' # %*%E$F63*34 # 6;&9;03 # (%W/,52*/0 # 092$,11%* # 4:GG # 92(XA3*30 # -3*%+%4,1G%5R # % # $F63*3431#
4?*%A+,502&%/5%1#%*1%*$%92026%*D
"#6;&43*35#09%1%09,0#4/93+30#4:(431#6/90&2*%4%R#%#$%(%+;1,0#,094204;43*D
"#E,9/4H6#3&;09#1/436BAF#@%4625',920#-,&%*$%#;0#$F63*34/#4?*%A+,502&%/D
JR#IR#L#@%4625'%/R#5;&'934.#;0#1:G092$,1D
Y;&'934(3#3$3*;0#;0#&':16,520#43*A30#5;&'934GB*D
0093-C&&;031#%#09,(9X42G*2G%5D
]!

w(%-/1?0#-,($2G%5#$3&%+,44# 3&'093(F#04%4/094/1%/#%+%4,1#6/90&2*%4%#;0#G3*B*C1#1:634139434;031#
*36,520%D
"*&3G(%/#1/-3A39;031#-,&%*$%R#;(4;13R#:00936,520%#;0#09,(920%D
b*0B-,1Q#3&'35*3431#92(XA3*3113*R#4:(43113*#;0#&'%1,(*%4/#%*1%*$%920?1#-3*%+%4,1#$3&,*+202G%5D
"(25',1#;0#%(25'E2(,1D
"#5;&'09:&31#-%A42/#;0#09/$$34(/2A?1R#092($%94%420?1D
l,&%(/4$/1?0#0E/(2*#;0#%(W@/$;+309/#.#0E/(2*R#*36;*-,($21#093(13094;03D
b&'G362&X02&/ # &3,$34(/%/ # 4(%509-,($2W/X1_ # 435&3*'30. # ;0 # 1:9;EE,54,0 # 4C1(:9;0R # E,54 # 1:(C*/#
3*-,(&%420R#E2(@?9%$,0#3*4,*20#-,&%*$%R#4?*%A+,502&%/D
t/4%&,(%09.#4;43*R#%#4;43*#G/9,5'H420%D#;0#%*1%*$%920%D
89/$$34(/1?0#%*%19%4,1#6/90&2*%4%D
"#1:(#;0#3&'3530#1:*W0:5:0#@3*'9343D
"#13(C*34#;0#43(C*34#-,&%*$%R#%#@2(,$09:&#;0#%#5;&'09:&31#13(C*34.#/**3463#43(C*34#1;E*343/D
b&'093(F#E3(0E314H6%#629*%4,1D
G$TS/+)U*1/."T+43+0
a:(4;53*3$ # S% # (353092509UR # (%A9,*20 # S # E3(0E314/6/1?0 # 2G(29,*20UR # -/9/1% # S%9 # 3$3*B4:(6;5'#
%*1%*$%92025%1#$%43$%4/1%/#%*%EA%/UD
GO)S/,+%$)#$0"f",+%$)#$0
T;&30# ;0# 6;&43*35# 09%1%09,0 # 4/93+30# 4:(431# -,&%*$%D #"9# 3&;09 # 092$,1# E,9/4H6# 3&;09# 1/436BAF#
@%4625'25%1#-,&%*$%D#"*&3G(%/#1/-3A39;0R#3&'53$F#;0#1C*:553$F#%*&3G(%/#1/-3A39;0R#3&'.#/**3463#
4:GG4%&Q#%*&3G(%/#1/-3A39;0#-,&%*$%D#7;(*3&3*6D#a35&3*'30.#;0#1:9;EE,54,0#4C1(:9;0R#E,54#1:(C*/#
3*-,(&%420R#E2(@?9%$,0#3*4,*20#-,&%*$%D#893*B#;0#;(/54BD#"#435&3*'30#.R#1:9;EE,54,0#;0#-,(&20#
09/$$34(/%D#"#13(C*34#;0#%#43(C*34#-,&%*$%D
!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3(3131 # 4?+%4,0%5 # %*1%*$%9921 # % # $;(*3&3*634 # 3*0B-,1Q # 3&'/0$3(34*3530 # 3&'35*3431#
$3&,*+202G%5D # d;E3031 # 09:63&30 # -3*%+%4,1%4 # 3&'35*3443*R # /**3463 # 1:634139434;003* # $3&,*+%5/D#
e0$3(/1 # % # E,9/4H6 # 3&;09 # 1/436BAF # @%4625',920 # -,&%*$24 # ;0 # $F63*34/ # 4?*%A+,502&%/4D # "9#
3&'G362&X02&/#4(%509-,($2W/X1%4# S435&3*'30.#;0#1:9;EE,54,0#4C1(:9;0R#3*-,(&%420R# E2(@?9%$,0#
3*4,*20U # 1;E3031 # 6;&(3@%A4%5/D # n3*/0$3(/1 # % # 09/$$34(/21%4 # ;0 # 4?*%A+,502&%/1%4 # %*1%*$%9921#
@2(,$09:&31 # ;0 # 5;&'09:&31 # 6/90&2*%42G%5D # d;E3031 # % # 4%5?*4 # 13(C*34.R # 0 # 43(C*34. # 1;E*3431#
%*1%*$%9202(%D # e0$3(/1 # % # t/4%&,(%09.4;43*4R # ;0 # %*1%*$%9921 # %*%19%4,1 # 3&'30 # @/25'9X # %+%4%/5%1#
$3&@%42(,9202(%D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b*0B-,1Q # 1;4/0$3(34*3530 # 3&'35*34(35+093(31R # 3*0B-,1Q # 3&'35*B4*350;&31D # 89:63&30 # -3*%+%4,1#
$3&,*+20%#3&'35*3443*R#/**3463#3&'35*34(35+093((3*D#Y;&'934&':16,520D#"#@2(,$09:&31#536393430#
6,5%*%/R # % # 1:( # ;0 # ;(/54B/D # a;(&3,$34(/%R # -3*09H5 # ;0 # 4;(-,&%4092$H420D # f363934;0 # %#
6%*X09H5F0;&092$H420G%D
m'$02'23

=;j"U'$

I)Y8232/"3O*1/
b*0B-,1Q#3&'/0$3(34*3530#3&'35*3431#$3&,*+20%D#"*&3G(%/#1/-3A39;0#-,&%*$%R#:00936,520%D#t,9/4H6#
]J

3&;09 # 1/436BAF # @%4625',920 # %9 # 3&;09 # 092$,1 # 1:(;G35D # w3,$34(/%/ # %*%19%4,1 # -3*/0$3(;03R#

4?*%A+,502&%/1R#13(C*34#;0#43(C*34#1;E*343/1D
J$431'%&.",2V)2/83:/."S:)+0
" # $;(*3&3*6 # 4?+%4,0 # %*1%*$%920%R # ;(4BR # 3*3$9B # ,*6%020R # %9 # :0093-C&&;031 # -3*/0$3(;03R#
$,+3**39;03D#"#1:634139434;0/#1;E300;&#-3A*3094;03#;0#%9#3(3+$;5'31#(3%*/42025%1#$3&H4;*;03D#
a2A;1,9,4402& # % # 1,,(+/524%.(35+093(G35D # nC&&6;5'093$*;*34 # 1/%*%1H420% # %9 # %*&3G(2G%5 # ;0 # %#
092$,*20/#1;090;&#-3A*3094;03D#a%E%094%*%4093(9;0#303$;5'31#$3&-/&'3*;0G35R#(3*%4H6#&'%1,(/02&#
$3&@%42(,9202G%5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#%*&3G(2G%5#%#$F63*3431#4?*%A+,502&%/#S1,$$?4%4/6/420R#%009,W/%4/6/420R#+/094(/G?4/6/420UD
a:GG4%&Q#%*&3G(%/#1/-3A39;031#09,(920%#;0#09,(9%442#%*%1H420%D
b*0B-,1QR#1;4/0$3(34*3530#3&'35*34(35+093(31#;0#3*0B-,1Q#3&'35*B4*350;&31#$3&,*+20%D
89:63&30#-3*%+%4,1#$3&,*+20%#3&'35*3443*R#3&'35*34(35+093((3*D
Y;&'934&':1#-,&%*$%R#5;&'934&':16,520D
892$(35+093(31D#f/52(/0#%(/4$34/1%/#S#092$,*20#134430#%*%EQ#092$(35+093(G35UD
T%*X09H5F0;&/#1H0;(*3431R#&'%1,(/02&R#(3*%4H6#&'%1,(/02&R#%9#24*%&#1/092$H420%#5;@25'#3*3$#3034;5D
x30W%(430.-;*3 # +3(;109:&F # 1,,(+/524% # . # (35+093(R # 3&'093(F # */532(/0 # 1%EW0,*%4,1 # 42G*29%4%R#
&(%-/1,5A%D#l/532(/0#-C&&6;5'31D
b*0B-,1Q#3&'/0$3(34*3530#3&'35*34R#/**3463#3*0B-,1Q#1;4/0$3(34*3530#3&'35*34(35+093(31#&(%-/1?0#
$3&,*+20%D
"#1:(#13(C*343R#43(C*343D
a@%*;09.4;43*R#%#1:(#;0#;(/54B/R#%9#;(/54B0,109:&#-,&%*$%D
"#@2(,$09:&31#536393430#6,5%*%/R#G3H(4#1:(3R#1:(C*H(4#1:(3D
Z%0,5*X02&/#4(%509-,($2W/X1#S#5%&'H420R#1/W0/5'H4;0UD
t*%4X5/#430431#S#434(%;+3(R#,14%;+3(R#@3`%;+3(R#+,+31%;+3(R#/1,9%;+3(UR#b?*3(.4;43*D
a30431#-3*09H53#;0#4;(-,&%4%#S#1,W1%R#4;&*%4304R#&Q*%R#@%02GR#@35&3(#;0#1QEUD
"#0,109:&31#13(C*343#;0#43(C*343R#%#09%G2*',0#0,109:&31#09:&3/R#4?*%A+,502&%/D
n3*%+%4,1#%#t/4%&,(%09.4;43*#%*1%*$%92026%*D
G$TS/+)U*1/."T+43+0
n/9/1%#Sn,*'%+;1,1#4:(6;5'3/531#6/90&2*%42G%5R#,E4/1%/#092$H420/#-3*%+%4,1G%5U
GO)S/,+%$)#$0"f",+%$)#$0
7%&%002&6,5%*R#1:9;E6,5%*R#0Q*'6,5%*R#09:&-3*39BR#,*+%*-3*39B#$3(B*3&30D#Z2(,$09:&31#G3H(4#;0#
1:(C*H(4 # 1:(3D # w'%1,(/02&R # (3*%4H6 # &'%1,(/02&R # 24*%&D # x30W%(430.-;*3 # +3(;109:&F # 1,,(+/524%.#
(35+093(R#1,,(+/52421#S#%G09W/009%R#,(+/524%UD#@%0,5*X02&/#4(%509-,($2W/X
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131#G/94,0%5#+,*&,95%1#3*0B-,1Q#3&'/0$3(34*3530#3&'35*343113*R#3&'35*34(35+093(3113*#
;0 # %*1%*$%9921 # %9,1%4 # 3&'093(F # 09:63&30 # -3*%+%4,1 # $3&,*+202(%D # e0$3(/1 # % # $F63*3431#
4?*%A+,502&%/4 # S1,$$?4%4/6/420R # %009,W/%4/6/420R # +/094(/G?4/6/420UD # d;090;& # 09/5435 # 4?+5%1 # E,54,4#
2G(29,*5/ # % # +3(;109:&F # 1,,(+/524%.(35+093(G35D # d;E3031 # 3*0B-,1Q # -C&&6;5'31 # 2G(29,*202(%D#
a?+5%1#%*&3G(%/#1/-3A39;03134#:00936,55/R#4:GG4%&Q#1/-3A39;03134#09,(,95/#;0#09,(9%442#%*%1H4%5/D#
d;E3031#@2(,$09:&3113*#;0#5;&'09:&3113*#1%EW0,*%4,0#-3*%+%4,1%4#3*6;&395/D#e0$3(/1#%#a@%*;09.#
;0#t/4%&,(%09.4;43*4#;0#1;E3031#@2(,$09:&31#;0#5;&'09:&31#/0$3(34*35#%+%4%/5%1#1/092$H4202(%D#
d;E3031#%#4%5?*4#13(C*34.R#43(C*34.R#-3*09H5.R#;0#4;(-,&%4.092$H420/#1;E*3431#%*1%*$%9202(%#3&'093(F#
]I

&'%1,(*%4/#-3*%+%4,1G%5D
Q252823:/"P-=;N":5,+)&$#
"#$%43$%4/1%#4%5H42025%1#%#1:9;EE,54A2G%5#%#-3*%+%4$3&,*+20#2**D#"#-3*%+%4,1#$3&,*+20%#0,(25#
%9#/5+?1W/X#S-%5429/%U#$%A+#%#+3+?1W/X#S*,&/1%/#1:634139434;0U#1:634/#3&'$204D#"#*3&-,54,0%GG#%9R#
@,&'#%#+/21,1#&,5+,*1,+20/#1;E300;&;4#%#*,&/1%/#1:634139434;031#G36,5202/&#-3A*3009C1R#;0#3935#
4Q*$35B35 # 3*;(AC1R # @,&' # G355C1 # :5G/9%*,$ # ;0 # % # 0%A24 # &,5+,*1,+20?1 # /(254/ # G/9%*,$ # ;G(3+A35D#
a,62GG/#W;*R#@,&'#%#+/21,1#1;E300;#62*A%5%1#$/5+355%E/#4335+B/1#0,(25#%#092$H420/#$X+093(31#
%*1%*$%9202(% # ;0 # $3&-3*3*B # %*%E/0$3(343113* # *200?1 # 3* # B134 # % # 4,62GG4%5?*20?1@,9D #"# 4%5?*X1#
&'%1,(,*@%4A21#%#4%*2*&%420/R#E(XG2*1,920/R#6/90&2*%4.6%(/2*20/R#;0#3*$;*34.-3*2**H420/#1;E300;&C134D#"#
$3&,*+20#1?*W025%1#$3&4%*2*20%#;(+31;G35R#3&'093(F0H4@34AC1#%#-3*%+%4,4R#%5%*X&/21%4#2**H4@%4?51#
6%&' # 2*4%*25,0H4@%4A?1 # % # 1;(+;04R # @,&' # $3&03A40C1R # $3*'/1 # :4*34 # 63934 # 3(3+$;5'(3D # "#
$%43$%4/12G%5 # 3*B-,(+?*X # 1(3%4H6 # E(,G*;$%$3&,*+20,1 # 5%&' # %(25'% # $/%44R # % # 4%542(&' # X(/20/#
A3*354B0;&&3*# GH( # %# +/21,1# -3A*B+;0;G35D # l3@34B0;&34 # G/94,0H4R # @,&' # 0%A24 # &,5+,*1,+20$X+A?1(%#
1C*:5G:9B#5;9BE,54,1GX*#431/5403531R#1//5+?*XE,54,1%4#13(3003531R#E;*+21%4#/**3463#3**35E;*+21%4#
62*%009%5%1R#09/0943$%4/1?0#1?4%4204#-,*'4%00%5%1#;0#%9#3(3+$;5'3134#G/9,5'H4021D#73&4%5?*5%1#
%5%*/92*5/R # 6%*%$/54 # -3*4;43*3134 # ;0 # -3*436;03134 # ;(4;13*5/D # n,54,0R # @,&' # % # +/21,1 # 24;*@300;1 # %9#
3&'343$30 # ;(6;5'F # 4:(6;5'093(F0;&3134D #"11,( # :(C*531 # *3&A,GG%5 # %9 # 3(3+$;5'31531R # @% # %94#
3*BGG # $3&03A4344;1R # $%A+ # %9?425 # G3 # /0 # 4?+421 # G/9,5'H4%5/D # " # +/21,15%1 # $3& # 13** # 4%5?*5/?1#
-,*'%$%4,1G%5 # &,5+,*1,+5/R # 24 # 13** # 4:(5/C1R # ;0 # -3* # 13** # ,*+%5/?1 # % # &,5+,*1,+20/ # ;0 # ;(9;13*;0/#
1,(*24A%/1%4R#392*4%*#&,5+,*1,+20?1#$,9&;1,5'%GG2#;0#5'/4,44%GG2#62*/1D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
T%*X0 # 092$,1D # 7F63*3431 # %*&3G(%/ # 1/-3A39;03113* # ;0# %*&3G(%/ # 4:(43113*D # b*0B-,1Q # 3&'35*3431 # ;0#
3&'35*34(35+093(31D # 89:63&30 # -3*%+%4,1D # d,$G/5%4,(/1%D # 7;(4%5/ # @3*'31D # dQE093*3431D#
Z2(,$09:&31#4;43*3/D#"*&,(/4$/1?0#3*A2(20,1D
m'$02'23

=;M"U'$

I)Y8232/"3O*1/
Y;&'934(3 # 3$3*;0 # ;0 # 5;&'934&':16,520D #"# 5;&' # %*%E$F63*34 # 6;&9;03 # E,*/5,$,11%*D # b*0B-,1Q#
3&'/0$3(34*3530 # 3&'35*3431 # ;0 # */532(/0 # 3&'35*34(35+093(31 # $3&,*+20%D # b&'3530 # ;0 # -,(+H4,44#
%(25',002& # ;0 # %*1%*$%920%D # Z2(,$09:&31 # 3&'G362&X02&%R # 0E3W/2*/0 # 5;&'09:&31 # ;0#
4?*%A+,502&%/1D#d3(C*34#;0#43(C*34092$H420D
J$431'%&.",2V)2/83:/."S:)+0
"# +/21,1 # 092$?1(% # QA # 43(C*3435 # S% # 1,$G/5%4,(/12G%5R # 3034*3& # % # 6%*X09H5F0;&092$H420 # 139+34/#
%*%EA%/G%5U#$3&4%E%094%*@%4A21R#@,&'#%#&,5+,*1,+20# %#1,51(;44X*#%9#2*4%*25,0H420@,9#63934D#"9#
3&'35*3431#4%5?*$25',920%R#%$3*'34#4,62GG#-,*'4%4?51#;0#3*$;*'H4C51#6/*2&,0#$3&,*+20/#$X+A%/#
2*4%* # AX # &'%1,(*X43(34 # 1H52* # % # 5:6316B # *,&/1%/ # 1;E300;&531D #"# E3(/,+/1?0 # 092$H420/ # 3*A2(20,1 # %#
+/21,1%4#-,1,9,44#&'%1,(*20(%#1;09434/D#"#@2(,$09:&#4%5?*$25',920%#0,(25R#3&'093(F#G/9,5'H420/#
3*A2(20,1#03&H40;&;63*R#QA#4:(6;5'093(F0;&3134#*3@34#-3*-3+395/D#"#$3&1:93*H4;0/#$X+#%5%*/4/1?0R#%#
1,51(;44X* # %9 # 2*4%*25,0 # -3*;R # % # $;(4%5/ # 093(13094;0314B* # %55%1 # G/9,5'H420% # -3*; # @%*%+D # "#
&3,$34(/2G%5#%#1QE093*3431#093(13094;03#*3@34B0;&31#G/94,0H4#%((%R#@,&'#%#093(13094;0/#$X+,1#
5%&' # 092$% # 2*4%* # |1,5W354(2*4= # -,&%*$%1%4 # 4%*2*A%5%1R # $,9&;1,5' # 3*1;E93*;03134 # %*1,00%5%1R#
$3*'3134 # ?&'%5%11,( # 09/&,(Q # 4:(6;5'093(F0;& # /(25'H4D # " # 639;(1:( # 03&H40;&;63* # 6;&9344#
]h

093(13094;031G35 # S3**/E09/0R # @/E3(G,*%U # 6%&' # %9 # 639;(3&'3530 # 03&H40;&;63* # 6;&9344#

093(13094;031G35 # SE%(%G,*%U # 3*B09:( # A3*35/1 # $3& # ;(4@34BGG35 # % # 6;&43*350;& # -,&%*$%D # "9#
/((%W/,5%*/4200%* # ;0 # %9 # :0093$;(@3434*350;&&3* # 1%EW0,*%4,0 # E3(/,+/1?0 # 092$H420/ # 3*A2(20,1#
E,*%(/420?1G%5#3*B1;09H4/1#%9#%(/4$34/1%#;0#%#&3,$34(/%#3&'30H4;0;4D#Sb9#42(&'%*@%4X#3034*3&#%#!ND#
,0942*'G%5 # /0DU # bGG35 # %9 # /+B09%1G%5 # % # $%43$%4/1% # X(21,5 # G363934@34AC1 # % # 903G092$,*X&;E#
@%0952*%424D
d:6343*$;5'31#.#e0$3(3431#M#-3A*3094;0/#1:6343*$;5'31
892$@%*$%9,1#S43($;093430.R#3&;09.R#(%W/,52*/0.R#/((%W/,52*/0#;0#6%*X0#092$,1UD
" # 6;&43*35 # *25W.4:(431R # 6%&' # Y34,5 # /43(2W/X0 # $X+093(;531 # @%0952*%4% # % # 5;&'934&':16,520#
1:93*H4B#3*A2(20%1;54D
"#JR#I#;0#%9#L#1:93*H4B#;(4;1;531#1/092$H420%D
"*&3G(%/#4:(43113*#6;&9344#$F63*3431D
b*0B-,1Q#3&'35*3431R#1;4/0$3(34*3530#*/532(/0#3&'35*34(35+093(31D
b*0B-,1Q#E%(%$;43(30#3&'35*3431#S#*3@34B0;&#093(/54U
89:63&30#-3*%+%4,1D
892$0,(,9%4,1#Sn/G,5%WW/.0,(,9%4UD
d:93*H4B#4:(431#%9#%(%5'$3409;0@39#S#*3@34B0;&#093(/54UD
d,$G/5%4,(/1%#SE3($?42W/XR#6%(/2W/XR#1,$G/52W/XUD
f/5,$/2*/0#4;43*R#S#*3@34B0;&#093(/54U#%#t%0W%*.@2(,$09:&D
w(2-3*$;*34/#%*%E-,&%*$%1DSa2(&'%*@%4X#!JD#,0942*'G%5#/0DU
b034*3&#%#6%*X09H5F0;&092$H420#%*%E3*3$3/#%#1,$G/5%4,(/1%/#1;(+;0-3*634;0GB*#1//5+?*6%D
a3(C*34092$H420,1 # /0$;4*;03 # ;0 # 3*$;*'H4;03 # S@2(,$09:&R # 5;&'934R # 4;&*%*%ER # E%(%*3*,&(%$$%R#
(,$G?09R#4(%E;9R#+3*4,/+R#6%*%$/54#43(C*34.24%*%1H420,1UD
"#$20,+(35+F#&:(G;1#SE%(%G,*%R#3**/E09/0R#@/E3(G,*%U#;0#4?*%A+,502&%/1R#;(/54B/#;0#3&';G#&:(G;1#
SE*D_#[%00/5/.-;*3#&:(G;1R#"E,**,5/?0.1:(:1R#*3@34B0;&#093(/54UD
d;4#1:(#1:9:0#;(/54B/D
"#@2(,$09:&31#536393430#6,5%*%/(%#;0#E,54A%/(%#6,5%41,9X#4;43*31#;0#%*1%*$%920?1D
G$TS/+)U*1/."T+43+0
n/9/1%#S1;E*3431#24%*%1H420%U
GO)S/,+%$)#$0"f",+%$)#$0
T%*X0 # 092$,1D # " # 5;&'934&':1 # -,&%*$%D # 892$0,(,9%4R # (31?(9H6 # 0,(,9%4R # n/G,5%WW/.0,(,9%4D#
t3($?42W/XS # /0$;4*;0 # 5;*1C*/R # /0$;4*;030UR # 6%(/2W/XS # /0$;4*;0 # 5;*1C*/R/0$;4*;030UR#
1,$G/52W/XS#/0$;4*;0#5;*1C*/UD#t%(%G,*%R#3**/E09/0R#@/E3(G,*%D#T39;(3&'3530R#639;(1:(D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1# G/94,502&&%*# 092$,*5%1 #%# 6%*X0 #092$,1# 1:(;G35D #d;E3031# %*&3G(%/# 4:(43113* #%# 5;&'#
%*%E$F63*34 # 3*6;&9;0;(3D # "9 # 3&'35*3431 # ;0 # 3&'35*B4*350;&31 # $3&,*+202G%5 # 3*A?45%1 # %#
E%(%$;43(30 # 3&'35*3431/&R # 4?+5%1 # $3&,*+%5/ # 3*0B-,1Q # 1;4/0$3(34*3530 # 3&'35*34(35+093(3134D#
d;E3031 # 2*4%*25,0H4%5/R # 4:(6;5'093(F0;&3134 # -3*/0$3(5/D #"# 1,$G/5%4,(/1% # 1:(;G35 # SE3($?42W/XR#
6%(/2W/XR#1,$G/52W/XU#4?+5%1#:52**X%5#-3*%+%4,1%4#$3&,*+%5/D#e0$3(/1#%#@2(,$09:&31#536393430#
6,5%*%/(%#;0#E,54A%/(%#6,5%41,9X#4;43*3134#G/9,5'H420?11%*#3&'C44R#;0#%9,1%4#%*1%*$%9921#-3*%+%4,1#
$3&,*+202G%5D#e0$3(/1#%#1QE093*343134#SE%(%G,*%R#3**/E09/0R#@/E3(G,*%UR#$/54#$;(4%5/#@3*'3134#;0#
1;E3031 # %9,1%4 # $3&093(1309435/D # a?+A21 # (;0931(3 # +%(%G,*200%* # 1C*:5G:9B # $;(4%5/ # %*%19%4,1#
43(C*34;4#1/092$H4%5/D#d;E3031#%9#3&'G362&X02&/#4(%509-,($2W/X1%4#;0#4?*%A+,502&%/1%4#&3,$34(/%/#
093(13094;0/#-3*%+%4,1G%5#%*1%*$%95/D
]L

=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
720,+-,1Q # 3&'35*3431R # 3&'35*34(35+093(31 # ;0 # 3&'35*B4*350;&31D # l/532(/0 # ;0 # $20,+-,1Q#
-C&&6;5'31 # 2G(29,*20%R # -C&&6;5'4(%509-,($2W/X1D # Z%*$%93*$;*34D # 892$3*$;*34D # Z%0,5*X02&/#
4(%509-,($2W/XR # @2(,$09:&31 # @%0,5*X02&25%1 # %*%E30343/D # 7%&%002&. # ;0 # G3-,&X4;43*D#
a(/&,5,$34(/%D
m'$02'23

=;M"U'$

I)Y8232/"3O*1/
"*&3G(%/#1/-3A39;031#09,(9%442#%*%1H420%R#43*A30#5;&'9344;#%*%1H420D#t,54#2G(29,*20%#%#+3(;109:&F#
1,,(+/524%#(35+093(G35D#b&'G362&X02&/#4(%509-,($2W/X1D#Z2(,$09:&31#536393430#6,5%*%/D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21,1%4 #%9 #|/0$3(34314B* #% #-3*/0$3(;0/&= #S>D #843/53(U #13**# 3*639345/D # b@@39 #09;*30# &'%1,(*20/#
43(C*3434#1H52*#%#4(/&,5,$34(/%D#"#09:&-C&&6;5'31G35#%#+/21#43*A3035#QA#1%EW0,*%4093(139343134R#;0#
%9 # %GGX* # 3(3+B # &'%1,(*%4/ # @%095,002&,4 # -3+39/ # -3*D # " # $%43$%4/1%/ # 092$H420,1 # %*1%*$%920%#
&'%1,(*%4/%0 # ;0 # ;*34093(FD # "9 # 3&'35*34315;* # $,04 # -,&*%*1,9?51 # % # $20,+-,1Q # 3&'35*343113*R#
6%*%$/54 # 1/-3A4AC1 # % # $3&,*+20/ # $X+093(3134 # ;0 # 1;E*343134D #"# @%*$%93*$;*34G35 # &'%1,(,*A21 # %#
(35+093(39;04#;0#%#1C*:5G:9B#093$E,54,1#093(/54/#,0942*',9204D#"#+/21,15%1#*3@34B0;&C1#5'H*/1#%#
+/(314#;0#/5+/(314#G/9,5'H420/#$X+,1#$3&/0$3(;0;(3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
720,+-,1Q#3&'35*3431#$3&,*+20%D
T/;43.-,($?*21# S*3@34B0;& #093(/54UR #%# $20,+-,1Q# 3&'35*34 # &':14;5'39B0 #%*%1A%R # %#+/091(/$/5250#
A3*354B0;&3D
720,+-,1Q#3&'35*34(35+093(31#;0#3&'35*B4*350;&31D
l/532(/0.R#%G09,*Q4;(4;1.R#$20,+-,1Q.R#(%W/,52*/0#4:(4-C&&6;5'31D
Z%*$%9,1#$3&%+20%R#2G(29,*20%D#>;09@%*$%9D
Z%*$%9$F63*3431#S$340934R#?5/XR#1C*:5G0;&R#1,$E*3$3543(UD
T;&30#@%*$%9,1#3*3$3/531#092$%D
892$3*$;*34/ # /0$3(3431 # S,094@%4X02&/ # 09%G2*',1 # ;0 # 4?*%A+,502&,1R # E(H$. # ;0 # :00934344 # 092$,1R#
*3&5%&',GG#1:9:0#,094XR#*3&1/03GG#1:9:0#4:GG09:(:0UD
"#092$3*$;*34#%*%E4;43*3D
f/9,5'H420#43*A30#/5+?1W/X6%*#S*3@34B0;&#093(/54R#3$3*4#09/5435U
dC*:5G:9B#%*%EQ#092$(35+093(31#S1C*:5:0#431/543443*#%#134430#092$(35+093((3UD#Sb9#42(&'%*@%4X#%#
]D#,0942*'G%5#/0DU
t2(@?9%$,0#093*B1#4;43*3#S*3@34B0;&#093(/54U
d:9;EE,54,0#@%0,5*X02&/#4(%509-,($2W/XD#Z2(,$09:&31#@%0,5*X02&25%1#%*%E30343/D
"#$%&%002&.R#%#G3-,&X4;43*D
89:&$;(4;1(35+093(31#S-,1R#(%+/25U
89:&-C&&6;5'31#%#+3(;109:&F#@2(,$09:&G35#;0#%*1%*$%920?1#092$H420/#-3*%+%4,1G%5D
89:&-C&&6;5'31#%*1%*$%920%#2*4%*25,0#@2(,$09:&G35R#%9#2*4%*25,0#@2(,$09:&#1;4#+3(;109:&F#
@2(,$09:&(3#G,542026%*D
"#09/5?094;43*#;0#%#1,09/5?094;43*D
G$TS/+)U*1/."T+43+0
]O

n/9/1% # S09:&-C&&6;5'31 # %*1%*$%920% # % # 04%4/12G%5R # $20,+-,1Q # 3&'35*3431 # $3&,*+20% # %9#

3&'35*343035#&',(0?*X#$,9&20/#-3*%+%4,1G%5R#E%(%G,*%#%#@%AH42052*UD
n:*+$;(;0#S09/5?094;43*R#1,09/5?094;43*#%*1%*$%920%U
7F6;09344:(4;534#S%(%5'$3409;0UR#(%A9#;0#6/9?2*/0#1?*4Q(%S#1QE093*3431UD
GO)S/,+%$)#$0"f",+%$)#$0
720,+-,1Q#3&'35*34#$3&,*+X1;E*343R#+/091(/$/5250D
t(H$.#;0#:00934344#092$,1R#(3*%4H6#E(H$31R#*3&5%&',GG#1:9:0#,094XR#*3&1/03GG#1:9:0#4:GG09:(:0D#
Z3&'3009:&31 # 09/5?09%R # 1,09/5?09%R # 4%5&3503D # >;09@%*$%9R # @%*$%9,1 # ?5/XA%R # $3409343R#
1C*:5G0;&3R # 1,$E*3$3543(3D # T;&30 # @%*$%9 # 092$,002&%D # " # -C&&6;5' # -,&%*$%D # l/532(/0.R#
$20,+-,1Q#-C&&6;5'31D#892$4%5/#;0#$;(4%5/#1:9;ED
!",2V)2/83:/"51'3"2'2*#:4&2.
" # +/21,1 # G/94,502&&%* # ,*+%5%1 # $3& # $20,+-,1Q # 3&'35*343134R # 3&'35*34(35+093(3134 # ;0#
3&'35*B4*350;&3134D # a?+A21 # 2G(29,*5/ # % # */532(/0.R # % # $20,+-,1Q # -C&&6;5'3134D # e0$3(/1 # %#
-C&&6;5'4(%509-,($2W/X1%4D#e0$3(/1#%#@2(,$09:&31#@%0,5*X02&25%1#%*%E30343/4R#%#$%&%002&.#;0#
G3-,&X4;43*4R # 0 # %9,1 # %*1%*$%92024D # f/94,502&&%* # @%0952*A21 # % # 09:&-C&&6;5'3134 # +3(;109:&F#
@2(,$09:&G35D#e0$3(/1#%#09/5?09.;0#1,09/5?094;43*4R#0#%9,1#%*1%*$%92024#-:*+$;(;0/#-3*%+%4,1G%5D#
a?+5%1#@%*$%9,1%4#2G(29,*5/#;0#63*C1#$F63*343134#6;&395/D#d;E3031#,094@%4X02&/#E(,G*;$21%4#
$3&,*+%5/D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
Z%4625'R#&':1R#*,&%(/4$?0D#b`E,535W/2*/0.R#*,&%(/4$/1?0.R#4(/&,5,$34(/1?0#3&'35*3431D#nC&&6;5'31#
2G(29,*20%#;0#3*3$9;03D#T314,(&3,$34(/%D#d,,(+/524%&3,$34(/%D
m'$02'23

=;M"U'$

I)Y8232/"3O*1/
"#@%4625',920#;0#$F63*34/#4?*%A+,502&%/#3&;09#1/436BAF#@%4625',1(%D#"#5;&'934&':1#-,&%*$%D#b*0B#
;0 # $20,+-,1Q # 3&'35*3431 # ;0 # 3&'35*34(35+093(31 # $3&,*+20/ # $X+A%/D # 89:&-C&&6;5'31 # %#
+3(;109:&F # @2(,$09:&G35D # 89/5?09.;0 # 1,09/5?094;43*D # nC&&6;5'31 # 2G(29,*20%R # -C&&6;5'#
4(%509-,($2W/X1D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21,1#%#@%4625',920#-,&%*$25%1#1/43(A3094;0;63*#%9#3&;09R#%#(%W/,52*/0#;0#%#6%*X0#1/436BAF#
@%4625',1(% # 24;*/1 # % # $%43$%4/1% # E3($%535W/%.3*6;4D #"# &3,$34(/% # ;0 # %9 # %*&3G(% # 1C*:5 # 42(&'%*4#
43(C*343/4#$,04#:00931%EW0,*A?1#%9#%5%*/4/1?0#&3,$34(/2G%5D#e44#62*/1#6/*2&,002#%#+/21,1#092$2(%R#
@,&'%5 # -3*3*531 # $3& # &3,$34(/%/ # %*%19%4,1 # 3&'35*3431531 # ;0 # @,&'%5 # *3@34 # QA # &3,$34(/%/#
%*%19%4,1%4#3&'35*343113*#1/-3A395/D#"#6314,(#-,&%*$24#.#$/?425#%#!ND#,0942*'#-/9/1%#3E,W@2A2G%5#
$2(#G3639344C1#.#-,($2*/0%5#/0#$3&3(B0H4AC1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
b&;09R#(%W/,52*/0#;0#6%*X0#092$#1/436BAF#@%4625',1R#$F63*34/#4?*%A+,502&%/1D
"#5;&'934&':1#;0#$F63*343/#4?*%A+,502&%/D#"9#5.3+/1#&':1#-,&%*$%D
"#*,&%(/4$?0#-,&%*$%#;0#$F63*34/#4?*%A+,502&%/D
b`E,535W/2*/0#3&'35*3431#$3&,*+20%D
]K

l,&%(/4$/1?0#3&'35*3431#$3&,*+20%D
"#@%4625'.R#&':1.R#*,&%(/4$?0.R#;0#%9#3`E,535W/2*/0#-C&&6;5'D
"#09:&-C&&6;5'31#;(43*$39;0;531#1/43(A3094;03D
0093-C&&;031#%#09:&-C&&6;5'31#1:9:44D
a(/&,5,$34(/1?0#-C&&6;5'31D
a(/&,5,$34(/1?0#3&'35*3431D
nC&&6;5'#2*4%*25,0#-,&%*$%R#%#1,(2GG%5#4%5?*4%1#$3**344_#%G09,*Q4;(4;1.R#(%W/,52*/0#4:(4-C&&6;5'31#
S3034*3& # !JD # ,0942*'G%5UD # nC&&6;5'A3**3$9;0R # 3`E,535W/2*/0 # ;0 # *,&%(/4$?0-C&&6;5' # 09/5?09 # ;0#
1,09/5?09-C&&6;5'R#/563(9#-C&&6;5'31#S*3@34B0;&#093(/54R#%#*,&%(/4$?0#42(&'%*20252*UD
T314,(&3,$34(/%D
t,54R#09%1%09R#3&'3530#%#x30W%(430.-;*3#1,,(+/524%.(35+093(G35D
892$H420/ # /0$3(3431 # %*1%*$%920% # $;(4%5/ # -3*%+%4,1G%5 # S1;4 # 3&'3530 # $3409;03R # @%A*2009:&3R#
@2(,$09:&31#536393430#E,54A%/5%1#1/092$H420%UD
"#1:(#3&'35*34;531#*363934;03D
d:(#;0#3&'3530#1:*W0:5:0#@3*'934;531#6/90&2*%4%#S093*BR#;(/54BR#1/4;(BUD
"9 # ;(/54;0/ # -3*4;43*31 # ;0 # %9 # ;(/54B # 3&'35*34;531 # *363934;03 # ;0 # % # +/091(/$/5250 # A3*354B0;&;531#
-3*/0$3(;03D
"9#3**/E09/0R#%#@/E3(G,*%#;0#%#E%(%G,*%#3&'35*343R#;(/54B/#S1:43*39B35#W0%1#3$3*4#09/5435R#%#!JD#
,0942*'G%5#/0#4%5H4@%4XUD
G$TS/+)U*1/."T+43+0
n/9/1%#S#%#(39&;04%5G%5#%*1%*$%9921#%#$3&093(9344#4(/&,5,$34(/%/#/0$3(343/134#;0#-3*@%0952*A21#%#
63934;1#5;*1C*/#/5-,($2W/X#246/43*#@?**2$3*$;*34/#@2443(;531#$%43$%4/1%/#%*%EA%/4UD
r531.9353S#%#*,&%(/4$/1?0#@%5&012*21U
GO)S/,+%$)#$0"f",+%$)#$0
>%W/,52*/0 # 1/436BAF # @%4625'R # 5.3+/1 # &':1R # *,&%(/4$?0 # -,&%*$%D # Z%4625'. # ;0 # &':1-C&&6;5'31D#
b`E,535W/2*/0 # -C&&6;5'R # *,&%(/4$?0-C&&6;5' # ;0 # 4(/&,5,$34(/1?0 # -C&&6;5'31D # r(43*$39;0/#
4%(4,$25'R#;(4;11;09*34R#9;(?0@3*'R#09;*0B;(4;1R#1,(*24,002&R#E%(/420R#09/&,(Q%5#$,5,4,5#5:6316B#
/**3463 # W0:1135B # -C&&6;5'R # E3(/,+/1?0 # -C&&6;5' # -,&%*$%D # T314,( # -,&%*$%R # 6314,( # $F63*3431R#
6314,(,1#01%*2(/0#09,(9%4%D#"#09:&-C&&6;5'31#-,&%*$25%1#1/43(A3094;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#1/43(A3094/1#%#@%4625',920#-,&%*$24#%9#3&;09R#%#(%W/,52*/0#;0#%#6%*X0#1/436BAF#
@%4625',1(%D#e0$3(/1#%9#5.3+/1#&':1R#%#*,&%(/4$?0#-,&%*$24#;0#$F63*343/#4?*%A+,502&%/4D#d;E3031#
3`E,535W/2*/0#;0#*,&%(/4$/1?0#3&'35*3431#$3&,*+202(%D#a?+A21#%#6314,(&3,$34(/%#%*%EA%/4D#
"5%*/4/1?0#&3,$34(/2GX*#/0$3(/1#%#E,54(%R#%9#3&'3530(3#;0#%#1:((3#6,5%41,9X#4;43*3134D#52**X%5#
1;E3031#$3&,*+%5/#-3*%+%4,1%4#3#4;$%1:(:1G35D#"#4%5?*4#-C&&6;5'3134#2G(29,*5/#;0#3*3$395/#/0#
4?+A21D#b*$;*'H4/1#4?+20?1%4#%#4(/&,5,$34(/2G%5R#1;E3031#:00934344#-3*%+%4,1#;0#4(/&,5,$34(/1?0#
3&'35*3431#$3&,*+202(%D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
892$0,(,9%4,1R # % # 092$4%5/ # ;0 # % # $;(4%5/ # 0,(,9%4D #a;(&3,$34(/%D # n3*09H5. # ;0 # 4;(-,&%4092$H420D#
f,,*3.-;*3#%*&3G(%#3*3$3/R#$%43$%4/1%/#*,&/1%D#84%4/094/1%D#T%*X09H5F0;&092$H420D#x/--3(35W/2*.#;0#
]P

/543&(2*092$H420#%9#3$3*4#09/5435D
m'$02'23

=>;"U'$

I)Y8232/"3O*1/
892$,1#092$4%5/#;0#$;(4%5/#1:93E3D#b&'35*34(35+093(31#$3&,*+20/#$X+A%/D#8929%*;1092$H420D#
a3(C*34092$H420/ # 1;E*3431D # d,$G/5%4,(/1% # SE3($?42W/XR # 6%(/2W/XR # 1,$G/52W/XUD # nC&&6;5'31#
2G(29,*20%#;0#-C&&6;5'4?*%A+,502&,1#6/90&2*%4%D
J$431'%&.",2V)2/83:/."S:)+0
7H&#%#!!D#,0942*'G%5#%9#%5%*/4/1?0#&3,$34(/2G%5#%#093$*;*3430#&3,$34(/24X*#@%*%+5%1#%9#%*&3G(%/#
092$H420,1#-3*;R#%++/&#%#!JD#,0942*'G%5#35531#;EE#-,(+H4,44A%#4:(4;5/1D#"#4;(&3,$34(/2G%5#-3A*3094/1#
4;(*2420?1%4 # ;0 # 093$*;*34C134R # % # -3*09H5 # ;0 # 4;(-,&%4092$H420 # 0,(25 # $3&093(9344 # /0$3(343/134 # %#
&'%1,(*%4/ # ;*34 # -3*%+%4%/G%5 # %*1%*$%9921D # n,54,0 # % # +/21,1 # 04%4/094/1%/. # ;0 # 6%*X09H5F0;&/#
&,5+,*1,+2025%1#-3A*3094;03D#"#$%43$%4/1%/#*,&/1%#5'3*6;531#$3&/0$3(;03R#4?+%4,0H420%#0,(25#%#
+/21,1#3*$;*'H4/1#%#@%0952*4#1/-3A39;031#A3*354;04%(4%*$24#;0#5'3*6/#0%A24,002&%/4D#"9#3++/&#4%5?*4%1#
09/54;9/03#2*4%*#%#6/*2&#$%43$%4/125#13(3094C*#4:(4;5B#$3&;(4;0;531#3&'#QA%GG#09/54A;@39#;(139531#
3*#3GG35#%#1,(G%5#%#+/21,1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
892$0,(,9%4,1R#%#092$4%5/#;0#%#$;(4%5/#0,(,9%4#-,&%*$%D
"#4%&.#;0#:0093&1;E*3431#1/-3A4;03R#%*1%*$%920?1#43($;09344?+,$25',0#;0#&%9+%02&/#43(C*343135D
" # 1%$%4,0 # 1%$%4092$H420 # 1;E*34;531 # % # $;(4%5/ # 0,(,9%4,1 # 1C*:5*3&30 # 303431;54 # 4:(4;5B#
*363934;03#;0#%*1%*$%920%#%#43($;0934GB*#;0#%9#C9*34/#;*34#43(C*34;(B*#6344#-3*%+%4,1G%5D
a;(3*3$31#1:*W0:5:0#@3*'9343R#426,*02&%R#09:&3D
b&'093(F#E,*/;+3(31D
"#43(C*34.#;0#13(C*34092$H4200%*#1%EW0,*%4,0#/0$3(3431#:0093-,&*%*20%D
"#E,*/;+3(31#-3*09H53R#4;(-,&%4%D
"#@35&3(093(F#430431R#%#@35&3(#-3*09H53#;0#4;(-,&%4%D
dQE093(F#430431R#-3*09H53#;0#4;(-,&%4%D
"#W0,51%#&Q*%R#%#W0,51%#1QE#-3*09H53#;0#4;(-,&%4%D
"#&:$G#-3*09H53#;0#4;(-,&%4%D
7,5,4,5#0,(,9%4,1#6/90&2*%4%D
Z%42(;(4;1#%#6;&43*35G35R#1,563(&350#;0#+/63(&350#0,(,9%4,1#c#%A25*,44R#1:43*39B35#W0%1#3$3*4#
09/5435D
nC&&6;5'31#@%42(;(4;13#%#6;&30G35R#-,*'4,5,002&#c#%A25*,44R#1:43*39B35#W0%1#3$3*4#09/5435D
"#+/--3(35W/%@25'%+,0 #;(43*$39;03R # %#+/--3(35W/2*@25'%+,0# -,&%*$%# c#%A25*,44R #1:43*39B35# W0%1#
3$3*4#09/5435D
x3(/62*20/#09%G2*',1#c#%A25*,44R#1:43*39B35#W0%1#3$3*4#09/5435D
nC&&6;5' # $3534;531 # 6/90&2*%4%R # 09;*0B;(4;1 # -3*%+%4,1 # $3&,*+20% # c # %A25*,44R # 1:43*39B35 # W0%1#
3$3*4#09/5435D
"9#/543&(2*#-C&&6;5'R#$/54#%9#%*0X#;0#-3*0B#1:93*H4B#:0093&31#0,(,9%425%1#%#@%42(;(4;13#c#%A25*,44R#
1:43*39B35#W0%1#3$3*4#09/5435D
"#E(/$/4H6#-C&&6;5'#-,&%*$%#c#%A25*,44R#1:43*39B35#W0%1#3$3*4#09/5435D
"*%E/543&(2*,1R#%9#/543&(2*092$H420#4;43*3/#c#%A25*,44R#1:43*39B35#W0%1#3$3*4#09/5435D
" # @%42(,9,44 # /543&(2* # -,&%*$%R # 4;43*3/ # ;0 # %*1%*$%920?1 # 43(C*34. # /**3463 # 4;(-,&%4.092$H420/#
-3*%+%4,1G%5#c#%A25*,44R#1:43*39B35#W0%1#3$3*4#09/5435D
84%4/094/1%/#%+%4,1#(35+093(39;03R#2G(29,*20%D
]]

84%4/094/1%/#$?4%4X1#092$H420%#S#$X+?09R#$3+/25R#24*%&R#09X(20UD
p**H420#*,&/1%/#;(4;13#;0#4%&%+20%D#"9#|r8=#;0#%#|T"w=#1%EW0,*%4#;0#4?*%A+,502&%/D
b03$;5'%*&3G(%D
T%*X09H5F0;&/#$,+3**31#Sd*%009/1?0.R#6/009%436;0#5;*1C*/#;0#6/009%436;030#$/54%6;43*U
T%*X09H5F0;&/#62*4,9XR#62(@%4X#;(4;1#.#W0%1#3$3*4#09/5435D
G$TS/+)U*1/."T+43+0
n/9/1%#S-3*39;0/#/+B#1/092$H420%R#09;*0B;(4;1#-3*%+%4,1#%9#,E4/12G%5R#E*D#n3($%4.3*6UD
GO)S/,+%$)#$0"f",+%$)#$0
"#092$4%5/#;0#%#$;(4%5/#0,(,9%4#-,&%*$%D#d/4;(B#3&'353031#426,*02&%#;0#@%A*2009:&3D#[0,51%#
&Q*%R #W0,51% #1QE #+3-/5HW/XA%D # 7,5,4,5#5:6316B# /**3463#W0:1135B# 0,(,9%4,1 #+3-/5HW/XA%D # 7X+?09R#
$3+/25R#092$H4,44#1:9;E;(4;131R#09X(20#-,&%*$%D#"9#303$;5'%*&3G(%#-,&%*$%/D#"#l%E*%W3.$,+3**#
S1*%009/1?0#6%*X09H5F0;&/#$39B1UD
!",2V)2/83:/"51'3"2'2*#:4&2.
" # +/21,1 # 3*$;*'H4/1 # 4?+20?1%4 # % # 092$4%5/ # ;0 # $;(4%5/ # 0,(,9%4,1G%5D # e0$3(/1 # % # 4%&. # ;0#
:0093&1;E*343134 # ;0 # %9,1%4 # %*1%*$%95/ # /0 # 4?+A21D # d;E3031 # % # 1%$%4,0 # 1%$%4 # 1/092$H4202(% # %9#
C9*34/#;*34#43(C*34;(B*#6344#-3*%+%4,1G%5D#b*$;*'H4/1#4?+20?1%4#%#4;(#3*3$/#&3,$34(/2A2G%5D#e0$3(/1#%9#
3&'093(F#E,*/;+3(31R#%#@35&3(093(F#;0#1QE093(F#430431#-3*09H5.#;0#4;(-,&%4092$H42024D#d;E3031#
04%4/094/1%/ # %+%4,1%4 # 42G*29%4G% # (35+395/R # 2G(29,*5/ # ;0 # % # 04%4/094/1%/ # $?4%4X1 # %*%EA25 # ;(4;13*5/D#
e0$3(/1 # % # 6%*X09H5F0;&092$H420 # %*%EA%/4D # d;E3031 # 303$;5'%*&3G(%/ # ;0 # $/54%6;43*30 # -3*%+%4,1#
$3&,*+202(%D

J9'3:42)2#
Q252823:/
"# 4:(4;53*3$4%5H420 # %*%E634B # W;*A% # %9R # @,&' # 03&H4035 # $3&;(435/ # % # 6/*2&,4R # %$3*'G35 # ;*C51D #"#
4:(4;53*3$#c#$/54#%9#3$G3(/0;&#$Q*4A25%1#/0$3(343#c#%9#3$G3(/#4?+%4#-3A*B+;0;531#-,*'%$%42(%#
6/*2&H4#(2D#"#$Q*4#4%5?*$25',920%#0,(25#-3*-3+399C1#%#1C*:5G:9B#4:(4;53*$/#1,(,1%4#;0#1?*4Q(21%4R#
@,&'#%9,1%4#:0093@%0,5*H4@%00?1#0%A24#1,(?511%*D#"#4:(4;53*3$#$3&/0$3(;03#03&H4#$3&;(435/#;0#
-3*42(5/#%#A3*351,(#:0093-C&&;03/4#/0D#"#4:(4;53*3$#4%5H420%#%#A3*351,(GX*R#%9#%+,44#@3*'934GB*#/5+?*#
1/D#b9#53$#W0%1#%94#A3*354/R#@,&'#%#A3*351,((%#6,5%41,9XR#4:(4;53*3$$3*#1%EW0,*%4,0#4;$%1:(:113*#
;0 # %9,1 # @2443(;63* # -,&*%*1,9?51R # @%53$ # %94 # /0R # @,&' # % # 1//5+?*20/ # E,54 # $3&62*%094202G%5 # %#
&'3($3131 # ;*341,(24R # -3A*3440;&;4 # ;0 # ;(+31*B+;0;4 # /0 # -/&'3*3$G3 # 63009C1D # "# 4:(4;53*3$4%543(6#
639;($,4H6?$%#%9#3$G3(/0;&#4?+%4-3A*B+;0/#-,*'%$%4%#;0#%9#3&'30#&'3($31#4?+%4-3A*B+;03#1:9:44#
$3&*;6B#E2(@?9%$D#b9#%#4%543(6/#%5'%&#1/62*%0942025%1#093$E,54A%/4#/0#$3&@%42(,99%D#"#4%52(#
E;*+21,5R#%#4:(4;53*$/#093$;*'31#;0#303$;5'31#1;E093(F#$3&A3*35H4;0;5#13(3094C*#$?4%4A%#G3#%#
4:(4;53*$/#-3A*B+;04#3*B/+;9B#3(B1#$3&@%42(,9X#A3**3$9B/4D#"#4:(4;53*$/#4%5?*$25',1@,9#53$W0%1#%#
$Q*4R#@%53$#%#A:6B#/0#09,(,0%5#@,9924%(4,9/1D#"#$/5+35#3&'30#3$G3(G35#G3553#(3A*B#*3@34B0;&31#
A3*354/1#%94#%#-,((204R#$3*'34#%#4%5?*20#0,(25#-3*#13**#42(5?51D#"#4%5?*X1#62(@%4X%5#-3*/0$3(/1R#@,&'#%#
1C*:5G:9B # 4:(4;53*$/ # 1?*4Q(215%1R # 6%**20,15%1R # %9 # 3&'30 # 5;E31 # ;0 # 53$93431 # 4:(4;53*$/#
1C*+34;0;531#$/5+#$3&6,*4#%#$%&%#-,54,0#093(3E3#%9#3$G3(/0;&#-3A*B+;0;G35D#a/0943*34#;G(3+#
G355C1 # %9 # 3&'$204X* # 3*4;(B # 1?*4Q(21R # 6%**20,1R # 5;E31 # /(254R # 4/0943*34 # ;0 # -3*3*B00;&;(934 # % # 0%A24#
1?*4Q(2A?1#/(254D#n3*/0$3(/1R#@,&'#%9#3$G3(/#-%A#-,&%*$%#$%&2G%#-,&*%*#$/5+35#5;E34R#;0#%9#3&'30#
5;E31# 1:*W0:5:0#-C&&B0;&G35R# 3&'$20(%# ?4%*6%# ;*531D #7/5+35# 53$93+;1531# $3&6%5#%# $%&%#
-3*3*B00;&3 # % # 4:(4;53*3$ # %*%1H4202G%5D # "9 # 3$G3(/ # 09%G%+02& # %*%EA%/5%1 # *3(%1202@,9 # %#
4:(4;53*3$4%5H420#Q&'#A2(?*@%4#@,992R#@%#53$#09%GA%#$3&#%#A:6B#&353(2W/XA25%1#&,5+,*1,+2024R#
!NN

53$#1;09#/+3,*X&/21%4#1H625#24:(:1H435/R#@%53$#03&H4/#%9#:52**X#H4;*34%*1,420#;0#&,5+,*1,+20R#%9#
3(1:*W0/ # ;(4;131 # ;0 # % # 09,W/2*/0 # ;(9;135'0;& # 1/%*%1?*2024D # " # $/ # -3*3*B00;&C51R # @,&' # ,*'%5#
1;E300;&31#1/%*%1?*2024#03&H40C1R#%$3*'31#2*4%*#%#-3*5:6B#-/%4%*,1#*3*13035#;0#G24(%5#*;E531#%9#
;*34G3#;0#-,($2*A21#A:6BAC134D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#4%5?*X1#3GG35#%9#;*341,(G%5#-/&'3*$303GG;R#;(+31*B+BGG;#62*5%1#%#6/*2&#/(254R#3&'(3#A,GG%5#
G3*3@3*'3913+531#%9#B134#1:(C*636B#6%*X02&G%D#"#&'3($313134#$3&/0$3(434AC1#%9#3*0B#6%*X02&,0#
4:(4;53*$/ # -,&%*$%11%*D # "9 # ;6-,*'%$ # 4;$2A% # %*%E634B35 # %9 # X1,(_ # %9 # B0/ # e5+/%R # t3(90/%R#
739,E,42$/% # ;0 # b&'/E4,$ # 1?*4Q(2A% # S*3@340;&30 # $;&_ # X1,(/ # dH5%R # d:9;E. # ;0 # x;*."$3(/1%#
1?*4Q(2A%UR # 4:(4;53431 # % # &:(:& # $/4,*X&/2GX*R # &:(:& # 4:(4;53*3$ # Z,$;(,09 # /+3A;4B* # Y%&' # 825+,(#
1,(2/&D # " # 4%5?*X1 # ;*$;5'093(F35R # % # 4%52( # 1;E093(F # 3*G309;*;03 # %*%EA25 # 4%E%094%*A21 # $3&R#
$355'/(3#3*4;(B31#%9#X1,(/#5%&'#1?*4Q(1,(09%1,1D#73&-/&'3*@34/1R#@,&'#%#-:*+(%A9/#1:(5'3934#;0#%9#
%11,(/ # ;&@%A*%4 # $355'/G35 # G3-,*'20,*4% # 3&' # %+,44 # 42(0%+%*$/ # 1?*4Q(% # 1/%*%1?*2024D # t;*+21,5#
13(3094C*#%#4%52(#G3$?4%4A%R#@,&'%5#%*%E,9421#$3&#%#(;&$Q*4#/+B1#%#$%/#1?*4Q(251%4D#n3*;G(3094AC1#
G355C1#%94#%9#;(9;04R#@,&'#%#n:*+#5;E3/#3&'C44#G,54A21#1/#%9#3$G3(/#W/6/*/92W/X#6/(2&24R#$3*'G35#
$/5+35#1?*4Q(25%1#$3&6%5#%#$%&%#0%A24,002&%R#093(3E3R#?&'%5%11,(#$/5+3&'/1#@,9924%(4,9/1#%#
4:(4;53*3$#-,*'%$%42@,9R#;0#09,(,0%5#1%EW0,*X+/1#%#A3*35#1?*4Q(2@,9#/0D#v&'#%#&'3($3131#*24X1:(3#
53$#92(?*#*3#0%A24#-:*+(%A9/#@%42(%/152*R#$3&;*/1#%9#3$G3(/0;&#3&'30#1?*4Q(2/5%1#3&'$200%*#6%*X#
1%EW0,*%424D
m'$02'23"M<"U'$
I)Y8232/"3O*1/
b*B93430 # 09%142(&'/ # /0$3(3431 # 53$ # 09C10;&3031D # bGG35 # %9 # ;*341,(G%5 # $/5+35 # 3&;090;&30#
&'3($31G35 # $3&A3*35531 # ,*'%5 # 1;E300;&31R # $3*'31 # *3@34B6; # 4309/1 # % # 4:(4;53*$/ # $Q*4#
A3*350;&3/531 # $3&;(4;0;4D # r(43*$/ # -3A*B+;0C134 # %9 # A3**3$9/R # @,&' # A,GG%5 # -3*-,&A21 # % # 1;(+;031R#
A3*350;&31#(32*/0R#(%W/,52*/0#6,5%41,920%/4D#"#1;E/#3*3$#%#&,5+,*1,+20#-,*'%$%42G%5#4,62GG(%#/0#
-,54,0 # 093(3E34 # A2409/1 # % # &'3($3131 # 4?+%42G%5R # +3 # 139+34;4 # 6309/ # %9 # % # -,*'%$%4R # %$/1,( # %#
-,&%*$%1#%*1,420%#;0#$3&;(4;03#$2(#53$#%55'/(%#%9#3&'30#1;E31#;0#&,5+,*%41;E31#%*1,42025#
%*%E?*R # @%53$ # %9,5R # @,&' # 1;E3031 # 4/094%R # 4;5'093(FR # ;(9;0314B* # $35430 # -,&%*$%1%4 # -3*-,&5/D#
"92*4%*R # @,&' # 5:63109/1 # %9 # 3$*;139B43@340;&C1R # 1/%*%1?* # %9 # /+B;(9;1C1 # /0D # b$*;13934C1#
-3A*B+;0;63*#3&'(3#/512GG#1;E3031#6/009%431/5435/#%#$Q*4G%D
J$431'%&.",2V)2/83:/."S:)+0
"#4%5?*X1#$3&/0$3(/1#%9#3*0B#6%*X02&,0#4:(4;53*$/#-,&%*$%1%4#;0#%#4;(.#;0#/+BG3*/#42A;1,9X+20#
%*%E3*3$3/4D#"#4%52(/#3*G309;*;0#%*%EA25#$3&-/&'3*@34/1#%#-:*+(%A9/#1:(5'3934#;0#;&@%A*%4#;0#3&'#
%+,44#42(0%+%*$/#1?*4Q(%#1/%*%1?*20%#1:9:44/#%*%E634B#:0093-C&&;03134D#n3*/0$3(/1#%9#X1,(/#5%&'#
1?*4Q(1,(09%1,1 # 1:9:44/ # 1C*:5G0;&3134D # t;*+21,5 # 13(3094C* # $3&-/&'3*/1 # % # $Q*4 # ;0 # A3*35#
;*346/09,5'%/ # 1:9:44/ # 1C*:5G0;&3134 # ;0 # E2(@?9%$,1%4D #"# 4:(4;53*$/ # 303$;5'31 # 3*G309;*;03 # ;0#
*3H(20%#2*4%*#-3A*B+/1#%#09XG3*/#;0#H(20G3*/#1/-3A39B1;090;&C1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20"
q%6%0,*4#4;$%1:(:1_
"9#X1,(/#e5+/%_
"#T;+21R#%9#/5+/%/#$/4,*X&/%#SkE%5/0@%+#;0#f@%&%6%+.&H42UR#%#1%094(35+093(#1/%*%1?*20%R#%#1%094,1#
!N!

;*343R#d(/05%#&'3($311,(%R#d(/05%#;0#"(A?5%R#%#@/5+?#6%**20#-3A*B+;0;531#G3$?4%4202@,9#f?++@%#
;*343
"9#X1,(/#d3*34#6/*2&%_
"9 # B0/ # E3(90% # 1?*4Q(% # S% # *343*3EC*B # 1:9:00;&31 # -3A*B+;03R # % # -:*+$F63*;0 # ;0 # %9 # 2**%4435';094;0#
139+343/R#%(%4@?04(%#;*343R#09:63&31#%9#"63042GX*U
739,E,42$/% # 62(,0/ # 1?*4Q(2/ # S% # w/*&%$30 # 3E,09R # %9 # ;1H(20 # -3A*B+;03R # 9/11?(24,1R # Z%$$?(%G/#
4:(6;5'3/U
"9#B0/#3&'/E4,$/#$/4,*X&/%#$,4H6?$%/R#%#YH*?0#6:*&';531#-:*+(%A9%#@,&'%5#@%4,44#%9#3&'/E4,$/%1#
;*34(B* # ;0 # @%*2*(X* # 1/%*%1?*4 # 3*1;E93*;03/(3R # E;*+21 # %9 # 3&'/E4,$/ # 1?*4Q(% # 5%&' # 6H6$25'%/(%#
SE/(%$/0,1R # 1/(2*'0H(,1R # @/3(,&*/-21R # :54:9B(35+093(31UR # %9 # 2**%$ # 1/%*%1?*20%R # % # YH*?0 # 6:*&';531#
-:*+(%A9%#@,&'%5#@%4,44#%9#3&'/E4,$/%1#;*34(B*#;0#@%*2*(X*#1/%*%1?*4#3*1;E93*;03/(3
"9#X1,(/#&:(:&:1_
a:(4;53431#%9#e*/209GX*#;0#%9#V+C0093/2GX*
"#&:(:&#E,*/09,1#-3*3$3*13+;03#S"4@;5R#8E2(4%#.#1C*:5G0;&31U
"#&:(:&.E3(90%#@2G,(Q1#303$;5'3/#;0#@B03/
t3(/1*;09#1,(%#S$F6;093431R#4?+,$25',1R#@;41:95%E/#;*34U
Y%&'#825+,(#;0#%#&:(:&#1?*4Q(%#3*43(A3+;03
a,62GG/#*3@34B0;&31_
d:9;E.#;0#x;*."$3(/1%#B0/#/5+/25#1?*4Q(2/
"9#X1,(/#dH5%
n3A*3094;0/#1:6343*$;5'31_
e0$3(34093(9;0#@%**,44#3*G309;*B#09:63&31GB*
ZH(30#3$G3(31R#4:(4;53*$/#093$;*'/0;&31#A3**3$9;03
a:(4;53*$/#A3*353431#3*A240920%#1C*:5G:9B#093(3E*B1#5;9BE,54A2GX*
"#1C*:5G0;&31#-3*/0$3(;03#SE*D#"4@;5.8E2(4%UR#;0#%#62*4,920,1#5',$,5#1:634;03#SE*D#*343*3E3+;0R#
62(,0,1#1/%*%1?*20%U#3&'.3&'#4:(4;53*$/#A3*350;&#1%EW025
b03$;5'31R#4:(4;53431#3*G309;*;03#;*B09XG%5#;0#H(20G%5
a:(4;53*$/#303$;5'31#@3*'09H5;531#$3&13(30;03#4;(1;E35
b&'093(F#4:(4;53*$/#4;(1;E#1;09H4;03
e+B$3&@%42(,920#$20#/0$3(4#303$;5'(3R#A3*350;&(3#6%*X#?4%*200%*#SE*D#"#&:(:&.E3(90%#@2G,(Q1#
?425R#Y%&'#825+,(#?(%*1,+20%#/+3A;5UR#d(/094?0#3*B44R#d(/094?0#?425
b03$;5'31R#42(&'%1R#093$;*'31#04GD#/+B(35+G3#2**H420%
d/3&;09H4B#%5'%&#&'FA4;03#&'3($3131#092$2(%#1;09C*4#/0$3(3443(A3094B#1:5'631GB*
"#@3*'/#&'3($311:5'642(#@%0952*%425%1#$3&/0$3(;03
G$TS/+)U*1/."T+43+0
b?(/4$/% # S1?*4Q(1,(09%1,1UR # n:*+(%A9 # S42A;1,9X+20 # 4:(4;53*$/ # 4;(1;E3135UR # x(2$% # S4:(4;53*$/#
A3*353431 # 3*A240920%UR # e(,+%*,$ # S$/4,*X&/%/ # 4:(4;53431R # Z,$;(,09 # $F63/R # -,&%*$%920,1 # H(20%UR#
>%A9.-304;0 # S-C934 # /**?094(2*20%R # % # 4;$21@,9 # 1%EW0,*X+X # -304$;5'31 # 1;09H4;03UR # a3045363*;0#
S)%*+,(-.,*/$E/%U
GO)S/,+%$)#$0"f",+%$)#$0
/+B092$H420R#1%094(35+093(R#-:*+$F63*;0R#;1H(20R#@/3(,&*/-%R#4:(6;5'R#?(%*1,+XR#62(,02**%$R#@2G,(QR#
X1,(
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#139+/#$3&1C*:5G:94345/#%#(;&$Q*4%4R#%#$Q*4%4#;0#%#A3*354
"#4%5?*4#4:(4;53*$/#303$;5'3134#/+B(35+G3#4?+A%#2**H4%5/
!NJ

d;E30#$3&536395/#%9#303$;5'31#@3*'09H53/4#;0#%9,1%4#4;(1;E35#$3&13(305/
d;E30#42(0%/6%*#4:(4;53*$/#09/4?2W/X1#3*A2409202(%R#$3&A3*35H4;0;(3
"#4:(4;534/#%5'%&,4#$3&#4?+A%#A3&'395/#%#4%52(#3*G309;*;03#%*%EA25R#%#4:(4;53*$/#093$;*'/0;&3134#
(:6/+35#A3**3$395/#4?+A%
"#$3&/0$3(4#4:(4;53*$/#-,&%*$%1%4#%*1%*$%99%
>%A9,4R # -304$;5'4R # $,+3**4 # 4?+ # 1;09H435/ # 4:(4;53*$/ # 303$;5'(B*R # @3*'09H5(B*R # ;*34@3*'934(B*R#
42(&'%1(X*
a%5?*4#4:(4;53*$/#303$;5'31(3#A3**3$9B#6,520,1%4#1/#4?+#3$3*5/#1;EG35
"#4%5?*4%1%4#1;E30#1/3&;09H435/#%#&'3($31/(,+%*,$GX*#092($%9X#/5-,($2W/X11%*
a2A;1,9X+5/#4?+#%#&'3($311:5'642(G%5
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#4%5%5'%&#1GD#JNNN#;634#-,&#24R#%9#X1,(/#(X$%/#4:(4;53*$34#;0#%#1:9;E1,(4#3&;0935#d(D#?D#!hNN./&D#
bGG35#%9#;*341,(G%5#%#&'3($31#139+/#$3&;(435/#%9#,1.,1,9%4/#:0093-C&&;03134R#-,54,002#62*/1#
092$2(%R # @,&' # % # 4%5?*4 # 4:(4;53*$/ # 303$;5'31531R # A3*350;&31531 # $/*'35 # 3*B9$;5'3/ # ;0#
1:634139$;5'3/ # 6%55%1D # b&'(3 # /512GG # 3*B4;(G3 # 13(C* # % # *34/094?*4R # 42(&'/*%&,0 # &,5+,*1,+20D # "#
4%5?*X1#*24X1:(3#1/09;*303+/1R#093$;*'/0;&C1#3&'(3#3(B03GG35R#1%(%143(303GG35#5'/*625?*#$3&D#
dC*:5:035#;(9;1355';#62*5%1#%9#/&%902&,002&#;0#%#A,&,002&#1;(+;0;G35D#t,54,0%5#/0$3(5/C1#
13** # 1:43*300;&3/134 # ;0 # % # 09%G2*',1%4D # 5$%&?14X* # ;0 # $20,14X* # /0 # 3*62(A21 # 3931 # 1:6341393430#
G34%(42024D#Z%0,5*X#-,*'%$%4,1%4#;*@34531#$3&#%#(X$%/#4:(4;53*3$#4%5?*$25',920%#1%EW025#%9#
3$G3(/0;&#-3A*B+;0;(3#6,5%41,9X%5D#"#1,(%/#1:9;E1,(#4%5H420%#0,(25#%#(X$%/%1#6/*2&2@,9#1;E304#QA#
*3@34B0;& # 5'H*/1 # $3& # % # G;13 # ;0 # % # 13(3094;5'/ # 093(3434 # 24;*;0;63*D # d,(?51G%5 # /0 # 3(B0 # 62&'%4#
4%E%094%*?51#%9#3(B09%1$35430#6/*2&#$3&09C*34;03#/(254D#"#&'3($31#$3&;(4/R#@,&'#%#&:(:&.(X$%/#
;0#%#1:9;E1,(#4:(4;53*$;531#3&;0935#%#$%/#5%E/&#4%(4X#@%420%/#6%55%1#SE*D#1:942(0%02&R#62(,0/#
E,*&2(R#E,*&2(/#A,&R#13(309430#@%+A2(%4,1R#%(%G#1?*4Q(%#@%420%/#%#4?+,$25',1(%R#13(3013+3*3$(3UD
m'$02'23"k<"U'$
I)Y8232/"3O*1/
"9 # LD # ,0942*'G%5 # $3&/0$3(4 # 2*4%*25,0 # 4:(4;53*$/ # -,&%*$%1%4 # $3&;(4/ # ;0 # @%0952*A%D # bGG35 # %9#
;*341,(G%5#%#&'3($31#$2(#1;E30#%((%R#@,&'#%#4:(4;53*$/#,102&#-,&%*$24#$3&;(403D
J$431'%&.",2V)2/83:/."S:)+0
"#4%5?*X1#6/*2&,0%5#$3&1C*:5G:9434/1#%#A3*35R#$Q*4#;0#(;&$Q*4#-,&%*$24D#"#$3&%+,44#4:(4;53*$/#
4;$21@,9#1%EW0,*X+X#-,&%*$%1%4#;*BG309;+G35#/0#@%0952*A21D#b&'093(F#1(,5,*X&/%/#092$H420,1%4#
6;&39531D#"#09X5,1/#G309;+31#;0#6/421#$3&/0$3(;03#0,(25#%9#;(63113*#%*242$%094,44#1?*4?(2*4#6/4%#
43W@5/12A24 # ;0 # 09%G2*'%/4 # &'%1,(,*A21D #a%52(/ # 03&H40;&&3* # $3&;(4/1 # %9 # 3&'093(F # H(20,0 # -,((20,1#
09:63&;4D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
q%6%0,*4#4;$%1:(:1_
"9#X1,(/#>X$%_
"9#X1,(/#>X$%#%*%EH420%#S>,$?*?0#;0#>3$?0R#%#1/(2*'02&#1,(%R#E%4(HW/?0,1#;0#E*3G3A?0,1#@%(W%R#%#
(X$%/#6%**20U
"#>X$%/#f/(,+%*,$#-3*3$3*13+;03#S2**%$093(63934R#%#1:942(0%02&#$3&09/*2(+?*20%R#(X$%/#A,&U
Z%+639;(31R#W0%421R#?(%*1,+X1#%9#X1,(/#>X$2G%5#SE?5#@2G,(Q1R#8W/E/,#;0#Z%55/G2*R#q?*/?0#[%30%(#
!NI

;0#@%+03(3&3R#W02092(02&R#"?&?04?0#1,(%U
Z;41:95%E/#;*34R#$F63*40;&#%9#X1,(/#>X$2G%5#S@H(30#09X5,1,1R#>X$%R#%9#X1,(/#5%&'62(,0R#;*34#
t%55X5/%#E(,6/5W/2G%5U
"#1:9;E1,(/#b?(XE%_
"#13(3094;5'0;&#3*43(A3+;03#%#>X$%/#f/(,+%*,$G%5#S89354#t2*#;*343R#13(3094;5'C*+:9;031R#1,(%/#
13(3094;5'#1:9:00;&31R#%#13(3094;5'#3&'@29#1/%*%1?*20%R#Y%&'#[,504%54/5?0U
"#5;E625+,(*20,1#1,(%#S>X$%#@%5'%4*20%R#&X4,1R#@?5,1U
Y%&'#d2(,*'#;0#%#-(%51#G/(,+%*,$
"9#/09*2$#6%**20R#%9#%(%G#@X+H420#;0#1?*4?(2*/0#@%&'%4;1%
" # 1:9;E1,(/ # ;*34 # 09H543(3/ # ;0 # 093(3E*B/ # S?(%+%*$%1R # 1,*,04,(,1R # 62(,0,1R # 3&'@29/ # $F63*40;&R#
1%43+(2*/0,1U
"#*,6%&/#;*34$X+#;0#%#13(309430#@%+A2(%4,1R#%#43$E*,$,0#(35+
"#E2E%02&#;0#W02092(02&#@%(W%
"#1:9;E1,(#43W@5/1%/#QAH420%/#S6H9/$%*,$R#09;*$%*,$R#*,6%&/#E25W;*U
"#$%&'%(02&#4:(4;534;531#139+343/#;0#G3/**30913+;03#b?(XE2G%_
a:(4;53431#%#$%&'%(02&#625+,(*202(X*#;0#%#@,5-,&*%*20(X*R#%#1%*%5+,920,1
"9#2**%$%*%EH420#Sw;9%#;0#89354#e04625R#E,&25'*29%+20,1R#89354#w3**;(4#*3&35+2A%U
"9#p(E2+.@29#?(%*1,+X/R#09354A3/#S89354#l209*X#*3&35+21R#eTD#f;*%#;0#%#4%42(A2(20R#;*34#%#62(%1G%5U
T2(,0-3A*B+;0#d2(,*'#>XG3(4#;0#l?`3$G?(&/#0/&$,5+#/+3A;5
Z?5'%+/#q25,0#%#4:(:1#3**3530#1C9+3*$31#;*;5
n3A*3094;0/#1:6343*$;5'31_
w'3($311:5'631R#*3`/1,5,1R#4;(1;E31#03&H40;&;63*#%#4%5%5'%&#:52**X#1/3&;09H4;03
e0$3(34093(9;0#,*6%0,44#3*G309;*B#09:63&31GB*
e0$3(34093(9;0#42(&'%1R#;EC*3431#1:9634*35#$3&-/&'3*;0;GB*
a:(4;53431#1%EW025#5;@25'#$,5+%4,0#:0093-C&&B#09:63&#H(20%
"#$F63*40;&/#43(C*34@39#1%EW0,*X+X#(:6/+#09:63&31#,*6%020%
e5-,($2W/X&'FA4;0#%+,44#4;$2@,9#03&H40;&&3*#1:5'642(G%5R#$Q93?$,1G%5
d;(+;031#:52**X#$3&-,&%*$%920%#%#42(&'%*4#4;$26%*#1%EW0,*%4G%5
n,&%*$%920#H(20%#6%*%$3*'#4:(4;53*$/.42(0%+%*$/#4;$2(X*
"#4:(4;53*$/#4;(1;E3135#%#62*4,920,1#5',$,5#1:634;03
G$TS/+)U*1/."T+43+0
n:*+(%A9#Sb?(XE%UR#"5&,*#5'3*6R#Y;$34#5'3*6#S%#1,(09%1@,9#1%EW0,*X+X%5#%9#%+,44#5;E#$,5+2/5%1#
,*6%020%UR # x(2$% # S4:(4;53*$/ # A3*353431 # 3*A240920%UR # e(,+%*,$ # S-,&%*$%920,1 # H(20%UR # >%A9.-304;0#
S-C934#/**?094(2*20%R#%#4;$21@,9#1%EW0,*X+X#-304$;5'31#1;09H4;03U
GO)S/,+%$)#$0"f",+%$)#$0
1:9;E1,(R # 62(,0R # E,*&2(R # 13(3094;5'0;&R # 6%**20R # @%+A2(%4R # W0%4%R # 3&'@29R # E2E%R # W02092(R#
5;E625+,(*20R # 093(93430R # *,6%&R # @,5-,&*%*20R # 2**%$%*%EH420R # d(D # 3DR # d(D # ?DR # ;64/93+R # ;60929%+R#
;639(3+
!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($31 # 1;E30 # % # $3&/0$3(4 # 4:(4;53*$/ # ;*34@3*'93431R # 303$;5'31 # ;0 # $%/ # ;*34C51 # 1:9:44/#
E2(@?9%$,1#-3*/0$3(;0;(3
d;E30#%#1;E/#;0#09:63&30#/5-,($2W/X1%4#3&'C44#1393*5/
a:(4;53*$/#093$;*'31#6%&'#W0,E,(4,1#1,51(;4#43443/4#1;E30#$3&/5+,1,*5/
d;E30#%#1C*:5G:9B#*;E4;1F#4;(1;E3135#42A;1,9X+5/
"# 4:(4;53*$/ # ;0 # -:*+(%A9/ # %4*%094 # :0093 # 4?+A% # @%0,5*H4%5/ # %9 # 3&'30 # /+B09%1,1(% # ;0 # @3*'09H531(3#
!Nh

6,5%41,9X%5
d,(%G3*/#@%0952*%4/#42(&'%1#-?51W/X/4#1;E30#-3*/0$3(5/
b&'093(FGG#1,(%G3*/#09:63&34#4%52(/#03&H40;&&3*#-3*#4?+#+,*&,95/
b&'093(F#$355'/0;&/#$?4%4X1%4#S*%1,002&R#43(C*34U#:0093#4?+#@%0,5*H4%5/#;0#;(43*$395/
"#1;E31#1:9:44/#:0093-C&&;03134#-3*/0$3(/R#(35+093(39/
a2(&'/#;0#;EH4;0934/#3$*;13134#$3&-/&'3*63#1;(+;03134#4?+#$3&-,&%*$%95/
d;E30#:0093-C&&B35#G309;*5/#$3&%+,44#4:(4;53*$/#4;$2(X*#%#$3&/0$3(4#-,&%*$%1#-3*@%0952*2026%*
a%52(/#03&H40;&&3*#-3*/0$3(/#%#4:(4;53431#%*%EA25#3*1C*:5H4@34B#1,(09%1,1#A3**3&934300;&3/4
"#4:(4;53*$/#4;(1;E31#03&H40;&;63*#,(092&,1#43(C*34/#62*4,920%/4#5',$,5#4?+A%#1:6345/
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;*341,(G%5#%#4%52(/#431/54;*'#QAR#$3&62*4,9,44#093(3EG35#A3*35/1#$3&D#b5531#$3&-3*3*B35#
% # 4%5H420 # $X+A% # /0 # $3&62*4,9/1R # 3&'(3 # /512GG # @3*'34 # 1%E # % # 4%5?*X # :52**X # 6;*3$;5'%*1,42025%1#
-3A*3094;03D # " # 03(+C*B1,( # 139+34;5 # 2**?51R # %$/1,( # % # &'3($31 # 093(345; # -3*-3+395/ # % # 6/*2&,4R#
@%0,5*X%5 # %@@,9R # %@,&' # %9 # 3$G3(/0;& # 4:(4;534;G35 # % # \TD # 0929%+4X* # %9 # QA # 6/*2& # -3*-3+39;03#
3*139+B+:44D # b993* # % # 1,(09%11%* # /5+?* # % # KD # ,0942*',0 # 4:(4;53*3$4%5H420D #"# 4%5?*X # 3*B44 # $,04 # %#
(353092509#3$G3(3#2**R #%1/#3&'(3#/512GG#0%A24#$3&-/&'3*;03/531#%+,44#@/43*4D#n3*-3+39;0/#62&'%#
$3&5'/*625?*4 # % # 4?+,$25',1R # % # $F6;093431R # % # &%9+%02&/. # ;0 # % # @;41:95%E/ # ;*34 # 43(C*343/5R # ;0#
4C1(:943#6/*2&1;E;531#3$G3(1:9E,54Q02&24D#b9#%#1,(09%1#3&'G35#%#4?+,$25',1#$3&09C*34;0;531#
139+343 # /0D # " # 4:(4;53*3$X(21 # %5'%&25%1 # $3&;(4;0;4 # 03&H4/R # @% # % # 4%5?*X # *24A% # % # 4:(4;53*$/#
303$;5'31#42&%GG#:0093-C&&;03/4R#0#394#0%A24#-3*-3+39;03/63*R#1:634139434;03/63*#/0#:00931:4@34/D#
b92*4%*#6/*2&,002#62*/1#092$2(%R#@,&'#%#4:(4;53*$/#303$;5'31#53$#6;*34*35093(F35#1:634139531#
G3R # 3*B9$;5'3/1 # ;0 # 1:634139$;5'3/1 # 3&'-,($25 # 093(432&%9X%1D #"# 4%5%5'%& # % # 1?*4?(2*/0 # ;0 # %#
43W@5/1%/#-3A*B+;0#093$09:&;5#24R#%#5%&'#-:*+(%A9/#-3*-3+39;031#1,(24X*#%#$,+3(5#1,(#139+34;/&#
4%(4X # $/543&' # INN # ;634 # :*3*/ # -3*D #"# -3*-3+39;031R # 4%*2*$25',1 # S/(25'4FR # 426W0BR # X(%R # *BE,(U # ;0 # %#
13(3013+3*3$R#/**3463#%#6%**20/#;*34#QA#-,($2/5%1#G3$?4%420%#0,(25#%#4%5?*X#(2;G(3+@34R#@,&'#3&'#
QAR#3++/&#$;&#53$#*;439B#+,*,&#$/*'35#-,((%+%*$/#62*4,9204#1;E30#3*B/+;95/D
m'$02'23"j<"U'$"
I)Y8232/"3O*1/
"9 # LcOD # ,0942*'G%5 # $3&/0$3(4 # 2*4%*25,0 # 4:(4;53*$/ # -,&%*$%1%4 # $3&;(4/ # ;0 # @%0952*A%D # 7/5+35#
43(C*3435#0,11%*#5%&',GG#:52**X02&&%*#1;E30#+,*&,95/D#"#6/*2&#A3*350;&3/#/(254/#4?+2062&'#$3**344#
$3&A3*35531 # %9 # 3&'$20 # /(254/ # -/&'3*3$ # ;0 # %9 # :5(3-*3`/X # 1;E300;&;531 # 3*0B # $3&5'/*625?*20%/D#
73&A3*35/1#%9#%G094(%14#&,5+,*1,+20#1;E300;&3D
J$431'%&.",2V)2/83:/."S:)+0
"9#;*34(%A9,1(X*R#%9#;*341;E31(B*#09X*X#:52**X#1:5'642(/#1?4%4X$?5121#;0#1/03*B%+20,1#5%&',GG#
43(34 # 1%E5%1D # " # 4%5?*X1 # 42A;1,9X+5%1 # % # 1,(,0942*'?15%1 # 1;09C*4 # *3`/1,5,1R # /0$3(3443(A3094B#
1:5'631 # 1:(;G35D # q2(4%002&,4 # 093(39531 # % # W0,E,(4$?512G%5D # " # 629*%41;09H4;035 # 13(3094C*#
&'%1,(,*A21#%#*;5'3&1/3$3*;0#1;E300;&;4D#893(3EA24;1,1G%5#;0#09H5+%(%G,1G%5#A3*35H4/1#$3&#%#
4%5?*4#1,(09%1#4:(4;53*$/#%*%1A%/4R#;*34@3*'9343/4D#"#4:(4;53*$/#303$;5'31(B*#1(,5,*,&/1?0#42G*29%4,4#
1;09H43531D#"#1C*:5G:9B#*;E4;1F#4:(4;53*$/#4;(1;E3135#:0093@%0,5*H4X#$?5124#6;&39531D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20"
q%6%0,*4#4;$%1:(:1_
!NL

Z2G,(Q0#1,5-*/14?0,1#;0#@%4%*$/#4:(316;031#b?(XE2G%5#S%#0929;630#@2G,(QR#q3%553#+~"(WU
" # 5%&' # -:*+(%A9/ # -3*-3+39;031 # S%9 # 3*B9$;5'31_ # % # @%AX920 # 43W@5/1%/ # -3A*B+;03R # W0/**%&209%4R#
a35&3(;09#Z35(/1#093(3E3R#d,*?$G?09#?4%920%/R#0E%5',*#@X+H420R#7%&3**25R#T%0W,#+3#w%$%R#%9#
oA6/*2&#1?*4?(2*/0#;0#&%9+%02&/#@%420%/R#%#&'%($%4,0H420R#(%G09,*&%.13(3013+3*3$U
" # @?$%5/9$?0 # ;0 # % # (353092509 # Sn/(3593 # -3*3$3*13+;03R # % # 73+/W/31R # l3,5%(+, # +% # T/5W/R#
7/W@3*%5&3*,R#$F6;093431#;0#4?+,$25'U
Z?5'%+/#724'20#E,(4(;A%R#%#(353092509#7%&'%(,(092&,5
7%&'%(,(092& # 42(0%+%*$% # ;0 # &%9+%02&% # % # \Tc\TeD # 0929%+G%5 # SG2(X1R # 53$3031R # A,GG2&',1R#
E%(%094-3*13*;031R#G25'209%4U
" # 4?+,$25',0 # 6/*2&1;E # 24%*%1?*20% # % # \Tc\TeeD # 0929%+G%5 # S1:5'65',$4%420R # w%*/*3/R # d3E*3(R#
d,E3(5/1?09U
T%**20/#QAH4X1#SZ?09#q25,0R#l?4@3(#72(4,5U
"9#V09$25#f/(,+%*,$#43(A30913+;03
T;&62(/#1C9+3*$31R#@;41:95%E,1#%#@2(,$#(;09(3#09%1%+4#7%&'%(,(092&,5
"#&%9+%02&/#;0#13(3013+3*$/#;*34#-3A*B+;03#%#\Tec\TeeD#0929%+G%5#S$%5?-%14Q(21R#/42*/%/#G%51,1R#
n?&&3(31R#Z%59%.62(,0,1U
TeeeD # Z35(/1 # 1,(% # "5&*/2G%5 # S%5&*/125 # 3&'@29R # 1C9+3*3$ # % # 435&3(31;(4R # )/**/%$ # 8@%130E3%(3#
6/*2&%U
"9#b(+;*'/#n3A3+3*3$0;&#6/(2&1,(%#f34@*35#w2G,(#/+3A;5
"#4:(:1#1/F9;03#;0#%#>21XW9/.09%G%+02&@%(W
n3A*3094;0/#1:6343*$;5'31_
dC*:5G:9B#3$G3(/#$%&%4%(420.4HE?0,1R#;*34@3*'93431#$3&-/&'3*;03
d?*W009%6%1#;0#1?*W0$,5+%4,1#13(30;03#09:63&31G35
52**X#/5-,($2W/X&'FA4;0#%+,44#4;$2@,9R#(:6/+#09:63&30#4%(4%*$/#/0$3(434B#1;09H4;03
83&;+1:5'631R#1;9/1:5'631R#*3`/1,5,1R#%4*%09,1#@%0952*%4%
"9#,*6%0$25',1(X*#*;5'3&34#1/3$3*B#A3&'93431#1;09H4;03
"#4%5?*4%1#-3*@%0952*20%#QA#-3*%+%4@3*'93431G35
a2(0%+%*$/.4:(4;53*$/R#3(1:*W0/#E(,G*;$21#-3*/0$3(;03R#$3&-,&%*$%920%
"9 # 3$G3(/ # S4:(4;53*$/U # W03*316;0 # ;0 # %55%1 # 1:634139$;5'3 # 1:9:44/ # 1%EW0,*%4 # -3*/0$3(;0;531#
&'%1,(*20%
52**X#6;*3$;5'#$3&-,&%*$%920%#303$;5'31(B*R#093$;*'31(B*
"#1C*:5G0;&31#-3*/0$3(;03#;0#%#62*4,920,1#5',$,5#1:634;03#3&'.3&'#4:(4;53*$/#A3*350;&#1%EW025
89XG3*/#G3092$,*X#:52**X#&'FA4B$?5126%*#093(9344#/0$3(3431(B*
>%A9,0#629*%4#1;09H4;03
Y;@25'#1/3$3*4#303$;5'R#A3*350;&#/+BE,54A25%1#/0$3(343
"#4%5?*4%1#3*@3*'39;03#%9#/+BG35#%#1/3$3*4#/+BE,54,1@,9#1;E304
G$TS/+)U*1/."T+43+0
n:*+(%A9#S"-(/1%R#W0/**%&209%4UR#n/9/1%#S4?+,$25'4:(4;534UR#x(2$%#S4:(4;53*$/#A3*353431#3*A240920%UR#
e(,+%*,$#S-,&%*$%920,1#H(20%UR#>%A9.-304;0#S-C934#/**?094(2*20%R#%#4;$21@,9#1%EW0,*X+X#-304$;5'31#
1;09H4;03U
GO)S/,+%$)#$0"f",+%$)#$0
-3*-3+39;0R # @X+H4XR # 1,516/0942+,(R # (%G09,*&%R # &'%($%4R # 13(3013+3*3$R # 53$30-;$R # (353092509R#
;EH4;0934R # 1:5'65',$4%420R # QA1,(R # $%5?-%14Q(%R # (3-,($2W/XR # 6;&62(R # 09?*425R # ,04(,$R # A%5/W02(R#
09%G%+02&@%(WR#1?(?WR#*%G%5WR#-3A3+3*3$R#,(092&&'F*;0
!",2V)2/83:/"51'3"2'2*#:4&2.
!NO

"#&'3($31#42A;1,9X+5/#4?+#%#1,(,0942*'5%1#1;09C*4#4:(4;53*$/#42(&'Q#*3`/1,5,1R#/0$3(3443(A3094B#
1:5'631#1:(;G35
d/03*B%+204R#(:6/+#09:63&30#:0093-,&*%*204#4?+#1;09H435/
"# 4%5?*4 # 1,(,1 # 6H6$25'%/5%1 # % # $%/ # 5%E/& # ;(39@34B # @%4202(% # E;*+21%4 # 4?+ # -3*0,(,*5/R # -3*/0$3(/#
A3*354B0;&C134#SE*D#1:5'65',$4%420U
d;E30#629*%4,4#1;09H435/#4%52(/#03&H40;&&3*
d;E30#:52**X%5#1;(+;04#;0#62*%094#$3&-,&%*$%95/#3&'.3&'#4:(4;53*$/#4;$2(X*
r*BG309;+G35#-3*@%0952*A%#%#$3&/0$3(4#4:(4;53*$/#-,&%*$%1%4
"+,44 # 1,(G%5R # 09/4?2W/XG%5 # ;*4R # 3**354;430 # 5;9343134 # 1;E6/03*B # 4:(4;53*$/ # 093$;*'/0;&3134 # ;0 # %#
1:9:44C1#*;6B#1C*:5G0;&3134#-3*/0$3(/R#A3**3$9/
r*341;E3134#4?+#$3&A3*35H435/#4%52(/#03&H40;&&3*R#3*B93430#1?4%4X$?51%#%*%EA25
d;E30#%+,44#4;$2@,9#1;E/#/5-,($2W/X1#&'FA4;0;(3
f3 # 4?+A% # $?4%45/ # 3&'.3&' # 4:(4;53*$/ # 1,(09%1 # A3**3$9B # %*%1A24R # A3*350;&;4 # %9 # %+,44 # 1,(G%5 # ;*B1#
093$09:&;GB*
T%*%$3*'#4;$24#-3*#4?+#+,*&,95/#$3&%+,44#093$E,54,1#%*%EA25#W0,E,(4$?512G%5
a;(0;&31#&%9+%02&/R#E,*/4/1%/R#42(0%+%*$/R#43W@5/1%/#A3*350;&3/4#4%52(/#03&H40;&&3*#/+BG35#;0#4;(G35#
3*@3*'39/R#3931#@%0,5*X02&%/4R#1C*:5G0;&3/4#-3*/0$3(/
52**X%5#1;E30#1(,5,*X&/%/#42G*29%4#1;09H4;0;(3
d;E30#4:(4;53*$/#303$;5'3134#/+BG35#3*(35+395/R#;0#%9#303$;5'31#3&'/+3AF0;&;4#$3&2**%EH4%5/
52**X%5#:0093#4?+A%#@%0,5*H4%5/#,(092&,1#43(C*34/#62*4,920%/4#1C*:5G:9B#4:(4;53*$/#4;(1;E3135
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# PD # ;6-,*'%$,5 # -,54,0 # %9# /E%(/ # -,((%+%*,$ # 6H6$25'%/5%1 # ;0 # % # 1?*4?(2*/0 # -3A*B+;0 # 42(0%+%*,$(%#
&'%1,(,*4#@%420%/5%1#-3*/0$3(434;03D#"#4%5?*X1#@%**%5%1#%((X*R#$/1;54#62*4,94%44%#$3&#%#&B9&;E#;0#%#
09:6B&;E # -3*4%*2*20% # % # 6/*2&,4D #"9 # ,102&/ # :0093-C&&;031 # ;0 # % # W;*4?+%4,0 # 3$G3(/ # 436;135'0;&#
1:*W0:5@%420%#AX*#$3&-/&'3*@34B#%9#/E%(/#-,((%+%*,$G%5D#"#&%9+%02&/#;0#43W@5/1%/#62*4,920,1%4#%#
42(0%+%*$/ # :0093-C&&;03/113* # 3&'C44 # 6/90&2*6% # *24@%4A?1R # $/*'35 # ;*34-,($%. # ;0 # 4?+%4/ # 62*4,920,1#
1:634139431 # G3 # % # \TeeeD # 0929%+ # 6;&;5 # SE*D # @H(1:9*;0 # -3A*B+;03UR # $3*'31531 # $2/& # @%4X#
1:634139$;5'3/ # 6%55%1D # " # 4%5?*X11%* # -3*4;(1;E399C1 # % # E,9/4H6 # -3A*B+;0/ # -,*'%$%4,1%4#
S,(6,04?+,$25'R # 1:9*313+;0R #13(3013+3*$/# ;0# 09,W/2*/0# 093(6393431#-3A*B+;03UR # +3#24431/54AC1 #%#
53&%4H6 # A3*350;&3134 # /0 # S$?5120,1 # 3*093&;5'3+;03R # &'3($31$?51%R # &'%($%4,0H420R#
(%G09,*&%.13(3013+3*3$R#@%*2*42G,(,1R#%#$3&#53$#QA?*X#353(&/%-,((20,1#/54359H6#1/@%0952*20%R#%#
5%&'@%4%*$%1 # 1:9:44/ # 1,5-*/14?0,1UD # " # @%5&0Q*' # % # &',(0%5 # 62*4,9X # 6/*2&G%5 # ;*B # 093$;*'/0;&#
$3&4%E%094%*2025 # 6%5D # " # \Teeec\\D # 0929%+/ # 4:(4;53*3$ # -B # 309$3/R # 42(0%+%*$/ # ;0 # E,*/4/1%/#
/(25'6,5%*%/4R # % # 4:(4;53*$/ # 303$;5'3134 # (;09*34303GG35# W0%1# % # -3*0B# 4%&,9%4,5# S]c!JD # ,0942*'U#
42(&'%*A?1D#"#4%5?*X1#PD#,0942*'G%5#%#4:(4;53*$/#A3*350;&3134#%#(:6/+R#+3#09H530#3&';5/0;&(%A9,1,5#
13(3094C* # 4?+A21 # AX* # $3&(%&%+5/D #"# 4:(4;53*$34 # % # A3*351,(/& # 1:634AC1R # +3 # 3GG35 # 53$ # % # 09/&,(Q#
/+B(35+ # ;0 # % # 4;5'31 # $355'/0;&3 # % # $3&@%42(,9XR # @%53$ # 3&'.3&' # 1/62*%094,44 # 093$E,54R#
0929%+,1,5#24H63*B#-,*'%$%4#5',$,5#1:634;03D
m'$02'23

j<"U'$

I)Y8232/"3O*1/
"9#LcKD#,0942*'G%5#$3&/0$3(4#2*4%*25,0#4:(4;53*$/#-,&%*$%1%4#$3&;(4/#;0#@%0952*A%D#7;&#/512GG#
3*B4;(G3 # 13(C* # % # (%W/,52*/0 # &,5+,*1,+20 # ;0 # %9 # ,1.,1,9%4/ # :0093-C&&;031 # -3*/0$3(;0;531#
1;E300;&3D#
!NK

J$431'%&.",2V)2/83:/."S:)+0
"# 4%5?*X1 # 4%52(/ # 03&H40;&&3* # :0093@%0,5*H4A21 # % # 4:(4;53*$/ # 093$;*'/0;&31 # 1,(%G3*/ # ;0 # ?4X*%&,0#
$3&H4;*;0;4D#7;&#&'%1(%GG%5#43(34#1%E#%#W0,E,(4$?51%R#$3*'531#0,(25#%#\e\D#;0#\\D#0929%+#
4:(4;53*$/#303$;5'3/(B*#09X*X#*3H(20,1R#3*G309;*;031R#1,(%G3*/#4?+X0H420,1#13(C*531#-3*+,*&,920(%D#
0093-C&&;03134#13(30531#%#43W@5/1%/.&%9+%02&/#-3A*B+;0#*3&-,54,0%GG#2**,$20%/#;0#%#4:(4;53*$/#
303$;5'31 # 1:9:44D # p4431/543531 # 4:GG # 1,(09%1,5 # 24H63*B # -3A*B+;0/ # -,*'%$%4,1%4 # SE*D#
W;@31c$%5?-%14Q(21c&'2(%1UD # " # -3*/0$3(4 # :0093-C&&;03134 # 09XG%5 # ;0 # H(20G%5 # :52**X%5#
-,&%*$%9921 # $3&D # "9 # :1,*X&/%/ # E(,G*;$21 # :0093436B/4R # %9,1 # ,1%/4R # %9 # /E%(/ # -,((%+%*,$/&#
6/009%5'Q*X # 4:(4;53*$/ # &':13(3/4 # 4%52(/ # 03&H40;&&3* # -3*/0$3(/1D # [0%*2+A?1 # 6%&' # *%1X@3*'C1#
1:93*$Q*4A24#QA093(F#$3&1:93*H4;0G35_#E*D#(/E,(4#-,($2A2G%5#/0#-3*+,*&,9@%4A21D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#/E%(/#-,((%+%*,$#3*B44/#/+B09%1#A3**3$9;03#S%#-:*+(%A9/#-3*-3+39;031#1,(25%1#1:634139$;5'3/#%9#
QA#353(&/%-,((20,1#-3*@%0952*2025%1#093$E,54A2GX*U
"9#%*1,4$25',0#1/(2*'02&#*;4(3A:443#"5&*/2G%5
"9 # /E%(/ # -,((%+%*,$ # ;0 # @%420%/ # S% # 43`4/*/E%( # -3A*B+;03 #"5&*/2G%5R # % # &B9&;ER # % # 1:9*313+;0 # ;0 # %#
092**H420#-3A*B+;03R#%#6%0Q4#A3*354B0;&3R#%#$39B&%9+%02&#&;E30H4;0;531#1:634139$;5'3/R#%9#/E%(#
$?51%3(B.3*09H6X # @%420%R # % # &'3($31$?51%R # % # $?5120,1 # ;*341:(C*$;5'3/R # % # 1:9;E1,(/#
1;9$F630/E%(R#$%5?-%14Q(21#;0#%#&'2(%1#1:9:44/#1C*:5G0;&31U
"9 # b&'30C*4 # p**%$,1 # *;4(3A:443 # SE*D # f35A%$/5 # n(%51*/5 # ;*34(%A9%R # (%G09,*&%.13(3013+3*3$R # %9#
%$3(/1%/#B0*%1,0,1#0,(0%U
"9#3?(XE%/#@%4%*$%1#;0#%#&'%($%4,1
Y%EX*3,5#-:*3$3*13+;03#;0#G?120%
"#$%&'%(# (3-,($1,(#1;E6/03*B/#S%9#;*34(%A9,1G%5#1/3$3*4#@%5&0Q*'4#1%E#3#4:(4;53*$/#093$;*'31#
&'%1,(*%4/#436;135'0;&3_#89;W@35'/#e04625R#d,00?4@#l%A,0R#)3003*;5'/#7/1*X0U
r*341;E31#%#-,((%+%*,$#;0#09%G%+02&@%(W#4:(4;534;GB*
"9 # V09421.7%&'%( # 7,5%(W@/% # Sf?+%E304 # 6/*2&62(,002 # -3A*B+;03R # /E%(/ # -3A*B+;0 # . # E*D # $%*,$/E%(R#
@;41:95%E/#;*34#%#0929%+-,(+?*X5U
a?+,$25',0R#43W@5/1%/#-3*-3+39;031R#QAH420,1#;0#1:634139$;5'3/1#S426H(XR#43*3-,5R#3*314(,$,002&g#
-3*4%*2*X1 # ;*34(%A9%R # % # $,4,(/92W/X # -3A*B+;03g # Z35(' # n,(+R # %9 # ,(6,04?+,$25' # -3A*B+;03g # t%043?(R#
83$$3*3/0#e&52WU
"9#3*0B#6/*2&@2G,(Q#A3**3$9B/#S%#43W@5/1%/#-3A*B+;0#@%420%/5%1#$3&5'/*625?*20%#%#@2G,(QG%5R#;*34#%#
-(,54,5R#;*34#%#@24,(092&G%5U
"#$20,+/1#6/*2&@2G,(Q#A3**3$9B/
"9#/5-,($2W/X0#-,((%+%*,$R#%#1:(5'39346;+3*3$#$%/#1;(+;03/R#@%420%#@;41:95%EA%/51(%
n3A*3094;0/#1:6343*$;5'31_
e0$3(34093(9;0#093$;*'30#G309;*&34;031GB*
b$G3(/#;*34@3*'93431#$3&-/&'3*;0;GB*#1:634139434;031#*36,520%
"#4%5?*4%1#-3*@%0952*20%#QA#-3*%+%4@3*'93431G35
52**X#6;*3$;5'#$3&-,&%*$%920%#4:(4;53*$/#A3*350;&31(B*
720,1#6;*3$;5';531#4C(3*$30#$3&@%**&%420%
n,&%*$%920#H(20%#6%*%$3*'#4:(4;53*$/.42(0%+%*$/R#3(1:*W0/#4;$2(X*
G$TS/+)U*1/."T+43+0
n:*+(%A9#S"$3(/1%UR#x(2$%#S4:(4;53*$/#A3*353431#3*A240920%R#$2(W/?0#!LDUR#e(,+%*,$#S-,&%*$%920,1#
H(20%UR#>%A9.-304;0#S-C934#/**?094(2*20%R#%#4;$21@,9#1%EW0,*X+X#-304$;5'31#1;09H4;03U
GO)S/,+%$)#$0"f",+%$)#$0
!NP

&'2(R # 43($3*;0R # 1:(5'3934R # $?5120R # &;E30H4;0R # %*1,4$25',0 # 1/(2*'02&R # E%(*%$354R # /E%(R#

$39B&%9+%02&R # (3-,($1,(R # 0%A4X09%G%+02&R # 5%&'@%4%*,$R # 09:6340;&R # 6/**2$@2G,(QR # 2**X@2G,(QR#
*:6;092(,1
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#1;E30#1,(%G3*/#H(20,0#-,((20,1%4#:00936345/#$3&%+,44#;0#0%A24#093$E,54,1#%*%EA25
a:(4;53*$/#093$;*'/0;&31#1,(%G3*/#;0#?4X*%&,0#$3&H4;*;0;4#4%52(/#03&H40;&&3*#1;E30#:00936345/
"#4:(4;53*$/#A3*350;&31#A3*354B0;&;4#$3&;(4/R#;0#5',$,5#4?+A%#1:6345/#5%EA%/51/&
" # \e\c\\D # 0929%+/ # 303$;5'31@39 # 1%EW0,*X+X # +%*,1%4R # $,5+21%4R # 3*G309;*;03134 # 1;E30#
-3*+,*&,95/
V*6%0$25',1GX*#:52**X%5#4?+#629*%4,4#1;09H435/
b&'093(FGG#04%4/094/1%/#%+%4,1%4#4%(4%*$%9X#42G*29%4,1%4R#&(%-/1,5,1%4#4?+#;(43*$395/
>/E,(4,4#4?+#1;09H435/#1:9:035#&'FA4:44#1;(+;031#%*%EA25#093$4%5Q11%*
w%9+%02&/R # 42(0%+%*$/R # 43W@5/1%/ # A3*350;&31 # :0093-C&&;03/531R # 62*4,92025%1R # -3A*B+;0;531#
-,*'%$%424#1;E30#4%52(/#03&H40;&&3*#-3*/0$3(5/#;0#$3&-,&%*$%95/
"+,44#4;$24#$3&#4?+#A3*35H435/#42(0%/6%*#093(3EA24;1G%5R#09H5+%(%GG%5
"+,44#4:(4;53*$/#6%&'#A3*351,(/#4;$24#1;E30#42(0%/6%*#$3&6/4%45/
"#1?*4?(2*4#6/4%#09%G2*'%/4#3*3$/#09/5435#G34%(4A%
Q252823:/"$"P-=;N":5,+)&$#+4
"9 # 3++/&/ # 4:(4;53*3$X(21 # %9 # 3$G3(/0;& # -3A*B+;0;4 # H(421 # *3 # % # $/4/1?0R # E(3@/094,(/1?0 # 1,(09%14X*#
3&;0935#%#$%43(/%*/04%#W/6/*/92W/X/&R#;0#-3*629,*421#%#-3A*B+;003*#A2(X#6%**20/R#09,W/2*/0R#E,*/4/1%/#;0#
&%9+%02&/ # 1:634139$;5'3134D #"# &'3($3131 # H&' # /+BG35 # /0 # 1:93*3GG # 13(C*431 # % # A3*35@39D # b9 # %#
-,*'%$%4#$,04#$3&/0$;4*B+/1#;0#3&'#QA%GG#09/54(3#*;ER#:009@%5&G%5#%#&'3($31#1;E300;&3/531#
-3A*B+;0;63*D#"#PD#;0#]D#,0942*'#1:9:44#*39%A*X#4?+%462*420#%#4:(4;53*3$#6,5%41,9202G%5#@%0,5*X#%#
1:9;E1,(#;0#%9#QA1,(#1:9:44/#62*4,920@,9D#"9#X(21#4%(4%*$/#;0#$X+093(4%5/#093$E,54GX*#%#-/%4%*,1#
1/43*A303+BG35#*;6B#1;E300;&3/(3#;EC*531D#bGG35#%9#;*341,(G%5#$2(#24-,&X#1;E34#4?+5%1#%*1,45/R#
;0#1;E3031#%9#309$;134#%#4:(4;53*3$#$,9&%4X(?&X/1;54#;(43*$395/D#d;09#1;E31#$3&-,($2*20%#
@3*'344#$2(#/512GG#0%A24#H4;*34%*1,4X#1;E300;&C1#1/%*%1H420%#%#W;*D#"#4%52(#%94#03&H4/R#@,&'#%#-/%4%*#
0%A24#093$;*'/0;&;GB*#2(%+X#3(BGB*#4?+20#09C*30035D#"#4:(4;53*3$X(215%1#42$,&%45/?1#13**#B134#
%9,5 # %9 # Q4,5R # %$/ # %9 # 24%+,44 # H4;*34314B*R # % # 0%A24 # $%&?1 # 2*4%* # 1/%*%1H4,44 # H4;*34/& # 63934D # b9#
4?*%A+,51;EE35 # 093$;*'/0;&C1 # ;0 # % # 6/*2& # 1:9:44/ # QA # 1%EW0,*%4 # 1/;EH4;0;4 # A3*354/D # " # +/21,1#
$3&4%5?*A21#:5$%&?1%4#%9#3$G3(/0;&#-3A*B+;0;531#%14H6#(;09303/1;54#;(43*$395/R#$3&E(XG2*A21#
$3&;(435/ # 0%A24 # 1,(?1%4R # 4:(4;53*$/ # 093(3EC134D # b&'(3 # /512GG # Q&' # *24A21 # $%&?1%4R # $/54 # % # $Q*4#
:(:1:03/4R#?&'%5%11,(#%94#/0#;(9/1R#@,&'#0,(0?1#%#A:6B#-3A*B+;0;531#W0H(2A24#@,(+,99%R#;0#0%A24R#
093$;*'30#0,(0?1#/0#:00931%EW0,*X+/1#%9#3$G3(/0;&#A:6BA;63*D#n3*/0$3(/1R#@,&'#$/5+35#3&';5531#
1:43*300;&3#3(1:*W0/#/54?HW/XGX*#-%1%+X%5#W03*313+5/R#$3*'#0,11%*#/512GG#G3*0BR#03$$/54#G2($/*'35#
1C*0B # %?4,(/420,5 # %*%E?*D # " # -3*0B # 4%&,9%4,5 # % # +/21,1 # QA # 093$E,54,1%4 # 1%E5%1 # % # 4:(4;53*3$#
4%5?*$25',9202@,9D#89C10;&C1#6%5#%#1H0;(*3439;0(3R#$3*'#%*%44#%#4:(4;53*$/#1?4%420#1C*:5G:9B#
$X+093(3/63* # 6%*X # $3&/0$3(13+;0 # ;(435+BD # b9 # 3*0B0,(G%5 # % # 4:(4;5;09 # 1;(+39B # 093(3E;531#
@%5&0Q*',9202G%5#5'/*625?*#$3&D#"#4%5%5'%&,4#*3@34#Q&'#QA093(F35#G3$?4%45/R#@,&'#53#E?09425#
4;5'G3*/#/5-,($2W/X1;54R#@%53$#,*'%5#-,((201;54#093(3E3*A35R#$3*'#;(43*$39;04#1H625D#"#1;(+39;0#
;0#1H0;(*3439;0#09C10;&093(F#63*3A2(XA%R#@,&'#%#1%$%09,1#/&;5'*/1#%#G/94,502&,4R#G/9,5',002&,4#
/0D#b9;(4#%#4%5H4205%1#3*#13**#13(C*5/3#%94R# @,&'#4Q*9,44%5#/543**314?2*/0#6%&'#%G094(%14#*3&'35D#"#
4%5%5'%&5%1R#%$355'/(3#W0%1#*3@34R#1,51(;45%1#;0#4;5'093(F531#13**#*355/3R#G/9,5',0#;(43*3$G35#
<:5$%&2;(4#13**#@,&'#G309;*A35=D#f2(#%#-3*0B#4%&,9%4,5#0,11%*#5%&',GG#093(3E34#1%E#%#+/21,1#
:52**X02&%R#4,62GG(%#/0#$3&@%42(,9X#%9#X(21,5#%#4%52(#1;E093(F#3*G309;*;03R#$3*'#$/5+/&#%9#
%+,44 # ;6-,*'%$ # /&;5'3/531R # ;*341,(/ # 0%A24,002&%/5%1 # $3&-3*3*B35 # $?4%4A% # G3 # % # 4%5%5'%&,4D #"#
!N]

-3*+,*&,920#$X+A25%1#?&'%5%11,(#3&'-%A4%#1(/4/1%/R#1;(+39B#%44/4C+:4#13**#1/-3A*309435/3D#"#+/215%1#3*#
13** # A?45/% # % # 4;5'31 # ;(43*$39;0;4B*R # % # A3*350;&31 # $/*'350;&;531 # -3*/0$3(;0;5 # ;0 # % # $/;(431#
$3&-,&%*$%92025 # 13(3094C* # % # 4:(4;53*$34 # $,9&%4X # 3(B1R # -3A*B+;0/ # 435+35W/21 # 30935W/2*/0#
$3&;(4;0;/&D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# ]D # ,0942*'G%5# QA(% # -3*/+;99C1 # %# $,+3(5# 1,(4X*# % # A3*35/& # 4%(4X# /+B09%1,4D # 7H&# PD # ,0942*'G%5# %#
&'3($3131(3 # %11,( # A3**3$9B # (32*/0 # ;(+31*B+;0 # 09%GA% # $3& # %9 # 3E,W@21 # 639;(-,5%*24R # $,04 # %#
@%5&0Q*'#%#4:(4;53*$/#-3A*B+;04 #1/62*4X#;0#/(25'H4X#309$;135R #3&'# G/9,5',0#4:(4;53*$/#@3*'93434#
$3&;*B # 3$G3( # W03*316;0;531 # G3*0B # /5+H4;1%/5 # 6%5D # bGG35 # %9 # ;*341,(G%5 # % # 1%$%09,1#
093$G30C*531#%99%*R#@,&'#%9#B134#1:(C*636B#6/*2&#53$#43*A3035#-3*3*#$3&#%9,15%1#%9#/+32*,15%1R#
%$3*'31#G355C1#;*531R#0#39#1C*:5:035#1(/4/1?002#4309/#B134#%#-3*5B443113*#093$G35D#"#4%5%5'%&5%1#
:0093 # 13** # 4%*2*1,95/% # %99%* # % # $;*'(B* # A:6B # /&;5'C113*R # @,&' # $3&;(40;1R # 24;*A;1 # % # 09%G%+02&R#
/&%902&,002&R # 3&'35*B0;&R # 3$G3(/300;& # ;0 # $20 # @%0,5*X # -,&%*$%1 # $/G35*;4;4R # 3931 # A3*35*;4;4#
3&'30 # 1,51(;4 # 4:(4;53*$/.42(0%+%*$/ # @3*'93431G35D # dC*:5:035 # -,54,0 # *3*1/.093**3$/ # 42E*2*;1?*#
09,*&2* # 092$?1(% # % # -,((%+%*$%1 # 4:(4;5343R # @/0935 # 393135 # 13(3094C* # ,*'%5 # 3$G3(/ # 0,(0,11%*#
/0$3(13+@34531#$3&R#%$3*'31#$3&$?4%4A21R#@,&'%5#62*@%45%1#3931#%9#/+321#%9#3$G3(31#43443/4#
/(25'H4X#E,9/4H6#6%&'#53&%4H6#3(B6;D#73&;(4/1R#$/#%#1C*:5G0;&#%#E?09425#6%*%$/#3**35#6%*X#*29%+20R#
;0 # % # 6%*%$/;(4 # 6%*X # W03*316;0 # 1:9:44D # b931 # % # A3*350;&31 # @%0,5*H4%5%1 # %9,1@,9 # % # G3*0B#
62*4,920,1@,9R # %$3*' # G355C1 # 9%A*/1R # ;0 # 03&H43531 # %9,1 # 3&;090;&30 # $3&;*;0;G35D #"# $,+3(5#
4:(4;53*3$#$3&-/&'3*;03#3*63934@34#%9#/&%902&4%*%502&,1R#%9#3*5',$,44#;0#$3&0;(4344#3$G3(/.#;0#
E,*&2(/#A,&,1R#%#-3*4%(4X94%4@%4%4*%5#;0#1393*@3434*35#4:(4;53*$/#3(B1#1X(1;E;@39D#k&'%5%11,(R#@%#%#
4:(4;53*3$X(21#-3*13*4/1#%#+/21,1#;(+31*B+;0;4R#;0#G3*0B#%14/6/420(%#1;09434/1#B134R#%11,(#53$#W0%1#
%9#;(43*$39;0#1?*W024#13**R#@,&'#$3&%+A21R#@%53$#%#A,GGH420#*3@34B0;&;63*#/0#-,&*%*1,95/?1#13**D#"#
4:(4;53*3$531 # $3& # 13** # $?4%45/% # G3*0B # -3A*B+;0;4 # 4C1(:9B # 43($;0934;4R # $3*' # %9 # 3$G3(31531#
$3&%+A% # % # *3@34B0;&34 # % # 42(0%+%*,$ # 3&;090;&;531 # $3&43(3$4;0;(3 # W0%1Q&'R # $/54 # %55%1#
$3&G343&H4;0;(3D#"#1,(09%1,4#-3*:*3*B#1?*W04;$21#$/5+3&'/1;531#6%5#0:4;4#;0#6/*2&,0#,*+%*%R#$;&#
%11,( # /0R # @% # % # 4:(4;53*$/ # 303$;5'31 # 4C1(;G35 # % # 0:4;4 # ,*+%* # % # @%5&0Q*',0D # "9 # /+3,*X&/% # ;0#
E(,E%&%5+% # $/5+/& # 093$G32**H4@%4X # % # &,5+,*%409%G%+02& # *3@34B0;&;63*R # %9 # 2**%$/ # 1,54(,** # %9#
3&';5/#139+3$;5'39;003*R#%#-;*3*3$#%#G24,(02&&%*R#%9#/&%902&4%*%502&#%9#/&%902&&%*R#%#@%4%*,$#
%9#3**35B(9;0#;0#09%G%+02&#3&'350Q*'26%*D#dC*:5:035#-,54,0R#@,&'#;*34(%A9,11%*#/0#-,&*%*1,99?51R#
03&H463 # % # 1%$%09 # ;G(3+B # ;5A;4D # "$/1,( # % # +/21,1 # -3*-3+39/1R # @,&' # $/5+35 # 3&',*+%*Q # 3(B # %#
4:(4;53*3$G35#093$G32**H4@%4X#3&'#$20/11%*R#;0#6;&0B#0,(,5#%9#3&';5#139;G35#6%5#%#+:54;0R#;0#
B#%#09,W/2*/0#$3&QA?*20#3&'34*35#-,((20%R#%11,(#;(4@34B#$3&#%#A3*35#%#A:6B63*#6%*X#:0093-C&&;0G35D#
"#4:(4;53*3$4%5H4205%1#]D#,0942*'G%5#A:6B,(/3542*45%1#13**#*355/3{
m'$02'23

j<"U'$

I)Y8232/"3O*1/
r(4/# ;0# @%0952*A%# %9# LcPD #,0942*'G%5# 4%5?*4 #%*%E634B# 4:(4;53*$/ #-,&%*$%1%4D # n3*# 4?+A%# /+;95/# %9#
3*B9B # ;6G35 # 4%5?*4R # %9 # %+,44 # 1,(09%1(% # 6,5%41,9X # -,54,0%GG # 303$;5'3134D # d,51(;4 # E;*+21,5#
13(3094C* # 1;E30 # %G094(%14 # 4:(4;53*$/.42(0%+%*$/ # -,&%*$%1 # SE*D # 09%G%+02&R # 3&'35*B0;&U#
$3&;(4;0;(3D#d;E30#%#1,(%G3*/#4:(4;53*$/#-,((20,1#$3&%+,44#093$E,54,1#093(/54/#-3*+,*&,9202(%D#
J$431'%&.",2V)2/83:/."S:)+0
"# -3*0B # 4%&,9%4,5 # 3*B4;(G3 # 13(C* # %9 # :52**X # H4;*34%*1,4X # 3(B # 1/%*%1?*2025%1 # 03&H4;03D # f2( # % # ]D#
!!N

,0942*',0,15%1#4:GG5'/(3#-,54,0%GG#0%A24#c#311,(#$;&#2*4%*2G%5#/512GG#%#1:(5'3934C1GB*#-3*6344#c#
6;*3$;5'C1R # 0,109,( # 3*@%$%(1,+,44%5 # $3&-,($2*4 # &,5+,*%4%/1 # @%5&,94%420%R # $/54 # 42(0%/1#
$3&@%**&%420%R#394#%#1;E300;&34#%#&'%1,(*20,5#13(3094C*#0%A24H4A21#3*#-,1,9%4,0%5D#qXR#@%#%#+/21,1#
%94#%#4%E%094%*A21#%#4%5H420#0,(25R#@,&'#%#4%52(R#G2(#*3*130R#3*1:43*39344R#;0#03$$/1;EE35#53$#
03$*3&30R # +3 # 4?+A% # ?(%*5/ # 0%A24 # ;(9;03/4D # " # -/%4%*,1G%5 # -3*;G(3+ # %9 # ;(+31*B+;0 # % # A3*351,(#
-,*'%$%4G%5 # *;6B # 303$;5'3/ # /(254R # 394 # 03&H435+B # %+@%4?51 # ,*'%5 # -3*%+%4,1%4R # $3*'31 # 3931#
-3*+,*&,9202(%#/(25'?*5%1#SE*D#QA02&,1R#5%E/#@H(31#04GDUD#n,54,0R#@,&'#E2(@?9%$,1%4#4%*2*A%5%1#%#
(;&3GG/ # 1,(,1 # ;0 # %9 # ;EE35 # 9%A*XR # <%*%1?*X # 4:(4;53*3$= # A3*350;&3/ # 1:9:44D # dC*:5G:9B#
-3*%+%4@3*'93431G35 # $3&# 13** # /0$3(13+5/C1 # 3&'# 1,51(;4 # 303$;5'R # ;*34(%A9 # 04GD # -3*+,*&,9202@,9#
09C10;&30 # -,((20*3@34B0;&31 # :0093&'FA4;0;531R # -3*1?4%42025%1 # $X+A26%*R # 3931 # :52**X#
@%0952*%426%* # S09%1/(,+%*,$R # -/*$31R # $Q93?$,1UD # a%52(/ # 03&H40;&&3* # 3*139+/1 # @%0952*5/ # %#
5%&',GGR # -3*5B44 # 1:5'642(%1 # SE*D # n89bdU # %+%4G29/024D # d/62*X # *3@34B0;& # % # 4:(4;53*$/ # 1:93*$Q*4#
303$;5'3/531 # $3&/0$3(;0;(3 # %9 # Q5D # ,(%* # @/04,(' # $X+093(D #"9 # ,0942*'G%5 # H&' # /5+/(314 # $X+,5#
$3&A3*35@34#3&'.3&'#4:(4;53*$/#303$;5'#4:GG#093$E,54Q#$3&1:93*H4;03R#3&'Q44%*#%9#/543(AQ1#;0#
G3092$,*X1# 3*1;09H4;03# 092$,0 #1;E300;&# SE*D # A3&'9343*;0R #%5'%&# $3&09F(;03R # $3&62*,&%420%#
$3&%+,44#093$E,54,1#%*%EA25R# 3*B%+20U# &'%1,(*2024#*3@34B6;#4309/D#"9#;*34(%A9,1#;0#1C*:5G:9B#
4:(4;53*$/#303$;5'31# (;09*3430R# ;*34093(F#2G(29,*20%#%*%EA25#%#+/21,15%1# %*1%*$%# 6%5#E,54,0#
$3&-/&'3*;03134#4355/#;0#%GGX*#1:634139434;03134#*36,55/R#%#1,(%G3*/#-,((20,1#,*6%020%#0,(25#%#
4;5'31#;0#6;*3$;5'31#1:9:44/#1C*:5G0;&#-3*/0$3(;0;4#0%A24H4A21#3*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
q%6%0,*4#4;$%1:(:1_
" # $3&%+,44 # *3@34B0;&31 # 1:9C* # %9 # %+,44 # ,0942*' # ;(+31*B+;0;@39R # %9 # 3*B9B # ;6G35 # 093(9344#
/0$3(343/@39#%*1%*$%91,+6%#62*,&%4@%4A?1#:0093#%9#3E,W@21#1,51(;4#4%5%5'%&24D#"#$,+3(5#1,(#
$3&;(4;0;4#03&H4/R#@%#%#\Tc\\D#0929%+G%5#*39%A*X#62*4,920,1%4#3&'.3&'#1?*W0$,4H6?$,5#13(3094C*#
$?4%4A?1#G3_ #%#\Tc\TeD #0929%+G%5#%9#3$G3(/0;&#1/09;*303+B# @,(/9,54A%# ;0#%55%1# A3**3$9B/R #%#
\TeeD#0929%+G%5#%#(;&/#42(0%+%*$/#(35+#-3*G,$*20%R#;0#%9#QA#E,*/4/1%/#04(?14Q(21#1/%*%1?*20%R#%#\TeeeD#
0929%+G%5 # % # -3*6/*2&,0,+20 # @%420% # % # 4:(4;53*3$(3R # % # \e\D # 0929%+G%5 # % # 1C*:5G:9B # 5;E31#
4:(4;53*$;531#:0093-,5X+20%R#%#\\D#0929%+G%5#%9#3++/&/#-,*'%$%4,1#3&;09#6/*2&(%#;(6;5'30C*BR#
&*,G2*/0#@%420%D
"9 # QA1,(G%5 # G31:634139344 # 3?(XE%/ # 093$*;*3462*4,920 # G3$?4%420% # $20 # 1?*4Q(211%* # 6%*X#
4%*2*1,920,1 # %*%EA25 # SE*D # 1,516/0942+,(,1R # "-(/1% # &'%($%4,0H420%R # %9 # %(%5' # 093(3E;531#
$3&62*4,920%R#4?+,$25'#-3A*B+;03U
"9#%G09,*?4/9$?0#n(%5W/%,(092&G%5#SW;*#3&'#;(43*$35R#09%14?+20,5#%*%E?*X#2**%$#1/%*%1H420%R#3((3#
E;*+21_#@%+03(3&(3-,($R#$3(1%54/*/9$?0R#@/6%4%*5,1(35+093(R#T3(0%/**30U
"#-3*6/*2&,0,+20#;0#@%420%/#%#E,*/4/1%/#;*34G35#S(:6/+35R#629*%4,0%5#;0#/512GG#;*34(%A9,1,5R#1,51(;4#
303$;5'3135#13(3094C*#-/&'3*AC1#$3&#%9#309$;1#;(6;5'30C*;0;4U
"#nC&&34*350;&/#Y'/*%41,9%4#;0#%9#b&'30C*4#p**%$,1#%*1,4$25'%#Sf35A%$/5#n(%51*/5R#a,$#t%/53R#
a@,$%0#q3--3(0,5#%*%1A%R#@%4%*,$$3&,09420#3*63U
"#-3*6/*2&,0?*4#%G09,*?4/9$?0#SeeD#qX903-U
"# -(%5W/% # -,((%+%*,$ # 309$;/R # /(25'9%4%/R # -,(+?*XE,54A%/R # 63934B/ # ;0 # 2(5',*+%*%/ # S7/(%G3%? # &(X-#
;*34(%A925 # 13(3094C* # % # 09%G%+02& # 309$;A;531 # $3&A3*35;03 # %9 # 3*0B # 09%1%09G%5R # %9 # %*%E634B#
3$G3(/#A,&,1#$3&-,&%*$%920%R#%#$20,+/1#09%1%09G%5#%#09%G%+02&#;0#3&'35*B0;&#309$;/531#
1363(3+;03#%#43((,(#*;&1:(;G35#>,G30E/3((3#+/14%4Q(2A%#/+3A;5U
"9#!PhP.h].30#-,((%+%*,$#;0#09%G%+02&@%(W#S%$355'/G35#35531#-3*+,*&,920%#53$#4:(4;54#$3&#PD#
,0942*'G%5R#(;09*3430#*3H(20#,44#4%*2*@%4XR#+3#]D#,0942*'G%5#/512GG#%9#%11,(/#$%&'%(#E,*/4/1%#63934B#
%*%1A%/4#$,9&%4X#309$;135#*3&'35#%#@%5&0Q*'U
"# 1,$$?5/04% # /+3,*X&/% # ;0 # % # G,*036/1 # @%4%*,$246;43* # V(,09,(092&G%5 # S,(,09,(092&/ # 09,W/2*/0#
!!!

$,9&%*$%1 # c # E*D # 5%(,+5'/1,1 # c # % # -,((%+%*,$ # 3*B9$;5'31;54R # 3931 # 1%EW025 # % # 43046;(/0;&#

309$;A;531#E(,G*;$%1:(3R#l35/5#;*34(%A9%R#303$;5'4:(4;534U
d,$$?5/04%#+/14%4Q(%#%#89,6A34?5/XG%5#S8942*/5#;*34(%A9%R#@;41:95%E,1U
Y3$9342**%$,1R#&'%($%4G/(,+%*$%1R#b?(XE%#;0#%#6/*2&#%9#3*0B#6/*2&@2G,(Q#3*B44#S/$E3(/%*/9$?0R#%#
f(/4#f/(,+%*,$#-3*3$3*13+;03#c#E*D#[3W/*#>@,+30#;*34(%A925#13(3094C*R#%9#3&'0;&30#Y;$34,(092&#
*;4(3A:443R#k8"#&%9+%02&/#3*B(34:(;03R#<G,*+,&#G;13/+B1=R#V094(21.7%&'%(#7,5%(W@/%U
"9#3*0B#6/*2&@2G,(Q#;0#%#@2G,(Q4#*392(X#G;1;1#S*20+#PD,DU
"9#3*0B#)%*+,(-./01,*%#$3&%*%1?*2025%1#4:(4;5343R#4:(4;53*$/#@2443(3
"#53$934/09,W/%*/04%#/+3,*X&/%#;0#%#52W/#+/14%4Q(%#S%#63(0%/**30./#G;13#;0#%#&%9+%02&/#62*02&#@%420%#
Y;$34,(092&(%R # Z/4*3( # ;*34(%A9%R # % # (35+093( # A3**3$9B/R # %9 # 3**352**20 # *3@34B0;&3/R # E*D # 8W@,**#
43046;(31R#%#E(,E%&%5+%#093(3E3U
"#eeD#6/*2&@2G,(Q#S%$355'/G35#394#%#4;$24#-3*+,*&,9421#PD#,0942*'G%5R#%11,(#%9#303$;5'3134#W0%1#
629*%4,0%5#-3*3*3635H4AC1R#+3#%11,(#/0#;(+3$30#G/9,5',0#c#/512GG#3(1:*W0/R#309$3/#$,5+%5/6%*X4#
@,(+,9X#c#1;(+;031#1%EW025#QA(%#3*B6355/#%#4;$24_#E*D#-3*3*B00;&#1;(+;03#.#@2G,(Q0#GF5:0:1R#
/**3463 # % # 5;$3431 # 1,**314H6 # GF5:00;&3R # @,*,1%?094R # %4,$G,$G%R # 7%&'%(,(092& # (;096;43*;531#
1;(+;03U
"#>21,0/.1,(09%1#A3**3$9B/#S%$355'/G35#(;09*343035#6344C1#%#0942*/5/#+/14%4Q(24R#3*;&#-3*3*3635H435/#
%9#,44#4%5?*4%1%4R#3GG35#03&H4@34#E*D#"#4%5Q#WD#-/*$U
"9#!]LO.,0#-,((%+%*,$#;0#09%G%+02&@%(W#7%&'%(,(092&,5
Z;41:95%E,1#%#d2+2(.(35+093(G35
"9 #3$G3(/# A,&,1 # 309$;A3# ;0#% #$3&6%*X0H4202;(4 #-,*'4%4,44 # @%(W#5%EA%/51/& #S%# 4;$24 #3*0B0,(G%5#
;*34(%A9,1 # %*%EA25 # +,*&,99?1 # -3*R # ;0 # $/5+351;EE35 # 13(C*A:5 # 0,( # %9 # b?(XE25 # 1H6C*/ # 6/*2&#
G3$?4%4202(% # /0R # E*D # w%5+@/R # [@3 # w?36%(%R # Y3*0,5 # 7%5+3*%R # !]OP.%0 # +/21$,9&%*$%1R # 5B/#
3$%5W/E2W/X0#$,9&%*$%1R#7%(4/5#l?4@3(#d/5&R#(35+093(62*4,920R#%-(/1%/#&'3(311%4,521#04GDU
n3A*3094;0/#1:6343*$;5'31_
e0$3(34093(9;0#1C*:5G:9B#$;+/?$,1#%5'%&2GX*
e0$3(34093(9;0#-3*5B44#/0$3(3443(A3094B#/(,+%*,$GX*
dC*:5G:9B#3$G3(/#$%&%4%(420.4HE?0,1R#;*34@3*'93431#$3&-/&'3*;03R#1:634139434;031#*36,520%
e0$3(34093(9;0#1C*:5G:9B#H(20,0#-,((20,1GX*R#3&'093(F#04%4/094/1%/#42G*29%4,1GX*
52**X#/5-,($2W/X&'FA4;0#%+,44#4;$2@,9#1:5'642(G%5
b*B%+20#A3&'9343*;03#c#%#*;5'3&30#;0#*;5'3&43*35#1/09F(;03R#(:6/+H4;0
a2(0%+%*$/.4:(4;53*$/R#3(1:*W0/#E(,G*;$21#-3*/0$3(;03R#$3&-,&%*$%920%
89:63&#24-,&%*$%920%#%+,44#093$E,54#093(/54
n3*436;031 # $3&-,&%*$%920% # % # 4:(4;53*$/ # 093$;*'31 # 6%&' # W0,E,(4,1 # W03*313+343/531R#
6/03*13+;0;531#$,9&%4X(?&X/(X*
b(1:*W0/#1;(+;03134#-3*634B#;*34@3*'93431#-3*/0$3(;03R#G3$?4%420%
52**X#6;*3$;5'#$3&-,&%*$%920%#4:(4;53*$/#A3*350;&31(B*
r(631#&'FA4;03#%#0%A24#6;*3$;5'#%*242$%094202(%
"#42(&'/*%&,0#;(63*;0#;0#%#093$;*'3013+;0#$3&1C*:5G:9434;03
dC*:5-;*3#;(4;1(35+31#:0093@%0,5*H420%R
89XG3*/ # G3092$,*X # 4:(4;53*$/ # -,((20,1GX* # 092($%9X # 09:63&31R # /**3463 # 093$4%5Q11%* # 1;09H4344#
/543(AQ#%*%EA25
e+B$3&@%42(,920#1,51(;4#1(,5,*X&/%/#%+%4,11%*
T/09,5'H420,1#@%0952*%4%#1,51(;4#4:(4;53*$/#/+B09%1,1@,9#1%EW0,*X+X%5
G$TS/+)U*1/."T+43+0
x(2$% # SE*D # ,14XG3( # JI.%/ # /01,*%/ # $3&3$*;139;0UR # >%A9.-304;0 # S-C934 # /**?094(2*20%R # E*%12443(631UR#
e(,+%*,$#S-,&%*$%920,1#H(20%R#%#4;$21@,9#1%EW0,*X+X#63(031R#5,63**21#,*6%020%UR#e+3&35#5'3*6#S%#
!!J

1,(09%1@,9#1%EW0,*X+X#;*34(%A9,1#,*6%020%U
GO)S/,+%$)#$0"f",+%$)#$0
%G09,*?4/9$?0R # %*1,4$25',0 # $,5%(W@/%R # 1:942(0%02&R # 43((,(R # 3$G3(/ # A,&,1R # -,((%+%*,$R#
1,$$?5/9$?0R # &'%($%4G/(,+%*,$R # %54%54R # 1:9E,54/ # @%4%*$%1R # 63(0%/**30./ # G;13(35+093(R#
@,*,1%?094R#1,5W354(2W/X0#42G,(R#+3$,1(2W/%R#+/14%4Q(%R#3&'E2(4(35+093(R#093$;*'/#1?*4?09R#1?*21R#
43($3*B09:63413934R#1,5W3EW/X0#E3(
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#/0$3(/#%#4%5?*4#1,(,1#-BGG#4:(4;53*$/#303$;5'3/4#;0#%9#3931@39#1%EW0,*X+X#%*%E-,&%*$%1%4
n3*/0$3(/ # 3&'30 # 4:(4;53*$/ # @3*'93431G35 # % # 09,W/2*/0 # ;*3434 # $3&@%42(,9X # 309$;1 # S09%G%+02&R#
3&'35*B0;&R#43046;(/0;&U#;(6;5'30C*;0;4R#3931#@%42024#%#1C*:5G:9B#43(C*343135#S093**3$/#;*34R#A,&/#
43(C*34R#&%9+%02&/#;*34U
t2(@?9%$,1%4#4%*2*#%#4%5?*4#1,(,1#;*34@3*'9343/R#A3*350;&3/#;0#%#$%/#1,(#1:9:44
d;E30#;*34093(F35R#?&'%5%11,(#4:(4;53*$/#@/43*300;&&3*#*3H(5/#3&'#4:(4;53*$/#303$;5'4R#@3*'93434#%#
093(3E*B1#093$09:&;GB*
"#A3*351,(#E(,G*;$2/6%*#1%EW0,*%4G%5#4?+#;(+31*B+;0;531#$3&-3*3*B#1;(+;03134#$3&-,&%*$%95/
d;E30#1C*:5G:9B#4HE?0Q#/5-,($2W/X-,((20,1GX*#:52**X%5#/0$3(343134#093(395/
d,(%G3*/#4:(4;53*$/#-,((20,1#09:63&;4#1;E30#:52**X%5#;(43*$395/#$3&%+,44#093$E,54,1#%*%EA25
T;*3$;5';4#1;E30#1?*4?(2*4%5R#$20,1#$3&0;(4;03#5;*1C*#$3&-,&%*$%95/
"# 4%5?*4 # 4:(4;53*$/ # A3*350;&31@39R # 303$;5'31@39 # 1%EW0,*X+X # 3(1:*W0/R # 42(0%+%*$/ # 1;(+;031G35#
2**204#4?+#-,&*%*5/
52**X%5#&'FA4:44#%5'%&,1#%*%EA25R#03&H40;&#5;*1C*#3*B1;09H4344#!N.!J#E3(W30#09%G%+#3*B%+204#4%(4#
W0%1#(:6/+#A3&'934(3#42$%091,+6%
"#-C934;4#:52**X%5#63934/#%#$3&%+,44#4%(4%*$/#;0#-,($%/#1:6343*$;5'3134#-/&'3*3$G3#6;63
"#4%52(/#3*B%+20GX*#%#*;5'3&34#1/09F(BR#%#-,54,0%GG#%+%4,1%4#4%(4%*$%9X#A3&'93434#1;09H4
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# !ND# ,0942*',0#+/21,1#092$2(%#3*0B+*3&30# 1;(+;0531# 092$H4# %9# ,102&# ;0# %9# 3(3+34D# Z,&'%5#
*34431#%#+,*&,1#,*'%552R#%$/*'3531#$,04z#c#394#%#1;(+;04#4309/1#-3*#%#-/%4%*,1#%#6/*2&5%1D#73&;(9/1R#
@,&'#%#-3*5B441,(#1%E?A25%1#1C09:G;(3#;(139431D#Z/(43*35#(2;G(3+531R#@,&'#%#-3*5B44.*;4R#$3*'(3#
3++/&#%#0351/#2*4%*#53$#1,(*24,9,44#09%G%+02&#6/*2&%1;54#431/5434431R#;0#39;(4#$/5;*#@%$%(%GG#3*#
%1%(4%1#A?45/#,+%R#3&'Q44%*#0,11%*#4:GG#-3*3*B00;&&3*#/0#A2(D#b44B*#3*G/9,5'4%*%5,+5%1R#@%A*%$,0%1#
$3&1;(+BA3*395/ # 0%A24 # 1;E300;&3/134R # ?&'%5%11,( # 0,11%* # 5'/4,44%GG2 # 62*5%1 # % # 0%A24A?14X* # 3*4;(B#
5;9BE,54,1 # G3-,&%+202(%D # v&' # $;*'3GG(3 # $3@34C51 # % # 4:(4;53*3$G35R # $3&/0$3(434@34AC1 # %#
+/21,11%*#%#1,(2GG/R #%#$/;514B*#(%+/12*/0%5#3*4;(B#4?+%42**%E,4,1%4D #89;*30# 1:(G35#*245/?1#13**# %#
62*4,9204 # % # 6%+209X.&'FA4:&34B # ;*34$X+4X* # % # $%&%0%5 # 093(639344 # 62(,0/ # W/6/*/92W/X1/&R # ;0#
(3-*3142*5/?1# %# 62*4,9X# 3$G3(/ #4?+%4(%R #$3*'# 6;&/&1H0;(43# 394 # %9# 24%*%1?*204D #"@3*'344R #@,&' #3&'#
*33&'093(F0H4344#1;E34#%+5251#%#43W@5/1%/#;0#E,*/4/1%/#-3A*B+;0#$3534;(B*R#%#+/21,15%1#$3&#13**#
4%5?*5/?1 # % # 1C*:5G:9B # 42(0%+%*$/.&%9+%02&/ # 093(639343134 # Q&' # *245/R # $/54 # %9 # 3&'$204X* # 3*4;(B#
$354%*/420,1 # ;0 # 4?+%4-,($21 # 4C1(:9B+;0;4D # 7/5+393135 # 4Q* # %9 # /*'35 # 62*420 # %9 # 3$G3(531 # %#
43($;0934@39#-F9B+B#1%EW0,*%42G%5#/0#$3&A3*35/1D#"9#3$G3(/#4?+%4-3A*B+;0R#$3*'34#39#%#4:(4;53*3$#
3*B44/#;0#1,(%/#4:(4;53*$/#1,(#1/-3A39R#$/5B0;&/*3&#4C1(:9/#%94#%#4?+%462*4204R#$3*'35#$/5+35#3&';5#/0#
13(3094C*$3&'#;*343#0,(25D#bGGB*#%+X+X%5#%9#3$G3(/#42(0%+%*,$#3(3+34;531#6/90&2*%4%#3&'G35#
:5$3&/0$3(;0/ # -,*'%$%4 # /0D # " # 4?+%4,002& # 6,5%41,9202G%5 # 39 # % # 1,(09%1 # 24-,&A% # % # 62*4204 # %#
(;094636B#4?+%4,002&4X*#%#$3&-/&'3*B#4?+%4,002&/&R#$3*'G35#%#1C*6/*2&#;*3443*35R#4%5?*$25',9%5+X#
!!I

42(&&'2R#$%&%#%#&,5+,*1,+20#E3+/&#G3*0B#C&&';#62*/1D#e44#%9#/+3A3#$20,+09,(#/0#24431/5435/#%9#
3$G3(/0;& # 1?*4Q(4:(4;534;4 # % # E(3@/094,(/1?0 # 1,(4X* # % # 53,*/4 # -,((%+%*$,5 # 13(3094C* # % # $%&%0#
1?*4Q(21/&R#*392(6%#%#&:(:&#62(,02**%$,1#@%5'%4*2026%*#;0#%#&:(:&#1?*4Q(%#Y%&'#825+,(#/+3A;G35#
6%*X#3*43(A3+;0;63*D#Z%#%#4%52(#%#1:634139B#;631#4%5%5'%&24#-/&'3*3$G3#6;63#09C10;&30531#*24A%R#
$3&A3*35@34 # % # (X$%/ # 4:(4;53*3$ # 3*0B # 09%1%09% # /0D # "9 # 3E,W@21 # 1:9E,54/ # 4;$2A% # %9 # 3$G3(/#
42(0%+%*$%1 # ;0 # % # 1:(5'3934 # 1:9:44/ # 1%EW0,*%4D # "9 # 309$;1 # ;0 # 43W@5,*X&/21R # % # 6%**20,1 # ;0 # %#
42(0%+%*$/#04(?14Q(21#$/5+#%#1:(5'3934R#%#-:*+R#%9#;&R#%9#;609%1,1#62*4%1,920%R#%9#;*3434#%+X#-,*'X#
3$3*13+;03 # ;0 # 0C**'3+;03R # %9 # ;A09%1%R # % # @%*2* # ;0 # % # $355'3/ # :0093-C&&;031 # $;*' # 3$G3(/#
$3&4%E%094%*202G%5 # &':13(39531D #"# $,+3(5 # 4?+%4 # 092$2(% # 53@;9 # 394 # -3*-,&5/R # @/0935 # $/# $2(#
%55'/(% # 3*09%1%+4?51 # 39314B* # % # (3%*/420,14X*D # " # 4/93+/130 # +/21 # G3*0B # -3A*B+;0;4 # 431/5463 # 3(B0#
:009@%5&G%5#;*#%#-:*+#3(B/63*R#$;&/0#(2#13**#;G(309435/#%9#309$;1#6/*2&2(%R#$3*'#1;E30#1/-3A395/#
393134 # % # 1%EW0,*%4,1%4D # "9 # 3$G3(/ # 1;E93*B3(B # 3*0B0,(G%5 # % # 43($;0934/ # %*1,4X3(B134 # 4?+A%#
$3&(%&%+5/#3GG35#%#1,(09%1G%5D #"# 43($;0934# -,($2*X# 3(B/#%9# 3$G3(/# 4?+%4,002&&%*# 24%*%1H46%#
3*1;E3094B # 5%&'02&Q # 62(,0. # ;0 # 43$E*,$;EH4;04 # 3(3+$;5'39431R # 1/43(A3+4 # :54:9B(35+093(4 # ;0#
:00934344#6%**20/#;*3434D#"#1,(09%1#6;&;5#3931#%9#3(B1#3&'(3#/512GG#/5+/6/+?%*/92*4%5#;0#G3*0B*3&#
A3*354139431D#b931#%9#24%*%1?*20,1#4C1(:9B+531#%#!O.!K#;630#1%$%09,1#*3*1;G35D
m'$02'23"j<"U'$
I)Y8232/"3O*1/
r(4/#;0#@%0952*A%#%9#3++/&#4%5?*4#4:(4;53*$/#-,&%*$%1%4D#n3*#4?+A%#/+;95/#%9#LcOD#,0942*'G%5#4%5?*4R#
%9#%+,44#1,(09%1(%#6,5%41,9X#-,54,0%GG#303$;5'3134D#d,51(;4#E;*+21,5#13(3094C*#1;E30#%G094(%14#
4:(4;53*$/.42(0%+%*$/ # -,&%*$%1 # SE*D # 2**%$U # $3&;(4;0;(3R # ;0 # 5',$,5 # 4?+A% # 1:6345/ # %9,1#
1/%*%1?*2025%1 #-,*'%$%424D # 52**X%5# /0# -3*/0$3( #G/9,5',0 #A3*350;&31@39R #303$;5'31@39# 63934B#
,1,1%4 # ;0 # 3931 # 1:634139$;5'3/4D # d;E30 # % # 1,(%G3*/ # 4:(4;53*$/ # -,((20,1 # $3&%+,44 # 093$E,54,1#
093(/54/#-3*+,*&,9202(%D
J$431'%&.",2V)2/83:/."S:)+0
" # 4%5?*X1 # $3&4%E%094%*@%4A21 # %9 # 3$G3( # ;0 # % # n:*+ # 1%EW0,*%425%1 # %*%1?*2024R # $/1:9G35#
6;&/&1:634/1 # %9 # 3&';5/0;& # -,1,9%4,0 # 1/3$3*13+;0;4 # % # W0,E,(4GX*D #"9,1 # % # (;&;0934/ # 43W@5/121R#
$3*'3134#%#(;&/#4:(4;53*$/#1,(,1(X*#6%*X#4?+20&'FA4;0@39#@%0952*5%1R#$/5+#%#+3+?14H6R#$/5+#%9#
/5+?14H6 # &,5+,*1,+20(% # 09,*&2*4%45%1 # E;*+24R # W0%1Q&'R # $/54 # % # 436;135'0;&35 # 13(3094C*/#
-3*-3+39;0(3D #"# +/21,15%1 # $3& # 13** # 4%5?*5/?1 # 1C*:5G0;&34 # 4355/ # %9 # 2*4%*25,0 # ;0 # 3&'3+/ # 1:9:44D#
n,54,0R#@,&'#0%A24#&,5+,*1,+20?1%4#@%0952*A21R#;0#H&'#6%*X+/#4%E%094%*%4,1%4#/0#093(39531#%9,1(X*#
% # 4;$21(X*R # %$3*'3134 # $3&;(43531D # 7/63* # /&35 # @,009Q # /+B09%1,4 # 431/54C51 # 24 # % # 4%5;6 # 0,(25R#
%*1%*$?51 # 6%5 # -,*'%$%4,1%4 # 5',$,5 # 1:6345/R # %*%E634B # 3$G3(/ # ;*34-,($21 # SE*D#
625+,(*20c*343*3E3+;0U#1/.#;0#24%*%1?*2024R#3931#,124#;0#@%42024#$3&-/&'3*5/D#f3$?4%4A?1#G/9,5',0R#
%#$%/#1,(G%5#/0#3$G3(/#*;4C51#43($;093430#63*3A2(XA%1;54#$3&;*4#-,&%*$%1#SE*D#$F6;0934R#6%**20R#
@29R # &%9+%02&U # $3&A3*35;0/ # -,($2/4 # %9 # B0/ # /+B14B* # %# 1*%009/1?0 # &:(:&.(X$%/ # W/6/*/92W/X/&D # SE*D #"#
A;&1,(09%1#$F6;09343R#$/54#3&'#$%&%0#1?*4?(2*/0#09/54#$3&5'/*625?*20%R#%@,*#6/*2&,0%5#$3&A3*35/1#
% # 093(4%(420R # % # 6%**20R # % # 09354 # @3*' # 309$;A3D #"# 1;E31(3 # Q&' # /0 # *3@34 # 431/5435/R # $/54 # %$3*'31#
4%(4%*$%9921 # % # -,&%*$/ # ;0 # 09/$G,*/1?0 # &,5+,*1,+20 # %*%EA%/4DU # dC*:5G:9B # -3*%+%4@3*'93431G35 # %#
+/21,1 # 0,1%4 # &'%1,(,*A21 # %9 # ,1.,1,9%4/ # :0093-C&&;031 # :52**X # -3*/0$3(;0;4D # 73&;(4/1R # @,&'#
:00934344 # -,*'%$%4,1 # $/1;54 # A:5531 # *;4(3R # @,55%5 # 3(3+531D # 73&4%5?*5%1 # $3&%+,44 # 093$E,54,1#
%*%EA25#:0093@%0,5*H4%5/#1;4#A3*350;&34R#(35+093(4#SE*D#%#1:(5'3934/#@%420,1#42(0%+%*$/R#093**3$/R#
&%9+%02&/#;*34G35#6%*X#$3&5'/*625?*20%#b&'/E4,$G%5#;0#%9#X1,(/#w:(:&,(092&G%5UD#"@@,9R#@,&'#
% # -/%4%*,1 # 6%*XG%5 # $3&;(40;1 # 3 # (;&/ # 4:(4;53*$/ # 1,(,1 # 6/*2&24R # $3& # 13** # 4%5?*5/?1 # 3&'350Q*'4#
43(3$435/ # % # 1;E93*B3(B # ;0 # % # *,&/1?0 # &,5+,*1,+20 # 1:9:44D # n,54,0R # @,&' # 393113* # % # 4;$211%*#
!!h

-,&*%*1,96% # 1:(C*A2(A?1 # % # -3A*B+;0 # -,&%*$25%1 # ;(43*$39;0;4D # SE*D # 892$,0 # 6H6$25'R # $3*'34#

@%&',$25',0%5#%#W/6/*/92W/X1@,9#1:4C51R#0,11%*#1,(2GG/D#"#-:*+$F63*;035#%*%E?*X#*343*3E3+;0(3#
6%*X # 242**20 # 139+34G35 # %9 # ;*3409H56,5%* # ;0 # % # 62(@%4X # ;*344%(4%$ # W0:1135;0;@39R # G343&0;&31#
3*43(A3+;0;@39R#4:GG#3$G3(/#1,5-*/14?0@,9#63934344DU#73&-3*3*BGG#Q&'#431/5435/#3931(3#%#*;E;031(3R#
$/54#%#4?+%462*4200%*#3&'C44#A2(X#1C9+3*$31(3R#03$$/54#3&'#$%43(/2*/0#-3A*B+;0#3(3+$;5';(3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
q%6%0,*4#4;$%1:(:1_
" # -3*0B # E%*3,*/4/1?$ # 3$G3(/ # -,((%+%*$% # SA;&1,(09%1/ # 42(0%+%*$%1R # 1?*4Q(% # ;0 # $F6;0934R # QA#
43W@5,*X&/21R # E;*+%1;54 # *3@34 # %#$%/ #1,(G%5 #$;&# @%0,5*X# ;*34$X+,4 #-,*'4%4X# 4:(9031# ;*34$X+A24#
$3&-/&'3*5/U
739,*/4/1?$/#42(0%+%*$%1#S%#A;&1,(09%1#6;&3R#%#435&3(09/54#3$3*13+;03R#%#1?*4?(2*/0#;0#&%9+%02&/#
;*34#62*4,9%4,002&%R#%9#HA#-3*4%*2*2025%1#A3*354B0;&3U
Y3,*/4/1?$ # S% # 43($;135' # -;*@,*+ # $39B&%9+%02&/ # &':13(3/R # % # *343*3E3+;0 # ;0 # ;*3*3$43($3*;0#
1/%*%1?*2025%1#-,*'%$%4%R#1,(%/#-:*+$F630#1?*4Q(21U
"9#B0/#E3(90%#1?*4Q(%R#%(%4@?094(%#$/4/1?0#%*%1A%#S62*4,920,1#%#093**3$/#;*34G35#%#-:*+$F63*;0#
1?*4Q(2A26%*#:0093-C&&;0G35U
"5'%&/ # ;0 # 093**3$/ # 1?*4Q(% # %9 # X1,(/ # d3*34 # W/6/*/92W/X/G%5 # c # 62(,0/ # W/6/*/92W/X1 # A3**3$9B/ # S%#
*343*3E3+;04B*#%#62(,0/&R#%#@%4%*,$#1:9E,54,0H420%R#42(0%+%*$/#@/3(%(W@/%R#%9#H(20R#4:(6;5'31R#%#
GC(,1(2W/%R#%#13(3013+3*3$#$3&A3*35;03R#%#1:(5'3934#1/@H620%/#;0#%9#2**%$,1#1/%*%1?*20%#1:9:44/#
:0093-C&&;031 # c # % # E;*+21%4 # $/5+ # 739,E,42$/%R # $/5+ # b&'/E4,$ # 1?*4Q(2A2GX* # 6%&' # $20#
-,*'%$6:*&'/#W/6/*/92W/X1GX*#/0#@,9@%4A?1U
"9#B0/#@;G3(#W/6/*/92W/X#;0#24%*%1?*20%#H(20,0#1?*4Q(262
b?(XE%/#$3&%*/4#1?*4Q(21
"#G(,591,(/#1?*4Q(21#SE*D#%#@%**04%44/#;0#%#13*4%#1?*4Q(%#b?(XE2G%5R#d:9;E.#;0#x;*."$3(/1%#c#$%A21R#
4,*4;1,1R#1(;4%/#W/6/*/92W/XU
Z3**209#S%#E,*/09,1#1/%*%1?*20%R#%9#%4@;5/#+3$,1(2W/%#$F1:+;03R#Y%&'#825+,(U
>X$%#%#1:942(0%02&#1/%*%1?*2024X*#%#W02092(02&/&
" # $%&'%(02& # 4:(4;534;531 # 139+343/ # S% # $%&'%(02& # 3(3+343R # 625+,(*20%R # B0$%&'%( # @/46/*2&R#
@,5-,&*%*20#;0#2**%$%*%EH420U#
n3A*3094;0/#1:6343*$;5'31_
e0$3(34093(9;0 # ;0 # :52**X # 1:634139434;031 # *36,520% # 42(&'%1R # ;EC*3431R # 1;E31 # 1:9634*35#
$3&-/&'3*;0;GB*
e0$3(34093(9;0#09%14?+,$25'/#$?5121GX*
dC*:5G:9B#3$G3(/#$%&%4%(420.4HE?0,1R#;*34@3*'93431#$3&-/&'3*;03R#1:634139434;031#*36,520%
e0$3(34093(9;0#1C*:5G:9B#H(20,0#-,((20,1GX*R#2G(21GX*
52**X#/5-,($2W/X&'FA4;0#%+,44#4;$2@,9#1:5'642(G%5R#/5-,($2W/X1#:52**X#(35+093(39;03
b*B%+20#A3&'9343*;03#c#%#*;5'3&30#;0#*;5'3&43*35#1/09F(;03R#(:6/+H4;0
a2(0%+%*$/.4:(4;53*$/R#3(1:*W0/#E(,G*;$21#-3*/0$3(;03R#$3&-,&%*$%920%
89:63&4:$:(H4;0R#09:63&#24-,&%*$%920%#%+,44#093$E,54#093(/54
n3*436;031 # $3&-,&%*$%920% # % # 4:(4;53*$/ # 093$;*'31 # 6%&' # W0,E,(4,1 # W03*313+343/531R#
6/03*13+;0;531#$,9&%4X(?&X/(X*
b(1:*W0/#1;(+;03134#-3*634B#;*34@3*'93431#-3*/0$3(;03R#G3$?4%420%
52**X#6;*3$;5'#$3&-,&%*$%920%#4:(4;53*$/#A3*350;&31(B*
r(631#&'FA4;03#%#0%A24#6;*3$;5'#%*242$%094202(%
"#42(&'/*%&,0#;(63*;0#;0#%#093$;*'3013+;0#$3&1C*:5G:9434;03
dC*:5-;*3#42(0%+%*$/.4:(4;53*$/#A3*350;&31#:0093@%0,5*H420%
dC*:5-;*3#;(4;1(35+31#:0093@%0,5*H420%R#0%A24#;(4;131#4/0942920%
!!L

d;(+;031 # $3&-,&%*$%920% # % # -,((20 # $3&GH9@%4X02&2(%R # % # 093(9B # 3034*3&30 # 3*-,&?*402&%/(%#

6,5%41,9X%5
89XG3*/#G3092$,*X#5;E093(F#4?+,$25',0#/(,+%*,$GX*R#4:(4;53*$/#-,((20,1GX*#092($%9X#09:63&31#
%*%EA25
t(/$3(#4:(4;53*$/#-,((20,1#3*3$9;03R#1C*:5-;*3#42(0%+%*$/.4:(4;53*$/#:0093-C&&;031#-3*+3(H4;03
n,&%*$%920#H(20%#6%*%$3*'#4:(4;53*$/.42(0%+%*$/#;0#3(1:*W0/#4;$2(X*
q3&'934#%*%EA25#09%1093(F#3009;#1;09H4;03
a:(4;53*$/#1,(09%1,1R#E3(/X+?0,1#536;531#@%0952*%4%
e+B$3&@%42(,920#1,51(;4#1(,5,*X&/%/#%+%4,11%*
T/09,5'H420,1#@%0952*%4%#1,51(;4#4:(4;53*$/#/+B09%1,1@,9#1%EW0,*X+X%5
G$TS/+)U*1/."T+43+0
x(2$%#SE*D#X1,(/#$H4,09,1#-3*+,*&,920%UR#>%A9.-304;0#S-C934#/**?094(2*20%UR#e(,+%*,$#S-,&%*$%920,1#
H(20%R#%#4;$21@,9#1%EW0,*X+X#/(,+%*$/#$F631#,*6%020%U
GO)S/,+%$)#$0"f",+%$)#$0
2**%$R#42(0%+%*,$R#&%9+%02&R#6%**20R#$/4,*X&/%R#43(3$4;0R#:54:9;030#-:*+$F63*;0R#-2(%XR#@/3(,&*/-%R#
W/6/*/92W/XR # 09,120A,&R # H(,44 # 4:(6;5'31R # ;*34$X+R # G/(,+%*,$R # ;*3*3$43($3*;0R # *343*3E3+;0R # 5,$2+R#
62(,02**%$R # %*1,4$25'R # 5;E&'F*;0R # 4/0940;&R # +;$,09R # +3$,1(2W/%R # %(/094,1(2W/%R # 3&'3+?(%*,$R#
W03(;E09%6%920R#2**%$E,*&2(R#(%G09,*&%R#@3**35/9$?0
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#/0$3(/#%#4%5?*4#1,(,1#-BGG#4:(4;53*$/#303$;5'3/4#;0#%9#3931@39#1%EW0,*X+X#%*%E-,&%*$%1%4
t2(@?9%$,1%4#4%*2*#%#4%5?*4#1,(,1#;*34@3*'9343/R#A3*350;&3/#;0#%#$%/#1,(#1:9:44
d;E30#;*34093(F35R#?&'%5%11,(#4:(4;53*$/#@/43*300;&&3*#*3H(5/#3&'#4:(4;53*$/#303$;5'4R#@3*'93434#%#
093(3E*B1#093$09:&;GB*
" # -3A*B+;0 # 4;$%1:(;G35 # % # 4%5?*4 # A3*350;&3113* # 1%EW0,*%4G%5 # 4?+ # ;(+31*B+;0;531 # $3&-3*3*B#
1;(+;03134#$3&-,&%*$%95/
d;E30#1C*:5G:9B#4HE?0Q#/5-,($2W/X-,((20,1GX*#:52**X%5#/0$3(343134#093(395/
d,(%G3*/ # 4:(4;53*$/ # -,((20,1 # 09:63&;4 # 1;E30 # :52**X%5 # ;(43*$395/ # ;0 # %GGX* # 1:634139434;03134#
*36,55/#$3&%+,44#093$E,54,1#%*%EA25
T;*3$;5';4#1;E30#1?*4?(2*4%5R#2(5'%*4%5R#$20,1#$3&0;(4;03#5;*1C*#$3&-,&%*$%95/
"# 4%5?*4 # 4:(4;53*$/ # A3*350;&31@39R # 303$;5'31@39 # 1%EW0,*X+X # 3(1:*W0/R # 42(0%+%*$/ # 1;(+;031G35#
2**204#4?+#-,&*%*5/
52**X%5#&'FA4:44#%5'%&,1#%*%EA25R#03&H40;&#5;*1C*#3*B1;09H4344#!L.JN#E3(W30#09%G%+#3*B%+204#4%(4#
W0%1#(:6/+#A3&'934(3#42$%091,+6%
"#-C934;4#:52**X%5#63934/#%#$3&%+,44#4%(4%*$/#;0#-,($%/#1:6343*$;5'3134#-/&'3*3$G3#6;63
"#4%52(/#3*B%+20GX*#%#*;5'3&34#1/09F(BR#%#-,54,0%GG#%+%4,1%4#4%(4%*$%9X#A3&'93434#1;09H4
n3*/0$3(/#%#-3*$3(C*B#A,&/R#42(0%+%*$/#-,&%*$%1#$%/#6,5%41,920%/4
"+,44#093$E,54,1#%*%EA25#1;E30#:0093@%0,5*H420,1%4#6;&395/
a?+#42A;1,9X+5/#X1,(/#2**%$-,($21#1:9:44#;0#E;*+24#@,9#(2#%#A3*351,(GX*
n:*/0$3(/#%9#3?(XE%/#1?*4Q(%#X1,(/#13*34/#;0#%54/1#&':13(3/4
" # +/21 # 4:(4;53*3$093$*;*34;G35 # $3&A3*35/1 # % # 5%&',GG # 426*%4R # %9 # 3$G3( # ;*344:(4;534;4#
:0093-C&&;0G3#4?+A%#@,95/#%9#3$G3(/0;&#4:(4;53*$;63*
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
!!O

" # !!D # ,0942*'G%5 # % # 4%5?*X1 # 2*4%*2G%5 # A3*354B0 # *;E;04 # 4309531 # G3*0B # -3A*3440;& # ;0 # ;(3440;&#
431/5434;G35D#b*139+3531#(:6/+.#;0#@,009Q426Q#W;*,1%4#1/4F95/#$%&?1#3*;R#;0#0,1#$3&5'/*625?*20?1#
% # 0%A24 # Q4A?1R # 6/*2&5;934C1R # 3&';5/0;&C1 # 13(30;0;(3 # /(25'?*D # v4;*B1;E300;&C1 # +/--3(35W/2*4%GG2R#
&,5+,*1,+20?1#2(5'%*4%GG2#62*/1R#1;E3031#4:GG#093$09:&GB*#$3&6/90&2*5/#3&'.3&'#A3*350;&34R#;0#
%9#3**35;(63134#/0#%*%E,0%5#$;(*3&3*63#1/%*%1H4%5/#;0#$3&6;+35/#0%A24#2**20E,54A?1%4D#8,1#+/2152*#
?&(20093(F # 62*4,9204 # 4%E%094%*@%4?51 # % # *,&/1?0R # G,5',*?*4 # :0093-C&&;03134 # -3*/0$3(BR # 3*3$9B#
&,5+,*1,+20#43(C*34;5R#;0#%#1%$%091,(#3++/&/#6/@%(,0#;63/#?425#1;E3031#:009@%5&,4#43(3$435/#
;(9;03/1R # ;0 # %9 # B134 # $,9&%4X # &,5+,*%4/.%1%(%4/ # :094:59B # 3(B1 # 1:9:44D # b5531 # % # -3A*B+;0/#
-,*'%$%45%1#(;093# %9# /0R# @,&'#%# 4:GG/#3$G3((3*#6%*X#1%EW0,*%4?1G%5# %# $3&;(4;0R #3*-,&%+20#QA#
09/54A3#A3*35/1#$3&D#"9#3GG35#%9#;*341,(G%5#-3*;G(3+B#09,W/2*/0#;(9;135'0;&R#3(B0#G350B0;&300;&#
;0#(3-*3142*20/#1;E300;&R#%#093(3434(3R#%9#:5-3*2*+,920(%#;0#%#09,*&2*%4(%#6%*X#@%A*%$#:0093W035&#
% # 1:9;E1,( # 3&'30 # 2(%$*%4%/6%* # SE*D # 093(93430(35+31R # 43$E*,$,0 # *,6%&,1R # 1%43+(2*/0;EH4B#
$3043(31UD # k&'%5%11,( # % # 1:9;E1,(G%5 # 1/-3A39B+/1 # %9 # %1%(%4 # 3(3A3 # /0# %# 5;E625+,(*20,1G%5R # %9#
/09*2$ # 3*B(3 # 4:(;0;G35R # % # 1/G,54%1,9X # 13*34.5'?&%4/ # 1,5-*/14?0G%5R # %9 # 2**%$ # ;0 # 3&'@29 # 1:9:44/#
@%4%*$/#1C9+3*$31G35D#"#42(&'%*4#303$;5'31#AX#(;093#%9#X1,(4X*#%#1:9;E1,(#-3*;#4%(4X#24%*%1?*204#
1H0;(/ # 6;&/&D # b931 # 1:9C* # % # 4;$21 # 1:9C* # 092$,0 # $F6;09/35 # -,5X+/1 # 3&'G3 # ),*-(%$ # 6,5#
b0W@35G%W@#t%(9/6%*A2G%5R#$3*'34#/(,+%*,$GX*#4%5?*5%1D#"#4:(4;53*3$X(21#3GG35#%9#,0942*'G%5#
$3&$?4%4A21 # %94 # %9 # ?4%4R # %@,&' # % # 1:9;E1,( # 6/*2&% # *;4(3A:44 # % # &:(:&.(X$%/R # % # &3($;5 # ;0 # %#
90/+X.13(3094;5' # 1?*4Q(% # @%&'%4;1%1;54D # b94 # 1:634B35 # % # 1:9;E1,(/ # 4:(4;53*3$G35 # %9 # 2**%$ # ;0#
3&'@29R # % # Y'?&%4 # ;0 # d3*34 # 1:9:44/ # -309C*40;& # A3*354/ # %9 # 3*$,9+?*204 # % # $,+3(5 # /5+/6/+?%*/9$?0#
/(25'2G%R # %$3*' # $;& # @%42(,9,44%GG%5 # $3&A3*35/1 # % # 62(,0/ # 1?*4Q(2G%5D # e44 # A3*35531 # $3& # 3#
1:9:00;&31#%*1,4X#3(3A;4#;0#%#1,(2GG/#0929%+,1#4?+2024#$%&?1G%5#@,(+,9X#&X4/1?0#1%43+(2*/0,1D#
m'$02'23

=;M"U'$

I)Y8232/"3O*1/
r(4/#;0#@%0952*A%#%9#3++/&#4%5?*4#4:(4;53*$/#-,&%*$%1%4D#n3*#4?+A%#/+;95/#%#OD#,0942*'G%5#4%5?*4R#%9#
%+,44 # 1,(09%1(% # 6,5%41,9X # -,54,0%GG # 303$;5'3134D # d;E30 # %G094(%14 # 4:(4;53*$/.42(0%+%*$/#
-,&%*$%1 # SE*D # @%4%*,$R # 6%**20U # $/G35*;4;531 # 2(5'%*4R # 3(1:*W0/.-/*,9X-/%/ # 093$E,54,1%4 # -/&'3*3$G3#
636B # $3&1:93*H4;0;(3D # 52**X%5 # -3*/0$3( # ;0 # 3*3$39 # G/9,5',0 # A3*350;&31@39R # 303$;5'31@39#
1%EW0,*X+X#:0093-C&&;03134D#d;E30#%#1,(%G3*/#4:(4;53*$/#-,((20,1#$3&%+,44#093$E,54,1#093(/54/#
3*3$9;0;(3D
J$431'%&.",2V)2/83:/."S:)+0
d/3$3*435#-,54,0#3GG35#%#4%5;6G35R#@,&'#%#+/21,15%1#$/5;*#&'%1(%GG%5#%+A?51#%9#:52**X#H4;*B3(B#
1:634139B#09/54(3#*;E;0;4#03&H4B#-3*%+%4,1%4D#bGG3#G3*34%(4,9/1R#@,&'#*3&'35#%*1%*$?1#3&'$205%1#
;0#%#4%52(5%1#%#4%5?*4%1#@2443(;4#$3&6/*2&H4X#1;(+;03134#-3*4355/R#3931(B*#0%A24#6;*3$;5'C134#4:GG#
093$E,54,4 # $3&6/90&2*6%# 1/%*%1H4%5/R # ;0# %94 # $20,1;6%*# C41:94345/D # qXR # @% # 6/009%A3*9;04 # 1%E5%1#
%((X*R#@,&'%5#6%55%1#A3*35#3&'#6/42G%5R#;(63/1#$355'/(3#$3&%*%E,9,44%1R#@%42(,9,44%5#1;E6/03*/1.3#
0%A24 # 2**20E,54A?1%4R # ?&'%5%11,( # 3*;& # 5'/4,44%1.3# %9# 3**35;(631# -3*;D #"# -,*'%$%4,1# $3&-/&'3*;03#
0,(25 # $3& # 13** # 4%5?*5/?1 # -3*/0$3(5/ # % # 435+35W/21%4R # % # G,5',*?*4%GG # :0093-C&&;03134D # n,54,0#
-3*/0$3(4345/# % # +/21,11%*R # @,&'# % # A3*351,( # G/9,5',0 # 303$;5'3/531R # A3*350;&3/531 # $%&'%(29%424#
W0%1#%#1:9;E1,(/#4:(4;53*$/#&':13(31#%*%E,0#4%5?*$25',92026%*#4%*2*@%4A?1#$3&D#b94#03&H4/R#@%#%#
4%5?*4%1#%14?2*/0#;0#2*4%*25,0#3$G3(/#6,5%41,920%/4#/0#42(&'%*A?1#SE*D#%9#/09*2$#6%**20#1%EW025#%#5B#
1;E3R#%#5B1#@3*'9343#/09*2$#,(092&,1G%5R#;0#2*4%*25,0%5#%#-;(-/#;0#5B/#093(3E31UD#"92*4%*R#@,&'#
6/009%$3&'C51 # %9 # 3(3+34@39R # 0,1 # $% # 2*4%*25,0%5 # 3*43(A3+4 # 6;*3$;5' # 3*BH4;*3430R # 0943(3,4HE/%#
A3**3&;63* # 093$G30C*531 # % # -/%4%*,1D # " # -,((20,1 # -3*+,*&,920% # 0,(25 # G,5',*?*4 # :0093-C&&;03134#
-3*42(XR#3*3$9B#-3*%+%4,1%4#%+@%4?51D#w'%1,(,*A?1#%9#:0093@%0,5*H4X#3*3$9;04R#$3*'@39#%#+/215%1#
!!K

:52**X%5#13**#093$E,54,1%4#62*%094%5/%D#
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#%54/1#1?*4Q(%#:(:10;&3R#%#-/*,9X-/%/#&,5+,*1,+20#139+343/#S89X1(%4;09R#t*%4X5R#"(/094,43*;09U
"#13(3094;5'0;&#139+343/#;0#4%5H420%/#SE*D#89354#t2*#436;135'0;&3U
"#5;E625+,(*20#;0#%9#%54/1#W/6/*/92W/X#-3*G,$*20%
"9#/09*2$#6%**20R#%9#%(%G#@X+H420#;0#1?*4?(2*/0#@%&'%4;1%
"#G/925W/#;0#%#-(%51#G/(,+%*$%1#S@3*'/#E,*/4/1%R#3&'@2909%1%+20U
"#@%4%*,$&'%1,(*20R#%#42(0%+%*$/#;0#&%9+%02&/#;*34#A3**3$9B/#S13(3094;5'#1/(2*'1;ER#-3?+%*/9$?0R#
1:9;E1,(/#62(,0,1R#13(3013+3*3$U
"#6%**20#;0#%9#3&'@29#093(3E3#%#1:9;E1,(/#b?(XE2G%5#SG35W;0#;0#H(#093(934300;&R#%#1,*,04,(,1#
A3**3$9B/#;0#@%420%#%#&%9+%02&/#;0#1?*4?(2*/0#;*34(3R#3(34531$,9&%*$%1U
Z2G,(Q0#1,5-*/14?0,1#;0#@%4%*$/#4:(316;031#b?(XE2G%5#S/563094/4Q(%.@%(WR#13(309430#@%+A2(%4,1R#
43$E*,$,0#(35+U
"#&X4/1?0#1%43+(2*/0
"#1:9;E1,(#6/*2&1;E3#SE*D#894D#p&,04,5R#"?/5X/#894D#a%$20R#%#1:9;E1,(/#6/*2&1;E#24%*%1?*20%#c#E*D#
%#4;(1;E31#-3A*B+;0;531#$3&-/&'3*;0;63*U
Z%4%*,$&'%1,(*20R#2**%$093(63934R#%#42(0%+%*$/#;0#&%9+%02&/#;*34#A3**3$9B/#%9#p(E2+.@29/#1/(2*',1#
/+3A;5
"# 7%&'%( # d/(2*'02& # $/54 # 3?(XE%/ # 1:9;E@%4%*,$ # %9 #"5A,?1R # l?`3$G?(&/ # 0/&$,5+ # ;0 # Z?5'%+/#
724'20#1,(2G%5
"#1:9;E1,(/#$%&'%(#$F63*B+;0#;0#1?*4Q(%#-3*42(4#3$*;13/
"#4:(:1#3**35/#@%(W,1R#%#1:9;E1,(/#$%&'%(#2**%$#G?120%
n3A*3094;0/#1:6343*$;5'31_
e0$3(34093(9;0#09%14?+,$25'/#$?5121GX*#:52**X%5#62*%094,44#093$E,54,1#093(/54
dC*:5G:9B#3$G3(/#$%&%4%(420.4HE?0,1R#;*34@3*'93431#$3&-/&'3*;03R#1:634139434;031#*36,520%
e0$3(34093(9;0#1C*:5G:9B#H(20,0#-,((20,1GX*R#2G(21GX*
52**X # /5-,($2W/X&'FA4;0 # %+,44 # 4;$2@,9 # 1:5'642(G%5R # /5-,($2W/X1 # :52**X # (35+093(39;03R#
;(43*$39;03
"9#/543(534#1(/4/1?0#;0#4?+%4,0#-3*@%0952*20%#/0$3(3431#093(9;0;(3
"#4%5?*4#/0$3(3431#E(,G*;$%1:9E,54Q#3*(35+39;03
b*B%+20#A3&'9343*;03#;*BG309;+#43$EXA2G%5R#%#*;5'3&30#;0#*;5'3&43*35#1/09F(;03R#(:6/+H4;0
a2(0%+%*$/.4:(4;53*$/R#3(1:*W0/#E(,G*;$21#-3*/0$3(;03R#$3&-,&%*$%920%
v(,44#;0#@%**,44#09:63&31GB*#4;43*$,5+%4#$3&@%42(,920%R#09:63&4:$:(H4;0R#09:63&#24-,&%*$%920%#
%+,44#093$E,54#093(/54
a:GG-;*31;EE35#;(43*$39@34B#09:63&31#A3*354;0(;43&3/531#-3*42(20%
n3*436;031 # $3&-,&%*$%920% # % # 4:(4;53*$/ # 093$;*'31 # 6%&' # W0,E,(4,1 # W03*313+343/531R#
6/03*13+;0;531#$,9&%4X(?&X/(X*
b(1:*W0/#1;(+;03134#-3*634B#;*34@3*'93431#-3*/0$3(;03R#G3$?4%420%
52**X#6;*3$;5'#$3&-,&%*$%920%#-/*,9X-/%/#1;(+;031(B*
r(631#&'FA4;03#$3&@%42(,9,44#2**20E,54,1#W2-,*202(%R#%9#;(631#1(/4/1%/#;(4;13*;03
720,1 # ;(63*;0;531 # :0093-,&*%*20% # ;0 # -/&'3*3$G3 # 6;43*3R # % # 0%A24 # 2**20E,54 # &%9+%&H420%R#
4,62GG-3A*3094;03
dC*:5-;*3 # 42(0%+%*$/.4:(4;53*$/ # A3*350;&31 # :0093@%0,5*H420% # :52**X%5 # 62*%094,44 # 093$E,54,1#
%*%EA25
dC*:5-;*3#;(4;1(35+31#:0093@%0,5*H420%R#0%A24#;(4;131#4/0942920%R#42(0%+%*$/.4:(4;53*$/#A3*350;&31#
;(4;13*;03#%#0%A24#;(4;1(35+531#$3&-3*3*B#093$E,54,1#%*%EA25
d;(+;031 # $3&-,&%*$%920% # % # -,((20 # $3&GH9@%4X02&2(%R # % # 093(9B # 3034*3&30 # 3*-,&?*402&%/(%#
!!P

6,5%41,9X%5
89XG3*/#G3092$,*X#5;E093(F#4?+,$25',0#/(,+%*,$GX*R#4:(4;53*$/#-,((20,1GX*#092($%9X#09:63&31#
%*%EA25
t(/$3(#4:(4;53*$/#-,((20,1#3*3$9;03R#1C*:5-;*3#42(0%+%*$/.4:(4;53*$/#:0093-C&&;031#-3*+3(H4;03
b009;#H(20%#4:(4;53*$/.42(0%+%*$/#4;$21(X*R#-/*,9X-/%/#1;(+;031(B*R#35531#1%EW025#%#1;(+;0#6/*2&,0#
$3&-,&%*$%920%R#G/9,5'H4;1,1#;0#W2-,*%4,1#1/-3A4;03R#1:634139434;031#*36,520%
"9#3&'30#4:(4;53*$/#A3*350;&31#1:*W0:5@%420%/5%1#3*3$9;03
q3&'934#%*%EA25#09%1093(F#3009;#1;09H4;03
a:(4;53*$/#-,&%*$%1(X*#09%G%4,0#+3-/5HW/X1#$3&-,&%*$%920%
a:(4;53*$/#1,(09%1,1R#E3(/X+?0,1#536;531#@%0952*%4%
e+B$3&@%42(,920#1,51(;4#1(,5,*X&/%/#%+%4,11%*
T/09,5'H420,1#@%0952*%4%#1,51(;4#4:(4;53*$/#/+B09%1,1@,9#1%EW0,*X+X%5
G$TS/+)U*1/."T+43+0
>%A9.-304;0 # S-C934 # /**?094(2*20%UR # e(,+%*,$ # S(34,(/1%R # t%(9/6%*UR # 7F6;09344:(4;534 # S1:9;E1,(/#
$F6;0934U
GO)S/,+%$)#$0"f",+%$)#$0
$,5,43/9$?0R # E,*/43/9$?0R # %E,04,*R # 36%5&;*/?$R # $300/20R # 3&'@29R # E2E%R # 90/5%4R # 3(34531R#
093(93430(35+R # 1,*,04,(R # 5;E625+,(*20R # 1;4. # ;0 # @2(,$5',$20,0 # &%9+2*1,+20R # 53@;9313R#
09C&'@2$R # @FG;(/0;&R # A,GG2&'R # -:*+30Q(R # 1/62*402&R # (,G,4R # /09*2$R # 1%*/-%R # $3W034R # d,(25R # W;@R#
:51,($25'9%4R # 62(,0/ # 1/62*402&,1R # E,*&2(R # E%4(HW/?0R # E*3G3A?0R # 2(?43($3*;0R # *,6%&R # 01,*%094/1%R # R#
/563094/4Q(%R # &X4/1%R # 62($3&'3R # 4/93+R # /0E25R # 52+,(R # 62(A,GG2&'R # 62(5;ER # 4%42(A2(20R #"(%5'G?**%R#
1%$%(%@%095%R # G2(XR # 09%G%+ # 1/(2*'/ # 62(,0R # $39B62(,0R # G25'%62(,0R # 1%E?%+XR # @%($/5W%+62$R#
1%5W3**2(/%R#90,*+,0R#6;&62(
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#/0$3(/#%#4%5?*4#1,(,1#-BGG#4:(4;53*$/#303$;5'3/4#;0#%9#3931@39#1%EW0,*X+X#%*%E-,&%*$%1%4
d;E34#%*1,4#b?(XE%#-,&%*$2(X*
b*/&%9,+/1#%#1:9;E1,(/#42(0%+%*,$#-C&&B0;&/#6/09,5'/#1:9:44
l24A%#%#1;0BGG/#4:(4;53*$/#1,(,1#303$;5'3/531R#A3*350;&3/531#1:9;E1,(/#&':13(3/4
t2(@?9%$,1%4#4%*2*#%#4%5?*4#1,(,1#;*34@3*'9343/R#A3*350;&3/#;0#%#$%/#1,(#1:9:44
"# 4%5?*4# A3*350;&3113*#1%EW0,*%4G%5# 4?+# %9,1# @2443(;(3R# :0093-C&&;03/(3# 6,5%41,9X# 1;(+;03134#
$3&-,&%*$%95/
d;E30#1C*:5G:9B#4HE?0Q#/5-,($2W/X-,((20,1GX*#:52**X%5#/0$3(343134#093(395/R#%9,1%4#(35+093(395/
d,(%G3*/#4:(4;53*$/#-,((20,1#09:63&;4#1;E30#:52**X%5#3*3$395/
T;*3$;5';4#1;E30#1?*4?(2*4%5R#2(5'%*4%5R#$3&%*%E,9,44#;(63113*#%*242$%0946%R#$20,1#$3&0;(4;03#
5;*1C*#$3&-,&%*$%95/
"# 4%5?*4 # 4:(4;53*$/ # A3*350;&31@39R # 303$;5'31@39 # 1%EW0,*X+X # 3(1:*W0/R # 42(0%+%*$/ # 1;(+;031G35#
2**204#4?+#-,&*%*5/
52**X%5#&'FA4:44#%5'%&,1#%*%EA25R#0%A24#&,5+,*%4$3534#$354;5#-3*;EH4344#JN.JL#E3(W30#09%G%+#
3*B%+204#4%(4#W0%1#(:6/+#A3&'934(3#42$%091,+6%
"#-C934;4#:52**X%5#63934/#%#$3&%+,44#4%(4%*$/#;0#-,($%/#1:6343*$;5'3134#-/&'3*3$G3#6;63
"#4%52(/#3*B%+20GX*#%#*;5'3&34#1/09F(BR#%#-,54,0%GG#%+%4,1%4#4%(4%*$%9X#A3&'93434#1;09H4
n3*/0$3(/#%#-3*$3(C*B#A,&/R#42(0%+%*$/#-,&%*$%1#$%/#6,5%41,920%/4
52**X%5#62*%094,44#093$E,54,1#%*%EA25#1;E30#:0093@%0,5*H420,1%4#6;&395/
=;N":5,+)&$#
!!]

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#+/21,1#!JD#,0942*'G%5#1;0935#2**5%1#%((%R#@,&'#%#4:(4;53*3$#W;*A24R#%9#%94#%*%1H4X#3(B1#$/G35*;4;4#
1?4%4X#1;(+;031(3#13(300;1#%#62*%094D#bGG35#%9#;*341,(G%5#0%A24#;*34C1(3#6,5%41,9X%5#/0#3*B4;(G3#
13(C*#%#A:6B#43(639;03R#@,&'#$3&4%*2*A21#@3*'C134#%#-3*5B4431#6/*2&2G%5D#"#4:(4;53*3$4%5H420#@2(,$#
-B#$,4H6?$(%#;EC*#3GG35#%9#,0942*'G%5D#"9#3*0B#%9#%#4:(316;0R#@,&'#%#+/21,1#24431/54;04#1%EA%5%1#
%#6/*2&4:(4;53*3$(B*D#"#$20,+/1R#@,&'#0E3W/2*/0%5#3&'30#1?*4Q(21#6%&'#3&';531#E;*+2A25#13(3094C*#
$?4%00?1#$3&#%#<1?*4Q(%#;*34(%A924=#S%$/#*3@34#,*'%5R#$3*'#3*;(/#%#W0QW0E,54A24R#6%&'#@%5'%4*/1R#
G3-3A3934*35R # 6%&' # $3&(%&%+4 # G/9,5',0 # 09/5435UD # Z%($%+09,( # E3+/& # 3* # 13** # A?45?51 # %55%1#
$3&;(434;0;@39R # @,&' # % # 4:(4;53*$/ # 62*4,920 # -,*'%$25 # %9 # 3&';531 # 3&'(3 # 1,(2GG%5 # 62*5%1#
-C&&34*355;R # ;0 # 1;0BGG/ # -3A*B+;0C1 # 3&'(3 # 136;0G; # -C&& # 1C*0B # 5,($214X* # 6%&' # 42(0%+%*$/#
1,5635W/X14X*R # $20 # 09%6%11%* # %9 # 3&';531 # 3&'(3 # -,1,9,44%GG%5 # ;*@34531 # % # 09%G%+02&#
*3@34B0;&;63*D # v&' # % # -/%4%*,1 # $3&4%E%094%*A21R # @,&' # B1 # /0 # 4%&A%/ # %9 # 3$G3(/0;&531R # ;0 # *24A21 # %#
-3A*B+;0#309$;A;531#6%*X02&24D#73&;*@34/1R#@,&'#%#6/*2&G%5#c#G2($355'/(3#1%,4/1?05%1#/0#4F5/1#c#
A3*35#6%5#%9#;(43*3$R#$/54#:00934%(4X#3(BD#"#$20,+/1#093$E,54#;(9;13*@34B6;#4309/#092$?1(%#%#
0%A24#0,(0?1@,9#6%*X#1:4B+;04D#"#@%($%+/1#%0E314?0#E3+/&#%#0%A24R#3&';5/#A:6BG3#63934B#Q4A?1(%#
/(25'?*D#"#4;$%1:(:1#1/62*%09420%#%#4%52(#-3*%+%4%#%9#,0942*'#/&;5'3/531#$;(*3&3*;0;63*R#%#-354#
$3&A3*:*4#093$E,54,1#-/&'3*3$G3#6;43*;63*D#n,54,0R#@,&'#%#+/21,1#%9#3E,W@%#0,(25#4%*2*1,99%5%1#
%#A3*351,(#;&34B#1;(+;03/63*R#;0#3GGB*#1//5+?*6%#42(A?1#-3*#%#$Q*44%*#6%*X#:0093-C&&;03134D#"#W;*#%9R#
@,&'#%#-/%4%*,1#%#$Q*4#4%5?*$25',9202GX*#1//5+?*6%#4%*2*A21#$3&#0%A24#-3*%+%4?1%4#%#A:6BG35D#"99%*#
%#4?+%44%*#13**#G3-3A395/C1#4:(4;53*$/#4%5?*$25'%/1%4R#@,&'#$/5+35#3&';5#c#0%A24#09C10;&*343/#2*4%*#
$3&@%42(,9,44#$X+,5#c#%#4:(4;53*3$#(;09303#;0#%*%1H4XA%D
m'$02'23

=>;"U'$

I)Y8232/"3O*1/
r(4/#;0#@%0952*A%#%9#3++/&#4%5?*4#4:(4;53*$/#-,&%*$%1%4D#n3*#4?+A%#/+;95/#%9#Lc!!D#,0942*'G%5#4%5?*4R#
%9#%+,44#1,(09%1,1(%#6,5%41,9X#-,54,0%GG#303$;5'3134D#d;E30#@,009%GG#4:(4;53*$/#1,(09%1,1#
24431/54;0;(3R # % # -,(+?*XE,54,1R # $3&@%42(,9X # 303$;5'31 # -3*/0$3(;0;(3D # r(+31*B+/1 # % # A3*351,(/#
E,*/4/1%/R#42(0%+%*$/#1;(+;031#/(254D#73&;(4/#3931#4:(4;53*$/#&':13(3/4D#00934344#E(,G*;$21#:52**X#
3*3$9;0;(3#1;E30D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21,1%4#G3*0B#$,9&20(%R#6%*X+/#&,5+,*1,+20(%#1;09434AC1R#@%#%9#24431/54;0#093$E,54A2?*#53$#
E?09425#%#1(,5,*,&/1?0#0,((35+34R#@%53$#$20#/(25'H4X#3*63134#62*%094?51D#n,54,0R#@,&'#%#6/90&2*4#
1?*4Q(24 # /+BG35 # ;0 # 4;(G35 # /0 # 1/43(A309463 # $/5+/& # $20 # 1,(,11%*R # 6%&' # %9 # %+,44 # 1,(09%1G%5 # $20#
43(C*343113* # @%0,5*H40?1 # :0093D #"9 # 24431/54;0 # 0,(25 # $3& # 13** # ;(435/C1 # %9 # 3&'30 # W/1*?0,1 # G3*0B#
4:(6;5'093(F0;&3/4D#"9#:0093-C&&;0#%#-3A*B+;0#:0093-C&&;03R#%$/4#%9#:0093@%0,5*H420,1#4309531#
*3&/512GG# ;(4@34B6;_ # E;*+2?*R # @%# ;(9;13*434AC1R # $355'/(3# 1C*:5G:9B1;EE35# 093$*;*/1R # ;*/1# 24 # %9#
3$G3(31#%#6/*2&,4R#$355'/(3#3*4;(B31#%9#3&'C44;*;0#$X+A%/D#bGG35#%9#,0942*'G%5#$2(#53$#%55'/(%#
%#(;09*3431G3#$35BR#1;E093(F#2G(29,*20#$X+093(;63*#6/09/#1:93*#%#4%52(#%#-/%4%*,1@,9#%#4%5?*4#
1,(09%1,4R # @%53$ # % # -,*'%$%4,1R # :0093-C&&;031R # 5%&' # -,(+?*XE,54,1 # +(2$%/ # $3&A3*35H4;0;63*D#
n,1,9,44%5#42$%091,+A?51#%#+/21,1#:52**X02&2(%#%#4;$21#-3*+,*&,9202G%5D#7/5+351;EE35#%+A?51#
,*'%5 # -3*%+%4,1%4R # $3*'31 # -/&'3*$C134 # %9 # %14?2*/0 # E,*/4/1%/R # 42(0%+%*$/ # 1;(+;031(3 # /(25'H4A21D#
f2($/*'35#093$E,54,4#/0#62*%094?51#%#6/*2&4:(4;53*3$#24431/54;0;@39R#$/5+351;EE35#4%*2*1,9?51#
%9#3$G3(/#&,5+,*1,+20#62*4,92026%*#%9#3&'30#1,(09%1,1G%5D#b9#AX#%*1%*,$#%((%R#@,&'#%#+/21,1#
,GA314H635#$3&-/&'3*A;1#0%A24#&,5+,*1,+20?1#A3**3$9B/4R#-,*'%$%424R#%94R#@,&'%5#A?45%1#3*#3&'.3&'#
-3*/0$3(;0/&R # H4;*34/&D # v&' # 03&H4@34C51 # %9 # 3*BH4;*34314B*R # 2*4%*25,0H4204X* # $35430R # 2(5'%*4R # :52**X#
&,5+,*1,+20#1/%*%1H4202G%5D
!JN

G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
q%6%0,*4#4;$%1:(:1_
" # 6/*2&4:(4;53*3$ # -B # 1,(09%1%/5%1 # 629*%4,0 # 24431/54;03 # % # 139+34314B* # % # $,+3(5 # 1,(/&R#
$3&@%42(,9,44#093$E,54,1#%*%EA25#SE*D#3&';5#;0#1:9:00;&#6/09,5'%R#3$G3(/#A,&,1R#4:(6;5'31R#%9#
3$G3( # ;0 # % # 43($;0934 # 6/09,5'%R # % # E,*/4/1% # 62*4,920%/R # % # E,*/4/1%/.42(0%+%*$/.&%9+%02&/ # ;*3434#
$3&@%42(,9X # 309$;1 # 3&'30 # 1,(,1G%5R # 3(1:*W0/ # 1;(+;031R # % # 6/*2&1;E # 62*4,920%R # %9 # 3$G3((B*#
%*1,4,44 # 1;E # 62*4,920%R # 1C*:5G:9B # 53$93431R # 1?*4Q(21 # 4:(4;53*$3 # 0%A24 # -3A*B+;0/ # +/5%$/12A?1#
093$09:&;GB*R # Y'?&%4 # ;0#d3*34 # 6/09,5'%R # A3**3$9B/R # %#09%G%+02&# 1;(+;03R # E,*/4/1%/# -/*,9X-/% #%9#
3&'30#1,(,1G%5R#E,*/4/1%/#(35+093(62*420,1#%9#X1,(4X*#5%EA%/51/&R#%#A:6B(B*#%*1,4,44#1;E#62*4,920%#%#
4:(4;53*3$#-,*'%$25R#04GDU
"#E,094/$E3(/%*/04%#1,(09%1#E(,G*;$2/_#%#53$934/R#345/1%/R#6%**20/#1,5-*/14?0,1#092$,0#(;&/XG%5R#;0#
3931#4:(4;53*$/#&':13(3/
"# A3*351,(/ # E,*/4/1%/R # 42(0%+%*$/R # &%9+%02&/ # ;*34 # A3*350;&3/531 # ;0 # 3931 # 4:(4;53*$/ # &':13(3/531#
24431/54;03#S2**%$,1R#1,($25',1R#$%/#+3$,1(2W/21#$F1:+;03R#@%4%*$/#2&%1R#%#$;+/%#093(3E3R#W/6/*#
093(6393431R#%#53$93431#1:9:44/#3&'C44$F1:+;0#*3@34B0;&3/R#A3*351,(/#3?(XE%/#62*4,920,1U
" # $%&'%( # 4:(4;53*3$ # 24431/54;03 # S1,(09%1,*20R # 1,(09%1,1 # A3**3$9B/R # 0Q*'E,54,1R # 0,(0-,(+?*X1R#
53$9344?+%4R#53$934/0;&/#1;(+;0#1C*:5G:9B#1,(09%1,1G%5U
b?(XE%#4:(4;53*$/#(;&/X/R#b?(XE%#093(3E3R#@3*'3#%#4:(4;53*3$G35
n3A*3094;0/#1:6343*$;5'31_
"9#3*B9B#;631G35#$3&093(9344#1;E300;&31#&'%1,(*20%#1,$E*3`#-3*%+%4@3*'93431G35
G$TS/+)U*1/."T+43+0
x(2$%#S92(X#09H5+%(%G@,9#1%EW0,*X+X#4:(4;53*$/#@244;(UR#7F6;09344:(4;534#S;EH4;0934UR#n:*+(%A9#
S&*,G%*/92W/XUR#f/,*X&/%#S36,*QW/XUR#e(,+%*,$#S%#4;$21@,9#1%EW0,*X+X#/(,+%*$/#$F631#,*6%020%U
GO)S/,+%$)#$0"f",+%$)#$0
"#62*%094,44#4;$214X*#-C&&B35#%9#%+,44#4;$21@,9#1%EW0,*X+X#;(3440;&/#1:6343*$;5'1;54#093(3E*B#
-,&%*$%1
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#/0$3(/#%#4%5?*4#1,(,1#-BGG#4:(4;53*$/#303$;5'3/4#;0#%9#3931@39#1%EW0,*X+X#%*%E-,&%*$%1%4
t2(@?9%$,1%4#4%*2*#%9#3&'30#1,(,1#A3*350;&3/#1:9:44
"# 4%5?*4# A3*350;&3113*#1%EW0,*%4G%5# 4?+# %9,1# @2443(;(3R# :0093-C&&;03/(3# 6,5%41,9X# 1;(+;03134#
$3&-,&%*$%95/R#3931(B*#0%A24#6;*3$;5'4#1/%*%1H4%5/
d;E30 # 1C*:5G:9B # 4HE?0Q # /5-,($2W/X-,((20,1GX* # :52**X%5 # /0$3(343134 # 093(395/R # %9,1%4 # 0%A24#
093$E,54,1#%*%EA25#(35+093(395/R#3GGB*#:0093&9;04#1;09H435/
dC*:5G:9B # 1,(,1GX* # 092($%9X # 4:(4;53*$/ # -,((20,1 # 09:63&;4 # 1;E30 # :52**X%5R # 0%A24 # 093$E,54,1#
%*%EA25#3*3$395/
d;E30 # 5',$,5 # 1:6345/ # 0%A24 # ;0 # $20,1 # 6;*3$;5';531 # %*%1?*2024R # $3& # 4?+A% # H4;*5/ # %9 # ;(631#
$3&%*%E,9,4402&24
"# 4%5?*4 # 4:(4;53*$/ # A3*350;&31@39R # 303$;5'31@39 # 1%EW0,*X+X # 3(1:*W0/R # 42(0%+%*$/ # 1;(+;031G35#
2**204#4?+#-,&*%*5/
52**X%5#&'FA4:44#%5'%&,1#%*%EA25R#0%A24#&,5+,*%4$3534#$354;5#-3*;EH4344#IN.hN#E3(W30#09%G%+#
3*B%+204#4%(4#W0%1#(:6/+#A3&'934(3#42$%091,+6%
"#-C934;4#:52**X%5#63934/#%#$3&%+,44#4%(4%*$/#;0#-,($%/#1:6343*$;5'3134#-/&'3*3$G3#6;63
"#4%52(/#3*B%+20GX*#%#*;5'3&34#1/09F(BR#%#-,54,0%GG#%+%4,1%4#4%(4%*$%9X#A3&'93434#1;09H4
n3*/0$3(/#%#-3*$3(C*B#A,&/R#42(0%+%*$/R#&%9+%02&/#04GD#-,&%*$%1#$%/#6,5%41,920%/4
e0$3(343/4#1;E30#3*$;*'H435/#%#\\D#0929%+#$20,+/1#-3*;531#E(,G*;$2/6%*#1%EW0,*%4G%5
!J!

"+,44#4;$2G%5#:52**X#1?4%4204#4?+#6;&395/#S1:5'642(R#*36;*42(R#09%11:5'642(U
d//&%9,+/1R#42A;1,9X+/1#%#5%E/#E,*/4/1%#6/*2&2G%5#
e0$3(/#%#$,+3(5#+3$,1(2W/21#$F1:+;0;4R#4/0942G%5#6%5#2**%$E,*&2(/#A,&%/6%*#;0#1:43*300;&3/63*
52**X%5#62*%094,44#093$E,54,1#%*%EA25#1;E30#:0093@%0,5*H420,1%4#6;&395/
"#+/21#1;E34#4?+#%*1,45/#3&'30#4:(4;53*$/#1,(,1(X*R#(2*24200%*#(35+3*139/1#%#4:(4;53*3$#3&;09;(3
n3*/0$3(#%#$Q*4GX*#%#A3*35G3#63934B#A3*350;&3134R#;0#392*4%*#:52**X%5#1;E34#4?+#%*1,45/#%#A:6B(B*

E.)+8U,.$
Q252823:/(
"# 1%$%091,( # 3*B(3@%*%+426%* # %# 1C*:5G:9B # 1:9/0$3(34/ # 42(&'%1 # 4;$2/G%5 # 3&'(3 # &'%1(%GG%5 # *;E#
3*B4;(G3 # 309$3/R # 4:(4;53*$/R # &,5+,*1,+20G3*/R # 3(1:*W0/R # 6%**20/ # 1;(+;031 # 4%&*%*20% # 1:9G35 # %#
-/*,9,-2*20#3(B0:+B#;*341,(/#1;09434;03D#v&'#%#]DR#!NDR#!!D#,0942*',1G%5#%#09%14%52(,1#-/&'3*$34#13**#
-,(+H40%5%1#%9#;G(3+B#&,5+,*1,+X3(B#2E,*202(%#%9#3&'30#-/*,9X-/%/#(35+093(31R#3&'.3&'#A3*354B0#
&,5+,*1,+X # %6%&' # 309$3 # 4:(4;53*$/R # $F6;09/R # 42(0%+%*$/ # @%420%/4 # 4%&*%*6%D # b931 # % # 1;(+;031#
03&H43531#$3&4%*2*5/#%#1%EW0,*%4,4#%#4%542(&'%1R#%#4?+,$25',1R#6;&0B#0,(,5#%9#3$G3(/0$3(34#;0#
6/*2&/0$3(34#6;&0B#1;(+;03/#1:94D
"#-/*,9X-/%#4%542(&'#%#$3&-3*3*B#-3*+,*&,920#03&H40;&;63*#%*1%*$%0#%#&,5+,*1,+X3(B#W0/09,*202(%_#
$20R # 0,109,( # 5%&',5 # 53@;9 # &,5+,*%4,1 # $3&;(4;03R # -,&%*$%/5%1 # 4/0942920% # 2(5'%*A% # % # 0%A24#
&,5+,*1,+204D
"9#%*%E634B#3$G3(/#1;(+;031(3#%#1C*:5G:9B#-/*,9X-/%/#/(25'9%4,1#3*4;(B#62*%09,1%4#%+5%1D#"9#3&'30#
3(3+34/ # 09:63&(;09*3431 # 4%5?*$25',920% # 0,(25 # $3&4%5?*A21 # 393134 # (35+093(395/R # ;(4;13*5/R#
:00936345/D #"9#3$G3(/0;&#@%4%*$%0#4?+2042(2G%#G3*3*246%#4/0943*34#;G(3+#%9#3$G3(/#G:*W0300;&#
-3*;R # ;0 # 3(B0:+/1 # $20 # &,5+,*1,+20$X+,1 # -3*; # % # 5'/4,4402&D # k&'%5%11,( # -,($2*X+/1 # 0%A24#
6;*3$;5'C1#;0#1(/4/1%/#&,5+,*1,+20?1D
"#-/*,9X-/%#4%542(&'#%*1%*$%0#%9#,*6%0,44#09:63&31#3&';5/#$3&;(4;03#;0#-3*+,*&,920%#43W@5/12/5%1#
3*0%A24H4202(%g#%#09:63&629*%4R#%#4%5?*20/#A3&'934R# %9#:0093-,&*%*X#-,&%*,$42(#1;09H4;0;(3R#$3*'#
03&H4@34/ # %9 # ;(3440;&/(3 # 6%*X # 1;09C*;0 # $34,+/12A24D #"9 # X(21,5 # % # -3*+,*&,920 # $X+A% # &'%1(%5 # %#
-/*,9X-/%/#309$3W03(3R#%9#3*$;*'C*4R#/$E(,6/9%4H6#43$%4/12AQ#G309;*&34;0#-,($2A24#:*4@34/D#p$#3&'30#
4;$2152* # A%6%**,44 # % # E3(/E%434/1?0R # 43@24 # <0;42*6% # 4%5H4X=R # 6%&' # %12( # $F6;09/ # -3*+,*&,920Q#
;(43*$39;03#/0#%#4%5?*4%15%1D
"#-/*,9X-/%#4%5?*$25',1#6%*X+/#;(3440;&34#/&;5'3*531R#;0#$;*425#92(@%4X1#%#!JD#;6#4%5?*$25'%/#%#
G:*W0300;&#093(3434;G35#6%*X#3*$;*'C*;003*D
=;>(:5,+)&$#
J2#$3.0$.(2%&/:%(?(E2V)2/83:/.(S:)
"#!JD#,0942*'#0,(25#%#-/*,9X-/%#1C*:5#4%542(&'1;54#G3*;E63#%#1,(2GG/#;631G35#4%5?*4%1#$%&%0%GG#
093$E,54QR#2(-,&X#:0093&9;0;(3#5'QA4#*3@34B0;&34D#"#-/%4%*,1#093$*;*343#1/42&?*R#5'/4,44%GG%1#%9#
:0093-C&&;031(3R # 392*4%* # -,($2*X+/1 # 0%A24 # 309$36/*2&?1R # :52**X # 6/*2&1;EC1D # 893$;*'30 # /+32/1%4#
:0093634/1 # %9 # 3$G3(/0;& # 4:(4;53*$;531 # 5%&' # 309$;/63*D # " # 0%A24 # $3&;*4 # &'3($311,(?1(%R#
-3A*B+;0C1#H6;(3#3&';G#4%542(&'%1#13(34;G35#S$F6;093431R#$,9&20X(21U#6%5#$X+#(2431/5435/C1R#+3#
%#-/*,9X-/%4:(4;534G35#/0#-3**3*/1#%#4?+%4-3A*B+;0#H6;4D
m'$02'23

><

U'$

I)Y8232/(3O*1/
4:(4;53*$/R#$F63*B+;04:(4;534/#/0$3(3431R#%#43($;0934#;0#%#4?+,$25'#1C*:5G:9B#43(C*343/531#3++/&#
!JJ

6/90&2*4#A3*350;&3/531#;0#:0093-C&&;03/531#$3&;(4;03R#%9#,1.,1,9%4/#;0#H4;*34%*1,4X#&,5+,*1,+20#
-3A*B+;03
J$431'%&.(,2V)2/83:/.(S:)+0
e543(+/09W/E*/52(/0#24431/54;0
52**X#%5'%&-3*+,*&,920
w,5+,*%4,1R#&,5+,*%4(35+093(31#24*2420%R#-3*/+;9;03
n,&%*$%1#/0$3(343
t(,G*;$%;(9;135'R#1(/4/1?0#&,5+,*1,+20
"#1?*4?(2*4#309$3W03(3#1;E300;&3
"#09%G%+#&,5+,*%4%*1,420#1;E300;&3
893$;*'30#;0#3$G3(/0;&1;(+;031#:00931%EW0,*20%
w,5+,*%4,1#09%G%4,0R#%*1,4X#5'3*6@%0952*%44%*#6%*X#1/-3A4;03
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
T,C,5$/0"02%,#;3;#S
f363934;0
"#-/*,9X-/%#%*%E1;(+;03
"#-/*,9X-/%#%#4?+,$25',1#1:94
"#$H4,09,1#;0#%#-/*,9X-/%
U(/$4+:(,0;302'60
a3($;0934-/*,9X-?0,1
"#@2(,$#5%&'#X1,(/#G:*W0D#89X1(%4;09R#t*%4X5R#"(/094,43*;09
"#@3**35/9$?0#1,(%_#W/5/1?0,1R#094,/1?0,1R#3E/1?(3?0,1R#QAE*%4,5/0421R#$/094/1?0,1
"#1:9;E1,(4X*#%#-3*6/*2&,0,+20/&_#89354#a%$20R#"?&?04/5?0R#x30W%(430R#l,W13R#Z?$3R#f3(13*3'
d%544X*#n(3?+/&#MZ3&3*R#d/(13&%%(+R#7%(`R#x%(/5M
d,(?51#-/*,9X-/2A%#M#3&9/09435W/%*/9$?0R#$%43(/%*/9$?0R#%54(,E,9X-/%R#:1,-/*,9X-/%M
V,//)51"%KC254601":(/$4+:(,
"9 # 3$G3(/0;&# 5%&' # 1;(+;03/ # %# -/*,9X-?0,152*# S*;4R # 4?+20R # 3(1:*W0R # 3094;4/1%R # E,*/4/1%R # &%9+%02&R#
6%**20U
G$TS/+)U*1/."T+43+0
"#!JD#;6#/(,+%*$/R#+(2$%R#4:(4;53*$/#;0#43($;09344?+,$25',0#%5'%&2@,9#1%EW0,*X+6%#%#!P.!]#
;63031#%#5%&'#3$G3(/0;&1;(+;031#093$;*'30#24;*;03#(;6;5#1;E3031#%9#;*34#W;*A2(X*R#%#AX#;0#(,009#
1;(+;0;(B*#/0#-,&%*$%11%*R#?&'%5%11,(#3*363535#G309;*5/D
GO)S/,+%$)#$0"f",+%$)#$0
-/*,9X-/%/#%*%E1;(+;031#;0#(35+093(31R#5%&'#3&9/09435W/2*/0#1;(+;031_#*;4R#4?+20R#3(1:*W0R#3094;4/1%R#
E,*/4/1%R#&%9+%02&R#6%**20R#1(/4/1%/#&,5+,*1,+20
!",2V)2/83:/"51'3"2'2*#:4&2.
73&/0$3(/1 # % # 1C*:5G:9B # -/*,9X-/%/ # /(25'9%4,1%4g # $3&4%5?*A21 # 393134 # (35+093(395/R # ;(4;13*5/R#
:00936345/D#
73&;(4/1 # $20 # &,5+,*1,+20$X+,1 # *,&/12A24 # ;0 # (35+093(;4R # ?&'%5%11,( # -,($2*X+/1 # 0%A24#
6;*3$;5'C1#;0#1(/4/1%/#&,5+,*1,+20?1#/0D
d;E3031#%9#,*6%0,44#09:63&31#3&';5/#$3&;(4;0;(3#;0#%#-3*+,*&,920#43W@5/12/5%1#3*0%A24H4202(%D
d;E3031#%#4%(4%*,$5%1#$3&-3*3*B#09:63&629*%4,4R#4%5?*20/#A3&'93434#;0#:0093-,&*%*X#-,&%*,$42(%4#
1;09H435/D
!JI

d+4./#2'23":/",9)*'$V8
Q252823:/
<"#&'3($3131#;(+31*B+531#%#6/*2&#/(254R#4:(31093531#%((%R#@,&'#1/$35A3531#%#43($;0934G3R#@,&'#
0%A24#/+354/420?1#3*;(;0;@39#1/%*%1H4021#:52**X#6/*2&1;EC134D#b9#(;093#%9#3$G3(#/5+/6/+?%*/92*X+20/#
1;090;&;531D # 7/5+35 # &'3($31531 # 3&'30H435/3 # 13** # 6/*2&1;E;4 # % # 4304/ # 4?+%4,002&26%*R # %55%1#
;(+31;G35R#@,&'#4?+A%#@,*#%#@3*'3#;0#1/#/0#BD=#SxD#lD#f(/3(*3'U
"# -:*+(%A9 # 4%5H42024 # Q&' # ;EH4AC1 # -:*R # @,&' # -:*13*403 # % # +/21 # 6/*2& # /(254/ # ;(+31*B+;0;4R # ;0 # 3&'G35#
;*34G24,(02&,4#/0#1:9634H4035D#b@@39#4%(4,9/1#%#n:*+531R#$/54#43($;0934/#1:(5'3934531#3&'(3#A,GG#
$3&;(4;03R # %55%1 # ;*34(/4$?0%/6%*R # 0%A24,002&%/6%*D # " # 43($;0934/ # 1:(5'3934 # %*%E634B35#
$3&@%42(,99% # %9 # ,44 # ;*B # 3$G3(31 # ;*34;4R # +3 # 3&'Q44%* # %9 # 3$G3(31 # &%9+%02&/ # ;0 # 1?*4?(2*/0#
436;135'0;&3#$3&#/0#62*4,94%4A%#%94D#"9#3$G3(#1:(5'39343#/(254/#-3*3*B00;&#4?+%424#;0#%9#:1,*X&/%/#
4?+%4,002&,4#%#&'3($311,(G%5#13**#$3&%*%E,95/D
"9#3$G3(/#*;5'#4;(G3*/#42A;1,9X+20%R#*;43#%#4;(G35R#A3**3&93430#-3A*B+;0/#-,1,1,5#@%*%+#24D#"#-:*+(%A9#
4%542(&'5%1#%9#3&'/1#-3*%+%4%#%#&'3($31#4;(G3*/#4?+%4,002&25%1#3(B0H4;03D#"@,&'#%#-:*+(%A9#%#1/-3*;#
-,(+?*X#42A;1,9X+204#03&H4/R#|43046;(=#4%542(&'%R#%#&3,$34(/%#%#G3*0B#4;(G3*/#42A;1,9X+204#-3A*3094/D#"#
-:*+(%A9 # 4%542(&' # $20/1 # -3*%+%4% # % # 4;( # ;0 # %9 # /+B # :00931%EW0,*20%R # %$3*' # -B*3& # % # 4:(4;53*$/#
4%5?*$25',1G%5#A3*35/1#$%A+#$3&D
"#-:*+(%A9#$/5+35#%0E314?02G%5R#%#4%543(6#:009300;&;5#G3*C*#/543&(2*X#42(&'#093(3E;4#4:*4/#G3D
"# -:*+(%A9 # 4%5H420 # 43($;093430R # /5+/(314 # *3@34B0;&34 # 1H52* # % # $,(2*/0 # 3(B1 # -3A*3094;0;(3 # /0D # Z% # %#
&'3($31#$3&/0$3(/#%9#3&'$20$3**344/0;&34#%#4;(G35R#093(343443*A303GG35#-,(+?*#$%A+#%#<$3**3443#
*;6B= # 3$G3( # S3$G3(42(0%U # -3*; # /0D # b9;(4 # % # )%*+,(-./01,*% # $X+093(4%52G%5 # % # -:*+(%A9 # 4%5H420#
0%(1%*%4,0#4;$2/#%#1:634139B1_

-/9/1%/#6%&'#43($;0934/#-:*+(%A9R

42(0%+%*,$-:*+(%A9R

G3*0B#6%&'#-3A*B+;0-:*+(%A9D
"# -/9/1%/ # 6%&' # 43($;0934/ # -:*+(%A9 # 09/0943$%4/1?0%5 # /0$3(434/ # % # -:*+ # A3*350;&3/4R # -3*09H5;4R # G3*0B#
093(13934;4R # 6%*%$/54 # %4$,09-;(2A24D # " # 42(0%+%*,$-:*+(%A9 # %9 # 3$G3( # 1:(5'3934(3 # &'%1,(,*4#
@%42026%*R#&%9+%02&/#1:634139$;5'3/63*R#6%*%$/54#%#-:*+(%A9/#1:(5'3934#0%A24,002&%/5%1#;0#%9#,44#
;*B # 3$G3(31 # 42(0%+%*$/ # ;0 # 1?*4?(2*/0 # -3A*B+;0;531 # 6/09,5'26%* # -,&*%*1,9/1D # " # G3*0B # 6%&'#
-3A*B+;0-:*+(%A9 # %94 # 3*3$9/R # @,&' # %9 # 3&';531 # 1:(5'3934C1 # /(254/ # 4?+%4,002&% # $/1;54 # 4C1(:9B+/1#
%GG%5R#%@,&'%5#%#6/*2&,4#*24A21D#[;*?51#/543&(2*5/#394#%#@2(,$-;*3#$3&1:93*H4;04D
"9#3*0B#@2(,$#,0942*'#0,(25#%#4%5?*X#$3&/0$3(13+/1#0%A24#1:(5'3934;63*R#%9#,44#;*B#3$G3(31#2*4%*#
6;&9344 # $?51211%* # SE*D # $3043(0;&31 # c # ID # ,0942*'UD # b931G35 # %9 # ;631G35 # 5%&' # 093(3E34 # 1%E # %#
-,($%(%A9R # % # 1;0BGG/ # &3,$34(/% # 3*B-?42(%1;54R # %$3*' # 4:GG31 # 1:94 # % # &'3($31 # 0%A24 # 4304/#
6/09,5'%/5%1#$3&/0$3(;0;4#/0#09,*&2*A%D#"9#%+,44#@3*'531#;0#%#1:(5'3934;531#%#$3&;(4;03#1;4#
-,54,0#*;E;0R#%$3*'(3#311,(#62*5%1#1;E300;#%#&'3($3131R#6%&'/0#<;5#;5#6%&',1R#/44#;0#3GG35#%#
W0%*2+G%5R#43#$3&#43#6%&'R#@,992$#1;E304#,44=D#7/?425#39#1/%*%1?*4R#W0%1#%11,(#1;E3031#1/*;E5/R#;0#
%#1:(C*:44C1#*36B#6/*2&,4#-3*-3+395/D#b9;(4#139+B+/1#%#-:*+(%A9#4%5H420#c#%#1C*0B#6/*2&(X*#6%*X#4?+%4,0#
4%5?*20#;(43*$;G35#c#%#hD#,0942*'G%5R#%$/1,(#QA#$X+,5#;G(3+#-3*#%#&'3($31G35#%#1H625W0/02&#%#
1:(5'39343#/(254D#"9#3*0B#;631#-:*+(%A99%*#1%EW0,*%4,0#4;$2/4#/0#/+3#&'FA4:44C1R#AX**3@34#3931#53$#
0,(,*@%4X1#%#4?+,$25',0#;(43*3$G35#6344#-:*+(%A9@,9R#%#1;0BGG/#-:*+(%A9/#4%5?*$25',1%4#%9,5G%5#
AX*#3*B1;09H4/1D
=N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# &'3($3131 # $%&24X* # ;(434B+B531 # 6309/1 # 1:(5'3934C134R # 6%&'/0 # %9 # 3$G3(3134R # %9 # 2**%4,1%4R # %#
!Jh

5:6;5'3134R#%#1:63134R#%#W0/**%&,1%4R#%#Y%E,4#;0#%#Z,*+%4R#6%*%$/54#%9#;609%1,1%4D#Z%#-,*'4,5,0%5#
$3& # 4?+A?1 # QAH4%5/ # % # 1C*:5G:9B # 43(C*3431 # ;0 # % # &'3($31 # *3*1/ # 6/*2&25%1 # 3935 # 3&'0;&;4R # 3993*#
3(B0H4AC1#%#&'3($3131#G/9%*$24R#3*-,&%+2024#;0#$%&%G/94,002&24D#"#&'3($3131#;*343#3*0B#@;4;630#
E3(/X+?025%1#%*%E634B#*3*1/2**%E,424#%99%*#%9#;(9;003*#4?+A?1#1/-3A395/R#@,&'#~%#6/*2&#AX~D
m'$02'23

.432%'1)3$4"$"#$%&$'"4&2)5":/".'+*$)+#Z$4

I)Y8232/"3O*1/
"9 # 3*0B # @;4 # ;6 # %*%44 # 093(9344 # 4%E%094%*%4,1 # % # 43($;093443*R # 1:(5'393443*R # %9,1 # A3*350;&3/63*R#
%5'%&%/6%*#1%EW0,*%4G%5D
J$431'%&.",2V)2/83:/."S:)+0
" # &'3($313134 # 4:(4;5343113*R # % # 43($;0934 # $3&-/&'3*;0;63*R # %9 # ;609%1,1 # 62*4%1,92025%1#
1:634;0;63*R # 4%E%094%*%4%/1 # *3(%A9,*2026%* # :094:5:99C1 # %((%R # @,&' # 3*&,5+,*1,+A%5%1 # ,*'%5#
+,*&,1,5R#$3*'31#1/@%5&0Q*',9921R#@,&'#$/#%#1C*:5*3&30#%GG%5R#%$/4#*245%1D#7/#6;&43*35C*#5%&'#
;0 # $/ # E%(25'/R # $/ # 4:(;135' # ;0 # $/ # 6;&43*35C* # 3(B0 # % # 43($;0934G35D # "9 # /*'35 # 4:(4;53431 # ;0#
$3&-/&'3*;031 # W0%1 # %11,( # 62*5%1 # 6/*2&,002 # % # &'3($3131 # 092$2(%R # @% # %9,1%4 # 09H663*.*;*3113*#
$,5+A?1#3*#531/1R#%9%9#@%#$3&093$;*'30H4;0#2*4%*R#1;E31G35#&%9+%&,5#%9#;(93*$31@39#09X*5%1D#
b92*4%* # -3*-,&A21R # @,&' # 03$$/ # 03$ # ;(43*$34*35 # 6%&' # A3*354;143*35 # % # 43($;0934G35D # b931 # %#
4%E%094%*%4,1 # 1C*:5:035 # -,54,0%1R # $/63* # -3*1;09H43531 # %((% # % # 6%*X02&,0 # @3*'934(3R # %$3*'G35#
$%5%E02&#5%ER#$/54#5%E#4%*2*A?1#$%&?51%4D#b993*#53$W0%1#$3&%*%E,9921#%#A:6B4R#@%53$#$/5424#
/0#2**H4%5%1#531/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#43($;0934#G/(,+%*$%/4R#%9#3*3$3134R#%9#;609%1,1%4R#%#W0/**%&,1%4#Q&'#13**#;(9;13*4345/R#$/54@%#
0%A24#$%&?1#G309;*5;531D#b935#53$#%G094(%14#4:(4;5343134#;(4C51R#@%53$#43($;093430#$30;134R#
$3*'31#%#+,*&,1#*;5'3&;(B*#09X*5%1D#n,($2A?1%4#431/5463#*3@34531#E;*+29%4,1R#6%&'#43($;0934(B*#
09X*X#*3&35+21D
G$TS/+)U*1/."T+43+0
730;1R # (%A9,1R # % # 42A;1,9X+204 # 09,*&2*X # 5%&'4304/ # $,9&20,1R # $,9&20/ # $3$X(/24 # -3A*3094B#
&'%1,(*%4,1
GO)S/,+%$)#$0"f",+%$)#$0
/(25',1R#;609%1,1R#/0$3(4#;&/430431#SY%ER#Z,*+UR#/+BA2(20#4;5'39B/R#W0%E%+;1-%A421R
43*3EC*;031#%*%E09%6%/#S?4W%R#62(,0R#-%*?#04GDU
!",2V)2/83:/"51'3"2'2*#:4&2.
"# &'3($31G35 # %*%1?*A,5 # 1/ # 3&' # -,1,9,44 # ,+%-/&'3*;0 # % # 43($;0934 # +,*&%/ # /(254R # $3*'531 # 0,(25#
$3&;(4@34/1R#@,&'#%#43($;0934G35#$/5+35#*;5'531#;0#-,*'%$%45%1#A3*354B0;&3#6%5D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # 3*0B # ,0942*'G%5 # % # &'3($3131 # $3&4%5?*4%1 # <$20= # 093$$3* # 431/5435/ # 1:(5'3934C1(3R # ;0#
3*139+4;1 # $3&@%**%5/ # %94R # %$/4 # % # 1:(5'3934C1 # $,5+ # 531/1D # 7,04R # % # $20,+/1 # ,0942*'G%5#
$3&4%E%094%*A21R # $/1;54 # 1%EW0,*X+/1 # %9 # 3$G3(/ # *;5' # % # 43($;0934 # G/(,+%*$%/@,9D #"# 43($;0934#
24;*;03R#%#G3553#6%*X#436;135'0;&R#$?512*1,+20#-,54,002#62*/1D
!JL

m'$02'23

.432%'1)3$4"$"#$%&$'"4&2)5":/".'+*$)+#Z$4

I)Y8232/"3O*1/
a3($;0934/0$3(34/#%*%E,1R#3&'.3&'#5:6;5'R#2**%4D#b*/&%9,+20#%#430442A%1#1:9:44D
J$431'%&.",2V)2/83:/."S:)+0
"9 # 2**%4$30;1R # $/54 # E;*+2?* # b9XE?0 # $30;/R # %54(,E,$,(-/094/1?0 # -,($2G%5 # 09X*5%1 # %9 # 3$G3(31#
3&'$20@,9#;0#1:(5'3934C1@:9#-F9B+B#6/09,5'2(X*D#"#0935431(B*#09X*X#*3&35+21R#+3#3*0B0,(G%5#
"00/0/#89354#n3(35W#093$;*';(B*#3*@%5&9X#4:(4;53431#%#43(3$4344#6/*2&#/(254/#%*29%4R#,+%%+20#;0#
093(3434 # ;(9;0;4 # 3(B0H4/1 # $3& # % # &'3($31G35D # b(1:*W0/ # ;(9;1C1 # -3A*B+/1R # %5;*1C*R # @,&' # 4?+%4,0#
$3&-,&%*$%9204#5'3(5;531#%#4%5?*X1G%5#-3*13*4344#;(9;031D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # &'3(3131 # 1:(5'3934;531 # 3&'(3 # 4?+%4,0%GG # G3A2(20% # ;0 # -3*-3+39;03D # "9 # 3$G3( # 6/09,5'% # %#
43($;0934@39 # 4:(4;5343135R # *3&35+21,5 # 13(3094C*D # a2A;1,9X+20 # % # 1C*0B # 6/*2& # 42(&'%/ # 093(/54R#
42A;1,9X+20 # % # 0H1G%5 # SE*D # 42A;1,9X+20 # % # 0H1,5 # 2G(29,*4 # 4;(G35g # 42A;1,9X+20 # 09%6%1G%5#
$3&-,&%*$%9,44#/5-,($2W/X1#093(/54UD
G$TS/+)U*1/."T+43+0
"#&'3($3131#3*$30;*/1R#@,&'#$/#4:(4;5/1#1:(C*:44C1#%#43($;0934G35R#E;*+2?*#$/4#*244%1#/01,*2G%#
$3534R#6%&'#$/4#-3+39431#-3*#3&'#1/(25+?*20,5D#"9,1#%#+,*&,1R#%$3*'3134#$%&?11%*#@,95%1#%9#
/01,*2G% # SE*D # $%+2(-;09131R # *363*31R # 6%+&309435';1R # &'C$:*W0:1R # 1:631R # %&%5W0,1R # W0/&21U#
1//5+?*XE,54?*#09,*&2*@%45%1#%#G355C5134#1:(C*636B#6/*2&(X*#09X*X#G309;*&34;031531D
"#<09%G%+4;(/#4%543($34=#$/5+35#;609%1G%5#;0#4:GG-;*3#/+BA2(20/#6/09,5',1#1:9:44#(35+093(3035#
13**#*24,&%45/R#;0#$3&4%E%094%*5/D#"#4%543(3$G35#G3(35+39344#Q5D#;609%1%094%*#%#1C*0B#43($;093434R#
%9#;6A2(20#-,(+?*XE,54A%/4R#%9#C553E3134#(3E(393542*A%D
GO)S/,+%$)#$0"f",+%$)#$0
"#42A;1,9X+204#03&H4B#6/09,5',1#SE*D#$3**344R#%*%44R#-:*:44R#1:9:44R#3*B44R#$:&:44UD
!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($31G35 # %*%1?*A,5 # 1/ # 3&' # B0 # 4/0943*34 # % # 43($;0934 # +,*&%/ # /(254R # %$3*'531 # %9 # 3$G3(/#
436;135'0;&3134#/0#24#13**#@%45/%R#$/63*#$/#/0#%#43($;0934#3*62*%094@%4%4*%5#(;093/#6%&'?51D#a?+A,5#
42A;1,9X+5/#%#0%A24#1:(5'3934;G35D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
d/*35W;630#1,(?1#42A25#%#&'3($3131#6/*2&@,9#6%*X#6/09,5'%#+:54B#62*4,920,5#$3&'#13(3094C*_#%#
6/*2&R#%$3*'#3++/&#%9#B#(;09C1#6,*4R#2462*4,9/1#%9#B134#1:(C*636B#6/*2&&2D#"#&'3($3131#1;E3031#
$3&;(435/ # % # @,009Q # /+3/& # 6;&9344 # 1,$E*3` # $?51%-,*'%$%4,1%4 # SE;*+2?* # % # @29;EH4;0.R # %#
$3043(0;&31. # 6%&' # % # -:*+$F63*;0.3E,W@25UR # %$3*' # 6;&/&63934/ # B134 # %9 # 20204X* # ;0 # 634;04B* # %#
6;&3(3+$;5'/&R # 6%&'/0 # % # 135';(0C4;0/& # 4%(4X # 43*A30 # -,*'%$%4,5D #"# 1,51(;4 # (3%*/420,1 # /01,*29921#
/543**/&35W/2A?1%4D #"# &'3(3131 # % # *3&4:GG34 # % # 6%*X02&,0 # @3*'93431GB* # 4%5?*5%1D # l;5'3&30R # @,&'#
$?51% # 1:9G35 # % # 42(&&'%* # 6%*X # 1%EW0,*%4?1 # 53 # 4:(A:5 # $3&R # 53 # -,(+?*A,5 # 24 # $3(B # (%W/,52*/0 # ;0#
42(&'/%0#%G094(%1W/XG%R#@%53$#0%A24#436;135'0;&3/1#639300;1#B134#:52**X#1:634139434;031@39D
m'$02'23

j<"U'$
!JO

I)Y8232/"3O*1/
a;(G3*/ # 42A;1,9X+20 # 5%&'4304/ # $,9&200%*D # a3($;0934/ # 1:(-,*'%$%4,1 # -3*/0$3(;03R # $3&-/&'3*;03R#
0,(G%#(35+39;03D
J$431'%&.",2V)2/83:/."S:)+0
"# *3@34B0;&31@39 # 1;E304 # % # &'3($3131531 # 0%A24 # 139FR # 1:9634*35 # ;*$;5'3134 # 13** # 093(395/C1 # %#
1C*:5G:9B#-,&*%*1,920,1(X*R#$3043(0;&31(B*D
"#*3@340;&30#4;$21#1:9C*#%9#/01,*%#-:*+(%A9/#3*@3*'3913+;03#-/&'3*3$G3#6;43*;63*#13**#62*%094%5/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
# "9 # 3$G3( # ;0 # % # -:*+_ # % # -:*+$F630 # ;0 # % # 43($B-:*+:5 # 6;&9344 # $?51%R # % # 0925420 # S% # *XR # %#
*X093(092$,1R # % # E%41,*20UR # % # G,(,52*20R # % # 634;0 # S1C*:5-;*3 # &%G,5%-%A421UR # % # 1C*:5-;*3 # 4%*%A,1#
S6H93*63934;0 # % # 6/930 # 09254X-:*+3135UR # % # G34%1%(H420R # % # W0;E*;0R # %9 # B(*;0R # % # 135';(0C4;0R # %#
634;0-,(&XD#"#@%&',$25',0#-:*+$F63*;0#$3&/0$3(;03#?425#%#&'3($3131#$3&;(4/1R#@,&'#$/*'35#
$?5124#6;&39531#%#4(%14,(,1R#%#1,$G2A5,1#04GD
"# @29;EH4;0 # $?51%-,*'%$%4%/5%1 # %*1%*$%920%_ # 4;&*%&'2(420 # S092(H420R # ;&34;0UR # $%*43(1;09H4;0R#
-%*(%120R#2W0,*20R#434B-3+;0D
<s0/= # -,&*%*1,920,1R # $/54 # E;*+2?* # E2094,(R # 6%+209R # @%*209R # -%62&XR # -%09;5;&34BR # E;1R # 09%GXR#
0?0943(R#-%931%0R#2W0R#4H$2(R#09HA&'2(4XR#-,5XR#4%12W0#6%&'#1,62W0D
G$TS/+)U*1/."T+43+0
}09:6340;&/ # 4:(4;53431D # 7,9&200,( # /0$;4*;03 # 6/009%-3*;D # 7;(4;13&'0;&31 # S@,009$;(4;1UD#
a2A;1,9X+20#%9#/+BG35D
GO)S/,+%$)#$0"f",+%$)#$0
n:*+$F63*;003* # 1%EW0,*%4,0 # -,&%*$%1R # 093(092$,1 # 5363/R # % # @29;EH4;0 # -,&%*$%/R # $3043(0;&31#
-,&%*$%/R#%#135';(#1;09H4;003*#1%EW0,*%4,0#-,&%*$%1D#"#@,009Q02&#$;(4;13&'0;&3/D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#*3&'35#1;E30#%9#3$G3(#43($;0934G35/#436;135'0;&3/531#$3&-/&'3*;03#(;6;5#%9#3$G3(#
43($;0934-,($2*X#093(3E;4#-3*/0$3(5/D
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
d,(2GG%5#2*4%*25,0#093$E,54,1(%#/(25'?*4#%#4%5H420#S1%EW0,*%4,1#%#43($;093443*R#$?51%-,*'%$%4,1#
$3&/0$3(;03UR # +3 # $,04%54X* # % # &'3($3131 # -/&'3*$;4 # % # 4;((3 # ;0 # %9 # /+B(3 # /(25'H4A?1D # q3*354B0#
-,(+?*%4,4 # A3*354 # % # !N # ;63031 # 092$2(% # %9 # ,*+%*5;934GB* # % # -3*C*5;934G3 # 6%*X # 242**20D # b5531 # %#
1;E93*34G3*/#-3*3$3*13+;0531#%#<4,(5294%420%=#$/5;*#&'%1(%GG%5R#$/5;*#4:GG-;*3#-,($2G%5R#3(B0H4/#
%#4;(;(9;13*;04D#"#4;(1;E2G(29,*20#3*3$3/4#/0#311,(#4?+A?1#$3&%*%E,95/D
"9#3*0B#@%4#;6G35#$F6;0934/#$X+,5#4%5H4?51R#%#1;E31#;*BR#3*3635#$3&43(3$4;0;63*D#"#<6/9?%*/92*X#
093$=#/+B09%1%#39R#%$3*'G35#%#@%**20#%*%EA25#G3*0B#1;E43(3$4;0#9%A*/1#%#&'3($31G35D#n,54,0R#
@,&'#31:9G35#@,992A2(?*A?51#%9#,44@,5#$3&/0$3(;0;@39R#$3&093(34;0;@39D#"#&'3($31#092$2(%#%#
*%1X@3*'3#6%*XG%5#%#6/*2&#1:93E3R#%#*3&-,54,0%GG#6/09,5'H420/#E,54D#b44B*#%#1:4B+;04B*#-C&&R#@,&'#
$355'/(3 # 4?+ # $%A+ # 3*(?&%091,+5/R # ;0 # $3&/0$3(5/ # $20 # 42A%1%4R # $355'/(3 # 4?+ # ,44@,552 # 62*5/#
092$2(%#%#5%&'6/*2&D
m'$02'23

><"U'$
!JK

I)Y8232/"3O*1/
"9#;*34(B*#09X*X#2*4%*25,0#/0$3(3431_1%EW0,*%4,1#%#43($;093443*R#%#$?51%-,*'%$%4,1#$3&/0$3(;03D#
a2A;1,9X+20#%9#/(25',1G%5D#"#-3*09H5-,($21#-3*/0$3(;03R#$3&53639;03D#"#$Q*4R#A3*35R#A:6B#$/54#
-,*'4,5,0%5#62*4,9X#-,&%*$%1R#E;*+2?*#%9#3*B443R#?425%R#1,(2GG%5R#1;0BGG#$3&;(4;03R#@%0952*%4%g#
3&'#-,*'%$%4#$,99%5%4%/5%1#/+BG3*/#3*(35+39;03D
J$431'%&.",2V)2/83:/."S:)+0
"9 # /01,*%R # % # 1:(5';1R # % # 62(,01% # 6%&' # 5%&'62(,0 # 1:9634*35 # 1:(5'3934;4 # $?4%4A?1 # $3& # %#
&'3($3131531#%#-:*+(%A9/R#6%&'/0#4;(G3*/R#;0#%#4:(4;53*$/R#6%&'/0#/+BG3*/#-3A*B+;0;G35R#3&;0935#%#
A3*35/&D # [;*?51_ # %9 # ,44@,5 # $3&/0$3(;03R # 4?+%4,0H4%5/ # % # 09C*B-:*+ # 1%(%143(;4D #"# &'3($313134 # %#
6/*2&&%*#:00931:4B#2*4%*25,0%GG#1%EW0,*%4#24%*%1?*#%#42(0%+%*$/#;0#4;(G3*/#@,6%.4%(4,920#;(9;0;6;D#
e&35 # @%095,0 # %9 # 3*0B # -;*;6G3 # G3;EH435/ # %9 # ;&42A%1 # $3&/0$3(;0;4 # ;0 # G3&'%1,(*2024D # "#
&'3($3131G35#39#%#1;E300;&#1C*:5G:9B#E/**%5%4G%5#;G(3+#-3*R#39;(4#3*3&35+B#/+B4#13**#@%&'5/#
35531D #"# @,5/0$3(34 # 3E,W@% # 3(3+$;5'300;&;4 # 6/09,54 # 5%&'$;(4;1G35 # 03&H4/R # @% # 311,((% # $2(#
$/5+351/#A2(4%002#62*/1#%9#;&42A%1#-3*/0$3(;0;G35#;0#%*1%*$%9202G%5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#5%E#$,9&2025%1#$3&-/&'3*;03R#-3*/0$3(63#%#5;&'#-B#;&42A%4D
Y;@25' # A3**3$9B # W0/**%&1;E # $,9&2025%1 # $3&-/&'3*;03R # %@,&' # % # 0%(1W0/**%& # 1:(C* # -3*13* # ;0#
*35'?&09/1R#6%*%$/54#%#Z,*+#$,9&20%D
"#&'3($3131#1C*:5G:9B#42(&'%11%*#S6%&'#;EH4B#1,W126%*U#$3&A3*35H4@34/1#%#1:9634*35#1:(5';134#
6%&'#3&'#1;E93*34G3*/#-%*?4D#n3@;(#E,((%*#*309X(6%R#$%A+#%#42(&'%1%4#3*6;63R#1:55'F#$3&*245/#%#
-3*C*5;934/#1;E34D
"9#3++/&/#4%E%094%*%4,1#4?+%4,0H420%1;54#*3(%A9,*5/#-3*C*5;934G35#%#0%A24#09,G24R#@29%4R#4%543($34R#
/01,*24D
>%A9#1;09H4;03#%9#/01,*2(X*#S6%&'#%#&'3($31#*%1X@3*';(B*RU#;0#62(,02(X*#$%+2(426*%4GX*D
7%&%0 # 5;9BE,54(X* # S@3&'(B*R # 4,(,5'GX*U # 6%*X+/ # -3*C*5;934 # $3&4%E%094%*20%R # % # *3-3*; # 3(30913+;0#
1:9G35#%55%1#%#62*4,9205%1#%#$3&-/&'3*;03R#@,&'#1C*:5G:9B#09/5431(B*#@,&'%5#*24@%4X#%#1:(5'39B#
42AD
"9#3&'30#&'3(3131#/01,*2G%#63934B#Q4A25%1#3*$,5+20%R#*3(%A9,*20%D
"#1:(5'39B#42A#$3&-,($2920%#@,$,1GX*#43(3E%094%*,5D
"9#3*0B#3&'093(F#4;(1;E31#$3&(%A9,*20%D
"#1:93*/#6H9#SE%4%1R#-,*'XR#4X#04GDU#$3&*24,&%420%D
"#-:*+-3*09H5#-,($%1/5W0;531#3*3$3/#S+,$G,(9%4R#6H9(%A9UD
"#092(%9-:*+#;0#%#*;&1:(#%(25'25%1#$3&6/90&2*20%#S@3&'M6:*&'M0H102&UD
"# 43($;093430 # 5:6;5'934 # 4?+%4,0H420% # %9 # %+,44 # @3*'35 # S@,&' # $%A+ # $20 # 42A%1%4 # $3&/0$3(63R#
6/09,5'H4%5/#4?+A,5UD
"#$F63*4#43(C*3431#%(25'%#%#1:(5';135D
"9#3$G3(#A3*35*;43#%#42AG%5D
"#43*3EC*;0R#/**3463#1:93*/#62(,0,1#$3&/0$3(;03R#-3*4;(1;E39;03D
"#1:(5';1#-3A*B+;0;(B*#09X*X#4:(4;53*$/#303$;5'31#;0#*3&35+21#3*$,5+20%D
"#42A#+,$G,(9%4%#;0#%9#,44#;*B#3$G3(31#;*34;531#:0093-C&&;03/#S@3&'6/+;1##3(+B&%9+2*1,+20R#
6H9E%(4##@%*209%4#04GDUD
"#@3*'/#-:*+$F63*;0/#$X+,1R#%#@3*'/#/E%(R#$?51%@3*'31#;0#/5-(%04(?14Q(%#6/90&2*%4%D
"#@3*'/#6%0Q42**,$20(%R#6%&'#G?09E2*'%?+6%((%#4344#*24,&%420#;(9;13*434@34/#%#&'3($313113*R#$/1;54#
1%EW0,*X+/1 # *%1X@3*'C1 # $20 # 62(,0,1@,9R # $/;(4 # ?4%95%1 # $20 # 3$G3(31 # % # *%1X@3*'C1(3R # $/*'35#
2(?W/113134#092**H4%5%1#62(,0?1G%R#/**3463#,55%5#$20@,62D

!JP

G$TS/+)U*1/."T+43+0
"#53&'3+/130#-,($%(%A9G%5#%#5;&'30#09/$$34(/26%*#/0#+,*&,9?51#SyUR#39#09/54;5#09,*&2*@%4A%#%9#
/(25',1#$3&3(B0:+;0;4D#"#13(3094#%#4C1(:9;030#-,($%#$3**344#3&'#@3*'#09/$GX*?$%#/0D#"#GQA4%4,44#
-,($2152* # % # W354(?$ # ;0 # % # E3(/-;(/% # 1:94/ # -,*'%$%4,0 # $,9&20 # -3*4;43*39/ # % # 4;(G3*/ # 42A;1,9X+20#
(?&%*$%002&24D
GO)S/,+%$)#$0"f",+%$)#$0
" # Y%E # A2(20% # ;0 # %9 # ;&42A%1R # % # 4;(1;ER # %*%E634B # 4;(1;EA3*31D # e(25'$;(;0R # @3*'$3&@%42(,920#
3091:93/R#*3@34B0;&3/#S%9#/(25'4FUD
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#*3&'35#1;E30#c#,44@,5%#;0#/01,*2A%#1:(5'3934;G35#c#4;(G35#;0#/+BG35#42A;1,9X+5/R#%9%9#
/(25',1%4R#426,*02&,1%4R#@,009Q02&,1%4R#5%&'02&(35+3134#$3&536395/R#$3&G3W0C*5/D
a?+A,5#3&'093(FGG#4;(1;E3134#SQ46,5%*(%A9,4U#1;09H435/R#/(25'4F4#@%0952*5/D
Q252823:/
].!N#;630#1,(#42A25#%#&'3($31531#<3&,W354(/1?0#6/*2&1;E3=#6%5R#6%&'/0#%#6/*2&#1:9;EE,54A%1;54#;*/#
$3& # :5$%&24D # " # @3*'34 # /0$3(/R # %@,* # ;* # ;0 # $,9,&R # <@,5/0$3(343= # 6%5D # " # 6/*2&,4 # 3GGB* # %#
1:9;EE,54GX* # 1//5+?*6% # -3+39/ # -3*R # 3&'(3 # $30093GG # ;0 # $30093GG # $3(;0913+63R # % # 6/*2& # 3&'(3#
5%&',GG2 # 62*/1R # 1,5W354(/1?0 # $X+,5 # 42&?*6%R # <1,5W354(/1?0 # 6/*2&1;EE;=D #"# @3*'/ # E,*&2((2 # ;0 # %#
6/*2&E,*&2((2#62*20#E2(@?9%$,0%5#4:(4;5/1D #"9#/0$3(4 #6/*2&GX*# /5+?*6%#%9#/0$3(34*35#-3*;#@%*%+R#
$%A+ # 6/009%4;( # %9 # /0$3(4G3D # b9 # % # -3*-3+39;0 # Q4A%D #"# -:*+(%A9 # 4%5H4205%1 # % # KD # ,0942*'G%5 # 6%5 # %#
1:9;EE,54A%D # e44 # 1:634139/1 # G3 # %9 # % # 62*4,920R # %$3*' # %9 # %+,44 # 1:(5'3934C51:5 # 4Q*A?45/ # %1%(X#
62&'%1,9204#;G(3094/#-3*D#"9#/0$3(34*35#/(254/#6,59X+20#%9#3$G3(G35#;*B#$;*'#;(9;0R#39#-,54,0#
@%A4X3(3A3 # %9 # QA # +,*&,1 # -3*-3+39;0;531D # " # 43(A30913+;0 # 1/43(A3+ # %9 # 3&;09 # -:*+(3R # 6%*%$355'/#
1,54/5350(3R#;0#39#2*4%*#3&'#QA%GG#(2*2420#09C*34/1#$3&#%#-/%4%*G%5D#"#<@,5/0$3(34=#24%*%1?*#<-:*+#
/0$3(344;=D
"#&'3($3131#093**3$/.*3*1/#62*4,920%/5%1#$3&-3*3*B35#3GG35#%9#/+B09%1G%5#24@3*'39B+/1#%#-:*+(%A9#
4%5H420#0Q*'E,54A%#/0D#"#<&'3($311,(#1:93E;5=#c#!N.!J#;630#1,(G%5#c#$;&#03$$/-;*3#3&,/9$?04#
53$#-3A*30943531#1/R#39;(4#%#n:*+#&%9+%02&/#@%09524#;0#1/@%0952*2024#$;&#%#5;*1C*R#c#%#1;0BGG#
43($;093430# $X+,5# $3&*;6B# 3&,/9$?0# 5;*1C*# c#4?+A%# 093$*;*5/R# 24;*5/# ;0#G3-,&%+5/D# n,54,0%1#
*309531#%9,1#%#4;$21R#%$3*'31#%#1:9634*35#1:(5'3934C51GB*#1//5+?*6%#G3$?4%4A21R#@,&'#$/1;54#
@%0952*A% # c # &%9+%02&-:*+(%A9/ # ;(43*3$G35 # c # %9 # 3$G3( # % # 1C*:5G:9B # -:*+(%A9/ # ;0 # ;&@%A*%4/#
%+,4402&,11%*#(35+3*139B#43(C*343134D
"@,&'#%#1C*6/*2&G%5#3&'(3#,44@,5,0%GG%5#;(9/#$%&24#%#&'3($31R#3&'Q44%*#G3*0B#$%&%G/94,002&%#/0#
3(B0:+/1D # b9;(4 # 3*B5':0 # ,*'%5 # /+B09%1(% # 4355/ # % # -:*+(%A9 # 3E,W@24R # %$/1,( # 62*4,920 # 6%5 # %#
43($;0934G35#SB0093*#6%&'#4%6%009%*UR#$3(4#%#-/&'3*$C51#/*'351,(#1/54#/0R#G354#/0#A3*35#6%5D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
7/5+35#-;*3*3$#5;*1C*#13**353#G3*3@3*'3913+5/3#%#6/*2&G%#%#&'3($31531R#39;(4#53$#G309;*C51#
3GG35 # %9 # /+B09%1G%5 # 03$$/*'35 # 1:(5'3934/ # E(,G*;$2(X*D # qX # 09,120,1%4 # *3@34 # 1/%*%1H4%5/ # SE*D#
093*314H6 # @?**%+;1&'FA4;0UR # % # E,9/4H6 # -,*'%$%4,1 # $3&3(B0H4;0;531 # 0925+;126%*R # 53$ # E3+/& # %#
-3*@%*$,9X+,44#1:(5'3934/#2(4%*$%1#4?+%4,0H42025%1#4:(316;0;63*D#Z%#$3&#4?+A%#;*5/#<%#6/*2&#AX#;0#
09;E=#,*+%*24R#1/%*%1?*#G3553#%#G/9%*,$#;0#%9#3*1:43*393440;&R#%11,(#*309#3*;&#3(3A3#;0#G24,(02&%R#
@,&' # %9 # /&%902&;(934;531 # -3*;G(3+;0;63* # % # -3*3*B00;&;(9343 # 4355/ # %1%(200%* # E2(,0?*A,5D#
0093&3963#3*$,5+@%4A?1R#@,&'#!J#;630#1,(/&#%#-:*+(%A9#4%5H420#-3*%+%4%R#@,&'#1:93*3GG#@,99%#%#
!J]

n:*+@:9#%#&'3($313134R#$3&093(3443003#;0#4?+%4,0H40%#G355C1#%#1:(5'39B#6/*2&,4D
m'$02'23

h<"U'$

I)Y8232/"3O*1/
"# $%&'%( # $,5+211%* # ;0 # % # @,5-,&*%*200%* # 1%EW0,*%4,0 # -:*+(%A9/ # /0$3(3431D #"# d2(E24.$3+35W3#
43(3$4;0$,5+2A%D#d:(5'39344?+%4,0#AX#09,120,1#SE*D#093*314H6#@?**%+;1&'FA4;0R#QA(%@%095,0H420UD#
a;(1;E;0934/#%*%E/0$3(3431R#%#4;(1;E#*3&-,54,0%GG#%*%E3*3$3/531#-3*/0$3(;03#S6/931R#+,$G,(9%4/#
A3*:*;031R#43*3EC*;031#04GUD
J$431'%&.",2V)2/83:/."S:)+0
73&/0$3(5/R # $3&;(395/ # % # @,5 # 5%&',GG # 3&'0;&;531 # SE*D # x?5%1%5'%(5%1R # % # fC11531U # %#
0%A24,002&24D#"#1;E#42&?*A,5#%++/&R#@,&'#%9#3&;09#,(092&#*3&'35#G3553#%#62*%094,44#3&'0;&G35D#
7/63* # @%9251 # -:*+(%A9/*%& # ;0 # 1?*4?(2*/0%5 # /0 # 5%&',GG # 3&'0;&@39 # 4%(4,9/1R # 39;(4 # % # 43*A30#
d2(E24.$3+35W;4#-,54,0#;(/5435/D#"9#/0$3(4#-:*+(%A9/#3&'0;&31GB*#1//5+?*6%#;EH40C1#-3*#%#5%&',GG#
42A3&'0;&34D#"#4;(1;E#G363934;0;(3#5%&'#&,5+,4#-,(+H40?51R#$3(4#%#4;(1;E#3&'#%G094(%14R#3*6,54#
2G(29,*20R#%$3*'531#%9#24*242024#*;E;0(B*.*;E;0(3#4?+A%#$3&093(395/#%#&'3($31D#"#4;(1;E#$;*'3GG#
$3&;(4;03#@%0,5*X#%#G34F1#$3&/0$3(;0;4B*#%9#,*6%020/&#;0#%9#:52**X#H(20/&#4%(4X#-,*'%$%4@,9D
" # &'3($311,(?1 # 1:9;E0B # E3(/X+?02G%5 # *;6B # &'3($3131 # 092$2(% # 09X*X # -:*+(%A9 # 4%5H420#
$3&1H625A%R # @,&' # 4%E%094%*%4,1,5 # ;0 # ;*$;5'3135 # %*%E?*X # 4;5'3113* # /0$3(4300C1 # $3& # B134D #"#
&'3($3131531#$3&#13**#/0$3(5/C1#%#6/*2&#3&'#+%(%G12A24R#+3#,*'#$X+,5R#@,&'#%9#/0$3(3431@39#
24;*@34B#;(9;031#/0#1%EW0,*X+A%5%1D#b5531#0,(25#%9#,102&/#:0093-C&&;031531#$;&#%#@244;(G35#
13** # $%(%+5/?1D #"# hD # ,0942*'G%5 # % # 1:(5'3934/0$3(34 # 4%5H420% # 0,(25 # $3&139+344 # &%9+%02&/ # ;0#
/5-(%04(?14?(2*/0#/0$3(34%5'%&,4#$20#6/+;131(3#/0#1/#13**#43(A309435/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7%&'%(,(092& # +,$G,(9%4/ # 4;(1;E;5 # %9 # %*%E634B # 4;(1;EA3*31 # $3&53639;03 # S2**%$@%42(,1R#
-3*09H5-,($21R#6/931R#-B62(,0R#43*3EC*;031R#Q46,5%*%1U
"#&'3(313134#<-3*-3+39B#?4%1(%=#*3@34#6/55/#1:9634*35#*%1X@3*'C1#1:93*;G35#*;6B#-,*'X1#$354;5D
#r*34#;0#&%9+%02&#%#@3&'0;&G35R#%#+,$G6/+;135#;0#%9#%*-:*+:5D
f25'209%4#;0#$20#/E%(2&%1D
"#4;(1;E(%A9,*20#-,*'4%420%D
"#4;(1;E31#G363934;03R#-%*/4;(1;E31R#%4*%09,1#@%0952*%4%D
w%9+%02&/#;0#-:*+(%A9/#1%EW0,*%4,1#@%9251#;0#%#1:(5'39B#,(092&,1#1:9:44R#1/3$3*63#%#1:*W0:5:0#
3&'$20(%?4%*402&,4D
Z%9251#43(C*34/#;0#-/9/1%/#-:*+(%A9%D
G$TS/+)U*1/."T+43+0
89%G%+1;9/#&3,$34(/%R#42A;1,9X+20#%#$20/1#3$G3(#5;9BE,54A%#093(/54R#%#4:(4;53*3$#3E,W@2G%5#
4%5?*4#43(C*3431#4;(1;E3/531#3*1;09H4;03D
GO)S/,+%$)#$0"f",+%$)#$0
a2A#;0#3$G3(#1%EW0,*%4%#%#d2(E24.$3+35W;G35D#"#d2(E24.$3+35W3#;0#@%9251#5%&'#42A%/R#6/93/#;0#
-3*09H5-,($2/R#;&@%A*%4/#0%A24,002&%/R#E;*+21#%#*3&A3**3&934303GG#5:6;5'31(3R#2**%4,1(%D#x,$G,(9%4/#
-,($21R # -3*09H5/ # ;0 # -3*09H5 # %*%44/ # 6/931D # Z?5&%(/1?$,1D # 7%&'%(,(092&,5 # ;*B # 53$934/0;&31 # ;0 # %#
09,$09;+,0#,(092&,1G%5#;*B#$%&'%(02&D
!",2V)2/83:/"51'3"2'2*#:4&2.

!IN

"#&'3($31#/0$3(A3#@%9251#;0#%#d2(E24.$3+35W3#-BGG#42A%/4#;0#%9,1#A3**3&934300;&3/4D
a?+A,5#1%EW0,*%4,4#43(3$435/#%#42A#%+,4402&%/R#%9#,44%5/#$39B&%9+%02&R#/E%(#;0#1?*4Q(%#1:9:44D
e0$3(A3#;0#@%0952*A%#n:*+(%A9/#"4*%0924D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"@,&'# 4,62GG # 42&?*# %#1,5W354(/1?0 #6/*2&1;ER #%# 5%&',GG #-:*+(%A9/# 3&'0;&&3*R # %#1,54/5350C5113*#
-,&*%*1,9?51R # % # $/ # 3034C51G35 # b?(XE26%*D # 7/3*B44 # %9,5G%5 # G3*3$;*'3+5;51 # b?(XE%#
$3&/0$3(;0;G3 # 3&' # 1/0 # 6/*2&-:*+(%A9,4 # /0 # 4%5?*?51D # e44 # 42(&'%*A?1 # % # W0/**%&209%4 # n:*++3* # ;0#
;609%1,11%*#1%EW0,*%4,0#6,5%41,920%/4D#"#E?G3(420#1,(#139+343#09C10;&300;#4309/R#@,&'#3&'#1/W0/4#
3*426,*,+A?51#%#0%A24#,44@,5?514X*R#@,&'#$%A+#$20#093$$3*#4?+A?51#QA(%#(25;95/#%((%D#"9#;&@%A*%4/#
-:*+(%A9#%*%EA%/6%*#/0$3(13+C51#$3&R#%9#;*434B#5%EE%*#;0#6H993*R#/**3463#3931#$3&A3*35;0;63*#%44X*#
-C&&B35R#@,*#6%&'?51#%#n:*+:5D#bGGB*#AX*#*24@%4XR#@,&'#b?(XE%#53$#4(XE?0/R#53$#0%(1/#43(C*34R#
@%53$#%#1344B#1:9:44#6%5D#qX*#1/(%A9,*X+5%1#%#435+35W/21#SE*D#53+630#c#092(%9R#@/+3&#c#$3*3&U#%44X*#
-C&&B35#$3((3#$3&'C51R#+3#53$#09;*0B0;&3035D#b9#?425#1:55'3GG#6/90&2*5/R#@,&'#@%9251#6%&'#
G2($3*'#$20#43(C*34#$/*'35#1%EW0,*%4G%5#2**#%9#3?(XE%/#1,54/5350#4:GG/#(;09;63*D
m'$02'23

j<"U'$

I)Y8232/"3O*1/
" # Y%EE%* # 1%EW0,*%4,0 # %*%E634B # W0/**%&209%4/ # /0$3(3431D # b&'$204X* # 3*4;(B # 42A%1R # ;*34$X+,1#
$3&1C*:5G:9434;03R#/0$3(343#%#d2(E24.$3+35W;G35D#"#5:6;5'.#;0#2**%46/*2&#%*%EA%/5%1#/0$3(343D#
w:(:&#1,(09%1#-:*+(%A9/#@2443(3D#"#-3*09H562*4,920,1#-BGG#-,*'%$%4%/5%1#*3H(20%R#E;*+21
G3$?4%420%R#%#62*4,920/#-,*'%$%4,1#3(3+$;5'3/531#-3*/0$3(;03D
J$431'%&.",2V)2/83:/."S:)+0
"#-:*+$F63*;035R#%9#/E%(/#6/09,5',1,5R#%#43*3EC*;031#093(13934;5R#%#1:9*313+;035#13(3094C*#c#%#
&'3(3131#c#$;&#%#!JD#;*34;6C1#3*B44#c#$3&4%5?*A21#:00931:45/#$%&?1%4#%#1C*6/*2&&%*R#Q&'R#%@,&'#
%9#3$G3(31#:00931%EW0,*A21#%#&%9+%02&/#;*3434#%#43($;093443*D#"#!JD#;*34;6#1:(C*#G31:634139B#
4?+%4/#62*4,920,1#3(3+$;5'31;54#%#&'3(3131#1;E300;#62*5%1#%#4:(6;5'093(F0;&31#$3&;(4;0;(3g#
39#%#093$*;*34#-:*+(%A94%5H420G%5#%#4,E,&(2-/%#;0#%#$,(-,*X&/%#4%5?*$25',9202G%5#4C1(:9B+/1D
" # &3,*X&/% # S20625'4%5. # ;0 # 1B9344%5 # 3E,W@%U # ;0 # % # 5:6;5'4%5 # S-:*+(%A9/ # :63934300;&U # 09/54;5#
1%EW0,*X+/1#%#-:*+(%A9#3E,W@2@,9D#"#1B93431531#;0#%9#20625',15%1#%#$3&-/&'3*;0;63*#A?4?51#%#
43($;0934531#%9#3$G3(4B*#*3&$30093GG#30B#43(C*34;(3D#"#1B93431#*3&-,54,0%GG#W0,E,(4A%/R#%9,1#
A3**3$9B/#;0#%#&'%1,(*%4/#3*B-,(+?*20?1R#/**3463#%9#20625',1#W0,+2*%4,0#6/*2&%#%#*;5'3&30#4%(4%*,$#%#
1B9344%5#3E,W@2G%5R#%#n:*+#13*34139;03#;0#%#1,54/5350625+,(*20#3*$;*343R#/**3463#&'%1,(*%4%#$%A+#
%#]D#,0942*'#$3&;(4;0/#-3*%+%4%#*309{#"9#2*4%*25,0#/01,*%/#;631G35#1/3$3*435#-,54,0%1#%9#;(9;1/#
G35',$20,1D#b9#4309/#*3@34B6;R#@,&'#%#-/%4%*,1#$;*'35#:00931%EW0,*X+A%5%1#%#n:*++3*R#09/$E24/%#
;G(3+A35#G355C1#;0#@%($,5/1?0#6/09,5'?1#*3&'35#4;(@39#;0#/+B@:9D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
!"U;/.1"%('0"6-752-65"6-2541"0)-,88")006#('0252C6/"#,>*5$/,0$5,'S
"#1,54/535031#;0#%9#XW325,1#-,($2A%R#3*@3*'3913+;03D#"9#2(%E2*'#;0#%#Z,*+#1:9:44/#:0093-C&&;0D
Z,&'%5 # -C&&531 # % # 63&342W/X0 # :631 # % # 5%E # 2**2024X* # ;0 # % # 1*/$%4/1?0 # 6/09,5',14X*D #"9 # ;609%1,1#
1%EW0,*%4%#%#n:*+#Y%E#1:(C*/#13(/5&;0;63*D
J&3+>,S
"# E,*%(/420 # 093$09:&;GB* # 6/90&2*A?1R # E;*+2?* # 3*3$399C1 # % # 6H9531R # % # *363&B531R # % # -;5'531R # %#
!I!

@B$;(0;1*34531R # % # @3&'31531R # ;0 # % # 4%*%A-%A4215%1 # %9 # 3&'30 # (;&/X1 # 42A%/(% # ;0 # &%9+%02&2(%#

&'%1,(,*4#1C*:5-;*3#@%420%/4D#0093#*3@34#@%0,5*H4%5/#3&'$200%*#3&'#$;*'-:*+/#,(092&,4#SE;*+2?*#
Z,**%5+/24U # 3&' # @3&'6/+;1/ # ,(092&&%* # SE;*+2?* # 862AWW%*UR # 6%&' # 3&' # 435&3(E%(4/R # @%&',$25',0#
&%9+%02&Q#(;&/X4#SE;*+2?*#Y,(6;&/24U#3&'#092(%9-:*+/#,(092&&%*#SE;*+2?*#[03@,(092&&%*UD
w'F(4R#*25W@3&'0;&31#SE*D#"*E,1R#Z/$%*2A%R#"5+,1UR#;0#4:(;0/#-,($21#SE*D#%#>@,53#6:*&'3UD
"#5%&'#-,*'X1#;0#A3**3$9B/1R#E*D#>%A5%R#x?5%R#x5'3E3(D
Q5C)'7"25"#<4600,'
"#1B93431#13*34139;03#;0#W0,E,(4,0H420%R#%#A3**3$9B#@3&'-,($21
T?*1%5/9$?0R#A3**3&93430#1B9343/R#20625'%/R#@%9%/#$3&A3*35;03/
"9#C*3+;130#1B93431R#A3**3&93430#-%A42/R#-3*@%0952*20?1#S$;091B#;0#(,1,5%/U
p4%*%1?*4#1B93431R#A3**3&93430#-%A42/R#-3*@%0952*20?1#S&(25/4R#$2(625'R#E%*21UD
p0625',1R#+(2&%1:631R#&'FA4;0C1R#$3&$?512*20?1
d:6C*3431R#;*B*;5'31#%#1B93431G35R#353(&/%@,(+,9X1
G$TS/+)U*1/."T+43+0
a:(4;53*3$_ # (X$%/ # G/(,+%*,$ # -:*+(%A9/ # @2443(3D # n/9/1%_ # @B4%5R # @%*$%92**%E,4.624,920,1D # f/,*X&/%_#
5:6;5'934R#2**%46/*2&D#w3,$34(/%D#d3(4$F63*;0_#%#4%*%AR#4%*%A4HE?0,1D
GO)S/,+%$)#$0"f",+%$)#$0
n:*+ # %*%1A%R # $,9&20%/R # % # 435&3*'-,(&20 # ;0 # % # 13(/5&;0 # 1:634139$;5'3/_ # 5%E09%1,1R # ;609%1,1R#
;&@%A*%4/ # :6393431 # ;0 # :631 # A3**3$9B/R # ;&@%A*%4/ # 3*3$31D #"# 6H909/5430 # ;0 # % # -C&&B*3&30 # -:*+(%A9/#
:63934300;& # 43($;0934/R # 42(0%+%*$/.&%9+%02&/ # ;0 # 1:(5'3934/ # $3&5'/*625?*20%/D #"9 # :63934300;&#
3*3$3/531#1%EW0,*%4%/#(3&/,52*/0#E;*+21,5D#"9#3?(XE%/#1?*4?(2*/0#0,109H5F0;&#-:*+(%A9/#%*%EA%/D#"#
1,54/5350(;0931 # -:*+(%A9/ # A3**3$9B/R # 1C*:5G:9B # ;*3443(31 # 1:9:0 # ;0 # 3&'3+/ # -:*+(%A9/.1:(5'3934/#
A3**3$9B/R # % # 1,54/5350(;0931 # :0093@%0,5*H420%D # p0625',1 # ;0 # 1B93431R # 5'3(0%5'%&,1 # ;0#
353(&/%@,(+,9X1D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#4?+A%#3*@3*'395/#7%&'%(,(092&,4#;0#%#d2(E24.$3+35W;4#b?(XE%#42A%/#;0#,(092&%/#1:9:44D#
>35+3*139935#3&'#2*4%*25,0#1;EE3*#b?(XE%#-:*+(%A9/R#&%9+%02&/#;0#1?*4?(2*/0#6/09,5'%/(X*D
a?+A%#$3&1C*:5G:94345/#%#$%&$20R#C*3+;130#;0#$34%$,(-#1B9343134#-BGG#1;E6/03*B1#%*%EA25D
e0$3(A3#3#1B93431#$/5+355%E/#A3*354B0;&;4D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b44B* # %9 # ;64B* # 139+63 # % # 4?+,$25',0 # $X+,5R # % # A3*350;&3135 # 13(3094C*/ # $3&1:93*H4;035R # %#
$3&-/&'3*;03135#6%5#%#-B#@%5&0Q*'D#"#<(%W/,5%*/92*X#093$=#/+B09%1%#39D#"#*2420R#%#$3&-/&'3*;0R#;0#
%9 # 3GGB* # 6%*X # 1:634139434;0 # 9%A*/1D # Y3$W0%1 # *3H(?51 # 3&'.3&' # @3*'09H54R # A3*350;&34R # @%53$#
:0093@%0,5*H4A?1#%#$2(#/0$3(443*R#1/62*%094,44#093$E,54,1#093(/54D#"9#:0093@%0,5*H4X#$X+093(4%5/#
;(9;135'0;&34 # -3A*3094AC1D # t;*+2?* # 3&' # QA # 43(C*34 # $3&/0$3(;0;5;* # ;(6;5'30C*B # 093$E,54,1_ # %#
E%(46,5%* # *3-?420%R # % # 092(%9-:*+ # %*%1A%R # 09/&3431R # -;*09/&3431R # % # 6H9@2*X9%4 # S-,*'X1R # 4%6%1UR # %#
+,$G,(9%4#S@3&'0;&31R#$%&%0-:*+31R#$3+35W;1R#%*-:*+31UR#%#43($;093430#5:6;5'4%1%(X#S3(+B1R#
0/6%4%&,1UR#%9#;*B6/*2&R#%#43*3EC*;031R#%9#3$G3(/#1?*4Q(%D#b935#%#$X+,5#-3*-3+3963#3&'#QA#43(C*3434R#
% # +/21 # $%&2;5%1 # ;(39@34/R # $3(4 # %9 # B # $3&-/&'3*;03/GB* # /5+?*4?51 # 1/R # %14H6%5 # 6344 # (;094 # %#
-,*'%$%4G%5D#"#G3*0B#;0#%#1C*0B#1;E#3&'C44#$,9,&#G3553D#"9#3&'#@3*'@39#6%*X#1:4B+;04B*#H&'#
3*A?4@%4?51#%#G2($3*'#@3*'@39#6%*X#1%EW0,*X+20/#1;E300;&@39R#%#*;5'3&#$3&*24202@,9D
"#-3*-3+39;031#4;$%1:(;@39#1%EW0,*X+6%#W0/**%&209%44%*#/0#-,&*%*1,9?51#3GG35#%9#;6G35D
!IJ

m'$02'23

i<"U'$

I)Y8232/"3O*1/
LD # ,0942*' # 4:(4;53*3$ # 3E,W@2A25%1 # -:*+(%A9/ # %*%EA%/ # Se5+/%R # t3(90/%R # b&'/E4,$UD # 0093-C&&;031#
$3&-,&%*$%920% # % # Y%E # A2(20%R # %9 # /+BA2(20 # ;0 # %9 # ;&@%A*%4 # 1:9:44R # % # n:*+ # %*%1A25%1 # ;0#
435&3*'-,(&2025%1 # 1:634139$;5'3/ # %9 # ;&@%A*%4/ # :6393431(3D # " # Z,*+ # -29/0%/5%1 # $3&-/&'3*;03R#
*3(%A9,*20%D#b&'.3&'#A3**3&93430#W0/**%&1;E#$3&-/&'3*;03R#*3(%A9,*20%D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21#%#(353092509#4?+%4,002&#/+3A;4#;*/D#b*426,*,+?51#b?(XE24X*#;0#QA%GG#1,54/53503134#/0$3(C51#
$3&D # d:9G35 # %9,5G%5 # QA(% # ;0 # QA(% # 6/009%5;9C51 # % # $2( # $3&/0$3(4 # 43(C*3431(3 # ;0 # %9 # QA%4#
:0093@%0,5*H4A?1#%9#/0$3(B003*R#%#@,99251#1:93*/63*D#"#1,54/535031#-:*+(%A925%1#$3&/0$3(;0;5;*#
%9#:0093@%0,5*H4X#$X+093(4%54#@%0952*A?1R#$H&#%9#%+,44#1:(5'3934G35#;*B#3$G3(31(B*#%#1,(2GG%5#
%*1%*$%9,44 #$F6;09/ #$X+,5 #%*1,4?51 #1;E34 # S%#1?*4Q(21 #$3&/0$3(;03# (%A99%*R # -304$;55'3*# 6%&'#
$20 # $F6;09/ # &'%1,(*%4/ # $?5125 # 13(3094C*UD # " # *3&%*%E634BGG # -:*+(%A9/ # 53631 # /0$3(343 # -,54,0#
-3*%+%4%#%9#2*4%*25,0#/01,*%/#;631531R#%9#1:55'3GG35#GB6H4@34B#%#1;0BGG/31G35R#6/09,54#%9#%*%E,1#
@/25'24#53@393GG#EX4,*5/D
" # W0/**%&209%4 # 4;$%1:(;G35 # % # *24@%4X # ;&G,*4 # W0/**%&9%424 # 4%5?*$25',99?1D # 73&/0$3(AC1 # %#
E4,*3$%/,09/4X*#%#1,E3(5/1?09/#6/*2&1;E@39#6%*X#24$353434#/0D#b9#;(9;13*434/#%#&'3($313113*R#@,&'#
% # n:*+(B* # ;0 # %9 # k5/63(9?$(X* # 1/%*%1H4,44 # $%/ # 1;E # -,1,9%4,0 # 62*4,920,5 # $354 # ;0 # $3&' # 24R # ;0#
3&'2*4%*25#53$#:(:1#/+B1(3#1BG3#6;0344R#$3&62*4,94%4@%4%4*%5#(35+093(D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#1,54/535031#$3&/0$3(;0/#0,((35+A;531#A%6%0,*4#093$E,54A%#%#4:(4;53*$/#$3&/0$3(;0/#0,((35+R#
43@24#%#KD#,0942*'G%5#%9#}6/*2&R#%#PD#,0942*'G%5#%9#oA6/*2&#1,54/53503/D#d/3$3*@34AC1#%9#3?(XE%/#
&'%($%4/#(35+093(@39#1:4B+B#4:(4;53*$/#@3*'93431#S%#$39B&%9+%02&/#5'3(0%5'%&,1#.#&'%E,4R#(/90R#
GQ9%R # 126;R # 43% # 04GD # c # 092($%920%U # ;0 # % # &'2(/E%( # 1:9:44/ # 1%EW0,*%4,4D # b93134 # 0,(A2G%5#
:0093-C&&;0G3#@,99?1#%#1*/$%4/1?0#9X5211%*_#E;*+2?*_#x;*.#13*34.p90/%#c#(/90R#&?$/R#13$;5'-21R#
$%A+#%9#;09%1.%$3(/1%/#E(;(/#c#GQ9%R#d%(/G.09/&3431#c#G%525R#x;*."$3(/1%#c#$%(@%@Q0R#"?094(2*/%#
c#&'%EAQ#;0#G25'209%4#04GD
"#KD#,0942*',0#W0/**%&209%4#3E,W@%#0,(25#$3&-/&'3*AC1#%9#;A09%1%/#*24@%4X#;&G,*4,4#;0#%#*24@%4X#
W0/**%&1;E3134R # /**3463 # 393134 # 2G(29,*X # W0/**%&4;(1;E3134 # 4%5?*$25',9?51D # l3H(A?1 # % # G,*'&X1#
$3&A3*35;0;4#;0#Q4A24R#;0#$3&-/&'3*AC1#;0#$3&;(4AC1#%#Z,*+#W/1*?0%/4D
QWXH!S
" # 1,54/5350 # 43($;0934-:*+(%A9/ # $3&/0$3(;03R # |-3*;EH4;03=R # :0093@%0,5*H420% # % # $2( # $3&/0$3(4#
1,54/53503113*D
"#|*3&31=#1,54/53503#S*3&B0/GGR#*3&$%&%0%GG.*3&$;*'3GG#E,54,1#@3*'3R#*3&5%&',GG#43(C*34F#04GDU
"#-B#-:*+(%A9/#(;&/X1R#Q&'$/54#%#Z/$%*2A%R#/**3463#Z/5+?1?0R#%9#e5+/%/#09?G1,54/5350R#a/G34R#/**3463#%#
7,5&,*#-3550H1R#r09%1.#;0#x;*.dH5%R#x;*13*34.p90/%R#a@%/-:*+R#nC*:E.09/&3431R#e5+,5;9/%R#q%E25R#
d,(3%R#89/G;(/%D
Y%&' # 42A3&'0;&31 # 1?*4?(2*/0 # ;0 # -:*+(%A9/ # E,*%(/420% # S% # G?++@/9$?0R # @/5+?/9$?0R # /09*2$ # ;0#
13(3094;5'0;& # p90/2G%5UD # " # +;*13*34.290/%/ # 09/&346/*2&R # d3*34.p90/% # X(/20/ # 5;E300;&3R # %#
W035+30.XW325/#E%(46/+;1#&',(0%5#-3A*B+B#(;&/XA%R#6%*%$/54#%9#290/%/#1/04/&(/031#&%9+%02&/#0/13(3/D
7/1;54#62*4,9/1#%9#290/%/#3$G3(31#093(3E3#%#$%/#6/*2&G%5z
!UPHL!S
" # 1,54/5350 # 43($;0934-:*+(%A9/ # $3&/0$3(;03R # |-3*;EH4;03=R # :0093@%0,5*H420% # % # $2( # $3&/0$3(4#
1,54/53503113*D
"-(/1% # -B # -:*+(%A9/ # (;&/X/4 # A3**3$399C1 # % # 1*/$%4/1?0R # % # 4,E,&(2-/%/ # ;0 # % # 63&342W/X0 # 9X521#
!II

093$E,54A2GX*D
dC*:5G:9B # ;*34-,($21 # % # -31343.%-(/1%/ # ;0 # %9 # /09*2$.%-(/1%/ # 1C*:5-;*3 # 63&342W/X0 # 9X521G%5 # SE*D#
E/&$3?0,1 # ;0 # 30B3(+3/ # 3$G3(31R # 5,$2+ # E2094,(,1R # 09%$G?(?1R # $%092A,1R # -%($3(31 # ;0#
C*4346;5'35#+,*&,9X1R#,29/0*%1X1R#G25'209,1UD
"#1C*:5-;*3#6%**20,1#;0#4(%+/W/,52*/0#%-(/1%/#42(0%+%*$%1#4,62GG;*;03D
n(%5W/%,(092&R # "5&*/%R # Z,**%5+/% # ;0 # Y;$34,(092& # $/54 # &'%($%4,0H4X # "-(/12G%5D # "-(/1% # %#
&'%($%4,0H420 # ?425D # T/*2&5;934/ # 1C*:5G:9B0;&31D # t;*+21 # % # -3A*B+B # ,(092&,1 # ;0 # % # -3A*344 # 6/*2&#
&%9+%02&/#1%EW0,*%4%/(%D#"9#;@H50;&#;0#%#E,*&2(@2G,(Q#E(,G*3$%4/12A%#"-(/12G%5R#-309C*40;&31#%#
4:(90/#(35+093(#;0#%#$,+3(5#13(3013+3*$/#;(+313*40;&31#1:9:44#Y'?&%4."-(/12G%5D#7?*4/1?*4?(2*/0#
42(0%+%*$%1#x;*."-(/12G%5#04GD
G$TS/+)U*1/."T+43+0
a:(4;53*3$_#(353092509#1,(R#5%&'#-:*+(%A9/#-3*-3+39;031R#-:*+(%A9/#1?4%4X1R#1,E3(5/1?09/#-,(+?*%4#%#
6/*2&093$*;*34G35D # w3,$34(/%_ # 4;(G3*/ # 430431 # 2G(29,*20% # 0H1G%5R # 4;(G3*/ # 430431 # 1;09H4;03R#
3&'G362&X02&/#&3,$34(/%/#4(%509-,($2W/X1D#d;E9B$F6;093431_#E3(0E314H6/1?0#2G(29,*20D
GO)S/,+%$)#$0"f",+%$)#$0
Y%ER # Y%E(35+093(D # " # Y%ER # % # n:*+ # ;0 # % # Z,*+ # 3&'$20@,9 # 6/09,5'H4,44 # @3*'9343R # $,9&20%/#
S@,*+-29/0,1R # -,&'%41,920,1UD # " # Y%E # 353(&/2A25%1 # 1%EW0,*%4% # % # -:*+/ # ;*3443*D # T/*2&3&'343$D # "#
W0/**%&,1 # ;0 # % # Y%E # @%0,5*X02&%D #"# 426,*02&,1 # 6/09,5'H420%D # [0/**%&1;E31 # S5;@25' # A3**3&93430#
E;*+%UD # "9 # ;&/430431 # *2409X*%&,0 # $,9&20%D # " # 426,*/ # 1,54/535031 # $3&@%42(,9X # A3*354B0;&F#
,(092&%/5%1R#,(092&W0,E,(4A%/5%1#-:*+(%A9/#A3**3$9B/#;0#6/*2&&%9+%02&/#093(3E3D
!",2V)2/83:/"51'3"2'2*#:4&2.
e0$3(A3 # % # &'3($31 # % # 4%5?*4 # 1,54/535031 # 43($;0934/ # %+,4402&%/4R # % # -:*+(%A9/ # 5363134R # %9 # ,44 # ;*B#
3$G3(31#&%9+%02&/#6/09,5'%/4#;0#1?*4Q(2A24D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
7/63* # 3&'(3 # 09,(,0%GG # 1%EW0,*%4G% # 13(C*531 # % # 6/*2&&%*R # % # PD # ,0942*',0 # $%&2;5%1 # ;(9/ # % # 6/*2&#
E(,G*;$2/4D # b9 # -,(+H46% # /0 # /&%9R # @/0935 # 0%A24 # E(,G*;$2A24 # % # <6/*2&= # E(,G*;$2A%1;54 # ;*/ # $3&D # v&'#
1C*:5:035#%#-:*+(%A9#4%5H420G%5# 13**#C&'3*5/#%9#<;5# ;0#%#6/*2&=#1:*W0:5@%4202(%D#"#PD#,0942*',0#
-:*+(%A9#4%5H420#$20/1#$3&1:93*H4;03#%9R#@,&'#@,*#-,(+?*5%1#3*B#$34%$,(-X9/0,1R#E,*%(/420,1#;0#
$3&3(B0H4;031# %#-:*+(%A9/#A3*350;&31G35D #PD# ,0942*'G%5# %#n:*+#1C*:5G:9B# 43(C*343/531#1?*4?(2*/0#
6/09,5'%/ # A,GG%5 # 3*B4;(G3 # 13(C*531D #"# !I.!h # ;630 # &'3(3131 # SK.PD # ,0942*'U # -/9/1%/ # -3A*B+;0;G35#
*3&/512GG # % # W0,54(35+093( # 62*4,920% # +,$/52*R # ;0 # 3993* # E2(@,9%$,0%5 # % # 1,(2GG/52* # 0,11%*#
3(B43*A303GG35# 6%55%1# A3*35#%#-/9/1%/#6/*2&G%5D# b5531# 3**350Q*',920%1;54 #-,&*%*1,9?51# %# 5;E31#
0%A24,002&%/4 # %+X # *3*1/ # 1%(%143((3*R # 1?*4?(2*/0 # 6/09,5',11%*D # Z%0,5*X # W;*4 # 09,*&2* # %9 # /+BA2(20 # ;0#
62*4,920%/5%1#4:(6;5'093(F0;&3/#4;$2A%#/0D
m'$02'23

><"U'$

I)Y8232/"3O*1/
a2A;1,9X+20 # % # 6%*X02&,0 # 6/09,5',1(X* # 4;(1;E # ;0 # 3&';G # 629*%4,1 # %*%EA25 # SE*D # 4;(1;E # ,*6%020%R#
1;09H4;03g#4;(G3*/#$;(;0/#%+%4,1#-3*@%0952*20%#092$H420,1G%5R#%(25';(9;1g#%#6%*X02&,0#6/09,5',1#
G3W0*;03 # 4;(1;E # %*%EA25R # 1,,(+/524%.$X+093(UD # "9 # %5'%&. # ;0 # 353(&/%4%1%(;1,0 # 093$*;*34 # SE*D#
1:9*313+;0R#-F4;0R#W0,$%&,*20R#;4139;0R#093*314H6@?**%+;1&'FA4;0R#QA(%@%095,0H420#43(;5UD
!Ih

J$431'%&.",2V)2/83:/."S:)+0
"9#3++/&#53$#42(&'%*4#1,54/535031#$3&/0$3(;0;63*#43*A30#1;E3#%*%1?*#1/#%#n:*+(B*#%#+/21,15%1D#"#
4304C1G35#;(6;5'30C*B#53@;90;&#$3**344R#%9#/+BA2(20(%R#%#-3*@B1(3#-3*-3*;#431/54B#1:55'F0;&#/0#43(34#
1%ED # " # 1:(5'39344?+%4,0 # $%&%4%(420 # 1/%*%1H42025%1 # -,54,0 # *;E;03R # @,&' # $3&/0$3(13+531 # %#
-3554%(4@%4X02& # 3&'(3 # 4:GG # 093$E,54A26%*R # &'%1,(*%4/ # 1;(+;0;63*D # b*A:44 # %9 # /+3A3R # %$/1,( # $2(#
093$G3 # 4?+5%1 # 5;95/ # % # 1:(5'393434 # 12(,0H4X# @%420,1 # 4;5';63*D #"# ].!JD # ;6-,*'%$,1 # %*%44 # 3&'(3#
4:GG34#;(43531#$%A+#$3&#%#1:(5'3934/#E(,G*;$21#@%420%/(X*#;0#,1%/(X*D#b931#%*%44#%9#;631#%*%44#13**#
1/%*%1?*A,5#;0#$3&3(B0:+A:5#G355C1#%#62*4,94%420#/&;5'3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
YR"25"ZR!GJPHL!S
"# 1,54/535031# 43($;0934-:*+(%A9/# $3&/0$3(;03R# |-3*;EH4;03=R# :0093@%0,5*H420%# %# $2( # $3&/0$3(4#
1,54/53503113*D
q3**3&93430#;09%1.#;0#+;*.%$3(/1%/#42A%1#G3$?4%420%R#E*D#3*1;E93*4#?4%920#1:9G35R#$3&5363963#%9#
3&'30#@3*'3134#%#1?*4?(2*/0#G3@%420,1#G3$?4%4202(%D
"#1344B0#1,54/5350#093(139343R#%9#3&'$204X*#3*4;(B#2**%4.#;0#5:6;5'6/*2&?1D
"9#/5+/25,1#G3625+,(*20%R#;0#%*1%*$%91,+20?1#%#1C*:5-;*3#-:*+(%A9/#%+,4402&Q#;*3443(31@39D
" # 0E%5',*.E,(4?&2* # ;0 # %9 # %5&,*.-(%5W/% # @X+H420,1 # ;0 # 1:634139$;5'3/1 # S20625'1/5W0 # GB0;&R#
43W@5/1%R#%#43($;0934#4:51(34;43*3UD
"#1C*:5-;*3#42(0%+%*$/#;0#345/1%/#W0,E,(4,1#*3*1/#G32**H4,4402&%D
P;C(."3)06#('025"!&5403)/()3,1"[*6)'()3,"25",4"!'0,3#0(543,B
G606$3$/+-(,S
" # -3*@B1;E9B+$;5'31 # $3&-/&'3*;03 # ;0 # *3-304;03D # 7343,(,*X&/%/ # %+%4,1 # *3,*6%020% # 1C*:5G:9B#
3091:9:1(B*#SG%(,$;43(R#09;*9021#04GDU#;0#42G*29%4G%#-,&*%*20%_#W0%E%+;1$355'/0;&R#E2(%4%(4%*,$R#
*;&5',$20R#09;*03G300;&#04GD
"#-3*@B1;E9B+;0#;0#-3*@B-%A421D
7%&%0#;0#%*%W0,5'#*;&5',$20R#/+BA2(20/#-(,54,1D#dC*:5*3&30#093*31#S$/094(2*R#-B5R#E%0092409;*R#
$,509?5R#;0#42A-?5U
" # 1*H$% # ;0 # % # 5%EE%*.;A09%1% # @,00925%1 # @%420%/ # %9 # 3&'30 # 5;E31 # 1?*4Q(2A2(% # ;0 # ;*346/43*;(3#
S0%(16/+;1/R#;09%1/R#$3+/43((25R#0/6%4%&/#04GDUD
\/$8)/(5"#(06#('025("/6A60<52-6#S
"9#:00930#$3&/0$3(4#1,54/5350#/0$;4*;03R#:0093@%0,5*H420,1R#1%EW0,*%4,1#-3*-3+39;03D
dH5% # ;0 # % # W035+30.XW325/ # E%(46/+;1 # ,(092&%/5%1 # 1%EW0,*%4% #"$3(/126%*D # b?(XE%R # $/54 # 1:9;E#
093(3E3 # % # $%/ # &*,G2*/0 # &%9+%02& # 6/09,5'*%42G%5R # E,*%(/92*X+20/ # 6309;*'31D # "9 # b?(XE%/ # k5/X#
-3A*B+;03D
G$TS/+)U*1/."T+43+0
a:(4;53*3$_#"$3(/1%#4:(4;53*$3R#&'%($%4,0H420D#n/9/1%_#%#*;&1:(#-/9/12A%D
GO)S/,+%$)#$0"f",+%$)#$0
"#&%9+%02&#43($;0934/#-3*4;43*3/R#%#43($;0934/#3(B-,((20,1#@%095,0H42025%1#62*4,920%D#"#&%9+%02&/#
2&%9%4,1 # 093(3E3 # % # -:*+(;0931R # 4;(0;&31R # ,(092&,1 # &%9+%02&/ # ;*34;G35D # n:*+(;0931R # ,(092&,1#
093(3E3 # % # 6/*2&&%9+%02&G%5D # n,&'%09420/ # 09,120,1 # 62*4,920%g # 1:(5'39344?+%4,002&R#
353(&/%4%1%(;1,002&R # @?**%+;113*34139;0R # 093*314H6 # @?**%+;1&'FA4;0R # G/,43($;131g # 093$;*'30 # ;0#
1:9:00;&/#W03*316;0/#*3@34B0;&31g#4?+%4,0#6202(*X/#$%&%4%(420D#"9#;*34$/5B0;&#1C*:5G0;&3/531#
E;*+2/R # ?(G%5/92*X+20R # 1:(5'3934/ # ;0 # &%9+%02&/ # E(,G*;$21D # Z%($%4E,54R # -3*@B-%A421R # /+BA2(20/#
-(,54,1D

!IL

!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#/0$3(A3#%#n:*+#43($;0934/#%+,4402&%/4R#%#1C*:5G:9B#43(C*3435#;*B#3$G3(31#43($;0934#
%+4% # *3@34B0;&3/4R # ;*346/09,5'%/4 # ;0 # 1?*4Q(2A24D # r(3993 # ,44@,5,0%5 # $%&24 # % # n:*+:5D # a?+A,5#
42A;1,9X+5/#%#6/*2&%4*%09,5R#/0$3(A3#%#-BGG#-:*+(%A9/#5363134D
Q252823:/
"9#3$G3(#-3A*B+;03#4,62GG*;E#%#-:*+-3*09H5#@,(/9,542*/0#$3&/0$3(;0;5R#;0#!O.!K#;630#1,((%#3*A?4#
,+2/&R#@,&'#%#-:*+4B*#3*(?&%091,+6%R#$2(#%9#3&;09#G,*'&X(%#1;E30#(2431/5435/D#"#<0%A24#@3*';4=#$2(#
3&'#3&;0935#$20#+/$359/XG%5#4?+A%#;(43*$395/D#b9#%#<6/*2&#4?+%4,002&=D#b935#%#09/5435#%9#3$G3(#
,*'%5#1:55'3+0;&&3*#;0#(?&%*$%002&&%*#4?+#%#4;(G35#42A;1,9X+5/R#%$/#*3@34B6;#4309/R#@,&'#%#0%A24#
;0#$20,1#/+354/42024#;(9;13*A3R#6/09,5'H40%#3&'$20@,9R#$3&-,&%*$%99%#;0#%*%1H40%D#730093#13**#
$355/3R#@,&'#/&%925#$3&/0$3(A3#%#@%92A24R#QA#093$$3*#4?+A,5#(25;95/#%9#%++/&/#0%A24#6/*2&2(%D#"#
6/*2&#093(630#3&'0;&&;#62*/1D#b993*#E2(@?9%$,0%5#4,62GG#13**#-3A*309435C51#%#4;(G3*/#4?+%4,002&,4#
/0D#"#4;(G3*/#42A;1,9X+20#1;E300;&3#$2(#53$#W0%1#@,(/9,542*/0%5#$F1:+/1R#@%53$#%#&3,/+#-,($24#
/0#1;E30#-/&'3*3$G3#6355/D
Z% # 5',$,5 # 1H0;(AC1 # %9 # 3$G3(/0;& # 4:(4;53*$;G35 # % # n:*+ # $3&/0$3(;0;531R # -3*-3+39;0;531#
09%1%09%/4R#%11,(#*24@%4A?1R#@,&'#3*B09:(#%#092(%9-:*+34R#3*0B0,(G%5#%#0%A24#1,54/5350;4#A2(4%#G3R#
$%A+#%#5%&'#-:*+(%A9/#-3*-3+39;031#/+3A;5#*24,44#(2#%#43*A30#-:*+(3R#;0#W0%1#%#$20,+/1#6/*2&@2G,(Q#
%*%44R#/**3463#?425#@X+H4,44%#$3&#%9#3$G3(#%#*;&1:(4R#$%A+#%#6/*2&F(4D#89;E35#1/(%A9,*X+/1R#%@,&'#
E2(@?9%$,0%5#@%*%+#%9#3$G3(#$3&/0$3(;0/#-,*'%$%4%R#/**3463#%#-:*+/R#4;(G3*/#$%&%G/94,002&25%1#
-3A*B+;03#G3-3*;#;0#1/-3*;D#"$/1,(#%#n:*+(B*R#%#43($;0934(B*#4%5?*?51R#:5$%&?51(X*#/0#$3&4?+@%4?51#
6%*%$/4D # b9 # % # 1/-3*; # ;0 # G3-3*; # 4%(4X # $,9&20 # -,54,0 # 3&'350Q*'G%5 # 4%(4X # -,*'%$%4R # %$3*'#
G/94,502&;(93434#%+#%#&'3($31531R#%#-/%4%*5%1R#;0#3&'G35#%#09%G%+02&;(9;0#%*%EA%D
"# -3*0B # 4%&,9%4G% # 6%*X # 24$3534 # 3&'C44 # A2( # % # 4%52( # 436;135'0;&;531 # $3&62*4,92026%*D # 7H& # %9#
,0942*'4%5H4X/ # /+B09%1G%5 # % # &'3($31 # *3*13 # /&;5'3*43 # % # *3&4:GG # ,+%-/&'3*;04R # -3*0B # 4%&,9%4,5 # %#
&,5+,*1,+X # 093**3$34 # 13** # -3*;G(309435/ # G3553D # " # 4%5?*X # ,*'%5 # 309$;134 # 13(30 # 3GG35 # %9#
/+B09%1G%5R#$3*'31#0%A24#436;135'0;&;5#13(3094C*#%9#/+32*,1#$3&4%*2*202@,9#63934/#B4D#"#-3*0B#
4%&,9%4,0# 4%5?*X #53$W0%1# %94 #62(A% #3* #4%52(%/4X*R # @,&' #09%13$G3( # *3&'35R # @%53$ # %94 #/0R # @,&'#
@/43*30#093$;*'/0;&R#%1/531#/+32*A%#$?512A2G%5R#0B4R#0%A24#;*34;G35#&':13(39/1D#"#5363*;0#1:9E,54/#
-3*%+%4%#$/5+%9,52*4%*R#@,&'#$3&3(B0H403#%9#~r5~.4R#$/5+35#3&'30#4%5?*X#093**3$/#$%&A24R#/**3463#
@,99203&H403#%#-/%4%*4#%@@,9R#@,&'#09,W/2*/0%5#;(9;135'#6/09,5'4#%*%1H40,5#1/#%#6/*2&&%*#;0#%#4:GG/#
3$G3((3*#S09,W/2*/0#/5+/6/+?%*/9$?0UD
"#-3*0B#4%&,9%4G%5#%#-:*+(%A9#4%5H420#-3*%+%4%R#$/54#$/5+35#$20#4%542(&';#/0R#@,&'#-/&'3*3$$3*#
1H0;(A3#%#4%5?*X#-/9/1%/R#*3*1/#;0#093**3$/#-3A*B+;0;4D#bGG35#%9#/+B09%1G%5#3&'0;&30#3&;09531#431/54/#
% # n:*+34D # d39+63 # % # 1B93431 # -/9/1%/ # 0F(F0;&;63*R # 6%*%$/54 # % # n:*+ # ;*34-,*'%$%4%/6%* # S63&342W/X0#
9X521g # % # n:*+ # G3*03A;G35R # /**3463 # 6H9. # ;0 # *363&BG?(12G%5 # *3A2409X+X # (/4$/1?0 # -,*'%$%4,1UR#
G3-3A39;0C* # %9 # 3$G3(/ # G3%6%41,920 # @%420% # % # n:*+(3 # S@?$25 # -:*+(%A9UD # d3(C*5/ # 13** # % # 43*A3035#
%G094(%14#/0$3(3431#24%+2024#;0#%#-/9/1%/.$%43$%4/1%/#,102&/#*25W,*%4,1#4Q*@%5&0Q*',92024D#Y3$#%#
1:(C*$;5'31R # @%53$ # %# -,*'%$%4,1# *3H(20%# % # -,54,0R # $3*'31# %# 1C*:5G:9B# (;&/X1 # 5;E300;&;531#
1?*4?(2*/0#@3*'934;(3#6,5%41,95%1D
" # -3*0B # 4%&,9%4G%5 # % # -:*+(%A9 # 4%5H4205%1 # :1,.-:*+(%A992 # 13** # 4,62GG-3A*B+5/3D # t;*+211%* # 13**#
G3$?4%45/ # %9 # 3$G3(/ # 436;135'0;&531 # % # 1C*:5G:9B # ;*34-3*4;43*31(3 # &'%1,(,*4 # :1,*X&/%/ # @%420%/4#
S30B0 # ;0 # 092(%9 # ;609%1,1R # 094'3EE;1R # 30B3(+B1R # $,509?5R # ;0 # w,*-.2(%$*%4 # 1*H$%@%420%/ # 04GDUR#
6%*%$/54 # % # 1C*:5-;*3 # 42(0%+%*$%1 # 5%&'$;(4;1G35 # %+%E42*4 # ;*3404H*?0%/4 # ;0 # /E%(/ # &'%1,(*%424 # S%#
&'%($%4,0H420 # ;0 # QA(%&'%($%4,0H420 # @%420%/ # %9 # :1,09/094;$21G%5R # % # 42(0%+%*$/ # ;0 # 1?*4?(2*/0#
(35+093(31G35UD#"#-3*0B#4%&,9%4#6;&3#-3*;#%#-:*+(%A9#~%#n:*+#-3A*B+;0;531#4%5262~#62*4,9/1#24D#"#
43($;0934#/(254/#-3*3*B0#093$*;*34#3*0B#$%&A%/4#634AC1#3*D#b&'#-3554%(4@%4X#;0#;*@34B#42(0%+%*$/#(35+#
093$E,54A%/#%#A:6B#E3(0E314H62A24#42(A21#%#+/21,1#3*;D
!IO

PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b*;(139531#%#+/21,1#%#|-:*+/#;(3440;&=#2**%E,42G%R#%#&(%6/42W/X#A,GG%5#@%4#%#4304C1(3D#"#-:*+(%A9G%5#
311,(#-,&*%*1,9?51#%#<n:*+#629093(13934;63*=#S%#n:*+#09/*2(+#1;(&;63*UR#6%&'/0#%#1B93431#6/*2&26%*R#
6%*%$/54 #% #1,54/535031# 1/%*%1?*2026%*R # $,9&2026%*D #"@,&'# %# W0,54,0,+20# 1/43*A303+/1 #% #+/21,1#
093(63934;G35R#%#$3(360;&R#09/*2(+02&#;0#%9#;*3443*35#+,*&,1#/(254/#6,59X+20#$3&5BD#b993*#AX*#
3&'350Q*'4#4%(4#%#093$G30C*;0R#@,&'#%#n:*+#09/*2(+#1;(&3#$,9&;1,5'R#0,1,*+%*QR#3&'#3&'0;&30#
(35+093( # 3&;09;G3 # G31%EW0,*X+X # -,*'%$%4G%5 # 6309 # (;094D # b9;(4 # -,54,0R # @,&' # 53 # W0%1 # 3&'#
*33&'093(F0H4344 # $,+3**3* # 4%*2*1,99%5%1R # @%53$ # 3&' # 3*3635 # 1;E # %*%1?*A,5 # 1/ # G355C1 # %#
*3$394314,5/12(X*D
m'$02'23

h<"U'$

I)Y8232/"3O*1/
"#n:*+R#%#Y%E(35+093(#;0#%#T/*2&3&'343$D#"#5%E/#;0#;6/#/+B092$H420#W0/**%&209%4/#%*%EA%/D
J$431'%&.",2V)2/83:/."S:)+0
" # 1,54/53542*/0 # $,9&20,15%1R # % # @3&'31 # 1/%*%1?*2025%1R # % # 6?*125/ # 436;135'0;&531R # %#
634B+;031531 # ;0 # -:*+(35&;031531 # $%1(,W/1*?0%/4 # +/5%$/1?0 # -,*'%$%4,11;54 # 13** # -3*-,&5/R # 53$#
09%G%+#(3+?12*5/#%G094(%14#;0#3$/%44#$3&-,&@%4%4*%5#+/%&(%$,112R#&(%-/1,5,112D#"#4%5?*X#*3&'35#
1;E30#24;(395/#E;*+2?*#%#634B+;0/#2(,1#1/%*%1?*2025%1#@2(,$+/$359/X0#3(B/4R#%$/4#3&;09#4304C113*#
13** # 24;*5/C1R # 53$ # E?09425 # ;(43*$C113* # -3*-,&5/?1D # b94 # 536399C1 # ;*3443*/R # (;094636B # 4%5H4205%1R#
%$3*'#-/5,$H4A%#%#43($;0934#3(B/(B*#%*1,4,44#;*B#;0#E*%094/1?0#3*1;E93*;04D#f2(#5;*1C*:9@3434*35#%#
1;E%5'%&#@%0952*%4%R #%#4%5?*X5%1#3*B09:(# 1/# 13**#%*%1H4%5/%# %#09XG%5# -,(&X#-,*'%$%4(X*#%#0%A24#
G3*0B#1;E;4D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#1,54/535031#;0#%9#XW325,1#-,($2A%R#3*@3*'3913+;03#;0#-3*,09420%D
"#n:*+#$,9&20%/#;0#%55%1#1:634139$;5'3/D
"#&'F(4@3&'0;&31#1;E9B+;0;531#-,*'%$%4%D
"#n:*+#<@3&'0;&13(3094A3/=D
"#1,54/535031#$,9&20%/#%#*3$394314,5/1%#3*$;*34;531#%*%EA25D
"#1;$/%/#3*3$31#093(3E3#%9#20625',1#13*34139;0;G35R#-BGG#1(/042*'#4HE?0,1D
"#6?*1%5/1?0R#C*3+;130R#24%*%1?*4#1B93431#-BGG#A3**3$9B/R#1B93431#1:(-,(&20%D
"#6?*125,1#13*34139;03/R#-,($%1/5W03/R#%#$;*'0;&/#$%&$20#;(W1;E9B+;0D
"#n:*+#-3A*B+;03R#-:*+(%A9/.1:(5'3934/#-,*'%$%4,1R#%#-:*+4:(4;534#-BGG#303$;5'3/#;0#%9,1#/+B(35+A3#
n:*+C51 # 3&;09;(3 # 1/43(A3+B # E;*+21 # %*%EA25 # S*3@34 # !JD # ,0942*'G%5 # /0 # 4%5H4%5/R # $20 # 093$E,54,1#
%*%EA25UD
"#&3,*X&/%/#(;43&31R#$/54#%#n:*+#4:(4;5343D
"#1C*0B#;0#G3*0B#3(B1#@%(W%#%#-3*09H5-,($2*20G%5D
G$TS/+)U*1/."T+43+0
f/,*X&/%_#W0,54629R#;(9;1093(631D
GO)S/,+%$)#$0"f",+%$)#$0
l3$394314,5/1%R # 6?*1%5/9$?0R # @3&'0;&1;E9B+;0R # -:*+(35&;0R # @3&'0;&(35+093(31D # b5+,&;5 # ;0#
3`,&;5#3(B1D
!IK

!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#*3&'35#1;E30#$3&;(435/#%#Y%E(35+093(#1/%*%1?*2024R#;0#%#n:*+R#0%A24,002&%/4#%#G,*'&X1#
(35+093(;G35D # e0$3(A3 # $3& # % # *3$394314,5/1% # %*%EA%/4R # 6%*%$/54 # % # 1B934*3$3931 # $,9&20%/5%1#
4HE?0%/4R#1:634139$;5'3/4D#a?+A%#G3$?4%45/#%#@3&'0;&.1;E9B+;0#-,*'%$%424R#;0#093(3E;4#%#n:*+#
+,$G,(9%4/#6/09,5'%/5%1#1/%*%1H4202G%5D#a?+A%#;(43*$395/#%#1B93431#1:(-,(&2025%1#-,*'%$%424D
"#4%5?*X#/0$3(A3#$3&#%#6?*125/#436;135'0;&#-BGG#4HE?0%/4#;0#093(3E;4D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#]D#,0942*',0#4%5?*X#6/09,5'*%&#@,$,&;5531#*24A%#%#n:*+34D#"#!ND#,0942*'G%5#$3&139+B+/1#35531#
% # 09;4@?**20%R # 5;@% # 3&'$205%1 # 3**354$,5+X # 1;E311;D # " # 4%5?*X # 3*63094@34 # 6%*%$355'/4 # %#
$%&%G/94,002&2GX*R#;0#3*139+#1;43*13+5/#+,*&,1G%5D#b&'/+3AF*3&#3*139+/#-3*-3+395/#0%A24#G3*0B#*3*1/#
6/*2&24R#;0#-,1,9X+X#;*303*$;AF0;&&3*#1:93*3+/1#%#6/*2&#A3*350;&3/@39D#[;*?51R#@,&'#394#%#G3*0B#
-3A*B+;0/#-,*'%$%4,4#42$,&%45/#4?+A?1#%#-:*+(%A9#4%5%5'%&&%*R#@,99203&H40C1#%#+/21,4#%@@,9R#@,&'#
$3&#4?+A,5#2**5/#:52**X%5#%#6/*2&G%5D
m'$02'23

><"U'$

I)Y8232/"3O*1/
"#6H9#1:(-,(&20%R#%#*;&1:(#-/9/1%/#4?*%A+,502&/5%1#A3**3$9;03R#-3*@B-%A421R#%#n:*+#09/*2(+#1;(&3#;0#%#
G3553#*3A2409X+X#-,*'%$%4,1D#63&@29@%420D#"9#3$G3(/#4304#-3*;EH4;03R#$F1:+;03D
J$431'%&.",2V)2/83:/."S:)+0
"# -:*+(%A9 # 3E,W@2G%5 # % # n:*+34 # $%&24 # ;*B # 093(63934531 # 431/54AC1R # $3*'531 # -,*'%$%4%/ # % # n:*+#
$;*';G35R#%#09/*2(+#1;(3&G35R#%#6H9.#;0#*363&BG?(,1G%5R#0B4#%#6/*2&F(G35#$35531#6;&G3R#$3*'31#
1:9C*#%#*3&(/4$/1?0%GG%1%4#;(+3$30#4%5?*$25',95/D#"#n:*+#%9#3$G3(#1C*0B#1;E;4#$?4%4A%D#"#n:*+#
@2(,$#3*3$3#3&'0;&34#%*1,4R#@%0,5*X#%(25'G%5R#$/54#%9#3$G3(G35D#"#09/*2(+#1;(3&#S*/4,09-;(%U#
-3*09H5/ # $3&A3*35;03# c # JPmR # %# 6H9G?(,1 # S@/+(,09-;(%U # c# KJ # mR # 0# $/5+394 # 43*A3035 # G3G?(1,*A%# %#
*;&1:(#S%4$,09-;(%U#c#!NNmD#"#6H9#(/4$?0%R#&*,G2*/0#1%(%143(3R#%#139+34#;0#6;&#1;(+;03#$/5+/&#
6/009%4;(B#4;$%#%9#%+,44#;*341,(5%1#$3&-3*3*B35D#"#*363&B#<*24@%4%4*%502&%=R#62*4,9;1,5'02&%#;0#
$3&@X+H420%#/9&%*$%0#1/@H6204#A3*354#%#$3&/0$3(;0#0,(25D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#n:*+#G?(1%/D
"#n:*+#G3*0B#-3*;EH4;03D
"#n:*+#$2&53030#3(B43(3#;0#@%420%/D
"#-:*+:5#4%*2*@%4X#6H9#-BGG#4HE?0%/_#-3*09H5/#6/931R#XW325,1D
"9#435&3(6H9#1;$/%/#;0#-/9/1%/#4?*%A+,502&%/D
"#435&3(/#@?**2$#13*34139;03D
"9#XW325/#2(%$*20,1#;0#%9#;&@%A*%4#1:9:44/#:0093-C&&;031R#%#-3*09H5/#;0#%#$;*'435&3(/#2(%$*20,1#
SE*D#w,*-.2(%$*%4R#b*#Y/,UD
"#*;&1:(#:00934;43*3R#1;$/%/#;0#-/9/1%/#4?*%A+,502&%/D
"#W/1*,5,1R#%54/W/1*,5,1#13*34139;03#;0#@%420%#%9#/+BA2(20(%D
"#n:*+#09;*(35+093(3/#;0#%9,1#;&@%A*%4#$X+,0H4X#@%420%D
"#1*H$%#;0#%#63&342W/X#1:*W0:5@%420%#%#n:*+#:1,09/094;$2A2G%5D
G$TS/+)U*1/."T+43+0
!IP

r*B#093(6393431#G/,*X&/2A%D#"#*363&B#;0#%#6H9#-/9/12A%#;0#1;$/2A%D
GO)S/,+%$)#$0"f",+%$)#$0
" # &3,09-;(21D # " # 6H9 # :00931%EW0,*X # @%420% # 3*3$31 # ;0 # 43(C*3431 # 1:9:44D # T/*2&$;(34F#
%5'%&W03(3.-,*'%$%4D#"5'%&.#;0#353(&/%-,(&%*,$D
!",2V)2/83:/"51'3"2'2*#:4&2.
"# +/21 # /0$3(A3 # % # 6H9G?(,1R # *;&1:( # :00934;43*;4R # ;0 # 093(3E;4 # % # $/5+355%E/ # ;*34C51G35D # a?+A%#
%*1%*$%95/ # %9 # /+BA2(20/ # -,&%*$%1%4D # e0$3(A3 # -3* # % # 6H9G?(,1 # -,54,002&24R # ;0 # @%420%/4 # % # 6H9#
1:(-,(&202G%5D#e0$3(A3#%#&*,G2*/0#-3*$3*3&3+;0#A3*350;&;4R#;0#*3&'35#1;E3#%((X*R#$/#62*4@%4A%#1/R#
$/*'35#1:634139$;5'3/#6%55%1D#a?+A%#G3$?4%45/R#@,&'%5#$F1:+/1#%#n:*+R#$/54#;*B#,(&%5/9$?0D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#!!D#,0942*'G%5#%#4%5?*X#A3*354B0#*;E;04#4309#:5$%&%#$3&4%*2*20%#-3*;D#8%A24#G3*0B#&,5+,*1,+20/.R#
;(93*$/.#;0#%1%(%43(3A3#/(254/#G/9%*$%#3(B0:+/1D#d39+/#$3&;(435/#%#-/5,$#:0093-C&&;03134#%9#,1#;0#
,1,9%4#09:63+;1;G35R#6%*%$/54#%94#%#&,5+,*1,+20$X+,4R#%$3*'#%#1,$E*3`#A3*350;&31R#$/54#E*D#%9#
:1,09/094;$21 #$3&(%&%+202@,9# 09C10;&30D # b9# 4309/ #*3@34B6;# %#4%5?*X# 3*63934;0;4 # %9,5# 4Q*(%R#
%$/4#3++/&#W0%1#3*1;E93*5/#4?+,44D
m'$02'23

><"U'$

I)Y8232/"3O*1/
a;(1;E;0934/#%*%E/0$3(3431D#"#4;(G3*/#2G(29,*20#3++/&#4%5?*4#-,($2/R#%55%1#-3A*B+;03D
J$431'%&.",2V)2/83:/."S:)+0
" # 4;(1;E;0934/ # /0$3(3431 # ;0 # &'%1,(*%4 # %*1%*$%0 # % # 4%5?*X # QA # %G094(%1W/X0 # 1;E300;&;531#
-3A*3094;0;(3#%99%*R#@,&'#%#@2(,$+/$359/X0#-:*+34#3&'#1;4+/$359/X0#*%E,5#13**#2G(29,*5/D
"#4;(1;E;0934#$3**344#4;$%#*3@34#%9#:1,.-:*+(%A9R#%$3*'#%#1,9$,09R#%#-:*+-3*09H5#+,$G,(9%4%R#%9#
;&@%A*%4R # %#63&342W/XR #;0 #%9# 3$G3( #1:*W0:5@%420%/4 #6/90&2*A%D # b11,( # $2( # -B*3&# %# &%9+%02&. # ;0#
42(0%+%*,$-:*+(%A9(%#43&'C1#%#@%5&0Q*'4D#7/5;*#5%&',GG#3&'0;&G35R#:0093-C&&;0G35#6/90&2*A?1#%#
-3*$3(C*B#1;(+;03134R#%9#3&;090;&30#;0#%#12(,0H4X#@%420,1%4#$3&*246%D#b993*#4?+A?1#03&H435/#%9#
:52**X#H4;*34%*1,420#1/%*%1?*2024R#;0#%9#%1%(%4/#/$E?*9?0,1#-3*;G(3+;0;4D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7F@,*+%0#1;E31#3*3$9;03#1C*:5G:9B#43$%4/1%#%*%EA25#%9#3&;09#n:*+(B*R#/**3463#1/03GG.5%&',GG#
43(C*3431(B*D#a;(1;E;0934/#/0$3(3431#-3A*3094;03#;0#&'%1,(*%4D#"#-,1@2*X9%4#4:(4;5343D
[0/**%&209%44%*#/0#*3@34#-,&*%*1,95/#SW0/**%&,1#G/,&(2-/2A%R#%9#?5/63(9?$#;*343UD
G$TS/+)U*1/."T+43+0
n:*+$;(;0#&'%1,(*%4D
GO)S/,+%$)#$0"f",+%$)#$0
a,E,&(2-/%D#n,1@2*X9%4D#dC*:5G:9B#634C*3431D#"9/$?4D#e(25'$;(;0R#@3*'$3&@%42(,920#*3@34B0;&3/R#
3091:93/#Swt8UD
!",2V)2/83:/"51'3"2'2*#:4&2.

!I]

"#4%5?*X#4;(G3*/#093$*;*34;G35#1;E30#3*6,5%41,94%45/#%#0H14X*D#d:55'35#$,9,&#%#*24@%4X#;0#
%#*24@%4%4*%5#4;(G35D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#4%5?*X1#*24X@%42(%#1/42&?*#%#!JD#,0942*'G%5D#q,GG%5#*24X09:&C1G3#13(C*#0%A24#;*34-3*%+%4?1R#+3#%#
6/*2& # E(,G*;$2/(% # /0 # 5%&',GG # -3*3*B00;&4?+%44%* # 431/543531D # f2(@,55%5 # 1:93*H4C51 # % # &*,G2*/0#
-,*'%$%4,1@,9R#3&;0935#1:93*/R#1/W0/#+,*,&GX*#/5+?*A?51#1/R#%$/#1:93*#2**#%#-/%4%*@,9D#Z%#AX*#4344C1#
3++/& # % # +,*&?51%4R # 5/5W0 # 09C10;& # $3&&'B9B+;031 # 1:9*;0;(3R # $%&?1 # G,54%1,94%4A21 # 1/ # % # 0%A24#
H4;*34C134D#d;(+;03134#6300C51#-3*R#639300C1#%#G309;*&34;04R#;0#@%&'A?1#$H&#1/G,54%1,9/1#%#0%A24#
2**20E,54A?1D #"# 4?+%4,002&R # -3*3*B00;& # -3*;G(3094;03 # % # W;*R # @,&' # 5'/*6256%*X # *3&'35 # % # 43443/51#
@%420%#%#6/*2&(%D#S|b&'34*35#/0$3(34#6%5R#%#4:GG/#W0%1#4,*+20_#"*%44%+#%#-:*+R#-:*:443+#%9#;&R#G3553+#
%#*;4(%D=#.#%@,&'#)3:(30#825+,(#$,5+A%DU
m'$02'23

><"U'$

I)Y8232/"3O*1/
a3($;0934.#;0#42(0%+%*,$-:*+(%A9/#%*%E,1D
J$431'%&.",2V)2/83:/."S:)+0
"#-3*5B44;#;(*3*B+B#-/%4%*#&,5+,*1,+2025%1#-3A*B+;0;4#4:GG#4;$25#13(3094C*#03&H4@34AC1D#"#62*%094,44#
1;(+;0@39#AX#-/&'3*3$G3#6355/#%9#%+,44#,0942*'#1:(C*$;5'3/4R#;(+31*B+;0/#1:(;4R#%#1:(C*:44C1#9%A*X#
%14?2*/0#303$;5'3134 #04GD#"#-B#093$E,54R #@,&'#%# 43($;0934/# ;0#42(0%+%*$/#4:(6;5'093(F0;&31R#
/**3463 # % # A3*35*3& # %+,44 # 0%A24,002&,1 # -/&'3*3$G3 # 6;43*3 # $3**344 # :52**X # 6;*3$;5' # ;0 # A:6B1;E#
1/%*%1H4202(%#*3&'35#*3@34B0;&3#%#+/21,15%1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
w*,G2*/0#1;(+;031D#"#$?51%R#%#43($;1#;0#%#E;59#6/09,5'%D#"9#"$3(/1%/#b&'30C*4#p**%$,1#;0#dH5%#
:0093@%0,5*H420%R # % # 1;4 # ,(092& # 6/09,5'%D # " # 42(0%+%*$/.&%9+%02&/ # ;*34 # 4;(093(639B+;03D # "#
6/*2&&%9+%02&#093(639B+;03#;0#$F1:+;03D
G$TS/+)U*1/."T+43+0
b6,*QW/XD
GO)S/,+%$)#$0"f",+%$)#$0
w*,G%*/92W/XD # n3554%(4@%4X # 5:6313+;0D # n3A*B+B # ,(092&,1D # 7/&(2W/XD # T/*2&&%9+%02&D#
T/*2&13(3013+3*3$D#7?*4/5%W/,52*/0#1,5093(531D#Y3$9341:9/#$?51%$3&,09420D#[354(?$4;(0;&31R#
E3(/-;(/21D
!",2V)2/83:/"51'3"2'2*#:4&2.
d;E30#%#43($;0934# ;0#%#42(0%+%*,$#G2($3*'#43(C*34;531#-,*'%$%4%/4R# :0093-C&&;03/4R#1/@%420%/4#
$3&*245/D # n3*/0$3(/ # % # 6/*2&&%9+%02&G%5 # A2409X+X # -,*'%$%4,1 # 3&'$20(%?4%*402&24 # ;0#
3**354$,5+20,002&24D

J2'#:/823'$V8":/"Z.+)U%.$
Q252823:/
"# )%*+,(-./01,*21 # 3&;09 # 4%543(6;G35 # -3*-3+39@34AC1 # %9 # :1,*X&/%/ # &,5+,*1,+204D #"9 # 3&;094B* # %#
!hN

(;0931#-3*;#@%*%+X#$X+093(#:5$%&2G%5#/0#03&H4/#%94R#@,&'#%#&'3(3131#-3A*B+;0C1#;0#4%5?*$25'%/1#
0,(25 # $/5+/& # 1;E3031 # *3&'3531 # 3&' # 09;*303GGR # 5%&',GG # :0093-C&&;03134 # -/&'3*B # @,9922**204#
1/%*%1H4%5/D
" # 1C*:5G:9B # ,0942*',1G%5 # G/,*X&/2GX* # 42(&'%*4 # 4;$21 # 093(63035 # G3*3/**3531 # %9 # 3&;09 # /01,*25#
6;&/&63934B#4%543(6G3R#/*'#$X+,5#42E*2*6%#%9#3&;0935#G3*C*/#3&'0;&;(93434D
"9#3*0B#@2(,$#;6-,*'%$G%5#%9#,0942*'4#24@%4X#@%5&?*%4#@,(+,99%#$%&2G%5#%#G/,*X&/2@,9#4%(4,9X#
4;$21%4D#"#&'3($3131#-3A*B+;0;531#3#09%1%09%/#0,(25#%9#,0942*'G%5#3*@%5&9X#4:(4;53431#4C1(:9/1#
%#1/0&'3($3131#;0#%9#;*B6/*2&#-,*'%$%4,0%5#62*4,9X#1%EW0,*%424D
"9#!D#;0#%#JD#,0942*'G%5#%#4:(4;53431#%9#2462*4,920#4;$%1:(;63*#-,&*%*1,95%1R#%#G;1%#1/(2*'-/62#
62*4,9/1R # % # 52+092*GX* # 1/(2*'1/0%009,5' # E%44%5 # 3*BD # b931 # % # 4:(4;53431 # *3@34B6; # 4309/1R # @,&' # %#
&'3($3131#$3&;(40;1#%9#2**%4,1#5'3*6;4R#;0#$3&/0$3(A3531#$20#*;5'3134#.#$%5X1%4R#4C5+;(3134#.R#
%1/1 # 4/41,1%4 # B(/9531 # ;0 # 6;+/1 # %9 # ;*3434D #"9 # /*'35 # -%5429/%3*3$31 # 53$ # @,*$/ # 09309;*'30 # @XG,(4#
09C*3$;5'3/R # 3931 # %*%E,9921 # $3& # ?&'%5/0 # %94 # %9 # 3&;090;&30 # ;(93*$/ # 1%EW0,*%4,4R # $3*'34 # %9#
2**%4,1#;0#%#5:6;5'31#1,$E*3`#6/09,5'26%*R#:0093-C&&;03/63*#093$G35#1/#093(345;51#%*%1H4%5/#%#
&'3(3131G35D#b931#%9#;(9;031#;0#&,5+,*%4,1#%#G/,09-;(%#%9,5#(3A4344#4?*%A+,502&%/@,9#/0#1:93*3GG#
6/09531R # %$/134 # $%A+ # 1;0BGGR # % # -3*0B # 4%&,9%4G%5R # % # 6/*2&,0 # &,5+,*1,+20 # 03&H40;&;63*#
4%5?*$25',95%1D
"# ID # ,0942*'G%5 # % # 43(3$4;0 # 4:(4;5343 # % # $%&% # 43*A300;&;G35 # 2G(29,*A% # % # n:*+R # % # 5:6;5'31R # %9#
2**%4,1 # ;0 # %9 # 3$G3( # 3(3+34;4D #"# $39B&%9+%02&/ # 3E,W@2G%5 # % # &'3($3131 # $3&/0$3(/1R # $/1;54#
+,*&,9/1 # % # E%(%094 # % # 43($;0934 # 3(B/63*D #"# 0925420,5R # % # 634;035 # ;0 # % # G34%1%(H420,5 # 4Q* # $;&#
(35&343&#-3*%+%4#6%5_#;*B#0:6;5'3134#43*3EH435/R#13(H4;03134#2**H4%5/R#G2(25',1%4#&,5+,95/R#6H94B*#
$35430H435/#-:*+43(C*343134#;0#&',$4%*%5H4%5/#%#43($;5'4D
7/5+3931#G363934BC*#09,*&2*5%1#%9#;*B6/*2&#1:634139B#;631G3*/#4?+%4,0%GG#4%5?*$25',9202@,9R#
6%*%$/54#%55%1#4?+%4%*%44/#$3&3(B0H4;0;@39R#@,&'#%#n:*+34#X6X#:1,*X&/%#34/1%/#%*%EA%#53$#$20R#
$/54#%9#3$G3(31#3(1:*W0/#-3A*B+;03D
"#&'3($31#-3A*B+;0;G35#%#1/*35W3+/1#;*34;6#1:(C*#@%42(,9,44%5#;(9;13*@34B#@%42(6,5%*#$?4%41,9/1_#
%#hD#,0942*'4X*#%#&'3($3131#5%&',GG#426,*02&,4#;(9;13*531#0%A24#$%&?1#;0#$20#3$G3(31R#6%*%$/54#
% # 1:(5'39B # 6/*2& # 1:9:44D #"# 1;E93*B3(B4 # $;& # $/5+/& # 5%&',5 # $3&$,9&%4A% # 3&'.3&' # 4:(4;534R # +3#
%55%1#4%(4%*$%#$2(#E,54,0%GG#*3H(204#/&;5'3*D#"9#2**%44%5#$3&A3*35;03#3GG35#%9#,0942*'G%5#AX#
*3@34B0;&34#43(3$4#%9#:52**X0?*X#$3&-/&'3*;031#139+B#*;E;03/(3D
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#2**%44%5/#3E,W@%#&,5+,*%4/#1:9;EE,54A2G%5#%9#%#0%A24,0%5#3$G3(/#4?*%A+,502&#2**R#@,&'#%#$/#
6/03*13+;0C51 # 53$ # W0%1 # :094:5:0 # 3*3$3134 # @,(+,9R # @%53$ # % # &,5+,*1,+20R # %9 # 3$G3(/ # 1?*4Q(%#
@%420%/ # /0 # G3-,*'20,*A21D #"9 # 3$G3( # 4304/ # -3*;EH4;0;G35 # 03$ # 4%*2*?51 # ,*'%5 # 0E3W/%*/92W/X4R # $/54#
%$/*'35 # %9 # 2**%4,1%4 # 03&H4/ # % # 43($;0934/ # 1:(5'3934G35 # 6%*X # 4:1;*3430 # G,*+,&?*20G%5D #"9 # 2**%4,1#
6/90&2*%4%1,(#43@24#$/5+/&#-/&'3*AC1#%9#%+,44#;*B*;5'#;0#%9#3$G3(#6/03*13+;0G3*/R#4304/#-3*;EH4;0G3*/#
1C*:5G0;&;4D#"9#3$G3(/#$/5B0;&#$3&A3*35;0;4#3*0B0,(G%5#%#-3*3&'35303+344#43044%(420G%5R#%#1;9#
09%G%++2 # 62*202G%5R # % # G309;+ # 1,$E*3`/4202G%5 # ;0 # %9 # :54?+%4 # 3(B43*A30 # $3&A3*35;0;G35#
@%5&0Q*',99?1D
m'$02'23

><"U'$

I)Y8232/"3O*1/
Y/5W0#09C10;&#1,51(;4#42(&'/#/0$3(3431(3#%9#2**%44%5#43(C*34;(B*D
J$431'%&.",2V)2/83:/."S:)+0
"9#2**%4,1#;0#%9#3$G3(#:0093@%0,5*H42026%*#,*'%5#093$E,54,1%4#%+?51#%#&'3($3131531R#$3*'31#
03&H40;&;63*#;(4B35#4?+A21#%#1:(5'3934C1G35#3*B-,(+?*X#2**%4,1%4R#%9,1#;*34;4#$3&-/&'3*5/D#"#4304/#
A3&'31R#%#6/03*13+;0#;0#%#1:(5'3934@39#-F9B+B#6/09,5'#%*%E,0#$3&/0$3(;03#3GG35#%9#;*341,(G%5#
$;&#A,GG%5#$3&#4?+A%#3(B0H435/#%#&'3(3131#;0#%9#2**%4,1#%$Q&'#/0#093(343443*A30#1%EW0,*%424D

!h!

G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9 # 3$G3( # 4304/ # -3*;EH4;0;531 # (:6/+ # -,($%/ # ;0 # -?51W/,52*/0 # 6/90&2*%4%R # $3*' # %*%E?* # 09,*&2* # %9#
2**%4,11%*#4:(4;5B#:0093@%0,5*H420@,9D
e0$3(4R#6%&'#136;0G;#/0$3(4#2**%4,1GX*#%*%1H4@%4?51#1/#,*'%5#W0,E,(4,1%4R#$3*'31#6/90&2*%4%#0,(25#
AX*#$3&$?4%4@%4X1#%9#3$G3(#-3*;EH4;0;4B*#6%*X#3*4;(;031#1C*:5G:9B#/(25'Q#-,($2/R#435+35W/2/D#"#
4304-3*;EH4;0R#%#-,&%9%4#04GD#1C*:5G:9B#-,($2/4#$?4%4@%4A%#G3#E;*+2?*#%9#3$*B0:1#1:9:44#%#43@;5R#%9#
3&;(#;0#%9#,(,09*25#3&'$204#1:634B#42(&'%*20%R#+3#@%0,5*X#$X+,5#0,(G%#63@34AC1#%#6H9/#6/*2&#
,*'%5#1C*:5G:9B#-,($2/4R#$/54#%#5',*W1%(Q#E,*/ER#%#W0/&%#;0#%#435&3(/#0C5D#"9#2**%4,1#6;&4%&A%/4#%9#
3$G3(;63* #:0093@%0,5*H46%# AX* #$3&$?4%4@%4A?1# %#@%0,5*X02&,1%4 #;0 #%# 1C*:5G0;&3134D #"9 #2**%4/#
6;&4%&,1#@%4;1,5'02&24#SE*D#20X*2GR#092(5'U#%9#3$G3(#1C*:5G:9B#43W@5/1%/#$3&,*+20,11%*#S20XR#
(3EC*B&;EU # 4?+A% # ?425,95/R # 39 # $3&$?4%4A%R # @,&' # 53$ # 4304/ # $X+,0?*20,1R # @%53$ # 093**3$/#
436;135'0;&#*309#A3**3$9B#%9#3$G3((3D
"9 # 2**%4/ # 6/03*13+;0G35 # $3&$?4%41,9X # A3**3&934300;&31 # /0 # 4%5?*02&&%* # 09,*&2*@%45%1 # %9# 3$G3(#
$3&/0$3(;0;@39#SE*D#1/4%(420R#%&(3009H6#6/03*13+;0#6%&'#:5-3*2*+,9X#?4X+&,5+,920UD
G$TS/+)U*1/."T+43+0
73043(0;&31#%#ID#,0942*'G%5
Z,5/0$3(34_#%#1:(5';135#;*B#2**%4,1#;0#%#1:(5'3934#1%EW0,*%4%
GO)S/,+%$)#$0"f",+%$)#$0
"#4304#(;093/R#42E*2*1,920R#?4X+5363*;0R#1:(5'3934R#6/03*13+;0R#3$*B0:1R#$%+%(%1R#@C**B1R#1;4;*4F31R#
@%*%1R#&3(/5W43*3531
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#1;E30#%9#X(25#42(&'%*4#2**%4,1#1%(%143(30#A3**3$9;0;(3D
qX*#@%0952*A%#%9#QA,55%5#$3&4%5?*4#1/-3A39;03134D
d;E30 # :0093@%0,5*H4204 # 6;&395/ # % # 1C*:5G:9B # 2**%4,1 # 1:9:44R # (2$?4%46% # % # @%0,5*X02&,1(% # ;0 # %#
1C*:5G0;&31(3D
0093#4?+A%#@%0,5*H4%5/#%9#2**%4#;0#%9#3$G3(#4304-3*;EH4;0;4D
f363934;0
"#1:9;E4%&,9%4,5#%#G/,*X&/%#-,1,9%4,0%5#G,54A%#1/#%#-:*+/#;*34#1C*:5G:9B#(;43&3/4D#7H&#%#53&'3+/1#
,0942*'G%5 # %9 # 3$G3(;@39 # @%0,5*X # 4304/ # ;0 # 6/03*13+;0G3*/ # 4?*%A+,502&,1 # AX* # ;(4@34B # 1%EW0,*%4,4#
$?4%44%1#%9#3$G3(#;0#%9#2**%4#1:9:44R#39#%#1%EW0,*%4#%9#:4:+/1#,0942*'#5:6;5'4%5/#$3&-/&'3*;03/5;*#
$2( #AX6%* #244;43*303GGR # 136;0G;# 1;993*-,&@%4XD #"# @%4,+/1,0,1 #%9# 20625',1R # %#5:6;5'31# ;0# %9#
2**%4,1#:00934344#1:*W0:5@%420%/4#&'%1,(*%4G%5#/0#$3&4%E%094%*@%4A21#%#13(4$F63*;0#G3*;E;0;63*D
"9#3$G3(GB*#1//5+?*6%#/0$3(4;1#$3&#%9#;*B#43($;093434R#0#/$$2(#%*1%*$%002#62*5%1#%((%R#@,&'#%#
@343+/1#,0942*'4X*#139+63#QAGX*#%9#3$G3(/#4304#-3*;#-,(+?*A,5#%#G/,*X&/%/#;(+31*B+;0C1D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#:4:+/130#5:6;5'4%5#$3&A3*35;03#-,54,0#*;E;0#%#$3&-/&'3*;0#;0#%#&,5+,*1,+20#-3A*B+;0;G35D#"#
1%$%091,(#6/@%(%/#3*B44#39#3&'#,*'%5#5'?&%*$/#/+B09%1R#%$/#%*1%*$%0#%#@/&&%+4#$3&-/&'3*;031(3R#%#
5:6;5'/ # -,($21 # 0,1%02&25%1 # ;0 # 09;E0;&;531 # 3*$;*'C*4 # 24;*;0;(3D # bGGB* # % # *3*1/ # @%5&?*%4GX*#
42E*2*1,96%#$3&3(B0:+@34#%#n:*+R#$/54#;*B#,(&%5/9$?0#/(254/#4/0943*34D
m'$02'23

><"U'$

I)Y8232/"3O*1/
739B&%9+%02&/#3E,W@%#%#ID#,0942*'G%5
J$431'%&.",2V)2/83:/."S:)+0
"#5:6;5'3134#%#42AA%*R#%#4%*%AA%*#;0#%9#;&@%A*%44%*#:0093-C&&;0G35#13**#6/90&2*5/D#"#W03(3E30R#+3#
!hJ

-B1;54#%#-:*+GB*#1/3$3*4#;0#*3E(;03*4#5:6;5'31#6/90&2*%424#53$#4%(4A?1#@3*'30531R#$3(4#3GG35#%9#
;*341,(G%5#E,54,0%5#%#5:6;5'#6/*2&&%*#6%*X#:00931%EW0,*402&25#6%5#%#@%5&0Q*'R#53$#E3+/&#%9#
%5%*/4/1?0R#E(3WH9#:0093@%0,5*H420,1,5R#(35+093(39;035D#"#5:6;5'(3#A3**3$9B#-,*'%$%4,1#3GGB*#%9#
:00931%EW0,*402&GX*#c#%#Y%EE%*R#%#*363&B63*R#%#4%*%AA%*R#%#(,6%(,11%*#.#;(4@34B31#$3&#/&%925R#H&'#
A?4@%4?51#%#-,($21#0,1-;*30;&;531#;(9B#$3&;(4;0;@39#;0#4/0943*34;@39D#"#1:(5';1G3*/#5:6;5'31#
536;531 # /0$3(343 # $3&3(B0H4/ # % # 1%EW0,*%4,4R # +3 # X6%1,+5?51 # 13** # % # 5:6;5'@%42(,920 # 0%G*,5,0#
$3534;4B*R#%$/#3*/+3&35H4@34#%#6/90&2*4#;*B*;5'4B*D#"#5:6;5'#(;093/531#3*53639;03/4#/0#$3&4%5H4A?1R#
+3#/44#/0#X6%1,+5/#13**#%#4Q*9,44#09/0943$%4/92*204X*R#/512GG#%#$/5B0;&/#A3**3$9;03134#/&'31399C51#
1/%*%1H4%5/ # % # 5:6;5' # -3*;EH4;03 # 1%EW025 # S$;(34G3*/ # %(25',1 # $3&-/&'3*;03 # ;0 # *3H(20%R#
@%5&0Q*',0%GG#-,($21#;09(36;43*3R#E,*%(/420,1#;0#1,54(%094,1#-3*-3+39;03#%#-,($21#6/*2&2G%5UD#"#
5:6;5'/ # -,($21 # $34%$,(-X9/025%1 # $3&-/&'3*;03 # 53$ # E?09425 # ;(9;1093(6/ # $3&-/&'3*;0R # @%53$#
G3*0B#5'/4,4402&,4#/0#-3A*3094#%#-,*'%$%4,1#;(9;13*;03#/(25'2G%5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
e0$3(B0 # @3*'/ # 42A%1 # ;0 # %9 # ,44 # @,5,0 # 5:6;5'-%A421 # G3$?4%420%D # l;5'3&30R # @,&' # % # &'3($3131#
$3&4%5?*A21#%#1:(5';135#-3**3*@34B#5:6;5'31#;0#-21#1:913*34F#3*53639;03/4D
"# n:*+ # 1C*:5G:9B # (;&/X/5%1 # 1,54(%094A%_ # 0/6%4%&/R # 3(+3/ # ;0 # 4?5+(% # 5:6;5'934D #"# 0%(16/+;14B* # %9#
3&'35*H4B # -3*;R # /**3463 # % # 4(XE?0,1,5 # % # @3&' # 4343A;4B* # *3-3*; # 4:(4;5B # @%*%+20/ # /(25' # 5:6;5'4%5/#
@%0,5*X02&%/D
" # &,$G21%4R # % # 9?9$X1%4R # % # $,@21%4 # ;0 # % # E2-(25',1%4 # % # 6/(2&,0 # 5:6;5'31@39 # 6/09,5'H46%#
6/90&2*A?1R#%#-,($21#62*4,9;1,5'#@%5&0Q*'%/(%#1,5W354(2*6%R#;0# $;&#53$#3*B4;(G3#@3*'3963#%9#
36,*QW/X0#093$E,54,1%4D
7%&,1#W0H(292025%1#;0#%#5:6;5'#5:6313+;0;531#$3&-/&'3*;03R#$,04#/0#5%&'#0Q*'4#@3*'3963#%#
-,($21#%*%1?*202(%#;0#%#5:6313+;0/#$,9&20,1(%D
"#&':1;(R#%#092(R#%#*36;*#;0#%#6/(2&#3*3635#-,&%*$%/4#%#1C*:5G:9B#5:6;5'315;*#-3**;EB#E,*%(/420,1#
$3&-/&'3*;0;5#13(3094C*#%*1,4A?1#$3&R#04%G/*/92*A?1D
"#-21R#$/54#%#5:6;5'31#;0#2**%4,1#3&'C44;*;0;531#@3*'3g#1%EW0,*%4?1#%9#/+BA2(200%*R#%#4%*%AA%*#;0#%#
42AA%*D#b034*3&#-%/01,*%#43*3EH4;03R#%$3*'34#%#1:634139B#/01,*%;631G35#/0#&,5+,95/#13**R#;0#%$3*'#%#
-%W03$34;1#$3&-3*3*B#@3*'(3#4:(4;5B#1/C*434;0;G35#W0QW0,0,+@%4#1/D
G$TS/+)U*1/."T+43+0
d3(4$F63*;0#%#1:634139B#,0942*'-,14X*#139+63
n:*+$F6300;&#1,(09%1#%#@%($%+/1#,0942*'G%5
n:*+(%A9_#;&@%A*%4R#5:6;5'4%1%(X#%#1C*:5G:9B#:631G35
GO)S/,+%$)#$0"f",+%$)#$0
5:6313+;0/#-,($21R#&,$G%R#$,09%4R#9?9$XR#$,@%R#@%(%094R#6/(2&,0#5:6;5'R#3&'09/1FR#1;409/1FR#
&':1;(R#092(R#*36;*R#6/(2&R#43($;0R#$%&R#&'C$:*W0R#*2&'092(QR#-20#092(Q
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#/0$3(A3#%#1:(5';135#;*B#5:6;5'31#1:913*34F#3*53639;03/4D
d;E30#3&'#$3&-/&'3*4#5:6;5'4#1%(%143(/92*5/R#%#5:6;5'#(;093/4#$3&536395/D
d;E30#$/5+#09XG%5R#$/5+#(%A9G%5#%#5:6;5'31#-3A*B+;0;531#-,54,0#09%1%09%/4#$3&A3*35H435/D
e0$3(/#%#5:6;5'6/*2&#;0#%9#;&@%A*%4#1:9:44/#:0093-C&&;03134R#%9#;609%1,1#62*4%1,92025%1#@%42024#
%#5:6;5'6/*2&(%D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;6G35#:00931%EW0,*X+/1#$/5+%9R#%$/4#1,(2GG%5#%9#2**%4,1(X*#;0#%#5:6;5'31(B*#4%5?*4%1#
%99%*R # %$/4 # 3GG35 # %9 # ;6G35 # %9 # 20625',1(X* # 4%5?*5%1D # b9 # % # *3&/54359H63GG35 # % # 13(4$F63*;0#
4%5?*2026%* # 3(B0:+/1 # $3&D # bGG35 # %9 # ;635 # $/5+35 # 4;(35 # %9 # ,102&/ # 6/09,5',1 # -3*42(20% # *309#
@%5&0Q*',0#%#G/,*X&/25#G3*C*#/0D
!hI

m'$02'23

><"U'$

I)Y8232/"3O*1/
Y:6;5'4%5#%9#LD#,0942*'G%5R#2**%44%5#%#hD#,0942*'G%5R#-%-%(%&20#%9#LD#,0942*'G%5
J$431'%&.",2V)2/83:/."S:)+0
" # 5:6;5'4%5 # 43(C*34;5 # % # 5:6;5' # -3*;EH4;03R # 1:(5'39343 # ;0 # %9 # ;*34W/1*?0,1 # 1:9:44/ # ,102&/#
:0093-C&&;03134#@%5&0Q*',99?1#1/D#"#&3,*X&/%#$3&/0$3(434/#63*C51#%#1C*:5G:9B#4%*%A4HE?0,1%4R#%#
-*X(% # ;0 # -%?5% # -3*;EC*;0;531 # -/9/1%/ # %*%EA24D # " # -:*+(%A99%* # 3&'C44$F1:+;0G35 # 3&'(3 # A,GG%5#
1/(%A9,*X+5%1#%#1C*:5G:9B#43(C*3431#1*H$2A25%1R#63&342W/XA25%1#;0#&%9+%02&25%1#:0093-C&&;03/R#%#
G/,*X&/%/#093$*;*34#43@24#1%EW0,*%4,1(%#*3*#%#&%9+%02&/#&,5+,*1,+200%*#/0D#"#-%-%(%&20#1%EW025#%#
&'3(3131531#$2(#&'%1,(*%4/#;*$;5'3/1#/0#6%55%1#%#1C*:5G:9B#-%-%A,1#4?*%A+,502&%/(X*#/0R#$3*'34#H&'#
%9#;&@%A*%4/#/&;5'3113*#/0#:0093-C&&;0G3#4?+5%1#@,95/D
"9#2**%44%5#43(C*34;5#1C*:5:0#-/&'3*$34#093543*@34C51#%#(,6%(,15%1R#3935#G3*C*#/0#%9#2**%$%*1,4X#
(,6%(,1 # 4%5?*$25',92025%1D # b9 # % # 4;$% # %9 # 2**%4,1 # 1:9:44/ # 6/09,5',1 # QA # 09/54A;4 # 6/*2&H4A% # $3&# %#
&'3(3131 # 092$2(%D # " # &3(/5W43*3531 # 1:9C* # ,*'%5 # ;*B*;5'3134 # 6/90&2*@%4?51R # $3*'31531 # -,54,0#
093(3E3#6%5#%#$39B&%9+%02&/#6/09,5',1#$3&;(4;0;G35D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
b&'09/1F#6/(2&,1#c#*/*/,$,1R#%#@%&'$%#;0#%#&':14:(90
d3(309430#6/(2&Q%1D
nF-;*;1R#3(5'B06/(2&9%4Q%1R#E/**%5&X06/(2&Q%1R#1%425&-;*;1R#;0#-;091306/(2&Q%1D
"A%1,0#6/(2&Q%1R#;0#$20#-;091306/(2&Q%1R#%#6/(2&9%4,1#E;*+2/D
89%(1%*2G-;*;1#;0#(X90%-;*;1R#3931#62*4,9%4%/D
b931531#%#6/(2&,0#5:6;5'31531#%#-3A*B+;03#1:634@34B#3&;09#;635#24D#"9#;609%1,51;54/#W/1*?0#/0#
$3&42(&'%*%5+XD
"#5:6;5'4%5/#;0#%9#2**%44%5#1%EW0,*%4%#%#*3E1;1#;*34W/1*?02G%5D
"#13(4;0913+;003*#1%EW0,*%4G%5#c#12(436B#G,&%(%1R#-%434F#04GD
"#4%*%A*%1X#-;(&31D
"#(,6%(,1#-,($%/#A3**3$9;03_#%#G,&%(%1R#%#*3E1;1#;0#%#$;@31#-,($%/#;0#;*344%5/#0%A24,002&%/D
"#$;@31#;*34W/1*?0%#.#G3*3;(463#%#$;@31#&,5+,92024R#%#$;@;093434#.#$;9R#$;@6/%09#04GD
"#@%5&'21#;0#%#@%5&'%2**%$D
G$TS/+)U*1/."T+43+0
d3(4$F63*;0
n:*+(%A9_#:63934300;&R#1*H$%R#5:6;5'934#;0#&%9+%02&/#6/09,5',1
a:(4;53*3$_#>X$%R#$/54#2**%$#;0#%9#2**%$%*1,4X#(,6%(,1#:0093@%0,5*H420%
n%-%(%&20_#1C*:5G:9B#-%-%A,1#/&;5'3/R#4?*%A+,502&%/
GO)S/,+%$)#$0"f",+%$)#$0
(,6%(,1#4304-3*;EH4;03R#6/(2&4HE?0,1R#-%-%A,1R#-;(&31R#&3(/5W43*3531R
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#$/5+35#4;$%1:(#3034;5#$?4%00,5#3&'(3#-,1,9X+X#E,54,002&,4#%#$3&-/&'3*;031#43(;5R#
%#*3H(20,1#2(5'%*402&2G%5D
a?+A,5 # :0093-C&&;03134 # 4%*2*5/ # % # 13(4G35 # 6;&9344 # 436;135'0;&31 # ;0 # %9 # ;*B6/*2& # 2*4%*25,0#
4:(6;5'093(F0;&3/#1:9:44D
e0$3(A3#-3*#%#1C*:5G:9B#2**%4,1#@3*';4#%9#3$G3(#2*4%*#$F63*4#43($;0934/#6/*2&G%5D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
7H&#%9#3*B9B#;631G35#%9#3$G3(/#4304#-3*;EH4;03#;0#$F1:+;03#%9#2**%46/*2&&%*#;0#%#5:6;5'6/*2&&%*#
!hh

:0093-C&&;0G35#A3*354#W0%1#$3&R#%++/&#3GG35#%9#;6G35#QAGX*#%#4%5?*$25',1#1:9;EE,54A2G%#13(C*D#
bGG35 # %9 # ;*341,(G%5 # Q&' # *3@34 # %9 # 3&;090;&&3* # 1%EW0,*%4,0 # /0$3(343134 # $3&42(&'%*5/ # %#
&'3(313113*R # @,&' # $2( # ,GA314H6R # /**3463 # $;& # ,GA314H6 # $X+,5 # 4?+5%1 # 3931@39 # % # 4;$21@,9#
6/09,5'?*5/D # 7H& # 1,(2GG%5 # 0,11%* # 3&'093(FGG35R # :094:5:03GG35R # AX9%5%GG?* # 6/03*13+431 # %#
42E*2*1,920R#%#4/0942*1,+20R#%9#:*4:91:+;0R#%9#3&;090;&30#;*34$X+#43(;5R#1;0BGG#E3+/&#@%A*%$,0%1#
5%&',5 # 3&,W354(/1?0%5 # /**3463 # 4(35+3134 # 1:63463 # -,&*%*1,95/ # 393113* # % # +,*&,11%*R # 3GG35 # %9#
/+B09%1G%5#4;5'*3&#*3@34#63*C1#42(&'093(F35#G309;*&345/R#%12($3*'/1#4;$2G%5D#b9#%#4;$%1:(#,*'%5#
43(C*3434 # ;(/54R # $3*'31 # 1?*4Q(2A24 # -B*3& # % # W0%*2+/ # 1:(5'3934GB* # @,9921 # % # &'3(3131R # +3 # 394 # %#
09,120(35+093(4#$,04#4%52(/#03&H40;&&3*#4?+%4,0%5#246/90&2*@%4A?1D#"#4%5?*$25',1%4#24#13**#A2(5/%#
%9#<3&;090;&#4:GGR#$/54#%#G343&0;&#@/25'%=#;(9;0;531D
m'$02'23

><"U'$

I)Y8232/"3O*1/
"#1,(2GG/#;631#G/,*X&/%/#4%5?*$25'%/
J$431'%&.",2V)2/83:/."S:)+0
b9#%#4%5;6#%#G/,*X&/%#3&'#0%A24,0#-3A3934;4#5'/4A%#$3&#%99%*R#@,&'#%9#3$G3(/#4304#$F1:+;0;4#139+/#
6/90&2*5/D#b931#%#6/90&2*%4,1#%#1,(2GG/#43($;09344?+,$25',0#093$*;*3434#-,*'4%4A21R#?&'%5/0#53$#
:5$%&2G%5#1/(%&%+6%#E(XG2*A21#%9#3&'30#093(6(35+093(3134#;0#-?51W/X1%4#$3&42(&'%*5/R#@%53$#%#
1:(5'393443* # ;0 # % # 4:GG/ # 093(6 # $F1:+;0;63* # 6%*X # 1%EW0,*%4?1G%5D # b9 # % # 1,$E*3` # $3&1:93*H4;0#
03&H4@34/#%#+/21,1%4#%GG%5R#@,&'#-3*3*B0#$X+,5#6/09,5'?*A%5%1#0%A24#4304C1@:9R#;(4;13*A;1#%55%1#
5%&'093(F0;&;4D
b9#%#-3*3*B00;&#$%5%E02&#5%&',5#-,54,0#%9#3GG35#%9#;*341,(G%5#1/G,54%1,9X-;*G35#093`?%*/420#
$/%44 # /0D #"# 093(3*3$R # %9 # %5'%02&.%E%02& # 1;(+;03R # % # 093`?2*/0 # 1%EW0,*%4,1R # % # -,&%$920&24*20R#
$/5+# ,*'%5# 4;$21R# %@,*# %#G/,*X&/%#;0# %# *3*1/#@/&/;5;#09,(,0%5# :00931%EW0,*X+/1R #53$ #E?09425#
;*344%5/#A3*350;&3134#4/09429?51#43@24#3931#$3&42(&'%*20%1,(D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#;(9;131#2E,*20%_#&'%1,(*%4/#/0$3(3431#%#*24200%*#%#@%**200%*R#%9#H9*3*;003*#;0#%#09%&*200%*#;0#
;(/54;003*#1%EW0,*%4G%5D
"# 4C+B # -3*;EH4;03 # ;0 # 093(3E3R # %*%E634B # /0$3(3431 # % # 09H6(B* # ;0 # % # 13(/5&;0(B*R # 3*;& # (;09*343035#
%@@,9R#@,&'#&'%1,(*%4/%0#*3&'35#SE*D#%#*;&W0B#6;+3*$3#SW0/**X0#@2$Ug#%#*363&B#;0#%#6;(#1:9:44/#
09,(,0 # 1%EW0,*%4 # % # *;&@X*'%&,1 # 6;1,5' # $3$G(25A%/5 # 13(3094C*U # . # +3 # /44 # 53$ # W;* # % # (;09*3430#
%5%4X$/%/#4%5?*$25',920D
"9 # ;4139;0 # -,54,002&%_ # %*%E634B # /0$3(3431 # %9 # 3$;094B(35+093((B*R # +3 # %9 # 3*BGG/31 # 093(/54 # %#
@%5&0Q*' # %9,5 # *3&'35R # @,&' # $/*'35 # 4;5'39B1(3 # 13** # C&'3*5/ # %9 # 3&;090;& # 4%(4X0 # $3&B(9;03#
;(+31;G35 # SE*D # 5:6;5'/ # (,04,1 # 09C10;&300;&3 # % # G3*31 # 04/$?*2*202(%R # % # 42E*2*1,920/ # (/4$?0#
09C10;&300;&3R#53@;9#;43*31#?425#%#4304$,9&20#;0#%#-C(+B9;0#3*13(C*;0;531#09C10;&300;&3UD#
n3@;(A;1R # 09;5@/+(24,1R # 90H(,1R # 20625'/ # %5'%&,1 # ;0 # 6/4%$/5,1D # dC*:5G:9B # 42E*2*1,920/#
$3&&'B9B+;031 # 42(&'%*20%R # %5;*1C*R # @,&' # G2($3*'/1 # $X+093( # $3**344 # 1%(+,01,+5251D # "#
&',(0;4139434;0#A3**3$9B/R#6309;*'3/R#%#|-,&'X1Q(21=#3(3+$;5'3/R#%#(35+093(30#$,9&20#093(3E3#%#
43040Q*'#1/%*%1H4202G%5D#"9#3&;090;&30#43041;E#1/%*%1H420%D
"9#%*620#09C10;&300;&3#;0#%#5%E/#436;135'0;&31#S093**3$/.-/9/1%/U#1/3&'350Q*',920%D
" # -354/ # 4;$211%* # 1%EW0,*%4,0 # G343&0;&31 # SE*D # 4C+B(21R # 4C+B42&?*20R # 3*@H9,4402&R # %5,(3`/%R#
W?1,(G343&0;&UD
893563+;*'G343&0;&34 # 3*B/+;9B # %5'%&,1_ # %*1,@,*R # 5/1,4/5R # +(,&,1 # SE*D # XE/?$092($%9;1,1R#
@%**?W/5,&;531Ug#%#-C&&B0;&#%*%E634B#43($;09343#S%12(#%#1,--3/5@39R#%#W0,1,*2+;@,9R#%#W?1,(@,9R#
%12(#(,009#09,120,1@,9R#$/54#%#1:(:$(2&20@,9#@%0,5*H46%UR#6%*%$/54#%#-3*/0$3(;0#;0#%#62*4,94%420#
*;E;03/R#%#03&H40;&1;(;0#-,54,002&%D
w'X&'5:6;5'31#SE*D#1%$/**%R#1:(:$6/(2&U#;0#%*1%*$%920?1#1C*:5G:9B#$X+,1,5D
893$;*'30#3&;090;&#;0#@/&/;5/%_#/99%+20R#%#-,&%1R#%#GB(R#%#@%A%0#-3AGB(#2E,*20%R#%#1;9$,020R#%9#
;43*31 # ;(/54;03R # ;0 # 3931 # 1%EW0,*%4% # %9 # 3&;090;&&3* # SE*D # G%14;(/?$,1R # -3A434FR # ,(0X&/*/094%#
-3(4B9;031UD
!hL

7/5+35#3&'30#4;$26%*#1%EW0,*%4G%5#-,54,0#%#$,+3(5#$;+/%#@%420%/5%1#$3&42(&'%*20%D
G$TS/+)U*1/."T+43+0
d;$/%#%#PD#,0942*'G%5
GO)S/,+%$)#$0"f",+%$)#$0
r(6;1093(631R#42EW0%4,(5%R#*;&9;0R#13(/5&;0R#1/62*%09420R#53$/#093(631R#GB(R#+(,&,1R
!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($31 # /0$3(A3 # -3* # % # $/5+355%E/ # 436;135'0;&31 # ;0 # %9 # 3$G3(/ # 4304 # G/,*X&/%/ # -?51W/X/5%1#
:0093-C&&;0;4D
a?+A%#3*3$395/#%9#,*'%5#@;41:95%E/#A3*350;&3134R#$/54#%#*;&9;0R#%#42E*2*1,920#-,*'%$%4%D
e0$3(/#%#42EW0%4,(5%#(;093/4R#%9#3&'30#(;0931G35#4:(4;5B#-,*'%$%4,1(X*#4?+A,5#2*4%*25,002&,1G%5#
G309;*5/D
r(4/ # %9 # 3$G3( # *;&9;0;531 # -,*'%$%424R # 1;E30 # :0093-C&&;031 # 13(30;0;(3 # % # (?@291,+200%* # ;0 # %#
+,@25'9200%*#1%EW0,*%4G%5D
"9#;(9;1093(631#A3*354B0;&;63*#4/0942G%5#6%5R#/0$3(/#3931#2E,*2025%1#$X+A%/4D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%#1,(,0942*'G%5#5%&'#4304/#62*4,920,1#9%A*%5%1R#%#6;&4%&,1#5:6313+;03#5%&',5#/54359H66;#
62*/1D#"#53$/#;(;0#/0#5%&'#@%4200%*#6%5#%#+/21,1#$/5+355%EA%/(%D#b935#-,54,0#24%*%1?*20,1%4#AX*#
1H0;(/ # %9 # 3$G3(/ # 4304 # /+3/ # 1;4 # 5%&' # 4;$2A%_ # % # $,9&20(35+093( # ;0 # %9 # ;(9;1093(631D # "#
-3*3&'35303+344 # 43044%(420 # 093**3$/.*3*1/ # 6,5%41,920%/ # 4Q*$?4%45%1 # % # G/,*X&/%/ # 4;5'3135R # AX#
G309;*&34;031#42E4%*%A%#*3@34#39#%#4;$%D
m'$02'23

><"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#G/,*X&/%#3E,W@2A%R#1C*:5:035#%#@343+/130#3E,W@%R#%#@343+/130#-/9/1%#$3W@%5/1%/#
4;$%1:(3R#%#-;5'4%5#;0#%#@%5&4%5#%#@%4,+/1,0#-/9/12GX*D
J$431'%&.",2V)2/83:/."S:)+0
"# W0,54(35+093( # -3*;EH4;03 # (26/*2&H4 # %9 # 3$G3(/ # 093(63934 # ;0 # % # $/5134 # 1:(C*636B # 20625'/ # 6/*2&#
09,(,0#1%EW0,*%42(%#%9#%5'%&:00934;43*#43(C*34;5#6%*%$/54#%#&(%6/42W/X#;0#%9#3$G3(#6/09,5'2(%#%#
W0,54&3(35+21#-,($2*X+202G%5D#"#$3W@%5/1%/#6/09,5',1R#$3*'31#%#W0,54(35+093(#-3*;EH4;0;G35#
;0#$F1:+;0;G35#AX*#434435#;(@34B1R#;(+313031#*3@34531#3GG35#%9#;*341,(G%5D #"9#;(9;1093(631#
42(&'%*20%1,( # AX # $3&$?4%4@%4XR # @,&' # % # 1C*6/*2&G%5 # ;(6;5'30 # -/9/1%/ # S,E4/1%/R # %1?094/1%/U#
4:(6;5'093(F0;&31 # $/1;EE # ;(6;5'30C*531 # %9 # 3$G3(/ # 093(63934 # $F1:+;0;G35D # b93134 # %9#
;(9;1093(63134#53$#W0%1#2G(21R#@%53$#1H0;(*3431#03&H40;&;63*#/0#6/90&2*A?1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#W0,54629#:009300;&;G35#;0#(;093/G35D#"9#%(%5'$3409;0R#$/54#%(25',002&/#3*6#%#W0,54629G%5D#"#
&3(/5W,09*,E # -,($2A% # ;0 # -?51W/XA%R # % # W0/&,*'21 # -3*;EH4;03R # -,($%&%9+%&02&%R # 093(3EC1 # %#
-3*3&'35303+344#43044%(420#1/%*%1H4202G%5D#"#&3(/5W,09*,ER#%#$3**1%0#-3*;EH4;03R#%#1,E,5'%#;0#%#
6;&4%&629 # E,*%(/420%D # "9 # 3&'30 # W0,54,1 # -,($2A25%1 # 4%5?*$25',920%R # E*D # % # @24&3(/5W # ;0 # %#
W,$GW0,54#1,54(%094A%D
"#6;&4%&4,1#-3*;EH4;03#;0#$3W@%5/12A%R#%9#3$3*B3*6_#%9#3(B1%(#;0#%#43@3(1%(#6/09,5'%D
"#*2G#-,($2A%R#%#*2G#G,*4,9%4%#;0#6/09,5'%#%#-3*3&'35303+344#43044%(420@,9D
"9#%*1%(#E(,5%4/,A%#;0#0?E/5%4/,A%D
"9#/9$,1#2*4%*25,0#-3*;EH4;03#;0#$F1:+;03D
"#W0,54,1#;0#/9$,1#1%EW0,*X+20%R#%9#H9C*3431#-3*;EH4;03#;0#$F1:+;03D
!hO

Z%A*H4X#;0#-309H4B#/9$,1#3*@3*'3913+;03R#%9#3&'$200%*#3&'C44$F1:+B#;0#%9#3**354;430#$F1:+;0F#
/9$,1#3*@3*'3913+;03R#%#$,9&20#;0#%9#/9,$(35+093(#1,$E*3`#1%EW0,*%4%D#"9#/9,$&:(W0D
"9#3$G3(/#093$R#/**3463#-C*#-3*;EH4;03#;0#-?51W/XA%D
G$TS/+)U*1/."T+43+0
n/9/1%_#$3W@%5/1%R#3(B#-,&%*$%R#,E4/1%R#%1?094/1%D#7F6;093431_#1?E,*%#;0#G,*4H6R#$/54#;EH4;0934/#
$3&,*+20#;0# $/54 #;*344%5/#-,($%# %# W0,54629# 1C*:5G:9B#43(C*343/5R # W0,54,1# 2G(29,*20%# 09;553*R#
%&'%&GX*#6%*X#$3&-,($2*20
GO)S/,+%$)#$0"f",+%$)#$0
[0,54(35+093(R#/9$,1R#/5%1R#H9C*3431R#%#093$#(;093/R#%#-C*#(;093/R
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#/0$3(/#%#&3(/5W,09*,E#(;093/4R#%55%1#A3*354B0;&;4#%9#3$G3(#43044%(4202G%5D
a/0942G%5#6%5#%#6;&4%&,1#;0#%#-C&&3094B:631#-3*;EH4;0;63*R#%9#H9C*3431#4HE?0%/6%*
d;E30#-3*/0$3(5/#%#-/9/1%/#4:(6;5'093(F0;&3134#%#W0,54629#-3*;EH4;0;G35D
r(4/#%#W0,54,1#;0#%9#/9,$(35+093(#3&'C44$F1:+;0;4#%9#3$G3(/#$,9&20G%5
e0$3(/#%#4%5?*4#;(9;1093(631#-3*;EH4;0;4R#A3*354B0;&;4#%9#3$G3(#;0#%#1C*6/*2&#1:9:44/#6/09,5'G%5D
"#4%5?*4#09%11/-3A39;03134#1;E30#$3&-3*3*B35#@%0952*5/D
f363934;0
"#1:9;E/01,*%/#09%1%09G%5#%#+/21,1#QA#&,5+,*1,+20/#09/54(3#-3A*B+531R#H&'#$/5+%94R#%$/4#3++/&#$2(#
4%5?*4%1R # QAGX* # 3*B63@34AC1R # @,&' # 3&' # QA%GG # $3&1:93*H4;0GB* # QA%GG # /0$3(3431@39 # A?4@%00?51D #"#
].!ND#,0942*'G%5#%#@%5&0Q*'#%9#3$G3(/#4304#-3*;EH4;0;5#;0#%9#;*344%5/#-,*'%$%4,1,5#6%5D#qXR#@%#
3931#$3**344#%9#3E,W@21#$3**344#$3&#4?+#A3*355/#%#$39B&%9+%02&/#&'%1,(*%4#/0R#%$/#%#5:6;5'3113*#
;0# 2**%4,11%*#6%*X# -,&*%*1,920#QA# 09/54A;4 #4?+A%# $3&$?4%45/# %# +/21,1# 092$2(%R # @/0935# /$$2( #%9#
;*344%5/#4?*%A+,502&,1#$3**344#%#&%9+2*1,+X/#093$*;*3434#/0#$3&4%E%094%*@%4A21D#"#!!.!JD#,0942*'G%5#
$2( # ,*'%5 # +/21,1%4 # 4%5H4?51R # %1/1531 # &,5+,*1,+20/ # 1;E300;&3 # $3&;(344 # %9 # 3*$;*3431R # 309$;1#
$;*'3GG#G3-,&%+202(%R#$3&42(&'%*202(%D#b94#%9#/543**314?2*/0%GG#@,9922**204#%#5:6;5'4%5#;0#%9#
2**%44%5#QAGX*/#-3*-3+39;03#42$,&%4A%R#/$$2(#,*'%5#3*$;*34/GG#$3&1:93*H4;03113*R#$/54#%#03A44%5R#%#
&3534/1%R#%#+%(/5/#36,*QW/X0#3*$;*34D#"9#3*$;*3431#$3&42(&'%*20%#:0093W035&#%#W0/**%&209%4R#%#
-/9/1%#;0#%#1;$/%#4%543(6;531#@%5&0Q*',0#3*3$3/63*#/0D#"9#3*$;*3431#$3&42(&'%*20%1,(#-,54,0#%94#
@%5&0Q*',95/R # @,&' # %9 # 3$G3(531 # %9 # QA%GG # 1?4%420,1 # 3(3+$;5'3/531 # -;5';G35 # QAGX* # ;0 # QAGX*#
(35+395/3#/**3463#$X+,0H4%5/%#13**#3*$;*343/4D#"#)%*+,(-./01,*21#G/,*X&/%#4%543(63#%94#09,*&2*A%R#@,&'#
% # -/%4%*,1 # 3*A?00%5%1 # % # A3*351,(/ # 4?+,$25',0 # 3*$;*3431 # $3&;(4;0;@39R # %$/63* # E2(@?9%$,0%5#
2**%5+X%5 # -/&'3*3$G3 # 13** # 4?+5/?1 # 6355/ # % # 43W@5,*X&/21 # ;0 # % # 1:(5'3934 # +/5%$/1?0%5 # 62*4,9X#
1%EW0,*%424D#b9#3*35&3+@3434*35#%@@,9R#@,&'#-3*3*B035#&,5+,*1,+XR#%#A:6B#1/@H620%/6%*#093$G35#
4344(31;09R#%#E(,G*;$21(%#;(9;135'#-/%4%*,1#*;EA3531#1/#%9#/01,*%#1%E?A25D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
7H& # % # 1:9;E4%&,9%4,5 # 53$ # % # (;09*3431 # E,54,0 # 1/+,*&,920%R # % # 4;5'31 # E(3WH9 # /0$3(343 # 6,*4 # %#
*3&-,54,0%GG # % # G/,*X&/% # 4;$%1:(3/G35R # @%53$ # 0,11%* # /512GG # %9 # 2*4%*25,0 # :0091;ER # %9#
:0093-C&&;031 # -3*/0$3(;03 # ;0 # $3&;(4;03R # %++/& # % # -3*0B # 4%&,9%4,0 # ,0942*',1G%5 # $2( # 5%&',5#
-,54,0#39#%#-%A4%#09%1$%/#E(3W/9/420R#%#-,&%*$%1#1/4/094H420%R#%#09%G%4,0%GG2#62*X#09X@%0952*%4D#"#
$3&1:93*H4;0G3*/#;0#%#$X+093(4%5/#62*420#;*3035#1/(%A9,*X+/1#%#+/21,1#092$2(%#/0R#%1/#3GG35#%9#
;6G35 # %9 # 3*B9B@:9 # @%0,5*X # 4;$21%4 # 42(&'%*5%1 # %9 # X(21,5R # +3 # /$$2( # % # *3@34B # *3&E,54,0%GG#
$,(-,*X&/%/ # *3H(20,11%*R # %9 # ;*344%5/ # -,*'%$%4,1 # %*%E,0 # 1/42(&'%*2026%* # ;0 # %9 # 3&;090;&C&'/#
6,5%41,920,1#,1.,1,9%4/#:0093-C&&;03/531#@%5&0Q*',92026%*D
m'$02'23

><"U'$

I)Y8232/"3O*1/
!hK

f/,*X&/%/#3E,W@21#%9#3*B9B#;631GB*R#1C*:5:0#431/543443*#%#5',*W%+/1,0#4;$21(%D
J$431'%&.",2V)2/83:/."S:)+0
"# W0,54(35+093( # 6/90&2*%4% # (;09*3431G3 # $35B35 # 6/90&2*A% # % # W0,54,1 # 093(13934;4R # 1/%*%1?*20?1#
$X+A%/4R # ;*344%5/ # 093(3EC134D # "9 # /9,$4%5 # %9 # /9$,1 # $F1:+;0;531 # ;*344%524R # %9 # /9,$(35+093(#
/+3&(35+093(/ # 1%EW0,*%424 # ;0 # % # 13(/5&;003* # 6%*X # :0093-C&&;03/4 # /0 # (;09*343035 # 42(&'%*A%D # "9#
;(9;1093(631 # ;*344%5/ # $F1:+;0;531 # 6/90&2*%4% # 2463934 # %9 # /+3&(35+093( # -3*;EH4;0;531 # ;0#
$F1:+;0;531#%*%E09/54F#6/90&2*%42@,9D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#;(9;1093(631#-3*;EH4;03#;0#$F1:+;03_
" # *2420_ # % # 093$ # (;09*3430 # -3*;EH4;03 # ;0 # $F1:+;03D # " # W%$3(% # ,G0W?(% # ;0 # % # -;5'1;E39B&;E#
:0093@%0,5*H420%#%#093$$3*D#n;5'c2(5';1cR#09H5c#;0#1;E*2420R#%11,$,+2W/XD#l35W034:(6;5'31#
;0 # 093$C63&*35W0;1D #"9 # ;*341,((%* # A2(X # 62*4,920,1 # %9 # ;(9;1093(631 # 43(C*34;5D #"# *24X/+3& # ;0 # %#
*24X1;(3&#093(3E3D#"#093$#3$G(/,*X&/2A25%1#-BGG#6,520%/D
"# @%**20 # ;0 # %9 # 3&'350Q*' # ;(9;13*;03D #"# -C* # 3$G(/,*X&/2A25%1 # -BGG # 6,520%/D #"# -C* # -3*;EH4;0;531#
@2($%0#4%&,*X+20%D#"#[,(4/c093(6D
d;$/%/#;(9;131R#4%E/5420R#-2A+%*,$c#;0#@3*'934;(9;13*;0R#@Bc#;0#$,9&20;(9;13*;0
"9 # %&'R # $/54 # % # 1:9E,54/ # /+3&(35+093( # -,54,0 # %*1,4XA%D #"*%E/0$3(3431R # $,(-,*X&/%/ # -3*;EH4;0D #"#
&3(/5W63*B#$,(-,*X&/%/#-3*;EH4;03#;0#$F1:+;03D
0093@%0,5*H4X#%5%4X$/%_#%(25',1#:0093@%0,5*H420%#2**%4/#W0,54629%1,5R#E*D#3$*B0#1,E,5'21,5D#
[0,541;E9B+;0R #W0,54&3(35+21R #%# @%0952*%4 # ;0# 43(@3*;0#093(/54/# 24;EC*;0# E*D# &(%6/42W/X0# 4;(G35#
6%&'#%9#%094(,5%?42152*D
"9#3$G3(/#-,&%9%4#0%A24,002&%/R#S?5/63(92*/0#42E*2*1,920/#;0#%#G309;+34#*3@34B6;#436B#-,&%9%4UD
"9 # /9,$9%4 # -3*;EH4;03 # ;0 # $F1:+;03R # % # @2(,$ # /9,$4HE?0 # S@%(254W0H1,*4R # 0/$%R # 09H6/9,$UR#
%1%(%4*%&,0#;0#%1%(%4?514X*#-C&&34*35#/9$,1
"9 # 3$G3(/ # &;&3_ # %5%4X$/%/ # -3*;EH4;0R # @%5&09%*%&,1 # $,9&20%R # 3*6/ # 1%EW0,*%4,1 # 1C*:5G:9B#
@%5&093(3113*#S@Q(,0R#-Q6X0UD#"#$%+%(%1#;531*B#&;&;A;63*#6%*X#:0093@%0,5*H420D#"#$?42*20D#"9#
%(WC(3&#;0#%#@,$*,1C(3&R#A3*354B0;&C1#%#@%5&09H5#1/%*%1H4202G%5D
G$TS/+)U*1/."T+43+0
n/9/1%_#$3W@%5/1%R#%1?094/1%R#,E4/1%D#353_#%#@%5&1;E9;0#*3@34B0;&3/D
GO)S/,+%$)#$0"f",+%$)#$0
r(9;1093(631R # 1:9E,54/ # /+3&(35+093(R # E3(/-;(/20 # /+3&(35+093(R # %9 # /+3&31 # 4HE?0%/D # 84(?14Q(% # ;0#
-?51W/X # 3&'0;&3D # n,&4HE?0,1D # Z%(254W0H1,*4 # /9$,1R # 0/$% # /9$,1D # w;&3R # @%5&09%*%&R # @%5&(;0R#
&;&3E,(W,1D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#(;09*343/G35#/0#/0$3(/#%9#3$G3(/#W0,54.#;0#/9,$(35+093(4D
r(4/ # % # &3(/5W,09*,E # A3*354B0;&;4 # % # $,9&20G%5R # % # 4:(90 # 4:$3&;531 # 6/03*;0;G35 # ;0 # % # 1:9E,54/#
/+3&(35+093(#6;+3*$;G35D
e0$3(/#%#1C*:5G:9B#4HE?0Q#/9$,1#A3*354B0;&;4#%9#3$G3(#;*34$F1:+;03/G35D
>;09*343035#/0$3(/#%#W0,54,1#1:9:44/#:00931:4434;031#-%A42/4R#%9#/44#1/%*%1?*X#0;(C*;03134D
d;E30#%9#3$G3(/#;0#%9#2**%4/#W0,54629%1#:0093@%0,5*H4X#3*3$9;0;(3R#%9#2**%4/#;0#%9#3$G3(/#A3**3&31#
2(5'%*4#$3&(%&%+202(%D
>;09*343035#/0$3(/#%#4%5?*4#;(9;1093(631#-3*;EH4;0;4R#$F1:+;0;4R#4/0942G%5#6%5#%9#;(9;1093(631#
093(3E;63*#%9#3$G3(/#&,5+,*1,+20#1/%*%1?*202G%5D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;*341,(G%5#%#-/%4%*,1#3&'(3#A,GG%5#1;E3031#%((%R#@,&'#%#*3*1/#-,*'%$%4,1%4R#62*4,920,1%4#
!hP

4?+%4,0%GG%5 # $3&-/&'3*A;1 # ;0 # $3&-,&%*$%9921D # b5531 # 1:6341394;G35 # 4/0942GG%5 # 4?+A21#

$3&-/&'3*5/#%#0%A24#*3*1/#;0#4304/#-,*'%$%4%/1#:0093-C&&;03/4D#"#1//5+?*XE,54#4,62GG(%#/0#%#$,(-,*X&/%#
;0#%9#;*344%5R#+3#3@@39#-,1,9%4,0%5#@,9921%EW0,*A?1#%#*3*1/#6,5%41,920,1%4#/0R#%#E09/W@;#;0#%#4304#
1%EW0,*%424D
m'$02'23

h<"U'$

I)Y8232/"3O*1/
f/,*X&/%#3E,W@21#%9#3*B9B#;6-,*'%$,1G%5
J$431'%&.",2V)2/83:/."S:)+0
"9#3E,W@%#1:9;EE,54A2G%5#%#90/&3(/# 093(631#2**5%1R #%#$3**C(3&#;0#%#@%0C(3&#093(6(35+093(3/D#
b931#$,(-,*X&/2A24#;0#;*344%524#3*B09:(#:5$%&?1G%5R#$%A+#-,1,9%4,0%5#%#4:GG/#093(6(35+093((3*#
:0093-C&&;0G35 # 42(&'%*A?1D # "# @%5&0Q*' # 39Q44%* # -,1,9,44%5 # %9 # 3&;090;&30 # $F1:+;035 # 6%5R # %#
G343&0;&31#42(&'%*20%#0,(25#-/&'3*5C51#13**#%((%R#@,&'#%#+/21,1#3GG35#%#1,(G%5#@%A*%$,0%1#%#
G343&0;&3113*#1%EW0,*%4,0#09,(,5&20,1#1/%*%1H4202(%D#"9#/01,*%,(6,0#G36,520%#AX#03&H40;&#*3@34#
%GG%5R # @,&' # 1;E3031 # *3&'3531 # 3*+:5435/R # $/1,( # 09%G%+ # :5$%&?51%4 # 1393*5/ # ;0 # $/1,( # 13**#
4C5343/5113*#$2(#,(6,0@,9#-,(+?*5/D#"9#3*0B03&;*'5'QA420#5%&',5#AX#E(%14/1?0#1/3&;09H4BA3#*3@34#%9#
3*$;*34/#4%5%5'%&5%1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#09H6#;0#%#6;(13(/5&;0R#3$G(/,52*/0#;(.#;0#09H61;E9B+;0#1:(6,5%*%1G%5R#%9#%(4;(/21#;0#%#6;521#
E,*%(/420%#%#-3*;EH4;0G35#;0#%#-?51W/XG%5D#"#6;(#%*1,4X#3*3$3/D#"9#%(4;(/%#;0#6;5%#-,&%*$%R#%#1;4#
$/5B0;&#E,54,0#1/-3A4;03D
Y%&'#;0#1/0#6;(1:(R#1%E/**2(/0,1#;0#%5%094,$X9/0,1D
"# 09H6 # -3*;EH4;03 # ;0 # $F1:+;03D #"# 09H6 # 53$W0%1 # /9,$R # %9 # ;(9;13*B # ;0 # @,($,52*/0 # $F1:+;031#
$3&42(&'%*20%D#"#09H6#$F1:+;0;531#09%G2*',920%R#%9#/5&3(1;E9;0#;0#%9#/5&3(C*3463934;0#R#%#09H6#
;0#%#E3(/-;(/20#13(/5&;0#3&'C44$F1:+;03D#"#093(624C*434;031#E(,G*3$%4/12A%D
l;&9B093(631#-3*;EH4;03R#-?51W/XA%D#"#E?*9?0#;0#%#*;&9;0/#(/4$?0#:0093-C&&;03/D
"9#3$;094BW0%4,(5%R#%#$2AR#%9#3E3@X*'%&R#%#@%05'2*$/(/&'R#%#*;ED
"#1/62*%09420R#%#6303#-3*;EH4;03#;0#$F1:+;03D
e+3&(35+093(#-3*;EH4;03#;0#4%&,*20%_#%#1:9E,54/#;0#%#E3(/-;(/20#/+3&(35+093(#A3**3$9B/D#"9#%&'63*B#
-?51W/,52*/0#-3*;EH4;03R#%#1C*:5G:9B#43(C*3431#$F1:+;03D
" # @24&3(/5WR # % # (3-*3`H6R # % # $,9&200%* # ;0 # 43044%(4200%* # 1%EW0,*%4,0 # (3-*3`31D # d%EW0,*%4,1 # ;0#
:0093-C&&;031#%9#%&'63*B63*D#T3&34%4H6#(3-*3`31R#63&34%4H6#09%G2*',920D
"#09/$E%4/1?0#;0#E%(%09/$E%4/1?0#(35+093(#%54%&,5/9$?0%#;0#3&'C44$F1:+;03D
f3*0B#3*62*%09420Q#$/(/&'31#;0#1%EW0,*%4%/1R#%#@,($,52*/0#09%G2*',920#%*%EA%/D
G$TS/+)U*1/."T+43+0
d;$/%_#%9#;*344%5/#-,*'%$%4,1#1;$/%/#%*%EA%/D#n/9/1%_#%9#/+3&(35+093(#;0#%9#3*314(,$,0#63934;0#
1%EW0,*%4%
GO)S/,+%$)#$0"f",+%$)#$0
e+3&(35+093(R#/5&3(C*34246/43*R#(3-*3`H6R#@,($,5,1R#09%G2*',920R
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#(;09*343035#/0$3(/#%#4%5?*4#90/&3(/#093(631#%5%4X$/%/#-3*;EH4;0;4R#;*344%5/#-?51W/XA24D
d;E30#0%A24#4%E%094%*%4%/#%*%EA25#2*4%*25,0#;*344%5/#1:634139434;03134#*36,55/D
d;E30#:0093-C&&;031#-3*/0$3(;0;(3#%9#3$G3(G35#*39%A*X#;*344%5/#;0#*;*314%5/#-,*'%$%4,1#1:9:44D
e0$3(/#%9#;*34$F1:+;03113*#1%EW0,*%4,0#/+3&/#;0#@,($,52*/0#-,*'%$%4,1#43($;0934;4D
r(4/#%9#;*344%5/#-,*'%$%4,1#;0#%9#3$G3(#G3*0B#3&'350Q*'25%1#:0093-C&&;03/4D
d;E30#%9#3*@%5&9,44%1#3*3$9;0;(3R#1;(+;031#$3&-,&%*$%9202(%D

!h]

==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# E?G3(420 # 1,(G%5 # -3**;EB # 53@;90;&31 # 35'@C*;0;63*R # % # 6%*X+/ # 03(+C*;0G3 # 4:(4;5B # 24$353443* # %#
-/%4%*,1 # &,5+,*1,+20% # +/--3(35W/2*4%GG2 # 62*/1D # b9 # % # $/5B0;&/ # 62*4,920 # $3&3(B0H4;0(3 # 4%*2* # %#
09,W/2*/0#;(9;135'0;&#1/G,54%1,9202G%5#/0R#H&'#43@24#QA#*3@34B0;&31#5'H*5%1#%#4%52(#092$2(%#/0#
QA093(F # E(,G*;$21 # -3*634;0;(3D # " # 09C*B/ # @29@,9R # % # 42(0%1@,9R # %9 # /01,*2@,9R # % # 42(0%+%*$/ # ;0#
43($;0934/#1:(5'3934@39#-F9B+B#6/09,5'#24%*%1?*R#1;E*;135'3GG;#;0#3&';5/GG;#62*/1D#"#G/,*X&/2G%5#
39#AX#*3@34B0;&#%9#;*34#%*%EA%/5%1#$3&42(&'%*202(%R#QA(%#-3*/0$3(;0;(3R#QA#09/54(3#@3*'39;0;(3D#b9#%#
4;$%#03&H4/#%#+/21,1%4#%9#3&'(3#A,GG%5#1/%*%1?*X#:52**X#6/*2&1;EC1#*34/094H4202G%5D
m'$02'23

h<"U'$

I)Y8232/"3O*1/
Y:6;5'4%5/#;0#2**%44%5/#3E,W@21#%9#3*B9B#4%5;631GB*D
J$431'%&.",2V)2/83:/."S:)+0
"9#;*B#093(6393431#;*34A3*350;&3/531#/+3/#%*%E,0#$3&42(&'%*20%#%#G/,*X&/%#2*4%*25,0#%*%E1;(+;03/4#
-3093&34/D#"9#;*344%5/#-,*'%$%4,1#03A409/54F#42(&'%*20%#03&H4/#3&'(;094#%9#%5%*/4/1?0#&,5+,*1,+20#
$3&3(B0:+;0;4R # $20(;094 # %9 # 2*4%*25,0 # 4:(6;5'093(F0;&31 # -3*2**H42025%1 # /&;5';4D # " # 4%(4%*$/#
1;(+;031(B* # 09X*X # 309$3W03(;134 # ;0 # % # 6/90&2*%4/ # $X+093(4%5 # 62*4,9%4,002&25%1 # /0$3(434;0;4#
;(+3$30 # 62*4,&%46%# E(,&(%$(% # 4F95/D # qXR # @% # %# 03A43113* # 1%EW0,*%4,0# $?5124 # W0,E,(4$?512G%5#
6;&9344#$/1(,091XE,0#&'%1,(*%4,1#/0#$3&3(B0H4/1D#"9#3*$;*34/#1;(+;031@39#5%&',5#-,54,0#%+%*;1R#
@,&'#%9#3*$;*343134#$3&%*1,4X#4?+X0,1#;*34(%A9%R#$,4/62W/XA%#/0#$3&A3*35/1#%#-/%4%*,1#3*B44
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#2*4%*25,0#3$G(/,*X&/%#%*%EA%/D
"9#3$G3(#/6%(/#$F1:+;03D#n,&%$920&24*20DDD
"9 # 3$G3( # 3$G(/,*X&/2A%R # 43($;093430 # 09C*34;0R # W03W03$B2E,*20 # ;0 # % # 1/0&'3($315363*;0#
5;9BE,54A%/D
"#G/,*X&/%/#;0#,(6,0/#34/1%#1;(+;03/D#
893(63934#;0#03A4_#%#03A431#2*4%*25,0#-3*;EH4;03R#-?51W/X/D#"#$/1(,091XE#4:(4;5343#;0#-3*;EH4;03
"#03A4%*1,4X1D#"#1(,$,09X$%092$#2**%5+X02&%R#%9#:(:1*B+;0#1(,$,09X$%.3*$;*343R#$/4X9/0#;0#%#
$3/X9/0D
b&'03A4F31#;0#4:GG03A4F31_#%#*3&-,54,0%GG#3&'03A4FW0,E,(4,1%4#1:55'35#$3&-/&'3*@34B#1;E6/03*B/1#
2*4%*#$?4%4A?1#G3D
Y:6;5'31#;0#2**%4,1#A3**3&93430#03A4%*1,4X/
7/1(,G/,*X&/%_#-3*;EH4B#;0#*3G,54X#093(6393431R#3931#:1,*X&/%/#A3*354B0;&3#%#A3*35G35#;0#%#$Q*4G%5#
S1B9341;E9B+;0UD
e6%(03A431 # 1;E9B+;03_ # % # 03A4093(63W01;1 # E,*%(/92W/XA% # %9 # /6%(03A41;E9;0 # 0,(25g # $3/X9/0 # ;0#
$3&43($;135'H4;0g # % # @%E*,/+ # ;0 # +/E*,/+ # 09%1%09,1 # 62*4%1,920%g # E,*/E*,/+/% # ;0 # %53?E*,/+/% # %#
43($;0934G35D
"9 # /5+/6/+?%*/420 # E(,G*;$2A% # % # 43($;0934G35_ # ,094@%4X02& # ;0 # ,094@%4%4*%502&R # E,435W/2*/0#
@%*@%4%4*%502&#;0#G/,*X&/%/*%&#$3&@%42(,9,44#@%*2*R#%#(2103A431#1/62*20%#%#093(63934#3&;09;531#
@%($,5/1?0#$F1:+;0;GB*D
n3(4B9;031 # ;0 # +%&%5%4,1R # 1C*:5G:9B # 6;*313+;031 # % # G343&0;&31 # 1/62*4X # 4;5'39B/(B*R # 1X(4%5 # %9#
3*$Q*4#;60929%+G%5#;0#$%D
"*%W0,5'%GG(35+F#5:6;5'31_#E(,1%(/X421#SG%14;(/?$,1R#1;1%*&21R#6H(?0,1RUD
b?1%(/X421_#%*&21R#&,$G21R#9?9$X09/$G/X9/0,1R#$2A.#;0#*,$G,0$,@21R#E2-(25'-;*;1#S1%(G,5.1,(/#
-*X(%Ug#%#&353(2W/X62*4%1,920#%*%EA%/D
G$TS/+)U*1/."T+43+0
a:(4;53*3$_#%9#3*$;*3431#1/%*%1?*2025%1#4:(4;53*$/#1:(C*$;5'3/
!LN

n:*+(%A9_#6/90&2*%4,1#43*3091XEE%*R#%#$%1(,1,9$,09#;0#%#$/1(,1,9$,09#E2(@,9%$,0#-3*-3+39;03#
%#4?+,$25'4:(4;534G35
GO)S/,+%$)#$0"f",+%$)#$0
b?1%(/X4%R#E(,1%(/X4%R#$/4X9/0R#$3/X9/0R#03A4%*1,4X1R#,54,&3539/0R#-/*,&3539/0
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#/0$3(/#%#$/1(,091XE#-3*;EH4;0;4R#@%0952*%425%1#%*%EA%/4D
e0$3(/#%#03A431#-3*;EH4;0;4R#%#03A4%*1,4X1%4D
r(4/#%#093(63934R#093(6R#09:634R#03A4#-,&%*$%/4R#%9,1%4#1;E30#09%1093(F35#@%0952*5/D
d;E30#-3*/0$3(5/#%#1,(2GG%5#4%5?*4#;*344%5/#$F1:+;03134#%#03A431#09/54A;5R#:0093-C&&;03134#4%*2*5/#
%#(;09#;0#%9#3&;09#1:9:44D
d;E30#4%52(/#/(25'H4200%*#$/1(,091XE,0#1H0;(*3431#1/6/43*39;0;(3R#%#4%E%094%*%4,1#3*3$9;0;(3#;0#
E,54,0#(:&9H4;0;(3D
e0$3(/#;0#;(4/#%#03A4,094X+20#A3*350;&3/4R#-,*'%$%424R#-%A42/4D
d;E30#%#-3*/0$3(4#/**D#$3&4%5?*4#G/,*X&/%/#4:(6;5'093(F0;&31#1/43(A3+4#%*1%*$%9202(%D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;6G35#%9#*309#%#-3*%+%4R#@,&'#%#+/21,1#%9#3++/&#$3&/0$3(4#4%(4%*$%1%4#;0#3*$;*343134#
3&'0;&G35#*20021R#@,&'#4?+20?1#1,@3(350#*3&'35#;0#%9#QA#/0$3(3431(3#5'/4,44#$%(%+A,5D#"#*392(20#
43($;09343035 # 53$ # %94 # A3*354/R # @,&' # 53 # 4%5?*525%1 # QA # %5'%&,4R # +3 # $/5+35 # 4;$25%1 # 394 # %9#
:0093-,&*%*X.*392(X#%44/4F+:4#13**#09,*&2*5/%D#"#09/54;9/0#0925+;1%#AX*#434435#;(@34B#%#4%543(6#!JD#
,0942*'5%1#09X*X#(;09;G35R#$3*'#%9#3$G3(#@3*';4#/0#13(30/#%#43($;0934G35D
m'$02'23

h<"U'$

I)Y8232/"3O*1/
p**%44%5/#;0#5:6;5'4%5/#/0$3(3431#%9#3*B9B#;631GB*D
J$431'%&.",2V)2/83:/."S:)+0
"9 # ?4,*0X # ;6G35 # %# 5:6;5'4%5 # ;0 # %9 # 2**%44%5 # /0 # 0,((%# 13(C*R # % # 5:6;5'315;* # % # $%&%0%GG # (35+F#
5:6;5'3113*#-,&*%*1,9?51R#%9#2**%44%5#4;$%1:(3/#E3+/&#%9#3$G3(#092($%9202G%5#;0#%9#36,*QW/X#
3*$;*34;G35#W0QW0,0,+5%1#1/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
Y:6;5'4%5
Y'/46%43($B1 # ;0 # 92(6%43($B1D # d;409/1F # 6/(2&,0 # 5:6;5'31R # 42(&'%*20?1 # 0,(25 # @%0952*A?1 # -3* # %#
&,34@3/#$34%$,(-X9/0#4%524#/0D
T2*,&%4,44 # 5:6;5'/ # W0%*2+,1 # 09;*30 # -,($%0E314(?$$%*_ # G,&*2(1%-;*;1R # (X90%-;*;1R # %A%1,0%1R#
-;0913031#04GD
b&'09/1F#6/(2&,0#5:6;5'31g#%#63&34%4H6#(;0931#;0#%#6/(2&#E,*%(/420%#%#-F-;*;14B*#%#*/*/,$-;*;135#24#
%9#,(W@/+3%-;*;1/&D
"#@%9%/#63&342W/X#%09E314?0%/R#5:6;5'-:*+(%A9/#:0093@%0,5*H420,1#$20#;&@%A*%4/#43(C*343113*D
Y:6;5'-:*+(%A9/#%*%E4:(6;5'#;0#35531#:1,*X&/%/#A3*354B0;&3D
p**%44%5
f363934;0#%9 #2**%4,1# ,(092&25%1# -B#4:(903/G3_ # 3&'03A4F31 #S!!D #,0942*'UR #09/6%W0,1R #W0%*25,9X1R#
-;(&31R#H93*4*2GQ%1R#E?@%4304F31g#%9#QA092AQ%1#;0#%9#B0092AQ%1#093(639B+;0;G35#$3&$?4%41,9X#
E,*%(/420D#aC01;0GB(F31R#90212**%4,1R#&3(/5W3031D
"#&3(/5W3031R #$/54 # %#5:6316B# 36,*QW/X0# /543(5%*/92W/X #-,1,9%4%/_ # @%*%1 #S1:9E,54/# /+3&(35+093(UR#
1;4;*4F31 # S4C+B*;&9;0UR # @C**B1 # S-,*'%+;1c@,$3,09429/0UR # $%+%(%1 # S2**%5+X # 4304@B$;(0;1*34UR#
3$*B0:1#SG3*0B#3$G(/,*X&/%Ug#35531#%#$,4H6?$5%1#%#4,62GG6/43*3#63934#%9#3$G3(@39D
!L!

(:1*:44#;0#4%5?*4#$%&%4%(420-,($21R#42(0%0#6/03*13+;0R#%&(3009/XR#43((/4X(/?$R#1,$$?5/12W/XD
"9#;*34#1/%*%1?*2025%1#1C*:5G:9B#3*$;*343/R#%9#3993*#1%EW0,*%4,0#1?4%420,1D#"9#,54,&3539/0#;0#%#
-/*,&3539/0#3&'$200%*#6%*X#:0093-C&&;03R#36,*QW/X0#1;(+;031D#
l3*3431R#3*$;*3431#%9#3$G3(#36,*QW/XA26%*#1%EW0,*%4G%5D
"9#3&'3+#-3*344/#093(639B+;0/#09/5431R#4F(B1;E300;&R#;*3443(31R#1:(5'3934/#4;5'39B1D#
t,E?*2W/X1R#42(0?*20,1R#G/,W:5X9/0,1R#G/,$,1R#%#G/,09-;(%D
"5'%&-,(&%*,$#;0#353(&/%-,(&%*,$#%#G/,09-;(2G%5D
G$TS/+)U*1/."T+43+0
n:*+(%A9_#-:*+(%A9R#&3,*X&/%/#1,(09%1,1R
GO)S/,+%$)#$0"f",+%$)#$0
Y'/46%43($B1R#92(6%43($B1R#3&'09/1FR#1;409/1FR#(35+093(4%5/#1%43&X(/21R#-:*+4:(4;534/#1,(,1D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#1;E30#%9#3++/&#4%5?*4%1#24-,&X#;(43*$39;0;(3R#%9#3*$;*3431#(35+093(G3#-,&*%*202(%D
"#4%5?*4#;*B*;5'3134#:5$%&?1G%5#;0#%#1:(5'3934C113*#6%*X#3&'C44$F1:+;0C1G35#/0#4?+A%#3*3$395/R#
%#&,5+,*1,+20$X+A24#1;E30#:52**X%5#QAR#3++/&#53$#/0$3(4#43(C*3431(3#/0#1/43(A309435/D
d;E30#%#-:*+/#;*B6/*2&#1C*:5G:9B#093$E,54Q#(35+093(39;0;(3D
e0$3(/#%9#36,*QW/X0#3*$;*34#%*%EA%/4D
a/0942G%5#6%5#%9#3$G3((;#62*20#*3&-,54,0%GG#2**,$20%/6%*R#35531#A3*354B0;&;63*D
d;E30#$3&H4;*5/#%9#3$G3(#093(3E;4#%#-:*+/#;*B6/*2&#A3*35;G35#;0#A:6BA;G35D

E.8.0$
Q252823:/
"#4?+,$25',0#/0$3(3431#4%5H42025%1#-B#W;*A%#%9R#@,&'#1/-3A3993#%94R#@,&'#%#4?+,$25'#%9#3$G3(/#
*;439;0#(;093R#6%*%$/54#%9R#@,&'#-%5429/%+Q0%5R#%9#;(93*$31(3#@%4X#$X+,5#%+A%#24#%9,1%4D#b9#%#
43($;0934 # 6%*X02&,0 # A3*350;&3/531 # $3&-/&'3*;0;(3R # % # A3*350;&31 # $3&-,&%*$%9202(% # ;0 # %#
$,+3**%*1,420(% # 6,5%41,9X # 1;E300;& # 1/-3A*3094;0;4 # A3*354/D # "# 4;5'*3&30 # 4?+,$25',0 # /0$3(3431#
,14%420% # % # &'3($31 # ,*'%5 # ;*341,(2G%5 # 139+B+/1R # %$/1,((% # 093(4 # 4309 # %((% # % # 1;E300;&(3R # @,&'#
,102&/ # :0093-C&&;03/G35 # 093$*;*A3 # % # 6/*2&,4R # ;0 # %$/1,( # 3931 # %9 # /0$3(3431 # % # &,5+,*1,+20/#
1;E300;&#-3A*3094;0;(3#09,*&2*5%1D#"#W;*#%9R#@,&'#,*'%5#$/5B0;&/#&,5+,*1,+20#-3A*B+A:5#1/R#%$3*'#
-,*'%$%42G%5#1;E30#093$*;*5/#%9#3$G3(/#*;5'#;0#%#6%*X#6/*2&#62*4,9X#1%EW0,*%424D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#1H0;(*34/#Q4,5#53$#6/90&2*@%4X#$,+3**31#@3*'344#6%*X02&,0#;(9;13*;035R$3&-/&'3*;035#%*%E?*X#
&,5+,*1,+20/ # $X+093(4 # A%6%0,*4 # %*1%*$%95/D # d39+34G35 # % # A3*350;&&3* # :0093-C&&B # ;(93*$/#
1%EW0,*%4,4#13**#1/%*%1H4%5/#%#4%5?*X1G%5D#d;0BGG#394#$3&#13**#09%G%+H4%5/#%#09?GA314H6#3*3$314B*#
%99%*#%#W;**%*R#@,&'#%#G3*0B#;(4;131#$3&(%&%+@%4X1#*3&'3531#%#$3&;(4;0/#436;135'0;&#0,(25D
b$/%44#%#4?+,$25',0#/0$3(3431#4%5H420%#%#)%*+,(-./01,*2G%5#%9#;(9;13*;0#$/5B0;&;GB*#/5+?*#1/D#
b9#%#4%5H420/#$X+093(#1C*:5:035#;(9;13*;0.#,(/3542*45%1#H(@%4X#*3D#b9#-,54,0#093(3E34#A2409/1R#;0#
@/&/;5/%/.E3+%&X&/%/#A3*354B0;&3#/0#6%5D
m'$02'23

h<"U'$

!LJ

I)Y8232/"3O*1/
"# &'3(3131 # % # @%5&093(30 # 935;*;0 # 0,(25 # $2( # $3&/0$3(13+431 # % # @%5&,1 # 6/*2&26%*R # % # -304;035#
13(3094C*#E3+/&#%#09H531#6/*2&26%*
J$431'%&.",2V)2/83:/."S:)+0
"#-/9/1%,14%420#%#$3&4%E%094%*4#;0#$3&-/&'3*4#A3*350;&31GB*#/5+?*#1/R#53$#E3+/&#3*$;*3431GB*#6%&'#
$,+3**31GB*D#7/5+35#1H52*1,9X#*3@34B0;&34#1/#13**#@%0952*5/#%9#3**354$,5+20,1#G3$?4%4202(%R#%#
4;5'31#093$G32**H420%#;(+31;G35D#"#-/9/1%#09%G2*'%/4#03$#09%G%+#*09/&343*435#42(&'%*5/R#@%53$#%9#
3&';G # 4%542(&'%11%* # 6%*X # :0093-C&&;0G35D # b9;(4 # % # 4%5H4,44 # &'3($3131 # ;*341,(25%1 # $3&-3*3*B#
/+BG35#G3#13**#$?4%45/#%#$F6;0934@39#;0#%#43W@5,*X&/2@,9#6%*X#1%EW0,*X+20,1%4D#"#1:9;E4%&,9%4#
/&'3109/1 # &%9+%& # 4%E%094%*%4,1%4 # 5'QA4%5/ # % # -/9/1%/ # A3*350;&31(B*R # %$3*'31(3 # (2;EC*@34 # % # -3*0B#
4%&,9%4#/0$3(34%5'%&%D
d/3$3*4 # W;* # % # E,54,0 # $3&-/&'3*;0 # 1;E300;&;531 # -3A*3094;03 # ;0 # % # $3&-/&'3*;031 # H(20G3*/#
(:&9H4;0;531#3*0%A24H420%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#A3*350;&31#3&'093(FR#43*A3035#;(4@34B#1H0;(*343113*#4:(4;5B#$3&4%E%094%*20%#63934/#G3#%
4%5?*X1%4#%#-/9/1%#6/*2&2G%D
"#@%5&4%5#3((3#5%&',5#%*1%*$%0D#"#1C*:5G:9B#$3&1:93*H4;031#1:9C*#2**A,5#/44#1344B_
%U#G363934;0#%9#%*%E634B#@%5&A3*350;&31G3#S(39&;0R#@%5&$%&%002&R#@%5&3(BR#@%5&09H5UD
GU#@%5&093(31#6/90&2*%4%R#$3*'531#0,(25#%#4%5?*X15%1#$X+A?1G%5#2**#-3*/0$3(5/#%#(39&;04R#$/54#%#
@%5&#-/9/1%/#$3&-3*3*BA;4_
! % # @%5&-,((20R # 6%*%$/54 # % # @%5&3(BR # % # @%5&$%&%002&R # ;0 # % # @%5&09H5 # 1:9:44/ # 1%EW0,*%4#
G3$?4%420%R#@%5&1:9:1#%#$,5,W@,(+,5R#@%5&43(A3+;0D
! p**X@?**2$,1 # $3&-/&'3*;03 # Sd*%+5/.*3$3935R # @Q(,5R # 1:4;*35 # 04GDUR # (39,5%5W/% # @;41:95%E/#
E;*+2/#S@/54%R#@%5&093(R#*35&B#-%2&R#G/**3&B#6/93042*#04GDU
! "#4%5?*X15%1#$/5+351;EE35#$3&#13**#/0$3(5/C1#%#&;&3#-/9/1%/.;*344%5/#4?*%A+,502&%/4
"#-304;0#0,(25#093(9344#4%E%094%*%4,1(%#;EH463#4,62GG*;E531#%#1:634139B#4;$21(%_
X49'6/%2/60B
! b&'093(F#09H54%5#S%9%9#3*$;*34#5;*1C*/#/0$3(434;0UD
! "#1//5+?*20/#E,54#%#6/*2&,002&R#/**3463#0:4;40;&#3**354;43D
! 73&6/*2&H4,44#09H530#-3*C*3431#-/&'3*;0;531#%GG%@%&'20%#?425#%#093$G35#?4X1;E#1;E9B+/1R#
39#63934344#%#1/3&;09H4B#09H531#3*$;*34;@39#Sw,34@3#<$3&/+;9344=#09H53/UD
! " # 09H5E,$E20 # ;0 # 09H530 # 2(5';1,1 # 093$*;*434;03R # 6%*%$/54 # 13*34139;0C1 # -3*4;43*3/531#
G3$?4%420%D
! p4*2409%4*%5#1:93&#@24?*(X*#6%&'#,*+%*(X*#4:(4;5B#$3&6/*2&H420%1,(#$3&A3*35B#09H5A3*350;&#
$3&$?4%420%D
! " # 09H53*$;*34G35 # W;* # % # 0:4;4M6/*2&,0 # @%42(,1,5 # $3&A3*35B # /+3&35 # 09H5W0H1,1#
4%5?*$25',920%#E(/9$25#13(3094C*D
! "#09H53135#4Q*#%9#2(5';1,1#/0#4%5?*$25',9@%4X1D
! " # $2&530300;& # G3$?4%420% # % # 43($;0934G35 # 3*B-,(+?*X # $%&534/4 # S$2&5306%0;(WU#
03&H40;&;63*D#"#$2&53039@34B0;&#6/90&2*%4%D
! "#1:9:50;&30#$2&53031R#;0#%#SG?(1,*%4#5;*1C*/U#/(25'4F#G3$?4%420%D#b9#%#1:634139B#4;$21#
$3&6/4%4202@,9#63934_
! %9#;09%1/#;0#%#+;*/#EX*?0#-,&%*$%R
! %#$2&53030#6,5920#;0#4%09H420#-,&%*$%R
! %#n:*+#$2&53030#$393A3D
!LI

J/6#03$540,0(#)8,'#%#6,5920#;0#%#4%09H420#A3*350;&;531#6/90&2*%4%D#dC*:5G:9B0;&#%#$2&5300;&4B*D
!"A<0,'/#3*$;*3431#%#1:634139B#3**354;43113*#-,&*%*1,95%1_
! $3*3&#;0#@/+3&R#@B.#;0#@/+3&-,((20,1R#%#@B2(%$*20#/(25'25%1#G3$?4%420%R#$3&6/4%420%#%#
@F4;0#$3&6%*X0H420/#*3@34B0;&;63*#3&'C44#S+3#$;&#43W@5/1%/#(;09*3431#5;*1C*UR
! %9#;&;0#;0#%#0Q(*X+20R#$/54#@B-,((20#4%5?*$25',920%D
G$TS/+)U*1/."T+43+0
&;&3#$F1:+;03#SG/,*X&/%UR#@%5&012*21#S9353UR#/(25'4F#S-:*+(%A9U
GO)S/,+%$)#$0"f",+%$)#$0
(39&;0R#@%5&$%&%002&R#@%5&3(BR#@%5&09H5R#@%5&43(A3+;0R#(39,5%5W/%D
0:4;4M6/*2&,0#@%42(,1,5#$3&A3*35B#09H531#;0#%9,1#$/5B0;&3
%9#;09%1/#;0#%#+;*/#EX*?0#-,&%*$%R#%#$2&53030#6,5920#;0#4%09H420#-,&%*$%R
%#n:*+#$2&53030#$393A3
3*314(,094%4/1?0#6,5920#;0#4%09H420
@B.#;0#@/+3&-,((20,1
0Q(*X+20R#$/54#@B-,((20
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131#$3&4%5?*A21#%#1H0;(*3431#$3&-/&'3*;0;531#-,*'%$%424R#$X+A24D
"#*24,44R#4%E%094%*4#A3*350;&3134#0%A24#09%6%/11%*#3*#4?+A21#$,5+%5/D

e0$3(/1 # % # -/9/1% # 1C*:5G:9B # 43(C*343/531 # %*%EA3*350;&3/4_ # 6/*2&,002&.0:4;40;&R # 09H531R#

%*%E634B#@%5&A3*350;&31R#$2&53030#/**3463#3*314(,094%4/1%/#6,5920.4%09H420R#$3*3&.@/+3&D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;6G35#%#$3W@%5/1%#%#4%5H420#1:9;EE,54/#4;$2A%R#$%A+#?425%#1:634139/1#%#@%5&4%5R#%
-;5'4%5R#%#43($,+/5%$/1%R#%#$2&5300;&#;0#%9#3*314(,$,002&#4,62GG/#(;093/531#/0$3(434;03R
$3&6/4%420%D
m'$02'23

><"U'$

I)Y8232/"3O*1/
b*B9B#;6#%*%EA3*350;&3/531#%9#/0$3(343D#b&'3530#;0#-,(+H4,44#%(25',002&#;0#%9#%99%*#4:(4;5B
092$,*20D
J$431'%&.",2V)2/83:/."S:)+0
" # 1H0;(*3439;0 # $3&/0$3(;03R # -3*634344 # E(,G*;$21(% # 62*%09,1 # 13(30;03 # 1H0;(*343135 # 13(3094C*D#
S4%5?*X1H0;(*3431U#"#43($;09344?+,$25',0#&,5+,*1,+20#3*0%A24H42025%1#3*0B#*;E;03/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#$3W@%5/12G%5#%9#3$3*B#4%5?*$25',9202(%#13(C*#0,(D#b5531#0,(25#%9
3*$;*34%*1,4205%1#13**#+,$/52*5/%D#"#4;$%1:(:1#1?*W009%6%1G%5#%#1:634139B1_
! "9#3$3*B1#1C*:5G:9B#-%A42/R#%9#3(B1%(R#;0#%#43@3(1%(D
! d;41%(Q#$;(*3&#S%$3*'#+3W/$2*/0#G3,09420Q#;0#;(9;135'UD
! l3A4BD # p**XW0/&%D # 7,9&XW0/&%R # W0/&%0,(D # r1R # W0%6%(R # W0?1*X1R # -,&%013(;1 # ;0 # 09HA42(W0%R#
244;43*31D
!Lh

b931531 # %9 # <3&'093(F # &;E31531= # % # 1,$G/52W/X/4 # $3& # 13** # 6/4%45/R # ;0 # %9 # % # W;*R # @,&' # %#

4%5?*X1#$3&;(40;1#%#0Q*'@%A420Q#X(%#6%&'#13(;1E2(62*4X#6%&'#+%(2*X#6%&'#04GD#$F1:+;0/#
3*6;4D#"9#3$3*B#;0#%#*3A4B#1;E*343/531#*363934;03#S3(B#09,(,96%#3*$,9+?*200%*UD
! 83G300;&R#$?51%R#43*A30H4$;5'#-,&%*$%D#n,52*/5&%#*35&;0/+3A;531#4%5?*$25',920%D
0093&9;01;54#$3&G309;*AC1#%#+/21,11%*R#@,&'#3&'093(F#&;E3113*#$?5124#53$#4%1%(H4?51
$3&R#$3(4#1/03GG#3(B4#@,009%GG#Q4,5#-3A4C51#1/D#b53(&/%#$3&$%(%+20#4:(6;5'3D
]!^\I!^
l'?109/(;5%D # l3$39A2409XD # " # @%5& # /(25'H420% # S@%5&09X(XR # @%5&-%*UD # Z%5&03G300;& # ;0 # %55%1#
$;(;03D#T/009@%5&#R#0943(3,#@%420#S%#PD#,0942*'G%5#/0#4%5H4@%4XUD
UY^_I!^
"#1:634139B1#$3&-/&'3*;03_
! aC1:(1;E31#;0#4C1(:9;031#S%#(%A9,*200%*#1,$G/52*6%R#-;5'0?&2(#E%44,&20%#%#4C1(:1#1:9:44UD
! n;5'6/009%63(B+;0#0H1.#;0#&:$G4C1:((B*#%#&'%1,(*%4G%5D
! l35W03#5;*1C*/#1%$3(%#S%9#3$G3(/#093$$3*#:0093@%0,5*H46%U#i%#PD#,0942*'G%5#/0#4%5H4@%4XjD#
[%$3(%#,G0W?(%D
]`I!^
ZB63934;0D#ZB$;(B1D
GQ\^JXJXXY\
! "#-:*+#$2&53030#$393A;531#+31*/52W/XA%#;0#/51*/52W/XA%D
! "#$2&530300;&#%*%EA3*350;&3D
! "9#3*314(,$,002&#QA#4;$2/#:00930F(H463_
! p(%$-,((20,1#S&%*6253*3$R#+/5%$XUD
! b*314(,$,0#2(%$R#2(%$1:(R#1%EW0,*X
! b*314(,$,0#1;09C*;131#%9#3*314(,$,0#2(%$#@%420%/D
! 72&53030#3--314?0,1R#3*314(,$2&530D
! 7F09%1/#%*1%*$%920,1_#3*314(,$,0#4F9@3*'R#G,A*3(R#6%0%*XR#G/94,0H4;1D
n3*#13**#@H65/#%#-/&'3*$34#%9#3*314(,$,0#2(%$#;0#%#6/**2$*20#6309;*'3/(3D
G$TS/+)U*1/."T+43+0
$2&5300;&.@%AX920.-3*-3+39;031#S-:*+(%A9R#4:(4;53*3$U
$?51%6;&9;0.42E*2*1,920R#2(%$C4;0.09H6$3&2**20#SG/,*X&/%U
3*314(,*/4.63934B#S1;$/%U
GO)S/,+%$)#$0"f",+%$)#$0
d;41%(Q#$;(*3&D#l3A4BD#p**XW0/&%D#7,9&XW0/&%R#W0/&%0,(D#r1R#W0%6%(R#W0?1*X1R#-,&%013(;1#244;43*31D
n,(&%4X5',$%4;1D#73W@%5/1%/#$?51%D#83G300;&D
Z%5&03G300;&D
f330;0/#09:&R#G330;0/#$3(B*3&30R#4:(;0/#09:&R#6/0009%63(B+;0/#09:&R#-X1?09E,54D
ZB63934;0
p(%$-,((20,1R#3&'352(%$#;0#@%420%/R#3*314(,$2&530
!",2V)2/83:/"51'3"2'2*#:4&2.
"#1H0;(*3431#E,54,0#$3&-/&'3*;03#$3**344#%#&'3(3131#:52**X%5#$3&#4?+A21#-,&%*$%95/#;0#*3H(5/#%#
*24,44#A3*350;&3134D
d;E3031 # ,1.,1,9%4/ # 1:634139434;031 # *36,5202(%R # $%&'%(29%4,1 # %+202(%R # %$/1 # 1:9:0#
$3&G309;*;0(3#13(C*531D
e0$3(/1#%#1;41%(Q#$;(*3&R#%9#3$3*B1R#%#W0/&21#$F1:+;0;4R#&'%1,(*%4/#%*1%*$%92024D
!LL

b&'093(F#2(%$1:(4#4?+5%1#;EH435/D
b&'093(F#092$,*20/#-3*%+%4,1%4#3*#4?+5%1#6;&395/D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b*0B0,(G%5#%#@/+(,094%4/1%R#%#@/+(,+/5%$/1%R#%9#%3(,094%4/1%#;0#%9#%3(,+/5%$/1%#3(B035
&'%1,(*%4/%0%5#3*B%+,44#QA#43(C*343/#2**5%1#3GG35#%#1,(G%5#%#4%5?*X1#;(+31*B+;0;531
1:9;EE,54A2G%5R#+3#-,*'4%4X+5%1#%9#3*B9B#;631#4;$%1:(3/#/0D
m'$02'23

h<"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631G35#4%5?*4%1#/0$3(343D#892$,*20#3*0B-,1Q#3&'/0$3(34*3530#3&'35*343113*D
J$431'%&.",2V)2/83:/."S:)+0
"9#3$G3(4#1:(C*636B#43W@5/1%/#6/*2&#$F1:+;0;531#$3&;(4;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
!
!
!
!
!
!
!
!
!
!

"(1@/$;+;09#4:(6;5'3#S6H9(3#;0#*363&B(3UD
Z/+(,094%4/1?0#-3*@%A4X3(B#%#@/+(,094%4/1%/#5',$20D
d:9*313+B3+;5'31#S@/+(%?*/1?0#$;(*3&UD
[%(430/?0.-;*3#GQ62(D
89/*2(+#%5'%&,1R#-,*'%+;1,1#;0#&29,1#-%A0Q*'%D
84%G/*/420#SE*D#@%AX1#04%G/*/420%UD
84%4/1?0#5',$20#S:0093@%0,5*H46%#%#6H9G35#;0#%#*363&BG35UD
89/6%44'Q1#3*63#S-B1;EE#%#@/+(%?*/1?0#1,0#-3*;#@%*%+6%UD
l%$/52(/0#;0#4?(G?*350#2(%$*20D
(6;5'31 # ;0 # 3**352**20 # S6H9G35 # ;0 # *363&BG35R # % # @,992A?1 # 4%(4,9X # 3**352**20/ # -,($211%*#
:0093-C&&;0G35UD
!"]!^\I!^G%5#E;*+2?*#%9#%*2GG/%1#1/-3A4;0;(3#13(C*@34#0,(_
! "#@%5&#03G300;&3#S%#*363&B5#1H6C*#$20#%5'%&,1G%5#/0U
! "#@%5&#/(25'H420%_#6/009%63(B+;03#S6/009@%5&U #;0#3*5'3*B+;03#i%#KD#;0#]D#,0942*'G%5#/0#
4%5H4@%4XjD
! d?5+4.-;*3#W0BD
! rEC*3431#%1?094/12A%R#1C*:5G:9B#@%5&093(31#%1?094/12A%D
!"IJPGaZH^!GHLQG%5#%9#%*2GG/%1#*3@34531#%#4;$%1:(:1_
! n,*'%+;1,1R#09/*2(+#%5'%&,1R#;0#&29,1#2**%E,462*4,920%R#E2(,*&20D
! "#6H9#536393430#E,54A%/R#;0#A3*354B0;&C1#%#43($;0934G35#S%#]D#,0942*'G%5#/0#4%5H4@%4XUD
! 73*3&.#;0#@/+3&6H9#63934;1#(35+093(31R#@B1:9*;0#*;&2(%$*20#Q4A25R#@B0?&2(920D#ZB63934;0#
;0#@B09/&343*;0#1C*:5G:9B#%5'%&,1G%5#i%#KD#,0942*'G%5#/0#4%5H4@%4XjD
!W"JbJLIPaGaXXQ\#@%420%/#;0#4:(6;5'3/
! "9#3*314(,$,0#2(%$#@B@%420%#;0#63&'/#@%420%D
! dC*:5G:9B#%5'%&,1#63934;0/#4?*%A+,502&%/R#6%*%$/54#%#-:*+3*;0D
! "9#2(%$#$2&53030#@%420%#;0#%*1%*$%920%/_#3*314(,$,4,(R#+/5%$X#S*3@34B*3&#%#&353(24,(#/0g#
$/5+351;EE35 # $;*'3GG35 # 13** # -,&*%*1,95/ # 3993* # % # 4;$26%* # % # -3*0BGG # ,0942*',1G%5UR#
$;(;031
!LO

SV@$#4:(6;5'3UD

G$TS/+)U*1/."T+43+0
7343,(,*X&/%#S-:*+(%A9U
eE%(/#-,((%+%*,$#S4:(4;53*3$U
GO)S/,+%$)#$0"f",+%$)#$0
5',$20R#-3*@%A4X3(BR#"(1@/$;+;09#4:(6;5'3R#-%A0Q*'
2**%E,462*4,920,1
V@$#4:(6;5'
!",2V)2/83:/"51'3"2'2*#:4&2.
" # 1H0;(*3431 # $3&-/&'3*;0;63* # 093(9344 # 4%E%094%*%4,1GX* # 3&'(3 # E,54,0%GG # 1:634139434;03134#
1;E3031#*36,55/D
e0$3(/1#%#@/+(,094%4/1%/#%*%EA3*350;&3134#;0#4:(6;5'093(F0;&3/4D
a?+A21#%9#3*314(,$,0#2(%$#@%420%/4#;0#3931#&'%1,(*%4/#%*1%*$%92024
Q252823:/
"#O#.#PD#,0942*'G%5#%#4%5H420#2*4%*2G%5#%#1H0;(*3431GB*#/5+?*4#1/R#%#&'3($3131#%#1H0;(*3431#+:54B#
@25'%+24#,44@,5#$3&#4?+421#/0$;43*5/D#7/5+3931#-/9/1%/#A3*350;&31#$3&-/&'3*;0;(3#:094:5:94;1#%#
&'3($313134D#"#A3*350;&31#G3$?4%420%#;0#%#1H0;(*3431#3*6;&9;03#?425#%#4%5?*X1#:52**X%5R#H(20G%5#
:0093&394;1 # 4%E%094%*%4%/1%4D # " # -3*0B # 4%&,9%4G%5 # % # 4?+,$25',0 # /0$3(3431 # 4%5H420% # %#
1:9;E4%&,9%4G%5 # 093(9344 # 4%E%094%*%4,1GX* # 092($%9X # G35',$20,1(% # %*%E?*R # $3*'3134 # &,5+,*%4/#
Q4,5#(35+093(39531R#W;*9,44#1H0;(*343113*#6/90&2*5%1R#6;&C*#09%G2*',112R#4:(6;5'311;#-,($2*5%1D#
b9 # % # 6/*2&(X* # %*1,4,44 # 1;EC1 # 1/%*%1H420% # 0,(25 # $3&6;+/ # % # &'3($313134 # %44X*R # @,&' # 0%A24#
4%E%094%*%4%/152*#;0#H4;*34C15;*#-,54,0%GG5%1#;(4;13*A;1#%#1;0935#1%E,44R#0,109,(#W0%1#-;*/&#;(4@34B#
4:(6;5'3134D #"# 4%5H420G%5 # $3&A3*35B # 3*$;*343134 # %9 # %+,44 # A3*350;&(B* # 09X*XR # $/5+35 # (;09*34(3#
1/43(A3+B35 # 1/+,*&,9,44 # &,5+,*%41:(1;54 # 13** # /0$3(4345/RH&' # E;*+2?* # %9 # %4,$3*$;*3434 # % # 1;$/%#
16%54/4%4H6#09%G2*'%/GX*R#%#-;5'3*5'3*;0GB*#04GD#13**#*3639345/D#"#-3*0B#4%&,9%4G%5#%#-/9/1%,14%420#
W;*1/4F9;03/_
"#dTbadbsd#7bwe87b>r8b#r8#7bwr>ar8b
n/9/1%/#%*%EA3*350;&31R#;0#%#-,*'%$%4%/1#*3H(202(%#/(25'?*X#E(XG2*1,920,1D
n/9/1%/#$;(4;13&'0;&31#;0#-,&%*$%1#+3-/5/2*20%#.#1C*:5:0#431/543443*#%9#3$G3((3*#1%EW0,*%4,0
%0E314?0,1(%#.#6%*%$/54#%#-B#$;(;0/#09%G2*',1#/0$3(434;03#;0#%9#3&'35*3431#*363934;03g#%
-/9/1%/#3(3+$;5'31#5%&'02&(35+A;531#$3&G3W0*;03D
"#$/5+355%E/#;*34#G/9,5',0#A3*350;&3/531#%#-/9/1%/#-,*'%$%4,1#03&H40;&;63*#6%*X#$3&;(4;03D
"#$F09%1/#G3(35+39;031#-/9/1%/#$F1:+;0/#3*63/531#$3&;(4;03D
"#-/9/1%#-3A*B+;04:(4;534;531#$3&/0$3(;03R#%#-B#/(25'6,5%*%1#G3$?4%420%#A3*354B0#4?+X0,1
;*34Q4A25#13(3094C*D
"#-/9/1%/#$,+3**31#%*%E:4*343/531#$3&/0$3(;03R#;0#@%4;1,5'02&?1#$3&G3W0*;03D
drtb88rwbd#r8#dr88rwbd
t(3WH9#$3&-/&'3*;0R#;0#%#4%E%094%*4%1#09%G%4,0#*3H(20%D
b&'093(F#1H0;(*3431#3*6;&9;03#;0#3(3+$;5'3/531#G3$?4%420%D
73&-/&'3*;031GB*#092($%9X#:52**X#*363934;031#-3*629,*20%D
52**X#1H0;(*3431#:00932**H420%#$3&-/&'3*;031#6;&9;03#W;*A2GX*D
"#$;(;0/#@/G21#-3*/0$3(;03R#@%420?1#;(4;13*;03D
"#$;(;0/#3(3+$;5'31#&(%-/1?0#2G(29,*20%#;0#1/;(4;13*;03D
n/9/1%/#-,*'%$%4,1#$3&;(4;03#%#4%5?*4#09%G2*',1R#4:(6;5'31#03&H40;&;63*D
!LK

"#-/9/1%#*3@34B0;&3/531#;0#1,(*24%/5%1#-3*/0$3(;03#%#6%*X02&#*3H(20%#0,(25D
d;E300;&#%#$,+3**31#6%*X02&4%(4%*$25%1#$3&H4;*;0;(3D
"#4%5?*4#%5'%&GX*#:52**X#G3092$,*X#1;09H4;03D
r>rdblr8bdR#r>ardblr8bd#r8#pllp8nVwl"lp8Vd
d,$$?5/12W/X0#;0#3&'C44$F1:+;0/#1;090;&#%#$3&-/&'3*;0G35R#1?4%420G%5#;0
1H0;(*3439;0G35D
"#16%54/4%4H6#;0#%#16%*/4%4H6#1?4%420#1:9:44/#1C*:5G0;&#;0#3(3+$;5'3/1#-3*/0$3(;03D
f3431/54;0#%#+/5%$/1?0#;0#6/009%W0%4,*20,0#-,*'%$%4,1#S,1.,1,9%4/#6/09,5',1U#A3*354;0;G3R
;0#%9#3GGB*#3(3+BR#%9#3$G3(/#&,5+,*1,+200%*#093$G35#42$%094,44#1:6343*$;5'31D
"#1:(5'3934/#;0#353(&34/1%/#1:634139$;5'31#-3*/0$3(;03#0%A24#;09*3*;03/1#%*%EA25D
"55%1#-3*/0$3(;03R#@,&'#%#-/9/1%/#&,5+,*1,+20$X+5%1#-,*'%$%4,0%5#62*4,95/%#13**D
"55%1#-3*/0$3(;03R#@,&'#%#43($;09344?+,$25'R#;0#%9,5#G3*C*#%#-/9/1%#%9#3$G3(/#1?*4Q(%
-,54,0#(;093D
d;090;&#%#4:$3&1,$$?5/12W/X0#3091:9:1#2*4%*#092**H4,44#/5-,($2W/X1#;0#/0$3(434;031
1:(C*431/54B#$;(*3&3*;0;(3D
dC*:5G:9B#4?+,$25',0#1?4%420/#$X+093(31#$3&/0$3(;03
"#43($;0934#G:*W0300;&;531#;(4;13*;03R#Q&'#/0R#$/54#%9#3$G3(/#4:(316;031#E;*+2A%D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#4%5?*X1%4#Q&'#13**#/(25'H4%5/#%#4%E%094%*%4093(9;0G35R#@,&'#$3&;(40;1#%#1:(5'39B#6/*2&
-,*'%$%4%/4R#1C*:5:035#E3+/&#%#43W@5,*X&/2G%5#$3&/0$3(4#-,*'%$%4,1%4D
m'$02'23

><"U'$

I)Y8232/"3O*1/
@B4%5/#;0#3*314(,$,0#%*%EA3*350;&31R#%*%E-,&%*$%1
J$431'%&.",2V)2/83:/."S:)+0
w'%1,(,*5/ # 13** # % # 1;413+B # &,5+,*1,+204 # ;0 # H4;*34%*1,4204R # -B1;54 # % # 43W@5,*X&/% # G/(,+%*$2G%5#
$3&/0$3(4#&'%1,(*%4/#+,*&,11%*#1%EW0,*%4,0%5D#"9#%5'%&,1#-3*+,*&,9202(%#1C*:5:035#%#1H0;(*3431#
*3H(20%/ # A3**3$9B31D # " # 09%G2*',1%4 # 2*4%*2G%5 # W0%1 # G/9,5',0 # E;*+21 # 3034;5 # 13** # $%43$%4/1%/#
-,($?*211%*#/0#1/-3A395/R#E;*+2?*#,*'%5#303431G35R#%$/1,(#;(43*$30#092$H4204#*3@34#6;&395/R#;0#%@,*#
% # 4%5?*X1 # 4%E%094%*%4,4 # 093(39@34531 # % # $355'/0;&31 # 5%&'02&2(X*D # b* # 13** # $;*'H435/ # % # -/9/1% # ;0#
$X+093(3/531 # $3&;(4;0;4R # 0 # G3E/**%54204 # 13** # 5'QA4%5/ # $/5+355%E/ # 42(&'%/51 # ;0 # 43W@5,*X&/2/51#
-/9/1%/#4%(4%*$2G%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
a(%509-,($24,(D
"#-309C*40;&1C*:5G0;&R#%9#2(%$R#;0#%9#3**352**20#G3$?4%420%D
7,(93#A3*246/43*#S426H(XUD#[035&B1R#(3*;1D#7,0X&;ED
]`I!^"YX"GJc]!^HL!
! V44,#6,5#w?3(/W13#*363&B5',$200%*#1%EW0,*%4,0#1?4%420%/D
! "#&B9&;E#-3A*B+;04:(4;5343R#;0#%55%1#A3*354B0;&3#b?(XE%#4:(4;53*$/#-3A*B+;0;G35D
! "#&B91%925#$F1:+;03D
! dC*:5G:9B#C93$%5'%&,1#-F4B;(4;1;531#:0093@%0,5*H420%#S/+32*/0#;&;0/#6/09,5',1#1:9:44UD
! "9#%*%E4:(6;5'31#431/5434;G35#3*#*3@34#A?45/#%#43($,+/5%$/1%#!D#;0#JD#4:(6;5';/&D
!LP

! w294:(6;5'31R#d3*6/5.012*%D
"#43W@5,*X&/%#QA#43(C*343/#43(;5#%#1:634139B#4;$211%*#*3@34#4,62GG@%*%+5/_
! wB94?(G/5%D
! ZF4B&;ER#;0#%#@B09/6%44'Q#-,(+H4,44#$F1:+;03D
! f3*0B;&;0F#$,4,(,1#.#h.C43$FR#J.C43$FR#+H93*$,4,(R#3034*3&#%#84/(*/5&.$,4,(R#V44X.$,4,(D
! 8?&2(.#;0#(%1;4%@%A420D
! >%1;4%@%A420D
JbJLIPaGaXXQ\"YX"]!^\I!^
! "#-309C*40;&1C*:5G0;&R#%9#2(%$R#;0#%9#3**352**20#-,&%*$25%1#/0$3(434;03#6%&'#24/0$;4*;03#
S*D%#PD#,0942*',0#4%5%5'%&,4UD
! V@$#4:(6;5'3#E;*+211%*#;0#092$H420,11%*D
! "9#3*314(,$,0#$?51%#;0#3*314(,$,0#43*A30H4$;5'#-,&%*$25%1#;0#$;(4;13&'0;&3/531
! /0$3(434;03D
! "9#2(%$#2(25%1#1/092$H420%D
! "#43*3-,5#$F1:+;03#@%5&4%5/#;0#3*314(,$,002&/#093$E,54GX*D
! Z%5&09X(XGX*#;0#$/1(,-,5GX*#43*3-,5#;EH4;03D
! "#1C*:5G:9B#1,$$?5/12W/X0#43W@5,*X&/21#C9*34/#A3*354B0;&3D
! n%`D
! n;5'$20,*XD
"#@%5&4%5G%5#$3&3$*H4@34B#%#1344B0#W0/**%&,1#(3*%4H6#$,9&2025%1#/0$3(434;03#%#x,EE*3(#3--314?0#
03&H40;&;63*#S39#%#-:*+(%A9#3E,W@2G%5#/0#/0$3(434;0(3#13(C*@34UD
a,62GG/#,14%420/#4;$21_
! "9#3*314(,$,4,(#$F1:+;0/#3*63D
! dC*:5-;*3#&;E31#@%420-,125%1#:0093@%0,5*H420%D
! q3*354B0#-/9/1%4?+X0,1#;*34Q4A25%1#/0$3(434;03R#6%&'#)%44R#w?3(/W13R#t%E/5R#7,(03#04GD
! ;*34Q4A25%1#:52**X#-3*+,*&,94%420%#%#+/21,11%*D
! "9#353(&/%09C10;&*34R#6%&'#%9#353(&/%4%1%(;1,002&#*3@34B0;&3/531#-%1?*4%4H6#-3*+,*&,920%D
! "#1;0935#3*;(@34B#353(&/%-,((20,1#:0093@%0,5*H420%D
! "#5%E353(&/%R#;0#*3@340;&30#A:6BG3*/#A3*354B0;&3#S3034*3&#/0$3(434;0(3#13(C*@34#%#!ND#6%&'#
%#!!D#,0942*'G%5#%#43W@5,*X&/%#4%542(&'#13(34;G35UD
! "#@/+(,&;5R#$/54#*3@340;&30#353(&/%@,(+,9XD
G$TS/+)U*1/."T+43+0
4:(4;53*3$.#/E%(/#-,((%+%*,$
GO)S/,+%$)#$0"f",+%$)#$0
43($,+/5%$/1%#-B4;43*3/R#&294:(6;5'31
3*314(,$,0#$?51%#;0#43*A30H4$;5'
x,EE*3(.3--314?0
!",2V)2/83:/"51'3"2'2*#:4&2.
"# +/21,1 # 1;E3031# 3*A?45/ # %# 1,51(;4 # 1H0;(*3431GB*R # A3*350;&31GB* # %9# 2*4%*25,0# 1:634139434;031/&R#
$%&'%(29%4,1/&D
"#-/9/1%/#$;(4;13&'0;&3134#G/94,502&&%*#@%0952*A21D
e0$3(/1 # % # @B4%5/ # %*%EA3*350;&3134 # S1%*,(/$34(/%R # @%*$%92**%E,4.62*4,920,1R # /+32*/0 # &29,1#
2**%E,4A3*9B/R#f,'*3.7%(/,443.4:(6;5'R#w%'.l?00%W.4:(6;5'31U
!L]

"#4%5?*4#-/9/1%/#/0$3(3431@39#1%EW0,*X+6%#4?+A%R#@,&'#$3*'#4:(4;53*$/#1,(G%5#4:(4;5431#;0#1/1531#%#
536;@39#1:4@34B1#%#*3&-,54,0%GG#4%*2*$25',1R#-3*-3+39;031#S&B9&;E31R#$,4,(,1UD
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#4%5?*X1#3&'(3#5:6316B#4?+%4,002&&%*#4%E%094%*A21#$3&#%#1:(5'393443*#6%*X#1%EW0,*%4?1%4R#;0
35531#1:6341394;G35#%#1;E93*34G3*/#4:1;*34300;&#;0#%#G/9,5'4%*%502&#3&'$20@,9#6%*X#6/09,5'24D#
b935#%9#;6-,*'%$,5#0,1#4%542(&'G%5#6/009%#13**#$355/#%#139+3431@39D#"#$3W@%5/12G%5#6/*2&,0%5#
;(4@34B#;0#$3&%*%E,9,44#-,&%*$%11%*#*3@34#3*;(5/#%94R#@,&'#%9#/0$3(3431#24431/54@34B31#*3&'3531R#
%$/#G/94,502&,4#%+@%4#%#+/21,1#092$2(%D#b5531#;(+31;G35#%#-/9/1%#$%43$%4/1%/
-,($?*211%*#3**2420%#E;*+21#03&H40;&;63*#4:(4;5A35D#"#4%5?*X1#3*;&3+3440;&&3*#4%E%094%*@%4A21#$3&#
%#$%43$%4/1%/#2**H420,1R#6%*%$/54#%#$3&-/&'3*;031R#$;(;031#3(3+$;5'3/531#3&'39B0;&;4#SE*D#%9#
3*+,G,44#42(&'#E%(%G,*/1?0#(:EE2*'2A%#3034;5UD
m'$02'23

><"U'$

I)Y8232/"3O*1/
$3W@%5/1%/#%*%E-,&%*$%1
J$431'%&.",2V)2/83:/."S:)+0
"9#3*631R#%9#%(25',1#;0#%#-3*4;43*31#-3*/0$3(;0;4#$355'/0;&/#:0093@%0,5*H4200%*#13**#&'%1,(,*5/D#"#
4%5?*X1 # 3*3635R # /0$3(3431G35 # &%9+%& # 1;E34 # 1%E5%1 # % # 1;0B.(353092509 # 5%&' # 093**3$/ # ;0#
4?+,$25',0#-,(+?*XE,54A2(X*R#6%*%$/54#%#-/9/1%#09C*34;0;(B*#;0#%#A3*354B0#093$;*'/0;&31#Sw%*/*3/R#
f(?5,R#d3E*3(R#a'W@,#f(%@3U#;*34(%A9%/5%1#:0093634;0;GB*D#73&4?+@%4A21R#@,&'%5#(%&%+A%#$3&#%#
$3&-/&'3*BR # 093$*;*B+B # 3$G3( # % # -/9/1%/ # 6/*2& # 4;5'3/4 # ;0 # 4:(6;5'3/4 # 1H6C*(B*R # 6%*%$/54 # % # *,&/1%#
4:(6;5'093(F0;&3/4#%#&,5+,*1,+20#2*4%*#G3*C*(B*D#"#+/21,1#0%A24#4?+%4?1#-3A*B+;0;GB*R#6%*%$/54#0%A24#
@/G2/1#-3*/0$3(;0;GB*#4%5?*A21#$3&#%#1?4%420#09%G2*'%/4R#;0#%#$3&-3*3*B#$3&6/*2&H420G%5#*24A21#%#
(;&/ # /+B1 # <5%&' # 3*$;/4=D # k&'%5W0%1 # -3*/0$3(/1 # %9 # :00930 # 1?4%420 # ;0 # -3A*3094;0 # 0,(25 # 3*1:634344#
@/G21GX*#6%*X#4%5?*20#-,54,002&24D
b92*4%*#%#+/21,1#24;*/1#%#4?+20GX*#3(3+B#G/94,502&#;*$;5';4R#;0#$3&4%5?*A21R#@,&'#QA#$X+,5
1%EW0,*X+A%5%1#%#n:*+@:9#;0#%55%1#4:(6;5'093(F0;&3/@39D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
Lb!XXWHLdX"GJc]!^HL!
! d/53$%4/1%#S3&'35*3430#$,9&20UD#83G300;&$;(;0D#"9#24*%&03G300;&#-,&%*$%D
! 83G300;&2G(29,*20#6314,(,11%*D#83G300;&#E%(%**3*,&(%$$%D#"#&',(0?*20#-,&%*$%D
! "#*3A4B5#G31:634139B#2**%5+X#&',(0?*20#$,9&204:(6;5'3/531#1/+,*&,920%R#6%#`#4R#0%MJ#`#
4JD
! 89%G%+30;0R#53@;90;&/#&',(0?*20R#%9#3(B#$;(4;13&'0;&3/D
! nC&&B*3&30#;0#6H909/5430#@%AH420R#3034*3&#-3(+3#@%AH420D
! "#$,9&20#-C&&34*350;&;531#3*63#S-C&&B*3&30#@%AH42052*UD
XI!IHL!
! Z,,13#4:(6;5'3R#%*1%*$%920%#(?&X0#3(B$;(B(3D
! "9#3(B#$;(;03R#%9#3(B1#3&'350Q*'%D#"9#3(B1#2G(29,*20%#6314,(,11%*D
! >?&%*$%0#;0#1;E*;135'#%*%162*4,920R#@%A*H420R#5',$20R#@Q920D
! a30431#0Q*'E,54A%D#"#*3A4B5#%#4304(3#@%4X#3(B#;0#3**353(BD
!ON

ZH^!GHL!
! "#4:$3&#;0#%9#3(B#-,&%*$%D#Y34,5#$,9&204:(6;5'3/D
! b935#3*631#4:(4;53*$/#-3A*B+;0;531R#6%*%$/54#Y34,5#;*344:(4;534;531#/0$3(434;03D
! "9#353(&/%.$3&$%(%+20#4:(6;5'3D#"#$3W@%5/1%#%(%5'09%G2*'25%1#24/0$;4*;03D
! "#$3W@%5/1%/#$?51%#/0$;4*;03D#"9#353(&/%#-,&%*$25%1#/0$;4*;03D#8Q(*X+20R#4%E%+20/#;0#
$,9&20/#0Q(*X+20D
! n,(&X$,9&20D
! "#n:*+#-,(&20%D
! [354(/-?&2*/0#;0#W354(/E342*/0#3(BD
! b034*3&#%#W,(/,*/0.3(B#S*+D#%#!ND#,0942*'G%5#%#-:*+(%A9#13(34;G35UD
! n,(&%4X5',$%4;1,1#;0#5',$%4;1.1/3&'35*H4;0D
! e$E?*9?0R#/$E?*9?05',$%4;1R#(?&%*$%002&D
! Y34,5#&(%6/42W/X0#4:(6;5'3D
! d3E*3(#4:(6;5'3D
! b034*3&#d3E*3(#<T/*2&@%($X5/2=.A%#S6%&'#%#W0/**%&209%4#3E,W@%#13(34;G35UD
! e5&21D
! "#Y%E(35+093(#09%G2*',0#$,9&20%/D#"#$3W@%5/1%/#@?**2$$,9&20D#"#$3W@%5/1%/#(39&;031#
;0#@?**2$,1D#Z?**2$,1#4%*2*1,92025%1#0E3W/2*/0#30343/#S3(B0H4B#;0#&'35&H4B#/543(-3(35W/%R#
@%#53$#%#!!D#,0942*'G%5#,14%4A21UD
G$TS/+)U*1/."T+43+0
W0/**%&209%4
GO)S/,+%$)#$0"f",+%$)#$0
E2*'%R#Q4R#3*$,9+?*20R#03G300;&R#24*%&03G300;&R&',(0?*20
3&'35306,5%*Q#3&'35*3430#;0#3&'35*343035#62*4,9X#$,9&20,1#1/53$%4/1%/#$,9&204:(6;5'3/
4:$3&R#3(B#-,&%*$%R#Y34,5#4:(6;5'31#R#*35+C*34R#$3&$%(%+20/#4:(6;5'31
09:&03G300;&R#13(C*34/#03G300;&R#W354(/E342*/0#3(B
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#A2(4%002&,4#093(39531#%#6/90&2*X+20#093$E,54A2GX*#*;5'3&30#;0#*;5'3&43*35#A3**3$9B1R#
4;5'39B1#$3&1C*:5G:9434;0;G35#%#1H0;(*3431#0,(25D
e0$3(/1#%#1/53$%4/1%/#;0#+/5%$/1%/#%*%E-,&%*$%1%4#SQ4R#/+BR#03G300;&R#&',(0?*20R#09%G%+30;0R3(BR#
Y34,5.4:(6;5'31#U
"#4%5?*4#:0093-C&&;03134R#1;E*343134#%*1%*$%9921#-3*%+%4,1#$3&,*+202G%5D
e0$3(/1#;0#@%0952*A21#%#4%5?*4#-/9/1%/#$355'/0;&31#$;(4;13&'0;&3/4D
e0$3(/1#%#$3W@%5/1%#4:(4;534/#-3A*B+;0;4R#53630#4?+X0,1#3*&,5+,*20%/4#S"(/094,43*;09R
w%*/*3/UD
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#-/9/1%#$,+3(5#-3*-3+39;03/@39#6%*X#3*;(;0@39#6;&/&#13**#@%*%+5/#%9#3*314(,$,002&#3*$;*34;5R#%9#
3*314(,$2&530300;&#3*$;*34;5R#;0#%#(2+/X%14/6/420#%*%EA3*350;&;5R#6%*%$/54#%#-/9/1%/
%*%E-,&%*$%1#!]D#;0#JND#0929%+/#-3A*B+;0;5D
m'$02'23

><"U'$
!O!

I)Y8232/"3O*1/
3*314(,$,0#%*%E-,&%*$%1
J$431'%&.",2V)2/83:/."S:)+0
dC*:5:0 # &,5++%* # 6/90&2*%5+X1 # %9 # 3*314(,$,0 # ;0 # % # $2&53030 # $39B1D # b5531 # 1:6341394;G35 # %#
+/21,1 # $3&-/&'3*;03113* # ;0 # $;(;03113* # 1/-3A*3094344 # /543**/&35W/2A% # % # $%43$%4/1%/ # &,5+,*1,+204#
/&;5'*B # 43(C*3431 # -3*; # -,(+?*D #"9 # %*%E3*6R # @,&' # % # 1//5+?*20/ # E,54 # $/5+/& # 3&' # 1H0;(*34R # % # 1,(2GG/#
,0942*',1G%5#$3&09,1,44%1#%*%EA25#62*4,9%4*%5#$%(%+D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
GJc]!^HL!
$3W@%5/1%/ # (39&;031 # S(?&X(%# %1%094,44 # 4:$3&R # /5&%RUD # d:($,9&20 # ;0 # (39&B$,9&20 # 1%EW0,*%4%D#
Z?**2$$,9&20D#"9#%$E*/4Q+XR#E3(/X+?0/+BR#-(31635W/%R#@?**2$@,009#-,&%*$%D
JbJLIPaGaXXQ\
! "9#3*314(,$,002&#4:(4;5343D#b034*3&_#%9#3*314(,094%4/1%#S/0$;4*;03UD
! "9#3*314(,$,0#$39B#-,&%*$%D#d,5+35924,(,1D
! T%5#+3#w(%%-#&353(24,(#S$/54#%9#3*314(,094%4/1%#E;*+2A%UD
! p(%$#2*4%*#13*4344#$2&53030#$39B1D
! "9 # 3*314(,$,0 # -309C*40;&R # 4:*4;0R # 2(%$ # ;0 # 3**352**20 # -,&%*$%/5%1 # 2*4%*25,0%GG # 09/5435#
4:(4;5B # 24/0$;4*;03D # " # -309C*40;&R # %9 # 2(%$3(B00;&R # %9 # 3**352**20 # ;0 # % # 43*A30H4$;5'#
1%EW0,*%4%D
! "9#3*314(,$,0#2(%$#@B@%420%D#dC*:5G:9B#%5'%&,1#2(%$63934;0/#09%G2*'%/D
! e5+?1W/X_#/5+?14H6#3**352**20R#l359#4:(6;5'3R#%#l,(359.3(BD
! 89?E(%63934;0D
! b53(&/%R # $/54 # 1%*1?*2W/X0 # %*%E3&'0;& # S% # !ND # ,0942*'G%5 # 4%5?*4 # 353(&/%4:(6;5'31#
1/43(A3094;03UD
! "#-,(+H4,44%5#@%4X#2(%$,1#/5+?14/6/420%g#%9#3*314(,$,0#;0#$2&53030#$39B1#E,*%(/420%D
! "9#2(%$3(B00;&#;0#%#-309C*40;&#/+BG3*/#*3-,*'20%#1,5+35924,(#4:*4;03#;0#1/0C4;03#0,(25D
! d,5+35924,(,1#09%G2*'%/R#$;(4;13&'0;&3/R#1%E%W/420092$H420R#+/3*314(/1?$,1D
! b*314(,$,0#(39&B1:(D
! p(%$3(B00;&#S16%54/4%4H6UD
! [0/**%EH4,44#3*314(,$,0#(39&;031#-309C*40;&.#;0#2(%$3(B00;&#+/%&(%$A%/D
! b*314(,$,0#(39&B1:(:1#(39&;0/#-29/0%/D
! [0/**%EH4%4*%5#3*314(,$,0#(39&B1:(:1R#09/5434/924,(D
! >39&;0@,009#;0#-(31635W/%g#a@,$0,5#@?**2$-,($?*2A%D
! q3*&353(24,(R#%#@%**@%4X#4%(4,$25'#@%42(%/
! "+X1 # ;0 # 636B1g # 4:GG31 # 1:9:44 # (39,5%5W/%R # 4(/X+21R # 3*314(,5W0:631 # S1%4X+0?&2(W0BUR#
3$/009/X0 # 09H51;E # S-,*'%$%4,0R # @B+(X4,0 # 09H51;EUg # %9 # 3*314(,5 # -,&%*$25%1 # -3A*B+;03R#
6%*%$/54#%#7/**/1%5#1H0;(*34R#4(%59/094,(,1D
! "+X+/EX*R # +/EX*09%G2*',1R # 3*314(,$2&53030 # (39&;0$39B1R # 3*314(,$2&53030#
@?**2$@,009%1D
! "#A3*246/43*#4:(4;5343D
! >2+/X0?&2(920R#$F1:+B#(2+/X636B#;EH4;03#*3@340;&30D
!IaGUHWHL!
! Y%&'-309C*40;&F#09/1(%/5+?14,(,1g#&293$/009/X#S3$/009/X0#W0:631UD
! d%4X+0?&%(%1R#(:54&350?&%(%1#S%9#%4,$$;(34#%*%44/#$,9&X#E,9/4H6#;0#53&%4H6#4:*4;0@,(+,9X#
!OJ

!
!

(;093W01;1#.#/,5,1#;0#3*314(,5,1#4?*%A+,502&%/UR#6%*%$/54#3931#$3&-3*3*B/#%9#%*-%.R#G;4%.#;0#
&%$$%0?&%(%1G%5R#,09W/**,091XED
>%+/,%14/6/420R # % # (%+/,%14/6/420 # 3*B-,(+?*20%/ # % # 43($;0934G35R # (%+/,%14H6 # G,$*20g#
%4,$$%&@%0%+20R # %4,$(3%14,(,1R # $3043(0;&30 # (%+/,%14H6 # /9,4XE,1R # ;09*3*B3091:9:1#
Sw3/&3(.7C**3(#W0:631R#1:+1%$(21UD
"9#%4,$G,$G%#43W@5,*X&/%/#-3A*3094;0;531#4:(4;5343#S6309;*'31R#0?&2(6;+3*3$UD
"4,$-Q9/XD

G$TS/+)U*1/."T+43+0
1;$/%_#%5'%&093(13934
GO)S/,+%$)#$0"f",+%$)#$0
3*314(,$,0#4:*4;0R#3*314(,$,0#$39BR#[,?*,$G#4:(6;5'
1%E%W/420R#E,435W/2*R#-309C*40;&R#2(%$3(B00;&R#3**352**20
"#-309C*40;&R#%9#2(%$3(B00;&R#%9#3**352**20#;0#%#43*A30H4$;5'#1%EW0,*%4%D
/5+?1W/XR#l359#4:(6;5'3
%*-%.R#G;4%.#;0#&%$$%0?&%(%1
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#E,54,0%5#$3&;(4/1#%9#3*314(,094%4/1%/#A3*350;&3134#S[,?*,$G.4:(6;5'R#3*314(,$,0#$39B#
-,&%*$%UD
e0$3(/1#%9#3*314(,$,002&#;0#%#$2&530300;&#4?*%A+,502&%/4#S-309C*40;&R#2(%$3(B00;&R#3**352**20R#
V@$.4:(6;5'3R#2(%$#@%420%/UR#;0#%#1:9:44C1#*;6B#1%EW0,*%4,4#Sl359.4:(6;5'3UD
" # 4:(4;534/ # 24431/54;0 # 0,(25 # $3&/0$3(4 # 3091:9:1 # $F1:+;0;531 # %*%E3*63/4 # $3&;(4/1 # ST%5 # +3#
w(%%-.&353(24,(R#*3/+35/.E%*%W1R#1,5+35924,(R#4(%509-,($24,(UD
d;E3031 # 3&'093(F # -3*%+%4,1 # $3&,*+202(% # %9 # /0$3(4 # :0093-C&&;031 # 03&H40;&;63*D # e0$3(/1 # %9#
%*%E634B#%4,$-/9/1%/#A3*350;&3134R#%#(%+/,%14/6/420#3*B-,(+?*2024R#-3*@%0952*2024D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
7,04%5(%#%#-/%4%*,1#;(34431#*34431#%((%R#@,&'#$3&-3*3*B#4?+%4,002&&%*#0%A24H40%5%1#3*#3*$;*343134D
7,04#$2(#6%5#;(43*$3#,*'%5#4?+,$25'#3*$;*34/#1;(+;031#$3&42(&'%*2025%1#/0R#$/54#E;*+2?*#%9#
/5+?14H6 # ;0 # +3+?14H6 # &,5+,*1,+20 # -/9/1%/ # $,+3**A;531 # A3*354B0;&3D # a:(313+5/ # 13** # %((%R # @,&' # %#
+/21,1#%#4?+,$25'#3&'093(F0H4344#;0#2*4%*25,0H4,44#2**H420%/4#53#1393*A;1#36/+35W/25%1R#@%53$#%#
$,+3(5#4?+,$25',0#4%E%094%*%4,1(%#H4;*343/1#$3&@,9%4%*%#0,(25#09%G%+,5#42$%091,+A%5%1D#b9#
+:54B # A3*354B0;&F # 03&H40;& # *3@34 # 093$;*'/0;&C1 # -3A*B+;0;G35D # n,54,0 # %*%E/0$3(3431 # 1:9*;03#
$3**344#24431/54;04#13**#%+5/#%#$,+3(5#4?+,$25',0#/0$3(3431(3#A3**3$9B#A3*350;&31(B*#;0#309$;1(B*#
/0D
"#-;5'#;0#%9#%5'%&#4%*2*1,92025%1#1C*:5G:9B#$3&1:93*H4;0/#$X+A%/#@%42(,9921#$3&#%9#,14%420#
Q4A24D
"9#aeIHL!#42(&'1:(;G35#%9#%*2GG/%1#&'%1,(,*@%4X1_
! d//5+?*20#%#1:(5'3934C1GB*#092($%9X#A3*350;&314B*D
! "5%*/4/1?0#&,5+,*1,+20#%#$3&-/&'3*;0#1,$E*344#$X+A25%1#4;$%1:(;G35D
! 89/$E4,$%4/1?0#$3&1:93*H4;0D
! p**20E,54,1#$3&6/4%420%#.#%9#H4;*B1;E300;&#-3A*3094;0;(3D
! 89H54%5#%#-304;0934G35D

!OI

m'$02'23

><"U'$

I)Y8232/"3O*1/
,E4/1%/#/0$3(3431#%#1,(2GG/#;6-,*'%$,1(X*
J$431'%&.",2V)2/83:/."S:)+0
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
aeIHL!#S*D#%#PD#,0942*',0#4%543(6G35U
! "#&3,$34(/%/#,E4/1%#%0E314?0%/D#"9#2(5';1R#%#43*A30#2(5';1#;0#%#-;*2(5';1#-,&%*$%D
! "#$3&6/*2&H420#3(B00;&3D#"#1,54(%094#-,&%*$%#;0#A3*354B0;&3#%#*2420G%5D
! 0093@%0,5*H420_ # 093$ # . # -,4,W3**%R # $/5B0;&31R # $355'/0;&31R # ,GA314/6/420 # % # 16%*/4%4H6#
1?4%420,1#43(C*34;5#/0D
! k4X1;E31 # ;0 # 09H530 # 2(5';1,1 # S09?1W3009H6 # M3&'$204 # 1:634BM # ;0 # 09/$?*425 # M3&'/+3AFM#
1,54(%094U#;0#-/9/,*X&/%/#%*%EA%/1D
! "9#3$G3(/#093$#;0#$F09%1/#$3&-3*3*B/#SE*D#%#-;5'1;E39B&;E#*35W0;/R#G*35+;A3Ug#(:6/+*2420R#
426,**2420R#093$C63&31D
! " # )3G3(.n3W@53( # 4:(6;5' # S-;55'3* # 6%*X # /5&3(13*4;0 # 0%A24,002&%/R # ;09*3*B1;E300;&R#
&3,$34(/%/#;0#%(/4$34/1%/#0,(UD
! "9#;(9;1093(6/#;(9;13*;0#;0#%#4?+%4R#;(9;1W0%*X+20D
! w,34@3#09H53*$;*343#S09/62(625'09H531Ug#09H5$/5B0;&31D
! "#9:*+#;0#%#6:(:0#0E314(?$#E,*%(/420%R#3931#$3&-3*3*B/#%#5:6;5'31G35#;0#%9#3$G3(G35D
! b034*3&_#1*,(,-/**R#@3$,&*,G/5#1;$/%/#093(139343D
! "#1(,$%4,&(2-/%#%*%EA3*350;&3#w,34@3#093(/54R#%#&,34@3/#43($;09344?+,$25',0#$X+093(D#"#
-;5' # ;0 # % # 0:4;40;& # E,*%(/420% # w,34@3 # 093(/54R # ;0 # 35531 # A3*354B0;&3 # %9 # %*1,5'%4/#
09H5%*1,420G%5#S>%'*3/&@.-;*3#-;5'09X(X+20UD#8H14C1:(D#x,$G,(Q#;0#@,$,(Q#4C1(:1D
! "#4C1(:9;0#09%G2*'%/_#1;E0H1#S$F09%1/#%*1%*$%920,1UD
! 7/1(,091XE#.#3*314(,5$/1(,091XE#S-3*G,54X1;E300;&C1UD
! n;5'4:(;0R#43*A30#6/009%63(B+;0#S4:(6;5'3/U#S@%42(09:&UR#Y34,5#%*%E1H0;(*343/#E(/9$211%*D
! n;5'3*@%A*20#SE,54093(F#-;5'-,((20R#*;93(g#*;93(-;5'#.#5%E-;5'UD
! "#-;5'#@?**2$@,009%R#0E314(,091XER#0E314(,$;43(D
! 89H5-3*G,5420#E(/9$26%*R
! l35W0;1R#-X1?09E,54,1R
! T/(4?2*/0#;0#6%*X+/#1;E31R
! Y%E-;5'#-X1?092*20%#&'FA4B*35W0;63*#6%&'#@,$,(Q#4C1:((3*D
! t,*%(/92W/X#.#1344B0#-;5'4:(;0#S$F09%1/#%*1%*$%920%#%#-309C*40;&,E4/12G%5UR#%09/$$34(/1?0#
4;(093(13934#.#%9#/9,4(XE/%#-,&%*$%D
! l;&1:(/ # 43($;0934/ # -;5'A3*350;&31 # ;0 # 3931 # 13*34139;0;531 # -;5'3*@%A*20/R # /543(-3(35W/%/R#
-;5'4:(;0/#;0#E,*%(/92W/X0#,1%/D
! "#09/62(625'#;0#13*34139;03g#3034*3&30#?4%*20#%9#%(%5'$3409;0(3#%#09/62(625'G%5D
! "#-;5'3*314(,$,0#@%420#S;0#$F09%1/#%*1%*$%920%UD
! b*314(,56,*4R#t*%5W1.-;*3#2**%5+XD
! "# -;5' # 1344B0 # 43($;09343 # S@?**2$ # . # (;093W013 # 3*$;*34UR # ;0 # @%420% # % # JND # 0929%+/ # -/9/1%/#
-3*/0$3(;031(3 # S% # 43($;09344?+,$25',0 # $,+3**31 # -3A*B+;0;(3U # 6,5%41,9X%5R # % # -/9/1%#
@%42(%/6%*#-,&*%*1,9X#$34,+/124#/**34B35g#@/E,4;9/031#-3*2**H420%D
! " # -;5' # @2(,$ # $,+3**A3_ # @?**2$.R # (;093W013.R # ;0 # 0?&2(920/ # $,+3**R # 6%*%$/54 # 3931#
!Oh

!
!
!
!
!
!
!
!
!

A3*354B0;&3#;0#%#(2A?1#6,5%41,9X#G/9,5'H4;1,1D
>3*%4/6/4203*$;*34R#16%54?$3*$;*34D
JND # 0929%+/ # A3*354B0 # 1?4%4X1 # ;*34(%A9% # SE*D # b/5043/5R # t*%5W1R # Z%@5R # 8W@(:+/5&3(R # f,@(R#
Z3/035G3(&UD
"#+/21,1#E;*+21,5#13(3094C*#/0$3(/1#$3&#/44#%#$,+3(5#/0$3(343*$;*34/#1;(+;03134R#6%*%$/54#
%#4?+,$25'#;0#%9#34/1%#E(,G*;$2/4D
"#-/9/1%#$%43$%4/92*20%#;0#%#1;43*13+;0#09%G%+02&%D
d;E*34093(1393431R#%#4:$3&#353(&/%#316/6%*35W/%g#%#-;5'#;0#%9#%5'%&D
b$/009/X0#;0#%G09,(EW/X0#09H51;ER#09H51;E3*3$9;0R#09H51;E6,5%*%1#A3*354;03D
n309C*40;&1C*:5G0;&31#$;(;03#-,4,W3**26%*R#;0#%#@?**2$@,009%1#@,992(35+3*;03D
7/**/1%5#1H0;(*343#S@%#53$#4%5H4,4421#%#!!D#,0942*'G%5#%9#3*314(,55%*#1%EW0,*%4G%5UR
>?4@3(-,(+#09X(X+20/#1H0;(*343R#%9#%5'%&#@?**2$#.#(;093W013#1344B0#43($;09343D

G$TS/+)U*1/."T+43+0
-/*,9X-/%
GO)S/,+%$)#$0"f",+%$)#$0
-X1?09E,54R # 6%*X+/ # ;0 # *2409X*%&,0 # 1;ER # 1;E426,*02&R # 42(&'426,*02&R # &3,$34(/%/ # ,E4/1%#
1;E093(13094;0#S0H1R#+,$G,(Q#;0#@,$,(Q#4C1:(#;0#*35W03U
(3*%4/6/4203*$;*34#%*%EA%/
16%54?$$3W@%5/1%#%*%EA%/
!",2V)2/83:/"51'3"2'2*#:4&2.
e0$3(/1 # % # &3,$34(/%/ # ,E4/1% # 093(13094;0/ # 3*A2(20%/4R # %9 # ,E4/1%/ # 42(&' # ;0 # 1;E # -,&%*$24R#
:0093-C&&;03/4R#%#*31;E39;0/#4:(6;5'3134R#;0#%9,1#-3*%+%4,1G%5#6%*X#%*1%*$%92024D
e0$3(/1#%#-;5'4:(;0#A3*350;&;4#;0#4:(6;5';4R#%#-;5'6/009%63(B+;04R#E(/9$24D
a?+A21#%#43($;0934G35#3*B-,(+?*X#,E4/1%/#A3*350;&31#$%&'%(29%424#S-;5'4:(;0R#+;*/G2GUR#/0$3(/1#%9#
,E4/1%/#3091:9:1#$F1:+;0;4#S5%&'H4XR#426W0BR#093$C63&UD
f3431/54;04#5'3(531#%#-/9/1%/#$,+3**%*1,420(X*#;0#35531#A3*354B0;&;(B*#1,51(;4#E;*+21,5
13(3094C*#S-;5'#43($;09343R#$,+3**A3/UD

G:#.$
Q252823:/
" # )%*+,(-./01,*21G%5 # % # 1;$/% # 4%5H42025%1 # $X+093(4%5% # 5%&'G%5 # 3*4;( # % # @%&',$25',0%5#
$3&09,1,44X*D#n,54,0#$3&A3&'395/R#@,&'#%#)%*+,(-./01,*21#1;$/%#4%5H42024#53$#%#@%&',$25',0#
$X+093((3*#093$G35/#G/9%*$%4*%502&R#%9#%99%*#3&'34#53$#;(4;0#%*%1H4,44%#;0#%*%1H4A%#1/R#43@24#53$#
6%*%$/531 # % # 4%&%+202(% # %*%E,9D # " # 4%(4%*$%4 # ;0 # % # $X+093(4 # % # &'3($31 # *;5';531 # S% # 1,(2GG/#
-3A393431G35 # (;09*34303GG35 # 42(&'%*4U # -3A*B+;0;@39 # /&%9H4A%R # 53$ # E3+/& # %9 # 2*4%*25,0%5 # 3*43(A3+4#
09%1*,&/12@,9D #"# 1;$/% # 4%5H42025%1 # /44 # 43@24 # 53$ # 09%1$%/R # @%53$ # E3+%&X&/%/ # W;*A% # 6%5D # b9#
43($;09343035#53$#92(A%#1/R#@,&'#%#4?+,$25'#3935#2&%#/(254#;(+31*B+B1#%#092$?1(%#$3&-3*3*B#
$;*'0;&G35#42A;1,9,44%1#*3&'3531#%#6/*2&#1;$/%/#,*+%*2(X*R#+3#/&'3109/1#1/92(5/#%94R#@,&'#%#1;$/%#
536;G35#3*/+3&353+A3531#$%&24X*#%#1;$/24X*D
"55%1#;(+31;G35#43@24R#@,&'#%#42(&'#4%5H420%#53#:5W;*Q#*3&'35R#@%53$#%55%1#03&H40;&;63*#%#
4%5?*X1#%9#3&;09#6/*2&#093$*;*;0;@39#5'3(A3531#QA#093$E,54,1%4#S$3*'31#093(63035#G3;EC*531#
&,5+,*1,+20?1G%UR # 53$ # 09%G%+ # % # 1;$/% # 4%5H42024 # % # *3&$,+3(53GG # 3*$;*3431 # *33&'093(F0H4344#
62*4,9%4%/6%* # 139+35/D # Z% # % # 139+;0 # % # &'3($3131 # 2*4%* # AX* # /0$3(4 # %5'%&,11%* # ;0 # 62*4,920,11%*#
!OL

4:(4;5/1R # %@,* # %9 # QA+,502& # % # W0%1 # % # 093$E,54,1G%5 # ;0 # % # 6/90&2*%4 # $X+093(3/G35 # (3A*/1R # %11,(#

G/94,0#4%E%094%*%4/#%*%E,4#%+@%4?51#%#1;0BGG/31G35#3&'(3#G,5',*?*4%GG2#62*X#/0$3(34%5'%&5%1D#"#
A3*350;&31GB*#/5+?*?51#1/R#53$#E3+/&#%#$,+3**31GB*D#"9#3*$;*343134R#$,+3**3134#%#A3*350;&31GB*R#
4%E%094%*%4,1GX*#63934AC1#$%A+#*3R#%GG%5#%9#;*341,(G%5R#%$/1,(#%#4%5?*X1#$2(#E,54,0%5#$3&#4?+A21#
1C*:5G:94345/ # % # 6%*X02&,4 # % # 6%*X02&,4 # *3H(5/ # E(XG2*X # 3*$;*344B*D # b # 1;4 # +,*,& # 1C*:562*%09420%#
(35+1H6C*#-,54,0#%#$,+3(5#4?+,$25',0#&,5+,*1,+20#1/%*%1H4202G%5R#+3#3@@39#$2(#$3&-3*3*B35#
;(344#&,5+,*1,+20#;0#3*3&35+B#4%E%094%*%4#09C10;&30D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# 1;$/% # 4%5H42025%1 # 139+34;5 # 53$ # *3@34 # W;* # %9 # %4,$3*$;*34 # G363934;03 # ;0 # % # 1;$/%/ # 3*3$31#
(35+093(39;03D#b9#?4XGG/%1#5%&'(;094#5/5W03531#/0#A3*35#3*3$/#2**%E,4G%5#%#43($;0934G35R#H&'#
42(&'%*20?1##136;0#1/6;43*4B*#3*431/5463##53$#@,99%#1:93*3GG#%#+/21,4#%#1:(C*:443#*;6B#6/*2&@,9D#
"#1;$/%#4%5H42025%1#3*0B#;6;G35#%9,1%4#%9#%*%E,1%4#13**#*34355/R#$3*'31(3#%#4,62GG/%1G%5#;EH435/#
*3@34D # b9 # 6,5%41,9/1 # % # -,&%*$%1 # 1/%*%1H4202(%R # % # $3&-/&'3*;0 # -,*'%$%42(%R # % # 1H0;(*3439;0#
$X+093(4%52(% # 3&'%(254D # "9 # ;&;0R # % # 0%6.G29/0 # 3**354;4E2(R # % # 1C*:5G:9B # 0X1R # %9 # /5+/124,(,1#
@%0952*%4%R # % # -;$31 # 4?*%A+,502&%/ # $/5+.$/5+ # 3*B13(C*531 # % # 1;0BGG/ # ;631 # 0,(25 # /0R # +3 # 3931#
%*%E09/54F#42(&'%*20%#AX#*3@34B0;&34#%+#%#1;$/%/#093$*;*34#1/%*%1H4202(%D
m'$02'23

><"U'$

I)Y8232/"3O*1/
ZB4%5/#/0$3(3431#%#@%4,+/1#,0942*'GX*
J$431'%&.",2V)2/83:/."S:)+0
"# $34,+/1% # %*%EA% # % # 1;$/%/ # -,*'%$%4,1G% # 4:(4;5B # G363934;0D #"# -,*'%$%4,1%4 # 53$ # $355'/0;&/#
093$E,54GX* # 139+AC1 # 3* # 6/90&2*5/R # @%53$ # $/5B0;&/ # $3&1:93*H4;04 # %*1%*$%9?51D # b9 # 03&H4@34/ # %#
+/21,1%4 # %GG%5R # @,&' # QA-%A4% # $3&;(4;0 # -3A*B+A:5 # 1/ # G355C1 # %9 # 3++/& # /0 # /0$3(4 # 6/*2& # /(25'2G%5D#
b5531#;(+31;G35#%#@;41:95%E,1G%5#/0#(35+093(3035#@%0952*4R#43($;093430#%5'%&,11%*#139+AC1#%#
6/90&2*%4,1%4D#Y3$#%9#QA#%5'%&,1#09,1%4*%5#6/03*13+;0;63*#;G(3094C51#-3*#;(+31*B+;04R#@%53$#QA#
093$E,54,1%4 # 5'/4?51R # QA-%A4% # 1;(+;03134 # 634C51 # -3* # % # AX* # /0$3(4 # -,*'%$%4,1 # 1%EW025D #"# 1;$/%#
/*'351,(#Q&'#A3*35/1#$3&R#$/54#%9#3$G3(#;0#%9#/0$3(4#1:(5'3934#-(/0035#-3*-3+39344#6/09,5'%R#53$#
E3+/&#%#&',(0%5#$Q*X#093592W/X#3091:93D
bGG35 # %9 # ;6G35 # % # 1;$/% # $;& # 53$ # 09/&,(Q%5 # %5%*/4/1?0R # 0,11%* # /512GG # %9 # :0093-C&&;03134#
4%5?*$25',99%R # $/5403$ # %9 # %*1,4X # 3*3$3134D # " # 6/90&2*%4,1 # 1:9G35 # 3*0B0,(G%5 # % # 4%5?*X1#
$3&-/&'3*;03/(3R#;*$;5'3/(3#42$%091,+6%#;EH4139C51R#53$#E3+/&#%#$;(;031(3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#4F9#1C*:5G:9B#$3&A3*35;0/#-,($2/5%1#$/5B0;&/#6/90&2*%4%#S%#09;5#$201;EE#;&R#$/54#%#09%*$%#;0#
%#-%g#%#&'3(4'%#$201;EER#$/54#%9#%*1,@,*#;0#%#1B,*%AR#%#1;5#$201;EE#$/54#%#-,09-,(U
"9#;&;0#43($;13/531#;0#$%(%+625'%/5%1#6/90&2*%4%#S@%$?R#09;5R#09;5.+/,`/+U
e5+/124,(,1#S5:6;5'/#3(3+34F#/5+/124,(,1R#E*D#6:(:0#12E,094%*;U
"#*363&B#2(%$*20%#%#4F9#1:(5'3934;G35_#%9#;&;04#42E*2*X#,`/&;5
%9#VJ#;0#%#[VJ#093(3E3#%#6;(13(/5&;0G35#;0#%9#;&;0G35
"#$;09#;0#%#$;09;&34;0D#"#0%6%1%4#1;E9B#&29,1#S09;5.+/,`/+R#1;5.+/,`/+U#;0#%#G29/0#$3&A3*35;03#
S$;09*Q&R#@%$?*Q&UD#a,62GG/#0%6%1#SE*D_#0X0%6R#-,09-,(0%6R#1;5300%6U
n;$31#S%(%5'R#(;9R#X5R#G(,59R#6%0U
!OO

d?*4Q(4:(4;534/#;0#43W@5/1%/#6,5%41,920,1_
"#&'3(4'%#6/90&2*%4%#S7D#n%(%+%'U#;0#&'3(4'%1;09H4;0
"#4F9@3*'31#;0#%#1;$;5'#-3A*B+;03
"#0%6%1#;0#*Q&,1#6/90&2*%4%R#03$*3&30H4;0R#0X1;E9B+;0
Y;@25'#&,5+,*%4#%9#%(%5'#G25'209%42(X*#;0#-3*+,*&,9202(X*
8XG25'209%4
G$TS/+)U*1/."T+43+0
n/9/1%R#20625'4%5R#-:*+(%A9#OD#,0942*'R#(%A9.-304;0R
GO)S/,+%$)#$0"f",+%$)#$0
r&;0R#0%6%1R#*Q&,1R#/5+/124,(R#*363&BR#09;5.+/,`/+R#,`/&;5R#-;$31R#,*+X+20
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#1;E30#E,54,0#$3&-/&'3*;03134#6;&395/D
b&'093(F#1H0;(*343134#G/94,502&,0%5#6;&(3#4?+#@%A4%5/D
a/0942G%5#6%5#%9#;&;0#-3*4;43*3/63*D
73&;(4/#%#$;09;&34;0R#%#$;09,*420#;0#%#$;09#$3&1:4;0;531#1;$/%/#@2443(;4D
d;E30#3&'093(F#1:634139434;031#*36,5202(%D
l3#4?+A%#H(5/#%9#X(25#*24,44%1%4R#A3**3$9B#(%A9,1%4#4?+#%#A3*350;&31(B*#1;09H435/D
a/0942G%5#6%55%1#%#0%6.G29/0#/5+/124,(,1#-3*@%0952*2026%*D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#PD#,0942*'#1;$/2A%#%#1//5+?*20/#E,54G%#%#42E*2*;1,4#1;09H4B#3$G3(4#@3*'39/D#"#1:(5'3934#;0#%9#
3$G3( # 6/09,5'% # /44 # 3&';(43*$FD # "9 # 3$G3( # % # 42E*2*1,920% # ;(+31;G35 # 1C*:5G:9B # ;*B*;5'31#
;*34-,*'%$%4%/4 # 09%1H4A% # $3&R # 09;462*%094R # -3*+,*&,9R # 24%*%1H4R # 4/094H4R # -/5,$H4D # "9 # 3&'30#
42E%5'%&,1G%5#$/5+3931#?425#/0#4C1(:9B+/1#$/5+%9#%#-,*'%$%4R#%$3*'#*;4(3A:44C11,(#*3A2409X+,44D#"#
6/90&2*4#%5'%&,1G%5#43@24#%9#;*34-,*'%$%4,1#E/**%5%41;E3/4#4%E%094%*@%4A?1R#3935#-,*'%$%4,14X*#53$#
3*62*%094@%4X%1 # %5'%&/ # 4?*%A+,502&%/1 # 03$D #"# 4%5H420 # 3&'/1 # -,54,0 # W;*A% # 3935 # 1%(%143(/094/1?0#
4?*%A+,502&,1# $3&(%&%+20%R # $3&;(4;03D #"# 4%5?*X/# 1H0;(*3431# 394 # %# -,*'%$%4,4 # $;&# 3*36353GG;#
43@34/1
m'$02'23

h<"U'$

I)Y8232/"3O*1/
a2E*2*1,9204%5/#/0$3(3431#KD#,0942*'G%5R#1;$/%/#%*%E/0$3(3431#%#KD#,0942*'GX*
J$431'%&.",2V)2/83:/."S:)+0
"#42E*2*;1,1#;0#%#42E%5'%&,1#1;$/%/#6/90&2*%4/#$X+093(3/D#V*'%5#093$*;*34$X+#1/%*%1H420%R#%$/#%9#
;*B*;5'31GB*#092($%9X#%5'%&,1#$/5B0;&;(3#;(9;1355';#4309/#%#+/21,1%4D#"9#%*%E634B#42E%5'%&,1#
1;$/%/ # $3&/0$3(;03 # %*%E,4 # %+ # % # 1;0BGG/ # 093(630 # 1;$/%/ # 4%5?*$25',15%1D # "# 6%01,@209%4 # %#
-;$3113*#4:(4;5B#1;$/%/#/0$3(13+;04#GB6H4/#%9#3*B9B#;6@39#1;E304D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # $%&4X* # % # */094/& # # 1C*:5G:9B # &%G,5%4HE?0,1R # %9 # B(*;0 # 43W@5/12/ # S%9 # B(*B1B4B* # % # 6H9/. # ;0#
09;*$%*$,5#24#%#@35&3($%*,$/&UD#dH0;(*3431#%#*/09443*_#%#4;094%R#%#0/1;(
!OK

d3$;5'H4B#3*B2**H420%#*/094GB*R#G?(&,5'2GX*R#%#13$;5'H4B#A3**3&934300;&3/R#AX+c13$;5'H4B#(3%1W/X
"#0/1;(R#$/54#%#*/094#-3@;(A31,$E,53503#S3*093530H4;0/#E(XG%U
"#-3@;(A3_#43AR#4,A20R#@Q0R#4,**R#09B(R#<2**%4/#3(3+34F#43($;131=
"#-3@;(A3#+35%4?(2W/XA%R#`%54,E(,43/5.(3%1W/X
"# W?1,( # S% # @,992 # 4%(4,9X # 1?*4Q(4:(4;53443*U_ # W?1,( # % # 43($;0934G35D #"# 13$;5'H4B # W?1,((2 # 6%*X#
24%*%1H420% # 0%6 # 03&H40;&;63* # S@/+(,*H9/0U # R # % # 13$;5'H4B # 6H9@39 # ;0 # % # 4F9@:9 # 6%*X # 6/09,5'%D#
n3@*/5&.,*+%4#;0#-3*@%0952*20%R#39C044C1:(.E(XG%R#(3+?12*X#W?1(,1R#53$#(3+?12*X#W?1(,1
0H(,1 # ;0 # ,*%A,1_ # 5:6;5'/ # ,*%A-,((20,1R # 2**%4/ # 90/(%+;1,1 #"# 90H(R # % # $3*3&@39 # ;0 # % # 4F9@:9 # 6%*X#
6/09,5'%R#6H993*#093$G35/#6/03*13+;03
"#09%EE%5.3*B2**H420#-,*'%$%4%
[3**?*X9R#E%EH(.3*B2**H420
[?1,(.3*B2**H420#(;E2GX*
[?1,(-,&'%09420R#$/54#W/6/*/92W/X0#E(,G*;$%#M#%#W?1,(4Q*-,&'%09420#1:634139$;5'3/#%#-,&%9%4(%#M#
6;(W?1,(#;0#W?1,(G343&0;&
"#GB(#;0#%#W03(9;0#-,*'%$%4%
8%A41;09H4;0
"#-;$-3*+,*&,920#-,*'4%420%R#%#1,@XG%5#9%A*X#-,*'%$%4,1D
G$TS/+)U*1/."T+43+0
a2E*2*1,920 # ;0 # 3&;090;&4%5 # % # KD # ,0942*'G%5R # @B4%5 # ;0 # $3W@%5/1% # % # -/9/12G%5R # 1C*:5G:9B#
;*3*$/093(31 # $3&A3*35;03 # % # 4:(4;53*3$ # 0,(25R # %9 # /E%(/ # -,((%+%*,$ # A3*354B0;&3 # S1,@209%4UR#
5:6;5'4%5R#2**%44%5#%#1,(2GG/#,0942*',1G%5R
GO)S/,+%$)#$0"f",+%$)#$0
l?&,*.,*+%4R#`%54,E(,43/5.E(XG%R#a(,$$3(Mn3@*/5&.E(XG%R#1C*:5G:9B#W?1(,1#*353639;03R#(3+?12*X#
W?1(,1R#09%EE%5R#+35%4?(2W/XR#@/+(,*H9/0
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X#1;E30#3&'093(F#E(XG21#03&H40;&;63*#%#13$;5'H4BR#%#W?1,(R#%#-3@;(A3#1/$?4%4202(%D
"#*24,44#1H0;(*3431#%*%EA25#:52**X#1H0;(*343134#/0#$3&#4?+#43(6395/R#1;E30#3931#1/6/43*39;0;(3D
"#4%5?*4#%5'%&,1#*3&-,54,0%GG#4?*%A+,502&%/4#1;E30#/0$3(4345/D
d;E30 # -3*/0$3(5/ # %9 # :0093-C&&;03134 # % # 1C*:5G:9B # ;*3*$/093(31 # :00934;43*3 # ;0 # 4?*%A+,502&%/#
1:9:44D
"#4%5?*4#/E%(/#-,*'%$%4,1%4#1;E30#*;E;031(3#4%&,*5/#;0#%9#3&'30#*;E;03134#1%(%143(/92*5/#/0#4?+A%D
e0$3(/#%#4%5?*4#0%6%1#;0#*Q&,1#3*B2**H420/#$X+A24D
Q252823:/
"# -3*0B # 4%&,9%4 # 1;$/% # 4%5H42025%1 # -,54,0 # W;*A%R # @,&' # % # 1:(5'3934;63* # 4?+%4,0R # -3*3*B0 # 6/09,5'4#
1/%*%1H4X#3$G3(311; #62*A%5%1 #%# +/21,1D #"9# 3*B9B #;631G35# $3&093(9344 # %*%E/0$3(343134 # 4,62GG/#
5;&'#;635#24 #GB6H4AC1R #@,&'#%#43W@5/1%/# W/6/*/92W/XG%#;(139B#+/21,1#,44@,5,0%5#$,9,&A%5%1#%9#
%5'%&,1 # ;0 # -,*'%$%4,1 # 6/*2&2G%5D # l245/?1 # 13** # % # $,+3(5 # 1;$/% # @3*';4 # % # 42(0%+%*,$G%5R # %9#
/E%(G%5R # % # 1:(5'39344?+,$25'G%5D # [;*?51R # @,&' # %9 # 3$G3(/ # 436;135'0;& # ;0 # % # 1:(5'3934#
1%EW0,*%424 # %9 # ;*34GB* # G3$?4%4,44 # E;*+21,5 # 13(3094C* # ;(4300C1 # $3& # % # +/21,11%*D # " # 1;$/%/#
09%15'3*634#-,1,9%4,0%5#%*%1H4A?1#1/#;0#$/5+/&#$3&1:6343*AC1#%55%1#$3&-3*3*B#09/54F#@%0952*%424D#
"9#%5%*/4/1?0#;0#%#09/5434/1?0#&,5+,*1,+20#1:9:44/#1C*:5G0;&R#/**3463#%9,1#3&'$20(%#;EC*;03#AX*#
$3&$?4%41,9/1#%#$%&%0%GG#;6-,*'%$,1#1;$/%#4%5H4202G%5D
PN":5,+)&$#
!OP

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#093(630#1;$/%#%9,5#43(C*343#13(C*#$3&42(&'%*20(%R#%$3*'531#$;&#6%*XG%5#5%&',5#0,1#1:93#6%5#
%9 # ;*B # 093(6393431@39R # %9 # ;*34-,*'%$%4,1@,9D # " # -,*'%$%4,1G%5 # 4:(4;5B # &,5+,*1,+20 # 2E,*20%#
-,54,0 # W;*R # 394 # ,*'%5 # 1;$/%/ # %5'%&,1 # 1%EW025 # /&'3109C51 # $3&$?4%45/R # $3*'31 # 1,$,*'#
;(+31*B+;0(3#4%(4%5%1#092$,4#3GG35#%9#;*341,(G%5#S%*1,@,*R#/**%4%5'%&,1R#1B,*%A092($%9;1,1UD
m'$02'23

><"U'$

I)Y8232/"3O*1/
"#5',*W%+/1,0#1;$/%#093(630#1;$/%/#/0$3(343/R#%#@343+/130#42E*2*1,920#;0#3&;090;&4%5R#%#-,009/*/0#
353(&/%@,(+,9X1#G25'209%4%#-:*+(%A9GX*D
J$431'%&.",2V)2/83:/."S:)+0
"# +/21,15%1 # $3& # 13** # /0$3(5/C1 # % # @;41:95%E/ # ;*34 # ;0 # % # 43W@5/1% # -,54,0 # 093(630 # %*%E%5'%&%/4R#
6%*%$/54 # %9 # 3931@39 # 1%EW0,*X+X # 1;$/%/ # -,*'%$%4,1%4D # "9 # 3931 # 1%EW025 # 42(&'%*4#
4:(6;5'093(F0;&3134#$;&#1;E*3431#5;*1C*R#09%6%11%*#*3H(4#3&'35*343113*#(:&9H4AC1D#"#42(&'%*4#1;$/%/#
%5'%&,1#1%EW025#5%&',5#-,54,0#%9,1#@;41:95%E/#;*34G35#A2409,44#093(3E;531#1/@%5&0Q*',920%R#%9#
:1,*X&/%/#;0#42(0%+%*$/#6,5%41,920,1#092$G%6;43*3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#;&;0#;0#%9#,`/+2W/X0#-,*'%$%4D#"#(3+?1W/XR#$/54#%9#,`/+2W/X#6/009%-,(+H420%
"#*363&B#:00934;43*3D#"#*;&9;0#$/54#,`/+2W/X0R#%#-,4,09/54;9/0#$/54#(3+?1W/X0#-,*'%$%4D#"9#%5'%&,1#
1:(-,(&20%#%#*363&BG35D#w',(0#;0#*%00Q#,`/+2W/XD#"#09;5.+/,`/+#1;E9B+;03#;0#4?*%A+,502&%/R#%#
*363&B09355'39;0#-%A42/
" # 1;$/% # 4:(4;534;GB*_ # "9 # ,`/&;5 # -3*-3+39;03 # ;0 # 4?*%A+,502&%/ # SeD # t(/304*3'UD # V`/+2W/XR # $/54#
,`/&;5-3*6;43*#S"D#l%6,/0/3(U
893(630 # 1;$/%/ # /0$3(3431_ # % # 1C*:5G:9B # W?1(,1R # % # 13$;5'H4B # ;0 # % # W3**?*X9 # 4?*%A+,502&%/R#
3*B-,(+?*20?1R#3&'$20G%#4:(4;5B#24%*%1?*20?1R#%9#/E%(/#-3*+,*&,920#$X+A%/D
" # 09;5@/+(24,1 # 1/$?4%420% # % # 5:6;5'31G35 # SAX+.13$;5'H4B # E(XG%R # n3@*/5&.(3%1W/XR#
39C044C1:(.E(XG%UD #"# -% # %5'%&/ # :00934;43*3R # % # E%EH(.3*B2**H420 # 1;$/%/ # -,*'%$%4%/R # /99H420 # S092(%9#
*3E2(*20UD#"#-%09;5#3*B2**H420%D#"9#3*0935303+;0_#4B93&R#G%(5%09;5R#-3134309;5R#%#&(%-/4#1/%*%1?*20%D#
dB,*%A1;E9B+;0D#"#1B,*%A092($%9;1,1D
b(A3+;0_ # %*1,@,*,0 # 3(A3+;0R # 3W340%6%0 # 3(A3+;0R # %3(,G # ;0 # %5%3(,G # 3(A3+;0/ # -,*'%$%4,1D # "#
+3094/**2W/X#-,*'%$%4%D#"9#%*1,@,*,1#4?*%A+,502&%/#;0#-%A42/D#"9#%*1,@,*#4Q*-,&'%09420#6309;*'3/D#"#
$34%5,*#$;(&39B#@%420%D#x(,&,1#1;$/%/#4?*%A+,502&%/D
"9#;43(31#3*B2**H420%#;0#4?*%A+,502&%/D#"9#;43((3*#6%*X#$?51%#6309;*'3/D
"9#%*+3@/+31#;0#%#1%(G,50%6%1#S3*B2**H420R#-3*@%0952*20UD
r0943(31#;0#%(,$%%5'%&,1_#43($;093430#-,((20,1#;0#$3043(0;&30#3*B2**H420
"#90H(,1R#$/54#;0943(31R#3*09%EE%5,0H420
aF9,*420/#3*A2(20,1#:0093@%0,5*H420%R#1/431/54;0#%#1*X(,9,44#09;5@/+(,&;531(3#S@%*,5UD
"9#%*4%420(%#@%0952*4#%5'%&,1#4:(4;5343D
G$TS/+)U*1/."T+43+0
f/,*X&/% # ;*344%5/ # -3A39343/ # KD # ,0942*'G%5R # !ND # ,0942*'G%5R # -:*+(%A9 # % # -,009/*/0 # 353(&/%@,(+,9X1#
1%EW025R#(%A9#;0#-304;0#%#(%A909;5#3*B2**H420%#1%EW025
GO)S/,+%$)#$0"f",+%$)#$0
"*1,@,*R # %*+3@/+R # 1%(G,50%6R # ;43(R # ;0943(R # ,`/&;5R # 09;5.+/,`/+R # -,4,09/54;9/0R # &*/W3(/5R # ,`/+2W/XR#
!O]

(3+?1W/XR#+3094/**2W/XR#09;5@/+(,&;531R#-(%1W/,52*4#+3094/**2W/X
!",2V)2/83:/"51'3"2'2*#:4&2.
e0$3(/#%9#%*1,@,*,0#3(A3+;0#-,*'%$%424R#%55%1#43($;13/4D
t,54,0%5#$3&#4?+A%#@%42(,95/#%#(3%1W/X1#*39%A*2025%1#1:(C*$;5'3/4D
e0$3(/#%#-,4,09/54;9/0#A3*354B0;&;4#%#-:*+/#;*34G35D
a?+A%#@%0952*5/#%9#,`/+2W/X#;0#%#(3+?1W/X#-,&%*$24R#/0$3(/#%9#3931#1:9:44/#:0093-C&&;04
d;E30#A3**3$395/#%#4%5?*4#093(630#%5'%&,1%4#-/9/1%/#4?*%A+,502&%/1#;0#1;$/%/#(3%1W/X/1#%*%EA25D
e0$3(/#%9#;0943(31#4?*%A+,502&%/4R#1/5'3(;0C1#/**D#/E%(/#3*B2**H420?1#$X+A24D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#&,5+,*1,+20/#(35+093(#%*%1H42025%1#-,54,0#*;E;03#%#16%54/4%4H6#&,5+,*1,+20#$3&3(B0H4;03R#%9#
3GG35#4:(4;5B#$%&%G/94,0#42A;1,9X+20D#"#0X1#4;$%1:(;@39#1%EW0,*X+X#094:W@/,$34(/%#%*1%*$%0#
35531#1/&'%1,(*202(%D#"#0X1#0,1-;*30;&;G35#$F1:+B#%9,5,0#*,&/1%#24*2420%#(35+34#43(3$4@34#%#
*2409X*%&,0 # :00936/009%02&G%5R # 0 # 35531 # 1/&'%1,(*20% # -,54,0 # %*%EA24 # %+@%4A% # % # 6/*2& # ;(4B#
093$*;*;0;531D
m'$02'23

><"U'$

I)Y8232/"3O*1/
" # @343+/1 # ,0942*',0 # 1;$/%/ # %*%E/0$3(3431GB* # % # 0%6%1R # 0X1R # *Q&,1R # 1;$@%420 # (;0931R#
3&'35*34(35+39;0R#3*314(,$,0#2(%$R
J$431'%&.",2V)2/83:/."S:)+0
"9#3*314(,$,002&#;0#%#1;$/%#1%EW0,*%425%1#1/+,*&,920%D#"#094:W@/,$34(/%#%*%EA%/5%1#*3(%120%#AX*#
24*24@%4X#03$*3&30H4;0/#(3%1W/X1,5#13(3094C*D#"9#,*+%4,1#1/%*%1?*20%#;0#%9# 393113*# 1%EW0,*%4,0#
092$H420/#-3*%+%4,1#G363934;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#0X#13*34139;03#;0#1/5'3(;03R#0X*3(%1X+20/#@3*'31R#%#0X1#A3*354B0;&3#%#1;$/%/#/E%(G%5#S5%&'/E%(R#
%$%*&2$3*A2(20,1U
8X1;E9B+;0 # % # 1;$/%/ # 03$*3&30H4;0 # -,*'%$%42G%5R # % # 0X1 # 1:9:50;&30 # 5363/ # ;0 # % # 53$9341:9/#
53639;14%5
d(/042*',0H420 # ;0 # ,*+20R # % # 1(/042*'5:6313+;0 # ;0 # % # 5:6;5'/ # 5:6313+;0 # :0093@%0,5*H420%R # %#
1(/094%**,&(2-/% # %*%EA%/R # -%&'20E,54.W0:1135;0R # -,((20E,54.3$3*13+;0R # 1H0;(*3431 # % # 1C*:5G:9B#
0X11%*D
x/--Q9/X#;0#,9$X9/0R#%9#,9$,4/1?0#5',$20#$;(;03R#G/,*X&/%/#A3*354B0;&3D
"#0X1#1;$/%/#%5%*H9/03R#0%6%1R#G29/0,1R#%5@/+(/+31R#43($/1?0#0XG,5420R#0%6%1#;0#G29/0,1#0XGX*#6%*X#
3*B2**H420%R#3*314(,*/4/1?0#0XG,5420D
8%6%1#;0#*Q&,1#3*B2**H420%#-;$30#;0#53$-;$30#3*3$31GB*R#%9#3*B2**H420#5%&'/E%(/#3*A2(20%/R#35531#
4:(4;53*$/ # A3*354B0;&3R # % # 1;$/%/ # 43W@5/1% # -3A*B+;03R # -,54,0 # 0%6%1 # ;0 # G29/0,1 # 4?*%A+,502&%/R#
/5+/124,(,1R#EZ.;(4;1R#6H913$;5'0;&R#*2&'H420R#$,0X093(31R#0%6%0#30BD
f363934;0#%#(3%1W/X3&'35*3431#3&'093(F#-,($2A2G%#S*3@34B*3&#$;&#1;E*3431#5;*1C*U
b&'093(F#094:W@/,$34(/%/#$;(;031R#092$H420,1D#V*+%4,1#4:$;5'0;&3R#092$H420,1D
8%6%1#;0#*Q&,1#%9#3$G3(/#093(63934G35
d/3&;09H4@34B#$/5+39#%#1(/042*'(35+093(31#24431/54;0;63*#;0#%#7,@0.-;*3#13$;5'0;&/#012*26%*D
!KN

G$TS/+)U*1/."T+43+0
-:*+(%A9_#&3,*X&/%#;0#&%9+%02&/#-:*+(%A9R#1:9*313+;0-:*+(%A9
4:(4;53*3$_#%#0X#4:(4;53*$/#A3*354B0;&3R#0X?4%1
-/9/1%_#3*314(,*H9/0R#/,54:(6;5'#%9#3*314(,*H9/003*#:0093-C&&;0G35
G/,*X&/%_#,9$X9/0
GO)S/,+%$)#$0"f",+%$)#$0
0%6%1R#*Q&,1R#0X1R#3*314(,*H9/0R#%5X+R#1%4X+R#EZ.;(4;1R#6H913$;5'0;&R#,*+X+20R#+/--Q9/XR#,9$X9/0R#
-%&'20E,54.W0:1135;0R#-,((20E,54.3$3*13+;0R#1(/042*'(35+093(
!",2V)2/83:/"51'3"2'2*#:4&2.
e0$3(/#%9#3*314(,$,002&#;0#%#1;$/%#4%5?*4#:0093-C&&;03/4D
73& # 4?+ # ,*+%5/ # 3&'093(F # 092$,*20/ # -3*%+%4,1%4 # %9 # ,*+@%4X02&R # % # 03$*3&30H4;0R # 6%*%$/54 # %#
1,5W354(2W/X#4;$%1:(3/G35D
e0$3(/#%9#,9$X9/0#A3*350;&;4#;0#43($;0934G35#G34:*4:44#093(3E;4D
e0$3(/#%#0X1#53639;14%524R#%#4%5?*4#0X1#1:9:50;&30#5363/4D
n3*#4?+#H(5/#3&'093(FR#09%6%11%*#*3H(4#1;$/%/#3&'35*343134D
e0$3(/#%#6H913$;5'0;&#-,&%*$24R#%#6H9*2&'H420#$X+093(3/4D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#3*B9B#4%5;6#5%&'#E,*%(/420,1,5#%*%E?*4R#%#0%6%1#;0#G29/0,1R#%#-;$31#;0#53$-;$31#6/*2&2G%5D#
b9#%9#;6#393134#%#E,*%(/420,1%4#-3*,*+A%R#0#%#1;$/%/#3*3$31#(35+093(;531#4%5?*$25',92026%*#QAGX*#
%#43*A300;&R#%9#3&'0;&30#(35+39B#3*6#13(C*#3*B4;(G3D#b9#53$#A3*354/#%#0%G*,5,0#&,5+,*1,+20(%#
:094:59;04R#%9#3&'30#3*3$3134#?&'%5/0#3&';5/#1%(%143(C1G35#/&'3109C51#$3&/0$3(5/D#"9#3*3$31#
6/90&2*%4% # 5%&',5 # AX # *3@34B0;& # %9 # %5%*/4/1?0 # &,5+,*1,+20 # $3&3(B0H4;0;(3 # ;0 # &'%1,(*202(%D #"#
1,51(;4 # 4%E%094%*%4,14X* # 3*6,5%41,94%4X # %G094(%1W/X4 # /0 # 2E,*A% # %9 # %5'%& # 093(13934;4 # 6/90&2*X#
3*$;*3431#42(&'%*20%D
m'$02'23

><"U'$

I)Y8232/"3O*1/
"9#3*B9B#4%5;631#093(634*35#1;$/%/#/0$3(343/R#3&'35*3431#(35+39;03
J$431'%&.",2V)2/83:/."S:)+0
"#1;$/%/#3*3$31#1%(%143(3/4#*3&A,GG%5#%#1;$/%/#%5'%&,1#3&'$200%*#4:(4;5B#(3%1W/X/GX*#/0$3(@34AC1#
$3&D#n,54,0#*309#$3&6/90&2*5/R#@,&'#@,&'%5#A3*35/1#$3&#3&'#3*3$#:5$%&2G%5R#/***3463#@,&'%5#
5'/*625?*#$3&#(3%1W/X/G%5R#$20,11%*#6%*X#1:*W0:5@%4202G%5D#"#1;$/%/#1;E*3431#G363934;0;@39#%#
1;$/%#$355'/0;&/#4:(6;5'093(F0;&3/4#@%0952*A?1#-3*D#"#1;$/%/#3*3$31#(35+093(;4R#$/54#3&'#5%&'#
-3*-3+39;04 # 42(&'%*A?1R # $3*' # QA # *3@34B0;&3134R # /(25'6,5%*%4 # 43(3$4344 # % # 4?+,$25' # ;0# % # 43W@5/1%#
-3A*B+;03#093$E,54A2GX*D#"9#%5%*/4/1?0#093$*;*34#$3**344#$/5+/&#093$#3*B44#13**#4%(4%5/#%#62*4,920,1#
43*A300;&;4 #S3&'#-,*'%$%4 #$3**;143($;13/#;EEQ&'#-/&'3*$34 #;(+3$3*531R #$/54#%#-B#(3%1W/XR#*20+#
1:(5'393409355'39;0/ # E(,G*;$21 # 1/%*%1?*20%UD #"9 # 3*$;*34/ # &,5+,*1,+20 # ,*'%5 # 09/54A3 # 6%5 # A3*35#
3GG35 # % # 1,(,0942*'G%5R # @,&' # 3034*3& # %9 # %4,$093(1393434 # 42(&'%*2024 # /0 # 3*139+@34AC1 # 3GG35 # %#
4%5;6G35D#
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
!K!

"9#%4,$093(13934#%*%EA%/D
"9#3*3$31#E3(/X+?0,0#(35+093(3_#%#-3*-3+39;0#4:(4;5343R#4:(6;5'093(F0;&31R#%#*3&-,54,0%GG#-B.#;0#
$3**;1W0,E,(4,1R#E3(/X+?0,1#;0#;(4;1F0;&R#G29/0#;0#0%61;E9B1R#%$-,43(31D#"#E3(/X+?0,0#(35+093(#
;(43*$39;03/D
"#*3&-,54,0%GG#3*3$31#1/62*%09420%1,(#%#43($;093430#3*B-,(+?*20?1%4#63@34AC1#431/5434G3_#1;5#;0#
63&'C*343/R # 5/4(,&;5 # ;0 # 63&'C*343/R # -,09-,( # ;0 # 63&'C*343/R # ,`/&;5 # ;0 # 63&'C*343/R # S5%09W3509 # ;0#
1:9:50;&30#,`/&;5R#X9,5UR#@/+(,&;5#;0#63&'C*343/R#09;5#;0#63&'C*343/R#09/*HW/?$ #;0#63&'C*343/R#
1C*:5G:9B#-;$31#;0#63&'C*343/1D
d;E*34H(20#;0#%#(3%1W/X3&'35*3431#-3*2**H420%
894:W@/,$34(/1?0#092$H420,1
"9#3*3$-,&%*,$#4:(4;5343
a;(-,&%44:(6;5'
G$TS/+)U*1/."T+43+0
e5-,($%4/1%_#09/*HW/?$
-/9/1%_#%4,$093(13934R#
G/,*X&/%_#1,($3&@%42(,920/#$X+093(31#1;$/%/#%*%EA%/
-/*,9X-/%_#%9#3*3$#-,&%*$%
GO)S/,+%$)#$0"f",+%$)#$0
b*3$R#1:4;0R#1363(;1R#%5%*H9/0#;0#09/54;9/0R#%#1;$/%/#1:4;031#%*%E4:(6;5'3/_
%9#%5'%&$3&$%(%+20#4:(6;5'3#Sl%6,/0/3(U
%9#2**%5+X#;0#0,109,(,0#(;0931#4:(6;5'3#St(,?04R#x%*4,5U
4:$3&6/09,5'092$,1
&29(3%1W/X1#4:(6;5'093(F0;&3/
6H909/54;9/0#;0#%5%*H9/0
%#&29,1#4;(-,&%44:(6;5'3R#$,*4:$3&R#$,*4;(-,&%4
"6,&%+(X.4;43*
%9#3*3$31#E3(/X+?0,0#(35+093(3
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X5%1#4/094%#-,&%*$%4#13**#%*1,45/%#%#1;$/%/#3*3$(B*D
d;E30#%#4%5?*4#3*3$31#2(5'%*4#A3**3$9;0;(3D
t,54,0#A3&'9B1:5'634#4?+#639345/#%9#3*6;&9344#1H0;(*3431(B*D
d;E*3431#03&H40;&;63*#(3%1W/X3&'35*343134#1;E30#;(43*$395/#;0#-3*H(5/R#4?+A%#%9,1%4#(35+395/D
73&#4?+#,*+%5/#3&'093(F#094:W@/,$34(/%/#-3*%+%4,1%4D
e0$3(/#%9#3*3$31#E3(/X+?0,0#(35+093(;4R#%55%1#-3*;EH4;0/#3*6;4D
r(4/#%#1,6%*350R#%9#/,5,0#;0#%#-;$30#1:4;0#1/%*%1?*2025%1#3*$;*34;4D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#3*B9B#;6#%5%*/4/1?0#093$*;*34;4#5%&',5#AX*#1/3&;09H4/#%#+:54B35#09/5434/1?0#093$*;*34F#*392(X#;6D#
V*'%5 # $,+3(5 # &,5+,*1,+204 # 13** # 1/%*%1H4%5/ # % # +/21,1G%5R # %$3*' # 03&H40;&;63* # %9 # ;*B*;5'31R # %9#
3$G3(#;*344%5/#-,*'%$%4%/4#3&'0;&G35#4?+A%#*245/#%#1:(5'3934G35#9%A*X#1;$/%/#-,*'%$%4,11%*D#b9#%9#
:00934%(4,920#/543**314?2*/0#09/543$#/0#$3&3(B0H4@34/#$/5+%94#%#1:(5'393443*#;0#%9#;*B#43($;093443*#
093$G35/ # %9 # 3(1:*W0/ # -3*3*B00;&34R # %$/4 # &'3($311,(G%5 # $;& # ;(93*$/ # %*%E,1,5 # ;EH434431 # -3* # %#
+/21,1D
!KJ

m'$02'23

><"U'$

I)Y8232/"3O*1/
893(630#1;$/%/#/0$3(3431#%#PD#;0#%#]D#,0942*'GX*D
J$431'%&.",2V)2/83:/."S:)+0
"# +/21,15%1 # G3431/54;04 # 13** # 5'3(5/C1 # % # *3&$,+3(53GG # 1;$/%/ # 43W@5,*X&/21 # 6/*2&2G%R # 1C*:5:0#
431/543443*#3935#43W@5,*X&/215%1#%#43($;0934#;0#%9#3$G3(#62*4,9X#6/09,5'2G%5#G34:*4:44#093(3E;(3D#
"#$,+3(5#1;$/2G%5#%#093(630#1:4;031531#1/3$3*13+B#093(3EC1#6%5R#%9#3E,W@%#639;(-,5%*%#%#
G/,1;$/%#*309D#"#G/,1;$/%/#-,*'%$%4,1#6/90&2*%4%1,(#1C*:5#@%5&0Q*',99?1#%9#3$G3(/#093(63934G35#
*39%A*X # 303$;5'3134R # %9 # 3$G3( # G3*0B # 6/*2&% # ;0 # % # 1C*6/*2& # 1:9:44/ # G/,1;$/%/ # 1%EW0,*%4,1%4D#
b59/$3134R # @,($,5,1%4 # ;0 # % # 09%G2*',9X # $3W@%5/9$?0,1%4 # /0 # 4%5?*?51 # 1;$/%/ # 093$E,54,1#
%*%EA25D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
>;09*3430#%4,$093(13934D
e9,4XE,1R#(%+/,%14/6/420D
7,+3(5#%4,$$,+3**31D
"#09;5#;0#%#09;51:4;031#1C*:5*3&300;&3R#A3*354B0;&3#%9#;*B*;5'31G35D#e9,$;(/%D
a?+,$25'4:(4;534/#$;(-:*+1B_#):@*3(#1%(G%$/+#09/54;9/03
" # 09;5@/+(,&;531 # 1;$/2A%_ # % # 1B,*%A # ;0 # -:*+&29 # 3*B-,(+?*20%R # 13*34139;03 # ;0 # :00934;43*3R#
A3*354B0;&3R # $/54 # 5'3(0%5'%& # ;0 # 353(&/%@,(+,9XR # % # G359/5 # 3*B2**H420% # S-/5,$H420UR # 1(%11,*20R#
,1425092$R#:1,*X&/%/#@%420,1D
"*125,1_ # % # @,$,*X& # 0,( # -,&%*$%R # % # 093(630 # 093(13934/ # 1;E*3431 # -3A*B+;03 # S:0093&1;E*34 # ;0#
093(13934/#1;E*34UR#%9#/9,$;(/%#-,&%*$%R#4;(G3*/#$,+3**31R#*25W1;E9B+;0#;0#&'F(F1;E9;0D
"*1;531R#%*1%+/;531R#%*1/5,1_#093(13934C1R#&%9+%02&/#A3*354B0;&C1
"(,$20#09;5@/+(,&;531
"#09;5@/+(,&;531#092($%9;1%/_#%#@%*,&;5.092($%9;1,1#;0#1:(5'3934/#@%420%/1
"*1,@,*,1_#E(/$3(R#0931?5+3(#;0#43(W/3(#%*1,@,*,1R#3&'#;0#4:GG;(4;1F#%*1,@,*,1#S&*/1,*R#&*/W3(/5U#;0#
3931#A3*354B0;&3R#%*+3@/+31R#134,5,1R#1%(G,50%6%1R#;0943(1;E9B+;0#;0#3*09%EE%5,0H420D
"#G/,1;$/%#%*%EA%/_
-3@;(A;1R#%$/5,0%6%1R#E3E4/+.1:4;0R#300935W/2*/0#%$/5,0%6%1R#359/$31R#%#5:6;5'/#;0#2**%4/#-3@;(A3#
;*344%5/#A3*354B0;&3R#1;$/%/#-3*;EH4;03
5?1*3/50%6%1R#xY8R#>Y8#-3*;EH4;03
09;5@/+(24,1R#-3*;EH4;0/#;0#*3G,5420/#-,*'%$%4,1
90H(,1#*3G,5420%
7F%5'%&1;$/%_ # E,*/;0943( # ;0 # E,*/%$/+R # 63&'/ # 092*%1R # E*D_ # 5'*,5R # +?(,E*%094R # 4@3($,E*%094 # ;0#
3*%094,$3(31 # 4?*%A+,502&%/ # ;0 # 093(139343g # % # $F%5'%&,1 # -3*+,*&,920%R # -3*@%0952*20% # ;0#
$3&03$$/0H4;03D
"#@?**%+;11393*;0#E(,G*;$2A%R#QA(%@%095,0H420
b034*3&#%#$,+3(5#3*62*%09420.43W@5,*X&/%R#1(,$%4,&(2-/%R#/0#0,((%#13(C*@34D
G$TS/+)U*1/."T+43+0
-:*+(%A9_#X9,5.E(,G*3$%4/1%
G/,*X&/%_#%9#;*344%5/#-,*'%$%4,1#G/,1;$/2A%R
GO)S/,+%$)#$0"f",+%$)#$0
%4,$$%&R#E(,4,5R#53?4(,5R#3*314(,5R#E2*'21R#@;A%1R#
!KI

"*/-20#;0#%(,$20#1:4;031R#E,*/$3(/92W/X#;0#E,*/%++HW/XR#-?51W/X0#W0,E,(4,1D
5?1*3/50%6%1R#xY8R#>Y8R#E3E4/+.1:4;0R#%$/5,0%6%1D#
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X#/0$3(/#%9#;*B#093(63934G35#*3&&'%1(%GG%5#3*B-,(+?*X#3*3$3134D
a?+A%#%#G/,&;5#3*3$31#1/$?4%420/#(3%1W/X/4D
e0$3(/#%#093(630#%5'%&,1G%5#*3&&'%1(%GG%5#3*B-,(+?*X#1;$/%/#1:4;03134D
e0$3(/#%#4%5?*4#-?51W/X0#W0,E,(4,1%4D
a/0942G%5#6%5#%#1B,*%A.-3*+,*&,920#%*%E634B#*;E;03/63*#;0#43($;13/63*D
n3*/0$3(/ # % # 1B,*%A%*%EQ # 43($;131 # ;0 # 43W@5,*X&/21 # A3*354B0;&;4 # % # @;41:95%E/ # ;*34G35R # %55%1#
1:(5'3934/#@%420%/4D
e0$3(/#%9#/9,$;(/%#-,&%*$24D
a?+A%#%*1%*$%95/#%#4%5?*4#53639;14%5/#3*63134D

F*2%24"4&2)520
H)3$)14+/"Z252823Y
"#5'3*64%5H420#-,54,0#3091:9#%#5;E31#1:9:44/#1:*W0:5:0#$3&;(4;0R#%#1?*4?(2*/0#1C*:5G0;&31#/(254/#
-,&;1,5'02& # 1/%*%1H4202G%5R # % # 0943(3,4HE/21%4 # 3*?4%0H4X # $%&%4%(420 # -3A*B+;0;G35D # v&' # %#
5'3*64%5H420 # % # 1/0/01,*20 # 1,(G%5 # %9 # 3$E24/% # /01,*2920% # %9 # ;(9;131 # -3A*B+;0;5 # ;0 # -3A*3094;0;5#
13(3094C*D # n,54,0 # -3*%+%4 # %9 # ;(+31*B+;0 # ;0 # 1H625W0/02& # -3*13*4;03 # % # 5'3*631 # /(254R # 6%*%$/54 # %#
1?*4Q(21#1:9:44/#1,$$?5/12W/X#/(254#2*4%*2G%5D
"9 # /+3&355'3*6.,14%420 # 3*0B+*3&30 # W;*A% # 4,62GG2 # % # $/5+355%E/ # ;*34G35 # AX* # %*1%*$%9@%4X#
/+3&355'3*6.4?+20# G/94,0H420%D # b9;(4 # % # )%*+,(-./01,*%/ # 5'3*6,14%420# 3&'(;094 # E(%14/1?0R # @%095,0#
W;*1;54#4:(3109/1#%((%R#@,&'#%#4%5?*X#@%**20#;0#,*6%020#Q4A25#/+3&35#5'3*635#$3&;(4035#$20,1%4R#
;0#-,*';1,5'%5#-3A3993#1/#$%&24#%9#%+,44#/+3&35#5'3*635#09XG%5#;0#H(20G%5#3&'%(254D#a,62GG2#
W;*A% # G3$?4%45/ # % # +/21,15%1 # %9 # %+,44 # 5'3*635 # G309;*B # 5;E31 # 1%(%143(;4R # 09,120%/4R # 1?*4Q(2A24R#
-:*+(%A924R#4:(4;53*$;4D#"9#/+3&35#5'3*631#4%5H42025%1#E3+%&X&/%/#W;*A%R#@,&'#03&H403#%#&'3($31#
-3A*B+;0;4#%9#;*341,(/#0%A24,002&%/5%1#$3&-3*3*B#43$%4/126%*R#;0#@,&'#G3431/54;04#5'QA40,5#%#6/*2&#
2(5'%*4#093$*;*;0/#$X+A%/G%R#3993*#42&H46%#E3(0E314H62A24D#"#5'3*64%5H420,5#13(3094C*#093(345;51#
03&H435/#%#+/21,1%4#%GG%5R#@,&'#E,9/4H6%5#-,(+?*A%5%1#$20#1?*4Q(2AQ#;0#5'3*6F#5;E31@39R#6%*%$/54#
%GG%5R#@,&'#1:93*3GG#13(C*A3531#%#1C*:5G:9B#&,5+,*1,+20Q#3$G3(31#$3&;(4;0;@39R#A2(4%002&,4#
093(3993531#%#1,$$?5/12W/XG%5R#@,&'#3$E24/24#%*%1H40%5%1#1/#$%&?1G%5#$20,1#093$*;*343#;0#
6/*2&*2420% # /(254D # "9 # /+3&35 # 5'3*631 # 4%5?*20% # QA # E3(0E314H624 # 1H52* # %9 # 3&';5 # 092$2(% # 0%A24#
5'3*6;@39R # 1?*4Q(2A2@,9R # 093$*;*34;@39R # $354%*/4202@,9R # /*' # $X+,5 # 03&H463 # % # +/21,1%4R # @,&' # %#
6/*2&,4#2(5'%*4%GG%5#*24@%0021D
"9#/+3&35#5'3*6#63(G2*/0#4%5?*20%#%#+/215%1#%94#%#1;E300;&;4#-3A*3094/R#@,&'#3&'#$20/1#3$G3((3#
-/&'3*A35R#@,&'#1:6345/#4?+A%#%#$20/1#3$G3(#1/$,5+,44#;0#1/#53$#$,5+,44#0925+;1%/4D#"9#/+3&35#
5'3*631#/0$3(343#:094:59/#%#(?&%*$%0#;0#$,9&;1,5'#&,5+,*1,+204R#$/63*#%#1C*:5G:9B#5'3*631#
1%E?4 # 5'/45%1 # % # 4%E%094%*20 # 1C*:5G:9B # G/(,+%*$%/G%R # H&' # 5:63109/1 # G355C51 # % # 6/*2& # ;0# % # $20#
3$G3(31#/(254/#;(+31*B+;0#/0D
"# E3+%&X&?0# %#5'3*64%5H420#3*0B#;63/G35# %9# ;(9B# -/&'3*3$ # 5363*;0;63*#5'QA4# %*%E,4 # %# 1;0BGG/#
;*341,(G%5 # $% # $2( # 5;*1C*:9@3434*35 # 1;E300;&@39R # % # $20 # 1?*4Q(2AQ # ;0 # 5'3*6F # 5;E31@39 # 6%*X#
,+%-,(+?*20@,9R #$20,1#093$*;*343# ;0#6/*2&*2420%# /(254/# ;(9;135'0;&R# 3$E24/%#1/%*%1H4202@,9D#"#
1/0/01,*20#1,(Q#&'3($31#$;&#;(9;13/5#13(3094C*#-,&%+A%#G3R#H&'#&'%1,(*%4/*%&#53$#4%5?*A%R#@%53$#
3*0%A24H4A%#%#5'3*634R#G3*0B#1;E%*1,420%#%9#/+3&35#5'3*6#$3&;(4;0;4#/0#03&H4/D#"#5'3*64%5H4205%1#
3GG35#%#-29/02G%5#-,54,0R#@,&'#%#&'3($31#$3(C*A:5#G3*3#43*A30#/54359/4200%*#%9#;*B#5'3*64%5H420#
-,*'%$%42G%D#bGG35#%9#;*341,(G%5#%9#;(9;1093(6/#G35',$20,15%1#3(B035#1/4344#&'3($31#(35+1H6C*#
!Kh

-,&;1,5'#%9#;*B09X(%D#b11,(#%*%1?*#1/#G3553#%9#/+3&35#5'3*6#/54,52W/X0#$/542/#/(254/#-,&;1,5'02&R#
%$/4 # 0,11%* # 53@393GG # 1;0BGGR # !N # ;630 # 1,( # ?425 # 1/-3A*309435/R # %$/1,( # $2( # % # G309;+093(631#
E*%094/W/420% # W0:1135D # n,54,0R # @,&' # % # 4%5?*X1 # $3&093(300;1 # % # 5'3*634R # @,99209,1A%5%1#
/54,52W/XA2@,9R#+%**%$2@,9#;0#5'3*6/#G/94,502&,4#093(3993531D#"#4%5H420#0,(25#-,54,0#093(3E34#1%E#
%#1:*4B/#5'3*6D#"#&'3($3131R#$,5+X1211%*R#+%*,11%*R#A24;1,11%*R#(:6/+#$30;113*R#E2(G309;+3113*#;0#
,*'%5#436;135'0;&3113*#/0$3(13+531#$3&R#$3*'31#1:9634*35C*#63934/1#G3#B134#%9#/+3&35#5'3*6#
6/*2&2G%D#Y3$#%G094(%14#6%&'#03$%4/1?0#$X+,5#0%A24H4%5%1#3*#3&'093(F#5'3*64%5/#093(139343134R#
09X1/5W034R#@%53$#;*341,(?15%1#$3&-3*3*B35R#A24;1,0%5#4%5?*6%#%#&'%1,(*%4G%5#4309/1#$3&#%9#3*0B#
*;E;03134#%#5'3*64%5?*20#43(;5D#
"#4%5?*X1#*;E;0(B*#*;E;0(3#$3&;(4/1R#%$/4#@%**%5%1#;0#/0$;43*531D#"#09X1/5W0#4%5?*2024#%#&'3($3134#
1:(C*:*3*B # 1:(5'3934 # %*%E,99% # $3&R # ;*341,(25%1 # $3&-3*3*B # ;(+31*B+;0(3 # ;0 # % # &'3($31#
1;E93*346/*2&2(%#;EC*D#"#A3*354;0#/*'351,(#$;&#&'%1(%5#@3*'@39#;0#42(&'@,9#1:4:44D#7/63*#%#4%5H420#
H(,44#09:63&#5;*1C*R#5%&'(;094#/+3&35#5'3*635#4:(4;5/1R#H&'#%#G309;+#53$.63(G2*/0#-,($2/#$/5+6;&/&#
-,54,0%1 # $%(%+5%1D # " # 4:(4;5343134 # 53$ # 13** # 09X # 093(/54 # ;(435/C1D # " # $3&;(4;04 # &3094?0,1R#
$,9+?*%4,1R#%#4:(4;534315;*#E3+/&#1;E31R#G2G,1#03&H4/1D
"9#X(21#;0#%#4%5;6#%5'%&%#*;EW0B93430R#/0$;4*;0(3#;0#GB6H4;0(3#;EH4R#%9#QA#%5'%&,4#%#4%52(#$/5+/&#
% # $3&*;6B # 4?+20(% # %*%E,99%D #"9 # 3*0B # @2(,$ # ;6G35 # +:54B35 # 3&'C44 # 09X*%* # $3& # %9 # ,0942*'R # %9#
3&';5/#$3&5'/*%41,920,1#136;0G;#@%5&0Q*',0%1R#+3#%#G24(%GG#4%5?*X1%4#/0#G/94%4A?1#;0#03&H4AC1#
3&';5/#-3A*B+;0C1G35D
ID#,0942*'#6;&;(3#%#&'3($3131#/0$3(/1#%#4304(;0931R#%#(?@21#5363/4R#%9#,0942*'43(3$#42(&'%/4R#%#
09H53134R #%# @;4 #5%EA%/4R # %#@X5%E,1%4R #%9# ;609%1,1%4R #%9 #/+BA2(20@,9R # 43($;0934@39# 1%EW0,*X+X#
1/-3A39;03134R # -,&*%*1,920,1 # 5363/4R # % # $/5+355%E/ # ;*34@39 # 1%EW0,*X+X # 3&'093(F # 42(&'%1%4 # ;0#
W03*316;03134D
d;E3031#3&'093(F#1;(+;03134#-3*4355/#;0#$3&62*%09,*5/#%#-354#-3*0,(,*4#09X1/5W0#03&H40;&;63*D#"9#
H(20G3*/# $?51%#$;&#53$ #A3*35/1#$3&R# +3#3*0B#,0942*'4X*# *3@34 #,*'%5#-C934C1R# %$3*'G3#%# 4%5?*4#
+%*,1%4R # 63(03134 # *3(%A9,*A21D # 7/63* # % # )%*+,(- # /01,*2G%5 # %9 # H(20.,*6%0201;090;& # $3&3(B0H4;03#
$%&'%( # 5'3*635 # % # ID # ,0942*'G%5 # 4:(4;5/1R # 394 # 53$ # 3*B9@34/ # $3& # %9 # /+3&35 # 5'3*635 # 4:(4;5B#
H(20.,*6%020R#+3#$3&A3*35@34#%9#"f[R#3*139+B+@34#3&'#1;E30#09X42(#G363934;03#/0D
hD#,0942*'4X*#%#&'3($31/#-3A*B+;0#QA#09%1%09%#139+B+/1R#$3*'531#3&'#4?+%4,0%GG#5'3*64%5?*20#-3*3*#
$3&R#3*139+B+/1#%9#:52**X0,+20/#-,*'%$%4D#"#1/*35W3+/1#;*34;6#1:(5';1;5#%#&'3($31#$2(#%#6/*2&(%#
;0#:5$%&2(%#/0#42(&'/*%&,0%GG%5#4?+#5;95/D#72(#53$#G3553#;*#%#5'3*6G35R#@%53$#1H6C*(B*#4?+#
(2431/5435/R # H&' # $2( # 1;E30 # -3*/0$3(5/ # 4:(6;5'093(F0;&3134 # %9 # /+3&35 # 5'3*6G35D # 7/5+39 # %#
&,5+,*1,+20#;G(3+;0;4#A3*354/D
"# 1/*35W3+/1 # ;64B* # 139+63R # % # &'3($311,( # 1:93E;5R # 3*B4;(G3 # 13(C* # %9 # H(20.,*6%020D #"9 # ,*6%020#
1;E300;&3 # %9 # /0$3(4 # 09:63& # -3*,*6%02024X* # % # @3*'30 # @%5&0Q*',1 # 1/%*%1H42025 # 24 # % # $%`/$2*/0#
;(4@34B0;&/&#-3A*B+/1D#"9#H(201;090;&#-3A*3094;03#%#$2(#4%5?*4#63(031R#+%*,1R#/0$3(4#(:6/+#09:63&31#
*3H(2026%* # ;0 # -3*+,*&,92026%*R # 0,1 # $20,*20/ # -3*%+%44%* # 139+B+/1R # $%A+ # 3&'093(FGG # &,5+,*%4,1#
1/-3A39;0;4 # 09,*&2*A%D # " # 4%5?*X1 # 0%A24 # 09X42(?1 # 63934;0;531 # 03&H40;&;63* # -,*'%$%4,0%5#
/0$3(13+531#%#09X42(@%0952*%44%*D#"#09X(X*#09X(%#-,(+H4204#3#09%1%09#6;&;/&#*3@34B*3&#3*13(C*AC1D#
"$355'/G35#09C10;&30R#$3&A3*35@34#%#1;45'3*6F0;&R#%#4%5?*X1#/+3&35#5'3*6F#09:63&31#4%(4%*$24#
-,&*%*A21#:0093#%9#%5'%5'3*6C1:5R#;0#3&'093(F#09:63&3134#%*1,45%1#/+3&35#5'3*635D
"#5'3*64%5/#09%G2*',1,5#13(3094C*#4?+%4,002#62*X#5'3*6@3*'300;&#;*$;5';@39#@,992A2(?*#%#5'3*6#
09;E0;&;531 # 24;*;03D # " # $,5+%4,1R # 63(031R # 4:(4;53431 # @3*'30 # (/4$?0G%5 # 6%*X # 3*B%+20%R # %#
1%(%143(/094/1?0 # @%5&*3A4;0R # % # E,54,0%GG # 1/3A4;0 # 35531 # %9 # 3094;4/1%/ # /&;5'531 # % # 1/3*;&H4;0;4#
09,*&2*A%D #"# 1/3A4;0/ # 09%G2*',1%4 # 53$ # %G094(%14 # $X+,5 # 4%5?*A21 # $3& # % # 4%5?*X1R # @%53$ # % # 4%52(#
E;*+2/#%*%EA25D

!KL

b*139+B+@34 # %9 # /+3&35 # 5'3*635 # 4:(4;5B # H(20R # $3&A3*35531 # %9 # ,*6%0$25',1D #"9 # 3$*;139;04R # %#

-3*/+;9;04 # 5%&'G%5 # 03&H4/R # @,&' # % # +/21,1 # % # $2( # /0$3(4R # -3*+,*&,9,44 # 09:63&31GB* # % # 5'3*64%5/#
09%G2*',1%4 # 139+/1 # -3*-3+395/R # $3&-,&%*$%95/D # 7/63* # % # 1;4 # 4%5?*4 # /+3&35 # 5'3*6 # 4;$2/ # 0,109,(#
$3&3&'39531R # /**3463 # 24-3+/1 # 3&'$204R # % # 1;4 # 5'3*6GB* # . # *3@34B0;& # 093(/54 # 3&'3943463 # . # 53$#
?&'%5%GG%5#%#0,((35+G35#4%5H4A?1#%9#3&'30#4;$%1:(:134D

!4%+)
=N"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#%*0X#4%&,9%4,5#%9#/+3&35#5'3*631#4%5H420252*#139+34G35#%9#%5'%5'3*6#3*0%A24H42025%1#$/542A24#
4F9/#$%&%#3*;#%#)%*+,(-.E3+%&X&/%D#"#5'3*6#43($;0934;63*#-,*'4%4,44#$?51%#%94#3(3+$;5'39/R#@,&'#
% # &'3($31 # 43*A30 # *;5';63* # G3*3$3(C* # % # 5'3*6G3R # 39;(4 # % # 5'3*6X(21 # 3*0B0,(G%5 # %9 # %+,44 # /+3&35#
5'3*635#-,*'5%1D#"#&'3(31#?4259X.#;0#G3-,&%+X.1;090;&;63*#,+%%+A%#$%&24#%#4%52(#0925+;125%1R#
;(9;03/63* # . # ;0 # 53$ # /543**314?2*/0%5 # . # 1%EW0,*X+/1 # % # 4%52(/ # 436;135'0;&@39D # b931 # %9 # ;(9;031R#
$3*'31 # % # G309;+0925+;1 # $3&(%&%+202(%R # -3*-,&202(% # /(25'?*5%1R # /512GG # ;(9;13*BR # $3&/0$3(B#
A3**3&F31D #"# &'3($31 # % # A3*354;04 # 09/4?%4H6 # 4%E%094%*20 # Q4A25 # (%&%+A% # $3&R # %$/ # *3@34B6; # 4309/ # %#
0,1,*+%*Q#%*1%*$%9204D
"# 4%52( # /+3&35 # 5'3*635 # 1:09:5R # GQW0Q9/1R # /+3&35 # 5'3*6F # ?4%0H420,1%4 # %+D # >35+093(/54 # 3&' # 1/0#
63(003*R#-,@2009%*#139+B+/1#%9#X(%#;0#3&'#$20/1#-,@2009%*#-3A39B+/1#G3D#7,5+X121%4R#+%*,1%4#;0#
A24;1,1%4#A2409%5%1#QA(%#;0#QA(%R#%9#X(%#1/03GG#(;09;G35#-,&*%*1,95%1#%9#QA#%5'%&&%*D
" # $,9&200%*R # &3094?0,11%* # 1H0;(4 # +%*,1R # $,5+X121R # A24;1,1 # 03&H4/1 # % # (/4$?0R # +%**%$.R # ;0#
@%5&9206/*2&#;(9;1/#4%E%094%*2024R#%#@3*'30#1/3A4;0#-,($2*2024R#6%*%$/54#%#4%5?*4%1#@,009Q#426Q#
$3$X(/2G%#6%*X#G36;0B+;0;4D
" # )%*+,(-./01,*% # 1,(%/ # 5'3*64%5H420% # S!.ID # ,0942*'U # $X+093(4%5 # ;0 # 43$%4/1% # 093$E,54A2GX*#
3&'0;&34#%*1,4R#%#-3*+,*&,9,44#4;$%1:(:1#;0#%#09X1/5W0#0E/(2*/0%5#GB6C*63#;EC*531#3&'$20(%D#"#
09%6%1%4 # +%*,1G%5R # 63(031G35R # 4:(4;5343135 # 13(3094C* # ;*B # 09:63&1:(5'3934G35 # 4%5?*A21 # %#
&'3(3131R#+3#5;@25'#43$%4/1?0#W0,E,(4,4#;(/5463#/0#4%*2*1,95%1#$2(#%9#%*%E09X1/5W01;09*3443*D#"9#
3*0B # @2(,$ # /01,*%;6G35 # 43@24 # % # &'3($31 # ?425920 # Q4A25 # 4%5?* # /+3&35 # 5'3*635 # G309;*5/R # %9#
H(20G3*/0;&#$;&#53$R#6%&'#W0%1#%#@%($%+/1#;6#6;&;5#A3*35/1#$3&D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
Y/5W0#09C10;&#3*B93430#4?+20(%D
J$431'%&.",2V)2/83:/."S:)+0
"9 # 3*0B # ,0942*'G%5 # % # 5'3*64%5?*20 # 3*0B+*3&30 # W;*A% # /0$3(13+;0 # %9 # /+3&35 # 5'3*663*R # %55%1#
1/3A4;0;63*R#(/4$?026%*R#+%**%$26%*R#6%*%$/54#%9#3&'093(F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#3*0B#,0942*',0#&'3($3131#%#09XG%5#4%5?*4#$,5+X121%4R#+%*,1%4R#(:6/+#$30;134#3&'C44#$,5+A21R#
;531*/1#%9#,0942**'%*D#b&';5/#$3&09X*%*20,1#*3@340;&3031R#$3&4%5?*5%1#1:09:55/R#G3$?4%41,95/R#
+3 # % # 1:9:0R # W0,E,(4,0 # 63(0$,5+20R # ;531*;0R # A24;1 # 13(C* # 3*B4;(G3D # Z%0952*@%45%1 # -C93434_ # %#
@%**,44.4%5?*4#$30;1@39R#4:(4;53431@39R#A24;1,1@,9R#+%*,1@,9#1%EW0,*X+X%5#1;E3134#(%A9,*@%45%1#
03&H463#%#$3$,(/92*204D

!KO

G$TS/+)U*1/."T+43+0
b*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X%1#3&'30#4:(4;534G3*/#4;$21R#6%*%$/54#%#092$,*20@,9#%9#
/+3&35#5'3*6F#092$,1#4%5?*2026%*D
GO)S/,+%$)#$0"f",+%$)#$0
"# &'3($31 # 1:9634*35 # 1:(5'3934;GB* # 3(3+531_ # 1:09:5;031R # 092$,1 # !.JNR # ,0942*'43(3$ # 42(&'%/R#
09H531R # W0%*2+R # -BGG # /(25',1 # S?ER # +,5R # (/&@4R # *3-4R # G3@/5+R # /5 # -(,54 # ,-UR # 4304(;0931 # R # 3&'093(F#
W03*316;031R#09,120,1#;0#?4%0H420,1#%9#,0942*'G%5D#"#63(031R#+%*,1R#$,5+X121R#A24;1,1#09%6%/R#
1/-3A39;03/#/0#G3;EC*531#$3$X(/2A?1G%D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#4?+5%1#(3%&2*5/#3&'093(F#?4%0H420,1(%R#1:09:5;031(3R
.#03&H40;&&3*#1:6345/#4?+5%1#3&'#3&'093(F#$30;4R
.#%9#,0942**'%*#3&'C44#4?+5%1#3$*;13934GB*#-3*/+;95/R#3*$,5+%5/#63(03134R#$,5+X121%4R#;5313*5/#
+%*,1%4R
.#53$#/+3&3513+531#%9#%5&,*#5'3*6#1/3A4;0G3*/#0%A24,002&%/4X*D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # 3*0B # ,0942*'G%5 # 093(9344 # 5'/4,4402&,4 # %9 # /+3&35 # 5'3*6 # /(254 # 4,62GG # 3(B0H4AC1D # " # $20,+/1#
,0942*'G%5 # -,*'4%4X+5%1 # %9 # 3*0B # ,0942*'G%5 # $3&139+344 # 436;135'0;&31R # %9 # X(21 # 4,62GG(% # /0 # %#
09XG3*/ # $?512(%# ;EC*531D #"# &'3($3131G35# 3(B03GG# %9# /&;5'# %9 # 3&';5/ # $3&09X*%*20(%R # 3GG35#
G24,(H4A?1#B134D#"#4%5H420G%5#$;&#$/5+/&#+,$/52*#%#(/4$/1?0#3*3$#$/5+#%9#X(%#-3*;EH4;0;G35R#$/5+#
%#436;135'0;&31#A3**3&;G35D#a%E0,*X0#$,5+X121#;0#E3(&BGG#(/4$?0Q#63(031#/0#3*B4;(G3#13(C*531R#
393134 # 5%&'R # *35+C*3430 # $,9+?*%4,11%* # 1H0;(/1D # " # &'3(3131 # @,009%GG # $30;134 # $,5+%5%1 # ;0#
A2409%5%1#3*#%#4%52(#03&H40;&;63*#SE*D#*25W$30;1R#63(030#$30;1UD
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#,0942*'G%5#6%*X#/0$3(13+;0#%#5'3*663*D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21,1#3&'(3#,44@,5,0%GG%5#;(9/1#$%&?1%4#%9#X(25#%#5'3*6/#1:(5'3934G35D#"9#X(%/#4:(4;5;031#-B#
W;*A% # %9 # /+3&35 # 5'3*6 # /(254/ # ;(+31*B+;0R # % # 1H625W0/02& # -3554%(420%D # d:9G35 # @%5&0Q*'4 # 1%E # %#
09X1/5W0#GB6H4;03R#%#G309;+;(4;0#3(B0H4;03R#%#1:9:0#$3&09X*%*20,1G%5#6%*X#G24,(#(;096;43*#;0#
3&'.3&'#3&';5/#$3&09X*%*20D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#%*%E634B#/+3&35#5'3*6F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D#"#4%5?*X1#1;E3031#3&'093(FR#+3#
$2(#@,009%GG#4:(4;5343134R#$30;134#$3&;(435/R#1X(?0G%5#$,5+%5/R#3*A2409%5/D
G$TS/+)U*1/."T+43+0
a,62GG(%#/0#3*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X1#3&'30#4;$21D#"#092$,1#/0$;4*;03R#GB6H4;03#%#
092$,*20#3E,W@26%*#3&'#/+BG35#4:(4;5@34D

!KK

GO)S/,+%$)#$0"f",+%$)#$0
"#09X1/5W0#3*0B0,(G%5#%#43($;0934@39#S2**%4,1R#5:6;5'31R#/+BA2(20R#04GDU#1:4B+/1R#6%*%$/54#%#@;4#
5%EA%/R#%#092$,1#!.!NNR#G3$?4%41,920R#3&'093(F#1/-3A39;031R#1:09:5;0#;0#%((%#(3%&2*20#%*1,4A21#%#
09X1/5W0GB6H4;0#%*%EA%/4D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#%9#/0$3(4#4:(4;5343134R#63(03134R#$30;134#;(4/1R#3$*;13934GB*#-3*#4?+A21#/+;95/R#3&'C44#$,5+A21R
.#%#5'3*6/#A24;1,1G%5#09H63035R#:(:$$3*R#%14H6%5#6309531#(;094R
.#%9#X(21,5#@%0952*4#%5&,*#5'3*6F#?4%0H420,1%4#1:55'3+;5#$3&;(4/1R
.#3&'093(FR#G3&'%1,(,*4#1;(+;031(3#$3&-3*3*B35#(3%&2*5%1R#62*%09,*5%1D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%($%+/1#;6-,*'%$,5#$;&#$/5+/&#%#W;*5'3*635R#%9#%5'%5'3*6#1/92(2026%*#+,*&,9?51#3&'C44#%#
&'3(313113*D # a,62GG(% # /0 # %*%E634B35 # 09XG%5 # -,*'/1 # % # 4%5H420D # "# 4%52(5%1 # 4?+%4,0%5 # 13** # %((%#
4:(313+5/3R # @,&' # ,*'%5 # 63(03134 # 4%5H40,5R # &'%1,(,*A,5 # 3GG35 # %9 # ;6G35R # %$3*'3113* # 093(345;#
G3639345/#%9#%5&,*#H(204D#Y%&'G%5#03&H4/#%#1;0BGG/#4%5?*$25',1%4R#@%#5'3*64%5/#093(1393431#/0#
3*B13(C*531 # 3931G35 # % # 63(031G35D # bGG35 # %9 # ;*341,(G%5 # % # &'3(3131531 # $2( # 0,11%* # 5%&',GG#
;(9;1C1 # 6%5 # % # 5'3*6@39R # %9 # 2(5'%*%4,1@,9R # $/5+ # % # 1/3A4;0R # $/5+ # % # A3*354;0 # 43(;5D # Z,009%GGR#
62*4,9%4,0%GG # 09:63&3113* # /0 # G,*+,&?*5%1D # t2(G309;+31R # 5'3*64:(B1R # 63(031 # A3*35531 # $3& # %9#
X(21,5D
nC934C1G3 # % # 4%5?*X1 # *3(%A9,*@%4A21 # % # @%**,44R # ,*6%0,44 # 4:(4;5343134R # +%*,1%4D # "9 # ;6 # 6;&3 # -3*;#
*3H(@%4A21#%9#"f[.4R#3034*3&#5;@25'#09X4R#6%&'#3&'093(F#$,5+%4,1%4D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9 # 3*0B # 1;4 # ;6G35 # 4%5?*4%1R # %9%9 # /0$3(13+;0 # % # 5'3*663* # 63(031R # +%*,1R # A24;1,1 # ;0#
(:6/+3GG.@,009%GG#4:(4;53431#-,($2A2G%5D
J$431'%&.",2V)2/83:/."S:)+0
"9 # /+3&35 # 5'3*635 # @%**,44 # 4:(4;5343135 # 13(3094C* # % # &'3(3131 # G3E/**%54204 # 5'3(531 # 3&' # $20/1#
1?*4Q(2G%D#b*-,&%+A21#%9#/+3&35#5'3*6#0%A24,002&%/4R#3&'(3#E,54,0%GG%1#%#@3*'30#1/3A4;0R#/54,52W/X#
43(;5D#"#09X1/5W0#GB6H4;03R#%9#3&';5/#093(3E*;031#G24,(H420%#-,54,0#093(3E34#1%ED
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d;E3031 # 3&'093(F # $,5+%4,1%4 # %*1,45/D # 73&;(4/1 # % # 4:(4;5343134R # 62*%09,*5%1 # % # G3&'%1,(,*4#
1;(+;031(3D#52**X%5#/0#$3&#$3(531#09X*%*5/D
G$TS/+)U*1/."T+43+0
b&'30#3E,W@21@,9R#E;*+2?*#092$4%5R#$3043(0;&31R#-:*+$F63*;0R#@29;EH4;0D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0_#"f[R#4B092$,1#S!.!NNUR#&'C$:*W0:1R#;609%1,1R#@X5%E,1R#5%E09%1,1R#4,62GG/#2**%4,1R#
(?@21R#42(&'%1R#$3043(0;&31R#-,&*%*1,920,1R#5%E/#W03*316;031#09X1/5W03D#Y'3*64%5/#-,&%*$%1#$;&#
53$#13(C*531#G363934;0(3D
!KP

!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31
.#62*%09,*5/#4?+#:5$%&2(%#6,5%41,9X#3&'093(F#1;(+;031(3#SE*D_#)@3(3#+,#',?#*/63z#Z,#,*+#%(3#
',?z#Z%63#',?#&,4#%#E34z#)@%4#/0#',?(#$,4@3(~0M-%4@3(~0#5%$3zUR
.#%9#X(21,5#@%0952*4#%5&,*#5'3*6F#?4%0H420,1%4#1:55'3+;5#$3&;(4/R
.#1:6345/#4?+#3&'#3&'093(F#4:(4;53434R#%$3*'34#3&'093(F#$,9+?*%4,11%*#1H0;(63#$30;*C51#3*R
.#1H6C*(B*#4?+#$2(#3&'3+C*#/0#+%*,1%4R#63(03134R#$,5+X121%4R
.#/0$3(/#%9#"f[.4#S09XG%5R#<63(0093(F35=UD
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)+0
"#!ND # ;*34;6G35 #%# &'3($3131# %9#r5.4?+%4,002& #3&' #QA #09/54A;(3#*;E531D # e5+/6/+?%*/92*5/?1# 13**#
$/5+%94R#%$/4#3&'C44#4%5?*4%1#$3&D#"9#3&';5/#,+%-/&'3*;0#(35+1H6C*#-,54,0#3GG35#%#1,(G%5R#$3(4#%9#
H(20 # 3*0%A24H420% # ;0 # % # &'%1,(/ # 3&';5/ # -3*%+%4,1 # 3*B4;(G3 # 3$3*/1 # %9 # 3034*3&30 # 53@;90;&3134R#
%$3*'31 # 3++/& # 3935 # % # 4;(35 # 53$ # 6,*4%1 # 093$G34F5B31D # Y;@25' # &'3($31 # 1C*:5 # 03&H40;&34#
/&;5'3*@34D
"9#3*0B#@2(,$#;6#%*%44#1H6C*(B*#$3&4%5?*4#09:63&3134#@%0952*6%#139+3531#%#+/21,1#%5&,*?*#H(5/D#
7/5+ # %9 # H(20R # $/5+ # %9 # ,*6%020 # 0,1 # &'%1,(*204 # /&;5'3*R # 39 # 03&H4/ # 3*B # % # 09X1;E # ;0 # % # 1/3A4;0#
:00931%EW0,*2024D#7/3*B44#5',$4%4,44#09:63&3113*#/0$3(13+5;531#$3&R#3*B09:(#%94#,*6%0021R#%$/4#
0%A24#$%&?1#H(4%1D#"#4,**G%$,5+20,1#/0#3*139+B+531#AX*#/0$3(4#09:63&31#%*%EA25D#n,54,0#-/&'3*5/#%#
4,**G%$,5+20 # *;E;03/(3D #"# *24X.@%**X # 4,**G%$,5+204 # 1:634/ # % # @%**20 # ?425/ # H(20D #"# @29/ # -3*%+%4,1#
G363934;0;5;* # -,54,0 # % # 1:63413934300;&D # >:6/+ # 09:63&31R # $,5+%4,1 # $3$,(/92*20%R#
H(20&'%1,(*20R#(35+093(30#,44@,5/#,*6%020#03&H4@34/#%#1;0BGG/#0/13(30#5'3*64%5?*204D
"@,* # W0%1 # *3@340;&30R # % # 09%6%1%4 # $,5+%4,1G%5R # 09:63&:0093-C&&;031G35 # 4%5?*A21 # $3&D#
b*139+B+/1#%9#3&'093(FGG#5'3*64%5/#09%G2*',1#4?+%4,0H420%#;0#&'%1,(*20%D#7;&#$/5+/&#%#(/4$/1?0#
09:63&31#2**5%1#3*B4;(G35R#+3#4:(4;5343134#/0#+,*&,9@%45%1#-3*D#"#&'%1,(*20#3&'/1#*3&@%4;1,5'%GG#
$X+A%#3GG35#%9#;*341,(G%5#%#+(%$%4/92*20R#%#093(3EA24;1D#"#09XG3*/#$?5124#5'3*64:(B1R#63(031R#
$,5+X121R#+%*,1R#6%*%$/54#1;(+;0.-3*3*3431#1:634/1D#"9#3*@%5&9,44#4:(4;53431#4%(4%*$24#1;(+;031#;0#
62*%09,1#03&H40;&;63*#/+3&35#5'3*635#:0093-,&*%*A?1R#3034*3&#3*$30;*@34AC1#%5'%5'3*635#/0R#3993*#
42$,&%46%#%#53@;90;&3113*#1C9+B#&'3(313134D
"#W0,E,(4,0#093(3E*;0#@244;(G3#13(C*#%9#3&';5/#$3&09X*%*200%*#093$G35D#"9#H(20.,*6%020#4%5?*20#
$3**344#%#09/4?2W/X0#A24;1,1R#(:6/+#+%(%G,1R#4%*2*X0#1;(+;031R#%9#;531*;0R#3&'093(F#E2(G309;+31#;0#
09XA24;1,1#%9#X(21#-,54,0#(;09;4#1;E39/1D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#@2(,$#;6#4%5%5'%&%_#63(031R#+%*,1R#$30;1#/0$3(343R#09X1/5W0R#3&'093(F#$,5+%4,1D
J$431'%&.",2V)2/83:/."S:)+0
"9 # ,*6%020.H(20 # 3*0%A24H420%R # &'%1,(*20% # % # W;* # 3GG35 # %9 # ;6G35D #"# $3$,(/43(3113* # 6%*X # $?51%#
-,*'4%4X+/1R#%9#3&';5/#093(3E*;03134#G24,(H4A%#%#4%52(D#n,*'4%4X+/1#%#@3*'30#1/3A4;003*R#/54,52W/X6%*#
1%EW0,*%4,0# &'%1,(*20D #"#09X1/5W0# 4,62GG # GB6C*D #"9#%5'%5'3*6 #;0# %9# /+3&35# 5'3*6# 093(139343R#
-3*;EH4;03#1:9:44/#1C*:5G0;&#139+#4?+%4,0?*5/#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20

!K]

73&;(4/1#%9#3*@%5&9,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%#-3*4344#1;(+;031(3D#w'%1,(,*A21#%9#/0$3(4#
09:63&3135#13(3094C*# %9# H(204R # ,*6%0204D# d;E3031# 3&'093(F#5'3*64%5/#09%G2*',1%4 #-3*-3+395/#;0#
@%0952*5/D#T2**%*A21#%9#:52**X#093(3E*;04D#
G$TS/+)U*1/."T+43+0
"5'%5'3*6R#2**%44%5R#-:*+(%A9.1:(5'3934/0$3(34D
GO)S/,+%$)#$0"f",+%$)#$0
>:6/+#E2(G309;+31R#(:6/+#4:(4;53431R#@,992A?1#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_
.#3&'30#092$#c#4:GG30#092$R
.#0E3**/5&R#"f[#/0$3(343
.#093$;*'30#;0#$?4%4X#5;6$20,1D
.#-3*09X*H4X#$X+#09XG%5#;0#H(20G%5#S09:63&1:(5'3934G35UR
.#$,5+%4093(13934R#/&;1R#-B53631R#$3**;153631#&'FA4;03R#&'%1,(*20%R
.#4,#G3#;0#4,#@%63#/&;1#(%&,920%R
.#3&'093(F#1/A3*354BR#1;(+BR#4%&%+X#$,5+%4,1R
.#3&'093(F#1;(+B09%6%1#@%0952*%4%R
.#-,*'%$%4,0#A3*35#/+BD
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#@3*'3035#G34F9/1#%#536C134#;0#5;@25'#&'%1,(/#09X4R
.#E,54,0%5#,*6%05%1#G3&'%1,(,*4#09%6%1%4#;0#$,5+%4,1%4R#H(20G%5#-3*/0$3(/1#%9,1%4R
.#:52**X%5#%*1,45%1#3&'093(F#$,5+%4,1%4R
.#,44@,5,0%5#$,9,&5%1#%9#3&'093(FR#G3&'%1,(,*4#1,$$?5/12W/X0#@3*'93431G35R#E*D#G3$?4%41,920R
.#3*+:5435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%*%E634B#09X1/5WW03*#(35+3*139531#%#-3*+,*&,9,44#4;$%1:(:1G35R
1;E3031#3&'093(F#5'3*64%5/#09%G2*',1#-3*/0$3(;0;(3#;0#%*1%*$%9202(%D
Q252823:/"i-MN"+/831)&
d/0/01,*20 # 1,(G%5 # % # 5'3*63*0%A24H420R # % # 5'3*64%5?*20 # $;& # -B1;54 # 093$;*'31@39R # 09/4?2W/X1@,9#
1:4:44R#;0#W0%1#%#1/*35W.4/935@%($%+/1#;6G35#139+B+/1#3*#3&'#:52**XGGR#4?+%4,0%GG#4%5?*20D
"#09XG3*/#$?51%#%#1:9;E4%&,9%4,5#/0#%#4%5H420#1:9;EE,54A2G%5#$%(%+D#f363934AC1#%#1C*:5-;*3#
09,W/2*/0R#W0,E,(4,0#$?51%-,($21%4D#"#1X(?0G309;+34#3&'(3#/512GG#-3*62*4A%#%#&'3($3131#3&';5/#
$3&5'/*%41,920%D #"# G309;+&'%1,(*%4,1 # 0,(25 # % # +/21,1 # $3&4%5?*5%1 # 3&'093(F35 # 42(0%*,&5/ # %9#
/01,*%/ # ;0 # ,44@,5/ # ;*34(B*R # :5$%&?1(X*R # W0%*2+A?1(X*R # %9 # /+BA2(20(X*R # %9 # /+B(B*R # %9 # ;609%1,1(X*R#
5%E09%1,1(X*R # %9 # ,*6%0,44 # 09:63&31 # 4%(4%*$2(X*D # " # 436;135'0;&31 # 1:9:44 # 093(3E3* # 63(031 # ;0#
G309;+&'%1,(*%4,1 # 3&'C4430 # ;0 # 3&';5/ # 3*B%+20%R # 1:9:0 # ;531*;0R # 5'3*64%5/ # 1;(+;031#
$3&42(&'%*20%R # &'%1,(*20%R # %9 # %+,44 # 5'3*6 # @%92A25%1 # 4:(4;53*$/R # 1?*4?(2*/0R # -:*+(%A9/#
A3**3&934300;&3/63*#6%*X#/0$3(13+;0D#8,(#13(C*@34#3&'.3&'#(:6/+#09H5+%(%G#6%&'#A3*3534#3*B%+202(%#
/0D
"9 # 3E,W@%-C93431 # $/542A2(% # 6%&' # % # 4%52( # 0%A24 # 3*1;E93*;03 # 093(/54 # 0%A24 # 1/0 # 4%51:5'634#
093(13094@34531 # % # &'3($3131R # %$/G3 # % # 4%5?*4 # 63(03134R # +%*,1%4R # $,5+X121%4 # ;0 # &'%1,(*%4,1%4#
-3*A3&'39@34/1R # 5'3*64%5/ # 09%G2*',1%4R # (%&,920/ # 42G*29%4,1%4 # H(@%45%1D # 73&A3*35531 # %9#
,*6%0$25',1R#%#09:63&3134#$2(#%*%E,0%GG%5#-3*+,*&,9921D#"#-,*'%$%4R#%@,&'#%#+/21,1#%#5'3*64%5/#
09%G2*',1%4 # $2( # /0$3(4R # -3*+,*&,9,44 # 09:63&31GB* # *363934/1R # /**3463 # % # *3@34B # *3&3&'093(FGG35#
:5$%&?1 # $3&-,&%*$%9921R # 5%&'G%5 # 03&H4/ # %9 # 3$*;139;04R # % # -3*/+;9;04D # w'%1,(*X-C934C1G35#
!PN

&'%1,(,*@%4A21#%9#H(20G3*/#$?5124#%12(#%9#X(25R#%12(#@29/#-3*%+%41;54D
" # &'3($31 # % # 4/93513443+/1 # ;*34;6 # 42A25 # $2( # 1;E30 # ,1.,1,9%4/ # :0093-C&&;03134 # $3&*245/R # %9#
3*B9B*3& # 4%5?*4%1(% # :0093-,&*%*X%5 # (2431/5435/D # " # @343+/1.5',*W%+/1 # ,0942*'G%5 # -3*;G(3+531 # %9#
/543**314?2*/0R # &,5+,*1,+20/ # 3(B1R # *3@34B6; # 4;63 # % # 5'3*64%5/ # 09%G2*',1 # &,5+,*%4/ # Q4,5 # 4:(4;5B#
$3&;(4;0;4#;0#4?+%4,0%GG#%*1%*$%92024#/0D
"#5',*W%+/1#,0942*'#6;&;(3#3&'#24*%&,0#1;E300;&FR#%9#X(21,5#-/&'3*3$$3*#(;094#636B#+/21#1;E30#
%9#/0$3(4#;0#-3*+,*&,9,44#4;$%1:(:1G35#%9#%*%E09/54F#1,$$?5/12W/X(%R#%9%9_
.#1;E30#3&'093(F#5'3*63934FR#@,009%GGR#H(,44#09:63&#$3&;(4;0;(3R#:52**X#-3*+,*&,9202(%#S1;(+;031#
$3&62*%09,*202(%R#1?*W0/5-,($2W/X1#$3&4%*2*202(%UR
.#1;E30#(:6/+3GGR#3&'093(FR#:0093-C&&B#-,&%*$%920#$3&%*1,4202(%R
.#1;E30#%*%E-,1Q#09/5435#4:(4;53431#*;5'3&;531#$3&;(4;0;(3R
. # 1;E30 # %*%E09/54F # 1,$$?5/12W/X(% # ;*34093(F # @3*'93431G35 # %9 # /0$3(4 # 4;$%1:(:1G35 # SE*D#
G3$?4%41,920R#6202(*20R#/+BE,54.3&'39434;0R#43*3-,5G309;*&34;0UR
1;E30#%*%E09/5435#G309;*&345/#3&'.3&'#/0$3(4#4;$2(X*D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%#1,(G%5#S!!D#;*34;6U#3(B0:+/1#;0#%#1:(5'39344B*#-C&&34*353+/1#%#&'3($3131#$3$X(/2A%R#H&'#
0,1%4 # 1;E3031 # 4%5?*5/D # b11,( # $2( # @%0952*@%45%1 # 5',$4%4,44 # ,*6%0X1:5'634R # $3*'34 # %9 # X(25#
1:9:035#+,*&,95%1#-:*D#b9#%9#%#1,(R#%$/1,(#%#5'3*6#09;E0;&;4#1;E3031#-3*/0$3(5/R#%$/#5%&',5#
-,54,0 # %@@,9R # @,&' # % # &'3(3131 # ;*6399;1 # % # 5'3*634 # ;0 # % # 5'3*64%5?*204D # " # 09XG3*/ # $?51%#
5'3*64:(B134R# E2(G309;+3134R #;0# 63(03134R# ;*341,(?15%1# $3&-3*3*B# ;53134# 4%(4%*$%9R #%$3*'31# AX#
(;093 # $3$,(/43(D # " # 6%*X+/ # ;(4;1;5 # 4Q* # % # 63(0$,5+20 # % # 4/094% # 1/3A4;0 # ;0 # $,5+%4+%**%$#
G3&'%1,(*2025%1#1/62*X#3091:93R#;0#3(B0H4/#%9#/+/X$%#A3**3&F#09X1/5W034#/0D
"#53&'3+/1#,0942*'G%5#4%5?*4#3&'093(F#093(1393431(3#;EH463#3(B0:+/1#%#5'3*64%5#/(254/#;(9;1C1D#
Y%&'#&,5+,4#13**#-,(+H4%5/#%((%R#@,&'#%#&'3(3131#$3&;(40;1#;0#%*%E,0%5#3*0%A24H4021#%#09XG%5#
-,(&X # 5'3*64%5/ # 093(139343134D #"9 # %*%E634B # 09%G2*',1%4 # +3+?14H6 # $X+,5 # $%&?1 # -3+39/1 # -:* # ;0#
-,&%*$%9921#$3&D
" # 09%6%1%4 # 311,( # $2( # 4?+%4,0%5 # 4%5?*A21 # ;0 # &'%1,(,*A21 # 09:63&:0093-C&&;03/1G35 # %9#
,*6%0$25',1 # -3*+,*&,920% # 0,(25D #"9 # 3&'(3 # GB6C*BR # 62*4,9%4,0 # 09X1/5WW03* # % # &'3(313134 # %((%#
:094:5:99C1R # @,&' # 1;E93*34C134 # @%0952*6% # %*1%*$%9921 # % # 09%6%1%4D # 89H530 # ;0 # A3**3&93430#
*3H(20,1%4#@%**%5%1#;0#,*6%05%1R#:094:5:99C1#%9#,*6%020#093(3434;4D
4:+/1 # ,0942*'4X* # A%6%0,*A?1 # % # W0,E,(4$?5124R # % # (35+093(30 # E2($?5124R # 5%&',GG # *;4092$Q#
,0942*',1#3034;5#%#W0,E,(4G,54204D#bGG35#%9#;*341,(G%5#1:55'35R#AX*#$,4/62*@%4X1#%#&'3(3131R#;0#
%#$3&4%5?*%5+X#4%5%5'%&,4#3(3+$;5'303GG35#4?+A21#&'%1,(,*5/#;0#%*1%*$%95/#1/03GG#*;4092$Q#
W0,E,(4,1G%5D
m'$02'23

k;"U'$W

I)Y8232/"3O*1/
"#53&'3+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5/#093(1393431D
J$431'%&.",2V)2/83:/."S:)+0
"9#,*6%020.H(20#&'%1,(*2025R#$3&3(B0H4;0;5R#%#09X1/5W0#GB6H4;0;5#6%5#%#*3&5%&',GG#@%5&0Q*'#
3GG35 # %9 # ;6G35D # a,62GG(% # /0 # -,54,0 # % # $3$,(/43(3113* # 6%*X # $?51%R # %9 # 3&';5/ # 093(3E*;031#
G24,(H420% # $3&@%42(,9X # % # A:6BG35/ # 5'3*64%5?*20@,9 # 6%*X # E,9/4H6 # @,9922**20 # 3*B03&H4;0;;(4D#
n,*'4%4X+/1 # % # @3*'30 # 1/3A4;003*R # /54,52W/X6%* # 1%EW0,*%4,0 # &'%1,(*20D #"9 # /+3&35 # 5'3*6 # 5'3*64%5/#
!P!

093(139343/63* # /0$3(13+531 # % # +/21,1R # 3(B0:+/1 # % # 1,$E%(%4H6 # 5'3*64%5/ # 6/90&2*X+20R # 4,62GG#

4?+%4,0,+/1#%#1C*:5G0;&#%9#%5'%5'3*6#;0#%9#/+3&35#5'3*6#093(139343R#-3*;EH4;03#1:9:44D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d/0#03&H40;&&3*#$3&;(4/1#%9#,*6%0,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%9#,*6%0$25'(%#6,5%41,9X%5#
-3*4344#1;(+;031(3D#"#W0,E,(4,0#093(3E*;0#@3*'344#3&'(3#/512GG#%9#3&';5/#$3&09X*%*20#%#A3**3$9BD#
d;E3031#5'3*64%5/#09%G2*',1%4#-3*-3+395/#;0#@%0952*5/D
G$TS/+)U*1/."T+43+0
b&'30 # 3E,W@21@,9 # 1:4@34B31 # 3&'30 # ,*6%0$25',1R # 63(031R # +%*,1D # " # 5'3*64%5 # 3E,W@2@,9 # AX*#
1%EW0,*@%4X%1#3&'30#4%5?*4#5'3*64%5/#3*3$31R#093(1393431D
GO)S/,+%$)#$0"f",+%$)#$0
"9#,*6%0,44#4:(4;53431@39R#%#4%5?*4#E2(G309;+31@39#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_
.#09X-%A,1#S-B53631R#$3**;153631R#/&;1UR
.#09X(35+31R
.#QA%GG#1;(+B09%6%1R
.#3&'093(F#A3*35#/+BR#1/A3*354B#$,5+%4,1R
.#3&'093(F#;0#-,*'%$%4,0#A3*35#/+B#-3*/0$3(;03#1;(+;0G35R#4%&%+20G%5R
.#G/(4,1*20#1/-3A39;03R
.#$3**;15;6-,1,920R
.#3*:*A2(X09X1#1:(;531#GB6H4;03R
.#X(%R#/+B#1/-3A39;03R#+24?$D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X1_
.#3$*;13934GB*#:52**X%5#/0#3*#4?+5%1#$,5+%5/#63(03134R#E2(G309;+3134R
.#%#4%5?*4#5'3*64%5/#-,($21%4#-3*/0$3(/1R
.#3&'093(FR#(:6/+#09:63&3134#$3&;(43531R
.#%9#/0$3(4#09%6%1%4R#$,5+%4,1%4#4,**G%$,5+20#?425#*3#4?+A21#H(5/R
.#:52**X%5#4?+5%1#%#4%5?*4#09%6%11%*#;0#5'3*64%5/#093(139343113*#$,5+%4,1%4#%*1,45/R
.#1/3&;09H435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%#4%5?*4#09X1/5W034#-3*#4?+A21#/+;95/D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%4,+/1#,0942*'G%5#%#E(3E?G3(420.1,(#A3**3&93430#6,520%/6%*#4%*2*1,9@%4?51D#"#(35+#;0#(35+093(R#
%9 # 24431/54@34B # 43(639;0 # 5%&',5 # -,54,0 # 3GG35 # %9 # ;*341,(G%5D # Z%4,+/1 # ,0942*'4X* # % # -:*+(%A9R # %#
1?*4?(2*/0 # 0%A24,002&,1R # *3&35+21R # G%**%+21R # 4:(4;53*$/ # ;0 # $/4/1?0 # 093$;*'/0;&31 # %*1,4A21 # % # -B#
4;$%1:(:134D #"# +/21,1 # /+3&35 # 5'3*635 # /0 # ;(+31*B+63 # -,&%+A21 # 393134 # % # 4;$21%4D # b&'(3 # 4:GG#
/+/X$24R#1/-3A39;04#;0#$/5+355%E/#42(0%*&20/#09X1/5W034#;EH4C51#G3#%#09XG3*/#$?512G%D#a,62GG(%#/0#
-,*'4%4X+/1#%9#,*6%020.R#;0#H(201;090;&#-3A*3094;03D#bGG35#%9#;6G35#393134#%#1;090;&3134#$3&#13**#
3(B0H435/D#b*139+B+/1#%#1(3%4H6#-,&%*$%920,1#H(20%R#3*B09:(#1:9:035R#$%A+#:52**X%5#/0D#"#+/21,1#
(35+093(3035#1%E5%1#H(20G3*/#;0#09XG3*/#@29/#-3*%+%4,1%4D

!PJ

"# 5'3*64%5/ # 09%G2*',1 # ;0 # 093(1393431 # O.PD # ,0942*'G%5 # &'%1(%5 # 24-3+/1 # 3&'$204R # ;0 # G2($/*'35#
E(%14/1?0 # 0,((35+G35 # 63@34B1D #"9 # 3++/& # 4%5?*4 # 5'3*64%5 # ;0 # 09X1/5W0 # %*%EA25 # % # +/21,1%4 # 3&'(3#
/512GG#G24,(H4@%4A?1#%((%R#@,&'#09%G%+%GG%5#-3A399;1#1/#$%&?1%4D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#:4:+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#%9#H(20.R#,*6%0201;090;&#$3&3(B0H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#
-,($21#$3&/0$3(;03R#%9#:52**X#09X42(@%0952*%4#3*B03&H4;03#A3**3$9/#394#%9#;634D#"#+/21,1%4#3&'(3#
/512GG # %((% # :094:5:99C1R # @,&' # G24(%5 # -3A399;1 # 1/ # $%&?1%4 # /+3&35 # 5'3*635R # 09X*%*A%5%1 # $3&#
3&'3+C*R#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#+/21,1#3&'(3#4:GG34#4?+5%1#$%&?1(X*R#1:(5'3934C1(B*#3*$,5+%5/R#3&'(3#4:GG#$/5+35(3#4?+5%1#
62*%09,*5/D#"#4%5?*X1#%#1,(?15%1#$3&-3*3*B#/+3&35#5'3*6F#09:63&1:(5'3934G35#3*#4?+5%1#/&%9,+5/R#
3&'093(F # :52**X # $,5+%4,1%4 # 4?+5%1 # %*1,45/D # d;E3031 # :52**X%5 # ,*6%05/ # 3&'093(FGG # 09:63&3134R#
53$#(/%+5%1#$3&#/0$3(34*35#09%6%14X*D#e0$3(4#09:63&(3R#/0$3(4#09:63&1:(5'3934G35#1;(+;03134#
4?+5%1#%*1%*$%95/D#"#(35+093(30#@29/#-3*%+%4,1#S09X4%5?*20R#H(20G3*/#-3*%+%4,1R#,*6%020&'%1,(*20U#
%9#:52**X#4%5?*20#43(;5#/0#-3A*3094/1#%#+/21,1%4D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5 # % # -:*+(%A9 # 3E,W@2@,9 # ;0 # % # 4:(4;53*3$ # 3E,W@2@,9 # 1%EW0,*@%4X%1 # 1:55'35 # 3&'30#
09:63&31R # 4:(4;53431R # *3&35+21D #"# 5'3*64%5 # 3E,W@% # ;0 # %9 # /+3&35 # 5'3*6 # 5'3*64%525%1 # 4%5?*20%#
1:9:44/#3&'39;031#;0#1C*:5G0;&31#3(B0H4/1#%#4%5?*X1#&(%$$%4/1%/#1,$E3435W/2/4D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0GB6H4;0#%9#,*6%0$25',1(%R#E2(G309;+31(3#%*%E,96%D#"#&'%1,(/GG#/&;1#@2(,$#%*%1A%D
Y'3*64%5_
.#3&'093(F#;0#-,*'%$%4,0#A3*35#/+B#&'%1,(*20%R
.#G/(4,1,0#5;6$20,1R
.#3&'093(FR#:00934344#$,5+%4,1R
.#3&'093(F#$Q*4#/+B
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#09%G%+%GG%5#G309;*531#:5$%&?1(X*R#W0%*2+A?1(X*R#1:(5'3934C1(B*R
.#-3*/0$3(/1#%#4%5?*4#5'3*64%5/#09%G2*',1%4#;0#E;*+21%4#4%*2*5%1#(2A?1#3&'#%+,44#09:63&G35R
.#G/9,5',0#@3*'93431G35#$3&#4?+A21#;(4345/#$%&?1%4#E*D#Q4G%/&%9H420R#6202(*20R
.#(:6/+35#4?+5%1#G309;*5/#7%&'%(,(092&(X*R#3034*3&#5;@25'#$20#,(092&(X*R
.#/0$3(531#G(/4#6,5%41,920Q#1?*4?(2*/0#;(4;13134R
. # @%0952*A21 # % # 1/GB6C*4 # 09X1/5W034_ # /01,*%R # 4%542(&'%1R # X(%(35+R # 5%E/(35+R # ?4%920R # 1:9*313+;0/#
3091:9:1R#;4139;0R#6202(*20R#42A;1,9X+20D
kN":5,+)&$#

!PI

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@343+/1#,0942*'G%5#%*1%*$%9,44#$X+093(#09,(,0%5#1:634/#%#@%4,+/1#,0942*'G%5#*3H(4%1%4D#a:GG#%#
4%5?*5/6%*XR#(35+093(3031#%#4?+20E(XG21R#09X+,*&,9%4,1D#"#@3*'30H(20#-3A*B+;0;4#4,62GG(%#/0#03&H4/1#
%#+/142*20,1D#w'%1,(/GG#%#W0,E,(4,0R#%#E2(,0#;0#%9#:52**X#$?51%D#"9#C&'303GG#&'3(3131#$2(#
$3(531#0%A24#4?+20?1(%#42$%091,+6%#%9#%+,44#/+3&35#5'3*635#&,5+,*1,+6%#09:63&34#%*1,45/#S;0#
53$#-3AG35#-,(+H4%5/UD#83&H435/#13**#B134#%GG%5R#@,&'#3*#4?+A21#-,&%+5/R#@,&'#&,5+,*%4%/1%4#$;&#
53$ #$/5+/&#4?+A21# /+3&35#5'3*635# $3&-,&%*$%95/R #;0#%GG%5#/0R #@,&'# 4:(313+A3531# %#$3&*;6B#
5'3*6/#3091:93/1#%*1%*$%9202(%D
"9#,*6%0201;090;&C134R#%#09:63&;(4;04#4,62GG#-3A*3094AC1D#"9#/(,+%*$/#09:63&31#$3**344#4,62GG(%#/0#
@%5&0Q*'4#1%E5%1#%#1?*4?(2*/0R#-:*+(%A9/R#4:(4;53*$/#;0#%#$/5+355%E,0#42(0%*&20/#4;$21D#nC934C134#%#
5'3*64%5/ # 09%G2*',11%* # . # % # 4%52( # 03&H40;&;63* # . # 1:634139343035R # 09;E35 # 63934/1D # >:6/+ # H(20,0#
$?5121#1;09C*@34531R#:52**X#-,&%*$%920,1_#5%E*XH(20R#3&'#42(&'R#62(,0R#42A#*3H(20%R#3*-,&%+@%4X#
E,54,002&&%*D # 89/4?2W/X0 # @3*'9343113* # 4,62GG(% # /0 # GB6H4AC1 # % # G309;+;(4;0 # ;0 # G309;+1;090;&#
-3A*3094;0;4D#b&'(3#4:GG#/0$3(3443*#(35+3*139531#%9#/+3&35#5'3*6#@%92A2(X*D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@%4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#-,($21#$3&/0$3(;03#A3**3$9/#394#%9#;634D#
"9#;(4BR#:52**X#,*6%020#-3A*3094;03#-,54,0#-3*4;43*3#%#4,62GG*;E;0531D#"#+/21,1#3&'(3#G24(%GG%5#
09X*%*5%1#$3&R#-3A39/1#1/#$%&?1%4#/+3&35#5'3*635R#$3&GH9@%4X%5#4?+A21#@%0952*5/#%#09X42(%4D#"#
+/21,1%4 # 1C*:5G:9B # $X+093(3113*R # 1(3%4H6 # H(20,11%* # @,99203&H4AC1 # %9 # :52**X # &,5+,*%4,1#
$3&-,&%*$%9202@,9R # % # $3&09X*%*20,152* # %9 # 3&';5/ # :4*343/1 # %*1%*$%9202@,9R # @,&' # 3&'(3#
G24(%GG%5 # ;0 # A,GG%5 # $3(A3531 # 3*(?&%091,+5/ # % # G34%5?*4 # 09:63&314B*R # 0;$214X*D # 73&4%5?*5%1#
09:63&3134#;(43*$395/#-,(+H420#5;*1C*R#09:63&&3*#1%EW0,*%4,0#1;(+;031(3#:52**X%5#62*%09,*5/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
52**X%5 # 4?+5%1 # 1,(,0942*'?15%1 # $3&-3*3*B # 09:63&3134 # 09XG%5 # 3*$,5+%5/R # ,*6%05/R # H(20G%5#
$3&-,&%*$%95/D #"# $,4/62*4 # 4%5?*X1 # $/5+ # %9 # H(,44R # $/5+ # %9 # ,*6%0,44 # 09:63&31 # ;(4;0;G35 # 3&'(3#
@%42(,9,44%GG%1D # 89X1/5W0C1R # 5'3*64%5/ # 4?+20?1 # 4,62GG # 09;*303+/1D #"# (35+093(30 # 4%5?*20 # $2(#
$3&09,12002#62*/1D
G$TS/+)U*1/."T+43+0
"#*3&1:55'3GG35#4,62GG(%#/0#%#5'3*64%5R#%#4:(4;53*3$#;0#%#-:*+(%A9#3E,W@2@,9#*3@34#1%EW0,*X+5/#%#
4;$211%*R#4:(4;5343113*R#,*6%0$25',11%*D
GO)S/,+%$)#$0"f",+%$)#$0
"9#,*6%0,44R#4%5?*4#09:63&31#-,54,0#09%6%/D
Y'3*64%5_
.#-,*'%$%4,0#$Q*4#/+BR
.#A3*35#/+B1#4,62GG/#@%0952*%4%/R
.#3&'093(F#A:6B#/+B
.#(35+@%&'X#4:GG30#092$,1R
.#(35+@%&'X#/&;1#(35+093(39;03R
.#$3**;153631#-,1,920%R
!Ph

.#$3&092$*2*@%4X#;0#$3&092$*2*@%4%4*%5#-B53631R
.#A3*9B0#093(1393431
.#/+B@%42(,9X1D
!",2V)2/83:/"51'3"2'2*#:4&2.n
#"#+/21,1_
.#-3*/0$3(/1#;0#%*1%*$%9921#%#4%5?*4#5'3*64%5/#-,($21%4R
.#A2(4%0%1#%#1,(?15%1#$3&-3*3*B#09:63&31#:52**X#,*6%0202G%5R#$3&;(4;0;G35R
.#1;E3031#6/*2&,0R#3&'093(F#$,5+%4,1G%5#1/-3A395/#$%&?1%4#E*D#$3&@H620R#03&H40;&#1;(;03R
.#3&'(3#%14H6%GG%5#;0#1(3%4H6%GG%5#@%0952*A21#%#&'%1,(,*4#09X1/5W034D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5',*W%+/1#,0942*'G%5#/0#-,54,0%1#%#$/5+355%E,0#42(0%*&20/#4;$21#$3**344#%#1?*4?(2*/0R#-:*+(%A9/R#
4:(4;53*$/#;(+31300;&31#;0#;*34(%A9,1D#"#G(/4#1?*4Q(%#$3**344#%9#%$3(/1%/R#%?094(2*#;0#3&';G#%5&,*#
5'3*6F # 1?*4Q(21 # /0 # 09XG% # 13(C*@34531D #"9 # X(21,5 # (35+093(3031 # % # E2(G%5R # W0,E,(4G%5 # -,*'4%4,44#
G309;*&34;031 # /+3&35 # 5'3*635D # "9 # H(201;090;& # -3A*3094;0;4 # (:6/+ # *363*31R # 3&'093(F # *3H(20,1R#
3&'.3&'#4:(4;534#:0093-,&*%*20%#G/94,0H4A%D
"#5',*W%+/1#,0942*'(%#%#+/21,1#4/0942G%5#6%55%1#%#5'3*64%5/#%*%E,11%*R#24431/54/1#;0#GB6H4/1#%#$2(#
1,(2GG%5#$3&4%5?*4#5'3*64%5/#-,($21%4R#09%G2*',1%4D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@;4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#5',*W%+/1#,0942*'G%5#%9#3++/&#4%5?*4#5'3*64%5/#093(1393431#/0$;4*;03R#24431/54;03#/+B093(FD#oA(%#
&'%1,(,*A21 # %9 # /&3/+B134R # @,&' # G/94,0%5 # 3* # 4?+A%5%1 # /&%9,+5/ # % # 5'3*64%5/ # 093(1393431 # 1:9:44D#
f309;+G35R # H(20G%5 # ;0 # 09:63&;(4;0G35 # 3&'%(254 # 1(3%4H6%1R # :52**X%1D # "*%E09/5435 # AX*#
1,$$?5/12*5%1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
>:6/+3GG.@,009%GG # 09:63&31 # ,*6%020%R # :52**X # -3*+,*&,920% # $2( # 53$ # A3*354 # &,5+,4D # r*34093(F#
E2(G309;+3134#@%**&%45%1#$3&#;0#&'%1,(,*5%1D#"#4%5?*4#093(139343134#G24(%5#6%(/2*A21#H(20G%5#;0#
09XG%5#3&'%(254D
G$TS/+)U*1/."T+43+0
"#-:*+(%A9#;0#%#5'3*64%5#3E,W@2@,9#1%EW0,*X+6%#*3@34#1:55'35#4;$24R#09:63&34#4%*2*5/D
GO)S/,+%$)#$0"f",+%$)#$0
"#09:63&31@39R#,*6%0$25',1@,9R#E2(G309;+31@39#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_#
.#/+/X$21R
.#03&;+/&;1R
.#@%42(,9X1#;0#@%42(,9X09X1R
.#t3(-3W4#/&3/+B1R
!PL

.#1/A3*354B.1;(+B.4%&%+X#$,5+%4,1#%#4%5?*4#/&3/+B1G35D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#3*0%A24H4A21#%#5'3*64%5#;0#%#@3*'30H(20#%*%EA%/4R
.#1;E3031#:52**X%5#3&'093(F#09:63&3134#-3*+,*&,95/R
.#1;E3031#:52**X%5#(:6/+#09:63&34#%*1,45/R
.#1;E3031#:52**X%5#G3$?4%41,95/R#1;(+;031(3#62*%09,*5/R
.#5'3*64?+20?1#"!#09/54531#$3&-3*3*BD
Q252823:/"P-=;N"+/831)&
"#1/*35W3+/1#,0942*'4X*#139+63#%#5'3*64%52(#-,1,9%4,0%5#03&H4/#%#+/21,4#%#092$2(%#*3&$3&-3*3*BGG#
4%5?*20/ # $X+093(31 # $3&4%*2*202G%5D # a,62GG(% # /0 # *;5'3&30R # @,&' # % # 5'3*64%52( # % # 4%5%5'%&#
:00932**H420252*#-/&'3*A35#%9#;*341,(/#0%A24,002&,1(%D#b44B*#%9#,0942*'-,14X*#$2(#42$,&%4X#*3@34#%9#
;*341,(5%1#$3&-3*3*BR#09%1093(F35#-3*;EH4344#4%51:5'6#(35+093(30#@%0952*%4%D#"#4%52(#$%&%#+:54/#
3*R # @,&' # W0,E,(4A25%1R # ,0942*'25%1R # 4?+20?15%1 # $3&-3*3*B35 # $3*'/1 # 4%51:5'6W0%*2+,4 # (;0930H4/#
3*B5'G35D#"#1/92(X*%&,0%5#4%51:5'6(3#;EH4344#4%5H420#%9,5G%5#13(C*35+BD
"#1/*35W3+/1#,0942*'#1:9;EE,54A2G%5#3*0B0,(G%5#%#5'3*64%5/#/0$3(3431#(35+093(39;03R#3*$;*'H4;03R#
%#09X1/5W0#GB6H4;03R#%#1,$$?5/12W/X0#1;090;&31#-3A*3094;03#2**D#"#5'3*64%5/#4;$21R#093(1393431#
4%5H42025%1 # 0,((35+A3 # % # -3*0B # 4%&,9%4G%5 # -3*W03(;*@34BR # 3&'30 # 4%51:5'631@39R # % # W0,E,(4#
43$EXA2@,9R#/&;5'3/@39#/0#/&%9,+@%4D
b44B* # %9 # ,0942*'-,14X* # 139+63 # % # +/21,1 # 3&'(3 # @,009%GG # 09:63&3134R # 1:55'H4344 # ,*6%0$25',1%4R#
1;0BGG # /(,+%*$/ # 09:63&3134R # QA02&W/113134R # /543(AQ1%4 # ,*6%05%1R # -3*+,*&,9@%45%1 # +%*09:63&3134D#
n,*'%$%4,0%5#GB6H4/1#09X1/5W0C134R#5'3*64%5/#4?+20?1%4R#1:9G35#3&'(3#4:GG34R#3&'(3#:52**XGG%5#
09X*%*5%1#$3&#%9#%+,44#5'3*635D#d39+34G35#(:6/+3GGR#1;0BGG#@,009%GG#-,&%*$%920,1#H(2026%*#
&'%1,(,*A21#%9#H(20G3*/#1/-3A39;04D#"#(35+093(30#W0,E,(4.#;0#E2($?51%R#%9#3&';5/#$3&5'/*625?*20,1#
3&'(3#5%&',GG#093(3E34#1%E5%1D#V*6%05%1#;0#G309;*531#%#4%5?*4#/+3&35#5'3*634#%5'%5'3*61;54#
@%0952*X#,(092&,1R#5;E31#1?*4Q(2A2(X*R#/(,+%*$2(X*R#4:(4;53*$;(B*R#-:*+(%A92(X*R#$F6;0934/#;*34;(B*R#
09,120%/(X*D#T2*4,9%4,0%5#;0#-,*'%$%4,0%5#&'%1,(,*A21#%9#,*6%0,44#;0#@%**,44#09:63&31#;(4;0;4R#%9#
3&';5/ # G309;+$3&5'/*625?*204R # %9 # H(201;090;&34R # H&' # % # +/21,1 # 3&'(3 # 1:93*3GG # 13(C*531 # %#
1:9;E09/54F#5'3*64?+20@,9D#"#4/93513443+/1#,0942*'#6;&;5#%#4%5?*X1#3&'#(;093#3*;(@34/#%#f!#09/5434#
*3&%*2GG#%9#3&'/1#5'3*6GB*R#092$?1(%#%#4/935@%($%+/1#,0942*'#W;*A%#*3@34#%#fJ#09/54#6%&'#%#$20/1#
5'3*6GB*#%#f!#09/54#3*;(;03D
bGG35#%9#/+B09%1G%5#5%&',5#AXR#@%#%9#,0942*'#1%EW0,*%4,4#6309#-3*#$20#,(092&G3*/#)%*+,(-./01,*21#
%9,5,0 # 1,(Q # +/21A%/6%* # S*363*39;0R # +/21W03(;1R # ,0942*'1/(25+?*20,1R # 1:9:0 # E(,A31431UD # "9 # ;*B#
5'3*663*#6%*X#4%*2*1,920#$/5+35#-,($2A%#(35+1H6C*#-,54,0#3GG35#%9#;*341,(G%5D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b94#%9#,0942*'-,1,4#;G3(#/543**314?0#A3**3$9/R#%#+/21,1#/&;5'*/1#%#4?+%4,0%GG#4%5?*204D#"9#3++/&#4%5?*4#
5'3*64%5/#/0$3(3431#3&'#$%&%0%GGR#4?+%4,0%GG#09/54(3#@3*'39;03#%9#3&'/1#W;*D#"9#/0$;4*;031531#
4,62GG(%#/0#5%&'#093(3E3#6%5#%#$3&093(9344#4?+20#-,*'%$%4,0#GB6H4;03#$3**344D
"9#,*6%0%5+X#09:63&31#1:9:44#093(3E3*@34531#QA02&W/1131R#4?+X0H420,1#1:93*/R#B134#/0#-,&*%*1,94%4X#
303$;5'31(B*D # b931(B* # % # +/21,1 # 6;*3$;5'4 # -,($2*5%1D # n,&*%*1,9@%4?51 # (:6/+3GG # /(,+%*$/#
09:63&3113*R # A3*35343113*R # $3*'31G35 # . # %12(W0%1 # % # 42(0%*&20G%5 # ;0 # % # 5'3*6/ # A24;1,1G%5 # .#
:00931%EW0,*X+/1#%#-3*+,*&,9,44#5'3*64%5#@%0952*%4%#%#&'%1,(,*5/#1H6254#09X1/5WW03*D

!PO

" # 42(0%*&20 # %9 # X(21 # 3&'(3 # -,54,0%GG # 3*3$3D # 8,109,( # %14?2*/0 # 4;$21(X* # G309;*&34C51 # /+3&35#
5'3*635D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#5',*W#;6G35#4%5?*4%1#/0$3(343#S09X1/5W0R#5'3*64%5UD
J$431'%&.",2V)2/83:/."S:)+0
"9#H(20G3*/#;0#09XG3*/#1/-3A39B1;090;&#G24,(H420%R#5'3*64%5/#;0#09X1/5W0G3*/#/0$3(3431#/0$;4*;03R#
GB6H4;03#13(C*#3*B4;(G3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# 1,$$?5/12W/X0 # 1;090;&31 # -3A*3094;03 # $/5+ # H(20G%5R # $/5+ # 09XG%5 # 5%&' # @%5&0Q*'4 # 1%ED #"9#
,*6%0$25',1#:52**X#-3*+,*&,920%R#%9#%*%E634B#G309;+@3*'93431G35#6%*X#A2(4%002&R#%9#H(201;090;&#
-3A*3094;03#1/3$3*435#-,54,002#62*5%1D
G$TS/+)U*1/."T+43+0
b&'30#,*6%0,44#09:63&31#4;$2A%#4,62GG(%#/0#1%EW0,*X+@%4#3&'30#3E,W@21@,9D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5D
Y'3*64%5_
.#4%5?*4#/&3/+B1R#(35+@%&'X#4:GG30#092$,1R#/&;1R#5;63*B1R#5;6$20,1#/0$;4*;03R#(35+093(39;03R
.#-,*'%$%4,0#A:6B#/+BR
.#-3*4;43*30#$X+#!DR#JD#4HE?0%/R
.#093563+B#093(13934#3&'093(F#A3*35#;0#$Q*4#/+BG35R
.#A3*35#/+B1#A:6B#/+3AF#@%0952*%4%R
.#@%42(,9X1#;0#@%42(,9X09X1R
.#$3**;15;6#-,1,920%R#@%0,5*H4X#093(13934D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
# .#4?+5%1#$/5+#09XG%5R#$/5+#H(20G%5#(:6/+#:0093-,&*%*X1%4#%+5/#%#-3*+,*&,9,44#09:63&(;0931GB*R#
4;$21GX*R
.#1;E3031#@,009%GG#09:63&34#S1:55'H4344#,*6%0$25'4U#:52**X%5#-3*+,*&,95/D
. # /0$3(/1 # ;0 # %*1%*$%9921 # %9 # 3&'093(FGG # *36;*-,($24R # 1;E3031 # (:6/+ # *363*31R # -,&%*$%920,1#
$3&H(202(%R
.#@;41:95%E/#09/4?2W/X1G%5#1:55'35#$3&09X*%*5%1R
.#09X1/5W0C1R#5'3*64%5/#4?+20?1R#G309;+1;090;&C1#1:93*H4/R#;0#62(@%4X%5#%#!ND#,0942*'#6;&;(3#3*;(/#
%9#"J#09/5434D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5'3*6/#W0,E,(4#09/54A;531R#4?+2025%1#$3&-3*3*B35#4,62GG#42&H4A?1#5'3*64%5/#/0$3(343/134R#GB6H4AC1#
09X1/5W0C134D#v(20G%5#;0#09XG%5#3&'%(254#%#1,$$?5/12W/X0#-3*%+%4,1#13(C*531#3*B4;(G3D#b&'(3#
4:GG#%9#H(20G3*/#;0#09XG3*/#09:63&;(4;04#&'%1,(,*4%4X#-3*%+%4D#"9#:52**XR#%#E2(,0#;0#%#W0,E,(4$?51%#
!PK

4,62GG(%#/0#62*4A21#3&'$204D#"#4/93+/1#;6-,*'%$,5#%#$%&'%(4%52((%*#3&'C44$F1:+63#3*#*3@34#$3(C*5/#
5'3*6;0934/#4;$21G%5D#"#42(0%*&20G%5#$3&A3*35531#%#6/421R#1:9:035#4%5?*$25',9,44#/(,+%*$/#$F#
%*%EA25#3&';5/#&,5+,*%4,1#A3*35@34531#$3&D#893(3E34#1%E@%45%1#QA(%#%#63(031R#09H5E%+/#$F631R#
A3*353431R#+(2$%(;09*3431D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#1/*35W#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
" # +/21,1 # 5'3*6/ # /0$3(343/ # 4,62GG # GB6C*531_ # 09X1/5W0C1R # 5'3*64%54?+20?1R # G309;+1;090;&C1R#
09:63&;(4;0C1#;0#H(201;090;&C1#3(B0:+/1D#d:9G35#09:63&3135#13(3094C*#4,62GG#/0$3(13+531#%#
4%5?*4#5'3*6#@%92A25%1#1?*4Q(2A26%*R#%9#,44#;*B1#09,120%/6%*R#5'3*6;0934/#%*%E1;(+;03113*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9 # :52**X02& # 1%E # 5%&' # @%5&0Q*'4_ # % # 4;$21(X* # :52**X # 6;*3$;5'31 # $3&-,&%*$%920%R # 3&'(3#
@,009%GG#:52**X#-,&%*$%920,1#H(20%R#5'3*64%5/#09%G2*',1#:52**X#%*1%*$%920%#13(C*#3*B4;(G3D
G$TS/+)U*1/."T+43+0
"9 # 3&'30 # 3E,W@21 # 4;$2A2@,9 # $3&-3*3*B # /+B9H4;003* # *3@34 # 1%EW0,*X+5/ # %9 # ;*341,(/ # 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5R#1,$$?5/12W/X0#1;090;&31#-3A*3094;03D
Y'3*64%5_
.#3*B/+3AF0;&R
.#G3-3A39344#A3*35#;0#A:6B#/+BR
.#03&;+/&;1R#$X+G3*/#03&;+/&;1#(35+093(39;03R
.#093563+B#093(13934#%9#:00930#3&'093(F#/&3/+BG35R#03&;+/&;113*#/0R
.#$F63*434B#093(13934R
.#-3*4;43*30#$X+#IDR
.#-C&&B#1;(+;0D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
. # 42(0%*&20/ # 09/54A3R # 09XG3*/ # 1/-3A39B1;090;&3 # 4,62GG # -3A*B+/1R # % # !ND # ,0942*' # 6;&;(3 # % # 4:GG0;&#
62(@%4X%5#3*;(/#%9#"J#09/54F#5'3*64?+204R
.#4?+%4,0%GGR#$%&%0%GG#09/54F#$3&;(4;003*#;0#-/&'3*3$$3*#-,(+?*5%1#%#5'3*64%5/#1;(+;031#-3*;R
.#1;E3031#/(,+%*$/#09:63&31#6%&'#QA02&W/1131#:52**X#-3*+,*&,9202(%D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
n,*'4%4X+/1#%#5'3*64%5/#A3*350;&31#4%5?*$25',920%#;0#&'%1,(*20%g#4?+%4,0%GGR#$%&%0%GG#09/54(3#
3$3*;03R#2(5'%*20%D

!PP

"#-3*0B0#,0942*',1G%5#/&35#@%5&0Q*',0#%9#:52**X#4%5?*20R#%9#:52**X#$?51%_#3GG35#%#-,*'%$%4G%5#%#
4%52( # 03&H4 # $3&4%*2*5/ # % # +/21,15%1 # %9 # 3&';5/ # ?4%1%4 # ;0 # 3091:9:134 # % # 1/4F9:44 # W;*,1 # 3*;(;03#
;(+31;G35D#8,(#13(C*@34#3&';5/#E(,A314$?5121(%R#1/03*B%+20,1(%#/0D
oA(% # 3*B4;(G3 # 13(C* # % # 5'3*6 # 09;E0;&3D # " # +/21,1 # 3094;4/1%/ # 6;*3$;5'%*1,420/ # 1;E300;&;4#
&'%1,(,*@%4A21#1*%009/1?0#;0#$,+3(5#09:63&31#-3*+,*&,92026%*D#"9#/(,+%*$/#09:63&31#,*6%020%#
(;09G35#%9#X(25R#(;09G35#,44@,5#4:(4;5/1D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#!N#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
"9#3&'30#5'3*64%5/#-,($21R#1/-3A39;031#4?+%4,0#&'%1,(*20%#09XG%5#;0#H(20G%5#3&'%(254#3*B4;(G3#
13(C*D#"#+/21,1#3&'(3#4:GG34#G309;*531#3&'(3#4:GG#4;$2(X*#/+3&35#5'3*635D#Z,009%GG#09:63&31R#
H(20,1#:52**X#-3*+,*&,920%#03$#A3*354#&,5+,4#092$?1(%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7/5+35 # +/21 # 3&'(3 # W;*4?+%4,0%GG%5 # 4%5?*D # "9 # H(20G3*/ # ;0 # 09XG3*/ # (35+093(30 # 092$,51;(;031#
03&H40;&34 # 5'QA4%5%1 # 3GG35D # d;E3031 # 3&'.3&' # 4;$2(X* # :52**X%5 # 1/-3A435/ # 6;*3$;5'C134R # %#
42(0%*&20G%5#3&'(3#62*%094;1,0%GG%5#6309531#(;094D#v(20G%5#%#@,009%GG#*363*31R#-,&%*$%920,1#
H(20%#3(B0H4/#1/-3A39B1;090;&C134D#n/&'3*$34#-,(+H4?51#%#5'3*6/#1/-3A39B3091:9:1(3R#%#04/*/094/12(%D
G$TS/+)U*1/."T+43+0
"9#3&'30#3E,W@21#4;$2A2@,9#$3&-3*3*B#/+B9H4;003*# *3@34#1%EW0,*X+5/D #%9#;*341,(/# 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5D#d,$$?5/12W/X0#1;090;&31#-3A*3094;03D
Y'3*64%5_
.#-C&&B#G309;+R
.#%#G3-3A39344#A3*35#/+B#-,*'%$%4,0#%*%1A%R
.#G3-3A39344#A:6B#/+BR
.#/&3/+B1#:0093@%0,5*H420%R#@%0952*%425%1#4?+%4,0H420%D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#1;E3031#@,009%GG#09:63&31R#,*6%0$25',1#:52**X#-3*+,*&,920%#?425#%9,1(X*#6;*3$;5'4#%*1,45/R
. # /0$3(/1# ;0 # %*1%*$%9921 # %# 1C*:5G:9B # *36;*-,($21%4R # 1;E3031# @,009%GG# *363*31R # -,&%*$%920,1#
$3&H(202(%R
. # 1;E3031 # G2($/*'35 # 42(0%*&20/ # 4;$2@,9 # @,99209X*5/R # 2**204 # -,&*%*5/R # 3034*3& # 6/4%41,95/R#
$%&%G/94,0%5#+,*&,95%1#E2($?512G%5R
.#4%(4@%45%1#X(21%4R#X(%(;09*343134R#1/03*B%+20,1%4#$3&@%42(,9,44#4;$21G%5D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)

!P]

"#G309;+&'%1,(*%4,1#4;$2/#%9#;(3440;&/#4;$%1:(:134#1;09H4/1#3*BR#%9#H(20G3*/#-3*%+%4,1#%#*36;*H(20R#%#
-,&%*$%920 # 43(C*34;5 # $;*'H4/1R # E,54,0H4A21 # % # +/21,1 # 4?+2024D # " # !JD # ,0942*' # $20,+/1 # -3*;G35#
:0093-,&*%*A?1#;0#*392(A?1#%9#3++/&#4%5?*4%1%4R#,E4/$2*/0#3034G35#f!#09/54F#5'3*64?+20(%#43@34531#
093(4#%9#C&'303GGR#$,4/62*4%GG#+/21,1D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#4%5%5'%&%#S09X1/5W0R#5'3*64%5R#1;090;&31UD
J$431'%&.",2V)2/83:/."S:)+0
"#f!#09/54@39#1:93*/#5'3*64?+20#$3&093(9;03#%#W;*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#1:9;E09/54F#;(3440;&/#3*62(20%/@,9#@%0,5*X#H(20G3*/#;0#09XG3*/#-3*%+%4,1#:52**X#$3&,*+20%D
G$TS/+)U*1/."T+43+0
Y/5W0D
GO)S/,+%$)#$0"f",+%$)#$0
"9 # 3++/& # 4%5?*4 # 5'3*64%5/ # 09%G2*',1 # $;*'3GG # /0$3(343R # % # 09X1/5W0 # 1:9;E09/54F # ;(3440;&/531#
$3&-3*3*B#/0$;4*;03R#GB6H4;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#3&'#(;093#$2(#35531#%9#;6531#%#6;&;5#1;E30#3*B(3@,9,44#1:9;E09/54F#;(3440;&/4#4355/#
%5&,*#5'3*6GB*D

K:#23
=N"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#%*0X#4%&,9%4,5#%9#/+3&35#5'3*631#4%5H420252*#139+34G35#%9#%5'%5'3*6#3*0%A24H42025%1#$/542A24#
4F9/#$%&%#3*;#%#)%*+,(-.E3+%&X&/%D#"#5'3*6#43($;0934;63*#-,*'4%4,44#$?51%#%94#3(3+$;5'39/R#@,&'#
% # &'3($31 # 43*A30 # *;5';63* # G3*3$3(C* # % # 5'3*6G3R # 39;(4 # % # 5'3*6X(21 # 3*0B0,(G%5 # %9 # %+,44 # /+3&35#
5'3*635#-,*'5%1D#"#&'3(31#?4259X.#;0#G3-,&%+X.1;090;&;63*#,+%%+A%#$%&24#%#4%52(#0925+;125%1R#
;(9;03/63* # . # ;0 # 53$ # /543**314?2*/0%5 # . # 1%EW0,*X+/1 # % # 4%52(/ # 436;135'0;&@39D # b931 # %9 # ;(9;031R#
$3*'31 # % # G309;+0925+;1 # $3&(%&%+202(%R # -3*-,&202(% # /(25'?*5%1R # /512GG # ;(9;13*BR # $3&/0$3(B#
A3**3&F31D #"# &'3($31 # % # A3*354;04 # 09/4?%4H6 # 4%E%094%*20 # Q4A25 # (%&%+A% # $3&R # %$/ # *3@34B6; # 4309/ # %#
0,1,*+%*Q#%*1%*$%9204D
"# 4%52( # /+3&35 # 5'3*635 # 1:09:5R # GQW0Q9/1R # /+3&35 # 5'3*6F # ?4%0H420,1%4 # %+D # >35+093(/54 # 3&' # 1/0#
63(003*R#-,@2009%*#139+B+/1#%9#X(%#;0#3&'#$20/1#-,@2009%*#-3A39B+/1#G3D#7,5+X121%4R#+%*,1%4#;0#
A24;1,1%4#A2409%5%1#QA(%#;0#QA(%R#%9#X(%#1/03GG#(;09;G35#-,&*%*1,95%1#%9#QA#%5'%&&%*D
" # $,9&200%*R # &3094?0,11%* # 1H0;(4 # +%*,1R # $,5+X121R # A24;1,1 # 03&H4/1 # % # (/4$?0R # +%**%$.R # ;0#
@%5&9206/*2&#;(9;1/#4%E%094%*2024R#%#@3*'30#1/3A4;0#-,($2*2024R#6%*%$/54#%#4%5?*4%1#@,009Q#426Q#
$3$X(/2G%#6%*X#G36;0B+;0;4D

!]N

" # )%*+,(-./01,*% # 1,(%/ # 5'3*64%5H420% # S!.ID # ,0942*'U # $X+093(4%5 # ;0 # 43$%4/1% # 093$E,54A2GX*#

3&'0;&34#%*1,4R#%#-3*+,*&,9,44#4;$%1:(:1#;0#%#09X1/5W0#0E/(2*/0%5#GB6C*63#;EC*531#3&'$20(%D#"#
09%6%1%4 # +%*,1G%5R # 63(031G35R # 4:(4;5343135 # 13(3094C* # ;*B # 09:63&1:(5'3934G35 # 4%5?*A21 # %#
&'3(3131R#+3#5;@25'#43$%4/1?0#W0,E,(4,4#;(/5463#/0#4%*2*1,95%1#$2(#%9#%*%E09X1/5W01;09*3443*D#"9#
3*0B # @2(,$ # /01,*%;6G35 # 43@24 # % # &'3($31 # ?425920 # Q4A25 # 4%5?* # /+3&35 # 5'3*635 # G309;*5/R # %9#
H(20G3*/0;&#$;&#53$R#6%&'#W0%1#%#@%($%+/1#;6#6;&;5#A3*35/1#$3&D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
Y/5W0#09C10;&#3*B93430#4?+20(%D
J$431'%&.",2V)2/83:/."S:)+0
"9 # 3*0B # ,0942*'G%5 # % # 5'3*64%5?*20 # 3*0B+*3&30 # W;*A% # /0$3(13+;0 # %9 # /+3&35 # 5'3*663*R # %55%1#
1/3A4;0;63*R#(/4$?026%*R#+%**%$26%*R#6%*%$/54#%9#3&'093(F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#3*0B#,0942*',0#&'3($3131#%#09XG%5#4%5?*4#$,5+X121%4R#+%*,1%4R#(:6/+#$30;134#3&'C44#$,5+A21R#
;531*/1#%9#,0942**'%*D#b&';5/#$3&09X*%*20,1#*3@340;&3031R#$3&4%5?*5%1#1:09:55/R#G3$?4%41,95/R#
+3 # % # 1:9:0R # W0,E,(4,0 # 63(0$,5+20R # ;531*;0R # A24;1 # 13(C* # 3*B4;(G3D # Z%0952*@%45%1 # -C93434_ # %#
@%**,44.4%5?*4#$30;1@39R#4:(4;53431@39R#A24;1,1@,9R#+%*,1@,9#1%EW0,*X+X%5#1;E3134#(%A9,*@%45%1#
03&H463#%#$3$,(/92*204D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X%1#3&'30#4:(4;534G3*/#4;$21R#6%*%$/54#%#092$,*20@,9#%9#
/+3&35#5'3*6F#092$,1#4%5?*2026%*D
GO)S/,+%$)#$0"f",+%$)#$0
"# &'3($31 # 1:9634*35 # 1:(5'3934;GB* # 3(3+531_ # 1:09:5;031R # 092$,1 # !.JNR # ,0942*'43(3$ # 42(&'%/R#
09H531R # W0%*2+R # -BGG # /(25',1R # 4304(;0931R # 3&'093(F # W03*316;031R # 09,120,1 # ;0 # ?4%0H420,1 # %9#
,0942*'G%5D#"#63(031R#$,5+X121R#+%*,1R#A24;1,1#09%6%/R#1/-3A39;03/#/0#G3;EC*531#3$*;13934C1G3D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#4?+5%1#(3%&2*5/#3&'093(F#?4%0H420,1(%R#1:09:5;031(3R
.#03&H40;&&3*#1:6345/#4?+5%1#3&'#3&'093(F#$30;4R
.#%9#,0942**'%*#3&'C44#4?+5%1#3$*;13934GB*#-3*/+;95/R#3*$,5+%5/#63(03134R#$,5+X121%4R#;5313*5/#
+%*,1%4R
.#53$#/+3&3513+531#%#5;$34#5'3*6#1/3A4;0G3*/#0%A24,002&%/4X*D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # 3*0B # ,0942*'G%5 # 093(9344 # 5'/4,4402&,4 # %9 # /+3&35 # 5'3*6 # /(254 # 4,62GG # 3(B0H4AC1D # " # $20,+/1#
,0942*'G%5 # -,*'4%4X+5%1 # %9 # 3*0B # ,0942*'G%5 # $3&139+344 # 436;135'0;&31R # %9 # X(21 # 4,62GG(% # /0 # %#
09XG3*/ # $?512(%# ;EC*531D #"# &'3($3131G35# 3(B03GG# %9# /&;5'# %9 # 3&';5/ # $3&09X*%*20(%R # 3GG35#
G24,(H4A?1#B134D#"#4%5H420G%5#$;&#$/5+/&#+,$/52*#%#(/4$/1?0#3*3$#$/5+#%9#X(%#-3*;EH4;0;G35R#$/5+#
%#436;135'0;&31#A3**3&;G35D#a%E0,*X0#$,5+X121#;0#E3(&BGG#(/4$?0Q#63(031#/0#3*B4;(G3#13(C*531R#
!]!

393134 # 5%&'R # *35+C*3430 # $,9+?*%4,11%* # 1H0;(/1D # " # &'3(3131 # @,009%GG # $30;134 # $,5+%5%1 # ;0#
A2409%5%1#3*#%#4%52(#03&H40;&;63*#SE*D#*25W$30;1R#63(030#$30;1UD
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#,0942*'G%5#6%*X#/0$3(13+;0#%#5'3*663*D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21,1#3&'(3#,44@,5,0%GG%5#;(9/1#$%&?1%4#%9#X(25#%#5'3*6/#1:(5'3934G35D#"9#X(%/#4:(4;5;031#-B#
W;*A% # %9 # /+3&35 # 5'3*6 # /(254/ # ;(+31*B+;0R # % # 1H625W0/02& # -3554%(420%D # d:9G35 # @%5&0Q*'4 # 1%E # %#
09X1/5W0#GB6H4;03R#%#G309;+;(4;0#3(B0H4;03R#%#1:9:0#$3&09X*%*20,1G%5#6%*X#G24,(#(;096;43*#;0#
3&'.3&'#3&';5/#$3&09X*%*20D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#%*%E634B#/+3&35#5'3*6F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D#"#4%5?*X1#1;E3031#3&'093(FR#+3#
$2(#@,009%GG#4:(4;5343134R#$30;134#$3&;(435/R#1X(?0G%5#$,5+%5/R#3*A2409%5/D
G$TS/+)U*1/."T+43+0
a,62GG(%#/0#3*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X1#3&'30#4;$21D#"#092$,1#/0$;4*;03R#GB6H4;03#%#
092$,*20#3E,W@26%*#3&'#/+BG35#4:(4;5@34D
GO)S/,+%$)#$0"f",+%$)#$0
"#09X1/5W0#3*0B0,(G%5#%#43($;0934@39#S2**%4,1R#5:6;5'31R#/+BA2(20R#04GDU#1:4B+/1R#6%*%$/54#%#@;4#
5%EA%/R#%#092$,1#!.!NN#SJN#-:*:44#4H930;63*UR#G3$?4%41,920R#3&'093(F#1/-3A39;031R#1:09:5;031#;0#
%((%#(3%&2*20#%*1,4A21#%#09X1/5W0GB6H4;0#%*%EA%/4D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#%9#/0$3(4#4:(4;5343134R#63(03134R#$30;134#-3AGB*#4?+A21R#;(4/1R#3&'C44#$,5+A21R
.#%#5'3*6/#A24;1,1G%5#09H63035R#:(:$$3*R#%14H6%5#6309531#(;094R
.#%9#X(21,5#@%0952*4#5;$34#5'3*6F#?4%0H420,1%4#1:55'3+;5#$3&;(4/1R
.#3&'093(FR#G3&'%1,(,*4#1;(+;031(3#4?+5%1#(3%&2*5/R#62*%09,*5/D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%($%+/1#;6-,*'%$,5#$;&#$/5+/&#%#W;*5'3*635R#%9#%5'%5'3*6#1/92(2026%*#+,*&,9?51#3&'C44#%#
&'3(313113*D # a,62GG(% # /0 # %*%E634B35 # 09XG%5 # -,*'/1 # % # 4%5H420D # "# 4%52(5%1 # 4?+%4,0%5 # 13** # %((%#
4:(313+5/3R # @,&' # ,*'%5 # 63(03134 # 4%5H40,5R # &'%1,(,*A,5 # 3GG35 # %9 # ;6G35R # %$3*'3113* # 093(345;#
G3639345/#%9#5;$34#H(204D#Y%&'G%5#03&H4/#%#1;0BGG/#4%5?*$25',1%4R#@%#5'3*64%5/#093(1393431#/0#
3*B13(C*531 # 3931G35 # % # 63(031G35D # bGG35 # %9 # ;*341,(G%5 # % # &'3(3131531 # $2( # 0,11%* # 5%&',GG#
;(9;1C1 # 6%5 # % # 5'3*6@39R # %9 # 2(5'%*%4,1@,9R # $/5+ # % # 1/3A4;0R # $/5+ # % # A3*354;0 # 43(;5D # Z,009%GGR#
62*4,9%4,0%GG # 09:63&3113* # /0 # G,*+,&?*5%1D # t2(G309;+31R # 5'3*64:(B1R # 63(031 # A3*35531 # $3& # %9#
X(21,5D
nC934C1G3 # % # 4%5?*X1 # *3(%A9,*@%4A21 # % # @%**,44R # ,*6%0,44 # 4:(4;5343134R # +%*,1%4D # "9 # ;6 # 6;&3 # -3*;#
*3H(@%4A21#%9#"f[.4R#3034*3&#5;@25'#09X4R#6%&'#3&'093(F#$,5+%4,1%4D
m'$02'23

k;"U'$
!]J

I)Y8232/"3O*1/
"9 # 3*0B # 1;4 # ;6G35 # 4%5?*4%1R # %9%9 # /0$3(13+;0 # % # 5'3*663* # 63(031R # +%*,1R # A24;1,1 # ;0#
(:6/+3GG.@,009%GG#4:(4;53431#-,($2A2G%5D
J$431'%&.",2V)2/83:/."S:)+0
"9 # /+3&35 # 5'3*635 # @%**,44 # 4:(4;5343135 # 13(3094C* # % # &'3(3131 # G3E/**%54204 # 5'3(531 # 3&' # $20/1#
1?*4Q(2G%D#b*-,&%+A21#%9#/+3&35#5'3*6#0%A24,002&%/4R#3&'(3#E,54,0%GG%1#%#@3*'30#1/3A4;0R#/54,52W/X#
43(;5D#"#09X1/5W0#GB6H4;03R#%9#3&';5/#093(3E*;031#G24,(H420%#-,54,0#093(3E34#1%ED
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d;E3031 # 3&'093(F # $,5+%4,1%4 # %*1,45/D # 73&;(4/1 # % # 4:(4;5343134R # 62*%09,*5%1 # % # G3&'%1,(,*4#
1;(+;031(3D#52**X%5#/0#$3&#$3(531#09X*%*5/D
G$TS/+)U*1/."T+43+0
b&'30#3E,W@21@,9R#E;*+2?*#092$4%5R#$3043(0;&31R#-:*+$F63*;0R#@29;EH4;0D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0_ # %GWR # W0%*2+4%&,1R # 4304(;0931R # 4B092$,1 # S!.!NNUR # &'C$:*W0:1R # 2**%4,1R # ;609%1,1R#
@X5%E,1R # 5%E09%1,1R # ;43*31R # (?@21R # 42(&'%1R # 3034*3& # -,&*%*1,920,1 # 5363/D # Y'3*64%5/ # -,&%*$%1#
4?+%4,0H46%#$;&#53$#13(C*531#G363934;0(3D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#
.#62*%09,*5/#4?+#:5$%&2(%#6,5%41,9X#3&'093(F#1;(+;031(3#SE*D_),#,@504#+?z#)/3#%*4#G/04#+?z#
Z%04#+?#3/535#f(?+3(z#)/3#@3/004#+3/53#7?443(zUR
.#%9#X(21,5#@%0952*4#5;$34#5'3*6F#?4%0H420,1%4#1:55'3+;5#$3&;(4/R
.#1:6345/#4?+#3&'#3&'093(F#4:(4;53434R#%$3*'34#3&'093(F#$,9+?*%4,11%*#1H0;(63#$30;*C51#3*R
.#1H6C*(B*#4?+#$2(#3&'3+C*#/0#+%*,1%4R#63(03134R#$,5+X121%4R
.#/0$3(/#%9#%GW.4#S09XG%5R#<63(0093(F35=UD
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)+0
"#!ND # ;*34;6G35 #%# &'3($3131# %9#r5.4?+%4,002& #3&' #QA #09/54A;(3#*;E531D # e5+/6/+?%*/92*5/?1# 13**#
$/5+%94R#%$/4#3&'C44#4%5?*4%1#$3&D#"9#3&';5/#,+%-/&'3*;0#(35+1H6C*#-,54,0#3GG35#%#1,(G%5R#$3(4#%9#
H(20 # 3*0%A24H420% # ;0 # % # &'%1,(/ # 3&';5/ # -3*%+%4,1 # 3*B4;(G3 # 3$3*/1 # %9 # 3034*3&30 # 53@;90;&3134R#
%$3*'31 # 3++/& # 3935 # % # 4;(35 # 53$ # 6,*4%1 # 093$G34F5B31D # Y;@25' # &'3($31 # 1C*:5 # 03&H40;&34#
/&;5'3*@34D
"9#3*0B#@2(,$#;6#%*%44#1H6C*(B*#$3&4%5?*4#09:63&3134#@%0952*6%#139+3531#%#+/21,1#5;$34C*#H(5/D#
7/5+ # %9 # H(20R # $/5+ # %9 # ,*6%020 # 0,1 # &'%1,(*204 # /&;5'3*R # 39 # 03&H4/ # 3*B # % # 09X1;E # ;0 # % # 1/3A4;0#
:00931%EW0,*2024D#7/3*B44#5',$4%4,44#09:63&3113*#/0$3(13+5;531#$3&R#3*B09:(#%94#,*6%0021R#%$/4#
0%A24#$%&?1#H(4%1D#"#4,**G%$,5+20,1#/0#3*139+B+531#AX*#/0$3(4#09:63&31#%*%EA25D#n,54,0#-/&'3*5/#%#
4,**G%$,5+20 # *;E;03/(3D #"# *24X.@%**X # 4,**G%$,5+204 # 1:634/ # % # @%**20 # ?425/ # H(20D #"# @29/ # -3*%+%4,1#
G363934;0;5;* # -,54,0 # % # 1:63413934300;&D # >:6/+ # 09:63&31R # $,5+%4,1 # $3$,(/92*20%R#
H(20&'%1,(*20R#(35+093(30#,44@,5/#,*6%020#03&H4@34/#%#1;0BGG/#0/13(30#5'3*64%5?*204D
"@,* # W0%1 # *3@340;&30R # % # 09%6%1%4 # $,5+%4,1G%5R # 09:63&:0093-C&&;031G35 # 4%5?*A21 # $3&D#
b*139+B+/1#%9#3&'093(FGG#5'3*64%5/#09%G2*',1#4?+%4,0H420%#;0#&'%1,(*20%D#7;&#$/5+/&#%#(/4$/1?0#
09:63&31#2**5%1#3*B4;(G35R#+3#4:(4;5343134#/0#+,*&,9@%45%1#-3*D#"#&'%1,(*20#3&'/1#*3&@%4;1,5'%GG#
!]I

$X+A%#3GG35#%9#;*341,(G%5#%#+(%$%4/92*20R#%#093(3EA24;1D#"#09XG3*/#$?5124#5'3*64:(B1R#63(031R#
$,5+X121R#+%*,1R#6%*%$/54#1;(+;0.-3*3*3431#1:634/1D#"9#3*@%5&9,44#4:(4;53431#4%(4%*$24#1;(+;031#;0#
62*%09,1#03&H40;&;63*#/+3&35#5'3*635#:0093-,&*%*A?1R#3034*3&#3*$30;*@34AC1#%5'%5'3*635#/0R#3993*#
42$,&%46%#%#53@;90;&3113*#1C9+B#&'3(313134D
"#W0,E,(4,0#093(3E*;0#@244;(G3#13(C*#%9#3&';5/#$3&09X*%*200%*#093$G35D#"9#H(20.,*6%020#4%5?*20#
$3**344#%#09/4?2W/X0#A24;1,1R#(:6/+#+%(%G,1R#4%*2*X0#1;(+;031R#%9#;531*;0R#3&'093(F#E2(G309;+31#;0#
09XA24;1,1#%9#X(21#-,54,0#(;09;4#1;E39/1D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#@2(,$#;6#4%5%5'%&%_#63(031R#+%*,1R#$30;1#/0$3(343R#09X1/5W0R#3&'093(F#$,5+%4,1D
J$431'%&.",2V)2/83:/."S:)+0
"9 # ,*6%020.H(20 # 3*0%A24H420%R # &'%1,(*20% # % # W;* # 3GG35 # %9 # ;6G35D #"# $3$,(/43(3113* # 6%*X # $?51%#
-,*'4%4X+/1R#%9#3&';5/#093(3E*;03134#G24,(H4A%#%#4%52(D#n,*'4%4X+/1#%#@3*'30#1/3A4;003*R#/54,52W/X6%*#
1%EW0,*%4,0# &'%1,(*20D #"#09X1/5W0# 4,62GG # GB6C*D #"9#%5'%5'3*6 #;0# %9# /+3&35# 5'3*6# 093(139343R#
-3*;EH4;03#1:9:44/#1C*:5G0;&#139+#4?+%4,0?*5/#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
73&;(4/1#%9#3*@%5&9,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%#-3*4344#1;(+;031(3D#w'%1,(,*A21#%9#/0$3(4#
09:63&3135#13(3094C*# %9# H(204R # ,*6%0204D# d;E3031# 3&'093(F#5'3*64%5/#09%G2*',1%4 #-3*-3+395/#;0#
@%0952*5/D#T2**%*A21#%9#:52**X#093(3E*;04D#
G$TS/+)U*1/."T+43+0
"5'%5'3*6R#2**%44%5R#-:*+(%A9.1:(5'3934/0$3(34D
GO)S/,+%$)#$0"f",+%$)#$0
>:6/+#E2(G309;+31R#(:6/+#4:(4;53431R#@,992A?1#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_
.#-B53631#53$3R#4:GG30092$%R
.#4B092$53631R
.#03/5#;0#@%G35#/&;1#(%&,920%R
.#%*%5'.#;0#42(&'3034R
.#1/A3*354BR#1;(+BR#4%&%+X#$,5+%4,1R
.#3&'093(F#1;(+B09%6%1#@%0952*%4%R
.#A3*35#/+3AF#/&3(%&,920D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#@3*'3035#G34F9/1#%#536C134#;0#5;@25'#&'%1,(/#09X4R
.#E,54,0%5#,*6%05%1#G3&'%1,(,*4#09%6%1%4#;0#$,5+%4,1%4R#H(20G%5#-3*/0$3(/1#%9,1%4R
.#:52**X%5#%*1,45%1#3&'093(F#$,5+%4,1%4R
.#,44@,5,0%5#$,9,&5%1#%9#3&'093(FR#G3&'%1,(,*4#1,$$?5/12W/X0#@3*'93431G35R#E*D#G3$?4%41,920R
.#3*+:5435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%*%E634B#09X1/5WW03*#(35+3*139531#%#-3*+,*&,9,44#4;$%1:(:1G35R
.#1;E3031#3&'093(F#5'3*64%5/#09%G2*',1#-3*/0$3(;0;(3#;0#%*1%*$%9202(%D

!]h

Q252823:/"i-MN"+/831)&
d/0/01,*20 # 1,(G%5 # % # 5'3*63*0%A24H420R # % # 5'3*64%5?*20 # $;& # -B1;54 # 093$;*'31@39R # 09/4?2W/X1@,9#
1:4:44R#;0#W0%1#%#1/*35W.4/935@%($%+/1#;6G35#139+B+/1#3*#3&'#:52**XGGR#4?+%4,0%GG#4%5?*20D
"#09XG3*/#$?51%#%#1:9;E4%&,9%4,5#/0#%#4%5H420#1:9;EE,54A2G%5#$%(%+D#f363934AC1#%#1C*:5-;*3#
09,W/2*/0R#W0,E,(4,0#$?51%-,($21%4D#"#1X(?0G309;+34#3&'(3#/512GG#-3*62*4A%#%#&'3($3131#3&';5/#
$3&5'/*%41,920%D #"# G309;+&'%1,(*%4,1 # 0,(25 # % # +/21,1 # $3&4%5?*5%1 # 3&'093(F35 # 42(0%*,&5/ # %9#
/01,*%/ # ;0 # ,44@,5/ # ;*34(B*R # :5$%&?1(X*R # W0%*2+A?1(X*R # %9 # /+BA2(20(X*R # %9 # /+B(B*R # %9 # ;609%1,1(X*R#
5%E09%1,1(X*R # %9 # ,*6%0,44 # 09:63&31 # 4%(4%*$2(X*D # " # 436;135'0;&31 # 1:9:44 # 093(3E3* # 63(031 # ;0#
G309;+&'%1,(*%4,1 # 3&'C4430 # ;0 # 3&';5/ # 3*B%+20%R # 1:9:0 # ;531*;0R # 5'3*64%5/ # 1;(+;031#
$3&42(&'%*20%R # &'%1,(*20%R # %9 # %+,44 # 5'3*6 # @%92A25%1 # 4:(4;53*$/R # 1?*4?(2*/0R # -:*+(%A9/#
A3**3&934300;&3/63*#6%*X#/0$3(13+;0D#8,(#13(C*@34#3&'.3&'#(:6/+#09H5+%(%G#6%&'#A3*3534#3*B%+202(%#
/0D
"9 # 3E,W@%-C93431 # $/542A2(% # 6%&' # % # 4%52( # 0%A24 # 3*1;E93*;03 # 093(/54 # 0%A24 # 1/0 # 4%51:5'634#
093(13094@34531 # % # &'3($3131R # %$/G3 # % # 4%5?*4 # 63(03134R # +%*,1%4R # $,5+X121%4 # ;0 # &'%1,(*%4,1%4#
-3*A3&'39@34/1R # 5'3*64%5/ # 09%G2*',1%4R # (%&,920/ # 42G*29%4,1%4 # H(@%45%1D # 73&A3*35531 # %9#
,*6%0$25',1R#%#09:63&3134#$2(#%*%E,0%GG%5#-3*+,*&,9921D#"#-,*'%$%4R#%@,&'#%#+/21,1#%#5'3*64%5/#
09%G2*',1%4 # $2( # /0$3(4R # -3*+,*&,9,44 # 09:63&31GB* # *363934/1R # /**3463 # % # *3@34B # *3&3&'093(FGG35#
:5$%&?1 # $3&-,&%*$%9921R # 5%&'G%5 # 03&H4/ # %9 # 3$*;139;04R # % # -3*/+;9;04D # w'%1,(*X-C934C1G35#
&'%1,(,*@%4A21#%9#H(20G3*/#$?5124#%12(#%9#X(25R#%12(#@29/#-3*%+%41;54D
" # &'3($31 # % # 4/93513443+/1 # ;*34;6 # 42A25 # $2( # 1;E30 # ,1.,1,9%4/ # :0093-C&&;03134 # $3&*245/R # %9#
3*B9B*3& # 4%5?*4%1(% # :0093-,&*%*X%5 # (2431/5435/D # " # @343+/1.5',*W%+/1 # ,0942*'G%5 # -3*;G(3+531 # %9#
/543**314?2*/0R # &,5+,*1,+20/ # 3(B1R # *3@34B6; # 4;63 # % # 5'3*64%5/ # 09%G2*',1 # &,5+,*%4/ # Q4,5 # 4:(4;5B#
$3&;(4;0;4#;0#4?+%4,0%GG#%*1%*$%92024#/0D
"#5',*W%+/1#,0942*'#6;&;(3#3&'#24*%&,0#1;E300;&FR#%9#X(21,5#-/&'3*3$$3*#(;094#636B#+/21#1;E30#
%9#/0$3(4#;0#-3*+,*&,9,44#4;$%1:(:1G35#%9#%*%E09/54F#1,$$?5/12W/X(%R#%9%9_
.#1;E30#3&'093(F#5'3*63934FR#@,009%GGR#H(,44#09:63&#$3&;(4;0;(3R#:52**X#-3*+,*&,9202(%#S1;(+;031#
$3&62*%09,*202(%R#1?*W0/5-,($2W/X1#$3&4%*2*202(%UR
.#1;E30#(:6/+3GGR#3&'093(FR#:0093-C&&B#-,&%*$%920#$3&%*1,4202(%R
.#1;E30#%*%E-,1Q#09/5435#4:(4;53431#*;5'3&;531#$3&;(4;0;(3R
. # 1;E30 # %*%E09/54F # 1,$$?5/12W/X(% # ;*34093(F # @3*'93431G35 # %9 # /0$3(4 # 4;$%1:(:1G35 # SE*D#
G3$?4%41,920R#6202(*20R#/+BE,54.3&'39434;0R#43*3-,5G309;*&34;0UR
1;E30#%*%E09/5435#G309;*&345/#3&'.3&'#/0$3(4#4;$2(X*D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%#1,(G%5#S!!D#;*34;6U#3(B0:+/1#;0#%#1:(5'39344B*#-C&&34*353+/1#%#&'3($3131#$3$X(/2A%R#H&'#
0,1%4 # 1;E3031 # 4%5?*5/D # b11,( # $2( # @%0952*@%45%1 # 5',$4%4,44 # ,*6%0X1:5'634R # $3*'34 # %9 # X(25#
1:9:035#+,*&,95%1#-:*D#b9#%9#%#1,(R#%$/1,(#%#5'3*6#09;E0;&;4#1;E3031#-3*/0$3(5/R#%$/#5%&',5#
-,54,0 # %@@,9R # @,&' # % # &'3(3131 # ;*6399;1 # % # 5'3*634 # ;0 # % # 5'3*64%5?*204D # " # 09XG3*/ # $?51%#
5'3*64:(B134R# E2(G309;+3134R #;0# 63(03134R# ;*341,(?15%1# $3&-3*3*B# ;53134# 4%(4%*$%9R #%$3*'31# AX#
(;093 # $3$,(/43(D # " # 6%*X+/ # ;(4;1;5 # 4Q* # % # 63(0$,5+20 # % # 4/094% # 1/3A4;0 # ;0 # $,5+%4+%**%$#
G3&'%1,(*2025%1#1/62*X#3091:93R#;0#3(B0H4/#%9#/+/X$%#A3**3&F#09X1/5W034#/0D
"#53&'3+/1#,0942*'G%5#4%5?*4#3&'093(F#093(1393431(3#;EH463#3(B0:+/1#%#5'3*64%5#/(254/#;(9;1C1D#
Y%&'#&,5+,4#13**#-,(+H4%5/#%((%R#@,&'#%#&'3(3131#$3&;(40;1#;0#%*%E,0%5#3*0%A24H4021#%#09XG%5#
-,(&X # 5'3*64%5/ # 093(139343134D #"9 # %*%E634B # 09%G2*',1%4 # +3+?14H6 # $X+,5 # $%&?1 # -3+39/1 # -:* # ;0#
-,&%*$%9921#$3&D

!]L

" # 09%6%1%4 # 311,( # $2( # 4?+%4,0%5 # 4%5?*A21 # ;0 # &'%1,(,*A21 # 09:63&:0093-C&&;03/1G35 # %9#

,*6%0$25',1 # -3*+,*&,920% # 0,(25D #"9 # 3&'(3 # GB6C*BR # 62*4,9%4,0 # 09X1/5WW03* # % # &'3(313134 # %((%#
:094:5:99C1R # @,&' # 1;E93*34C134 # @%0952*6% # %*1%*$%9921 # % # 09%6%1%4D # 89H530 # ;0 # A3**3&93430#
*3H(20,1%4#@%**%5%1#;0#,*6%05%1R#:094:5:99C1#%9#,*6%020#093(3434;4D
4:+/1 # ,0942*'4X* # A%6%0,*A?1 # % # W0,E,(4$?5124R # % # (35+093(30 # E2($?5124R # 5%&',GG # *;4092$Q#
,0942*',1#3034;5#%#W0,E,(4G,54204D#bGG35#%9#;*341,(G%5#1:55'35R#AX*#$,4/62*@%4X1#%#&'3(3131R#;0#
%#$3&4%5?*%5+X#4%5%5'%&,4#3(3+$;5'303GG35#4?+A21#&'%1,(,*5/#;0#%*1%*$%95/#1/03GG#*;4092$Q#
W0,E,(4,1G%5D
m'$02'23

k;"U'$W

I)Y8232/"3O*1/
"#53&'3+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5/#093(1393431D
J$431'%&.",2V)2/83:/."S:)+0
"9#,*6%020.H(20#&'%1,(*2025R#$3&3(B0H4;0;5R#%#09X1/5W0#GB6H4;0;5#6%5#%#*3&5%&',GG#@%5&0Q*'#
3GG35 # %9 # ;6G35D # a,62GG(% # /0 # -,54,0 # % # $3$,(/43(3113* # 6%*X # $?51%R # %9 # 3&';5/ # 093(3E*;031#
G24,(H420% # $3&@%42(,9X # % # A:6BG35/ # 5'3*64%5?*20@,9 # 6%*X # E,9/4H6 # @,9922**20 # 3*B03&H4;0;;(4D#
n,*'4%4X+/1 # % # @3*'30 # 1/3A4;003*R # /54,52W/X6%* # 1%EW0,*%4,0 # &'%1,(*20D #"9 # /+3&35 # 5'3*6 # 5'3*64%5/#
093(139343/63* # /0$3(13+531 # % # +/21,1R # 3(B0:+/1 # % # 1,$E%(%4H6 # 5'3*64%5/ # 6/90&2*X+20R # 4,62GG#
4?+%4,0,+/1#%#1C*:5G0;&#%9#%5'%5'3*6#;0#%9#/+3&35#5'3*6#093(139343R#-3*;EH4;03#1:9:44D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d/0#03&H40;&&3*#$3&;(4/1#%9#,*6%0,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%9#,*6%0$25'(%#6,5%41,9X%5#
-3*4344#1;(+;031(3D#"#W0,E,(4,0#093(3E*;0#@3*'344#3&'(3#/512GG#%9#3&';5/#$3&09X*%*20#%#A3**3$9BD#
d;E3031#5'3*64%5/#09%G2*',1%4#-3*-3+395/#;0#@%0952*5/D
G$TS/+)U*1/."T+43+0
b&'30 # 3E,W@21@,9 # 1:4@34B31 # 3&'30 # ,*6%0$25',1R # 63(031R # +%*,1D # " # 5'3*64%5 # 3E,W@2@,9 # AX*#
1%EW0,*@%4X%1#3&'30#4%5?*4#5'3*64%5/#3*3$31R#093(1393431D
GO)S/,+%$)#$0"f",+%$)#$0
"9#,*6%0,44#4:(4;53431@39R#%#4%5?*4#E2(G309;+31@39#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_
.#09X-%A,1#S-B53631R#$3**;153631R#/&;1UR
.#QA%GG#1;(+B09%6%1R
.#093$;*'30#5;6$20,1#%*%5'.#;0#42(&'30343R
.#$3/5R#+3/5R
.#G/(4,1*20#1/-3A39;03R
.#$3**;15;6-,1,920R
.#3&'3530#09X(35+
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X1_
.#1H6C*(B*#:52**X%5#/0#3*#4?+5%1#$,5+%5/#63(03134R#E2(G309;+3134R
.#%#4%5?*4#5'3*64%5/#-,($21%4#-3*/0$3(/1R
.#3&'093(FR#(:6/+#09:63&3134#$3&#4?+5%1#;(435/R
.#%9#/0$3(4#09%6%1%4R#$,5+%4,1%4#4,**G%$,5+20#?425#*3#4?+A21#H(5/R
!]O

.#:52**X%5#4?+5%1#%#4%5?*4#09%6%11%*#;0#5'3*64%5/#093(139343113*#$,5+%4,1%4#%*1,45/R
.#1/3&;09H435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%#4%5?*4#09X1/5W034#-3*#4?+A21#/+;95/D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%4,+/1#,0942*'G%5#%#E(3E?G3(420.1,(#A3**3&93430#6,520%/6%*#4%*2*1,9@%4?51D#"#(35+#;0#(35+093(R#
%9 # 24431/54@34B # 43(639;0 # 5%&',5 # -,54,0 # 3GG35 # %9 # ;*341,(G%5D # Z%4,+/1 # ,0942*'4X* # % # -:*+(%A9R # %#
1?*4?(2*/0 # 0%A24,002&,1R # *3&35+21R # G%**%+21R # 4:(4;53*$/ # ;0 # $/4/1?0 # 093$;*'/0;&31 # %*1,4A21 # % # -B#
4;$%1:(:134D #"# +/21,1 # /+3&35 # 5'3*635 # /0 # ;(+31*B+63 # -,&%+A21 # 393134 # % # 4;$21%4D # b&'(3 # 4:GG#
/+/X$24R#1/-3A39;04#;0#$/5+355%E/#42(0%*&20/#09X1/5W034#;EH4C51#G3#%#09XG3*/#$?512G%D#a,62GG(%#/0#
-,*'4%4X+/1#%9#,*6%020.R#;0#H(201;090;&#-3A*3094;03D#bGG35#%9#;6G35#393134#%#1;090;&3134#$3&#13**#
3(B0H435/D#b*139+B+/1#%#1(3%4H6#-,&%*$%920,1#H(20%R#3*B09:(#1:9:035R#$%A+#:52**X%5#/0D#"#+/21,1#
(35+093(3035#1%E5%1#H(20G3*/#;0#09XG3*/#@29/#-3*%+%4,1%4D
"# 5'3*64%5/ # 09%G2*',1 # ;0 # 093(1393431 # O.PD # ,0942*'G%5 # &'%1(%5 # 24-3+/1 # 3&'$204R # ;0 # G2($/*'35#
E(%14/1?0 # 0,((35+G35 # 63@34B1D #"9 # 3++/& # 4%5?*4 # 5'3*64%5 # ;0 # 09X1/5W0 # %*%EA25 # % # +/21,1%4 # 3&'(3#
/512GG#G24,(H4@%4A?1#%((%R#@,&'#09%G%+%GG%5#-3A399;1#1/#$%&?1%4D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#:4:+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#%9#H(20.R#,*6%0201;090;&#$3&3(B0H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#
-,($21#$3&/0$3(;03R#%9#:52**X#09X42(@%0952*%4#3*B03&H4;03#A3**3$9/#394#%9#;634D#"#+/21,1%4#3&'(3#
/512GG # %((% # :094:5:99C1R # @,&' # G24(%5 # -3A399;1 # 1/ # $%&?1%4 # /+3&35 # 5'3*635R # 09X*%*A%5%1 # $3&#
3&'3+C*R#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#+/21,1#3&'(3#4:GG34#4?+5%1#$%&?1(X*R#1:(5'3934C1(B*#3*$,5+%5/R#3&'(3#4:GG#$/5+35(3#4?+5%1#
62*%09,*5/D#"#4%5?*X1#%#1,(?15%1#$3&-3*3*B#/+3&35#5'3*6F#09:63&1:(5'3934G35#3*#4?+5%1#/&%9,+5/R#
3&'093(F # :52**X # $,5+%4,1%4 # 4?+5%1 # %*1,45/D # d;E3031 # :52**X%5 # ,*6%05/ # 3&'093(FGG # 09:63&3134R#
53$#(/%+5%1#$3&#/0$3(34*35#09%6%14X*D#e0$3(4#09:63&(3R#/0$3(4#09:63&1:(5'3934G35#1;(+;03134#
4?+5%1#%*1%*$%95/D#"#(35+093(30#@29/#-3*%+%4,1#S09X4%5?*20R#H(20G3*/#-3*%+%4,1R#,*6%020&'%1,(*20U#
%9#:52**X#4%5?*20#43(;5#/0#-3A*3094/1#%#+/21,1%4D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5 # % # -:*+(%A9 # 3E,W@2@,9 # ;0 # % # 4:(4;53*3$ # 3E,W@2@,9 # 1%EW0,*@%4X%1 # 1:55'35 # 3&'30#
09:63&31R # 4:(4;53431R # *3&35+21D #"# 5'3*64%5 # 3E,W@% # ;0 # %9 # /+3&35 # 5'3*6 # 5'3*64%525%1 # 4%5?*20%#
1:9:44/#3&'39;031#;0#1C*:5G0;&31#3(B0H4/1#%#4%5?*X1#&(%$$%4/1%/#1,$E3435W/2/4D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0GB6H4;0#%9#,*6%0$25',1(%R#E2(G309;+31(3#%*%E,96%D#"#&'%1,(/GG#/&;1#@2(,$#%*%1A%D
Y'3*64%5_
.#5;63*B(%&,920#S@%42(,9,44R#@%42(,9%4*%5U#%*%5'.#;0#42(&'3034G35R
.#G/(4,1,0#5;6$20,1R
!]K

.#3&'093(F#:00934344#$,5+%4,1#S?5+R#,+3(R#%G3(R#+355UR
.#$3**;15;6-,1,920R
.#$Q*4#/+B#-3*/0$3(;03#Se$E3(-314UR
.#&'%1,(/#3*:*A2(X09%6%1R
.#$X+G3*/#03&;+/&;1#S1:5535R#$:&35UR
.#/+B@%42(,9X1D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#09%G%+%GG%5#G309;*531#:5$%&?1(X*R#W0%*2+A?1(X*R#1:(5'3934C1(B*R
.#-3*/0$3(/1#%#4%5?*4#5'3*64%5/#09%G2*',1%4#;0#E;*+21%4#4%*2*5%1#(2A?1#3&'#%+,44#09:63&G35R
.#G/9,5',0#@3*'93431G35#$3&#4?+A21#;(4345/#$%&?1%4#E*D#Q4G%/&%9H420R#6202(*20R
.#/0$3(531#5;$34#6,5%41,920Q#1?*4?(2*/0#;(4;13134R
. # @%0952*A21 # % # 1/GB6C*4 # 09X1/5W034_ # /01,*%R # 4%542(&'%1R # X(%(35+R # 5%E/(35+R # ?4%920R # 1:9*313+;0/#
3091:9:1R#;4139;0R#6202(*20R#42A;1,9X+20D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@343+/1#,0942*'G%5#%*1%*$%9,44#$X+093(#09,(,0%5#1:634/#%#@%4,+/1#,0942*'G%5#*3H(4%1%4D#a:GG#%#
4%5?*5/6%*XR#(35+093(3031#%#4?+20E(XG21R#09X+,*&,9%4,1D#"#@3*'30H(20#-3A*B+;0;4#4,62GG(%#/0#03&H4/1#
%#+/142*20,1D#w'%1,(/GG#%#W0,E,(4,0R#%#E2(,0#;0#%9#:52**X#$?51%D#"9#C&'303GG#&'3(3131#$2(#
$3(531#0%A24#4?+20?1(%#42$%091,+6%#%9#%+,44#/+3&35#5'3*635#&,5+,*1,+6%#09:63&34#%*1,45/#S;0#
53$#-3AG35#-,(+H4%5/UD#83&H435/#13**#B134#%GG%5R#@,&'#3*#4?+A21#-,&%+5/R#@,&'#&,5+,*%4%/1%4#$;&#
53$ #$/5+/&#4?+A21# /+3&35#5'3*635# $3&-,&%*$%95/R #;0#%GG%5#/0R #@,&'# 4:(313+A3531# %#$3&*;6B#
5'3*6/#3091:93/1#%*1%*$%9202(%D
"9#,*6%0201;090;&C134R#%#09:63&;(4;04#4,62GG#-3A*3094AC1D#"9#/(,+%*$/#09:63&31#$3**344#4,62GG(%#/0#
@%5&0Q*'4#1%E5%1#%#1?*4?(2*/0R#-:*+(%A9/R#4:(4;53*$/#;0#%#$/5+355%E,0#42(0%*&20/#4;$21D#nC934C134#%#
5'3*64%5/ # 09%G2*',11%* # . # % # 4%52( # 03&H40;&;63* # . # 1:634139343035R # 09;E35 # 63934/1D # >:6/+ # H(20,0#
$?5121#1;09C*@34531R#:52**X#-,&%*$%920,1_#5%E*XH(20R#3&'#42(&'R#62(,0R#42A#*3H(20%R#3*-,&%+@%4X#
E,54,002&&%*D # 89/4?2W/X0 # @3*'9343113* # 4,62GG(% # /0 # GB6H4AC1 # % # G309;+;(4;0 # ;0 # G309;+1;090;&#
-3A*3094;0;4D#b&'(3#4:GG#/0$3(3443*#(35+3*139531#%9#/+3&35#5'3*6#@%92A2(X*D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@%4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#-,($21#$3&/0$3(;03#A3**3$9/#394#%9#;634D#
"9#;(4BR#:52**X#,*6%020#-3A*3094;03#-,54,0#-3*4;43*3#%#4,62GG*;E;0531D#"#+/21,1#3&'(3#G24(%GG%5#
09X*%*5%1#$3&R#-3A39/1#1/#$%&?1%4#/+3&35#5'3*635R#$3&GH9@%4X%5#4?+A21#@%0952*5/#%#09X42(%4D#"#
+/21,1%4 # 1C*:5G:9B # $X+093(3113*R # 1(3%4H6 # H(20,11%* # @,99203&H4AC1 # %9 # :52**X # &,5+,*%4,1#
$3&-,&%*$%9202@,9R # % # $3&09X*%*20,152* # %9 # 3&';5/ # :4*343/1 # %*1%*$%9202@,9R # @,&' # 3&'(3#
G24(%GG%5 # ;0 # A,GG%5 # $3(A3531 # 3*(?&%091,+5/ # % # G34%5?*4 # 09:63&314B*R # 0;$214X*D # 73&4%5?*5%1#
09:63&3134#;(43*$395/#-,(+H420#5;*1C*R#09:63&&3*#1%EW0,*%4,0#1;(+;031(3#:52**X%5#62*%09,*5/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20

!]P

52**X%5 # 4?+5%1 # 1,(,0942*'?15%1 # $3&-3*3*B # 09:63&3134 # 09XG%5 # 3*$,5+%5/R # ,*6%05/R # H(20G%5#

$3&-,&%*$%95/D #"# $,4/62*4 # 4%5?*X1 # $/5+ # %9 # H(,44R # $/5+ # %9 # ,*6%0,44 # 09:63&31 # ;(4;0;G35 # 3&'(3#
@%42(,9,44%GG%1D # 89X1/5W0C1R # 5'3*64%5/ # 4?+20?1 # 4,62GG # 09;*303+/1D #"# (35+093(30 # 4%5?*20 # $2(#
$3&09,12002#62*/1D
G$TS/+)U*1/."T+43+0
"#*3&1:55'3GG35#4,62GG(%#/0#%#5'3*64%5R#%#4:(4;53*3$#;0#%#-:*+(%A9#3E,W@2@,9#*3@34#1%EW0,*X+5/#%#
4;$211%*R#4:(4;5343113*R#,*6%0$25',11%*D
GO)S/,+%$)#$0"f",+%$)#$0
"9#,*6%0,44R#4%5?*4#09:63&31R#E2(G309;+31#-,54,0#09%6%/D
Y'3*64%5_
.#t3(-314R
.#-3*09X*H4X#$X+R
.#$X+G3*/#03&;+/&;1#S+C(-35R#1:5535R#$C0035UR
.#-,(+H4,44#09X(35+#S+%55UR
.#(;0930#3034R
.#093$;*'30#5;6$20,1#(;0930#30343R
.#3*:*A2(X09X1#S42(&'.#;0#(;0930#303443*UD
!",2V)2/83:/"51'3"2'2*#:4&2.n
"#+/21,1_
.#-3*/0$3(/1#;0#%*1%*$%9921#%#4%5?*4#5'3*64%5/#-,($21%4R
.#A2(4%0%1#%#1,(?15%1#$3&-3*3*B#09:63&31#:52**X#,*6%0202G%5R#$3&;(4;0;G35R
.#1;E3031#6/*2&,0R#3&'093(F#$,5+%4,1G%5#1/-3A395/#$%&?1%4#E*D#$3&@H620R#03&H40;&#1;(;03R
.#3&'(3#%14H6%GG%5#;0#1(3%4H6%GG%5#@%0952*A21#%#&'%1,(,*4#09X1/5W034D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5',*W%+/1#,0942*'G%5#/0#-,54,0%1#%#$/5+355%E,0#42(0%*&20/#4;$21#$3**344#%#1?*4?(2*/0R#-:*+(%A9/R#
4:(4;53*$/#;(+31300;&31#;0# ;*34(%A9,1D#"9#X(21,5# (35+093(3031#%#E2(G%5R # W0,E,(4G%5# -,*'4%4,44#
G309;*&34;031 # /+3&35 # 5'3*635D # "9 # H(201;090;& # -3A*3094;0;4 # (:6/+ # *363*31R # 3&'093(F # *3H(20,1R#
3&'.3&'#4:(4;534#:0093-,&*%*20%#G/94,0H4A%D
"#5',*W%+/1#,0942*'(%#%#+/21,1#4/0942G%5#6%55%1#%#5'3*64%5/#%*%E,11%*R#24431/54/1#;0#GB6H4/1#%#$2(#
1,(2GG%5#$3&4%5?*4#5'3*64%5/#-,($21%4R#09%G2*',1%4D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@;4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#5',*W%+/1#,0942*'G%5#%9#3++/&#4%5?*4#5'3*64%5/#093(1393431#/0$;4*;03R#24431/54;03#/+B093(FD#oA(%#
&'%1,(,*A21 # %9 # /&3/+B134R # @,&' # G/94,0%5 # 3* # 4?+A%5%1 # /&%9,+5/ # % # 5'3*64%5/ # 093(1393431 # 1:9:44D#
f309;+G35R # H(20G%5 # ;0 # 09:63&;(4;0G35 # 3&'%(254 # 1(3%4H6%1R # :52**X%1D # "*%E09/5435 # AX*#
1,$$?5/12*5%1D

!]]

G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
>:6/+3GG.@,009%GG # 09:63&31 # ,*6%020%R # :52**X # -3*+,*&,920% # $2( # 53$ # A3*354 # &,5+,4D # r*34093(F#
E2(G309;+3134#@%**&%45%1#$3&#;0#&'%1,(,*5%1D#"#4%5?*4#093(139343134#G24(%5#6%(/2*A21#H(20G%5#;0#
09XG%5#3&'%(254D
G$TS/+)U*1/."T+43+0
"#-:*+(%A9#;0#%#5'3*64%5#3E,W@2@,9#1%EW0,*X+6%#*3@34#1:55'35#4;$24R#09:63&34#4%*2*5/D
GO)S/,+%$)#$0"f",+%$)#$0
"#09:63&31@39R#,*6%0$25',1@,9R#E2(G309;+31@39#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_
.#@3*'@%42(,9X1#S42(&'.#;0#(;0930#303443*UR
.#2*4%*25,0#%*%5'#S30R#$%5UR
.#$X+G3*/#03&;+/&3#S0,**35U
.#$3**;1$,5+%4/#09X(35+#G363934;03#S3/*R#+%00UR
.#A:6B#/+B#G363934;03D/+B1G35D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#3*0%A24H4A21#%#5'3*64%5#;0#%#@3*'30H(20#%*%EA%/4R
.#1;E3031#:52**X%5#3&'093(F#09:63&3134#-3*+,*&,95/R
.#1;E3031#:52**X%5#(:6/+#09:63&34#%*1,45/R
.#1;E3031#:52**X%5#G3$?4%41,95/R#1;(+;031(3#62*%09,*5/R
.#5'3*64?+20?1#"!#09/54531#$3&-3*3*BD
Q252823:/"P-=;N"+/831)&
"#1/*35W3+/1#,0942*'4X*#139+63#%#5'3*64%52(#-,1,9%4,0%5#03&H4/#%#+/21,4#%#092$2(%#*3&$3&-3*3*BGG#
4%5?*20/ # $X+093(31 # $3&4%*2*202G%5D # a,62GG(% # /0 # *;5'3&30R # @,&' # % # 5'3*64%52( # % # 4%5%5'%&#
:00932**H420252*#-/&'3*A35#%9#;*341,(/#0%A24,002&,1(%D#b44B*#%9#,0942*'-,14X*#$2(#42$,&%4X#*3@34#%9#
;*341,(5%1#$3&-3*3*BR#09%1093(F35#-3*;EH4344#4%51:5'6#(35+093(30#@%0952*%4%D#"#4%52(#$%&%#+:54/#
3*R # @,&' # W0,E,(4A25%1R # ,0942*'25%1R # 4?+20?15%1 # $3&-3*3*B35 # $3*'/1 # 4%51:5'6W0%*2+,4 # (;0930H4/#
3*B5'G35D#"#1/92(X*%&,0%5#4%51:5'6(3#;EH4344#4%5H420#%9,5G%5#13(C*35+BD
"#1/*35W3+/1#,0942*'#1:9;EE,54A2G%5#3*0B0,(G%5#%#5'3*64%5/#/0$3(3431#(35+093(39;03R#3*$;*'H4;03R#
%#09X1/5W0#GB6H4;03R#%#1,$$?5/12W/X0#1;090;&31#-3A*3094;03#2**D#"#5'3*64%5/#4;$21R#093(1393431#
4%5H42025%1 # 0,((35+A3 # % # -3*0B # 4%&,9%4G%5 # -3*W03(;*@34BR # 3&'30 # 4%51:5'631@39R # % # W0,E,(4#
43$EXA2@,9R#/&;5'3/@39#/0#/&%9,+@%4D
b44B* # %9 # ,0942*'-,14X* # 139+63 # % # +/21,1 # 3&'(3 # @,009%GG # 09:63&3134R # 1:55'H4344 # ,*6%0$25',1%4R#
1;0BGG # /(,+%*$/ # 09:63&3134R # QA02&W/113134R # /543(AQ1%4 # ,*6%05%1R # -3*+,*&,9@%45%1 # +%*09:63&3134D#
n,*'%$%4,0%5#GB6H4/1#09X1/5W0C134R#5'3*64%5/#4?+20?1%4R#1:9G35#3&'(3#4:GG34R#3&'(3#:52**XGG%5#
09X*%*5%1#$3&#%9#%+,44#5'3*635D#d39+34G35#(:6/+3GGR#1;0BGG#@,009%GG#-,&%*$%920,1#H(2026%*#
&'%1,(,*A21#%9#H(20G3*/#1/-3A39;04D#"#(35+093(30#W0,E,(4.#;0#E2($?51%R#%9#3&';5/#$3&5'/*625?*20,1#
3&'(3#5%&',GG#093(3E34#1%E5%1D#V*6%05%1#;0#G309;*531#%#4%5?*4#/+3&35#5'3*634#%5'%5'3*61;54#
@%0952*X#,(092&,1R#5;E31#1?*4Q(2A2(X*R#/(,+%*$2(X*R#4:(4;53*$;(B*R#-:*+(%A92(X*R#$F6;0934/#;*34;(B*R#
09,120%/(X*D#T2*4,9%4,0%5#;0#-,*'%$%4,0%5#&'%1,(,*A21#%9#,*6%0,44#;0#@%**,44#09:63&31#;(4;0;4R#%9#
3&';5/ # G309;+$3&5'/*625?*204R # %9 # H(201;090;&34R # H&' # % # +/21,1 # 3&'(3 # 1:93*3GG # 13(C*531 # %#
1:9;E09/54F#5'3*64?+20@,9D#"#4/93513443+/1#,0942*'#6;&;5#%#4%5?*X1#3&'#(;093#3*;(@34/#%#f!#09/5434#
*3&%*2GG#%9#3&'/1#5'3*6GB*R#092$?1(%#%#4/935@%($%+/1#,0942*'#W;*A%#*3@34#%#fJ#09/54#6%&'#%#$20/1#
5'3*6GB*#%#f!#09/54#3*;(;03D
JNN

bGG35#%9#/+B09%1G%5#5%&',5#AXR#@%#%9#,0942*'#1%EW0,*%4,4#6309#-3*#$20#,(092&G3*/#)%*+,(-./01,*21#
%9,5,0 # 1,(Q # +/21A%/6%* # S*363*39;0R # +/21W03(;1R # ,0942*'1/(25+?*20,1R # 1:9:0 # E(,A31431UD # "9 # ;*B#
5'3*663*#6%*X#4%*2*1,920#$/5+35#-,($2A%#(35+1H6C*#-,54,0#3GG35#%9#;*341,(G%5D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b94#%9#,0942*'-,1,4#;G3(#/543**314?0#A3**3$9/R#%#+/21,1#/&;5'*/1#%#4?+%4,0%GG#4%5?*204D#"9#3++/&#4%5?*4#
5'3*64%5/#/0$3(3431#3&'#$%&%0%GGR#4?+%4,0%GG#09/54(3#@3*'39;03#%9#3&'/1#W;*D#"9#/0$;4*;031531#
4,62GG(%#/0#5%&'#093(3E3#6%5#%#$3&093(9344#4?+20#-,*'%$%4,0#GB6H4;03#$3**344D
"9#,*6%0%5+X#09:63&31#1:9:44#093(3E3*@34531#QA02&W/1131R#4?+X0H420,1#1:93*/R#B134#/0#-,&*%*1,94%4X#
303$;5'31(B*D # b931(B* # % # +/21,1 # 6;*3$;5'4 # -,($2*5%1D # n,&*%*1,9@%4?51 # (:6/+3GG # /(,+%*$/#
09:63&3113*R # A3*35343113*R # $3*'31G35 # . # %12(W0%1 # % # 42(0%*&20G%5 # ;0 # % # 5'3*6/ # A24;1,1G%5 # .#
:00931%EW0,*X+/1#%#-3*+,*&,9,44#5'3*64%5#@%0952*%4%#%#&'%1,(,*5/#1H6254#09X1/5WW03*D
" # 42(0%*&20 # %9 # X(21 # 3&'(3 # -,54,0%GG # 3*3$3D # 8,109,( # %14?2*/0 # 4;$21(X* # G309;*&34C51 # /+3&35#
5'3*635D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#5',*W#;6G35#4%5?*4%1#/0$3(343#S09X1/5W0R#5'3*64%5UD
J$431'%&.",2V)2/83:/."S:)+0
"9#H(20G3*/#;0#09XG3*/#1/-3A39B1;090;&#G24,(H420%R#5'3*64%5/#;0#09X1/5W0G3*/#/0$3(3431#/0$;4*;03R#
GB6H4;03#13(C*#3*B4;(G3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# 1,$$?5/12W/X0 # 1;090;&31 # -3A*3094;03 # $/5+ # H(20G%5R # $/5+ # 09XG%5 # 5%&' # @%5&0Q*'4 # 1%ED #"9#
,*6%0$25',1#:52**X#-3*+,*&,920%R#%9#%*%E634B#G309;+@3*'93431G35#6%*X#A2(4%002&R#%9#H(201;090;&#
-3A*3094;03#1/3$3*435#-,54,002#62*5%1D
G$TS/+)U*1/."T+43+0
b&'30#,*6%0,44#09:63&31#4;$2A%#4,62GG(%#/0#1%EW0,*X+@%4#3&'30#3E,W@21@,9D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5D
Y'3*64%5_
.#$3**;1$,5+%4/#09X(35+#S355R#%*0UR
.#&'%1,(/#6,59%4,0#/&;1R
.#4,62GG/#3*:*A2(X09X1R
.#6,5%41,9X#5;6$20#%*%5'#;0#42(&'30343R
.#9?#y#e5-/5/4/630#093(1393431R
.#$3**;15;6(%&,920_#&'35&3#(%&,920D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#4?+5%1#$/5+#09XG%5R#$/5+#H(20G%5#(:6/+#:0093-,&*%*X1%4#%+5/#%#-3*+,*&,9,44#09:63&(;0931GB*R#
4;$21GX*R
JN!

.#1;E3031#@,009%GG#09:63&34#S%12(#1:55'H4344#,*6%0$25'4U#:52**X%5#-3*+,*&,95/D
. # /0$3(/1 # ;0 # %*1%*$%9921 # %9 # 3&'093(FGG # *36;*-,($24R # 1;E3031 # (:6/+ # *363*31R # -,&%*$%920,1#
$3&H(202(%R
.#@;41:95%E/#4%5?*4#09/4?2W/X1G%5#1:55'35#$3&09X*%*5%1D
.#09X1/5W0C1R#5'3*64%5/#4?+20?1R#G309;+1;090;&C1#1:93*H4/R#;0#62(@%4X%5#%#!ND#,0942*'#6;&;(3#3*;(/#
%9#"J#09/5434D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5'3*6/#W0,E,(4#09/54A;531R#4?+2025%1#$3&-3*3*B35#4,62GG#42&H4A?1#5'3*64%5/#/0$3(343/134R#GB6H4AC1#
09X1/5W0C134D#v(20G%5#;0#09XG%5#3&'%(254#%#1,$$?5/12W/X0#-3*%+%4,1#13(C*531#3*B4;(G3D#b&'(3#
4:GG#%9#H(20G3*/#;0#09XG3*/#09:63&;(4;04#&'%1,(,*4%4X#-3*%+%4D#"9#:52**XR#%#E2(,0#;0#%#W0,E,(4$?51%#
4,62GG(%#/0#62*4A21#3&'$204D#"#4/93+/1#;6-,*'%$,5#%#$%&'%(4%52((%*#3&'C44$F1:+63#3*#*3@34#$3(C*5/#
5'3*6;0934/#4;$21G%5D#"#42(0%*&20G%5#$3&A3*35531#%#6/421R#1:9:035#4%5?*$25',9,44#/(,+%*$/#$F#
%*%EA25#3&';5/#&,5+,*%4,1#A3*35@34531#$3&D#893(3E34#1%E@%45%1#QA(%#%#63(031R#09H5E%+/#$F631R#
A3*353431R#+(2$%(;09*3431D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#1/*35W#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
" # +/21,1 # 5'3*6/ # /0$3(343/ # 4,62GG # GB6C*531_ # 09X1/5W0C1R # 5'3*64%54?+20?1R # G309;+1;090;&C1R#
09:63&;(4;0C1#;0#H(201;090;&C1#3(B0:+/1D#d:9G35#09:63&3135#13(3094C*#4,62GG#/0$3(13+531#%#
4%5?*4#5'3*6#@%92A25%1#1?*4Q(2A26%*R#%9#,44#;*B1#09,120%/6%*R#5'3*6;0934/#%*%E1;(+;03113*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9 # :52**X02& # 1%E # 5%&' # @%5&0Q*'4_ # % # 4;$21(X* # :52**X # 6;*3$;5'31 # $3&-,&%*$%920%R # 3&'(3#
@,009%GG#:52**X#-,&%*$%920,1#H(20%R#5'3*64%5/#09%G2*',1#:52**X#%*1%*$%920%#13(C*#3*B4;(G3D
G$TS/+)U*1/."T+43+0
"9 # 3&'30 # 3E,W@21 # 4;$2A2@,9 # $3&-3*3*B # /+B9H4;003* # *3@34 # 1%EW0,*X+5/ # %9 # ;*341,(/ # 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5D
Y'3*64%5_
.#-3*4;43*30#$X+#A3*35#/+BR
.#093563+B#093(13934#SA3*35#/+B#;0#e$E3(-314UR
.#$3**;15;6(%&,920#S63&'30#;0#&'35&3#(%&,920UR
.#?$DDD#9?DDD
.#-C&&B#1;(+;0R
.#4,62GG/#6,59%4,0#/&;1D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
JNJ

. # 42(0%*&20/ # 09/54A3R # 09XG3*/ # 1/-3A39B1;090;&3 # 4,62GG # -3A*B+/1R # % # !ND # ,0942*' # 6;&;(3 # % # 4:GG0;&#
62(@%4X%5#3*;(/#%9#"J#09/54F#5'3*64?+204R
.#4?+%4,0%GGR#$%&%0%GG#09/54F#$3&;(4;003*#;0#-/&'3*3$$3*#-,(+?*5%1#%#5'3*64%5/#1;(+;031#-3*;R
.#1;E3031#(:6/+3GG#/(,+%*$/#09:63&31#6%&'#QA02&W/1131#:52**X#-3*+,*&,9202(%D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
n,*'4%4X+/1#%#5'3*64%5/#A3*350;&31#4%5?*$25',920%#;0#&'%1,(*20%g#4?+%4,0%GGR#$%&%0%GG#09/54(3#
3$3*;03R#2(5'%*20%D
"#-3*0B0#,0942*',1G%5#/&35#@%5&0Q*',0#%9#:52**X#4%5?*20R#%9#:52**X#$?51%_#3GG35#%#-,*'%$%4G%5#%#
4%52( # 03&H4 # $3&4%*2*5/ # % # +/21,15%1 # %9 # 3&';5/ # ?4%1%4 # ;0 # 3091:9:134 # % # 1/4F9:44 # W;*,1 # 3*;(;03#
;(+31;G35D#8,(#13(C*@34#3&';5/#E(,A314$?5121(%R#1/03*B%+20,1(%#/0D
oA(% # 3*B4;(G3 # 13(C* # % # 5'3*6 # 09;E0;&3D # " # +/21,1 # 3094;4/1%/ # 6;*3$;5'%*1,420/ # 1;E300;&;4#
&'%1,(,*@%4A21#1*%009/1?0#;0#$,+3(5#09:63&31#-3*+,*&,92026%*D#"9#/(,+%*$/#09:63&31#,*6%020%#
(;09G35#%9#X(25R#(;09G35#,44@,5#4:(4;5/1D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#!N#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
"9#3&'30#5'3*64%5/#-,($21R#1/-3A39;031#4?+%4,0#&'%1,(*20%#09XG%5#;0#H(20G%5#3&'%(254#3*B4;(G3#
13(C*D#"#+/21,1#3&'(3#4:GG34#G309;*531#3&'(3#4:GG#4;$2(X*#/+3&35#5'3*635D#Z,009%GG#09:63&31R#
H(20,1#:52**X#-3*+,*&,920%#03$#A3*354#&,5+,4#092$?1(%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7/5+35 # +/21 # 3&'(3 # W;*4?+%4,0%GG%5 # 4%5?*D # "9 # H(20G3*/ # ;0 # 09XG3*/ # (35+093(30 # 092$,51;(;031#
03&H40;&34 # 5'QA4%5%1 # 3GG35D # d;E3031 # 3&'.3&' # 4;$2(X* # :52**X%5 # 1/-3A435/ # 6;*3$;5'C134R # %#
42(0%*&20G%5#3&'(3#62*%094;1,0%GG%5#6309531#(;094D#v(20G%5#%#@,009%GG#*363*31R#-,&%*$%920,1#
H(20%#3(B0H4/#1/-3A39B1;090;&C134D#n/&'3*$34#-,(+H4?51#%#5'3*6/#1/-3A39B3091:9:1(3R#%#04/*/094/12(%D
G$TS/+)U*1/."T+43+0
"9#3&'30#3E,W@21#4;$2A2@,9#$3&-3*3*B#/+B9H4;003*# *3@34#1%EW0,*X+5/D #%9#;*341,(/# 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5D
Y'3*64%5_
.#-3*4;43*30#$X+#$Q*4#/+BR
.#3*B/+3AF0;&R
.#$F63*434;0R
.#t3(-314#03&;+/&;63*R
.#1:4B09%6%1_#+%$/4R#%*0R#%*0#,GR
.#6,5%41,9X#5;6$20#(;0930#;0#G/(4,1,0#3034G35R
.#3(B0#$3**;15;6(%&,920
.#093563+B#093(13934#%9#:00930#/&3/+BG35R#03&;+/&;63*#/0D
JNI

!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#1;E3031#@,009%GG#09:63&31R#,*6%0$25',1#:52**X#-3*+,*&,920%#?425#%9,1(X*#6;*3$;5'4#%*1,45/R
. # /0$3(/1# ;0 # %*1%*$%9921 # %# 1C*:5G:9B # *36;*-,($21%4R # 1;E3031# @,009%GG# *363*31R # -,&%*$%920,1#
$3&H(202(%R
.#1;E3031#G2($/*'35#@;41:95%E/#42(0%*&20/#4;$2@,9#@,99209X*5/R#2**204#-,&*%*5/R#3034*3&#6/4%41,95/D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#G309;+&'%1,(*%4,1#4;$2/#%9#;(3440;&/#4;$%1:(:134#1;09H4/1#3*BR#%9#H(20G3*/#-3*%+%4,1#%#*36;*H(20R#%#
-,&%*$%920 # 43(C*34;5 # $;*'H4/1R # E,54,0H4A21 # % # +/21,1 # 4?+2024D # " # !JD # ,0942*' # $20,+/1 # -3*;G35#
:0093-,&*%*A?1#;0#*392(A?1#%9#3++/&#4%5?*4%1%4R#,E4/$2*/0#3034G35#f!#09/54F#5'3*64?+20(%#43@34531#
093(4#%9#C&'303GGR#$,4/62*4%GG#+/21,1D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#4%5%5'%&%#S09X1/5W0R#5'3*64%5R#1;090;&31UD
J$431'%&.",2V)2/83:/."S:)+0
"#f!#09/54@39#1:93*/#5'3*64?+20#$3&093(9;03#%#W;*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#1:9;E09/54F#;(3440;&/#3*62(20%/@,9#@%0,5*X#H(20G3*/#;0#09XG3*/#-3*%+%4,1#:52**X#$3&,*+20%D
G$TS/+)U*1/."T+43+0
7F6;09344:(4;534D
GO)S/,+%$)#$0"f",+%$)#$0
"9 # 3++/& # 4%5?*4 # 5'3*64%5/ # 09%G2*',1 # $;*'3GG # /0$3(343R # % # 09X1/5W0 # 1:9;E09/54F # ;(3440;&/531#
$3&-3*3*B#/0$;4*;03R#GB6H4;03D#T%*%$/54_
.#&'35&3#-B53631R
.#$3**;15;6/#/&353631R
.#$3**;15;6GB*#1;E9344#-B53631R
.#,@53#+%00R#,@53#9?R#%504%44#+%00R#%504%44#9?D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#3&'#(;093#$2(#35531#%9#;6531#%#6;&;5#1;E30#3*B(3@,9,44#1:9;E09/54F#;(3440;&/4#4355/#
5;$34#5'3*6GB*D

E'$4S.$
=N"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)

JNh

"9#%*0X#4%&,9%4,5#%9#/+3&35#5'3*631#4%5H420252*#139+34G35#%9#%5'%5'3*6#3*0%A24H42025%1#$/542A24#
4F9/#$%&%#3*;#%#)%*+,(-.E3+%&X&/%D#"#5'3*6#43($;0934;63*#-,*'4%4,44#$?51%#%94#3(3+$;5'39/R#@,&'#
% # &'3($31 # 43*A30 # *;5';63* # G3*3$3(C* # % # 5'3*6G3R # 39;(4 # % # 5'3*6X(21 # 3*0B0,(G%5 # %9 # %+,44 # /+3&35#
5'3*635#-,*'5%1D#"#&'3(31#?4259X.#;0#G3-,&%+X.1;090;&;63*#,+%%+A%#$%&24#%#4%52(#0925+;125%1R#
;(9;03/63* # . # ;0 # 53$ # /543**314?2*/0%5 # . # 1%EW0,*X+/1 # % # 4%52(/ # 436;135'0;&@39D # b931 # %9 # ;(9;031R#
$3*'31 # % # G309;+0925+;1 # $3&(%&%+202(%R # -3*-,&202(% # /(25'?*5%1R # /512GG # ;(9;13*BR # $3&/0$3(B#
A3**3&F31D #"# &'3($31 # % # A3*354;04 # 09/4?%4H6 # 4%E%094%*20 # Q4A25 # (%&%+A% # $3&R # %$/ # *3@34B6; # 4309/ # %#
0,1,*+%*Q#%*1%*$%9204D
"# 4%52( # /+3&35 # 5'3*635 # 1:09:5R # GQW0Q9/1R # /+3&35 # 5'3*6F # ?4%0H420,1%4 # %+D # >35+093(/54 # 3&' # 1/0#
63(003*R#-,@2009%*#139+B+/1#%9#X(%#;0#3&'#$20/1#-,@2009%*#-3A39B+/1#G3D#7,5+X121%4R#+%*,1%4#;0#
A24;1,1%4#A2409%5%1#QA(%#;0#QA(%R#%9#X(%#1/03GG#(;09;G35#-,&*%*1,95%1#%9#QA#%5'%&&%*D
" # $,9&200%*R # &3094?0,11%* # 1H0;(4 # +%*,1R # $,5+X121R # A24;1,1 # 03&H4/1 # % # (/4$?0R # +%**%$.R # ;0#
@%5&9206/*2&#;(9;1/#4%E%094%*2024R#%#@3*'30#1/3A4;0#-,($2*2024R#6%*%$/54#%#4%5?*4%1#@,009Q#426Q#
$3$X(/2G%#6%*X#G36;0B+;0;4D
" # )%*+,(-./01,*% # 1,(%/ # 5'3*64%5H420% # S!.ID # ,0942*'U # $X+093(4%5 # ;0 # 43$%4/1% # 093$E,54A2GX*#
3&'0;&34#%*1,4R#%#-3*+,*&,9,44#4;$%1:(:1#;0#%#09X1/5W0#0E/(2*/0%5#GB6C*63#;EC*531#3&'$20(%D#"#
09%6%1%4 # +%*,1G%5R # 63(031G35R # 4:(4;5343135 # 13(3094C* # ;*B # 09:63&1:(5'3934G35 # 4%5?*A21 # %#
&'3(3131R#+3#5;@25'#43$%4/1?0#W0,E,(4,4#;(/5463#/0#4%*2*1,95%1#$2(#%9#%*%E09X1/5W01;09*3443*D#"9#
3*0B # @2(,$ # /01,*%;6G35 # 43@24 # % # &'3($31 # ?425920 # Q4A25 # 4%5?* # /+3&35 # 5'3*635 # G309;*5/R # %9#
H(20G3*/0;&#$;&#53$R#6%&'#W0%1#%#@%($%+/1#;6#6;&;5#A3*35/1#$3&D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
Y/5W0#09C10;&#3*B93430#4?+20(%D
J$431'%&.",2V)2/83:/."S:)+0
"9 # 3*0B # ,0942*'G%5 # % # 5'3*64%5?*20 # 3*0B+*3&30 # W;*A% # /0$3(13+;0 # %9 # /+3&35 # 5'3*663*R # %55%1#
1/3A4;0;63*R#(/4$?026%*R#+%**%$26%*R#6%*%$/54#%9#3&'093(F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#3*0B#,0942*',0#&'3($3131#%#09XG%5#4%5?*4#$,5+X121%4R#+%*,1%4R#(:6/+#$30;134#3&'C44#$,5+A21R#
;531*/1#%9#,0942**'%*D#b&';5/#$3&09X*%*20,1#*3@340;&3031R#$3&4%5?*5%1#1:09:55/R#G3$?4%41,95/R#
+3 # % # 1:9:0R # W0,E,(4,0 # 63(0$,5+20R # ;531*;0R # A24;1 # 13(C* # 3*B4;(G3D # Z%0952*@%45%1 # -C93434_ # %#
@%**,44.4%5?*4#$30;1@39R#4:(4;53431@39R#A24;1,1@,9R#+%*,1@,9#1%EW0,*X+X%5#1;E3134#(%A9,*@%45%1#
03&H463#%#$3$,(/92*204D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X%1#3&'30#4:(4;534G3*/#4;$21R#6%*%$/54#%#092$,*20@,9#%9#
/+3&35#5'3*6F#092$,1#4%5?*2026%*D
GO)S/,+%$)#$0"f",+%$)#$0
"#&'3($31#1:9634*35#1:(5'3934;GB*#3(3+531_#1:09:5;031R#4304(;0931R#%#4%543(3$#42(&'%/R#09H531R#
&'C$:*W0:1R#2**%4,1R#W0%*2+4%&,1R#09,120,1#;0#?4%0H420,1#%9#,0942*'G%5R#092$,1#!.JN./&D#"#4%5?*4#
63(031R#+%*,1#43$%4/12A%#/0#5%&'(;094#3931@39#%#4;$%1:(:1@:9#1%EW0,*@%4XR#H&'#3931#09X1/5W03#/0#
G3;EC*#%#$3$X(/2A?1G%D
b&'093(F#1;(+;031_#E*D#?~304.W3#?3#W~304z#[,$$354#4?#4~%EE3**30z

JNL

!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131#4?+5%1
.#(3%&2*5/#1:09:5;0(3R#3&'093(F#?4%0H420,1%4#$3&;(43531R#6;&(3@%A4%5%1D
.#"9#X(%#63934;0;@39#1%EW0,*X+X#1/-3A39;03134#;(43*$395/#4?+A21
.#%#4%5?*4#09%6%1%4#$3&;(4/1
.#03&H40;&&3*#4?+5%1#1:6345/#3&'#3&'093(F#$30;4
.#%9#,0942**'%*#3&'C44#4?+5%1#3$*;13934GB*#3*$,5+%5/#63(03134R#$,5+X121%4R#+%*,1%4
.#%#-(%5W/%#5'3*6#/54,52W/XA%R#@%5&9X1;09*343#53$#/+3&35#092$?1(%
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # 3*0B # ,0942*'G%5 # 093(9344 # 5'/4,4402&,4 # %9 # /+3&35 # 5'3*6 # /(254 # 4,62GG # 3(B0H4AC1D # " # $20,+/1#
,0942*'G%5 # -,*'4%4X+5%1 # %9 # 3*0B # ,0942*'G%5 # $3&139+344 # 436;135'0;&31R # %9 # X(21 # 4,62GG(% # /0 # %#
09XG3*/ # $?512(%# ;EC*531D #"# &'3($3131G35# 3(B03GG# %9# /&;5'# %9 # 3&';5/ # $3&09X*%*20(%R # 3GG35#
G24,(H4A?1#B134D#"#4%5H420G%5#$;&#$/5+/&#+,$/52*#%#(/4$/1?0#3*3$#$/5+#%9#X(%#-3*;EH4;0;G35R#$/5+#
%#436;135'0;&31#A3**3&;G35D#a%E0,*X0#$,5+X121#;0#E3(&BGG#(/4$?0Q#63(031#/0#3*B4;(G3#13(C*531R#
393134 # 5%&'R # *35+C*3430 # $,9+?*%4,11%* # 1H0;(/1D # " # &'3(3131 # @,009%GG # $30;134 # $,5+%5%1 # ;0#
A2409%5%1#3*#%#4%52(#03&H40;&;63*#SE*D#*25W$30;1R#63(030#$30;1UD
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#,0942*'G%5#6%*X#/0$3(13+;0#%#5'3*663*D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21,1#3&'(3#,44@,5,0%GG%5#;(9/1#$%&?1%4#%9#X(25#%#5'3*6/#1:(5'3934G35D#"9#X(%/#4:(4;5;031#-B#
W;*A% # %9 # /+3&35 # 5'3*6 # /(254/ # ;(+31*B+;0R # % # 1H625W0/02& # -3554%(420%D # d:9G35 # @%5&0Q*'4 # 1%E # %#
09X1/5W0#GB6H4;03R#%#G309;+;(4;0#3(B0H4;03R#%#1:9:0#$3&09X*%*20,1G%5#6%*X#G24,(#(;096;43*#;0#
3&'.3&'#3&';5/#$3&09X*%*20D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#%*%E634B#/+3&35#5'3*6F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D#"#4%5?*X1#1;E3031#3&'093(FR#+3#
$2(#@,009%GG#4:(4;5343134R#$30;134#$3&;(435/R#1X(?0G%5#$,5+%5/R#3*A2409%5/D
G$TS/+)U*1/."T+43+0
a,62GG(%#/0#3*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X1#3&'30#4;$21D#"#092$,1#/0$;4*;03R#GB6H4;03#%#
092$,*20#3E,W@26%*#3&'#/+BG35#4:(4;5@34D
GO)S/,+%$)#$0"f",+%$)#$0
"#09X1/5W0#GB6H4;03#3*0B0,(G%5#%#43($;0934@39#1%EW0,*@%4XR#&'C$:*W0:1R#9:*+0;&31R#2**%4,1
.#%#@;4#5%EA%/R#@X5%E,1R#;609%1,1
.#(?@%+%(%G,1
.#3&'093(F#$3**;153631#S09H531R#E34/4R#&(%5+R#(,5+DDDU
.#3&'093(F#@3*'@%42(,9X1
.#092$,1#!.ON./&
.#W~304#?5MW~304#?53R#W3#5~304#E%0#?5MW~304#5~304#E%0#?53DDD@%0952*%4%

JNO

!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3(3131_
.1:55'3+;5#$3&;(4/1#%9#X(25#3*@%5&9X#-(%5W/%#5'3*6F#?4%0H420,1%4#;0#1;E3031#(3%&2*5/#(2A?1
.#%9#/0$3(4#4:(4;5343134R#$30;134#$3&;(4/1R#1;E3031#-3*/+;95/#B134R#3&'C44#$,5+A21
.#3&'093(F#4%*2*X0#1;(+;03134#$3&;(43531
.#%#5'3*6/#A24;1,1G%5#09H63035R#:(:$$3*#6309531#(;094
.#3&'093(F#G3&'%1,(,*4#1;(+;03134#$3&;(43531R#%9,1(%#62*%09,*5/#1;E3031
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%($%+/1#;6-,*'%$,5#$;&#$/5+/&#%#W;*5'3*635R#%9#%5'%5'3*6#1/92(2026%*#+,*&,9?51#3&'C44#%#
&'3(313113*D # a,62GG(% # /0 # %*%E634B35 # 09XG%5 # -,*'/1 # % # 4%5H420D # "# 4%52(5%1 # 4?+%4,0%5 # 13** # %((%#
4:(313+5/3R # @,&' # ,*'%5 # 63(03134 # 4%5H40,5R # &'%1,(,*A,5 # 3GG35 # %9 # ;6G35R # %$3*'3113* # 093(345;#
G3639345/#%9#-(%5W/%#H(204D#Y%&'G%5#03&H4/#%#1;0BGG/#4%5?*$25',1%4R#@%#5'3*64%5/#093(1393431#/0#
3*B13(C*531 # 3931G35 # % # 63(031G35D # bGG35 # %9 # ;*341,(G%5 # % # &'3(3131531 # $2( # 0,11%* # 5%&',GG#
;(9;1C1 # 6%5 # % # 5'3*6@39R # %9 # 2(5'%*%4,1@,9R # $/5+ # % # 1/3A4;0R # $/5+ # % # A3*354;0 # 43(;5D # Z,009%GGR#
62*4,9%4,0%GG # 09:63&3113* # /0 # G,*+,&?*5%1D # t2(G309;+31R # 5'3*64:(B1R # 63(031 # A3*35531 # $3& # %9#
X(21,5D
nC934C1G3 # % # 4%5?*X1 # *3(%A9,*@%4A21 # % # @%**,44R # ,*6%0,44 # 4:(4;5343134R # +%*,1%4D # "9 # ;6 # 6;&3 # -3*;#
*3H(@%4A21#%9#"f[.4R#3034*3&#5;@25'#09X4R#6%&'#3&'093(F#$,5+%4,1%4D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9 # 3*0B # 1;4 # ;6G35 # 4%5?*4%1R # %9%9 # /0$3(13+;0 # % # 5'3*663* # 63(031R # +%*,1R # A24;1,1 # ;0#
(:6/+3GG.@,009%GG#4:(4;53431#-,($2A2G%5D
J$431'%&.",2V)2/83:/."S:)+0
"9 # /+3&35 # 5'3*635 # @%**,44 # 4:(4;5343135 # 13(3094C* # % # &'3(3131 # G3E/**%54204 # 5'3(531 # 3&' # $20/1#
1?*4Q(2G%D#b*-,&%+A21#%9#/+3&35#5'3*6#0%A24,002&%/4R#3&'(3#E,54,0%GG%1#%#@3*'30#1/3A4;0R#/54,52W/X#
43(;5D#"#09X1/5W0#GB6H4;03R#%9#3&';5/#093(3E*;031#G24,(H420%#-,54,0#093(3E34#1%ED
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d;E3031 # 3&'093(F # $,5+%4,1%4 # %*1,45/D # 73&;(4/1 # % # 4:(4;5343134R # 62*%09,*5%1 # % # G3&'%1,(,*4#
1;(+;031(3D#52**X%5#/0#$3&#$3(531#09X*%*5/D
G$TS/+)U*1/."T+43+0
b&'30#3E,W@21@,9R#E;*+2?*#092$4%5R#$3043(0;&31R#-:*+$F63*;0R#@29;EH4;0D
GO)S/,+%$)#$0"f",+%$)#$0
"9#3*B9B#;631G35#4%5?*4%1#$3&09/*2(+H420%R#GB6H4;03D#S2**%4,1R#5:6;5'31R#42(&'%1R#5%E,1R#@X5%E,1R#
;609%1,1R#09H531R#(?@%+%(%G,1R#W0%*2+U
.#$3043(0;&31R#-,&*%*1,920,1
.#&'%1,(/#W03*316;031
.#@29R#*%120#09X1/5W03
.#@3*'@%42(,9X1
.#5;@25'#1;(+B09X#S#?/R#?~304.W3#?3#W~304R#W,$G/35R#W,$$354U
JNK

.#/+BA2(200%*#1%EW0,*%4,0#1/-3A39;031
.#%*%E634B#;43*31
.#"f[
.#092$,1#N.!NN./&
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31_
.# $3&;(4# 3&'093(FR #:5$%&2(%#6,5%41,9X#1;(+;03134R#;0#1;E30#%9,1(%#62*%09,*5/#S[,$$354#4?#
4~%EE3**30z#V?#@%G/430.4?zDDDU
.#4:GG#63(034#;0#+%*4#-3AGB*#4?+#;0#3&'3+C*#/0#1;E30#3*$,5+%5/
.#%9#X(21,5#@%0952*4#-(%5W/%#5'3*6F#?4%0H420,1%4#1:55'3+;5#$3&;(4/
.#1;E30#1:6345/#3&'#3&'093(FR#$,9+?*%4,11%*#1H0;(4#4:(4;53434
.#%#4%5?*4#09%6%1%4#@%**20#?425#-3*/0$3(/#;0#1;E30#$3&536395/#@;41:95%E/#42(&'%1%4
-# 5'3*64%5/#-,&%*$%1#$;&#53$#13(C*531#G363934;0(3R#+3#1;E3031#@%0952*5/#5;@25'#093$;*'30#
5;6$204#;0#/&3-,($24#SA3R#4?R#/*R#3**3U#;09(36309/1#%#1C*:5G0;&34#|*3|;0#|*%=1:9:44
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)+0
"#!ND # ;*34;6G35 #%# &'3($3131# %9#r5.4?+%4,002& #3&' #QA #09/54A;(3#*;E531D # e5+/6/+?%*/92*5/?1# 13**#
$/5+%94R#%$/4#3&'C44#4%5?*4%1#$3&D#"9#3&';5/#,+%-/&'3*;0#(35+1H6C*#-,54,0#3GG35#%#1,(G%5R#$3(4#%9#
H(20 # 3*0%A24H420% # ;0 # % # &'%1,(/ # 3&';5/ # -3*%+%4,1 # 3*B4;(G3 # 3$3*/1 # %9 # 3034*3&30 # 53@;90;&3134R#
%$3*'31 # 3++/& # 3935 # % # 4;(35 # 53$ # 6,*4%1 # 093$G34F5B31D # Y;@25' # &'3($31 # 1C*:5 # 03&H40;&34#
/&;5'3*@34D
"9#3*0B#@2(,$#;6#%*%44#1H6C*(B*#$3&4%5?*4#09:63&3134#@%0952*6%#139+3531#%#+/21,1#-(%5W/2?*#H(5/D#
7/5+ # %9 # H(20R # $/5+ # %9 # ,*6%020 # 0,1 # &'%1,(*204 # /&;5'3*R # 39 # 03&H4/ # 3*B # % # 09X1;E # ;0 # % # 1/3A4;0#
:00931%EW0,*2024D#7/3*B44#5',$4%4,44#09:63&3113*#/0$3(13+5;531#$3&R#3*B09:(#%94#,*6%0021R#%$/4#
0%A24#$%&?1#H(4%1D#"#4,**G%$,5+20,1#/0#3*139+B+531#AX*#/0$3(4#09:63&31#%*%EA25D#n,54,0#-/&'3*5/#%#
4,**G%$,5+20 # *;E;03/(3D #"# *24X.@%**X # 4,**G%$,5+204 # 1:634/ # % # @%**20 # ?425/ # H(20D #"# @29/ # -3*%+%4,1#
G363934;0;5;* # -,54,0 # % # 1:63413934300;&D # >:6/+ # 09:63&31R # $,5+%4,1 # $3$,(/92*20%R#
H(20&'%1,(*20R#(35+093(30#,44@,5/#,*6%020#03&H4@34/#%#1;0BGG/#0/13(30#5'3*64%5?*204D
"@,* # W0%1 # *3@340;&30R # % # 09%6%1%4 # $,5+%4,1G%5R # 09:63&:0093-C&&;031G35 # 4%5?*A21 # $3&D#
b*139+B+/1#%9#3&'093(FGG#5'3*64%5/#09%G2*',1#4?+%4,0H420%#;0#&'%1,(*20%D#7;&#$/5+/&#%#(/4$/1?0#
09:63&31#2**5%1#3*B4;(G35R#+3#4:(4;5343134#/0#+,*&,9@%45%1#-3*D#"#&'%1,(*20#3&'/1#*3&@%4;1,5'%GG#
$X+A%#3GG35#%9#;*341,(G%5#%#+(%$%4/92*20R#%#093(3EA24;1D#"#09XG3*/#$?5124#5'3*64:(B1R#63(031R#
$,5+X121R#+%*,1R#6%*%$/54#1;(+;0.-3*3*3431#1:634/1D#"9#3*@%5&9,44#4:(4;53431#4%(4%*$24#1;(+;031#;0#
62*%09,1#03&H40;&;63*#/+3&35#5'3*635#:0093-,&*%*A?1R#3034*3&#3*$30;*@34AC1#%5'%5'3*635#/0R#3993*#
42$,&%46%#%#53@;90;&3113*#1C9+B#&'3(313134D
"#W0,E,(4,0#093(3E*;0#@244;(G3#13(C*#%9#3&';5/#$3&09X*%*200%*#093$G35D#"9#H(20.,*6%020#4%5?*20#
$3**344#%#09/4?2W/X0#A24;1,1R#(:6/+#+%(%G,1R#4%*2*X0#1;(+;031R#%9#;531*;0R#3&'093(F#E2(G309;+31#;0#
09XA24;1,1#%9#X(21#-,54,0#(;09;4#1;E39/1D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#@2(,$#;6#4%5%5'%&%_#63(031R#+%*,1R#$30;1#/0$3(343R#09X1/5W0R#3&'093(F#$,5+%4,1D
J$431'%&.",2V)2/83:/."S:)+0
JNP

"9 # ,*6%020.H(20 # 3*0%A24H420%R # &'%1,(*20% # % # W;* # 3GG35 # %9 # ;6G35D #"# $3$,(/43(3113* # 6%*X # $?51%#
-,*'4%4X+/1R#%9#3&';5/#093(3E*;03134#G24,(H4A%#%#4%52(D#n,*'4%4X+/1#%#@3*'30#1/3A4;003*R#/54,52W/X6%*#
1%EW0,*%4,0# &'%1,(*20D #"#09X1/5W0# 4,62GG # GB6C*D #"9#%5'%5'3*6 #;0# %9# /+3&35# 5'3*6# 093(139343R#
-3*;EH4;03#1:9:44/#1C*:5G0;&#139+#4?+%4,0?*5/#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
73&;(4/1#%9#3*@%5&9,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%#-3*4344#1;(+;031(3D#w'%1,(,*A21#%9#/0$3(4#
09:63&3135#13(3094C*# %9# H(204R # ,*6%0204D# d;E3031# 3&'093(F#5'3*64%5/#09%G2*',1%4 #-3*-3+395/#;0#
@%0952*5/D#T2**%*A21#%9#:52**X#093(3E*;04D#
G$TS/+)U*1/."T+43+0
"5'%5'3*6R#2**%44%5R#-:*+(%A9#.#1:(5'3934/0$3(34D*
GO)S/,+%$)#$0"f",+%$)#$0
.#"f[#/0$3(343R#%#-(%5W/2(%#A3**3$9B#-,534/1?0#3*3$31#&'%1,(*20%
.#b&'30#092$R#4:GG30#092$
.#[~304.W3#0,54R#/*#'#%
.#@%42(,9,44#;0#@%42(,9%4*%5#5;63*B
.#3&'093(F#$,5+%4,1#09X(35+A3
.#093$;*'30#5;6$20,1#@%0952*%4%
.#|3(=#6;&F#/&;1#;0#%9#4(3#(%&,920%#09XG%5
.#$3**;15;6#3&'39434;0#139+343/
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#@3*'3035#G34F9/1#%#536C134#;0#5;@25'#&'%1,(/#09X4R
.#E,54,0%5#,*6%05%1#G3&'%1,(,*4#09%6%1%4#;0#$,5+%4,1%4R#H(20G%5#-3*/0$3(/1#%9,1%4R
.#:52**X%5#%*1,45%1#3&'093(F#$,5+%4,1%4R
.#,44@,5,0%5#$,9,&5%1#%9#3&'093(FR#G3&'%1,(,*4#1,$$?5/12W/X0#@3*'93431G35R#E*D#G3$?4%41,920R
.#3*+:5435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%*%E634B#09X1/5WW03*#(35+3*139531#%#-3*+,*&,9,44#4;$%1:(:1G35R
1;E3031#3&'093(F#5'3*64%5/#09%G2*',1#-3*/0$3(;0;(3#;0#%*1%*$%9202(%D
Q252823:/"i-MN"+/831)&
d/0/01,*20 # 1,(G%5 # % # 5'3*63*0%A24H420R # % # 5'3*64%5?*20 # $;& # -B1;54 # 093$;*'31@39R # 09/4?2W/X1@,9#
1:4:44R#;0#W0%1#%#1/*35W.4/935@%($%+/1#;6G35#139+B+/1#3*#3&'#:52**XGGR#4?+%4,0%GG#4%5?*20D
"#09XG3*/#$?51%#%#1:9;E4%&,9%4,5#/0#%#4%5H420#1:9;EE,54A2G%5#$%(%+D#f363934AC1#%#1C*:5-;*3#
09,W/2*/0R#W0,E,(4,0#$?51%-,($21%4D#"#1X(?0G309;+34#3&'(3#/512GG#-3*62*4A%#%#&'3($3131#3&';5/#
$3&5'/*%41,920%D #"# G309;+&'%1,(*%4,1 # 0,(25 # % # +/21,1 # $3&4%5?*5%1 # 3&'093(F35 # 42(0%*,&5/ # %9#
/01,*%/ # ;0 # ,44@,5/ # ;*34(B*R # :5$%&?1(X*R # W0%*2+A?1(X*R # %9 # /+BA2(20(X*R # %9 # /+B(B*R # %9 # ;609%1,1(X*R#
5%E09%1,1(X*R # %9 # ,*6%0,44 # 09:63&31 # 4%(4%*$2(X*D # " # 436;135'0;&31 # 1:9:44 # 093(3E3* # 63(031 # ;0#
G309;+&'%1,(*%4,1 # 3&'C4430 # ;0 # 3&';5/ # 3*B%+20%R # 1:9:0 # ;531*;0R # 5'3*64%5/ # 1;(+;031#
$3&42(&'%*20%R # &'%1,(*20%R # %9 # %+,44 # 5'3*6 # @%92A25%1 # 4:(4;53*$/R # 1?*4?(2*/0R # -:*+(%A9/#
A3**3&934300;&3/63*#6%*X#/0$3(13+;0D#8,(#13(C*@34#3&'.3&'#(:6/+#09H5+%(%G#6%&'#A3*3534#3*B%+202(%#
/0D
"9 # 3E,W@%-C93431 # $/542A2(% # 6%&' # % # 4%52( # 0%A24 # 3*1;E93*;03 # 093(/54 # 0%A24 # 1/0 # 4%51:5'634#
093(13094@34531 # % # &'3($3131R # %$/G3 # % # 4%5?*4 # 63(03134R # +%*,1%4R # $,5+X121%4 # ;0 # &'%1,(*%4,1%4#
-3*A3&'39@34/1R # 5'3*64%5/ # 09%G2*',1%4R # (%&,920/ # 42G*29%4,1%4 # H(@%45%1D # 73&A3*35531 # %9#
JN]

,*6%0$25',1R#%#09:63&3134#$2(#%*%E,0%GG%5#-3*+,*&,9921D#"#-,*'%$%4R#%@,&'#%#+/21,1#%#5'3*64%5/#
09%G2*',1%4 # $2( # /0$3(4R # -3*+,*&,9,44 # 09:63&31GB* # *363934/1R # /**3463 # % # *3@34B # *3&3&'093(FGG35#
:5$%&?1 # $3&-,&%*$%9921R # 5%&'G%5 # 03&H4/ # %9 # 3$*;139;04R # % # -3*/+;9;04D # w'%1,(*X-C934C1G35#
&'%1,(,*@%4A21#%9#H(20G3*/#$?5124#%12(#%9#X(25R#%12(#@29/#-3*%+%41;54D
" # &'3($31 # % # 4/93513443+/1 # ;*34;6 # 42A25 # $2( # 1;E30 # ,1.,1,9%4/ # :0093-C&&;03134 # $3&*245/R # %9#
3*B9B*3& # 4%5?*4%1(% # :0093-,&*%*X%5 # (2431/5435/D # " # @343+/1.5',*W%+/1 # ,0942*'G%5 # -3*;G(3+531 # %9#
/543**314?2*/0R # &,5+,*1,+20/ # 3(B1R # *3@34B6; # 4;63 # % # 5'3*64%5/ # 09%G2*',1 # &,5+,*%4/ # Q4,5 # 4:(4;5B#
$3&;(4;0;4#;0#4?+%4,0%GG#%*1%*$%92024#/0D
"#5',*W%+/1#,0942*'#6;&;(3#3&'#24*%&,0#1;E300;&FR#%9#X(21,5#-/&'3*3$$3*#(;094#636B#+/21#1;E30#
%9#/0$3(4#;0#-3*+,*&,9,44#4;$%1:(:1G35#%9#%*%E09/54F#1,$$?5/12W/X(%R#%9%9_
.#1;E30#3&'093(F#5'3*63934FR#@,009%GGR#H(,44#09:63&#$3&;(4;0;(3R#:52**X#-3*+,*&,9202(%#S1;(+;031#
$3&62*%09,*202(%R#1?*W0/5-,($2W/X1#$3&4%*2*202(%UR
.#1;E30#(:6/+3GGR#3&'093(FR#:0093-C&&B#-,&%*$%920#$3&%*1,4202(%R
.#1;E30#%*%E-,1Q#09/5435#4:(4;53431#*;5'3&;531#$3&;(4;0;(3R
. # 1;E30 # %*%E09/54F # 1,$$?5/12W/X(% # ;*34093(F # @3*'93431G35 # %9 # /0$3(4 # 4;$%1:(:1G35 # SE*D#
G3$?4%41,920R#6202(*20R#/+BE,54.3&'39434;0R#43*3-,5G309;*&34;0UR
1;E30#%*%E09/5435#G309;*&345/#3&'.3&'#/0$3(4#4;$2(X*D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%#1,(G%5#S!!D#;*34;6U#3(B0:+/1#;0#%#1:(5'39344B*#-C&&34*353+/1#%#&'3($3131#$3$X(/2A%R#H&'#
0,1%4 # 1;E3031 # 4%5?*5/D # b11,( # $2( # @%0952*@%45%1 # 5',$4%4,44 # ,*6%0X1:5'634R # $3*'34 # %9 # X(25#
1:9:035#+,*&,95%1#-:*D#b9#%9#%#1,(R#%$/1,(#%#5'3*6#09;E0;&;4#1;E3031#-3*/0$3(5/R#%$/#5%&',5#
-,54,0 # %@@,9R # @,&' # % # &'3(3131 # ;*6399;1 # % # 5'3*634 # ;0 # % # 5'3*64%5?*204D # " # 09XG3*/ # $?51%#
5'3*64:(B134R# E2(G309;+3134R #;0# 63(03134R# ;*341,(?15%1# $3&-3*3*B# ;53134# 4%(4%*$%9R #%$3*'31# AX#
(;093 # $3$,(/43(D # " # 6%*X+/ # ;(4;1;5 # 4Q* # % # 63(0$,5+20 # % # 4/094% # 1/3A4;0 # ;0 # $,5+%4+%**%$#
G3&'%1,(*2025%1#1/62*X#3091:93R#;0#3(B0H4/#%9#/+/X$%#A3**3&F#09X1/5W034#/0D
"#53&'3+/1#,0942*'G%5#4%5?*4#3&'093(F#093(1393431(3#;EH463#3(B0:+/1#%#5'3*64%5#/(254/#;(9;1C1D#
Y%&'#&,5+,4#13**#-,(+H4%5/#%((%R#@,&'#%#&'3(3131#$3&;(40;1#;0#%*%E,0%5#3*0%A24H4021#%#09XG%5#
-,(&X # 5'3*64%5/ # 093(139343134D #"9 # %*%E634B # 09%G2*',1%4 # +3+?14H6 # $X+,5 # $%&?1 # -3+39/1 # -:* # ;0#
-,&%*$%9921#$3&D
" # 09%6%1%4 # 311,( # $2( # 4?+%4,0%5 # 4%5?*A21 # ;0 # &'%1,(,*A21 # 09:63&:0093-C&&;03/1G35 # %9#
,*6%0$25',1 # -3*+,*&,920% # 0,(25D #"9 # 3&'(3 # GB6C*BR # 62*4,9%4,0 # 09X1/5WW03* # % # &'3(313134 # %((%#
:094:5:99C1R # @,&' # 1;E93*34C134 # @%0952*6% # %*1%*$%9921 # % # 09%6%1%4D # 89H530 # ;0 # A3**3&93430#
*3H(20,1%4#@%**%5%1#;0#,*6%05%1R#:094:5:99C1#%9#,*6%020#093(3434;4D
4:+/1 # ,0942*'4X* # A%6%0,*A?1 # % # W0,E,(4$?5124R # % # (35+093(30 # E2($?5124R # 5%&',GG # *;4092$Q#
,0942*',1#3034;5#%#W0,E,(4G,54204D#bGG35#%9#;*341,(G%5#1:55'35R#AX*#$,4/62*@%4X1#%#&'3(3131R#;0#
%#$3&4%5?*%5+X#4%5%5'%&,4#3(3+$;5'303GG35#4?+A21#&'%1,(,*5/#;0#%*1%*$%95/#1/03GG#*;4092$Q#
W0,E,(4,1G%5D
m'$02'23

k;"U'$W

I)Y8232/"3O*1/
"#53&'3+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5/#093(1393431D
J$431'%&.",2V)2/83:/."S:)+0

J!N

"9#,*6%020.H(20#&'%1,(*2025R#$3&3(B0H4;0;5R#%#09X1/5W0#GB6H4;0;5#6%5#%#*3&5%&',GG#@%5&0Q*'#
3GG35 # %9 # ;6G35D # a,62GG(% # /0 # -,54,0 # % # $3$,(/43(3113* # 6%*X # $?51%R # %9 # 3&';5/ # 093(3E*;031#
G24,(H420% # $3&@%42(,9X # % # A:6BG35/ # 5'3*64%5?*20@,9 # 6%*X # E,9/4H6 # @,9922**20 # 3*B03&H4;0;;(4D#
n,*'4%4X+/1 # % # @3*'30 # 1/3A4;003*R # /54,52W/X6%* # 1%EW0,*%4,0 # &'%1,(*20D #"9 # /+3&35 # 5'3*6 # 5'3*64%5/#
093(139343/63* # /0$3(13+531 # % # +/21,1R # 3(B0:+/1 # % # 1,$E%(%4H6 # 5'3*64%5/ # 6/90&2*X+20R # 4,62GG#
4?+%4,0,+/1#%#1C*:5G0;&#%9#%5'%5'3*6#;0#%9#/+3&35#5'3*6#093(139343R#-3*;EH4;03#1:9:44D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d/0#03&H40;&&3*#$3&;(4/1#%9#,*6%0,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%9#,*6%0$25'(%#6,5%41,9X%5#
-3*4344#1;(+;031(3D#"#W0,E,(4,0#093(3E*;0#@3*'344#3&'(3#/512GG#%9#3&';5/#$3&09X*%*20#%#A3**3$9BD#
d;E3031#5'3*64%5/#09%G2*',1%4#-3*-3+395/#;0#@%0952*5/D
G$TS/+)U*1/."T+43+0
b&'30 # 3E,W@21@,9 # 1:4@34B31 # 3&'30 # ,*6%0$25',1R # 63(031R # +%*,1D # " # 5'3*64%5 # 3E,W@2@,9 # AX*#
1%EW0,*@%4X%1#3&'30#4%5?*4#5'3*64%5/#3*3$31R#093(1393431D
GO)S/,+%$)#$0"f",+%$)#$0
"#4%5?*4#,*6%0$25',1R#E2(G309;+31#09X1/5W03
Z%42(,9,44#;0#@%42(,9%4*%5#5;63*B1#3&'30#;0#4:GG30#092$%
"*%5'#;0#2**H4$25'#3&'39434;03
89X-%A,1#$3&1C*:5G:9434;03
f/(4,16/09,5'#1/-3A39;03#|+3=.63*R#%+A3W4/-0#E,00300/-0
|3(=#6;&F#/&;1#(%&,920%R#4(3R#%6,/(R#%**3(R#-%/(3R#E(35+(3
73**;15;6#3&'39434;0#53$G35#;0#092$G%5
73**;15;6#-,1,920
d/A3*354B#$,5+%4#09X(35+A3
n3*09X*H420
a%&%+20#S53DDDE%0U
d;(+B#$,5+%4,1#304.W3#?3.63*R#5;@25'#1;(+B09X#S?%5+R#[,$G/35R#VR#?/R#?3U
X(%R#+24?$#1/-3A39;03
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X1_
.#3$*;13934GB*#:52**X%5#/0#3*#4?+5%1#$,5+%5/#63(03134R#E2(G309;+3134R
.#%#4%5?*4#5'3*64%5/#-,($21%4#-3*/0$3(/1R
.#3&'093(FR#(:6/+#09:63&3134#$3&;(43531R
.#%9#/0$3(4#09%6%1%4R#$,5+%4,1%4#4,**G%$,5+20#?425#*3#4?+A21#H(5/R
.#:52**X%5#4?+5%1#%#4%5?*4#09%6%11%*#;0#5'3*64%5/#093(139343113*#$,5+%4,1%4#%*1,45/R
.#1/3&;09H435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%#4%5?*4#09X1/5W034#-3*#4?+A21#/+;95/D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%4,+/1#,0942*'G%5#%#E(3E?G3(420.1,(#A3**3&93430#6,520%/6%*#4%*2*1,9@%4?51D#"#(35+#;0#(35+093(R#
%9 # 24431/54@34B # 43(639;0 # 5%&',5 # -,54,0 # 3GG35 # %9 # ;*341,(G%5D # Z%4,+/1 # ,0942*'4X* # % # -:*+(%A9R # %#
1?*4?(2*/0 # 0%A24,002&,1R # *3&35+21R # G%**%+21R # 4:(4;53*$/ # ;0 # $/4/1?0 # 093$;*'/0;&31 # %*1,4A21 # % # -B#
4;$%1:(:134D #"# +/21,1 # /+3&35 # 5'3*635 # /0 # ;(+31*B+63 # -,&%+A21 # 393134 # % # 4;$21%4D # b&'(3 # 4:GG#
J!!

/+/X$24R#1/-3A39;04#;0#$/5+355%E/#42(0%*&20/#09X1/5W034#;EH4C51#G3#%#09XG3*/#$?512G%D#a,62GG(%#/0#
-,*'4%4X+/1#%9#,*6%020.R#;0#H(201;090;&#-3A*3094;03D#bGG35#%9#;6G35#393134#%#1;090;&3134#$3&#13**#
3(B0H435/D#b*139+B+/1#%#1(3%4H6#-,&%*$%920,1#H(20%R#3*B09:(#1:9:035R#$%A+#:52**X%5#/0D#"#+/21,1#
(35+093(3035#1%E5%1#H(20G3*/#;0#09XG3*/#@29/#-3*%+%4,1%4D
"# 5'3*64%5/ # 09%G2*',1 # ;0 # 093(1393431 # O.PD # ,0942*'G%5 # &'%1(%5 # 24-3+/1 # 3&'$204R # ;0 # G2($/*'35#
E(%14/1?0 # 0,((35+G35 # 63@34B1D #"9 # 3++/& # 4%5?*4 # 5'3*64%5 # ;0 # 09X1/5W0 # %*%EA25 # % # +/21,1%4 # 3&'(3#
/512GG#G24,(H4@%4A?1#%((%R#@,&'#09%G%+%GG%5#-3A399;1#1/#$%&?1%4D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#:4:+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#%9#H(20.R#,*6%0201;090;&#$3&3(B0H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#
-,($21#$3&/0$3(;03R#%9#:52**X#09X42(@%0952*%4#3*B03&H4;03#A3**3$9/#394#%9#;634D#"#+/21,1%4#3&'(3#
/512GG # %((% # :094:5:99C1R # @,&' # G24(%5 # -3A399;1 # 1/ # $%&?1%4 # /+3&35 # 5'3*635R # 09X*%*A%5%1 # $3&#
3&'3+C*R#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#+/21,1#3&'(3#4:GG34#4?+5%1#$%&?1(X*R#1:(5'3934C1(B*#3*$,5+%5/R#3&'(3#4:GG#$/5+35(3#4?+5%1#
62*%09,*5/D#"#4%5?*X1#%#1,(?15%1#$3&-3*3*B#/+3&35#5'3*6F#09:63&1:(5'3934G35#3*#4?+5%1#/&%9,+5/R#
3&'093(F # :52**X # $,5+%4,1%4 # 4?+5%1 # %*1,45/D # d;E3031 # :52**X%5 # ,*6%05/ # 3&'093(FGG # 09:63&3134R#
53$#(/%+5%1#$3&#/0$3(34*35#09%6%14X*D#e0$3(4#09:63&(3R#/0$3(4#09:63&1:(5'3934G35#1;(+;03134#
4?+5%1#%*1%*$%95/D#"#(35+093(30#@29/#-3*%+%4,1#S09X4%5?*20R#H(20G3*/#-3*%+%4,1R#,*6%020&'%1,(*20U#
%9#:52**X#4%5?*20#43(;5#/0#-3A*3094/1#%#+/21,1%4D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5 # % # -:*+(%A9 # 3E,W@2@,9 # ;0 # % # 4:(4;53*3$ # 3E,W@2@,9 # 1%EW0,*@%4X%1 # 1:55'35 # 3&'30#
09:63&31R # 4:(4;53431R # *3&35+21D #"# 5'3*64%5 # 3E,W@% # ;0 # %9 # /+3&35 # 5'3*6 # 5'3*64%525%1 # 4%5?*20%#
1:9:44/#3&'39;031#;0#1C*:5G0;&31#3(B0H4/1#%#4%5?*X1#&(%$$%4/1%/#1,$E3435W/2/4D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0GB6H4;0#%9#,*6%0$25',1(%#%*%E,96%
|/(=#;0#|(3=#6;&F#/&;1R#&'%1,(/GG#(35+@%&'X#/&;1#SE,?6,/(R#6,?*,/(R#+36,/(R#0%6,/(U
T/009%@%4X#/&;1
a%&%+20#S53DDD(/35R#53DDDE3(0,553U
b&'093(FR#:00934344#$,5+%4,1
n,(+H4,44#09X(35+
Y;@25'#6,59%4,0#/&3
"9#|=#;0#%#|+3=#%*%1A%/
n?4?(#E(,W@3
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#09%G%+%GG%5#G309;*531#:5$%&?1(X*R#W0%*2+A?1(X*R#1:(5'3934C1(B*R
.#-3*/0$3(/1#%#4%5?*4#5'3*64%5/#09%G2*',1%4#;0#E;*+21%4#4%*2*5%1#(2A?1#3&'#%+,44#09:63&G35R
.#G/9,5',0#@3*'93431G35#$3&#4?+A21#;(4345/#$%&?1%4#E*D#Q4G%/&%9H420R#6202(*20R
J!J

.#(:6/+35#4?+5%1#G309;*5/#7%&'%(,(092&(X*R#3034*3&#5;@25'#$20#,(092&(X*R
.#/0$3(531#-(%5W/%#6,5%41,920Q#1?*4?(2*/0#;(4;13134R
. # @%0952*A21 # % # 1/GB6C*4 # 09X1/5W034_ # /01,*%R # 4%542(&'%1R # X(%(35+R # 5%E/(35+R # ?4%920R # 1:9*313+;0/#
3091:9:1R#;4139;0R#6202(*20R#42A;1,9X+20D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@343+/1#,0942*'G%5#%*1%*$%9,44#$X+093(#09,(,0%5#1:634/#%#@%4,+/1#,0942*'G%5#*3H(4%1%4D#a:GG#%#
4%5?*5/6%*XR#(35+093(3031#%#4?+20E(XG21R#09X+,*&,9%4,1D#"#@3*'30H(20#-3A*B+;0;4#4,62GG(%#/0#03&H4/1#
%#+/142*20,1D#w'%1,(/GG#%#W0,E,(4,0R#%#E2(,0#;0#%9#:52**X#$?51%D#"9#C&'303GG#&'3(3131#$2(#
$3(531#0%A24#4?+20?1(%#42$%091,+6%#%9#%+,44#/+3&35#5'3*635#&,5+,*1,+6%#09:63&34#%*1,45/#S;0#
53$#-3AG35#-,(+H4%5/UD#83&H435/#13**#B134#%GG%5R#@,&'#3*#4?+A21#-,&%+5/R#@,&'#&,5+,*%4%/1%4#$;&#
53$ #$/5+/&#4?+A21# /+3&35#5'3*635# $3&-,&%*$%95/R #;0#%GG%5#/0R #@,&'# 4:(313+A3531# %#$3&*;6B#
5'3*6/#3091:93/1#%*1%*$%9202(%D
"9#,*6%0201;090;&C134R#%#09:63&;(4;04#4,62GG#-3A*3094AC1D#"9#/(,+%*$/#09:63&31#$3**344#4,62GG(%#/0#
@%5&0Q*'4#1%E5%1#%#1?*4?(2*/0R#-:*+(%A9/R#4:(4;53*$/#;0#%#$/5+355%E,0#42(0%*&20/#4;$21D#nC934C134#%#
5'3*64%5/ # 09%G2*',11%* # . # % # 4%52( # 03&H40;&;63* # . # 1:634139343035R # 09;E35 # 63934/1D # >:6/+ # H(20,0#
$?5121#1;09C*@34531R#:52**X#-,&%*$%920,1_#5%E*XH(20R#3&'#42(&'R#62(,0R#42A#*3H(20%R#3*-,&%+@%4X#
E,54,002&&%*D # 89/4?2W/X0 # @3*'9343113* # 4,62GG(% # /0 # GB6H4AC1 # % # G309;+;(4;0 # ;0 # G309;+1;090;&#
-3A*3094;0;4D#b&'(3#4:GG#/0$3(3443*#(35+3*139531#%9#/+3&35#5'3*6#@%92A2(X*D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@%4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#-,($21#$3&/0$3(;03#A3**3$9/#394#%9#;634D#
"9#;(4BR#:52**X#,*6%020#-3A*3094;03#-,54,0#-3*4;43*3#%#4,62GG*;E;0531D#"#+/21,1#3&'(3#G24(%GG%5#
09X*%*5%1#$3&R#-3A39/1#1/#$%&?1%4#/+3&35#5'3*635R#$3&GH9@%4X%5#4?+A21#@%0952*5/#%#09X42(%4D#"#
+/21,1%4 # 1C*:5G:9B # $X+093(3113*R # 1(3%4H6 # H(20,11%* # @,99203&H4AC1 # %9 # :52**X # &,5+,*%4,1#
$3&-,&%*$%9202@,9R # % # $3&09X*%*20,152* # %9 # 3&';5/ # :4*343/1 # %*1%*$%9202@,9R # @,&' # 3&'(3#
G24(%GG%5 # ;0 # A,GG%5 # $3(A3531 # 3*(?&%091,+5/ # % # G34%5?*4 # 09:63&314B*R # 0;$214X*D # 73&4%5?*5%1#
09:63&3134#;(43*$395/#-,(+H420#5;*1C*R#09:63&&3*#1%EW0,*%4,0#1;(+;031(3#:52**X%5#62*%09,*5/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
52**X%5 # 4?+5%1 # 1,(,0942*'?15%1 # $3&-3*3*B # 09:63&3134 # 09XG%5 # 3*$,5+%5/R # ,*6%05/R # H(20G%5#
$3&-,&%*$%95/D #"# $,4/62*4 # 4%5?*X1 # $/5+ # %9 # H(,44R # $/5+ # %9 # ,*6%0,44 # 09:63&31 # ;(4;0;G35 # 3&'(3#
@%42(,9,44%GG%1D # 89X1/5W0C1R # 5'3*64%5/ # 4?+20?1 # 4,62GG # 09;*303+/1D #"# (35+093(30 # 4%5?*20 # $2(#
$3&09,12002#62*/1D
G$TS/+)U*1/."T+43+0
"#*3&1:55'3GG35#4,62GG(%#/0#%#5'3*64%5R#%#4:(4;53*3$#;0#%#-:*+(%A9#3E,W@2@,9#*3@34#1%EW0,*X+5/#%#
4;$211%*R#4:(4;5343113*R#,*6%0$25',11%*D
GO)S/,+%$)#$0"f",+%$)#$0
893$;*'30#5;6$20,1#42(&'%0#;0#(;0930#30343#S#$3R#43R#*3R#*%R#*30R#*?/R#*3?(R#04GDU
J!I

7Q*4#/+B_#E%00;#W,$E,0;R#/$E%(-%/4
4,62GG/#(35+@%&'X#/&;1
"5'%&5;63*B
n,(+H4,44#09X(35+#&'%1,(*20%
e+B@%42(,9X1
Z%42(,9X1#1;E9;03
!",2V)2/83:/"51'3"2'2*#:4&2.n
#"#+/21,1_
.#-3*/0$3(/1#;0#%*1%*$%9921#%#4%5?*4#5'3*64%5/#-,($21%4R
.#A2(4%0%1#%#1,(?15%1#$3&-3*3*B#09:63&31#:52**X#,*6%0202G%5R#$3&;(4;0;G35R
.#1;E3031#6/*2&,0R#3&'093(F#$,5+%4,1G%5#1/-3A395/#$%&?1%4#E*D#$3&@H620R#03&H40;&#1;(;03R
.#3&'(3#%14H6%GG%5#;0#1(3%4H6%GG%5#@%0952*A21#%#&'%1,(,*4#09X1/5W034D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5',*W%+/1#,0942*'G%5#/0#-,54,0%1#%#$/5+355%E,0#42(0%*&20/#4;$21#$3**344#%#1?*4?(2*/0R#-:*+(%A9/R#
4:(4;53*$/#;(+31300;&31#;0# ;*34(%A9,1D#"9#X(21,5# (35+093(3031#%#E2(G%5R # W0,E,(4G%5# -,*'4%4,44#
G309;*&34;031 # /+3&35 # 5'3*635D # "9 # H(201;090;& # -3A*3094;0;4 # (:6/+ # *363*31R # 3&'093(F # *3H(20,1R#
3&'.3&'#4:(4;534#:0093-,&*%*20%#G/94,0H4A%D
"#5',*W%+/1#,0942*'(%#%#+/21,1#4/0942G%5#6%55%1#%#5'3*64%5/#%*%E,11%*R#24431/54/1#;0#GB6H4/1#%#$2(#
1,(2GG%5#$3&4%5?*4#5'3*64%5/#-,($21%4R#09%G2*',1%4D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@;4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#5',*W%+/1#,0942*'G%5#%9#3++/&#4%5?*4#5'3*64%5/#093(1393431#/0$;4*;03R#24431/54;03#/+B093(FD#oA(%#
&'%1,(,*A21 # %9 # /&3/+B134R # @,&' # G/94,0%5 # 3* # 4?+A%5%1 # /&%9,+5/ # % # 5'3*64%5/ # 093(1393431 # 1:9:44D#
f309;+G35R # H(20G%5 # ;0 # 09:63&;(4;0G35 # 3&'%(254 # 1(3%4H6%1R # :52**X%1D # "*%E09/5435 # AX*#
1,$$?5/12*5%1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
>:6/+3GG.@,009%GG # 09:63&31 # ,*6%020%R # :52**X # -3*+,*&,920% # $2( # 53$ # A3*354 # &,5+,4D # r*34093(F#
E2(G309;+3134#@%**&%45%1#$3&#;0#&'%1,(,*5%1D#"#4%5?*4#093(139343134#G24(%5#6%(/2*A21#H(20G%5#;0#
09XG%5#3&'%(254D
G$TS/+)U*1/."T+43+0
"#-:*+(%A9#;0#%#5'3*64%5#3E,W@2@,9#1%EW0,*X+6%#*3@34#1:55'35#4;$24R#09:63&34#4%*2*5/D
GO)S/,+%$)#$0"f",+%$)#$0
a,62GG/#5;6$20,1#S'R#35U
T,5%41,9X/#$3**;1$,5+%4,1#?/.63*#;0#?3.63*
7Q*4#/+B#&'%1,(*20%R#%#E%00;#W,$E,0;#;0#%9#/$E%(-%/4#@%0952*%4%
t%(4/W/E3#E%00;#3&'39434;03
J!h

n?4?(#0/$E*3
t%00/"#5;6$20,1#0,((35+A3#%#-3*09X*H4X#$X+G%5
T/009%@%4X#/&;1#-3*09X*H4X#%*%1A%/
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#3*0%A24H4A21#%#5'3*64%5#;0#%#@3*'30H(20#%*%EA%/4R
.#1;E3031#:52**X%5#3&'093(F#09:63&3134#-3*+,*&,95/R
.#1;E3031#:52**X%5#(:6/+#09:63&34#%*1,45/R
.#1;E3031#:52**X%5#G3$?4%41,95/R#1;(+;031(3#62*%09,*5/R
.#5'3*64?+20?1#"!#09/54531#$3&-3*3*BD
Q252823:/"P-=;N"+/831)&
"#1/*35W3+/1#,0942*'4X*#139+63#%#5'3*64%52(#-,1,9%4,0%5#03&H4/#%#+/21,4#%#092$2(%#*3&$3&-3*3*BGG#
4%5?*20/ # $X+093(31 # $3&4%*2*202G%5D # a,62GG(% # /0 # *;5'3&30R # @,&' # % # 5'3*64%52( # % # 4%5%5'%&#
:00932**H420252*#-/&'3*A35#%9#;*341,(/#0%A24,002&,1(%D#b44B*#%9#,0942*'-,14X*#$2(#42$,&%4X#*3@34#%9#
;*341,(5%1#$3&-3*3*BR#09%1093(F35#-3*;EH4344#4%51:5'6#(35+093(30#@%0952*%4%D#"#4%52(#$%&%#+:54/#
3*R # @,&' # W0,E,(4A25%1R # ,0942*'25%1R # 4?+20?15%1 # $3&-3*3*B35 # $3*'/1 # 4%51:5'6W0%*2+,4 # (;0930H4/#
3*B5'G35D#"#1/92(X*%&,0%5#4%51:5'6(3#;EH4344#4%5H420#%9,5G%5#13(C*35+BD
"#1/*35W3+/1#,0942*'#1:9;EE,54A2G%5#3*0B0,(G%5#%#5'3*64%5/#/0$3(3431#(35+093(39;03R#3*$;*'H4;03R#
%#09X1/5W0#GB6H4;03R#%#1,$$?5/12W/X0#1;090;&31#-3A*3094;03#2**D#"#5'3*64%5/#4;$21R#093(1393431#
4%5H42025%1 # 0,((35+A3 # % # -3*0B # 4%&,9%4G%5 # -3*W03(;*@34BR # 3&'30 # 4%51:5'631@39R # % # W0,E,(4#
43$EXA2@,9R#/&;5'3/@39#/0#/&%9,+@%4D
b44B* # %9 # ,0942*'-,14X* # 139+63 # % # +/21,1 # 3&'(3 # @,009%GG # 09:63&3134R # 1:55'H4344 # ,*6%0$25',1%4R#
1;0BGG # /(,+%*$/ # 09:63&3134R # QA02&W/113134R # /543(AQ1%4 # ,*6%05%1R # -3*+,*&,9@%45%1 # +%*09:63&3134D#
n,*'%$%4,0%5#GB6H4/1#09X1/5W0C134R#5'3*64%5/#4?+20?1%4R#1:9G35#3&'(3#4:GG34R#3&'(3#:52**XGG%5#
09X*%*5%1#$3&#%9#%+,44#5'3*635D#d39+34G35#(:6/+3GGR#1;0BGG#@,009%GG#-,&%*$%920,1#H(2026%*#
&'%1,(,*A21#%9#H(20G3*/#1/-3A39;04D#"#(35+093(30#W0,E,(4.#;0#E2($?51%R#%9#3&';5/#$3&5'/*625?*20,1#
3&'(3#5%&',GG#093(3E34#1%E5%1D#V*6%05%1#;0#G309;*531#%#4%5?*4#/+3&35#5'3*634#%5'%5'3*61;54#
@%0952*X#,(092&,1R#5;E31#1?*4Q(2A2(X*R#/(,+%*$2(X*R#4:(4;53*$;(B*R#-:*+(%A92(X*R#$F6;0934/#;*34;(B*R#
09,120%/(X*D#T2*4,9%4,0%5#;0#-,*'%$%4,0%5#&'%1,(,*A21#%9#,*6%0,44#;0#@%**,44#09:63&31#;(4;0;4R#%9#
3&';5/ # G309;+$3&5'/*625?*204R # %9 # H(201;090;&34R # H&' # % # +/21,1 # 3&'(3 # 1:93*3GG # 13(C*531 # %#
1:9;E09/54F#5'3*64?+20@,9D#"#4/93513443+/1#,0942*'#6;&;5#%#4%5?*X1#3&'#(;093#3*;(@34/#%#f!#09/5434#
*3&%*2GG#%9#3&'/1#5'3*6GB*R#092$?1(%#%#4/935@%($%+/1#,0942*'#W;*A%#*3@34#%#fJ#09/54#6%&'#%#$20/1#
5'3*6GB*#%#f!#09/54#3*;(;03D
bGG35#%9#/+B09%1G%5#5%&',5#AXR#@%#%9#,0942*'#1%EW0,*%4,4#6309#-3*#$20#,(092&G3*/#)%*+,(-./01,*21#
%9,5,0 # 1,(Q # +/21A%/6%* # S*363*39;0R # +/21W03(;1R # ,0942*'1/(25+?*20,1R # 1:9:0 # E(,A31431UD # "9 # ;*B#
5'3*663*#6%*X#4%*2*1,920#$/5+35#-,($2A%#(35+1H6C*#-,54,0#3GG35#%9#;*341,(G%5D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b94#%9#,0942*'-,1,4#;G3(#/543**314?0#A3**3$9/R#%#+/21,1#/&;5'*/1#%#4?+%4,0%GG#4%5?*204D#"9#3++/&#4%5?*4#
5'3*64%5/#/0$3(3431#3&'#$%&%0%GGR#4?+%4,0%GG#09/54(3#@3*'39;03#%9#3&'/1#W;*D#"9#/0$;4*;031531#
4,62GG(%#/0#5%&'#093(3E3#6%5#%#$3&093(9344#4?+20#-,*'%$%4,0#GB6H4;03#$3**344D

J!L

"9#,*6%0%5+X#09:63&31#1:9:44#093(3E3*@34531#QA02&W/1131R#4?+X0H420,1#1:93*/R#B134#/0#-,&*%*1,94%4X#
303$;5'31(B*D # b931(B* # % # +/21,1 # 6;*3$;5'4 # -,($2*5%1D # n,&*%*1,9@%4?51 # (:6/+3GG # /(,+%*$/#
09:63&3113*R # A3*35343113*R # $3*'31G35 # . # %12(W0%1 # % # 42(0%*&20G%5 # ;0 # % # 5'3*6/ # A24;1,1G%5 # .#
:00931%EW0,*X+/1#%#-3*+,*&,9,44#5'3*64%5#@%0952*%4%#%#&'%1,(,*5/#1H6254#09X1/5WW03*D
" # 42(0%*&20 # %9 # X(21 # 3&'(3 # -,54,0%GG # 3*3$3D # 8,109,( # %14?2*/0 # 4;$21(X* # G309;*&34C51 # /+3&35#
5'3*635D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#5',*W#;6G35#4%5?*4%1#/0$3(343#S09X1/5W0R#5'3*64%5UD
J$431'%&.",2V)2/83:/."S:)+0
"9#H(20G3*/#;0#09XG3*/#1/-3A39B1;090;&#G24,(H420%R#5'3*64%5/#;0#09X1/5W0G3*/#/0$3(3431#/0$;4*;03R#
GB6H4;03#13(C*#3*B4;(G3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# 1,$$?5/12W/X0 # 1;090;&31 # -3A*3094;03 # $/5+ # H(20G%5R # $/5+ # 09XG%5 # 5%&' # @%5&0Q*'4 # 1%ED #"9#
,*6%0$25',1#:52**X#-3*+,*&,920%R#%9#%*%E634B#G309;+@3*'93431G35#6%*X#A2(4%002&R#%9#H(201;090;&#
-3A*3094;03#1/3$3*435#-,54,002#62*5%1D
G$TS/+)U*1/."T+43+0
b&'30#,*6%0,44#09:63&31#4;$2A%#4,62GG(%#/0#1%EW0,*X+@%4#3&'30#3E,W@21@,9D
GO)S/,+%$)#$0"f",+%$)#$0
"9#3*B9B#5',*W#;6G35#4%5?*4#09X1/5W0#;0#5'3*64%5#(35+093(39;03R#4?+%4,0H420%
.#W,5+/4,553*
.#$3**;1$,5+%4,1R#1:4B09%6%1
.#6,5%41,9X#5;6$20,1#S+,54R*3?3*R#*%?3**3#04GD
.#$Q*4#;0#A:6B#/+B1#&'%1,(*20%
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
# .#4?+5%1#$/5+#09XG%5R#$/5+#H(20G%5#(:6/+#:0093-,&*%*X1%4#%+5/#%#-3*+,*&,9,44#09:63&(;0931GB*R#
4;$21GX*R
.#1;E3031#@,009%GG#09:63&34#S1:55'H4344#,*6%0$25'4U#:52**X%5#-3*+,*&,95/D
. # /0$3(/1 # ;0 # %*1%*$%9921 # %9 # 3&'093(FGG # *36;*-,($24R # 1;E3031 # (:6/+ # *363*31R # -,&%*$%920,1#
$3&H(202(%R
.#@;41:95%E/#09/4?2W/X1G%5#1:55'35#$3&09X*%*5%1R
.#09X1/5W0C1R#5'3*64%5/#4?+20?1R#G309;+1;090;&C1#1:93*H4/R#;0#62(@%4X%5#%#!ND#,0942*'#6;&;(3#3*;(/#
%9#"J#09/5434D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5'3*6/#W0,E,(4#09/54A;531R#4?+2025%1#$3&-3*3*B35#4,62GG#42&H4A?1#5'3*64%5/#/0$3(343/134R#GB6H4AC1#
09X1/5W0C134D#v(20G%5#;0#09XG%5#3&'%(254#%#1,$$?5/12W/X0#-3*%+%4,1#13(C*531#3*B4;(G3D#b&'(3#
4:GG#%9#H(20G3*/#;0#09XG3*/#09:63&;(4;04#&'%1,(,*4%4X#-3*%+%4D#"9#:52**XR#%#E2(,0#;0#%#W0,E,(4$?51%#
J!O

4,62GG(%#/0#62*4A21#3&'$204D#"#4/93+/1#;6-,*'%$,5#%#$%&'%(4%52((%*#3&'C44$F1:+63#3*#*3@34#$3(C*5/#
5'3*6;0934/#4;$21G%5D#"#42(0%*&20G%5#$3&A3*35531#%#6/421R#1:9:035#4%5?*$25',9,44#/(,+%*$/#$F#
%*%EA25#3&';5/#&,5+,*%4,1#A3*35@34531#$3&D#893(3E34#1%E@%45%1#QA(%#%#63(031R#09H5E%+/#$F631R#
A3*353431R#+(2$%(;09*3431D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#1/*35W#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
" # +/21,1 # 5'3*6/ # /0$3(343/ # 4,62GG # GB6C*531_ # 09X1/5W0C1R # 5'3*64%54?+20?1R # G309;+1;090;&C1R#
09:63&;(4;0C1#;0#H(201;090;&C1#3(B0:+/1D#d:9G35#09:63&3135#13(3094C*#4,62GG#/0$3(13+531#%#
4%5?*4#5'3*6#@%92A25%1#1?*4Q(2A26%*R#%9#,44#;*B1#09,120%/6%*R#5'3*6;0934/#%*%E1;(+;03113*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9 # :52**X02& # 1%E # 5%&' # @%5&0Q*'4_ # % # 4;$21(X* # :52**X # 6;*3$;5'31 # $3&-,&%*$%920%R # 3&'(3#
@,009%GG#:52**X#-,&%*$%920,1#H(20%R#5'3*64%5/#09%G2*',1#:52**X#%*1%*$%920%#13(C*#3*B4;(G3D
G$TS/+)U*1/."T+43+0
"9 # 3&'30 # 3E,W@21 # 4;$2A2@,9 # $3&-3*3*B # /+B9H4;003* # *3@34 # 1%EW0,*X+5/ # %9 # ;*341,(/ # 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
0/.63*#139+B+B#-3*4;43*30#$,5+%4,1
0?GA,5W4//&3/+B#3&'39434;031S#E*?0#?3#E%(-%/4R#04GDU
&;(,5+/$F63*434B#093(13934
893$;*'43*35#093(1393431#4?+%4,0H420%
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
. # 42(0%*&20/ # 09/54A3R # 09XG3*/ # 1/-3A39B1;090;&3 # 4,62GG # -3A*B+/1R # % # !ND # ,0942*' # 6;&;(3 # % # 4:GG0;&#
62(@%4X%5#3*;(/#%9#"J#09/54F#5'3*64?+204R
.#4?+%4,0%GGR#$%&%0%GG#09/54F#$3&;(4;003*#;0#-/&'3*3$$3*#-,(+?*5%1#%#5'3*64%5/#1;(+;031#-3*;R
.#1;E3031#/(,+%*$/#09:63&31#6%&'#QA02&W/1131#:52**X#-3*+,*&,9202(%D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
n,*'4%4X+/1#%#5'3*64%5/#A3*350;&31#4%5?*$25',920%#;0#&'%1,(*20%g#4?+%4,0%GGR#$%&%0%GG#09/54(3#
3$3*;03R#2(5'%*20%D
"#-3*0B0#,0942*',1G%5#/&35#@%5&0Q*',0#%9#:52**X#4%5?*20R#%9#:52**X#$?51%_#3GG35#%#-,*'%$%4G%5#%#
4%52( # 03&H4 # $3&4%*2*5/ # % # +/21,15%1 # %9 # 3&';5/ # ?4%1%4 # ;0 # 3091:9:134 # % # 1/4F9:44 # W;*,1 # 3*;(;03#
;(+31;G35D#8,(#13(C*@34#3&';5/#E(,A314$?5121(%R#1/03*B%+20,1(%#/0D

J!K

oA(% # 3*B4;(G3 # 13(C* # % # 5'3*6 # 09;E0;&3D # " # +/21,1 # 3094;4/1%/ # 6;*3$;5'%*1,420/ # 1;E300;&;4#
&'%1,(,*@%4A21#1*%009/1?0#;0#$,+3(5#09:63&31#-3*+,*&,92026%*D#"9#/(,+%*$/#09:63&31#,*6%020%#
(;09G35#%9#X(25R#(;09G35#,44@,5#4:(4;5/1D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#!N#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
"9#3&'30#5'3*64%5/#-,($21R#1/-3A39;031#4?+%4,0#&'%1,(*20%#09XG%5#;0#H(20G%5#3&'%(254#3*B4;(G3#
13(C*D#"#+/21,1#3&'(3#4:GG34#G309;*531#3&'(3#4:GG#4;$2(X*#/+3&35#5'3*635D#Z,009%GG#09:63&31R#
H(20,1#:52**X#-3*+,*&,920%#03$#A3*354#&,5+,4#092$?1(%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7/5+35 # +/21 # 3&'(3 # W;*4?+%4,0%GG%5 # 4%5?*D # "9 # H(20G3*/ # ;0 # 09XG3*/ # (35+093(30 # 092$,51;(;031#
03&H40;&34 # 5'QA4%5%1 # 3GG35D # d;E3031 # 3&'.3&' # 4;$2(X* # :52**X%5 # 1/-3A435/ # 6;*3$;5'C134R # %#
42(0%*&20G%5#3&'(3#62*%094;1,0%GG%5#6309531#(;094D#v(20G%5#%#@,009%GG#*363*31R#-,&%*$%920,1#
H(20%#3(B0H4/#1/-3A39B1;090;&C134D#n/&'3*$34#-,(+H4?51#%#5'3*6/#1/-3A39B3091:9:1(3R#%#04/*/094/12(%D
G$TS/+)U*1/."T+43+0
"9#3&'30#3E,W@21#4;$2A2@,9#$3&-3*3*B#/+B9H4;003*# *3@34#1%EW0,*X+5/D #%9#;*341,(/# 0%A24,002&,1#
-/&'3*3$G36;43*;63*R # 6/4%/5+H4X # 1;(+;03113*R # /543(AQ11%*R # 3&';G # 09:63&-3*+,*&,920,11%*D#
7F6;09344:(4;534D
GO)S/,+%$)#$0"f",+%$)#$0
t%00;#0/$E*3
nC&&B#G309;+
d/3$3*B#093(1393431
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#1;E3031#@,009%GG#09:63&31R#,*6%0$25',1#:52**X#-3*+,*&,920%#?425#%9,1(X*#6;*3$;5'4#%*1,45/R
. # /0$3(/1# ;0 # %*1%*$%9921 # %# 1C*:5G:9B # *36;*-,($21%4R # 1;E3031# @,009%GG# *363*31R # -,&%*$%920,1#
$3&H(202(%R
. # 1;E3031 # G2($/*'35 # 42(0%*&20/ # 4;$2@,9 # @,99209X*5/R # 2**204 # -,&*%*5/R # 3034*3& # 6/4%41,95/R#
$%&%G/94,0%5#+,*&,95%1#E2($?512G%5R
.#4%(4@%45%1#X(21%4R#X(%(;09*343134R#1/03*B%+20,1%4#$3&@%42(,9,44#4;$21G%5D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#G309;+&'%1,(*%4,1#4;$2/#%9#;(3440;&/#4;$%1:(:134#1;09H4/1#3*BR#%9#H(20G3*/#-3*%+%4,1#%#*36;*H(20R#%#
-,&%*$%920 # 43(C*34;5 # $;*'H4/1R # E,54,0H4A21 # % # +/21,1 # 4?+2024D # " # !JD # ,0942*' # $20,+/1 # -3*;G35#
:0093-,&*%*A?1#;0#*392(A?1#%9#3++/&#4%5?*4%1%4R#,E4/$2*/0#3034G35#f!#09/54F#5'3*64?+20(%#43@34531#
093(4#%9#C&'303GGR#$,4/62*4%GG#+/21,1D
m'$02'23

=<M"U'$

J!P

I)Y8232/"3O*1/
"9#3*B9B#;631#4%5%5'%&%#S09X1/5W0R#5'3*64%5R#1;090;&31UD
J$431'%&.",2V)2/83:/."S:)+0
"#f!#09/54@39#1:93*/#5'3*64?+20#$3&093(9;03#%#W;*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#1:9;E09/54F#;(3440;&/#3*62(20%/@,9#@%0,5*X#H(20G3*/#;0#09XG3*/#-3*%+%4,1#:52**X#$3&,*+20%D
G$TS/+)U*1/."T+43+0
7F6;09344:(4;534D
GO)S/,+%$)#$0"f",+%$)#$0
"9 # 3++/& # 4%5?*4 # 5'3*64%5/ # 09%G2*',1 # $;*'3GG # /0$3(343R # % # 09X1/5W0 # 1:9;E09/54F # ;(3440;&/531#
$3&-3*3*B#/0$;4*;03R#GB6H4;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#3&'#(;093#$2(#35531#%9#;6531#%#6;&;5#1;E30#3*B(3@,9,44#1:9;E09/54F#;(3440;&/4#4355/#
-(%5W/%#5'3*6GB*D

7T$4&+)
=N"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#%*0X#4%&,9%4,5#%9#/+3&35#5'3*631#4%5H420252*#139+34G35#%9#%5'%5'3*6#3*0%A24H42025%1#$/542A24#
4F9/#$%&%#3*;#%#)%*+,(-.E3+%&X&/%D#"#5'3*6#43($;0934;63*#-,*'4%4,44#$?51%#%94#3(3+$;5'39/R#@,&'#
% # &'3($31 # 43*A30 # *;5';63* # G3*3$3(C* # % # 5'3*6G3R # 39;(4 # % # 5'3*6X(21 # 3*0B0,(G%5 # %9 # %+,44 # /+3&35#
5'3*635#-,*'5%1D#"#&'3(31#?4259X.#;0#G3-,&%+X.1;090;&;63*#,+%%+A%#$%&24#%#4%52(#0925+;125%1R#
;(9;03/63* # . # ;0 # 53$ # /543**314?2*/0%5 # . # 1%EW0,*X+/1 # % # 4%52(/ # 436;135'0;&@39D # b931 # %9 # ;(9;031R#
$3*'31 # % # G309;+0925+;1 # $3&(%&%+202(%R # -3*-,&202(% # /(25'?*5%1R # /512GG # ;(9;13*BR # $3&/0$3(B#
A3**3&F31D #"# &'3($31 # % # A3*354;04 # 09/4?%4H6 # 4%E%094%*20 # Q4A25 # (%&%+A% # $3&R # %$/ # *3@34B6; # 4309/ # %#
0,1,*+%*Q#%*1%*$%9204D
"# 4%52( # /+3&35 # 5'3*635 # 1:09:5R # GQW0Q9/1R # /+3&35 # 5'3*6F # ?4%0H420,1%4 # %+D # >35+093(/54 # 3&' # 1/0#
63(003*R#-,@2009%*#139+B+/1#%9#X(%#;0#3&'#$20/1#-,@2009%*#-3A39B+/1#G3D#7,5+X121%4R#+%*,1%4#;0#
A24;1,1%4#A2409%5%1#QA(%#;0#QA(%R#%9#X(%#1/03GG#(;09;G35#-,&*%*1,95%1#%9#QA#%5'%&&%*D
" # $,9&200%*R # &3094?0,11%* # 1H0;(4 # +%*,1R # $,5+X121R # A24;1,1 # 03&H4/1 # % # (/4$?0R # +%**%$.R # ;0#
@%5&9206/*2&#;(9;1/#4%E%094%*2024R#%#@3*'30#1/3A4;0#-,($2*2024R#6%*%$/54#%#4%5?*4%1#@,009Q#426Q#
$3$X(/2G%#6%*X#G36;0B+;0;4D
" # )%*+,(-./01,*% # 1,(%/ # 5'3*64%5H420% # S!.ID # ,0942*'U # $X+093(4%5 # ;0 # 43$%4/1% # 093$E,54A2GX*#
3&'0;&34#%*1,4R#%#-3*+,*&,9,44#4;$%1:(:1#;0#%#09X1/5W0#0E/(2*/0%5#GB6C*63#;EC*531#3&'$20(%D#"#
09%6%1%4 # +%*,1G%5R # 63(031G35R # 4:(4;5343135 # 13(3094C* # ;*B # 09:63&1:(5'3934G35 # 4%5?*A21 # %#
&'3(3131R#+3#5;@25'#43$%4/1?0#W0,E,(4,4#;(/5463#/0#4%*2*1,95%1#$2(#%9#%*%E09X1/5W01;09*3443*D#"9#
3*0B # @2(,$ # /01,*%;6G35 # 43@24 # % # &'3($31 # ?425920 # Q4A25 # 4%5?* # /+3&35 # 5'3*635 # G309;*5/R # %9#
H(20G3*/0;&#$;&#53$R#6%&'#W0%1#%#@%($%+/1#;6#6;&;5#A3*35/1#$3&D
m'$02'23

k;"U'$

J!]

I)Y8232/"3O*1/
Y/5W0#09C10;&#3*B93430#4?+20(%D
J$431'%&.",2V)2/83:/."S:)+0
"9 # 3*0B # ,0942*'G%5 # % # 5'3*64%5?*20 # 3*0B+*3&30 # W;*A% # /0$3(13+;0 # %9 # /+3&35 # 5'3*663*R # %55%1#
1/3A4;0;63*R#(/4$?026%*R#+%**%$26%*R#6%*%$/54#%9#3&'093(F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#3*0B#,0942*',0#&'3($3131#%#09XG%5#4%5?*4#$,5+X121%4R#+%*,1%4R#(:6/+#$30;134#3&'C44#$,5+A21R#
;531*/1#%9#,0942**'%*D#b&';5/#$3&09X*%*20,1#*3@340;&3031R#$3&4%5?*5%1#1:09:55/R#G3$?4%41,95/R#
+3 # % # 1:9:0R # W0,E,(4,0 # 63(0$,5+20R # ;531*;0R # A24;1 # 13(C* # 3*B4;(G3D # Z%0952*@%45%1 # -C93434_ # %#
@%**,44.4%5?*4#$30;1@39R#4:(4;53431@39R#A24;1,1@,9R#+%*,1@,9#1%EW0,*X+X%5#1;E3134#(%A9,*@%45%1#
03&H463#%#$3$,(/92*204D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X%1#3&'30#4:(4;534G3*/#4;$21R#6%*%$/54#%#092$,*20@,9#%9#
/+3&35#5'3*6F#092$,1#4%5?*2026%*D
GO)S/,+%$)#$0"f",+%$)#$0
"# &'3($31 # 1:9634*35 # 1:(5'3934;GB* # 3(3+531_ # 1:09:5;031R # 092$,1 # !.JNR # ,0942*'43(3$ # 42(&'%/R#
09H531R # W0%*2+R # -BGG # /(25',1R # 4304(;0931 # R # 3&'093(F # W03*316;031R # 09,120,1 # ;0 # ?4%0H420,1 # %9#
,0942*'G%5D#"#63(031R#+%*,1R#$,5+X121R#A24;1,1#09%6%/R#1/-3A39;03/#/0#G3;EC*531#$3$X(/2A?1G%D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
-#4?+5%1#(3%&2*5/#3&'093(F#?4%0H420,1(%R
.#03&H40;&&3*#1:6345/#4?+5%1#3&'#3&'093(F#$30;4R
.#%9#,0942**'%*#3&'C44#1H6C*(B*#4?+5%1#$,5+%5/#63(03134R#$,5+X121%4R#;5313*5/#+%*,1%4R
.#53$#/+3&3513+531#%#0E%5',*#5'3*6#1/3A4;0G3*/#0%A24,002&%/4X*D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # 3*0B # ,0942*'G%5 # 093(9344 # 5'/4,4402&,4 # %9 # /+3&35 # 5'3*6 # /(254 # 4,62GG # 3(B0H4AC1D # " # $20,+/1#
,0942*'G%5 # -,*'4%4X+5%1 # %9 # 3*0B # ,0942*'G%5 # $3&139+344 # 436;135'0;&31R # %9 # X(21 # 4,62GG(% # /0 # %#
09XG3*/ # $?512(%# ;EC*531D #"# &'3($3131G35# 3(B03GG# %9# /&;5'# %9 # 3&';5/ # $3&09X*%*20(%R # 3GG35#
G24,(H4A?1#B134D#"#4%5H420G%5#$;&#$/5+/&#+,$/52*#%#(/4$/1?0#3*3$#$/5+#%9#X(%#-3*;EH4;0;G35R#$/5+#
%#436;135'0;&31#A3**3&;G35D#a%E0,*X0#$,5+X121#;0#E3(&BGG#(/4$?0Q#63(031#/0#3*B4;(G3#13(C*531R#
393134 # 5%&'R # *35+C*3430 # $,9+?*%4,11%* # 1H0;(/1D # " # &'3(3131 # @,009%GG # $30;134 # $,5+%5%1 # ;0#
A2409%5%1#3*#%#4%52(#03&H40;&;63*#SE*D#*25W$30;1R#63(030#$30;1UD
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#,0942*'G%5#6%*X#/0$3(13+;0#%#5'3*663*D
J$431'%&.",2V)2/83:/."S:)+0

JJN

"#+/21,1#3&'(3#,44@,5,0%GG%5#;(9/1#$%&?1%4#%9#X(25#%#5'3*6/#1:(5'3934G35D#"9#X(%/#4:(4;5;031#-B#
W;*A% # %9 # /+3&35 # 5'3*6 # /(254/ # ;(+31*B+;0R # % # 1H625W0/02& # -3554%(420%D # d:9G35 # @%5&0Q*'4 # 1%E # %#
09X1/5W0#GB6H4;03R#%#G309;+;(4;0#3(B0H4;03R#%#1:9:0#$3&09X*%*20,1G%5#6%*X#G24,(#(;096;43*#;0#
3&'.3&'#3&';5/#$3&09X*%*20D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#%*%E634B#/+3&35#5'3*6F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D#"#4%5?*X1#1;E3031#3&'093(FR#+3#
$2(#@,009%GG#4:(4;5343134R#$30;134#$3&;(435/R#1X(?0G%5#$,5+%5/R#3*A2409%5/D
G$TS/+)U*1/."T+43+0
a,62GG(%#/0#3*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X1#3&'30#4;$21D#"#092$,1#/0$;4*;03R#GB6H4;03#%#
092$,*20#3E,W@26%*#3&'#/+BG35#4:(4;5@34D
GO)S/,+%$)#$0"f",+%$)#$0
"#09X1/5W0#3*0B0,(G%5#%#43($;0934@39#S2**%4,1R#5:6;5'31R#/+BA2(20R#04GDU#1:4B+/1R#6%*%$/54#%#@;4#
5%EA%/R#%#092$,1#!.!NNR#G3$?4%41,920R#3&'093(F#1/-3A39;031R#1:09:5;0#;0#%((%#(3%&2*20#%*1,4A21#%#
09X1/5W0GB6H4;0#%*%EA%/4D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#%9#/0$3(4#4:(4;5343134R#63(03134R#$30;134#-3AGB*#4?+A21R#;(4/1R#3&'C44#$,5+A21R
.#%#5'3*6/#A24;1,1G%5#09H63035R#:(:$$3*R#%14H6%5#6309531#(;094R
.#%9#X(21,5#@%0952*4#0E%5',*#5'3*6F#?4%0H420,1%4#1:55'3+;5#$3&;(4/1R
.#3&'093(FR#G3&'%1,(,*4#1;(+;031(3#4?+5%1#(3%&2*5/R#62*%09,*5/D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%($%+/1#;6-,*'%$,5#$;&#$/5+/&#%#W;*5'3*635R#%9#%5'%5'3*6#1/92(2026%*#+,*&,9?51#3&'C44#%#
&'3(313113*D # a,62GG(% # /0 # %*%E634B35 # 09XG%5 # -,*'/1 # % # 4%5H420D # "# 4%52(5%1 # 4?+%4,0%5 # 13** # %((%#
4:(313+5/3R # @,&' # ,*'%5 # 63(03134 # 4%5H40,5R # &'%1,(,*A,5 # 3GG35 # %9 # ;6G35R # %$3*'3113* # 093(345;#
G3639345/#%9#0E%5',*#H(204D#Y%&'G%5#03&H4/#%#1;0BGG/#4%5?*$25',1%4R#@%#5'3*64%5/#093(1393431#/0#
3*B13(C*531 # 3931G35 # % # 63(031G35D # bGG35 # %9 # ;*341,(G%5 # % # &'3(3131531 # $2( # 0,11%* # 5%&',GG#
;(9;1C1 # 6%5 # % # 5'3*6@39R # %9 # 2(5'%*%4,1@,9R # $/5+ # % # 1/3A4;0R # $/5+ # % # A3*354;0 # 43(;5D # Z,009%GGR#
62*4,9%4,0%GG # 09:63&3113* # /0 # G,*+,&?*5%1D # t2(G309;+31R # 5'3*64:(B1R # 63(031 # A3*35531 # $3& # %9#
X(21,5D
nC934C1G3 # % # 4%5?*X1 # *3(%A9,*@%4A21 # % # @%**,44R # ,*6%0,44 # 4:(4;5343134R # +%*,1%4D # "9 # ;6 # 6;&3 # -3*;#
*3H(@%4A21#%9#"f[.4R#3034*3&#5;@25'#09X4R#6%&'#3&'093(F#$,5+%4,1%4D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9 # 3*0B # 1;4 # ;6G35 # 4%5?*4%1R # %9%9 # /0$3(13+;0 # % # 5'3*663* # 63(031R # +%*,1R # A24;1,1 # ;0#
(:6/+3GG.@,009%GG#4:(4;53431#-,($2A2G%5D
J$431'%&.",2V)2/83:/."S:)+0

JJ!

"9 # /+3&35 # 5'3*635 # @%**,44 # 4:(4;5343135 # 13(3094C* # % # &'3(3131 # G3E/**%54204 # 5'3(531 # 3&' # $20/1#
1?*4Q(2G%D#b*-,&%+A21#%9#/+3&35#5'3*6#0%A24,002&%/4R#3&'(3#E,54,0%GG%1#%#@3*'30#1/3A4;0R#/54,52W/X#
43(;5D#"#09X1/5W0#GB6H4;03R#%9#3&';5/#093(3E*;031#G24,(H420%#-,54,0#093(3E34#1%ED
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d;E3031 # 3&'093(F # $,5+%4,1%4 # %*1,45/D # 73&;(4/1 # % # 4:(4;5343134R # 62*%09,*5%1 # % # G3&'%1,(,*4#
1;(+;031(3D#52**X%5#/0#$3&#$3(531#09X*%*5/D
G$TS/+)U*1/."T+43+0
b&'30#3E,W@21@,9R#E;*+2?*#092$4%5R#$3043(0;&31R#-:*+$F63*;0R#@29;EH4;0D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0_#"f[R#4B092$,1#S!.!NNUR#&'C$:*W0:1R#;609%1,1R#@X5%E,1R#5%E09%1,1R#4,62GG/#2**%4,1R#
(?@21R#42(&'%1R#$3043(0;&31R#-,&*%*1,920,1R#5%E/#W03*316;031#09X1/5W03D#Y'3*64%5/#-,&%*$%1#$;&#
53$#13(C*531#G363934;0(3D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31
.#62*%09,*5/#4?+#:5$%&2(%#6,5%41,9X#3&'093(F#1;(+;031(3#R
.#%9#X(21,5#@%0952*4#0E%5',*#5'3*6F#?4%0H420,1%4#1:55'3+;5#$3&;(4/R
.#1:6345/#4?+#3&'#3&'093(F#4:(4;53434R#%$3*'34#3&'093(F#$,9+?*%4,11%*#1H0;(63#$30;*C51#3*R
.#1H6C*(B*#4?+#$2(#3&'3+C*#/0#+%*,1%4R#63(03134R#$,5+X121%4R
.#/0$3(/#%9#"f[.4#S09XG%5R#<63(0093(F35=UD
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)+0
"#!ND # ;*34;6G35 #%# &'3($3131# %9#r5.4?+%4,002& #3&' #QA #09/54A;(3#*;E531D # e5+/6/+?%*/92*5/?1# 13**#
$/5+%94R#%$/4#3&'C44#4%5?*4%1#$3&D#"9#3&';5/#,+%-/&'3*;0#(35+1H6C*#-,54,0#3GG35#%#1,(G%5R#$3(4#%9#
H(20 # 3*0%A24H420% # ;0 # % # &'%1,(/ # 3&';5/ # -3*%+%4,1 # 3*B4;(G3 # 3$3*/1 # %9 # 3034*3&30 # 53@;90;&3134R#
%$3*'31 # 3++/& # 3935 # % # 4;(35 # 53$ # 6,*4%1 # 093$G34F5B31D # Y;@25' # &'3($31 # 1C*:5 # 03&H40;&34#
/&;5'3*@34D
"9#3*0B#@2(,$#;6#%*%44#1H6C*(B*#$3&4%5?*4#09:63&3134#@%0952*6%#139+3531#%#+/21,1#0E%5',*?*#H(5/D#
7/5+ # %9 # H(20R # $/5+ # %9 # ,*6%020 # 0,1 # &'%1,(*204 # /&;5'3*R # 39 # 03&H4/ # 3*B # % # 09X1;E # ;0 # % # 1/3A4;0#
:00931%EW0,*2024D#7/3*B44#5',$4%4,44#09:63&3113*#/0$3(13+5;531#$3&R#3*B09:(#%94#,*6%0021R#%$/4#
0%A24#$%&?1#H(4%1D#"#4,**G%$,5+20,1#/0#3*139+B+531#AX*#/0$3(4#09:63&31#%*%EA25D#n,54,0#-/&'3*5/#%#
4,**G%$,5+20 # *;E;03/(3D #"# *24X.@%**X # 4,**G%$,5+204 # 1:634/ # % # @%**20 # ?425/ # H(20D #"# @29/ # -3*%+%4,1#
G363934;0;5;* # -,54,0 # % # 1:63413934300;&D # >:6/+ # 09:63&31R # $,5+%4,1 # $3$,(/92*20%R#
H(20&'%1,(*20R#(35+093(30#,44@,5/#,*6%020#03&H4@34/#%#1;0BGG/#0/13(30#5'3*64%5?*204D
"@,* # W0%1 # *3@340;&30R # % # 09%6%1%4 # $,5+%4,1G%5R # 09:63&:0093-C&&;031G35 # 4%5?*A21 # $3&D#
b*139+B+/1#%9#3&'093(FGG#5'3*64%5/#09%G2*',1#4?+%4,0H420%#;0#&'%1,(*20%D#7;&#$/5+/&#%#(/4$/1?0#
09:63&31#2**5%1#3*B4;(G35R#+3#4:(4;5343134#/0#+,*&,9@%45%1#-3*D#"#&'%1,(*20#3&'/1#*3&@%4;1,5'%GG#
$X+A%#3GG35#%9#;*341,(G%5#%#+(%$%4/92*20R#%#093(3EA24;1D#"#09XG3*/#$?5124#5'3*64:(B1R#63(031R#
$,5+X121R#+%*,1R#6%*%$/54#1;(+;0.-3*3*3431#1:634/1D#"9#3*@%5&9,44#4:(4;53431#4%(4%*$24#1;(+;031#;0#
62*%09,1#03&H40;&;63*#/+3&35#5'3*635#:0093-,&*%*A?1R#3034*3&#3*$30;*@34AC1#%5'%5'3*635#/0R#3993*#
42$,&%46%#%#53@;90;&3113*#1C9+B#&'3(313134D

JJJ

"#W0,E,(4,0#093(3E*;0#@244;(G3#13(C*#%9#3&';5/#$3&09X*%*200%*#093$G35D#"9#H(20.,*6%020#4%5?*20#
$3**344#%#09/4?2W/X0#A24;1,1R#(:6/+#+%(%G,1R#4%*2*X0#1;(+;031R#%9#;531*;0R#3&'093(F#E2(G309;+31#;0#
09XA24;1,1#%9#X(21#-,54,0#(;09;4#1;E39/1D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#@2(,$#;6#4%5%5'%&%_#63(031R#+%*,1R#$30;1#/0$3(343R#09X1/5W0R#3&'093(F#$,5+%4,1D
J$431'%&.",2V)2/83:/."S:)+0
"9 # ,*6%020.H(20 # 3*0%A24H420%R # &'%1,(*20% # % # W;* # 3GG35 # %9 # ;6G35D #"# $3$,(/43(3113* # 6%*X # $?51%#
-,*'4%4X+/1R#%9#3&';5/#093(3E*;03134#G24,(H4A%#%#4%52(D#n,*'4%4X+/1#%#@3*'30#1/3A4;003*R#/54,52W/X6%*#
1%EW0,*%4,0# &'%1,(*20D #"#09X1/5W0# 4,62GG # GB6C*D #"9#%5'%5'3*6 #;0# %9# /+3&35# 5'3*6# 093(139343R#
-3*;EH4;03#1:9:44/#1C*:5G0;&#139+#4?+%4,0?*5/#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
73&;(4/1#%9#3*@%5&9,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%#-3*4344#1;(+;031(3D#w'%1,(,*A21#%9#/0$3(4#
09:63&3135#13(3094C*# %9# H(204R # ,*6%0204D# d;E3031# 3&'093(F#5'3*64%5/#09%G2*',1%4 #-3*-3+395/#;0#
@%0952*5/D#T2**%*A21#%9#:52**X#093(3E*;04D#
G$TS/+)U*1/."T+43+0
"5'%5'3*6R#2**%44%5R#-:*+(%A9.1:(5'3934/0$3(34D
GO)S/,+%$)#$0"f",+%$)#$0
>:6/+#E2(G309;+31R#(:6/+#4:(4;53431R#@,992A?1#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_
.#3&'30#092$#c#4:GG30#092$R
.#-B53631#53$3R
.#3&'093(F#1/A3*354BR#1;(+BR#4%&%+X#$,5+%4,1R
.#3&'093(F#1;(+B09%6%1#@%0952*%4%D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#@3*'3035#G34F9/1#%#536C134#;0#5;@25'#&'%1,(/#09X4R
.#E,54,0%5#,*6%05%1#G3&'%1,(,*4#09%6%1%4#;0#$,5+%4,1%4R#H(20G%5#-3*/0$3(/1#%9,1%4R
.#:52**X%5#%*1,45%1#3&'093(F#$,5+%4,1%4R
.#,44@,5,0%5#$,9,&5%1#%9#3&'093(FR#G3&'%1,(,*4#1,$$?5/12W/X0#@3*'93431G35R#E*D#G3$?4%41,920R
.#3*+:5435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%*%E634B#09X1/5WW03*#(35+3*139531#%#-3*+,*&,9,44#4;$%1:(:1G35R
.#1;E3031#3&'093(F#5'3*64%5/#09%G2*',1#-3*/0$3(;0;(3#;0#%*1%*$%9202(%D
Q252823:/"i-MN"+/831)&
d/0/01,*20 # 1,(G%5 # % # 5'3*63*0%A24H420R # % # 5'3*64%5?*20 # $;& # -B1;54 # 093$;*'31@39R # 09/4?2W/X1@,9#
1:4:44R#;0#W0%1#%#1/*35W.4/935@%($%+/1#;6G35#139+B+/1#3*#3&'#:52**XGGR#4?+%4,0%GG#4%5?*20D
"#09XG3*/#$?51%#%#1:9;E4%&,9%4,5#/0#%#4%5H420#1:9;EE,54A2G%5#$%(%+D#f363934AC1#%#1C*:5-;*3#
09,W/2*/0R#W0,E,(4,0#$?51%-,($21%4D#"#1X(?0G309;+34#3&'(3#/512GG#-3*62*4A%#%#&'3($3131#3&';5/#
$3&5'/*%41,920%D #"# G309;+&'%1,(*%4,1 # 0,(25 # % # +/21,1 # $3&4%5?*5%1 # 3&'093(F35 # 42(0%*,&5/ # %9#
/01,*%/ # ;0 # ,44@,5/ # ;*34(B*R # :5$%&?1(X*R # W0%*2+A?1(X*R # %9 # /+BA2(20(X*R # %9 # /+B(B*R # %9 # ;609%1,1(X*R#
JJI

5%E09%1,1(X*R # %9 # ,*6%0,44 # 09:63&31 # 4%(4%*$2(X*D # " # 436;135'0;&31 # 1:9:44 # 093(3E3* # 63(031 # ;0#
G309;+&'%1,(*%4,1 # 3&'C4430 # ;0 # 3&';5/ # 3*B%+20%R # 1:9:0 # ;531*;0R # 5'3*64%5/ # 1;(+;031#
$3&42(&'%*20%R # &'%1,(*20%R # %9 # %+,44 # 5'3*6 # @%92A25%1 # 4:(4;53*$/R # 1?*4?(2*/0R # -:*+(%A9/#
A3**3&934300;&3/63*#6%*X#/0$3(13+;0D#8,(#13(C*@34#3&'.3&'#(:6/+#09H5+%(%G#6%&'#A3*3534#3*B%+202(%#
/0D
"9 # 3E,W@%-C93431 # $/542A2(% # 6%&' # % # 4%52( # 0%A24 # 3*1;E93*;03 # 093(/54 # 0%A24 # 1/0 # 4%51:5'634#
093(13094@34531 # % # &'3($3131R # %$/G3 # % # 4%5?*4 # 63(03134R # +%*,1%4R # $,5+X121%4 # ;0 # &'%1,(*%4,1%4#
-3*A3&'39@34/1R # 5'3*64%5/ # 09%G2*',1%4R # (%&,920/ # 42G*29%4,1%4 # H(@%45%1D # 73&A3*35531 # %9#
,*6%0$25',1R#%#09:63&3134#$2(#%*%E,0%GG%5#-3*+,*&,9921D#"#-,*'%$%4R#%@,&'#%#+/21,1#%#5'3*64%5/#
09%G2*',1%4 # $2( # /0$3(4R # -3*+,*&,9,44 # 09:63&31GB* # *363934/1R # /**3463 # % # *3@34B # *3&3&'093(FGG35#
:5$%&?1 # $3&-,&%*$%9921R # 5%&'G%5 # 03&H4/ # %9 # 3$*;139;04R # % # -3*/+;9;04D # w'%1,(*X-C934C1G35#
&'%1,(,*@%4A21#%9#H(20G3*/#$?5124#%12(#%9#X(25R#%12(#@29/#-3*%+%41;54D
" # &'3($31 # % # 4/93513443+/1 # ;*34;6 # 42A25 # $2( # 1;E30 # ,1.,1,9%4/ # :0093-C&&;03134 # $3&*245/R # %9#
3*B9B*3& # 4%5?*4%1(% # :0093-,&*%*X%5 # (2431/5435/D # " # @343+/1.5',*W%+/1 # ,0942*'G%5 # -3*;G(3+531 # %9#
/543**314?2*/0R # &,5+,*1,+20/ # 3(B1R # *3@34B6; # 4;63 # % # 5'3*64%5/ # 09%G2*',1 # &,5+,*%4/ # Q4,5 # 4:(4;5B#
$3&;(4;0;4#;0#4?+%4,0%GG#%*1%*$%92024#/0D
"#5',*W%+/1#,0942*'#6;&;(3#3&'#24*%&,0#1;E300;&FR#%9#X(21,5#-/&'3*3$$3*#(;094#636B#+/21#1;E30#
%9#/0$3(4#;0#-3*+,*&,9,44#4;$%1:(:1G35#%9#%*%E09/54F#1,$$?5/12W/X(%R#%9%9_
.#1;E30#3&'093(F#5'3*63934FR#@,009%GGR#H(,44#09:63&#$3&;(4;0;(3R#:52**X#-3*+,*&,9202(%#S1;(+;031#
$3&62*%09,*202(%R#1?*W0/5-,($2W/X1#$3&4%*2*202(%UR
.#1;E30#(:6/+3GGR#3&'093(FR#:0093-C&&B#-,&%*$%920#$3&%*1,4202(%R
.#1;E30#%*%E-,1Q#09/5435#4:(4;53431#*;5'3&;531#$3&;(4;0;(3R
. # 1;E30 # %*%E09/54F # 1,$$?5/12W/X(% # ;*34093(F # @3*'93431G35 # %9 # /0$3(4 # 4;$%1:(:1G35 # SE*D#
G3$?4%41,920R#6202(*20R#/+BE,54.3&'39434;0R#43*3-,5G309;*&34;0UR
1;E30#%*%E09/5435#G309;*&345/#3&'.3&'#/0$3(4#4;$2(X*D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%#1,(G%5#S!!D#;*34;6U#3(B0:+/1#;0#%#1:(5'39344B*#-C&&34*353+/1#%#&'3($3131#$3$X(/2A%R#H&'#
0,1%4 # 1;E3031 # 4%5?*5/D # b11,( # $2( # @%0952*@%45%1 # 5',$4%4,44 # ,*6%0X1:5'634R # $3*'34 # %9 # X(25#
1:9:035#+,*&,95%1#-:*D#b9#%9#%#1,(R#%$/1,(#%#5'3*6#09;E0;&;4#1;E3031#-3*/0$3(5/R#%$/#5%&',5#
-,54,0 # %@@,9R # @,&' # % # &'3(3131 # ;*6399;1 # % # 5'3*634 # ;0 # % # 5'3*64%5?*204D # " # 09XG3*/ # $?51%#
5'3*64:(B134R# E2(G309;+3134R #;0# 63(03134R# ;*341,(?15%1# $3&-3*3*B# ;53134# 4%(4%*$%9R #%$3*'31# AX#
(;093 # $3$,(/43(D # " # 6%*X+/ # ;(4;1;5 # 4Q* # % # 63(0$,5+20 # % # 4/094% # 1/3A4;0 # ;0 # $,5+%4+%**%$#
G3&'%1,(*2025%1#1/62*X#3091:93R#;0#3(B0H4/#%9#/+/X$%#A3**3&F#09X1/5W034#/0D
"#53&'3+/1#,0942*'G%5#4%5?*4#3&'093(F#093(1393431(3#;EH463#3(B0:+/1#%#5'3*64%5#/(254/#;(9;1C1D#
Y%&'#&,5+,4#13**#-,(+H4%5/#%((%R#@,&'#%#&'3(3131#$3&;(40;1#;0#%*%E,0%5#3*0%A24H4021#%#09XG%5#
-,(&X # 5'3*64%5/ # 093(139343134D #"9 # %*%E634B # 09%G2*',1%4 # +3+?14H6 # $X+,5 # $%&?1 # -3+39/1 # -:* # ;0#
-,&%*$%9921#$3&D
" # 09%6%1%4 # 311,( # $2( # 4?+%4,0%5 # 4%5?*A21 # ;0 # &'%1,(,*A21 # 09:63&:0093-C&&;03/1G35 # %9#
,*6%0$25',1 # -3*+,*&,920% # 0,(25D #"9 # 3&'(3 # GB6C*BR # 62*4,9%4,0 # 09X1/5WW03* # % # &'3(313134 # %((%#
:094:5:99C1R # @,&' # 1;E93*34C134 # @%0952*6% # %*1%*$%9921 # % # 09%6%1%4D # 89H530 # ;0 # A3**3&93430#
*3H(20,1%4#@%**%5%1#;0#,*6%05%1R#:094:5:99C1#%9#,*6%020#093(3434;4D
4:+/1 # ,0942*'4X* # A%6%0,*A?1 # % # W0,E,(4$?5124R # % # (35+093(30 # E2($?5124R # 5%&',GG # *;4092$Q#
,0942*',1#3034;5#%#W0,E,(4G,54204D#bGG35#%9#;*341,(G%5#1:55'35R#AX*#$,4/62*@%4X1#%#&'3(3131R#;0#
%#$3&4%5?*%5+X#4%5%5'%&,4#3(3+$;5'303GG35#4?+A21#&'%1,(,*5/#;0#%*1%*$%95/#1/03GG#*;4092$Q#
W0,E,(4,1G%5D
JJh

m'$02'23

k;"U'$W

I)Y8232/"3O*1/
"#53&'3+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5/#093(1393431D
J$431'%&.",2V)2/83:/."S:)+0
"9#,*6%020.H(20#&'%1,(*2025R#$3&3(B0H4;0;5R#%#09X1/5W0#GB6H4;0;5#6%5#%#*3&5%&',GG#@%5&0Q*'#
3GG35 # %9 # ;6G35D # a,62GG(% # /0 # -,54,0 # % # $3$,(/43(3113* # 6%*X # $?51%R # %9 # 3&';5/ # 093(3E*;031#
G24,(H420% # $3&@%42(,9X # % # A:6BG35/ # 5'3*64%5?*20@,9 # 6%*X # E,9/4H6 # @,9922**20 # 3*B03&H4;0;;(4D#
n,*'4%4X+/1 # % # @3*'30 # 1/3A4;003*R # /54,52W/X6%* # 1%EW0,*%4,0 # &'%1,(*20D #"9 # /+3&35 # 5'3*6 # 5'3*64%5/#
093(139343/63* # /0$3(13+531 # % # +/21,1R # 3(B0:+/1 # % # 1,$E%(%4H6 # 5'3*64%5/ # 6/90&2*X+20R # 4,62GG#
4?+%4,0,+/1#%#1C*:5G0;&#%9#%5'%5'3*6#;0#%9#/+3&35#5'3*6#093(139343R#-3*;EH4;03#1:9:44D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d/0#03&H40;&&3*#$3&;(4/1#%9#,*6%0,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%9#,*6%0$25'(%#6,5%41,9X%5#
-3*4344#1;(+;031(3D#"#W0,E,(4,0#093(3E*;0#@3*'344#3&'(3#/512GG#%9#3&';5/#$3&09X*%*20#%#A3**3$9BD#
d;E3031#5'3*64%5/#09%G2*',1%4#-3*-3+395/#;0#@%0952*5/D
G$TS/+)U*1/."T+43+0
b&'30 # 3E,W@21@,9 # 1:4@34B31 # 3&'30 # ,*6%0$25',1R # 63(031R # +%*,1D # " # 5'3*64%5 # 3E,W@2@,9 # AX*#
1%EW0,*@%4X%1#3&'30#4%5?*4#5'3*64%5/#3*3$31R#093(1393431D
GO)S/,+%$)#$0"f",+%$)#$0
"9#,*6%0,44#4:(4;53431@39R#%#4%5?*4#E2(G309;+31@39#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_
.#09X-%A,1#S-B53631R#$3**;153631R#/&;1UR
.#1;(+B09%6%1R
.#093$;*'30#5;6$20,1#%*%5'30343R
.#G/(4,1*20#1/-3A39;03R
.#$3**;15;6#3&'39434;03R
.#3*:*A2(X09X1#S35R#W,5R#%R#+3UR
.#09%G2*',0#/&;1#(%&,920%#A3*35#/+BG35R
.#(35+@%&'X#/&;1#(%&,920%#A3*35#/+BG35#S03(R#4353(UR
.#5;63*B1#%*%1A%/D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X1_
.#1H6C*(B*#:52**X%5#/0#3*#4?+5%1#$,5+%5/#63(03134R#E2(G309;+3134R
.#%#4%5?*4#5'3*64%5/#-,($21%4#-3*/0$3(/1R
.#3&'093(FR#(:6/+#09:63&3134#$3&#4?+5%1#;(435/R
.#%9#/0$3(4#09%6%1%4#4,**G%$,5+20#?425#*3#4?+A21#H(5/R
.#:52**X%5#4?+5%1#%#4%5?*4#09%6%11%*#;0#3&'093(F#5'3*64%5/#093(139343113*#$,5+%4,1%4#%*1,45/R
.#1/3&;09H435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%#4%5?*4#09X1/5W034#-3*#4?+A21#/+;95/D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
JJL

"#@%4,+/1#,0942*'G%5#%#E(3E?G3(420.1,(#A3**3&93430#6,520%/6%*#4%*2*1,9@%4?51D#"#(35+#;0#(35+093(R#
%9 # 24431/54@34B # 43(639;0 # 5%&',5 # -,54,0 # 3GG35 # %9 # ;*341,(G%5D # Z%4,+/1 # ,0942*'4X* # % # -:*+(%A9R # %#
1?*4?(2*/0 # 0%A24,002&,1R # *3&35+21R # G%**%+21R # 4:(4;53*$/ # ;0 # $/4/1?0 # 093$;*'/0;&31 # %*1,4A21 # % # -B#
4;$%1:(:134D #"# +/21,1 # /+3&35 # 5'3*635 # /0 # ;(+31*B+63 # -,&%+A21 # 393134 # % # 4;$21%4D # b&'(3 # 4:GG#
/+/X$24R#1/-3A39;04#;0#$/5+355%E/#42(0%*&20/#09X1/5W034#;EH4C51#G3#%#09XG3*/#$?512G%D#a,62GG(%#/0#
-,*'4%4X+/1#%9#,*6%020.R#;0#H(201;090;&#-3A*3094;03D#bGG35#%9#;6G35#393134#%#1;090;&3134#$3&#13**#
3(B0H435/D#b*139+B+/1#%#1(3%4H6#-,&%*$%920,1#H(20%R#3*B09:(#1:9:035R#$%A+#:52**X%5#/0D#"#+/21,1#
(35+093(3035#1%E5%1#H(20G3*/#;0#09XG3*/#@29/#-3*%+%4,1%4D
"# 5'3*64%5/ # 09%G2*',1 # ;0 # 093(1393431 # O.PD # ,0942*'G%5 # &'%1(%5 # 24-3+/1 # 3&'$204R # ;0 # G2($/*'35#
E(%14/1?0 # 0,((35+G35 # 63@34B1D #"9 # 3++/& # 4%5?*4 # 5'3*64%5 # ;0 # 09X1/5W0 # %*%EA25 # % # +/21,1%4 # 3&'(3#
/512GG#G24,(H4@%4A?1#%((%R#@,&'#09%G%+%GG%5#-3A399;1#1/#$%&?1%4D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#:4:+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#%9#H(20.R#,*6%0201;090;&#$3&3(B0H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#
-,($21#$3&/0$3(;03R#%9#:52**X#09X42(@%0952*%4#3*B03&H4;03#A3**3$9/#394#%9#;634D#"#+/21,1%4#3&'(3#
/512GG # %((% # :094:5:99C1R # @,&' # G24(%5 # -3A399;1 # 1/ # $%&?1%4 # /+3&35 # 5'3*635R # 09X*%*A%5%1 # $3&#
3&'3+C*R#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#+/21,1#3&'(3#4:GG34#4?+5%1#$%&?1(X*R#1:(5'3934C1(B*#3*$,5+%5/R#3&'(3#4:GG#$/5+35(3#4?+5%1#
62*%09,*5/D#"#4%5?*X1#%#1,(?15%1#$3&-3*3*B#/+3&35#5'3*6F#09:63&1:(5'3934G35#3*#4?+5%1#/&%9,+5/R#
3&'093(F # :52**X # $,5+%4,1%4 # 4?+5%1 # %*1,45/D # d;E3031 # :52**X%5 # ,*6%05/ # 3&'093(FGG # 09:63&3134R#
53$#(/%+5%1#$3&#/0$3(34*35#09%6%14X*D#e0$3(4#09:63&(3R#/0$3(4#09:63&1:(5'3934G35#1;(+;03134#
4?+5%1#%*1%*$%95/D#"#(35+093(30#@29/#-3*%+%4,1#S09X4%5?*20R#H(20G3*/#-3*%+%4,1R#,*6%020&'%1,(*20U#
%9#:52**X#4%5?*20#43(;5#/0#-3A*3094/1#%#+/21,1%4D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5 # % # -:*+(%A9 # 3E,W@2@,9 # ;0 # % # 4:(4;53*3$ # 3E,W@2@,9 # 1%EW0,*@%4X%1 # 1:55'35 # 3&'30#
09:63&31R # 4:(4;53431R # *3&35+21D #"# 5'3*64%5 # 3E,W@% # ;0 # %9 # /+3&35 # 5'3*6 # 5'3*64%525%1 # 4%5?*20%#
1:9:44/#3&'39;031#;0#1C*:5G0;&31#3(B0H4/1#%#4%5?*X1#&(%$$%4/1%/#1,$E3435W/2/4D
GO)S/,+%$)#$0"f",+%$)#$0
"9#,*6%0$25',1R#E2(G309;+31#-,54,0%GG#09%6%/D
Y'3*64%5_
.#4B@%5&62*4X0#/&;1#(%&,920%#A3*35#/+BG35R
.#4,62GG/#(35+@%&'X#/&;1#(%&,920%#A3*35#/+BG35R
.#6/009%@%4X#/&;1R
.#$3**;15;6-,1,920R
.#3&'093(F#:00934344#$,5+%4,1#S'R#,R#E3(,R#E,(?3UR
.#4,62GG/#3*:*A2(X09%6%1R
.#*;4/&;1R
.#@3*'.#;0#/+B@%42(,9X1R
.#X(%R#/+B#1/-3A39;03R#+24?$D
JJO

!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#09%G%+%GG%5#G309;*531#:5$%&?1(X*R#W0%*2+A?1(X*R
.#-3*/0$3(/1#%#4%5?*4#5'3*64%5/#09%G2*',1%4#;0#E;*+21%4#4%*2*5%1#(2A?1#3&'#%+,44#09:63&G35R
.#G/9,5',0#@3*'93431G35#$3&#4?+A21#;(4345/#$%&?1%4#E*D#Q4G%/&%9H420R#6202(*20R
.#@%0952*A21#%#1/GB6C*4#09X1/5W034R
.#/0$3(531#0E%5',*#6,5%41,920Q#1?*4?(2*/0#;(4;13134R
.#+/142*20(%#*3#4?+A21#H(5/R#%$/4#@%**%5%1D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@343+/1#,0942*'G%5#%*1%*$%9,44#$X+093(#09,(,0%5#1:634/#%#@%4,+/1#,0942*'G%5#*3H(4%1%4D#a:GG#%#
4%5?*5/6%*XR#(35+093(3031#%#4?+20E(XG21R#09X+,*&,9%4,1D#"#@3*'30H(20#-3A*B+;0;4#4,62GG(%#/0#03&H4/1#
%#+/142*20,1D#w'%1,(/GG#%#W0,E,(4,0R#%#E2(,0#;0#%9#:52**X#$?51%D#"9#C&'303GG#&'3(3131#$2(#
$3(531#0%A24#4?+20?1(%#42$%091,+6%#%9#%+,44#/+3&35#5'3*635#&,5+,*1,+6%#09:63&34#%*1,45/#S;0#
53$#-3AG35#-,(+H4%5/UD#83&H435/#13**#B134#%GG%5R#@,&'#3*#4?+A21#-,&%+5/R#@,&'#&,5+,*%4%/1%4#$;&#
53$ #$/5+/&#4?+A21# /+3&35#5'3*635# $3&-,&%*$%95/R #;0#%GG%5#/0R #@,&'# 4:(313+A3531# %#$3&*;6B#
5'3*6/#3091:93/1#%*1%*$%9202(%D
"9#,*6%0201;090;&C134R#%#09:63&;(4;04#4,62GG#-3A*3094AC1D#"9#/(,+%*$/#09:63&31#$3**344#4,62GG(%#/0#
@%5&0Q*'4#1%E5%1#%#1?*4?(2*/0R#-:*+(%A9/R#4:(4;53*$/#;0#%#$/5+355%E,0#42(0%*&20/#4;$21D#nC934C134#%#
5'3*64%5/ # 09%G2*',11%* # . # % # 4%52( # 03&H40;&;63* # . # 1:634139343035R # 09;E35 # 63934/1D # >:6/+ # H(20,0#
$?5121#1;09C*@34531R#:52**X#-,&%*$%920,1_#5%E*XH(20R#3&'#42(&'R#62(,0R#42A#*3H(20%R#3*-,&%+@%4X#
E,54,002&&%*D # 89/4?2W/X0 # @3*'9343113* # 4,62GG(% # /0 # GB6H4AC1 # % # G309;+;(4;0 # ;0 # G309;+1;090;&#
-3A*3094;0;4D#b&'(3#4:GG#/0$3(3443*#(35+3*139531#%9#/+3&35#5'3*6#@%92A2(X*D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@%4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#-,($21#$3&/0$3(;03#A3**3$9/#394#%9#;634D#
"9#;(4BR#:52**X#,*6%020#-3A*3094;03#-,54,0#-3*4;43*3#%#4,62GG*;E;0531D#"#+/21,1#3&'(3#G24(%GG%5#
09X*%*5%1#$3&R#-3A39/1#1/#$%&?1%4#/+3&35#5'3*635R#$3&GH9@%4X%5#4?+A21#@%0952*5/#%#09X42(%4D#"#
+/21,1%4 # 1C*:5G:9B # $X+093(3113*R # 1(3%4H6 # H(20,11%* # @,99203&H4AC1 # %9 # :52**X # &,5+,*%4,1#
$3&-,&%*$%9202@,9R # % # $3&09X*%*20,152* # %9 # 3&';5/ # :4*343/1 # %*1%*$%9202@,9R # @,&' # 3&'(3#
G24(%GG%5 # ;0 # A,GG%5 # $3(A3531 # 3*(?&%091,+5/ # % # G34%5?*4 # 09:63&314B*R # 0;$214X*D # 73&4%5?*5%1#
09:63&3134#;(43*$395/#-,(+H420#5;*1C*R#09:63&&3*#1%EW0,*%4,0#1;(+;031(3#:52**X%5#62*%09,*5/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
52**X%5 # 4?+5%1 # 1,(,0942*'?15%1 # $3&-3*3*B # 09:63&3134 # 09XG%5 # 3*$,5+%5/R # ,*6%05/R # H(20G%5#
$3&-,&%*$%95/D #"# $,4/62*4 # 4%5?*X1 # $/5+ # %9 # H(,44R # $/5+ # %9 # ,*6%0,44 # 09:63&31 # ;(4;0;G35 # 3&'(3#
@%42(,9,44%GG%1D # 89X1/5W0C1R # 5'3*64%5/ # 4?+20?1 # 4,62GG # 09;*303+/1D #"# (35+093(30 # 4%5?*20 # $2(#
$3&09,12002#62*/1D
G$TS/+)U*1/."T+43+0

JJK

"#*3&1:55'3GG35#4,62GG(%#/0#%#5'3*64%5R#%#4:(4;53*3$#;0#%#-:*+(%A9#3E,W@2@,9#*3@34#1%EW0,*X+5/#%#
4;$211%*R#4:(4;5343113*R#,*6%0$25',11%*D
GO)S/,+%$)#$0"f",+%$)#$0
"9#,*6%0,44R#4%5?*4#09:63&31R#E2(G309;+31#-,54,0#09%6%/D
Y'3*64%5_
.#$?4%4X#5;6$20,1R
.#-3*09X*H4X#$X+R
.#304%(y&3(?5+/,R
.#&?04%(#4HE?0Q#/&;1R
.#093$;*'30#5;6$20,1#(;0930#30343R
.#4,62GG/#3*:*A2(X09X1R
.#3*G309;*B#$Q*4D
!",2V)2/83:/"51'3"2'2*#:4&2.n
"#+/21,1_
.#-3*/0$3(/1#;0#%*1%*$%9921#%#4%5?*4#5'3*64%5/#-,($21%4R
.#A2(4%0%1#%#1,(?15%1#$3&-3*3*B#09:63&31#:52**X#,*6%0202G%5R#$3&;(4;0;G35R
.#1;E3031#6/*2&,0R#3&'093(F#$,5+%4,1G%5#1/-3A395/#$%&?1%4#E*D#$3&@H620R#03&H40;&#1;(;03R
.#3&'(3#%14H6%GG%5#;0#1(3%4H6%GG%5#@%0952*A21#%#&'%1,(,*4#09X1/5W034D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5',*W%+/1#,0942*'G%5#/0#-,54,0%1#%#$/5+355%E,0#42(0%*&20/#4;$21#$3**344#%#1?*4?(2*/0R#-:*+(%A9/R#
4:(4;53*$/#;(+31300;&31#;0# ;*34(%A9,1D#"9#X(21,5# (35+093(3031#%#E2(G%5R # W0,E,(4G%5# -,*'4%4,44#
G309;*&34;031 # /+3&35 # 5'3*635D # "9 # H(201;090;& # -3A*3094;0;4 # (:6/+ # *363*31R # 3&'093(F # *3H(20,1R#
3&'.3&'#4:(4;534#:0093-,&*%*20%#G/94,0H4A%D
"#5',*W%+/1#,0942*'(%#%#+/21,1#4/0942G%5#6%55%1#%#5'3*64%5/#%*%E,11%*R#24431/54/1#;0#GB6H4/1#%#$2(#
1,(2GG%5#$3&4%5?*4#5'3*64%5/#-,($21%4R#09%G2*',1%4D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@;4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#5',*W%+/1#,0942*'G%5#%9#3++/&#4%5?*4#5'3*64%5/#093(1393431#/0$;4*;03R#24431/54;03#/+B093(FD#oA(%#
&'%1,(,*A21 # %9 # /&3/+B134R # @,&' # G/94,0%5 # 3* # 4?+A%5%1 # /&%9,+5/ # % # 5'3*64%5/ # 093(1393431 # 1:9:44D#
f309;+G35R # H(20G%5 # ;0 # 09:63&;(4;0G35 # 3&'%(254 # 1(3%4H6%1R # :52**X%1D # "*%E09/5435 # AX*#
1,$$?5/12*5%1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
>:6/+3GG.@,009%GG # 09:63&31 # ,*6%020%R # :52**X # -3*+,*&,920% # $2( # 53$ # A3*354 # &,5+,4D # r*34093(F#
E2(G309;+3134#@%**&%45%1#$3&#;0#&'%1,(,*5%1D#"#4%5?*4#093(139343134#G24(%5#6%(/2*A21#H(20G%5#;0#
09XG%5#3&'%(254D
G$TS/+)U*1/."T+43+0

JJP

"#-:*+(%A9#;0#%#5'3*64%5#3E,W@2@,9#1%EW0,*X+6%#*3@34#1:55'35#4;$24R#09:63&34#4%*2*5/D
GO)S/,+%$)#$0"f",+%$)#$0
"#09:63&31R#,*6%0$25',1R#E2(G309;+31#09X1/5W03D
Y'3*64%5_
.#093$;*'30#5;6$20,1#42(&'30343R
.#1:93*$Q*4R
.#-,*'%$%4,0#$Q*4R
.#1:4B09%6%1R
.#A:6B#/+B#G363934;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#3*0%A24H4A21#%#5'3*64%5#;0#%#@3*'30H(20#%*%EA%/4R
.#1;E3031#:52**X%5#3&'093(F#09:63&3134#-3*+,*&,95/R
.#1;E3031#:52**X%5#(:6/+#09:63&34#%*1,45/R
.#1;E3031#:52**X%5#G3$?4%41,95/R#1;(+;031(3#62*%09,*5/R
.#5'3*64?+20?1#"!#09/54531#$3&-3*3*BD
Q252823:/"P-=;N"+/831)&
"#1/*35W3+/1#,0942*'4X*#139+63#%#5'3*64%52(#-,1,9%4,0%5#03&H4/#%#+/21,4#%#092$2(%#*3&$3&-3*3*BGG#
4%5?*20/ # $X+093(31 # $3&4%*2*202G%5D # a,62GG(% # /0 # *;5'3&30R # @,&' # % # 5'3*64%52( # % # 4%5%5'%&#
:00932**H420252*#-/&'3*A35#%9#;*341,(/#0%A24,002&,1(%D#b44B*#%9#,0942*'-,14X*#$2(#42$,&%4X#*3@34#%9#
;*341,(5%1#$3&-3*3*BR#09%1093(F35#-3*;EH4344#4%51:5'6#(35+093(30#@%0952*%4%D#"#4%52(#$%&%#+:54/#
3*R # @,&' # W0,E,(4A25%1R # ,0942*'25%1R # 4?+20?15%1 # $3&-3*3*B35 # $3*'/1 # 4%51:5'6W0%*2+,4 # (;0930H4/#
3*B5'G35D#"#1/92(X*%&,0%5#4%51:5'6(3#;EH4344#4%5H420#%9,5G%5#13(C*35+BD
"#1/*35W3+/1#,0942*'#1:9;EE,54A2G%5#3*0B0,(G%5#%#5'3*64%5/#/0$3(3431#(35+093(39;03R#3*$;*'H4;03R#
%#09X1/5W0#GB6H4;03R#%#1,$$?5/12W/X0#1;090;&31#-3A*3094;03#2**D#"#5'3*64%5/#4;$21R#093(1393431#
4%5H42025%1 # 0,((35+A3 # % # -3*0B # 4%&,9%4G%5 # -3*W03(;*@34BR # 3&'30 # 4%51:5'631@39R # % # W0,E,(4#
43$EXA2@,9R#/&;5'3/@39#/0#/&%9,+@%4D
b44B* # %9 # ,0942*'-,14X* # 139+63 # % # +/21,1 # 3&'(3 # @,009%GG # 09:63&3134R # 1:55'H4344 # ,*6%0$25',1%4R#
1;0BGG # /(,+%*$/ # 09:63&3134R # QA02&W/113134R # /543(AQ1%4 # ,*6%05%1R # -3*+,*&,9@%45%1 # +%*09:63&3134D#
n,*'%$%4,0%5#GB6H4/1#09X1/5W0C134R#5'3*64%5/#4?+20?1%4R#1:9G35#3&'(3#4:GG34R#3&'(3#:52**XGG%5#
09X*%*5%1#$3&#%9#%+,44#5'3*635D#d39+34G35#(:6/+3GGR#1;0BGG#@,009%GG#-,&%*$%920,1#H(2026%*#
&'%1,(,*A21#%9#H(20G3*/#1/-3A39;04D#"#(35+093(30#W0,E,(4.#;0#E2($?51%R#%9#3&';5/#$3&5'/*625?*20,1#
3&'(3#5%&',GG#093(3E34#1%E5%1D#V*6%05%1#;0#G309;*531#%#4%5?*4#/+3&35#5'3*634#%5'%5'3*61;54#
@%0952*X#,(092&,1R#5;E31#1?*4Q(2A2(X*R#/(,+%*$2(X*R#4:(4;53*$;(B*R#-:*+(%A92(X*R#$F6;0934/#;*34;(B*R#
09,120%/(X*D#T2*4,9%4,0%5#;0#-,*'%$%4,0%5#&'%1,(,*A21#%9#,*6%0,44#;0#@%**,44#09:63&31#;(4;0;4R#%9#
3&';5/ # G309;+$3&5'/*625?*204R # %9 # H(201;090;&34R # H&' # % # +/21,1 # 3&'(3 # 1:93*3GG # 13(C*531 # %#
1:9;E09/54F#5'3*64?+20@,9D#"#4/93513443+/1#,0942*'#6;&;5#%#4%5?*X1#3&'#(;093#3*;(@34/#%#f!#09/5434#
*3&%*2GG#%9#3&'/1#5'3*6GB*R#092$?1(%#%#4/935@%($%+/1#,0942*'#W;*A%#*3@34#%#fJ#09/54#6%&'#%#$20/1#
5'3*6GB*#%#f!#09/54#3*;(;03D
bGG35#%9#/+B09%1G%5#5%&',5#AXR#@%#%9#,0942*'#1%EW0,*%4,4#6309#-3*#$20#,(092&G3*/#)%*+,(-./01,*21#
%9,5,0 # 1,(Q # +/21A%/6%* # S*363*39;0R # +/21W03(;1R # ,0942*'1/(25+?*20,1R # 1:9:0 # E(,A31431UD # "9 # ;*B#
5'3*663*#6%*X#4%*2*1,920#$/5+35#-,($2A%#(35+1H6C*#-,54,0#3GG35#%9#;*341,(G%5D
PN":5,+)&$#

JJ]

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b94#%9#,0942*'-,1,4#;G3(#/543**314?0#A3**3$9/R#%#+/21,1#/&;5'*/1#%#4?+%4,0%GG#4%5?*204D#"9#3++/&#4%5?*4#
5'3*64%5/#/0$3(3431#3&'#$%&%0%GGR#4?+%4,0%GG#09/54(3#@3*'39;03#%9#3&'/1#W;*D#"9#/0$;4*;031531#
4,62GG(%#/0#5%&'#093(3E3#6%5#%#$3&093(9344#4?+20#-,*'%$%4,0#GB6H4;03#$3**344D
"9#,*6%0%5+X#09:63&31#1:9:44#093(3E3*@34531#QA02&W/1131R#4?+X0H420,1#1:93*/R#B134#/0#-,&*%*1,94%4X#
303$;5'31(B*D # b931(B* # % # +/21,1 # 6;*3$;5'4 # -,($2*5%1D # n,&*%*1,9@%4?51 # (:6/+3GG # /(,+%*$/#
09:63&3113*R # A3*35343113*R # $3*'31G35 # . # %12(W0%1 # % # 42(0%*&20G%5 # ;0 # % # 5'3*6/ # A24;1,1G%5 # .#
:00931%EW0,*X+/1#%#-3*+,*&,9,44#5'3*64%5#@%0952*%4%#%#&'%1,(,*5/#1H6254#09X1/5WW03*D
" # 42(0%*&20 # %9 # X(21 # 3&'(3 # -,54,0%GG # 3*3$3D # 8,109,( # %14?2*/0 # 4;$21(X* # G309;*&34C51 # /+3&35#
5'3*635D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#5',*W#;6G35#4%5?*4%1#/0$3(343#S09X1/5W0R#5'3*64%5UD
J$431'%&.",2V)2/83:/."S:)+0
"9#H(20G3*/#;0#09XG3*/#1/-3A39B1;090;&#G24,(H420%R#5'3*64%5/#;0#09X1/5W0G3*/#/0$3(3431#/0$;4*;03R#
GB6H4;03#13(C*#3*B4;(G3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# 1,$$?5/12W/X0 # 1;090;&31 # -3A*3094;03 # $/5+ # H(20G%5R # $/5+ # 09XG%5 # 5%&' # @%5&0Q*'4 # 1%ED #"9#
,*6%0$25',1#:52**X#-3*+,*&,920%R#%9#%*%E634B#G309;+@3*'93431G35#6%*X#A2(4%002&R#%9#H(201;090;&#
-3A*3094;03#1/3$3*435#-,54,002#62*5%1D
G$TS/+)U*1/."T+43+0
b&'30#,*6%0,44#09:63&31#4;$2A%#4,62GG(%#/0#1%EW0,*X+@%4#3&'30#3E,W@21@,9D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5D
Y'3*64%5_
.#4%5?*4#/&3/+B1#/0$;4*;03R#(35+093(39;03R
.#(;&$Q*4R
.#-3*4;43*30#$X+#A3*35#/+3A3R
.#-C&&B#G309;+R
.#@%42(,9%4*%5#5;6$20,1R
.#@%0,5*H4X0#093(1393431D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#4?+5%1#$/5+#09XG%5R#$/5+#H(20G%5#(:6/+#:0093-,&*%*X1%4#%+5/#%#-3*+,*&,9,44#09:63&(;0931GB*R#
4;$21GX*R
.#1;E3031#@,009%GG#09:63&34#S1:55'H4344#,*6%0$25'4U#:52**X%5#-3*+,*&,95/D
. # /0$3(/1 # ;0 # %*1%*$%9921 # %9 # 3&'093(FGG # *36;*-,($24R # 1;E3031 # (:6/+ # *363*31R # -,&%*$%920,1#
$3&H(202(%R
.#@;41:95%E/#09/4?2W/X1G%5#1:55'35#$3&09X*%*5%1R
.#09X1/5W0C1R#5'3*64%5/#4?+20?1R#G309;+1;090;&C1#1:93*H4/R#;0#62(@%4X%5#%#!ND#,0942*'#6;&;(3#3*;(/#
%9#"J#09/5434D
JIN

=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5'3*6/#W0,E,(4#09/54A;531R#4?+2025%1#$3&-3*3*B35#4,62GG#42&H4A?1#5'3*64%5/#/0$3(343/134R#GB6H4AC1#
09X1/5W0C134D#v(20G%5#;0#09XG%5#3&'%(254#%#1,$$?5/12W/X0#-3*%+%4,1#13(C*531#3*B4;(G3D#b&'(3#
4:GG#%9#H(20G3*/#;0#09XG3*/#09:63&;(4;04#&'%1,(,*4%4X#-3*%+%4D#"9#:52**XR#%#E2(,0#;0#%#W0,E,(4$?51%#
4,62GG(%#/0#62*4A21#3&'$204D#"#4/93+/1#;6-,*'%$,5#%#$%&'%(4%52((%*#3&'C44$F1:+63#3*#*3@34#$3(C*5/#
5'3*6;0934/#4;$21G%5D#"#42(0%*&20G%5#$3&A3*35531#%#6/421R#1:9:035#4%5?*$25',9,44#/(,+%*$/#$F#
%*%EA25#3&';5/#&,5+,*%4,1#A3*35@34531#$3&D#893(3E34#1%E@%45%1#QA(%#%#63(031R#09H5E%+/#$F631R#
A3*353431R#+(2$%(;09*3431D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#1/*35W#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
" # +/21,1 # 5'3*6/ # /0$3(343/ # 4,62GG # GB6C*531_ # 09X1/5W0C1R # 5'3*64%54?+20?1R # G309;+1;090;&C1R#
09:63&;(4;0C1#;0#H(201;090;&C1#3(B0:+/1D#d:9G35#09:63&3135#13(3094C*#4,62GG#/0$3(13+531#%#
4%5?*4#5'3*6#@%92A25%1#1?*4Q(2A26%*R#%9#,44#;*B1#09,120%/6%*R#5'3*6;0934/#%*%E1;(+;03113*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9 # :52**X02& # 1%E # 5%&' # @%5&0Q*'4_ # % # 4;$21(X* # :52**X # 6;*3$;5'31 # $3&-,&%*$%920%R # 3&'(3#
@,009%GG#:52**X#-,&%*$%920,1#H(20%R#5'3*64%5/#09%G2*',1#:52**X#%*1%*$%920%#13(C*#3*B4;(G3D
G$TS/+)U*1/."T+43+0
"9 # 3&'30 # 3E,W@21 # 4;$2A2@,9 # $3&-3*3*B # /+B9H4;003* # *3@34 # 1%EW0,*X+5/ # %9 # ;*341,(/ # 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5R#1,$$?5/12W/X0#1;090;&31#-3A*3094;03D
Y'3*64%5_
.#6,5%41,9X#5;6$20,1R
.#$F63*434B#093(13934R
.#G3-3A39344#A:6BR
.#-3*4;43*30#$X+#$Q*4#/+3A3R
.#/&3/+B.3&'39434;0#1/A3*354B#$X+G%5R
.#1:4B$X+D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
. # 42(0%*&20/ # 09/54A3R # 09XG3*/ # 1/-3A39B1;090;&3 # 4,62GG # -3A*B+/1R # % # !ND # ,0942*' # 6;&;(3 # % # 4:GG0;&#
62(@%4X%5#3*;(/#%9#"J#09/54F#5'3*64?+204R
.#4?+%4,0%GGR#$%&%0%GG#09/54F#$3&;(4;003*#;0#-/&'3*3$$3*#-,(+?*5%1#%#5'3*64%5/#1;(+;031#-3*;R
.#1;E3031#/(,+%*$/#09:63&31#6%&'#QA02&W/1131#:52**X#-3*+,*&,9202(%D
==N":5,+)&$#

JI!

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
n,*'4%4X+/1#%#5'3*64%5/#A3*350;&31#4%5?*$25',920%#;0#&'%1,(*20%g#4?+%4,0%GGR#$%&%0%GG#09/54(3#
3$3*;03R#2(5'%*20%D
"#-3*0B0#,0942*',1G%5#/&35#@%5&0Q*',0#%9#:52**X#4%5?*20R#%9#:52**X#$?51%_#3GG35#%#-,*'%$%4G%5#%#
4%52( # 03&H4 # $3&4%*2*5/ # % # +/21,15%1 # %9 # 3&';5/ # ?4%1%4 # ;0 # 3091:9:134 # % # 1/4F9:44 # W;*,1 # 3*;(;03#
;(+31;G35D#8,(#13(C*@34#3&';5/#E(,A314$?5121(%R#1/03*B%+20,1(%#/0D
oA(% # 3*B4;(G3 # 13(C* # % # 5'3*6 # 09;E0;&3D # " # +/21,1 # 3094;4/1%/ # 6;*3$;5'%*1,420/ # 1;E300;&;4#
&'%1,(,*@%4A21#1*%009/1?0#;0#$,+3(5#09:63&31#-3*+,*&,92026%*D#"9#/(,+%*$/#09:63&31#,*6%020%#
(;09G35#%9#X(25R#(;09G35#,44@,5#4:(4;5/1D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#!N#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
"9#3&'30#5'3*64%5/#-,($21R#1/-3A39;031#4?+%4,0#&'%1,(*20%#09XG%5#;0#H(20G%5#3&'%(254#3*B4;(G3#
13(C*D#"#+/21,1#3&'(3#4:GG34#G309;*531#3&'(3#4:GG#4;$2(X*#/+3&35#5'3*635D#Z,009%GG#09:63&31R#
H(20,1#:52**X#-3*+,*&,920%#03$#A3*354#&,5+,4#092$?1(%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7/5+35 # +/21 # 3&'(3 # W;*4?+%4,0%GG%5 # 4%5?*D # "9 # H(20G3*/ # ;0 # 09XG3*/ # (35+093(30 # 092$,51;(;031#
03&H40;&34 # 5'QA4%5%1 # 3GG35D # d;E3031 # 3&'.3&' # 4;$2(X* # :52**X%5 # 1/-3A435/ # 6;*3$;5'C134R # %#
42(0%*&20G%5#3&'(3#62*%094;1,0%GG%5#6309531#(;094D#v(20G%5#%#@,009%GG#*363*31R#-,&%*$%920,1#
H(20%#3(B0H4/#1/-3A39B1;090;&C134D#n/&'3*$34#-,(+H4?51#%#5'3*6/#1/-3A39B3091:9:1(3R#%#04/*/094/12(%D
G$TS/+)U*1/."T+43+0
"9#3&'30#3E,W@21#4;$2A2@,9#$3&-3*3*B#/+B9H4;003*# *3@34#1%EW0,*X+5/D #%9#;*341,(/# 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5D#d,$$?5/12W/X0#1;090;&31#-3A*3094;03D
Y'3*64%5_
.#/&3/+B.3&'39434;0#1:4B$X+G%5R
.#/&3/#1:(C*H(20,1R
.#$,5+%4(:6/+H4;031_
.#-3*1/2*4X#$,5+%4,1R
.#-3*4;43*30#$,5+%4,1R
.#093563+B#093(13934R
.#/&3/+B1#:0093@%0,5*H420%R#@%0952*%425%1#4?+%4,0H420%D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#1;E3031#@,009%GG#09:63&31R#,*6%0$25',1#:52**X#-3*+,*&,920%#?425#%9,1(X*#6;*3$;5'4#%*1,45/R
. # /0$3(/1# ;0 # %*1%*$%9921 # %# 1C*:5G:9B # *36;*-,($21%4R # 1;E3031# @,009%GG# *363*31R # -,&%*$%920,1#
$3&H(202(%R
. # 1;E3031 # G2($/*'35 # 42(0%*&20/ # 4;$2@,9 # @,99209X*5/R # 2**204 # -,&*%*5/R # 3034*3& # 6/4%41,95/R#
$%&%G/94,0%5#+,*&,95%1#E2($?512G%5R
JIJ

.#4%(4@%45%1#X(21%4R#X(%(;09*343134R#1/03*B%+20,1%4#$3&@%42(,9,44#4;$21G%5D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#G309;+&'%1,(*%4,1#4;$2/#%9#;(3440;&/#4;$%1:(:134#1;09H4/1#3*BR#%9#H(20G3*/#-3*%+%4,1#%#*36;*H(20R#%#
-,&%*$%920 # 43(C*34;5 # $;*'H4/1R # E,54,0H4A21 # % # +/21,1 # 4?+2024D # " # !JD # ,0942*' # $20,+/1 # -3*;G35#
:0093-,&*%*A?1#;0#*392(A?1#%9#3++/&#4%5?*4%1%4R#,E4/$2*/0#3034G35#f!#09/54F#5'3*64?+20(%#43@34531#
093(4#%9#C&'303GGR#$,4/62*4%GG#+/21,1D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#4%5%5'%&%#S09X1/5W0R#5'3*64%5R#1;090;&31UD
J$431'%&.",2V)2/83:/."S:)+0
"#f!#09/54@39#1:93*/#5'3*64?+20#$3&093(9;03#%#W;*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#1:9;E09/54F#;(3440;&/#3*62(20%/@,9#@%0,5*X#H(20G3*/#;0#09XG3*/#-3*%+%4,1#:52**X#$3&,*+20%D
G$TS/+)U*1/."T+43+0
7F6;09344:(4;534D
GO)S/,+%$)#$0"f",+%$)#$0
"9 # 3++/& # 4%5?*4 # 5'3*64%5/ # 09%G2*',1 # $;*'3GG # /0$3(343R # % # 09X1/5W0 # 1:9;E09/54F # ;(3440;&/531#
$3&-3*3*B#/0$;4*;03R#GB6H4;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#3&'#(;093#$2(#35531#%9#;6531#%#6;&;5#1;E30#3*B(3@,9,44#1:9;E09/54F#;(3440;&/4#4355/#
0E%5',*#5'3*6GB*D

D'+/8
=N"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#%*0X#4%&,9%4,5#%9#/+3&35#5'3*631#4%5H420252*#139+34G35#%9#%5'%5'3*6#3*0%A24H42025%1#$/542A24#
4F9/#$%&%#3*;#%#)%*+,(-.E3+%&X&/%D#"#5'3*6#43($;0934;63*#-,*'4%4,44#$?51%#%94#3(3+$;5'39/R#@,&'#
% # &'3($31 # 43*A30 # *;5';63* # G3*3$3(C* # % # 5'3*6G3R # 39;(4 # % # 5'3*6X(21 # 3*0B0,(G%5 # %9 # %+,44 # /+3&35#
5'3*635#-,*'5%1D#"#&'3(31#?4259X.#;0#G3-,&%+X.1;090;&;63*#,+%%+A%#$%&24#%#4%52(#0925+;125%1R#
;(9;03/63* # . # ;0 # 53$ # /543**314?2*/0%5 # . # 1%EW0,*X+/1 # % # 4%52(/ # 436;135'0;&@39D # b931 # %9 # ;(9;031R#
$3*'31 # % # G309;+0925+;1 # $3&(%&%+202(%R # -3*-,&202(% # /(25'?*5%1R # /512GG # ;(9;13*BR # $3&/0$3(B#
A3**3&F31D #"# &'3($31 # % # A3*354;04 # 09/4?%4H6 # 4%E%094%*20 # Q4A25 # (%&%+A% # $3&R # %$/ # *3@34B6; # 4309/ # %#
0,1,*+%*Q#%*1%*$%9204D
"# 4%52( # /+3&35 # 5'3*635 # 1:09:5R # GQW0Q9/1R # /+3&35 # 5'3*6F # ?4%0H420,1%4 # %+D # >35+093(/54 # 3&' # 1/0#
63(003*R#-,@2009%*#139+B+/1#%9#X(%#;0#3&'#$20/1#-,@2009%*#-3A39B+/1#G3D#7,5+X121%4R#+%*,1%4#;0#
A24;1,1%4#A2409%5%1#QA(%#;0#QA(%R#%9#X(%#1/03GG#(;09;G35#-,&*%*1,95%1#%9#QA#%5'%&&%*D
JII

" # $,9&200%*R # &3094?0,11%* # 1H0;(4 # +%*,1R # $,5+X121R # A24;1,1 # 03&H4/1 # % # (/4$?0R # +%**%$.R # ;0#
@%5&9206/*2&#;(9;1/#4%E%094%*2024R#%#@3*'30#1/3A4;0#-,($2*2024R#6%*%$/54#%#4%5?*4%1#@,009Q#426Q#
$3$X(/2G%#6%*X#G36;0B+;0;4D
" # )%*+,(-./01,*% # 1,(%/ # 5'3*64%5H420% # S!.ID # ,0942*'U # $X+093(4%5 # ;0 # 43$%4/1% # 093$E,54A2GX*#
3&'0;&34#%*1,4R#%#-3*+,*&,9,44#4;$%1:(:1#;0#%#09X1/5W0#0E/(2*/0%5#GB6C*63#;EC*531#3&'$20(%D#"#
09%6%1%4 # +%*,1G%5R # 63(031G35R # 4:(4;5343135 # 13(3094C* # ;*B # 09:63&1:(5'3934G35 # 4%5?*A21 # %#
&'3(3131R#+3#5;@25'#43$%4/1?0#W0,E,(4,4#;(/5463#/0#4%*2*1,95%1#$2(#%9#%*%E09X1/5W01;09*3443*D#"9#
3*0B # @2(,$ # /01,*%;6G35 # 43@24 # % # &'3($31 # ?425920 # Q4A25 # 4%5?* # /+3&35 # 5'3*635 # G309;*5/R # %9#
H(20G3*/0;&#$;&#53$R#6%&'#W0%1#%#@%($%+/1#;6#6;&;5#A3*35/1#$3&D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
Y/5W0#09C10;&#3*B93430#4?+20(%D
J$431'%&.",2V)2/83:/."S:)+0
"9 # 3*0B # ,0942*'G%5 # % # 5'3*64%5?*20 # 3*0B+*3&30 # W;*A% # /0$3(13+;0 # %9 # /+3&35 # 5'3*663*R # %55%1#
1/3A4;0;63*R#(/4$?026%*R#+%**%$26%*R#6%*%$/54#%9#3&'093(F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#3*0B#,0942*',0#&'3($3131#%#09XG%5#4%5?*4#$,5+X121%4R#+%*,1%4R#(:6/+#$30;134#3&'C44#$,5+A21R#
;531*/1#%9#,0942**'%*D#b&';5/#$3&09X*%*20,1#*3@340;&3031R#$3&4%5?*5%1#1:09:55/R#G3$?4%41,95/R#
+3 # % # 1:9:0R # W0,E,(4,0 # 63(0$,5+20R # ;531*;0R # A24;1 # 13(C* # 3*B4;(G3D # Z%0952*@%45%1 # -C93434_ # %#
@%**,44.4%5?*4#$30;1@39R#4:(4;53431@39R#A24;1,1@,9R#+%*,1@,9#1%EW0,*X+X%5#1;E3134#(%A9,*@%45%1#
03&H463#%#$3$,(/92*204D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X%1#3&'30#4:(4;534G3*/#4;$21R#6%*%$/54#%#092$,*20@,9#%9#
/+3&35#5'3*6F#092$,1#4%5?*2026%*D
GO)S/,+%$)#$0"f",+%$)#$0
"# &'3($31 # 1:9634*35 # 1:(5'3934;GB* # 3(3+531_ # 1:09:5;031R # 092$,1 # !.JNR # ,0942*'43(3$ # 42(&'%/R#
09H531R#W0%*2+R#4304(;0931R#3&'093(F#W03*316;031R#09,120,1#;0#?4%0H420,1#%9#,0942*'G%5D#"#63(031R#
+%*,1R#$,5+X121R#A24;1,1#09%6%/R#1/-3A39;03/#/0#G3;EC*531#$3$X(/2A?1G%D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#4?+5%1#(3%&2*5/#3&'093(F#?4%0H420,1(%R#1:09:5;031(3R
.#03&H40;&&3*#1:6345/#4?+5%1#3&'#3&'093(F#$30;4R
.#%9#,0942**'%*#3&'C44#4?+5%1#3$*;13934GB*#-3*/+;95/R#3*$,5+%5/#63(03134R#$,5+X121%4R#;5313*5/#
+%*,1%4R
.#53$#/+3&3513+531#%9#,(,09#5'3*6#1/3A4;0G3*/#0%A24,002&%/4X*D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)

JIh

"9 # 3*0B # ,0942*'G%5 # 093(9344 # 5'/4,4402&,4 # %9 # /+3&35 # 5'3*6 # /(254 # 4,62GG # 3(B0H4AC1D # " # $20,+/1#
,0942*'G%5 # -,*'4%4X+5%1 # %9 # 3*0B # ,0942*'G%5 # $3&139+344 # 436;135'0;&31R # %9 # X(21 # 4,62GG(% # /0 # %#
09XG3*/ # $?512(%# ;EC*531D #"# &'3($3131G35# 3(B03GG# %9# /&;5'# %9 # 3&';5/ # $3&09X*%*20(%R # 3GG35#
G24,(H4A?1#B134D#"#4%5H420G%5#$;&#$/5+/&#+,$/52*#%#(/4$/1?0#3*3$#$/5+#%9#X(%#-3*;EH4;0;G35R#$/5+#
%#436;135'0;&31#A3**3&;G35D#a%E0,*X0#$,5+X121#;0#E3(&BGG#(/4$?0Q#63(031#/0#3*B4;(G3#13(C*531R#
393134 # 5%&'R # *35+C*3430 # $,9+?*%4,11%* # 1H0;(/1D # " # &'3(3131 # @,009%GG # $30;134 # $,5+%5%1 # ;0#
A2409%5%1#3*#%#4%52(#03&H40;&;63*#SE*D#*25W$30;1R#63(030#$30;1UD
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#,0942*'G%5#6%*X#/0$3(13+;0#%#5'3*663*D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21,1#3&'(3#,44@,5,0%GG%5#;(9/1#$%&?1%4#%9#X(25#%#5'3*6/#1:(5'3934G35D#"9#X(%/#4:(4;5;031#-B#
W;*A% # %9 # /+3&35 # 5'3*6 # /(254/ # ;(+31*B+;0R # % # 1H625W0/02& # -3554%(420%D # d:9G35 # @%5&0Q*'4 # 1%E # %#
09X1/5W0#GB6H4;03R#%#G309;+;(4;0#3(B0H4;03R#%#1:9:0#$3&09X*%*20,1G%5#6%*X#G24,(#(;096;43*#;0#
3&'.3&'#3&';5/#$3&09X*%*20D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#%*%E634B#/+3&35#5'3*6F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D#"#4%5?*X1#1;E3031#3&'093(FR#+3#
$2(#@,009%GG#4:(4;5343134R#$30;134#$3&;(435/R#1X(?0G%5#$,5+%5/R#3*A2409%5/D
G$TS/+)U*1/."T+43+0
a,62GG(%#/0#3*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X1#3&'30#4;$21D#"#092$,1#/0$;4*;03R#GB6H4;03#%#
092$,*20#3E,W@26%*#3&'#/+BG35#4:(4;5@34D
GO)S/,+%$)#$0"f",+%$)#$0
"#09X1/5W0#3*0B0,(G%5#%#43($;0934@39#S2**%4,1R#5:6;5'31R#/+BA2(20R#04GDU#1:4B+/1R#6%*%$/54#%#@;4#
5%EA%/R#%#092$,1#!.!NNR#G3$?4%41,920R#3&'093(F#1/-3A39;031R#1:09:5;0#;0#%((%#(3%&2*20#%*1,4A21#%#
09X1/5W0GB6H4;0#%*%EA%/4D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#%9#/0$3(4#4:(4;5343134R#63(03134R#$30;134#;(4/1R#3$*;13934GB*#-3*#4?+A21#/+;95/R#3&'C44#$,5+A21R
.#%#5'3*6/#A24;1,1G%5#09H63035R#:(:$$3*R#%14H6%5#6309531#(;094R
.#%9#X(21,5#@%0952*4#,(,09#5'3*6F#?4%0H420,1%4#1:55'3+;5#$3&;(4/1R
.#3&'093(FR#G3&'%1,(,*4#1;(+;031(3#$3&-3*3*B35#(3%&2*5%1R#62*%09,*5%1D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%($%+/1#;6-,*'%$,5#$;&#$/5+/&#%#W;*5'3*635R#%9#%5'%5'3*6#1/92(2026%*#+,*&,9?51#3&'C44#%#
&'3(313113*D # a,62GG(% # /0 # %*%E634B35 # 09XG%5 # -,*'/1 # % # 4%5H420D # "# 4%52(5%1 # 4?+%4,0%5 # 13** # %((%#
4:(313+5/3R # @,&' # ,*'%5 # 63(03134 # 4%5H40,5R # &'%1,(,*A,5 # 3GG35 # %9 # ;6G35R # %$3*'3113* # 093(345;#
G3639345/#%9#,(,09#H(204D#Y%&'G%5#03&H4/#%#1;0BGG/#4%5?*$25',1%4R#@%#5'3*64%5/#093(1393431#/0#
3*B13(C*531 # 3931G35 # % # 63(031G35D # bGG35 # %9 # ;*341,(G%5 # % # &'3(3131531 # $2( # 0,11%* # 5%&',GG#
;(9;1C1 # 6%5 # % # 5'3*6@39R # %9 # 2(5'%*%4,1@,9R # $/5+ # % # 1/3A4;0R # $/5+ # % # A3*354;0 # 43(;5D # Z,009%GGR#
JIL

62*4,9%4,0%GG # 09:63&3113* # /0 # G,*+,&?*5%1D # t2(G309;+31R # 5'3*64:(B1R # 63(031 # A3*35531 # $3& # %9#

X(21,5D#[/(/**#;0#734X+#4:(4;5343R#%#W/(/**#2G;W;#*3&35+2A%R#%9#2G;W;#(/4$/1?0#3*0%A24H420%#%#@%($%+/1#
,0942*'#3&'/1#-B#-3*%+%4%D#"9#H(20G3*/0;&#$3&A3*35;03#/0#-,54,0#093(3E34#1%E#3GG35#%9#;*341,(G%5D#
" # 5%&' # 5',$4%4,44 # W/(/** # G34F1 # -,($%6/*2&24 # 0,1.0,1 # &'%1,(*200%* # %9 # %5'%5'3*6@39 # @%0,5*X%5#
0%A24H4A21#3*#%#&'3(3131D#"#-C934G35#%#1;E30#2G;W;#$3&A3*35;03#A3*9/#;0#3*B(3634H4/#%#-,(+?*XE,54,4R#
%$3*'#%#5'3*64%5?*20G%5#/0#G31:634139/1D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9 # 3*0B # 1;4 # ;6G35 # 4%5?*4%1R # %9%9 # /0$3(13+;0 # % # 5'3*663* # 63(031R # +%*,1R # A24;1,1 # ;0#
(:6/+3GG.@,009%GG#4:(4;53431#-,($2A2G%5D
J$431'%&.",2V)2/83:/."S:)+0
"9 # /+3&35 # 5'3*635 # @%**,44 # 4:(4;5343135 # 13(3094C* # % # &'3(3131 # G3E/**%54204 # 5'3(531 # 3&' # $20/1#
1?*4Q(2G%D#b*-,&%+A21#%9#/+3&35#5'3*6#0%A24,002&%/4R#3&'(3#E,54,0%GG%1#%#@3*'30#1/3A4;0R#/54,52W/X#
43(;5D#"#09X1/5W0#GB6H4;03R#%9#3&';5/#093(3E*;031#G24,(H420%#-,54,0#093(3E34#1%ED
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d;E3031 # 3&'093(F # $,5+%4,1%4 # %*1,45/D # 73&;(4/1 # % # 4:(4;5343134R # 62*%09,*5%1 # % # G3&'%1,(,*4#
1;(+;031(3D#52**X%5#/0#$3&#$3(531#09X*%*5/D
G$TS/+)U*1/."T+43+0
b&'30#3E,W@21@,9R#E;*+2?*#092$4%5R#$3043(0;&31R#-:*+$F63*;0R#@29;EH4;0D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0_#%9#,(,09#2G;W;#(/4$/1?0#/0$3(343R#4B092$,1#S!.!NNUR#&'C$:*W0:1R#;609%1,1R#@X5%E,1R#
5%E09%1,1R # 4,62GG/ # 2**%4,1R # (?@21R # 42(&'%1R # $3043(0;&31R # -,&*%*1,920,1R # 5%E/ # W03*316;031#
09X1/5W03D#Y'3*64%5/#-,&%*$%1#$;&#53$#13(C*531#G363934;0(3D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31
.#62*%09,*5/#4?+#:5$%&2(%#6,5%41,9X#3&'093(F#1;(+;031(3R
.#%9#X(21,5#@%0952*4#,(,09#5'3*6F#?4%0H420,1%4#1:55'3+;5#$3&;(4/R
.#1:6345/#4?+#3&'#3&'093(F#4:(4;53434R#%$3*'34#3&'093(F#$,9+?*%4,11%*#1H0;(63#$30;*C51#3*R
.#1H6C*(B*#4?+#$2(#3&'3+C*#/0#+%*,1%4R#63(03134R#$,5+X121%4R
.#/0$3(/#%9#"f[.4#S09XG%5R#<63(0093(F35=UD
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)+0
"#!ND # ;*34;6G35 #%# &'3($3131# %9#r5.4?+%4,002& #3&' #QA #09/54A;(3#*;E531D # e5+/6/+?%*/92*5/?1# 13**#
$/5+%94R#%$/4#3&'C44#4%5?*4%1#$3&D#"9#3&';5/#,+%-/&'3*;0#(35+1H6C*#-,54,0#3GG35#%#1,(G%5R#$3(4#%9#
H(20 # 3*0%A24H420% # ;0 # % # &'%1,(/ # 3&';5/ # -3*%+%4,1 # 3*B4;(G3 # 3$3*/1 # %9 # 3034*3&30 # 53@;90;&3134R#
%$3*'31 # 3++/& # 3935 # % # 4;(35 # 53$ # 6,*4%1 # 093$G34F5B31D # Y;@25' # &'3($31 # 1C*:5 # 03&H40;&34#
/&;5'3*@34D

JIO

bGG35#%#4%5;6G35#139+3531#%#&'3(3131#,(,09?*#H(5/#5%&'#5',$4%4,44#W/(/**#G34F113*D#"9#3*0B#@2(,$#
;6# 09XG3*/# %5'%&24R# /$$2(# 4?+%4,0H46%R # H(20G%5# /0# (:&9H4AC1D #>:6/+3GG#$,5+X1214X*# @%*%+?51#%#
@,009%GG#$30;1/&R#4:(4;53431/&D#"9#/0$3(4#09:63&314B*#/5+?*6%#/0$3(13+531#QA%GG#,(,09#5'3*6F#
63(03113*R # +%*,11%*R # $30;113*D #"9 # H(204X* # @%*%+?51 # %9 # ,*6%020 # 1;090;&09/54F # 3*0%A24H4202@,9R#
(35&343&#&'%1,(*200%*#;0#4C(3*3$$3*D
"@,* # W0%1 # *3@340;&30R # % # 09%6%1%4 # $,5+%4,1G%5R # 09:63&:0093-C&&;031G35 # 4%5?*A21 # $3&D#
b*139+B+/1#%9#3&'093(FGG#5'3*64%5/#09%G2*',1#4?+%4,0H420%#;0#&'%1,(*20%D#7;&#$/5+/&#%#(/4$/1?0#
09:63&31#2**5%1#3*B4;(G35R#+3#4:(4;5343134#/0#+,*&,9@%45%1#-3*D#"#&'%1,(*20#3&'/1#*3&@%4;1,5'%GG#
$X+A%#3GG35#%9#;*341,(G%5#%#+(%$%4/92*20R#%#093(3EA24;1D#"#09XG3*/#$?5124#5'3*64:(B1R#63(031R#
$,5+X121R#+%*,1R#6%*%$/54#1;(+;0.-3*3*3431#1:634/1D#"9#3*@%5&9,44#4:(4;53431#4%(4%*$24#1;(+;031#;0#
62*%09,1#03&H40;&;63*#/+3&35#5'3*635#:0093-,&*%*A?1R#3034*3&#3*$30;*@34AC1#%5'%5'3*635#/0R#3993*#
42$,&%46%#%#53@;90;&3113*#1C9+B#&'3(313134D
"#W0,E,(4,0#093(3E*;0#@244;(G3#13(C*#%9#3&';5/#$3&09X*%*200%*#093$G35D#"9#H(20.,*6%020#4%5?*20#
$3**344#%#09/4?2W/X0#A24;1,1R#(:6/+#+%(%G,1R#4%*2*X0#1;(+;031R#%9#;531*;0R#3&'093(F#E2(G309;+31#;0#
09XA24;1,1#%9#X(21#-,54,0#(;09;4#1;E39/1D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#@2(,$#;6#4%5%5'%&%_#63(031R#+%*,1R#$30;1#/0$3(343R#09X1/5W0R#3&'093(F#$,5+%4,1D
J$431'%&.",2V)2/83:/."S:)+0
"9 # ,*6%020.H(20 # 3*0%A24H420%R # &'%1,(*20% # % # W;* # 3GG35 # %9 # ;6G35D #"# $3$,(/43(3113* # 6%*X # $?51%#
-,*'4%4X+/1R#%9#3&';5/#093(3E*;03134#G24,(H4A%#%#4%52(D#n,*'4%4X+/1#%#@3*'30#1/3A4;003*R#/54,52W/X6%*#
1%EW0,*%4,0# &'%1,(*20D #"#09X1/5W0# 4,62GG # GB6C*D #"9#%5'%5'3*6 #;0# %9# /+3&35# 5'3*6# 093(139343R#
-3*;EH4;03#1:9:44/#1C*:5G0;&#139+#4?+%4,0?*5/#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
73&;(4/1#%9#3*@%5&9,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%#-3*4344#1;(+;031(3D#w'%1,(,*A21#%9#/0$3(4#
09:63&3135#13(3094C*# %9# H(204R # ,*6%0204D# d;E3031# 3&'093(F#5'3*64%5/#09%G2*',1%4 #-3*-3+395/#;0#
@%0952*5/D#T2**%*A21#%9#:52**X#093(3E*;04D#
G$TS/+)U*1/."T+43+0
"5'%5'3*6R#2**%44%5R#-:*+(%A9.1:(5'3934/0$3(34D
GO)S/,+%$)#$0"f",+%$)#$0
>:6/+3GG#;0#@,009%GG#4:(4;53431R#E2(G309;+31R#%9#3931@39#1%EW0,*X+X#09X1/5W0
Y'3*64%5_
.#[/(/**#2G;W;#/0$3(343#09XG%5#0#H(20G%5
.#G34F9;0
.#/0$3(4#09:63&31#-,*';1,5'#,*6%020%R#@3*'30#/54,52W/X6%*
.#QAR#3++/&#53$#/0$3(4#,(,09#09:63&31#,*6%020%
.#%9#,(,09#-B5;6#0%A24,002&%/#_#53$31#;0#6;&9B+;031
.#%#4:GG30#092$Q#,(,09#-B53631#S&'%1,(/#6;&9B+;031U
.#,(,09#5'3*6F#1;(+;031#;0#62*%09,1#5'3*64%5/*%&#/0#@3*'30#@%0952*%4%#S3&'39434;0U
.#G3$?4%41,920#,(,09#5'3*635#09XG%5#;0#H(20G%5#3&'%(254
!",2V)2/83:/"51'3"2'2*#:4&2.

JIK

"#&'3($3131_
.#@3*'3035#G34F9/1#%#536C134#;0#5;@25'#&'%1,(/#09X4R
.#E,54,0%5#,*6%05%1#G3&'%1,(,*4#09%6%1%4#;0#$,5+%4,1%4R#H(20G%5#-3*/0$3(/1#%9,1%4R
.#:52**X%5#%*1,45%1#3&'093(F#$,5+%4,1%4R
.#,44@,5,0%5#$,9,&5%1#%9#3&'093(FR#G3&'%1,(,*4#1,$$?5/12W/X0#@3*'93431G35R#E*D#G3$?4%41,920R
.#3*+:5435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%*%E634B#09X1/5WW03*#(35+3*139531#%#-3*+,*&,9,44#4;$%1:(:1G35R
1;E3031#3&'093(F#5'3*64%5/#09%G2*',1#-3*/0$3(;0;(3#;0#%*1%*$%9202(%D
Q252823:/"i-MN"+/831)&
d/0/01,*20 # 1,(G%5 # % # 5'3*63*0%A24H420R # % # 5'3*64%5?*20 # $;& # -B1;54 # 093$;*'31@39R # 09/4?2W/X1@,9#
1:4:44R#;0#W0%1#%#1/*35W.4/935@%($%+/1#;6G35#139+B+/1#3*#3&'#:52**XGGR#4?+%4,0%GG#4%5?*20D
"#09XG3*/#$?51%#%#1:9;E4%&,9%4,5#/0#%#4%5H420#1:9;EE,54A2G%5#$%(%+D#f363934AC1#%#1C*:5-;*3#
09,W/2*/0R#W0,E,(4,0#$?51%-,($21%4D#"#1X(?0G309;+34#3&'(3#/512GG#-3*62*4A%#%#&'3($3131#3&';5/#
$3&5'/*%41,920%D #"# G309;+&'%1,(*%4,1 # 0,(25 # % # +/21,1 # $3&4%5?*5%1 # 3&'093(F35 # 42(0%*,&5/ # %9#
/01,*%/ # ;0 # ,44@,5/ # ;*34(B*R # :5$%&?1(X*R # W0%*2+A?1(X*R # %9 # /+BA2(20(X*R # %9 # /+B(B*R # %9 # ;609%1,1(X*R#
5%E09%1,1(X*R # %9 # ,*6%0,44 # 09:63&31 # 4%(4%*$2(X*D # " # 436;135'0;&31 # 1:9:44 # 093(3E3* # 63(031 # ;0#
G309;+&'%1,(*%4,1 # 3&'C4430 # ;0 # 3&';5/ # 3*B%+20%R # 1:9:0 # ;531*;0R # 5'3*64%5/ # 1;(+;031#
$3&42(&'%*20%R # &'%1,(*20%R # %9 # %+,44 # 5'3*6 # @%92A25%1 # 4:(4;53*$/R # 1?*4?(2*/0R # -:*+(%A9/#
A3**3&934300;&3/63*#6%*X#/0$3(13+;0D#8,(#13(C*@34#3&'.3&'#(:6/+#09H5+%(%G#6%&'#A3*3534#3*B%+202(%#
/0D
"9 # 3E,W@%-C93431 # $/542A2(% # 6%&' # % # 4%52( # 0%A24 # 3*1;E93*;03 # 093(/54 # 0%A24 # 1/0 # 4%51:5'634#
093(13094@34531 # % # &'3($3131R # %$/G3 # % # 4%5?*4 # 63(03134R # +%*,1%4R # $,5+X121%4 # ;0 # &'%1,(*%4,1%4#
-3*A3&'39@34/1R # 5'3*64%5/ # 09%G2*',1%4R # (%&,920/ # 42G*29%4,1%4 # H(@%45%1D # 73&A3*35531 # %9#
,*6%0$25',1R#%#09:63&3134#$2(#%*%E,0%GG%5#-3*+,*&,9921D#"#-,*'%$%4R#%@,&'#%#+/21,1#%#5'3*64%5/#
09%G2*',1%4 # $2( # /0$3(4R # -3*+,*&,9,44 # 09:63&31GB* # *363934/1R # /**3463 # % # *3@34B # *3&3&'093(FGG35#
:5$%&?1 # $3&-,&%*$%9921R # 5%&'G%5 # 03&H4/ # %9 # 3$*;139;04R # % # -3*/+;9;04D # w'%1,(*X-C934C1G35#
&'%1,(,*@%4A21#%9#H(20G3*/#$?5124#%12(#%9#X(25R#%12(#@29/#-3*%+%41;54D
" # &'3($31 # % # 4/93513443+/1 # ;*34;6 # 42A25 # $2( # 1;E30 # ,1.,1,9%4/ # :0093-C&&;03134 # $3&*245/R # %9#
3*B9B*3& # 4%5?*4%1(% # :0093-,&*%*X%5 # (2431/5435/D # " # @343+/1.5',*W%+/1 # ,0942*'G%5 # -3*;G(3+531 # %9#
/543**314?2*/0R # &,5+,*1,+20/ # 3(B1R # *3@34B6; # 4;63 # % # 5'3*64%5/ # 09%G2*',1 # &,5+,*%4/ # Q4,5 # 4:(4;5B#
$3&;(4;0;4#;0#4?+%4,0%GG#%*1%*$%92024#/0D
"#5',*W%+/1#,0942*'#6;&;(3#3&'#24*%&,0#1;E300;&FR#%9#X(21,5#-/&'3*3$$3*#(;094#636B#+/21#1;E30#
%9#/0$3(4#;0#-3*+,*&,9,44#4;$%1:(:1G35#%9#%*%E09/54F#1,$$?5/12W/X(%R#%9%9_
.#1;E30#3&'093(F#5'3*63934FR#@,009%GGR#H(,44#09:63&#$3&;(4;0;(3R#:52**X#-3*+,*&,9202(%#S1;(+;031#
$3&62*%09,*202(%R#1?*W0/5-,($2W/X1#$3&4%*2*202(%UR
.#1;E30#(:6/+3GGR#3&'093(FR#:0093-C&&B#-,&%*$%920#$3&%*1,4202(%R
.#1;E30#%*%E-,1Q#09/5435#4:(4;53431#*;5'3&;531#$3&;(4;0;(3R
. # 1;E30 # %*%E09/54F # 1,$$?5/12W/X(% # ;*34093(F # @3*'93431G35 # %9 # /0$3(4 # 4;$%1:(:1G35 # SE*D#
G3$?4%41,920R#6202(*20R#/+BE,54.3&'39434;0R#43*3-,5G309;*&34;0UR
1;E30#%*%E09/5435#G309;*&345/#3&'.3&'#/0$3(4#4;$2(X*D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%#1,(G%5#S!!D#;*34;6U#3(B0:+/1#;0#%#1:(5'39344B*#-C&&34*353+/1#%#&'3($3131#$3$X(/2A%R#H&'#
0,1%4 # 1;E3031 # 4%5?*5/D # b11,( # $2( # @%0952*@%45%1 # 5',$4%4,44 # ,*6%0X1:5'634R # $3*'34 # %9 # X(25#
1:9:035#+,*&,95%1#-:*D#b9#%9#%#1,(R#%$/1,(#%#5'3*6#09;E0;&;4#1;E3031#-3*/0$3(5/R#%$/#5%&',5#
JIP

-,54,0 # %@@,9R # @,&' # % # &'3(3131 # ;*6399;1 # % # 5'3*634 # ;0 # % # 5'3*64%5?*204D # " # 09XG3*/ # $?51%#
5'3*64:(B134R# E2(G309;+3134R #;0# 63(03134R# ;*341,(?15%1# $3&-3*3*B# ;53134# 4%(4%*$%9R #%$3*'31# AX#
(;093 # $3$,(/43(D # " # 6%*X+/ # ;(4;1;5 # 4Q* # % # 63(0$,5+20 # % # 4/094% # 1/3A4;0 # ;0 # $,5+%4+%**%$#
G3&'%1,(*2025%1#1/62*X#3091:93R#;0#3(B0H4/#%9#/+/X$%#A3**3&F#09X1/5W034#/0D
"#53&'3+/1#,0942*'G%5#4%5?*4#3&'093(F#093(1393431(3#;EH463#3(B0:+/1#%#5'3*64%5#/(254/#;(9;1C1D#
Y%&'#&,5+,4#13**#-,(+H4%5/#%((%R#@,&'#%#&'3(3131#$3&;(40;1#;0#%*%E,0%5#3*0%A24H4021#%#09XG%5#
-,(&X # 5'3*64%5/ # 093(139343134D #"9 # %*%E634B # 09%G2*',1%4 # +3+?14H6 # $X+,5 # $%&?1 # -3+39/1 # -:* # ;0#
-,&%*$%9921#$3&D
" # 09%6%1%4 # 311,( # $2( # 4?+%4,0%5 # 4%5?*A21 # ;0 # &'%1,(,*A21 # 09:63&:0093-C&&;03/1G35 # %9#
,*6%0$25',1 # -3*+,*&,920% # 0,(25D #"9 # 3&'(3 # GB6C*BR # 62*4,9%4,0 # 09X1/5WW03* # % # &'3(313134 # %((%#
:094:5:99C1R # @,&' # 1;E93*34C134 # @%0952*6% # %*1%*$%9921 # % # 09%6%1%4D # 89H530 # ;0 # A3**3&93430#
*3H(20,1%4#@%**%5%1#;0#,*6%05%1R#:094:5:99C1#%9#,*6%020#093(3434;4D
4:+/1 # ,0942*'4X* # A%6%0,*A?1 # % # W0,E,(4$?5124R # % # (35+093(30 # E2($?5124R # 5%&',GG # *;4092$Q#
,0942*',1#3034;5#%#W0,E,(4G,54204D#bGG35#%9#;*341,(G%5#1:55'35R#AX*#$,4/62*@%4X1#%#&'3(3131R#;0#
%#$3&4%5?*%5+X#4%5%5'%&,4#3(3+$;5'303GG35#4?+A21#&'%1,(,*5/#;0#%*1%*$%95/#1/03GG#*;4092$Q#
W0,E,(4,1G%5D
m'$02'23

k;"U'$W

I)Y8232/"3O*1/
"#53&'3+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5/#093(1393431D
J$431'%&.",2V)2/83:/."S:)+0
"9 # ,(,09 # 5'3*6F # H(20 # ;0 # ,*6%020 # 1;090;&09/54(3 # 3$3*;03 # % # *3&-BGG # W;*D # bGG35 # %9 # ;6G35#
G363934;0(3#13(C*#%#W/(/**#G34F0#-,*'X#H(20#/0D#v&'#/$$2(#$/5+#%#<5;&'=#2G;W;63*#S5%&'#5',$4%4,44R#
1/0 # 5',$4%4,44R # 5%&' # ;0 # 1/0 # H(,44 # G34F63*U # $3&/0$3(13+531 # % # &'3(3131D #"# 5',$4%4,44 # G34F1(B*#
-,1,9%4,0%5#4;(531#24#%9#H(,44#G34F1#@%0952*%42(%D#b9#%#-,*'%$%4#%9#3&;09#4%5;634#24:*3*/D#"9#H(20#
&'%1,(*2052*#%9#,(,09#1:*4B/#5'3*634#3*B5'G35#(;0930H4@34AC1R#$/1:9G35#43(34#35&3+C51#%9#:52**X#
$,5+%4.#;0#09:63&#%*1,4205%1#/0D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d/0#03&H40;&&3*#$3&;(4/1#%9#,*6%0,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%9#,*6%0$25'(%#6,5%41,9X%5#
-3*4344#1;(+;031(3D#"#W0,E,(4,0#093(3E*;0#@3*'344#3&'(3#/512GG#%9#3&';5/#$3&09X*%*20#%#A3**3$9BD#
d;E3031#5'3*64%5/#09%G2*',1%4#-3*-3+395/#;0#@%0952*5/D
G$TS/+)U*1/."T+43+0
b&'30 # 3E,W@21@,9 # 1:4@34B31 # 3&'30 # ,*6%0$25',1R # 63(031R # +%*,1D # " # 5'3*64%5 # 3E,W@2@,9 # AX*#
1%EW0,*@%4X%1#3&'30#4%5?*4#5'3*64%5/#3*3$31R#093(1393431D#)%*+,(-.,*/$E/%#;0#0E,(42&%1D
GO)S/,+%$)#$0"f",+%$)#$0
"9#,*6%0,44#4:(4;53431@39R#%#4%5?*4#E2(G309;+31@39#1%EW0,*X+X#09X1/5W0
Y'3*64%5_
.#%9#,(,09#-B5;6#53$3#S1;(+B09%6%1U
.#%9#,(,09#$3**;15;6#S1;(+B09%6%1U
.#-B5;6#;0#$3**;15;6#3&'39434;0
.#093$;*'30#5;6$20,1
.#%9#/&3#!D#;0#JD(%&,920%#A3*35/+BG35

JI]

!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X1_
.#3$*;13934GB*#:52**X%5#/0#3*#4?+5%1#$,5+%5/#63(03134R#E2(G309;+3134R
.#%#4%5?*4#5'3*64%5/#-,($21%4#-3*/0$3(/1R
.#3&'093(FR#(:6/+#09:63&3134#$3&;(43531R
.#%9#/0$3(4#09%6%1%4R#$,5+%4,1%4#4,**G%$,5+20#?425#*3#4?+A21#H(5/R
.#:52**X%5#4?+5%1#%#4%5?*4#09%6%11%*#;0#5'3*64%5/#093(139343113*#$,5+%4,1%4#%*1,45/R
.#1/3&;09H435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%#4%5?*4#09X1/5W034#-3*#4?+A21#/+;95/D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%4,+/1#,0942*'G%5#%#E(3E?G3(420.1,(#A3**3&93430#6,520%/6%*#4%*2*1,9@%4?51D#"#(35+#;0#(35+093(R#
%9 # 24431/54@34B # 43(639;0 # 5%&',5 # -,54,0 # 3GG35 # %9 # ;*341,(G%5D # Z%4,+/1 # ,0942*'4X* # % # -:*+(%A9R # %#
1?*4?(2*/0 # 0%A24,002&,1R # *3&35+21R # G%**%+21R # 4:(4;53*$/ # ;0 # $/4/1?0 # 093$;*'/0;&31 # %*1,4A21 # % # -B#
4;$%1:(:134D #"# +/21,1 # /+3&35 # 5'3*635 # /0 # ;(+31*B+63 # -,&%+A21 # 393134 # % # 4;$21%4D # b&'(3 # 4:GG#
/+/X$24R#1/-3A39;04#;0#$/5+355%E/#42(0%*&20/#09X1/5W034#;EH4C51#G3#%#09XG3*/#$?512G%D#a,62GG(%#/0#
-,*'4%4X+/1#%9#,*6%020.R#;0#H(201;090;&#-3A*3094;03D#bGG35#%9#;6G35#393134#%#1;090;&3134#$3&#13**#
3(B0H435/D#b*139+B+/1#%#1(3%4H6#-,&%*$%920,1#H(20%R#3*B09:(#1:9:035R#$%A+#:52**X%5#/0D#"#+/21,1#
(35+093(3035#1%E5%1#H(20G3*/#;0#09XG3*/#@29/#-3*%+%4,1%4D
"# 5'3*64%5/ # 09%G2*',1 # ;0 # 093(1393431 # O.PD # ,0942*'G%5 # &'%1(%5 # 24-3+/1 # 3&'$204R # ;0 # G2($/*'35#
E(%14/1?0 # 0,((35+G35 # 63@34B1D #"9 # 3++/& # 4%5?*4 # 5'3*64%5 # ;0 # 09X1/5W0 # %*%EA25 # % # +/21,1%4 # 3&'(3#
/512GG#G24,(H4@%4A?1#%((%R#@,&'#09%G%+%GG%5#-3A399;1#1/#$%&?1%4D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#:4:+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#%9#H(20.R#,*6%0201;090;&#$3&3(B0H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#
-,($21#$3&/0$3(;03R#%9#:52**X#09X42(@%0952*%4#3*B03&H4;03#A3**3$9/#394#%9#;634D#"#+/21,1%4#3&'(3#
/512GG # %((% # :094:5:99C1R # @,&' # G24(%5 # -3A399;1 # 1/ # $%&?1%4 # /+3&35 # 5'3*635R # 09X*%*A%5%1 # $3&#
3&'3+C*R#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#+/21,1#3&'(3#4:GG34#4?+5%1#$%&?1(X*R#1:(5'3934C1(B*#3*$,5+%5/R#3&'(3#4:GG#$/5+35(3#4?+5%1#
62*%09,*5/D#"#4%5?*X1#%#1,(?15%1#$3&-3*3*B#/+3&35#5'3*6F#09:63&1:(5'3934G35#3*#4?+5%1#/&%9,+5/R#
3&'093(F # :52**X # $,5+%4,1%4 # 4?+5%1 # %*1,45/D # d;E3031 # :52**X%5 # ,*6%05/ # 3&'093(FGG # 09:63&3134R#
53$#(/%+5%1#$3&#/0$3(34*35#09%6%14X*D#e0$3(4#09:63&(3R#/0$3(4#09:63&1:(5'3934G35#1;(+;03134#
4?+5%1#%*1%*$%95/D#"#(35+093(30#@29/#-3*%+%4,1#S09X4%5?*20R#H(20G3*/#-3*%+%4,1R#,*6%020&'%1,(*20U#
%9#:52**X#4%5?*20#43(;5#/0#-3A*3094/1#%#+/21,1%4D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5 # % # -:*+(%A9 # 3E,W@2@,9 # ;0 # % # 4:(4;53*3$ # 3E,W@2@,9 # 1%EW0,*@%4X%1 # 1:55'35 # 3&'30#
09:63&31R # 4:(4;53431R # *3&35+21D #"# 5'3*64%5 # 3E,W@% # ;0 # %9 # /+3&35 # 5'3*6 # 5'3*64%525%1 # 4%5?*20%#
1:9:44/#3&'39;031#;0#1C*:5G0;&31#3(B0H4/1#%#4%5?*X1#&(%$$%4/1%/#1,$E3435W/2/4D
JhN

GO)S/,+%$)#$0"f",+%$)#$0
e&3(%&,920R#$Q*4R#A3*35#;0#A:6B#/+B
.#%#-B5;6#;0#$3**;15;6#3&'39434;03
.#%9#/+B#1/-3A39;03R#+24?$R#X(%
.#0,(092$53631
.#G/(4,1,0#5;6$20,1
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#09%G%+%GG%5#G309;*531#:5$%&?1(X*R#W0%*2+A?1(X*R#1:(5'3934C1(B*R
.#-3*/0$3(/1#%#4%5?*4#5'3*64%5/#09%G2*',1%4#;0#E;*+21%4#4%*2*5%1#(2A?1#3&'#%+,44#09:63&G35R
.#G/9,5',0#@3*'93431G35#$3&#4?+A21#;(4345/#$%&?1%4#E*D#Q4G%/&%9H420R#6202(*20R
.#(:6/+35#4?+5%1#G309;*5/#7%&'%(,(092&(X*R#3034*3&#5;@25'#$20#,(092&(X*R
.#/0$3(531#,(,09#6,5%41,920Q#1?*4?(2*/0#;(4;13134R
. # @%0952*A21 # % # 1/GB6C*4 # 09X1/5W034_ # /01,*%R # 4%542(&'%1R # X(%(35+R # 5%E/(35+R # ?4%920R # 1:9*313+;0/#
3091:9:1R#;4139;0R#6202(*20R#42A;1,9X+20D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@343+/1#,0942*'G%5#%*1%*$%9,44#$X+093(#09,(,0%5#1:634/#%#@%4,+/1#,0942*'G%5#*3H(4%1%4D#a:GG#%#
4%5?*5/6%*XR#(35+093(3031#%#4?+20E(XG21R#09X+,*&,9%4,1D#"#@3*'30H(20#-3A*B+;0;4#4,62GG(%#/0#03&H4/1#
%#+/142*20,1D#w'%1,(/GG#%#W0,E,(4,0R#%#E2(,0#;0#%9#:52**X#$?51%D#"9#C&'303GG#&'3(3131#$2(#
$3(531#0%A24#4?+20?1(%#42$%091,+6%#%9#%+,44#/+3&35#5'3*635#&,5+,*1,+6%#09:63&34#%*1,45/#S;0#
53$#-3AG35#-,(+H4%5/UD#83&H435/#13**#B134#%GG%5R#@,&'#3*#4?+A21#-,&%+5/R#@,&'#&,5+,*%4%/1%4#$;&#
53$ #$/5+/&#4?+A21# /+3&35#5'3*635# $3&-,&%*$%95/R #;0#%GG%5#/0R #@,&'# 4:(313+A3531# %#$3&*;6B#
5'3*6/#3091:93/1#%*1%*$%9202(%D
"9#,*6%0201;090;&C134R#%#09:63&;(4;04#4,62GG#-3A*3094AC1D#"9#/(,+%*$/#09:63&31#$3**344#4,62GG(%#/0#
@%5&0Q*'4#1%E5%1#%#1?*4?(2*/0R#-:*+(%A9/R#4:(4;53*$/#;0#%#$/5+355%E,0#42(0%*&20/#4;$21D#nC934C134#%#
5'3*64%5/ # 09%G2*',11%* # . # % # 4%52( # 03&H40;&;63* # . # 1:634139343035R # 09;E35 # 63934/1D # >:6/+ # H(20,0#
$?5121#1;09C*@34531R#:52**X#-,&%*$%920,1_#5%E*XH(20R#3&'#42(&'R#62(,0R#42A#*3H(20%R#3*-,&%+@%4X#
E,54,002&&%*D # 89/4?2W/X0 # @3*'9343113* # 4,62GG(% # /0 # GB6H4AC1 # % # G309;+;(4;0 # ;0 # G309;+1;090;&#
-3A*3094;0;4D#b&'(3#4:GG#/0$3(3443*#(35+3*139531#%9#/+3&35#5'3*6#@%92A2(X*D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@%4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#-,($21#$3&/0$3(;03#A3**3$9/#394#%9#;634D#
"9#;(4BR#:52**X#,*6%020#-3A*3094;03#-,54,0#-3*4;43*3#%#4,62GG*;E;0531D#"#+/21,1#3&'(3#G24(%GG%5#
09X*%*5%1#$3&R#-3A39/1#1/#$%&?1%4#/+3&35#5'3*635R#$3&GH9@%4X%5#4?+A21#@%0952*5/#%#09X42(%4D#"#
+/21,1%4 # 1C*:5G:9B # $X+093(3113*R # 1(3%4H6 # H(20,11%* # @,99203&H4AC1 # %9 # :52**X # &,5+,*%4,1#
$3&-,&%*$%9202@,9R # % # $3&09X*%*20,152* # %9 # 3&';5/ # :4*343/1 # %*1%*$%9202@,9R # @,&' # 3&'(3#
G24(%GG%5 # ;0 # A,GG%5 # $3(A3531 # 3*(?&%091,+5/ # % # G34%5?*4 # 09:63&314B*R # 0;$214X*D # 73&4%5?*5%1#
09:63&3134 # ;(43*$395/ # -,(+H420 # 5;*1C*R # 09:63&&3* # 1%EW0,*%4,0 # 1;(+;031(3 # :52**X%5 # 62*%09,*5/D#
73&A3*35/1 # % # $F-,(+H420R # f?*%4 #"1?+90%6% # 63(03/63*R # V(,09,(092& # 1?*4?(2*/0 # %+,4402&%/6%* # 6%*X#
Jh!

4%*2*1,920R#7,0916%#;0#89354E;43(62(#5363934300;&3/R#%9#,(,09#1?*4Q(%_#/(,+%*,$R#-304;0934R#9353R#
G%*344#;0#%#1,5'@%$F6;0934#%*%EA%/6%*#6%*X#/0$3(13+;0D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
52**X%5 # 4?+5%1 # 1,(,0942*'?15%1 # $3&-3*3*B # 09:63&3134 # 09XG%5 # 3*$,5+%5/R # ,*6%05/R # H(20G%5#
$3&-,&%*$%95/D #"# $,4/62*4 # 4%5?*X1 # $/5+ # %9 # H(,44R # $/5+ # %9 # ,*6%0,44 # 09:63&31 # ;(4;0;G35 # 3&'(3#
@%42(,9,44%GG%1D # 89X1/5W0C1R # 5'3*64%5/ # 4?+20?1 # 4,62GG # 09;*303+/1D #"# (35+093(30 # 4%5?*20 # $2(#
$3&09,12002#62*/1D
G$TS/+)U*1/."T+43+0
"#*3&1:55'3GG35#4,62GG(%#/0#%#5'3*64%5R#%#4:(4;53*3$#;0#%#-:*+(%A9#3E,W@2@,9#*3@34#1%EW0,*X+5/#%#
4;$211%*R#4:(4;5343113*R#,*6%0$25',11%*D
GO)S/,+%$)#$0"f",+%$)#$0
"9 # 3++/& # 4%5?*4%1 # 24431/54;03R # (35+093(39;03 # ;0 # -,1,9%4,0 # GB6H4;03 # %9 # ,0942*' # 1;E300;&3/4#
-/&'3*3$G3#6;63
.%9#/&3093$*;*34#%*%1A%/
.-3*4;43*30#$X+D
!",2V)2/83:/"51'3"2'2*#:4&2.n
#"#+/21,1_
.#-3*/0$3(/1#;0#%*1%*$%9921#%#4%5?*4#5'3*64%5/#-,($21%4R
.#A2(4%0%1#%#1,(?15%1#$3&-3*3*B#09:63&31#:52**X#,*6%0202G%5R#$3&;(4;0;G35R
.#1;E3031#6/*2&,0R#3&'093(F#$,5+%4,1G%5#1/-3A395/#$%&?1%4#E*D#$3&@H620R#03&H40;&#1;(;03R
.#3&'(3#%14H6%GG%5#;0#1(3%4H6%GG%5#@%0952*A21#%#&'%1,(,*4#09X1/5W034D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5',*W%+/1#,0942*'G%5#/0#-,54,0%1#%#$/5+355%E,0#42(0%*&20/#4;$21#$3**344#%#1?*4?(2*/0R#-:*+(%A9/R#
4:(4;53*$/#;(+31300;&31#;0# ;*34(%A9,1D#"9#X(21,5# (35+093(3031#%#E2(G%5R # W0,E,(4G%5# -,*'4%4,44#
G309;*&34;031 # /+3&35 # 5'3*635D # "9 # H(201;090;& # -3A*3094;0;4 # (:6/+ # *363*31R # 3&'093(F # *3H(20,1R#
3&'.3&'#4:(4;534#:0093-,&*%*20%#G/94,0H4A%D
"#5',*W%+/1#,0942*'(%#%#+/21,1#4/0942G%5#6%55%1#%#5'3*64%5/#%*%E,11%*R#24431/54/1#;0#GB6H4/1#%#$2(#
1,(2GG%5#$3&4%5?*4#5'3*64%5/#-,($21%4R#09%G2*',1%4D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@;4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#5',*W%+/1#,0942*'G%5#%9#3++/&#4%5?*4#5'3*64%5/#093(1393431#/0$;4*;03R#24431/54;03#/+B093(FD#oA(%#
&'%1,(,*A21 # %9 # /&3/+B134R # @,&' # G/94,0%5 # 3* # 4?+A%5%1 # /&%9,+5/ # % # 5'3*64%5/ # 093(1393431 # 1:9:44D#
f309;+G35R # H(20G%5 # ;0 # 09:63&;(4;0G35 # 3&'%(254 # 1(3%4H6%1R # :52**X%1D # "*%E09/5435 # AX*#
1,$$?5/12*5%1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20

JhJ

>:6/+3GG.@,009%GG # 09:63&31 # ,*6%020%R # :52**X # -3*+,*&,920% # $2( # 53$ # A3*354 # &,5+,4D # r*34093(F#
E2(G309;+3134#@%**&%45%1#$3&#;0#&'%1,(,*5%1D#"#4%5?*4#093(139343134#G24(%5#6%(/2*A21#H(20G%5#;0#
09XG%5#3&'%(254D
G$TS/+)U*1/."T+43+0
"#-:*+(%A9#;0#%#5'3*64%5#3E,W@2@,9#1%EW0,*X+6%#*3@34#1:55'35#4;$24R#09:63&34#4%*2*5/D
GO)S/,+%$)#$0"f",+%$)#$0
.-B5;6#(%&,920#42G*29%4%
.4%&%+20R#4%&%+X#093(1393431
.(35+@%&'X#303431#%9#,(,09#5'3*6G35
.%9#3++/&#4%5?*4%1#:0093-,&*%*X#24431/54;03
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#3*0%A24H4A21#%#5'3*64%5#;0#%#@3*'30H(20#%*%EA%/4R
.#1;E3031#:52**X%5#3&'093(F#09:63&3134#-3*+,*&,95/R
.#1;E3031#:52**X%5#(:6/+#09:63&34#%*1,45/R
.#1;E3031#:52**X%5#G3$?4%41,95/R#1;(+;031(3#62*%09,*5/R
.#5'3*64?+20?1#"!#09/54531#$3&-3*3*BD
Q252823:/"P-=;N"+/831)&
"#1/*35W3+/1#,0942*'4X*#139+63#%#5'3*64%52(#-,1,9%4,0%5#03&H4/#%#+/21,4#%#092$2(%#*3&$3&-3*3*BGG#
4%5?*20/ # $X+093(31 # $3&4%*2*202G%5D # a,62GG(% # /0 # *;5'3&30R # @,&' # % # 5'3*64%52( # % # 4%5%5'%&#
:00932**H420252*#-/&'3*A35#%9#;*341,(/#0%A24,002&,1(%D#b44B*#%9#,0942*'-,14X*#$2(#42$,&%4X#*3@34#%9#
;*341,(5%1#$3&-3*3*BR#09%1093(F35#-3*;EH4344#4%51:5'6#(35+093(30#@%0952*%4%D#"#4%52(#$%&%#+:54/#
3*R # @,&' # W0,E,(4A25%1R # ,0942*'25%1R # 4?+20?15%1 # $3&-3*3*B35 # $3*'/1 # 4%51:5'6W0%*2+,4 # (;0930H4/#
3*B5'G35D#"#1/92(X*%&,0%5#4%51:5'6(3#;EH4344#4%5H420#%9,5G%5#13(C*35+BD
"#1/*35W3+/1#,0942*'#1:9;EE,54A2G%5#3*0B0,(G%5#%#5'3*64%5/#/0$3(3431#(35+093(39;03R#3*$;*'H4;03R#
%#09X1/5W0#GB6H4;03R#%#1,$$?5/12W/X0#1;090;&31#-3A*3094;03#2**D#"#5'3*64%5/#4;$21R#093(1393431#
4%5H42025%1 # 0,((35+A3 # % # -3*0B # 4%&,9%4G%5 # -3*W03(;*@34BR # 3&'30 # 4%51:5'631@39R # % # W0,E,(4#
43$EXA2@,9R#/&;5'3/@39#/0#/&%9,+@%4D
b44B* # %9 # ,0942*'-,14X* # 139+63 # % # +/21,1 # 3&'(3 # @,009%GG # 09:63&3134R # 1:55'H4344 # ,*6%0$25',1%4R#
1;0BGG # /(,+%*$/ # 09:63&3134R # QA02&W/113134R # /543(AQ1%4 # ,*6%05%1R # -3*+,*&,9@%45%1 # +%*09:63&3134D#
n,*'%$%4,0%5#GB6H4/1#09X1/5W0C134R#5'3*64%5/#4?+20?1%4R#1:9G35#3&'(3#4:GG34R#3&'(3#:52**XGG%5#
09X*%*5%1#$3&#%9#%+,44#5'3*635D#d39+34G35#(:6/+3GGR#1;0BGG#@,009%GG#-,&%*$%920,1#H(2026%*#
&'%1,(,*A21#%9#H(20G3*/#1/-3A39;04D#"#(35+093(30#W0,E,(4.#;0#E2($?51%R#%9#3&';5/#$3&5'/*625?*20,1#
3&'(3#5%&',GG#093(3E34#1%E5%1D#V*6%05%1#;0#G309;*531#%#4%5?*4#/+3&35#5'3*634#%5'%5'3*61;54#
@%0952*X#,(092&,1R#5;E31#1?*4Q(2A2(X*R#/(,+%*$2(X*R#4:(4;53*$;(B*R#-:*+(%A92(X*R#$F6;0934/#;*34;(B*R#
09,120%/(X*D#T2*4,9%4,0%5#;0#-,*'%$%4,0%5#&'%1,(,*A21#%9#,*6%0,44#;0#@%**,44#09:63&31#;(4;0;4R#%9#
3&';5/ # G309;+$3&5'/*625?*204R # %9 # H(201;090;&34R # H&' # % # +/21,1 # 3&'(3 # 1:93*3GG # 13(C*531 # %#
1:9;E09/54F#5'3*64?+20@,9D#"#4/93513443+/1#,0942*'#6;&;5#%#4%5?*X1#3&'#(;093#3*;(@34/#%#f!#09/5434#
*3&%*2GG#%9#3&'/1#5'3*6GB*R#092$?1(%#%#4/935@%($%+/1#,0942*'#W;*A%#*3@34#%#fJ#09/54#6%&'#%#$20/1#
5'3*6GB*#%#f!#09/54#3*;(;03D
bGG35#%9#/+B09%1G%5#5%&',5#AXR#@%#%9#,0942*'#1%EW0,*%4,4#6309#-3*#$20#,(092&G3*/#)%*+,(-./01,*21#
%9,5,0 # 1,(Q # +/21A%/6%* # S*363*39;0R # +/21W03(;1R # ,0942*'1/(25+?*20,1R # 1:9:0 # E(,A31431UD # "9 # ;*B#
5'3*663*#6%*X#4%*2*1,920#$/5+35#-,($2A%#(35+1H6C*#-,54,0#3GG35#%9#;*341,(G%5D

JhI

PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b94#%9#,0942*'-,1,4#;G3(#/543**314?0#A3**3$9/R#%#+/21,1#/&;5'*/1#%#4?+%4,0%GG#4%5?*204D#"9#3++/&#4%5?*4#
5'3*64%5/#/0$3(3431#3&'#$%&%0%GGR#4?+%4,0%GG#09/54(3#@3*'39;03#%9#3&'/1#W;*D#"9#/0$;4*;031531#
4,62GG(%#/0#5%&'#093(3E3#6%5#%#$3&093(9344#4?+20#-,*'%$%4,0#GB6H4;03#$3**344D
"9#,*6%0%5+X#09:63&31#1:9:44#093(3E3*@34531#QA02&W/1131R#4?+X0H420,1#1:93*/R#B134#/0#-,&*%*1,94%4X#
303$;5'31(B*D # b931(B* # % # +/21,1 # 6;*3$;5'4 # -,($2*5%1D # n,&*%*1,9@%4?51 # (:6/+3GG # /(,+%*$/#
09:63&3113*R # A3*35343113*R # $3*'31G35 # . # %12(W0%1 # % # 42(0%*&20G%5 # ;0 # % # 5'3*6/ # A24;1,1G%5 # .#
:00931%EW0,*X+/1#%#-3*+,*&,9,44#5'3*64%5#@%0952*%4%#%#&'%1,(,*5/#1H6254#09X1/5WW03*D
" # 42(0%*&20 # %9 # X(21 # 3&'(3 # -,54,0%GG # 3*3$3D # 8,109,( # %14?2*/0 # 4;$21(X* # G309;*&34C51 # /+3&35#
5'3*635D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#5',*W#;6G35#4%5?*4%1#/0$3(343#S09X1/5W0R#5'3*64%5UD
J$431'%&.",2V)2/83:/."S:)+0
"9#H(20G3*/#;0#09XG3*/#1/-3A39B1;090;&#G24,(H420%R#5'3*64%5/#;0#09X1/5W0G3*/#/0$3(3431#/0$;4*;03R#
GB6H4;03#13(C*#3*B4;(G3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# 1,$$?5/12W/X0 # 1;090;&31 # -3A*3094;03 # $/5+ # H(20G%5R # $/5+ # 09XG%5 # 5%&' # @%5&0Q*'4 # 1%ED #"9#
,*6%0$25',1#:52**X#-3*+,*&,920%R#%9#%*%E634B#G309;+@3*'93431G35#6%*X#A2(4%002&R#%9#H(201;090;&#
-3A*3094;03#1/3$3*435#-,54,002#62*5%1D
G$TS/+)U*1/."T+43+0
b&'30#,*6%0,44#09:63&31#4;$2A%#4,62GG(%#/0#1%EW0,*X+@%4#3&'30#3E,W@21@,9D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0 # GB6H4;03 # % # -3*+,*&,9,44 # 4;$21@,9 # 1%EW0,*X+X%5R # 6%*%$/54 # %9 # 3++/& # 4%5?*4%1 # 43A30#
24431/54;03D
Y'3*64%5_
.#"*%14%5
.#nB5;6#.;0#$3**;15;6#(%&,920#43*A30#E%(%+/&$%
.#73**;15;6#(:6/+#%*%1A%
.#73**;15;6#-,1,920%
.#892$53631_#4B092$5;6R0,(092$5;6
.#Y;6$20,1#S093$;*'30#;0#G/(4,1,0U
.#e&3(%&,920#bMe#.0,(,0#SA3*35R$Q*4RA:6BU
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
# .#4?+5%1#$/5+#09XG%5R#$/5+#H(20G%5#(:6/+#:0093-,&*%*X1%4#%+5/#%#-3*+,*&,9,44#09:63&(;0931GB*R#
4;$21GX*R
.#1;E3031#@,009%GG#09:63&34#S1:55'H4344#,*6%0$25'4U#:52**X%5#-3*+,*&,95/D

Jhh

. # /0$3(/1 # ;0 # %*1%*$%9921 # %9 # 3&'093(FGG # *36;*-,($24R # 1;E3031 # (:6/+ # *363*31R # -,&%*$%920,1#

$3&H(202(%R
.#@;41:95%E/#09/4?2W/X1G%5#1:55'35#$3&09X*%*5%1R
.#09X1/5W0C1R#5'3*64%5/#4?+20?1R#G309;+1;090;&C1#1:93*H4/R#;0#62(@%4X%5#%#!ND#,0942*'#6;&;(3#3*;(/#
%9#"J#09/5434D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5'3*6/#W0,E,(4#09/54A;531R#4?+2025%1#$3&-3*3*B35#4,62GG#42&H4A?1#5'3*64%5/#/0$3(343/134R#GB6H4AC1#
09X1/5W0C134D#v(20G%5#;0#09XG%5#3&'%(254#%#1,$$?5/12W/X0#-3*%+%4,1#13(C*531#3*B4;(G3D#b&'(3#
4:GG#%9#H(20G3*/#;0#09XG3*/#09:63&;(4;04#&'%1,(,*4%4X#-3*%+%4D#"9#:52**XR#%#E2(,0#;0#%#W0,E,(4$?51%#
4,62GG(%#/0#62*4A21#3&'$204D#"#4/93+/1#;6-,*'%$,5#%#$%&'%(4%52((%*#3&'C44$F1:+63#3*#*3@34#$3(C*5/#
5'3*6;0934/#4;$21G%5D#"#42(0%*&20G%5#$3&A3*35531#%#6/421R#1:9:035#4%5?*$25',9,44#/(,+%*$/#$F#
%*%EA25#3&';5/#&,5+,*%4,1#A3*35@34531#$3&D#893(3E34#1%E@%45%1#QA(%#%#63(031R#09H5E%+/#$F631R#
A3*353431R#+(2$%(;09*3431D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#1/*35W#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
" # +/21,1 # 5'3*6/ # /0$3(343/ # 4,62GG # GB6C*531_ # 09X1/5W0C1R # 5'3*64%54?+20?1R # G309;+1;090;&C1R#
09:63&;(4;0C1#;0#H(201;090;&C1#3(B0:+/1D#d:9G35#09:63&3135#13(3094C*#4,62GG#/0$3(13+531#%#
4%5?*4#5'3*6#@%92A25%1#1?*4Q(2A26%*R#%9#,44#;*B1#09,120%/6%*R#5'3*6;0934/#%*%E1;(+;03113*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9 # :52**X02& # 1%E # 5%&' # @%5&0Q*'4_ # % # 4;$21(X* # :52**X # 6;*3$;5'31 # $3&-,&%*$%920%R # 3&'(3#
@,009%GG#:52**X#-,&%*$%920,1#H(20%R#5'3*64%5/#09%G2*',1#:52**X#%*1%*$%920%#13(C*#3*B4;(G3D
G$TS/+)U*1/."T+43+0
"9 # 3&'30 # 3E,W@21 # 4;$2A2@,9 # $3&-3*3*B # /+B9H4;003* # *3@34 # 1%EW0,*X+5/ # %9 # ;*341,(/ # 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5R#1,$$?5/12W/X0#1;090;&31#-3A*3094;03D
Y'3*64%5_
.#e&353631_#$3**;15;6/#/&35;6R#@%42(,9X/#/&35;6
.#7,9&204#A3*354B#/&;1
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
. # 42(0%*&20/ # 09/54A3R # 09XG3*/ # 1/-3A39B1;090;&3 # 4,62GG # -3A*B+/1R # % # !ND # ,0942*' # 6;&;(3 # % # 4:GG0;&#
62(@%4X%5#3*;(/#%9#"J#09/54F#5'3*64?+204R
.#4?+%4,0%GGR#$%&%0%GG#09/54F#$3&;(4;003*#;0#-/&'3*3$$3*#-,(+?*5%1#%#5'3*64%5/#1;(+;031#-3*;R
.#1;E3031#/(,+%*$/#09:63&31#6%&'#QA02&W/1131#:52**X#-3*+,*&,9202(%D
==N":5,+)&$#
JhL

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
n,*'4%4X+/1#%#5'3*64%5/#A3*350;&31#4%5?*$25',920%#;0#&'%1,(*20%g#4?+%4,0%GGR#$%&%0%GG#09/54(3#
3$3*;03R#2(5'%*20%D
"#-3*0B0#,0942*',1G%5#/&35#@%5&0Q*',0#%9#:52**X#4%5?*20R#%9#:52**X#$?51%_#3GG35#%#-,*'%$%4G%5#%#
4%52( # 03&H4 # $3&4%*2*5/ # % # +/21,15%1 # %9 # 3&';5/ # ?4%1%4 # ;0 # 3091:9:134 # % # 1/4F9:44 # W;*,1 # 3*;(;03#
;(+31;G35D#8,(#13(C*@34#3&';5/#E(,A314$?5121(%R#1/03*B%+20,1(%#/0D
oA(% # 3*B4;(G3 # 13(C* # % # 5'3*6 # 09;E0;&3D # " # +/21,1 # 3094;4/1%/ # 6;*3$;5'%*1,420/ # 1;E300;&;4#
&'%1,(,*@%4A21#1*%009/1?0#;0#$,+3(5#09:63&31#-3*+,*&,92026%*D#"9#/(,+%*$/#09:63&31#,*6%020%#
(;09G35#%9#X(25R#(;09G35#,44@,5#4:(4;5/1D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#!N#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
"9#3&'30#5'3*64%5/#-,($21R#1/-3A39;031#4?+%4,0#&'%1,(*20%#09XG%5#;0#H(20G%5#3&'%(254#3*B4;(G3#
13(C*D#"#+/21,1#3&'(3#4:GG34#G309;*531#3&'(3#4:GG#4;$2(X*#/+3&35#5'3*635D#Z,009%GG#09:63&31R#
H(20,1#:52**X#-3*+,*&,920%#03$#A3*354#&,5+,4#092$?1(%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7/5+35 # +/21 # 3&'(3 # W;*4?+%4,0%GG%5 # 4%5?*D # "9 # H(20G3*/ # ;0 # 09XG3*/ # (35+093(30 # 092$,51;(;031#
03&H40;&34 # 5'QA4%5%1 # 3GG35D # d;E3031 # 3&'.3&' # 4;$2(X* # :52**X%5 # 1/-3A435/ # 6;*3$;5'C134R # %#
42(0%*&20G%5#3&'(3#62*%094;1,0%GG%5#6309531#(;094D#v(20G%5#%#@,009%GG#*363*31R#-,&%*$%920,1#
H(20%#3(B0H4/#1/-3A39B1;090;&C134D#n/&'3*$34#-,(+H4?51#%#5'3*6/#1/-3A39B3091:9:1(3R#%#04/*/094/12(%D
G$TS/+)U*1/."T+43+0
"9#3&'30#3E,W@21#4;$2A2@,9#$3&-3*3*B#/+B9H4;003*# *3@34#1%EW0,*X+5/D #%9#;*341,(/# 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5D#d,$$?5/12W/X0#1;090;&31#-3A*3094;03D
Y'3*64%5_
.#Z%42(,9X09X1
.#b*:*A2(X09X1
.#d:4B09X1
.#892$5;6#(%&,920%
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#1;E3031#@,009%GG#09:63&31R#,*6%0$25',1#:52**X#-3*+,*&,920%#?425#%9,1(X*#6;*3$;5'4#%*1,45/R
. # /0$3(/1# ;0 # %*1%*$%9921 # %# 1C*:5G:9B # *36;*-,($21%4R # 1;E3031# @,009%GG# *363*31R # -,&%*$%920,1#
$3&H(202(%R
. # 1;E3031 # G2($/*'35 # 42(0%*&20/ # 4;$2@,9 # @,99209X*5/R # 2**204 # -,&*%*5/R # 3034*3& # 6/4%41,95/R#
$%&%G/94,0%5#+,*&,95%1#E2($?512G%5R
.#4%(4@%45%1#X(21%4R#X(%(;09*343134R#1/03*B%+20,1%4#$3&@%42(,9,44#4;$21G%5D
=;N":5,+)&$#
JhO

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#G309;+&'%1,(*%4,1#4;$2/#%9#;(3440;&/#4;$%1:(:134#1;09H4/1#3*BR#%9#H(20G3*/#-3*%+%4,1#%#*36;*H(20R#%#
-,&%*$%920 # 43(C*34;5 # $;*'H4/1R # E,54,0H4A21 # % # +/21,1 # 4?+2024D # " # !JD # ,0942*' # $20,+/1 # -3*;G35#
:0093-,&*%*A?1#;0#*392(A?1#%9#3++/&#4%5?*4%1%4R#,E4/$2*/0#3034G35#f!#09/54F#5'3*64?+20(%#43@34531#
093(4#%9#C&'303GGR#$,4/62*4%GG#+/21,1D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#4%5%5'%&%#S09X1/5W0R#5'3*64%5R#1;090;&31UD
J$431'%&.",2V)2/83:/."S:)+0
"#f!#09/54@39#1:93*/#5'3*64?+20#$3&093(9;03#%#W;*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#1:9;E09/54F#;(3440;&/#3*62(20%/@,9#@%0,5*X#H(20G3*/#;0#09XG3*/#-3*%+%4,1#:52**X#$3&,*+20%D
G$TS/+)U*1/."T+43+0
Y/5W0D
GO)S/,+%$)#$0"f",+%$)#$0
"#09X1/5W0#1:9;E09/54F#;(3440;&/531#$3&-3*3*B#/0$;4*;03R#GB6H4;03D
Y'3*64%5_
.#Z%5&0Q*'R#@%5&4%5R#%*%14%5#:0093-,&*%*20%R#%#4%5?*4%1#-/5,$H420%D#>%&,920,1#/0$;4*;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#3&'#(;093#$2(#35531#%9#;6531#%#6;&;5#1;E30#3*B(3@,9,44#1:9;E09/54F#;(3440;&/4#4355/#
,(,09#5'3*6GB*D

78)+510
=N"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#%*0X#4%&,9%4,5#%9#/+3&35#5'3*631#4%5H420252*#139+34G35#%9#%5'%5'3*6#3*0%A24H42025%1#$/542A24#
4F9/#$%&%#3*;#%#)%*+,(-.E3+%&X&/%D#"#5'3*6#43($;0934;63*#-,*'4%4,44#$?51%#%94#3(3+$;5'39/R#@,&'#
% # &'3($31 # 43*A30 # *;5';63* # G3*3$3(C* # % # 5'3*6G3R # 39;(4 # % # 5'3*6X(21 # 3*0B0,(G%5 # %9 # %+,44 # /+3&35#
5'3*635#-,*'5%1D#"#&'3(31#?4259X.#;0#G3-,&%+X.1;090;&;63*#,+%%+A%#$%&24#%#4%52(#0925+;125%1R#
;(9;03/63* # . # ;0 # 53$ # /543**314?2*/0%5 # . # 1%EW0,*X+/1 # % # 4%52(/ # 436;135'0;&@39D # b931 # %9 # ;(9;031R#
$3*'31 # % # G309;+0925+;1 # $3&(%&%+202(%R # -3*-,&202(% # /(25'?*5%1R # /512GG # ;(9;13*BR # $3&/0$3(B#
A3**3&F31D #"# &'3($31 # % # A3*354;04 # 09/4?%4H6 # 4%E%094%*20 # Q4A25 # (%&%+A% # $3&R # %$/ # *3@34B6; # 4309/ # %#
0,1,*+%*Q#%*1%*$%9204D
"# 4%52( # /+3&35 # 5'3*635 # 1:09:5R # GQW0Q9/1R # /+3&35 # 5'3*6F # ?4%0H420,1%4 # %+D # >35+093(/54 # 3&' # 1/0#
63(003*R#-,@2009%*#139+B+/1#%9#X(%#;0#3&'#$20/1#-,@2009%*#-3A39B+/1#G3D#7,5+X121%4R#+%*,1%4#;0#
A24;1,1%4#A2409%5%1#QA(%#;0#QA(%R#%9#X(%#1/03GG#(;09;G35#-,&*%*1,95%1#%9#QA#%5'%&&%*D
" # $,9&200%*R # &3094?0,11%* # 1H0;(4 # +%*,1R # $,5+X121R # A24;1,1 # 03&H4/1 # % # (/4$?0R # +%**%$.R # ;0#
@%5&9206/*2&#;(9;1/#4%E%094%*2024R#%#@3*'30#1/3A4;0#-,($2*2024R#6%*%$/54#%#4%5?*4%1#@,009Q#426Q#
$3$X(/2G%#6%*X#G36;0B+;0;4D
JhK

" # )%*+,(-./01,*% # 1,(%/ # 5'3*64%5H420% # S!.ID # ,0942*'U # $X+093(4%5 # ;0 # 43$%4/1% # 093$E,54A2GX*#

3&'0;&34#%*1,4R#%#-3*+,*&,9,44#4;$%1:(:1#;0#%#09X1/5W0#0E/(2*/0%5#GB6C*63#;EC*531#3&'$20(%D#"#
09%6%1%4 # +%*,1G%5R # 63(031G35R # 4:(4;5343135 # 13(3094C* # ;*B # 09:63&1:(5'3934G35 # 4%5?*A21 # %#
&'3(3131R#+3#5;@25'#43$%4/1?0#W0,E,(4,4#;(/5463#/0#4%*2*1,95%1#$2(#%9#%*%E09X1/5W01;09*3443*D#"9#
3*0B # @2(,$ # /01,*%;6G35 # 43@24 # % # &'3($31 # ?425920 # Q4A25 # 4%5?* # /+3&35 # 5'3*635 # G309;*5/R # %9#
H(20G3*/0;&#$;&#53$R#6%&'#W0%1#%#@%($%+/1#;6#6;&;5#A3*35/1#$3&D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
Y/5W0#09C10;&#3*B93430#4?+20(%D
J$431'%&.",2V)2/83:/."S:)+0
"9 # 3*0B # ,0942*'G%5 # % # 5'3*64%5?*20 # 3*0B+*3&30 # W;*A% # /0$3(13+;0 # %9 # /+3&35 # 5'3*663*R # %55%1#
1/3A4;0;63*R#(/4$?026%*R#+%**%$26%*R#6%*%$/54#%9#3&'093(F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#3*0B#,0942*',0#&'3($3131#%#09XG%5#4%5?*4#$,5+X121%4R#+%*,1%4R#(:6/+#$30;134#3&'C44#$,5+A21R#
;531*/1#%9#,0942**'%*D#b&';5/#$3&09X*%*20,1#*3@340;&3031R#$3&4%5?*5%1#1:09:55/R#G3$?4%41,95/R#
+3 # % # 1:9:0R # W0,E,(4,0 # 63(0$,5+20R # ;531*;0R # A24;1 # 13(C* # 3*B4;(G3D # Z%0952*@%45%1 # -C93434_ # %#
@%**,44.4%5?*4#$30;1@39R#4:(4;53431@39R#A24;1,1@,9R#+%*,1@,9#1%EW0,*X+X%5#1;E3134#(%A9,*@%45%1#
03&H463#%#$3$,(/92*204D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X%1#3&'30#4:(4;534G3*/#4;$21R#6%*%$/54#%#092$,*20@,9#%9#
/+3&35#5'3*6F#092$,1#4%5?*2026%*D
GO)S/,+%$)#$0"f",+%$)#$0
"# &'3($31 # 1:9634*35 # 1:(5'3934;GB* # 3(3+531_ # ,0942*'43(3$R # 09H531R # W0%*2+R # -BGG# /(25',1 # S@,(3R#
+,*3R#6E(3+?R#69%+?U#4304(;0931#R#3&'093(F#W03*316;031R#09,120,1#;0#?4%0H420,1#%9#,0942*'G%5D#"#
63(031R # +%*,1R # $,5+X121R # A24;1,1 # 09%6%/R # 1/-3A39;03/ # /0 # G3;EC*531 # $3$X(/2A?1G%D # a,62GG2_#
1:09:5;031R#092$,1#!.JND
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#4?+5%1#(3%&2*5/#3&'093(F#?4%0H420,1(%R
.#03&H40;&&3*#1:6345/#4?+5%1#3&'#3&'093(F#$30;4R
.#%9#,0942**'%*#3&'C44#1H6C*(B*#4?+5%1#$,5+%5/#63(03134R#$,5+X121%4R#;5313*5/#+%*,1%4R
.#53$#/+3&3513+531#%#09*,621#5'3*6#1/3A4;0G3*/#0%A24,002&%/4X*D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # 3*0B # ,0942*'G%5 # 093(9344 # 5'/4,4402&,4 # %9 # /+3&35 # 5'3*6 # /(254 # 4,62GG # 3(B0H4AC1D # " # $20,+/1#
,0942*'G%5 # -,*'4%4X+5%1 # %9 # 3*0B # ,0942*'G%5 # $3&139+344 # 436;135'0;&31R # %9 # X(21 # 4,62GG(% # /0 # %#
09XG3*/ # $?512(%# ;EC*531D #"# &'3($3131G35# 3(B03GG# %9# /&;5'# %9 # 3&';5/ # $3&09X*%*20(%R # 3GG35#
G24,(H4A?1#B134D#"#4%5H420G%5#$;&#$/5+/&#+,$/52*#%#(/4$/1?0#3*3$#$/5+#%9#X(%#-3*;EH4;0;G35R#$/5+#
%#436;135'0;&31#A3**3&;G35D#a%E0,*X0#$,5+X121#;0#E3(&BGG#(/4$?0Q#63(031#/0#3*B4;(G3#13(C*531R#
JhP

393134 # 5%&'R # *35+C*3430 # $,9+?*%4,11%* # 1H0;(/1D # " # &'3(3131 # @,009%GG # $30;134 # $,5+%5%1 # ;0#
A2409%5%1#3*#%#4%52(#03&H40;&;63*#SE*D#*25W$30;1R#63(030#$30;1UD
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#,0942*'G%5#6%*X#/0$3(13+;0#%#5'3*663*D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21,1#3&'(3#,44@,5,0%GG%5#;(9/1#$%&?1%4#%9#X(25#%#5'3*6/#1:(5'3934G35D#"9#X(%/#4:(4;5;031#-B#
W;*A% # %9 # /+3&35 # 5'3*6 # /(254/ # ;(+31*B+;0R # % # 1H625W0/02& # -3554%(420%D # d:9G35 # @%5&0Q*'4 # 1%E # %#
09X1/5W0#GB6H4;03R#%#G309;+;(4;0#3(B0H4;03R#%#1:9:0#$3&09X*%*20,1G%5#6%*X#G24,(#(;096;43*#;0#
3&'.3&'#3&';5/#$3&09X*%*20D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#%*%E634B#/+3&35#5'3*6F#?4%0H420,1#$3&;(4;03R#(3%&2*20#(2A?1D#"#4%5?*X1#1;E3031#3&'093(FR#+3#
$2(#@,009%GG#4:(4;5343134R#$30;134#$3&;(435/R#1X(?0G%5#$,5+%5/R#3*A2409%5/D
G$TS/+)U*1/."T+43+0
a,62GG(%#/0#3*0B0,(G%5#%#-B,14%420@,9#1%EW0,*@%4X1#3&'30#4;$21D#"#092$,1#/0$;4*;03R#GB6H4;03#%#
092$,*20#3E,W@26%*#3&'#/+BG35#4:(4;5@34D
GO)S/,+%$)#$0"f",+%$)#$0
"#09X1/5W0#3*0B0,(G%5#%#43($;0934@39#S2**%4,1R#5:6;5'31R#/+BA2(20R#04GDU#1:4B+/1R#6%*%$/54#%#@;4#
5%EA%/R # 5%E09%1,1R # % # 092$,1 # !.!NNR # G3$?4%41,920R # 3&'093(F # 1/-3A39;031R # 1:09:534 # ;0 # %((%#
(3%&2*20#%*1,4A21#%#09X1/5W0GB6H4;0#%*%EA%/4D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#%9#/0$3(4#4:(4;5343134R#63(03134R#$30;134#-3AGB*#4?+A21R#;(4/1R#3&'C44#$,5+A21R
.#%#5'3*6/#A24;1,1G%5#09H63035R#:(:$$3*R#%14H6%5#6309531#(;094R
.#%9#X(21,5#@%0952*4#09*,621#5'3*6F#?4%0H420,1%4#1:55'3+;5#$3&;(4/1R
.#3&'093(FR#G3&'%1,(,*4#1;(+;031(3#4?+5%1#(3%&2*5/R#62*%09,*5/D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%($%+/1#;6-,*'%$,5#$;&#$/5+/&#%#W;*5'3*635R#%9#%5'%5'3*6#1/92(2026%*#+,*&,9?51#3&'C44#%#
&'3(313113*D # a,62GG(% # /0 # %*%E634B35 # 09XG%5 # -,*'/1 # % # 4%5H420D # "# 4%52(5%1 # 4?+%4,0%5 # 13** # %((%#
4:(313+5/3R # @,&' # ,*'%5 # 63(03134 # 4%5H40,5R # &'%1,(,*A,5 # 3GG35 # %9 # ;6G35R # %$3*'3113* # 093(345;#
G3639345/#%9#09*,621#H(204D#Y%&'G%5#03&H4/#%#1;0BGG/#4%5?*$25',1%4R#@%#5'3*64%5/#093(1393431#/0#
3*B13(C*531 # 3931G35 # % # 63(031G35D # bGG35 # %9 # ;*341,(G%5 # % # &'3(3131531 # $2( # 0,11%* # 5%&',GG#
;(9;1C1 # 6%5 # % # 5'3*6@39R # %9 # 2(5'%*%4,1@,9R # $/5+ # % # 1/3A4;0R # $/5+ # % # A3*354;0 # 43(;5D # Z,009%GGR#
62*4,9%4,0%GG # 09:63&3113* # /0 # G,*+,&?*5%1D # t2(G309;+31R # 5'3*64:(B1R # 63(031 # A3*35531 # $3& # %9#
X(21,5D
nC934C1G3 # % # 4%5?*X1 # *3(%A9,*@%4A21 # % # @%**,44R # ,*6%0,44 # 4:(4;5343134R # +%*,1%4D # "9 # ;6 # 6;&3 # -3*;#
*3H(@%4A21#%9#"f[.4R#3034*3&#5;@25'#09X4R#6%&'#3&'093(F#$,5+%4,1%4D
m'$02'23

k;"U'$
Jh]

I)Y8232/"3O*1/
"9 # 3*0B # 1;4 # ;6G35 # 4%5?*4%1R # %9%9 # /0$3(13+;0 # % # 5'3*663* # 63(031R # +%*,1R # A24;1,1 # ;0#
(:6/+3GG.@,009%GG#4:(4;53431#-,($2A2G%5D
J$431'%&.",2V)2/83:/."S:)+0
"9 # /+3&35 # 5'3*635 # @%**,44 # 4:(4;5343135 # 13(3094C* # % # &'3(3131 # G3E/**%54204 # 5'3(531 # 3&' # $20/1#
1?*4Q(2G%D#b*-,&%+A21#%9#/+3&35#5'3*6#0%A24,002&%/4R#3&'(3#E,54,0%GG%1#%#@3*'30#1/3A4;0R#/54,52W/X#
43(;5D#"#09X1/5W0#GB6H4;03R#%9#3&';5/#093(3E*;031#G24,(H420%#-,54,0#093(3E34#1%ED
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d;E3031 # 3&'093(F # $,5+%4,1%4 # %*1,45/D # 73&;(4/1 # % # 4:(4;5343134R # 62*%09,*5%1 # % # G3&'%1,(,*4#
1;(+;031(3D#52**X%5#/0#$3&#$3(531#09X*%*5/D
G$TS/+)U*1/."T+43+0
b&'30#3E,W@21@,9R#E;*+2?*#092$4%5R#$3043(0;&31R#-:*+$F63*;0R#@29;EH4;0D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0_# %GWR# 4B092$,1# S!.!NNUR #&'C$:*W0:1R # 2**%4,1R #;609%1,1R #@X5%E,1R# 5%E09%1,1R # 4,62GG/#
2**%4,1R # (?@21R # 42(&'%1R # $3043(0;&31R # -,&*%*1,920,1R # 5%E09%1,1R # 5%E/ # W03*316;031 # 09X1/5W03D#
Y'3*64%5/#-,&%*$%1#$;&#53$#13(C*531#G363934;0(3D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#
.#62*%09,*5/#4?+#:5$%&2(%#6,5%41,9X#3&'093(F#1;(+;031(3#SE*D_Z,*#*%109z#Z25'#;630#6%&'z#T%5.3#
2**%4,+z#Z,&'#@H6A21#%5'?12+%4R#%E?12+%4zUR
.#1:6345/#4?+#3&'#3&'093(F#4:(4;53434R#%$3*'34#3&'093(F#$,9+?*%4,11%*#1H0;(63#$30;*C51#3*R
.#1H6C*(B*#4?+#$2(#3&'3+C*#/0#+%*,1%4R#63(03134R#$,5+X121%4R
.#/0$3(/#%9#%GW.4#S09XG%5R#<63(0093(F35=UD
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)+0
"#!ND # ;*34;6G35 #%# &'3($3131# %9#r5.4?+%4,002& #3&' #QA #09/54A;(3#*;E531D # e5+/6/+?%*/92*5/?1# 13**#
$/5+%94R#%$/4#3&'C44#4%5?*4%1#$3&D#"9#3&';5/#,+%-/&'3*;0#(35+1H6C*#-,54,0#3GG35#%#1,(G%5R#$3(4#%9#
H(20 # 3*0%A24H420% # ;0 # % # &'%1,(/ # 3&';5/ # -3*%+%4,1 # 3*B4;(G3 # 3$3*/1 # %9 # 3034*3&30 # 53@;90;&3134R#
%$3*'31 # 3++/& # 3935 # % # 4;(35 # 53$ # 6,*4%1 # 093$G34F5B31D # Y;@25' # &'3($31 # 1C*:5 # 03&H40;&34#
/&;5'3*@34D
"9#3*0B#@2(,$#;6#%*%44#1H6C*(B*#$3&4%5?*4#09:63&3134#@%0952*6%#139+3531#%#+/21,1#09*,621?*#H(5/D#
7/5+ # %9 # H(20R # $/5+ # %9 # ,*6%020 # 0,1 # &'%1,(*204 # /&;5'3*R # 39 # 03&H4/ # 3*B # % # 09X1;E # ;0 # % # 1/3A4;0#
:00931%EW0,*2024D#7/3*B44#5',$4%4,44#09:63&3113*#/0$3(13+5;531#$3&R#3*B09:(#%94#,*6%0021R#%$/4#
0%A24#$%&?1#H(4%1D#"#4,**G%$,5+20,1#/0#3*139+B+531#AX*#/0$3(4#09:63&31#%*%EA25D#n,54,0#-/&'3*5/#%#
4,**G%$,5+20 # *;E;03/(3D #"# *24X.@%**X # 4,**G%$,5+204 # 1:634/ # % # @%**20 # ?425/ # H(20D #"# @29/ # -3*%+%4,1#
G363934;0;5;* # -,54,0 # % # 1:63413934300;&D # >:6/+ # 09:63&31R # $,5+%4,1 # $3$,(/92*20%R#
H(20&'%1,(*20R#(35+093(30#,44@,5/#,*6%020#03&H4@34/#%#1;0BGG/#0/13(30#5'3*64%5?*204D
"@,* # W0%1 # *3@340;&30R # % # 09%6%1%4 # $,5+%4,1G%5R # 09:63&:0093-C&&;031G35 # 4%5?*A21 # $3&D#
b*139+B+/1#%9#3&'093(FGG#5'3*64%5/#09%G2*',1#4?+%4,0H420%#;0#&'%1,(*20%D#7;&#$/5+/&#%#(/4$/1?0#
09:63&31#2**5%1#3*B4;(G35R#+3#4:(4;5343134#/0#+,*&,9@%45%1#-3*D#"#&'%1,(*20#3&'/1#*3&@%4;1,5'%GG#
$X+A%#3GG35#%9#;*341,(G%5#%#+(%$%4/92*20R#%#093(3EA24;1D#"#09XG3*/#$?5124#5'3*64:(B1R#63(031R#
JLN

$,5+X121R#+%*,1R#6%*%$/54#1;(+;0.-3*3*3431#1:634/1D#"9#3*@%5&9,44#4:(4;53431#4%(4%*$24#1;(+;031#;0#
62*%09,1#03&H40;&;63*#/+3&35#5'3*635#:0093-,&*%*A?1R#3034*3&#3*$30;*@34AC1#%5'%5'3*635#/0R#3993*#
42$,&%46%#%#53@;90;&3113*#1C9+B#&'3(313134D
"#W0,E,(4,0#093(3E*;0#@244;(G3#13(C*#%9#3&';5/#$3&09X*%*200%*#093$G35D#"9#H(20.,*6%020#4%5?*20#
$3**344#%#09/4?2W/X0#A24;1,1R#(:6/+#+%(%G,1R#4%*2*X0#1;(+;031R#%9#;531*;0R#3&'093(F#E2(G309;+31#;0#
09XA24;1,1#%9#X(21#-,54,0#(;09;4#1;E39/1D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#@2(,$#;6#4%5%5'%&%_#63(031R#+%*,1R#$30;1#/0$3(343R#09X1/5W0R#3&'093(F#$,5+%4,1D
J$431'%&.",2V)2/83:/."S:)+0
"9 # ,*6%020.H(20 # 3*0%A24H420%R # &'%1,(*20% # % # W;* # 3GG35 # %9 # ;6G35D #"# $3$,(/43(3113* # 6%*X # $?51%#
-,*'4%4X+/1R#%9#3&';5/#093(3E*;03134#G24,(H4A%#%#4%52(D#n,*'4%4X+/1#%#@3*'30#1/3A4;003*R#/54,52W/X6%*#
1%EW0,*%4,0# &'%1,(*20D #"#09X1/5W0# 4,62GG # GB6C*D #"9#%5'%5'3*6 #;0# %9# /+3&35# 5'3*6# 093(139343R#
-3*;EH4;03#1:9:44/#1C*:5G0;&#139+#4?+%4,0?*5/#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
73&;(4/1#%9#3*@%5&9,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%#-3*4344#1;(+;031(3D#w'%1,(,*A21#%9#/0$3(4#
09:63&3135#13(3094C*# %9# H(204R # ,*6%0204D# d;E3031# 3&'093(F#5'3*64%5/#09%G2*',1%4 #-3*-3+395/#;0#
@%0952*5/D#T2**%*A21#%9#:52**X#093(3E*;04D#
G$TS/+)U*1/."T+43+0
"5'%5'3*6R#2**%44%5R#-:*+(%A9.1:(5'3934/0$3(34D
GO)S/,+%$)#$0"f",+%$)#$0
>:6/+#E2(G309;+31R#(:6/+#4:(4;53431R#@,992A?1#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_
.#3&'30#092$#c#4:GG30#092$R
.#093$;*'30#;0#$?4%4X#5;6$20,1D
.#-3*09X*H4X#$X+#09XG%5#;0#H(20G%5#S09:63&1:(5'3934G35UR
.#$,5+%4093(13934R#/&;1R#-B53631R#$3**;153631#&'FA4;03R#&'%1,(*20%R
.#3&'093(F#1/A3*354BR#1;(+BR#4%&%+X#$,5+%4,1R
.#3&'093(F#1;(+B09%6%1#@%0952*%4%R
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131_
.#@3*'3035#G34F9/1#%#536C134#;0#5;@25'#&'%1,(/#09X4R
.#E,54,0%5#,*6%05%1#G3&'%1,(,*4#09%6%1%4#;0#$,5+%4,1%4R#H(20G%5#-3*/0$3(/1#%9,1%4R
.#:52**X%5#%*1,45%1#3&'093(F#$,5+%4,1%4R
.#,44@,5,0%5#$,9,&5%1#%9#3&'093(FR#G3&'%1,(,*4#1,$$?5/12W/X0#@3*'93431G35R#E*D#G3$?4%41,920R
.#3*+:5435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%*%E634B#09X1/5WW03*#(35+3*139531#%#-3*+,*&,9,44#4;$%1:(:1G35R
.#1;E3031#3&'093(F#5'3*64%5/#09%G2*',1#-3*/0$3(;0;(3#;0#%*1%*$%9202(%D
Q252823:/"i-MN"+/831)&

JL!

d/0/01,*20 # 1,(G%5 # % # 5'3*63*0%A24H420R # % # 5'3*64%5?*20 # $;& # -B1;54 # 093$;*'31@39R # 09/4?2W/X1@,9#

1:4:44R#;0#W0%1#%#1/*35W.4/935@%($%+/1#;6G35#139+B+/1#3*#3&'#:52**XGGR#4?+%4,0%GG#4%5?*20D
"#09XG3*/#$?51%#%#1:9;E4%&,9%4,5#/0#%#4%5H420#1:9;EE,54A2G%5#$%(%+D#f363934AC1#%#1C*:5-;*3#
09,W/2*/0R#W0,E,(4,0#$?51%-,($21%4D#"#1X(?0G309;+34#3&'(3#/512GG#-3*62*4A%#%#&'3($3131#3&';5/#
$3&5'/*%41,920%D #"# G309;+&'%1,(*%4,1 # 0,(25 # % # +/21,1 # $3&4%5?*5%1 # 3&'093(F35 # 42(0%*,&5/ # %9#
/01,*%/ # ;0 # ,44@,5/ # ;*34(B*R # :5$%&?1(X*R # W0%*2+A?1(X*R # %9 # /+BA2(20(X*R # %9 # /+B(B*R # %9 # ;609%1,1(X*R#
5%E09%1,1(X*R # %9 # ,*6%0,44 # 09:63&31 # 4%(4%*$2(X*D # " # 436;135'0;&31 # 1:9:44 # 093(3E3* # 63(031 # ;0#
G309;+&'%1,(*%4,1 # 3&'C4430 # ;0 # 3&';5/ # 3*B%+20%R # 1:9:0 # ;531*;0R # 5'3*64%5/ # 1;(+;031#
$3&42(&'%*20%R # &'%1,(*20%R # %9 # %+,44 # 5'3*6 # @%92A25%1 # 4:(4;53*$/R # 1?*4?(2*/0R # -:*+(%A9/#
A3**3&934300;&3/63*#6%*X#/0$3(13+;0D#8,(#13(C*@34#3&'.3&'#(:6/+#09H5+%(%G#6%&'#A3*3534#3*B%+202(%#
/0D
"9 # 3E,W@%-C93431 # $/542A2(% # 6%&' # % # 4%52( # 0%A24 # 3*1;E93*;03 # 093(/54 # 0%A24 # 1/0 # 4%51:5'634#
093(13094@34531 # % # &'3($3131R # %$/G3 # % # 4%5?*4 # 63(03134R # +%*,1%4R # $,5+X121%4 # ;0 # &'%1,(*%4,1%4#
-3*A3&'39@34/1R # 5'3*64%5/ # 09%G2*',1%4R # (%&,920/ # 42G*29%4,1%4 # H(@%45%1D # 73&A3*35531 # %9#
,*6%0$25',1R#%#09:63&3134#$2(#%*%E,0%GG%5#-3*+,*&,9921D#"#-,*'%$%4R#%@,&'#%#+/21,1#%#5'3*64%5/#
09%G2*',1%4 # $2( # /0$3(4R # -3*+,*&,9,44 # 09:63&31GB* # *363934/1R # /**3463 # % # *3@34B # *3&3&'093(FGG35#
:5$%&?1 # $3&-,&%*$%9921R # 5%&'G%5 # 03&H4/ # %9 # 3$*;139;04R # % # -3*/+;9;04D # w'%1,(*X-C934C1G35#
&'%1,(,*@%4A21#%9#H(20G3*/#$?5124#%12(#%9#X(25R#%12(#@29/#-3*%+%41;54D
" # &'3($31 # % # 4/93513443+/1 # ;*34;6 # 42A25 # $2( # 1;E30 # ,1.,1,9%4/ # :0093-C&&;03134 # $3&*245/R # %9#
3*B9B*3& # 4%5?*4%1(% # :0093-,&*%*X%5 # (2431/5435/D # " # @343+/1.5',*W%+/1 # ,0942*'G%5 # -3*;G(3+531 # %9#
/543**314?2*/0R # &,5+,*1,+20/ # 3(B1R # *3@34B6; # 4;63 # % # 5'3*64%5/ # 09%G2*',1 # &,5+,*%4/ # Q4,5 # 4:(4;5B#
$3&;(4;0;4#;0#4?+%4,0%GG#%*1%*$%92024#/0D
"#5',*W%+/1#,0942*'#6;&;(3#3&'#24*%&,0#1;E300;&FR#%9#X(21,5#-/&'3*3$$3*#(;094#636B#+/21#1;E30#
%9#/0$3(4#;0#-3*+,*&,9,44#4;$%1:(:1G35#%9#%*%E09/54F#1,$$?5/12W/X(%R#%9%9_
.#1;E30#3&'093(F#5'3*63934FR#@,009%GGR#H(,44#09:63&#$3&;(4;0;(3R#:52**X#-3*+,*&,9202(%#S1;(+;031#
$3&62*%09,*202(%R#1?*W0/5-,($2W/X1#$3&4%*2*202(%UR
.#1;E30#(:6/+3GGR#3&'093(FR#:0093-C&&B#-,&%*$%920#$3&%*1,4202(%R
.#1;E30#%*%E-,1Q#09/5435#4:(4;53431#*;5'3&;531#$3&;(4;0;(3R
. # 1;E30 # %*%E09/54F # 1,$$?5/12W/X(% # ;*34093(F # @3*'93431G35 # %9 # /0$3(4 # 4;$%1:(:1G35 # SE*D#
G3$?4%41,920R#6202(*20R#/+BE,54.3&'39434;0R#43*3-,5G309;*&34;0UR
1;E30#%*%E09/5435#G309;*&345/#3&'.3&'#/0$3(4#4;$2(X*D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%#1,(G%5#S!!D#;*34;6U#3(B0:+/1#;0#%#1:(5'39344B*#-C&&34*353+/1#%#&'3($3131#$3$X(/2A%R#H&'#
0,1%4 # 1;E3031 # 4%5?*5/D # b11,( # $2( # @%0952*@%45%1 # 5',$4%4,44 # ,*6%0X1:5'634R # $3*'34 # %9 # X(25#
1:9:035#+,*&,95%1#-:*D#b9#%9#%#1,(R#%$/1,(#%#5'3*6#09;E0;&;4#1;E3031#-3*/0$3(5/R#%$/#5%&',5#
-,54,0 # %@@,9R # @,&' # % # &'3(3131 # ;*6399;1 # % # 5'3*634 # ;0 # % # 5'3*64%5?*204D # " # 09XG3*/ # $?51%#
5'3*64:(B134R# E2(G309;+3134R #;0# 63(03134R# ;*341,(?15%1# $3&-3*3*B# ;53134# 4%(4%*$%9R #%$3*'31# AX#
(;093 # $3$,(/43(D # " # 6%*X+/ # ;(4;1;5 # 4Q* # % # 63(0$,5+20 # % # 4/094% # 1/3A4;0 # ;0 # $,5+%4+%**%$#
G3&'%1,(*2025%1#1/62*X#3091:93R#;0#3(B0H4/#%9#/+/X$%#A3**3&F#09X1/5W034#/0D
"#53&'3+/1#,0942*'G%5#4%5?*4#3&'093(F#093(1393431(3#;EH463#3(B0:+/1#%#5'3*64%5#/(254/#;(9;1C1D#
Y%&'#&,5+,4#13**#-,(+H4%5/#%((%R#@,&'#%#&'3(3131#$3&;(40;1#;0#%*%E,0%5#3*0%A24H4021#%#09XG%5#
-,(&X # 5'3*64%5/ # 093(139343134D #"9 # %*%E634B # 09%G2*',1%4 # +3+?14H6 # $X+,5 # $%&?1 # -3+39/1 # -:* # ;0#
-,&%*$%9921#$3&D

JLJ

" # 09%6%1%4 # 311,( # $2( # 4?+%4,0%5 # 4%5?*A21 # ;0 # &'%1,(,*A21 # 09:63&:0093-C&&;03/1G35 # %9#

,*6%0$25',1 # -3*+,*&,920% # 0,(25D #"9 # 3&'(3 # GB6C*BR # 62*4,9%4,0 # 09X1/5WW03* # % # &'3(313134 # %((%#
:094:5:99C1R # @,&' # 1;E93*34C134 # @%0952*6% # %*1%*$%9921 # % # 09%6%1%4D # 89H530 # ;0 # A3**3&93430#
*3H(20,1%4#@%**%5%1#;0#,*6%05%1R#:094:5:99C1#%9#,*6%020#093(3434;4D
4:+/1 # ,0942*'4X* # A%6%0,*A?1 # % # W0,E,(4$?5124R # % # (35+093(30 # E2($?5124R # 5%&',GG # *;4092$Q#
,0942*',1#3034;5#%#W0,E,(4G,54204D#bGG35#%9#;*341,(G%5#1:55'35R#AX*#$,4/62*@%4X1#%#&'3(3131R#;0#
%#$3&4%5?*%5+X#4%5%5'%&,4#3(3+$;5'303GG35#4?+A21#&'%1,(,*5/#;0#%*1%*$%95/#1/03GG#*;4092$Q#
W0,E,(4,1G%5D
m'$02'23

k;"U'$W

I)Y8232/"3O*1/
"#53&'3+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5/#093(1393431D
J$431'%&.",2V)2/83:/."S:)+0
"9#,*6%020.H(20#&'%1,(*2025R#$3&3(B0H4;0;5R#%#09X1/5W0#GB6H4;0;5#6%5#%#*3&5%&',GG#@%5&0Q*'#
3GG35 # %9 # ;6G35D # a,62GG(% # /0 # -,54,0 # % # $3$,(/43(3113* # 6%*X # $?51%R # %9 # 3&';5/ # 093(3E*;031#
G24,(H420% # $3&@%42(,9X # % # A:6BG35/ # 5'3*64%5?*20@,9 # 6%*X # E,9/4H6 # @,9922**20 # 3*B03&H4;0;;(4D#
n,*'4%4X+/1 # % # @3*'30 # 1/3A4;003*R # /54,52W/X6%* # 1%EW0,*%4,0 # &'%1,(*20D #"9 # /+3&35 # 5'3*6 # 5'3*64%5/#
093(139343/63* # /0$3(13+531 # % # +/21,1R # 3(B0:+/1 # % # 1,$E%(%4H6 # 5'3*64%5/ # 6/90&2*X+20R # 4,62GG#
4?+%4,0,+/1#%#1C*:5G0;&#%9#%5'%5'3*6#;0#%9#/+3&35#5'3*6#093(139343R#-3*;EH4;03#1:9:44D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d/0#03&H40;&&3*#$3&;(4/1#%9#,*6%0,44#4:(4;5343134R#62*%09,*5/#4?+5%1#%9#,*6%0$25'(%#6,5%41,9X%5#
-3*4344#1;(+;031(3D#"#W0,E,(4,0#093(3E*;0#@3*'344#3&'(3#/512GG#%9#3&';5/#$3&09X*%*20#%#A3**3$9BD#
d;E3031#5'3*64%5/#09%G2*',1%4#-3*-3+395/#;0#@%0952*5/D
G$TS/+)U*1/."T+43+0
b&'30 # 3E,W@21@,9 # 1:4@34B31 # 3&'30 # ,*6%0$25',1R # 63(031R # +%*,1D # " # 5'3*64%5 # 3E,W@2@,9 # AX*#
1%EW0,*@%4X%1#3&'30#4%5?*4#5'3*64%5/#3*3$31R#093(1393431D
GO)S/,+%$)#$0"f",+%$)#$0
"9#,*6%0,44#4:(4;53431@39R#%#4%5?*4#E2(G309;+31@39#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_
.#09X-%A,1#S-B53631R#$3**;153631R#/&;1UR
.#09X(35+31R
.#QA%GG#1;(+B09%6%1R
.#1/A3*354B#$,5+%4,1#A3*35#/+BG35R
.#A3*35#/+B#-3*/0$3(;03#1;(+;0G35R#4%&%+20G%5R
.#G/(4,1*20#1/-3A39;03R
.#$3**;15;6-,1,920R
.#3*:*A2(X09X1#-,*'4%420%R
.#X(%R#/+B#1/-3A39;03R#+24?$D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X1_
.#1H6C*(B*#:52**X%5#/0#3*#4?+5%1#$,5+%5/#63(03134R#E2(G309;+3134R
.#%#4%5?*4#5'3*64%5/#-,($21%4#-3*/0$3(/1R
JLI

.#3&'093(FR#(:6/+#09:63&3134#$3&#4?+5%1#;(435/R
.#%9#/0$3(4#09%6%1%4#4,**G%$,5+20#?425#*3#4?+A21#H(5/R
.#:52**X%5#4?+5%1#%#4%5?*4#09%6%11%*#;0#5'3*64%5/#093(139343113*#$,5+%4,1%4#%*1,45/R
.#1/3&;09H435+B#1;(+;031(3#4?+5%1#62*%09,*5/R
.#%#4%5?*4#09X1/5W034#-3*#4?+A21#/+;95/#_#@29R#@3*'0;&31R#-,&*%*1,920,1D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@%4,+/1#,0942*'G%5#%#E(3E?G3(420.1,(#A3**3&93430#6,520%/6%*#4%*2*1,9@%4?51D#"#(35+#;0#(35+093(R#
%9 # 24431/54@34B # 43(639;0 # 5%&',5 # -,54,0 # 3GG35 # %9 # ;*341,(G%5D # Z%4,+/1 # ,0942*'4X* # % # -:*+(%A9R # %#
1?*4?(2*/0 # 0%A24,002&,1R # *3&35+21R # G%**%+21R # 4:(4;53*$/ # ;0 # $/4/1?0 # 093$;*'/0;&31 # %*1,4A21 # % # -B#
4;$%1:(:134D #"# +/21,1 # /+3&35 # 5'3*635 # /0 # ;(+31*B+63 # -,&%+A21 # 393134 # % # 4;$21%4D # b&'(3 # 4:GG#
/+/X$24R#1/-3A39;04#;0#$/5+355%E/#42(0%*&20/#09X1/5W034#;EH4C51#G3#%#09XG3*/#$?512G%D#a,62GG(%#/0#
-,*'4%4X+/1#%9#,*6%020.R#;0#H(201;090;&#-3A*3094;03D#bGG35#%9#;6G35#393134#%#1;090;&3134#$3&#13**#
3(B0H435/D#b*139+B+/1#%#1(3%4H6#-,&%*$%920,1#H(20%R#3*B09:(#1:9:035R#$%A+#:52**X%5#/0D#"#+/21,1#
(35+093(3035#1%E5%1#H(20G3*/#;0#09XG3*/#@29/#-3*%+%4,1%4D
"# 5'3*64%5/ # 09%G2*',1 # ;0 # 093(1393431 # O.PD # ,0942*'G%5 # &'%1(%5 # 24-3+/1 # 3&'$204R # ;0 # G2($/*'35#
E(%14/1?0 # 0,((35+G35 # 63@34B1D #"9 # 3++/& # 4%5?*4 # 5'3*64%5 # ;0 # 09X1/5W0 # %*%EA25 # % # +/21,1%4 # 3&'(3#
/512GG#G24,(H4@%4A?1#%((%R#@,&'#09%G%+%GG%5#-3A399;1#1/#$%&?1%4D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#:4:+/1#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#%9#H(20.R#,*6%0201;090;&#$3&3(B0H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#
-,($21#$3&/0$3(;03R#%9#:52**X#09X42(@%0952*%4#3*B03&H4;03#A3**3$9/#394#%9#;634D#"#+/21,1%4#3&'(3#
/512GG # %((% # :094:5:99C1R # @,&' # G24(%5 # -3A399;1 # 1/ # $%&?1%4 # /+3&35 # 5'3*635R # 09X*%*A%5%1 # $3&#
3&'3+C*R#D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#+/21,1#3&'(3#4:GG34#4?+5%1#$%&?1(X*R#1:(5'3934C1(B*#3*$,5+%5/R#3&'(3#4:GG#$/5+35(3#4?+5%1#
62*%09,*5/D#"#4%5?*X1#%#1,(?15%1#$3&-3*3*B#/+3&35#5'3*6F#09:63&1:(5'3934G35#3*#4?+5%1#/&%9,+5/R#
3&'093(F # :52**X # $,5+%4,1%4 # 4?+5%1 # %*1,45/D # d;E3031 # :52**X%5 # ,*6%05/ # 3&'093(FGG # 09:63&3134R#
53$#(/%+5%1#$3&#/0$3(34*35#09%6%14X*D#e0$3(4#09:63&(3R#/0$3(4#09:63&1:(5'3934G35#1;(+;03134#
4?+5%1#%*1%*$%95/D#"#(35+093(30#@29/#-3*%+%4,1#S09X4%5?*20R#H(20G3*/#-3*%+%4,1R#,*6%020&'%1,(*20U#
%9#:52**X#4%5?*20#43(;5#/0#-3A*3094/1#%#+/21,1%4D
G$TS/+)U*1/."T+43+0
b*0B0,(G%5 # % # -:*+(%A9 # 3E,W@2@,9 # ;0 # % # 4:(4;53*3$ # 3E,W@2@,9 # 1%EW0,*@%4X%1 # 1:55'35 # 3&'30#
09:63&31R # 4:(4;53431R # *3&35+21D #"# 5'3*64%5 # 3E,W@% # ;0 # %9 # /+3&35 # 5'3*6 # 5'3*64%525%1 # 4%5?*20%#
1:9:44/#3&'39;031#;0#1C*:5G0;&31#3(B0H4/1#%#4%5?*X1#&(%$$%4/1%/#1,$E3435W/2/4D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0GB6H4;0#%9#,*6%0$25',1(%R#E2(G309;+31(3#%*%E,96%D#"#&'%1,(/GG#/&;1#@2(,$#%*%1A%D
Y'3*64%5_
JLh

.#A3*35#/+B#S1;(+;0R#4%&%+20UR
.#093$;*'30#5;6$20,1#G/(4,1,0#30343R
.#3&'093(FR#:00934344#$,5+%4,1R
.#$Q*4#/+B
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#09%G%+%GG%5#G309;*531#:5$%&?1(X*R#W0%*2+A?1(X*R#1:(5'3934C1(B*R
.#-3*/0$3(/1#%#4%5?*4#5'3*64%5/#09%G2*',1%4#;0#E;*+21%4#4%*2*5%1#(2A?1#3&'#%+,44#09:63&G35R
.#G/9,5',0#@3*'93431G35#$3&#4?+A21#;(4345/#$%&?1%4#E*D#Q4G%/&%9H420R#6202(*20R
.#(:6/+35#4?+5%1#G309;*5/#7%&'%(,(092&(X*R#3034*3&#5;@25'#$20#,(092&(X*R
.#/0$3(531#09*,621#6,5%41,920Q#1?*4?(2*/0#;(4;13134R
. # @%0952*A21 # % # 1/GB6C*4 # 09X1/5W034_ # /01,*%R # 4%542(&'%1R # X(%(35+R # 5%E/(35+R # ?4%920R # 1:9*313+;0/#
3091:9:1R#;4139;0R#6202(*20R#42A;1,9X+20D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@343+/1#,0942*'G%5#%*1%*$%9,44#$X+093(#09,(,0%5#1:634/#%#@%4,+/1#,0942*'G%5#*3H(4%1%4D#a:GG#%#
4%5?*5/6%*XR#(35+093(3031#%#4?+20E(XG21R#09X+,*&,9%4,1D#"#@3*'30H(20#-3A*B+;0;4#4,62GG(%#/0#03&H4/1#
%#+/142*20,1D#w'%1,(/GG#%#W0,E,(4,0R#%#E2(,0#;0#%9#:52**X#$?51%D#"9#C&'303GG#&'3(3131#$2(#
$3(531#0%A24#4?+20?1(%#42$%091,+6%#%9#%+,44#/+3&35#5'3*635#&,5+,*1,+6%#09:63&34#%*1,45/#S;0#
53$#-3AG35#-,(+H4%5/UD#83&H435/#13**#B134#%GG%5R#@,&'#3*#4?+A21#-,&%+5/R#@,&'#&,5+,*%4%/1%4#$;&#
53$ #$/5+/&#4?+A21# /+3&35#5'3*635# $3&-,&%*$%95/R #;0#%GG%5#/0R #@,&'# 4:(313+A3531# %#$3&*;6B#
5'3*6/#3091:93/1#%*1%*$%9202(%D
"9#,*6%0201;090;&C134R#%#09:63&;(4;04#4,62GG#-3A*3094AC1D#"9#/(,+%*$/#09:63&31#$3**344#4,62GG(%#/0#
@%5&0Q*'4#1%E5%1#%#1?*4?(2*/0R#-:*+(%A9/R#4:(4;53*$/#;0#%#$/5+355%E,0#42(0%*&20/#4;$21D#nC934C134#%#
5'3*64%5/ # 09%G2*',11%* # . # % # 4%52( # 03&H40;&;63* # . # 1:634139343035R # 09;E35 # 63934/1D # >:6/+ # H(20,0#
$?5121#1;09C*@34531R#:52**X#-,&%*$%920,1_#5%E*XH(20R#3&'#42(&'R#62(,0R#42A#*3H(20%R#3*-,&%+@%4X#
E,54,002&&%*D # 89/4?2W/X0 # @3*'9343113* # 4,62GG(% # /0 # GB6H4AC1 # % # G309;+;(4;0 # ;0 # G309;+1;090;&#
-3A*3094;0;4D#b&'(3#4:GG#/0$3(3443*#(35+3*139531#%9#/+3&35#5'3*6#@%92A2(X*D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@%4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#09X1/5W0#4,62GG/#GB6H4;03R#QA%GG#5'3*64%5/#-,&%*$%1#;0#-,($21#$3&/0$3(;03#A3**3$9/#394#%9#;634D#
"9#;(4BR#:52**X#,*6%020#-3A*3094;03#-,54,0#-3*4;43*3#%#4,62GG*;E;0531D#"#+/21,1#3&'(3#G24(%GG%5#
09X*%*5%1#$3&R#-3A39/1#1/#$%&?1%4#/+3&35#5'3*635R#$3&GH9@%4X%5#4?+A21#@%0952*5/#%#09X42(%4D#"#
+/21,1%4 # 1C*:5G:9B # $X+093(3113*R # 1(3%4H6 # H(20,11%* # @,99203&H4AC1 # %9 # :52**X # &,5+,*%4,1#
$3&-,&%*$%9202@,9R # % # $3&09X*%*20,152* # %9 # 3&';5/ # :4*343/1 # %*1%*$%9202@,9R # @,&' # 3&'(3#
G24(%GG%5 # ;0 # A,GG%5 # $3(A3531 # 3*(?&%091,+5/ # % # G34%5?*4 # 09:63&314B*R # 0;$214X*D # 73&4%5?*5%1#
09:63&3134#;(43*$395/#-,(+H420#5;*1C*R#09:63&&3*#1%EW0,*%4,0#1;(+;031(3#:52**X%5#62*%09,*5/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20

JLL

52**X%5 # 4?+5%1 # 1,(,0942*'?15%1 # $3&-3*3*B # 09:63&3134 # 09XG%5 # 3*$,5+%5/R # ,*6%05/R # H(20G%5#

$3&-,&%*$%95/D #"# $,4/62*4 # 4%5?*X1 # $/5+ # %9 # H(,44R # $/5+ # %9 # ,*6%0,44 # 09:63&31 # ;(4;0;G35 # 3&'(3#
@%42(,9,44%GG%1D # 89X1/5W0C1R # 5'3*64%5/ # 4?+20?1 # 4,62GG # 09;*303+/1D #"# (35+093(30 # 4%5?*20 # $2(#
$3&09,12002#62*/1D
G$TS/+)U*1/."T+43+0
"#*3&1:55'3GG35#4,62GG(%#/0#%#5'3*64%5R#%#4:(4;53*3$#;0#%#-:*+(%A9#3E,W@2@,9#*3@34#1%EW0,*X+5/#%#
4;$211%*R#4:(4;5343113*R#,*6%0$25',11%*D
GO)S/,+%$)#$0"f",+%$)#$0
"9#,*6%0,44R#4%5?*4#09:63&31#-,54,0#09%6%/D
Y'3*64%5_
.#$Q*4#/+BR
.#A3*35#/+BR
.#$3&092$*2*@%4X#;0#$3&092$*2*@%4%4*%5#-B53631R
.#A3*9B0#093(1393431D
!",2V)2/83:/"51'3"2'2*#:4&2.n
"#+/21,1_
.#-3*/0$3(/1#;0#%*1%*$%9921#%#4%5?*4#5'3*64%5/#-,($21%4R
.#A2(4%0%1#%9#3&'093(F#09:63&31#:52**X#,*6%0202G%5R#$3&;(4;0;G35R
.#1;E3031#6/*2&,0R#3&'093(F#$,5+%4,1G%5#1/-3A395/#$%&?1%4#E*D#$3&@H620R#03&H40;&#1;(;03R
.#3&'(3#%14H6%GG%5#;0#1(3%4H6%GG%5#@%0952*A21#%#&'%1,(,*4#09X1/5W034D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5',*W%+/1#,0942*'G%5#/0#-,54,0%1#%#$/5+355%E,0#42(0%*&20/#4;$21#$3**344#%#1?*4?(2*/0R#-:*+(%A9/R#
4:(4;53*$/#;(+31300;&31#;0# ;*34(%A9,1D#"9#X(21,5# (35+093(3031#%#E2(G%5R # W0,E,(4G%5# -,*'4%4,44#
G309;*&34;031 # /+3&35 # 5'3*635D # "9 # H(201;090;& # -3A*3094;0;4 # (:6/+ # *363*31R # 3&'093(F # *3H(20,1R#
3&'.3&'#4:(4;534#:0093-,&*%*20%#G/94,0H4A%D
"#5',*W%+/1#,0942*'(%#%#+/21,1#4/0942G%5#6%55%1#%#5'3*64%5/#%*%E,11%*R#24431/54/1#;0#GB6H4/1#%#$2(#
1,(2GG%5#$3&4%5?*4#5'3*64%5/#-,($21%4R#09%G2*',1%4D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#@;4#,0942*'G%5#4%5?*4#09X1/5W0R#5'3*64%5D
J$431'%&.",2V)2/83:/."S:)+0
"#5',*W%+/1#,0942*'G%5#%9#3++/&#4%5?*4#5'3*64%5/#093(1393431#/0$;4*;03R#24431/54;03#/+B093(FD#oA(%#
&'%1,(,*A21 # %9 # /&3/+B134R # @,&' # G/94,0%5 # 3* # 4?+A%5%1 # /&%9,+5/ # % # 5'3*64%5/ # 093(1393431 # 1:9:44D#
f309;+G35R # H(20G%5 # ;0 # 09:63&;(4;0G35 # 3&'%(254 # 1(3%4H6%1R # :52**X%1D # "*%E09/5435 # AX*#
1,$$?5/12*5%1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20

JLO

>:6/+3GG.@,009%GG # 09:63&31 # ,*6%020%R # :52**X # -3*+,*&,920% # $2( # 53$ # A3*354 # &,5+,4D # r*34093(F#
E2(G309;+3134#@%**&%45%1#$3&#;0#&'%1,(,*5%1D#"#4%5?*4#093(139343134#G24(%5#6%(/2*A21#H(20G%5#;0#
09XG%5#3&'%(254D
G$TS/+)U*1/."T+43+0
"#-:*+(%A9#;0#%#5'3*64%5#3E,W@2@,9#1%EW0,*X+6%#*3@34#1:55'35#4;$24R#09:63&34#4%*2*5/D
GO)S/,+%$)#$0"f",+%$)#$0
"#09:63&31@39R#,*6%0$25',1@,9R#E2(G309;+31@39#1%EW0,*X+X#09X1/5W0D
Y'3*64%5_
.#1/A3*354B.1;(+B.4%&%+X#$,5+%4,1#%#4%5?*4#/&3/+B1G35D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#3*0%A24H4A21#%#5'3*64%5#;0#%#@3*'30H(20#%*%EA%/4R
.#1;E3031#:52**X%5#3&'093(F#09:63&3134#-3*+,*&,95/R
.#1;E3031#:52**X%5#(:6/+#09:63&34#%*1,45/R
.#1;E3031#:52**X%5#G3$?4%41,95/R#1;(+;031(3#62*%09,*5/R
.#5'3*64?+20?1#"!#09/54531#$3&-3*3*BD
Q252823:/"P-=;N"+/831)&
"#1/*35W3+/1#,0942*'4X*#139+63#%#5'3*64%52(#-,1,9%4,0%5#03&H4/#%#+/21,4#%#092$2(%#*3&$3&-3*3*BGG#
4%5?*20/ # $X+093(31 # $3&4%*2*202G%5D # a,62GG(% # /0 # *;5'3&30R # @,&' # % # 5'3*64%52( # % # 4%5%5'%&#
:00932**H420252*#-/&'3*A35#%9#;*341,(/#0%A24,002&,1(%D#b44B*#%9#,0942*'-,14X*#$2(#42$,&%4X#*3@34#%9#
;*341,(5%1#$3&-3*3*BR#09%1093(F35#-3*;EH4344#4%51:5'6#(35+093(30#@%0952*%4%D#"#4%52(#$%&%#+:54/#
3*R # @,&' # W0,E,(4A25%1R # ,0942*'25%1R # 4?+20?15%1 # $3&-3*3*B35 # $3*'/1 # 4%51:5'6W0%*2+,4 # (;0930H4/#
3*B5'G35D#"#1/92(X*%&,0%5#4%51:5'6(3#;EH4344#4%5H420#%9,5G%5#13(C*35+BD
"#1/*35W3+/1#,0942*'#1:9;EE,54A2G%5#3*0B0,(G%5#%#5'3*64%5/#/0$3(3431#(35+093(39;03R#3*$;*'H4;03R#
%#09X1/5W0#GB6H4;03R#%#1,$$?5/12W/X0#1;090;&31#-3A*3094;03#2**D#"#5'3*64%5/#4;$21R#093(1393431#
4%5H42025%1 # 0,((35+A3 # % # -3*0B # 4%&,9%4G%5 # -3*W03(;*@34BR # 3&'30 # 4%51:5'631@39R # % # W0,E,(4#
43$EXA2@,9R#/&;5'3/@39#/0#/&%9,+@%4D
b44B* # %9 # ,0942*'-,14X* # 139+63 # % # +/21,1 # 3&'(3 # @,009%GG # 09:63&3134R # 1:55'H4344 # ,*6%0$25',1%4R#
1;0BGG # /(,+%*$/ # 09:63&3134R # QA02&W/113134R # /543(AQ1%4 # ,*6%05%1R # -3*+,*&,9@%45%1 # +%*09:63&3134D#
n,*'%$%4,0%5#GB6H4/1#09X1/5W0C134R#5'3*64%5/#4?+20?1%4R#1:9G35#3&'(3#4:GG34R#3&'(3#:52**XGG%5#
09X*%*5%1#$3&#%9#%+,44#5'3*635D#d39+34G35#(:6/+3GGR#1;0BGG#@,009%GG#-,&%*$%920,1#H(2026%*#
&'%1,(,*A21#%9#H(20G3*/#1/-3A39;04D#"#(35+093(30#W0,E,(4.#;0#E2($?51%R#%9#3&';5/#$3&5'/*625?*20,1#
3&'(3#5%&',GG#093(3E34#1%E5%1D#V*6%05%1#;0#G309;*531#%#4%5?*4#/+3&35#5'3*634#%5'%5'3*61;54#
@%0952*X#,(092&,1R#5;E31#1?*4Q(2A2(X*R#/(,+%*$2(X*R#4:(4;53*$;(B*R#-:*+(%A92(X*R#$F6;0934/#;*34;(B*R#
09,120%/(X*D#T2*4,9%4,0%5#;0#-,*'%$%4,0%5#&'%1,(,*A21#%9#,*6%0,44#;0#@%**,44#09:63&31#;(4;0;4R#%9#
3&';5/ # G309;+$3&5'/*625?*204R # %9 # H(201;090;&34R # H&' # % # +/21,1 # 3&'(3 # 1:93*3GG # 13(C*531 # %#
1:9;E09/54F#5'3*64?+20@,9D#"#4/93513443+/1#,0942*'#6;&;5#%#4%5?*X1#3&'#(;093#3*;(@34/#%#f!#09/5434#
*3&%*2GG#%9#3&'/1#5'3*6GB*R#092$?1(%#%#4/935@%($%+/1#,0942*'#W;*A%#*3@34#%#fJ#09/54#6%&'#%#$20/1#
5'3*6GB*#%#f!#09/54#3*;(;03D
bGG35#%9#/+B09%1G%5#5%&',5#AXR#@%#%9#,0942*'#1%EW0,*%4,4#6309#-3*#$20#,(092&G3*/#)%*+,(-./01,*21#
%9,5,0 # 1,(Q # +/21A%/6%* # S*363*39;0R # +/21W03(;1R # ,0942*'1/(25+?*20,1R # 1:9:0 # E(,A31431UD # "9 # ;*B#
5'3*663*#6%*X#4%*2*1,920#$/5+35#-,($2A%#(35+1H6C*#-,54,0#3GG35#%9#;*341,(G%5D
PN":5,+)&$#
JLK

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b94#%9#,0942*'-,1,4#;G3(#/543**314?0#A3**3$9/R#%#+/21,1#/&;5'*/1#%#4?+%4,0%GG#4%5?*204D#"9#3++/&#4%5?*4#
5'3*64%5/#/0$3(3431#3&'#$%&%0%GGR#4?+%4,0%GG#09/54(3#@3*'39;03#%9#3&'/1#W;*D#"9#/0$;4*;031531#
4,62GG(%#/0#5%&'#093(3E3#6%5#%#$3&093(9344#4?+20#-,*'%$%4,0#GB6H4;03#$3**344D
"9#,*6%0%5+X#09:63&31#1:9:44#093(3E3*@34531#QA02&W/1131R#4?+X0H420,1#1:93*/R#B134#/0#-,&*%*1,94%4X#
303$;5'31(B*D # b931(B* # % # +/21,1 # 6;*3$;5'4 # -,($2*5%1D # n,&*%*1,9@%4?51 # (:6/+3GG # /(,+%*$/#
09:63&3113*R # A3*35343113*R # $3*'31G35 # . # %12(W0%1 # % # 42(0%*&20G%5 # ;0 # % # 5'3*6/ # A24;1,1G%5 # .#
:00931%EW0,*X+/1#%#-3*+,*&,9,44#5'3*64%5#@%0952*%4%#%#&'%1,(,*5/#1H6254#09X1/5WW03*D
" # 42(0%*&20 # %9 # X(21 # 3&'(3 # -,54,0%GG # 3*3$3D # 8,109,( # %14?2*/0 # 4;$21(X* # G309;*&34C51 # /+3&35#
5'3*635D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#5',*W#;6G35#4%5?*4%1#/0$3(343#S09X1/5W0R#5'3*64%5UD
J$431'%&.",2V)2/83:/."S:)+0
"9#H(20G3*/#;0#09XG3*/#1/-3A39B1;090;&#G24,(H420%R#5'3*64%5/#;0#09X1/5W0G3*/#/0$3(3431#/0$;4*;03R#
GB6H4;03#13(C*#3*B4;(G3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# 1,$$?5/12W/X0 # 1;090;&31 # -3A*3094;03 # $/5+ # H(20G%5R # $/5+ # 09XG%5 # 5%&' # @%5&0Q*'4 # 1%ED #"9#
,*6%0$25',1#:52**X#-3*+,*&,920%R#%9#%*%E634B#G309;+@3*'93431G35#6%*X#A2(4%002&R#%9#H(201;090;&#
-3A*3094;03#1/3$3*435#-,54,002#62*5%1D
G$TS/+)U*1/."T+43+0
b&'30#,*6%0,44#09:63&31#4;$2A%#4,62GG(%#/0#1%EW0,*X+@%4#3&'30#3E,W@21@,9D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5D
Y'3*64%5_
.#4%5?*4#/&3/+B1R/&;1R#5;63*B1R#5;6$20,1#/0$;4*;03R#(35+093(39;03R
.#G3-3A39344R#-,*'%$%4,0#/&;1
.#6/009%@%4X#/&;1
.#-3*4;43*30#$X+R#-3*09X*H4X#$X+
.#A3*35#/+B1#A:6B#/+3AF#@%0952*%4%R
.#@%42(,9X1#;0#@%42(,9X09X1R
.#$3**;15;6#-,1,920%R
.#@%42(,9X/#/&35;6D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#4?+5%1#$/5+#09XG%5R#$/5+#H(20G%5#(:6/+#:0093-,&*%*X1%4#%+5/#%#-3*+,*&,9,44#09:63&(;0931GB*R#
4;$21GX*R
.#1;E3031#@,009%GG#09:63&34#S1:55'H4344#,*6%0$25'4U#:52**X%5#-3*+,*&,95/D
. # /0$3(/1 # ;0 # %*1%*$%9921 # %9 # 3&'093(FGG # *36;*-,($24R # 1;E3031 # (:6/+ # *363*31R # -,&%*$%920,1#
$3&H(202(%R
.#@;41:95%E/#09/4?2W/X1G%5#1:55'35#$3&09X*%*5%1R
JLP

.#09X1/5W0C1R#5'3*64%5/#4?+20?1R#G309;+1;090;&C1#1:93*H4/R#;0#62(@%4X%5#%#!ND#,0942*'#6;&;(3#3*;(/#
%9#"J#09/5434
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5'3*6/#W0,E,(4#09/54A;531R#4?+2025%1#$3&-3*3*B35#4,62GG#42&H4A?1#5'3*64%5/#/0$3(343/134R#GB6H4AC1#
09X1/5W0C134D#v(20G%5#;0#09XG%5#3&'%(254#%#1,$$?5/12W/X0#-3*%+%4,1#13(C*531#3*B4;(G3D#b&'(3#
4:GG#%9#H(20G3*/#;0#09XG3*/#09:63&;(4;04#&'%1,(,*4%4X#-3*%+%4D#"9#:52**XR#%#E2(,0#;0#%#W0,E,(4$?51%#
4,62GG(%#/0#62*4A21#3&'$204D#"#4/93+/1#;6-,*'%$,5#%#$%&'%(4%52((%*#3&'C44$F1:+63#3*#*3@34#$3(C*5/#
5'3*6;0934/#4;$21G%5D#"#42(0%*&20G%5#$3&A3*35531#%#6/421R#1:9:035#4%5?*$25',9,44#/(,+%*$/#$F#
%*%EA25#3&';5/#&,5+,*%4,1#A3*35@34531#$3&D#893(3E34#1%E@%45%1#QA(%#%#63(031R#09H5E%+/#$F631R#
A3*353431R#+(2$%(;09*3431D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#1/*35W#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
" # +/21,1 # 5'3*6/ # /0$3(343/ # 4,62GG # GB6C*531_ # 09X1/5W0C1R # 5'3*64%54?+20?1R # G309;+1;090;&C1R#
09:63&;(4;0C1#;0#H(201;090;&C1#3(B0:+/1D#d:9G35#09:63&3135#13(3094C*#4,62GG#/0$3(13+531#%#
4%5?*4#5'3*6#@%92A25%1#1?*4Q(2A26%*R#%9#,44#;*B1#09,120%/6%*R#5'3*6;0934/#%*%E1;(+;03113*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9 # :52**X02& # 1%E # 5%&' # @%5&0Q*'4_ # % # 4;$21(X* # :52**X # 6;*3$;5'31 # $3&-,&%*$%920%R # 3&'(3#
@,009%GG#:52**X#-,&%*$%920,1#H(20%R#5'3*64%5/#09%G2*',1#:52**X#%*1%*$%920%#13(C*#3*B4;(G3D
G$TS/+)U*1/."T+43+0
"9 # 3&'30 # 3E,W@21 # 4;$2A2@,9 # $3&-3*3*B # /+B9H4;003* # *3@34 # 1%EW0,*X+5/ # %9 # ;*341,(/ # 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5R#1,$$?5/12W/X0#1;090;&31#-3A*3094;03D
Y'3*64%5_
.#:00934344#/&3%*%1,1R
.#@%42(,9,44R#@%42(,9%4*%5#/&3%*%1,1R
.#03&;+/&;1R#$X+G3*/#03&;+/&;1#(35+093(39;03R
.#53$#(%&,9@%4X#09%6%1R
.#3&'093(FR#:00934344#$,5+%4,1R
.#GB6H4$;5'31D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
. # 42(0%*&20/ # 09/54A3R # 09XG3*/ # 1/-3A39B1;090;&3 # 4,62GG # -3A*B+/1R # % # !ND # ,0942*' # 6;&;(3 # % # 4:GG0;&#
62(@%4X%5#3*;(/#%9#"J#09/54F#5'3*64?+204R
.#4?+%4,0%GGR#$%&%0%GG#09/54F#$3&;(4;003*#;0#-/&'3*3$$3*#-,(+?*5%1#%#5'3*64%5/#1;(+;031#-3*;R
.#1;E3031#/(,+%*$/#09:63&31#6%&'#QA02&W/1131#:52**X#-3*+,*&,9202(%D
JL]

==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
n,*'4%4X+/1#%#5'3*64%5/#A3*350;&31#4%5?*$25',920%#;0#&'%1,(*20%g#4?+%4,0%GGR#$%&%0%GG#09/54(3#
3$3*;03R#2(5'%*20%D
"#-3*0B0#,0942*',1G%5#/&35#@%5&0Q*',0#%9#:52**X#4%5?*20R#%9#:52**X#$?51%_#3GG35#%#-,*'%$%4G%5#%#
4%52( # 03&H4 # $3&4%*2*5/ # % # +/21,15%1 # %9 # 3&';5/ # ?4%1%4 # ;0 # 3091:9:134 # % # 1/4F9:44 # W;*,1 # 3*;(;03#
;(+31;G35D#8,(#13(C*@34#3&';5/#E(,A314$?5121(%R#1/03*B%+20,1(%#/0D
oA(% # 3*B4;(G3 # 13(C* # % # 5'3*6 # 09;E0;&3D # " # +/21,1 # 3094;4/1%/ # 6;*3$;5'%*1,420/ # 1;E300;&;4#
&'%1,(,*@%4A21#1*%009/1?0#;0#$,+3(5#09:63&31#-3*+,*&,92026%*D#"9#/(,+%*$/#09:63&31#,*6%020%#
(;09G35#%9#X(25R#(;09G35#,44@,5#4:(4;5/1D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"9#3*B9B#!N#;6#4%5%5'%&%D
J$431'%&.",2V)2/83:/."S:)+0
"9#3&'30#5'3*64%5/#-,($21R#1/-3A39;031#4?+%4,0#&'%1,(*20%#09XG%5#;0#H(20G%5#3&'%(254#3*B4;(G3#
13(C*D#"#+/21,1#3&'(3#4:GG34#G309;*531#3&'(3#4:GG#4;$2(X*#/+3&35#5'3*635D#Z,009%GG#09:63&31R#
H(20,1#:52**X#-3*+,*&,920%#03$#A3*354#&,5+,4#092$?1(%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7/5+35 # +/21 # 3&'(3 # W;*4?+%4,0%GG%5 # 4%5?*D # "9 # H(20G3*/ # ;0 # 09XG3*/ # (35+093(30 # 092$,51;(;031#
03&H40;&34 # 5'QA4%5%1 # 3GG35D # d;E3031 # 3&'.3&' # 4;$2(X* # :52**X%5 # 1/-3A435/ # 6;*3$;5'C134R # %#
42(0%*&20G%5#3&'(3#62*%094;1,0%GG%5#6309531#(;094D#v(20G%5#%#@,009%GG#*363*31R#-,&%*$%920,1#
H(20%#3(B0H4/#1/-3A39B1;090;&C134D#n/&'3*$34#-,(+H4?51#%#5'3*6/#1/-3A39B3091:9:1(3R#%#04/*/094/12(%D
G$TS/+)U*1/."T+43+0
"9#3&'30#3E,W@21#4;$2A2@,9#$3&-3*3*B#/+B9H4;003*# *3@34#1%EW0,*X+5/D #%9#;*341,(/# 0%A24,002&,1#
-/&'3*3$G36;43*;63*R#6/4%/5+H4X#1;(+;03113*R#/543(AQ11%*R#3&';G#09:63&-3*+,*&,920,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
89X1/5W0#GB6H4;03#%#-3*+,*&,9,44#4;$21@,9#1%EW0,*X+X%5D#d,$$?5/12W/X0#1;090;&31#-3A*3094;03D
Y'3*64%5_
.#A3*35#/+3AF#W03*316B#$3**;15;6/#/&35;6R
.#$Q*4#/+3AF#W03*316B#$3**;15;6/#/&35;6R
.#$3**;(35+3*BR#%*2(35+3*B#:00934344#$,5+%4,1R
.#/&3/+B1#:0093@%0,5*H420%R#@%0952*%425%1#4?+%4,0H420%D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
.#1;E3031#@,009%GG#09:63&31R#,*6%0$25',1#:52**X#-3*+,*&,920%#?425#%9,1(X*#6;*3$;5'4#%*1,45/R
. # /0$3(/1# ;0 # %*1%*$%9921 # %# 1C*:5G:9B # *36;*-,($21%4R # 1;E3031# @,009%GG# *363*31R # -,&%*$%920,1#
$3&H(202(%R
. # 1;E3031 # G2($/*'35 # 42(0%*&20/ # 4;$2@,9 # @,99209X*5/R # 2**204 # -,&*%*5/R # 3034*3& # 6/4%41,95/R#
$%&%G/94,0%5#+,*&,95%1#E2($?512G%5R
.#4%(4@%45%1#X(21%4R#X(%(;09*343134R#1/03*B%+20,1%4#$3&@%42(,9,44#4;$21G%5D
JON

=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#G309;+&'%1,(*%4,1#4;$2/#%9#;(3440;&/#4;$%1:(:134#1;09H4/1#3*BR#%9#H(20G3*/#-3*%+%4,1#%#*36;*H(20R#%#
-,&%*$%920 # 43(C*34;5 # $;*'H4/1R # E,54,0H4A21 # % # +/21,1 # 4?+2024D # " # !JD # ,0942*' # $20,+/1 # -3*;G35#
:0093-,&*%*A?1#;0#*392(A?1#%9#3++/&#4%5?*4%1%4R#,E4/$2*/0#3034G35#f!#09/54F#5'3*64?+20(%#43@34531#
093(4#%9#C&'303GGR#$,4/62*4%GG#+/21,1D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#4%5%5'%&%#S09X1/5W0R#5'3*64%5R#1;090;&31UD
J$431'%&.",2V)2/83:/."S:)+0
"#f!#09/54@39#1:93*/#5'3*64?+20#$3&093(9;03#%#W;*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#1:9;E09/54F#;(3440;&/#3*62(20%/@,9#@%0,5*X#H(20G3*/#;0#09XG3*/#-3*%+%4,1#:52**X#$3&,*+20%D
G$TS/+)U*1/."T+43+0
7F6;09344:(4;534D
GO)S/,+%$)#$0"f",+%$)#$0
"9 # 3++/& # 4%5?*4 # 5'3*64%5/ # 09%G2*',1 # $;*'3GG # /0$3(343R # % # 09X1/5W0 # 1:9;E09/54F # ;(3440;&/531#
$3&-3*3*B#/0$;4*;03R#GB6H4;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#3&'#(;093#$2(#35531#%9#;6531#%#6;&;5#1;E30#3*B(3@,9,44#1:9;E09/54F#;(3440;&/4#4355/#
09*,621#5'3*6GB*D

6+8%1/":/"32/34252):/
Q252823:/
"# $,9&204%543(6 # 2*4%*25,0 # W;*1/4F9;03 # %55%1 # %9 # %*%E634B # -,*'%$%45%1 # %# 42$,&%420%R # $3*'531#
0,(25 # % # &'3($31 # *3*1/.093**3$/ # *;5'3 # % # $,9&20,5 # 13(3094C* # :00931%EW0,*X+/1 # 4304/#
,(&%5/9$?026%*D
v&' # % # 4%5$3534 # @,992A2(?* # % # $,9&20;(9;1R # % # 4;(G3*/ # 4?+%4,002&R # %9 # 3&'350Q*';(9;1R # % # G3*0B#
1/3&'350Q*',9,4402&R # 6%*%$/54 # % # 4304/ # AX*;4 # ;(9;0;531 # -3A*B+;0;@39 # % # -/5,$. # ;0 # 5%&'$,4,(,0#
$,9&20,1#2*4%*D
" # $,9&204%543(6 # W;*A%R # @,&' # 03&H403 # % # &'3($3134 # $,9&20(35+093(3 # -:*:44/ # 1,54(,**A25%1 # ;0#
4?+%4,002&25%1#-,($2*202G%5#;0#+/--3(35W/2*202G%5R#@,&'#353(&/2/4#%#$3&-3*3*B#@3*'35#;0#/+BG35#
$,9&X0H4@%00%R#;0#;(43*$3035#/(25'H4@%00%D
"# 4%543(6 # /&'3109/1 # % # &'3($31 # 03&H40;&;(3 # *355/ # $,9&20(35+093(3 # 24%*%1H4202G%5R # @,&' # G3*0B#
$,9&;1,5'02&,4#@,9@%00,5#&,5+,*1,9202G%R#;(9;0;G3#;0#%1%(%42G%R#392*4%*#/0#*3@34B6;#4;63#%9#
3&';5/#0925+;1#43*A303GG#1/-3A39B+;0;4D
"#4%543(6#%#&'3($31#-3A*B+;0/#Q4A24#1,(25%1#$3&-3*3*B#$X+,5#42$,&%4A%D
"#&'3($31# -3A*B+B#$,9&20(35+093(;531#42$,&%420%#0,(25#1/%*%1?*#%#1:9:00;&/#;*34#%*%EA%R #;0#
%9,5 # 13(3094C*R # @,&' # % # &'3($31 # (2;G(3+ # %9 # :5$%&% # ;0 # %9 # B4 # 1:(C*636B1 # 1:9:44 # -3552**X#
1%EW0,*%4(%R#6%*X0#09,W/2*/0#(243($3440;&#-3A*B+@34#1/D
JO!

"#$,9&20#4%543(63#/&'3109/1#42$,&%45/#;0#1/3&;09H435/#%9#24-,&X#4%543(6#3&;09;4D
"#$,9&20#4%543(63#%99%*#%#1:9;EE,54G%5#2**X#-3A*B+;0/#-,*'%$%44%*#-,&*%*1,9/1R#$3*'531#$/5+35#
3$G3( # (;09303_ # % # -/9/1%/ # 4304G3 # 6%*X # $3&;(139;0R # % # 4304 # /(25'H420% # ;0 # % # 4304 # 2*4%* # 4:(4;5B#
:51/-3A39;0D#"#$,9&20,5#13(3094C*#%9#/5+/6/+??$#-/9/1%/*%&#*;E#%#6/*2&G%R#35531#E3+/&#3*0B+*3&30#
3091:93#%#-/9/1%/#4304D
"# $,9&204%543(6# %9 # 3$G3( # $,9&20(35+093(;63* # +,*&,9/1R # ;0# 03&H4 # %9 # %@@,9 # 63934B # 3&';5/ # Q4#
$3&-,($2*202G%5D#v&'#%9#/5+/6/+??$#$3&4%*2*@%4A%#%94#%#G/94,502&,0#1:9;EE,54,4R#%@,55%5#3*#4?+#
/5+?*5/#%#6/*2&#-3*;D
b94#%#-,*'%$%4,4#42$,&%4A%#%#1:634139B#@2(,$#4;5'39B_
!D %#&'3($31-3A*B+;0#%(W@34/E/1?0#43($;0934;531#G350B0;&30#/0$3(343R#
JD $%&25%1#%#$,9&20#43($;0934;531#G350B0;&30#/0$3(343R
ID %#1C*0B#1:(C*$;5'31R#3(B-,((20,1#;0#*3@34B0;&31D#
"#1:634139B1G35#%#4%543(6#3*3$3/#;0#1?*W0-,54,002&Q#&'%1,(*%4%/#1:(6,5%*%9X+5%1D#"#E;*+%1;54#
3$*H4344 # &'%1,(*%4,1R # A24;1,1 # ;0 # %9,1 # 6%(/2W/X/5%1 # (;09*3430 # *3H(20% # $3&4%*2*@%4X # %9 # %A25*,44#
/(,+%*,$G%5D#"@,*#1C*:5#53$#3$*H4AC1R#%9#2*4%*25,0#093$E,54,1%4#;0#W;*,1%4#1/-3A4B#(;09G35#%9#
/+;9BA3*31#1:9:44#093(3E*B#09:63&(;0931R#;0#%#4%(4%*,$(%#6,5%41,9X#(;09G35#093(3E*B#A24;1,1#d/$#
t%'53_" \763%6#6('# " =)02#,(# WD # 1:5'6;G35 # 4%*2*@%4X1 # $3&D #"# f,4@$3(.&/$5%094/1%/ # &'%1,(*%4,1#
w(X-#n(/49#6,5#f,4@$3(R#%9#3*0B#)%*+,(-./01,*%#43045363*BA3#2*4%*#1/+,*&,9,44#&'%1,(*%4,1(%#?4%*5%1D#
b93134#f,4@$3("\7%',50(5*A6"J34(6A&'-#WH$F#1:5'6;G35#H(A%#*3D
=N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#*3&-,54,0%GG#W;*1/4F9;0R#@,&'#%#&'3($3131#*3*13035#63&'3531#(;094#%9#X(%/#436;135'0;&31G35R#
09H63035#$,9,&A%5%1D#n/&'3*$3031#*3&'3531#%#4%52(#?4%0H420%/#-3*;D#"9#,0942*'43(3$5;*#5%&',GG#
4;(G35 # 1;E3031 # *3&'3531 # % # 4%52( # 1:(; # &'F*5/R # B4 # -/&'3*$3035 # $3&@%**&%45/R # % # A24;1 # @36;GB*#
*3W035+303+5/D # b*-,&%+A21 # 3&'$20 # 1C*:5G:9B0;&3/4R # % # $3&G309;*4 # 09%G2*',1%4 # G34%(4021D # "#
092$?1(% # 1H52*4 # 1;E31G3R # 4:(4;53431G3 # G3*3 # 4?+A%5%1 # @3*'3913+5/R # 39 # 2*4%* # $3&;(40;1 # %#
-3*%+%4,1%4R#09%G2*',1%4R#?4%0H420,1%4D
m'$02'23

k;"U'$

I)Y8232/"3O*1/

x%*,1R#$,5+X121#/0$3(343D#"9#X6,+%/#-,&*%*1,920,1#%*1%*$26%*#3*0%A24H4,44#436;135'0;&31D
J$431'%&.",2V)2/83:/."S:)+0
"9#3&'C44#A240920#:(:$3R#3&'$20#4/0943*34G35#4%(420%R#A24;109%G2*',1#G34%(420%D
" # -/5,$$,9&20,1 # $/5;* # 09;*303GG # 1:(F # /0$3(343D # " # $,9&20 # 1:55'3+0;&;531 # $3&B(9;03R#
+%*,11%*R#$,5+X1211%*#1H0;(4#$,9+?*%40,(,1#3*0%A24H420%D#"#1,,(+/52W/XR#%#$,9&;1,5'02&R#%#4;(G3*/#
,(/3542W/X # -3A*3094;03R # % # (/4$?0R # %9 # ?4%0H420,1 # 1:634;0;531 # 1;E300;&3 # ;0 # % # 5:6316B#
$%&%G/94,002&#3(B0H4;03D#a3041;E#;0#%#4%5?*20#4304/#%*%EA%/5%1#S0%A24#$,9&20#;(9;1R#4%E/54X#;0#
3&'350Q*'#;(9;1U#3(B0H4;03R#$3&09/*2(+H420%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20N
"9 # 3&'C44 # A240920 # :(:$3R # 3&'$20 # 4/0943*34G354%(420%R # A24;109%G2*',1 # G34%(420%D # kAA. # ;0#
-,5%*A24;1,1R#4%E0,0#A24;1,1R#09:1135;031R#@,009Q#?&(X1:4;*#;0#G%G9021#@%0952*%4%R#42(&'%11%*#
6;&9344 # $%5/E?*2W/XD # x%*,11%*R # $,5+X1211%* # 1H0;(4 # 1:(A24;1,1R # 5;E/ # A24;1,1D #"# 436;135'0;&31#
1%EW0,*X+5%1#%#nB,14%420#436;135'0;&3/@39D
JOJ

G$TS/+)U*1/."T+43+0
"9 # -/5,$$,4,(/1?0 # 436;135'0;&31R # % # 093$.1;9 # 1,,(+/52W/X4 # 03&H4B # &'%1,(*%4,1 # %9 # H(20#
3*B1;09H4;0;4#03&H4/1R#6%*%$/54#1%EW0,*X+5%1#%#1;9/$?51%#X(21#436;135'0;&/@39D#"#5%&'$,4,(,0#
436;135'0;&31 # % # 4%5H420.4%5?*20/ # -,*'%$%4 # 3&;09;4 # 42$,&%4A21D # " # A24;1,1R # 436;135'0;&31#
G363934;0;@39 # @%0952*4 # 1;E31R # 4:(4;53431 # % # 1,(,0942*'(% # A3**3$9B # $3036/*2& # @%5&?*%42@,9R # %#
+%*,11%*#1H0;(4#1:(A24;1,1#%9#;531.9353#X(21@,9#1%EW0,*X+5%1D#*4:91:+;0/#;0#@/&/;5/20#09,120,1#
1/%*%1H420%#%9#3&;090;&30#;*34$X+(%#6%*X#5363*;0#(;0931;54D
GO)S/,+%$)#$0"f",+%$)#$0
f/94,502&;(934R#3*-,&%+20R#4%E/54%4R#:(:$43*/#A24;1R#09:1135;031R#?AA.R#1;91,,(+/52W/XR#0,1#$,9&204R#
-?4204#1H625X#1:(A24;1,1R#+%*,1R#$,5+X121D#89,120,1R#09%G2*',1#1/%*%1H420%D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3(3131#:(:$$3*#6309531#(;094#%#A24;1,1G%5R#436;135'0;&31G35D
d/%*%1?*5%1 # % # 1:9:00;& # 09%G2*'%/R # $3*'31 # *3@34B6; # 4309/1R # % # 0,1 # $,9&20,0 # A24;1,1R # -3*%+%4,1#
G/94,502&,0#6;&(3#@%A42024D
d;E3031 # % # 1;E/ # $3&1:93*H4;0G35 # 6%*X # 42A;1,9X+20(%R # ;(4/1 # % # 1;E31G3R # 4:(4;53431G3 # 2&'%9,44#
-3*%+%4,1%4R#A24;1,1%4R#-3A*B+/1#1;E93*B3(3AC1D
q%6?*5%1 # % # 5%&'. # ;0 # -/5,$ # . # $,4,(/1?0 # 1;E300;&31R # % # $,9&20.1,,(+/52W/XR # %9 # 3&'350Q*' # ;0#
(/4$?0;(9;1D
kAA.R#4%E0,0.R#;0#-,5%*A24;1,1%4#/0$3(531#$3&D
d;E300;&3/1#093(/54#-?45%1R#09:1+3*531#%9#?&(2*X1:4;*#%*%44R#-3*344D
e0$3(/1#%#+%*,11%*R#$,5+X1211%*#1H0;(4#$,9&200,(,1%4R#1:(A24;1,1%4D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
[;*1/4F9;0C51#%9#3*0B#;631#0,(25#%#A24;1,1G%5#*3@34B0;&34#5'QA4%5/#%#&'3($31531R#@,&'#%#W0,E,(4#
G/94,502&24#-,1,9%4,0%5#3*@%&'@%00%R#@,&'#13(&34@300;1R#;0#3*62*%094@%00%#$%&24#%#4:GG/314B*D#
"9#/9&%*,$#;0#%#$3&5'?&620#$3&-3*3*B#%(25'%D#"#A24;109%G2*',1#3*3&35+B#03&H40;&34#5'QA40%5%1#
%@@,9R#@,&'#13(343/135#G3*C*#%#&'3($3131#%55'/4#1,W1294%00%5%1R#%$355'/(3#1;0935#2**5%1#;0#
62**%*1,95%1D # 7/5+3931 # % # 436;135'0;&31 # 09,(,0 # 1%EW0,*%44,4 # %*1,45%1 # $/5+%99%*R # %$/ # %#
nB,14%420,1#%*%44#4:(4;5/1D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*B9B#;6#436;135'0;&3/531#/0$3(343D#"#A24;1,1G%5#6%*X#*3*130#(;096;43*R#09%G2*'%/1#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
"#&'3($3131#63*309C*34344#$,9&20093(3434;531#$3&B(9;03#%#092$?1(%#1H52*4#W0,E,(4,0#A24;1,1R#
-3*%+%4,1#SE*D+90?5&3*A24;1,1R#2**%4,1#$,9&20%/4#?425,9X#A24;1,1U#2*4%*D#d,(2GG/#1;E300;&31#S1/0.;0#
5%&'$,4,(,0 # $,9&20,1R # $,9&20.1,,(+/52W/XR # 4;(/ # ,(/3542W/XR # 43040;$%R # 3&'350Q*'R # (/4$?0;(9;1U#
4,62GG/#-3A*3094;03D
52**X02&?1#5:6313+A35D#k4%0H420,1%4#1;E3031#*3&'3531#1:6345/R#4%(4021#G3#%#A24;109%G2*',1%4D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
n,1,9X+A,5#%#&'3($31#G/94,502&;(9343#%#W0,E,4G%5D#52**X02&%#5:6313+A35D#k4%0H420,1%4#1;E30#
JOI

*3&'35 # 1:6345/R # 4%(40% # G3 # % # A24;109%G2*',1%4D # n3A*B+A:5 # % # &'3($3131 # 1,,(+/52W/XA%R#

$,9&;1,5'02&%R # 4;(G3*/ # ,(/3542W/XA%R # (/4$?0;(9;13D #a,62GG/ # ?AA. # ;0 # -,5%*A24;1,1 # ;0 # 09:1+3*;030#
A24;1,1D # d,(25%1 # $3&-3*3*B # -,&X1R # 2**%4,1%4 # ?4259X # $,9&200,(,1D # x%*,11%*R # 63(03113* # 1H0;(4#
A24;1,1R#$,9&20,1D
G$TS/+)U*1/."T+43+0
"#$,9&20#%#4%5H420.4%5?*20#$/5+35#3*3$;4#24@%4A%#%#1/0/0/1,*20#1,(G%5D#"#A24;1,1#0,(25#$3&;*4#
$/5B0;&31#SE*D_#1/4%(420R#/&%902&,002&R#4%EE/54%4R#3&'C44$F1:+;0U#1:963463#@%4200%*#6%55%1#$20#
X(21,5 # -,*'4%4,44 # 436;135'0;&31(3 # /0D # "9 # 2**%4,1 # $,9&20%/4 # ?4259X # $,9+?*%4,1 # % # nB,14%420#
4:(4;5343/@39#/0#1%EW0,*X+5%1D
GO)S/,+%$)#$0"f",+%$)#$0
f/94,502&R#:52**X02&R#09%G2*'1:634;0R#(/4$?0R#1,,(+/52W/XR#$,9&;1,5'02&R#4;(G3*/#,(/3542W/XD
!",2V)2/83:/"51'3"2'2*#:4&2.
" # $,9&20,1 # 2*4%* # -3A*3094@34B # 1;E300;&31 # A%6?*20%D # " # W0,E,(4 # 5'QA4,44% # G/94,502& # 2*4%* # %9#
:5G/9%*,$#3(B0:+;03D#89,W/2*/0#;(9;135'0;&#-3A*B+;03D#52**X02&%#5:63109/1D#k4%0H420,1%4#1;E30#
1:6345/R # G34%(4A% # 09%G2*',1%4D # n3A*B+/1 # % # &'3($3131 # 1,,(+/52W/XA%R # $,9&;1,5'02&%R # 4;(G3*/#
,(/3542W/XA%R#(/4$?0;(9;13D#oA%GG#-,5%*A24;1,1%4R#-,&X1%4R#+%*,11%*R#63(03113*#1H0;(4#$,9&200,(,1%4#
4%5?*5%1 # $3&D # 7/5+%9,15%1 # % # 4304/ # %*%E,15%1 # % # 4,62GG/ # -3A*3094;03 # %$/1 # %9 # 3*0B # ,0942*'G%5#
3*139+B+431D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# $,9&20 # 4%5H420% # 1:4:443GG # -,($24 # 1%ER # -,1,9%4,0%5 # 3*62*/1 # % # G309;+4B* # ;0 # %9 # ;531*;04B*D #"#
4,(5%43(3$#QA#3091:9:134#G/94,0H4#%#&'3(3131#092$2(%R#/0$3(13+531#%#0E3W/2*/0#3091:9:113*R#%#
G/94,502&/#093$E,54,11%*R#%#6/03*13+;0#1:9:00;&/#09%G2*'%/6%*R#6%*%$/54#%#$3&-3*3*B#:*4:9;113*#;0#
@/&/;5/26%*D#"#-,&*%*1,94%420/#$X+,1#1/%*%1H420%R#%#09%G2*',1#3*$;*'H4;03R#G34%(420%R#62*4,94%420?1#
*3@34B0;&3D#"#A24;1,1#;0#1C*:5G:9B#$,9&20-,($21#G363934;0;G35#4,62GG(%#/0#42$%091,+?51#%#
&'3($31#1;E93*B#3(3A;(3R#393134#1;E31G35#1:9634H4AC1#-3*;AC1D#n,54,0#%#09%G2*',1#E,54,0#/0$3(343#
;0#G34%(4%420%R#3931#%*%1H420%#%#W0,E,(4#;0#%#42(&'/#-3*4;43*31#-/&'3*3$G3#6;43*;63*D#"#1(/4/1%/#;(9;1R#
% # (2*24X # 1;E300;& # $3&A3*35;0;63* # 3*35&3+@3434*35 # %9 # 3&'$20 # /(254/ # 4C(3*3$ # ;0 # 3*-,&%+20#
-3A*3094;03D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631G35#4%5?*4#1:(A24;1,1R#(/4$?0,1R#$,5+X121D
J$431'%&.",2V)2/83:/."S:)+0
a,(5%43($/R#:*4:9B/#(35+#1/%*%1H420%D#*4:9;1#4/0942920%R#4%5X(%/#-3&'3*3$#1/%*%1H420%D#a,(5%43($/#
-3*093(3*;031#&'3($31#1:93*/#G363934;03#S4,(5%#902$,*'R#09B5'3&R#?&(X+3091%R#06;+0931(;5'U#
"*%E3*6R#@,&'#$/5+35#$,9&204#%#@B#@%00,5#24R#$/5+35#$,9&20-,($24#4:(4;534R#1;E#1;09H4035#3*BD#
553E1:(531R#/+B09%15%1R#;609%15%1#$3&-3*3*B#A24;1,1#62*%09420%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
!

f,4@$3(#3*0B#1:(A24;1%D#"#&'3(3131#1:(G35#-?45%1R#;0#%#$,5+X1%#
JOh

093(/54#

!
!
!
!
!
!
!

&%*,EE,95%1R # +,G,&5%1R # (/4$?0(% # *;E531 # ;0 # 3&'@3*'G35 # 2**5%1D # dC*:5G:9B#

436;135'0;&3134#?4259XR#/$/42*X#
$,9+?*%4,1%4#6;&39531D
"#4%52(#1:(;#&'F*5/#%#-3*%+%4#$3&@%**&%4202(%R#G3$?4%4202(%R#$%A+#%55%1#3*6;&9;03#?425#
QA(%#3&'G3&'F*5/D
n,&X1R # %@,* # 3&' # &'3($31 # 2** # 093$G35 # % # W0,E,(44%*R # E*D_" X)3#)'7:$-+*5#,1 " J/6:)'0:$-+1"
f$/A)5":$-+1"G,.)3(=6540<#B
<x90?5&3*=.A3**3&F # A24;1,1R # 4,(5%3091:9:1GB* # ;0 # % # 4,(5% # $,9&203*3$3/GB* # ;EH4344#
%1%+2*'E2*'21D
k&(X1:4;*#@%0952*%4%_#24-?420,1R#?&(20,1R#3&';5/#;0#E2(,0#&'%1,(*%4,1D
p**%4,1#$,9&2024#?4259X#A2(20,1R#09:1+3*;031R#$20920,1D
n,5%*A24;1,1D
b&'093(FR#6;&43*35H4344#-,&XA24;1,1D#b&'350Q*',9X0#A24;1,1D#a,(5%_#&?(?*X24-,(+?*20#3*B(3#c#
@24(%D#d,(W0,*'2920D

G$TS/+)U*1/."T+43+0
" # $3&-3*3*B # %?4,(/420 # -3*/0$3(;03R # %9 # 3&'C44$F1:+;0 # -,54,0 # 3*3$3 # % # @%($%+/1 # ,0942*' # 0,1#
3E,W@2A25%1D # " # 1C*:5G:9B # $3043(0;&31@39 # 1%EW0,*X+6% # ?4259X # $,9+?*%4,11%*R # 63(03113*#
$;*'H4AC1#3*#393134#%9#;*$;5'3134D
GO)S/,+%$)#$0"f",+%$)#$0
p**X1;E300;&g # -3&'3*3$g # 3&'350Q*'g # 1,,(+/52W/Xg # 1;E/ # &,5+,*1,+20D # s09/5430;&R # 4%E/54%4R#
3*1:43*393440;&R#%?4,(/420D#f24,(H420R#5%&'6,5%*Q02&R#09/$E24/%D
!",2V)2/83:/"51'3"2'2*#:4&2.
!
!
!
!
!
!
!

"#&'3($3131#3&'(3#/512GG#1;E3031#W0%1#%#$,9&20(%#1,5W354(2*5/D
b*0%A24H4A21#%#4,(5%43($/#6/03*13+;0#09%G2*'%/4D
73&4%5?*5%1#W0,E,(41;54#+,*&,95/R#:0093&'F*5/#%#4%52(#1:(;#%#-3*%+%4,1#$3&@%**&%4202(%R#
$%A+#%9,1#3*6;&9;03#?425#QA(%#6/009%4;(5/#,+%D
" # $,9&20-,($21 # 2*4%* # 5'QA4,44 # 1/@H620,1 # (;6;5 # A%6?*5%1 # 1;E300;&3/1R # 5:63109/1#
:5G/9%*$?1D
"#4,(5%3091:9:1:5#G/94,502&&%*#$,9,&5%1D
d;E3031#09%G2*',1#093(/54#3&'C44#A2409%5/D
"#A24;1,1G%5#:(:$$3*#6309531#(;094D

h"N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#<$/=.(B*#%9#<;5=.(3#@3*'39B+/1#24#%#@%5&0Q*'_"H00"C,-7$#"2'R"$00"C,-70$#"0(B#b935#G3*C*#%#&'3(3131#
,*'%5 # E,*%(/420,1%4 # 4%E%094%*5%1 # $3&R # $/54 # 2*,$ # ;0# ;G(35*;4R # &'35&30;& # ;0 # 3(BR # G/94,502& # ;0#
6309;*'R#6%&'#%*1,420#;0#(,$G,*20D#73&3(B0:+/1#%#1C*:562*20#3*63#%9#,*'%5#A24;1,1G%5R#%@,*#3&'#
3$G3(#2**#%9#3&;09#W0,E,(44%*#093$G35D#b&'(3#4:GG#-309C*40;&#;0#/9&%*,$#;0#1/@H620#A3*35/1#$3&#
%9,1G%5# %# A24;1,1G%5R # %@,*# %# &'3(3131531# -3*# 13**# ;G(3+5/C1 # %# 1;E31GB*R # $3*'31G3 # %# 4%52( # %#
A24;1,4#2&'%94%R#;0#%9,1%4R#%1/1#$;&#$/5+/&#2*$,+,95%1R#3*1%EA21D#|l363&B=R#(/4$?0#@%4A%#24#%#
$,9&20,1%4R#436;135'0;&3134D
m'$02'23

k;"U'$

JOL

I)Y8232/"3O*1/
"#&'3(3131#$2(#$3&09,1421#%#4%5X(%/#(35+34R#%9#3091:9:134#G/94,502&,0%5R#1;E300;&3/1#093(/54#
@%0952*A21R#%#A24;109%G2*',1%4#G34%(4A21R#4/0943*3443*R#4%E/54%44%*#-,(+?*5%1#3&'$20#;0#%#4%52(#-3*;D
J$431'%&.",2V)2/83:/."S:)+0
"9#3++/&#4%5?*4%1#3*$;*'H4;03D#b&'(3#:009343443GG#A24;1,1#3*0%A24H420%R#3&';531#093$G352**20%#
3&' # W0,E,(44%*D # w',(0 # 093(3EW03(;5R # 62*420,5 # %*%E?*X # -,&XA24;1,1 # 03&H40;&;63* # %9 # ;G3(0;&R # %#
A3*35*;4#/01,*2920%D#"#4,(5%43($/#3091:9:1#3&'(3#G/94,502&,0%GG#@%0952*%4%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
!
!

!
!
!
!
!
!

!
!
!

"

f,4@$3(#$20,+/1#1:(A24;1%"EQ//$#1"520)/$#1":&0$#gF
"#&/$5%094/12G%5R#%#4,(52G%5#%#&'3($3131#53@393GGR#-,($2*4%GG#3*3$3113*#4%*2*1,95%1D#"#
4%52( # G3$?4%4A% # % # &'%1,(*%4,4R # E;*+2?* # % # &?(?*X # 24-,(+?*204 # 3*B(3 # ;0 # @24(%R # $3*'34#
S*3U?425,95%1R#+3#(;093*3$3/4#%#&'%1,(*20#0,(25#4,62GG(%#/0#1;E3135#13(3094C*#H(A%#*3D
n,&X1R # %$3*'31G35 # % # 093(3E31 # &',(0%5 # W03(;*B+531D # p4-?4X0 # -,&XA24;1,1R # %#
-,&XA24;1,1G%5#4?+%4,0%5#$3&A3*35/1#%9#3&'3530#;0#&:(G3#$/5B0;&D
V*'%5#A24;1,1R#%$3*'31G35#6%*%$/*'35#53&%4H6#3(B63*#13**#093$G3092**5/R#E;*+2?*" U$/7,%("
8,'.(0)##;0" c)>,54)=B
n/&'3*3$(3#;0#-/&'3*$30#@%**&%420(%#;EC*B#A24;1,1R#$/54#E;*+2?*#%9" H3$%8,R#$3*'#3&';5/#
G24,(02&,4R#1/2**204R#W0,E,(4#3*B44/#6;&(3@%A4204#/&;5'3*D
b&'093(FR#3*1%E20(%#;0#+,G20(%#;EC*B#A24;1,1#3&'(3#G,5',*?*4%GG#@3*'93431G35R#E*D#E%+,5#
3&'350Q*',96%D
a36;135'0;&31R # $3*'31 # %9 # C4B0 # S7;4%.A3**3&FU # *%G+%A24;1,1(% # ;0 # %*%E3*63/(3 # -3*1;09H4B#
A24;1,1#-3*;# 63934531R#E*D#}3,h"V,5M0C$',/h"L(5(#/,0+5B
q2409X4;(/#A24;1,11%*#/0#$3&/0$3(434@34AC1#%#&'3($313134R#@%#53$#/0$3(5;1#%9,1%4R#E;*+2?*#
%#-%*435/0093*R#435&X6%*R#?&(X/01,*26%*R#%#&,*'X9200%*#;0#1C*:5-;*3#(3-*3`#A24;1,11%*R#E;*+2?*#
i#/;4<5h"L3$#$.(/54)=h"T,'*5(#,h"!%<8,h"f,#&-3)5B#
f,5',*?*4%GG#+90?5&3*#A24;1,1#S%1%+2*'E2*'21UD
a%*%A,5 # ;0 # 4,(5%E%+,5 # 6;&(3@%A4,44 # 42$%09&'%1,(*%4,1 # % # 1;0BGG/ # 4,(5%3*3$31#
$3&%*%E,9202(%D#oA#4%*%A&'%1,(*%4/#3*3$_#n3A2**20
8,(#c#;0#62*4X63(035'31R#1:4;*@%A420_#3&';5/#;0#E2(,0#&'%1,(*%4,1D#d,(W0,*'2920D

G$TS/+)U*1/."T+43+0
" # &'3($3131 # -/9/1%/ # 4304;531 # C&'303GG; # 62*20% # *3*1/R # 09,W/2*/0R # &,5+,*1,+20/ # 1;E300;&3/1#
-/5,$,+2024 # /0 # $%&26%* # @,99%D # rG3(0;&C1R # -3*3*B00;& # 62**%*20?1R # :0093+,*&,920?1 # %9 # /01,*%/#
436;135'0;&3/134#2*4%*25,002&G%5#42$,&%4A%D#"#A24;1,1%4#G363934B#4:(4;53431R#%#436;135'0;&3134#
1H0;(B#1;E31#$/5+#%#1,(,0942*'#1?*4Q(4:(4;534/#4%(4%*$%/@,9#1%EW0,*X+5%1D
GO)S/,+%$)#$0"f",+%$)#$0
>2*2420R#;G3(0;&.2*$,+,920R#3&';5/#-3*3*B00;&#62**%*20R#:0093+,*&,920D
!",2V)2/83:/"51'3"2'2*#:4&2.
!
!
!
!
!

"#&'3($3131#1;E3031#3&';5/#-3*%+%4,1%4#6;&(3@%A4%5/R#%12(#%#W0,E,(44%*#093$G35#2**6%#/0D
b&'%(254#$3&4%5?*A21#3*-,&%+5/#%#6309430#;0#%#&'B9430#093(3E;4D
b&'(3#/512GG#1;E3031#6;&4%&A%/1%4#3&'$204X*#-C&&34*35C*#@%0952*5/D
b&'(3#5%&',GG#G/94,502&&%*#$,9,&5%1#%#4,(5%093(3135D
"#&',(0#093(3EW03(;134#1:6343*B#A24;1,1G%5#09H63035#6309531#(;094D
JOO

!
!

b&'(3#4:GG#A2409X4;(/#A24;11%*#/0$3(13+531#$3&D
"#4%5?*4#A24;1,1G%5#;0#4,(5%$,9&20,1G%5#%14H6%5#6309531#(;09D

Q252823:/
"9#L.PD#,0942*',1G%5#-,*'4%4X+/1#%9#%#$?51%R#%$3*'34#%9#%*0X#5;&'#,0942*'G%5#$3&139+4C51D#qX*#
3*1C*:5H4@34B35#1;4#(;09(3#G,54@%4X#%9#3*1:634139B#5;&'#/01,*%/#;6D
"9#LD#;0#OD#,0942*',1G%#%9#X(%/#436;135'0;&31#%94#%9#24$3534/#/+B09%1,4#42$,&%4A21R#%$3*'#%#
&'3($311,(4 # % # 03(+C*B1,( # -3*; # 63934/D # " # A24;1,002&R # 1:55'3+0;& # $3**344 # %9 # 3&';5/ # 3(3AC134R#
-3*3*B00;&C134R # *3@34B0;&3/134 # ;*/1 # 24 # % # &'3(3131 # 3&'(3 # /512GGD #"# KD # ;0 # PD # ,0942*',1G%5 # 3&'(3#
093$G34F5BGG31#*309531#%9#3&';5/#1C*:5G0;&31#4304/R#*3*1/R#&,5+,*1,+20G3*/#43(C*343135#3&'%(254D#
"# $20/1 # -3A*B+;0;531 # 03&H4;03R # $2002&25%1 # 3*-,&%+20% # 3&'35*B # 0Q**'%* # 30/1 # *%4G% # % # &'3(3131#
3&';5/ # 1;E300;&3/531 # -3A*3094;03 # 1:9G35D # 5$%&?1 # @%42(%/5%1 # -,*'%$%4,0 # 09;*30H4;0;@39R#
1;E300;&3/1#-,*'%$%4,0#1/$?512*202@,9#E(XG2*?51#03&H40;&34#%+5/D
"9 # % # W;*?51R # @,&' # %9 # X(21,5 # $3&A3*35B # -3*%+%4,11%*R # &/$5%094/1%/ # ;0 # $20 # $,9&20-,($211%*R#
A24;1,11%*R#0E,(4,11%*#/0#03&H40C1#%#-3*5:6316B#&'3($31#6/*2&.#;0#:5$3&/0$3(B#1;E300;&;4D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b9#%#-/9/1%/#03(+C*;04#$3&3*B9B#?4,*0X#;6g#%#&'3($311,(#09H63D#"#&'3($31#3(B43*A3035#;*#%#6;(#
-,*'%$%4%/G%5R # % # 09H6+,G,&20 # ;0 # % # *;*3&9;0 # C43$3 # 1:94/ # +/5%$/12G%5D # 893(34531 # 9%G,*24*%5?*#
09%*%+&2*5/R#2$#?&'%5%11,(#13(30/1#%#(/4$?0,0#$,9&20#1/$;(4#-3&'3*$;4#/0D#T2&'5%1#%#1/@H620(%D#
bGG35 # %9 # ;*341,(G%5 # 5%&'(% # ;(4;13*/1 # % # G24,(02&,4 # ;0 # %9 # X6%4,002&,4 # /0R # % # 1,W129%4,4 # ;0 # %#
1:(C*431/54;04D#e*'351,(#1C*:5:035#-,54,0#%#$,9&20G%5#%#(/4$?0D#l3&'35#3&'350Q*'#%#1:55'F0;&#;0#
% # 53@;913+;0R # % # 1;E93*34 # ;0 # %9 # /543**314?0R # 6%*%$/54 # %9 # 3&';5/ # ;0 # W0%E%4 # 1/@H620,1 # 1:9:44D #"#
&'3($31#:5436;135'0;&3#3(B0:+/1#%99%*R#@,&'#%#(/4$?0,1#&',(0#62*4%1,920%#1:93E3443#/0#1;E30#%#
1:9;EE,54,4#$3&4%(4%5/D#b9#3&'#-,54,0#24$3534/#*;EW0B-,1#%#W0%E%4A24;1,1#G363934;03#3*B44D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"#-,&*%*1,94%420/#-,($21#%*%E,0#/0$3(343D#"9#%*0XGG#,0942*',1#A24;1%/5%1R#436;135'0;&3/531
G/94,0#/0$3(343R#A2(4%002&#3*0%A24H420%D
J$431'%&.",2V)2/83:/."S:)+0
" # f,4@$3(.&/$5%094/1% # &'%1,(*%4%/5 # 13(3094C* # % # @%($,5/1?0 # $,9&20(% # 4:(316;0D # " # 4,(5%#
$,9&20%5'%&25 # 13(3094C* # %9 # :52**XR # 09;ER # 3(B43*A30 # -3*%+%4 # 6;&9;0D #"# A24;1,1,5 # 13(3094C* # %9#
;G3(0;&R # % # 1:(C*431/54BR # G3W0C*3430 # A24;1 # $3&43(3$4;03D #"9 # 2**X1;E300;& # 4,62GG-3A*3094;03R # %9#
/&%902&.09;E0;&.3(B#/+32*A25%1#$3&;*;03#%#$,9+?*%4,1G%5R#$,9&200,(,1G%5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
!
!

f,4@$3(.&/$5%094/1%_#%"d:55'F#C43$#.#Y3@;9#C43$#&'%1,(*%4,1R#$3*'31G35#%#1:55'F0;&#
;0#53@;90;&#(/4$/1?0%5#62*4%1,95%1#3&'$200%*D
a,(5%_#@%*%+20#%9#3&';5/#&'%1,(*%4,1#-3*;g#3&'093(FGG#0931(;5'?&(20,1_#&?&&,*X#-3*?&(20#
1C*:5G:9B # *3?&(20/ # -%A4211%*g # (3EC*B # &?(?*X24-,(+?*20 # S4/&(/0G?1-35WUg # W/&25'13(;1g#
3&'350Q*',920R#*35&;0#;0#?&(20#3&'(3#5%&',GG#1/@H620,11%*#SE*D#W0?1,44#093$$3*UD#"9#:4#
1*%009/1?0#&:(:&#&'%1,(*%4D
>;096;43* # % # 1,(,0942*'?15%1 # $3&-3*3*B # 0E,(4E(,&(%$G%5D # t;*+2?*_ # $%&'%(,(092&/#
JOK

!
!
!
!

)%*+,(-./01,*21#<X1,(/#&:(:&#,*/$E/2A25=D#
q24;1,1_#b9#%9#;*341,(#24$3534#%#A24;1#;0#%#0E,(4,1#1:9:44D"G,*5#,R6-23"A)4g"],=+#1"*)>)#1"
>,30R"X49'6#"A)8$3M=,R"V)3$503$%B"X03,02-(,(":$-+=)02#$#B"j50;#;5B"L2406'(54B
"4*;4/1%_ # a%(4X0 # -?420R # 0E(/54 # -?420R # 62*4X # -?420R # $%&%0 # c # 426,* # ?&(20R # +/091,09634;0R#
&3(3*'@%AH420D
|w:(:&= # G/(1X920g # k&(X0 # -,&XA24;1,1g # d:4;*@%A420_ # 3&';5/ # ;0 # E2(,0 # &'%1,(*%4,1g#
x,G20,1.3*1%E20,1g#d,(W0,*'2920g#o0920g#l%9H4X.5'QA4X#&'%1,(*%4,1D
wQ*%4,(5%#%*%EA%/D

G$TS/+)U*1/."T+43+0
"# &:(:& # 1?*4Q(1,(09%1@,9 # 1%EW0,*X+?51 # % # &:(:& # &'%1,(*%4,11%*R # %9 # X1,(/ # /+32*4 # /+;9B # V*/$E/%/#
A24;1,11%*D
GO)S/,+%$)#$0"f",+%$)#$0
d:55'F0;&.53@;90;&#1:94/#62*4%1,920R#@%($X5/%R#6;(13(/5&;0R#&:(:&#&'%1,(*%4,1R#2**X1;E300;&R#
1/4%(420R#/&%902&.09;E0;&.3(B#/+32*A%D
!",2V)2/83:/"51'3"2'2*#:4&2.
!
!
!
!
!
!
!

"#&'3($3131#%#(/4$?0,1#&',(0#62*4%1,920%#1:93E3443#/0#1;E3031#%#1:9;EE,54,4#$3&4%(4%5/D
"((%#4:(31093531R #@,&'#$,9&20?1#4C1(:993#%9#X1,(/#&:(:&#,*/$E/%#/&%902&.09;E0;&.3(B#
/+32*A24D
e0$3(/1#%9#:4#1*%009/1?0#&:(:&#&'%1,(*%4,4R#;0#(;094#6309531#%9#V*/$E/25D
" # 1,(,0942*'?15%1 # $3&-3*3*B # f,4@$3(.&/$5%094/1% # &'%1,(*%4,1G%5 # %*%E634B # A2(4%002&,4#
093(39531D
d;E3031#%#4%5?*4#4,(5%$,9&20,1#6;&(3@%A4202(%D
"14H6%5#G31%EW0,*X+5%1#%#4%5?*4#A24;1,1G%D
dC*:5-;*3#*%G+21%4#1;E3031#G/94,0%5#;0#E,54,0%5#+,G5/#;0#3*1%E5/

jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
7H&#%9#3*B9B#;6#%9#X&:(:&#1?*4Q(2@,9R#%#OD#,0942*'#1?*4Q(4:(4;534/*3&#%#(X$%/#1,(@,9#;0#%55%1#
;(4;13/@39#1%EW0,*X+/1D#q3**3$9B#-,&%*$%/_#%#(35+R#%#-,($%R#%#E,54,002&D#"#&'3($3131#3GG35#%9#
;*341,(G%5#*3*1C1G35#%94#%9#3&'350Q*'4#4%E%094%*A21#$3&R#%$3*'531#-/9/1%/#1;E3#%#-,*';1,5'#;0#%#
09/*2(+#1:94/#3&'350Q*'4#$3&4%(4X#/9,$(35+093(D
"9#3&'35300;&#-,54,0#$/5B0;&#/*'351,(R#;0#39#$3&1H625A%#%#G3*0B#3(B1#3&'350Q*'24D
"#&'%1,(*%4,1#6;&9;031,(#%#A24;1,002&#$3**344#3&'(3#5%&',GG#@%5&0Q*'4#1%E#%#E,54,002&#;0#%#
-,($21#4/094%02&%R#%#(35+(3#6%*X#4:(316;0D
7;(;03135 # ;0 # % # A24;1,1 # E,54,92025 # 13(3094C*R # 6%*%$/54 # % # 4%52( # GH(X1;54R # 63934B1;54 # 6%*X#
3*-,&%+2026%*#%#42(&'/*%&,002&#%*%E3*63#13(C*#3*B4;(G3D
"#&'%1,(*%4,1#6;&9;031,(#%#4%5?*X1#$%&%002&#093(/54#2**5%1#0,(G%R#%#*3&$%&%0%GG#*3&@24?*D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#$,9&20#%5'%&2G%5#6%*X#A2(4%002&R#%#4%5?*4#A24;1,1#%*%E,0#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
JOP

"#(35+R#%#1:63413934300;&R#%#E,54,002&#1/%*%1H420%#%9#X(%/#436;135'0;&31G35D#"9#2**X1;E300;&R#
%9#/9,$9%4#-3A*3094;03D#[0,E,(4$?51%D#7;(;031#S%*%E1;E300;&31R#C&'300;&UD#d36;0#G363934;0#%#
-3*%+%4,1#3*B44#;0#5%&',5#0,1#$?51%D#b*4F5531#%#4:(4;53431R#@3*'344C1#09%G2*',1#*309531D#b+9;0#
A3**3&F#X(21#$3&%*%E,920%R#1/%*%1H420%D#89/&,(Q#09%G2*',1@,9#6%*X#%*1%*$%91,+20#1;E300;&;531#
1/%*%1H420%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
! f,4@$3(.&/$5%094/1%_" L;''7K1 " ^6A241 " ^,-7$' " '6A24 " A)3$%54;-g # nB # 3*3$C1 # %#
-C&&B*3&30GB* # 6%*X # 1/9?@%520 # % # 6H909/543035 # 13(3094C* # ;0 # %9 # ;G3( # 3&'35300;&G3 # 6%*X#
2462*4,920D#"#G,4&'%1,(*%4,1_#%#&:(+C*B#G,4R#%#5;&'09:&R#%#@2(,$09:&#&'%1,(*%4#G,44%*R#%#
(35+&'%1,(*%4,1R # 6H620,1R # 3&'350Q*'&'%1,(*%4,1R # $/5+ # %9 # 3&'35300;& # ;*$;5';4 # ;0 # %#
@%42(,1#$3&;*;0;4#3(B0H4/1D#n3*-3*;#5'QA4X920#1:9G35#/0#G/94,0%5#$3&#13**#2**5/?1#%#-:*+:5D
! a3045363*;0_ # qX* # $3&@%42(,9@%4X # -,1,9%4,1 # % # &'%1,(*%4,1 # -3*;EH4;0;G35_ # 1;92**20R#
1;92**20GX*#24-,(+?*20R#-3A2**20R#3&'093(FGG#3*3$31#S04%4/1?0#;0#+/5%$/1?0U#%#1,(*24,1,5#%#
&'F(F5#;0#%#&3(35+25R#%9#3&;090;&(3#;0#%#G/94,502&(%#$/5+#4:GG#-/&'3*$34#-,(+H46%D#d:4;*.#
;0 # (Q+$20920D # k&(X1:4;* # &'%1,(*%4,1 # 5%&',GG # /0$;4*;0092$$%*D # 8931(;5'?&(20_#
1/0$%W01%R#&?(?*X#24-,(+?*20#?&(X0931(;5'35R#43(E309-3*?&(20R#90?&,(1%5'%(R#@?092(?&(20D#
Y'QA4X&'%1,(*%4,1#S04(34W@/5&UD
! "4*;4/1%_ # (:6/+ # ;0 # @,009Q # 426Q # -?420,1 # SON # $R # ONN # $R # !J # E3(W30 # -?420UR # $%&%0?&(20R#
426,*?&(20R # 1/0*%G+%@%AH420R # 0E(/54. # ;0 # (%A4&'%1,(*%4,1R # 62*4X-?420R # @,009Q426-?420#
%1%+2*',11%*D#r6#6;&;5#-3*$;(;0#13(34;G35#%9#3*;(4#3(3+$;5'3134#(:&9H4AC1D
! [/(1?09$F6;093431_ # "1(,G%4/1?0 # 3*3$31R # &Q*%;EH4;0D # 0,5&*B(1:+;0_ # +/%G,*XR#
90,5&*B(*%G+%R#G?9,&25'#04GD
! q24;1,1_ # p4$3534 # % # 0E,(4A24;1,1 # -3*;D # b9 # % # 1:634139B1 # 3*B1;09H4;0;4 # /&;5'*/_ # E,54,920R#
6%55%1 # &'B943031 # ;0 # 630943031R # %9 # 3**35-3*34 # 1/ # *3@34 # W03*395/R # 3*B-,(+?*@%4 # -/9/1%/#
1,54%14?0D#"#1/+,GX0#A24;1,1#AX#-3*1;09C*;04#A3*3543531D#q3**3$9B#A24;1,1_" U,/"/,8.,1"j0<5"
E%20, "=6//6-KF "/,8.,=)02#$#1 " P;>/,8.)3, "6/<#25490< "/,8.,=)02#$# "L(.$8+5$#D #a,**%0*%G+%D#
8%A24#0Q**'%*#+,*&,9X#-,&X*'24;1,1D#SE*D_"J/5<56-2/71"I650C23"56-905kU#l;&/X0#A24;1,1D#l%G+20#
C&'300;&-3A*3094;0#.#0E,(4A24;1#3*B1;09H4B#A24;1,1D
! 73534.R#(35+.#;0#-,($%&'%1,(*%4,1D
! r*341,(?15%1 # $3&-3*3*B # W0%E%463(035'3135 # 6%*X # (;096;43*D # t;*+2?*_ # )%*+,(- # t%(4/925#
f%A5,102&D
! p*4%*25,0#3(BR#2**X1;E300;&#;0#1,,(+/52W/X4#-3A*3094B#&'%1,(*%4,1#0%A24#4304.R#6%&'#$/5/$2*/0#
Sb+93440;&/#2**%E,44X*#-C&&B35#!.L#1&DU#4Q*0Q**'%*D
G$TS/+)U*1/."T+43+0
d?*4Q(4:(4;534/*3& # % # (X$%/ # 1,(@,9 # 1%EW0,*X+?51D # b935 # 1H6C* # % # &3,$34(/2@,9 # % # E,54,002&&%*R # %#
4:(4;53*3$@39#%9#,1.,1,9%4#$3&4%E%094%*2026%*D
GO)S/,+%$)#$0"f",+%$)#$0
>35+R # -,($%R # E,54,002&R # 1:63413934300;&R # $;(;0R # E,54,920R # 42(&'/*%&,002&R # 3(BR # /9,$$?51%R#
2**X1;E300;&R#*%G+20#C&'300;&R#04(%4;&/%D
!",2V)2/83:/"51'3"2'2*#:4&2.
! "# &'3($3131 # %9 # X(%/ # $?51% # 0,(25 # % # E,54,002&(%R # % # -,($21 # 4/094%02&2(% # ;0 # % # (35+(3#
4:(31093531D
! e0$3(/1#%#1,(,0942*'?15%1#$3&-3*3*B#f,4@$3(.&/$5%094/1%#&'%1,(*%4,1%4R#;0#%9,1#E,54,0#
6;&(3@%A4202(%#4:(31093531D
! " # 4%5?*4 # %1(,G%4/1%/R # %4*;4/1%/ # ;0 # 4,(5%&'%1,(*%4,1%4 # G/94,502&,0%5R # :0093(35+3934435#
6;&9/1D
! "#4%5?*4#W0%E%4A24;1,1#43W@5/1%/#%*%E3*3$3/4#/0$3(/1R#09%G2*'%/1%4#%*1%*$%9921D
JO]

! r*341,(?15%1#$3&-3*3*B#W0%E%463(035'3135#6309531#(;094D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#+/21,1G%5#$,04#$2(#$3&6%5#%9#%#-%A4%#3(B#;0#-/5,$#$,9&;1,5'02&R#%$3*'#1;E300;#4309/#B134#
%9#3&'/1#436;135'0;&GB*#%#$20/1G%#6%*X#&',(0#244;(;0(3D#b9#%#$,G/*/420#%55%1#1/-3A39B+;03R#@,&'#
%#&'3($3131#/9,$(35+093(3#09;E35#-3A*B+/1R#2$#%#W0,54629#04%4/1?0#4?*%A+,502&%/#$;&#53$#1:4/1#
$3&#B134D#"#&'3($3131#$,9&20-3A*B+;0C134#3GG35#%9#;*341,(G%5#%9#H509%*%&,1,5#;0#%9#/5%1,5#
13(3094C*#-3A39/1#1/D
d;E3031#:5$%&?1%4#%#W0,E,(44X*#3*62*%094%5/R#;0#3&'351;54#/0#3*;&#3(B031#%@@,9R#@,&'#$3&2**A21#
@3*'C134 # % # 63(035'0E,(4,1 # 1/@H620%/6%* # 093$G35D # b&';5/ # 2**20E,54,4 # 4?+5%1 # -,($2*5/R # %$3*'#
53$W0%1#%94#4309/#*3@34B6;R#@,&'#1;E3031#*3&'3531#@3*'3913+5/R#;0#@3*'C134#$3&4%(4%5/#%#A24;1#
/+3A3#%*%44R#@%53$#*%00%5#%9#3&;09#A2409$%#;0#4%14/12A25%1#24*2420%#/0#*3@34B6;#62*/1D
"@@,9R#@,&'#%#W0%E%4#0E,(4,1G%5#6%*XG%5#(;094#4?+A%5%1#6355/R#%#4%5?*X15%1#6/*2&,0#1;E34#13**#
%*1,45/?1#0%A24#@3*'C1(B*#%#1:(5'3934C113*#093$G35R#;0#4/0942G%5#13**#*355/C1#%#E2*'%#+/$359/X/6%*#
;0#@%42(%/6%*D#b9#%9#;(9;1093(631#AX#:0093@%5&,*402&24#/&;5'*/D
m'$02'23
=<M"U'$
I)Y8232/"3O*1/
"9#3*B9B#;631#$,9&20#%5'%&2G%5#6%*X#A2(4%002&R#%#4%5?*4#A24;1,1#%*%E,0#/0$3(343D#"#$3&/0$3(4#
-,&*%1,94%420/#-,($21#%*1%*$%920%R#%#1/+,*&,9,44#1;E300;&31#@%0952*%4%D
J$431'%&.",2V)2/83:/."S:)+0
T/+2$R#AX#@%5&?*%4#1/%*%1H420%#13$;5'#$?51%#1:9G35D#b&';5/#1/@H6204#A3*354B#-3*%+%4,1D
"# 1C*:5G:9B # *35+C*B # $,9+?*%4,11%* # % # 1:9;EE,54 # ;0 # % # E3(/-;(/% # $3&4%E%094%*202@,9 # 639345/ # %#
4%5?*X1%4D # " # *35+C*B # ;0 # /5&% # &'%1,(*%4,1,5 # 13(3094C* # $3&4%5?*A21R # @,&'%5 # *3@34 # % # 0Q*'4R # % #
0Q*',002&,4 # ;*6395/R # E*D # % # 1,(*24(X* # *X&6% # % # *35+C*34 # 03&H40;&;63* # 4%E%094%*A21 # $3& # %#
&(%6/42W/X#QA#1:9;EE,54A24#SQAR#%#03(+C*;003*#A2(X#5'Q*20R#5:6313+;0#$/%44UD#"#A24;1,1%4#%#0E,(4,1#
G3$3*3&H4B/1;54 # @%0952*A?1D # "9 # X(% # -3*3 # 3+9;003* # 43*/1R # %9 # QA # 43W@5/1% # $3&4%5?*2026%* # ;0#
G3&'%1,(*2026%*D#"#1C*:5G:9B#1;E300;&31(3#3&'351;54#/0#-/&'3*$34#-,(+H4?51D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
! f,4@$3(.&/$5%094/1%_" ! " P(0%&5# &'%1,(*%4 # 1/3&;09H4/ # %" W&A,')5# &'%1,(*%424R # %$3*'#
1/$,5+,44%5 # %((% # @/6%4,44R # @,&' # $3&(%&%+A% # % # 03(+C*B1,( # 4;(G3*/ # 4;(;*$;5';4D # f,4@$3(#
3(3+34/*3&#%94#A%6%0,*4%R#@,&'#%9"d-3)5","#;42>>$'08,#3*B993#$3&#%"W&A,')5#&'%1,(*%4,4D#
b5531#$;(*3&3*;03#;0#%#+:54;0#%9#;(/54344#4%52(,1#-3*%+%4%D" a/.,/5+"#;34251"J-76'5M/71"
\,/$>>1 " Q//+ " 25 " G$4-+ " 3(0%&5B# 73&4%*2*A21 # 0%A24 # (/4$?0?1%4 # ;0 # -3*-3+39/1 # % # $,9+?*20(%#
1;09434B#/$E?*9?0#E/**%5%424D
! a3045363*;0_ # d;92**20R # -3A2**20R # 4%(1XG/**35;0R # 1;93524-,(+?*20R # -3A3524-,(+?*20R#
1;93524-,(+?*20#,*+%*(%#;0#!PN#-,1,0#-,(+?*%44%*D#89%*4XR#9?@%520,1R#+B*;031#0931(;5'(B*#
$%4(%W,1(%D # 8931(;5'?&(20,1_ # &?&&,*X # 24?&(20R # 2443(E3094;0R # (3EC*B # &?(?*X # 24-,(+?*20D#
a(%$G?*/5 # ;0 # ?&(X+3091% # @%0952*%4%D # " # G/(1X920,1 # ;0 # (3-*3`A24;1,1 # 1C*:5G:9B # -%A42/_#
\;3;-1 " P+%,(1 " H'.()'1 " e('-C('A,3*1 " c5$>$30$51 " i#/;4;51 " L3$3#$.(/54)=B# b&'350Q*',920R#
G,4&'%1,(*%4,1D # k&(X1:4;* # &'%1,(*%4,1 # %9 # 2**X1;E300;& # -3A*3094;0;(3D # d:4;*$20920R#
(Q+$20920D
! "4*;4/1%_#"9#3++/&#4%5?*4%1#&'%1,(*20%R#-3*$;(;03D#oA#3*3$_#p**X(%A4R#$393/#-?420R#0,109,(#%#
42A;1,9X+20/ # -?420@,9 # 1%EW0,*X+6%R # 4;(1;E@%0952*%44%* # ;0# 3*B(3 # A3*:*4 # ?4%11%*D # w'%1,(*20#
?425#;6#3*3A/#;0#;6#6;&/#-3*$;(;03135#634AC1#:0093#%#4%5?*X1#-3A*B+;0;531#3(3+$;5'3/4D
! q24;1,1#;0#0E,(4,1_#8E,(4A24;1,1%4#3*B1;09H4B#A24;1,1D#"#-BGG#0E,(42&%1#1:9:44#4%*2*@%4X_#
1,02(*%G+%_#43$EX#+,G20R#-31434344#+,G20R#0%(1%920R#<*;4(2920=R#/0$3(13+;0#%#09%G2*',11%*R#
A24;1 # 3&' # E%*251(%g # (:E*%G+%_ # %*1%(;(/54;0R # 1,02(;(/54;0R # (:E*%G+2(% # 3*B1;09H4B # A24;1,1#
S(%G(:E/R # +?E*% # *%G+%R # 6%1(:E/R # 04GDUg # 1;9/*%G+%_ # 3&'13930 # -3*0B # 24%+20R # 1/42$%09420,0R#
JKN

!
!
!

G3?&(20,0#;0#-3*?&(20,0#*:6;0R#/5+H420,1R#/0$3(13+;0#%#09%G2*',11%*R#A24;1g#0,-4G%**#S7;4%#
A3**3&F # C4B0 # A24;1,1U_ # 3&'(3 # G,5',*?*4%GG # 09%G2*',11%*g # 4,**%0*%G+%_ # %*0X # ;0 # -3*0B # C4;0R#
093(6%g # -*,,(G%**_ # C4;043W@5/121 # ;0 # 09%G2*',1R # A24;1g # 435/09g # %094%*/435/09R # k*4/$%43#
Sn(330G33Ug#Q0920g#4313g#1,(W0,*'2920D
"1(,G%4/1?0#;0#90,5&*B(#3*3$31#4,62GG-3A*3094;03D
8E,(42&62*%09420#3*B03&H4;03D
T3(035'9;0#;*341,(?15%1#$3&-3*3*B#G%A5,102&,1,5D

G$TS/+)U*1/."T+43+0
n3*-3+39;031 # 1,(%R # 42A;1,9X+20R # 4;(1;E/0$3(34D # " # (353092509 # 3$G3( # 0,109H5F0;&3R#
E,*/@/094,(.A3**3&3D
GO)S/,+%$)#$0"f",+%$)#$0
e509%*%&,1R#/5%1R#63(035'0E,(4,1R#3&';5/#2**20E,54R#4%14/1%R#42A;1,9X+20R#43W@5/1%/#3*3$31R#*%G+20#
C&'300;&R#0,109H5F0;&D
!",2V)2/83:/"51'3"2'2*#:4&2.
!
!
!
!
!
!
!

"#&'3($3131#1;E3031#%#436;135'0;&31#1:9:44/#&',(0#62*420,1(%D
oA%GGR#;*341,(?15%1#$3&-3*3*B#f,4@$3(.&/$5%094/1%#&'%1,(*%4,1%4#0%A24H4%5%1#3*D
d;E3031 # % # 4%5?*4 # %4*;4/1%/ # ;0 # 4,(5%$,9&20,1 # $3&1:93*H4B35 # @3*'30 # 43W@5/1%/#
6;&(3@%A4202(%D
73&/0$3(/1#5;@25'#0E,(42&#%*%E634B#$,9&20%5'%&24#;0#09%G2*'%/4D
"# A24;1,1G%5R # 0E,(4,1G%5 # 1;E3031 # @3*'3913+5/R # ;0 # E,9HW/XA?1%4 # $3&4%(4%5/g # 1;E3031 # %9#
3&'093(F#4%14/1%/#3*3$31#%*1%*$%9202(%D
r*341,(?15%1#$3&-3*3*B#G%A5,102&,5#6309531#(;094D
x;*?425/#3*-,&*%*402&1;54#0E,(4,*5%1D

MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35 # %9 # ;*341,(G%5 # % # 4%5?*X1 # 093$G34%*2*A21 # $%&?1%4 # -/9/1%/ # 4304C1 # 43*A30 # 0Q*'26%*D#
7,9&20;(9;1C1 # % # W0,54629 # 093(13934;/& # @%4,*D # a304C1 # QA # 0Q*'% # *3-3*; # @Q99% # B134R # 2$ # -3* # /0#
4:*4B+531#344B*#%9#QA#-/9/1%/#3(B4B*D#8,1#,*'%5#*3@34B0;&(3#6%5#09C10;&C1R#%@,*#1/E(XG2*@%4A21R#;0#
4%E%094%*%4,4#093(39@34531#%#0Q*'#;0#%9#3(B#3935#QA#1,$G/52W/XA2(X*R#6%&'/0#4:GG#@%5&0Q*'4#13**R#
@,&'#-314300C51#%#5%&'#$,4,(,0#436;135'0;&31(3R#$/54#%#-/5,$#43W@5/1%/#-,&20,1(%D
8,1-%A4% # 09%G%+4;(/ # 436;135'0;&34 # 63934@34C51 # G3 # /*'351,(R # 4:GG31 # 1:9:44 # % # 09/1*%$209204R#
135?9204#;0#1%A%1,9204R#4Q(29204R#@3&'$209204R#0H3*;04#04GD#"9#/44#E;*+%1;54#3$*H4344#436;135'0;&31#
$/5+3&'/1;531#$3&6%5#%#0%A24#53@;90;&3R#%*1%*$%920?1#%9#/01,*%#@3*'/#*3@34B0;&3/4B*#-C&&D
"#53$31#1:94/#1C*:5G0;&34#1C*:5:035#4/0943*5C51#13**D#"#-/9/1%/#3(BG35#;0#$;(3431G35#$3&A3*35B#
1C*:5G0;&3134 # 4?+,$20?*# 13**# 6355/# % # 1,54%14?04 # /&;5'*B # 0E,(4,1G%5R # $/54 # %@,&'%5 # %# 1;4 # 53$#
3&;0935#1C*:5G:9B#353(&/%-,((20%/4#/0D#l3&'3531#%9#3&'C4430#;0#%#1C*:5#62*%094,44#436;135'0;&31#
3&'350Q*'G%5D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#$,9&20#%5'%&2G%5#6%*X#A2(4%002&R#%#4%5?*4#A24;1,1R#0E,(4A24;1,1#%*%E,0#/0$3(343D#"#

JK!

$3&/0$3(4#-,&*%1,94%420/#-,($21#%*1%*$%920%R#%#1/+,*&,9,44#1;E300;&31#@%0952*%4%D
J$431'%&.",2V)2/83:/."S:)+0
"9#3(B5*;4#;0#2**X1;E300;&#-,*'%$%4,0#-3A*3094;03#%#&'3($3131# 3&';5/#1;E300;&3/@39# $;(435D#
b(3AC134 # 4?+%4,0%5 # % # -3*%+%4,1 # 3*6;&9;0;(3 # -,(+H4021D #"# 09%G%+4;(/ # 436;135'0;&3135 # 13(3094C*#
-3*/0$3(4345/#63*C1R#@,&'#%#0E,(4#0,@%03$#63934@34#%#1:(5'3934#(,5&2*202@,9R#G309355'39;0;@39D#
oA%GG#f,4@$3(.&/$5%094/1%#&'%1,(*%4,1#3*0%A24H420%R#%#$2(#/0$3(431#&'%1,(*20%D#"9#3++/&#4%5?*4#
%4*;4/1%/R # 4,(5% # ;0 # 0E,(42&/ # $,9&20%5'%& # 3*$;*'H4;03R # 4,62GG-3A*3094;03D # " # 4%5?*4 # 0E,(42&%1#
43W@5/1%/ # %*%E3*3$3/531 # E,54,0H420%R # % # 1C*:5G:9B # A24;1@3*'93431@39 # 6%*X # %*1%*$%91,+20D#
r*341,(?15%1#$3&-3*3*B#G%A5,102&,1,5#6%*X#(;096;43*D#"#63(035'9;04#$;(4;14%(4X%5#-,1,99?1R#;0#
394#-,54,0#E3+%&X&/%/#3091:91;54#1393*AC1D#"#63(035'9;0#,*'%5R#%#4%52(#2*4%*#@%0952*4#;0#-3*C&'3*4#
3*3$R # %$3**'3* # 5363*@34/ # % # W0%E%4$?5124R # :094:5:9@34/ # % # (;096;43*4R # 3&'30 # 3$G3(3134#
43*A30H4$;5'C1 # QA%GG # -,1%/(% # 03&H4@34 # ;0 # 3*B@H6@%4A% # *3&A,GG # 4?*%A+,502&%/1%4 # % # G355C1 # (3A*B#
*3@34B0;&31@39 # /54;9344 # 1/@H6200%*D #"# E,54,920 # 3&;090;&30 # $%(%+ # $/5+%++/&R # $H& # %*%E634B35#
G/94,502&,0R#$3&GH9@%4X#*;&1:(G35#9%A*/1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
!
!

!
!
!

f,4@$3(.&/$5%094/1%_#"9"d-3)5","#;42>>$'08,#&'%1,(*%4D
a3045363*;0_ #"# @343+/1 # ,0942*' # -,*'4%420%R # G2( # % # &'%1,(*%4,1 # $20 # $/5B0;&34 # 1%E5%1 # %#
4%5?*X1 # -3A*B+;0;GB* # %+X+X%5D # n,*'4%4X+5%1 # % # 0931(;5'?&(20,1R # % # 1;93524-,(+?*20R # %#
09%*4XD # " # *3&-BGG # 1C*:5G0;& # % # 5',*W%+/1 # ,0942*'G%5 # %9R # @,&' # % # +/21,1 # 0,109,(#
@Q9X+,9XGG%1R#;0#4?+%4,0%GG%5#13**R#@,&'#:0093&'FA40;1#3(B/134#%#0931(;5'@39#-?420#3*B44D#
d3(C*B # ?4%1,5 # @3*'30 # ;0 # ;*341,(?15%1 # $3&-3*3*B # $X+093(3134 # 4%5H4@%4?51 # 531/1D #
Z%5&0Q*',002#62*/1#%9#2**X1;E300;&#;0#%9#3(B5*;4#-3A*3094;03#S3(B0H4B#&'%1,(*%4,1R#
1:(3+9;0UD
a,(5%_ # (3EC*B # &?(?*X # 24-,(+?*20 # h.L# (;0930# 0931(;5'# -:*:44R # 4(%$G?*/5 # @%0952*%4%R # 09%*4XR#
E2(,0#%1(,G%4/1?0#3*3$31R#3&'350Q*'3*3$31#;0#*;E;031#%#&3(35+25R#&'F(F&'%1,(*%4,1D
"4*;4/1%_#%9#3++/&#4%5?*4%1#&'%1,(*20%R#-3*$;(;03D#oA#3*3$#%#0Q*'*:1;0#;0#%#4;(+3*B(%A4D
q24;1,1#;0#0E,(4,1_#"#@343+/1G35#A2409,44#A24;1,1#-,*'4%4X+5%1_#1,02(*%G+%#SGC5434B#+,G20R#
+,G20,1 # &'%1,(*20%R # 42$%+20/ # ;0 # 6;+3139;0/ # 4%14/121R # A24;1DUR # (:E*%G+% # S%*0X # ;0 # -3*0B#
5'/420,1R#5'/420#-,&%+20R#-3*%+20R#A24;1#1:55'H4344#09%G2*',11%*UR#1;9/*%G+%#S1%E?(%#*:6;031#
&'%1,(*20%R#GC5434B#+,G20R#&',(0#/5+H420,1R#42$%+20#;0#6;+3139;0R#42$%+X#093(3E3113*#
6%*X#/0$3(13+;0R#09%G2*',1#%*1%*$%920%#A24;1G%5UR#-*,,(G%**#SC4;043W@5/121#;0#09%G2*',1R#
A24;1UR#0,-4G%**#S7;4%#A3**3&F#C4B0#A24;1,1UR#4,**%0*%G+%R#435/09R#%094%*/435/09R#Q0920R#@%#*3@34#
G363934AC1#%#(:&G/4#S+,G20,1.1%E20,1R#G/94,502&/#;0#3&';G#09%G2*',1R#A24;1UD#b&'(3#4:GG34#
@%0952*A?1#%#$3+/W/5*%G+24D

G$TS/+)U*1/."T+43+0
"#1:(5'3934#$3&X620%R#1/4%(4XR#4?+%4,0#$?51%6;&9;0R#43(639;0R#3*$;*'C*;0R#W0,54.4%5D
GO)S/,+%$)#$0"f",+%$)#$0
n,*'%$%4,0 # -3A*B+;0R # 4?+%4,0 # :009E,54,0H420R # 1:(5'39346;+3*3$R # 43(639;0R # W0,54R # 1:9;EE,54R#
E3(/-;(/%R # 2*4%*25,0 # 4%14/1%/ # (35+093(31R # 2**X1;E300;&R # 3(B5*;4R # 3*$;*'C*4 # $?51%R # 5%&' # $,4,(,0#
436;135'0;&31D
!",2V)2/83:/"51'3"2'2*#:4&2.
!

" # &'3($3131 # 1;E3031 # 3(B5*;4C1 # ;0 # 2**X1;E300;&C1 # :5$%&?1@,9 # $;(4 # -,*'%$%4,0#

-3A*3094;0;(3D
JKJ

!
!
!
!
!
!
!

d;E3031#3(3AC134#4?+%4,0%5#%#-3*%+%4,1#3*6;&9;0;(3#-,(+H4%5/D
"# 09%G%+4;(/ # 436;135'0;&3135 # 13(3094C* # -3*/0$3(/1R # @,&' # % # 0E,(4 # 0,@%03$ # 63934@34 # %#
1:(5'3934#(,5&2*202@,9R#G309355'39;0;@39D
oA%GG#f,4@$3(.&/$5%094/1%#&'%1,(*%4,1%4#4%5?*5%1R#%#$2(#/0$3(43134#&'%1,(,*A21D
"9#3++/&#4%5?*4#%4*;4/1%/R#4,(5%#;0#0E,(42&/#$,9&20%5'%&,4#1;E3031#@%0952*5/R#;0#3931G35#
4,62GG-3A*B+5/D
t,54,0H4A21 # % # 4%5?*4 # 0E,(42&%1 # 43W@5/1%/ # %*%E3*3$3/4R # %*1%*$%91,+5%1 # % # 1C*:5G:9B#
A24;1@3*'93431@39D
r*341,(?15%1#$3&-3*3*B#G%A5,102&,5#6309531#(;094D
x;*?425/#3*-,&*%*402&1;54#0E,(4,*5%1D

Q252823:/
P-=;N":5,+)&$#
"# $,9&20 # % # -3A*B+;0 # 1:93&3R # %$3*' # *3@34B6;# 4309/ # % # 4,62GG@%*%+204 # %# 43*A30H4$;5'# -,1,92024D#
d/0&'3($311,(4X*#139+B+B35#%#$,4,(/125#13(3094C*#*3@340;&30#%#4/094%#G309;+#$3&4%5?*20%R#%#4;(/#
,(/3542W/X#3*0%A24H420%R#%9#/+B;(9;1#1/%*%1H420%R#3931#%#4;5'31#3&';(43*$F6;#4309/1R#@,&'#%#$,9&20R#
%#43045363*;0#3&'#$/5+35#4%542(&',5#13(3094C*#@%4X#E(/5WHE/?$,4#%*1,4D#"#f,4@$3(.&/$5%094/1%R#%9#
3?(/4$/26%*#3&'C44R#%9#2*4%*25,0#$F63*40;&R#%9#3094;4/1%/#5363*;0#-,54,0#%*%EA24#1;E39/R#6%*%$/54#
3(B43*A3035 # @,992A2(?* # % # 0,1,*+%*Q # ;0 # 43*A30 # 3&';5/0;& # 1/%*%1H42025%1 # *3@34B0;&;@39D # bGG35 # %#
1,(G%5 # $2( # $3&A3*35/1 # %9 # ;*34$X+(% # 6%*X # @%420 # -,54,002&%R # $3*' # 03&H4@34/ # %9 # 3&;090;&30#
;*3463934;0#1/%*%1H42024#%#A:6B(3#5;963D#d/3$3*4#093$E,54#%#4%(420@/G21#1/A%6H420%R#%#093(63934#
43@3(GH(X # ;0 # 3**352**X # 1;E300;&;531 # @%42(,9,44 # -,1,920%R # %9 # 3*0%A24H4,44 # 1;E300;&3113* # %#
1C*:5G:9B#0E,(42&%1G%5#6%*X#A2(4%002&#$3&093(9;03R#%#09%G2*',1#1:9:44/#3*/&%9,+20D#b*62(20#%#
43045363*;0531R#$/54#%9#2*4%*25,0#1?*4Q(25%1#%#093(630#(;0931;54
6%*X#;(43*$39;03D#"#-/9/1%/#43*A30H4B1;E300;&#5:63*;0;5#13(3094C*#%#E09/W@/1%/#43@3(GH(X
1;E300;& # -,1,9202@,9 # /0 # @,992A2(?*D # 89,W/2*/0 # %0E314?0GX* # 5;963 # @%5&0Q*',0R # @,&' # % # +/21,1#
1;E3031 # *3&'3531 # 431/543443* # *355/ # 3&'$20(%R # 4,*3(2*5/ # % # 1;E300;&31 # 1:9:44/ # 1C*:5G0;&3134R#
$3&4%*2*5/ # % # 1:9:00;& # 092$2(% # 3*B(3$?4%4X # 3&';5/ # 093(3E3134D # 73&4%5?*A21 # % # -3*3*B00;&#
62**%*2024R#1/2**5/#%#&'35&;GG31#;(+313/;(4D#52**X#+:54;03134#@,95/R#$3*'31#%#1:9:00;&/#;(+313134#
1;E6/03*/1#;0#-/&'3*3$$3*#*355/#2*4%*2G%5#%#1:9:00;&#3&;09;(3D
"#-3*0B#4%&,9%4G%5#%#4%5X(%/#$,9&20,5#1H6C*#5%&',5#-,54,0R#@,&'#3&';G#+;*?425/#*3@34B0;&34#/0#
G/94,0H40?51 # % # 1:9:00;&/ # $,9&20,1(%R # G%A5,102&,1(%R # 1C9+3*$31(3R # 1/@H620,1(%D # 73& # 13**#
/0$3(13+5/C1 # % # 4:$3&0E,(4R # % # (31(32W/X # -,&%*$26%*R # *3@34B0;&3/63* # /**3463 # % # 09%G%+/+B0#
0E,(4436;135'0;&31#09;*30#42(@2926%*#/0D
"9#QA1,(/#,*/$E/21#$/542A2(%#093(639344#)%*+,(-.1:9;E/01,*%/#V*/$E/%#G/94,0H4A%#%#$;*4X#1C9+3*3$#
*3@34B0;&;4#35531#%#1,(,0942*'5%1D
"#-3*0B#4%&,9%4#5;&'#;63#%*1%*$%4#%+#3&'#QA#$/5B0;&35#13(3094C*#G3639345/#%#4%5?*X1%4
%#$,9&20#;*$;5';G3D#"#5;&'#3*3$#;0#%#5;&'#+/$359/X#%+A%#%94#%#*3@34B0;&34R#@,&'#%#43045363*;0#
X(21 # 6%*X0 # 4?+%4,002&GX* # -%1%+X # 43(6093(F # G3%6%4204 # G/94,0H4@%00%5%1 # % # !h.!P # S!]U # ;630#
1,(,0942*'5%1D#b94#%#-,*'%$%4,4#42$,&%4A21#%9#%*2GG/#4;5'39B1D
#!LD#;6#c#-:*+#$/5B0;&g#-(,542*/0#0H1#c#3*C*0B#;0#@240X#4;(#E,*%(/420%g#%1%(%4/#4344#.#1:634139$;5'
#!OD#;6#c#6H9#$/5B0;&g#@,(/9,542*/0#0H1#c#-354.*354#@?**2$920%g#;(93*$/#*%G/*/420
#!KD#;6#c#*363&B#$/5B0;&g#09%&&/42*/0#0H1#c#AX#;0#%#(,009#$/5B0;&#1C*:562*%09420%g
093**3$/#Q413(30;0R#09,W/2*/0#/$E?*9?0
#!PD#;6#c#4F9#$/5B0;&g#%#@2(,$#0H1(X*#;0#%9#/+B(B*#093(9344#4%E%094%*%4,1#@%($,5/1?0#3&'0;&&;#
6%*X#-,($2*20%R#$3*'#%#09%G%+02&#;(9;0;531#;0#%#+:54;0#1;E300;&;531#QA#$/5B0;&;G35#A3*35/1#
$3&
JKI

PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#$,9&20#/01,*292026%*#%#W;*#%#*3*1/#3(B1#5:63*;03D#"9#%1%(%4/#4;5'39B#3*B4;(G3#13(C*D#d/3$3*4#
@%5&0Q*'4 # 1%E # % # @,*4E,54,1 # *3&'B9;03R # % # 53@;90;&31 # W/E3*;03R # % # 5'?&%*,$GX* # 6%*X # &',(0#
(,GG%520093(F # 436;135'0;&31 # 3&';5/ # &'%1,(*20%R # 24;*;03D # "9 # 3&';5/ # 1C9+3*$31R # %9 # 3&';5/#
093$G30C*;031#%#0%A24#%1%(%4#$3&;*;0;4#4309/1#*3@34B6;D#n,54,0#%9#3(B#+3$,504(%4H6#$3&A3*35;03#
%#-/Q152*#;0#%#-,($2*20R#%#-,($%#%*1,420#*3@34B0;&#%#*25',152*D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
#"#4%5?*X1#$2(#1;E3031#3(B5*;4C1#;0#2**X1;E300;&C1#:5$%&?1@,9#$;(4#-,*'%$%4,0
-3A*3094;0;(3D
#"9#3++/&#$3&4%5?*4#f,4@$3(.&/$5%094/1%/#&'%1,(*%4,1G%5#6%*X#A2(4%002&D
#"9#3++/&#4%5?*4#%4*;4/1%/R#4,(5%#;0#0E,(42&/#$,9&20%5'%&,4#1;E3031#@%0952*5/D
#"#4%5?*4#0E,(42&%1#43W@5/1%/#;0#4%14/1%/#%*%E3*3$3/4#/0$3(/1R#%9,1%4#A24;1@3*'93431G35
1;E3031#%*1%*$%95/D
#"9#3*0%A24H4,44#0E,(4A24;1,1#09%G2*'%/4#/0$3(/1D
J$431'%&.",2V)2/83:/."S:)+0
bGG35#%#1,(G%5#%#4%5?*X15%1#$3&#13**#4%5?*5/?1#-3*3*B00;&34#62**%*5/#43443/1#1:634139$;5'3/;(4D#
a%E%094%*%4,4 # 13**R # @,&' # 093(3993531 # %1%(%4?1 # $3&5'/*625?*202(X*R # %$3*' # %9 # 3*C*0BR # -(,542*/0#
4;(G35#4:(4;5/1R#;0#6%*X02&,0%5#093$G3#13**#4%*2*1,95/?1#%#6/*2&&%*D#b@@39#G24,(5%1#13**#*355/C1#;0#
%#4?+%4,002&5%1#3&'#QA#09/54A;(3#13**R#@,&'#*;EA3531D#"9#3*0%A24H4,44#1;E300;&3/1#0,1(;4F#3&';5/#
-3A*3094;03D # " # 1C*:5*3&30 # %+,4402&,11%* # (35+3*139B1531 # /0 # *3@34B0;&C1 # 5'H*@%4 # %+,4402&%/1#
-3A*3094;0;(3R # %$/ # %9 # 3&;09 # ,0942*' # A3*35*;4;G35 # +/--3(35W/2*200%* # *3@340;&30 # ;0 # % # 1:9:00;&#
092$2(%#/0#E;*+%;(4;1F#*3@34#3&'.3&'#1/62*X#3&';5/#1;E300;&#$3&5'/*%41,920%R#43($;09343035#%#
1:9:00;&#:00934%(4202(%#/(25'?*X#4:(316;0#$/5+/&#3*0BGG0;&34#;*639D
a,62GG/ # +;*?425/ # $,9&20/ # *3@34B0;& # G/94,0H420%D # T;&3(3+$;5'G35 # %99%*R # @,&' # ;(43*$30#
436;135'0;&3134#4309C51#*3@34B6;#%#092$?1(%#%#09%G%+/+3AC1G35R#62*%09420/#*3@34B0;&34#1H52*?51#
-3*#$20R#136;0G;#@%095,0#436;135'0;&3113*#093$G35R#%$3*'31#3&';G1;54#6,59%521#%#-/%4%*02&,4D#
n,54,0R#@,&'#$20#/01,*211%*#(35+093(3035#093(639B+A3531#$3WW031#;0#63(035'31D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
#f,4@$3(.&/$5%094/1%_#"" e/&'-6# &'%1,(*%4#S%5&,*R#3A40+_#E*25+90UD#7%&%#%#&'%1,(*%4#;0#5363#/0R#
$3*'#G3*3634B+;04R#%*2$3(C*;04R#43*A30#$3&$2(4X9204#A3*354R#/&35#AX*#1/-3A39/#$/5+%94R#%$/4#3&'#]D#
,0942*',0#4%5?*X5%1#$3&#13**#4%E%094%*5/%#%#6/*2&&%*#6%*X#093$G35;9;04R#%#634B+;04#6%&'#?&(204#%9#
3*B443#*;6B#4;(G3R#%#9?@%5204#%#&(%6/42W/XG%R#;0#%9#244:(;04R#%$3*'#3&'#@%42(,9,44R#4?+%4,0#*;E;035#
13(3094C*#63934#%#A3*35G3MA:6BG3D#b935#1H6C*#$3&A3*35@34#$;&#%"W&A,')5"6-7">$'08,"E^2-7"6/6%F1"
U3$'0)/(5"520,"EL20"#6365406425"3(0%&5,F1"J-7(>0$%("EL600<5"'7$/*,5F1"I,C,54("-,/$>>1"UD--</6-65"
520,#S3*B(3#;0#@24(%#+B*;0#5;*1C*U
# a3045363*;0_ # " # @%5&0Q*'4 # %9 # %1%+2*',1 # G24,(02&&%* # ;0 # G3*0B # :009E,54,0H4200%* # 4:(4;5B#
*31C9+;0;(3#-31434AC1D#b(B-3A*3094;0#3&';5/#3+9;043(663*D#89C*34;0&'%1,(*%4,1R#G,4+,G20,1D
# a,(5%_ # n,*'4%4X+/1 # %9 # 3*B(3 # ;0 # % # @24(% # 09%*4XR # *3&'3531 # 53@393GG # 0931(;5'?&(20,1 # 3&'(3#
426,*%GG(X*#4:(4;5B#3*?&(200%*R#+,*&,9@%4?51#/0$3(4#4%*%A&'%1,(*%4/#3*3$31#3(B3*3$$;#%*%1H42026%*D#
d/09Q(20 # 1;92**20G%D # dC*:5G:9B # 4,(5%093(31(3 # 6%*X # -3*?&(20,1R # % # 093(3135 # 6;&9344 # 3(B3*3$31#
G363934;03D
JKh

l25',152*_#>/4$/1?0#w/$5%094/1%#c#G?9,&25'#;0#?&(X1:4;*#&'%1,(*%4,1D
[/(1?09$F6;093431_#%1(,G%4/1%R#3&';5/#1;E300;&31#-3A*3094;03D
# 8E,(4A24;1,1_ #"# $2( # /0$3(4 # A24;1,1 # QA # @%5&0Q*',11%*R # %9 # /+B$;(;003*R # A24;163934;003* # ;0 # %#
4?+%4,0%GG # A24;11%*R # -,*'4%4X+5%1D # d3(C*A:5 # 3*B4;(G3 # %9 # 3$G3(-,&20,0 # 6;+3139;0 # &'%1,(*20%R#
1/6/43*39;03D # d;9/*%G+%_ # G32**XA24;1R # G34:(;031R # G3634B+;031R # $/54 # 3&';5/ # $3&5'/*625?*20,1R#
&',(0/5+H420,1R#*3(,@%520,1R#3**3542$%+20,1#093(639;03D#"#(:E*%G+%#3&'(3#-,54,0%GG#093(3E34#4:*4#
G3#%#-3*0B#4%&,9%4G%5_#@%5&0Q*'#%#5'/420#-,&%+2025#;0#%#*%G+%#0%A24#4;(-;*35#6%*X#$3&4%(42025#6%5D#
"*0X # 5'/420 # 4:1;*3430H4;03R # % # *%G+% # 4?+%4,0 # /(25'H420%R # @3*'39;03D # d,02(*%G+%_ # 3$G3(-,&20,0#
6;+3139;0#09%G2*',0#1/6/43*39;03R#G34:(;031R#/5+H420,1R#3&';5/#62**%*20,1D
n*,,(G%**R#8,-4G%**D
"4*;4/1%_#0Q*'*:1;0#1C*:5G:9B#43W@5/1211%*R#&3(3*'@%AH420#531/-?4200%*D#a;(+3*B(%A4#(%A4&;EGB*R#62&4%R#
0E(/54 # 092$,1 # /+B$;(;003*R # 3(B2**X1;E300;&R # &',(0%02&/ # 2**X1;E300;&R # /543(6%**R # l;EW0B9;0 # ;0#
3$3*13+B # -?420,1R # 43(3E-?420,1D # 7%&%0?&(20R # 426,*?&(20 # c # %9 # 3*?&(20 # +/5%$/12A%R # 53@39H4344#
1:(C*$;5'31#1:9:44D
d/3&;09H4B#0E,(4,1#*3@34531_#HA209%4R#1C9+B0E,(4,1R#-%*$20920R#%3(,G/1R#3(B0H4;0D
f3%6%420_#4Q(2920R#13(;1E2(,920R#09/1*%$20920R#G%(*%5&209%4R#%1%+2*'E2*'21
G$TS/+)U*1/."T+43+0
p*4%*25,0 # 093$E,54 # % # 1,(,0942*'52* #"# ZV>eVYa # apwvap8"R # 43@24 # %9 # /0$3(3431 # 09;*301:(F#
42(@292G%#6%*X#G3431/54;0#$/5+35#43(C*3435#;0#4%E%094%*%4093(9;0#%#0%A24#@3*'C1(B*#%#6/*2&G%5R#%#
6/*2&#;0#:5$%&?1#1%EW0,*%42(X*D#b94#%9#2*4%*25,0#-,*'%$%4,4#(3$31C*#3&;09H4/#1/#;0#3(B0H4/#$3&#%#
43045363*;0 # X(21,5 # $3&;*@34B # (3%*/420g # @,&' # 0%A24 # GB(C1:5 # 4%E%094%*A21 # $3& # % # 6%*X02&,4R # 0B4R#
093$G30C*531 # 63*3g # @,&' # $%&?1,5 # /0 # ;(399;1R # @,&' # %9 # /+324X* # % # $3&6%*X0?*20/& # 63934B # Q4,5#
09C10;& # 6%5 # % # 6%*X02& # ;(9;13*;0;(3g # @,&' # % # $,(2*/0 # $3(360;& # % # -%5%4/1?0 # /+3%*/9$?0#
1:634139$;5'3 # 3(B09%1 # ;0 # %12( # 4:(4;53*$/ # 1?+%(W # /0 # *3@34D # " # $,9&20,0 # X(21,5 # 43443/1#
1:634139$;5';63*#%9,55%*#093$G30C*531D
GO)S/,+%$)#$0"f",+%$)#$0
b(BR#+/5%$/1%R#(,GG%5;1,5'02&R#%1%(%4R#*3*1/#3(BR#2**X1;E300;&R#%1%+2*',1R#53@;90;&31R#@,*4E,54#
*31C9+;03R #093$G30C*;0#%#6%*X002&&%*R# 1:634139$;5'31#6/03*;03D #n:*+#$/5B0;&R# 63(4/12*/0# 0H1R#
3*C*0B.@240X#4;(D
!",2V)2/83:/"51'3"2'2*#:4&2.
#"#+/21,1#1;E3031# %9#3*;AC1# 2**H4,44 #%1%+2*',1#G24,(02&&%*#;0# G3*0B# :009E,54,0H4200%*# 4:(4;5B#
*31C9+;0;(3D
#T2**%*A21#%#1C9+3*$3134R#3&';5/#1;E300;&3/134#%#W0%E%4#;(+31;G35#4?+A21#$,9&X0H4%5/D
# " # 1,(,0942*'?15%1 # $3&-3*3*B # f,4@$3(.&/$5%094/1% # &'%1,(*%4,1G%5 # %*%E634B # A2(4%002&,4#
093(39531D
#d,5+/W/,52*/0#1;E300;&3/1#;0#2**X1;E300;&C1R#$,5,4X5/%#4F(;0C1#09/54A3#A%6?*D
#"9#3*0%A24H4,44#0E,(42&%1G%5#5:6316B#4?+%4,002&&%*#6309531#(;094
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;*341,(G%5#%#+/21,15%1#3&'#$20-%A4%#4?+%4,002&,4#/0#1/#13**R#%*%1H4%5/?1#%#1:(5'3934C113*#
093$G35D#8,1#,*'%5#$/5B0;&34#13**#1/-3A*309435/C1#:5$%&?1G%5R#$3*'31#3&'(3#/512GG#%94#03&H4/1#
3*BR#@,&'#:52**X#093$;*'/0;&311;#62*@%00%5%1D#t;*+2?*#4%*2*1,9204R#/0$3(13+;04#3&'#42(&&'%*R#%#
42(0%11%*R #%#1:(5'393443*R #G309;*&34;0G3# 3*3&'3+;04 # %# 6/*2&&%*R #%94R# @,&'#%# $%&?51G%#-,(+?*20#
JKL

09C10;&30R # 2$ # %9425 # QA(% # 1/-3*; # 13** # 431/5435/C1 # ;0 # 4:(34*35 # G3*0B # 3&'350Q**'%* # @%*%+5/?1 # %#
1:9;EE,54GX* # % # E3(/-;(/% # -3*;D #"+5/ # 6%*%$/4 # % # 6/*2&5%1 # ;0 # % # 1%EW0,*%4,4 # $3&4%(46% # -/&'3*5/ # %#
1:634139$;5'31(3D #"# *3&-BGG # 1;(+;0R # @,&'%5 # G309;*&3003531 # % # 6/*2&&%* # ;0 # @,&'%5 # 4%(40%5%1#
1%EW0,*%4,4D#l;5'3&30#%#!OD#;*34;6#,1,94%#G/9,5'4%*%5#;0#@?**2$9X#;(93*$/#6/*2&4X*#6%*X#3*,*+X+20#
1;E300;&3R#@,&'#%#09/$E24/%#;0#%54/E24/%#3(B1#2**%5+X#@?**2$9202G%5#$3&4%(4021#$%&?1%4D#b&'(3#
/512GG#-,54,002#62*/1#092$?1(%#%#4/094%#&,5+,*1,+20R#%#5:6316B#H4;*B1;E300;&D#"#+/091,09634;0#
3931531#%#G3*0B#-,*'%$%4,15%1#3&'#$,9&20G%5#$3&A3*35B#(3E(39354250%_#1/4F9C51#$%&?51#3*;#
3&'#W;*4R#$%A+#%99%*#:00931:4AC1#$%&?51%4D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
"#4/93+/1#,0942*'4X*#-:*-3*;#%#4%543(6#4?*%A+,51;EE35#%((%#;EC*R#%$/4#3++/&#$3&%*%E,9,44D
#73&-3*3*B#1,5+/W/,52*/0#1;E300;&31_#3(B5*;4R#+/5%$/1%R#2**X1;E300;&R#&',(0%02&R
&',(03(B
#73&-3*3*B#G3*0B#3(BR#%1%(%4#;0#G24,(02&
#d;E300;&#%9#:009E,54,0H420(%R#%9#%1%+2*',1#*31C9+;0;(3
#f,4@$3(.&/$5%094/1%#&'%1,(*%4%/G%5#%*%E634B#A2(4%002&#;0#%*1%*$%920
# [0%E%40E,(4,1G%5 # % # 6;+3139;0R # @2(H420R # %1%+2*',920 # %*1%*$%920% # $/5+ # 3&';5/R # $/5+#
W0%E%409/5435
J$431'%&.",2V)2/83:/."S:)+0
Z% # 1/*35W3+/1G35 # % # 4304 # 53@;90;&;4 # 0/13(C*4 # $3&@X+H4%5/ # ;0 # *3&'B95/R # % # $,9&20;*$;5' # QA#
:094:59;04#5'3(D#"9R#@,&'#$;*'35#%9#;(9;03/1G35#;*531#-3*-,&@%4X62#4309/#092$?1(%#%#-,(&20R#%#
*35&;0R#%#G/**35;0#$,9&20#6,5%41,920%/4D#"#*35+C*34093(9;0#;0#%#*35+C*34#1/@%0952*20%R#4?+%4,0#
?(%*$%R#%#-,(&X#$,9&20,1GX*#%9#/(25'#$3&4%*2*20%#$,04#;*3403&H40;&1;54#@%4#%#4304#$3&3(B0:+;03#
$3**344D#"#4;(;(9;13*;0#4?+%4,0#@%0952*%4%#5%&'#03&H40;&#%#W0%E%4A24;1#:0093@%5&,*202G%5D#b(B0#
@%4200%*#GH(#%#6H909/5430#0H1#%*%44#;0#-3*344#*;6B#+,*&,1#;*30#+3-/5/2*20%D#"9#%1%(%4#2*4%*#/(25'H4,44#
436;135'0;&31#0Q*'E,54A%#3GG35#%9#;6G35#%#4:(90#$,9&20%/@,9#1:4B+/1R#$3*'#1%EW0,*%4G%5#2**#%#
09H6R#%#4C+BR#%#&',$,(.#;0#%#G;*#$,9&20%/6%*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
#f,4@$3(.&/$5%094/1%_#""Z(54#$54#&'%1,(*%4#;0#%"X20,"#;3;4<"#,3$##,/"EV9454('065"520,FD#b931#%#
&'%1,(*%4,1 # 09,(,0%5 # 1%EW0,*X+5%1 # % # 6H909/5430 # 0H1(X* # 6%*X # 4?+%4,002&@,9 # ;0 # % # 1:9;EE,54#
$3&4%(42025%1 # 1;E300;&;@39D # a,62GG/ # &'%1,(*%4,1_" a3$54/)' " EJ/0M/4$00 " 542/6552-F1 " i3C2'71"
G$4-)5","*2/":6/2# ;0" I;3;#"Eb2>25","*2/":6/2F1"UD--</6-65"520,"6/<36"25"A)03,".</2556/1"^7(/,5 "
El=,4)5FD#d25,5#6%(/2W/X1#%9#/0$3(4#&'%1,(*%4,1GX*D
# a3045363*;0_ #"# 1,(2GG/%1 # -,*'4%4X+5%1 # %99%* # %9 # QA # @%5&0Q**'%*R # @,&' # % # +/21,15%1 # $3& # 13**#
4%*2*5/?1 # %# $,9&20# 2(%$2G%5 # %# (/4$?04R # 6%*%$/54 # $3&4%E%094%*5/# 0%A24 # -3*3&'35303+3440;&C134D#
n,54,0 # *3@34 # 3GG35 # %9 # ;*341,(G%5 # %9 # 3094;4/1%/ # 3*3$R # ;0 # @,&' # % # $,9&20,1%4 # 3&'(3 # /512GG#
:0093-C&&B1531R#3&'$20(%#;EC*B1531#*3&'3531#1;E3031#*245/D
# a,(5%_ # l35+C*34093(9;0 # S0%009;UR # G/**35;031R # 24-,(+?*20,1R # W0%6%(20,1R # % # 4%5?*4 # 24?&(20,1#
6%(/2W/X/R#3*3$31#:00931:4;03
l25',152*_#w3(35+%R#>/4$/1?0#w/$5%094/1%#c#*%G+%R#09%*%&#&'%1,(*%4,1R#935;(3#:00932**H4,44#(:6/+#
3*3$.:00931:4;031
n/Q152*_#w'F(FR#wQ*%;EH4;0#62*4,9X#*;4092$G%5
[/(1?09$F6;093431_#093(3113*#6;&9344#E2(,0#;0#W0,E,(4,0#E(,+?1W/X1#:00932**H420%
#8E,(4A24;1,1_#"#$2(#/0$3(4#A24;1,1#QA#@%5&0Q*',11%*#4,62GG#-,*'4%4X+5%1R#-B*3&#%#4%14/1%/#3*3$31#
JKO

1/@%0952*202(%R#%#6%(/2*@%4X02&(%#;EH463D#d3(C*A:5#3*B4;(G3#%#093(639344#;0#4?+%4,0%5#G3&'%1,(,*4#
-,($21 # ;*30 # @3*'934G35 # 6%*X # %*1%*$%920%D # " # 6;+3139;0G35 # % # 43(C*34 # ;0 # % # 9X5% # 6;+3139;0#
G363934;0;(3#13(C*A:5#0,(D#Z%5&0Q*'#%#1:9:00;&/#A24;1R#%9#3&'C44A240920#:(:$3#%#W0,E,(4#+/5%$/1%#
;0#@%($X5/%D
#"4*;4/1%_#x/091,09634;0#*35+C*34093(9;003*R#-,(&200%*D#T2*4X-?420#(:6/+#;0#@,009Q426,5#3&'%(254R#
&24-?420D#7%&%0?&(20R#426,*?&(20#c#1C*:5G:9B#43W@5/121#4%5?*20%R#W0/09,*20%D
#d/3&;09H4B#0E,(4,1#*3@34531_#Q0920R#*,6%&*20R#3639;0R#?*4/$%43R#4@%/.W@/R#1,(W0,*'2920R#4(/%4*,5
#f3%6%420_#GQ62(1,+20R#6/930#G%(*%5&209%4R#02(125'@%AX920R#0?(G$TS/+)U*1/."T+43+0
p*4%*25,0#1:6343*$;5'#"#xVlwVd#lrYbwrYbd#7bwr>ar8b#3GG35#%#1,(,0942*'G%5D#"#W;*R#
@,&'#*%00%5R#3&'(3#/512GG#:52**X#093$;*'/0;&311;#62*A%5%1#%#1:9:0#$?51%#0,(25D#5436;135'#
$?512*1,+20%/11%*#$/5+/512GG#4%*2*A%5%1#:5$%&?1(%#;0#3&'G35#4%*2*A21#$3&#@3*'C134#%#1/03GG#
1:9:00;&C1G35D # l20021 # $3& # 093(3EC134R # -3+399;1 # -3* # % # 1C*:5G:9B # 1%EW0,*%4%/1 # ;0 # 6/09,5'%/1#
$/5B0;&;4D # Y:6316B # H4;*B1;E300;&C113* # ;0 # &,5+,*1,+20?1 # 4/094%02&26%* # 13**R # @,&' # 1;E3031#
*3&'3531#%#5%&'R#;(93*$/#@?**2$920,14X*#3*,*+%5/#$%&?1%4D#b94#09,*&2*A21#%9,1#%#$,9&20,1#;0#
0E,(42&%1 # $3*'31 # G363934;0(3 # 13(C*531 # !ND # ,0942*'G%5D #"# 4304/ # -?51W/X1 # ;(93*$/ # 4%E%094%*20,5#
13(3094C* # 5'/*%41,95%1 # $3& # % # 4%5?*X1 # 092$2(%R # %9 # %1W/X.(3%1W/X # ;0 # % # 1:*W0:5@%420,1#
4:(6;5'093(F0;&3/4#0%A24#4304C1:5#4%E%094%*@%4A21#$3&D
GO)S/,+%$)#$0"f",+%$)#$0
n,(&20R#*35+C*34093(9;0R#G/**35;0R#;(93*$/#@?**2$920R#3094;4/1%R#@%($X5/%R#2(%$*20R#%#1:(5'3934#;0#
%#42(0%1#-3*-3+39;03R#1%EW0,*%4;EH4;0R#*;5'3&*2420R#6H909/5430R#W0%E%4A24;1R#4%14/1%R#43W@5/1%D#TH9#
$/5B0;&R#@,(/9,542*/0#0H1R#*354.-354D
!",2V)2/83:/"51'3"2'2*#:4&2.
#"#+/21,1#4:(31093531#%#$,9&20#2(%$2G%5#%#(/4$?0#;0#%#@%($X5/%#24;*;0;(3D
#d;E3031#-3*-3+395/#%#$,9&20#09;E0;&;4R#%#$,9+?*%4,1#3&'$20(%#;EC*;0;4R#:0093-C&&;0;4D
#oA%GGR#;*341,(?15%1#$3&-3*3*BR#f,4@$3(.&/$5%094/1%#&'%1,(*%4,1%4#0%A24H4%5%1#3*D
#a:(31093531#%9#:5934*35#W0%E%4A24;1(%D
#w'%1,(,*A21#;0#4,62GG-3A*3094/1#%9#3++/&#$3&%*%E,9,44#%4*;4/1%/R#4,(5%.#;0#0E,(4$,9&20,1%4D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # 3&'$204X* # -C&&34*35C* # $3&4%5?*4 # +,*&,1 # *%00%5 # 1%EW0,*X+A%5%1 # :0093D #"# 6;&43*35C* # 426,*/#
3*3$3113*#4:(4;5B#-,&*%*%4,002&#&,5+,*%4/*%&#$3&;(434/#3993*#%#1,(,0942**'%*#%#6;&43*35#-,&%*$24D#
Z%#%9#/-AQ#%#0Q*'4#$2(#*3&'F(43R#%#1:(5'3934;4#4%E%094%*A%R#42(0%/4#;(9;13*/R#%11,(#1;E30#$2(#0%A24#
W;*4#2**H4%5/D#"9#3*;(5/#1H6254#/+32*,1#$%&6%*X0H420%#-3*;#@%*%+6%#6/*2&,002#62*/1#092$2(%#%#$,9&20#
;0#%#&,5+,*1,+20#1:9:44/#1%EW0,*%4,4D#"#$,9&20-,*'%$%4,1#24*2420%R#W;*A%/5%1#-3*/0$3(;03#*3@34B6;#
4309/R # @,&' # *%00%5 # 2463&'3 # % # 4304 # /(25'H42025%1 # ;0 # % # 0E,(4436;135'0;&31 # @%0952*%425%1 # 0%A24#
-3*3*B00;&;4D
m'$02'23

=<h"U'$

I)Y8232/"3O*1/
#"# +/21,1 # 1;E3031 # % # $,9&20 # 2(%$2G%5 # % # (/4$?0 # ;0 # % # @%($X5/% # 1/6/43*39;0;(3R # %9 # 3094;4/1%#
$3&A3*35H4;0;(3
# d;E3031 # :(:$:4 # ;(395/ # % # $,9+?*%4R # % # $,9&20 # 09;E0;&;G35R # % # $,9+?*%4,1 # 3&'$20(%#
JKK

;EC*;0;G35#;0#:0093-C&&;0;G35#;(43*$34#*245/
r*341,(?15%1 # $3&-3*3*BR # f,4@$3(.&/$5%094/1% # &'%1,(*%4,1G%5 # A2(4%0%1R # %9,1GX* # :0093-C&&B#
&'%1,(*%40,(,1%4#4?+5%1#%*1,45/R#1;E3031#%#(/4$?0#;0#%#@%($X5/%#$3&B(9;0;63*#125,5G%5#$,9,&5/#
W0,E,(4,1G%5
#d;E3031#%#W0%E%4;(+3131531#%*2(35+3*B+5/R#$3&G309;*4#4%14/124#%*1%*$%95/
#"9#3++/&#$3&%*%E,9,44#%4*;4/1%/R#4,(5%.#;0#0E,(4$,9&20,1%4#$3&-3*3*B#*35+C*3443*
09%G2*'093(F35#1/6/43*395/
J$431'%&.",2V)2/83:/."S:)+0
a/935@;4#;630#1,(?1G%5#%#-/%4%*,15%1R#W;*,1%4#;0#/+32*,1%4#13**#$%&?1#3*;#2**H4%5/?1R#%$3*'31#-3*;#
4:(313+5/C1#*3@34D#b9#%#62*%094%5/#4?+20#;0#%#+:54;0@,9%4%*#1;E300;&;4#-3*4;43*39/D#"#&3(3*'@%AH420#
&3094?0% # AX* # 1/-3A39/ # 394D #"# 09/$$34(/%R # % # A,GG # ;0 # G%*,*+%* # 3&'350Q*'G%5 # 4%(42025%1 # &'%1,(*20%#
%*%E634B # 3GG35 # %9 # ;*341,(G%5D # 8,1 # 0E,(42& # 1H52* # *3@34B0;&34 # ,*'%5 # 1;E300;&31 # -3A*3094;0;(3R#
%$3*'31 # 3(B0 # 09/$$34(/% # ;(9;134 # 1H6255%1g # $/54 # E;*+2?* # 2*4%*2G%5 # %9 # C4B0 # A24;1,1 # 4:GG0;&3_#
435/09R#4,**%0*%G+%D#b931G35#0E,(42&%1G%5#1/3$3*4#A3*354B0;&FR#@,&'#%9#3&',*+%*/02&,4#G/94,0%5#
13** # -3554%(4%5/ # %9 # 2*4%*25,0 # 3&'350Q**'%* # 3&'C44D #"9 # %*%E,002&,4 # ;0 # % # E,54,002&,4 # 4?+%4,0%5#
&'%1,(,*@%4A21D#w',(0#(3-*3`31R#;*30*2420R#@3*'934-3*/0$3(;0R#4%14/1%/#;(9;1#;0#2*4%*25,0#A3*35*;4#c#
3931 # % # $/5B0;&31 # %*%E634B # 1;E300;&311;54 # 13**R # @,&' # $3&A3*35A3531 # % # *3&4:GG # 0E,(42&G%5D#
bGG35#%9#;*341,(G%5#%#+/21,1#3*;&#;(34431#%@@,9R#@,&'#$/5+393134#-/&'3*3$G3#63&';1#;0R#@,&'#
3&'(3#5%&',GG#-3*3*B00;&34#62**%*A%5%1#%9#F9:44#0E,(4,1G%5R#E;*+2?*#%#09%G2*',1#%*%E,0#/0$3(343#
;0#%9#3&;090;&30#;0#G/94,502&,0#A24;1#2*4%*D#7,04%5(%#/&%925#-,54,0R#@,&'#$3&#4?+A21#(%&%+5/#3&'#
A24;1 # *;5'3&/ # $/5B0;&;4 # ;0 # 1:9G35 # 1;E3031 # *3&'3531 # 3&';5/ # 1;E300;&3/1 # $%`/$2*/0#
1%$%4,94%4202(%D #"9 # /(25'3(B # 4?+%4,0 # ?(%*20%R # % # W;* # 1/4F9;03 # ;0 # 093$ # 3*:44 # 4%(420%R # 2**@%4%4,0#
-/&'3*3$$3*R#%#-,*'%$%4,1#1,54(,**2*20%R#%#$,9&20,1#43(639;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
# f,4@$3(.&/$5%094/1%_" X20, " , " 54(%%603(, " 59#8,' " EZ3 " e3;%% " -7,#$3/,0,F1 " G23/6- " E " ^,-7 "
C9454('065F1"X,5"EJ/0M/4$00"%,-,55)-F1"\636/71"])3$%"#;31"J-7(>0$%("EL600<5"'7$/*,5F
# a3045363*;0_ #"# 1,(2GG/%1 # -,*'4%4X+5%1 # %99%* # %9 # QA # @%5&0Q**'%*R # @,&' # % # +/21,15%1 # $3& # 13**#
4%*2*5/?1 # % # 0E,(42&(% # A3**3$9B # 2*4%*25,0 # $,9&20-,($21,5 # G3*C* # % # 0%A24 # 1%(%143(C134R # %#
$,9&20-,($215%1#0%A24A?112#13**#62*5/R#$3*'G35#%9#3&';5/0;&C1#$3&$?4%41,9/1D#n,54,0#3GG35#%9#
;*341,(G%5#%#*34/094?*4#0%**%5&,14X*#$35430#-,($%D
#a,(5%_#"#<W/&25'13(;1=#$/5+35#62*4,9%4G%5#;0#%9#,*+%*09%*4X1#4%*%A,5R#0931(;5'(B*#*3D#"9#/0$3(4#
093(3135#:00932**H4,44#-,*'%$%4,0R#:00931:4B#3*3$3113*#3**24,44#&'%1,(*%40,(,1D
l25',152*_#n3*3$20.1,(*24
n/Q152*_#d,(*24R#Y'QA4X
[/(1?09$F6;093431_#1:4;*425WR#4(%E;9
#8E,(4A24;1,1_#"#$2(#/0$3(4#A24;1,1#QA#@%5&0Q*',11%*#4,62GG#-,*'4%4X+5%1R#-B*3&#%#*363&B#3*3$#
$3&A3*35;03R # % # 1:55'3+0;&R # % # 1/-/5,$?*4 # 3*3&%5W/% # A3*35/1 # $3&R # 394 # 3*B03&H4AC1 # % # 4(%$G?*/5#
G363934;0;63*# ;0# 1/@%0952*2026%*#1(3%4H6%5# $/5+35# *3@340;&30# 1:(C*$;5'#1:9:44D #Z%5&0Q*'# %9#
3&';5/#1;E300;&31#1/3$3*;03D#7/5+35#0E,(42&G%5#@%5&0Q*'#%#-3*?&(20#1:9G35#6;&9344#$,9&20,1#
E*D_#(:E*%G+%_#*3C4;0R#-3*?&(20,0#5'/420R#025W#04GD
# "4*;4/1%_ # w3(3*'@%AH420D # 7%&%0?&(20R # 426,*?&(20 # c # %9 # 3*?&(20 # $%&%002&25%1 # 5:63*;03R # %#
*;&$?51%#W0/09,*20%
#d/3&;09H4B#0E,(4,1#*3@34531_#%094%*/435/09R#G%03G%**R#435/09R#1,(-G%**R#$F?&(20R#(Q+?&(20R#A;&@,1/R#
0E,(4*:6;0934
#f3%6%420_#(3EC*;0R#3A4B3(5'B9;0R#1:4;*E2*'%R#6/4,(*2920R#/5+0?(#89%G%+/+B0#0E,(4436;135'0;&31_#4313R#G/**/%(+R#W0,W0XR#+%(40R#G,*/5&
JKP

G$TS/+)U*1/."T+43+0
"#Trwlbabd#daae#fbl8s #bwbY8ol#7bwa"lplp8"R#$/54 #4%5H420/#3*6#%#43045363*;0#
4%542(&',5#13(3094C*#5%&',5#AX*#;(9;13*@34B35#24%+@%4XD#"#4;(;(9;13*;0#6,5%41,9202G%5#%#G%*#;0#%#
A,GG#,*+%*#1C*:5#62*%09420%R#%#1344B#1:9:44/#-C&&B*3&30#0H1(%#634H4344#09/$$34(/%#6%&'#%09/$$34(/%#
;(9;13*;03#@%0,5*X#%@@,9#%#-,*'%$%4@,9R#%$3*'G35#%#!K#;630#-/%4%*#%#*;5'3&304#%#*;5'3&43*354B*#
1C*:562*%094A%R#%@,&'#3935#%#*;5'3&.#;0#Q413(30B#-,*'%$%4,5#13(3094C*#$3&'D#a?+%4,002#13**#62*5/_#
% # G%* # ;0 # % # A,GG # 1/3&'350Q*',92026%* # $3&4%*2*A21 # % # 09;*0B0;&31 # 1:9:44/ # G3*0B # 5'?&%*$%4D#
009@%5&G% # ;0 # 09/$$34(/2G% # 13(C*531 # :5$%&?11%* # ;0 # % # 6/*2&&%* # ;0 # 6;&(3 # @%42(,9,44%5 # $3&#
4?+A21#2**%EH4%5/R#@,&'#$/#%#-C&&B*3&30D
GO)S/,+%$)#$0"f",+%$)#$0
89/$$34(/%R # 3&'350Q*'R # 1:9;ER # 3&'35300;&R # W;*(% # /(25'?*402&R # %*%E,002&R # E,54,002&R # 2*4%*25,0#
A3*35*;4R # ;*30*2420R # G/94,502&,0R # :52**X # A24;1R # @3*'934-3*/0$3(;0R # 62*%09420R # +:54;0D # l363&B#
$/5B0;&R#09%&&/42*/0#0H1R#A,GG.G%*#,*+%*R#09,W/2*/0#;(9;135'0;&D
!",2V)2/83:/"51'3"2'2*#:4&2.
#"#+/21,1#3&'(3#/512GG#1;E3031#0%A24#$,9&20?1#$3&-/&'3*;0;(3R#E,54,0H4202(%D
#w',(0%02&?1R#09/$$34(/%#;(9;1C1R#(3-*3`3/1#1/-/5,$H4202(%#4:(31093531#%9#%4*;4/1%/#$,9&20,1G%5#
;0#%#4,(5%&'%1,(*%4,1G%5#3&'%(254D
#n3A*B+/1#;*30*2420?1R#@3*'934-3*/0$3(;0C1R#4%14/1%/#;(9;1C1D
#73&(%&%+A21#3&'.3&'#A24;1#*;5'3&;4R#1/-3A39/1#3&';5/0;&C134D
#b&'(3#5%&',GG#-3*3*B00;&34#62**%*5%1#%9#F9:44#0E,(42&%1G%5R#09%G2*'%/1%4#%*%E,0%5#/0$3(/1D
#d;E3031#GH(X#5;*1C*/#3&;090;&30#;0#G/94,502&,0#A24;1(%D
#oA%GG#f,4@$3(.&/$5%094/1%#&'%1,(*%4,1%4#0%A24H4%5%1#3*D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b*;(@34B # % # 43*A30 # 1/1;E9344 # /5+/6/+?2*/0 # $,9&20;*$;5'D # b94 # %*2@Q9@%4A% # $/5+35R # $2( # /0$3(4#
$/5B0;&R#-,($%R#$,9&20#/0$;43*4#&'%1,(*20%D#7/5+35#43(C*3435#*3@34B0;&34#;0#/$E?*9?04#13**#%+5/R#
%@@,9R#@,&'#%9#3&';5/#4?+204#;0#%#43*A30H4B1;E300;&34#A%6H40?1D#"9#3++/&#3*;(4#0,1,*+%*Q02&,4#$,04#
$2( # G24(%5 # -3*62*4@%4A% # 3&' # G/9,5',0 # /5+/6/+?2*/0 # 0E3W/%*/92*X+20D # " # $,9&20;*34 # :52**X#
-3*3*B00;&;531#43*A30#1:(F#246;43*3D
m'$02'23

=<M"U'$

I)Y8232/"3O*1/
#"#+/21,1#1;E3031#%#0%A24#$,9&20?1#$3&-/&'3*;0;(3R#E,54,0H4202(%D
#w',(0%02&R#;*30*2420R#@3*'934-3*/0$3(;0R#4%14/1%/#1;E300;&#G/(4,12G%5#6%55%1D
#"9#/0$3(4#A24;1,1#*;5'3&;4#/0$3(/1R#1;E3031#$3&$?4%45/#3&';5/#1;E300;&3/134D
#"#4%5?*4#0E,(42&%1#09%G2*'(35+093(;4#/0$3(/1R#1;E3031#%#-3*3*B00;&43*A30R#0,(4093(F#1C9+3*3$(3D
#d;E3031#GH(X#5;*1C*/#3&;090;&30#;0#G/94,502&,0#A24;1(%D
#"#&'35&;GG#1;E300;&F#42(0%/1%4#G36,5A21#%#A24;1,1G%D
#f,4@$3(.&/$5%094/1%/#1,(3,&(2-/24#4?+5%1#*;4(3@,95/R#3&';5/*3&#;0#W0,E,(4,0%5#/0D
J$431'%&.",2V)2/83:/."S:)+0
bGG35#%9#;*341,(G%5#%9#/-AQ#3*#13**R#@,&'#;(A35#3&'#G/9,5',0#-,1Q#09%G%+02&,4#%#4;(#1C*:5G:9B#
0H1A%/G%5R # ;0 # 3935 # 13(3094C* # :0093 # 13** # 4?+5/ # @%5&,*5/% # &,5+,*1,+2024R # ;(9;03/4 # ;0 # %1%(%424D#
JK]

e0$3(5/3 # 13** # % # 436;135'0;&31 # 3&;09 # 0,(24R # $3*'31 # % # 4;(G35 # 6%*X # 42A;1,9X+2024 # ;0 # ;G3(0;&;4#
03&H4/1D # n3*3*3635H435/ # % # &'3($311,(/ # A24;1,1%4 # %9,1G%5 # ;(344 # 093$;*'/0;&1;54 # QA # $/5B0;&3134#
-3*-3+395/D # 7/5+ # %9 # /01,*2G%5R # $/5+ # 4%5X(25 # 1H6C* # *3@34B0;&34 # G/94,0H4%5/ # %9 # 3&';5/R # 1/62*X#
43*A30H4$;5' # 3*;(;0;@39D # f/94%45/ # B134 # %((%R # @,&' # $3&093(9344 # /0$3(343/134 # G24(%5 # %+A21 # 24 # %#
-/%4%*%GG # 1,(,0942*'5%1R # %$/1,( # W0%1 # *3@34B0;&C1 # 6%5 # (2D # b*/0$3(63 # % # -/%4%* # -3*5B44 # ;(3440;&;4#
4,62GG/ # -3A*B+;0(3 # :094:5:95/ # B134R # ;0 # %((% # 0%(1%**5/R # @,&' # $20,1 # 03&H4;03 # 2*4%* # 1;090;&3/4#
3*$;*'H403D#"9#3++/&#3*0%A24H4,44#/0$3(3431#2**A%5%1#3&'#3&'0;&30#3&;009;#:0093D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
# f,4@$3(.&/$5%094/1%_ #"9 # 3$G3(/ # -,($% # @2($%0 # 4;(G3*/ # $/5B0;&;(B* # 093(9344 # 4%E%094%*%4,1 # %#
L636540 " E]$554M " 4)3+F# &'%1,(*%4G%5 # ;(/1 # 3* # W0QW0E,54A?1%4D # a,62GG/ # &'%1,(*%4,1_" U$3.&/)5 " ,"
.;'0;00 " 59#$' " E " U$3-)5 " .;'0;00 " 06'-6/7 " #;3D/F1 " Z+%B# a3$%4/1?0 # /0$;4*;03 # %9 # 3++/& # $3&/0$3(4#
&'%1,(*%4,15%1D
# a3045363*;0 # ;0 # 0E,(4_ #"9 # 3++/& # $3&/0$3(4 # 436;135'0;&31G35 # ;0 # 0E,(4,1G%5R # % # &'%1,(*20,1#
0,(25R # % # $%&%0 # 09/54F # 1;E300;&31 # 1/-3A*3094;0;/& # 13**R # @,&' # 3*A?00%5%1 # % # +/21,1D # dC*:5:035#
;(+3130#*3@34#%#-/%4%*,1#092$2(%R#@%#6;&/&63934AC1#B134#/01,*%/#E2*'%-?420?1#43045363*;0#4%543(6;5#
3&;0935#%9#%*0X#4%&,9%44X*#139+B+B35D#oA(%#A2409@%4A?1#%#A24;1,1%4#;0#3*6;&39@34AC1#%#&'%1,(*%4,1#
43*A30 # 0,(,9%424D # 7/5+39 # *3@34B0;&34 # %+ # % # -3A*B+;0/ # -,*'%$%4 # 3&'30 # 2**,$20%/5%1 # %*%E,0%GG#
$3&-/&'3*;0;(3#;0#%9,1#3&'$20@,9#6%*X#6/09,5'%/5%1#-3*42(202(%R#%9#:0093-C&&;031#-3*42(202(%D
#b&';5/R#:52**X#&'%1,(*20#1;E300;&3
#f3%6%420_#4F990,5&*B(1:+;0
#89%G%+/+B0#0E,(4436;135'0;&_#&,*-R#04(%5+(:E*%G+%R#0%0@
G$TS/+)U*1/."T+43+0
"#ae8ablba#fbr>r8b#"#b7fb>#r8#"#Telpw#e>pYaD#"#!P.!]D#;630#-/%4%*#%94#%1%(A%#4?+5/R#
@,&' # BR # $/54 # 3&'3+/ # 3$G3(R # $/*'35 # @%4200%* # 4?+ # *355/ # % # 6/*2& # &%9+%02&/R # 09,W/2*/0R # 43W@5/1%/R#
E,*/4/1%/ # $3534;(3D #"1%(A% # 4?+5/R # @,&'R # @,* # %9 # B # @3*'3 # % # 6/*2& # 3&;09;G35D # 7/5+35 # 4%542(&'G%5#
:0093-,&*%*20(%#13(C*#$/5+%9R#%$/4#%#4/9351;4#;6#0,(25#4%5?*4%1D#n/*,9X-/%/R#E3+%&X&/%/#1;(+;031#
0,(25 # 24-,&X # 1;E # $3&(%A9,*20% # % # )%*+,(-.E3+%&X&/% # 0%(,1E,54A%/(X*R # $3*' # %9 # 3$G3(/ # *;5'#
43($;0934;531#%*%1?*2024#;0#%#6/*2&G%5#3*-,&*%*4#@3*';4#431/54/#6/90&2*%4%#42(&'25%1D
GO)S/,+%$)#$0"f",+%$)#$0
"9 # 3$G3(/ # -3A*B+;0 # Q4A%R # /+BR # -/*,9X-/%R # :0093&9;0R # 24*2420R # $3&;(4;0R # :0093-C&&;031 # 13(30;03R#
3&';5/#1;E300;&31R#4?+20#24%+20%R#4F9#$/5B0;&R#;(3440;&R#4;(/(25',1#;0#0H1,1D
!",2V)2/83:/"51'3"2'2*#:4&2.
#"# +/21,1 # % # 436;135'0;&31 # 3&;09 # 0,(24 # /0$3(/1R # %$3*'31 # % # 4;(G35 # 6%*X # 42A;1,9X+20?1%4 # ;0#
;G3(0;&C134#03&H4/1D
#"*%E634B#/0$3(343134#093(39531#%#4%5?*$25'%/1#0,(25#$3&/0$3(4#436;135'0;&31#SA24;1,1R#4,(5%.#
;0#f,4@$3(.&/$5%094/1%#&'%1,(*%4,1R#%4*;4/1%/#;0#0E,(4$,9&20,1U#3&'$20@,9#6%*X#6/09,5'2(X*R#%#
&'3($31#/**3463#%9#/-AQ#-3A*B+;0;531#1%EW0,*X+20/#E,54A%/(X*#%#$,9&20-3A*B+;0@39D
#73&093(9344#/0$3(343/134#-/%4%*%GG#42(0%/15%1#1C*:5G:9B#;0#3&';5/#$X+,1,5#1;E3031#24%+5/
# d;E3031 # % # f,4@$3(.&/$5%094/1% # &'%1,(*%4%/GX* # 3&' # $3&@%42(,9,44 # 4%(4%*,$@,9 # 1,(3,&(2-/24#
1;09H435/D

G2'3#X52):/
Q252823:/
JPN

" # )%*+,(-.E3+%&X&/% # 3*0B+*3&30 # -3*%+%4%R # @,&' # $/5+35 # &'3($31 # 3&;090;&30 # -3A*B+;0;@39#

$3&43(3$403#%#09C10;&30#-3*4;43*3134D#"9#/01,*%13(4R#$/54#09%G%+#4;(#%9#/01,*%#093(630#(;093D#"#
@34/ # (35+093(300;&&3* # 6;&9344 # 436;135'0;&31 # 0,(25 # %9 # ;6A2(20 # 5%&' # (/4$?0%/4 # ;*@34AC1 # 24D # b9#
1/@H6204#;0#:(:$34#A3*354#%#&'3($3131#092$2(%D
"@@,9R # @,&' # % # &'3($3131 # 1;E300; # 62*A%5%1 # 0%A24 # *3@34B0;&3/1 # -3*/0$3(;0;(3R # % # 13(4$F63*;0#
4%542(&'#G363934;0;(3#;0#$F63*;0;(3#6%5#09C10;&D#"9#;*B63*#S%9#;*B#1:(5'393443*U#6%*X#4%*2*1,920#
;0#4%E%094%*%4093(9;0#3*35&3+@3434*35C*#-,54,0#%#-3*3*B00;&(3#5363*;0#093$E,54A2GX*D
" # 13(4$F63*;0 # 0,(25 # % # &'3($3131 # 3*0%A24H4A21 # %9 # %*%E634B # 13(4/ # $?5121%4R # $3&4%5?*5%1#
G%*3034$3543035#G255/#%# 093(092$,11%*D #73&4%5?*A21#;0#4%E%094%*A21R# @,&'#%#1,$E,0942*200%*#
@,&'%5 # 5:63*@34B # % # 4%*%A # 43($;135'0;&3 # . # 39 # % # 1:(5'39346;+3*3$ # %*%EA%D # 73&/0$3(/1 # % # 13(4#
;*B6/*2&24R#$/1:9G35#0%A24#$%&?1#43($3*531#9:*+0;&34R#&'C$:*W0:4R#6/(2&,4D
7/5+3931 # ,*'%5 # 1;E300;&31 # 1/G,54%1,92024 # 03&H4/1 # 3*BR # %$3*'31 # %9 # 3$G3( # 2*4%* # 1/%*%1H4,44#
43($;0934/#6/*2&@,9#6%*X#1%EW0,*X+20?1G%5#09C10;&3031D
a3($;09343035#-,54,0%1#%9#3*B9$;5'31R#%$/1(3#;EH4@34C51D#7/(3#%#OD#,0942*'G%5#%#13(4$F63*;0#
4%542(&'#G363934;0(3#13(C*R#%#&'3(3131#4Q*#6%55%1#%#-:*+$F63*;0.&%G,5%#3E,W@25#;0#*3@34B0;&C1#
6,*4#6%*%$3*'#1:93*/#2**%4,4#4%(4X#&%9+2@,9R#6%&'#%12(#3&'#*,6%(+2G%#3**24,&%45/R#%@,*#%9#2**%4,11%*#
S*XR # 09%(6%0$%(@%R # A?@R # 13W013R # 09%$2(DDDU # 6%*X # 4%*2*1,920R # %9 # 2**%42E,*20 # 093$;*'30 # ;*$;5';4#
$3&4%E%094%*@%4421D#b((3#%9#X6,+201,(#;0#%9#LD#,0942*'#1:9:44#13**344#0,(4#13(H435/D
"#13(4;0934#53$#W0?E25#3&'#1C*:52**X#4%542(&'#%#4:GG/#1:9:44R#@%53$#0,1#092**%*#1%EW0,*X+/1#%#
4:(4;53*3$GB*R#-:*+(%A9GX*R#/(,+%*,$GX*#4%5?*4%1@,9D#"9#/&;5'30#13(443(639;05;*#-3*@%0952*@%4X1#%#
&3,$34(/2G%5 # 4%5?*4%1D # "9 # 20625'4%5/ # /0$3(3431 # AX # %*%E,4 # 09,*&2*4%45%1 # % # 4%*%A6/90&2*%4@,9R#
G/,*X&/2GX* # % # 09%E,(,+20R # 5:6313+;0R # -3A*B+;0 # -29/0%/R # 6%*%$/54 # %9 # 3*-,&'%094@%4X # 5:6;5'31#
42E*2*1,920.;*344%5/#093(3E3#A2409/1#-,54,0#093(3E34D
b9 # % # -%A4% # <3&'G309B440;&= # 03&H4 # % # &'3(3131531 # 1%EW0,*X+20/ # E,54,1%4 # 4%*2*5/R # /**3463 # 3&'(3#
5%&',GG#42A;1,94%4204#5'QA4#%#13(4G35#6;&9344#436;135'0;&#0,1(;4F#:0093-C&&;03/63*D
" # 13(4$F63*;0 # ,14%42025%1 # 0Q*'E,54A% # 3*0B0,(G%5 # % # &'%1,(*%4/ # $?51%R # 3935 # 13(3094C* # 62*/1#
;(4@34B6;#%#&'3(3131#092$2(%R#@,&'#$/4#/0#13**#;0#*3@34#4355C51#%#5:6;5'31#AX#;0#1/3&'350Q*',9,44#
-3A*B+;0;;(4D
.#"#5:6;5'31#3&;090;&30#-3A*B+;0;531#-3*4;43*3/D
.#7/#%#1C*:5G0;&#%9#;*3443*35#1B934#;0#%#43($B4%*%A#1:9:44R#%#43($B4%*%A#1/%*%1?*20%D
.#"#@?$?09R#$/54#%#4%*%A43($;135'0;&#@,(+,9XA%D
.#"#1,$E,0942*20#A3*354B0;&3D
.#"#1,$E,094#@%4;1,5'02&25%1#-,1,920%#%#G/,+/5%$/1?0#E(3E%(24?$,1#03&H40;&;63*D
.#"9#3&'30#5:6;5'31#4%*%A.#;0#42E%5'%&/&;5'3D
.#"#4%*%A$3&$?512*20#3091:93/D
.#7/#%#1C*:5G0;&#%#43($;093430#42A#;0#%#1?*4Q(42A#1:9:44D
.#"#1?*4Q(42A#;*34;531#42$,&%420%#%#G/,+/5%$/1?0#E(3E%(24?$,11%*D
.#Z,&'%5#%*1,4@%4#;*341:9:00;&34#%#5:6;5'R#%9#2**%4#;0#%9#3$G3(z
.#"9#3&;090;&30#42E*2*1,920#1;(+;03D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35 # %9 # ;*341,(G%5 # A3*354B0 # -/9/1%/R # *3*1/ # ;0 # ;(43*$/ # 62*4,920,5 # $3&' # 13(3094C* # % # &'3($31D #"#
1C*6/*2& # /(254/ # ;(+31*B+;0C1 # A3*354B035 # $3&5:63109/1D # " # $3&@,009%GG,+,44 # 6;&4%&,1 # ;0 # %#
$3&5:6313+344#-/9/1%/#3(B5*;4C1#1;E300;#4309/#B134#%((%R#@,&'#$3&4%5?*A%5%1#@3*'3035#G255/#%#
13(4/ # 093(092$,11%*R # %$/ # $,9&201,,(+/52W/XA?1 # -3A*B+;0;4 # /0 # 03&H4/D # " # 4?+%4/ # 62*4,920,1#
3(3+$;5'31;EE#1;E300;#62*5%1#%#4:(6;5'093(F0;&31#$3&;(4;0;(3D#"9#,102&/#:0093-C&&;03134#
JP!

$F1:+;0 # 1:9G35 # ;(4/1 # $3&R # H&'# % # 4%*%A. # 42A. # 1*H$% # 1%EW0,*%4,4 # % # @34/ # (35+093(30 # $?51% # 0,(25#
;*@34/1#$3&D#Y:6316B#;(+31*B+;0C1#%#09,W/2*/0#1%EW0,*%4,1#/(254#AX#%*%E,4#%+@%4#%#-3*3*B00;&;(934#
1/%*%1?*202@,9R#%$/4#%9#;*B#1:(5'393443*#6%*X#$?51%#3(B0H4D#"#&'3(3131#$3&/0$3(/1#%#13(4#4%*%A24R#
(,6%(.#;0#$%+2(6/*2&24D
m'$02'23

k;"U'$"

I)Y8232/"3O*1/
b*0B#,0942*'4X*#139+B+B35#%9#B09/# /+B09%1G%5# %#&'3(3131#%9#,0942*'4%5H4X6%*#4%6%09/#@%&'$20#
5:6;5'3134#C*434531#%9#/01,*%13(4G3D#
" # ID # ,0942*'G%5 # % # -:*+$F63*;0 # 3E,W@25 # $3&;*4 # 1;4139/ # ;*$;5'31 # % # &%G,5% # 634;0;4B* # %#
G34%1%(H420,5#24#%#135';(0C4;0/&D
J$431'%&.",2V)2/83:/."S:)+0
"# !!.!JD # ;*34;6G35 # % # 1/4%(4204 # /&;5'*B # $?51% # % # 5363*;0/ # W;*R # %$3*'(3 # % # -:*++3* # 6%*X # $?51% # %#
*3&%*1%*$%0%GG#S2020R#-:*+@,(+20R#C*434;0UD#"#-:*++3*R#%#4%*%AA%*#6%*X#$?51%#@%5&0Q*',0#%9#3&;09#;6#
0,(25D #b@@39# A%6%0,*4# 3&'30# $?5121@,9#SE*D #&',$*2*20U# %#(:6/+# 5'3*F# 093(092$,1# @%0952*%4%D#
b*62(20#%#E,54,0#;0#-,*'%$%4,0#$?51%6;&9;0D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#%#1;9/093(092$,1#09%1093(F#@%0952*%425%1#G363934;03
.#%#4%*%A$F63*;0#%*%EA%/
.#%9#2&'20,1#$3&43(639;03#;0#1/%*%1H420%
.#634;0R#5:6;5'2E,*20#S:54:9;0R#&',$*2*20R#12(436B1#3**35/#6;+3139;0U#G/,#$X+093(3113*
.#3&';630#9:*+0;&-;*;1#;0#+H095:6;5'31#43($3094;03
a;*/#@X5%E,1(%_
.#093(092$,1R#13(4/#3091:9:1#1%(G%54%(420%
.#%9#;6#0,(25#&'FA4:44#634B$%&,1#4/094H420%R#62*,&%420%#;0#3*B1;09H4;03#%#4%6%09/#634;031@39
.#4%*%A$/5421#6/90&2*%4%
.#%#4;*/#43($;0934#$3&-/&'3*;03_#7%&'%(,(092&#-BGG#3(+B%*1,4X#-2/#S4:*&'R#&'3(4'25R#GC11UR#%#-21#
-3*/0$3(;03R#@%G/4?0?1R#1;(&C1#;0#(C&'3/1#%*%EA25
.#%9#%+6354/#/+B09%1(%_#%#13(4;0934@39#1%EW0,*X+X#1;9$F630#-,&*%1,920,1#43($;093430#%5'%&,1#
-3*@%0952*2026%*D
G$TS/+)U*1/."T+43+0
a:(4;53*3$_#%9#B0/#-,*'X#$354/#1?*4Q(21#-3*/+;9;03R#1C*:5:0#431/543443*#&%9+2*1,+20?1(%R#%9#3@@39#
1%EW0,*X+X#@/3+3*3$6/*2&?1(%R#$%43$%4/1%/R#W0/**%&209%4/#4?+20?1(%R#5%E42(A%/1(%R#6%*%$/54#%9#X1,(/#
&:(:&#;0#(X$%/#1,(#G/(,+%*$%4#$3&%*%E,9X#&%9+2*1,+202(%D
89354#[,*?$G25#;*343#1%EW025#4%5?*4%1#%#&'3(3131#%#1:9:00;&31#:53**24X#$39B&%9+2*1,+2025%1#
1/%*%1?*202(X*D
Y:6;5'4%5_#%#5:6;5'#(;093/#S&':1;(R#092(R#*36;*R#6/(2&R#43($;0UR#%#5:6;5'31#;*34W/1*?0%/D
p0625'4%5/#/0$3(3431_#AX#%*%E,4#09,*&2*4%45%1#%#4%*%A6/90&2*%4@,9R#%*%E1B93431#4HE?0%/D
n%-%(%&20_#%#-3*@%0952*4#-%-%A421#4?*%A+,502&%/5%1#-3*/0$3(;03D#
GO)S/,+%$)#$0"f",+%$)#$0
"*%E1B93431R # 4%*%AR # 4%*%A$F63*;0R # 4(2&'2920R # 1,$E,094R # @?$?09R # 3&'09/1FR # 1;409/1FR # 3&';630R#
1;4;630R # ;63*B # 5:6;5'R # 1?*4Q(5:6;5'31R # &',$,1R # 634B$%&R # 634;0R # C*434;0R # E%*2542920R#
1:(5'39346;+3*3$R#$%+2(6;+3*3$D
JPJ

!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X1#%#13(4#4%*%A25%1#-BGG#4?*%A+,502&%/4#/0$3(/1D
a?+5%1 # @3*'30 # 43044%(420G%5 # 205/R # 1%E2*5/ # ;0 # &3(3G*';95/R # % # 093(092$,11%* # G%*3034$3543035#
+,*&,95%1D
e0$3(/1#%#634;0R#E%*2542920#%*%E634B#09%G2*'%/4D
e0$3(/1#%#13(4#(,6%(.#;0#$%+2(6/*2&24D
73&/0$3(13+531#%#1:(5'39346;+3*3$#%*%EA%/6%*D
a?+5%1#1,$E,094,4#1;09H435/D
0093-C&&;03134#4%*2*5%1#%#13(4G35#6;&9344#436;135'0;&#;0#%9#;*B6/*2&#:0093-C&&;03/#1:9:44D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b5531#%9#;*341,(5%1#%#A3**3$9BA3#%#1C*0B#%14/6/420#;0#%#+/5%$/1?0#G3*0B#2**%E,4D#"#-/9/1%/#62*4,920,1#
2*4%*2G%5#$3&3*B9/1#%#*3*1/#-3A*B+;04D#n/&'3*$C134#%#6/*2&#-3*;#13**#43(3*5/#;0#%((%#:094:5:95/#B134R#
@,&'#$3(A3531#139+3$;5'395/R#?&'%5%11,(#%9#3&';5/#09,W/2*/0#-3*3*B00;&531#/0#-,54,0#093(3E#A?4D#
b5531#1%EW025#@%5&0Q*',002#62*/1#%#1:(5'39346;+3*$/#,14%420D#"9#:1,*X&/%/#&%9+2*1,+20G%5#5%&'#
093(3E3 # 6%5 # % # 0,109H5F0;&531D # " # &%9+2*1,+20 # 0,(25 # Q&' # 13** # 1/%*%1H4%5/ # % # &%9+%02&,4R#
/01,*%13(434R#@,&'#%9#%+,44#42AG%#G3*3/**30913+A;1D#
"9#3&;090;&30#42E*2*1,920#3*B-3*4;43*3#%9#3&;090;&30#4%*%A.#5:6;5'.#2**%4#1%EW0,*%4%D#"9#3&'30#
5:6;5'31#42E*2*1,920G%5#G34:*4:44#093(3E3#$3&G309;*;0(3#13(C*D#Z%5&0Q*',0%GG#093(3E34#1%E#%#
&'X&'5:6;5'31#2E,*20%#;0#-3*@%0952*20%D#"#1,$E,094#1;09H4;0R#4(2&'%1393*;0#%#4%*%A#42E%5'%&#
?425EX4*20%# 093$E,54A2GX*# 3*35&3+@3434*35D #"# 4;*/ # X(21,5# %# &'3(3131# $3&43(639/1 # %# 9:*+0;&30#
13(434#%#634;0-,(&X#;0#%#5:6;5'42(0H420#-,&%*$24#-/&'3*3$G3#6;63D
m'$02'23

"k;"U'$

I)Y8232/"3O*1/
" # OD # ,0942*'G%5 # % # 4%*%A$F63*;0(B*R # % # 1,$E,0942*20(X*R # % # 634;0(B*R # %9 # C*434;0(B*D # ;0 # %#
1:(5'39346;+3*3$#%*%EA%/(X*#4%5?*4%1D
J$431'%&.",2V)2/83:/."S:)+0
" # E?G3(420 # 3*;(1394;63* # % # &'3(3131 # ;(+31*B+B6; # 62*5%1 # :5$%&?1 # 62*4,920%/6%* # 093$G35 # ;0#
5'/4,442 # % # 1C*6/*2& # /(254D # bGG35 # %9 # ;*341,(G%5 # $,4/62*A% # B134R # @% # % # 1%E,44 # -3*%+%4,1#
<3(BE(XG%.A3**3&F31=#;0#6;&(3@%A420?1#1/4%(4204#/&;5'3*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7/5+35#%*%E634B#-,&20#24/0$;4*;0(3#13(C*R#;0#/5535#*;E@34C51#4,62GG_
.#1;4;630#9:*+0;&5:6;5'31#43($3094;03
.#$2*5%R#(/G/9*/R#09B*B#$F63*;0;531#$3&/0$3(;03
.#09%E,(H420#+?&625',9200%*
.#5:6;5'42(0H420,1
.#4%*%A6;+3*$/#3*A2(20,1#S43(%09,920R#$?*W0,920#04GDU
.#1,$E,0942*20R#1,$E,094#,*420%#G/,+/5%$/1?0#E(3E%(24?$,11%*#;0#%#1,$E,094#-3*@%0952*20%
.#4(2&'2920#093(630#4(2&'26%*_#-,54,0R#@,&'#3&'R#%9#/01,*%#1:(934;G35#4%*2*@%4X#2**%44%(4X#43*3E(3#%#
4%5?*X1#3**24,&%00%5%1#;0#*3@34B0;&#093(/54#+,*&,9@%00%5%1#/0
.#%#09C(343*4#43($;5'31#42(,*20%
.#QA#3091:9:1#09%1093(F#;0#G%*3034$35430#@%0952*%4%#S$3409B,**XR#6%06/**%R#20X6/**%R#4%*/W01%R#
JPI

%E(H4X&;EU
a;*/#@X5%E,1(%_
.#092(H4,44#&'X&'5:6;5'31#W0,$%&,*20%#;0#-3*WH$1;9;03#
.#%9#3091:9:1#1%(G%54%(420%
.#3(+;0934/#%*%E-,&%*$%1R#@,5,0#5:6;5'31R#%+6354H6#-%A,1D#"#1C*:5G:9B#42(0?*20,1#S3(+B1R#(;431#
04GDR#093(3E3#%#42AG%5U
. # %9 # %+6354/ # /+B09%1(%_ # % # 13(4;0934@39 # 1%EW0,*X+X # 1;9$F630 # -,&*%*1,920,1R # 43($;093430#
%5'%&,1#-3*@%0952*2026%*D
.#%9#;6#0,(25#&'FA4:44#634B$%&,1#4/094H420%R#62*,&%420%#;0#3*B1;09H4;03#%#4%6%09/#634;031@39
.#13(443(6#1;09H4;03#%#5:6;5'42(0H420,1#-/&'3*3$G3#6;43*;63*#;0#%#634;0-,(&X#%*1%*$%92026%*
G$TS/+)U*1/."T+43+0
a:(4;53*3$_#%#1:9;E1,(/#b?(XE%#A3**3&93430#&%9+2*1,+20/#-,($2/D
n:*+(%A9_#%#5%&'#-:*+(%A9/#-3*-3+39;031#$/1;54#62*4,94%4421#$3&#%#1,54/5350C51:5#;0#@%9251G%5#
43($3094344#5:6;5'1?*4Q(21%4R#35531#$/*'35#42(0%+%*$/#1:634139$;5'3/#*34431D
[0/**%&209%4_#35531#1%EW025#%#634;0/#5%E42(#G3$?4%420%D
f/,*X&/%_#%#5:6313+;0R#-3A*B+;0#09%1%09%/D#a2E*2*1,9204%5D
GO)S/,+%$)#$0"f",+%$)#$0
a%*%A6;+3*3$R # 1,$E,094,*420R # @,5,0 # 5:6;5'31R # -,4,09/54;9/0R # 3&;090;&30 # 42E*2*1,920R # 4%*%A#
42E%5'%&.?425EX4*20R#+?&625',920D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131#G%*3034$3543035#;0#09%1093(F35#@%0952*A21#%#$3409B,**X4R#%#6%06/**24R#%9#20X6/**24D#
e0$3(/1 # % # 1,$E,094;(;0 # -,*'%$%424R # A2(4%0%1 # % # 4(2&'% # ;0 # 5:6;5'/ # 1,$E,094 # 1;09H4;0;G35D#
"*%E09/54F35#3*0%A24H4A21#%#-20092(Q#5:6;5'31#&,5+,92024R#2E,*2024D
1,*X&/%/#4%5?*$25'%/1#QA#-,&%*$%11%*#GB6C*531D#e0$3(/1#3&'30#5:6;5'31#42E*2*1,920G%5#G34:*4:44#
093(3E;4D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#&'3(3131#3&'(3#09,(,0%GG#1%EW0,*%4G%#13(C*531#%#6/*2&&%*R#;(93*$3113*#43*H4344#1(/4/1%/#@%A*%$?1#
$3**344 # 5%&',GG # 093(3E34 # 1%E # % # (%W/,5%*/420D #"# 6;&4%&,1 # 5%&',5 # $3&5'Q*5%1R # $,9&20?1G%5#
(,G,094?0%GG%1 # *309531R # 39;(4 # 5%&',GG # @%5&0Q*'4 # 13** # -314345/ # %# 5%&',GG # 3(BG3+,G204 # /&;5'*B#
$?5121(%R#%$/63*#3(B5*;4C134#;0#2**X1;E300;&C134#/0#-,*'%$%4,0%5#-3A*3094@34/1D#73&A3*35531#%9#
Q5D#E(,A314$?5121R#%$3*'31#0,(25#?4%1R#13(H4;031R#09/1*%13(431R#09B*BC*4346;5'#04GD#*;430C*531D#
n,*'4%4X+/1 # %9 # :1,*X&/%/ # 4%5?*$25',1 # 3*$;*'H4;03 # % # @3*'43*35 # &%9+2*1,+20 # 1:(5'393443(@3*B#
093(3E;(B*D#
"#$3409;0#093(3E3R#-,54,002&%D#"9#3&'30#1,(,5%-,($21#093(139343D
m'$02'23

">j"U'$

I)Y8232/"3O*1/
" # 1,$E,094 # ;0 # % # 093(630 # 4(2&'% # ,*420%R # 1393*;03R # 5:6;5'42(0H420,1R # +?&625',920R # 1;4;630#
5:6;5'31R#&'C$:*W043($B#G,1(,1R#%9#3&;090;&30#42E*2*1,920D#
J$431'%&.",2V)2/83:/."S:)+0

JPh

"# PD # ,0942*'G%5 # -,54,002 # 62*/1R # @,&' # 1/531 # $/*'35 # 3&';5/ # 1;E300;&3/ # 6%55%1R # +3 # ?&'%5/*'35#
@%5&0Q*',0 # %9 # /0R # @,&' # W0,E,(4$?512G%5 # 1/ # $/4 # 4?+ # 3*;(5/D #"# 13(4;0934G35 # $/5+1;4 # %0E314?04#
4/09425#3*1C*:5C*63#1/#4?+A21#E(XG2*5/#%#+/21,1R#$3(4#0,1#3&';5/#-3*%+%4,4#%+#%#13(4R#?&'%5%11,(#%#
$?51%$3&,094200%*#@%4;1,5'%GG%5#3*6;&39@34B#-3*%+%4,1#092$%#/0#5%&'D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#&'X&'.#;0#-F093(5:6;5'31#/0$3(343R#&,5+,920%
.#&'C$:*W0-21#2E,*20%R#$3409;03
.#QA#3091:9:1_#-F(;09R#G%*4%R#-3A093#@%0952*%425%1#G363934;03
.#5:6;5'6;+B#G/,*3631#1;09H4;03R#E3($3439BE(3E%(24?$,1#@%0952*%4%
.#+,$G2&'20#1;09H4;03#SW0,E,(45%1U
.#43($;5'42(,*20R#-3*+,*&,920#SE*D#%09%*20UR#&'X&'4321#1;09H4;03
a;*/#@X5%E,1(%_
.#%#5:6;5'53$30H4;0#%*%E3*63/R#%#&;543W@5,*X&/%#6309;*'3/
.#%#1:9;E.13*34#3?(XE%/#1?*4Q(42A#1/%*%1?*20%
.#%#$39B&%9+2*1,+20#093(3E3#%#1:(5'39341/%*%1H420#093$E,54A2GX*
.#%9#%+6354/#/+B09%1(%_#%#13(4;0934@39#1%EW0,*X+X#1;9$F630#-,&*%*1,920,1R#43($;093430#
%5'%&,1#-3*@%0952*2026%*#
.%9#;6#0,(25#&'FA4:44#634B$%&,1#4/094H420%R#62*,&%420%#;0#3*B1;09H4;03#%#4%6%09/#634;031@39
.#13(443(6#1;09H4;03#%#5:6;5'42(0H420,1#-/&'3*3$G3#6;43*;63*#;0#%#634;0-,(&X#%*1%*$%92026%*
.#-%62&20R#&%**'%1#%E(H420%
.#&'FA4:44#;0#092(H4,44#&'X&'5:6;5'31#-3*+,*&,920%
G$TS/+)U*1/."T+43+0
a:(4;53*3$_#%9#/E%(/#$39B&%9+%02&#@%420%#%#4%*%A#43($;135'0;&;(3#;0#%9#;*3*$/093(#$/5B0;&;(3R#
%9#:1,*X&/%/#E(,G*;$21#:0093436B/D
n:*+(%A9_#%9#/+BA2(20#62*4,92025%1#4:(6;5'093(F0;&3/R#$343,(,*X&/%/#%*%E/0$3(3431R#-3*@B1;E9B+;0D
d;$/%_#1C*:5G:9B#&%G,5%-%A421R#1H0;(*3431D#
GO)S/,+%$)#$0"f",+%$)#$0
a%*%A093*6;5'R # 4%*%AG/,*X&/%R # 5:6;5'53$30H4;0R # G/,*3631R # %**3*,E24/%R # 1:9;E.3?(XE%/ # 1?*4Q(42AR # %#
w7V#;0#6309;*'3/R#&;5G%51R#1,(,5%093(13934D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131#-3*/0$3(/1#%#*3&-,54,0%GG#&'X&'.#;0#-F093(5:6;5'3134R#$3&4%5?*A21#&,5+,920?1#-BGG#
4?+5/6%*X/4D#"#$3409;04#3*0%A24H4A21D#e0$3(/1#%#43($;5'42(,*20#$X+093(3/4#;0#3091:93/4D
73&4%5?*A21#%#-21#$3409;0;4R#%#$3409;0#0,(25#$3&/0$3(/1#%#1C*:5G:9B#1,(,5%-,($21#093(13934;4D#
qX*#G255%1#%#-F(;0093*R#G%*426%*R#-3A09;63*D#73&4%5?*5%1#9:*+0;&30.#;0#6/(2&,013(434#43(6395/D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
>?+,*- # 843/53( # A%6%0*%4% # %*%EA25 # % # +/21,1 # %9 # ,*420R # % # 093$9;0 # ;0 # % # $3&E,(920 # 4;$%1:(:113*#
-,&*%*1,95%1D
q%6%0,*4%5#3&'#@2(,$5%E,0#43(3E&'%1,(*%4#%*1%*$26%*#3*0%A24H4@%4A21#%#09B*B#;0#%#&'C$:*W0-21#
,*42025%1 # ;0 # 093$9;0;531 # $F6;0934;4D #"# &'%1,(*%4/ # $?51% # $3**344 # % # 4%5?*X1 # 3*B%+20,1%4 # /0#
@%**&%45%1#%#-354/#4;$%1:(:1G35
m'$02'23

;h"U'$

JPL

I)Y8232/"3O*1/
" # +/21,1 # % # 13(4$F63*;0 # X(21,5 # $3&/0$3(/1 # % # 1C*:5G:9B # &'C$:*W0-%A421%4R # %9,1 # 1:(5'3934/#
/&;5'3/4R#43($3094;0C1#-3*4;43*3/4D
J$431'%&.",2V)2/83:/."S:)+0
.#%#-3*0B#4%&,9%4,5#%#1:(5'39346;+3*$/#;0#:1,*X&/%/#4%5?*$25',1#:0093-,520%#%#13(4$F63*;003*
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#%#+/21,1#$3&/0$3(13+531#%9#,*4200%*#;0#%#093$9;003*
.#1:(5'39346;+3*$/#;0#:1,*X&/%/#4%5?*$25'%/1%4#1;E3031#-3*@%0952*5/#%#&'%1,(*%4/#$?512G%5D
G$TS/+)U*1/."T+43+0
" # ODR # KD # ;0 # PD,0942*',0 # 13(4$F63*;0 # X(21,5 # ;0 # % # ]D # ,0942*',0 # G/,+/5%$/1?0 # $39B&%9+%02&/#
&'%1,(*%4,5#3*0%A24H4,44#&'C$:*W043($3094;0/#;0#:1,*X&/%/#%*%E/0$3(3431(3#;EH4C51
GO)S/,+%$)#$0"f",+%$)#$0
a%*%A/&;5'R#1:(5'3934/#/&;5'R#/6%(4%*%5#;0#/6%(,0#09%E,(,+20R#,*420R#093$9;0R#03G1%**?09R,*4X1;0R#
093$9B1;0R#%*%5'R#53$30D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X1#43(3E&'%1,(*%4,5#3*0%A24H4A21#%9#,*420#;0#093$9;0#$F6;0934;4D#

F4,+'#$3.0$
Q252823:/
"9#3&'(3#&',(0?*X#43W@5/1%/#-3A*B+;0#$%A+@,&'53$ #5%E,54%#3&'(3#QA%GG#3091:9:113*#2(%094# 3*#
G355C5134D#b931#3&'(;094#%#$?51251%4#@/6%4,44%1#$3&1:55'H435/R#$20(;094#%#09%G%+/+B#3*4:*4;0;4#
62*4,9%4,0%GG2 # 4355/D # "9 # QA # 3091:9:1 # 09/543 # %9 # ;*34 # $/5+35 # 43(C*34;5 # 3*43(A3+431R#
1:634139;01;EE35#@3*'34#1:6343*431#$%&?15%1#%9#/01,*%#-%*%/#1:9:44#/0D
" # &'3(3131 # 2*4%*2G%5 # /&35 # 1:55'35 # $3&G%(241,95%1 # %9 # QA # /5-,($%4/1%/ # 3091:9:113*R#
@%0952*%4?11%* # 093$G35 # 53$R # 6%&' # W0%1 # /&35 # W031;*' # $;(4;1G35 # $?4%41,9/1 # 1,$$?5/12W/X0#
&24*20D#"9#,14%420#0,(25#-3*4;4*35C*#;EH4@34C51#3((3#%#&'3($31/#1H625W0/02&(%R#?&'%5%11,(#-,54,0R#
@,&' # 394 # % # 1H625W0/02&,4 # % # @3*'30 # /(25'G% # 43(3*AC1D # Y363*5/ # 13** # % # 4%5?*X1%4 # %9 # /5-,($2W/X0#
43($;131 # ;0 # 09,*&2*4%420,1 # 1(/4/1?0R # 34/1?0 # ;0 # ;(4B # G3-,&%+202(%R # @,&' # %9 # eda # @%0952*%426%*#
4?+A%5%1#4%5?*5/R#%*1,45/R#+,*&,95/R#$F63*B+5/R#1%EW0,*%4,4R#1:9:00;&34#43(3$435/#;0#09X(%1,95/D
"9#,14%420G%5#5%&',5#-,54,0R#@,&'#%#1:634139B#1;(+;031#639;(3*A;1#&'3($313113*#3&'C44#6;&9344#
1?4%4X$?51251%4_ # $/*'35 # 3$G3(/ # /&;5'R # 62&' # 63934344 # %9 # /5-,($%4/1% # 1/-3A*B+;0;@39z # 7355'/(3#
0/13(C*4#394#%#62&'%4#1/3*;&H435/z#7/*'35#E(,G*;$211%*R#3*B5':113*#A2(#%#$%/#@3*'934z
"9#/5-,($%4/1%#&'%1,(*%4,(/3542*4#4%542(&'R#%$/#53$#W0%1#%94#A3*354/R#@,&'#A3*354B0#%#092$H4X&;E30#
&'%1,(*%4/#436;135'0;&R#@%53$#%94#/0R#@,&'#%#-3*%+%4,1#9:$3#%#@;41:95%E/#;*3443*R#%#1:9:00;&/R#
/01,*%/#;0#W0%*2+/#;*346/43**3*R#%#$?5126%*R#%*1,4200%*#;0#4%5?*200%*#1%EW0,*%4,0D#x3#A3*354/#39#%94#/0R#
@,&'#/0$3(343/4R#4?+5/6%*X/4#&'%1,(,*6%R#1H0;(*343963#*3@34#3*0%A24H4%5/D#"#+/21,15%1#%#092$H4X&;E34#
/5-,($2W/X-,((201;54R#/5-,($2W/X.-3*+,*&,9X1;54#13**#%*1%*$%95/?1D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # +/21,1 # 3935 # %9 # ;6-,*'%$,5 # 139+3531 # -,&*%*1,95/ # %9 # /5-,($%4/126%*D # x:54B # 4:GG0;&C1 # $2(#
1,(2GG%5 # 4%*2*1,9,44 # % # 092$H4X&;EE3*D # T%55%1R # %1/1 # 3*;& # 4%E%094%*%4 # -3*@%0952*X1R # +3 # %1%+5%1#
JPO

,*'%5,1 # /0R # %1/1 # W0%1 # 39?425 # 4309531 # 093(4 # 3*0B # 4%E%094%*%4%/1(%D # "9 # ;6 # 0,(25 # %9 # ,E3(2W/X0#
(35+093( # @%0952*%426%*R # 09:63&093(13094;003*R # % # E(393542W/X.1;09H4;003*R # % # *363*39;003* # ;0 # %9#
/543(53430#13(30;003*#/0$3(13+531#$3&R#3*0B0,(G%5#4%E%094%*%4/#Q4,5D#k&'%5%11,(#-,54,0R#@,&'#
3&'(3#5%&',GG#@%5&0Q*'4#1%EA,5#%9#3*$;*34/#@244;(#;0#%#4?+%4,0#092$H4X&;E.@%0952*%4#/0D
m'$02'23

"ih"U'$

I)Y8232/"3O*1/
"#4%5?*X1#2*4%*#$3&093(9344#$3&*3@34B035#@343(,&;5#-3*@%0952*X/#4%E%094%*%4D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21,1#$3&/0$3(13+531#%9#,E3(2W/X0#(35+093(#@%0952*%426%*#;0#1;E3031#*309531#%#09C10;&30#
42(,*20/ # 093(13934 # 1/%*%1H4202(%D # 73&/0$3(/1 # % # 09:63& # ;0 # % # E(393542W/X # -3*;EH4;0;4 # ;0 # 1;E3031#
*309531 # %9,1%4 # 4?+%4,0%5 # 1/%*%1H4%5/D #"# 09:63&31G35 # ;0 # % # E(393542W/X1G%5 # 1;E3031 # *309531#
42G*29%4,1%4R#1;E3134R#6/+3X1%4#3*@3*'395/#;0#G32**H4%5/#%9#3&'30#3*3$31#/+BG35/#6/03*13+;0;4R#%@,*#
%9 # 09C10;&30D # 73&/0$3(13+531 # % # *363*39;0 # %*%E09,*&2*4%420%/6%* # ;0 # 1;E3031 # *309531 # %#
1/62*%094,44#4;$2G%5#13(30;04#6;&(3@%A4%5/D#
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#092$H4X&;E#-B#(;093/D#892$H42043W@5/1%/#3091:9:1#1393*;03D#f/**354'F934R#3&;(R#*3$39$3&@%A4X1R#
5',$4%4XR # 0913553( # S$/1(,-,5R # @%5&09X(XR # -C*@%**&%4XUR # +/&/42*/0 # -;5'1;E39B&;ED # Z,(+,9@%4X#
092$H4X&;ED#7,G/*#1,$$?5/12W/X0#3091:9:1D
"9#,E3(2W/X0#(35+093(#%*%E09,*&2*4%420%/5%1#@%0952*%4%D#d:5'642(093(13934#1/%*%1H420%#@244;(42(,5#
;0#%+%4@,(+,9X5D#d/62*%094,44#2**,$25',1#$20,*20%R#$,9&%420%R#2453639;03R#4:(*;03D#a:$:(H4;0#
;0#1/G,5420D#@2*X9%4#@%0952*%425%1#%*%E09%G2*'%/D#"#@2*X9%4,1#-3*;EH4;03D#"#@3*'/#092$H4X&;E30#
@2*X9%4#1393*;03#;0#09,*&2*4%420%/D
89:63& # G3&;E3*;03R # A%6H420%R # $X+,0H420%D # d%(%143(31 # -,($2920%_ # % # G34F4HE?0R # % # G34F$;(34#
G32**H420%R#+B*4R#%*2@Q9,44R#-;*1:6;(#G34F04H*?0D#7354;0#;0#5',$4%420D#89:63&31R#1;E31#$20,*20%R#
G3/**3094;03 # % # +,1?$354?$G%D # " # 09:63&3&'0;&31D # d%(%143(.R # G3139+;0. # ;0 # ,*+%*-,($2920D#
7F63*3431#62&X*%EE%*D#pG(21R#(%A9,1R#1;E31R#09/$GX*?$,1R#,GA314?$,1#G309Q(20%D#d/03GG#$;(34F#
+,1?$354?$ # 43(639;03R # 093(13094;03 # SE;*+2?* # *36;*R # QA02&,*+%* # 1;09H4;03UD # a%G?*24,(,1#
@%0952*%4%D # 89:63&24(35+39;03R # 13(30;0R # W03(3R@3*'30H(20D # a2G*29%4 # G309Q(20% # 09:63&30#
+,1?$354?$G%D
t(393542W/X0# +,1?$354?$,1# -3*;EH4;03R # 0%G*,5,1D # 89:63&G36/43*D # d;E31R # $,9&X1;E31D # >%A9,1D#
"5/$2W/X1D#a2G*29%4,1R#+/%&(%$,1D#T34H4;0R#/543(%14/6/420D
"9 # 3*314(,5/1?0 # *363*39;0 # 09,*&2*4%420%/D # l363*39B*/0421D # d:9@%095Q # %+%4G29/0,1 # %9 # /543(53435D#
Z%095,0 # 3G@3*'31D # [;*4?+%4,0 # /5-,($2W/X13(30;0 # %9 # /543(53435R # (;09*3430 # 13(30;0 # *,&/1%/#
1%EW0,*%4,11%*R#13(30B#1/-3A39;031R09F(B1D#a;(1;E31#%9#/543(53435D#7?*4/$;+/20#%5'%&,1#13(30;03#
;0#%*1%*$%920%D#[0,E,(4,0#1,$$?5/12W/X0#-,($21#%9#/543(53435D
"#A3*31#0,1-;*30;&3D#"9#/5-,($2W/X#;0#%9#%+%4#-,&%*$%D#a/41,0H(20#;0#%#1X+D#d34430#092$(35+093(D#
892$,1 # ;0 # 1%(%143(31 # 1X+,*20%D # d;E. # ;0 # @%5&1X+,*20D # l,&/1%/ # $F63*3431D # e5-,($2W/X246/43*#
S43*3-,5UD
"9 # /5-,($%4/1%/ # 3091:9@%0952*%4 # 6309;*'3/D #"9 # eda# 3091:9@%0952*%4 # ;0 # %9 # 3$G3(/ # 1%EW0,*%4,1R#
6/03*13+;0/#09%G2*',1D
G$TS/+)U*1/."T+43+0
"#$3&/0$3(4#09:63&093(13094;0/#;0#E(393542W/X0#43W@5/121#AX*#%*1%*$%9@%4X1#3&';5/#1/03*B%+20,1#
1;09H4;031,( # G2($3*'/1 # 4%542(&' # 4%5?*20% # 0,(25D # k&'%539 # 6,5%41,9/1 # %9 # /543(53430#
JPK

13(30B09,*&2*4%420,1#%*1%*$%9202(%D#"#092$(35+093(31#%*1%*$%920%#%#$%43$%4/12@,9R#%#1;E.#;0#
@%5&1X+,*20#%#G/,*X&/2@,9#;0#%#-/9/12@,9#1%EW0,*X+/1#093(63035D
GO)S/,+%$)#$0"f",+%$)#$0
" # 092$H4X&;E # (;093/R # -3*@%0952*X/ # %9,5,0H420R # @2*X9%4/ # $3&@%A4XR # $%EE21R # -2A*,1R # $354;0R#
$3&5'/420R#13(30;0D
89:63&3&'0;&31R#1%(%143(.#;0#G3139+;0-,($2920R#42G*29%4,1R#1;E31R#13(30;0R#W03(3D
t(393542W/XR#%5/$2W/XR#/543(%14/6/420D
l363*39;0R#*363*39;0/#*/04%D#
d3(30;0R#13(30B.1/-3A39;031R#09F(B1D#
q3*31R#/5-,($2W/XR#%+%4R#1X+,*20R#092$(35+093(31D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
! *3&'3531#1;E3031#%9#,E3(2W/X0#(35+093( #%*%E09,*&2*4%420%/5%1#@%0952*%42(%R#%9#%+%4%/1#
(35+093(39344#42(,*2024#03&H4B#$%EE%093(13934#1/%*%1H4202(%g
! e0$3(A;1#%#09:63&093(13094B#09,*&2*4%420%/4#;0#*3&'3531#1;E3031#AX*#-,($29,44R#09:63&34R#
42G*29%4,4R#1;E3134#4%(4%*$%9X#+,1?$354?$,1#*;4(3@,9202(%g
! e0$3(A;1 # % # E(393542W/X1;09H4;0 # %*%EA%/4 # ;0 # *3&'3531 # 1;E3031 # *3&'3531 # %94 # 43409B*3&30#
4;$2AQ#3*B%+20#0,(25#%*1%*$%95/g
! l3&'3531 # 1;E3031 # @%0952*5/ # %9 # 3*314(,5/1?0 # *363*39;0 # ;0 # %9 # /543(53430 # 13(30;0#
09,*&2*4%420%/4g
! e0$3(A;1 # % # 092$,1R # 1%(%143(31R # 1;E31R # @%5&,1 # +/&/4%*/92*2025%1 # %*%EA%/4 # ;0 # 3931#
1%EW0,*%424#%9#3$G3(#1;E.#;0#@%5&;(9;13*;0;63*D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # +/21,1 # % # ]D # ;6-,*'%$G%5 # 4%5?*4%1%4 # $3&/0$;43*63R # (35+093(3963 # ;0 # 2*4%*25,0H46%#
$3&/0$3(13+531#%#09:63&093(13094B#3$3*4#09/54F#09,*&2*4%420%/6%*D#"#4%E%094%*%44X*#%9#%#-/9/1%/#;0#
$%43$%4/1%/ # @244;( # $3&/0$3(;0;531 # /(25'2G%5 # -,*'4%4A?1 # % # 092$H4X&;E # -3*;EH4;0;531 # ;0#
$F1:+;0;531 # 4%5?*$25',92024D # " # 09:63&093(13094;0 # ;0 # % # G:5&;09;0 # 0,(25 # 093(9344#
4%E%094%*%4,1(%#%*%E,96%#$3&/0$3(13+531#%#Za7l#+,1?$354?$,1#-3*;EH4;0;63*D#73&093(9/1#3*0B#
4%E%094%*%4%/1%4 # % # 42G*29%41393*;0G35R # $%A+ # 3((3 # 42$%091,+6% # $3&/0$3(13+531 # %9#
%+%4G29/01393*;0#%*%EA%/6%*D
m'$02'23

"ih"U'$

I)Y8232/"3O*1/
"9#3*B9B#;6#0,(25#$3&093(9344#@2*X9%4%*1%*$%920/#4?+20#;0#4%E%094%*%4R#09:63&093(13094;0/#;0#
3*$;*34/#%*%E/0$3(3431D
J$431'%&.",2V)2/83:/."S:)+0
"#!ND#;6-,*'%$#%#4%E%094%*%4,1#(35+093(39;0;531#;0#2*4%*25,0H42025%1#;63D#"9#3&'/1#-,54,0#W;*#
%55%1#$3&4%E%094%*20%R#@,&'#%9#/0$3(343/51#(35+093(39;03#;0#2*4%*25,0H420%#@,&'%5#63934@34#QA#
$3&*2420,1@,9R#QA#/0$3(3431#$3&093(9;0;@39D#b94#3*0B0,(G%5#%#09:63&093(13094;0#3$3*4#09/54F#
09,*&2*4%420%/5%1#$3&/0$3(;03#0,(25#4%E%094%*A21#$3&R#%$/#$3&;(4@3434*35#;0#@%0952*@%4%4*%5#%9#
3*B9B # ;6 # 4%E%094%*%4/ # %5'%&% # 5;*1C*D #"# +,1?$354?$,1 # 093(13934;(3 # 6,5%41,9X # 4%E%094%*%4,1%4#
JPP

1;0BGG # % # Za7l # +,1?$354?$,1 # -3*;EH4;03 # 0,(25 # /0 # @%095,0H4A?1D # bGG35 # %9 # ;6-,*'%$G%5#

/0$3(13+531#$3&#%#42G*29%41393*B#%*%E09,*&2*4%420%/6%*R#$%A+#3((3#%*%E,96%#%9#%+%4G29/01393*;0#
%*%EA%/6%*#/0D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# Y3?$%55.3*6F# ;0#$20#092$H4X&;E31#-3*;EH4;03D#"# 092$H4X&;E# ;0# 1C*:5-;*3#E3(/-;(/2/D# b&'30#
/5-,($%4/1%/#3091:9:1#$F1:+;0;531#-/9/1%/R#3*314(,5/1%/#%*%EA%/D#"#a[tMet#@2*X9%4#$F1:+;03D#et#
WH$R#%*@2*X9%4/#$%091D#xY8#;0#5;6-3*,*+20D
84H*?0,1R#0%G*,5,1R#1:(*36;*D#a%(4%*,$A3&'9;1R#2G(%A3&'9;1R#*2GA3&'934R#6;&A3&'934D
Z/E3(43`4 #+,1?$354?$,1#*;4(3@,920%#;0#@%0952*%4%D #)3G*%E,1# 4?*%A+,502&%/D #89:63&-,($2920D#
d;E31 # 4?*%A+,502&%/ # ;0 # -,($2920?1D #"G09,*Q4 # ;0 # (3*%4H6 # @/6%41,920,1 # *;4(3@,920%D # a2G*29%4,1#
4?*%A+,502&%/D # a2G*29%4,1 # 1;09H4;03R # -,($2920%D # >;43&31 # 4?*%A+,502&%/ # ;0 # 093(13094;03D#
"+%4G36/43*D#x/5%$/1?0#/5-,($2W/X1D#"+%4,1R#+,1?$354?$,1#3*@3*'39;03#$3&-3*3*B#-,($24?$G%5#
%9#/543(53435D
a2G*29%4,1#@%0952*%4%#%#@;41:95%E/#;0#%9#/01,*%/#;*34G35D#[3**%R#0,(R#,09*,ER#@/6%41,920R#1;E*34D#
"+%4,1#-,($24?$%R#4HE?0%/#S09:63&R#092$R#E;5953$UD#"9#%+%4,1#093$*;*434;0;4#03&H4B3091:9:1#
$3&/0$3(;03D#"9#%+%4,1#W0,E,(4,0H420%#;(43*$39;03R#%9,1#&(%-/1?0#2G(29,*20%R#1:634139434;031#
*36,520%D#x/%&(%$,1R#&(%-/1,5,1#1;09H4;03#42G*29%4GX*D
"+%4G29/0$,+3**31R # %*%E-,&%*$%1D # "+%4G29/0 # 43(639;03D # "+%442G*21 # 1:9:44/ # 1%EW0,*%4,1#
"+%44HE?0,1R#42G*21#*;4(3@,920%D#(*%E,1R#/543(%14H6#%+%41393*;0D#b&'093(F#*31;(+39;031D#q3*354;0#
1;09H4;03R#5',$4%420%D#a:GG42G*20#*31;(+39;031D#89F(;0R#13(30;0R#(35+39;0R#:00930H4;0D#"9#8l#
@%0952*%4%D
"#092$H42043W@5/1%#4:(4;534;GB*D#7%&'%(#4?+X0,1#093(3E3#%9#/5-,($%4/1%/#1?*4Q(%#-3A*B+;0;G35D#"#
@2*X9%4/ # 09,*&2*4%420,1 # 1/%*%1?*2025%1 # (:6/+ # 4:(4;5343D #"# 092$H4X&;E31 # %*1%*$%920/ # 43(C*343/ # %#
42(0%+%*,$G%5D#dC*:5-;*3#092$H4X&;EE3*#3**24,44#3091:9:1R#(35+093(31#SE;*+2?*#&;E1,W0/R#*%120R#
(,G,4UD#"9#/5-,($%4/1%#-3A*B+;0/#/(25'%/D#"9#/5-,($2W/X#@/43*300;&3D#893(9B/#A,&D#89%G%+#-3*@%0952*20#
1:(;G3#4%(4,9X#%+%4,1R#+,1?$354?$,1#G3$?4%420%#E;*+211%*D#n3*@%0952*X/#34/1%D
G$TS/+)U*1/."T+43+0
"#092$H4X&;E#-3*;EH4;0;531#;0#$F1:+;0;531#%*%EA%#%#-/9/1%#;0#%9#3*314(,43W@5/1%D#
" # 04H*?0,1 # ;0 # % # 0%G*,5,1 # 5%&',GG # 43(A3+3*$F # H(,44 # $?5121 # S;630 # $?5121R # /01,*%QA02&R # 04GDU#
1;09H4;03#0,(25#%*1%*$%9@%4X1D#
" # 42G*29%41393*B # 09,*&2*4%420%/ # 42G*29%4,1 # ;0 # +/%&(%$,1 # 1;09H4;03 # ;0 # -3*+,*&,920% # 0,(25#
%*1%*$%9@%4X1#&%9+%02&/#A3**3&F#42(&'%1#S-:*+(%A9U#4%5?*20%#0,(25D
"9 # %+%4G29/01393*;0 # %*%EA% # % # $%43$%4/1%R # %9,5 # G3*C* # % # @%*$%93*$;*34D # " # 4%5?*4%1 # AX*#
%*1%*$%9@%4X1#%9#/543(53430#C&'/54;9;0#S6202(*20R#A3&'(35+3*;0R#04GDU#0,(25D
GO)S/,+%$)#$0"f",+%$)#$0
Z2*X9%4R#@2*X9%4/#3091:9R#a[tMet#@2*X9%4R#xY8D
84H*?0R#0%G*,5R#1:(*36;*D
Za7l#5'3*6R#+,1?$354?$D
"+%44HE?0R#%+%4-,($24?$R#W0,E,(4,0H420R#09F(;0R#+/%&(%$D
>3*2W/X0 # %+%4G29/0R # 42G*21R # %+%4,1R # 1%EW0,*%4,1R # 1?*W0D # *31;(+39;031R # F(*%E,1D89F(;0R # 13(30;0R#
:00930H4;0D#8lD
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
! e0$3(A;1#%#092$H4X&;E#-3*;EH4;0;531#;0#$F1:+;0;531#%*%EA%/4g
JP]

!
!
!
!
!

e0$3(A;1#%#092$H4X&;E.@2*X9%4,1#;0#%9#e543(534#$F1:+;0;531#%*%EA%/4g
e0$3(A;1#%#Za7l#+,1?$354?$,1#-3*;EH4;0;4#;0#$F1:+;0;4g
e0$3(A;1#%#04H*?0#;0#%#0%G*,5#-,&%*$24#;0#*3&'3531#1;E3031#%#1:(*36;*R#4%(4%*,$A3&'9;1R#
*2G.#;0#6;&A3&'93431#*;4(3@,9202(%g
e0$3(A;1#;0#%*1%*$%9921#%#%#42G*29%41393*B#%*%E09,*&2*4%420%/4g
e0$3(A;1#%9#%+%4G29/0,1#%*1%*$%92024R#*3&'3531#1;E3031#42G*21R#*31;(+39;031R#F(*%E,1#;0#
A3*354;031#*;4(3@,9202(%D

==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # !!D # ;6-,*'%$G%5 # -,*'4%4X+/1 # % # 42G*29%41393*B # 4%5?*$25',920%R # %9 # 3*B9B # ;6 # 4%E%094%*%4%/4#
/0$;43*63R#:0093&3963#3((3#(2;EC*531#%#42G*29%41393*B#-C&&6;5'3/D#b9#09,(,0%5#1%EW0,*X+/1#%9#
;6-,*'%$#$%43$%4/1%.3E,W@2/@,9#/0D#
b((3 # %9 # ;6-,*'%$(% # 30/1 # %9 # /5-,($%4/1%.,14%420 # 3&'/1 # W0QW0E,54A%R # %9 # %*&,(/4$/92*20 # ;0 # %#
E(,&(%$,920D#"#+/21,1#%9#3*B9B#1;4#;6-,*'%$G%5#/0#(35&343&#%*&,(/4$?04#@%A4%5%1#6;&(3R#+3#35531#
4?+%4,0H420%#3((3#%9#;6-,*'%$(%#30/1D
"9 # ;6-,*'%$ # @%($%+/1 # 3&'0;&3 # % # 1;E093(13094;0D # e44 # % # 1;E31 # 3*1;09H4;0;(3R # 1C*:5G:9B # W;*Q#
-3*+,*&,9202(%R#$%5/E?*2*202(%#13(C*#%#@%5&0Q*'D
m'$02'23

"ih"U'$

I)Y8232/"3O*1/
"9 # 3*B9B # 1;4 # ;6 # 0,(25 # $3&093(9344 # -3*@%0952*X/ # 4%E%094%*%4 # ;0 # % # 092$H4X&;E # -3*;EH4;0;(3 # ;0#
$F1:+;0;(3#6,5%41,9X#%*%E/0$3(3431D
J$431'%&.",2V)2/83:/."S:)+0
" # +/21,1 # $3&/0$3(13+531 # %9 # %+%4,1 # (35+39;0;63*R # W0,E,(4,0H42026%*R # % # 42G*29%41393*B#
-C&&6;5'3/63*D#73&/0$3(13+531#%9#%*&,(/4$?0#-,&%*$26%*#;0#*3H(2025%1#$X+A26%*R#$3&4%5?*5%1#
3*3$/#%*&,(/4$?0,1%4#E(,&(%$,95/#6%*%$3*'#E(,&(%$,920/#5'3*635D#73&/0$3(/1#%#+/&/42*/0#1;E31#
-,($24?$%/4R#%9,1#(35+3*434;0;4R#$3&/0$3(13+531#%#*3&-,54,0%GG#1;E093(13094;0/#$F63*343113*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#42G*29%41393*B1#09,*&2*4%420%/D#"#42G*29%4,1#-3*;EH4;03R#%*%E-,&%*$%1#S/0$;4*;0UD#"+%44HE?0,1#;0#
-,($24?$,1D#Z/6%41,920,1R#$F63*3431R#1;E*3431D#d;E*3431#;0#%+%4,1#$20,*20%D#Z/6%41,920#$20#
$?51%*%E(%D # >35+39;0D # nC&&6;5'31 # @%0952*%4%D # l,&/1%/ # $F63*3431 # ;0 # -C&&6;5'31D#
d3(30B-C&&6;5'31D
"*&,(/4$?0,1#*3H(20%#2*4%*25,0#3091:9:113*D#t(,&(%$,920/#5'3*631#;0#%#E(,&(%$,1D#b&'#-3A*3094B#
(35+093( # @%0952*%4%D # b*3$/ # %+%44HE?0,1D # d,504%50,1 # ;0 # 62*4,9X1D #"+%4,1 # G36/43*3R # 42(,*20% # ;0#
$3&A3*35H4;03R # 1:9*;03D # d;E*3431 # ;0 # -C&&6;5'31 # @%0952*%4%D # n3*4;43*30 # 3*2&%920,1D # [/1*?0,1#
4HE?0%/D#00934344#%+%44HE?0,1R#4:$G:1D#aHE?0%*&,(/4$?0,1D#>31?(9/XD#"#E(,&(%$1;09H4;0#*;E;03/D
d;E093(13094B1 # -,54,0%GG # 09,*&2*4%420%/D # " # +/&/42*/0 # 09H530 # 1;E31 # -3*;EH4;03 # ;0 # -,($24?$%/R#
4HE?0%/D#"#(%A9,*20#3091:93/D#d;E31#62&20%#;0#(34?02*20%D#n;5'31#;0#09H531#$X+,0H420%D#>;43&31#
@%0952*%4%D#a(%509-,($2*20D#n3*/(%4,1D#d;E31#5',$4%420%D
G$TS/+)U*1/."T+43+0
"#42G*29%41393*B#3$3*4#09/54F#09,*&2*4%420%/#AX*#G3;EH4@34B1#%#$%43$%4/1%#4%5H4202G%#S-C&&6;5'31R#
&(%-/1,5,1R#&(%-/1?0#3&'35*34$3&,*+20UD
J]N

"#1;E093(13094;0#093(63035#1%EW0,*X+/1#%#09H5;(9;13*;0#G/,*X&/2A2@,9#;0#-/9/12A2@,9D
"9#%*&,(/4$?01;09H4;0#;0#E(,&(%$,920#*;5'3&;G35#%9#3$G3(/#093**3$/#436;135'0;&#092$H4X&;E30#
$,+3**A3D#
GO)S/,+%$)#$0"f",+%$)#$0
d;E*3431R#-C&&6;5'31R#04%4/094/1%R#13(30;0D#
"*&,(/4$?0R#E(,&(%$D#"+%4G36/43*R#$%5/E?*2W/XR#1/6/43*D#00934344#%+%44HE?0D#
>%A93091:9:1R#62&20R#(34?02*20R#09H5$X+,0H420D#>;43&R#(;43&$%091D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
! e0$3(A;1#;0#%*1%*$%9921#%#42G*29%41393*B#3$3*4#09/54F#09,*&2*4%420%/4g
! e0$3(A;1#;0#%*1%*$%9921#%#1;E093(13094B1#09,*&2*4%420%/4R#6%*%$/54#3931#-/9/1%/#;0#G/,*X&/%/#
%*%EA%/4g
! e0$3(A;1#%9#%*&,(/4$?0#;0#%#E(,&(%$#-,&%*$24R#*3&'3531#1;E3031#%*%E09/54F#E(,&(%$,1#
1X+,*202(%#3&'#E(,&(%$,920/#5'3*635D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#!JD#;6-,*'%$G%5#%9#3*B9B#@2(,$#;6-,*'%$G%5#4%5?*4%1#:0093&9B#/0$;4*;03#4:(4;5/1D#"#+/21,1#%9#
3*B9B # ;6-,*'%$G%5 # $3&/0$3(4 # 09,-463(3134 # /0$;4*/1 # ;0 # %*1%*$%9921 # 4%542(&'/R # /01,*%/ # -3*%+%4,1#
3*6;&9;03 # 0,(25D # " # @%5&0Q*' # % # 09,-463(31 # 4?+%4,0 # 1/62*%094202(% # ;0 # %*1%*$%9202(% # 13(C*D#
"$355'/G35#*3@340;&30R#%#09,-463(31#1:(3#1/GB6H4@34B#@%5&093(13094BR#6/+3X62&XR#*24625'43(639B#
E(,&(%$,11%*D#"9#;630#$?51211%*#1%EW0,*%4G%5#W;*093(F#6/009%4;(5/#%9#/543(53430#13(30;0(3R#%9#
3*314(,5/1?0 # 1:5'642(/ # 09,*&2*4%420,1(%D # k&'%53993* # 1%EW0,*%4G%5 # 1/4;(C51 # % # 093**3$/ # 43($;131#
-3*@%0952*202(%R#6;+3*$;(3R#%#093(9B/#A,&(%R#6%*%$/54#%9#%+%46;+3*3$#1;(+;03/(3D
m'$02'23

"ih"U'$"

I)Y8232/"3O*1/
"9#3*B9B#;631#0,(25#$3&093(9344#-3*@%0952*X/#4%E%094%*%4D#
J$431'%&.",2V)2/83:/."S:)+0
T/009%431/5463#;0#1/GB6H463#%9#3*B9B#@2(,$#;6G35#4%5?*4%1%4#3*#13**#;(5/R#@,&'#%#+/21,1#%9#%+,44#
-3*%+%4@,9#1/62*%00921#%#$3&-3*3*B#09,-463(3091:9:134#;0#%9,1#03&H40;&;63*#$3&#4?+A21#6%*X0H4%5/#
3*1;E93*;03/134D#a?+%4,0%5#;0#W;*093(F35#@%0952*A21#%#1C*:5G:9B#/5-,($2W/X-,((20,1%4R#1(/4/1?0%5#
6/09,5'?*5%1 # % # $3&4%*2*4 # /5-,($2W/X1@,9D # a/0942G%5 # 6%55%1 # % # 093(9B/ # -,& # %*%E-,&%*$%/6%*R#
$?512/1G%5#1,((314C*#@/6%41,95%1#%9#/5-,($2W/X-,((20,1(%D#a/0942G%5#6%55%1#%#09,-463(A,&#;0#%9#
%+%46;+3*3$#%*%E-,&%*$%/6%*D#
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
e5-,($%4/1%/#3091:9:1#;0#$X+093(31#1/62*%09420%#;0#1,$E*3`#%*1%*$%920%D#a%542(&'/#;0#/01,*%/#
E(,G*;$21R#-3*%+%4,1#$3&,*+20%D#892$H4X&;EE3*#/(25'H4,44#;0M6%&'#/543**/&350#(35+093(31D
d:5'642(%1 # 4HE?0%/ # ;0 # 09,*&2*4%420%/1D # " # 1:5'642(/ # $;+/?$,1R # +,1?$354?$,1 # W0,E,(4,0H420%D#
d%4%*X&?0,1 # ;0 # 42A;1,94%4X # 3091:9:1D # n,((20. # ;0 # /5-,($2W/X13(30;0D # d:5'642(/ # $;+/?$,1#
@%0952*%4%#%#4%5?*20G%5D
"9 # 3*314(,5/1?0 # 1:5'642( # *3@34B0;&3/ # ;0 # %*1%*$%920% # % # 4%5?*20/ # -,*'%$%4G%5R # % # 1:9@%095Q#
J]!

42A;1,9X+20G%5D
"#09,-463(31#W0,E,(4,0H420%#%#-3*@%0952*X/#A,&#093(/54D#"#093**3$/#43($;131#6;+3*$3R#-3*@%0952*20%#
;0#%#093(9B/#A,&D#"*%E634B#6/03*13+;0/R#E?G*/12*20/#09%G2*',1D#"#09%G%+#-3*@%0952*20#1:(3D
"+%4%/51#6;+3*$3D#"9#%+%4,1#@/43*300;&3D#"9#/5-,($2W/X#;0#%#4?+20#$3&GH9@%4X02&%D#"9#/543(53430#
-,((20,1#$3&GH9@%4X02&%D
T202(*20R # (35+3*;0R # C&'/54;9;0 # %9 # /543(53435 # ;0M6%&' # $,G/*,5R # 43*3-,5,5 # G%51/ # C&'/54;9;0D#
Z/6%4%*,0#C&'31#/54;9;03D
G$TS/+)U*1/."T+43+0
"#09,-463(31#A,&2**20#093(/54/#W0,E,(4,0H420%#;0#%9#%+%46;+3*3$#%#\\eD#0929%+G%5#%9#%*%E634B#A,&/#
1?*4Q(%#(;093D#
"9#/543(53430#6202(*20#;0#C&'/54;9;0#*%00%5#5%E/#(?4/5436;135'0;&531#092$H4D
GO)S/,+%$)#$0"f",+%$)#$0
d:5'642(/#09,*&2*4%420,1R#3*314(,5/1?0#1:5'642(%1D#
893**3$/#43($;131#6;+3*$3R#%+%46;+3*3$R#$3&GH9@%4X02&D#
e543(53430#C&'/54;9;0D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1_
! l3&'3531#1;E3031#%#4%5?*20#0,(25#%#$3&-3*3*B#09,-463(.#;0#@%(+63(3091:9#1/62*%094202(%R#
%55%1#%*1%*$%9202(%g
! e0$3(A3#%#093(9B/#A,&#%*%E-,&%*$%/4g
! e0$3(A;1#%9#%+%46;+3*3$#%*%E-,&%*$%/4R#3931#%*1%*$%92024#%#$/5+355%E/#436;135'0;&3/1#
0,(25D

?&$0+')$3+0
Q252823:/"P"-"=;N":5,+)&$#
"#)%*+,(-./01,*21#&'%1,(*%4%#%94#$?4%4A%R#@,&'#%#+/21,1#6/*2&#/(254/#;(+31*B+;0;4#53$#*3@34#E?09425#
%9 # /01,*%E%+G%5 # 1/3*;&H435/D # "9 # 3*$Q*4 # ;64/93+31G35 # ?&'%5%11,( # ,*'%5 # A3*354B0 # ;*34$X+G3*/#
62*4,920,1#2**4%1#G3#%#42(0%+%*,$G%5R#%$3*'31#-,1,9%4,0%5#3*09/&343*/1#%#-/%4%*,1%4#%9#;*34#,*'%5#
-,54,0#43(C*343/4B*R#$/54#E*D#%9#;*3*$/093(31#3*B2**H420%R#%9#/+B031R#G343&31#2E,*20%R#%#@%0952*%4/#
42(&'%1#1;09H4;03D#Y%&',5#-,54,0#43@24R#@,&'#393135#%#43(C*343135#53#3*$;*34/R#@%53$#&'%1,(*%4/#
$X+,5#*3&'3531#A3*35#%#+/21,1D
"#-3*0B#4%&,9%4G%5#6;&9344#&'%1,(*%4,15%1#3$3**344#-,54,0#A3**3$9BA3R#@,&'#53$#09%1$%/#A3**3&F#
1;E9;04#%+5%1R#3((3#%#(35+3*139;0(3#2**X#/+B#53$#/0#*3553#3*3&35+BD#"#&'%1,(*%4,1#$3&4%(42024#
43@24#3*0B0,(G%5#%#E3+%&X&/%/#W;*,1#/5+,1,*A21D#"9#/44#1:634139B#&'%1,(*%4,1#%#$3&-3*3*B#;631G35#
3&'$20 # $3**344 # /0 # 3*6;&39@34B31R # +3 # 1/ # /0 # 62*4@%4A21 # 3&'$204D # 009300;&;G35 # 4%52W0,0 # *3553#
$/5+35#4%5;6G35#h.L#@;4#&'%1,(*%4,4#4%(4%5/R#3931#3*,09420%#-C&&#%9#/01,*%#@3*'/#*3@34B0;&3/4B*D
628Y%$8*$/1%."%&$0+')$3"
PN":5,+)&$#
g:)+0":/",2)$*$3+0n
"# ]D # ;6-,*'%$ # %*%E634BR # *3&-,54,0%GG # &'%1,(*%4% # %# $39B&%9+%02&/ # &'%1,(*%4 # 3&' # G/,+/5%$/1?0#
&%9+%02&G%5D#"#!L#;630#1,(,0942*'#%#-3*0B#4%&,9%4G%#*;E344D#"9#/543**314?2*/0#5363*;0#%9#%*43(5%4H6#
/01,*21G%5#311,(#$2(#3&'(3#/54359H63GG;#62*/1D#"#4304/.*3*1/#3&'350Q*'#$3&43(3$4;03#;(+31;G35#%#
J]J

$39B&%9+%02&/ # &'%1,(*%4 # 3&'/1 # *3&-,54,0%GG # -3*%+%4% # %9 # 3@@39 # 6%*X # 03&H40;& # 5'QA420%D # "#
1%$%09,1#%#(2A?1#A3**3$9BR#$3&5'Q*4#6;&4%&A%/11%*#0,109,(#53@3935#4?+5%1#1,,(+/52*4%5#G255/D#"#
13(4G35#;0#%#$39B&%9+%02&G%5#6;&9344#5%E/#5%&'#-/9/1%/#3(B4#/&;5'*B#0,1-;*3#436;135'0;&#03&H4/#
B134#%GG%5R#@,&'#,44@,5#;(399;1#$%&?1%4#%#0%A24#4304C1G35D#73&#13**#4%5?*5/?1#%#G355C1#;G(3+B#
QA#3(B113*#/0#G255/D#"#&'%1,(*%4#5%E/#(35+093(30#(/4$?0%#E3+/&#%#*3*1/#3&'350Q*'#$3&4%*2*202@,9#%+#
03&H40;&34D#7/5+3931@39#42(0?*R#@,&'#%#$?512A?1#3(3+$;5'3#*24625',0#*309_#$3&/0$3(/1#;0#24;*/1#
%#@%095,0#436;135'0;&#:(:$;4D
"#]D#,0942*',0#&'%1,(*%4#093$E,54A%/_
.#1:(5'3934/#5363*;0g
.#&'%1,(*%4/#436;135'0;&#;*34093(F#,14%420%R#%$/#AX*#1/3&;09H4/#%9#3*$;*34/#42(&'%1#,14%42024g
.#%9#;*B#;0#;*3443*35#43($;0934/#1:(5'393443*#6%*X#1:9634*35#4%*2*1,920#@3*'09H5;531#$3&43(3$4;03g
.#%9#%*1,4X#436;135'0;&#;0#%9#2E,*X#-3*3*B00;&#&'%1,(*202@,9#*3@34B0;&#G/94,0H420%g
.#;09*3*;0/#&'%1,(*%4#%#1:9634*35#43($;0934/#;*$;5'31#@/25'25%1#1/3&'35*H4;0;(3g
.#%9#C93$#;0#%#&;E30H43440;&_#%#*X6%*#;0#%#&;EE3*#6%*X#$?51%6;&9;0#1;(+;03g
.#%9#2*4%*25,0#/0$3(3431#-3A*3094;03#%#13(4$F63*;0(B*R#6%*%$/54#%9#;*3*$/093(31#092($%9202(X*g
.#%9#3&'C443035#6;&9344#$?51%#(;6;5#$3&4%E%094%*@%4A21#%#09,W/2*/0#;*34#%*%EA%/4g
.#E2(@?9%$,0%5#;*@34/1#24#%#&%9+2*1,+20G%5#(3A*B#3&'350Q*'4#;0#@%($X5/24#%#1:9:035#6;&9344R#
:0093@%5&,*4#$?51%#@%($X5/2A26%*g
. # $,4/62W/X # -3A*3094;03 # % # $20 # 4%542(&'%11%* # 6%*X # 1%EW0,*%4,1 # (;6;5 # SG/,*X&/%R # 4:(4;53*3$R#
$%43$%4/1%#04GDUD
"#W;*#3&'#G3*0B#<1;E=#*;4(3@,920%W#%$/4#%#4%5?*X1R#1H0;(B#4%52(,1#;0#09C*B1#%#G/,+/5%$/1?0#C93$/#
&'%1,(*%4#0,(25#1%E5%1#.#$39B&%9+%02&/R#13(4;0934/R#;0#53$#?4,*0X#0,(G%5_#%#09,W/2*/0#%*%E,1,5#
4:(4;5B # $F1:+;0 # 1:(6,5%*%/5%1 # $3&/0$3(;03 # 0,(25D # b&'Q44%* # -3*/0$3(/1R # @,&' # % # 13(4. # ;0#
$39B&%9+2*1,+20 # 3&' # 43($3*B # 436;135'0;&R # %@,* # 1:*40;&31 # ;0 # G36;43*31 # 6%55%1R # %@,* # %#
&%9+2*1,+20 # 3(3+$;5'300;&3 # G/94,0H4A% # %9 # ,44 # +,*&,9X1 # $3&;*@34;0;4 # c # $/1:9G35 # %9#
;(4;130H4;035#13(3094C*#$20,1#;*3*$39;0;(B*#/0#&,5+,01,+/1D#Z%095,0R#@%#%#&%9+%02&#63934BA3#%#
&%9+%02&#;0#%#1:9&%9+%02&/#1:(5'3934#(32*/0#&,5+A%/(X*#G309;*R#Q&'$/54#%#43($3*;0/#1:*40;&31(B*R#
%#43($;131#2(2(X*R#QA#G3(35+39;031#G3093(9;0;531#09C10;&300;&;(B*R#%9#3?(XE%/.?5/X0#;0#%#@%9%/#
1/-/934;031#@3*'934;(B*#04GD
"#&'%1,(*%4#0,(25#%#&%9+%02&(X*R#%55%1#-:*+(%A9/R#&%9+%02&/R#;0#09,W/2*/0#%+,4402&%/(X*R#6%*%$/54#%#
5%E/ # $?51%$3534(B* # 5%E*X4 # 13** # 639344345/ # % # +/21,11%*R # %$3*' # 3*B03&H4/ # % # 0%A24 # 4%E%094%*%4,1R#
;*$;5'31 # 4?+%4,0 # -3*+,*&,92024D # Z%095,0 # % # &'%1,(*%4,4 # 1:634B # 2*4%*25,0 # $3&G309;*;0 # %9#
,0942**'%*D #"9 # 3*B%+20,1(X* # /0 # A3&'93434 # 13** # 1;09H435/C1D # 7F6;09/ # $?51%1;54 # % # 1:(5'39B # 42A(X*R#
%55%1#3*3$3/(B*#;0#%#*3&3*B#2**%4,1(X*#6;&39531#$3&-/&'3*;04R#1;09H43531#(%A9,1%4D
"#13(4;0934/#;0#$39B&%9+%02&/#&'%1,(*%4#53@3935#1;E93*@34B#3*#%#13(4$F63*;0#,14%420%#5;*1C*D#b9#
4?*%A+,51;EE35 # 3*B-3*4;43*3 # % # &'%1,(*%4,15%1D # k&'%5%11,( # % # $39B&%9+%02&/ # &'%1,(*%4 # 3&'#
1,$E*3` #1;E34 #%*%1H4 # 1/# %9#3$G3(/ #*;439;0 #%*%E634B# -3*4;43*3/(B*D # b9# %#-%A4%# 1,$E*3`/420 #03&H4 #%#
&'3(3131531#1%EW0,*X+20/#E,54,1%4#4%*2*5/R#/**3463#3&'(3#5%&',GG#(2*24204#G/94,0H4%5/#%#13(4G35R#%#
&'C$:*W0:0G35R # % # 09254X1,5R # %9 # /042**XG%5R # % # 1,5'@2G%5 # ;0 # % # @29 # 1:(C*/ # $?5121G%5 # 6;&9344#
436;135'0;&31#0,1(;4F#:0093-C&&;03/63*D
"#4:(4;53*$/#&':13(31(3#6/009%431/5463_#%#f353+31.(35+/#093(9343031#%#13(3094;5'#4%5,1#$3**344#%#
-%*?1:9:00;&31531#%#@,009Q426,5#:53**24204#G/94,0H4XR#QA#$39B&%9+2*1,+20/#1?*4Q(24#/0#4%5H4,4421D#
"9 # :53**24X # 1:9:00;&31 # (35+39B+;0;G35 # 3931 # %9 # <%*%E1;E*3431= # % # $%/ # 5%E/& # -3**3*@34B1D #"9#
;60929%+,0 # 093(93430/ # /50E/(2W/X4 # 1:634B35 # %9 # 3?(XE%/ # $39B&%9+2*1,+20/ # &'%1,(*%4G%5 # c#
r09%1.b?(XE24X*#%#f%*125/&#.#$/5+3931#5',$%/#,+%-/&'3*;003*#-3*/0$3(@34B31D#b9#%9#:(:10;&#%9#
3*$Q*4#;631G35#.#;0#53$#W0%1#b?(XE2G%5#.#$/5+35#1,(2GG/52*#5%&',GG#42$%+205%1#*344#1/4;63D#"#
42$%+20#1:9634H4B/#3&'/1#,*+%*(X*#%#&*,G%*/92*4#;*3*$/093(.3**24X#(35+093(31R#$20/1#,*+%*(X*#E3+/&#%9#
393113* # 09,(,0%5 # :00931%EW0,*X+X # &;5$X+,0H4,44 # 5:6;5'31 # 43($3094;0;G35R # %9 # Q5D # w7V#
;*3*$/093(31 # 3*B2**H4202G%5 # ;(+313*44; # 4344 # 62**%*%4,1D # 7% # 3*0B0,(G%5 # %9 # :1,*X&/%/ # &%9+%02&,1R#
%9,5#G3*C*#%#43*A30#1:(F#&%9+2*1,+204#-,*'4%4X#G/,+/5%$/1?0#C93$31#%9,1R#%@,*#%#@%&',$25',05%1#
431/54@34BR#@,009Q426,5#/0#-3554%(4@%4X#$39B&%9+2*1,+20R#;*3*$/093(#3*B2**H420#;0#-3*+,*&,920#%#
E/%W,5#/0#$3&A3*355/#1;E30#1;0943($;131#3*B2**H42026%*#1%EW0,*X+/1D
" # >?+,*- # 843/53(R # % # )%*+,(-.E3+%&X&/% # ;0 # % # G/,+/5%$/1?0 # $39B&%9+2*1,+20 # %*%EA%/5%1#
$3&43(3$4BA3#2*4%*#4:GG#3*B%+20G%5#1:(6,5%*%9,44#3&'0;&30#3$G3(.#;0#6/*2&1;E#$3&/0$3(;0;@39#
%#43*A30#1:(F#$39B&%9+%02&/#C93$#*;5'3&;531#;0#5%E/#;*34;531#$3&/0$3(;03#/0#@,99203&H4@34D#"#
J]I

G/,+/5%$/1?0 # &%9+%02&G%5 # %9 # 3&'$200%* # 093(63035 # :00931%EW0,*X+X # $?51%-,*'%$%4,1 # . # %9#

;(4;130H4;04 # /0 # G3*3;(463 # . # 3(B0 # ;0 # 04%G/* # 1;E;4 # %+A21 # % # 1:(5'39B # 6/*2&G%5 # /0 # $3&*;6B # 093(630#
:0093-C&&;031531D # b&' # /*'35 # &%9+%02& # % # 4%1%($25'. # ;0 # ;*3*$/093(5:6;5' # 43($3094;0R # %9#
2**%4435';094;0R # % # 6H9&%9+2*1,+20R # % # &'X&'5:6;5' # ;0 # 9:*+0;&13(4;0934 # 6%*%$/54 # %#
&'C$:*W043($3094;0 # 3&'350Q*'24 # $?4%4A% # 3&' # %+,44 # -:*+(%A9/R # 09,W/2*/0 # ;0 # 1:9&%9+%02&/#
1:(5'3934G35N# "# $39B&%9+%02&/ # &'%1,(*%45%1 # 093(63035 # 13** # 1%EW0,*X+5/% # %9 # /01,*21G%5 # 9%A*X#
13(4$F63*;0 # 4%542(&' # ,14%4202@,9D # " # $39B&%9+%02&/ # &'%1,(*%4,1 # 3*0B+*3&30 # -3*%+%4%R # @,&'#
@,992A2(?*A,5# %# &'3(3131# 3&;090;&30 #-3A*B+;0;@39D #"9# 3*$Q*4 # ;631G35 #d:9;E.d3*34.b?(XE2G%5#
0%A52*%4,0#$X+,5#W0:11354#%#$39B&%9+%02&#A3*354B0;&3D#b5531#3&'/1#,1%#%#A3*354B035#$3&5B44#
;*3*$/093( # G3@,9%4%*R # 3*0B0,(G%5 # % # -3*+,*&,9,44 # 43($;131 # 43(;5R # +3 # ,1% # % # $39B&%9+2*1,+20#
A:63+3*$39B0;&;531 #W0:1135;03# /0D #b993*# 3&'C44 # A2( # %# 6309;*'3# %55%1R # @,&'# %9# /01,*21G%5# /0#
@244;(G3 # 13(C*@34 # 1:(5'3934C51R # % # 13(4. # ;0 # $39B&%9+2*1,+20R # 6%*%$/54 # % # $39B&%9+2*1,+200%*#
E2(@?9%$,0%5#4:(4;5B#42A&%9+2*1,+20#-,&%*$25%1#;0#&'%1,(*%425%1#$3&/0$3(434;03#/0D
"#$39B&%9+%02&/#&'%1,(*%4#0/13(3#;(+31;G35#%#&'3(3131#-,&%+202(%#$/5+#%#&%9+%02&5%1R#$/5+#%#
1H0;(B#E3+%&X&?0,15%1#-3*1;09C*4531#13**#*355/3D
"#]#D#,0942*',0#$39B&%9+%02&/#&'%1,(*%4#1/3&;09C*@34#3(+;0934/#&'%1,(*%44%*R#+3#*3@340;&30#%#!ND#
,0942*'G%5#4:(4;5B# $3&/0$;4*;03#/0R # %@,*# >?+,*- # 843/53( #A%6%0*%4%#%*%EA25# %#+/21,1#%9# ,*420R # %#
093$9;0 # ;0 # % # $3&E,(920 # 4;$%1:(:113* # -,&*%*1,95%1D # b11,( # 3&' # @2(,$5%E,0 # 43(3E&'%1,(*%4#
%*1%*$26%* # 3*0%A24H4@%4A21 # % # 09B*B # ;0 # % # &'C$:*W0-21 # ,*42025%1 # ;0 # 093$9;0;531 # 43W@5/12A24D #"#
&'%1,(*%4/#$?51%#$3**344#%#4%5?*X1#3*B%+20,1%4#/0#@%**&%45%1#%#-354/#4;$%1:(:1G35D
o$5$/+)3"3:#$09'90n
"9#%*2GG/#:00932**H420#1:(6,5%*%99%#%9,5#4;$%1:(:134R#%$3*'3113*#$39B&%9+%02&/#&'%1,(*%4,1,5#
%#(;094636B1#%9#3*$;*34/#;0#&'%1,(*%4/#,14%420#13(34;G35#4%*2*1,9@%45%1D#b&'.3&'#&'%1,(*%4#0,(25#
43($;09343035 # $/5+35 # 4;$%1:( # 53$ # 13(C*@34 # 3*BR # 39 # % # &'%1,(*%4 # @,00924X*R # /+BE,54A24X* # S%9#
;609%14X*U#;0#%#$3&@H6,44#3*B%+X14X*#/0#-C&&D
.#%#$39B&%9+2*1,+20#*;5'3&3
.#%#$39B&%9+%02&/#C93$#3&'0;&3/_
09254X-:*+/#5:6;5'43($3094;0R
4%1%($25'5:6;5'#43($3094;0R
;4139;0/#;0#/E%(/#5:6;5'31#43($3094;03R
2**%4435';094;0#;0#2**%44%(420R#3935#G3*C*_#%#09%(6%0$%(@%#A3*354B0;&3R
9:*+0;&43($3094;0R
&'C$:*W043($3094;0R
&'X&'5:6;5'#43($3094;0/#%*%E/0$3(3431R
3(+B&%9+2*1,+20/#%*%E/0$3(3431R
42A&%9+2*1,+20R
%#&%9+%02&G%5#+,*&,9X1#1%EW0,*%4%#%9#C93$$3*#;0#3935#13(3094C*#%9#,14%420/#-3*%+%4,11%*R
09,W/2*/0#634C*34_#%#&%9+%02&#+,*&,9X/#c#%#&%9+%02&#42$,&%4X/#c#%#-,&'%094X/#1:(D
.#%#5:6;5'31#3&;090;&30#-3A*B+;0;531#-3*4;43*3/D
.#$/#%#1C*:5G0;&#%9#;*3443*35#1B934#;0#%#43($B4%*%A#1:9:44#S#&3,*X&/%/#;0#4%*%A4%5/#%*%E/0$3(3431#UD
. # % # 63&'093(30 # $39B&%9+2*1,+20 # 1/%*%1?*2025%1 # 1:(C*$;5'3/g # % # 63&'093(@%0952*%4 # @%420% # %#
43($B-:*+(3#;0#%#1:(5'3934(3R#1:(5'39346;+3*$/#;0#@?$25#3&;090;&C&'/#6309;*'31D
.#%#*363&B#5/4(,&;5A;531#$3&1:4;03#S#E/**%5&X0#5:6;5'31R#0925420,0#4%*%A$F63*;0#U
.#%#1,$E,0942*20#;0#%#4%*%A$?51%_#$/4#A3*354#%#$3&-3*3*B#4%*%A;*34#%#5:6;5'31#092$2(%D
.#%#1,$E,0942*20#@%4;1,5'02&25%1#-,1,920%#E*D#G/,+/5%$/1?0#E(3E%(24?$,1#03&H40;&;63*D
.#%#5:6;5'09%E,(H420#$X+A%/D
.#$/#%#1C*:5G0;&#%#43($;093430#42A#;0#%#1?*4Q(42A#1:9:44D
.#%#1?*4Q(42A#$3&B(9;0;531#;0#2E,*2025%1#%*%E3091:93_#%9#:1,*X&/%/#$39B&%9+2*1,+20R#3935#G3*C*#
%#G/,+/5%$/1?0#&%9+2*1,+20R#$/54#%#5:6;5'43($3094;0R#4%1%($25'43($3094;0R#2**%4435';094;0#;0#
4(2&'%&%9+2*1,+20#3&'350Q*'2(%#4:(316B#$39B&%9+2*1,+20/#$X+D
.#@,&'%5#%*1,4@%4#<;*341:9:00;&34=#%#4%*%AR#%#5:6;5'R#%9#2**%4#;0#%9#3$G3(
.#%9#3&;090;&30#42E*2*1,920#1;(+;03/D
! %#w7V#;0#%9#3$G3(/#-3*3*B00;&#1;(+;03/D

J]h

% # w7V # 5:6;5'31 # 43($3094;0;531 # 6309;*'3/D # S"*%E3*6_ # :1,*X&/%/ # &%9+2*1,+20 # 53$#

*3@340;&30#w7V#5:6;5'3113*#;0#%9,1#1:(5'3934;G35#03$DU

m'$02'23n

k;"U'$

782'28\23Y"3$T$/83$)$3+0n
" # $3&-3*3*B # 09%1$%/ # S$39B&%9+%02&/R # 13(4;0934/ # ;0 # E3+%&X&/%/U # -3*1;09C*40;&&3* # 63934344#
-,&*%*1,920,1#0,(25#%#$39B&%9+2*1,+20,5#13(3094C*#%#4%5?*X1#%9#;609%1,1#62*4,92025%1#4?+%4,0#
-/&'3*3$$3*#1H0;(;0;63*#24;*@34/1#%9#;6#5%&'#(/4$?0%/4D#b((3#$%#1C*:5:035#-,54,0#-/&'3*5/R#$/63*#%#
5%&'-,1Q#&;E30H43440;&#;0#39#3*314(,5/1?0#/5-,($2W/X2(%$*20#:9:5;G35#1:55'35#$3&4:(4;5@34#%9#
3*09%1%+20#%#43($;0934/#-,*'%$%4,14X*D
"#09%1$%/#/0$3(343113*#E2(@?9%$,0%5#093$E,541;54#4F94C1#1/R#@,&'#%#&'3(3131#%#13(4;0934/#;0#
$39B&%9+%02&/#436;135'0;&3135#13(3094C*#1;E300;#62*A%5%1#0%A24#*3@34B0;&3/1#-3*/0$3(;0;(3D#"9#
;*B63* # S%9 # ;*B # 1:(5'393443*R # 5:6;5'3113*R # 2**%4,11%*U # 6%*X # $?51% # 3*35&3+@3434*35C* # -,54,0 # %#
-3*3*B00;&(3#5363*;0#093$E,54A2GX*#/0D
"9 # L.!N # 5%E,0 # $39B&%9+%02&/ # &'%1,(*%4,1,5 # 6;&9344 # %14H6 # 436;135'0;& # 0,(25 # % # &'3(3131#
%*%E634B # /0$3(343134 # 0%A24H4@%45%1 # 3*_ # $/5+35313*B44 # $3&4%5?*5%1 # G%*3034$3543035 # G255/ # %9#
%*%E634B#1;9/#093(092$,11%*#S1%E%R#20XR#&3(3G*'3R#1%09%R#0%(*XR#-F(;09R#1%*%E2W0UD
73&/0$3(/1#%#5:6;5'43($3094;0#*3&-BGG#W;*A24R#%9#;*3*$/093(.43($3*;0#%*%EA%/4D
73&/0$3(/1 # ;0 # 4%E%094%*A21 # % # 634B$%& # -,&%*$24R # % # 634;04 # ;0 # C*434;04R # % # 5:6;5'2E,*204R # %#
G34%1%(H4204R#%#43($;5'-3*+,*&,920#;0#42(,*20#%*%EA%/4D
73&/0$3(13+@34531 # % # @?$?09 # -,&%*$26%* # ;0 # %55%1 # % # n:*+ # 43($B1;E300;&;G35 # G34:*4:44#
093(3E;63*D
<d;4139/= # 4%E%094%*%4,4 # 093(39531 # %((X*R # @,&' # % # 1,$E,0942*200%* # @,&'%5 # 5:63*@34B # % # 4%*%A#
43($;135'0;&3#c#39#3&'G35#%#1:(5'39346;+3*3$#3&'/1#%*%EE/**;(3D
73&/0$3(/1#%#$39B&%9+%02&/#C93$#;0#%#13(4#1:(5'3934;531#;*B6/*2&24R#$/1:9G35#(;094#6309531#
$%&2G%5 # % # 9:*+0;&.R # &'C$:*W0.R # &'X&'5:6;5'. # ;0 # 6/(2&43($3094;0/ # -,*'%$%4,1G%5D # 7/5+3931#
,*'%5#1;E300;&31#1/G,54%1,92024#03&H4/1#3*BR#%$3*'31#%#436;135'#3$G3(#2*4%*#%#$39B&%9+2*1,+20#
0,(25 # %*%1H4,44 # 1?*4Q(42A@,9 # 6%*X # 1%EW0,*%4?1 # -,($2*202@,9 # 09C10;&30D # " # -,&*%*1,920,1 # 0,(25#
$3&A3*35/1#%#-3*3*B0#42A&%9+2*1,+20#-,&%*$%#;0#&'%1,(*%4%#/0D
E9)*#:':/."%&$0+')$3"
=<N":5,+)&$#
g:)+0":/",2)$*$3+0n
" # +/21,15%1 # % # &'%1,(*%4 # 1%EW025 # $3& # 13** # 4%E%094%*5/?1R # @,&' # % # $%43$%4/1% # 53$W0%1 # %9#
:0093-C&&;031#$3&;(4;0;(B*#09X*R#@%53$#%((X*#/0R#@,&'%5#4?+#6%*%1/#E,54,0#092$H420,1%4#6;&395/R#
;0 # %94 # $3&GH9@%4X%5 # 3**35B(/95/D #"# @,9924%(4,9X # $%43$%4/1%/ # 4%(4%*,$ # % # *,&%(/4$?0092$H420R # %#
09/5?09.#;0#1,09/5?094;43*R#6%*%$/54#%9#393135#%*%E?*X#092$H420/#3*A2(20,1D
" # !O # ;63031R # %1/134 # 53$W0%1 # %9 # :0093-C&&;031 # $3&;(4;03 # ;(+313*R # @%53$ # 1,51(;4#
4%E%094%*%4,1%4#%1%(5%1#093(395/R#09%1$%/*%&#$3&%*%E,9,44#:52**X02&@,9#A?45%1R#%$3*'#E(XG2(%#
4309/#Q&'#;(43*$/#1;E300;&3/134R#$/54#-/9/1%/#%1%(%4?1#*%4G%#634;0;4D
o$5$/+)3"3:#$09'90n
" # &'%1,(*%4 # -3*:*3*/ # % # 4;(1;E1;09H4;0 # %*%E634B # *;E;03/4 # % # -:*+$;(;04B* # 3&;0935 # % # 4;(1;E#
$3&(%A9,*202/&D #"# +/21,1 # G35',$204 # 093(39@34531 # %((X*R # @,&'%5 # @,9921 # *;4(3 # % # $/5+355%E,0#
@%0952*%4/#42(&'%4R#6%&'/0#%#4;(1;E34R#;0#$3&/0$3(/1#%9#;EH4;0/#$?5121@,9#09C10;&30#43(639;0#
%*%EA24#1;E39B#-:*+$;(;0#A3*354B0;&;4D#"#$;(;031#(2GH(A21#%#+/21,1%4R#@,&'#%*26300;1#$%&?1%4#%#
$?51% # W;*A2GX*R # %9 # %*1%*$%9,44 # $;(;0/ # $X+093(GB* # ;0 # % # $;(BG3(35+39;0GB* # %+X+X # ,GA314H6#
1:6343*$;5'31531D # w,5+,002&?1R # 4C(3*$C1 # ;0 # :5G3W0C*;0C1 # 09C10;&30 # 3@@39 # % # $?512@,9D#
73&/0$3(/1 # % # *3@340;&30 # @/G%-,((20,1%4R # ;0 # &'%1,(*%4/ # -,&%*$%4 # %*1,4@%45%1 # % # E,54,0#
J]L

$?51%6;&9;0(B*D
! "#*3&4:GG#$;(;0#W0,E,(4$?51%#3(3+$;5'3D
! 73&#13**#2**%E,+5/#%#$?51%$3&,09420(X*R#;0#%94#G3#13**#4%(4%5/D
! 8,1#$;(;0/#-,*'%$%4G%5#%9#/+B#/0#;0#%#@3*'#/0#093(3E34#A2409/1D
! "9#3&'30#+/21,15%1#-/&'3*3$$3*#13**#1H0;(5/C1#%#43*A30#-,*'%$%4,4R#53@,&'#3*$?*%00921#%94#
%#E/**%5%4,4R#%$/1,(#%#(2A?1#30B#$?5124#3*#13**#6;&395/C1D
! "#4;(1;E#$3&(%A9,*20%#&,5+,002&,4#;0#E,54,002&,4#1:6343*D
! d;E93*B3(3AC1#;0#%G094(%1W/X0#1;E300;&C1#3(B0:+/1D
! "#E,54,002&#-,&%*$%#1/42&?*R#$/63*#%#$;(;04#/0#;0#%#(%A9,*204#/0#E,54,0%5#13**#6;&395/D
! 73&#13**#G309;*5/R#;0#4/094295/#13**#%#@/G21%4R#%9,1#,1%/4R#;0#1/A%6H420?1#*3@340;&30#$X+A%/4D
dC*:5-;*3#3993*#1%EW0,*%4,0#4;$21%4#/0#;(/5435/#13**R#;0E3+/&#%9#,(092&,0#-:*+$;(;0/#%*%E@2*X9%4,4R#
%#4;(1;E;093434#;0#%#-:*+&:$G#2G(29,*2024#0H1#*%E,5R#%#-:*+(%A9,4#;0#%#W0/**%&209%4,4D
m'$02'23n

k;"U'$

782'28\23Y"3$T$/83$)$3+0n
"#+/21,1#$3&/0$3(/1#%#E,54,0#4;(1;E31#3*B2**H42025%1#$X+A24D
"9,1 # % # +/21,1R # %1/1531 # % # 1,$E*/12*4 # :0093-C&&;031 # $3&;(4;03 # 53@;90;&34 # ,1,9R # QA # $X+,5#
1:93*H4@34/1#$3&#%#$%43$%4/124#3935#%#&'%1,(*%4/#%0E314?0,5#13(3094C*R#%$/#/512GG#%#G/94,502&(%#
;0#%#G/9,5',002&(%#@3*'39/#%#@%5&0Q*'4D
"#&'%1,(*%4#-C&&#3&'(;094#%#43(639;04B*R#$20(;094#%44X*R#@,&'#$/*'35#0Q*'4#-31434531#(2R#/**3463#%9#
/01,*%#@3*';4B*#;0#*3@34B0;&3/4B*D#e+B4%(4%$%#!.J#@;4#1:9:44/D#Z%#W0%1#!#@;4#2**#(35+3*139;0(3R#%11,(#
%#&'%1,(*%4,4#%#$3&3*B9B#X(21,5#3*B#13**#1;09H435/R#;0#%#4;(1;E34#53$#%#@3*'09H535R#@%53$#%#
&'%1,(*%4,4#1:634B#09%1X(21,5#13**#%9#/01,*%;6#0,(25#$3&(%A9,*5/D
K:T'$V8."%&XV3Y#O40$"I'*:)&Z24"
=<N":5,+)&$#
g:)+0":/",2)$*$3+0n
" # -/%4%*,1 # -/&'3*$;4 # 3GG35 # %9 # ;*341,(G%5 # %9 # B134 # 1:(C*636B # 09F13GG # ;0 # 42&%GG # 1:(5'3934#
;*34-,($2A%#-3*;#-,(+H4A?1R#H&'#13(C*#0,(#3&'#3(+;*'/R#J#@3430#5;E(%A9/#&'FA4B$?512(%D#"#&'FA4B$?51%#
0,(25#1,51(;4#%+%4,1(%R#%9#;*34-,($2(%#A3**3$9B#E,54,0#$3&-/&'3*;031(3#6%5#09C10;&C1R#;0#39#
AX4;1,5'%5#03&H4/#B134#%GG%5R#@,&'#%9#;*341,(?1GX*#%+X+X#53@;90;&3/135#-3*C*3$3*13+A3531D
b5531#%#&'%1,(*%4/#$?5125%1#53$#4/41,*4#W;*A%#%9#/0R#@,&'#%#4%5?*X1G%5#3*B@H6A?1#%#0,1G%5#0%A24,0#
6/03*13+;0.;0 # ;*34-,($24 # 1;E6/03*B # 3$G3(31 # /(254/ # ;(9;135'R # G3-,&%+X # -/&'3*$34R # $3&;(4;04R#
6%*%$/54R#@,&'#%#$3&;*4#4%E%094%*%4,1,5#13(3094C*#3*$;*'H40C1#4:(4;53*$/R#&3,E,*/4/1%/#/0$3(343/134D#
"# &'%1,(*%4/#$?51%# 0,1G%5#03&H4@34/#%# -/%4%*,1#3&'$20#/(254/# -3*3*B00;&;(934;531#3(B0H4;0;4 # /0R#
@/0935#%#$3&*24,&%4,44#-%*?#;*34;4#W0,E,(4,1G%5#+,*&,9921#$%A+#-3*D
b5531 # % # &'%1,(*%45%1 # -,54,0 # A3**3$9BA3 # $;& # %55%1 # 1,$E*3` # A3**3&;G35 # (3A*/1g # % # 4%5?*X1#
4%E%094%*%4,4#093(39@34531#%((X*R#$/1;54#-C&&3531#:0093#3&'$200%*#%9#;*34-,($%#3&'30#3*3$3/R#E*D#
% # -:*+(%A9/ # %+,4402&,1 # % # 4:(4;53*$/ # -,*'%$%4,11%*R # % # 1/%*%1?*4 # ;*3443(3113*R # % # 42(&'/ # 6/*2&&%*R # %#
@;41:95%E/#;0#C553E/#09,120(35+093((3*R#04GD
"#43(3E&'%1,(*%4(%#%9#,0942*'-B5:1/#6%&'#$20#X(21#13(34;G35#%9#/01,*2G%5#/**3463#,44@,5/#-3*%+%4,1#
-,($2A2G%5 # 1;09C*531 # -3* # % # +/21,1D #"9 # ,0942*' # 4%5?*X/GX* # 311,( # 4:GG # 4;$25%1 # Q5D # <09%1;(4B/=#
W0,E,(4A%/4#093(6399C1#$3&R#$3*'31#0%A24#4;$2A?1G%5#$;*'3+531#3*#%9#3*B1;09H4B#@3431#0,(25D
o$5$/+)3"3:#$09'90n
@;41:95%E/#;*34-,($%R
C553E/#09,120,1R
%#*%1X@3*'#;0#1:(5'39343R
J]O

5;E$F6;0934#SG3*3;(463#%#5;E935;4R#425W,4UR
5'3*6A2(20,1D
"#43(3E$?51%#0,(25#QA%GG#W0,E,(4,1#%*%1?*5%1R#$3*'31G35#$/5+35#4;$25%1#%#<09%1;(4BA3=#A3*35#
6%5R#@,&'#%9#3*B(3#$3&093(9344#4?+2024#%#W0,E,(4A25%1#24%+A%D
"#4%5?*X1#3&'#E,54,0#-3*%+%40,((%*#;(139531#%#-%*?G%R#$3*'34#%#W0,E,(4A?11%*#3&'C44#43*A30H435/C1#
13**D#Y;$3*'#-3*%+%4,4#$2(#,44@,5#3*6;&39@34531D#bGG35#%#-3*%+%40,(G%5#-,54,0#3*3$31_
! "#-%*?#-:*+(%A9/#3*@3*'3913+;03g
! "#-%*?#*%1,002&25%1R#/54;9$;5'3/531#G3$?4%420%g
! b(+;*'# (:6/+#4:(4;53*$3g
! "#-%*?#4:(4;53*$3g#SE*D#V(G25#f%*290#%*%EA25U
! b&'#c#*3@34B*3&#@2(,$#&353(2W/X0#c#W0%*2+#:00934;43*;531#E,54,0#/0$3(434;03g
! b&'#/+B0#3$G3((3*#1;09H4344#;*34Q4/543(AQg
! "# W0%*2+ # @;41:95%E/ # ;*34;531 # G3$?4%420%R # 09,120,1R # ;43*31R # 42(&'/ # 6/*2&R # $?51%S@3*'UR#
:*4:91:+;0R#2**%44%(420R#04GDg
! "#W0%*2+#C553E5%EA%/5%1#G3$?4%420%R#09,120,1R#;43*31R#:*4:934R#04GDg
! "#@29R#%9#?+6%(#%*%E(%A9%g
! 7F6;09/#/&;55'3*#1;09C*4#(%A9,1R#-304$;5'31g
! Y;E$F6;0934/#$,4H6?$,1R#A3**3&93430#42(&'%1R#+H09H4B#3*3$31g
! l3@34B0;&#093(/54#5;E+%*R#$,5+X121R#$30;1R#04GD#&'FA4;03g
! "#1:95'3*64B*#3*4;(B#5'3*6/#3*3$31#%#@%5&(35+093(R#09X1;09*34R#5'3*64%5/#(35+093(#43(;5g
m'$02'23n

k;"U'$

782'28\23Y"3$T$/83$)$3+0n
"# -/%4%*,1 # % # 43(3E35 # $3&093(639/1 # % # -,&%+X # W0%*2++%* # 6%*X # /0$3(13+;0C134R # ;0 # -3*3*531 # % # AX#
1%EW0,*%4#1/%*%1H4202;(4D
>;094#6309531#%#W0%*2+,1#;*34;G35#c#E*D#13(4/R#$393/#$?512A?1G%5D
a%E%094%*%4,1%4#093(39531#%#43*3EC*;0#4:(4;53*$/R#-:*+(%A9/R#&%9+%02&/#%+,4402&%/5%1#;0#%#1/%*%1?*4#
;*34-,($25%1#:0093-C&&;03/(B*D
n3A*B+/1#09,W/2*/0#;(9;135'0;&C1_#$3&4%E%094%*A21#;0#$3&4%5?*A21#$3&G3W0C*5/#%#1/%*%1?*4#1?*4Q(%#
&%9+%&02&24#;0#3&'093(0$/5+#3&'093(F0;&;4D
"#5;E(%A9/#&'FA4B$?51%#3&'G35#09,W/2*/0#&'%1,(*%442#/0#%*%1?*@%4R#%$355'/G35#%9#,0942*'#,*'%5#
1:9:00;&/#$?5124#/0#6;&39#%#$3&*24,&%4,44#-%*?#092$2(%R#$3*'#$%(%+%5+X#;(4;11;54#$%(%+@%4#,44#
@%9%A:6343*3#?425D
78+S.1)./"%&$0+')$3
==N":5,+)&$#
g:)+0":/",2)$*$3+0n
"#-/%4%*,1#$,04#3*B09:(#*;E531#1/#:52**X%5#,0942*'1:9:00;&C1GB*R#;0#6309531#(;094#3&'#4:GG@3430#
09,W/2*/0 # &'%1,(*%4,5D # r*341,(?1GX* # %+X+X%5 # % # -3*3*B00;&34 # $2( # 093$;*'3035 # /0 # 62**%*5/ # 4?+X#
;5AC134#09X*H4A?1#$3&#3993*#%#$?5126%*R#;0#392*4%*#1%EW0,*X+?51#%9#;6-,*'%$#$20#4%542(&'%/@,9#c#
/(,+%*,$R # 42(0%+%*,$/0$3(34 # . # $/543&' # G3434B963 # %9 # 3++/&/ # -,*'%$%4,1%4D # 8,109,( # $3&(29X#
;*$;5'3134 # 093(39531R # @/0935 # &'%1,(*%4?1 # 0,(25 # 0Q*',0 # G343&0;&3113*R # @3*'9343113* # 1C091:+B#
3$G3(3113*#4%*2*1,95%1R#392*4%*#0%A24#;*34C134R#;*34@3*'934C134#(32*/0%GG#$3&6/*2&H420G%5#1;E3031#
*245/D
"#09,W/2*/0#&'%1,(*%4#:51;5430#$?5124#A3*354R#$3*'531#0,(25#%#-/%4%*#3&'#W0,E,(4G%5#3&'3+C*R#%9%9#
,0942*'42(025%1#42$%09%#5;*1C*#2**#@3*'4#%#(2GH9,44#-3*%+%4G%5D#Sb&'#/54;9$;5'G3R#%$355'/G35#4:GG#
$?51%43(C*343 # 6%5R # 4:GG # 4%5?*X4 # /0 # 1C*+@34C51DU # "# 09H543(3/ # *3@34531_ # W03W03$B,44@,5R # 6%1,1#
J]K

/54;9343R#:(3&31#,44@,5%R#G%*3034/#03G;0934R#t34B#e54;934R#$20#-,&'%4;11%*#;*B1#,44@,5%M/54;9343R#
04GD
"# &'%1,(*%4 # 6;&;5 # %9 # ,0942*' # 3&;09;63* # 4:GG # X(25 # 24 # -3*+,*&,99?1 # % # 4%E%094%*%4,1%4R # 311,( # %#
-/%4%*,1#1/W03(;*@34/1#;*$;5'3/134R#$3&,094@%4A21#;(9;03/134#%#4:GG/3113*#;0#%#4%52(,11%*D
"# -/%4%*,1 # % # &'%1,(*%4 # 6;&;5 # 3&' # $?512A?1%4 # ;(4;13*B # A3**3$9;04 # 1%E5%1R # $3*'34 # %9 # /01,*25%1#
G3$?4%45%1D
Sb&'#/54;9$;5'G3R#%$355'/G35#4:GG#$?51%43(C*343#6%5R#4:GG#4%5?*X4#/0#1C*+@34C51DU#"#09H543(3/#
*3@34531_#W03W03$B,44@,5R#6%1,1#/54;9343R#:(3&31#,44@,5%R#G%*3034/#03G;0934R#t34B#e54;934R#$20#
-,&'%4;11%* # ;*B1 # ,44@,5%M/54;9343R # 1X(@29%1R # 0E3W/2*/0 # &,5+,9204 # /&;5'*B # 3$G3(3134 # 2E,*X # ;0#
-,&*%*1,94%4X#/54;93431R#E*D#/01,*21R#$F@3*'31R#,44@,5,1R#X6,+21R#&'3($31,44@,5,1#04GD
o$5$/+)3"3:#$09'90n
!
!
!
!
!
!
!
!

89,W/2*/0#E3(3$W0,E,(4,11%*#6;&9344#$?512GX*#092($%9X#4%E%094%*%4,1#;09*3*;03
8E3W/2*/0 # &,5+,9204 # /&;5'*BR # /**3463 # 09,W/2*/0%5 # @24(25',0 # @3*'934G35 # *;6B # 3$G3(31#
;*34(%A9%/5%1#$3&/0$3(;03
"#5%E/#(?4/5-3*%+%4,1#$3&4%E%094%*20%#%#09,W/2*/0#/54;9$;5'31G35D
8E3W/2*/0#&,5+,9204#/&;5'*BR#6%&'#(,11%54#3$G3(31#&,5+,920/#$?512/D
n3*3*B00;&;(934#$20,1#/(254D
t25/1$35430R#%#@3*'934531#$3&-3*3*B#4;5'13+;0D
"9#2E,*X.#;0#,14%4X093$;*'934#09%1$%/#E(,G*;$2/5%1#$3&/0$3(;03D
dC*:5-;*3#09,W/2*/0#-3*3*B00;&$,+3**31#;0#G3/**30913+;0#$3&4%E%094%*20%D

m'$02'23n

k;"U'$

782'28\23Y"3$T$/83$)$3+0n
!
!
!
!
!

"9#/54;934#5%E/#$?51%-,*'%$%425%1#24;*;03#;0#6;&9;03D
b&'093(F#&,5+,920/#;0#2E,*20/#-3*%+%4,1#3*6;&9;03R#$/54#E*D#$,0+%420R#1:4:9;0R#3434;0R#
:*4:9434;0R#0;42*4%420R#A240920D
Y3@;9#;*34@3*'9343113*#6%*X#$3&/0$3(13+;0D
"9#/54;9$;5'#4:(4;534;531#$3&/0$3(;03D
"9 # /54;9$;5' # 093(63934/ # -3*;EH4;0;531 # ;0 # $20 # /54;9343113* # 6%*X # 1%EW0,*%4%/5%1#
$3&/0$3(;03D

FT$'."%&$0+')$3"
==N"5$%&"=;N":5,+)&$#
g:)+0":/",2)$*$3+0n
"#*3&QA%GG#43W@5,*X&/21#4%5?*$25',920%R#%#63*C1#6;&9344#$?51%R#6%*%$/54#3931531#%#-:*+(3#;0#%9#
3$G3(31(3#&'%1,(,*4#@%420%#2*4%*#%#+/21,1#$3&4%5?*A21#;(4;13*5/#%94#%#1,(4R#%$3*'G35#;*531R#;0#
%$3*';(4 # -3*3*B00;&34 # %1%(5%1 # 62**%*5/D # b9 # %9 # /E%(/ # &'%1,(*%4 # G3E/**%54204 # 35&3+ # 092$?1(% # %9#
3$G3(31#5%&'#W0,E,(4A%/#2*4%*#6;&9344#,*'%5#*;E4;1F#$?512G%R#%$3*'34#3&'3+C*2**X#3$G3(31#0,@%#
53$#4?+5%1#3*;(5/D#720(;09(B*#6/09,54#$3&4%E%094%*A21R#@,&'#%#1,,(+/52W/X#03&H40;&;63*#%9#3&'30#
3$G3(31#@,&'%5#$F1:+531#1:9(3#%9#/*'35#5%&'#*;E4;1F#3(3+$;5'31#3*;(;0;G35R#%$3*'31#5;*1C*#%#
$%/ # 3$G3(31 # 09/543 # 53$ # 4?+525%1 # *;4395/D # k&'%5%11,( # *24@%4A21 # %9 # 3&'30 # 3$G3(31#
:5$3&6%*X0H420/#&,5+A%/GX*# ;G(3+B#09,W/2*/0# E(,G*;$21%4D# b93134 #%# 4;5'3134R# 6%*%$/54# %9# 3935#
E(,G*;$21 # $3&,*+202(% # /(25'?*X # 1H0;(*343134 # 3&'093((3 # 4%E%094%*A21 # $3& # % # +/21,1D # "9 # /E%(/#
&'%1,(*%4,4 # 1:634B # $3&G309;*;03135 # 13** # 1/+,*&,95/R # @,&' # %9 # 3&';531 # 1?*4?(2*/0 # ;0 # 093**3$/#
4:(316;03/531 # W0%1 # (2A?1 # 4%(4,9X15%1 # 13** # *355/C1 # S09%G%+02&UR # @,&' # % # A,&/ # 09%G2*',9205%1#
$/5+351/(3 # 3&'-,($25 # 13** # ;(6;5'30531 # *355/3 # S3&'35*B0;&UR # ;0 # @,&' # -3*3G%(24%/51 # -/9/1%/ # ;0#
J]P

093**3$/#09C10;&*343/(3#6,5%41,9X#&%9+%02&/#&,5+A%/5%1#43046;(/#%*%E,1,5#13**#2**5/%#S43046;(/0;&UD#
b9#%9#3$G3(/#;*34#@2($%0#%*%E309$;A3R#%$3*'34#%#+/21,1#%9#/01,*201,(?1#%*%44#QA(%#;0#QA(%#24;*531R#
;0#%$3*'31531#%#42(0%+%*,$#/(254/#$3&;(4;0@39#;0#%#$?51%#$,4/62W/XA25%1#1/%*%1?*202@,9#13**#
639345/C1D
8,1 # /01,*%R # -B1;54 # 862AWG%5R # 1/+,*&,9,44 # % # !N.!JD # ,0942*',0,15%1 # -3*0B # 4%&,9%4,0 # E(,&(%$,4R#
%$3*'G35#E*D#@34/#1;4#5%E,4#.#&'%1,(*%4093(9;0#W;*A2GX*#.#$?51%@3*'35#4:*43531D#b92*4%*#%9#/01,*%/#
X(%(35+ # 5;$/*3& # (:6/+3GGR # ?&'%5%11,( # 6/09,54 # @,009Q # $?5126%* # 4:*4:44 # /+B4 # 5'3(531D #"# $?51%#
6/*2&26%* # H&' # 1/%*%1H4,44 # ;(/54139B # -3*C*34 # 2*4%* # 13*4344 # $,4/62W/X # /&35 # @%095,05%1 # G/9,5'?*4D # 720#
/01,*21G%5R # -B1;54 # Y;$34,(092&G%5R # A%6%0,*4 # % # @,009%GG # /+3/& # 4%(4X # 4%5,5W1,+20 # % # &'%1,(*%4/#
42(&'%1GX*#%9#/01,*%#13(343/5#G3*C*R#E*D#&'3($31&,5+,920R#;*3*$39;0R#-%-%(%&20R#-;$$?5121#6%&'#
43`4/*$?5121D#b931#%#E(,&(%$,1#%9#/01,*%/#X(%(35+#13(34;G35#9%A*%5%1D
b&'30 # ,(092&,1G%5R # E;*+2?* # Y%&'.f(/4%55/2G%5R # %9 # 2**%$/ # 6/90&%(35+093( # 2*4%* # 42$%094,44#
1:6343*$;5'31 # 43*A30H4;03 # 4309/ # 1/ # %9 # X(%(35+ # W0%153$ # -3*;4R # 3993* # W0:1135463 # % # &'%1,(*%4/#
$?51%4%E%094%*%4,1(% # A?4X # /+B4D # t3+/& # %9 # /*'35 # 4%E%094%*%4,1 # /(254/ # /&;5' # 3&'(3 # 0C(&34BGG35#
5:63109/1D
l3@340;&30R#@,&'#5%&'#/E%(/#C93$31#53$#3*;(@34B31R#6%&'#53@3935#$3&1:93*H4@34B31#%#+/21,1#
092$2(%D # b11,( # % # &'%1,(*%4 # *3-,*'4%4@%4X # 1/03GGR # *3@34B*3& # 43($3*B # 62**%*1,920,152* # /0D#
89,*&2*4%4X/E%(/#SC9*34/R#;443($/R#1*?GG3*/U#$?51%4%E%094%*%4,1#/0#0,((%#13(C*@34531D#8,1#+/21#$2(#
/0$3(/#394#%#$?51%43(C*3434#(;09/+B0R#1/3&;09H4B#E;5913(3034/#-,((201;54D
"9#/E%(/#&'%1,(*%4#0,(25#%#+/21,1#%9#/**34;130R#B;(4C1#-3*3*B0#$?51%@3*'/#63934BR#6%*%$/54#%9#/01,*%/#
09%14%52( # 0E3W/2*/0 # -3*C&'3*343 # %*%44 # 6;&9/1 # $?512A?1%4D # " # &'%1,(*%4 # /+3A3 # %*%44 # % # +/21,1 # %#
$?51%@3*'/#$?51%/+B.G3,094205%1#$3&-3*3*B35#+,*&,95%1D
o$5$/+)3"3:#$09'90n
"#1:634139B#4%E%094%*%4,1GX*#4%5?*5%1_
! /E%(/#43($3*;0R
! %#-,&*%*1,94%4,44%1#09,W/2*/0#@3*'9343R
! %9#3&',*+%*Q#$?51%6;&9;0GB*#SE,(R#9%AR#@B$;(0;1*34#04GDU#3(3+B#$3&43(@3*;0R
! G3E/**%5420#%#5%&',GG#:0093-C&&;031G3R
! C93$63934;0/#;0#&%9+2*1,+20/#1;(+;031R
! 03&H40;&#%#093$;*'30#,(/3542*X+20G%5D
m'$02'23n

k;"U'$

782'28\23Y"3$T$/83$)$3+0n
73&/0$3(13+531#%#$?51%#6/*2&26%*_#%9#%+,44#C93$#6%&'#&'2(#43($3*;0/#-,*'%$%4%/6%*R#%#&'2(420/#
6%&' # 43($3*;0/ # -,*'%$%4G%5 # (;094636B # 3$G3(31 # $?512A26%*R # 3&'C44$F1:+;0;63* # ;0#
-3*3*B00;&.43(C*343/63*D
>2*24204 # 5'3(531 # % # &%9+2*1,+20 # 09;*303GG # :0093-C&&;03/(3_ # %9 # C43$63934;0/ # ;0# 13(3013+3*$/#
43(C*3431(3D
893$;*'30#$,4/62W/X4#;0#,(/3542W/X4#1%E5%1D
p52/"#O40$"
=;N"+/831)&
g:)+0":/",2)$*$3+0
"#+/21,15%1#4;$24#13**#62*%094%5/?1R#%$3*'#*3@34#3&'#4%542(&'GX*#$3(H4344R#6%&'#4:GG#4%542(&'%4#
24-,&X # /0D # bGGB* # % # 4%5?*4%1R # /**3463 # :52**X # 1?4%420 # 0,(25 # 093(9344 # QA # /0$3(3431 # -3*@%0952*2026%*#
:0093#13**#2**H4%5/?1#3&'#H(20,0#G3092$,*X4R#$3*'34#5'/*625,0%5#3*B#13**#%+5/?1D#"9#;630#$?51%R#
92(X#$?51%1;54#3&'#H(20G3*/R#3&'#09XG3*/R#;0#3&'#&'%1,(*%4/.$F6;0934/#(;09GB*#2**@%4R#;0#:0093#13**#
1%EW0,*5/%#%#093**3$/R#%#$F6;09/#;0#%#&'%1,(*%4/#$?5121%4D
J]]

" # 4;$% # 1/62*%09420% # 3&';5/R # +3 # % # -3*0B # 4%&,9%4,0 # 4%52(/ # 1,5-3(35W/% # 3&'34;(4;0;63* # 4:(4;5/1D#
"$355'/G35#%#62*%094,44#43(C*34#0E3W/2*/0#/0$3(343134#1H625R#Q&'#%#+/215%1#1C*0B#1H0;(B4#/0#13**#
4%*2*5/%R#%1/#09%1$%/*%&#63934/#%#4;$24D#b&9%14#$3&-/&'3*;031#;0#;09*3*;031R#6;*3$;5'1/1;(;031R#
1H0;(*3431R # $3&G309;*;031 # 04GD # -,($2A2G%5 # 6;&9344 # :52**X # 1?4%4X$?51% # 1;E39/ # %9 # ;630 # $?51%#
%*%EA24R#%$3*'34#/(,+%*,$1?4%420#;0#$20#/5-,($2W/X-,((20,1#-3*1?4%420%#;0#@%0952*%4%#3&;09H4#1/D#"#
+/21,15%1#-,54,002&/#0,((35+G35#:0093#13**#-,&*%*5/?1#%#09%1$%/#4%(4%*$%4R#-3*#13**#/0$3(5/C1#%9#
,1,1%4R # % # 1:634139$;5'3134 # ;0 # %9 # :0093-C&&;03134R # 6%*%$/54 # $3& # 13** # 62*%09,*5/?1 # %#
G3092$,*XA?1R#/**3463#3*B%+20?1#2*4%*#%#@%**&%4X02&G%5#;G(3094344#1;(+;03134D#n,($%/#1:6343*$;5'R#
@,&'#09%1/(,+%*$/#@/6%41,920,1%4#S/+;93431R#-,((20%+%4,1#04GDU#/0#13**#4%(4%*$%95/%D#734,+/1%/*%&#%#
@%5&0Q*'4 # % # 0%A24 # 4%E%094%*%4,1(%R # 6%*%$/54 # % # 4;$% # -3*+,*&,920% # 0,(25 # -3*42(4 # %5'%&,1R # 4;5'31#
:52**X#;(4;13*;0;(3#13**#@3*'395/D
o$5$/+)3"3:#$09'90n
7/5+35 # 4;$%1:( # A%6%0,*@%4XR # $3*'31 # % # -/%4%*,1 # 0%A24 # 4%E%094%*%4%/(% # ;EC*531R # ;0 # $3*'31@39#
&'%1,(*%4/#/**D#$F6;0934/#$?51%#1%EW0,*@%4XD
"#-/%4%*,1#2*4%*#62*%094,44#4;$%#*3&'35#3&'#3&;09#4%5;6(3#09X*XR#5%&'09%G20Q#1/@H620D
p*4%*2G%5#53$#@3*'30#42$,&%45/#%#5%&'#%5'%&/#(2-,(+H4204#/&;5'*B#4;$21%4D
m'$02'23n

k;"U'$

782'28\23Y"3$T$/83$)$3+0
a3(A3+3*$30R # @,009Q # /+3/& # 4%(4XR # 093$;*'(3 # 09X*X # $?512A?1 # $3&43(639;0;4 # ;0 # $3&093(639;0;4#
6;&9/1#3*#;0#;*/1#24D
"#+/21,1#$3&4%E%094%*A21#0%A24#$?51%GH(20?1%4D
T2*%094,44#4;$2A?1G%5#$;*'(3@%4X%5#3*$;*'C*531R#%#4;$%#09%1%6%4,44#/0$3(BA;6;#62*5%1D
"9#/01,*20#;631#*392(20%1;54#%#0%A24R#3&';5/#;(+31*B+;0C1#;0#1;E300;&3/1#$3&4%E%094%*20%#;(*3*/#
:5G3W0C*;0C134 # ;0 # :5/0$3(34C134R # -,($2*A% # 093$;*'/0;&C134R # ;0 # %9 # 3*0B # 1/431/54;04 # 5'QA4A% # %9#
3*B44C1#2**X#;*34Q4(%D
"#-3*+,*&,9,44#%5'%&#3*B%+20%#1:9G35#%#4%52(,1#;(4;13*;03/GB*R#6%*%$/54#%#@%**&%4X02&#(3%1W/X/GX*R#
1;(+;03/GB*#,GA314H6#1;E34#1%E5%1#62*%094,44#4;$2A?1#-3*+,*&,92025%1#0/13(300;&;(B*D

78$Z$*"5$))1/
Q252823:/
" # )%*+,(-./01,*21G%5 # /0 # +:54@34 # % # 09C*B # %((X*R # @,&' # 1H625A%.3 # &'3($31;4 # 6%**20,14%420G%5#
(;0930H435/D#"$355'/G35#/&35R#%#4%5?*X1#%GG%5#%#6%**20,14%420G%5#6309531#(;094R#%$3*'34#09C*3/1#
62*%094%5%1D#Z%#%9#/01,*%#@3*'34#4?+#%+5/#;0#/+B4#G/94,0H4%5/#0%A24#;EC*34;G35#;0#X(%(35+A;G35R#
%11,(#%#4%5H420#%9#/01,*%#;EC*34;G35#4:(4;5/1D#Z%#3((3#5/5W0#$X+R#%11,(#%#4%5?*X1#%#1C*:5G:9B#
-3*31393431#2*4%*#-3*%A25*,44#@3*'35#;0#/+BE,54,1G%5#(;0930C*531#6%**20#,14%420G%5D
"# )%*+,(-./01,*% # 3*0B0,(G%5 # % # -3*313934/ # 6%**20,14%420G%5 # 53$ # (;0930C*B # &'3($3131 # 092$2(%#
09%G%+6%**20.,14%4204 # 4%(4D # " # (;096;43* # -%1?*4%4H6D # b # 4%542(&' # $3&A3*35;0;531 # ,1%R # @,&' # %#
)%*+,(-./01,*%#-,54,05%1#4%(4A%R#@,&'#%#4%5?*X#6%*%$/*'35#6%**20#,14%420G%5#(;0930C*A:5D#"#4%5H420#%#
)%*+,(-.E3+%&X&/% # $X+093(3/ # ;0 # 3$G3(4%5/ # $3&-,54,*20%/ # %*%EA25 # 4:(4;5/1R # %9 # ;*341,(/#
0%A24,002&,1@,9 # %*1%*$%91,+6%R # % # 4%543(6 # (;0931;54D # k&'%5Q&'R # %@,&' # %9 # 3$G3(/0;&#
-3A*B+;0;531#139+3431,( #%#4?+,$25'R #%#$F6;0934 #;0#%# 6%**20#3&'C44R#3&'$200%*#:0093-,5X+6%#
A3*354#$3&R#$%#03$#A?4#;(6;5'(3#%9#3$G3(#4,62GG@%*%+2025%1#*3@34B0;&3#6%**20,0#;(9;031#;0#%9#
3@@39#-F9B+B#%1%(%4#5;*1C*D
" # 09%G%+6%**20.,14%420 # % # &'3($31 # 43($;0934;GB* # %+X+X # 0E,5425 # 6%**20,002& # *;E;0351;54/#
4?+%4,0?*202@,9#5'QA4#42$%094D
=[;N":5,+)&$#
INN

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#43($;0934#;0#%#1:(5'3934#A3*350;&3/R#$3*'31#%#43(3$4344#6/*2&#;(43*$;4#$3&;(9B#4/0943*3434#;0#
;(+31*B+;04#62*4%5%1#1/#%# &'3($31GB*#c#%#6%**20X(21#;0#%#09C*B/#@29#G/9%*$%4#0?&2(9X#*;&1:(3#
G/94,002&,4#%+#%#4%5?*X1#;(9;06/*2&25%1#;0#%1%(%425%1_#392*4%*#3*13(C*@34B6;#62*/1#e0435(3#6%&'#%#
w,5+6/03*;0(3#6,5%41,9X#G/9,5'H420#09C10;&300;&3D
"9#;61:(4#1:634B#@%&',$25',1%4R#09,120,1%4#%9#;61:(#5%&'#C553E3/@39#1%EW0,*6%#2E,*A?1D
m'$02'23n

k;"U'$"

I)Y8232/"3O*1/
"# 6%**20,0 # ;(9C*34R # %9 # 2@H4%4 # ;0 # % # W0,+2*1,920R # % # 4/0943*34 # ;0 # %9 # ,+%%+20R # %9 # /01,*201,( # 3*B44/#
/+B09%1G%5 # $2( # 3(B43*A3035 # 1/-3A*B+@34531 # 3&' # 3&;090;&30 # *3*1C*34F # W0%*2+/ # ;0 # X6,+%/#
1:(5'3934G35R # %$3*' # E3+%&X&/%/ # 4?+%4,002&&%* # 43(3$4 # *;&1:(4 # % # &'3($31 # 092$2(%D # b931(3 # %#
$%&?11%* # @,9,44 # <3(;5'31(3= # ;EH4AC1 # -3* # % # 6%**20,14%420 # 139+343/4R # -3*313934/ # 09H53934 # 5;*1C*R#
3&'-,($25R#$/5+35#(;094636B(3#6,5%41,9X%5D
J$431'%&.",2V)2/83:/."S:)+0
"9 #/0435/R #3$G3(/# ;0# 43($;0934/# 6/*2& #093540;&3 #/(254/ #;(9;135'0;&R #;0# %# 6/*2& # A3*350;&3/ #/(254/#
4/0943*34 # 4,62GG2E,*20%R # /**3463 # -3*;G(3094;03 # $30;135 # ;0 # % # 13(3094;5' # @/46/*2& # *3&35+2/5 # 24#
4:(4;5/1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7/5+3&'/1#,*'%5#$303R#4:(4;534R#%$3*'G35#1:9634*35C*#09X*%*#$3&#3&'#43($;0934/#A3*350;&_#%#-3*@BR#
% # E%4%1R # %9 # 3(+BR # $%&2G%5 # (3A4/ # % # 43(3$4344 # 6/*2& # 09;E0;&3 # ;0 # 5%&'093(F0;&3 # /(254/ # @2*%;(934#
3*$;*'H4;0;4D # " # 0935431 # ;*34;(B* # 09X*X # *3&35+21 # % # *;*31 # $3&53$30H4;0;531R # $3&4/094H42025%1#
*3@34B0;&;(3#$?4%45%1#E;*+24D#"9#3*@%5&9,44#$30;1R#4:(4;53431R#*3&35+21#24;*;03#;0#%9#3@@39#
1%EW0,*X+6%#09%G%+,5#4:(4;5B#$3&5'/*%41,920#09XG%5#;0#(%A9G%5
G$TS/+)U*1/."T+43+0
"#09%G%+#6%**20#4%542(&'#%9#;*341,(/#0%A24,002&,15%1#$3&-3*3*B#$30;1R#4:(4;53431#;0#%9#3931@39#
1%EW0,*X+X # G309;*&34;0R # ;531*;0R # $3&A3*35H4;0R # (%A9,*20 # ;0 # $20 # 1;E9B$F6;0934/ # 436;135'0;&#
2*4%*#1:9634*35C*#1%EW0,*X+/1#%9#%*0X#4%&,9%4,0#$F63*40;&43(C*3431@39D
GO)S/,+%$)#$0"f",+%$)#$0
43($;0934(B*#09X*X#$30;1
*3&35+21R#4:(4;53431_#89354#7/@2*'R#89354#72(4,5R#89354#b(90;G34R#89354#n3(35WR#89354#w':(&'#;0#
$20#0935431#C553E;@39#1%EW0,*X+6%
q3*30#5%E,1
!",2V)2/83:/"51'3"2'2*#:4&2."$"0:3":5,+)&$#+/"S.0)O/"5:%:4
"#43($;0934G35#$F1:+B#;*34R#%#43(3$4344#6/*2&#09;E0;&3R#;0#%55%1#43(3$4BA3#/(254/#@2*%;(934#;0#
4/0943*34 # 2E,*20%R # /**3463 # -3*;G(3094;03 # %9 # 3*@%5&9,44 # $30;1R # *3&35+21 # ;0 # %9,1 # $3&G309;*;03#
0,(25D
>[hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # 3$G3(4 # e0435 # 1;E$20%1;54 # 2**H4A?1 # % # &'3($3131 # 3*;D #"# 6/*2&(% # ;0 # :5$%&?1(% # 6,5%41,9XR # %#
IN!

1,(,0942*'(% # A3**3$9B # 1;(+;031(3R # 1;43*'31(3 # %9 # }09:6340;&GB* # $3(H4344 # 4:(4;5343113* # 5:63*AC1#

G/94,502&;(934C134#;0#@/4C134#"#4:(4;53431#2*4%*#$?4%4?51#(2#%"32/3#;0#%"):)20#$/5+/&#4,62GG-3A*B+B#
1%EW0,*%4%/(%#%#6/*2&&%*#;0#%9#3$G3(42(0%11%*D
"#(;&/ #1,(,1# $H4,09%/G%5R # %# *3&35+21G%5 #24;*@34AC1# %#5;E31# 0,(024R #1%EW0,*%4?1%4 # ;&/# ;0# -:*+/#
63934B/113*R # :(:$3/134R # 6309B+;03/134R # C553E3/134R # $/5+355%E/ # ;*34C134R # 09,120%/1%4 # ;0 # %#
1:9:00;&C134#:00934%(4X#4:(6;5'3/134D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
8935431#;*34;(B*#09X*X#*3&35+21#;0#%9#;61:(#C553E3/@39#1%EW0,*X+X#1,(2GG/#4:(4;53431
J$431'%&.",2V)2/83:/."S:)+0
p4;*/1#%#-2A+%*,$#;0#%9#:(:$#$3&A3*35;0;4R#;0#%55%1#-,54,002&24#%9#3$G3(/#1%EW0,*%4,1G%5D#"#W;*R#
@,&' # 4?+%4,0?*A,5 # G355C1R # @,&' # $/*'35 # $X+,5 # ,1,9@%4A?1 # %9 # 3&'/134 # ;0 # % # $20/1%4D # b993* # %#
09,W/2*/0#;*34#43($;093430#&':13(3/4#3(B0H4AC1D#"9#35&3+3*$300;&#093(3E3#%#6/*2&-3A*B+;0G35#;0#%9#
3$G3(#;*34;G35#%9#}09:6340;&#E;*+2/5#13(C*#%#*24X09:&C1G3D#b931531#%#4:(4;53431531#&,5+,*%4.#
;0#;(9;01:(;GB*#1//5+?*6%#%*%E,99?1#$3&#%#13(3094;5'#;(4;1(35+34_#"#4H9E%(%5W0,*%4R#x26/+G%5#;*B#
13&'3*3$ # 8%?* # /(254R # x25/3* # E(X-;4% # @F0;&3 # e0435;@39R # %9 # /(&%*$%0 # 09%$%(/425?0R # % # @/4 # 2*4%*/#
&'X&'?*20,1#;0#$20#E;*+21R#$3*'31#%9#3$*H4344#(32*/0#-,*'%$%4#(;093/#%#f/G*/2G%5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#}4304%$354?$#4:(4;5343/R #%#13(3094;5'0;&#4:(4;534;531#3*B1;09H4;03#%#@;G3(#5;E#0,(02G%5#
$3&3(B0H4/1#G355C51R#@,&'#%9#3$G3(#%9#/0435/#6/*2&GX*#%#-:*+(3#@3*'39434344R#%#*;*31531#@3*'34#%+XR#
430434#:*4:44#/0435/#43(3$4$;5'D#b94#1:9634H4/1#%9#3*@%5&9X#4:(4;53431D
"#4:(4;53431#3*$,5+20%#;0#%#G309;*&34;031#0,(25#E;*+21#%+X+5%1#%9#/0435/#6/*2&#G:*W0#63934;03#
;0 # %9 # 3&'30 # 3$G3(/ # 0,(0,1 # 1:94/ # 1%EW0,*%4(% # S$%&'%( # $/4,*X&/%R # % # $%&'%(,1 # B04:(4;534;531#
(;09*343/R # % # 13(3094;5'0;& # -3*6;43*3R # $20 # 5;E31 # $/4,*X&/2A25%1 # /0$3(434;03_ # E;*+2?* # %9#
;09%1/.&3($25#$/4,*X&/2;UD
"# 7300/20(X* # 09X*X # A:635+:*;0 # ;0 # % # 724; # 36%5&;*/?$25%1 # 5;@25' # (;09*34;531 # -3*+,*&,92026%*#
92(?*#%9#%*0X#4%&,9%4,0#09%G%+#6%**20#X(21#4;$2A%D
"9#;61:(4#1:634B#@%&',$25',1%4R#09,120,1%4R#89354#7/@2*'R#89354#72(4,5R#89354#l?W/%R#89354#
b(90;G34R#89354#n3(35WR#89354#w':(&'#;0#$20#0935431#C553E;@39R#%9#;61:(#5%&'#C553E3/@39#;0#
%#A3*30#5%E,1@,9#1%EW0,*@%4A?1D#Sf34*3@3$30#A24;1R#tC51:0+/#1/(2*'62*%09420U
G$TS/+)U*1/."T+43+0
"9#%5'%5'3*6#;0#(%A9.-304;0#X(21,5#$/4,*X&/%/#4:(4;53431#1;E3/531#$3&A3*35H4;03D
GO)S/,+%$)#$0"f",+%$)#$0
}09:6340;&/#4:(4;53431
"#4H9E%(%5W0,*%4
7/4,*X&/%/#4:(4;53431
!",2V)2/83:/"51'3"2'2*#:4&2."$"0:3":5,+)&$#+/"S.0)O/"5:%:4
V*'%5 # ;(4;1(35+# -3*; # 63934B# :06;5'31 # 1:9:0# -3*-3+39;03 # %# W;*R # $3*' # $%A+# %9# LcPD # ,0942*'G%5#
@/6%41,920/ # %*%E1;54 # 09,*&2*@%4 # %9 # oA09:6340;& # 4%5H420%1,(R # $/54 # $/5+35 # 3$G3((3 # 6,5%41,9X#
;(4;1(35+D

INJ

Q252823:/
"9 # %*0X # 4%&,9%4G%5 # $3&%*%E,9,44 # 43(C*3431 # %9 # ;*341,(/ # 0%A24,002&,1 # 62*4,92026%* # QA%GG#
5;9BE,54GX*#13(C*531#$3&6/*2&H420G%R#%9#3$G3(/#;(43*3$#-3A*B+;0;(3R#%9#;(93*$/#;*34#;0#%9#%1%(%4#
$3&53$30H4;0;(3#09,*&2*X#6/*2&/(,+%*$/R#4:(4;53*$/#;0#QA4304%$354?$/#E;*+21,5#13(3094C*D
i-jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#3$G3(/" /+'/# /(254/#;(9;135'0;&34#2E,*A?1#%" S/$)1*W"$"Z$'13/1%W"$8"2#Z2'."0$TS/+)$3+00$)"
-,&*%*1,9X#4:(4;53431G35R #;0#%9# 3@@39#1%EW0,*X+X#G309;*&34;031G35D #"9" 2'09)S/9//:%# %*%EA24#
1;E9B" \1)$:'8:/# 2E,*2026%*#-3A*B+/1#1/#%9#3$G3(31#/(254/#093(3434#;0#%" 0932)2//:%3O*$3W# $3*'#%#
1;0BGG/31G35# 53$ #3(1:*W0/# 3*BH(20,15%1R #@%53$ #G3*0B# $3&&'B9B+;0531" 24%2*2)#2/02*.0N# "#
4%5?*X1#092$2(%#1/+3(C*#S@%#$%&?1G%#5;9531UR#@,&'#;*#G355C1#%"/82'2323#;(9;03D#b94#%9#;(9;04#%9#
QA4304%$354?$/#E;*+21#%*%EA25#42&H4%5/#139+AC1R#,*'%5#3$G3(31R#43($;0934/#*;5'31#/(25'2G%R#%1/1#
-3*;#3034*3&#3++/&#53$#-,(+?*4%1#093(343443*D
"9#X(21#$3&@/44#*;&1:(;G35#%#4%5?*X11%*#B09/543R#$;*'#G309;*&34;031(3#5'H*/1#*3@34B0;&D
"m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#%*0X#4%&,9%4G%5#%#$30;1R#%#4:(4;53431#;0#%#@,992-F9B+B#G309;*&34;031R#436;135'0;&31#2*4%*#
$3&%*%E,9,44#6%**20,0#;(9C*34R#$3*'#%#hD#,0942*'G%5#%#$/4,*X&/%/#4:(4;53431#;0#%#7300/20(X*#09X*X#
A:635+:*;03113*#92(?*D#q2(4%002&#%9#C553E31@39#1%EW0,*X+X#/0$3(3431G35#;0#09,120,1G%5D
J$431'%&.",2V)2/83:/."S:)+0
"#AX#;0#(,009R#%#GF5#;0#3(;5'#$3&A3*35;0;(3#%#$/4,*X&/%/#4:(4;53431R#;*34(%A9,1#GB0;&30#E;*+24#
%+5%1D#"#*,6%&1,(#53$30#;(93*$3/@39R#%9#%1%(%4#AX#/(25'G%#4:(4;5B#3+9;0;@39#%#*,6%&1,(/#3(;5'31#
$3&/0$3(;0;63*#A?4@%4?51#1:93*3GGD#"9#:094:5:1#5;@%#;*3434#$3543531R#5;@%#4:51(34309/1#%94D#
a:(4;53431#1%EW025#$3&G309;*AC1R#@,&'%5#4%5?*A?51#$3&#G255/#63*C1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#"(4@?(#1/(2*'(X*#;0#t%(9/6%*(X*#09X*X#4:(4;53431G35#%#G343&0;&R#%#&'X&'?*20#;0#%#$3&G,W02420#
1;(+;03/63* # 4%*2*1,95%1D # q;9?0# d(/094?0# ;*343R # % # E;*+29%4,1R # q;9?0 # &'X&'H420%/R # %# &'X&'?*20,1R#
$3*'31 # 3*0B0,(G%5 # % # *;*31 # &'X&'?*202(% # 6,5%41,94%1R # $/5+35 # ;6-,*'%$52* # 3&'(3 # $%&%0%GG#
09/5435 # (;093/ # %9 # X(25%1D # 89354 # t2*(X*R # a%(0/W/?0(X* # 6%&' # 7/*,5(X*R # % # 13(3094;55'; # 62*4 # 2(6%#
(%G09,*&%#-/Q(X*#09X*X#4:(4;5343135#13(3094C*#%#13(3094;5'0;&#1,(%/#/+B09%12(%#6/*2&H4?51#(2D
7/*,5#0,(025%1#1:634;03#0,(25#%"S/$)1*'U)R#%"Z$'13/1%'U*#%"/+'/#1;(+;03/(B*R#%"?+4*5./2):/'Y)"
09X*X#G309;*&34;031(3#%+X+/1#AX#*3@34B0;&D
G$TS/+)U*1/."T+43+0
" # 4:(4;53*3$ # 4%542(&'@,9 # 1%EW0,*X+6% # %9 # B0/ # 1?*4Q(211%* # ;0 # 6%**20,11%* # /0$3(13+531 # $3&D#
%(%4@?094(% # 4%5H420%/G%5 # % # AX # ;0 # (,009R # f?++@% # 4%5H420%/G%5 # %9" 2%&]33:'8:/# ;0 # %" ):)20"
#2%42#2/^3:/2R # $3&4/094?*20%R # $3*'31 # % # 09%G%+6%**20.X(21,5 # 1:9634*35C* # 1%EW0,*X+5%1 # %#
4:(4;53*$/#/0$3(343/1@39D
"9#X1,((X*#;0#%#1,(%/#1:9;E1,((X*#4%5?*4%1#%#09%G%+6%**20.X(21,5#3*$;*'H4;0(3#13(C*531D
"9#;61:(#C553E3/531R#;0#%9#3931@39#-F9B+B#09,120,15%1R#@%&',$25',15%1#2E,*20%#%#4%5;6G35D
GO)S/,+%$)#$0"f",+%$)#$0
INI

0,(0R#W0%*2+R#G%(2402&R#3$G3(/#1%EW0,*%4,1R#;*34Q4R#3&'C44;(9;0#R$3&G,W02420R#&'X&'?*20
X1,(/#1?*4Q(21R#6%**20,1R#q;9?0#4%5H420%/R#89354#t2*R#1,(%/#13(3094;5'0;&#R*,6%&/#3(;5'31
!",2V)2/83:/"51'3"2'2*#:4&2.
"9#3*@%5&9,44%1@,9#1%EW0,*X+6%#09%G%+,5#5'/*%41,95%1#$3&#%9#X(25#-,*'X#G309;*&34;031G35D
" # 42(&'%*4 # 4;$%1:(:1G35 # % # 0,(0R # % # w,5+6/03*;0R # %9 # 3$G3(/ # 1%EW0,*%4,1R # % # 093(3434#
$3&5'/*%41,920%/5%1#24;*;03D
k-MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # 5%&' # -:*+(%A9/ # -3*-3+39;031R # -3*4%*2*20,1 # @2443(;(3R # 5%&'A%/51 # %9 # 3$G3(/0;& # 4,62GG@%*%+20%#
;(+31;G35#6H6,44#1C9+3*$3/(3#6/*2&H4?51#(2#;*34(%A9,1#03&H40;&;63*#D#""#2%%&Y8Y*:/W"0.3$'31/#R#%#
0989//:%:'3"\+8+33"1)*+8$3+0#24;*;03#%#4:(4;53*$/#@B0:1#;*34Q4A25%1#1:634;0;G35#+,$G,(,+/1#1/D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9 # L.OD # ,0942*'G%5 # $3&%*%E,9,44 # /0$3(3431R # % # 0,(0R # %9 # 3$G3(/ # 1%EW0,*%4,1R # %9 # 3&'C44;(9;0#
$3&G,W02420R#%9#3++/&#42(&'%*4#13(3094;5'0;&&3*#1%EW0,*%4,0#;0#$20#6%**20,1(X*#09X*X#4%5H420,1R#
%9#;61:(#C553E3/#;0#%9#3931@39#1%EW0,*X+X#09,120,1#/0$3(343
J$431'%&.",2V)2/83:/."S:)+0
"# 42(&'%*4 # ;*34(%A9,1G%5 # -/5,$ # :0093-C&&;03134 # -3+39@34C51 # -3* # %" %&2'#200+'Z$4 " 13:)320R # %9#
.,Vc0+'. " :520# ;0 # %" ,2)4Y330+'# 1%EW025D #"" /82'2)2#'Y)W " T1'0$TS/+)$3+0'U)W " $ " \18$//1%'U)W# %#
%&2'#201)*1/'U)W# %9" $4&$/1%'U)# 3$G3(/ # 0,(0,1 # G3$?4%42026%* # ;0 # 3931@39 # 1%EW0,*X+X#
G309;*&34;03113* # %*%E,99?1 # $3& # % # ].!JD # ;6-,*'%$,1G%5 # % # W0%*2+/ # ;*34(B* # 09X*X # 4;$%1:(:134D#
t;*+%1;EE;#%11,(#62*/1#/&%925#%9#;*34(%A9,1G%5#42(&'%*4#1/62*X#093$;*'R#@%#3&;09#3$G3(/#*;5'3#
(%&%+A%#$3&#%#&'3($313134R#0#%9#3(;5'3/R#5%&'093(F0;&3#$3**344#%#@/G2/4#03$#135+B99C1#3*D#b9#%#
*3*1/#-,*'%$%4#W035+3035R#%#*3*1C1#$;*';5#A2409X+/1#*3R#53$#-3*4;4*35C*#09C10;&30#09%6%1G%#:5435/D
"# 093&;5'31 # 6/*2&25%1 # A%6H42025 # 03&H4B1 # $?512002&25%1 # $3&/0$3(;03 # 2*4%* # % # @%($%+/1 # 6/*2&#
;*34$X+A%R#093&;5'0;&3R#3&;090;&/#@3*'9343"2%&]33:'8:/3#62*4#1/#%#&'3(3131GB*D
"9" 2%&:4# ;0#%" 0989//:%W# %" /8$Z$*/1%# ;0 #0+')13+8+33/1%R#%" ,2)2)Y//:%-":/"1)*+8$351))$)1/"
1;(+;03/531#24;*;03#;*34(%A9,1,5#13(3094C*#D
"9#"E,04,*,1#W03*313+343/@39R#6%&'#3&'.3&'#36%5&;*/?$/#(;09*34#/0$3(434;0;@39#%#A3*351,(#34/1%/#
1;(+;03/ # /0 # 1%EW0,*X+5%1D # w%5+@/R # "*G3(4 # 8W@3/493( # 6%&' # a3(;9 # %5'% # $?512002&25%1#
$3&/0$3(;03#2*4%*#%#@%($%+/1#6/*2&#;*34$X+A%R#093&;5'0;&3R#3&;090;&/#@3*'9343#/(254/#3&'C44;(9;0#
3(B0:+/1#%#4%5?*X1G%5D#"#093&;5'0;&R#%9#3*@%5'%&,*402&R#%#-3*3$3*13+;0(3#62&'X+X#3$G3(31(B*#
093(9344#1:93*/#4%E%094%*%4,1R#,*6%0$25',1R#@H(31#1:9634*35C*#1%EW0,*X+5%1#%#4;$2@,9D
"#-,&'%4;11%*#;*B1#3*-,&%+202(%#;0#$3&;(4;0;(3#09;E#E;*+%#Z3*35#d3**3(#<[0:5+30R#0:4;4#6/*2&,$=#
WH$F#5%E*XA%D#"#5%E*XGX*#(;09*343134#+,*&,9?51#-3*#:52**X%5#;0#W0,E,(4,0%5D
"#09;13*'31#1:9;E1,(/#093(639343R#%9#B0/#/5+/25#42(0%+%*$%1#G3(35+3913+;03R#%#093(93430(35+31#
1:9:00;&3R # % # 09%G%+ # 1/(2*'/ # 62(,0,1 # ;*343 # ;0 # $20 # 4:(4;53*$/ # E;*+21 # %*1%*$%0%1 # %((%R # @,&' # %#
09%G%+02&#;0#%#1,(*24,9,4402&R#%#-3*3*B00;&62**%*20R#%9#3&';5#;0#%#1:9:00;&#;*34;531#62*4,920%/4#
5',$,5#1:6300;1#;0#G309;*&3003531#(X*%D
"#13(3094;5'#;0#53$#13(3094;5'#6%**20,1#$3&;(4;03R#%9#X1,(/#6%**20,1R#%#90/+X#6%**20R#%#E,&25'#
$%&'%(,1#@/46/*2&%R#%9#/09*2$#6%**20R#%#G?++@/9$?0#;0#3931#&'%1,(*202(X*#09X*X#/0$3(3431G35#6%*X#
3*$;*'C*;0 # *3@34B0;&34 # %+ # %((%R # @,&' # 5'/4,442 # 62*A%5%1 # % # 4%5?*X1 # $20 # 6%**20,1 # 3*BH4;*34 # 5;*1C*/#
INh

3*-,&%+202(%D
G$TS/+)U*1/."T+43+0
%#KcPD#,0942*'G%5#%#09%G%+6%**20.X(21#4;$2/G%5#6%*X#3*/&%9,+20@,9#%#4:(4;53*3$.#;0#-:*+(%A9X(%#
/0$3(343/#@,99203&H4/1#%#4%5?*X1%4#%#4;(G35#;0#/+BG35#6%*X#A,GG#42A;1,9X+20@,9D
GO)S/,+%$)#$0"f",+%$)#$0
3$G3(/ # 1%EW0,*%4,1R # 093(3*3$R # W0%*2+R # E2(1%EW0,*%4,1R # %5'%02&R # 3&';5R # 1:9:00;&R#
-3*3*B00;&62**%*20R#@%9%093(3434R09%G%+02&#;0#1,(*24,1R#3&'C44;(9;0R#"E,04,*,1#W03*313+343/R
89354#q,@%55%R#"*G3(4#8W@3/493(R#a3(;9#%5'%R#w%5+@/
"14?2*/0#34/1%/#1;(+;031
!",2V)2/83:/"51'3"2'2*#:4&2.
"#E;*+%1;E31R#%#1:9:00;&;(4#436;135'13+B#093$;*'31#;*34;5#13(3094C*#%#W0%*2+/#;*34R#%9#/-AQ1,(/#
3*@%42(,920,1R#2*+,9%4,1#62**%*20%R#%#1/4%(420R#%#@%9%093(3434R#%9#3&'C44;(9;0R#%#03&H435/#%1%(20R#%#
53$30#W;*,1;(4#6%*X#$?512*1,+20R#%9#3&';5#-3*3*B00;&3#%#1:9:00;&;(4R#%#1:9:00;&31#;*343R#%#
$20,11%* # 6%*X # 3&'C44;*;0R # 3&'C44;(9;0 # ;0 # 3*-,&%+20 # E;*+2/5%1 # 24;*;03R # % # A3*351,(/ # 34/1%/#
1;(+;03/531#:00931%EW0,*20%#%#$3&G309;*;0(3#13(C*B#4;$211%*R#$20#6%**20,1#/0$3(343R#;0#3931#
/(254/#5'/4,4402&#;0#3*-,&%+20D
Q252823:/"$"P-=;"+/831)&Z$4
"9 # ;*341,(/ # 0%A24,002&,1@,9 # %*1%*$%91,+6%R # % # ]c!JD # ,0942*'G%5 # % # 4?+,$25'R # % # 6%**20R # ;0 # %#
$F6;093431 # 3&'C4430 # $3&A3*35;0;(3 # 4:(313+63 # %9 # B134 # 1:(C*636B # 6/*2& # /(254/ # ;(+31*B+;04#
09;*30H4AC1 # 1/R # :52**X # H4;*34%*1,420/ # 1;E300;&C134R # 09,W/2*/0 # -3*3*B00;&;(934C134 # -3A*309463#
3*$;*'H4AC1#3(1:*W0/#;0#6%**20,0#;(9C*34C134D
P-=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;*341,(G%5#%#09%G%+6%**20.X(21,5#%9#e0435#1;E;(3#;0#@%0,5*%4,002&2(%#43(3$4344#3$G3(4#
09X*H4A?1#$3&R#%1/#%9#3$G3(/#r54#@,(+,99%#$%&2G%5D#b((B*#%#4%5?*X5%1#4?+5/%#13**D#v&'#A?4?51#3*#
e0435#@%5&A25%1#4%E%094%*202@,9R#%#*3*1//0$3(34@39D#"#$3&09X*H4204#*3@34B*3&#,*'%5#;*34(%A9,1,5#
13(3094C* # 43009C1R # %$3*'31G35 # % # w,5+6/03*;0 # $3&;(/54/ # % # -B@B0 # 6%&' # $20 # 093(3E*B # *3*1;4R # ;0#
392*4%*#%#4%5?*X1#*3*1;4#/0D
m'$02'23

jM"U'$

I)Y8232/"3O*1/
"9# L.PD,0942*'G%5#$3&/0$3(4# ;*34(%A9,1,5# 13(3094C*#%9#3$G3(/# ;*34?4%1#A3*354B0#303$;5'3/531R#
-,(+?*XE,54A%/5%1#%#-3*/0$3(;03R#%9#3&';5#;0#%#1:9:00;&#1%EW0,*%4%/5%1#0,109H5F0;&3D
J$431'%&.",2V)2/83:/."S:)+0
n3*,*6%0200%*R # G309;*&34;03113*R # % # 4%5?*X1 # 1/03*B%+20%/6%*R # $F6;0934/ # $?51211%* # 43009C1#
*3@34B6;R # @,&' # % # 1:(6,5%*%9,44 # 4%543(6/ # 4%(4%*$%1G% # % # 4%5?*X1%4 # G36,56%R # %14H6%5 # -,($2*A21#
093$;*'/0;&C134#;0#H9*;0C134D#"#*3*1//0$3(34R#%9#3&'30#3$G3(#-3*3*B00;&3#%#1:9:00;&#;0#%#6/*2&#
-3A*B+;03#/(25'2G%5#AX*#$3&(%&%+@%4X62#62*A,5#%9#;*34(%A9,1,5#13(3094C*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"54/&,5; # ;0 # V(3094;09 # $/4,*X&/%/ # 4:(4;5343 # 03&H40;&;63*R # 1:9:0 # G309;*&34;031 # -,($2A2G%5#
(%&%+A?1#$3&#%#4%5?*X11%*#%94#%#E,54,4R#%@,*#%9#3$G3(/0;&#4:(4;534;G35#$3&A3*35/1#%#)2)0../#2'23N"
>26/*2&H4?51#%((%R#@,&'# %#5;E/R#@3*'/#4(%+HW/X1R#%9#?(%*1,+X1#E%(%5W0%/#-3*344#$2(#$3&09X*%*#%9#
INL

3&';5/R#$;&#@%*1#G3*0B#@%5&D#b9#%#$,4H6?$#%9#/(,+%*,$X(21,5#/0#-3*$3(C*#%#]D#,0942*'G%5D
8929%+,1#43*531#3*#"54/&,5;#;0#V(3094;09#G%*0,(0Q#;*343#?425R#%$/1,(#89X1(%4;09#G309;*5/#139+#
%9 # 3$G3(G35 # $3&09X*%*X # G3*0B # @%5&(X*D #"# 724; # 36%5&;*/?$ # 09%6%/ # % # 4:(6;5' # G34:*4;0;4 # $2(#
53$W0%1#%#4:(6;5'#1:43*300;&GB*#4344#6;&(3@%A4202G%5R#@%53$#%#*;*31G35#6%*X#$3&09X*%*202G%5#
@/(+34/D # "# 4%5?*X11%* # 1:9:035 # 43009C1 # -3* # 1;(+;03/5134_ # f3*35B44C51.3 # % # 724; # 36%5&;*/?$G%5#
$3&09X*%*X # QA # 1:6343*$;5'31G3R # $3& # 4?+A?1.3 # 6%*X0H4%5/zg # 73*' # 43(C*3435 # 13**353 # 3931531#
$3&6%*X0?*5/?1zg # 7/*'35 # 434431 # 09C*34@345;531 # % # $3&6%*X0H420 # 1:6341394;G35 # %9 # ,0942*'G%5R # %#
W0%*2+G%5R#%#$?51%@3*'3135R#@%9251G%5R# %#6/*2&G%5z#"9 #:'8:/# %9" 944252):/Z24# %9#r5#2*4%*#
/(25'H4@%4XR # 0,109H5F6;R # 2(5'%*442 # ;0 # %*%1H4@%4X62 # 62*@%4D # f309;*&34;0 # 1,(?51 # ;(93*$/#
3*0/62(,0,+2025%1#,1%/(X*#;0#*3@34B#A:6BG3*/#@3*'(3/&%9H4202(X*D
"9#3$G3(#1;E300;&3/531#1/G,54%1,9202G%5#%#1/4%(420R#%#1?+%(W,1#3*6/03*;03R#%#093563+;0R#$/5+/&#
/0#5%&'#093(3E34#A2409,44%1R#+3#?&'%5%11,(#@/4#;0#%#(3$;5'#/0D
73&$?4%4A?1 # 4?+X0,1R # -3*4%*2*X1R@H(30 # 3$G3(31 # ;*34(%A9%/5 # 13(3094C*R # @,&' # %9 # 3$G3(#
1/43*A303+;0;;(4R # 0%A24 # 1;E300;&3/531 # %9 # 3$G3(/0;& # 09,*&2*%42G% # 2**H4202;(4 # -,*'4 # ;0 # -,*'/1 # %#
1C9+3*3$D#St*D#f,*'%/%1R#7%+%$3#[?(/3R#89354&':(&'/#"*G3(4#;*343U
8,1/(25'Q#/(,+%*$/#E;*+21,5#W0/09,*A?1#%#4%5?*X11%*#%#*3*1//0$3(34#&,5+,*%41:(;4_#E*D#7%(*,#7,(&%5_#
T/++#@H(;4#%9#/&%9%15%1R#w3,(&3#>/4W@/3_T/009%431/54;0#%#@,*5%EGX*#WH$F#$F631#%*%EA25D
" # G%(2402&R # 093(3*3$R # 093`?%*/420 # 1;(+;03/(B* # -,*'4%4?51 # G309;*&34;03134 # " # AX # ;0 # % # (,009#
$3&H4;*;03R # ;0 # 3(3+343 # % # -354/ # 4;$21@,9 # /0 # 1%EW0,*X+@%4R # ;0 # %*1%*$%0 # 1//5+?*XE,54A% # *3@34 # %#
4%5?*X11%* # 6%*X # 4,62GG/ # G309;*&34;031531D # 73&6/90&2*A?1R # @,&' # %9 # 3(;5'31 # ;0 # %9 # 3$G3(#
A3**3$;531#1/%*%1?*202G%5#;0#-,($2*202G%5#%9#:55363*;0531#$/*'35#5%&'#093(3E3#6%5D
"9 # 3&'30 # 3$G3( # -3*3*B00;&3 # % # W0%*2+R # % # 5%&',GG # 1:9:00;&31R # % # 6/*2& # -3A*B+;03 # /(25'2G%5#
4:(4;53*$/#;0#A3*351,(/#;*34(%A9,1R#1:9:0#G309;*&34;031#%*%EA25D#St*D#Y3*0,5#7%5+3*%#;*343U
G$TS/+)U*1/."T+43+0
7%&'%(#/(,+%*,$#;0#+(2$%X(21,5#%9#X1,(/#&:(:&#09H5@29(X*#4%5?*4#/0$3(3431R#4:(4;53*3$X(21,5#%9#
/E%(/ # -,((%+%*,$ # 1:6341394;G35 # 6;&G3$354 # 42(0%+%*$/ # 62*4,920,1(X*R # % # -,((%+%*$%1 # ;0#
09%G%+02&@%(W,1 # 1,(2(X* # 4%5?*4%1 # % # 09%G%+6%**20.X(25 # 42(&'%*4 # 4;$%1:(:1 # /+BG3*/ # ;0 # 4;(G3*/#
3*@3*'39;0;4 # 03&H4/1D #"# 43($;09344?+,$25',1G%5 # 093(9344 # /0$3(343/1 # @,992A2(?*5%1 # %9 # X(21,5#
09XG%#13(C*B#4?+X0,1#;*34(%A925%1#$3&;(4;0;@39D
GO)S/,+%$)#$0"f",+%$)#$0
G%(2402&R # 093(3*3$R # W0%*2+R # *3*1//0$3(34R # :55363*;0R # 1/4%(420R # ;(93*$/ # 3*0/62(,0,+20 # ;0 # (3$;5'#
\e\.\\D#0929%+/#4?+X0,1R#1:9;*34/#3$G3(31#;*34(%A9%
!",2V)2/83:/"51'3"2'2*#:4&2.
" # 42(&'%*4 # ;*34(%A9,1,5 # ;0 # 3@@39 # 1%EW0,*X+X # G309;*&34;03135 # 13(3094C* # % # *3*1//0$3(34#
$3&09X*H420%R # % # 1:9:00;&;(4 # 6%*X # -3*3*B00;&62**%*20 # 3*$;*'H4;03R # %9 # :55363*;0 # W;*1/4F9;03/(B*#
09X*X#G309;*&34;031D#8%A24#@%0952*%4(%#3034*3&#/*'35#4%(4%*$Q#-3*%+%4,1#$3&-,&%*$%920%D
==-=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # -3*0BGG # ;6-,*'%$,1,5 # -,1,9%4,0%5 # GB6H4AC1 # % # ].!ND # ,0942*' # 4;$%1:(3/4R # % # *3*1//0$3(3430#
3&'C44;*;0 # (35+A;(B* # ;0 # G?14%4X/(X*R # % # &%9+%02&/ # -:*+(%A9@,9 # 1%EW0,*X+6%R # %" #O40$ " :/ " $ " T:48"
4;$%1:(;GB*#6344#&,5+,*%4,1%4#:00931%EW0,*A?1#%")2)0../#2'23#1;(+;03/63*D#b*35&3+@3434*35R#@,&'#
%"=6/6'#$3"%$3)/(5"#23.256(C6/#/0#4%*2*1,99,5#%#4%5?*X_#"#$%/#&%9+%02&/#@3*'934#53@;90;&3/G35R#%9#
3GGB*#-%1%+X#&,5+,1G%5#@,&'%5#*3@34#$3&B(/95/#%9"94823)24/:%23R#%#*3*1//0$3(3430#6/03*13+;04z
m'$02'23

jM"U'$

I)Y8232/"3O*1/

INO

"9#3$G3(/#1;E300;&31#1/G,54%1,9202@,9#09C10;&30#3(1:*W0/#4?*%A+,502&,1R#%#1/4%(420R#%#1?+%(W,1#
3*6/03*;03R#%#*3*1//0$3(34300;&#;0#%#(3$;5'#%#1,(2GG%5#42(&'%*4#;*34(%A9,1G%5D#"9#36%5&;*/?$,1GX*#
$3&/0$3(4#E;*+%G309;+31R#%#13(3094;5'0;&#4%5H420%/
J$431'%&.",2V)2/83:/."S:)+0
t2(@?9%$,1%4#13(30C51#%#G?++@/04%R#%#13(3094;5'R#%#90/+XR#%#@/5+?R#;0#%9#/09*2$#6%**20#1:9:44R#%#
13(3094;5'0;& # 4%5H420%/5%1R # 3(1:*W0/ # &,5+,*1,+2025%1 # -3A*B+;03 # 093$E,54A2GX*D #"# G?++@/9$?0#
4%5?*$25',920%R#%#<5',*W4%&Q#:06;5'=#&'%1,(*%4%/5%1#1/E(XG2*20%D#b5531#1%EW025#$3&4:(4;5/1#%#
&,5+,*1,+205%1 # $/54 # 3(B531 # ;0 # % # -/&'3*3$531 # $/54 # </0435/ # %A25+;15%1= # % # -3*-3+39;03D # b94 # %9#
%A25+;1,4#%9#3$G3(#$F1:+434/#-3*3*B00;&&3*D#b((3R#$/54#%#$/5+35#4%5?*X#2*4%*#$3&;*4#G3*0B#093**3$/#
4%E%094%*%4(%#;EC*#%#q25,0#36%5&;*/?$$%*#6%*X#-,&*%*1,920D#"#&,5+,*1,+20#3(3A3#;0#%#-/&'3*3$#
$3&;*4#4%E%094%*%4%#,*'%5#%*%E;*$;5'R#%$3*'(3#%9#/01,*%/#;63135#4Q*/#-3A*B+;0(3#62&'X#G3*0B#;*3434#
%*%E,9@%4A21#%#-/%4%*,1R#;0#%$3*'#3&'G35#%9#3(1:*W0/#;0#09,W/2*/0#;*34#%*%EA%R#%#A:6B#92*,&%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"")2)0../#2'23."/8$Z$*/1%W%"#$%14:'*20#;0"098:'*20#1;(+;03/D#T%**20/R#6/*2&5;934/R#42(0%+%*$/#
1C*:5G0;&31 #$3&/0$3(;03 #6/@34 #$20,1%4 # 3*-,&%+XR # $3&;(4B# &,5+,*1,+20/# Q4(%R #$3*' #09/54;5 #%#
*3*1//0$3(3443* # 2** # :0093-C&&;0G35D" 78+).*$'.31/R" 09)S/949/ " /2%^3/:%# 1;(+;03/531 # 1:9:0#
6/90&2*%4%#/(,+%*$/R#4:(4;53*$/#E;*+21,5#;0#%#4%5?*X1#0%A24#4%E%094%*%4%/5#13(3094C*D#"9#345/1%/.R#
6%**20/. # ;0 # -,&'%4;11%* # ;*B" 0./2ZZ/:%20# ;*34;(B* # G3092$,*X1R # 1/03*B%+20,1 # $3&4%(4202(%#
62**%*1,9@%45%1 # % # 4%5?*X1R$3*'34 # *3@34B0;& # 093(/54 # 3&';5/ # 6%&' # W0,E,(4,0 # 43(3E*24,&%4200%* # /0#
:00931%EW0,*@%4?51D
" # -3*5B44; # 62*20 # 0,(25 # GB6C*531 # %9 # 3$G3(/ # 1%EW0,*%4,1D # e01,*%42(0%11%*R # %9 # /01,*25 # 1H6C*/#
/0$3(B0:113*R # $%A+ # 1;0BGG # $?51%42(0%11%*R # % # G%(2402&&%* # ;0 # % # 093(3*3$$3* # 1%EW0,*%4G%5 # %#
*3*1//0$3(34 # 1;(+;03 # $/5+?54%*%5 # -3*634B+/1D # " # 1,(2GG/ # /0$3(3431 # 6/90&2*X+20/ # 093$E,54A%/4#
GB6H4AC1R#a@,$%0#7%55_#a,5/,#d(:&3(
"#E(,-/4.,(/3542*4#;*34G35#@,&'%5#6/09,5'?*A?51#%#*3*1//0$3(34C51@:9z#f309;*&34;031#%#093&;5'0;&#
1;(+;0;(B*#;0#%9#3&';5#-3*3*B00;&;(B*#%#&*,G%*/92W/X#6/*2&2G%5D
"9#:4#5%&'#6/*2&6%**20#0,109H5F0;&;531#$3&/0$3(434;03R#093$;*'30#1%EW0,*%4,1#2*4%*#$3&@H6,44#
3*B%+X11%* # GB6H463 # % # 0,109H5F0;&34D # n3*/0$3(434AC1 # % # *;5'3&/ # 3*4;(;03134R # 1C*:5G0;&3134 # ;0#
@%0,5*X02&,1%4 # % # 6%**20,1 # 3$G3(1;E3 # ;0 # 3(1:*W0/ # 4%5H420%/ # %*%EA25D # 73&$?4%4A?1R # @,&' # %9#
36%5&;*/?$,1#53$#E?094%#4:(4;534/#+,1?$354?$,1%4#A3*35H43531#$3&R#@%53$#%9#3$G3(/0;&#,*'%5#
1:9:0 # 1?*4?(2*/0 # :(:10;&;4 # @,(+,9921R # $3*'31 # C935343 # %9 # 3$G3((B* # 09X* # c # -3*313934/#
@,6%4%(4,9204X* # -C&&34*35C*R # c # % # $%&?1 # $;*'0;&;G35 # 6%*X # $3&;(4;0C1 # ;639(3+31 # -3*%+%4% # 6,*4#
3++/&#/0D#"#q25,0#36%5&;*/?$#1:9:0#,*6%0202(%#;0#-3*+,*&,9202(%#4309C51#1H0;(*3434D
"9#3$G3(/#-/&'3*3$#4?*%A+,502&%/#1:9C*#1/3$3*AC1R#@,&'#%#-/&'3*3$#09%G%+R#G2($3((3#/(25'H4@%4XR#
-3A*3094@34BR#4%5?*@%4XD#>2$?4%4?51#3&'.3&'#A3*354B0#-/*,9X-?0#$F63/63*#6%*X#-,&*%*1,920#0,(25#%#
0%A24 # &,5+,*1,+20/ # 1;090;& # 3(3A;(3D # b&'.3&' # 1/3$3*13+B # -/*,9X-?0 # ;*34$F6;63* # @,009%GG # /+3/&#
-,&*%*1,9?51#SE*D#89354#p&,04,5UD
"# f/G*/% # 4C1(;G35 # 24431/54AC1 # % # 90/+X # ;0 # % # 13(3094;5' # 6%**20,1(X* # 09X*X # 3++/&/ # /0$3(343/5134D #"#
6%**20/#/54;9$;5'31(B*#;0#6%**20/#1:9:00;&31(B*#:52**X%5#6;&9344#1?4%4X$?5126%*#1/03*B%+20,1(%#
62**%*1,9@%45%1#%#4%5?*X1D
"9 # 3$G3(/ # r5(B* # %*1,4,44 # 1;E34 # GB6H4AC1R # %9 # 2**%46/*2&4X* # 6%*X # $3&1C*:5G:9434B # A3&'31 # ;0 # %#
@%0,5*X02&,1#1:9:0#$3&-,&%*$%9202(%#/0#0,(#13(C*D#"9#3$G3(R#$/54#G/,*X&/%/#*;5'R#$/54#$,(2*/0R#
093**3$/#*;5'#;0#3GGB*#1/-,*'X*%&#1?*4?(2*/0#;0#42(0%0#*;5'D
Z,55%5#3(3+531#%#6/03*13+;0$/5421R#@,55%5#3(3+#%9#3$G3(#09%G%+#W03*316;03z
[0%1#3(1:*W0/#4:1;*34300;&(3#62&'X#3$G3(#*3@34#09%G%+R#1C*:5G35#09,*&2A262#62*/1#G3*0BR#24#53$#
+,*&,9,44 # %*%W0,5'(35+F0;&31531D # b # G3*0B # 09%G%+02& # % # 1C*0B # 09%G%+02& # 3*B-3*4;43*3/R # $3(4 # %#
INK

*3&093GG # 309$3 # /0 # 2*+,9%4?* # 30/1 # 3$G3(/ # &'%(*X02&,15%1R # @% # 5/5W0R # %1/ # 1/6/43*3993 # %94 # %#
&'%1,(*%4G%5#$,(2*/0#$%&%4%(4200%*#09%G,44#$;(W3#03&H40;&;63*D#"#W03*313+34#3(1:*W0/#$3&H4;*;03R#
;(4;13 # % # 1C*:5G:9B # 4:(4;53*$/ # 1,(09%1,1G%5 # ;0 # 5%EA%/51G%5D # "9 # 3?(XE%/ # 13(3094;5'0;&#
4:(4;534;G35 # &'%1(%5 # 13(C*4 # 0,( # /&%902&,1 # $3&1;(+BA3*39;0;(3R # G24,(R # 09%G%+ # 434431(3D # b5531#
1:6341394;G35#QA#+,*&,1#/5+?*4%1#3*R#G,54%1,9@%44%1#1/R#,*'1,(#%9,5G%5#%#G24,(02&;(4#5%&'#2(%4#
-/934431D # 7/4 # A3*354 # % # $20,1;(4 # :5934*35C* # 6;&@396/44 # W03*316B # 093(3434z # f309;*&34;031#
;*34@3*'93431(B*R # 093$;*'30 # ;*$;5'31(B* # ;0 # 4%E%094%*%4,1(X*D # t;*+21,5 # 13(3094C* # $?4%4A?1 # $3&R#
@,&'#%#AX(%#6%*X#4:(316;0#6/009@%5&(%#4%*2*R#;0#03&H40;&34#1%E@%4#%9#3$G3(R#%$/(B*#%#!IND#0,*42(#
%*%E@%5&A%#<"#$;*'0;&31GB*#1/2*4,1=#;0#%#7/%4'251G%5#-3*@%5&9X#1;(;031#/0#G309;*531D
G$TS/+)U*1/."T+43+0n
a:(4;53*3$#;0#&%9+%02&/#-:*+(%A9/#/0$3(3431R#%#09,W/2*/0#&'%1,(*%4#4%E%094%*%4%/R#%#$%/
1,(#%14?2*/0#1;(+;03/R#$3*'31(B*#1:9634*35C*#6%&'#%#$;+/25#13(3094C*#093(39531
4?+,$204#%#4%5?*X1D
GO)S/,+%$)#$0"f",+%$)#$0
:5934*350;&R#09,*/+%(/420R#%#6/*2&6%**20,1#0,109H5F0;&3R#%#q25,0#36%5&;*/?$R#W03*316B
093(3434R#89354#p&,04,5R#%#&,5+,*1,+20#/01,*2920%R#%#AX(%#6%*X#4:(316;0#6/009@%5&(%#4%*2*
!",2V)2/83:/"51'3"2'2*#:4&2.
r(9;135'0;&#;0#:52**X#H4;*34#1/%*%1H420%#%#$%/#1,(#42(0%+%*$/#1/@H620%/6%*#1%EW0,*%4G%5R#%9#3&';5#
;0 # % # 1:9:00;& # 093$*;*343R # % # 13(3094;5'0;& # @3*'3 # % # 6/*2&6%**20,1 # 1:94D # " # -/&'3*3$ # ;0 # %#
&,5+,*1,+20#:52**X#-3A*3094;03#%#0%A24#;0#$20,1#;(+31;G35#4:(4;5A35D

J1'/$*$)+#./#2'23
Q252823:/
"#42(0%+%*,$/0$3(34#4%542(&'#G363934;0;(3#%GG%5#%9#;*341,(G%5#13(C*@34#0,(R#%$/1,(#%#-/%4%*,1#
-/&'3*$;4R#;(+31*B+;0;4#0925+;1%/51#093(/54#3&'(3#/512GG#%9#B134#1:(C*636B#09F13GG#$%A+#42&%GG#
1:(5'3934#-3*;#/(25'H4A?1D#"#53$/#;(;003*#?&'%5/0#@%A*%$,002#62*5%1#%((%R#@,&'#4Q*9,44%5#:5$%&?1#
-3*;#-,(+?*A%5%1R#0%A24#$3&62*4,9,44#;(9;03/134R#&,5+,*%4%/1%4#@3*'399;1#-/&'3*$C1#1:9;EE,54A2G%R#
531C51 # %9,5G%5 # ;*34;(9;0C134 # 3**350Q*',9%5+X # ;EE35 # %9 # % # +,*&?51 # 311,(R # @,&' # -3*$?4%00?1#
092$?1(%#%#6/*2&#;(+31300;&3/4R#:0093-C&&;03/4R#*,&/1?0#-3*;EH43440;&;4D
"#4%542(&'#5%&'#03&H40;&34#5'QA4@%4#%#-/%4%*,15%1#3#4;(35D
"#4%5H4,44#43(C*343113*#4?+%4,0H4A?1#G355C1#%#W0%*2+#;0#%#42(0%+%*,$#093(13934;531R#:00934;43*;531#
A3**3&934300;&3/4R # % # &%9+%02&/ # -,*'%$%4,1 # 4%(4%*$%/4 # ;0 # @%420?1%4 # % # $/5+355%E/ # ;*34C51(3R # %#
$?51%#6/*2&25%1#1/@H620%/4R#%#E;59#093(3E;4R#$,9&2024R#%#E;5993*#6%*X#1%EW0,*%4?51#1?*4Q(2A24D#"#
W0%*2+,4#3GG35#%#6,5%41,920G%5#%9#3$G3(/#093(639B+;031#*3&1/03GG#3&'0;&31;54#42(&'%*A?1R#;0#
$3&$?4%4A?1R # @,&' # $/*'35 # $30093$35B # 1:634139$;5'3/ # 6%55%1 # 3&'30 # W0%*2+/ # @3*'93431531R#
G/9,5',0#;*34-,($215%1D#b5531#1%EW025#43($;09343035#*3@34B0;&#5'H*/1#%9#3&'30#;6-,*'%$,1,5#
G/9,5',0#5%&',5#-,54,0#093$;*'30#+:54;0/# 09/4?2W/X1# 1/G,54202(%R#$3&G309;*;0;(3R#;0#393135#
13(3094C*#%#-/%4%*,1%4#;(/54B#$,(2*/0#1;(+;031#$3&6/4%4202(%#/0D
[;*?51 # 43@24 # 3&'-3*B* # %55%1 # $3&$?4%420%R # @,&' # ;*34C5113* # 092$4%*%5 # 092*,5 # 1%EW0,*X+?51 # %#
42(0%+%*,$#3&;09;@39R#$20-3*B*#%#*335+B#-3*5B4431G35#%#093$;*'30#-3*3*B00;&#-3*;G(3094;03D#S"#
!!D # ;6-,*'%$ # 6;&/ # 09,W/2*/0 # &'%1,(*%4 # 5%&',5 # -,54,0 # 4%E%094%*%4,4 # A3*354 # 092$?1(% # 3 # 4;(35DU#
k&'%5%11,(#%#-/%4%*,15%1#*245/?1#13**R#@,&'#%#@3*'30#;*3463934;0R#%#AX*#$3&62*%09,*4#;*34@3*'93431R#
+:54;031 # 6;&0B # 0,(,5 # 0%A24 # G,*+,&?*20?1%4 # 03&H4/1 # $%A+ # 3*BD # t3+%&X&/251G%5 # @/09C51 # %GG%5R#
@,&'#%9#/01,*24#3*@%&'X#4%5H4625'%/515%1#/+321(%R#%#62&'%/1#$3&-,&%*$%9202(%#;0#%#(3%*/420R#%#
*3@34B0;&3/1#6/*2&,0#-3*/0$3(;0;(3#3&'%(254#09C10;&C1#6%5D#V*'%5#3$G3(31#5363*;0;4#4F94C1#1/#
43@24#W;*?*R#%1/1#%#G355C1#$3&-,&%*$%9X+,44#3*1;E93*;031#$3&6%*X0H42025%1#G24(%5#531/-,&5%1R#
INP

;0#%1/1#?&'%5%11,(#53$#(34435531#6/009%#%#6%*X02&G%5#3*;AC1#13(C*B#53@;90;&314B*#03$R#@/0935#
$2(#/0$3(343134#093(39431#(X*?1R#;0#AX#3034G35#$3&#/0#4%5?*4%1#%9,11%*#G255/D
"# 4%542(&' # -,&*%*1,95/ # 093(3453 # %9 # 2**%$ # -3*;EH4;0;63*R # ;0 # 3935 # 13(3094C* # -,54,0 # 2**%$E,*&2(/#
/0$3(3431(3#/0#1/4;(D#[;*?51#392*4%*R#@,&'#4?+%4,0#2**%$E,*&2(,1%4#5363*AC51R#%1/1#4/0942G%5#6%55%1#
A,&%/11%*#;0#1:43*300;&3/113*#3&'%(254D#e44#/0#093(345;51#%#-/%4%*,1G%5#4?+%4,0H4%5/R#@,&'#%9#2**%$#
$F1:+;03 # 5%&'G%5 # %9# 2**%$E,*&2(,1# -3*3*B0 # +:54;0;5 # $Q*/1R # $20-3*B* # 093(345;51 # $3&$?4%45/R#
@,&'#$/1;54#@%45%1#%#E,*/4/1%/#+:54;031#%#$/5+355%EA%/51(%D
" # 4%542(&' # 4;$2/4 # Q&' # 2**H4,44?1 # :0093R # @,&' # 4:GG5'/(3 # % # 1/03GG # 42(0%+%*$/ # 3&'0;&31 # -3*B*#
1:93*3+C51#%#5%&',GGR#24-,&XGG#42(0%+%*$/#1;(+;031#-3*;D#Y;@25'#4;$%R#E*D#%#E;59R#4:GG09:(#/0#
093(3E3*#%9#;631# %*%44R #@/0935#3*B09:(# $3&A3*35/1# $/54# %# W0%*2+/#1:*40;&634;0# 093(3E*BA3R# $%A+#
1;0BGG#$/54#%#42(0%+%*$/#1C*:5G0;&31#3*B/+;9BA3R#$%A+#$;&#1;0BGG#%#$?51%#?425#A2(X#G;(1;54#;0#
%55%1 # 1:*40;&3/1;54D #"94 # &,5+,*A?1R # @,&' # % # $%/ # 6/*2&G%5 # 39 # %9 # % # 4;$%R # %$/63* # 1/3$3*435 # 13**#
-,&*%*1,95?51R # @/0935 # 1:94?+,44%5 # 531C51R # $%&'%(,15%1 # 5%&' # 3*$%(%+20%/51 # 6%55%1 # % # E;59#
1?*4Q(2A25%1 # 43(;5D #"9,5G%5 # $/1:9G35 # 43@24 # 09/543 # $/5+35 # ;6-,*'%$,5 # G3*3C41:9C51 # % # E;59R#
E;5943*350;& # 0Q*',0 # 1;(+;03/G3R # 53$ # 093(345;51 # $;&03$ # 4Q*@%5&0Q*',95/ # % # E;59 # 093(3E;4D#
d344B0#093$*;*3443*#5'Q*?51#%#4;$2@,9D#89/543#$/5+35#;6-,*'%$,5#2E,*A?1#%94#%#&,5+,*%4,4#%#$%&%#
(32*/0#6%*X02&2G%5R#$/093(/54#<%#E;59#53$#G,*+,&H4=R#+3#3993*#E2(@?9%$,0%5#%((%#/0#$X+?51#5'H*/1R#
@,&' # $3&$?4%00?1R # @,&'%5 # 43@34 # 4:51(3 # W0%*2+,1%4 # % # 093&;5'0;&R # $201,( # $3& # ;EE35 # %#
&%9+%&02&R # 6%&' # % # (,009 # &%9+2*1,+20R # 04GDD #"# 42(0%+%*$/ # -3*3*B00;& # $3&;(39434;03 # 3 # 4;(35 # /0#
+:54BR#6%&'/0#@,&'#%#-/%4%*,1#$3&;(40;1R#$/*'35#-,54,0#%#AX$X+Q%1#09,*/+%(/420%#%#093&;5'3113*D#
720(;094#%9#3&';5#09/54A;5#$3&#-3*3*B0R#,1,0#E;59C&'/#&%9+2*1,+204#4%5H4?51#%#-/%4%*,15%1D
" # 42(0%+%*,$/0$3(34 # 4%542(&'%4 # &'%1,(*%4/%0%5 # 4%5H4A?1R # -3*%+%4?51R # @,&' # $/5;* # 1,51(;4%GG%5#
5'Q*A?51 # %9 # 3&'30 # 43(C*3431@39D # "# -/%4%*,1%4 # %9 # ;*B # E;*+21 # $3&$?4%420% # A?44%4A% # $%A+ # 6%*X+/#
;*$;5'31@39R # -3*/0$3(;031@39D # b9 # %9 # % # 4%542(&'R # $3*'G35 # 5%&' # A3*354B0;&3 # 6%5 # %#
4%E%094%*%4,15%1_#G24(%5#@%&'%41,9@%4?51#%#+/21,1#;*$;5'3/(3R#;0#%9,1GX*#-%1%+X#1;(+;03/1(3D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
[0%*2+R#%#W0%*2+#093(139343R#W0%*2+/#&%9+%02&g
"#09C*B/#-3*3*B00;&#1;(+;03g#"#09C*B1#A,&%/#;0#1:43*300;&3/g#"#&'3($31A,&,1g
7/1(,.#;0#$%1(,&%9+%02&,1g
"#1:*40;&634;0g
51,($25'9%4S/02&U#c#%9#2**%$/#09-;(%g
"#E;59#-,&%*$%_#2(-,*'%$R#6%*?4%R#+36/9%R#/5-*2W/Xg
f%51/#$F63*3431_#G3-31434;0R#1:*W0:5R#1:*W0:5093(9B+;0R#aZ7R#%#1%$%4R#%#4B90+3g
r(4;1E%EH(
m'$02'23

>h"U'$

I)Y8232/"3O*1/
d/03GGR#53$#4Q*#53@;9R#2*4%*25,0#4%(4%*$%11%*#GH(X#09:63&31#;(4;03g
w(%-/1,5,1R#+/%&(%$,1#;(4;03g
b&'093(FGG#09:63&31#%*1,4202G%5#6%*X#A2(4%002&g
"9#;*341,(5%1#$3&-3*3*B#$%43$%4/1%/#/0$3(3431_#E*D#0929%*;1092$H420
J$431'%&.",2V)2/83:/."S:)+0
"#-/%4%*,1#3GG35#%9#;*341,(G%5#G/94,0#-,&X+9X1%4#13(30531#%9#;*34G35R#@/0935#:5$%&?1G%5#393134#
$;& # 53$ # 4%*2*A21 # $3&D # n,54,0 # 093$E,54 # /44R # @,&' # %9 # B134 # 1:(C*636B # 09F13GG # 1:(5'3934#
A3*350;&3/531#$3&;(4;0;G35#5'QA40?51#3*0B0,(G%5#03&H40;&34D#b9;(4#%#1:9E,54/#4;$%#3GG35#%9#
;6G35#%#W0%*2+D#"#-/%4%*,1#0%A24#W0%*2+A?1%4#63@34/1#%*%E?*#%#G309;*&34;031G35R#3$/%44#%#4;$%#1:93*#
2**#@,992A?1D#8,109,(#*3@34B0;&#5'H*/1#%((%R#@,&'#%#G355C1#-309C*B#*24350#1;(+;03134#$20#W0%*2+,1#
IN]

E;*+2A% # 2*4%* # ;(/540C1R # H&' # % # E(,G*;$21 # 1/$,5+20% # 03&H4B35 # @%4@%4 # (2A?1D # a;$% # *3@34 # /44 # %#
W0%*2+093(13934#1%EW025#%#E2(62*%09420R#@29%002&R#;*3442(0/#1%EW0,*%4R#62*20R#%#&'3(3162**%*20R#;0#
3931 # $,(2*/0 # 634C*343/ # 6%*%$/54 # A,&/R # &%9+%02&/ # 1:634139$;5'3/D #"# 4;$25%1 # 4:(4;53*$/ # 426*%4,4#
%+@%4?51#%99%*R#@,&'#5%&'09C*B1/&#3034*3&#+;+09C*B1/&#-3*$35B35#6/90&2*A?1#%#W0%*2+093(1393434R#
%# @29%002&/R #3&'C44;*;0/R #&'3(3162**%*20/ #09,120,1%4D # bGG35 #%9 #;*341,(G%5 #$;&# %9# /+32*/0# -3*B*#
431/54C51#%#53@;9#@3*'93431(3#/0R #@/0935#%#!h.!L#;630#-/%4%*5%1#*3*1/#09C10;&*343# %#@/4 #%#43*A30#
3$G3(/#;*34G35R#H&'#%#43*A30#3$G3(/#1%EW0,*%4,1G%5R#%#W0%*2+G%5#/0D
"#W0%*2+/#&%9+2*1,+20#/9&%*$%0#:0093-C&&;031(3#6/*2&H4#(2R#;0#35531#1%EW025#G3431/54@34C51#%#
G36;43*.1/%+20#4;43*3/(3D#qX4;1,5'%5#@%4#3935#%#43(C*3435#%#43(6093(F0;&R#3*B(3*2420#/&;5';531#%9#
2E,*20%R#@/0935#;EE35#3GG35#%9#;*341,(G%5#53@3935#4?+A21#%#-/%4%*,1#G3,094%5/R#$3&43(6395/#0%A24#
5%EA%/1%4R # $?512A?1%4D # " # E;59 # (3%*/4201;54 # 6%*X # -3*$?4%420%R # % # W0%*2+/ # @294%(420G%5 # G34:*4:44#
093(3E3R#%#@/G20#6%&'#AX#&%9+2*1,+20#1:634139$;5'3/531#E;*+2/#5%&'#E3+%&X&/%/#3(B63*#GH(5%1D#
"*%E634B#E;59C&'/#-,*'%$%4,1R#-,&%*$%1#42(&'%*202(%#/0#*3@34B0;&#5'H*@%4#3935#%9#;6-,*'%$,5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#-/%4%*,1%4#1:(C*636B#09F13GG#1:(5'3934#;(9;13*;03g
"#W0%*2+#093(3E;531#0,1,*+%*Q#@%420%g
[0%*2+A,&/#;0#$,(2*/0#1;(+;031#$3&;(4;03g
"9#:51,($25'9%4#$F1:+;03g
"#&%9+%02&#$F1:+;0;531#%*%EA%/g#"#1:*40;&634;0g
"#E;59#;*34C51G35#G34:*4:44#093(3E;531#4?+%4,0H420%g
"#43(639;0#AX9%502&%g
G$TS/+)U*1/."T+43+0
\\D#0929%+/#4:(4;53*3$g
7%&'%(#5'3*6_#09:63&-3*+,*&,920R#09:63&%*1,420R#09:63&-%A421g
7%&'%(#/(,+%*,$_#E;*+21#%#\\D#0929%+/#1/03E/1%#6/*2&2GX*g
7%43$%4/1%_#E;59C&'/#092$H420,1g
7F6;09344:(4;534_#"#W0%*2+#/+32*A%#%#-304;0934G35g
GO)S/,+%$)#$0"f",+%$)#$0
[0%*2+093(13934g # W0%*2+/ # &%9+%02&R # G36;43*M1/%+20R # %+X920R # %9 # 3&' # -B(3 # A?4X # A:63+3*3$R#
1:*40;&634;0g#@29%002&M;*3442(0/#1%EW0,*%4R#%#A,&(35+R#W0%*2+A,&R#&'3($31A,&g#:51,($25'9%4/02&g#
;(4;1E%EH(R#4B90+3R#%#$3&4%1%(H420R#1%$%4R#1%$%4%+XR#1:*W0:5R#aZ7R#1:*W0:5093(9B+;0g
!",2V)2/83:/"51'3"2'2*#:4&2.
"# -/%4%*,1 # G/94,0%GG%5R # %9%9 # $;*'3GG # /0$3(3431 # G/(4,12G%5 # 1;E3031 # 3*/&%9,+5/ # 0%A24 # W0%*2+A?1#
6/09,5'%/G%5R#4:(4;534;G35D
73&;(4/1R#@,&'#%#W0%*2+#3&'(;094#$%&25;*34C51#09H543(3R#$20(;094#%9,5G%5#A,&/*%&#AX*#1:(C*A2(@%4X#
3&'C44;*;0/#-,($%D
d39+#4?+%4,0?*5/#G355C1R#@,&'#+:54;03/51531#%#$%&25;*34C51(3#;0#%#1:9;*34C51(3#5;963R#%9%9#
A,&/#;(43*3$G35#/0R#1:634139$;5'3/#6%55%1D
b&;090;&30R # AX9%5 # 093$*;*34C1 # 139+ # 1/%*%1?*5/ # % # E;5993* # 1%EW0,*%4G%5_ # 43(639@34BR # 24*24@%4XR#
;(4@34B#43(C*343#%9#;*34C51531D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
a2(0%+%*$/#(;43&9B+;0#$3&$?4%420%g#
"#093&;5'0;&#-,&%*$25%1#1:(G3A2(20%R#093&;5'0;&.092$H420,1g#
I!N

"#*3$%(%+X#(;43&31#A3**3$9B/g#"#*3$%(%+20#,1%/g
"#$?51%5;*1C*/0;&R#%#093&;5'0;&#(35+093(62*420#?425/#4:(4;534;531#24431/54;03g
"#@%A*;14%*%502&g
"#1/03GG0;&#;0#4:GG0;&g#
"#(,$%#1/03GG0;&#@3*'9343g
m'$02'23

>h"U'$

I)Y8232/"3O*1/
"9#3*B9B#;6G35#4%5?*4#E;59C&'/#-,&%*$%1#/0$3(343g
Z,009%GGR#53$#4Q*#53@;9R#2*4%*25,0#4%(4%*$%11%*#GH(X#09:63&31#;(4;03g
w(%-/1,5,1R#+/%&(%$,1#;(4;03g
b&'093(FGG#09:63&31#%*1,4202G%5#6%*X#A2(4%002&g
"9#;*341,(5%1#$3&-3*3*B#$%43$%4/1%/#/0$3(3431g
J$431'%&.",2V)2/83:/."S:)+0
bGG35#%9#;*341,(G%5#%#42(0%+%*,$/0$3(34#4%542(&'#1/62*X#*3@34B0;&34#5'QA4#%9#/54/$#;0#0,109,(#
:00931?092*X+,44 # G3*0B # *3*1/ # -,*'%$%4,1R # ;(9;031 # 3**350Q*',9202(%D # " # W0%*2+ # ?425 # $,04#
-/&'3*$C5113*#%#42(0%+%*$/#(;43&31#;0#%#1:94C1#-309C*B#1C*:5G0;&31#-3*;#-,(+?*?51D#7/1:9G35#%#
-/%4%*,11%* # % # 093&;5'0;&(3 # ;0 # %9 # 3GGB* # -%1%+X # ;*34@3*'93431(3 # -/&'3*C51R # 0%A24 # 53@;9531 # 4F5B#
E(,G*;$2/1 # (3*%4/6/92*X+5%1R # ;0 # 392*4%* # 3&;090;&303GG # ;*34093$*;*34@39 # 03&H4AC1 # B134D # "#
092$,1G%5#$3&-,&%*$%9,44#4;5'31#6/*2&%#c#E*D#093&;5'0;&092$H420#c#/44#/0#%94#%#AX*30B#;(9;04#
3(B0H4/ #G355C1R #@,&' # %#-,*'%$%4,1# *3H(@%4X1R # $3&(%&%+@%4X1R #@,&' # %9#3&'30 #A3*350;&31# 1:9:44#
,1.,1,9%4/ # :0093-C&&;0 # 6%5D # 7/1:9G35 # 43@24 # % # !L.!O # ;630 # -/%4%* # %94 # ;*/ # $3&R # @,&' # $/5+35#
1;E*;135'#G3553#;0#1:(C*:443R#$,04#$3&4%E%094%*@%4A%R#@,&'#4:(6;5'31#;*531#%#42(0%+%*,$G%5#/0R#
%9#3$G3(/#3&'C44;*;0531#09%G2*'%/R#AX*#;(4@34B#4;5'3/#6%55%1D#f2(#%#4;$%#0,109,(#53$#09H6+3(H4BR#
+3 # %992 # /0 # 43@34AC1R # @% # $3&$?4%4?51 # ,*'%5 # 42(0%+%*$/ # 093(639343134R # 3$G3(3134R # %1/1 # %9,5#
+,*&,95%1R#@,&'#%#5%&'#-309C*40;&3134#,1,9X#1C*:5G0;&31#35'@C*A3531D#S[;*093(F#/54;9$;5'3134#
*24,&%45/R#%@,*#/*'35#A3**3&F#$?51%#-,*'/1DU
d;935-316B # 3GG35 # % # 4;$%1:(G35R # @,&' # $3&6/4%00?1 # % # (,$%1;(+;04R # $/54 # 42(0%+%*$?51 # 4%*25#
*3&;&34BGG#E(,G*;$2A25%1#3&'/1;4D#e44#/0#-,54,0#%#AX#E;*+21#$3&$?4%420%R#6%*%$/54#%#1/03GG0;&#;0#
% # 4:GG0;& # 6/09,5'24 # ;(/54B # -,&%*$%1,5 # 13(3094C* # % # 4%5?*X/51G%5 # % # 09,*/+%(/420 # ;(9;0;531 # %#
-3*;G(3094;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
8%A24R#/**3463#W0%*2+A25%1#%#42(0%+%*,$G%5#G34:*4:44#@3*'934;531#(32*/0#-3*$;(;03g
"#$%&'%(#42(0%+%*,$#53@;90;&3/531#/0$3(343g
V1.,1,9%4/#:0093-C&&;031#$3&;(4;03#%#42(0%+%*$/#(;43&9B+;0#43(;5g
[0%*2+/M#4;(0;&/#$3&;*@34;0/#*3@34B0;&31g#
"#$?51%5;*1C*/0;&#,1%/5%1#$3&;(4;03g
f/9,5',0#$,(2*/0#1;(+;031G35#6%*X#3*/&%9,+20R#%#09,*/+%(/420#;(9;0;531#$3&;*;03g
"9#3*BH4;*3430#&,5+,*1,+20#,125%1#$3&;(4;03R#3*?4%0H420%g
"#4:GG0;&#-3*3*B00;&;531#;(43*$39;03#%#42(0%+%*,$G%5g
a2(0%+%*$/#093(6393431#$?512A26%*#6%*X#/0$3(13+;0g
G$TS/+)U*1/."T+43+0
a:(4;53*3$_ # % # 093&;5'0;&R # % # @%A*;14%*%502&R # % # (,$21R # % # $?51%5;*1C*/0;& # 4:(4;53*$;531#
-3*6/**%5420%g
7%&'%(#5'3*6_#09:63&;(4;0R#09:63&%*1,420R#09:63&-%A421M$F-%A,1g
7%&'%(#/(,+%*,$_#63(031#%#\\D#0929%+GX*#SE*D#qX903-#"44/*%U#%#4;$%1:(@:9#1%EW0,*X+X%5g
I!!

GO)S/,+%$)#$0"f",+%$)#$0
a2(0%+%*$/ # (;43&9B+;0g # 42(0%+%*$/ # $,G/*/420g # %G09,*Q4M(3*%4H6 # 093&;5'0;&R # $;*'093&;5'0;&g#
3**350;&1;ER # E(,A3142*20g # +/091(/$/52W/XR # %009/$/*2W/XR # /543&(2W/XR # 093&(3&2W/Xg # E,*/4/1%/#
+:54;0M%1%(%4g#4:(6;5'/#@244;(g#"#-,&'%094X/#1,02(M09,120,1g#4:(316B#-,&'%09420g#09C10;&*3431_#*3*1/R#
093**3$/R#%5'%&/#09C10;&*3431g#+3E(/62W/Xg#@24(25',0#@3*'934g#4:GG0;&M1/03GG0;&R#09,W/2*/0#@2*Xg
!",2V)2/83:/"51'3"2'2*#:4&2.
"#-/%4%*,1#;(4/1#%#42(0%+%*,$#093(13934;531#*;5'3&30#3*3$3/4R#%#(;43&31#*;4(3A:44;531R#*;439;0;531#
4:(4;53*$/#;0#A3*351,(/#,1%/4g
"#1,51(;4#092$,1#-;5';G35#3(B0:+/1#(3%*/420;(9;1C1g
[0%*2+A?1%4 # 3* # 4?+A21 # @3*'395/ # % # (;43&31 # 6%*%$3*'/1;G35R # 4?+%4,0?* # G355C1 # ;*34-,($2A?1 # $20#
(;43&G3*/#W0%*2+,1@,9#6/09,5'H46%g
b(B0:+/1#G355C1#%#42(0%+%*,$#3&;09;G35#6%*X#&,5+,*1,+20R#-3*3*B00;&;(934C1g
73&;(4/1R#@,&'#%#53@;9#@3*'934F#(;43&31;(4#*3@34#;0#13**#/0#4355/g
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#+36/%5W/%R#%#+36/250#6/03*13+;0/#-,($21R#%9,1#*3@340;&30#,1%/g#"#W0%*2+/#@244;(g
" # $%&'%( # A,&(35+ # 093(139343R # % # @%4%*$/ # 2&%1 # 09;462*%09420%R # 4:(6;5'@,920R # % # GH(X02&R # %#
6;&(3@%A420g
"#GF5C*+:9;0R#GF5434;06;&(3@%A420g
t,*/4/1%/#+:54;031#%#4;$%1:(G35R#%9,1#1:634139$;5'3/531#$3&6/90&2*20%g
"#(3@%G/*/42W/X#*3@34B0;&3/g
m'$02'23

>h"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#-,&%*$%/5%1#/0$3(343R#@%0952*%4%g
Y3@393GGR#@,009%GGR#5;E093(F#4?+,$25',0#09:63&31#;(4;0;531R#;(43*$39;0;531#1;090;&3g
"#-,&%*$/#&,5+,*1,+20#%9#;*341,(5%1#$3&-3*3*B#1;E300;&3g
J$431'%&.",2V)2/83:/."S:)+0
"#-/%4%*,1#3GG35#%9#;*341,(G%5#$2(#13**B#/0$3(3443*#;0#-3*3*B00;&&3*#(35+3*139531#%@@,9R#@,&'#
0Q*',0 # $,(2*/0 # 1;(+;03134 # -3093&300C51D # b11,( # $2( # 42&%GG # 42(0%+%*$/ # :0093-C&&;03134 # /0#
6/*2&,0%5#-3*#4?+5%1#/0$3(5/R#H&'#E,54,0%GG%5#1;E3031#*245/#$/54#1,(2GG%5#%9#3&';5#@3*';4#/0#%#
1:9:00;&G35R#-3*3*B00;&;4#%#42(0%+%*,$R#%#6/*2&#3&;093#/(254D
"9#/+3/#;6#4;$2/#c#%#+36/%5W/%#1C*:5G:9B#-,($2/R#3931#$3&3*B9;03R#%#(3@%G/*/42W/X#*3@34B0;&3/R#%#
GF5C*+:9;0R#GC5434;0#c#AX*#1%EW0,*X+5%1#$20#4%542(&'%1#1;(+;0-3*436;03/@39_#7/#;*34C51#;(43*$3R#
@,&'%5#%*%1H4@%4A?1#;*34C5134R#$3*'31#;*34C51#G?14%4X/z#k&'%5%11,(#%#093$;*'30#;*34Q4.E(,G*;$25#
4Q* # /44 # 5'H*/1 # 3*B09:( # %((% # *3@34B0;&R # @,&' # % # $/5+351,(/ # E,*/4/1%/ # +:54;031 # $;*';(3R # %9,1#
1:634139$;5'3/(3#5;99C51R#@,&'#*200?1#43@24#%9#:0093-C&&;04#%#E,*/4/1%/#%1%(%4#;0#%#42(0%+%*$/#
A3*350;&31#1:9:44D#d,51(;4#E;*+21,5#13(3094C*#39;(4#G3431/54C51#%#4:(6;5'@,920#;0#%#6;&(3@%A420#
-,*'%$%4%/G%_#@,&'#3*&,5+,*1,99?51#%9#2**%$#093(3E62**%*202(X*#%#+36/%5W/%#A3*350;&;531#43(;5D#
b((3#%#4;$2(%#%9#3&'@29%1#/0#;(9;135'35#(3%&2*4%1R#39;(4#W;*093(F#5;@25'#2*4%*?1#$F1:+434344#AX#
&'%1,(*%4,4 #/0#G3$?4%45/D#e44# 6/009%5'Q*?51#%# 1,(2GG/#;6-,*'%$,1#4;$2/@,9#/0R#@/0935#%# +36/250#
6/03*13+;0/#-,($21#0,1#431/5434G35#*363934@34B1#%#W0%*2+/#@244;(GB*R#5363*434;0GB*R#;*34-,($2GX*g#
394#%9#;634#43@24#3&'-%A4%#:0093-,&*%*X#;6531#/0#431/54@34AC1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20

I!J

"#42(0%+%*$/#5,($21R#;0#%9#%9,14X*#3*4;(B#6/03*13+;0/#-,($21g#
"#+36/250#6/03*13+;0#-%A42/g
"9#2**%$#$F1:+;0;531#24431/54;03g
"#4:(6;5'139;0R#%#E,*/4/1%/#%1%(%4#1/-3A39B+;03R#@%42025%1#;(4;03g
"#GH(X02&,1#$F1:+;03g
"#GF5R#GC5434;0#-,&%*$%/5%1#42(0%+%*$/#;(43*$39;03g
"#(3@%G/*/42W/X#09C10;&300;&;531#;0#*3@34B0;&3/531#$3&/0$3(;03g
"#W0%*2+,1M%#42(0%+%*,$#-3*3*B00;&3#%#+36/250#6/03*13+;0#1/%*%1?*202G%5g
G$TS/+)U*1/."T+43+0
a:(4;53*3$_#%#+36/%5W/%#-,&%*$25%1#4:(4;53*$/#%*%1?*20%g
7%&'%(#5'3*6_#09:63&;(4;0R#09:63&%*1,420g
7%&'%(#/(,+%*,$_#%9#;6-,*'%$#/(,+%*$/#%5'%&2@,9#6%*X#1%EW0,*X+20g
89,W/2*/0#$?51%g
GO)S/,+%$)#$0"f",+%$)#$0
Y,($%1:634;0R # +36/%5W/%R # 4:(6;5'093&;0g # 1/01,(Q02&R # -/%4%*1,(Q02&R # 5%&'1,(Q02&g # GF5C*+:9;0R#
GF5434;0.6;&(3@%A420g#093$;*'/0;&/#A,&,1g#-C&&B0;&31g#(3@%G/*/42W/Xg#
!",2V)2/83:/"51'3"2'2*#:4&2.
"#-/%4%*,1#:0093-C&&;03/G35#*24A21#%#4:(6;5'31#093(3E;4#%#42(0%+%*,$G%5g
n3*/0$3(/1#%#+36/%5W/%#A3*350;&;531#42(0%+%*$/#6,5%41,920%/4g
b$3**344#1;E3031#%55%1#*3*1/#,1%/(%#/0#$;*'3GG#:0093-C&&;0G35#431/5435/g
b&'C44;(9;0#;G(3+#G355C1#%#53@;9#0,(0QR#1C*:5G:9B#+36/250#$%&%4%(4204#$?4%4X#3$G3(31#/(254g
b&'(3#6/*2&,0%GG%5#4309/1#-3*#%#1;(+;04_#Z,&'#*3@34#$3&3*B95/#%9#/*'35#@3*'9343134z#Z,&'%5#*3@34#
03&H435/#%#G%AG%#A?4,44#3$G3(3135#3&';5/*3&#;0#42(0%+%*$/#09/5435D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
t2*'%62*%09420#%#$?51%3(BE/%W#%14?2*/0#-;5';G35g#:5/0$3(34g#2**20@/(+34;031g
"#$?51%#6/*2&%_#A,&,1#;0#1:43*300;&31g
"#$?51%%+X#;0#$?51%62**%*X#1%EW0,*%4%R#%#$?51%093(9B+;0g#"#$?51%4:(6;5'1:5'6g
n31343#$?51%R#G3A3*354344R#*3&2*/0#$?51%#.#%#$?51%62**%*XR#%#$?51%%+X#;0#%9#2**%$#093$09:&;GB*#
5;963g
"#E2*'29%4#-,&%*$%R#:5;*34(%A9R#/543(AQg
T2**%*1,920/#%*%E/0$3(3431_#-%A42/R#*;4(3@,920%R#43(639;0R#E;59C&'/#/0$3(3431g
m'$02'23

>>"U'$

I)Y8232/"3O*1/
"#4%5?*4#E;59C&'/#/0$3(3431g
"9#;*341,(5%1#$3&-3*3*B#09:63&;(4;0R#+/%&(%$$#;0#&(%-/1,5#;(43*$39;0;531#1;090;&3g
J$431'%&.",2V)2/83:/."S:)+0
"9#;6#1:9E,54/#4;$2A%#%#-/%4%*,1@,9#3GG35#%9#;*341,(G%5#$2(#5%&',5#1:93*#2**X#43(C*34R#%#$?51%#
6/*2&%D#"#A:6B#-3*;#431/54C51R#$/54#%@,&'#092$,0#$20#4%542(&'(%#/0#39#%#&3094?0#%#A3**3$9B_#Z,&'%5#
4,62GGz
" # -/%4%*,1 # E2*'%62*%09420 # 3*B44 # 2**5%1R # 39;(4 # % # $?51%3(BE/%W # -,&%*$25%1 # 1:(G3A2(20%R # ;EE35#
I!I

%14?2*/0#@3*'9343#/&35#@%095,0#*3@34#092$?1(%D#x3#%#4,62GG4%5?*205%1R#%#$?51%@3*'#13(30;0;531#
092$,0 # E(%14/1?0 # 6,5%41,920% # 6%5R # $3*'31531 # $3&G309;*;0;(3 # /44 # 5'H*@%4 # *3@34B0;&D#
w'%1,(,*@%4A?1 # %9 # :5;*34(%A9.H(20 # 3&'30 # -%A42/4R # 1;09C*@34C51 # 3&' # 2**20/543(AQ(%R # +3 # :5/0$3(34/#
4(;5/5&35#/0#&,5+,*1,9@%4?51D
"#$?51%62**%*20#/0#A,&,1%4#;0#1:43*300;&3134#634#-3*R#;0#,*'%5#$,(2*/0#;0#&'%1,(*%4/#1;(+;03134R#
$3*'3134 # $,04 # 4?+?51# 6;&/&G309;*5/# %# -/%4%*,11%*D #"# $?51%G;( #1%EW025# /0$;4 # %# E;59# 6/*2&2G%#
13(C*C51R # 39;(4 # /44 # QA(% # $3&G309;*AC1 # % # 1,(2GG%5 # c # E*D # % # W0%*2+/ # 1:*40;&634;0 # 1%EW025 # c # $2(#
$3&/0$3(4#1C*:5G:9B#A2(?*;1,1#%14?2*/0#:0093&;4R#%#G;(4#;(/54B#E;59C&'/#1;(+;03134D#dC*:5#4;$%#
*3@34#%#E2*'29%4/#*3@34B0;&31#1/@%0952*20%D
bGG35#%9#;6G35#%#42(0%+%*,$/0$3(34#4%542(&'#3*0B0,(G%5#%#-/%4%*,1%4#%#1:93*A:6BG35#1,51(;4%5#
;(/54B # E(%14/1?0 # 1;(+;03113* # -,&*%*1,9/1R # ;0 # 136;0G; # % # -,*'%$%4,1 # <-/*,9X-/2A26%*=D # k&'%5%11,(#
-,54,0#$,(2*/0#1;(+;031(3#W;*093(F#/44#/0#0,(4#13(H435/R#$/54#%$/*'35#%#<-31343#$?51%=R#%9#%+XW0%*20R#
04GD
"#62**%*1,920#3*/5+H420%R#%#62**%*1,920/#;*34-,($%R#%55%1#E;59C&'/#6,5%41,920%/#09/54;5#;(+3130#
4;$%#*3@34D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d,(?51#62*02&A3*350;&3R#;0#35531#@%42025%1#;(4;03g
"#$?51%3(BE/%W#;0#%#1;E9;031#:0093-C&&;03/531#-3*/0$3(;03g
"9#:5/0$3(34#09C10;&300;&;531#-3*/0$3(;03g
"*%E634B#$?51%A,&/#:0093-C&&;031#;(43*$39;03g
b&'30#$,(2*/0#1;(+;031G35#6%*X#2**20-,&*%*20_#&'3($31$?51%R#E(,04/4QW/XR#04GD
5;*34(%A94HE?0,1#$3&/0$3(;03R#:5;*34(%A9H(20g
n3*1;09C*;0#3&'#2**20/543(AQ(%g
"#62**%*1,9X/#$?51%-,($%#$/G35*;4;531#/0$3(343g
"#-,54,0%GG#E;59E/%W/#$,9&20,1#/0$3(343#S(;09G35#/0$;4*;0Ug
"#A,&,(6,0*%4#*3@34B0;&3/531#/0$3(343g
G$TS/+)U*1/."T+43+0
a:(4;53*3$_#"#62*02&A3*350;&#4:(4;53*$/#-3*6/**%5420%g
7%&'%(#5'3*6_#09:63&;(4;0R#09:63&%*1,420g
7%&'%( # /(,+%*,$_ # 89:63&31 # % # $?51% # 6/*2&2(X*R # %# $?51%62**%*X # $;*4X02&2(X*g # %# 1/9021$25',*X#
$%&%4%(420(X*g
GO)S/,+%$)#$0"f",+%$)#$0
7?51%3(BR # $?51%3(BE/%WR # $?512*4%4XR # $?51%62**%*XR # % # <-31343= # $?51%R # 7?51%4:(6;5'1:5'6g#
E2*'29%4R#093$;*'/0;&/#A,&g#2**20/543(AQg#62*02&R#/5-*2W/XR#+36%*62W/XR#E(,-/4g#$?51%5;*1C*/#03&;*'g
!",2V)2/83:/"51'3"2'2*#:4&2.
"#-/%4%*,1#3&'(3#/512GG#1;E3031#$%&?1%4#+,*&,9XR#-3*5B44#3$G3(1;54#3*1;E93*5/g
a/094?*#:51;EC1#;0#3993*#E2(@?9%$,0%5#0%A24#A:6B1;EC1g
73&*24A21#%#$?51%3(BE/%W#;0#%#1;E93440;&#1:94/#09,(,0#:0093-C&&;03134g
7%&%G/94,002&,4#093(39531#%#$?51%#6/*2&2G%5#6%*X#-3**;E;0R#3*A2(20,1#43(;5g
73&;(4/1R#@,&'#3935#%#4;(35#09%1%+%4*%5#$3&QA?*20(%#*309#09C10;&C1g
d/W0/4#$3&/0$3(13+531#%#62**%*1,9X/#-,($%#5;@25'#:0093-C&&;0;63*g

?$8*$/1%."./#2'2320
Q252823:/
I!h

"#)%*+,(-./01,*%#3&'/1#W;*A%R#@,&'#%#&'3($3134#G36393003#%9#B4#1:(C*636B#42(0%+%*,$G%R#@,&'#
%55%1#;EH4BR#-,($2*X#4%&A%#4?+A,5#*355/D#b@@39#3*35&3+@3434*35C*#09C10;&30R#@,&'#$3&/0$3(A3R#
;(403R#24&,5+,*A%#1,(%#;0#%#(;&3GG/#1,(,1#42(0%+%*$/R#&%9+%02&/#-,*'%$%4%/4D#"#42(0%+%*$/#09,W/2*/0#
,(&%5/9$?0#$3&/0$3(;0;531#%*%EA2?*#%#42(0%+%*,$#3&'$200%*#;*34:0093-C&&;0G35#*;6B#@2(,$#
3&'0;&;531R#%#&%9+%02&/R#%#A,&/#;0#%#093**3$/#;*34531#%#09%G2*'093(F0;&3/4#13**#%#&'3(3131#3*;#
42(5?51 # % # !N.!PD # ;*34;6 # 1:9:44R # % # $/5+351,(/ # ;*341,(/ # 0%A24,002&,15%1 # $3&-3*3*B35D # 73& # 13**#
$?4%45?51R#@,&'%5#2**#G3553#%9#3$G3(R#$/54#3&';5#%#42(0%+%*,$#@2(,$#(;43&;G35D#"#4%542(&'#
4%5H420%#0,(25#-,1,9,44%5#42$%091,+/1#%#-:*+(%A9/R#4:(4;53*$/R#$%43$%4/1%/#/0$3(3431(3D
>?+,*-#843/53(#%9#3*0B#)%*+,(-./01,*%#$3&%*%EH42026%*#%#A:6B#53$93+;131#092$2(%#629,*4#-3*#3&'#
?4%4D #"# $,+3(5 # 1,(/ # 3$G3( # *3&;&34BGG # 1;(+;03R # % # 09,W/2*/0 # 1;(+;0 # $3&62*%09,*202(%R # 3&' # QA#
09,W/2*/0 # /$E?*9?0 # $3&A3*35H4;0;(3 # 4344 # 1H0;(*3434D # " # 09,W/2*/0 # ;0 # &%9+%02&/ # /0$3(343134 # %9#
;*34/0$3(34R#%#09%G%+6%**20#;0#%9#3?(/4$/%R#$/54#09,W/2*/0#$F6;0934#$3**;#2**H4,44%#%*%E5%1D
g:)+0":/",2)$*$3+0"$8"i-MN":5,+)&$#.%n
"9 # 2*4%*25,0 # /01,*%/ # 09%1%09G%5 # % # 09,W/2*/0 # ;0 # &%9+%02&/ # /0$3(3431 # 4%5?*20% # 0,(25 # %((%#
4:(3109C51R #@,&' #% #&'3(3131G35# 1/%*%1?*A,5# 3&'# 1;E# %((X*R # @,&'# %# &%9+%02&/# -,*'%$%4,1G%5# %#
43046;(/0;&R#%#A,&/#6/09,5'*%4,1G%5#%9#3&'35*B0;&R#%#093**3$/.1?*4?(2*/0#09-;(2G%5#%#09%G%+02&#13**#
*3&'3531#%#$3&@%42(,9X1# 3(B1R #%@@,9R# @,&'#$3&-3*3*B#1:(5'393434#G/94,0H40,5#%# 42(0%+%*,$#%#
09,W/2*/0%5#;(9;135'R#+3#1/43*A303+B#3$G3(/#093$;*'/0;&#1/-3A*B+;0;@39D#b935#%9#QA#5;9BE,54,5#
13(3094C* # $?4%4A?1 # $3& # % # &'3(3131531 # %9 # 3$G3( # 1%EW0,*%424 # %9 # B4 # 1:(C*636B # 43($;0934/ # ;0#
42(0%+%*$/#1:(5'393443*R#;0#%*%1H4X#093(3E;4#%#6/*2&G%5D
72(%#$2(#%#&%9+%02&/#;*34G35#%#A%6%1#3*B2**H4202G%5#1/%*%1?*4#%#6/*2&$;(34F#43046;(/0;&R#@/0935#
$/(3#093**3$/#43(6GB*#;0#20625'/#5'3(0%5'%&GX*#3*1;09C*531#;0#%#13(3013+3*3$#03&H40;&;63*#%#
@%0952*%4?51G% # 13(C*531 # % # $/5134 # 09,*&2*X # @%0952*%4/ # 3091:93/51R # %++/&(% # %9 # 3&;09 # n:*+34#
G3A2(A21D # " # A,& # 3*B44/ # 6%*X+/ # 3&'35*B0;&(3 # /0 # 3&'(3 # 1,$,*'%GG # 4:(316;031 # *24@%4X1 # %9 # 3*$Q*4#
;60929%+,1G%5D#"#093**3$/#;*34531#%#A,&#2*4%*#G/94,0H4,44#09%G%+02&%#;0#%#&%9+%02&#2*4%*/#53$#
E/%W/ # %*%EQ # -/5%509H(,920% # 43(;5 # /0 # 5%E,54% # 3*;51 # 42(?*5%1 # % # A3*35 # -3*%+%4%/ # ;0 # 3(3+$;5'3/ # /0D#
b931(3 # %9 # 3$G3(/0;& # ;*343 # 0,(25 # 1/G,54%1,9X # -,*'%$%4,1(% # 1H625?51 # 3# 4%542(&'# 13(343/5 # G3*C*#
(2431/54;04 # 5'QA4%5/ # % # -3*5:6316B # 53$93+;131531R # @,&' # 392*4%* # /0 # 1;E3031 # *3&'3531 # %*1,4X#
2**%$E,*&2(,112#62*5/D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#)%*+,(-.4%543(6#3&'/1#&%9+%02&/#/0$3(34#3E,W@2A%#2*4%*#%#!!#;630#&'3($31#Q&'#E/**%54@%4#(2#%9#
3$G3(#09C*34;0;(3R#$/54#%@,&'#%94#%#&:(:&0;&#43443_#%9#/0435/#6/*2&#-3*;#-,(+?*X#3$G3(#431/54343#
3&'(3#/512GG#%#4:GG/#3$G3(#-3*;#-,(+?*D#n3*-3+39/1R#@,&'%5#1H0;(/#3&'/1#3$G3(#%#$20/1%4R#@,&'%5#
2**5%1 # 3&'$200%* # @%($X5/2G%5 # %9 # 3&'C44 # ;*B # 3$G3(31R # %1/1 # $20.$20 # 1;E300;&31 # G/(4,12G%5#
6%55%1D # Z,&'%5 # 093(639B+/1 # %9 # 3&'$20(%?4%*402&G%5 # 42(0%+%*,$$2 # %9 # 3$G3(/0;&D #"9 # 3$G3(#
3$G3( # 1:94/ # 43046;(/0;& # *3&1/-3A39BGG35 # % # &%9+%02&/ # ;*34G35 # A3*35/1 # $3&D # b5531 # % # 09;E0;&;4R#
0,1(;4F0;&;4#13**R#@,&'#-3*-3+399;1#%#1;E93*34G3*/#;0#%#6%*X0#?4%920,1#0,(25D
q%6%0,*4#4;$%1:(:1
"9 # :4:+/1 # ,0942*'G%5 # % # 5%E/ # ;*34 # /0$3(34;GB* # /5+?*?51 # 1/D # d/62*%094?51 # 3&' # 42(&'%4 # %#
1:(5'3934C51GB*_#6;&/&1:634AC1#%94#?4%4R#%@,&'#@,99251#13(C*4#39#%#42(&'D#l3@34#39#E;*+2?*#3&'#
-C934R#3&'#W0,$%&#43%R#6%&'#6%A#%#1,5'@%%094%*(X*R#6%&'#G2($/#$20D
"# -C934 # Q4A24 # 6/009%63934@34AC1_ # %9 # %94 # 3*62(201;54 # $3&A3*35H4B # 4%52(,14X*R # %9 # /01,*%/ # /&;5'3134#
:00930H4B#&%9+%02&63934B5#24#%#092**H4X/&R#%#13(3013+B/&#%#-C934&'2(,5#24#%#E%EH(&'2(/&#;0#,55%5#
3&;0935#%9#%*%E%5'%&?*#09,*&2*X#$3&-3*3*B#W3**?*X94%(4%*$Q#-%W03$34;134#3*C*434B#&%9+21/&D
I!L

n3*-3+39@34AC1R#@25'#3$G3(#$?512A%#13**344#@,992#1:9634*35C*_D#4/0943*3443*#431/5@34C51#%#E%EH(&'2(/#
$?5120,1(%R#%1/1#%#@B0;&G35#+,*&,95%1g#%#1%$/,50,-B(:1(3R#%1/1#@3431/&#%9#Q4,5#63934/1#%9#X(/20#
43@3(%?4X/1%4g # %# +%(?0(%# %# 1/1:4BG35R # %1/ # 5%&'# $%&%002&G%# -3*3$3*13+63# (35+39/# %# -C*1;GB* # %#
@%4%*$%0#1,54;53(3134g#%#GC-;0(3#%1/#%#09,*&2*4%4X/#,*+%*(X*#355/#%+#$/5+1344BAC1531#
"9#/&%9/#$3&*3E34;04#%9#,1,99%R#%$/1,(#244;(C51#%#1:963463#03&H4B1(3_#%9#Q4;EH4B#$?5120,1(%R#%#
$;(5:1:1(3R#%1/1#%#&;E3134#43(6394;1g#%#4%5H4X1(%R#%1/1#$/5+5'2A?15%1#$3&%+421#%9#%*%E,4#%@@,9R#
@,&'#%992#62*A%5%1R#%$/63*#;EE#%#1:9:00;&34#09,*&2*A21
r(+3$30#-3*13(305/#3&'.3&'#C93$34R#$3&@H65/#%#62*%094,44#4;$251G%5#$3&A3*35B#09%13$G3(3134R#
$30;*A3531#%9#;*34C1(B*R#$?512A?1(X*D
dH0;(*3434#43@34C51#%((%#/0R#@,&'#%9#/+BG35#(2431/540C51#%((%#/0R#$/1,(R#@,*R#@,&'%5#09C*34344#$3&#%#
4:(4;53*3$ # 0,(25 # %9 # 3*0B # %GGX* # % # 6/90&2*4 # 3091:9GB*R # %$/531 # % # 1/%*%1?*2024 # 6;&/&1:6344C1 # %#
A3*35G35g#;0#%((%#/0R#@,&'#$/*'35#6%*X0#3$G3(/#/&;5'GB*#09C*34/1#$3&#3&'#42(&'D#73&E(XG2*@%4A?1#
$%&?51#/0#3*B2**H4%5/#%#62*%094,44#43($;134D
m'$02'23

><"U'$

I)Y8232/"3O*1/
"#&'3($3131#%#@%($%+/1#,0942*',0#<$3043(0;&31.1,(09%1G%5=#$3&/0$3(13+531#%#-:*+(3#43(3$4344#
3$G3(531 # %99%* # % # 1;E300;&;63*R # @,&' # % # 43($;0934G35 # 4%*2*4R # 43($3094344 # %5'%&,1GX* # @,&'%5#
1;E30 # :5$%&24 # 3**245/ # %9 # ;*3409C10;&*343/@39 # 3*35&3+@3434*35 # 42(&'%11%*D # Y3&'3+/1 # ,0942*'G%5#
E3+/& # 3&'093(F # $X+,5 # /0$3(343134 # 093(39531 # % # <@,5/0$3(34 # 1,(09%1G%5= # %9 # 3$G3( # ;0 # % # 42A#
6/09,5'26%*R#1:*W0:5@%42026%*D#b9351H6C*#(35+3*139531#%9,11%*#%9#%*%E634B#092$,*20/#;0#:52**X#
/0$3(34093(9;0/ # 1;E300;&3113*R # $3*'31(3 # % # &%9+%02&/ # ;0 # 09,W/2*/0 # /0$3(431 # 4%5?*20% # 0,(25#
;EH4C51D
J$431'%&.",2V)2/83:/."S:)+0
" # &'3(3131 # 093(3993531 # 3&' # 3*3635R # 24;*@34B # 1;E34 # %((X*R # @,&'%5 # 1%EW0,*X+/1 # 3&'/1 # 3$G3(#
$?512A% # % # $20/1;@,9 # %9 # 3$G3(42(0%/51G%5 # -3*$3(C*B # /&;5'31 # 1/3*;&H4;03 # 0,(25D # d39+A35 # 3*#
;G(3+5/#%#&'3(3131G35#3&'#09,W/2*/0#;(9;135'0;&#%9#B134#1:(C*636B#42(&'%1#1%EW025D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
l3&'35 # 1;E30 # % # &'3($31 # % # 62*%094,44 # 42(&' # Q4A24 # % # 1;09 # 43($;14B* # %9 # %*%E%5'%&/& # 5;@25'#
$,5+%4G%5 # 3*$30;*5/D # n3+3993 # -3*R # @,&' # %9 # 3&'30 # 3$G3(/ # $?51%436;135'0;&31 # $/-;*3#
1;E300;&31#2*4%*#62*5%1#@%095,002#%#42(0%+%*,$#092$2(%{
G$TS/+)U*1/."T+43+0
"# 4%542(&' # 4%5?*20% # 0,(25 # AX* # @%0952*@%4X1 # % # d2(E24.$3+35W3 # -:*+(%A9% # 1%EW025 # 4%5?*4 # :4:+/1#
,0942*',0 # /0$3(3431_ # @/0935 # $%/ # 6/*2&G%5 # 3&' # 53$934&%9+%02& # 43*A30 # $;(4;1G35 # G3*32&'%9,44#
6/*2&&%9+%02&G%D # " # 4%542(&' # 0,1(;4F # *3@34B0;&34 # G/94,0H4 # % # $%43$%4/12GX* # 093(9344 # /0$3(3431#
&'%1,(*202(%R#6%*%$/54#%#$;(4;13&'0;&.62*420,1#&'%1,(*%4/#@%095,0H4202(%D
GO)S/,+%$)#$0"f",+%$)#$0
7?51%R # 1:9634344 # ;0 # 1:9634*35R # %*%E%5'%&R # 2(QR # 092**H420R # 09,W/%G/*/420R # 1:*W0:5:00;&R # 43($;1R#
1;0943($;1D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#/0$3(A3#-3*#%9#B4#1:(C*636B#42(&'/#1:(5'3934G35#%94#%#(35&343&#3$G3(/#3(B-309H4;04R#%$/#
2*4%* # B # @%0952*@%4A% # %9,1%4D # l3&'35 # 1;E30 # 5;@25' # 09XG%5 # 3*$,5+%5/ # % # 62*%094,44 # 43($;1#
I!O

09C*34;0;4D # 73&E(XG2*@%4A% # :52**X%5 # 1/1?4%45/ # 3&' # 2*4%*% # 62*%094,44 # $20/1 # 42(&' # 09C*34;0;4D#
73&A3*35@34531 # % # 1:(5'39344?+%4,002&5%1 # %9 # %*%EA%/ # /0 # % # 4%5?*$25',1 # 1:6341394;G35D#
n3*;G(3+@34531#%#$20,1;(4#;(9344#-3*3*B00;&#;0#@2*%#;(9;03/#/0#%9#3E,W@%#0,(25D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#&'3($31G35#%#!J#;6;G35#3&'(3#/512GG#3*#139+#;G(3+395/#%#6/*2&#$3&;(4;03#/(254/#62&'D#7;&#3&'#
/512GG # &'3($31/ # 5;9BE,54GX*R # +3 # % # &'3(3131 # $3&5'H*5%1 # % # -3*5B446/*2& # 1;(+;03/ # -3*;D # Y%&',5#
093(345;531R # 5%&'R # 1,$,*' # % # W0%*2+G%5R # % # 1:(5'3934G35 # @%**,44 # E(,G*;$21@,9R # &,5+,*%4,1@,9#
1%EW0,*X+5/D # >35+1H6C* # 5'/4,44%1 # %9 # 3$G3(31 # 1:9:44/ # 6/09,5',1 # ;09*3*;0;(3 # ;0 # $3&;(4;0;(3_#
3931G35#%#1;(+;0315;*#%#-X1?09G%5#43046;(/0;&#309$;A3#@3*'344#0,11%*#/512GG#%#1:*W0:5:00;&#
3*63#2**D#"@,&'#>X$%/#4:(4;53*3$G35#%9#3$G3(#;0#3$G3(#1:9:44/#4:(6;5'31G35R#Q&'#1:9:44C1#/0#
$3&A3*35531#%9#3*0B#1;(+;031#%#A,&/#;*3443*#1%EW0,*%4G%5D
73&A3*35/1 # % # E;59 # 43($;0934;531R # % # E;59 # /0$3(34;531 # $3&;(4;0;(3 # 6%*X # /&;5' # /0D #"# @%4,+/1#
,0942*'G%5 # % # &%9+%02&/ # /0$3(3431 # 4%5H420% # 0,(25 # % # 1:9;EE,54G%5 # E;59 # $34%$,(-X9/0% # 2**D # nB#
1;(+;0C51R # @,&'%5 # A?4@%4?51 # 3* # % # E;59 # 09C*34;0;4B* # %55%1 # -3*/0$3(;0;/&R # @,&' # % # E;59 # %#
*3&093**3$/GG#A3*350;&#%#6/*2&G%5_#$/#$X+,5#09,*&2*A%#%#E;59#%9#093**3$/#;*34C51#$F1:+;0;4#c#
-3*%+%4?51R # @,&' # % # &'3($31 # /0$3(A3 # $3& # %9 # %*%E634B # &%9+%02&/ # -,*'%$%4,1 # 3&;090;&30#
1/%*%1?*2024R#@,&'#$%A+#(2/0$3(@30035#%9,1(%#%#1:(5'3934;G35#/0D
q%6%0,*4#4;$%1:(:1
. #" # &%9+%02& # -B # (;093/531R # % # 43($3*;0531R # % # 13(3013+3*3$531 # ;0 # % # -,&'%094205%1 # %9#
:0093.1%EW0,*X+2024#G3$?4%45/#%9#3E,W@%#0,(25D
.#73&$?4%45/#%#E;59#5;*1C*/#13(3013+3*$34#Z3(,+,4,09#;0#\e\D#0929%+/#?4%9X1#*3H(20%/#%*%EA25D#.#
f3$?4%45/#%#W03(313(3013+3*$34D
. # a2(&'%*A?1 # % # E;59 # 13*34139;0;4_ # 7/;(4 # ;EE # % # &:(:& # &,5+,*1,+20 # $3&A3*35;0;63* # 3&' # /+BG35#
09C*34/1z#"#E;59#13*34139;0;531#@3*'3#%9#%#lC+/%R#%@,62#%#&:(:&#@%&',$25'#a%54%*,09#*3&35+2A24#
4309/D#Z,&'%5#*344#%9#%(%5'.39C04#:46:934GB*#%#$%/#E%EH(E;59D#d/1#6,*4%1R#6%55%1#%#E;593/5135z
.#"#$?51%$3&,09420#$3&A3*35;03#%#42(0%+%*,$G%5D#"#E;59#:0093@,99%#%#43($3*B4#%#-,&'%094X6%*D#
7/*'35R#%$/1,(#%#E;59#1,$$?5/12W/X0#3091:9R#;0#$/*'35R#%$/1,(#W03(3.3091:9z#Z,&'%5#G/94,0H4A%#
%#1:*W0:5:00;&34#%#43($3*B1#;0#-,&'%094X1#1:9:44z
.#t/%WD#"@,*#/5+/6/+?2*/0#43*A30H4$;5'31#4%*2*1,95%1#09C10;&*343113*#%#E;59#03&H40;&;63*D#a3&'C51#
*24,&%4204#3&'#5%&'G%5/#9:*+0;&E/%W,5D#Z,99?51#*;4(3#%9#,0942*'G%5#/0#3&'#W03(3E/%W,4#1/03GG#
@%0952*%4/#42(&'%1GX*D#n/&'3*AC1#$3&#%9#/44#*39%A*,44#-,*'%$%4,1%4D
. #"# 1:9;E1,(/ # 62(,0,1 # E/%WW%* # 1%EW0,*%4,0 # 09%G2*'%/4 # /0 # 431/540C1 # 24D # Z,&'%5 # 6;+4;1 # % # 636B4z#
Z,&'%5#A:5#*;4(3#%9#2(Qz
.#"#E;59R#$/54#A,&/#1%43&X(/%D#"9#2(Q.E;59#3&'350Q*'25%1#09C10;&300;&;4#$3&$?4%45/D#7?4%00?1#
G3#%9#/5-*2W/X#;0#%#+3-*2W/X#1/%*%1?*2024#D
. #"# 4B13E;59 # 1/%*%1?*20%D #"# $?51% # 1;E300;&31 # 093(/54/ # +/--3(35W/2*X+2026%* # $3&A3*35/1 # % # 4B13#
13*34139;0;531#%#*3@34B0;&3D#"#4B13#$3&09C*34;0;63*#*3@34B6;#62*/1#%#@/43*.E;59#$3&09C*34;03D#
"@@,9R # @,&' # %9 # ;&# M%# 093**3$/M # %# -:*++3* # M-/9/1%/M # :00931%EW0,*X+A,5R # 13** # %# G/9%*,$~# A3*354;0F#
09%6?51#@/43*~#S%#@/4~#09XGX*#3(3+#%#1/-3A39;0g#$/54#%@,&'#%#W(3+/4~#09X#/0#%#W(3+X~.GX*UD#"#@/43*#
03&H40;&;63* # 4?+ # % # 4%*2*$25' # $3&6%*X0?*5/ # ;0 # % # &%9+%02&G%5 # $20 # 3$G3(31 # 09C10;&*343/4#
1/3*;&H435/D
.#T;&C*#$%5%E02&#$3&A3*354#%#092$*%E;59#/0R#%$/#$2(#-/9/12*/0%5#5/5W0#/0#$3&A3*35H463D
b935#3E,W@%#0,(25#-3*#*3@34#13(305/#3&'#E/%W,4R#3&'#G%51,4#;0#%#Y3$934/#f%51#,14%4X1:9.E,54A24#
/0D

I!K

m'$02'23

;<"U'$

I)Y8232/"3O*1/
"9#:4:+/1#,0942*'G%5#$3&093(9344#&%9+%02&/#%*%E-,&%*$%1R#$/54#09C10;&*34R#2(QR#-/9/1%/#;0#093**3$/#
$?51%R#43($3*;0R#%*%E%5'%&D#w:(:&#$/4,*X&/%D
J$431'%&.",2V)2/83:/."S:)+0
"#&'3($31#/0$3(A3#$3&#%#E;59#43($;0934;4R#%#E;59#$:&:44#2**X#&%9+%02&/#-,*'%$%4,1%4D#
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# &'3(3131 # 093(3993531 # /0$3(343134 # % # 6%*X0 # &%9+%02&/ # -,*'%$%4,1(X*D # e0$3(A;1 # -3* # %9 # 3&'30#
3$G3(#093(3E;4#;0#-3*3*B00;&;4#%#42(0%+%*,$#&%9+%02&/#093(3E*BA31;54D#e0$3(13+A3531#$3&#,*'%5#
%*%E-,*'%$%4,11%*R#$3*'3113*#%9#3&';5#1%EW0,*X+/1#%#42(0%+%*,$#4:GG/#093(3E*BA;@39D
G$TS/+)U*1/."T+43+0
"# 1,(09%1 # 0,(25 # ;EH4C51 # % # -:*+(%A9GX* # 093(9344 # /0$3(3431(3 # b?(XE% # -:*+(%A926%* # 1%EW0,*%4G%5D#
d%EW0,*X+?51 # % # 1:9;E1,( # 4:(4;53*$3 # 0,(25 # 4%5?*4 # 62(,0,1 # 1/%*%1?*202@,9R # 6%*%$/54 # %#
42(0%+%*,$G%5 # $3&A3*35B # QA # 093(3E31 # /0$3(34;@39D # 7%43$%4/12G%5 # E3+/& # % # 0929%*;1092$H420#
&'%1,(*%4/#-3*@%0952*202(%#/0#AX#*3@34B0;&34#5'QA4#39#%#42(&'D#
GO)S/,+%$)#$0"f",+%$)#$0
T%*X0 # 3$G3(/ # 09C10;&*3431R # W03(313(3013+3*3$R # 6202(*X # E;59R # @/43*R # @/43* # E;59R # 2(Q # E;59R # 4B13#
E;59R#$?51%$3&,09420R#&%9+%02&R#43($3*BR#-,&'%094XD
!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($31 # /0$3(A3 # -3*R # @,&' # % # 139;G3 # 13(C*B # E;59531 # 5/5W0 # 0%A24 # ;(4;13R # ;0 # ;(4;143(3$4B#
1;E300;&3D #a?+A,5 # 1C*:5G0;&34 # 4355/ # % # E;59 # 3&'30 # 093(3E3/ # 1:9:44D # e0$3(A3 # -3* # %94 # % # $,(2*/0#
-3*3*B00;&34R#%$/#%9#2(Q1#3*B2**H4202@,9#;0#%#E;5993*#6%*X#6202(*20@,9#1:4B+531D#l3&'35#1;E30#
0%A24#09%6%/6%*#*3H(5/#&%9+%02&/#-,&%*$%1%4D#a?+A,5#:52**X%5#E;*+24#@,95/#4B131;E9;0/#@3*'93431(3#
3&'#1/062**%*1,920G%5D#Y'3(A35#(2431/54;04#%9#3&;090;&30#&%9+%02&/#-,*'%$%4,1(%R#@/0935#@%4,+/1#
,0942*'G%5#$;&#%9#%*1,4X#3$G3(#$3&/0$3(;0;5#6%5#%#@%5&0Q*'D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # @343+/1 # ,0942*'G%5 # %9 # %+XR # $/54 # %+,$25' # $3&/0$3(;03 # % # -B # W;* # % # &%9+%02&/ # /0$3(3431#
3*$;*'H4;03#0,(25D#"#&'3(3131#%#0%A24#/01,*2A?1R#$/54#%#09%G%+#093**3$/#;*34#3&'#/54;9$;5'3#-3*B*#
1:93*H463 # /0$3(@34/1 # $3& # %55%1 # % # A,& # 2*4%* # G/94,0H4,44 # &%9+%02&/ # 1:(5'3934531 # % # 1/%*%1?*2024R#
%$/G35 # ;*531D # " # &'3($3131 # $3&/0$3(;0;G35 # 3&'(3 # 5%&',GG # 093(3E # A?4 # % # 6/425%1R # $/54#
$3&/0$3(;0/#Q45%1D#"#4%542(&'#-3*+,*&,920%#0,(25#3&'(3#5%&',GG#43(34#G/94,0H4?51#3$3#1;E300;&#
1/%*%1?*2025%1D#>:6/+#(2431/54;04#1%E@%45%1#%((%#%#-,*'%$%4(%R#%$/#0,(25#%#-3*/0$3(4#;(+3131GB*#%#
A,&/ # ;*34 # 03&H40;&;63* # 42(0%+%*$/ # $3&3&'39;0 # %*%1?*@%4,44 # 1/ # %9 # 3$G3(31 # 1:9:44 # % # 43,1(%4/1?0#
42(0%+%*$/#-,($214X*#%#+3$,1(2W/2@,9#63934B#Q4,5D#b*A?4@%45%1#%9#%*%E634B#2**%$E,*&2(/#/0$3(3431#
1/%*%1?*2024X* # % # 6%*X0 # 2**%$E,*&2(/ # 1,$E3435W/21 # -3*;D # n3*/0$3(@34/1 # %9 # 3$G3(/ # 3&'C44;*;0#
09%G2*'%/5%1 # 09C*34;0;4 # % # G3*24204X* # %9 # %*1,4$25'/&g # % # 4/93+4B* # 3&' # *3@340;&30 # /&%902&,0#
%+X920@,9R#1:943@3(6/03*;0@39D
q%6%0,*4#4;$%1:(:1
7/54#$/5+/&#%#)%*+,(-.E3+%&X&/2G%5#/44#/0#%#A3*35GB*R#%9#3&;09GB*#@%*%+?51#%#(;0931R#(;09*3431#
I!P

$3&/0$3(;03#-3*;D#"9#/01,*251#$F1:+;0;GB*#%#$Q*4G%R#;0#,55%5#3&'#*3@340;&30#A:6B#-3*;D
. # 7/ # 13** # %@@,9R # @,&' # %9 # /01,*251 # $F1:+5/ # 4?+A,5_ # . # +,*,&/ # -3*4;43*31R # 09,*&2*4%420,1R # 093$;*'/#
-3*4;43*31#b931#1:*40;&31R#%$/1#-3+39;0;@39#43(639;0(3R#1:*40;&634;0(3#6%5#09C10;&D#Z,55%5#
6%5#3@@39#%#E;59z#Z,&'%5#13(C*#%#E;59#%#&%9+%02&GX*R#%@,*#$3&43($3*B+/1#%9#,14%420G%z#d/#
&%(%542*A%R # @,&' # 39 # $3&4:(4;5A35z # d/1R # $/*'35 # %(25'G%5 # A2(?*A%5%1 # @,992z # 7/4 # A3*354 # %9R # <%9#
3&'35*B1#3&'-,($25R#%#53$#3&'35*B1#E3+/&#1C*:5G:9B35#A2(?*A%5%1#@,992=#3*6z#Z,&'%5#*3@34#
3*A?45/#%9#3@@39#09C10;&30#42(0%+%*$/#$3&3&'39;0/&z
. # "9 # ,14%420R # % # <093**3$/ # ;*34= # 1:*40;&3/531 # -3+39;03 # % # &%9+%02&G%5 # $3&43($3*4 # ;(4;131GB*#
*3@340;&30D # "9 # 2**%$5%1 # 093(3E3R # @,&' # % # 42(0%+%*$/ # $3&3&'39;04 # 4:(6;5'G3 # -,&*%*A%R # ;0#
&,5+,01,+A;1#%#G34%(4202(X*D
.#"9#2**%$#093(3E3_#4:(6;5'3113*#G/94,0H4%5/#%#09%G%+#/01,*%62*%09420#A,&24D
. # 73&6/90&2*5/ # 3&' # (;&/ # -%*? # $F1:+;0;4D # 7/G35 # 6,*4%1 # %9 # 3$G3(31 # :52**X%1z # 7/4 # 4?+4%1#
1:9$?5126%*R#:0093-,&200%*#4355/#%#1:9:00;&;(4z#7/GB*#*3@34344#-3554%(4%5/#%#A3&'9B4R#$/54#%#A,&R#%#
4%5H4X4R#$/54#%#093**3$/#;*34#;0#%#E%E,4R#$/54#%#*3*1/#;*34#&,5+,9XA24z#7/;(4#53$#*3@34344#@3*'/#09/5435#
&,5+,01,+5/#%#1C*0B#;0#%#G3*0B#G/94,502&(X*z#7/;(4#13**344#3@@39#,(092&,0#:0093-,&20z#7/1#%9,1#
%#1:9:0#43(@31R#%$/134#3&'C44#13**344#62**%*5/z
.#73&6/90&2*5/#%9#e04625#1/(2*'#2*4%*#1/%*%1H4,44#2**%$093(1393434D#d/1#$/*'35#09,*&2*%4,4#*244%1#3*z#r0#
1/1 # -3*; # /(25'?*4 # % # 09,*&2*%4z # d/ # &,5+,01,+,44 # %9 # ,(092& # 1C*0B # G/94,502&2(X*R # 1/ # % # G3*0B # A,&/#
GH(201,+20(X*R#1/#%#*3*1/#3&;090;&(B*R#1/#%#&'X&'H420(X*z#d/1#%+X94%1#43($;5'G35R#1/1#09,*&2*%4G%5R#
1/1#1%4,5%/#09,*&2*%4G%5R#1/1#E;59G35z#Z,&'%5#6%*X0?*4#$3&#%#6;&(3@%A420R#3*092$,*4%420z
.#7/*'35#%+X920/#*3@34B0;&31R#:4*3431#;*531R#A3*35531#$3&#$%#%#6/*2&G%5z#7/*'35#*3553R#@%#$/5+35#
%+X#$3&09F553R#;0#W0%1#-,&'%09420/#%+X11%*#A2(?*5251#@,992#%#1:9:00;&#;*34;@39z#bGG35#%9#
3034G35 # $/5+351/ # % # -,&'%09420% # $;(4;1;G35 # %+X95%D # d;E3031 # *355;531.3 # % # 1:9&%9+209,1R#
1;E6/03*B1#3&'#/*'35#(35+(3#24%*%1H4%5/#%#A3*35*3&/#(35+093(C5134z
.#l3@34#1/4:*435/#3&'#09A%#G36%**204#%#&'3(313113*D
m'$02'23

><"U'$

I)Y8232/"3O*1/
"# &'3($3131 # (35+3*139531 # %9 # %*%E634B # &%9+%02&/ # -,&%*$%1 # 43(;5 # /0$3(343113*D # e0$3(3431 # %#
1:9;E1,(/#42(0%+%*$%1#42(0%+%*$/#G3(35+3913+;0;(B*D
J$431'%&.",2V)2/83:/."S:)+0
"#&'3($3131#1%EA%5%1#3&'#;*341,(?15%1#$3&-3*3*B#(2*24204#%#42(0%+%*,$#093(13934;(3D#l3&'3531#
4?+%4,0#2**%$E,*&2(,1R#%1/1#G3*2420GX*#A2(?*5%1#@,992#$?512A?11%*R#%1%(%4?11%*#%#42(0%+%*,$@,9D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
q?00%5%1 # % # &'3(3131 # G3*2420(% # % # 1?*4?(2*/0R # % # &%9+%02&/ # ;0 # % # A,&/ # 09-;(% # -3*%+%4%/(X* # ;0#
1%EW0,*X+20/ # E,54A%/(X* # % # 42(0%+%*,$G%5D # n3+399;1 # -3*R # $/*'35 # -3*3*B00;&&3* # A2( # %9 # 3$G3(#
(;096;43*3#%#42(0%+%*,$G%5D
G$TS/+)U*1/."T+43+0
a:(4;53*3$GB*#%9#3?(XE%/#62(,0,1R#42(0%+%*$%1R#42(0%+%*$/#(35+31#1/%*%1?*20%D#7%43$%4/12GX*#%9#
%(25' # ;0 # 0929%*;1092$H420 # $2( # 1;E*3431 # 093(/54/ # 092$H420%D #"5'%5'3*6GB* # %9 # C9*34/ # *36;*H(20#
-3*@%0952*202(%#$?4%41,95%1#*3@34B0;&31D#
GO)S/,+%$)#$0"f",+%$)#$0
"+XR # 2**%$/ # 09-;(%R # &%9+%02&/ # 09-;(%R # 1?*4?(2*/0 # 09-;(%R # 1:943@3(R # 1:9-3*%+%4R # 1:9G/94,502&R#
I!]

2**%$E,*&2(/#09%G%+02&#;0#1:43*300;&D
!",2V)2/83:/"51'3"2'2*#:4&2.
b935 # 5%&' # 1;E31 # $3&6/4%42025R # 63934344 # G309;*&34;03/5 # 13(3094C* # -3*;G(3+@34 # % # &'3(3131#
;(+31*B+;03 # % # -3*5B44 # 6/*2& # 3$3 # 0,1%4 # 3$*3&34344 # 42(0%+%*$/ # 1;(+;03/ # /(254D # d;E3031 # *3@34531#
-3*/0$3(5/ # ;0 # 3*$,5+%5/ # % # $,+3(5 # 42(0%+%*,$ # $F1:+;0;G35 # %9 # %+X1R # %9 # %+X920 # 093(3E;4D#
>:6/+35#*3&'35#1;E30#%#0%A24#09%6%/6%*#3*$,5+%5/R#$/#%9#2**%$/.A,&/#;*34R#%#&%9+%02&/#;*34#;0#%#
093**3$/#;*34#-3*%+%4%#%#42(0%+%*,$G%5D#"#4%5?*X1#;(40;1#%9#%*%E634B#2**%$E,*&2(/#1,$E3435W/21%4D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#!h#;630#&'3(3131#-/&'3*$3#G3-3*;R#%9#3$G3(#G3*0B#1;(+;03/#-3*;#-,(+?*D#"9#/5+/6/+??$#093(3E3R#
-3*%+%4%#%#6/*2&G%5#%#-B#1;(+;0R#$3*'@39#W0%4*%1,9/1#%#093$;*'30#A:6B63*#1%EW0,*%4,0#1;(+;031#
;G(3+;03#/0D#b11,(#$/543&'#:0093&9/R#%9#%++/&#$3&093(9344#4?+2024#;0#1H625W0/#%((%R#$/1;54#4?+A%#
%#09/5434/92*4#/0$3(343/4#%*1%*$%95/D#bGG35#%9#;*3409%1%09G%5#%#-/&'3*3$#%9#3&';5/#G/,&(2-/21#-3*;#
-,(+?*D
q%6%0,*4#4;$%1:(:1
"#4%5?*X1#/0$3(A;1#$3&#(;09*343035#3&'#5%&'#&%9+%02&/#6/*2&093(3E*B#;*34Q4A24D#qX#*3@34B0;&34#
5'QA4 # 3((3 # Z35(' # n,(+R # 6%&' # % # >,4@0W@/*+ # W0%*2+ # -3*3$3*13+;0;531 # G3$?4%420%D # 73&A3*35@34#
3034*3&#%#1,(42(0#84363#q,G0#/0#%#-3*+,*&,9@%4X#;*34(%A9,1#1:9:44D#b@@39#%#1:634139B#093$E,54,1%4#
%*1%*$%99?1_
.#73*'/1#;*3409%1%092G%5#4%*2*1,9,44#%#1;0BGG/#;*34-3*%+%426%*z
.#7/*'35#6,*4#%#6/*2&R#%#&%9+%02&/#42(0%+%*$/#1:(5'3934R#%$/1,(#$3&139+43#436;135'0;&;4z
.#7/*'35#42(0%+%*$/#/&;5'4#-3+39344#-3*z
.#Z,&'%5#;EH43443#-3*#%#62**%*1,920%/4z
.#7/*'35#3$G3(/#1;E300;&3/#03&H4344;1#%9#;*34$F63#$3&%*1,4202G%5z
.#7/*'35#@%4204#&'%1,(,*4#1,(%#1:9634*35#&%9+%02&2(%#;0#42&%GG#1:(5'3934;(3z
.#7/*'35#@%4200%*#6,*4#%#4:(4;53*3$#%*%1?*202(%z
.#Z,&'%5#6%5#A3*35#%#1/62*%094,44#093$;*'#$?512002&25%1#3(3+$;5'3#%#$%/#6/*2&&%9+%02&G%5R#
;0#%#$%#;*B#@;41:95%E/#3$G3(31#;*34;G35z
m'$02'23

;<"U'$

I)Y8232/"3O*1/
" # &'3($3131 # (35+3*139531 # %9 # %*%E634B # &%9+%02&/ # /0$3(343113*D # "9 # 3*B9B # 4%5;6 # 0,(25#
$3&/0$3(13+431#0,1#3$G3(#G/,&(2-/2A26%*D#n:*+(%A9GX*#0,1-;*3#$X+,5#$3&/0$3(13+431#%9#3$G3(#
;0# 42A# 6/09,5'26%*R #%9 #3$G3( # 1:(5'3934-,($2*X# 436;135'0;&;63*D #7%43$%4/12GX* #%9 #%(25'# ;0# %#
0929%*;1#092$H4200%*D
J$431'%&.",2V)2/83:/."S:)+0
"# &'3(3131# A?00%5%1#3*# ,+%R# @,&'# 43*A30#$;(4;1G35#$3&1:93*H40;1R# @,&'# 3&'.3&'# |1/62*%094,44=#
3$G3(#$/*'35#$X+,5# 1;E30#$3&62*4,94%45/#1,(%# &%9+%02&/R #42(0%+%*$/#;*34;4R#;0#35531#$/*'35#
1/@%420%/#*3@34531#%12(#%9#3&;09#3$G3(/0;&#4:(4;53*$;(3#/0D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
l3&'35 # 1;E30 # % # &'3($31 # $3&4%*2*5/ # ,*'%5 # @3*'9343134 # 3&' # 1C*0B # 3$G3( # ;*34;G35R # %$/1,( # %9#
(2/0$3(#3&'.3&'#;*34@3*'934G35#%#-3*%+%42(%{#l3&'3531#1;E3031#%*%E634B#09/5435#:0093-C&&;03134#
IJN

4%*2*5/ # %9 # 3&';5 # ;0 # % # 42(0%+%*,$ # 1%EW0,*%42G%5R # ;0 # A?00%5%1 # G3*2420(% # %9 # 3&';5/ # +:54;031#

-3*3*B00;&;(B*D
G$TS/+)U*1/."T+43+0
a:(4;53*3$GB*#%9#/E%(/#-,((%+%*,$R#/E%(/#-3*-3+39;031D#n:*+(%A9GX*#%#6/*2&&%9+%02&#1/%*%1?*2025%1#
1:634139$;5'3/D
GO)S/,+%$)#$0"f",+%$)#$0
b&';5/ # %+,4402&,1R # 42(0%+%*$/ # 1:(5'3934R # 3&';5/ # -3*3*B00;&R # %9 # 3&'30 # ;*3409%1%09,1G%5 # (3A*B#
-3*%+%462**%*20/#*3@34B0;&31D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#/0$3(A3#$3&#%9#3&';5R#$/54#:52**X#/5+/6/+?%*/420#6/*2&-,($2*X#093(3E;4D#d3(3003#%#0%A24#
$%&2G%5#3034*3&#$3&A3*35B#1;E300;&3134D#l3&'35#1;E30#4%52(/#03&H40;&&3*#1%EW0,*%4,4#4%*2*5/#%9#
3&'30 # 3$G3( # &%9+%02&/ # 43443/ # ;0 # %55%1 # E,*/4/1%/ # 1:634139$;5'3/ # 1:9:44D # rG(3+A35 # G3553 # 3&'#
3*3$9B#1H625W0/02&#%9#B4#1:(C*636B#43W@5/1%/#3091:9:1#1/%*%1?*20%#;0#6/*2&G%5#G34:*4:44#093(3E3#
/(254D#l3&'3531#1;E3031#4%52(/#03&H40;&&3*#$;(*3&3*5/#%9#3$G3(/#+:54;031#1:9634*35#;0#1:9634344#
1:634139$;5'3/4#;0#1,W129%424D
g:)+0":/",2)$*$3+0"$"P-=;N":5,+)&$#+4n
"# -3*0B # 4%&,9%4,5# %# 09,W/2*/0# ;0# &%9+%02&/ # /0$3(3431# 3*0%A24H420%# 1%EW025# %9# 2*4%*25,0 # /01,*%/#
09%1%09G%5 # 1/%*%1?*4 # 1;E34R # 4?+204 # ;0 # 4%E%094%*%4,4 # $;*'H4AC1R # 4%&,*A?1 # 4,62GG # %((X*R # @,&' # %#
&%9+%02&G%5 # % # 43046;(/0;&R # % # A,&G%5 # %9 # 3&'35*B0;& # ;0 # % # 093**3$/.1?*4?(2*/0 # 09-;(2G%5 # %#
09%G%+02& # *3&'3531 # % # $3&@%42(,9X1 # %9 # 3&;090;&30 # 09,W/2*/0 # ;*34G35D # r(9;13*434AC1R # @,&' # %#
09,W/2*/0#,(&%5/9$?0#@2($%0#4%&,9X+20%#53$ #3&'#/+3%R #%$/4#$3&#13**# 6%*X0H4%5/R#@%53$#39#%#
6%*X02&R#%$/#A3*35*3&#/0#$F1:+/1R#W0%1#53$#4:1;*343035D#t;*+21,5#13(3094C*#$3&$?4%4A?1R#$/*'35#
4C5343/#6%55%1#%#A3*351,(/#1%E/4%*/9$?0#<$F1:+;0/#(35+3**35300;&3/531=D
" # 09,W/2*/0 # ,(&%5/9$?04 # %9 # 3$G3(31 # @,9921 # *;4(3R # H&' # %9 # 3$G3( # -3A*B+;0;63* # E2(@?9%$,0%5#
62*4,9/1R # 62*4,95/% # 13**D #"9 # 3$G3(/0;& # $/5+35 # 1,(09%124 # 3&' # $3&@%42(,9,44 # 3$G3(/ # ;*3443(C*34#
1C*:5:035#1/3$3*13+B#-3A*B+;03#A3**3$9/R#%#$,04%5/#1?*4Q(1,(09%1G%5#%#&%9+%02&/#;*34#%*%1H420%#%#
63934B # -3*%+%4D # f3$?4%4A?1R # @,&' # %$H& # % # &%9+%02& # 1:9;EE,54A2G%5 # % # $?51% # 2**R # % # &%9+%02&#
$3&B(9/ # 3$G3(/ # %(W?*%424R # +3 # @% # % # &%9+%02& # 3*@%&'A% # %9 # 3$G3(4 # 09,*&2*X # $/5B0;&34R # %11,(#
(,$G,*X%5#@%4#%#09,W/2*/0#,(&%5/9$?0(%R#%9#3$G3((3#;0#6;&C*#%#43($;0934(3D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#&%9+%02&#43(C*34;5#$3&A3*35B#43046;(/0;&#&,5+,*%425%1#$3&;(4;03D#

"(2@'0&
Z,&'%5#4309/#%#$?51%R#%9#3$G3(4R#%#-:*+#E,*&2(262z#7/4#A3*354#%#-/9/1%/#;0#$/4#%#093**3$/#$?51%R#
$/G35#@%0,5*X%1#;0#$/G35#1C*:5G:9531z#7/*'35#@%4200%*#6%5#%#$?51%$3&,09420#-,1,9X+20%#%9#
3$G3(/ # $?512(%R # 35531 # $/*'35 # 1:634139$;5'3/ # 6%55%1z # 7/ # @/25'9/1 # % # &;E30H4344R # @%4;1,5'R#
(;09-3*%+%4,1(% # G,54,44 # $?51% # 1%EW025 # %9 # 3$G3(531z # 7/ # 4:(4;5/1 # % # @% # % # 093**3$/ # $?51%#
09%1,0,+/1z#7/4#*3@34#$3&-/9345/_#%#$?51%3(B4R#/+B4R#436;135'0;&34#6%&'#%#$?51%#2*4%*#*;4(3@,9,44#
A%6%1%4z#

A1'1$<&*B&)C<(01&.&0D3C)&
b&'093(FR#E%EH(GX*R#1;993*#1;09H4@34B#42(&'#%9#2(?D#"9#2(?#$/5+/&#,*'%5#*3&'35R#%$/#%9#/+B09%1@,9#
/**/1R#;0#4;5'*3&3035#3*#*3@%4#%+5/#G%92(G%5#6%&'#/01,*%+H09H4;0@39#@%0952*@%4X#SE*D#W0/**%&R#6/(2&R#
IJ!

-%(0%5&/#2*%(WUD#d;4#43($3*B#W;&34#%*%EH4?51R#%#E/%W,5#-3*/0$3(4#09C10;&*34#1/3*;&H4;03#W;*A2GX*D#"#
E/%W,5#3&'#13(3013+B#6202(,*A%#-3*#%#&'2(4X14X*#%9#2(?4R#%$/4#%9425#%#-3*@%0952*X1@,9#092**H4#;0#
;(4;130H4D#"#E/%W,5#?&'%5%9,5#13(3013+B4B*#*3@34#&'2(4X#3091:9:134#;0#%*%E%5'%&,4#6202(,*5/D#"#
W;*#%#E/%W,5#13*34139B#/&;5'31#1/3*;&H4;03#;0#AX#E;59&%9+2*1,+20D#"#A24;1#*;E;03/_#&'2(420R#3*%+20R#
E/%W/#/5-,($2W/X093(9;0R#43(639;0#%#1:634139B#W/1*?0(%R#%*%E%5'%&#;0#43($3*B#3091:9:1#6202(*20%R#
%#W/1*?0#;(4;13*;03D#7/5+35#E/%W/#W/1*?0#?425#G309;*AC1#$3&#%#4%E%094%*4%1%4R#@,&'%5#%*%1?*#1/#%#
$?51%$3&,09420R#@,&'%5#-3A*B+/1#%#43W@5,*X&/%R#@,&'%5#-/5,$,+5%1#%9#;(4;130H4;0/#04(%4;&/21R#AX*#
0/13(C*4.3#43(6395/#%9#%*%E%5'%&#;0#43($3*B#3091:9:1#$3&6202(*2024D

E&*B&)C<1(4+5./B6)F(81.C<<&*B&)C<
"#&%9+%02&/#-3A*B+;0#24431/54;03#3&'#E;*+25#13(3094C*D#t;*+2?*R#-%62&X1#4:(4;534;531#1/+,*&,920%R#
@,&'%5 # %*%1?* # % # 43($3*;135'0;& # % # $?51%$3&,09420R # 43W@5,*X&/%/ # -3A*B+;0 # 1,51(;4 # *;E;03/5#
13(3094C*D
m'$02'23

>h"U'$

I)Y8232/"3O*1/
"#OD#,0942*'G%5#$3&4%5?*4#-,&%*$%1_#43($3*BR#-,&'%094XR#E/%WR#$?51%R#$?51%$3&,09420D
J$431'%&.",2V)2/83:/."S:)+0
" # $?51% # *;5'3&;531 # $3&(%&%+20%_ # ;(4;143($3*B # -,*'%$%4R # ,*'%5 # 43*A30H4$;5'R # %$/ # $/5B0;&/#
/&;5'(3#6,5%41,9/1#;0#$/5+/&#6%*%$/*'35#$/5B0;&/#1;E300;&531#%#1/-3A*3094;03#(;6;5#A:5#*;4(3D#
b&'093(F # E;*+21,5 # 13(3094C* # % # 093**3$/ # ;0 # -/9/1%/ # $?51% # ;(4;143(3$4B # 1;E300;&;531 # %#
G3$?4%420%R#1C*:5G0;&C1#,GA314H6#$3&1:93*H4;03R#@,&'#%#4%5?*X#$3&;(403R#3&'/1#03$#%*2(35+3*4#%#
$20/15%1D#"#43($3*;0/#&'%1,(*%4#1%EW025#%#+/21,1#4%E%094%*@%4A21#%#1C*:5G:9B#-,&%*$%1%4R#$/54#
$?51%$3&,09420R # 43W@5,*X&/%/ # -3A*B+;0R # 43($3*;0/ # @%4;1,5'02&R # ;(4;130H4;0/ # 04(%4;&/%R # E/%WR#
E;59C&'/ # 43(639;0D # "9 # 3&'093(F # -%62&X1 # $?512A2GX* # 1//5+?*6%R # *;E;0(B* # *;E;0(3 # % # 1C*:5G:9B#
&%9+%02&/ #-3A*B+;0/ #E,54,1%4 # G3$?4%46% #3*A?4@%4?51# %# &*,G%*/92W/X@,9R # $/54 #%# A3*35G35 #$F1:+B#
&%9+%02&/ # G3(35+3913+;0@39D # " # -,1,9%4,0 # -3*;EH4;0 # 0,(25 # $%&24X* # $3&$?4%41,95%1 # % # A3*35#
&%9+%02&#4,(9?*20%/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# $?51% # ;0 # $?51%$3&,09420 # 1%EW0,*X+20% # % # 43($3*;0@39 # % # 5:6316BR # 3&'(3 # +/--3(35W/2*4%GG#
09C10;&*3431 # 1/3*;&H4;0;@39D # " # 43($3*;0 # -,*'%$%425%1 # *3H(20%R # ;(43*$39;03D # " # 13(3013+3*$/#
*25W,*%4R # 2(Q. # ;0 # E;591:(-,(&20%D # " # &%9+%02&/ # -3A*B+;0 # *;E;03/531 # $3&53639;03R # E;*+%#
G3$?4%42026%*D
G$TS/+)U*1/."T+43+0
n:*+(%A9R#4:(4;53*3$R#$%&'%(#;0#$%43$%4/1%#4%542(&'%1
GO)S/,+%$)#$0"f",+%$)#$0
7?51%R#093**3$/#$?51%R#-/9/1%/#$?51%R#09C10;&*34R#43($3*;0R#AX092&#SA%6%1UR#E/%WR#%9#2(?#;0#%#E;59#
1:(-,(&20%R#&%9+%02&/#-3A*B+;0#-3*4;43*3/D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X#/0$3(A3#-3*#%#$?51%#;(4;1;4#;0#;(43*$;4R#;(403#$3&R#@,&'%5#6/09,5'?*#%#093**3$/#$?51%#%#
-/9/1%/#$?512@,9R#/**3463#3#1344B#%9#;(4;143(3$4;0@39D#r(435/#4?+A%R#$/;(4#6%5#43($3*;0(3#09C10;&R#
@,&'%5 # 1%EW0,*X+5%1 # % # &%9+%02&/ # 093(3E*B1 # S-,&'%094XR # 43($3*BR # 13(3013+BR # G%51 # 04GDU#
3&'$20@,9D#p4*200%#%#$?51%$3&,09420#;0#43W@5,*X&/%/#-3A*B+;0R#4B131;E9;0#@%420%/4#%#&%9+%02&/#
IJJ

-3A*B+;0(3D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#A,&/#;*34531R#$/54#%9#3&'35*B0;&#09H543(;531#$3&/0$3(;03D
o$5$/+)3"3:#$09'90
7/4#A3*354R#$/4#4%(4%*$%9#%#A,&/#09-;(%R#$/*'35#-3*%+%4%/#6%55%1#%9#2**%$5%1#$%z#7/GB*R#@,&'%5#
-3+39/#%9#2**%$#%#A,&(35+#-3554%(4202(%#-,(+H4,44#1/%+20%/4z#7/4#A3*354#%9#3&'35*B0;&#%#A,&/#;*34G35#
S3&'35*B#0Q*'Q#6;*3$;5'R#+3#53$#%9,5,002&Uz#q?04/4/%#/04355B#c#G31:4:44#093$R#139;G35#1%(+#;0#
$;(*3&#c#%#A,&/#;*34#09/$GX*?$%D

GC..&.09*C)90 ( &.&-D3C)C'&0# ;0 # $F1:+434;0;531 # A,&/ # 1;(+;03/R # A,&/ # -,($2/ # $%#

7%&'%(,(092&,5D # d/ # % # 62**%*1,9Xz # 7/ # % # 1C*:5G0;& # %9 # 3&';5/ # ;0 # 42(0%0 # 62**%*1,920,1#
1:9:44z#7/*'35#-3*3*B00;&&3*#A2(#3&'#62**%*1,920#G/(4,1*20%#;0#$F1:+434;03z#b&'#0/13(30#
$%&'%(#62**%*1,9X#4:(4;534;531#$3&/0$3(;03D
893(9B+;031
x/21@/43*#093(9B+;0#;0#G%51/#-,*'X092$*%#$/54%093(9B+;0#245;9;03D#7/#%#1C*:5G0;&#%#$3&GH920/#
093(9B+;0#;0#$?51%093(9B+;0#1:9:44z#"+206;43*/#$/54%093(9B+;0#6%*%$/*'35#42(&'#;(4;130H4;0;(3D
d:9:00;&31#3&'C44$F1:+;03R#H(,44#;0#H(%4*%5#09%G2*',1R#093(63934/#-,($21R#A,&,1R#1:43*393440;&31R#
+:54;0/ # $3W@%5/9$?0,1D # )%*+,(-./01,*21 # $F1:+;03 # A,&/ # 093$E,54GX*R # 093(63934/ # -3*;EH4;03R # %9#
/01,*%#893(63934/#;0#7F1:+;0/#89%G2*'25%1R#Z29/(35+A;531#1:9:0#-3*+,*&,920%D
m'$02'23

>h"U'$

I)Y8232/"3O*1/
" # @343+/1 # ,0942*'G%5 # $3&093(9344 # &%9+%02&/ # %*%E-,&%*$%1_ # %+XR # %+X1 # 4HE?0%/R # %+X-/934;0 # ;0#
093(3E3/R#%+XG36%**20D
J$431'%&.",2V)2/83:/."S:)+0
"9 # 3&'35*B0;& # % # A,&/ # ;*34G35 # %9 # /&%902&,002& # $3&6%*X0?*20%1;54 # A3*35/1 # $3&R # ?&'%5%11,( # %#
&%9+%02&/ # ;0 # 1?*4?(2*/0 # ;*34G35 # 6/009%@Q9XR # /&%902&4%*%5 # @%420QD #"# 093**3$/ # ;*34 # 43(C*34;5 # %9#
/5+/6/+?2*/0#43*A30H4$;5'31R#%#&%9+%02&/#;*34#43(C*34;5#%9#3&'30C*;031R#1%EW0,*X+20,1#+,$/52*5%1R#
$3*'31#1:9:44#1/G,54%1,9X#-309C*40;&#1/3&'35*H4BA3#%#A,&/#;*34D#"#A,&/#;*34#@,99%#:009@%5&G%#%9,1%4#
%9#,GA314H6#1:6343*$;5'3134R#%$3*'31#%9#3$G3(/#1:9:00;&#&%9+%02&/#3**242026%*#A2(5%1R#;0#%9,1%4#
%#09?GA314H6#/&;5'3134R#$3*'3134#%#093**3$/#4:(316;0#42$%094D#"#$%/#$%&'%(#A,&(35+#G/94,0H4,44%#
13(3431 # $3&/0$3(434;03 # % # 62**%*1,920,1R # $%&25093$;*'31 # 092$2(%R # $/54%093(9B+;031#
24431/54;03 # 0,(25D #"# 1:9:00;&31 # G3*0B # (35+39B # 3*63/531R # +:54;0/ # *3@34B0;&3/531R # % # A,&,1 # ;0#
1:43*393440;&31 # E,*%(/42025%1 # $3&G309;*;03D # "9 # /01,*% # 0%A24 # 09%G2*'%/5%1 # $3&/0$3(;03R#
-C&&34*35C*#%9,1#1/@/(+34;0;4B*#SH(,44#6%&'#H(%4*%5UR#%#G3#53$#4%(420?1#@%420%/5%1R#%#09%51W/X15%1#
6;&/&&,5+,*20%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # &%9+%02&/ # ;0 # 1?*4?(2*/0 # 09-;(% # %*%E.E,*%(/42025%1 # 1/3&'35*H4BA31;54 # $3&A3*35B # A,&/ # ;*34#
;(43*$39;03D#"#$%&25A,&/R#42(0%+%*,$A,&/R#;0#%*1,4$25'A,&/#1;(+;031#0,109H5F0;&3D#"#4?*%A+,5A,&#
;(43*$39;03R # % # -:*+A,& # A3*35 # -,($2A25%1 # $3&;(4;03D # "9 # 3&';531G35 # ;*B # A,&;(9;1 # 1/634H4;03#
1:9:00;&/ # 3&'C44$F1:+;031G35R # %9,1 # 1:9:0 # 3*-,&%+20%R # G34%(420% # ;0 # G3 # 53$ # 4%(42025%1#
GC5434;03D #"*%E634B # A,&/ # 093(9B+;031 # 13**;13/531 # $3&/0$3(;03R # 1C*:5:0 # 431/543443* # % # 1/0G34F0#
(;0931(3D#"#)%*+,(-./01,*21G%5#$F1:+B#A,&(35+#$3&/0$3(;03D
IJI

G$TS/+)U*1/."T+43+0
n:*+(%A9R#4:(4;53*3$R#$%&'%(#;0#$%43$%4/1%#4%542(&'%1D
GO)S/,+%$)#$0"f",+%$)#$0
q,&/#09-;(%R#%9#2**%$#093(3E3R#62**%*1,920,1#A,&/#-,($2/R#%*%EH42025%1#*;E;03/R#093(9B+;031#A,&/#
13**;13/R#1:9:00;&31#H(%4*%5#09%G2*'%/R#%#)%*+,(-./01,*21#$F1:+;03D#a?*%A+,5A,&R#-:*+A,&D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X#$3&#4?+A%#-,&%*$%95/#%#A,&/#;*34#093(3E;4R#%9#%GG%5#$F1:+B#A,&/#3&'35*B0;&#*;5'3&;4D#
73&;(403#%9#H(,44#;0#H(%4*%5#09%G2*',1#-,54,002&24R#%#A,&;(934#@3*';4#;0#093(3E;4#%#1:9:00;&31#
$F1:+;0;G35D#
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#1?*4?(2*/0#09-;(%#09%G%+02&%#/**3463#09%G%+02&-,1,9%4%/D
o$5$/+)3"3:#$09'90
"()*9H1C.1)(6.+3(&.&-$-9.&,13C)&
E&*B&)C<
;@.3I,&
r(4;11;E9;0
d;E300;&
d:9:00;&
b&';5
" ( 0@.3@,C.1) ( )*46,& ( 3&<9.3)C<&R # 42(0%+%*$/ # 3*3$3/_ # % # W0%*2+R # %9 # ,14%420M5363*;0 # ;0 # 3&';G#
1?*4?(2*/0#/54;9$;5'31#
"( H)&.CBR # $/54 # 093**3$/ # /54;9$;5'D # 7/*'35 # 5%E/R # @34/R # @%6/ # ;0 # 3&';G # ;630 # W0%*2+/ # 303$;5'31#
6%55%1 # % #a/ # W0%*2+,4,1G%5 # ;0 # $/*'35 # A3**3$9B/ # 6%55%1z #"# 1:9:0 # ;4139;031 # @,&'%5 # 9%A*%5%1z#
7/*'35#C553E3134#4%(4,4,1R#@,&'%5#-/&'3*431#3&'$20(%z
"# W0%*2+R # $/54 # &%9+%02&/ # 3&'0;&D # [0%*2+/ # 1:*40;&634;0/ # $/5421 # 245;9;03D # 7/*'35 # G36;43*31 # ;0#
1/%+20,1#6%55%1z#73*'/1#3931#1:9C*#%9#2**%5+X#;(4;113*#GH(X1#;0#$3*'31#%#62*4,9X%1#3&'#;635#
G3*C*z # 7/*'35 # %(25'% # 6%5 # % # 43*A30 # 1/%+20@,9 # 1;E304 # %9 # ;*3*3$531R # @29M*%120 # -3554%(4205%1R#
(?@291,+205%1R#3&';G#@294%(420/#1/%+205%1R#1?*4?(2*/0#1/%+205%1D#
q,&,1#%#W0%*2+G%5#c#1/531#6%55%1#1/4C5434344#A,&%/#%#W0%*2+G%5#;0#$/;(4z#"#&'3(3131531#$/*'35#
%*%EA,&?1#6%5#;0#$/*'35#A,&&%*#53$#(35+3*139531z#7/#4:(4;5/1#%#W0%*2+4%&,1#A,&%/6%*R#@%#%#09C*B1#
3*62*5%1z # 7/G35 # $20%1 # % # 5%&'09C*B1 # A,&%/ # ;0 # $/;(4z # S" # 1?*4?(2*/0 # 09-;(% # $20 # 3*3$3/63* # /44#
(;09*343035#53$#-,&*%*1,9?51UD
" # 1?*4Q(% # @2($%0 # 4%&,*402&%_ # 4?+,$25'R # $F6;0934 # ;0 # 6%**20D # 7/5+3935 # 43(C*3431 # 4,62GG/#
G,542026%*#/0#*3@34#-,&*%*1,95/#3&'.3&'#E;*+%R#3$G3(/#;*34Q4#G3$?4%42026%*D
"(0@.3@,C.1)()*46,&()*&%&B)C<490&1F(09,.C3&1D#"9#%*1,4X/#09%G%+02&#$3&6%*X0?*20%R#E;*+21D#"#
$3&(35+3*4#-304$;5'R#/**3463#;*B*;5'31#1*X5,920%#$/54#1;4#E;*+%#$3&G309;*;03D
".&-$-9.&,13C)90#13(30;03#;0#$3&G309;*;03#%#&%9+%02&/#;0#1?*4?(2*/0#43(C*3435D
m'$02'23

>h"U'$

I)Y8232/"3O*1/
"9 # LD # ,0942*'G%5 # 4%5?*4%1R # 3&' # 43($;1 # 3*B2**H42025%1 # -,*'%$%4%R # /**3463 # 3GG35 # % # -,*'%$%4G%5 # %#
093**3$/#4B13#1:634;03D#7F6;0934/#42(&'%1R#4:(4;53*3$D
J$431'%&.",2V)2/83:/."S:)+0
IJh

" # 1?*4?(2*/0M093**3$/ # ;*34 # % # 09,W/2*/0 # ,(&%5/9$?0G%5 # @2(,$-;*31;EE35 # A3*35/1 # $3&_ # S!U # 3*3$/#
-3*;EH4BA3M@,(+,9XA%#%#W0%*2+R#42(0%+%*$/#-?51W/XA2G%5#SJU#,14%420M5363*;0#;0#SIU#%#1?*4?(2*/0#;*34#
S4?+,$25'R#$F6;0934R#6%**20UD#"#1?*4?(2*/0M093**3$/#;*34#$/5+/&#%9#3&';531#/5+/6/+?2*/0#1;E300;&;5#
%*%E?*D#"#1?*4Q(%#-3A*B+;0;@39#09C10;&30#%9R#@,&'#%#*3@34B0;&3/#09%G%+,5#1/G,54%1,9@%00%5%1D#"#
W0%*2+#%#1?*4?(2*/0#;0#093**3$/#;*34#%*%E#/54;9$;5'3R#$3*'#%9#%5'%#;0#%E%#%*%E#E,*%(/4202(%#;EC*BR#
$/54%093(F#093**3$/#;0#,(&%5/1?0#3&'0;&3#$3*'G35#%#&'3($3134#3&;090;&3035#*3@34#-3*5363*5/#%#
5%&'1,(Q02&/&D#"#1?*4?(2*/0#09-;(%#09%G%+02&25%1#09C10;&093(F0;&;4#/0#;EE35#%#W0%*2+#E;*+2A25#
*3@34#1:55'35#$3&;(435/#S1/#+:54/#3*R#$/4#C553E3*R#$/4#309/1R#$/*'35#/01,*24#62*%094R#$/*'35#1?*4?(2*/0#
E(,&(%$,1%4#*24,&%4#3&'#W0%*2+zUD
"#4?+,$25'R#$F6;0934#;0#6%**20#3&'$20@,9#6%*X#6/09,5'25%1#$3&/0$3(434;03#1,51(;4#E;*+21,5#
%9#,0942*'#;(+31*B+;0;531#$3&-3*3*B35D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9 # 3$G3( # % # &,5+,*1,+X # 1;E300;&;63* # @,99% # *;4(3 # ;0 # $F63*/ # % # 4?+,$25' # 43(C*343/4 # S-/*,9X-/%R#
43($;09344?+,$25'R # 42(0%+%*,$4?+,$25' # 04GDUD # " # -%5429/% # ;0 # ;(93*$/ # 3(B1 # 03&H40;&;63* # %#
$F6;093431 # 43(C*34;5 # 436;135'13+/1_ # % # 4;(.$F6;0934G35 # S;EH4;0934R # 09,G(209%4R # -304;0934U # ;0#
/+B.$F6;0934G35#S9353R#425WR#/(,+%*,$UD#b935#1;4#43(C*3435#Q&'#1;E30#AX*#436;135'13+5/#%9#3$G3(R#
@%#6%**20,0#*;4;4#$2(#3*B9B*3&#1/-3A*30943443#;0#2E,*A%D
G$TS/+)U*1/."T+43+0
n:*+(%A9R#4:(4;53*3$R#$%&'%(#/(,+%*,$R#$%43$%4/1%#;0#$F6;0934/#4%542(&'%1D
GO)S/,+%$)#$0"f",+%$)#$0
89%G%+02&R # ;(4;11;E9;0R # 1;E300;&R # 1C*:5G0;& # %9 # 3&,/04% # ;0 # 09,W/2*/0 # 3&';5 # 1:9:44R # 1?*4?(2*/0#
09-;(%#3*3$3/R#4?+,$25'R#$F6;0934R#6%**20R#E,*%(/420,1R#$34%$,(-X9/0D
!",2V)2/83:/"51'3"2'2*#:4&2.
"# 4%5?*X # $3& # 4?+A% # -,&%*$%95/ # % # 1?*4?(2*/0 # 09-;(2@,9 # 4%(4,9X # 3*3$3134R # $/54 # W0%*2+R # ,14%420R#
1?*4?(2*/0 # /54;9$;5'31R # 4?+,$25'R # 6%**20R # $F6;093431D # r(403R # $/;(4 # 4?+5%1 # 3931 # W0%1#
09%G%+02&G%5#-3A*B+5/#;0#$/*'35#@%4200%*#6%5#(2#%#1:9E,54/#/(25'H420D#r(9;13*5/3#13**R#@,&'#%9#;*34#
%*%E#E,*%(/420,1,5#5'?&09/1R#$3*'31#2**%5+X#3&'350Q*'G%5#4%(42026%*#*3@34#%#-3A*B+;04#G/94,0H4%5/R#
QA#09/54(3#*;E5/#%@,*#QA%GG#E,*%(/4200%*#4%*2*1,9?51#S$34%$,(-X9/0UD
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
89/54;9/0R # % # 09,W/2*/0 # ;*34 # @2($%002&%D # " # E,*%(/420,1 # ;0 # @2($%002&,1 # 1%EW0,*%4%/D # " # E;59#
1/%*%1?*20%#;0#-?51W/X/D#"#E;59/54;93431#$F1:+;03#;0#E(,G*;$2/D#"#&%9+%02&/#$F1:+;0#4C1(3#c#%#
1344B0#1:5'63*;0D
o$5$/+)3"3:#$09'90
J,95+038+*+36)(&.&-+.8+1
"9 # ;6 # 6;&/ # ,0942*'1/(25+?*20 # E;59C&'/ # -3*4;43*3/531 # $3&43(3$4;03 # 1%EW025 # %9 # 24-,&X # ;0#
(;09.E(,A31431#$3&43(639;03R#-,*'%$%4,0#1:634;03R#+,1?$3542*20%#;0#;(4;13*;03D#t;59C&'/#43(6#
1;09H4;03R#1:*40;&634;0#1:634;03#3&;09#;0#(;09.E(,A314351;54D
w%9+%02&/#;*34@39#1%EW0,*X+X#%*%E#E,*%(/420#c#%#1344B0#1:5'63*;0#%*%EA%/D#b&'#W;&#%*%EH42025%1#;0#
-BGG#&%9+%02&/#303$;5'3/531#1:5'63*;03#S-B1:5'6/#1/6,5%4UD#b&'#W;&#-3*092$,*2025%1#*;E;03/#;0#
1:5'63*;03D # " # E;59C&'/ # G3092$,*X # -,&%*$%R # -B # (;09;531 # 6/90&2*%4% # S%9 # /01,*% # 3*B9B # ;6/#
IJL

G3092$,*XA% # %*%EA25UD # "# 1344B0 # 1:5'63*;0/ # E;*+215%1 # %9 # /+B09%1 # 6;&/ # *392(20% # c # G3092$,*X#
1;09H4;03D#Z,&'%5#1%EW0,*X+/1#%9#3(3+$;5'.1/$?4%420#%#$;(*3&@39z
".&-$KC,2&))C<90#13(30;03R#$3&G309;*;03
J6'*1'36*+3+0(
"#G%51,1_#@/43*R#1%$%4R#1%$%4,0#1%$%4D#"#4B90+3_#A,&,1#%+20.6;43*3D#"#E;59R#$/54#2(?R#<53$#(,$*X=#
AX092&D
0093-,&*%*20 #& ( )*9H1C.1) ( 6.+3 ( KC,2&) ( 3&<9*LBC)C'&0# 24431/54;03D # "9 # %009,W/2W/X0#
3&'C44$F1:+;0D
m'$02'23

>>"U'$

I)Y8232/"3O*1/
"#OD#,0942*'G%5#3*0%A24H4,44#4;$21_#%#E;59#4:(4;5343#;0#%#E;59#%*%E-?51W/X/
J$431'%&.",2V)2/83:/."S:)+0
"# E(,A31463934;0 # *;E;03/531 # $3&/0$3(434;03R # &'%1,(*%4/ # 1/E(XG2*20%D #"# &%9+%02&/ # ;*34 # ,GA314H6#
$;(;0/#43W@5/12/5%1#24431/54;03R#%9#%*%E634B#1344B0#1:5'63*;0/#4;43*3135#13(3094C*D#"#1:5'63*;0#
/+B09%1/ # 92(20%R # %9# 3(3+$;5'# 1/$?4%420# *392(2025 # 13(3094C*# %# $;(*3& # 3*1;09H4;03D #"# E;59C&'/#
G3092$,*X # 3*3$3/531 # $3&G309;*;03 # 1,51(;4 # E;*+21,5 # 13(3094C*R # %9,1 # ,GA314H6 # ;(4;13*;0;531#
*3@34B0;&3D # " # G%51R # $/54 # % # +/5%$/1?0 # &%9+%02&/ # W/(1?*%(/92W/X4 # 03&H4B # /54;9$;5'D # " # 1%$%4#
093(3E;531#;0#%#1%$%4,0#1%$%4#@%42025%1#;(43*$39;03R#3931#@%420%/#%#&%9+%02&/#-,*'%$%4,1(%D#
"9#%009,W/2W/X0#3&'C44$F1:+;0#-3*4;43*3/#;0#-BGG#A3**3$9B/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d/0 # ;0 # 5%&' # ;*34-3*%+%4,1 # $3&-,&%*$%920%R # $/54 # E(,A314 # ;0 # % # E(,A314 # 63934;0 # %*%E3*63/531#
@%0952*%4%#%#$/5+355%E/#;*34G35D#"#E;59C&'/#09314,(#A3*35*3&/#$F1:+;0;531#/0$;(63/#;0#%#G%51#
-?51W/XA%#%9#%009,W/2W/X0#3&'C44$F1:+;0G35D#d,51(;4#E;59C&'/#G3092$,*X#S*3@34B*3&#%9#/01,*%#
G3092$,*XA25%1U#245;9;03R#3*3$9;03D
G$TS/+)U*1/."T+43+0
n:*+(%A9R#4:(4;53*3$R#$%&'%(#/(,+%*,$#;0#$%43$%4/1%#4%542(&'%1
GO)S/,+%$)#$0"f",+%$)#$0
t(,A31463934;0R # E;59C&'/ # A3*354;031R # 1344B0 # 1:5'63*;0R # E;59/54;93431R # %009,W/2W/X0#
3&'C44$F1:+;0
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X#@%0952*5/#4?+A%#%#E(,A31463934;0#3*3$3/4#%#0%A24#;*34;G35#$3&6%*X0H4%5+X#43(C*3431(3D#f3#
4?+A% # $?4%45/ # % # 1344B0 # 1:5'63*;0 # %*%EA24 # ;0 # % # G3092$,*X # 3*3$3/4D # " # G%51R # $/54 # % # E;59#
1:(-,(&2025%1R#6;(2(%$25%1#-3554%(4XA%R#093(3E;531#$3&;(4;03D
"5C'.933(1,9B&.92M
"U # l,4@%( # T,&3* # c # "9 # 3$G3( # $3&6%*X0?*20% # % # 09,W/2*/0 # ,(&%5/9$?0G%5 # Se4% # )3&$%5#
"*%EH4625'JN!JU
fU#7/W@%3*#8E35W3#c#"9#3$G3(/#093**3$#-3*09%G%+H420%#S>3$3+/?$#1/%+X#JNNPU
[U#7/W@%3*#8E35W3#c#"#1%E/4%*/9$?0#?425#S>3$3+/?$#1/%+X#JN!JU
xU#>?+,*-#843/53(#c#"#09,W/2*/0#;*34#1;(+;03/#S7%5+24?$#d/%+X#!]]NU

IJO

I'*YV1'1/
Q252823:/
11^('*5"3$554"(.<1"*5,#"3$554"3&A)4,0BO
"9#2*4%*25,0#/01,*%/#;631#3*0B#-3*;G35#1/3$3*4#-,54,002&Q#%#(35+093(30#1%EW0,*%4,4#%9#3(+B63*D#
"@,&' # %9 # %*WH$ # /0 # $?4%4A%R # %9 # /01,*%/ # ;*34 # 093(630 # 3&;09;G3 # 1H625A?1 # G33$3*5/ # %9 # 3(+B4R # %#
&'3(3131#A3*35*;4;4#%9#3(+BG35R#%@,*#394#%9#/01,*%#@3*'/#%+,4402&%/#$3&35&3+/1D#Y3$#%9#/+BA2(20#
@%42(,99%#$3&R#@,&'#%*1%*,$#5'H*/1.3#%9#3(+B#-3*13(30;0;(3R#@%53$#%#&'3(3131#%*1%*$%91,+5%1#
$3&-3*3*B # (?@29%4?11%* # % # 62*4%1,9X # /+BA2(20@,9_ # % # 4F9B # 5%E0C4;04B* # % # 09%1%+X # 30B/&D # b5531#
1:09:5@34B35#*3@34B0;&#5'H*/1#$3&/0$3(5/#%9#3(+B#:00930#%(W24D
"9#;(9;1093(6/#4%E%094%*%4,1#4309/1#*3@34B6;#%#&'3($3131#092$2(%#%#6/*2&#$3&/0$3(;0;4D#b931#
@/25'2G%5#3&'(3#/512GG#0,(6%+#%9#3$G3(/#$3&/0$3(;0/#1;E300;&C51#/0D#7/5;*#4:GG#43($;093430#
42(&&'%*#;0#;*B*;55'3*#4%*2*1,9/1#;*B#1:93&;G35#%#1/0&'3($31R#%552*#A,GG#%*%E#1;E9B+/1#%#1;0BGG/#
4%542(&'%1 # $3&;(4;0;(3D # r(9;1093(63/51 # $/5+ # &'%1(%GG%5 # 4%*2*1,95%1 # $%5%E02& # 3&' # $F6/#
6/*2&&%*R # 4:GG # ;0 # 4:GG # /+B4 # 4:*4C51 # %9 # 3*314(,$,0 # 1;09C*;131 # &%($%+2A% # 3*B44 # ;0 # 1:9:44D # Z% # %#
&'3($31 # 3*0B # P.] # ;630 # 1,(2G%5 # 53$ # 1%E # $3&-3*3*B # 3**350Q*'4 # $/5+3931@39R # 53$ # *309 # $/(3#
%*%E,95/% # % # 1;0BGG/ # ;631G35 # ;0 # 3*363 # 136303GG # 30;**'3* # 62& # 531/ # %9 # /543**314?2*/0 # 4%(4%*$%1#
-3*6;43*;@39{#"9#%&'1?4%420#1/$?4%44%R#@,&'#%9#;(9;131#2*4%*#1:9634H4344#4%E%094%*%4,1,5#13(3094C*#
A:5531#*;4(3#%#1,&5/4H6#04(?14Q(21#%9#%&'G%5R#$3*'31#$/5+35#4%5?*20#%*%EA24#1;E39/1D#"#&'3($3131#
;(9;13*;03#3&'0;&G35#9%A*/1R#3&'093((3#6309#(;094#G3553#$/5+35#;(9;1093(6D
=-;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
d;E31 # 03&H40;&;63*R # $30;1G3 # 09B63 # A3*:*/ # 1/ # %9 # ,0942*'4%5H4X # % # RR@%42(-21%4=R # $3*'31#
1:(G3@%42(,*A21 # % # A24;1 # 09H543(;4D # n,54,0R # @,&' # *3&'35 # 3&' # 4:(90@3*'R # %@,6% # QA(% # ;0 # QA(%#
$3&;(139531D # b&' # @3*'R # %$/ # G?(,11;54 # 09,*&2* # % # 1/%*%1?*%5+X # ,0942*'1:9:00;& # 092$2(%D # b&'#
2**%5+XR#1/62*%094,44#1:9E,54/#@3*'R#%$3*'#$3&%+A%#%#1//5+?*20/#;0#&'C*3139;0/#E,54,4D#7/5+3931#
03&H4/1#%#&'3(3131#42A;1,9X+2024R#G/94,502&,0#13(3434#%+5%1#%#A24;1@,9D#"9#3(+BA2(20#%*%E634B35#
%9#;*34-,*'%$%4,1#3&;090;&;4#09,*&2*A%R#0#3&'G35#43(2E/20#-3*%+%4,4#/0#3**24#%9#3*%1%+4#2(%$*20,1#
QA(%#/5+?*202G%5R#%#*3&'35&C*4#;*343(B1#-3*3(B0H4;0;G35D#"#A24;1,1#0,(25#$3&-3*3*B#$30;113*#-3*#13**#
@H65/#%#&'3(3131#-/&'3*$;4#%#5:6;5'31R#2**%4,1#093(3434;(3R#+3#$X+,4#13**#%+5/#3*-,A4,44#%&(3009/X4#
-3*09H5(3 # @,9X # A24;1%/1G%5 # %9,1 # 1/;*;0;(3 # /0D # " # &'3(3131 # :094:5:035 # $3&4%*2*A21 # % # 531/1#
*3&$3&-3*3*BGG#436;135'0;&3134D
720,+/1#,0942*'G%5#1:9E,54/#093(3E34#1%E#%#6H9~#;0#%#6H9#1:(-,(&20%~#4;$%1:(D#"#6H9#1:(-,(&20%R#%#
-,((204X*#%#4,(1,*%4/&#09;E35#5',$,5#1:634@34B#E;*+2?*#3&'#E%4%152*D#qX#,*'%5#@3*'31(3#3*6/55/#%#
&'3(313134R#%@,*#1;4#$3(BG35#$20R#%12(#3**354;430#$/5B0;&#4%*2*1,920%#6%5#%#43($;0934G35D
" # &'3(3131 # 3GG35 # %9 # ;*341,(G%5 # /0 # /&;5'*/1 # $;&R # @,&' # 3&' # @3*'35 # $3&2**6% # @,009%GG # /+B4#
A2409@%00%5%1R#+3#1;E3031#5%&',GG#426,1#$3&4;43*;(3#/0D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"# 4%E%094%*%4,1 # %94 # $?4%4A21R # @,&' # %9 # 3*0B # /01,*20 # ;631G35 # % # &'3(3131 # 1;E3031 # 0,1 # $/5+354#
EX4,*5/ # % # 1,(2GG%5 # 3034*3& # 3*$%(%+4 # 4%E%094%*%4,1GX*D # T%55%1 # -,*'%$%4,1R # %$3*'31#
G3EX4,*@%4%4*%5,1R#$20,1#6/09,54#1C*:5*3&30#$X+,5#$;&/0#43*A30C*@34531D
J$431'%&.",2V)2/83:/."S:)+0
IJK

"#&'3(3131#4:GG0;&3#:094:5:035#(2;(39#0%A24#*;5';531#*3&$3&-3*3*BGG#43(2E/2A2(%D#Y3$#6;*34*35R#
@% #3&' #&'3($31# 4:GG #3(+BA2(20 #X(25 #13(3094C*# QA(%# ;0# QA(%# &?(?*# *3-3*3 #%# @3&',*+%*,5# 43*A3035#
$%&24X*R#6%&'#3&'#$20/1#&'3($31#2**%5+X%5#%#-3*6/939344#0%(%4#+%&%094A%R#@%($%+/1#42(0?1#E3+/&#
-21#4:(90;531#1:93*;G35#4%(4X91,+/1#4Q*5',$X(;094D#a%*2*1,95%1#:5$%&?11%*R#0#3&'G35#%9#3(+B#
*;5'3/63* # /0D # bGGB* # % # 4%*2*1,920GX* # &'C$:*W0:9B # 1%EW0,*%4 # 09C*34/1R # %$/ # $/5+1;4 # -;* # 092$2(%#
&%9+%&H4XD # " # *3$%(%+4 # 1;E300;&F # &'3(313134 # ?&'%5Q&' # 4?+A?1 # -,&*%*1,94%45/ # 3GG35R # $/54 # %#
$,9&20?1G%5#AX*#-3A*3443134D#"9#3(+BA2(20#%9,5#136;0#1:93&@39#4%(4,9/1#%9#/01,*%/#;*34G35R#%@,*#%9#
3&;090;&30#W0,E,(4+/5%$/1%#;0#%#43($;093430#1:9:00;&-,($2*20#43(34#1%E@%4D#t;*+2?*#%#-/9/1%/*%&#
&'35&;GG34 # 03&H4/ # %9 # 3(B03GG # -2(% # $2095/R # $H& # %9 # /543**314?2*/0%5 # -3A*3443GG # %9 # 2**%4,1(X* # -,&#
4%5H4%5/#%#4:GG/31531D
" # )%*+,(-.E3+%&X&/% # %*%EA24 # 1;E39B # %54(,E,9X-/% # %9 # 3(+B4 # 3&'0;&30 # ,(&%5/9$?05%1 # 431/54/D#
Y3$W0%1 # &%9+%02&/*%& # E;599; # 43@34B # ;(4;13134 # *24 # %9 # 3(+BG35R # @%53$ # 3&' # ;*B # 093(6393434R#
$3*'531#$3&5'/*625?*20/#-,($2/#$:&:44#$/5+35@,*#3&'#$%&%0%GG#4?+%4#2**D#"9#3(+B#%9#%#6/*2&R#
%@,* # $3&3*36353+531 # %9 # ,44@,5(X* # @,9,44 # ;0 # %9 # /01,*2G%5 # 3*$30;*4 # 4:(4;53431_ # G3G,W024204#
5'3(531#%#&'3(3131#%#1C*:5*3&30#*;5'31#G/(,+%*$2G%R#%#-%?5,1R#4:(E;1R#$%5X1R#03**B1#;0#4C5+;(31#
;*3443(;G3g#0%A24#;*B@3*'C1:5#4%*2*1,9@%45%1#G;1211%*R#$X1?00%*R#-2W255%*R#(211%*R#6%++/095X11%*R#
$%+%(%11%*D#Y3$#W0?E25#%#5;&'#-%*#1:9:44#4%5?*5%1#(X*%R#@%53$#24;*/1#%9#;609%1,1#62*4%1,92024R#
@;4(B*#@;4(3#$3&4%E%094%*A21R#@,&'%5#02(&?*5%1R#G%(5?*5%1#$3&#%#*363*31R#@?**%4A21#*3#*,$GA?1%4#%#
-21R # 092** # %*2 # % # 1:+R # A3*35/1 # $3& # % # +;(R # @,&'%5 # -%&'5%1 # G3 # % # E%4%1,1R # 62*4,9/1 # $3& # % # 42A # %#
@X4%1%(X4X*D#l24A21_#$/*'35R#%$/1,(#$3&A3*35531#%9#3*0B#6/(2&,1R#1/E%44%55%1#%9#3*0B#(C&'31g#@,&'#
%#4:*&'-%#AXW0125#62(%4#$%&2(%R#%@,&'%5#9:*+G3#G,(?*#%9#3&;09#42AD#b**3E/1#%#(;43134#%#6/(2&,1R#0#
$3&A3*35531#%#(;&#53$#*24,44#$%+%(%1D#Z;4(B*#@;4(3#0%A24#GB(C113*#;(9;13*/1#%9#;6#1:(-,(&2024D
720,+/1G%5 # %9 # 3(BG35 # $30;*4 # $30;1 # 3&'(3 # @,009%GG%112 # ;0 # G,5',*?*4%GG%112 # 62*5%1D#
73&A3*35/1#%#43($;0934#;0#%55%1#*24@%4X#%*1,4X/_#%#1:631R#5:6;5'31R#2**%4,1D#b&'.3&'#$3&-/&'3*4#
2**%4 # $3&A3*35/1 # $205%E # 3&' # 4:(4;534G35R # %@,* # 4,62GG/ # ;(+3130 # +,*&,1%4 # 4?+5%1 # $3& # (X*?1 # %#
&'3(3131D # p**%4,1 # 4%*2*1,95%1 # 3&'$200%*R # 1C*:5G:9B # 4?*%A+,502&%/1 # 1/+,$G,(,+5%1R # ;0#
1%EW0,*X+5%1 # % # &'3(3131 # 4%E%094%*%4%/@,9D # b931 # 53$ # % # 1*%009/1?0R # 6%*%$/*'35 # 4%5Q02&,4#
4%(4%*$%9X#2**%4$30;1#.#%$/1#09/54;5#-,54,0%1#3GG35#%9#;*341,(G%5#.R#@%53$#-B1;54#%#4%52(#2*4%*#
$3&-/&'3*4 # 43($;0934/# A3*350;&31# ;0# 0%A24 # *;5';5 # 24&'Q(4 # 4:(4;53431D # b94 # 1;E3031 # %# &'3($3131#
;(9;0#09/5435#/0#$3&;*5/R#0#3993*#%#1;0BGG/#4?+%4,0#$3&;*;04#3*B1;09H435/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9 # 3(+BA2(20 # 0,(25 # %9 # ;(9;1093(6/ # 4%E%094%*%4,1 # &%9+%&H420% # 2*4%* # 43($;093430 # 1:(5'3934G35#
-3A*3094@34B1 # % # 1C*:5G:9B # ;(9;13*;031_ # 3&'350Q*'R # 4%E/5420R # $,9&20R # @%**20R # 09%&*20R # *2420R#
@B;(9;13*;0R#43044?+%4#;(9;13*;0D#d/%*%1?*#;0#$;*'C*#%#&'3($31#:51;E3#;0#:5/0$3(343R#6%*%$/54#%#
6/*2&G%5 # 6%*X # 3*/&%9,+20 # ;0 # G/94,502& # ;(9;0 # %9 # :54?+%4(% # ;G(3+;04R # @3*'30 # :5;(4;13*;04R#
:5G3W0C*;04#;0#:5G/9%*$%4#03&H4/#3*BD
G$TS/+)U*1/."T+43+0
n,($%(%A9R#(/4$/1?0#(;09#;0#$30;1#%#-B,14%420G%5R#43($;0934$30;1
GO)S/,+%$)#$0"f",+%$)#$0
r(9;1093(6/#4%E%094%*%4,1_#43($;093430#1,54(%#$3043(0;&30#1:93&D
b&;090;&30 # -3A*B+;0_ # 3(+B # $/54 # *3@34B0;& # . # %9 # ;(9;13*;0 # 3&'0;&3g # 6;+344 # ;0 # 62*4,9%4,0#
43($;093430#4;(#;0#/+BD
Z/25'EX4*20R#:543(2E/%D
b(+BR#$/54#;*B#,(&%5/9$?0R#$:&:443#$%&%0%GG#4?+%4D
"9#3(+B#G/(,+%*$%_#(/4$?0R#1:(-,(&20g#%@,*#;&#;0#-:*+#4%*2*1,9/1D
IJP

!",2V)2/83:/"51'3"2'2*#:4&2.
"9#3(+BA2(20,1#%*%44#093(9344#4%E%094%*20#%#&'3(3131#;*34;531#3&;09;(3#1/@%4#;0#%*%E634B#;(9;04#%+#
%#43($;0934#093(3434;(B*D#b92*4%*#,*'%5#3$G3(31#62*5%1#H&'#G3*B*C1R#%1/1#%9#3(+B4#;0#*;5'3/4#53$#
3**350;&531R#53$#1/9021$25',*%5+X#43(3E531R#@%53$#42(05%1#431/54/1R#,*'%5#@3*'531#*24A21#$%A+R#
%@,*#%9#;&#;0#-:*+#4%*2*1,9/1R#0#%$3*'531#3&;090;&30#*;43#92*,&%#%9#3$G3(/0;&#-355$%(%+2025%1D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35 # %9 # ;6-,*'%$G%5 # -,54,0 # 0,1%4 # &'%*,&,*5/ # % # &'3(313113*R # ;*341,(?1GX* # 1/-,*'X*%& # &'X&'H4X#
@%4200%*#6%5#(2A?1#3GG35#%9#/+B09%12G%5D#t3(093#09H63035#A2409%5%1#3&'.3&'#@3*'35#@,009%GG#
/+3/&R # $;&/0 # %9 # QA%GG # ;0 # QA%GG # @3*'31 # -3*-3+39;03 # 13(C* # 3*B4;(G3R # %$/ # % # 4%52(4X* # /0 # 1,$,*'#
G24,(02&,4#/&;5'3*R#%#A2(4#;0#/0$3(4#Q4#3*@%&'20%1,(D#b*139+AC1#-3*-3+395/#%#426,*%GG/#@3*'3134#/0#%9#
/01,*% # 1:(C*D # b9 # $2( # 3*B1;09H4;03 # % # 53&'3+/130 # @,5/0$3(34 # 1,(09%15%1R # %55%1R # @,&' # *2G?11%*#
G3A2(A21 # ;0 # 4?+%4 # %*%44 # $%&?1G% # 09/EE%54021 # 5;@25' # 1/*X$;43(30 # 1:(G35 # %9 # /01,*% # 1:9634*35#
1:(5'3934;4D#"9#3*0B#1;4#;6#%*%44#$3&3(B0:+:44#&'3(3131#@%**%4*%5#1/4%(4200%*#;0#AX13+663*#0;42*5%1#
%9#3(+BG35D
"#$3043(0;&31#1%EW025#-3*#*3@34#13(305/#%#1:(5';135#-3**3*@34B#@3*'3134R#$3*'31#3$*;139434531#
@%A+%56,*4#$3043(3$G3(31#@;41:95%EA%/(%D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"9#3*0B#1;4#,0942*'G%5#$3&/0$3(4#%*%E634B#09%G2*',1#;0#09,120,1R#%$/1(3#-/&'3*5/#13**#%9#3(+BG35D#
qX#-/9/1%/#1,5+HW/XR#%$/#%#1,(2GG/#&'%1,(/#3(+BA2(20,1#@,9%+;1%D
J$431'%&.",2V)2/83:/."S:)+0n
f350B0;&30 # 6/09,5' # %*%1?*A,5 # 1/ # % # &'3($31 # ;0 # 1:(5'39343 # 1:9:44D # " # -/9/1%/ # 3(B5*;43 # 4,62GG#
-3A*B+A:5R#53#(/%+A,5#6/009%#39#3(+BG35#B4#;(4#1/@H620,14X*D#f/94,0%5#1:9*313+A35#%#A2(%4*%5#Q4,5#/0R#
13(3094C*#1%0?*#$/5+3535#Q&'R#@,&'#1:9G35#-/&'3*3$$3*#*3&'35#%#43($;093430#;*344;((3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#/01,*%#1:(5'3934;531#G3A2(20%#$/5+35#/(25'G%5#*3&%*2GG#J#1$.30#426,*02&G%5D
"#A3*9344#:06;5'31R#-:*+30#?4%1#3*@%&'20%D
d/@H620,1 # 13(30;03 # %9 # 3(+BG35D # l3@34B0;& # 43(3$4;03 # G24,(02&?1 # 1/E(XG2*202(%R # 0 # 3++/&/#
4%E%094%*%4%/1#1%$%4,94%4202(%D
G$TS/+)U*1/."T+43+0
73043(0;&31#1,(09%1R#@29;EH4;0#1,(09%1
GO)S/,+%$)#$0"f",+%$)#$0
n/9/1%/#3(B5*;4R#$%&%G/94,0#1:9*313+;0#%9#3(+BG35R#3(+B#*;5'3/531#4/0943*343#;0#093(34343
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3(3131#$3&/0$3(/1#1:9634*35#1:(5'3934C134R#1;E3031#1/4%(4X%5#625+,(,*5/#-,*'%$%4,0%5#%9#
3(+BG35#4:GG#$/54#3&'#X(25#24D#b(B0#;(93*$/#1:4B+;0#%*%1?*#1/#%9#3(+B#;*B*;5'3/#/(254D

IJ]

J$4O)1/#U*/82'3$4
Q252823:/
"# 4%5?*20 # 4%5H420% # G/9,5',0 # 1;090;&31R # 1;E300;&31 # -3A*3094;0;4 # A3*354/D #"11,( # 4?+ # @%4;1,5'%5#
$F1:+5/R#@%#%9#,0942*'4%5H4X#%#4%5?*20$X+093(4%54#53$#W0%1#4%5H4A%R#@%53$#@%0952*A%#/0R#%9%9#;EH4#
(2#%9#3&'30#3E,W@21#1:9G35D#Z%#%#+/21,1#53$#W0%1#3*$;*34G35#4%5?*5%1#%#@3*'30#09,120,1(X*R#
$X+093(31(B*R#@%53$#%#&'%1,(*%4G%5#/0#6%5#*3@34B0;&C1#1/E(XG2*5/#%#4%5?*4%1%4R#@%**,44%1%4D
"#1,5W354(2*X1;E300;&#$/5+35#093**3$/#$?51%#%*%EA%R#394#%#+/21,1#%9#3E,W@21,5#$2(#3*0B0#1,(?1#
X4% # -3A*3094/1R # +3 # 1:9;E4%&,9%4,5 # ;0 # 1;0BGG # % # -3*0B4%&,9%4,5 # 1/3$3*4 # 093(3E34 # 1%ED # "9#
3$*;139B1;E300;&#-3A*3094;03#$/5+35#;*341,(G%5#*;4-,54,002&QR#3@@39#%#(35+093(30#$3$,(/43(31#
/0 # @,992A2(?*5%1D #"9 # :5/0$3(34R # %9 # :5G/9%*,$ # -3A*3094;03 # 3*35&3+@3434*35 # %@@,9R # @,&' # 6%*%1/#
0/13(30 # *3&'35 # %9 # /01,*%/ # $3&$;(34434;031G35D # " # 09X1/5W0 # GB6H4;03R # -3A*3094;03 # $%&24X*#
;(434B+B35#4:(4;5/1#$3&#%#*3&4:GG#4%542(&'GX*D#"9#H(,44#09:63&31#;(4;03#%9#3(3+$;5'30#4%5?*20#
3&'/1 # 3*35&3+@3434*35 # -3*4;43*3 # 3&' # G/9,5',0 # ;*341,( # ?425D # d/3$3*435 # -,54,0 # 43(C*34 # %#
629*%41;09H4;0R # A3&'9343*;0 # 3*0%A24H420%R # %$/4 # 5%E # $/54 # 5%E # @%0952*@%45%1 # %9 # 3&'30 # X(21,5D #"#
E(,G*;$%$3&,*+X # 1;E300;& # ;0 # % # &,5+,*1,+X1;E300;& # 1;4 # ,*'%5 # 43(C*34R # $3**'3* # % # )%*+,(-#
E3+%&X&?0#5%E#$/54#5%E#+,*&,9/1D#"#PD,0942*'#6;&/#1/03*B%+20#:00932**H420%R#$3&4%(420%#:52**X#
$?5124#/&;5'3*R#%$/(3#-3*1;09H4AC1#%#+/21,1%4D
"#4%5?*20$X+093(4%5#4%542(&'093(F#G363934;03#@3*'344#%#)%*+,(-#/01,*21G%5#%((%#6%5#09C10;&R#
@,&' # %9 # ,0942*'4%5H4X # ;0 # % # 09%14%52(,1 # % # $3&-3*3*B # ;*341,(G%5 # % # $3&-3*3*B # -3*%+%4,1%4R#
-3*%+%44HE?0,1%4 # &'%1,(,*4%0021 # 0%A24 # 4%542(&'%/1 # 4%5H420%1,(D # 7;&/0R # *3&%*2GG # @%6/ # 3&'#
%*1%*,$$%*R#%#&'%1,(*XX(%#13(34;G35#6%&'#-;*;63543#3&'.3&'#@;435#24#%9#3E,W@2G%#;EH463#A%6%0,*4#
/+B4#09255/#G/9,5',0#AX#4%52W0,1#:0093&'FA4;0;(3R#$3&G309;*;0(3#;0#&'%1,(*202(%D#b9#%#136;0531#
4F5B#/+B#%11,(#;(#6%*%$/4R#@%#%#09%1X(21,5#;0#%9#3E,W@21,5#(35+093(3035#4:(4;5/1#6/009%?4%*20#;0#
6%5#*3@34B0;&#%#4,62GG/#-3A*3094;0(3D
"9#,0942*'4%5H4X15%1#A%6%0,*4#V(,09*25'#t;43(_#d:5'6#%#4%5?*20(X*#6%&'#a%5?*20$X+093(4%5#WH$F#
4%51:5'6;531#@%0952*%4%D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # +/21,1 # 3$*;139B1;E300;&;4 # $3$,(/43(3113*R # 1,5W354(2*X1;E300;&;4 # X(% # 3*3A/ # A24;1,11%*#
-3A*3094AC1D#k&'%5%11,(#3GG35#%9#;*341,(G%5#-,54,0#%55%1#%#4?+%4,0H420%R#$/4#A3*354#%#4%5?*20R#%9#
X(%/#-/&'3*3$D#b@@39#5;$/#:5/0$3(34(3#/0#09C10;&#6%5D#Z%5&0Q*'4#1%E#%#4%5?*20@,9#6%*X#0925+;1R#
%#W;*#4?+%4,0H420%R#%#1H625W0/02&R#%9#;(+31*B+;0#-3*;G(3094;0;531#-,54,002&%D
m'$02'23

=<"U'$"

I)Y8232/"3O*1/
b++/&#$3&093(9344#4%5?*20/#4%E%094%*%4,1R#/0$3(3431D
J$431'%&.",2V)2/83:/."S:)+0
" # +/21,11%* # 4%5?*20/ # 09,120%/1(X* # G309;*&34C51R # 03&H463 # B134 # %GG%5R # @,&' # 1/-3A*3009;1 # 0%A24#
43W@5/12/1%4D # qX # 4%52W0,1%4 # &'FA4C51 # ;0 # %+?51D #"((X* # /0 # G309;*&34C51R # 1/ # $/;(4 # 4%5?*R # $/(3 # AX # %#
4%5?*20D # 73&G309;*AC1R # @,&'%5 # *3@34 # %94 # /0 # $3&4%5?*5/R # %$/ # 136;0G; # ;(+313*R # @,&'%5 # *3@34#
$%&?51G%5 # % # 1H625W0/02&,4 # -3*;G(309435/R # % # -/&'3*$34R # ;(+31*B+;04 # $%&?51G%5 # 0925+;1,0%5#
-3554%(4%5/D

IIN

G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # +/21,1 # $3&4%5?*5%1 # 4?+%4,0%5R # @%4;1,5'%5 # 4%5?*5/R # -/&'3*$C134 # 4?+%4,0%5 # /(25'H4%5/R#
;(+31*B+;0C134 # -3554%(4%5/D # d,5W354(2W/X0 # &'%1,(*%4,11%* # S09X13(30;0R # @/G%13(30;0U # -3A*3094AC1#
;G3(0;&C134D
G$TS/+)U*1/."T+43+0
"#+/21,1#$/5+35#4%542(&'G%5#@%0952*5/#4?+A21#%9#/44#4%5?*4%1%4D
GO)S/,+%$)#$0"f",+%$)#$0
7/(3#6%*X#%9#/01,*%z#"#4%5?*20@,9#09C10;&30#G3*0B#2**%E,4R#%#4%5?*204#03&H4B#1C*0B#1:(C*$;5'31D#
a%52W0,1 # % # 4%5?*20@,9D # qX # 09,120,1D # 5/0$3(34R # :5G/9%*,$D # a%5?*204 # 03&H4B # $X+093(31D # "#
-/&'3*3$D#"9#,44@,5/#;0#%9#/01,*%/#$?51%#:0093-C&&;03D#"9#/0$;4*;031#A3*354B0;&3D#dH625W0/02&R#
;(+31*B+;0R#4?+2062&'D#"#W;*R#$/54#$,4/62W/XD
!",2V)2/83:/"51'3"2'2*#:4&2.
"# +/21,1 # 0/13(3031 # % # 4%5?*20G%5R # 4?+A21R # $/(3 # AX # % # 4%5?*20D # 89H63035 # 6;&9/1 # @29/ # -3*%+%4%/1%4R#
4?+A21R # $/*'35 # 1C*0B.G3*0B # 1:(C*$;5'3134 # 13** # $3&43(3$435/C1 # %@@,9R # @,&' # (:6/+ # /+B # %*%44#
3*0%A24H4@%0021#%#$3&4%5?*5/6%*X4D#"9#X(21,5#4?+%4,0#-/&'3*3$$3*#+,*&,95%1D#d;E3031#@,009%GG#
/+3/&#1,5W354(2*5/#3&'#%+,44#-3*%+%4(%D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # ,*6%0,44 # 09:63&31 # ;(4;0;4 # 3GG35 # %9 # ;*341,(G%5 # 4?+%4,0%5 # &'%1,(,*4%4A?1D # 73&-3*3*B#
$X+093(3134 # 4%5H4?51 # %9 # ,*6%020/ # 1;090;& # -3A*3094;0;@39R # % # @3*'30 # ,*6%020/ # 09,120,1#
1/%*%1H4202@,9D#"#$20/1#-,54,0#43(C*34#%#A3&'9343*;0R#629*%4H(20#43W@5/12A25%1#$3&4%5?*20%D#b*B09:(#
H(,44#09:63&GB*#1;09H4C51#629*%4,4R#A3&'93434R#$%A+#%#+/21,1#%#09XG%5#3*@%5&9,44%1%4#/0#$3&4%5?*A21#
H(20G%5#(:&9H435/D
m'$02'23

=<"U'$"

I)Y8232/"3O*1/
"9 # 3++/& # $3&/0$3(4 # @%4;1,5' # 4%5?*20/ # 43W@5/121 # %*1%*$%920%R # % # $3&093(9344 # /0$3(3431#
-3*@%0952*20%D
J$431'%&.",2V)2/83:/."S:)+0
" # 4%5?*X1 # ,*6%020/ # 09,120%/4 # 5%&'H4X # %*2 # 63009C1 # ;0 # 03&H4C51 # A%6H4%5/ # (%A4%D # 52**X # ,*6%020/#
&'%1,(*%4,11%* # -3A*3094AC1 # 09:63&;(4;0/ # 1;E300;&3/134D # 73&4%5?*A21 # % # -3*%+%4,1@,9 # 4%(4,9X#
?4%0H420,1%4#3&'3+C*#;(43*$395/D
73&4%5H4A?1#%#+/21,1%4#,*6%0,44#;0#@%**,44#09:63&31GB*#629*%4,4#H(5/R#A3&'93434#1;09H435/D
7/5+1;4#43(C*3434#(35+093(3035#G3;EH4AC1#%9#3E,W@21G%#;0#%#09%1X(%/#436;135'0;&31G3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#4%5?*X15%1#%#09/54AC1531#$3&-3*3*B#,*6%0,44#09:63&3134#AX*#13**#;(435/C1D#73&4%5?*A21R#@,&'%5#
13**#-3*;G(309435/C1#$%&?1G%5#;0#-3554%(4%5/#%#1H625W0/02&,4R#%9#;(+31*B+;04#3&'#09:63&#/(254D#"#
09:63&3113* # 1%EW0,*%4G%5 # -3*4344 # 1;(+;031(3 # 4?+5%1 # 62*%09,*5/D # r(43*$395/ # 4?+A21 # %9 # 3&'30#
-3*%+%4,1(% # 6,5%41,9X # ?4%0H4204D # "9 # :52**X # 629*%4H(20R # A3&'9343*;0 # $2( # 53$ # ,1,9 # 53@;90;&34#
092$?1(%D
II!

G$TS/+)U*1/."T+43+0
"#+/21,1#%#*3&4:GG#4%542(&'G%5R#%#*3&4:GG#X(25#@%0952*5/#4?+A21#%9#/44#4%5?*4%1%4D
GO)S/,+%$)#$0"f",+%$)#$0
[H$$3+/42W/XD # " # *;5'3& # $3&(%&%+20%D # d?*W009%6%1D # S81/$$/5&R # 01/EE/5&U # T29*%4D # q3&'934D#
k4%0H420,1#1:634;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#,*6%020/#09,120%/#A3*354B035#A%6?*5%1R#%9#,*6%0,44#09:63&31#;(4;03#53$#,1,9#1C*:5:03GG#
&,5+,4#092$?1(%D#"#09:63&&3*#1%EW0,*%4,0#1;(+;031(3#,*6%020#?425#%11,(#/0#4?+5%1#62*%09,*5/R#@%#
53$#*24A21#%#09:63&34D#52**X%5#4?+A21#;(43*$395/#%#-3*%+%4,1(%#6,5%41,9X#?4%0H420,1%4D#a?+5%1#
1?*W009%6%1%4#&'FA435/R#%9,1GX*#:52**X%5#629*%4,4#H(5/D#"9#,*6%0,44#;0#@%**,44#09:63&31GB*#A3&'93434#
/0#4?+5%1#1;09H435/D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # 4/094% # G309;+ # 43W@5/12A24 # 3GG35 # %9 # ;*341,(G%5 # $2( # -,54,0 # 4?+%4,0H4%5/D # b@@39 # (3$31C*#
@%0952*@%4X1 # % # $3$,(/43(31 # 1:9:0 # ;0 # 3&';5/ # -3*$,5+20%R # % # *;&9B&'%1,(*%4,1R # 1C*:5G:9B#
%(4/1?*2W/X0#&'%1,(*%4,1R#%#@%5&,0#,*6%020D#"9#;66;&/#09H5+%(%G#3*B%+202@,9#(35+1H6C*#@%095,0R#
@,&'#%#+/21,1#%#09H5E%+,5#;(4@34B35R#@%5&,0%5#4?+A%5%1#G309;*5/D
" # PD # ,0942*'G%5 # %9 # ;630 # $?51% # 0,(25 # 1/3$3*435 # -,54,0 # 093(3E34 # 1%E # % # 1/03*B%+20D # b@@39#
/0$3(5/C1#13**#%#$3&-3*3*B#43W@5/121%4D
m'$02'23

=<"U'$

I)Y8232/"3O*1/
dC*:5G:9B#4%5?*20/#43W@5/121#%*1%*$%920%D
J$431'%&.",2V)2/83:/."S:)+0
"#+/21,1#4?+5%1#1:9:50;&#3*B44#;(@34B35R#4/09425R#AX*#%(4/1?*2*6%#@%5&,0%5#,*6%05/#;0#G309;*5/D
"9#;6#6;&;(3#1/0#03&H40;&&3*#:52**X%5#-3*#4?+5%1#1;09C*5/#3&'#09%G%+,5#62*%094,44#4;$2GX*#4%(4,44#
1/03*B%+20(%R#%$/4#*3H(5%1#;0#;*639@34B35R#093$*;*343035#3*B#/0#%+5%1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#4%5?*X1#1:9:50;&#3*B44#4?+5%1#@%5&,0%5R#AX*#;(4@34B35R#4/09425#G309;*5/D#w'%1,(,*A21#%#@%5&,0#
,*6%0204D #"# +/21,1 #$3&4%5?*A21R #$/4B* #AX #3&' #1/03*B%+20R #%$/4 # :52**X%5# 2**H4%5%1 #:0093D #a?+A21R#
@,&'%5#13**#%#@%**&%4X1G%5#-3*;G(309435/#%9#;(+31*B+;04R#%#1H625W0/02&,4#%#4;$%#/(254R#;0#@,&'%5#
*3@34#%94#;G(35#4%(4%5/D#73&/0$3(13+531#%#093$*;*434B#3091:9:1#*3@34B0;&3/63*D#
G$TS/+)U*1/."T+43+0
f2($3*'#4%542(&'GX*#4%(4,44#1/03*B%+20R#6%*%$/54#;66;&/#09H5+%(%GR#;630#$?51%#3*B%+20D
GO)S/,+%$)#$0"f",+%$)#$0
l;&9B&'%1,(*%4,1D #"(4/1?*2W/XD # Z%5&,0 # ,*6%020D # f*%44,*X # ,*6%020D # 893(3E*;0D #"5'%&&'FA4;0 # 3&'#
4;$2@,9R#%55%1#H(20G3*/#1/+,*&,920%D#893$*;*434;0D
!",2V)2/83:/"51'3"2'2*#:4&2.

IIJ

" # +/21,1 # 1;E3031 # 1:9:50;& # 3*B44 # 09H5E%+,5 # AX* # ;(4@34B35R # $3&-3*3*B # 43$EXG%5R # $3&-3*3*B#
@%5&0Q**'%* # $3&09X*%*5/D # "9 # ;6 # 6;&/ # 09H5+%(%GG%5 # $/5+351/ # 4?+2025%1R # 1;E300;&;531 # ;0#
1H62502&25%1#$3&-3*3*B#093(3EG35#1%E#*3@34B0;&34#%#093(3E*;0(3D#"9#;630#$?51%#3*B%+202(%#%#
*3&4:GG#+/21#%*%E,0%5#-3*#4?+#1;09C*5/R#*3#4?+A%#H(5/#;0#%94#;*639@34B35#3*B#4?+A%#%+5/D
!",2)/Y"3$%+8$3+4#%#1:9;E4%&,9%4,5#4%5?*4#43W@5/121#&'%1,(*20%R#4,62GG/#-3A*3094;03#3*0B0,(G%5#%#
09%1X(21G%R # 3E,W@21G% # G3;EH463 # 4:(4;5/1D #"# +/21,15%1 # &'%1,(*%4G%5 # 13** # 4?+5/?1 # @%0952*5/ # %#
1,(2GG%5#4%5?*4%1%4D
"" #$'*6'03)/+#2>6552-# &'%1,(*20% # % # -3*0B4%&,9%4,0 # X(21,5 # 1/3$3*4 # 093(3E34 # 1%ED # "9#
6%/2#64<#2>6552-60# $/5+35 # 3&'30 # +,*&,9%4(% # 6%*X # 1;09C*;01,( # @%0952*A21D #"9" ;'(5%63601 " ,4 "
;'8(4,/$%#3GG35#%9#;*341,(G%5#/0#-,54,0#%#0/13(30#4%5?*20@,9D"X4+#('*5D##4,62GG(%#/0#%#*3&4:GG#
4%542(&'GX*#%#4%5?*20#0,(25#GB6C*R#-3A*B+/1D#"9" 93$00"54;C6-6#60# 3GG35#%9#;*341,(G%5#$2(#AX*#13**#
4?+5/?1 # ;(435/D # "" C)4/,0#25490251 " =6-74606/25# 09/543 # $/5+35 # X(25 # &'%1,(,*@%4XD # " # +/21,1#
>3$8/2%,%6-$/.+ " #2>6552-20# ;0" -$'.$/#$.+#2>6552-20# % # *3&4:GG # 3E,W@25 # -3A*3094AC1D #"# !JD#
,0942*'#6;&;5#4%(4,44" #(56/<,.)5# :00932**H4202(%R#$3&4%(4202(%#%9#:52**X#$?51%#$3**;#-,*'%$%4,0#
4%52(/#03&H40;&34#1%E5%1#%#+/21,1R#%9#%+,44#;6G35#%9#,0942*'1H0;(B#3&'C44#/0#1;09H4/#,0942*'24#%#
$3&$;(34434;0(3D
Z%#%9#,0942*'1H0;(B#%94#;(9;13*/R#6%&'#%#09%14%52(,1#%94#A3*9/1R#@,&'#3&'#,0942*'R#6%&'#%55%1#3&'#
(;093 # ,*'%5 # @/25',11%* # (35+3*139/1 # % # -354 # 3$*H4344 # 43(C*3431 # G2($3*'/1;63* # 6%&' # % # 4%5?*200%*#
1%EW0,*%4G%5R # @,&' # %9# &'%1,(*204 # /&;5'3*R # %9# ,0942*'-B5:1/ # X(21,5# *3@34 # /+B4 # 09,(H4%5/ # %# A3*9344#
43(C*343135#-3*$3(C*4#@/25',002&,1#EX4*202(%R#1;E300;&31#-3A*3094;0;(3R#43W@5/121#24G309;*;0(3D
b@@39 # % # $?512@,9 # 03&H40;&34 # A3*354 # V(,09*25' # t;43(_ # d:5'6 # % # 4%5?*20(X* # WH$F # 4%51:5'6;531#
@%0952*%4%D

!",Y+03$31/"2%&:Z"':/82.
=-MN":5,+)&$#
"#-B,14%420#3&';G#(;093/4#.#%$3*'#%#$/5+355%E,0#4304$,9&20#4%543(6/#1:6343*$;5'3/4#43*A30H4/#.#%9#
%+,44 # 1,(09%1 # 4;$2A2@,9 # 1%EW0,*X+X # $,9&20,0R # 63(03134R # ;5313134R # 1:(A24;1,1%4 # 4%(4%*$%9X#
436;135'0;&#%*1,4A%D
bGG35#%#4%5H420/#(;09G35#1:634AC1#%9#;6#(/4$?024R#4%(4%*$26%*#1%EW0,*X+/1#%9#;609%1,1@,9#;0#%9#
C553E31@39 # /0D # " # -B,14%420 # 3935 # /+B09%1% # *3@34B0;&34 # 43(3$4 # % # 1C*:5G:9B # 09/4?2W/X0. # ;0#
+(2$%A24;1,1#&'%1,(*202(%D
m'$02'23
hi"U'$
D7qJHB@ErKsGF"mA!
P-=;N":5,+)&$#
"9#,0942*'-B5:1/#X(21,5#%9#;EE35#%14?2*/0#C553E31#6%&'#-3*%+%4,1#3*B1;09H4;0;5#4Q*#%#1:9:00;&34#
;(/54B # 09,W/2*/0R # /**3463 # 34/1%/ # 4;$21%4 # G309;*AC1 # $3&D # b93135 # %9 # X(21,5 # 4:(4;5/1 # %9 # 3&'30#
4%5;631(3#A3**3$9B#&'%1,(*%4/#$?5121#c#-:*+$;(;0R#5;E(%A9/#&'FA4;0R#09,W/2*/0.#;0#/E%(/#&'%1,(*%4#c#
;0 # % # !JD # ,0942*',0 # ;630 # $?51% # 3*B1;09H4;03R # -,*'%$%41H0;(;03 # ;0 # % # @,992A?1 # 1%EW0,*X+X#
6/009%431/54;0R#;(4;13*;0#/0D
m'$02'23n

>h"U'$":5,+)&$#+40:43

=>N+/831)&
_3#O3$31/+0
III

"# !ID # ;6-,*'%$ # %9 # ;(3440;&/(3 # 6%*X # -3*1;09H4;0 # /+B09%1%D #"# )%*+,(-.1;E9;0 # A3**3&;GB* # %+X+X%5#
?&'%5/0#%#!JD#;6-,*'%$#92(X43*A30H4$;5'3/63*#E2(@,9%$,0%5#53$#43*A30H4@34B1#S6%&'#W0%1#(;09G35#
3*B(3@,9,44# 6/90&211%*U # %9# 2**%$/#;(3440;&/#6/90&%#1:6343*$;5'31D #b&'30#4;$%1:(:1# 42(&'%*20%R#
/**3463 # % # @,992A?1 # (35+3*4R # % # Y"a # 2*4%* # 3*BH(4 # X(%092$,1 # W0%1 # 3935 # %9 # ;6-,*'%$,5 # *309531#
43*A30H4@34B1D#"9#;(3440;&/(3#6%*X#-3*1;09H4;0#%#4%542(&'/#4;43*0,(,1#%*%EA25#%9#;(3440;&/#6/90&21(%#
6,5%41,9X # A,&09%G2*',1G%5 # -,&*%*4%15%1 # $3&-3*3*B35 # 4:(4;5/1D # " # 6/90&29204 # /0 # &'%1,(,*A21 # %#
+/21,1_#39#%#4%5;6#0,(25#4:GG#%*1%*,$$%*#09/54;5#(;093#%9#;(3440;&/(3#1;09C*;0531D
!8":5,+)&$#'$"):T:/",2)3:32)2.
"#!ID#;6-,*'%$(%#%9#*;E@34R#%1/#)%*+,(-./01,*%/#4%5?*$25'%/#0/13(30#G3-3A39;0;4#4%5Q0H4A%_#39#%#!JD#
;6-,*'%$ # 6;&;5 # % # 62*%094,44 # ;630 # $?51% # G3$?4%42024 # ;0 # 0/13(30 # $3&6;+;0;4R # 6%*%$/54 # %#
92(XG/9,5'H4625'#$3&093(9;0;4#A3*354/D
"#!ID#;6-,*'%$,5#*3&%*2GG#%55'/#42(&'%4#13**#4%5?*5/?1#%#+/21,15%1R#%$355'/GB*#;(3440;&/#6/90&2(%#
A3*354139531D#bGGB*#1:634139B35#%9#,0942*'#53$#(35+3*139/1#3&'0;&30#X(%(35++3*D#"#62*%094,44#
4%542(&'%1(X*#$/5+35#4%5?*X5%1#3&';5/*3&#%#!JD#,0942*'G%5#AQ5/?0/&#13**#+:5435/3R#H&'#4?+#%9#/01,*%#
3&'093((3#%#1:9:00;&@39#;0#3&';5#/&%9H4,44#X(%(35+34#1;09H435/D
I%&:4'2"/8$Z+33"U'$02'2320
"#!ID#;6-,*'%$#1:43*39B#4%542(&'%/#$3&3&'39531#%9#;(3440;&/#6/90&%#1:43*39B#42(&'%/6%*_#$%&'%(#
5'3*6 # ;0 # /(,+%*,$R # $%43$%4/1%R # 4:(4;53*3$R # /+3&35 # 5'3*6 # ;0 # % # 09%G%+,5 # 62*%094,44 # ;(3440;&/#
4%542(&'S%1UD
!"3$4:5"$)$33."5.8/%10
"#+/21,1#4:GG#S1344BR#@2(,$U#6/90&%#13(34;G35#%+5%1#092$,4#4?+20?1(X*D#b931#%9#3&'30#/01,*21#
2*4%*#$3&@%42(,9,44#;6(35+#%*%EA25#9%A*%5%1D#"#4%52(,1#%#6/90&21#$X+A24#SH(20G3*/#;0M6%&'#09XG3*/R#
&'%1,(*%4/U # % # $/5+351,(/ # ;(3440;&/ # 6/90&%1:6343*$;5'3134 # 1:63463 # 093(639/1 # $3&D # "9 # ;61:9/#
6/90&21%4#%#1:43*39B#;0#%9#,0942*'#+/21A%/#2*4%*#09%G%+,5#62*%094,44#4%542(&'%1GX*#4%(4A21D#"#4%52(,1#
%#4;43*0,(,1#:00932**H4202G%5#/0#%9#;(3440;&/#6/90&%#6/90&%09%G2*'9%425%1#(35+3*139;03/4#4%(4A21#
093$#3*B44D#"9#/01,*%#E3+%&X&/%/#W;*1/4F9;03#%9R#@,&'#3931#%#6/90&21#1,$,*'#;0#3&'G35#%(25',0#
-3*%+%4,4#A3*35403531#%#+/21,15%1D#"#A%6H420G%5#;0#%9#;(4;13*;0G35#/0#39#%9#3*6#;(6;5'30C*D#"9#
/01,*21 # @29/ # (35+A3 # @%42(,99% # $3& # % # 6/90&21 # 3(3+$;5'3/531 # 0Q*'24 # %9 # ;630 # 43*A30H4$;5'#
;(4;13*;0;G35D
E2)0:/8^3:/"$"3+51ZZ3$4O)1/'$
"#!ID#;6G35#43($;09343035#$X+#5'H*/1#%9#3$3*4#09/54F#;(3440;&/#6/90&2(%#6%*X#1;09C*;0(3#/0D#"9#
3993*#1%EW0,*%4,0#4335+B134#%#+/21,1#%#-3*1;09H4B#4%52((%*#3&'39434/1D#Z%#%#-3*6;43*/#6/90&%42(&'#
53$#093(3E3*#%9#;(3440;&/#6/90&%42(&'%1#1:9:44R#%11,(#/0#6%5#%#4%5?*X5%1#*3@34B0;&3#%((%R#@,&'#%#
-3*6;43*/#42(&'%4#-:*63&'3#%9#;(3440;&/#6/90&%42(&'%1#1:9;R#;0#H&'#%9#;6#1:9G35#6/90&24#/0#43&'35D#"9#
QA # 13(344%543(6/ # X(%092$,1 # % # -%1?*42W/X0 # (35+093( # 1/%*%1H42026%* # *3@34B0;&34 # G/94,0H4%5%1 # %#
@%4;1,5'%GG#43@340;&#&,5+,920(%D

!"($)*+',-./0+)10"#X5:/823."4252):/:420"02'233$432'52"$8"
=-=>N":5,+)&$#+0+4
! " ($)*+',-./0+)10Z$4 " $ " 3$4O)U0 " ,2)0:/8^3:/2 " $8 " $)1ZZ. " #X5:/823. " 1%$0Z$4 " 39'3:4.0 "S%#
JKM!]]PD#STeD!NDU#7d7#(35+3*34G35#-,&*%*4#09%12&/#G30,(,*20#093(/54Un
! 353$F6;0934/ # 2& # . # 1*%009/1?0 # 9353 # . # -?(?*'% # 4%509%1_ # % # )%*+,(-.13(344%543(6G35 # 353#
4%542(&'1;54#A3*:*63R#6%*%$/54#%#4%5?*X1#2*4%*#09%G%+,5#62*%094@%4X#3&';G#@%5&093(#09%1,5
IIh

a25W$F6;0934/#2&#.#1,(42(0#425W#4%509%1_#%#)%*+,(-.13(344%543(6G35#b?(/4$/%#4%542(&'1;54#
A3*:*63#S$,+3(5#$,9&20$F6;0934U
! d;E9B.#;0#/E%($F6;0934/#2&#.#&(%-/1%R#-304;0934R#09,G(209%4#4%509%1#.#-%42(&'1;09H4B#S6%&'#
-;$$F630MGB($F630MG2G1;09H4BU # ;0 # 43`4/*$F630 # 4%509%1_ # % # )%*+,(-.13(344%543(6G35#
d;E9B$F6;093431# ;0#73043(0;&31#4%542(&'1;54#A3*:*63
! 89H5$F6;0934/.G2G$F6;0934/ # 2& # . # 09H5A24;1 # 4%509%1 # 6%&' # G2GA24;1 # 4%509%1_ # %#
)%*+,(-.13(344%543(6G35#x(2$%#4%542(&'1;54#A3*:*63#S6%*%$/54#%#7%&'%(#5'3*6#;0#/(,+%*,$#
4%542(&'G%5R#%#w'%1,(*%4,1#89H5@29#(;09;G35UR#/**3463#f2G1;09H4;0#4%542(&'1;54#A3*:*63
! b*$;*34/ # 42(&'_ # % # )%*+,(-.13(344%543(6G35 # 7F6;0934/ # 4%5?*$25',1Mb094;4/1% # 42(&'1;54#
A3*:*63D
" # -354/ # 4%509%1,1 ##.4*2%&.02# 093(3E3* # % # )%*+,(-./01,*21 # $F6;0934/ # 5363*;0;531 # !J # ;630#
E(,&(%$A2G%5R ##.4*24 " 3$4O)U " /81#1'$ " 0932)28Y " 3$431'%&0:43# S% # 13(34. # ;0 # % # @3*'/ # 4%543(6#
-3*1H52*4% # 1:43*39B # 62*%09420/ # *3@34B0;&3113*U # % # 13(344%543(6G35 # $3&A3*:*4 # ;6-,*'%$,1,5 # ;0#
1/+,*&,9,44#4%(4%*$%11%*D
!"($)*+',-./0+)10"#X5:/823."4252):/:420"/8$0$/8$.":/"5.8/%1.n
!

!)$T,+0c"0:T8:/":/"#X5:/823."$)$T5.8/%$n

"#$F6;0934/#1;E9;0#%*%E-,1Q#09%1%09%#%9#!.PD#;6-,*'%$,1%4#-,&*%*A%#$%&2G%5R#394#%#09%1%094#
92(A%#%#$F6;0934/#%*%E6/90&%D#"#5',*W%+/1#4%5;6#0,(25#%#4%5?*X1#;630#$?5124#6;&39531R#$3*'#3&'#
09%G%+,5 # 62*%094,44 # 4;$25%1 # 3*$;*34/R # $F6;0934/ # ;0 # &'%1,(*%4/ # :0093436B134 # 4%(4%*$%9X#
-3*+,*&,920%D # >;093 # 3&' # <$3043($?51%=R # $3*' # 3&' # 42(&' # $F6;09/ # 1/6/43*39;0F # $3&6%*X0H420%R#
/**3463#3*B%+X$F6;0934/#42(&'#62*%09420%#3034;5#;*BG35#G3$?4%4,44#9353/#6%&'#09H5/#%*1,420D
!"5.8/%$"#24232":/":'3:02):/2n
"9 # %*%E-,1Q # $F6;0934/ # 6/90&% # % # &'3(3131 # PD # ,0942*',0 # ;630 # $?512A25%1 # (;093D #"9 # %*%E-,1Q#
$F6;0934/#6/90&%R#%9#;630#$?51%#09XG3*/#3*B%+20%#3*0B0,(G%5#%9#,0942*'#;0#%#09C*B1#S3034*3&#$20#
$3&@H6,44#4%52(,1#;0#+/21,1U#3*B44#6/09,5'*%&#09F1R#92(4#1:(G35#9%A*/1D#"#09XG3*/#3*B%+20#13(34;G35#
% # &'3(3131 # 09%G%+,5 # $30;*531 # %9 # 2*4%*?1 # 6;&9344 # $?512(X*R # % # 093$;*'30 # ;*$;5'3/1(B* # ;0#
G35',$20%/1(X*D # n,54,0 # 093$E,54R # @,&' # % # &'%1,(*%4/.$F6;0934/ # $?512A?1 # 2**A,5 # %9 # 3*B%+20?1#
1:9;EE,54A2G%5#/0R#;0#*3@34B*3&#13(C*A;1#%9#2*4%*?1#24#53$#;*4#6%&'#53$#4%E%094%*4#<4?+,$25',0=#
$%&'%(29%4,1%4D#"9#3*B%+204#1:634B35#%#@%**&%4X02&#1;(+;03134#43@34#-3*#%9#3*B%+X5%1R#%1/#392*4%*#
/0#G/9,5'H4@%4A%#%9#%+,44#4;$2G%5#6%*X#A2(4%002&24D
"#1,(2GG%5#*3%+,44#H(20G3*/#$?5124R#%#&'3(3131#2*4%*#$%&?1#1;09H4344#&'%1,(*%4/.$F6;0934/#$?5124#
;0#%#09XG3*/#3*B%+204#3&'%(254#%9#,0942*'4%5H4X#;(4;13*/D#"9#,0942*'4%5H4X#H(20,0#;(4;13*;03#%9#;6#
6;&/#09:63&30#;(4;13*;0R#%9#;6#6;&/#G/9,5'H4625'#(;093D

J+51ZZ0:T8Y"/8$0$/8":/"#X5:/823."81'U5.8/%$n

"#4,62GG1;E9B#09%1%09#%#].!JD#;6-,*'%$,1%4#-,&*%*A%#$%&2G%5R#$3*'#%#$F6;0934/#92(X6/90&26%*#
-3A39B+/1#G3D#b9#%#6/90&%#%#!JD#;6-,*'%$#;630#$?512A25%1#$F6;0934/#(;09;4#1;E39/R#@%0,5*X%5#%9#
3*BGG/31G35#*3H(4#%*%E6/90&2@,9D
!"5.8/%$"#24232":/":'3:02):/2n
"#$F6;0934/#92(X6/90&%#%#&'3(3131#!JD#,0942*',0#;630#$?512A25%1#(;093D#"9#;630#$?51%#3*$;*34/#
S4?+,$25',0U#;0#&'%1,(*%4/#S$F6;0934/U#(;09GB*#2**R#%$3*'G35#%#&'%1,(*%4/.$F6;0934/#$?5125%1#
5%&',GG # @%5&0Q*'4 # 13** # 1%E5/%D #"# $F6;0934/ # 92(X6/90&24R # % # $F6;0934/ # %*%E6/90&24 # 1:634B35 # %#
+/21,1 # 1C*:5G:9B # 3*B%+X$F6;0934/ # 2&%11%* # /0 # 1/3&;09H4@34/1R # E;*+2?*_ # 9353$F6;0934R#
IIL

425W$F6;0934R#3?(/4$/%R#1;E9B$F6;0934D#"#$F6;0934/#92(X6/90&2A?1#3&'#09XG3*/#3*B%+200%*#92(?*R#
%$3*'G35 # G3$?4%4A21 # % # 1?4%420/ # 43(C*34C134 # 6%&' # % # 62*%094,44 # 4;$2A?1GX* # 3&' # 1%(%143(/094/1?0#
E;*+24 # 1/3$3*63R # %9,5 # 13(3094C* # $?4%4A21 # G3 # %9 # 3&;09 # $?512A?1%4D # "9 # 3*B%+204 # 1:634B35 # %#
@%**&%4X02&#1;(+;03134#43@34#-3*#%9#3*B%+X5%1R#%1/#62*%09%/6%*#;0#@,992;(4;0;63*#G/9,5'H4@%4A%#%#
62*%094,44#4;$2G%5#6%*X#A2(4%002&24D
7/5+ # %9 # H(20G3*/R # $/5+ # E3+/& # % # &'%1,(*%4/.$F6;0934/ # $?512A?1%4 # % # 4%52(/ # 1,**;&/?$ # 3&' # 4%&A%#
-/&'3*3$$3*#1H0;(/R #B#%9#Q5D #G3*0B#4;$%63934B#6%&'#1,59?*350D #"# 62*%094,44 #4;$24X*#-C&&B35#%#
+/21,15%1 # *3@34B0;&C1 # 6%5 # -3*1;(5/ # 3&' # 1C*0B # c # /01,*25 # 1H6C*/ # c # 09%13$G3(4 # /0R # %1/ # 1C*0B#
1,59?*3501;54#1H0;(/#%#$?5124D
"#@%42(/+B(3#*3%+,44#H(20G3*/#+,*&,9%4,4#;0#%#09XG3*/#3*B%+204#3&'%(254#%#G3*0B#4;$%63934B5#1H6C*#%#
4%52(/#1,**;&/?$@,9#4%(4,9X#,EE,5350#/0#6;*3$;5'39/D#"9#H(20,0#;(4;13*;031#@/6%4%*,0#$20,*%424#%9#
/01,*%#+,1?$354?$1;54#$3&B(9/D#"9#H(20G3*/#$?5121#$20,+E;*+25'%#E3+/&#%9#/01,*%#1:5'642(2G%#
13(C*R#%$3*'31#%9#/01,*%#+/21A%/R#4%52(%/#;0#$20#;(+31*B+B1#092$2(%#09%G%+,5#@,992-;(@34BD

G:T8Y#X5:/823
E2/3:/
Q252823:/"=-hN":5,+)&$#
"9 #3*0B # 5',*W# ,0942*'G%5 #%# -304;0 #%9# ,0942*'4%5H4X# G/(,+%*$2G%# 4%(4,9/1R # $?512A24 # LD # ,0942*'4X*#
09%14%52( # /0 # 03&H4@34/D # 73&1C*:5G:9434AC1 # % # 093$*;*434;0 # &'%5254R # 6/%09. # 6%&' # 90H(1(;4211%*R#
1;0BGG#09H530#W3(?9211%*#%#-C93431G3#6;&9344#-304;04#;0#(%A9,*204R#6%*%$/54#%#09%1X(%/#/+B09%1G%5#
9%A*X#-304;04D#"9#3*BGG/#6;&/&1H0;(/#%9#:00930#4%542(&'%4R#(;093#%#(35+093(30#X(%/#$?5125%1R#03&H4/#
%9#X(21#4;$2A25%1#-3*+,*&,92024D#k4XGG/G%5#%#-304;0934R#$/54#:52**X#$F6;09/#436;135'0;&#A3*35/1#
$3&D
"#1:634139B#2*4%*25,0#/(25'3*631#03&H40;&C*#09,*&2*@%45%1_
!D #"# -304;0 # X(24 # $/5+35 # 09/5435 # 24@%4A% # 3&'-%A4% # $F6;09/ # @,9922**20D #"9 # 3*W035+303+;0531R # %#
09H531G35#;*;0531#%#*3@34B0;&;4#43(3$4AC1#$3&R#&,5+,0%5#3*B1;09H463#%9#X(21%4D#"#6H9-304;134#%#
<53+630.53+63035=#43W@5/126%*#@%0952*A?1#%#139+3431G35R#43*A3035#G353+630H4344#E%EH((%#-304C51#
6H993*# @H&H4,44#%16%(3**-304;113*R#6%04%&#3W03443*D#b993*#*3@34B6;#43009C1R#@,&'#%#09H531#-;55'3*#
:0093-C&&BR#2(%$*X#43($;0934;4#$3&;*@300;1#%#&'3(3131D#"#09H531#0%A24,0#6/*2&2G%#;*@34/1#G3*3#
$%&?1%4#%#&'%1,(*%4,1#03&H40;&;63*R#%$/#%#4,62GG/#4%5?*$25',1%4#%*%E,99%#$3&D
JD#7%&26%*#%#-304;113*#4:(4;5B#$F6;09/#$?5124X*#139+34G35#53#6,5A%#3*#%#-/&'3*$34#%9#%9#3*62(20R#
@,&' # % # &'3($3131531 # 6%*%$/*'35 # +,*,& # G/9,5',0 # <1;E;4= # 13**353 # $3&%*1,45/?1D #"9 # %G094(%14#
-304;0@39 # /&35 # @%0,5*X # $X+,5 # 139+C51 # 3* # % # &'3($313113* # -30435/D #"9 # 3--%A4% # <09H5GB* # 1//5+?*X#
-304;0531=#%#&'3($3131#092$2(%#*;*314%5/*%&#3&';(43*$FR#1,51(;4#$X+,5#13**#4:(4;55/3D
"9 # 3*0B # ,0942*'G%5 # % # -304;0 # X(21,5 # 09H5.4:(4;53431(3 # ;EH4344 # 09H5&'%1,(*%4,1%4 # 6;&9C51R # 3993*#
G363934AC1#%#09H53134#;0#%#-304;0#$X+093(3/4D#[0%1#39?425R#%#$20,+/1#,0942*'4X*#139+@34C51#3*#%9#
X(% # 3*G309;*B # %5'%&2@,9 # S% # $30;1@39R # *3&35+21@,9R # -%G?*21@,9 # ;0 # $H4,09,1@,9U # 1%EW0,*X+X#
1;E3134 # -30435/D #"# 1/4F9:44 # -3*%+%4 # $3&@%42(,9,44 # *3*1/ # $/5B0;&31@39 # 13** # 1%EW0,*5/% # % # 09H531#
;(93*$/ # $/5B0;&3/4R # E;*+2?* # *3H(@%4X # @%5&?*%4,1@,9R # $/54 # W035+30 # ;0 # 6/009%@Q9X+XR # 3(B0 # ;0#
6%1$3(BR#@/+3&#;0#13$;5'R#$3*3&#;0#09;443(C*BD#"#1C*0B#-,($%#G3*0B#;*$;5'4#A?44%4#1/-3A39;0(3D#
b93134#%9#;*$;5'3134#%#4%52(#<09H5.4:(4;53431=R#<09H5$30;1=#3*$,5+2026%*#1;09H4/#3*BR#%$3*'31#
;*34(3 # 13*4/1 # % # 09H53134R # $/3*B44 # $;& # @%0952*%4?1(% # 0,( # 13(C*53D # " # 09H5.4:(4;534 # 1;E3134R # %9#
;*341,(5%1 # $3&-3*3*B # $X+,5R # %9 # 3&;09 # %*0X # 4%&,9%4G%5 # @%0952*@%4A?1 # -%5429/%+Q0R # 2$ # $;&/0#
42(&'/*%&,0 # @,9922**200%*D # d39+34G35 # /512GG # %((X* # 6%5 # 09XR # @,&' # 6/009%%+A?1 # 3&'.3&' # 4:(4;534#
@%5&?*%424R#%9#3(+B#0F(F#0:4;4A;4R#%#4C5+;(#%(%5'#@%A25%1R#6%&'#%#1/(2*'-/#E%*204A25%1#09H5;4R#1;0BGG#
IIO

%9,5G%5 # -,1,9%4,0%5 # $3&A3*35@34531 # % # -,($21_ # 5:6;5'31 # ;0 # 2**%4,1R # $%A+ # 1;0BGG # %9 # 3$G3(/#

-,($21#/0D#7/5+/&#%((%#4:(3109C51R#@,&'#%9#%*%1,1#$%&?1GX*#%#09H531GB*#3$3*13+A3531#1/R#03$$/54#
@,&' # 093$*;*3430 # 1:(6,5%*%1 # *3&'3531D # Y3$ # 3(B*434AC1 # % # E3(0E314H6% # 03$$/*'35 # -,($2A25%1#
$3&A3*35;0;4#3&;0935#:4:+/1#,0942*'/&R#1/6;63#%#*3&3*3$/GG#$3&5'/*625?*20,1%4R#2$#%#&'3($3131#
09%G%+,5#13**R#@,&'#$3&A3*35H40;1#%#1;E3134#;(9;03/1#093(/54D#b9#%#-,*'%$%4#A3*35#6%5#%9#3*0B#
5;&'#,0942*'#$/5+3&'/1;G35D
=N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#3*0B#,0942*',0#-304;0#X(21#%9#;(9;131#/01,*29202@,9#%#&'3($31#*3*1;4#$3*35&34BR#;*434B#$X+,5#
A2(?*5%1#@,992D#89H5;09*3*;01,(#3&'R#%9#;(9;1314B*#-C&&34*35#3*3$#/0#$?512*1,+/1R#6%&'/0#%#09H531#
;09*3*;03#4Q*$?4%4#%9#;(9;131#@%42(%/5#;0#%#42(&'/*%&,0R#3(1:*W0/#$/5B0;&31#6/*2&2G%#63934D#"9#3*0B#
,0942*'G%5 # %9 # % # W;*R # @,&' # $3&/0$3(AC1 # ;0 # A3**3$399C1 # % # 09H531 # 2*4%* # -3*;G(3094344#
<*;*31.$,9+?*%4,1%4D=#"#&'3($3131#%#-304;035#13(3094C*#/0$3(/1#$3&#393134#%#*;*31.$,9+?*%4,1%4g#
A3**3$395/#E3+/&#%11,(#4%5?*A21#$3&#B134R#%$/1,(#%#-304;0#X(%#?425/#5%E,1,5#1:9:035#G309;*&34531#
% # 1;E31(B*D #"9 # Q&' # 53634344 # <09H5.4:(4;53431= # G363934/1 # % # -3*%+%4,1%4 # ;0 # $3&093$;*'30H4/1 # %#
09H53134R#6%*%$/54#3&'$20(%#6%*X#@%420%/1%4D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"# )%*+,(-.X6,+21G%5#/0# 6%55%1# -304;0-,&*%*1,920,1R #%@,*#?&'%53993*# %# 43W@5/126%*#-3043531#%#
&'3(3131D#"9#/01,*%/#$?51%#35531#-,*'4%420%D
J$431'%&.",2V)2/83:/."S:)+0
"#&'3($313134#G363934AC1#%#6/9?2*/0#$F6;093431G3#%#-304;035#13(3094C*D#l3-31434AC1#%#-304;0934/#
43W@5/1%#%*%EA%/4 #%#6/930# -304;003*D#"9#3*0B#,0942*'G%5#%#09H5.4:(4;5343135#13(3094C*#%9#;*341,(/#
0%A24,002&,15%1 # $3&-3*3*B35 # $303 # @%5&?*%4G%5 # G363934AC1 # % # &'3($313134 # % # 09H5@%0952*%4#
%*%EA%/G%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # 09H5-3*C*343134 # % # &'3($3131 # 09%G%+,5 # %*%1H4A21 # 1/ # %9?425R # @,&' # % # 4%52( # 3*$30;*43 # %#
09H5.4:(4;53434D#v&'#;(9;03/1531R#G3*0B#6/*2&?515%1#$3&-3*3*B35#4:*4/1#G3#%#09H53113*#%#E%EH(#-3@;(#
43(;4D #"# 09H531 # 4%*2*1,920/G%5 # 24;*@34/1 # % # 09H531 # 1363(3+;0;GB* # 1/%*%1?*X # QA # 09H5$/5B0;&3134R#
%5;*1C*R # @,&' # 394 # /543**314?2*/0%5 # 3*$%&'%(295251D # " # 6/*2&G%5 # *;439B # 09H531 # ;0 # 3$G3(/ # *;*31#
6/*2&25%1#:0093-C&&;03/4#;*@34/1#24#%#&'3(3131#%#09H5$30;1#$3&-304;0;5#13(3094C*D
73&%*%E,99?1 # % # 53+630.53+63035 # -304;0 # 43W@5/12A24R # % # 09C10;&30 # 3*B1;09C*343113* # 3&'C44 # S%#
E%EH(#G353+630H4;03#;0#42G*2(%#3(B0H4;03UD#b((3#%#43W@5/1%/# 4?+20(%# ;EC*531#$%A+#%#-304;0X(21#
3&'(3#53@393GG#43W@5/12/D
"9#3*0B+*3&30#09H53113*#-304C51_#02(&26%*R#E/(,00%*R#1;113*R#139+34G35#3&'093((3#3&'#09H553*R#@,&'#
% # &'3($31 # $/5;* # A,GG%5 # 24;*@3003 # %9 # %+,44 # 09H5 # 43($;0934;4R # b935 # 13(3094C* # 0%A24H4A% # 3* # $%A+#
-/5,$H4A%#%#-304;043W@5/124D#b94#1:634B35#3&'#09H56/*2&G%5#4%(4A?1#%#09H53134#SE*D#?*4(%$%(/5#1;1R#
1,G%*4#1;1R#E,(,09.1;1UR#H&'#3&'.3&'#09H56/*2&#&%9+%&02&24#;*@34/1#$3&#%#&'3(3131D#7%A+#39?425#
63934AC1 # G3 # 1;4 # 09H5 # @%0952*%424D #"# 02(&%M1;1 # E,*%(/4200%* # 139+AC1 # ;0 # $3&/0$3(AC1 # %9,1%4 # %#
09H54X5?0,1%4R # %$3*'31 # 5%&'M1/0 # -309C*40;&34 # @,(+,95%1 # SE*D # 02(&%M9:*+UD # a2&H4A?1 # % # E%*34424 # %#
@2(,$#1363(4#09H5#@,992%+2026%*D#e44#;EH4@34C51#%#1;4#09H5#@%0952*%426%*#1/%*%1?*X#1363(3+;031(B*#
093(9344#4%E%094%*%4,1(%D
IIK

G$TS/+)U*1/."T+43+0
"#09H531#62*%09420%#:009@%5&G%5#2**#%9#;6#1:(-,(&2026%*#;0#%9#C553E3113*D#"#09H531#@%5&?*%4/#
3(3A;4#093$#3*B44#4%(4A?1#%#-3*%+%4,1#$3&62*%094202G%5R#@,&'#%#&'3($31#:009@%5&,4#;*@30035#24#%#
-304;0X(21#;0#%9#%14?2*/0#303$;5'31#1:9:44D
GO)S/,+%$)#$0"f",+%$)#$0
89H5.4:(4;53431(3#;EC*B#09H5#&'%1,(*%4,1D#T/930#-304;0#43W@5/12A25%1#3*0%A24H420%D#b&'#09H553*R#3&'#
09H56/*2&&%*R#1;4#09H553*#-304;0R#@2(,$#1363(4#09H5#G363934;03D
!",2V)2/83:/"51'3"2'2*#:4&2."$"0:3":5,+)&$#+/"S.0)O/"5:%:4
"#&'3(3131#3*0%A24H4A21#%#-304;0#%*%EA%/4R#$3&4%5?*A21#%#@3*'30#3W034@%0952*%4,4#;0#%#6/930#-304;0#
43W@5/12A24D
"#09H5$30;1#03&H40;&;63*#3*$3(C*531#%#@2(,$#%*%E09H5#6/*2&2G%5D
"#@2(,$#%*%E09H5#@%0952*%426%*#3*A?45%1#%#1363(4#09H531@39D
"#-304;035#13(3094C*#$3&4%E%094%*A21#%#1C*:5G:9B#09H5@%($X5/21%4R#09H5@%5&?*%4,1%4D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # $20,+/1 # ,0942*'G%5 # %9 # X6,+%/ # ;0 # 3*0B # ,0942*' # -304;0X(2/5%1 # -,*'%$%4%/4 # 6/009C1 # 4,62GGD#
a,62GG(% # /0 # % # 09H5. # 4:(4;53431 # A3*354/1 # % # -304;0 # %*%EA24R # +3 # 3&'(3 # 5%&',GG # -/&'3*$34 # /&;5'*B#
$?512(%R # -/5,$%GG # 3W034@%0952*%4(% # 4:(3109C51D #"# 43W@5/1% # 3*0%A24H42024 # $?4%4A%R # @% # $2( # 53$#
W0%1#<$%&24X*=#2(%$*/1#%#53+630#E%EH(,5#%#-304;1R#%@,&'#%#1,(2GG/#;631G35R#@%53$#%#&'3($31#%9#
3W03434#%#4:(*B135+BG3#/0#4:(:*@34/R#0#H&'#$%&%#/0#/(25'H4%5/#139+/#%#E%EH(,5#9%A*X#-,*'%$%4,1%4g#
092(%9%GG#;0#53+6303GG#-3*C*3431#;0#@%42(,0%GG#-,($21#$3&%*1,4202(%#/0#139+#1;E300;#62*5/D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"9 #3*0B # ,0942*' #-304;0934/# 4%5?*$25'%/R # 1C*:5:0# 431/543443*# %# 09H5.4:(4;5343135 #13(3094C* #$3&;*4#
4%E%094%*%4,1(%
J$431'%&.",2V)2/83:/."S:)+0
"#$20,+/1#,0942*'#4;$2/5%1#$3&-3*3*B35#%#09H5@%($X5/211%*R#09H531#1%EW0,*%4%/6%*#-,&*%*1,9?51D#
"#&'3($3131#&'%1,(,*@%4A21#%#@/25'#1/3&'350Q*',92024R#%#09/$$34(/%#;0#%#+?%*/420#$3&43(3$4;0;4D#
"#W;*#%9R#@,&'#436;1355';#43&'C1#%#&'3($3131#*3*1;4#3GG35#%9#/(25'G%5R#$3&4%E%094%*A21R#@,&'#%#
09H5@%($X5/21#;*34;G35#(;094#4?+5%1#6355/D#b@@39#43W@5/1%/#4?+20?1#/0#$3&-3*3*BGG;#62*/1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
720,+/1 # ,0942*'G%5 # A%6%0,*4%1 # ,*'%5 # &'%1,(*%4,1R # %$3*'31 # 2*4%* # % # &'3($3131 # % # 1:634139B#
09H5@%($X5/21%4#4%E%094%*@%4A21#$3&_#1%(%143(3031#SE/(,0#;0#02(&%R#02(&%#;0#1;1R#1;1#;0#E/(,0R#
5%(%5W002(&% # ;0 # 9:*+R # 9:*+ # ;0 # */*%R # */*% # ;0 # 5%(%5W002(&%Ug # 1%(%143( # 5;*1C*/31 # S02(&% # ;0#
5%(%5W002(&%R#5%(%5W002(&%#;0#E/(,0R#E/(,0#;0#*/*%R#*/*%#;0#1;1R#02(&%#;0#9:*+R#1;1#;0#9:*+UD
T;&39@34C51#<-3*W03(;*B0#&'%1,(*%4,1%4=_#E;*+2?*#%#1:9;E0B#09H54#3&'#$20/1#09H5(3#W03(;*AC1R#$H&#
1:(C*:443#%#09H531#62*4,9%4*%5,1#$%(%+5%1D#"9425#%#1:(G35#*;6B#09H53134#W03(;*AC1#-3*#;0#%#1:9;E0B#
$%(%+#62*4,9%4*%5D#b94#%#&'%1,(*%4,4#%#&'3($3131#$3&-304344#1;E3/63*#6;&399C1R#6%&'/0#%#0%A24#
-304$;5' # % # &'%1,(*%4 # 42(&'%D # b94 # 3&'$20 # ?425 # 1:634139B # &'%1,(*%4,11%* # 43@34AC1 # $3&D # b993*#
G363934AC1#%#-304;0-,*'%$%4,1%4R#3&'.3&'#-304$;5'#53$#W0%1#3&'#%*1%*,$@,9#1:4@34BD
IIP

G$TS/+)U*1/."T+43+0
x,*&,9?51 # % # -304;0 # X(214X* # -C&&34*35C* # 3*@%5&9X # $30;1R # *3&35+21R # 4:(4;53431R # -%G?*21 # 04GD#
@%5&?*%4%/6%*D
GO)S/,+%$)#$0"f",+%$)#$0
b*0B+*3&30#;0#$20,+*%&,0#09H531#@%0952*%4%R#09H51%EW0,*%4,1#G363934;03#S1%(%143(30#;0#1%(%143(#
5;*1C*/#09H531U
!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($3131 # % # 53+630.53+63035 # 43W@5/12G%5 # 4,62GG-3A*B+531R # % # 09H54:(4;534.1;E3134 # 3&'(3#
5%&',GG # E,54,002&&%* # 1;E3031 # $3&%*1,45/D # a?+%4,0%GG%5 # 436;135'13+531 # % # 09H531 # 1:9:44/#
1%EW0,*%4,1 # $3&%*1,4202G%5R # % # 09H5@%($X5/21 # ;0 # 09H5@%5&?*%4,1 # 1,51(;4%GGR # ;(4@34BGG#
A3*354;003*#GH(5%1#092$?1(%D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
Z%($%+/1#,0942*'G%5#%#@%5&0Q*'#%#|6/*2&43(3$4;0#@%4%*$%0#4344;(3=#S"#43(3$4;0#1:5'6;(3U#;0#%#
1/03GG # $;(34F # 6/*2& # $3&-,($2*202(% # 13(C* # S&%9+%02&/ # $?5125 # ;0 # @29;EH4;035 # 13(3094C*UD # "#
&'3($3131#53$W0%1#%#09H531GB*#4:(4;5B#1;E%*1,4204
6/90&2*A21R#@%53$#%94#/0R#@,&'%5#09C*34531#$%&?1#%#1363(4#09H531D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
" # $20,+/1 # ,0942*' # -304;0934/ # 4%5?*$25'%/R # 1C*:5:0 # 431/543443* # % # 4:(4;53431@39R # *3&35+21@,9#
1%EW0,*X+X#-304;0&'%1,(*%4,1(%
J$431'%&.",2V)2/83:/."S:)+0
Z%($%+/1#,0942*'G%5#%#a3(3$4;04:(4;534#3E,W@2@,9#1%EW0,*X+X%5#3*B13(C*#%#09H531#13*34139;03D#
a3&'C51#$3&-/&'3*;03134#%#43($;0934G35_#%#&'3($31#-3*-3+39/R#@,&'#%#E(/$;(#S3*0B+*3&30U#6:(:0R#
02(&%#;0#1;1#09H531#%#-;5'#;0#%#0:4;40;&#-,*'%$%4%/GX*#13*34139531D#"#0:4;40;&.6/*2&,002&#4;$2A%#
%#1;1.02(&%#E,*%(/420G%5#QA#$X+,5#13(C*@34#3*BD#"9#/0$3(4#;0#@%0952*4#09H53134#0:4;40;&@39#;0#
6/*2&,002&@,9#4%(4,920?1#093(/54#/0#G3$?4%4A?1D
"#1363(4#S$20,+*%&,0U#09H531_#9:*+R#5%(%5W002(&%#;0#*/*%#09C*34;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# 43(3$4;0 # @;4 # 5%EA% # 09H5-304;0/ # &'%1,(*%41;54D #"# -;5'# $3&43(3$4;0;GB* # 1//5+?*6% # %# -;5'# ;0 # %#
0:4;40;&#E,*%(/420%R#%#-354#;0#%#*354R#%#-:*+#;0#%#6/931#$3&43(3$4;03R#%#5:6;5'31#;0#%9#2**%4,1R#;0#
6;&C*#%9#3$G3(/#-,($%R#%$3*'#3&'0;&30#3&;091;54#3$3*13+@34#1/#%#09H531GB*R#$%A+#62*@%4#1344B6;D
"#09H531#@3*'934/#1,$E,52*2026%*#%#43(3$4;0G35#*3A2409X+X#3*(35+39;04#43@34AC1#$3&;*@34B6;D
"#-304;0-,*'%$%4,1#$3&;*;0;G35#/0#4,62GG*;E@34C51#%#4;$%#2*4%*D
b94#03&H4@34/#%#1:634139B#&'%1,(*%4#/0_#-300C51#09H530#E%EH((%R#6%&'#3*B09:(#-300C51#3&'#@%*625'#
(;43&34#6%*%$3*'/1#09H5GB*#;0#$/?425#%#E%EH(#%94#43*A3035#G309H64%R#-304@34C51#3&'#$20,+/1#09H553*R#
6%&'#4,62GG/#09H53113*#S*%9Q(,9204#G363934B#&'%1,(*%4UD
G$TS/+)U*1/."T+43+0
"#-B,14%420#4%5?*$25'%/R#1C*:5:0#431/543443*#%#a3(3$4;04:(4;53434#-3*+,*&,9X#4%5?*$25',1(%
II]

GO)S/,+%$)#$0"f",+%$)#$0
T/*2&,002&R#0:4;40;&R#%#1;1#;0#02(&%#E,*%(/420R#%#09H531#13*34139;03#S3*0B+*3&30#;0#$20,+*%&,0U#
09H531R#%#G%(5%#1/1363(;03R#%#09H5-,*4,1G%5#-304;0#G363934;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#09H531#1C*:5G:9B#2(5'%*%4%/5%1#%#E%EH(,5#4:(4;5B#$3&%*1,42024#;0#@%0952*%424#&'%1,(,*A21#%#
&'3(3131D#b5531#-3*@%0952*2026%*#%#-;5'#;0#%#0:4;40;&#$3&A3*35H4;0;(3#1;E3031#%#1;E3/135D
"9 # X09:6340;&/ # 4:(4;53431 # 5',$25 # % # 43(3$4;0 # @;4 # 5%EA24 # $3&-304/1R # 1/-3A3963 # %9 # %+,44 # 5%E#
092$?1(%#$3&(%&%+@%4X#09H5@%5&?*%424D
"#09H530#*%E,1(%#-304;0#0,(25#QA%GG#093$E,54,1@,9#A?45%1#%#09H5@%($X5/21#;0#09H5@%5&?*%4,1#
$3&%*1,4202G%5D
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # 53&'3+/1 # ,0942*'G%5 # G363934AC1 # % # -/&?(2*/0 # -304;04R # % # 09H5-,*4,11%* # 6%*X # -,($%43(3$4;04 # %#
-B,14%420#4:(4;5343/@39#1%EW0,*X+X%5D
b9 # %9 # QA # /(25' # 5%&' # -/&'3*$34 # /&;5'3* # % # &'3($31314B*D #"# 53+630.53+63035 # 43W@5/1% # %*%EA%/5%1#
%*%E,0#3*0%A24H420%#?425#*3@34#3935#%#43(C*3435#0/13(4#3*;(5/R#@/0935#%#-,($21#1/%*%1H4202@,9#AX*#13**#
4?+5/ # %9 # 3W03443* # 09H53134 # -3*@,(+%5/R # 092(H4%5/R # 6/009%4:(:*5/R # 0F(H435/ # 6%&' # (/41H4%5/ # % # -304;134R#
$3&;(395/R#@,&'#$/4#GH(#3*#%#E%EH(R#$355'/#6H9(3#6%5#09C10;&#%#(;43&31#@H&H4202@,9D#"#6%04%&#3W034#
$3**344 # $3&A3*35@34531 # QA-%A4%R # -/5,$%GG # -304;1$,9&%4204 # *3@34B6; # 436B # 3W03431D # r(+3$30#
?&'%5%99%*R#+3#136;0G;#@H&H4,44#-304;113*#+,*&,95/#%#-,($21#1/%*%1H420%#;(+31;G35D#"#0F(FGG#;0#
(/412GG # %5'%&-3*@,(+20 # *3@34B6; # 4309/R # @,&' # % # 1;E35 # $3&A3*35A35 # % # 09H5E3(0E314H6%R # %$/4 # %#
1:634139B#;631G35#3&'(3#4?+%4,0%GG%5#@%0952*?51#$%A+D
" # -,($21 # $3**344 # 4,62GG(% # /0 # $%(%+A%5%1 # 09H5&'%1,(*%4,1R # %$3*'31 # % # 09H531 # $/5B0;&3/63*#
-,&*%*1,95%1R#;0#%#09H51:(@:9#1%EW0,*X+X#4;$21%4#+,*&,9921#-3*D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
" # @%($%+/1 # ,0942*' # -304;0934/ # 4%5?*$25'%/R # 1C*:5:0 # 431/543443* # %9 # X09:6340;&/ # 4:(4;53431@39#
1%EW0,*X+XR#09H5@%5&?*%4,1%4#$3&(%&%+X#-304;0&'%1,(*%4,1(%
J$431'%&.",2V)2/83:/."S:)+0
"# 53&'3+/1 # ,0942*' # 139+34;/& # % # &'3($3131 # 6H9-304;113* # -30434431R # 0 # H&' # 09%G%+,5 # 43(3$434431#
09H5@%($X5/21%4 # ;0 # 09H54:(4;5343134D # 7,04R # :0093-C&&;0G35 # %9 # 2**%44%55%* # 6%&' # % # -B,14%420#
4;$2A26%*#SE*D#%9#;09%1/#$/4,*X&/26%*UR#%#-3*%+%4,1%4
Q&'#63934AC1#G3R#@,&'#%#09H531#%#4;$%#*;5'3&;4#-/&?(2*/0#$X+,5#$3&(%&%+X#-,($21%4#:*4@3003531D#
"# 53+630.53+63035 # 43W@5/1% # 2(5'%*4%GG2 # 62*/1R # % # 6%04%& # 3W034 # $3**344 # -/5,$%GG # 3W0343134 # /0#
@%0952*?51D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d%EW0,*X+?51#%#-B,14%420#42(&'%/@,9_#E*D#35&3+AC1R#@,&'#2**%4-,($21#GQAA%5%1#3*B#%#09H531GB*D
T;&39@34C51#%#43($;0934/0$3(34@39R#-21@,9R#3&'093(F#42A1;E31@39#S+,$G,1R#@3&'31R#;&UR#%#$39B#
$/5429%4%/@,9 # % # G%(5%R # % # 9:*+ # ;0 # % # 02(&% # 2(5'%*%4%/G%5R # ;0 # %9 # 3&'093(FR # 2*4%*25,0H4,44#
;EC*34-,($21@,9#S$/54#E;*+2?*_#62(R#@%4%*$%0#43$E*,$R#4%5'%R#/042**XU#1%EW0,*X+X#-304;04D

IhN

G$TS/+)U*1/."T+43+0
n/&?(2*/0#4;$21#%#-B,14%420#4:(4;5343/@39#1%EW0,*X+6%#S;09%1/#$/4,*X&/%UR#E*D#Y/-*@3/$R#&&+(%0/*R#%#
T/*2&#n%R#Z3*R#%#0:4;4#G/(,+%*$%R#>%&5%(,1R#T/1/5&#@%AX1#6/4,(*211%*#04GD
GO)S/,+%$)#$0"f",+%$)#$0
"#-/&?(2*/0#-304;0#G363934;03D#"#-,($21#1/%*%1H42025%1#43W@5/1%/#/0$3(343/D
!",2V)2/83:/"51'3"2'2*#:4&2.
" # 1C*:5G:9B # 3E,W@21 # 4;$2/@,9 # 1%EW0,*X+6% # $3&/0$3(13+531 # %9 # 3&'093(F35 # $3&(%&%+@%4X#
-,($21#S-21R#@29%1R#2**%4,1U#-304;0;63*
Q252823:/"-"i-MN":5,+)&$#
"# &'3($3131 # %9 # 3*0B # @2(,$ # ;6G35 # % # 53+630.53+63035 # 43W@5/1% # 03&H40;&;63* # @%4@%4X0%5 # ;0#
$3&-3*3*B35 # @,009Q # /+3/& # 4%E%094%*@%4421 # $3& # ;0 # -3+39@344;1# -3* # % # 09H53134R # $%A+ # %# 53&'3+/1#
,0942*'G%5#4,62GG*;EC51#%-3*;R#@,&'#-,($21%4#4%*2*A?51#%#09H531G35_#20625',1#S@3&'0;&31R#1:631U#
;0#%9#%4$,09-;(%#S-3*@B1R#5%E*3$354;1R#%9#;&G,*4#@%5&?*%4%/5%1U#-,($2/4R#%#5:6;5'31#;0#2**%4,1#
%*%1A%/4D # b92*4%* # % # 09H531 # 3*0B+*3&30 # $/5B0;&3/4 # ;(9;13*5/ # 1;E30 # 4?+%4 # 3&'(3 # 3(B0:+/1D #"# 1C*0B#
-,($25%1 # % # 09H5;(9;13*;0 # G3*0B # ;*$;5';GB* # 13** # 1/3$3*13+5/3D #"9 # :4:+/1 # ,0942*'G%5 # % # -,($21#
$3&%*1,420%#3&'(3#4?+%4,0%GG2R#@%42(,9,44%GG2#62*/1R#;0#W0,+2*%4,0#:009@%5&G%5#2**#%#09H531#
*3*1C51(3 # @%4X # $/5B0;&3/63*D # " # 09H531 # ;0 # -,($21 # @%($,5/1?0 # 3&'0;&;531 # $3&;*;0;(3 # 6%5#
*3@34B0;&C51D
"@,&'%5#$20#4%542(&'%1R#%#-304;0531#/0#-/&'3*3$G3#13**#6355/3#%#&'3($3131#4/93513443+/1#;*34;6;4#
;0#%#63*3A2(X#A3**3$9B#*;*314%5/#62*4,920,1%4D#bGG35#%9#;*341,(G%5#*3@34B0;&34#13**#43(3$435/#%9#
2(5' # ;0 # -;5' # A24;125%1 # ;0 # %9 # 2(5';1 # 4%5?*$25',92025%1 # $3&1:93*H4;0;(3D # b@@39 # 1C*:5G:9B#
?4%1,5#/0#3*A?4@%4?51_#%9#3&'/1#*3@34B0;&R#@,&'#3*@%&'A?1#%#09H53134#;0#1/92(X*%&#09;553*#6%&'#
1(;426%*#+,*&,9?51D#b9#%94#A3*354/R#@,&'#%#OD#,0942*'4X*#139+63#%#-304;04#-3*62*4A%#%#(%A9,*20#S*20+#
>%A9,*20#%#@%4,+/1#,0942*'G%5~#WH$F#(;094UD#b&'#$20/1#*3@34B0;&R#@,&'#-,*'4%4A?1#%#-304;04R#;0#%#
-3*$3(C*B#1;(+;03134#-304B#&'%1,(*%4,11%*#/&'3109C51#$3&62*%09,*5/D
"# KD # ;0 # PD # ,0942*'G%5 # % # 53+630.53+63035 # $X+093( # 1/3&;09C* # 3&' # 3&;0935 # $20 # 3*3$$3*R # %#
(;43&3035#-3*6/44R#Q5D#*%9Q(43W@5/126%*D#S"#<63/*.E%/54/5&=R#%9%9#-24',*.-304;0#43W@5/12A26%*UD
"#-B,14%420#-C9343/G3#1;09H4344#/**?094(2W/X1R#%#43($;0934.$3&-/&'3*;0@39#6%&'#1;0BGG#%#-:*+(%A9@,9#
1%EW0,*X+X#1;E31R#;0#%#E,54,0R#3094;4/1%/*%&#/0#1/3*;&H4BR#-/9/1%/#;0#1;$/%/#1H0;(*343134#G3$?4%4X#
(%A9,1 # $/5+ # -,*'%$%4,0 # &'%1,(*204 # ;0 # % # (%A9,*20 # 43W@5/12/5%1 # 4,62GG-3A*3094;0;4 # 1H625A21 # $3&g#
W0%1#H&'#43*A30H4@34B1#%#4%542(&'#2*4%*#42$%094,44#/&;5'31D#"#-304;0#*%9Q(43W@5/12A2GX*#%#(%A9,*20,5#
13(3094C*#-,1,9%4,0%5#3*A?4?51#%#-3+B-304;131#S43$E3(%R#&,?%W@3R#,*%AR#4,A2043$E3(%U#@%0952*%42/&D#
b5531#%*%EA%/4#(%1A?1#*3#3931G35#%9#;631G35D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # $/5+355%E/ # ;*34 # 303$;5'3/@39R # % # 4%542(&'%1@,9 # 3&'(3 # 09,(,0%GG%5 # 1%EW0,*X+5%1 # %#
-304;0&'%1,(*%4,1D#"#-/&?(2*/0#2G(29,*20#3&'(3#@%42(,9,44%GG2#;0#4?+%4,0%GG2#62*@%4R#%#-304;0#,*'%5#
6/9?2*/0#5'3*66;#62*/1R#%$3*'531#@%0952*%42G%5#;0#;(4;0;G35#%#&'3($31#3&'(3#E,54,0%GGD
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"# 53+630.53+63035 # 43W@5/1%R # %9 # 3*0B # 5;&' # ,0942*' # -304;0934/ # /0$3(343/R # 1C*:5:0 # 431/543443* # %#
Ih!

09H5$/5B0;&31(B*R#09H5@%5&?*%4,1(X*#093(9344#/0$3(3431(3R#;0#%#-/&?(2*/0#-304;0934#%*%EA%/(%D
J$431'%&.",2V)2/83:/."S:)+0
4:+/1#,0942*'G%5#%#-304;0X(21#6/009%4C1(:9/1#%#-B,14%420#1C*:5G:9B#4;$2/4D#e*'#$X+,5#%#-304;0X(21#
*3@34B6;#4309/1#%#$/5B0;&/#3*$;*'C*;04#%#-B,14%420#%+4%#4;$21G%5D#k&'%5%11,(#%#5:6;5'4%5#4;$2/#
%((%#43(3$43531#*3@34B0;&34R#@,&'#$/5+%94R#%$/4#%#4%5?*X1#%9#X(25#*244%1#;0#@%**,44%1R#24@,9921#
-304;0X(2(%#/0D#b@@39#4%(4,9/1R#@,&'#%#4%5?*$25',1#1;09H4;03#-3*;#$3&43&'C1#%9#3*0B#*;E;03134D
7,04%54X*#-,&6%#%#&'3($3131#3*139+@34531#+,*&,95/#%#09H531#-/5,$%GG#$3&1C*:5G:9434;0;63*#;0#
2(5'%*%4%/6%*D #"@3*'344R # @,&' # %9 # X(% # 3(3+$;5'3/531 # $3&-/&'3*;031,( # ;0 # $3&G309;*;031,( # 3&'#
6H9-304;113*#1;09H4344#1;E#W0,+2*%4,0
<6;*34*35A3/4= # 6355;51 # 093$C&'(3R # $,04 # /512GG # %94 # -/&'3*AC1R # @,&'%5 # %1%(4%1 # % # &'3($3131#
4?+%4,0%5#-3*-3+395/#;0#$3&%*1,45/#1C*:5G:9B#09H51C*:5G0;&3134D#"#W;*#4,62GG(%#/0R#@,&'#%#-,($21#
% # 09H531GB* # *;EA3531 # 3*BR # % # @244;( # ;0 # %9 # %GG%5 # $3&A3*35B # -,($%6/*2& # 3&'$204 # ;*434B # $X+,5#
4%(4,99,5#:0093D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
Y:6;5'.@%5&?*%4,1#43(3$4;03#9:*+GB*#;0#02(&2GX*D
p**H40?1#093$G3#%#<(X90%E/(,0%4=#;0#%#<*/*/,$-3@;(34=#%#6H9/*/*/,$ #(X90%09H530#-3@;(A;63*D#a%*2*A?1#
$3&# % # $/5B0;&/ # 1C*:5G0;&34 # %# $,@%9:*+~# ;0# % # <5'H(.9:*+= # 1:9:44D # n%5429/2GX* # +,*&,99?1 # -3*# %#
5:6;5'/#$,4H6?$,1%4#S-%R#*36;*R#43($;0UR#A24096%#%#(/4$?00%*D
n304@34C51#4;(1;E3134R#$3&$?4%46%#%#$/5B0;&/#1C*:5G0;&3134#E%(46,5%*#;0#XW325R#%#-,*'X#-,($2/#
6%*%$/54#%#@3&'0;&31#;0#%#0H102&,1#1:9:44D
7/4,*X&/%/#1;E3113*#/0#+,*&,9@%4?51R#%#&:(:&#$F6;0934@39#1%EW0,*X+6%D
G$TS/+)U*1/."T+43+0
"#-B,14%420#4%542(&'%/R#1C*:5:0#431/543443*#%#43($;09344?+,$25',0#42(&'%1(%#;0#%#4:(4;53*3$(3D
GO)S/,+%$)#$0"f",+%$)#$0
n,($21 # ;0 # 09H531 # @%($X5/2A%R # 1,$E*3$3543( # 09H531R # 09H52(5'%*%4,1 # $/5B0;&/ # 1C*:5G0;&3/R#
G363934;0#%#4%5?*$25'-304;0G3
!",2V)2/83:/"51'3"2'2*#:4&2.
b&'(3#4?+%4,0%GG%5#(%&%+A21#$3&#%#&'3(3131#%#1C*:5G:9B#09H5$/5B0;&3134D
"#4;(1;E.;0#5:6;5'-304;0#0,(25#3&'(3#2(5'%*4%GGR#4%&,*4%GG#;0#-/5,$%GG#1;E/#6/*2&,4#43(3$43531D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#-304;0#$3**344#QA#43W@5/121#/0#$3&A3*35531R#%$3*'31#3&'Q44%*#24$353434#A3*3543531#%#(%A9,*20#;0#
-304;0#1:9:44#SE,(E%0943**R#,*%AE%0943**R#09H530#W3(?9%R#E/44.1(;4%R#09;5R#4/54%#04GDUD#"#@%5&0Q*'#%#0:4;4#
;0#6/*2&,0#$/5B0;&3135#6%55%1R#0#3993*#%#E,*%(/420,1#43(C*34;(3#/(25'H4A?1#%#-/&'3*$34D#"#1,51(;4#
$3&-/&'3*;031R # % # 4X5?0,1R # % # @%42(,1%4 # 1/A3*:*B # 1,54Q(,1 # $3&A3*35;03 # % # -304$;5'31 # -BGG#
$,4H6?$%/D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
"9 # :4:+/1 # ,0942*' # -304;0934/ # /0$3(343/R # 1C*:5:0 # 431/543443* # % # -,($21 # ;0 # 09H531 # @%($,5/1?0#
IhJ

@%0952*%42(%D
J$431'%&.",2V)2/83:/."S:)+0
" # @%4,+/1 # ,0942*'G%5 # % # 09H531(3R # $/54 # % # 4;(43(3$4;0 # 3091:93/(3 # 431/54C51R # ;0 # 3*/5+?*?51 # %#
&3,$34(/1?0#-,($21#-3*;D#"#E,*%(/420,1#%#1,$E*3$3543(#09H531#@%0952*%42G%5R#6%*%$/54#3&'#09H5#
6/*2&,0#;0#0:4;4#2(5'%*%4%/5%1#@%0952*%42G%5#A3*35531#$3&D#"#09H51363(;0G35#%#09H530#09C(1;1R#
G%(521#2(5'%*%4%/#/0#-,54,0%1D#"#4%5?*$25',1G%5#%#42(&'%1#;0#4;(#&3,$34(/2A%#$3**344#-3*-/&'3*C51#
%9#2(5';1,1(%R#$/54#%#*24625'#6/9?2*/0#%*1,4X3*3$;(3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
q?00?51#3*#%#09C(1;@39#;0#%#-3134;@39#%#@2(,$#E(/$;(#09H535#;0#%#1363(4#09H53135#13(3094C*D#b9#
3&'#@,009Q#-304;0/#-,*'%$%4R#%$3*'34#-,1,9%4,0%5#;EH435C51#-3*D
"#09H531#@%0952*%426%*#5'3(4#09C(1;4#;0#-3134;4#1/E(XG2*@%4A?1#5:6;5'4%5/#4;$21G%5#S-21UR#6%&'#%#
1B9344%5G%5D#a%5?*$25',99?1#%9#2(5';1,1%4D#Z%#%9#2(5';1#4%5?*$25',920%#-21#$3&-/&'3*;0;63*#
4:(4;54R#$,04#2462*4,94%4@%4A?1#B134#09H530#1;E311;D
n304@34C51#%#-B,14%420,1R#E*D#&3,*X&/%#6%&'#4:(4;53*3$#4;$2/GX*#/0D
t%0943**1(;426%*#/0#1;09H4@34C51#1;E3134R#%12(#-31343#E%EH((%#/0D
"#09H53113*#1%EW0,*%4,0#3++/&/#/0$3(343134#(35+093(39@34AC1#S@%4(;0930#09H51:(UD
G$TS/+)U*1/."T+43+0
nB,14%420#4%542(&'%/R#1C*:5:0#431/543443*#%#4:(4;53*3$R#20625'4%5R#/(,+%*,$#/0$3(343/(3D
GO)S/,+%$)#$0"f",+%$)#$0
09C(13R#-31343#1/1363(;03#;0#@%0952*%4%R#QA#-304;0934/#43W@5/121#G363934;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#-B,14%420#3E,W@2/@,9#1%EW0,*X+6%#SE*D_#20625'4%5U#%#&'3(3131#3*0B0,(G%5#%#-31343R#%#09C(13#;0#
% # G%(5% # 09H53113* # -3043531D # b&'(3 # 5%&',GG # A3*354B0;&3 # 6%5 # % # 4X5?0,15%1R # 0 # 3931 # 4;(43(3$4B#
093(3E;531D
"# -21# ;0 # 1C*:5-;*3 # 42(&'%1 # $3&-/&'3*;0;4 # 1/3&;09H4/# %9# 2(5';1,1 # 4%5?*$25',920% # ;0# 3931 # 1;E/#
$3&-,($2*2024#&'%1,(,*A21D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#QA#43W@5/1%R#%#*%9Q(,920R#%$3*'#4C(3*$34#;0#1/4%(4204#/&;5'3*#%#4%5?*X14X*D#b9#%#43W@5/1%#0,1#QA#
*3@34B0;&34#5'QA4#%#09H531#+/--3(35W/2*202(%#;0#$;*'0;&3/1#4%E%094%*202(%D#"#(%A9,*20#E3(0E314H6%~#
4;$2A24#H&'#63009C1#-3*#%#-304;035#13(3094C*D#"#$3&6%*X0H420#;(+31;G35#;(+3$30#%#-304;0531#%#
-B,14%420#3&'#G/9,5',0#/+3A;(3#G313(C*5/3R#@,&'#3&'$20#?425/#5%E,1,5#4?+A%5%1#-304$;5'3/135#
4,62GG+,*&,95/#%#&'3(3131D#"#43W@5/1%#*;5'3&3R#@,&'#%#$3&092(%+4#-304;1(;43&(3#6/009C1#-3*#%#
1:634139B4R#H&'#%#&'3(3131#$3&;*/1#%9#24%*%1?*20/#-,*'%$%4,1#A3*354B0;&;4#;0#093(3E;4D
[;*#%#09H531#4?+%4,0%GG#@%0952*%4%R#%#-,($21#;0#09H531#3&'0;&;531#$3&;(4;03R#?&'%5%11,(#3&'#
;(9;135'3GG#@%42(-3*C*34#%*1,42025%1#24;*;03D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
"#OD#,0942*'#-304;0934/#/0$3(343/R#1C*:5:0#431/543443*#%9#QA#-304;0934/#43W@5/121(%
IhI

J$431'%&.",2V)2/83:/."S:)+0
b&'#4;$25#6%*X#@,009%GG#+,*&,920R#629*%41;09H4;0R#%#1/6/43*39;0#*;EW0B-,1%/5%1#-3*/0$3(;03D
"#43($;0934.$3&-/&'3*;031#3&'(3#@%42(,9,44%GG%1R#43*A30#3&;09;G35#%#09H531GB*#3$3*13+531#1/R#
1C*:5G:9B # 43W@5/121 # @%0952*%426%*D # " # 1C*:5G:9B # 43W@5/121 # 3&'(3 # E,54,0%GG # @%0952*%4%#
@%5&0Q*',0D
734%$,(-X9/0#&'%1,(*%4,1#%#<53+630.53+63035GB*=#%#*%9Q(#43W@5/12G%#;0#-,(+H46%D
"#-304;04#1/09;*30H4@34AC1#3&'#$20/1#$X+,5#/0R#%#-:*+(%A99%*#1%EW0,*%4,0%5D#Z%#@343+/1G35#p90/%#%#
4;$251R # % # 4%5?*X1 # &'%1,(,*@%4A21 # % # 4/5426%* # -304;04D # " # 1H5%/ # 3W03443W@5/1% # ,*'%5 # 1,$,*'#
:009E,54,0H4204#/&;5'3*R#@,&'#43(2E/20#@%420Q5%1
431/54@34BR # 53$W0%1 # 3&'30 # &'3($3131 # 3034;G35R # @%53$ # % # 03(+C*B # ;631(3 # A3**3$9B # 2*4%*25,0#
*%9%02&(%R#@%5'%&02&(%#5;963#/0D#"9#:5-3&'3*$34#/**34B35#AX#?4X+A%#*3@34#%#*%9Q(5%1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
Z343+/1 # ,0942*'G%5 # % # 4:(4;53*3$ # % # (353092509 # /+B09%11%* # -,&*%*1,9/1D #"# 5%&' # -3*-3+39;031@39#
1%EW0,*X+@%4?51#QA#3091:9:1#1/E(XG2*2026%*#/0#E*D#&,?%W@3R#43$E3(%R#6/%091(;4%D
l%9Q(,920#6H9-304;113*D#d39+34G35#3&'34*35#09H553*#&'%1,(,*A?51D
"#E3(0E314H6%#4?+%4,0#$3&43(3$4;03#%#09H53113*D
n/&'3*AC1#$3&R#$/4#1:6343*#$3&#3&'#09H5#3&'#-304B/#1,$E,9HW/XG%5D
>%A9,*20#;0#-304;0#4/5426%*#%#-:*+(%A9X(21@,9#1%EW0,*X+6%D
x,*&,99?51#4/5426%*R#3W03443*#;0#4,**%*D
"#E%EH(#$3&-3*3*B#3*B1;09H4;03D
"#-304B#G3*0B#-3*1;09C*;03#-304;0#3*B44D
G$TS/+)U*1/."T+43+0
nB,14%420#4%542(&'%/R#1C*:5:0#431/543443*#%#-:*+(%A9R#4:(4;53*3$R#/(,+%*,$#/0$3(343/(3D
GO)S/,+%$)#$0"f",+%$)#$0
09H5E3(0E314H6%R#*%9Q(,920#S63/*.E%/54/5&UR#$34%$,(-X9/0R#QA#43W@5/121
!",2V)2/83:/"51'3"2'2*#:4&2.
oA#43W@5/121%4#SE*D_#*%9Q(,920U#E(XG2*5%1#1/#;0#&'%1,(,*5%1#%#&'3(3131D
73&4%5?*A21#%#E3(0E314/6/1?0#2G(29,*20#%*%EA%/4D
" # 1C*:5G:9B # 43W@5/121 # @%0952*%426%* # $34%$,(-X9/0 # &'%1,(*%4,1%4 # 6;&39531D # St*D_ # 1H0;(*343134#
4309531#%9#2(5';1#;0#-;5'#A24;125%1#09H530#1;E31G3#6%*X#2462*4,94%4202(%#1,51(;4#$F631#%*%EA25DU
MN"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # PD # ;6-,*'%$G%5 # -,*'4%4X+/1 # % # *%9Q(,920 # ;0 # 43W@5/12A25%1 # 4:1;*3430H4;03D # " # &'3($3131#
$3&E(XG2*@%4A21 # ?&'%5%94 # % # -3*%+%4,4 # % # 53+630.53+63035 # $X+093((3*R # $%A+ # *%9Q(,9200%*#
3*6;&395/D # "9 # /*'35 # &'%1,(*%4,15%1 # %9 # % # W;*A%R # @,&' # % # 4%5?*X1 # +:54;01;E300;&;4 # -3A*3009C1R#
6%*%$/54#@,&'#3*$;*'H40C1#%#-304;0(B*R#$/54#$F6;0934(B*#%*1,4,44#-,&%*$%/1%4D#7/4#A3*354#%#09H53113*#
3&'C44#+,*&,95/#3&'#G/9,5',0#43W@5/125#;0#4;$25#G3*C*R#;0#$/4#A3*354#3**35C1G35R#;0#H&'#%#4;$%#
3**35;G35 # /0 # +,*&,95/z # e*'35 # $X+,5 # % # 09C10;&093(F0;&34R # % # 093$G352**204 # ;0 # % # 09%G%+02&,4#
$F6;09/#3091:9:113*#&'%1,(,*@%4A21D#b93134#%#&'%1,(*%4,1%4R#$3*'31#1;9#%#1;9G35#@%*%+5%1#%#
4%5?*X1 # :513(30;0;63*R # $;& # 4,62GG # 3(B0H4@34AC1D #"9 # 3@@39 # @%0,5*X # &'%1,(*%4,1 # -3*-3+@34/1 # %#
-304;0G35#(3A*B#*3@34B0;&3134#;0#%#$?51%#$3&-3*3*B#$X+093(3/4D

Ihh

m'$02'23

ih"U'$

I)Y8232/"3O*1/
" # KD # ,0942*' # -304;0934/ # /0$3(343/R # 1C*:5:0 # 431/543443* # % # *%9Q(,920(% # ;0 # % # 09H5E3(0E314H626%*#
1%EW0,*%4,0#/0$3(3431(3D
J$431'%&.",2V)2/83:/."S:)+0
"#*%9Q(,920#43W@5/12A25%1#4,62GG/#&'%1,(*20%R#6%*%$/54#%#-31343.-3@;(#1;E#09H530G3#6%*X#24H(20%D#"#
1,51(;4 # $3&-/&'3*;0R # $20,*20 # ;0 # % # -%5429/2GX* # %*1,420 # % # 09H531(B* # %*1,4,44 # /0$3(3431 # %*%EA25#
3&'%(254 # @%5&0Q*',0D # oA # 43W@5/121 # 4?+%4,0%GG # @%0952*%4% # 6/9?2*/0 # A24;1,1(% # ;0# 1H0;(*3431(3 # %+#
*3@34B0;&34R # %$3*' # 42$,&%4@%4A% # % # &'3($3131 # :513(30B # %44/4F+A;4 # /0D # Z%5&0Q*',0%GG2 # 62*/1 # %9#
3*1;09H4344 # %*1,420,1 # 1:9:0 # $3&G309;*;03R # % # &'3($3131 # $%&?1 # 139+/1 # $3&-,&%*$%95/#
4%5?*02&%/1%4D#"9#;(4;1#%#$F6;0934G35M$FG35#,*'%5#4;$%R#%$/#0%A24#H9*;0C1#%*%1H4202@,9#%*%E634BD#
b93113*#%#G309;*&34;03113*#42$E,54,1%4#%+@%4?51R#42$,&%46%#B134#%9#;(4;131#-3*-3+39;0;G35D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
a%5?*$25',1#1;09H4;03#3&'#09H56/*2&G%5R#6%&'#1,$E*3$3543(#09H53113*D
"9#2(5'#;0#-;5'#A24;125%1#6%&'#-31343.-3@;(#1,$E,9HW/X15%1#09H530#1;E31G3#6%*X#2462*4,94%420%R#
E*D#xC(3(#73*%5W,*/2A%#6%&'#%#894D#q3(,$,0#+,*&,9X09,G2A2G%5#S%#]D#,0942*'G%5#/0R#@%#6%55%1#
-304;0 # X(21UD # Z%0,5*X # -3*%+%4,1%4 # 6;&39@34C51 # n(%59 # 7%(W # W3(?9%(%A9%/4 # ;0 # 09H530R#
2**%4.4%5?*$25'%/4#62*4,&%46%D#d%EW0,*X+@%4?51#%9#,0942*'#2*4%*#1;09H4344#09H5+%(%G@,9D
G$TS/+)U*1/."T+43+0
"# -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # % # 43($;09344?+,$25',0 # 4%542(&'%1R # %9 # /(,+%*,$R # %#
4:(4;53*3$#/0$3(343/(3R#6%*%$/54#%9#,0942*'.09H5+%(%G#1;09H4;0;(3
GO)S/,+%$)#$0"f",+%$)#$0
l%9Q(43W@5/1%g # -31343.-3@;( # 1;E31 # 09H530 # 24/(%4%g # ;(4;1300;&g # 6/9?2*/0 # A24;1,1 # E*D # $,5,&(%$R#
(/4$?0R#$,4H6?$
!",2V)2/83:/"51'3"2'2*#:4&2.
"# &'3($31 # %# *%9Q(43W@5/124 # @%0952*A%g # $20,*20G%5 # C&'303GG; # 62*/1D # d;E30 # -31343.-3@;( # 1;E34#
$3&%+,44#093$E,54,1#%*%EA25#09H530G35#QA(%%*1,45/D
dH0;(*3439BR#A24;1,0R#-%5429/2A24#$3&$,9&%4X#1;E31#%*1,42026%*#*3*1/#$/5B0;&31#$3&(%&%+202(%#
4:(3109/1#%#6/9?2*/0#3091:9:1#03&H40;&;63*D
"#1C*:5G:9B#43W@5/121#@%0952*%426%*# %#$34%$,(-X9/0#&'%1,(*%4,1%4#6;&39531D#St*D_#dH0;(*343134#
4309531#%9#2(5';1#;0#-;5'#A24;125%1#09H530#1;E31G3#6%*X#2462*4,94%4202(%#1,51(;4#$F631#%*%EA25D#
r609%1,1R#B03*3$31#4;$2A25%1#-3*+,*&,920%U
a:(3109/1#$3&-,&%*$%95/R#@,&'#$/*'35#;(4;131#6%55%1#3&'.3&'#%*1,420G%5D
Q252823:/"P-=;N":5,+)&$#
"#-/%4%*,1#%#1%$%091,(G%5#QA#6/09,5'G%#*;E531#%#6/9?2*/0#$F6;09343113*D#"9#3*0B#5;&'#;6G35#%#
*3*1/ # $,9+?*%4,1G% # ;*4;1 # G3*3 # $%&?1%4 # % # 09H53135 # 13(3094C*R # $%A+ # % # 1:634139B # 5;&' # ;6G35 # %#
*24@%4X# 6%*X02&# $3&(%&%+20%# 3&'(3# @%42(,9,44%GG2# 62*4D#"# -304;0#%# (%A9,*200%*#:009@%5&G%5# %#
E3(0E314/6/1?0 # /0$3(343134 # ;0 # % # $F%*1,420,1 # -3*+,*&,92024 # @3*'3943 # 1:9;EE,54G%D # " # 6%*X02&#
4%5?*$25',920%#;0#%55%1#$F6;09/#-3*$?4%420%#/0#3931G35#%9#;631G35#63443#139+34;4D#"#09H531#
$/543&' # @,(+,9X/ # *34431 # %55%1 # % # -,*'%$%45%1R # %$3*'G35 # %9 # 3$G3( # $3&4%E%094%*@%4A%R # @,&' # %#
6/*2&G%5#G3553#2**D#"#1%$%091,(G%5#394#6/009C1#4,62GGD#"#-/%4%*#3&'(;094#4,62GG(%#/0#%94#%1%(A%#
IhL

$3&;*5/R#@,&'#%#6/*2&G%5#G3553#2**R#+3#$2(#%94#/0R#@,&'#%GG%5#%14H6D#"#]D#,0942*'G%5#39#3*0B0,(G%5#
%9# ;(9;13*;0#S%#*2420/#;*$;5'U#@%5&0Q*',92026%*R#!ND#,0942*'G%5#%9#;(93*$31#$3&A3*35H4;0;63*#
1:634@34BD#b931G35#%9#;631G35#%#-/%4%*#%94#/0$3(/#$3&R#@,&'%5#@%4#(2#%#6/*2&D#"#!!D#,0942*'G%5#%#
09,W/2*/0#;(9;135'0;&#5363*;0;63*#;0#%#42(0%+%*$/R#$F6;0934/#1;(+;03113*R#%#!JD#,0942*'G%5#%9#
3&';5#1:9:00;&G35#$3&;*@34B#%*1,4X/#093(3E;63*#%#-/%4%*#%((X*#093(39#4%E%094%*%4,4R#@,&'#B#$%&%#
@,&'%5#@%4#%#6/*2&(%D#bGG35#%#5;&'#;6G35#%#-/%4%*#%#-304;035#13(3094C*#$3&;*/R#@,&'#;(9;03/R#G3*0B#
4%E%094%*%4%/R#-%5429/2A%R#&,5+,*%4%/#?&'%5,*'%5#-,54,0%1R#$/54#%#*24@%4X#6%*X02&D#"#-304;0X(21,5#
1;4-;*3 # 436;135'0;&531 # A?4 # 5%&' # 093(3E_ # % # E,54,0 # $3&-/&'3*;0531 # 4%5?*$25',1 # ;0 # $20,*%4,1#
1;09H4;0;5 # 13(3094C*R # 6%*%$/54 # % # -%5429/2GX*R # :52**X # :4*34GB* # 09C*34B # 1;E31 # *;4(3@,92025%1R # ;0#
$3&*;6B # $F631 # <QA(%%*1,42025%1=R # -3*+,*&,92025%1R # %9%9 # 3&'3+/R # <0%A24= # 1;E31 # %*1,42025%1D #"#
-304;0934G35#(3A*B#:5/0$3(34/#*3@34B0;&#@%5&0Q*',0%GG2#62*/1#3931G35#%9#;631G35R#39;(4#3&'(3#
5%&',GG#43(34 #1%E# %#093$;*'(3#09%G,44#-3*%+%462*%09420D#k&'%5%11,( #%# !JD #,0942*'G%5#%9#3*0B#
5;&'#;6G35#AX*#6;&9344#%*%E,920#$%&%0#09/5435#6/009%1:09:5@34_#%#-/%4%*#$3&;*@34/#%#093$;*'30#
;0#%#1,9$/1?0#:00934%(4,92024#;0#:009@%5&A24#%#-304;035#13(3094C*D
"#-/%4%*,1#3931G35#%9#;631G35#%9#%54/E24/%#;0#09/$E24/%#;(93*$/#1344B00;&;G35#;*531_#3*#%1%(5%1#
09/&343*B+5/ # % # $3&*;6B # 6/*2&4X* # ;0 # 0%A24 # 6/*2&,4 # %1%(5%1 # 43(3$435/R # ?&'%5%11,( # G%(2402&,1%4#
13(30531#;0#093(345;531#%9#3$G3(3113*#1%EW0,*%4G%#*;E5/D#b94#%#1344B00;&34#AX*#1:634@34AC1R#@%#
4:(3109C51 # % # E,*%(/420,1%4 # % # -3*%+%462*%09420G%5 # $/5+6;&/& # 1/-3A39;0(3 # A?44%45/ # %9 # ;*341,(/#
0%A24,002&,1#-/&'3*3$G36;43*;63*D#"#&(%-/1?0R#(%A9,0R#&,5+,*%4/#A3**3&#;0#%#-304B/R#2(%$*XR#;(93*$/#
A3**3&#$/5+6;&/&#3&'35*B#0Q**'%*#*3&'35#A3*35D#b5531#*3&$3&-3*3*BGG#%9#,*'%5#43W@5/1%R#%$3*'#$/5+#
%#*%9Q(,9204R#$/5+#%#-3+B-304;04#*3@34B6;#4309/#S43$E3(%R#&,?%W@3UD#q3*35A35#$3&#%#@?$,(R#%#A24;1R#
%$3*'#03&H4#%GG%5R#@,&'#%#-/%4%*#%#1;4#6;&*34#3&'/1;G3#03#(%&%+A,5#G3*3R#+3#09%G%+,5R#:009@%5&,4#
43(3$463#$,9,&@%00,5#G2($3*'/1#/(25'G%D#b5531#AX#$3&6%*X0?*20%#%#-/&?(2*/0#;0#%#5,5.-/&?(2*/0#
S%G094(%14U#1;E31#3&'$20$3**344/0;&3D
"9#;*BR#62*4,9X#09H53113*#6%*X#$?51%#53$W0%1#$3&-3*3*BR#@%53$#09C10;&30#/0#%GG%5#%#*;*314%5/#
@3*'934G35R#%$3*'G35#%#1%$%091,(G%5#*;6B#-/%4%*,1#4%*2*A21#$%&?1%4D
"# 09H531# 6%(/2W/X/5%1#1/$3(H4@3434*35# &%9+%&02&%#-3*09%G%+H4X%5# @%4# ;0#03&H4# %#*;*31531# /(25'4#
4%*2*5/D # "9 # 3--;*3R # -304;0 # 1:9G35 # 4344 # -3*-3+39;031 # 2*4%* # $3&*3*4 # Q4/(25' # 03&H4 # % # -/%4%* # %1%(%424#
-3*;G(309435/R#;(9;03/R#&,5+,*%4%/#;0#%1%(%4%#1:9:44#@%($X5/24#43(3$435/D
"#$F6;0934/#X(21R#;0#1:9C*C1#1C*:5:035#%#-304;0X(21R#,*'%5#%*%E634B35#1:9:00;&/#:0093436B63*#
GH(5%1R # %$3*'31 # 3&9/09435W/2*/0 # A3*354B0;&F31 # %9 # /5+/6/+??$ # 092$2(% # % # 42(0%+%*,$G%5D #"# !ND#
,0942*'4X*#%#$F6;0934/#42(&'%1#3&'(3#09,(,0%GG%5#1%EW0,*X+5%1#3&'$20@,9R#$H&#%#!JD#,0942*'G%5#
3&'#:009.$F6;0934/#%*1,420/&#A?4?51#3*R#%#6/9?2*/0#$F6;093431#%*1%*$%9202/&#3&'#09H5+%(%GG%5D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#]D#,0942*'G%5#3*0B+*3&30#%#(%A9,*20R#%#4%5?*$25',1#1;09H4;03R#%#09H531#$/5/$2*/0#@%0952*%4%D#"#
4%5?*$25',1#%#-/%4%*4#1:(C*636B#6/*2&(%#6,5%41,95%1R#%#42(&'2G(29,*20#;0#4;(2G(29,*20#-3*%+%4/G%5#
%#5',*W%+/1#,0942*'G%5#@%0952*4#*%9Q(-304;04#6/@34AC1#4,62GGR#/**3463#E2WW%*R#4?00%*#-304@34C51D#"#
(353092509 # %*1,4X1 # $F63/4 # /0 # -3*+,*&,9@%4A?1R # 4,62GG(% # /0 # -,54,0 # % # E3(0E314H6%R # %$/4 # 3&'(3#
4?+%4,0%GG%5#@%0952*5%1#%#-/%4%*,1D
m'$02'23

;i"U'$

I)Y8232/"3O*1/
"9#3*0B#5',*W#;6#-304;0934/#/0$3(343/R#1C*:5:0#431/543443*#%#-/&?(2*/0#-304;0934#%*%EA%/(%#;0#%9#QA#
-304;0934/#43W@5/121(%R#4,62GG2#%#E3(0E314/6/1?0#2G(29,*200%*#1%EW0,*%4,0#-304;0934/#/0$3(3431(3D
IhO

J$431'%&.",2V)2/83:/."S:)+0
"#*%9Q(-304;0#;0#-3+B-304;0#1:94/#1C*:5G0;&34#4%E%094%*A21#$3&#%#-/%4%*,1R#6%*%$/54#%#09H5%*1,420#;0#
c1363(;0#&%9+%&#*3@34B0;&3/4#;0#%#1C*:5G:9B#3W034.43W@5/121%4#A24;1,0R#-%5429/%+Q0#-3*%+%4,1,5#
13(3094C*D
"# 4%5?*X1 # %9 # /0$3(4 # 43W@5/121%4 # %# 093(/54 # 139+/1 # ;(4;13*5/R # @,&' # %9,1 # @%0952*@%4X1.3 # %9 # %+,44#
-3*%+%4 # 3*6;&9;0;(3D # a%5?*A21 # $3&62*%094%5/ # 0%A24 # 3*1;E93*;03/1@39 # % # $3&-3*3*B # 43W@5/124D#
t(XG2*A21#?&'%5%94#%#4;$24#4:GG-;*3#43W@5/126%*#-3*+,*&,95/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#*%9Q(-304;0#;0#-3+B-304;0#43W@5/12A25%1#/0$3(343#;0#@%0952*%4%#4%5?*$25',1#1;09H4;03#0,(25D#"#
E,54,0 # $3&-/&'3*;0 # ;0 # % # $3&-/&'3*431 # *31;E39;03 # % # -304;0934 # 3091:93/63*D # " # *24625'#
1,51(;402&25%1 # $3&(%&%+20% # % # 1;E35D # a2(&'. # ;0 # 4;(2G(29,*20/ # &'%1,(*%4,1R # G363934;0 # %#
E,(4(;920G%R#%#4X5?0,1GX*#1//5+?*6%R#%#1,54Q(,1#-3*;#4%(4X#A3**3&&3*D
G$TS/+)U*1/."T+43+0
" # -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # % # $F6;09344:(4;534R # ;0 # % # 43($;09344?+,$25',0#
4%542(&'%1#/0$3(343/(3D
GO)S/,+%$)#$0"f",+%$)#$0
a2(&'.#;0#4;(2G(29,*20R#4%5?*$25',1R#G363934;0#%#E,(4(;920G%
!",2V)2/83:/"51'3"2'2*#:4&2.
"# -/%4%*,1 # % # 4%5?*$25',1 # 1;09H4;0;G35 # ;0 # % # E,54,0 # $3&-/&'3*;0 # 43(;5 # 6;&9344 # &'%1,(*%4,1G%5#
3&'(3#C&'303GG31#;0#1/4%(4XGG%1R#?&'%5%11,(#%#1C*:5G:9B#43W@5/121#@%0952*%42G%5#A2(4%002&(%#
4309531#093(4D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# !ND,0942*'G%5# 3*0B+*3&300;# 62*5%1# %9# ;(9;031R # %# *24625'@,9 # 4%(4,9X# @%5&?*%4/ # $/5B0;&31R # %#
09H531#QA(%#5%&'#3(B63*#;0#QA#$/5B0;&&3*#6%55%1#A3*35D#"#09H54%5,1#c#w,34@3#09H54%525%1#1:9E,54/#
093(3E34#09256%#.#/0$3(434;0;63*#;0#%#&,5+,*%4,1#6/9?2*/0#-3*+,*&,92026%*#%94#%#&,5+,*%4/#3*3$34#
@,99?1 # G3R # %$/63* # 3**350Q*',99?1 # % # 09H531 # :094:5:0R # 093563+;*'30R # ;(93*$31GB* # /5+?*X#
@%0952*%424D#"#09H54%5#*3@34B0;&34#%+#%((%R#@,&'#%#-/%4%*#62*%094#1%EA,5#%#09H531#13*34139;0;(3R#;0#
09H531@39#1%EW0,*@%4X#%*%E4%E%094%*%4,1(%R#E*D#%((%#%#1;(+;0(3R#@,&'#$/;(4#1;1#%9#;&z#w,34@3#
09H54%52@,9 # 1%EW0,*X+X%5 # 6;&399C51 # &'%1,(*%4,1%4R # %9 # %G094(%14 # -304;0934 # %*1,420%/5%1#
-3*@%0952*2026%*D#"#&3,$34(/1?0#;0#,(&%5/1?0#A3**3&#09H5G3*/#-3*+,*&,920%#SE*D#x3*?5%'R#d*33#$F63/U
d/62*XR#;(93*$3134#$3&$,9&%4X#4;$21#%9#2**%4,1#Sn%5W#7%(W#$F63/UR#%9#X1,(/#$/4/1?0#S2**%4.3$G3(U#
1363(;1*;5'31R # % # 42A1;E31 # SE*D # [%0E%( # x%6/+ # n(/3+(/W@ # $F63/UR # ;0 # %9 # 3$G3(/ # $,9+?*%4,1#
4%5?*$25',920% # S1(,1/R # 4?00%*UD # >3$G(%5+4 # ;0 # T3($33( # $F6;0934;531 # G3$?4%42026%* # %#
4%5?*$25'-304;0934 # 1/43*A303+;0;4 # 03&H4AC1 # 3*BR # $F63/1 # $20,*2024 # 1C*:5G:9B # 43W@5/1211%*#
6%*X0H4A?1#$3&D
m'$02'23

;i"U'$

I)Y8232/"3O*1/
"#]D#,0942*'#-304;0934/#/0$3(343/R#1C*:5:0#431/543443*#%#4%5?*$25',1#1;09H4;0;(3

IhK

J$431'%&.",2V)2/83:/."S:)+0
"#09H53134#4?+%4,0%GG%5#@%0952*A?1R#@/0935#43($;0934C134#;0#1/-3A39;0/#*3@34B0;&3/134#%#4%5?*X1#
$,04%5(%#$3&;(4344;1D#73&;(4/1R#@,&'%5#13(300;1#3&'.3&'
;*$;5'C1#*3&4%*2*XGG#1/-3A39B+;0;4 #%# 09H535# ;0# -,($25#13(3094C*D #>2;(39531#%# 09H531# 1/-3A39B#
4%(4%*$2(%D#"#4%5?*4#43W@5/121#42(&'/*%&,0#$3&;(4;0;531#%*%EA25R#-,1,9%4,0%5#$/5+351/#-3*-3+39@34/#
0%A24 # 04H*?024D #"# 09C*34B # $?5121(X* # $/5+/& # G309;*&34C51R # 393135 # % # G309;*&34;03135 # 13(3094C*#
0%A24H4@%4A21#3*#%#09%1$%/#1/-3A39;03134#;0#3094;4/1%/#-,&%*$%1%4D
"#W;*#%9R#@,&'#03&H40C1#%#4%(4%*,$#;0#%#-,($%#1:94/#1%EW0,*%4R#%#@%0952*4#3091:9:1#@%42025%1R#3&'#
1/A3*354;0#|,*6%0@%4X02&25%1=#;0#C935343#3(3A;531#-3*/0$3(;0;4D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
l3&'3531#(35+093(3035#1/03GG#*;*3&934F#<?AA&'%1,(*%4,1=#SE*D#1,$E,9HW/X0#&'%1,(*%4,1R#09H54%5@,9#
1%EW0,*X+X#-3*%+%4,1#04GDUR#;0#5%&',GGR#4:GG#%*1%*,$$%*#1;09C*B#$F631D#"9#3*BGG/31#*3@34B6;#
4309/1#%#1H0;(*3439;04R#%9#?4XGG/%1#%#1/4%(4X#$?5124D
"*%E&'%1,(*%4,1#%9#3&'30#09H531#43($;0934;531#$3&(%&%+202(%D
p**H40?51 # 093$G3 # 09H5@%($X5/21%4 # S$3*3&M@/+3&R # +Q(M$,** # 04GDUR # 6%*%$/54 # +,*&,99?51 # % # @2(,$#
09H5GB*#2**X#%11,(+,11%*D
Z%0952*A?1 # 62*4,9%4,0R # w,34@3 # 09H53*$;*34;(3 # %*%E,9,44 # &'%1,(*%4,1%4D # *4300C1 # &'%1,(*%4G%#
w,34@3#@%($X5/%#;0#+/09@%($X5/%#43X(/2A24D
x,*&,99?51#43*A30#3&;09;G35#09H5;*$;5'31GB*#$3(H4344R#093$G35#2**X#4;$211%*D
a3($;0934. # ;0 # 42A.@%5&?*%4,1g # -31343.-3@;( # 1;E31 # S1%(W,*%4,1R # E*D # xC(3(R # >3$G(%5+4R # 7?5W@U#
2462*4,94%420%#09H530311;D
"*1,00?51 # 09H5./$%&/52W/X # $,4H6?$,1%4 # % # 09%G%+ # -304B/ # 1;E93*34 # 1/G,54%1,92025%1#
$3&%*%E,9202(%D
n%.#;0#6/(2&4%5?*$25',1#SE*D#-21#5%E-;5'G35R#6/@%(G%5R#30BG35#04GDU
f/9,5',0#@%5&?*%4,1#09H5(3#;0#-,($2(%#6%*X#*3-,(+H420%_#:(:$MG25%4R#%+%&/,M%**3&(,D
"9#3$G3(/#%(25',1#$,9+?*%44%5?*$25',1G%5D
5%(W1;E31R#E,(4(;1#-3*+,*&,920%#S>3$G(%5+4R#T3($33(R#xC(3(U
G$TS/+)U*1/."T+43+0
"9 # 3094;4/1% # /0$3(343/R # 6%*%$/54 # % # $F6;0934/ # 09%142(&'%1R # 1C*:5:0 # 431/543443* # % # 9353 # ;0 # %#
$,9&20$F6;0934#S3?(/4$/%U#/0$3(343/(3D
GO)S/,+%$)#$0"f",+%$)#$0
*%9Q(-304;0 # ;0 # -3+B-304;0R # 09H54%5,1R # ;(9;031 # $3&A3*35H4;03 # % # -304;0934G35R # 3$G3(/ # %(25',1#
$,9+?*%44%5?*$25',1G%5R#%#09H531#;0#43W@5/121#4?+%4,0#@%0952*%4%D
!",2V)2/83:/"51'3"2'2*#:4&2."$"0:3":5,+)&$#+/"S.0)O/"5:%:4
"#-/%4%*,1#09H54%5/#/0$3(343/#&%9+%&,+5%1R#3&'(3#G24(%GG%1#%9#:52**X#1;E%*1,420G%5R#E,54,0%GG%1#
% # $20,*20G%5D # " # 1;E35 # % # *24625' # *3*1/ # $/5B0;&3/531 # $3&(%&%+202(% # 4:(31093531 # % # 09H531#
@%0952*%426%*D#b&'(3#E,54,0%GG#3094;4/1%/#-,&%*$%11%*#1;E3031#G309;*5/#%*1,420%/1(X*D
==N"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#3*B9B#;631G35#3*/5+?*X#-,*'%$%4,1%4#6/009C1#4,62GGR#%#4%5?*$25',1G%5#$,04#%9#3$G3(#13(C*#
1:9;EE,54G%#%#E,(4(;9200%*D#"#+/21,1#092$2(%#%#-304;0#%#6/*2&&%*#;0#%9#3$G3((3*#1%EW0,*%4G%5#
4%E%094%*4 # 2(5'%*4 # ;(9;031 # 1/-3A39B3091:9;6; # 62*/1D # " # 4%5?*$25'-304;0934 # $3**344 # 3(B43*A3035#
IhP

A3*35531#$3&#%#!].JND#0929%+#-,(+?*XA25%1#%*1,420%/R#$/543&'#(2$?4%46%#%((%#%#-,*'%$%4(%R#%$3*'#
%#$/#1,(?51@,9#63934D#b9#%#0,(#%#(,$%54/1?0,11%*#139+B+@34_#[%0E%(#x%6/+#n(/3+(/W@R#[,504%G*3R#
a?(53(R#f*%13R#$%A+#%#53,1*%009/W/9$?0#1:634139/1R#6;&C*#%#$,+3(5#-304;0934D#"9#3*0B#@%5&0Q*',0#
4;$%#%9#/$E(3009/,5/9$?0#;0#%9#3`E(3009/,5/9$?0D#"9#Q4#%#5%&'#QAH4X11%*#-,*'4%4X+/1#S[;9%553R#
w%?&?/5R#7?5W@R#6%5#w,&@R#7,534U#%#<f*%?3(#>3/43(=#/01,*2/&R#%#$,+3(5#-304;0934#1*%009/1?0%//&D#"#
$F6;0931 # ;0 # -304$;5'3/1 # 4%5?*$25',92024 # $/5+/& # 3&' # 09;*303GG # 1?*4?(2*/0 # 1:(5'3934G35#
;(+3$30#6;&395/D
"@,&'%5#%9#/$E(3009/,5/9$?0#;0#3`E(3009/,5/9$?0#3**354;4E2(A%#1%EW0,*X+/1#%#935;G35#-3**3*@34B#
%E,**X/.+/,5C09,09/ # E,*%(/420@,9R # Q&' # *3@34 # $20R # 2*4%*25,0%GG # 3094;4/1%/ # 3**35E,54,1%4#
093$*;*34C1G35#4%5?*$25',95/R#E;*+2?*_#1*%009/1?0.(,$%54/1?0R#09,G(209%4.9353R#9353.-304;0934R#
4?+,$25'.$F6;0934R#093$.-C*R#4;(./+B#04GD
Z% # % # 935;4 # ;0 # % # -304;093434 # %9 # 3094;4/1% # 4%542(&'@,9 # 1%EW0,*X+X%5 # 3&'0;&30 # 3E,W@2G%5#
42(&'%*A?1R # % # $F6;0931 # 2*4%* # % # \e\D # ;0 # \\D # 0929%+G%5 # -3*-3+39344 # 09,(,0 # 1%EW0,*%4 # 9353 # ;0#
-304;0934#1:9:44#&'C$:*W0:9B#$3&1:93*H4;0/#$X+,4#3(3+$;5'39@34#Sw%?&?/5R#x3G?00'R#891(A%G/5R#
d*33R#d%5+/5091/A#;0#$20,1UD
m'$02'23

;i"U'$

I)Y8232/"3O*1/
"#!ND#,0942*'#-304;0934/#/0$3(343/R#1C*:5:0#431/543443*#%#09H54%5/#/0$3(343113*#:0093-C&&B#-304;0934/#
&'%1,(*%4,1(%D
J$431'%&.",2V)2/83:/."S:)+0
"#!!D,0942*'G%5#%#09,W/2*/0#;(9;135'0;&#-,54,0#093(3E34#A2409/1D#"9#3&';5#1:9:00;&G35#G34:*4:44#
093(3E;4R# 42(0%+%*$/#/+354/42024# 13(30/D#"#1;E9B$F6;0934G35# -,&*%*1,9?51# %9# 3$G3(W0,E,(4,1%4#
$3&A3*35H4B # %*1,420,11%*R # % # 1C9+3*3$$3*R # % # @B0/300;&&3*R # %9 # 2*+,9%4@,9%4%* # 1;E300;&3/63* # %#
$F6;09344:(4;534/ # %*1,420,1GX* # 62*,&%46%D # " # !].JND # 0929%+ # -,(+?*XA25%1 # /(25'9%4%/@,9R # %9#
</9$?0,1=#1,(2@,9#,*'#$X+,5#1:93*3+C51R#@,&'#%GG%5#%9#3$G3(/0;&#0%A24#@%42(%/4#;0#*3@34B0;&3/4#
13(30B # ;0 # 1/A3*:*B # A3**3&R # %9 # /(25'9%4,1 # $:&:44 # @Q9X+X # 093**3$/ # 0925+;1 # 62*/1 # ;(4@34B6;R # %#
E,*%(/420,1#$3&(%&%+@%4X112D
"#4%5?*$25',1#%#E,(4(;-304;0G35#A?45%1#W0QW0(%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # $,+3(5 # 1,(/ # $F6;0934/ # /01,*21 # 09%G%+ # /$/42W/XA%R # E*D # /$E(3009/,5/0421R # 3`E(3009/,5/0421R#
1?G/0421R#09C((3%*/0421#04GD
" # -/&?(2*/0 # ;0 # %9 # %G094(%14 # -304;0934 # 3091:93/R # 1C*:5G0;&3/R # % # -,($%5'3*6 # ;0 # 4%(4%*,$#
:0093-C&&;03/531#4?+%4,0H420%R#;0#4?+%4,0#@%0952*%4%D
G$TS/+)U*1/."T+43+0
"# -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # %9 # /(,+%*,$R # ;0 # %9 # 3094;4/1% # /0$3(343/(3R # 6%*%$/54 # %#
$F6;0934/#09%142(&'%1#/0$3(343/D
GO)S/,+%$)#$0"f",+%$)#$0

W0,E,(41;E31R#42(0%+%*,$#;0#3&';5R#%9#</9$?0,1=#1,(%
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#-3*-3+39/#c#3&'#$F%*1,420,5#G3*C*#/0#c#%9#%E,**X/.+/,5C09,09/#6,5?*%4,1%4R#-,&%*$%4#%*1,4#%#
E,*%(/420,1#$/G35*;4;(B*D
Ih]

p4*24A%#%#4:(4;53*$/R#-:*+(%A9/R#/(,+%*$/#:0093-C&&;03134D
f/94,502&&%*#1393*/#%#09H53134R#09H51,54(%094,1%4D
q2(4%0#%#1C*:5G:9B#-304;0934/#43W@5/121G%5R#-3*#/0#/0$3(/#%9,1%4D
"#4%5?*$25',1#1;09H4;0;G35#%#E,(4(;920/&#3*A?4D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
oA#43W@5/1%#%#6209,5(%#,*%AA%*R#6%&'#$%&?1#1;09H43443#4,A2043$E3(26%*#-304;0R#3*62(20#%#0,1-;*3#
3W034#4?+%4,0#@%0952*%4%D#"#-/%4%*,1#-3*-3+39/1R#@,&'#%#-304;0#03&H40;&C1(3#*3@34#3&'#2(5'%*4#;0#
62*4,9X#6/*2&1;E#$3&43(3$4;0;G35R#-3*/0$3(/1#%#$F6;0934#3$G3(/0;&#;*34;G35#G34:*4:44#093(3E;4R#
-3*03A*/1#A:6BG3*/#093(3E3#;0#A3*354B0;&3D
d?4%4A21#%#$F6;0934#W;*A24#;0#;(43*$;4#%#-304;035#13(3094C*D
b*B@H6A21#;0#2E,*A21#%#1;E.43(3$4B#3(B/134R#@,&'#(35+3*139;0C51(3#2**A%5%1#|;*34093(F#1;E93*34G3*/#
1;E31=#;0#|A:6B#-3*;#/(25'?*XR#1,51(;4#1;E93431=#%*1,420%1,(D
" # 1;E9B$F6;0934 # %*1%*$%9,44 # 43(C*34;4 # /0 # 1/E(XG2*A21R # % # +H09*3431R # A3*$3931 # 43(639;0;4 # ;0#
1;09H4;0;4D # 52**X # 1;E%*1,420(%R # 43(639;04B* # % # 1/6/43*39;0/& # 1;E300; # 62*5%1D #"# $F6;0934/ # 2&%1#
:0093-C&&;03/4#4?+%4,0H4A21#;0#%#09H5@29/#3*B%+20#*;4(3@,9202G%5#$3&;*/1D#"#$F6;0934/#%*1,420,1#
$%/ # ;*34G35 # G34:*4:44 # 093(3E;(3 # (2*245%1R # ;0 # 3094;4/1%/ # /0$3(343/1 # %*%EA25 # 0%A24 # %*1,420,1#
*;4(3@,9202(%#1;E3031D
m'$02'23

;k"U'$

I)Y8232/"3O*1/
"#!!D#,0942*'#-304;0934/#/0$3(343/R#1C*:5:0#431/543443*#%9#3094;4/1%/#E(,G*;$21#-3*-3+39;0;(3R#;0#%#
4%(4%*,$#;0#-,($%#:0093-C&&;03/63*#1%EW0,*%4,0#/0$3(3431(3D
J$431'%&.",2V)2/83:/."S:)+0
" # !JD # ,0942*'G%5 # % # $,+3(5 # ;0 # 1,(42(0 # $F6;0934 # %*1,420%/5R # ;0 # %9 # %*1,4X1 # %(0 # E,34/W2/5%1#
$3&/0$3(;0;5R#6%*%$/54#$F6;0934-/*,9X-/%/#;0#3094;4/1%/#&,5+,*%4,1#G363934;0;5#13(3094C*#A?45%1#
3*#%#+/21,1#%9#:52**X#1;E%*1,420/&#%9#,*%A-304;0R#6%&'#4,A2043$E3(%#@%0952*%426%*D
"#!JD#,0942*',0#09H5+%(%G@,9#43(639531#;0#1;09H43531#A3*$393134#;0#+H09*343134D#"#093$;*'/0;&34R#
%#42(0%+%*$/#@3*'93434R#;0#4:(4;53*$/#1,(4#:0093-,&*%*X#;0#1/-3A39B#6/9?2*/0#3091:9:1#*3@34B0;&3/63*#
+,*&,95%1D#"#1:9:00;&;(4#6%*X#$?51%#0,(25#%9#3&';5/#%*1,420#3&'#QA#09/54(3#;(139/1_#3&'C44#13**#
$F1:+5/#$20,11%*#3&'#1:9:0#W;*#;(+31;G35D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#$,+3(5#;0#1,(42(0#$F6;0934#3094;4/1%/#;0#-/*,9X-/%/#E(,G*;$2/5%1#$3&1:93*H4;03#;0#-3*+,*&,920%R#
/543(+/09W/E*/52(/0#$F-%A,1R#%*1,4X1#$3&/0$3(;03D#"#09%G%+02&#093**3$/#;*34G35#;0#%#$F6;0934G35#
G34:*4:44#A3*354B0;&;531#-3*/0$3(;03D
"9#3*B93430#4?+20(%#;EH463#3&'(3#5%&',GG#$%&%G/94,002&&%*#;0#:52**X02&&%*#-304;0D#oA#43W@5/1%#
3*0%A24H420% # ;0 # @%0952*%4% # S,*%AR # 4,A2043$E3(%UD # 52**X # 1;E%*1,420_ # 4;$%62*%09420R # 43(639;0R#
629*%41;09H4;0R#%*%E,920R#1/6/43*39;0D#"#$F631#G3$?4%420%R#1/2**H420#(35+39;03R#%#1/2**H420#4%(4%*$/#
;0#3094;4/1%/#093$E,54A%/5%1#/0$3(343D
q3*$3931#;0#+H09*3431#$3&6%*X0H420%#;0#G3$?4%420%R#@%0952*%4%#%#09H5+%(%GG%5D
G$TS/+)U*1/."T+43+0
"# -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # %9 # 3094;4/1%R # % # 4:(4;53*3$R # %9 # /(,+%*,$R # 6%*%$/54 # %#
ILN

43($;09344?+,$25',0 # 42(&'%1 # /0$3(343/(3R # 4,62GG2 # % # !JD # ,0942*',0 # ;630 # $?51%R # ;0 # %9#

,0942*'.09H5+%(%G
GO)S/,+%$)#$0"f",+%$)#$0
% # $,+3(5 # ;0 # 1,(42(0 # $F6;0934-/*,9X-/%/ # ;0 # 3094;4/1%/ # E(,G*;$21R # QA # -304;0934/ # 43W@5/1%R # :52**X#
1;E%*1,420g#+H09*34#;0#A3*$39#43(639;03#1;09H4;03g#%*1%*$%9,44#$F6;0934R#3&'C44$F1:+;0
!",2V)2/83:/"51'3"2'2*#:4&2.
"9#3*B9B#;631#4%5?*$25'%/5%1#1:09:5@34B35#%#+/21,1#093(4#434431#%#-304;0934/#43W@5/121#4?+%4,0#
@%0952*%42(%R # 09H54%5/ # /0$3(3431(3R # &'%1,(*%4(% # % # $20,*20G%5R # 4%5?*$25',1 # 1;09H4;0;G35R#
-%5429/2GX*#09C*34B#1;E31#$3&%*1,4202G%5D#k4,*0X#43W@5/1%/#4%5?*$25'?1#%9#,*%A1;E31#1;09H4;03D#
7/5+394#3&'#09%G%+#1;E%*1,420G%5#@%095,0H4A21D
d;E3031#%# 43(639;04B*# %# 1/6/43*39;0/&# 6;&/&6/55/# 3&'#%*1,4X/#-,*'%$%4,4R# 1/2**H4204# (35+395/# ;0#%#
$F63134 # ;(4;13*5/D # b&'C44$F1:+531 # %# 1C*:5G:9B # $F6;0934/ # 2&%1G%5R # 0# *;4(3# 4?+5%1# @,95/# 3&'#
6/9?2*/0#$F6;09343134#/0#%*1%*$%9X#09H5@29/#%*1,4204D
7/5+3@@39 # $,04 # % # 42(0%+%*$/R # 3094;4/1%/ # ;0 # -/*,9X-/%/ # 1;(+;031 # $3&/0$3(;03 # 42(0?*D #"# 1,(42(0#
$F6;0934#;0#%#A:6B#$F6;09343#-3*;#392*4%*#;(4B#$X+,5#-,(+?*@%45%1#%#-/%4%*,1D
e0$3(343/134#0%A24#A:6B%*1,4X#1;E9343/1G35#/0#@%095,0H4@%4A21D

A$V8"["%'$,.0$
Q252823:/"=-MN":5,+)&$#
"# (%A9X(21 # 0,1 # $/5+35G35 # 1C*:5G:9531 # % # -304;0X(214X*D #"# (%A9X(21 # 3*0B0,(G%5 # % # -,*'%$%4(%R # %#
1;E300;&(3#;0#%#436;135'0;&#/+3A3#%*%44#09C*34B#;(9;031(3#@3*'39/1#%#@%5&0Q*'4D
d39+34G35#%#&'3($31314B*#53$#%94#62(A?1R#@,&'#6%*%$/*'35#1C*0B#42(&'%4#(%A9,*A%5%1#*3R#@%53$#
3&'#$,9&20$/5B0;&34#13**R#@,&'#$3&4%E%094%*A%5%1D#b94#%#-%A4%#(%A9,*204#.#%$3*'#%9#LD#,0942*'G%5#
%#09%G%+1;9/#&3,$34(/2@,9#63934#.#%#)%*+,(-./01,*21G%5#-,($%(%A95%1#@H6A21D
"9#/01,*%#1,(%/#;63/G35#%#&'3($3131#3&'093(F#-,($21%4#(%A9,*5%1R#;0#24%*%1H420,1%4#6;&39531R#
$/1:9G35 # $3&4%E%094%*A21 # 3931 # $/5B0;&3/4 # /0D # b9 # 03&H40;&34 # A3*354 # 092$?1(% # % # -,($21#
$3&(%&%+202@,9 # 09C10;&30 # ;*BR # G3*0B # 1;E300;&31 # 1/%*%1H4202G%5D # " # &'3($3131 # 3&'(3#
3(B43*A303GG35 # 139+/1 # $3&;(435/ # % # 43($;0934. # ;0 # 3$G3(.%*1,44% # 1:(5'3934G35 # -3**3*@34B#
-,($%&3094?0,1%4D
a3@24 # 139+34G35 # % # -,($%(%A9 # W;*A% # %9R # @,&' # -3*;G(30093 # % # &'3($3131 # -,($%;(9;1;4D # b9;(4#
H(20.3*B1;09H4B#&'%1,(*%41;54#/0#@%0952*A?1#%9#H(204%5H420G%5D
"$/1,(#LD#,0942*'G%5#3*139+B+/1#%#&3,$34(/%R#%#-,($%(%A9#G3*3,*6%+#%#&3,$34(/1?0#2G(29,*20G%R#%#
(%A9,*20#;0#&(%-/1%#:52**X#43(C*341;54#139+#$3&A3*355/D#Z%4,+/1#,0942*'(%#%#&'3($3131#3*;(531#%9#
|,1,9%4/02&#1,(2G%R=#%$3*'#/&%9/#E,54,002&,4#1:6343*#(%A9%/14X*D#b993*#3&'#/+BG35#%#$F6;09/#(%A9#
QA%GG#62*-%A26%*#139+3531#/0$3(13+5/R#53639343035#%#09;553*#6%*X#(%A9,*200%*D#b9#139+34G35#4:GG#
@%0,5*X02&,4 # $?4%4 # % # -304;003*R # ;0 # 4%(4%*$% # -B*3& # % # -;5' # ;0 # 2(5';1 # A24;12G%5 # -3**3*@34B#
1,54(%094,1GX* # 2**D # b9 # % # -%A4% # (%A9 # 3*63934 # $%A+ # % # 634C*34 # ;0 # %9 # 2(5';1,1 # 4%5?*$25',9202@,9D#
7/3*B44#393134#%#&'3($3131#-3*0BGG#,0942*',1G%5#&3,$34(/%/*%&#$3&093(1309435;1R#%9#|2(5';1,1#
;(9;13*;0;4=#;0#%9#|2(5';113(30;04=#43*A300;&&3*#$F6;09/#3091:9:113*#1:93*H4AC1#$3&D
=N"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#(%A9,*20#1//5+?*XE,54A%#%9#3&'3530#;0#%#&:(G3#6,5%*D#"#&'3($3131#4%E%094%*%4,4#093(39531#%9#
3&'3530#6,5%*%1#;0#%#&:(G;1#1:94/#A3**3$9B#1C*:5G0;&(B*#(%A9,*20,5#13(3094C*#/0R#$/?425#3*B9B*3&#
IL!

$2( # -3*-3+394;1 # A3**3$9B/134 # Q&'R # @,&' # 3&;09 # 4304C113* # $,9,&4%1 # % # 4;(G35D #"9 # 3&'3530 # 6,5%*#
3&';(43*$F#/(25'%#:009E,54,0H4204#1:6343*#;0#%94R #@,&'#%9#%1%(%45%1#%#&,5+,*1,+20#$?4%00,5#
?4%4D #"# +/5%$/1?0R # 625+,(*X # &:(G3# 6,5%*R # $3*'531 # E,54,0# W;*/(25'% # 5/5W0R # @3*'34 # %+ # %9 # 3&';5/#
6%(/2W/X15%1g # %9 # %1%(%4,4 # %9 # ;(9;0 # /(25'H4A%D # 7/?425 # % # &'3($3131 # G/94,502&(% # 434431 # 093(4 # %#
6,5%*(%A9,*20G%5R#%9#3*0B#,0942*'#-B#3*3$3/#%#09/$$34(/1?0#-,($%#;0#%#-,($%1/3&;09H4;0#*309531D#"#
-,($%(%A9#3*B1;09H4/#%9#H(20#G363934;0;4D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"# 1/0&'3($311,(G%5 # $3&093(9344 # -,($%. # ;0 # 4;(;(9;13*;03 # 03&H4/ # % # -,($21 # E,54,0 # 1/%*%1H42024D#
k&'%5%11,(#%#$,9&20.#;0#3&'350Q*';(9;1#/0#-,54,0#093(3E34#A2409/1#3GG35#%#4%5?*20#-,*'%$%4G%5D
J$431'%&.",2V)2/83:/."S:)+0
"#G34F.#;0#H(204%5?*20#G363934;0;4#-,($%(%A9#3E,W@%#3*B9/#$3&D#n3*62*46%#&'%1,(,*A?1#%9#3&'3530#
;0#&:(G3#6,5%*%1%4R#3931GB*#1C*:5G:9B#-,($21%4#%*1,4?51D#Y%&'.#;0#-/5,$$,4,(/1?0#$,9&20,1,5#
13(3094C*#4%E%094%*%4,4#093(39531#;0#24;*/1#%#&'3(3131#%#5',$4%4,44#5%&'G34F134#%*1,4X#%*%E634B#
-,($21%4D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
nC&&B*3&30R#6H909/5430#;0#24*X0#6,5%*%1#&'%1,(*20%#4,$E%.#;0#@3&'3009:&3113*R#W0/**%&-,($26%*R#
5;&'09:&3113*#;0#$20#09%G2*',0#,*+%*Q#%*%19%4,11%*D
Z,$,(Q # ;0 # +,$G,(Q # &:(G;1R # @?**2$,1R # 1:(:1R # 3**/E09/031R # 0E/(2*,1 # ;0 # $20 # +/5%$/1?0 # -,($21#
&'%1,(*20%D
n,*'%$%4,0#$/5421#;0#0,(,9%4,1#%#-,*'X#H(20#3*B1;09H4;0;@39D
G$TS/+)U*1/."T+43+0
"#-,($%(%A9R#$/54#H(20.3*B1;09H4B#&'%1,(*%4#1:9634*35C*#1%EW0,*X+/1#%#G34F4%5?*20@,9R#%#09%G2*',0#
H(201;E#1/%*%1H4202@,9D
GO)S/,+%$)#$0"f",+%$)#$0
3&'3530R#&:(G3R#$,9&20
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131#3*0%A24H4A21#%#90H(1(;4%#@%0952*%424D
f/94,502&,4#093(39531#%9#3&'3530#;0#%#&:(G3#6,5%*%1#$3&(%A9,*202G%5D
"#$3&(%A9,*4#-,($21%4#$3&#4?+A21#536395/D
b*/&%9,+5%1#%#4;(G35R#%94#1:634B35#24*24A21#%#H(20G3*/#$?512G%5#092$?1(%#%+,44#13(343134D
"9 # H(20G3*/ # $?512G%5 # -,($21 # $;(34;5;* # ;0 # 3*@3*'39;0;5;* # 1;E3031 # % # $3&-3*3*B # %(25',11%*#
+,*&,95/D
;N"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # -,($%(%A95%1 # %9 # % # W;*A%R # @,&' # ,*' # $X+,5 # :094:5:993 # % # G3*0B # ;09*3*;04R # @,&' # 2*4%*% # %#
&,5+,*1,+20 # %9 # /543**314?2*/0 # -,($21G% # 6%*X # 6/009%*;E;0 # 5;*1C* # -3A*B+@30035D # b94 # %#
1:634139B1;EE35#*3@34#$;&#&'%1,(,*5/_#%#&'3($3131531#,+%%+A?1#3&'#09/$$34(/1?0#-,($%#3&'/1#
-3*;4 # $%A+ # @%&'A?1R # @,&' # $%&?14X* # 4%*2*A21 # $3& # ;0 # 3&;09H40;1 # 1/ # % # $20/1 # -3*;4D #a3@24 # % # W;* # %#
ILJ

1/3&;09H4;0R#@,&'#4:1;*34300;#43&'3531#3&'#-,($24#%#1;E93*34C1G35#S;0#43($;09343035#E%EH(,5#/0UR#
%$/#3&'3*B(3#$;&#G3-3A3934*35#;0#53$#4:1;*3430D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"9#3*0B#,0942*'G%5#1/%*%1H4,44#-,($%;(9;1(3#42$%091,+@%4?51D#"#-,($215%1#$,9&20,5#13(3094C*#
4:(4;5B#24;*;03#5%&'#03&H40;&34#A3*354#%#$20,+/1#,0942*',0#09/$$34(/1?0#-,($21#1/3&;09H4;0;G35D
J$431'%&.",2V)2/83:/."S:)+0
"#-,($%(%A9#3935#%9#;6-,*'%$,5#$;&#$/5+/&#3*0B0,(G%5#%9#H(204%5?*204R#%#5',$4%4,44#1/0G34F1#
H(2025%1#.#;0#3034*3&#%#-,*'XH(20#.#3*0%A24H42024#09,*&2*A%D#7/63*#%#5',$4%4,44#1/0G34F1#H(20%#;0#%9#
H(,44#G34F1#%#4;(G35#;0#%#E%EH(*%E,5#3&'#$20-%A4%#3*/&%9,+204#1:6343*531R#39;(4#%#1/0G34F1#H(2024#;0#
% # -,*'XH(204 # /0 # c # % # 5%&'G34F1;@39 # @%0,5*X%5 # c # % # -,($%(%A9 # 03&H40;&;63* # %*%E,99?1 # $3&D # "#
09/$$34(/1?0#-,($21#(%A9,*20%#.#%#@/25'9X#-,($%(;0931#1/3&;09H4;03#2*4%*#.#%#&,5+,*1,+20#3(B/4#
/01,*299%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
nC&&B*3&30#435&3*'#1:(C*/#&'%1,(*%4,1R#%$3*'#435&3*'4#*3@34R#@,&'#W0%1#3*1;E93*/1D#b&'3530.#;0#
&:(G3#6,5%*%1#4C1(:9;03g#09/$$34(/%#;0#4C1(:9B+;031D
b94 # 1:634B35 # @%0,5*X # &'%1,(*%4 # % # 6H909/5430 # 435&3**'3*g # d;09H403531 # 24%*%1H420,1%4_ # 3&'3530#
6,5%*Q # -,($21%4 # %*%1H40%5%1 # &:(G3 # 6,5%*Q62 # ;0 # 6/009%-3*;R # 6%*%$/54 # 62*4,94%00%5%1 # 24 # ,*'%5#
-,($21%4#/0R#%$3*'31G35#&:(G3#;0#3&'3530#6,5%*%1#3&'%(254#4%*2*@%4X1D
p4*X0 # 435&3*' # 1:(C*/ # &'%1,(*%4,1g # 1;0BGG # 1;4 # 3&'$204 # $3409B # 435&3*'4 # /0 # @%0952*6% # S6%&'#
-C&&B*3&30M6H909/5430#6%&'#1;4#24*X0#435&3*'UD
d3(34#(%A9,*20%#H(,44#$?51%#6%&'#/**?094(2W/X#1:(;D
n,*'%$%4,0#6%&'#(/4$?0,0%5#/0$;4*B+B#-,($21D
G$TS/+)U*1/."T+43+0
"9 # H(204%5?*20 # -,*'%$%42@,9 # 1%EW0,*X+/1 # 1:9634*35C* # % # -,($%(%A9D #"# 09/$$34(/1?0 # -,($21@,9 # %#
43($;0934G35#-3**3*@34B#-,($21%4#SE*D#*363*31#-,($2/4U#1%EW0,*@%4A?1D
GO)S/,+%$)#$0"f",+%$)#$0
0H1G3*/#;0#4;(G3*/#42A;1,9X+20R#%(25',1R#09/$$34(/%R#@/25'9X#-,($21#1/3&;09H4;03
!",2V)2/83:/"51'3"2'2*#:4&2.
89/$$34(/1?0#5%&'#$,9&20,1,5#13(3094C*#24;*/1#%#1C*:5G:9B#09/$$34(/1?0#-,($21%4D
r6#6;&;(3#1;E3031#%#6H909/5430#;0#-C&&B*3&30#09/$$34(/1?0#-,($21%4#1/3&;09H435/R#$3&%*1,45/D
b*/&%9,+5%1#%#E%EH(*%E,5#;0#0,(,1G%5R#%$3*'#%#5',$4%4,44#1/0G34F1#;0#%9#H(,44#G34F1#%(25',0#;0#
E,54,0#H(202@,9#09C10;&30D
>N"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
7/?425 # % # &'3($3131 # &'%1,(,*421 # % # 435&3*'30 # 09/$$34(/21%4R # $,04 # $2( # 3*139+@34531 # 09%G%+R#
|%09/$$34(/1?0= # -,($211%* # +,*&,95/D # b9 # 03&H4/ # % # -,($%. # ;0 # 04H*?0;(9;1C1 # -3A*B+;0;4R # $/63* # $,04#
09%G%+,5#13**#-3*-3+395/C1#%#$3&-3*3*B35#/**30913+B#-,($21%4D#b931#%#-3*%+%4,1#%*1%*$%0%1#3&'#
G3*0B # 4;(;(9;13*;0 # 2E,*202(%R # 6%*%$/54 # $/5B0;&/*3& # 3*B1;09H4/1 # % # &3,$34(/%/ # 2G(29,*204D # "#
ILI

-,($%;(9;134#G,5',*?*4%GG#09/$$34(/21#;0#13(309439B+B#$/5421#03&H40;&;63*#-3A*3094AC1D#b931#%9#
3*3$31#%*%E634B#-,54,002&Q%1#%#43(639;0G35R#;0#AX*#09,*&2*A21#%9#%*%19%4,1#1/3&'350Q*',9202(%#
;0 # $3&;(4;0;(3R # 6%*%$/54 # % # -,($21 # 093$G32**H4202(% # 1;E30 # ;(9;13134D # " # 4%5?*4 # $/5421%4#
-3*@%0952*@%4A?1#/**?094(2W/X1@,9#SE*D#WH$*%E,1@,9U#6%&'#%#1;9/$?512G%5#SE*D#@H$9;0G35DU
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"#&'3(3131#3&'(3#@%42(,9,44%GG%5#$3&A3*35B#4;(.#;0#-,($%;(9;13#13**B#%*%E,4#5'QA4#%#@%($%+/1#
,0942*',0 # G,5',*?*4%GG # -,($21 # 1/%*%1H4202@,9D # " # 1,(2GG/ # $/5421 # E3+/& # $3&-3*3*B # %*%E,9204#
A3*3543531#%9#:52**XR#3094;4/1?0#-,($21#*;4(3@,9202@,9D
J$431'%&.",2V)2/83:/."S:)+0
" # -,*'XH(20 # 3*0%A24H4202@,9 # 09C10;&30 # -,($%. # ;0 # $,9&20;(9;1 # $3&%*%E,920% # 4:(4;5/1 # %#
G34F3*3$3134 # /0 # 4%(4%*$%9X # -,*'%$%4,0 # -,($21 # &'%1,(*20% # 0,(25D #"# G,5',*?*4%GG # 09/$$34(/1?0#
-,($21#$3&(%A9,*20%#%9#3094;4/1%/#;*$;5'#$3**344#13**B#/543**314?2*/0#1/@H6204#/0#5'QA4#%#&'3(3131#
092$2(%D#"9#:52**X#-,($%13(30;0#;0#%*1,420#%#-%5429/%.1;E300;&C134#/01,*299%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
f,5',*?*4%GG#-,*'%$%4,0#;0#(/4$/1?0%5#/0$;4*B+B#$/5421D
b&'$200%*#:0093-,5X+XR#4313(3+B#;0#24-3+;0G35#*;6B#0E/(2*,1#;0#$20#+/5%$/1?0#-,($21D
aC1:(1;E31#;0#4C1(:9:44#-,($21#-C&&B*3&30#;0#6H909/5430#3*(35+39;0G35D
Z2(,$09:&(3R#5;&'09:&(3R#:409:&(3#04GD#;EC*B#-,($21D
Y;&'30#09/$$34(/21R#6%&'/0#%#-C&&B*3&304R#%#6H909/54304#;0#%9#24*X0#09/$$34(/21%4#:46:9B#-,($21D
a%*2*A?51#$3&-3*3*B#1C*0B#-,($24#%#G3*0B@:9#;0#-,(+H46%R#E*D_#@%#%#G3*0B#-,($%#09:&*3430R#4%*2*A#(2#
|&:(G3#62*%094=R#;0#-,(+H46%D
Z%($,5/1?0#-,($21#&'%1,(*20%D
G$TS/+)U*1/."T+43+0
"9#%5'%5'3*6/#&'%1,(*20G%5#$;&#$/5+/&#3(B43*A30#093(3E34#A2409/1#%#-,($%(%A9R#@/0935#%#-,*'XH(20#
G3&'%1,(*202@,9#09C10;&30#G34F3*3$3134#/44#%*%E,99?1#$3&D#"#@%($%+/1#,0942*'#QA#@,5/0$3(34/#
1,(09%1%/@,9 # S$3043(0;&31R # @29;EH4;0U # %9 # 3&'093(FGG # 5;E/ # $,4H6?$.-,($21 # 6%&' # (;0931#
G3$?4%42026%*#1%EW0,*X+/1D
GO)S/,+%$)#$0"f",+%$)#$0
-,*'%$%4,0R#+/5%$/1?0#-,($21R# :52**X#-,($%%*1,420R# 3094;4/1%/#;*$;5'R#6H909/5430#;0#-C&&B*3&30#
09/$$34(/%R#3&'093(F#&3,$34(/%/#%*%E-,($21
!",2V)2/83:/"51'3"2'2*#:4&2.
d;E3031#%#G,5',*?*4%GG#09/$$34(/1?0#-,($21#1/3&;09H4;0;(3R#$3&%*1,4202(%D
"#-,*'XH(20@,9#09C10;&30#H(203*3$31#%(25',0%5#;0#E,54,0%5#(%A9,*A21D
e0$3(/1#%9#%*%E634B#&3,$34(/%#-,($21%4D
hN"+/831)&
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
n,*'4%4X+/1 # % # 4;(G3*/ # 1;E93*B3(B # &'%1,(*20%D # a:GG # 4?+%4,002& # 09C10;&3*434/1 # %11,(R # %$/1,( # %#
6,5%*%1#1C*:5G:9B#09:&31G35#$3409/1#3&'$204R#6%*%$/54#-3A*B+/1#%9#:009E,54,0H420#1;E300;&3#/0D
ILh

m'$02'23

><"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#&'%1,(*20%/#G/94,502&,4#%+5%1#%#53&'3+/1#,0942*',0#-,($21#$3&(%A9,*202@,9D#"#
09/$$34(/1?0 # -,($21 # (%A9,*202G%5 # ;0 # 1/3&;09H4;03G35 # 093(9344 # A2(4%002& # AX # %*%E # 5'QA4 # %#
G,5',*?*4%GG#,(5%$3542*/0#$/5421#$3&%*1,4202G%5D
J$431'%&.",2V)2/83:/."S:)+0
"#53&'3+/1#,0942*'#4:(4;534/#%5'%&%#S;09%1/#$/4,*X&/%U#09,*&2*4%4#4;$24#%#-,($%(%A9@,9R#3&'$20G%#
-,5X+X # +H09H4B # $,4H6?$,1 # -,($2A2G%5R # E*D_ # G36;0;031 # G(,00,1,5 # ;0 # 1%(E3(3W3135R # +H09H4;031#
-3&'63(3135R#0/0%1,1,5#;0#@%AX,((,1,5R#:0093-,5X+X#13*4%#093&;*'#;0#W0,$X920,0#$,4H6?$,1D#oA#
6,520R#@,&'#%#13(309439B+;0315;*#$3&$?4%4A?1R#@,*#$35531#%#092*%1#3&'$20#%*%44#;0#-:*:44D#b993*#
1%EW0,*%4,0%5#&'%1,(,*@%4A?1#435&3(;09W0,$X1#1:4;0;4#$%A+#(%A9,*2024D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
b&'093(FGGR#AX*#24*24@%4X#-,5,44R#,(5%$3542*/0#-,($21#$3&(%A9,*20%D
f,5',*?*4%GG#$,4H6?$,1#E,54,0#$20,*20%R#*3(%A9,*20%D
[0,$X920/#43W@5/121R#W0,$X-,($21#$3&/0$3(;03
"9#;09%1/#$/4,*X&/%#4:(4;5343/@39#1%EW0,*X+X#/**?094(2W/X1#3*1;09H4;03D
G$TS/+)U*1/."T+43+0
" # 53&'3+/1 # ,0942*',0 # $/4,*X&/%/ # ;0 # $,5+%1/5W0@39 # 1:9634*35C* # /**30913+/1 # % # -,($%(%A9 # %9#
,(5%$3542*/0 # -,($21 # (%A9,*2026%*D #"# -,5,44R # W0,$X9,44 # -,($%6/*2&&%* # 6%*X # /0$3(13+;0 # $2( # 3&'#
139+34/#4:(4;53*$/.$F6;09344:(4;534/#G3431/54;04#/0#A3*354D
GO)S/,+%$)#$0"f",+%$)#$0
-,5,44#-,($21R#W0,$X1R#,(5%$354/1%R
!",2V)2/83:/"51'3"2'2*#:4&2.
p4*24A21 # % # &'3(3131 # % # -,5,44 # -,($21 # 09%G2*'093(F0;&3/4R # %9 # 3&'$20 # %*%44 # ;0 # -:*:44 # -?4X # 092*%1#
(35+093(;4D
d;E3031#1:6345/#;0#:52**X%5#$3&(%A9,*5/#%9#3&'093(FGG#;0#G,5',*?*4%GG#,(5%$3542*/0#-,($21%4D
d;E3031#09H539;003*#3094;4/1?0%5#1/3&;09H435/#%#$3&(%A9,*4#-,($21%4D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#:4:+/1#,0942*'G%5#%#-,($%(%A9#09%G%+1;9/#&3,$34(/%/#2G(29,*20@,9#63934D#e44#/0#*3@34#1//5+?*X#
E,54#%9#3&'3530#;0#%#&:(G3#6,5%*#1:94/#E,*%(/420D#"9;(4R#@,&'#%#4%5?*X1#/54359H6#4%E%094%*%4,1%4#
093(39@3003531#3((B*R#1H625%4,0#*3@34#09%G%+#1;993*#(%A9,*5/R#09H530#W3(?921#@%0952*%426%*D
m'$02'23

><"U'$

I)Y8232/"3O*1/
"#-,($%(%A9#;0#+/5%$/1?0#(%A9#/0$3(343/
J$431'%&.",2V)2/83:/."S:)+0
"# 09%G%+1;9/ # &3,$34(/% # % # -,($%(%A9 # ;0 # 4%5?*$25'(%A9 # 1:9:44 # %*1,4 # 24$353434D #"# &'3(3131 # 1:(R#
ILL

5;&'934R#@2(,$09:&R#3&'35*B#,*+%*Q#;0#3&'35*B#092(Q#@2(,$09:&R#+3(;109:&F#@2(,$09:&#-,($2/4#
-3*@%0952*6% # 09H539;003* # ;0 # -%5429/26%* # 1C*:5-;*3 # $/5421%4 # %*1,4@%45%1 # 1:(9B # ;0 # 6,5%*9X#
@%0952*%4%#5;*1C*D#b93134#%#0,109,(#6/(2&093(F#-,($21%4#1/09H53963#1%EW0,*%4,4#*;430H4@34531#%#
5:6;5'4%53E,W@26%*R # 0 # 39 # 2463934/ # B134 # % # 4%5?*$25'(%A9,1 # 43(C*34;(3D #"# 5:6;5'4%53E,W@2@,9#
1%EW0,*X+X%5#(;09G35#$3&-/&'3*;0#%*%EA25#1;09H4/1#3*#(%A9%/1%4D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
89%G%+1;9/ # (%A9,*20 # G363934;03 # % # -B,14%420 # 4%542(&'%/@,9 # 1%EW0,*X+X%5R # (;09G35 # $3&-/&'3*;0#
?425D
d%EW0,*X+20/#E,54,1
7;(4%5R#&3,$34(/%R#5:6;5'4%5
GO)S/,+%$)#$0"f",+%$)#$0
w3,$34(/1?0#09%G%+1;9/#(%A9,1R#%#$3&-/&'3*;0#?425/#(%A9,*20#G363934;03
!",2V)2/83:/"51'3"2'2*#:4&2.
"#(%A9,*20#%#*24@%4X#6%*X02&#*31;E39;0;531#3091:9;6;#139+#62*5/D#"#-,($%(%A9#;0#%#09%G%+1;9/#
&3,$34(/1?0#(%A9#%#$F6;09/#(%A9#3*B-3*4;43*3/4#$3&43(3$43443D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
7/?425#%#&'3($3131#3*;(4;1#!JD#;*34;6C134#G3*3634@34/1#$%&?51%4#%#-;5'#;0#0:4;40;&#3**354;4;531#
1,5-*/14?02G%R#%#-3*,*+20#;0#0F(F0H4;0R#%#$%&%002&#;0#%#$;*'0;&R#%#1:55'F0;&#;0#%#53@;90;&#
3**354;43/G3D#"#1,54(%094,1#3$3#6/*2&%#3&9/09435W/2*/0%GG#4%E%094%*%4R#$/54#%9#3&'3530#-,($21;D#"#
&'3($3131#-;55'3*#;0#0:4;40;&&3*#1%EW0,*%4,0#$?512A%#%9,5G%5#53$#3*6,54R#%#634C*34#SE(,A31W/XU#
;0 # 2(5';1,1 # 4%5?*$25',920%1,( # 1%EW0,*X+/1 # 6%*%$3*' # 4?+,$25',0 # 4%542(&'@,9R # E;*+2?* # %#
-/9/12@,9D#"#4%5?*X15%1#E,54,0%5#$3&#13**#;(435/C1R#@,&'%5#6/09,5'?*5%1#3&'#4304#$3&6/*2&H4,44#
,*+%*%/#%9#2(5';12@,9D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
"#-,($%(%A9#;0#%9#LD#,0942*'#/0$3(343/R#1C*:5:0#431/543443*#%#&3,$34(/1?0#09%G%+1;9/#(%A9,1(%D
J$431'%&.",2V)2/83:/."S:)+0
" # +/21,1 # G32**H420,1%4 # 4%5?*$25',95%1R # %$3*'3134 # *2$E26%* # $3&6/*2&H46% # % # -;5'.2(5';1#
093$E,54A2GX* # -,1,9?51D # " # W;* # % # &3,$34(/1?0 # -,($21 # $3&(%&%+20%R # %9 # 2(5';1 # ;0 # % # 42(&'#
6/09,5'25%1#;(43*$39;03#;0#6/9?2*/0#$3&(%&%+20%R#%#4X5?0,920#@%0952*%425%1#G363934;03D#b931#
%#6/*2&,0.0:4;4#1,54(%094#&(%-/1%/#$3&A3*35H4;0;531#139+343/D#
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
89%G%+#(%A9&'%1,(*%4,1%4#6;&9C51#09;553*R#/**D#1C*:5G:9B#(%A943W@5/121#03&H40;&;63*R#H&'#-,($2*A?1#
%#-3*C*3434#-;5'GB*#;0#0:4;40;&GB*D
a;(G3*/#4:$:(#42(&'%11;54#(%A9,*?51#&:$G:4R#@35&3(4R#4:*W0;(4#;0#1,W124D#dC*:5G:9B#-;5'-,((20,11%*#
+,*&,9?51R#-/&'3*3$G3#6;63R#@,&'%5#62*4,95%1#@%420?1(%#%9#2(5';1,1D#>%A9,*?51#-%*(%R#E%+*X(%#;0#
09:&34 # G392(X # -3*C*34(3 # 634C*B # 2(5';1,1%4D # dC*:5G:9B # 4:$:( # 430431 # 2(5';1%/11%* # S2(5';1#
W035+;*34UR#%$/1,(#/0#%9#2(5';1,1#(2634B+@34531#$20#430431(3D
ILO

"#4X5?0,9204#03&H4B#-%5429/%&'%1,(*%4,1%4#6;&9C51#3&'#09H553*#E*D#-3*@B(%A9,1D#"#1,54(%094,1@,9#
1%EW0,*X+X%5#-31343#E%EH(,5#-3@;(#1(;426%*#+,*&,9@%45%1D
G$TS/+)U*1/."T+43+0
"#-B,14%420#4%542(&'%/R#1C*:5:0#431/543443*#%#&3,$34(/%R#092$4%5R#$%43$%4/1%R#-/9/1%R#20625'4%5R#
5:6;5'4%5#/0$3(343/(3D
GO)S/,+%$)#$0"f",+%$)#$0
-31343.-3@;(#1,54(%094,1R#4X5?0,920R#09;553*R#E%0943**3*R#3&'#09H553*#S&(%-/4R#09H530#W3(?9%U
!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($31 # (;09G35 # $3&-/&'3*;0 # %*%EA25 # 1;E30 # &3,$34(/1?0 # -,($21%4 # SE*D # &:$GU # *3(%A9,*5/R#
4X5?0,11%*#$3&A3*35H463#%#4;(G3*/0;&34R#$3&;(463#%#$3&6/*2&H420#;0#%9#2(5';11;E9B+;0#6/09,5'24D#
"#&3,$34(/1?0#-,($21,5#13(3094C*#%#-,($21#6/9?2*/0%5#$3&(%&%+@%4X#4:(6;5'093(F0;&3/(3#139+#
-/&'3*5/D # n%5429/%(%A9%/G%5 # % # *24625'4 # 09%G%+,5 # $,9&%4A% # (/4$?0,1R # 1,54(%094,1R # 4X5?0,1#
@%0952*%426%*D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # @343+/1 # ,0942*'G%5 # -,*'4%4X+5%1 # % # -;5'. # ;0 # 2(5';1.&'%1,(*%4,1D # " # E3(0E314H626%*#
$3&/0$3(13+531#%#&'3(3131R#;0#39#%#-;5'.2(5';1#&'%1,(*%4,1%4#E,54,0%GG2R#@%42(,9,44%GG2#4309/D#
l3*1/31G35#%#4%5?*X15%1#3GG35#%9#;*341,(G%5#,*'%5#&'%1,(*%4,1(%#6%5#09C10;&C1R#%$3*'31G35#%#
E3(0E314H626%*R # %9 # /(25'E,54,11%* # ;0 # %9 # 35';09E,544%* # +,*&,9@%45%1D # " # (%A9X(21 # G363934/1 # %#
&(%-/1%/R#4;(G3*/#(35+39;0#4:(6;5'3/4#/0D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
"#OD#,0942*'#(%A9X(2/R#1C*:5:0#431/543443*#%#1,54(%094,1#;0#4X5?0,920#/0$3(343/(3D
J$431'%&.",2V)2/83:/."S:)+0
"# 4%5?*$25'(%A9,1 # 43(C*34;5 # % # +/21,1 # 4,62GG-3A*B+531D # w3,$34(/1?0 # 430431R # 634C*34/ # ;0 # 2(5';1#
$3&A3*35H4;0;63*#4%5?*$25',1%4#1;09H43531_#4:$:(#430431#3&'$20G%#5',$?*20%#S@35&3(30#6%&'#
;**3*#(35+3*139B#(Q+#&:$GG3#09Q(X+/1R#4:*W0;(#09Q(X+/1#1,W12G%R#1,W1%#5',$X+/1#&:$GG3#04GDU#
dC*:5#-/&'3*$34#-,(+H4?51#%#4%*2*1,920/#-3*C*3431(3#;0#%#62*4,9X#@2443(31(3#634344#2(5';1,1(%#S0H1R#
09:&34 # G392(XR # 1,5126 # ;0 # 1,563` # -3*C*3431DU #"`,5,$34(/1?0 # 093(13094;03134 # 1;09H4C51_ # 430431R#
634C*34/#;0#2(5';12G(29,*20,1D
t3(0E314H626%*#1%EW0,*%4,0%5#(%A9&'%1,(*%4,1_#1:9E,54/#S35';09E,54,0U#E3(0E314H6%g
/(25'E,54,0#E3(0E314H6%_#<$%+2(=R#<*/532(/0=R#<G;1%=#E3(0E314H6%D#"#-C&&B*3&30#430431#SE*D#4,(,5'@29U#
E3(0E314/6/1?0 # $3&A3*35H4;03D # b5531 # % # 4;$25%1 # -%5429/%+Q0 # -3*+,*&,920% # 1C*:5-;*3 # &(%-/1%/#
43W@5/121#G363934;0;63*#E*D#1,**290R#$,5,4HE/%#04GD
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
b&'$20G%#-Q(X+X#&3,$34(/1?0#-,($21#4%5?*$25',920%R#E3(0E314/6/1?0#2G(29,*200%*#1%EW0,*%4,0#
/0$3(3431#;0#3931#&'%1,(*%4/#-3*+,*&,920%#1C*:5-;*3#&(%-/1%/#3091:9:113*D#n%5429/%&'%1,(*%4,1#%#
*363&BE3(0E314H6%#$3&A3*35H4;0;(3
"`,5,$34(/1?0#093(13094;031
ILK

>353092509#3E,W@2@,9#1%EW0,*X+X%5#&(%-/121#$20,*20%R#-3*+,*&,920%
T/9?2*/0#A24;1,1#(/4$?00%*R#$,4H6?$$%*#1%EW0,*%4,0%5R#%9#/0$3(4#43W@5/121#-3*@%0952*2026%*
G$TS/+)U*1/."T+43+0
"#-B,14%420#4%542(&'%/R#1C*:5:0#431/543443*#%#4:(4;53*3$R;0#/(,+%*,$#/0$3(343/(3D
GO)S/,+%$)#$0"f",+%$)#$0
t3(0E314/6/1?0 # 2G(29,*20R # $20,*20R # 093(13094;0R # E3(0E314H62@,9 # 1:4B+B # -%5429/%%*1,420,1R # QA#
&(%-/1%/#43W@5/121R#A24;1#(/4$?0,11%*R#$,4H6?$$%*
!",2V)2/83:/"51'3"2'2*#:4&2.
"#-/%4%*#%#E3(0E314H6%#4:(6;5'093(F0;&3/4#;(4B#$X+,5#%*1%*$%99%R#1;E30#%#4;(#$3&A3*35H4;0;(3#%#
(%A9,5R # E,54,0 # 4%5?*$25',1%4 # 1;09H435/ # &3,$34(/1?0 # -,($21(X*R # 42(&'%1(X*R # 4;((B*R # ;0#
093(13094;03113* # $3&A3*35H435/ # /0$3(343/4D # 73&4%5?*A% # % # &(%-/1%/ # $20,*204D # n%5429/%(%A9%/G%5#
@%0952*5/#1;E30#%#E3(0E314/6/1?0#4:(6;5'093(F0;&3134D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5',*W%+/1#,0942*'G%5#%#&(%-/1%#4:(6;5'3/4#-,54,0#@3*'3035#%*1%*$%95/g#53$W0%1#09%G%+
1,$E,9HW/X1G%5R#@%53$#%#(;&/#$3043(31R#$/54#xC(3(#6%&'#l3,5%(+,#4%5?*$25',9202G%5#/0D#b931#
%#4;$21#-,*'4%4X+5%1#%#-3*0B#4%&,9%4G%5R#%$/1,(#/0#%#43W@5/121#4:1;*3430H4;0;(3#4:(3109C51R#E*D#
1%(W,*%4,1,5#13(3094C*D
b*139+B+@34 # %9 # %(25'6/09,5',1 # 4:(6;5'3/531 # 4%5?*$25',920%_ # %9 # %(%5'$3409;0R # $/54 # %#
1,$E,9HW/X#4/41%D
"#43($;0934.$3&-/&'3*;0G35#/0#%#E3(0E314/6/1?0#*24625',5#6%5#%#@%5&0Q*'D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
"#KD#,0942*'#/0$3(343/R#1C*:5:0#431/543443*#%#E3(0E314/6/1?0#2G(29,*20(%D
J$431'%&.",2V)2/83:/."S:)+0
" # 4;(. # ;0 # 42(&'2G(29,*20,5R% # E,54,0 # $3&-/&'3*;035 # 6%5 # % # @%5&0Q*'D # a2(&'%1 # ;0 # 43(31#
4%5?*$25',920% # ;0 # &(%-/1%/ # $3&(%&%+20% # % # E3(0E314H626%* # 1%EW0,*%4,0 # /0$3(3431#
-3*@%0952*2026%*R#%#4X5?0,1#;0#1,54Q(,1#@%($,5/1?0#@%0952*%426%*R#E*D#3&'#;EC*34#6%&'#3&'#G3*0B#
4;(D
n%5429/%&'%1,(*%4,1 # % # E3(0E314H626%* # 1%EW0,*%4G%5R # % # (353092509 # 1,(/ # $F6;0934GB* # 6344#
$,4H6?$,1 # -3*@%0952*2026%*D # oA # &(%-/1%/ # 43W@5/121 # G363934;03_ # E*D # 1,**290R # 4?0R # ,*%AE%0943**R#
*/5X$3409;0
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
xC(3( # 73*%5W,*/% # WD # $F6;531 # $20,*202(% # 3*B1;09H4B # &'%1,(*%4,1%4 # 6;&39@34C51D # x,*&,9@%4?51#
09%G%+,5 # % # 1;E # (;09*343/63*R # $/54 # E;*+2?* # % # &:$GG3*R # % # E,*/;+3((3*R # % # 093(092$,11%* # ;0#
3091:9:113*D#n/&'3*$34#-,(+H4?51#%#+(%E;(/21(%R#(?@29%4,1(%R
4%5?*$25',9@%4A?1#%#43($;0934#A3*350;&3/4 #S5%EE%*4R#;A09%124R#092(%9-:*+34R#435&3(4R #;&G,*4,4 #;0#
-:*+34UR#6%*%$/54#%9#;EH4;093434#;0#%9#2**%4,1%4#/0D#"#1;E9B$F6;0934#(353092509#1,(/#%*1,420%/5%1#
$20,*2024#&'%1,(,*A?1D
ILP

" # 43($;0934.$3&-/&'3*;03113* # :0093-C&&;0G35 # % # -% # 4;$26%* # -,&*%*1,9@%4?51R # -3*$?4%46% # E*D#

>3$G(%5+4#-%#;0#42A1;E#1%(W,*%4%/4R#T%5#w,&@#-%4%5?*$25'%/4R#E2W(%A9%/4D#b931#$20,*202(%R#;0#%#
43($;0934G35#6;&9344#4%5?*$25',1(%#/0#0,(#13(C*@34D
n%5429/%(%A9,1#%#E3(0E314H62@,9#1%EW0,*X+X%5#1;09C*@34531#E*D#-%0,(R#62(,0(;09*34R#(/4$?0,11%*#
4%&,*4#-3*C*34#09H5E3(0E314H626%*D#"#-304;0934#;0#%#&(%-/1%#1%EW0,*X+2025%1#$3&(%&%+20%D
q24;1#%#(/4$?0,11%*_#(%A9/#&3094?0,1#(/4$?0,0#@%0952*%4%#E*D#-3(+3.6,5%*%920R#E:44':9;0
G$TS/+)U*1/."T+43+0
" # -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # % # 4:(4;53*3$R # $%&'%( # /(,+%*,$R # &3,$34(/%R # ;0 # %#
$F6;0934/#09%142(&'%1#/0$3(343/(3D
GO)S/,+%$)#$0"f",+%$)#$0
t3(0E314/6/1?0 # 4%5?*$25',1R # 3&' # (353092509 # 1,(/ # &(%-/1%/ # $F # $20,*20%R # -3*+,*&,920%g#
E3(0E314H62@,9#1%EW0,*X+X#-%5429/%(%A9,1g#09H5E3(0E314H6%g#(%A9/#&3094?0,1
!",2V)2/83:/"51'3"2'2*#:4&2.
"# +/21,1 # % # E3(0E314/6/1?0 # 4%5?*$25',1 # 1;09H4;0;531 # 43(C*34;5 # 4,62GG*;E531R # 3&'(3 # E,54,0%GG#
$3&-/&'3*;0(3 # ;0 # 1/4%(4XGG # $?512(% # 1;E3031D # " # E3(0E314H62(% # 6,5%41,9X # /0$3(343/134#
-%5429/%(%A9,1G%5#/0#@%095,0H4%5/#4?+A21D#"#$20,*20G%5#3&'(3#E,54,0%GG#$?512(%#1;E3031D
Q252823:/"P-==N":5,+)&$#
" # -3*0B # 4%&,9%4,0 # +/21,15%1 # (2 # 13** # ;G(3+5/C1 # % # $F6;093431 # ;0 # % # 1;9$F6300;& # 1/3&;09H4B#
093(3E;(3D#b92*4%*#$3&;(4@34/1R#@,&'#%9#3094;4/1%/#;(4;131#-/5,$H420%#*3@34B0;&34#43(3$4#%#G3*0B#
;(9;031 # 1/-3A39;0;(3R # ;0 # 4%E%094%*%4%/1 # *309531 # %((X*R # @,&' # W0%1 # % # 1C*:5G:9B # %*%E%5'%&,1#
2462*4,94%42026%*#1;09C*@34531#%#6/*2&G%5#6%*X0#;0#&'%1,(*%4/#1H625%*$%15%1#$3&-3*3*B#1;9$F630#
42(&'%1D#b935#1;4#093$E,54#:0093-F9;03#-,54,0R#$/63*#%#$F6;0934#%*%E%5'%&,1#@%0952*%425#;0#
43W@5/121#&'%1,(*%4/R#$3043(/#3*0%A24H42025#%*%E?*g#%9#3094;4/1%/#:0093436B4#-/&'3*$35#1H6C*#@%&'X#
1;9$F630#42(&'#W0?E25#%#-?51W/,5%*/9$?0#43($;13D
t;*+%1;54#09,*&2*@%4#%#-354#3$*H4344#@2(,$#3*3$#:0093-F9;0;(3#%#-31343.-3@;(#2(5';1,*4#(%A9,*20_#
39#%#-%A4%#$?51%#-C&&#%#E,54,0#$3&-/&'3*;04B*R#6%*%$/54#%#-;5'4#;0#2(5';1,4#/&%9&%4X#4:(6;5'31#
$3&;(4;0;4B*D # "9 # 3*0%A24H4%5+X # 43W@5/121G%5 # 3(B035 # A3*35 # 6%5 # 3&'-%A4%R # 1;9$F630.$3043(/#
A2(4%002&&%*#A3**3$39@34B#3*3$R#$H&#$%&?1#%#@%0952*%5+X#%5'%&,1#1/-3A39;0(3#A?44%4A21#%#-;5'#;0#
%#0:4;40;&#*3*1/#$/5B0;&3/4#;0#%9#%9,1G%5#(3A*B#092$4%*%5#24$353434D#b5531#%9#:0093@%5&,*205%1#
@%($%+/1 # 3*3$3 # % # E,54,0 # $3&-/&'3*;0 # /01,*2920%D # b9 # 1C*:5:035 # -,54,0 # % # 1/3&'350Q*',9,44#
H4;*34@,9%4%*@,9D
"#&,5+,*1,+6%.;(463#*2420#/01,*292025%1#43(C*343#43@24#%#(%A9.&(%-/1%D#"9#%(25',1R#%#4;(G3*/0;&R#%#
-,($21 # 43($;09343 # ,*'%5 # /0$3(343134 # %+ # %9 # ;*34(B*R # %$3*' # 1/63934 # % # $F6;0934 # 43(C*34;(B*R # %#
43($;09344?+,$25',1#;0#%#$,+3(5#1,(/#43W@5/1%#/(25'2G%5#43(3$4#:0093-C&&;03134D
EmB " $540)/78,' " ," :65025" 0,'063C20 " A6/76006590A60=D# " ," -3,:(#)2C,/1 " %(C6/" ," :(,0,/$#" ," :6#606R:6A23"
>$/,3(0)5"C(/)-)8,'"2/A60(#")0"/6-('#)88"/6/#(":6=/<.25D#"646'")//$%)5)0B"noB"$540)/70+/","-3,:(#,"R",4 "
(5#$/, " /6A60<52-6( " 5463('0 " R " , " :,#&/0)*(+5 " 0,'0)3-7,# " #;4;00 " =6/6'A60 " %6-1 " %630 " , " -3,:(#, "
0,'063C286' " :$-/,/0,# " ',-7%2302#86' " 56-90(# " 25 " 6/<#25490(# " , " 3,=4 " 25 " C(4&)/(5 " #&/0M3, " 2360052-("
C(45-,0)3-7,01 " 9-7 " , " noB " $540)/70+/ " , " :65025 " 0$C)88 " A$3.$4A,0=, " , " p,/.$3:R>6.,-+-()8+/ " 636.<"
C(4&)/(5"'6C6/250BF
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
IL]

" # ]D # ;6-,*'%$ # *3&-BGG # W;*A% # % # $F6;09/R # 6%*%$/54 # %9 # ,(&%5/1?0 # ;0 # % # &3,$34(/1?0 # -,($21#

;09*3*;0;531 # /01,*2920%D # "9 # ;(9;13135 # 13(3094C*/ # ;09*3*;0 # -,*'%$%42G%5 # %1%(%4/ # 436;135'0;&#
;G(3+R#%#-/%4%*#24;*/R#@,&'#$3&#%1%(A%#(%&%+5/#%#*24625'4R#;0#%94#E,54,0%5#4C1(:95/#%#(%A9,*20#2*4%*D#
b935 # 13(3094C* # $3&;*@34/ # % # $F6;09/R # 6/9?2*/0 # 5'3*6 # 0%A24,0 # 09;E0;&;4R # ;0 # %9 # %GG%5 # (3A*B#
*3@34B0;&3134D#n3*/0$3(@34/R#@,&'#%#6%*X02&#E,54,0#$3&(%&%+20%#;0#%55%1#@F0;&30#4C1(:9;03#
1,$,*'R#53@;9#$?51%D
"#-31343.-3@;(#4X5?0,0#(%A9,*20#%#-;5'#;0#0:4;40;&#6/09,5'%/5%1#$F6;09/#-3*-,&202(%#1;E30#;(9;134#
-3A*3094/D # b9 # % # -,*'%$%4 # @%4,+/1 # ,0942*'G%5 # 6309/ # 139+34;4R # % # -3*0B # 4%&,9%4G%5 # %9 # ;*341,(/#
0%A24,002&,15%1#$3&-3*3*B35#QAR#;(93*$3113*#43*H4344#A3*354;003*#GH(D
" # +/21,1 # 3&'(3 # /512GG # 1;E3031 # %((%R # @,&' # % # 43W@5/121%4 # ;0 # 0%A24 # $F6;09/ # 4%E%094%*%4%/1%4R#
$F6;09/#-,*'%$%4%/1G%5#3&'3+C*#/0#4?+A21#%*1%*$%95/D#d;E300;#62*5%1#%((%R#@,&'#%9#3*B.629*%4R#
629*%4#;0#3*1;09H4344#(%A9#-,*'%$%424#0%A24#$%&?1#6;&/&6/&';1D
"$355'/G35#%#+/21,1#1/*35W3+/1#;0#4/93+/1#,0942*'G%5#$3&/0$3(@344;1#%#1C*:5G:9B#43W@5/121%4R#
%9,1%4#%9#3&;09#-3*0B#4%&,9%4#/+3A3#%*%44#AX*#@%0952*@%4A21#-3*$3(C*B#$?512/1@,9D
m'$02'23

;i"U'$

I)Y8232/"3O*1/
" # (%A9.&(%-/1% # 4%542(&' # 3*0B # P # ,0942*'25%1 # /0$3(343/R # 1C*:5:0 # 431/543443* # % # 4X5?0,9200%*R#
1,54Q(,9200%*R#E3(0E314/6/1?0#2G(29,*200%*#1%EW0,*%4,0#/0$3(3431(3D
J$431'%&.",2V)2/83:/."S:)+0
dC*:5-;*3R # %G094(%14 # %*%E&'%1,(*%4,1%4 # 6;&9C51 # % # -;5' # ;0 # 0:4;40;& # 1/-3A39B1;E300;&3/531#
4%5?*$25',9202(%R#;0#3993*#%#1;E#1,$E,52*20/#*3@34B0;&3/(3#/(25'H4A?1#%#-/&'3*$34D
[;*R#@,&'#%#+/21,1#1/3&'350Q*',9,44#-3*C*3434#%*1,00%5%1#%#&'%1,(*%4,1#0,(25D
x,*&,9@%45%1# $,9&20/(25',11%*#SE*D #3$3*13+;0M9?@%520UR# %#$,9&200%*# ;0#3**35.$,9&200%*#SE*D#
1/-3*;#0?&2(920MG3-3*;#5',$?*20UR#1,$E,52*20/#$/5B0;&3113*#SE*D#W354(?$ME3(/-;(/%UD
b931#%#&'%1,(*%4,1#3*63934531#%55%1#$3&;(4;0;@39R#@,&'#@,&'%5#A:@34#*;4(3#%#1;E35#@%5&0Q*'#%9#
%*1,4X3*3$31#3*,09*20%#2*4%*#%#-3*09H535D
dC*:5-;*3#-3*09H53134#%*1,45%1_#-,*'%$%4,0R#-/5,$#24$353434#%#-;5'GB*#%#0:4;4G3R#%#6/*2&,0GX*#%#
09C(1;135#24#%#-3134;G3R#6%&'#6/*2&,0R#4/094%#@%42(6,5%*%1%4#;*3135#13(3094C*#S1:(6,5%*%1#5;*1C*UD#
"9 # 3(3+$;5' # % # -;5' # &%9+%& # 0E314(?$%R # 39C04 # 09C(1;1GB* # 0,1 # *;E;035 # 24 # % # 0:4;409C(1;G3D#
x,*&,9@%45%1#6,5%*129200%*R#-3(+3#2(5';1,*200%*#04GD
oA#&(%-/1%/#43W@5/121%4#63934C51#G3_
dC*:5G:9B # %*%E%5'%&,1,5 # 13(3094C* # 093(39@34531 # 4%E%094%*%4,4 # % # E%EH((% # 6%&' # %5'%&(% # 6%*X#
5',$S4%4U20R#SE*D#*/5X.$34093431R#-%$34093431R#1%(W,*%4,1R#(;9$34093431U#1H52*4%#*3@34B0;&31(B*D#"#
6;&*343134#@%5&0Q*',96%#$3&/0$3(/1#%9#3(B43*A30#-309C*40;&34R#%$/#%#$340934#-3134;A3#;0#-3@;(A3#
1:94#;*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#+/21,1#-3*-/&'3*531#%#1C*:5G:9B#$3043(31#S$/54#E;*+2?*#xC(3(R#>3$G(%5+4#;0#f*%13U#2(5';1,*20/#
43W@5/12/(%#&(%-/1%/#$?512/1G%5R#;0#$%&?1#/0#@%0952*5/#139+/1#393134D
"#+/21,1#%*%E634B#4%E%094%*%4,1%4#093(39531#4;(G3*/#6/09,5',1(X*R#0#3931#$3&A3*35H4;0;(3#1;E3031#
@2(,$+/$359/X0#629*%4,1G%5#;0#$,+3**31G35D
n3*%+%4,1R#$3*'31#%#-354/#&'%1,(*%4,1GX*#1:634139@34531_
"9 # %*%E-,($21 # S&:$GR # 1,W1%R # E/(%$/0R # @35&3(R # E,*/;+3(R # E354%&,5R # E354%&,5.+,+31%;+3( # 04GDU#
4%5?*$25',92024#09,*&2*X#&'%1,(*%4,1D
l%E,0#;0#&:(G3#-3*C*3431#3*3$3/4#4%5?*$25',99?1#;0#(%A9,*A?1#$3&#6/*2&,0G%5.0:4;4G35D

ION

a:$:(#3*3$31#2(5';1%/5%1#$3&(%A9,*20%D
89%G%+,5#%*1,00?51#1,$E,9HW/X1%4#4:$:(#3*3$31GB*D
V(&%5/1?0 # ;0 # 1,W1% # %*%1Q # -,($21 # 6%*%$/54 # 1C*:5-;*3 # -;5'@%420,1 # $3&A3*35H4;03 # 42A1;E#
@%5&?*%4,1G%5D
a3($;0934G35 # (%A9,*20 # 1/(25+?*20,1 # %*1%*$26%*D # Z%0952*A21 # -3* # % # 629*%4,1%4 # 1,$E,9HW/X1#
1;09H4;0;(3D
b&'093(F#G3*0B#4;(#$3&A3*35H4;03#3&'34*35#-;5'-,((200%*#;0#%55%1#2(5';1%/6%*R
[035+;*34/#G32**H420,1#,(&%5/1?0#;0#&3,$34(/1?0#-,($211%*D
"9#3$G3(/#1,E,5'%#$3&(%A9,*20%D
b&'093(F#E,(4(;4%5?*$25'R#%9#%(25',1#;0#4X5?0,1#@%5&0Q*',92026%*R#%#(;09*3431#1/+,*&,92025%1#
$3**B9;0;63*D
"9#;EE35#&'%1,(,*4#1/-3A39;0/#$X+#093(092$%/5%1R#43W@5/12/5%1#;0#%*%E%5'%&%/5%1#$3&/0$3(;03#
;0#@%0952*%4%D
d%(W,*%4,1#&'%1,(*20%_#629*%4GX*#1;09#42A1;E#$3409344;g#139+AC1#3*B09:(#6%*%$/*'35#@%5&?*%44%*#;0#
@%*%+A?51#%9#%*%1,1%4#/0#$3&A3*35H4B#42A#-3*;D
>;91%(W,*%4,1#1%(W,*X4F#;0#1%(W5',$X#@%0952*%426%*D
"#1%(W5',$X#-304;1#@%0952*%4%D
G$TS/+)U*1/."T+43+0
"#-B,14%420#43($;09344?+,$25',0#4%542(&'%/R#6%*%$/54#%#$F6;0934/#09%1X(21#/0$3(343/
GO)S/,+%$)#$0"f",+%$)#$0
n;5' # ;0 # 0:4;40;& # 6/09,5'%/5%1 # $3&A3*35H4;03 # 4X5?0,9200%*R # ,(&%5/1?0 # ;0 # &3,$34(/1?0#
4%5?*$25',1R#4;(.#;0#42(&'2G(29,*20,1R#QA#&(%-/1%/#43W@5/121R#629*%41;09H4;0
!",2V)2/83:/"51'3"2'2*#:4&2.
"#-/%4%*,1#%#$3&-/&'3*;0G35#E,54,0%GG%1R#%#*24625'#6/009%%+202G%5#1/4%(4XGG%5#+,*&,95%1R#$/54#
1,(2GG%5D # " # -31343.-3@;( # 4X5?0,920G%5 # 3&'(3 # 5%&',GG # &'%1,(*%44%* # 4?+5%1 # @2(,$+/$359/X0#
(%A9,1%4 # 1;09H435/R # ?&'%5%11,( # % # 0:4;40;&.6/*2&,002& # 6/09,5'%/5%1 # $3&(%&%+20% # 5%&',GG#
A3*354;003* # GH( # 092$?1(%D #"(25';(9;1C1R # 4;(;(9;1C1R # -,($%;(9;1C1 # ;0 # 1,$E,52*20/ # 1;090;&C1#
-3A*B+/1D
73&/0$3(/1#;0#@%0952*A21#%9#QA#43W@5/121%4D
"#$3043(31#$F63/531#;(4B#$20,*202(%#1;E3031D
n%5429/%(%A9,1G%5#-3*#4?+A21#@%0952*5/#%#4%5?*4#/0$3(343134D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# !ND # ,0942*' # % # ]D # ,0942*',0 # &(%-/1%/ # 4%5?*$25',1%4 # -,*'4%4A%R # %9 # /0$3(343134 # 4,62GG # $;*'H4/D #"#
-304;0934G35#/0#%#-/&?(2*/0#2G(29,*20,1#A3*35531#$3&R#0#3931@39#1:4@34B1#%#&(%-/1%/#-3*%+%4,1#/0D
"#]D#,0942*'G%5#G363934344#43W@5/121%4#@%0952*A21#%#+/21,1R#4%E%094%*%4,4#093(39531#%#43W@5/12GX*#
%+X+X#;(93*3$1/-3A39;0#*3@34B0;&3/(B*D
"#-3*@%0952*20#*3@34B0;&3/63*#-,&*%*1,95%1#SE*D#/**?094(2W/X1UD#"9#:51/-3A39;0R#%9#;(93*$/#A3**3&R#%9#
:4*34R#%#1H0;(*3439;0#;0#3993*#E2(@?9%$,0%5#%#6/9?2*/0#%*1%*$%920#43(C*343/#A3*35531#$3&D
m'$02'23

;i"U'$

I)Y8232/"3O*1/

IO!

"#]D#,0942*'#&(%-/1%/#/0$3(343/R#1C*:5:0#431/543443*#%9#QA#43W@5/121(%R#6%*%$/54#%#$20,*20G%5#;0#
4%5?*$25',1#1;09H4;0;G35#093(9344#4%E%094%*%4,1(%D
J$431'%&.",2V)2/83:/."S:)+0
"#4;$21#%*%E634B35#-,*'4%4A21#%#]D#,0942*'G%5#$3&139+344#4%5?*$25',1%4D#a2A1;E31R#W035+;*3431R#
;0 # -%5429/%(%A9,1 # 3&'%(254 # 093(3E3*@34531R # %$3*'31 # % # 1C*:5G:9B # 43W@5/121 # @%0952*%424 # 4309/1#
*3@34B6;D#b&'#4;$24#4:GG-;*3#43W@5/126%*#/0#-3*+,*&,9@%45%1D
"9#%*1%*$%9,44#&(%-/1%#43(C*34;(3#/0#1/*;E@34531R#/**?094(2W/X1#1;09H4;0;63*D#)/**/%$#f*%13#$F6;09343#
/50E/(2*@%4A%#$?512A?1%4D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#/0$3(4#43W@5/121#@%0952*%4%#$20,*20G%5R#4%5?*$25',1R#-%5429/%(%A9,1#1;09H4;0;G35D#b&'#4;$%#
-3*+,*&,920%#4:GG#43W@5/126%*D
G$TS/+)U*1/."T+43+0
"#-B,14%420#4%542(&'%/R#1C*:5:0#431/543443*#%9#3094;4/12(%R6%*%$/54#%#$F6;0934/#09%1X(21#4%542(&'%/D
GO)S/,+%$)#$0"f",+%$)#$0
a2A1;ER#W035+;*34#4%5?*$25',1R#-%5429/%(%A9,1R#%*1%*$%9,44#&(%-/1%/#%*1,420,1
!",2V)2/83:/"51'3"2'2*#:4&2.
" # +/21,1 # 4,62GG$;*'C*531 # % # 4%5?*$25'(%A9,1 # 1;09H4;0G35R # 0 # % # 1C*:5G:9B # &(%-/1%/ # 43W@5/121#
@%0952*%42G%5D#"#&(%-/1%/#%*1,420#%*1%*$%9@%4X#A3**3&;4R#;0#;(93*$31#1/-3A39;0;(3#09,*&2*X#43(C*34;4#
-3+39/1 # -3*D # d%EW0,*X+5%1 # % # -/&?(2*/0 # -304;0934@39R # 1;E3031 # 3&' # 4;$24 # 1C*:5-;*3 # 43W@5/126%*#
-3*+,*&,95/D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # (%A9.&(%-/1% # % # 6/9?2*/0 # $F6;093431 # 3&'/1 # %*%EA%R # %$3*'531 # :0093-,&*%*20% # 39 # %9 # ;6D # "#
1:9;EE,54G%#%9#3$G3(R#3$G3(W0,E,(4,1R#3$G3(/#6/09,5',1R#;0#%9#3$G3(#4%E%094%*4%#4;(;*$;5'31#
13(C*531D#"#E3(0E314/6/1?0#2G(29,*20G%5#$2(# ,44@,5,0%5#$,9,&5%1R #%#*2420#4:(6;5'093(F0;&3/4#
/0$3(/1R#H&'#%#&(%-/1%#0%A24,0R#$,+3(5#1,(/#%*1,42026%*R#%#4;(G3*/#E%(%+,`,5,11%*#/0$3(13+@34531#
$3&D #"# *24625' # $F6;09/ # 24H(2025 # 13(3094C* # % # 43($;0934/ # 4:(6;5'31 # QAR # 3$G3(/ # &,5+,*1,+200%*#
;(43*$39@34B # A3**3&;63* # 4%*2*1,95%1D # b993* # E2(@?9%$,0%5 # % # &(%-/1% # % # -304;0934 # -3*; # 43@34#
*;E;03134R # %$3*'G35 # %9 # %G094(%1W/XR # % # &(%-/1% # <9353/= # A3**3&3 # 62*/1 # @%5&0Q*',002 # % # 4X5?0,1R#
1,54Q(,1R # (/4$?0,1 # ;0 # % # (%A9&3094?0,1 # @%5&0Q*',920% # 2*4%*D # "9 # 24%*%1?*20/ # -,*'%$%4,1#
$3&(%&%+20%#3*63934@34#%#$,9&X1;E#6/*2&2@,9D
k&'%5%11,(#-,54,0R#@,&'#436;135'35#G31%EW0,*X+A%5%1#%*1,420%/1,5#13(3094C*#%9#/01,*%1:9:00;&#
;*34;G3R # ;0 # %9 # %*1%*$%9,44 # &(%-/1% # 43(C*34;(3 # *;EA3531D # b((3 # AX # E;*+% # % # E*%124 # 43(639;03 # ;0#
1/6/43*39;03D#e44#%#+/21,1#%#1/-3A39;0/#*3@34B0;&31#1C*:5G:9B#62*-%A%/6%*#1H0;(*3439@34531R#$H&#09H5.#
;0 # -,($%62*%09420%/1%4 # 3&' # G/9,5',0 # &'%1,(*%4/ # 09C10;& # 09,*&2*%42G% # 2**H4A21D #"94 # %9 # ;(9;1C134#
/01,*29921R # %$3**'3* # (2;(39@34531 # 1;E # ;0 # 09:63& # $3&-3*3*B # 3&'C44$F1:+;0;(3R # 6%*%$/54#
G/9,5',002&&%* # 1/62*%094A21 # % # *3&4%1%(;1,0%GG # ;0 # *3&@%420,0%GG # 3091:9:134D # 73&43(639/1 # ;0#
3*1;09H4/1 # %9 # /01,*% # ;*34;G35 # -,54,0 # 303$;5'31 # E*%124A%/4R # E*D # 09H5+%(%G,1@,9R # C553E31(3R#
G%92(,1(%D
m'$02'23

;i"U'$

IOJ

I)Y8232/"3O*1/
" # !ND # ,0942*' # &(%-/1%/ # /0$3(343/R # 1C*:5:0 # 431/543443* # % # 43W@5/1%/ # /0$3(3431(3R # 6%*%$/54 # %#
-%5429/%(%A9,1(%#;0#%#4%5?*$25',1(%D
J$431'%&.",2V)2/83:/."S:)+0
"#-/%4%*,1#%9#24%*%1?*20/#-,*'%$%4,1(%#43@34/1#%#@%5&0Q*'4R#H&'#%#(%A9,1#53$#3&'#04%4/1?0#2**%E,4,4R#
@%53$#-,*'%$%4,1%4#A3*35H4@34531#$3&D#d%EW0,*X+@%45%1#(%A9-/*$43(63113*#%#$,9&X1;E1?*4Q(2@,9D
a,62GG/ # QA # 43W@5/121%4 # /0$3(@34531 # $3&R # %9 # %*1%*$%9,44 # &(%-/12(% # 13(C* # % # @%5&0Q*'D # b92*4%* # %#
4%5?*4%1%4#;0#-%5429/2A?1%4#E(%14/1?0%5#/0#@%095,0H4%5/#4?+A21D#8,1-%A4%#43W@5/124#%*1%*$%9@%45%1R#
H&'#E;*+2?*#1,**290,1%4R#%#0%G*,55%*#6%*X#5',$4%4204R#%#$,5,4HE/24#;0#%#09H530#*/5X$3409;04R#%9#
,-0934#*/4,&(2-/24#;0#%#03*'3$GB*#1;09C*4#09F(B134R#-;5'3**359B134#04GD#"#092$H4X&;E30#&(%-/1215%1#
09/54;5#A?4@%4#093(3ER#%9#/5-,($%4/1%#X(21#/0$3(343/(3#;EH463D
"#1;993*#1;09H4344#(%A9#093(3E;4#QA#$X+,5#*20021R#E*D#3*B.629*%41;54R#629*%41;54R#4%5?*$25'5%1#6%&'#
%#$F6;09/#1/-3A39;0#-C&&34*35#3091:931;54D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
rEH40C51#-3*#3&'#(%A9,4#1/03GG#3*3$31GB*#,*'%5#2(5';1,*20/#43W@5/124#%*1%*$%96%R#%$3*'#*3@34B6;#
4309/#3&'#*%00Q#-3A*B+;0/#-,*'%$%4#$3&-/&'3*;0;4D#7%A+#3&'$20(%#634H4344#-3*C*3431GB*#;EC*A:5#-3*#%#
(%A9g#@%0952*A?1#%#1(;4%#09;*303GG/1#,*+%*24D
Z%0952*A?51#-31343#1(;424#6%&'#093534D
T;&3993531#&'%1,(*%4,1%4#*/5X.$3409;0G35_#%#43(639344#1;E#;0#%#@%0952*4#3091:9:1#1%EW0,*%4%#
S%5'%&,1#;0#53$#$%43(/2*/0#3091:9:1R#$/54#E;*+2?*#%#(/4$?0R#1,54(%094#;0#%(25',1UD
dC*:5G:9B # 04H*?0/(25'9%4,1 # ;0 # %9,1 # -BGG # $3043(3/531 # $3&/0$3(;03g # E;*+21 # 1C*:5:01;EE35 # %#
$,+3(51,(#$F6;0934;GB*D#e0$3(A;1#$3&#%#4;(G3*/#E%(%+,`,5,1%4#$3&A3*35H4B#%*1,420,1%4D#SE*D#7D[D#
b0W@3(U
e0$3(A;1#$3&#%#&(%-/1?0#5',$4%420#3(3+34;4#;0#-3A*B+;0;4R#$/54#%#(3E(,+?1W/X#3091:9;4R#;0#$/54#
$F6;09/#3091:94D
Z%0952*A?51 # 092$H4X&;E30 # &(%-/124 # 09H5+%(%G,1R # 09H5@29%1 # E(,&(%$A%/5%1 # /0$3(434;0;(3R # +/21#
QA02&,1#6%&'#;630#$?5121#43(639343/531#1;09H4;0;(3D
t*%124,1R#1:5'6G,(H4X1R#(%A9-/*$31#43(639;03D
G$TS/+)U*1/."T+43+0
"# -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # %9 # /(,+%*,$R # % # 4:(4;53*3$R # %9 # 3094;4/1% # /0$3(343/(3R#
6%*%$/54#%9#/5-,($%4/1%R#$,9&X1;E#1?*4Q(%#;0#%#$F6;0934/#09%142(&'%1#/0$3(343/(3D
GO)S/,+%$)#$0"f",+%$)#$0
4;(G3*/ # E%(%+,`,5,1R # <9353/0;&= # % # &(%-/12G%5R # %*1%*$%9,44 # &(%-/1%R # 092$H4X&;E30 # &(%-/1%R#
$34%$,(-X9/0#;0#$,9&X1;E
!",2V)2/83:/"51'3"2'2*#:4&2.
"#-/%4%*,1#%#(%A9.&(%-/1%#4%542(&'#/0$3(343/531#:0093&9;031;54#$/5+#%#$F6;09/#$/5+#%9#%*1%*$%9,44#
&(%-/1% # 43(C*34;5 # 1/E(XG2*A21 # 4?+20?1%4D # "*1,4X # $?512A?11%* # % # 1:9:00;& # /&;5'3/4 # 1;E3031#
1/09,*&2*5/D # a,62GG/ # QA # 43W@5/121%4 # /0$3(531R # % # 1;9$F630 # 3*3$ # ;0 # % # 43W@5/1%/ # 4?+20#
4%*2*1,94%4202(%#1;E3031D
p4*24A21#%#&(%-/12G%5#(3A*B#4%(4%*$/#;0#43W@5/1%/#*3@34B0;&3134D

IOI

!%&$%+81/"["/8+Z'1/8$3
Q252823:/"i-MN":5,+)&$#
"9 # %&'%&,920R # %$3*' # % # 09,G(209%4 # %&'%& # @%0952*%42@,9 # 1%EW0,*4 # 43(C*343R # % # 6/9?2*/0 # 5363*;0#
-,54,0 # (;093D #E!4 " ,-7,-$4)5R54$83)54,0 " , " #24%KC6552-A64 " 54$3$5,' " 0,30$4+ " 0,'0)3-71 " 9-7 " ,4"
(5#$/)# " /6A60<52-6(# " 5463('0 " =6/6'90A60(# " %6- " , " #24%KC6552- " %6//600B "!" #24%KC6552-0</ " 6/023< "
=6//6-6"('#)88","#;42>(5#$/)8,'".$%8$3$.(#"#(1"25","54$83)54,01"%('0";')//+"%KC25460(")-"=6/6'(# "
%6-","%,-,"5,=)0$55)-,(C,/B"J4230","54,8,.$'"C)/,540A,0+"0,'0)3-7,#"#;42"0,30$4(#"qBRrB"25"mBRnsB"
$540)/78,'BF#Y,@%#%#42(&'1;09H4;0R#%#13(2$/2920#/0#$3&A3*35/1#3GG35#%#4%542(&'G%5R#$;&/0#/512GG#
%9#%#W;*A%R#@,&'#%#6/*2&#-,($%1;E9B#3(B/63*#%55%1#1,51(;4#;0#%G094(%14#$3&(%&%+@%4X02&2G%5#
4%*2*1,94%00%#%#&'3($3134D#Y3$#%#@%0952*%4/#A3**3&R#@%53$#%9#;*34G35#1/%*%1?*XR#*;439B#;0#3*@%*X#
-,($%6/*2& # $3&/0$3(;03 # %9 # 3*0B+*3&30D #"9 # 20625',1R # 5:6;5'31R # 2**%4,1 # ;0 # %9 # 3$G3(/ # -,($21#
6/*2&%#%9#;*341,(/#0%A24,002&,15%1#$3&-3*3*B#$;(4;1G35#;0#A3**3&&3*#13(C*#3*B4;(G3D#"9#,(&%5/1?0#
;0#%#&3,$34(/1?0#-,($21#6/*2&%#3&'%(254#A3*35#6%5R#%@,&'#%#1,51(;4#;0#%G094(%14#-,($%%*1,420#/0D
"9 # 3*0B # @2(,$ # ,0942*'G%5R # %$/1,( # %9 # ,0942*'4%5H4X # %94 # $3&-3*3*B531 # *24A%R # 35&3+/R # @,&' # %#
&'3($3131 # $;@6/%09GX* # -,($299%5%1D # b9 # % # &'3($3113931 # $3*3&;4B* # *2&'?*X # %5'%& # 1/62*X#
G363934;04 # G/94,0H4 # % # -,($2920 # 6/*2&2G%D # " # 1/*35W3+/1 # ;*34;6C14B* # 139+B+B35 # % # -,($%(%A9#
-C&&34*35C* # /0 # *;439B # 1/3&;09H4BA;6; # 62*@%4 # % # -,($2920D # " # 53&'3+/1 # ,0942*'G%5 # % # &'3($3131#
$3&/0$3(13+531#%9#%&'%&#@%0952*%426%*D#b94#%9#QA#436;135'0;&34#;(+3$30#%9#2**%44%5.X(21@,9#
1%EW0,*X+X%5#G3639345/R#2**%4-,($21%4#1;09H4@34531#&:$GGB*#1//5+?*6%D#t*D_#%*6X#$%W0124R#E/@35B#
09%(6%04R # -316B # 43@3534 # 04GD # b931G35 # % # 139+34/ # /+B1G35 # 3*0%A24H4A21 # % # 435';((3* # -,($2920#
43W@5/12A24#;0#$3&/0$3(13+531#%9#%*%E-,($21#S&:$GR#E/(%$/0R#1,W1%U#1/%*%1H42026%*D
"#-,($2920#%#13931#1:94/#A24;1GX*#-3A*B+/1#1/R#$3*'31#3&'C44#3&'#G3*0B#43(34#%*1,45%1D#Y',$20#;0#
3**355',$20 # %*%1H4A21 # % # -3*09H5 # -,($2/4D #"# -,($2920 # $;*'0;&34 # %+@%4 # % # -,($%(%A95%1 # ;0 # $20R#
-B,14%420.G;*/#4%542(&'5%1R#$3*'314B*#/50E/(2W/X4#1:*W0:5:9D
n,($29201,( # % # -3A*B+B # &'3($31 # 43($;0934;G35 # %14H6 # -,($2*X.3(B113* # +,*&,9?51D # " # -,($2920#
-,*'%$%42G%5#%#-,($%.R#$,9&20.#;0#%#4%E/54X;(9;1#62*/1#1C*:5:035#436;1355';D#"#$?512(%#6%*X#
(25;9;01,(R # 4:(4;5A35 # 39 # %12( # %55%1 # -,*'%$%42G%5R # %12( # % # -3*%+%4 # G3-3A39;031,(R # % # &'3($31#
|*24X.1;E300;&3/=#%14/62*X+5%1#1C*:5:035#3(B43*A30#$X+,5D
" # &'3($3131 # $3&4%5?*A21 # @%0952*5/ # % # -,($% # *3H(202(% # %*1%*$%0 # 09X1/5W034D # " # 09XG3*/#
1/-3A39B1;E300;&#&%9+%&H420%#;0#-3A*3094;03#09/54;5#%9#%&'%&,920#-3*%+%425%1D
"#$3&-,($2*4#+,*,&#42(&'/*%&,0#*3H(20%#2*4%*#%#&'3($3131531#3*#13**#426,*,+5/?1#0%A24#$?512A?14X*R#
4%*25#$;&#%#1:634139B#X(2/&#/0#62(5/?1#13**D#"#-,($24#$3&H4;*5/#1;E30#;(9;1C134#5%&'#&,5++%*#13**#
/01,*295?51 # E,54,0 # $3&-/&'3*;031 # ;0 # *3H(20,1 # 2*4%*R # $3*'31 # %((% # G24,(H4A21 # B134R # @,&'#
|G3*3GQAA%5%1=#%#-,($2G%#;0#*3H(A21R#$/#|4:(4;5/1=D#f309;*&34;03134#-,*'4%4@%4?51#%#&'3($313113*#
$2(#%#-,($2920#X(21#139+34/#09%1%092G%5#/0R#%9#;*341,(?15%1#$3&-3*3*B#43($/5,*X&/24#@%0952*6%R#
$/1,(#%#&'3($3131#3*3&35+B#4%E%094%*%4,4#093(39431#$2(#%#-,($%#-B#3*3$3/(B*D#dC*:5:035#-,54,0R#
@,&'#4?+%42G%5#*3&'3531#%#-,($21#;0#1:(5'3934C1#1%EW0,*%425%1R#6%*%$/54#%55%1R#@,&'#1C*:5-;*3#
-,($21#@,&'%5#-3*3*531#$3&#3&'$205%1D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#:4:+/1#,0942*'G%5#%9#2**%4R#5:6;5'#;0#3$G3(#-,($%6/*2&%#A3*35/1#$3&R#1%EW0,*X+X%5#%#-B,14%420#
4;$2/@,9 # E*D # 2**%4. # ;0 # 5:6;5'4%5D # " # 1;9G35 # -,($29,44 # 2**%4,1 # S$%+2(R # 1?4'%R # $X1?0 # 04GDU#
$3&A3*35@34531 # 1:(5'3934C1G35R # ;0 # 42(0%/11%* # 3&'C44R # 1%EW0,*X+@%45%1 # % # 5:6;5'6/*2&@,9 # ;0#
3$G3(/#%*%1,1@,9D#"9#3$G3(/#%*%1,4#$3&A3*35H4B#-,($2152*#139+34G35#4:(313+AC51#%9#3&'0;&(3R#%#
-,($% # %9 # %(25',1 # /(25'2G%5 # *3&'35 # @%42(,9,44%GGR # 53 # (;09*343/G35D # " # *2G%1%4 # ;0 # 1%(,1%4#
IOh

1/+,*&,9%4*%5?*#@%&'%4A?1#SE*D#1:E:5'3&G3#W0%6%(6%R#G:*W0BG35#-3163UR#H&'#%9#%*1,420#:(:$;4#%#
04%4/1%/#E(,G*;$21#53$#6309;*'39434/1D#"@,&'#%#&'3($3131#C&'303+531R#$,9+?*%4,1%4#/0#3&'(3#
/512GG # $3&A3*35H4@34531D # t*D # % # 1%(,1 # 3*$,9+?*@%45%1 # % # 43044B*R # ;0 # % # *2G%1 # /0 # -3*63@34531 # 3&'#
G/9,5',0#EX94D
"#&:(:&#4:(4;53*3$$3*#-,&*%*1,9X#3E,W@%#1%EW025#G363934@34AC1#%#42(&'1;09H4;04R#%#13(2$/29204#
/0D#t*D#&:(:&#/6X13@3*'D#bGG35#%9#;6G35#1;09C*@34531#%9#3*0B#+,$G,($F631#%#&:(:&#$F6;0934@39R#
%#-,($%(%A9@,9R#6%&'#%12(#%9#C553E31@39#1%EW0,*X+X%5#E*D#89354#72(4,5D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"9 # 3*0B # 5;&' # ;6 # -,($2920/ # 4%E%094%*%4%/R # 1C*:5:0 # 431/543443* # % # &:$G # ;0 # % # E/(%$/0#
%*%E4%E%094%*%42(%D
J$431'%&.",2V)2/83:/."S:)+0
" # &'3($3131 # %9 # %&'%&,920 # 43W@5/12A25%1 # 3&'(3 # @%42(,9,44%GG # /0$3(34;(3 # 4309531 # 093(4D#
73&4%5?*A21#@%0952*5/#%9#%&'%&,4#1;9G3#63@34B#$355'/0;&GB*#%*%1,1#-,($29202(%D#f363934;04#
1%E5%1#%#42(&'1;09H4;0G3#;0#+,$G,($F.1;09H4;0G3D#"#-,($21#*3H(202(%#09,*&2*X#09X1/5W0C1#GB6C*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#5:6;5'4%5#3E,W@2G%5R#&:$G.#6%&'#4,A20.-,($2GX*#1//5+?*6%R#1;09H4C51#(C&'3134R#&'C$:*W0:134#
;0#$20#5:6;5'-,($21%4D#b931#53$#13**R#@,&'#5%4?(%*/094/1?0#-,($24#:*403531R#%#-,54,0#%9R#@,&'#%#
&'3($3131 # $3&;(399;1 # % # 5:6313+;04 # ;0 # % # -,($%1;E9B # 3(B134R # %$3*'31 # %*%1H4A21 # % # -,($24*%5#
%5'%&,4D
d;09H4C51
.#3$G3(/#-,($21%4R#2**XR#$%A+#C*B#%*%1,1%4R
.#42(&'%1%4#%&'%&GX*#E*D#/6X13@3*'R
.#+,$G,($F63134#E*D#-,($%(%A9@,9#1%EW0,*X+X%5
G$TS/+)U*1/."T+43+0
"#-B,14%420#3E,W@2/R#1C*:5:0#431/543443*#%#5:6;5'4%5R#4:(4;53*3$#/0$3(343/(3R#6%*%$/4#1%EW0,*X+20#
%9#C553E31@39
GO)S/,+%$)#$0"f",+%$)#$0
d;9G35#%*%1H4,44#2**%4-,($21#1:(5'393443*R#5:6;5'-,($21#&:$GGB*R#4,A20GX*#1//5+?*6%g#3$G3(%*%1,1g#
42(&'%*1,420g#+,$G,($F.1;09H4;0g#-,($21#*3H(20%
!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($3131 # % # 5:6;5'4%5.1,(09%1@,9 # 1%EW0,*X+X%5 # &:$GGB* # 6%&' # 4,A20%*%1GX* # 1//5+?*6%#
5:6;5'-,($21%4#-,($295%1R#392*4%*#4%E%094%*%4,4#093(39531#%#-,($%1;E9;0#-,*'%$%4%/(X*D
73&4%5?*A21#%9#3$G3(/#%*%1#-,($292024#S%9#%*%11%*#$;&#3&'0;&1;54#+,*&,96%UD
d:9:035#(25;9531#%#1;09C*4#$?5121(%#;0#G3431/54;04#5'3(531#%#-,($21#0,1-;*30;&;G3D
73&4%5?*A21#$3&-,&%*$%95/#4%E%094%*%4%/1%4#;0#3&'$204#$3&@%**&%45/D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
Z%4,+/1#,0942*'G%5#%#!JD#;*34;6C1G3#*;E531#%#&'3($3131D#b94#%#E(3.E?G3(420#1,(4#%#<-:*+/.;(3440;&=#
IOL

1,(25%1#/0#536399C1D#b9;(4#35531#%9#;*341,(5%1#%9#;*344%5/#;0#*3*1/#6,5%41,920%/4#;0#62*4,920%/4#
$/5+35#4%542(&'R#H&'#%#09,G(209%4#/0#3(B43*A3035#-/&'3*3$G3#6309/D#"9#:4:+/1#;6-,*'%$#@%($,5/1?0R#
%#1:(5'393434R#%9#3$G3(/#%(25',1%4R#%9#24%*%1?*20/#-,*'%$%4,1%4R#%#-,($21#;*B@:9#4%(4,9X#A3**3&;4#
@%5&0Q*',94%D#"#@%4,+/1#,0942*'G%5#%#-,($21#%9#20625',1,5#13(3094C*#A3*35531#$3&R#%#04%4/1%R#%#
-,($21#09/*2(+#A3**3$9B/R#@%42(6,5%*%/#-,54,0%1R#<%#1;4#*2GG%*#%#-:*+:5=#A3**3&#62*/1#@%5&0Q*',002D#
a,62GG2#%9#3(B#1/-3A39B+;03#%9#2**%46/*2&G%5#;0#%9#3$G3(31#2*4%*R#,*'%5#4;$%R#%$3*'#1:93*#2**#
3@@39 # % # 1,(,0942*'@,9D # " # (X$%/ # ;EH4;0934G35 # $3&A3*35B # H631 # S+/%+%*H6R # 6H963934;1U # 1/62*X#
*3@34B0;&34 # %+5%1 # % # 04%4/1%/ # E(,G*;$21 # G363934;0;(3D # "9 # %&'%& # $355'/0;&;G35 # /0 # 5%&',4#
*;E@34C51R#%@,&'#%#&'3($3131#3(B43*A303GG311;#62*5%1_#$2(#53$#W0%1#1;9GB*R#@%53$#09,G(209#
%094%* # ;0 # 09,G(209 # 1;031R # 3091:9:1 # @%0952*%426%* # /0 # +,*&,95%1D # f363934@34AC1 # % # 134430;63*R#
W0,E,(4G%5R #6%&'# %12(# %9# 3&;09# ,0942*'# G36,52026%*# 1;09C*B# 1:9:0# %*1,420,1%4 # E*D# 6H963934;1#
;EH4;03D#"9#%&'%&,9204#%9#:4:+/1#,0942*'G%5#%#42(&'%*1,420#/(25'2G%#GB6H4344C1R#$,04#%9#;EH4;0934#
-3*;#$?4%4@%4?51#/(25'4D#"#1:9:0#$?51%#0,(25#%9#/(25'H420R#%#09,*&2*%4R#%#A?4%*,$R#%9#/&%902&,002&R#
%#09%G2*'R#%#4:(6;5'#4;$2/4#;*@34/1#$3&R#%$3*'#%#(X$%/#A,&&%*#1%EW0,*%4,0#4:(4;53*$/#/0$3(343/1@39#
/0#1:4@34BD
b93135 # % # $?5121,5 # 13(3094C* # % # &'3($3131 # $3&4%5?*A21 # % # 4:GG # %*1%*,$$%* # 1;09C*B # $?5121#
43W@5/1%/#$3&6%*X0H4@%4X02&24R#%9#%&'%&#092(%+200%*#1%EW0,*%4,0#A3**3$9B/4D
"9#3$G3(%*%1,11%*#6%*X#$?51%#/0#4,62GG6/@34B#%#W0,E,(4,1#-3*;R#/**3463#%9#3$G3(#;0#2**%4#3&'C4430#
$3&A3*35H4;03#-3*;D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
%9 # :4:+/1 # ,0942*' # %&'%&,920 # X(2/5%1 # /0$3(343/R # 1C*:5:0 # 431/543443* # % # -,($%1;E9;0 # -,*'%$%4/(X*#
093(9344#4%E%094%*%4,1(%D
J$431'%&.",2V)2/83:/."S:)+0
"#4:$3&R#%#@%42(6,5%*%1R#;0#%#04%4/1%#E(,G*;$2/6%*R#%9#3(B#4;$2A26%*R#;0#%#1:9:00;&G35#+,*&,920#
303$;5'3/63*#4%*2*1,95%1#3GG35#%9#;6G35#%#&'3($3131#%9#%&'%&,920#0,(25D#[;*R#@,&'#$2(#%#
4:GG#%*1%*,$$%*#1;09C*B#$?5121,5#/0#1;E3031#*3&'3531#+,*&,95/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# -:*+(%A9.3E,W@2@,9 # 1%EW0,*X+6% # -,($2*A?1 # $3& # % # 1C*:5G:9B # @3&'0;&1;E9B # 1B93431 # %*%1A%/4_#
&(25/4,4R#@,$,11:634#;0#;*30#@%42(6,5%*%11%*#GH(X#-,($21%4R#$3*'31#%#1(/042*',1(%#3$*;139434531D#
n,($29@%4?51#G%(*%5&,4#/0#;0#6H930;04#09/1*211%*D
"9#%*%1,11%*#6%*X#$?51%#4,62GG$3@34#%#W0,E,(4,1#-3*;_#%5'%#;0#&'3($31R#&%9+%#;0#*XR#G/(1X9X1#
04GD#"9#%(W,1R#13931R#*2G%1#;0#%#(?@29%4#(;09*343/4#%#*3@34B#*3&136;0G;#+,*&,99?1#1/D
"9#2**%4,1#-,($29202G%5#5%&',GGR#3(B4#1/-3A39B#2**%4,1_#G/1%R#,(,09*25R#0%0#
>X$%/#6H963934;1#6%&'#+/%+%*H6#1;09H4;03#5%&'#W0,E,(4G%5
G$TS/+)U*1/."T+43+0
nB,14%420/ # 3E,W@2/R # 1C*:5:0 # 431/543443* # % # 43($;09344?+,$25',0 # 09%142(&'%1(%R # 6%*%$/54 # %#
4:(4;53*3$(3D
GO)S/,+%$)#$0"f",+%$)#$0
p0625',1#0%A24,002&%/g#5%&',GG#2**%4,1g#3$G3(W0,E,(4,1g#2**%4.3$G3(#1%EW0,*X+20,1g#;EH4;0934/#
H631g#3&';5/#;0#1:9:0#$?51%

IOO

!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131#%#-:*+(%A9#4%542(&'@,9#1%EW0,*X+X%5#1:631R#@3&'0;&31#-,($2*2024#0%A24H4A21#3*D
a,62GG$;*'H463 # %9# 3$G3(/# %*%1 # $3&-,($2*202G%5 # 093(9344 # /0$3(343/134 # W0,E,(4,1%4R # ;0# %*%1,1R#
6%*%$/54#3$G3(#;0#2**%4#1:9:44/#1%EW0,*%4,1%4#-,($295%1#$3&D
Y%&',GG#2**%4,1%4#4?+5%1#$3&-,($295/R#09,G(209#%094%*#;0#3091:9:1#@%0952*%426%*
d:9:035#4?+5%1#+,*&,95/#3&'#(X$%/#;EH4;0934/#%*1,4204#$,+3**39B#$F6:5D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@343+/1#,0942*'G%5#%#E,*%(/420#A3*35/1#$3&#%#-3*%+%462*%09420,1#43(C*34;5D#b&'(;094#3(B43*A303GG#
@%5&0Q*'4#1%E#%#&3,$34(/%R#$20(;094#%#-%5429/%R#%#A24;1,002&D#"#&'3($3131#3&';5/#$3&1:93*H4;03R#
H9*;03#/0#@%5&0Q*'4#1%E#%99%*R#@,&'#3&'#%+,44#4;$2@,9#$%&?1#1:93*3+@34531D#b93113*#03&H4@34AC1#
%9,15%1#%9#;*341,(/#0%A24,002&,15%1#%#$3&;*;0;4R#%$/#3GG35#%9#/+B09%1G%5#A3**3$9BD#"#@%4,+/1#
,0942*' # ?425 # % # 1%$%091,( # -3*; # @%*%+6% # % # 09%G2*',1R # % # 4:(6;5'31R # % # @%42(,1 # 1;(+;03 # $;&#
@%42(,9,44%GG # -,($2G%5 # A3*35/1 # $3&D # k&'%5%11,( # % # 093$;*'/0;&R # %9 # 3&';5/ # 62*%09420R # %#
-3*-3+39;0R#%#1H0;(*3439;0#/0#G3*0B#/&;5'D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
OD # ,0942*' # %&'%&,920 # /0$3(343/R # 1C*:5:0 # 431/543443* # % # W0,E,(4,1 # $3&-,($29202(%R # 6%*%$/54 # %9#
;EH4;0934/#%*1,420,1%4#$,+3**39B#$F631(3
J$431'%&.",2V)2/83:/."S:)+0
"9#:4#E*%4X5/#4304#4%5?*$25'24#3*B1;09H4BR#%#&3,$34(/2@,9#1:4B+B#430431#-,($292026%*#S434(%;+3(R#
,14%;+3(U#%#09%G2*',002&#;0#09%G2*'4%*%502&R#09/$$34(/%R#%09/$$34(/%#4;$2A24#63934@34AC1#G3#%#
09,G(209%4G%D#b94#%#4;$24#6/@34/1#4,62GG#A24;1,0#-,($2G%5#3&'#&,*'XE2*'%#$3&;EH4;03#2*4%*D#b9#%#
1,(2GG/#;6@39#@%0,5*X%5#1;4.@2(,$#&'3($31#3&'C44$F1:+;0;63*#/0R#5%&',GG#$;(34G35#;0#13**B#
G,5',*?*402&&%* # 1;09C*@34D # n,54,0R # @,&' # $F1:+A:5R # ;0# 4%E%094%*%4,4 # 093(3993531 # %# *3A4;0 # ;0 # %#
&,*'X # $,9&2025%1 # :0093-C&&;0;(B*D # "9 # 3*1;09C*4 # &,*'XE2*'21%4 # % # W0,E,(4,1 # $%&?1 # %*1,44%#
09%G2*',1#093(/54#3&'$200%*#/0#A24096%#@%0952*@%4A21D
"9#2**%4#4;$%#3GG35#%9#;6G35#Q&'#A3*35/1#$3&R#@,&'#%#&'3($31#3&'#$%&%#2*4%*#62*%094,44#2**%4,4#
-,($29@%4#$3&D
"9#3$G3(/#%*%152*#%#$,9+?*%4#;0#%#&3094?0#:0093-C&&;03/#62*@%45%1#@%5&0Q*',002D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # 1/634H4;0@39 # SE(,A31W/XUR # %9 # 2(5';1 # 4%5?*$25',9202@,9 # 6%&' # % # &3,$34(/2@,9 # 1%EW0,*X+6%#
1;09H4@34C51#4:$:(#-,($21%4R#E*D_#4:*W0;(4R#1,W124#6%&'#5',*W.#;0#4/9351;4#,*+%*Q#-,($24D#"9#?4XGG/4#
Q&'#1%E@%4A?1R#@%#&:$GGB*#1//5+?*6%#%#435'3(3113*
+,*&,9?51D
"#&:$GGB*#6%&'#$20#&3,$34(/%/#-,($2GX*#-,($%.62*4,920,1#-,*'%$%424#A3*35H4@34AC1#$3&D
"9#%*%1,11%*#+,*&,96%#A2(A?1#G3#%#&3094?0#;0#%#$,9&20#6/*2&24_#139+AC1#-,(+?*XR#3*.#6%&'#*3@%A,*XR#
$?4%4X#6%&'#6%*%$/;(4#5'Q*X#%*%1,11%*D#"9#%(W1/-3A39;03134#@%&'A?1#1/+,*&,9%4*%5?*D
7F1:+B1;E30#&,*'XE2*'%#1;09H4;03R#1:9(3$F1:+63#42(0%11%*D
89%G%+,5#62*%094,44#2**%4#%(25',0#$3&-,($2920%#09,G(209#%094%*,5D
7F6;09344:(4;534/ # /0$3(3431@39 # 1%EW0,*X+X%5 # 1;09H4@34531 # +,$G,($F634 # $20,*%4 # %*%EA25R#
%$3*'G35#$3&A3*35/1#%#E3(0E314H6%D
IOK

G$TS/+)U*1/."T+43+0
nB,14%420/ # 3E,W@2/R # 1C*:5:0 # 431/543443* # %9 # /(,+%*,$ # ;0 # % # 4:(4;53*3$R # 6%*%$/54 # % # $F6;0934/#
09%142(&'%1#/0$3(343/(3D
GO)S/,+%$)#$0"f",+%$)#$0
&3,$34(/%/ # -,($21g # $34%$,(-X9/0 # &'%1,(*%4,1g # 3$G3(/ # %*%1R # $,9&20 # ;0 # &3094?0g # &,*'XE2*'%g#
62*%094,44#2**%4#$3&-,($2920%
!",2V)2/83:/"51'3"2'2*#:4&2.
"# &'3($3131 # $3&4%5?*5%1 # &:$GGB* # &3,$34(/%/ # -,($21%4 # S1,W1%R # 5',*W. # 4/9351;4 # ,*+%*Q # -,($%U#
435';((3*#1/%*%1H4%5/D
w:$GGB*#6%&'#&3,$34(/%/#-,($2GX*#$,9&20.24%*%1H420,1%4#6;&39531D
"9#%*%1,1#$3&-,($2*202G%5#%#&3094?0#;(9;13*434;0;4#$3&#4?+A21#-,($295/D
Z%0952*@%4X#A24;1,4#%*1,45%1#%&'%&GX*D
"9#2**%4,1#4304%(25'%/4#$3&#4?+A21#(%&%+5/D
x,$G,($FG35#$3&A3*35H4/1#%#E3(0E314/6/1?0#43(34D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#5',*W%+/1#,0942*'G%5#@2(,$#-B#4;$26%*#1:634AC1#%9#;*341,(/#62*4,920,1%4D#"#&3,$34(/1?0#-,($21#
%9#:4#E*%4X5/#4304#E,54,0R#4:$:(#-,($%1;54#6%*X#$3&$/5429202G%5#13(C*531#QA#09/5435#3*BD
b993*#E2(@?9%$,0%5#%#$/5B0;&31#-3*;#43@34C51#*;E;03134#%9#B03*3$31#-3*+,*&,92026%*D#b@@39#
1%EW0,*X+X%5#3*139+@34AC1#%#43$E3(%$354?$,1%4#4%5?*$25',95/D
a%5?*$25',1%4#1;09H4@34C51#%#-:*+/#092(%902&(X*#S$3*%51,*/1?0UR#4C930#*25&,1(X*#S1,*3(/1?0UR#6/930#
03*'$300;&(B* # S-*3&$%4/1?0UR # ;0 # *;&/30 # 3*E2(,*&20(X* # S09%5&6/5/1?0UD # " # $?5121 # 1;09C*@34531#
%G094(%14#;0#-/&?(%4H6#-,($2G%5#/0D
" # @%($%+/1 # -,54,0 # 4;$% # % # 09H5@29/ # $?512@,9 # 1%EW0,*X+@%4g # %9 # 3$G3(/ # %*%1,1 # +(%$%4/1?0#
&3094?0,1%4#;0#6/09,5',1%4#-3A3993531#1/D
"9#2**%4#4;$%#%#+,$G,($FG35#A3*35@34#$3&#E*D#*X
" # @%0952*%4/ # 42(&' # /0 # $3&A3*35@34 # 3GG35 # %9 # ;6G35R # %$3*'35 # 13(3094C* # % # G3*0B # 4;(.1C*0B # -%*#
$3&%*1,42024R # % # 1;4 # 1;9 # 1:9:44 # 1/%*%1H4,44 # -,($21 # *;4(3@,92024 # 63934AC1 # G3D # t*D # 5%&',GG # 629%#
-3*;EH4;03
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"#KD#,0942*'#%&'%&,920#X(2/5%1#/0$3(343/R#1C*:5:0#431/543443*#%#&3,$34(/1?0#-,($211%*R#%(25',11%*#
;0#E3(0E314H626%*#1%EW0,*%4,0#/0$3(3431(3D
J$431'%&.",2V)2/83:/."S:)+0
"9 # :4 # E*%4X5/ # 4304 # -,($292025 # 13(3094C* # %9 # X1,(/ # &3,$34(/1?0 # S-/*,9X-/%/U # &,5+,*1,+20 # &*,G2*/0#
093$*;*34;63*R#%9#B03*3$3113*#;0#43$E3(%$354?$,11%*#6%*X#:0093-C&&;03/G35#4%*2*1,9@%45%1#%#
&'3(3131D#73&A3*35/1#%#1,51(;4#;0#%9#%G094(%14#-,($2920R#%$3*'#3&'#QA#&,5+,*1,+20$X+,4R#%9#
3++/&/#4%E%094%*%4,1#:0093&9;0;4#A3*354/D#oA#$X+,5#139+3531#%9#%&'%&&%*#G255/R#%@,&'#C(3&30#
-,($21#$3&%*1,420%#-3*;#4309531#*;E;03134#%#4:$:(#-,($21#%*1,420%#?425D#"#G3*0B#;0#1C*0B#4;((3*#
6%*X#3&'C4430#$?51%#G363934;03#%#-3*0B#4%&,9%4G%5#-,*'X#09,G(209%4/#$?5125%1D#Y,@%#3931#$;&#
@%0952*%4/ # 42(&'%*1,420@,9 # 1:4:44 # -3*%+%4,1R # $;&/0 # $3&;*@34B6; # 4309/1 # %9,1%4 # % # *3*1/ # ;0 # 4304/#
IOP

62*4,920,1%4R # %$3*'3134 # $3&;*531D # "9 # ;(93*$31 # 3(B43*A30 # 1/-3A39;03 # %9 # 3$G3(/ # %*%1,1#

-,($29202G%5#09/54;5#3&'#QA#$/5B0;&34#@,9D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
4#E*%4,5/1?0#4304
s03*3$31R#43$E3(%$354?$,1
+,$G,($F#*X6%*R
@%0952*%4/#42(&'#E*D#5%&',GG#629%#-3*;EH4;03
+(%$%4/1?0#&3094?0,1#4%5?*$25',920%_#&'3($3134#6;+B#-3*5B44R#425W,*XR#%*6X#3$G3(R#093(3*$3031#
:*3*13963R #;0#$20R #3&;09#4304G35#1/-3A39B+B#&3094?0,1R#$3*'3134#$3&#13**#A3*35H435/C1R #$/3*B44#
$3&-,($29521#B134D
G$TS/+)U*1/."T+43+0
nB,14%420#3E,W@2/R#1C*:5:0#431/543443*#%#43($;09344?+,$25',0#4%542(&'%1(%R#6%*%$/54#%#$F6;0934/#
09%1X(21#;0#%9#,0942*'.09H5+%(%G
GO)S/,+%$)#$0"f",+%$)#$0
09%G2*',0R # E*%4X5/ # 430431 # $3&-,($2920%g # % # 5;&' # B03*3$ # SSn:*+R # 6H9R # 4F9R # *363&BU # 1C*:5G:9B#
$/5B0;&3/531#$3&A3*35H4;03g#@%0952*%4/#42(&'%1R#;0#G3*0B#43(31#1/%*%1H420%g#+(%$%4/1?0#&3094?0,1g#
+,$G,($F#*X6%*
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3(3131#%G094(%14#;0#-/&?(%4H6#-,($21#1/%*%1H4202G%5#$3&A3*35H4/1#4%E%094%*%4%/1%4D#73&/0$3(/1#
%9#3$G3(/#+(%$%4/1?0#&3094?0,1%4R#3*B09:(#$3&A3*35H4/1R#$%A+#$3&-,($29921#%9,1%4D#Z%0952*%4/#
42(&'%1#%*1,4202@,9#%#1;4#1;9#1:9:44/#-,($29200%*#;0#%9#C(3&30#-,($21#1/%*%1H4202@,9#&'%1,(*%4/#
/0$3(343134#;0#4?+204#093(39531DD
Q252823:/"P-=;N":5,+)&$#
"# -3*0B # 4%&,9%4,0 # ;631G35 # 4,62GG(% # /0 # %*%E634BR # @,&' # % # 1;9 # C&'300;&;4 # -3A*3009C1R # %$3*'(3#
09C10;&#6%5#%#1C*:5G:9B#%*%E%5'%&,1#$3&$?512*20%1,(D#k&'%5%11,(#%9#%1%(%4/#5363*;0#3&'/1#
43(C*343 # /0 # % # 09,G(209%4g # %9 # %*1,420,1 # $;(343 # 5BR # H&' # 3(B43*A303GG # % # G363934B # $3&$?512*20D#
b*B4;(G3 # 13(C* # % # $3&@%42(,9,44 # |W;*= # 5;*1C*/ # $?512G%5 # 6%*X # 3*$3(C*;0R # % # 09,G(209/ # $/5B0;&31#
$3&;(4;03R#;0#%#$F6;09/#&,5+,*1,+20#-3A*3094;03D#"#-/%4%*,1#3&'(3#4?+%4,0%GG%5#;*/1#24#%9#%*1,420#
-,*'%$%424D # V*'%5 # G/(,+%*,$ # *3@34B0;&;4 # %A25*A?1 # -3* # 531/1R # %$3*'G35 # *;E;0(B*.*;E;0(3#
$3&4%E%094%*@%4A21 # % # $F6;0934G35 # @,5,0 # 4:(6;5'3134 # ;0 # 3993* # 3&' # /+BG35 # :51/-3A39;0C1#
09%G%+02&24D # " # 09,G(209%4X(21 # 03&H4@34531 # % # +/21,1 # ;(93*$/ # ;*34;531 # %*%1H4202G%5 # ;0#
+/--3(35W/2*202G%5R # ?&'%5%11,( # %((% # /0 # :094:5:9@34/1 # B134R # @,&' # :(:$C134 # *3*A;1 # % # 1;993* # 6%*XR#
3&'3+/#%*1,420G%5D#k&'%5%11,(#39#5%&'#03&H40;&#:5/0$3(34C1#-3A*B+;0;G35#/0D
"# -,($2920G%5 # %9 # %&'%& # $3**344 # $3&A3*35@34 # % # -%. # ;0 # 1B-%(%&20R # 0 # 3&'(3 # @%42(,9,44%GG2 # ;0#
4?+%4,0%GG2#62*/1#%#09,G(209%4#43(C*34;5#6%*X#$F6;09/#$?51%D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# +/21,1 # 4%E%094%*A21 # $3& # QA(% # % # -,($2920 # %*%E3*3$3/4R # Q&'$/54_ # 4:$3&R # -3*09H5R # % # 0H1,1# 1:94/#
24$3534R#6,5%*#6%&'#;*#;0#E,54D#"#E,*%(/420,1#A3*354/1#%#-3*%+%4,1#$3&,*+2025%1#/(25'24R#;0#3935#
13(3094C*#A?45%1#3*#%#04%4/1%/#E(,G*;$21@,9R#6%*%$/54#%#42(&'%*1,420#;0#$F%*1,420R#%#-%5429/%#;0#%#
$3&-/&'3*;0#1C*:5G0;&3/531#;0#:0093-C&&;03/531#$3&/0$3(;0;@39#;0#-3*+,*&,9202@,9D
IO]

"#436;135'0;&#0,(25#-3*/0$3(/1#;0#*3H(A21#%#-,($29,44#%*%1,1#1C*:5G:9B#$/5B0;&3/4D#73&-/&'3*A;1#
;0#-3*-3+39/1#-3*#%#-3*09H531#$,9&2024R#;0#3931#3$G3((3#&'%1,(,*4#;(93*$/#@%420%/4R#09/$G,*/12A24D
a%E%094%*%4,1%4#093(39531#%#1C*0B#;0#G3*0B#-,($%6/*2&(X*D#b5531#43W@5/1%/#*35',$%4%#%9#C(3&30#
-,($21#%*1,420%R#%$/1,(#/0#1;4#1;993*R#1H6C*(B*#;0#G3*C*(B*#3&'093((3#%*1,46%#+,*&,95%1D#b5531#%9#QA#
43W@5/125%1#%*%EA%/4#-31434AC1#*3D
m'$02'23

>h"U'$

I)Y8232/"3O*1/
" # 5',*W%+/1,0 # %&'%&,920 # X(21 # /0$3(343/R # 1C*:5:0 # 431/543443* # % # &3,$34(/1?0 # -,($211%* # ;0 # %9#
%(25',11%*#1%EW0,*%4,0#/0$3(3431(3D
J$431'%&.",2V)2/83:/."S:)+0
dH0;(*3439C51#%#-,($2920#%*%E3*3$3/63*#%&'%&,4#@%0952*6%D
"#13(2$/%#;0#%#09,G(209%4#@%42($390&';A;5#1;09H43531#,*'%5#5%&',GG#$;(34FR#C(3&30#-,($21%4R#
%$3*'31 # % # 09/$$34(/%.%09/$$34(/% # 1;(+;03/5 # 13(3094C* # % # W354(?$ # ;0 # E3(/-;(/% # E,*%(/42024#
+,*&,9921#-3*D
b92*4%*#6/*2&,002#62*@%4#092$?1(%#%#13(2$/%#;0#09,G(209%4#:0093-C&&;03R#%#@%0952*%4/#42(&'#;0#
$F%*1,420#1C*:5G0;&3D
d,563` # ;0 # 1,5126 # -3*09H531GB* # %*%1?*X # 1,$E,9HW/X1%4 # 1;09H4C51R # $%&?1G% # 6/009%-,(+?*X#
-3*09H531GB*#1/%*%1?*X#1,$E,9HW/X1%4D
t(XG2*5%1#3&'#$3&@%42(,9,44#-,($%5'3*635#G3*C*#@,*/094/1?0#1,$E,9HW/X1%4#%*1,45/D
Z%0952*A21#%9#C(3&30#-,($21#%*1,42025%1#43W@5/12A24_#%#1,(2GG/#;631#&3,$34(/1?0#-,($2/4#SE*%4X5/#
430431R # &:$GU # $,04 # 3993* # % # 43W@5/126%* # QA(%%*1,4A21R # H&' # 093(39531 # $;*'3GG # 4%E%094%*%4,4#
093(39531#%#-,($21(X*D
"#&3,$34(/1?0#-,($21#$3**344#%9#,(&%5/1?0#-,($21#6/*2&%#/0#$3&A3*35/1_
"9 # 3$G3(/ # %*%1 # 09,G(209/ # $3&%*1,420% # 1;4 # /(25'4 # 63@34_ # 3&'(;094 # E;*+2?* # 1;4 # 3$G3( # ;(93*$34#
1/-3A39B # $,9+?*%4%/4 # -,($299?1 # $3&R # 392*4%* # 4%*2*1,9?51 # % # 04%4/1%/ # E(,G*;$21%4 # -3*634B#
1,$E,9HW/X11%*#SE*D#G/(1X9X1R#425W,0,0,1R#093(3*$3031UR#$20(;094#%#1:94;(#;0#09,G,(#6/09,5'24#
4%5?*$25',99?1R#;0#3*3$399C1#%#-?51W/X#;0#$F6;09/#%*1,420#4%*2*1,92024D#n/&?(2*/0#1:94;(/#09,G(,4#
43(639531 # %9 # /01,*%R # 1X(@29R # 4F9,*4X02& # 04GD # 3*;D # 7F6;09344:(4;534/ # E;*+21%4 # /0$3(531 # $3&R # %9#
%*1,420#0,(25#@%&',$25',0R#%**3&,(/1?0#$3&,*+20,1GX*#/5+?*5%1#1/D
x,$G,($F63134#1;09H43531#%#$F6;09344:(4;534.3E,W@2@,9#1%EW0,*X+X%5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# +/21,1 # $3& # 4%5?*A21 # % # 1:(C*:44C1 # *;6B # 4;( # 6%*X02&24 # 24;*5/R # ;0 # % # 09,G(209%4 # 3091:93/63* # %94#
QA(%%*1,45/D # k&'%5%11,( # % # 4;( # ;0 # -,($% # &3,$34(/1?0 # ;0 # ,(&%5/1?0 # A3**3&;531 # 1344B00;&3 # 62*/1#
@%5&0Q*',002R#%9#3$G3(#%*1,44%#6/*2&#;0#43($;0934/#6/*2&#-,($2/5%1#1C*:5G0;&3#;0#:0093-C&&;03/D
"# &3,$34(/1?0 # -,($21@,9 # QA # 43W@5/126%*R # C(3&30 # -,($21 # %*1,42026%* # 1:93*3+531D # d//5+?*20 # %9#
C(3&30 # &:$G # $3&%*1,420% # S% # -,($%R # $3*' # :5$%&2G%5 # E/@35UD # b*A?45%1 # % # 7:G/?0.09%*%&#
$3&%*1,4202/&D
V(&%5/1?0#-,($21#09,G(209/#-3*+,*&,920%D#SY%&'H420R#24%*%1H420R#&3,$34(/1?0#;0#,(&%5/1?0#-,($21#
3&'0;&3#09%G%+#%*1,420G%5D#T2*%094@%4X#%#+,$G,($F#/0DU
b&;09 # 3$G3(/ # %*%1,4 # -,($295%1R # %$3*' # 53$W0%1 # $/5+35 # 09:&GB* # 1/3*;&H4B531 # *2409/1R # @%53$#
E*%094/1?0#3&;091;54#/0#$3&2**A%#%#@3*';4D#"#1//5+?*XE,54#$/5+/&#3&'#%*%E634B#&3,$34(/%/#-,($%D#
Sd;4#%*%1R#6%&'#1:94;(/#09,G,(U
a3W@5/121#%9#%&'%&&%*#6%*X#$?51%#0,(25_#+,*&,9@%4?51#3&'#3&;09#+%(%GG%*R#;0#%#13(2$/2G%5#/0#
@%0952*%4,0 # 3&'$20(% # ;EH4B # 43W@5/126%*D # d;4 # 1;993*R # 1H6C*(B* # ;0 # G3*C*(B* # 3&'093((3 # %*%1H46% # %#
IKN

-,($24D
G$TS/+)U*1/."T+43+0
"#-B,14%420#3E,W@2/R#1C*:5:0#431/543443*#%#$F6;09344:(4;534#/0$3(343/(3D
GO)S/,+%$)#$0"f",+%$)#$0
(3&30 # -,($21 # %*1,420%g # E,*%(/420,1_ # 42(&'M$F%*1,420R # &3,$34(/1?0M,(&%5/1?0g # 3$G3(%*%1,1R#
1:94;(/#09,G,(
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#G3&'%1,(,*A21#%#-,($2920#%*%E3*3$3/4#;0#QA#43W@5/12A24D
n3*/0$3(/1#;0#$3&#4?+A21#-,&%*$%95/#%#-,($29,44#%*%1,1#1C*:5G:9B#$/5B0;&3/4D
d;E300;#62*5%1#%#-,($21%4#1H6C*(B*#;0#G3*C*(B*#3&'093((3#+,*&,96%#*;4(3@,95/#D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35 # %9 # ;6G35 # %9 # 3++/&/ # /0$3(3431 # 09%G%+ # -3*@%0952*2025R # % # 1(3%4/6/420,5 # ;0 # QA # 43W@5/121#
G363934;0;5#6%5#%#@%5&0Q*'#SE2(/90/#&/E09R#:46:93431R#1B-%(%&20UD
"9#2**%4,1#4;$2A%#QA#$X+,5R#%#04%4/1%/#E(,G*;$211%*#;0#%9#;(93*$3134#1/-3A39B#&3094?0,11%*#A3*35/1#
$3&D#"#*,6%0#09,G(,1#$3&%*1,42025%1#53@;90;&3/63*#4%*2*1,9@%45%1#SE*D#l3,5%(+,#*;4(3#53$#A:44#
%*1,420%UD#"#$/4,*X&/%/#*;5'31#SE*D#1354%?(U#$3&A3*35@34D
"9#3$G3(/#%*%1,4#*3E3*G3#G?(1,*4%5R#A3*093(F35#$?4%4A?1#G3#E*D#b(504#f%(*%W@#$F6;0934;5#13(3094C*R#
0#%#1,51(;44X*#-/5,$%5#3*6,5%41,94%46%#139+AC1#$3&%*1,45/D
"9 # %-(/1%/ # 09,G(209%4 # 3$G3(. # ;0 # 2**%42G(29,*20%/ # /0 # % # A3*093(F0;& # A3&';G35R # % # -/9/1%/GX* # % # *3*1/#
/(25'2G%#43(3*/1#%#-/&'3*$34D#b931G35#/0#4%*2*@%4?51#,*'%5#$/5421%4R#%$3*'31@39#39#%#1,(,0942*'#AX*#
4?+#1%EW0,*X+5/D#"#$20,*205%1#5%&'#A3*354B0;&3#6%5#%#1H0;(*3439;0#$3**344D
7%091,1%4#1;09H43531D
d;09C*@34 # %&'%&GX* # 3&' # 4%5?*$25' # 3GG35 # %9 # ;6G35R # 3&' # 4:GG # @;435 # 24 # 4%(4X # -,*'%$%4G%5_#
;*345%&'02&Q#1;94%5?*$25'R#09%G%+,5#62*%094,44#&3094?0G%5R#E,54,0#$3&-/&'3*;0#%*%EA25D#b5531#
42$,&%4202(% # $?4%4A?1 # G3 # "?&?043 # >,+/5 # d%43+(2*/0 # WD # $F6;4D # " # -/5,$ # (;09*3431 # E,54,0#
$3&-/&'3*;03#;0#1/+,*&,920%#%#-%5429/2@,9R#;(93*$31@39R#1H0;(*3439;0@39#1%EW0,*X+X#/+B09%1,4#
09;E35#1/3&'350Q*',99%D
m'$02'23

>h"U'$

I)Y8232/"3O*1/
]D#,0942*'#09,G(209%4/#/0$3(343/R#1C*:5:0#431/543443*#%#-,($2920#QA#43W@5/12A2(%D
J$431'%&.",2V)2/83:/."S:)+0
"#-/%4%*,1#%#09,G(209/#%*1,4X$?51%#43(C*34;5#3&'(3#@%42(,9,44%GG%5#4?+A21#/0$3(343/134#%#$?512(%#
-,(+H4%5/D#Z%5&0Q*',0%GG2#62*5%1#%#$/5B0;&31#%#-/9/1%/#*24625'52*R#139+/1#$3&/0$3(5/#%#*3*1/#6/*2&#
$3&A3*35;0;531#*3@34B0;&3/4#%#09,G(209%4G%5D#"#09%G%+#%*1,420,1#;0#%#4%5?*$25'R#%9#%G094(%14#
09,G(209%4 # ;0 # % # -/&?(2*/0 # %*1,420,1 # 3&'-,($25 # @%5&0Q*',0%1D #"9 # QA # 43W@5/121 # QA # *3@34B0;&3134#
43(3$43531#%9#%*1,420G%5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
89%G%+#%*1,420,1#$3&%+,44#4;$21#%*%EA25D
IK!

d;09H4C51#$%091,1%4#%&'%&#%*%EE%*R#%12(#%9#QA#43W@5/121#-3*@%0952*2026%*#SE*D#&/E09:54;0UD
T2*%094@%4X#QA#43W@5/121_#%#E2(/90/#&/E09#-3*(%12025%1#$X+A%D
546;5'1;09H4;0#E2(/90/#&/E09GB*D
b*#*3@34#1;09H435/#E;*+2?*#3&'#+,$G,($F#53&%4H6A24#E2(/90/#&/E09GB*R#$%A+#39?425#1;09H4@34C51#QA#
E,9/4H6#+,$G,($F634#3GGB*#%#53&%4H6GX*D
546;5'1;09H4;0#X*,$$%*R#09/*/1,55%*#6%&'#$20#09/5434/1?0#&'%5426%*D
n%-%(%&20D # "&'%&GX* # 1;09C*4 # $/5424 # 1:63463 # $3&/0$;43*AC1 # % # -,($24 # -2GX*D # " # +,$G,($F631#
$3&-3*3*B#1//5+?*XE,545%1#*2409%5%1D
f363934@34AC1#%#1B-%(%&204#/0R#6%*%$/*'35#E?@%#1:634#@%0952*6%R#E*D#@,$,11:634#6%&'#4?-24D
"#1B.#;0#-%-%(%&20#3*63934#%#$,5?$3542*/0#09,G(209%4@,9D
G$TS/+)U*1/."T+43+0
"#-B,14%420#4%542(&'%/R#1C*:5:0#431/543443*#%9#3094;4/1%#/0$3(343/(3R#6%*%$/54#%#$F6;0934/#09%1X(21
GO)S/,+%$)#$0"f",+%$)#$0
09%G%+#%*1,420,1R#%9#3++/&/#/0$3(3431#%*1%*$%920%R#QA#43W@5/121#$3&/0$3(;03g#$%0911;09H4;0g#
1;9.4%5?*$25'#E,54,0#$3&-/&'3*;0#%*%EA25g#2**%42G(29,*20,1R#$/4,*X&/%/#*;5'31g#%G094(%1W/XR#*3*1/#
$/5B0;&31#$3&A3*35;03
!",2V)2/83:/"51'3"2'2*#:4&2
89,G(209/#43W@5/121G%5#A2(4%002&,4#093(39531#;0#QA%1%4#/0$3(531#$3&#S3&'$20(%#;EH4B#43W@5/1%R#
&/E091;09H4;0R#-%-,($%#1/%*%1H420%DU
a%E%094%*%4,1%4#093(39531#%#1B-%(%&20G%5D
t,54,0#$3&-/&'3*;0#%*%EA25#4%5?*$25'1;09H4;0(3R#09%G%+#%*1,420(%R#1H0;(*3439;0(3R#%9#QA#43W@5/121#
@%0952*%42(%#3&'%(254#1;E3031D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
7/?425 # % # -,($2920 # %*%E3*3$3/4 # G3&'%1,(,*4?1 # ]D # ,0942*'G%5R # % # !ND # ,0942*'G%5 # 5%&' # @%5&0Q*'4#
-314344C51# % # 09%G%+# $3&,*+20,1(%R # 6%*%$/54 # %# 09,G(209/# ;0# *3*1/# $/5B0;&31# $3&A3*35H4;0;(3# %#
4%5?*$25'1;09H4;0 # $3**344R # % # !!D # ,0942*'G%5 # 4,62GG$3@34C51 # 3&'(;094 # % # -,($% # $,9&2025%1#
4%5?*$25',920% # -3*;R # $20(;094 # E09/W@,*X&/%/ # 1/-3A39B3(3A3 # -3*;D #"# $34%$,(-X9/0R # % # -,($21G%5#
434435#;(@34B#;*34-,*'%$%4,1#4%5?*$25',920%#/0#G363934;0(3#13(C*@34D
d%EW0,*X+@%4?51#%#-304;0934#;0#%9#/(,+%*,$#4;$2/@,9R#%#!].JND#0929%+#-,(+?*XA2@,9R#%#$,+3(5#
$F6;0934@39D#b935#13(3094C*#%9#%G094(%14#09,G(209%4/#%*1,420,1/&#A?4@%4?51D
" # -304$;5'31 # +,$G,($FG3 # 6%*X # 24H(20% # :00931:4@34/ # % # 09,G(209%4,4 # % # -304;093443*D # b&'#
$F6;0934G35#$3&A3*35B#4;$%#09%G%+#-3*+,*&,920%R#%*1,420,1#$20,*20%#/0#%14?2*/0D
m'$02'23

>h"U'$

I)Y8232/"3O*1/
"#!ND#,0942*'#09,G(209%4/#/0$3(343/R#1C*:5:0#431/543443*#%#4%5?*$25'#1;09H4;0;(3R#6%*%$/54#%9#QA#
43W@5/121#@%0952*%42(%#;0#%#09%G%+#%*1,420,1(%D
J$431'%&.",2V)2/83:/."S:)+0
"#$,9&20GX*#/5+?*6%#%9#24%*%1?*20,1#-3*;#*;E@34C51D#73&A3*35/1#%#$3&%*1,4,44#-,($%#%#$,9&20#
1/-3A39B+;031;54D#"#$,9&204#%9#%+,44#%&'%&@%*,$#3*$,9+H42026%*#-,($299?1#$3&D
IKJ

"9 # %*1,420 # 24$353434 # $?4%4 # % # $,9+?*%4*%5 # &3,$34(/%/ # -,($21GX* # % # +/5%$/1?0 # $,9&20 # -3*;D#
73&A3*35/1#%9#:5$%&2G%#-,(+?*X#-3*09H5#%#$,9&20#1/-3A39B+;031;54D
"# $,9&20# 3&'.3&'#*;EW0B-,124# G3$?4%4X# -,($21# 0,(,9%424 #1;09H4@34AC1#3*R # E*D_ #3&'# @?**X#W03EE#
6%&'#3&'#5:6316B#-,($%#04GD
"*%162*4,920,1_#6%(/2W/XM$34%$,(-X9/0D
b&'#,(&%5/1?0#$,9+?*%4#2462*4,94%420%#$F6;09/#-,($2G%D
"#$3&%*1,4,44#-,($%#%#*;*31#1/-3A39B+;031;54#/0#$3&A3*35/1_
$3&-,($2*4#1/-3A39B+;03134#13(30C51R#$3*'31#$3&-3*3*531#%#*;*31#1C*:5G:9B#&3094?0%/5%1D
b&'$200%*#3**354;430#;(9;03134#A3*35H4C51#$3&R#E*D#:(:$MG25%4D
t2(G309;+#1;4#-,($%#1:94D
Y;@25' # %G094(%14 # -,($24 # 4,62GG-3A*3094@34C51R # @,&' # 1,51(;442 # ;0 # -/&?(2*/002 # 62*A%5%1D # d,51(;4#
-,($24#%G094(%@2*@%4?51R#%$H&#$2(#W0%1#03A4@34B#%9#3(3+34/#$3&A3*35H4;0D#S7/#%9#%#*3&136303GG#
$3&5'/*625?*20R#%$3*'#$;&M$2(#3*$,5+A%#%#4%(4%*$%4zU
n,($29?51#3$G3(/#-3A34#@2(,$#+/$359/XG%5R#E*D#C(3&30#-,($%1;54R#G3*C*(B*#;0#1H6C*(B*#3&'093((3#
%*%1H46%#%#-,($24D
a%5?*$25',9@%4A?1 # %9 # 3$G3(/ # %*%1 # 1/-3A39B1;E300;&;4 # % # $F6;09344:(4;534GB* # 6344 # E;*+211%* # %#
(3%*/04% # 2G(29,*20GX* # /5+?*6%R # 3*A?46% # %9 # %G094(%14 # 09,G(209%4/& # S1:9;E1,(/ # 09,G(209%4R # E*D # %#
[@%(4(30./ # 1%43+(2*/0 # 1%E?-/&?(2/g # 3`E(3009/,5/04% # 09,G(209%4R # E*D # f%(*%W@ # ;0 # d,**/49g # 6%&'#
%G094(%14#09,G(209%4R#E*D#"(ER#f/**#;0#7,,(3UD
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
l3@340;&30#&'%1,(*%4,1_
"*%162*4,920 # %&'%&GX* # S6%(/2W/XR # $34%$,(-X9/0U # 09%G%+,5 # 62*%094,44 # 4;$% # %*%EA25D #"9 # ,0942*'#
1:9:035#/0#1;09H4@34#3&'#0,(,9%4,4#E*D#+,$G,($F634#-%-%(%&200%*#%#$34%$,(-X9/0#4;$2(%D
"9#%(W#%(25'%/#%9#%(W1/-3A39;0#@,(+,9X/1;54D
f/9,5',0 # 6,520,1 # 4Q*9,44 # 3&',*+%*Q02&%R # E*D # % # &(/$%09G%5R # % # 1%(/1%4Q(2G%5 # ;0 # %9 # 2**%4(%#
3$*;139434B#%(W,1G%5D
d%(%143(#4%5?*$25',1#%#-3AGB*#1//5+?*6%D
"#4304/#-3*;EH4;0#%9#3$G3(/#@%5&?*%4,1#4C1(31;54D
5%(W1;E31D
b**354;430 # 4?*%A+,502&,11%* # GH(X # -3A3134 # 2**H4?51 # 093$G3 # 3&'$200%*R # ;0 # -,($29?51 # $3&R # E*D_#
5BM-;(-/R#:(3&M-/%4%*g#&':5':(FMW0Q5'%g#0H(XM53634BD#04GD
a3W@5/121_ # *3&4:GG09:( # %&'%&GX* # +,*&,9?51R # 629*%4,1GX* # /5+?*?51 # 1/D # Z%0952*@%4A?1 # % # $2(#
G363934344#43W@5/121%4#SE2(/90/#&/E09R#-%-%(%&20R#1B-%(%&20#04GDU
Y%&',GG#$;(34F#+,$G,($F#1;09H4;03#%&'%&GX*D
G$TS/+)U*1/."T+43+0
" # -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # %9 # /(,+%*,$R # %9 # 3094;4/1% # /0$3(343/(3R # 6%*%$/54 # %#
$F6;0934/#09%1X(21D
GO)S/,+%$)#$0"f",+%$)#$0
%*%162*4,920,1g # E09/W@,*X&/%/ # 1/-3A39B+;031 # %9 # 3$G3(/ # %(W,5g # $F6;09344:(4;534/ # %*1,420,1#
-3*+,*&,920%R#$,+3(5#$F6;0934#09,G(209%4%g#(3%*/04%#;0#%G094(%14#09,G(209%4
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#4%5?*$25',9921#%#-,($%#;0#%9#%*%1#$,9&2024#;0#24%*%1?*20/#-,*'%$%4%/4D
a%5?*$25',9921 # %9 # 3$G3(/ # %*%1 # 1/-3A39B1;E300;&;4R # $3&;(4/1 # %9 # %G094(%@2*20 # *3@34B0;&3/4D#
a%5?*$25',9921 # %9 # 3$G3( # E09/W@,*X&/%/ # A3**3&;531 # -,($2G%5 # $3&5'/*625?*X # *3@34B0;&3/4D#
IKI

e0$3(343/134#-3*@%0952*A21#09,G(%/1#1;09H4;0;5;*D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;6G35#%#+/21,1#;630#$?512A?1,5#+,*&,95%1D#b11,(#3&'(;094#*3@34B0;&#6%5#%((%R#@,&'#%#
09,G(209%4G%5 # /0 # 6;&/& # ;*A3531 # 3&' # ;630 # $?51%-,*'%$%4,4R # -3*@%0952*6% # 3++/&/ # /0$3(343/134R#
$/5+351/#0%A24#$%&%#092$2(%#4%*2*6%#$3&#%#-3*%+%4,4D#720(;094#%9#3++/&/31#:0093-,&*%*20%1;54#
3&'34*35 # 4;$% # -3*+,*&,9202(% # /0 # 0,( # 13(C*@34R # ;0 # 39 # %9 # 3$G3(/ # %(WD # n3*%+%4 # 3&' # $3**09,G,(#
1;09H4;03#SGC094UD
"# +/21,1 # $?512/ # G/9,5',0 # -,1Q # ;(3440;&34 # ;0# -C&&34*350;&34 # 4%5Q0H4%5%1 # 3GG35 # %9# ;6G35R # H&'#
3&'(3 # 3(B43*A303GG35 # A3*35/1 # $3& # /5+/6/+?%*/420?1D # a,62GG-3A*3094@34/1 # 1;E300;&3/134R # $3*'31#
03&H40;&;63*#09%G%+,5#4?+5%1#+,*&,95/#%#0%A24#$%&?1#2*4%*#-3*-3+39344#-,($211%*R#092$?1(%#-,54,0#
4;$211%*D#Z%#%9#%(W#%#4;$%R#%GG%5#/0#43*A3035#/5+/6/+?2*/0#$3&,*+20,1/&#A?45%1#3*D
f363934;01;EE35#-,&*%*1,9@%4?51_
%#5%4?(%*/094/1?0#-,($21#2462*4,94%42026%*#$F6;09/#3&;09311;#S3&'093(F0H4;0#;0#04/*/92*20UD
dC*:52**X # -,($%3*3$31 # 42(0H42026%*R # E*D # (3934 # ;0# -24R # C63&34 # ;0 # -24 # 6%&'# -;$34R # 1:634 # ;0# -;$34#
@%0952*6%#S;1093(31G35#;0#G(,00.4F1G35UD
73&09C*34@34531# %9#3*0B# E(XG2*1,920,1R# @,&'# 09,G(209.43W@5/121%4# @%0952*A%5%1# 3&'#5%&',GG#
*;*3&934F#$F#$3&%*1,4202(%D
d?4%4@%4A21#%9#3&';5/#1/-3A39;0$X+,1#*3@34B0;&3/4D
m'$02'23

>>"U'$

I)Y8232/"3O*1/
"#!!D#,0942*'#09,G(209%4/#/0$3(343/R#1C*:5:0#431/543443*#%#$34%$,(-X9/0#&'%1,(*%4,1(%R#%#(3%*/04%#;0#
%G094(%14#09,G(209%44%*#1%EW0,*%4,0#4%E%094%*%4,1(%D
J$431'%&.",2V)2/83:/."S:)+0
Z%#%#+/21,1#3&'#;630#$?512(%#1%E5%1#*3@34B0;&34#%#09,G(209%4G%5R#%11,(#-,54,0R#@,&'#,*'%5#
4;$24#6%&'#$,4H6?$,4#62*%009%5%1R#%$3*'#4C1(:9/#0%A24#$F6;09/#4:(316;03/134D#T;&/&#13**#1C9+35/#
$%&?1%4 # % # 629*%4,1,5 # ;0 # 4%5?*$25',1,5 # % # 6/%09GX* # 6%&' # %&'%&GX* # 1;09H4344 # $,+3**3135 # 24#
3&;0935 # 3&' # G/9,5',0 # %*%E%5'%&GX* # S6%&' # %5'%&,1GX*U # 1;09C*4R # G3-3A39344R # 5%&'09%G20Q # ;0#
1/2**H4,44#$F/&D#b&'#/*'35#$F#$3**;
1;09H435/C1#13**#3&'R#%#4;$2(X*R#%#-,*'%$%4(X*#;0#%9#3(3+$;5'(3#6%*X#6/009%E/**%5420#4%5?*02&%/(X*#
09X*X#*3H(204#/0D#Z%0952*@%4A21#%9#3++/&#$3&/0$3(4#43W@5/121%4#S%&'%&,920R#-%-%(%&20R#1B-%(%&20UR#
;0#63&'30#43W@5/121%4D#b034*3&R#%9#/01,*%#*3@34B0;&3/4B*#-C&&B35R#$20#09,G(209%4/#43W@5/121%4#/0#
@%0952*@%45%1R#E*D#G(,59:54;04D
"#$3**09,G,(#3*B1;09H4;03#0,(25#G363934;0(3#13(C*@34#%#$F6;0934/#%5%4X$/%R#%$/4#%&'%&,9200%*#
1:4@34C51#:0093D#"9#%5%4X$/%/#$3&1:93*H4;0#?425#%#$34%$,(-X9/0#/(25'2GX*#1:93*3+AC51D#"#$%&9%4/#
-3A*B+;0GB*#1//5+?*6%R#%9#%(W#%(25'%/5%1#;*34Q4#0,(25#6%*X#62*4,920%/(%#6;&399C51#&'%1,(*%4,4R#3&'#
1/0&'3($31R # 3&' # -3*5B44 # ;0 # 3&' # :(3& # 3$G3(/ # -3A34 # $/54296%R # ;EH463 # % # !!D # ,0942*'G%5 # 24;*4#
%*%162*4,920/#&'%1,(*%4,1(%D#Z%#*3@34B0;&C51#6%5#(2R#$,+3**#%*%EA25#/0#1;09H403531#-3A34#%#+/21,1D#
nB # $F6C1 # 6;&C* # 3&' # C(3&30 # $3**09,G,(R # 09%G%+,5 # +:5463 # ;*341,(/R # 53$G3*/R # -%A(% # A3**3$9B#
6,520,1(X*D#e44#%#E,54,0#%5%4X$/%/#/0$3(3431#@%0952*%42(%#4:(313+A3531R#%#(;09*3430#1/+,*&,920(%D#
b9#%#$?51%#1;09C*@34#%#$F6;09344:(4;534GB*#62*%094,44#$/5421R#6%&'#0%A24#$3&-/&'3*;031#%*%EA25D#
"#1;09#$F63134#;(+3$30#1/2**H4%5/R#3*B443#1:9:035#$3&G309;*5/#A3**3$9B/4R#1/-3A39B3(3A;4D

IKh

G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
r630#$?51%#09%G%+,5#62*%094,44#43W@5/126%*#;0#09%G%+,5#62*%094,44#4;$2G%5#6%&'#$3**09,G,(#
1;09H4;03#%5%4X$/%/#;0#;*34Q4(%#6,5%41,9XR#6%*%$/54#$F6;09344:(4;534/#/0$3(3431#%*%EA25D
G$TS/+)U*1/."T+43+0
" # -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # %9 # /(,+%*,$R # % # 4:(4;53*3$R # %9 # 3094;4/1% # ;0 # %#
43($;09344?+,$25',0#4%542(&'%1#/0$3(343/(3R#6%*%$/54#%#!JD#,0942*',0#;630#$?5121R#%#$F6;0934/#
09%1X(21
GO)S/,+%$)#$0"f",+%$)#$0
62*%094@%4X#43W@5/1%R#5%&'09%G20Q#%*1,420R#3&';5/#$F6;09/#$3&1:93*H4;0R#0%A24#4;$%#62*%09420%R#
H(20,0 # $?51%g # G363934;0 # % # $F6;0934/ # %5%4X$/2G%R # %9 # 3$G3(/ # %(WR # % # $3**09,G(209%4#
$F6;09344:(4;534/#E;*+21,5#13(3094C*R#C(3&30#-,($%R#%9#%(W#;*34Q44%*#:0093-C&&;0G35
!",2V)2/83:/"51'3"2'2*#:4&2.
" # +/21,1 # /0$3(/1 # %9 # 09,G(209%4/ # 43W@5/121%4 # ;0 # 09%G%+,5 # 1;E3031 # +,*&,95/ # % # $%&?1 # 2*4%*#
-3*-3+39344#-,($211%*D
dC*:52**X#-,($%3*3$3134#42(0H4%5/#4?+5%1D
b&';5/#1/-3A39;0$X+,1%4#1;E3031#%*1%*$%95/#$?512A?1G%5D
b++/&/#4?+20?1#-3*@%0952*2026%*#3&'#5%&',GG#$F634#%*1,45%1#S09%G%+,5#62*%094,44#4;$2G%5#6%&'#
$3**09,G,(U

G:8.#O40$
Q252823:/"=-hN":5,+)&$#
"# 1;9/$?51%# X(21,5 # %# &'3(3131# 53$ # W0%1# 1;9C&'300;&(3 # 4309531# 093(4R # @%53$ # $3&4%5?*5%1#
1C*:5G:9B#093(092$,11%*#+,*&,95/R#%9#%5'%&,11%*#&%9+%02&,0%5#G255/D#"#1;9/$?51%#4%5H4XA25%1#
%((% # /0 # $X+A% # 6%5R # @,&' # % # 4%5?*X1%4 # -,1,9%4,0%5 # 4?+%4,002&(% # ;G(30093 # % # 09H531R # -,($21 # ;0#
-?51W/X1 # :00934%(4,9202(X*D # "# 09;E0;&35R # 09H53135R # -,($21,5 # 13(3094C* # % # 1;9/$?51% # 03&H4 # %#
&'3($3131531#%#A24;14X*#%#$?512/&#6%*X#&,5+,*1,+20/&#3*A?45/D
"9#B0/R#3&'343$30#1;9$F630#43W@5/121#S09:6;0R#1:4;0R#@?(1,*20R#-,520R#W0,$X920#U#$2(#%9#3*0B#
;6-,*'%$,5 # $3&A3*35531 # % # 1;9/$?51% # X(21,5R # $3*'31(B* # % # &'3($3131 # /0$3(343/1 # 3&'.3&'#
,0942*'-,1,5 # 4,62GG # GB6C*531D # " # 1C*:5G:9B # 5;E31 # 1?*4Q(2/GX* # $3(H4C51R # $/1:9G35 # 4?+%4,0%5#
13(300C1 # ;0 # $?4%4A?1 # $3& # % # +/21,15%1 # %9 # 3&'39;03134 # ;0 # 1C*:5G:9B0;&3134 # 0%A24#
5;E@%&',$25'?51#&':13(3/63*D
"#1;9/$?51%#X(21#4:GG(3#@/6%4,44%1R#$/54#@,&'#1/92(X*%&#%#1;9#$,9&;1,5'02&24#;0#C&'300;&;4#
3*B03&H4B#3091:9:11;54#&,5+,*A?51#(2A?1D#7H&#%#&'3($3131#;*341,(?15%1#$3&-3*3*B#-3*%+%4,1,5#
+,*&,95%1R#%#(/4$/1?0%5#/0$;4*B+B#$,9+?*%4,1#;0#&'%1,(*%4,1#2*4%*#%#13931R#3*B03&H4/1#$/5+# %9#
%1%(%4R#$/5+#%#*,&/1?0#&,5+,*1,+20(%#6%*X#1;E300;&#$3&3(B0:+;0;4D#7/5+355%E/#;*34C51#5'3*63#
$;& # $/5+/& # @%0952* # -/9/1%/ # 1/-3A39;03134 # $3542*/0 # 436;135'0;&31 # *3H(202(%R # E*D_ # |$3&(%&%+5/#
6%*%$/4=R#|-3*6355/#%#-,5%*%4=R#|:00931?092*5/#6%*%1/531#%#&,5+,*%4%/4=D#"#-3*%+%4,15%1#$/5+/&#6%5#
&'%1,(*%4/ # W;*A%R # ;0 # Q&' # 13** # %*%1H4%5?51 # % # 436;135'0;&3134R # @,&' # %9,1 # -3*;G(3094@300;1 # %#
&'3($3131G35 # % # $20,1 # $?512A% # /(254/ # 09,W/2*/0 # ;(9;135'0;&34D #"# 1:(5'3934;(4 # ;(9344 # 3&';5/#
-3*3*B00;& # -3*; # %9 # 3*0B # *;E;0 # %9 # %*%E%5'%&%5'%& # 4/0943*343R # 6%*%$/54 # %9 # 3*. # ;0 # -3*@%0952*4#
42(&'%11%* # 6%*X # G2520$X+R # $3*'3134 # . # @% # 43@34AC1 # . # 0%A24R # 43($;093430 # 1:(5'3934C51GB*R # %#
&'3(313113*#3&'C44#&'FA40C1{#7/5;*#4:GG#%*1%*$%4#13**#G/94,0H4%5?51#%((%R#@,&'#%9#X(21,5R#%9#;EE35#
%+,44 # %5'%&,11%*R # E*D_ # -26%*R # 5:6;5'/ # (,04,11%*R # -,52**%*R # *363*3113*R # 1;(3&&3*R # %&'%&&%*R # 6H993*R#
43`4H*/211%*R # E%EH((%* # 04GD # +,*&,9@%00%5%1D # " # 0,1-;*3 # %*%E%5'%&&%* # 6%*X # /0$3(13+;0 # 0,(25#
IKL

-3*;G(3094AC1#%#4%5?*X1G%5#%#4/0943*3434#%#1;993*#6;&9344#436;135'0;&31#/(254R#$3*'#1;0BGG#3&'30#
09%1$21#/(254/#;(+31*B+;0C134#-3*13*4@34/D
=N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#;6#3*3A;5#-,54,0R#@,&'#$/5+35#X(25#1;09C*A:5#3&'#1,51(;4#$?51%R#%$3*'#%#1:634139B#-3*%+%4,1#
$3&%*%E,92024#09,*&2*A%#SE*D#1:4:9;0R#W0,$X920R#-,520R#&,$G,*'H420#04GDUD
"@@,9R # @,&' # % # 4%5?*20 # G3*0B # 4%E%094%*%442 # 62*A;1R # %9 # 3&;09 # ;630 # 436;135'0;& # 0,(25 # -,54,0 # %#
4%E/5420 # ;(9;1;531 # 2**%5+X # -3A*3094;03 # 1C*:5-;*3 # %5'%&$/5B0;&31 # ;0 # 43W@5/121 # $3&/0$3(;03#
5',$25D
[;*R#@,&'#%#&'3($3131#%#&'%1,(*%4/#;*34G35#@%095,0H4@%4X#4?+20#-3*;#/5+?*A%5%1#3*D#bGG35#%9
/+B09%1G%5#%#436;135'0;&31#%9#;(9;031(3#@%45%1R#%9#%1%(%4#-3A*3094;03#E3+/&#09,W/2*/0#;0#;(93*$/#
4;(35#62*/1#$3&@%42(,9X62#-3A*B+;0C1G35D
"# -B # 4;$% # % # 1:4;0R # $3*' # -3A*3094/ # $/5+1;4 # 1;9 # $,9&;1,5'02&24 # ;0 # % # (X*?1 # 6%*X # 4?+%4,002&,4R#
$20(;094#-3*;G(3094/#;0#03(1354/#%#&'3($3131#$3542*/0#3(B/4#%#G34F4%5?*20#0,(25D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#;*341,(5%1#$3&-3*3*B35#-3A*344#4304#;0#4;(;(9;1R#1;91,,(+/52W/XR#/(25',1#/0$3(343
J$431'%&.",2V)2/83:/."S:)+0
. # 73&/0$3(;0/ # ;0 # G3-,&%+X1;E300;&_ # 1:9634*35 # 4%E%094%*%4093(9;0R # %9 # %5'%&,11%* # 6%*X#
;(/54139;0R#%9#;(9;13*;0#;(9;135'0;&;531#-,1,920%R
.#a;(G3*/#42A;1,9X+20
.#d(3%4/6/420R#-%5429/%#$F1:+434;03R#-3A*3094;03
.#r(93*$/#&%9+%&,+20R#%9#3$E24/%R#/54?HW/X#-3A*3094;03
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # &'%EAQ # . # $/54 # %*%E634B # %*%E%5'%& # . # 3*B1;09H4;03R # $3&4%E%094%*20% # 1C*:5G:9B # $X+,5#
w'%EAQ-,52**%*#?AA.A24;1,1#S1:($:5.-,520U
d:4B4F#1;09H4;03
"#093$31#-3*093+;03D#d:4;0#0/$%#093$$3*_#4:(E;1R#*%G+21R#-?(?*'%4,1,1
b&'093(F#:*4;043W@5/1211%*#?90,55%135+B#6%((20%#SE*D#-,($%(%A9$/54%#3*B:*4;003*U
d/3&;09H4B#$?51%_#03*'3$E%EH(4;E;0#R#E%EH(*%$E/,5,1R#3&'093(F
E%EH(02(125'R#;609%1,1@,9R#C553E31@39#1%EW0,*X+X%5D#>,5&'G%G21R
&'%EAQG%G21#;0#2**%4,1#62&20#;0#6%((20#5;*1C*#1:4:9;003*R#-,520#-C631GB*#;0#E?@%
43($;093430#%5'%&,1GX*D
G$TS/+)U*1/."T+43+0
d;4#4F63*#6%*X#1:4;0#3*B03&H4/#;0#-3A*3094/#%#1;9#-/5,$$,4,(/1?0#$,9&2024R#$3*'531#%9#H(204%5?*20#
0,(25#6%5#093(3E3D
"#1:4;0#%*%44#$3&A3*35531#%9#/(25',1R #@,55%5#. #$3((3#1:4C51R #394#-3A*3094/# %#4;(/#,(/3542W/X4D#"#
092$,*20#&'%1,(*%4/#-?51W/X4#1%ER#@/0935#092$,*A?1#%#093$3134R#0,(,1%4D
GO)S/,+%$)#$0"f",+%$)#$0
.#093$-3*093+;0R#0/$%#093$31
IKO

.#/(25',1R
.#:*4;0R
.#4FG3-F9;0R
.#W0,$X.#;0#$%05/1:4;0R
!",2V)2/83:/"51'3"2'2*#:4&2.
l3&'35#1;E30#%#&'3($31#%#1:4;0#3*139+;031,(#03&H40;&&3*#%#093$31#-3*093+;0;(3#1;4#1:4B4F63*D
f/94,502&&%*#4?+A,5#0/$%#093$3113*#1:45/D
e0$3(A3#;0#%*1%*$%99%#:52**X%5#%9#3&'093(FGG#-,520/#43W@5/121%4#S0,+(20R#@2(,$2&Q#-,520UD
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#@,(&,*20R#$/54#43W@5/1%#%#$,4,(/1?0#/+3&(35+093(#-3A*3094;0;4#W;*,99%#$3&D#"#JD#,0942*'G%5#%#
@%5&0Q*' # % # +,$/5250 # 1;9 # -3A*3094;0;(3 # @3*'39B+/1D # b5531 # &'%1,(*%4/ # $3&6%*X0H420% # % # 4%52(#
093$;*';5#13(3094C*#4:(4;5B#09/4?2W/X0#4%5?*20D
"# 1:4;0G35 # 6%*X # A2(4%002&?1%4 # % # -,(+H4,44 # 093$ # 3*0%A24H420% # -3A*3094/ # 4,62GGD #"# 1;4-;*3 # 43W@5/1%#
62*4%1,920%#1/3&'350Q*',9X#@%420Q#%#&'3($3131(3D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
a?+%4,0#1,5W354(2W/X#R;0#/(25'H4,44#-/&'3*3$#1;E300;&3#%#$?51%#0,(25D#"9#3*B9B#;6G35#$3&4%5?*4#
0/$%#1:4;0#43W@5/12A25%1#G/94,502&,0#%*1%*$%920%D#"#1;4#1;9#3&'(3#+/--3(35W/2*4%GG#$,9&20%D
J$431'%&.",2V)2/83:/."S:)+0
73&/0$3(B1;E300;&#-3A*3094;03_#1C*:5G:9B#%5'%&,1#;*$;5'093(F#$3&4%E%094%*20%R#%9#;*$;5'31#
1:9:0#$3&G309;*;03D
b091:9#5;*1C*/#;0#1;9/#093(092$$%*_#1:4B4F63*R#@,(&,*X4F63*#6;&9344#%5'%&%*%1H420D
d;090;&31R#(?4/5,1#1/%*%1H420%#%9#:52**X#$?51%6;&9;0#-3*;D
d(3%4/6/420#-3A*3094;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d:4;0_#-,(+H4,44#093$
Z,(&,*20#*25W#;0#3&'.(2@%A420,0#E2*W%
n,520/#43W@5/121#J.I#092**%*
"*%E:*4;0-%A421
G$TS/+)U*1/."T+43+0
"#@,(&,*20#0,(25#%9#3&'139300;&#+,$/5%5W/2A25%1#3(B0H4;03#%#-,*'XH(204#42$,&%4A%D
"#1;4#1;9#3&'(3#+/--3(35W/2*4%GG#$,9&20%#%#1:4;0#2*4%*#%#*,&/1%/#1;E300;&31#-3A*B+;0;4#$,9+H4A%#
3*BD
" # $20,+/1 # ;63 # &'%1,(,*4 # (/4$/1?0 # $,9+?*%4,1 # @%45%1 # % # &'3($31 # 9353/ # -3A*B+;0;(3R # ;0#
@,992A2(?*5%1#%#$3$,(/43(31#1:55'3GG#3*0%A24H4202@,9D
GO)S/,+%$)#$0"f",+%$)#$0
.*25W093$#R#3&'.(2@%A420,0#E2*W%
.-,(+H4,44#093$
IKK

.0,+(20R#@2($%0-,520R#1:($:5.-,520
.:*4;0-%A421
!",2V)2/83:/"51'3"2'2*#:4&2.
52**X%5#4?+A,5#093$3134#-3*093+5/#1;4#1:4B4F(3R#GB6H403#%#1:4;0G35#6%*X#A2(4%002&24#%
-,(+H4,44#093$31#1:4;0;531#$3&4%5?*2026%*D
Z,(&,*X4F63*#4?+A,5#*25W0,(4#1;09H435/R#/**3463#/0$3(A3#$3&#%9#3&'.(2@%A420,0#E2*W%
@,(&,*2024D
"#1;9/#6%((20#%*%EA%/5%1#3*0%A24H420%_#4FG3-F9;0R#W0,$X1:4;0R#3*B:*4;0R#3*6%((20D
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b9 # %9 # %9 # /+B09%1R # %$/1,( # % # &'3($31 # -3*.-3*6/**%5X # 4?+%4,002&&%* # 3*B09:( # 1C*:5H4/ # 3* # $%&24 # %#
1:(5'3934;4B*D#"9#3*1C*:5C*;0#;0#%#6%*%@,62#4%(4,920#/&;5'3#3&'#/+BG35#*;E#-3*D#"#$?5121#/0#394#%9#
;(9;04#4C1(:9/1D
"# 1:4;0 # -,*'4%420%1;54 # %9 # 3++/&/ # 0H1 # ?425 # 4;(G3*/ # -,($21 # %*1,420% # 1:634139/1R # % # 09%E,(H420 # ;0#
-,&'%09420#43W@5/12A26%*D#"#0/$%#;0#-,(+H4,44#093$31#62*4%1,920%#E%009;1:4;05;*R#;0#%#-,&'%09420#
5%&'#-/&'3*$34#;0#E,54,002&,4#1:6343*D#b93134#%# 43W@5/121%4#1,$G/52*@%4A?1#/0R#;0#3&'093(FGG#
$/5421%4#/0#G3;EH4@34C51D#"#-B#4;$%#%#0%E1%1:4;0D
" # 09H531 # @%0952*%42G%5 # QA # 3*3$ # % # $3&A3*35B # :52**X # %*1,4X/ # 62&'R # %$3*' # %9 # 3&'3+/#
09H51,$E,52*20G%5#43*A303+@34#1/D
" # 6%((20 # 4,62GG-3A*3094;031;54 # QA # 43W@5/1% # % # *25W:*4;0 # @%0952*%4% # 3&'.3&' # 42(&' # -,($2A25%1#
1/3$3*;0;(3#6%&'#@%0952*%425%1#6/009%4C1(:9;0;(3D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"# 1:4;0 # 6%&' # @,(&,*20 # $2( # $3&/0$3(4 # %*%E$,9+?*%4%/G%5 # ,44@,5,0%5 # ;(9/1 # $%&?1%4 # S0/$% # ;0#
-,(+H4,44#093$31R#*25W@?(1,*20R#3&'.(2@%A420,0#E2*W%UD
"#1;4#1;9#3&'(3#+/--3(35W/2*4%GG#$,9&20%D
a?+%4,0#1,5W354(2W/X#;0#/(25'H4,44#-/&'3*3$#%#$?51%#0,(25D
J$431'%&.",2V)2/83:/."S:)+0
. # 73&/0$3(;0/ # ;0 # G3-,&%+X # 1;E300;&_ # 1:9634*35 # 4%E%094%*%4093(9;0R # %9 # %5'%&,11%* # 6%*X#
;(/54139;0R#%9#;(9;13*;0#;(9;135'0;&;531#-,1,920%g
.#"#1;9#/543**/&35W/2A25%1#$F1:+434;03R#%#$%5?2*/0#1;090;&#-3A*3094;03
.#r(93*$/#&%9+%&,+20R#3$E24/%R#/54?HW/X#-3A*3094;03R#:52**X#H9*;0R#G3*0B#/&;5'300;&#1/%*%1?*20%
.#n%5429/%R#1(3%4/6/420#-3A*3094;03
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#d:4;0_#0/$%R#-,(+H4,44#093$31R#09%E,(H420R#-,&'%09420
.#Z,(&,*20_#*25W@?(1,*20R#(:6/+#E2*W%#/0$3(343R#09%E,(H420R#-,&'%09420
.#8%E1%#1:4;0#6%&'#@,(&,*20
.#l25W:*4;0#/0$3(343
.#Y3$391;E#6%&'#.*%G+%#+H09H4;03#*25W:*4;003*
G$TS/+)U*1/."T+43+0

IKP

.#oA#&3,$34(/%/#A3*350;&31#$3&4%E%094%*20%R#%#4;(&3,$34(/%#4?+%44%*%5#$3&/0$3(;0;@39#63934/#%#
&'3(313134#%#&:$GR#%#@35&3(R#%#1QER#%#4;&*%4304#0H1/+,$,1GX*#6%*X#1/%*%1H42026%*D
.#"#-,&'%09420#;0#09%E,(H420#-3A*3094/#092$,*20/#1;E300;&3/134D
GO)S/,+%$)#$0"f",+%$)#$0
.#09%E,(H420
.#-,&'%09420
.#*25W:*4;0
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3(3131#$3&4%5?*A21#%#1:4;0G35#6%&'#%#@,(&,*20G%5#%#|09%E,(H4204=#;0#%#|-,&'%094204=D#b94#
%*1%*$%9921#%#0%E1%1;09H4;0;5;*R#%$3*'#-3A*3094/#%1%(%4?1%4#;0#-/&'3*$C134D
ZH$9344#53$39*%G+%#6%&'#53$391;E#3*1;09H4;03R#%$3*'#-3A*3094/#-%5429/2A?1%4R#1/4%(420?1%4D
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#3&'/1#-B#4;$%#%#53&'3+/1#,0942*',0#1;9/$?51%#X(25#%#13(3094093$30#@H$9;0D#b9#%#@H$9;0#
1C*:5:035#@%095,0#%#&'3($31#-3A*B+;0;531#3935#09%1%092G%5D#bGG35#%9#;*341,(G%5#%#&'3($3131#
%9# :52**X02&#;0# :54?+%4,002&#-3*;# 4309531# *;E;03134D #"# 6/*2&G%5#24431/54@34B#(35+34 #1H6255%1R#
%1%(%44%(420?1R#-3*%+%44%(420?1#/0#1/4%(4X62#62*/1D#"#13(3094093$30#@H$9;0#%E(X*;1,0R#24&,5+,*5/#
6%*XR # E(3WH9 # $?5124 # /&;5'3*D # " # @H$9;003* # $/5+35 # $,99%5%42G%5 # AX* # 1:634@34BR # 2**%5+X#
1,5W354(2W/X4 # /&;5'*B # -3*%+%4,4 # 1%E5%1D # "9 # :52**X # 43(639;0 # A3*354B0;&3 # $3&5BR # %9#
3*B1;09C*3431G35#$2(#53$#W0?E25#%#$F63*3431R#%5'%&,1R#+3#%9#3091:9:1#E,54,0#-3*4;(1;E39;03#
/0 # -,54,002 # 62*/1D # bGG35 # % # 1,(G%5 # -3+39/1 # -3* # %94R # @,&' # % # $/54% # ;0 # %# -?51W/X # @,&'%5 # 13(C*@34#
@%($X5/2G%#%9#3*1;09H435+B#@%0952*%4/#42(&',5D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
.#"#@H$9;0#%*%E43W@5/12/5%1#/0$3(343D
.#q2(4%002&#@H$9;0#;0#6%((20#3091:93/531#@%0952*%42G%5D
.#d,5W354(2W/XR#-/&'3*3$#;0#3&'(3#5%&',GG#:52**X02&#%#$?51%6;&9;0#0,(25D
.#a;(/#,(/3542W/XG%5R#/(25',1G%5#6%*X#3*/&%9,+20
J$431'%&.",2V)2/83:/."S:)+0
.#"#-3*%+%4,1#:52**X#$3&,*+202G%5#%#(?4/5,1R#1;090;&31#1/%*%1H42025#;0#%9#3&'(3#:52**XG%5#6;&9344#
436;135'0;&3134#13(3094C*#%#&'3(3131#3*A?45%1#%9#:52**X#$3&,*+20,1/&D
.#"#436;135'0;&31#1:9G35#%#-/&'3*3$#;0#%9#%1%(%4#-3A*3094;03D
.#"#0H1G%5R#4;(G35#6%*X#42A;1,9X+20/#1;E300;&#3(B0H4;03R#+/--3(35W/2*X#$3&-/&'3*;0D
.#"#@H$9;0#(/4$/1?0#/0$;4*B+;0;63*#03&H4#&'3($3131531#%#(35+#$3&4%E%094%*202G%5D
.#"#09H5#.#-,($%#1%EW0,*%42G%5#%55%1#$3&4%E%094%*20%R#@,&'#%#09H5#$355'/(3#1/3$3*/#%#-,($24D
.#"9#3&';5/#$?5121G%5#%9#:52**X02&R#%#1:9:0#%*1,420G%5#%#09,W/2*/0#;(9;1#-3A*3094;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#d3(3094093$30#@H$9;0
.#09:6;0#1;9/.62*4X0#13(3435
.#6/930#43W@5/126%*#0H1G%5#;0#4;(G35#53$393*5/
IK]

.#90/5X(-,520,1
G$TS/+)U*1/."T+43+0
.#"#13(3094093$30#@H$9;0#0,(25#%#09/$$34(/%#G3*0B#24.#/**D#$3&;*;03D
.#"#4C1:(09/$$34(/%#&'%1,(*%4%#;0#1C*:5G:9B#@H$9;04HE?0,1G%5#62*4%1,9X#/(25'4%(420,1#%#1,(2GG/#
-,($%(%A9GX* # $2( # /0$3(4 # -,($21 # 3*$;*'H4;0;4R # ;0 # % # 1;0BGG/ # 4?+%4,0 # &3,$34(/%/ # 4%5?*$25',1#
$3&%*%E,92024#03&H4/D
. # s0/ # $%&'%( # 1;9$F630 # 436;135'0;&31 # S53$393*;0R # 09:6;0U # % # $%&'%( # $,5+%1:(@:9#
1%EW0,*X+X%5D
GO)S/,+%$)#$0"f",+%$)#$0
.#13(3094093$
.#53$393*;0R#&'%EAQ
.#09:6B13(34R#1;9/.62*4XR#634B092*R#24%*634;0R#@%AXR#G?G%
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#$3&4%5?*A%#%#13(3094093$30#@H$9;0#43W@5/12A24R#%#4FG3#W;(524#-F95/R#%#W;(5%#6;&;(3#
W0,$X4#1:45/g#3*139+35/#;0#G3-3A395/#%#@H$9;04D
b*0%A24H4A% # %9 # %094%*/ # 1;9/ # 62*4X0 # 09:6B13(34 # @%0952*%424R # % # 09:6;0 # 43W@5/12A24R # ;0 # 3*1;09H4 # 3&'#
$?51%+%(%G,4D
"# 53$393*;0 # 43W@5/12A26%* # :52**X%5 # 3*1;09H4 # 3&' # 4%(0,*'4 # 6%&' # 1:9:035 # 3*1;09H43531 # 3&' # SB0/#
$%&'%(#$,4H6?$,4#2G(29,*XU#53$391;E34D
Q252823:/"i-MN":5,+)&$#
b&'#(;&/#$,5+20#093(/54#|"1/#%#139;4#@%0952*A%#%9#$?5120R#%1/#%#139;4#;0#%#-3A;4R#%9#$3043(3$G3(R#
%1/#%#139;4R#-3A;4#;0#%#09H6;4#/0#@%0952*A%R#%9#$F6;09D=
"# 1;9/$?51% # X(21,5 # $/5+@2(,$ # 43(C*34 # $3&A3*35/1D #"$/1,( # 6/009%3$*;139C51 # %9 # 3*$Q*4 # X(25#
6;&9344 # $?512(%R # %$/1,( # 3*43(6399C1 # %9 # %14?2*/0 # -3*%+%4%/51%4R # 1/62*%094A?1 # % # $3&-3*3*B#
5'3(0%5'%&,1%4R # %11,( # % # &,5+,*1,+204 # @%0952*A?1D # "9 # ;(9;03/51(3 # 42$%091,+?51R # %$/1,( # %#
09H53113* # +,*&,9?51D # "$/1,( # E3+/& # %9 # 3*1;E93*;03/5134 # $3&6%*X0H4A?1 # % # 6;&4%&A%/51%4 # ;0 # %9#
%1%(%4?51%4#@%0952*A?1D
"#1;9/$?51%#03&H40;&;63*#%94#%9#;(9;04#13**#-3*13*435C51#%#&'3($31G35R#@,&'#%#09;E0;&#;0#%#
@%095,002&#:00934%(4,9/1D#"#&'3($3131#093$;4#(2#13**#/(25'H4%5/#%#@%095,0#;0#E(%14/1?0#+,*&,1#
09;E0;&;(3D#v*'#$X+,5#/0#$3&4%5?*5%1#1(3%4H6%5#5;95/R#;0#@%095,0#42(&'%1%4#1;09H435/#$F6;09/#
$X+,5#%#$%&?1#;0#$20,1#A%62(%D
" # &'3($3131 # % # 0%A24 # W03*316B1;090;&C1:5 # 13(3094C* # $3& # 4?+5%1 # 3(B0:+5/ # %1%(%4?1G%5R#
093$;*'/0;&C1G35R#1(3%4/6/420?1G%5D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
a3$%4/1%/ # 3&'0;&_ # " # &'3($3131 # % # 4/93513443+/1 # ;*34;6C1 # 42A25 # A?45%1 # 3* # %GG% # % # @%($,5/1?0#
2**%E,4G%R#%$/1,(#5'?&%*,$G%#13(C*531#:5$%&?11%*D#b@@39#1%EW0,*X+/1#%#1:(#$/54#%*%E-,($%R#$/54#
%9#QAGX*#$3&A3*35B#3&'0;&
A3*1;E3R#$3*'531#5',$25#%9#L#4F63*#6%*X#1:(1:4;04#63934AC1#G3D#"#-3A#?425#%#1393135#;0#%
*2G%1,5#%#0,(R#@,&'#:*4:93434#1%EA%5%1D#v&'#3GG35#%9#;6G35#9,15/4#6%&'#3&'.#/**3463#:4?AA%0
13094'F4#1:4C51D#"9#,*/$E/%/#A24;1,1@,9#1%EW0,*X+6%R#.#%9#3++/&#$3&093(9344
6%((20/#/0$3(343134#-3*@%0952*6%#.#&:(:&#(?@21%4#1;09H4C51R#$3*'3134#%#4:(4;53*$/#1,(5%1
IPN

$3&-3*3*B#$/54211%*#+H09H4C51#43`4/*-304;003*#6%&'#@H$9;003*D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
"9#3++/&#4%5?*4#1:4;0/#43W@5/1215%1#G/94,0#%*1%*$%920%R#%9#%1%(%4/#436;135'0;&#4?+%4,0#/(25'H420%_#
43(639;0R # 09H562*%09420R # % # $?51%-,*'%$%4 # C43$;531 # 43(639;03R # % # $;(34 # 2**%5+X # 3**35B(9;03R#
$3&4%(420%R#%#-?51W/X#;0#%#-,($%#3&'0;&3D
a3W@5/1%/#@/G21#-3*/0$3(;03R#;0#:52**X#A%6H420%D
J$431'%&.",2V)2/83:/."S:)+0
"#1/4%(420#-,*'%$%4,0#3(B0H4;03D
G,5',*?*4%GG#4;(G3*/#04(?14Q(21#24*2420%
"#0H1.;0#4;(G3*/#-,($21#1C*:5G:9B0;&;531#$3&4%E%094%*20%
%#09/$$34(/%#/(254/#;(9;1#-3A*3094;03
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d:4;0#:4#4F63*_#9,15/1R#3&'?AA%0#;0#:4?AA%0#13094'F1
Y3$393*;0.43W@5/121#(?@%+%(%G,1#1;09H4;0;(3
"#4%5?*4#:*4;0/#43W@5/121#%*1%*$%920%#%#&:(:&#(?@%#1;09H4;031,(
a3`4/*-304;0/#43W@5/121#G363934;03
G$TS/+)U*1/."T+43+0
"#093$31#092$,*20%#0,(25#%#$%43$%4/1%/#%*%E/0$3(3431#3*$;*'H4;03
"#4;(*2420#-3A*3094;03
"#09H53135#;0#%#-,($21,5#13(3094C*#%9#;(9;06/*2&#-/5,$H420%
"#4304-,($21#/54359H63GG#$3&4%E%094%*20%#G/,*X&/%/#/0$3(343/134#GB6H4/D
GO)S/,+%$)#$0"f",+%$)#$0
.#139+B#093$092$
.#E%009;
.#G3/**3094344#0%(,10%E1%
.#;1#.#;0#G34,*+20
.#?AA1:4;0
.#&;E:*4;0
.#G,09,(125':*4;0#S#093&B:*4;0U
.#1,54Q(-304;0
.#$/54%.3*B(%A9,*20
.#$/54%-304;0
!",2V)2/83:/"51'3"2'2*#:4&2.
e0$3(A3#$3&#%#&'3($31#%9#:4#4F63*#6%*X#1:4;04R#4?+A,5#9,15/4#6%&'#13094'F4#1;09H435/
893$31#-,&'%09420%R#09%E,(H420%R
t%009;#;0#0%(,11:4;0R#G34,*+20R
89/$$34(/1?0#$/54%3*,09420
8%A24H40%#3*#%#&;E:*4;0#;0#093&B:*4;0#43W@5/12A24#D
a%5?*A%#$3&#%#43`4/*-304;0#%*%EA%/4D

IP!

jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b$G3(/ # ;0 # 2**%4/ # -,($21GX* # 1//5+?*6% # @2(,$+/$359/X0 # 42(&'%1%4 # 1;09H43531R # 0%A24 # 3*1;E93*;0R#
43(639;0#;0#$/54%#093(/54D
8%A24#4304C1#%(25'%/5%1#-3*-3+39;03#;0#$3&4%E%094%*20%D
73&-/&'3*;035#%*%E?*X#2**%4-/&?(21#6%((20%
d/4:$;003*#3$3*AC1#%#0H1GX*#%#4;(G3#%9#3*1;09H435+B#42(&'%1%4D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
"#0,1-;*3#:*4;043W@5/1%#W;*093(F#@%0952*%4%D
"#1:4;0/R#@,(&,*20/#/0$3(3431#1;090;&09/54F#%*1%*$%920%
"#43(639;0/#-,*'%$%4,1#:52**X#1/6/43*39;03
J$431'%&.",2V)2/83:/."S:)+0
"#$3&-/&'3*;031#2*4%*#%9#3$E24/20#1;E300;&31#-3A*3094;03R
p**%4/#1%(%143(31#R#$/5B0;&31#-3*/0$3(;03
52**X#H9*;0R#G3*0B#/&;5'300;&#-3A*3094;03
"(25';(9;1#-3A*3094;03
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
89%G20$/54%#1;09H4;03
t,54,0#3*B(%A9,*20#;0#1/62&20
a:$;0
d/3&;09H4B#$?512*%4,1#S#@,(&,*20#;0#0?G%43W@5/1%#/&;5'#093(/54#U
xH09H4B6%((20,1#3*0%A24H420%#;0#%*1%*$%920%
G$TS/+)U*1/."T+43+0
a304%(25',1 # ;0 # $;(3431 # $3&4%E%094%*2026%* # % # 1:(5'3934C1@:9 # 6%*X # 1%EW0,*X+20?1 # (32*/0#
093$*;*34;531#3(B0H4;03D
"9 # 0,109H5F # 3$G3(/ # ;0 # 2**%4/ # $/5B0;& # $/5;* # 4:GG(;4F # $3&4%E%094%*20% # ;0 # % # &'%1,(*%4G% # 6%*X#
24C*434;03R#G/,*X&/%/#/0$3(343/1#4,62GG/#GB6H4;03D
"#&,5+,*%4/#4%(4%*$%1#4C1(:9;03#%#42(&'%1G%5D
#"#0%A24#;0#$20#5;E31#:*4:91:+;0/#1?*4Q(2A25%1#$3&/0$3(;03R#%#-:*+(%A9#4%542(&'@,9#1%EW0,*X+6%D
GO)S/,+%$)#$0"f",+%$)#$0
.#3*B(%A9,*20
.#09%G20$/54%
.#3*1:4:9;0
.#/**3094;0
.#(2@%&'20
.#G3@%A420
.#093&;0
.#G3@Q920
.#E,54,002&
.#%5'%&#09H53R#6/0092A%
IPJ

.#1/-,(+H420
.#1/4:$;0
.#093&;0
.#4/0942920
!",2V)2/83:/"51'3"2'2*#:4&2.
"9#3++/&#4%5?*4#:*4;043W@5/121R#%#@,(&,*20#;0#%#1:4;0#4?+2025%1#3*$;*'H4;03R#G/94,0#%*1%*$%920%D
b&'#G%G%#43*A30#:*4:9;113*R#;0#3&'#;*34@F#2**%4-/&?(%#1/6/43*39;03D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # 4304/ # -,($21G%5 # 093(9344 # -,*'%$%4,0 # 4%E%094%*20 # % # (?@291,+20 # 43(;5 # -,*'4%4X+/1D # " # +/21,1#
:52**X%5#43(639/1#(?@%+%(%GA%/1%4R#;0#1;9/#6%((200%*#2**H4A21
:0093#393134D#"9#%*%E%5'%&,1(X*R#:*4;0-%A421(X*#093(9344#4?+204#4,62GG#GB6H4AC1#;0#*3#/0#A3&'399C1
393134#%9#/0$3(343134D#89H54#;0#%#-?51W/X4
$3&-3*3*B35#1/62*%0946%#,44@,5/#*2GG3*/134#R#;0#3&'093(F#-3*0B(?@29%4,4#1;09H4C51#63*C1D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
52**X#43(639;0#1;E300;&3R#09%G20$/54%#093(13094;0;531#$3&;(4;03
$%43$%4/1%/#092$H420,1#G/94,502&,0#%*1%*$%920%R#%*%E634B#%5'%&/0$3(34D
"#6%((20G%5#6%*X#A2(4%002&#1;090;&09/54F#%*1%*$%920%D
J$431'%&.",2V)2/83:/."S:)+0
n%5429/%R#1(3%4/6/420#-3A*3094;03R
%#E,54,002&R#$/54#%*%E634B#1:6343*$;5'#3(B0H4;03D
"#093(13094;0/#/0$3(3431#3(B0H40;1#$%43$%4/1%/#1;E300;&3/134R#;0#%#4;(G35#6%*X#42A;1,9X+204D
d,5W354(2W/X#-3A*3094;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#3++/&#$3&/0$3(4#%*%E%5'%&,1GX*#09%G%+,5
+,*&,95%1#1C*:5G:9B#$X+093(3113*R43`4H*/21R#GB(#;0#-,5,44#092*%1#1,$G/52*2026%*D
d;993*#3&'093(F#:*4:9;13134#;0#1/3&;09H4B134#6%((5%1_#/5&3134R#$3**;5'3134R#420121%4R@24/9021,1%4D
nB#4;$%#%#W/EB6%((20D
G$TS/+)U*1/."T+43+0
"#*2GG3*/#1%EW025#%#1C*:5G:9B#1?*4Q(1,(09%1,1#24431/54;03D
"#09%G20$/54%#093(13094;0/#-,*'%$%42G%5#1%EW0,*X+?51#&3,$34(/%/#/0$3(343/1@39D
"#W/EB#+H09H4;0;5;*#%#@%&',$25',0#$%&'%(#$,4H6?$6/*2&#1/5W03/GB*#$3(H4@34C51R
5;E/#1?*4Q(251#/0$3(343/4#-3*@%0952*6%D
GO)S/,+%$)#$0"f",+%$)#$0
.#09%G20$/54%
.#W/EB-3*0B(;09#;0#4%*E
.#G;*;0
.#@H$9B#:*4;031
IPI

.#&;E:*4;0R#E3*351%:*4;0
.#(24;431
.#/**3094;0
.#09H53.6/0092A%
.#$%&'%(#42A3&'0;&31#;0#3&';G#1?*4Q(21#$,4H6?$%/
!",2V)2/83:/"51'3"2'2*#:4&2.
e0$3(A3#$3&#%#&'3($31#0%A24#4304;531#%(25'%/4R#;0#35531#%*%EA25#4?+A,5#$%&25%1
09%G20$/5424#1;09H435/#W/EBA;@39R#E%E?W02@,9#6%&'#3&';G#3&'093(FGG#(?@%+%(%GA2@,9D
"#09%G204#;0#:00932**H4204#4%52(%#03&H40;&;63*R#$H&#%#6%((204#:52**X%5#1/6/43*39/D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b935#%9#,0942*'-,1,5#%#$3W@%5/1?0#093(1393431#$F1:+;0;531#$3&;(4;03#1%EW025#1:93*#13(C*531#
%9#,1#;0#,1,9%4/#:0093-C&&;031@39D
b11,(#/0$3(13+531#$3&#%#*2GG%*#@%A4@%4XR#;0#3*314(,5/1?0#6%((X&;E#@%0952*%426%*R#093(13934;63*#
;0
3@@39#1%EW0,*X+X%5#-?51W/XA26%*D#Z%0952*%4?1#(3$31#*3@34B0;&34#5'QA4#%#*2G.(/4$?0#S%1%(%4UR#%
1;9C&'300;&#S;(9;0U#;0#%#-/&'3*3$#S&,5+,*1,+20U#:0093@%5&,*202(%D#"#43`4H*/21(X*#093(9344
4?+204#3*$;*'H4AC1#;0#(35+39344#A3&'9343134#/0#1;09H4C51#S$?51%-C934G35R#$?51%.5%E*XG%5UD
Z%5&0Q*'4#-31434C51#%9#3*4;(B#%5'%&,1#$/5B0;&3/(3#;0#%#1/62*%09420?1(%R#3935#13(3094C*#/0#-3A*B+/1#
%#+/21,1#+/--3(35W/2*20/#1;E300;&3D#"9#%5'%&,1#1393*;0/
Q4$?4%4X/5%1 # $3&/0$3(;03 # 09/54;5 # -,54,0 # $,99%5%4R # SE*D_ # % # $,020R # 6%0%*20R # 63&'4/094H420UR#
W0%1Q&'R # $/54 # % # 43($;093430 # 6%*%$/54 # % # 09/5434/1?0 # %5'%&,1 # 1:94/ # 1C*:5G0;&31D#
73&4%E%094%*4%4@%4A?1 # % # 09H531 # $/5B0;&;4R # A3*354;0;4D # f309;*&34@34C51 # %9 # ,44@,5/ # ;0 # C553E/#
:*4:91:+;0(B*R#%#1C*:5G:9B#1,(,1#(?@2/(X*R#5;E6/03*343431(B*#/**3463#2*4%*2G%5#%#+/6%4#-,&%*$2(X*D#"#
09H5E%+/ # 1,094C$:1 # 0E3W/2*/0 # A3**3&934300;&3/4 # /0 # $3&6/4%4@%4A?1R # 43(639@34C51 # 1:9:035#
A3*$393134D#d;09H403531#09%G20$/5424R#0%A24#(?@%+%(%G,4D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
n;(W:*4;0#/0$3(343R#09%G20$/54%#1;09H4;0R#4304%(25',1#24*2420%D
52**X#$?512G%5#6%*X#A2(4%002&D
"#-,*'%$%4#24*2420%#;0#*,&/1?0#6;&/&6/43*3R#@%4;1,5'#/+BG3,09420#1;E300;&3#D
"#-?51W/X#;0#%#-,($%#(32*/0#$3&H4;*;03R#3*1;E93*;0;531#E,54,0#&'%1,(*%4/#$3&6%*X0H420%D
J$431'%&.",2V)2/83:/."S:)+0
d(3%4/6/420#;0#%#-%5429/%#-3A*3094;03#$3**344#%#(3%*/420;(9;1#$F1:+434;03D
5/0$3(34/#4%E%094%*%4,1#3*$;*'H4;03#%#0%A24#$;(34(3#1;09C*4#(?@%+%(%G#1%EW025D
"#-,*'%$%4,0R#:52**X%5#63934344#436;135'0;&#0,(25#%1%(%4?1#3(B0H4;03D
"#&'%1,(*%4/#$?51%#+/142*4%#0,((35+#-3A*3094/#%#*,&/1?0#&,5+,*1,+204D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
T%((X&;E#@%0952*%4%#3&'3530#:*4;031@39R#;0#4/094292052*#W/11.W%11#6%((20@,9D
b&';5/#09%G20$/54%#1;09H4;03D
89%G20#;0#:00932**H420#:52**X#1/6/43*39;03D
IPh

xH09H4;031#3&';5/#1/%*%1H420%D
89H531#;0#09H52(5'%*%4,1#24431/54;03R#/0$3(343D
G$TS/+)U*1/."T+43+0
"#$3W@%5/1?0#6%((X&;E#$F1:+;0;531#/0$3(343#1%EW0,*X+/1#%#-/9/1%#4%542(&'@,9D
#"#$3&6%((4#A3*$393134#%#+(2$%X(21,5#@%0952*A21#D
"#4304%(25',1#$3&4%E%094%*20%#%#G/,*X&/%#X(21#3@@39#1%EW0,*X+X#/0$3(343/4#3&;09H4/#1/D
GO)S/,+%$)#$0"f",+%$)#$0
"*0X#092*
-3*0B#092*
,(0X
092*-30930H4B
:*4;0@,009
W;(5%G3-F9;0
6%((X&;E4%*E
W/11.W%11#:*4;0
3&'3530#:*4;0
43($;093430R#09/5434/1?0#%5'%&,1
-;(W:*4;0
09%G20
/&%9H420
!",2V)2/83:/"51'3"2'2*#:4&2.
/0$3(A;1 # $3& # % # &'3(3131 # % # $3W@%5/1?0 # ;0 # %9 # 3*314(,$,0 # 6%((X&;E # @%0952*%424R # ;0 # 35531#
03&H40;&;63* # 6%((A%5%1 # :0093 # 3&' # 3&'093(F # (?@%+%(%G,4R # $3*'34 # :52**X%5 # 43(639531 # $3&R # ;0#
1;09H43531#(X*%#:52**X#09%G20$/5424D
#T%((X&;E35#4?+A,5#3&'3530#6%((200%*#+,*&,95/R#/**3463#W/11.W%11#:*4;003*#4/094295/D
Q252823:/
" # -3*0B # 4%&,9%4 # 1;9/$?51% # X(2/5%1 # *3&-BGG # 093$E,54A% # % # 4%5?*X1 # ;*341,(/ # 0%A24,002&%/5%1#
-/&'3*3$G3#6;43*3R#$/1:9G35#%((%#%#1;9C&'300;&(3#;EH4C51R#$3*'34#%9#3*0B#;6-,*'%$4X*#139+63#%#
1C*:5G:9B#%5'%&,11%*#;0#43W@5/1211%*#6%*X#4%*2*1,920#(;6;5#%*%1H4,44?51#%9#%1%(%4#3(B0H4;0;5#;0#
%9#3&';5/#*2420$X+#-3A*3094;0;5#13(3094C*D
"9 # X(21,5 # -,&*%*1,9?51 # % # @%0952*4 # %5'%&,1 # 4?*%A+,502&%/6%*R # ;0 # %9 # 3@@39 # 1%EW0,*X+X#
$?51%-,*'%$%4,11%*R#6%*%$/54#G3431/54;04#%+?51#%9#3$G3(R#%#&;ER#%#&'2(420R#%#13(3013+3*3$#;0#
%9#/E%(#4,62GG2#%#1:(5'3934#:0093-C&&;03/G3D
"# 1C*:5G:9B # %5'%&,11%* # 6;&9344 # &'%1,(*%4/ # ;0 # 3*$;*34/ # $?51% # 03&H4/ # % # -/%4%*,1%4 # &,5+,*1,+20/#
1;E300;&3/1 # W0/09,*202G%5 # ;0 # %GG%5R # @,&' # *3&'3531 # $;& # /512GG # 4?+%42G%5 # % # 43($;0934G35#
-3**3*@34B # ;*34-,*'%$%4,15%1D # b9 # 03&H435/ # -,&A% # B134 # % # 1C*:5G:9B # @%0952*%4/ # 42(&'%1 # :4*3430#
$3&43(639;0;G35R#;0#392*4%*#1(/4/1?0#%*%1?*#1/#%#1(/4/1?0#-,&'%094X/#$%&%4%(420?1D
"9#/*'30-%A4%#$?51%#093(3E34#A2409/1#093$;*'/0;&C1#-3A*B+;0;G35#;0#43W@5/1%/#4%5?*$25'%/1G%5#/0R#
6%*%$/54#1;0BGG/#+:54;0C1G35#%((X*R#$/*'35#$?51%#6%&'#09%1$%#-3*;#4:(313+A3531D
7/5+35#;6-,*'%$,5#@%5&0Q*',0#093$E,54R#@,&'_
.#%#42(&'%1#-,($%43(63#09,*&2*A%#%#@%0952*%4/#W;*4#;0#5:63*A3#%9#3094;4/1%/#;(9;135'0;&34R
. # % # 1/6/43*39;0G35 # 4:(313+AC51 # &%9+%02&,002&(%R # % # 43($;093430 # %5'%&,1 # QA(%@%095,0H4202(%R#
$3&-3*3*B#$/5B0;&F#%*%E%5'%&,1#-3*@%0952*202(%D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f",2V)2/83:/."S:)
IPL

]D#,0942*'G%5#%#1;9/$?51%#X(21,5#%#-BGG#436;135'0;&/#43(C*3431#1,02(-,520R#09%G20.6%((20D
dC*:5G:9B # %5'%&,11%* # 6;&9344 # 3*$;*34/ # ;0 # &'%1,(*%4/ # $?51% # 03&H4/ # % # 4%5?*X1%4 # % # 1C*:5G:9B#
@%0952*%4/ # 42(&'%1 # :4*3430 # $3&43(639;0;G35R # ;0 # 392*4%* # $3&-3*3*B # 1(/4/1?0 # $%&%4%(4204 # -,&5%1#
1;E6/03*5/D#
"#1,02(-,520#;0#43`4/*$?51%#-,($%43(3$4B#3(B/1#$3&3(B0H4;0;4#09,*&2*A21R#$/1:9G35#C&'3*5/C1#13**#
%#E,54,002&(%R#%1:9G35#%#$?51%-,*'%$%4,1#%1%(%4?1%4#/0#-3A*3094/1D
"#-F9-%63009B63*#6%*X#436;135'0;&#;0#%#09%G209%4#/0#3(B0#13(343134#G/94,0H4R#$3*'31#0,(25#W0%1#
-3&'3*$39344#;0#1:6341393430#$?51%6;&9;003*#;(@34B#3*#,E4/$2*/0#3(3+$;5'D
7%0911;09H4;0_ # % # 1C*:5G:9B # %5'%&,11%* # 4:(4;5B # $%0911;09H4;0 # *3@34B0;&34 # G/94,0H4 # % # 4%5?*X1#
092$2(%#%9#3$G3(/#*;*31#$3&/0$3(;0;(3R#/(,+%*$/#;0#+(2$%/#4%5?*$25'%/1%4#1/3&;09H463D
009@%5&G%5#%#-/%4%*,1#-3A*B+;0/#09%1%0926%*#$,04#G3*0B#@%42(,9,4402&(%#6%5#09C10;&C1R#3&'3530#
4%(420(%#;0#-,*'%$%4,002&(%D
m'$02'23

;i"U'$"

I)Y8232/"3O*1/
.#6%((X&;E#@%0952*%4%R#3&'3530#6%((20R#W/11W%11.6%((20R
.#09%G20$/54%#1;09H4;0R#-;(W3*;0R#:00932**H420
.#09:6;0R#-,520R#EX1-,520
.#E%EH($%0;#$%091
J$431'%&.",2V)2/83:/."S:)+0
73&/0$3(B # ;0 # G3-,&%+X1;E300;& # -3A*3094;03_ # % # 1:9634*35 # 4%E%094%*20 # Q4A25 # 093(9344 # ;*$;5'31#
-3*+,*&,920%R # QA # 43W@5/121 # 1/E(XG2*20%R # % # 43W@5/1% # 5'QA4,44% # *3@34B0;&31 # 092$G%6;43*3R # 0%A24#
:4*3431#$3&6%*X0H420%D
0093@%0,5*H4X # 42(&'3*3$9;0R # 1C*:5G:9B # 5;E31R # 1,(,1 # 4%5?*4 # 436;135'0;&@39 # 1%EW0,*X+X#
42(&'%/5%1#:0093@%0,5*H420%D#"#4%5?*4#436;135'0;&31#%#$%&'%(#1?*4Q(2G%5R#$F6;0934G35#(;&35#;0#
$%D
d(3%4/6/420R#%*1,4X1;E300;&#-3A*3094;03_#3&'093(F#42(&'%1#43(639;03R#1/6/43*39;03#%#W;*093(F0;&R#/**D#
%9#3094;4/1%/#093$E,54,1#;(6;5'(3#A?44%42026%*D
52**X # $?51%6;&9;0 # -3A*3094;03_ # % # $?51%-,*'%$%4,1 # $3&43(639;03R # $3&,*+20/ # *3@34B0;&31R#
1/6/43*39;0R#;(4;13*;0D
G95232)#:4&20W"./#2'2320"f",2V)2/83:/."095232)#:4&20
e0$3(13+A3531#$3&#%#@%0952*%5+X#%5'%&,1#3(3+34;63*#;0#3*B1;09H4;0;63*R#6%*%$/54#%#093(092$,1#
@%0952*%426%*D
d,0%(%1#1;09H4;03_
.#1,02(-35;1R#,*+%*(;0931R#093&;*'#$3&-,520%
. # 09%G%+# 1,02(1;09H4;0R #$3*'G35# %# -,520 #43W@5/12A24 # %#4%5?*X1# 62*%094@%4A21# $3&# %#@%0952*%4/#
W;*5%1#;0#%9#3094;4/1%/#43(6531#$3&-3*3*B35D
89%G209%4_
.#$;(346;43*#3&'#(?@2@,9#S0%A24#$;(346/09,5'%/1#$3&/0$3(;03U
.#09%G20$/54%#(%A9,*20%#;0#62*4,94%420%
.#%9#%5'%&#1/62*%09420%_#$/5B0;&R#09:634R#093(13934
.#09%G20R#G3A3*:*;0R#4F9;0R#E(XG%R#6%((20
.#G3-3A39;0_#&,$G,1R#W/E92(%1R#093&;*'31R#-3*@%A420,1R#5'%11/62&20,1
.#&,$G*'?1#1;09H4;0#1;993*#6%&'#&;EE3*
7%0911;09H4;0_
.#%(W*35',$%4#1;09H4;03#%&'%&#;0#&/E09#@%0952*%426%*
.#1C*:5G:9B#%(W1/-3A39;031#$3&A3*35H4;03
G$TS/+)U*1/."T+43+0
.#e(,+%*,$R#+(2$%_#&:(:&#+(2$21
.#w3,$34(/%_#4;(G3*/#-,($21
IPO

GO)S/,+%$)#$0"f",+%$)#$0
.#09%G20$/54%
.#-;(W3*;0
.#:00932**H420R#4F9;0R#&;E/#:*4;0#S3&'3530R#W/11W%11R#&,$G*'?1U
.#1,02(-35;1#S-35;1092*R#&':11354;0U
.#,*+%*-,520
.#093&;*'1;09H4;0
.#&/E09R#%&'%&R#&/E0930#&;9R
!",2V)2/83:/"51'3"2'2*#:4&2.
89%G209%4_
. # l3&'35 # 1;E30 # % # +/21 # 1;09 # (?@%+%(%G(X* # 09%G20$/54% # *36;43*;(3R # /**3463 # 0%A24 # $;(343/ # %*%EA25#
%55%1#5%&'H4202(%#6%&'#1/W0/5'H4;0;(3D#
.#"#92(X+20,1%4#/0#6%((X&;EE3*#4?+A%#$3&,*+%5/R#$/54#E*D#&,$G*'?1R#W/E92(D#
d,02(-,520_
.#e0$3(A3#%#1C*:5G:9B#1,02(63009B134#;0#3931#-,520(%#6%*X#3*B1;09H4;0;4D#
. # "9 # %*%E634B # -,520/ # 43W@5/121%4 # 0%A24H40% # 3*R # ;0 # %*1%*$%99% # 3&' # 0%A24 # -,5,44 # $?51%+%(%G#
$3&1:4;0;G35D#
7%0911;09H4;0_
.#"#62*%094,44#%*%E%5'%&&%*#4?+A%#%#1C*:5G:9B#&3094?0,1#1/-3A39;0;4#;0#;(9;13*434;0;4D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)n
"#!ND#;6G35#%#1C*:5G:9B#43($;093430#%*%E%5'%&Q#43`4H*/211%*#-,&*%*1,9?51R#392*4%*#093(39531#QA#
4%E%094%*%4,1%4 # 1;9$F630 # 43W@5/121G%5 # S09:6;0R # -,520R # G%4/1,*20UD #"9,1 # $% # /0 # -3*@%0952*@%4X#
E(%14/1?$26%* # -3A*3094AC1R # H9*;0.R # 09H5. # ;0 # %5'%&6/*2&?1%4D # b&'-;*3 # 43W@5/1% # 1C*:5G:9B#
*3@34B0;&3/531 # %*%E,0 # 1:(C*A2(2026%*R # E,54,0R # 6/*2&,0 # 43(639;0/ # $?5126%* # G/94,502&,4 # 1%E5%1R#
%1%(%4?1%4#3(B0H4/1#%#1/4%(4X#$?51%#-,*'%$25R#?&'%5%11,(#3&';5/#$3&6%*X0H420,1#(;6;5#6;&43*35#
6%(/2W/X1#*3@34B0;&;63*#%*1,4X#436;135'0;&C1#/0#(?&%*$%0#;0#09%G%+#43(34#;*639@34D#"#G%4/1,*20#;0#
$20#43`4/*$/542920/#43W@5/121#0,(25#%#09%G%+#$F6;09/#$?51%#$/5+/&#E,54,0%5#24&,5+,*4#43(639;0#
%*%EA25#4:(4;5/1R#$/54%R#09H5R#-,($%#;0#43W@5/1%#35531#$3&-3*3*B35#62*%094@%4XD#
m'$02'23

;i"U'$

I)Y8232/"3O*1/n
.#%5'%&/0$3(34#S43`4/*31R#-304;131U
.#:*4:91:+;01?*4Q(%R#.4:(4;534
.#3543(/B(#-,&%*$%R#3*3$3/
.#%#$%&'%(#;0#$20#1?*4Q(21#A3**3&93430#$,4H6?$6/*2&25%1#/0$3(343
.#43(6(%A9#1;09H4;0;531R#09%G20$/54%#1;09H4;0;531#/0$3(343#S@3*'30#%(25',1U
J$431'%&.",2V)2/83:/."S:)+0n
"9#QA#43W@5/121#$3&/0$3(;0;63*#%#4%5?*4%1%4#;0#-%5429/2A?1%4#E(%14/1?0%5#/0#@%095,0H4%5/#4?+A21D#
dH0;(*3439;0#1C*:5G:9B#%5'%&,11%*#;0#43W@5/1211%*D#"#43(6(%A9,1R# 09%G20$/5421#1;09H4;03#5%&'#
-/&'3*$34R#E(3WH9R#E,54,0#$?5124#/&;5'3*R#-3A*3094/#1,5W354(2W/X1;090;&C134D#p4%*%1?*20/#-,*'%$%4,4#
1:634@34531#6;&/&#%#0%A24#:4*34#43(6(%A9G%5R#09%G20$/542G%5#6%*X#$3&(%A9,*2024X*#/5+?*6%#.#%$/#3&'#
04%4/1?0 # 2**%E,4,4 # . # % # $?51%+%(%G # 1/6/43*39;0;5 # 13(3094C* # % # @%0952*%4/&D # b&'093(F # 42(&'%1#
1;09H4;03#%#W;*093(F0;&R#E(%14/1?$#;0#%9#3094;4/1%/#093$E,54,1#;(6;5'(3#A?44%42026%*R#%9#%5'%&,1#
&%9+%02&,0#-3*@%0952*2026%*R#%9#QA(%@%095,0H420#*3@34B0;&;63*D#
G95232)#:4&20W"./#2'2320"f",2V)2/83:/."095232)#:4&20n
.#%9#%5'%&,1#4%5?*$25',920%R#3*B1;09H4;03R
IPK

.#3&';5/#43(631R#$/5421#1;09H4;03R
.#09H531#1/62*%09420%R
. # 1C*:5G:9B # 43W@5/121 # G3$?4%420%_ # 09:6;0.-,520 # 43W@5,*X&/%/ # -3A*B+;03R # $Q93?$. # ;0#
&'2(*24,&%420R#09:6;0#3*3$3/R
.#09:6;0#%*%E43W@5/12/R#1C*:5G:9B#09:6B13(343113*#6%*X#/0$3(13+;0R#3&'#09B44#+%(%G#43(63D
G$TS/+)U*1/."T+43+0n
-"$%43$%4/1%R#(%A9#;0#6/9?2*/0#1?*4Q(%_#E3(0E314H6%
.#-:*+$;(;0_#$;(;0R#%(25',1R#43(6(%A9#1;09H4;03
.#$F6;09344:(4;534_#$%&'%(#;0#$20#1?*4Q(21#A3**3&93430#$,4H6?$6/*2&%R#:*4:91:+;04:(4;534
GO)S/,+%$)#$0n
.#43(6(%A91;09H4;0R#E3(0E314H6%R#
.#%*1%*$%9,44#1;9$F630#43W@5/121#;0#3091:93/1_#5',$X+QWR#E,54,9XR#6/%09,0#;0#1:4:9;030#G%4/1
.#09:6B09;1R#%#*25W-,5%*#;0#-3*634B092*#3&'C44$F1:+;03
!",2V)2/83:/"51'3"2'2*#:4&2.n
89:6;0.-,520_
.#p**X#09:6B13(3435#%#*25W-,5%*%1%4#4?+A21#-3*6345/R#%#634C*;1-,5%*%4#3*B1;09H435/RD
.#e0$3(A;1#$3&#%#1C*:5G:9B#09:6;0/#43W@5/121%4D
.#b&'#5%&',GG#$;(34F#09:6:44#+%(%G,4#1;09H403531#3*#:52**X%5#6%&'#1%*212G%5D
f%4/1.43`4/*_
.#b&'093(F#W0,$X920/#43W@5/126%*R#/**D#6/%09,*200%*#4?+A%5%1#G%4/1,*5/g
.#"#03*'3$-304;0#%*%E-,&20%/5%1#3*0%A24H420%D
.#"#43`4/*$/542920#*3@34B0;&3/531#$3&4%5?*20%#1C*:5G:9B#1;9$F630#43W@5/1211%*D
.#"9#3*1;09H4344#$F63134#4?+A21#@%0952*5/#%9#3543(/B(G35D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f",2V)2/83:/."S:)n
"#+/21,1#!!D#,0942*'G%5#$3&/0$3(13+531#%#1%(4,5,920#43W@5/12/6%*#S+,G,9R#$%EE%#04GD#1;09H4;03UD#
"9#QA#%5'%&,1#$3&/0$3(;03#;0#4?*%A+,502&%/1#SE*D#4X5?0R#09H5R#04(?14Q(%R#@%A*;1,5'02&R#09/*2(+02&U#
-3*/0$3(;03#-/&'3*$30#;(9;13134#;0#G/94,0#H4;*B1;E300;&34#1H625D#"#1%(4,5,920#E,54,0#43W@5/12A%#
09/&,(Q%5#$3&@%42(,9,44#*;E;03/63*#/01,*299%#%#-3&'3*$39344#&,5+,*1,+204#;0#436;135'0;&34D#"#
1%(4,55%*#6;&9344#$?51%#%#1:5'61:4;0#43W@5/12A25%1#$3&/0$3(;0;63*#;0#&'%1,(*%4/#43W@5/12A26%*#
-,*'4%4X+/1D # " # 1:5'61:4;0 # E,54,0 # 43W@5/12A% # 09/&,(Q%5 # $3&@%42(,9,44 # *;E;03/63* # /01,*299% # %#
-3&'3*$39344#&,5+,*1,+204#;0#436;135'0;&34D
m'$02'23

;i"U'$

I)Y8232/"3O*1/n
.#-F9;0/#43W@5/121R#
.#43(6.R#09%G20$/54%.R#629*%41;09H4;0
.#%(25',1#/0$3(343R#4;(&3,$34(/%/#/0$3(3431
.#%5'%&/0$3(34
J$431'%&.",2V)2/83:/."S:)+0n
"#4%5?*X1#24%*%1?*20/#-,*'%$%4,4#1:634@34531#6;&/&#%#0%A24#:4*34#43(6(%A9G%5#6%*X#$3&(%A9,*2024X*#%#
$?51%+%(%G # 1/6/43*39;0;5 # 13(3094C* # % # @%0952*%4/&D # n3A*3094/ # 1,5W354(2*X1;E300;&C134R#
1(3%4/6/420?1%4D#l3@34B0;&#6%5#%#0%A24#%*1,4X-,*'%$%4G%5#%#AX#;0#(,009#+:54;031#3*3$9;0;(3D
G95232)#:4&20W"./#2'2320"f",2V)2/83:/."095232)#:4&20n
7?51% # 1%(4,55%*D # >;09G35 # $20,*200%*R # ;0 # 0%A24 # 43(63/1(3 # 42$%091,+6% # % # +/21,1 # 1;E13(34R#
IPP

$%EE21%4R#1/0#+,G,9,1%4R#-;5'1;E%*G?$,4#1;09H43531D
73&4%5?*A21 # %9 # %5'%&,1_ # E%EH(R # 1%(4,5R # 43`4/*31R # 3034*3& # GB( # ;0 # (%&%094X1 # @3*'30 # 1393*;0;4R#
@%0952*%424D
" # 1C*:5G:9B # -3*%+%4,1 # 3*6;&9;031,( # % # +/21,1 # $3&/0$3(@34/1 # % # @%0952*%5+X # 093(092$,1%4R#
03&;+3091:9:134R#&;E3134#S5',$X.R#62&X3091:9:1R#&;E31UD
"#+/21,1#3*0%A24H4A21#%#1:5'61:4;0#%*%E43W@5/12/4R#1,((314Q(%#H631#6%&'#H(20(%#6%*X#E%EH(#@%A42025%1#
43W@5/12A24R # E%EH(1:4;0@39 # % # 6%((204R # ;0 # % # 13$;5' # -3+3*F # 1:4;0 # 43W@5/12A24D # 73&/0$3(/1R # @,&'#
1:5'6 # 4%(4%*$% # $3&@%42(,99%R # @,&' # $/*'35 # G,(H4204R # %5'%&,1%4 # ;0 # G,(H4X$/5424 # @%0952*A%5%1D#
b5531#0,(25#4%5?*$25',9921#%#1C*:5G:9B#1:5'61:4;0@39#@%0952*@%4X#%5'%&,1%4D#
G$TS/+)U*1/."T+43+0n
7%43$%4/1%_#0H1.#;0#4;(&3,$34(/%R#43(C*34.R#13(C*34092$H420D#
f,4@$3(.&/$5%094/1%_#H4;*34%*1,420D
>%A9.#;0#6/9?2*/0#1?*4Q(%
GO)S/,+%$)#$0n
-,($%62&20R#-?(%4,*20R#;*@%A*H420R#E,*H(,920R#1%(,0#E%EH(62&X#&;E#-,($%62&20R#;*@%A*H420R#E,*H(,920R#
1,((314Q(%#H6R#1:5'66%((20R#&290/R#1:5'61:4B6209,5R#G,(H4X#S13$;5'#-3+3*30R#E?@%#-3+3*30U
!",2V)2/83:/"51'3"2'2*#:4&2.n
" # 4%5?*X1 # 3*0%A24H4A21 # % # 1%(4,5,920/ # 43W@5/121 # %*%EA%/4D # 73&/0$3(/1 # %9 # 3@@39 # %*1%*$%9%5+X#
%5'%&,1%4 # ;0 # 3091:9:134R # E,54,0R # E(3WH9 # $?5126%* # 3*1;09H43531 # 3&' # 0%A24 # 43(639;0F#
$?51%+%(%G,4D#"#4%5?*X1#3*0%A24H4A21#%#1:5'61:4;0#43W@5/12A25%1#%*%EA%/4D#73&/0$3(/1#%9#3@@39#
@%0952*4#%5'%&,1%4#;0#3091:9:134D#t,54,0R#E(3WH9#$?5126%*#3*1;09H43531#3&'#$?51%+%(%G,4D#

G:8#X52//:%"f",$#O4010
Q252823:/
"9#L.PD#,0942*'G%5#%#1;9$F630#X(21#09/543#1/92(X*%&,0#%*%E%5'%&%#%#-%D
"#)%*+,(-./01,*%#$F6;09/#/&;55'3*#,14%4A%#%#1;9$F6300;&#%*%E3*3$3/4D#"#1;9$F630#-,&*%*1,920,1#
W;*A%#53$#%9R#@,&'#1/0#1;9$F6303134#6%&'#1;E9B$F6;093134#5363*AC51R#@/0935#%#)%*+,(-./01,*%#
53$ # 09%1/01,*%R # 0,11%* # /512GG # %((% # -31434AC1 # % # @%5&0Q*'4R # @,&' # %9 # 3$G3(/ # 1;E300;&31#
0,1,*+%*Q02&24#2E,*A?1R#3*(35+399C1D
n,54,0R # @% # % # &'3(31 # % # $F@3*'G35 # *;4(3@,9 # 6%*%$/4R # %11,( # 53 # 3&' # @F6:0R # 42(&'/%0 # 3*1;E93*;0#
6393003R#@,&'#6%*%@,*R#6%*%$/1,(#1C*0B*3&#*24,44#$2(#/*'30$/4g#%#6/*2&,4#$3&/0$3(5/R#G3553#@3*'4#
2**5/R#%#-3A#3&'3+C*#53$#1;E30D#"*1,420%#09,(,0#1%EW0,*%4G%5#*3&'35#%#093$;*'/0;&;63*_#%#G3553#
3*363535#;*B#%*1,4X#3(B1#%*%1H4021#%#$?51%+%(%G#-,($2A24R#53#3&'#3*B(%A9,*4#6,5%*%4#1:630035D#
b92*4%*#4?+A%#%#&'3(31#1/-3A395/#$%&24#%#-,($2*20G%5R#%#-,($%%+20G%5D#b9;(4#/0#6%5R#@,&'#-/Q1#;0#
*25',1# 4:GG5'/(3 # ?&'%5%99%*# % # -3*%+%44%*# G/(1X95%1 # $3&R # @/0935 # %# @%5&0Q*'# 53$ # 3*0B0,(G%5# %#
-/9/1%/#$?5125R#@%53$#%#09;E0;&35R#%9#%*1,420,5#;0#%9#3&';5/#1/+,*&,920,5#6%5D
dC*:5:035#%#62(,0/#&'3(31#092$2(%#-,54,0R#@,&'#6%*X+/#;*$;5'@39#A?00,5R#53#W0%1#3*1;E93*;03/R#
3*$;*34/ # /0$3(343/ # *3&'3531 # % # 5'3(0%5'%&,1(X*R # %$3*'3113* # +,*&,9/1D # b9;(4 # 4:(313+5/ # 13** # %((%R#
@,&' # % # -% # $3&$?512*2024 # ,44 # 139+AC1R # %@,* # % # -%%5'%& # $;& # (:51:0R # 1;(&30 # 2**%E,4G%5 # 6%5_#
@%0H4200%*R # $;(34(3 # -F(;093*;003*R # $%A+ # G%*426%* # 6%*X # 3*B-%(%&200%*D #"# @%0H4,44 # 5'3(0%5'%&-% # c#
093$G35 # % # +30912(% # -F(;093*443* # c # 0,11%* # E*%094/1?0%GGR # 3(3+34/GGR # $%&25 # 6/03*/ # $;& # % # -%#
43($;093430 # 5:6313+;0;531 # 62*4,9%4,002&24R # 0,1-;*30;&;4R # -%5429/24 # ;*34(3 # 13*4B # -,($2/4D # b9;(4#
,*'%5#0,1,*+%*Q#%*%1H4@%4X02&%R#;0#3&'3+/GG#%#G3*B*3#1/@,9,44#-,($%D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
IP]

bGG35#%9#;6G35#4:GG5'/(3#-%(%&X1;003*#+,*&,95%1R#-B*3&#E?@%#-21,5#S@2(0R#5'2(-%R#-F9-%R#-35'BUD#
b9#AX#%*1%*$%4#%+#%((%R#@,&'#%#$?51%+%(%GG%*#-,*'4,5,0#-/9/1%/#1,54%14?0G%5#*3&'3531R#$/63*#%#
-,($% # % # 139C1G35 # %*%1?* # 1/D # n,54,0 # -3A*3094;0/ # W;* # % # -%$3&$?512*20/ # 43W@5/121 # %*%EA%/5%1#
$3&/0$3(;03R # %$/ # $%&%G/94,0%GG2 # 4309/ # B134 # % # @;41:95%E/ # ;*34G35 # 6;&9344 # $?5121 # 0,(25 # /0D#
n,54,0 # ;*$;5' # % # 093(092$@%0952*%4 # &'%1,(*%4% # 0,(25 # 1/%*%1?*X # ;(9;0_ # -3*5B443$ # 3@@39 # %#
$?512@,9R#394#$2(#:52**X%5#3*#4?+,$#6;&395/D
m'$02'23

ih"U'$N

I)Y8232/"3O*1/
"*0X # 4%&,9%4G%5 # % # &'3($3131 # -B*3& # ,0942*'4%5H4XA?1 # 63934;0;63* # 13(C*531 # 1:93* # %#
1;9$F63013+;0@39D#a3($;0934G35#4%*2*4#&%**'%11%*R#-%2&%11%*#;0#43($;03113*#+,*&,95%1D#d36;0#
;0#3&'093(F#$3&$?512*204#/&;5'*BR#09/543#$2(#<1;09=#-21%4#&'FA43531R#%$/4#W0%1#-F(;093*5/R#1;9/#
-Q(X6%*#-Q(5/R#W0/09,*5/R#%#4%52(#03&H40;&;63*#@%0H4%5/#13**D
b93134#-3*@%0952*6%#3&'093(FR#1(3%4H6#A24;1,1%4R#G%G%GQ4,(,1%4R#4:(E3@29/1X1%4#1;09H4@34C51R#6%&'#
+H09H4@34AC1#%9#;609%1%094%*4D#V*'%5#3091:9:134#/0#1;09H4@34531R#%$3*'3134#4%5X(2/1,5#@%0952*5%1R#
$/54 # E;*+2?* # H(20 # 3E,W@25 # % # *Q+4,**R # 6%&' # 1;9/$?51%X(25 # % # 1:4B4FD # 7?512A?1 # 0,(25 # %*%E634B#
093(092$,11%*#4%*2*1,95%1R#$/54#%#-F(;09R#1%*%E2W0R#(3093*B#6%&'#-%(%&X1;0D
J$431'%&.",2V)2/83:/."S:)+0
n,54,0R#@,&'#*3&'3531#,*'%5#3*0B#$?5121R#%$/1,(#$/5+35#4%5?*X#?&'%5%94#%#4;$24#W0/52*A%#SE*D#
E:(&344'FUR#;0#%#4%52(#E,54(X*#E,54(%#G3$?4%4A%#%9#3&'$204#1:634B#*;E;03134D#"#&'3(3131#3*139+/1#
$3&;*5/ # 3&' # 1;09C*B # -%$?51% # ,E4/$2*/0 # 0,((35+A;4D # a:(313+5/ # 13** # %((%R # @,&' # % # $3&139+344#
-3*%+%4,1#$3&-3*3*B#$/5B0;&G35#G3#*3&'3531#-3A3963D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d;09H4@34C51 # 3&'093(F # 3091:9:134_ # E:(&344'FR # (:EE354'FR # 1:4;**;4(%R # 9Q&%44'QR # 09;*@%(%5&R#
3A4B3(5'B0R#1;E30*%E4%(4XR#03(E35'B*%E24R#4?4%AR#+/091,09R#&3(3*'D
Z%0952*@%4?51#S-,($2A2G%5#1/-3A39BU#1;(&34#;0#&%**'%1%4#1C*:5G:9B#6%(290*%4,0
%*%19%4,1R#2**%4,1R#4:(E;1R#A?@#;0#E2094,(#1;09H4;0;(3R#6%&'#1;(3&W0X5%1
;EH4;0(3D
d:(@/54%R#1%(2W0,5'-%#3&'#+%(%GA2GX*#+/X@;A#C*;03113*D
Z%G63(Bc#09/54;5#%#1%(2W0,5'-%#3&'#+%(%GA2GX*D
b*139+@34AC1#%#1C*:5G:9B#-21#;0#-%%5'%&,1#4%5?*$25',92024R#6/90&2*%424D
G$TS/+)U*1/."T+43+0
"#1/02**%4-%(%&20,1#%9#2**%4$3&-/&'3*;031@39R#/**3463#%9#2**%44%5.3E,W@2@,9#1%EW0,*X+5%1D
n%A24;1#%#1;9/$?51%#X(25#1;09H4344#53$39#&,*'X@,9D
"#&:(:&#3E,W@2@,9#1%EW0,*X+X#3091:9:1_#+/091,09R#&3(3*'D
GO)S/,+%$)#$0"f",+%$)#$0
n%(%&X1;0
n%A24;1,1D
n%5429/%D
892*/(25'D
"1%(%4/#5363*;0D
f/94,502&,0#093(092$@%0952*%4D

I]N

!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($3131 # % # $3&/0$3(4 # -%$3&$?512*20/ # 43W@5/121 # %*1%*$%9202G%5 # SE*D_ # 1;993* # -%(%&20R#
-F(;093*;0R#@%0H420R#(3093*;0R#W0/09,*20R#G%*42920U#A2(4%002&,4#093(39531#;0#3931#-3*@%0952*2026%*#
42(&'%1%4#-%(%&5%1D
n%A24;1,1%4R#3&'093(F#3091:9:134#4?+5%1#1;09H435/D
"#&'3(3131#6/&'295%1#%#093(092$,1(%#;0#%#$F@3*'#(35+A;(3D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
a:GG5'/(3#311,(#@%0952*5%1#3*B09:(#6;0B4R#-%G?51X4R#0#3993*#%*%E634B35#$3&62*4,9/1#%#1;9$F630#
4%(420D#73&A3*35/1#%#0%4?E%+R#0#3993*#%9#3&;09#$?51%-,*'%$%4#,GA314H6%GG2#62*/1D
bGG35#%9#;6G35#1/3$3*4#-3*%+%4#%#-%1%52*#-%(%&20%#.#%12(#13$;5'3GG#-2GX*#.R#$3*'531#3&'3+/#
%*%1A24R#%#1%52*-3A#;0#%#5';*#-,($2A24#%#&'3(3131#$%&?1#4%*2*A21#$3&D#"#-3*%+%4#0,(25#4%E%094%*%4,4#
093(39531 # %# -%(%&X6;0B # @%0952*%42(X*D # 73&4%5?*5%1 # 3&'3530R # $%A+ # 09;E35 # &:(GC*B # -3*C*343134#
1/%*%1H4%5/R#$H&#3*A?45%1#%#43*A3035#4;(G3*/#-,($2@,9D
Z%095,0#4%E%094%*%4R#@%#3&'#42(&'%4#4:GG09:(#/0#3*1;09H4#%#&'3($31R#$/5+353034(3#1C*:5G:9B#W;**%*#
c#3&'34#$%&25%1R#3&'34#%9#/01,*%/#6202(R#G%92(#092$2(%D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
w'%1,(*%4?1#6%5#%#-%(%&X1;0#@%0952*%42G%5R#%$3**'3*#3&'093(F#-%A24;1,1%4#4?+5%1#1;09H435/D
e0$3(/1#%9#3&';G#%*%E634B#093(092$,1%4R#E;*+2?*#%#-F(;094R#(20E,*'4R#G%*424D
73&;*4;1#3&'.3&'#-%$?51%#3*1;09H4;0;531#,E4/$2*/0#0,((35+A;4D
e0$3(/1#%#$F@3*'#(35+A;4R#6/03*13+;0/#;0#G%*30346;+3*$/#09%G2*'%/4D
J$431'%&.",2V)2/83:/."S:)+0
" # $?51%+%(%G,152* # -,1,9,44 # @%5&0Q*'4 # 1%E # % # 09;ER # ;0 # /&;5'30 # 1/+,*&,9,4402& # $3**344 # %#
@%0952*@%4X02&D#"#-%(%&,44#42(&'#%#-?51W/XA25%1#$3&-3*3*B#-%-%A42GX*#1;09C*A:5#3*D
"# -%@%02G,1#-,1,9%4,0%5# 5%&',GG%1# *3@34531R #0#$3&A3*35@34531# 13$;5'3GG# -%A421# /0R# +3#%((%#
-/&'3*5C51R # 13**R # @,&' # 53$ # $/5+35 # &'3($31 # 1393 # 3*;& # 3(B0 # $;& # % # *3&13$;5'3GG # -21#
$3&$?512*202@,9D#b935#%#4;(35#/0#-,1,9,44#3&';5/#-/&'3*3$G35#13**#(;0930H435/#B134D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
d,5'@%/#-%1%52*#S3034*3&#$3(B1%52*#G,&(2W0G%R#09%?52G%UD
b&';G#1,5'@%/#3091:9:1#S*/09430#1%52*R#135B1;0R#-%6/**%R#0%*24%093+B#1%52*UD
a,A20#-,($%#6;0B63*D#qX#&'%1,(*%4#%#4;(-,($21(%R#$3(4#%#4,A20#%*%1A%#03#53$#09%G2*',0#&:$GR#03#
53$#09%G2*',0#,62*/0D
7F@3*'G35#@%0952*%4,0#3091:9:1R#E*D#-%G?51XD
b&'093(F#-%A24;1,1D
p**%4-,($21#-%(%&X1;003*D
l36;*G,54X#1;0D
7,5,W@,(+D

G$TS/+)U*1/."T+43+0
"#-%$?5121#6/009%?4%*5%1#%9#/01,*201,(#*3&3*0B#X(2/(%R#%$/1,(#%#&'3($3131#3&'3530#;0#&:(G3#
I]!

6,5%*%1%4#(%A9,*4%1D#7/5+1;4#-,($%#,44#6%5#%#1;09H4344#42(&'%1#@2443(;G35R#$/54#3&'3530#;0#&:(GC*B#
-3*C*3431D
720#X(21,5#@%0952*%4,0#3091:9:1#1;09H4;03#SH(X1%#%#(X$%/#3E,W@2@,9UD
Z%5&4%5#3E,W@2@,9#$,5,W@,(+#1;09H4;03D
GO)S/,+%$)#$0"f",+%$)#$0
n%(%&X6;0BR#-%G?51XD
8%4?E%+R#(:&9H4;0D
b&'35*343035#6;1,5'#-%*6%04%&02&#%#-%1%52*52*D
892*/(25'D
"1%(%4/#5363*;0D
V1.,1,9%4/#:0093-C&&;031D
b&'3+/#-,($21D
b&'093(FGG#@%0952*%4/#3091:9:1D
!",2V)2/83:/"51'3"2'2*#:4&2.
73&/0$3(/1#%9#3&'3530#;0#&:(G3#S@,$,(QR#+,$G,(QU#-,($21#1/$?512*20#
$X+A25%1#1C*:5G0;&3/4D
"#&'3(3131#139+/1#$3&;*5/#3&'# -%$?51%# ,E4/$2*/0#0,((35+A;4R#%$/4#3*3A;4B*#%#6;&;/&#B1#$%&?1#
6;&39531D
73&4%E%094%*A21#%#-3*@%0952*4#-%-%A421#4?*%A+,502&%/4#;0#1C*:5G0;&3/4D
"#093(092$,1%4#G/94,502&,0%5#@%0952*A21#;0#/0$3(/1#%#-%%5'%&,1#$3&-3*3*B
$3&$?512*20/#$X+A24D#St;*+2?*#%#@3*'30#62&20$X+R#%#092*/(25'#$3&4%*2*20%DU
89,W/2*/0#&3094?0#&'%1,(*20%R#%$355'/G35#%#&'3(3131#53$#W0%1#$%&?15%1#1;09H43531#42(&'%1%4D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b&' # -%(%&,44 # 42* # 3*1;09H4;03 # 13**B # 1/@H620 # 3GG35 # %9 # ;*341,(G%5R # % # +,$G,(Q # ;0 # @,$,(Q # -,($21#
62*4%1,920%#$3&-3*3*B35#53@;9#%#+/21,1#092$2(%D#x3#53$#W0%1#394#%#-,($24#AX#&'%1,(,*5/R#@/0935#
%9#:0093-C&&;031R#$3W@%5/9$?0,1#*3&%*2GG#%55'/(%#;(+31*/1#B134R#$/54#%#09;E0;&D#Z%#3GG35#%#
1,(G%5# $,9&%4@%4X# A24;1,1%4# 1;09H43531# %#&'3(3131R #$/5+35# -/&'3*$C1R #43*A30# ;(+31*B+;0C1#;0#
;(43*$C1 # %-3*; # -,(+?*@%4R # @,&' # $/543&' # 0%A24 # 4304C1:5 # 1H6C* # 4%*2*A%5%1 # 1/R # -3+3993531 # -3*#
$3W@%5/1?0#$,9+?*%4,1%4D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
"# &'3(3131# $2(# &'%1,(,*421#%#+,$G,(Q# ;0# @,$,(Q# -,($21#1/%*%1H42024R #C&'3*63#%9# 3&'35*3430#
%5'%&6%04%&02&(%#S-%1%52*UD
a%E%094%*%4?1#6%5#%#-%(%&X6;0B#@%0952*%42G%5D
w'%1,(*%4?1#6%5#%#-%#@3*'30#092*/(25'#093(/54/#$3&$?512*202G%5D
Y%&',GG#(2*2420?1#6%5#%#-%%5'%&,1#0,1-;*30;&;(3D
J$431'%&.",2V)2/83:/."S:)+0
" # A24;11;09H4;05;* # 4/0942G%5 # 13** # *355/ # % # A3**3$9B # $,9&200%*R6%*%$/54 # $3& # 13** # ;(435/ # %55%1#
$3W@%5/1%/#,*+%*24#/0R#$3*'34#%9425#C&'300;&&3*#1/6/43*39@34C51D#b9#3&;0935#3&'093(F#+,*&,11%*#
/0 # 139+B+@34R # E*D # $;(*3&@/54% # 1;09H4;0;63*D # " # KD # ,0942*'G%5 # %9 # 3@@39 # @%0,5*X # @%420,1%4#
I]J

4:1;*3430H4@34AC1R # 4:GG31 # 1:94 # % # &'3($3131 # 1;E93*B3(3A;531 # 09%G%+,5 # 35&3+;0;63*D #"# A24;1,1#

0,11%*#4340934B03GG531#4F5531R#@%#09;E35#G3#/0#-304/1#B134D
"# OD,0942*' # 6;&;/& # %9 # 3*1;09H4344 # 42(&'%1 # -3*C*343 # AX(;094 # 3&'(3 # -/5,$%GG # W0/09,*XE%EH((%* # 62*4#
6;&*3&300;R#%#1,5'@%/#3091:9:1#3034;G35#(2%+20?*#$%1?*24*%552D#b44B*#%#1,(4X*#%9,5G%5#5%&',GG#
-/&'3*$34R # A3*35*;434 # 093543* # % # +/21 # %9 # ?4,*0X # -3*C*34531R # @% # %9 # /0 # % # 6;0B63*R # 6%&' # % # 1;003*#
24+,*&,9,44D#b9#%9#Q5D#<E/113*'39;0=#AX6%*#/9&%*$%0%GGR#;*BGG#-3*C*3434#3(3+$;5'39@34R#0#$/63*#%#
092*%1#5:6;0/(25'24#/0#-,*'%$%4,0%5#-/&'3*3$G3#13**#6355/R#%9#%*1,4X#-/&'3*$3#/0#%14H6#$%(%+D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
dC*:5G:9B#$;(34FR#-,($2AQ#-%42*%1R#%12(#,094,44#G3*0B#43(3113*D
d/03GG.5%&',GG#@%AX1#62A20%#1344;@%0H4,44#(:51-2GX*D
e6XW0%5%1R#G:&(3D
8X4%(4XD
89%EE%54%(4XD
d/0#@29#%G*%1,11%*R#(2093(3*4R#$F1:+B#%A4X11%*R#62A4#G3*0B#4;((3*D#"9#,0942*'#G3*3-,&@%4#3&'#5%&',GG#
*;*3&934F # $?512G% # /0 # %9 # X6,+% # 6%&' # 3034*3& # %9 # /01,*%/ # G%92( # 092$2(%R # E*D # 1;09H4@34531 # 3&'#
&%9+%02&,4#2**%4,11%*R#/042**X11%*#6%&'#3&'#-%*?4#@29%11%*R#4,(5',11%*#;0#1Q44%*D
7,9&%4@%4X # A24;1,1 # SE*D # 1,E2W0,*X # @%(12*'R # 13(313135 # @Q9@%4X # 4,4',&X # 1%W0%R # ?&(2*X # 5'?09/R#
$;(*3&@/5429X#$3+63#04GDUD
x/X4:(B1D
G$TS/+)U*1/."T+43+0
"#$,9&%4@%4X#A24;1,1#%#-/9/1%#3E,W@%#$3W@%5/1%#(;09;@39#1%EW0,*X+5%1D
GO)S/,+%$)#$0"f",+%$)#$0
Y:6313+;0R#3*53@393+;0D
n%42*R#G3*0B#4;(D
7,9&%4@%4X#A24;1R#$3W@%5/1?0#$,9+?*%4,1D
t/113*'39;0D
892*/(25'D
"1%(%4/#5363*;0D
V1.,1,9%4/#:0093-C&&;031D
!",2V)2/83:/"51'3"2'2*#:4&2.
73&093(9344#/0$3(343/134#-3*@%0952*6%#42*%1%4R#@%0952*%4/#42(&'%1%4#1;09H43531D
73&4%5?*A21#%#1C*0B#;0#G3*0B#-,($21%4#$3&-3*3*B#$X+,5#1/+,*&,95/D
" # &'3($3131 # % # -/9/12GX* # 093(9344 # $3W@%5/1%/ # /0$3(343/134 # % # @%0952*%4/ # 42(&'%1R # ;0 # A24;1,1#
1;09H4;0;G35#%*1%*$%95/#4?+A21D
7,9&%4@%4X#A24;1,1%4#1;09H43531#C&'3*63#%#$,9&20#6%*X+/02&25%1#1/$?512*202(%D
f/94,502&&%*#1;E3031#@%0952*5/#%#093(092$,1%4D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# &'3(3131 # 3&'(3 # /512GG # 1C*:5G:9531 # 3(BG35R # C&'300;&G35R # 09,(&%*,$G%5D #"# 4%52( # -3*%+%4%#
-3*$;(5/R#@,*#13**#4:GG#03&H40;&34#5'QA4%5/%R#6%&'#A,GG%5#$,4/62*5/%R#QA%GG#-3*%+%4,4#1/4%*2*5/%R#6%&'#
%#+/21,1#:4*343/531#5%&',GG#43(34#35&3+5/3D#"9#;6#3&'#09%1%092G%5#3*B4;(G3#13(C*@34531#%#09%G%+#
$?5121R # 4:GG31 #1:9:44 # %9#;630 #$?51%# $F6;0934/# (;093#/0 #09,1,44 #-2GX* #1;09C*5/D #"# +/21,15%1#
I]I

3&'(3#/+B093(FGG#*309#%#<62*%094%5/#4?+20=R#%$3*'G35#%#6,59X+20#6%&'#%9#3*?4%0H420#3&'#G/9,5',0#
$?51%:4*34#/(254#$2(#%9#:5/0$3(34#139+3$;5'3#*3@34D
bGG35#%9#;6G35#4:GG#093$E,54GX*#/0#1:9:00;&1;54#13**#@3*'4#2**5/?1D#b&'#1:9:0#$F@3*'$?51%R#
%$/1,( # $/5+35 # +/21 # 1;E300;&3/@39 # $;(435 # 1/6309/ # % # (;09;4 # 3&' # 5%&'09%G20Q # -%(%&20GX*R#
$;*'H4@34/R#2(5'%*@%4A%#394#%9#;(9;04D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
" # +,$G,(Q # ;0 # % # @,$,(Q # -,($21%4 # $2( # 5%&',GG # -3*C*3435R # ;0 # 13$;5'3GG # -%-%A42GX* # 4?+A21#
1/%*%1H4%5/D
a:GG # +%(%GGX* # 2**XR # $,9&%4@%4X # A24;1,1%4 # 4?+5%1 # 1;09H435/R # % # $,9&20 # 6%*X+/02&25%1#
$3&A3*35H4;0;63*D
7%&%G/94,0%5#@%0952*A21#%#093(092$,1%4D
J$431'%&.",2V)2/83:/."S:)+0
bGG35#%9#;6G35#%#-%$?5121#639343440;&3#$20#A3**3&34#:*4@34D#Y%&',GG#*;*3&934F#-3*%+%4,152*#.#
-B*3&R # @% # 53$ # $/5+351/ # ?&'%5%94 # W0/52*A% # . # 53$ # 13(C*@34 # $/5+35 # 3&'30 # *;E;0 # G3$?4%420(%D#
t;*+2?* # 3&' # W0%6%(,+X # -,($252* # % # +/21 # -%%5'%& # -3*; # -,(+?*X # -/&'3*$;5 # $Q*/1 # %# -%(%&20 # @3*'30#
/(25'25%1 # $3&4%*2*20%D # " # -%$?5121 # 43(;5 # 093(9344 # 4%E%094%*%4?1 # ;0 # $%&%G/94,0#
093(092$@%0952*%4?1#5%&',GG#E,54,002&,4#;0#:52**XGG#$?5124#/&;5'*B#-3*%+%4,11%*#-,1,9X+/1D#qX#
4;$21#3((3#%#$3W@%5/1?0#244;43*3113*#1;09H4344#$,9&%4@%4X#A24;1,1#;0#%#W0%E,*200%*#:00932**H4,44#
C*B13D#"9#;6#3&'#09%1%092G%5#3*B4;(G3#13(C*@34531#%#09%G%+,5#62*%094,44#$?5121R#%$3*'G35#5%&'#
@%5&0Q*'4 # 1%E # %9 # :52**X # -3*%+%4$3&,*+20D # b&' # AX # 4;$%62*%09420@,9 # 09C10;&30R # @,&' # % # +/21#
4/0942G%5#*3&'35#%#1;E300;&3/63*D#b@@39#$3&-3*3*B#:5/0$3(34(3#;0#H4;*B1;E300;&(3#6%5#09C10;&3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
w'3(4'%4%(4X#SW0%6%(,+X#-,($2AQR#%#-%#5:6;0/(25'%/5%1#:52**XGG#-3*/0$3(;0;(3UD
f,5',*?*4%GG#$,9&%4@%4X#A24;1,1#S-,&%013(;1R#09HA@%A420UD
89%G%+,5#62*%094,44#:52**X#$?5121#SE*D#-3+3*30#+,G,91%UD
d/03GG#-%+,$G,($F631#SE*D#5;642G*%R#@29092$UD
[0,E,(4,0# $?5121# %#-,*',0X1R #,0942*'43($31# 092$2(%R # %# 1:9:00;&/# 43(31# +H09H4;0;(3# -%(:51GB*#
C*B13R#,0942*'43($31#-:*;#<5;642G*%=R#4:GG#E%**XGX*#:00932**H4,44#5%&'$;(34F#+,$G,($F#-%(%&20%R#
$;(*3&@/54%R#&:(+3091%#(2$E21#1;09H4;03UD
"9#%094%*,0#$?51%#3*B1;09H4;03#SE*D#C*B13R#E,54,0%5#G3;13*4#*2G%11%*UD
7%+%(%1#-;0913*B#+,G,9%/5%1#6%&'#3434B42*W2/5%1#1;09H4;03D
Z%5&093(31#S`/*,-,5R#*H(%UD
8E,(4093(31#SG%03G%**.C4BR#HAUD
G$TS/+)U*1/."T+43+0
"#$,9&%4@%4X#A24;1,1#%#-/9/1%#3E,W@%#$3W@%5/1%#(;09;@39#1%EW0,*X+5%1D
xH09*3431#;0#13**;131#%#09H5+%(%G@,9D
Z%5&093(31#%#9353#X(21@,9D
GO)S/,+%$)#$0"f",+%$)#$0
5/0$3(34R#0%A24#4;$%62*%09420D
d:9:0#-%(%&20D
n/&'3*3$D
I]h

t,54,0#$?51%D
892*/(25'D
"1%(%4/#5363*;0D
V1.,1,9%4/#:0093-C&&;031D
!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($3131 # $3&4%5?*A21 # 3&' # -%42(&'R # -%$?51% # 3*1;09H4;0;531 # *3&,E4/$2*/0%GG # *;E;03/4 # ;0#
1;E3031#%9,1#:52**X#;0#E,54,0#$3&43(639;0;(3R#1/6/43*39;0;(3D
"#$?51%43(634#%#&'%1,(*%4/#$?512G%#1:634139343035#24#4?+A21#C*4345/D
"#$?5121#3*1;09H4;03#0,(25#5%&'#@%5&0Q*'4#-31434531#%#E,54,0#43(639;0(3R#;0#1/6/43*39;0(3D
a2(0%/11%*#3&'C44#4?+5%1#+,*&,95/#3&'#5%&',GG#*;*3&934FR#1:9:0#%*1,420,5D
89%G%+,5#62*%094,44#$?5124#:52**X%5#$3&43(63963#3*1;09H43531D
f/94,502&,0%5#;0#09%1093(F35#@%0952*A21#%#093(092$,1%4R#%#$F@3*'4#(35+G35#4%(4A21D
Q252823Y"P-=;N":5,+)&$#+4
n3*0B#4%&,9%4,5#%#-%$?5121#%*%E634B35#1;4#43(C*3435#A3*35531#$3&_#-%09,G(209%4#;0#%094%*,002&D#
"#-%09,G(209%4#4%543(63#%9#<"&'%&,920#M#09,G(209%4=#-3A3934G3#G3;EH463#4%*2*@%4XR#%9#%094%*,002&#
4%543(63#E3+/&#%9#%*2GG/%1G%5#,*6%0@%4XD

!/83$)+//1%

Q252823:/
"#1,(2GG/#-%-%(%&20,1@,9#1;E304#%9#%094%*,0#$?51%#3&';(43*$F35#$;(@34B#;0#3**35B(/9@34BR#@,&'#
@,55%5#;0#$355'/4#13**#3*6355/D#b993*#3(B0:+/1#%9#2**%5+X#:53**35B(9;0#-,*'%$%4%D#b&'#AX*#0/13(C*4#
%094%*,0$?51% # 3*1;09H4;0;@39 # &,5+,*1,+20R # ;(9;0R # %1%(%4 # 5%&'-,1Q # 3&'C44$F1:+;0;(3 # 6%5#
09C10;&D #"# -% # $,04 # $2( # 3*0B0,(G%5 # 53$ # % # 1;E93*B3(B4 # :094:59/R # @%53$ # $/54 # %5'%& # 2**H4A% # %#
$3&$?512*XA24#1/@H620,1#3*;D#"#-%#0%A24,0#A3**3$6,520%/#092$,0#43W@5/1%/#E(,G*;$24#634@34531#-3*D#
"# +/21,1 # &'%1(%5 # 4%*2*A21 # $%&?1%4 # 0%A24R # %9 # 3*1;09H435+B # +%(%G(X* # %*1,4,44 # 1H62502&%/1 # ;0 # %9#
3*B44C1#-316B#-%%5'%&#4?*%A+,502&%/R#@%42(%/#1:9:44/#24@/+%*@%4%4*%5#09%1%+;1G%5D#b935#1;4#+,*,&#
:0093@%5&,*2024#03&H4/1#3*B#%9#%094%*,0$3043(0;&#@%&',$25',0#$X+093(3/D#"#AX#43(63135#;0#%#
E,54,0 # $?5125 # 13(3094C*# %# +/21,1# 3*0%A24H4A21# %9# %094%*,002&# %*%EA%/4R # %$3*'# %# 093(13934093(F#
&,5+,*1,+20@,9#;0#%#E(3WH9#093(092$@%0952*%4@,9#63934D#"#-3*%+%4,1#0,(25#$3&/0$3(4#-%1:4;031#
3*1;09H4;0;@39#3*35&3+@3434*35C*#-,54,0#24*245/R#$3&;(435/#%9#:00931%EW0,*X+X#(;0931#-3*;EH4;0;4D#
b92*4%*#%9#%094%*,002&#4?*%A+,51;EE35#%#-%$3&$?512*20#4;(G3*/#&3,$34(/2A%D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b&'093(FGG # -%1:4;03113* # :00932**X # 42(&'%1 # 1;09H4;0;63* # /0$3(/1 # $3& # % # +/21,1 # %9 # %094%*,002&#
43(C*34;4D#"#$?51%#0,(25#/&35#5%&'#@%5&0Q*'4#1%E#%#E(3WH9#$;(;0#;0#093(092$@%0952*%4R#$3*'531#
6;&C*#AX*#*24@%4X#$;(W;A3#%9#:00931%EW0,*X+X#(;0931#$3&-3*3*B#/**30913+;03D#"#-3*%+%4,1#0,(25#%#
+/21,1 # (2431/54;04 # 5'3(531 # 3&' # $?51%-,*'%$%4 # 43*A30 # 3&;09;(3R # % # 139+34/ # 43(639;035R # $%A+ # %#
$3&6%*X0H420,5#13(3094C*#3&;0935#%#6;&0B#-3*C*341393*;0/&D
m'$02'23

;i"U'$

I]L

I)Y8232/"3O*1/
"# +/21,1 # PD # ,0942*'G%5 # % # 1;9$F630 # X(21,5 # 1;09H4@34431 # $2( # ,*'%5 # 42(&'%1%4R # -%A24;1,1%4 # SE*D#
@2(,$*2GQ # C*B13R # $,9&%4@%4X # A24;1,1UR # $3*'31 # 4:GG # 3*3$GB* # 2**4%1 # :0093D # b931 # ?&'%5 # $;&#
3&'093(FR # 139+34*3&30 # -%1:4;03113* # *34431# :0093(%16%R # +3 # $2( # %11,( # $3&4%E%094%*@%4421R # @,&'#
W0%1 # %9,1 # % # $?5121 # 2**4%1 # :0093 # 6%&' # $F1:+431R # %$3*'315;* # $3&-3*3*B # @%5&0Q*'4 # 1%E,44 # %#
E(3W/9/420D
J$431'%&.",2V)2/83:/."S:)+0
"#-%1:4;031# SE*D # 3&'3530 #-,&%920U # 1/%*%1H420% #E,54,0# $?5124 #/&;5'3*R # @,&'# %# 1;09H4344 # 42(&'%1#
3*3$3/ # 6;&C* # $3&-3*3*B35 # 1%EW0,*X+A%5%1 # :0093D #"# 1:4;0/ # $X+093(31 # 093(13934;531 # 24*2420%#
-3A*3094/#%#4;(*24204D#"9#:00932**4#$?5121#+H09H4;03#3&';5/#1/-3A39;0$X+,5#4:(4;5@34D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
89%1$%/#-,&20,1#/0$3(343#%9#3&'093(FGG#/**3094;031@39#09C10;&30#-F(;093*;0G35R#&'%*?*20G%5R#
6;0;0G35D#b&'093(FGG#42(&'%1#1;09H4;03#-%1:4;003*R#E*D#-%*(%#%1%094@%4X#E,*WR#5'/4,44#6%&'#-3+3*30#
+,G,9D#q24;1,0#-3*%+%4#*3@34#E*D#3&'#$%(/,5344#G2GQ#-%(%&20%#W0%E,*200%*#:00932**H46%D
G$TS/+)U*1/."T+43+0
7%43$%4/1%#M$;(;0R#092$,*20g
7;(4%5#M#093(13094;0g
7F6;0934/#42(&'%1#M#3&';5/#1/-3A39;0$X+R#3&'3+/#-,($21g
GO)S/,+%$)#$0"f",+%$)#$0
b&'093(FGG#-%1:4;03113*#:00932**X#42(&'%1g
"094%*,0#093(092$,1#$3&/0$3(;03g
t,54,0#$;(;0g
t(3WH9#093(092$@%0952*%4g
a;(*2420g
>2431/54;04#3&'#$?51%-,*'%$%4#43*A30#3&;09;(3g
!",2V)2/83:/"51'3"2'2*#:4&2.
"# +/21,1 # $3&4%5?*A21 # % # E,54,0 # 43(631 # 1;09H4;0;4D # p4*245%1 # 3&' # 43*A30 # $?51%-,*'%$%4,4D # t(3WH9#
$;(;035R # 093(13094;035 # ;0 # 093(092$@%0952*%4,5 # %*%E?*X # $?5124 # 6;&39531D # r(4/1R # 24*24A21 # %#
-%1:4;031 # 093(13934;4 # SW0%E,*20R # -,&%920UR # -3A*B+/1 # % # 4;(*2420?1D # 73&/0$3(/1 # %9 # %094%*,0#
093(092$,1%4R#$3&4%5?*A21#393134#$3&-3*3*B35#1%(G%54%(4%5/#;0#2E,*5/D#w'%1,(*%4,4#093(39531#%9#
/**3094;0@39#09C10;&30#&'%*?*20G%5R#6;0;0G35D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#+/21,1#%9#3++/&#4%5?*4#43W@5/121%4#1/09;*30H4/1#;0#3*$;*'H4/1D#f,5',*?*4%GG#-%1:4;03134#/0$3(531#
$3&R#$/54#%#6;0344#W0%E,*20#6%&'#%#1:*+:1W0%E,0#1:4;0R#$3*'31#$;&#E,54,0%GG#$?5124#1H6255%1D#
"# -,*'%$%4G%5 # *;6B # -3*%+%4,1 # $F6;09/ # 1;E300;&3134 # ;0 # 1,504(?14H6 # :4*343134 # /0 # ;*34(3 # @H65%1R#
$3*'31#3&'C44303#%*1,4A%#$%A+#%#1;09#42(&'%4D
m'$02'23

;i"U'$

I)Y8232/"3O*1/
I]O

b*B9B#;6G35#$2(#1;09H434431#3&'093(FGG#-%1:4;03113*#:00932**X#42(&'%1%4R#%$3*'31#$3&%*%E,9421#
%9#%094%*,002&#43(C*34;4D#73&4%E%094%*@%4421R#@,&'#%#E,54,002&(%#4:(316;0#$3**344#$355'/(3#-,54,0#
% # -,*'4,5,0 # -/&'3*3$R # @,&' # % # -%1:4;031 # 3**354;430 # EX*?0Q # (;093/ # 6;&C* # $3&-3*3*B # $X+,5#
E%009,*A%5%1#3&'$20@,9D
J$431'%&.",2V)2/83:/."S:)+0
b*0%A24H4A21 # % # 1C*:5 # 3*1;09H4344 # 3*3$31 # @;9%&$35430 # :0093/**3094;0;531 # 43W@5/12/4D # oA%GG # ;0#
%E(X*;1,0%GG#$?5124#/&;5'*B#-%1:4;03134#1;09H43531R#$/54#E*D#%#6;0344#W0%E,*20#1C*:5G:9B#-%A42/D#
73&/0$3(/1#3931#-3*@%0952*20/#43(C*343/4R#;0#%#4%5?*4#$X+093(3113*#$2(#5%&',GG#E(3W/9/4204#/&;5'*B#
42(&'%1%4#%*1,45%1D#"9#3*1;09C*4R#093(13934093(F#42(&'%1%4#%#$2(#1,(2GG%5#3*0%A24H4,44#-%(%&200%*#
;0#3&';G#+H09H4;0/#$X+093(3113*#%*%1H4@%4A21#3&'3+/#04H*?0Q62D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
Y%&',GG#E(3W/9/4204#/&;5'*B#42(&'%1#1;09H4;03R#E*D_#1;E13(34#hL.,0#W0%E,*200%*R#-%*(%#%1%094@%4X#
(3130930 # E,*WR # -3(+3 # ,*+%*Q # 02$*/R # -304B2**625'D # "9 # %+,44 # -3*%+%4 # *;E;03/531R # /**3463 # *,&/1%/#
-3*;EH4;0;531#24*2420%D#52**X#$?51%#%#$3&@%42(,9,44#Q4$?4%420#%*%EA25D
G$TS/+)U*1/."T+43+0
7%43$%4/1%#M$;(;0R#092$,*20g
7;(4%5#M#093(13094;0g
7F6;0934/#42(&'%1#M#3&';5/#1/-3A39;0$X+R#3&'3+/#-,($21g
GO)S/,+%$)#$0"f",+%$)#$0
f,5',*?*4%GG#-%1:4;031g
Z;9%&$35430#:0093/**3094;0#43W@5/12/g
T;0344#W0%E,*20#-%A42/g
d(3%4H6#+H09H4;0g
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#1;E3031#%#$?51%-,*'%$%4#E,54,0#24431/54;0;(3#;0#%#$?51%-29/0,1#3&'$20(%#;EH4;0;(3D#
73&/0$3(/1#;0#E,54,0%5#%*1%*$%9921#%9#QA,55%5#4%5?*4#:009343443GG#-%1:4;03134D#7%&%G/94,0%5#
;0 # :52**X%5 # +,*&,95%1 # %9 # %094%*,0 # 1;9/093(092$,11%*D # "E(X*;1,0 # ;0 # E(3WH9 # $?5124 # /&;5'*B#
42(&'%1%4#1;09H43531D#52**X#$F6;0934/#:4*343/113*#&%9+%&H4A21#%9#3*1;09H435+B#$?512A?1%4D
==N-=;":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # +/21,1 # %9 # %094%*,002& # 43(;5 # 093(9344 # 4%E%094%*%4%/1(% # %*%E,96% # $;& # :009343443GG # 1:4;0/#
$X+093(3134 # /0$3(531 # $3&R # $/54 # E*D # % # -3W013-%(1Q # -,&%920D # " # $;& # 4:GG # E(3W/9/4204 # /&;5'*B#
-%1:4;03134 # @;41:95%E/ # 6%&' # +H0942(&'%1 # 1;09H4;0;5 # 13(3094C* # 0%A24H4A21 # 3*D #"# $?5121 # 2**%5+XR#
5%&'-,1Q#-/&'3*$34#;0#1,54(,**4#/&;5'3*531D#"9#X(21,5#1;9/#093(092$,1#$3**344#$2(#G%(12W0&;E3134#
/0#@%0952*@%45%1D#a,62GG(%#/0#%+,44#%#*3@34B0;&#%9#3*1;09C*4#$?5121#3&';5/#04H*?0Q#+H09H4;0;(3D
"$355'/G35 # %((% # *3@34B0;& # 6%5R # A%6%0,*@%4XR # @,&' # %9 # %094%*,0$?5121 # % # !JD # ,0942*'G%5 # /0#
-,*'4%4X+A%5%1D # b11,( # % # +/21,1 # 43(639@34531 # 0%A24 # GQ4,(4R # $3*'@39 # 43W@5/1%/ # (%A9,1%4 # ;0 # %#
(;09*3431(B*#09X*X#629*%4,1%4#1;09H43531D#"#$F6;09/#43(639;0R#%#-,($%R#;0#%#-?51W/X#4%*2*1,95%1R#%#
04%4/1%/#1H625%*$%1#E3+/&#3094;4/1%/*%&#1/3*;&H4B#$X+,5#6%*X0?*@%45%1#$3&D#"#+/21,1#1;09H4@34531#
E,54,0#43(63134#%#1/%+20,1(X*#/0D

I]K

m'$02'23

;i"U'$

I)Y8232/"3O*1/
72(#$%&%G/94,0%5#;0#:52**X%5#+,*&,95%1#%9#%094%*,0#1;9/093(092$,11%*D#a%E%094%*%4?1#6%5#%9#
%E(X*;1,0 # ;0 # E(3WH9 # $?5124 # /&;5'*B # 42(&'%1 # 1;09H4;0;G35D # e0$3(/1 # % # -%1:4;031 # @;9%&$35430#
:0093/**3094;0;531#43W@5/12/4D
J$431'%&.",2V)2/83:/."S:)+0
"#4%5X(21,5#$2(#,*'%5#:00934344#-,($2AQ#-%1:4;03134#@%0952*5%1R#$3*'31#-,1,9,44%5#/&;5'*/1#;0#
3&'G35 # -3A*3094/1 # % # 4;(*2420?1%4D # 720(;094R # 3931531 # % # 1:4;0/ # $X+093(31531 # %9 # 3*1;09H4;03 # %#
1,5W354(2W/X4 # /0 # -3A*3094/R # $/63* # -,*'%$%4,0 # -/&'3*$34 # ;0 # 3*B(3&,5+,*1,+204 # /&;5'3* # % # 5%&'#
@/G%*3@34B0;&31#$/%44D#"9#:52**X#$?512(%#4:(316;0#$3&-3*3*B#(2*24204#/&;5'3*#%#-3*%+%4(%R#%9%9#
09C10;&093(FR#@,&'#%#$?51%#*;E;03/531#*,&/1?0#0,((35+A;4#-3*/0$3(A;1R#24*20021D
"9 # %094%*,002& # 43(C*34;5 # %# @%5&0Q*'# % # E(3W/9/420# $3**344 # %9 # :52**X# $?512(%# @3*'39B+/1D # b++/&/#
4?+20?1(% # ;EH463 # 0%A24 # GQ4,(4 # 1;09H4@34531R # %$/@39 # $2( # $%&?1 # 43(639/1 # $3& # % # $?51%-29/0,1#
*;E;03/4#%#139+34/#629*%4,14X*#%#43*A3035#1;09#42(&'/&D#7/5+39#%#43W@5/1%/#$3&,*+20,1#/0$3(34;5#
1H6C*#4:GG31#1:9:44#3*B(3&,5+,*1,+204R#%#-3*%+%4#43*A30#24*242024#;0#*,&/1%/#1,$G/52W/X4#/&;5'3*D#"#
$?51%#%9#3&';5/#1/-3A39;0$X+#;0#%9#3&'3+/#-,($21#2*4%*#62*/1#$;&#/512GG#%*1,42002D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#$3&/0$3(4#G,5',*?*4%GG#-%1:4;03113*#&'%1(%5#,*'%5#A3**3&F#42(&'%1%4#/0#1;09H43531R#$3*'31#$2(#
1/*;E531 # % # @%&',$25',0 # 09:&*3430 # -,($21GX*D # t;*+2?*_ # +,$G,(-3+3*F # *2+%R # %09/$$34(/1?0#
1;E13(34R#+:54:44#,*+%*Q#093(092$,0#*2+%D#"#-3*%+%4,1#*;E;03/4#3*B(3#$3&43(639/1R#%#1;09H435+B#
42(&'(X* # $3&4%5?*5%1 # 43W@5/1%/ # (%A9,4 # 1;09H435/D # b$3**344 # (;&/R # @%0952*4 # GQ4,(,1 # A%6H42026%*R#
-3*QAH42026%* # /0 # -,&*%*1,9@%45%1D # " # 4%5?*4 # 1;E300;&3134R # 43W@5/121%4R # % # -%%5'%&,1(X* # 093(9344#
/5-,($2W/X1%4#;0#0%A24#4%E%094%*%4%/1%4#*3A3&'9/1D
"9#$F@3*'G35#$2(#1:93E30#$;(34F#GQ4,(,1%4#1;09H43531R#$/54#E;*+2?*#H(X%094%*#-/X1,11%*R#09,G%/#
1/0%094%*R # 09;1R # ;AA3*/ # 0931(;5'D # " # -%%5'%& # 3*B1;09H4;03 # 0,(25 # $3&/0$3(/1 # % # $3&-3*3*B#
-3*C*345%&'02& # 3*;(;0;@39 # 09C10;&30 # 42G*20H4204 # ;0 # % # 1C*:5G:9B # 09;*30H4B # 4,*+20,1%4D # "9#
3*1;09H435+B # 42(&'%4 # :52**X # $F6;0934/ # :4*343/113* # &%9+%&H4A21D #"# 4%52( # 3*1;E93*;03/4B* # -C&&B35#
43($;09343035#$20#A3**3&F#-3*%+%4,1#/0#$3&A3*35@34531R#$3*'31#:00932**H420%#%9#%094%*,002&@,9#
1%EW0,*X+/1D#d;09H4@34531#E*D#(?094/1?0#13(4/#GQ4,(4#6%&'#@%5&093(4#SE*D#&/42(R#@3&3+FU#/0D
G$TS/+)U*1/."T+43+0
7%43$%4/1%#M$;(;0R#092$,*20g
7;(4%5#M#093(13094;0g
7F6;0934/#42(&'%1#M#3&';5/#1/-3A39;0$X+R#3&'3+/#-,($21g
GO)S/,+%$)#$0"f",+%$)#$0
7%&%G/94,0#093(092$1393*;0g
n3*%+%4#24*2420%R#3*B(3&,5+,*1,+20g
Y%&'-,1Q#-/&'3*3$#;0#1,54(,**g
f%(12W0&;E31#@%0952*%4%g
a3W@5/1%/#(%A9#1;09H4;03g
fQ4,(,1#(304%?(2*20%g
a%5?*4#43W@5/121#;0#4%E%094%*%4,1#*3A3&'9;03g
8%A24#GQ4,(#1;09H4;03g
b&';5/#43(639;0g
I]P

52**X#$?51%g
a2G*20H420R#09;*30H4B#4,*+20,1g
"#-3*%+%4#43*A30#24*2420%g
b&';5/#$F6;09/#:4*3431g
!",2V)2/83:/"51'3"2'2*#:4&2.
b*0%A24H4A21#;0#$3&-3*3*B35#%*1%*$%9921#%#$3&/0$3(4#G,5',*?*4%GG#-%1:4;03134D#d;E3031#%#-3*%+%4#
E,54,0 # 24431/54;0;(3 # ;0 # % # *;E;031 # *,&/1?0 # -3*;EH4;0;(3D # 52**X%5 # 4?+A21 # 1/62*%094%5/ # %#
-%$3&$?512*20 # *3&$3&-3*3*BGG # $X+A%/4D # b*0%A24H4A21 # 3&'30 # 3*314(,$,0 # 1;9/ # 093(092$,1#
@%0952*%424D#"#$3&$?512*204#0%A24#:4*343/113*#+H09H463#3&;09H4@34/1#1/D#73&4%5?*5%1#43W@5/1%/#(%A9,4#
1;09H435/D # " # 43W@5/121(X* # ;0 # -%%5'%&,1(X* # 093(9344 # /0$3(343/134R # % # $?512G%5 # 093(9344#
4%E%094%*%4%/1%4#A3&'934G3#(35+39/1D
"#+/21,1#AX*#/0$3(/1#%9#%094%*,0#$3&$?512*20#%*%E634B#$X+A%/4R#G/94,502&,0%5#;0#09%1093(F35#
@%0952*A21#%9#3091:9:134R#093(092$,1%4D#73&093(9344#/0$3(343/134#0%A24#GQ4,(42(&'#1;09H4;0;G35#
%*1%*$%9921D#52**X%5#1;E3031#%#GQ4,(4#3*1;09H435/#%#*3&3*0B#*;E;04B*#%9#?4,*0X/&D#7%&?1#43(639/1#
$3&#%#$?51%-29/0,1%4#S629*%4,1%4R#43W@5/1%/#(%A9,4R#$?51%43(634#1;09H43531UD#d;E3031#$3&4%*2*5/#
%#-?51W/XGX*#;0#%#-%#4?*%A+,502&%/GX*#%+X+X#*3&A,GG#$3&$?512*20/#$X+,4D

G:8#X52//:%"f",:##O4010
Q252823:/
" # -;$-3*+,*&,920 # 0,1(;4F # 43(C*34;(B* # 1C*:5:035 # ;(4;130531 # G/9,5'?* # E3+%&X&/%/ # ;0 # 43W@5/1%/#
093$E,54GX*#%#(;9#$3&$?512*20%R#%#6%01,62W0,*20#;0#%#-;$:54;0R#%#-;$31#$3&$?512*2025%1#
3935#B0/#-,($2/D#"#(;9#%9#3*0B#,*'%5#-;$31#1:9;#4%(4,9,44#%9#3$G3(/0;&#1,(%/#/+B09%12G%5R#%$3*'34#
G,5',*?*4#-3*+,*&,920/#3*A2(20,1#5;*1C*#*3@34344#$3&$?512*5/R#@/0935#53$#W0%1#;(W3/G35R#@%53$#
-;$ # -,($2A2G%5 # /0 # $3&4%*2*@%4X # % # -:*+ # (;43&3/G35R # 0 # % # 53$30-;$315;* # AX6%* # 5%&',GG#
$355'/0;&G35 #2**4 #(35+3*139;0(3D #"9 #3$G3( # ;*34;4 #+:54B35# 62*4,94%44%# $3&R # %@,&'# -,1(X*# -,1(%#
1;E300;#62*4#4,62GG/#-;$3134#%9#;(W31GB*#1/5'3(5/R#$%A+#$3&$?512*5/D
"#-,($2*20R#@36H4;0R#,*6%09420R#:54;0#;0#1,62W0,*20#436;135'0;&3/5#13(3094C*#%#-/%4%*,1#3++/&#$;&#
53$ # 4%E%094%*4 # -,*'%$%4,1%4 # ;*531 # 24D #"# $3&$?512*@%4X # (;9 # %9,1%4 # % # 0%A24 # %*1,4X # ;0 # -,($2*X#
3(B/134 # 13*4/ # ;*34(3R # %$3*'3134 # $20 # $F6;0934/ # X(21 # $2( # %14H662 # 434431D #"# 6%0 # $3&$?512*20%#
;G3(0;&34#;0#@%42(,9,4402&,4#1:6343*R#%#(/4$?0,0#1%*%E2*20#E3+/&#:5$%&2G%5#/0#AX4;1,5'#@%4200%*#
6%5#%#093(63934(3D

A:8#X52//:%
Q252823:/
# "#-;$31#1:9C*#%9#3&'/1#*3&093GGR#*3&$3*3&3GG#A3&'3134#6/03*B#6:(:0(;9#S[?E(?$U#536;G35#/0#
$3&B(/943 # 3(3+34;4R # % # $/4,*X&/21 # 6/*2&% # @F35 # $?4%4A% # % # 1%EW0,*%4,4 # "E@(,+/4; # S09;E0;& # ;0#
093(3*3$#/04355BA3R#%#(X$%/%152*#T;5?09U#;0#[/E(?0#S%9#%54/1#/+B1#<(;9#09/&343=U#1:9:44D#"#(;&/#
1,(,1# 3$G3(;531 # 4?+%4% # $;&# :0093-C&&;04 # 4%*2*4 # % # 09;E0;&R # %# (;9# 4?*%A+,502&%/# ;0 # %# T;5?09#
1:9:44D#bGG35#%9#;*341,(G%5#139+B+/1#$3&#%#-/%4%*,1#;*34;G35#3&'#,*'%5#QA093(F#%1%(%4/#-3A*B+;0R#
$3*'531#0,(25#/$$2(#G3*0B#/5+H44%420GX*R#G3*0B#/(25'H420#2*4%*R#%#-/%4%*#:5$%&24#%14/6/92*6%#%1%(A%#
353(&/2/4#;0#%1%(%43(3A;4#6%*%$/*'35#-,($2G%5#%#1C*6/*2&#-3*;#$3&$?4%45/D#"#(;9#$3&$?512*20#2*4%*/#
$3&/0$3(;03 # ;0 # % # (;9$F6300;&R # $/54 # %*1,4X# -,*'%$%4 # 03&H4@34 # %# 53$/# ;(;0 # 1:(5';1;5 # -3**;EB#
62*4,920,1#$3&;*;0;G35#;0#%9#X@%4%4*%5?*#1/%*%1?*X#53@;90;&31#*31C9+;0;G35D

I]]

PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # -;$$?51211%* # -,&*%*1,9X # 3*0B # /+B09%1 # $3&/0$3(434/ # % # +/21,1%4 # % # 43($;093430 # 3*B-,(+?*20/#
-,($211%* # ;0 # % # (;9 # %*%E634B # 4?*%A+,502&%/6%*R # E;*+2?* # 62&@%4X02&26%* # ;0 # @%A*;1,5'02&26%*D #"#
+/21,1 # %# (;9 # -,($2*20% # 1:9G35 # 4%E%094%*@%4A21R # @,&' # $355'/(3 # 13$;55'; # 4309/ # %94 # %9 # 2**%5+X#
1%*%E2W0,*20R#$H&#%#@36H4;04B*#E?@2GG#;0#-,($2*@%4XGG#*309D#"#*3&4:GG#-3*%+%4#(/4$/1?0R#%$3*'#53$#
W0%1 # 1/4%(4204R # +3 # :009E,54,0H4204 # /0 # /&;5'3*D #"# $3&$?512*20 # 0,(25 # 43@24 # % # (/4$?0 # *;E # %9 # 3(B#
@3*';G3D
m'$02'23

;i"U'$

I)Y8232/"3O*1/
#"#1,(2GG/#1;9$F630R#$F6;0934/#X(21#&'%1,(*%4%/R#4%E%094%*%4%/D
"#-;$GB*#1/1%*%E2*4#-,($21#S+,$G,(Q.@,$,(QR#3&'3530U#%9#3++/&#$20#%5'%&,1GX*#SE*D#-%R#%&'%&U#
3*1;09H4344#42(&'%1%4#/+;9/1R#/$$2(#%#(;9#$3&$?512*2025%1#0%A24,0#Q4A25#$3&6%*X0H46%R#392*4%*#QA#
$/5B0;&34#*;4(3@,96%D
J$431'%&.",2V)2/83:/."S:)+0
a3W@5/121_ # 1/A3*:*;0R # 62&20R # C(3&30H4;0R #3&'35&34;0R #-;5'39;0R # (3093*;0R #0,(A2920R #093&3W03*;0R#
-,((%09420D
"9 # C(3&30H4;0# . # +,$G,(H420 # .# % # 1;4 # 1;9 # :00934344R # :0093@%5&,*4 # $?512A%D #"# (3934 # 4%(4X# 1;9 # %9#
C4;031#(/4$?025%1#$3&-3*3*B35#-,*'%$%4,0%5#-,(&%4A%R#6%*%$/54#@3*'30#09:&G35#4%(4A%#%9#%5'%&,4#
S|(;94%(420=UR#$H&#%#1%*%E2W0,*X#1;95;*#%#E,54,0#W;*920R#;0#3&'35*B#3(3AF#C4;0#%#+:54B#.#%#42*1%#
W0%1 # H&' # -,($2*X+@%4 # 3&'35*343035D #"# |(;94%(420= # 3&'/1 # 0%(1%*%4,0 # E,54A% # %9 # C(3&300;& # 6%&'#
*363&B00;&#.#39#%9#%5'%&#%*%1H4@%4X02&25%1#92*,&%g#%#$20/1#0%(,1E,54#%#42$%094;1_#39#4309/#%#
-3*C*3434# -309300;R #3&'35*34300;R #?&'%5/0#W0%1# %# $/**/$;43( # E,54,0# 4%*2*%4,1# -309H4/1R# -;5'39/1#%#
-3*C*3434D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#3*1;09H435+B#42(&'%1_#42*121R#1%(E3(3W31R#&'F(F1R#&'3(4'%4%(4X1R#1:5'642$%09,1R#,*%A*2$E20,1#
04GD
G$TS/+)U*1/."T+43+0
a:(4;53*3$_#$/4,*X&/%/R#4:(4;53*$/#E2(@?9%$,1D#>;91,(R#G(,591,(D
n/9/1%_#QA1,(/#43W@5/1%/#6H6$25',1R#%@,*#%#-;$31531#+:54B#093(3EC1#6%5#S&B9&;ER#43*3-,5#04GDU
>%A9_#-31343.-3@;(#(%A9,*20D
d;$/%_#;&;0g#%#(;9R#$/54#3*3$D
GO)S/,+%$)#$0"f",+%$)#$0
"#(;9#4?*%A+,502&%/#S62&@%4X02&R#@%A*H4@%4X02&R#+,$G,(H4@%4X02&#04GDUD
(3&#.#42$%094;1D
Z3*'30R#$3&-3*3*B#<(;94%(420=D
e9920E,54D
l2&'02&R#13$;5'0;&D
89;E0;&R#$3*3&0;&D
>/4$?0D
t,54,0#C4;031D
hNN

T;1,5',+X#%5'%&6%04%&02&D
!",2V)2/83:/"51'3"2'2*#:4&2.
" # +/21,1 # $3&/0$3(/1 # % # (;9 # 3(3+34;4 # ;0 # %*%E634B # 4?*%A+,502&%/4R # $3&/0$3(13+531#
$3&$?512*2025%1#$X+A26%*R#%#1%*%E2*20#;0#%#@36H4;0#@%420%/6%*D
a3W@5/1%/#A2(4%002&,4#093(39531#%#1/A3*:*;0G35R#%#62&20G%5R#%9#C(3&30H4;0G35R#3&'35&34;0G35R#
-;5'39;0G35R#0,(A2920G%5R#093&3W03*;0G35R#-,((%09420G%5D
n/&'3*531#%#(;9#c#+(2&%#%5'%&(X*#*;6;5#09X#c#4%1%(;1,0#;0#&%9+%02&,0#-3*@%0952*202(%D
"#4%5?*4%1#%*1%*$%92026%*#42(&'%1%4#1;09H43531#SE*D_#42*%1%4R#&'3(4'%4%(4X4R#,*%A$;W0304UD
"#093(092$,1%4R#$?51%3091:9:134#09%1093(F35#;0#G/94,502&,0%5#@%0952*5/#4?+A21D
=<-==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# 1;0BGG/ # /+B09%1 # 4,62GG-3A*3094/ # %9 # 3++/&/ # 43W@5/121%4g # @,992%+X+/1 # $;& # % # (;9 # Q&' # 53639344#
|-3*@Q920%=R # @35&3(30 # -,($2G% # 6%*X # %*%1H420%D # b9 # % # 43W@5/1% # -,1,9,44 # 1,5W354(2*X # 1;E300;&34R#
5%&',GG # 3(B4R # E,54,0 # 1%*%E2*204 # /&;5'3*D # " # +/21,1 # 4Q**;E531 # % # 6H909/5430 # -,($21 # 1:(;5R # 0 # %#
-C&&B*3&30#-,($2AQ#%*1,420,1#/(25'2G%#/5+?*5%1#3*D
"#+/21,1#311,(#$2(#0%A24#43(63/134#/0#093(345;1#$3&6%*X0H4%5/D#b@@39#$3&#13**#4%5?*5/?1#%#-,($%#
1:(C*/#@%A*H4204R#%#G3-3*;#09F1C*BR#/**3463#1/-3*;#09;*303+B#-,($29204D#89/54;5#:00934344#-3*%+%4#3&'#
(;9 # +,$G,($F # 1;09H4;03R # 6%*%$355'/ # 4%5?*4 # 43W@5/1% # $3&A3*35@34 # G3553R # ;0 # AX1,(% # %*1,4X/#
09%G%+02&,4#(3A4#$%&2G%5R#E3(093#W0%1#%#$3&$?512*%5+X#%5'%&#4?*%A+,502&%/5%1R#*3@34B0;&/531#
$/5;*#42&%GG#/0$3(34;63*#;0#-/&'3*3$G3#6;43*;63*D
d/09;*30H4/ # % # -;$31(B* # 093(9344 # 4%E%094%*%4,1%4 # ;0 # % # 1;09H4@34B # 42(&'%1 # 1:(;4R # @% # $3&4%5?*A21R#
@,&'%5 # 13** # % # 02(&%(;993*R # %9 # X5:46:9343113*R # S3034*3& # %9 # %*?$H5/?$$%* # /0U # G255/D #"# +/21,1#
$3&4%5?*@%4A21#%94#/0R#@,&'%5#13**#%#6H963934;1#093(3*;0;5;*#@%0952*%4,0#(;9#W0:63113*#+,*&,95/#
S;0#1;09H4@34531#(;9#(?+%1%4#%9#3?(/4$/%#X(21(%#/0UD
m'$02'23

i<"U'$

I)Y8232/"3O*1/
"#1,(2GG/#(;9$F630#X(21#4%E%094%*%4%/R#3*62(4#3(3+$;5'3/D
J$431'%&.",2V)2/83:/."S:)+0
"#-3*@Q920,0#43W@5/1%#0%A2402&%R#@,&'#%9#3&;09#$?51%-,*'%$%4R#Q&'$,5+#4%1%(20G%5#9%A*/1D#"9#
C(3&30H4;0 # 43W@5/12A252* # 3$*H4344 # C(3&30R # /**3463 # 42$%094,44 # |(;94%(420= # /44 # $;& # 136;0G; # *24@%4XR#
/512GG # @%**@%4XR # ;(39@34BD # "9 # 3$G3( # 1;5'43*35 # % # *242025 # 4Q* # 3&';G # ;(9;1093(63/(3 # -/&'3*5/R#
@%&'%41,95/D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
# 83(*3&31R # 62921R # 1%5W0X1R # :54:9B1%5521R # 0C4B3+;5'31R # E,@%(%1R # W035&B1R # @%(%5&,1R # -3+3*30#
42*121R#+,$G,($F631D
G$TS/+)U*1/."T+43+0
a:(4;53*3$_#$/4,*X&/%/R#4:(4;53*$/#E2(@?9%$,1D#>;91,(R#G(,591,(D
n/9/1%_#QA1,(/#43W@5/1%/#6H6$25',1R#%@,*#%#-;$31531#+:54B#093(3EC1#6%5#S&B9&;ER#43*3-,5#04GDU
>%A9_#-31343.-3@;(#(%A9,*20D
d;$/%_#;&;0g#%#1C*:5G:9B#-;$31#1;$/%/#;0#-/9/1%/#0%A24,002&%/g#%#(;9R#$/54#3*3$D
hN!

GO)S/,+%$)#$0"f",+%$)#$0
"#(;9#4?*%A+,502&%/
n3*@Q920,0#43W@5/1%
Z3*'30R#$3&-3*3*B#|(;94%(420=
Y:6316B#%5'%&6%04%&02&
t,54,0#C4;031
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#4,62GG/#A2(4%002&,4#093(39531#%#(;9$3&$?512*20#43W@5/12/G%5D#S73&4%5?*A21#%#@35&3(30R#
%#1/-3*;#09;*303+BR#6%*%$/54#%#G3-3*;#09F1C*B#-,($21#%*%1H42024UD
"# 4%5?*4 # 43W@5/121%4 # 09%G%+,5# ;0 # :52**X%5# 1;E3031# %*1%*$%95/R # W;*A%/1# ;(+31;G35# $3&-3*3*B35#
6%(/2*5/#+,$G,($F631#1;09H4;0;5;*D
d/09;*30H4/1 # % # -;$31(B* # 093(9344 # /0$3(343/134 # ;0 # 4%E%094%*%4%/1%4D # S73&/0$3(/1 # %9 # %*?$H5/?$R # %#
02(&%(;9R#%9#X5:46:93431#@%0952*%424DU
73&/0$3(13+531#%#(;9#@%095,0H4@%4X02&26%*#SE*D_#6H963934;1#093(3*;05;*R#3?(/4$/%#(Q+#1;09H4;05;*#
04GDUD
Z%0952*%4/#42(&'%1%4#1;09H43531#%#4%5?*4#43W@5/121R#3*A2(20$X+,1#%*1%*$%92026%*D

G+51S/+)1/
Q252823:/
"#6%0#0,1#431/5434G35#%#(;993*#3**354;430#4?*%A+,502&&%*#GH(R#H&'#$3&$?512*20%#4,62GG/#E3+%&X&/%/#
3*3$3134 # A3*35H4@34 # $3&R # 39;(4 # ;(+3$30 # $/5;* # 4:GG # @3*'35 # 3935 # 4%542(&' # G363934;0;4#
09,(&%*$%95/D
=<-==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # +/21,1 # %9,55%* # (2;(39531 # % # @/+3& # ;0 # % # -,((X # 6%0 # $3&$?512*2025%1 # 1C*:5G0;&3/(3D#
73&4%E%094%*A21R#@,&'%5#6/03*13+/1#%9#/99X#6%0#%#1%*%E2W0#C4;03/#%*%44D
"9 # C**B # 3*B44 # G/94,0 # *2GG%* # 2**5/R # % # 1C*:5G:9B # 1%*%E2W0,1%4 # ;0 # -,&X1%4 # $3&-3*3*B35 # 1393*5/R # %#
E,54,0%5#W;*9,44 #G24,(#C4;0R#%9#;G3(0;&#;0#%#&',(0#(3%1W/XR #$3*'31(3#%9#C**B#;0#%#4F9#$3**344#
09C10;& # 6%5R # 3931 # $/5+ # $;*'(3@%4X # 4%E%094%*%4,1R # ;0 # -,54,0 # E3+%&X&/%/ # 3091:9:1D#
T%55%1#,*'%5#-,*'%$%4,1R#%$3*'31@39#1;4#E2(#1;9#09C10;&30D#b9#%9#3&'C44$F1:+;0#3*3$;4#@,99%#
%#$?512G%#;0#3993*#QA#$/5B0;&34#43(3$4R#@/0935#5%&',GG#%#-3*3*B00;&#;0#5%&',GG#-/&'3*3$$3*#/0#
13**#+,*&,95/R#$/63*#%#E2(G%5#6%*X#$?51%#6309;*'303GGD
m'$02'23

i<"U'$

I)Y8232/"3O*1/
720#-;$31#$3&$?512*2025%1#4%E%094%*%4%/D
J$431'%&.",2V)2/83:/."S:)+0
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#%*%E634B#43W@5/121%4#S;*39;0R#5'QA420R#13(31H4;0R#*%EH420R#@%0H420R#@%A*H420#;0#:0093E(;03*;0U#0,1#
&'%1,(*20 # ?425 # @%0952*@%4A?1 # 09:&31R # W0HEB6%0R # 5'2(0R # &'3(4'%4%(4XR # $;(*3&R # E/091%6%0R # +H09H4B#
1%$EX1#;0#3&'#0,(#093(092$#SE*D#1;031R#6;0B1U#1;09H4;0;(3D
hNJ

q%6H4@%4?51 # ;0 # -3*QAH4@%4?51 # (;&/ # 093(092$,1%4 # /0g # 1;09H4@34C51 # QA # 5'3*3134R # 6%&' # 093(092$#

1;09*343134#$20,1#092$2(%D
G$TS/+)U*1/."T+43+0
"#+/21,1#@%**%5%1#%#G25'209%4(X*#;0#%#1,@209%4(X*R#6%*%$/54#%9#%W;*R#%9#%W;*#092($%9;1,1R#;0#%#
(,90+%#$35430#%W;*#/E%(/#43($3*;0;(B*D
7/4,*X&/%/R#4:(4;53*$/#E2(@?9%$,1D#T%01,(D
GO)S/,+%$)#$0"f",+%$)#$0
;*39;0R#5'QA420R#13(31H4;0R#*%EH420R#@%0H420R#@%A*H420R#:0093E(;03*;0
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#$3&/0$3(/1#%#6%0#4?*%A+,502&%/4#;0#-3*+,*&,92025%1R#$3&$?512*2025%1#$X+A24D
73&/0$3(/1#%#-,((X#;0#@/+3&#6%0#$3&$?512*2025%1#1C*:5G0;&3/4D
73&4%5?*5%1#G/94,502&,0%5#2**5/#%9#C**B#3*B44R#%#1C*:5G:9B#1%*%E2W0,1%4R#-,&X1%4#@3*'3035#1393*5/R#
E,54,0R#3(B0#C4;03134#6;&395/D
"*%E634B#43W@5/1%/#/0$3(3431(3#4309531#093(4#SE*D_#;*39;0R#5'QA420R#@%0H420R#:0093E(;03*;0UD
893(092$,1%4#SE*D_#09:&R#5'2(0R#1%$EXUR#3091:9:134#SE*D_1;0R#6;0BU#1;09H43531D
b&'C44$F1:+B35#;0#-3*3*B035#6;&9/1#%#$?51%-29/0,1%4D
a%5?*$25',9921#%#6%0#/E%(/#-3*@%0952*2024D

E:#943:/
=<-==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # :54;0# &':5':(F# ;0 # -,54,0# 4%E%094%*%4,1%4 # G/94,0H4 # %# -/%4%*,1 # 092$2(%R # @/0935# *24A21R # @,&'%5#
,*6%+#$3&#%#-;$#%9#,*6%094X4;&3*'G35R#$%A+#5'3(#3&'#43*A3035#QA#-,($24#2*4%*?1R#%$/1,(#%#-,($2G%#
:54/1D#"9#:54B-,($%#&,5+,0#1/%*%1H420%#5%&',5#-,54,0#%#0/13(30#-,*'%$%4@,9D#"9#3*1:634344#@/G21R#
$3*'31#3*13(C*@3434*3531R#4:GG#E3+%&X&/%/#;(4;113*#GH(5%1R#$/54#G2($/R#%$/4#%#4%52(#$,5+@%45%D
m'$02'23

i<"U'$

I)Y8232/"3O*1/
720#-;$31#$3&$?512*2025%1#4%E%094%*%4%/D
J$431'%&.",2V)2/83:/."S:)+0
l3&3*B09:(#1:55'35#,*6%+X#-;$3134#SX*,$R#W/51R#X5U#,*6%094?51#;0#:54C51#-,($21G%D#"#-,($21#
*3@34531 # G,5',*?*4%GG%1R # % # 1;4(;0930 # @,$,1:54B # -,($21G%5 # /0D # 7%(%+;1 # 6/%09 # :54;03 # *3@34 # %#
*3&0/13(303GG # 4%E%094%*%4D # "9425 # 02(&%(3934 # ;0 # G(,59,4 # ,*6%094?51 # % # 13$35W;G35D # d;0BGG#
@%0952*@%4?51#39C04:4#;0#%(%5'%4#;1093(1;09H4;0@39D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
73+2*,1%4R#1/03GG#%*%1,1%4R#;0#$/5+35-;*3#@%095,0#42(&'%4R#$;&#W035&344'F4#/0#1;09H4@34C51D
G$TS/+)U*1/."T+43+0
7/5+3935#436;135'0;&31#2*4%*#&'%1,(*%4/*%&#4%E%094%*A21#$3&#%#+/21,1#%#43W@5,*X&/%#S3034*3&30#
*24,&%420#3&'#:54:+;G3UR#;0#%#$F6;09344:(4;534#SG(,59#09,G(,1U#1%EW0,*%424D
hNI

GO)S/,+%$)#$0"f",+%$)#$0
:54B-,($21R#,*6%+20E,54R#,*6%09420R#X*,$R#W/51R#X5R#(;9R#G(,59R
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#$3&/0$3(13+531#%#-;$:54;003*D
73&/0$3(13+531#%#-;$31#,*6%0942026%*#;0#%#-,($2G%#:54;003*D
73&4%5?*A21#%9#:54B-,($21#&,5+,0#1/%*%1H42024D
Z%0952*%4/#42(&'%1%4#1;09H43531#SE*D_#$3+2*,1%4R#1/03GG#%*%1,1%4U
"9#3091:9:134R#093(092$,1%4#G/94,502&,0%5#;0#09%1093(F35#@%0952*A21R#%#+(2&%#%*%E%5'%&,11%*#
&%9+%02&,0%5R#4%1%(;1,0%5#G255%1D

IO'.3#.$
Q252823:/"=-hN":5,+)&$#
"9 # 3?(/4$/% # 3&' # *24@%4X # 5'3*6R # $/$/1% # 5;*1C*D # l3*130C*4 # $,9&20,11%* # (%&%+A% # $3& # % # 430434R # ;0#
:00931:4/ # % # *3*1/.093**3$/63*D # b**354;4;G35 # % # 43045363*;003*R # $3*'531 # $20 # -?51W/XA% # 6%5 # % # 4304#
$3&;(4;0;G35#;0#3(B0H4;0;G35R#%9#3?(/4$/25%1#%#*3*1/#(;096;43*#%#W;*A%R#%$3*'#$,9&200%*#-3A39B+/1#
1/D#"9#3?(/4$/%#%((%#4:(3109/1R#@,&'#3&'.3&'#$,9+?*%4G%5#%#4304R#%#*;*31#;0#%#093**3$#3&'-,($25#
(;094#63&'35R#;0#24;*A3#%9#/5+/6/+??$,4R#%#6/*2&#;0# %9#3$G3(#3&'0;&;4D#[;*A%R#@,&'#%9#%1%(%4R#
;(9;0R # &,5+,*%4 # 3&'$204 # 24A2(6%R # % # &'3($31G35 # @%($,5/1?0 # 3&'0;&34 # 4?+A,5 # *;4(3@,95/D # "9#
3?(/4$/% # $,9&20%*%EA24 # ,GA314H6 # 4:(6;5'093(F0;&31 # %*1,4A21D # "9 # %5'%5'3*6 # 3*3$3/R # 5'3*64%5R#
(34,(/1%#/0#1/-3A39B+;0(3#13(C*531D
"9 # 3?(/4$/% # -3*%+%4%R # @,&' # &,5+,99% # % # 5'3*6 # 1;E31G35 # 6%*X # *242025%1 # 1;E300;&;4R # ;0 # H&'#
1:55'3GG35#6393003#24#%#&'3($3134#3&'.3&'#42(&'(X*#%*1,4,44#1;E31#0,(,9%425#24#%9#;*B#-,&%*$%1#
$3&;(4;0;/&D#l24@%4X62#4309/#%#G309;+34#Q&'R#@,&'#%#G309;+1;E9;0#:00934344#$,9&20%/4#1/G,54A%R#
;0#%94#%9#3&;09#4304#$,9&20262#5%&'H4A%D
"9#3$G3(/#4304#9353/#4:(6;5'31#;0#6/09,5',1#093(/54#;EC*#-3*DS#E*D#W0,54629R#4304%(25',1R#04GDU
b931531#%#9353/#%*1,4X3*3$31531#$,9&20%/4#*24@%4X#;*$;55';#4309/#%#9353/#3?(/4$/%D
"#W0,E,(4,0#$?5121G%5#%9#3&';5/#$,9&20(%#6%*X#-/&'3*3$#$/5+/&#1:4B+/1#%#4:GG/31#$,9&202G%#
6%*X # 09,W/2*/0 # G3*3;(9;003*D #"9 # 3?(/4$/% # 4%542(&' # -,54,0 # 03&;+3091:93 # % # 5363*;0531R # $F6;09/#
;(4;13#$3**344#-,54,0#E3+%&X&/%/.+/+%14/1%/#;(4;13#6%5_
.#@%($,5/92*A%#%#4304/#*3*1/#093**3$/4#%#&'3($31G35g
. # % # G309;+ # ;0 # 9353/ # 3?(/4$/% # 4%5?*20% # -,*'%$25 # $;*'R # ;*B # 1%EW0,*%4G% # 13(C* # % # &'3($31 # %#
1:*4;093443*R#%#935;63*g
.#%#$F6;09/#$?51%#-,*'%$25#GB6C*531#%#1/-3A39;0/#3091:93/1R#09;E0;&#;0#@%($X5/%#@%4A%#24#%#
$,9+?*%4%/1%4g
.#%#1C*:5G:9B#&3,$34(/%/#-,($21#4%5?*20%#1:9G35#4;(/#42A;1,9X+20?1#-,*'%$%4,0%5#-3A*B+/1g
.#%#1:9:0R#W0,E,(4,0#$?5121G%5#%9#3&'$20(%#6%*X#-/&'3*$C1R#09,W/2*/0#;(9;1C1#/0#-3A*B+/1D
"9 # 3?(/4$/%4%5H420 # !.!JD # ,0942*'/& # 09,(,0%5 # 3&'$20(% # ;EC*D # "9 # 3?(/4$/%4%52( # 09,(,0%5#
3&'C44$F1:+/1#%9#,0942*'4%5H4X6%*#;0#%9#X(21#%5'%&26%*#1%EW0,*X+/1#%#-B,14%420@,9D
=N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# 4%5H4204 # % # $303@%5&?*%4 # @%4A% # 24D #"# $30;1 # 1;E3/63* # G3*0B # 24;*;0GB* # A3*35531 # $3& # % # 4;(G3*/#
-,($21D #"# $,9+?*%4,1# 43*A3035# %9# ?425920(% # ;EC*531R # %# 9353# W0%1 # 1H0;(/# %# $,9&204R # @%5&?*%4/#
hNh

%*2-304;04#G/94,0H4D#7/5;*#4:GG#4;(G3*/#-,($24#0%A24H4%5%1#3*#;0#&'%1,(,*5%1#%#&'3(3131D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"*%E634B#%9#/01,*%;(3440;&&3*#A2(X#G/94,502&,0#$,9&20#;0#3&'350Q*';(9;1D
J$431'%&.",2V)2/83:/."S:)+0
"9#?425920#1;090;&;531#-3554%(420%R#%$3*'#3*B03&H4/#%#4%5?*20/#1;E300;&3134D
"9 # %*%E634B # 4;(/(25',1 # $3&1C*:5G:9434;03R # % # 4;(G35 # 6%*X # 42A;1,9X+204 # 03&H4B # &'%1,(*%4,1#
$3&/0$3(;03R#&'%1,(*20%D
"#1C*:5G:9B#*;E;0.R#09:1135;0-%A421#3*0%A24H420%D
"#&'3($31#;(93*$/#G/94,502&25%1#$3&%*%E,920%R#09,W/2*/0#;(9;135'0;&;531#$3&3(B0H4;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
b&'3530#;0#H630#$,9&20,1#&'%1,(*20%#S1:(R#0E/(2*R#*3$5/09124%U
7%&25.#;0#$200%*@%5&9X1#?425920%#S#136;0R#5%&'#@%5&9X1U
l;E;0R#09:1135;0R#+,G,&20R#&%*,EE?&(20#S-,&62*4X0#?&(20U
n/5,$$,9&20,1#-3A*3094;03R#C&'300;&/#&'%1,(*%4,1
a;(/(25',1#SA,GGR#G%*R#-354R#*354R#3*B*R#@24?*U
t354%4,5#+%**%$,1R#16/54@%5&1:9#$,9+?*%4%R
G$TS/+)U*1/."T+43+0
" # $,9&20 # % # &'3($31 # $3&/0$3(B # 436;135'0;&;531 # %9 # %*%EA%R # 39;(4 # 09,(,0%5 # 1%EW0,*X+/1 # %#
4%5H420@,9D #"9 # 3E,W@21 # 4;$2A% # $3&@%42(,99% # %9 # 3?(/4$/% # X(21# 43$%4/12A24 # R # H&' # 1%EW0,*X+/1 # %#
-,($%(%A9@,9R#H(20R#,*6%020#4%5H420@,9D#"#9353/#@%**20#-3A*3094;03#%#9353#;*$;5'093(F#24;*;0;63*#
4:(4;5/1D
GO)S/,+%$)#$0"f",+%$)#$0
5%&' # 4;(-,($21R # 4;(G35 # 6%*X # 42A;1,9X+20R # 43040;$%R # 1,,(+/52W/XR # 1,5W354(2W/XR # *%43(%*/92W/XR#
-/5,$$,4,(/1%R#*;&9;0R#(/4$?0R#A24;1,002&R#$303@%5&?*%4R#9353/0;&
!",2V)2/83:/"51'3"2'2*#:4&2.
"#1C*:5G:9B#$30;1#?42592025#%*%E?*X#$,9&20,1#2*4%*R#$;*'3GG#1%EW0,*%4#A:5#*;4(3#%#5'3*6/#;0#
9353/#3*3$3113*R#%#5'3*6#;0#%#9353#1/-3A39B#3(3A;63*D#b9#03&H4#$3&%*%E,95/#%#&'3($31#;(93*$/#
G/94,502&24R#3*B03&H4/#4%5?*20/#1;E300;&3/4D
"9#3&;09#,0942**'%*#4?+#1C*:5G:9B#4;(-,($21G%5#3&'C44#$,9+?*5/D
73&4%5?*A% # % # -BGG # 4;(/(25',1%4 # $3&1C*:5G:94345/R # % # 1C*:5G:9B # *;E;0 # ;0 # 09:1135;0-%A421%4#
:(:$$3*#;0#G/94,502&&%*#62*4,&%45/D
n3A*B+/1#%9#?4259X1;E300;&3D
"#0,1#$,9&20#A%6H4A%#%9#/9,$4X5?0.09%G2*',9204R#;*;51H4/#%9#%5'%&W03(3#-,*'%$%4,1%4D
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # 3?(/4$/% # 09,(,0%5 # 1%EW0,*X+/1 # %9 # 3E,W@21@,9R # 1:63463 # %9,1 # 4;$2A24D # b9 # @%42(,99% # $3&# %#
43$%4/1%/#3&'0;&;4R#@%5&?*%424#/0D#b92*4%*#03&H4AC1#%9#3*$;*'C*;04#;0#(2@%5&,*X+204#3&'#G/9,5',0#
4;$%1:(G35D#v&'#G/94,0%GG#4?+204#1%E#%#&'3($31R#%$/#03&H4/#;(93*$/#G/94,502&24#/0D
hNL

m'$02'23

>j"U'$

I)Y8232/"3O*1/
"9 # 3*0B # ,0942*'G%5 # 4%5?*4 # 4;(-,($21G%5 # ;0 # 4;(/(25',1G%5 # 6%*X # G/94,0 # 42A;1,9X+20D # dC*:5G:9B#
*;E;031#;0#09:1135;031#G/94,0#4?+20%R#%#$%&25.#;0#$200%*@%5&9X1#E,54,0#?425920%D
J$431'%&.",2V)2/83:/."S:)+0
"9 # ?425920 # 1;090;&;531 # -,*'%$%4,0 # -3554%(420%D # "9 # %*%E634B # 4;(/(25',1 # G/94,0 # 4?+2025%1#
3*$;*'H4;03R#1C*:5G:9B#E3+%&X&/%/#-,($21#$3&/0$3(;03R#&'%1,(*20%D#"#*;E;0#;0#09:1135;0#-%A421#
1/GB6H4;03 # ;0 # &'%1,(*20%D # " # &'3($31 # ;(93*$/ # G/94,502&25%1 # ;0 # 09,W/2*/0 # ;(9;135'0;&;531#
$3&3(B0H4;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7;&#$/5+/&#%9#?425920#%#$,9+?*%4,1#%*%EA%R#+3#1/03GG#3&';5/#-3*%+%4,1#/0#$3&A3*35531D
"#4;(-,($21#-%A42/#1/GB6C*531R#$3&A3*35531#%#1C*:5G:9B#E3+%&X&/%/#&'%1,(*%4,1_#|;5#;0#43=#;0#|$/=R#
|13(300C1#3&'$204=#S/(#0?W@35#?50U
Z?**2$,1R#09:&31#*3A2(20%#%#1:(#6,5%*25
d;4#1:(G35#6%*X#W0,E,(4,0#$?51%
b&'350Q*'43(3$4B#&'%1,(*%4,1_#W0?1X+20.1/5'H*20R#*;&9;0#%#4;(G35
"*%E(/4$?0,1#G363934;03_#A%$G?0R#4(,W@3?0R#%5%E3094?0#S1/92(X*%&#?4259200%*#U
aC1(:9;031#%#4;(G35
.30#C43$g#(:6/+R#@,009Q#@%5&#%#935;G35g#+%**%$H6
G$TS/+)U*1/."T+43+0
"9#X(%#43$%4/12A%#1%EW0,*X+/1#%#-B,14%420#%5'%&2@,9D#"#0935431#4:(4;5343/5#;0#%9#2**%4$30;135#
13(3094C* # &'%1,(,*@%4X1 # % # *;E;0-,($21R # % # 1C*:5G:9B # 1%(%143(31D # " # 4;(G35 # 6%*X # 4C1(:9;0 # AX*#
3*B1;09H4/#;0#3*$;*'H4/#%#-,($%(%A9/#4C1(:9;04D#"#935;@39#6%*X#1%EW0,*X+20#/0#3&'(3#1,51(;4%GG#*309#
SC43$#&'%1,(*%4,1UR#+3#39#$;&#$/5+/&#A24;1,0%5R#$303093(F35#A3*35/1#$3&#%9#X(25D
"#(/4$?0,1#&'%1,(*2026%*#03&H4#%#@%($,5/1?0#$,9&20#;0#G309;+(/4$?0#1/%*%1H4202G%5R#H&'#%9#H(20#
,*6%020#X(21@,9#1%EW0,*X+/1D
GO)S/,+%$)#$0"f",+%$)#$0
5%&' # 4;(-,($21R # 4C1(:9;0R # 4;(G35 # 6%*X # 42A;1,9X+20R # 43040;$%R # 1,,(+/52W/XR # 1,5W354(2W/XR#
-/5,$$,4,(/1%R#093$#.#1;9#1,,(+/52W/XR#*;&9;0R#(/4$?0R#A24;1,002&R#$303@%5&?*%4R#9353/0;&
#30#C43$R#A%$G?0R#4(,W@3?0R#%5%E3094?0
!",2V)2/83:/"51'3"2'2*#:4&2.
"#$303@%5&?*%4G%5#%#$,9&20,1#3&'(3#1%(%143(303GG311;#62*5%1#%#1C*:5G:9B#0935431R#2**%4,1#
$3&A3*35H4;0;63*D # b9 # 03&H4/ # % # 6/*2&(% # 6%*X # (2;G(3+;0 # -,*'%$%42G%5R # %55%1 # @%($,5/1?0#
*3-,*'202G%5D
"#&'3($3131#3&'(3#G,5',*?*4%GG#4;(-,($21#*3A2(2025%1#;0#24*242025%1#1;E300;&;4#093(9/1#$3&D#
n,*'%$%4,0%5#-3A*B+/1#%#4;(G3*/#42A;1,9X+20?1D#q%6?*#%#$,9&201,,(+/52W/XA?1D
"9#%5'%5'3*6/#;(9;1C1#-3A*B+/1D
"#9353#%*%E3*3$3/4#S(/4$?0R#4%14?0R#@,009Q#;0#(:6/+#@%5&,1U#24;*/1#;0#$3&1C*:5G:9434/1D
"#09,W/2*/0#;(9;13/1R#%9#3((3#/(25'?*X#-3A*3094B#&'%1,(*%4,1#S|;5#;0#43=R#|13(300C1#3&'$204=U#2*4%*#
-/5,$,+5%1D
>N":5,+)&$#
hNO

J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # &'3($31 # *3*1/ # -3A*B+;0;GB* # 1//5+?*6% # %*1,4A?1 # $3& # %9 # 3?(/4$/% # -,($2/4 # ;0 # $,9&20%/4D # "#
-B,14%420@,9#1%EW0,*X+6%#(/4$/1?0#$,9&20,1%4R#63(03134R#4;(G3*/#-,($21%4#&'%1,(,*5%1#%#&'3(3131D#
52**X%5 # 13** # ,(/3542*X+5/?1 # % # 4;(G35R # % # $%&25@%5&9X1%4 # -3* # 13** # /0$3(5/C1R # ;0 # 3&';5/*3& # 13**#
$,9&20?1G%5#@%0952*5/?1D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"#$20,+/1#,0942*'G%5#4%5?*4%1#$2(#1;E300;&#09/54A;5#6%55%1#A3*35D
J$431'%&.",2V)2/83:/."S:)+0
dC*:5G:9B # E3+%&X&/%/ # -,($21 # &'%1,(*20%R # 1/GB6H4;03 # 03&H4/ # 09,W/2*/0 # ;(9;1C1 # G/94,502&24D # "#
$%&25@%5&9X1#;0#4;(-,($21#/0$3(343#;0#4?+20%#1;E300;#4309/#B134#%9#:52**X#$?512(%D#"#43040;$%#
&'%1,(*%4,1#-,*'%$%4,0#A3*35*;43#03&H4/#0%A24#4304;531#$3&/0$3(;0;4R#%$/#%#1,,(+/52W/XA24#3(B0H4/D#"#
G309;+#@%5&9X/5%1#$3&/0$3(;03#;0#&'%1,(*20%#03&H4/#%#G3*0B#G309;+#(35+39;0;4R#3&'(3#A,GG%5#
%*%1H4A%#%#G309;+-/&'3*$34D#"#-/&'3*3$#4%(4X002&%#/0#5:63109/1#392*4%*D
"#&'%1,(*%40,(,1R#(/4$?0,1R#4:(4;53431#$3&A3*35H4;03#03(1354/#%9#;09*3*;0/#-,*'%$%4,1%4D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#5;&'#3*3$#.#-:*+R#6H9R#*363&BR#4F9#.#$3&A3*35H4;03
7%&25@%5&9X1#G363934;03R#&'%1,(*20%
7;(4%5/#-,($21#S@2(,$09:&R#5;&'09:&U#A24;1,0#$3&A3*35H4;03#%#4;(G35R
l3$5/09124%#13(309439;003*
89,W/2*/0#&'%1,(*%4,1R#$/54#1;(+;0.-3*3*34R#13(300C1#3&'$204DDDR#;5#;0#43R
&'300;&/#;0#1,5W354(2W/X0#&'%1,(*%4,1
Y'H*20#W0?1X+20#4304G35R#4;(G35
d:55'3GG#-,($%&'%1,(*%4,1#63934;03#S#@3/43(3(#"?-4%14#%#1:(G35U
d/0#;0#5%&'#43(W#24;*;03R#125,5
G$TS/+)U*1/."T+43+0
"#1C*:5G:9B#$3043(0;&3134#/0#%#$,9&20,5#13(3094C*#$;*'H4AC1#3*#;0#%#43(3$4;04:(4;534#$;*'3GG#
24;*;0;@39#/0#5%&'#03&H40;&34#5'QA4#3GG35#%9#;6G35#%9#3?(/4$/%D#"#9353#X(21%4#03&H4AC1#%#125,5#
&'%1,(*2026%*D #"# 9353/ # @%**20 # /0 # -/5,$,+/1 # % # @%5&1:9:1 # -3*/0$3(;0;63*D #"9 # %5'%5'3*6 # X(21@,9#
1%EW0,*X+/1#%9#3?(/4$/%#%#-B53631#A24;1,0#$,9&20,0#$3&1C*:5G:9434;0;63*D
GO)S/,+%$)#$0"f",+%$)#$0
&3,$34(/%/#4;(-,($21R#4;(G35#6%*X#42A;1,9X+20R#43040;$%R#1,,(+/52W/XR#1,5W354(2W/XR#*%43(%*/92W/XR#
*;&9;0R#(/4$?0R#A24;1,002&R#$303@%5&?*%4R$%&25@%5&9X1R#9353/0;&R#09,W/%*/92W/X
125,5R#1/0#;0#5%&'43(W
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#-,1,9X+X#1:(5'39344B*#6%*X#3*62*202G%5#%#093**3$/.*3*1/#G/94,502&24#5:63*/R#%9%9#03&H4/#%#
6/*2&(%#6%*X#QA-%A4%#(25;9;0(3#;0#%#6/*2&G%5#6%*X#QA#-%A4%#(;096;43*(3D
73&4%5?*A%#%9#3?(/4$/%#$,9+?*%4%/#1:9C*#%#$%&25@%5&9X1%4D
p4;*/#%#1/0#;0#5%&'#43(W34#%#935;G35D
w3,$34(/%/#-,($21%4#4%5?*#$3&#%#4;(G35#*3A2(5/D
" # 1C*:5G:9B # 09,W/2*/0 # &'%1,(*%4,1 # 4,62GG(% # /0 # -,*'%$%4,0%5 # 2E,*A21 # ;0 # -3A*3094/1 # % # 42(0%0#
hNK

1%EW0,*%4,1G%5#6%*X#1/3&'350Q*',9,44#(;096;43*;4D
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# &'3($311,( # 1:9;E0B # 09%1%0925%1 # 24*;E;031,( # % # -%5429/% # ;0 # % # 1;E93*34 # QA # 3(B/4R # 6%*%$/54 # %#
$,(%*/4204#13**#%#&'3($31G35#1/-3A*309435/#;0#2E,*5/D#q,GG%5#4%&,*X+/1#%9#3&'0;&30#G309;+;*$;5'#
%#5'3*6/#3*3$31#2*4%*D#"9#3?(/4$/%#03&H40;&;63*#%#&'3($31#%#5'3*64%5/#3*3$3134#53$W0%1#;(43*$/#
3(B/63*#;(4/#$3&R#@%53$#;(93*$/#;0#%1%(%4/#3(B/63*#/0D#"#1:9;EE,54(%#/(25'?*X#1:(#%#$,9&20#0,(25#
$/5+/& # -3*,09*/1R # % # 4;(G3*/ # -,($21 # -(,542*/0%5R # 3*B(3 # /(25'?*6% # 6%*X0?*5%1 # $3&D # &'300;&/#
&'%1,(*%4,1#1H0;(/1#%9#:52**X02&#-3*;#4%(4X#-3A*B+;04D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
"#4%5?*X1#$2(#AX*#1//&%9,+5%1#%#4;(G35R#%*%E634B#4;(/(25',1#$3&1C*:5G:9434;03#53$#,1,9#&,5+,4D#
a?+A21#@,009%GG#/+3/&#4%(4%5/#%#-/&'3*$C134R#:52**X%5#/0#4:GG#&'%1,(*%4GX*#2**X#-3*%+%4,4#3*#4?+5%1#
6;&395/D
f/94,502&&%*#4?+A21#%9#:00930#$%&25@%5&9X#$,9+?*%424R#E,54,0%5#@%0952*A21D#
b&'093(FGG#+%**%$H63134#1:6345/#4?+5%1#$,9&200%*R#-3*/0$3(/1#%#1/0#;0#5%&'#43(W34D
J$431'%&.",2V)2/83:/."S:)+0
720-%A4% # 4;(*24204 # /&;5'3* # % # -(,542*/0 # -,($%D # 73&62*4,9/1 # % # 5;9BE,54R # 53@393GG; # 62*5%1 # % # $2(#
$3&09,1,44 # 4;(-,($21R # 39 # % # 62*420 # 03&H4/ # % # &'3($31 # &,5+,*1,+20/ # 3(B/531 # -3A*B+;0;4D#
d,51(34/92*X+5%1#%#9353/#3*3$31#%#@%5&,1#$3&4%5?*2026%*R#4?+%4,0%5#;*/1#$3&#%#9353/#;*$;5'4D
"#935;G35#/**D#63(031G35#(3A*B#:0093-C&&;031#-3*/0$3(;03#-B#W;*1;54#6,5?*#6;&/&#%9#;6G35D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7200%*@%5&9X1#G363934;03R#%9#2G;W;#&'%1,(*20%
Y'3*64%5/#3*3$31#4;(-,($2G%5#6%*X#24;*;03#S/&3R#-B5;6R#$3**;15;6U
aC1:(1;E31#-,($2/R#&',(0%02&/#;0#C&'300;&/#&'%1,(*%4,1
d,5W354(2W/X0#&'%1,(*%4,1
"**/43(2W/X1
353/#@%5&,1R#[.+Q(#012*%
"*0XR # -3*0B # 09X*%$R # 3&;09R # -;*R # 53&'3+R # 5',*W%+ # @%5&,1 # $3&1C*:5G:9434;03R # W0,E,(4,0#
$3&A3*35H4;03
t,*,5;9#-,($%
t3+%&X&/%/#&'%1,(*%4#S|/(#,**35#0?W@35=U
G$TS/+)U*1/."T+43+0
"9 # %5'%5'3*6 # ;0 # /(,+%*,$ # X(21 # %5'%&2@,9 # 09,(,0%5 # 1%EW0,*X+@%4 # %9 # 3?(/4$/% # %9 # %**/43(2W/X#
&'%1,(*2026%*R#%#1C*:5G:9B#09X-%A,1#$,9+?*%44%*#;0#-,($26%*#6%*X#$3&A3*35H4;0;63*D#"#9353#X(21%4#
AX*#1/3&;09H4/#%#9353/#[#+Q(#012*%#$3&4%5?*20%R#%#53&'3+R#5',*W%+R#04GD#@%5&,1#&'%1,(*20%D#"#9353/#
4:(6;5'093(F0;&31#$3&/0$3(;03#03&H4/#%#$%43$%4/1%#,14%4204D
GO)S/,+%$)#$0"f",+%$)#$0
&3,$34(/%/#4;(-,($21R#4;(G35#6%*X#42A;1,9X+20R#1,,(+/52W/XR#1,5W354(2W/XR#*;&9;0R#(/4$?0R#9353/0;&R#
$%&25@%5&9X1R#09,W/%*/92W/XR#-(,54%*/420R#$200%*@%5&9X1
hNP

!",2V)2/83:/"51'3"2'2*#:4&2.
"#6/*2&G%5#6%*X#;G3(3GGR#3&'(3#/512GG#@%42(,9,44#-,($24#/&;5'*B#;0#13(30BR#4%&,*4%GG#(;096;43*531#
%*%E634B#-3*4;43*3#;0#3*B1;09H4BA3#%#5'3*6#$200%*@%5&9X/5%1#$,9&20G%5#6%*X#4?+%4,0#24;*;03#;0#%#
5'3*6/#3*3$31#4;(-,($2/D
"#9353/#3?(/4$/%#3*3$3/531#1/&'%1,(*2026%*#+/--3(35W/2*X+/1#%#4%5?*X1#$,9&20%D
"#&'3($3131#$3&4%5?*5%1#-(,542*/0%5#$,9,&5/#%#4;(G35D
"#0E3W/2*/0R#09,W/2*/0#;(9;1#-3A*3094;0;4#3*B03&H4B#&'%1,(*%4,1#3*0B0,(G%5#%#*3*1/.%1%(%4/#;0#%#$,(2*/0#
1;090;&3134#5363*/1D
Q252823:/"i-MN":5,+)&$#
Y3&'3+/1 # ,0942*'/& # %9 # 3?(/4$/% # 4%5?*202G%5 # %9 # ?425920; # % # -B093(3ER # 43($;09343035 # 35531#
/54359/420%#-,1,9%4,0%5#W0:1135D#n3*0B#4%&,9%4G%5#$2(#%9#:52**XR#/5+/6/+?2*/0%5#63934344#$?51%#
6309/#24#%#-B#093(3E34D#b#1;4#EX*?0#1:9:44#2**5%1#%#1:9;E4%&,9%4,0#;631R#%@,*#/&%925#24#*3@34#;*5/#
%94R # @,&' # %9 # 3?(/4$/% # *;*3113* # 43*/R # 4304/ # 1/-3A39;0/ # -,($24 # 13(30B # G3*0B # $,9+?*%4D # b931G35 # %9#
;631G35 # % # &'3(3131 # 3&'(3 # 3(B43*A303GG35 # 4?+A21 # ;(9;13*5/R # @,&' # $355'/(3 # ?(%/ # % # 0%A24#
$,9&20?15%1R#;(93*$/#1/-3A39;0/#*3@34B0;&3/134#/0#3&'(3#A,GG%5#$3&/0$3(/1D#89;E0;&R#C&'300;&R#
43*A300;&#;(39@34B#$/5+#%#9353R#$/5+#%#G309;+3?(/4$/2G%5D
"#1%$%091,(#G31:09:54;63*#?&'%5#53@;9#*309#/0$;4#:5$%&?1#$,9&20#2*4%*#6%*X#1/-3A39;03R#+3#%#
9353#;0#1:*4;0934#3(3A;63*R#QA-%A4%#$,9&200,(,1R#$/54#%#4%(420A%6H4X#&'%1,(*%4,1#G363934;0;63*#%9#
3?(/4$/%#03&H4/#%#4%5?*X1#3&;090;&30#-3A*B+;0;4D
d:9;E4%&,9%4,5#%#4%5?*X1#$2(#@34/#1;4#3?(/4$/%#X(25#6309531#(;094D#b9#5%&'G%5#03&H4/#B134#%GG%5R#
@,&'#%#4%5?*4#-3*%+%4,1%4#&'%1,(,*@%0021#;0#%#&'%1,(*20#%+4%#G/94,0#-3A*B+;04#24;*A;1D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # 5'3*64%5/ # 3*3$31 # 3*$;*'H4;03 # $3**344 # 1C*:5:0 # @%5&0Q*'4 # 1%E # % # @%5&. # ;0 # 09X$,9+?*%4#
$3&%*1,420%D # " # 5'3*6 # 09;E0;&;531R # (/4$?025%1 # ;0 # -,($2A25%1 # 24;*;03 # ;0 # $3&;(4;03 # -,54,0#
W;*1/4F9;0D#"9#/+3&35#5'3*631#G309;+$/5B0;&;531R#@%5&92025%1#24;*;03#QA#3*3$1;54#A3*35/1#$3&#
%#4%5H420G%5D#"#0%A24#4304#&3,$34(/2A25#4Q*#%#4;(G35#3*1;E93*4#&3,$34(/%/#-,($21#4(%509-,($2W/XA%#
639;(-,5%*1;54#@Q9X+/1#6;&/&#%9#;6G35D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#%*0X#4%&,9%4G%5#4%5?*4R#24;*4#$,9&20-,($21#G/94,0#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
"#4:(4;53*3$$3*#:0093-C&&;0G35#%#(;&/#1?*4Q(1,(09%1,1#@%5&?*%425%1#$3&/0$3(;03D#s0/#43$E*,$/#
425W,1 # 3*3$3/531 # % # $3&/0$3(;03D # "9 # :42&Q # W0/**%&R # $/54 # %9 # 3$G3(/ # %*%1 # &3,$34(/2A25%1#
$3&/0$3(;03R#&'%1,(*20%R#4C1(:9;03R#4;(G35#6%*X#3*@3*'39;03D
"#@%5&#;0#09X$,9+?*%4#$3&1C*:5G:9434;03R#$3&%*1,420%D
"#1%(,1#;0#*2G%1#1C*:5-;*3#$,9&2025%1#:0093(35+39344#1,,(+/52*20%D
"#@3`%$343(#-,*'%$%4,0#&'%1,(*20%D
e+3&355'3*6F#63(031#$3&A3*354;03D
353#3?(/4$/2G%5#1;409X*%$Q#$F631#-3*+,*&,920%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
hN]

Y'3*64%5/#-,($21#3*$;*'H4;03
7;(4%5/#-,($21R#G,5',*?*4#-,($%&'%1,(*%4,1_#:4:0W0/**%&R#*3$5/0912421R#@%($,5/1?0.5',*W%0
b&'093(F#&3,$34(/%/#-,($21#3*4,*20%#%#4;(G35
>;&/#1?*4Q(21GX*#6%*X#09:63&31#-3*+,*&,920%#S/5+/%/R#E3(90%R#3&'/E4,$/R#&:(:&U
|bTVb=R#|Z%**3*?/%=R#353(&/%#;0#G;13425W
e+3&35#5'3*6F#63(031R#09:63&31#1/+,*&,920%
dC*:5G:9B#+Q(#@%5&920,1R#1;409X*%$Q#+%**%$,1R#125,5,1
>/4$?0#&'%1,(*%4,1#(Q++%*
G$TS/+)U*1/."T+43+0
89,(,0%5 # 1%EW0,*X+/1 # %9 # 3?(/4$/% # 4:(4;53*3$ # 4%5H420@,9 # % # 1C*:5G:9B # 1?*4Q(1,(09%1,1#
$,9&20%/5%1R # 425W%/5%1 # 24;*;0;63*D #"# 5'3*64%5/ # 3*3$31 # $3&/0$3(;0;63* # %9 # %5'%5'3*6 # ,14%4204#
3&;09H4/ # 1/D # "9 # 1C*:5G:9B # 5'3*6F # 63(031 # G3$?4%42026%* # %9 # /+3&35 # 5'3*6 # ,14%4204 # 03&H4/D # "#
&3,$34(/%/#3*4,*20,1R#4(%509-,($2W/X1#%#$%43$%4/1%#,14%4204#42$,&%4A21D
"#(/4$?0,1R#%#1;409X*%$Q02&#%#9353X(21%4#3&;09H4/#1/D#"#4;(/#42A;1,9X+204#/&;5'*B#-3*%+%4,1#%9#QA#
4%542(&'1;54#G3*;EB#-:*+(%A9,4#03&H4/1D
GO)S/,+%$)#$0"f",+%$)#$0
G,5',*?*4 # &3,$34(/%/ # -,($21R # 1,,(+/52W/XR # *;&9;0R # (/4$?0R # 9353/0;&R # 1;409X*%$Q02&R#
@%5&$%&%002&R # +%**%$H6R # 9353/ # @%5&,1RC43$R # (/4$?0R # %11,(+R # 4(%509-,($2W/XR # /&3R # -B5;6R#
$3**;15;6R#@%42(,9X1R#1,5126R1,563`R#:4:0#W0/**%&R#@%409:&R#@3`%$343(R#+%14/*?0R#%5%E3094?0R#1/0#
5',*W%0R#*3$5/09124%R#@%($,5/1?0#5',*W%0R#09,W/%*/92W/XR#-(,54%*/420R#/+3&355'3*6F0;&
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($3131#%#$,9&20#2*4%*#$3&4%5?*A21#24;*5/#%#(;&/#1?*4Q(21%4#;0#%9,1#$,9&201?*4Q(2A24D#"#5'3*6/#
-,($21 # ;0 # %9 # /+3&35 # 5'3*6F # 63(031 # 1/+,*&,920% # $;*'H4/1 # /0$3(343/134 # % # 5'3*6/#
09%G2*'093(F0;&31G35D # b&'(3 # G/94,0%GG%5 # @%0952*A21 # %9 # 3?(/4$/% # %*%EA%/4 # %+X # 5'3*6/ # ;0 # 9353/#
$,9+?*%4,1%4D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # $;(4%5/ # %*%162*4,920,1 # ;0 # 3*4,*20,1 # % # 4;(G35R # 3&;0935 # 3*3$/ # $X+,5 # 03&H4/1 # % # 5:6316B#
42A;1,9X+20/#;0#3*6,5%41,94%4X#1;E300;&34D#bGG35#%#1,(G%5#139+#%#&'3($3131#.#3++/&#$%&24X*#
;(434B+B # . # $,9&20@%($X5/2A% # &'35&C*5/D # dC*:5:035 # 1,,(+/52*X # @%420Q # *3@34 # % # 9353/ # @%5&,1#
4%5?*20%R # &'%1,(*20%R # /**3463 # % # @%5&1:9:1:5 # G3*C* # %9 # ,1426 # 24;*;03D # 7/5+35 # &'%1,(*%4,4 # 24 # 13**#
A2(5/%#%#$,9&20#-,*'%$%4,002&25%1#;0#E,54,002&25%1D#Y%&'#@%5&0Q*'4#1%E#3GG35#%9#;6G35#%#
(Q+&'%1,(*%4,1#53@393GG#4;(-,($211%*#6%*X#1/+,*&,920%R#%$/#53$W0%1#%#1,,(+/52W/XA?1%4R#@%53$#
4;(*2420?1%4#;0#&,5+,*1,+20/#3(B/134#/0#5%&'$;(4;1G35#-3A*3094/D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
f/94,0 # 4;(/ # 42A;1,9X+20D # " # 09X-%A,1 # /0$3(343D # "*%E634B # 63(0*2G%1R # $/54 # A%$G?0R # 4(,W@3?0R#
%5%E3094?0R#+%14/*?0#/0$3(343#$,9&20G%5D#"#9353/#@%5&,1#/0$3(343D#d%(,1#;0#*2G%1#3&'$204X*#
-C&&34*35R#+3#:0093(35+39344#$,9&2025%1#/(25'H420%D
J$431'%&.",2V)2/83:/."S:)+0

h!N

"# $,9&20 # @%($X5/%R # %# @3*'30 # 4%(420 # $3&03&H4;03 # % # (Q+&'%1,(*%4,1 # 2*4%*D #"# &3,$34(/%/ # 4;(*2420#
-3A*3094;03D#"#1:*4;0934#%*%E3*3$3/531#$3&/0$3(;03#S(H$R#63(0*2GR0,(-%A421UD#"#4/094%#&,5+,*1,+20#
%*%1H420%D#353/#@%5&,1R#@%5&1:9:1R#+Q(#;0#$,**#$3&1C*:5G:9434;03#-3*/0$3(;03R#24;*;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
>Q+&'%1,(*%4,1
f,5',*?*4#4C1:(-,($21
7;(4%5/#%*%162*4,920,1R#3*4,*20,1
V1426R#%#@,992#4%(4,9X#4;(-,($26%*
xQ(#;0#$,**#$3&1C*:5G:9434;03
Z%**20#&'%1,(*%4,1
>H$-,($21
"#4/094%#&,5+,*1,+204#3*B03&H4B#&'%1,(*%4_#|ae"V"ea=
d:9;E1,(/#*%4/5#09:63&#-3*+,*&,920%
7%&25@%5&9X1#4;(-,($2/
G$TS/+)U*1/."T+43+0
"#&'3($31#1C*:5G:9B#4;(R#/**3463#&3,$34(/%/#-,($21G%5#6%*X#$,9&201;090;&3#3*B03&H4/#%#&3,$34(/%#
A,GG#$3&;(4;0;4D#"#@%**20#&'%1,(*%4,1R#/**3463#%#9353#3?(/4$/%#3*3$3/#&'%1,(*2026%*#4,62GG#-3A*B+/1#
9353/#;(4;0C1D#"#*%4/5#/**3463#(X$%/#1,(/#09:63&31#1/+,*&,92026%*#53$W0%1#%#4:(4;53*3$@39R#+3#%9#
/(,+%*,$@,9#/0#09,(,0%5#1%EW0,*X+/1#%9#3?(/4$/%D
GO)S/,+%$)#$0"f",+%$)#$0
G,5',*?*4 # &3,$34(/%/ # -,($21 # 3*4,*20%R # 4%(420A%6H420R # *;&9;0R # (/4$?0R # 9353/0;&R # ,1426R # 16/54R # 43(WR#
(Q+&'%1,(*%4,1R#+Q(R#$,**
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#1C*:5G:9B#4;(R#/**3463#&3,$34(/%/#-,($21G%5#6%*X#$,9&201;090;&3#03&H4/#4;(*242024R#4;(/#
42A;1,9X+2024D # " # (Q+&'%1,(*%4,1 # @,992A2(?*5%1 # $,9&20@%($X5/2A?1 # 1,,(+/52*202G%5D # " # @%**20#
&'%1,(*%4,1R # /**3463 # % # 9353 # 3?(/4$/% # 3*3$3/ # &'%1,(*2026%* # 4,62GG # -3A*B+/1 # 9353/ # ;(4;0C1D # "#
E3+%&X&/%/#&'%1,(*%4,1#42$,&%4A21#&,5+,*1,+20?1#@3*'30#%*%1?*2024D
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # %5'%5'3*6/ # ,14%4200%* # :0093-C&&;0G35 # % # 5'3*6 # +/--3(35W/2*402&%R # E*%094/1?002&% # ;*@34B # 24 # %#
$,9+?*%4,1G%5#;0#$,9&20,1G%5D#Sl3*1/#@%5&?*%4,1#1/-3A39;03R#$/54#:(:$R#1,$,*'02&R#6/+2$02&#
04GDU
"#G,5',*?*4#&3,$34(/%/#4;(-,($21#4/094%R#6/*2&,0#(35+093(4R#G/94,502&,4#%+5%1#%#&,5+,*1,+20G%5D
"# 9353/ # 3?(/4$/2G%5 # +/--3(35W/2*4%GG5%1 # 13** # *355/3 # % # $?5125%1D # w'%1,(,*5/ # 13** # % # 1/W0/R # &',(0#
@%5&,1R # % # -,(43R # E/%5, # $3&A3*35H4;0;4D # " # +Q( # ;0 # $,** # %11,(+,1 # W0,E,(4,0 # $3&A3*35H4;0;531R#
24;*;0;531#1,$,*'#%1%(%43(B0H4B#093(3E3#*3@34D
n,54,0R # @,&' # 4:GG-;*3 # @%5&093(1H0;(3434 # /0 # 1/E(XG2*A%5%1 # % # &'3(3131R # % # @%5&920 # 1C*:5G0;&;4#
;(399;1#%#$,9&20#1/-3A39;0G35#/0D
bGG35#%9#;6G35#%#@3*'30#*;E;0#&'%1,(*20%#/0#3*139+B+/1D
m'$02'23

k;"U'$

h!!

I)Y8232/"3O*1/
f/94,0#&3,$34(/%/#4;(*2420D#"#09X-%A,1#/0$3(343D#353/#@%5&,1R#@%5&1:9:1#SE(/$R#43(WR#16/54R#,1426U#
$3&1C*:5G:9434;03#;0#-3*/0$3(;03D#"#(Q+&'%1,(*%4,1#E,54,0#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
l3*1/#1/-3A39B3091:9:1#$3&/0$3(;03D#"#1%$%091,(/#*3*1/#2**%E,4,1R#$/54#%&(3009/XR#G/9,5'4%*%502&#
:5;(4;13*;0/#9%6%(,1#1393*;03D#dC*:5G:9B#1,(,1R#$F-%A,1#04H*?0A3&'3/531#$3&/0$3(;03D#"#9353/#
/0$3(3431#GB6H4;03_#+Q(R#$,**R#%11,(+,1R#-,(43R#E/%5,U
d/03GG#:52**X#09X*X#$?5121#1/6/43*39;03D
"#(353092509#3$G3(/+32*#24;*;03#$,9&20G%5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
Y'3*64%5/#-,($%3*3$31#1/GB6H4;03#+(%$%4/1?0#$,9+?*%4,11%*#S*3*1/#4%(420,1R#-3AR#*2G4%(420,1U
Z?$,(309131
4R#@%4R#@;4R#5',*W09:&#3*4,*20,1#G,5',*?*4#-,($2G%5
52**X#$?5121
"&(3009/6/4204#1393*B#&'%1,(*%4,1_#|84(3/435#@3-4/&#$/43/5%5+3(=
xQ(#;0#$,**#@%5&53$31
"11,(+,1
Z%5&1:9:1#-3*/0$3(;03
>H$-,($21#3*$;*'H4;03
>3530925091,(/#63(031#-3*+,*&,920%
f,5',*?*4#(Q+#;0#1,5W354(2W/X0#&'%1,(*%4,1
e+3&35#5'3*6F#09:63&31#-3*+,*&,920%
G$TS/+)U*1/."T+43+0
"9 # QA,55%5 # G3*;EB # W0/**%&209%4 # $3&;(4;0;@39 # 09,(,0%5 # 1%EW0,*X+@%4 # %9 # 3?(/4$/% # % # G,*'&X1#
$,9&20%/5%1#4;(G35#6%*X#$3&A3*35H4;0;63*D#"9#/(,+%*,$#X(21#%5'%&24#AX*#1/3&;09H4/#%#(353092509#
1,(/ # 63(031 # -3*+,*&,920%D # " # 93534%5?*20G%5 # -,*'%$%4,0%5 # 03&H4@34 # % # 9353/ # :0093-C&&;031#
$3&;(4;0;G35D
GO)S/,+%$)#$0"f",+%$)#$0
(Q+&'%1,(*%4,1R#+Q(R#$,**R#%11,(+R#@%5&1:9R#*3*1/#1/-3A39B+;0R#-3A#;0#*2G4%(420,1R#@?$,(
!",2V)2/83:/"51'3"2'2*#:4&2.
73&4%5?*A21#%#*3*1/#1/-3A39B3091:9:134#%9#3?(/4$/2G%5D #"#09,W/2*/0#&'%1,(*%4,1#%9#%&(3009/6/4204#
1393*/1R#2E,*A21#%#1%$%091,(/#*3*1/#2**%E,4,1%4D
"#9353#;0#%#5'3*6#*3*1/#$3&A3*35H4;0;4#/0#%+X#3*3$3/4#S9353_#-,(43R#E/%5,R#+Q(R#$,**R#%11,(+,1R#5'3*6_#
1C*:5G:9B#$F-%A,1#;0#1,(,1#63(03/531#04H*?0A3&'3/U#$3&4%5?*A21#3?(/4$/%/#$,9+?*%4,11%*#1/-3A395/D
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
7/5+35#*3*1/#;0#4;(G3*/#1/-3A39;0/#*3@34B0;&34#5%&',GG#+(2$%/#1:*43$;5'31G35#-,&*%*?51#:0093D#"#
&'3($31 # ;*341,(25%1 # % # G%**%+21 # ;0 # @?$,(309131 # /&35 # AX* # $3&-3*3*531R # $3*'31 # 3(B0 # *3*1/#
E,*%(/420,1%4 # 4%(4%*$%95%1D # " # 9353/ # 3?(/4$/2G%5 # 5%&',GG # W0,E,(4-,($21%4 # *3@34 # 1/+,*&,95/R#
$3*'3113*# % # 09,W/2*/0# 3&'C44*;4 # -3A*3094@34BD #"# +Q( # ;0# $,** # -309C*40;&&3* # 43*/# 62(%1,920%R # 35531#
24;*;03R#AX#@%4200%*#6%5#3((3#%#1,(,0942*'(%D
h!J

"#5',*W#;6#%*%44#4%5?*4#$,9&20,1R#$,9&20-,($21R#4:(6;5'093(F0;&31#24/0$;4*;03#03&H40;&34#A3*354#
%#-3*0B#4%&,9%4,0#$?512G%5D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
"9#3*0B#5',*W#;6#%5'%&25%1#G/94,0#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
"#09,W/2*/0#3&'C44*;4#-3A*3094;03D#"#5',*W#;6#%*%44#4%5?*4#$,9&20-,($21#24/0$;4*;0D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
x(%$%4/1?0#E(X9%/#$F631#-3*+,*&,920%
f%**%+21
Z?$,(309131
e54359H6#$?51%#+Q(#;0#$,**#@%5&53$G35
x(%$%4/1?0#9353+%(%G,1
43$&'%1,(*%4,1
Y%&'R#G,5',*?*4#4;(-,($21#S@%($,5/1?0#5',*W%0#4:GG#/(25'GX*U
dC*:5G:9B#5'3*631#:0093@%0,5*H420%#%#$,9&20,5#13(3094C*
t3+%&X&/%/#-,($21_#|8W@%?#/5#+/W@=#3*B1;09H4;03
G$TS/+)U*1/."T+43+0
"9 # /(,+%*,$ # X(21 # %5'%&2@,9 # AX* # 1%EW0,*X+/1 # % # +(%$%4/1?002& # 1/-3A39;0;531 # &'%1,(*20%#
$,9+?*%4,1#2*4%*D#"#1C*:5G:9B#9353+%(%G,1#1/+,*&,920%R#%#@%5&093(31#1C*:5G:9B#$3&A3*35H4;03#
09,(,0%5#1%EW0,*X+/1#%#93534%5H420@,9D
GO)S/,+%$)#$0"f",+%$)#$0
+(2$%R#@?$,(R#C43$R#C43$6,5%*R#+Q(R#$,**
!",2V)2/83:/"51'3"2'2*#:4&2.
dC*:5G:9B # $F-%A,1 # $,9&20G%5 # 6%*X # 1/-3A39B # 3091:93/4 # 3*0%A24H4A21D # "9 # 3*B9B # ;631G35 # 4%5?*4#
3?(/4$/%/ # 3091:9:134 # 3&'(3 # /512GG # :52**X%5 # ;0 # 4?+%4,0%5 # 4?+A21 # @%0952*5/D # d;E300;&3/1 # $2(#
*3@34B6;#4309531#5%&'#;0#G,5',*?*4#4;(-,($21#$3&A3*35H4;0;4#;0#24431/54;0;4D#b&'(3#:52**XGG%5#;0#
G/94,502&,0%GG%5#1393*/1#%#G309;+#;0#%#9353#3?(/4$/%/#3*3$3/4D
Q252823:/"P-=;N":5,+)&$#
b?(/4$/2920 # 1:9G35 # %9 # 2**%5+X%5 # $,9&20G%5 # *;6B # ;*343(B113* # +,*&,9?51R # ;0 # 3935 # 3(B1#
4:(6;5'093(F0;&3/ # %*%EA25 # $,9+?* # % # 4304C51D # b931 # % # $,9&20,1 # ?&'%5%11,( # 6/009%@%45%1#
;*343(B/51(3R # H&' # %9 # 3(B1 # 3&'$20(% # @%42024R # 3&&';.-,5X+2024 # ;*@34AC1 # 24D # b?(/4$/295/#
4:GG-;*31;EE35 # *3@34D #"# $,9&20 # *3@34 # 4/09425 # ?4259X # A3**3&FR # % # 4?+%4 # /*'351,( # /512GG # %9 # %*620#
2**%E,42@,9#@%0,5*H4@%4XD#"9#H&'#6;&9344#$,9+?*%4,11%*#%#4304C51(3#-3*;EH4B#3(B1(3#@%4?51R#*;5'C51#
%9,5#(;09;(3#%$3*'#%# $Q*44%*R#%9#:(:1*:440;&&3*#6%5#1%EW0,*%4G%5D #b9#%#1/0&'3($31#3?(/4$/2(%#
A3**3$9BD#Z%#$,9&20?51%4#%9#;(9;03/51#63934/1R#%11,(#%#$,9&20#%#A3*35G35#%+#:(:$:4#%#A3*35#
E/**%5%4G%5#@%4D #b9#A3**3$9B#%9#%*0X#;0#1:9;E4%&,9%4 #$?512A2(%D#"#4?+%4,0%5R#%9#;5. #3(B#2*4%*#
63934344#$,9&20R#%9#/*'35#4?+%44%*#&'%1,(,*4#3?(/4$/%R#%#A:6BG3#@%4X#3(B134#;EH4/D#"#-3*0B#4%&,9%4G%5#
%9#:52**X#$?51%#6309/#24#%#63934B#093(3E34D
"#5;&'#;6#0,(25#%#4%5?*X1#QA(%#24;*/1#%9#%++/&#4%5?*4%1%4#+3#$2(#4?+%4,0%5R#%#0%A24#093$09:&C1GB*#
h!I

24;*63 # ;0# -,($2*6%D # b&'(3# 3(B43*A303GG35 # %# $F6;09/# $?51% # -3*;# 4,*X+/1# %# @%5&0Q*'R # %@,*# 0%A24#
;(9;0 # ;0 # &,5+,*%46/*2&?1%4 # +,*&,9921 # 24 # $F6;09/ # $X+,5R # H&' # A?46% # 3*BGG(3 # 0%A24 # $%&?1#
$3&/0$3(;0;G35#;0#/01,*29202G%5D#"9#3?(/4$/24R#$/54#1/-3A39B#$F6;093434#&'%1,(,*A21#%#4%5?*X1_#%#
E3+%&X&/%/#&'%1,(*%4,1#+/5%$/1?0#$,9&20,1G%#$35531#24R#%#4;(G3*/#-,($21#%#09/&,(Q%5#$;(4%5/GX*#
24%*%1?*5%1#$F6;09/35#$3&%*1,4,44#-,($21G%D
"# 4%52( # /(25'H420% # @244;(G3 # 09,(?*R # 392*4%* # ?4%4 # 5'/4 # % # 4%5?*X1 # G3*0B # @,9922**202@,9 # ;0 # :52**X#
%*1,4X1;E300;&;@39D#n,1,9%4,0%5#$3&4%5?*5%1#:52**X%5#;0#;G3(35#G255/#%9#3*3$3113*D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#-3*0B#4%&,9%4#139+34;5R#3*09%1%+6%#%9#,0942*'4%5H4X4X*R#:52**X0,+20#139+B+/1#%#4%5?*X152*D#b94#
0,1# 3&';5/#-3*%+%44%*R#1/03GG#W0,E,(4,0#$?5126%*#-,54,0#03&H435/D#"# -/%4%*,1G%5#%9#;*34#$/5+35#
43(C*343 # -3*; # ;(+31*B+;04R # 093(343434R # %9 # ;(4;131 # 13(30;03 # ?425/ # 62&'%4 # 13** # -3*13*435C51R#
3(B0H435C51D#"#@?$,(#3(B43*A3035#$3&#13**R#@,&'#A3*35A35#%#$?512G%5D
m'$02'23

jM"U'$

I)Y8232/"3O*1/
"#G309;+#;0#93533?(/4$/%#%*%E3*3$3/531#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
oA#4?+%4,0#$?51%$X+093(#1/%*%1H420%#%#W;*D#"9#3**354;431R#%#E,*%(/420R#%#-;5'#;0#2(5';1#3(B43*A30#
$3&1C*:5G:9434;0;63*#;0#24;*;0;63*#3&'#/5+/6/+?2*/0#-3A*B+;0#/5+H420%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
x/5%$/1%#5'3*6G35R#935;G35#;0#4;(G3*/#$,9&20G%5_#3**354;431#$3&/0$3(;03
8%A24#4304#&3,$34(/2A25%1#;0#-3*;EH4;0;531#4?+,$20?*#6;43*3#;0#?(%*$%
7,9&20,1#3&';5/#1/%*%1H420%#;0#24%*%1H420%
"#9353/#@%($X5/21#$3&43(3$4;03#%#4;(G35
89;ER#3&'35*343035#2(%$*X#*;E;0#/54359H6#1/+,*&,920%
>/4$?0,1#E,54,0#&'%1,(*20%
T/*2&,0.0:4;4R#-,(43.E/%5,#4?+%4,0#24;*;03R#&'%1,(*20%
"11,(+,1
x%**%$$,9&20,1R#%#@%5&$%&%002&#1:634;03#$,9+?*%44%*
a:GG09X*%$Q02&
43$R#(/4$?0R#@%5&$%&%002&#&'%1,(*20%
Y%&'R#G,5',*?*4#4;(-,($21#3&';5/R#W0,E,(4,0#1/+,*&,920%
"**/43(2W/X1
t3+%&X&/%/ # -,($21_ # @%($,5/1?0 # 5',*W%0R # G,*'&X425WR # ;5 # ;0 # 43R # 1;(+;0. # -3*3*34R # |0W@%? # /5 # +/W@R#
0W@%?#?$#+/W@=
x/,5C09,09/#-,($21#4?+%4,0#G363934;03#S;5#;0#43R#&,5+,*%4R#;(9;0R#%1%(%4U
G$TS/+)U*1/."T+43+0
" # 9353 # ;0 # /(,+%*,$ # 4%5H420@,9 # 09,(,0%5 # 1%EW0,*X+/1 # %9 # :00930 # 4%5H420/ # 4%(4%*,$D # 89,(,0#
3&'C44$F1:+;0#A:@34#*;4(3#%#09%142(&'%4#4%5H4X#3E,W@%%+X6%*D
GO)S/,+%$)#$0"f",+%$)#$0

h!h

t3+%&X&/%/ # -,($21R # G,5',*?*4 # 4;(-,($21R # +/5%$/1%R # -,(43R # E/%5,R # @%5&$%&%002&R # %11,(+,1R#

4:GG09X*%$Q02&
!",2V)2/83:/"51'3"2'2*#:4&2.
" # 5',*W # ;6 # 0,(25 # 3*0%A24H4,44 # 3?(/4$/%/ # 3091:9:134 # :52**X%5R # %9 # 3*3$3134 # +/5%$/1?0%5 # QA(%#
;(43*$3963 # 4?+A21 # @%0952*5/D # " # (;093*3$3134 # 3&'(3 # 4?+%4,0%GG%5 # -/5,$H4A21R # E,54,0H4A21R#
1/-3A39B3091:93/1#42(%#3993*#&'%(%E,+/1D
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#-B,14%420#%5'%&2@,9#43$%4/1?0%5#1%EW0,*X+/1#%9#3?(/4$/%D#l3&09,(,0%GG%5#%#1:*4;09344%5@,9R#
6%&'#4:(4;53*3$@39D#"#+/5%$/124#%#$,9&20G%5#1/#13**#3&;09H435/#%#|#&,5+,*1,+20R#;(9;0R#%1%(%4=#
$3&-3*3*B # 1/-3A39;03/63*D # " # *3*1/ # ;*$;5'3134 # % # $,9+?*%4,1 # 2*4%* # 3&'(3 # +/--3(35W/2*4%GG%5 # 13**#
G3$?4%45/D#"#0%A24#4304#-3*344/#?(%*$%4#13**#/01,*295/D
m'$02'23

jM"U'$

I)Y8232/"3O*1/
n,54,0R#@,&'#3*B93430#;*$;5'3#*3&'35#%#4%5?*X15%1#$2(#%9#:52**X#$?512(X*D
J$431'%&.",2V)2/83:/."S:)+0
"# *3*1/ # ;*$;5'31 # 3&'(3 # +/--3(35W/2*4%GG # 1/-3A39;03 # $,9&20,1 # 2*4%*D #"# |&,5+,*1,+20R # ;(9;0R # ;0#
%1%(%4=#$/5B0;&3/531#6/90&2*%4%#;0#-3A*3094;03D
"#0%A24#4304R#$/54#@%5&093(#-3*344/#3&'(3#G/94,0%GG#?(%*,$D#"#1C*:5G:9B#@%5&093(31#1C*:5G0;&;531#
;(9;13*434;03#%#$,9&20#2*4%*D#d*%009/1?0#9353/#-,($21#SE*D_#(,5+,U#$3&/0$3(;03D#Z,009%GG#9353/#
$F631#1/+,*&,920%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
t,*%(/420,1#&'%1,(*20%
Z2(,$(;0930#*;E;0#-/5,$H420%#2**%5+X#&'%1,(*20%
x(2$%/#$,9+?*%4,1#$3&/0$3(;03
T3(0-,($21R#(H$-,($21R#0,(-%A421#$3&A3*35H4;03#%#4;(G35
s0/#1?*4Q(21#09:63&;531#-3*+,*&,920%
"9#%*%E634B#4;(-,($21#4?+%4,0H420%R#24;*;03_#ae"V"eaR#bTVbR#Z"llblke"
"#1X(?0#3?(/4$/%#%*%EA%/5%1#$3&/0$3(;03#S$,4H6?$#24%+20R#@2($%0@%5&9%4,1#%#4;(G35U
dC*:5G:9B#@%5&093(31#3&'C4430#$3&A3*35H4;03#%#4;(G35R#$,9+?*%4%/15%1#1C*:5G:9B#$/5B0;&;531#
24;*;03
G$TS/+)U*1/."T+43+0
s0/#1?*4Q(21#@%5&?*%425%1#H(,44#3$*;13/531#$3&/0$3(;03
T3(0#;0#(H$-,($21#6/90&2*%4%#%#1:*4;0934G35
353/#+%(%G,1#3*3$9;03
GO)S/,+%$)#$0"f",+%$)#$0
1/-3A39B # 3091:9 # $/5B0;&3R # (H$31R # (H$-,($21R # 63(0-,$21R # @2($%0# @%5&9%4,1R # 4,5/1%R # +,$/5250R#
0?G+,$/5250R#$,4H6?$#24%+20R#5'H*20.W0?1X+20R#-309H4;0.*%9H420R#(,5+,R#$35C344R#09,524%R
!",2V)2/83:/"51'3"2'2*#:4&2.
h!L

"#4%5?*X1#$F6;09/#1/-3A39B3091:93/1#$/5B0;&3#-3A*B+/1D#b&'(3#A,GG%5#4?+A21#4?+%4,0%5#/(25'H4%5/#%#
$,9+?*%4%/1%4R#?(%*5/#%#4304C134D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;*341,(G%5#QA#W;*1;54#A3*35/1#$3&#%#@240XR#$:&:44C51#*;6B#4;(#4?+%4,0#$3&;*;03D#b5531#
;(+31;G35#QA#3?(/4$/%/#3*3$31#/0#3*B13(C*531#%#4%5H420G%5D#"#-B,14%420#%5'%&2@,9#1%EW0,*X+6%#
$3&A3*35531 # % # 09H531 # $,9+?*%4%/R # $/54 # % # 09H531 # 24;*;0;531 # 3&' # $X+A%D # "9 # 3E/1?0 # ;0 # *H(%/#
$F6315;* # $2( # 1,$,*' # 04/*/094/1%/ # $?51% # 139+B+/1 # % # $,9+?*%4,1 # 2(5'%*4 # 1/-3A39;0;G35 # ;0 # %#
4;(-,($21G%5#/0D
m'$02'23

jM"U'$

I)Y8232/"3O*1/
" # 4%5?*X1 # 3&'(3 # A,GG%5 # 4?+A21 # 0%A24 # $,9&20?1%4 # ?(%*5/D # e0$3(/1 # %9 # %*%E634B # 4;(-,($21%4R # %#
&3,$34(/%/ # 4(%509-,($2W/X1 # 09%G2*'093(F0;&3/4D # " # &'%1,(*%4,1@,9 # 1%EW0,*X+X # *3*1/ # 4%(4%*$%1%4#
1/-3A39;0(3#4?+A21#A?44%45/D
J$431'%&.",2V)2/83:/."S:)+0
"#4;(#QA-%A4%#24;*;03R#%#$:&:44C51#*;6BR#53$#*24@%4X#4;(G35#6%*X#3*/&%9,+20D
"#09H51:(#$,9&20,0#24;*;03D
"9#3&'$20(%#-/&'3*;0#QA#$/5B0;&;531#24;*;03#%#5;$%#5%&'#4;(-,($21#$3&%*1,420%#2*4%*D
"#9353/#@%5&,1R#@%5&1:9:1#@%**20#?425/#-3*/0$3(;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
Z240X#4;(#1/%*%1H420
n,($%63934;0
f,*'&X1#$3&A3*35H4;0;531#*3@340;&30#$,9+?*%4%/
89H531
Y;$%R#1:9:035#6;&9344#5%&'#4;(-,($21#$3&%*1,420%
89,5344-,($%
Z%5&1:9:1#$/5B0;&;531#24;*;03#;0#&'%1,(*20%
t*%094/1?0#$,9+?*%4,1#&'%1,(*20%
89X*X$?5121
"9#3?(/4$/2(%#6%*X#(2@%5&,*X+20#&'%1,(*%4%/5%1#$3&/0$3(;03S#a"VR#eW@#+3513#+/3#>3+3#U
G$TS/+)U*1/."T+43+0
"#5'3*64%5R#/(,+%*,$R#9353#X(21,5#1H6C*#5%&'#03&H40;&#*3@34#%#W0/**%&209%4R#G/,*X&/%R#3$G(/,*X&/%#
4%542(&'%1#%5'%&25%1#;(4@34BGG#-3*+,*&,9202G%5D
GO)S/,+%$)#$0"f",+%$)#$0
E*%094/1?002&R # -,($%63934;0R # @240X # 4;(R # 3$G(/,*X&/%R # $34%$,(-X9/0R # G,*'&X$,9&20,1R # G,*'&X#
$/5B0;&31R#09H51:(R#09,5344
!",2V)2/83:/"51'3"2'2*#:4&2.
" # 4%5?*X1 # 4%E%094%*%4,1%4 # 093(39531 # %9 # :52**X # -3*1;09C*;0 # -,*'%$%42(X*D # " # 09X*X # +%(%G,1#
1/+,*&,92026%* # $3&4%E%094%*A21 # % # % # $F6;09/ # -,*'%$%4 # 1C*:5G:9B # 2**,$20%/4R # 53@;90;&3/4R # 3&'#
h!O

%*1,4X#-,*'%$%4,5#$35531#13(3094C*D#"#@240X#4;(#;(9;13*;0;531#$3&4%E%094%*2026%*#QA#$/5B0;&;4#
;*/1#24#%9#3++/&#$3&4%5?*4#$,9&20,15%1D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35 # % # 4%5;6G35 # %9 # :00930 # 1/-3A39;0/ # 3091:9 # 24431/54;03 # 4:(4;5/1 # $3& # 3*0B0,(G%5D # b5531#
$3&-3*3*B35#%#+/21,15%1#$2(#:52**X%5#;0#+/--3(35W/2*4%5#13**#4?+5/#$,9+?*%4,4R#4%(4204R#$,9&204#
639345/#R#%#$,5+%5/6%*X4#1/-3A395/D#T39;(-,5%*1;54#@Q9X+/1#6;&/&#%#&,5+,*%4_#|#%#4304R#$/54#%#*;*31#
@%5&093(3=D
oA#3*3$1;54#-3*G?11%5#$2(#3&'#09H5@29/#G3$?4%4X@,9#09C10;&30#A3*$3931#09H53/531#:00932**H420%R#
%#09H5E%+/#6/*2&H420#$3&43(639;03R#%#$F0,(#-3*;EH4;0#09%G2*'%/5%1#/0$3(343D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
" # 4%5?*X1 # $2( # 1;E3031 # 3&' # 1,(3,&(2-/% # $3&%*1,4202G%5 # 1:9(3$F1:+5/D # x/--3(35W/2*4%5#
%*1%*$%9921#%9#/0$3(343134D#e0$3(/1#%#9353#4;(G3*/#-3*;EH4;0;531#$3&A3*35H4;0;4D
J$431'%&.",2V)2/83:/."S:)+0
89%G%+R # :52**XR # 1(3%4H6 # $F6;09/ # $?51%D #"# !J # ;6 # %5'%&25%1 # :0093&9;03 # % # G309;+ # ;0 # 9353#
3?(/4$/2G%5D
"#1C*:5G:9B#1,(,1#04H*?0A3&'3/531#-3*/0$3(;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#3?(/4$/%#$,+3(5#$F6;09341;54#6%*X#-3*-,&20%
"9#3?(/4$/%R#$/54#%9#3$G3(#;0#6/*2&#6/09,5'25%1#1/-3A39B+;03
d:*43$;5'31R#9353+%(%G,1#:52**X#1/+,*&,920%#6/*2&H4200%*R#A3*$3993*
"9#2**%4:6/#A3&'31#$3&/0$3(;03R#$,9+?*%44%*#;0#4;(-,($26%*#6%*X#G3$?4%420%
"#1C*:5G:9B#9353/#;0#1:*4;0934/#04H*?0,1#&'%1,(*20%
7,+3(5#9353/#+%(%G,1#1/+,*&,920%
G$TS/+)U*1/."T+43+0
GO)S/,+%$)#$0"f",+%$)#$0
$,9&20$F6;0934R#09H5E%+43W@5/1%R#6/*2&H420R#A3*$3931R#2**XW0/**%&#1;E31R#%4,52*/0#9353
!",2V)2/83:/"51'3"2'2*#:4&2.
0093-,&*%*X # 1;E34 # 1%E5%1 # %9 # 3?(/4$/2(X*R # $/54 # $,+3(5 # $,9&20$F6;0934(B*D # 73&/0$3(/1R # $/54#
09H5E%+/#$F6;093434#;0#3*$;*'H4/1#09H5@29$F6;0934/#;0#09H5E%+43W@5/1%/#/0$3(343/134D

C'1#$
Q252823:/
!"*'1#$"/82'2T2"$"0+#T2324S.10"0.$)$0^31/1Z$4
"#+(2$%R#$/54#$F6;09/#;0#$F6;0934E3+%&X&/%/#436;135'0;&#,*'%5#1;E300;&31#$3&%*%E,9202G%5#
6309#(;094R#$/54#%9#2(5'%*4#:51/-3A39;0R#%#1,$$?5/12W/XR#%9#3&'C44$F1:+;0R#%9#/&;5'300;&#;0#%#
h!K

09;E0;& # /(254/ # -,&;1,5'02&R # % # 1(3%4/6/420R # %9 # %*1,4X1;E300;&R # % # -3*3*B00;&4?+%4D # b931 # %#

1;E300;&31 # ,*'%5 # 1,$E3435W/21 # 1/%*%1H4202G%5 # A2409%5%1 # -,54,0 # 093(3E34R # $/54 # % # 1?*4?(2*/0#
1,$E3435W/% # S&,5+,*%4,1R # ;*$;5'31 # ;0 # ;(9;031 # 1(3%4H6 # 1/-3A39;03UR # % # 1,$$?5/12W/XR # %#
093$;*'1:9/ # 1,$E3435W/% # S% # 093$;*'1:9/ # 1;090;&31 # @%4;1,5' # %*1%*$%920% # % # 1:9. # ;0#
$%&25;*34G35U#;0#%#62**%*1,9X/#1,$E3435W/%#S%9#3&';5#-3*3*B00;&3#0%A24#W03*313+343/#/(254UD#e*'#
$X+,5 # % # +(2$26%* # 6%*X # -,&*%*1,920 # W;*A% # 53$ # $F6;0931 # 5363*;03R # @%53$ # % # $F6;09/#
436;135'0;&35 # 24 # % # $/5+35 # 3&'30 # &'3($31G35 # 09?55'%+X # 0%A24 # 1;E300;&31 # ;0 # ;*34W;*,1#
1/G,54%1,94%420%D#"#43@340;&&,5+,920#43($;09343035#(;09;4#1;E39/#%#-3*%+%4,15%1D
"#+(2$%#%#4304/#1/-3A39B1;E300;&31#&'%1,(*2026%*#@%4200%*#6%5#%9#;(9;131#-3A*B+;0;(3R#%#4;(G3*/#
42A;1,9X+20(%R#%#63(G2*/0#;0#53$#63(G2*/0#1/-3A39B3091:9:1(3R#%#$,9&20#@%($X5/2A2(%#;0#%#G309;+#
4/094%02&2(%D # 7/54 # 1:9:00;&/ # 436;135'0;& # 3*B03&H4/ # % # $20,1 # /(254/ # 3$E24/% # ;0 # $3&;(4;0#
1/-3A*B+;0;4R#%#1%EW0,*%443(3$4;04R#4?+%4,0H4A%#%#1:9:00;&/#3&'C44;*;0#09%G2*'%/4R#392*4%*#@%4200%*#
6%5 # % # &'3($31 # $,(2*/0 # -3A*B+;0;(3D # 83&H4 # %GG%5R # @,&' # G3*0B # ;(4;13/4 # 1,504(?14H6%5 # 4?+A% # %#
1:9:00;& # A%62(% # -,(+H4%5/D # 7/54 # %*1,4X # 436;135'0;& # @,99203&H4/ # :52**XR # % # 6/*2&(% # 5'/4,44#
093$;*'/0;&;531#1/-3A*B+;0;4D#
"#+(2$%#43($;0934;5;*#-,&6%#09,(,0%5#;0#4?+%4,0%5#1%EW0,*X+/1#$20#$F6;09/#;0#4304/#5363*;04#
09,*&2*X #43(C*343113*_ # %9# 3?(/4$/26%*R # %# G309;+$F63*;003*R # %9#/(,+%*,$$%*R # %#43045363*;003*# ;0#
f,4@$3(.&/$5%094/126%*R#%#935;63*R#%#1;E9B$F6;09343113*#;0#%#$3043(0;&3113*D#7/54#:00934344#
43(C*34R#$3&A3*35@34#:52**X#X(%1;54R#+3#2409:6/#%#4%5H420#5%E/#&'%1,(*%424D#
J:#$09'90n
W0,E,(4,0#A24;1
" ;(9;131#-3A*3094;0;(3#/(25'?*X#&'%1,(*%4,1
" .#4;(G3*/#42A;1,9X+204#03&H4B#&'%1,(*%4,1
" .#1,5W354(2W/XR#%#-/&'3*3$#/01,*2920%
" .#$3$X(/%#-3A*3094;03
" .#(/4$?0;(9;1#-3A*3094;03
" .#?425920(%#;0#-%5429/2(%#;EC*B#G309;+.#;0#$,9&20&'%1,(*%4,1
(:&4:59;0
.#3&';5/#;0#W0,E,(4,0#/$E(,6/92W/X
" /$E(,6/92W/X#;0#+(%$%4/92*20#09:63&(3R#935;(3R#1;E9B$F6;0934/#%*1,420(%
" .#G2G,1#;0#$%091,1#%*1%*$%920%#&'%1,(*%4,1G%5#;0#3*B%+20,1G%5
4:(4;53431#-3*+,*&,920%
" 4%5%5'%&#-3*+,*&,920%#+(2$%/#3091:9:113*#S4%5H420/#+(2$%U
" .#%*%E634B#+(%$%4?(&/%/#/0$3(3431#3*0%A24H420%
" .#/(,+%*$/#$F631#c#+(2$21R#+(2$%(;09*3431R#63(031#3*3$9;03R#-3*+,*&,920%#
" .#%#5;E/#1?*4Q(%R#@%&',$25',1R#C553E31#$3&/0$3(;03R#-3*3*3635H4;03
%#09H5@29#5'3*6;531#$3&/0$3(;03
" 09H5@29/#3*B%+20,1#$3&43(639;03R#E(XG2/#;0#1/6/43*39;03
" .#5%E/#(H4?0,1R#;61:(@:9#4%(4,9X#C553E31#$3&-,($2*20%
" .#%#09H5@29#%*%E634B#3091:93/531#$3&/0$3(;03R#4?+%4,0H420%
" .#1C*:5G:9B#09H5@29/#/(25'9%4,1R#04H*?0,1R#%*1,4X1#$3&/0$3(;03
73&/0$3(B.#;0#G3-,&%+X1;090;&
.#09H5@29/#E(,+?1W/X1#;(4B#3*3$9;03
h!P

.#%#5;9B/#093(3E#5363*;03
f309;+$F63*;0
d/3$3*4#43(C*341;54#A3*35/1#$3&#%#G309;+$F63*;0R#%$3*'#%9#%5'%5'3*6#4%5H4202@,9#/0#09,(,0%5#
1%EW0,*X+/1D#
"#&'3($31#%#$20,+/1#@;4#;6#0,(25#139+34G35#43*A3035#4?+%44%*%5?*#;*/#$3&#%#G309;+#(/4$?024R#
4%&,*402&24R # +%**%$24D # [0%1 # % # ]D # ;*34;64B* # 139+ # $/5+39 # 4?+%4,0?*5/ # G3553D #"# !JD # ;634 # 3*;(63#
%*%1?*5%1#1/#1;E300;&3/#;0#/&;5'3R#@,&'#%#G309;+#9353/0;&;5#4Q*#%55%1#&,5+,*%4/02&24#/0#$3&;*A3#
;0 # $3&(%&%+A%D #"# E?G3(4200%* # 5'H*/1 # $3& # %55%1 # *3@34B0;&3R # @,&' # % # 1:*4;0934 # +(2$%/02&24 # /0#
24;(3993D
b&'#$20/1#$3&1:93*H4;0#093(/54#%#&'3($31#G309;+@39#6%*X#6/09,5'%#@2(,$#-3*/0$3(@34B#-3A*B+;0/#
*;EW0B63*#/0#A3**3$39@34B#
.#"9#!.ID#,0942*'G%5#%#&'3($31531#%#&(%$$%4/1%/*%&#@3*'30#G309;+#;(9;13*;03#;0#3*0%A24H420%#%#
*3&-,54,0%GGD#"9#3*0B+*3&30#-3*%+%4?51#$3&4%5H4%5/#E,54,0%5#@%**%5/D#
.#"#hD#;0#LD#,0942*'G%5#%#09;E#G309;+#;(9;13*;03#;0#%9#3((3#6%*X#4:(316;0#%#09C*34BG35#*;6B#r54#
1%EW0,*A%#1/%*%1?*4#-/9/1%/#4304;@39
. #"# O.PD # ,0942*'G%5 # % # G309;+ # @%4%*$25%1 # $3&;(9;03 # 4:(4;5/1R # %$/1,( # -,1,9%4,0%5 # 4?+%4,0?* # %#
1%$%091,(G%#*;EB#/-AQ#3$G3(G35R#@,&'#G309;+;4#?(%*5/R#W;*A25%1#$3&-3*3*B35#@%0952*5/#4?+A%D
!"*'1#$"/82'2T2"$"($)*+',-./0+)1Z$4
"#)%*+,(-./01,*21#;*34;4#:00934344#$X+,5#09:6/#24#%#09H5@29#;0#%#+(2$%#093(34343#;0#2E,*20%D#b9#%#
$F6;0934/#2&#%9#X1,(/#&:(:&:15;*#09C*34344#$3&R#3*B9$;5'3/4#%#(H4?0,1G%5#;0#%#$H$30#A24;1,1G%5#
4%*2*A?1D #"9# 3&'30#42(0%+%*$%1G%5# $/5+/&# %9#%+,44# 6/*2&1;E531# $3&-3*3*B# 09H5@29/# ;0# 09H5E%+/#
-,($21 # %*%1?*4%1 # 1/D # " # $%/ # 09H5@29 # /0$;4 # -3*,*+A% # % # 1*%009/1?0 # -,($21%4 # ;0 # 1H0;(*343/G35#
6/009%5'Q*/1 # %9 # %*%E,1@,9D # " # E3+%&X&/2G%5 # % # &'3($3131 # ;*341,(25%1 # ;0 # 4?+%4/ # -3A*B+;0;531#
$3&-3*3*B#$X+,5#1%EW0,*X+?51#%#+(2$%#;0#%#09H5@29#62*4,9%4,0#-,($2/@,9R#3091:93/@39D#
" # 5%E/ # 09,120,1R # 1/0 # (H4?0,1 # &'%1,(*20% # SE*D # G/9,5'H4625'63(0R # (3&&3*/ # -,@209 # 04GDUR # %9#
;609%1C553E31R#%@,*#3&'.3&'#,0942*'#G3$?4%4X093(F35#H93*H4B4#%+#%9#%+,44#/+B09%1G%5#4%5?*4%1GX*R#
%9 # ;630 # 09H5+%(%GR # % # 1:9:00;&/ # C553E31R # E;*+2?* # % # 7/@2*'.5%E/ # $;(*3&3*;0 # *3@34B0;&34 # %+ # %#
1/42&H4,44#;(43*3$G35#6344#09H5@29/#-,($21#&'%1,(*202(%#$/5+#%9#%14H6#(;096;43*#$/5+#%#G3-,&%+20#
,*+%*2(X*D#"9#;630#09H5+%(%G,1#G3$?4%4202(%#0,1#/01,*2G%5#09,120#+(2$%5%E,4#4%(4%5/R#$20@,*#%9#
,0942*'4%5H4X # $%&% # 62*%094A% # $3& # % # G3$?4%4X # /+BE,54A24D #"9 # ;61:(G35 # 1;4 # /+B09%1 # 1C*:5:035#
%*1%*$%0#3((3_#%#-%(0%5&#;0#%#EC51:0+R#$3*'#?4XGG/#%9#QAA209C*34344#1:9:00;&#C553E3D
"#-3*0,(,*4#436;135'0;&31531#1:09:5@34B35#%#$F6;09/#$3&$?4%41,920#09,12002#62*/1R#H&'#%#-3*0B#
4%&,9%4G%5R # %$/1,( # % # +(2$% # $2( # :52**X # X(%1;54 # A3*35/1 # $3&R # % # 4%E%094%*%4,1(% # ;EH463 # *3@34#
$3&139+35/#%9#3091:9:1#4?+%4,0H42024D#7/5+39#%#5%E/#093(4%(420,1#$3&;*;0;4B*#%#$3&$?4%41,920#
:(:$;5#24#%#!JD.30#09H5+%(%G#$/5+35#$F6;093434#$%&2G%#-,&*%*X#303$;5';/&#H63*R#%@,*#%#-/%4%*#
3$G3(31#$2(#0%A24#$,5+%5/6%*XA?1%4#$?4%4A21#$3&#4%52(%/1#03&H40;&;63*#%#1:9:00;&531D
=-hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#1/0&'3($31#092$2(%#%#6/*2&#?&'%5Q&'#3&'0;&34#%*1,4R#%@,&'#%#&:(:&:134#$3&3*B9B#/+B1G35#%#
(H4?0,1G%5 # % # $F6;093431R # % # 4?+,$25' # ;0 # % # 6%**20D # b9;(4 # % # +(2$%/ # 436;135'0;&31 # /0 # 09,(,0#
3&'0;&G35#;*531#%#4:GG/#$F6;09/#436;135'0;&&3*D#
"# -B,14%420# (/4$/1?0# (;09;G35 # GB0;&3035 # 5'H*/1 # *3@34B0;& # %# W0,E,(4,0# A24;1,1(%R # %# 5%E/# 09/54F#
&'%1,(*20#E3+/&#*3@34B6;#4309/R#@,&'#%9#;(9;131R#%9#3$*;13934R#(/4$?0;(9;1#04GD#-3A*B+;0;4#W;*9X#
&'%1,(*%4,1 # 6%*XG%5 # 1;E300;&3134 # @,99%5%1 # *;4(3D # n,54,0R # @,&' # % # 09:63&31 # 4%5?*2024 # $;&#
$,9&20 # 1H0;(/R # %$/ # % # &3094?0 # 1;0BGG/ # %*%EA% # *309D #"# 093(3EG3 # *;E;04 # 43($;093430 # $X+,5 # ;0#
h!]

0,109,(#$34%1,$$?5/12W/X6%*#4%5?*A21#$3&#%#&'3($3131R#%$/1,(#3&'#&'3(4'%#$3&&'QA420%#6%&'#
3&'#W035&B#@%5&#A3*9/#%#1:634139B#303$;5'#139+34;4D#"#+(2$%#093$E,54A2GX*#%*%E634B35#-,54,0#%#
(35+R#%#W035+#A3*354B0;&3R#%#1:9:0#$,9+?*20#;*$;5'3#c#3931#1;E39/1#%*%EA24#%#1;0BGG/#09H5E%+/#
A3*35*;4531D
m'$02'23
"#-B,14%420#(/4$/1?0#(;09;G35D
I)Y8232/"3O*1/
"#)%*+,(-.X6,+2G%5#%9#C553E31@39#1%EW0,*X+X#+(%$%4/1?0#A24;1,1D#
J$431'%&.",2V)2/83:/."S:)+0
r(9;131R#%*%E1;E300;&31#-3A*3094;03D#"#+(2$%/#436;135'0;&#$3&%*%E,920%R#%#(35+R#%#W035+R#%#
093(3EG3 #*;E;0R #% #1:9:0 #$,9+?*20R # %# (H4?0#$3&;*;03D #d:9:0# 09:63&$,5+20R # 09X#;0 #$,9+?*%4#
3&'0;&;531#$3&43(3$4;03D#Y;E/#@%&',$25',1#$3&/0$3(;03R#%9#;61:(#C553E3/531#24;*;03#1:9:0#
436;135'0;&35#13(3094C*D#x(%$%4/92*4#4:(4;53431#3*B%+20%D#
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#A24;1R#G3*3;(463#%#+(%$%4/1?0#A24;1,1%4#/0R#3GG35#%9#;*341,(G%5#%#$%&%#43($;093430#-,($2A2G%5#
-%1%+ # % # &'3($31 # *;5';GB*D # " # 4%52( # 3*0B+*3&30 # -3*%+%4%R # @,&' # $/5B0;&/ # 42E*2*;1,4 # %+A,5 # %#
&'3($3131#1;E93*34;531R#;*341,(5%1#$3&-3*3*BR#%(W@34/E/1?0#1;E3134#@,(+,9X#$30;1R#*3&35+21R#
4:(4;53431R # /(,+%*$/ # $F631R # 63(031 # -3*+,*&,92026%*D # b$3**344 # . # $/63* # % # W/6/*/92W/X0 # 2(4%*$%1 # S%#
43*36H9/XR#%#-/*$31R#092$H4X&;E#@%420%U#(,$G,*A21#%#43($;09343035#$3&*;6B#A24;1436;135'0;&34#.#
-,54,0R # @,&' # 4?+%4,0%5 # 2E,*A% # ;0 # 6;+A3 # % # A24;1 # %&(3009/X4X* # $35430R # 1;E93*34(3 # ;EC*BR # 4/094%#
-,($2A24D#
#"#4:(4;53431#-3*+,*&,920252*#;(+3$30#4:(313+5/#%#136;0R#+3#$/5;*#4:GG#-%5429/26%*#%*1%*$%9@%4X#
3091:9(3D #"# &'3($31 # 4?+%44%*%5?* # $3&4%5?*A%R # @,&' # $/5+35 # $,99%5%45%1 # A3*354B0;&3 # 6%5D #"#
+H09*3431R#A3*$3931#3&'093(F31R#+3#09;E31#*3&'3531D#
"9 # %*0XGG # ,0942*',1 # 09H5+%(%GA%/ # /512GG # 9353/ # ;0 # $,9&20,0 # 3*3$3113* # 2409B44 # +(%$%4/1?0#
4:(4;534$30;*;0531#431/54@34B31R#%9#/&%9/#+(2$%/#3(B#S1,5-*/14?0R#1%4%(9/0R#1%(%143(-,($2*20#04GDU#
$;& # W0%1 # ;(/54B*3&3035 # 6%5 # A3*35D # n,54,0R # @,&' # $/5;* # 4:GG # 63(030.(/4$?0,0 # 09:63&&3*#
+,*&,99%5%1#%#&'3(3131R#%#09:63&31#5%&'#(;09;4#1X(?0093(F35#(3W/42*A21D#
"# +%(%G,4 # %9# ,0942*'4%5H4X # 62*%094A%R # 3034*3& # H(A%D #"# 62*%094204 # E3+%&X&/%/ # 093$E,54,1 # 63934/1D#
e*'351,(#;(+3$30#24&,5+,*5/R#6%5.3#,*'%5#3(1:*W0/#43($;0934F#E(,G*;$%#SE*D#%9#,0942*'1:9:00;&#
6%*%$3*' # 53@;90;&3R # 3&' # &'3($31 # 1:(C* # 1/%*%1?*4 # 1,5-*/14?0 # 04GDUR # %$3*'531 # $3&,*+202G%5 # %9#
%+,44#$303#?4%4#$?4%4@%4D#T%5.3#,*'%5#-,54,0#309$3/.$,(2*/0#4%(4%*,$R#%$3*'34#%9#,0942*'4%5H4X#
093(3453#$;*'35#3*C*4345/#%#&'3($3131G35D#893$E,54#*3@34#3&'.3&'#&'3($31#093(3EG3#@,920%R#
3&' # 531/ # 09X*X # 093(3E # $3&;*;0;531 # A3*354B0;&3D # " # 09H5+%(%G # X(/20/ # *3@34B0;&_ # $;*'3GGR#
%1%(%4/.;(93*$/ # 09/5435 # 24A2(A% # % # 1:9:00;& # $/5+35 # 3&'30 # 4%&A24R # % # 4%5?*20 # ;*$;5'093(F # ;0#
$%(%+%5+X#-,($2A%D#
"9#;630#09H5+%(%G#-,($2A25%1#1/%*%1H420%1,(#1/0/01,*20#1,(G%5#4:(313+5/#13**#%#G350B0;&300;&(3#%#
@3*'09H5#$3&62*%094202G%5R#%#5;9B4;(#;0#%#09H5E%+#6/09,5'25%1#1/%*%1H4202G%5D#"9#3*B%+20#%9#
;6G35#4%5?*4%1#:(:$43*/#$3&$?4%420%#*3&'35D#
f309;+$F63*;0
!D#,0942*'
7/63* # %9 # ?425920 # /&35 # 3(B0R # % # 4%52( # G309;+E;*+2A% # %9 # 3*0B # ;631G35 # $3&@%42(,9XD #"# $30;*;0#
*3&'35#3E/1?0#S@%5&R#(/4$?0R#&3094?0UR#%#1/3A4;0#AX*#%(4/1?*2*4R#%#*;&9;0#1/3&'350Q*',9,44R#%#4X5?0#
hJN

$3*3&D # d3(C*AC1 # %# +(2$%/02&,4{ #"# &'3(3131 # %# (/4$/1?0# (;09G35# (:6/+3GG# 63(03134R # $,5+X121%4#
$,5+%5%1#3&'C44#$/5+/&#$,9&200%*#S5%&'#;0#-/5,$#$,9&20U#1H0;(63D#"#(/4$?0#$;&#3&'35*3430#
G3*0B#(/4$?0#S$;(BUD#"#G34F4%5H420@,9#1%EW0,*X+X%5#-3A*3094AC1#-,5;$%@%**20?1%4R#1;E3113*#03&H463#
%#-3*/0$3(;04D#"#@%**20/#+/--3(35W/2*20#03&H4#%#G34F4;63094;031#$3&3*B9;0;G35D
"#4%5;6#0,(25#%#4%5H4X#.#@%#13**R#09%13$G3(#03&H40;&;63*.#-,*'%$%4,0%5#1;09H4035#-3*A3&'9;03134#%#
&'3($3131#G309;+2**%E,42(X*R#-3A*B+;0;(B*R#@,&'#09C10;&#3034;5#43(2E/20#43(634#1;09H4@3003531#%#
1:634139B # 4%5;6(3D # S" # 0Q*',0%GG # G309;+@/G26%* # 1C9+B # &'3($3131 # 43(2E/2A% # 43($;09343035#
@%$%(%GG#/0#$3&139+@34BDU
JD,0942*'
"#&'3(3131#3*B09:(#2**5%1#%9#,0942*'#3*;R#@,&'#$/5+35#@;435#3*$,5+A21#%#G/9,5'H4625'63(0C134D#b9#
AX#%*1%*,$#%((%R#@,&'#@;4(B*#@;4(3#2E,*A?1#394#%#-,*'%$%4,4D#>35+093(3035#%+A?51#3&';5/#03&H40;&34#
%#4,62GG*;E;0@39R#@,&'#;66;&;(3#4:1;*3430(3#W0/09,*X+A,5#%#63(0D#"#(/4$/1?0#(;09G35#%#63(03134#;0#
$,5+X121%4#1:9:035#;0#1/03GG#W0,E,(4,1G%5#62*4,&%46%R#-3*3*&3463#$,5+A21#%#&'3(3131D#"#(/4$?0#
$2(#@%42(,9,44%GGR#+3#$;&#$/5+/&#53$#-30930D# Z%0952*A?1# $/5+#%#5;&'#%*%E#(/4$?04#SA%$G?0R#
4(,W@3?0R#%5%E304?0R#+%14/*?0UD#"#$;(B4B*#%#(/4$/92*20#-3*;#%9#3*0B#*;EW0B#%#09X4%&*;E;0D#d:9:035#
6;&3993531#A24;1,0R#G3*0B#1;E3113*#/504(?2*4#@%5&&'%1,(*%4,1%4R#42$,&%46%#3993*#%#4%5?*X1#3&';5/#
G309;+43(2E/2A24#/0D
ID#,0942*'
n,*'4%46%#%9#3*B9B#;631G35#$3&139+344#$?5124#%9#;6#-,*'%$25#3*;(139/1#%9#%9#/+B09%1R#$/1,(#%9#
,0942*'#5%&'#62*4,920,5#$3&'#13(3094C*_#3*;(139/1#%#>?G/1,5#/+B09%1%D#l362*6%#%#6/*2&(X*#139+/1#
-3*-3+395/#%#0%A24#@%5&A?1%4#/0D#b9#3*G/9,5'4%*%5H4A%#%#&'3(313134#.#311,(#13**#(2*;E5/C1#%((%#%#Q4(%R#
%$/#%#1:634139B#09%1%09@,9#63934_#%#G309;+#09;E0;&;531#;(9;13*;03#-3*;D#"#(/4$/1?0#(;09G35#
$3&A3*35/1#%#$;(B#?425#%#@,009Q#;0#(:6/+#@%5&9X1#%+4%#-30930#63(0(/4$?0R#%#@%5&3(B#62*4%1,920%R#
%#*%00Q#;0#&',(0#G309;+D#b*139+B+531#%#G309;+%1(,G%4/1%/#$?4%4625',1_#%#5'3*64:(B1R#%#63(031#
6/009%-3*;#$,5+20%#09%6%51;54D#"#G309;+34#$;&#$/5+/&#$,9&200%*#1H0;(AC1R#3&'(3#/512GG#%#@%5&#
1%(%143(;531#$3&-3*3*B#1;9#;0#*2G#$,9+?*%4,11%*D#73&-/&'3*AC1#%#@%5&,1#@%5&?*%4-304B#A3**3&;4D
hD#,0942*'
"9 # ;*341,(/ # 0%A24,002&,15%1 # $3&-3*3*B35 # 3935 # %9 # ,0942*'-,1,5 # % # *3&-,54,0%GG # -3*%+%4% # %#
G309;+$F63*;0531#%9#%**/43(2*X#63(0$,5+20#3*0%A24H420%D#"9#%1%(%4#;0#%#&,5+,*1,+20#%9#;(9;035#
13(3094C*#1%EW0,*X+/1#/*'#$X+,5#:0093D#89:63&1;54#%9#b++%#S3034*3&#%#d%*36%*%U#3&'30#(;093/4#
@%0952*A?1R # %12( # 3(3+34/ # 5'3*635 # /0D #"# &'3(3131# @%5&3(3A3 # $3&5B # . # 39# %9# 2**%E,4 # % # 4?+%4,0%5#
6;&9344#$200%*@%5&9X.&'%1,(*%4,11%*#AX*#1,(+2G%5#4%(4@%4XD#"#&'%1,(*%4,1#0,(25#%9#;(4@34B0;&R#%#
$3&-,($2*402&R#%#-,*';1,5'02&#;0#4%&,*402&#3&'%(254#-,54,0#093$E,54D
G$TS/+)U*1/."T+43+0
" # 09H5+%(%G # 4;$2A24 # %9 # ;6G35 # $3&/0$3(4 # 4:(4;53431 # 1:9C* # ;(+3$30 # 62*%094%5/D # " # $F6;09/#
436;135'0;&31#3(3+$;5'3/4#.#4%5?*4#+%*,1R#3?(/4$/%#&'%1,(*%4,1R#3*1;09H4344#42(&'%1#.#G3*309B@34AC1#
%9#3*B%+20G%D#b931#G2($3*'/13#1:9;EE,54G%#/0#13(C*@34D#
GO)S/,+%$)#$0"f",+%$)#$0
>H4?0R#A24;1R#(35+R#W035+#;0#1:9:00;&/#$3&$,9+?*20R#43($;093430#A24;1436;135'0;&R#?425920#;0#
1;E93*34R#093(3EG3#*;E;0R#1:9:0#(3W/42*20R#09:63&#;0#$,9&20#3&'0;&3D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#%*%E634B#1;090;&3/#S3$*;13934R#:51/-3A39;0U#;0#;(9;13/#-,1(X*#-,1(%#-3A*B+531D#d;E30#
:(:$$3* # ;0 # 43($;09343035 # $3&$?4%41,95/ # % # 09H5E%+,5D # 73&4%5?* # % # 1:9:0 # W03*316;031G35 # %#
09%G2*',1@,9#;0#%#1:9:00;&#4%&A%/@,9#%*1%*$%91,+5/D#"9#3*B%+20,1#0,(25#@,009Q#09:63&34#1;E30#
3&'C44#(3W/42*5/#$20,11%*R#1/03GG#09:63&31#:52**X#3*$,5+202(%#/0#1;E30D#4*343/63*#03&H4/#%#1:9:0#
hJ!

$?5124D # w3094?00%* # 1H0;(/ # % # 09:63&34D # a?+A% # % # 093(3EG3 # *;E;0 # A3*354B0;&;4R # -/&'3* # % # 1:9:0#
$,9+?*20(%R#4/0943*34G35#4%(4A%#%#W035+#A3*354B0;&;4D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # LD # ,0942*' # 3&'/1 # *3&-,54,0%GG # 3*3$3R # @,&' # % # &'3($3131 # $3&/0$3(13+531 # %9 # %54/1 # &:(:&#
1?*4Q(26%*#;0#4:(4;53*3$$3*D#"#&:(:&#3$G3(#4?+%4/#2**%E,4%#AX*#4C1(:9/#%9#LD#,0942*',0#G3*0B#-3A*B+;0/#
2**%E,424D # "# +(2$% # $/54 # :52**X # $F53$ # 311,( # A3*35/1 # $3& # % # 4:(4;53*3$G35R # % # 09H5@29 # 311,(#
1(/042*',0,+/1#:52**X#$F6;0934/#2&&2D#b*0B0,(G%5#%#-,($2(X*#;0#53$#%#4%(4%*,$(X*#6%5#09XR#@/0935#
%#&:(:&#+(2$21#09H6G3#$%(1,*X#4(%&/1?$%#6%&'#@%(025'#1,$/1?$%#$;&#53$#/**/1#%9#LD#,0942*',0#
@%5&?*%4G%#S$%A+#]D#,0942*'G%5#13(C*#1:9;EE,54G%UD#b9#%9#%#E/**%5%4#%9,5G%5R#%$/1,(#%#1X(?0GX*#
1/62*/1 # % # 09H5;09R # % # &'3($31G35 # 344B* # 139+63 # A3*35/1 # $3& # %9 # /&;5' # % # 4?+%4,0%GG # A24;1(%R # %9#
:5$%&2(%#6%*X#(2431/54;0(3D
m'$02'23
"#-B,14%420#(/4$/1?0#(;09;G3#/543&(2*4%5D
I)Y8232/"3O*1/
"9 # %*0XGG # ,0942*',1G%5 # 24;*4 # 3*B%+20,1 # ;*$;5'3R # % # &'%1,(*%4,1 # 3(3+$;5'3/ # % # 1;E300;&31#
-3A*B+;0;G35
J$431'%&.",2V)2/83:/."S:)+0
"#$3$X(/%#-3A*3094;03R#%#@%($X5/%R#%#G3*0B#$,9&;1,5'02&#1/43*A30H4;03#%#A24;1,1#0,(25#;0#%9#;630#
3*B%+20G%5R#%#1%(GX*#6%*X#1/*;E;0R#:52**X02&#E/**%5%425%1#3*0B#$3&;*;03D#
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# 1/-3A39344 # @%5&3(BR # 43$EXR # @%5&$%&%002& # &'%1,(*%4,1 # LDR # +3 # /512GG # OD # ,0942*'4X* # %A25*,44%1D#
dC*:5:035#%A25*,44%1#%#(/4$?0;(9;134#;0#%#$3$X(/%#-3A*3094;0;4#W;*9X#&'%1,(*%4,1D
"9#LD#,0942*',0#92(X#09H5+%(%GG%5#G2($3*'/1#4%5?*4#1?*4Q(1,(09%1#4:(4;5343/#$3&A3*35H4@34B31R#+3#
%9#/(,+%*,$3E,W@25#4%5?*4%1GX*#SE*D#q25,0#6/4;9U#/0#62*%094@%4?51#4;$24D#7/5+351;EE35#$;(6%+X#%#
&:(:&#09H5@29#-,($2A%R#%@,*#%#1X(?0G%5#$,5+,44#09:63&31#$3**344#@%5&0Q*',0%GG%5#$3&A3*35/1#%9#
3&';5/#A24;1g#%#425WR#%#9353R#%9#3?(/4$/%#093(630#(;093#%9#3*B%+205%1D#"#&'3($3131#$,9&2025%1#
:094:5:0 # @%($X5/2A% # ;0 # 09;E0;&;(3 # ;EH4@34C51D # " # &:(:& # +(2$2G%5 # $3&A3*35/1 # %#
$,5,*X&.+/%*X&?0.1%( # @2($%0 # 4%&,*402&%R # 3((3 # % # -3*;EH4;0(3 # *3@34 # %*%E,95/ # G2($/*'35 # 4;$2AQ#
3*B%+20G%5D#
f309;+$F63*;0
"#4H9.4/9353&'#;630#&'3($31#09H63035#-,&*%*1,9/1#G309;+3#$F63*;0;63*R#:(:$;4#*3*/#$3&4%*2*4#QA#
@%5&A2G%5R # $3&3(B0H4/R # @,&' # 1;E30 # ?(%*5/ # %94D # "9 # QA # (3&&3*/ # -,@209 # $3&4%5?*20%1,( # $2(#
4?+%4,0%GG%5 # 63934@34AC1 # G3 # % # &'3(313134 # %9 # /*'35 # 4HE?0Q # 09:63&31 # -3*+,*&,9202G%D # "#
4:(4;53*3$3E,W@2@,9#1%EW0,*X+6%#(;&/#1?*4Q(21#@%5&A25#09X*%*4%4@%4?51#$3&#%(W@%/1?0#/$21%4D#"#
*;&9;04#@%($,5/92*X#*;E;0&'%1,(*%44%*#1;09H4AC1#3*BR#$%A+#%#&:(:&#3E,W@2@,9#;(63#43*A30H4AC1#1/#%#
@3`%$343(.&'%1,(*%4,1%4D # 89:63&1;54 # Z,$;(,09# V+C0093/2A24 # @%0952*A?1 # &:(:&C* # ;0 # $%&'%(?*R#
$%A+#3&';G#X1,(/#/(,+%*,$$%*#3&;09H4@34AC1#1/#394D
G$TS/+)U*1/."T+43+0
a:(4;53*3$.#;0#/(,+%*,$3E,W@21#4%5%5'%&%#%#+%(%G62*%09420252*R#%9#3&';G#$F6;0934/#4%542(&'%1#
%9#3*B%+20#$3&-,($2*202G%5D
hJJ

GO)S/,+%$)#$0"f",+%$)#$0
Z%($X5/%R#3&'0;&R#$,5,*X&R#+/%*X&?0R#1X(?0#;0#09H5;09#1%EW0,*%4%
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31G35#@%($,5/1?0%5#4,62GG-3A*B+/1#%9#3*B%+X/#1;E300;&R#%9#:51/-3A39;0#/&;5'3#24*;E/#%#
1:9:00;&/#@%42(4R#:52**X#093(3E-,($2*20(%#3&'(3#/512GG#%*1%*$%002#62*/1D
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # OD # ,0942*'G%5 # @%5&0Q*',002 # 62*/1 # %9 # :52**X02& # ;0 # %9 # ;G3(0;&R # %$/4 # &'%1,(*%4,11%* # *3@34#
-3A*309435/D#"#1,5W354(2W/X0#;0#-/&'3*3$#&'%1,(*%4,1#3&'(3#5%&',GG#43(34#1%E5%1D#n,54,002#62*/1#%9#
:5;(6;5'30H4;0R#%#1C9+3*3$R#%#1,5-*/14?0#$/54#-,&%*,$#/44#63934@34B#G3D#"#A3*353431R#/$E(,6/92W/X1#
$3&G309;*;03R#%#1C*0B#5;9BE,54#S53#4%1%(AR#1/-3*;#A24009#04GDU#4?+%4,0H420%#/0#@%5&0Q*',0%GG2#62*/1D#
"# $,9&20 # ;0 # $,9+?*%4*%502& # SE*D # 09,G(,0 # A24;1,1UR # % # @%5& # ;0 # % # W0:5+ # % # (/4$?0 # ;0 # 43$EX#
$3&43(3$4;0;531#%*%EA%D#"#&'3(3131#6/4%13+63#5%&'#3GG35#%#1,(G%5R#3((3#;EH463#G363934@34C51#
(34,(/1%/#%*%E-,&%*$%1%4#;0#&'%1,(*%4,1%4D#"#1:9;E0B#5;&'#;(9;1(3#/(25'?*X#&'%1,(*%4,1#-,54,0%1R#
+3 # %9 # %*0X # ;(9;13134 # /0 # 4,62GG # W0/09,*@%4A?1 # :009343443GG # -3*%+%4,1,5 # 13(3094C* # SE*D # G,4,0#
3&'350Q*'&'%1,(*%4,1UD#
m'$02'23
"#-B,14%420#(/4$/1?0#(;09;G3#/543&(2*4%5D
I)Y8232/"3O*1/
"9 # %*0XGG # ,0942*',1G%5 # 24;*4 # 3*B%+20,1 # ;*$;5'3R # % # &'%1,(*%4,1 # 3(3+$;5'3/ # % # 1;E300;&31#
-3A*B+;0;G35D#"#$,5,*X&R#+/%*X&?0R#1%(#093(3E;531#$3&;(9;03D#
J$431'%&.",2V)2/83:/."S:)+0
"9#;G3(0;&#5:6313+;0;531#3*B03&H4;03R#%9#:5(3-*31`/X#1;E300;&;531#$3&%*%E,920%R#%#09H5E%+/#
4;(#%*%E-,&%*$%/5%1#$3&;(4;03R#%#1,5-*/4?0#$/54#E,9/4H6#3(B#$3&;*;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
OD # ,0942*'4X* # -,54,0 # % # &3094?0,1 # ;0 # % # @%5& # 353(&/2A25%1R # /54359/42025%1 # $3&43(3$4;03R # %#
A24;1G24,(02& #3(B0H4;03R # @/0935 #39 #%# 1%$%091,( #3*B44/ #?4,*0X #E/**%5%4G%5# 6%&'?51R # %$/1,( #$%A+#
3&'(3#53@393GG;#62*/1#%#$3&$?4%41,920D#
#
f309;+$F63*;0_
ID # 09%1%09 # SO.PD # ,0942*'U # % # G309;+ # @%4%*$25%1 # $3&;(9;03R # %$/1,( # -,1,9%4,0%5 # 4?+%4,0?* # %#
1%$%091,(G%#*;EB#/-AQ#3$G3(G35R#@,&'#G309;+;4#?(%*5/R#W;*A25%1#$3&-3*3*B35#@%0952*5/#4?+A%D
b9#%9#,0942*'#24$3534#%#639343440;&GB*#%9#:52**X02&#-3*;D#"#4%5?*X1#*362*5%1#4%5H4XA?1#G309;+;(B*R#
&3094?0%/(X*D #"#*;&9;0C1# $,04%5(%# G32**4 #% #-3*5B44 #E?*9?0_ # *;&9;0# h_!# %(25'Q #*;&9;0(3R #+3 #$;&#
$/5+/&#53$#A:44#3*#%#+/(314#*;&9B&'%1,(*%4,1#/+3A3D#n,54,0#%9#/54359H6#$?51%R#%$3*'#0,(25#AXR#@%#
*3@34B0;&34 # 1%E5%1 # :52**X # &'%1,(*20(%R # &'%1,(*%4,1 # 1/4%*2*202(% # ;0 # %9,1 # $3&,094202(%D # qX*#
$F1:+531#%#(;&/#$200%*@%5&9X.&'%1,(*%4,1R#+3#$,04#E2($?512G%5_#3&'$204#A%6H46%R#03&H463D#"#
1C*:5G:9B # (/4$?0Q # 63(0$,5+204 # 1/3&;09H4@34/1 # ,094/524X0 # $,9&20&'%1,(*%4,11%*D #"# *H(%/ # 63(031#
$3**344 # A3*35A3531 # $3& # (:6/+ # 3E/1?0 # $F631 # /0R # +3 # % # +(2$%/ # @%5&6;43* # $;& # 53$ # 35531 # %#
1,(,0942*'5%1#6%*XD#"#(X$%/#4:(4;53*3$#1%EW025#-,&*%*1,9?51#%#(34,(/1%#3&'30#3*3$3/63*#S*3*130H4B#
G309;+ # ;0 # 6/4%UD # b*B4;(G3 # 13(C* # % # $,5+%4 # ;0 # 09:63& # 093(13094;03R # ;0 # 3@@39 # 1%EW0,*X+X%5 # %#
hJI

G309;+#+%**%$%R#4%&,*20%R#%#09C53431#A3*354B0;&3D#
G$TS/+)U*1/."T+43+0
a:(4;53*3$.#;0#/(,+%*,$3E,W@21#4%5%5'%&%#%#+%(%G62*%09420252*R#%9#3&';G#$F6;0934/#4%542(&'%1#
%9#3*B%+20#$3&-,($2*202G%5D
GO)S/,+%$)#$0"f",+%$)#$0
52**X02&R # 1C*0B # 5;9BE,54 # $3&A3*35;03R # (/4$?0 # ;0 # 43$EXR # 3(BR # 3&'350Q*' # 1/54 # ;0 # G354 # 1:9:44R#
4%&,*20R#(34,(/1%R#6/4%D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#&'3($31#;G3(0;&;531R#:52**X02&25%1#5:6313+;0;63*#5%&',GG#@%5&0Q*'#13(C*#%9#3&';5/#A24;1(%D#
"#A3*35*;4#%#+(2$%/#@3*'934G35#03&H4#%9#:5$%&2(%#;G(3+;0G35D#"#1,5-*/14?0#$/54#E,9/4H6#-,&%*,$#;0#
$/54 # A24;1*3@34B0;& # 03&H4 # %9 # :5;(6;5'30H4;0 # @3*'30 # $X+A25%1 # $3&4%5?*202G%5D # " # 1C*0B#
5;9BE,54(%#(2;(3963#$3&;(4/#%#09H5E%+/#4;(#0%A24,0#4:(6;5'3/4D#73&4%5?*A%#;(4;13*5/#0%A24#;0#42(0%/#
$?512A24D#f3*0B#1/-3A39B#3(3A3#5:63109/1D#
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#+(2$%/#@%5&6;43*#43($;09343035#A3*35/1#$3&#%#@343+/13031#1:94#;G(3+B#%54/E24/%#;0#09/$E24/%#
@3630 # @?**2$9202G%5D # 7,04 # ;(139344 # 3* # %9 # /+BR # @,&' # <1:*W0:56344= # /(,+%*$/ # 09:63&3113*#
G3*3@3*'3913+63#$20,1#09;*0B0;&30#;(9;03/G3#+(2$%/5#$3&5'/*625?*A%5%1D#
"#1%(%143(-,($2*20#3*B4;(G3#13(C*D#"#1%$%09,+X#&'3($31#3&'(3#1(/4/1?0%GG%5#5;9/#%#6/*2&,4#$%&%#
1:(C*R#-3*-3+39/#%#A3**3$@/G21%4D#b5531#%9#;*$;5'531#%#-3*+,*&,9202G%5#0,1%4#03&H4#%#1%(%143(3113*#
6%*X # -,&*%*1,920 # ;0 # % # @?$,( # ,*+X # 3(3A3D # 7/5+ # % # A3**3$. # $/5+ # % # @3*'9341,$/1?$ # $3&/0$3(;03#
-,54,0D # b&'(3 # 4:GG34 # GH9@%4?51 # % # -%5429/2(%R # 39;(4 # % # (:&4:59;0 # 093(3E3 # $3&5BD

m'$02'23
"#+(2$%#%#-B,14%420#(/4$/1?0#(;09;G3#/543&(2*4%5#6%5#A3*35D
I)Y8232/"3O*1/
"# &:(:& # 09H5@29/ # -,($%R # $,5,*X&R # +/%*X&?0R # 1%( # 093(3E3R # 1,5-*/14?0R # 1C*0B # 5;9BE,54R # A3*353431#
$3&G309;*;03D
J$431'%&.",2V)2/83:/."S:)+0
[;* # % # A3*3534 # -,&%*$25%1 # $3&/0$3(;03R # %9 # /$E(,6/92W/X0 # 1;E300;& # 1/G,54%1,94%420%R # %#
*3*1/2**%E,4,1R#1%(%143(31#+/--3(35W/2*4%GG#$3&-,($2*20%R#%#04H*?0;(9;1#-3A*3094;03R#%#+(%$%4?(&/%#
%*%E-,&%*$%/5%1 # $3&/0$3(;03R # % # 1(/4/1%/ # ;(9;1 # E,9/4H6 # /(25'Q # &'%1,(*20%R # % # 1%EW0,*%443(3$4;0#
2E,*20%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#-%5429/2(%#;EH463#&'%1,(,*A?1#@3*'09H531R#42(&'%1R#4HE?0,1#$3&43(3$4;0;4#/$E(,6/92W/X1G%5D#"#
1%(%143(31# -,($2*20252*# %# 04H*?0;(9;1(3# %*%E,9@%4?51D# 73&A3*35/1# %9# ;(93*$31#;0#*3*1/2**%E,4,1#
1/-3A39;03#%#$,9&20.#;0#G309;+04H*?0G%5D#"#04/*2(/0#$,9&;1,5'02&(%#;EH463#%#E%(X+/%#1:9E,54/#
093(3E34#1%E@%4D#Z?$,((%*#,*+6%#%#A3*353431#$3&G309;*;0;G35#%#1(/4/1%#1?*4Q(2A%#;0#%9#:5/0$3(34#
/0#$3&A3*35/1D#"#A3*353431#%+,44#093$E,54#093(/54/#$3&-/&'3*;03R#%#5;9B(3#4344#@%420#6/009%A3*9;03R#
hJh

%#$/5B0;&#/(254/#/&;5'#.#%#&'3($3131#;(3440;&/#09/54A;531#$3&-3*3*B#-,($2G%5#.#5%&',5#-,54,0D#
7/5+3931#%*%EA%#*3@34#%#G/9%*,$(%#;EC*BR#E2(,0#;0#W0,E,(4,0#A24;1,1#G363934;03R#%@,*#%#&'3($31#
$3&4%5?* # 6/009%A3*9;04 # %+5/ # 42(025%1D #"9 # ;(/54;0R # ;(/54139;0 # . # -/9/1%/ # ;0 # *3*1/ # 0H1,5 # /0 # . # 3&'(3#
53@393GGR # 1C*:5:035 # -/Q1 # ;0 # *25',1 # 1:9:44D # " # E2(,0 # &'%1,(*%4,1 # ;0 # G/9%*,$A24;1,1 # 3GG35#
03&H40;&34#5'QA4%5%1D#
"9 # ;6# 6;&/ # 09H5+%(%G # %*%EA%# *3@34 # /$E(,6/92W/X0,(GX* # ;EH4344 # W03*31$;5'R # 6%&' # -3*+,*&,9@%4?51#
%+,44#4;$24#/$E(,6/9%4H6#3091:9:113*D#"#-%5429/%#092(5'%*@%4R#?&'%5%11,(#$3&/0$3(@34/1#%9,1%4#%#
1,(*24,1%4R#%$3*'3134#%#+(2$%#093(13934/#3&'0;&3/#.#G363934;0R#-,(+?*%4R#1/G,54%1,920R#434BE,54R#
$3&,*+20#c#09%G5%1D#a/09429X+/1#%#A3*3534#-,&%*$%D#d/62*X#*3@34B0;&34#%+#$/5+3((3#%#W,$$3+/%#
+3**%(43#$3&/0$3(;03R#%$3*'#3&'G35#%#4:(4;53*$/#3E,W@%#%5'%&2@,9#/0#1%EW0,*X+/1D
"A25*,44#+%(%G,1_#T%(290-?6,*%R#f%?$%(W@%/0R#w,*+,5/R#w,99/R#$303A24;1,1R#W,$$3+/%#+3**%(43R#
(353092509 # +%(%G,1 # ;0 # +%(%G(;09*3431 # 04GDD # e+3&35 # 5'3*6F # +%(%G # 3*B%+2026%* # /0 # ;(+3$30#
E(XG2*1,95/D
f309;+1;E9;0
qX* # A:5531 # % # G%**%+21R # 3(B03GG # @%5&6;43*F # 63(031D # 7/63* # 5%&',5 # 1C*:5G:9B31 # % # +/21,1R # AX#
*3@34B0;&34#43(3$435/#531/1R#@,&'#1/62*%094@%0021#13+635W#63(03/134#S0%A24#63(0&'FA4B#-C934UR#$%A+#
G/9,5',0#/+B1:9:51;54R#%9,1%4#:0093-F963#3*B%+A21#%9#/01,*%#1:9:00;&;531D#e&;5'C1#%#E,54,0R#
093$;*'(3 # 09%G,44 # 03&H40;&R # +3 # 39 # $/5+/& # ;EH4BR # 3*B(3$?4%4X # 13** # *3&'35D # " # 4304C1G35 # 9%A*X#
3*53@393+;0 # % # G309;+093(63/134 # /0 # ;(/54/R # 39;(4 # 1C*:5:035 # -,54,0R # <3$G3(-,($2*X= # %#
$200%*@%5&9X.&'%1,(*%4,1 # 6;&9;03D # " # $200%*@%5&9X1%4 # % # 5;&' # 3*3$@39 # 1%EW0,*X+X%5#
W0,E,(4,0H46%#&'%1,(,*A?1#S4F9#.#(;0@%5&,1g#6H9#.#,*+%*(;0@%5&g#-:*+#.#92(@%5&,1g#*363&B#.#E3(&B#
@%5&UD
G$TS/+)U*1/."T+43+0
e(,+%*$/ # 09:63&31 # -3*+,*&,92026%*R # 6%&' # 4%5H420/ # +(2$% # -,($2A2G%5 # 1%EW0,*X+@%4?51 # %#
-B4%5H420@,9D#"#$F6;0934/#X(21,5#4%5?*4%1#4,62GG(%#/0#$3&A3*35@34531#%#+%(%G#3*B%+202G%5D
GO)S/,+%$)#$0"f",+%$)#$0
p(5'%*4 # :51/-3A39;0R # 1%(%143(R # +(%$%4?(&/%/ # 3&'0;&31R # 04H*?0R # E2(,0 # ;0 # G/9%*,$&'%1,(*%4,1R#
093$;*'(3#09%G,44#03&H40;&R#(3-*3`/X#;0#:5(3-*3`/XD
!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($31 # *3&'35 # 1;E30 # :52**X # 1%(%143(-,($2*20(%R # 04H*?0;(9;1;531 # 1/G,54%1,94%4202(%R#
/$E(,6/92W/X1 # 0,(25 # @3*'09H531R # 42(&'%1R # 4HE?0,1 # ;(9;13*434;0;(3R # 4?+A,5 # /(,+%*$/ # 09:63&&3*#
+,*&,95/R#/0$3(A3#$3&#%#+(%$%4?(&/%/#3&'0;&31#;0#%#A3*3534#-,&%*$24D#d(/4/1%/#;(9;1;4#4%5?*A%#$3&#
%#A,GGH420#0925+;126%*#@%0952*5/D#d;E30#*3&'35#1%EW0,*%4,4#43(3$435/#42(0%/6%*R#6/009%A3*9;04#%+5/#
&'%1,(*%4,1#0,(25D#
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b9#%9#;6#*3@34B0;&#%9#:0093&9;0(3D#"9#X(21,5#%9#3++/&#$3&/0$3(4#3091:9:1#:00931%EW0,*20%R#
3*$;*'H4;03#4:(4;5/1D#
"9#;(93*$/#@?**2$920#(:6/+#/+B(3#5'?&6X#E,54(%#A?4R#%#+/21,1#0,11%*#/512GG#?(%*5/#4?+A21#;(9;03/134R#
$/54 # %9 # 3*B9B # ;6G35D # d3+63*/1 # % # 093(3EA24;1,1%4R # 09H63035 # E(XG2*A21 # 1/ # $%&?1%4 # 1C*:5G:9B#
1%(%143(31G35D#
"9#;6#6;&/#92(X#09H5+%(%GR#%$3*'#3&'#43*A30#+(2$%#09H5E%+(%#2**H420%R#A3*354B0#303$;5'#%9#,0942*'#
;0#%9#/01,*%/#1:9:00;&#;*34;G35#/0D
hJL

m'$02'23
l3@34#@34/#(35+093(300;&&3*#+(2$%#X(%R#G,54,44#W0,E,(4G%5R#6%&'#3*1;E93*@34B#%#(/4$/1?0#(;09G35#
3E,W@%093(F35 # +,*&,95/D # "9 # X(21%4 # 3034*3& # $2( # 4%(4@%4A% # 09%14%52(R # %1/ # % # 09H5+%(%G#
$3&-,($2*202G%5#/0#03&H4@34D
I)Y8232/"3O*1/
"# &:(:& # 09H5@29/ # -,($%R # $,5,*X&R # +/%*X&?0R # 1%( # 093(3E3R # 1,5-*/14?0R # 1C*0B # 5;9BE,54R # A3*353431#
$3&G309;*;03R#%#A3*3534R#+(%$%4?(&/%/#3&'0;&31R#1%(%143(#-,&%*$25%1#/0$3(343D
J$431'%&.",2V)2/83:/."S:)+0
"9#3++/&#4%5?*4%1#:0093&9;03R#3&'#43*A30#%*1,420/#-,*'%$%4#24;*;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"# +%(%G62*%09420 # %9 # ,0942*'4%5H4X # -3*%+%4%R # %9 # 3&'C44 # 4:*4:44 # 5',*W # ;6G35 # ,*'%5 # %*%E,002&&%*#
$3&/0$3(43 # %9 # ,0942*'4R # @,&' # G24(%5 # ;EH4@34 # /54?HW/X/(%D # a3($;09343035 # 3@@39 # 0,1%4 # 13**#
G309;*&345/3 # % # &'3(313113*R # ;0 # -/&'3*3$G3 # 6355/3 # ;(+31*B+;0C134D # " # 093(3E,09420 # 6;&0B#
3*+:54;03#/0#%9#B#-3*%+%4%R#+3#%#&'3(313134#3&'(3#/512GG#E%(453(1;54#13**#1393*5/R#-,54,0#1/1;(5/#
6;*3$;5'C134R#43(34#%+5/#:4*343/1531D#893$E,54#*3@34#%55%1#24&,5+,*20%R#@,&'#6%*%1/531#,*'%5#
093(3E34#%+R#%$/#%#&'3($31#%*%E1%(%143(;@39R#6;($;(0;1*34;@39#/**/1R#6%&'#;EE#%9#3**35139BA;4D#"#
5',*W%+/1,0 # 92(X # 09H5+%(%G52* # % # E3+%&X&/%/ # 093$E,54 # %9 # 3*0B+*3&30R # +3 # $F6;09/ # 09H56,5%*#
3*;(;0;531#A3*354B0;&3#6%5D
n,54,0R # @,&' # % # 4%52(,1 # W0,E,(4A% # 03&H403 # %9 # ,0942*'4%5H4X4R # % # +H09*3431 # ;0 # % # A3*$3931#
1/%*%1H4202G%5 # % # 1;9$F630 # ;0 # 1;9/$?51%4%52(R # % # $,9&20G%5 # %9 # 3?(/4$/04%R # % # (35+39;0G35 # %#
+(2$%4%52(D#b9#$/5424#%+#%#&'3(3131531R#;0#3*B(3$?4%4#%#-3*0B#4%&,9%4#-3*;D#bGG35#%9#;*341,(G%5#
/5+,1,*4#%#&'3(3131#62&'%#%#1,$,*'%GG#09H5@29/#@244;(R#6/*2&H420R#09H5E%+#04GD#$3&43(3$4;0;(3R#
%9,5G%5 # 092$,*5/ # 13** # 63*3R # @,&' # 39 # *3&%*2GG # %55'/(% # -2(%094XR # $/54 # %$355'/(3 # ;(+3130D#
7/5+351;EE35 # ;(+3$30 # % # 1B09H5@29R # % # 6/*2&H420 # 04GD # 4:(4;534/ # ;0 # 43W@5/1%/ # @2443(;4 # /0#
$3&/0$3(5/C1R#@,&'#24*20021R#$/#4:(4;5/1#63*C1D#"A25*,44#09%13$G3(#G36,520%D#a:GG#3*B%+20#/0#
*3@340;&30R#+3#-/&'3*5/#13**#(2R#@,&'#:(:$#$%(%+A,5#%#A24;1D
"#-3*1;09C*;0#-,*'%$25#%A25*,44#09H5+%(%G,1#5;9;03R#1:9:0#$3&G309;*;03D
89H5@29/#3*B%+20,1#$3&431/54;03#;0#$3&G309;*;03#5%&'G%5#42$,&%4A%#%9#;6#$?512A24D
"A25*,44 # +%(%G,1_ # 8@%130E3%(3R # 7,*/;(3 # +(2$2/R # T:(:0$%(4' # [0,5&,( # ;0 # aC5+3R # $%&'%(#
09H5$F631#SE*D#d/0-%*?+'#d2(,*'R#89/&*/&34/#b+3UD
f309;+$F63*;0
"#*3*1/#4%(420,1@,9#1%EW0,*X+X%5#-,&*%*1,99?51#$,04#%#$%&25@%5&9X11%*D#"9#3*$Q*4#;631#$?512A%#
$,04%5(%#G3;(344_#4?+%4,0%5#1;E3031#@%0952*5/#@%5&A?1%4#S@%5&09H5R#@%5&3(BUR#(/4$?062*420,11%*#
AX*#4%&,*A21#%#09;E35#%(4/1?*2*4#09:63&34R#H&'#1;0935#2**5%1#%#PD#;6#6;&/#+(2$%3*B%+20(%D#"9#;630#
$?51%#3*B%+20,1#3*B1;09H4;031;54#3GG35#%9#;6G35#/0#@%5&0Q*',0%5#-,&*%*1,9?51#%#(34,(/1%#3&'30#
3*3$3/63*#S$3&&'B9;0R#;(63*;0UR#%#4304G309;++3*D
G$TS/+)U*1/."T+43+0
" # 5',*W%+/1,0 # 09H5+%(%G # :009$F6;0934/ # %*1,420R # %$3*'G35 # 09,(,0 # 3&'C44$F1:+;0 # 4:(4;5/1 # %#
$F6;0934/#42(&'%1#1:9:44D#89H5+%(%G,1#,*6%020%R#;(43*$39;03#4:(4;5@34#%9#/(,+%*,$X(21#13(34;G35#
/0D
GO)S/,+%$)#$0"f",+%$)#$0
d/43*A303+;0R # :009$F6;0934R # 43*A30 # %*1,4X # -,*'%$%4 # E3+%&X&/%/ # 093$E,54,1 # 24&,5+,*2026%*R#
1B09H5@29R#09H5@2943W@5/1%#$3&/0$3(;03D
hJO

!",2V)2/83:/"51'3"2'2*#:4&2.
" # &'3($31 # 62*A,5 # 1;E300; # 3&' # 43*A30 # $F6;09/ # -,*'%$%4G%5 # 6%*X # %14H6R # 1/4%(4X # (;096;43*(3R#
3&'C44$F1:+5/#1:9:00;&;63*#3&'#W;*#;(+31;G35D#dC*:5G:9B#43(C*343135#093(9344#1;E300;&3/4#4?+A%#
1%$%4,94%45/R#*3&'35#1;E30#093(3E;531#$3&-,($2*202(%R#3GG35#$20,11%*#6%*X#3&'C44$F1:+;0(3R#
*3&'35#4/0942G%#%#09H5@29/#%*%E-,&%*$%11%*D
Q252823:/
"# +(2$% # % # -3*0B # 4%&,9%4,5 # @%5&0Q*',0%GG%5 # 6%5 # A3*35R # :52**X # X(%R # $3*'34 # 09%14%52( # 63934D #"#
+/21,1G%5#3(B0#;(+31*B+;0#;*#%9#:51/-3A39;0#/(254#.#13(30/1#0%A24#@%5&A?1%4#;0#$,5+%5/6%*XA?1%4#.#
;0 # % # 1:9:00;& # /(254R # %$3*'G35 # 13(30/1 # @3*'C134D # n,54,0 # 092$?1(% # %9 # B09/5430;&R # QA # -,($21#
%*1,420%R#%#A3*35*;4#$3&;*;03D#"#AX#@%5&?*%4R#%#@?$,(R#%#A24;1#;*$;55';#4309/#%9#X(21%4D#"#-3*0B#
4%&,9%4R # 0 # 3935 # G3*C* # % # +(2$%X(21 # -,54,0 # W;*1/4F9;03_ # %9 # :52**X # H4;*B3(B # 1/%*%1?*2025%1#
42$,&%420%D
E2V)2/83:/."32'])2320
r(9;13*;0
.#%#!J#;(9;1@39#1%EW0,*X+X#&'%1,(*%4,1
.#1,$E*3`#;(9;13*;0/#&'%1,(*%4,1
.#0%A24#;(9;031#$3&-/&'3*;03R#-3*/0$3(;03
d/-3A39B1;090;&
.#G309;+.#;0#$,9&20&'%1,(*%4,1
.#:5/0$3(34
.#1,5W354(2W/X#;0#*%9H420R#-309C*40;&43(3$4;0#;0#,*+20
.#-/9/1%/#4304#/01,*29202(%#/(25'?*X#&'%1,(*%4,1R#43044%(420R#(?&%*$%002&
.#(/4$?0;(9;1#G309;+G35R#$,9&20G%5R#4;(-,($2*20G%5
.#%#*;*31#-/5,$H420%R#%9#;(9;031#+/--3(35W/2*20%
.#;(9;031R#309$;1#$3&-,&%*$%920%#;0#1:9634H4;03#$20,1#092$2(%
.#@%5&?*%4,1R#-,&%*$%1R#A3**3$31R#@3*'93431#E,54,0#1/-3A39;03
.#1,$$?5/12W/X#;0#$34%1,$$?5/12W/X#%#1:9:0#436;135'0;&31#0,(25
3&'C44$F1:+;0
.#;(+31*B+;0#%#1C*6/*2&_#$20,1#;(9;03/R#&,5+,*%4%/R#$3&;*;03#/(254R#3$E24/%
.#09%G2*',1#$3&-,&%*$%920%R#4/0943*34G35#4%(420%
.#-3*%+%43*,09420G%5#6%*X#(;096;43*R#
.#43(639;0R#093(639;0R#1/6/43*39;0#0,(25#0%A24#-3*%+%4#$3&4%*2*20%R#$20,1#-3*%+%425%1#03&H4;03
.#1:9:035#24;*4#;*$;5'31#;(4;13*;03R#6/009%A3*9;0#%+20%#42(05%1
.#:52**X#6;*3$;5'#$3&-,&%*$%920%R#$20,1#6;*3$;5';531#4/0943*34G35#4%(420%#
.#%#-3*3*B00;&#4?+%4,0H420%
.#1:9:00;&62**%*20R#;(+31*B+;0#$20,1#E(,G*;$2/#/(254
"*1,4X436;135'0;&
. # /$E(,6/92W/X1 # 09:63&GB*R # $,9&20GX*R # @3*'934GB*R # 1%(%143(GB*R # 42(&'GX*R # A3*3534629*%4GX*R#
W03*31$;5'093(13934GB*R#1%EW0,*%4(35+093(GB*#1//5+?*6%#3&';5/*3&#;0#W0,E,(4,0%5
. # E(,+?1W/X0 # $?51% # S093(13094344 # A24;1,1R # 63(031R # +%(%G(;09*3431R # +(%$%4/92*4 # 3E/1%/ # $F631#
G3$?4%420%U
.#43*A30#09H5@29/#3*B%+20#*;4(3@,920%#
.#3&';G#43(C*343135#S09W35/1%R#9353R#43W@5/1%R#+(%$%4?(&/%#04GDU#6%*X#1:9(3$F1:+;0
.#4%5H420/#+(2$%R#4%5%5'%&#-3*+,*&,920%#+(%$%4/1?0#3091:9:113*
a?+%4,002&
.#%9#%*1,4X#-,*'%$%4#*;E;03/531#;(9;13*;03R#24;*;03R#4/0942920%
hJK

.#E,54,0#$3&-/&'3*;0#;0#1/-3A39;0#
.#%9#24;*4#&'%1,(*%4,1#W;*A25%1#$3&;(4;03
.#%+,44#4%(4%*,$#3091:93/531#$3&4%*2*20%
f3-,&%+20R#;(43*$39;0
.#%#09H5@294:(4;534#5%&',GG#1,(09%1%/5%1#$3&/0$3(;03
.#5;@25'#A3*354B0#%*1,4X#$3&/0$3(;03
.#1,(42(0#+(2$%#;0#09H5@29$F6;0934#%*%E09/54F#$3&/0$3(;03
.#%#+(2$%/#$F53$#0%A24,002&%/
.#+(%$%4?(&/%/#;0#09H5@293*$;*34/#%*%E-,&%*$%1
.#*24,44#09H5@29/#3*B%+20,1#;(43*$39;03#;0#3*3$9;03#
.#%#09H5@29/#@%420#3091:93/531_#09W35/1%R#+H09*34R#A3*$39R#%1W/XR#+/1W/X#%*%E634B#/0$3(343
"#-3A*3094;0/#43(C*3431#3*$;*'H4;03#-,1,9%4,0%5#4:(4;5/1#%9#%+,44#;*341,(#0%A24,002&%/5%1#$3&-3*3*B#
43(C*343135D#"#-,&%*$%1#4/0942920%1,(#%9#;*$;5'31(3#;EH4C51
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# E,*%(/420,1 # ;63R # 3&'%(254 # -,54,0 # % # 1,$/1?$ # ;0 # % # 4(%&/1?$ # $3&;*;03D #"# 1/*35W3+/130 # +/21,1#
,*'%5,1R # $/54 # % # 1%&'*X_ # 1H6C* # 13$;5' # @;AR # G3*C* # E?@%02&D # Y%&',5 # 1(/4/1?0%1 # :5$%&?11%* # ;0#
$20,11%*#093$G35#/0D#f3*0B*3&#/+321%4R#309$;134#13(30531R#1C*0B*3&#53@3935#4%*2*A21#%#09%6%1%4R#
$,9+?*%4,1%4D#"#G3*0B#4;(@39#X6%4,0%5R#-/5,$%5#*3@34#W0%1#5'Q*5/R#@/0935#%9#:51/-3A39;0#53@;9D#"#
-3*%+%4,1 #$3&-,&%*$%9202G%5# -,54,0#%# E(%14/1?002& #;0# 3&9%1402&R #%$/ #G/94,502&;(93434 # %+R # %#
-%5429/%#%#1,51(;4?$,1@,9#1:4B+63#4?+#$F1:+5/D#"#1/*35W3+/130#3*0B0,(G%5#%1%(%425# 13(3094C*#
4%5?*D#Y3$#/543**314?2*/0%5#$3&;(435/R#@%53$#W03*316;0#2*4%*#24;*5/#%1%(A%#%#6/*2&,4D
m'$02'23

;i"U'$"

I)Y8232/"3O*1/"
Y',*W%+/1#,0942*'G%5#3&'#43*A30#+%(%G#09H5E%+(%#2**H420%D
J$431'%&.",2V)2/83:/."S:)+0
"#&'%1,(*%4,1G%5#-,54,0#%9#/0$;4*B+;0#;0#6%(/2W/XR#%#$?51%6;&9;0#(?4/5,002&%#;0#%*%E,002&%D#
n,54,0%1#%#09%G2*'A24;1,1R#$%&%#%#09%G2*'1/%*%1H420#/0#A24;1*3@34B0;&D#"*%E634B#;*$;5'C1#%#G3*0B#
&24%1R#6%&'#%#-;*3*3$#$3&;*;03R#;0#3931531#1%4%(9/0093(F#24*;E;03R#3((3#;(+3$30#;EH435/#E;*+2?*#
% # 6%1,0 # A24;1,1G%5D # Z%0952*A?51 # % # 4304/ # AX # 1:9;(934 # $3&43(3$4;0;(3 # /(25'?*X # &'%1,(*%4,1%4R#
%*%E09/54F # 43044%(420R # &3094?0R # $,9+?*%4R # 1,5W354(2W/X.;G3(0;&R # @%5&3(B # ;0 # %(4/1?*2W/X0#
&'%1,(*%4,1%4R#5'3*64:(B134D#83&H4#531/1#%#&24*20,1,5#6%*X#24*;E;0G35R#@%#3931#4304/#3(BG3+,G204#/0#
/&;5'3*531D#"#1%EW0,*%443(3$4;04#0,109,(#%1%+2*',99%#%9#%&(3009/X#6%&'#%#9%6%(R#393134#,*+@%4A?1#
%#G/(1X920#*3&1C*:5-;*;GG#62*4,9%4%/6%*R#/**3463#1/@H620(%#;EC*B#E2(,0#;0#W0,E,(4,0#&'%1,(*%4,11%*D
8,1#$,9&20,0#/$E(,6/92W/X4#%+@%4?51R#G2(#$,9&20G%#*35+C*5/#53@;9D#b((3#%9#X(21#-3*;EH4;0;G35#
-/&'3*5C51 # 13**D #"# A3*353431 # *3@34531 # 3*5%&',*4%1R # 629*%4093(F31_ # 4HE?0,1%4R # 4/E/1?0 # @3*'9343134R#
E,*%(/420,1%4#A3*35H4C51#$3&D#q2409?51#;0#4Q*A2409?51#%#43044%(4200%*R#%#&3094?00%*R#%#09:63&#$;&#
136;0G; # -,54,0D # " # @3*'09H5R # 1%(%143(R # 42(&' # E%54,$/$093(F # $3&A3*35H4;03 # /0 # ;(+3130R # %#
$3&G309;*;031G35#53$#3*3$9C51R#@%53$#%94#4/094299?1R#$/#6,*4#%#4:(4;534G35#$3&;(4@34B#;0#$/#
53$D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
b(B035 # +(2$%/ # 4;$21R # $/54 # % # @%*2*R # 42(0%+%*$/ # E(,G*;$21 # SE*D # @%A*;14%*%5,1U # ;EEQ&'#
hJP

093(3E3*@34531#$/54#%#@;41:95%E/#;*34GB*#6344#3&'093(F#@3*'93431R#3$G3(/#&'%(*X02&,1D
"#*3*1/#;(9;135'0;&#2E,*20%#%#63(0$,5+200%*#4:(4;5@34_#&':4(B+B#*H(%/#63(031R#3(B0#+(2$%/#G%**%+21#
;0#3**35E,541;54#@?$,(,0#63(031R#(:6/+#E(X921D#n,54,0#%#&,5+,*%4/02&R#+3#53$#3*-3*3A435+B_#%#63(0#
%92*4%*#@%4R#%@,&'#%#@%5&,1%4#$3&09X*%*4%4A?1D#
a%5H420/ # +(2$2@,9 # 1%EW0,*X+6% # AX # 4;$% # %9 # !]LO.,0 # -,((%+%*,$ # $3&A3*35H4;03R # 6%&' # A3*354B0#
%*1,4X1 # SE;*+2?* # n(%5W,/0 # T/**,5R # d%(/54@' # n(/&'30U # ;*34;531R # $F63/531 # -3*+,*&,920%D # "#
+,1?$354?$,1R#-;5'1;E31R#09:63&31#%*%E,4#%+5%1#%#(3%*/420GX*#/5+?*X#-%5429/25%1D#
5/0$3(34/#4;$21%4#53$#13**#-3093&345C51D#7%&?1#%#&'%1,(*%4,1#43($;093430#$X+,5#03&H4/1#%9#
:5. # ;0 # 6/*2&/0$3(3434R # +3 # % # $3&-,&%*$%920 # $;& # &24*20,1G% # C41:9/1R # ;0 # 3&'$20 # 4C(3*$30#
$3&@%**&%420% # /0 # 53@;9D # e+B51;54 # $;&/0 # X(/20/ # <&X*@3*'93431= # %+X+5%1R # /*'351,( # G3*3$3@34C51#
1;(+;03/1#$3&G309;*;0;G3D#
" # 1:9:00;& # $,9+?*20%R # % # W0,E,(4 # +/5%$/12A% # $3&@%42(,9XD # n,54,0 # % # <$2&/1?0 # 1(;4%1:(=#
-3*/0$3(;03_#%#09H5@29/#43(34#%#1:9:00;&#-/&'3*$3R#%#09%G2*',1#G34%(420%#43(3$4/#$3&D#"#+(2$%/#
1:9:0#W0:5+#E/**%5%4%/5%1#$3&;(9;03#%*%E634B#;*$;5'D
f3$?4%4X#4;$2A%#*3@34#/$E(,6/92W/X1GX*#;EH4344#W03*31$;5'0,(R#LO.,0#$F0,(R#6%(/34;#6%&'#W/(1?09R#
63(031#-3*+,*&,920%D#
G$TS/+)U*1/."T+43+0
e(,+%*,$_ # % # +(2$%/ # $F53$ # $3&/0$3(;03 # %9 # 3$G3(/ # %1%(%4,1 # 3&'$205%1 # -309C*;0;4 # 2**H4A%#
1:9;EE,54G%D#a;$%#%#&:(:&R#%#(353092509#;0#%#1*%009/W/04%#09H5@29R#8@%130E3%(3#;0#7,*/;(3R#%#
$,+3(5#+(2$%#;0#09H5@29#3&'30#%*1,4X/R#%9#%G09?(+D#"*%E634B#-,&%*$%1#13(C*531#G363934;03R#$/54#
+(2$%/ # 093(13934R # 1%4@%(9/0R # 1C*:5G:9B # 09H5@29/ # 43(31 # -3*;EH4;03R # A3**3$. # ;0 # @3*'9341,$/1?$R#
$F-%A,1D" 353_ #1:9:0#E,54#%9#/$E(,6/92W/XR#;EH4139;0#/$E(,6/9%4H6#3*3$31GB*D#"A25*,44#%#1:9:0#
E(,+?1W/X0#$?51%D#a:(4;53*3$_#-,((%+%*$%1D#
GO)S/,+%$)#$0"f",+%$)#$0
a(%&/1?$R # 1,$/1?$R # +(%$%4?(&/%/ # 3&'0;&31R # /$E(,6/92W/XR # &3094?0R # (?&%*$%002&R # 1,5-*/14?0R#
1%4%(9/0R # 09H5@29/ # 4;(R # 09%G2*'4?+%4R # 629*%4093(F0;&R # 1:9:00;&R # 3(BR # %1%(%4R # 3&9%14#
-3*%+%4$3&@%42(,920D
!",2V)2/83:/"51'3"2'2*#:4&2.
"#09%G2*'4?+%4R#%#&3094?0.#;0#4;(@%0952*%4#3(B0:+A:5D#"#4(%&/1?$#;0#1,$/1?$#$/5B0;&;4#;*A3#24D#
8%A24H40%#3*#%#+(2$%/#$F53$#%*%E634B#-,&%*$%/4D#"#E(,+?1W/X0#$?512G%5#%14H6%5R#:52**X%5#63&'35#
(;094D#
"=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
q3**3$9B#%9#;(93*$/#@?**2$920R#%#@%5&?*%4/#62*420,1R#%#G3*0B#6/@%(,1D#qXR#@%#$F6;09/#@%5&?*%4#A2(A%#
24#%9#X(21%4R#43(34#1%E#%#0,109H5F0;&R#%9#;(93*$/#;*34#&%9+%&02&%D#r(+31*B+;0C1#1:9;EE,54A2G%#
13(C* # % # 1%EW0,*%443(3$4;0 # % # *3&1C*:5G:9BGG # 09/543135_ # % # G%(2402&R # % # 5B.-;(-/ # 6/09,5'R#
W0,E,(4,1@,9#4%(4,920R#%#(,1,5.#;0#3**3509356#$3&5'/*625?*20%/D#"9#;(9;0#$/54#$3&/0$3(B#3(B#
$F1:+/1R # 09/543 # *34%E,&%4A% # 1:(5'39343 # @%5&?*%4%/4R # $3&5B # % # 09;E0;& # ;0 # 3094;4/1?$ # /(254/#
-,&;1,5'02&D#
"#!N.30#&'3(31#1;(+;03/_#$/*'35#6%&',1R#$/*'35531#*245%1#%#4:GG/31R#$/*'35531#*24,$#;5#%#6/*2&,4z#
d;(+;03/(3#09H63035#13(30/#%#62*%094#1:9:0#G309;*&34;031G35D
a,62GG(%#03$ #1:55'F#%9,5G%5#%#$3&$?4%41,920R #%9#,0942*'#c#;0#%#4%52(#/0#c#3(B035#1/#6%5#
09,*&2*4%46%#%#13+;*'2**%E,4#62*4,9;1,5'02&25%1D#!ND#,0942*'G%5#13+634#W0/52*5/#%#A24;1@,9#5%&',5#
hJ]

-,54,0R#%$/G35#0,1%4#03&H4#%#4%52(#*3*1303+;03D#Z%#0/13(C*R#;EH4@34#%#-/%4%*,1#1(3%4/6/4202(%D#
m'$02'23

;i"U'$

I)Y8232/"3O*1/
b*B9B#;6#+(2$%.R#9353.#;0#/(,+%*,$X(2/R#G3$?4%4XA%R#%#+(2$%/02&#%1%(%4/#3*3$3/531#24;*;03D
J$431'%&.",2V)2/83:/."S:)+0
"#&'%1,(*%4,1G%5#%#G/9%*,$A24;1,1R#%#E2(,0#&'%1,(*%4,1R#1%EW0,*%4;EH4B#A24;1,1#3*B4;(G3#13(C*531D#
73&5B # % # G309;+&'%1,(*%4,1 # 0Q*'%R # %(4/1?*2W/XR # @%5&09H5R # @%5&$%&%002&R # 43$EXR # (39,5%5W/%R#
(/4$?0D # "12( # 0%A24 # $%&?1 # 2*4%* # H(4 # 5'3*64:(B113* # /0 # *3@34 # +,*&,95/D # n,54,0 # % # 4?+%4,002& # %#
G309;+-,($2*20G%5_#%#G309;+093(631#@2($%0#4%&,*402&%#S%A%1R#-,&R#&;&3U#;0#%#@2(,$#04H*?0#S*H(%R#
+(2$%R#3E/1%U#:00931%EW0,*20%D#"#$,9&20&'%1,(*%4,1G%5#/0#$3&A3*35/1#%9#2(5'%*402&R#%#*35+C*34R#
%9#;(9;0#$3&4:*4/#%#$,9+?*%4,4D#"#$/$/1%/#&'%1,(*%4,1R#%(WA24;1#@%5&0Q*',002#62*/1D
e$E(,6/92W/X1G%5 # % # @%5&?*%4(% # ;0 # % # 1%EW0,*%4,1(% # 13(C* # % # @%5&0Q*'D #"# A3*353431 # %*%EA% # *3@34#
03$*3&30#09:63&D#"#136;0#09:63&R#0,1#A24;1#%*%E3*63#-3*09%G%+H4X#@%4200%*#6%5#%#1,(,0942*'(%D
n,54,0#QA#3*3$#%9#/0$;4*;0R#%#<E(XG%=R#%#A3*353431#W0/09,*20%#%+,44#093$E,54#093(/54D#n,54,0#%#
$3&-/&'3*;0R # E;*+2?* # 2**%4,1 # $3&-/&'3*;03 # ;0# ?425920%R # :00931:463 # 3$G3(/ # 4?*%A+,502&,11%*D #"#
0F(H4;0R#%#6%(/2W/XR#%#-,1,920R#%#1;0*3*434;0R#%#0424?09@3*'934#%*1%*$%920%#4?+%4,0H4%5+XD#"#G3*0B#
$,5,*X&#3091:93#3*B4;(G3#13(C*R#%9#;(9;0#?4%4#4%*2*#%#09X#-3*;D#"#A3*3534;(4;13*;031#0Q*'%#/0#$3&5BR#
-,54,0#%#G309;*&34;0D#n3*-3+39531#G3*0B#4:(6;5'093(F0;&3134R#E*D#$/*'35#,1,1#63934531#3&'.3&'#
3$G3(/ # A2409$% # 1/%*%1?*202@,9D # 89H63035 # $3&@%**&%4A21 # 3&'$204R # ;0 # 09?63(;5 # 3&';5/0;&C134#
$3&;*/1#%#G309;*&34;0#0,(25D
#
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#X(21#4;$2A%#*3@34#E;*+2?*#%9#3$G3(/#A2409$21#43(C*343R#%9#2*,$6/*2&R#$30;1#-3*+,*&,920%D#
"#G2GA24;1#/0#%*43(5%4H624#A3*354R#%#0%A24#$%&?1#2*4%*#3*1;09H4344#G2G,1#03&H43531#%9#:5/0$3(34G35#
;0 # $3&1:55'H4/1 # %9 # ;(93*$31 # 1/-3A39;0;4D # 7%091,11%*R # 2(5'A24;11%*R # 42(&'%5/$2W/X6%*R#
E3(-,($%5W3.09%*R#G,@XW$3043(0;&&3*#/0#1H0;(*3439@34C51D#
"#G3$?4%4X#093(639@34B#%9#X(%/#A24;1,1GX*#;0#/$E(,6/92W/X1GX*R#+3#1;09H4@34C51#G2G3*B%+204#6%&'#
$303A24;1,4#%*0XGG#,0942*',15%1D#
d/03GG#%*1,4X#W0,E,(4,1#*;4(3@,920%#;0#%9,1#$?512A25%1#:0093-F9;03#AX#3091:9#*3@34D
l3@34#3034*3&#1,(,0942*'@,9#/**BR#43*A30#09H5+%(%G#-3*+,*&,920%#/0#%#W;*R#6%&'#%12(#0%A24#$%&?1#2*4%*#
H(4 #+%(%G,4#/0#3*B%+@%45%1D #"#4%52(5%1#%9,5G%5#092$,*5/%#13**#63*3R #@,&'#%#W;*4?+%4 #$;&#53$#
A3**3$9BR#%#E(XG%-,*'%$%4,4#E3+/&#<;(93*$/#&?G%5W,1=#53@39H4@34/1D#
89C10;&30 # 5;@25' # 09H5@29/ # %*1,420 # $3&431/54;03 # %9 # ;6 # 0,(25_ # 3*B4;(G3 # 13(C*@34 # % # 425W.R # %9#
%*43(5%4H6#;0#%#G2G09H5@29R#%#935;0#$F-%A,1#$3&/0$3(;03D#
G$TS/+)U*1/."T+43+0
d;9$F6300;&R # 1;9/$?51%R # E*%094/1% # SG2G1;09H4;0UR # 9353R # /(,+%*,$_ # % # $F6;093431#
24A2(@%4X02&25%1#$3&;*;03#;(+31;G35#13(300C51#$/5;*#4:GG#1%EW0,*X+20/#E,54,4{#
GO)S/,+%$)#$0"f",+%$)#$0
51/-3A39;0 # ;0 # :5/0$3(34R # (3-*3`/X # ;0 # :5(3-*3`/XR # 1,$$?5/12W/XR # G309;+1;E9;0 # S%(4/1?*2W/XR#
@%5&09H5U # $/$/1%R # 43$EXR # (/4$?0R # 2(5'%*402&R # E(XG%R # W0,E,(4$?51%R # $F6;09/ # ;(9;1R # %*1,4X3(BR#
1(3%4/6/420D

hIN

!",2V)2/83:/"51'3"2'2*#:4&2.
"9#;(93*$/#;*34#&%9+%&02&25%1#$3&/0$3(;0;63*#;0#1,54(,**2*2026%*#%#&3094?0#$3**344#%#$/$/1%#;0#
%#@%5&#4?+%4,0#@%0952*%4%#/0#$3&A3*35/1D#r*A3#$3&#%#1%EW0,*%4,1#-,54,002&24R#%#1,$$?5/12W/X#;0#
$34%1,$$?5/12W/X#3091:93/4#139+A3#$3&/0$3(5/D#"#(3-*3`/X#;0#:5(3-*3`/X#1?*4Q(2A25%1#1/%*%1H420%#
3*139+B+/1R #G309;*&34;031# 0,(25# $3& #4?+A% #-,&%*$%95/# ;(9;03/4 # ;0#03&H4B35# 4?+#1,$$?5/12*5/D#
52**X # :4*343/4 # 4?+A% # $3&6%*X0H4%5/ # W0,E,(4$?512G%5R # /0$3(A3 # $3& # % # 09H5@29 # 1%EW0,*%424 # $20#
$F6;09/#2&%11%*D#d;E30#*3&'35#-3*/0$3(5/#;0#A%6H4%5/#@/G2/4D#
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#!!D#,0942*'G%5#-,54,0#*;E;0#4:(4;5/1#%#-3*5B44;#62*20#Q4A25D#73&A3*35531#%#0%A24#W;*,1R#%55%1#%#
13(30;03R # @,&' # 1/ # 6%&',1 # ;5R # $/ # +,*&,$ # % # 6/*2&G%5D # " # &,5+,*1,+20/ # 1;E300;&31 # 62*5%1#
@%5&0Q*',002D # "9 # ;(+31*B+;0 # +/--3(35W/2*4%GG2 # 62*/1D # n,54,0 # %9 # /&%902&13(30;0R # 35531#
$3&-3*3*B35#%#1;(+39;0R#$3&1;(+BA3*39;0R#%9#3*3$9;0#/&;5'3R#%9#3091:9:1#4?+%4,0#$3&;*;03#;0#
$3&;(4;03R#%#6/4%R#%$3*'531#0,(25#0%A24#2**20E,54A24#1/%*%1H4@%4A%#;0#$3&6;+@34/D#"#4%52(#-3*%+%4%R#
@,&'#@%&'A%#13(305/#0%A24#Q4A24R#?&'%5%11,(#42$,&%00%#%9#:52**X#*;E;03134D#
7,5,*X&,1R#63(031#/**3463#+(2$%(;09*3431#43*A30#/&;5'F#$3&-,($2*2025R#:52**X#3*B%+20,1#4%(42025#
;0#(;09*3430#3*3$9;0;5#13(3094C*#$2(#%#4/93513443+/130#$/5B0;&#$3&43(3$4;03#-3*;#@%*%+?51D
m'$02'23

;i"U'$

I)Y8232/"3O*1/
8%A24#:4*3431#1/6/43*39;03#W0,E,(4,0R#E(,+?1W/X0#$?512G%5D
J$431'%&.",2V)2/83:/."S:)+0
"9 # X(21,5 # -,54,0 # %9 # /54359H6 # $?51%@%5&?*%4R # % # 4?+,$25',0 # /&;5'F # E(3W/9/420R # % # 6/*2&,0%5#
$3&-,&%*$%9,44#W;*,1#;0#093$E,54,1D#"9#3++/&/#&'%1,(*%4,1#/0$;4*;03#-,54,0R#+3#;(435/C1#13**R#
@,&' # $/4 # $/;(4 # 4309C51D #"# 1:9:00;&(B* # %9 # 3&';5(3 # 13(C* # % # @%5&0Q*'D #"# +(2$%/ # %*%E&3094?0,1#
G363934;03#$3**344#@%5&0Q*'#13(C*#%#-309H4;0#;0#,*+20#E/**%5%4%/5%1#$3&4%*2*202(%D#
"# 4;(4?+%4 # 5:63109/1R # % # 4304G309;+ # 6/90&2*%4%R # *34/094H420%R # % # 0%A24 # @%5& # ;0 # % # &3094?0(35+093(#
$3&4%*2*20%R#%#4?+%44%*%5#@/G211%*#6%*X#093$G30C*;0#13(C*#%#1:9;EE,54G%D#
" # A3*353431 # 3*3$9;03R # % # &'%1,(*%4,1 # $3&G309;*;03 # *;*314%5/ # $;*'0;&31G3 # $3@34R # % # E,54,0#
$3&-/&'3*;031#6/009%A3*9;03R#%#5;9B(3#4344#@%420#4?+%4,0#-,($2*20%D#
"#!!D.30#+/21,1#/&%902&13(30;0GB*#-%1%+X#B09/5430;&&3*#$,5+A21#3*#3&'$205%1#6;*3$;5'C134R#
3$3**344 # 3&'$20 # $?512A25%1 # $;*425',*20% # /0 # -,54,0R # 139+/1 # ;09(3 # 6355/R # @,&' # $/5+351/#
:5$%&2@,9#1;E304#-3A*B+/1D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
a;$% # *3@34 # +(2$%(;09*3431 # 1,51(;4 # -3*+,*&,920%R # % # 1%(%143(31 # :00934344 # 3*3$9;0;63*R # 3@@39#
1%EW0,*X+/1#%9#:5/0$3(34/#$?51%#c#0%A24#3091:942(#-3*4;(1;E39;03R#%#1%(%143(#;0#%#0%A24#A3**3$#
1:9:44/#@%0,5*X02&,1#-3*4;(1;E39;03D#
893(13094344#$F0,(#/0#093(639@34B#63(031R#$,5,*X&,1#-3*+,*&,92026%*D#n3*%+%4#%#$200%*@%5&9X1#
;0 # $%&25@%5&9X1 # 1;E9;0;531R # @%42025%1 # 4?+%4,0H420%D # n,54,0 # 4;$% # % # (34,(/1%R # % # G309;+#
@%42025%1#$F6;09343R#%#43044%(420#;0#G309;+#:0093-C&&;03/D#"9#34,09R#E%4@,09#;0#*,&,09#43(C*343/4#
/0$3(AC1 # $3&D #"94 # 6/90&2*A?1R # @,&'%5 # 43@34AC1 # $,5+%5/6%*X51%4 # $20,1 # 092$2(% # $3&&'B9B6;#
&,5+,*%4/#S-3*;EH4;0R#093(13934R#;(63*;0R#139+;0#;0#G3-3A39;0UR#;(93*$/#S$/$/1%R#431/5434R#@%5&09H5R#
1:*4B/ # 3091:9:1 # @%0952*%4%R # 0%A24 # ;(93*3$ # 1/-3A39;03R # $20,1(% # 4344 # ;(93*$/ # @%420U # ;0 # %1%(%4/#
hI!

S43044%(420R # &3094?0R # @%5&3(BR # $,5+%5/6%*X6%* # 6%*X # %9,5,0?*20U # 3091:9:113*D # 8%A24 # 3*B%+20R#

G309;+ # 4%(420%R # /**3463 # 6/4%A24;1,1 # 03&H4@34/1 # % # 42(0%+%*$/ # 093(3E31(3 # 6%*X # -3*1;09C*;04 # ;0 # %9#
:5;(6;5'30H4;0#1;E300;&;4D#a;$%#*3@34#%#04H*?0&'%1,(*%4#/0R#?&'%5%94#%#A3*353434#$3&-,($2*@%4A?1#
1C*:5G:9B#5;9BE,54,1GX*R#%#*3&1C*:5-;*;GG#09H5@29/#3091:9:113*D
n,54,002 # 62*/1 # %9 # 3*B%+20(% # 6%*X # 1;09C*;0 # -,*'%$%4% # %9 # :4*34314B* # % # $3&6%*X0H420/&R # %55%1#
$3&;*;03R#@,&'#*309#3&'#&,5+,*%4GX*#6%*X02&D#"#$?51%#$3&093(639;0;G35#%#+/21,1#%*%1H4X%5#
6309531#(;094R #%#$/5+351/#3&';(4 #;0# 3&'#$/5+351/;(4 #3*6#;(6;5'30C*D #"#!!D.30#+/21,1(%#$2(#AX#
-3*3*B00;&43*A30 # -3*%+%4,4 # GH95/R # E;*+2?* # /01,*%/ # C553E31 # c # 09%*%&%6%4XR # G%**%&20R # ;65'/4X # 6%&'#
;692(X # c # $F0,(25%1 # 3*1;09H4;0;4R # % # 093(639;0G35 # 6%*X # (;096;43*4D # 893(639@34531 # %1W/X1%4R#
E3(-,($%5W3.,1%4#%#1:9:00;&G35D#n,54,0#$3&;*5/C1#%#09,W/2*/0#;*34G35#6%*X#%14H6#(;096;43*4D
b*139+B+/1 # % # *24,44 # 09H5@29/ # 3*B%+20 # %+,44 # 093$E,54,1 # 093(/54/ # 3*3$9;03R # % # 4;(093(639;0R # %#
09W35/1%R#%#6/*2&H420R#%9#%1W/X#;0#+/1W/X#6/90&2*%4%D
"#\e\D#0929%+R#3034*3&#%#1,(42(0#09H5@29#;0#+(2$%#$%&'%(#;0#6/*2&/(,+%*$/#%*1,4X/6%*#/0$3(13+C51D#
"#$F6;0934#$/G35*;4;531#$3&;(4;03R#3*62*%09420%#%9#C(30#@%4206%+209%44X*#$2(#%#4/93513443+/130#
09H5+%(%G#-3*;#$?4%4D#

G$TS/+)U*1/."T+43+0
e(,+%*,$_ # % # \e\D;0 # \\D # 0929%+/ # 6/*2&. # % # $%&'%( # /(,+%*,$ # +(2$2/6%* # 6%*X # /0$3(13+;0R # % # 04H*?0#
-,&%*$%R#(34,(/1%
b&';G#$F6;0934/#42(&'%1_#E3(-,($%5W3R#%1W/XR#$,+3(5#;0#1,(42(0#1/-3A39;0/#$X+,1R#$F-%A,1
GO)S/,+%$)#$0"f",+%$)#$0
7,5,*X&R#1/+,*&,9,4402&R#W;*4?+%4R#*;*314%5/#@%420R#%#09H5@29/#@%420#3091:93/_#09W35/1%R#6/*2&H420R#
43W@5/1%R#+(%$%4?(&/%R#+H09*34R#A3*$39R#3*3$9;0D
!",2V)2/83:/"51'3"2'2*#:4&2.
7,5,*X&R # +%(%G(;09*34 # :52**X # $3&-,($2*202(% # 1;E30D # 52**X%5 # 4%(4,44 # 3*B%+20G%5 # % # (34,(/1%/#
093$E,54,1%4#;(6;5'30H435/#4?+A%R#@/G2/4#-3*/0$3(/D#l24,44#09H5@29/#3*B%+204#1;E30#%+,44#093$E,54#
093(/54#3*3$395/D#"#09H5@29/#@%420#3091:93/4_#09W35/1%R#+H09*34R#A3*$39R#%1W/XR#+/1W/X#/0$3(/D
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#;(344#H4;*B3(B#$3&A3*35;0;531#/+B09%1%D#"#4/93513443+/130#5%&'R#24-,&X#-,*'%$%4,1G%5#%1%(A%#
*245/#%#6/*2&,4R#?&'%5%11,( #-,54,0#092$2(%#%#W03*316B#3(B#$3&093(9;03D#"9#;*34W;*R#%#A:6B1;E#
$3&-,&%*$%9202(%# 4:(3109/1R # %$3*'# 3&'C44# A2( #%#$Q*4 #:0093&9;0;63*D #d,(42(0# E(,G*;$21R #-%?04/#
1;(+;031#/9&%4A21D#7,5+%5/6%*XA%#6%5R#%$3*'34#4:GG31#1:9:44#09H5@29/#3091:9:113*#-3A39@34#1/D
"#)%*+,(-./01,*%/#4%5?*$25',1#3&'/1#1,(,52A%#%#92(X#09H5+%(%GR#%#+(2$%X(21#35531#1/6/43*39;0;4#
09,*&2*A21D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
"9#3*$Q*4#!J#;6#+(2$%/#4%E%094%*%4%/#
J$431'%&.",2V)2/83:/."S:)+0
" # 43*A30 # 09H5@29/ # -,*'%$%4 # 24;*;03R # % # 1:9:0 # 09H5+%(%G # $F6;09/ # /&;5'F # $3&-,($2*20%R # %#
hIJ

1:9:00;&G35#6%*X#-3*%+%462**%*20#-3*3*B00;&;531#24;*;03D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # +%(%G62*%0942052* # % # *3&-,54,0%GG # 093$E,54R # @,&' # %9 # ,0942*' # $%&2;5%1 # ;(3993R # 394 # 0,1#
G309;*&34;0 # 3*B9/ # $3&R # 6%*%$/54 # % # +(2$%/(,+%*,$ # 5;@25' # $F6;531 # 4%5?*$25',920%D # n,54,0#
09H5@29/ # 3*B%+20,1 # 3*3$9;03R # % # 1,(42(0 # +(2$% # ;0 # 09H5@29$F6;0934 # E(,G*;$2/6%* # 6%*X#
093$G30C*;0D #T2*%094@%4?51# 1;09# +%(%G,4 #%# 6/*2&/(,+%*,$ # (3$313/GB*R # +(%$%4/92*@%4?51# 3E/1?0#
$F634R#+3#62**%*1,9@%4?51#43*A3035#0%A24#09:63&#*;4(3@,9202(%#/0D#
b&'30 # /01,*21G%5 # % # E(XG%-,*'%$%4,4 # 5;@25' # 5%E,0 # +(2$%42G,( # 3*B9/ # $3&R # %@,* # 4/094299?1 # %#
W;*,1%4R#1/%*%1H4A?1#%#$?51%(35+34R#/54359H6#4(;5/5&39;003*#1;09H4AC1#-3*#%#1:9:00;&34#%#1,$,*'#
-3*%+%4(%D#720@,*#39#%9#;6#09%1X(2/#0,(25#4:(4;5/1D#"#&'%1,(*%4,1G%5#/0#%9#:0093&9;0(3#4:(3109C51R#
3&;0935#%#1/0/01,*20#1,(/&#/0#6/009%5'Q*@%4?51R#;0#$3&4%*2*@%4A?1#%#&'3($311,(/#A24;1,1#QAR#-3*5B44#
$/5B0;&;4D # b*139+B+@34 # % # *;&9;0 # /01,*2920% # @,009QR # :00934344 # $,5+%4,1 # @3*'30#
@%5&0Q*',92026%*D#
#"#09H5;09/#A24;1G%5#53$#%#4:1;*34300;&R#@%53$#%#$F6;09/#3(B#;0#%9#B09/5430;&#%#W;*R#1C*:5G:9B#
09H5@29/ # -,($%5'3*631R # 04H*?0,1 # %*1%*$%92026%*D # "9 # 3*$Q*4 # ;631 # 4%E%094%*%4%/ # :0093&9B+531#
$/5+35 # 4;(35 # ;0 # 3&' # 1:9:0 # $F6;09/ # %*1,4X.43(3$4B # -,*'%$%4 # 09,*&2*%42G% # 2**5%1D #"# 13**;131R#
+H09*34R # A3*$39R # 6/*2&H420. # ;0 # @%5&43W@5/1% # 1/%*%1H420% # 4%52(%/1 # 03&H40;&;63*R # % # -/%4%*,1 # %14H6#
1:9(3$F1:+;0;63* # 4:(4;5/1D #"# 09H5@29/ # 3*B%+20 # $3&093(639;03 # % # GC-;4B* # % # A3&'31/& # 09/54;5 # %#
+/21,1#+,*&%D#"#E;59C&'/#@244;(#$3&43(3$4;0;G35#c#1:*40;&634;0R#09E,59,(4,1#$3&13(30;03#04GD#.#
/0#(;094#63@34531D#
G$TS/+)U*1/."T+43+0
" # 09H5+%(%G # $3&6%*X0H420% # 0,(25 # %9 # :00930 # $F6;0934/ # 42(&' # :00931%EW0,*X+/1_ # 9353R # 425WR#
3?(/4$/%R # 1;9$F6300;&R # ;EH4;0934/ # /0$3(3431 # S+H09*34UR # 1;9/$?51% # SA3*$3931UR # /(,+%*,$#
S+(%$%4?(&/%#;0#09:63&UD
GO)S/,+%$)#$0"f",+%$)#$0
n3*3*B00;&4?+%4R#:009$F6;0934R#:0093&9;0R#0%A24#$,5+%5/6%*X#1/-3A39;03D
!",2V)2/83:/"51'3"2'2*#:4&2.
r*A;1 # $3& # %9 # :0093@%5&,*4R # 3&'$20(% # ;EC*B # $?51%-,*'%$%4,1%4R # 4%*2*1,99%5%1 # %9 # ;*34#
6%*X02&26%*D # a%E%094%*A21 # $3&R # @,&' # % # 09H5@29/ # 3*B%+20 # *;4(3@,920% # 0,(25 # % # *3&1C*:5-;*;GG#
3&';5/#1;E300;&31#$%`/$2*/0#1/G,54%1,94%420%#%#1:9:00;&#3&'C44#$3&@%42(,9,44#W;*A%/4#09,*&2*A%D#
"# -3*3*B00;& # $3&;*;03 # ;*34(3 # 09X*X # ;*$;5' # ;0 # 4%5?*20 # % # -/%4%*,1 # 092$2(%R # %$3*' # %9 # ;*34 # $20#
43(C*343/5#/0#1%$%4,94%4@%4XD#

q242
Q252823:/"=-hN":5,+)&$#
"#9353,14%420#W;*A%#$30093#4Q*$?4%4#%#935;*;0#436;135'0;&;5R#6%*%$/54#%#9353#$3&/0$3(;0;5#;0#
$3&;(4;0;5D # " # 093$;*'/0;& # -,($2*20G%5 # 1(3%4H6R # 5'/4,44R # 3&'$20(% # -/&'3*BR # 1:9:00;&/ # 3$G3(#
5363*;0;G35 # %*%E634B # 3091:9C51 # *3@34D # b&'093((3 # -%1%+ # %9 # 3$G3( # *3&$;*'3GG # G3*0B # 6/*2&2GX*#
SW0%1 # %9,5 # 13(3094C* # 62*/1 # @%**@%4X62UR # 3&'G35R # $/54 # 1C*0B # 093**3$/ # 3(B # -3*;EH4/R # &%9+%&H4A% # ;0#
@%($,5/92*A%#%94D
"#9353/0;&#%*%E634B#@2($%002&2G%5#S+%**%$R#@%($X5/%R#(/4$?0U#%9#3$G3(#*3*1/#436;135'0;&3/531#

hII

@2($%002&%#/0#4C1(:9B+/1#S&,5+,*1,+20R#;(9;0R#%1%(%4UD#"#9353#-3A*B+;03#%#1C*:5G:9B#1,(09%1,1,5#
24#*31;E39/#%9#3$G3(/#-3A*B+;0#4?+%462*4,920%/4#;0#-3**3*@34B#%9#3&'30#3$G3(#-3A*B+;0/#Q4A2G%5#/0D
d:(C*G3*C* # 1/*35W;630 # 1,(2/& # % # &'3($31R # $/54 # |;(9;1093(6= # 5'/4,44 # *;5'1;54 # ;* # % # 6/*2&G%5D # 7;&#
136;00; # %*%1?*4 # 1/# % # 0%A24 # G3*0B # ;*343R # 3&&'; # 62*/1 # %9# B4 # 1:(C*636B # 6/*2&# -,*'%$%4%/6%*R # 1H6C*(B*#
;(139B # /$E?*9?0,1 # /(25'H4A21D #"# 9353 # /0 # 3&'-%A4% # %4$,09-;(24 # 43(3$4 # 1:(;AC1R # %$3*' # @%4 # (2A?1R#
%$3*'G35#G3553#;*531#0#%$3*'#|$/54#%#09,G(209#1393=R#03&H4#$3&-,($2*5/#%94#%#G3*0B#1:9;EE,54,4R#
%$/(3#%#1;0BGG/31G35#%#9353#$F63*;0;@39#;0#;(4B#@%**&%4202@,9#/0#09C10;&C1#*309D#bGG35#%9#
3*0B # /+B09%1G%5 # % # 9353 # 43($;0934;4 # /&%9H4A?1 # % # &'3($31 # 43($;0934;@39D #"# |16/54@%5&?*%4= # %#
&'3($31#1/42(?*1,9X#*3*1/# 2**%E,42@,9#%*1%*$%91,+/1D #bGG35#%#|16/54@%5&?*%4G%5=#S%@,&'#>?+,*-#
843/53(#394#%9#;*341,(/#09%1%094#A3**3$3943U#%#+%**%$R#%#@%($X5/%#;0#%#(/4$?0#A3*350;&3/R#%#4/094%#
+%**%$$/5B0;&G35 # 4%*2*1,96%R # 3&' # 3&'0;&30 # 09:63434 # %*1,45%1D # Z%($X5/%/ # %11,(+,1 # $;&#
5/5W03531#A3*35R#%9#3&'09X*%$Q02&G%5#$%(%+?51R#$/54#%@,&'#%*%E@%5&#;0#3&'35*3430#*C1434;0G3R#
/**3463 # C43$31G3 # 1;5'093(H4344 # (/4$?0 # 0/5W03531D #"@,&' # % # E354%4,5 # +%**%$,4 # 03$ # 1:4/ # $3& # %9#
%*%E@%5&R#Q&'#%#09%G%+,5#2(%$*XR#G309;+093(F#(/4$?0#/0#/512GG#%#1/.#;0#G3*;&9;0#5%&',GG#H6;@39#
/&%9,+/1D
bGG35#%#1,(G%5#%#(35+3*139;0C51(3#2**X#/+B4#53$#-,(+H4A?1#93533*$;*34/#/0$3(3431(3D
d/*35W;630 # 1,(?1# ?425 # % # &'3(3131 # 3&'-%A4%# 4?+%4/ # ;0 # *3*1/ # 62*4,920,5 # $35531 # 24D #"# 6/*2& # 43*A30#
3&'0;&.;(9;0;4 # 3*62*%094,4402& # ;(9;03 # 62*4A% # -3*D # k&'%5%11,( # W0?E25 # $,04 # 139+3531 # |1H6C*(B*#
(2*245/=#%9#3++/&#$3&;*4#+,*&,1#4:(6;5'093(F0;&3/(3D
"#9353/#5363*;0G35#24436B+/1#%#@%5&0Q*'#%#G3*0B#9353/0;&#1/%*%1H4202(%D#T3934B#093(3E34#1%E#%#
9353/#$/5B0;&31#1:9C*#%#@%($X5/%R#%9%9#3*139+B+/1#%#4:GG09X*%$Q02&#-3*;EH4;03#%9#;531*;0G35#
;0 # % # @%5&093(30 # A24;1G%5 # /0D #"# 09%G%+,5 # 2(%+X # *;&9;0093(F # (/4$?0G% # G3*309X* # %9 # 3&'35*3430#
*C1434;0#S09H6+,GG%520U#;0#$;(@34B6;#62*/1R#$%A+#1;0BGG#%#53@;913+;0R#%#0Q*'#/0#G3*3@%**%409/1#%#
935;G3#;0#39#%#(/4$?04#C43$31(3#G,54A%D
"#1:9:0#@%5&093(3134#SE*D#E354%4,5#-?(?*'%R#&'3($31@2(-%R#-%.#;0#-;$#C4B0:1U#&%9+%&H4A%#.#@%#*3@34#
$/5+35 # &'3($315;* # . # %9 # 3&';5/ # 09X*X@%5&093(R # %$3*'34 # $2( # % # G,54%1,9X # /5+/6/+?%*/4204 # /0#
-/&'3*3$G3#6;63# 03&H4C51# %# &'3(3131531# 1/62*%094%5/D# d;0BGG# 3931#%# 0%A24,0#3&';5/#?4%1#QA(%#
4%*2*1,9@%45%1#%9#,0942*'93531%(G%5D#"9#!.hD#,0942*'#%#*3@34B#*3&0,1(;4FGG#9353/#;*$;5'093(9;0#
/+B09%1%D#"#9353#3*$;*34/#,*+%*%#W0%1#%55'/G%5#A3*35/1#$3&R#%$355'/G35#39#%#1:9:0R#/**3463#%9#
3&';5/ # 935;*;0GB* # 43($;09343035 # -%1%+R # H&' # % # 1/*35W;630 # 62*420@,9 # 1:4B+/1 # % # $3(36 # 1,44%1;E#
QA(%;*3094;0;531#%#1;E300;&3R#%$3*'#%#4:GG09X*%$Q02&#$3&A3*35;0;63*#;0#%9#3&';5/#@%5&093(#
4%5?*2026%*#/0#:0093-C&&D#"#1,44%H(20#;0#.,*6%020#4%5H420%#311,(#;*341,(/*%&#@3*'30R#*3@340;&30#;0#
-,54,0 # /0D # " # d,+2*'.$X+093((3 # ;EC*B # 9353E3+%&X&/%/ # &'%1,(*%4 # 0/13((3* # @%0952*@%4XR # 35531#
63*3A2(XA%#%#$%&'%(#53$934/#@%&',$25'#2E,*20%R#@%4%*$%0#+%*1/5W0;531#1/%152920%D
=N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#/01,*%#3*0B#;63/4#%9#X6,+2@,9#@%0,5*X%5#%#|16/54@%5&?*%4=#@%4A%#24D#7;&/0#62*4,920R#@,&'#%9#
/01,*2G%5 # $2( # 3*62(201;54 # A3*35/1 # $3& # % # &'3(3131 # -3*; # % # 9353/ # 436;135'0;&31G3 # 6%*X#
G3*31%EW0,*X+20g#43@24#;G3(3GG#A3*35*;4(3#6%5#09C10;&C1D#"#4%5H420#4;$2/@,9#+%*,1#1%EW0,*X+5%1D#
"9 # ;531*;0 # 24@%4A% # %9 # 3&;09 # 5%E # (/4$?024R # *3@34 # A3*%+20R # @%5&?*%443(3$4;0 # 6%&' # 2463934;0 # 1;4#
$,99%5%4#1:9:44D#"9#,+%/**B#$30;1R#4:(4;53431#$3&43(3$4/1#%#@%5&?*%4,4#%#9353#@%**&%4202@,9#;0#
24;*;0;@39R#/**3463#03&H4/1#3&'.3&'#@%5&093(#G3$?4%42024#;0#%9#/(254?1#6%*X#2@H4%4#-3*;G(3094;0;4D
"9 # |16/54@%5&?*%4= # 3&'/1 # *3&-,54,0%GG # A3**3$9BA3 # % # *;&9;0 # $/5B0;&3D #"55%1R # @,&' # % # &'3(3131#
62*4%1,96% # @,* # $%&?1 # 935;*531R # @,* # @%**&%4X112 # 62*5%1 # ;G(3094BR # @%($,5/92*X # @%420% # 6%5 # %#
*3*1C1(3D
r531*;0#;0#$,9&20#$;&#3&'C44#A2(5%1#3GG35#%9#;*341,(G%5D#"#&'3(3131#W0%1#%#1C*0B#$,9&20#
hIh

03&H40;&;63*#1;E3031#3&'-%A4%#G3*0B#W035+34R#5'?&%*$%4#24;*5/R#%$/(3#%#9353#G3-,&%+202@,9#;0#
$F63*;0;@39#09C10;&C1#6%5D#b9#%#$,9&20#53$#5;E425WD#"#+%**%$6/*2&,4#$;&#53$#1:4/#|-:*+@:9=#%#
$34(/1?0#$,9&20D#x3#*3@34531#5;E/#&'3($31A24;1,1R#43($;0934?4259X#$,9&20,1D#"#9353#$,9&X#
1;E#093(3E;4#4:*4@34/#G3D
"9#3*0B#,0942*',1G%5#*3&-,54,0%GG#@%5&093(#%9#3$G3(/#@%5&D#"9#;531*;0#$3**344#,*'%5#3&'093(F#
43W@5/12AQ#@%5&093(3134#/0$3(434C51#$3&#%#&'3($313113*R#$3*'31#0,1-;*30;&C1G35#/0#3&'#3&;09#
;(934;4#E(XG2*A21#42E*2*5/#%#4%5?*X1G%5D#b93134#%#@%5&093(3134#$/5+35#&'3(31#@%0952*A%R#5;@%#3&'#
/+BG35R#5;@%#1/03GG#W0,E,(4,1G%5R#3&'351;54#/0D
bGG35#%#1,(G%5#%#&'3($31#$;&#53$#1;E30#%#0%A24#@%5&A2(%#(2-/&'3*5/D#"9#/54,52W/X#%#-3*5B44#4/094%#
@%5&A%#$3&#%#AX*#G3@%5&,*4#@%5&093(#@%4202(%#-,1,9%4,0%5#W0/09,*X+/1D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
.#892$4%*%5#&'3(31+%*R#+%*,0#1:(A24;1#/0$3(343#%9#X6,+2GX*
.#8E,5425#;531G309;+#$,9&20,0#A24;1,1@,9#1:4B+63
J$431'%&.",2V)2/83:/."S:)+0
. # 89%G%+,5 # 2(%$*X # |16/54@%5&?*%4Q= # +%**%$,1 # % # x # b # w #"# Z # x~# b~# |@%5&4;(G35= # S53$ # /&%925#
@%5&0,(1;54#@%0952*A?1UR#$3*'3113*#@%**20#?425#/0$3(13+531#$3&#%#&'3(3131
.#"#(/4$?0#$;&#:0093#6%5#1:463#%#09:63&&3*R#53$#1:4B+/1#%#$;(B@:9R#03$#%9#C43$@39R#@%53$#%#
G309;+#09%G%+#*;*3&9B#(/4$?024#1:634/D
.#353#;0#$,9&20#43*A30#3&'0;&3
.#e(25'R#@%**20#;0#4;(@%**20#-3A*3094;03#1C*:5G:9B#$,9&20,0.9353/#A24;1,1#03&H40;&;63*#SE*D#W0?1,44#
093$F#A24;1,1U
-"62/:3W"39'3:42323"t.))O/83'1)4$0R"0])94Z98Y"\$4%/82'2002)
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#"9#;531*;0#$3**34#$/5+35#&'3(31#4%5?*#@%**20#?425#A2409%5/#%#&'3($31@2(-25#;0#%9#?&'%5Q&'#
@%5&,*4#E354%4,5#-?(?*'25D
. # " # @%5&093(3135 # % # 4%52( # 2*4%* # 3*BA2409,44 # /$E(,6/92*4 # +%**%$,1%4R # 6%&' # $2( # /0$3(4 # +%*,1%4#
A2409%5%1
. # b&';G # @%5&,*4 # ;0 # 53$ # @%5&,*4 # @%5&093(3113* # SE*D # $34%**,-,5R # -2W0121R # 1%6/W0,1R # W035&B1R#
W0:(&BR#4(/%5&?*?$R#04GDU#$/5;*#0,109H5FGG#@%5&;*$;5'4#5'QA4?51#%#&'3($3131531D
.#d:(A24;1,1R#425W,1R#&3,$34(/1?0#-,($21#*3A2(20%#1C*:5G:9B#@%5&093(3113*
.#Y;E/#&'3($31A24;1,1R#3&'093(F#E354%4,5#5;E+%*,1#$3&/0$3(;03
G$TS/+)U*1/."T+43+0
.#"#1C*:5G:9B#3E,W@21@,9#1%EW0,*X+X#$30;1#/**?094(2*20%R#+(%$%4/92*20%#9353/#3*3$3113*
.#"9#;531*;0#$/54#A3*%+20R#2463934;0#1;4#$,99%5%4#1:9:44R#@%5&?*%443(3$4;0
GO)S/,+%$)#$0"f",+%$)#$0
.#dC*:5G:9B#%5'%&,1#.#-;$R#1BR#-%#.#@%5&09H5;531#$/5B0;&31
.#Z,009%GGR#(:6/+3GG#/+B4%(4%$Q#@%5&,1
.#n?(?*'%43W@5/1%#%*%E-,&%*$%/#S?AA%1#$,9&20%#;0#%#@%5&,1#62*4,920%#1:9:44/#:0093-C&&;031U
!",2V)2/83:/"51'3"2'2*#:4&2.
.#x%*,1%4#/0$3(531#$3&#@%**20#?425
hIL

. # 73&4%5?*A21 # @3*'3035 # @%0952*5/ # % # E354%4,5 # -?(?*'24R # % # &'3($31@2(-24R # % # E354%4,5 # `/*,-,54R#

$3*'3135#%#4%52(#2*4%*#3*BA2409,44#+%**%$,1%4#;0#%#$2(#4%5?*4#;5313134#A2400921
.#a%*2*1,95%1#$;&#0,1#$20R#1C*:5G:9B#@%5&?*%4QR#|$,9+?*%4Q=R#@%5&09H5F#@%5&093((3*#/0
.#x/--3(35W/2*X+/1#%#9353/#@%**20?1
. # f2( # 93533*$;*34/ # /0$3(343113*R # 1,44%H(200%* # 53$ # -,&*%*1,9?51R # A3*354B035 # -3A*B+/1 # % # (/4$/1%/R#
+%**%$63934;0/#1;E300;&C1
;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#3*0B#,0942*'G%5#$3&139+344#-,*'%$%4#-,*'4%4X+/1R#/54359H63GG;#62*/1D#"#$20,+/1#,0942*'G%5#6%5#
%9#3&'09X*%$Q02&#1/43*A303+;03D#a:GG#-/&'3*$34#-,(+H4?51#%#(/4$/1?0#$?512(%R#+3#%#(/4$?0#$;&#
$/5+/&#53$#1%EW0,*X+/1#%#$;(B@:9R#4,62GG(%#/0#%#+%**%$#3&'#3*3$31;54#6%5#A3*35D
"#+%*,1#@%5&?*%425%1#1/43*A30H4;0;(3#;0#:52**X#9353/#@%5&?*%4,1#-3*;EH4;0;(3#/0#@%0952*@%4A?1#%#
1C*:5G:9B # @%5&093(3134R # $3*'31531 # 1:(3 # 3GG35 # %9 # ;6G35 # 1/GB6C*@34D # " # @%5&093(A24;1#
$/5B0;&;(3R#%#$3&09X*%*4%420#$,9+?*%42(%R#09;E0;&;(3#/0#-,54,0#,+%-/&'3*5/R#;0#%94#A%6H4%5/#/0#13**R#
G2(#%#4%5?*20#0,(25#$;&#$/5+/&#%#093$;*'30#E;*+%#%#*3&-,54,0%GGD#"#@%5&093(A24;1,4#4,62GG(%#/0#
?4259200%*#0%A24H4A21#3*#%#&'3(3131D
m'$02'23

>j"U'$

I)Y8232/"3O*1/
.#E354%4,5#-?(?*'%#@3*'30#@%0952*%4%
.#"#&'3(31@2(-%R#`/*,-,5#;0#$20#139+34*3&30#|@%5&093(31=#@%5&9206/*2&25%1#/0$3(343
.#0093093+3443GG#3&'09X*%$Q#3&'C44.;531*;0
J$431'%&.",2V)2/83:/."S:)+0
.#oA#+%*,1%4#/0$3(434C51#$3&#%#&'3(313113*R#4:GG31#1:94#%#1C*:5G:9B#5%E09%1,1@,9R#;609%1,1@,9#
1%EW0,*X+X%5R# %$3*'31#4,62GG(%# /0# %#|16/54@%5&?*%4G%5= #$%(%+5%1# Sx# b#w#"#Z# x~#b~#@%5&4;(R#
09%G%+#(/4$?0R#3&'09X*%$Q02&U
.#89%G%+#A24;1R#G309;*&34;0#%#@%5&093(3113*R#/$E(,6/92W/X
. # " # @%**20 # -3A*B+;0;4 # 09,*&2*A%R # @% # % # &'3(3131 # 62*4%1,96% # ;5313*531R # 935;*531 # ;0 # @%**&%4A21#
3&'$204
. # " # +%*,1%4 # ;0 # @%5&093(A24;1,4 # 1H0;(B # &3,$34(/1?0 # $,9&20,1R # /**3463 # % # @%**204 # ;0 # % # 4;(G3*/#
42A;1,9X+204#-3A*3094B#$,9&20,0.9353/#A24;1,1#G,5',*?*4%GG2#62*5%1
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
. #"9 # ?425920,5 # 13(3094C* # % # (/4$?0 # ;0 # % # +%**%$ # -,1,9%4,0%5 # 4?+%4,0%GG2 # 62*/1 # SE*D # % # &'3(3131#
W0?1,44#093$$3*#$?4%4A21#%#+%**%$#H6;4#%#139C113*U
.#"#@%5&,1#3*0B#;*$;5'3#S6/*2&,0.0:4;4U#4,62GG-3A*B+/1#;0#4;(.;*$;55';#%*%1?*#S$%&%0.$;*'U
.#f,5',*?*4%GG#5;E/#&'3($31A24;1,1
G$TS/+)U*1/."T+43+0
. #"# @%5&093(A24;1R # ;531*;0 # % # 4%5H420 # *3&1C*:5G:9BGG # -29/0%/@,9 # 1%EW0,*X+@%4 # SE*D # +(%$%4/92*4#
2**%4$30;1R#-%G?*21R#6%&'#%#0935431#;*34;(B*#4%5?*4#4:(4;53431#W0,+2/5%1#/**?094(2W/XA%U
GO)S/,+%$)#$0"f",+%$)#$0
.#7%&%0#@%5&#.#$;*'#@%5&
hIO

.#dC*:5G:9B#@%5&09H5$/5B0;&31
!",2V)2/83:/"51'3"2'2*#:4&2.
. # " # &'3($3131 # +%*1/5W03 # 4,62GG/ # |16/54@%5&?*%4Q= # +%*,11%* # GB6C* # S2**%4,1(X*R # 0935431(B*R#
5%E09%1,1(X*R#;609%1,1(X*U
.#d/%*%1?*#%#$%&%0R#/**3463#$;*'#@%5&,1#;(9;03
.#"#-?(?*'%.R#`/*,-,5.R#$34%**,-,5.R#&'3($31@2(-%A24;1G%5#5%&',GG#G/94,502&(%#4309531#093(4
.#a?+%4,0%GG2#62*/1#%#(/4$?0#;0#%#+%**%$#1C*:5G:9B0;&3
.#n3A*B+/1#%9#3&'$20(%#-/&'3*;0#1;E300;&3#S@,*#935;*B1R#@,*#@%**&%4X1U
.#353/#@%**20?1#4,62GG-3A*B+/1R#%#@%5&093(A24;1#@%4202(%#4/094?*#%9#/54,52W/X
>N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#&'3($3131#093**3$/.*3*1/#-3A*B+;03#*3@34B6;R#0B4#09C10;&300;#4309/#%#9353/#1/@H620,1#62*4,92024R#
H&' # E*D # % # 1,44%H(20 # ;0 # .,*6%020 # G363934;0;4D # b&'(3 # @%**@%4XGG2 # 13** # 62*5/% # %9 # %*%E@%5&5%1 # ;0#
G3*309X*#%#+%*,1G%#%9#3&'35*3430#$;(BD#b11,(#;(139/1#3*#%9#/+3A3#%9#3&';5/R#093$;*'/0;&(3#09%G,44#
@%5&093(#&,5+,0#1/62*%0942025%1#/0D#"#*3&5%&',GG#-3*%+%4?51#%#G3*0B#9353/#1:9;EE,54#1/%*%1H420%#
;0 # $3&3(B0H4;03D # b5531 # % # 9353/ # W354(?$5%1 # % # $3&09C*34;03 # %9 # 3&'30 # &'3(3131G35 # -3*4;43*3#
%55%1 # /0R # @,&' # %9 # 3*0B # 3&'093(F # *;E;03134 # $3&43@300C1 # %9 # ,0942**'%* # % # 4:GG09X*%$Q02&#
-3*;EH4;0;G35D
n,54,0 # $3&A3&'395/R # @,&' # 39 # %9 # 3&;09 # -354 # *3H(4 # 9353/ # -,*'%$%4 # %9 # ,0942*' # 093**3$/.*3*1/#
;(3440;&;4B*R#/&;5';4B*#-C&&B35#3*4,*X+@%4D#w'X&'H4XR#42E*2*XR#@%#$/5;*#4,62GG#G3*3$3(C*@34531#%#
|16/54@%5&?*%4G%=R#%$3*'#$/5+35#1;0BGG#1/G,$*X#9353/0;&#B0-,((20%R#H&'#35531#3*@%&'2024#A,GG#
1;0*3*4345/R#$/54#0/344345/D
m'$02'23

k;"U'$

I)Y8232/"3O*1/
.#"#092$4%*%5#+%*#/0$3(34;GB*#%+X+X#+/--3(35W/2*4#9353/#@%**20
.#n?(?*'%R#@2(-%R#`/*,-,5R#$34%**,-,5R#04GD#@3*'30#@%0952*%4%
.#f/94,502&#%9#/54,52W/XG%5R#(/4$/1%/#3*3$31G35
J$431'%&.",2V)2/83:/."S:)+0
.#d/*;E63#%#&'3(313113*#%#16/54@%5&?*%4GX*R#%9#3*0B#*;E;0#%#$,+2*/0#@%5&0,(,1#-3*;#63934#SxR#w#
6%&'#b#%*%E@%5&&%*R#6%&'/0#+X(R#$/`,*/+#6%&'#-(H&#@%5&0,(,1UD
.#"#&'3($31@2(-2(X*#244;(@34C51#%#&'3($31*H(%#@%0952*%42(%R#%$3*'#$2(#%*1%*$%0#%#@;4-,1Q02&#;0#
4:GG09X*%$Q02&#$3&4%E%094%*202(%#;0#%$3*'531#%#@%5&A%#/0#3(B03GG#S6%5#(39,524,(43043UD
.#f363934AC1#%#[.09,E(25-?(?*'25#6%*X#A24;1,4R#%$3*'34#4,62GG(%#/0#?4259200%*#0%A24H4%5%1#3*
.#dC*:5G:9B#09X*X@%5&093(31#G3$?4%420%R#%$3*'#%9#3&';5/#@%5&093(62*%094204#1;09H4/#3*B
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
. # f363934AC1 # % # 4:GG09X*%$Q02& # *3&3&'093(FGG # -,($2/4_ # 1;(+;0.-3*3*34 # S09X*X.4?44/UR # 4%(4,44 # @%5&R#
,094/524X#09X*%$R#125,5R#16X+*/G34
.#qX#&'%1,(*20/#*3@34B0;&34#5'QA4%5%1#$/5+#%9#;531*;0G35R#$/5+#%#-?(?*'2920G%5R#/**3463#*H(2920G%5#
%#$%&'%(#5;E+%*,1#;0#$20#5;E31#+%*%/#/0D
.#a?+%4,0#$X+,5#1/3$3*@34AC1#%#+%*,1#(/4$?024#;0#%#4:GG09X*%$Q02&#G363934;0;63*#3&'/+3AF*3&#
$3&A3*35@34#%#935;G35#%#$;(BR#%9#3&'35*3430#*C1434;0#/0D
hIK

. # b*139+AC1 # % # 9353/ # H(20.,*6%020 # 4%5H42024R # %9 # :46,5%*%0 # 1,44%R # % # 6/,*/51?*W0R # % # @%5&$%&%002&#

*3A3&'9;0;4R#09,*$/92W/X4#d,+2*'.$X+093(#093(/54
.#"#@%5&A3&'H(204#*3&1:55'3GG35#%#-?(?*'2920@,9#1:4@34AC1
G$TS/+)U*1/."T+43+0
. # "9 # 3E,W@21 # 4;$2/@,9 # S$3043(0;&R # @29;EH4;0R # }4304%$354?$@,9 # 1%EW0,*X+X # @;G3(U # +%*,1R#
125,5,1#$3&/0$3(;03R#$?51%+%*,1#;0#%9#3@@39#1%EW0,*X+X#A3**3&93430#$,9&20,1R#(/4$?0,1
GO)S/,+%$)#$0"f",+%$)#$0
.#46,5%*%0#1,44%R#6/,*/51?*W0R#@%5&$%&%002&,1R#09,*$/92W/X0#3*3$31#-,&%*$%/5%1#$3&/0$3(;03
.#"#$;(BR#3&'35*3430#*C1434;0R#@%5&0Q*'#4?+%4,0H420%
!",2V)2/83:/"51'3"2'2*#:4&2.
.#d/42&?*#%#&'3($3131#@%5&9206/*2&%R#$3&/0$3(13+531#3&'30#$,+2*/0#@%5&0,(,11%*
. # bGG35 # %9 # ;6G35 # -,1,9%4,0%5 # 1;E300; # 62*5%1 # %9 # 3&'093(F # 4:GG09X*%$Q02& # 24;*;0;(3R#
1/E(XG2*202(%#S125,5R#16X+*/G34R#,094/524XR#,(&,5%E,54UR#$/5+#%9#;531*;0G35R#$/5+#%#@%5&093(30#
A24;1G%5
.#73&/0$3(13+531#%#[.09,E(25-?(?*'26%*#;0#%#@;4-,1Q#&'3($31*H(26%*
.#d;E300;#62*5%1#%#(/4$?0#;0#%#$;(B#1/@%**202(%#%#+%*,1GX*
.#a,62GG#GB6C*#%#5;E+%*1/5W0C1
.#73&139+/1#%9#/0$3(13+;04#%#09,*$/92W/X0#@%5&,11%*R#%9#:46,5%*%0#1,4426%*
hN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;*341,(G%5#%#9353/#436;135'0;&31#1:9:44#@%5&0Q*',0%GG#*309#%#(/4$/1?0#$?51%R#$/54#
3++/&R#G2(#$;&#%#@%($X5/%#%#*3&-,54,0%GGD#nB*3&#%9#3&'35*3430#$;(B#0,1(;4F#&'%1,(*20%#13(C*@34#
3*B4;(G3D#"9#%*%E@%5&#$,04#$2(#43*A30#0Q**'%*#A3*35#6%5D#"#|16/54@%5&?*%4=#;0#%#1*%009/1?0#9353#
+Q(.$,**#1344B00;&3#1:9:44#-,54,0#2463934B#$/5B0;&#*3@34#3GG35#%9#;*341,(G%5#%#$,+2*/0#9353#
0,1(;4F#6/*2&%#S(;&/#9353R#$%&'%(#;0#$20#5;E31#935;A3UR#%$3*'G35#$;&#G2($3*'#@%5&#%*%E@%5&&2#
62*@%4D #"# 53&'3+/1# ,0942*'G%5# -,54,0R #@,&'# $/5+35# &'3(31# 4%5?*A,5#3&'093(F# +%**%$,1%4# *%E(X*#
,*6%05/D
"#4:(431#4%5?*202@,9#1%EW0,*X+X%5R#$3*'#%#-B,14%420#3&'/1#1?*W0-,54,002&Q#1,(09%1%R#%#@%5&,1#
/+BG3*/#;(4;1;63*#1/3$3*435#-,&*%*1,9?51R#$3&4%E%094%*20#;0#4?+%4,0H420#09/54A;5D#73&A3*35531#%9#
3&'093(F#C43$31D
Z%5&0Q*'4#-31434C51#%9#3&';5/#093(3E*;0(3R#%#(309E,509,(/2*/0#6%&'#W,5W3(4,#-,($21#B01;E;531#
$3&/0$3(;03#1%EW025#S09X*X.4?44/UD
m'$02'23

k;"U'$

I)Y8232/"3O*1/
.#d,44%,*6%020/#%*%E3*3$31#G/(4,12G%5#6%55%1
.#892$4%*%5#@%5&093(30#;0#;53130#+%*#/0$3(343
.#a:GG09X*%$Q02&&%*#1%EW0,*%4,0#%*%E-,&%*$%1#/0$3(343
J$431'%&.",2V)2/83:/."S:)+0
.#a,62GG(%#/0#%#$,+2*/0#@%5&0,(,1#0,109H5F#6/*2&2G%5#$%(%+?51#S5;E+%*,1R#625+,(+%*,1R#4(?G%+Q(#
;53131R#04GDU
hIP

.#"#&'3(3131#*3@34B0;&34#1%E5%1#%#09X*X#$/5B0;&#$3&;*;0;(3
.#b*139+B+@34#%9#/0$3(13+;0#%#5;E425W#G/9,5',0#3*3$3/63*#S1:(.#/**3463#*25W-,($%U
.#f363934@34AC1#%#[#$3**;#%9#n.@%5&,*20Q#%*4R#+3#%12(#%#[.435,(-?(?*'24#/0R#%#1:9;E1,(Q#9353#
16/54.E2(@?9%$,0#S-%?`.G,?(+,5#1H0;(3430#-,($2A2G%5UD
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#d25,5,1R#16X+*/G3431R#3&'093(F#1;409X*%$Q#;5313#@%5&093(35#/0
. # l3@34B0;&34 # %+@%4?51R # @,&' # A24;1,0# -,($2A2G%5 # 639;5'3*A3531 # %# &'3(3131 # S@%5&3(BR # 43$EXR#
(/4$?0#A3*9;03#3&';5/#1;9$,9+?*%4,11%*R#09X*X.4?44/#G3/54;03U
.#73&3(B0:+/1#%#(/4$/1?0#$?51%#%#&'3(313113*_#1C*:5G:9B#(/4$?0,1#1:(G3%+20%#*2GG%*R#4%E00%*R#
/(25'62*420,1#%#1:(G35R#(/4$?0125,5,1R#1;4#1C*:5G:9B#(/4$?0#3&'093((3R#(/4$?01H0;(34#%#+%*,1@,9
.#8,1-;*3#$X+,5#&'%1,(,*A?1#%#$;(BR#(/4$?0#;0#+%**%$#1%EW0,*%424
.#oA-;*3#C4B@%5&093(3134#6/@34C51#%9#,0942*'G%#S4;(+-21%4R#1C*:5G:9B#5%&'02&Q#+,G,1%4U
.#n,*'4%4X+/1#;0#@%5&0Q*',0%GG#*309#%#09,*$/92*20#;0#%#1,44%H(20.,*6%020#4%5?*20%
.#x%**%$+/142*20R#3&'093(F#+%**%$,1#*%E(X*#,*6%020%#@%5&093((3*#;0#;5313*63#/0
.#73&/0$3(13+531#%9#C43$3113*R#3&'093(FGG#(/4$/1%/#3*3$3113*
.#"9#;*B#935;GB*#1//5+?*6%#4?+%4,0H4A?1#%9#3&'093(F#9353/#-,($21%4
G$TS/+)U*1/."T+43+0
.#"#@,5/0$3(34#4%542(&'@,9#1%EW0,*X+X%5#3*B4;(G3#13(C*#%#$%&'%(#5;E+%*#Sd,+2*'#,*425_#Z2('#
q25,0U
.#"#4:(431#$3&/0$3(;0;@39#1%EW0,*A?1#%#@%5&A3&';(4;131#S%9#/+B#4:(4A3/U#3*0%A24H42024
GO)S/,+%$)#$0"f",+%$)#$0
. # " # 1,44%,*6%020.H(20@,9 # 09C10;&30 # 3*$;*34/ # %*%E-,&%*$%1_ # @%5&$%&%002&R # (/4$?0R#
@%5&A3&';(4;131R#3&'093(F#C43$31R#09,*$/92W/X
.#b&'093(F#-,($%/#3*3$31#%*%E-,&%*$%/
!",2V)2/83:/"51'3"2'2*#:4&2.
.#a,62GG/#$,+2*/0#+%**%$,1%4R#5;E+%*,1%4R#625+,(+%*,1%4R#4(?G%+Q(#;5313134R#04GD#4%5?*5%1#$3&#
;5313*5/#;0#@%5&093(35#A2409%5/
.#f,5',*?*4%GG#125,5,1%4R#1;409X*%$Q#+%(%G,1%4#1;E3031#;5313*5/
.#q3*354B034#-3A*B+/1#%#(/4$?0;(9;1C1R#@%5&-%5429/2A?1
.#"#+%*,1%4#1;E3031#$20#(/4$?00%*#1H0;(5/
.#e0$3(/1#%#09,*$/92W/X0#@%5&,1#;0#@%5&53631#@%0952*%424
.#b&'093(F#+%**%$,1%4#1;E3031#*%E(X*#;5313*5/R#/**3463#@%5&093(35#A2409%5/
.#b*139+/1#%#4%5?*$25'%/1%4#3&';5/#09X*X@%5&093(3/135
.#d/%*%1?*#%9#,0942*'1:9:00;&#|93531%(%/=R#3&'C44303/
Q252823:/"i-MN":5,+)&$#
bGG35 # % # 1,(G%5 # % # &'3(3131 # 9353/ # 6/*2&24 # % # |43(W@%5&?*%4= # A3**3$9/D #"# $,+2*/0 # @%5&0,(,1%4 # %#
+Q(.$,**#S1/0#;0#5%&'43(WU#1344B00;&3R#%9#;(9;06/*2&#E,*%(/42025%1#6/+2$.09,$,(QR#6/*2&,0.0:4;4#
9353/#$3&09X*%*20%#62*4A%#-3*D#d:634139B#*;E;01;54#E3+/&#%#43(W@%5&?*%4G%5#$3&A3*35B#09?GA314H6#
*3*1/#1/-3A39;0#%#4?+20#-3*;#-,(+?*D
"9#3++/&#$3&093(9344#4%E%094%*%4,1%4#4,62GG#*3@34#4?+%4,0H4%5/D#bGG35#5%&'#03&H40;&34#5'QA4@%4#%#
d,+2*'.1,5W3EW/X(% # ;EC*B # 9353E3+%&X&/%/ # &'%1,(*%4R # 35531 # 63*3A2(XA%1;54 # % # $%&'%( # 53$934/#
@%&',$25'#2E,*20%D
n,54,0%1#%#09%G%+#/$E(,6/9%4H6#9353/#&'%1,(*%4,1R#A24;1,1R#$3*'31#/54359H635#A2(?*5%1#@,992#%9#
hI]

3&'$20(% # -/&'3*;0R # -,($%;(9;1R # 09,W/2*/0 # 1;E300;&31 # 1/%*%1?*202@,9D # 73&3(B0:+/1 # %9#

:00934%(4,920#;(9;03R#%9#3&';5#@3*'3#%9#3&;09G35D
"9#X(%#*3&5%&',GG#(;093#4,62GG(%#/0#1:9:0#935;*;003*#43*/1D#"#9353@%**&%420#6%*X+/#1;E300;&3#%#
9353/ # %14/6/420GX* # 09C*34/1 # $3& # %92*4%*R # @,&' # 39 # % # 1C*0B # %14/6/420 # %9 # ;631 # 0,(25 # G3*0B # *3*1/#
$,9&;1,5'02&&2#%*%1?*#24D#b9#%#0,((35+#%#].!ND#;*34;6#?425#-,1,9%4,0%5#$3&-,(+?*R#0#344B*#139+63#
%9#/54359H6#G3*0B#%14/6/420GX*#13**R#@,&'#%#-C**3*#/0#@%**@%4X#9353/#436;135'0;&#$3&09C*30035D
iN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
4:+/1#,0942*'G%5#-3*4;4*35C*#/+B093(FR#@,&'#$,04#$2(#%#&'3(3131#139+A3531#3*#%*1%*$%91,+5/#%#
9353#4:(6;5'3/@39#;0#53#-,(+H46%D
"# &'3(3131531 # QA-%A4% # /&;5'3 # ;G(3+ # G3*3$3(C*5/ # % # @%($X5/% # $/5B0;&;G3 # S$,+2*/0 # @%($X5/21R#
/**3463 # 24$3534 # % # +Q(.$,** # 6/*2&2G%U # ;0 # 39 # *3@34B6; # 4309/R # @,&' # ,*'%5 # 4:GG09X*%$Q # +%(%G,1%4#
;5313*AC51 # 63*C1R # $3*'31 # -3*G3W0C*@3434*35 # ;(4;1F # %*%E,4 # 09,*&2*5%1 # % # 1;0BGG/ # 9353/#
436;135'0;&3/1@39D # bGG35 # %9 # ;*341,(G%5 # %9 # %*%E@%5& # 6/09,5'H420/ # %*%E # *309 # 092$?1(%R # 39#
$3&5'/4A% # %9 # ?4%4 # % # $,+2*/0 # 935;GB* # % # +Q(.$,** # 6/*2&% # -3*;D # " # 4:GG09X*%$Q02&G%5 # % # 6%*X+/#
1;409X*%$Q#E,*/-X5/2@,9#;(139C51#3*D#n,54,0R#@,&'#3GG35#%#1;409X*%$Q02&G%5#%++/&#$%(%+A?51R#
%$H&#G/94,0%5#53$#1;E30#%9#,0942*'#S6%&'#*3&%*2GG#%#4:GG0;&U#%#9353/#436;135'0;&#1:9G35#%#
$20/1#09X*%$(%#/0#-/&'3*5/UD#[0%1#311,(#;(+3$30#%#09X*%$,1#092$24#5:63*5/R#/**3463#G,5',*?*4%GG#
+%(%G,1%4#62*%094%5/D
"9 # ,0942*'1:9:00;& # |93531%(%= # % # 09,E(25R # %*4R # 435,(R # G%009?0R # %9%9 # % # 43*A30 # -?(?*'%.W0%*2+#
@%5&093(3/4 # $%&2G% # -,&*%*@%4A%R # ;0# 3034351;54 # $2( # %# &'3(3131# 3&';5/ # @%5&093(3/4 # /0 # G3# *3@34#
6,55/#%#1:9:0#935;*;031G3D
f2(#%#1,44%#093(3E3#;6(B*#;6(3#5BR#%#&'3(3131#4,62GG(%#/0#4%5?*5%1#1,$,*'#+%(%G,1%4#@%**20#?425D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
.#[0%153$#%9#3&;09#,0942*'#4/09425#/54,52*
.#d;E3031#4%(4%5/#%#0%A24#09X*%$?1%4#%#4:GG09X*%$Q02&#13(34;5#G3*C*
.#b&'093(F#1,4424#*3,*6%05%1#*%E(X*#S@%5&093(35#;0#;5313*63U
.#>/4$/1%/#G/94,502&
J$431'%&.",2V)2/83:/."S:)+0
.#p44;(;0#%#+Q(.$,**#@%5&(35+093(31(3
.#Y;EG%**%+21R#53@393GGR#+H09303GG#5;E+%*,1
.#T%*X+/#1;4.#3034*3&#@2(,$09X*%$Q02&
. # Y%&',GG # 1,5W354(2W/X4 # /&;5'*B # |09,W/2*/0= # @%5&093(3113* # /0$3(13+@34C51 # $3& # SE*D # 6%0(?+%1R#
@%5&,*4#&,5&,1U
. # b&'.3&' # C&'303GG # &'3(31 # $2( # G3@,9@%4A% # % # 0%A24 # 09X*X@%5&093(;4 # ;0 # G36,5@%4A?1 # % # 1:9:0#
935;*;0G3#S3993*#&'%1(%5#%#@%5&093(4%5?*20@,9#/0#QA#*35+C*3434#%+?51U
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#>/4$?0+/142*20#-?(?*'26%*
.#43$#;0#(/4$?0#1%EW0,*%425%1#;(9;13*434;03
.#Z%5&G3$3*3&H4B1
.#Z%5&;(4;131@39#1%EW0,*X+X#/0$3(3431#-3A*3094;03R#4?+%4,0H420%
hhN

.#f,5',*?*4%GG#(/4$?01;E*3431#SE,54,920R#09/51XE%R#-3*C4;0U#$3&/0$3(;03/
.#"#+Q(#;0#%#$,**#@%5&0,(#$3&/0$3(;03
.#"9#%*%E@%5&#-3*/0$3(;03
.#oA%GG#C43$A3*9;031
G$TS/+)U*1/."T+43+0
. # " # 4:(4;53*3$ # 3E,W@% # @%5&?*%42@,9 # 1%EW0,*X+5%1 # % # &,5&,1R # W0:631R # 6%0(?+%1R # 6%*%$/54#
09%5091(/4R#&:(:&#09:63&F#+%*,1
.#89,$09;+,0#,(092&,1#5;E+%*%/R#G%**%+2/R#5;E425W%/#%#-:*+(%A9#3E,W@%#@2443(31;54
.#Y;E/30#$F+%*,1#%#$%&'%(#1:*4;0934@39#1%EW0,*X+X%5
GO)S/,+%$)#$0"f",+%$)#$0
.#oA%GG#09%11/-3A39;031_#:46,5%*%0#1,44%R#w.1?*W0R#,1426R#%**3&(,R#-3*C4;0R#+%#W%E,R#04GD
.#"#93533*$;*34#(/4$/1%/R#+%**%$/R#-,($%/#43(C*343/531#:00930#%*%E-,&%*$25%1#/0$3(343
!",2V)2/83:/"51'3"2'2*#:4&2.
.#"#&'3(3131#-,1,9%4,0%5#$3&/0$3(13+531#%#+Q(.$,**#@%5&9200%*R#/**3463#@%5&0,((%*
.#oA%GG#5;EG%**%+21%4R#53@393GGR#+H09303GG#5;E+%*,1%4#4%5?*5%1
. # f/94,502&,4 # 093(39531# %# 1;409X*%$Q#;531*;0G35R #$3*'# $3**; #3034351;54 #@%($%+/1 #09X*%$ #/0#
42(0?*@%4
.#x/142*20#?425#1;E3031#(/4$?0,1%4#*3H(5/
.#a,62GG/#C43$3134R#C43$A3*9;03134#/0$3(531#$3&
.#e0$3(531#%*%E634B#9353/#09%11/-3A39;03134
.#[0%153$#43*A3035#4/094%#/54,52W/X
.#n?(?*'%A24;1?1#43W@5/1%/*%&#5%&',4#-3A*B+/1
jN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9#X(215%1#3&'(3#-,54,0%GG#093$E,54A%#%9#3094;4/1%/#;*63934R#1,$,*'%5#*3@34R#0B4#13**#/0#+,*&,95/#
%#9353/#$3&09X*%*4%420,1#$/5B0;&;5D
73&A3*35/1#%#9353#;0#+(2$%#1%EW0,*%4%R#E;*+2?*#%9#,E3(%#$F-%A2G%5#S7,9%(4_#T%(290-?6,*%UD
"# &'3(3131531#QA# ;*$;5'4 #%+@%4 # $20# ,0942*',11%*# 3&'C44 #-,($2*/0# ;5311%(G%5# 3&'C44 #;5313*5/R#
39;(4#AXR#@%#6%5#1:9;E4%&,9%4,0#1X(?0D#"9#%1?094/1%#4%5?*$25',920%#0,(25#S-/9/1%#-B,14%420U#%#
&'3(3131 # 4%*2*1,9@%45%1 # % # 9353 # 4?+,$25',0 # 6,5%41,920%/6%*R # E*D # % # (39&B # [@*%+5/.*3$3931 # S%#
9353/#@%5&,1#1C*:5G:9B#4;(G3*/#-,($2/4#A3*35H4/#$3&UR#-3*@%5&,1R#/**3463#3*139+B+@34#%#1C*:5G:9B#
%5'%&,1#@%5&09H5;531#-3*-3+39;03D
n3*4;4*35C* # AXR # @% # %9 # 3&';5/ # @%5&093(31 # 3GG35 # %9 # ;6G35 # 6/009%4;(531 # %9 # ,0942*'G% # ;0 # @3*'34#
1%E5%1#%#9353/#$?512G%5D#"#@2(,$09X*%$Q02&#$/5+#%9#;531*;0G35R#$/5+#%#@%5&093(30#A24;1G%5#
G/94,0%5#$3&W;*,9@%4XD
"9#3++/&#3*0%A24H4,44R#4:GG5'/(3#$%&'%(#+%*1/5W0#%9#3?(XE%/#5;E31#+%*%/6%*#GB6C*D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
.#"#+Q(.$,**#@%5&0,(#/0$3(343
.#f/94,502&#%#1;4.#;0#@2(,$09X*%$Q#+%(%G,1#;531*;0;G35
.#e0$3(/1#%9#C43$3134R#(/4$/1%/#;(4;13134R#3&'093(FGG#(/4$?01;E*343134
hh!

.#e0$3(/1#%9#%*%E634B#9353/#09%11/-3A39;03134
J$431'%&.",2V)2/83:/."S:)+0
.#Z%5&093(30#9353_#3&'093(FGG#(353092509#;0#G%(,11#425W,1R#24H(%4,1#%#$3&*;6B#@%5&093(31(3#;0#
1;E300;&31(3
.#"9#/$E(,6/92W/X@,9#1:4B+63#3*139+B+@34#%#9353/#H4;*34#;0#H9*;0#-3A*3094;03#S@,&'%5#/5+?*4R#@,&'%5#
;(4#6;&34R#-/&'3*431.3#%#935;*B1#3&'$20(%zU
.#oA%GG#-,($%/#3*3$31#G363934;03
.#d%$%(%935;*;0R#,0942*'93531%(
.#d:9;E4%&,9%4,0#1X(?0R#1*%009/1?0#@2(,$09X*%$Q#+%(%G,1
.#"#9353#4%*2*1,920%#%#$,9&200%*#%#5;E425WG%5
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#Y;E/#425W+%*,1R#5;EG%**%+21
.#b?(XE%/#5;E+%*,1
. # e$E(,6/9%4H6 # ;531&'%1,(*%4,1 # S$3&H(4 # (/4$?0@,9 # +%**%$,4 # 4%*2*5/R # 1;(+;0.-3*3*34 # A24;1R # @%5&&%*#
63934;0#3&'R#/**3463#1;4#W0,E,(4G%5R#6/009@%5&.;531*;0R#04GDU
. # e$E(,6/92W/X0 # &'%1,(*%4,1 # S@%5&G309;*&34;031 # 3&';5/*3& # 6%&' # W0,E,(4G%5R # 639;5'*;031R#
W0,E,(4,0#/$E(,6/92W/X#%#$3&%+,44#4;$2(%R#/**3463#3*B(3#$3&G309;*4#/504(?1W/X1#093(/54_#+/5%$/1%R#
0F(F.(/41%R#43$EXR#04GDU
.#b&'093(F#125,5,1#1,$E,52*20%
.#d,44%,*6%020#;0#H(20#&'%1,(*20%R#3*BA3&'9;031#@3*'30#,*6%020%
.#Z%5&53$31#$3&/0$3(;03#;0#-3*/0$3(;03
.#t2(@?9%$,0#@%5&53$3113*#6%*X#$?51%
.#a%*2*1,920#%#16/541:((3*
.#Z%5&1:9:1#@%**&%420%R#$3&/0$3(;03
.#x%**%$%*1,420#/$E(,6/92W/X6%*#;0#%55%1#@3*'30#*3A3&'9;03
G$TS/+)U*1/."T+43+0
.#"1?094/1%/#3*3$31#%#-/9/1%/#4%5H4202@,9#1%EW0,*X+X%5
.#V1426R#16/54R#43(W#%(25'%/
.#b?(XE%/#+%*,1#%#-:*+(%A9#3E,W@2@,9
.#d:9;E1,(/#9353R#*%4/5#09:63&F#+%*,1#%#4:(4;53*3$#3E,W@%#@2443(31;54
GO)S/,+%$)#$0"f",+%$)#$0
.#Z%5&(39&;0
.#d6/541:(
.#t2(@?9%$,0#@%5&53$31
.#Z%5&1:9:1R#%(25',1
.#n(31635W/%R#-3*@%5&,1
!",2V)2/83:/"51'3"2'2*#:4&2.
.#d*%009/1?0#@2(,$R#3034*3&#5;&'09X*%$Q#Sa%/9;U#+%(%G,1%4#1;E3031#%#&'3(3131#;5313*5/U
.#8%A24#@%5&093(3/113*#/0#G3#4?+5%1#1%EW0,*X+5/#%#1:9:0#935;*;0G3
. # Y;&'09X*%$Q # -?(?*'%93531%(R # +%*,1 # 1H0;(343R # 1%$%(%9353R # 09X*X@%5&093( # G3$?4%4XR#
,0942*'93531%(
.#"9#/$E(,6/92W/X0#&'%1,(*%4,1#1:9G35#-3A*B+/1#%#9353/#H4;*B1;E300;&C1#;0#H9*;0C1
.#"#1,44%H(20.,*6%020G%5#$3&4%5?*A21#%9#3*BA3&'9;031#@3*'30#,*6%02024
hhJ

.#n3*/0$3(/1#%#+Q(#;0#$,**#@%5&53$3134R#6%*%$/54#3&'093(FGG#@%5&1:9:134
.#73&/0$3(13+531#%#16/541:(#-,&%*$26%*
kN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;*341,(G%5#-3*%+%4?51R#@,&'#-3*;G(3009C1#%#$/5B0;&/#9353/#@%5&920#/&;5';4#;0#62&'24#%#
&'3(3131G35D#83&H4@34C51#3*0B#H4;*343/134#$3&%*1,45/#%#935;(B*D#73&4%5?*A21#$3&1C*:5G:94345/#%9#
3&'30#$F631#1%(%143(;4D#q%6%0,*4#%#+/21,1#9353/#$F63*40;&;531#09;*30H4;03#1,5W3(4*24,&%420,1#
03&H40;&;63*#/0D
"#(/4$?0#3&'(3#/512GG#%#$;(B@:9#1:4B+/1R#;0#$,04#$2(#@%42(,9,44%5#G3*;E#%#935;G3#%#0Q*'D#b11,(#
;(+3$30 # G3639345/ # %9 # %-(/1%/ # +,G,1%4D # " # -B,14%420G%5 # %9 # ;6 # 1:9E,54/ # 4;$2A% # % # (353092509#
1,(09%1R#/**3463#%#(353092509#;*34;(9;0R#%$/#1/3$3*4#@3*'34#1%E@%4#%#9353X(21,5#/0#S(353092509#
425WR # %9 # 3&'@29/ # ;0 # 6/*2&/ # 9353 # 3**354;43R # % # 4:1;*3430 # 09;E0;& # 13(30;03R # % # -;143*35 # :(:$. # ;0#
09%G%+02&;(9;0UD # b@@39 # %9 # /+B09%1@,9 # 1%EW0,*X+X%5 # 3*139+@34C51 # -,&*%*1,95/ # % # 9353093(9B1#
;*34(%A926%*#/0D
n,54,002#62*/1#3GG35#%9#;*341,(G%5#%#@%5&1;E9;0R#@/0935#$/5+#%#-/Q1R#$/5+#%#*25',1#S@%#1/03GG#
$;(4;1G35#/0UR#311,(#30531#24#%#@%5&62*420,5D#p*4%*2G%5#$3&A3*35/1#%#G%009?0#@%5&09H5R#0#3993*#
3&'C44#%#5;&'09X*%$Q#;531*;0#*3@34B0;&3D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
.#d;E3031#5;&'#09X*%$G%5#;5313*5/R#-/&'3*531#%9#:009@%5&920(%
.#b&'(3#A,GG%5#3*/&%9,+5%1#%#1,442G%5
.#"9#;5313*4#1X(?0$F63134#@%5&093(35#/0#3*B#4?+A21#%+5/
J$431'%&.",2V)2/83:/."S:)+0
.#"#1C*:5G:9B#1?*4Q(21#+%*%/
.#>353092509#6/*2&/#;0#3&'@29/#9353
. # e0$3(13+;0 # %9 # ,E3(% # $F-%A26%*R # 2(/21 # 1:9:0 # ;531*;03 # SE*D # 7,54363(+/_ # V(-3?09R # 7,9%(4_#
T%(290-?6,*%U
.#Z%5&093(30#W0,E,(4,1R#,0942*'93531%(R#3034*3&#1:9;E.4%&,9%4,0#93531%(
.#V0942*'1X(?0#6%&'#%*0X#4%&,9%4,0#+/211X(?0
.#Z%5&093(30#9353#(353092509R#G%(,11R#1*%009/1?0#9353/(,+%*,$GX*
.#"#&/42(#$3&/0$3(;03#S1%+35W/21R#%11,(+,1#-,&%*$%U
. # 353/ # ;*34(%A9,1 # S-B1;54 # (353092509R # +3 # *3@34 # G%(,11 # 9353093(9B1 # ;*343 # /0_ # t%*304(/5%R#
7,54363(+/R#f%W@U
.#Z%($X5/21#$3&-/&'3*;03
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#Y;&'09X*%$Q#$%+(/&2*,1#@%5&093(30#6%&'#6,12*/0#$3&09X*%*4%420%
.#b&'093(F#$F+%*,1R#+?X1#1H0;(3443*R#09/54;5#1:9:035#;5313*63#S7,54363(+/R#[%(/00/$/R#t?(W3**R#
7,9%(4R#Z%'+5R#04GDU
.#Z%5&1;E9;0
.#oA#@%5&093(31#S&,5&,1R#6%0.#;0#G(,59(Q+%1R#4%$.4%$R#*H(%R#935&B@2(-%R#6,5X0#E09%*4;(/?$U#;0#
1*%009/1?0#@%5&093(31#1:9:0#/$E(,6/92W/XA%
.#>/4$/1?0#/$E(,6/92W/X1#%-(/1%/#+,G,11%*#;0#G309;+@%5&,1(%#/0
hhI

.#"#G%009?01?*W0#G3$?4%420%
.#a3$EXR#(/4$?0R#+/5%$/1%#+(2$%/02&25%1#4?+%4,0H420%
.#oA%GG#(/4$?01;E*343113*#6%*X#/0$3(13+;0R#C43$62*420,1
.#a:GG09X*%$Q#(/4$?0,1#SV(--U#*3A240920%#C4B0@%5&093(3135
G$TS/+)U*1/."T+43+0
.#"#6/*2&#5;E3/531#935;A3#%#6/*2&4:(4;53*3$#3E,W@2@,9
.#"#(353092509#1,(#3&'@29/#;0#6/*2&/#935;A3#%#(353092509#3E,W@2@,9
.#"-(/1%/#0%A24,002&,1#;0#(/4$?0,1R#%-(/1%/#+,G,1#.#-:*+(%A9
.#Z%5&093(30#/$E(,6/92W/X1#13*34/#935;(3#.#-:*+(%A9
GO)S/,+%$)#$0"f",+%$)#$0
.#T3&'30#1X(?0R#@%($X5/%/#3*3$31R#$F-%A,1#S,E3(%R#,(%4X(/?$UR#%&,&/1%
.#d%+35W/21R#%11,(+,1
!",2V)2/83:/"51'3"2'2*#:4&2.
.#"#6/*2&4:(4;53*3$#3E,W@2@,9#1%EW0,*X+6%#1C*:5G:9B#1?*4Q(21#+%*%/4#4%5?*A21#$3&
.#b*$;*'3+531#%#(353092509#1,(#;53130#;0#@%5&093(30#935;A;G35
.#a%*2*1,95%1#%9#,E3(%#$F-%A26%*R#2(/21%4#4%5?*5%1#$3&
.#8%A24#@%5&093(3/134#3&'(3#4:GG#-,($2W/XG%5#@%0952*A21#/$E(,6/9%4H6#$X+,5#/0
.#73&/0$3(13+531#1C*:5G:9B#-,54,0#9353/#;*34(%A9,11%*
.#"#1,44%H(20.,*6%020#43(;5#%#G%009?01?*W0#$3&/0$3(;03#%#-3*%+%4?1
.#a,62GG/#@%5&1:9:134#1;E3031#-3*/0$3(5/
MN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
n,*'4%4A?1# %#9353/#;*63934R#$/54 #W;*#$3&3(B0H4;0;4R#;0#%9#H4;*B1;E300;&#1/$F63*;0;4D #$,04 #$2(#
$3&6/4%4@%4A?1#%#9353/#04H*?0#;0#1%(%143(#1;(+;03/4#/0D#"#&'3(3131G35#-3*4:(B#3(B0#/&%902&;(934R#
$%&25',002&#;0#%9#:52**X#3&';5/0;&&;#62*20#/&;5'3#4C1(:9B+@34#%#(,$%54/1?0#09X*X+%*,1G%5D#
bGG35#%9#;6G35#-,*'4%4@%4A?1#%9#/0$3(13+;04#%#1/3$3*13+B#A3*354B0;&F#9353093(9B1#;*34Q4A26%*R#
3&;0935#%#(,$%54/1?0#1,(09%1/&D#n3*3(B0:+/1#%9#,1426.;*$;5'R#$/54#%#0%A24#093**3$/#Q4#13(30;03R#
$/54 # :5$%&%$ # 1:9E,54A25%1 # -3*-3+39;03 # S4(/4X5?09 # E(,G*3$%4/1%R # -309C*40;&.,*+20UD # a,62GG#
3(B0:+@34R#GB6C*@34#%#(/4$/1?0#$?51%#%#&'3(313113*R#%#+,G,*20R#-,*'4%4X+@%4#%9#3&'30#C43$31R#
C43$62*4,920,1R#G,*&2(#(/4$?0,1#$3&/0$3(;03R#24;*;03D#b9#%9#;6#*3@34#%#6%*X+/#5;&'09X*%$Q02&#
S/&%9/#435,((%*#;0#G%009?00%*U#$3&09C*34;0;531#/+3A3#%9#,0942*'G%5R #%$3*'#%#1:9:0#;531*;0#QA#
+/$359/X/4#5'/4A%#$3&#%#&'3(3131#092$2(%D
b$3**344#$;&#4,62GG/#-/&'3*$34#/&;5'3*#%#-/Q1#62*4,9X#@%5&A%R#-3*4;4*35C*#09C10;&30#%#@%5&1;E9;0D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
.#qX*#:00931%EW0,*X+/1#%#@%**20#?425/#S53$#4?+%4,0U#;0#%#1,44%1;E#?425/#S4?+%4,0U#9353/#09:63&#
&',(0#3*0%A24H420%
.#qX*#1/-3A*3094344#(/4$?0;(9;1
.#q2(4%002&#%#4:GG09X*%$Q#935;G35
.#e0$3(/1#%#5;&'09X*%$Q#63&'30#1X(?0#@%5&920$/5B0;&;4
J$431'%&.",2V)2/83:/."S:)+0

hhh

.#f%**%+21R#$F+%*,1R#0E/(/4?2*;1#1H0;(3443*
.#d344B.5;&'09X*%$Q#+%*,1#%#W%E3**%#;0#1H0;(3443*#S0%A24#@%5&093(3135U
.#a:GG09X*%$Q#;53130#;0#@%5&093(30#/$E(,6/92W/X
.#89%6%*4R#(/4$/1?0#1X(?0,1#;0#0E/(/4?2*;1
.#xQ(#;0#$,**#1,54(%094A%
.#"9#;692(X#+(2$%3*B%+20#935;A;531#$3&%*1,420%
.#Z%5&093(30#9353_#(,$%54/1?0#24H(%4,1
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#>/4$?0.#;0#+%**%$+/142*20
.#e$E(,6/92*4#92(*%4,1
.#n,*'4%4X+/1#%#@%5&53$3113*#6%*X#/0$3(13+;0
.#Z%5&093(30#43W@5/1%/#-3A*B+;0
. # r*34(%A9,1 # -,*'4%420% # S1*%009/1?0,1 # ;0 # (,$%54/1?0,1R # E*D # 7,9%(4R # f334@,635R # 8W@?G3(4R # l/094R#
b(13*U
G$TS/+)U*1/."T+43+0
.#"#$%&'%(#/(,+%*,$G%5#4%5?*4#63(031#935;0#-3*+,*&,920%/
.#e+3&35#5'3*6#S%5&,*R#5;$34U#/(,+%*$/#093$3*6;5'3/531#935;0#-3*+,*&,920%
.#"#6/*2&@2G,(Q1#1,(09%125%1#+%*%/
GO)S/,+%$)#$0"f",+%$)#$0
.#"#$F-%A,11%*#1%EW0,*%4,0#1?*W0-,&%*$%1
.#w/42(43W@5/1%/#;0#@%($X5/%/#-,&%*$%1
.#n?51W/X1_#4,5/1%R#09?G+,$/5250R#+,$/5250
!",2V)2/83:/"51'3"2'2*#:4&2.
.#oA%GG#,E3(%2(/21%4R#$F+%*,1%4#;0#G%**%+21%4R#/**3463#0E/(/4?2*;1%4#4%5?*5%1#1H0;(3443*
.#Y;&'09X*%$Q#+%(%G,1%4#;5313*531#%#W%E3**%R#/**3463#1H0;(3443*
.#d;E3031#4:GG#09X*%$G%5#/$E(,6/92*5/#@%5&&%*#;0#@%5&093((3*#3&'%(254
.#"#@%5&53$3134#$,04#$2(#G/94,0%5#/0$3(/1#-3*R#1C*:5G:9434/1#$3&#3&'$204X*
.#a,62GG/#;*34(%A9,11%*#/0$3(13+531#$3&#S1*%009/1?0,1#;0#(,$%54/1?0,1U
Q252823:/"P-=;N":5,+)&$#
"# 93534%5H420G%5 # 3*;(1394C51 # ,+%R # @,&' # % # 9353 # :094:5:0 # S53$ # 4?+%4,0U # $F63*;03 # $2( # 53$#
1/3*;&H4B#42E*2*;1#%#-/%4%*,1#092$2(%D#7/5+%((%R#%$/4#$3&4%E%094%*4%1#%9#3*0B#5',*W#/01,*%;6#%*%44R#
$,04#(2#13**#5;95/#4?+%4,0%5R#;09(3#13**#6355/#%94#%#-,($%/#629%4R#%$3*'(3#%#9353/#3*3$31#;EC*531D
"9 # 3&'30 # -/%4%*3$G3(31 # Q4A% # %9,5G%5 # %9 # 3$G3(/0;& # 4:(4;534;G35 # ;0 # 1?*4Q(4:(4;534;G35 # /0#
4C1(:9B+/1R#H&'#%#9353#1,(09%1%/G%5#/0#5',$,5#1:634@34BD#d39+B+/1#%#G%(,11#935;63*#S:5$%&2(%#
/(25'?*XR#4;$%1:9E,54QUR#-,*'4%4X+/1#%#1*%009/1?0#04H*?00%*#S+?%*/04%R#+/%*314/1?0U#;0#%#(,$%54/1?0#
04H*?00%* # S$,+?*2W/X1R # % # 4;(G3*/ # &,5+,*1,+20 # 139+343R # 09,W/2*/0 # ;(9;135'0;& # -3*;G(3+;03U # ;0#
3*;(139/1#%#JN.J!D#0929%+/&#S0%A24#1,(?51#;&34B#1;(+;03/R#5'?&4%*%5#13(30&;*;03UD
n,54,0 # 3*3$3# 43@24 # %# 9353,14%4205%1 # %# 93533*$;*34R # ;0# 3935 # G3*C*# /0 # 1/3$3*4 # 093(3E34 # 1%E# %#
-,($%4%5D#"#9353/#-,($%R#%#4?+%4,0#r5#A3*35*;43#%#935;G35D
bGG35 # % # -,*'%$%4G%5 # % # 93534:(4;534531 # /0 # 093(3E3 # 6%5D #"# 9353 # 1C*:5G:9B # 1,(09%1%/(X* # 4%5?*4#
-,09*25',1%4#!!D#,0942*'G%5#-F9@34AC1#3&'G3R#%#9353.R#/**3463#1?*4Q(4:(4;534/#3E,W@2G%5D
" # ]D # ,0942*' # *3&/512GG # % # G%(,11 # 1,( # G;*'3&;4 # 6/03*/ # $%&25D # "9 # r5.1:9E,54Q # &,5+,*1,+20R#
$%&25',002& # ;0 # $;&/0 # G3*30/$?*20 # % # 4:$3&G3 # SW,5W3(4,.-,($%U # $3&;*;03D # !ND # ,0942*'G%5 # %#
hhL

+/21,15%1 # *3@34B0;&C1 # 6%5 # /54359H635 # G3*3$3(C*5/ # % # 1*%009/1?0 # 9353/ # 04H*?0 # -,($%5'3*6;G3 # ;0#
1:6345/#%55%1#-3A*B+;0;4#Z%'+54X*#7,9%(4,5#24#f334@,635#1;0B/#$F63/531#$3&A3*35;0;/&D#"#!!D#
,0942*'G%5#%#$%43(/%*/04%#1;E314B*#S8$34%5%_#7,*+6%U#%#5%&'#/$E(3009/,5/0421#Sx3G?00'_#"#435&3(U#
/$%&/5%4H6%5 # /50E/(2*4 # $F63/ # -3*; # @%*%+?51D # b9 # %9 # Q4 # *3@34B0;&34 # %55%1 # %9 # ;(9;0531 # %#
&'%1,(*202(%R # $3*'34 # >?+,*- # 843/53( # |,1426;(9;0531= # 53639D # " # +/21,1 # %94 # ;*@34/1 # 24R # @,&' # %#
09?GA314H6#;(9;03/1#S$3*'31#G3*3(%&%+4%1#%#4,5%*/420G%U#35&3+5/R#*%9?*5/#139+3531#;0#H&'#%#4?+%4#
-;5';G3 # *3@34 # %9,1%4 # 639345/D # " # 1,$E,9HW/X0 # ;0 # /$E(,6/92W/X0 # &'%1,(*%4,1G%5 # % # (,$%54/1%#
-,54,0%GG#04H*?03*3$3/4#E(XG2*A?1#@%0952*5/D#"#1C*:5*3&30#$,+?*2W/X1#2*4%*#3++/&#53$#03A4344#43(31#
5'H*5%1#$3&D#"#!JD#,0942*'G%5#%#+/21,1#6%*XG%5#QA%4R#%#A:6BG3#$?4%4X4R#%9#/0$3(34*354R#%#0,03$#
@%**,44%4#13(30/1#%#935;G35#/0D#"#9353/(,+%*,$#/0#394#%#1;E34#4C1(:9/D#qX*#1%EW0,*X+/1#/+3#f%(4X1#
f;*% # 5;E9353.%009/$/*2W/XA%R # 244;(;0 # %9 # %*%E@%5&(X* # % # W354(?$.@%5&(%D # oA # ?4%4 # 5'/45%1 # %#
A%99.3*3$31R#3*09%E,(,+5%1#%9#|/9$?0,1=D#b93553*#%#!JD#,0942*'G%5#3*139+B+@34#%9#Q413(30;0#%9#
%4,52*/0#9353#6/*2&2G%D#"#1*%009/1?0#:009@%5&9%44%5#/44#$2(#53$#%+#6%*X+/#G/94,502&,4D
553E31#%*1%*$26%*#09C*B134R#4%52(,1%4#/0#G3*36,56%R#5%&',GG#*;*3&934F#$F63134#/0#3*B%+@%45%1_#
1%542421R# ,E3(21R# ,(%4X(/?$,1# S3034*3&#3931531# (;09*343/4UR #%$/# (35+1H6C*#3(B0#$,4/62W/X# Q&'#%#
+/21,15%1R#$/54#%9#3&;09#/01,*25%1D
"9#/01,*%#G3-3A39;0;63*#%#+/21,1#1;E3031#09/54;9/04#43(3$435/#%9#3&'343$30#9353#-3A*B+;0;63*#
1%EW0,*%4G%5D # d/-3A*3094344 # /&;5'300;&C1 # 13** # ?4%4 # $?4%00,5 # %9 # 3&'30 # E(/$/4H6 # -3*;EH4;0F#
1:55'F9353#;0#%#1*%009/1?0#9353@%&',$25'#;(4;1(35+093(;G35D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b9#%#1,(#%9#/54359H6#13(30;0#/+3A3D#n,54,0#%#-,&%*$%1#QAR#(%W/,52*/0#%*%E,1(%#@3*'39344#24/0$;4*;03D#
"9 # /5+/6/+?%*/420 # ;0 # 09%G%+02& # 1;(+;03/ # -,&*%*1,94%4A21 # % # *3&/512GG # % # -/%4%*,1%4R # $/1:9G35#
;(9;06/*2&?1#$;&#%#09/$E24/%#;0#%9#%54/E24/%#09;*0B0;&3/#1:9:44#$,9,&D#b9#%9#2**%E,4#%#935;G35#%#
+Q(#;0#$,**#@%5&53$31#1344B00;&;G35#4C1(:9B+/1R#%$/G3#%#+/21,1#09H63035#G3*3-3*3+139531D#"#
@%($X5/%/ # 09H562*420,1 # ;(93*$/ # 09H562*420,11;54 # @%45%1R # 39;(4 # 30/1 # 3((3 # %9 # /+B09%1(% # %9#
3*3$3542(/0#:009@%5&9%44%5#G363934;03D
b&'093((3 # 62*/1 # -,54,002 # % # +(2$%/02& # SG%**%+21R # 3&'30 # 8W@?G3(4.+%*,1U # ;0 # % # @?$,(D#
a,62GG*;E@34C51 # % # (/4$/1?0 # $?512G%5 # /0R # $;&@,992 # % # 53@393GG # C43$31 # SE*D # LMhR # KMhU # ;0 # %#
E,*/(/4$?0,1#/(25'2G%D#q%6%0,*4#%#$34(,5,$#@%0952*%4%D
"#+/21,1#$3&4%5?*5%1#$3&;(435/#;0#3*B%+5/#1C*:5G:9B#04H*?0QR#3&'093(F#6,12*/0#;0#@%5&093(30#
$F63134R # % # E(3W/9/420R # *,&/1?0 # 093(13094;0 # G3*0B # /&;5';63*D # b&'30 # +%(%G,1 # 093(13934;4 # /0#
4%5?*$25',9921R # (2431/5463 # % # 93534:(4;534 # G/9,5',0 # 1,(09%1%/(%R # 3*0B0,(G%5 # % # G%(,11 # 935;A;4#
S3935#G3*C*#%#-Q&%#-,($24U#;0#@H(30#9353093(9B/4#/0$3(/1#$3&#1:93*3GG(B*D#8,1#/01,*25%1#6%5#-3*0B#
4%&,9%4,0#1X(?0%#.#$3*'G35#$/5+35#4%5?*X#(;094#6309#.#;0#93531%(%R#%9,15%1#(;096;43*;63*R#%1/1#
A2409%5%1#6%*%$/*'35#@%5&093(35D

m'$02'23

i;"U'$

I)Y8232/"3O*1/
.#qX*#3*/&%9,+5%1#%#4:GG09X*%$Q#@%5&093(30#935;G35
.#e&;5'303GG#1X(?0$F631#3*B%+202(%#/0#1;E3031
.#e0$3(/1#%#93533*$;*34#%*%E634B#4:(6;5'093(F0;&3/4
.#e0$3(/1#%#@%5&53$3134R#;0#%#$,+?*2W/X4

hhO

J$431'%&.",2V)2/83:/."S:)+0
. #"9 # /01,*%93531%(G%5 # 6%&' # 1%$%(%3&'C443031G35 # &'%1,(,*A21 # %9 # 3&'C44.935;*;0 # $F6;0934;4R#
/**3463#3*B%+20,1(%#/0#1;09C*531D
.#t,E.#6%&'#A%99.093(F#/$E(,6/92W/X1#%9#/01,*%#C4B0@%5&093(.&'FA43$;5';531#-3*@%0952*2026%*#;0#
&/42((%*
.#x,G,*20#3E,W@%093(F35#SE,*/(/4$?0,1U
.#d,5W3(4*24,&%420#3*B1;09H4;003*#;0#?4X*%&,0#H(20G3*/#-3*+,*&,9200%*
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#"#93533*$;*34#24/0$;4*;03R#(2431/54;0#%#93533*$;*34/#04(?14Q(21#*,&/12A2(%
.#"#+/21,1#2*4%*#4%5?*4#/+3&35#5'3*63135#$3&09X*%*4%4,44#+%*,1
.#d*%009/1?0#+%*,1#;0#G%**%+21#S[%(*#l,33R#8W@?G3(4UR#+(%$%4/1?0#+%*,1#S8W@?G3(4_#"#@%*2*#;0#%#
*325'1%UR#5;E+%*,1R#E,*/4/1%/#+%*,1R#1:55'F9353/#E;*+21R#04GD#%#W%E3**%#;0#1H0;(3443*R#3&'09X*%$G%5#
;0#4:GG09X*%$G%5
.#Z%5&093(30#+%(%G,1#Sf%W@./5635W/X1U#;531*;03
.#Z%5&1;E9;0
.#n3*0B#4%&,9%4,0#1X(?0
.#p*4%*25,0#4%5?*$25',1#-,*'5%1#$/5+#%#@%5&093(30#$?512G%5R#%9#/$E(,6/92W/X0#;0#1,$E,9HW/X0#
-3*%+%4,1G%5R # $/5+ # % # % # W%E3**% # $F631G35 # S@%5&0,(,1R # 16/541:(:1R # @%5&1:9:1R # @2($%0. # ;0#
5;&'30@%5&9%4,1R#/**3463#-,(+H420%/1R#9353/#H(20#;0#,*6%020U
.#7F63134#*3H(5%1R#A3**3$39531R#:0093@%0,5*H4%5%1#;0#H(20G%5#-3*+,*&,95%1
.#d%EW0,*%4,1%4#13(30531#%#4:(4;53*3$$3*#;0#$20#$F6;09343113*
.#353/#;*34(%A9,1%4#@%0,5*H4%5%1#:0093#SE*D#7,9%(4#;0#f334@,635R#6%&'#f%W@.Z5+3*.T/6%*+/U
. # " # 1,(42(0 # 9353 # A3*350;&3/531 # 3*0B # $3&4%E%094%*20%R # 1C*:5G:9B # 1,$E,52*20/ # 43W@5/121#
$3&/0$3(;03#;0#1/E(XG2*20%
.#e0$3(13+;0#%#G*?30#A3**3$9B#%11,(+A%/6%*#S+,$/5250.093E4/$#;0#162(40931094.%11,(+UR#6%*%$/54#%#
A%99#(/4$/1?0#3*3$3/63*
.#353/#-,($%4%5_#3*0B0,(G%5#G%(,11#093(13094;0/#$X+#4%5?*$25',920%R#%#-Q&%#-,($%R#1%5424%R#
,(%4X(/?$R#W,5W3(4,#&(,00,R#G363934;0#%9#3**35E,54#093(13094;0/#$X+A2G%
.#T%(/2W/X0#-,($21#$3&/0$3(;03#;0#/$E(,6/92W/X0#*3@34B0;&3/531#1/%152920%
.#dC*:5G0;&31#%#@,$,-X5#;0#E,*/-X5#093(13094;0/#$X+,1#1:9:44
G$TS/+)U*1/."T+43+0
.#n;5'#;0#0:4;4#2(5'%*%4,1#%#935;G35#;0#%#1;E9B$F6;0934G35
.#"#09%1(2*/0#3&'@29/#;0#%#6/*2&/#9353#E,*%(/420%/#;0#A3**3&934300;&3/
.#a:(4;53*$/#1,(1;E
.#"#1:9;E1,(#;0#(353092509#9353/#A3**3&934300;&3
GO)S/,+%$)#$0"f",+%$)#$0
.#n,($%4%5/#-,&%*$%1#S-Q&%R#6%(/2W/X0#-,($21R#1%5424%R#,(%4X(/?$R#W,5W3(4,#&(,00,U
.#q%99#;0#G*?30#04H*?0A3&'3/
!",2V)2/83:/"51'3"2'2*#:4&2.
.#"#-3*0B#4%&,9%4,0#1X(?00%*#5%&',GG#*;*3&934F#+%(%G,1%4#4%5?*5%1#$3&
.#bGG35#%9#;6G35#%#+/21,1#$FG%**%+211%*#-,&*%*1,95%1
.#"#+,G,*20#3E,W@%#%*%44#53@393GG#C43$3113*#;0#%9,1#3&'C44@%5&92026%*#/0$3(13+@34531#$3&
.#73&/0$3(/1#%#A%99#;0#G*?30#04H*?0A3&'3/4
.#a,62GG-3A*B+/1#%9#/$E(,6/92W/X0#1;090;&C1
hhK

.#oA(%;(4;13*/1#%#93533*$;*34/#/0$3(343/134
.#73&/0$3(/1#%#G%(,11#093(13094;0/#$X+,4#S-Q&%#-,($%U
.#dC*:5G:9B#@%5&093(3134#4%5?*$25',95%1
.#d;E3031#$3&4%*2*5/#%9#:0093-C&&;03134#%#1C*:5G:9B#4:(4;53*$/#1,(,1#;0#935;AC1R#/**3463#%#9353#
;0#$20#$F6;093431#1:9:44
. # a%*2*1,95%1 # % # $%/ # 9353/ # ;*3443*_ # /$E(,6/92W/XG%5 # E(XG2*5%1 # 1/ # 1C*:5G:9BR # % # 1,(42(0 # 935;G35#
@%0952*%4,0#1,$E,52*20/#43W@5/121%4
.#dC*:5G:9B#$F63134R#9353/#;*34(%A9,1%4#4?+5%1#:0093@%0,5*H4%5/R#H(20G%5#-3*+,*&,95/R#3*3$395/D
.#d,5W3(43134#*24,&%45%1R#$3*'31(3#-3*1;09C*531#;0#$3*'3134#?4X*%&,0%5#-3*+,*&,95%1
=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
b94#%#1,(,0942*'4#%#1*%009/1?0#9353#@%5&?*%46/*2&%R#%#09,524%R#%#09/$-X5/%#-,($%/#093(13934;531#
4%5?*$25',920%R#%#4;$%#;0#$3**;14;$%#3**354;43#;0#1%EW0,*%4%#A3**3$9/D#"#+/21,1#$3&;(9/1R#@,&'#
39 # %# 9353/ # -,($% # %9 # 3$G3(GB* # /5+?* # 1/R # ;0# $3&/0$3(;03 # %9 # 3$G3( # $3&/0$3(;0;@39 # 63934 # 3*D#
bGG35#%9# ;6G35#4%*2*1,95%1# %9# 3**35E,54,920# 43W@5/12A25%1#3&'093(FGG#3*3$3/63*# /0D# r(+3130#
*3@34#3&'#24431/54;0#%#9353E09/W@,*X&/2(X*R#%9%9#%#9353#@%420%/(X*#%9#3$G3(#;*34;G35D#7/5+393134#
AX* # *3@34 # 4:$G:0H435/ # 3&' # f334@,635.3E,W@2G%5R # %$3*'GB* # %9 # 3$G3( # 1C9+3*$3/R # ;(9;06/@%(%/R#
$;*'E,54A%/#;0#$3&+/W0BC*;03#1/@%**&%4@%4XD
Y%&',GG#093(3E34#62**%*@%45%1#%#-/%4%*,1#%#1,5W3(43135#3*B%+X11;54#;0#093(639B11;54#3&'%(254#
S@/(+34;0R # E(,&(%$-C934R # ?4W%/ # $?90/12*20R # $/54 # 13+6W0/52*XR # 04GDUD #"14H6%GG # % # (;096;43* # % # @3*'/#
1:9:00;&#;*34;G35D
m'$02'23

i;"U'$

I)Y8232/"3O*1/
.#Y%&',GG#*;*3&934F#+%(%G,1%4#1;E3031#3*B%+5/
.#qX*#1/-3A*B+:44#(/4$?0;(9;1
.#89;*301:(F#93533*$;*34/#;0#9353/(,+%*$/#/0$3(3431
.#Z%($,5/1?0#;0#E,*/-,5/1?0#@%**20
J$431'%&.",2V)2/83:/."S:)+0
.#"#+%*1/5W0#GB6H4;03
.#Y;E+%*,1R#$F+%*,1R#,E3(%2(/21R#+%*,1#$?0/W%*.31GB*R#0%59,5,1R#%#W%E3**%#;0#1H0;(3443*
.#d*%009/1?0#1X(?0$F631#5;&'.#6%&'#4:GG09X*%$G%5
.#q%99#A3**3&F#+%*,1#-3*+,*&,920%/
.#8E/(/4?2*;1R#&,0E3*.31
.#e01,*%93531%(R#1%$%(%3&'C4430R#,0942*'93531%(R#$3*'G35#$/5+351/#1;E300;&3#093(/54#(;094#63@34
.#fB6C*531#%9#/$E(,6/92W/X0#-,($21
. # n309C*40;& # ;0 # ,*+20 # 4C1(:9B+;03 # % # @%($X5/21G%5R # 0,(0R # 093563+;0R # $3&+/W0BC*;0 # 953/3#
$3&6%*X0?*20%
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#"*%E634B#@%($X5/%/#4%5?*$25',1R#%+,44#+%**%$#@%($,5/92*20%
.#d,$E,9HW/X0#4%5?*$25',1R#1*%009/1?0#3**35E,54#&'%1,(*%4,1
.#dX(?0.24H(%4,1#f334@,635#$F63/GB*#Sw'209/5+?*XR#"EE%00/,5%4%#eeD#4;43*R#04GDU
.#qX*#/0$3(4#9353093(9B1#6%&'#935;0931#S1:94C1#%12(#53630#A%99#;0#E,E935;0931U#;*34(%A925%1#
hhP

3&';5/#-3*+,*&,920%
.#p4431/54;0#%#9353E09/W@,*X&/2(X*R#%#9353#@%420%/#S-/*$9353R#(31*2$R#@244;(9353R#3*314(,$,0#9353R#
%#9353#093(3E3#%#6%**20G%5R#%#E,*/4/12G%5U
.#"#09,524%-,($%R#09/$-X5/%R#63(035'$FR#,E3(%#-,($%4%5/#3*3$9;03
.#d,5W3(4*24,&%420#3*B1;09H4;003*#;0#?4X*%&,0#H(20G3*/#-3*+,*&,9200%*
G$TS/+)U*1/."T+43+0
. # d:*4;09344%5_ # 5'3*6/ # 3*3$31 # % # 9353/ # 09:63&G35 # S63(0*2G%1R # -(29/0,1R # 09%1%09R # (H$1;E*3431R#
63(0$;(4;131#$,4H6/1?0#$3&-3*3*B/U
GO)S/,+%$)#$0"f",+%$)#$0
.#t,*/(/4$?0,1
.#009@%5&9%44%5/#-,&%*$%1R#-?51W/,5%*/420
.#b**35E,544%5/#%*%E-,&%*$%1
.#Y%&'#9353/#-,($21#S,(%4X(/?$R#09/$-X5/%R#09,524%R#63(035'$FR#6,5X05;&'30U
!",2V)2/83:/"51'3"2'2*#:4&2.
.#a,62GG#GB6C*#%#+%*1/5W0C1#2(/211%*R#0%59,5,11%*R#1*%009/1?0#+%*,11%*
.#Y%&',GG#4%E%094%*%4(%#4309531#093(4#%#1X(?0.#;0#93531%(/#$?512G%5
.#"#-3*0B#4%&,9%4,0#1X(?00%*#%#1*%009/1?0#5;&'.#6%&'#4:GG09X*%$Q#1X(?0$F631#$3**344#A%99#A3**3&F#
+%(%G,1%4R#0E/(/4?2*;1%4R#&,0E3*.3134#/0#;5313*531
.#f3E/**%54%5%1#%#@%($X5/%4%5G%#;0#3**35E,544%5G%
.#"#9353/#-,($%4%5G%5#$,04#%#1*%009/1?0#04H*?0#9353/#-,($2/4#/0$3(/1#$3&#$;*'3GG35R#3*3$9/1#;0#
E(XG2*A21#1/#S09,524%-,($%R#09/$-X5/%R#63(035'$FU
.#qX*#/0$3(4#9353093(9B1#6%&'#935;0931#;*34(%A924#+,*&,9921#-3*#:52**X%5
.#d,5W3(43134#*24,&%45%1R#$3*'31(3#-3*1;09C*531#;0#$3*'3134#?4X*%&,0%5#-3*+,*&,95%1
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35 # %9 # ;6G35 # 6%5 # % # *3&4:GG # /01,*2G%5 # % # 93534:(4;534 # 3E,W@%R # $3*' # %9 # 3++/& # /0$3(4#
9353+%(%G,1%4R#/$E?*9?0,1%4R#04H*?0,1%4#;0#093(9B134#3*@3*'39/#%9#/+BG35D#"9#3E,W@%#139+B+@34#
%12(#%9#3$G3(/0;&#1,(2GG/#1?*4Q(09%1%09%/6%*#SX./5+/%/R#XE3(90%R#X.3&'/E4,$/R#&:(:&.(X$%/UR#;0#%#
JND#0929%+#9353/#-,((%+%*$2/&#S8W@:5G3(&R#f%(4X1U#63934/#3*#%#+/21,1%4D#a,62GG-3A*3094@34AC1#3935#
%# 93534:(4;534/# 3E,W@25# 13(3094C*# /0#%# 9353/# H4;*3434R# %# 9353/# H9*;04# ;0# %#9353/#/&;5'4D #d/3$3*4#
3*3$3#%#9353/#$?5125%1#%#1*%009/1?0R#/**3463#(,$%54/1?0#$F+%*,1#09X*X;531*;03D#73&-/&'3*@34B#%#
9353 # +(2$%/ # @%420%R # % # (/4$?0.+%**%$.@%($X5/% # :0093+,*&,920%R # % # -309C*40;&.,*+20#
4C1(:9B+;0;G35D#qX#4;$%#%#9353#13*43443#1;E31R#6%*%$/54#1;E31#13*43443#9353#S7?09,(&091/A_#b&'#
1/2**H420#1;E3/R#>/W@%(+#84(%?00_#a/**#b?*350E/3&3*UD
n,54,0#%9#:0093@%0,5*H4X#W;*Q#9353@%**&%420R#E*D#x/30#/(%3#%#&(3&X(/25#935;G35R#7,9%(4#;0#T3(+/#
>3?/3$.$/0;/G35D
m'$02'23

i;"U'$

I)Y8232/"3O*1/
.#f/94,0%GG%5#,*6%05%1#G,5',*?*4%GG#1,44%1;E34
.#d,5W354(2*4%5#@%**&%45%1#9353$F63134#;0#%9#3*$;*'H4344#93533*$;*34/#4?+20(%#%*%E,9,44%5#$3&#
4?+A21#H4;*5/#393134
hh]

.#d;E3031#1/@%**&%45/#%#$F631#;(93*$/#@2443(;4
J$431'%&.",2V)2/83:/."S:)+0
. #"# +%*1/5W0 # GB6H4;03_ # (,$%54/1?0 # $F+%*,1R # 1X(?0$F631R # 5;E+%*,1R # 1%$%(%1X(?0 # S+?X1R # 4(/X1R#
16%(434431#/0U#%#W%E3**%#6%&'#1H0;(3443*
.#a/*4%1,9X#+%*,1R#42(0%+%*,$1(/4/1%
.#e01,*%93531%(G%5R#1%$%(%3&'C443031G35R#,0942*'93531%(G%5#S0E3W/2*/0#@%5&093(3*;0R#%$3*'G35#
$/5+351/#1;E300;&#093(/54#(;094#63@34U#+,*&,95%1#%#+/21,1
.#fB6C*531#%9#/$E(,6/92W/X0#-,($21
.#3534:(4;534#3E,W@%#%#-B,14%420G%5
.#n3A*B+;0/#1,(09%1,1#%#93534:(4;534G35#%#139+34314B*#%#JND#0929%+/&
.#q3*354B0#$F631#%#1C*:5G:9B#1,(09%1,1GX*R#@%5&0Q*',0%5#%#(,$%54/12GX*
.#"E,**X/R#+/,5C09,09/#3*3$31#1/-3A39;0$X+A%/R#-,($2/
.#t(,&(%$9353
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
.#89X*X;531*;0#SE*D#8W@?G3(4_#a;*/#?4%920R#$20#(,$%54/1?0#$F+%*,1U
.#dC*:5-;*3#9353+%(%G,1#*3H(20%R#:0093@%0,5*H420%R#,0942*',920%
.#"#1*%009/1?0#-,($21#24%*%1?*20%R#1/GB6C*;03
.#"#1(,$%4/1?0#@%5&0,(
.#b&;09@%5&Q#012*%
.#"#4,5%*/420#09;4@?**20%
.#H(20,0#$?5121#5%&'#(,$%54/1?0#9353093(9B1#;*34;(B*#S8W@?$%55R#[@,E/5R#l/094R#)%&53(U
.#d,5W3(4*24,&%420#3*B1;09H4;003*#;0#?4X*%&,0#H(20G3*/#-3*+,*&,9200%*
G$TS/+)U*1/."T+43+0
.#a:(4;53*3$_#%#13(3094;5'0;&#935;A3#S&(3&,(/25#9353R#%9#3?(XE%/#93531?*4Q(%#1Q4-BA3U
.#a:(4;53*$/#1,(1;E31M9353/#04H*?0,1
.#a:(:1#6/*2&#.#13*34/#3*3$31#%#d2(E24.$3+35W3#5;E935;A;G35
GO)S/,+%$)#$0"f",+%$)#$0
.#t(,&(%$9353
.#b&;09@%5&Q#012*%
.#353/#04H*?0,1
.#7F6;09344:(4;534/#634C*3431
.#d(,$%4/1%
.#n,($%4%5/#-,&%*$%1
!",2V)2/83:/"51'3"2'2*#:4&2.
.#"#+%*1/5W0#4,62GG/#GB6C*;03#(,$%54/1?0#$F+%*,11%*R#-,((%+%*$/R#4/*4%1,9X#+%*,11%*
.#Z%5&093(30#(;096;43*#1%$%(%3&'C443031G35R#93531%(G%5
.#n3*0B#4%&,9%4,0#1X(?0R#1%$%(%1X(?0#(3E3(4X(/?$25%1#GB6C*;03
.#fB6C*#%9#/$E(,6/92W/X0#*3@34B0;&31#42(@29%
.#p4-,&X#1;E#%9#X1,(#935;A;4B*#5%EA%/51#935;A;/&
.#oA#9353/#-,($211%*#4%*2*1,95%1_#09/$-,5/1?0#1:*43$;5'R#(%E09X+/%
.#73&/0$3(/1#%#(,$%54/1?0#9353#;(93*$/#4%(4%*$%/4
.#"#9353093(9B1#;*34;4#:52**X%5#+,*&,9921#-3*
.#e0$3(/1#%#1(,$%4/1?0#@%5&0,(4#;0#3&;09@%5&Q#012*24
hLN

.#d,5W3(43134#*24,&%45%1R#$3*'(3#-3*1;09C*531#;0#$3*'3134#?4X*%&,0%5#-3*+,*&,95%1
=;N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
>:6/+35#QA(%#24#*3@34#431/5435/#%#93534:(4;53434R#+3#3GG35#%9#;6G35#%#@%5&0Q*'#%#JND#0929%+/#;0#
1,(42(0#935;5#6%5D#"#+/21,1#1;E300;#62*@%45%1#%((%R#@,&'#%#$,+3(5#9353#A3**3&93430#A3*350;&3/4#
-3*/0$3(A;1#;0#*3H(A21D#"#93534:(4;534#-B#2(%$*%4%/5%1#$3&;(4;03#03&H4#%#+/21,15%1#%GG%5R#@,&'#
4?+%4,0%5#-,(+?*A%5%1#%#$%#1;(+;03/#;0#E(,G*;$2/#-3*;D#73&;(4/1R#@,&'%5#4C1(:9#093$;*'30#3$G3(/#
;0#/0435/R#09%1(2*/0#;(9;03134#%#9353#S6/*2&/#;0#3&'@29/#9353UD#73&;*/1#%#+(2$%/.*H(%/#1,54(%094,1%4R#
6%*%$/54#%#$%&?51GX*#1/-3*;R#6%&'#%#$%&?51G%#G3-3*3#63934B#@%5&@%420,1%4D
b11,((% # 1/%*%1?*@%4 # 3&'-%A4% # ;(9;1 # % # -/%4%*,1G%5R # @,&' # % # 1C*:5G:9B # 9353093(9B1 # 04H*?024 # 3*0B#
@%**20(%# $3& # 4?+A21# 1C*:5G:94345/# 3&'$204X* # SE*D # Z%'+5R # 7,9%(4R # f334@,635UD # n,54,0# 303$;5'#
*3@34 # 3&' # ,*'%5 # 1:9:0 # $F6;0934/ # %*1,420 # *;4(3@,920%R # %$3*'G35 # 4:GG # $F6;0934/ # 2& # /0#
:00931%EW0,*X+/1D
m'$02'23

ih"U'$

I)Y8232/"3O*1/
.#f/94,502&&%*#3*/&%9,+5%1#%#93531?*4Q(21G%5
. # d/-3A*344 # (/4$?0.R # @%($X5/%.R # -,($%;(9;1C1 # 1;E300; # 4309/ # B134 # %((%R # @,&' # %14H6%5#
G3*31%EW0,*X+A%5%1#1:(5'3934C1#9353/#;*34;G3
.#n,&;1,5'%1#%#9353/#$/5B0;&#;0#3094;4/1%/#;(4;131#/(254
J$431'%&.",2V)2/83:/."S:)+0
.#x%*1/5W0#GB6H4;03_#1X(?0$F631R#5;E+%*,1R#JND#0929%+/#$F+%*,1R#1%$%(%+%(%G,1#%#W%E3**%#;0#
1H0;(3443*
.#89X*X;531*;0
.#n3*0B#4%&,9%4,0#1X(?0_#f%(4X1#;0#d,+2*'#3&'30#1X(?0$F63/R#t%*304(/5%R#7,54363(+/R#f'(+#E,*/-X5#
3&'@29/#$F63/R#1%542421
.#e01,*%93531%(G%5R#1%$%(%3&'C443031G35R#,0942*'93531%(G%5#$/5+351/#1;E300;&3#093(/54#6309#
(;094
.#fB6C*@34531#%9#/$E(,6/92W/X0#-,($21
.#3534:(4;534/#24431/54;0R#$3*'G35#%#@%5&0Q*'#%#$,+3(5#935;5#6%5#Sx3G?00'4B*U
.#"#9353#-3A*B+;03#%#$20,+/1#6/*2&@2G,(Q#?425
.#>2431/54;0#%#1,(42(0#935;(3#Sl/&34/R#d?(42&R#q%5%W31R#"(6,#t(4R#t35+3(3W1/R#[%&3R#04GDU
.#n/*$9353
.#"#9353#;0#43W@5,*X&/%#S3*314(,5/1?0R#09/5434/92*4R#092$H4X&;E30#9353U
.#Z%($X5/%4%5_#4/9351;4-,1Q02&
.#fQW0Q1,5W3(4R#43@340;&30#+/21,1#09X*X$?512A%
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
. # d:9:0 # $F%*1,420 # *;4(3@,920% # 1C*:5G:9B # $F6;093431 # G36,52026%* # S9353R # 1:*4;0934R # 3?(/4$/%R#
+(2$%R#09,G(209%4R#09H5@%420,1U
.#n,54,0#JND#0929%+/#$F631#;0#9353093(9B1#S8W@:5G3(&R#f3(&R#t(,1,-A36R#894(%6/5091/AR#f%(4X1R#
d,+2*'R#Z/5+3$/4@R#7300/%35R#04GDU#/0$3(434;03R#A3**3$9;03R#:0093@%0,5*H420%#;0#W0,E,(4,0H420%
.#b&'#$,+3(5#9353093(9B#;*34(%A9%#S:52**X#H(20,0#$?51%U
.#d,5W3(4*24,&%420_#1*%009/1?0#;0#$,+3(5#$F631#3*B1;09H4;003*#;0#?4X*%&,0#H(20G3*/#-3*+,*&,9200%*
hL!

G$TS/+)U*1/."T+43+0
.#b094;4/1%_#$/#%9#;(4;1#%#935;G35R#3094;4/1%/#;0#;(9;1/#;*$;5'31#9353/0;&3
.#a:(4;53*3$_#24-,&X#1;E#%#4:(4;53*$/#1,(,1#*3*1/#@2443(;(B*
.#x(2$%_#9353/#@244;(#$3&43(3$4;03
GO)S/,+%$)#$0"f",+%$)#$0
.#x,+31%-X5/%
.#7,+3(5#9353/#;EH4139;0#-,&%*$%/
.#7,+3(5#E%*3,&(2-/%#%*%E-,&%*$%/
.#89/5434/92*4#9353R#092$H4X&;E30#9353
.#f/4,5%*/420R#%4,5%*/420R#-?51W/,5%*/420R#3&;09@%5&Q#012*%R#%*3%4X(/1?0#9353#;0#1,51(;4
!",2V)2/83:/"51'3"2'2*#:4&2.
.#a,62GG#GB6C*#%#+%*1/5W0#JND#0929%+/#$F+%*,11%*R#1%$%(%+%(%G,11%*
.#"#-3*0B#4%&,9%4,0#6%&'#1%$%(%1X(?0G%5#53@393GG#$F63134#/0#3*;5313*531#%#+/21,1R#E*D#f%(4X1R#
d,+2*'R#/**3463#(353092509#6%&'#G%(,11#5%&'#-,($21%4
.#"#1X(?0#;0#%9#/01,*%#93531%(%#3&'C44#*;E531#-3*
.#"#+/21,1#0%A24#$F%*1,4204#@,95%1#*;4(3#4:GG#1C*:5G:9B#$F6;0934#G36,52026%*
.#b&'30#+/21,1#09X*X3*B%+20,5#+,*&,95%1
.#"#93534:(4;534G35#QA(%#3*$;*'3+531R#$2(#$3&;(4/1#%#JND#0929%+/#;0#1,(42(0#935;4
.#n,54,0#JND#0929%+/#$F63134#;0#9353093(9B134#/0$3(531#$3&
.#>2431/543531#%#9353#;0#3*314(,5/1%#1;(+;03/(3
.#b*$;*'C*531#%#@%($X5/%4%5G%5
.#73&/0$3(/1#%#4/9351;4-,1Q02&,4
.#d;E3031#:009E,54,0H4,44R#3*$;*'C*4#-/&'3*$F#9353@%**&%420(%
.#d,5W3(43134#*24,&%45%1R#%$3*'(3#-3*1;09C*531#;0#%$3*'34#?4X*%&,0%5#-3*+,*&,95%1

6X5:/823."3$4O)#14&+0"["2/83:3.0$
Q252823:/
" # 4%542(&' # W;*A%R # @,&' # -3*;G(30093 # % # +/21 # $F6;093431 # /(254/ # ;(+31*B+;0;4 # ;0 # 03&H403 # %9,1#
$3&;(4;0;4D # " # $F6;0934/ # 09%1X(21 # 3*$;*34/ # @2443(;4 # %+A%R # ;6-,*'%$,51;54 # $20 # 5;9BE,54GX*#
1:93*H463#$3&#%#$F6;093431#093(3E;4R#;0#%9#3$G3(/#4?+%4#$F6;0934/#%*1,420,1G%5#434435#;(@34B#
-3A*B+;0;4D
"#$F6;093443*#6%*X#$?51%#3*B03&H4/#G/9,5',0#*3*1/#1;090;&31#1/-3A*B+;0;4R#$;*'C*;0;4R#G3*3;(463#%9#
;(9;13*;0#;0#H4;*34%*1,420#3(B43*A303GG;#62*2024D
Z2(,$#%*%E634B#093$E,54#;(6;5'30#%#-3*0B#4%&,9%4#5;&'#,0942*'2(%#3&'%(254_
"9#;(9;1093(6/#;(9;13*;0#-/5,$H420%R#%#4?+%4,0%GG#@%**20R#*2420#;0#-,&%*,$%*1,420#1;E300;&;531#
/54359H6#/01,*2920%#%#6/9?2*/0#$F6;093431R#%#9353#;0#1:*4;0934#4%5?*$25',92025%1#03&H40;&;63*D#
b5531#;(+31;G35#G3#13**#6,55/#%9#;(9;1093(6/#4%E%094%*20#43*A30#012*2A24R#%$/#%9#;*B#&,5+,*1,+20#
$F63*;0;531#%*%EA%D
"94#%#1;E300;&34#13**#2E,*5/R#%$/63*#%#$F6;093431#3094;4/1%/#$/5B0;&;4#$/5+#/+BG35R#$/5+#4;(G35#
;(4;13*@34/1D#[;*#%#-/5,$#$/5B0;&G3*/#1C*:5G0;&31#-3*/0$3(;0;531#/01,*2920%R#%9#3*$;*34/#09X1/5W0#
;0#%#$F6;0934/#43($/5,*X&/%#1/%*%1H420%R#@,&'#$F6;0934/#$/5B0;&3134#*3@30035#$3&6/4%45/R#$/54#
-,($%R#4:$3&R#4X5?0R#09H5#;0#$,9&20#04GD
a,62GG/#W;*1/4F9;0#%#$F6;093443*R#$F6;09344:(4;53443*#1%EW0,*%4,0#4?+20#$3&093(9;03#%9#3$G3(/#
4?+%4#-3A*B+;0;531#4C1(;G35D
"#$F6;0934/#4%5?*$25',1#QAR#1C*:52**X#4%542(&'1;54#%#-3*0B#4%&,9%4#3*3A;5#A3*35531#$3&#62*%091;54#
hLJ

%9,1(%#%#-/9/1%/#;0#*3*1/#62*4,920,1(%R#%$3*'3135#%#-/%4%*#3$G3(31#13(3094C*$35531R#;0#%9,1(%#%#
1;(+;031(3#;0#09C10;&*3431(3R#%$3*'3134#3#62*4,920,1#3(3+$;5'39531D#"@,&'%5#%#4?+,$25',0#
4%542(&'%1 # QA # @%5&0Q*'4 # 1%E5%1R # Q&' # % # $F6;0934/ # 4%5?*$25',1 # 3&'-%A4% # 3&'350Q*'4 # @/6%4,44%1#
*;4(3@,95/_#%#$3&62*4,94%4@%4%4*%5#43($;0934/#4:(6;5'31#?(%*4%#6/*2&&%*#3**354;4G35#%#$F6;0934#3&'#
,*'%5#G/(,+%*,$R#%@,*#%9#3$G3(/#09%G%+02&#$3&5'H*@%4D
"#5%&'#$F6;0934/#%*1,420,1#62*%094#%+@%45%1#%#-/%4%*,1#4:1;*34300;&(3#4:(316B#62&'%/(%D#l3&%*2GG#
1;E3135#13(3094C*#1/3*;&H4@34/1#%9#309$;5'/#/(254/#62&'?1%4R#;0#-3*$3(C*@34#%9#%#&,5+,*%4R#@,&'#%#
1;E/#$3&A3*35;0#093**3$/#(3%*/4204#4%1%(D#"#$F6;093431#6/*2&2GX*#6344#4;$21#%#5;&'#,0942*'#0,(25#%#
-/%4%*,1 # G3*0B # /&;5'3/GB*R # 09C10;&*343/GB* # %+X+5%1R # +3 # % # 4%5%5'%& # 1/62*%09420%R # % # @%5&0Q*',1#
$3&62*%09420%#43*A30#$;(4;1G35#%#4%52(4X*#-C&&D
PN":5,+)&$#
6X5:/82339'3:423
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# 6/9?2*/0 # $F6;09343135R # % # $F6;09344:(4;534 # %*1,420%/5 # 6%5 # % # -B # @%5&0Q*'D #"# 5%&' # $F6;0934/#
%*1,420,1#4%5?*$25',92025%1#W;*A%R#@,&'#-3*;G(30093#%#$F6;0934G35#(3A*B#09;E0;&#;0#5%&'02&#
/(254/ # *3*1303+;04R # ;*6393434R # 6%*%$/54 # %9 # %*1,4XR # 43(3$4B # 3$G3( # /(254/ # W0,+2*%4,4D # "9 # ;(9;031#
1/-/5,$?*4%GG%1R#2(5'%*4%GG%1#*309531R#%#$3&-/&'3*;0#;*;513GG;#62*/1R#%@,&'#%#-/%4%*,1#$3&/0$3(/1#
% # $F%*1,420,1 # 093$*;*;0;531 # $X+A24D # "9 # 3094;4/1%/ # ;(9;1 # 1/%*%1?*2024 # % # 5%&' # $F%*1,420,1#
$3&/0$3(;0;5R#4%E%094%*2025#13(3094C*#/01,*299?1D#b&'#4,62GG/#093$E,54R#@,&'#%#5%&'#4:(4;53*$/#
/+B09%1,1 # ;0 # % # $F6;09344:(4;534/ # 1,(09%1,1 # :00934%(4,9202(% # -3*-/&'3*A3531R # ;0 # 393134R # $/54#
24%*%1?*20/# -,*'%$%4,1%4# ;(9;13*A;1D # l3@34# 4;$251# %# 09;E0;&_ #7/4 #4%*2*4%1# %9# X1,(/#3&'/E4,$/%1#
09;E531z#Z,&'%5#4%E%094%*421#$3&#%#&:(:&:1#%#09;E0;&34z#7/#6,*4#%#09;E0;&#3*$;*343R#/+32*A%#%#
(353092509#/+3A;5z#7/4#A3*354#%#09;E#%9#QA1,(#3$G3(;531z#"#4;$24#$/5+/&#1,51(;4R#:0093634@34B#
$F63135 # 13(3094C* # $?4%00?1 # G3R # @,&' # AX* # ;(9;13*@34B6; # 62*A%5%1 # %9 # 24%*%1?*20/ # -,*'%$%4,1D#
r*341,(/ # 0%A24,002&,15%1 # AX* # $3&-3*3*B31 # *3@34531 # % # 5B. # ;0 # -;(-/2G(29,*20,1 # 6%&' # % # $/4/1?0R#
1363(;1#*;5'31D#b9#?4XGG/(%#AX#E;*+%R#@,&'#%9#X1,(/#09-/5`34#%*1,4X#*;5'31#@,&'%5#A3*35531#$3&#%#
13(3094;5' # $F6;0934G35 # %9 # 36%5&;*/0421 # 09/$GX*?$%/G%5D # " # $F6;09344:(4;534 # 03&H40;&;63*#
%*%1?*A,5 # G355C1 # 3&' # ;*B # 1;E # %((X*R # @,&' # %9 # 3$G3(/0;& # -3A*B+;03 # 3&' # -,*'%$%4R # %$3*'531#
1:634139B#2**,$20%#%#$/#1,(?51GX*#5B@34#1/R#0#35531#%*%1H4202G%5#$2(#B1#/0#(;093031D
m'$02'23

><"U'$

I)Y8232/"3O*1/
"9#3*B9B#;631#4:(4;53*3$@39R#$F6;09344:(4;534@39#1%EW0,*X+X#/0$3(343/R#6%*%$/54#%#$F6;0934/#
4%542(&'%1#/0$3(343/
J$431'%&.",2V)2/83:/."S:)+0
n/&'3*3$G3 # 6;63 # %9 # ;*341,(/ # 0%A24,002&,1%4 # -,54,0R # @,&' # 53 # 3&'093(F35 # <-3*0,(,*A?1= # /+B(35+#
093(/54 # %9 # %*1,420,1%4R # @%53$ # 03&H40C1 # % # +/21,1 # 093$;*'30 # Q413(30;0;4 # % # $F%*1,420,1@,9D #"#
$F63113*#3&'-%A4%#$F@3*'@%5&?*%4G%5#4?+5%1#/&%925#4%*2*1,95/R#%$/1,(#$%&?1#/0#%14H6%112#62*5%1#
G309;*&34;03135 # 6%&' # -3*+,*&,9XR # 1(3%4H6 # -3*%+%4,1,5 # 13(3094C*D # " # ]D # ,0942*'G%5 # %9 # H4;*B3(B#
-3A*B+;0;531#139+34;5#3(B43*A3035#;*/1#24#%#E,*%(/420,1%4D#b94#%#-31343.-3@;(#6/*2&,4#%#&(%-/1%#X(21#
4%5%5'%&%#/0#4C1(:9/D#"#$F6;09344:(4;534#%*1,420%/4#/0#%9#3**354;431#A3&';G35#(35+093(399C1#;0#
$?4%4A?1#G3D#"9#/+BG35#426,*#*;6B#%*1,420,1#E2(G%#2**H4@%4X1#4%(4%*$?1R#$,5+%5/6%*XA?1R#1;09H4;0/#
43W@5/12A?1#04GD#2*4%*D#"#-/%4%*,1#(35+1H6C*#5'/4,44%1#%#$%/#1,(#%*1,420%/(%D#r(+3$30#%9#B0/4R#X1,(/4R#
hLI

1:9;E1,(/4 # E2(@?9%$G% # 2**H4%5/ # ;(4@34B # 093$E,54,1 # SE*D # %9,5,0 # 4;$%R # $,4H6?$R # 43W@5/1% # 04GDU#
%*%EA25#QA1,(/R#$,+3(5#1,(/#%*1,420,11%*D#b993*#%#$Q*4#3$G3(3#-3*;#?4%4#5'/4?51R#0#%#-/%4%*#53$#W0%1#
*34F54#/+B1#(;09;531#*24A%#%#$Q*4G%5#*;4(3@,9,44#;(4;13134R#@%53$#%@@,9#/0#1:93*#4?+#13(C*5/R#@,&'#
$/;(4#W0,+2*@%4A?1#393134#$%#/0D#T%*%$/54#3935#13(3094C*#$3&;*/#%94#%#*3#53$#92(4#-,*'%$%4,4R#%$/#
%9 # 3$G3(/0;& # Q4A%R # 0 # %$3*'531 # A3*35 # 1,(?51 # /0 # %14?2*/0 # 2**,$20%D # n,54,0R # @,&' # % # -/%4%*,1G%5#
1;(+;031 # ;G(3+A3531R # @/0935 # 39 # %9 # 3E,W@% # 63934/ # G3 # B134 # % # 1:634139B # ;631 # $F6;0934/#
4%5?*$25'%/G%R#%$/1,(#1;(+;03/1(3#13(30/1#%#62*%09,1%4D
" # -/*,9X-/%/ # &,5+,*1,+20(% # $;& # 136;00; # 1;E3031D # n,54,0R # @,&' # 1,51(;4?$,1R # %+%4,1R#
1:(C*$;5'31R # $F6;0934/ # 43W@5/121R # %*1,4X/ # ;*34?4%1 # /0$3(434;0;5 # 13(3094C* # ;G(3+A35 # G355C1 # %#
W0,+2*%4R#%#1H625W0/02&#;(9;03D#b93135#13(3094C*#4?+A21#13(305/#%9#%9,5,0?*204#%9#%*1,4200%*R#;0#
;G(3+@34 # -3* # G355C1 # %9 # /&;5' # % # 093**3$/ # 4%(4%*$%1 # $3&(%&%+202(%D # b931 # $3&-,&%*$%920%#
%9,5G%5#$;&#1,(%/#*3553D#t*D#3&'#X1,(/#&:(:&#43$E*,$#G3$?4%420252*#%#42A#;0#%55%1#$3&;*;03#
*3@34 # % # AX # 1//5+?*XE,54 # S% # 09/&3431 # 0,1%02&%R # %9 # 3&'$204X* # @3&'3113* # ;0 # 435&3((3* # 3*09/&343*4#
6:*&'31#;0#:G*:1R#%#43$E*,$#1;E3#%#42AG%5R#%9#/043531#43($;0934@39#1:93*/#/$2+%4%UD
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
7F6;09344:(4;534/#%*1,420,1%4#62*%094@%4?51#%9#%*2GG/%1GX*_
%9#B042(0%+%*$%1#;0#%#43($;0934/#5;E31#$F6;09343
X1,(/#b&'/E4,$
739,E,42$/%#$F6;09343
d(;4%#$F6;09343#SG/1%1?*4?09R#$/5,09/#$,5+21U
&:(:&#$F6;0934
(X$%/#$F6;0934
34(?091#$F6;0934
X13(3094;5'#$F6;0934
1:9;E1,(/#$F6;0934
(353092509#$F6;0934
%9#QA1,(#$F6;09343
G$TS/+)U*1/."T+43+0
" # -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # %9 # /(,+%*,$R% # 4:(4;53*3$ # /0$3(343/(3R # 6%*%$/54 # %#
$,9&X1;E#1?*4Q(%R#;0#%#$F6;0934/#09%142(&'%1D
GO)S/,+%$)#$0"f",+%$)#$0
G363934;0#%#$F6;0934/#4%5?*$25',1G%R#3094;4/12G%g#$F6;09344:(4;534/#/0$3(3431g#$F@3*'@%5&?*%4R#
093$;*'30 # Q4 # % # $F631@39g # %9 # 3$G3(/0;& # Q4A25%1R # $/54 # -,*'%$%45%1 # ;(9;13*;03 # % # $F6;0934#
4C1(;G35#SE2(@?9%$,1U
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#-3*#4?+A%#/0$3(5/#%#1C*:5G:9B#1,(,1#3$G3(2G(29,*20%/4D
" # $/4,*X&/21R # $,5+21R # ;*341;E31 # %*%EA25 # 4?+ # 1:6341394345/ # %9 # 3$G3(31 # &,5+,*1,+202(%R#
;*34$X+A2(%D
73&*24A%#%#1,$E,52*402&,4R#1,$E,9HW/X4D
w'%1,(*%4,1#2*4%*#$3&4%E%094%*A%#%#1C*:5G:9B#1,(,1#4;(.#;0#3$G3(2G(29,*2024D
b094;4/1%/.#;0#09;E;(9;13#-3A*B+/1D
e0$3(4345/#4?+A%#-304$;5'31R#09,G(,1#1;09H4;0;531#43W@5,*X&/2A24R#E*D#G(,59:54;0R#-(301X
=<N":5,+)&$#
hLh

G9)3:/8233$4
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"#!ND#,0942*'G%5#%9#3094;4/1%#4%542(&'G%5#%#1:*4;09344%5.3E,W@25R#%#1:*4;0934#;0#5'3*6#$F6;09343#
2*4%*#*;EC51#4,62GGD
b5531#1:09:5@34B35#%#-,&%*,$%*1,420#;0#%#5'3*6/#1/-3A39B3091:9:1#$F6;09/#@%0952*%4%#62*@%4#
;(3443GG;D#b9#%9#;6#/0#%*%E634B35#%9#%*1,4XR#$F@3*'@%5&?*%4G%5#9%A*X#$3&1:93*H4;0(3#%*1%*$%0D#"#
]D#,0942*'G%5#%#1;E3134#%9#%*1,420,1,5#13(3094C*#1H6C*(B*#1%E421#%#-/%4%*,1R#$,04#%#5'3*6#2*4%*#G3*0B#
1;E3/134#%+@%4A21#24R#&'%1,(,*6%#%#$3&-,&%*$%920#1C*:5-;*3#04H*?0G3*/R#-,($%G3*/#A3**3$9B/4D
m'$02'23

><"U'$

I)Y8232/"3O*1/
" # ]D # ,0942*' # /0$3(343/R # 1C*:5:0 # 431/543443* # % # $%&'%( # 5'3*6 # ;0 # /(,+%*,$R # % # 4:(4;53*3$R # %#
$F6;09344:(4;534#/0$3(343/(3R#6%*%$/54#%#$F6;0934/#09%142(&'%1#/0$3(343/(3D
J$431'%&.",2V)2/83:/."S:)+0
b9 # %9 # 3E,W@% # % # 5'3*6 # 3(3+34;531 # ;0 # 093(3E;531R # % # 5'3*6531 # $/54 # *;5'3&/ # 1,$$?5/12W/X0#
3091:9531R # % # 09/$G,*/1?0 # 1/-3A39;0/ # $X+5%1 # ;0 # % # 6/*2& # $/5B0;&3/ # $3&5'/*%41,92025%1#
6/90&2*%426%*#139+B+@34D#"#1:*4;0934#4%5?*$25',920%#-3*-3+39/R#@,&'%5#62*/1#%#1:*4;0934#;0#%#5'3*6#
$F6;0934/ # -,($262D #"9# /+B # %# $F6;09/ # 1;E9;0G35 # 093(3E34 # A2409X# +/$359/X1;54 # A3*35/1 # $3&D #"#
<4;(G3*/=#;0#</+BG3*/=#$F6;093431#E,*%(/42025%1#6/90&2*%4%#/44#4:(4;5/1#3*B09:(D#e44#%#-,($%#;0#04H*?0#
13(C*531 # 3*B4;(G3D # " # -/%4%*,1 # $3&4%5?*A21R # @,&' # %9 # ;(9;031 # %*%1,4 # ;0 # -,($24 # 1%E@%45%1 # %#
1:*4;093435#13(3094C*D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # -B # -3*%+%4 # % # 1:*4;0934 # $3043(0;&;531 # 4%5?*$25',920%_ # % # 1C*:5G:9B # 63(03*;0/ # $X+,1R#
63(0$;(4;131R#$F-%A,1#SE*D#X+%R#09,5344R#G%**%+%UR#(H$1;E*3431#$3&/0$3(;03#;0#&'%1,(*20%_#+/21,1#
1C*:5-;*3#1:*4B/#04H*?0G%5#0%A24#1:*43$;5'3134#@,95%1#*;4(3D#n,54,0R#@,&'#$/5+35#04H*?02(5'%*%4,4#
,GA314H635#;(4;13*A3531_#*3&'35#%9#$%&%094,0#6%&'#1,$/1?0R#$;*'35#G350B0;&30#6%&'#-3*09H530D#
8,1-;*3#(H$R#%9#%009,525WR#%9#%**/43(2W/XR#%#@%5&09/$G,*/1%#1:*4B/#04H*?0(%#&'%1,(,*4#@%420%/#09/54;5#
1;E39@34/1 # % # 6/90&2*%4 # 42(&'24D # k&'%5H&' # -,&*%*1,9@%45%1 # % # 1C*:5-;*3 # 3(3+34F # 09%6%1#
4%5?*$25',92026%*D # b # 4;$2@,9 # 1%EW0,*X+/1 # % # 09*35&R # %9 # %(&X # 5'3*6 # @%42025%1 # 6/90&2*%4% # %#
1:95'3*6(3g # ;0 # % # 1C*:5G:9B # 5'3*6/ # 1*/0;1R # 6%*%$/54 # % # (31*2$G%5R # E,*/4/12G%5 # ;0 # 2*4%*2G%5 # %#
$;+/2G%5#@%0952*4#09%6%1#3(3A;531#4%5?*$25',920%#/0D
G$TS/+)U*1/."T+43+0
"# -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # % # $%&'%( # 5'3*6 # ;0 # /(,+%*,$ # /0$3(343/(3R # 4,62GG2 # %#
$F6;0934/#09%142(&'%1
GO)S/,+%$)#$0"f",+%$)#$0
%#5'3*6#093(3E3g#-,($%#;0#04H*?0g#63(0$;(4;131R#$F-%A,1R#$F53$31R#(H$1;E*3431R#1:*4B/#04H*?0R#1:*4B/#
3091:9:1#@%420%#%#04H*?0(%R#%#09%6%1#3(3A3
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#/0$3(/#%#1:*4;0934#$3043(0;&;531#%*%E3*3$3/4R#;0#/0$3(343/#%*%EA25#%*1,45/#1;E30D
"#4%542(&'#/54359H6#1(3%4/6/420(%#0%(1%**A%#%#+/21,1%4#%#5'3*6#G/(,+%*$2G%5D

hLL

==N":5,+)&$#
q24239'3:423
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"$/54#%#-/%4%*#3$G3(31#$/5+#A,GG%5#G3-3*;R#093**3$/#1;(+;031#-3*;#-,(+?*5%1#3GG35#%#1,(G%5R#%#
935;5#13(3094C*#-/5,$%5#1%EW0,*X+@%4?51#62*4,9X#093**3$/.*3*1/#6/*2&?1@,9D#dC*:5#3E,W@%1;54#/0#
*3@34 # 4%5H4%5/ # 6%&' # 1,$G/52*6% # % # -304;093443*R # /(,+%*,$$%*D #"9 # ?4XGG/ # 3034G35 # %9 # 2*4%*25,0%GG#
3*$;*3431R#%#$F6;0934/#2&%1#0%A24,002&%/#;0#:00934%(4,920?1#%9#3094;4/1%#2*4%*#5%&',GG#@%5&0Q*'4#
1%ED # 73&6/90&2*A21 # % # $F6;0934/ # 2&%1G%5 # *36B # @%0,5*X02&,1%4 # ;0 # E,*%(/420,1%4D # t;*+2?* # -B#
$,4H6?$#*3@34#%#-304;0934#;0#09,G(209%4#%#G309;+4B*#;0#%#935;4B*#6%*X#3*4;(;03_#E*D#?&'%5%55%1#%#
4;$25%1#%#-3*+,*&,920%#%#1C*:5G:9B#$F6;0934/#2&%1G%5D
m'$02'23

><"U'$

I)Y8232/"3O*1/
"# !ND# ,0942*'# /0$3(343/R# 1C*:5:0#431/543443*# %9#3094;4/1%R# %9#/(,+%*,$R# %# 4:(4;53*3$# /0$3(343/(3R#
6%*%$/54#%#$F6;0934/#09%1X(21#/0$3(343/R#1C*:5:0#431/543443*#%#9353/#/0$3(3431(3D
J$431'%&.",2V)2/83:/."S:)+0
"#93534:(4;534#1,(09%1G%5#S%$/4#2*4%*2G%5#%#93534%52(#4%(4U#E;*+21,5#13(3094C*#$?4%4A?1#G3#%#9353#
4:(4;53*$/#-3A*B+;0;4R#H&'#%#+/21,1#$3&4%5?*@%4A21#%#-,($%#;0#04H*?0#9353@%**&%420,5#13(3094C*#6%*X#
;(9;13*;0;4D # 73& # *3@34 # 531/1 # $?4%45/R # @,&' # % # 9353 # 3&'3+C*2**X # % # $F6;093431 # 1:9:44 # %GG%5R#
%@,&'%5 # <-,($24 # :*4 # %9 # /+BG35=D # a,62GG/ # *3@34B0;& # % # $%&'%( # /(,+%*,$ # t%(9/6%* # 3E,W@2A2@,9#
@%0,5*X%5#3&'#3$G*3$%4/1?0#$F#%*%E,0#$3&/0$3(;03_#E*D#7,9%(4_#x,5#w/,6%55/D#"#4:(4;534#9353/#
3091:9:113*#6%*X#$3&6%*X0H420%#;0#1/G,5420%#6/*2&,002#43@34/#%#935;531R#$/54#:52**X#$F6;0934/#
2&5%1#0%A24,0#*3@34B0;&3/4#;0#3091:93/4R#6%*%$/54#%#4:GG/#$F6;0934/#2&@,9#6%*X#6/09,5'24D#b993*#
E;*+24#%+@%4?51#%((%R#@,&'#%#$F6;0934/#2&%1#0%A24,002&%/4#%#-/%4%*#-3*/0$3(A3#;0#;(4;13*A3R#6%*%$/54#
%9 # 3$G3( # $F6;093443* # :0093-C&&B # *;4;(B*R # %9 # 3094;4/1% # 1;(+;03/(B* # 3&'(3 # @%42(,9,44%GG # ;0#
4%&,*4%GG#1;E34#%*1,00,5D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#+/21,1#24431/54;04#1%E5%1#%#9353#4:(4;534;(B*R#%9#B0/#1?*4Q(214X*#5%EA%/51/&D
q%6%0,*4#4;$%1:(:1_
%#&:(:&#@%5&53$31
%#1:9;E1,(/#3&'@29/#935;1R#%9#3&'09X*%$Q#;531314B*#%#E,*/-X5/2/&R
%#4(?G%+Q(#;0#$/55305&3(#;53131
%9#,E3(%#09C*34;03
%#G%(,11#9353#.#f%W@R#Z5+3*
%#4,5%*/420#-3A*B+;03#.#Z%'+5R#7,9%(4
%#9353#E%4(,52*20%
%#(,$%54/1%#-,((%+%*$%
%#$F6;09R#$/54#:52**X#%*1,4X#$3&09C*34;03.#f334@,635
%#09/$-X5/%R#%#W,5W3(4,#;0#%#5%&',E3(%#1/%*%1?*20%
%#5%&'#\e\D#0929%+/#9353093(9B1#;*343
%#4,5%*/420#:0093,$*20%#%#\\D#0929%+G%5R
%#!J#-,1Q#@%5&0,(R
E;*+21#\\D#0929%+/#9353093(9B1#$F63/GB*D
hLO

Y/3490W@3#3*$;*34;4#%9#%E,**X/#;0#+/,5C09,09/#$/5B0;&31#3**354;4;(B*#/0#%*1%*$%95/#*3@34#%#935;(3D#
SY;@25'#E;*+%#3#E,*%(/420(%_#E354%4,5M1(,$%4/1?0R#@%5&M+%**%$R#Z%5+3*Mf%W@R#x3G?00'M)%&53(UD
b&'#62*%094,44#$F#(;09*3430#/0$3(343R#3*3$9;03#%+,44#093$E,54,1#093(/54D
G$TS/+)U*1/."T+43+0
4:(4;53*3$R#$%&'%(#/(,+%*,$R#9353#09%1X(%R#$F6;0934/#09%142(&'%1
GO)S/,+%$)#$0"f",+%$)#$0
93534:(4;534/ # /0$3(3431g # $F3*3$9;0_ # 4%(4%*,$R # $,5+%5/6%*XR # 9353/ # 3091:9:1 # ;0 # 3931#
:0093-C&&;03/g#%#9353#$20#$F6;0934/#2&%11%*#6%*X#:0093-C&&;03/
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21#-3*#4?+A%#/0$3(5/#%#1C*:5G:9B#93534:(4;534/#1,(09%1,1#A3**3$9B#%*1,420%/5#13(3094C*#%#1,(#
935;A;531#0%A24,002&%/4D
"#9353/#5'3*6#;(4BGG#@%**&%4XA262#62*/1D
"#9353X(21#&'%1,(*%4/#4%E%094%*%4%/4#%*242$%094A%#3*$;*34/#/0$3(343/63*D
" # $F6;0934 # 3094;4/1%/ # 3&'0;&;(B* # ;0 # % # $F6;0934/ # 2&%1 # 0%A24,002&%/(X* # 1;E34 # %*1,4 # % # 935;5#
13(3094C*D
l3&%*2GG#3&'#3$G*3$%4/1?0#$F634#%*%E,0%5#/0$3(#;0#%+,44#093$E,54,1#093(/54#3*3$395/#4?+D
=;N":5,+)&$#
pT^3:/82339'3:423
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"9 # ;6 # %9,5 # 1:6343*$;5';531 # $3&-3*3*63R # $/093(/54 # % # 4%5%5'%&,4 # 3&'343$30 # 093$E,54GX* # 13**#
$3&1:93*H435/R#%#4;$%#%#$F6;093431#3&;09;531#24431/54;03#*3@34D#k&'%5%11,(#%9#;EH4;0934#A3*35/1#
$3&#%#!JD#,0942*'G%5#%#*3&@%5&0Q*',0%GG%5D#"9#;EH4;0934R#$/54#3&'343$30#$F6;0934#A3*35/1#$3&R#
$%&2G% # -,&*%*6% # %9 # :00930 # 4:GG/ # $F6;093434D # b9 # 3&' # 43*A30 # 6%&' # $/5+354 # $%&2G% # -,&*%*X#
$F%*1,420#3*$;*34;@39#63934@34D#b993*#:0093-C&&;0G35#1C*:5#4;$%1;54#$3&A3*35@34#<%#$F6;0934#
-/*,9X-/2A25%1=R#%9#3094;4/125%1#%#G363934;03#/0D
m'$02'23

><"U'$

I)Y8232/"3O*1/
"# !!D # ,0942*' # /0$3(343/R # 1C*:5:0 # 431/543443* # %9 # 3094;4/1%R # 4:(4;53*3$R # $%&'%( # 5'3*6 # ;0# /(,+%*,$#
/0$3(343/(3R#6%*%$/54#%#$F6;0934/#09%1X(21#/0$3(343/(3D
J$431'%&.",2V)2/83:/."S:)+0
"9#;EH4;093434R#$/54#%#$F6;093431#1:9:44#1C*:5*3&30#@3*'34#3*-,&*%*X#2&%4#$?4%4A?1#G3D#n3A*B+;0;4#
@2(,$#093$E,54#-/&'3*3$G36;43*;63*#*3@34#6/90&2*5/_#$F6;09/#-,($%#;0#%*%1R#43W@5/1%/#-3*;EH4;0#;0#
42(0%+%*$/ # -?51W/XD # " # -3A*B+;0 # -B # *;EW0B/4 # E;*+21 # G3$?4%42026%* # /0$3(434AC1D # dC*:5G:9B # ?4%1#
$354;5#*3@34#3#093$E,54,1%4#$3&1:93*H435/R#E*D#%#G3*0B#43(31#$3&A3*35;03#;0#-3A*B+;03R#4;(#;0#
;EC*34R#%#4;(#$/5B0;&3/#SE*D#@,009/(25'Q#6%&'#W354(2*/0%5#,(/3542*4#43(31UR#3&'#4;(#A3**3&3#%#6%**20/#
093$*;*34 # 1/-3A39B+;031;54R # ;0 # H&' # 4,62GGD # "9 # ;EH4;0934 # -3A*B+;03 # 4C1(:9/ # %9 # 3$G3(/ # 4?+%4#
-3A*B+;0;531#1?*4?(2*/0#;0#4:(4;53*$/#*;EW0B/4D
a3($;09343035#%9#;EH4;0934#4%5?*$25',920%#3&;0935#5%EA%/51/&#63934D
7/5+#$;*'3GG(3#*3@34#@%4,*5/#%#$F6;0934#;(43*$;4#;0#*;5'3&;4#431/5463R#3@@39#8W@/**3(_#l363*31#%9#
hLK

3$G3( # 3094;4/1%/ # 5363*;0;(B* # WH$F # $F63 # $3&-3*3*B # 42A;1,9X+20/ # E,54,4 # A3*354@34D # b9#
4,62GG63934@34#0929%+?51#$F6;0934;(B*#6%*X#&,5+,*1,+20/&R#E*D#t%?*#d*33R#q,03E@#f3?'0#6%&'#
q,@5#f3(&3(#;0#%#$,+3(5#$F6;0934#3094;4/1%/#E(,G*;$2//&D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"9#;EH4;0934#4:(4;5343#%9#B01,(4X*#5%EA%/51/&
\\D#0929%+/#$F6;0934
d,(42(0#$F6;0934
G$TS/+)U*1/."T+43+0
" # -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # % # 4:(4;53*3$R # %9 # /(,+%*,$ # /0$3(343/(3R # 6%*%$/54 # %#
$,9&X1;E#1?*4Q(%R#;0#%#$F6;0934/#09%142(&'%1
GO)S/,+%$)#$0"f",+%$)#$0
7F6;09344:(4;534/#/0$3(3431R#$F6;0934-/*,9X-/%/R#3094;4/1%/#-,&%*$%1R#%9#3$G3(#4?+%4/#-3A*B+;0;531#
Q4A%#%#$F6;0934#4C1(;G35
!",2V)2/83:/"51'3"2'2*#:4&2.
"#4%5?*X1#24431/54/1R#:0093&9/1#%#09,G(209%4(X*R#-304;0934(B*#4%5?*4%1%4R#;EH4;0934/#@244;((3*D
b&'394345/ # 4?+A21 # % # -:*+(%A9/ # @3*'34R # % # 4:(4;53*$/ # 303$;5'3134R # % # 6%**20/ # @2443(34 # %#
$F6;09344:(4;534/R#;EH4;0934/#1,(,11%*D
73&4%5?*A21#093$*;*5/#;0#;(43*$395/#%#$,+3(5#$F%*1,420,1%4R#%9#3094;4/1%/#-,&%*$%1#@%0952*%42(%#
4:(31093531D

6+8%U0:T0O)3c'$":/"#:*.$./#2'23
Q252823:/"P-==N":5,+)&$#
" # 7,9&X1;E1?*4Q(% # ;0 # $;+/%/0$3(34 # % # )%*+,(-./01,*21G%5 # % # 6/9?2*/0 # $F6;093431 # (;0931;54R#
62*%094@%4X#4%542(&'1;54#%#1:9;E/01,*%#S-3*0B#4%&,9%4U#@2(,$#;6-,*'%$25#A3*35/1#$3&D#b5531#%#
4%542(&'5%1 # % # W;*A%R # @,&' # % # -/%4%*,1 # 42A;1,9X+5/ # ;0 # 62*%094%5/ # 4?+A%5%1 # % # $,9&X1;E1?*4Q(% # ;0#
$;+/% # 43(C*34;5R # ;0 # 42$,&%4204 # 1%EA%5%1 # %@@,9R # @,&' # ;(4BR # 1(/4/1?0R # ?&'%5%11,( # 3&'35(%5&Q#
(;094636B/#*3@3003531#%9#QA#42(0%+%*$/#09H543(3135#9%A*X#;(/54139;0531R#%#$;+/%+3$,1(2W/25%1D#b#
W;*,1#%9#;*341,(/#0%A24,002&,1#-/&'3*3$G36;43*;63*R#%#436;135'0;&.1:9E,54QR#1(3%4H6#*3@34B0;&31#
-3*@%0952*2026%* # ;(@34B1 # 3*R # ;*$;5' # &%9+%& # @3*'93431G35R # A24;1,0R # %*1,4X # 6%&' # %#
+/0E?4%.$X+093((3#;EC*B#-3*%+%4,11%*R#$F631#-3*+,*&,92026%*R#:52**X#;0#W0,E,(4,0%5#6;&39@34B#
1(3%4H6 # &'%1,(*%4,11%*D # "9 # /5-,($%4/12@,9 # 09,(,0%5 # 1:4B+/1 # 39 # % # 4%542(&'R # +3 # %9 # 3091:9:1#
@%0952*%425%1#43W@5/1%/#/0$3(343/#@3*'344#/44#%#$F6;09/#;(4;131#1:9634H4;0;531#0%A24,0R#+/&/42*/0#
1?*4Q(2@,9#1:4@34B#*3@34B0;&3/5#6%5#%#@%5&0Q*'D#"#1(3%4H6#436;135'0;&#%9#%+,44#/01,*%#43W@5/1%/#
*3@34B0;&3/#093(/54#%*%1H4@%4XD
" # -3*+,*&,920(% # 13(C*B # $F631 # ;0 # $F(;09*3431 # 62*%09420252* # -,54,0 # 093$E,54,4 # A3*3543531 # %#
$F%*1,420,1 # 2*4%* # 1:9634H4344 # 0,(0. # ;0 # $%&%4%(420$/5421R # ;0 # % # $F6;09/ # $,5+%5/6%*XR # %$3**'3*#
3&'(;094#1%EW0,*X+?51#%9#%14?2*/0#E3+%&X&/%/#W;*,1@,9R#$20(;094#%#1C*:5G:9B#4%542(&'%1@,9D#"#
$,9&X1;E1?*4Q(%#;0#$;+/%/0$3(34#3&'.3&'#3E,W@2A25#,*'%5#%*1,420,1%4R#%*1,4X/#&,5+,*%4,1%4#;0#
$F(;09*343134 # $?4%4?51 # -3*R # %$3*'31 # $/5424 # %+@%45%1 # % # -/%4%*,15%1 # %9 # ;(43*$39;0(3 # ;0 # %9#
;(4;162*%09420(%R#;0#3&';5/R#/01,*25#1H6C*/#62*%09420%/@,9#$;(W;4#A3*354@34531D#"#$,9&X1;E1?*4Q(%#
;0#$;+/%/0$3(34#43@24#53$#3&'093(F35#-/*$31#634H4;0;4#A3*354/R#@%53$#%9#3935#%#43(C*3435#*;4(3A:44#
$F631 # ;(4BR # 3*3$9BR # -3*+,*&,9X # $3&1:93*H4;0;4R # ;0 # 3@@39 # 1%EW0,*X+X # 3*$;*34/ # ;0 # &'%1,(*%4/#
%*1,420,1 # *;4(3@,92024D # b93134 # %9 # X(21%4 # 1/3&;09H4@34/1 # -/*$1*?G,1R # $F6;0934/ # /54;9$;5'31#
hLP

*24,&%420%/#S$,9/R#09H5@29R#@%5&63(035'R#$Q93?$R#1/2**H420UR#;0#%#1:9:0#;*$;5'31#$3&G309;*;03R#
;(43*$39;03D # " # -/*$ # ;0 # $;+/% # 43(C*34;5 # +,*&,9X # 09%13$G3(31 # $3&@H62026%* # *3@34B0;&34#
43(3$4@34C51#%((%R#@,&'#%#-/%4%*,1#093$;*'30#;(+31*B+;0C1#$354;5#-3*$3(C*B#1;(+;03/1(3#@/43*30#
62*%09,1%4#1%E@%00%5%1D
"#$,9&X1;E1?*4Q(%#;0#$;+/%/0$3(34#0,(25#4%*2*1,9@%4?51#%99%*#%9#2*4%*25,0#A3*350;&&3*R#@,&'#%#
1*%009/1?0 # $F63*40;&/ # 43(C*34 # E,E?*2(/0 # /(25'G% # 4,*X+/1 # ;0 # @%420,1%4 # $%5/E?*2*R # 39;(4 # % # 4%52( # %#
-/%4%*,1#;*341,(/#0%A24,002&%/GX*#%+X+X#/&;5'3/4#%#$/5B0;&/#%*1,420,1#;0#$F6;09/#;(4;131#-3*;#43(3*/D#
k&'%5%11,( # $3&-3*3*B # $X+,5 # -3*@%0952*@%4X # 39 # % # 4%542(&' # %9 # :5/0$3(34 # ;0 # % # 09,W/%*/92W/X#
;(+31;G35R # % # -/%4%*,1%4 # $;*'35 # ;(/54B # E09/W@,*X&/%R # 42(0%+%*$/ # ;0 # 6/*2&5;934/ # 1;(+;031#
$3&6/4%4202(%D#b*0B+*3&30#%#$F6;09/#;(4;13134#@,(+,9X#-/*$31#$3&1:93*H4;03R#;0#,*'%5#%*1,4X1#
&,5+,*%4%/5%1 # /0$3(434;03R # %1/1 # % # )%*+,(-.E3+%&X&/26%* # :009@%5&G% # @,9@%4X # ;(4;13134#
1:9634H43531 # 6/*2&5;934C113* # ;0 # $F6;09/ # %*1,420%/11%*D # " # $;+/% # 43(C*34;5 # 1/%*%1?*4 # 6/9?2*/0#
A3*350;&3113*#%9#;*341,(/#0%A24,002&,1#093(/54#3&'.3&'#4;$%#3(3A;/&#-,&*%*1,9?51D
"#$,9&X1;E1?*4Q(%#;0#$;+/%#43(C*343/5#5%E/#09/5435#AX#5;@25'#QA#%*1,420#13(C*#%#5;9B1#3*;D#"#
$355'/0;&#@3*'344#%#$/5B0;&#$3&(%&%+202(%#4:(3109C51D
PN":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
"# $,9&X1;E1?*4Q(%# ;0 # $;+/%/0$3(34 # % # ]D # ,0942*'G%5 # 13(C*@34 # G363934;0(3D # bGG35 # %9 # ;6G35 # %#
$F6;09344:(4;534 # 3E,W@2@,9 # 1%EW0,*X+6% # (2$?4%4@%4?51 # % # 1,$$?5/12W/X # 4:(4;534;531#
$3&@%42(,9X#-,(+?*XE,54A%/(%R#%9#H(20G3*/0;&R#%#1:5'65',$4%420#;0#0,109,(,0H420R#%#-,4,&(%-/1?0#
1;E(:&9H4;0# ;0# %# +/&/42*/0# A3*1393*;0# -,*'%$%42(%R # 3# -,*'%$%4 # 4:(4;53*$/ # @2443(;(3# ;0 # %# 62*4,920#
42(0%+%*$/#1:634139$;5'3/(3D#k&'%5%11,(#*244%45?51#13**#%#1;E31#3&'$20?425/02&25%1R#%#4:(4;534#
3*$,5+@%4X02&25%1#6/9?2*/0#*3@34B0;&3/4#%#$F6;09344:(4;534#0,(25R#%$/63*#$/5+/&#/0#;*4#%9#3$G3(#
SE*D # B01,(/ # G%(*%5&-304$;5'31R # X1,(/ # 3&'/E4,$/ # -%*-304$;5'31R # 1:9;E1,(/ # -(301X1R # f%'3?`./#
-%*/12(E/4R#04GDUD
"# G363934;0 # A3*35403 # % # -,&%*$%1 # 4/094292024_ # % # $;+/% # -,&%*$%R # % # 43*36H9/X0 # ;0 # -/*$$F6;0934/#
$F-%A,1R#3931# 1/%*%1?*2025%1#@2443(3R#%#$F-%A,1#A3**3$9B/D#"#5;E093(F#6%&'#4:$3&1?*4Q(%#;0#%#
093(9B/#6%&'#3*/41?*4Q(%#A3**3$9B/D#93534R#;(43*$39;0/#*3@34B0;&31D#T%*X02&R#6/(4?2*/0#6%*X02&D
"#$;+/%#1%EW025#%9#%*2GG/#4;$21#13(C*531#3*B_
"#4:$3&42A;1,94%420#;0#+3$,1(2W/%_#%#5'/*625,0#G309;+#09%G%+02&%#;0#-3*3*B00;&3g #$;+/%#;0#
@%4%*,$g#%#@H(#;(4;13D#a%(4%*,$09%G2*',920R#W359Q(%R#$;+/%4:(6;5'D#b(1:*W0/#5,($21R#$;+/%34/1%D
q3*350;&31#%#$;+/2G%5_#%9#3(B09%1#S,1,1R#@%420,1R#1393*;0C1Ug#0942(,1#;0#093592W/X1g#%#53$/#
093(3E31#(3E(393542W/XA%D#a2(0%+%*$/#W0,E,(4,1R#1:9;*34/#303$;5'31#2G(29,*20%R#$3&A3*35H4;03#%#
$;+/2G%5#S0943(3,4HE/%R#(3E(393542W/XR#43$%4/92W/XUD
m'$02'23

>h"U'$

I)Y8232/"3O*1/
"9 # 3*0B # P # ,0942*' # /0$3(343/R # 1C*:5:0 # 431/543443* # %9 # /(,+%*,$R # % # 4:(4;53*3$ # /0$3(343/(3R # ;0 # %#
$F6;0934/#09%142(&'%1(%D
J$431'%&.",2V)2/83:/."S:)+0
"#-/%4%*,1#$3&/0$3(/1#%#$,9&X1;E1?*4Q(%#1/%*%1?*2025%1#3*B9$;5'3/4R#;0#4:(4;53*$/#*3@34B0;&3/4R#
(2431/5463#%55%1#;(4;13/(3#;0#6309;*'3/(3D
"#$;+/2G%5#1:9:*4#4%(4%*$%1#3&'/+3AF*3&#4:GG-;*3#W;*4#09,*&2*@%45%1R#3931#-3*/0$3(;03#%9#C93534#
;(43*$39;0;531#(;093_#$3&:(:1H4;0R#42A;1,94%420R#%#6;*3$;5'31#G3-,*'20,*20%R#A:63+3*3$093(9;0R#
hL]

09X(%1,94%420R#&':5':(1:+434;0R#:51/-3A39;0R#QA#&,5+,*%4,1#;G(3094;03D#b@@39#1%EW0,*X+X%5#,*'%5#
E;*+21%4 # /0$3(531 # $3& # % # -/%4%*,1R # %$3*'31 # *3@34B6; # 4309/1 # % # 093(9B/ # 5;9BE,54 # ;0 # 0925+;1R # %#
093$*;*34/ # ;0 # $F-%A/ # 13(3431R # 6%*%$/54 # % # $F0,(4HE?0,1 # -3*/0$3(;0;4R # ;0 # %9 # 393134 # 09,*&2*X#
%?+/,6/9?2*/0#1/-3A39;0/#3091:9:1#%9,5,0H42024D
"#-/%4%*,1#-,&*%*1,95%1#%9#;(43*$39;0#*3@34B0;&3/63*D#"#$F%*1,420,1#%#$3&A3*35H4344#303$;5'31#
093$;*'30#%9,5,0?*20,5#%*%E?*XR#09%G%+#;(43*$39;0;(3#:094:5:9531R#%#$F0,(,1#;0#%9#/543(53430#
4%(4%*$%1#4:GG0;&3#3&'093(F0H4/#%#G3-,&%+204#;0#G309F1H4/#%9#;(43*$39;0/#*3@34B0;&3134D#"#-/%4%*,1#
%9# ;(43*$39;0/# *3@34B0;&31# &%9+%&02&2(%# ;0#1,(*24,9,44 #$/6,*42(% #*245%1 #(2# %#@,9,44 # E;*+21,5#
13(3094C*D
d;E93434 # %*1,45%1 # % # -,&'%094X/ # 42(0%+%*,$ # /&;5'3/(3 # ;EC*B # $F0,(&'2(420R # %$3*'34 # 4:GG5'/(3 # %#
09X(%1,94%420R#%#5;9B#62&'%/5%1#%#1/3*;&H4;03R#%9#:(:$3*6(3#;EH4B#-,&'%09420#@%42(,9#$3&R#;0#%#
&,5+,*%4,1%4#;G(3094BR#$F6;09/#%*1,420#1C*:5G0;&;(B*D
>2*245%1 # % # $;+/% # 0%A24,0 # 09%G2*'(35+093(;(3R # ;0 # %9 # 3GGB* # %+X+X # 5;@25' # A3*350;&(3R # %55%1#
E,9/4H6#;0#53&%4H6#@%420%/(%R#;0#%#@%42013*4;0#3091:93/(3D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#-/%4%*,1 #$3&/0$3(/1 #%# 1,$$?5/12W/X #4:(4;534;531# 1/3$3*13+B # E,54A%/4_ #% #-,4X920 #4:(4;5343R # %#
-/*$39;0#4:(4;5343R#%9#3*0B#%*1,420,1R#$F-%A,1D#b5531#1(3%4H6#-3*+,*&,920%#*3@340;&30#E*D#9,34(,E3R#
W/53$%4,&(%E@#1;09H4;03R#1;E(3&;5'#(%A9,*20%R#-,4X#1;09H4;03#*'?11%$3(26%*#04GD#2*4%*D
"9 # 3*G309;*;0 # 093(9B/ # ;0 # $F-%A/ # *3@34B0;&3/4 # 4%5?*$25',9921 # 1*%009/1?0 # ;0 # 1,(42(0 # %*1,420,1#
E;*+2/5#13(3094C*D
r(43*$39;0/#&'%1,(*%4,1%4#6;&39531_
8943(3,4HE/21#;0#1,5635W/X1#%9,5,0H420%#%#$,9&X1;E/#09:63&1:(5'3934G35D#"9,5,0#303$;5'31#
3*4;(B # $;+/%(3E(393542W/X/5%1 # :0093634;03D # 7;+/%09:63&31 # ;(43*$39;03 # %*%EA25 # -3*436;031R#
2**H420,1#$3&-,&%*$%920%#%#09:63&#13*34139;0;531#@2443(;(B*R#%#1:9*B#S093(9BR#$;+/%/54;9$;5'U#
0925+;1%/(X*R # % # @%42013*4;0 # 3091:93/(B*D # e543(43`4?%*/420 # -3*/0$3(;03R # ?4%*20 # ;0 # @%42013*4;0 # %#
$F631G35D
n3*+,*&,920(%#%A25*,44#1*%009/1?0#$F631_#%9#3*0B#-/*$31g#d3(4;09#7/@2*'_#[%0%G*%5W%R#!]hJg#"1/(%#
d?(,0%%_ #"# 6/@%( # 1%E?A2G%5R # !]LNg # n2G(/ # ,*425_ # Z%55/G2* # 4%52( # Q(R # !]LOg # n(%5W,/0 # a(?--%?4_#
Y;&'0929#W0%E20R#!]L]g#t343(#f(,,1_#"#*3&'31#?(%R#!]OJg
G$TS/+)U*1/."T+43+0
" # -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # %9 # /(,+%*,$R # % # 4:(4;53*3$R # % # $F6;09344:(4;534#
/0$3(343/(3R#6%*%$/54#%#$F6;0934/#09%142(&'%1R#;0#%9#/5-,($%4/1%D
GO)S/,+%$)#$0"f",+%$)#$0
%#$;+/%1?*4Q(%#1/%*%1?*20%R#$F6;09344:(4;534/#@3*'9343R#42(0%+%*$/#A3*354B0;&3R#E,9/4H6#;0#53&%4H6#
A3**3$9B/g # $F-%A,1R # %*1,4X/ # 0925+;1g # A3*350;&31 # % # $;+/2G%5g # ;(43*$39;0/ # *3@34B0;&31g#
/543(43`4?%*/420
!",2V)2/83:/"51'3"2'2*#:4&2.
"# $;+/% # ;0 # -/*$$F6;0934 # 43(C*343/4 # ;0 # $F-%A/ # 0%A24,002&%/4 # -3*$?4%4X# %*1,420,1 # ;0# $F(;09*3431#
G3$?4%420%R # %# -,&%*$%1# 4/0942920% # ;0# %# 4:(4;53*$/# 24431/54;0# G363934/ # %# +/21,1%4 # %# $,9&X1;E#
1?*4Q(% # $Q*4A2G% # ;0 # A3*35;G3D #"9 # /543(534R # % # 43*36H9/X # ;0 # % # -/*$$F6;0934 # 0%A24,002&%/4R # ;0 # %9#
%*1,420,1R#$F0,(,1R#3G,*+%*%1#*;4(3@,92025%1#0925+;1%/4#;0#%#@%42013*4;0#%*%E634B#3091:93/4#
-3*/0$3(/1R # %9 # C93534 # 4:GG09/54F # ,*6%0202(% # 4:(31093531D # " # 4HE?0,002&R # % # 1,5635W/X # ;0 # %9#
3&'3+/0;&#A3**3$9B/#;(4@34B6;#62*5%1#092$?1(%R#%#4:$3&1?*4Q(%#43($;13/4#;0#%#$F6;09/#;(4;134#
@,(+,9X#%*1,420,1%4#$3&1C*:5G:9434/1R#;(43*$39;0/#*3@34B0;&3/4#-3*/0$3(/1D
hON

=<N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
bGG35#%9#;6G35#%#@%5&0Q*'#%#-/*$3*G309;*;0#3091:9(35+093(;5#6%5D#b9#3&'(;094#%#-/*$1;09H4;0#
43W@5/1%/R#-,($%5'3*6/#*3@34B0;&3/531#$3&/0$3(;0;4#A3*354/R#$20(;094#%#093(3E*B1#62*%094202G%5#
(3A*B # *3@34B0;&31 # $3&1:93*H4;0;4D # " # -/&'3*3$/(25'H420R # % # @%5&?*%443(3$4;0 # ;0 # %9 # ;(43*$39;0#
*3&-,54,0%GG # 3091:93/(3 # S5;9BE,54R # 426,*02&R # -;5'6/09,5',1R # 1%$3(%$,9&20R # 093(3EA24;1R#
$,54290U#/(25'H4A?1#%#-/&'3*$34R#;0#3931#@%420$3W@%5/9$?024#;(4/1#$3&#%#+/21,1#$F631#E;*+2/5#;0#
$F6;09/ # 436;135'0;&35 # 13(3094C*D #"# -/*$1;09H4;0 # -3*4;43*3/ # ;0 # *3&-,54,0%GG # $,99%5%4%/ # 62*5%1#
6/*2&,002R#1C*:5:035#%#-,(&%4X1:5'6H(20#093$E,54A%/D#"#-/%4%*,1#$3&/0$3(@34531#-/*$1;09H4;031(B*#
1;09C*4 # +,1?$354?$-/*$3134R # %*1,4X1 # S(35+39B1R # ,E3(%4B(:1R # 09H5;0931 # 04GDU # 5'/*%41,9%4%/4 # %#
-/*$-,(&%420#-,*'%$%4%/(X*D#a(3%4$354#1;09H4;03R#-,(&%4X1:5'6H(20#6%&'#3&'093(FGG#(%A9-/*$R#;0#3&'#
4:(4;53434#0?&%**X#-,4X0,(,9%4#%*1,420%#*3@34#%#$F6;09/#436;135'0;&D#nB#4;$%#%#-/1W/X#;0#6%*X02&#
1;(+;01:(3R#;0#3935#G3*C*#%9#;(93*$/#@%420D
q3*350;&31#%#$;+/2G%5_#%#(31*2$#S%#0925+;1R#%#@%420#3091:93/R#E09/W@,*X&/%/#A3**3$9B1R#*24625'#
;0#@%5&920#:00931%EW0,*20%U
m'$02'23

>h"U'$

I)Y8232/"3O*1/
" # ]D # ,0942*',0 # $,9&X1;E1?*4Q(% # ;0 # $;+/%/0$3(34 # 4%5?*$25'%/R # 1C*:5:0 # 431/543443* # % # $F-%A/#
0%A24,002&,11%*#;0#%#@%42013*4;0#3091:93/63*#1%EW0,*%4,0#/0$3(3431(3D
J$431'%&.",2V)2/83:/."S:)+0
"#4%542(&'/#W;*,1%4#%9#%*2GG/#4;$21#-3*+,*&,92026%*#6%*X0H4A?1#$3&_
"#*24625'#$,9&X1;E/#2G(29,*20%R#%#1%$3(%$,9&20,1R#?4%*20,1R#/+BG3*/0;&R#$3&6/*2&H420#;0#3931#
@%420%#%#5;9B(3D#T%*X093(F0;&#;0#-/1W/X#$3&A3*35H4;0;531#1;E/#3091:93/D#"#62&20#*3@34B0;&3/_#
E2(@?9%$,0#;0#%009,W/2W/X0#$,54290g#-*%0@.G%W1g#*/532(/0#;0#53$*/532(/0#4:(4;534;EH4;0#;0#3931#
$3&A3*35H4;03D
" # 093(3E*B # % # $,9&X1;E35_ # %(W@34HE?0,1 # 6/90&2*%4%R # 3&';5/0;&R # -,4,&35/420R # 09H5;09 # ;0 # W/6/*#
093(3E*BR # % # 6/03*13+;0 # % # 1%$3(% # 3*B44R # 09H5;09/ # 1;E300;&R # 4304G309;+R # % # 6/03*34R # A2409$21R # $/4#
$,5+#%#093(3E*B#;0#@,&'%5D
T%*X02&,0M6%*X093(FR#+,1?$354?$-/*$MA24;1-/*$D
"#$,9&X1;E#%#-,&'%094X/#42(0%+%*,$#09,*&2*%42G%5R#%#(31*2$R#$/54#6/9?2*/0#$FD
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
" # -/%4%*,1 # $3&/0$3(/1 # % # -/*$1;09H4;0 # -,($%5'3*6/ # 3091:93/4R # % # 4%(4%*,$ # ;0 # % # 04(?14Q(%#
:0093-C&&;03/4#@,9,44#E;*+21,5#13(3094C*D#"#$,54290#0%A24,0#*3@34B0;&3/4#$3&/0$3(/1D#"#*24625'#
;0#@%5&920#;(93*$31(3#&'%1,(,*4#@%420%/6%*R#;0#%#@%5&?*%413*4;0#6/9?2*/0#3091:93/63*#-,&*%*1,95%1D
" # 093(3E*B1 # 62*%09420% # ;0 # % # 09H5;09/ # $?51% # ;(43*$39@34B6; # 62*/1 # 092$?1(% # % # 4%(4%*,$R # %9#
%(W@34HE?0#;0#%#$,5+%5/6%*X#093$E,54A2GX*D
r(43*$39;0/#&'%1,(*%4,1%4#6;&39531_
Y3$.*/532(/0 # ;0 # :00934344 # W03*31$;5'F # 09:63&-,($21 # -3*/0$3(;03R # 4%&,*20%R # ;(43*$39;03R#
*;4(3@,920%R#3*3$9;03D
"+,44#09:63&#-/1W/X0#6%&'#+,1?$354?$.A3**3&;531#$3&-/&'3*;03R#-3*/0$3(;03g
009343443GG#4;(.#;0#/+B6/09,5'*%4,1R#/**3463#1%(%143(.#;0#1,5-*/14?06/09,5'*%4,1#-3*/0$3(;03D
n3*+,*&,920(%#%A25*,44#1*%009/1?0#$F631_
>,G3(4#qD#n*%@3(4'_#Y%5?1#%9#3091/$XR#!]JJR#[@%(*/3#[@%E*/5_#"(%5'*29R#!]JLg#x9/&%#T3(4,6_#b$G3(#
hO!

%#-3*636B&;EE3*R#!]J]R#V(0,5#)3**30_#"(%5'E,*&2(R#!]h!g#l?W@/5,#T/0W,54/_#73&092**,4402&R#!]hI#g#
T/44,(/, # +3 # 8/W%_ # f/W/1*/4,*6%A,1R # !]hOg # q3%5.l?W # w,+%(+_ # d/-?**%+20/&R # !]L]g # "*-(3+ # Z/4W@W,W1_#
t0'W@,R#!]ONRa%((#f;*%_#[0%*2+/#4F9-;0931R#!]KJR#w,4@2(#t;43(_#73&2**#%9#/+BR#!]P!
G$TS/+)U*1/."T+43+0
"# -B,14%420# 4%542(&'%/R # 1C*:5:0 # 431/543443* # %9# /(,+%*,$ # ;0# %9 # 3094;4/1% # /0$3(343/(3R # 6%*%$/54 # %9#
/5-,($%4/1%R#%#$F6;0934/#09%142(&'%1
GO)S/,+%$)#$0"f",+%$)#$0
"# -/*$1;09H4;0R # -,($%5'3*6/ # 3091:9:1g # %# 093(3E*Bg # % # $,54290g # -/1W/X # ;0# 6%*X02&g # ;(93*$/ # @%420g#
53$*/532(/0#W03*31$;5'F#4:(4;534g#%#-,(&%4X1:5'6
!",2V)2/83:/"51'3"2'2*#:4&2.
"# +/21,1 # % # -/*$1;09H4;0 # %*%E*;E;03/63*R # -3*4;43*3/63* # 4/0942G%5 # 6%55%1R # % # -,(&%4X1:5'6 # A3**3$9B/4#
/0$3(/1D # " # 093(3E*B1 # A3**3$9B/531 # ;(43*$39;0;(3 # % # 4%(4%*,$ # 093$E,54A2GX* # 1;E3031D # "#
$,5+%5/6%*XR # %9 # ;(93*$/ # @%420R # ;0 # % # @%5&?*%413*4;0 # 3091:93/(3 # (2/0$3(531R # ;(43*$395/ # 4?+A21#
393134R#;0#;(4;13*5/#4?+A21#$F6;09/#A3**3$9B/4D#"#53$.*/532(/0#W03*31$;5'F#4:(4;53431#3*3$9;0;(3#
1;E3031R # ;0 # % # $,54290 # 093(3E;4 # /0$3(/1D # "# -/1W/X # ;0 # 6%*X02& # 6/09,5'% # ;(43*$39@34B6; # 62*/1#
092$?1(%#-/*$%*1,420,1#%*%EA25D
==N":5,+)&$#
J2#$3.0$."2%&/:%"f"E2V)2/83:/."S:)
" # $,9&X1;E1?*4Q(% # ;0 # $;+/%/0$3(34 # W;*A% # 3GG35 # %9 # ;6G35R # @,&' # % # 4:(4;534G35 # 1/G,54%1,9X#
24%*%1?*20/#;0#-3A*B+;0/#-,*'%$%4,1(%#@3*'3993#%#@%5&0Q*'4D#n3*43@34B#%#1;(+;0R#@,&'#<43#@,&'%5#
-,*'4%452+M-3A395;+#G3#%#4:(4;53434R#@,&'%5#%*%1?*5%R#@%#H&'#6%&'#Q&'#-,*'4%4X+5%R#$/#%9#C93534R#@%#
%#4:(4;53434#Q&'#%*%1H4,44%#%#(35+39BR#%@,&'R#;0#$/#*3553R#@%#$201;54#-,*'4%44%#6,*5%z=#b*0B+*3&30#
% # (35+39;0 # A3*354B0;&;531 # $3&/0$3(;03D # V*'%5 # $F63134 # /0$3(531 # $3& # %# -/%4%*,1R # %$3*'3135#
13(3094C* # A3*354B0 # (35+39B1 # $F6;09/ # 0925+;1%/6%* # ;0 # &,5+,*%4%/6%* # -,&*%*1,9@%45%1 # SE*D # "D#
a%(1,6091/AR # eD # f3(&$%5R # tD # f(,,1R # tD # w(335%%'R # 89%GX # e04625UR # 0 # % # 42(0%+%*$/R # 4:(4;53*$/#
@3*'934@39#/0#1:4B+BR#%((%#(3%&2*X#$F6;09/#<62*%09,11%*=D#"#A3*354B0#(35+39B1#$3**344#/01,*21@,9#
1:4B+B#(35+39B1#%*1,420%/4#/0#$3&/0$3(/1R#$3&;(463#%#1:9:0#A3&'3134R#W;*,1%4D#n,&*%*1,95%1#%#
$,9&X1;E/ # $F # 3*G309;*B # 093(13934;63*R # 6%*%$/54 # % # 04H*?00%*R # ;0 # % # 1,(04H*?00%*D # b*A?45%1 # %#
$F3*3$9;0R#%#-/*$1(/4/1%#H(202/&R#;0#1(3%4H6#436;135'0;&C1#*3@34#%#-/*$1;09H4;0D
q3*350;&31 # % # $;+/2G%5_ # % # 1*/ER # %$3*'G35 # % # (/4$?05%1R # 0 # % # -,*'%$%45%1R # S/**3463 # % # -,*'%$%4#
$3&09%1H42025%1R # @/25'25%1U # % # -/*$4B* # 3*4;(B # A3**3&;4 # /0$3(/1 # $3&D # S<04H*(?@21=R # E*2&/?$R#
-(%&$354?$U
m'$02'23

>h"U'$

I)Y8232/"3O*1/
"#!ND#,0942*'#$,9&X1;E1?*4Q(%#;0#$;+/%/0$3(34#4%5?*$25'%/R#1C*:5:0#431/543443*#%#@%5&?*%413*4;0#
3091:93/63*R#%#53$.*/532(/0#4:(4;53463934;003*R#%#-,(&%4X1:5'663*#;0#%#-/*$#-,($%5'3*6/#3091:93/63*#
1%EW0,*%4,0#/0$3(3431(3D
J$431'%&.",2V)2/83:/."S:)+0
" # -/%4%*,1 # % # 62*%094,44 # -/*$3134 # ;0 # -/*$(;09*343134 # %+,44 # 093$E,54,1 # %*%EA25 # ;(43*$39/1R # ;0#
$3&/0$3(/1 # % # (35+39B # 0925+;1%/4 # ;0 # 093$E,54A%/4D # b931 # 03&H40;&;63* # -,&*%*1,95%1 # % # $F#
hOJ

093(13934;63*R#%#(3A4B91:+B#093(1393443*R#%#$%1(,.#;0#$/1(,093(1393443*R#6%*%$/54#;(43*$395/#4?+A21#
%#(/4$?0#;0#%#09?GA314H6#/+B#A3*354;0;4D
"#04H*?0R#%#04H*?0%*1,4X#3*3$31R#%#093$;*'300;&#;0#%#-/*$4:(4;534/#1,(04H*?0,1#$3&1:93*H4@34B11;#
62*5%1#092$?1(%#%#@,9,44#E;*+21#%*%EA25D
"9#%*2GG/#04H*?0/(25'9%4,1#%*1,420%/GX*#62*,&%4@%4?51_#+,1?$354%(/9$?0R#5;$34#3`E(3009/,5/9$?0R#
-(%5W/%#%6%54&2(+R#09,6A34#%6%54&2(+R#,*%09#53,(3%*/9$?0R#-(%5W/%#QA#@?**2$R#W03@#QA#@?**2$R#5;$34#
QA#-/*$R#G?+%E304/#/01,*%D
G95232)#:4&20"-"F/#2'2320"f",2V)2/83:/."095232)#:4&20
"#-/%4%*,1#$3&/0$3(/1#A3*354B0#(35+39B1#%*1,420%/4R#G3E/**%54%5%1#6%*%$3*'#%*1,4X/#;*34Q4G%#;0#%9#
%*1,4X#$F6;093443*#1%EW0,*%4,0#&,5+,*%4%/G%D
n/*$%*1,420,1(X* # 09X*X # H(20,1%4R # 1(/4/121%4R # 3*3$9;03134R # -/*$3094;4/1%/ # 4%5?*$25',1%4 # /0$3(531#
$3&R#;0#$%&?1#/0#1;09H43531#3*3$9;04R#1(/4/124D
n,&%*$%4#%*1,45%1#%9#3&';5/#04H*?0A3&'31(B*#;0#-/*$$F6;0934/#1,(04H*?0,1(X*D
"#-/*$%*1,420,1G%5#$3&$?4%41,9X#-3A*B+;0/#?4%4#;(43*$39/1#;0#;(4;13*/1D
G$TS/+)U*1/."T+43+0
"# -B,14%420 # 4%542(&'%/R # 1C*:5:0 # 431/543443* # %9 # /(,+%*,$R # % # 4:(4;53*3$R # %9 # 3094;4/1% # /0$3(343/(3R#
6%*%$/54#%9#/5-,($%4/1%R#;0#%#$F6;0934/#09%142(&'%1D
GO)S/,+%$)#$0"f",+%$)#$0
(35+39;0g#%#$,9&X1;E/#$F#093(139343g#-3A*B+;0/#Q4R#-,*'%$%4#;0#(/4$?0g#04H*?0#;0#1,(04H*?0
!",2V)2/83:/"51'3"2'2*#:4&2.
"#+/21,1#1;E3031#%#-/*$31#3*3$9;0;(3#;0#;(4;13*;0;(3D#T%55%1#/0$3(343/1#A3*354B03GG#(35+39B1#
%*1,4X/#Q4A2(X*R#0%A24,0#04H*?0A3&'3/1(B*R#;0#G3431/54;04#5'3(431#%#-/*$4:(4;534#5;@25'#1,(04H*?02G%D#
>2*245%1#%#(35+39B/#$?51%#$/G35*;4;(3R#%#4:(4;534G35#3*$30;*4#-3A*B+;0/#Q4#-,(+?*XE,54A%/4#%#
$,5+%5/6%*X#;0#%#$F6;09/#;(4;131#093$E,54A2GX*#;(43*$395/#1;E3031D

!"($)*+',-./0+)10"4252)Y"#O401V1\+8"/8]0/:%2/"\2)&./:%20W"
Z2'24*28:/20":/"2/809890"V2%&8:02
FN"dIB@F7p?IG
"I/809890W"
,2)/82'2):/20

#6244&./:%."#O3$3U #62%V2%&8:/

#4%543(3$
#09%14%543(3$
#4,(5%43(3$

#,0942*',51;54#!
%#@3*'/#4%543(6G35#
-,&*%*4%15%1#
$3&-3*3*B35
#/01,*251;54#!

#4,(5%09,G%

#/01,*251;54#!

#0E,(4?+6%(

#/01,*251;54#!

#/01,*%4/412(/#/(,+%

#/01,*251;54#!

#
#%#09%14%543($34#/&;5'*B#42(&'#G3*;E;0;531#
;6-,*'%$24X*
#1/62*4@%4X#093(9B+;0#%*%EA25#/&;5'G3#6344#
0E,(4*;430H4$;55'3*
#@%#%9#/01,*25%1#5/5W0#0%A24#4,(5%43($3
#@3*'34430H4@34B#%#W;*(%#%*1%*$%0#09%G%+#43(C*3443*R#
09%G%+4;(/#*;430H4$;55'3*g#1/62*4@%4X#093(9B+;0#
%*%EA25#/&;5'G3#6344#0E,(4*;430H4$;55'3*
#%#@2(,$#;0#%9#355;*#136303GG#;6-,*'%$$%*#
hOI

#5363*B4304C*34/#09,G%
#/54;9$;5'63934B/#
/(,+%
#1:5'642(
#1:5'642(09,G%

#/01,*251;54#!
#/01,*251;54#!
#/01,*251;54#!
#/01,*251;54#!

#,(6,0/#09,G%
#/01,*251;54#!
#
#
G./8+)%1)U\2)&./:%20
#0E,(4093(42(
#/01,*251;54#!
#%?*%#S3*B4;(R#1:9:00;&/##/01,*251;54#!
4;(U
#3G;+*B
#-B9B1,5'@%
#$3*3&H4B1,5'@%

#/01,*251;54#!
#/01,*251;54#!
#/01,*251;54#
S09;1@3*'35#;0#
43*3E@3*'35U#!
#42*%*X.$,0,&%4XR#3935##/01,*251;54#
G3*C*#-3*5B44;4139B
S09;1@3*'35#;0#
43*3E@3*'35U#!
#:*4:9B
#/01,*251;54#;0#
53$351;54#!
#@/+3&.$3*3&#6/930#
#/01,*251;54R#
9?@%5',9X
S09;1@3*'35#;0#
43*3E@3*'35U#;0#
53$351;54#!
#093$;*'934/#)[
#/01,*251;54R#
S09;1@3*'35#;0#
43*3E@3*'35U#
53$351;54#!
#4%5?*X/#)[
#/01,*251;54R#
S09;1@3*'35#;0#
43*3E@3*'35U#
09/54351;54R#
53$351;54#!
#
#/01,*251;54#!
;*3*$/093(@?**%+;1.42(
,*X
#;*;01%$(%
#/01,*251;54#!
#092(%92(?#(%142(
#/01,*251;54#!
#-:*+302(?#(%142(
#/01,*251;54#!
#3&';G#(%142(
#/01,*251;54#!
#093(42(
#/01,*251;54#!

$F1:+B#/01,*2G%5#%9#5363*B4304C*34/#09,G26%*#
1:9:035#/0#1/%*%1H4@%4XR#@%#%#@3*'/0;&#%*%E43(C*343#
394#*3@34B6;#4309/
#
#/01,*%4/412(/#/(,+26%*#:00936,54%5#/0#1/%*%1H4@%4X
#1/6;63R#@%#%#-3*%+%4,4#5'/*625,0#1:5'642(#*24A%#3*
#@%#%9#/01,*2G%5#5/5W0#1:5'642(#6%&'#%#09;1@3*'35R#
43*3E@3*'35#53$#$F1:+/1#1:5'642(g#%$355'/G35#
53$#$F1:+/1#%9#/01,*2G%5#*3&%*2GG#5;&'#,0942*'R#%#
1:5'642(09,G%#4%543(3$G35#/0#1/%*%1H4@%4X
#
#
#
# %44X* # %9 # ;6-,*'%$4X* # 139+63R # $3*'G35 # % # 4%5?*X1#
*;4092$% # 3*;(/ # % # !JN # -B4R # 1/62*4@%4X # 093(9B+;0#
%*%EA25#/&;5'G3#6344#@3*'/0;&&3*
#1/6;63R#@%#%9#;4139434;04#/01,*25#1H6C*#,*+A21#$3&
#@%#@3*'G35#-B9531
#@%#@3*'G35#;4139531
#@%#@3*'G35#;4139531
#
#

#4%5?*X/#*;4092$#-/&'3*3$G36;43*;63*

#@%#@3*'G35#;4139531
#@%#@3*'G35#-B9531
#@%#@3*'G35#-B9531
#@%#@3*'G35#-B9531
#
#

hOh

FFN"!"dIB@F7p?IG"Q_JDAq!J!"p7"I?@pQ"QIAIKCIqp7F"JHA?@!F
#I/809890W"
,2)/82'2):/20

#6244&./:%."#O3$3U #62%V2%&8:/

"=N"J$432'2#
#4%5?*X/#%094%*,1R#
09;131

#
#
#4%5?*X1#*;4092$25%1# #
;*341,(5%1 # $3&-3*3*B # $;(34G35g#
-/&'3*3$G36;43*;63*
$,9&201,(*24,9,44%1R # 1:9;E0Q*',0 # ;(43*$/#
-,&'%4;1,0,1 # ;0 # &'35&;5*24X1 # 3034;5 # 2**H4@%4X#
$%&%002&QR#+:54@34B#*%EQR#E3(3$30R#3&'093$;*'30#
%094%*,1g#&'35&;5*24X152*#.#09C10;&#093(/54#.#3&';5/#
$3&6/*2&H420/ # *3@34B0;&&3*g # $,9&201,(*24,9,44%1#
09;13/#2**H4@%4X#$%&%002&Q#C*B1;63*R#*2G4%(4X6%*
#5363*B/#%094%*R#09;1 #4%543($351;54#!
#
#3091:942(,*X1
#4%543($351;54#
#
09C10;&#093(/54
#42G*%
#4%543($351;54#!
#
#(?@%42(,*X#S-,&%0U
#4%5?*X1#*;4092$25%1# #"9#;EC*34#%+,4402&%/4#-/&'3*3$G3#6;63#3&';G#
-/&'3*3$G36;43*;63*
@3*'35#SE*D#%#-,*',0X5U#/0#1/%*%1H4@%4X
#093$;442(,*X
#@3*'/0;&351;54#!
#
";N"78$03$432'#20"l$" #
#
3$432'#."
$)$T,2)/82'2):/2024"
,2)]).".%:4&20b
#%U#092$H42043W@5/1%/# #
#
43(3$
#42G*%#6%&'#-*/EW@%(4
#!
#
#092$H4X&;E31#;0#
#4%5?*X51;54#!
#09,-463(31#%9#2*4%*25,0#%*%E-3*4;43*31#1:9:44
E3(/-;(/21
#GU#$F6;0934/#5363*;0# #
#53$#1:43*39BR#%#-,&*%*1,920,1#%9#,0942*'43($31G35#
09%14%543(3$
093(639@34B1
#%094%*#6%&'#(%A9E%+R# #4%5?*X51;54#!
#
(%A9G%1
#6H9W0%E#S-%*/1Q4U
#!
#
#E/%5H5X
#/01,*251;54#!
#
42G*%
#4%543($351;54#!
#"?+/,6/9?2*/0#3091:9 #/01,*251;54#!
#
#WU#$3043(0;&31#
W0,E,(4G,5420,0#
# G3(35+39;03 # % # @3*'/ # 4%543(6G35 # 09%G2*',9,44%1#
09%14%543(3$
-,&*%*1,94%420(%
093(/54R # % # 4%542(&' # $3&A3*35;0;531 # ;6-,*'%$24X*#
09C10;&30
">N"J+'4$/8+Z$
#
#
#1/0*%G+%
#L
#
#*%G+%
#L
#
#4,(5%09B5'3&
#J
#
#4,(5%E%+
#J
#
#902$,*'
#J
#
#G,(+20-%*
#J
#
#$209X1:4;*
#J
#
#&?$/1:4;*
#L
#
#?&(X1:4;*
#L
#
#$3+/W/5*%G+%
#L
#
#04,EE3(
#!
#
hOL

#1/3&;09H4B#
#!
4,(5%1;09*34
#3&';5/#-3A*3094;04#
#
09,*&2*X#0E3W/2*/0#
4,(5%-3*093(3*;031
"hN"J+'4$32'2#"
l#.4*$8+0"$"
,2)/82'2):/20W"
$#2)&20"$"
3+'4$/8+Z1Z$4W"
3+51ZZ1b
#1,02(*%G+%#E%*251
#J
#&'F(F
#!
#$209X(Q+
#!
#LD#8E,(4?+6%(
#
#09%G%+4;(/#*%G+%A24;1# #!
-3*093(3*;03
#3&';5/#-3A*3094;04#
#3&'#/01,*%/#,0942*'#
09,*&2*X#0E3W/2*/0#
3&'/+3AF#
4,(5%-3*093(3*;031
-,&*%*1,94%4202@,9#
09C10;&30#
$355'/0;&G35
"jN"F43:8#:4&52823Y." #
:/"./0+)$3.301'.".'+*$
#%094%*

#%#E3+%&X&/%/#E(,&(%$G%5#-,&*%*4%1#093(/54

#
#
#
#
#G2($3*'/1#A24;1#1/62*%094@%4X
# -,&'%4;1,0 # 4%5?*X4 # ,14%4X # /01,*2G%5g # E3+%&X&/%/#
E(,&(%$G%5#-,&*%*4%1#093(/54

-3*5B44*;4092$#093(/54 #

09;1

-3*5B44*;4092$#093(/54

/(%40931(;5'

43*3-,5

#KD#Y363*B4304C*34/#
09,G%
#%094%*

#E3+%&X&?0*;4092$#
093(/54#!
#09;1
#E3+%&X&?0*;4092$#
093(/54#!
#d:5'60931(;5'#6%&'# #!
1:5'630E,*W
#Y%E*X#;0#-,*'X/(%44%(4X !
#(?@200931(;5'#6%&'# #E3+%&X&?0*;4092$#
-,&%0,1
-/&'3*3$G36;43*;63*
#892$H4X&;E#;0#
#!
E3(/-;(/2/R#
/543(5341%EW0,*%44%*
"kN"G94&531'
#
#4%5?*X/#%094%*R#09;1
#3&'#/01,*%/#,0942*'#
3&'/+3AF#
-,&*%*1,94%4202@,9#
09C10;&30#
$355'/0;&G35
#3&'3+/#6/*2&H420
#,*6%0X@3*'351;54#!
#1:5'642(,0/#%094%*R#
#!.!

#
#
#
#
#3.5%E*X#@%0952*%4%#3034;5#53$#09C10;&30
#
#
#
#
;*341,(5%1 # $3&-3*3*B # $;(34G35g#
$,9&201,(*24,9,44%1 # ;0 # &'35&;5*24X1 # 3034;5#
2**H4@%4X # $%&%002&QR # +:54@34B # *%EQR # E3(3$30R#
3&'093$;*'30#%094%*,1g#$,9&201,(*24,9,44%1#09;13/#
2**H4@%4X#$%&%002&Q#C*B1;63*R#*2G4%(4X6%*
#
#%094%*#3&'3+/#6/*2&H4200%*
hOO

09;1
#0931(;5'#S42(,*XU
#42(,*X1R#E,*W,1R#
09%G%+E,*W,1
#092$H4X&;ER
"MN"G94&531'/8+Z$
#%094%*R
#09;1
#1:5'642(/#
+,1?$354?$
#S4%52(/R#4%5?*X/#
-3*1;09C*;0@39U
1:5'630E,*W#6%&'#
0931(;5'

#@2(,$393(#1:5'642(/# #
+,1?$354?$#
3*@3*'39;0;(3
#J
#
#!
#
I
#O
#:40929

#
#
*3&%*2GG # @%4 # 4%5?*X # 3&'/+3AF # -,&*%*1,94%42025%1#
-3*4;43*3/(B*R# /**3463#%9#/01,*%/# 1:5'631R #4%51:5'631R#
03&;+1:5'631#3*@3*'39;0;(B*#&,5+,01,+5/#13**

#:40929#1:5'642(/#
+,1?$354?$#
3*@3*'39;0;(3

FFFN"!"KILIBr6uKGHJ"7I?vJr"I7qGsqsG
HBJ!BHKD7!K"7qaG7p?I7"!B!`EIB7qIAIBp7IGn
! -3@;(#;0#09H530#42G*%1(;421
! 0/$%R#5%&'%*%1Q#-C93431
! $;@6/%09#1(;421
! $;@6/%09#&'?($%
! %16%(3**#-304;1R#%16%(3**#E%EH(R#6%04%&#3W034
! -/*WR#&'%EAQR#-,5%*%1
! 09H530#E%EH(,1#S03*'3$R#4(%509E%(350#04GDUR#,**X
! 6%04%&#;0#6;1,5'#09H530#W3(?921R#&(%-/4R#6,5%*9X1
! %&'%&#S3+;5'31#%#@%0952*%42@,9U
! G%G9021,1
! -?(?*'21
! C4B@%5&093(31
! @Q(,0#@%5&093(
! &'3(4'21R#W035&B1
! (%A9&'FA4B#+,009/;1
J2S\4.0$."2/809890n
! [x#*3A2409XR
! 43*36H9/XR#S]D#;6-,*'%$4X*U
! xTx#*3A2409X
! 093$;*'/#092$H4X&;E#S1,5-/&?(2W/XU
J1'%&$0W"2/809890W".4,+'#1S.U\+'*+8U0"$"3$431'%&$0"$)$TV14
=N"6!?@!A"K@IBL"p7"FADC!BD6
! $;@6/%09#1(;421#S4;&*%#;0#W3(?9%#-,($2AQU
! $;@6/%09#&'?($%R#%&'%&
! -,5%*%1
! 09H530#03*'3$E%EH(R#,**X
! *Q+4,**R#4,**093$R#4,**092(R#4/54%R#52+4,**R#/4%4X0E%EH(R#4:*4B4,**
hOK

!
!
!
!
!
!
!
!
!
!

&,*'X04,**
6;1,5'#09H530#W3(?921R#&(%-/4W3(?921R
6,5%*%0#-C93431R
,0942*'1:5'642(R#09%11:5'642(
0%A24#1;09H4;0F#093$*;*434B#3091:9:1
%16%(3**-304;1R#3W034
%16%(3**E%EH(
(%A942G*%
-/*WR#&'%EAQ
09H530#03*'3$E%EH(

;N"7qH6J!K"p7"6!JI6!JFG!
! 093$*;*434B#3091:9:1#S43($;5'31R#43($;031R#1:631R#@;41:95%E/#42(&'%1#04GDU
! $;43((Q+R#4;(-,&%4$;(;0@39#3091:9:1R#$;(*3&#y#0Q*',1
! 42G*%/#6,5%*9X1R#1:(9B1R#09:&$;(B
! 5;&'934@2*X0#-C93431
! 0%A24#1;09H4;0F#093$*;*434B#3091:9:1
! -,5%*%1R#1%(4,5E%EH(R#$F09%1/#(%A9*%E
! 903G092$,*X&;E
! -C&&6;5'42G*29%4R#-3*%+%4&'FA43$;5'31
>N"JsAJpKIBI6
! -%*/4;(1;E31R#%4*%09,1
! 0%A24#1;09H4;0F#;0#0E3W/2*/0#093$*;*434B#3091:9:1
! A3*$3931R#42(&'/#1/3&;09H4B1
hN"dDKF76IAIJ"p7"EsBCA!oq
! %#43(639344#@29#;EH4;0;@39#09C10;&30#;EH4B#;0#1:4B%5'%&,1
! %#62*%094,44#$3043(0;&31#%*%E%5'%&%/#;0#093(092$%/
! %#-:*+$F63*;0@39#09C10;&30#634B$%&,1#;0#1;9/#093(092$,1
! /(25'4FR#*;4(%R#@,$,1R#%&'%&R#E%EH(
! %4*%09,1R#4;(1;E31R#-:*+&:$GR#;&&:$GR#426W0B
! 0%A24#1;09H4;0F#;0#0E3W/2*/0#093$*;*434B#3091:9:1
! 42(&'/#1/3&;09H4B1
! -:*+$;(B#3091:9:1#S1:*W0:59;003*#/0#$3&,*+@%4XU
! 20625',1R#1B93431
iN"JIA6p7qIJA!oq"p7"QFDBm?F!
! 0%A24#1;09H4;0F#;0#0E3W/2*/0#093$*;*434B#3091:9:1R#42(&'/#1/3&;09H4B1
! 1,E,5'%R#W0,54629
! %5%4X$/%/#%4*%09,1
! $/1(,091XE
! G,5W3091:9:1
jN"EFqFG!
! %#-/9/1%/#1H0;(*3431@39#09C10;&30#093$*;*434B-#;0#$;(B3091:9:1R#%5'%&,1
! 0%A24#1;09H4;0F#;0#0E3W/2*/0#093$*;*434B#3091:9:1R#42(&'/#1/3&;09H4B1
kN"Gp6F!
! %#1;$/%/#1H0;(*3431@39#09C10;&30#093$*;*434B.#;0#$;(B3091:9:1R#*%G,(%4X(/?$/#
-3*093(3*;031R#%*%E%5'%&,1
! 6;+B-3*093(3*;031
hOP

MN"FCI?IK"K@IBLIG
! G2G,1#;0#0E3W/2*/0#093$*;*434B#3091:9:1
! 09X42(%1R#@%5&9X.#;0#1;E%5'%&,1
PN"6Dq?H7"p7"JI7JKILIBp7
! 90,5&*B(#;0#%1(,G%4/1%/#3091:9:1
! 09%*%&,1R#-,5%*%1R#1:43*31R#G,4,1R#1/0*%G+21R#-(/9G/1R#5%&'$;(34F#09/6%W0*%G+21
! 0%A24#1;09H4;0F#;0#0E3W/2*/0#3091:9:1R#42(&'/#1/3&;09H4B1
! &3(3*'31R#+/091,09,1R#0Q*'9X1
! 0E,(42&/#-3*093(3*;031R#*%G+21
=<N"GIAJ6wLIBp7
! 13(4/#S1;9/U093(092$,1
! 634B$%&,1R#@%&'$21
! 13(4;0934/#-3*093(3*;031
==N"FKEDA6!JFG!
! 092$H4X&;E31#;0#%9,1#E3(/-;(/2/
! /543(534#1%EW0,*X+20,1
! 1%EW0,*20,1#%*1%4(;093/#S+/X+21R#63934;131R#4(%59/094,(,1R#1%EW0,*X1#04GDU
! 09,-463(31
=;N"JIgdKDBm?F!
! 0%A24#1;09H4;0F#;0#0E3W/2*/0#093$*;*434B#3091:9:1R#42(&'/#1/3&;09H4B1
=>N"6wLp7qIJF"KILIBp7
L24(%&'#,S#-/*WR#&'%EAQR#1:4B4F1#S-%%5'%&#%9#3*1;09H4;0C1@:9#;0#1;09#4F1UR#-,5%*%1R#E%EH(R#(%&%094XR#
W;(5%R#,**XR#4FR#6%04%&#-,5%*R#1,5&(;R#@H$9B-,5%*R#5%&'*'?1Q#@/$9B4FR#&':5&':1R#43`4H*/21R#
09:6B13(34R#6%((X&;E#;0#$/5+35#,*'%5#S03&;+U3091:9R#%$3*'#%#4%543(6G35#$3&%+,44#,14%420/#
4;$21@,9#1%EW0,*X+/1
L24%KC6552-S#%#1C*:5G:9B#$3043(0;&31#c#%#-%.R#%#-;$.R#%#GB($3&$?512*20#c#3091:93/R#0E3W/2*/0#
1;9/.R#S%$355'/G35#%9#/01,*%#1/;EH4344#$F@3**'3*#(35+3*139/1U#&;E/#093(092$%/R#%#E*%094/12@,9#;0#%#
09,G(209%4@,9#09C10;&30#%5'%&,1#;0#1;9/093(092$,1
GKC254600;302'60S",?+/,6/9?2*/0#3091:9:1R#$F6;0934/#%*G?$,1R#(3E(,+?1W/X1R#-/*$31
P,=4R:650251 " :$3%,3,=4S# (%A9. # ;0 # -304B # E%EH(,1R # 1C*:5G:9B # -304;131 # ;0 # 1(;421R # 3W03431R # 4/54%R#
(%A909;5R # 1C*:5G:9B # $/5B0;&F # W3(?921R # 0%A24 # 1;09H4;0F # ;0 # 0E3W/2*/0 # 093$*;*434B # 3091:9:1R#
$F6;0934/#%*G?$,1
Z3)%,_ # 0%A24 # 1;09H4;0F # A3*$3931R # 43`4H*/21R # 42(&'/ # 13**;131 # S4:GG5'/(3 # 09/54;5 # 0%A24 # 1;09H4;0F#
$?5121D
b?(/4$/%_#(;9(?+%1R#-%&,*'X1R#09H530#%5'%&,1R#9,5&,(%R#3&';G#@%5&093(31
Y'6#R46'6_#E354%4,5-?(?*'%R#[.09,E(25#-?(?*'%R#1C*:5G:9B#C4B@%5&093(31#S%E(X#+,G,1R#4(/%5&?*?$R#
W0:(&B+,GR#W035&344'F1R#%E(X#W/5425';(,1UR#1,44%-C934R#1,4421D
=hN"I?@pKF"EIoBI7qJp7J"7qDB?HBm"7`IgFHBF7"J!KI7qGsqsG
! %9#3&';5/#43(2E/25%1#$3&-3*3*B35#%#-3A*3094B#E3+%&X&?0#2*4%*#$3&@%42(,9,44#3091:9:1
" # 4/935@2(,$# ;6-,*'%$$%* # $F1:+B # )%*+,(-./01,*21 # %11,( # (35+3*139531 # % # $F1:+;0C1@:9#
hO]

09C10;&30#3091:9:113*#;0#-3*093(3*;03113*R#@%#(35+3*139;0C1(3#2**5%1#%#13(344%543(6G35#-3*0,(,*4#
@3*'/0;&31R # G3(35+39;031 # ;0 # 3091:9:1D # Y',*W # ;6-,*'%$$%* # 2*4%*25,0 # /01,*%1;54R # /**3463 # :4#
;6-,*'%$$%* # &/$529/?$1;54 # $F1:+B # )%*+,(-./01,*21(% # % # A3&'9;1G35 # -,&*%*4%1%4 # % # $3&-3*3*B#
3*4;(;003*#13**#%*1%*$%95/D#
"# 13(344%543(6/ # A3&'9;1G35 # -,&*%*4%1 # 43*A30C*;03 # 3034;5 # %9 # /01,*% # (35+3*139/1 # % # $F1:+;0;@39#
09C10;&30R#A,&09%G2*'G%5#$3&@%42(,9,44#-3*4;43*3113*D#
Z% # % # @3*'/0;&34 # *;4092$ # -/&'3*3$G3 # 6;43*;63* # 13** # 1/%*%1H4%5/R # % # @3*'/0;& # ,*'%5 # $;(34F # ;0#
G3(35+39;0F # 13**R # @,&' # *3&'35R # %$3*'G35 # $/5+35 # 3&'/+3AF*3& # A3*35*;6B # 4%5?*XR # $?5124 # 6;&9B#
-3*5B44#/&;5'3#3&'/+3AF*3&#43*A30H4@34BD#"#4%5?*X1#(;09;(3#1/%*%1H4,44#@3*'/0;&#%11,(#$3&-3*3*BR#@%#.#
(35+3*434;0;4B* # -C&&B35 # . # %*%E43(C*343 # *3@34B6; # 4309/ # %9 # /01,*%/ # ,0942*'R # ,0942*'G,5420# 3034;5 # %#
W0,E,(4#6%*%$355'/#4%&A25%1#3&'/+3AF#G3-,&%+2024#%#4;5'*3&30#4%5?*X/#*;4092$#%*%EA25D

hKN

!"($)*+',-./0+)10Z$4"$"T2*$%U%O/-#O40$09'90"Z239)3:/:\28"
/8]0/:%2/"5:%8233/:%20
=N
l=b

D/831)&3$4^3U"#O40$09'Z24",+%)$)0+83$3\$3U
$8"=-MN":5,+)&$#+4W"$0.
%U 4%5H4X/R#1,5+?14,(.4%5H4X/#6%&'#&'X&'E3+%&X&?0/#6;&93440;&#$3**344#%11(3+/42*4#E3+%&X&?0.#
4,62GG1;E9;035#093(9344#)%*+,(-.,0942*'4%5H4X/#1;E30H4;003*#(35+3*139/1R
GU 2*4%*25,0 # /01,*%/ # 6%&' # 1:9;E/01,*%/ # 4%52(/ # 6;&93440;& # $3**344 # %11(3+/42*4#
E3+%&X&?0.4,62GG1;E9;035#093(9344#)%*+,(-.,0942*'4%5H4X/#1;E30H4;003*#(35+3*139/1R
WU $%&'%(,(092&/#/**3463#1C*-:*+/#)%*+,(-.E3+%&X&?01;E9;035#093(9344#)%*+,(-.,0942*'4%5H4X/#
1;E30H4;003*#(35+3*139/1
"9 # ,0942*'4%5H4X # 4%5H4@%4A% # % # 1:43*39B # ;0 # % # 09%G%+,5 # 62*%094@%4X # 4%542(&'%1%4 # %9 # %*2GG/%1#
1/6;43*;63*_
! /+3&35#5'3*631
! 1;9$F6300;&
! 3?(/4$/%
! 09%G%+#6%**20
! $,9&20#;0#43045363*;0R#f,4@$3(.&/$5%094/1%#ID#,0942*'4X*
! ;531.9353#LD#,0942*'4X*
I8 " O3UZZ.$0 " +03$31/1'$ " S/$0 " $00+' " V+%+/O)3W " \$ " '24*2)028.0 " $ " ;-iN " T+43+0Z$4 " 2)Y^'3"
5:%8233/:%2002)N

;N

!8"=-MN":5,+)&$#+4"/8$03$41'0:43",+%)$)0+83$3\$3UW"$0.
!
!

!
>N

% # 4%542(&'5%1 # $3&-3*3*B # $F63*40;&/ # 43(C*3434 # 6;&9344 # 4%5H4XR # 3 # $3**344 # %11(3+/42*4#

E3+%&X&?0.4,62GG1;E9;035#093(9344#)%*+,(-.E3+%&X&?0/#1;E30H4;003*#(35+3*139/1#6%&'#%#
$?512G%#*;E;04B*#092$H4,44#J#;635#G3*C*#$3&139+/#)%*+,(-.E3+%&X&/%/#4%5?*$25'%/4R
%#4%542(&'5%1#$3&-3*3*B#09%1,0#4%52(#S-B/01,*%/#6%&'#3&'343$/#6;&93440;&&3*UR#3#$3**344#
%11(3+/42*4 # E3+%&X&?0.4,62GG1;E9;035 # 093(9344 # )%*+,(-.E3+%&X&?0/ # 1;E30H4;003*#
(35+3*139/1#6%&'#%#$?512G%#*;E;04B*#092$H4,44#J#;635#G3*C*#$3&139+/#)%*+,(-.E3+%&X&/%/#
4%5?*$25'%/4R
%#4%5H4,44#4%542(&'5%1#$3&-3*3*B#)%*+,(-.09%14%52(/#1;E30H4;003*#(35+3*139/1D
!"P-=>N":5,+)&$#+4"/8$03$41'0:43",+%)$)0+83$3\$3UW"$0.#

% # 4%542(&'5%1 # $3&-3*3*B # 09%1,0 # 3&'343$/ # 09/54F # 6%&' # $3043(-,1,9%4Q # 4%52(R # 3 # $3**344#

%11(3+/42*4 # E3+%&X&?0.4,62GG1;E9;035 # 093(9344 # )%*+,(-.E3+%&X&?0/ # 1;E30H4;003*#
(35+3*139/1#6%&'#%#$?512G%#*;E;04B*#092$H4,44#J#;635#G3*C*#$3&139+/#)%*+,(-.E3+%&X&/%/#
4%5?*$25'%/4R#
%#$F6;0934/#5363*;0#4%542(&'%/#;0#%#43045363*;0#4%542(&'%1#3034;5#%#4%542(&'5%1#$3&-3*3*B#
09%1,0 # 4%52(R # 3 # $3**344 # %11(3+/42*4 # E3+%&X&?0.4,62GG1;E9;035 # 093(9344#
)%*+,(-.E3+%&X&?0/ # 1;E30H4;003* # (35+3*139/1 # 6%&' # % # $?512G% # *;E;04B* # 092$H4,44 # ID#
4%5;6G35#$3&139+/#)%*+,(-.E3+%&X&/%/#4%5?*$25'%/4R
% # 0E3W/2*/0 # )%*+,(-.4%542(&'%1 # 3034;5 # % # OD # E,54G%5 # $3&@%42(,9,44 # 6;&93440;&&3*#
(35+3*139/1D#

hN
!"G:8#X52//:%"3$431'%&"+03$31/1'$"$8"i-=>N":5,+)&$#+4"$";->N"T+43Z$4",+%)$)3$03U)"
2)3:'Y24",+%)$)0+83$3\$3UW"$0."
!

%#4%542(&'5%1#$3&-3*3*B#09%1,0#4%52(/#6;&93440;&&3*#(35+3*139/1R
hK!

%9 # ,14%4,44 # 4%(4%*,$5%1 # $3&-3*3*434@34B # 6;&93440;&&3* # GH(X # $F6;09R # /E%($F6;09g # 5;E/#

/E%($F6;09#6%&'#L#;630#09%1$%/#&'%1,(*%44%*#(35+3*139B#09%13$G3(D
Sv&'#E;*+2?*#$3&-3*3*B_#%#-;$$F6300;&31#1:(;G35#%#1,62W0R#%#$%091.#;0#G2G1;09H4;0#1:(;G35#
5;E/#/E%($F6;09R#G2G1;09H4B#%*1%*$%920%R#-%(%&20_#%094%*,0DDDU
iN

!"($)*+',-02'233$432'5"$)$TV14"Z252823233"/T2S.1)./"3$431'%&$0
iN="
6+8%1/":/"32/34252):/W"Q+3\#2'-%.#4$/83.0$"4%52(1;54#-,&*%*1,94%4@%4X
%D
%9 # !.OD # ;6-,*'%$,5R # %1/ #% # f,4@$3( # 7,63$354 # e543(5%4/,5%* # 2*4%* # 3*/0$3(4#
$%&'%(,(092&/ # 6%&' # 53$9341:9/ # 1;E9;035 # $3&093(9344# f,4@$3(.4%52( # 6;&93440;&&3*#
(35+3*139/1R
GD
% # I.hD # ;6-,*'%$,5R # %1/ # ,0942*'4%5H4X1;54 # 3*6;&3943 # % # f,4@$3(.1;E9;0 # $3&-3*3*B#
$,+?*A24R
WD
% # K.P # ;6-,*'%$,5R # %1/ # f,4@$3(.4%52(1;54 # 3*6;&3943 # % # f,4@$3(.1;E9;0 # K.PD#
,0942*',0#$,+?*A24R
+D
% # !.PD # ;6-,*'%$,5R # %1/ # 43045363*B4%52( # 6;&93440;& # $3**344 # f,4@$3(.4%52(#
6;&93440;&&3* # 6%&' # %11(3+/42*4 # E3+%&X&?0.4,62GG1;E9;035 # 093(9344 # )%*+,(-.E3+%&X&?0/#
1;E30H4;003* # (35+3*139/1 # 6%&' # % # $?512G% # *;E;04B* # 092$H4,44 # J # ;635 # G3*C* # $3&139+/#
f,4@$3(.#6%&'#)%*+,(-.E3+%&X&/%/#4%5?*$25'%/4R
3D
%#].!ID#;6-,*'%$,5R#%1/#43045363*B4%52(#S-B/01,*%/#6%&'#3&'343$/#6;&93440;&&3*UR#3#
$3**344#f,4@$3(.4%52(#6;&93440;&&3*R#6%&'#%11(3+/42*4#E3+%&X&?0.4,62GG1;E9;035#093(9344#
)%*+,(-.E3+%&X&?0/#1;E30H4;003*#(35+3*139/1#6%&'#%#$?512G%#*;E;04B*#092$H4,44#J#;635#
G3*C*#$3&139+/#f,4@$3(.#6%&'#)%*+,(-.E3+%&X&/%/#4%5?*$25'%/4D
iN;N
IO'.3#.$4%52(1;54 # -,&*%*1,94%4@%4X # %9 # !.!ID # ;6-,*'%$,5R # %1/ # %9 # b?(/4$/% # e01,*21#
Y3$9341:9/ # 89:6340;&3R # % # <w,34@3%5?$R # n(3/3 # Z,W@0W@?*3 # -C( # w3/0430/00350W@%-4R#
8314/,5#-C(#(3+35+3#?5+#$?0/9/3(35+3#dC5043=#2*4%*#3*/0$3(4#$%&'%(,(092&/#6%&'#1C*-:*+/#
1;E9;035 # 093(9344 # 3?(/4$/% # %*%E+/E*,$24R # 6%*%$/54 # % # E3+%&X&/%/ # 3?(/4$/% # ,14%4202(%#
A,&,0H4X#+/E*,$24D
iN>
G2'3#X52):/-3$41'0:43"-,&*%*1,94%4@%4XR#%1/#
%D
%#4%542(&'5%1#$3&-3*3*B#09%1,0#4%52(/#6;&93440;&&3*#(35+3*139/1R#;0#(;094#6309#%#
f/,+/5%$/1?0#b&'30C*34#2*4%*#AX62@%&',44#6%&'#35531#$3&-3*3*B#53$9341:9/#G/,+/5%$/1?0#
093$*;*34F#Sx3$343(#/(25'3*631#093(/54/U#&%9+2*1,+204#,14%4X#4%5-,*'%$,5R#
GD
1:9;E.#6%&'#-3*0B-,1Q#09%1$%/#S13(4;09#6%&'#%&(2(U#6;&93440;&&3*#6%&'#@2(,$;630#
/&%9,*4#09%1$%/#S13(4;09#6%&'#%&(2(U#&'%1,(*%44%*#(35+3*139/1R#;0#(;094#6309#%#f/,+/5%$/1?0#
b&'30C*34 # 2*4%* # AX62@%&',44 # 6%&' # 35531 # $3&-3*3*B # 53$9341:9/ # G/,+/5%$/1?0 # 093$*;*34F#
Sx3$343(#/(25'3*631#093(/54/U#&%9+2*1,+204#,14%4X#4%5-,*'%$,5R#
WD#
%#4%5H4,44#4%542(&'5%1#$3&-3*3*B#)%*+,(-.09%14%52(/#1;E30H4;003*#(35+3*139/1D#
LDh
78$Z$*5$))1/-+03$31/#
4%52(%1;54 # -,&*%*1,94%4@%4XR # %1/ # &'%1,(*X#
)%*+,(-.E3+%&X&?01;54 # (;094 # 6309# %# @%9%/# 09%G%+6%**20.4%52(,1 # 09%1$%/# 4%*2*1,9X/5 # ;0#
4,62GG1;E9;03/5D # b # $3**344 # (;094 # 6309 # % # 4%52(/ # 1,**;&/?$ # 2*4%* # -3*1;(4 # $354,((%* # 6%*X#
(35+093(30#09%1$%/#1,59?*42W/X1,5D

OD

e43:8#:4&52823Y
" # )%*+,(-./01,*21G%5 # %9 # /54;9$;5'63934B4 # % # a%52(/ # d,**;&/?$ # 62*%09420% # %*%EA25 # %#
-3554%(4X#GH99%#$3&R#E2*'29%4/#3*A2(204#%9#/01,*21#%*1%*$%9@%45%1D
" # 63934B/ # $?51%1:( # G34:*4;0;(3 # A,&,0H4X # /54;9$;5'63934B/ # 09%11;E93440;&531 # 13**#
3*-,&%+5/#%#7%&'%(#)%*+,(-#89:6340;&#-3554%(4202G%5#$F1:+B#E3+%&X&/%/#/54;934#S)%*+,(-#
Z29U#2*4%*#093(639344#%11(3+/42*4#/54;9$;5'63934B/#1;E9;035#093(9344#1;E30H4;04D

kN

I%&:Z"'24*2)028:/20
!D
oA # %*1%*$%920 # 3034;5 # ,0942*'4%5H4X1;54 # %9 # % # E3+%&X&?0 # /0 # -,&*%*1,94%4@%4XR # %1/#
4%5?*$25'%/4#%#)%*+,(-.,0942*'4%5H4X#1;E30H4;04#5'QA4X#1;E9;0G35#%#$?512G%#*;E;0#;6;G35#
$3&139+/D
hKJ

JD
Z% # % # )%*+,(-./01,*2G%5 # -,&*%*1,94%4,44 # E3+%&X&?0 # 09%11;E93440;&3 # 3#
13(344%543(6G35 # $3&@%42(,9,44 # 1;E30H4;0531 # 53$ # -3*3* # $3&R # ;0 # % # 13(344%543(6#
AX62@%&'20%1,(
! %U
%#5'?&+HAA,&,0?*402&#3*;(;0;@39#09C10;&30#1,(@%42(/&#4H9#;65;*#136303GG#/+3A3#
6%5R # *3&-3*A3GG # % # 5'?&+HA1,(@%42( # 3*;(;0;/& # 62*4,9%4*%5 # $?51%1:(G35 # 4,62GG#
-,&*%*1,94%4@%4XR
! GU
%#5'?&+HAA,&,0?*402&#3*;(;0;@39#09C10;&30#1,(@%42(/&#4H9#;65;*#4:GG#/+3A3#6%5R#%#
13(344%543(6 # AX62@%&'2024X* # 092$H4,44 # :4 # ;6 # ?425 # W0%1 # %11,( # -,&*%*1,94%4@%4X # 4,62GG#
E3+%&X&?0.$?51%1:(G35R#@%#4%5?*$25'%/4#%9#3*BH(4#09%11;E93440;&34#5'QA4X#1;E9;0G35#
$3&139+43D
! WU
*3&%*2GG # P # ;630 # )%*+,(-./01,*2G%5 # E3+%&X&?0 # $?51%1:(G35 # 3*4:*4:44#
&'%1,(*%44%* # (35+3*139/1R # %9 # /01,*% # %A25*2026%* # $35430C* # % # )%*+,(-.1;E30H4;0#
$3&093(9;03#%*X*D
! +U
"#GU#E,54G%5#$3&@%42(,9,44%1#%*X*#$35430C*#;0#62*4,9%4*%5#$?51%1:(G35#4,62GG#
-,&*%*1,94%4@%4X # % # )%*+,(-./01,*2G%5 # 4%5H4X # E3+%&X&?0R # @% # (35+3*139/1#
)%*+,(-.1;E30H4;003*#;0#%#13(344%543(6#AX62@%&'20%1,(#)%*+,(-./01,*2G%5#E3+%&X&?0#
$?51%1:(G35#6%*X#-,&*%*1,94%420%#3*;(/#%#4/935:4#;634D
ID
oA#%*%EH420Q#)%*+,(-./01,*21#,0942*'4%5H4X/#%9#3*0B#@2(,$#;6G35#%#7%&'%(#)%*+,(-#
89:6340;& # a%52W0%+X # d:(;63* # 3&'3943463 # $354300;&34 # 1%E@%45%1 # % # -354/ # 303431G35#
$3&@%42(,9,44#09%1,0#6;&93440;&31#%*X*R#1/6;63 #%#)%*+,(-.13(344%543(6#%*%EA25#G363934344#
0E3W/2*/0#4%542(&'%1%4#S*D#-3543GGR#LD#E,54U
hD
t3+%&X&?01;E9B # -3*0B,14%420/ # /54;9$;5' # @%**&%4XA25%1 # /01,*%/ # &'%1,(*%4/ # 1;E9;0#
63934;0;(3 # 6%&' # E3+%&X&?0,1 # 4,62GG1;E9;0;(3 # 63934B # 4%52(/ # S&'%1,(*%463934B # 4%5H4X/UR#
4,62GG2 # 09%14%52W0%+X/ # $3&GH9204 # %9 # 1%E@%4R # %1/531 # )%*+,(-.E3+%&X&?0 # $?51%1:(#
G34:*4;0;@39 # 09C10;&30 # -3*0B-,1Q # /01,*%/ # 6;&93440;&3 # ;0 # 09%11;E93440;&3R # 6%*%$/54#
)%*+,(-./01,*%/#5363*B.,14%4X#$?512G%5#3*4:*4:44#*3&%*2GG#:4;630#09%1$%/#&'%1,(*%4%#6%5D

6.4Y/:%%+4*+81/"$"($)*+',[./0+)10Z$4
Q252823Y
!"#.4Y/:%"%+4*+81/$"5$%&"Z.83+/^31/$x
" # 53$9341:9/ # )%*+,(-.$,9&%*,$ # !]]].G35 # (35+3943 # 3*0B # $/5B0;&G/94,0H420/ # 1,5-3(35W/2A24#
>,443(+%$G%5R # $3*'34 # 4,62GG/%1 # 1:634431 # JNN!.G35 # C(/W@G35R # JNNL.G35 # f3(*/5G35R # JNNP.G%5#
f?+%E30435D # b93135# %# 1,5-3(35W/21,5 #%9# 6,*4 # %# 1:9E,54/# 4;$%R # @,&'# @,&'%5# *3@34 #$/5;* # A,GG#
$/5B0;&34R#$/5;*#$%&%0%GG#09H56,5%*%4#3*;(5/#%#)%*+,(-./54;9$;5'31G35D#"9#3*0B#1,5-3(35W/21,5#
0,1 # 3*A2(20 # G3$?4%4202(% # 13(C*4 # 0,(R # 0,1 # E,9/4H6 # 4%E%094%*%4,4 # ,094,44%1 # $3& # %9 # 3*B%+X1R # +3 # %#
1,5-3(35W/21 # (;094636B/ # 1:9C* # 0,1%5 # $;&/0 # 0913E4/1?0,1 # $%(%+4%1R # $3(4 # @/43*43*35531 # ;(394;1R#
@,&' # 1C*:5G:9B # 3*A2(20,11%* # G/94,0H4%5/ # *3@34R # @,&' # AX* # $F1:+A:5 # 3&' # )%*+,(-./01,*%D # "94#
-,&%*$%9421#$3&#%#$/5B0;&G/94,0H420/#3*A2(20,11%*#093$G35R#@,&'#%9#/01,*%#$/5B0;&3#3*0B0,(G%5#
%9,5#$Q*/1R#$/*'35#E3+%&X&?0,1#+,*&,95%1#G3553_#AX#E3+%&X&?0,1#AX#/01,*24#W0/52*5%1#$/5+35-;*3#
3*A2(20#5;*1C*#/0R#%#(,009%1#E3+/&#(,009%4D#720/1#%&&2*'?1#%9#6,*4R#@,&'#3931#%9#3*A2(20,1#3*43(3*/1#%#
-/&'3*$34#%9#/01,*%#%*%E-3*%+%42(X*R#%#5363*;0(B*D#a,62GG/#3**35634;0#6,*4#%#1,**;&21#(;09;(B*R#@,&'#
0,1 # E*?09 # %+$/5/094(2W/X0 # -3*%+%44%* # A2(5%1 # % # G3$?4%4,44 # 3*A2(20,1R # %$/1 # $3&/54 # W0%1 # %#
&'3($313113*#6%*X#-,&*%*1,9204X*#6309/1#3*#%9#/+B4D
T%&'/0#3*$,5+@%4XR#@,&'#0,12/&#5%&'#6,*4#%9#3**352**20#%#1,5-3(35W/%#(;094636B/R#6%&'/0#%#&'%1,(*X#
hKI

E3+%&X&?0,1 # 1:(;G35D # " # 1,5-3(35W/% # E(,&(%$A2G%5 # 093(35W0;(3 # %9 # 3*B%+20,1 # $3**344 # 6,*4%1#

-X(?$G309;*&34;031#/0R#%@,*#6,*4#*3@34B0;&#3931531#%9#%&&2*',15%1#-3*634;0;(3R#$3&6/4%4202(%D#
b93135#%#6/421,5#-,&%*$%9421#$3&#%#1,**;&21R#@,&'#%9#/01,*%R#1C*:5:035#3&'#)%*+,(-./01,*%R#Q&'#
$F1:+/1R#$/54#3&'#;*B#,(&%5/9$?0R#$3&6%55%1#%#093(63035#1/%*%1?*4#$F1:+;0/#-,*'%$%4%/D#b&'34#
;(434431 # % # (;094636B1 # %9,5G%5 # %GG%5R # @,&' # G2( # 3&' # 1C*0B # $3W@%5/1?0 # 3*A2(200%* # 53$ # *3@34#
G/94,0H4%5/ # %94R # @,&' # %9 # /01,*% # AX* # $F1:+A:5R # +3 # *3@34 # 6/&'295/ # %9 # /01,*% # 3&;090;&;(3R # *3@34#
&,5+,01,+5/#%((X*R#@,&'#%#*3@34B#*3&A,GG#$X+,5#;*A3#%#$/5+355%EA%/4#0#%#63*3#1%EW0,*%4G%5#*;6B#
3$G3(31#%#*3@34B#*3&A,GG%5#;(399;1#$%&?1%4#%#@3*'C1:5#S&'3($3131R#E3+%&X&?0,1#;0#09C*B1#
3&'%(254UR # 6%&'/0 # 0,1%4 # *3@34 # 4355/ # %9;(4R # @,&' # %9 # /01,*% # AX # $/5B0;&FR # AX # @H(F # *3&'35D # b # 6/421#
3(3+$;5'31;EE35# -,&%*$%9421 # $3&# %# 1,**;&21R # @,&' # $/5+%55'/%5# &,5+,01,+5/# %1%(5%1 # %((X*R#
@,&'#%9#/54;9$;5'G35#$%&%0#09H56,5%*Q#,14%420R#5363*;0#4:(4;5A35R#+3#53$#&,5+,*A21R#@,&'#3&'#
3*A2(20#:5$%&2G%5#%#AX#$/5B0;&34#G/94,0H4%5/#4?+A%D#b9;(4#G363934431#3&'#QA#-,&%*$%4#%#JNN!.30#
9C(/W@/ # 1,5-3(35W/25R # % # <?%*/4' # [%(3= # -,&%*$24R # %$/4 # $%&'%((% # % # 7eYs8rwwVYxVp8#
09X:00934;43**3*#-,(+H4,44?51#*3D
"#JNN!.30#C(/W@/#1,5-3(35W/%#X4%#$/#/0#394#%#-,&%*$%4#@%0952*A?1R#$3(4#$3&*2420?51#093(/54#39#%#
-,&%*,$#$%&2G%5#@,(+,99%#%#)%*+,(-.E3+%&X&?0,1#4:(316;0;4#;0#3*1:43*393440;&;4#%#AX#$/5B0;&F#
5363*;0#;0#,14%420#/(254D
=N"!"($)*+',-T2*$%U%.1ZU)"$*U*U"#.4Y/:%."/$V13+//1%+0
"9#3*0B#)%*+,(-./01,*%#!]!].G35#84?44&%(4G%5#5'/4,44%#$3&#1%E?/4#>?+,*-#843/53(#09%1$%/#
63934;0;63*D#>?+,*-#843/53(531#%9#%11,(/#4%52(,1#092$2(%#4%(4,44#3*B%+20%/#;0#%9#/01,*%#
/5+H420%1,(#-,*'4%4,44#093$/52(/?$/#G309;*&34;031#%#$%/#1,(#E3+%&X&?0%/#092$2(%#/0#%*%E634B#
/(25'$?4%4204#5'QA4%5%1#%#)%*+,(-.E3+%&X&/%#%*%E3*63/4#/**34B35D#"#)%*+,(-.E3+%&X&/%#4%(4%*$/#
%*%E3*63/#$3**344#,*'%5#$F1:+;0/#3*63134#/0#4%(4%*$%95%1R#%$/134#%#)%*+,(-.E3+%&X&/%#$/5B0;&/#
0%A24,002&%/5%1#/0#431/54@34C51#%55%1#3**35;(3R#@,&'#3931#$3&-,&%*$%9202(%#0,1.0,1#;64/93++3*#
%93*B44#13(C*4#0,(R#@,&'#%#$/5B0;&G/94,0H420#6%&'#$/5B0;&&,5+,920#-,&%*$%/#$3&A3*35431#6,*5%#%9#
,14%420#43(C*34;5D
Y;99C1#$3&#$,04#1;4#093$E,54GX*#393134#%9#%*%E3*63134R#3*B09:(#%9#/01,*%#093(3E*B/531#,*+%*2(X*R#
$%A+#%9#/54;9$;5'#$F1:+;0;531#093$09:&;GB*D
"9#/01,*%#093(3E*B/4#;(/54B#%*%E3*631_
a36;135'0;&C51#1:9;EE,54A2G%5#%#&'3($31#2**
7/5+35#)%*+,(-./54;9$;5'R#*3&'35#%9#X6,+%#6%&'#/01,*%R#3*0B+*3&30#W;*A25%1#431/54/#%#wb>7bd#
-3A*B+;0;531#03&H4;0;4D#Y3$#%#&'3($3131;4#2*4%*2G%5R#@%53$#%9#3&'30#&'3($31;4R#%9#/01,*2G%#
A2(X#$/5+35#3&'30#&'3($31;4R#1C*:5.1C*:5D#b935#%#@3*'35#53$#-3*%+%4,$#%#E3+%&X&/%/#W;*,1#
(;09*3430#1/-3A4;03R#+3#%$/%44#09C10;&30#$3&3$*H435/#394#%9#3*0B+*3&30#W;*4R#$3(4#39#,1,99%R#@,&'#
,*'%5#0%A24,0#%#)%*+,(-./01,*21#,14%420.093(639;0/#(35+093(3#;0#$20#$F1:+;0/#%*%E3*631#/0#3((3#%#
W;*(%#63934@34B1#6/009%D
"#E3+%&X&?0#3&';5/#-3*3*B00;&3
"#)%*+,(-./01,*2G%5#1/3$3*4#@%5&0Q*'4#1%E#%#E3+%&X&?0,1#3&';5/#-3*3*B00;&3#3*0B0,(G%5#%$/%44R#
$3(4#%#5363*;04#;0#%9#,14%4204#53$#3&'#436;135'0;&#3(3+$;5';531#4%(4A?1R#@%53$#%#&'3($31#;0#
%#E3+%&X&?0#1:9:44#*;4(3A:6B#09%G%+#/543(%1W/X5%1R#%@,*#%#E3+%&X&?0#43*A30#093$;*'/0;&;63*#
5363*#%92*4%*R#@,&'#1(3%4H6%5#%*1%*$%99%#%#&'3($31#3&';5/#-3A*B+;0;4#*3&/512GG#03&H4B#E3+%&X&/%/#
3091:9:134D#7/5+3@@39#5%&'#09%1$%/#-3*1;09C*40;&R#-3A*344#$F6;09/#;(9;1#;0#0,1.0,1#:55363*;0#
09C10;&30#%#E3+%&X&?0,1#(;09;(B*D#b9;(4#$2(#%9#3*0B#)%*+,(-./01,*%#/5+H420%1,(#3*62(20#6,*4#%#
hKh

E3+%&X&?0,11%*#093$G35#%#(35+093(30#:5;(4;13*;0#S5%E/#(35+093(300;&F#6/009%431/54;0U#;0#
,*'%5#&'%1,(*%4,1#6;&9;03R#%$3*'31#2*4%*#%#E3+%&X&?0,1#,*'%5#*3*1/#3(B1(3#43@34531#093(4R#$3*'31#
%#$/5+355%E/#-3*%+%4,1#3**24202@,9R#%#@/G21GX*#6%*X#4%5?*20@,9#;0#%#$,(2*/0#-3A*B+;0@39#/0#
03&H40;&34#A3*3543531D
"#E3+%&X&?0,1#1:9:00;&3
"9#3&'30#E3+%&X&?0#-3*3*B00;&;4#%9#3*BGG#3$*H4344C1R#53$#09%G%+#$3&-3*3A41395C51#?&'%5%11,(#
%((X*R#@,&'#%9#/01,*%#43*A30#E3+%&X&/%/#;*34;;(4#%#E3+%&X&?0,1#1:9:00;&3#-3*3*D#"#E3+%&X&?0,1#
1:9:00;&;4#t3+%&X&/%/#d,**;&/?$5%1R#6%&'#a%52(/#d,**;&/?$5%1#536399C1R#%1/1#3&'$20#$?512A24#
03&H463#1,$,*'#3&'C44$F1:+;0G35#63934/1#%9#/01,*%#E3+%&X&/%/#;*34;4D
" # a%52(/ # d,**;&/?$ # 6%&' # t3+%&X&/%/ # d,**;&/?$ # @%42(,99% # $3& # %9 # /01,*% # t3+%&X&/%/#
t(,&(%$A24D
" # a%52(/ # d,**;&/?$R # 6%&' # t3+%&X&/%/ # d,**;&/?$ # %*%1H4A% # 1/ # %9 # QA # E3+%&X&?0 # 1,**;&21#
-3*6;43*;531#-,*'%$%424#;0#&,5+,01,+/1#%((X*R#@,&'#%#-3*6;43*#?425#%9#QA#1,**;&%#G363934;03#$/5;*#
&:(+C*;135'3GG35#4:(4;5A35D#c#a31/5463R #@,&'#%9#)%*+,(-./01,*21#$F1:+;03#0,1#E,54,5#3*4;(#%#
@%&',$25',0#/01,*21;4X*#09C10;&30#%#1/3$3*4#-/&'3*3$#3935#3*4;(;031#$3&/0$3(;0;@39D#c#"9#QA#
1,**;&%#03&H4;0;531R#G363934;0;531#*3&%*1%*$%0%GG#3091:93#%#7354,(2*20R#%$/1,(#%9#QA#1,**;&%#
$3**;#3&'#,*'%5#1,**;&24#c#$354,(4#c#62*%094#%#a%52(/#d,**;&/?$R#%1/#5%&'#4%E%094%*44%*#GH(#;0#$2(#
(;&X4%#%9#/54;9$;5'G35#+,*&,9/1D#"#$354,(#-3*%+%4%R#@,&'#-,*'%$%4,0%5#-/&'3*3$$3*#1H0;(A3#%9#QA#
1,**;&% #$?512A24R # 03&H40;&34 # 5'QA40,5R # 4%52W0,11%* #*200%# 3*R #$3&/0$3(43003# 63*3 #%9# /54;9$;5'#
09,120(35+A;4R#$F1:+;0/#09%G2*'%/4D#v&'#%9#QA#G3*;EB531#6%5#1/@39#-,(+?*5/%#1;(+;03/63*R#53$#;(9/#
$%&24#/+3&35531R#42A;1,9%4*%55%1#%9#QA#1:(5'3934G35D
"# a%52(/ # d,**;&/?$ # 6%&' # t3+%&X&/%/ # d,**;&/?$ # 4%&A%/ # $/5+35 # @;435 # 4%*2*1,95%1 # %9 # Q5D#
a%52(/Mt3+%&X&/%/ # 1,5-3(35W/25R # %@,* # 3&'(;094 # 1:9:0 # E3+%&X&/%/ # $?5124 # -,*'4%45%1R # $20(;094#
$3&G309;*/1#%9#%14?2*/0#-3*%+%4,1%4D#7/5+35#/01,*%#$%&%#@%42(,99%#$3&#%#1,5-3(35W/%#1,51(;4#
4%(4%*$24 # ;0 # $3534;4R # +3 # %94 # 3*$,5+@%4A?1R # @,&' # 3&' # d,5-3(35W/% # 2*4%*2G%5 # % # 1:634139B # AX*#
3*1C*:5H4@34B#(;0931GB*#2**D
hD "#84Q+/?$R#$3*'531#13(34;G35#)%*+,(-.E3+%&X&/%/#09%1/(,+%*,$#3&'30# 3*3$3/531 # 1:9:0#
-3*+,*&,920%#4:(4;5/1D#"#1,**;&21#1:9:035#$;*'3+531#3*#%#)%*+,(-.E3+%&X&/%#%*%E#3*63/G35R#
H&'#%*%1?*#1/#%#1:9:0#;(4;0R#%9#<3&'34.;(4;0=#%#1,**;&/?$,5#G3*C*D
LD w'3($31.$3&G309;*;0 # 6%&' # ,0942*'$3&G309;*;0R # %@,* # 3*B(3 # $3&@%42(,9,44 # $34X+?0#
%*%EA25#-,(+H4A21#%#1,**;&21#-/&'3*$C134#3&'.3&'#&'3($31R#6%&'#3&'.3&'#,0942*'#E3+%&X&/%/#
E(,G*;$2A25%1#$3&,*+202(%D#v&'#%9#,0942*'4%5H4X1R#6%&'#%#09%14%52(,1#%9#3&;09#1,**;&/?$#
03&H40;&;63*#4?+A21#$3&,*+%5/#%#092$?1(%#53@;9#E3+%&X&/%/#-3*%+%4,1%4D
OD d:9:0# $F6;09/ # 436;135'0;&R # %@,* # % # E3+%&X&?0,1 # 1:9:035 # 6309531 # (;094 # 6%*%$/*'35#
%*1,4XR#$F6;09/#-,*'%$%4G%5#S;531*;0R#-304;0R#3?(/4$/%R#6%&'#%12($/#$20UD#"#1:9:0#$F6;09/#
436;135'0;& # @,992A2(?* # %@@,9R # @,&' # % # E3+%&X&?0,1 # % # 5363*;04R # $/54 # $F6;09/ # %*1,4X#
$?5124#;*@300;1#$3&R#4,62GG2#0,1%4#03&H4#%#1:9:00;&#:00931,62W0,*202G%5R#%9#3&'C6;#
4%(4,920#;(9;0;531#0#%#G/9%*,$#*;&1:(;531#1/%*%1H4202G%5D
"#1,5-3(35W/%$?51%#3*35&3+@3434*35#%9#/01,*%#3&'0;&30#E3+%&X&/%/#%(W?*%425%1#1/%*%1H4202@,9#;0#
%#E3+%&X&?0,1#09%1$%/#-3A*B+;0;@39D
" # a%52(/ # d,**;&/?$ # 6%&' # t3+%&X&/%/ # d,**;&/?$ # -3*%+%4% # % # E3+%&X&/%/ # $?51% # G3*0B#
;(4;13*;0/#(35+093(;531#1/%*%1H420%#;0#$3&6%*X0H420%#/0D#7/5+35#/01,*%#$%&%#-,&%*$%99%#$3&R#
@,&'# $/*'35# (35+093(# 093(/54# A2(5%1# %# 1,**;&21#3&'$20# X(2/4# $3&*24,&%45/R #;0# $/*'35#(35+093(#
093(/54#4%(4%5%1#6/009%431/54;03134R#(2431/54;03134#3&'$20#$?512/(%R#G3092$,*X1%4R#04GDDD
"9#/01,*251;54/#1C*:5G0;&31#$3**344#/0#3*$,5+@%4XR#@,&'#/01,*2/51G%5#$/5+35#4%5;6#6;&;5#0,(#
13(C* # %#a%52(;(4;13*;031(3D # b931G35 # % # G3092$,*X1G%5 # % # 1,**;&21 # :5;(4;13*;03 # 3$3**344 # 3&'(3#
5%&',GG # @%5&0Q*'4 # 1%E5%1 # % # 1,**;&21 # 6/009%A3*9;03/ # S@,0E/42*20,1R # /**3463 # %9 # 3&'C44$F1:+;0#
hKL

4%E%094%*%4%/#%*%EA25UR#%#+/21,1#;(4;13*;03/R#/**3463#%#09C*B/#;(4;13*;031#/0D#"#4%52(;(4;13*;031#1:9C*#
1/3$3*4 # A3*354B0;&F31 # % # 6;&9B0 # SP.,0U # ,0942*'4%5H4XR # /**3463 # % # 6;&9B0 # S!I.,0U # ,0942*'1H0;(B#
6/009%431/54;03#%9#,0942*'26%*#3&'C44#4:*4:44#;631(3D#"9#/44#$3&-,&%*$%9,44#4%E%094%*%4,1#%9#3&;09#
/01,*%#;*34;(3#@%4200%*#6%55%1D
"#09C*B1#093(3E3#%#E3+%&X&/2G%5
"9#/01,*%/#;*34#@%($%+/1#093(3E*BA3#%#&'3($31#;0#%#E3+%&X&?0#$3**344#%#09C*BD#7/63*#%#09C*B531#
%99%*#3&'C44R#@,&'#&'3($31;531#/01,*%/#5363*;0;4#;0#,14%42024#%#E3+%&X&?0,1(%#GH94%R#4,62GG(%#/0#
A3*354B0#093(3E3#6%5#%#&'3($31#5363*;0;G35R#39;(4#%#)%*+,(-./01,*2G%5#Q&'#4%(4A?1R#@,&'#%#
&'3($31#-3A*B+;0;531#G/94,0H420%#%#09C*B#;0#%#E3+%&X&?0#1:9:0#-3*3*B00;&3D#b5531#%#1:9:0#
-3*3*B00;&531#%#6/03*;0;@39#3*35&3+@3434*35#%#09C*B1#;0#%#E3+%&X&?0,1#5'H*4R#G/9%*,$43*A30#
3&'C44$F1:+;03R#E(,G*;$%$3&,*+20(%#4:(316B#@,9922**20%D
b$/%44#/01,*2/51G%5#1C*:5:0#@%5&0Q*'4#-31434C51#%#09C*B113*#6%*X#3&'C44$F1:+;0(3R#@%6/#
(35+093(300;&F#09C*B/#3043135#;0#3&';G#(35+396;5'3135#G309;*&34C51#%#09C*B113*#%#
)%*+,(-.E3+%&X&/2(X*R#%#&'3($3131#;*341,(2GX*#%+X+X#E3+%&X&/%/#1;(+;031(B*#;0#(35+093(3035#
4%(4?51#-,&%+X#X(21%4#/0D#8,1#/01,*%/#(35+396;5'4#093(639C51#%#09C*B1#(;096;43*;63*R#%$3*'31#
0,(25#1:9634*35#093$;*'30#1%EW0,*%4,1#4?+5%1#1/%*%1?*5/#%#09C*B1#;0#%#E3+%&X&?0,1#1:9:44D
"9#/54;9$;5'/#$F1:+;04#;(/54B#%*%E3*631_
"?4,5X$/%R#3&';5/#-3*3*B00;&R#:5/&%9&%420
>?+,*-#843/53(#%9#3*0B#)%*+,(-./01,*%#$3&%*%EH420%#3*B44#3*B%+20,1G%5#-,&*%*4%#:0093#%#E3+%&X&/%/#
%*%E3*63/4#S3931#%9#3*B%+20,1#$%&'%(?*#%9#p*4%*25,0#3$G3(4%5R#$/54#%#E3+%&X&/%#%*%EA%#WH$$3*#
A3*35431 # $3& # % # w35/?0 # 1/%+X # ;0 # % # 7%&'%( # )%*+,(- # 89:6340;& # 1:9:0 # 1/%+202G%5U # %9#
3*B%+200,(,9%4#3*B44/#3043#!]!]D#%?&?094?0#JN.25R#+(D#843/53(#3&'#$3&5'/4X#G309;+34#4%(4,44R#%@,*#
53$#%#E3+%&X&/2(X*R#@%53$#%#E3+%&X&/%#W;*A2(X*#G309;*4D#"((X*R#@,&'#%#)%*+,(-./01,*25%1#6%*X+/#
1?*4?(2*/0#4344;#13**#62*5/%R#@,&'#%#42(0%+%*,$#$3&QAH42025%1#3091:9;6;#*3@30035D#e44#,*6%0@%4?51#%#
)%*+,(-./01,*%#0%A24,0#$F1:+;0/#3*6;(B*#;0#%9#3&';5/#-3*3*B00;&#A3*354B0;&;(B*#/0D#<DDDb9;(4#53$#
/(25'H420/R#@%53$#/&%9&%420/#3*631#%*%EA25#%*%1H4A?1#1/#%9#/01,*%#$F1:+;0;4R#;0#(3E?G*/125?0#$X+,5#
-,&A?1#/(25'H4%5/D#b&'#6%*X+/#4%52(.1:942(0%02&G%5#53$#42$%091,+@%4?51#1;5'3*$30#6251,01;54#
,*'%5#(35+09%G2*',1(%R#%$3*'31#%9#/&%9&%4X02&4X*#A:5531D#Y31C51#13**#G3*36/55C51#S$%&?51G%5#
@,(+,95?51U#$/5+%94R#%$/#$3&%+A%#%#*3@34B0;&34#%#43*A30#-3*3*B00;&#6/03*;0;@39#%9#/(254R#%$/4#
4355C51#13**D#7/5+351/531#$%&25%1#13**#%#43*A30#-3*3*B00;&34#6/03*5/3DDDD=
b935 # %*%E3*631 # $354;5 # 09C*34/1 # 3&'.3&' # )%*+,(-./01,*% # %9,15%1 # %9 # 3$G3(31531 # 09%G%+#
139+3$;5'39;03#2*4%*R#%1/1#%#)%*+,(-.E3+%&X&/2G%5#%#1?*4Q(434434R#%#42(0%+%*,$#-,($2*X#-3*%+%4,4#
*24A21D#"9# 3&';531# G3*0B# 3*@%42(,920%/GX*# 1:9:0#W;*#09C*34/1# ;0#%#1:9:0# W;*;(4# 1C9+B# 3$G3(31#
S09C*B1#;0#E3+%&X&?0,1U#1:9:00;&34#%*1,45%1R#%$3*'#A,&/*%&#3&'#W/6/*#093(63934#%*%1A24#6309/#-3*R#
;0#%9#H&'#*;4(3A:44#W/6/*#093(63934#62*/1#%9#/01,*%#%*%EH4XA262#;0#-3554%(4XA262D#"#-3*%+%4#5%&'02&24#
53$#*3@34#3*;&&;#@%5&0Q*',95/D#V*'%5#-3*%+%4(%#62**%*1,95%1#09C*B1#;0#E3+%&X&?0,1R#%$/#/&35#
5%&' # @,992;(4;04 # ;0 # 3*1:43*39B+;04 # 1H625D #"# &'3($31 # 5363*;0;(3 # 3&' # QA # -,($% # *;4(3@,92026%*#
62**%*1,95%1_ # %?4,5X$/25R # 3&';5/ # -3*3*B00;&35 # ;0 # :5/&%9&%420,5 # %*%E?*X # /01,*%/ # $F1:+;04#
%*%1H4%5%1#1/R#$3(4#4?+A21R#@,&'#$/5+35R#%$/#1:(C*6309/#%#&'3($3134R#$;&#%9#/01,*%#04(?14Q(2A%#/0#
5363*B#@%4200%*#GH(D
a%5?*X#1:9:00;&
"9#:5/&%9&%420GX*#%+X+X%5#%9#/01,*%#$F1:+434;0;63*#1%EW0,*%4,0#093(639;0/#-3*%+%4,1#;EEQ&'#
@,992 # 4%(4,95%1 # % # E3+%&X&?0,1 # -3*%+%4%/@,9R # $/54 # % # 4%5X(21 # $3&4%(420%D #"# 4%5?*X1 # 09,W/2*/0#
hKO

1;E300;&3/531#-3A*3094;03#,44#139+B+/1R#@,&'#%#&'3($3134#1:(C*636B#-3*5B4431#/0#5%ER#$/54#5%E#
-3A*3094/1 # 09,W/2*/0 # 1;090;&C134D # "9 # 3&'C44$F1:+;0 # 43(C*34;5 # 3*0B0,(G%5 # E;*+26%* # 5363*531D#
89C10;& # 6%5 # % # -,*'%$%4,0 # 4%5?*20(% # %9 # QA # ;0 # QA%GG # -3*%+%4,1 # $3&,*+202@,9R # H&' # 62*/1 # %#
)%*+,(-.1:9:00;&#4%5?*X#1:9:00;&&;R#%@,*#53$W0%1#%#&'3($31R#@%53$#%#1:9:00;&#$/5+35#4%&A%#
-3A*B+@34D
89C*B1#;0#E3+%&X&?0,1#3&'C44#%#&'3($3131;(4
"@,&'#%9#/01,*%#%#09C*B1#;0#%#E3+%&X&?0,1#1:9:0#3*@%42(,9202GX*#09C*34/1R#Q&'#%#09C*B1#;0#%#
E3+%&X&?0,1#3&'$204#03&H4B#;0#1/3&;09H4B#3&'C44$F1:+;03#3*35&3+@3434*35#%#$F1:+;0#;63/#%*%44#
/0D#"9#/01,*%#%#&'3($31;(4#6%5#0#%#09C*B1#;0#%#E3+%&X&?0,1#3&'C44#4309531#$3&#$/5+354R#@,&'#%#
&'3($31 # 5363*;03R # ,14%420% # % # *3@34B # *3&A,GG # $3+3(G35 # -,*'A,5D # b9 # % # 09,1%4*%5?* # /54359H6#
3&'C44$F1:+;0 # % # 1:9:00;&@39 # QA,55%5 # 1%EW0,*X+X # 09C*B1 # 092$2(% # 3*B09:( # $3&*3EBR # +3 # %#
4%E%094%*%4#%94#$?4%4A%R#@,&'@%#%9#/01,*%#13**B#-/&'3*$34#-,(+H4#%9#QA#09C*B1#G363934;0;(3R#%11,(#%#
139+34/#/+3&350;&#53$#0,12/&#4%(4D#Z%$%(#$3&;(4/1#%9#QA,55%5#;(139344#09C*B1#/0#%#5363*;0531#;0#
%9#/54;9$;5'#-3554%(42025%1#1:9:0#-3*3*B00;&;4D#Z/0935#3&'#)%*+,(-./01,*2G%5#%#09C*B/#093(3E31#
GB63GG31#3&'#<24*%&,0#/01,*%/=#09C*B/#-3*%+%452*#%GGX*#%+X+X%5R#@,&'#%9#/01,*2/51%4#-3554%(4X#W/6/*#
093(6393431#*;5'3&;G35#%#09C*B1GB*#2**5%1R#%1/1#392*4%*#A,&/*%&#;0#&%9+%02&/*%&#/0#-3*3*B031#%9#
/54;9$;5'.$F1:+;0;;(4D # v&' # 3*$,5+@%4XR # @,&' # % # )%*+,(-.09C*B1 # % # E3+%&X&/%/ # 3&'C44$F1:+;0#
$3**344#5%E/#09/5435#(;094#6309531#%9#/54;9$;5'.-3554%(420#;0#$F1:+434;0#-3*%+%4%/G%5#/0D
a?+%4,002&#%9#/54;9$;5'/#$F1:+;0G35
"@,&'#%#E3+%&X&/2G%5#4:(31093531#%#)%*+,(-./01,*21#%#*3@34B#*3&$%&%0%GG#09H56,5%*#3*;(;0;(3R#
Q&'#%9#/54;9$;5'/#$F1:+;0#43(;5#/0#%#$/5;*#&:(+C*;135'3GG#$F1:+;0R#%#E(,G*;$21#1/1C09:G:*;03#
0 # % # -,*'%$%4,1 # -,*'%$%4,0 # A,GG2 # 4;43*3 # % # W;*D # b5531 # ;(+31;G35 # %9 # /54;9$;5'31 # 1C*:5G:9B#
$/5B0;&&,5+,920/ # 3*A2(20,1%4 # %*1%*$%95%1D # q3*35*3& # $;& # 5/5W0 # 3&'0;&30 # $/5B0;&&,5+,920/#
(35+093(#%#)%*+,(-./01,*21#1:(;G35D#"9#/54;9$;5'/#%?4,5X$/%#%*%EA25#$/5+35#/54;9$;5'#$%&%#
+:54 # %((X*R # @,&' # $3*'/1 # (35+093(4 # 62*%094A%D # k&'%5%11,( # 3*$,5+@%4XR # @,&' # % # 7%&'%( # )%*+,(-#
89:6340;&G35R#%9,5#G3*C*#%9#e01,*21#w'F*;0;G35#$3&09C*34344#%9#3*@%42(,920#%((%#6,5%41,9X%5R#
@,&'#%9#/01,*21#1:9:035#1/%*%1H4%5%1#3&'#,*'%5#$/5B0;&&,5+,920/#(35+093(4#R#%$3*'#3*1;09C*43#
?425#$3&@%42(,9X#*309#%#)%*+,(-./54;9$;5'31(3#5;963D
;N"!8".43:8#:4&20"2%&]33#X09*:/2"$"6$%&$'"($)*+',"789523/:%Z24
Z%#%#$/5B0;&&,5+,920#3*0B#09/54A;531#%9#/54;9$;5'35#G3*C*/#$/5B0;&&,5+,9204#431/54AC1R#%11,(#
3&'#$20,+/1R#$%&%0%GG#09/54531#431/54@34AC1#%9#/54;9$;5'31#1:9:44/#3&'C44$F1:+;0G35#1:9:035#
$3&-,&%*$%9,44#3*62(20,1%4R#%*%E3*63134R#1(/4;(/?$,1%4D
"9#/01,*21#/*'35#3&'C44$F1:+;0;531#43(3#%#7%&'%(#)%*+,(-#89:6340;&#S7)8UR#$3*'#!]]K.G35#
A:44#*;4(3#;0#%9X4%#1;E6/03*/#%#)%*+,(-./54;9$;5'31#;0#%9#3&;09#)%*+,(-.$,9&%*,$#;(+313/4D
"#7)8#3&'30C*34/#-,($2G%5#$F1:+/1R#A3*35*3&#KP#4%&093(639343#6%5#S/01,*21R#X6,+21R#1;E9;031R#
/54;9$;5'.-3554%(4X # W/6/* # 093(6393431UD # 893(63934/ # 04(?14Q(2A% # G/94,0H4A%R # @,&' # %9 # /01,*21R#
1;E6/03*B/1#Q4A25R#$%&?1#+:5403531#%9#e01,*21#w'F*;0;G35#%9#B134#;(/54B#1;(+;031(B*R#%@,&'#%9#
X6,+21#?&'%5H&'#4309531#%9#}6,+21#w'F*;0;G35#;0#H&'#4,62GGD
v&'#%9#/01,*21#%14H6#3&'C44$F1:+;0;GB*R#1:9:0#+:54;031#2*4%*#09C*34531#%9,1#%#+,1?$354?$,1R#
%$3*'31#1H6C*(B*#@%42(,9921#$3&#%#$%&'%(,(092&/#)%*+,(-./54;9$;5'31#$F1:+;0;4D
! "9#3*0B#/*'35#1:9:0#+:54;031#2*4%*#*;4(3A:44#+,1?$354?$#%#7%&'%(,(092&/ # )%*+,(-./01,*21#
d3(344%543(63#6,*4R#$3*'#3*0B#-,($2A2G%5#JNN!.G35#1;09C*4#3*R#JNNL.G35#24+,*&,920(%#13(C*4#
;0#A3*35*3&#3&'#QA%GG#24+,*&,920%#-,*'/1D#
! 720,+/1#/*'35#c#%#)%*+,(-./01,*21#:0093-,&2025#;0#1:9:0#+:54;03/5#%*%E?*X#c#+,1?$354?$#
hKK

%#)%*+,(-./01,*21#5;6@%0952*%4/#3*A2(20(35+A3R#$3*'531#%*%E3*63/5#%9#/01,*21#1;E6/03*B/#%#
JN!NMJN!!.30 # ;0 # % # JN!!MJN!J.30 # 4%5;6G35 # +,*&,94%1D # " # 1:634139B # 4%5;6(3 # $%(%+4 # %#
5;6@%0952*%4/#3*A2(20(35+#1:9&'F*;0#2*4%*/#3*-,&%+20%R#;0#%9#3*A2(20,1#*3-,*'4%420%D
d:634139B#1:9:0#1(/4;(/?$(35+093(#-3*2**H42024#%#7/5B0;&&,5+,920#43(C*34;5#@%42(,94%#3*#
%9#e01,*21#w'F*;03R#35531#1/+,*&,92024#%#1:634139B#4%5;6(3#43(639/1#%#1,**;&21D

>N"($)*+',"d18"["`2*$%U%.$."78+)%1)3$3U"F43:823
"# )%*+,(-./54;9$;5'31 # $/5B0;&&,5+,92025%1 # 3*35&3+@3434*35 # 42$%09% # % # )%*+,(-.E3+%&X&/%/#
%*%E,1,5R # ,(092&,0 # -3*%+%43**24200%* # $F1:+B # t3+%&X&/%/ # 89,*&2*4%4X # e54;934R # $3*'34 # % # 7)8#
JNNP.G%5#)%*+,(-#Z29#5;635#%*%EH4,44D
"# )%*+,(- # Z29 # % # E3+%&X&/%/ # 4%52W0%+20R # % # E3+%&X&/%/ # 42A;1,94%420R # %9 # /54;9$;5'$F1:+434;0R#
E3+%&X&/%/ # ;(4;13*;0 # 43(C*34;5R # 6%*%$/54 # 4,62GG1;E9;031 # 093(639;0;G35 # 5'QA4 # 09,*&2*4%420,1%4#
)%*+,(-.E3+%&X&?0,15%1R#.09C*B1531R#.-3554%(4X15%1#;0#%#)%*+,(-.E3+%&X&/%#/(254#;(+31*B+B1531D#
[;*A%R # @,&' # 09,*&2*4%420%/6%* # % # )%*+,(-./54;9$;5'31 # $?512A24 # 03&H403 # ;0 # 392*4%* # @,992A2(?*A,5#
$3&3(B0:+;0C1@:9R#%9#,44#-,*'X#09%1$%/#$?51%#$/5B0;&;531#A%6?*202@,9D
a36;135'0;&3/ # 1:9C* # 1/3$3*35+B31 # % # )%*+,(-.E3+%&X&/%/ # 4,62GG1;E9;031R # $3*'31 # 3&'3+C*2**X#
4,62GG1;E9;0/#*3@34B0;&3134#G/94,0H4%5%1#4%52(%/515%1g#%9#/54;9$;5'.$F1:+434;003*#1%EW0,*%4,0#
1,59?*42W/X1R#$3*'31#%#)%*+,(-./01,*21#0%A24,0#$F1:+;0/#3*63/4#;0#%#09/54;5#0%A24,0#A,&/#@3*'934;4#
/0$3(63 # 5'QA4 # 03&H40;&34 # %9 # /54;9$;5'.$F1:+434;003* # -,&*%*1,9X # 1,**;&215%1R # W/6/*#
/54;9$;5'.-3554%(4X15%1g # ;0 # 6;&C* # +3 # 53$ # ?4,*0X0,(G%5 # 3$*H435;$ # %9 # <k4%1 # % # $/5B0;&@39=#
3*53639;0F#$/5B0;&&,5+,920/#3*A2(204R#$3*'#09/54;5#%#)%*+,(-#Z29#2*4%*#093(639344#(35+396;5'31#
;0#1;E9;031#2*4%*#139+344#$3&@,5,0,+5/#7%&'%(,(092&,5D
hN"K2#823098."5./8+4&)$3"
"9#,(092&,0#09/5435#3&'30C*34/#-,($2G%5#3&'C44$F1:+B#)%*+,(-./54;9$;5'3/51#%#53$9341:9/#
)%*+,(-.$,9&%*,$@,9#/0#0,1#092*,5#1%EW0,*X+5%1D
b*0B0,(G%5#1;E6/03*B/51#Q4A25#(;094#6309C51#%#53$9341:9/#)%*+,(-.093(6393431#$?512A2G%5
!D
b[8)b_#
b?(,E3%5#[,?5W/*#-,(#843/53(#)%*+,(-#b+?W%4/,5R#
JD
e"8)b[b_# e543(5%4/,5%* # "00,W/%4/,5 # -,( # 843/53( # )%*+,(- # b%(*' # [@/*+@,,+ #
b+?W%4/,5R#
ID
e"V_# e543(5%4/,5%*3#"00,9/%4/,5#-C(#)%*+,(-E+%&,&/1#/5#7/443*.#?5+#V043?(,E%#?5+#
3/43(#:04*/W@35#l5+3(5#3DTDU
720(;094 # 0,1 # 1,**;&251 # 6309 # (;094 # % # 1C*:5G:9B # 53$9341:9/ # 093(6393431 # 2*4%* # 093(639344#
4,62GG1;E9;03135R#E3+%&X&/%/#4%*2*1,9X1,5D
<k4%1#%#$/5B0;&@39=#3*A2(20#G3$?4%420%_
" # 53$9341:9/ # 3&'C44$F1:+;0 # 3&'/1 # 3(3+$;5'31;EE35 # A?4,44 # 3* # 7%&'%(,(092&(% # %9 # % # 062AW/#
1,**;&21 # 2*4%* # 1/+,*&,9,44R # <k4%1 # % # $/5B0;&@39= # 536F # $/5B0;&&,5+,920/ # 3*A2(20R # %$3*' # %#
)%*+,(-./54;9$;5'31 # 0%A24,002&%/4 # $30093$35B35 # -/&'3*3$G3 # 6;63 # 03&H4/ # %9 # /54;9$;5'#
$F1:+;0;531 # A%6H42024R # % # 1:9:00;& # 4?+%4,002&/ # 09/54A;531 # 3$3*;0;4R # %9 # /54;9$;5'/ # W;*,1#
09,*&2*%424D
b&'(3#4:GG#/54;9$;5'#/0$3(13+/1#$3&#3993*#%9#3*A2(200%*#;0#%#$3&/0$3(;0#?425#3&'(3#4:GG35#
+:543531 # Q&'R # @,&' # 394 # %9 # 3*A2(204 # %1%(A21 # G3639345/ # %# $/5+355%E/ # $F1:+;0C1 # 09/56,5%*25%1#
3$3*;0;(3D
p**A,5#/44#3&'#(:6/+#/0$3(434B#%9#<k4%1#%#$/5B0;&@39=#3*A2(20(X*_
"9#<k4%1#%#$/5B0;&@39=#536F#$/5B0;&&,5+,920/#3*A2(204#%#062AW/#09;1@3*'F#84/-4?5&#<)3&3#9?(#
?%*/44= # $?51%42(0%/ # +,*&,9421 # 1/ # %99%* # % # W;**%*R # @,&' # %9# ,*'%5 # /54;9$;5'31 # 092$2(%R # %@,* # %#
hKP

$?51% # 3$G3(.3$G3( # 1:9:44/ # 1%EW0,*%4,1,5 # %*%E?*R # (3*36250 # $/5B0;&G/94,0H420/ # $3&,*+204#

5'QA40,5D # "9 # 3*A2(20 # 1C*:5*3&300;&3R # @,&' # %9 # /E%(/ # 43($3*;0G35 # /0$3(4#
6202(*X.43($;1.-,*'%$%409%G2*',920 # %*%EQ # $/5B0;&G/94,0H420 # @3*'344 # %9 # 3$G3(.3$G3( # 1:9:44/#
1%EW0,*%4 # 09%G%+02&25%1 # G/94,0H4202(% # @3*'39/ # % # @%5&0Q*'4 # %94 # 6/90&2*6%R # @,&' # $/*'35#
1:(C*$;5'3134 # 13** # %@@,9 # G/94,0H4%5/R # @,&' # %9 # 3$G3(/ # 1%EW0,*%4,1,5 # %*%E?*X # Q5D#
1%EW0,*%4/.09,*&2*4%420 # S4%5H420R # 5363*;0R # &'X&'H420R # &,5+,920U # % # *3@34B # *3&A,GG # $/5B0;&G35#
6%*X0?*@%00,5#$3&#%9#/54;9$;5'G35D
!8"2)V1'1/"$8".43:8#:4&"#X09*:/:420"$)1ZZ."=;"32'])23:3"9)2).",2)n
=N#E2)$*$30.3X8:/
b&'#/54;9$;5'#09,*&2*4%420%/5%1#%#$/5B0;&/#1:6343*$;5'3/R#6%*%$/54#3931#$3&H4;*;03#%9,14X*#%#
-3*%+%4,14X* # ;0 # W;*,14X* # -C&&R # %$3*'31(3 # %9 # /54;9$;5' # $%&% # 62**%*4 # 1:43*393440;&34D #"9,1%4 # %#
-3*%+%4,1%4R # %$3*'31 # % # $/5+351,(/ # W;*W0,E,(4 # /&;5'3/@39 # /&%9,+5%1R # 3&' # 1:43*39B # A3**3&F#
639;(1;EG35 # @%42(,9921 # $3&D # b92*4%* # % # 639;(1;E # 09%1$%/ # ;0 # A,&/ # %*%E?* # 09,*&2*#
S43*A30H4$;5'H&;(34U#%9#/54;9$;5'#$/5+35#G3*0B#;0#1C*0B#093(9B+B#-3*3#092$2(%D
;N"I%&:4.",2)2)Y//:%
b&' # /54;9$;5' # ,*'%5 # $;(4;1G35 # 4?+A% # G34:*435/ # -3*%+%424R # %$/*'35 # $;(4;1G35 # %9 # %*1%*$%9,44%1#
@%A*%5+X1#;0#1;E3031#-3*3*B00;&34#62**%*5/#S@3*'/#+3*3&2W/XUD#b9#3&'(;094#%#-3*%+%41/4F9;035#6%*X#
(35+093(30 # $?512*1,+200%*R # 6%*%$/54 # %9 # %*1%*$%9,44%1 # 09%1$%/R # 093(63934/ # ;0 # 09,W/2*/0#
1;E93440;&;531 # 2**%5+X # G/94,0H42026%* # ;(@34B # 3*g # $20(;094 # c # % # (35+093(30 # 6/009%431/54;0 # ;0#
E3(/,+/1?0#G3092$,*X1#03&H40;&;63*#c#3**354;430#/(25'GX*#/0#(3-*3142*5%1#%#6%*X02&,0#-3A*B+;0(3D#b9#
%9 # /5&%$,9&20 # A3**3&F # $?51%(/4$?0 # 1;E39/ # <+/5%$/1?0 # +3*3&2W/X1;54= # % # -354/ # 3*A2(20 # %*%E634B#
-,*'%$%424R # ;0 # 3993* # % # $/5B0;& # $3&43(3$4;0;531R # $3&4%(42025%1 # ;0 # %9 # /55,6%4H6#
$/5B0;&-3A*3094;0531#%#-3*4;43*;4D
>N"G:T2//:%":/"3O*1/
"#43*A30H4$;5'#$/5B0;&;4#+:54B35#$3&@%42(,99%#%#(;094636B#$?51%42(0%1#1;E300;&3#;0#4?+20%D#
"#$/5B0;&/#W;*,1GX*#63934@34B#*3R#@,&'#%#-?51W/X.,(/3542*4#1:6343*$;5'31#%*%EA25#$/*'35#*3&'35#%9#
%*1%*$%9,44%1 # 1;E93440;&3D # 720(;094 # % # -,*'%$%4,0%5 # -3*@%*$,9X+X # 4%E%094%*%4,1 # 09%1$%/R#
093(63934/#;0#09,W/2*/0#431/5434G35#2**%5+X#1;E9;0/#;0#4,62GG1;E9;0/#09C10;&*3434#3(3+$;5'39531R#
@,&' # % # (35+3*139;0(3 # 2**X # 09%14?+20 # ;0 # 09%1$%/ # 1;E300;&31 # $/5+35 # -3*3*B00;&/ # 09/5435#
1,(093(F31R#09H56,5%*%0%1#*3&'3531D#"9#<k4%1#%#$/5B0;&@39=#%#1C*0B#4,62GG1;E9;0/#*3@34B0;&31#
$3**344#%9#/54;9$;5'35#G3*C*/#4%5?*20/#-,*'%$%4,1#$3&093(639;0;(3#@3*'39/#%#@%5&0Q*'4R#%$3*'531#
% # $3&*36B # $?51%04(?14Q(21G% # ;0 # .-,*'%$%4,1G% # 6%*X # /543&(2W/XA% # % # 5%E # $/54 # 5%E # 5:6316B#
4%E%094%*%4E,435W/2*4 # 5;*1C*:9@3434*35 # 4,62GG1;E9;0/ # -,((2002 # 4309/D # " # 1;E300;& # ;0 # 4?+20#
43(C*34;@39#%9#3&'C44$F1:+;0/#1;E300;&31#/0#@,9924%(4,95%1D
hN"78$Z$*/1%
"9 # 3*A2(20@,9 # %*%E634B35 # @,9924%(4,9/1R # @,&' # $/5+35313*B44 # %9,15%1 # % # -3*%+%4,15%1R # %$3*'31#
3&'30#093$;*'31@39#1:4B+531R#3&'(3#/512GG#3&'3+/6;R#093$;*'(3#09%G,442#13**#62*5/?1D#"9#3&'30#
3$G3( # @3*'934;G3 # 4:(4;5B # G3*3;*;0 # 1;E300;&3 # c # $/54 # %9 # 3$G3(/ # 1%EW0,*%4,1,5 # %*%E?*X#
09,*&2*4%420,1 # -,54,0 # $/5B0;&/ # $?4%4XA% # cR # W0%1 # %11,( # G,54%1,9@%4 # 1/R # @% # % # 1,$E34350#
-3*3*B00;&6/03*B1 # 092$2(% # %*1,4X # $?51%43(3134 # 4?+5%1 # G/94,0H4%5/ # 3&' # 43*A30H4$;5',(/3542*4#
/54;9$;5'G35 # /0D #"# -3*%+%4*3H(20,1 # 39;(4 # 53$W0%1 # % # $?512@,9 # 1%EW0,*X+X # 1:43*393440;&3134#
4%(4%*$%9921R#@%53$#%#1(3%4H6%5#%*%1H4%5+X#1,$E3435W/%.#;0#-3*3*B00;&43(C*343134#/0#4/09429921D#"#
hK]

ID # 43(C*3435 # *3H(4 # 1;E9;0 # ;0 # 4,62GG1;E9;0 # $3&6%*X0H420%R # 6%*%$/54 # % # JD # 43(C*3435 # 42(&'%*4#

$/5+351,(/#(3-*3142*X#-,*'%$%4,1G%#4:(4;5B#G32&'%920#G/94,0H4A%R#@,&'#%#-3*%+%443*A30H4;0531#39#%#
5'/4,44#(;093#53#-?00,5#6%162&25'(%D
iN"Q.8$)+#
7/5+35# 093(63934/ #09%G2*',920 #3**35;(3 #03$ # A:@34 # *;4(3 #3&' #/54;9$;5'G35 # $/5B0;&/*3&# $%&%0#
09/54F#$?51%#%9#;(/5434431#1:9:44/#G/9%*,$#5;*1C*D#7/63*#%#G/9%*$%4#53$#*3@34#<3*(35+3*5/=R#39#%#
43(C*34 # %9,11%* # % # -3*4;43*3113* # -,&*%*1,9/1R # %$3*'31 # 1:9:44 # *;4(3A:@34 # ;0 # $3&$%(%+@%4R # /**D#
$3&3(B0:+@34#%#G/9%*,$D#"9#3@@39#09C10;&30#-,($21#;0#6/03*13+;0$X+,1#1?4%420%#$3**344#3@@39#
%#43(C*34@39#4%(4,9/1#%#G31:634139344#G/9%*,$@/25'#1393*;0;531#09%G2*',920%#/0D
"# G/9%*,$43(3$4B # /54;913+;031 # 1;(+;03 # 3&'(;094 # %9 # %*1%*$%9,44%1 # 1:9:44/ # 1%EW0,*%4,1%4 # ;(/54/#
S%*2.M-:*;.R#6%*%$/54#$3**;(35+3*40;&/#6/09,5'G%5#3&'%(254UR#$20(;094#%#09,*&2*4%420,1%4#/&;5'G3#
636B1@:9R # @,9924%(4,9X/1@,9R # /**D # %9 # /54;9$;5' # $20 # E%(453(3/@39 # c # $/54 # % # @/6%4%*,1 # ;0M6%&'#
1:*40;&6/03*B1#c#-F9B+B#6/09,5',1%4R#@%#1C*:5G:9B#0Q*',9,4402&&%*#/0D
jN"L:*2)2#
"#$3&-3*3*B#3&'39434;031#SA,&,1#;0#1:43*300;&31U#1;E39/1#%9#3&'C44$F1:+;0#$/5+35#-,($2A25%1#
%9 # %*%EA24R # 392*4%* # %9 # 3&'30 # W03*313+3431 # 3&' # W;*/(25',0 # 3&;009; # 2**5%1 # :0093D #"9 # <k4%1 # %#
$/5B0;&@39= # % # -3*5B4431 # 1:9:44/ # $3&3&'39;031 # *3&$3&-3*3*BGG # -,($2A25%1 # % # 093(9B+;04R # /**D # %#
$3&2**%E,+204 # 4%(4A%D # b9 # 4?*%A+,51;EE35 # W0%1 # %9 # 3&';5/ # ;0 # 3&'C4430 # -3*3*B00;& # 3*6;531#
1:6341393430 # %*1%*$%920%R # 3&' # 093(9B+;0 # ?&'%5/0 # 1;4,*+%*Q # 1:43*393440;&62**%*204 # ;0 # % # 1:9:0#
-3*%+%462**%*20#43*A30H4;0/#0925+;124#A3*354/#%#093(9B+B#-3*31#(;09;(B*D#v&'#%#093(9B+;031531#1344B0#
6;+3*$/#A3**3&C1#6%5_#$/5+35#$20#093(9B+B#-;*#092$2(%#&%(%542*A21#%#093(9B+;0G35#62**%*4#S0%A24U#
09,*&2*4%420 # 43*A30H4;0;4 # S43*A30H4;0/ # 1:43*393440;&UR # 3993* # 3&'C44 # G/94,0H4A21 # % # 0%A24 # -3*3*B00;&/#
43(C*3434#%#$20/1#-;*#4Q*1%E20%/6%*#093$G35#S1,$E3435W/%6;+3*3$UD#7/63*#3&'#093(9B+;0#%*%EA%#%#
1:9:0#%1%(%4R#%#093(9B+;0G35#-,&*%*4%1#43*A30H4;0;;(4#$/5+1;4#-;*#-3*3*B0D#"#1C*0BR#%9#/54;9$;5'#
092$2(%#1:43*39B#3*BH(20,1#%?4,$%4/1?0%5#%#G3*0B#093(9B+;031#(;09;531#$/5B0C*531D
kN"`:48]%&."0.2%&24)^3:/
"#-3*%+%41/4F9;0#$3&6%*X0H42024#;0#%55%1#$/5B0;&;4#+:54B35#G3-,*'20,*A21#%#(35+3*139;0(3#2**X#
%5'%&/#3091:9:1D#b9314B*#-C&&#?&'%5/0R#3*#*3@34.3#6;&395/#%#$?5124R#;0#@%#/&35R#$/*'35#093$;*'/#
;0#42(&'/#-3*4;43*3113*D#7/5;*#@,009%GG#426,5#G/94,0H4,44%1#%9#%5'%&/#3091:9:1R#%552*#/512GG#*3@34#%#
-3*%+%443*A30H4;0(3 # 1,5W354(2*5/D # " # E;59C&'/ # 1/3&'35*H4;04 # /**34B35 # @2(,$ # 093$E,54 # 2** # %#
1:9;EE,54G%5D # c # !D #"9 # 3091:9:1 # 3*B43(3$4;03_ #"9 # %5'%&/ # 3091:9:1 # 3*0B0,(G%5 # % # 43*A30H4;031#
3**35;(4;131;54 # ;0 # @,992A2(?*20,1 # -,($2A2G%5 # -,*'5%1 # G3 # %9 # /54;9$;5' # 092$*2A2(%D # c # JD # "9#
3091:9-3*@%0952*20_#7355'/(3#W;*093(F35R#09%1093(F35#;0#&%9+%02&,0%5#@%0952*A21#-3*#%#1%E,44#
%5'%&/#3091:9:134z#c#ID#"9#%5'%&/#09C10;&*3431#$3&@%42(,920%_#"#@,9922**20#%#E;59C&'31@39#
@,009Q # 426,5 # %44X* # -C&&R # $/*'35 # $;(4;1G35 # 6,5A21 # G3 # 4?+%4,0%5 # %9 # ;(/543443134 # -3*%+%4?1@,9#
$;(435#%#1:*40;&634;0#1/+,*&,9202G%#;0#1393*;0;G3D
MN"E2)./#2':/ZY)",$0$*U",2)2)Y//:%
"# $?51%43*A30H4$;5' # %*%EA%R # @,&' # $/5+ # % # -3*3*B00;&6/03*B1R # $/5+ # %9 # %*1%*$%9,44%1 # @3*'3035#
;(43*$399;1 # % # -3*%+%4,4D # "9 # 3@@39 # 09C10;&30 # 09%1$%/ # 4?+20 # ;0 # 1;E300;&31 # S*D # ID # 43(C*34U#
3*0B0,(G%5 # %9,1@,9 # % # 436;135'0;&31@39 # /&%9,+5%1R # %$3*'31 # % # $/5+351,(/ # -3*%+%4,1#
43*A30H4;0;@39#09C10;&3031R#39;(4#3*0B0,(G%5#0E3W/2*/0#4?+20(X*#6%5#09XD#"9#3$G3(/#1%EW0,*%4,1,5#
%*%E?*X # 09,*&2*4%420,1 # 3034;5 # 53$ # *3@34 # 3*62*%094%5/ # % # 43*A30H4;0 # $3&4:(4;54;4 # % # 43*A30 # 3$G3(/#
*;4531R # %9 # 3$G3(/ # /5+/6/+?%*/4205%1 # ;0 # -3*;EH43440;&;531R # G3*0B # -3A*B+;0;531R # G/,&(2-/%/#
hPN

;*34@3*'934;531R # 6%*%$/54 # 1%EW0,*%4/ # ;0 # 42(0%+%*$/ # G32&'%9,4402&25%1 # $3&;(4;0;4B*D # v&' # %#

$3&;(4;0531#,*'%5#/(25',1G%#/0#1/#13**#43(A3+5/3R#%@,*#%#09%1$%/#4?+20#W0%1#(;09*3&3035#6%5#A3*35D#
bGGB*#3&'#,*'%5#-,*'%$%4,0#-3*/0$3(;0/#-,*'%$%4#%*%1?*#1/R#%$/5#2**%5+X%5#+,*&,95/#13**D#b993*#%#
$?5126%* # *;4(3A:5 # 3&'(;094 # %9 # %*1%*$%9,44%1 # 0E3W/2*/0%5 # 1C*:5G:9B # 436;135'0;&3/531 # 1:9:0#
%*%EA%R#$20(;094#1/%*%1?*#%#0%A24#-3*%+%41/4F9;003*#093$G35#3&'#(3-*3142*X.1(/4/1%/#4?+%4,002&D
PN"I%&:4.",2V)Y*:/
"9#3&'C44$F1:+;0#4%E%094%*%4%/#%*%EA25#1:94?+,44R#@,&'#%#43*A30H4$;5'#$/5B0;&3#$30093$35B35#
-C&& # % # (;094636B1 # @,9922**2024X*D # 7/5;* # /&;5'303GG31 # % # -3*%+%4,1R # %552* # /512GG # -,54,0R # @,&'#
$%&?1 # %9 # 3$G3(31 # /0 # -3*5B@3003531 # @,992A?1R # ;0 # -3A*B+;0C1 # G/94,0H4,44 # *3&'35D # Z,&' # $/*'35#
$;(4;1F#%9#3--%A4%#-3A*B+;0R#%9#3&'(;094#%44X*#-C&&R#@,&'#%#(;094636B1#$3&4%5?*A21.3#0%A24#139C1G3#
6355/#-3A*B+;0C134D#720(;094#%((X*#6%5#09XR#@,&'#%9#3&'C44$F1:+;0/#-,*'%$%4,1%4#Q&'#093(6399;1R#
@,&' # :094:5:99;1 # ;0 # 42$,&%0021 # % # -3A*B+;04D # dC*:5 # A3*354B0;&3 # 6%5 # %55%1R # @,&' # -/&'3*3$G3#
63&';1#;0#1/%*%1H4021#%#$?51%#6/*2&%#;0#%#E(/624#09-;(%#1:9:44/#@%42(4D
=<N"!"V2)24420"#2%,2)2)Y"S/2)205:/
7/5+35#/54;9$;5'#(;09303#%9#2**%5+X%5#62*4,9X#42(0%+%*$/#;*34531D#"#0%A24#62*4,9205%1#G3*0B#6%&'#
1C*0B # 1,51(;4 # /5+H4;1%/ # *3@34531D # b9 # 1C*:5:035 # ;(6;5'30 # %9 # 3$G3(/ # 1%EW0,*%4,1,5 # %*%E?*X#
09,*&2*4%420,1(%R#%$/1,(#%#W03*313+34#42(&'%#%9#3$G3(R#%1/#3&'G35#:52**X#09?GA314?$_#%$355'/G35#
$%&24 # %9 # 3$G3(4 # $/54 # 3&' # $2( # 2**%5+X%5 # -3A*B+B # *;5'4 # 431/54C51R # 35531 # $3&-3*3*B35 # 13** # %#
1%EW0,*%4/#09,*&2*4%420,15%1#/0#24%*%1?*5/?1D#"#W/6/*/92W/X0#1:(5'3934#/0R#%$3*'#5%&'#03G300;&&3*#
-3A*B+/1R # @%0,5*X1;EE35 # 3&'(3 # QA%GG # 42A;1,9X+20/ # ;0 # 093(639;0/ # 1/@H620 # 3*; # 2**H4A% # %9#
/54;9$;5'3134D#7H&#1,(2GG%5#%#43*A30H4$;5'#2**%5+X02&%#6,*4#%#$/5B0;&#A3*9BA3R#%++/&#39#$%#3&'#
/54;9$;5'531#%9#%#1;E300;&3R#@,&'#%#62*4,920,1(%#/+BG35#;0#%*1,4X#$X+,5#(3%&2*A,5D#"#<A3*35531#
$3&-3*3*B#W03*316;0=#$?51%43(C*34;5#%((X*#6%5#09XR#@,&'#3&'#/54;9$;5'#$355'/(3#;(9;13*/#/+BG35#
%#62*4,94%420#09C10;&300;&;4R#@,&'%5#1393*/# 393134#%#-3*/0$3(;03134R#;0#$/*'35#$X+,5#(3%&2*#
3931(3#%#1/@H620,1(%#%5;*1C*R#@,&'#3*6309435;#/$E?*9?024D
==N"F4*.5.*O$).31/"f"2%&:4":/"0989//:%
7/5+35#$?51%1:9:00;&#%#62*%094,44#A,&/#-,($%#(;6;5#42(0%+%*$/*%&#3*/0$3(4#A,&/#093$;**';#62*/1R#
%$3*'#-3*3*B0#$%&2;(4D#b935#0%A24#$%&%#62*%094,44%#3&'0;&#09%1$%/#;0#093$;*'C&'/#%*%1H420%R#
093(639;03#;0#/&%9&%420%#%9#:5/&%9&%420R#;0#3&'G35#%9#/54;9$;5'#63934B0;&;531#%#-3*%+%4%D#
"$355'/G35 # %9 # 3&'0;&34 # 3*0B0,(G%5 # 3091:9 # ;0 # 093(63934/ # 6,5%41,920G%5 # /&'3139531#
$3&6%*X0H4%5/R # %11,( # %9 # /54;9$;5' # 43*A30H4$;5';531 # % # 04%5+%(+/92*20% # -3*; # $,9+?*5%1 # 3*D #"9#
%*1,4X/ # W03*316;0 # 2*4%* # *;4(3A:6B # 3&';5/ # +/--3(35W/2*20/ # *3@34B0;&R # %$3*' # 09C10;&30 # %9 # 3$G3(/#
1%EW0,*%4,1,5#%*%E?*X#09,*&2*4%420,1@,9R#3GG35#%9#3034G35#2*+,9%42?*#30/1#%9#/54;9$;5'/#3&'0;&#
3*6;531D # c # Z% # 3993* # 093$G35 # $/5+35 # 093$;*'30 # 0925+;1 # 3034;G35 # %9 # 3&';5/.%*1,4X5%1 # %#
W;*9%4,0#09%G2*'-3*,*+X#3*6;4#%*1%*$%9921R#Q&'#09?GA314H635#6/009%;*531#%9#/54;9$;5'#3&'0;&;63*D#
"9 # :5/&%9&%420 # %11,( # ;(/ # 3* # $/5B0;&G3*/ # W;*1/4F9;03/4R # @% # %9 # %*1%*$%9,44%1 # 3&';5/#
436;135'0;&3/G35#%9#3&;09#1:9:00;&#0925+;1%/#-3A39B+531#1/R#;0#@%#%#1:9:00;&#42$,&%4A%#%9#
%*1%*$%9,44%1# 3&';5/# -3*3*B00;&43*A30#436;135'0;&;4 # S*D #"# 639;(1;EUD #"#63934B# 093(631531# %9#%#
-3*%+%4?1R#@,&'#%#1;4#09C10;&30#435+35W/%#1:9:44#S3&'0;&#;0#3&';5U#@%($X5/24#43(3$403531D
=;N"!"0989//:%W"#.43"/+'/
[0%1 # Q&' # $%(%+@%4 # 6%&' # 3(B0:+@34 # $3& # @,009Q # 426,5 # % # (;094636B1 # %9,5 # 0925+;1%R # @,&'#
,+%%+X%5#+,*&,99%5%1#3&'#$?51%1:9:00;&#W;*A%/;(4R#@%#%#-3*%+%41/4F9;0@39#-F9B+B#;(+313*40;&35#
4Q*#1/%*%1H4A21#%#4:GG/#;(+313*4#/(254/#1:*W0:5:0#;(+31*B+;04#/0D#b9#1/3$3*435#6,5%41,9/1#%#1%EW0,*%4/#
hP!

09,*&2*4%420,1(%R#%@,*#$%&%#%9#3$G3(#%#436;135'0;&#42(&'%D#b&';(43*$F35#*24@%4X#%#$?51%@3*'35#
4:*4:44 # /+B # ;*34@,009@,9 # 6/09,5'H4,44 # 5%&' # %(25'2GX*R # @,&' # $/*'35 # $;(4;1G35 # G3-,*'20,*A21 # %#
$?512G%5 # 093(9344 # 4%E%094%*%4,1 # %9 # ;*34Q4 # -3A*B+;0;4 # ;0 # 3993* # %9 # ;(/5434431 # 0,(024D #"$/ # %9 # ,44#
+,*&,9X1(%#;(6;5'30R#$;&#3(B43*A303GG35#2**#%9,1(%R#%1/1#%9#/54;9$;5'#09,*&2*4%420%/4#13(30/1R#;0#
/&;5'G3 # 6309/1D #"$/4 # %9 # /54;9$;5'G35 # ;0# %9 # /54;9$;5' # (;6;5 # $3&4%E%094%*5%1R # %9 # 1:4B+;0C1#
/+3A3#%*%44#43*A30#;*3463934;0C1#A3*354B0#(;09;4#4309/#1/D#b9;(4#%9#/54;9$;5'#53$W0%1#3&'#093(63934/#
3&'0;&R#@%53$#3&'G35#09,W/2*/0#-3*3*B00;&1:9:00;&#/0D#Y3$W0%1#%#436;135'0;&#4%(4%*$%R#%#<$/4=#
-,54,0R#@%53$#%#<1/=#;0#%#<@,&'%5=#/0D

!"($)*+',-./0+)10"94.%$8%$3U"'24*/82'2W"/82'528232":/"
#X09*:/2
FN"!"($)*+',-./0+)10"3^TO/$."
!

5',*W# ;6-,*'%$$%*#$F1:+B#)%*+,(-./01,*%R#%$3*'#3**24A%#%9#2*4%*25,0#/01,*%#;0#%9#%*%E-,1Q#
$F6;0934/#/01,*%#%*%E-3*%+%424
! 4/935@2(,$ # ;6-,*'%$,0 # )%*+,(-./01,*%R # %$3*' # 4:GGW;*Q # /54;9$;5'1;54 # S3&'0;&30 # /01,*%R#
1:9:0 # /&%9&%420Q # 4:GGW;*Q # /54;9$;5'U # 3**24A% # %9 # 2*4%*25,0 # /01,*%R # % # &/$529/?$ # ;0 # %9#
%*%E-,1Q#$F6;0934/#/01,*%#%*%E-3*%+%424
! :4#;6-,*'%$,0#)%*+,(-.1:9;E/01,*%R#%$3*'#3**24A%#%#&/$529/?$#;0#%9#%*%E-,1Q#$F6;0934/#
/01,*%#%*%E-3*%+%424
)%*+,(-./01,*% # 3&;09 # 5%E,0 # /01,*%1;54 # /0 # $3&093(639@34/ # %9 # ,14%4204 # % # A3*35 # 13(344%543(6G35#
-,&*%*4%1#$3&4%(42026%*#;0#$3&-3*3*B#%*1%*$%92026%*D
FFN"!8"$)$T,+0c"#X5:/823+03$31/"/$V13+//1%$.
"# )%*+,(-./01,*% # 62*%0942026%* # % # 4%5?*X # S09C*BU # 3&'G35 # %94 # /0 # 62*%094A% # ;0 # 3*-,&%+A%R # @,&' # %#
)%*+,(-./01,*2G%5 # 1:43*39B35 # (;0930C* # %*%E-,1Q # $F6;0934,14%420G%5D # b((3 # -/&'3*3$$3* # %#
)%*+,(-./01,*% # 4%5?*XA% # 4,62GG/ # %*%E-,1Q # $F6;0934/ # 1;E9;0G3 # % # $/5+351,(/ # A,&09%G2*'/#
(35+3*139;031531#$3&-3*3*B35#1%EW0,*X+@%4#G3D
"9 # %*43(5%4H6 # )%*+,(-.$F6;0934,14%420 # 0%A24,002&%/4 # % # 13(344%543(6 # eTD # -3A3934;531 # S"#
)%*+,(-./01,*21 # $F6;0934/ # 5363*;0;531 # 13(344%543(63 # %9 # !.!ID # ;6-,*'%$,1,5U # G363934B#
(35+3*139;03/#$?4%4A21#G3D
"#0%A24,002&,1GX*#-%1%+X%5#%#$F6;0934/#W0,E,(4,1#$3&3&'39531#%9#,0942*',11%*R#%#1:9/0$3(34/#
X(21#;0# %# $F6;0934/#X(21#3&'$204X*# 53$# 1C*:5C*531# 3*R# 3&'C443035#;0#3&'0;&3035# %*1,4A21# %#
)%*+,(-.5363*;04D#b9#$3&A3*35/1#%9#%+$/5/094(2W/XG%5#/0_#%9#/01,*%#%#1;4#1:95363*;0/#%*%E-3*%+%4#
3&'C4430#5'/*6254%(4202(%#3&'0;&30#4%5C&'/#+,1?$3542W/X4#63934D
J$4O)U."0932)28Y"U'10"
"# 13(344%543(6 # 1;4 # 4%543(6/ # E(,&(%$,4 # 4%(4%*$%9_ # %9 # 2*4%*25,0 # $F63*40;&34 # $3&%*%E,9X # ,14%420#
4%543(6;4R#%$3*'531#%*%EA25#%#4%5?*X1#%#)%*+,(-.E3+%&X&/%#093(/54#(;0930C*531#2*4%*25,0#/01,*%/#;0#
&/$529/?$/ # 1;E9;0G35R # 6%*%$/54 # % # $F6;0934/ # 5363*;0 # 4%543(6;4R # %$3*' # %9 # %*%E-,1Q#
$F6;0934,14%420 # %*43(5%4H6 # 4%543(6/ # E(,&(%$A%D # " # 1;4 # 4%543(6/ # E(,&(%$ # 3&'$204X*#
3*62*%094@%4%4*%5?* # ;0 # 3&'$20@,9 # 1%EW0,*X+6% # %*1,4A% # % # )%*+,(-.E3+%&X&/% # 4%543(6/ # $,+3**A;4R#
39;(4#%#$F6;0934/#5363*;0#4%542(&'%/#1:43*39B31R#%#$F6;0934/#X(21#%#4%543(6#2*4%*#%A25*,44#09%G%+,5#
62*%094,44#X(211%*#3&'C44#%#4%5?*X/#1:43*39B#X(%092$,4#$3&5:63*@34/1D

hPJ

FFFN"!"($)*+',-./0+)10"/82'52823":/"94.%$8%$3U"'24*/82'2
"#)%*+,(-./01,*21#:5/&%9&%4X#/54;9$;5'31R#$3*'31#093(63934/#;*34C1#1/%*%1H420%#0,(25#%#>?+,*-#
843/53( # 2*4%* # % # 09,W/2*/0 # ;*34 # @2($%0 # 4%&,9X+202(X* # $3&-,&%*$%9,44 # 3*631 # $3&6%*X0H4202(%#
4:(31093531D #"# )%*+,(-.E3+%&X&/% # *3&-,54,0%GG # W;*A% # % # 09,W/2*/0 # $3&QA@,+20R # %9 # 3&;090;&30#
09,W/2*/0 # -3A*B+;0R # %$3*' # 4C1(:9B+/1 # % # )%*+,(-./01,*% # 093(63934/ # -3*;EH4;0;G35R # 63934;0/#
093(13934;G35D#"9#/01,*21#%#-3*%+%4,1#+3*3&2*2025%1#3*6;5#$F1:+531R#%$3*'#0,(25#3&';531#;0#
W0,E,(4,1 # 62**%*5%1 # -3*3*B00;&34 # % # 63934;0 # ;0 # +:54;0@,9%4%* # G/9,5',0 # 43(C*343/5 # % # 1:9:035#
$3&@%42(,9,44#W;*,1#-/&'3*3$G36;43*;63*D#"#)%*+,(-./01,*21#%#-3554%(4X/14X*#3*1C*:5C*4R#09%1$%/#;0#
093(63934/ # 093$E,54GX* # :52**X # A,&/ # 093$;*'31R # 1:95363*;0/ # -3*%+%4%/1%4 # 3 # 13(344%543(6531#
$3&-3*3*63R#%#$/5+351,(#@%42*',0#A,&09%G2*',1G%5#$3&@%42(,9,44#-3*3*B00;&&3*#6%*X0H4A21#$3&D
!"3$41'."0+)):%.O#
"9#/01,*24#%#J$41'."G+)):%.O#"-3*3*B0#4304C*341;54#63934/R#+:54#%9#/01,*24#;(/54B#$/5+35#1;(+;0G35#
;0#3**24A%#%9#/&%9&%4X/#-3*3*B00;&#1:(;G3#4%(4,9X#-3*%+%4,1%4D#"9#/01,*24#%#d,**;&/?$#2*4%*#62*%094,44#
.%$8%$3Uf./0+)$0:T5./2)Y# 1;E6/03*/R#%1/#%#A,&09%G2*',1#093(/54/#A,&,1#&'%1,(*20%#0,(25R#6%*%$/54#
$/5+35 # $20 # 3034G35 # % # d,**;&/?$ # +:54;0;531 # $3&-3*3*B35 # A2( # 3*D #"# a%52(/ # d,**;&/?$ # % # @34/#
(35+093(300;&&3*#4%(4,44"I,')3("L$':636'*()'#-,&*%*1,9/1#%#E3+%&X&/%/#$?5124#;(/54B#1;(+;03113*R#
%9#/&%9&%420/.$F1:+;0/#1;(+;031(3#%A25*,44#1C*:5#H-,4-,0)5("L$':636'*(,#093(639;03D#"#d,**;&/?$#
% # E3+%&X&?0,1 # 1:(;GB* # 1,5-3(35W/%63934B4 # 6%&' # 63934B134 # 62*%094R # % # 1:(-,(&20 # 3*6;531#
$3&-3*3*B35D #"# d,**;&/?$G%5 # $/5+35 # E3+%&X&?0 # 09%G%+,5 # %*%1H4@%4A% # 1/ # 09%1$%/ # $?512A24D #"#
1:9:0 # E3+%&X&/%/ # ;0 # /&%9&%420/.$F1:+;0/ # -3*%+%4,1GX* # %9 # 3&';531 # 6%&' # W0,E,(4A%/1 # 09%G%+#
139+3$;5'39;0(3#62**%*5%1R#43*A30#1:(F#-3*3*B00;&&3*D
"9 # /01,*% # &%9+%02&/ # 093(63934;4 # % # 53$ # E3+%&X&?0 # $?51%42(0%1 # %*1,4A21_ # % # &%9+%02&/ # 63934B#
S&%9+%02&/#-3*3*B0UR#/01,*%4/412(R#1:5'63*BR#&,5+5,1R#4%1%(H4X#04GD#"#&%9+%02&/#63934B#S&%9+%02&/#
-3*3*B0U # %9 # 3*-,&%+,44 # /01,*%/ # 1:*40;&634;0 # %*%EA25R # % # $?51%1:(;(3 # $3&@%42(,9,44 # A,&1:((3* # ;0#
-3*3*B00;&&3*#*24A%#3*#%9#/54;9$;5'/#&%9+2*1,+200%*#-3*$3(C*B#-3*%+%4,1%4D#"#&%9+%02&/#093(63934#
$?51%42(0%/ # (;094 # 6309531 # %9 # e&%9&%420/ # d,5-3(35W/% # $?512A2G%5D # "9 # /54;9$;5' # ;630#
1:*40;&634;0;4#%#&%9+%02&/#63934B#1;09H4/#3*B#;0#%#a%52(/#d,**;&/?$#-,&%+A%#3*D
"#a%52(/#d,**;&/?$#0%A24#+:54;0;63*#%9#/54;9$;5'63934;04#(;09G35#6%&'#3&;09G35#24(?@29@%4A%R#
;0 # % # 63934B/ # -3*%+%4,1 # 3**242026%* # c # G3092$,*20/ # ;0 # 42A;1,94%420/ # 1:43*393440;& # $3**344 # c#
6-7546%2/786'":6/6/<5"(-,4-,0+0"C,-7"'2A)'7":<5"C6460<("*5$>$30$0"(5"%6-894A,0B
"#a%52(/#d,**;&/?$#$%&%#%*%1H4A%#1/#$F1:+;0;531#(35+A;4R#%$3*'#%9#/01,*%#093(63934/#;0#$F1:+;0/#
09%G2*'9%425%1#(;09;4#1;E39/D
!",2443$'3U
"# )%*+,(-./01,*21 # -3554%(4X/ # % # 09C*B/ # 1:9:00;& # 2*4%* # $F1:+434344 # 1:9@%095Q # W/6/* # 093(6393431_#
%*%EH4625',1R # 3&'30C*3431D # " # -3554%(4X1" :52**X # A,&/ # 093$;*'1;54 # % # @%42*',0 # A,&09%G2*',15%1#
$3&-3*3*B35#G/94,0H4A21#%#$F1:+;0/#13(343134#;0#c#%9#/01,*26%*#1:9:035#1/%*%1H4,44#3&'C44$F1:+;0/#
(35+G35#c#3**24A21#%#-3554%(4X/#-3*%+%4,1%4D
!"/8])Y."/82'52823
"# )%*+,(-./01,*21G%5 # % # 09C*B1 # 1C*:5G:9B # 09/543135 # 6309531 # (;094 # %9 # /54;9$;5' # ;*34;G35D #"#
093**3$/#;*34 #(;09303/#%#09C*B/#30431#;0#3&';G#303$;5'31#E3+%&X&/%/#G309;*&34;03/#0,(25R# %9#
C553E3135 # 6%*X # (;096;43* # %*1%*$%/6%*R # 43(3$4B/R # %$/1,( # @%5&63(035'4R # 09H5@29%4R # 1/2**H4204 # 04GD#
093(639531 # %9 # /54;9$;5' # -3*5B44 # 1:9:00;&3 # 092$2(%D # " # &'3($3131 # G3H(%420%1,(R # %9 # /01,*%#
(35+A;531 # -,($2*20%1,( # % # A,&/ # ;*34 # (;094636B/D # w%9+%02&/ # 093(3EG35 # 6%55%1 # %92*4%*R # @,&'#
42$,&%4A21 # % # )%*+,(-./01,*% # -3554%(42025%1 # -/5%509H(,92024D # 7/5+35 # 3&'30 # 09C*B # @,(+,9XA%#
$/5+@2(,$#-?51W/X5%1D#"#09C*B1#09%G%+#62**%*200%*#;0#-3*3*B035R#%9#/01,*26%*#1:4:44#$3&2**%E,+20R#
/01,*%/#09%G2*'9%4#%*%EA25#G31%EW0,*X+@%45%1#%9#/01,*%/#-3*%+%43**2420G%D#"9#/01,*21G%5#$F1:+@34#
hPI

/01,*%09;1#6%&'#35531#$/542A2(%#$20#@%0,5*X#093(63934#/0#*;4(3@,9@%4XD
78$Z1)&+81/
"# )%*+,(-./01,*21 # 093(63934;531 # ;0 # $F1:+;0;531 # %*%E3*63/ # %9 # 3&'30 # /54;9$;5'31G35 # % # @3*'/#
0%A24,002&,15%1#$3&-3*3*B35#6%*X0?*5%1#$3&D#"9#/01,*%#$F1:+;03R#$/54#1:9:0#W;*#09,*&2*%42G%5#
%9 # /54;9$;5' # ;0 # % # -3554%(4X # 3&'$200%* # 09,(,0%5 # 3&'C44$F1:+/1R # A,&,0H4625'%/1%4#
(35+3*434;0093(F35 # ;0 # % # )%*+,(-.E3+%&X&/%/ # 3*63113* # :009@%5&G%5 # &'%1,(,*A21D #"9# /01,*21 # c # %#
A,&09%G2*',1 # 1:43*39B # 3*BH(20%/5%1 # -/&'3*3$G3 # 6;43*;63* # c # 093(63934/ # ;0 # $F1:+;0/#
09%G2*'9%4?1G%5#@%42(,9921#$3&#093(63934C1#;0#$F1:+;0C1#0%A24,0#-3*;EH4;0;4R#H&'#1C*:5:035_#%#
-3554%(4X6%* # 6%*X # 3&'C44$F1:+;0 # 43(C*343/4R # -,($2/4 # ;0 # 093(63/4R # 6%*%$/54 # % # -3*%+%4. # ;0#
-3*3*B00;&$3&,094204R#%#4%52(/#1,**;&/?$#093(63934;4#;0#$F1:+;0;4R#%9#/54;9$;5'63934B/#A,&1:(:1#
$3&,0942024R#%9#3&'093$;*'/R#4304C*34/#6%&'#1:9:00;&/#+:54;0#;0#-3*3*B00;&#43(C*343/4#;0#093(63/4R#
/**3463#$?512*4%4X/#$/5B0;&C1G35#4,62GG/#G3*0B#09%G2*'9%4,1%4#%*1,45%1D
" # 7%&'%( # )%*+,(- # 89:6340;& # % # )%*+,(-./01,*21 # 093(63934;(3 # ;0 # $F1:+;0;(3 # /(25'3*634R#
2**20-,&*%*204#%+@%4#1/D
FLN"!" ($)*+',-./0+)$."#O40$09'90"/$V13+//1%$.
E2V)2/83Y"T2*$%U%O/"
" # )%*+,(-.E3+%&X&/%/ # W;*,1 # ;0 # -3*%+%4,1 # $3&6%*X0H420% # ;(+31;G35 # %9 # /01,*21G%5 # %A25*,44 # %9#
2*4%*25,0#/01,*%/#09%1%09G%5#-3A*3094B#E3+%&X&?0#%*1%*$%920%D
" # -3A*3094B # E3+%&X&?0 # -3*%+%4% # %9 # /01,*2(% # 6%*X # 1;090;& # $3&2**%EH420%R # % # 43*A30 # 4%5?*X/ # 1:(#
(35+093(30#09F(;03R#%#4%5?*20/#;0#6/03*13+;0/#53@;90;&31#1/09F(;03#;0#3931#5',$25#%#4%5?*X#
-3A*3094;03R # 6%&' # $3&-3*3*B # -3A*3094B # 09%13$G3(@39R # 09%1$%/ # 093(63934@39 # /(25'H420%R # 3#
093(63113*#-,*'%$%4,0#;0#(35+093(30#1%EW0,*%44%(420D#n3A*3094B#E3+%&X&?0#%*1%*$%920%#3034;5#%9#
2*4%*25,0 # /01,*%/ # 09%1%09G%5 # %9 # /01,*%E09/W@,*X&?0 # -3*%+%4%/4 # % # 13(344%543(6/ # 0%A24,002&,1#
-/&'3*3$G36;43*;63*#%#-3A*3094B#E3+%&X&?0#*24A%#3*R #%*1%*$%920%#$3&-3*3*#%9#/01,*%E09/W@,*X&?0#
$?51%1:(#G34:*4;0;531D
n3A*3094B # E3+%&X&?0 # -,&*%*1,94%42025%1 # @/25'2G%5 # ;0 # % # 1:9;E/01,*%/ # 1;E9;0G35 # %#
)%*+,(-./01,*2(%#%9#2*4%*25,0#3*BH(20,1#6,5%41,95%1D
F%$8%$3UW".%$8%$3U-\2)&2332/
" # )%*+,(-./01,*21G%5 # 1/%*%1?*4 # &'%1,(*%4R # @,&' # % # 63934B/ # $?51%1:(:113* # S/&%9&%4XR#
/&%9&%4X.@3*'34430U # $3&GH9,44 # E3+%&X&?0,1 # 53$R # 6%&' # W0%1 # (;09G35 # ;*531 # % # 63934B1(3 # 3*BH(4#
1:43*39B#X(%#13+639$;55'3*R#%((%#/0#431/543443*R#@,&'#%9#/54;9$;5'63934B/#-3*%+%4,1#3&'#(;09;4#%9#
:5/&%9&%420#-,*'425#%#a%52(/#d,**;&/?$R#6%&'#%55%1#1C*:5G:9B#4304C*343/R#$?51%W0,E,(4A%/#*24A21#3*D#
"$355'/G35#%#63934B#%#63934B/#1:43*39B#X(2A252*#4:GG34#4%5H4R#%9#/01,*%#A,&,0?*4#%#-3*#53$#@%0952*4#
X(%13+639$;5'4#+3*3&2*5/#%#63934B/#-3*%+%43**2420G%5#1:9(3$F1:+B#E3+%&X&?0,1(%D
" # )%*+,(-./01,*21 # 62*%094@%4A21 # % # 63934B/ # $?51%1:(:1 # G34:*4;0;4 # %9 # 2*4%*25,0%5 # /(25'%+X#
09%G2*',1#093(/54#/0D
I%&:Z"42#"T2*$%U%O/"#O40$09'90
" # )%*+,(-./01,*21 # 4:GG0;&3 # ;6-,*'%$,51;54 # 3&'R # *3&-3*A3GG # 1;4 # ,0942**'%* # $F1:+BR # $;(34C134#
431/5463 # 1/0 # /01,*21D # n3554%(4X/1 # 4:GG0;&C1G35 # 09C*B/ # 139+3$;5'39;0(3 # *;4(3@,9,44 # ;0 # 2*4%*?1#
$F1:+434344#W/6/*#093(6393431#S%*%EH4625',1R#3&'30C*3431UR#%#-3554%(4X/#436;135'0;&34#%#$/5+351,(/#
09C*B/#1:9:00;&#6%*X0H4A%#$3&D#"9#/01,*%#$F1:+;0;63*#-3*$3(C*B#53$#E3+%&X&/%/#-3*%+%4,1#3&'#
(;09;4 # S&,5+5,1/R # 1%(G%54%(4X/ # -3*%+%4,1R # E;59C&'/.&%9+%02&/.%+$/5/094(2W/X0 # 436;135'0;&U # %#
-3554%(4X # *24A% # 3* # % # 09C*B/ # 1:9:00;& # %14H6 # 093$;*'30 # 1:9(3$F1:+;0;63*D # " # 53$ # E3+%&X&/%/#
-3*%+%4,1#3**2420%#%9#/01,*2G%5#4:(4;5@34
hPh

! %#-3554%(4X/#436;135'0;&#13(34;G35R
! 1C*:5#43W@5/1%/#*;4092$#G/94,0H42026%*#6%&'
! :51;5430#09C*B/#1:9(3$F1:+;003*D
"9 # /01,*21 # ;0 # -3554%(4X/1 # 0%A24 # @3*'/ # *3@34B0;&3/1@39 # $;(435 # +:54/1 # 3* # ;0 # 09%G2*',9921R # @,&'#
$/*'35#$X+,5#&,5+,01,+5%1#%9#3&';GR#53$#E3+%&X&?0#$?51%1:(:1#3**24202(X*D
LN"!"T2*$%U%O/"#O40$09'"/$V13+//1%$.
" # E3+%&X&?0,11%* # 093$G35 # 4:GG*341:6343*$;5'3134 # 42$%094 # % # 4%5X(21(% # 6%*X # -3*1;09C*;0R # %#
a%52(/ # d,**;&/?$ # C*;03/5 # $3&6%*X0?*X # 1:9:0 # E3+%&X&/%/ # $?51% # S&'3($31. # ;0#
,0942*'$3&-/&'3*;031UR # %9 # :51;E9;0R # 6%*%$/54 # % # a%52(/ # d,**;&/?$ # 63934B # 093(3E;(3 # ;EC*B#
:5/&%9&%420D # 7?51%1:(/ # 1:43*393440;&1;54 # A3*35/1 # $3& # % # @34/ # (35+093(300;&&3* # $3&4%(4,44#
1,5-3(35W/%.C*;03135#6%*X#(;096;43*R#%#63934B/#-3*%+%4,1#3**24202G%5#6%*X#1:9(3$F1:+;0#+3*3&2*20#
%*%EA25R#%$3*'31#%#E3+%&X&?0#A%62(%#1:43*39B#X(%1;54#6%&'#X(%13+639$;5'1;54#3*092$,*@%4X1D
"9#3E,W@2*/0#,14%420093(639;0G35#%#09%14%542(&'/#3E,W@21#I.h#@;4/&#4%(4X#/+B09%1,1R#%#4%542(&'/#
X(21#43@24#%#4%5;6(3#3&'35*B4*35C*#3*,0946%#A3*35531#$3&D#"#$?51%62**%*X/#;(+3131#$3&1:6343*/1#
;0#/5+,1,*A21#%#$?51%/+B13(34#;0#3935#G3*C*#%#1:43*39B#X(21(%#4%5H420/#/+B13(34#%*1%*$%92024D#"#
4%5;630 # 6/09,5'*%4G%5 # %*1%*$%9,44 # 24%*25'3*092$,*20 # $3**344 # % # 4%5;6/ # 3E,W@2*/0 # X(21 # @%6/#
24*%&2G%5#092$H4,44#<1:43*39BX(%.24%*25'=#1/3&'35*H4344;#4309/#%#$?51%/+B4R#G/94,0H46%#%#E3+%&X&?0#
3&'35*3430#@%6/#G;(39;0;4D
"9 # /01,*21 # $/5+351,(/ # @3*'/ # 1:(C*$;5'3/1 # %*%EA25 # G3*0B # 09%G2*'9%4?1G%5 # @%42(,9921 # $3& # %#
E3+%&X&?0,1#1:43*39B#X(%092$24R#%9#2*4%*25,0#3*BH(20,14X*#3*4;(B#1:4:44#;0#1:434*35#$?51%/+3A;4R#
6%*%$/54#%9#,0942*'4%5H4X/#09%G%+#;6(3#6%*X#A,&,0?*402&#-3*4;43*3/4#;0#%#E3+%&X&?0#09%G%+#;6#%*%44#
3**24%5+X#-3*%+%4%/4D
LFN"J$4094&5\$/841)$3W"094&531'
"#0E3W/2*/0#4%51:5'6@%0952*%4/#3*631#;0#%9#/01,*%/#$;(3431#S3&'#;6-,*'%$,5#2*4%*2G%5#3&'#,0942*'U#
-,*'425 # %9 # /01,*%/ # 1:5'642((%* # 093$G35 # 42$%094,44 # 1:6343*$;5'31 # %9 # 2*4%*25,0 # 09%G2*',14X* # %9#
%*2GG/%1#093(/54#3*4;(@34531D
"#)%*+,(-./01,*2G%5#JLN#-B#4%5?*X/#*;4092$#%*%44#%9#/01,*%/#1:5'642(#-3*%+%424#1/62*4@%4A%#5'/*625,0#
1:5'642(#;0#%9#/01,*%/#1:5'62**,$25'#&,5+,92024#3**24@%4A21#%9#/01,*%#E3+%&X&?0%/D#JLN#-B#4%5?*X/#
*;4092$#-3*344#-;*2**20Q#1:5'642(,04%52(#*24A%#3*#%9#/01,*%/#1:5'642(/#-3*%+%4,1%4R#-3*4;63R#@,&'#%9#
/01,*%#(35+3*139/1#5'/*625,0#1:5'642((%*#1:4:44#1:*W0:59;0/#$3&2**%E,+200%*D#"#)%*+,(-./01,*21G%5#
% # $/5/$2*/0 # 1:5'642(/ # +,1?$354?$.2**,$25'(% # ;0 # % # 1:5'642(09%G2*'9%4(% # 6,5%41,9X#
(35+3*139;03134 #%99%*#%9#3*4;(;003*#13**#%*1%*$%95/R # @,&'#%#$/5/$2*/0# 2**,$25'#!NNN# 1:5'642(/#
+,1?$354?$R # % # 1:5'642(/ # 878.531 # W0%1 # % # 1:5'642(@%0952*%4,4 # ;0 # % # 1%4%*X&?0(35+34 # 13**#
09%G2*',95/%D
LFFN"Q.8+4&^3514&+0W":'3:02):/
" # )%*+,(-./01,*21 # 09:63&30 # ;(4;13*;03 # $/5+35 # 4%5?*X # 3034;G35 # 3&';5(3 # 09%G,44R # (;09*3430#
;(4;13*;0R # %$3*' # 43(A3+3*$3 # -,*'425 # % # @/6%4%*,0 # ;0 # 1:43*39B # G/9,5'H4625'.5',$4%4625'#
SG/9,5'H4625'1:5'6U # -,($%/ # 13(343/4 # $3&@%*%+A%D #"# )%*+,(-./01,*21 # $/5+35 # 4%5?*X(% # 1/2**H4A21 # %#
G/9,5'H4625'1:5'634#;0#%GG%5#-3*4C5434/1R#@,&'#%#4%5?*X(X*#09:63&30#;(4;13*;0#1;09C*4D#"#4%5?*X#
43*A30H4$;5';(B*#%9#3&'30#)%*+,(-./01,*21G%5#%*1%*$%9,44#-,($%/#09,120,15%1#$3&-3*3*B35#1;993*#
6%&' # &;EE3* # 1/2**H4,44 # (;09*3430 # 09:63&30 # ;(4;13*;0 # S<)%*+,(-.G/9,5'H4625'=U # % # @/6%4%*,0#
G/9,5'H4625'.5',$4%4625'4X*#3*62*%094@%4%4*%5R#%55%1#@/6%4%*,0#1/3&;09H4B#$3**;1*34;4#1;E39/D#"9#
/01,*21 # % # 09:63&30 # ;(4;13*;0(3 # (35+093(30H4344R # 3&'3+/ # 5',$4%4625'%/1 # 1393*;0;(3 # ;0#
5'/*6254%(4202(%#$3&-3*3*B35#%*1%*$%9921#%#G/9,5'H4625',1(%#6,5%41,9X#3*BH(20,1%4D
hPL

"9#/01,*21#%#09:63&30#;(4;13*;04B*#%#4%5?*X#6%&'#09C*B#1;(;0;(3#53$#431/543531#3*R#%9#;(+3$A3&'(3#
2462*4204#1/92(X*%&#/01,*%62*420#;0#4,62GG4%5?*20#3034;5#%*1%*$%9921D#"9#/01,*21#%9#;(+3$A3&'(3#
2462*420 # 09%G2*'%/(X* # E3+%&X&/%/ # E(,&(%$A?1G%5 # $%&?1 # (35+3*139531D # " # 7%&'%( # )%*+,(-#
89:6340;& # % # )%*+,(-./01,*21 # 1:9:0 # $?512A% # 3(3+$;5'31;54 # % # 09:63&30 # ;(4;13*;0 # ;0 # %9#
;(+3$A3&'(3#2462*420#%*%E634B#1:6343*$;5'3/(B*#;0#09%G2*'%/(X*#/(25'3*634#%*1,4@%4D
LFFFN"G989//:%."/8+)%1)$3
"#)%*+,(-./01,*21#4%5?*X/#%#13(344%543(6#!!D#;6-,*'%$2(%#3*BH(4#KJ#X(20#09,W/2*/0#&'%1,(*%4,5#6%*X#
(;096;43**3*#43*A30H4/1#%#1:9;E/01,*%/#;(3440;&/#-3*4;43*;4#1;E39B#1:9:00;&/#09,*&2*%4,4D#"#09,W/2*/0#
&'%1,(*%4 # 43*A30H4;0;4 # %9 # /01,*% # % # 4%5C&'/ # +,1?$354?$,1 # S5%E*XR # G/9,5'H4625'U # 63934;0;63*#
5'/*6254%(4A%R#;0#35531#%*%EA25#2**H4A%#1/#%#1:9:00;&/#09,*&2*%4#3*6;&9;0;(B*#09X*X#/&%9,*204D
FyN"6$%143$4O)U."V+%5./8+4&
"#$%&254%5?*X/#A,&6/09,5'#43($;0934;5;*#-,&6%#53@3935#/**3094@34B#%#)%*+,(-./01,*%#13(343/#1:9;D#
"#)%*+,(-.E3+%&X&/%#%#4%5?*X1#-,*'%$%4,0#A3*35*;4;(3#;0#$?512A2(%#;EH4R#%9#;(4;13*;0#%#4%5?*X#
43*A30#4%5;6/#43*A30H4$;5';(3#;0#A3*35*;4;(3#/(25'?*R#%#6/90&294%4204#W0%1#09F1#13(3431#1:9:44#-,&%+A%#
3*D # " # $%&254%5?*X/ # A,&6/09,5' # *;430H4;03 # 53$ # %?4,$%4/1?0R # %9 # /01,*25%1 # 1:(C*431/54B35 # 13**#
6/90&2*5/%R#@,&'#09C*B/#-3*1;09H4;0#$3**344#$/1;54#43*A30H4@34B#;0#;(4;13*@34B#%#4%543(6/#1:6343*$;5'D#
"#)%*+,(-./01,*21G%5#%#$%&254%5?*X/#0424?09#%9#/01,*%#35&3+;*';@39#1:4:44D
yN"!"6$%&$'"($)*+',"789523/:%":/"$"($)*+',"d18"`2*$%U%.$."F43:823"/82'2T2"
"#7%&'%(#)%*+,(-#89:6340;&#%#4%&02&2G%#4%(4,9X#$%&'%(,(092&/#)%*+,(-./01,*21#;0#-3554%(4X/1#
1:9:0 # 436;135'0;&;63* # 3**24A% # % # 13(344%543(663* # 1%EW0,*%4,0 # -3*%+%4,1%4R # % # )%*+,(-.E3+%&X&/%#
2*4%*25,0 # 5;6. # ;0 # $/5B0;&6;+3*$;4R # ;0 # % # )%*+,(-./54;9$;5'31R # /54;9$;5'-3554%(4X1#
;(+311;E6/03*34;4D#"#13(344%543(6#-3*@%4%*$%920%#%*%EA25#2**20-,&*%*20,11%*#;0#%A25*20,11%*#03&H4/#
%9 # /54;9$;5'31 # -3*%+%43**242024R # 4,62GG2 # % # -3554%(4202G%5 # $F1:+B # E3+%&X&/%/.09%1$%/#
09,*&2*4%4X # /54;934 # S)%*+,(- # Z29U # Q4A25 # ,(092&,0 # E3+%&X&/%/.09%1$%/ # 09,*&2*4%420,1%4 # 5'QA4 # %#
)%*+,(-.E3+%&X&/%#43(C*34;5D

_3#O3$31/+0"$"($)*+',-./0+)10"\2)&."3$432'5:420"
2)0:/8^3:/:\28
"# 7%&'%( # )%*+,(- # 89:6340;& # %A25*20% # 093(/54 # %9 # 3&'30 # /01,*21 # % # $%&'%( # )%*+,(-.13(344%543(6#
%+%E42*20%#0,(25#%#@3*'/#4%543(6C1#1/+,*&,920252*#%#1:634139B134#63@34/1#-/&'3*3$G3_
=N"!"3$432'5"2%:/8:'2"5+4$30+8U"1)3$)14+/"/82#T+43+0
!
!
!
!

l3@340;&30#%#1C*:5G:9B#4%542(&'%1#/543&(2W/XA%#;0#3&'$20#1:9:44/#24W0,E,(4,0H420%D#
7X+,0H4@%4A21#%#4%542(&'%1#$3&53639;0;4#S%#@3*'/#4%543(6G35#*;6B#/5+,1*20#%*%EA25UD
l3@340;&30 # %9 # 3&'30 # 4%542(&'%1@,9 # A%6%0,*4 # /+B13(3431 # 4%5;635 # G3*C*/R # /**3463 # 4%5;631#
1:9:44/ # 24W0,E,(4,0H420%R # 6%*%$/54 # % # 4%542(&'/ # X(%092$,1 # 5:63*;03 # % # A,&09%G2*',1 # %+4%#
13(3431#1:9:44D
" # @3*'/ # 4%543(6G35 # % # 13(344%543(64B* # 3*4;(B35 # *3@340;&30 # % # 1:43*39B35 # ;0 # % # 09%G%+,5#
62*%094@%4X # X(21 # $3&@%42(,920% # S% # 13(344%543(6G35 # $3&-,&%*$%9,44%1 # % # A3*35*3&/#
&'%1,(*%4,5#%*%E?*5%1R#$3*'#093(/54#5;@25'#4%542(&'R#E*D#%#09%G%+6%**20.,14%420#%#09C*B1#
/&;5'3/#%*%EA25#09%G%+,5#62*%094@%4X#42(&'5%1#092$H4g#%9#!.hD#;6-,*'%$,5#%#$/5+355%E,0#
43045363*;0@39 # 1:43*39B35 # 62*%094@%4X # 436;135'0;&31 # 4%(4,95%1g# % # -3*0B # 4%&,9%4,0#
&'%1,(*%4/.$F6;0934/#5363*;0G35#E3+/&#62*%094@%4X#436;135'0;&31#4%*2*@%4X1UD#
"#09%G%+,5#62*%094@%4X#;630#X(%13(3431#%#4%5;631#1:9:44#24W0,E,(4,0H4@%4X1D
hPO

"#09%G%+,5#62*%094,44#X(%13(34#43(@;(3#G2($3*'#1:43*39B#4%542(&'#X(%092$%#$3&5:63*@34B#
SE*D # w'%1,(*%4,1UR # /**3463 # % # 4%542(&'@,9 # 093(63035 # @,992 # 1%EW0,*X+X # 436;135'0;&&3*#
1/3&;09H4@34B # SE*D # % # 7%&'%( # 5'3*6 # ;0 # /(,+%*,$ # 4%542(&' # $3**344 # $2( # 1:9;E4%&,9%4G%5 # /0#
$3&A3*35@34531#%#+(2$%.-,&*%*1,920,1UD
"9# /01,*21# %#09%G%+,5#62*%094@%4X# X(%13(34 #43(@;(3#%#@3*'/# 4%543(6C1G35# $3&@%42(,9,44#
4%542(&'%1%4#63934@34531#G3#SE*D#:1,*X&/%R#5;E425W#04GDUg#%#)%*+,(-.13(344%543(6G35#53$#
093(3E*B # 4%542(&'%1 # G363934;0;@39 # % # 7%&'%( # )%*+,(- # 89:6340;& # $3&-3*3*B # 09%1$%/#
093(63934;531#AX62@%&'20%#09C10;&30D
d/0#4%5?*X*;4092$Q#/01,*21#3034;G35#:00936,54#;6-,*'%$,0#,14%420#/0#093(639@34BD#"9#/*'35#
@3*'/#4%543(631#1/+,*&,920252*#-/&'3*3$G3#13**#6355/#%#1C*-:*+/#;0#@%9%/#4%E%094%*%4,1%4R#;0#
%#@3*'/#4%543(634#09%1;(4B63*#6;*3$;5'394345/#13**D

;N"!8"2%&2/"/8$031'%&$0'$"5+4$30+8U$4
YblTVda"ap8
! "9 # /+3&35 # 5'3*631 # 4%542(&'G%5 # 1/+,*&,9,44 # 5'3*6/ # 4%543(631 # $/54%1;54 # 09,*&2*5%1 # $20#
5'3*6/ # 4%543(631 # 1/+,*&,9202@,9D # "9 # /01,*21G%5 # G2($3*' # $20 # /+3&35 # 5'3*6 # ,14%420%#
*3@340;&30R #%$355'/G35#$3&093(394;1#%#7%&'%( #)%*+,(-#89:6340;&#$3&-3*3*B#09%1$%/#
093(63934;531#AX62@%&'2024D
! Z3*'/#+:54;0#%*%EA25#%#]D#,0942*'4X*#139+B+B35#%#1;4#4%5H4,44#/+3&35#5'3*6#1:9:44#0Q*',920#
*3@340;&30R # $3*' # %9 # X(%092$,15%1 # % # 1;4 # 5'3*6 # 1:9:44/ # 24W0,E,(4,0H4202G%5 # /0#
$3&$?4%41,9@%4D
7Tr8baVda"ap8
! "#1;E9B$F6;093431R#%#$3043(0;&31#;0#%#+(2$%#X(%092$%/#/(25'$?4%4X%1D#7/5+35#/01,*%#%#
@3*'/#4%543(6;G35#@%42(,99%#$3&R#@,&'#%9#%+,44#4%5;6G35#3931#1:9C*#$3*'#42(&'%1%4#$/*'35#
%(25'G%5#093(3E3*434D#
! "#73043(0;&31#4%542(&'#13(34;G35#%#].!JD#;6-,*'%$,5#%#62*%094%5+X#436;135'0;&3134#%9#
/01,*% # % # @3*'/ # 4%543(6;G35 # @%42(,99% # $3&D # " #1,51(;4 # 436;135'0;&31# S% # 1C*:5G:9B#
%5'%&4HE?0,11%* # 6%*X # -,&*%*1,920 # 093$E,54A%/5%1 # -/&'3*3$G3 # 6;43*;63*U # %9 # /01,*%#
%+,4402&%/5%1R#%#@3*'/#6/09,5',15%1#$3&-3*3*B35#62*4,94%4@%4X1D#b&'30#1;9$F630#$?5121#
,14%420% # E(,A314093(F35R # 1C*0B # @3*'09H535 # SE*D # @3*'/ # $F@3*'31G35R # @3*'/ # $3043(31#
G36,52026%*U#/0#$3&093(639@34B31D#
db>a7Tblr8
! " # d3(4$F63*;0 # 4%542(&' # %9 # /01,*% # *3@34B0;&3/531 # -C&&6;5';G35 # E(,A314.093(F35 # /0#
$3&093(639@34BR#X(%092$%/#%9#;6-,*'%$,1#1:9:44#24W0,E,(4,0H4@%4X%1D
w"dV>l"aVd
! " # -3*0B # 4%&,9%4G%5 # 6;&9344 # $39B&%9+%02&/R # /E%(/ # ;0 # 09,W/2*/0 # &'%1,(*%4,1 # % # @3*'/#
%+,4402&,1#-/&'3*3$G3#6;43*;63*#%*%1H4@%4X1D

hPK

J$431'%&."'24*/82'":/":52/"U'$/81#+0
a%542(&'
d:43*39B#42(&'%1
7%&'%(#5'3*6#;0#
/(,+%*,$
7%&'%(#&'%1,(*X#;0#
09%1X(%
"5'%5'3*6/#1,$E3435W/%#
-3A*3094;03
892$4%5R#$%43$%4/1%
892$4%5R#$%43$%4/1%#
&'%1,(*X#X(21
a:(4;53*3$
a:(4;53*3$#09%1X(%
Z,5/0$3(34#;0#-:*+(%A9
a3($;0934(%A9#;0#
G/,*X&/%
n/9/1%
d;$/%
e+3&35#5'3*6#eD
e+3&35#5'3*6#eeD
7,9&20#;0#43045363*;0
>/4$/1?0#(;09M$,9&20
d:43*39B35#62*%094@%4X#
4304$,9&20
d3(4$F63*;0
e5-,($%4/1%
w'%1,(*%4,1
V0942*'-B5:1/#X(%
d:43*39B35#62*%094@%4X#
;(3440;&/#42(&'
89%G%+,5#62*%094@%4X#
;(3440;&/#42(&'
d:43*39B#42(&'%1#
:0093035
7F6;0934/#5363*;0
d;E9B$F6;0934
n,($%(%A9R#09%G%+1;9/#
&3,$34(/%
d;9/$?51%

JhN
N
N
!JN
N
N

!N

!!

!J

JhN !ON

!ON

]N

ON

KN

KN

ON

ON

ON

ON

!IIN

IO

IO

IO

KJ

OP

OP

OP

KJ

!Jh

LPN

N
N
!JN !!N

N
!!N

N
PN

N
!NN

N
]N

N
]N

hL
ON

hL
ON

hL
ON

hL
ON

N
N

IO
PN

IO
KN

IO
ON

IO
ON

OP
ON

OP
ON

KJ
ON
KJ
IN
hN
IN
IN
!NP
!NP
!NP

N
N

N
N
ON

IN

hN

ON

LN

IN

hN

IN

OP
ON
OP
IN

IN

IN

hN

IN
hN

KJ
KJ
KJ
hL

KJ
KJ
KJ
hL

IN
IN
IN
!NP
!NP
!NP
hL

IN
hN
hN
!NP
!NP
!NP
hL

IN
IN
IN
!Nh
!Nh
!Nh

hN
IN
IN
!Nh
!Nh
!Nh

hN
IN
IN
!Nh
!Nh
!Nh

KJ

KJ

IO

KJ
KJ
KJ
hL

KJ
KJ
KJ
hL

KJ
KJ
KJ
hL

KJ
KJ
KJ
hL

IO

IO

IO

IO
Lh
KJ
Ih

OLK

OLK OLK

OJK

OOI

KOL

PKI

PKI

]OI

Lh
KJ
Ih

Lh
KJ
Ih

IO

IO

IO

IO

Lh

Lh

Lh

JL

JL

JL

KJ

KJ

KJ

IN
KJ

IN
Lh

Lh

Lh

Lh

JL

JL

JL

!Jh
!Jh

!Jh

KJ

]OI !NI! !NJ!

IO

!PN
!NON

Lh

Lhh
L!N
JOh
hNN

!ONh

KKh
!!ON

JJON

!hh
!PN
J!O
J!O
!Kh

J!O

!Jh

!Jh

!Jh

JJPN

!Kh

Khh !Nh]h
hhh
ON
LK]
IOO
!J]
OhJ
KNP
!JN
N

INhP

Khh !ILhJ

!Jh

!OKN
hJI
JK]
JIL
!IL
Jh
IN
!NJ
IN
JPP

!Jh

!Jh

PKI
PKI ]N]
]N] !NOL !!LL !JKI !JOI !hPN !LNh !LhP !h]J POP !LJ!J
JhRJL JhRJL JL JLRJL J]RLP IJRNP ILRIO! ILRNP h!R!! h!RKP
hI h!Rh JhR!! hJJRLO

hPP

JN]N

IhN
JIN
!]N
!!]J
!NOP
!NOP
ION

!Jh

JK

d;9$F6300;&
Lh
Lh
Lh
Lh
LN
LN
LN
x(2$%
JL
JL
JL
Lh
353
IO
IO KJ
KJ
Lh
Lh
Lh
Lh
LJ
LJ
LJ
Lh
b?(/4$/%
IO
IO IO
IO
KJ
KJ
KJ
KJ
OP
OP
OP
KJ
7F6;0934/#4%5?*$25',1R#
3094;4/1%
IN
IN
IN
IN
7F6;0934/#X(%092$,1#
:0093035
!PN
!PN J!O
JhO INN JPP
JPP JPP
JKL
JKL
JKL JIK
d:43*39B#42(&'%1#
:0093035
PIK
PIK PKI
PKI ]OI !NLI !!O! !!O! !JIP !JIP !INO !JLP
89%G%+,5#62*%094@%4X#
42(&'%1
}(%13(3431
IO
IO IO
IO !NJ !NJ
!!J !NJ
JhJ
JOO
JhJ JIh
"#4%543(6G35#093(3E*B#62*%094@%4X#42(&'%1#;0#%#@,992A?1#4%(4,9X#%A25*,44#X(%092$,1
89%G%+#6%**20
IO
IO IO
IO
IO
IO
IO
IO
Ih
Ih
Ih
II
"&'%&,920R#09,G(209%4
IO
IO
IO
IO
Ih
Ih
Ih
II
w%9+%02&/#/0$3(3431
IN
JN
IN
JN
Ih
Ih
Ih
II
a2(0%+%*,$/0$3(34
Ih
Ih
Ih
II
d3(4$F63*;0
Jh
n/*,9X-/%
IN
7,9&X1;E1?*4Q(%#;0#
$;+/%/0$3(34
Ih
Ih
Ih
a%5?*20$X+093(4%5
!N
!N
!N
n%1?*42W/X0#X(21
KJ
KJ
KJ
KJ
n%1?*4%4H6#3$3*4#09/54F#
;(3440;&/#-3*1;09H4;0
00930#;630#X(%092$
Z34/#X(%092$

a2(&'/#
:0093 :0093.
!I 035
0H4B

JIhN

62%V2%&8:/20"$8"U'$/81#+0"0$TS/14
"9#3*B9B#,*+%*,5#4%*2*@%4X#42G*29%4#3&'30#W3**2/#;(43*$39;0;@39#$3&A3&'9;031#4%(4,95%1R#393134#
%9#%*2GG/#*/042G%#(35+394C1_
7%&'%(#&'%1,(*X#;0#09%1X(%#MN"+/831)&
"5'%5'3*6/#1,$E3435W/%#-3A*3094;03
Z,5/0$3(34#;0#-:*+(%A9#=W";N"+/831)&
Z,5/0$3(34#;0#-:*+(%A9
9//82/^3Y"+/8)+T
7,9&20#;0#43045363*;0
9//82/^3Y"+/8)+T
>/4$/1?0#(;09#M#$,9&20
d:43*39B35#62*%094@%4X#4304$,9&20
d3(4$F63*;0#PN"+/831)&
V0942*'-B5:1/#X(%#=;N"+/831)&
89%G%+,5#62*%094@%4X#;(3440;&/#42(&'
n,($%(%A9R#09%G%+1;9/#&3,$34(/%
x(2$%
=-MN"+/831)&"
b?(/4$/%
7F6;0934/#42(&'%1#9//82/24
n%1?*42W/X0#X(21
n%1?*4%4H6#3$3*4#09/54F#;(3440;&/#-3*1;09H4;0

r630#$?51%
"#-B,14%420#3&';G#(;093/
e543&(2*4%5#%#$%&'%(#5'3*6#;0#/(,+%*,$G%5
b$G3(#;0#43($;0934#X(2/#3&'G35
"9#3?(/4$/%#X(%092$%/4#/0#4%(4%*$%99%
nB,14%420#3&';G#(;093/
Z3*'/#4%543(6#09%G2*',99%
"#&'%1,(*%4,1#(;093
r630#$?51%
a%542(&'%51;54
e543&(2*4%5#%#$%&'%(#5'3*6#;0#/(,+%*,$G%#H(20.
3*B1;09H4;0#WH$;5#%9#!.ID#,0942*'G%5
"#-B,14%420G%#/543&(2*4%5
"#$/5+355%E,0#4304$,9&20#(;093
"9#3?(/4$/%#X(%092$%/#%#$,9&20#;0#43045363*;0#
42(&'52*#A3*35531#$3&
a%542(&'%51;54
a%542(&'%51;54

hP]

J$'3$)+#V2%&8:0
f363934;0DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDJ
)%*+,(-.E3+%&X&/%#-3*%+%4%/R#W;*1/4F9;03/R#%*%E3*63/DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDI
"#Y"a#;0#%#13(344%543(6DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDJh
"#-3A*B+;0#2**,$20%/#%#4%543(6#093$E,54A2GX*#c#%#@,(/9,542*/0#4%543(6DDDDDDDDDDDDDDDDDDDDDDDDDDDDIL
"#)%*+,(-./01,*21#13(344%543(63#%9#!.!ID#;6-,*'%$,1,5#.#63(4/12*/0#4%543(6DDDDDDDDDDDDDDDDDDDDLL
7%&'%(#5'3*6#;0#/(,+%*,$DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDLL
892$4%5#;0#$%43$%4/1%DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDPh
a:(4;53*3$DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!NN
n/*,9X-/%DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!JJ
Z,5/0$3(34#;0#-:*+(%A9DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!Jh
a3($;0934(%A9#;0#G/,*X&/%DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!hN
n/9/1%DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!LJ
d;$/%DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!OL
e+3&35#5'3*631DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD!Kh
7,9&20#;0#43045363*;0DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDJO!
d3(4$F63*;0DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDJPN
e5-,($%4/1%DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDJPO
w'%1,(*%4,1DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDJ]J
89%G%+#6%**20DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDINN
a2(0%+%*,$/0$3(34DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDINP
w%9+%02&/#/0$3(3431DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDI!h
b(+BA2(20DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDIJK
a%5?*20$X+093(4%5DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDIIN
"#-B,14%420#3&';G#(;093/DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDIII
!ID,0942*'DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDIII
"#)%*+,(-./01,*21#$F6;0934/#5363*;0;531#13(344%543(63#%9#!.!ID#;6-,*'%$,1,5DDDDDDDDDIIh
d;E9B$F6;0934DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDIIO
"&'%&,920#c#09,G(209%4DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDIOh
d;9/$?51%DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDIKL
d;9$F6300;&#M#-%$?5121DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDIP]
d;9$F6300;&#M#-;$$?5121DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDI]]
b?(/4$/%DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDhNh
x(2$%DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDh!K
353DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDhII
7F6;0934/#4%5?*$25',1#c#3094;4/1%DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDhLJ
7,9&X1;E1?*4Q(%#;0#$;+/%/0$3(34DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDhLP
"#)%*+,(-./01,*21#5363*B#$?512A2@,9#09C10;&30#@3*'/0;&31R#G3(35+39;031#;0#
3091:9:1#A3&'9;13DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDhOI
"#)%*+,(-./01,*21G%5#%#E3+%&X&?0.$?51%1:(:1#G34:*4;0;@39#09C10;&30#6;&93440;&31
DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDhKJ
7/5B0;&&,5+,920#%#)%*+,(-c/01,*21G%5DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDhKh
"#)%*+,(-./01,*21#:5/&%9&%4X#(35+093(3R#093(639343#;0#$F1:+;03DDDDDDDDDDDDDDDDDDDDDDDDDDDDDhPI
o4$?4%420,1#%#)%*+,(-./01,*21#@3*'/#4%543(6;531#3*1;09H4;0;@39DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDhPK
a%542(&'/#(35+093(#;0#;630#X(%092$,1DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDhP]

h]N