Eletricidade Aplicada - CEDTEC PDF

!
" # #
$ %
& ' # ( %
!
"
#
) *
$
$
$
% &
'
+ ,
(
)
' *
) !
- . /0 !
' !
1 2# 3 3 #
+ %
4 '#
! '
! , !
5 '# #
" ' #
" ) ,
" ) )
" -
" &
!6 # #
# $
!! 7 # % ,
'. +
'.
,
!$ # "
) ,)
$ #
' ' #
!& , /0 # #
/
+ +
' ,* ) % (
"
% * 0 ) + "
#
)
! )
# 8 . # !6
9 9 ' "
! . " # #
1 21341 516 73168 9:;<16 =<>3?<6?76 5>6=1@;<;7A BC> 7 >2>?;<=<575> D7;>=> =1A D1;?7; 5> A 73><;7
=136?73?> > D;>9<6E9>2 >A 57576 6<?C7FG>68 1C BC7351 6CH><?76 7 5>?>;A <37576 =135<FG>6 6?>6
=<>3?<6?768 ?7<6 =1A 1 7;757I8 JA > K<;=JJ1LL8 D7;7 =<?7; 7D>376 724C368 1@6>;97;7A >
5>6=;>9>;7A 76 =7;7=?>;E6?<=76 D;>9<6E9><6 57 >2>?;<=<575> > 57 =1;;>3?> >2M?;<=78 61@ 7 L1;A 7 5>
=>;?76 ;>4;76 6?76 ;>4;76 ;>=>@>A =1A CA >3?> 1 31A > 5> N2><6O )>21 7D;>35<P751 576 ;>4;76 1C
2><6 7D2<=:9><6 71 =1A D1;?7A >3?1 57 >2>?;<=<575> 91=Q ?>;: N7D;>35<51O >2>?;<=<575>
!3$ 3! .
6 :?1A 16 6R1 ?R1 D>BC>3168 BC> # # A <2JG>6 5>2>68 CA 71 2751 51 1C?;18 L1;A 7;R1 CA 7 ;>?7 5>
# A A 5> =1A D;<A >3?1
## ### ### S
:?1A 1
CA 7 D7;?E=C27 D;>6>3?> >A ?151 A 7?>;<72 51 C3<9>;61

C3<9>;618 7 ?>;;78 16 73<A 7<68 76 D273?76 ?C51 M =1A D16?1 5> :?1A 16
?M 1 <3E=<1 51 6M=C21 0 0 75A <?<7 6> BC> 16 :?1A 16 >;7A 76 A >31;>6 D7;?E=C276 51 C3<9>;61 > BC>
3R1 D15>;<7A 6>; 6C@5<9<5<576 % 1H>8 67@> 6> BC> 1 :?1A 1 M =136?<?CE51 5> D7;?E=C276 7<357
A >31;>6 6?76 D7;?E=C276 6R1T
);U?136
QC?;136 =J7A 7576 D7;?E=C276
2M?;136 6C@ 7?VA <=76
: ; 151 :?1A 1 D166C< D;U?1368 >2M?;136 > 3QC?;136
R1 D7;?E=C276 6C@ 7?VA <=76 BC> D166C>A =7;476 >2M?;<=76 3>47?<976
R1 D7;?E=C276 6C@ 7?VA <=76 BC> D166C>A =7;476 >2M?;<=76 D16<?<976

#<
R1 D7;?E=C276 6C@ 7?VA <=76 BC> 3R1 D166C>A =7;476 >2M?;<=76
#=
1 =>3?;1 51 :?1A 18 135> 6> >3=13?;7A 76 D7;?E=C276 6C@ 7?VA <=76 D;U?136 > 3QC?;136
>
R1 76 =7A 7576 1C U;@<?76 L1;A 7576 D>216 >2M?;1368 BC> 6> A 19<A >3?7A >A ?;7H>?U;<76 =<;=C27;>6
>A 912?7 51 3W=2>1
X<6?> CA 7 L1;F7 5> 7?;7FR1 >3?;> 1 3W=2>1 > 7 >2>?;16L>;78 =136>;97351 16 >2M?;136 376 U;@<?76
5>L<3<576 =7A 75768 6>A >2J73?>A >3?> 71 6<6?>A 7 6127;
#<
<4C;7
>
#=
>2>?;16L>;7 D15> 6>; =1A D16?7 D1; =7A 75768 <5>3?<L<=7576 D>276 2>?;76 A 7<W6=C276 K8 8 8 8
8) > &
<4C;7
757 =7A 757 57 >2>?;16L>;7 M L1;A 757 D1; CA 3WA >;1 A :X<A 1 5> >2M?;1368 =13L1;A > 91=Q D15>
1@6>;97; 37 ?7@>27 7@7<X1
7@>27
Y $0
K
!
!
) !
&
1?> BC> 3>A ?151 :?1A 1 D166C< 7 A >6A 7 BC73?<575> 5> =7A 7576
<4C;7
BC> L7P CA 7 A 7?M;<7 5<L>;>3?> 57 1C?;7Z

&C7<6 6R1 76 6>A >2J73F76 > 5<L>;>3F76 >X<6?>3?>6 >3?;> 16 :?1A 16Z
5<6?;<@C<FR1 5> D;U?1368 3QC?;136 > >2M?;136 M BC> 5> L7?1 5<L>;>3=<7;: CA 7 A 7?>;<72 51 1C?;1
&C73?1 A 7<6 >2M?;136T
7<6 =7A 7576[
>316 L1;F7 5> 7?;7FR1 >X>;=<57 D>21 3W=2>1[
7<6 2<9;>6 16 >2M?;136 57 C2?<A 7 =7A 757[
7<6 <36?:9><6 >2>?;<=7A >3?>[
7<6 =135C?1; 1 A 7?>;<72
&C73?1 A >316 >2M?;136T
>316 =7A 7576[
7<6 L1;F7 5> 7?;7FR1 >X>;=<57 D>21 3W=2>1[
>316 >2M?;136 2<9;>6[
7<6 >6?:9>2 >2>?;<=7A >3?>[
7<6 <61273?> 1 A 7?>;<72
);7?7 ; 6>=1
1@;> *<5;1
2CA E3<1 <=7
( <3=1 + 1;;7=J7
7?R1 A <73?1
>;;1 + 7BC>2<?>
? @ AB ; >A <=135C?1;>6 6R1 A 7?>;<7<6 BC> 3R1 6>351 @136 =135C?1;>68 3R1 6R1 ?7A D1C=1
@136 <61273?>6 4>;A \3<1 > 1 6<2E=<1 6R1 6C@6?\3=<76 6>A <=135C?1;76 66>6 A 7?>;<7<68 5>9<51 :6
6C76 >6?;C?C;76 =;<6?72<3768 D15>A 61@ =>;?76 =135<FG>68 6> =1A D1;?7; =1A 1 =135C?1;>6 > 61@
1C?;76 =1A 1 <61273?>6
$ . %
?151 D>;=C;61 BC> ;>D;>6>3?7 CA =7A <3J1 L>=J751

*7A 16 7=1A D73J7; 1 D>;=C;61 57 =1;;>3?> >2M?;<=7 71 2<47; CA 7D7;>2J1Z
)7;7 L7=<2<?7;8 97A 16 1@6>;97; CA N;:5<1 5> D<2J7O 7@>;?18 D7;7 91=Q 9>; 1 =7A <3J1 D1; 135> D7667
7 =1;;>3?>
=1;;>3?> >2M?;<=7T
7< 57 D<2J7[
)7667 D7;7 1 =135C?1; 5> 67E57[
)7667 D>21 <3?>;;CD?1;[
7A <3J7 D>216 =1A D13>3?>6 5> ;:5<1[
>?1;37 ^ D<2J7 D>21 =135C?1; 5> >3?;757[
8 =13?<3C7 1 D>;=C;618 3CA D;1=>661 =13?E3C1
<4C;7
@6>;9>8 741;78 1 D>;=C;61 57 =1;;>3?> 3CA 7 273?>;37T
<4C;7
1?> BC> 7 =1;;>3?> ?>A BC> D>;=1;;>; 1 A >6A 1 =7A <3J18 =13?<3C7A >3?> CA =7A <3J1 L>=J751[
M CA =<;=C<?1 CA =<;=C<?1 >2M?;<=1
1 >X>A D21 57 273?>;378 91=Q D15> 1@6>;97; 16 5<9>;616 =1A D13>3?>6 51 =<;=C<?1 >2M?;<=1T
13?> 4>;751;7 5> >2>?;<=<575> ] ] ] ] ] D<2J7
D7;>2J1 =136CA <51; 5> >3>;4<7 ] ] ] ] 2\A D757
135C?1; ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ?<;7 5> 27?R1
" ' C
7 BC> 4>;7 1C D;15CP >3>;4<7 >2M?;<=78 7 D7;?<; 5> 1C?;1 ?<D1 5> >3>;4<7
D<2J7 57 273?>;378 7 @7?>;<7 51 7C?1A U9>28 CA 4>;751; 1C CA 7 C6<37 J<5;>2M?;<=7 6R1 L13?>6
4>;751;76 5> >3>;4<7
: D
D7;>2J1 =136CA <51; M 1 >2>A >3?1 51 =<;=C<?1 BC> >A D;>47 7 >3>;4<7 >2M?;<=7 D7;7 ;>72<P7;
?;7@72J1
LC3FR1 51 7D7;>2J1 =136CA <51; 31 =<;=C<?1 M ?;736L1;A 7; 7 >3>;4<7 >2M?;<=7 >A 1C?;1 ?<D1 5>
>3>;4<7
6?7A 16 316 ;>L>;<351 7 724C36 ?<D16 5> =136CA <51;>6 >2M?;<=16 2>6 C?<2<P7A 7 >3>;4<7 >2M?;<=7
D7;7 ;>72<P7; ?;7@72J16 5<9>;616[ 1C 6>H78 >2>6 ?;736L1;A 7A 7 >3>;4<7 >2M?;<=78 ;>=>@<57 5> L13?>
4>;751;78 >A 1C?;1 ?<D1 5> >3>;4<7
E D
;736L1;A 7 7 >3>;4<7 >2M?;<=7 >A >3>;4<7 A >=\3<=7 <A D;<A > A 19<A >3?1
"
;736L1;A 7 7 >3>;4<7 >2M?;<=7 >A >3>;4<7 ?M;A <=7 ?;736A <?> =721;
@
;736L1;A 7 7 >3>;4<7 >2M?;<=7 >A >3>;4<7 2CA <3167 > 6131;7 ?;736A <?> 6136 > <A 74>36
:
;736L1;A 7 7 >3>;4<7 >2M?;<=7 >A >3>;4<7 2CA <3167 ?;736A <?> 2CP
: @ ?
)7;7 7972<7; 7 <A D1;?\3=<7 51 W2?<A 1 =1A D13>3?> 51 =<;=C<?18 <A 74<3> CA =136CA <51; D1; >X>A D218
CA 7 2\A D757 2<4751 7 CA 7 L13?> 4>;751;7 CA 7 D<2J7
)>36>_ A 7 9>P =1A D2>?751 1 =<;=C<?18 7 2\A D757 L<=7;<7 D>;A 73>3?>A >3?> 7=>67
)7;7 BC> 7 2\A D757 6> 7D74C>8 M 3>=>66:;<1 <3?>;;1A D>; 1 =7A <3J1 57 =1;;>3?> >2M?;<=7
=1;;>3?> D15> 6>; <3?>;;1A D<57
1 =136CA <51; BC7351 7 2\A D757 BC><A 78 7 =1;;>3?> 3R1 D15> D;166>4C<; 6>C =7A <3J18
;>?1;37351 ^ L13?>
7 L13?> 4>;751;7 BC7351 7 D<2J7 1C 7 @7?>;<7 6> >641?7 > 3R1 D;191=7 A 7<6 7 )
1 =135C?1; >A D;>47 6> CA 5<6D16<?<91 5> A 731@;7
5<6D16<?<91 5> A 731@;7 M CA =1A D13>3?> 1C >2>A >3?1 BC> 316 D>;A <?> A 731@;7; 1C 1D>;7; CA
=<;=C<?1 5<6D16<?<91 5> A 731@;7 D>;A <?> 1C <A D>5> 7 D76674>A 57 =1;;>3?> >2M?;<=7 D>21
=<;=C<?1 =<137351 1 5<6D16<?<91 5> A 731@;78 3U6 2<47A 16 1C 5>62<47A 16 16 =136CA <51;>6 5>
>3>;4<7
C3FR1 51 5<6D16<?<91 5> A 731@;7
D>;7; 1C A 731@;7; 1 =<;=C<?18 <3?>;;1A D>; 1C D>;A <?<; 7 D76674>A 57 =1;;>3?> >2M?;<=7
*7;<7FG>6 51 =<;=C<?1 >2M?;<=1
<;=C<?1 7@>;?1 1 BC> 3R1 ?>A =13?<3C<575>[ 135> 1 =136CA <51; 3R1 LC3=<137
<;=C<?1 L>=J751 1 =<;=C<?1 BC> ?>A =13?<3C<575> )1; >2> 7 =1;;>3?> D15> =<;=C27;
<;=C<?1 5>62<4751 1 BC> 1 5<6D16<?<91 5> A 731@;7 >6?: 37 D16<FR1 5>62<4751
<;=C<?1 5>6>3>;4<P751 1 BC> 7 L13?> 4>;751;7 >6?: 5>6=13>=?757 51 =<;=C<?1 1C 3R1
LC3=<137
<4C;7
135C?1; >2M?;<=1
=135C?1; >2M?;<=1 L7P 7 2<47FR1 >3?;> 1 =136CA <51; > 7 L13?> 4>;751;78 D>;A <?<351 7 =<;=C27FR1
57 =1;;>3?> 757 ?<D1 5> =135C?1; D15> 6>; D;>D7;751 =1A =7;7=?>;E6?<=76 97;<75768 5>D>35>351
5> 6C7 7D2<=7FR1 )15>A 6>; ;E4<576 1C L2>XE9><68 <6127516 1C 3R18 =1A D;1?>FR1 75<=<1372 72MA 57
<6127FR1 1C 1C?;76 =7;7=?>;E6?<=76
>5> >X?>;37T 135C?1; >2M?;<=1 ;E4<518 =1A 1C 6>A D;1?>FR1
C;75><;7T 135C?1; >2M?;<=1 L2>XE9>28 =1A 75<=<1372
>;;1 2M?;<=1T 135C?1; >2M?;<=1 L2>XE9>28 =1A <6127FR1 5> D2:6?<=1 > D;1?>FR1 ?M;A <=7
757 7D2<=7FR1 >X<4> ?<D16 5<L>;>3?>6 5> =135C?1; >2M?;<=1 76 6C7 LC3FR1 31 =<;=C<?1 6>;:
6>A D;> 7 A >6A 7
C3FR1 51 =135C?1;
=135C?1; 2<47 16 5>A 7<6 =1A D13>3?>6 51 =<;=C<?1 >2M?;<=18 =135CP<351 7 =1;;>3?>T 57 L13?> 71
=136CA <51; > 5> ;>?1;31 ^ L13?>
& . ' # ( %
2?C;7 )>61 *12CA >
R1 4;735>P76
A >2>?;<=<575>8 ?7A @MA >X<6?>A 4;735>P76

R1 76 4;735>P76 BC> D;191=7A 1C 6R1 D;191=7576 D1; >L><?16 >2M?;<=16[ 1C 7<3578 BC> =13?;<@C>A
1C <3?>;L>;>A 3>66>6 >L><?16
157 9>P BC> J1C9>; 5>6>BC<2E@;<1 >2M?;<=1 3CA A 7?>;<72 J79>;: 5>621=7A >3?1 5> >2M?;136
>66> L2CX1 5> >2M?;136 57; 6> : 1 31A > 5> =7;47 >2M?;<=78 =CH7 C3<575> 5> A >5<57 6>;: 1
1C21A @ ` a
1C21A @ M <4C72 7 8 X # ! 5> >2M?;136 1C # ### ### ### ### ### ><6 BC<3?<2JG>6 >
5CP>3?16 > =<3Bb>3?7 BC7?;<2JG>6 5> >2M?;136
&C7351 =<;=C27;>A 8 X # ! 5> >2M?;136 D1; CA =135C?1;8 5<; 6> : BC> >6?: =<;=C27351 CA 7
=1;;>3?> >2M?;<=7 5> 1C21A @
<4C;7
1C21A @ 3R1 M8 D1;MA 8 CA 7 C3<575> A C<?1 D;7?<=78 D1<6 D15>A 16 =136?7?7; CA 7 =7;47 >2M?;<=7
=1A CA 7 <3?>36<575> 5> 1C21A @ D>;=1;;>351 CA =135C?1; 5> CA 6>4C351
<4C;7
C 7 A >6A 7 <3?>36<575> D>;=1;;>351 1C?;1 =135C?1; >A # 6>4C3516T
<4C;7
3?R18 D7;7 6> D15>; ;>72A >3?> A >5<; > =1A D7;7; 7 =1;;>3?> >2M?;<=7 J1C9> 7 3>=>66<575> 5> 6>
A >5<; 7 <3?>36<575> 57 =1;;>3?> >A ;>27FR1 71 ?>A D1
)1;?73?18 =;<1C 6> CA 7 C3<575> D;:?<=78 1 7A Dc;>8 BC> M ;>D;>6>3?751 D>27 2>?;7 > >BC<972> 7
1C21A @ D1; 6>4C351
` a ` 1C21A @d6>4 a
135C?1; 135C?1; +
<4C;7 <4C;7
1 =135C?1; 8 7 <3?>36<575> 57 =1;;>3?> M A C<?1 A 7<1; BC> 31 =135C?1; +

72=C27351 1 3WA >;1 5> >2M?;136 BC> =<;=C27A D>216 =135C?1;>68 ?>;>A 16T
!
1 =135C?1; T X 8 X # S ! # # # # # # # # # # # # # # # # >2M?;136 D1; 6>4C351
!
1 =135C?1; + T X 8 X # S # # # # # # # # # # # # # # # # >2M?;136 D1; 6>4C351
!
* 9 '
<4C;7
6676 6R1 L13?>6 4>;751;768 BC> D;15CP>A CA 7 L1;F7 >2>?;1A 1?; A 8 7 BC72 D;191=7 1
5>621=7A >3?1 516 >2M?;1368 5> CA D7;7 1 1C?;1 >X?;>A 1 51 A 7?>;<72
1;F7 >2>?;1A 1?; A 19<A >3?7 16 >2M?;136
<4C;7 !
6 L13?>6 4>;751;76 D;15CP>A 8 D1; CA 5>?>;A <3751 >6D7F1 5> ?>A D18 CA 7 L > A =136?73?>
)1;?73?18 6>;: =136?73?> ?7A @MA 1 A 19<A >3?1 5> >2M?;136 51 >X?;>A 1 + D7;7 1 >X?;>A 1 51
A 7?>;<728 1 BC> A 73?>;: 1 5>6>BC<2E@;<1 >2M?;<=1 51 A 7?>;<72
5>6>BC<2E@;<1 >2M?;<=1 M CA 7 4;735>P7 >2M?;<=7 =J7A 757 > A : 5 5 D > 6>C
6EA @121 4;:L<=1 M 7 2>?;7
<4C;7 "
> 51<6 A 7?>;<7<6 ?<9>;>A CA A >6A 1 D1?>3=<72 >2M?;<=1 3>C?;18 <6?1 M8 6>A =7;478 3R1 J79>;:
5 5 D >3?;> >2>6
6 A 7?>;<7<6 > ?QA 1 A >6A 1 D1?>3=<72 >2M?;<=1

3>C?;1 6>A =7;47 [ 3R1 J: 5<L>;>3F7 5> D1?>3=<72 >3?;>
>2>6
<4C;7 #
)7;7 >X<6?<; 5<L>;>3F7 5> D1?>3=<72 >3?;> 51<6 A 7?>;<7<68 M D;>=<61 BC> J7H7 CA 7 5<L>;>3F7 37
BC72<575> 5> >2M?;136 BC> >2>6 D166C>A
"
A 7?>;<72 >6?: =1A D1?>3=<72 3>47?<91 > 1 A 7?>;<72
% >6?: =1A 1 D1?>3=<72 D16<?<91[ D1;?73?18 >X<6?>
<L>;>3F7 5> )1?>3=<72 >3?;> >2>6
<4C;7
L7=<2<575> BC> 7 =1;;>3?> >2M?;<=7 >3=13?;78 71 D>;=1;;>; 16 A 7?>;<7<68 M =J7A 757 5>
=135C?\3=<7 667 4;735>P7 M ;>D;>6>3?757 D>27 2>?;7
T
7=<2<575> >3=13?;757 D>27 =1;;>3?> >2M?;<=78 71 7?;79>667;
e
CA A 7?>;<72
)1;MA 8 >A =13?;7D7;?<57 7 =135C?\3=<78 16 A 7?>;<7<6 6>A D;> 1L>;>=>A =>;?7 5<L<=C2575> ^
D76674>A 57 =1;;>3?> >2M?;<=7 667 5<L<=C2575> BC> 7 =1;;>3?> >2M?;<=7 >3=13?;7 71 D>;=1;;>;
CA A 7?>;<72 M 7 ;>6<6?Q3=<7 >2M?;<=78 31;A 72A >3?> ;>D;>6>3?757 D>27 2>?;7
T
e <L<=C2575> >3=13?;757 D>27 =1;;>3?> >2M?;<=78 71 7?;79>667;
CA A 7?>;<72
151 A 7?>;<72 =135C?1; 5> =1;;>3?> >2M?;<=7 7D;>6>3?7 =>;?1 4;7C 5> =135C?\3=<7 > 5>
;>6<6?Q3=<7 &C73?1 A 7<1; L1; 7 =135C?\3=<7 51 A 7?>;<728 A >31; 6>;: 6C7 ;>6<6?Q3=<7 > 1
A 7?>;<72 1L>;>=>; 4;735> ;>6<6?Q3=<78 D;1D1;=<1372A >3?> 7D;>6>3?7;: D1C=7 =135C?\3=<7
@ <
=135C?\3=<7 > 7 ;>6<6?Q3=<7 >2M?;<=7 6> A 73<L>6?7A =1A A 7<1; 1C A >31; <3?>36<575> 316
5<9>;616 ?<D16 5> A 7?>;<7<6
)1; >X>A D21T

1 =1@;>8 7 =135C?\3=<7 M A C<?1 A 7<1; BC> 7 ;>6<6?Q3=<7 / : 31 D2:6?<=18 7 ;>6<6?Q3=<7 M A C<?1
A 7<1; BC> 7 =135C?\3=<7
) $ ]]]]]]]]]] ;>6<6?Q3=<7 ] ] ] ] ] ] ] ] ] ] =135C?\3=<7

+ ]]]]]]]]]] ;>6<6?Q3=<7 ] ] ] ] ] ] ] ] ] ] =135C?\3=<7
=135C?\3=<7 > 7 ;>6<6?Q3=<7 6R1 4;735>P76[ D1;?73?18 D15>A 6>; A >5<576
C3<575> C?<2<P757 D7;7 A >5<; 7 ;>6<6?Q3=<7 M 1 % 8 ;>D;>6>3?757 D>27 2>?;7 2Q 6> VA >47
] ] ] ] ] ] M A >5<57 >A %
1A 1 7 =135C?\3=<7 M 1 <39>;61 57 ;>6<6?Q3=<78 5> <3E=<18 L1< 5>31A <3757 * <39>;61 5> * 8
> ;>D;>6>3?757 6<A @12<=7A >3?> D>27 2>?;7 4;>47 VA >478 ?7A @MA <39>;?<57
?C72A >3?>8 7 C3<575> >A D;>4757 D7;7 A >5<; 7 =135C?\3=<7 M 5>31A <3757 M
;>D;>6>3?757 D>27 2>?;7
T
e 7?M J: D1C=18 >;7 A >5<57 >A %
7?C72A >3?>8 M A >5<57 >A
#
& 3!3! . = : ? = : C E
6 97;<7FG>6 31 6<6?>A 7 A M?;<=1 M 5> # 5>P 9>P>6T
X>A D21T
3<575> 1 A >?;1
A <2EA >?;1 >3?EA >?;1 >=EA >?;1 >?;1 >=\A >?;1 % >=?VA >?;1 K<2VA >?;1
# 8# # # 8# #8 # ## ###
AA =A 5A A 57A J7A fA
76 4;735>P76 >2M?;<=76 76 97;<7FG>6 6R1 5> # # # >A # # # 9>P>6
:F 3 G H3
A <=;17A D>; A <2<7A D>; A Dc;> K<217A D7>; >47A D7;
# 8# # # # # # 8# # ### ######
g A f A
, G B H3
A <=;1912? A <2<912? *12? K<21912? >47912?
# 8# # # # # # * # 8# # * * ### * ###### *
g * A* * f* A*
D G < H3
A <=;1JA A <2<1JA JA K<21JA >471JA
# 8# # # # # h # 8# # h h ### h ###### h
g h Ah h fh Ah
? @ AB ; 7 >2>?;<=<575> 5> A 151 4>;72 76 4;735>P76 6> 7D;>6>3?7A A C<?1 4;735>6 1C A C<?1
D>BC>376
) . *
X<6?> CA 7 ;>27FR1 A 7?>A :?<=7 >3?;> 7 ?>36R1 >2M?;<=78

7 =1;;>3?> >2M?;<=7 > 7 ;>6<6?Q3=<7 >2M?;<=7
<4C;7
1 6M=C21 0 0 8 CA L<2U61L1 72>A R18 >1;4 <A 13 JA 8 5>A 136?;1C >XD>;<A >3?72A >3?> 7
=136?73?> 5> D;1D1;=<1372<575> >3?;> 7 =1;;>3?> >2M?;<=78 7 ?>36R1 > 7 ;>6<6?Q3=<7 667 ;>27FR1 M
5>31A <3757 >< 5> JA 8 > M >XD;>667 2<?>;72A >3?> =1A 1T
N =1;;>3?> >A CA =<;=C<?1 M 5<;>?7A >3?> D;1D1;=<1372 ^ ?>36R1 7D2<=757 > <39>;67A >3?>
D;1D1;=<1372 ^ ;>6<6?Q3=<7 51 =<;=C<?1O 7 L1;A 7 5> >BC7FR1 7 >< 5> JA M >XD;>667 =1A 1T
35>T S =1;;>3?> >A 7A Dc;>6

S ?>36R1 >A 912?6
S ;>6<6?Q3=<7 >A JA 6
<4C;7
66<A D7;7 =757 ?>36R1 7D2<=757 3CA =<;=C<?1
?>;>A 16 CA ;>6C2?751 5> =1;;>3?> >2M?;<=78
<6?1 ?>351 >A 9<6?7 CA 9721; 5> ;>6<6?Q3=<7
D;>357 7 C?<2<P7; 1 ?;<\34C21 576 5>5CFG>6 57

LU;A C27 57 2>< 5> JA
<4C;7
> 91=Q D;>?>35> 67@>; 1 9721; 57 ?>36R18 =C@;7 7 2>?;7 31 ?;<\34C21
<4C;7
BC> L<=1CZ
<=1C 7 LU;A C27
C<?1 @>A _ + 76?7 A C2?<D2<=7; X > 91=Q
?>;:8 =1A 1 ;>6C2?7518 1 9721; 57
<4C;7
)1; >X>A D21T
CD13J7A 16 6>H7 S # 8> S

S X S # X S # *
<4C;7
41;78 =C@;7 7 2>?;7 T
<=1C 7 LU;A C27
C<?1 @>A _ + 76?7 5<9<5<; 8 > 1 ;>6C2?751 6>;:

<4C;7 I
)1; >X>A D21T CD13J7A 16 6>H7 S # 8> S [ ?>;>A 16T

S S # S # i
<4C;7 !
CD13J7A 16 BC> 91=Q BC><;7 67@>; 1 9721; 5> 8 >3?R18 =C@;7 7 2>?;7
<=1C 7 LU;A C27
C<?1 @>A _ + 76?7 5<9<5<; 8 > 1 ;>6C2?751 6>;:
<4C;7 "
)1; >X>A D21T
S S # S
#
<4C;7 #
>667 L1;A 78 91=Q 3R1 A 7<6 6> >6BC>=>;: 5> =1A 1 >3=13?;7; >6?>6 ?;Q6 9721;>6T
<4C;7
>A D;> BC> L1; 7D2<=7; 7 2>< 5> JA

*7A 16 7 CA >X>A D21 D;:?<=1T
*1=Q 97< A C57; 5> =767 > 5>9>;: L7P>; 76 2<47FG>6 516 7D7;>2J16 >2M?;<=16 37 3197 ;>6<5Q3=<7T
=JC9><;18 L>;;1 5> D7667;8 >?=
1A >=>A 16 D>27 2<47FR1 51 =JC9><;1T 6> 1 7D7;>2J1 3R1 ?<9>; 76 =7;7=?>;E6?<=76 ?M=3<=76
75>BC7576 BC73?1 ^ =1;;>3?>8 ?>36R1 > ;>6<6?Q3=<78 >A LC3FR1 57 ;>5> >2M?;<=7 5> 6C7 =7678
D15>;R1 1=1;;>; 724C36 7=<5>3?>6
)7;7 >9<?7; <6618 97A 16 912?7; 71 >6BC>A 7 5> 2<47FR1T
&C72 6>;<7 7 ;>6<6?Q3=<7 51 =JC9><;18 D7;7 >2>

D15>; LC3=<137; 5>3?;1 576 =135<FG>6 <5>7<6Z
<4C;7
&C72 7 <3=U43<?7Z
>6<6?Q3=<7
<4C;7
S S # S 8 i
#
6>C =JC9><;1 5>9>;: ?>; CA 7 ;>6<6?Q3=<7 5> 8 i D7;7 # * > 91=Q L1; C6: 21 >A # *8 >2>
?>;: BC> ?>; 7 ;>6<6?Q3=<7 >A 51@;1
2> 5>9>;: ?>;8 >3?R1T 8 X S i
1 =1A D7;: 278 =1A D7;> =1A >66> 9721;8 D7;7 BC> 1 6>C =JC9><;1 LC3=<13> @>A
*7A 16 71 1C?;1 >X>A D21T
*1=Q BC>; <36?727; CA LC6E9>2 1C 5<6HC3?1;8 D7;7 1 6>C L>;;1 5> D7667; ?>36R1 M 5> # * > 6C7
;>6<6?Q3=<7 ?>A i
&C72 6>;<7 7 =1;;>3?> >2M?;<=7 >A A Dc;>6 51 L>;;1 5> D7667;Z
*12?>A 16 71 ?;<\34C21T
&C72 M 7 <3=U43<?7Z
1;;>3?>
1 ?;<\34C21 7D7;>=> [ >3?R1 S
C@6?<?C<351 >66>6 9721;>68 ?>A 16T

S S # S
*1=Q C67;: CA 5<6HC3?1; 5> # A Dc;>6

*1=Q D;>?>35> >6?>35>; CA 7 ;>5> 316 LC3516 5> 6C7 =767
=1;;>3?> 516 7D7;>2J16 5>9>;: 7?<34<; A D>;>6
;>6<6?Q3=<7 516 =135C?1;>6 M 5> # 8 > 91=Q BC>; 67@>; BC72 6>;: 7 5<L>;>3F7 5>
?>36R18 >3?;> 1 =1A >F1 > 1 L<A 57 ;>5>8 1C 7 BC>57 5> ?>36R1
6> ?;<\34C21 7D7351 7 <3=U43<?78 7D7;>=> X [ >3?R18 7 BC>57 5> ?>36R1 6>;:T
S X
S #8 X S *12?6
667 BC>57 5> ?>36R1 >6?: =13L1;A > +
<4C;7
&C7351 M BC> 7 =1;;>3?> M D>;<4167Z
<4C;7
<4C;7
% &
BC73?<575> 5> =1;;>3?> BC> D15> L2C<; 7?;79M6 51 =1;D18 6>A D>;<41 D7;7 7 67W5> 1C ;<6=1 5>
9<578 5>D>35> 51 <35<9E5C1 > 51 ?<D18 51 D>;=C;61 > 51 ?>A D1 5> 5C;7FR1 51 =13?7?1
;>6<6?Q3=<7 VJA <=7 51 =1;D1 97;<7 5> # # # 7 # # # # # 1JA 6 BC7351 7 D>2> >6?<9>; 6>=7
;>6<6?Q3=<7 5<A <3C< =1A 7 CA <575> > 7CA >3?1 5> ?>36R1 >6A 1 7 D>BC>37 =1;;>3?> 5>
A <2<7A D>;> D15> 6>; 6>3?<57 > 5>9> 6>; >9<?757
A 9721; 5> =1;;>3?> <4C72 7 A <2<7A D>;>6 D15> 6>; D>;<4161 > 7 D72A 7 57 A R1 L; =13?7?1
=1A CA =135C?1; 5> =1;;>3?>8 CA 7 =1;;>3?> 5> A <2<7A D>;>6 6>;: 6CL<=<>3?> D7;7 D;15CP<;
=13?;7FG>6 316 A W6=C2168 L7P>351 =1A BC> <3912C3?7;<7A >3?> 7 A R1 6> L>=J> 61@;> 1 =135C?1;
72 =J1BC> D15> =7C67; 6M;<16 573168 5>D>35>351 51 ?>A D1 5> 5C;7FR1 51 =13?7?1 > 576
=135<FG>6 LE6<=76 57 9E?<A 78 D7;?<=C27;A >3?> 576 =135<FG>6 51 =1;7FR1 C<?16 7=<5>3?>6 L7?7<6
?QA 1=1;;<51 =1A CA 9721; 5> =1;;>3?> <4C72 7 A <2<7A D>;>6 136<5>;7 6> L7?72 CA L2CX1 5>
=1;;>3?> D>21 =1;D1 <4C72 7 # # A <2<7A D>;>6
'
!3 136<5>;> =C<575167A >3?> 1 ;>6C2?751 5> =757 7FR1 7 6>; >X>=C?757 R1 J: ;7PR18 >A
7@612C?18 D7;7 CA <35<9E5C1 =1;;>; ;<6=16 1C =121=7; >A D>;<41 7 9<57 51 6>C 6>A >2J73?>
$ 3 L76?> 6> 5> =<;=C<?16 72<A >3?7516 R1 6C@6?<?C7 =1A D13>3?>68 3>A L7F7 7HC6?7A >3?1 5>3?;1
5> >BC<D7A >3?1 =1A 72?7 ?>36R1 2<4757
& 3 R1 L7F7 ;>D7;1 61P<3J1 >3J7 6>A D;> 71 6>C 2751 CA 7 D>6617 >A =135<FG>6 5> D;>6?7;
D;<A ><;16 61=1;;16
) 3 R1 =13L<> 316 <3?>;21BC>68 3>A 5>D>357 5>2>6 D7;7 7 6C7 D;1?>FR1 >62<4C> 6>A D;> 1
>BC<D7A >3?1 R1 ;>A 1978 3R1 =121BC> >A =C;?1 =<;=C<?1 > 3R1 <3?>;L<;7 =1A 7 7FR1 516
<3?>;21BC>68 >X=>?1 D7;7 ;>D7;7; 7 =J79>
+ 3 R1 5><X> 1 6>C =1;D1 >A D1?>3=<72 5> ?>;;7 >;?<L<BC> 6> 5> BC> 91=Q 3R1 >6?: =1A 1 6>C
=1;D1 >A D1?>3=<72 5> ?>;;78 <6?1 M8 =1A 1 =1;D1 >A =13?7?1 5<;>?1 =1A D7;?>6 A >?:2<=76 51
>BC<D7A >3?18 D7;?<=C27;A >3?>8 BC7351 >6?<9>; L7P>351 7HC6?74>36 1C A >5<FG>6 6> 7D>376 CA 7
576 A R16 BC7351 >6?<9>; ;>D7;7351 >BC<D7A >3?1 72<A >3?751 136>;9> CA 7 576 A R16 376 =16?76
- 3 R1 72<A >3?> BC72BC>; >BC<D7A >3?1 BC> ?>3J7 6<51 A 12J751 >BC<D7A >3?1 5>9>;: >6?7;
5>9<57A >3?> 6>=1 > 2<9;> 5> BC72BC>; ;>6E5C1 =7D7P 5> D;15CP<; LC47 5> =1;;>3?> 73?>6 5> 6>;
72<A >3?751 6 ;>4;76 7=<A 78 7661=<7576 =1A 7 <5M<7 5> BC> 7 ?>36R1 3R1 ?>A L791;<?<6A 1 > BC> 1
=C<5751 D>66172 M 7 6C7 A 7<1; 6>4C;73F78 D15>;R1 >9<?7; L>;<A >3?16 6M;<16 1C ?729>P 7 A 1;?>
+ . ,
)7;7 BC72BC>; =135C?1; 57518 7 ;>6<6?<9<575> 5> CA 5>?>;A <3751 =1A D;<A >3?1 5>D>35> 57
;>6<6?<9<575> 51 A 7?>;<728 51 =1A D;<A >3?1 51 L<1 > 57 :;>7 57 6>FR1 ;>?7 51 L<1 5> 7=1;51 =1A 7
LU;A C27
35>T
S ;>6<6?Q3=<7 51 =135C?1;8 i
2 S =1A D;<A >3?1 51 L<18 A
S :;>7 57 6>FR1 ;>?7 51 L<18 =A j
k S ;>6<6?Q3=<7 >6D>=EL<=7 1C ;>6<6?<9<575>8 =A j idA
L7?1; k 2>?;7 4;>47 BC> 6> 2Q N;VO D>;A <?> 7 =1A D7;7FR1 57 ;>6<6?Q3=<7 5> 5<L>;>3?>6
A 7?>;<7<6 5> 7=1;51 =1A 37?C;>P78 <35>D>35>3?>A >3?> 5> 6>C6 =1A D;<A >3?16 1C :;>76 *721;>6
A 7<6 72?16 5> k ;>D;>6>3?7A A 7<1; ;>6<6?Q3=<7 6 9721;>6 5> ;>6<6?Q3=<7 >2M?;<=7 97;<7A 5>
7=1;51 =1A =>;?16 L7?1;>6 66>6 BC7?;1 L7?1;>6 6R1T 37?C;>P78 =1A D;<A >3?18 6>FR1 ?;7369>;672
> ?>A D>;7?C;7 51 A 7?>;<72
<4C;7
<4C;7 <4C;7
*1=Q 5>9> 2>A @;7;8 BC> 7 ;>6<6?Q3=<7 1L>;>=<57 D>21 =1@;> M @>A A >31; BC> 7 ;>6<6?Q3=<7
1L>;>=<57 D>21 D2:6?<=1
@6>;9> 16 :?1A 16 5> 724C36 A 7?>;<7<6T
$ ?1A 1 5> 7;@131 $ ?1A 1 5> 2CA E3<1 $ ?1A 1 5> 1@;>
<4C;7
1?> BC>8 16 :?1A 16 BC> =136?<?C>A 1 =7;@1318 72CA E3<1 > =1@;> 6R1 5<L>;>3?>6 >3?;> 6<
5<L>;>3F7 316 9721;>6 5> ;>6<6?Q3=<7 > =135C?\3=<7 1L>;>=<576 D>216 5<L>;>3?>6 A 7?>;<7<68 5>9>
6> D;<3=<D72A >3?> 71 L7?1 5> BC> =757 A 7?>;<72 ?>A CA ?<D1 5> =136?<?C<FR1 7?VA <=7 5<L>;>3?>
)1; <6618 D7;7 7 5>?>;A <37FR1 516 9721;>6 5> ;>6<6?Q3=<7 > =135C?\3=<78 M <A D1;?73?> 2>97;A 16 >A
=136<5>;7FR1 7 =136?<?C<FR1 7?VA <=78 1C 6>H78 7 37?C;>P7 51 A 7?>;<72
)
<4C;7 <4C;7
7 L<4C;7 7=<A 78 ?>A 16 51<6 A 7?>;<7<6 57 A >6A 7 37?C;>P7[ D1;MA 8 =1A =1A D;<A >3?1 5<L>;>3?>T
)
A >?;16 ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ]
! A >?;16 ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] 7<1; BC>
6 9721;>6 7D;>6>3?7516 6>;9>A 7D>376 D7;7 >X>A D2<L<=7; D7;?<; 57E 91=Q D15> =13=2C<; BC> >A
51<6 1C A 7<6 A 7?>;<7<6 57 A >6A 7 37?C;>P7
7CA >3?7351 1 =1A D;<A >3?1 5<A <3C<351 1 =1A D;<A >3?1
7CA >3?7;: 7 ;>6<6?Q3=<7 5<A <3C<;: 7 ;>6<6?Q3=<7
' *
*7A 16 71 >6?C51 51 L7?1; 6>FR1 ?;7369>;672 51 A 7?>;<72 )1;?73?18 M 3>=>66:;<1 67@>; 1 BC> M
6>FR1 ?;7369>;672
>FR1 ?;7369>;672 M 7 :;>7 51 A 7?>;<728 BC7351 >6?> M

=1;?751 ?;7369>;672A >3?>
>FR1 ?;7369>;672 51 A 7?>;<72
<4C;7
7@>351 6> 1 BC> M 6>FR1 ?;7369>;6728 97A 16 741;7 9>; BC72 M 7 6C7 <3?>;L>;Q3=<7 316 9721;>6 5>
;>6<6?Q3=<7T
<4C;7 !
<4C;7 "
7 L<4C;7 7=<A 78 9>A 16 51<6 A 7?>;<7<6 5> A >6A 7 37?C;>P7 > 5> <4C72 =1A D;<A >3?18 D1;MA 8 =1A
6>FR1 ?;7369>;672 5<L>;>3?>T
' *
A A j ]]]]]]]]]]]]]]]]]]]]]]]]]]
A A j ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] A >31; BC>
13=2CEA 168 >3?R18 BC>T
7CA >3?7351 7 6>FR1 ?;7369>;672 5<A <3C<351 7 6>FR1 ?;7369>;672
5<A <3C<;: 7 ;>6<6?Q3=<7 7CA >3?7;: 7 ;>6<6?Q3=<7
*7A 16 71 l > W2?<A 1 L7?1; BC> 72?>;7 16 9721;>6 5> ;>6<6?Q3=<7 > =135C?\3=<7 516 A 7?>;<7<68 BC> M
7 ?>A D>;7?C;7
*7A 16 6CD1; BC> 91=Q ?>3J7 51<6 D>57F16 5> A 7?>;<7<6 5> A >6A 7 37?C;>P78 5> <4C72 =1A D;<A >3?1
> 5> A >6A 7 6>FR1 ?;7369>;6728 CA 5>2>6 D1;MA 8 >6?: =1A ?>A D>;7?C;7 5<L>;>3?> 57 51 1C?;1T
)
#l ]]]]]]]]]]]]]]]]]]]]]]]]]]]]] 8
#l ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] ] A 7<1; BC> 8
)>;=>@>A 16 BC>T
7CA >3?7351 7 ?>A D>;7?C;7 5<A <3C<351 7 ?>A D>;7?C;7
7CA >3?7;: 7 ;>6<6?Q3=<7 7CA >3?7;: 7 ;>6<6?Q3=<7
- . /0
'
A A C<?76 6<?C7FG>6 76 D>66176 ;>W3>A 6>T

D7;7 6> 5<9>;?<;>A 8
=1A L<36 ;>2<4<16168
D7;7 ?;7@72J7;
A ?1516 >66>6 =7616 76 D>66176 BC> 6> ;>C3<;7A 8 L1;A 7;7A CA 7 7661=<7FR18 D1<6 6> HC3?7;7A
=1A 7 A >6A 7 L<372<575>
6 ;>6<6?1;>6 ?7A @MA D15>A ?;7@72J7; ;>C3<5168 L1;A 7351 CA 7 7661=<7FR1T 7 7661=<7FR1 5>
;>6<6?1;>6
I +J
<4C;7
41;78 <A 74<3> 6> 5> D166> 5> 9:;<16 ;>6<6?1;>6_ *1=Q D15>;<7 7661=<: 216 5> 9:;<76 A 73><;76[
1@6>;9> 724CA 76 5>276T
!
!K AB
$K AB
&K AB
)K AB
<4C;7
66>6 A ><16 5> C3<; ;>6<6?1;>6 6R1 A C<?1 C67516 >A >2>?;<=<575>8 BC7351 6> D;>?>35> 1@?>; CA 7
;>6<6?Q3=<7 >2M?;<=7 75>BC757 D7;7 CA =>;?1 ?;7@72J1T
6676 2<47FG>6 =136?<?C>A CA 7 ] ] ] ] ] ] ] ] ] ] ] ] ] '
6 7661=<7FG>6 5> ;>6<6?1;>6 D15>A 6>; ;>5CP<576 7 ?;Q6 ?<D16 @:6<=16T
661=<7FR1 5> ;>6<6?1;>6 >A 6M;<>
661=<7FR1 5> ;>6<6?1;>6 >A D7;72>21
661=<7FR1 5> ;>6<6?1;>6 A <6?7
?>3FR1_
6 ;>6<6?1;>6 D;>6>3?>6 >A BC72BC>; CA 7 5>6676 7661=<7FG>6 6R1 =J7A 7516 ;>6<6?1;>6
=1A D13>3?>6 > 6R1 ;>D;>6>3?7516 D1; 8 8 8 8 8 3
- 3!3! . AB
)1;BC> 16 6>C6 ;>6<6?1;>6 =1A D13>3?>68 =1A 16 ;>6D>=?<916 ?>;A <37<68 6R1 2<475168 CA 7DU6 1
1C?;1
<4C;7
- 3!3$ . AB :
)1;BC> 16 6>C6 ;>6<6?1;>6 =1A D13>3?>68 =1A 16 ;>6D>=?<916 ?>;A <37<68 6R1 2<47516 5<;>?7A >3?> ^
2<3J7 D;<3=<D72
<4C;7
"
- 3!3& . AB
)1;BC> 6> 7D;>6>3?7 74;CD75768 <6?1 M8 C3<5768 7 7661=<7FR1 5> ;>6<6?1;>6 >A 6M;<> > 7 7661=<7FR1
5> ;>6<6?1;>6 >A D7;72>21
<4C;7
- 3!3) .
<4C;7
>6?7 7661=<7FR1 >6?R1 ;>D;>6>3?7516 ;>6<6?1;>6 7661=<7516 >A 6M;<> 1?> BC>8 3>6?> ?<D1 5>
7661=<7FR18 7 =1;;>3?> >2M?;<=7 N O 3R1 6> 5<9<5>
C@6?<?C<351 16 ;>6<6?1;>6 =1A D13>3?>6 D>27 ;>6<6?Q3=<7 ?1?72 BC> 16 ;>D;>6>3?78 ?>A 16T
;>6<6?Q3=<7 ?1?72 5> CA 7 7661=<7FR1[
7?>A 7?<=7A >3?>8 ?>A 16T S m m m m 3
3?R18 D7;7 6> 5>?>;A <37; ^ ;>6<6?Q3=<7 ?1?728 6C@6?<?C<351 1 N O D>216 9721;>6 5> =757 ;>6<6?Q3=<7
=1A D13>3?> 5> 7661=<7FR1
*>H7 7 7D2<=7FR1 5>667 LU;A C27 37 7661=<7FR1 5757 73?>;<1;A >3?>8 135>T
S i[ S i > S i
C@6?<?C<351 > =72=C273518 ?>A 16T
S m m
S m m
S # i
1 =<;=C<?1 6M;<> 1 6>;: 6>A D;> A 7<1; BC> BC72BC>; ;>6<6?1;
1 . 2# 3 3
D1?Q3=<7 >2M?;<=7 M CA 7 4;735>P7 =1A 1 7 ;>6<6?Q3=<7 >2M?;<=78 7 5<L>;>3F7 5> D1?>3=<728 1C 7

<3?>36<575> 57 =1;;>3?>8 6>351 ;>D;>6>3?757 D>27 2>?;7 O ) N
' E L : < : 3
1A 1 67@>A 168 D7;7 A >5<; 724CA 7 =1<678 ?>A 16 BC> ?>; CA 7 C3<575> D75;R1
>A 16 7 D1?Q3=<7 5> n 7?? BC7351

BC73?<575> 5> 8 # ! >2M?;1368 61@ CA 7 5<L>;>3F7 5> D1?>3=<72 5> 912?8 ;>72<P7 CA
?;7@72J1 31 ?>A D1 5> 6>4C351
#
3?R18 ?>A 16 37 D1?Q3=<7 5> n 7?? 5C76 C3<575>6 BC> 91=Q H: =13J>=>T *12? > 1 A D>;>
)7;7 =72=C27; 7 D1?Q3=<7 N)O >A n 7??68 91=Q A C2?<D2<=7T
3?R1 ?>A 16 7 6>4C<3?> >XD;>66R1T
)1?Q3=<7 >A n 7??6 S 912?6 7A D>;>
<A D2<L<=73518 ?>A 16T

)S
*7A 16 9>; CA >X>A D21 5> =:2=C21 5> D1?Q3=<7T
A 1?1; ;>D;>6>3?751 31 5<74;7A 7 71

2751 LC3=<137 =1A
S * > S
3?R1 6C7 D1?Q3=<7 ) 6>;:T
)S )S
)S ### o
<4C;7
*7A 16 7 1C?;1 >X>A D21T
1 =<;=C<?1 71 2751 7 =1;;>3?> 576 2\A D7576

M 5> 8 BC7351 7D2<=7A 16 # * &C72 M 7
D1?Q3=<7 51 =<;=C<?1Z
)S )S # 8
) S ## o
<4C;7
o 7?? M 7 C3<575> ?>A 8 D1;?73?18 6>C6

D75;R1 5> A >5<57 57 A W2?<D216 > 6>C6
D1?Q3=<7 >2M?;<=7 6C@A W2?<D216
)1;MA 8 D7;7 1 31661 >6?C51 316

<3?>;>667 7D>376 1 A W2?<D21 & o Ko
*7A 16 >3?R1 9>; 6C7 >BC<972Q3=<7 =1A 1 n 7??T
BC<21n 7?? Ko S # # # n 7??6 o 1C n 7?? S # 8# # BC<21n 7??
*>H7A 16 741;7 =1A 1 6> ?;736L1;A 7 o > Ko T
)7;7 ?;736L1;A 7; o >A Ko 5<9<5<A 16 1 3WA >;1 5> o 7??6 D1; # # #
*7A 16 7 CA >X>A D21T

&C> D1?Q3=<7 >A Ko ?>A CA =136CA <51; 5> # # n 7??6Z
)1?Q3=<7 >A Ko S o >3?R1 )1?Q3=<7 >A Ko S # # )1;?73?1T
### ###
) S 8 Ko
*1=Q 5>6>H7 67@>; 7 D1?Q3=<7 >A Ko 5> CA =<;=C<?1 5> 2\A D757 5> # *>
)15> 6> =72=C27; 5> 5C76 L1;A 76T
<4C;7
1
@?>; 1 ;>6C2?751 >A o > ?;736L1;A 7; >A Ko
)S X )S # X ) S ## o
)1?Q3=<7 >A Ko S o ) S ##o ) S # 8 Ko

### ###
1 72=C27; 5> L1;A 7 5<;>?78 C67351 7 LU;A C27 ) S X 8 =1A 1 5>31A <3751; # # #
)S X )S # X )S # ) S # 8 Ko
### ### ##
*7A 16 7 A 7<6 CA >X>A D21T
*1=Q A >5<C 7 ?>36R1 > 7 =1;;>3?> 5> CA L>;;1 >2M?;<=1 > 731?1CT
S # S
>6>H7351 67@>; 7 D1?Q3=<7 >A Ko 8 7D2<=7 7 LU;A C27T
) S X ) S # X ) S # 8! Ko
### ###
X<6?>A 9:;<76 LU;A C276 D7;7 1 =:2=C21 57 D1?Q3=<7
*1=Q H: 7D;>35>C 7 =72=C27; 7 D1?Q3=<7 D>216 9721;>6 5>T

> 8 1C 6>H78 ) S X
*7A 16 741;7 C67; CA 7 97;<73?> 5>667 LU;A C278 D7;7 =J>47; 71 A >6A 1 ;>6C2?751
*7A 16 =72=C27; N)O 31 =<;=C<?1 7 6>4C<;T
)S X
)1;MA 3R1 ?>A 16 1 9721; 5> N O 76 ?>A 16 1
9721; 5> N O > 5> N O )>27 >< 5> JA =72=C27A 16
1 9721; 5> N N8 BC> M <4C72 7
S # S
3?R18 7 D1?Q3=<7 51 ;>6<6?1; 6>;:

<4C;7 )S X )S # X ) S ##o
)15>A 16 ?7A @MA =72=C27; 7 D1?Q3=<7 5> L1;A 7 5<;>?7
>)S X > S >3?R18 31 2C47; 5> N N8 37 LU;A C27 ) S X 8 3U6 C67A 16 8 BC> M 7 A >6A 7
=1<67
*>H7T
*7A 16 =72=C27; 7 L1;A 7 5<;>?7 7 D1?Q3=<7 51 =<;=C<?1 51 >X>A D21 73?>;<1;8 >A D;>47351 61A >3?>
16 9721;>6 5> 5>
<4C;7
7 ;>72<575>8 C67351 7 LU;A C27 ) S 8 91=Q ?7A @MA L>P 7 1D>;7FR1 X >A @;> 6> BC> 1
9721; 5> >6?: =13?<51 37 5<9<6R1 5> 1A 1 H: =72=C27;>A 16 73?>;<1;A >3?> S
*7A 16 7 1C?;1 >X>A D21T
*1=Q ?>A 8 31 =<;=C<?1 71 27518 16 9721;>6T
<4C;7
13L<;7 C67351 1 9721; 57 =1;;>3?>8 37 LU;A C27 LC357A >3?72

9721; 57 =1;;>3?> 6>;: S S # S " ##o
3?R1 ) S X )S # X # ) S " ## o
*>H7 1 >X>A D21T
372<6> 1 =<;=C<?1 > ;>6D1357T D15>A 16

=72=C27; 6C7 D1?Q3=<7 C67351 7 LU;A C27
LC357A >3?72 ) S X Z
<4C;7
R1 D15>A 168 D1;BC> 1 9721; 5> 3R1 =136?7 51 5<74;7A 7
>351 16 9721;>6 57 ?>36R1 > 57 ;>6<6?Q3=<78 D15>A 16 C67; 7 LU;A C27 ) S
141T ) S # X # ) S !!# o
72=C27351 7 D1?Q3=<7 6>A 1 9721; 5>

@6>;9> 741;7 CA 7 1C?;7 L1;A 7 5> ;>6129>; D;1@2>A 76 5> D1?Q3=<7 =1A 76 1C?;76 4;735>P76
1 =<;=C<?1 71 2751 91=Q ?>A S > S i
<4C;7 !
*1=Q =13J>=> 7 LU;A C27 ) S X 8 A 76 L72?7 1 9721; 5> 8 D>27 >< 5> JA S X 8 S X 8
S # *
3?R18 ) S X )S # X ) S ## o
> S X 8 =121=7A 16 X 31 2C47; 5> 8 ) S X )S X X 8 D1;?73?18 ) S X
+ %
<4C;7 "
6 @1A @76 5p:4C7 57 <2C6?;7FR1 7=<A 7 >3=J>;7A =7<X76 <4C7<6 )1;?73?18 ;>72<P7;7A 1 A >6A 1
?;7@72J1
)1;MA 8 >X7A <3> 3197A >3?> 16 ;>2U4<16 57 <2C6?;7FR1
@1A @7 5p:4C7 476?1C A <3C?16 D7;7 >3=J>; 7 =7<X7 @1A @7 + D;>=<61C 5> A <3C?16 D7;7
;>72<P7; 1 A >6A 1 ?;7@72J1
> 1 ?;7@72J1 ;>72<P751 L1< 1 A >6A 18 7 @1A @7 A 7<6 >L<=<>3?> L1< ^BC>27 BC> 476?1C A >316 ?>A D1
)1;?73?1 L1< 7 @1A @7 8 BC> ?>A A 7<1; D1?Q3=<7 BC> 7 @1A @7 +
)7;7 1 6>C >6?C51 M8 <A D1;?73?> 1 =13J>=<A >3?1 5> D1?Q3=<7 A >=\3<=7 > D1?Q3=<7 >2M?;<=7
1A 1 91=Q H: >6?C51C 7 D1?Q3=<7 >2M?;<=78 ;>6?7 1 >6?C51 57 D1?Q3=<7 A >=\3<=7 )1;?73?18
)1?Q3=<7 >=\3<=7 M 1 ;>6C2?751 51 ?;7@72J1 ;>72<P7518 D>21 ?>A D1 476?1 D7;7 ;>72<P: 21
7?>A 7?<=7A >3?>8 ?>A 16T
) S ;7@72J1
? ?>A D1
1A 1 91=Q H: 67@>8 ?;7@72J1 M <4C72 71 D;15C?1 57 L1;F7 D>27 5<6?\3=<78 <6?1 MT S X5

66<A 8 6C@6?<?C<3518 37 LU;A C278 D1; X 58 ?>A 16T
) S X5
X>A D21T =1A D73J> 1 5>6>39129<A >3?1 51 =:2=C21 57 D1?Q3=<7 A >=\3<=7 51 >3C3=<751 7@7<X1T
&C72 7 D1?Q3=<7 5> CA A 1?1; 5> >2>97FR1 5> 4C<3576?> D7;7 =7;47 5> # # # # 8 6> >6?7 =7;478 >A
# 6>4C3516 6 8 5>9> 6> >2>97; 7 A Z
) S # # H1C2> D1; 6>4C351 Hd6 1C n 7?? o
/ 1C2> D1; 6>4C351 1C n 7?? 6R1 76 C3<575>6 1L<=<7<6 5> D1?Q3=<78 751?7576 D>21 <6?>A 7
3?>;37=<1372 5> C3<575>6
=1A D73J>8 741;7 1 =:2=C21 57 D1?Q3=<7 A >=\3<=7 5>6>39129<57 D1; CA >2>?;<=<6?7 BC> D;>=<67 5>
# 6 D7;7 2>97; CA 7 @1@<37 5> L<1 5> =1@;> D7;7 1 Y 7357; 72?C;7 5> A 8 >A D;>47351 CA 7
L1;F7 5> #
1?> BC>8 72MA 576 C3<575>6 H1C2> D1; 6>4C351 Hd6 1C n 7?? o 91=Q >3=13?;7;:8 31 5<7 7 5<78
1C?;76 C3<575>6 5> D1?Q3=<7 BC> 3R1 D>;?>3=>A 71 <6?>A 7 3?>;37=<1372 5> 3<575>6
6676 3<575>6 6676 C3<575>6 6R1 =J7A 7576 5> C3<575>6 D;:?<=768 6R1 >276T
MC N 7 C : C O
3@3 @ .@ : O
*3 3 * P 3
1 5<7 7 5<78 =16?CA 7 6> C67; ?7A @MA 1 BC<21n 7?? Ko 8 BC> M A W2?<D21 51 n 7??
1A 7 >X<6?Q3=<7 5> ?1576 >6676 C3<575>6 5> D1?Q3=<78 ?1;37 6> 3>=>66:;<1 L7P>; =>;?16 =:2=C2168
?;736L1;A 7351 C3<575> BC> >6?R1 >A 5>?>;A <3751 6<6?>A 7 D7;7 1C?;1 6<6?>A 7 5> A >5<57
)1;?73?18 97A 16 >6?C57;8 7 6>4C<;8 7 ?;736L1;A 7FR1 5> =757 CA 7 5>6676 C3<575>6
* * ) *
> 91=Q 2>; CA 7 5>6676 D27BC>?76 BC> <35<=7A 76 =7;7=?>;E6?<=76 5> CA A 1?1;8 L<=7;: 67@>351
BC72 M 7 6C7 D1?Q3=<7 A >=\3<=7 >A = 9
D1?Q3=<7 A >=\3<=7 >A = 9 8 316 A 1?1;>6 >2M?;<=168 97;<7 5> d # # 8 = 9 7 # # # # = 9 >8 >A
=>;?76 C6<376 >2M?;<=768 97< 7 A 7<6 5> # # # # # = 9
)7;7 6C7 ?;736L1;A 7FR18 >X<6?> 7 6>4C<3?> ;>27FR1 5> >BC<972Q3=<7T
:2=C21 D7;7 ?;736L1;A 7; >667 C3<575> M L><?1 A >5<73?> 7 7D2<=7FR1 57 ;>4;7 5> ?;Q6 6<A D2>6
=1A D73J> 16 =:2=C216 5> =757 ?;736L1;A 7FR1T
;736L1;A 7FR1 5> = 9 >A Hd6
;736L1;A 7FR1 5> = 9 >A f4A d6
;736L1;A 7FR1 5> = 9 >A % )
;736L1;A 7FR1 5> = 9 >A Ko
% ) o % )
7 C3<575> <342>67 5> D1?Q3=<7 C<?16 A 1?1;>6 7D;>6>3?7A 8 >A 6C76 D27BC>?76 5>
=7;7=?>;E6?<=768 >6?7 C3<575> <342>67
)7;7 ?;736L1;A 7; >667 C3<575>8 5>9>A 16 ?7A @MA 7D2<=7; 7 ;>4;7 5> ?;Q6 6<A D2>6
6C7 ;>27FR1 5> >BC<972Q3=<7 =1A 76 1C?;76 C3<575>6 MT
;736L1;A 7FR1 5> # % ) >A Hd6 1C o
;736L1;A 7FR1 5> # % ) >A f4A d6
;736L1;A 7FR1 5> # % ) >A = 9
;736L1;A 7FR1 5> # % ) >A Ko

4 . '#
! '
: 6> 1 31A > 5> A 743>?<6A 1 ^ D;1D;<>575> 5> BC> =>;?16 =1;D16 D166C>A 5> 7?;7<; D>57F16 5>
A 7?>;<7<6 L>;;1616
A MD1=7 @76?73?> ;>A 1?7 16 4;>416 5>6=1@;<;7A BC> CA =>;?1 ?<D1 5> ;1=J78 >3=13?;757 37
=<575> 5> 743M6<78 37 $ 6<7 >31;8 ?<3J7 1 D15>; 5> 7?;7<; D>BC>316 D>57F16 5> L>;;1
;1=J7 >;7 =136?;CE57 D1; CA ?<D1 5> A <3M;<1 5> L>;;1 =J7A 751 A 743>?<?7 > D1; <661 1 6>C D15>;
5> 7?;7FR1 L1< =J7A 751 C 3
7<6 ?7;5> 5>6=1@;<C 6> BC> 6> D;>35>351 CA D>57F1 5>667 ;1=J7 1C <A R 37?C;72 37 >X?;>A <575>
5> CA @7;@73?> =1A 2<@>;575> 5> A 19<A >3?1 1 A >6A 1 4<;7 5> ?72 A 73><;7 BC> CA 7 5> 6C76
>X?;>A <575>6 7D13?7;: 6>A D;> D7;7 1 31;?> 57 ?>;;7
66>6 D>57F16 5> ;1=J768 6C6D>3616 D1; CA L<1 ;>=>@>;7A 1 31A > 5> ND>5;76 4C<7O > L1;7A
C67576 D>216 =J<3>6>68 J: A 7<6 5> A <2 73168 D7;7 9<74>36 31 5>6>;?1 > ?7A @MA D>216 A 7;<3J><;16
316 D;<A ><;16 5>6=1@;<A >3?16 A 7;E?<A 16
66<A 6>351 7 >;;7 CA 4;735> EA R 37?C;72 > 1 4<;1 516 EA R6 >A 5<;>FR1 71 31;?> M =7C6751 D>21
A 743>?<6A 1 57 ?>;;7
+ W661276 D;<A <?<976

6676 D>5;76 ;>=>@>;7A 1 31A > 5> <A R6
37?C;7<6
DU21 31;?> 4>14;:L<=1 57 ?>;;7 M 37 ;>72<575> 1 DU21 6C2 A 743M?<=1 > 1 DU21 6C2 4>14;:L<=1 M 1
DU21 31;?> A 743M?<=1 <4C;7 !
6?7 M 7 ;7PR1 D>21 BC72 1 DU21 31;?> 57 74C2J7 5> CA 7 @W66127 7D13?7 6>A D;> D7;7 1 DU21 6C2
4>14;:L<=1
<4C;7 !
C?;76 =7C676 51 A 743>?<6A 1 ?>;;>6?;> 6R1 76 =1;;>3?>6 >2M?;<=76 =1;;>3?>6 ?>2W;<=76
1;<4<37576 37 6CD>;LE=<> 51 421@1 >A 6C7 ;1?7FR1 51 1;<>3?> D7;7 1 1=<5>3?> > 7 D16<FR1 51 ><X1
5> ;1?7FR1 57 ?>;;7 >A ;>27FR1 71 612
&C7351 6> <A 73?7 CA 7 D>F7 5> 7F1 ?>A D>;7518 6>H7 D1351 7 >A =13?7?1 =1A 1C?;1 EA R 1C D>27
<3L2CQ3=<7 5> CA 7 =1;;>3?> >2M?;<=78 1@6>;97 6> BC> 1 7F1 75BC<;<C CA 7 =136<5>;:9>2 BC73?<575>
5> A 743>?<6A 1 > M =7D7P 5> ;>?>; <35>L<3<57A >3?>
6?>6 6R1 =J7A 7516 EA R6 7;?<L<=<7<6 D>;A 73>3?>6
6?> EA R 1L>;>=> CA 7 973?74>A 61@;> 16 37?C;7<68 D1<6 72MA 5> D166C<; CA 7 L1;F7 5> 7?;7FR1
A 7<1;8 D15> 6>; L><?1 5> ?7A 73J1 > L1;A 7?1 5> 7=1;51 =1A 76 3>=>66<575>6
6 2<476 5> 7F1 =13?>351 3EBC>2 > =1@72?1 =136?<?C>A 16 A >2J1;>6 EA R6
4 3$ 3! . Q B
6 DU216 516 EA R6 21=72<P7A 6> 376 6C76 >X?;>A <575>68 21=7<6 135> J: 7 A 7<1; =13=>3?;7FR1 5>
2<3J76 A 743M?<=76
2>6 6R1 =J7A 7516 31;?> > 6C2
)U21 A 743M?<=1 M ?157 6CD>;LE=<>

376 BC7<6 67>A 1C >3?;7A 2<3J76
A 743M?<=76
<4C;7 !
4 3$ 3$ . D
L1;F7 A 743M?<=7 3R1 6> 7D;>6>3?7 C3<L1;A > 31 EA R 7 D7;?> =>3?;72 51 EA R8 J: CA 7 2<3J7
<A 74<3:;<7 D>;D>35<=C27; ^ 6C7 2<3J7 5> =>3?;18 =J7A 757 2<3J7 3>C?;7 >6?> D13?1 51 EA R 3R1 J:
L1;F7 5> 7?;7FR1 A 743M?<=7
<3J7 >C?;7
<4C;7 !
4 3$ 3& . D > A C
<3J7 5> L1;F7 A 743M?<=7 M CA 7 2<3J7 <39<6E9>2 BC> L>=J7 1 =<;=C<?1 A 743M?<=1 5> CA EA R8 D7667351
D1; 6>C6 DU216
)7;7 D;197; D;7?<=7A >3?> 7 >X<6?Q3=<7 576 2<3J76 5> L1;F7 A 743M?<=7 51 EA R D15>A 16 L7P>; 7
>XD>;<Q3=<7 51 >6D>=?;1 A 743M?<=1
)7;7 ?728 =121=7 6> CA EA R 61@;> CA 7 A >67[ 61@;> 1 EA R CA 9<5;1 D2731 > >A 6>4C<57 5>;;7A 7 6>
2<A 72J768 716 D1C=168 61@;> 1 9<5;1 6 2<A 72J76 6> C3<;R1 D>27 7?;7FR1 51 EA R8 L1;A 7351 1 =<;=C<?1
A 743M?<=1 51 EA R 61@;> 1 9<5;18 A 16?;7351 766<A 76 2<3J76 A 743M?<=76
!
,A R *<5;1 )2731
<4C;7 !
2<3J7 5> L1;F7 A 743M?<=7 M 7 C3<575> 51 L2CX1 A 743M?<=1

)15>A 16 31?7; 7?;79M6 51 >6D>=?;1 A 743M?<=1 BC> 76 2<3J76 5> L1;F7 A 743M?<=7 =7A <3J7A 5>3?;1
51 EA RT 67>A D1; CA 516 DU216 > >3?;7A D1; 1C?;18 L1;A 7351 766<A CA =<;=C<?1 A 743M?<=1
@6>;97 6> ?7A @MA 7 4;735> =13=>3?;7FR1 5> 2<3J76 316 DU216 516 EA R68 1C 6>H78 376 6C76
>X?;>A <575>6
4 3$ 3) . D > A Q B
6>3?<51 576 2<3J76 5> L1;F7 3CA EA R M 51 DU21 31;?> D7;7 1 DU21 6C28 L1;7 51 EA R
<4C;7 !
4 3$ 3+ . " C AB Q B
> CA EA R L1; BC>@;751 >A ?;Q6 D7;?>68 D1; >X>A D218 =757 CA 7 5>6?76 D7;?>6 =136?<?C<;: CA
3191 EA R
<4C;7 !
4 3$ 3- . : C Q B
7A 16 1 31A > 5> =7A D1 A 743M?<=1 51 EA R 71 >6D7F1 1=CD751 D1; 6C7 2<3J7 5> L1;F7 A 743M?<=7
4 3$ 31 . AB : B Q B
16 EA R6 1@6>;97 6> 1 A >6A 1 D;<3=ED<1 576 =7;476 >2M?;<=76
1 7D;1X<A 7;A 16 CA 516 1C?;168 DU216 5> 31A >6 <4C7<6 6> ;>D>2>A > DU216 5> 31A >6 5<L>;>3?>6 6>
7?;7>A
"
<4C;7 ! ! <4C;7 ! "
<4C;7 ! #
5 . '#
" '
A 7 =1;;>3?> >2M?;<=7 D15> 6>; D;15CP<57 D>21 A 19<A >3?1 5> CA 7 @1@<37 >A CA =7A D1 A 743M?<=1
L7?1 >6?> 57 A 7<1; <A D1;?\3=<7 37 >2>?;<=<575> 6?> M 1 A 151 A 7<6 4>;72 5> D;15CFR1 5>
>2>?;<=<575> D7;7 L<36 51A M6?<=168 <35C6?;<7<6 > A 7;E?<A 16
@6>;97A 168 73?>;<1;A >3?>8 BC> 7 =1;;>3?> >2M?;<=7 M A 19<A >3?1 5> >2M?;136 31 =<;=C<?1
372<6>A 168 741;78 76 2<3J76 5> L1;F7 >2>?;16?:?<=7 > 76 2<3J76 A 743M?<=76 =13=Q3?;<=76 71
=135C?1;8 D;15CP<576 D>21 >2M?;13 <A U9>2 > >A A 19<A >3?1
<3J76 5> L1;F7 >2>?;16?:?<=7
<4C;7 "
>2M?;13 D7;751 =13?MA 2<3J76 5> L1;F7 >2>?;16?:?<=7 31 6>3?<51 ;75<72

*<A 16 37 >XD>;<Q3=<7 57 47;;7L7 >2>?;16?:?<=78 76 2\A <376 5> 72CA E3<1 6> 7?;7E;>A D1; D166CE;>A
=7;476 =13?;:;<76 >8 =136>Bb>3?>A >3?>8 ;>D>2<; =7;476 >2M?;<=76 51 A >6A 1 31A > 6 2<3J76 5>
L1;F7 >2>?;16?:?<=7 6R1 7 A 73<L>6?7FR1 51 =7A D1 >2>?;16?:?<=1 51 >2M?;13
<4C;7 "
&C7351 1 >2M?;13 D>;=1;;> CA =135C?1;8 >2> =;<7 CA =7A D1 A 743M?<=1 =13=Q3?;<=1 71 =135C?1;8
=CH76 2<3J76 5> L1;F7 4<;7A 31 6>3?<51 516 D13?><;16 51 ;>2U4<18 BC7351 1 6>3?<51 51 A 19<A >3?1
51 >2M?;13 M 57 5<;><?7 D7;7 7 >6BC>;57
#
>2M?;13 >A A 19<A >3?1 ?>A 16 51<6 =7A D16[ 1 >2M?;<=1 > 1 >2>?;1A 743M?<=1
>6D7F1 >A BC> 7?C7A 76 L1;F7 5> 7?;7FR1 > ;>DC26R1 ?>A 1 31A > 5> N=7A D1 5> L1;F7O[ 766<A 8
?>A 6> CA N=7A D1 >2>?;16?:?<=1O 1C 6<A D2>6A >3?> N=7A D1 >2M?;<=1O 37 L<4C;7 57 >6BC>;57 > ?QA
6> N=7A D16 A 743M?<=16O 37 L<4C;7 ^ 5<;><?7
7A D1 >2M?;<=1 5> 5C76 >6L>;76 7A D1 A 743M?<=1 5> 51<6 DU216 51

>2>?;<P7576 =1;D16 <61273?>6 <A R =1;D16 A 743M?<=16
<4C;7 " <4C;7 "
# ; =13=>DFR1 516 >2M?;136 >6=27;>=> ?1516 16 >L><?16 1@6>;97516 >A 2>?;1?M=3<=7

)7;7 5>A 136?;7; 7 >X<6?Q3=<7 5> CA =7A D1 A 743M?<=1 71 ;>51; 5> CA =135C?1; D>;=1;;<51 D1;
CA 7 =1;;>3?>8 2<47 6> D1; <3?>;A M5<1 5> CA 7 =J79>8 CA L<1 4;1661 5> =1@;> >A 6M;<> =1A CA 7
D<2J7 1C 7=CA C2751; L<1 5> =1@;> M <3?;15CP<51 >A CA 1;<LE=<1 5> CA 7 L12J7 5> =7;?12<37 BC> M
A 73?<57 37 D16<FR1 J1;<P13?728 D>;D>35<=C27; 71 =135C?1; 1A 7 =J79> 2<4757 >6D72J7 6> 2<A 72J7
5> L>;;1 6>4C<;8 @7?> 6> 2>9>A >3?> 37 =7;?12<37 D7;7 7HC57; 1 72<3J7A >3?1 57 2<A 72J7 L<4C;7
=J7A 7 6> >6D>=?;1 A 743M?<=1
" ) ,
@?MA 6> 7 5<;>FR1 57 =1;;>3?> 31 =135C?1; 6>4C;7351 1 =1A 7 A R1 >6BC>;57[ 1 D12>47; <35<=7 7
5<;>FR1 57 =1;;>3?> > 7 =C;97?C;7 516 5>516 1 6>3?<51 5> ;1?7FR1 576 2<3J76 5> L1;F7 A 743M?<=78
=13=Q3?;<=7 71 =135C?1;
7A D1 A 743M?<=1
*>;<L<=7FR1 51 6>3?<51 51
=7A D1 A 743M?<=1 C67351
@W661276
> 7 ;>4;7 57 A R1
>6BC>;57
+ W661276
135C?1; D>;=1;;<51 D1; =1;;>3?>

<4C;7 "
>XD>;<Q3=<7 5> >;6?>5 5>A 136?;7 BC>8 >6?7351 1 =135C?1; 7=<A 7 57 74C2J7 =1A 7 =1;;>3?> 37
5<;>FR1 8 7 D13?7 57 74C2J7 5>69<7 6> D7;7 7 >6BC>;57
<4C;7 "
7 L72?7 57 @W661278 7D2<=7 6> 1 D;1=>661 51 *12?\A >?;1[ =1A CA D1C=1 5> :4C7 6724757 q 672
3CA D;7?1 5> 21CF78 A >;4C2J7 6> 76 D13?76 516 L<16 =1A 1 A 16?;7 7 L<4C;7 7@7<X18 6>351 BC> 31
DU21 3>47?<91 L1;A 7 6> @12J7 5> 4:6 J<5;14Q3<1
<4C;7 "
" ) )
7351 6> 71 =135C?1; ;>?<2E3>1 7 L1;A 7 5> 73>2 1C >6D<;78 76 2<3J76 A 743M?<=76 =13=Q3?;<=76 5R1
CA 7 ;>6C2?73?> 8 D>;D>35<=C27; 71 D2731 57 >6D<;7 D16<FR1 51 DU21 5>D>35> 51 6>3?<51 57
=1;;>3?> 31 =135C?1;
<4C;7 " ! <4C;7 " "

7A D1 A 743M?<=1 71 ;>51; 5> CA 7 >6D<;7 > 5> CA 7 @1@<37
<35<=7FR1 57 >3?;757 > 67E57 57
=1;;>3?> 3CA =135C?1; 1C 3CA 7 @1@<37
6R1 ;>D;>6>3?7516 76 =1A 1 A 16?;7 7
L<4C;7 71 2751 =;CP>?7 37 >3?;757
;>D;>6>3?7 7 =7C57 57 6>?7 > 1 D13?1
<4C;7 " # 5> 67E57 ;>D;>6>3?7 7 D13?7 57 6>?7
" -
)7;7 =13J>=>; 7 D127;<575> 5> @1@<3768 7D2<=7A 16 76 6>4C<3?>6 ;>4;76T
<4C;7 "
" &
1A 7351 6> 1 612>3U<5> 37 A R1 >6BC>;578 =1A 1 37 L<4C;78 1 D12>47; <35<=7 7 D16<FR1 51 DU21 > 7
=C;97?C;7 516 5>516 7 5<;>FR18 7 >3?;757 > 7 67E57 57 =1;;>3?> BC7351 16 ?>;A <37<6 51 612>3U<5>
6R1 9<6E9><6
<4C;7 "
!6 . # #
# $
?>36R1 > 7 =1;;>3?> D;15CP<576 D1; L13?>6 4>;751;76 D15>A 6>; =13?E3C76 1C 72?>;37576
=1;;>3?> M =13?E3C7 BC7351 =<;=C27 31 =<;=C<?1 3CA W3<=1 6>3?<518 =1A 1 ?>A 16 >6?C5751 7?M 741;7
3?;>?73?18 6> 7 =1;;>3?> 67< 1;7 D1; CA 8 1;7 D1; 1C?;1 @1;3>8 37 L13?> 4>;751;78 =<;=C27 1;7
3CA 8 1;7 31C?;1 6>3?<518 31 =<;=C<?18 M =1;;>3?> 72?>;3757 L13?> 4>;751;7 5> =1;;>3?>
72?>;3757 =J7A 7 6> 72?>;3751;
> ;>D;>6>3?:66>A 16 3CA 4;:L<=1 16 9721;>6 57 =1;;>3?> 31 ><X1 9>;?<=72 > 1 ?>A D1 J1;<P13?728
1@?>;E7A 16 CA 7 =C;978 =1A 1 7 57 L<4C;7 7@7<X18 D7;7 ;>D;>6>3?7FR1 57 97;<7FR1 57 =1;;>3?>
72?>;3757
<4C;7 #
*>A 16 7E BC>8 31 <36?73?> <3<=<728 7 =1;;>3?> ?>A 9721; 3C218 =;>6=>351 7?M CA 9721; A :X<A 18
=7<351 3197A >3?> 7 P>;1[ 3>6?> <36?73?>8 7 =1;;>3?> A C57 5> 6>3?<518 D1;MA 8 6>C6 9721;>6 6R1 16
A >6A 16 57 D;<A ><;7 D7;?> A >6A 1 7=13?>=> =1A 7 ?>36R1
>667 97;<7FR1 =1A D2>?78 >A 7A @16 16 6>3?<518 61L;<57 D>27 =1;;>3?> 72?>;37578 5: 6> 1 31A > 5>
=<=21 3WA >;1 5> =<=216 5>6=;<?16 D>27 =1;;>3?> 72?>;37578 37 C3<575> 5> ?>A D18 =J7A 7 6>
L;>BbQ3=<7 C7 C3<575> M 1 =<=21d6>4C351 1C % >;?P A >5<57 >A <36?;CA >3?16 =J7A 7516
L;>Bb>3=EA >?;16 6 L;>BbQ3=<76 A 7<6 =1A CA >3?>6 C67576 6R1 # =d6 > # =d6
C;73?> CA =<=218 7 =1;;>3?> > 7 ?>36R1 ?1A 7A 9721;>6 5<L>;>3?>6 5> <36?73?> 7 <36?73?>[ >66>6
6R1 5<?16 9721;>6 A 1A >3?\3>16 1C <36?73?\3>168 5>3?;> 16 BC7<6 =CA D;> 5>6?7=7; 1 9721; A :X<A 1
A 7X
3?;>?73?18 37 D;:?<=78 3R1 M 1 9721; A :X<A 1 1 >A D;>4751 > 6<A 1 9721; >L<=7P )1; >X>A D218 CA
A 1?1; 7@61;9> CA 7 =1;;>3?> 5> BC> M 1 9721; >L<=7P >L<3> 6> =1A 1 9721; >L<=7P 5> CA 7
=1;;>3?> 72?>;3757 71 9721; 5> CA 7 =1;;>3?> =13?E3C7 BC> D;15CP<66> 7 A >6A 7 BC73?<575> 5>
=721; 3CA 7 A >6A 7 ;>6<6?Q3=<7 >< 5> / 1C2>
66> 9721; M >XD;>661 D1;T >L S A 7X S # 8 # A 7X

)1; 737214<78 D7;7 7 ?>36R18 ?>A 16T >L S A 7X S # 8 # A 7X

73?1 1 912?EA >?;1 =1A 1 1 7A D>;EA >?;1 D7;7 =1;;>3?> 72?>;3757 A >5>A 9721;>6 >L<=7P>6
!! . 7 # % ,
'. +
6 A 1?1;>6 >2M?;<=16 6R1 A :BC<376 BC> ?;736L1;A 7A >3>;4<7 >2M?;<=7 >A >3>;4<7 A >=\3<=7[ 766<A 8
71 2<47;A 16 CA A 1?1; ^ ;>5>8 >2> <;: 7@61;9>; CA 7 5757 BC73?<575> 5> >3>;4<7 >2M?;<=78 > >A
?;1=7 7=<137 CA 7 =7;478 D1; >X>A D218 CA @135>
6?> D;1=>661 5> =139>;6R1 57 L1;A 7 5> >3>;4<7 M 73:2141 71 BC> 6> 9>;<L<=7 3CA A 1?1; 7
47612<37 >6?> A 1?1;8 ?7A @MA 5<?1 A 1?1; 7 >XD216R18 7D;19><?7 6> 7 >3>;4<7 D;19>3<>3?> 57
BC><A 7 5> =1A @C6?E9>2 D7;7 A 19<A >3?7; 1 9>E=C21 CA A 1?1; >2M?;<=1 1 =1A @C6?E9>2 M 7 >3>;4<7
>2M?;<=7
6 A 1?1;>6 >2M?;<=16 >A 4>;72 6> =1A DG>A 5> 5C76 D7;?>6T 1 ;1?1; BC> M 7 D7;?> A U9>2 > 1
>6?7?1; 1C =7;=7F7 BC> M 7 D7;?> L<X7
<4C;7
<4C;7
6?7?1; 1C 7;=7F7 1?1;
)15>A 16 =2766<L<=7; 16 A 1?1;>68 BC73?1 ^ >3>;4<7 >2M?;<=7 7@61;9<578 57 6>4C<3?> A 73><;7T
A 131L:6<=1
5>
?;<L:6<=1
1?1;>6 >2M?;<=16
5>
6 A 1?1;>6 >2M?;<=16 5> =1;;>3?> 72?>;3757 LC3=<137A BC7351 2<47516 ^ CA 7 ;>5> 5> ?>36R1
72?>;3757[ 6R1 A 131L:6<=16 1C ?;<L:6<=16 6> 3>=>66<?7A 5> ?>36R1 A 131L:6<=7 1C 5> ?>36R1
?;<L:6<=7
6 A 1?1;>6 >2M?;<=16 5> =1;;>3?> =13?E3C7 LC3=<137A BC7351 2<47516 ^ CA 7 ;>5> 5> ?>36R1
=13?E3C7 6 A 1?1;>6 5> 6R1 J1H> 16 A 7<6 C?<2<P7516[ D15>A 16 >3=13?;: 216 >A ;>L;<4>;751;>6
51A M6?<=16 >A A :BC<376 L>;;7A >3?76 >?= 6 A 1?1;>6 5> 6R1 5> >A D;>41 A 7<6 ;>6?;<?18
6>351 >3=13?;7516 37 ?;7FR1 >2M?;<=78 4;735>6 27A <3751;>6 >?=
*7A 16 >6?C57; =1A A 7<1; D;1LC35<575> 16 A 1?1;>6 5> 2>6 D15>A 6> =2766<L<=7;8 6>4C351 1
6<6?>A 7 >2M?;<=1 5> 72<A >3?7FR1 > 1 D;<3=ED<1 5> LC3=<137A >3?1 1C 7;;73BC>8 >A T
5> ;1?1; >A =C;?1 1C 47<127 5>

5> <35CFR1 1C 766E3=;131
>6BC<21 5> ;1?1; @1@<3751
1?1;>6 ?;<L:6<=16
6E3=;131
5> 7;;73BC> =7D7=<?7?<91 >
A 7;=J7 <35C?<97 L76> 5<9<5<57
5> <35CFR1 1C 766E3=;131
1?1;>6 A 131L:6<=16 5> 7;;73BC> D1; ;>DC26R1 5>

DU21 5<9<5<51
6M;<>
X<6?>A 1C?;16 ?<D16 5> A 1?1;>6 5> 8 BC> 6> >3=13?;7A A 7<6 ;7;7A >3?> 6 A 1?1;>6 5>
<35CFR1 ?73?1 ?;<L:6<=16 =1A 1 A 131L:6<=16 D166C>A 31 >6?7?1; CA H141 5> @1@<376 BC>
D;15CP>A CA =7A D1 A 743M?<=1 1 <3?>;<1; 51 A 1?1;8 7D1<7351 6> 61@;> A 73=7<68 >3=13?;7 6> 7
D7;?> A U9>28 1C ;1?1; 6?> ;1?1; 5<6DG> 5> CA >3;127A >3?1 =136?<?CE51 D1; 6<A D2>6 =135C?1;>6
1C @7;;76 D16?76 >A =C;?1 =<;=C<?1 >3?;> 6< ;1?1; >A =C;?1 1C >A 47<127 5> >6BC<21 1C D15>A
?7A @MA D166C<; CA 1C?;1 ?<D1 5> >3;127A >3?18 =CH16 >X?;>A 16 6R1 2>97516 7 73M<6 =12>?1;>6
>2>?;<=7A >3?> <6127516 51 ><X1 > >3?;> 6< > 61@;> 16 BC7<6 6> 7DU<7A >6=1976 5> =7;9R18 L<X76 71
>6?7?1;8 BC> 316 D>;A <?>A 2<47; 1 A 1?1; 7 CA =<;=C<?1 >X?>;31
<4C;7
<4C;7
1?1; 7<127 1?1; + 1@<3751

A 1?1; 5> <35CFR1 D166C< 9>21=<575> D;7?<=7A >3?> =136?73?>
6 A 1?1;>6 5> <35CFR1 5> D>BC>37 D1?Q3=<7 6R18 37 A 7<1;<7 576 9>P>68 A 131L:6<=168 =1A ;1?1; >A
=C;?1[ D7;7 7 D7;?<57 3>=>66<?7A 5> 5<6D16<?<916 >6D>=<7<68 CA 7 9>P BC> 3R1 ?>A 7;;73BC> D;UD;<1
/ : 16 A 1?1;>6 ?;<L:6<=16 5> <35CFR1 6R1 5> A 7<1; D1?Q3=<7 > ?>A 7;;73BC> D;UD;<1 1A 1 >X<4>A
4;735> =1;;>3?> 57 ;>5>8 31 <36?73?> 5> D7;?<578 C67A 6> 5<6D16<?<916 >6D>=<7<6 D7;7 5<A <3CE 27
1 A 1?1; A 131L:6<=1 6M;<> 1C C3<9>;672 1 >3;127A >3?1 51 ;1?1; M 2>9751 ^6 >6=19768 D1;
<3?>;A M5<1 5> CA =1A C?751; =12>?1; =136?<?CE51 D1; 2\A <376 <6127576 >3?;> 6< 8 > 2<4751 71
>6?7?1;
6?> ?<D1 5> A 1?1; LC3=<137 ?73?1 =1A =1A 1 =1A )166C< 9>21=<575> 97;<:9>2 1 A 1?1; ^
;>DC26R1 1 >3;127A >3?1 51 ;1?1; M 2>9751 ^6 >6=1976 BC> >6?R1 2<47576 >A =C;?1 =<;=C<?1 )166C<
9>21=<575> 97;<:9>28 6>351 C6C72A >3?> >A D;>4751 =1A 1 A 1?1; ;>DC26R1 <35CFR1 7 D7;?<57
LC3=<137 =1A 1 A 1?1; 5> ;>DC26R1 BC> ?>A 7;;73BC> D;UD;<1 >8 D16?>;<1;A >3?>8 D1; CA
5<6D16<?<91 =>3?;ELC418 76 2\A <376 51 =12>?1; 6R1 =121=7576 >A =C;?1 =<;=C<?18 D7667351 7
LC3=<137; =1A 1 A 1?1; 5> <35CFR1 A 131L:6<=1
6 A 1?1;>6 5> =1;;>3?> =13?E3C7 D15>A 6>; =2766<L<=7516 6>4C351 1 A 151 5> >X=<?7FR1 >A T
A 1?1;>6 6M;<>6
7C?1 >X=<?7516
A 1?1;>6 D7;72>216
A 1?1;>6 A <6?16 1C =1A D1C35
1?1;>6 5>
=1A >X=<?7FR1 <35>D>35>3?>
CA A 1?1; 5> 5<6?<34C<A 16 1 >6?7?1; =1A DU216 <35C?1;>68 1 ;1?1; =1A >3;127A >3?1 <35CP<51 >
1 =1A C?751;
2>6 6R1 >A D;>47516 >A ;7PR1 5> ?>;>A 6C76 9>21=<575>6 97;<:9><68 =13L1;A > 7 =1;;>3?> 31
=7A D1 <35C?1;
> 7=1;518 =1A 76 31;A 76 @;76<2><;76 5> >2>?;1?M=3<=7 + 8 ?1516 16 A 1?1;>6 >2M?;<=16 5>9>A
D166C<; CA 7 D27=7 A >?:2<=7 L<;A >A >3?> D;>67 71 >6?7?1;8 37 BC72 6R1 A 7;=75768 5> A 73><;7
2>4E9>28 D>21 A >316 76 6>4C<3?>6 =7;7=?>;E6?<=76T
1A >8 A 7;=7 =1A >;=<72 1C 6EA @121 <5>3?<L<=751; 51 =1A >;=<73?>[
<D18 6M;<> > 3WA >;1 5> L7@;<=7FR1[
6DM=<> 5> =1;;>3?> 72?>;3757 1C =13?E3C7 [
6DM=<> 5> A 1?1; <35CFR18 D7;72>218 >?= [
3WA >;1 5> L76>6 1C L;>BbQ3=<7 >A =<=216d6>4 A 1?1;>6 5> [
)1?Q3=<7 31A <372 >A Ko 8 % ) % ) S # 8 Ko 8 1C >A = 9 = 9 S #8 Ko [
>36R1 31A <372 1C ?>36G>6 31A <37<6 5> 1D>;7FR1[
1;;>3?> 31A <372 ^ D2>37 =7;47[
*>21=<575> 734C27; 31A <372 ^ D2>37 =7;47 ;1?7FG>6 DdA <3 [
>36R1 > =1;;>3?> 51 =<;=C<?1 6>=C35:;<1 A 1?1;>6 5> <35CFR1 =1A ;1?1; @1@<3751 5>
73M<6
1516 16 A 1?1;>6 5>9>A ?;7P>;8 7<3578 37 A >6A 7 1C 31C?;7 D27=78 1 >6BC>A 7 576 2<47FG>6
6 D27=76 5> =7;7=?>;E6?<=76 D15>A 7<357 <35<=7;T
7?1; 5> D1?Q3=<7 31A <372 ^ D2>37 =7;47[
6DM=<> 5> 6>;9<F1 =13?E3C18 5> D>BC>37 5C;7FR1[ BC7351 L72?7 >6?7 <35<=7FR18 1 A 1?1; M
5> 6>;9<F1 =13?E3C1 [
7CA >3?1 D>;A <66E9>2 57 ?>A D>;7?C;7 516 >3;127A >3?16 > D7;?>6 75H7=>3?>68 >A 4;7C6
=>3?E4;7516[
L7?1; 5> 6>;9<F1 61@;>=7;47 BC> 1 A 1?1; D15> 6CD1;?7; >A 6>;9<F1 =13?E3C1
!!3$ 3! . @
A 1?1; >2M?;<=1 C3<9>;672 M CA A 1?1; BC> D>;A <?> 2<47FR18 ?73?1 37 =1;;>3?> =13?E3C7 =1A 1 37
=1;;>3?> 72?>;37578 D1<6 1 6>C ;1?1; @>A =1A 1 6>C >6?7?1; 6R1 L1;A 7516 D1; =J7D76 5> L>;;1
6<2E=<18 BC> ;>5CP>A 71 A E3<A 1 16 >L><?16 =721;EL<=16 1;<4<37516 D>276 =1;;>3?>6 <35CP<576 376
A 76676 A >?:2<=768 BC7351 61@ 7 7FR1 5> CA =7A D1 A 743M?<=1 97;<:9>2
<4C;7
76 ;73JC;76 51 >6?7?1; 6R1 721H7576 76 @1@<376 5> =7A D1 4>;72A >3?> 5C76 8 3>=>66:;<76 D7;7 7
L1;A 7FR1 51 =7A D1 <35C?1; 76 ;73JC;76 51 ;1?1; 6R1 >3;127576 5<;>?7A >3?> 76 @1@<376
<35CP<5768 =CH76 D13?76 ?>;A <37<6 6R1 2<47576 5>9<57A >3?> 376 2\A <376 BC> L1;A 7A 1 =12>?1;
<4C;7
<35CP<51 > 1 =7A D1 <35C?1; 8 6R1 2<47516 >A 6M;<>8 =1A 1 A 16?;7 1 5<74;7A 7 )7;7 7 A C573F7
51 6>3?<51 5> ;1?7FR18 @76?7 <39>;?>; 76 2<47FG>6 316 D1;?7 >6=19768 1C 76 2<47FG>6 576 @1@<376 51
=7A D1 <35C?1;8 BC7351 7 =1274>A 5> 2<47FG>6 71 =12>?1;8 6R1 >BC<972>3?>6 716 51<6 6>3?<516
<4C;7
6 A 1?1;>6 C3<9>;67<6 7D;>6>3?7A CA 72?1 =13HC4751 5> D7;?<578 5>6>39129>A 72?7 9>21=<575>8
6R1 =136?;CE516 D7;7 ?>36G>6 5> # * > #* 1C > 31;A 72A >3?> 7 6C7 D1?Q3=<7 3R1 97< 72MA
5> # # o 8 67291 >A =7616 >6D>=<7<6
6?> ?<D1 5> A 1?1; M 7D2<=751 37 A 7<1;<7 516 7D7;>2J16 D1;?:?><6 >2>?;151A M6?<=16 > >A 724CA 76
A :BC<376 D1;?:?><6 C67576 37 <35W6?;<7
!!3$ 3$ . >R
A 1?1; A 131L:6<=1 5> 73>2 >A =C;?1 M CA A 1?1; 5> <35CFR1 5> ;1?1; ?<D1 47<127 5> >6BC<21 > 6>C
>6?7?1; M 5> DU216 672<>3?>6 =1A =79<575>68 135> 6R1 =121=7516 73M<6 5> =1@;> 1C 27?R18 BC>
7@;7F7A D1C=1 A >316 57 A >?75> 5> =757 DU21
<4C;7 !
=;<751 D>216 73M<68 CA L2CX18 5>9<51 76 =1;;>3?>6 <35CP<576 D;15CP<576 D>21 L2CX1 97;<:9>28
5>L76751 >A 7?;761 51 L2CX1 1;<4<3751 D>276 @1@<376 516 DU216 <35C?1;>68 6C;4<351 =1A 7
;>6C2?73?>8 CA =7A D1 4<;7?U;<1 ;1?1; 5>3?;1 5>2> M L1;F751 7 4<;7; 31 A >6A 1 6>3?<51 5>9<51
71 =7A D1 D;15CP<51 D>276 =1;;>3?>6 <35CP<576 376 @7;;76 721H7576 376 ;73JC;76 51 ;1?1;
<4C;7 "
R1 =136?;CE516 D7;7 ?>36G>6 5> # * > # *8 # 1C # % P8 o 7 # o > 31;A 72A >3?> D7;7
> DU216 D7;7 9>21=<575>6 5> "# # 7 !# # ) >A # % P > # # # 7 ## ) D7;7 # % P
?>A 9>21=<575> =136?73?> 3R1 75A <?> ;>4C274>A > 3>A ;>9>;6<@<2<575>
7D2<=7FR1 5>66>6 A 1?1;>6 6> L7P >A D>BC>376 A :BC<376 ?7<6 =1A 1T ?1=7 5<6=168 ;>2U4<168 6>;91
A >=73<6A 168 >?=[ D1;BC> M CA A 1?1; 5> @7<X1 =13HC4751 5> D7;?<57 > @7<X1 ;>35<A >3?1
!!3$ 3& . >R " S

A 1?1; 5> L76> 7CX<2<7; M CA A 1?1; 5> <35CFR1 =136?<?CE51 5> CA ;1?1; ?<D1 47<127 5> >6BC<21 >
CA >6?7?1; L1;A 751 D1; =1;176 5> =J7D76 <6127576 5> L>;;1 6<2E=<18 =1A ;73JC;76 37 D7;?>
<3?>;378 L<X7576 3CA 7 =7;=7F7
6 >3;127A >3?168 D;<3=<D72 > 7CX<2<7; 6R1 721H7516 376 ;73JC;76 <61275768 5>621=7576 5> CA \34C21
5> "# Y >2M?;<=16 CA 51 1C?;1
6 A 1?1;>6 A 131L:6<=16 5> <35CFR1 6>A 5<6D16<?<916 5> D7;?<578 3R1 ?>A 7;;73BC> D;UD;<18 D1;
3R1 D;15CP<; =7A D1 ;1?7?<918 57E 7 3>=>66<575>8 5> 6> C?<2<P7; 7 L76> 7CX<2<7; =1A =7;7=?>;E6?<=76
5<L>;>3?>6 51 D;<3=<D728 D7;7 BC> 16 =7A D16 A 743M?<=16 5>L767516 >3?;> 6<8 D;15CP7A CA 7
;>6C2?73?> ;1?7?<978 BC> D1; <35CFR1 A 19<A >3?> 1 ;1?1; ?<D1 47<127 =121=751 5>3?;1 5>2>
>3;127A >3?1 D;<3=<D72 M =72=C2751 5> A 151 D;>=<618 A 76 1 7CX<2<7; M =136>4C<51 5> A 73><;7
>A DE;<=78 A 76 6>A D;> >A ;>27FR1 71 D;<3=<D728 <6?1 M8 1 7CX<2<7; 97< 5> q 7 !# q 51 3WA >;1 5>
=135C?1;>6 51 D;<3=<D72 > 7 6>FR1 51 =135C?1; 97;<7 5> # q 7 # q 51 =135C?1; >A D;>4751 31
D;<3=<D728 =72=C2751 D7;7 # *
!
<4C;7 #
)7;7 5C76 ?>36G>68 @76?7 5>651@;7; 1 >3;127A >3?1 51 D;<3=<D72 =72=C2751 <3<=<72A >3?> D7;7 # *
>A 5C76 9>P>6 1 3WA >;1 5> =135C?1;>68 =1A 6C7 6>FR1 ;>5CP<57 D>27 A >?75>8 5<9<5<51 >A 51<6
=<;=C<?168 D7;7 BC> D166<@<2<?> 2<47; >A D7;72>21 D7;7 # * > >A 6M;<> D7;7 #*
<4C;7
>3;127A >3?1 7CX<2<7; 3R1 5>9> 6>; A 15<L<=751 D7;7 # *8 A 76 6>C6 ?>;A <37<6 5>9>;R1 6>;
2<47516 CA 3CA 516 >X?;>A 16 > 1 1C?;1 31 =>3?;1 57 2<47FR1 6M;<> 51 D;<3=<D728 D7;7 BC> 1
=135>36751; BC> L<=7 2<4751 >A 6M;<> =1A 1 7CX<2<7;8 3R1 ;>=>@7 CA 7 ?>36R1 72MA 5> # *
>;72A >3?> M C6751 1 >3;127A >3?1 7CX<2<7; 61A >3?> D7;7 1 7;;73BC>8 5>D1<68 D1; <3?>;A M5<1 5>
CA <3?>;;CD?1; =1A 735751 D1; CA 5<6D16<?<91 =>3?;ELC41 1 7CX<2<7; M 5>62<47518 D>;A 73>=>351 1
=7A D1 ;1?7?<91 D>27 7FR1 51 6>3?<51 5> ;1?7FR1 51 ;1?1; > D>21 =1A D13>3?> 5> =7A D1 =;<751 D>276
=1;;>3?>6 <35CP<576 376 @7;;76 51 ?<D1 47<127 ;1?1; >A =C;?1
?C72A >3?> >6?>6 A 1?1;>6 6R1 L7@;<=7516 D7;7 5C76 ?>36G>6 # * > # *8 D7;7 76 L;>BbQ3=<76 5>
# % P 1C # % P8 D7;7 76 D1?Q3=<768 5> d 7 = 9
1@;> 1 A 1?1; M =121=751 CA =135>36751; >2>?;12E?<=1 =1A 6C7 D;1?>FR1 =13L1;A > 7 L<4C;7
7@7<X1
<4C;7
76 ?7@>276 7@7<X1 ?>A 16 76 =7;7=?>;E6?<=76 D;<3=<D7<6 516 A 1?1;>6 A 131L:6<=16 5> L76> 7CX<2<7;
?7@>27 7@7<X1 5: 1 9721; 57 =1;;>3?> >A 7A D>;>6 516 A 1?1;>6 A 131L:6<=16 >A 4>;728 376
5<9>;676 D1?Q3=<76 ;>27=<137576 =1A 7 ?>36R1 5> 72<A >3?7FR1
7@>27
"
3, 3 !!6 , G H $$6, G H
d 8 8
d 8 8
d 8 8
d #8 8
8# 8
d !8 "8
8# 8#
7@>27
#= , : S 3 3 3
+6 * E -6 * E
@ E T : C @ E T : C
### " # ## ##
## !# # #
### " # ## #
)7;7 9>21=<575> >A 97P<1 L1< ?1A 757 7 9>21=<575> 5> 6<3=;13<6A 18 >A @1;78 37 D;:?<=78 >667
9>21=<575> 6>H7 2<4><;7A >3?> A >31;
9>21=<575> A 7;=757 37 D27=7 516 A 1?1;>6 ;>L>;> 6> ^BC>27 A >5<57 ^ D2>37 =7;47
6 A 1?1;>6 A 131L:6<=16 5> <35CFR1 ?QA 16 6>4C<3?>6 <3=139>3<>3?>6T
)>BC>37 =7D7=<575> D7;7 6CD1;?7; 61@;>=7;47[
+ 7<X1 ;>35<A >3?1[
+ 7<X1 L7?1; 5> D1?Q3=<7[
73C?>3FR1 5> =C6?1 >2>9751
6 A 1?1;>6 A 131L:6<=16 5> <35CFR1 5> L76> 7CX<2<7; 6R1 C?<2<P7516 >A A :BC<376 5> 2797; ;1CD768
>A >2>?;1@1A @768 >A 4>275><;768 >3=>;75><;76 5> D1?Q3=<7 >2>975768 >?=
=135>36751; 7D2<=751 316 A 1?1;>6 5> L76> 7CX<2<7; ?>A 5CD27 L<372<575>T
7; A 7<1; =13HC4751 31 7;;73BC>[
);15CP<; A 7<1; 5>L767A >3?1 >3?;> 16 =7A D16 A 743M?<=16 D;<3=<D7<6 > 7CX<2<7;
=7D7=<575> 516 =135>36751;>6 5> D7;?<578 5>?>;A <3757 >XD>;<A >3?72A >3?> D>216 L7@;<=73?>6
5> A 1?1;>68 97;<7 71 97;<7; 7 D1?Q3=<7 51 A 1?1;8 =13L1;A > 7 ?7@>27 7@7<X1 =1A 2<A <?> A :X<A 1 7?M
=9
7@>27
3, 3 > "H
d 5> 7?M "
d 5> 7?M "
d 5> # 7?M
d 5> # 7?M # !
d 5> # 7?M
5> # 7?M !
!!3$ 3) . >R Q
A 1?1; ?;<L:6<=1 6> =1A DG> 5> CA >6?7?1; =1A ;73JC;76 31 6>C <3?>;<1;8 135> 6R1 721H7576
9:;<76 @1@<376 D>;L><?7A >3?> <6127576 57 A 7667 >6?7?U;<=7 > >3?;> 6<8 5>9<57A >3?> 5<6?;<@CE576 >
2<47576 L1;A 7351 ?;Q6 =<;=C<?16 5<6?<3?16 > 6<A M?;<=16 =J7A 7516 L76>6
6?76 L76>6 5>9>;R1 >6?7; 2<47576 >A ?;<\34C21 r 1C >6?;>27 7 CA 7 ;>5> ?;<L:6<=7 D7;7 BC>
6C76 @1@<376 D;15CP7A CA =7A D1 ;>6C2?73?> 4<;7?U;<1 5> 9721; <397;<:9>2
A 1?1; ?;<L:6<=1 5> 7D2<=7FR1 A 7<6 =1A CA ?>A 6>C ;1?1; 51 ?<D1 47<127 5> >6BC<218 D15>351
?7A @MA 6>; 51 ?<D1 @1@<3751 =1A 73M<6 D7;7 =13?;127; 1 7;;73BC> D1; <3?>;A M5<1 5> ;>16?7?1
=7A D1 4<;7?U;<1 71 D7667; D>276 @7;;76 1C =135C?1;>6 D;15CP 3>6?>6 =1;;>3?>6 <35CP<5768
L7P>351 =1A BC> 1 ;1?1; =;<> CA =7A D1 A 743M?<=1 BC> 7=1A D73J> 6>C 6>3?<51 5> 4<;1
#
)15> 6> >3C3=<7; 1 6>4C<3?> D;<3=ED<1 5> LC3=<137A >3?1T ?;Q6 >3;127A >3?16 <5Q3?<=16 8 + >
6<A >?;<=7A >3?> =121=7516 =1A 16 ;>6D>=?<916 ><X16 7 # Y >3?;> 6<8 D>;=1;;<516 D1; ?;Q6
=1;;>3?>6 72?>;37576 5> <4C72 L;>BbQ3=<7 > 9721; >L<=7P8 A 76 5>L767576 CA 7 57 1C?;7 5> #Y
>2M?;<=16 1C 5> d 5> D>;E1518 D;15CP>A CA =7A D1 A 743M?<=1 ;1?7?<91 s =1A 7A D2<?C5>
=136?73?>8 <4C72 7 8 9>P>6 1 9721; A :X<A 1 5> =757 CA 516 ?;Q6 =7A D16 =1A D13>3?>6 s 8 s + > s
<4C;7
s S 8 X s + 8 135> s + S A :X<A 1 31 <36?73?> =136<5>;751
<4C;7
=7A D1 A 743M?<=1 ;1?7?<91 4<;7 =1A 9>21=<575> C3<L1;A >8 L7P>351 CA 7 ;1?7FR1 >A =757 D>;E151
57 =1;;>3?> 5> 72<A >3?7FR1
6>3?<51 5> 4<;1 >6?: 6C@1;5<3751 ^ 6>BbQ3=<7 5> L76>6 576 =1;;>3?>6 316 ?;Q6 >3;127A >3?16
576 L76>6 51 A 1?1; BC> D7;7 4<;7; 71 =13?;:;<1 M D;>=<61 <39>;?>; 6> 7 =1;;>3?> 5> 51<6
>3;127A >3?16 A 4>;728 16 ?;Q6 >3;127A >3?16 6R1 2<47516 >A >6?;>27 1C ?;<\34C218 D7;7 ;>=>@>;
2<47FR1 5> CA 7 2<3J7 ?;<L:6<=7 =1A ?;Q6 L<16 6>3?<51 5> 4<;1 51 =7A D1 D15>;: 6>; <39>;?<518
?;1=7351 6> 6<A D2>6A >3?> 51<6 L<16 57 2<3J7 2<47516 716 ?>;A <37<6 51 A 1?1;
<4C;7
<4C;7
4;:L<=1 7@7<X1 A 16?;7 CA 7 =C;97 6>31<572 BC> M 7 ;>D;>6>3?7FR1 57 L > A 57 =1;;>3?>
72?>;37?<978 > 51 =7A D1 A 743M?<=1 97;<:9>2 D;15CP<51 D1; CA 7 =1;;>3?> BC> 97;<7 D>;<15<=7A >3?>
6>C 6>3?<51 > 6C7 <3?>36<575>
A 7 =1;;>3?> 72?>;3757 <4C;7
A 1?1; ?;<L:6<=1 5> <35CFR1 ?>A ;1?7FR1 5> =7A D1 4<;73?> 5> 7=1;51 =1A 7 L;>BbQ3=<7 57 ;>5>
> 51 3WA >;1 5> D7;>6 5> DU216T 3 S # X 135>T S L;>BbQ3=<7 5> ;>5> >2M?;<=7 > ) S 3WA >;1
)
5> DU216 51 A 1?1;
6=1;;>47A >3?1
5<L>;>3F7 >3?;> 7 9>21=<575> 51 =7A D1 4<;73?> > 7 51 ;1?1; 5: 6> 1 31A > 5> >6=1;;>47A >3?1
>;72A >3?> 1 >6=1;;>47A >3?1 M >XD;>661 D>;=>3?C72A >3?> >A ;>27FR1 ^ 9>21=<575> 5>
6<3=;13<6A 1 >C 9721; M @7<X1 BC7351 1 A 1?1; LC3=<137 ^ 97P<1
>6=1;;>47A >3?1 M =72=C2751 D>27 ;>27FR1T 6 S 36 3 X # #
36
35>T
6 S >6=1;;>47A >3?18 >A q [
36 S 9>21=<575> 6E3=;137[
3 S 9>21=<575> 51 ;1?1;
;1?1; 51 A 1?1; ^ D2>37 =7;47 5: CA >6=1;;>47A >3?1 BC> 97;<7 5> q D7;7 16 A 1?1;>6 D1?>3?>6
7?M q D7;7 16 5> D>BC>37 D1?Q3=<7
6?>6 A 1?1;>6 2>97A 973?74>A 61@;> 1 A 1?1; 6E3=;1318 D>21 L7?1 5> D15>; D7;?<; =1A =7;47
% : 51<6 ?<D16 5> A 1?1;>6 5> <35CFR18 =13L1;A > 7 L1;A 7 51 >3;127A >3?1 51 6>C <35CP<51T
1?1; 5> ;1?1; 47<127 5> >6BC<21[
1?1; 5> ;1?1; @1@<3751
1?1; =1A 7<127 5> 6BC<21

>3;127A >3?1 51 <35CP<51 5>6?> ?<D1 5> A 1?1; M L1;A 751 D1; @7;;76 5> 72CA E3<1 1C =1@;>8
=121=7576 5>3?;1 576 ;73JC;76 51 ;1?1; > ?>351 6C76 >X?;>A <575>6 ;>C3<576 7?;79M6 5> 73M<6 5>
=C;?1 =<;=C<?1[ 76 @7;;768 BC7351 5> =1@;>8 6R1 61257576 716 73M<6 6?> A 1?1; M ?7A @MA =J7A 751
;1?1; >A =C;?1 =<;=C<?1
9>21=<575> 51 A 1?1; M D;7?<=7A >3?> =136?73?>8 D1<6 1 >6=1;;>47A >3?1 97;<7 D1C=1 =1A 7 =7;47
L7?1; 5> D1?Q3=<7 7CA >3?7 =1A 7 C?<2<P7FR1 51 A 1?1; 7?M D;UX<A 1 ^ D2>37 =7;47 31A <3728 BC7351
72=73F7 1 6>C A :X<A 1[
7 D7;?<; 5> >3?R1 >2>97351 6> 7 =7;478 5<A <3C<;: 1 9721; 5> =U6 s
;>35<A >3?1 =;>6=>8 =1A 7 =7;478 7?M 5>?>;A <3751 D13?18 ?7A @MA 9<P<3J1 ^ D2>37 =7;47 31A <372
BC7351 76 D>;576 L<X76 > 97;<:9><6 6> >BC<972>A [ 72MA 5>6?> D13?1 1 ;>35<A >3?1 D7667 7 @7<X7;
6 =7;7=?>;E6?<=76 7=<A 7 D15>A 6>; 1@6>;97576 31 4;:L<=1 6>4C<3?>8 135> =C;976 ;>27=<137A 1
;>35<A >3?18 7 9>21=<575> > 1 L7?1; 5> D1?Q3=<7 =1A 7 D1?Q3=<7 612<=<?757 71 A 1?1;
<4C;7 !
=13HC4751 BC> 9>A ;>27=<13751 =1A 1 >6=1;;>47A >3?18 31 4;:L<=1 6>4C<3?> M @7<X1 31 <3E=<1 51
LC3=<137A >3?18 6>351 D;UD;<1 D7;7 7;;73BC>6 6>A =7;47 &C7351 6> 3>=>66<?7 A 7<1; =13HC4751 31
<3E=<1 51 LC3=<137A >3?1 >2>97 6> 7 ;>6<6?Q3=<7 51 <35CP<51 C67351 6> ;1?1;>6 =1A 5CD27 1C ?;<D27
47<1278 1C 7<357 =1A ;73JC;76 D;1LC3576
<4C;7 "
A 1?1; 5> <35CFR1 =1A 1 ;1?1; >A =C;?1 =<;=C<?1 M D;UD;<1 D7;7 =1A 7351 5> ><X1 5>
?;736A <66R18 7=<137351 @1A @76 =>3?;ELC4768 =1A D;>661;>6 5> 7;8 9>3?<2751;>68 ?1;316 A >=\3<=16
>?=
1?1; + 1@<3751
>3;127A >3?1 51 <35CP<51 M =136?<?CE51 D1; =135C?1;>6 5> =1@;> <6127516 >3?;> 6< > A 13?7516
376 ;73JC;76 51 ;1?1; =13HC4751 31 7;;73BC>8 5>6?> ?<D1 5> A 1?1;8 M @>A A >2J1; BC> 1
73?>;<1;8 D1;BC> D15>A 16 <36>;<; ;>6<6?1;>6 >A 6M;<> =1A 76 L76>6 51 >3;127A >3?1 51 ;1?1; % :
?<D16 >A BC> 16 ;>6<6?1;>6 6R1 A 13?7516 31 ;1?1; > >2<A <375168 BC7351 7 A :BC<37 7?<34> 7 6C7
9>21=<575> 31;A 728 7?;79M6 5> A >=73<6A 16 =>3?;ELC416
C?;1 ?<D1 5> ;1?1; @1@<3751 M 7BC>2> >A BC> 6>C6 >3;127A >3?16 6> 2<47A ^ 73M<6 =12>?1;>6 61@;>
16 BC7<6 7DU<7A 6> 76 >6=1976 )7;7 >6?>6 ?<D16 C67A 6> ;>16?7?168 >A >6?;>27 8 2<47516 >A
6M;<> =1A 16 >3;127A >3?16 51 ;1?1; 7?;79M6 5> >6=1976 > 73M<6 =12>?1;>6 A >5<57 BC> 1 A 1?1;
7CA >3?7 7 6C7 9>21=<575>8 A 731@;7 6> 1 ;>16?7?1 7 L<A 5> ;>?<;7; 4;757?<97A >3?> 16 ;>6<6?1;>6
51 =<;=C<?1 7?M 2<47; 16 >3;127A >3?16 >A >6?;>27 A 724C36 ?<D16 5> A 1?1;>68 D7;7 BC> 76 >6=1976
3R1 L<BC>A 5>6476?7351 6> 5C;73?> 7 A 7;=J7 31;A 728 >276 6R1 6C6D>3676 >8 7?;79M6 5> 727973=768
16 73M<6 6R1 =C;?1 =<;=C<?7516
1A 7 75<FR1 5> ;>16?7?16 72MA 5> 6> A >2J1;7; 1 =13HC4751 51 A 1?1; D15> 6> 97;<7; 7 9>21=<575>
51 A >6A 18 D1;MA =1A 1 <3=139>3<>3?> 5> 7CA >3?7; 7 D>;57 D1; >L><?1 / 1C2> 316 ;>6<6?1;>68
5<A <3C<351 1 6>C ;>35<A >3?1
A 1?1; =1A ;1?1; @1@<3751 M C6751 BC7351 6> 3>=>66<?7 7;;73=7; =1A =7;47 > 7<357 BC7351 6>
D;>=<67 97;<7; 7 9>21=<575>8 =1A 1 31 =761 576 4;C768 >2>9751;>68 >?=
6 A 1?1;>6 5> <35CFR18 47<127 1C ;1?1; @1@<37518 7D;>6>3?7A 76 6>4C<3?>6 973?74>36T R1
6<A D2>68 ;1@C6?168 5> 7;;73BC> D;UD;<1 > @1A ;>35<A >3?1
?<D1 47<127 5> >6BC<21 5>9> 6>; C?<2<P751 >A ?1516 16 21=7<6 135> J7H7 D>;<41 5> >XD216R18 9<6?1
3R1 D;15CP<; L7E6=768 D1<6 3R1 =13?MA =13?7?16 5>62<P73?>6 =12>?1;8 >6=19768 >?=
?<D1 =1A ;1?1; @1@<3751 M >A D;>4751 BC7351 J: 3>=>66<575> 5> 7;;73BC> > D7;7576 L;>Bb>3?>6
6>;9<F1 <3?>;A <?>3?> BC> >X<4> A 7<1; =13HC4751 <3<=<72 2MA 5<6618 =1A ;>16?7?16 6> ?>A
9>21=<575> ;>4C2:9>2
1A 1 5>6973?74>36 516 A 1?1;>6 766E3=;1316 =<?7A 16T 1 L7?1; 5> D1?Q3=<7 3R1 <4C72 7 C3<575>8
6>351 @7<X1 316 A 1?1;>6 5> D>BC>37 D1?Q3=<78 67291 31 =761 5> 6>;>A @>A =136?;CE516 ?<D1
47<127 5> >6BC<21 7D;>6>3?7 CA @7<X1 =13HC4751 <3<=<728 >X=>?1 316 5> 47<1276 >6D>=<7<68 > 6C7
9>21=<575> 3R1 D15> 6>; ;>4C2757 D1; A ><16 =1A C36
&C7351 L1; 3>=>66:;<1 7 9>21=<575> 37 D;1D1;FR1 5> D7;7 1C 9<=> 9>;678 C67 6> >L>?C7;
>3;127A >3?16 >6D>=<7<6 5> >6?7?1r.
'.
!!3& 3! . #B
3?>;;CDFR1 5> CA 7 1C A 7<6 L76>6 57 ;>5>
1A 1 7CXE2<1 5> CA A C2?EA >?;18 D15> 6>; 9>;<L<=751 6> J: L<16 <3?>;;1A D<5168 =13>XR1 612?78
=13?7?1 L;1CX18 LC6E9>2 BC><A 7518 1C L72?7 5> ?>36R1 >A CA 7 1C A 7<6 L76>6 57 ;>5> 1A >X=>FR1
57 W2?<A 78 BC> 5>D>35> 57 ;>5> 57 5<6?;<@C<FR1 >X?>;378 76 1C?;76 =7C676 D15>A 6>; L7=<2A >3?>
;>D7;7576
>16?7?1 5> 7;;73BC> <3?>;;1A D<51
1A 1 7CXE2<1 5> CA A C2?EA >?;18 D15> 6> 9>;<L<=7; 7 =13?<3C<575> 51 =<;=C<?1 516 ;>6<6?1;>6 1C 1
A 7C LC3=<137A >3?1 516 =13?7?16 6?> 5>L><?1 M 5> L:=<2 ;>D7;7FR1
!!3& 3$ . B : @ C
>36R1 @7<X7
1A 7 5<A <3C<FR1 57 ?>36R18 ^ 9>21=<575> 5>=;>6=>8 D1<6 7 D1?Q3=<7 M D;1D1;=<1372 7 >27 1A CA
912?EA >?;1 5>9>A 16 =13L>;<; 1 9721; 57 ?>36R1 > 7HC6?: 27 71 5>9<51 9721;8 BC7351 D166E9>2
<47FR1 ?;1=757
1;;<4> 6> 1 5>L><?1 ?;1=7351 6> 76 2<47FG>6
!!3& 3& . U
3?>;;CDFR1 5> CA 7 576 L76>6
A 1?1; LC3=<137 =1A 1 6> L166> A 131L:6<=18 6C7 9>21=<575> @7<X7 > 7D;>6>3?7 CA ;CE51
=7;7=?>;E6?<=18 =1361A > CA 7 =1;;>3?> A C<?1 A 7<1; BC> 7 5> ;>4<A > >8 31 =761 5> >6?7; =1A =7;478
7=7@7 D1; BC><A 7; 1 >3;127A >3?1 >9> 6> D7;7; 7 A :BC<37 <A >5<7?7A >3?>8 21=72<P7; 1 5>L><?1
=1A CA A C2?EA >?;1 > ;>D7;: 218 6>A D;> BC> D166E9>2
<47FR1 ?;1=757
1;;<4> 6> 1 5>L><?18 A C57351 6> 76 2<47FG>6 761 6> A C5> 76 2<47FG>6 > 1 A 1?1; =13?<3C>
7D;>6>3?7351 1 D;1@2>A 78 M D1; BC> 1 5>L><?1 M <3?>;31
!!3) 3! . #B
3?>;;CDFR1 3CA 7 576 L76>6 51 >6?7?1; ?;<L:6<=1
<3?>;;CDFR1 3CA 7 576 L76>6 516 A 1?1;>6 ?;<L:6<=16 ?;736L1;A 7 1 >3;127A >3?1 >A A 131L:6<=1 >
1 A 1?1; 3R1 7;;73=7 =136CA 1 5> =1;;>3?> 6>;: >X=>66<91 > 1 >3;127A >3?18 =1A 1 M U@9<18 6>
7BC>=>;: 5>A 76<757A >3?>8 D15>351 7?M BC><A 7; 1 A 1?1; 1A CA A C2?EA >?;18 D;1=C;7 6> 7 L76>
<3?>;;1A D<57 > 7 6>4C<;8 C67351 6> 1 A >6A 1 D;1=>6618 9>;<L<=7 6> BC72 7 2<47FR1 1C @1@<37
5>L><?C167 3=13?;7351 6> 1 5>L><?18 1 ;>D7;1 M 6<A D2>6
3?>;;CDFR1 51 =<;=C<?1 5> ?;7@72J1 1C 7CX<2<7; 516 >6?7?1;>6 A 131L:6<=16
<3?>;;CDFR1 37 72<A >3?7FR1 5> CA 7 576 @1@<376 1C 376 D;UD;<76 @1@<376 8 31 =135>36751; 1C 31
<3?>;;CD?1; =>3?;ELC41 L7P =1A BC> 1 A 1?1; 3R1 7;;73BC>
1=72 1 5>L><?1 =1A 1 73?>;<1;A >3?> > ;>D7;>
1?1; ;1F7351 31 >6?7?1;

>3?;>L>;;1 5> A 1?1;>6 5> D>BC>37 > A M5<7 D1?Q3=<7 M A C<?1 ;>5CP<51 > BC72BC>; 5>6476?> 5>
A 73=7<6 1C 5>L><?16 316 ;127A >3?16 5>621=7 1 ;1?1; BC> >3?;7 >A =13?7?1 =1A 1 >6?7?1;[ ?>A 6>
>3?R1 1 ;1?1; @21BC>751 >A ;7PR1 57 7?;7FR1 A 743M?<=78 1 BC> L7P =1A BC> 1 ;1?1; D>;A 73>F7
D7;751 136?7?751 1 5>L><?18 D;1=>5>; 1 ;>D7;1 516 A 73=7<6 1C ;127A >3?16
3?>;;CDFR1 >A CA 7 576 L76>6 51 ;1?1; @1@<3751
% 79>351 <3?>;;CDFR1 >A CA 7 576 L76>6 51 ;1?1;8 1 A 1?1; 3R1 5: D7;?<57 1A CA A C2?EA >?;1
1@6>;97; 16 5>L><?16 BC> D15>A 6>; 5>9<51 ^ L72?7 5> =13?7?1 576 >6=1976 =1A 16 73M<68 2<47FG>6
3R1 >X>=C?7576 1C @1@<376 <3?>;;1A D<576 136?7?751 1 5>L><?18 D;1=>5>; 1 ;>D7;1
!!3) 3$ . #B C
76> <3?>;;1A D<57 31 >3;127A >3?1 51 ;1?1; @1@<3751
<3?>;;CDFR1 5> CA 7 L76> 31 ;1?1; @1@<37518 5C;73?> 1 LC3=<137A >3?1 61@ =7;47 D;191=7 D>;57
5> 9>21=<575> 51 A 1?1;8 4;75C72A >3?>8 7?M D7;7;[ >667 731A 72<7 M 9>;<L<=757 ?7A @MA D1; CA
;CE51 =7;7=?>;E6?<=1 21=72<P7FR1 5>6?> 5>L><?1 6> >L>?C7 2<47351 6> ?;Q6 7A D>;EA >?;16 >A
6M;<> =1A 76 L76>6 ;>6D>=?<976 51 ;1?1; 1 LC3=<137A >3?1 ^ 97P<18 76 =1;;>3?>6 766<3727576 316
7D7;>2J16 6R1 <4C7<6[ 7 A >5<57 BC> 6> =7;;>47 1 A 1?1;8 J: 5<A <3C<FR1 57 9>21=<575> > CA
5>6>BC<2E@;<1 376 L76>6 51 ;1?1; BC> 6> 1@6>;97 316 7A D>;EA >?;16 CA 516 7D7;>2J16 7 =1;;>3?>
=7< 7 P>;1 > 316 1C?;16 51<68 >27 6> >2>978 <35<=7351 7 L76> <3?>;;1A D<57 37BC>27 >A BC> 7
=1;;>3?> 6> 73C27 );1=C;7; 1 5>L><?1 > >L>?C7; 1 ;>D7;1
>L><?1 5> LC35<FR1 1C 5> 61257 31 ;1?1; 47<127 5> >6BC<21

)15> 7=13?>=>; BC>8 37 LC35<FR18 1 72CA E3<1 3R1 >3=J7 =1A D2>?7A >3?> 76 ;73JC;768 L<=7351 76
@7;;76 5>L><?C16768 1C 7<3578 D7;?<;>A 6> 5>9<51 71 >6L1;F1 7 BC> 1 ;1?1; >6?: 6C@A >?<51 A 6>
?;7?7351 5> @7;;76 5> =1@;>8 2<47576 71 73>2 5> =C;?1 =<;=C<?18 =1A 61257 L;7=78 D15>A >2768 D1;
7BC>=<A >3?18 5>661257;>A 6> 6676 <;;>4C27;<575>6 ?;7P>A =136<41 7CA >3?1 5> ;>6<6?Q3=<7 51
;1?1;8 1 A 1?1; 6> 7BC>=> > 7 9>21=<575> 6>;: <3L>;<1; ^ 51 ;>4<A > 36D>=<137351 6> 1 ;1?1;8
=136?7?7 6> 1 5>L><?1 > 6C@6?<?C< 6> 1 <35CP<51 1C ;>L7P 6> 7 61257 =13L1;A > 1 =761
6>A D;> D;>L>;E9>2 C67; 7 61257 L1;?> 71 <39M6 57 61257 L;7=78 D1<6 1 D13?1 5> LC6R1 57 61257
L1;?> M A 7<6 >2>9751 BC> 1 57 L;7=7
!!3) 3& . U
3?>;;CDFR1 3CA 7 L76> 51 >6?7?1;
C;73?> 1 LC3=<137A >3?18 1=1;;>351 7 <3?>;;CDFR1 3CA 7 L76> 51 >6?7?1;8 1 A 1?1; D7667 7
?;7@72J7; =1A 1 A 131L:6<=18 7@61;9>351 A 7<1;>6 =1;;>3?>6 > 7BC>=>351 >X74>;757A >3?>
>9> 6> D7;7; 1 A 1?1;8 9>;<L<=7; 7 L76> <3?>;;1A D<578 =1A CA A C2?EA >?;1 > >L>?C7; 1 =136>;?1
<3?>;;CD?1; =>3?;ELC41 3R1 5>62<47 A 1?1;>6 A 131L:6<=16

=<;=C<?1 7CX<2<7; 516 A 1?1;>6 A 131L:6<=16 3R1 6>351 <3?>;;1A D<51 5C;73?> 1 LC3=<137A >3?18
D;191=7 7BC>=<A >3?1 51 A 1?1; D15>351 BC><A 7; 1 >3;127A >3?1 *>;<L<=7; 1 <3?>;;CD?1;
=>3?;ELC41 > ;>D7;: 21
<47FG>6 >;;7576
34731 376 2<47FG>6 576 L76>6 1C 316 4;CD16 5> @1@<376 5> CA 7 L76>8 1C 7<357 5>6<4C72575> 51
3WA >;1 5> >6D<;76 376 L76>6 5R1 2C47; 7 5>6>BC<2E@;<16 5> =1;;>3?>6 1A CA >3?> 7 =1;;>3?>
;>6C2?7 6>; 6CD>;<1; 7 51 ;>4<A > > 1 7BC>=<A >3?1 6>;: 731;A 72 1A ?;Q6 7A D>;EA >?;16 <36>;<516
>A 6M;<> 376 L76>6 51 A 1?1; 9>;<L<=7A 6> 76 5<L>;>3F76 576 =1;;>3?>6
7A @MA D15> 1=1;;>; 5<66<A >?;<7 5>9<51 7 =C;?1 =<;=C<?1 >3?;> >6D<;76 5> CA 7 L76>
1=72<P7; 1 5>L><?18 =1A <36?;CA >3?1 75>BC751 > =13L>;<; 76 2<47FG>6 >L7P>; 76 =13>XG>6
=13L1;A > >6BC>A 7 1C ?;1=7; @1@<376 =1A >6D<;76 >A =C;?1
C;?1 =<;=C<?1 31 ;1?1; @1@<3751

13?7?1 >3?;> >6D<;76 1C >3?;> @1@<376 51 ;1?1;8 D;191=7A A 7<1; =136CA 1 5> =1;;>3?> 51
>6?7?1;8 D;<3=<D72A >3?> 31 7;;73BC>8 > L1;?> 7BC>=<A >3?1 1=72<P7; 1 5>L><?1 =1A <36?;CA >3?1
75>BC751 > >L>?C7; 1 ;>D7;1
13?7?1 5>L><?C161 >3?;> @7;;76 > 73M<6 5> =C;?1 =<;=C<?1

L > A <35CP<57 376 @7;;76 51 ;1?1; M A C<?1 D>BC>37 > 7 =1;;>3?>8 5757 7 @7<X7 ;>6<6?Q3=<7 57
47<1278 M 4;735> 6 =13?7?168 BC7351 <A D>;L><?168 D;191=7A 7CA >3?1 5> ;>6<6?Q3=<78 J79>3518
D>27 >< 5> / 1C2>8 7BC>=<A >3?1 6CL<=<>3?> D7;7 5>661257; ^6 @7;;76 5> 73M<6 BC7351 6> ?;7?7 5>
61257 L;7=7
1A >6?> 5>L><?1 1 A 1?1; D>;5> 9>21=<575> 1A 47<127 5> 72CA E3<1 LC35<51 61@ D;>66R1 1C =1A
@7;;76 5> =1@;> C3<576 716 73M<68 =1A 61257 L1;?>8 >6?>6 <3=139>3<>3?>6 3R1 6> A 73<L>6?7A
A <575> 1C U2>1 316 >3;127A >3?16

A <575> 1C U2>1 316 >3;127A >3?16 @7<X7 7 ;>6<6?Q3=<7 51 <6127A >3?18 D;191=7351 7BC>=<A >3?1
731;A 72 37 A :BC<37
&C7351 >6?> L<=7 5>D16<?751 >A 2C47; D1C=1 7;>H751 > =1A 97D1; 5> :4C7 16 >3;127A >3?16
75BC<;>A CA <575> 5> @17 31;A 7 >L>?C7; CA ?>6?> 5> <6127FR1 73?>6 5> =121=7;A 16 7 A :BC<37
>A LC3=<137A >3?1 1 =761 51 U2>1 2C@;<L<=73?> >6=1;;>47; 516 A 73=7<68 D>3>?;7351 316
>3;127A >3?16[ M 3>=>66:;<1 >L>?C7;A 16 CA ?>6?> 5> <6127FR18 D1<6 ?73?1 7 CA <575> =1A 1 1 U2>1
2C@;<L<=73?> >6?;747A 1 9>;33;127A >3?16 )7;7 ;>D7;7;A 16 >6?>6 <3=139>3<>3?>6 M
3>=>66:;<1 =121=7;A 16 7 A :BC<37 >A >6?CL78 ?>351 1 =C<5751 5> ;>?<;7; 76 D7;?>6 BC> D15>A 6>
573<L<=7; =1A 7 ?>A D>;7?C;7 BC> 97< 7D;1X<A 757A >3?> 7 # # Y
A 724C36 =7616 ?1;37 6> 3>=>66:;<1 7D2<=7; 3197 =7A 757 5> 9>;33;127A >3?16
3;127A >3?1 51 >6?7?1; 1C 51 ;1?1; 2<47516 ^ A 7667

1A CA A >4VJA >?;18 9>;<L<=7; 6> J: =13?7?1 >3?;> =135C?1;>6 > A 7667 21=72<P7; 76 @1@<376
5>L><?C1676 > <612: 276 1C 6C@6?<?CE 276 D1; 1C?;76 319768 =13L1;A > 7 3>=>66<575>
73=7<6 1C ;127A >3?16 476?16

*>;<L<=7; 7 L1247 316 A 73=7<6 > ;127A >3?16 > D;1=>5>; 7 ;>D7;7FR1 51 A 73=72 1C 6C@6?<?C<FR1 516
;127A >3?16
>L><?16 5> 2C@;<L<=7FR1 L72?7 1C >X=>661

*>;<L<=7; 16 A 73=7<6 > ;>D7;7; =761 J7H7 >X=>661 1C L72?7 5> 2C@;<L<=7FR1
!!3) 3) . "
1?1; 5>6>BC<2<@;751
5>L><?1 6> A 73<L>6?7 =1A CA ;CE51 D>;<U5<=18 ?73?1 A 7<6 7=>3?C751 BC73?1 L1; 1 5>6>BC<2E@;<1
51 ;1?1; > >X=>66<97 9<@;7FR1 57 A :BC<37
667 <;;>4C27;<575> D15> 6>; D;19>3<>3?> 5> CA >3;127A >3?1 A 72 5<6?;<@CE51 >9> 6>
;>6?7@>2>=>; 5> <A >5<7?18 1 >BC<2E@;<1 >6?:?<=18 =1A A :BC<37 7D;1D;<757[ 1 5>6>BC<2E@;<1 L7P =1A
BC> 7 D7;?> A 7<6 D>6757 51 ;1?1; 6> 5>621BC> D7;7 @7<X1 5<=<137 6> 1C ;>?<;7 6> CA =13?;7D>618
BC> D15> 6>; 5> =JCA @18 37 D7;?> 5<7A >?;72A >3?> 1D16?7
L<X7FR1 5>6?> =13?;7D>61 5>9> 6>; L<;A > D7;7 >9<?7; BC> 6> 612?> 61@ 7 7FR1 57 ;1?7FR1
<4C;7 #
>6476?> 516 A 73=7<6 1C ;127A >3?16
5>6476?> 516 A 73=7<6 1C 516 ;127A >3?16 D;191=7 CA ;13=1 31 A 1?1; BC> D15> 6>; =13?E3C1 1C
<3?>;A <?>3?> >D7;7; 16 A 73=7<6 1C 6C@6?<?C<; 16 ;127A >3?16 BC7351 =1A D;19757 >667 731A 72<7
35CFR1 >X=>66<97
1@;> =7;478 ?>36R1 6CD>;<1; ^ 31;A 728 > L;>BbQ3=<7 <3L>;<1; 7 5> ;>4<A > L7P>A =1A BC> 7
<35CFR1 6> >2>9>8 D;191=7351 7BC>=<A >3?1 51 A 1?1; > LC3=<137A >3?1 ;C<5161
61@;>=7;47 >2>97 7 =1;;>3?> 7=<A 7 51 31;A 728 7CA >3?7351 D1; =136>4C<3?> 1 3WA >;1 5>
7A Dc;> >6D<;768 1 BC> 5>?>;A <37 >X=>661 5> <35CFR1 ?>36R1 6CD>;<1; ^ 31;A 72 > 7 L;>BbQ3=<7
<3L>;<1; ^ 51 ;>4<A > D;15CP>A 1 A >6A 1 >L><?1 57 61@;>=7;47
<35CFR1 >X=>66<97 6> >2<A <37 L7P>351 =1A BC> 1 A 1?1; ?;7@72J> 5>3?;1 5> 6C76 =7;7=?>;E6?<=76
BC> >6?R1 <35<=7576 37 D27=7 L<X757 37 =7;=7F7
!$ . # "
) ,)
?;736L1;A 751; M CA 5<6D16<?<91 BC> D>;A <?> >2>97; 1C 7@7<X7; 16 9721;>6 5> ?>36R1 1C =1;;>3?>
>A CA =<;=C<?1 5>
=CA C21 5> 2<3J76 5> L1;F7
<4C;7
4;735> A 7<1;<7 516 >BC<D7A >3?16 >2>?;V3<=16 >A D;>47 ?;736L1;A 751;>68 6>H7 =1A 1 >2>9751; 1C
7@7<X751; 5> ?>36G>6
<4C;7
&C7351 CA 7 @1@<37 M =13>=?757 7 CA 7 L13?> 5> 6C;4> CA =7A D1 A 743M?<=1 97;<:9>2 71 6>C
;>51;
' #%
, ,
<4C;7
D;1X<A 7351 6> 1C?;7 @1@<37 7 D;<A ><;7 1 =7A D1 A 743M?<=1 97;<:9>2 4>;751 37 D;<A ><;7 @1@<37
N=1;?7O 76 >6D<;76 57 6>4C357 @1@<37
# 0
<4C;7
1A 1 =136>BbQ3=<7 57 97;<7FR1 5> =7A D1 A 743M?<=1 61@;> 6C76 >6D<;76 6C;4> 37 6>4C357 @1@<37
CA 7 ?>36R1 <35CP<57
# 0 # 0
# (
<4C;7
@1@<37 37 BC72 6> 7D2<=7 7 ?>36R1 M 5>31A <3757 5> D;<A :;<1 51 ?;736L1;A 751; > 7 @1@<37
135> 6C;4> 7 ?>36R1 <35CP<57 M 5>31A <3757 5> 6>=C35:;<1 51 ?;736L1;A 751;
# 0 # 0
# (
<4C;7
<A D1;?73?> 1@6>;97; BC> 76 @1@<376 D;<A :;<7 > 6>=C35:;<7 6R1 >2>?;<=7A >3?> <6127576 >3?;> 6<
?;736L>;Q3=<7 5> >3>;4<7 5> CA 7 D7;7 7 1C?;7 6> 5: >X=2C6<97A >3?> 7?;79M6 576 2<3J76 5> L1;F7
A 743M?<=7
?>36R1 <35CP<57 31 6>=C35:;<1 5> CA ?;736L1;A 751; M D;1D1;=<1372 71 3WA >;1 5> 2<3J76
A 743M?<=76 BC> =1;?7 7 @1@<37 6>=C35:;<7
)1; >6?7 ;7PR18 1 D;<A :;<1 > 1 6>=C35:;<1 5> CA ?;736L1;A 751; 6R1 A 13?7516 61@;> CA 3W=2>1 5>
A 7?>;<72 L>;;1A 743M?<=1
!
#= >
<4C;7
3W=2>1 5<A <3C< 7 5<6D>;6R1 51 =7A D1 A 743M?<=18 L7P>351 =1A BC> 1 6>=C35:;<1 6>H7 =1;?751
D>21 A 7<1; 3WA >;1 5> 2<3J76 A 743M?<=76 D166E9>28 1@?>351 CA 7 A >2J1; ?;736L>;Q3=<7 5> >3>;4<7
>3?;> D;<A :;<1 > 6>=C35:;<1 6 L<4C;76 7@7<X1 <2C6?;7A 1 >L><?1 D;191=751 D>27 =121=7FR1 51
3W=2>1 31 ?;736L1;A 751;
<4C;7 !
1A 7 <3=2C6R1 51 3W=2>1 1 7D;19><?7A >3?1 51 L2CX1 A 743M?<=1 4>;751 31 D;<A :;<1 M A 7<1;
3?;>?73?18 6C;4> CA <3=139>3<>3?>T 1 L>;;1 A 7=<F1 61L;> 4;735> 7BC>=<A >3?1 =1A 7 D76674>A 51
L2CX1 A 743M?<=1
)7;7 5<A <3C<; >6?> 7BC>=<A >3?1 C?<2<P7 6> L>;;1 6<2<=161 27A <3751 D7;7 7 =136?;CFR1 51 3W=2>1
>;;1 <2<=161
7A <3751
<4C;7 "
1A 7 27A <37FR1 51 L>;;1 6> ;>5CP>A 76 N=1;;>3?>6 D7;76<?76O ;>6D136:9><6 D>21 7BC>=<A >3?1 51
3W=2>1
27A <37FR1 3R1 >2<A <37 1 7BC>=<A >3?18 A 76 ;>5CP 6>36<9>2A >3?> >A ;>27FR1 71 L>;;1 A 7=<F1
L<4C;7 7@7<X1 A 16?;7 16 6EA @1216 >A D;>47516 D7;7 ;>D;>6>3?7; 1 ?;736L1;A 751;8 6>4C351 7
31;A 7 +
"
<4C;7 # <4C;7
6 ?;7F16 =121=7516 31 6EA @121 >3?;> 76 @1@<376 51 D;<A :;<1 > 6>=C35:;<18 <35<=7A 1 3W=2>1 5>
L>;;1 27A <3751 3W=2>1 5> L>;;1 M >A D;>4751 >A ?;736L1;A 751;>6 BC> LC3=<137A >A @7<X76
L;>BbQ3=<76 # % P8 # % P8 # % P
;736L1;A 751;>6 BC> LC3=<137A >A L;>BbQ3=<76 A 7<6 72?76 K% P 4>;72A >3?> 6R1 A 13?7516 >A
3W=2>1 5> L<4C;7 7@7<X1 A 16?;7 1 6EA @121 5> CA ?;736L1;A 751; =1A 3W=2>1 5>
L>;;<?>
<4C;7
D166E9>2 =136?;C<; ?;736L1;A 751;>6 =1A A 7<6 5> CA 6>=C35:;<18 5> L1;A 7 7 1@?>; 5<9>;676
?>36G>6 5<L>;>3?>6
<4C;7
6?>6 ?<D16 5> ?;736L1;A 751;>6 6R1 A C<?1 C?<2<P7516 >A >BC<D7A >3?16 >2>?;V3<=16
' '
7D2<=7FR1 5> CA 7 ?>36R1 71 D;<A :;<1 5> CA ?;736L1;A 751; ;>6C2?7 31 7D7;>=<A >3?1 5> CA 7
?>36R1 <35CP<57 31 6>C 6>=C35:;<1
#
# 0
# (
<4C;7
CA >3?7351 6> 7 ?>36R1 7D2<=757 71 D;<A :;<18 7 ?>36R1 <35CP<57 31 6>=C35:;<1 7CA >3?7 37 A >6A 7
D;1D1;FR1
<4C;7
*>;<L<=7 6> 7?;79M6 516 >X>A D216 576 L<4C;76 7=<A 7 BC>8 31 ?;736L1;A 751; ?1A 751 =1A >X>A D21[
7 ?>36R1 51 6>=C35:;<1 M 6>A D;> 7 A >?75> 57 ?>36R1 7D2<=757 31 D;<A :;<1
;>27FR1 >3?;> 76 ?>36G>6 31 D;<A :;<1 > 6>=C35:;<1 5>D>35> LC357A >3?72A >3?> 57 ;>27FR1 >3?;>
1 3WA >;1 5> >6D<;76 31 D;<A :;<1 > 6>=C35:;<1
CA ?;736L1;A 751; =1A D;<A :;<1 5> # # >6D<;76 > 6>=C35:;<1 5> # # >6D<;76 7 ?>36R1 31
6>=C35:;<1 6>;: 1 51@;1 57 ?>36R1 31 D;<A :;<1
<4C;7
>31A <37351 6> 1 3WA >;1 5> >6D<;76 51 D;<A :;<1 5> ) > 51 6>=C35:;<1 5> D15> 6> >6=;>9>;T
2Q 6>T 67>A D7;7 =757 BC> >3?;7
*>;<L<=7 6> BC> 1 ;>6C2?751 57 ;>27FR1 d ) M 1 A >6A 1 57 ;>27FR1 * d*) 1418 D15> 6>
>6=;>9>;T
7?>A 7?<=7A >3?>8 D15> 6>8 >6=;>9>; BC>8 D7;7 1 ?;736L1;A 751; C6751 =1A 1 >X>A D21T
;>6C2?751 5>6?7 ;>27FR1 * d*) M 5>31A <3751 5> ;>27FR1 5> ?;736L1;A 7FR1
;>27FR1 5> ?;736L1;A 7FR1 >XD;>667 7 ;>27FR1 >3?;> 7 ?>36R1 7D2<=757 71 D;<A :;<1 > 7 ?>36R1
<35CP<57 31 6>=C35:;<1
A ?;736L1;A 751; D15> 6>; =136?;CE51 5> L1;A 7 7 ?>; BC72BC>; ;>27FR1 5> ?;736L1;A 7FR1 BC> 6>
3>=>66<?> )1; >X>A D21T
7@>27
AB V
>
* S X *)
8 * S 8 X *)
#8 * S # 8 X *)
!& . , /0 # #
>31A <37A 6> 5<6HC3?1;>6 16 5<6D16<?<916 5> A 731@;7 > D;1?>FR18 =7D7P>6 5> >6?7@>2>=>;8
=135CP<; > <3?>;;1A D>; =1;;>3?>6 >A =135<FG>6 31;A 7<6 51 =<;=C<?18 766<A =1A 1 >6?7@>2>=>;8
=135CP<; D1; ?>A D1 >6D>=<L<=751 > <3?>;;1A D>; =1;;>3?>6 >A =135<FG>6 731;A 7<6 >6D>=<L<=7576
51 =<;=C<?18 ?7<6 =1A 1 76 5> =C;?1 =<;=C<?1 >d1C 61@;>=7;47
6 5<6HC3?1;>6 5>31A <37516 ?M;A <=16 D166C>A CA 5<6D16<?<91 5> <3?>;;CDFR1 57 =1;;>3?>
=136?<?CE51 D1; 2\A <376 5> A >?7<6 5> =1>L<=<>3?>6 5> 5<27?7FR1 ?M;A <=7 5<L>;>3?>6 27?R1 > 7F1 8
61257516 5<27?7FR1 5>6<4C72 576 2\A <3768 D1; >L><?1 51 7BC>=<A >3?18 D;191=751 D1; CA 7
<4C;7
=1;;>3?> 5> 61@;>=7;47 A 15>;757 5> 21347 5C;7FR18 L7P <3?>;;1A D>; 7 D76674>A 57 =1;;>3?> 31
=<;=C<?18 D1;BC> 7 5<27?7FR1 5>6<4C72 576 2\A <376 5>?>;A <37 BC> 76 A >6A 76 6> =C;9>A > 5>62<4C>A
1 5<6D16<?<91
66>6 5<6D16<?<916 @<A >?:2<=16 6R1 ;>2M6 ?M;A <=16 >8 >A =>;?16 ?<D16 5> 5<6HC3?1;>68 6R1
7HC6?:9><6 >A LC3FR1 57 ?>A D>;7?C;7 7A @<>3?> 2MA 516 ;>2M6 @<A >?:2<=168 A C<?16 5<6HC3?1;>6
6R1 D;19<516 5> ;>2M6 A 743M?<=16 @1@<376 5> 7@>;?C;7 8 BC> 7?C7A A >=73<=7A >3?>8 5>62<47351 1
5<6HC3?1; BC7351 7 =1;;>3?> M <3?>367 > 5> =C;?7 5C;7FR1 ;>2M6 5> A :X<A 7 >67;A 7A 8 ?7A @MA 8
BC7351 1=1;;> CA =C;?1 =<;=C<?1 >A CA 7 1C 376 ?;Q6 L76>6
<4C;7
<6HC3?1; ?;<D127; 7 6>=1 * # D7;7 =1;;>3?>6 7?M 8 16 ?<D16 BC> D166C>A N@1@<37 5> A E3<A 7O
5>67;A 7A BC7351 L72?7 ?>36R1 >A CA 7 576 L76>6 L<4C;7 7@7<X1 A 16?;7 =1A 1 7?C7 1 >2>A >3?1
?M;A <=1 @<A >?:2<=1
H C ?H C
W : AB :
<4C;7
&C7351 1=1;;> CA 7CA >3?1 5> <3?>36<575> 57 =1;;>3?>8 1 >2>A >3?1 @<A >?:2<=1 6> 5>621=78
D;191=7351 1 5>67;A 7A >3?1 57 D>F7 8 7 BC72 ;>=>@> 7 7FR1 5> CA 7 A 127
6?> ?<D1 5> 5<6HC3?1; M <5>72 D7;7 D;1?>FR1 =13?;7 61@;>=7;47
5<6HC3?1; ;>D;>6>3?751 >6BC>A 7?<=7A >3?> 37 L<4C;7 7@7<X1 M 51 ?<D1 >2>?;1A 743M?<=1
H C ?H C
W : AB C :
<4C;7
&C7351 CA 7 =1;;>3?> 5> 5>?>;A <3757 <3?>36<575> D>;=1;;> 7 @1@<37 8 7 J76?> M 7?;7E57[ 7
D>F7 5>6?;797 7 727973=7 8 BC>8 D>27 7FR1 5> CA 7 A 1278 5>62<47 1 =13?7?1
6?> ?<D1 5> 5<6HC3?1; M <5>72 D7;7 D;1?>FR1 =13?;7 =C;?1 =<;=C<?1
L<4C;7 7@7<X1 ;>D;>6>3?7 CA 5<6HC3?1; =1A D;1?>FR1 ?M;A <=7 > >2>?;1A 743M?<=7
H C ?H C
W : AB C
<4C;7
6?> ?<D1 5> 5<6HC3?1; M <5>72 D7;7 D;1?>FR1 =13?;7 61@;>=7;47 > =C;?1 =<;=C<?1
X<6?>A 5<6HC3?1;>6 ?>;A 1A 743M?<=16 =1A D>367516 BC> =13?QA CA 6>4C351 D7; @<A >?:2<=18 =7D7P
5> 3>C?;72<P7; 1 >L><?1 5> >9>3?C72 >2>97FR1 5> ?>A D>;7?C;7 7A @<>3?>
<4C;7
X<6?>A 5<6HC3?1;>6 BC> 5>67;A 7A 76 ?;Q6 L76>6 BC7351 7 61@;>=7;47 1=1;;> >A 7D>376 CA 7 576
L76>6
?<D1 5> 5<6HC3?1; C6751 37 D;1?>FR1 5> =<;=C<?16 5> @7<X7 ?>36R1 6R1 16 5<6HC3?1;>6 >A =7<X7
A 125757 =7<X7 6CD1;?> 5> A 7?>;<72 <61273?> )7;7 7 D;1?>FR1 5> =<;=C<?16 5> <2CA <37FR1 >
?1A 7576 6R1 C67516 16 5<6HC3?1;>6 >A =7<X7 A 125757 A 131L:6<=168 =1A 1 1 & K 8 57
2>?;1A 7; o >6?<34J1C6>[ <7BC<=f8 57 <>A >36[ & 8 57 >3>;72 2>?;<= >?=
+ +
C<?16 5<6HC3?1;>68 72MA 516 >2>A >3?16 ?M;A <=16 > >2>?;1A 743M?<=168 D15>A ?>; =1A 1 7=>66U;<16
@1@<37 5> A E3<A 7 ?>36R1 ?7A @MA =J7A 7578 ;>2M 5> 6C@?>36R1 8 BC> 3CA 7 L72?7 1C BC>57 5>
?>36R1 <3?>;;1A D> 7 D76674>A 5> =1;;>3?>8 3R1 573<L<=7351 16 >BC<D7A >3?16 31 =761 CA A 1?1;
?;<L:6<=1 2<4751 ^ ;>5> 5> 72<A >3?7FR1 BC7351 J: CA 7 BC>57 5> >3>;4<7 37 2<3J7 1C 7?M A >6A 1 7
L72?7 ;>2M >2>?;1EA R A 73?MA 7 D>F7 ?;797351 7 D>F7 8 L>=J7351 1 =<;=C<?1 A 127
3R1 ?>A =135<FG>6 5> L7P>; @7<X7; 7 D>F7 72?7351 ?>36R18 1 >2>?;1EA R 3R1 LC3=<1378 >
7A 127 5>621=7 7 D>F7 1A <6?18 7 @7;;7 M 5>6?;79757 >8 7=<13757 D>27 A 127 8
5>67;A 7351 76 ?;Q6 L76>6 57 =J79>8 > >6?7 6U D15>;: 6>; ;>7;A 757 A 73C72A >3?>
66<A 8 J: =>;?>P7 5> BC> 1 A 1?1; 3R1 912?7;: 7 LC3=<137; BC7351 7 ?>36R1 6> ;>6?7@>2>=>;
<4C;7
Q B
)15>;>A 16 ?>; ?7A @MA CA ;>2M 5> 61@;>=1;;>3?> BC> 7?C7;: 6>A D;> BC> 7 =1;;>3?> 7?<34<;
9721;>6 >2>97516 2> ?>A 1 A >6A 1 LC3=<137A >3?1 51 ;>2M ?M;A <=1 H: A >3=<13751
<4C;7
<6HC3?1; ?;<D127; 7 6>=1 * 8 <>A >368 =1A ;>2M ?M;A <=1 @<A >?:2<=1 7HC6?:9>28 ;>2M A 743M?<=1
3R1 7HC6?:9>28 ;>2M 5> 6C@?>36R1 @1@<37 5> A E3<A 7 > ;>2M 5> 5<6D7;1 D7;7 7=<137A >3?1 7
5<6?\3=<7
,* ) % (
R1 5<6D16<?<916 C67516 =1A 1 1@H>?<91 5> 2<A <?7; 7 =1;;>3?> 5> CA =<;=C<?18 D;1D1;=<137351 6C7
<3?>;;CDFR1 >A =7616 5> =C;?16 =<;=C<?16 1C 61@;>=7;476 5> 21347 5C;7FR1 L<46 !> "
<4C;7 ! <4C;7 "
!& 3& 3! . AB C A #*
6 6>4C;73F76 % 6R1 =1A D16?76 5> @76> > LC6E9>2 L<46 # > @76> M =136?;CE57
4>;72A >3?> 5> >6?>7?<?7 8 D2:6?<=1 1C ?>;A 1L<X18 D166C<351 A ><16 5> L<X7FR1 7 BC75;16 1C D27=76
)166C>A =13?7?16 >A L1;A 7 5> 47;;76 D;7?>75768 BC> 47;73?>A 1 =13?7?1 >2M?;<=1 D>;L><?1 > 72?7
5C;7@<2<575>[ 7 >6676 47;;76 6> HC3?7A A 1276 BC> 7CA >3?7A 7 D;>66R1 5> =13?7?1
7 S 7?>;<72 <61273?> >6?>7?<?7
@ S 13?7?1 >A L1;A 7 5> 47;;7
= S 127
+ 76> 5> A 13?74>A 5> LC6E9><6 51 <6?>A 7 %

<4C;7
<4C;7 # C6E9>2 %
LC6E9>2 D166C< CA =1;D1 5> D1;=>2737 L<4 5> 6>FR1 ;>?734C27;8 =1A 6CL<=<>3?>
;>6<6?Q3=<7 A >=\3<=78 =13?>351 376 >X?;>A <575>6 L7=76 D;7?>7576 >3?;1 51 =1;D1 5> D1;=>2737
6> 721H7A 1 >21 LC6E9>2 > 1 >21 <35<=751; 5> BC><A 78 <A >;616 >A 7;><7 >6D>=<728 5> 4;73C27FR1
75>BC757
<4C;7
1;D1 5> D1;=>2737

>21 LC6E9>2 M L><?1 5> =1@;>8 >A L1;A 7 5> 27A <3768 97P7576 >A 5>?>;A <37516 D13?16 D7;7
;>5CP<; 7 6>FR1 =135C?1;7 L<4 X<6?>A 7<357 >216 LC6E9><6 L><?16 5> L<?7 5> D;7?7 9<;4>A
21 <35<=751; 5> BC><A 7
21 LC6E9>2
<4C;7
>?<;7351 6> 1 LC6E9>2 5> 6>4C;73F78 1@?MA 6> CA 7 6>D7;7FR1 9<6E9>2 516 @1;3>68 ?1;37351
5<6D>36:9>2 >A 724C36 =7616 7 C?<2<P7FR1 5> CA 6>==<13751; 75<=<1372 )7;7 6> ;>?<;7; 1 LC6E9>28 M
3>=>66:;<7 7 C?<2<P7FR1 5> CA 5<6D16<?<918 =136?;CE51 5> L<@;7 <61273?>8 =1A >347?>6 D7;7
>X?;7FR18 1 BC72 ;>=>@> 1 31A > 5> NDC3J1 67=7 LC6E9><6O
!& 3& 3$ . AB C A E G H
6 6>4C;73F76 6R1 =1A D16?76 5>T @76> 7@>;?7 1C D;1?>4<578 ?7A D78 LC6E9>28 D7;7LC61 5> 7HC6?>
> 73>2
9
CA >2>A >3?1 5> D1;=>2737 L<4 BC> =1A D1;?7 CA =1;D1 A >?:2<=18 ;16=751 <3?>;37A >3?>8 >
>X?>;37A >3?> 2<4751 7 CA 516 @1;3>6[ 1 1C?;1 @1;3> >6?: <612751 51 D;<A ><;1 > 2<4751 71 D7;7LC61
5> 7HC6?>
<4C;7
S @1;3> 2<4751 71 =1;D1 ;16=751
+ S @1;3> 2<4751 71 D7;7LC61 5> 7HC6?>
:
CA 5<6D16<?<918 4>;72A >3?> 5> D1;=>27378 =1A CA =1;D1 A >?:2<=1 ;16=7518 BC> L<X7 1 LC6E9>2 ^
@76> > 3R1 6> <3C?<2<P7 =1A 7 BC><A 7 51 LC6E9>2 L<4
<4C;7
)>;A <?> <36D>FR1 9<6C72 51 <35<=751; 51 LC6E9>2 > 7 6C@6?<?C<FR1 5>6?> 61@ ?>36R1
> W
CA 5<6D16<?<918 L><?1 5> D1;=>27378 =1A CA D7;7LC61 A >?:2<=1 BC>8 <3?;15CP<51 37 @76>8 <A D>5> 1
C61 5> LC6E9><6 5> N=7D7=<575>O 6CD>;<1; 7 57 <35<=757 L<4
<4C;7
A 13?74>A 51 D7;7LC61 5> 7HC6?> M L><?7 =1A 1 7CXE2<1 5> CA 7 =J79> >6D>=<72
?7A @MA CA >2>A >3?1 5> D1;=>27378 ;16=751 <3?>;37A >3?>8 BC> D;1?>4> 7 ;16=7 A >?:2<=7 57 @76>
7@>;?78 >9<?7351 7 D166<@<2<575> 5> =13?7?16 7=<5>3?7<68 37 ?;1=7 51 LC6E9>2 L<4
<4C;7
> Q@
=136?<?CE51 5> CA =1;D1 5> D1;=>2737 >A =CH16 >X?;>A 16 A >?:2<=16 6> L<X7 CA L<1 5> =1@;>
DC;1 1C ;>=1@>;?1 =1A CA 7 =7A 757 5> P<3=18 <A >;61 >A 7;><7 >6D>=<728 5> 4;73C27FR1 75>BC7578
BC> LC3=<137 =1A 1 A ><1 >X?<3?1; 51 7;=1 912?7<=18 >9<?7351 1 D>;<41 5> >XD216R18 31 =761 57
BC><A 7 51 LC6E9>2 L<46 !> "
C6R1 516 >216 > >XDC26R1 57 >6D12>?7
6D12>?7
127
13?7?1 6CD>;<1;
21 <35<=751; 5> BC><A 7 21 LC6E9>2
;><7
13?7?1 <3L>;<1;
<4C;7 ! <4C;7 "

)166C< CA <35<=751;8 9<6E9>2 7?;79M6 57 ?7A D78 5>31A <3751 >6D12>?78 =1A =1;>6 =1;;>6D135>3?>6
>A =761 5> BC><A 7
>21 <35<=751; 5> BC>A M =136?<?CE51 5> CA L<1 A C<?1 L<318 BC> >6?: 2<4751 >A D7;72>21 =1A 1 >21
LC6E9>2 1 =761 5> LC6R1 51 >21 LC6E9>28 1 L<1 51 <35<=751; 5> BC><A 7 ?7A @MA 6> LC35<;:8
D;191=7351 1 5>6D;>35<A >3?1 57 >6D12>?7
6 ;>2M6 ?M;A <=16 6R1 5<6D16<?<916 =136?;CE516 D7;7 D;1?>4>;8 =13?;127; 1C =1A 7357; CA =<;=C<?1
>2M?;<=18 7?C7351 6>A D;> D>21 >L><?1 ?M;A <=1 D;191=751 D>27 =1;;>3?> >2M?;<=7 L<4 #
<4C;7 #
!& 3) 3! . ?R
6 ;>2M6 ?M;A <=16 ?QA =1A 1 >2>A >3?1 @:6<=1 1 N@<A >?72O 66> >2>A >3?1 M =136?<?CE51 5> 5C76
2\A <376 L<376 31;A 72A >3?> L>;;1 > 3EBC>2 8 61@;>D16?76 > 61257576 L<46
<4C;7
!& 3) 3$ . " L<4

&C7351 51<6 A >?7<68 5> =1>L<=<>3?>6 5> 5<27?7FR1 5<L>;>3?>68 6R1 C3<516 >A 6CD>;D16<FR18 ?>A 16
CA D7; A >?:2<=1 > >66>6 A >?7<6 L1;>A >A L1;A 7 5> ?<;768 ?>;>A 16 CA D7; A >?:2<=1 1C @<A >?72
=1A 7 =13L1;A 7FR1 7D;1D;<757 D7;7 1 ;>2M A 9<;?C5> 57 5<L>;>3F7 51 =1>L<=<>3?> 5> 5<27?7FR18
CA 516 A >?7<6 6> 721347 A 7<6 BC> 1 1C?;1 )1; >6?7;>A ;<4<57A >3?> C3<5168 1 5> A >31;
=1>L<=<>3?> 5> 5<27?7FR1 D;191=7 CA >3=C;97A >3?1 51 =13HC3?1 D7;7 1 6>C 27518 7L76?7351 1
=13HC3?1 5> CA D13?1 5>?>;A <3751 66> A 19<A >3?1 D15> 6>; C6751 D7;7 5<9>;616 L<368 =1A 1
5<6D7;7; CA 47?<2J1 > 7@;<; CA =<;=C<?1 47?<2J1 ?>A 7 LC3FR1 5> L7P>; =1A BC> 7 7@>;?C;7 1C 1
L>=J7A >3?1 516 =13?7?16 6>H7 1 A 7<6 ;:D<51 D166E9>28 7 L<A 5> BC> 1 7;=1 >2M?;<=1 3R1 D;191BC> 7
612574>A 1C 1 5>6476?> 516 =13?7?16
<4C;7
!& 3) 3& . : AB
6 =7;7=?>;E6?<=76 516 @<A >?7<6 7D2<=7516 716 ;>2M6 D>;A <?>A 716 A >6A 16 1 =13?;12> 5>T
61@;>=7;47 37 D;1?>FR1 5> A 1?1;>6[
=13?;12> 57 ?>A D>;7?C;7 7A @<>3?>[
?>A D1;<P7FR1 BC7351 C67516 HC3?7A >3?> =1A CA 7 @1@<37 5> 5CD21 @1@<3751 @1@<37 t 8 1C
6>H78 @1@<37 5> =13?7?1; =1A 6>=C35:;<1
!& 3) 3) . :
6 ;>2M6 ?M;A <=16 D15>A 6>;T
5<;>?16 1C <35<;>?16[
=1A ;>?>3FR1 1C 6>A ;>?>3FR1[
=1A D>367516[
5<L>;>3=<7<6
!& 3) 3+ .
6 ;>2M6 5<;>?16 6R1 7BC>=<516 D>27 D76674>A 57 =1;;>3?> 5> =7;47 D>21 D;UD;<1 @<A >?72
;>2M @<A >?:2<=1 5<;>?1 5>67;A 7 1 5<6HC3?1;8 BC7351 J: CA 7 61@;>=7;47 7FR1 @<A >?72 M 2>3?78
D1;MA 1 5>621=7A >3?1 M @;C6=18 D>27 7FR1 51 47?<2J1
@6>;97FR1T 7@>;?C;7 ;:D<57 >9<?7 7 573<L<=7FR1 1C 612574>A 516 =13?7?16
!
% * 0 ) +
6 =J79>6 7CX<2<7;>6 ?<D1 @1?1><;7 6R1 =J79>6 5> =1A 7351 A 73C72 BC> ?QA D1; L<372<575>
<3?>;;1A D>; 1C >6?7@>2>=>; A 1A >3?73>7A >3?>8 D1; DC2618 CA =<;=C<?1 5> =1A 73518 D7;7 <3<=<7;8
<3?>;;1A D>; 1C =13?<3C7; CA D;1=>661 5> 7C?1A 7FR1
)15>A 6>; A 13?7576 >A =7<X76 D7;7 61@;>D16<FR1 1C D7;7 A 13?74>A >A D7<3M<6 L<46 >
<4C;7 <4C;7
6 @1?1><;76 D15>A ?>; 5<9>;616 @1?G>6 74;CD7516 >A D7<3M<6 1C =7<X768 > =757 @1?R1 D15>
7=<137; ?7A @MA 5<9>;616 =13?7?168 7@;<51;>6 1C L>=J751;>6
X?>;37A >3?>8 6R1 =136?;CE576 =1A D;1?>FR1 =13?;7 2<47FR1 7=<5>3?72 L<4 8 6>A D;1?>FR1
L<4 1C =1A =J79> ?<D1 L>=J75C;78 5>31A <3757 =1A C?751; 5> =1A 7351 L<4
<4C;7 <4C;7 <4C;7
6 @1?1><;76 D;1?>4<576 L<4 D166C>A CA 7 4C7;3<FR1 BC> <A D>5> 7 2<47FR1 7=<5>3?72 >
D166C>A 21341 =C;61 D7;7 7 2<47FR1
6 @1?1><;76 =1A =J79> L<4 6R1 51 ?<D1 =1A C?751;768 BC> ?>A D1; L<372<575> <A D>5<; BC>
BC72BC>; D>6617 2<4C> 1 =<;=C<?1
6 @1?1><;76 7<357 D15>A 6>; 7D;>6>3?7576 31 ?<D1 D>35>3?>
>66> =7618 6C7 C?<2<P7FR1 5>6?<37 6> 71 =1A 7351 5> D13?>6 ;1273?>68 L72J76 >2M?;<=76 1C8 7<3578
A :BC<376 1D>;7?;6 >A BC> 1 1D>;751; ?>A 5> 2<4: 276 >A 9:;<76 D16<FG>6 5<L>;>3?>6 L<4
! 276 D166C>A L1;A 7?1 737?VA <=1
6 @1?1><;76 2CA <31676 6R1 51?7576 5> 2\A D7576 <3?>;3768 BC> 6> <2CA <37A BC7351 16 @1?G>6 6R1
7=<137516 L<4 "
<4C;7 !
<4C;7 "
? @ AB ; R1 5>9>A 6>; C67576 D7;7 5>62<47; 3>A D7;7 2<47; >A >;4Q3=<7
!& 3+ 3! . AB ?
6 @1?1><;76 6R1 >66>3=<72A >3?> =136?<?CE576 5> @1?G>6 D;1D;<7A >3?> 5<?168 516 =13?7?16 A U9><6
> 516 =13?7?16 L<X16
"
6 =13?7?16 A U9><6 D15>A ?>; CA A 19<A >3?1 5> >6=1;;>47A >3?1 D7;7 7C?1 A 73C?>3FR18 1C 6>H78
;>?<;7A BC72BC>; 1X<57FR1 BC> D1667 7D7;>=>; 37 6CD>;LE=<> 5> =13?7?1
66>6 =13?7?16 6R1 ;>=1@>;?16 5> D;7?7 > =136?;CE516 D7;7 >2>9751 3WA >;1 5> A 731@;768
7D;1X<A 757A >3?> # A <2JG>6 5> 1D>;7FG>6
R1 5<6D16<?<916 5> A 731@;7 A >=\3<=78 7=<137516 >2>?;1A 743>?<=7A >3?>8 =136?;CE516 D7;7 CA 7
>2>9757 L;>BbQ3=<7 5> 1D>;7FR18 > =CH1 7;=1 M >X?<3?1 31 7;8 6>A 7L>?7; 1 6>C LC3=<137A >3?1
=13?7?1; M8 5> 7=1;51 =1A 7 D1?Q3=<7 =7;47 8 CA 5<6D16<?<91 5> =1A 7351 5> A 1?1;8 > D15> 6>;
C?<2<P751 <35<9<5C72A >3?>8 7=1D2751 7 ;>2M6 5> 61@;>=1;;>3?>8 37 D;1?>FR1 =13?;7 61@;>=7;47 % :
=>;?16 ?<D16 5> =13?7?1;>6 =1A =7D7=<575> 5> >6?7@>2>=>; > <3?>;;1A D>; =1;;>3?>6 5> =C;?1
=<;=C<?1
+ 76<=7A >3?> >X<6?>A =13?7?1;>6 D7;7 A 1?1;>6 > =13?7?1;>6 7CX<2<7;>6
<4C;7 # 13?751;>6 D7;7 A 1?1;>6
<4C;7 13?751;>6
7CX<2<7;>6
!& 3- 3! . AB
6 =13?7?1;>6 6R1 =136?;CE516 5> CA 4;735> 3WA >;1 5> D>F768 ?>351 =1A 1 >2>A >3?16 D;<3=<D7<6
16 ;>D;>6>3?7516 37 L<4C;7 7@7<X1
? @ AB ; @1@<37 5> 61A @;7 73>2 >A =C;?1 ?>A 7 L<372<575> 5> >2<A <37; 7 ?;>D<57FR1
D;15CP<57 31 3W=2>1 D>21 =7A D1 A 743M?<=1 5>
<4C;7
13?7?1 L<X1 =1A D7;7LC61 > 7;;C>27[
+ 1@<37[
7 3W=2>16 516 A 743>?16 L<X1 > A U9>2 [
+ 1@<37 5> 61A @;7[
#
CD1;?> 57 A 127 51 =13?7?1 A U9>2[
127 51 =13?7?1 A U9>2[
13?7?1 A U9>2[
! CD1;?> <3L>;<1; 516 =13?7?16 L<X16[
" )13?> 6CD1;?> 516 =13?7?16 A U9><6[
# 127[
127 <3?>;;CD?1;7[
CD1;?> 6CD>;<1; 516 =13?7?16 L<X16 >X?<3?1; 51 7;=1
R1 5<6D16<?<916 D7;7 C?<2<P7FR1 >A A 731@;76 BC> >X<4>A ?>A D1;<P7FR18 >A >6BC>A 76 5>
=1A 73518 D7;7 D7;?<578 D;1?>FR1 > ;>4C274>A 2>6 ?QA >X=<?7FR1 D>;A 73>3?> > 7=<137A >3?1 >A
=1;;>3?> 72?>;3757 6 ;>2M6 5> ?>A D1 ?<D1 >2>?;V3<=16 ?7A @MA D15>A ?>; 7D2<=7FG>6 >A
=1;;>3?> =13?E3C7
<4C;7
! )
>31A <37 6> =7D7=<?1; CA 6<6?>A 7 L1;A 751 D1; 51<6 =135C?1;>6 D;UX<A 168 A 76 <6127516 CA 51
1C?;18 BC> <3?>;74>A 7D>376 D1; A ><1 51 =7A D1 >2M?;<=18 5> L1;A 7 BC> ?1576 76 2<3J76 5> =7A D1
BC> 67>A 5> CA 5>2>6 7?<34>A 1 1C?;1
: > :
<4C;7 <4C;7
66> 6<6?>A 7 ;>6C2?7 3CA 7 <35CFR1 >2>?;16?:?<=7 A C<?1 <3?>3678 BC> 2>97 7 CA 7 4;735> =7D7=<575>
5> 7;A 7P>37A >3?1 5> =7;47 >2M?;<=7 > 5> >3>;4<7 D1?>3=<72 >2M?;<=7
6 =135C?1;>6 BC> L1;A 7A 1 =7D7=<?1; 5>31A <37A 6> 7;A 75C;76
!& 34 3! . : :
&C7351 1 =7D7=<?1; >6?: =7;;>47518 6C76 7;A 75C;76 7D;>6>3?7A 6>A D;> =7;476 5> A >6A 1 A U5C21
> 6<37<6 =13?;:;<16 >351 m& > & 76 =7;476 576 7;A 75C;768 7 =7;47 51 =7D7=<?1; M & )7;7 1
=7D7=<?1; 6> =7;;>47; =1A =7;47 &8 M 3>=>66:;<1 CA 7 5<L>;>3F7 5> D1?>3=<72 >3?;> 6C76
7;A 75C;76
7D7=<575> >2M?;<=7 51 =7D7=<?1; A >5<57 >A L7;75 M 7 ;>27FR1 >3?;> 7 =7;47 > 7 5<L>;>3F7 5>
D1?>3=<72T
I 7
!) # 8 G# !6 H
# '. * ' # ### "
# 6?7 1;A 7 >4C27A >3?751;7 L<X7 76 =135<FG>6 A E3<A 76 >X<4E9><6 D7;7 47;73?<; 7
6>4C;73F7 516 >A D;>47516 BC> ?;7@72J7A >A <36?727FG>6 >2M?;<=768 >A 6C76 5<9>;676 >?7D768
<3=2C<351 D;1H>?18 >X>=CFR18 1D>;7FR18 A 73C?>3FR18 ;>L1;A 7 > 7A D2<7FR1 >8 7<3578 7 6>4C;73F7 5>
C6C:;<16 > ?>;=><;16
# 6 D;>6=;<FG>6 7BC< >6?7@>2>=<576 7@;734>A ?1516 16 BC> ?;7@72J7A >A >2>?;<=<575>8 >A
BC72BC>; 576 L76>6 5> 4>;7FR18 ?;736A <66R18 5<6?;<@C<FR1 > =136CA 1 5> >3>;4<7 >2M?;<=7
# 76 <36?727FG>6 > 6>;9<F16 >A >2>?;<=<575>8 5>9>A 6>; 1@6>;97576 31 D;1H>?18 >X>=CFR18
1D>;7FR18 A 73C?>3FR18 ;>L1;A 7 > 7A D2<7FR18 76 31;A 76 ?M=3<=76 1L<=<7<6 >6?7@>2>=<576 D>216
U;4R16 =1A D>?>3?>6 >8 37 L72?7 5>6?768 76 31;A 76 <3?>;37=<137<6 9<4>3?>6 # ## d
# 36?727FG>6
# );1?>FR1 =13?;7 1 ;<6=1 5> =13?7?1
# 1576 76 D7;?>6 576 <36?727FG>6 >2M?;<=76 5>9>A 6>; D;1H>?7576 > >X>=C?7576 5> A 151
BC> 6>H7 D166E9>2 D;>9>3<;8 D1; A ><16 6>4C;168 16 D>;<416 5> =J1BC> >2M?;<=1 > ?1516 16 1C?;16
?<D16 5> 7=<5>3?>6 # ## d
# 6 D7;?>6 5> <36?727FG>6 >2M?;<=76 7 6>;>A 1D>;75768 7HC6?7576 1C >X7A <375768 5>9>A
6>; 5<6D16?76 5> A 151 7 D>;A <?<; CA >6D7F1 6CL<=<>3?> D7;7 ?;7@72J1 6>4C;1 # ## d
# 6 D7;?>6 576 <36?727FG>6 >2M?;<=768 3R1 =1@>;?76 D1; A 7?>;<72 <61273?>8 37
<A D166<@<2<575> 5> 6> =136>;97;>A 5<6?\3=<76 BC> >9<?>A =13?7?16 =76C7<68 5>9>A 6>; <6127576 D1;
1@6?:=C216 BC> 1L>;>F7A 8 5> L1;A 7 6>4C;78 ;>6<6?Q3=<7 7 >6L1;F16 A >=\3<=16 C6C7<6 # ## d
# 157 <36?727FR1 1C D>F7 =135C?1;7 BC> 3R1 L7F7 D7;?> 516 =<;=C<?16 >2M?;<=168 A 76 BC>8
>9>3?C72A >3?>8 D1667 L<=7; 61@ ?>36R18 5>9> 6>; 7?>;;7578 5>65> BC> >6?>H7 >A 21=72 7=>66E9>2 7
=13?7?16 # ## # d
# 7?>;;7A >3?1 576 <36?727FG>6 >2M?;<=76 5>9> 6>; >X>=C?7518 1@>5>=<51 1 5<6D16?1 31
6C@<?>A #
# ## ! d
# 6 <36?727FG>6 >2M?;<=768 BC7351 7 37?C;>P7 51 ;<6=1 >X<4<; > 6>A D;> BC> ?>=3<=7A >3?>
D166E9>28 5>9>A 6>; D;19<576 5> D;1?>FR1 =1A D2>A >3?7;8 7?;79M6 5> =13?;12> ^ 5<6?\3=<78 A 73C72
>d1C 7C?1A :?<=1 # ## d
# 6 <36?727FG>6 >2M?;<=76 BC> >6?>H7A >A =13?7?1 5<;>?1 1C <35<;>?1 =1A 7 :4C7 > BC>
D1667A D>;A <?<; LC47 5> =1;;>3?> 5>9>A 6>; D;1H>?7576 > >X>=C?75768 =136<5>;7351 6> 76
D;>6=;<FG>6 D;>9<6?76 31 6C@<?>A # 8 >A >6D>=<72 BC73?1 ^ @2<3574>A 8 >6?73BC><575>8
<6127A >3?1 > 7?>;;7A >3?1 # ##! d
# );1?>FR1 =13?;7 ;<6=16 5> <3=Q35<1 > >XD216R1
# 1576 76 D7;?>6 576 <36?727FG>6 >2M?;<=76 5>9>A 6>; D;1H>?75768 >X>=C?7576 >
=136>;97576 5> 7=1;51 =1A 76 D;>6=;<FG>6 51 6C@<?>A # 8 D7;7 D;>9>3<; 16 ;<6=16 5> <3=Q35<1
> >XD216R1 # ##" d
# 6 <36?727FG>6 >2M?;<=76 6CH><?76 7 A 7<1; ;<6=1 5> <3=Q35<1 > >XD216R1 5>9>A 6>;
D;1H>?7576 > >X>=C?7576 =1A 5<6D16<?<916 7C?1A :?<=16 5> D;1?>FR1 =13?;7 61@;>=1;;>3?> >
61@;>?>36R18 72MA 5> 1C?;76 =1A D2>A >3?7;>68 5> 7=1;51 =1A 76 D;>6=;<FG>6 D;>9<6?76 31 6C@<?>A
# ## # d
# 6 7A @<>3?>6 576 <36?727FG>6 >2M?;<=768 BC> =13?>3J7A ;<6=1 5> <3=Q35<18 5>9>A ?>;
D;1?>FR1 =13?;7 L1418 5> 7=1;51 =1A 76 31;A 76 ?M=3<=76 9<4>3?>6 31 )7E6 ## d
# 6 D7;?>6 576 <36?727FG>6 >2M?;<=76 6CH><?76 ^ 7=CA C27FR1 5> >2>?;<=<575> >6?:?<=7
5>9>A 6>; 7?>;;75768 6>4C<351 6> 76 D;>6=;<FG>6 D;>9<6?76 31 6C@<?>A # ## d
# 1A D13>3?>6 576 <36?727FG>6
# 6 ?;736L1;A 751;>6 > =7D7=<?1;>6 5>9>A 6>; <36?7275168 =136<5>;7576 76
;>=1A >357FG>6 51 L7@;<=73?> > 31;A 76 >6D>=EL<=768 31 BC> 6> ;>L>;> ^ 21=72<P7FR18 5<6?\3=<7 5>
<6127A >3?1 > =135<FG>6 5> 1D>;7FR18 ;>6D><?7351 6> 76 D;>6=;<FG>6 D;>9<6?76 31 6C@<?>A # 8
>A >6D>=<728 > 76 D;>6=;<FG>6 516 6C@<?>36 # > # ## # d
# 6 ?;736L1;A 751;>6 > =7D7=<?1;>68 21=72<P7516 31 <3?>;<1; 5> >5<L<=7FG>6 5>6?<37576 7
?;7@72J18 5>9>;R1 6>; <36?727516 >A 21=7<6 @>A 9>3?<275168 =136?;CE516 5> A 7?>;<7<6
<3=1A @C6?E9><6 > D;19<516 5> D1;?76 =1;?7 L1418 5> L>=J7A >3?1 7C?1A :?<=1 ## "d
# 6 D16?16 5> D;1?>FR18 ?;736L1;A 7FR1 > A >5<FR1 5> >3>;4<7 >2M?;<=7 5>9>A 1@>5>=>; ^6
D;>6=;<FG>6 =13?<576 31 6C@<?>A # >8 >A >6D>=<728 ^BC>276 ;>L>;>3?>6 7 >6D7F1 5> ?;7@72J18
<2CA <37FR1 > <6127A >3?1 5> L>;;7A >3?76 ## d
# 6 5<6D16<?<916 5> 5>62<47A >3?1 > A 731@;7 5> =<;=C<?16 >2M?;<=16 5>9>A 6>; D;1H>?7516
> <36?7275168 =136<5>;7351 6> 76 D;>6=;<FG>6 D;>9<6?76 31 6C@<?>A # >8 >A >6D>=<728 76
D;>6=;<FG>6 ;>L>;>3?>6 ^ 21=72<P7FR18 6<372<P7FR18 =1A 7351 > <5>3?<L<=7FR1 ## d
# 1576 76 >5<L<=7FG>6 5>9>A 6>; D;1?>4<576 =13?;7 5>6=7;476 >2M?;<=76 7?A 16LM;<=768
6>4C351 76 D;>6=;<FG>6 51 6C@<?>A # >8 >A >6D>=<728 76 D;>6=;<FG>6 ;>L>;>3?>6 ^ 21=72<P7FR18
=135<FG>6 5> 2<47FR1 ^ ?>;;7 > P137 5> 7?C7FR1 516 D:;7 ;7<16 ## d
# 6 =135C?1;>6 > 6C76 =13>XG>68 =135C?16 > 6CD1;?>6 5>9>A 6>; D;1H>?7516 > <36?7275168
=136<5>;7351 6> 76 D;>6=;<FG>6 D;>9<6?76 31 6C@<?>A # >8 >A >6D>=<728 76 D;>6=;<FG>6
;>L>;>3?>6 7 <6127A >3?18 5<A >36<137A >3?18 <5>3?<L<=7FR1 > 7?>;;7A >3?1 ## ! d
# 6 =<;=C<?16 >2M?;<=16 =1A L<372<575>6 5<L>;>3?>68 ?7<6 =1A 1 ?>2>L13<78 6<372<P7FR18
=13?;12> > ?;7FR1 >2M?;<=78 5>9>A 6>; <36?7275168 1@6>;97351 6> 16 =C<57516 >6D>=<7<6 BC73?1 ^
6C7 6>D7;7FR1 LE6<=7 > <5>3?<L<=7FR1 ## " # d
# ! 6 &C75;16 5> <6?;<@C<FR1 > )7<3M<6 5> 13?;12> 5>9>A 6>; D;1H>?75168 <36?7275168
A 73?<516 > 1D>;75168 =136<5>;7351 6> 76 D;>6=;<FG>6 D;>9<6?76 316 6C@<?>36 # > # >8
>A >6D>=<728 76 D;>6=;<FG>6 ;>L>;>3?>6 ^ 21=72<P7FR18 <2CA <37FR18 9<6<@<2<575>8 <5>3?<L<=7FR1 516
=<;=C<?16 > 7?>;;7A >3?1 ## # d
# " 6 @7?>;<76 L<X76 5> 7=CA C2751;>6 5>9>A 6>; <36?727576 >A 21=7<6 1C =1A D7;?<A >3?16
D;19<516 5> D<61 5> A 7?>;<72 ;>6<6?>3?> 7 :=<516 > 51?7516 5> A ><16 BC> D>;A <?7A 7 >X7C6?R1 516
476>6 ## d
# " 6 21=7<6 1C =1A D7;?<A >3?16 ;>L>;<516 31 6C@<?>A # " 5>9>A >6?7; 6<?C7516 ^
D7;?> 51 ;>6?73?> 576 <36?727FG>6 ## # d
# " <36?727FR1 >2M?;<=7 516 21=7<6 1C =1A D7;?<A >3?16 ;>L>;<516 31 6C@<?>A # "
5>9>A 1@>5>=>; ^6 D;>6=;<FG>6 D;>9<6?76 31 6C@<?>A # ## !d
# BC<D7A >3?16 5> C?<2<P7FR1 57 >3>;4<7 >2M?;<=7
# 6 <36?727FG>6 >2M?;<=768 5>6?<37576 ^ C?<2<P7FR1 5> >2>?;151A M6?<=168 >A 21=7<6 5>
?;7@72J1 > 5> L>;;7A >3?76 >2M?;<=76 D1;?:?><68 5>9>A 7?>35>; ^6 D;>6=;<FG>6 516 6C@<?>36
> >8 7<3578 BC73?1 ^ ?1A 757 5> =1;;>3?>8 >X?>36G>6 5> =<;=C<?18 <3?>;;CD?1;>6 5>
=1;;>3?>68 >6D>=<L<=7FR1 > BC72<575> 516 =135C?1;>6 5>9>A 1@>5>=>; ^6 D;>6=;<FG>6 D;>9<6?76 31
6C@<?>A # ## d
# D;1<@<57 7 2<47FR1 6<A C2?\3>7 5> A 7<6 5> CA 7D7;>2J1 ^ A >6A 7 ?1A 757 5> =1;;>3?>8
=1A 1 >A D;>41 5> 7=>66U;<16 BC> 7CA >3?>A 1 3WA >;1 5> 67E5768 67291 6> 7 <36?727FR1 L1;
D;1H>?757 =1A >667 L<372<575> ## d
# 6 A :BC<376 >2M?;<=76 4<;73?>6 5>9>A 6>; <36?7275768 1@>5>=<576 76 ;>=1A >357FG>6 51
L7@;<=73?>8 76 31;A 76 >6D>=EL<=76 31 BC> 6> ;>L>;> ^ 21=72<P7FR1 > =135<FG>6 5> 1D>;7FR1 >8 >A
>6D>=<728 76 D;>6=;<FG>6 D;>9<6?76 316 6C@<?>36 # > # ## d
# 151 A 1?1; >2M?;<=1 5>9> D166C<; 5<6D16<?<91 BC> 1 5>62<4C> 7C?1A 7?<=7A >3?> ?157 9>P
BC>8 D1; LC3=<137A >3?1 <;;>4C27;8 ;>D;>6>3?> ;<6=1 <A <3>3?> 5> 7=<5>3?> ## # d
# 6 >BC<D7A >3?16 5> <2CA <37FR1 5>9>A 6>; >6D>=<L<=7516 > A 73?<516 5C;73?> 6C7 9<57
W?<28 5> L1;A 7 7 47;73?<; 16 3E9><6 5> <2CA <37A >3?1 =13?<516 37 1;A 7 >4C27A >3?751;7 >
D16<=<137516 5> L1;A 7 7 47;73?<; =135<FG>6 6>4C;76 5> A 73C?>3FR1 ## ! "d
# 6 >BC<D7A >3?16 5> <2CA <37FR1 5>9>A 6>; 5> ?<D1 75>BC751 71 7A @<>3?> >A BC> 6>;R1
<36?727516 > D166C<; D;1?>FR1 >X?>;37 75>BC757 ## " d
# 6 2\A D7576 >2M?;<=76 D1;?:?><6 6>;R1 C?<2<P7576 C3<=7A >3?> 135> 3R1 D1667 6>;
=136>4C<57 CA 7 <2CA <37FR1 5<;>?7 5>3?;1 516 3E9><6 5> <2CA <37A >3?1 D;>9<6?16 37 ## #
# d
# 6 7D7;>2J16 D1;?:?><6 5> <2CA <37FR1 5>9>A 6>; =136?;CE516 > C?<2<P7516 5> 7=1;51 =1A
1 6C@<?>A # ## "d
# ! 6 ?1A 7576 5> =1;;>3?>6 D7;7 <36?727FR1 31 D<61 5>9>A D166C<; =7<X7 D;1?>?1;7 BC>
<A D166<@<2<?> 7 >3?;757 5> :4C7 1C 5> 1@H>?16 >6?;73J168 >6?7351 1C 3R1 1 D<31 <36>;<51 37
?1A 757 ## d
# >;9<F16
# );1?>FR1 51 ?;7@72J751;
# 1 5>6>39129<A >3?1 5> 6>;9<F16 >A <36?727FG>6 >2M?;<=76 5>9>A 6>; D;>9<6?16 <6?>A 76
5> );1?>FR1 12>?<97 ) 7?;79M6 5> <6127A >3?1 LE6<=1 5> :;>768 6<372<P7FR18 7?>;;7A >3?1
D;19<6U;<1 > 1C?;16 6<A <27;>68 316 ?;>=J16 135> 16 6>;9<F16 >6?R1 6>351 5>6>39129<516 ##
d
# &C73518 31 5>6>39129<A >3?1 516 6>;9<F168 16 6<6?>A 76 5> D;1?>FR1 =12>?<97 L1;>A
<36CL<=<>3?>6 D7;7 1 =13?;12> 5> ?1516 16 ;<6=16 5> 7=<5>3?>6 D>6617<68 5>9>A 6>; C?<2<P7516
BC<D7A >3?16 5> );1?>FR1 12>?<97 ) > BC<D7A >3?16 5> );1?>FR1 35<9<5C72 ) 8 ?7<6 =1A 1
97;76 5> A 731@;78 >6=75768 5>?>=?1;>6 5> ?>36R18 =<3?16 5> 6>4C;73F78 =7D7=>?>6 > 2C9768
1@6>;97576 76 D;>6=;<FG>6 D;>9<6?76 31 6C@<?>A
# ## d
# 6 L>;;7A >3?76 A 73C7<6 C?<2<P7576 316 6>;9<F16 >A <36?727FG>6 >2M?;<=76 5>9>A 6>;
>2>?;<=7A >3?> <61275768 A >;>=>351 >6D>=<7<6 =C<57516 76 L>;;7A >3?76 > 1C?;16 >BC<D7A >3?16
5>6?<37516 7 6>;9<F16 >A <36?727FG>6 >2M?;<=76 61@ ?>36R1 ## d
# 151 >BC<D7A >3?1 >2M?;<=18 ?7<6 =1A 1 A 1?1;>68 ?;736L1;A 751;>68 =7D7=<?1;>68 5>9>A
=13?>;8 376 6C76 >6D>=<L<=7FG>68 1 6>C >6D>=?;1 6131;1 >A L7<X76 5> 1<?797 L;>BbQ3=<78 D7;7
=13?;12> 51 6>C 3E9>2 5> D;>66R1 6131;7 ## # d
# );1=>5<A >3?16
# C;73?> 7 =136?;CFR1 1C ;>D7;1 5> <36?727FG>6 >2M?;<=76 1C 1@;76 5> =136?;CFR1 =<9<28
D;UX<A 76 5> <36?727FG>6 61@ ?>36R18 5>9>A 6>; ?1A 7516 =C<57516 >6D>=<7<6 BC73?1 71 ;<6=1 5>
=13?7?16 >9>3?C7<6 > 5> <35CFR1 >2M?;<=7 ## !d
# &C7351 L1;>A 3>=>66:;<16 6>;9<F16 5> A 73C?>3FR1 >A <36?727FG>6 >2M?;<=76 61@ ?>36R18
>6?>6 5>9>;R1 6>; D273>H7516 > D;14;7A 75168 5>?>;A <37351 6> ?1576 76 1D>;7FG>6 BC> >391297A
;<6=16 5> 7=<5>3?>8 D7;7 BC> D1667A 6>; >6?7@>2>=<576 76 A >5<576 D;>9>3?<976 3>=>66:;<76
## ! d
# 157 1=1;;Q3=<78 3R1 D;14;7A 7578 >A <36?727FG>6 >2M?;<=76 61@ ?>36R1 5>9> 6>;
=1A C3<=757 71 ;>6D136:9>2 D1; >6676 <36?727FG>68 D7;7 BC> 6>H7A ?1A 7576 76 A >5<576 =7@E9><6
## " d
# D;1<@<51 1 7=>661 > 7 D>;A 73Q3=<7 5> D>66176 3R1 7C?1;<P7576 >A 7A @<>3?>6 D;UX<A 16
7 D7;?>6 576 <36?727FG>6 >2M?;<=76 BC> 1L>;>F7A ;<6=16 5> 57316 ^6 D>66176 > ^6 D;UD;<76
<36?727FG>6 ## # !d
# 6 6>;9<F16 5> A 73C?>3FR1 1C ;>D7;1 >A D7;?>6 5> <36?727FG>6 >2M?;<=76 BC> 3R1
>6?>H7A 61@ ?>36R1 6U D15>A 6>; ;>72<P7516 BC7351 76 A >6A 76 >6?<9>;>A 2<@>;7576 ## d
# 3?>35> 6> D1; <36?727FR1 >2M?;<=7 2<@>;757 D7;7 >6?>6 6>;9<F16 7BC>27 =CH7 7C6Q3=<7 5>
?>36R1 D15> 6>; =136?7?757 =1A 5<6D16<?<916 >6D>=EL<=16 D7;7 >6?7 L<372<575>
# )7;7 47;73?<; 7 7C6Q3=<7 5> ?>36R1 31 =<;=C<?1 >2M?;<=18 5C;73?> ?151 1 ?>A D1
3>=>66:;<1 D7;7 1 5>6>39129<A >3?1 5>6?>6 6>;9<F168 16 5<6D16<?<916 5> =1A 7351 5>9>A >6?7;
6<372<P7516 > @21BC>75168 @>A =1A 1 1 =<;=C<?1 >2M?;<=1 7?>;;7518 =136<5>;7351 6> 76 D;>6=;<FG>6
D;>9<6?76 31 6C@<?>A ## d
# 6 6>;9<F16 5> A 73C?>3FR1 >d1C ;>D7;16 >A D7;?>6 5> <36?727FG>6 >2M?;<=768 61@ ?>36R18
6U D15>A 6>; >X>=C?7516 D1; D;1L<66<137<6 BC72<L<=75168 5>9<57A >3?> ?;><375168 >A =C;616
>6D>=<72<P75168 =1A >A D;>41 5> L>;;7A >3?76 > >BC<D7A >3?16 >6D>=<7<68 7?>35<516 16 ;>BC<6<?16
?>=312U4<=16 > 76 D;>6=;<FG>6 D;>9<6?76 31 6C@<?>A ## d
# 6 <36?727FG>6 >2M?;<=76 5>9>A 6>; <36D>=<137576 D1; D;1L<66<137<6 BC72<L<=75168
5>6<437516 D>21 ;>6D136:9>2 D>276 <36?727FG>6 >2M?;<=76 376 L76>6 5> >X>=CFR18 1D>;7FR18
A 73C?>3FR18 ;>L1;A 7 > 7A D2<7FR1 ## # d
# >9> 6>; L1;3>=<51 CA 27C51 ?M=3<=1 71 L<372 5> ?;7@72J16 5> >X>=CFR18 ;>L1;A 7 1C
7A D2<7FR1 5> <36?727FG>6 >2M?;<=768 >27@1;751 D1; D;1L<66<1372 5>9<57A >3?> BC72<L<=751 > BC>
5>9>;: 6>; 7D;>6>3?7518 D>27 >A D;>678 6>A D;> BC> 612<=<?751 D>276 7C?1;<575>6 =1A D>?>3?>6
## "d
# ! 76 D7;?>6 576 <36?727FG>6 >2M?;<=76 61@ ?>36R18 6CH><?76 7 ;<6=1 5> =13?7?1 5C;73?> 16
?;7@72J16 5> ;>D7;7FR18 1C 6>A D;> BC> L1; HC24751 3>=>66:;<1 ^ 6>4C;73F78 5>9>A 6>; =121=7576
D27=76 5> 79<618 <36=;<FG>6 5> 759>;?Q3=<78 @735><;1276 > 5>A 7<6 A ><16 5> 6<372<P7FR1 BC> =J7A >A
7 7?>3FR1 BC73?1 71 ;<6=1 ## d
# ! &C7351 16 5<6D16<?<916 5> <3?>;;CDFR1 1C 5> =1A 7351 3R1 DC5>;>A 6>; A 731@;75168
D1; BC>6?R1 5> 6>4C;73F78 D;<3=<D72A >3?> >A =7616 5> A 73C?>3FR18 5>9>A 6>; =1@>;?16 D1; CA 7
D27=7 <35<=7351 7 D;1<@<FR18 =1A 2>?;><;1 9<6E9>2 7 12J1 3C8 7 CA 7 5<6?\3=<7 A E3<A 7 5> =<3=1
A >?;16 > CA 7 >?<BC>?7 <35<=7351 1 31A > 57 D>6617 >3=7;;>4757 5> ;>=121=7FR18 >A C61 31;A 728
51 ;>L>;<51 5<6D16<?<91 ## d
# " 6 >6D7F16 516 21=7<6 5> ?;7@72J1 6<?C7516 376 9<P<3J73F76 5> D7;?>6 >2M?;<=76 >XD16?76
3R1 5>9>A 6>; C?<2<P7516 =1A 1 D76674>A ## ! d
# # D;1<@<51 4C7;57; 1@H>?16 >6?;73J16 ^ <36?727FR1 D;UX<A 1 576 D7;?>6 =135C?1;76 57
A >6A 7 ## " d
>5<576 >6D>=<7<6 5> 6>4C;73F7 5>9>A 6>; ?1A 7576 316 6>;9<F16 >A =<;=C<?16 D;UX<A 16
7 1C?;16 =<;=C<?16 =1A ?>36G>6 5<L>;>3?>6 ## # d
# &C7351 57 ;>72<P7FR1 5> 6>;9<F16 >A 21=7<6 WA <516 1C >3=J7;=75168 @>A =1A 1 BC7351 1
D<61 1L>;>=>; =135<FG>6 D;1DE=<76 D7;7 =135CFR1 5> =1;;>3?> >2M?;<=78 5>9>A 6>; C?<2<P7516
=1;5G>6 >2M?;<=16 72<A >3?7516 D1; ?;736L1;A 751; 5> 6>4C;73F7 1C D1; ?>36R1 >2M?;<=7 3R1
6CD>;<1; 7 912?6 ## d
# <?C7FG>6 5> >A >;4Q3=<7
# 151 D;1L<66<13728 D7;7 <36?727;8 1D>;7;8 <36D>=<137; 1C ;>D7;7; <36?727FG>6 >2M?;<=768
5>9> >6?7; 7D?1 7 D;>6?7; D;<A ><;16 61=1;;16 7 7=<5>3?75168 >6D>=<72A >3?> 7?;79M6 576 ?M=3<=76
5> ;>73<A 7FR1 =7;5<1 ;>6D<;7?U;<7 ## d
# 151 D;1L<66<13728 D7;7 <36?727;8 1D>;7;8 <36D>=<137; 1C ;>D7;7; <36?727FG>6 >2M?;<=768
5>9> >6?7; 7D?1 7 A 73C6>7; > 1D>;7; >BC<D7A >3?16 5> =1A @7?> 7 <3=Q35<16 C?<2<P7516 3>6676
<36?727FG>6 ## # d
# )>66172
# C?1;<P7FR1 D7;7 ?;7@72J16 >A <36?727FG>6 >2M?;<=76
# 6?R1 7C?1;<P7516 7 <36?727;8 1D>;7;8 <36D>=<137; 1C ;>D7;7; <36?727FG>6 >2M?;<=768
61A >3?> 16 D;1L<66<137<6 BC72<L<=7516 BC> >6?<9>;>A <36?;CE516 BC73?1 ^6 D;>=7CFG>6 ;>27?<976 71
6>C ?;7@72J1 > 7D;>6>3?7;>A >6?751 5> 67W5> =1A D7?E9>2 =1A 76 7?<9<575>6 5>6>39129<576 31
A >6A 1 ## !d
# 7@> 71 >;9<F1 6D>=<72<P751 >A 34>3J7;<7 5> >4C;73F7 > >5<=<37 51 ;7@72J1
8 1 >6?7@>2>=<A >3?1 > 7972<7FR1 516 D;1=>5<A >3?16 7 6>;>A 751?7516 D>27 >A D;>67
9<67351 ^ 7C?1;<P7FR1 516 >A D;>47516 D7;7 ?;7@72J16 >A <36?727FG>6 >2M?;<=768 =13L1;A > 1
D;>9<6?1 31 6C@<?>A
# R1 =136<5>;7516 D;1L<66<137<6 BC72<L<=7516 7BC>2>6 BC> =1A D;19>A 8 D>;73?> 1
>A D;>4751;8 CA 7 576 6>4C<3?>6 =135<FG>6T
7 =7D7=<?7FR18 7?;79M6 5> =C;61 >6D>=EL<=1 51 6<6?>A 7 1L<=<72 5> >36<31[
@ =7D7=<?7FR1 7?;79M6 5> =C;61 >6D>=<72<P751 A <3<6?;751 D1; =>3?;16 5> ?;><37A >3?1 >
;>=13J>=<51 D>21 6<6?>A 7 1L<=<72 5> >36<31[
= =7D7=<?7FR1 7?;79M6 5> ?;><37A >3?1 37 >A D;>678 =135CP<51 D1; D;1L<66<1372 7C?1;<P751
# 76 <36?;CFG>6 ;>27?<976 ^6 D;>=7CFG>6 51 ?;7@72J18 D;>6=;<?76 31 6C@<?>A 8
5>9>A =136?7; 1;<>3?7FR1 BC73?1 ^ <5>3?<L<=7FR1 > =13?;12> 516 ;<6=16 > BC73?1 716 D;<A ><;16
61=1;;16 7 6>;>A D;>6?7516 >A =7616 5> 7=<5>3?>6 51 ?;7@72J1
# 151 D;1L<66<1372 BC72<L<=7518 7C?1;<P751 7 ?;7@72J7; >A <36?727FG>6 >2M?;<=768 5>9> ?>;
>667 =135<FR1 731?757 31 6>C ;>4<6?;1 51 >A D;>4751 ## d
# >6D1367@<2<575>
# 151 ;>6D136:9>2 D>276 <36?727FG>6 >2M?;<=76 > 16 D;1L<66<137<6 BC72<L<=7516 > 7C?1;<P7516
7 ?;7@72J7; >A <36?727FG>6 >2M?;<=76 5>9>A P>27; D>21 =CA D;<A >3?1 5>6?7 1;A 7
>4C27A >3?751;7
9 9 ' "
2M?;<=7T 7?>;<7<6 > BC<D7A >3?16 >A <6?>A 7 5> + 7<X7 >36R1 >37< d ""
);14;7A 7 5> =>;?<L<=7FR1 5> D>66172 5> A 73C?>3FR1
2M?;<=7T 2>?;1?M=3<=7 >37< d "" );14;7A 7 5> =>;?<L<=7FR1 5> D>66172
5> A 73C?>3FR1
2M?;<=7T >;;7A >3?76 > =>66U;<16 >37< d "" );14;7A 7 5>
=>;?<L<=7FR1 5> D>66172 5> A 73C?>3FR1
### >=\3<=7T C?1A 7FR1 R1 )7C21T 5<?1;7 21@1 # # #

Eletricidade Aplicada - CEDTEC PDF

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Eletricidade Aplicada - CEDTEC PDF

Transféré par

Droits d'auteur :

Formats disponibles

!

CA 7 D7;?E=C27 D;>6>3?> >A ?151 A 7?>;<72 51 C3<9>;61

: ; 151 :?1A 1 D166C< D;U?1368 >2M?;136 > 3QC?;136

R1 D7;?E=C276 6C@ 7?VA <=76 BC> D166C>A =7;476 >2M?;<=76 3>47?<976

R1 D7;?E=C276 6C@ 7?VA <=76 BC> D166C>A =7;476 >2M?;<=76 D16<?<976

BC> L7P CA 7 A 7?M;<7 5<L>;>3?> 57 1C?;7Z

?151 D>;=C;61 BC> ;>D;>6>3?7 CA =7A <3J1 L>=J751

@6>;9>8 741;78 1 D>;=C;61 57 =1;;>3?> 3CA 7 273?>;37T

2?C;7 )>61 *12CA >

A >2>?;<=<575>8 ?7A @MA >X<6?>A 4;735>P76

C 7 A >6A 7 <3?>36<575> D>;=1;;>351 1C?;1 =135C?1; >A # 6>4C3516T

1 =135C?1; 8 7 <3?>36<575> 57 =1;;>3?> M A C<?1 A 7<1; BC> 31 =135C?1; +

6 A 7?>;<7<6 > ?QA 1 A >6A 1 D1?>3=<72 >2M?;<=1

)1; >X>A D21T

) $ ]]]]]]]]]] ;>6<6?Q3=<7 ] ] ] ] ] ] ] ] ] ] =135C?\3=<7

7?C72A >3?>8 M A >5<57 >A

X<6?> CA 7 ;>27FR1 A 7?>A :?<=7 >3?;> 7 ?>36R1 >2M?;<=78

35>T S =1;;>3?> >A 7A Dc;>6

D;>357 7 C?<2<P7; 1 ?;<\34C21 576 5>5CFG>6 57

> 91=Q D;>?>35> 67@>; 1 9721; 57 ?>36R18 =C@;7 7 2>?;7 31 ?;<\34C21

CD13J7A 16 6>H7 S # 8> S

41;78 =C@;7 7 2>?;7 T

<=1C 7 LU;A C27

C<?1 @>A _ + 76?7 5<9<5<; 8 > 1 ;>6C2?751 6>;:

)1; >X>A D21T CD13J7A 16 6>H7 S # 8> S [ ?>;>A 16T

<=1C 7 LU;A C27

C<?1 @>A _ + 76?7 5<9<5<; 8 > 1 ;>6C2?751 6>;:

)1; >X>A D21T

>A D;> BC> L1; 7D2<=7; 7 2>< 5> JA

&C72 6>;<7 7 ;>6<6?Q3=<7 51 =JC9><;18 D7;7 >2>

C@6?<?C<351 >66>6 9721;>68 ?>A 16T

*1=Q C67;: CA 5<6HC3?1; 5> # A Dc;>6

&C7351 M BC> 7 =1;;>3?> M D>;<4167Z

>FR1 ?;7369>;672 M 7 :;>7 51 A 7?>;<728 BC7351 >6?> M

>FR1 ?;7369>;672 51 A 7?>;<72

5<A <3C<;: 7 ;>6<6?Q3=<7 7CA >3?7;: 7 ;>6<6?Q3=<7

7CA >3?7351 7 ?>A D>;7?C;7 5<A <3C<351 7 ?>A D>;7?C;7

7CA >3?7;: 7 ;>6<6?Q3=<7 7CA >3?7;: 7 ;>6<6?Q3=<7

A A C<?76 6<?C7FG>6 76 D>66176 ;>W3>A 6>T

D1?Q3=<7 >2M?;<=7 M CA 7 4;735>P7 =1A 1 7 ;>6<6?Q3=<7 >2M?;<=78 7 5<L>;>3F7 5> D1?>3=<728 1C 7

>A 16 7 D1?Q3=<7 5> n 7?? BC7351

3?R1 ?>A 16 7 6>4C<3?> >XD;>66R1T

)1?Q3=<7 >A n 7??6 S 912?6 7A D>;>

<A D2<L<=73518 ?>A 16T

*7A 16 9>; CA >X>A D21 5> =:2=C21 5> D1?Q3=<7T

A 1?1; ;>D;>6>3?751 31 5<74;7A 7 71

1 =<;=C<?1 71 2751 7 =1;;>3?> 576 2\A D7576

o 7?? M 7 C3<575> ?>A 8 D1;?73?18 6>C6

)1;MA 8 D7;7 1 31661 >6?C51 316

*7A 16 >3?R1 9>; 6C7 >BC<972Q3=<7 =1A 1 n 7??T

BC<21n 7?? Ko S # # # n 7??6 o 1C n 7?? S # 8# # BC<21n 7??

*>H7A 16 741;7 =1A 1 6> ?;736L1;A 7 o > Ko T

)7;7 ?;736L1;A 7; o >A Ko 5<9<5<A 16 1 3WA >;1 5> o 7??6 D1; # # #

*7A 16 7 CA >X>A D21T

)15> 6> =72=C27; 5> 5C76 L1;A 76T

)1?Q3=<7 >A Ko S o ) S ##o ) S # 8 Ko

*1=Q H: 7D;>35>C 7 =72=C27; 7 D1?Q3=<7 D>216 9721;>6 5>T

3?R18 7 D1?Q3=<7 51 ;>6<6?1; 6>;:

9721; 5> >6?: =13?<51 37 5<9<6R1 5> 1A 1 H: =72=C27;>A 16 73?>;<1;A >3?> S

*7A 16 7 1C?;1 >X>A D21T

*1=Q ?>A 8 31 =<;=C<?1 71 27518 16 9721;>6T

13L<;7 C67351 1 9721; 57 =1;;>3?>8 37 LU;A C27 LC357A >3?72

*>H7 1 >X>A D21T