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

`sa !><&<9&Y&B9DFGA&879&>&@>;:>:9&Y&@mB;GA&J>D9B9
:;KmB;?&G&C>@9D&@;DF7:9A&879&JDGB9:>&:j?9N&JGDY=&ERG&Y&
:;KmB;?A&87>E:G&JGE:9D>D=G<A&879&CW&9K9;FG<&BGEFDWD;G<&
U<&<7><&B>7<><3&[7>EF><&:lD9<&CWA&879&<9&KGD=>=&:G&
Ol<FGA & 9 & 87>EFG< & OG<FG<A & 879 & D9<7?F>=& :> & :lDn & (<<>&
;EK;E;F>&@>D;9:>:9&:G<&GZV9FG<&F9=&>&=9<=>&B>7<>&JGD&
GD;O9=H&><&:;K9D9EF9<&JDG:7TM9<
& 879 & @9=G<A & Fl:>< & <9 & BG=JM9= & :G< & =9<=G< & JD;E
BmJ;G<A & 9 & <9 & KGD=>= & BG= & G< & =9<=G< & ;E<FD7=9EFG<3
"?O7=>< & BG;<>< & :9O9E9D>= & U & JDGJGDTRG & 879 & <9 & >K><
F>= & :G & <97 & JD;=9;DG & <9DN & G7FD>< & <9 & :;OE;K;B>=A & 9
$ 87><9&Fl:><&@RG&=7:>E:G&:9&KGD=>&U&=9:;:>&879
@RG&K;B>E:G&:;<F>EF9<&:9&<;&=9<=><3&"<&WO7><&:9&7=>&
KGEF9&>&B>:>&J><<G&=7:>=N&JGD879&>J9E><&:9;L>=&>&
ZD9EC>A&G7&DGBC>&:GE:9&E><B9=A&87>E:G&9=&7=>&J>DF9&
K;B>=&<9E:G&?;=GA&9=&G7FD>&K?GDA&9&9=&G7FD>&:;>=>EF93&
[79 & G7FD> & B>7<> & =>;< & Y & > & E>F7D9P>A & :G & 879 & 7=>&
J9DJYF7>A&9&<;EO7?>D&=9F>=GDKG<9X

`cia "&@>;:>:9&J>D9B9Q<9&=7;FG&BG=&G&>=GD&JDSJD;GA
<9&Y&879&ERG&Y&G&=9<=GN&9&<9&<RG&J>;LM9<&:;@9D<><A&
<9=JD9 & Y & B9DFGA & 879 & G7 & > & @>;:>:9 & JDGB9:9 & :G & >=GD&
JDSJD;GA&G7&j<F9&Y&9K9;FG&:>&@>;:>:93&2><B97&G&CG=9=&
J>D>&@;@9D&9=&7=>&BGEFmE7>&>JDG@>TRG&:9&<;&=9<=GH&><&
G7FD><&J>;LM9<&EG<&:9<>=J>D>=&9=&7=&B9DFG&F9=JGA&9&
<S&EG<&>BG=J>EC>=&9=&?7O>D9<&B9DFG<N&>&@>;:>:9&9=&
FG:G&G&F9=JGA&9&9=&FG:G&G&?7O>D&EG<&>BG=J>EC>A&9&
<9O79A&ERG&<S&E><&B;:>:9<A&=><&F>=ZY=&EG<&:9<9DFG<A&
ERG&<S&E>&JD;=>@9D>&:G<&>EG<A&=><&9=&Fl:>&>&@;:>A&ERG&
EG&9<F>:G&:>&KGDF7E>A&=><&>;E:>&EG&F9=JG&:>&:9<OD>T>H&
J>;LRG&K;9?A&BGE<F>EF9&BG=J>EC;>A&9&J9D=>E9EF9&>=GD3
 ()0,)12)&'&34()'"'-"%+"+)'+*&'$*!)5&

2>:>&BGEFD;Z7;&F>EFG&J>D>&>&<GB;9:>:9&:G<&CGQ&`cca&=9E<A&
BG=G&>&=9<=>&@>;:>:9&:j?9<H&G<&;=JYD;G<A&9&D9JkZ?;B><A&ERG&
F;@9D>= & G7FD> & GD;O9=A & G7 & >G & =9EG< & ERG & F;@9D>= & G7FDG&
JD;EBmJ;GA & 9= & 879 & =>;< & <9O7D>=9EF9 & <9 & K7E:><<9=H & E>&
D9J>DF;TRG&:>&F9DD>A&ERG&<S&KjP&>V7EF>D&G<&CG=9E<&G<&=9<=G<&
OjE9DG<&:9&;EF9Dj<<9<A&=><&F>=ZY=&G<&=9<=G<&OYE9DG<&:9&@>;Q
:>:9<A&9&E;<FG&@j&:G;<&9K9;FG<&BGEFDWD;G<A&JGD879&<9E:G&JDSJD;G&
E>&@>;:>:9&G&<9J>D>D&G<&CG=9E<A&F>=ZY=&<9D@9&=7;F><&@jP9<&
:9&G<&7E;D3&1W&@>;:>:9<A&879&<RG&7E;@9D<>;<A&9&BG=JD99E:9=&
@;?><A&B;:>:9<A&9&E>TM9<&;EF9;D><H&><&G7FD><&<RG&J>DF;B7?>D9<A&9&
JDSJD;><&>&B>:>&7=&:9&ES<N&:><&JD;=9;D><&D9<7?F>&>&<GB;9:>:9A&
:><&<9O7E:><&>&:;@;<RG3

0;P9=A& 879&OG<FG<&9&:9<OG<FG<& ERG&<RG&=>;<&879&`c^a&

;=>O;E>TRGN&JGDY=A&=9?CGD&KlD>&:;P9DA&879&OG<FG<&9&:9<OG<FG<&
ERG&<RG&=>;<&:G&879&@>;:>:9<3&)>P9=G<&BGE<;<F;D&G&EG<<G&Z9=&
EG&=G:GA&BG=&879&G<&CG=9E<&G?C>=&J>D>&ES<A&9&EG&=G:G&BG=&
879&K>?>=&9=&ES<N&9&><<;=&>FY&EG<&K>P9=G<&:9J9E:9EF9<&:><&
>TM9<A&9&:G<&J9E<>=9EFG<&:G<&:9=>;<&CG=9E<A&87>E:G&BD9=G<&
879 & j?9< & EG< & >F9E:9=A & 9 & BGE<;:9D>= & 9<F> & ;=>O;E>TRGA & 879&
?;<GEV9;>&>&@>;:>:9A&JD9B;<>=9EF9&EG<&:W&Ol<FGH&<9&JGD&>?O7=>&
B>7<> & ;=>O;E>=G< & G & BGEFDWD;GA & > & =9<=> & ;=>O;E>TRG & EG<&
J9DF7DZ>A & 9 & ;E87;9F>3 & 2RG & CW & Ol<FGA & E9= & :9<OG<FG & OD>E:9A&
E>87;?G & 9= & 879 & > & ;=>O;E>TRG& ERG & F9= & > & =>;GD & J>DF9A & 9 & >&
@>;:>:9&9=J9ECG3

"&@>;:>:9&:;=;E7;&9=&ES<&>?O7=><&J9E><N&JGQ&&&&`cha&DY=&
>7=9EF>&>879?><A&879&E><B9=&:>&=9<=>&@>;Q
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

:>:9H&>&9<F><&E9=&G&9<879B;=9EFG&B7D>A&E9=&G&F9=JGN&
JGD879 & F7:G & G & 879 & GK9E:9 & > & @>;:>:9A & K;B> & <9E:G&
;E<9J>DW@9?&:>&EG<<>&=9=SD;>A&9&:>&EG<<>&:lD3&(EFD9&G<&
=>?9<&:>&E>F7D9P>A&>?O7E<&CW&879&Fj=&D9=Y:;GN&JGDY=&
G<&879&Fj=&>&@>;:>:9&JGD&GD;O9=A&<RG&;EB7DW@9;<&87><9&
FG:G<H&9&@9D:>:9;D>=9EF9&BG=G&CWQ:9&>B>Z>D&>&J9E>A&
87>E:G&>&?9=ZD>ET>&:>&GK9E<>&Z><F>&J>D>&K>P9DA&879&
:7D9&9=&ES<&>&>K?;TRGX&-7&BG=G&JG:9&B9<<>D&>&=WOG>A&
<9 & ERG & B9<<> & > & @>;:>:9A & 879 & > & JDG:7PX & "?O7E<&
<9EF;=9EFG< & CWA & 879 & <9 & ;EBGDJGD>=A & 9 & 7E9= & :9 & F>?&
KGD=>&>&ES<A&879&@j=&>&K;B>D&<9E:G&7=>&J>DF9&:9&ES<&
=9<=G<3

`cwa "&;=>O;E>TRG&:9<J9DF>A&9&:W&=G@;=9EFG&U&@>;Q
:>:9N & JGD & ;<<G & 9<F> & ERG & Y & J>;LRG& :G & BGDJGA & =>< & :>&
>?=>N&ERG&Y&@mB;G&:>&@GEF>:9A&=><&:G&9EF9E:;=9EFGA&
JG;<&:9J9E:9&:G&:;<B7D<G3&0>87;&@9=A&879&>&=>;<&KGDF9A&
9&>&=>;<&@R&:9&Fl:><&><&@>;:>:9<A&Y&>&879&D9<7?F>&:G&
<>Z9DN&JGD879&EG&CG=9=&ERG&CW&J9E<>=9EFGA&879&=>;<&
G&>OD>:9A&:G&879&>87j?9A&879&G&D9JD9<9EF>&<7J9D;GD&>G&
=>;<A&9&<7J9D;GD&EG&9EF9E:;=9EFGA&879&Y&Ej?9&>&J>DF9&
=>;< & <7Z?;=93 & " & B;jEB;> & C7=>E> & G & =>;< & > & 879 & <9&
9<F9E:9A & Y & >G& BGEC9B;=9EFG & :9 & 879 & E>:> & <9 & <>Z9H & Y&
<>Z9D&G&<>Z9D&;OEGD>DA&9&><<;=&@9=&>&B;jEB;>&>&K>P9D&
@>;:>:9&:>&;OEGDvEB;>3

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9EF9E:;=9EFGA&JGDY=&Y&7=&9EF9E:;=9EFG&<S?;:GN&JGD&
;<<G&JG:9&C>@9D&9EF9E:;=9EFG&<9=&V7mPGA&=><&ERG&V7mPG&
<9=& 9EF9E:;=9EFGH & F9D & =7;FG & 9EF9E:;=9EFG& U<& @jP9<&
JD9V7:;B>A & G & F9D & =7;FG & V7mPG & <9=JD9 & Y & kF;?H & G&
9EF9E:;=9EFG&Y&>&=>;GD&J>DF9&879&:;<BGDD9A&JGDY=
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

JG:9&:;<BGDD9D&=>?H&G&V7mPG&Y&>&=9<=>&J>DF9&879&:;<BGDD9A&
87>E:G & :;<BGDD9 & Z9=H & G & 9EF9E:;=9EFG & J9E<>A & G & V7mPG&
F>=ZY= & GZD>N & JGD & ;<<G & E>< & >TM9< & :9 & 7= & CG=9=&
BGEC9B9=G< & G & <97 & V7mPGA & 9 & EG & :;<B7D<G & ?C9 & @9=G< & G&
9EF9E:;=9EFGH & G & V7mPG & :7@;:> & >EF9< & 879 & D9<G?@>A & G&
9EF9E:;=9EFG&D9<G?@9&JD;=9;DG&879&:7@;:9N&JGD&;<<G&j<F9&
<9&9EO>E>&J9?>&K>B;?;:>:9A&BG=&879&:9B;:9A&9&>87j?9&>B9DF>&
J9?G&@>O>DA&BG=&879&JGE:9D>3&-D:;EU>D;>=9EF9&K>?>=G<&EG&
V7mPGA&9&ERG&EG&9EF9E:;=9EFG&:9&097<A&9&:9@9&<9D&J9?>&
;=JD9<<RGA&879&F9=G<A&:9&879&G&V7mPG&Y&=9EG<&<7V9;FG&>G&
jDDGA&879&9=&097<&Y&;=JG<<m@9?H&BG=&Fl:>&9<F>&@>EF>O9=A&
879&>BC>=G<&EG&V7mPGA&JG7BG&EG<&:9<@>E9B9&G&F9D&V7mPGA&9&
=7;FG&EG<&?;<GEV9;>&G&F9D&9EF9E:;=9EFG3&\GE<;:9D>=G<&G&
V7mPG&BG=G&BG;<>&JGJ7?>DA&G7&<rQ=9EF9&BG=G&7=>&9<JYB;9&
:9&JD7:jEB;>A&<9E:G&>?;W<&BG;<>&=7;FG&D>D>N&9&G?C>=G<&J>D>&
G&9EF9E:;=9EFG&BG=G&BG;<>&=>;<&>?F;@>A&9&9=&879&D9<;:9&>&
87>?;:>:9 & :> & >O7:9P>N & 9 & ><<;= & =>;< & EG< & >OD>:> & G&
:;<BGDD9D=G< & <7F;?=9EF9A & :G & 879 & G & :;<BGDD9D=G< & BG=&
>BjDFGA&9&>;E:>&K>P9=G<&@>;:>:9&:9&@G?F>D&:9&F>?&<GDF9&><&
BG;<><A&879&K;879=&J>D9B9E:GA&G&879&B?>D>=9EF9&<9&<>Z9A&
879&ERG&<RG3&-&9EO>EG&@9<F;:G&:9&9?G87jEB;>A&9&>DF9A&>FD>;A&
9&>&@9D:>:9&=>?&JG?;:>&E7EB>&J9D<7>:93&)>P9=G<&@>;:>:9&
:9 & 9DD>D & BG= & <7F;?9P>A & 9 & F9=G< & J9VG & :9 & >B9DF>D&
Dx<F;B>=9EF93

#G:G<& K>P9=& @>;:>:9& :9& F9D &=>?mB;><N& E9=& CW &`cta &879=&

:;O>A& 879 & > & ERG& F9=A & >EF9< & Y & :9K9;FGA & 879 & D9BGEC9B9=G< & BG=&
Ol<FGA & 9 & BGEK9<<>=G< & <9= & D9J7OEvEB;>H & > & D>PRG & YN & JGD879 & >&
=>?mB;>&BGE<;<F9&9=&J9E9FD>TRGA&JGD&;<<G&ERG&EG<&:9K9E:9=G<&:9&
7=&:9K9;FGA&879&;E:;B>&G&FjD=G<&9EF9E:;=9EFG3&"&@>;:>:9&K>PA&879&
ERG&CW&BG;<>A&879&ERG&<>BD;K;879=G<&>G&:9<9VG
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

:9&J>D9B9D&9EF9E:;:G<A&>;E:>&879&<9V>&U&B7<F>&:9&7=&
@mB;GA&G7&:9&7=>&B7?J>3&[7>E:G&EG<&879D9=G<&:>D&JGD&
7=>&ZGE:>:9&<9=&9L9=J?GA&:;P9=G<A&879&ERG&F9=G<&
=>?mB;> & >?O7=>H & JGDY= & j<<9 & J9E<>=9EFG & ERG & :7D>&
=7;FG & 9= & ES<N & JGD879 & > & @>;:>:9 & EG< & GZD;O> & >&
879D9D=G<&>EF9<&J>D9B9D&=>7<&BG=&9EF9E:;=9EFGA&:G&
879&ZGE<&<9=&j?9H&@9D:>:9;D>=9EF9&>&K>?F>&:9&=>?mB;>&Y&
K>?F>&:9&9EF9E:;=9EFGN&JGD879&=>?mB;>&JDrJD;>=9EF9&Y&
>879?> & ;EF9?;OjEB;>A & G7 & >FGA & 879 & JD9@j & G & =>?A & G7 & G&
=9:;F>N & JGD & ;<<G & Y & :;K9D9EF9 & G & F9D & =>?mB;>A & 9 & G & <9D&
=>?;B;G<GH&F9=&=>?mB;>&879=&:9<BGZD9&G&=>?&J>D>&G&
9@;F>DN&Y&=>?;B;G<G&879=&G&>EF9@j&J>D>&G&9L9DB9DH&>&
=>?mB;>&Y&7=>&9<JYB;9&:9&>DF9&E>F7D>?A&879&<9&BG=JM9&
:9 & BG=Z;E>TM9<A & 9 & BGE<987jEB;><A & 9 & E9<F9 & <9EF;:G & >&
=>?mB;>&Y&7=>&@;DF7:9&JG?mF;B>3&"<&=>;<&:><&BG;<><&Fj=&
=7;FG<&=G:G<A&9=&879&JG:9=&<9D&BGE<;:9D>:><N&JGD&
;<<G&>&=9<=>&BG;<>&JG:9&<9D&J9879E>A&9&OD>E:9N&JG:9&
<9D & =WA & 9 & F>=ZY= & ZG>N & JG:9 & <9D & ;EV7<F>A & 9 & V7<F>H & >&
@>;:>:9 & JGDY= & <9=JD9 & <9 & >JDGJD;> & G & =G:GA & G7 & G&
<9EF;:GA&9=&879&>&BG;<>&9=&ES<&K;B>&<9E:G&<7J9D;GDA&9&
>:=;DW@9?3

`cda "&D>PRG&ERG&EG<&KGDF>?9B9&BGEFD>&G<&=>?9<A&879
D9<7?F>=&:>&@>;:>:9A&>EF9<&EG<&9LJM9&>&Fl:>&>&>F;@;:>:9&
:9?9<N & JGD879 & ;E:7P;:> & J9?> & =9<=> & @>;:>:9 & <S & EG<&
=G<FD> & 879 & :9@9=G< & <9EF;DA & <9= & :;<BGDD9D & <lZD9 & >&
87>?;:>:9 & :G & <9EF;=9EFG3 & 2G & JD;EBmJ;G & :G< & EG<<G<&
:9<OG<FG<A & > & D>PRG & ERG & <9D@9 & J>D> & :;=;E7mQ?G<A & J>D>&
9L><J9DWQ?G<&<;=N&JGD879&BG=G&9=&ES<&F7:G&Y&@>;:>:9A&
F>=ZY=&>&EG<<>&D>PRG&ERG&Y&G7FD>&BG;<>&=>;<&:G&879&>&
EG<<>&=9<=>&@>;:>:93&%9EF9&>&D>PRG&G&879&>&@>;:>:9&
<9EF9A&9&87>E:G&@;=G<&>&<9EF;D&=9EG<A&Y&JGD&B>E<>:G<A&
9&ERG&JGD&>:@9DF;:G<3&0>87;&@9=A&879&><&=>;<&:><&@jP9<&
:9@9=G<&G<&EG<<G<
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

>B9DFG< & =9EG< & U & @GEF>:9A & :G & 879 & U & EG<<> & KD>879P>N&
:9@9=G< & > & EG<<> & =G:9D>TRG& =9EG< & >G& :;<B7D<GA & :G&
879&U&EG<<>&JDSJD;>&:9Z;?;:>:93&09;L>=G<&G&<9EF;=9EFG&
JGD&B>E<>:G<&:9&J>:9B9D3&"&:7D>TRG&:G&=>?A&879&EG<&
>Z>F9A&EG<&B7D>3

1W & GB><;M9<A & 9= & 879 & BGEFD>m=G< & > & GZD;O>TRG & `cea&
BGEG<BGA&:9&ERG&>:=;F;D=G<&>?m@;G&E><&EG<<><&=WOG><A&9&EG<&
>D=>=G< & :9 & D;OGDA & 9 & :9 & ><J9D9P> & BGEFD> & F7:G & G & 879 & JG:9&
BGE<G?>DQEG<A&BG=G&879D9E:GA&879&>&BGE<FvEB;>&E>&J9E>&EG<&
V7<F;K;879A&9&<;D@>&:9&=G<FD>D&>&;EV7<F;T>&:>&KGDF7E>H&J>D9B9Q
EG<A&879&G&<9D&K;D=9&>&EG<<>&:lDA&Y&JDG@>&:9&<9D&V7<F>H&9<F>&
;:Y;>&EG<&;E<J;D>&>&@>;:>:9&=9EG<&B7;:>:G<>&EG&<G<<9OG&:G&
EG<<G & vE;=GA & :G & 879 & >F9EF> & 9= & JDGB7D>D & > & 9<F;=>TRG & :G<&
CG=9E<3&f=>&OD>E:9&J9E>&>:=;D>Q<9A&9&D9<J9;F>Q<9H&Y&G&879&
Z><F>&J>D>&879&>&@>;:>:9&EG<&K>T>&J9D<;<F;D&EG&<9EF;=9EFG3

-<&D9F;DG<A&9&><&<G?;:M9<&E9=&<9=JD9&<RG&9K9;FG<&`csa&:G&
:9<9EO>EGA&><&=>;<&:><&@jP9<&<RG&:9?mD;G<&:9&7=&<9EF;=9EFG&
@RGA&G7&K7DGD9<A&9=&879&ZDGF>&>&@>;:>:9H&9EFRG&EG<&=G@9&G&K;=&
GB7?FG & :9 & 879D9D=G<A & 879 & > & :9=GE<FD>TRG& :> & :lD & EG< & K>T>&
D9BG=9E:W@9;<H&K>P9=G<&@>;:>:9&:9&F7:G&87>EFG&Y&OD>E:9H&>&
=9<=>&J9E>&87>E:G&Y&9LB9<<;@>A&EG<&?;<GEV9;>N&JGD879&EG<&
JDG=9F9&>&>:=;D>TRG&:G&=7E:G3

.7<B>=G<&>&097<&87>E:G&G&=7E:G&EG<&ERG&&&&`^ia&Z7<B>N&
<9&>?O7=>&GK9E<>&EG<&;DD;F>A&:9;L>=G<&>
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

<GB;9:>:9A&ERG&JGD&>DD9J9E:;:G<A&=><&JGD&879;LG<G<A&9&
=9EG<&JGD&>=GD&>&097<A&879&JGD&>ZGDD9B9D&G<&CG=9E<3&
" & @>;:>:9 & EG< & ;E<J;D> & >87j?9 & =G:G & :9 & @;EO>ET>A & 9&
J>D9B9&BG=&9K9;FGA&879&G&:9;L>D&G&=7E:G&Y&:9<JD9PWQ?G3&
"<<;=&<9DWN&=><&879=&:9<9V>&@;EO>DQ<9&>;E:>&>=>A&9&
879= & <9 & =G<FD> & GK9E:;:G & >;E:> & 879D3 & "=>=G< & G&
=7E:GA&9&><&<7><&@>;:>:9<N&JGD879&G&>=GD&:9&BG;<><&
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F7:G&Y&G&=9<=GN&9&879=&CW&879&<9=&?G7B7D>&:9;L9&:9&
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@>;:>:9&Y&FRG&:;KmB;?A&JGD879&Y&jDDG&9=&879&G&9EF9E:;=9EFG&F9=&
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?GOG & FD>P & BGE<;OG & G & :9<9=Z>D>TGA & > & BGEK;>ET>A & G & >DDGVGA & 9&
B9DF9P>3&5D9<7=9&=7;FG&:9
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

<;&879=&F9=&@>;:>:9A&JGD&;<<G&Y&BGEK;>:GH&ERG&JD9<7=9&
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@>;:>:9&EG<&K>P&J>D9B9DA&879&ERG&=9D9B9=G<&E>:>A&JGD&
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G&G7FDG&Y&=7;&BG=7=N&:>879?9&<9&BG=JM9&G&=7E:GA&
:j<F9&G&BY73

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9<F>&<9&K7E:>&9=&JD;EBmJ;G<&:9&@>;:>:9N&JGD879&<S&>&
@>;:>:9 & <>Z9 & BGDJGD;K;B>D& ;:Y;><A& 9& K>P9D& :;K9D9EF9A & 9&
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GDO>E;P>:G & :9 & 7=> & =9<=> & KGD=>3 & -< & CG=9E< & =>;<&
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@>;:>:9A&<RG&G<&879&J9?>&<7>&J>DF9&BGEFD;Z79=&=9EG<&
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<9D@;D&:9&GZV9FG&>G&@>;:G<G&D7m:G&:>
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

K>=>X&[79&=>;GD&:9?mD;GA&879&<>BD;K;B>D=G<&G&:9<B>E<G&
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F>=ZY=&:><&<7><&GJ;E;M9<N&ERG&<S&:><&<7><&GZD><A&=><&
F>=ZY=&:G<&<97<&BGEB9;FG<X

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B>Z9D&E>&?9=ZD>ET>&:G<&CG=9E<&FG:G<&G<&OD>E:9<&<7B9<<G<A&:9&
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J9E<>=9EFG&F9=&?;=;F9A&JGD&=>;<&879&EG<&J>D9T>&;=9E<>&>&<7>&
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[7>EFG< & (EY;>< & <9= & /;DOm?;G<X & [7>EFG< & "?9L>E:D9< & <9=&
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 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

J9DJ9F7>D&EG<&<97<&:9<B9E:9EF9<&G&JG:9DA&9&>&=>V9<Q
F>:9A & ERG& ?C9< & JG:9 & J9DJ9F7>D & G & EG=9H & :><& =>;GD9<&
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BG;<> & E9EC7=> & JWD>A & E9= & <7<J9E:9A & F7:G & >DD><F>A & 9&
F7:G & ?9@> & BGE<;OG & >G & JDGK7E:G & :9 & 7=> & 9F9DE;:>:93&
29<F9&>Z;<=GA&:GE:9&9EFD>A&9&E>:>&<>;A&<9&@RG&JD9B;J;F>D&
FG:G<&G<&<7B9<<G<A&9&BG=&j?9<&FG:G<&G<&;=JYD;G<3&-<&
EG<<G<&>EF9J><<>:G<&VW&@;9D>=A&9&VW&KGD>=N&9&ES<&:>87;&
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<9=JD9&=7:>A&G<&@;@G<A&9&G<&=GDFG<&BGEFyE7>=9EF9&<9&
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 ()0,)12)&'&34()'"'-"%+"+)'+*&'$*!)5&

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<9 & >J>O>= & FGF>?=9EF93 & ";E:> & >< & BG;<>< & ;E>E;=>:><A&
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879&<9&KGD=>=&G<&J>:DM9<A&@RG&J9D:9E:G&>&7E;RG&:><&
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EG=9N&JGD879&:G<&=9<=G<&C9DS;<&F>=ZY=&=GDD9=&G&EG=9A&9&>&
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:9 & >EG<A & BG=G & EG< & =>;< & CG=9E<A & 9 & > & @;:> & :><& <7><& >TM9<&
BG=JM9Q<9&:9&<YB7?G<N&JGDY=&j<F9<&>B>Z>=A&9&F7:G&G&879&<9&
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 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

9<879B;=9EFG3 & #7:G & EG & =7E:G & <RG & <G=ZD><A & 879&
J><<>=N&><&879&<RG&=>;GD9<A&9&=>;<&>O;O>EF>:><A&:7D>=&
=>;<&CGD><A&=><&F>=ZY=&<9&9LF;EO79=A&9&:G&=9<=G&
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>?O7E< & ;E<F>EF9<3 & - & :9<9VG & EG< & K;EO9 & =;? & GZV9FG<&
;=GDF>;<A&9&9EFD9&j?9<&>&K>=>&Y&G&879&=>;<&EG<&;EB?;E>&>&
@>;:>:9N&<9E:G&879&G&=9<=G&>DA&879&?C9&:;?>F>&G<&9BG<A&
?C9&BGEK7E:9A&9&>J>O>&>&@GP3&2><&BG;<><&Y&FDvE<;FGA&G&
879&EG<&J>D9B9&J9D=>EjEB;>&H&>&:;@9D<;:>:9A&879&@9=G<&
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>B>Z>E:GA&9&ERG&879&9<FRG&<9E:G3

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J9E:9&>&<GB;9:>:9N&JGD879&>&@>;:>:9&:9&>:87;D;D&>&K>=>&
;EK7E:9&>87j?9&@>?GD&EG<&CG=9E<A&879&87><9&BC9O>&>&
FD>E<KGD=WQ?G<&9=&=7D>?C><&J>D>&:9K9<>&:><&B;:>:9<A&9&
:G<&D9;EG<H&>&@>;:>:9&:9&<9D9=&>F9E:;:G<&G<&D9:7P&U&
FD>Z>?CG<> & GB7J>TRG & :9 & ;E:>O>D9= & G< & <9OD9:G< & :>&
:;@;E:>:9A&G&O;DG&:G<&><FDG<A&9&G<&=;<FYD;G<&:>&E>F7D9P>H&
>&@>;:>:9&:9&<9D9=&?9>;<&G<&K>P&GZ9:;9EF9<H&>&@>;:>:9&
:9 & <9D9= & >=>:G< & G< & K>P & Z9E;OEG<H & 9 & K;E>?=9EF9 & >&
@>;:>:9A&G7&>=GD&:>&D9J7F>TRG&G<&K>P&@;DF7G<G<3&0>87;&
@9=A&879&G&CG=9=&<9=&@>;:>:9&9EFD>&9=&7=&:9<JD9PG&
7E;@9D<>?&:9&F7:GA&9&BG=9T>&JGD&<;&=9<=GH&G?C>&J>D>&>&
D9J7F>TRG&BG=G&J>D>&7=>&K>EF><;>A&879&<9&KGD=>A&9&<9&
<7<F9EF>&:9&7=&<7<<7DDG&=7:W@9?A&9&:9&7=>&GJ;E;RG&
<9=JD9&;EBGE<F>EF9H&G?C>&J>D>&G&@>?GD&BG=G&J>D>&7=&
=9;G & BD79?A & 879 & > & F;D>E;> & ;:9G7 & J>D> & ;EFDG:7P;D & EG&
=7E:G&>&9<BD>@;:RGH&G?C>&J>D>&G&D9<J9;FG&BG=G&J>D>&
7=> & B9D;=lE;>A & G7 & :9J9E:jEB;> & <9D@;?A & 879 & ;E:;B>&
JG:9D&9=&7E<A&9&EG<&G7FDG<&=9:GA&<9=9?C>EF9
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

U&9<FWF7>&:9&bkJ;F9DA&:;>EF9&:>&87>?&FG:G<&<9&JDG<FD>=A&
ERG&JGD&>=GD&:G&m:G?GA&=><&JGD&B>7<>&:G&D>;GA&879&F9=&
E>&=RGN&G?C>&J>D>&>&Z9E;OE;:>:9&BG=G&J>D>&7=&=G:GA&
G7&>DF;KmB;G&:9&>FD>;D&>&<;&>&;EB?;E>TRG&:G<&G7FDG<A&9&JGD&
;<<G & @;DF7:9 & =9DB9EWD;>H & G?C> & J>D> & > & ?9>?:>:9 & BG=G&
J>D> & 7= & >FGA & 879 & JD9B;<>=9EF9 & D9<7?F> & :9 & 7=>&
<7Z=;<<RG&E9B9<<WD;>H&9&7?F;=>=9EF9&G?C>&J>D>&>&K>=>&
BG=G & J>D> & 7= & GZV9FG & @>OGA & 9 & ;EB9DFGA & 9 & 879 & E>&
D9>?;:>:9&@>?9&=9EG<&:G&879&B7<F>&>&BGE<9O7;D3

\G=&G<&>EG<&ERG&:;=;E7;&9=&ES<&>&@>;:>:9A&9&`hca&<9&
=7:>A&Y&<S&:9&9<JYB;93&"&B>:>&J><<GA&879&:>=G<&EG&:;<B7D<G&
:> & @;:>A & <9 & EG< & GK9D9B9 & 7= & F9>FDG & El@GA & BG=JG<FG & :9&
D9JD9<9EF>TM9<& :;@9D<><A & ><& 87>;<& <7B9<<;@>=9EF9& @RG&<9E:G&
GZV9FG<&:>&EG<<>&>F9ETRGA&9&:>&EG<<>&@>;:>:93&"<<;=&BG=G&EG<&
?7O>D9<A&CW&F>=ZY=&CGD;PGEF9&E>&;:>:9A&9&BGEF;E7>=9EF9&;=G<&
:9;L>E:G&7E<A&9&9EFD>E:G&9=&G7FDG<A&9&9=&FG:G<&j?9<&>&=9<=>&
@>;:>:9A & 879 & EG< & B9O>A & EG< & O7;>3 & 29= & <9=JD9 & KG=G<&
<7<B9Fm@9;< & :>< & =9<=>< & ;=JD9<<M9<N & E9= & <9=JD9 & <G=G<&
<9E<m@9;<&>G&=9<=G&<9EF;=9EFGN&<9=JD9&KG=G<&@>;:G<G<A&=><&
E9=&<9=JD9&:G=;E>&9=&ES<&G&=9<=G&OjE9DG&:9&@>;:>:93

1W & @mB;G<A & 879 & D>D>=9EF9 & :9;L>=G<A & <9 & j?9< & JD;Q & `h^a&
=9;DG&EG<&ERG&:9;L>=N&9&87>E:G&BG=&G&F9=JG&<9O7;D=G<&G&
9L9DBmB;G&:9&GZD>D&Z9=A&ERG&Y&JGD879&G&BGEC9B;=9EFGA&G7&>&
9LJ9D;jEB;>&EG<&:9F9D=;E9A&=><&JGD879&BGEF;E7>=9EF9&G<&>EG<&
EG<&@RG&K>P9E:G&;EB>J>P9<&:9&GZD>D&=>?N&9&><<;=&@;DF7:9<&CWA&
879
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

JD;=9;DG&BG=9T>=&J9?>&EG<<>&;EB>J>B;:>:9A&:G&879&JGD&
ES< & =9<=G<N & 9 & EG< & EG<<G< & >B9DFG< & > & D>PRG & Y & > & 879&
87><9 & <9=JD9 & F9= & =9EG< & J>DF93 & %S & > & @>;:>:9 & ERG&
9EKD>879B9A&JGD&=>;<&879&G&@;OGD&EG<&K>?F9N&BG=G&<9&
KlD>&7=&>K9FG&:>&>?=>&;E:9J9E:9EF9&:>&:;<JG<;TRG&:G&
BGDJG3

`hha 2RG&F9=G<&>?9OD;>A&<9&9<FW&:9<BGEF9EF9&>&@>;Q
& :>:9N & :> & =9<=> & <GDF9A & 879 & > & :9<OD>T> & ERG & >K?;O9A&
F>EFGA&87>E:G&<9&>BC>&>&@>;:>:9&<>F;<K9;F>3&"&=9<=>&
=GDF9 & ERG & <9 & =G<FD> & BG= & ;O7>? & <9=Z?>EF9 & EG<&
<7J?mB;G<N & JGD879 & > & 87>?;:>:9 & :j?9< & ;EK?7; & =>;GDA & G7&
=9EG<&J9E>H&JGD&;<<G&><&CGED><&:G&B>:>K>?<G&<9D@9=&:9&
>?m@;G & >G & :9?;E879EF9N & JGD879 & > & @>;:>:9A & 879 & 9<FW&
@9E:G&>&>F9ETRG&:G&OG?J9A&:j<F9&9<BGE:9&>G&=9<=G&
F9=JG&G&CGDDGDA&9&9EFD9F;:>&EG<&K>7<FG<&:G&?7FGA&:9<@;>&
:> & =9=SD;> & 7=> & OD>E:9 & J>DF9 & :> & BGE<;:9D>TRG & :>&
D7mE>3

`hwa 5>D>&E>:>&<9D&J9D=>E9EF9&9=&ES<A&>FY&G&S:;G
<9 & 9LF;EO79H & B>E<>=GQEG< & :9 & >ZGDD9B9DH & > & EG<<> & ;EQ
B?;E>TRG & F9= & ;EF9D@>?G<A & 9= & 879 & K;B> & ;<9EF> & :> & <7>&
=>?:>:9&E>F7D>?H&ERG&9<879B9&JGDY=&G&S:;GA&879&F9@9&
JGD&JD;EBmJ;G&@>;:>:9&GK9E:;:>N&><<;=&BG=G&E7EB>&G&
K>@GD& 9<879B9& 87>E:G & <9 & :;D;O9A & 9 & F9=& JGD & GZV9FG & >&
@>;:>:9&:9&879=&D9B9Z9&G&Z9E9KmB;G3&"&EG<<>&@>;:>:9&Y&
>&879&V7?O>&F7:GH&:W&9<F;=>TRG&>G&K>@GDA&9&D9O7?>&G<&
87;?>F9< & U & GK9E<>H & K>P & =7;FG & :G & 879 & Y & E>:>H & :G<&
>B;:9EF9<&K>P&<7Z<FvEB;>H&9&<9=JD9&K>P&=>;GD&F7:G&G&
879 & :;P & D9<J9;FG & > & <;3 & 2G< & Z9E9KmB;G< & J>O>=GQEG<&
=9EG<&:>&7F;?;:>:9A&879&:G&GZ<YQ
 '()*(+,(%&%-.'(&"&/"$0"0(&0-%&1-!(2%

87;GH&E><&GK9E<><&BGE<;:9D>=G<&=>;<&G&>FD9@;=9EFG&:>&
;EVkD;>A&879&G&JD9V7mPG&:G&=>?N&JGD&;<<G&<9&<9EF9&=9EG<&
>&:GD&:><&K9D;:><A&:G&879&G&>DDGVG&:G&;=J7?<G&N&9&><<;=&
E>&@>;:>:9&E7EB>&<9&KGD=>&B;B>FD;P9<&K;D=9<A&9&<9O7D><N&
JGD879&>&?9=ZD>ET>&:G&>OD>@G&>&B>:>&;E<F>EF9&><&K>P&
>ZD;D&:9&El@GA&9&@9DF9D&<>EO793

-&BGDJG&ERG&Y&<9E<m@9?&;O7>?=9EF9&9=&Fl:><&><&`h_a&<7><&
J>DF9<H&7=><&<GKD9=A&9&D9<;<F9=&=>;<N&87>?879D&:9<BGE<jDFG&
9=&G7FD><&Y&=GDF>?H&><<;=&F>=ZY=&EG&BGDJG&:>&@>;:>:9&CW&
J>DF9<A & 9= & 879 & J9E9FD> & =>;< & G & <9EF;=9EFGH & :>87; & @j=&
;E;=;P>:9<A&879&E9=&>&=GDF9&D9BGEB;?;>A&S:;G<&879&:7D>=&F>EFG&
BG=G&>&@;:>3&#7:G&G&879&EG<&F;D>A&G7&:;=;E7;&>&9<F;=>TRGA&EG<&
<9D@9 & :9 & FGD=9EFGN & JGD879 & G & D9<J9;FG & Y & G& m:G?G & BG=7=& :>&
@>;:>:9N&>87;?G&879&G&GK9E:9A&ERG&<9&J9D:G>&KUB;?=9EF9A&9&K;B>&
<9E:G&BG=G&7=&<>BD;?YO;G&;DD9=;<<m@9?A&9&BG=G&7=&JD;EBmJ;G&
:9&:GE:9&<9&GD;O;E>=&F>EF><&>@9D<M9<&C9D9:;FWD;><3

"B>Z>E:G&F7:G&BG=&>&=GDF9A&<S&>&:9<GED>&ERG&`hta&>B>Z>N&
JGD879&G&?>ZY7&>;E:>&@;@9&=>;<&:G&879&879=&G&J>:9B9H&JGD&
=>;<&;E<9E<m@9?&879&9<F9V>&7=&B>:W@9D&E>&<9J7?F7D>&`J9D=;F>Q
<9&>&C;JYDZG?9a&?W&J>D9B9&879&>&?9=ZD>ET>&:9&7=>&;EKvEB;>A&
879&9L;<F9&E>&=9=SD;>&:G<&879&K;B>=A&?C9&<9DW&>E;=>E:G&><&
B;EP><A&J>D>&G&K>P9D&B>J>P&:9&>K?;TRGA&9&<9EF;=9EFGH&F9DDm@9?&
87>?;:>:9A & B7VG< & 9K9;FG<A & G7 & B7VG & =>?A & ERG & <9 & >B>Z>A & >;E:>&
:9JG;<&879&>B>Z>&879=&G&F9=N&<9E:G&>&kE;B>&:9<OD>T>A&879&<9&
;=JD;=9&E>&>?=>A&BG=G&7=&B>DWF9D
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

;=GDF>?n&"&=GDF9&ERG&<9D@9&:9&?;=;F9&U&:9<GED>N&JGD879&
9<F> & @>; & <9O7;E:G & > & JG<F9D;:>:9 & BG=G & 7=> & C9D>ET>&
ZWDZ>D>A & 9 & ;EK9?;P3 & o<F9< & <RG & G< & J9E<>=9EFG<A & 879 & >&
@>;:>:9&EG<&;E<J;D>A&9&BG=G&7=>&J>;LRG&;EBGE<G?W@9?A&
>FY&EG<&J9D<7>:9A&879&>;E:>&:9JG;<&:9&=GDFG<&JG:9=G<&
<9EF;D&>&;EKv=;>H&9<F>&:;=;E7;&>&9<F;=>TRGA&9&G&D9<J9;FGN&
9&JGD&;<<G&=GDF;K;B>&F>EFGN&BG=G&<9&>&;EKv=;>&:G&:9?;FG&
<S&BGE<;<F;<<9&E>&>F9ETRGA&9&GJ;E;RG&:G<&CG=9E<A&9&ERG&
EG&:9?;FG&=9<=GN&G7&<9&<S&Kl<<9&:9<GED>&>879?>&879&<9&
<>Z9A&9&ERG&>879?>&879&<9&;OEGD>3

`hda %9&>&=9?>EBG?;>&EG<&:9<F9DD>&J>D>&>&<G?;:RG&:G
9D=GA & ERG & :9;L> & :9 & ;D & BGEG<BG & > & @>;:>:9N & 9 & 9EFRG&
<G=G<&BG=G&>&>@9&:9<OD>T>:>A&879&JGD&=>;<&879&K7V>&
:G&?7O>D&9=&879&D9B9Z97&G&OG?J9A&<9=JD9&?9@>&EG&J9;FG&
>FD>@9<<>:>&>&<9F>H&E7EB>&JG:9=G<&K7O;D&:9&ES<H&J>D>&
:GE:9&879D&879&@>=G<&;=G<&BG=&G<&EG<<G<&=9<=G<&
:9<@>D;G<A & <9 & Z9= & 879 & >< & @>;:>:9< & :G & 9D=G & <RG&
@>;:>:9<&;EGB9EF9<3&"&E>F7D9P>&ERG&F9=&?W&JGD&GZV9FG&
=>;< & :G & 879 & > & <; & =9<=>A & 9 & > & @>;:>:9A & 879 & F9= & E>&
BG=J?>BjEB;>A & BG= & 879 & <9 & BGEF9=J?>A & BGE<;<F9 & 9=&
D9K?9F;D&<lZD9&G<&9EO>EG<&:G&<YB7?GA&9&<lZD9&><&@9D:>:9<&
:>&<G?;:RGN&9&<9&>?O7=>&@9P&BC9O>&>&<9D&9LB9<<;@>&9<<>&
=9<=>&BG=J?>BjEB;>A&ERG&;=JGDF>N&JGD879&>&@>;:>:9&
:9&<9D&@;DF7G<G&F>=ZY=&J>D9B9&879&Y&@;DF7:9N&9&><<;=&
@;=G<&>&F9D&E>879?9&B><G&7=&@mB;GA&879&EG<&9=9E:>A&9&
7=&:9K9;FGA&879&EG<&=9?CGD>3
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

-C&87>EFG&Y&9<J9B;G<>&>&FD>E87;?;:>:9&:G&:9Q&`hea&<9DFGn&
*W&ERG&CW&S:;GA&E9=&<GZ9DZ>N&ERG&CW&BD79?:>:9<&E9=&;E@9V>H&
j<F9<&=GE<FDG<&<RG&K9D><&;E@;<m@9;<&879&C>Z;F>=&9EFD9&ES<A&J>D>&
<9D9= & =;E;<FDG< & K>F>;< & :>< & EG<<>< & :;<BSD:;><A & 9 & :>< & EG<<><&
>K?;TM9<N&E><B9=&:>&EG<<>&<GB;9:>:9A&9&<9&<7<F9EF>=&:>&EG<<>&
=9<=> & BG=7E;B>TRGH & JGD & ;<<G & > & @;DF7:9 & BG<F7=> & K7O;D & >G&
F7=7?FGA&JGD879&>&EG<<>&=>?:>:9&ERG&Y&J9?G&879&FGB>&>&B>:>&
7=&:9&ES<A&=><&J9?G&879&D9<J9;F>&>G<&G7FDG<H&KG=G<&J9D@9D<G<&
JGD&BG=J>D>TRGN&9&D9B;JDGB>=9EF9&7E<&<9D@;=G<&:9&GZV9FG&U<&
;E;87;:>:9< & :G< & G7FDG<N & > & @>;:>:9 & <9=JD9 & KG; & GD;O9= & :G<&
EG<<G< &=>?9<N& =><& JD;=9;DG& 879& >& @>;:>:9A& KG;& G& BG=YDB;G&
BG=7= & :>< & O9EF9<N & JGD879 & :j?9 & D9<7?F> & > & @>;:>:9 & BG=G&
BGEFWO;G & BGEFD>m:G & EG & FD>FGA & 9 & BGE@9D<>TRG& :G< & CG=9E<3 & -&
EG<<G&9EF9E:;=9EFG&KUB;?=9EF9&<9&;EK;BB;GE>A&ERG&<S&BG=&><&
GJ;E;M9<&JDSJD;><A&=><&F>=ZY=&BG=&><&>?C9;><N&ERG&<S&BG=&><&
JDSJD;><&@>;:>:9<A&=><&F>=ZY=&BG=&><&:G<&G7FDG<H&ERG&<9;&<9&
<9D;>&=>;<&kF;?&>G&CG=9=&G&<9D&;EBG=7E;BW@9?3

/9=G<&BGEK7<>=9EF9&><&>J>DjEB;><&:9&879&G&`hsa&=7E:G&
<9&BG=JM9H&G<&EG<<G<&:;<B7D<G<&D>D>=9EF9&9EBGEFD>=&BG=&>&
@9D:>:9A&BG=&>&:k@;:>&<9=JD9N&:9&<GDF9&879&>&B;jEB;>&C7=>E>&
Fl:> & BGE<;<F9 & 9= & :k@;:>3 & ";E:> & :G< & JD;=9;DG< & JD;EBmJ;G<&
@;<m@9;<A&9&=>F9D;>;<A&<S&BGEC9B9=G<&>&9L;<FjEB;>A&>&E>F7D9P>&
ERGN&JGD879&>&BGEF9LF7D>&:G&7E;@9D<G&Y&9=&<;&7E;:>A&9&D9O7?>D&
9= & KGD=>A & 879 & E> & GD:9= & :>< & <7>< & J>DF9< & ERG & <9 & JG:9=&
BGEC9B9D&7=><A&<9=&<9&BGEC9B9D9=&Fl:><N&JGD&;<<G&Fl:><&<9&
;OEGD>=A&JGD879&E9EC7=>&<9&BGEC9B9H&<S&>&@>;:>:9&BG<F7=>&
:9B;:;D&<9=&9=Z>D>TGA&JGD879&ERG&BC9O>&>&;=>O;E>DQ<9&B>J>P&
:9&jDDGH&G<&CG=9E<&=>;<&GZ<F;E>:G<&<RG&G<&=>;<&@>;Q
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

:G<G<A&9&<9=JD9&>&JGDK;>&@9=&U&JDGJGDTRG&:>&@>;:>:93

`wia "?O7=><&:k@;:><A&CW&879&D9<J9;F>=G<N&=><&E9=
>&9<<><&J9D:G>&>&@>;:>:9A&JG;<&E7EB>&879D&879&K;879=&
;E:9B;<><H & =>< & ;EK9?;P=9EF9A & JGD879 & E9?>< & <9=JD9 & >&
<G?7TRG& :> & :k@;:> & @9=& > & BGE<;<F;D & 9=& G7FD> & :k@;:>&
=>;GD3 & [7><9 & F7:G& FD>E<B9E:9 & U & EG<<> & BG=JD99E<RGA&
=><& E>:> & FD>E<B9E:9 & U & EG<<> & @>;:>:93 & 2>F7D>?=9EF9&
EG<&Y&G:;G<>&>&;DD9<G?7TRGA&9&>EF9<&EG<&;EB?;E>=G<&>&
9DD>DA&:G&879&>&K;B>D&;DD9<G?7FG<H&G&BGEK9<<>D&;OEGDvEB;>&
Y&>FG&>&879&<9&GJM9&>&@>;:>:9N&<9E:G&879&D>D>&Y&>&BG;<>A&
879&<9&EG<&=G<FD>A&<9=&7=&B9DFG&@Y7&879&>&9<BGE:9&:9&
<GDF9&879&ERG&@9=G<A&E9=&Z7<B>=G<&G<&GZV9FG<A&=><&>&
<G=ZD>&:j?9<3

`wca 2><&J>;LM9<&Y&E>F7D>?&G&9EFD9F9DQEG<&B>:>&7=>
BG=&>&9<J9D>ET>A&879&?C9&Y&JDSJD;>N&9&BG=&K9;FG&E>:>&Y&
=>;< & >OD>:W@9? & :G & 879 & 7=> & 9<J9D>ET> & ?;<GEV9;D>3 & -&
:9<9VG&<9&:9?9;F>&9=&=9:;F>D&EG&Z9=A&879&9<J9D>N&9&>&
E>F7D9P>A&>&879=&><&J>;LM9<&Fj=&<9=JD9&9=&>TRGA&ERG&
B9<<>&:9&O7;>D&G&J9E<>=9EFG&J>D>&>879?>&=9<=>&J>DF9A&
J>D> & :GE:9 & > & EG<<> & ;EB?;E>TRG& JDGJ9E:9N & JGD & ;<<G & G&
>=GD&BGEFyE7>=9EF9&EG<&JDG=9F9A&879&CW&:9&>B>Z>D&>&
F;D>E;>A&9&879&B9:G&CW&:9&@;D&>&K9?;P&BGDD9<JGE:jEB;>N&G&
S:;G&EG<&<9O7D>A&879&@9=&BC9O>E:G&G&:;>&:>&@;O>ET>N&9&
K;E>?=9EF9&>&@>;:>:9&<S&EG<&GK9D9B9&;:Y;><&:9&D9<J9;FGA&
9&:9&OD>E:9P>N&9&:9<F>&<GDF9&ERG&@;@9=G<A&9<J9D>=G<&>&
@;:>3
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

1W & 7= & OjE9DG & :9 & @>;:>:9A & 879 & Fl:> & BGE<;<F9 & 9= & `w^a&
JDGB7D>D=G< & 879 & <9 & K>?9 & 9= & ES<N & JGD & ;<<G & > & =9<=> & @>;:>:9&
;E@9EFG7&>&KD><9&:9&:;P9DQ<9A&879&@;@9&EG&9<B7DG&>87j?9&:9&879=&
<9&ERG&K>?>N&:>E:G&>&9EF9E:9DA&879&><&9=JDj<><A&JGD&=9;G&:><&
87>;<&<9&K>?>&EG<&CG=9E<A&<RG&>&B?>D;:>:9&879&G<&=G<FD>A&9&G<&
:;<F;EO79H & BG= & 9K9;FG & JGD & =>;< & 879 & @;@>=G< & V7EFG<A & 9 & EG<&
@9V>=G<&<9=JD9A&Y&JGD&7=&=G:G&BG=G&@>OGA&9&J><<>O9;DGH&><&
BG;<><&E9=&JGD&9<F>D9=&=7;FG&J9DFG&<9&@j9=&=9?CGDA&9&G<&C9DS;<&
G&879&G<& K>P& =>;<&@;<m@9;<A&Y&>&:;<FvEB;>A&9& :9<JDGJGDTRG&:G<&
G7FDG<&CG=9E<&9=&879&G<&JM9=&><&<7><&>TM9<H&ERG&<S&G<&CG=9E<A&
=><& >;E:> & G< & <7B9<<G<A & 87>EFG & =>;< & ?GEO9 & @RG & K;B>E:GA & =>;<&
BD9<B9=A&9&EG<&@RG&J>D9B9E:G&=>;GD9<A&>FY&879&G<&@;=G<&J9D:9D&
:>&@;<F>A&9&=7;F><&@jP9<&:>&=9=SD;>N&JGD879&EG&F9=JG&F>=ZY=&
CW & 7= & JGEFG & :9 & J9D<J9BF;@>A & :GE:9 & BG=G & 9= & 9<J9?CG & @RG&
BD9<B9E:G&FG:G<&G<&GZV9FG<A&9&9=&BC9O>E:G&>&7=&B9DFG&FjD=G&
:9<>J>D9B9=3 & "< & 9=JD9<><A & 879 & CGV9 & @9=G<A & F>?@9P & ERG & <RG&
;EK9D;GD9<&U<&879&>&FD>:;TRG&D9K9D9&:G&F9=JG&:G&C9DGm<=GN&JGDY=&
Fj=&:9&=9EG<&G&9<F>D9=&JDSL;=><&>&ES<A&9&><&G7FD><&Fj=&:9&=>;<A&
G & @>?GD & 879 & D9B9Z9= & :9 & 7=> & >EF;O7;:>:9 & @9E9DW@9?H & >879?><&
>:=;D>=G< & JGD879 & ERG & F9=G< & ;E@9V>A & E9= & @>;:>:9A & 879 & EG<&
JD9GB7J9&BGEFD>&G<&879&J><<>D>=&CW&=7;FG<&<YB7?G<N&BGEFD>&G<&
879&9L;<F9=&<;=A&9&:j<F9<A&<9&<>Z9=G<&><&>TM9<A&F>=ZY=&<>Z9=G<&
><&B;DB7E<FvEB;><&:9?><N&JGD&;<<G&><&:9<JD9P>=G<A&JGD879&Y&D>D>&>&
9=JDj<>&C9DS;B>A&9=&879&ERG&9EFD9&>?O7=&K;=&;E:;OEGA&9&@;?H&>&
=>;<&;?7<FD9&>TRG&K;B>&;EK>=9&J9?G&=GF;@G3

-&879&BC>=>=G<&;E@9V>A&ERG&Y&<9ERG&@>;:>:93&&&&`wha&
\GEF;E7>=9EF9&>B7<>=G<&>&;EV7<F;T>&:>&KGDF7E>A&9
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

>& BGE<;:9D>=G< &>;E:>& =>;<&B9O>&:G&879&G& >=GDA &E>&

D9J>DF;TRG&:><&K9?;B;:>:9<3&09<9V>=G<&G&879&G<&G7FDG<&
JG<<79=A&JGD879&EG<&J>D9B9A&879&F7:G&G&879&G<&G7FDG<&
Fj=A&ES<&G&=9D9Bm>=G<&=9?CGDN&JGD&;<<G&G?C>=G<&BG=&
:9<OG<FG&J>D>&><&BG;<><&>?C9;><A&JGD&EG<&J>D9B9DA&879&
:9@;>= & <9D & EG<<><H & 879 & Y & ;<FG & <9ERG & @>;:>:9cX & 2RG&
JG:9=G< & @9D & ?7P;=9EFG & 9= & G7FD9=A & JGD879&
;=>O;E>=G<A&879&<S&9=&ES<&Y&JDSJD;GH&B7;:>=G<A&879&>&
OD>E:9P> & <S & 9= & ES< & K;B> & <9E:G & E>F7D>?A & 9 & EG< & =>;<&
@;G?9EF>H&G&9<J?9E:GD&>?C9;G&J><<>&EG&EG<<G&BGEB9;FG&
JGD&:9<GD:9=&:G&>B><GA&9&JGD&=;<YD;>&:G&F9=JG3&[79=&
:;D;>&>G<&CG=9E<A&879&EG&=7E:G&CW&G7FD>&BG;<>&=>;<&:G&
879&KGDF7E>A&9&879&E><&CGED><&CW&JD9:9<F;E>TRGX

`wwa 2RG&@;@9=G<&BGEF9EF9<A&<9&>&EG<<>&@>;:>:9&ERG
@;@9&<>F;<K9;F>N&>;E:>&F9=G<&G&Z9=A&879&BG=&JG7BG&<9&
>?;=9EF>&>&@>;:>:93&f=&D;<G&>OD>:W@9?A&879&>BC>=G<&
E>< & J9<<G>< & 9=;E9EF9<A & 9 & 879 & JGD & =>;<A & 879 & <9V>&
987m@GBG&<9=JD9&>&@>;:>:9&G&;EF9DJD9F>&>&<97&K>@GDN&7=&
GZ<Y87;GA&879&F9=&JGD&JD;EBmJ;G&>&:9J9E:jEB;>A&9&9=&
879&G&;EF9Dj<<9&<9&9<BGE:9&<7F;?Q=9EF9N&7=>&<7Z=;<<RGA&
879 & EG< & K>P & BD9D & 879 & G< & CG=9E< & Fj= & GZD;O>TRG & :9&
D9<J9;F>DQEG<N&7=>&?;<GEV>&:;F>&BG=&F>?&>DF9A&879&K;B>&
<9E:G&;=JG<<m@9?A&BGEC9QB9D=G<Q?C9&@9E9EGN&87>?879D&
BG;<>&:9<F><A&9&>;E:>&=9EG<&Z><F>A&J>D>&879&>&EG<<>&
@>;:>:9 & <9 & D9@9V>A & 9 & <9 & <>F;<K>T>N & :9 & <GDF9 & 879 & ERG&
@;@9=G<&>?9OD9<A&<9&ERG&@;@9=G<&@>;:G<G<3
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

5DGB7D>=G<&<9D&GZV9FG<&:>&=9=SD;>A&9&><<7EFG<&:>&
K>=>H&G&EG<<G&K;=&Y&879D9D=G<A&879&<9&K>?9&9=&ES<A&
@;E:G & > & <9D & >=Z;B;G<G< & :>< & J>?>@D>< & :G< & G7FDG<A & 9&
;:S?>FD>< & :>< & E>DD>TM9< & :> & C;<FSD;>3 & o<F9 & :9?mD;G & EG<&
9EFD9O> & > & >J?;B>TRG & :>< & ?9FD><A & 9 & EG< & ;E<J;D> & >&
;EB?;E>TRG&:><&>D=><A&BG=G&:G;<&JG;G<A&879&O7;>=&J>D>&
7=>&K;EO;:>A&9&<GEC>:>&;=GDF>?;:>:93&"?O7E<&KGO9=&:>&
<GB;9:>:9N & G7 & JGD & B>E<>:G< & :G & F7=7?FGA & G7 & JGD879&
BGEC9B9=&G<&9EO>EG<&:G&>J?>7<GN&JGDY=&>;E:>&j<<9<&?W&
<9 & KGD=>= & 7=> & BD9ET> & @>;:G<>A & :9 & 879 & G< & CG=9E<&
K>?>= & Ej?9<A & 9 & :;<BGDD9= & <lZD9 & >< & B>7<>< & :G< & <97<&
D9F;DG<3&[7>EF><&@jP9<&EG<&J>D9B9A&879&G&ZG<879A&879&
EG<&<9D@9&:9&=7:>&BG=J>EC;>A&<9&=>OG>&:G<&EG<<G<&
;EKGDF7E;G<A & 9 & 879 & G & @>?9 & D9B9Z9 & G & <9EF;=9EFG & :><&
EG<<><&879;L><A&87>E:G&9=&9BG<&9EFD9O>&>G<&@9EFG<A&
J>DF;:G<&G<&EG<<G<&>;<n&5>D9B9QEG<A&879&>&>7DGD>&E><B9&
D;E:G&:G<&EG<<G<&=>?9<N&879&><&KGEF9<&=7D=7D>=&:G<&
EG<<G< & :9<><<G<<9OG<N & 879 & >< & K?lD9< & BD9<B9= & J>D>&
<m=ZG?G&:><&EG<<><&:9?mB;><N&9&879&><&>@9<&K9<F9V>=&G<&
EG<<G<&FD;7EKG<3

-<&CG=9E<A&>&879=&>&BGEBGDDjEB;>&:9&>B><G<&`wta&K9?;P9<&
K>P & BC>=>D & OD>E:9<A & JD9<7=9=A & 879 & >;E:> & 879 & :j?9< & ERG&
:9J9E:9 & > & 9L;<FjEB;> & :G & =7E:GA & BGEF7:G & :9J9E:9 & :j?9< & >&
GD:9=A&9&>&9BGEG=;>&:><&BG;<><H&FG:G<&K>?>=&E><&<7><&>TM9<A&9&
E;<FG&BGE<;<F9&>&<7>&=>;GDA&9&=>;<&9<F;=>:>&@>;:>:93&09;L>=G<&
?;@D9=9EF9&G&BG=YDB;G&:G<&CG=9E<A&=><&ERG&D9E7EB;>=G<&G&
@;@9D&E>&>:=;D>TRGA&9&EGFmB;>&:j?9<N&BGE<9EF;=G<&9=&>J>DF>DQ
EG< & :9 & <GDF9A & 879 & E7EB> & =>;< & <9V>=G< & @;<FG<A & =>< & ERG&
BGE<9EF;=G<&9=&ERG&<9D&?9=ZD>:G<H&K;E>?=9EF9&879D9=G<A&879&
<9&K>?9&9=&ES<H&><&=9<=><&<9J7?F7D><A&879&<RG&7E<&J9879EG<&
F9>FDG<
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

:><&=>;<&?><F;=G<><&FD>O9:;><A&9<J>EF>=&=9EG<&J9?G&
CGDDGD&:><&<G=ZD><A&879&J9?G&<;?jEB;G3

`wda !;?&JD9B9;FG<&CW&879&EG<&9E<;E>=A&G&87RG&JG7BG
<RG&9<F;=W@9;<&9=&<;A&j<<9<&=9<=G<&GZV9FG<&879&Z7<Q
B>=G< & BG= & K>:;O>H & G & BGEC9B9D=G< & > & @>;:>:9 & :><&
BG;<><A & ERG & Z><F> & J>D> & >< & ERG & 879D9D=G<N & JGD879 & G&
BGEC9B;=9EFG&:9&7=&=>?A&879&<9&>J9F9B9A&Y&7=&=9;G&
=7;FG&:YZ;?&J>D>&G&:9;L>D3&2G&=9<=G&D9F;DG&F9=G<&FG:G&
G&=7E:G&EG&BGD>TRGA&9&E9<F9&@;@9=&><&J>;LM9<&9EFRG&
=>;<&BGEB9EFD>:><A&9&JGD&;<<G&=>;<&@;OGDG<><A&9&=>;<&
KGDF9<H&G&<9D&G&?7O>D&=>;<&>J9DF>:G&ERG&EG<&?;@D>&:G&
BG=Z>F9A&>EF9<&G&K>P&=>;<&>DD;<B>:GH&>&@>;:>:9&Y&BG=G&
G&>=GDA&j<F9&87>E:G&G&:9;L>=G<A&<9=JD9&EG<&K;B>&7=>&
<>7:>:9&?9EF>A&879&;E<9E<;@9?=9EF9&EG<&:9@GD>N&JGD879&
Y & 7= & =>?A & B7V> & JD;@>TRG & <9 & <9EF9 & BG=G & G7FDG & =>?&
=>;GDH & >;E:> & :9JG;< & :9 & J><<>:G< & =7;FG< & >EG<A & >&
?9=ZD>ET>A&879&U<&@jP9<&EG<&GBGDD9&:9&7=&>=GDA&879&
J>D9B9 & >B>ZG7A & <9=JD9 & EG< & @9= & BG= & <GZD9<<>?FGN & G&
BGD>TRG&E7EB>&K;B>&;E:;K9D9EF9A&9&<9=JD9&D9B9Z9&BG=&
>?@GDlTG&>&;:Y;>&:9&7=&>D:GD&>=GDF9B;:GA&9&BG=G&879&G&
D9B?>=>3&/9D:>:9;D>=9EF9&J9D:;:>&>&@>;:>:9A&9&J9D:;:G&
G&>=GDA&879&EG<&K;B>X

`wea z&JDSJD;G&:>&@>;:>:9&G&:>D&@>?GD&>&=7;F><
BG;<><A&879&G&ERG&Fj=A&9&87><9&F7:G&G&879&>&@>;:>:9&
9<F;=>A&Y&@RG3&[79&BG;<>&JG:9&C>@9DA&879&F9EC>&9=&<;&
=9EG<&<7Z<FvEB;>&:G&879&7=><&B9DF><&K9?;B;:>:9<A&879&
JGE:9D>:> & > & =9?CGD & J>DF9 & :9?><A & BGE<;<F9A & G7 & 9=&
J>?>@D><A&G7&9=&O9<FGH&>&:9EG=;E>TRG&:9
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

OD>E:9A&:9&=>;GDA&9&:9&9LB9?9EF9A&9&><&<7Z=;<<M9<A&879&
;E:;B>= & G & D9<J9;FGA & K>P9= & 7=> & J>DF9 & 9<<9EB;>? & :><&
O?SD;><&:j<F9&=7E:GN&>&JD;=9;D>&ERG&BGE<;<F9&=>;<&:G&
879&9=&J>?>@D><N&>&<9O7E:>&Fl:>&<9&BG=JM9&:9&O9<FG3&
[79&;=JGDF>&U&K9?;B;:>:9&:G&CG=9=A&879&G<&G7FDG<A&
87>E:G&?C9&K>?>=A&>DF;B7?9=&=>;<&7=&<G=A&879&G7FDGA&9&
879&E><&D9@9DjEB;><&879&;EFDG:7P;7&>&?;<GEV>A&<9&:GZD9=&
=>;<A & G7 & =9EG<X & " & @>;:>:9 & EG< & K>P & BD9D & K9?;P9< & U&
JDGJGDTRGA & 879 & G7@;=G< & 9<F>A& G7 & >879?> & @GPA & 9 & 879&
@9=G<&j<F9A&G7&>879?9&B7?FGH&>&@;:>&B;@;?&<9&D9:7P&>&7=&
B9D;=GE;>?&BG=JG<FG&:9&O9E7K?9LM9<A&9&:9&J>?>@D><3

%S&>&@>;:>:9&<>Z9&:>D&9L;<FjEB;>&U<&BG;<><&879&`wsa&>&ERG&
Fj=A&9&EG<&K>P&;:S?>FD><&:9&7E<&E>:><A&879&ERG&Fj=&=>;<&BGDJGA&
879&G&879&D9B9Z9=&:G&EG<<G&=G:G&:9&9EF9E:9DA&9&EG<&;E:7P&>&
Z7<B>D=G< & j<<9< & =9<=G< & E>:><A & BG=G & =9;G< & :9 & EG<&
:;<F;EO7;DN&<9E:G&879&E9=&097<A&E9=&>&E>F7D9P>&EG<&:;<F;EO7;7&
E7EB>3&2>&?9;&7E;@9D<>?&E;EO7Y=&K;BG7&;<9EFG&:>&:GDA&E9=&:>&
FD;<F9P>N&FG:G<&E><B9=&<7V9;FG<&>G&=9<=G&JD;EBmJ;GA&879&Y&>&
@;:>A&9&>G&=9<=G&K;=A&879&Y&>&=GDF9H&>&FG:G<&BG=JD99E:9&G&
9K9;FG&:G<&9?9=9EFG<N&FG:G<&<9EF9=&G&>D:GD&:G&<G?A&9&G&D;OGD&:G&
KD;GN&>&KG=9A&9&>&<j:9A&G&OG<FGA&9&>&J9E>A&Y&BG=7=&>&F7:G&
>87;?G&879&D9<J;D>H&G&"7FGD&:G&=7E:G&KjP&>G&CG=9=&<lZD9&
7=> & =9<=> & ;:Y;> & 7E;KGD=9A & 9 & ;O7>?A & 9 & E> & GD:9=& BG=& 879&
:;<Jl<&>&E>F7D9P>A&ERG&BGEC9B97&9LB9TM9<A&E9=&JD;@;?YO;G<H&
E7EB>&G&CG=9=&JG:9&<9D&=>;<&E9=&=9EG<&:G&879&CG=9=N&9&
JGD & =>;< & 879 & > & @>;:>:9 & ?C9 & 9<F9V> & <7O9D;E:G & 7E< & B9DFG<&
>FD;Z7FG<A&G7&B9DF><&87>?;:>:9<A&879&G&K>P9=&J>D9B9D&=>;GDA&9&
=>;< & BGE<;:9DW@9?A & 879 & G< & =>;< & CG=9E<A & 9<<>< & =9<=><&
87>?;:>:9<A&>;E:>&<9E:G&@9D:>:9;D><A&<9=JD9
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

<RG&;=>O;EWD;><N&JGD879&F>=ZY=&CW&@9D:>:9<&K>EQ
FW<F;B><A&9&BG=JG<F><&<r=9EF9&:9&;?7<M9<3

`_ia "&@>;:>:9&Y&BC9;>&:9&>DF;KmB;G&9&<9&GB7J>&9=
F;D>D& :>&EG<<>& @;<F>A&9&:>&EG<<>&BG=JD99E<RG&G& @9DQ
:>:9;DG&<9D&:><&BG;<><A&J>D>&?C9<&<7Z<F;F7;D&7=&K>?<GA&9&
>J>D9EF93&09&879&<9D@9&>&JkDJ7D>A&=>;<&879&:9&9EBGZD;D&
G&CG=9=&>&<;&=9<=GA&9&7=>&K;O7D>&<;=J?9<A&BG=7=A&9&
;O7>?&9=&FG:G<A&=G<FDWQ?>&:9<K;O7D>:>A&9&G7FD>&:9Z>;LG&
:9&7=&@Y7&J7D>=9EF9&9LF9D;GDX&#7:G&G&879&<9&9<BGE:9&
K;B>&BG=&B>DWF9D&:9&=;<FYD;GA&9&JGD&;<<G&BG=&@9E9D>TRGA&
9&BG=&D9<J9;FGH&>&@>;:>:9&KG;&G&JD;=9;DG&>DFmK;B9A&879&
;E@9EFG7&G&:;<F;EO7;D&G<&CG=9E<&J9?>&9<J9B;>?;:>:9&:G&
GDE>FGA & 9 & J9?> & <;EO7?>D;:>:9 & :> & BlDN & ><<;= & <RG & ><&
:;<F;ETM9<A&879&>&@>;:>:9&EG<&JDGB7D>N&E9EC7=>&YA&E9=&
JG:9&<9D&9=&ES<A&=><&E><&BG;<><&879&EG<&BGZD9=3

`_ca %S&>&@>;:>:9&:G<&D9;<&Y&@>;:>:9&V7<F>A&JGD879
>&5DG@;:jEB;>&VW&87>E:G&G<&KGD=G7&J>D>&>&:G=;E>TRGA&
?GOG&G<&:9<F;EG7&J>D>&K;O7D><&:>&:;@;E:>:9A&9&BG=&7=>&
<9=9?C>ET>&=>;<&879&=>F9D;>?A&9&;E:;K9D9EF9N&JGD879&>&
=9<=> & 9<<jEB;>A & :9 & 879 & <RG & ;=>O9E<A & J>D9B9A & ?C9<&
BG=7E;B>&7=>&JGDTRG&:>&;:Y;>A&879&D9JD9<9EF>=3&5GD&
=>;< & 879 & G< & <7B9<<G< & <9V>= & D9O;:G< & J9?G & >B><GA&
BGEF7:G&>G<&D9;<&ERG&G<&K>P&>&KGDF7E>A&E9=&G&@>?GDN&=><&
<;=&>879?>&=9<=>&;EF9?;OjEB;>A&879&:W&G<&JD;=9;DG<A&9&
JD;EB;J>;<&=G@;=9EFG<&>G&fE;@9D<G3&";E:>&EG<&GDZ9<&
B9?9<F9< & @9=G< & >?O7E< & BGDJG<A & 879 & J>D9B9 & B7<F>D>=&
=>;<&B7;:>:G&>G&"7FGD&:G&=7E:GA&JG;<&ZD;?C>=&BG=&
?7P & =>;< & K;D=9A & =>;< & ;EF9E<>A & 9 & =>;< & BGE<F>EF93 & -<&
=GE>DB><
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

J>D9B9=Q<9&BG=&G<&=>;<&CG=9E<&E>&C7=>E;:>:9A&=><&
:;K9D9=&E><&87>?;:>:9<&:>&>?=>H&>&BGDG>A&879&G<&B;EO9A&
ERG & <S & ?C9< & ;?7<FD> & > & B>Z9T>A & =>< & F>=ZY= & G&
J9E<>=9EFGH&G&B9FDGA&879&;E:;B>&>&=>V9<F>:9A&F>=ZY=&
;E<J;D>&G&9<KlDTGN&9&>&OD>E:9P>&EG&JG:9D&F>=ZY=&;EK?7;&
9LF9E<RG&EG&9<JmD;FGN&JGD&;<<G&E>&>DF9&:9&D9;E>D&ERG&CW&
D9OD><A&879&JG<<>=&<9D&<>Z;:><&JGD&879=&ERG&Y&D9;3

"<<;= & BG=G & Y & V7<FG & > & @>;:>:9 & :9 & 7= & D9; & V7<FGA & `_^a&
F>=ZY=&Y&;Em87>&>&@>;:>:9&:9&7=&F;D>EGH&G&9<J?9E:GD&:9&7=&
FDGEG&>:87;D;:G&;EV7<F>=9EF9&ERG&B9O>&>&>F9ETRG&:9&<GDF9A&879&
K;879=&G<&G?CG<&<9=&JG:9D&9L>=;E>DQ?C9&G<&D>;G<N&7=&?7O>D&
FRG & <>OD>:GA & E9= & <9=JD9 & G & BGE<;:9D>= & G< & CG=9E< & BG=&
;=7E;:>:93&-<&F;D>EG<&<9=JD9&KGD>=&GZV9FG<A&ERG&<S&:G<&?G7Q
@GD9<A&=><&F>=ZY=&:>& BDmF;B>N& ERG& <S&:><&>:=;D>TM9<A& =><&
F>=ZY=&:G<&D9J>DG<N&ERG&<S&:G&>=GDA&=><&F>=ZY=&:G&S:;GH&<9&
CW&879=&G<&>:=;D9A&F>=ZY=&CW&879=&G<&D9JDG@9N&>&?;<GEV>&G<&
;O7>?>& >G& <G?A& >& B9E<7D>& <>Z9& BG=J>DWQ?G< & >G& BG=9F>N& <9& G&
>=GD& ?C9< &JD9J>D>& >OD>:G<A & F>=ZY=& 9EBGEFD>=&>@9D<M9< & EG&
S:;G3&"<&<7Z=;<<M9<&ERG&<RG&Fl:><&@G?7EFWD;><N&9&G&D9<J9;FG&
>;E:>&87>E:G&:9O9E9D>&9=&>:GD>TRGA&E9=&<9=JD9&FD;Z7F>&7=&
;EB9E<G & J7DGA & 9 & =7;F>< & @jP9< & JDGB9:9 & :9 & 7=> & @;G?jEB;>&
;EF9D;GDA&9&GB7?F>N&9EFRG&JGD&=>;<&879&><&9LJD9<<M9<&<9&9?9@9=A&
<9=JD9&>&@9D:>:9&<9&:;<F;EO79&:>&9L>O9D>TRGN&JGD&=>;<&879&G&
VG9?CG&:GZD9A&<9=JD9&G&:9<JD9PG&K;B>&;EK?9Lm@9?&EG&BGEB9;FG3
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

`_ha2G<&JDmEB;J9<&Y&@;DF7:9A&7=>&@>;:>:9&Z9=&9EF9E:;:>N&9&
:;<BGDD9&<>EF>=9EF9&7=&D9;A&87>E:G&<9&:9<@>E9B9&:>&87>?;:>:9&
:9&<9D&V7<FGH&CW&@mB;G<&E9B9<<WD;G<&9=&B9DFG<&CG=9E<A&><<;=&
BG=G&CW&@;DF7:9<&;=JDSJD;><&9=&G7FDG<3&-<&<GZ9D>EG<&<9E:G&>&
KGEF9&:>&V7<F;T>A&<RG&G<&879&=>;<&;EV7<F>=9EF9&<RG&V7?O>:G<H&G<&
=>;<&CG=9E<&<RG&G7@;:G<A&G<&JDmEB;J9<&ERGN&FG:G<&G<&V7?O>=A&9&
E;EO7Y=&G<&G7@9N&BG=G&<9&>&JD99=;EjEB;>&:>&:;OE;:>:9&G<&
K;P9<<9 & ;EB>J>P9<A & G7& ;E:;OEG< & :> & :9K9<>H & G & V7?O>D& JGD & j<F9&
=G:G&>G<&D9;<A&Y&<>BD;?YO;GA&JGD879&>&FD>;TRG&Y&=>;GD&>879?>&
879&<9&:;D;O9&U&K>=>A&879&>&879&BGE<J;D>&BGEFD>&>&@;:>N&9<F>&
EG< & =GE>DB>< & YQ?C9< & =9EG< & ;=JGDF>EF9A & 879 & > & =9=SD;>N & >&
9L;<FjEB;>&:9@9&<9DQ?C9<&=9EG<&JD9B;<>&:G&879&>&K>=>H&BG=&>&
@;:>&<9&>B>Z>&G&D9<J9;FGA&>&OD>E:9P>A&9&G&JG:9DA&=><&ERG&>B>Z>&
>&D9J7F>TRGN&G&Fk=7?G&ERG&9EBGZD9A&E9=&>&;OEG=mE;>&:G&EG=9A&
E9=&G&9<B?>D9B;:GA&JGD879&EG<&JDmEB;J9<&E7EB>&>B>Z>A&>&O?SD;>A&
E9= & > & ;EKv=;>H & G & ZD9@9 & 9<J>TG & :9 & 7=> & 7DE> & Z><F> & J>D>&
9<BGE:9D & ><& B;EP><& :9 & =7;FG< & D9;<N & JGDY=& JGD & =>;< & 879 & ><&
BGEK7E:>&>&=GDF9A&>&C;<FSD;>&><&<9J>D>A&9&><&:;@;:9H&>&FD>:;TRG&
>E;=> & 9<<><& =9<=><& B;EP><N & 7=>< & J>D> & CGED> & :> & E>F7D9P>A&
G7FD><&J>D>&CGDDGD&:>&JG<F9D;:>:93
`_wa"&=>;GD&J>DF9&:><&>TM9<&:G<&CG=9E<&BGE<;<F9&EG&=G:G&
:9?><N&G&=G:G&BG=&879&<9&JDGJM9A&BG=&879&<9&:;PA&BG=&879&<9&
K>?>A&BG=&879&<9&G7@9A&BG=&879&<9&G?C>A&BG=&879&<9&@jA&BG=&
879 & <9 & >E:>A & 9 & 9EK;= & FG:G< & G< & =>;< & =G:G<A & 879 & <RG&
;E<9J>DW@9;< & :9 & 87>?879D & >TRGA & EG< & :RG & > & BGEC9B9D & G & 879&
:9@9=G<&J9E<>D&:9?><H&87><9&<9=JD9&G&=G:GA&G7&EG<&GZD;O>A&
G7&EG<&GK9E:9A&9&GD:;EUD;>=9EF9&G&=G:G&:><&BG;<><&EG<&GB7J>&
=>;< & :G & 879 & ><& BG;<><& =9<=><3 & f=><& @jP9< & EG< & 9EO>E> & G&
=G:GA&JGDY=&F>=ZY=&G7FD><&G&=9<=G&=G:G&EG<&:9<9EO>E>H&>&
;=>O;E>TRG&@9D:>Q
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

:9;D>A&K>?<>A&G7&@>;:G<>&Y&>&879&JDG:7P&G<&:;K9D9EF9<&
=G:G<A&879&@9=G<&7E<&EG<&G7FDG<3&-<&<GZ9D>EG<&Fj=&
7=&B9DFG&=G:G&:9&G?C>DN&:9&@9DA&:9&G7@;DA&:9&>E:>DA&:9&
J9DO7EF>DA & 9 & :9 & D9<JGE:9D & 879 & <S & Ej?9< & Y & E>F7D>?N & >&
@>;:>:9&:G<&OD>E:9<&?C9<&K>P&>K9F>D&G&=9<=G&=G:GA&
879& @j9=&EG<&<GZ9D>EG<N& G<& =>;<&CG=9E<&FG=>=& G&
=9<=G & =G:GA & 879 & @j9= & EG< & <GZ9D>EG<N & G< & =>;<&
CG=9E< & FG=>= & G & =9<=G & =G:GA & 879 & @j9= & EG<&
OD>E:9<A & 9 & B>:> & 7= & <9 & ;DD;F> & :9 & @9D & 7= & =G:G&
;=JDSJD;GA & 9 & <9EF9 & BG=G & 7= & :9<JDjPG & G & >BC>D & 7=&
=G:GA & 879 & ERG & BGE@Y= & > & 879= & 7<> & :j?9N & G & 879&
:;@9D<;K;B>&G<&=G:G<&Y&>&>?9OD;>A&>&FD;<F9P>A&G&>=GDA&G&
S:;GA &G&:9<9VGA& G7 &>&;E:;K9D9ET>A& 9&=>;<& 879&F7:G& >&
@>;:>:93

"&=>;GD&J>DF9&:>&@;:>&J><<>=G<&9=&Z7<B>D&>&`__a&KGDF7E>A&
9&>&879&@9=G<&EG<&G7FDG<A&Y&>&879&EG<&9EO>E>&>&ES<H&JGDY=&Y&
K9?;P&G&9EO>EGA&879&EG<&>E;=>&<9=JD93&[79&=>;GD&:9<OD>T>&
879&G&@;@9D&;E:;K9D9EF9A&9&<9=&>TRGN&9&879&=>;GD&@9EF7D>&879&>&
9<J9D>ET>&BG=&879&>&Z7<B>=G<n&-&BGEB9;FGA&879&K>P9=G<&:9&
87>?879D & Z9=A & <9=JD9 & 9LB9:9 & >G & =9<=G & Z9=A & 9 & ><<;=&
J9D:9=G<&87>E:G&G&>?B>ET>=G<N&:9&<GDF9&879&>&KGDF7E>&J>D9B9&
9<F>D&F>EFG&9=&JG<<7mQ?>A&BG=G&9=&:9<9VWQ?>3&"<&KGDF7E><A&G7&
BGE<;<F9=&E>&>Z7E:vEB;>A&G7&EG&JG:9DA&G7&EG&D9<J9;FGH&9<F><&
<RG&><&=9<=><&KGEF9<&:GE:9&E><B9&>&@>;:>:9A&9&BG=&9K9;FG&<9&
CW&@>;:>:9&<9=&KGDF7E>A&ERG&CW&KGDF7E>&<9=&@>;:>:93

5GD&EG<<G&=>?&?W&BC9O>&>&;:>:9A&9=&879&ERG&&&&`_ta&
879D9=G<&=>;<&KGDF7E><A&879&G&@;@9DN&BGEC9B9=G<
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

>&;?7<RG&:9?><A&9&<9&><&Z7<B>=G<A&Y&BG=G&JGD&BG<F7=9A&
=><& <9=& vE<;> &9A & <9=& :9<><<G<<9OGN &G & :9<9VG& :9 &><&
>?B>ET>DA&Y&BG=G&7=&D9<FG&:9&B>?GDA&879&>J9E><&<9&K>P&
<9EF;D3 & 2RG & D9K?9F;=G< & <lZD9 & G & JG7BG & F9=JGA & 879&
:9@9=G< & OGP>D & 7= & Z9=A & <9ERG & :9JG;< & :9 & G & F9DH & <S&
9EFRG&BGE<;:9D>=G<&G&=7;FG&879&B7<FG7&>&>?B>ET>DA&9&G&
JG7BG&879&G&C>@9D=G<&JG<<7;D3&(=&B>:>&J>m<&CW&7=&
=G:G&BG=&879&><&BG;<><&<9&;=>O;E>=N&G&879&Y&KGDF7E>&
9=&7=>&J>DF9A&Y&:9<OD>T>&9=&G7FD>A&G&879&>87;&<9&Z7<B>&
BG=&9=J9ECGA&>?;&<9&:9<JD9P>&FGF>?=9EF93&-<&GZV9FG<&
879 & 9EFD9Fj=& > & @>;:>:9A & 9<F;=>TRG& :G< & CG=9E<A & <RG&
BG=G&m:G?G<A&879&<S&<9&@9E9D>=&9=&?7O>D&:9F9D=;E>:GA&
9 & KGD> & :>879?9 & F>? & 9<J>TGA & > & >:GD>TRG & <9 & FDGB> & 9=&
@;F7JYD;GH&G&=9<=G&=WD=GD9&:9&879&9=&"F9E><&<9&K>D;>&
7=> & !;E9D@>A & FD>E<JGDF>:G & > & G7FDG & ?7O>DA & >J9E><&
<9D@;DW&:9&Z><9&>&7=>&BG?7E>A&><<;=&Y&>&@>;:>:9A&JGD&
=>;<&879&<9V>&7E;@9D<>?&EG<&CG=9E<A&G<&=GF;@G<&:9?>&
ERG&<RG&7E;@9D<>;<3

`_da z&D>DG&G&=>?A&:9&879&ERG&@9EC>&>&E><B9D&>?O7=
Z9=A&E9=&Z9=A&879&ERG&JDG:7P>&>?O7=&=>?H&BG=G&<S&
G&JD9<9EF9&Y&EG<<GA&JGD&;<<G&ERG&EG<&<9D@9&:9&>?m@;G&G&
Z9= & K7F7DG & E9= & EG< & ;E87;9F> & G & =>? & 879 & >;E:> & ERG&
<9EF;=G<N&7=&;EK9?;P&ERG&<9&J9D<7>:9A&879&>&<7>&<GDF9&
JG<<>&F9D&=7:>ET>N&7=&@9EF7DG<G&ERG&BDjA&879&JG<<>&
:9;L>D&:9&G&<9DH&>&j<F9&>&@>;:>:9&F;D>&G&=9EGD&D9B9;GN&
U879?9&G&>Z>F;=9EFG&JD;@>&:9&9<J9D>ET>3&%9&K;P9D=G<&
D9K?9LRGA&C>@9=G<&:9&>:=;D>D&G&JG7BG&879&Z><F>&J>D>&
K>P9D&G&EG<<G&Z9=N&G7&G&EG<<G&=>?H&:9&7=&;E<F>EF9&>&
G7FDG & =7:>=G< & :> & >?9OD;> & J>D> & > & FD;<F9P>A & 9 & =7;F><&
@jP9<&<9=&G7FDG&>?O7=&=GF;@GA&879&G&:9&7=>&@>;:>:9&
=>;<A&G7&=9EG<&<>F;<K9;F>3&&&&-<&CG=9E<&ERG&<RG&FG:G<&
;O7>?=9EF9
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

<9E<m@9;< & >G & Z9=A & 9 & >G & =>?N & > & 7E< & J9E9FD> & =>;<&
@;@>=9EF9&>&:GDA&>&G7FDG<&<S&K>P&7=>&;=JD9<<RG&?;O9;D>H&
G & Z9= & ERG & >BC> & 9= & FG:G< & G & =9<=G & OD>7 & :9&
BGEF9EF>=9EFG3 & 2>< & >?=>< & :9@9 & :9 & C>@9D & > & =9<=>&
:;K9D9ET>A & 879 & CW & EG< & BGDJG<N & 7=>< & =>;< & :YZ9;<A & 9&
G7FD><&=>;<&DGZ7<F><N&JGD&;<<G&9=&7=><&GZD>&=>;<&G&
<9EF;=9EFGA & 9 & >BC> & =>;< & D9<;<FjEB;> & 9= & G7FD><N & 9=&
7=><&:G=;E>&>&@>;:>:9&BG=&;=JYD;GA&9&BG=&K7DGDA&9=&
G7FD>< & <S & ><<;<F9 & BG=G & BG;<> & E>F7D>?N & E>879?>< & >&
@>;:>:9&Y&7=>&J>;LRG&BG=&m=J9FGA&E9<F><&Y&7=&@mB;G&
<G<<9O>:GA&9=&:9<GD:9=3

-&9EF9E:;=9EFG&EG<&CG=9E<A&Y&BG=G&>&KGD=GQ&`_ea&<7D>&
E><& =7?C9D9<N & ERG & CW & :9<OD>T>& :9 & 879 & 7= & 9<J9?CG & >< & ERG&
BGE<G?9A&E9=&FD;<F9P>&:9&879&<9&ERG&9<879T>=A&@9E:GQ<9&9=&
9<F>:G&:9&;E<J;D>D&>=GDH&>&7=&CG=9=&;EK9?;P&<9D@9&:9&>?m@;GA&G&
BGE<;:9D>DQ<9&<WZ;GN&j<F9&J9E<>=9EFGA&G7&9<F>&@>;:>:9&?C9&K>P&
>:GD=9B9D&G&=>?&879&<9EF9N&BG=G&<9&>&=7?C9D&<S&@;9<<9&>G&
=7E:GA & J>D> & <9D & 879D;:>A& 9 & G & CG=9=& <S & E><B9<<9 & J>D> & <9D&
:;<BD9FGH& 9EFD9 & 7=A& 9 & G7FDG& > & :;K9D9ET>& Y& OD>E:9H& > &=7?C9D&
KGD=G<>A& BG=& G & F9=JG& BGEC9B9& 879 & VW & G& ERG& YN & G & CG=9=&
9EF9E:;:G & E7EB>& >?B>ET>& 879 & <S & G & KG;H & > & =7?C9D & ERG& JG:9&
:9;L>D & :9 & @9D & G & 9<FD>OGA & 879 & G< & >EG< & K>P9= & E> & Z9?9P>A & G&
CG=9=& ERG& J9E9FD> & > & D7mE>A& 879 & G& F9=JG & B>7<> & >G & 9EF9EQ
:;=9EFGN&=><&ERG&;=JGDF>&879&><<;=&<9V>&JGD879&Y&V7<FG&879&G&
CG=9=&<9&:9<@>E9T>&<9=JD9A&9&879&F9EC>&K;=&E>&=7?C9D&>&
@>;:>:9H&E;EO7Y=&>:GD>&>G&CG=9=&JGD&9EF9E:;:GA&9&U&=7?C9D&
FG:G< & > & ;:G?>FD>= & JGD & KGD=G<>3 & "B>Z9 & JG;< & > & @>;:>:9 & E>&
=7?C9DA&JGD879&KG;&FRG&9LB9<<;@>A&9&EG&CG=9=&:7D9A&JGD879&KG;&
=>;<&=G:9D>:>3
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

`_sa -?C>=G<&J>D>&G&F9=JG&J><<>:G&BG=&<>7:>:9A
J>D> & G & JD9<9EF9 & BG=& :9<JDjPGA & 9 & J>D> & G & K7F7DG & BG=&
9<J9D>ET>H&:G&J><<>:G&E7EB>&<9&:;P&=>?N&:G&JD9<9EF9&
BGEFyE7>=9EF9 & EG< & 879;L>=G<A & 9 & <9=JD9& >J9F9B9=G<&
879&G&K7F7DG&BC9O79H&G&J><<>:G&J>D9B9QEG<&879&ERG&KG;&
=>;< & :G & 879 & 7= & ;E<F>EF9N & G & JD9<9EF9 & >J9E>< & G<&
<9EF;=9EFG<N&9&V7?O>=G<&879&G&K7F7DG&9<FW&>;E:>&=7;&
:;<F>EF93 & 5>D> & :;P9D=G< & Z9=& :G& F9=JGA & Y & E9B9<<WD;G&
879 & j?9 & F9EC> & J><<>:GA & 9 & J>D> & 879 & G & :9<9V>=G< & Y&
JD9B;<G & BGE<;:9DWQ?G & ?GEO93 & " & @>;:>:9 & K>PQEG< & G?C>D&
J>D>&G&F9=JGA&879&J><<G7A&BG=&;E:;K9D9ET>A&JGD879&VW&
Ej?9 & K;B> & <9= & >TRGH & K>PQEG< & @9D & G & JD9<9EF9 & BG=&
:9<JDjPGN & JGD879 & E7EB> & @;@9 & <>F;<K9;F> & N & 9 & K>PQEG<&
BGEF9=J?>D&G&K7F7DG&BG=&9<J9D>ET>A&JGD879&<9=JD9&<9&
K7E:>&EG&879&CW&:9&@;DN&9&><<;=&<S&9<F;=>=G<&G&879&VW&
ERG&F9=G<N&K>P9=G<&JG7BG&B><G&:G&879&JG<<7m=G<N&9&
B7;:>:G<&EG&879&ERG&<>Z9=G<&<9&F9D9=G<3

`tia \G=&G<&>EG<&;=G<&=7:>E:G&:9&7=><&@>;:>:9<
J>D>&G7FD><N&ERG&JGD879&879;D>=G<&=7:>D&:9&@>;:>:9A&
=>< & JGD879 & >?O7=>< & CWA & 879 & 9= & B9DFG< & >EG< & <RG&
;EBG=J>Fm@9;<A&9&<S&Fj=&?7O>D&9=&G7FDG<3&"&O9EF;?9P>&Y&
>&JD;=9;D>&@>;:>:9A&879&>&E>F7D9P>&EG<&;E<J;D>N&@>;:>:9&
<;=J?9<A & 9 & ;EGB9EF9 & >;E:> & 87>E:G & Y & =9EF;DG<>H & >&
E>F7D9P>&879D&879&EG<&>=9=G<A&JGD&;<<G&K>P&879&EG<&
@9V>=G<&:GF>:G<&:9&7=>&KGD=>A&G7&K;O7D>&9EB>EF>:GD>A&
KG=G<&2>DB;<G<&?GOG&EG&Z9DTGH&>&EG<<>&;=>O9=&>J9E><&
>B>Z>:> & :9 & KGD=>DA & ?GOG & EG< & >FD>;N & G & @;:DG & 879 & >&
D9JD9<9EF> & EG< & >OD>:>A & > & ?;<GEV>A & >;E:> & 87>E:G&
;OEGD>=G< & G & >DF;KmB;G & :G & BD;<F>?N & 9 & :9<F> & <GDF9 & ;=G<&
J><<>E:G & <7B9<<;@>=9EF9 & > & @;:>A & 9EFD9F;:G< & 9= & 7=&
?>Z;D;EFG&:9&@>;:>:9<A&>FY&879&BC9O>=G<&U&@>;:>:9&:G<&
@9?CG<N&@>;:>:9&:;<B7D<;@>A
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

JD7:9EB;>?A&C;<FSD;B>A&9&=7;F><&@jP9<&;=Z9B;?3&-&<9D&>EF;OG&
ERG & :> & V7mPG & U & FG:G<A & >EF9< & G & F;D>A & JGD879 & G & F9=JG&
;E<9E<;@9?=9EF9&@>;&:9<FD7;E:G&G&CG=9=&9=&Fl:><&><&<7><&
J>DF9<A & 9 & JGD & =>;<A & 879& G& ERG& <;EF>=G<A & G& 879 & JD;=9;DG&
B>E<>A&Y&G&9EF9E:;=9EFGN&JGD879&j<F9&Y&G&BG=G&>&KlDT>A&879&
>FY&7=&B9DFG&F9=JG&BD9<B9A&>FY&G7FDG&<9&BGE<9D@>A&9&:9JG;<&
<9=JD9&@>;&:;=;E7;E:G3&59D:9=G<&>&;EGBjEB;>&><<;=&879&
9EFD>=G<&>&F9D&7<G&:9&D>PRGA&9&J9D:9=G<&>&D>PRG&><<;=&879&
FGDE>=G<&>G&9<F>:G&:>&;EGBjEB;>H&7=>A&9&G7FD>&BG;<>&<RG&
@;DF7:9< & J7D><A & 9 & 9LB9?9EF9<A & =>< & ;E<GB;W@9;<3&
5D;=9;D>=9EF9&>:87;D;=G<&>&D>PRG&U&B7<F>&:>&;EGBjEB;>A&Y&
:9JG;<&>?B>ET>=G<&>&;EGBjEB;>&U&B7<F>&:>&D>PRGN&ERG&<9;&
87>E:G & Y & 879 & J9D:9=G<A & G7 & O>EC>=G<3 & $E:;<BD9F>=9EF9&
K>P9=G< & @>;:>:9 & :9 & <9D=G< & 9EF9E:;:G<H & G & 9EF9E:;=9EFG&
J>D9B9&879&EG<&KG;&:>:G&JGD&B><F;OG&JG;<&BG=&j?9&K;B>=G<&
<9=&:9<B7?J>&J>D>&E>:>3&&&[79&=>;GD&=>?n

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=9<=> & ;EOD>F;:RGA & :9 & 879= & D9B9Z9 & 7= & Z9E9KmB;GA & Y & 9K9;FG & :>&
@>;:>:9N&JGD879&<9E:G&G&Z9E9KmB;G&7=>&9<JYB;9&:9&<GBGDDGA&<9=JD9&
;E:;B>&<7J9D;GD;:>:9&9=&879=&G&K>PA&9&E9B9<<;:>:9&E>879?9&879&G&
D9B9Z9A&JGD&;<<G&>&?9=ZD>ET>&:9&7=&Z9E9KmB;GA&C7=;?C>A&9&=GDF;K;B>&
>&EG<<>&@>;:>:9A&9&<9&>?O7=>&@9P&EG<&?9=ZD>A&Y&JGD879&>&E>F7D9P>&<9&
>B7<> & :9 & <9EF;DQ<9 & ;EOD>F>3 & !7;FG< & JGD & @>;:>:9 & BGEK9<<>=& Z9E9Q
KmB;G<A&879&E7EB>&D9B9Z9D>=N&Y&BGEK;<<RGA&879&G<&ERG&>K?;O9A&JGD879&
><<9EF> & 9= & 7=> & :m@;:> & <7JG<F>H & G7FDG< & F>=ZY= & JGD & @>;:>:9&
D9BGEC9B9=&Z9E9KmB;G<&@9D:>:9;DG<A&9&;<FG&JGD879&K>P9=&@>;:>:9&:9&
7=>&:m@;:>A&879&VW&V7?O>=&<>F;<K9;F>&J9?>&BGEK;<<RG3
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

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<9=JD9 & C>@9=G< & BGE<9D@>D & > & =9=SD;> & :j?9N & =>< & Y&
jDDGA & JGD879 & >J9E>< & G & >?B>ET>=G<A & 87>E:G & ?GOG & <9&
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>&@>;:>:9&F9=&CGDDGD&>&F7:G&G&879&:9<J9DF>&>&?9=ZD>ET>&
:>&EG<<>&;E:;OjEB;>H&JGD&;<<G&ERG&CW&;EOD>F;:RG&<9=&
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JGD879&>&K;BG7&BGEC9B9E:G3&2RG&<9&J>O>&7=&Z9E9KmB;GA&
<9ERG & BG= & G7FDG & =>;GDA & 9 & 879= & G & ERG & JG:9 & J>O>D&
><<;=A&K;B>&:9@9E:G&<9=JD9N&JGD&;<<G&>&@>;:>:9&>EF9<&
EG< & D9<G?@9 & > & <9D & ;EOD>FG<A & :G & 879 & > & BGEC9B9D & 7=>&
GZD;O>TRG&:9&879&E7EB>&JG:9=G<&9<F>D&?;@D9<3
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K>@GDN&=><&F>=ZY=&9=&<7>&>@9D<RG&GB7?F>A&879&F9=G<&>&
879= & EG< & GZD;OG7A & JGD & ;<<G & 87>E:G & G & @9=G<A & 9&
9EBGEFD>=G<A&<9=JD9&Y&BG=&EG<<G&J9<>DA&9&:9<>OD>:G3&
$E<9E<;@9?=9EF9 & <9 & KGD=> & 7=> & 9<JYB;9 & :9 & :;@SDB;G&
9EFD9&879=&D9B9Z9&7=&K>@GDA&9&879=&G&K>PN&j<F9&JGD&
@>;:>:9 & >K9F> & G & ERG & ?9=ZD>DQ<9 & :G & Z9E9KmB;G & K9;FGA&
>87j?9 & F9= & J9VG & :9 & C>@9DQ<9 & 9<879B;:G & :j?9N & 7= & 9&
G7FDG&<9&D9F;D>H&>&>7<jEB;>A&G7&>&D7mE>&:>879?9&>&879=&
KG=G< & GZD;O>:G<A & E7EB> & EG< & Y & :9<>OD>:W@9?N & JGD879&
9EFRG&J>D9B9&879&D9<J;D>&>&@>;:>:9A&BG=G&?;@D9&:9&7=&
Jj<G& ;E<JGDFW@9?H & E>F7D>?=9EF9 & ERG& JG:9=G< & >=>D & >&
879=&:9@9=G<N&>&:m@;:>&?9@>&BGE<;OG&7=&:9<9VG&:>&
9LF;ETRG&:G&<97&GZV9FG3

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JGD879&>&=9<=>&@>;:>:9A&879&EG<&K>P&<9D&;EOD>FG<&J>D>&
BG=&G<&=>;<&CG=9E<A&Y&>&879&EG<&K>P&<9D&>OD>:9B;:G<&
J>D>&BG=&G<&JDmEB;J9<N&9&BG=&D>PRGA&JGD879
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

E9<F9<&G&K>@GD&<9=JD9&Y&J7DGA&9&O9E9DG<GA&9=&?7O>D&879&
EG<&=>;<&CG=9E<&<9=JD9&Y&;EK;BB;GE>:G&:9&>?O7=&OjE9DG&
:9 & ;EF9D9<<9H & EG< & JDmEB;J9< & G< & Z9E9KmB;G< & E><B9= & :9&
?;Z9D:>:9A&EG<&=>;<&CG=9E<&JDGB9:9=&:9&JD9=9:;F>TRGA&9&
9<F>&K7E:>:>&BG=7=9EF9&E>&<>F;<K>TRG&:G&879&VW&:9@9=A&
G7 & 9<J9D>= & :9@9DN & :9 & <GDF9 & 879 & EG< & JDmEB;J9< & G<&
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=>;GD&K>@GD&Y&>87j?9&879&<9&K>P&<9=&BGE:;TRGH&87>E:G&G<&
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>?O7=>A&JGD879&9<F>&ERG&JG:9&F9D&?7O>D&:9&ES<&J>D>&j?9<N&
:RGA & 9 & ERG & 9<J9D>=N & JGD & ;<<G & >< & =9DBj< & :9 & 7= & D9;&
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;<<G&<7JG=G<A&879&G&K>@GDA&879&K>P9=A&<9=JD9&<9&:;D;O9&
>G& EG<<G & =9D9B;=9EFG3 & (<F;=>=G< & @;@9D & E> & ?9=ZD>ET>&
:G<&D9;<A&>;E:>&879&<9V>&JGD&=9;G&:>&:9<OD>T>H&G&=9<=G&
:9BD9FGA&879&JM9&>&J9E>A&<7>@;P>&G&9K9;FG&:9?>A&JGD879&CW&
7=&;E<F>EF9A&9=&879&>&@>;:>:9&EG<&D9JD9<9EF>&G&<GZ9D>EG&
GB7J>:G&:9&ES<H&G&B><F;OGA&879&;=9:;>F>=9EF9&@9=&:G&
FDGEGA&J>D9B9&879&:9&>?O7=&=G:G&EG<&;?7<FD>3

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BGE<G?>TRG & E>< & =9<=>< & D>PM9< & :G & EG<<G & :>EGN & >FY & EG< & K>P&
:9<BGZD;D&7F;?;:>:9&E>&EG<<>&=9<=>&J9D:>N&9&>FY&EG<&<>Z9&=G<FD>D&
7= & <9=Z?>EF9 & :9 & KGDF7E> & E> & EG<<> & =9<=> & D7mE>3 & f=>&
B;DB7E<FvEB;>&?9@9A&9&;EB9DF>A&9=&879&>&@>;:>:9&<9&9EFD9F9EC>A&
Z><F>&=7;F><&@jP9<&J>D>&<7<J9E:9D&>&>F;@;:>:9&:G&EG<<G&=>?A&9&
J>D>&:9<@;>D&:G&EG<<G&J9E<>=9EFG&>&=>;GD&J>DF9&:9?93&"&@;DF7:9&
=>?FD>F>:> & 9EBGEFD> & >?m@;G & E> & =9<=> & J9D<9B7TRGA & JGD879 & >&
@>;:>:9&?C9
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

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9=&BGE<;:9D>DQ<9&@mF;=>A&:9&879&Y&JDGJD;9:>:9&G&<9D&
;EGB9EF9N&9&BG=&9K9;FG&>&BGE<FvEB;>&EG&<GKD;Q=9EFG&Y&
7=&V7<FG&=GF;@G&:9&@>;:>:9A&JGD879&>;E:>&E>&K>=>&:9&
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9EFD> & E> & @>EO?SD;> & :9 & BD9DA & 879 & FG:G< & D9J>D>= & EG&
:9<B7;:G & :G & JDj=;GH & 7= & K>B;EGDG<G & >DD><F> & BG=&
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=9<=>&>FDGB;:>:9&:G&:9?;FGH&>&=9<=>&JGZD9P>&BG<F7=>&
K>P9D & G<F9EF>TRG& :> & =;<YD;>3& " & @>;:>:9 & Y & :9 & FG:G & G&
=7E:GA&:9&FG:G&G&F9=JGA&:9&Fl:><&><&JDGK;<<M9<A&9&:9&
FG:G<&G<&9<F>:G<3

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7=>&>TRG&<9&K>T>&>F9E:9DA&9&>:=;D>DA&<9V>&J9?G&=GF;@GA&
G7&D>PRG&879&KlD3&2RG&<S&G&879&Y&:;OEG&:9&?G7@GDA&Y&
OD>E:9N & JGD879 & F>=ZY= & CW & BG;<>< & OD>E:9< & J9?> & <7>&
9L9BD>TRGN&Y&G&879&Z><F>&J>D>&>&@>;:>:9&><&<9O7;DA&9&
>JDG@>D3&"&=>;GD&J>DF9&:><&9=JDj<><&=9=GDW@9;<A&ERG&
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;<<G & :9;L>D>= & :9 & >FD>;D & G & 9<J>EFGA & 9 & >:=;D>TRG& :G<&
CG=9E<3&"&K>=>&ERG&<S&<9&BG=JM9&:G&879&Y&V7<FGA&9&G&
D>;G&ERG&<S&<9&K>P&>F9E:m@9?&J9?>&?7PA&=><&J9?G&9<FD>OG3&
" & @>;:>:9 & >J9F9B9 & G & 9<FDGE:G<GA & <9= & 9EFD>D & E>&
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<9&:j<F9&=>?&JG:9&D9<7?F>D&7=&EG=9A&7=&D9J>DGA&7=>&
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 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

=SD;>3&(<F>&@;:>&Y&7=&F9>FDGA&FG:G<&879D9=&D9JD9<9EF>D&
Ej?9 & G & =9?CGD & J>J9?A & G7 & >G & =9EG< & 7= & J>J9? & :9&
B;DB7E<FvEB;>A&G7&9=&Z9=A&G7&9=&=>?3&"&@>;:>:9&F9=&
B9DF><&D9OD><A&7=>&:9?><&YA&879&>&<;EO7?>D;:>:9&ERG&<S&
<9&>:87;D9&J9?G&Z9=A&=><&F>=ZY=&J9?G&=>?A&ERG&<S&
J9?G&B>=;ECG&:>&@;DF7:9A&=><&F>=ZY=&J9?G&:>&B7?J>N&
ERG & <S & J9?> & @9D:>:9A & =>< & F>=ZY= & J9?G & 9EO>EGH&
87>EFG< & CG=9E< & F9= & C>@;:G & > & 879= & J>D9B9 & 879 & :9&
>?O7=&=G:G&9EGZD9B97&>&<7>&;E;87;:>:93

"&BD79?:>:9&E9=&<9=JD9&@9=&:9&7=&vE;=G&`tta&ZWDZ>DGA&
9&K9DGPN&=7;F><&@jP9<&Y&7=&=GE<FDGA&879&E><B9&:>&@>;:>:9A&
\GE<;:9D9Q<9 & G & J7EC>? & BD>@>:G & 9= & 7= & BGD>TRGA & 879 & >;E:>&
J>?J;F>A&9&:GE:9&G&<>EO79&879&<>;&9&@>;&D9O>E:G&>&F9DD>A&>?;&<9&
BGEO9?> & 9= & J>DF9A & >87; & >;E:> & BGDD9 & <7=>E:GA & 9 & BC9;G & :9&
9<JmD;FG&9&B>?GDH&K;E>?=9EF9&\GE<;:9D9Q<9&7=&B>:W@9D&>OGE;Q
P>EF9A&9&BGE@7?<;@GA&9&:GE:9&><&K9D;:><&7=><&<lZD9&><&G7FD><&
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9<J9FWB7?G& CGDDGDG<GH& G& F;D>EG & 879 & Y & G & =9<=G& 9L9B7FGD& :>&
BD79?:>:9A&JGD&=>;<&879&EG&<9=Z?>EF9&;EB7?879&7=&><J9BFG&
:7DGA & ;EF9D;GD=9EF9 & <9 & 9<FD9=9B9A & 9 & <9 & ERG & =G<FD> & 879 & <9&
>K?;O9A&Y&JGD879&G&>E;=>&BGEFD>&G&J>@GD&879&>&E>F7D9P>&;E<J;D>3&
$:9G7&>&@>;:>:9&<9D&>&F;D>E;>&7=&>FD;Z7FG&:G&JG:9DH&879&=>;<&Y&
E9B9<<WD;G&J>D>&879&G<&CG=9E<&879;D>=&=9:;D&>&OD>E:9P>&:G&
JG:9D & J9?G & 9LB9<<GA & 9 & JDGJGDTRG & :> & F;D>E;>X & "FY & EG<&
:9<@>E9B9=G<&:>&=9<=>&Z>DZ>D;:>:9A&BC>=>=G<&U&BG=J>;LRG&
KD>879P>A&9&U&;E7Q=>E;:>:9&@>?GD3
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

`tda #G:G<&BGEC9B9=G<&G<&:9?mD;G<A&>&879&>&@>;:>:9
EG<&;EB;F>A&=><&E9=&JGD&;<<G&:9;L>=G<&:9&G<&<9O7;D3&
5>D9B9&879&B>:>&7=&:9&ES<&F9=&:7><&@GEF>:9<&<9=JD9&
GJG<F><& 9EFD9 & <;N & >G& =9<=G & F9=JG & 879D9=G<A & 9 &ERG&
879D9=G<N&>G&=9<=G&F9=JG&BGE:9E>=G<A&9&>JDG@>=G<&
N&>G&=9<=G&F9=JG&Z7<B>=G<A&9&K7O;=G<N&>=>=G<A&9&
>ZGDD9B9=G<3 & #9=G< & 7=> & @GEF>:9 & JDGEF> & J>D>&
BGEC9B9DA&9&:9F9<F>D&G&@mB;GN&=><&F>=ZY=&F9=G<&G7FD>&
JDGEF>&J>D>&G&>ZD>T>DN&7=>&@GEF>:9&EG<&;EB?;E>A&>&G7FD>&
>DD><F>QEG<H & > & @GEF>:9 & :G=;E>EF9 & Y & > & 879 & <9O79 & G&
J>DF;:G & :> & @>;:>:9N & JGD & =>;< & 879 & 879;D>=G< & <9D&
C7=;?:9<A & 9 & 879 & F9EC>=G< & @GEF>:9 & :9 & :9<JD9P>D & G&
K>7<FGA&>&@GEF>:9&BGEFDWD;>&<9=JD9&@9EB9A&9&<9&>B><G&<9&
BGEKGD=>A&>&@;G?jEB;>&BG=&879&G&K>PA&Y&7=&<>BD;KmB;G3&
"&@>;:>:9&Y&7=>&9<JYB;9&:9&BGEB7J;<BjEB;>A&ERG&<9&?C9&
D9<;<F9&BG=&><&KlDT><&:G&BGDJGA&BG=&><&:G&9<JmD;FG&<;=N&
> & B>DE9 & ERG & Y & KDWO;? & <S & JGD & 7= & JD;EBmJ;GA & =>< & JGD&
=7;FG<A&9&>&@>;:>:9&ERG&Y&G&=9EGD&:j?9<3

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C9DS;B><&ERG&<9&K>P9=&9=&<9ODj:GA&9&JGD&=9;G&:9?><&
JDGB7D>=G<&879&G<&CG=9E<&KGD=9=&:9&ES<&G&=9<=G&
BGEB9;FGA&879&ES<&F9=G<&:9&ES<&=9<=G<3&'>D><&@jP9<&
KG=G<&O9E9DG<G<A&<S&J9?>&O9E9DG<;:>:9A&E9=&@>?GDG<G<&
<S&J9?G&@>?GD3&"&@>;:>:9&EG<&JDGJM9A&879&G&=7E:G&:G&
FG:G&<9&>J?;B>&9=&D9O;<FD>D&G<&EG<<G<N&J>D>&9<F9&=7E:G&
Y & 879 & GZD>=G<N & JGD & ;<<G & CW & =7;F> & :;K9D9ET> & :9 & 7=&
CG=9=A&>&j?9&=9<=GH&Jl<FG&EG&D9F;DG&Y&7=&CG=9=&
BG=7=A&9&=7;F><&@jP9<&>;E:>&BG=&=9EG<&F>?9EFG&879&G&
BG=7=&:G<&CG=9E<H&JGDY= &Jl<FG& 9=&J>DF9& :GE:9& G&
@9V>=A & FG:G & Y & >TRGA & =G@;=9EFGA & 9<KlDTG3 & 27EB>&
=G<FD>=G< & G & 879 & <G=G<A & <9ERG & 87>E:G & 9EF9E:9=G<&
879&E;EO7Y=&EG<&@jA&9&;<FG
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

JGD879 & ERG & 9L9DB;F9=G< & >< & @;DF7:9< & J9?> & 9LB9?jEB;>&
:9?><A&=><&J9?>&CGED>&:G&9L9DBmB;GA&E9=&:9;L>=G<&:9&
<9D&=>7<&JGD&>@9D<RG&>G&=>?A&=><&J9?G&879&<9&<9O79&9&G&
<9D3&-&@mB;G&JD>F;B>Q<9&GB7?F>=9EF9A&JGD879&BD9=G<&879&
> & ;OEG=mE;> & <S & BGE<;<F9 & 9= & <9 & <>Z9DN & :9 & <GDF9 & 879&
<G=G<&ZGE<A&Y&JGD&B>7<>&:G<&=>;<&CG=9E<A&9&ERG&JGD&
EG<<>&B>7<>H&C>V>&879=&EG<&><<9O7D9A&879&ERG&CW&:9&
<>Z9DQ<9&7=&:9<>BjDFGA&9&?GOG&EG<&F9=&B9DFGA&9&:;<JG<FG&
J>D>&j?9N&>&:;K;B7?:>:9&ERG&9<FW&9=&J9D<7>:;D&>&EG<<>&
@GEF>:9A & =>< & G & EG<<G & D9B9;G3 & -< & >OD>@G< & GB7?FG<&
B>?>=Q<9A & ERG & <S & JGD879 & 9= & <9D9= & GB7?FG< & J9D:9=&
=7;FG&:>&87>?;:>:9&:9&>OD>@G<N&=><&F>=ZY=&JGD879&>&
879;L> & ERG & J7Z?;879 & G & >FD9@;=9EFG & :> & GK9E<>N & >&
@>;:>:9&ERG&F9=9&><&BG;<><&J9?G&879&<RGA&=><&J9?G&879&
<9&CW&:9&:;P9D&:9?><H&=;?&@;EO>ET><&CW&879&<9&<7JD;=9=&
<S&J9?G&J9D;OG&:9&879&<9&ERG&J9DB9Z>&G&:9<>B>FGA&J9?>&
@;EO>ET>3&[79=&:;<<9D>A&879&<9E:G&>& @>;:>:9A&:9& <;&
=9<=>&7=>&BG;<>&>DD9Z>F>:>A&C>V>&GB><;M9<A& 9=& 879&
EG<&J>B;K;879A&9&9E<;E9&>&<9D&JD7:9EF9<H&CW&7=>&9<JYB;9&
:9&>DF9&9=&<9&:;<K>DT>D&>&;EVkD;>A&:9&879&ERG&CW&JDG@>N&>&
=9<=> & @;EO>ET> & ?9@> & BGE<;OG & 7=> & <GDF9 & :9 & ;EVkD;>A&
JGD879&>&BGEK9<<>H&>&<>F;<K>TRG&JkZ?;B>&<7JM9&JkZ?;B>&>&
GK9E<>A&879&=7;F><&@jP9<&ERG&G&YA&G7&>G&=9EG<&ERG&Y&
F>EFG&BG=G&>&K>P3&"&J>B;jEB;>&Y&7=>&@;DF7:9&BG=&EGF9A&
=><&D>D>=9EF9&<9&>DD9J9E:9&879=&>&F9=N&9=&?7O>D&879&
G&>DDGVG&BG<F7=>&FD>P9D&:9JG;<&7=&<9EF;=9EFG&?>DOGN&
9=&7=&;E<F>EF9&EG<&JD9B;J;F>&>&@>;:>:9&E>87;?G&879&EG<&
@9=&:9&<9D@;D&:9&FGD=9EFG&Fl:>&>&@;:>N&=><&879&=7;FG&
<9&>&=9<=>&@>;:>:9&U<&@jP9<&EG<&K>P&J9D:9D&>&@;:>&9=&
7=&;E<F>EF93& [79=&:;<<9& 879&G&>=GD&Y&B9OGA& 9DDG7N&
=>;<&B9DFG&Y&<9D&B9O>&>&@>;:>:93&-&9=JD9OG&:G&>=GD&Y&
>&KGD=G<7D>A&9&879=&E7EB>&>&@;7&BG=G&>&CWQ:9&>=>DqX&
2G&>=GD&CW&7=>&9<BG?C>A
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

G7&9?9;TRGA&9&879=&ERG&@jA&ERG&:;<F;EO79A&E9=&9?9O9N&G&
>=GD&@9=&JGD&E>F7D9P>A&>&@>;:>:9&JGD&BGEFWO;GN&G&>=GD&
Z7<B> & 7=> & K9?;B;:>:9 & Km<;B>A & 9 & JGD & BGE<987jEB;>&
=>F9D;>?&9&@;<m@9?H&>&@>;:>:9&Z7<B>&7=&Z9=&:9&;:Y;>A&9&
K>EF><;>A & 9 & JGD & BGE<987jEB;> & B9OGH & > & 9<F;=>TRG & :G<&
CG=9E<&Y&G&GZV9FG&=>;GD&:>&@>;:>:9N&GZV9FG&@>OGA&9&
879&ERG&F9=&K;O7D>&JDSJD;>&9=&879&JG<<>&@9DQ<93&1W&
JGDY=&E>&@>;:>:9&>&:;K9D9ET>A&879&F7:G&G&879&<9&K>P&
JGD&@>;:>:9A&879D9=G<&879&<9&@9V>A&879&<9&:;O>A&9&879&
<9&<>;Z>N&9EFRG&Y&KGDF7E>&>&J7Z?;B;:>:9A&<9&Y&879&EG<&
J>D9B9A & 879 & G & =7E:G & ;EF9;DG & ERG & Z><F> & J>D>&
F9<F9=7EC>H&:>87;&@9=&879&7=&K7DGD&C9DS;BG&>FY&BC9O>&
>&;E@GB>D&G&BY7&9&>&F9DD>A&J>D>&9<F>D9=&>F9EFG<&>&7=>&
>TRGH&BG=G&F7:G&<9&K>P&J9?G&9<Fm=7?G&:>&@>;:>:9A&JGD&
;<<G&<9&V7?O>&J9D:;:>&7=>&K>T>EC>A&879&ERG&F9=&879=&>&
:;@7?O79N&BG=G&<9&7=&>FG&O9E9DG<G&BGE<;<F;<<9&=>;<&
9=&<9&<>Z9D&:G&879&<9&GZD>D3&"&@>;:>:9&879&EG<&=G@9A&
ERG&Y&J9?>&<7Z<FvEB;>&:>&@;DF7:9A&=><&J9?>&O?SD;>&:9?>3

`tsa 2G&:9<JDjPG&:>&@;:>A&Y&GE:9&>&@>;:>:9&<9&=G<Q
FD> & >?F;@> & 9 & >DDGO>EF93 & -< & B?>D;E< & 879 & ;EB;F>= & >G&
BG=Z>F9A & ERG & <RG & @GP9< & 879 & > & E>F7D9P> & 9EF9E:>A & >&
@>;:>:9&<;=N&>879?>&<9=JD9&@>;&BG=&7=&J><<G&@>B;Q
?>EF9&9&FDj=7?GN&9<F>&BGE:7P&G&J9;FG&>D:9EF9&9&K7D;G<G&H&
JGD&=>;<&879&<9&9EBGEFD9=&JD9B;JmB;G<A&9&879&G<&G?CG<&
<S & @9V>= & KGOG & 9 & <>EO79A & E9= & JGD & ;<<G & :9<=>;> & G&
BGD>TRG&879&>&@>;:>:9&>E;=>3&"87j?9&>&879=&G&9<B7:G&
:>&KGDF7E>&BGZD9A&9&879=&=>DBC>&D9<G?7FGA&VW&B7;:>&879&
9<FW&@9E:G&G<&K>7<FG<&:G&FD;7EKGH&>87j?9&879&JDG<FD>:GA&
VW & K;B> & >OGE;P>E:GA & J>D9B9Q?C9 & 879 & 9LJ;D>A & G7 & EG<&
ZD>TG<&:>&@;FSD;>A&G7&EG<&:>&K>=>3&[79&K9?;B;:>:9&:9&
=GDD9Dn&"&@>;:>:9&F;D>&:>&=GDF9
 ()0,)12)&'&34()'"'-"%+"+)'+*&'$*!)5&

G&<9=Z?>EF9&JW?;:G&9&CGDDGDG<GA&9&<S&>&:9;L>&GDE>:>&:9&
J>?=><&9&FDGKY7<3

- & @>?GD & ERG & Y & ;O7>? & 9= & Fl:> & > & J>DF9N & JGD879 & > & `dia&
@>;:>:9&ERG&Y&9=&Fl:>&>&J>DF9&>&=9<=>3&1W&9=JD9<><&:9&=>;<A&
9&:9&=9EG<&@>;:>:9A&JGD&;<<G&><&CW&:9&=9EG<A&9&=>;<&@>?GD3&"&
@>;:>:9&>7=9EF>&9&:;=;E7;&U&JDGJGDTRG&:G&<97&=GF;@GN&9&:>&
=9<=>&<GDF9&G&@>?GD&:;=;E7;&9&>7=9EF>A&U&JDGJGDTRG&:>&<7>&
@>;:>:93&"&D>PRG&:G&9<KlDTGA&D9O7?>Q<9&J9?>&D>PRG&:>&@>;:>:9N&
:>87;&@9=A&879&9=&7=&BGEK?;FG&OD>E:9A&G<&vE;=G<&<9&9?9@>=&9&
>DD9Z>F>=N&JGD879&>?O7=><&@jQP9<&Y&879<FRG&:G&:9<F;EG&:9&7=&
$=JYD;GN&9=&?7O>D&879&G&>D:GD&Y&?9EFGA&87>E:G&<S&<9&:;<J7F>&
7=&Jl<FG& @>EF>VG<G3&"&JD9<9ET>& :9& 7=&=GE>DB>& ERG&;EK?7;&
JG7BG&E>&KGDF7E>&=;?;F>DN&9EFRG&879D&G&<G?:>:G&:;<QF;EO7;DQ<9&
BG=&=>;GD&9LB9<<GA&JGD879&K;B>&<9E:G&=9=GDW@9?&>&>TRG&>&
879&><<;<F9&7=&D9;H&>879?>&Y&>&GB><;RGA&9=&879&B>:>&7=&:G<&
BG=Z>F9EF9<&@>F;B;E>&879&G&<97&EG=9&CW&:9&9<BD9@9DQ<9&EG<&
>E>;<&:>&C;<FSD;>N&JGD&;<<G&BGDD9&>&><<;E>?>DQ<9&9=&7=&:;>&879&
CW&:9&<9D@;D&:9&YJGB>&>G<&<YB7?G<&@;E:G7DG<H&E9EC7=&9EFD>&E>&
J9?9V>& ;E:;K9D9EF9N&FG:G<& K>P9=&>& B>7<>& <7>N& 7E<& BG=Z>F9=&
J9?>&O?SD;>&:G&<7B9<<GA&G7FDG<&J9?>&CGED>&:>&><<;<FjEB;>N&9&>&
FG:G<&J>D9B9&879&G&<GZ9D>EG&G<&@j3&-&9<FDYJ;FG&:><&>D=><&>EF9<&
879 & BC9O79 & >G & BGD>TRGA & ;EK?>=> & > & @>;:>:9A & 9<F>A & 879&
BG=7=9EF9&=G@9A&9EFRG&>B9E:93

2RG&Y&;<FG&><<;=&E>&<G?;:RG&:9&7=&9D=G3&&&-&&&&`dca&
=9<=G&CG=9=A&879&KjP&>&>:=;D>TRG&:>&O79DD>A&Jl<FG&9=&7=&
ZG<879&Y&G7FDG3&&&-&<7<<7DDG&:9&7=>&KGEF9A&879&<9&:9<J9EC>A&G&
<GZD9<<>?F>N&G&=G@;=9EFG&:9&7=>
 !"#c"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

Kl?C>&879&B>;&G&>F9=GD;P>N&G&D7m:G&879&G&@9EFG&K>PA&G&
>?F9D>N & F7:G & ?C9 & J>D9B9 & 7=> & 9=ZG<B>:>N & E> & =9<=>&
<G=ZD>&:9&7=&B>D@>?CGA&<9&?C9&K;O7D>&7=&9<87>:DRG&
>D=>:GH&9<F>&Y&>&:;K9D9ET>&879&@>;&:9&7=&CG=9=&BG=&
@>;:>:9A&>G&=9<=G&CG=9=&87>E:G&9<FW&<9=&9?>N&E>&
B>=J>EC> & :G=;E> & G & 9<JmD;FG & :9 & @>;:>:9A & EG & ZG<879&
ERGN&JGD&;<<G&G&@>?GD&<GZD>&E>&B>=J>EC>A&9&EG&ZG<879&
K>?F>N&9&BG=&9K9;FG&E>879?>&J>DF9&>:87;QD9Q<9&>&K>=>A&9&
E9<F> & <S & <9 & <>?@> & > & @;:>N & E>879?> & BGE<9O79Q<9 & G&
>J?>7<GA & E9<F> & <S & <9 & Z7<B> & > & ?;Z9D:>:9 & :G & B>=;ECGN&
E>879?> & CW & =7;FG< & 879 & @9V>=A & 879 & :;O>=A & 9 & 879&
9<BD9@>=A&E9<F>&ERG&CW&=>;<&:G&879&FDGEBG<&=7:G<N&
E>879?> & K>P9= & \lDF9 & G< & <GZ9D>EG<A & E9<F> & <S & <9&
>?@9DO>=&KGD>O;:G<N&E>879?>&FG:G<&<9&=G<FD>=A&E9<F>&
FG:G< & <9 & 9<BGE:9=N & >879?> & Y & 7= & F9>FDG & :9 & >TM9<&
;?7<FD9<A & 9<F> & Y & 7= & D9:7FG & :9 & >TM9< & >ZG=;EW@9;<H&
K;E>?=9EF9&>?;& E><B9&>& EGZD9P>A&>87;&9LF;EO79Q<9N&>?;&
J9D:9Q<9&>&@;:>&BG=&CGED>A&>87;&BGE<9D@>Q<9&>&=9<=>&
BG=&;OEG=mE;>3&[79&EGFW@9;<&:;K9D9ET><n&(=&7=&?7O>D&
F>EFG<&=GF;@G<&:9&@>;:>:9A&9&E9EC7E<&9=&G7FDGH&JGD&
;<<G & G & @>?GD & Y & JDSJD;G & E> & B>=J>EC>A & 9 & EG & 9D=G & Y&
E>F7D>?&>&BG@>D:;>3&-&@>?GD&K>?F>Q?C9&U&>?=>A&<9&?C9&K>?F>&
>&@>;:>:9A&G&ZD>TG&?GOG&K;B>&<9=&@;OGDA&9&<9=&>?9EFG&G&
J9;FGH&EG&J9D;OG&9=&879&ERG&CW&@>;:>:9A&>&E>F7D9P>&<S&
<9&?9=ZD>&:G&CGDDGD&:>&<7>&D7mE>3

`d^a "&K7O;:>&FD>P&BGE<;OG&G&@;F7JYD;GA&JGD&;<<G
=7;FG<&ERG&KGO9=A&JGD879&G<&@j9=N&9&K7O;D;>=A&<9&G<&
ERG & @;<<9=N & =7;FG< & <9 & D9F;D>= & 9E87>EFG & G< & ERG&
BGEC9B9=A&=><&ERG&:9JG;<&:9&BGEC9B;:G<N&BG=G&<9&>&
:9<GED>&ERG&9<F;@9<<9&E>&D9F;D>:>A&=><&E>&EGFmB;>&:9?>H&
E;EO7Y=&<9&879D&9LJGDA&<9&>&@>;:>:9&G&ERG&9LJM9N&9&
>;E:>&879&>&@>;:>:9&ERG&F;D>&G&=j:GA&BGEQ
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

F7:G&9<BGE:9QGN&9&><<;=&@;=G<&>&<9D&:9<F9=;:G<A&ERG&
<S&JGD879&>&@>;:>:9&EG<&GZD;O>A&=><&F>=ZY=&JGD879&
EG<&9EO>E>H&EG&=9;G&:G&JD9B;JmB;GA&ERG&EG<&:9;L>&@9D&
Fl:>&>&9LF9E<RG&:j?9A&9&JGD&=>;<&879&<9V>&B9DFG&G&EG<<G&
9<FD>OGA&<9=JD9&>&@>;:>:9&J>D>&>E;=>DQEG<A&G&=G<FD>&
BG=G&:7@;:G<GN&9&<9=JD9&EG<&;E<J;D>&879&>G<&G7<>:G<&
> &KGDF7E> & K>@GD9B93 & "& @>;:>:9 & ERG& EG<& :9;L>A& <9ERG&
:9JG;<&879&EG<&9EFD9O>&U&=GDF9A&9&<S&>&=GDF9&879&EG<&
>B>Z>A&Y&>&879&>B>Z>&F>=ZY=&>&EG<<>&@>;:>:93

- & K>B;EGDG<G & Y & Fm=;:GA & JGD879 & G & BD;=9 & 879 & 9EQ & `dha&
@;?9B9A&>BG@>D:>3&"&@>;:>:9A&879&F>=ZY=&;EF9D;GD=9EF9&>B7<>A&
><<;=&BG=G&>7=9EF>&><&KlDT><A&:GE:9&@j&>?O7=>&GB><;RG&:9&
ZD;GA & F>=ZY= & >< & :9Z;?;F>A & GE:9 & 9EBGEFD> & 7=> & >J>DjEB;> & :9&
:9<:G7DGH&EG&BD;=9&G&vE;=G&<9&>Z>F9A&=9EG<&J9?G&=j:G&:G&
B><F;OGA&879&J9?>&87>?;:>:9&:j?9N&:>87;&@9=&879&CW&=>;<&D9<GQ
?7TRG&:G&:9?;FGA&879&ERG&;DDGO>&;EKv=;>N&9&:9&F>?&<GDF9&879&G&
:9?;E879EF9&U<&@jP9<&:9B?>D>&JGD&@>;:>:9&>&B7?J>N&>&=9<=>&
@>;:>:9&?C9&<9D@9&:9&FGD=9EFGA&9&G&GZD;O>&>&BGEK9<<>D3&"<&?9;<&
BGEC9B9D>=&Z9=& j<F9&JD;EBmJ;GA&JGD&;<<G& ;=>O;E>D>=&J9E><&
@;<N&J7<9D>=&:;<F;ETRG&EG&=G:G&:9&><&9L9B7F>DN&<>Z;>=9EF9&
;EFDG:7P;D>=&EGZD9P>&>FY&EG&=G:G&:9&=GDD9D3

1W&BD;=9<A&B7V>&>FDGB;:>:9&9L;O9&7=>&J9E>&&&&&`dwa&>;E:>&
=>;GDN&;<FG&YA&7=>&J9E>&J9D=>E9EF9A&<7B9<<;@>A&;E:9?Y@9?N&879&
BG=JD99E:>&B7?J>:G<&9&;EGB9EF9<&N&879&;E:7P>&;EK9BTRG&K>F>?A&
ERG&<S&EG&<>EO79&:G<&879&9<FRGA&=><&F>=ZY=&EG&<>EO79&:G<&
879&CRG&:9
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

@;DN&9&879&K>T>&:9F9<FW@9?A&ERG&<S&G&>7FGD&:G&BD;=9A&9&>&
<7>&:9<B9E:jEB;>A&=><&>;E:>&>&=9<=>&?9=ZD>ET>&:G&
<97&EG=93&[7>EFG<&CW&879&ERG&F9=9=&G&B><F;OGA&J9?G&
879 & j<F9 & F9=& :9 & ;E<7JGDFW@9?A & =><& J9?G & 879 & F9=& :9&
;EK>=9N&9&879&G&ERG&D9B9;>=&J9?G&879&FGB>&>&<;A&<9ERG&
J9?G & 879 & CW & :9 & FGB>D & >G< & <97<X & " & BGDD7JTRG & :>&
E>F7D9P>A & BC9O> & Ej?9< & > & :9<JD9P>D & > & <7> & JDSJD;>&
BGE<9D@>TRGA&=><&ERG&>&<7>&D9J7F>TRGN&:9<>F9E:9=&>G&
<97&GJDSZD;G&J9<<G>?A&=><&ERG&U879?9&879&CW&:9&K;B>DA&9&
BGEF;E7>D & EG< & 879 & CRG & :9 & @;D & :9JG;<H & j<F9 & D9<FG & :9&
@>;:>:9&Y&7E;B>=9EF9&G&879&G<&D9JD;=93&"&=>?mB;>&?C9<&
9E<;E>A&879&G&J9D:9D&>&@;:>&ERG&Y&OD>E:9&J9E>N&JGD879&
9<F>&@9D:>:9;D>=9EF9&ERG&><<9EF>&9=&<9&J9D:9D&>&@;:>A&
=><&9=&>&J9D:9D&>EF9B;J>:>=9EF9N&9&BG=&9K9;FG&ERG&Y&
OD>E:9&G&=>?&879&<9=JD9&Y&;EK>?m@9?&JGD&G7FD>&J>DF9A&9&
879&JGD&GD>&<S&BGE<;<F9&E>&B;DB7E<FvEB;>&:G&F9=JGN&;<FG&
YA & 9= & <9D & BG= & >EF9B9E:jEB;>A & 9 & <9D & VWA & >87;?G & 879&
B9DF>=9EF9&CWQ:9&@;D&>&<9D&:>87;&>&JG7BGH&JGD&;<<G&G&
JDj<GA&879&<9&=>F>A&Y&BG=G&7=&JDj<G&879&KGO9N&7=&9&
G7FDGA&;?7:;D>=&G&B><F;OGA&JGD879&j<F9&:9@;>&BGE<;<F;D&E>&
:7D>TRGA & 9 & ERG & E> & 9LF;ETRG3 & 0>879?> & KGD=> & K;BG7&
;=J7E9&G&BD;=9X&2RGA&JGD879&<7JG<FG&<9&>7<9EF><<9&G&
:9?;E879EF9A&BW&:9;LG7&G&EG=9A&9&>&=9=SD;>N&9&E9<F>&
>;E:> & F9= & ?7O>D & > & J9E>N & BGEFD> & 9?> & <9 & K7?=;E> & >&
BGE:9E>TRG&:9&7=&?>ZY7&J9DJYF7GH&G&879&>B>ZG7&BG=&>&
K7O;:>A&G7& BG=& >&=GDF9A &KG;&>& J9E>& F9=JGD>?A&9& JGD&
BGE<987jEB;>&J9E>&B7DF>A&JGD879&>B>Z>@>&BG=&>&@;:>N&
=><&K;B>&<7Z<;<F;E:G&>&J9E>&:>&;OEG=mE;>A&J9E>&87><9&
<9= & K;=A & JGD879 & > & FD>:;TRG & 9 & > & C;<FSD;> & > & K>P9=&
D9E><B9D&>&B>:>&;E<F>EF93&"&@>;:>:9&K>PQEG<&>:GD>D&G&
D9<J9;FG&9&>&9<F;=>TRG&:G<&CG=9E<N&JGD&;<<G&G&:9<JDjPG&
>K?;O9A&>;E:>&<S&BGE<;:9D>:G&9=&7=&B>:W@9DA&9=&7=>&
JG<F9D;:>:9A&9=&7=&EG=9N&>&J9E>&@;?&;=JG<F>&9=&7=>&
9<FWF7> & K>P & J>@GDA & ERG & J9?G & 879 & YA & =>< & J9?G & 879&
D9JD9<9EF>N&G&BD;=;EG<GA
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

879 & :9 & ?GEO9 & > & BGE<;:9D>A& <9 & 9<FD9=9B9N & JGD & @;> & :G&
J9E<>=9EFG&<9&?C9&BG=7E;B>&:9&>?O7=>&<GDF9&>&:GDA&9&
><<;= & E9= & JGD & K7O;D & >G & B><F;OGA & K;B> & ?;@D9 & :j?93 & "&
@>;:>:9&9EF9E:9&879&F7:G&87>EFG&Y&EG<<GA&Y&<7<B9JFm@9?&
:9&>K?;TRG&9&:9&JD>P9DA&:9&D9<J9;FG&9&:9&@;F7JYD;GN&9&
><<;=&EG<&J9D<7>:9&879&J>D>&><&D>PM9<&:>&=WOG>&9&:G&
BGEF9EF>=9EFGA&>&EG<<>&<9=9?C>ET>&F9=&<9DA&>&EG<<>&
<G=ZD>&@;:>A&9&>&EG<<>&9<FWF7>&<9EF;=9EFG3

"&K>?F>&:9&D9?;O;RG&9&:9&ZGE<&BG<F7=9<A&K>P&B>;D&`d_a&G&
CG=9=& EG & 9<F>:G & FGF>? & :9 & J9D@9D<;:>:9A & > & K>?F> & :9 & D9?;O;RG&
BGE<;<F9&9=&<9&ERG&F9=9D&>&097<A&>&K>?F>&:9&BG<F7=9<&D9<7?F>&
:9 & <9 & ERG & F9=9D & G< & CG=9E<N & 9 & @9D:>:9;D>=9EF9 & 879= & ERG&
F9=9D&>&?9;&:9&097<&E9=&><&?9;<&:G<&CG=9E<A&879&JD;EBmJ;G&?C9&
K;B>&JGD&GE:9&C>V>&:9&JD>F;B>D&G&Z9=X&"&EG<<>&E>F7D9P>&JDGQ
J9E:9&J>D>&G&=>?A&9&JGD&;<<G&KG;&JD9B;<G&JD9<BD9@9DQ?C9&7=&
B9DFG&=G:G&:9&@;@9DN&@;@9=G<&JGD&D9OD><3&2G&9L9DBmB;G&:G&=>?&
>BC>=G<&7=>&9<JYB;9&:9&:GT7D>A&9&:9&E>F7D>?;:>:9A&><&@;DF7:9<&
JD>F;B>=Q<9&JGD&9E<;EGA&G&@mB;G&<>Z9Q<9A&>&@;DF7:9&>JD9E:9Q<93&
!;<9DW@9?&BGE:;TRG&:G&CG=9=n&-&879&:9@;>&<>Z9DA&;OEGD>A&9&G&
879&:9@;>&;OEGD>DA&<>Z9H&J>D>&G&879&EG<&Y&kF;?A&E9B9<<;F>=G<&:9&
9<F7:GA & 9 & J>D> & G & 879 & ES< & Y & J9DE;B;G<G & ERGN & J>D> & G & Z9=&
E9B9<<;F>=G<&:9&?9=ZD>ET>A&9&J>D>&G&=>?&:9&9<879B;=9EFG3&z&
E9B9<<WD;>&879&EG<&9<879T>=G<&:G&=>?&879&VW&<>Z9=G<A&9&879&
EG<&?9=ZD9=G<&:G&Z9=A&879&:9@9=G<&<>Z9DN&7=>&BG;<>&B7<F>Q
EG<&>&?9=ZD>DA&>&G7FD>&B7<F>QEG<&>&9<879B9D3&-&@mB;G&K>P9=G<&
<9=&>DF9A&<9=&F9=JGA&<9=&=9<FD9A&9&<9=&FD>Z>?CGN&>&@;DF7:9&
ERG&@9=&BG=7Q=9EF9A&<9ERG&BG=G&KD7FG&:>&9LJ9D;jEB;>A&:>&
=9:;F>TRGA&:G<&JD9B9;FG<A&9&:G<&>EG<H&J>D>&G&@mB;G&ERG
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

E9B9<<;F>=G< & :9 & BGEC9B9DA & E9= & <>Z9D & E>:>N & J>D> & >&
@;DF7:9 & YQEG< & JD9B;<G & BGEC9B9DA & 9 & <>Z9D & F7:G3 & 0;K;Q
B7?FG<> & 9=JD9<>N & 9L9DB;F>=G< & G & @mB;GA & K;B>E:G & :>&
=9<=>&<GDF9&879&KG=G<N&9=&?7O>D&879&><&@;DF7:9<A&ERG&
>< & JD>F;B>=G<A & <9= & 879 & EG< & =7:9=G<N & Fl:> & > & @;:>&
?9@>=G<& E9<F>&9=9E:>H& K9?;P& G&879&>&BGE<9O79n& f=&
CG=9=&U<&>@9<<><&<9D;>&7=&CG=9=&J9DK9;FG3&{&5>D>&
GZD>D=G< & Z9=A & ERG & F9=G< & =>;< & :G & 879 & BGE<7?F>D & >&
E>F7D9P>A&9&>&K>P9D&G&BGEFDWD;GN&<9&j<F9&:GB7=9EFG&Kl<<9&
7E;@9D<>?A&9&ERG&F;@9<<9&>?O7=>A&G7&=7;F><&?;=;F>TM9<&
9<F>@>&>BC>:G&G&=9;G&:9&>ZD9@;>D&7=>&:><&B;jEB;><&879&
EG<&Y&=>;<&;=JGDF>EF9N&9EFRG&B>:>&7=&:9&ES<&F;EC>&9=&
<; & G & B><GA & 9 & > & ?9;N & <S & BG= & > & :;K9D9ET>A & :9 & 879 & JGD&
GZD;O>TRG & :> & =9<=> & ?9;A & <9 & C>@;> & :9 & <9O7;D & >&
:;<JG<;TRG & 879 & ?C9 & Kl<<9 & =>;< & BGEFDWD;> & N & > & <7>&
GZ<9D@vEB;> & :9@;> & BGE<;<F;D & E> & ;EGZ<9D@vEB;> & N & 9 & >&
GZ9:;jEB;>&E>&:9<GZ9:;jEB;>H&9&BG=&9K9;FG &CW&=7;F><&
BG;<><A&879&><&ERG&@j&879=&9<FW&EG&=9<=G&?7O>DA&=><&
<;=&879=&9<FW&9=&?7O>D&GJG<FGN&G7FD><&BGEC9B9=Q<9&
=9?CGD&JGD&>87;?G&879&?C9&Y&:9<BGEQKGD=9N&9&G7FD><A&
J>D> & <9D9= & @;<F>< & BG=G & <RGA & ERG & <9 & CRG & :9 & @9D&
:;D9F>=9EF93 & 1W & =7;F>< & J>DF9< & :GE:9 & <9 & ERG & JG:9&
BC9O>DA&<9&?GOG&EG&JD;EBmJ;G&<9&ERG&FG=>&7=>&:9DDGF>&
K>?<>N& 9 & >;E:>& E><& @9D:>:9<& CW& >?O7=><A & 879& <9 & ERG&
JG:9= & >?B>ET>DA & <9ERG & J9?G & B>=;ECG & :G & jDDGN & J>D>&
>B9DF>D&F>=ZY=&Y&E9B9<<WD;G&@9D&JD;=9;DG&G&:9<>BjDFGN&
>&87>?;:>:9&:>&?7P&:;<F;EO79Q<9&=9?CGD&J9?G<&9K9;FG<&:>&
<G=ZD>H& 879=& G?C>& J>D>&G<& =GEF9<& :G& -B;:9EF9A& @j&
JD;=9;DG&E><B9D&G&<G?A&:G&879&879=&;EB?;E>&>&@;<F>&J>D>&
G&-D;9EF93&(&><<;=&@;=G<&>G&=7E:G&J>D>&K7O;D=G<&:9&
ES<A&;<FG&YA&:><&EG<<><&J>;LM9<A&9&9EFD9&9?><&:><&EG<<><&
@>;:>:9<A & :9<F>< & JGDY= & ERG & :9@9=G< & K7O;D & <9=JD9A&
JGD879&>&@>;:>:9&U<&@jP9<&Y&7=&@mB;GA&879&<9D@9&:9&
=G:9D>DA&G7&;=J9:;D&G<&G7FDG<N&9&BG=&9K9;FG&879=&ERG&
F9=
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

@>;:>:9 & >?O7=> & :9<JD9P> & > & D9J7F>TRGA & 9 & JGD & BGEQ
<987jEB;>&>&CGED>N&9<F>&BGE<F;F7;&7=>&D9?;O;RG&C7=>E>A&
879 & <9 & ERG & JG:9 & :9<JD9P>D & <9= & BD;=9N & JGD & ;<<G & G&
CG=9=&:9&;E;87;:>:9&Y&>&879=&:9<>=J>DG7&ERG&<S&>&
@;DF7:9 & :> & D>PRGA & =>< & F>=ZY= & G & @mB;G & :> & @>;:>:93&
0>87;&@9=&879&Y&kF;?&G&F9D&>?O7=>&F;EF7D>&:9&@>;:>:9A&>&
<7Z<FvEB;>A & ERGN & ERG & CW & :9 & <9D & G & BGDJGA & =>< & >&
<7J9DKmB;93

2G< & BGEFD>FG< & F9= & JG7B> & J>DF9 & > & ZG>QKYN & >< & `dta&
GZD;O>TM9<&ERG&Z><F>=A&9&><&B?W7<7?><A&JGD&=>;<&879& <9V>=&
KGDF9<A&Fl:><&<9&BGEFDG@9DF9=A&9&J9D@9DF9=H&><&BGE:;TM9<A&JGD&
=>;< & 879 & <9V>=& B?>D><A & 9<879B9=Q<9N& E7EB>& K>?F>=& JD9F9LFG&
J>D>&:7@;:>DA&E9=&=9;G<&J>D>&<9&K>P9D&879<FRG&:>87;?GA&9=&879&
>&ERG&JG:9&C>@9D3&0>&K>?F>&:>&ZG>QKY&E><B9&>&:k@;:>A&:>&:k@;:>&
E><B9 & G & >DO7=9EFGA & :G & >DO7=9EFG & > & :9<7E;RGA & 9 & :9<F> & >&
:;<<G?7TRG&:G&BGEFD>FGA&G7&>&>TRG&J>D>&G&:9<K>P9D3&2G&JD;EBmJ;G&
:><&EG<<><&BGE@9ETM9<&E;EO7Y=&>:@9DF9&JGD&GE:9&JG<<>&E9?><&
9EFD>D&>&BGEFDG@YD<;>A&:9JG;<&:9&B9?9ZD>:><&9=&B>:>&JGEFG&<9&
>BC>=&=;?&=GF;@G<&:9&:;<J7F>N&7=>&@mDO7?>&:9&=9EG<A&G7&:9&
=>;<A & Y & Z><F>EF9 & K7E:>=9EFG & J>D> & 7=> & ?>DO> & :;<B7<<RG3&
[7>E:G&<9&ERG&JG:9&E9O>D&G&>V7<F9&E9O>Q<9Q?C9&G&<9EF;:GN&9&
j<F9&87>E:G&<9&ERG&JG:9&=7:>DA&;EF9DJD9F>Q<9&9&@9=&>&<9D&G&
=9<=GH&G&879&ERG&F9=&;EF9D9<<9&9=&B7=JD;D&G&>V7<F9&YA&G&879&
:9<BGZD9&Ej?9&><&;=J?;BvEB;><A&9&:9K9;FG<A&879&G<&G7FDG<&?C9&
ERG & @j9=H & ERG & CW & BG;<> & =>;< & <7F;? & :G & 879 & > & =>?mB;>N & >&
<;EB9D;:>:9&Y&<;=J?9<A&ODG<<9;D>&9&;EGB9EF9H&G&9EO>EG&FG:G&<9&
BG=JM9 & :9 & >DF9N & 9 & JGD & ;<<G & > & J9D<J;BWB;> & EG< & CG=9E< & Y&
87>?;:>:9 & <7<J9;FG<>A & 9 & 879 & F9= & =9EG< & @>?GDA & 879 & G & 879&
BG=7=9EF9 & <9 & ?C9 & :WN & JGD879 & <9 & ERG & Y & <;E>? & 7= & vE;=G&
:GZD>:GA&9&;EK;9?A&>G
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

=9EG<&Y&JDG@>&:9&879&G&JG:9&<9D3&[79=&<>Z9&BG=G&G&
=>?&<9&K>PA&9<FW&=7;FG&J9DFG&:9&G&K>P9DN&9&879=&<>Z9&
BG=G&G&9EO>EG&<9&JD>F;B>A&F>=ZY=&ERG&9<FW&?GEO9&:9&
9EO>E>D3&"&B;jEB;>&:G&9EO>EG&Y&VW&7=&JD;EBmJ;G&:j?9N&
879&?C9&K>?F>&>&GB><;RGA&9&>&@GEF>:9X &"&GB><;RG&JG:9&
GK9D9B9DQ<9A&9&>&@GEF>:9&JG7B><&@jP9<&D9<;<F9&>&GB><;RG3&
5GD&;<<G&EG<&BGEFD>FG<&Y&=>;<&J9D;OG<>&>&KY&EG<&879&
<>Z9=&=>;<N&G&>DD9J9E:;=9EFG&Y&B9DFGA&87>E:G&9=&7=&
>V7<F9A & G7 & ERG & CW & BGE@9E;jEB;>A & G7 & 9<F> & VW & J><<G7H&
879D9=G<&>K><F>DQEG<&:G&BGEFD>FGN&G&JGEFG&Y&<>Z9D&G&
BG=GN&9&><<;=&J>D>&;EK;:9?;:>:9&<S&EG<&K>?F>&G&=G:GA&>&
D9<G?7TRG&ERG3&-&EG<<G&B7;:>:G&FG:G&9<FW&9=&:9<BGZD;D&
G & 9LJ9:;9EF9A & 9 & ;<FG & 9= & GD:9= & > & =G<FD>D & 879 & <9&
=7:>=G<A & Y & JGD& @mB;G& :G & BGEFD>FGA & 9 & ERG& JGD& EG<<G&
@mB;G3&"&D9J7OEvEB;>&@G?7EFWD;>A&879D9=G<&K>P9D&J><<>D&
JGD&E9B9<<WD;>H&G&@;G?>D&>&ZG>QKY&E7EB>&EG<&<9D@9&:9&
9=Z>D>TGA&BGEF>EFG&879&>&@;G?>TRG&<9&>FD;Z7>&>&G7FD9=N&
9&G&<9D&>&B7?J>&EG<<>&ERG&;=JGDF>A&BGEF>EFG&879&J>D9T>&
>?C9;>N & >87;?G & 9= & 879 & GEF9= & ERG & C>@;> & E>:> & :9&
;=JG<<m@9?A&JGD879&9D>&879<FRG&:9&D9B9Z9DA&CGV9&Y&FG:G&
;=JD>F;BW@9?A&JGD879&Y&879<FRG&:9&:>DN&GEF9=&J>D9B9&
879 & G< & =GEF9< & <9 & D9:7P;>= & > & J?>EmB;9<A & CGV9 & ><&
J?>EmB;9<&<9&D9:7P9=&>&=GEF9<3&[7>?879D&BG;<>&Y&7=&
GZ<FWB7?G & ;EFD>FW@9?H & ><<;= & :9@;> & <9DA & JGD879 & G&
JDG=9F9D&Y&KWB;?A&G&B7=JD;D&:;K;B7?FG<GN&J>D>&JDG=9F9D&
Z><F>&>&;EF9ETRG3&[79=&JDG=9F9A&9L9DB;F>&7=&>FG&:9&
?;Z9D:>:9A & JGD & ;<<G & JG:9 & C>@9D & Ol<FG & E> & JDG=9<<>N&
879=&B7=JD9A&VW&Y&JGD&KlDT>&:>&GZD;O>TRGA&JGD&;<<G&9=&
B7=JD;D& CW& 7=>& 9<JYB;9 & :9 & @;G?jEB;>H& >& E;EO7Y=& <9&
GZD;O>&>&879&JDG=9F>A&>&879&B7=JD>&<;=N&EG&JDG=9F9D&
K>P9=G< & ES<A & EG & B7=JD;D & K>P9=QEG< & K>P9DN & 9= & 7=>&
BG;<>& ES<&<G=G<&G&879&GZD>=G<A&E>& G7FD>& ERGN&J>D>&
>879?> & @>=G<A & J>D> & 9<F> & ?9@>=QEG<N & EG & F9=JG & :9&
JDG=9F9D&G&879&@9=G<A
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

<RG&<>OD>:G<A&EG&F9=JG&:9&B7=JD;D&G&879&>BC>=G<A&<RG&
:7D9P><N & 7=> & BG;<> & EG< & ;EB?;E>A & > & G7FD> & GK9E:9QEG<N&
87>E:G & JDG=9F9=G<A & K;B>=G< & Z9= & BGEG<BGA & JGDQ879&
E7EB> & K>?F>= & >OD>:9B;=9EFG< & 9 & ?;<GEV><A & 9 & JGD&
BGE<987jEB;>&@>;:>:9<N&87>E:G&C>@9=G<&:9&B7=QJD;DA&
K;B>=G< & =>? & BGEG<BGA & JGD879 & BG=7=9EF9 & EG<&
>DD9J9E:9=G<3 & [79 & BG;<> & Y & G & >DD9J9E:;=9EFGA & <9ERG&
7=>&;D>&BGEFD>&<;&JDSJD;GX&o<F9&<RG&G<&=GF;@G<&:9&879&
E><B9 & > & :9<?9>?:>:9 & EG< & BGEFD>FG<N & 9 & 879 & JG7BG< & <9&
C>@;>=&:9&GZ<9D@>DA&<9&>&@>;:>:9&879&9=&F7:G&OG@9DE>A&
ERG & EG< & GZD;O><<9 & > & O7>D:>D & > & KY & E>< & EG<<><&
BGE@9ETM9<n & (<F><A & 87>E:G & <9 & B7=JD9=A & ERG & Y & JGD&
@GEF>:9A&=><&JGD&@>;:>:9N&BG=G&G&EG<<G&9=J9ECG&Y&
BGE<9D@>D&>&9<F;=>TRGA&9&GJ;E;RG&:G<&CG=9E<A&JGD&;<<G&
F9=9=G<&879&>?O7Y=&:;O>A&879&=7:>=G<A&879&K>?F>=G<&
>G&>V7<F9A&9&U&J>?>@D>A&G7&879&9EO>E>=G<H&Fl:><&9<F><&
9LJD9<<M9< & ;EK>=>=A & JGD879 & BGEFj= & 7= & B>DWF9D & :9&
D9JDG@>TRG & 7E;@9D<>?A & FD>P9= & G & :9<JDjPG & 9=&
BGE<987jEB;>A&9&<9&<9&V7<F;K;B>=A&K>P9=&J9D:9D&G&EG=9&
9&G&D9<J9;FGA&U&=>E9;D>&:9&7=>&JDG<BD;TRGA&G7&>EWF9=>&
B;@;?N&JGD&;<<G&>&@>;:>:9&<9&9<FD9=9B9A&9&EG<&GZD;O>&>&
<9D&?9>;<A&JGD&KlDT>&:>&EG<<>&=9<=>&@>;:>:93&z&V7<F;T>&
D;OGDG<>H&:9&<GDF9&879&>&@>;:>:9&<9E:G&7=>&J>DF9&:9&
ES<&=9<=G<A&BGEFD>&ES<&=9<=G<&<9&D9@G?F>&9&<9&:;D;O9H&
9 & ><<;= & <RG & JG7B>< & >< & BG;<>< & 879 & K>P9=G< & <S & J9?>&
GZD;O>TRGA & 879 & F9=G< & :9 & >< & K>P9DN & Y & E9B9<<WD;G & 879&
G7FDG&=>;GD&=GF;@G&EG<&;EB;F9N&G&879&ERG&K>P9=G<&J9?>&
@>;:>:9A&9&:9<F>&<GDF9&F7:G&87>EFG&GZD>=G<A&Y&JGD&7=&
JD;EBmJ;G&@;B;G<GN&G&Z9=&=7;F><&@jP9<&:9<B9&:9&7=>&
GD;O9= & =WN & > & D>PRG & EG & CG=9= & Y & BG=G & 7= & ?;BGD&
JD9B;G<G & 9= & 7= & @><G & ;=J7DGN & G & ?;BGD & <9=JD9 & <9&
BGEF>=;E>&BG=&>&;EK9BTRG&:G&@><GN&j<F9&9=&ES<&Y&>&
@>;:>:93
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

`dda %RG&D>D><&><&>TM9<&879&<9V>=&;?7<FD9<&JGD&<;
=9<=><N & >J9E>< & C>@9DW & >?O7=>< & 879 & ERG & :9;L>=&
BGEC9B9D & 879 & @j= & :G & CG=9=3 & "< & =>;< & :>< & BG;<><&
>:=;D>=Q<9A & JGD879 & <9 & ERG & BGEC9B9=N & V7EF>=9EF9&
JGD879&E9?><&CW&7=&D;BG&@Y7&879&><&BGZD9H&@9=G<&7=&
9LF9D;GD&ZD;?C>EF9A&879&=7;F><&@jP9<&<9D@9&:9&9<BGE:9D&
7=&>Z;<=G&CGDD9E:GN&>&=9<=>&?7P&>D=>Q<9&:9&D>;G<A&
J>D>&879&ERG&JG<<>&9L>=;E>DQ<9&:9&GE:9&?C9&@j=&G<&
D9<J?9E:GD9<H&>&KGD=G<7D>&9=&F7:G&EG<&>FD>;N&>&EG<<>&
>:=;D>TRG&ERG&JG:9&J><<>D3&>?Y=N&:GE:9&>&9EBGEFD>A&>m&
K;B> & <7<J9E<> & 9 & B9O>3 & $<FG & <7B9:9 & E>< & >TM9< & :G<&
CG=9E<N&><&=>;<&<7Z?;=9<A&J>D9B9&879&EG<&B9O>=A&9&
<7<J9E:9=N & 9 & F>?@9P & <9D;>=& :9F9<FW@9;<A & <9 & ?C9< & ERG&
;OEGDW<<9=G<&><&B>7<><3&#7:G&G&879&F9=&>D&:9&OD>E:9&
JD9E:9&>&EG<<>&;=>O;E>TRG&:9&<GDF9&879&ERG&K;B>&?;@D9&
J>D>&:;<BGDD9D&E>&BG;<>A&<9ERG&EG&9<F>:G&:9&OD>E:9P>&
9=&879&>&@jA&9&ERG&J>D>&;E:>O>D&:9&:GE:9&@9;GA&E9=&
BG=G&@9;G3&"<&WO7><&879&<>?F>=&:9&7=&DGBC9:GA&9&879&
BGDD9=&@9?GP=9EF9&J>D>&G&=>DA&>EF9<&879&?W&BC9O79=A&
@RG&J><<>E:G&JGD&?7O>D9<&:;K9D9EF9<N&9=&7E<&>?>DO>=Q
<9A&9=&G7FDG<&B>Z9=&=>?N&9=&7E<&>BC>=&K7E:GA&9&B>Q
=;EC>= & :GB9=9EF9A & 9= & G7FDG< & <S & @RG & ?>@>E:G & >&
ZD>EB> & >D9;>N & 9= & 7E< & =7D=7D>=A & 9= & G7FDG< & JD9B;Q
J;F>=Q<9N & 9= & 7E< & ERG & 9EBGEFD>= & 9=Z>D>TGA & BGDD9=&
KUB;?=9EF9A&9&BG=&<G<<jOGA&9=&G7FDG<&:9Fj=Q<9A&JGD879&
J><<>= & JGD & J9E9:G< & :9<;O7>;<N & 9= & 7E< & J>D9B9 & 879&
KGO9=A&9=&G7FDG<&F>=ZY=&J>D9B9&879&:9<B>E<>=&N&9=&
7E< & @RG & <9= & DG:9;GA & 9= & G7FDG< & D9FDGB9:9=A & 9 & <9&
879ZD>=& 9= & =;? & O;DG<N & >87; & @RG & D9O>E:G & > & K?GD & :G&
B>=JGA&>?;&@RG&Z>EC>E:G&G&V7EBG&C7=;?:9N&>87;&BGDD9=&
FD>E<J>D9EF9<A & 9 & >?;& @RG& F7D@><& 9 & ?;=GQ<><3 & (<F><& <RG&
Fl:><&><&=7:>ET><&JGD&GE:9&J><<>=&><&WO7><&:9&7=>&
KGEF9A&:9<:9&879&:9;L>=&G&DGBC9:G&:GE:9&E><B9=A&>FY&
879&9EFD>=&EG&=>D&9&:GE:9&=GDD9=H&BGEK7E:;:><&CGV9&
><&<7><&WO7><A&VW&ERG&<RG
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

WO7><&:9&7=>&KGEF9N&VW&ERG&<RG&>879?><A&879&@;9D>=&:9&
7=&DGBC9:G&<G=ZD;G&9&B>@9DEG<GN&=7:>:G&G&EG=9A&9&G&
F9>FDGA&>OGD>&9<FRG&KGD=>E:G&>&;=9E<;:>:9&:G&-B9>EGH&
VW & ERG & <9D@9= & :9 & >E;=>D & G & JD>:GA & E9= & :9 & FD;<F9&
BG=J>EC;>&>&7=&>=>EF9&<G?;FWD;GN&VW&ERG&<9D@9=&:9&
9<J9?CG&U<&@9D:9<&D>=><A&E9=&G&<97&<7<<7DDG&<9D@9&VW&
:9 & ?m87;:G & ;E<FD7=9EFG & >G & B>EFG & <;EO7?>D & :>< & >@9<N&
K;E>?=9EF9&VW&ERG&<RG&BD;<F>;<&><&<7><&WO7><A&<RG&GE:><3&
09<F>&=9<=>&<GDF9&<RG&G<&CG=9E<H&><<;=&<>9=A&><<;=&
Z7<B>=A & 9 & ><<;= & BC9O>= & >G & 9<F>:G & :> & OD>E:9P>N & >&
@>;:>:9A&879&G<&?9@>A&9&>BG=J>EC>A&?GOG&?C9<&F;D>&:>&
=9=SD;>&G&?7O>D&:9&879&@;9D>=A&9&G<&879&>E:>D>=A&9&<S&
?C9<&=G<FD>&>879?9&>:GE:9&9<FRGH&CW&=7;F><&BG;<><&879&
ERG&879D9=G<A&G7&ERG&JG:9=G<&@9D&E9=&E>&<7>&GD;O9=&
E9=&EG&<97&JDGOD9<<GN&>&9LB9?jEB;>&:G&K;=&EG<&GB7J>&
;EF9;D>=9EF9A&9&;=J9:9A&879&@9V>=G<&>&K>F>?;:>:9&G7&
;E:;OE;:>:9&:G<&<97<&=9;G<N&>FY&G&EG<<G&J9E<>=9EFG&
J>D9B9&879&<9&:9;L>&J9E9FD>D&:9&>F9ETRG&9&:9&D9<J9;FGA&>&
KGDF7E>&ERG&9<BG?C9&G<&CG=9E<A&K>@GD9B9&>G&JD;=9;DG&
879&9EBGEFD>A&JGD879&FG:G<&J>D>&>&KGDF7E>&<RG&;O7>;<A&9&
@>?9= & G & =9<=GN & JGD & ;<<G & G & ;=JYD;G & :G & :9<F;EG & Y&
>Z<G?7FGA & <9= & D9OD><A & E9= & JD9B9;FG<N & > & @>;:>:9 & EG<&
9E<;E>A & 879 & FG:G< & G< & =9;G<A & 9 & B>=;ECG< & <RG & ZGE<A&
87>E:G&<9&>?B>ET>N&>&O?SD;>&:G&<7B9<<G&D9O7?>Q<9&J9?>&
87>?;:>:9&:>&@;FSD;>A&9&ERG&J9?>&87>?;:>:9&:G&@9EB9:GDN&
;=JGDF>&=9EG<&<>Z9DA &879=&Y&G&879&@9EB97A&G7&BG=G&
@9EB97A & :G & 879 & <>Z9D &<r=9EF9 & 879= & @9EB97H & G<&
CG=9E<&<? 'E>&D>PRG&:9&CG=9E<&Fj=&;O7>?&:;D9;FG&7E<&
J>D>&<7Z;D9=A&9&G7FDG<&J>D>&:9<B9D9=N&G&=9D9B;=9EFG&
<S&<9&J9<>&E>879?9<&879&B>9=A&9&ERG&EG<&879&<GZ9=3&-<&
B>=;ECG< & 9L>Q=;E>=Q<9 & >87j?9< & JGD & GE:9 & <9 & ERG&
BC9OG7A&9&G<&=9;G<&<RG&:9<>JDG@>:G<A&87>E:G&JGD&j?9<&
<9 & ERG & BGE<9O7;7N & > & KGDF7E> & BG<F7=> & C>@9D & G<&
=9D9B;=9EFG&JGD&V7<F;K;B>:G<&N&>&:9<OD>T>&ERG&Y&><<;=A&
JGD879&G<&:9;L>&:7Q
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

@;:G<G<A&9&<7V9;FG<&>G&9L>=9H&><&>TM9<A&879&BGE:7P;D>=&>&
>?O7= & K;= & OD>E:9A & >;E:> & 879 & ;EV7<FGA & <RG & =9EG<&
>ZGDD9B;:><N & 9 & ;<FG & U & ;=;F>TRG & :> & ?7PA & 879 & ;EFDG:7P & >&
B?>D;:>:9&E>&=9<=>&9<B7D;:RG&:><&FD9@><3&2>&J>DF9&9=&
879&:G=;E>&>?O7=&7<7DJ>:GDA&J>D>&j?9&Y&879&<9&G?C>A&9&
ERG&J>D>&>&7<7DJ>TRGN&@jQ<9&>&>?F7D>&:G&FDGEGA&9&ERG&<9&
@j9=&G<&:9OD>7<&JGD&GE:9&<9&<7Z;7&>&j?9N&G<&=9;G<&JGD&
=>;<&879&<9V>=&CGDDGDG<G<A&ERG&<9&BGE<;:9D>=A&JGD879&
<RG&BG=G&:9OD>7<A&879&<9&J;<>=N&G&JGEFG&Y&879&G&K;=&<9V>&
K9?;P3&%9&>&@>;:>:9&Kl<<9&7=>&@;DF7:9A&<S&EG<&C>@;>&:9&;E<Q
J;D>D&=9;G<&@;DF7G<G<N&=><&BG=G&Y&@mB;GA&F7:G&EG<&9E<;E>H&
JGD&;<<G&G&<9D&BD79?A&FD>;:GDA&F;D>EGA&ERG&K>P&CGDDGD&>&879=&
E9B9<<;F>&:>&FD>;TRGA&:>&F;D>E;>A&p&9&:>&BD79?:>:93&-&9<F>:G&
:> & OD>E:9P> & JG7B>< & @jP9< & <9 & >:87;D9 & V7<F>=9EF9A & >&
KGDF7E>&J>D9B9&879&<9&;DD;F>&:9&879&>&ERG&Z7<879=&JGD&
FG:G<A & 9 & 87>;<879D & =G:G<H & ERG & CW & BG;<> & 879 & EG< & K>T>&
Z7<B>D&>&KGDF7E>&F>EFG&BG=G&>&@>;:>:93

"&>=Z;TRG&:G<&CG=9E<&JGD&7=>&J>DF9A&9&J9?>&`dea&G7FD>&>&
@>;:>:9&Fj=&K9;FG&:>&F9DD>&7=&9<J9FWB7?G&:9&<>EO79H&>&=9<=>&
F9DD>A & 879 & KG; & K9;F> & J>D> & FG:G<A & 87;<9D>= & >?O7E< & K>PjQ?>&
7E;B>=9EF9&<7>H&:;O>=&G<&"?9L>E:D9<A&G<&\Y<>D9<A&G7FDG<&=>;<&
BGE87;<F>:GD9<N & C9DS;< & ERG & JGD & JD;EBmJ;G & :9 & @;DF7:9A & G7 & :9&
V7<F;T>A& =><& JGD & 7=& 9LB9<<G & :9 & KGDF7E>A& :9 & >=Z;TRGA & 9 & :9&
@>;:>:93&o<<9<&=9<=G<A&879&FG=>:G<&JGD&<;&<S<&B>Z;>=&9=&
7=&ZD9@9&9<J>TGA&=9:;:G<&J9?><&<7><&@>;:>:9<A&>J9E><&B>Z;>=&
9=&FG:G&G&=7E:GH&879&=>;<&JG:;>&9LBGO;F>D&>&@>;:>:9A&:G&879&
K>P9D&879&>?O7E<&<9&?>=9EF><<9=&:9&<9D&G&=7E:G&9<FD9;FGA&9&
?;=;F>:Gn&bW&?C9<&J>D9B;>&879&G&F;EC>=&FG:G&:9Z>;LG&:G&<97&
JG:9DN&879&F7:G&9<F>@>&VW&<7V9;FGA&9&879&>;E:>&><<;=&9D>&B7DFG&
;=JYD;G&FG:G&G&B;DB7;FG&:>&F9DD>A&9&Fl:>
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

>&@><F;:RG&:G&=>D3&"879?>&@>;:G<>&;EK9?;B;:>:9&:9&879&
<9&?>=9EF>@>=A&BGE<;<F;>&9=&ERG&C>@9D&=>;<&=7E:G<&
879&J7:9<<9=&;E@>:;DA&:9@><F>DA&@9EB9DN&9D>&:9<OD>T>&
Ej?9< & G & ERG & JG:9D9= & K>P9D & =>;< & :9<OD>T>:G<3 & f=>&
BGE87;<F> & ;EV7<F> & <9=JD9 & BG=9T> & J9?> & GJD9<<RG & :G<&
CG=9E< & BGE87;<F>:G<A & 9 & J9?G & :9<FDlTG & :9 & 7=> & F9DD>&
>?C9;>A&JGD&;<<G&K>T>EC><&879&<S&Fj=&JGD&JD;EBmJ;G&>&
@>;:>:9&:G&@>?GDA&D9J7F>=Q<9&OD>E:9<&U&JDGJGDTRG&:>&
;=J;9:>:9A&BG=&879&G&=9<=G&@>?GD&><&9L9B7F>N&K>P9=Q
<9&K>=G<><&J9?>&=9<=>&;=J;9:>:9H&:>87;&@9=&879&EG<&
>E>;<&:>&1;<FSD;>A&>&J>DF9&879&<9&>:=;D>&=>;<A&9&879&
=>;< & <9 & ;=JD;=9 & E> & ?9=ZD>ET>A & Y & >879?> & 9= & 879 & >&
E>D>TRG&<9&BG=JM9&:9&<7B9<<G<&=>;<&BD7Y;<N&9&9=&879&
G<&B>=JG<A&879&KGD>=&:9&Z>F>?C>A&BGZ9DFG<&>;E:>&CGV9&
:9 & 9<879?9FG< & ;EKGD=9<A & 9 & J>DF;:G<A & BGE<9D@>= & B9DFG&
CGDDGDN & j<<9< & B>=JG< & K>F>;<A & 9= & 879 & <9 & GZ<9D@>=&
9<J9BFDG<A&:9Z>;LG&:>&@;<RG&:9&7=><&?7P9<&@G?WF9;<A&9&
9=&879&<9&G7@9=&>;E:>&CGV9A&9EFD9&G&DG7BG&<G=&:9&
B>;L><A & 9 & FDG=Z9F><A & @GP9< & =>? & >DF;B7?>:><A & >?>D;:G<&
BGEK7<G<A&9&?>=9EFG<&FD;<F9<N&j<<9<&B>=JG<A&879&:9JG;<&
:9 & =7;FG< & <YB7?G<A & >;E:> & FD>P9= & U & =9=SD;> & D9JD9Q
<9EF>TM9<&K7E9<F><A&9&9=&879&><&J?>EF><A&J>D9B9&E><Q
B9D9= & BG= & =j:GA & 9 & 879 & G & C7=GDA & 879 & D9B9Z9= & :>&
F9DD>A&Y&<9E<;F;@GN&j<<9<&B>=JG<&K;E>?=9EF9&KGD>=&G<&
=9<=G<A & 9= & 879 & > & @>;:>:9 & @9EB9:GD>A & >DD>EBG7 & G<&
?G7DG< & J>D> & BGDG>D & >< & <7>< & 9=JD9<><3 & [79 & =GE<FDG&
;E<J;D>D;>&>&D9OD>&:9&=9:;DQ<9&>&O?SD;>&:G<&BG=Z>F9<A&
=9EG< & J9?> & BGE<987jEB;> & :j?9<A & 879 & J9?G & 9<FD>OG< & N&
=9EG< & J9?> & 7F;?;:>:9A & 879 & J9?> & D7mE>N & =9EG< & J9?>&
KGDF7E> & :9 & 7E<A & 879 & :9<OD>T> & :9 & G7FDG<X & [7>EFG&
=>;GD9<&<RG&G<&>;<A&G<&O9=;:G<A&9&G<&B?>=GD9<A&F>EFG&
=>;GD&Y&>&>TRGA&9&>&@>;:>:9&:9&879=&G<&=G@93&[79&
;=>O;E>TRG & ZWDZ>D>A & 9 & K9DGPA & <9D;> & > & 879 & ;:9G7 & EG&
@9EB;=9EFG&G&<9D&<7J9D;GD&>87j?9A&:9&879&D9<7?F>&7=>&
:9<G?>TRG&7E;@9D<>?X&&&-&<9D&B>7<>&:9&879&G
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

;E7E:G & FG=9 & G7FD> & K;O7D>A& G7FD> & GD:9=A & G7FDG& =G@;Q
=9EFG&N&G&@9D&J9DF7DZ>:><&><&O9EF9<A&BC9;><&:9&>K?;QTRGA&
9&9<J>EFGN&>BC>D&FG:G<&G<&B>=;ECG<&7=9:9B;:G<&BG=&
?WOD;=><A&D7ZD;B>:G<&BG=&<>EO79A&9&;=J9:;:G<&BG=&G<&
:9<J9:>T>:G<&BGDJG<&:9&=;?&>OGE;P>EF9<N&G&G7@;D&EG&>D&
9= & 9BG< & ;EF9DB>:9EF9< & 7=> & =7?F;:RG & :9 & <G?7TG< & 9&
<7<J;DG<N & G & >Z>F9D & ;=JYD;G<A & 9 & K>P9D & :j?9< & :9<9DFG<&
<G?;FWD;G<N&F7:G&KGD=>&7=&GZV9FG&>OD>:W@9?A&JG=JG<GA&9&
;?7<FD9A & 9= & 879 & > & @>;:>:9 & <9 & ;EK?>=>A & <9 & 9<F9E:9A & 9&
9E<GZ9DZ9B93 & " & @>;:>:9 & :9 & 7= & 9EF7<;><=G & C9DS;BG&
BGE<;<F9&9=&879D9D&D97E;D&9=&7=&<S&ZD>TG&Fl:>&>&KlDT>A&
879 & > & 5DG@;:jEB;> & D9J>DF;7 & JGD & =GF;@G<A & 9= & 879D9D&
D9:7P;D&>&7=&<S&CG=9=&Fl:>&>&E>F7D9P>&C7=>E>3

2><B9=&G<&CG=9E<&;O7>;<N&7=&=9<=GA&9&;O7>?&JD;EBmJ;G&
G<&>E;=>A&G<&BGE<9D@>A&9&F>=ZY=&G<&:9Z;?;F>A&9&>B>Z>3&%G=G<&
GDO>E;P>:G< & J9?> & =9<=> & KGD=>A & `dsa & 9 & JGD & ;<<G & 9<F>=G<&
<7V9;FG<&U<&=9<=><&J>;LM9<A&9&U<&=9<=><&@>;:>:9<3&5>D>&FG:G<&
E><B9 & G & <G?N & > & >7DGD> & > & FG:G< & :9<J9DF> & J>D> & G & FD>Z>?CGN & G&
<;?jEB;G&:>&EG;F9A&>E7EB;>&>&FG:G<&G&:9<B>E<G3&-&F9=JG&879&
;E<9E<y@9?=9EF9&BGDD9A&9&<9&:;<FD;Z7;&9=&>EG<A&=9<9<A&9&CGD><A&
J>D>&FG:G<&<9&BG=JM9&:G&=9<=G&Ek=9DG&:9&;E<F>EF9<3&(<<>&
FD>E<J>D9EF9 & D9O;RG & > & FG:G< & >ZD>T>N & FG:G< & >BC>= & EG<&
9?9=9EFG<&7=&J>FD;=lE;G&BG=7=A&?;@D9A&9&;E:9K9BFm@9?N&FG:G<&
D9<J;D>=&G&>DN&>&FG:G<&<7<F9EF>&>&F9DD>N&><&87>?;:>:9<&:>&WO7>A&9&
:G&KGOGA&>&FG:G<&<9&BG=7E;B>=3&-&=7E:G&ERG&KG;&K9;FG&=>;<&
9=&Z9E9KmB;G&:9&7E<A&879&:9&G7FDG<A&J>D>&FG:G<&Y&G&=9<=GN&9&
J>D>&G&7<G&:j?9&FG:G<&Fj=&;O7>?&:;D9;FGN&G7&<9V>&J9?>&GD:9=&:>&
E>F7D9P>A&G7&<9V>&J9?>&GD:9=&:>&<7>&=9<=>&;E<F;F7;TRGN&FG:G<&
>BC>=G<&EG&=7E:G&><&=9<=><&J>DF9<&9<<9EB;>;<3&&&[79
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

BG;<>&Y&>&@;:>&J>D>&FG:G<&=>;<&:G&879&7=&9E?9;G&:9&
@>;:>:9<A&9&7=&O;DG&<7B9<<;@G&9EFD9&G&Ol<FGA&>&:GDA&>&
>?9OD;>A&>&FD;<F9P>A&>&>@9D<RGA&9&G&>=GDX&";E:>&E;EO7Y=&
E><B97& BG=& >&JDGJD;9:>:9&:9&;E<9E<m@9?A& >&@;:>&ERG&
JG:9&<7Z<;<F;DA&<9=&9<F>D&<7ZGD:;E>:>&U<&;=JD9<<M9<&:G&
Ol<FGA&9&:G&<9EF;=9EFG3&#G:G<&E><B9=G<&J>D>&BCGD>DA&9&
J>D> & D;DN & > & B;DB7E<FvEB;> & :9 & BCGD>D & =>;<A & G7 & =9EG<A&
D9<7?F>&:9&B>:>&7=&:9&ES<3&"&@;G?jEB;>A&9&>&@>;:>:9&:><&
EG<<><&J>;LM9<&EG<&K>P9=&>J9F9B9DA&9&879=&>J9F9B9A&VW&
<9 & 9LJM9 & >G< & :9?mD;G< & :G & D;<GA & 9 & U< & >=>DO7D>< & :><&
?WOD;=><N&j<<9&=9<=G&>J9F9B9D&>;E:>&<S&JGD&<;A&Y&7=>&
9<JYB;9&:9&<9EF;=9EFGA&9&:9&JD>P9DN&>&;=>O;E>TRG&EG<&
>EF9B;J>&F7:GA&JGD&;<<G&G&EG<<G&BGEF9EF>=9EFGA&G7&>&
EG<<>&J9E>A&BC9O>=&JD;=9;DG&:G&879&G&<97&GZV9FGA&9&
j<F9 & 87>E:G & @9=A & VW & ES< & 9<F>=G<A & G7 & >Z>F;:G< & :9&
FD;<F9P>A&G7&BC9;G<&:9&>?9OD;>H&<G=G<&FRG&<9E<m@9;<A&879&
G<&<7B9<<G<&J>D>&EG<&=G@9D9=A&ERG&Y&E9B9<<WD;G&879&
9<F9V>= & 9= & ES<A & Z><F> & 879 & G< & @9V>=G< & :9 & ?GEO9N & >&
EG<<>&<9E<;Z;?;:>:9&F9=&=>;GD&KlDT>&E>&EG<<>&=9<=>&
>JD99E<RGN&:>87;&@9=&879&EG&=>?A&879&<9&9<J9D>A&G7&<9&
D9B9;>A&ERG&JG:9&C>@9D&>?m@;GA&JGD879&G&J9E<>=9EFG&$C9&
:W&7=>&9LF9E<RG&=>;GDN&9=&?7O>DA&879&G&=>?&879&VW&<9&
<9EF9A&JG:9&BGE<G?>DQ<9A&JGD879&9EFRG&<9&@j&879&F9=&
?;=;F93&"<&BG;<><&J>D9B9=&879&<9&9<J;D;F7>?;P>=&J>D>&<9&
9EFD9O>D9= & > & ES< & ><<;= & 879 & >< & ;=>O;E>=G<N & G7 & >G&
=9EG<&J>D>&879&>&9K;BWB;>&:9?><&<9&;EBGDJGD9&9=&ES<A&
=7;FG&>EF9<&879&9?><&BC9QO79=N&9&:j<F9&=G:G&><&BG;<><&
>EF9<&879&><&F9EC>=G<A&VW&<RG&EG<<><N&9&87>E:G&>&B>7<>&
<9&>JD9<9EF>A&VW&F9=G<&<9EF;:G&G<&<97<&9K9;FG<N&JGD&;<<G&
:9<BGEC9B9=G< & F7:G & G & 879 & @;=G< & > & >?B>ET>DA & 9 & EG<&
J>D9B9&879&CW&K>?F>&E>87;?G&879&@;=G<&>&BGE<9O7;DH&><&
BG;<><A&87>E:G&BC9O>=A&VW&EG<&>BC>=&<>B;>:G<N&JGD879&
G&:9<9VG&Y&7=>&9<JYB;9&:9&OGP>D&=>;<&>F;@>A&9
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

=>;< & :7DW@9?A & =>;< & KGDF9A & 9 & =>;< & BGEFmE7>N & :>87;&
JDGB9:9&G&<9D&FRG&:9?9;FW@9?&>&9<J9D>ET>A&JGD879&Y&7=>&
9<JYB;9 & :9 & JG<<9<<RG & :>87;?G & 879 & <9 & 9<J9D>3 & [79=&
;=>O;E>&G&879&:9<9V>A&F7:G&J;EF>&BG=&BlD9<&?;<GEV9;D><A&
9 & =>;< & @;@><N & JGD & ;<<G & > & @9D:>:9 & Y & ODG<<9;D>A& 9 & =>?&
JG?;:>N&F7:G&G&879&:9<BGZD9A&Y&<9=&>:lDEGN&>EF9<&K>P&
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 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

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 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

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

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 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

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Ol<FG & :9Z;?;F>Q<9A & >?F9D>Q<9A & =7:>Q<9A & 9 & F>=ZY= & <9&
>B>Z>N&>&@>;:>:9&<9=JD9&J9D<;<F9&9&:7D>H&;<FG&:9@9&<9DA&
JGD879 & G< & EG<<G< & <9EF;:G< & 7<>=Q<9N & > & @>;:>:9 & ERGH&
E>879?9< & G & BG<F7=9 & G< & 9EKD>879B9A & E9<F> & G & BG<F7=9&
>7=9EF> & > & >@;@>3& "& V7D;<:;TRG& :G< & <9EF;:G< & Y & =7;FG&
?;=;F>:>A & JGD879 & G< &G?CG< & <S & @j9=A & G< & G7@;:G< & <S&
G7@9=A&9&G&F>FG&<S&<9EF9N &9&J>D>& C>@9D&>;E:>&=9EG<&
K;D=9P> & EG< & <9EF;:G<A & j<F9< & 87><9 & <9=JD9 & 9<FRG&
9EK9D=G<N & 9& ERG& JG:9& C>@9D& BGE<FvEB;>A&:GE:9 & JG:9&
C>@9D&9EK9D=;:>:9N&:9&<GDF9&879&>&;EBGE<FvEB;>&ERG&Y&
=>;<&:G&879&9EK9D=;:>:9&:G<&<9EF;:G<3&"<&EG<<><&>TM9<&
:9J9E:9=&=>;<
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

:>&BGE<F;F7;TRG&:G&EG<<G&BGDJGA&879&:>&9<F>Z;?;:>:9&:>&
EG<<>&@GEF>:9N&G&9<F>:G&:G&EG<<G&vE;=G&:9J9E:9&:>&
EG<<> & :;<JG<;TRGA & JGD & ;<<G & > & ;EBGE<FvEB;> & Y & E>F7D>?A&
JGD879 & ?GOG & 879 & E><B9=G<A & 9EFD>=G< & 9=& 7=& 9<F>:G&
BGEFmE7G&:9&=7:>D3&-&F9=JG&ERG&BGEF>&>&EG<<>&;:>:9&
J9?G<&>EG<A&=><&<;=&J9?G<&;E<F>EF9<A&9&B>:>&;E<F>EF9&:9&
=>;< & F>=ZY= & Y & :9=>;< & 9= & ES< & 7=> & =7:>ET>3&
\>=;EC>=G< & BG= & JD9<<>A & 9 & BG= & Ol<FG & J>D> & G & K;=H&
<9=9?C>EF9<&>G<&D;G<A&879&>JD9<<>:>=9EF9&BGDD9=&J>D>&
G&=>DA&:GE:9&J9D:9=&>&:GT7D>A&9&>&>B>Z>=3&2RG&CW&
;=>O9=&=>;<&JDSJD;>&:>&@>;:>:9&C7=>E>A&:G&879&j<<9<&
=9<=G<&D;G<N&FG:G<&Fj=&G&E><B;=9EFG&9=&7=&JDGK7E:G&
?>OGN&E9=&FG:G<&FD>P9=&:G&=GEF9&-?;=JG&>&GD;O9=N&
E9=&FG:G<&BGDD9=&JGD&9EFD9&K?lD9<A&JGD&9EFD9&J?WF>EG<A&9&
B9:DG<N&E9=&FG:G<&FD>P9=&G7DG&E><&>D9;><A&JGD879&E9=&
FG:G<&@j=&:9&GE:9&@9=&G&#9VGN&7E<&><<;=&879&E><B9=A&
?GOG & KGD=>= & 7= & :;?k@;G & :9 & WO7>A & ;E7E:>= & > & B>=Q
J>EC>A&9&BG=&@;G?jEB;>&9&Jj<GA&F7:G&>Z>F9=A&KGDT>=A&
?9@>=N&G&?9;FG&879&G<&<7<F9EF>A& 9=& J>DF9& <9&>ZD9A&<9&
DG=J9 & 9 & <9 & :9<K>P3 & -7FDG< & D;G< & =>;< & J9879EG< & EG&
JD;EBmJ;GA & :9JG;< & <9 & K>P9= & B>7:>?G<G<A & EG & B>=;ECG&
9EODG<<>=&BG=&9=JD9<F>:><&WO7><A&879&D9B9Z9=H&7E<&
BGDD9= & JGD & B;=> & :9 & 9<=9D>?:>A & G7FDG< & ERG & Fj= & EG&
K7E:G&=>;<&:G&879&C7=;?:9<&BGEBC><A&J>D:G<&<9;LG<A&
@9D:9<&?;=G<N&7E<&E><B9=&9EFD9&BD;<F>;<&B?>DG<A&G7FDG&
9EFD9 & DGBC> & 9<B7D>N & 7E< & J><<>= & 9<B7=>E:GA & 9 & BG=&
9<FDGE:GA & G7FDG< & <S & =7D=7D>=N & 7E< & >BC>= & B>=JG&
?>DOGA&9=&879&><&WO7><&<9&:;?>F>=A&9&9=&879&G&<G?&@jA&
G7FDG< & BGDD9= & JD9<G< & 9 & GJD;=;:G< & JGD & 9EFD9 & <9DD><&
>OD9<F9<&9&<G=ZD;><N&7E<&Fj=&>?FG&G&E><B;=9EFGA&JGD879&
j<F9&Y&EG&B7=9&:9&>?FG<&=GEF9<A&JGD&;<<G&>;E:>&87>E:G&
:9<B9=& J><<>=& BG=& 9<FDYJ;FG & 9 & K7DGDN & G7FDG< & Fj=& G&
=9<=G&E><B;=9EFG&Z>;LGA&JGD879&j<F9&Y&E>&J>DF9&=>;<&
D9=GF>&:9&7=&@>?9&;EK9D;GDA
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

JGD&;<<G&BGDD9=&=>E<>=9EF9A&9&<9=&D7m:GA&<S&<9&:9;Q
L>=&@9DA&9&ERG&<9&G7@9=N&K;E>?=9EF9&7E<&<RG&KD;G<&BG=&
9LB9<<GA & G7FDG< & Fj= & B>?GDN & 7E< & <9D@9= & :9 & D9=Y:;GA&
G7FDG<&:9&=>?N&:9&7E<&<>Z9Q<9&G&JD;EBmJ;GA&:9&G7FDG<&
ERGN&7E<&Fj=&EG=9&K>=G<G&EG<&>E>;<&:>&C;<FSD;>A&G7FDG<&
>J9E>< & <9 & BGEC9B9=3 & #G:>< & 9<F>< & :;K9D9ET><A&
9EBGEFD>=Q<9&EG<&D;G<N&7E<&J9879EG<A&G7FDG<&OD>E:9<N&
7E<&9?9@>:G<A&G7FDG<&>Z>F;:G<3&5>D9B9&879&F>=ZY=&E><&
WO7>< & CW & KGDF7E> & 9 & @>;:>:93 & !>< & 879 & ;=JGDF>A & >&
:;K9D9ET> & :G< & ?7O>D9<A & ERG & K>P & 879 & >< & WO7>< & <9V>=&
:;K9D9EF9<H&879&7=><&E><T>=&EG<&=GEF9<A&9&G7FD><&EG<&
@>?9<N&879&7=><&@9EC>=&:><&E7@9E<A&9&G7FD><&:>&F9DD>N&
879&7=><&BGDD>=&B?>D><A&9&G7FD><&F7D@><N&E>:>&:;<<G&K>P&
E><&WO7><&:;@9D<;:>:9&>?O7=>N&Fl:><&<RG&><&=9<=><&E>&
D>PRG&:9&WO7><N&G&879&<7B9:9&Y&J><<>D9=&JGD&?7O>D9<&
:;K9D9EF9<N&>&E>F7D9P>A&G&JD;EBmJ;GA&9&G&K;=&Y&G&=9<=GN&
Fl:><&@j=&:G&=>DA&9&FGDE>=&J>D>&G&=>DN&G&<9D9=&><&
WO7><&=7;F><A&:9&<GDF9&879&BC9O79=&>&KGD=>D&7=&D;GA&
G7&<9D9=&JG7B><A&:9&<GDF9&879&<S&KGD=9=&7=>&KGEF9A&
ERG&;EFDG:7P&E9?><&:;K9D9ET><3&[79=&CW&:9&:;P9D&879A&
=7;FG< & CG=9E< & V7EFG< & E> & D>PRG & :9 & CG=9E<A & <9V>=&
:;K9D9EF9<&:>879?9<&879&9<FRG&<S<X&-&=>D&Y&G&B9EFDG&:9&
:GE:9&><&WO7><&<>9=A&9&J>D>&:GE:9&FGDE>=&N&G<&=9>FG<&
:> & F9DD> & 9= & 7=>< & J>DF9< & <RG & 9<FD9;FG<A & 9 & 9= & G7FD><&
?>DOG<N & :>87; & @9= & 879 & 87>E:G & >< & WO7>< & BC9O>= & U&
<7J9DKmB;9&:G&O?GZGA&<7B9:9&B>mD9=&BG=&=>;<&G7&=9EG<&
>Z7E:vEB;>A&9& ><<;=& ERG&:;K9D9=& G<& D;G<& :><&KGEF9<A&
<9ERG&EG&:;v=9FDG&:G&B>E>?A&9&9=&j<F9&<9&F9D=;E>D&9=&
>?O7=&=GEF9A&G7&9=&>?O7=&@>?9N&9&E9<F>&KGD=>A&:9&879&
<9 & :9<@>E9B9= & j<<9< & D;G<X & %9DW & :9 & J><<>D9= & JGD&
B>=;ECG<&=>;<&G7&=9EG<&?>DOG<X&09&<9&V7EF>D9=&7E<&
BG=&G7FDG<A&9&K>P9D9=&=>;<&@G?7=9X&09&9EBGEFD>D9=&
:;>=>EF9<X&-7&:9&>BC>D9=&7=&B>=JG&=>;<&G7&=9EG<&
:;?>Q
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

F>:GX&2>:>&:;<<G&Y&<973&[79&;?7<FD9&JG:9&D9<7?F>D&:G&
9EBGEFDG & :9 & 7=> & BG;<> & >?C9;>A & :;<F;EF>A & <9J>D>:> & 9&
9<FD>EC>X&"<&WO7><&J><<>=&BG=G&<RGA&9&JGD&J><<>D9=&
JGD&D7Z;<A&ERG&<9&BGE@9DF9=&Ej?9<N&E9=&<9&:;OE;K;B>=&
J9?> & 87>?;:>:9 & :G & B>=;ECGH & G& BGDD9D9=& =>;< & V7EF><A&
ERG&?C9<&=7:>&>&E>F7D9P>N&>&<7Z<FvEB;>&:9&7=>&J;EO>&
:9&WO7>A&Y&>&=9<=>&879&>&:9&7=&D;G&;EF9;DGN&G&F>=>ECG&
Y&B;DB7E<FvEB;>&9LF9D;GDA&9&;E:9J9E:9EF93&2>&BD;>TRG&:G&
=7E:G & ERG & CG7@9 & E>< & WO7>< & :;K9D9ET>A & <S & CG7@9&
:;@;<RGN&>&:;@9D<;:>:9&<S&KG;&EG&EG=9&9&EG&?7O>DA&=><&
ERG&E>&=>FYD;>&GD;O;E>?&H&G&(<JmD;FG&@;@;K;B>EF9&9&9F9DEGA&
9= & Fl:>< & ;EK7E:;7 & 7= & =G@;=9EFG & JDSJD;GA & B;DB7?>DA&
K9B7E:G&9&<7V9;FG&U<&?9;<&:G&Jj<G&9&:G&987;?mZD;G3&1W&
JG;< & E>< & WO7>< & G & =9<=G & E><B;=9EFG & 9= & Fl:><A & >&
=9<=> & JDGJD;9:>:9A & 9 & G & =9<=G & K;=3 & "<<;= & <RG & G<&
CG=9E<H&EG&<97&OjE9DGA&Fj=&BG=&><&WO7><&7=&J>D>?9?G&
G7&K;O7D>&;O7>?3&29=&FG:G<&E><B9=&E>&>Z7E:vEB;>N&E9=&
>&FG:G<&>&KGDF7E>&?;<GEV9;>N&7E<&J>D9B9&879&E><B9=&J>D>&
G & :9<B>E<GA & G7FDG< & J>D> & G & FD>Z>?CGN & 7E< & J>D> & >&
OD>E:9P>A & G7FDG< & J>D> & > & C7=;?:>:9N & 7E< & J>D> & >&
GJ7?jEB;>A&G7FDG<&J>D>&>&=;<YD;>N&7E<&J>D>&G&D9<J9;FGA&
G7FDG< & J>D> & G& :9<JD9PGN & 7E< & J>D> & > & =9=SD;>A& G7FDG<&
J>D>&G&9<879B;=9EFGN&7E<&J>D>&>&ZGE>ET>A&G7FDG<&J>D>&>&
FGD=9EF>N&7E<&J>D>&@9EF7D><A&G7FDG<&J>D>&:9<OD>T><N&7E<&
J>D> & >< & >F9ETM9<A & G7FDG< & J>D> & G< & :9<B7;:G<N & > & 7E<&
@9=G<&<7Z;DA&>&G7FDG<&:9<B9D3&!><&879&;=JGDF>&879&EG&
9LF9D;GD & :G & CG=9= & C>V> & F>EF> & :;K9D9ET>A & <9 & EG & <97&
;EF9D;GD & ERG & CW & E9EC7=>X & [79 & ;=JGDF> & 879 & <9V>=&
:;@9D<G<&G<&?7O>D9<A&<9&EG<&<7V9;FG<&ERG&CW&:;@9D<;:>:93&
[79=&CW&:9&C>@9D&879&:;O>A&879&G&CG=9=&879&9<FW&
JG<FG&EG&9?9@>:G&:9&7=>&FlDD9A&<9V>&=>;<&CG=9=A&879&
>87j?9&879&9<FW&Jl<FG&9=&B>=JG&D><GX&-&CG=9=&=7:>&
:9&?7O>DA&=><&ERG&=7:>&G&<9D&:9&CG=9=N&9=
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

Fl:> & > & J>DF9 & Y & G & =9<=GA & 9= & E9EC7=> & Y & =>;< & E9=&
=9EG<N & JG:9 & J>D9B9D & =>;GDA & =><& <9DA & ERG3 & -& <G? & >G&
=9;GQ:;> & ZD;?C> & =>;<A & ERG & JGD879 & :9;L9 & :9 & <9D & G&
=9<=GA&E9=&JGD879&9EFRG&F9EC>&=>;<&?7PA&=><&JGD879&
9<F>&K>P&=>;<&9K9;FG&9=&7=&?7O>DA&879&9=&G7FDGN&EG&
GB><GA&9&EG&GD;9EF9&Y&G&=9<=G&<G?A&9&>&=9<=>&?7PA&=><&
ERG & J>D9B9 & G & =9<=G3 & "<<;= & <RG & G< & CG=9E<N & 9=&
87>?879D & J>DF9 & 879 & G< & JGEC>=A & FG:G< & <RG & ;O7>;< & 9&
7E;KGD=9<N&>&:;K9D9ET>&879&CW&9EFD9&j?9<A&ERG&F9=&G7FDG&
K7E:>=9EFG & 879 & G & 879 & @9= & :> & JD9GB7J>TRG & 9 & :G&
BGEB9;FGN & <RG & :7>< & BG;<><A & 9 & >=Z>< & @R<A & JGD879&
E9EC7=> & F9= & D9>?;:>:93 & " & KGDF7E> & JG:9 & >D=>D & G&
CG=9=&BG=&C;9DGO?mK;BG<&9&>:GDEG<&K;O7D>:G<A&=><&ERG&
G&JG:9&>D=>D&<9ERG&JGD&KlDT>N&879=&?9@>EF>D&><&DG7J><A&
CW&:9&@9D&G&9EO>EG&9&>&<7JG<;TRG&H&ERG&CW&:9&>BC>D&=>;<&
:G&879&7=&CG=9=&BG=G&G<&G7FDG<A&B7VG&GDE>FG&Y&J7D>&
K>EF><;>A&>DZ;FDWD;>A&>DF;K;B;>?&9&<9J>DW@9?N&>&KGDF7E>&JG:9&
@9<F;DA & ERG & JG:9 & KGD=>DN & <>Z9 & K;EO;DA & =>< & ERG & <>Z9&
K>P9D3 & - &=9<=G & GZ<Y87;G & FG:G & <9 & BG=JM9 & :9 & 7=&
B9D;=GE;>? &;=>O;EWD;GA & =7:W@9?A & :9 & ;E<F;F7;TRG&
E>B;GE>?&9 &@>D;>EF93& -&;EB9E<G&879&>?O7=><& @jP9<&Y&
<m=ZG?G&:>&@>;:>:9&9&:>&?;<GEV>A&JD;=9;DG&879&9L>?9&G&
<97&J9DK7=9A&>D:9A&9&EG&>D&<9&9LF;EO79&9&<9&BGE<G=93&
#7:G&G&879&EG<&D9BD9;>&9&EG<&>FD>;&Y&9L>?>TRG&9&K7=GN&
JGD&;<<G&G&9=JD9OG&:>&@>;:>:9&Fl:>&BGE<;<F9&9=&:>D&
<7Z<FvEB;> & U< & @GP9<A & 9EF;:>:9 & >G & =G:GA & 9 & BGDJG & >G&
@9EFG3

"&@>;:>:9&<>F;<K9;F>A&G7&GK9E:;:>A&Y&>&879&EG<&&&&`e^a&K>P&
Z7<B>D&>&<G?;:RG&9&G&D9F;DGN&BG=G&F9=9DG<G<&:9&J9D:9D&>&
FD;<F9P>A&9=&879&>BC>=G<&7=&>OD>:G&:9&OjE9DG&:;@9D<G3&&&1W&
=7;FG<&=>?9<A&9=&879&>&@>;:>:9&J>D9B9&<9&:9?9;F>N&9&>;E:>&<9=&
@>;:>:9&>&>?9Q
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

OD;>&=7;F><&@jP9<&EG<&<GTGZD>N&ERG&<S&G&9LB9<<GA&=><&
>;E:>&>&=9:;GBD;:>:9&:9?>N&JGD879&E7EB>&>&OGP>=G<&
<9= & >?O7=> & J9DF7DZ>TRGH & 7= & D9B9;G & ;E<9E<m@9? & :9 & >&
J9D:9D=G<A&Z><F>&J>D>&GJD;=;DQEG<A&9&JGD&=>;<&879&G&
BGEF9EF>=9EFG&EG<&9LF><;9A&E7EB>&EG<&:9;L>&9=&9<F>:G&
:9&ERG&<9EF;D3&"&@>;:>:9&<>F;<K9;F>&ERG&EG<&9EFD9O>&U&
>?9OD;>A & <9= & JD;=9;DG & > & F9=J9D>DA & BG= & > & =9<=>&
987;:>:9&BG=&879&E7EB>&EG<&9EFD9O>&FG:G<&U&FD;<F9P>3&
"&7E;RG&:G&Ol<FG&BG=&G&J9<>D&ERG&Y&;EBG=J>Fm@9?&JGD&
=>;<&;EK;E;F>&879&EG<&J>D9T>&>&:;<FvEB;>&:9&7=&>&G7FDG&
9LFD9=G3 & #>=ZY= & > & @>;:>:9A & 9 & > & C7=;?:>:9 & =7;F><&
@jP9<&<9&9EBGEFD>=A&<9&7E9=&9&<9&BGE<9D@>=3

`eha "&=>;<&J7D>&>?9OD;>&Y&>879?>&879&OGP>=G<&EG
F9=JG & :> & ;EGBjEB;>N& 9<F>:G & @9EF7DG<GA & 9=& 879 & E>:>&
:;<F;EO7;=G<&JGD&:;<B7D<GA&=><&JGD&;E<F;EFGN&9&9=&879&
E>:> & BGE<;:9D> & > & D>PRGA & =>< & <;= & > & E>F7D9P>3 & (EFRG&
B;DB7?>&@9?GP&G&EG<<G&<>EO79A&9&G<&C7=GD9<&879&9=&7=&
=7E:G&El@G&9&D9<7=;E:GA&>J9E><&Fj=&FG=>:G&G<&<97<&
JD;=9;DG< & =G@;=9EFG<A & G< & C7=GD9< & <RG & G< & 879&
JDG:7P9= & >< & EG<<>< & >?9OD;><N & 9 & BG= & 9K9;FG & ERG & CW&
>?9OD;>&<9=&OD>E:9&=G@;=9EFGN&JGD&;<<GA&@9=G<&879&>&
FD;<F9P> & EG< & >Z>F9A & 9 & > & >?9OD;> & EG< & =G@9H & G & <G<<jOG&
>;E:> & 879 & ;E:;B> & G & BGEF9EF>=9EFGA & BGEF7:G & =>;< & Y&
D9JD9<9EF>TRG&:>&=GDF9&879&:>&@;:>N&9&>&FD>E87;?;:>:9&
JG:9 & :>D& :9<B>E<GA & JGDY=& >?9OD;> & ERG& > & :W & <9=JD93&
!>< & BG=G & JG:9 & :9;L>D & :9 & <9D & J7D> & > & >?9OD;> & :G<&
JD;=9;DG<&>EG<A&<9&>;E:>&9EFRG&>&@>;:>:9&ERG&:G=;E>&
9=&ES<X&(EFRG&<S&<9EF;=G<&G&Z9=A&9&G&=>?A&879&D9<7?F>&
:>&:lDA&G7&:G&JD>P9DN&:9JG;<&F>=ZY=&<9EF;=G<&G&=>?A&9&
G&Z9=&:>&GJ;E;RGN&;<FG&Y&:>&@>;:>:9H&JGD&;<<G&=7;F><&
BG;<><&EG<&>?9OD>=A&879&FG=>:><&9=&<;&=9<=><A&ERG&
Fj=&=>;<
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

Z9=A & 879& >879?9& BG=& 879 & > & @>;:>:9& ><& BGE<;:9D>H& 9&
G7FD><&F>=ZY=&EG<&9EFD;<F9B9=A&879&FG=>:><&<S&JGD&<;A&
ERG&Fj=&G7FDG&=>?A&879&>87j?9&879&>&=9<=>&@>;:>:9&
?C9<&<7JM93&"&@>;:>:9&E>F7D>?;P>&9=&ES<&><&GJ;E;M9<&:G&
=7E:GN&9&:9&F>?&<GDF9A&879&G&BGEB9;FGA&879&KGD=>=G<&
:><&BG;<><A&JGD&=>;<&879&<9V>&;E:;K9D9EF9A&G7&;EB9DFGA&
<9=JD9 & K>P & 9= & ES< & 7=> & @9D:>:9;D> & ;=JD9<<RG & :9&
>?9OD;>A&G7&:9&FD;<F9P>3&#7:G&G&879&<>Z9=G<A&Y&BG=G&JGD&
FD>:;TRGN&JGD879&<7B9<<;@>=9EF9&;=G<&:9;L>E:G&7E<&>G<&
G7FDG< & >< & ;EF9?;OjEB;>< & 9= & 879 & <9 & K7E:>=& >< & EG<<><&
@>;:>:9<A&9&><&;=G<&J><<>E:G&BG=G&:9&=RG&9=&=RGN&><&
879 & D9B9Z9=G< & :G< & 879 & VW & @;9D>=A & 9<<>< & =9<=><&
C>@9=G<&:9&:9;L>D&>G<&879&CRG&:9&@;DH&Y&7=>&C9D>ET>&
879&<9&:;<FD;Z7;&;O7>?=9EF9&>&FG:G<A&9&879&FG:G<&?>DO>=&
9&9EFD9O>=&E>&=9<=>&KGD=>&879&D9B9Z9=N&JGD&;<<G&><&
;:Y;>< & EG@>< & D9J7F>=Q<9 & BG=G & J>DFG< & ;?9OmF;=G< & 9&
<7JG<FG<A&JGD879&?C9<&K>?F>&>&>7FGD;:>:9&:G&F9=JGA&879&
>< & :9@;> & >7F9EF;B>D3 & #7:G & 9E@9?C9B9 & EG & =7E:GA & 9 & >&
@9?C;B9 & 9= & F7:G & ;=JD;=9 & 7= & B>DWF9D & @9E9DW@9?N & >&
>EF;O7;:>:9&9EGZD9B9&><&@>;:>:9<A&9&GJ;E;M9<A&9&:9<F><&
>< & =G:9DE>< & <RG & =9EG< & <;EO7?>D9<A & JGD879 & Fj= & >&
:9<OD>T>&:9&BG=9T>DH&:>87;&@9=&879&ERG&F9=G<&>?9OD;>A&
<9ERG&9E87>EFG&ERG&F9=G<&@>;:>:9A&9&ERG&F9=G<&@>;Q
:>:9A&<9ERG&9E87>EFG&ERG&F9=G<&B;jEB;>&:9?>3&"&9EFD>:>&
:>&@;:>&Y&;EGB9EF9A&JGD&;<<G&9EFRG&Y&J7D>&>&>?9OD;>N&>&
BGEF;E7>TRG&:>&=9<=>&@;:>&Y&@>;:G<>A&JGD&;<<G&>&>?9OD;>&
9EFRG & Y & ;=J9DK9;F>3 & 2G< & JD;=9;DG< & >EG< & @9=G< & BG=G&
9?><&<RGA&:9JG;<&@9=GQ?><A&BG=G&G<&CG=9E<&879D9=&879&
9?><&<9V>=N&9=&7=&F9=JG&>&>?9OD;>&<S&:9J9E:9&:9&ES<H&
:9JG;<&F>=ZY=&:9J9E:9&:G<&G7FDG<N&E>879?9&>&>?9OD;>&
@9=&:9&7=>&E>F7D9P>&>;E:>&;OEGD>EF9&9&<9=&@>;:>:9N&
:9JG;< & JDGB9:9 & :9 & 7=> & E>F7D9P> & VW & ;E<FD7m:> & 9 & JGD&
BGE<987jEB;>&@>;:G<>3&&&[79&BG;<>&Y&>&B;jEB;>&C7=>E>A&
<9ERG&7=>
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

C7=>E>&@>;:>:9X&[79=&EG<&:9D>&879&><<;=&BG=G&CW&
>DF9&J>D>&<>Z9DA&>&CG7@9<<9&F>=ZY=&J>D>&;OEGD>DN&9&879&
><<;=& BG=G& CW& 9<F7:GA &879& EG<& 9E<;E>& >&?9=ZD>DA &G&
CG7@9<<9&F>=ZY=A&879&EG<&9E<;E><<9&>&9<879B9D3

`ewa%G=G<&BG=JG<FG<&:9&7=>&;EK;E;:>:9&:9&J>;LM9<&:;@9D<><A&9&
9EFD9&9?><&>&>?9OD;>&9&>&FD;<F9P>&<RG&><&879&<9&=>E;K9<F>=&=>;<A&
9&><&879&<RG&=>;<&:;KmB9;<&:9&GB7?F>DH&G&<9=Z?>EF9&D9@9<F9Q<9&:G&
9<F>:G&:G&EG<<G &vE;=GA&9&>&>?=>&879&9=&87>?879D&J>DF9&:G&
BGDJG&EG<&>E;=>A&G7&<9&=G<FD>&JDG<FD>:>A&9&<9=&>TRGA&G7&BC9;>&
:9 & 7=> & V7<F> & :9<GD:9=A & 9 & :9 & >?9EFGN & <9 & <9 & @j & >K?;F>A & EG<&
:9<>=J>D>A&9&<9&D9F;D>&>G&K7E:G&=>;<&;EF9D;GD&:9&ES<&=9<=G<N&
BGEF9EF9A&JDGB7D>&>J>D9B9DA&9&<9&K>P&@;<m@9?&:9Z>;LG&:>&KGD=>&
:G & EG<<G & D;<G3 & $<<G & =9<=G & <7B9:9 & U & @>;:>:9N & ERG& <9 & JG:9&
9<BGE:9DA&JGD&=>;<&879&FG=9&>&K;O7D>&:9&C7=;?;:>:9A&:9&<7ZQ
=;<<RGA & 9 & :9 & D9@9DjEB;>N & > & =9<=> & @>;:>:9 & 87>E:G & 9<FW&
BGEF9EF9A&?GOG&<9&:9<BGZD9A&9&<9&:9;L>&@9D&:9Z>;LG&:9&7=&>D&
>?F;@GA&9&>DDGO>EF9N&<9&9<FW&=9EG<&<>F;<K9;F>A&9EFRG&Y&879&FG=>&
7= & >D & :9 & :9@GTRGA & 9 & :9<9EO>EGH & BGEF7:G & > & C;JGBD;<;> & :>&
@>;:>:9&JG:9&:7D>D&=7;FGA&JGD879&BG=G&G<&CG=9E<&:9&F7:G&<9&
;EF7=9<B9=A&9=&F7:G&>BC>&>&@>;:>:9&7=&9L9DBmB;G&9<<9EB;>?N&
JGD&;<<G&ERG&<S&CW&@>;:>:9&E>&>?9OD;>A&=><&F>=ZY=&E>&FD;<F9P>H&
G&CG=9=&ERG&<S&<9&:9<@>E9B9&:>&KGDF7E>A&=><&F>=ZY=&:>&
:9<OD>T>N & :9 & <GDF9 & 879 & > & @>;:>:9 & Y & G & =9<=G & 879 & 7=>&
BGE<G?>TRG&7E;@9D<>?3

`e_a"&KGDF7E>&EG<&:;<JM9&J>D>&>&>?9OD;>A&=><&ERG&Y&<S&G&879&>&
B>7<>N&>&:9<OD>T>&BGE:7P&J>D>&>&FD;<F9P>A&JGDY=&ERG&Y&<S&G&879&
>&=GF;@>N&>EF9<&J>D9B9
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

879&CW&7=>&B9DF>&JGDTRG&:9&>?9OD;>&9&:9&FD;<F9P>A&879&CW&
:9&J><<>D&JGD&ES<&JD9B;<>=9EF9N&>&KGDF7E>&9&>&:9<OD>T>&
ERG&>&JDG:7PN&<S&>&:9<J9DF>3&#7:G&EG<&Y&:>:G&BG=G&JGD&
BGEF>N & > & @;:>A & > & KGDF7E>A & > & :9<OD>T>A & > & >?9OD;> & 9 & >&
FD;<F9P>H&9=&F7:G&CW&7=&JGEFG&B9DFG&9&K;LGN&>&@>;:>:9&
879 & OG@9DE> & Fl:>< & >< & J>;LM9<A & 9= & 7=>< & >7=9EF> & >&
>F;@;:>:9A&9=&G7FD><&:;=;E7;N&9&Fl:><&D9B9Z9=&G&@>?GDA&
879&>&@>;:>:9&?C9<&:W3&(<F>=G<&EG&=7E:G&J>D>&<9D&>?@G&
:G&F9=JGN&9&:j<F9&Fl:><&><&=7:>ET><&ERG&<9&:;D;O9=&>&
ES<A & :;D;O9=Q<9 & U & EG<<> & @>;:>:9H & G< & <7B9<<G< & K>P9=&
9K9;FG & 9= & ES<A & JGD879 & JD;=9;DG & G & K>P9= & E> & EG<<>&
@>;:>:9N&:9&<GDF9&879&7=&CG=9=&<9=&@>;:>:9&<9D;>&G&
=9<=G & 879 & 7= & CG=9= & ;E<9E<m@9?N & G & JD>P9DA & 9 & G&
:9<Ol<FGA&879&ERG&@j=&:><&JD;=9;D><&?9;<&:>&E>F7D9P>A&
<RG & @RG< & 9= & <; & =9<=G<A & :9 & ;E<F;F7;TRG & JG?mF;B>A & 9&
7E;B>=9EF9&BD;>F7D><&:>&@>;:>:93

"<&@;DF7:9<&C7=>E><&=7;F><&@jP9<&<9&BG=JM9=&`eta&:9&
=9?>EBG?;>A&9&:9&7=&D9F;DG&>OD9<F93&"<&=>;<&:><&@jP9<&Y&C7=GD&
G & 879 & V7?O>=G< & D>PRGN & Y & F9=J9D>=9EFG & G & 879 & BC>=>=G<&
:9<9EO>EGN&9&Y&9EK9D=;:>:9&G&879&EG<&J>D9B9&@;DF7:93&#7:G&
<RG&9K9;FG<&:>&FD;<F9P>N&9<F>&EG<&GZD;O>&>&<9O7;D&G<&J>DF;:G<&
=>;<&@;G?9EFG<A&9&=>;<&:7DG<N&D>D><&@jP9<&EG<&K>P&D9K?9F;D&<lZD9&
G&J><<>:GN&87><9&<9=JD9&EG<&GB7J>&9=&BGE<;:9D>D&K7F7DG<N&JGD&
;<<G & EG< & ;EK7E:9 & F9=GD & 9 & BG@>D:;>A & E> & ;EB9DF9P> & :9&
>BGEF9B;=9EFG< & K9?;P9< & G7 & ;EK>7<FG<A & 9 & @9D:>:9;D>=9EF9 & >&
>?9OD;>&EG<&OG@9DE>&9=&KGD=>A&879&<9O7;=G<&BG=G&JGD&KlDT>&
G<&=G@;=9EFG<&:9?>N&9&:G&=9<=G&=G:G&G<&:>&FD;<F9P>3&f=&
vE;=G&>?9OD9&:;<K>DT>&=>?&G&D;<GN&7=&BGD>TRG&FD;<F9&9EBGZD9&
=>?&G&<97&:9<Ol<FGH&BG=G&CW&:9&BCGD>D&879=&9<FW&BGEF9EF9X&(&
BG=G&CW&:9&D;D&879=&9<FW&FD;<F9X
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

%9&>?O7=><&@jP9<&<9&BCGD>&:GE:9&<S&<9&:9@9&D;DA&G7&<9&
D; & JGD & >87;?G & JGD879 & <9 & :9@9 & BCGD>DA & > & >?=> & 9EFRG&
J9E9FD>:> & :9 & :GDA & G7 & :9 & JD>P9DA & :9<=9EF9 & >87j?9&
9LF9D;GD&K;EO;:G&9&K>?<G3&%S&>&@>;:>:9&<>Z9&FD>E<KGD=>D&
G&Ol<FG&9=&:GDA&9&9<F>&9=&JD>P9DA&>&>?9OD;>&9=&FD;<F9P>A&
9&9<F>&9=&BGEF9EF>=9EFGN& JGD& ;<<G&><& K9D;:><& ERG&<9&
<9EF9=A&>EF9<&?;<GEV9;>QGA&87>E:G&KGD>=&>?B>ET>:><&EG&
>D:GD&:9&7=>&J9?9V>A&9<B?>D9B;:>&J9?><&B;DB7E<FvEB;><&
:> & @;FSD;>N & >< & B;B>FD;P9< & JGD & =>;< & 879 & B>7<9=&
:9KGD=;:>:9 & 9EGD=9A& ERG& 9EFD;<F9B9=A & >EF9<& >?9OD>=&
JGD879 & <9D@9= & :9 & JDG@> & 9 & ;E<FD7=9EFG & @;<m@9?A & JGD&
GE:9 & > & B>:> & ;E<F>EF9A & 9 & <9= & J>?>@D><A & G & @>?GD & <9&
V7<F;K;B>N & <RG & BG=G & 7=> & JDG@> & =7:>A & 879 & FG:G<&
9EF9E:9=A & 9 & 879 & FG:G< & @j9=& BG=& >:=;D>TRG& 9 & BG=&
D9<J9;FGN & > & FD;<F9P>A & 879 & :9@;> & D9<7?F>D & :> & K9>?:>:9A&
BGEK7E:9Q<9A&J9D:9Q<9A&9&<9&=7:>&9=&>?9OD;>&JGD&=9;G&
:><&>B?>=>TM9<&:G&>J?>7<GN&>&:GD&:G&OG?J9&F>=ZY=&<9&
BGE@9DF9&9=&Ol<FGA&JGD&=9;G&:G&D9=Y:;GA&9&<;=J>F;>&:G&
?G7@GDN & j<F9 & >FD>; & > & <; & Fl:> & > & EG<<> & <9E<;Z;?;:>:9A & 9&
:9;L>&>&E>F7D9P>&BG=G&;E<9E<m@9?A&>Z<lDF>A&9&;E:G?9EF9H&
><<;=&<9&@j&879&>&@>;:>:9&EG<&?;@D>&:9&7=>&:GD&BG=G&
JGD&9EB>EFG&N&JGD&;<<G&EG<&Y&kF;?A&JG;<&<9D@9&:9&>B>?=>D&
G<&EG<<G<&=>?9<N&9&<9&G<&>OD>@>&>?O7=>&@9PA&Y&BG=G&>&
=RG&:G&>DF;<F>A&879&K>P&:G9D&J>D>&B7D>DH&9&BG=&9K9;FG&>&
@>;:>:9&ERG&J9D<;<F9&=7;FG&9=&K>P9D&<9E<m@9?&>&D>PRG&
879&EG<&=G?9<F>N&E>&=9<=>&;EVkD;>&:G&:9<JDjPG&<>Z9&
:9<BGZD;D & >?O7=& =GF;@GA & 879 & G7 & :;=;E7;& >& J9E>A& G7&
FGF>?=9EF9&>&F;D>N&?W&@>;&Z7<B>D&>&D9?;O;RG&J>D>&K>P9D&:>&
J>B;jEB;>&G&=>;GD&=9D9B;=9EFGN&G7FD><&@jP9<&K>P&879&
>BC9=G<&EG<&9L9=J?G<&7=&>?m@;G&BGE<F>EF9N&9&879&G&
=9<=G & @;F7JYD;GA & @;<FG & 9= & <7V9;FG< & OD>E:9<A & ERG & <S&
:9<K>T> & G & EG<<G & J9?> & ;=;F>TRGA & =>< & 879 & F>=ZY= & G&
>7FGD;P9A&9&;?7<FD9&J9?>&D>PRG&:>&<9=9?C>ET>3&"&@>;:>:9&
ERG&BGE<9EF9A
 ()0,)12)&'&34()'"'-"%+"+)'+*&'$*!)5&

879 & > & EG<<> & JD9<7ETRG & K;879 & >Z>F;:>A & >EF9< & J>D> & >&
BGE<9D@>DA & ?9=ZD> & =;? & ;EF9DJD9F>TM9< & 9 & >J?;B>TM9<&
KGDT>:><N&:>87;&@9=&G&9<BGO;F>D&>&@>;:>:9&>&D9OD>A&:9&
879&7=&:G<&JD;@;?YO;G<&:>&OD>E:9P>A&Y&<9D&<7J9D;GD&U<&
=WL;=>< & :G & @7?OGA & 9 & G & 879 & E9?> & G & :9<BDY:;FG & ERG&
:9<>BD9:;F>A&>&:9<GED>&ERG&:9<GED>A& 9&>& ;EKv=;>&ERG&
;EK>=>3&"&@>;:>:9&:>&OD>E:9P>&J>D9B9&879&Y&=>;<&<7F;?&
9&=>;<&@R&:G&879&><&G7FD><&@>;:>:9<A&JG;<&;EFDG:7P&G&
JG:9DA&9&>&>7FGD;:>:9A&>FY&EG&=G:G&:9&J9E<>D3&!><&879&
;=JGDF>A & 879 & > & @>;:>:9 & 9<F>Z9?9T> & D9OD><A & <9 & 9<F><&
<9=JD9&K;B>=&:9J9E:9EF9<&:>&>JDG@>TRG&:G<&CG=9E<N&9&
<9&j<F9<&ERG&<>Z9=&<7V9;F>D&G<&<97<&BGEB9;FG<A&<9ERG&
U87;?G&879&Y&BG=7=A&879&FGB>&>&FG:G<A&9&879&>&FG:G<&
BG=JD99E:9X&5GD&;<<G&><<;=&BG=G&9=&FG:G<&JG:9&F9D&
?7O>D&>&B>7<>&:>&;OEG=mE;>A&F>=ZY=&9=&FG:G<&JG:9&F9D&
?7O>D&G&9K9;FG&:9?>3&"&@>;:>:9&JG:9&9EO>E>D&>&B>:>&7=A&
J9?G&879&D9<J9;F>&>&<;A&=><&ERG&JG:9&9EO>E>D&>&FG:G<&
J9?G&879&D9<J9;F>&>&B>:>3&\GEFD>&>&;=>O;E>TRG&ERG&CW&
JG:9DN&BGEFD>&><&>TM9<A&<;=N&G&J9E<>=9EFG&9E87>EFG&
ERG & <>; & :> & <7> & 9<K9D> & F9= & 7=> & ?;Z9D:>:9 & ;EF9;D>A&
;=J9E9FDW@9?&9&=7;F><&@jP9<A&;E@9EBm@9?3&\D9;>&JG;<&>&
OD>E:9P> & G & 879 & 87;<9D & :9 & <;A & JGD879 & F>=ZY= & ES<&
C>@9=G<&:9&BD9D&:9?>&G&879&87;<9D=G<3&"&<7>&@>;:>:9&
JG:9DW & JDG=9F9DQ?C9A & G7 & K;EO;DQ?C9 & @WD;>< & ;<9E<M9<A&
JGDY=& K7E:WQ?><A & ERGN& JG:9DW& 879D9D& ;EFDG:7P;DA & =><&
K>P9D & D9BGEC9B9DA & :9 & E9EC7=> & <GDF93 & - & ?>ZY7 & J>D>&
FG:G<&Y&G&=9<=GA&9&<9&CW&Ej?9&:;K9D9ET>A&Y&879&E><&
J9<<G><&9=;E9EF9<&K;B>&<9E:G&=>;<&D9J>DW@9?A&9&=>;GD3&
(=&7=>&J9:D>&@;?&ERG&CW&;=J9DK9;TRG&>&879&<9&>F9E:>&
=7;FGN&9=&7=>&J9:D>&JD9B;G<>&87>?879D&:9K9;FG&?C9&K>P&
J9D:9D&>&9<F;=>TRG&H&><&=>EBC><& :9&7=& J?>E9F>& <RG&
;=J9DB9JFm@9;<N & EG & <G? & 87>?879D & @>JGD & G & GK7<B>N & G&
=9EGD&9B?;J<9&Y&:9&FG:G<&BGEC9B;:GN&FG:G<&G&B>?B7?>=A&
FG:G<&G&@j9=
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

9&G&=9:9=n&&&2><&<G=ZD><&ERG&CW&879&:;<F;EO7;DA&E>&
?7P&87>?879D&>?F9D>TRG&Y&D9J>DW@9?3

`eda "&EG<<>&FD;<F9P>&EG<&K>P&J>D9B9D&F7:G&G&879
@9=G<&FD;<F9N&>&EG<<>&>?9OD;>&F7:G&EG<&=G<FD>&>?9OD9N&9&
G&EG<<G&BGEF9EF>=9EFG&F7:G&EG<&=G<FD>&BG=&>OD>:GH&G<&
GZV9FG<&;EK?79=&=9EG<&9=&ES<A&:G&879&ES<&;EK?7m=G<&
9=&ES<&=9<=G<3&/9=G<&BG=G&:9&KGD>&><&>J>DjEB;><&:9&
879&G&=7E:G&<9&BG=JM9A&JGD&;<<G&ERG&BGEC9B9=G<&G&
<97&@9D:>:9;DG&<9DA&E9=&OGP>=G<&:9?><&EG&9<F>:GA&9=&
879 & ><& >BC>=G<A & =><& <;=& E>879?9 & 9=& 879 & 9?><& EG<&
>BC>=3&"&:9?mB;>&:G<&G?CG<A&9&:G&Ol<FGA&:9J9E:9&=>;<&
:>&EG<<>&:;<JG<;TRGA&879&:>&<7>&9K;BWB;>N&G&=9<=GA&879&
GEF9= & EG< & >FD>;7A & CGV9 & EG< & >ZGDD9B9N & GEF9= & JGD879&
9<F>@> & <9=& J9DF7DZ>TRG& G & EG<<G& vE;=GA & CGV9 & JGD879&
9<FW&BG=&:9<><<G<<jOG&N&9&F7:G&JGD879&ERG&<G=G<&CGV9A&
G&879&GEF9= &KG=G<H&G &=9<=G& 879& CGV9& EG<& >OD>:>A&
>=>ECR & EG< & :9<OG<F>A & 9 & G< & GZV9FG<A & JGD & <9D9= & G<&
=9<=G<A & ERG & B>7<>= & <9=JD9 & 9= & ES< & >< & =9<=><&
;=JD9<<M9<N & JGD & =GF;@G< & :;K9D9EF9< & D9B9Z9=G<&
>?F9D>TM9<&;O7>;<3&-&JG7BG&879&Z><F>&J>D>&>K?;O;DQEG<A&
G7 & J>D> & BGEF9EQF>DQEG<A & Z9= & =G<FD> & G & JG7BG&
BGE<F>EF9<A & 879 & <RG & 9= & ES< & > & >K?;TRGA & 9 & G&
BGEF9EF>=9EFGN&JGD&;<<G&7=>A&9&G7FD>&BG;<>&EG<&:9;L>&
BG=&>&=9<=>&K>B;?;:>:9&BG=&879&EG<&J9E9FD>3&\G=G&>&
=>;GD & J>DF9 & :>< & BG;<><A & 879 & <9EF;=G<A & Y & <9= & D>PRGA&
F>=ZY=&EG<&ERG&Y&E9B9<<WD;G&D>PRG&J>D>&:9;L>D=G<&:9&
>< & <9EF;DN & CW & 9<J>TG< & :9 & F9=JGA & 9= & 879 & EG<&
9<879B9=G< & :9 & <GDF9A & 879 & K;B>=G< & ;E:;K9D9EF9< & J>D>&
F7:GA & 9 & 879 & F7:G & EG< & K;B> & ;E:;K9D9EF93 & " & =9<=>&
E>F7D9P> & > & B>:> & J><<G & 987;@GB>A & BG= & >;< & :9EGF> & G&
BGEF9EF>=9EFGA&9&9LJ?;B>&BG=&O9=;:G<&G&>?@GDlTGH&><&
vE<;><A & 9 & <7<J;DG<A & 879 & >BG=J>EC>= & G & FGD=9EFGA&
F>=ZY=&<RG&:G&Ol<FG&>&;=>Q
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

O9=A&9&>&9LJD9<<RG&=>;<&@;@>3&"&@>;:>:9A&879&BG=7=9EF9&JDG:7P&
><&EG<<><&>?9OD;><A&9&FD;<F9P><A&7=><&@jP9<&F7:G&EG<&D9JD9<9EF>&
>?9OD9A & G7FD><& F7:G & EG< & GK9D9B9& FD;<F93 & #>=ZY=& E> & @>;:>:9 & CW&
CGD><N & 9= & 7=>< & GB7J>Q<9 & 9= & GZV9FG< & :9 & OD>E:9P>A & 9= & G7FD><&
Fl:><&<9&9EFD9FY=&9=&;:Y;><&:9&GJ7?jEB;>N&7=><&@jP9<&D9>?;P>&>&
EG<<>& K>EF><;> & 9=& KGD=>A& 879& F7:G & EG<& JDGJM9& VW & BGE<9O7;:GN&
9EFRG&Y&879&>&@>;:>:9&EG<&9EBC9&:9&>?9OD;>N&9&Y&F>=ZY=&87>E:G&>&
>?9OD;>&Y&@RA&JGD879&G&<97&=GF;@G&ERG&F9=&BGDJGA&9&<S&<9&BG=JM9&
:9&7=>&@;<RGA&G7&<GECGH&G7FD><&@jP9<&>&@>;:>:9&EG<&9EK9;F>&BG=&
>:GDEG<&FRG&D;BG<A&9&<7Z?;=9<A&879&ERG&JG:9E:G&<7JGDF>DA&E9=&G&
9<J?9E:GDA&E9=&G&Jj<G&:>&K;O7D>A&9?>&=9<=>&<9&:9<@>E9B9N&9EFRG&Y&
879&>&FD;<F9P>&EG<&BG=Z>F9A&JGD879&9EFRG&EG<&@9=G<&BG=G&<G=G<3&
-&CG=9=&9=&<;A&Y&GZD>&:9&7=>&;EF9?;OjEB;>&;E9LJ?;BW@9?3&-<&<97<&
>:GDEG< & Y & 879 & <RG & =>F9D;>;<N & > & =9<=> & OD>E:9P> & 9 & K>7<FGA & <S&
BGE<F> & :9& 7=& >J>D>FG& <7J9DK;B;>?A & D;<m@9?A & 9 & 879 & ERG& F9=& =>;<&
@>?GDA&879&G&879&>&@>;:>:9A&9&G&BG<F7=9&?C9&Fj=&:>:GH&G&BG<F7=9&
Y&F7:GN&><&BG;<><&ERG&<RG&E>:>N&G&:9&879&K>P9=G<&F>EFG&B><GA&ERG&Y&
=>;<A&:G&879&G&=G:G&BG=&879&G<&CG=9E<&<;OE;K;B>=A&G7&9LJ?;B>=&
G&D9<J9;FGN&G&=9<=G&BG<F7=9&K>PA&879&Z7<B>=G<&7=><&BG;<><A&9&
K7O;=G< & :9 & G7FD><N & 9 & 879 & 7=>< & EG< & 9EFD;<F9B9=A & 9 & G7FD>< & EG<&
>?9OD>=N& 9 & BG=G & 7=& =9<=G & GZV9FG & JG:9 & <9D & BGE<;:9D>:G & JGD&
=G:G<&=7;&:;@9D<G<A&JGD&;<<G&>?O7E<&CW&879&>G&=9<=G&F9=JG&EG<&
>?9OD>=A&9&9EFD;<F9B9=N&>G&=9<=G&F9=JG&EG<&K>P9=&BCGD>DA&9&D;DH&
>=>DA & 9 & >ZGDD9B9DN & JGD & ;<<G & G< & EG<<G< & >K9FG< & =7:>=Q<9A&
9EBGEFD>=Q<9A&9&@>D;>=3&%G=G<&G<&;E<FD7=9EFG<&:>&@>;:>:9N&9?>&
EG< & F9=J9D>A & 9 & JM9 & EG & FG=A & 879 & ?C9 & J>D9B9N & 7=>< & @jP9< & EG<&
?9@>EF>A&G7FD><&EG<&>Z>;L>N&7=>&@9P&Y&7=&FG=&<7F;?A&:9?;B>:GA&9&
>OD>:W@9?N&G7FD><&Y&7=&FG=&W<J9DGA&:7DGA&9&JG7BG&C>D=GE;G<G3&&&"&
<GB;9:>:9&:G<&CG=9E<&KGD=>&7=
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

BGEBjDFG&:9&;EK;E;F><&@GP9<A&9&:9&;EK;E;F>&:;@9D<;:>:93&
#G:G<&BCGD>=A&9&FG:G<&B>EF>=N&>&@>;:>:9&>&FG:G<&:W&
JGD879&B>EF9=A&9&JGD879&BCGD9=N&FG:G<&9EFD>=&BG=G&
J>DF9< & JD;EB;J>;<N & E;EO7Y= & K;B> & :9<F;E>:GA & <r=9EF9&
J>D>&G7@;DA&9&@9DH&9E87>EFG&:7D>&>&>TRGA&`;<FG&Y&>&@;:>a&
FG:G<&K>?>=A&:9JG;<&FG:G<&9=7:9B9=N&>&9<FWF7>A&879&>&
@>;:>:9&9EBC;>&:9&>DA&:GDA&9&=G@;=9EFGA&:9JG;<&K;B>&
;=S@9?A&9&;E<9E<m@9?N&G&=9<=G&CG=9=A&879&>FD>m>&F7:G&
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-&=9<=G&879&<9&@;>&BG=&Ol<FGA&9&BG=&D9<J9;FGA&:9JG;<&
<9&@jA&Y&BG=&CGDDGDH&9&;<FG&JGD879&K;E>?=9EF9&@9;G&>&
:9<QK>P9DQ<9 & G & 9:;KmB;GA & =>;< & EGZD9A & =>;< & D9O7?>DA & 9&
=>;< & <GZ9DZGN& > & =9?CGD& >D87;F9F7D>& V>P& JGD& F9DD>N&G<&
=WD=GD9<&K;B>D>=&<9=&?7<FDGA&><&BG?7E><&<9=&KlDT>A&G<&
JSDF;BG<&<9=&GD:9=A&G<&GDE>FG<&<9=&OD>T>H&VW&<9&ERG&
@j9=&<9ERG&FlDD9<&>Z>F;:><A&=7DG<&>DD>EB>:G<A&KD;<G<&
DGFG<A & Z><9< & :9<J9:>T>:><H & ERG & CW & J>DF9A & JGD & =>;<&
=mE;=>&879&<9V>A&9=&879&>&D7mE>&ERG&<9V>&7E;@9D<>?N&Y&
D7mE>& 9=&879&ERG& JG:9&C>@9D&D9J>DGN& Y&F9=JGA &B7V>&
:9<FD7;TRG&ERG&<9&JG:9&D99:;K;B>D&JGD&>DF9H&G<&=>F9D;>;<&
BGEK7<G<A&;EkF9;<&VWA&J9D:;:>&>&JDGJGDTRGA&>&=9:;:>A&>&
BGDD9<JGE:jEB;>A & G & JG?;=9EFGA & 9 & >;E:> & > & =9<=>&
<7Z<FvEB;> & :> & =>FYD;>A & F9E:9= & :9<GD:9E>:>=9EF9 & >&
7=>&FD>E<KGD=>TRG&K>F>?A&;=J7D>A&KYF;:>A&@9D=;EG<>A&9&
CGDD9E:>N & > & F9DD> & J;9:G<>=9EF9 & <9 & >ZD9A & BG=G & J>D>&
D9BG?C9DA&G7&9<BGE:9D&9=&<97&<9;GA&G&=9<=G&879&F;EC>&
<>m:G&:j?9N&BG=&>&:;K9D9ET>&?><F;=G<>&:9&D9B9Z9D&9=&
7=&B>:W@9DA&<m=ZG?G&:G&9<J>EFGA&9&:>&FD;<F9P>A&>87;?G&
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>?9OD;>A&9&:>&@>;:>:93

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@>;:>:9&:G<&CG=9E<N&9&>;E:>&879&Ej?9<&<9&@9V>=&><
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

=9<=><&@>;:>:9<A&BGEF7:G&CW&@>;:>:9<&JD9:G=;E>EF9<A&
879 & <9 & =G<FD>= & =>;< & 9= & B9DFG< & F9=JG<A & 9 & 879 & 9=&
B9DF><&GB><;M9<&<9&9EBGEFD>=&=>;<3&"<<;=&BG=G&E><&
G7FD><&BG;<><A&F>=ZY=&E>&@>;:>:9&>?O7=><&CWA&879&<RG&
BG=G&K;?C><&:9&7=&?7O>DA&9&879&9=&7=&J>m<&Fj=&=>;<&
D9J7F>TRG & 879 & 9= & G7FDG & -< & @mB;G< & ?W & J>D9B9 & 879&
:9J9E:9=&:>&KGDF7E>N&JGD879&><&;?7<M9<&879&G<&CG=9E<&
;:G?>FD>=A&ERG&Fj=&;O7>?&9<F;=>TRG&9=&Fl:>&>&J>DF93&
"<<;=&BG=G&=7:>=G<&:9&:9<F;EGA&F>=ZY=&=7:>=G<&
:9 & @>;:>:9A & ERG & JGD879 & :9;L9=G< & FGF>?=9EF9 & 7=><A&
J>D>&<9O7;D=G<&G7FD><N&=><&JGD879&CW&@>;:>:9A&879&9=&
B9DFG<&F9=JG<&Fj=&=>;<&B7?FG3&";E:>&879&>&F9DD>&<9V>&G&
JD;=9;DG & =S@9? & :> & @9O9F>TRGA & BGEF7:GA & E9= & Fl:> & >&
F9DD> & Y & JDSJD;> & J>D> & FG:G & G & @9O9F>?N & >879?> & 9= & 879&
E><B9&>&DG<>A&=7;F><&@jP9<&<9&E9O>&>G&?mD;GN&>?;&:GE:9&G&
V><=;=&<9&BD;>A&:WQ<9&=>?&>&>T7B9E>N&?W&:GE:9&G&7DEG&
D9@9D:9B9A & ERG & JG:9 & FG=>D & >?9EFG & > & C9D>H & > & =9<=>&
F9DD>A&Z><9&:9&FG:G&G&<9E<;F;@GA&<S&E>&|KD;B>&Y&JWFD;>&:G&
?9RGA&E>&"=YD;B>&:G&?9GJ>D:GA&E>&|<;>&:G&9?9K>EF9N&G&
B;<E9&<S&B>EF>&E><&D;Z9;D><&:G&!9>E:DGN&>&KjE;L&S&E>&
"DWZ;>& <9&:;P&879& <>Z9&D9E><B9D& :><&<7><& B;EP><&N&>&
WO7;> & ERG & D9=GEF> & >G & <G? & 9= & 87>?879D & J>DF93 & $<FG&
=9<=G&<9&@j&E>&@>;:>:9A&7=><&E><B9=&BG=&G&CG=9E<N&
9<<>< & <RG & @>;:>:9< & 7E;@9D<>;<N & G7FD>< & D9<7?F>= & :><&
GJ;E;M9<A&879&<RG&JDSJD;><A&9&J>DF;QB7?>D9<&>&B>:>&7=>&
:><&E>TM9<N&9<<><&<RG&@>;:>:9<&?GB>;<A&9&F9DD;FGD;>;<N&9&
E9<F>&KGD=>&OG@9DE>&>&@>;:>:9&G&=7E:GA&:;@;:;:>&9=&
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7=>&D9O;RG&>&@>;:>:9&:G=;E>EF9&BGE<;<F9&EG&@>?GDA&9=&
G7FD>&EG&?7LGA&9=&G7FD>&E>&GD;O9=N&=7;FG<&CG=9E<&CW&
879&K>P9=&@>;:>:9&:9&>?O7E<&@mB;G<A&>&879&G<&;EB?;E>&>&
87>?;:>:9&:G&B?;=>A&9&E9B9<<;:>:9&:G&F9DD9EGN&:9&<GDF9&
879&>87;?G&=9<=GA&879&9=&7=&?7O>D&<9&K>P&JGD&@>;Q
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

:>:9A&9=&G7FDG&JGD&@>;:>:9&ERG&<9&K>PH&>87;?G&879&9=&
7=>&J>DF9&<9&9<F;=>&JGD&@>;:>:9A&9=&G7FD>&JGD&@>;:>:9&
<9&:9<JD9P>H&BG=G&>&@>;:>:9&:9J9E:9&:>&GJ;E;RG&:><&
O9EF9<A&JGD&;<<G&Y&FRG&=7:W@9?&BG=G&>&=9<=>&GJ;E;RGN&
9&BG=&9K9;FG&>&@>;:>:9&Y&BG;<>&9<<9EB;>?&EG&CG=9=N&>&
9<JYB;9 & :9?> & ERG3 & /;@9=G< & BGEF;E7>=9EF9 & 9=&
9<J9D>ET><A&9&87>E:G&>?O7=>&EG<&:9;L>A&9&EG<&9EO>E>A&
?GOG& EG< &:9;L>=G<& 9EO>E>D&JGD&G7FD>N& ERG& JG:9=G<&
@;@9D&<9=&>87j?9&9EO>EG3&"&@>;:>:9&879&EG<&>E;=>&
JD;=9;DGA&>E;=>&Fl:><&><&J>;LM9<A&<S&BG=&>&:;K9D9ET>&
:9 & 879 & 9<F> & EG<<> & F9DD>A & G7 & 9<F> & F9DD> & :G & CG=9=A&
E>F7D>?=9EF9 & JDG:7P & 9<J9D>ET>A& 9 & @>;:>:9A & 9 & F7:G& G&
=>;<&@9=&JGD&KlDT>&:>&B7?F7D>A&9&:G&>DF;KmB;G3&-&=9<=G&
>=GD&9<FW&<7V9;FG&U<&?9;<&:>&@>;:>:93&[79=&:;<<9D>A&879&
G&>=GDA&879&Y&BG=G&>&>?=>&:9&Fl:>&>&E>F7D9P>A&F9EC>&E>&
@>;:>:9&G&<97&JD;EBmJ;GA&9&>?O7=><&@jP9<&G&<97&K;=A&
2><B9D & G& >=GD & :> & @>;:>:9A & 9& =GDD9D &JGD& 9?>A& ;<FG& Y&
>=>D&JGD&@>;:>:9N&9&F>=ZY=&JGD&@>;:>:9&ERG&>=>DA&G7&
:9;L>D&:9&>=>DA&J>D9B9&:;KmB;?&:9&9EF9E:9DN&BGEF7:G&>&
JDGJG<;TRG&Y&B9DF>N&=><&BG=G&C>@9=G<&:9&=G<FDWQ?>A&
<9= & 9EFD>D & >G & =9<=G & F9=JG & 9= & 7=> & <7B9<<;@>&
JDGOD9<<RG&>&D9<J9;FG&:G&>=GDA&>&D9<J9;FG&:>&KGD=G<7D>A&
9 & JGD & BGE<987jEB;> & > & D9<J9;FG & :>< & =7?C9D9<X & %;=&
K>D9=G<&>?O7=>&:;OD9<<RGH&=><&879&;=JGDF>A&9=&F7:G&
C>@9=G< & :9 & 9EBGEFD>D & > & @>;:>:93 & 09;L9=G< & JGD & 7=&
JG7BG&>&@>;:>:9&<SN&ERG&<9V>=&F7:G&D9K?9LM9<&<lZD9&G&
K;=&:G&CG=9=A&<9V>=&>?O7=><&<lZD9&G&<97&JD;EBmJ;GN&
ERG&G&Z7<879=G<&E>879?9&9<F>:GA&9=&879&j?9&>B>Z>A&
=>< & <;= & E>879?9A & 9= & 879 & BG=9T>N & ?>DO79=G< & 7=&
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7= & =>;< & >?9OD9N & K>T>=G< & :> & =9<=> & :;OD9<<RGA&
:;@9DF;=9EFGA & :9JG;< & <9=JD9 & >BC>D9=G< & @>;:>:9 & E>&
KGD=G<7D>A&EG&>=GDA&9&E><&=7?C9D9<3
 '()*(+,(%&%-.'(&"&/"$0"0(&0-%&1-!(2%

-&>=GD&ERG&<9&JG:9&:9K;E;DN&9&F>?@9P&879&9<F>&`esa&<9V>&>&
<7> & =9?CGD & :9K;E;TRG3 & %9E:G & 9= & ES< & ?;=;F>:G & G & =G:G & :9&
9LJ?;B>DA&Y&;EK;E;FG&G&=G:G&:9&<9EF;DN&JGD&;<<G&E9=&F7:G&G&879&
<9&<>Z9&<9EF;DA&<9&<>Z9&:;P9DH&G&Ol<FGA&9&>&:GDA&ERG&<9&JG:9=&
D9:7P;D&>&J>?>@D><3&-&>=GD&ERG&<S&F9=&GB7J>:GA&9&CW&:9&GB7J>D&
G&BGD>TRG&:G<&CG=9E<A&=><&F>=ZY=&G<&<97<&:;<B7D<G<N&JGDY=&
JGD&=>;<&879&>&;=>O;E>TRG&<9&9<KGDB9A&F7:G&G&879&JDG:7P;D&>&
D9<J9;FG&:G&>=GDA&<RG&WFG=G<3&-<&879&>=>=&ERG&Fj=&?;@D9&G&
9<JmD;FG&J>D>&:;P9D9=&G&879&<9EF9=N&9&<9=JD9&>BC>=&879&G&879&
<9EF9=&Y&=7;FG&=>;<&:G&879&G&879&:;P9=N&G&=9<=G&>=GD&9EQ
FGDJ9B9&>&;:Y;>A&9&?C9<&<9D@9&:9&9=Z>D>TGH&G<&879&ERG&>=>=A&
=>?&JG:9=&:;<BGDD9D&<GZD9&7=>&;=JD9<<RGA&879&;OEGD>=N&G<&
879&>=>D>=A&<RG&BG=G&>&B;EP>&KD;>A&:GE:9&<S&<9&D9BGEC9B9&G&
9K9;FG&:>&BC>=>A&9&ERG&>&<7>&E>F7D9P>N&G7&F>=ZY=&BG=G&G&
BG=9F>A& 879 & :9JG;< & :9 & O;D>D & > & 9<K9D>A& <9=& :9;L>D& @9<FmO;G<&
>?O7=A&:9<>J>D9B93

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=><&J9?>&:;K9D9ET>A&879&9EFD9&9?><&CWN&9&9<F>&:;K9D9ET>&BGE<;<F9&
9=&ERG&<9D9=&7=><&G&=9<=G&879&G7FD><&<RGN&>&9<<jEB;>&:><&
BG;<>< & EG< & Y & FGF>?=9EF9 & GB7?F>N & 9 & ><<;= & BGEC9B9=G< & G<&
GZV9FG<A&J9?>&:;@9D<;:>:9&:><&K;O7D><A&9&ERG&J9?>&<7Z<FvEB;>&
:j?9<N&>&EG<<>&EGFmB;>A&FG:>&<9&BG=JM9&:9&BG=J>D>TM9<N&JGD&
;<<G&>87;?G&879&ERG&F9=&BG;<>A&879&?C9&<9V>&9=&>?O7=>&J>DF9&
<9=9?C>EF9A & K;B> & <9E:G & ;E9LJ?;BW@9?H & ;<FG & <7B9:9 & >G & >=GDN&
E;EO7Y= & G & JG:9 & 9LJ?;B>D & @9D:>:9;D>=9EF9A & JGD879 & ERG & CW&
BG;<>A&>&879&<9V>&@9D:>:9;D>=9EF9&BG=J>DW@9?N&G&=>;<&>&879&G&
BGEB9;FG&BC9O>A&Y&>&<9D@;DQ<9&:9&9LJD9<<M9<&GJG<F><&9EFD9&<;N&
BG=G
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

87>E:G&<9&:;PA&879&G&>=GD&Y&KGOGA&879&Y&E9@9A&879&Y&
>?m@;GA&879&Y&J9E>A&879&Y&?7PA&879&Y&<G=ZD>3
`sca
-&>=GD&:;<F;EO79Q<9&:><&=>;<&J>;LM9<A&9=&F9D
JGD&GZV9FG<&7=&K;=&BGDJGD>?A&<7V9;FG&U&<GB;9:>:9N&JGD&
;<<G & :7D> & JGD & ;EF9D@>?G<3 & " & 5DG@;:jEB;> & J>D>&
BGE<9D@>TRG&:G&=7E:GA&<7<B;FG7&G&>=GDA&ERG&<S&EG<&
CG=9E<A&=><&9=&FG:>&>&E>F7D9P>H&>;E:>&G<&;E<9E<m@9;<A&
J>D9B9&879&>=>=A&9&879&<9EF9=N&>&:;K9D9ET>&:9@9&:9&
9<F>D&EG&=G:G&:9&>=>DA&9&:9&<9EF;D3&"<&BD;>F7D><&<RG&
=>;<&J9DK9;F><A&U&JDGJGDTRG&879&<RG&B>J>P9<&:9&=>;<&
>=GDN&9&><<;=&G&>=GD&ERG&<S&Y&G&JD;EBmJ;G&:>&@;:>A&=><&
F>=ZY=&Y&7=&K;E>?&:9&J9DK9;TRG3

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KGD=;:>:9&:9&C7=GD9<A&9&:9&OjE;GA&=>;<&Y&<7F;?9P>A&879&
@9D:>:9N&>&K;?G<GK;>&E9<F>&J>DF9&ERG&KG;&=>;<&K9?;P&879&
9= & G7FD><A & :GE:9 & > & B;jEB;> & BGE<;<F9 & 9= & <>Z9D & =>;<&
FjD=G<A & 9 & J>?>@D><A & 9 & ERG & 9= & <>Z9D & =>;< & BG;<><3&
0;O>=G<&>EF9<A&879&G&>=GD&JDGB9:9&:>&KGD=G<7D>N&879&
GD;O9=&?C9&C>@9=G<&:9&:>D&=>;<&EGZD9X&"&D>PRG&=>;<&
KWB;? & BG<F7=> & <9D & U< & @jP9< & > & =>;< & B9DF>N & :7@;:9Q<9&
9=ZGD>&:>&GD;O9=&:>&KGD=G<7D>A&JGDY=&ERG&<9&:7@;:9&
:>&:G&>=GD3

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FD9=;:>:9 & <9 & :9@9 & BGEF9DA & 9 & D9O7?>DN & JGDY=& j<<9 & F>?&
?;=;F9 & ERG & Y & KWB;? & :9 & <9 & >BC>DA & 9 & EG & >=GD & Y & 87><9&
;=JD>F;BW@9?A&JGD879&Y&7=>&J>;LRG&879&ERG&F9=&?;=;F9A&
9&879&<S&EG&9LB9<<G&<9&=G<FD>A&9&<9&>BD9:;F>3&2RG&CW&
:9?mD;GA&879&G<&CG=9E<&ERG&:9<B7?J9=A&87>EQ
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

:G & @9= & :9 & 7= & OD>E:9 & >=GDN & CW & :9?;FG< & 9= & 879 & G&
J9D:RG&<9&>?B>ET>&9=&K>@GD&:G&=9<=G&BD;=9N&9EFRG&
>ZGDD9B9Q<9&G&9K9;FGA&=><&>&B>7<>&>:=;D>Q<9N&E;EO7Y=&
87;<9D>&G&<7B9<<G&9=&<;A&=><&FG:G<&;E@9V>=&G&=GF;@G3

f=&>=GD&=9:mGBD9A&9&@7?O>D&<S&<9&GB7J>&EG&`swa&:9?9;F9&
:G<&<9EF;:G<A&9&:j?9&K>P&>&=>;GD&K9?;B;:>:9N&7=&>=GD&<7Z?;=9&
>?;=9EF>Q<9&9=&BGEF9=J?>D&G&GZV9FG&879&>=>N&j<F9&Y&G&>=GD&
C7=>EG&:9&879=&<9&:;PA&F9=&<9=9?C>ET>&BG=&G&>=GD&:;@;EG3&
1W&@mB;G<A&879&:9&>?O7=>&<GDF9A&J>D9B9&879&:RG&:GB7=9EFG<&
J>D>& >& @;DF7:93 & -& >=GD& GD:;EWD;G& Y& ;=J7?<G& :>& E>F7D9P>N& G&
>=GD&<7Z;:G&Y&BG=G&7=>&9=>E>TRG&:>&>?=>N&>879?9&Y&<7V9;FG&
U&<>B;9:>:9A&9&JGD&BGE<987jEB;>&U&:GDN&JGD879&>&<>B;9:>:9&Y&
7=> & 9<JYB;9 & :9 & :GDA & 9 & :9 & FGD=9EFGA & JGDY= & j<F9 & ERG & Y&
<7<B9JFm@9?&:9&>?O7=&:9<><<G<<jOGN&>879?9&Z7<B>&KGD>&:9&<;&G&
>?m@;GN&9<F9&>BC>&9=&<;&=9<=G&G&BGEF9EF>=9EFGN&7=&Y&BG=G&
:9J9E:9EF9&:>&@GEF>:9&:9&G7FD9=N&G&G7FDG&Y&;<9EFG&:G&>DZmFD;G&
>?C9;G3&-&EG<<G&Z9=&<S&:9@9&:9J9E:9D&:9&ES<N&JGD&;<<G&EG<&
K>P9=G< & ;EK9?;P9<A & U & JDGJGDTRG & 879 & Z7<B>=G< & > & EG<<>&
K9?;B;:>:9 & 9= & G7FD> & J>DF93 & !>< & BG=G & JG:9 & :9;L>D & :9 & <9D&
><<;=X & - & EG<<G & :9<9VG & ERG& <9 & JG:9 & BGEF9D & :9EFDG & :9 & ES<A&
JGD879&G<&<97<&GZV9FG<&FG:G<&<RG&9LF9D;GD9<N&>&B>:>&;E<F>EF9&
9E@9?C9B9=G<A & JGDY= & G< & EG<<G< & :9<9VG< & > & B>:> & ;E<F>EF9 & <9&
D9EG@>=A&9&D9E><B9=H&@;@9=G<&EG&=7E:G&DG:9>:G<&:9&7=>&
;=9E<;:>:9&:9&BG;<><&:;K9D9EF9<A&9&9<F><&<7B9<<;@>=9EF9&@RG&
<9E:G&G&9=JDjOG&:G&EG<<G&B7;:>:GA&9&:><&EG<<><&>F9ETM9<N&
Fl:><& >BC>=& 9=& ES< & 7=> & B9DF> & :;<JG<;TRGA & 879 & K>PA & 879 & >&
7=><&879D9=G<A&9&>&G7FD><&ERGN&><&EG<<><&J>;LM9<&<RG&><&879&
9<BG?C9=A&G7&D9JDG@>=N&><&BG;<><&VW&@j=&BGEK;O7D>:><
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

9= & F>? & KGD=>A & 879 & ><<;= & 879 & EG< & 9EBGEFD>=A & ?GOG&
>BC>=A&G7&7=&?7O>D&JDGJGDB;GE>:GA&G7&;EBG=J>Fm@9?N&
F7:G&>87;?G&9=&879&CW&OD>E:9P>A&9&JG=J>A&>&@>;:>:9&G&
D9B9Z9A&9&O7>D:>N&F7:G&G&9=&879&<9&=G<FD>&KGD=G<7D>A&
G&>=GD&G&>ZD>T>A&9&<9&<7<J9E:93&#7:G&9EFD>&9=&ES<A&G7&
JGD&KlDT>&:9&>=GDA&G7&JGD&KlDT>&:9&@>;:>:9H&>&879=&>&
@>;:>:9&ERG&@9EB9A&@9EB9&G&>=GD3

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KGD=G<7D> & :G & =7E:GA & 9 & :>< & <7>< & J>DF9<N & ERG & F9=G<&
?;@D9&G&>?@9:D;G&J>D>&D9<;<F;D&>G&9EB>EFGA&879&>&E>F7D9P>&
9<BGE:9&E><&<7><&JDG:7TM9<3&"&@>D;9:>:9&:><&BlD9<A&G&
=G@;=9EFG&:G<&ZD7FG<A&G&B>EFG&:><&>@9<A&G&9?9@>:G&:G<&
=GEF9<A&G&>=9EG&:G<&@>?9<A&>&@9D:7D>&:G<&B>=JG<A&>&
<7>@;:>:9 & :>< & K?GD9<A & 9 & G & BD;<F>?;EG & :>< & WO7><A & F7:G&
>FD>;&>&EG<<>&>:=;D>TRGA&9&F7:G&EG<&;EK7E:9&>=GD3&"&
KWZD;B>&:G&7E;@9D<G&Y&BG=G&7=&D9FD>FG&:>&-E;JGFjEB;>N&
>&OD>E:9P>&:G&9K9;FG&;E:;B>&>&=>V9<F>:9&:>&B>7<>N&JGD&
;<<G&G&>=GDA&G7&G&?G7@GD&:>&GZD>A&B9:9&9=&CGED>&:G&
>DFmK;B93

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<G<&G?CG<A&9&:9&J><=G&>G&EG<<G&9EF9E:;=9EFGA&Fl:>&<9&
BG=JM9 & :9 & J>DF9< & >OD>:W@9;<A & BG=G & <9 & ;EF9;D>=9EF9&
Kl<<9 & F;D>:> & :9 & 7= & K7E:GA & G7 & JD;EBmJ;G & ;=9E<G & :9&
KGD=G<7D>3&"&=9<=>&:9<GD:9=A&9&BGEK7<RG&:><&BG;<><&
EG< & D9BD9;>N & G & K7DGD & :G< & 9?9=9EFG< & KGD=> & 7=&
9<J9FWB7?G&J9DK9;FGH&G&>D&BG=&G<&<97<&ZD>=;:G<A&>&F9DD>&
BG=&G<&<97<&FD9=GD9<A&>&WO7>&BG=&G<&<97<&BG=Z>F9<A&9&
G&KGOG&BG=&G<&<97<&;EBjE:;G<3&2G&@9EFG
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

>:=;D>=G<&7=&>DA&G7&9<JmD;FG&;E@;<m@9?A&B7V>&KlDT>&<9&
9=JD9O> & E> & D7mE> & :9 & =7;F>< & BG;<>< & <S?;:><N & G<&
F9DD9=GFG< & VW & D9:7P;D>= & 9= & =GEF9< & >< & J?>EmB;9<A & 9&
K;P9D>=&J?>EmB;9<&:G<&=GEF9<A&BG=G&<9&G&=7E:G&ERG&
F;@9D>&G&<97&><<9EFG&K;D=9N&><&WO7><&9EFD9&<;&<9&879ZD>=&
9 & :9<J9:>T>=A & 9 & 87>EFG & =>;< & CGDDm@9;<A & 9 & >O;F>:><A&
F>EFG&=>;<&EG<&=G<FD>=&9=&?m87;:G&F9>FDG&=;?&@;<FG<><&
>J>DjEB;><N & G & KGOG & >;E:> & 87>E:G & J>D9B9 & D>;G & EG<&
:;@9DF9A&9&>;E:>&87>E:G&>ZD><>&>?7=;>N&>&KGD=G<7D>&>FY&
<9&<>Z9&;EFDG:7P;D&E>&K9>?:>:9A&EG&CGDDGDA&EG&9<J>EFG3

/9=G<& >&J9DK9;TRG&:G<&GZV9FG<A &=><&;OEGD>=G<& `sda& >&

87>?;:>:9&:j?9<A&JGD&;<<G&G<&>=>=G<A&JGD879&G&>=GD&87><9&
<9=JD9&KGO9A&><<;=&879&BGEC9B9&>&E>F7D9P>&:G&879&>=>3&-<&
>EF;OG<& J;EF>D>=& >G&>=GD&B9OGA& F>?@9P&J>D>& =G<FD>DA&879&G&
>=GD&J>D>&<9D&BGEK;>EF9A&Y&JD9B;<G&879&<9V>&;EB>J>P&:9&@9DA&9&
879&>&K>?F>&:9&?7P&?C9&<;D@>&:9&JD;<RG3&!7;F><&BG;<><&9<F;=>=G<&
<r=9EF9&JGD879&><&ERG&BGEC9B9=G<A&9&G7FD><&JGD879&><&ERG&
BGEC9B9=G<A&><&ERG&9<F;=>=G<N&F>EFG&Y&B9DFG&879&ERG&CW&E>:>&
B9DFG & EG& =7E:GN& EG<& =9<=G<& JD;EBmJ;G< & <9 & K7E:>=& =7;F><&
BG;<><&BGEFDWD;><A&9&GJG<F><&9EFD9&<;3

"&JD;=9;D>&BG;<>A&879&>&E>F7D9P>&EG<&9E<;E>A&Y&&&&`sea&
>=>DN&9&><<;=&G&JD;=9;DG&>K9FGA&879&<>Z9=G<A&Y&>879?9&=9<=G&
JGD&GE:9&>&EG<<>&9L;<FjEB;>&BG=9T>&&&&p&>&F9D&JD;EBmJ;G3&
2G@G<&EG&=7E:G&JGDY=&ERG&EG&>=GDA&j<<9&<9&=>E;K9<F>&9=&
ES<&?GOG&EG&Z9DTGN&>?;
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

=G<FD>=G<&J>D>&>?O7E<&GZV9FG<&:9<>OD>:GA&9&;EB?;E>TRG&
J>D> & G7FDG<N & > & 7E< & Z7<B>=G< & BG= & D;<GA & 9 & :9 & G7FDG<&
K7O;=G<&BG=&=j:GN&7E<&EG<&<9D@9=&:9&9<J>EFGA&G7FDG<&
:9&:;@9DF;=9EFGN&BCGD>=G<&JGD&>?B>ET>D&7E<A&9&F>=ZY=&
BCGD>=G<&JGD&9@;F>D&G7FDG<N&BG=G&<9&G&S:;GA&9&G&>=GD&
E>879?>&;:>:9&ERG&F;@9<<9=&G7FDG&=G:G&:9&9LJ?;B>DQ<9A&
E9= & <G7Z9<<9= & =>;< & ;:;G=> & 879 & G & :>< & ?WOD;=><H&
F>=ZY=&ERG&Y&El@G&G &BCGD>DQ<9&:9&Ol<FGA&:G&=9<=G&
=G:G&BG=&879&<9&BCGD>&:9&J9E>3

`ssa 2G<&JD;=9;DG<&>EG<&:>&@;:>&Fl:>&>&@>D;9:>:9
EG<&>FD>;N&9EFD>=G<&E9<F9&OD>E:9&F9>FDG&BC9;G&:9&Ol<FGA&
9&BGEF9EF>=9EFGA&<9=&9LJ9D;jEB;>&:><&;=JD9<<M9<&:>&
:GDA&9&;OEGD>E:G&G<&9K9;FG<&:>&@>;:>:9N&JGD&;<<G&ERG&
F9=G< & 9EFRGA & E9= & J9E<>=9EFG< & 879 & >K?;V>=A & E9=&
B7;:>:G< & 879 & =GDF;K;879=N & ERG & EG< & BG=Z>F9= & ><&
?9=ZD>ET><&:>&=GDF9A&9&<9&@9=G<&G<&<97<&FD;7EKG<A&G7&
VW&EG<&9J;FWK;G<A&G7&VW&E><&JG=J><&KkE9ZD9<A&J>D9B9QEG<&
879 & 9<FW & FRG & ?GEO9 & :9 & ES< & >879?9 & 9<FD>OGA & 879 & E>&
=9<=>&:;<FvEB;>A&9=&879&>&EG<<>&;:Y;>&G&BGE<;:9D>A&<9&
BGEK7E:9A&9&:9<@>E9B9&G&CGDDGD3&[79&K9?;P&;OEGDvEB;>A&9&
879 & @9EF7DG<G & :9<B7;:Gn & (= & BGEFmE7> & FD>@9<<7D>&
J><<>=G<&>87j?9<&>EG<A&9=&879&G<&EG<<G<&9<JmD;FG<A&G7&
JGD&=>;<&@;@G<A&G7&JGD&=>;<&>?9OD9<A&>J9E><&B>Z9=&9=&
ES<3&-<&B>=JG<A&><&K?GD9<A&><&>@9<A&G<&D;G<A&F7:G&EG<&
<9D@9&:9&VlOG&;EGB9EF9A&9&:9&K9<F;@>&GB7J>TRGH&j<F9<&<RG&
G< & 9E<>;G<A & 9 & JD9?k:;G<A & BG=& 879 & G & F9=JG & :;<JM9 & >&
EG<<>&:SB;?&;EGBjEB;>A&9&BG=&879&7=&>=GD&7E;@9D<>?&>&
F7:G&87>EFG&@9=G<A&:9JG;<&<S&<9&D9:7P&U879?9&>=GDA&
879&F9=&JGD&GZV9FG&>&:7D>TRG&:G&=7E:GA&G7&>&EG<<>&
=9<=> & D9JDG:7TRGN & JGD & ;<<G & > & JG7BG< & J><<G<&
BG=9T>=G<&>&<9EF;D&7=&El@G&;=J7?<GN&>87j?9&>OD>:G&
BG=7=A&BG=
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

879 & @m>=G< & ><& BG;<><A & VW & <9 & :;<F;EO79A & G?C>E:G & BG=&
9<J9B;>?;:>:9&J>D>&>?O7=><&9&BG=&;E:;K9D9ET>&J>D>&><&
=>;<N&BG=G&<9&9<F><&Kl<<9=&:9<F;E>:><&J>D>&9EFD9F9D&><&
EG<<><&JD;=9;D><&>F9ETM9<A&<9E:G&<S&7=><&G&J>D>&879&
EG<&:;D;O;>&G&K;=&:>&E>F7D9P>3

o<<9<&JD;=9;DG<&>EG<&FG:G<&<9&BG=JM9=&:9&`ciia&>=GDA&9&
:9&9<J9D>ET>H&j<F9<&:G;<&>K9FG<&FG=>=&>&=9?CGD&J>DF9&:9&ES<A&
G7&9<BG?C9=&J>D>&<;&>879?9&F9=JG&9=&879&@;@9=G<&BG=&=>;<&
@;:>N & EG & <97 & JD;EBmJ;GA & 9 & EG & <97 & JDGOD9<<G & Y & G & >=GD & 7=>&
J>;LRG & BC9;> & :9 & 9EF7<;><=GA & 9 & :9 & K7DGDA & :9JG;< & J9D:9&
FGF>?=9EF9 & > & @;G?jEB;>H & JGD & ;<<G & >=>=G< & =>;<A & 87>E:G&
<>Z9=G<&>=>D&=9EG<A&;<FG&YA&87>E:G&>=>=G<&87><9&JGD&;E<Q
F;EFG&N&9&BG=&9K9;FG&G&>=GD&ERG&<9&;EFDG:7P&JGD&:;<B7D<GA&9&<9&
>?O7=>&@9P&:;<BGDD9A&Y&<;E>?&879&9<FW&J9DFG&:9&>B>Z>DN&JGD879&G&
>=GD&<S&Y&JD7:9EF9&87>E:G&>B>Z>A&ERG&JGD879&9EFRG&G&<9V>&9=&
<;A & =><& JGD879 & 9EFRG& ERG & JGD879 & 9EFRG& G & <9V> & 9=& <;A & =><&
JGD879&9EFRG&879D3

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879 & >< & =>;< & :>< & @jP9< & <9D;> & =>;GD & > & <7> & B7?J>A & <9 & Kl<<9&
BGE<F>EF9A & 9 & K;D=9H & G & >=GD & <S & 87>E:G & :9;L> & :9 & >=>D & <9&
9=9E:>A & <S & 87>E:G & Y & @WD;G & <9 & V7<F;K;B>A & 9 & <S & 87>E:G & Y&
;EBGE<F>EF9& <9& :9<B7?J>H& 87>E:G&BG=9T>A& J>D9B9& 879& ERG& Y&
jDDG & G & >=GDN & JGD879 & =>? & <9 & JG:9 & 9@;F>D & >879?9 & JD;=9;DG&
;E<F>EF9&879&EG<&>FD>;N&>879?>&JD;=9;D>&?7P&879&EG<&><<G=ZD>N&
>87j?9&JD;=9;DG&>OD>:G&879&EG<&9EO>E>H&G&EG<<G&>DZmFD;GA&G7&>&
EG<<>&D9K?9LRGA&@9=&:9JG;<A&BG=G&D9=Y:;G&879
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

<9=JD9&<7JM9&<7B9:;:G&G&=>?H&ERG&<9&JG:9&K7O;D&:G&
D>;G & :9<J9:;:G & :9 & 7=> & E7@9=N & G & >=GD & >;E:> & EG<&
>?B>ET>&BG=&=>;<&JD9<<>A&9&=>;<&@;OGDA&JGD879&Y&D>;G&
879&<9&KGD=>&:9EFDG&:9&ES<&=9<=G<H&G&@>?GD&BGE<;<F9&
9=&>DD>EB>D&>&<9F>A&JGD&=>;<&879&K;879&:9<J9:>T>:G&G&
J9;FG3

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:>E:G&G&F9=JGN&7=>&CGD>&:9=>;<&Y&=>;<&9=&ES<&7=>&
=7:>ET>3&"&B>:>&J><<G&879&:>=G<&EG&:9B7D<G&:>&@;:>A&
;=G< & E><B9E:G & :9 & El@GA & JGD879 & > & B>:> & J><<G & ;=G<&
:9;L>E:G&G&879&KG=G<A&9&BG=9T>=G<&>&<9D&G7FDG<H&B>:>&
:;> & E><B9=G<A & JGD879 & B>:> & :;> & =7:>=G<A & 9 & 87>EFG&
=>;<&E><B9=G<&:9<F>&<GDF9A&F>EFG&=>;<&EG<&K;B>&J9DFG&G&
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>?=>A& G7& :> & @GEF>:9A & ERG& <9 & K>P& <9=& =G@;=9EFGN& >&
E>F7D9P> & ERG & <9 & BGE<9D@>A & 9 & :7D>A & <9ERG & JGD879 & <9&
=7:> & 9 & =G@93 & - & =7E:G & F9@9 & G & <97 & JD;EBmJ;G & EG&
JD;=9;DG&;=J7?<GA&879&?C9&:97&G&<7JD9=G&"DFmK;B9N&>&
=9<=>&?7PA&879&Y&7=>&Z9?>&;=>O9=&:>&-E;JGFjEB;>A&
Fl:>&<9&BG=JM9&:9&7=>&=>FYD;>&FDj=7?>A&;EBGE<F>EF9A&9&
@WD;>3 & #7:G & @;@9 & 9EK;= & :G & =G@;=9EFGN & > & K>?F> & :9&
=7:>ET>&Y&G&=9<=G&879&K>?F>&:9&@;:>A&9&:9&9L;<FjEB;>A&
><<;=&>&K;D=9P>&Y&BG=G&7=&>FD;Z7FG&9<<9E<;>?&:>&=GDF93

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:>&K;D=9P>&Y&BGEFDWD;G&U<&?9;<&:>&@;:>A&BG=G&JG:9&<9D&
879 & C>V> & >=GD & BGE<F>EF9X & $<<G & Y & 7= & ;=JG<<m@9?&
:9<9V>:G3 & 2RG & CW & E>:> & ;<9EFG & :>< & D9@G?7TM9<A & 9&
>?F9D>TM9<&:G&=7E:GN&F7:G&Ej?9&<9&=7:>A&JGD879
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

F7:G&<9&=G@9N&JGD&;<<G&>&K;D=9P>&Y&@;G?9EF>A&>G&=9<=G&
F9=JG & 879 & > & ;EBGE<FvEB;> & Y & E>F7D>?3 & 5>D> & <9D=G<&
K;D=9<A & YQEG< & E9B9<<WD;G & KGDT>A & JGD879 & F9=G< & 879&
@9EB9D&>&9BGEG=;>A&9&GD:9=A&879&ERG&J9D=;F9&D9JG7<G&
9=&BG;<>&>?O7=>N&J>D>&=7:>D=G<&>&=9<=>&E>F7D9P>A&
EG<&;EB?;E>A&9&O7;>N&<9=9?C>EF9&>&87>?879D&Jj<GA&879&
<GZ9 & BG= & @;G?jEB;>A & 9 & :9<B9 & JGD & <; & =9<=G3 & -&
=G@;=9EFGA&9&>&=7:>ET>A&:9&879&:9J9E:9&G&<9D&:><&
BG;<><A & F>=ZY= & Y & JD;EBmJ;G & :G & K;= & :9?><N & <9=&
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>B>Z>DN&>&=9<=>&GD;O9=&:>&@;:>&F>=ZY=&Y&:>&=GDF9&>&
B>7<>N&JGD&;<<G&Y&FRG&B9DF>&>&=GDF9A&Y&FRG&B7DF>&>&@;:>N&
JGD879&7=&9&G7FDG&9LFD9=G<&E><B9=&:G&=9<=G&=G:GA&
9&<9&BD;>=&EG&=9<=G&Z9DTG3

-&>=GD&Y&7=&;EK?7LG&:>&Z9?9P>A&JGD&;<<G&9<F>&`ciwa&D>D><&
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>OD>:W@9? & =>< & ?G7B> & BG=J>EC;>N & >J9F9B;:>A & =>< & FD>;:GD>&
K9?;B;:>:9n&\G=JM9Q<9&>&KGD=G<7D>&:9&7=>&B9DF>&=G:7?>TRG&
:><&J>DF9<N&GZD>&=>;<&:G&>B><GA&879&:9&7=&B7;:>:G&9<J9B;>?&:>&
E>F7D9P>&H&=><&JGDY=&:9@9&>:=;D>DQ<9&7=&;E<FD7=9EFGA&B7V><&
BGD:>< & <S & JDG:7P9= & C>D=GE;>H & ><<;= & Y & > & KGDQ=G<7D>N & 9 & Y&
JG7BG & :9 & 9<F;=>D & >87j?9A & :9 & :GE:9 & <S & D9<7?F> & :;<<GEvEB;>N&
><<;= & Y & > & K9>?:>:93 & " & KGD=G<7D> & D9<;:9 & 9= & 7=> & KGD=>&
9LF9D;GDN&G&>=GD&J>D9B9&879&Y&7=&9K9;FG&:>&@GEF>:9A&G7&:G&
:9<9VGN & >879?> & =G<FD>Q<9A & JGDY= & j<F9 & 9<BGE:9Q<9N & j<F9 & Y&
;E@;<m@9?A& JGDY=&>87j?9&@jQ<9H&>& KGD=G<7D>&JG:9&:;P9DQ<9& G&
BG=G&YA&JGDY=&G&>=GD&ERGN&JGD879&879=&G&F9=A&<9EF9&<9=&
<>Z9D&G&879A&9&879=&G&ERG&F9=A&>;E:>&G&BGEC9B9&=9EG<3
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

`ci_a !&>=GD&E><B9&:>&KGD=G<7D>A&9&BG=&9?>&=GDD9N
9 & ><<;= & BG=G & JG:9 & C>@9D & >=GD & BGE<F>EF9A & <9 & Y & FRG&
JG7BG&BGE<F>EF9&>&KGD=G<7D>X&(&<9&9<F>&=7:>&F>EFGA&
BG=G&JG:9&<9D&879&G&>=GD&ERG&=7:9uX&1W&FDj<&JDGQ
OD9<<G<&9=&F7:G&87>EFG&>&E>F7D9P>&>ZD>T>N&G&JD;=9;DG&Y&
:9&BD9<B9DA&G&<9O7E:G&:9&9<F>DA&9&G&F9DB9;DG&:9&:;=;E7;DH&
E9<F> & ?9; & F>=ZY= & 9EFD> & > & KGD=G<7D>N & BD9<B9A & 9<FWA & 9&
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9<FWA&=><&BG=&9?>&:;=;E7;A&9&>B>Z>3&-&F9=JG&BG=&7=&
J><<G&<7F;?A&9&:;<K>DT>:G&?9EF>=9EF9&;=JD;=9&E>&Z9?9P>&
G&<97&B>DWF9DN&VW&BG=9T>&>&<9D&FmZ;>&>&?7P&:G<&G?CG<N&VW&<9&
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9<FD>OGH&F7:G&<RG&D;<BG<&:GE:9&<9&@j&BG=G&9=&J>:DM9<&
K>F>;< & 9<BD;F> & > & ;=JD9<RG & :G< & :;><N & F7:G & <RG&
BGEB>@;:>:9<A & :GE:9 & <9 & =G<FD> & BG=G & 9= & K7E9<FG&
9L9=J?G & OD>@>:G & G & D;OGD & :G & F9=JGH & 9<<> & ;=>O9=&
:9<@j?G & 879 & KG; & :> & ;:G?>FD;>A& B7;:>:G & :9 & >F9ETM9<A & 9&
K;E>?=9EF9&9=JD9OG&879&KG;&:9&F>EFG<&@GFG<A&VW&<9&@j&
<9= & >?F>DA & 9 & <9= & @9E9D>TRGN & 9 & FDGB>:G & G & B7?FG & 9=&
@;F7JYD;GA&<S&K;BG7&J>D>&GZV9FG&:G&:9<JDjPGN&BG=G&<9&>&
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>EG<H & ><<;= & >B>Z> & > & KGD=G<7D>A & ><<;= & >B>Z> & G & <97&
;=JYD;GA&9&F>=ZY=&><<;=&>B>Z>&G&>=GD3&-&<G?&E><B9E:G&
EG&-D;9EF9A&@9=&BC9;G&:9&Z9?9P>A&9&D9<J?9E:GDN&JGD&;<<G&
F7:G&<RG&FD;Z7FG<A&F7:G&>:=;D>TM9<A&9&F7:G&>=GD9<H&><&
KGEF9< & G & K9<F9V>= & =7D=7D>E:GN & >< & >@9< & G & >E7EB;>=&
BG=&D9879ZDG<A&9&><&K?lD9<&BG=&G&D;<G&G&?;<GEV9;>=N&=><&
:9JG;< & :9 & F9D & BGDD;:G & `87>? & O;O>EF9a & 7= & B>=;ECG&
;=9E<GN & 9 & :9JG;< & 879 & G< & D9<J?9E:GD9< & <9 & =7:>=& EG&
GB><G&9=&JW?;:G&<9=Z?>EF9A&?GOG&>B>Z>=&G<&>=GD9<A&><&
>:=;Q
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

D>TM9<A&9&FG:G<&G<&FD;Z7FG<N&E>&=9<=>&F7=Z>A&9=&879&
<9 & >J>O> & > & ?7PA & F>=ZY= & <9 & 9LF;EO79 & G & >J?>7<GN & E>&
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9<BGE:9&G&GZ<Y87;GN&9&G&D9<J9;FG&>B>Z>&E><&=9<=><&
GE:><A&9=&879&K>P&E>7KDWO;G&G&<G?3

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=7:>ET>& 87><9& <9=JD9& Y &B7?J>& :>& Z9?9P>A& 9 &ERG& :G &>=GD3&
2>F7D>?=9EF9 & > & KGD=G<7D> & Y & <GZ9DZ>A & @>;:G<>A & m=J;>A & 9&
>DDGO>EF9N&ERG&<S&D9QK7<>A&=><&:9<JD9P>N&ERG&<S&:9<:9EC>A&=><&
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BG= & :;K;B7?:>:9N & JGD879 & G & ;=JYD;G & :> & Z9?9P> & <9=JD9 & KG;&
F;D>EGA&9&<9=&ZD>E:7D>A&ERG&CW&:G=mE;G&J9D=>E9EF93&-&>=GD&Y&
>FG&:9&7=&=G@;=9EFG&D9J9EF;EGN&>&BGE<9D@>TRG&:j?9&@9=&JGD&
:;<B7D<GA&JGD&;<<G&>&JD;=9;D>&BG;<>&Y&KWB;?A&9&:;K;B7?FG<>&>&G7FD>3&
2RG& CW & 9EB>EFG & J9DJYF7GN & G & :G & >=GD & F>=ZY= & F9= & K;=A & 9&
9E87>EFG & :7D>A & Y & JGD & ;EF9D@>?G<N & 9 & >;E:> & 879 & G & >=GD & <9V>&
JDGEFGA&9&>DD9Z>F>:G&9=&BGE87;<F>DA&JGD&;<<G&=9<=G&E>:>&F9=&
<9O7DGN&JGD879&G&879&<9&FG=>&JD9B;J;F>:>=9EF9A&JD9B;J;F>:>Q
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<9D&:7DW@9?N&G&879&Y&9LB9<<;@GA&>&<7>&=9<=>&@;G?jEB;>&G&>B>Z>N&
> & FGD=9EF> & KGDF9 & E7EB> & :7D>3 & !>< & ERG & <9; & <9 & JG:9 & C>@9D&
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BGEFDWD;G&U&E>F7D9P>&:9?><N&9&9=&879&>&>Z<F;EjEB;>&B7<F>&=9EG<&
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J9EG<GA&879&G&ERG&>=>D&E>:>N&JGD879&BG=&9K9;FG&G&>Z<F9D&Y&
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 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

879&7=>&?;Z9D:>:9&D9<FD;F>H&G&7<>D&:><&BG;<><&BG=&D9OD>A&
FD>P& BGE<;OG& 7=> & 9<JYB;9 & :9 & >K?;TRGN & G & ERG& 7<>D & :9&
E9EC7=>&<GDF9A&G&879&FD>P&Y&9<879B;=9EFG3&5G:9=G<&
K>P9D&CWZ;FG&:9&ERG&F9DA&G7&:9&ERG&>=>DA&JGDY=&ERG&G&
JG:9=G< & K>P9D & :9 & >=>DA & G7 & F9D & :9Z>;LG & :9 & >?O7=&
JD9B9;FGH & F7:G & G & 879 & D9B9ZG=G<A & G7 & <9 & EG< & :W & BG=&
BGE:;TRGA&J>D9B9QEG<&@;G?9EFGH&G?C>=G<&=9EG<&J>D>&>&
J>DF9A&9=&879&>&BG;<>&Y&?;@D9A&879&J>D>&>879?>A&9=&879&G&
ERG&YN&>&JDG;Z;TRG&<9=JD9&EG<&:9;L>&<7<J9E<G<A&9&BG=G&
=>OG>:G<N&JGD879&G&EG<<G&:9<9VG&ERG&F9=&>F;@;:>:9&
E>87;?G&879&Y&VW&EG<<GA&=><&<;=&E>87;?G&879&G&ERG&YA&9&
879&ERG&JG:9A&G7&ERG&:9@9&<9DN&G&879&<9&J9D=;F9&ERG&
J>D9B9&FRG&Z9=&BG=G&G&879&<9&E9O>N&G&=7;FG&879&<9&
BGEB9:9A&ERG&BGE<G?>&:G&JG7BG&879&<9&JDGmZ9N&JGD&;<<G&
G & >?C9;G & EG< & >OD>:>A & JGD879 & Ej?9 & >BC>=G< & 7=>&
E9O>TRGA & G7 & ?;=;F9 & :G & 879 & Y & EG<<G3 & /9=G< & BG=&
<>7:>:9&G&F9=JGA&879&J><<G7N&9<J9D>=G<&G&879&CW&:9&
@;D & BG= & vE<;>A & 9 & J>D> & G & JD9<9EF9 & G?C>=G< & BG=&
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VW&ERG&Y&EG<<GN&G&879&CW&:9&@;D&ERG&<>Z9=G<&<9&<9DWN&9&
<S&G&JD9<9EF9A&JGD879&Y&EG<<GA&EG<&>ZGDD9B93&-&>=GD&
9<FW&<9O7DGA&9E87>EFG&:7D>&>&JD9F9E<RGN&G&879&G&J9D:9A&
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B9DF9P>H&87>?879D&BG;<>A&879&JDGB7D9A&G&>E;=>A&9&:9<Q
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7=>A&?GOG&K;B>=&<9=&@;OGDA&9&>=GDF9B;:><H&E;EO7Y=&
9<J9D>&G&879&JG<<7;A&E;EO7Y=&:9<9V>&G&879&VW&F9=A&9&
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=7;FG & F9=JGN & 9 & :9<F> & <GDF9 & G & >=GDA & G & :9<9VGA & >&
9<J9D>ET>A&9&>&@>;:>:9&>B>Z>=Q<9&87>E:G&>?B>ET>=N&9&
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EG<&@;EC>&:G&:9<9VGA&:G&>=GDA
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

>&@>;:>:9A&9&:>&9<J9D>ET>3&0>87;&@9=A&879&J>D>&D9JD;=;D&
><&J>;LM9<A&E9=&<9=JD9&Y&ZG=&=9;G&G&D9JD;=;Q?><N&E>&
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9LB9?jEB;>&:9?><N&G&K>PjQ?><&KWB9;<A&9&<9=&GJG<;TRGA&Y&G&
=9<=G&879 &F;D>DQ?C9<& >&OD>T>A&879&><&K>P;>&>J9F9Bm@9;<3&
(=& Fl:>< & >< & J>;LM9< & <9 & 9EBGEFD> & > & @>;:>:9 & :9 & 879D9D&
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CW&:9<9VGA&E9=&>D:GDN&>&@>;:>:9&F9=&D9J7OEvEB;>&>&9EFD>D&
J>B;K;B>=9EF9A & >D=>:> & <;=N & > & =7D>?C> & ;EB;F>A & JGD879&
;=J9:93

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87><9&;E<7JGDFW@9?N&>;E:>&G&>=GD&=>;<&K;EG&<9&D9@G?F>A&JGD879&G&
>=GD&>;E:>&879&V7D9&9<BD>@;:M9<A&E9=&JGD&;<<G&BGE<9EF9&E9?><N&9&
87>E:G&Y&Z9=&9EF9E:;:GA&ERG&BG<F7=>&<9D&@;?A&D9@9D9EF9&<;=N&>&
<7Z=;<<RG&JGD&:9O9E9D>D& 9=& Z>;L9P>& ERG&K>P& >G&>=GD&=9EG<&
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879 & > & >BG=J>EC> & <9=JD9A & 9L;O9 & BGE:;TM9< & FRG & KGDF9<A & 879 & G&
=9<=G& >K9FGA& 879& JGD& KlDT>& ><& >B9;F>& EG &JD;EBmJ;GA &:9JG;<&><&
:9<@>E9B9N&JGD879&G&>=GD&<9&Z7<B>&>&KGDQ=G<7D>&F>=ZY=&KGO9&
:> & ><J9D9P>N & 7= & OjE;G & <9@9DGA & 9 & :7DGA & ERG & JG:9 & ;E<J;D>D&
BGE<FvEB;>A & D9F;DG & <;=H & JGD & =>;< & 879 & 9<F9V>= & JD9GB7J>:G< & G<&
<9EF;:G<A&E9=&JGD&;<<G&9<FRG&<9=JD9&:;<JG<FG<&J>D>&<GKD9DN&9&BG=&
9K9;FG&G&>=GD&KjPQ<9&J>D>&:9?mB;>N&9&ERG&J>D>&B><F;OGA&KjPQ<9&J>D>&
>?m@;GA & 9 & ERG& J>D> & FGD=9EFGA & J>D> & Ol<FGA & 9 & ERG& J>D> & =>DFmD;G3&
2RG&CW&9EB>EFG&879
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

ERG&JG<<>&:9<K>P9DQ<9N&JGD&=>;<&KGDF9<&879&<9V>=&G<&
?>TG<&BG=&879&G&>=GD&EG<&JD9E:9A&=7;F><&@9P9<&7=&
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879 & E><B9 & > & ;EBGE<FvEB;>A & JDGB9:9 & :> & ><J9D9P>A & :>&
@>;:>:9A&9&:>&BGE:;TRG&:>&KGD=G<7D>3

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<9V>&;E@9EBm@9?&G&JG:9DN&JGD&;<<G&E>&=9<=>&KGD=G<7D>&
;EB?7;&?GOG&>&F;D>E;>A&G&9EO>EGA&9&>&@>;:>:9A&J>D>&879&
j<F9<&K9;G<&>FD;Z7FG<A&9LJG<FG<&U&EG<<>&@;<F>A&G7&<;D@>=&
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JG<<>=&?;=;F>DQ?C9&G&9K9;FGN&9&><<;=&F9=G<&G&D9=Y:;G&
E>&JDSJD;>&GD;O9=&:>&D7mE>A&9&EG&=9<=G&=>?&>BC>=G<&G&
:9K9E<;@G&:j?9H&<9&>&Z9?9P>&EG<&>FD>;&>&;=J9DK9;TRG&:G&
OjE;G & EG< & :9<@;>N & <9 & EG< & 9E?9@> & 7=> & ;=>O9= & @;@>A&
:GE:9 & 9= & V7<F>< & JDGJGDTM9<A & > & E>F7D9P> & =G<FDG7 & G<&
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B7?J>&9=&<;N&87>EFG&=>;<&879&G&>=GDA&>;E:>&879&B9OGA&
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;EBGE<FvEB;>&>;E:>&879&G:;G<>A&E9=&JGD&;<<G&?C9&K>?F>=&
G< & =GF;@G<A & 879 & > & K>P9= & V7<F>=9EF9 & <9D & JD9B;<>3&
[7>EF>< & @jP9< & > & @;DF7:9 & :9J9E:9 & 7E;B>=9EF9 & :>&
=7:>ET>n& 29=& <9=JD9 & Y & FD>;TRG& > & K>?F> & :9 & K;D=9P>N&
E9=&<9=JD9&G&<9D&@WD;G&Y&<9D&;EK;9?N&9&E9=&<9=JD9&G&<9D&
;EBGE<F>EF9&Y&<9D&;EOD>FG3&"<&<9=QD>PM9<&:>&KGD=G<7D>&
>7FGD;P>=&G&EG<<G&9<879B;=9EFGA&G&<9D&<9E<m@9?&Y&G&879&
K>P&<9D
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

>=>EF9N&9&879=&F9=&<9E<;Z;?;:>:9&J>D>&>=>DA&F>=ZY=&
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F>=ZY=&>&;EVkD;>&EG<&;DD;F>N&<9&G&>OD>:G&EG<&BGE@;:>A&G&
:9<JDjPG&EG<&=>OG>N&9&<9&G&>=GD&9EK;=&EG<&BC>=>A&
F>=ZY=&>&GK9E<>&EG<&D9F;D>3

%;=A & Y & <GZ9DZ> & > & KGD=G<7D>A & =>< & ERG & Y & J>D> & `cisa&
>:=;D>DA&JG;<&Y&OD>E:9&G&<97&;=JYD;GN&Y&@>;:G<>A&=><&BG=G&
JG:9&ERG&G&<9DX&z&JD9<7=;:>A&=><&879&=7;FG&<9&9=&<9&@9E:GA&>&
<7>&=9<=>&@;<F>&>&?;<GEV9;>X&z&F;D>E>N&879&;=JGDF>A&<9&Y&@;DF7:9&
j<<9&:9K9;FGA&9&<9&E9?>&>&ZGE:>:9&Y&B7?J>X&2>&KGD=G<7D>&>BC>Q
<9& > & B;DB7E<FvEB;> & =>;< & 9<<9EB;>?& :> & ?7PN& 9<F> & ;?7<FD>A& 9 & K>P&
B?>DG< & G< & GZV9FG<A & 879 & 9<FRG & J9DFG & :G< & <97< & D>;G<N & ><<;= & >&
Z9?9P>A & JG;< & J>D9B9 & K>P & KGD=G<G< & >87j?9< & @mB;G< & 879 & >&
>BG=J>EC>=N & 9<<> & K9D9P>A & 9<<> & >DDGOvEB;>A & 9 & 9<<> & =9<=>&
BGE:;TRG&>?F;@>A&<;=&<RG&;=J9DK9;TM9<&OD>E:9<&E>&Z9?9P>A&=><&
<RG&BG=G&><&<G=ZD><A&879&7=&:9?;B>:G&J;EB9?&:9Z7L>A&>&D9JD9Q
<9EF>A&ERG&J>D>&:9<?7P;D&G&JD;=GD&:>&>DF9A&=><&J>D>&D9>?T>D&>&
K;E9P> & :> & J;EF7D>3 & f=> & 9<FD9?> & ZD;?C> & =>;< & EG & 9<J>EFG<G&
<;?jEB;G&:9&7=>&EG;F9&9<B7D>N&>&=>;<&J9DK9;F>&?7P&Y&>&:G&<G?A&
BGEF7:G&>&<7>&>F;@;:>:9&EG<&=G?9<F>A&9&9<B>E:>?;P>H&><&BG;<><&
E9= & JGD & =>;< & J9DK9;F>< & EG< & >OD>:>= & =>;<N & >EF9< & >?O7=>&
;=J9DK9;TRG&><&=G:;K;B>&9=&KGD=>&879&K;B>=&JDGJGDB;GE>:><&
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>&EG<<>&9<K9D>A&9&JGD&;<<G&E9=&G&JG:9=G<&OGP>DA&E9=&9EF9E:9DA&
JGD879&G&:9<9VG&ERG&<9&9<F9E:9&>:GE:9&>&BG=JD99E<RG&ERG&
BC9O>3&-&9EF9E:;=9EFGA&G7&>&>?=>&Y&G&879&JD;=9;DG&=G@9A&9&
><<;= & F7:G & G & 879 & 9LB9:9 & > & EG<<> & ;EF9?;OjEB;>A & K;B> & <9E:G&
;=J9E9FDW@9?&>G&EG<<G&>K9FG3&!;?&BG;<><&CW&J9DK9;F><&EG&<97&
OjE9DGA&JGD&GE:9&BGEF;E7>=9EF9
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

J><<>=G< & <9= & D9J>DGN & F7:G & G & 879 & :;<F;EO7;=G<A & G7&
<>Z9=G<A & Y & JGD & BG=J>D>TRGN & :9 & <GDF9 & 879 & 9= & ERG&
JG:9E:G&BG=J>D>DA&F>=ZY=&ERG&JG:9=G<&BGEC9B9DH&>&
:;K9D9ET>&:><&BG;<><&9EFD9&<;A&Y&>&879&:9<J9DF>&>&EG<<>&
>F9ETRGA&9&:W&?7O>D&>G&EG<<G&BGEC9B;=9EFGA&JGD&;<<G&
F7:G&G&879&Y&KGD=>:G&BG=G&:9&7=&<S&D><OGA&:9&7=>&<S&
?;EC>A&G7&BG=G&:9&7=&<S&>?9EFGA&?GOG&EG<&K;B>&<9E:G&
;EBG=JD99E<m@9?N& G &:;<B7D<G& ERG& JG:9& 9EFD>D& E>87;?G&
9= & 879 & F7:G & Y & 7=A & ;O7>?A & G7 & 7E;KGD=9 & N & JGD879 & >&
7E;:>:9&ERG&>:=;F9&BG=Z;E>TRGA&9&G&J9E<>=9EFG&ERG&
JG:9&;EFDG:7P;DQ<9&KUB;?=9EF9&:GE:9&F7:G&Y&G&=9<=GA&9&
:GE:9 & ERG & CW & E9= & :;@9D<;:>:9 & :9 & <7Z<FvEB;>A & E9=&
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B>J>B;:>:9&<S&F9=&JGD&GZV9FG&>87;?G&879&Y&BG=JG<FGN&
JGDY=&F7:G&G&879&Y&<;=J?9<&>Z<G?7F>=9EF9A&K;B>&<9E:G&
=;<FYD;G & J>D> & ES<A & 9 & JGD & ;<<G & <9=JD9 & GB7?FGA & 9&
9<BGE:;:GN&9&><<;=&>&:;@;<RGA&9&@>D;9:>:9&:9&J>DF9<A&>G&
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<9D@9 & :9 & =9;GA & 879 & EG< & K>B;?;F> & > & ;EF9?;OjEB;> & :><&
BG;<><A&9&EG<&BGE:7P&>G&BGEC9B;=9EFG&:9?><N&9&:9<F>&
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879&<9&9EBGEFD>&E9?>&:9&@;DF7:9N&9&><<;=&<9D@9QEG<&:9&
O7;>&9<<>&;=J9DK9;TRGA&j<<9&@mB;GA&9&j<<9&:;D9;FG3

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>879?9& B9DFG& OD>7& :9& ;=J9DK9;TRGA& 879& U&=>E9;D>& :9&
7=> & <G=ZD> & ?9@9 & <S & <;D@> & :9 & D9>?T>DQ?C9 & > & ?7Pn & "&
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:9K9;FG&ERG&<9&BG=7E;B>&9<B><<>=9EF9A&BG=&JDGK7<RG&
<;=H&G&879&@9=G<&:9&;=J9DK9;TRG&E>&Z9?9P>
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

D>D><&@jP9<&Y&BG=G&7=&<;E>?A&G7&=>EBC>&ZD9@9A&:9&879&
G&>?;ECG&<9&>:GDE>&JGD&>DF9A&9&JGD&9<F7:GN&>EF9<&9<<>&
;=J9DK9;TRG&<9&9<F9E:9A&9&BD9<B9&F>EFGA&879&>ZD>T>&G&
GZV9FG&;EF9;DGA&9&G&9<B7D9B9H&87>?879D&=;<F7D>&9=&JG7B>&
87>EF;:>:9 & BGEF>=;E> & > & J7D9P> & :9 & 7= & ?;BGDN & 7=>&
OD>E:9 & JGDTRG & G & >Z<GD@9A & 9 & BG=JD99E:9 & FG:G3 & o<<9&
B>7:>?G<G & #9VG & ERG & G & F7D@> & 7= & <S & D9O>FG & ;=7E:GA&
JGDY= & =7;F>< & FGDD9EF9< & :9 & WO7> & ;=J7D>A & K>P9=Q?C9&
J9D:9D&G&EG=9A&9&<9=9?C>ET>&:9&BD;<F>?H&7=>&<S&E7@9=&
ERG&K>P&<G=ZD;>&>&B?>D;:>:9&:G&CGD;PGEF9A&=><&=7;F><&
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><<;=&>&Z9?9P>N&G&@mB;G&E9?>&ERG&BG<F7=>&<9D&BG=G&7=&
D9O>FGA&=><&BG=G&FGDD9EF9N&G&879&F9=&:9&;=J9DK9;FGA&
ERG&Y&BG=G&7=&<;E>?&`9K9;FG&9EK;=&:>&=9:;F>TRGa&=><&
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Y&?9@9N&>EF9<&87><9&<9=JD9&J9<>&=>;<&:G&879&>&=9<=>&
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>=GDA&9&>ZGDD9B;=9EFGn&#RG&JG7B>&:;<FvEB;>&CW&9EFD9&G&
=>?A & 9 & G & Z9=X & (EFD9 & > & >@9D<RGA & 9 & G & >K9FGA & 9EFD9 & G&
J9DK9;FGA&9&G&:9K9;F7G<GA&879&9=&7=&=9<=G&<7V9;FG&<9&
JG<<>=&9EBGEFD>DA&9&7E;DX

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><&@>;:>:9<A&Y&@>;:>:9&;EGB9EF9N&>&E>F7D9P>&9=&E>:>&<9&D9BD9;>&
F>EFGA&BG=G&9=&BGEF9=J?>DQ<9&>&<;&E>&<7>&GZD>A&9&9=&D9@9DQ<9&
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E>=GD>A&>&<;&<9&Z7<B>A&>=>Q<9&>&<;A&9&:9&<;&<9&D9E:9N&Y&BG=G&7=&
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G&<97&JD;EBmJ;GN&9&BG=G&7=&=G@;=9EFGA&879&D9FDGB9:9A&9&<9&
:;D;O9&BGEFD>&G&<97
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

=9<=G&;=J7?<GN&>&KGD=G<7D>A&J9?G&879&<9EF9&<>Z9&G&
879&K>P&<9EF;DN&9&J9?G&879&<9&>=>A&BGEC9B9&879&<9&K>P&
>=>DN&:>87;&@9=&879&>&@>;:>:9A&9&>&>?F;@9PA&<RG&J>DF9<&
:9 & 879 & > & KGD=G<7D> & <9 & BG=JM9N & > & =9<=> & F;D>E;>A& 9&
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?>TGA&:9&JD;<RGA&:9&>=GDX

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ES<A & ERG & JGD & EG<<> & @GEF>:9A & =>< & JGD879 & F9= & JGD&
E>F7D9P> & G & >B>Z>DN & 9 & >;E:> & 879 & F7:G & CW & :9 & >B>Z>D&
BGEG<BGA&E9=&F7:G&9<J9D>&JGD&ES<3&[7>E:G&>=>=G<A&Y&
JGD & KlDT>A & JGD879 & > & KGD=G<7D> & 879 & EG< & ;EB?;E>A & EG<&
@9EB9N & 9 & F>=ZY= & Y & JGD & KlDT> & 87>E:G & ERG & >=>=G<N&
JGD879 &7=>& @9P& DGFG<& G<& ?>TG<A & K;B>=G<&:9& F>?& <GDF9&
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j?9<N&9&><<;=&ERG&9<FW&E>&EG<<>&=RG&G&ERG&>=>DA&E9=&
F>=ZY=&G&>=>DH&G&BGD>TRG&JGD&<;&=9<=G&<9&>B9E:9A&9&
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?C9&G&>D:GDH&>?9O79=&G<&>=>EF9<&j<<9<&=9<=G<&>D:GD9<&
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;=>O;E9=&9=ZGD>A&879&G<&<G?7TG<&9&O9=;:G<A&K>P9=&<9D&
:9@;:>&>&D9BG=J9E<>N&9L>O9D9=&J9E><A&9&=>DFmD;G<A&9&
K;E>?=9EF9&F9EC>=&>&@9EF7D>&:9&879&7=>&Z9?9P>&Fm=;:>A&
;EGB9EF9A & 9 & ;EB>7F>A & BD9;> & 879 & @9D:>:9;D>=9EF9 & 9<FW&
GZD;O>:>A&9&879&:9@9&>F9E:9DA&9&BGDD9<JGE:9DH&>=ZG<&<9&
9EO>E>=N&G&>=>EF9&9=&<7JGD&879&JGD&>=>DA&=9D9B9N&9&>&
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j<F9&ERG&K>P&=>;<&879&D9B9Z9D&7=>&;=JD9<<RG&>&879&ERG&
JG:9&D9<;<F;DH&E>:>&=9D9B9&7=&ZDGEP9A&JGD&D9B9Z9D&9=&
<; & > & K;O7D> & :9 & 7=> & /jE7<N & > & =>D>@;?C> & ERG& 9<FW & EG&
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 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

D9B9Z9A & =>< & EG & ZD>TG & 879 & ;=JD;=9N & > & >DF9 & ERG & <9&
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>ZD9N&G&ZDGEP9&ERG&JG:9&:9;L>D&:9&BGE<9EF;D&>&9<F>=J>A&
JGD879 & ERG & F9= & =>;< & :G & 879 & 7= & =G:G & J><<;@GA & 9&
=>F9D;>?N&<S&G&ZD>TG&GZD>&>F;@>=9EF9H&:>87;&@9=&879&
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7=&FD;Z7FG&E>F7D>?A&KGDT>:GA&9&;E9@;FW@9?X&5GD&;<<G&G&
>=>DA&G7&ERG&>=>D&JGD&D>PRGA&JGD&:;<B7D<GA&G7&>;E:>&
JGD&;EF9Dj<<9A&ERG&JG:9&<9DN&JGD879&G<&<9EF;:G<A&ERG&<9&
:9;L>=&B>F;@>D&JGD&>DO7=9EFGH&:>87;&@9=&879&=7;F><&
@jP9<&<9&>=>A&G&879&<9&ERG&:9@9&>=>DN&;<FG&<9DW&JGD879&
G&BGD>TRG&ERG&JG:9&D9<;<F;D&U&KGD=G<7D>N&G&=>;<&879&
JG:9&K>P9DA&Y&B>?>DA&:;<<;=7?>DA&9<BGE:9DH&JG:9=G<&ERG&
BGEK9<<>DA & =>< & :9;L>D & :9 & B>;DA & Y & =7; & :;K;B7?FG<GN&
JG:9=G< & <GKD9DA & =>< & :9;L>D & :9 & <9EF;DA & F>=ZY= & ERGN&
JG:9=G< & ERG & <9O7;DA & =>< & :9;L>D & :9 & >J9F9B9D & Y&
;=JG<<m@9?N & >EF9< & G & <GKD;=9EFG & >@;@> & G & >=GDA & >&
D9<;<FjEB;>&G&KGDF>?9B9N&JGD879&F7:G&G&879&<9&D9JD;=9A&
<9& 9<KGDT>N& 7=& >DBG& BG=JD;=;:G & >:87;D9& =>;<& @;OGD&
J>D>&879ZD>D&>&BGD:>3&-&=9<=G&Y&ERG&879D9DA&G7&ERG&
:9@9D&>=>DA&879&>=>D3&2RG&F9=G<&:G=mE;G&EG&EG<<G&
Ol<FGN & >< & BG;<>< & >OD>:>=QEG<A & JGD879 & EG< & J>D9B9=&
>OD>:W@9;<&N&BG=G&C>@9=G<&:9&;=J9:;D&879&><&BG;<><&
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<9EF;:G<&EG<&9EO>E>=A&879=&EG<&CW&:9&:9<9EO>E>DA&G7&
BG=G & C>@9=G< & :9 & 9=9E:>D & j<<9< & =9<=G< & <9EF;:G<&
9EO>E>:G<X&"&D>PRG&9&G&:;<B7D<G&ERG&@>?9=A&G7&ERG&
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=9;G&:9&>?O7=&<9EF;:G&9EO>E>:GDN&<9&G<&G?CG<A&9&G<&
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b7?O>=G<&J9?G&879&@9=G<A&9&J9?G&879&G7@;=G<H&j<F9<&
<9EF;:G< & <RG & 9= & ES<A & BG=G & :G;< & D9?>FGD9< &;EV7<FG<A&
K>?<G<A&;EK;Y;<H&:>87;&D9<7?F>&879&87>E:G&G
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

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;=>O9=X&-&=WD=GD9&879&B7?J>&F9=A&JGD&BGE<9D@>D&>&
KGD=>&879&G&>DFmK;B9&?C9&:97X&[79&B7?J>&F9=&G&J>EG&JGD&
<9D@;D & :9 & B>=JGA & G7 & :9 & F9>FDG & U< & GZ<B9E;:>:9< & :G&
J;EB9?cX&(&K;E>?=9EF9A&879&B7?J>&F9=&G&K9DDGA&JGD&<9D&G&
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J>D9B9&879&ERG&E><B9A&E9=&<9&BD;>&9=&ES<A&BG=7E;B>Q<9&
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<9&9<BGE:93

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JD;=9;D>&B7?J>3&"879?>&<7V9;TRGA&879&ERG&:9@;>&9LB9:9D&
><&D9OD><&:>&987;:>:9A&@9;G&>&:9QO9E9D>DQ<9&9=&F;D>E;>A&
9 & > & ;EFDG:7P;D & E9?>< & 7=> & 9<JYB;9 & :9 & 9<BD>@;:RG3 & -&
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:><&=7?C9D9<&KG;&G&BD;=9&GD;O;E>?A&879&E7EB>&J7:9D>=&
9LJ;>DA & E9=& D9=;DH & > & =9<=> & KGD=G<7D> & BG=& 879 & ><&
:GFG7&>&E>F7D9P>A&?C9<&F;DG7&>&?;Z9D:>:9N&>?B>ET>D>=&E>&
Z9?9P> & G & =>;GD & K>@GDA & =>< & BG=JD>:G & JGD & 7= & B7<FG&
;=9E<GA&;<FG&Y&U&B7<F>&:>&?;Z9D:>:9N&K;B>D>=&<7V9;F><&>G<&
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 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

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U & =9:;:> & :> & KGD=G<7D>N & 87>EFG & =>;< & Z9?><A & =>;<&
JD9<><H&J>D>&F9D9=&>?O7=>&?;Z9D:>:9&Y&JD9B;<G&879&ERG&
F9EC>=&E9EC7=>&KGD=G<7D>3&\D79?&<;F7>TRGn&[79=&CW&
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:7><&Y&=9?CGDX&#9D&?;Z9D:>:9&9&KGD=G<7D>&V7EF>=9EF9A&
Y & =7;FGN & F9D & 7=> & BG;<>A & 9 & J9D:9D & > & G7FD>A & Y & JG7BG3&
[79=&CW&:9&D9<G?@9DQ<9&>&J9D:9D&>&?;Z9D:>:9A&9&F>=ZY=&
879&=7?C9D&<9&ERG&CW&:9&>K?;O;D&E>&K>?F>&:9&KGD=G<7D>X&
"<&:;K9D9ET><&<RGA&879& >& ?;Z9D:>:9&9=&879=&>&F9=A&
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:G=mE;G&G&F9=JGN&E9<F>&>FY&<9&BGEC9B9=&G<&;E<F>EF9<N&
<9=9?C>EF9 & U & O>?> & :9 & 7=> & K?GDA & 879 & ERG & F9= & =>;<&
:7D>TRG&879&7=&:;>N&9&><<;=&<9&@j&879&E><&=7?C9D9<A&>&
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9&:9&F>?&<GDF9A&879&E9=&D9<FG<&?C9&K;B>=&:G&879&KGD>=A&
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>DD7;E>N&B>:>&CGD>&:9;L>&G&<97&<;E>?N&9&G<&;E<F>EF9<&879&
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879&E9?>&<9&@j&Y&BG=G&7=&:9Z7LGA&879&ERG&KG;&K9;FG&
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D9JD9<9EF>TRG&:G&879&KG;&<9=JD9&Y&FD;<F9N&JGD&=>;<A&879&
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JG:9&:9&>?O7=&=G:G&K>P9D&JD9<9EF9&G&879&ERG&YA&=><&
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<9=JD9 & G & =G<FD>= & :9<K9;FG3 & $<FG & <7B9:9 & E> & Z9?9P>N&
>B>Z>Q<9&9=&<9&?C9&>B>Z>E:G&>&OD>T>H&9<F>&BGEF;E7>Q
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JG:9DG<G & KjP & J9D:9D & > & ?;Z9D:>:93 & 2RG& KG; & ;E<J;D>TRG&
B9?9<F9 & 879 & > & KjP & Z7<B>D & > & <G?;:RG & :9 & 7= & B?>7<FDGN&
F>?@9P&KG;&7=&;EK9?;P&>=GDA&>&879=&<9&GJl<&>&@>;:>:93&
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F;D9 & > & ?;Z9D:>:9 & :>< & >TM9<A & <9 & ?C9 & ERG& CW & :9 & F;D>D & >&
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 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

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<G=ZD><A& ?7P9<& <;=H& CW&BG;<><A& 879& :9& <9 &GB7?F>D9=A&
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J9DK9;FG&9&<;EO7?>DN&>879?>&9<JYB;9&:9&D9Z7TG&G&:9&879&
<9D@9&Y&:9&>@;@>D&>&;=>O;E>TRGA&:9&>&:9<>E;=>DA&ERGH&
F7:G & G & 879 & <9 & 9<BGE:9A & J>D9B9QEG< & >:=;DW@9?A & <S&
JGD879&<9&9<BGE:9N&:9&<GDF9A&879&G&GB7?F>DA&Y&G&=9;G&:9&
>BD9:;F>D&><&BG;<><A&9&:9&:>DQ?C9<&=>;GD&@>?GD3&-&=9<=G&
Y & JlDQ<9 & >G< & G?CG< & 7= & GZ<FWB7?GA & 879 & K>PjQ?G<&
J9E9FD>EF9<A&9&JlQ?G<&9=&7=>&>F;@;:>:9A&879&j?9<&ERG&
Fj=& E>F7D>?=9EF9H& >& @;<F>A& 879& <9& 9=Z>D>T>A& >:87;D9&
=>;GD & KlDT>A & U & =>E9;D> & :9 & 7=> & BGD:>A & B7VG & @;OGD&
>7=9EF> & U & JDGJGDTRG & 879 & > & K>P9= & K7O;D & :G & >DBGN & >&
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K>P9=&9<F>D&=>;<&J9DFGN&9&JGD&j<F9&JD;EBmJ;GA&F7:G&G&879&
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=G:Y<F;>A&=>;<&BC>=>=&:G&879&:9<@;>=A&=>;<&<9D@9=&
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><<>?F>N&>&?;Z9D:>:9&:G&JlDFG&Y&G&879&G&BGE<9D@>&?;@D9&:9&
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-&9<F;=>D9=Q<9&><&BG;<><A&879&ERG&Fj=&@>?GDA&Y&&`cc_a&G&
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Y&G&879&<9&:WA&=><&G&879&<9&E9O>N&G&879
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

<9&J9D=;F9&:9<OG<F>A&G&879&<9&D9K7O>A&>FD>;H&G&>=GD&ERG&
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JDG;Z;TRGN&EG&FG=>DA&J>D9B9&879&CW&=>;<&O9EF;?9P>A&879&
EG&>B9;F>DN&>&:;K;B7?:>:9&;EB;F>H&=7;F><&BG;<><&ERG&Fj=&
G7FDG&>?O7=&=9D9B;=9EFGA&879&G&<9D9=&:;K;B7?FG<><N&>&
D9<;<FjEB;> & Y & G & 879 & =G@9 & > & @GEF>:9N & F7:G & G & 879 & <9&
BGEB9Z9A & Y & <9= & <>ZGDN & > & ;=J7OE>TRG & K>P & > & BG;<>&
BGE<;:9DW@9?A&JGD879&?C9&:W&7=&>D&:9&9=JD9<>A&9&:9&
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BGEFD>:;TRG3&$<FG&<7B9:9&U&KGD=G<7D>A&>&879=&>&@>;:>:9&
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BGE<9O7;7 & > & @>;:>:93 & \GEFD> & G & >=GD & ERG & CW & JG:9DA&
>J9E>< & <9 & JG:9 & ;=J9:;D & >?O7= & :G< & <97< & 9K9;FG<H & >&
B>7<>A&;<FG&YA&G&>=GDA&<9=JD9&J9D=>E9B9&BGE<F>EF9N&>&
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JG:9&@9EB9DN&>EF9<&G&=9<=G&Y&;=J9:;Q?>A&879&9EBCjQ?>&
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F;D>DQ?C9&G<&=9;G<N&JGD&7=&879&?C9&F;D>D=G<A&9?>&<9&CW&
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>FD>@9<<>DA&9&;=J9:;7&G&J><<GN&9EFRG&<9&@j&879&>879?><&
WO7><A&@RG&BD9<B9E:G&<lZD9&<;A&9&V7EF><&<9&>B7=7?>=&
F>EFGA & 879 & G & DG=J9=A & 9 & >DD><F>= & F7:G & G & 879 & ><&
BG=JD;=9A&G7&<7Z;E:G&<9
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

9?9@>=&:9&F>?&<GDF9A&879&BC9O>=&>G&?7O>DA&:9&GE:9&JGD&
=;? & J>DF9< & <9 & ?>ET>= & 9 & JD9B;J;F>=3 & $<FG & @9=G< & E><&
WO7>< & :9 & 7=> & JGEF9A & :GE:9 & ERG & BGEBGDD9= & =>;<&
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B9:9=&:G&987;?mZD;G3&%S&E><&=7?C9D9<&ERG&879D9=G<&
>BC>D&E>F7D>?;:>:9<N&JD9E:9=Q<9&JGD879&<RG&=7?C9D9<A&
BG=G&<9&87>E:G&@j=&>G&=7E:GA&FDG7L9<<9=&E>&D>PRG&
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?C9< & Kl<<9 & :>:> & J>D> & D9O7?>DQ?C9< & G< & OD>7< & :9&
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<9E:G& BG=JG<F><& :9& 7=>& =>FYD;>&KDWO;?A &9 &JDGJ9E<>A&
JG:9= & 9<J;D;F7>?;P>DQ<9 & 9= & KGD=>A & 879 & Fl:>< & <9&
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B;k=9A&9&V7EF>=9EF9&>&@>;:>:9N&G&B;k=9&9=&JDGB7D>D&
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JDGJGDTM9<A&9&;:9EF;:>:9<N&E9=&G&B;k=9A&E9=&>&@>;:>:9&
CRG&:9&>?B>ET>D&>87j?9&;EF9EFG&N&G&>=GD&ERG&>:=;F9&
KlDT>A& E9=& ;=JYD;GN& E;EO7Y=& >=>A& E9=& :9<>=> & JGD&
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9&G<&G7@;:G<&BG=G&JG:9=&:9;L>D&:9&<7<J9E:9DQ<9&>G&
<G=&:9&7=>&@GP&<GEGD>&9&BC9;>&:9&C>D=GE;>X&"<&JD;Q
=9;D><&87>?;:>:9<&ERG&<9&JG:9=&=7:>D3&2RG&JG:9=G<&
:>D&?9;<&U<&BG;<><N&>G&9LF9D;GD&:9?><A&<;=N&><&J>?>@D><&9&
>< & >TM9< & >:=;F9= & BG=JG<;TRGA & 9 & K;EO;=9EFG & N & >&
<7Z<FvEB;>&:9?><A&ERGN&JGD&;<<G&ERG&Y&KWB;?&:9<>JDG@>D&G&
879 & G< & <9EF;:G< & >JDG@>=3 & [79= & CW & :9 & D9:7P;D & >&
KGD=G<7D>&>&BD9DA&879&:9@9&K7O;D&:9&879=&Z7<B>A&9&879&
:9@9&879D9D&=>?&>&879=&?C9&87;<9D&Z9=X
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

`ccta -CA&87>EF><&@jP9<&7=&JD9F9LFG&:;@;EG&<9D@9
J>D> & >7FGD;P>D & C7=>EG< & ;EF9Dj<<9<n & "< & BG;<>< & =>;<&
<>EF><&<>Z9=&G<&CG=9E<&>J?;B>D&>&K;E<&G<&=>;<&;EV7<FG<H&
87>?879D&<9=QD>PRG&J>D>&<9D&J9D=;F;:>A&Z><F>&879&<9V>&
E9B9<<WD;>N&G&JGEFG&YA&879&C>V>&879=&<>;Z>&;EFDG:7P;D&>&
E9B9<<;:>:9 & :9?>H & G< & JD;EBmJ;G< & =>;< & ;E>?F9DW@9;< & <9&
>?F9D>=N&G&JGEFG&Y&879&G&;EF9Dj<<9&G7&>&@>;:>:9&<9V>=&
J>DF9<3&"<&D9OD><&ERG&OG@9DE>=&>G<&CG=9E<A&j<F9<&Y&
879&OG@9DE>=&><&D9OD><3&"<&?9;<&ERG&BG=JD99E:9=&>G&
?9O;<?>:GDA & E9= & >G< & 879 & 9<FRG & V7EFG & :j?9N & ><&
JD9DDGO>F;@><& :G&JG:9D& J>D9B9&879& <RG&BG=7E;BW@9;<&
>FY& 7=>& B9DF> &:;<FvEB;>N&:>m& J>D>& Z>;LG & K;B>=&<9E:G&
BG=G & 7=> & ?7PA & :9 & 879 & <9 & >B>ZG7 & > & 9<K9D>3 & %S & EG<&
9K9;FG< & @;<m@9;< & :> & -E;JGFjEB;> & ERG & @9=G<A & 879&
E9EC7=&<9&=7:9A&E9=&>?F9D9N&G&=G@;=9EFG&:G<&><FDG<A&
G&JDGOD9<<G&:G&F9=JGA&>&D9O7?>D;:>:9&:><&WO7><A&F7:G&
O7>D:> & 7=> & GD:9= & B9DF> & 9 & ;EK>?m@9?H & G & "DFmK;B9&
%7JD9=G&ERG&BG=7E;B>&G&<97&JG:9DA&=>;<&:G&879&>&<;&
=9<=GA&;<FG&YA&U&<7>&JDG@;:jEB;>N&JGD&;<<G&><&?9;<A&879&
j?9 & ;:9G7 & EG & JD;EBmJ;GA & 9 & >EF9< & :G< & <YB7?G<A & <RG & ><&
=9<=>< & 879 & <7Z<;<F9= & CGV93 & [79= & @;7 & >;E:>A & 879&
CG7@9<<9 & :;> & 9= & 879 & >< & WO7>< & ERG & BD9<B9<<9=A & 9&
Z>;L><<9=X&[79&G&<G?&<9&>J>DF><<9&:G&PG:m>BGA&879&>&
?7> & :9;L><<9 & >< & <7>< & K><9<A & 879 & >< & 9<FDj?>< & K;L><&
@>D;><<9=A&9&879&G&K;D=>=9EFG&ERG&B;DB7E@G?@9<<9&9=&
@;EF9 & 9 & 87>FDG & CGD><& G & 7E;@9D<GX & [79=& CW & 879 & ERG&
>:=;D9&><&<7B9<<M9<&:G&F9=JG&E><&9<F>TM9<&:G&>EGA&>&
@9O9F>TRG&:>&F9DD>A&>&JDG:7TRG&:G<&>E;=>;<A&>&:7D9P>&
:><&J9:D><A&>&@;DF7:9&:><&J?>EF><A&>&@>D;9:>:9&:><&BlD9<A&
G&BC9;DG&:G<&>DG=><A&G&9EB>EFG&:><&@GP9<A&G<&;=J7?<G<&
:>&>FD>TRGA&:G&D9JG7<GA&9&:G&=G@;=9EFGX&);E>?=9EF9&
Fl:><&><&BG;<><&>;E:>&GZ<9D@>=&G&=9<=G&<9D&GD;O;E>?A&>&
=9<=>&BGDD9<JGE:jEB;>A&>&=9<=>&9BGEG=;>A&BG=&879&
G&"7FGD&:G&=7E:G&><&KjPH&F7:G&G&879&KG;&;E<F;F7;TRG&
:;@;E>A&9&879&ERG&:9J9E:9&:>
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

9L9B7TRG & :G< & CG=9E<A & J9D=>E9B9 & <9= & >?F9D>TRGN&
>87;?G&JGDY=A&879&F9=&BG=&G<&CG=9E<&>?O7=>&D9?>TRG&
G7&:9J9E:9EB;>A&K;BG7A&9&9<FW&<7V9;FG&>&7=>&BGEFmE7>&
=7:>ET>A&9&BGEFD>D;9:>:93&"<&?9;<&JD;=;F;@><&879&>;E:>&
>EF9<&:9&<9D9=& OD>@>:><& 9=& =WD=GD9A&9&9=&FWZ7><A&
KGD>=A & 9 & 9<FRG & 9<BD;F>< & EG< & BGD>TM9<A & 9<<>< & <RG & ><&
JD;=9;D><A&879&<9O7E:G&><&BGEF;EOjEB;><A&J>D>&<9&ERG&
O7>D:>D9=A&<9&;EF9DJD9F>=3&0>87;&@9=&879&E><B9E:G&
FG:G<&?;@D9<A&>&?;Z9D:>:9&Y&BGEFD>&879=&G<&CG=9E<&Fj=&
BGE<J;D>:G&=>;<3&"<&B?>7<7D><A&879&KGD>=&<>EF>=9EF9&
;E<F;F7m:><A&9&JD>F;B>:><&JD7:9EF9=9EF9&:9JG;<&ERG&<9;&
<9 & @;9D>= & > & :9O9E9D>D & 9= & 7= & =G:G & :9 & F;D>DQ<9 & >&
?;Z9D:>:9&>G<&CG=9E<A&9&U<&=7?C9D9<A&9&E9<F><&@9;G&>&
B>;D & G & D;OGD &:G & 9LB9<<GH & ERG & K>?G & :>< & 879 & JGD&
:9<9EO>EGA & 9 & BGEC9B;=9EFG & JDSJD;GA & Z7<B>= & >879?9&
9<F>:G & :9 & @;DF7:9A & =><& <;=& :>879?><& > & 879=& <9 & KjP&
FG=>D&>87j?9&9<F>:GA&G7&JGD&B><F;OG&:G&879&K;P9D>=A&G7&
JGD & B><F;OG & :G & 879 & JG:9D;>= & K>P9DN & 9 & BG= & 9K9;FG & G&
JG:9D9=&>?O7=&F9=JG&:9?;E87;DA&VW&?C9&<9D@9&:9&:9?;FGN&
E9?><&G&=>?&K7F7DG&9&;EB9DFGA&VW&<9&<7JM9&JD9<9EF9N&G&
JG:9D&>?O7=&:;>&<7B9:9DA&@>?9&G&=9<=G&879&G&<7B9<<GN&
> & :;<JG<;TRG & J>D> & <9DA & Y & G & =9<=G & 879 & F9D & <;:GN & >&
JG<<;Z;?;:>:9&Y&G&=9<=G&879&D9>?;:>:9N&9&:9<F>&<GDF9A&
>87j?9&B><F;OGA&BC9O>&JD;=9;DG&879&G&J9B>:GA&9&>879?>&
J9E>&@9=&JD;=9;DG&:G&879&>&B7?J>N&G&<7J?mB;G&>EF9B9:9&
G & BD;=93 & \D79? & B>7F9?>A & @;EO>ET> & JD9=9:;F>:> & n & "&
@>;:>:9A&9&B;k=9&:G<&CG=9E<A&J>D9B9&879&>B7<>=&><&
=7?C9D9<A&>;E:>&>EF9<&:9&E><B9D9=N&><&=9<=><&J>DF9<&
<RG&V7mP9<N&JGD&;<<G&?GOG&@RG&JD9@9E;E:G&G<&BWDB9D9<A&
J>D>&:GE:9&:9<F;E>=&>879?><&;EK9?;P9<A&9&J>D>&:GE:9&><&
BGE:7P9=A&>EF9<&879&9?><&<9&BGEC9T>=A&9&JG7BG<&>EG<&
:9JG;<&879&E><B9=H&><<;=&:9@;>&<9DA&JGD879&<9=JD9&KG;&
JDGJD;9:>:9 & :> & @mF;=> & G & <9D & ;EGB9EF9A & >?; & <9 & @RG&
>BG<F7=>E:G&>G<&K9DDG<A&U&=>E9;D>&:9&7=>&K9D>&JDj<>A&
879&VW&ERG
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

<9EF9&G&J9<G&:>&B>:9;>A&>EF9<&BG=&9?>&VGO>&9&<9&:;@9DF9A&
U&JDGJGDTRG&879&>&>DD><F>A&9&=G@93&5D9E:9=Q<9&><&K9D><A&
9&F>=ZY=&<9&JD9E:9=&><&=7?C9D9<N&>879?><&JGD&B>7<>&
:> & ZD>@9P>A & 9<F>< & JGD & B>7<> & :> & =>E<;:RG & N & >879?><&
JGD879 & <9 & 9EK7D9B9=A & 9<F>< & JGD879 & <9 & 9EF9DE9B9=N&
>879?><&JGD879&><<7<F>=A&9<F><&JGD879&>OD>:>=N&7=><&
JGD879 & Y & E9B9<<WD;G & K7O;D & :9?><A & G7FD>< & JGD879 & Y&
E9B9<<WD;G&879&9?><&K7V>=A&9&K;E>?=9EF9&7=><&JGD879&
=>F>=A&9&G7FD><&JGD879&:RG&@;:>3&"&JD;<RGA&BG=&JG7B>&
:;K9D9ET>&Y&>&=9<=>A&G<&=GF;@G<&<RG&BGEFDWD;G<3&0G&
K7E:G& :9& 7=& :9<9DFG & ;EB7?FG & <9& @RG& :9<9EFD>EC>D& ><&
K9D><N&JD9E:9=Q<9&J>D>&879&ERG&K>T>=&=>?N&j<F9&Y&G&
JD9F9LFGA&JGDY=&>&@9D:>:9&Y&879&<9&JD9E:9=&><&K9D><A&
J>D> & 879 & <;D@>= & :9 & D9BD9;GA & 9 & F>=ZY= & :9 & ?;<GEV> & U&
@>;:>:9&9=&@9D&<7V9;FG&JGD&;E:k<FD;>A&9&>DF9A&>87;?G&879&
<9&ERG&<7V9;F>&JGD&KlDT>A&E9=&@GEF>:93&"<&=7?C9D9<&879&
KGD>= & 9EB>=;EC>:>< & J>D> & G< & B?>7<FDG<A & Y & J>D> & 879&
<;O>=&Ej?9<&G&9L9DBmB;G&:><&@;DF7:9<N&j<F9&Y&G&JD9F9LFGA&
JGDY=&>&@9D:>:9&BG=7=9EF9&Y&J>D>&879&><&=7?C9D9<&
ERG&<9&;EB?;E9=A&E9=&>=9=&:9<;O7>?=9EF93&-&;EF9D9<<9&
Y&:>&@>;:>:9N&JGD&;<<G&><&=7?C9D9<A&879&<9&GK9D9B9=&>&
097<&JGD&>87j?9&=G:GA&ERG&<9&GK9D9B9=&=>;<&:G&879&U&
@>;:>:93&%RGA&BG=G&GZ?>TM9<&:9&9EO>EGA&879&<9E:G&>&
>J>DjEB;>&7=>A&G&GZV9FG&Y&G7FDG&N&9&<RG&BG=G&G&;EB9E<GA&
879&<9&K>P&>D:9D&9=&7=>&J>DF9A&J>D>&879&G&>D&:;@;DF>&G&
K7=G & J>D> & G7FD>3 & $=>O;E>=& G< & CG=9E<A & 879 & CRG & :9&
9EO>E>D & > & 097<A & 9 & J>D> & ;<<GA & 9EFD>= & JD;=9;DG & >&
9EO>E>DQ<9 & > & <;A & BG=9T>=& > & 879D9D & J9D<7>:;DQ<9 & 879&
GZD>=&Z9=A&9&<9&>&BGE<B;jEB;>&G<&BGEFD>:;PA&9&;E87;9F>A&
J>D> & > & <7KGB>D & ERG & K>?F>= & GJ;E;M9<A & :G7FD;E>< & 9&
BGE<9?CG<N & F7:G & 9= & GD:9= & > & 879 & JDGJG<FG & G & B><G&
D9@9<F;:G & :9 & B9DF><& B;DB7E<FvEB;><A & K;879=& J>D9B9E:G&
?mB;F>< & > & ;=J;9:>:9A & > & FD>E<OD9<<RG & 9 & > & @;G?jEB;>3 & "&
D9OD>&:9&879&7=&=>?&Y&J9D=;F;:G&J>D>&9@;F>DQ<9&G7FDG&
=>;GDA&Fj=
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

G<&CG=9E<&9<F9E:;:GA&9&<7F;?;P>:G&F>EFGA&879&:9&;?>TRG&
9=&;?>TRG&@j=&>&BC9O>D&>G&JGEFGA&879&ERG&CW&=>?&JGD&
=>;GD&879&<9V>A&879&ERG&<9V>&FG?9DW@9?N&9&>&:> &=9<=>&
<GDF9&:9&BGE<987jEB;>&9=&BGE<987jEB;>&@j=&>&BGEB?7;DA&
879 & ERG & CW & ;E;87;:>:9 & 879 & ERG & <9V> & U< & @jP9<&
E9B9<<WD;>A & E9= & ;EV7<F;T>A & 879 & ERG & <9V> & V7<F>3 & 5D9EQ
:>=Q<9&JG;<&><&=7?C9D9<&J>D>&879&<9&9@;F9&G&=>?&:9&879&
9?>< & >=9=N & <9V>= & BGE:7P;:>< & JGD & KlDT> & J>D> & G<&
B?>7<FDG<A& J>D>& 879&ERG& <7B9:>& 879& ><& >=9=G<& ES<N&
<>;>=&:G&Z9DTG&J>D>&>879?><&<9J7?F7D><A&JGD879&JG:9&
C>@9D&J9D;OG&E>&:9=GD>N&9&><<;=&BGEC9T>=&>&=GDF9A&
>EF9<&:9&BGEC9B9D9=&>&@;:>N&9&<>;Z>=&BG=G&Y&>&JD;<RGA&
>EF9<&:9&<>Z9D9=&BG=G&Y&>&?;Z9D:>:93

-&EG<<G&9EO9ECG&FG:G&<9&9<KGDT>&9=&JlD&><&`ccda&BG;<><&
9=&7=>&J9D<J9BF;@>&F>?A&879&@;<F><&:9&7=&B9DFG&=G:GA&K;879=&
J>D9B9E:G&G&879&ES<&879D9=G<&879&9?><&<9V>=A&9&ERG&G&879&
9?><&<RG3&-&:;<B7D<G&Y&BG=G&7=&;E<FD7=9EFG&?;<GEV9;DGA&JGD&
=9;G&:G&87>?&@9=G<&><&BG;<><A&OD>E:9<&G7&J9879E><A&K>?<><&G7&
@9D:>:9;D><3&-&EG<<G&J9E<>=9EFG&ERG&<9&>BG=G:>&><&BG;<><A&
>BG=G:>Q<9&>G&EG<<G&Ol<FG3&-&>=GDA&>&@>;:>:9&9&G&;EF9Dj<<9&
<RG&G<&=G?:9<&9=&879&><&BG;<><&<9&KGD=>=&9&BGEK;O7D>=&J>D>&
<9&>JD9<9EF>D9=&>&ES<N&9&BG=&9K9;FG&E9EC7=>&BG;<>&<9&EG<&
=G<FD>&BG=G&YA&BGEFD>&EG<<>&@GEF>:93&27EB>&9<F>=G<&FRG&;E:;Q
K9D9EF9<A & BG=G & EG< & J>D9B9N & >< & J>;LM9< & ERG & BGE<9EF9=&
E97FD>?;:>:9A & >87;?G & 879 & 9EF9E:9=G<A & 879 & EG< & ERG& ;=JGDF>A&
BG<F7=> & ?9@>D & BGE<;OG & 7= & ;EF9Dj<<9 & GB7?FGA & JGD & GE:9 & EG<&
;=JGDF>&=>;<3&-&>=GD&9&>&@>;:>:9A&U<&@jP9<&<9&BGEB9EFD>=&9&
:;<K>T>= & F>EFGA & 879 & ES< & =9<=G< & :9EFDG & :9 & ES<A & G< & ERG&
JG:9=G< & :9<BGZD;D & >J9E>< & <9 & K>P9= & @;<m@9;< & J9?>< & GZD><N&
<9=9?C>EF9<&>G&KGOG&9<BGE:;:G&E>&J9:9DE9;D>A&879
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

<9&ERG&:9;L>&@9DA&<9&ERG&Y&;EB;F>:G&J9?G&;=J7?<G&:9&
K7P;?H & :>87; & @9= & 879 & F7:G & G & 879 & K>P9=G<A & Y & <9=&
J9DB9Z9D&G&JD;EBmJ;G&JGD879&K>P9=G<N&JGD&;<<G&G&879&<9&
K>P&JGD&>=GDA&G7&@>;:>:9A&J>D9B9QEG<&879&Y&K9;FG&JGD&
Pj?G&G7&JGD&@;DF7:93&[7>?&Y&G&C;JSBD;F>A&879&BGEC9B9&>&
<7>&C;JGBD;<;>X&[7>?&Y&G&@>EO?GD;G<GA&879&BGEC9B9&>&<7>&
@>;:>:9X&[7>?&Y&G&>=>EF9A&879&BGEC9B9&G&<97&:9?mD;GX&
[79&KWB;?&BG;<>&Y&G&:;<F;EO7;D&F7:G&EG<&G7FDG<A&9&879&
:;K;B7?FG<G&G&:;<F;EO7;D&>?O7=>&BG;<>&9=&<;n&[7>?&Y&G&
J>;A&>&879=&G&K;?CG&J>D9B9&9EGD=9X&2RG&<S&CW&O9D>TRG&
:9 & K;?CG<N & F>=ZY= & CW & O9D>TRG & :9 & >TM9<H & >< & EG<<><&
=>?:>:9<&ERG&EG<&J>D9B9=&=>?A&JGD879&<RG&EG<<><A&ES<&
<G=G<&G<&879&><&JDG:7P;=G<H&>&E>F7D9P>&ERG&<S&Y&=R9&
:G & 879 & K>P & J9DK9;FGA & =>< & F>=ZY= & :G & 879 & K>P&
:9K9;F7G<GN&Y&J;9:G<>&>;E:>&BG=&7=&=GE<FDGA&ERG&JGD&
<9D&=GE<FDGA&=><&JGD879&9?>&G&KjPH&>&F9DD>&ERG&<S&BD;>&>&
DG<>A&=><&F>=ZY=&G<&<97<&9<J;ECG<N&ERG&<9&9=J9EC>&
9=&JDG:7P;D&G&ZG=A&=><&9=&JDG:7P;DH&>&J9DK9;TRG&:9&
>?O7=> & <GDF9 & ERG & <9 & BG=JD99E:9 & E> & GD:9= & :> & =>Q
F9DE;:>:9A & =><& Y & BG;<> & BG=G & >:@9EFmB;>A& 9<FD>EO9;D>A&
>B;:9EF>?3 & 2>< & >TM9< & :G< & CG=9E< & F>=ZY= & :9@9 & :9&
C>@9D & >?O7=> & 9<JYB;9 & :9 & K9B7E:;:>:9N & 9<F> & K;B> & <>Q
F;<K9;F>&<S&BG=&><&>TM9<A&BGEF9EF>Q<9&BG=&<9D&JDGO9Q
E;FGD>N & > & 87>?;:>:9 & :G & 879 & JDG:7P & K;B>& <9E:G & BG=G&
=>FYD;>&<9J>D>:>N&JGD&;<<G&>&EG<<>&;EB?;E>TRG&Fl:>&<9&
:;D;O9&>&GZD>N&>&87>?;:>:9&:>&GZD>A&Y&9?9;TRG&:G&>=GDA&
:G & ;EF9Dj<<9A & 9 & :> & @>;:>:93 & -D;O9= & :9JD>@>:>A&
JY<<;=G<&BGE<7?FGD9<n&[79&JG:9&GZD>D&G&>=GDA&<9ERG&
:9<@>D;G<X & [79 & <9 & JG:9 & 9<J9D>D & :G & ;EF9Dj<<9A & <9ERG&
;EV7<F;T><N&9&>&@>;:>:9&879&JG:9&K>P9D&<9ERG&F;D>E;><X&
(<F>< & <RG & >< & 879 & O7;>= & J>D> & G< & B?>7<FDG< & F>EF><&
KGD=G<7D><&:9<OD>T>:><H&ERG&<RG&:9<OD>T>:><&JGD&;D9=&
J>D>&G<&B?>7<FDG<A&=><&J9?G&=G:G&BG=&879&@RG3&[79&
=>;GD&:9<OD>T>&:G&879&:9;L>D&G&=7E:G&JGD
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

KlDT>A&9 & K;B>D& Ej?9& JGD & Ol<FGX& \G=G& CW &:9 & BC9O>D& U& F9DD> &:>&
JDG=;<<RGA&879=&?9@>&G&(O;FG&E>&=9=SD;>X&[7>EF><&9<FWF7><&:9&
<>?&<9&C>@;>=&:9&@9DA&<9&><&=7?C9D9<&<9&BGE@9DF9<<9=&E9?><&JGD&
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<9=9?C>EF9< & >G & BGD:9;DG & =>E<GA & 879 & JD;=9;DG & G & BGZD9= & :9&
K?lD9<A&J>D>&G&;D9=&9EFD9O>D&U<&BC>=><H&GDE>FG<&>?9OD9<A&9&?7P;:G<A&
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:><&J>?>@D><&K>F>;<&JGD&879&<9&GZD;O>=&>FY&>&=GDF9X&(<F>&<9EF9ET>&
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J7Z?;B>=H&=><&879&JG7BG&JG:9&9EBGZD;D&G&K;EO;=9EFG&:G&B>EFGA&>&
@9D:>:9&:>&?>=9EF>TRGn&[79& :GT7D>&JG:9&C>@9D& 9=& 7=>&@GP&
>OGE;P>EF9X&"&BGE<GEvEB;>&<9=JD9&<9&@9=&>&F9D=;E>D&9=&JD>EFGN&
>87;?G&ERG&<RG&@GP9<A&<RG&9BG<&:G&BGD>TRGN&G&9BG&Y&G&K;=&:>&@GP&
879&>B>Z>N&JGD&;<<G&FG:G&G&9BG&Y&FD;<F9A&JGD879&Y&K;=N&9&BG=&9K9;FG&
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><<;=&=>;<&J>D9B9A&879&B>=;EC>&J>D>&G&Fk=7?GA&J>D>&G&FW?>=GH&><&
?WOD;=>< & K;Y;< & ;EFYDJD9F9< & :> & >?=>A & <RG & >< & JD;=9;D>< & 879&
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G?CG<&ERGN&JGD&;<<G&G<&@GFG<A&879&<9&K>P9=&BG=
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

@;G?jEB;>A&<9=JD9&<9&K>P9=&BG=&?WOD;=><A&9&F>=ZY=&
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@GEF>:9 & ERG & JDG=9F9D>= & E>:>H & >87;?G & 879 & <S & 9LF9Q
D;GD=9EF9&<9&JDG=9F9A&<S&9LF9D;GD=9EF9&<9&O7>D:>N&><&
J>?>@D><&<9=&F9ETRG&ERG&KGD=>=&<>BD>=9EFGN&G&879&<9&
K>P&JGD&F9=GDA&ERG&GZD;O>H&7=&<>BD;KmB;G&;E@G?7EFWD;GA&Y&
<>BD;KmB;G & :9 & <>EO79A & 9 & 097< & ERG & <9 & >OD>:> & VW & :G<&
CG?GB>7<FG<3

`ccea !><&879&OD>E:9&:;K9D9ET>&@>;&:9&7=>&=7?C9DA
879 & JDGK9<<G7 & JGD & KlDT>A & > & 7=> & 879 & JDGK9<<> & JGD&
@GEF>:9n & (<F> & :9;LG7 & @9D:>:9;D>=9EF9 & G & =7E:GN & >&
G7FD>&>J9E><&=7:G7&Ej?9&:9&?7O>DH&>=Z><&9EFD>D>=&EG&
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BC>=>:>&JGD&097<A&>&G7FD>&KG;&=>E:>:>&J9?G<&CG=9E<N&
7=> & KG; & J>D> & >BC>D & 7= & 9<Jl<G & :;@;EGA & > & G7FD> & KG;&
JGD879&ERG&>BCG7&7=&9<Jl<G&C7=>EGH&>=Z><&KGD>=&
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>=Z><&JDGK9<<>D>=A&JGDY=&BG;<><&BGEFDWD;><N&JGD879&G&
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J>P&BG=&>&@>;:>:9A&9&BG=&G&>=GDN&9<F>&>;E:>&F;EC>&G<&
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879ZD>:G<H&K;E>?=9EF9
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

>=Z><&9<F>@>=&EG&B>=;ECG&:>&@;DF7:9A&=><&E9=&JGD&
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;>= & > & J>DF9< & :;K9D9EF9<H & G & =9<=G & @9EFG & <9D@9 & J>D>&
=7;FG<&D7=G<H&>&=9<=>&9<FDj?>&<9D@9&:9&O7;>A&J>D>&G<&
879&E>@9O>=&9EBGEFD>:G<N&U<&@jP9<&>&GD;O9=&:G&Z9=&
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BD;>&>&=GDF9N&><&BG;<><&879&<RG&BGEFDWD;><&EG&K;=A&U<&
@jP9< & <RG & >< & =9<=>< & EG & JD;EBmJ;GN & :9 & 7= & =9<=G&
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9<BvE:>?GA & 9 & G7FD>< & @RG & <9D & ;=>O9E< & :9 & 7=> & >?=>&
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>@9EF7D>:><n&(&879&Z9=&@;9D>=&>&<>Z9DA&879&J>D>&>BC>D&
> & 097<A & Z><F> & G & Z7<BWQ?GH & 7E;:>< & 9= & 9<JmD;FG & > & 7=&
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<7JD9=GA&9&B7V>&=;<9D;BSD:;>&Y&;EK;E;F>A&VW&J>D9B9&879&
@;@9=& FD>E<KGD=>:><&Ej?93& )9?;P&<9=9?C>ET>&:9&7=>&
FD>E<7Z<F>EB;>TRG& JDG:;O;G<>n & ( & 879= & :7@;:> & 879 & Y&
B9?9<F;>?&7=>&>?=>&9=&879&097<&@;@9A&9&879&@;@9&9=&
097<X&5GD&;<<G&E9?>&JG:9&JG7BG&>&C7=>E;:>:9A&JGD879&
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KGDF;K;B>H&>&=GDF;K;B>TRG&ERG&?C9&<9D@9&:9&FGD=9EFGA&:9&
>?m@;G& <;=N&G& <97&=>DFmD;G&Y& >&<7>& O?SD;>3& [79& =9;G&
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@;:>N&9&879&D9=Y:;G&;EK>?m@9?A&J>D>&879&>&:GD&<;D@>&:9&
:9?mB;>n
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

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9&879&><&E7@9E<&BCG@>=&D>;G<A&E>:>&>F9=GD;P>&>&7=>&
BGE<B;jEB;> & V7<F>H & > & @;DF7:9 & ?9@> & BGE<;OG & >&
FD>E87;?;:>:9N & 9<F> & Y & <9=9?C>EF9 & > & 7= & :;> & <9D9EG & 9&
B?>DGA & 9=& 879 & FG:G & G & CGD;PGEF9 & <9 & BGZD9 & ;E<9E<;@9?Q
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KGD=>=&7=&?>Z;D;EFG&KWB;?A&@;@G&9&>OD>:W@9?N&9EFRG&G&>D&
J7DG & 9 & ;=S@9?A & K>P & 879 & >< & KGEF9< & BGDD>=A & 9 & ERG&
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><&K?GD9<H&<S&9EFRG&Y&879&G<&=GEF9<&<RG&>EK;F9>FDG<A&879&
<9D@9= & :9 & :9BGD>TRG & >G< & @>?9<N & 9 & j<F9< & J9?G & <97&
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BGEF9=J?>TRG & >F;@>A & BC9;> & :9 & K9D@GD & 9 & <>7:>:9N&
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J>P3 & 29<F9 & 9<F>:G & @;@9 & >879?> & 879 & KG; & <9D & D9?;O;G<>&
@9D:>:9;D>N&>&G7FD>&879&<S&G&KG;&EG&=G:G&:>&B9D;=lE;>A&
@;@9&>K?;F>A&>DD9J9E:;:>&9&9=Z>D>T>:>N&F7:G&J>D9B9&879&
?C9 & KGO9N & E>:> & >?B>ET>A & <9=JD9 & FD>P & GJD;=;:> & >&
@GEF>:9A & G & :9<9VG & >E<;G<GA & > & 9<J9D>ET> & B>E<>:>A & G<&
J><<G< & ;DD9<G?7FG< & 9 & G & J9E<>=9EFG & GB7J>:G & 9=& >=Q
Z;TM9<A & >=GD9< & 9 & @>;:>:9<3 & 2RG & JG:9 & C>@9D & =>;GD&
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K>P&EGF>D&BG=&>@9D<RG&G<&Z9E<&:G<&G7FDG<N&>&@>;:>:9&9=&
JD9<7ETM9<&9&>?F;@9P9<A&<9&BGE<G=9N&>&>DDGOvEB;>&879&
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BG=JM9&:9
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

vE<;>< & 9 & <7<J;DG<N & 7= & >=>EF9A & <S & 9E87>EFG & BCGD> & Y&
K;D=9N&>=>&9E87>EFG&F9=&:9&879&<9&879;L9N&G&879&K>P&
>B>Z>D&G&>=GDA&Y&>&@9EF7D>H&D;OGDG<>&K9?;B;:>:9A&JG;<&
879&J>D>&9L;<F;DA&Y&E9B9<<WD;G&879&ERG&BC9O79&9&J>D>&
:7D>DA & Y & E9B9<<WD;G & 879 & > & ERG& C>V>3& %9=JD9 & G & >=GD&
:9J9E:97&:9&BGEFD>:;TM9<&9&:9&;=J?;BvEB;><H&9&><<;=&<9&
@j&879&>&@>;:>:9A&G&>=GDA&9&>=Z;TRG&<RG&G<&@9DO7:G<&
:9&7=>&>?=>&J9B>:GD>N&JGD&;<<G&@;@9&9=&<GZD9<<>?FG<A&9&
@;@9&B7;:>:G<>&<9=&<>Z9D&:9&879A&9&;E87;9F>&<9=&<>Z9D&
JGD&8793&-&9EB>EFG&:>&B7?J>A&JGD&=>;<&879&?C9&F;D9&>&
?9=ZD>ET>&:G<&=GF;@G<A&ERG&?C9&JG:9&F;D>D&>&>EOk<F;>&
:j?9<N&>&B>:>&J><<G&?C9&J>D9B9&879&>&F9DD>&<9&<7Z@9DF9A&
G7&879&<9&>ZD9&G&>Z;<=GN&G&D7m:G&:9&7=>&Kl?C>&879&B>;A&
> & <7<J9E:9N & 9= & B>:> & @GP & B7;:> & 879 & G7@9 & > & K>F>?&
<9EF9ET>A & 879 & <9E:G & :>:> & BGE:;B;GE>?=9EF9 & EG&
JD;EBmJ;G&:G&=7E:GA&<S&<9&J7Z?;B>&EG&K;=&:j?93&-&<WZ;G&
879&BG=J>DG7&G&B;k=9&>G&;EK9DEGA&F>?@9P&879&=9?CGD&
K;P9D>&<9&>G&;EK9DEG&BG=J>D><<9&>&K9>?:>:9&:G&J9B>:GA&
9 & BG= & 9K9;FG & <9 & CW & BG;<> & 879 & J>D9B9 & >G & ;EK9DEGA&
B9DF>=9EF9&Y&G&J9B>:GA&9&>&j<F9&<S&G&;EK9DEG&JG:9&<9D&
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7=>&BG;<>&KG;&K9;F>&J>D>&>&G7FD>3&(EFD9&F7:G&G&879&B>7<>&
9<J>EFGA&<S&G&CGDDGD&:9&7=>&EG;F9&9<B7D>&Y&<9=9?C>EF9&
U&B7?J>N&9&E>&@9D:>:9&879&=>;GD&CGDDGD&:G&879&@9D&>&
F9DD>&BGZ9DF>&:9&<G=ZD><A&9&BG=Z>F;:>&:9&7=>&FGD=9EF>&
K7D;G<>X&"<&J9:D><&J>D9B9&879&<9&879ZD>=A&><&FlDD9<&
879 & <9 & JD9B;J;F>=A & G< & 9:;KmB;G< & 879 & <9 & >Z>F9=A & 9 & ><&
WD@GD9<&879&<9&>DD>EB>=H&>&KlDT>&:>&F9=J9<F>:9A&F7:G&G&
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><<G=ZD>:><A&Z7<B>=&E><&J?>EmB;9<&7=&>=J>DG&=9EG<&
:7@;:G<GN&><&=9<Q
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

=><& K9D><& :9;L>=& ><&B>@9DE><N& >&FG:G<& J>D9B9&879& Y&

=9EGD& G&=>?A& 9EFD9O>E:GQ<9&>&j?9 &<9=&>ZD;OG&9& <9=&
:9K9<>N&G7FD><&BG=&<kJ?;B><A&9&BG=&@GFG<A&9&JDGF9<FG<A&
D9BGDD9=& >G& K>@GD&:>&-E;JGFjEB;>A& 9&JDGB7D>=& >BC>D&
EG<&F9=J?G<&7=&><;?G&<>OD>:GN&>&?7P&:G<&D9?v=J>OG<&
D9J9EF;E>&9&JW?;:>A&>&B>:>&;E<F>EF9&<9&=G<FD>A&9&G<&G?CG<&
Fm=;:G< & 9 & ><<7<F>:G<A & F>=ZY= & > & B>:> & ;E<F>EF9 & <9&
K9BC>=N&>?O7=>&@9P&C>@;>&:9&K>P9D&J>@GD&>&?7PH&<9O79Q
<9&:9JG;<&7=&:;?k@;G&:9&WO7>N&>ZD9=Q<9&><&B>F>D>F><&:G&
BY7N & G< & 9?9=9EFG< & <9 & 7E9=A & BG=G & J>D> & :9<FD7;D & >&
C>Z;F>TRGA & 9 & C>Z;F>:GD9< & :> & F9DD>N & =;? & ;E7E:>TM9<&
BGE:7P9=&J>D>&G&=>D&G<&K;E>;<&?><F;=G<G<&:><&D7mE><N&
>?O7=>&@9P&C>@;>&:9&<9D&G&=>D&879=&D9B9Z9<<9&9=&<;&G<&
D9<FG<&:G&E>7KDWO;G3&(<F>&J;EF7D>&879&>&;=>O;E>TRG&:9Q
Z7L>A&9&879&>&9LJ9D;jEB;>&=G<FD>A&Y&G&D9FD>FG&:9&7=>&
>?=>&9=&B7?J>N&9<F>&:9Z>;LG&:9&7=&<9=Z?>EF9&>?9OD9A&
9EBGZD9&<7<FG<A&F9=GD9<&9&>OGE;><N&G&J9B>:G&F9=&CGD><&
9=&879&:9EFDG&:9&ES<&=9<=G<&EG<&>B7<>A&9&9<<><&<RG&><&
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BD;=9&Y&JGD&GE:9&BG=9T>&G&B><F;OG&:j?9H&9&879=&CW&879&
ERG&BGEC9T>&>&<7>&B7?J>X&(<F>&G&879&>&K>P&BD;=;EG<>A&Y&G&
BGEC9BjQ?>N&>&;EGBjEB;>&ERG&Y&=>;<&:G&879&7=>&K>?F>&:9&
<>Z9DN&>&;OEGDvEB;>&K>P&G<&ZD7FG<&;=J9BW@9;<3&#l:><&><&
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G&=9;G&:9&9@;F>D&G&@mB;GN&=><&879&;=JGDF>X&29=&JGD&
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Z><F>&879&>EF9<&G&879D9=G<&<9O7;D&JGD&9EFD9&9<J;ECG<3&
[79&GB7?F>&<;=J>F;>&F9DW&BGEG<BG&G&=>?A&879&>EF9<&G&
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9<FD9;FG&9&FD;<F9N&9&>87j?9&879&BGE:7P&J>D>&><&K9?;B;:>:9<&
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>?9OD9&9&?>DOGN
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

=><&879&CW&:9&<9DA&<9&<G=G<&F9DD>3&\G=JD>=G<&G&@mB;G&
U & B7<F> & :9 & FD>Z>?CG< & 9 & >K?;TM9<N & > & @;DF7:9 & ERG & >&
879D9=G< & :9 & OD>T>N & >G & @mB;G & 9<F;=>=G<A & JGD879&
:9J9E:9 & :9 & GZV9FG< & 9LF9D;GD9<A & 9 & j<F9 & =7;F>< & @jP9<&
B7<FG<G<A&;EB9DFG<&9&>DD;<B>:G<N&:9<JD9P>=G<&>&@;DF7:9A&
JGD879&<S&:9J9E:9&:9&ES<N&ZGE<&JG:9=G<&<9D&<9=JD9A&
JGD879&Z><F>&879&G&879;D>=G<&<9DN&J>D>&<9D=G<&=>7<&
E9B9<<;F>=G<&:9&GB><;RG3&[7>EFG<&:>EG<&FD>P&BGE<;OG&>&
K9?;B;:>:9n&-<&FDj<&@GFG<A&879&<9&V7?O>=&FRG&J9<>:G<&
87>E:G&<9&JDGK9<<>=A&<RG&G< &=9<=G<&BG=&879&FG:G<&
@j= & >G & =7E:GN & FG:G< & E><B9= &JGZD9<A & B><FG< & 9&
GZ9:;9EF9<H&>&JGZD9P>&9&>&GZ9:;jEB;>&879=&><&BGE<9D@>&
Y & JGD & KlDT>N & 9 & B><F;:>:9 & <S & JGD & @GEF>:9 & <9 & JG:9&
BGE<9D@>DN&9&BG=&9K9;FG&879=&CW&:9&<9O7D>D&7=&@GFGA&
879&<9&879ZD>&<S&BG=&G&:9<9VGX&"&B><F;:>:9&:G&BGDJG&
:;K;B7?FG<>=9EF9&<9&O7>D:>A&>&:>&>?=>A&>;E:>&BG=&=>;<&
:;K;B7?:>:9A & ERG & <9; & 9= & 87>? & :>< & :7>< & BGE<;<F9 & >&
B><F;:>:9&@9D:>:9;D>&N&<9&BGE<;<F9&E>&:G&BGDJGA&9<<>&Y&
=>F9D;>?A&9&9<FW&<7V9;F>&>&=;?&9EK9D=;:>:9<A&9&>B;:9EF9<A&
9&F>?@9P&JG:9&J9D:9DQ<9&<9=&BGE<9EF;=9EFG&:9&879=&>&
J9D:9A&<9D;>&;EV7<FGA&879&7=>&87>?;:>:9&FRG&Z9?>A&9&9=&
879 & <9 & K7E:> & > & @;DF7:9 & =>;< & <7J9D;GDA & K;B><<9&
:9J9E:9EF9&:>&KlDTGA&:G&F9=JGA&:>&GJ;E;RGA&9&F>=ZY=&
:9&>?O7=&<7B9<<G&;E@G?7EFWD;G&Y&JG;<&E>&>?=>&G&:GE:9&
BGE<;<F9& > &B><F;:>:9& =>;< & J9DK9;F> &9 & @9D:>:9;D>H& =><&
<9E:G&><<;=A&:GE:9&<9&CW&:9&>BC>D&>&B><F;:>:9X&JG;<&
J>D>&BGDDG=J9DQ<9A&Z><F>&7=&;E<F>EF9&:9&@GEF>:9A&:9&
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2>&D9JkZ?;B>&:><&?9FD><&ERG&CW&=9EG<&@>;:>:9&&&`c^i&879&
E>&D9JkZ?;B>&:><&>D=><N&<;=&Y&7=>&@>;:>:9&=9F>Km<;B>A&
9<J;D;F7>?A&9&879&E>&<7>&GD;O9=&F9=
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

7=> & 9L;<FjEB;> & @>O>A & 9 & ;EBGE<F>EF9N & =>< & JGD & ;<<G&
=9<=G&Y&=>;<&@R&:G&879&G7FD>&E9EC7=>&@>;:>:93&-&
<97&GZV9FGA&<RG&G<&:;<B7D<G<A&9&>&:;<J7F>A&G<&GZV9FG<&<9=&
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@>;:>:9&Y&>&;=>O;E>TRGH&B>=JG&@><FG&>;E:>&87>E:G&Y&
;EK9B7E:GN& 9& 879& ZDGF>& ?mD;G< &9& @;G?9F><A& 87>E:G& ERG&
JDG:7P & DG<>< & 9 & >T7B9E><3 & "<<;= & 879 & 9EFD>=G< & EG&
=7E:GA&9EFD>=G<&F>=ZY=&>&:9K9E:9D&>&EG<<>&GJ;E;RGN&
E9<F9&BG=Z>F9&<9&J><<>&;EF9;D>=9EF9&>&@;:>H&>&O79DD>&:G&
9EF9E:;=9FEG&ERG&F9=&K;=&<9ERG&BGEG<BGN&O79DD>&K9?;P&
9= & 879 & E;EO7Y= & K;B> & @9EB;:GA & G7 & >G & =9EG< & 879&
E;EO7Y=&BDj&879&G&KG;A&9&9=&879&B>:>&7=&J9?>&<7>&
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879&87>E:G&>&9EBGEFD>=G<A&Y&=>;<&JGD&<GDF9&879&JGD&
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D>PRG&>DOk;&@mB;G&E>&@GEF>:9A&G7&jDDG&EG&9EF9E:;=9EFGH&
:9K9;FG<&j<F9<&J>D>&879&>&@>;:>:9&G<&D9BGEC9T>X

`c^ca \GEFD>&G&EG<<G&J>D9B9DA&E7EB>&>BC>=G<&:k@;:>
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O9ECG<>&9=&O?GD;K;B>D&F7:G&G&879&@9=&:9&ES<A&9&9=&
D9JDG@>D&F7:G&G&879&@9=&:G<&G7FDG<H&E><&JDG:7TM9<&:G&
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E;EO7Y=&<9&:9<:;P&<9=&D9J7OEvEB;>A&JGD879&>&E>F7D9P>&
Y&;EK?9Lm@9?&EG&;EF9EFG&:9&BGE<9D@>D&>87;?G&879&JDG:7PA&
9&>&@>;:>:9&E7EB>&D9E7EB;>&>G
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

?7<FD9&:>&;E@9ETRGN&879D9=G<&JDG:7P;D&=7;FGA&9&=9Q
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E>F7D>?;P>&9=&ES<A&VW&G&ERG&@9=G<A&<9ERG&BG=&>&K;O7D>&
:9&D>PRG3

z& =>;< & KWB;? & <7<F9EF>D& 7=>& GJ;E;RG& =WA& :G& 879 & `c^^a&
9<BG?C9D&7=>&ZG>N&JGD879&G&jDDG&Y&BG=G&7=&9:;KmB;GA&B7V>&
KWZD;B>&9LF9D;GD&Y&BG=JG<F>&:9&7=>&;EK;E;:>:9&:9&vEO7?G<N&
BG=&>?O7=&:j<F9<&9EBGEFD>&G&:;<B7D<G&K>B;?=9EF9A&JGD879&<RG&
=7;FG<A&9=&?7O>D&879&G&>B9DFG&Y&BG=G&7=&JGEFG&K;LG&EG&=9;G&
:9&7=>&9<K9D>N&G&:;<B7D<G&879&>E:>&@>O>E:G&U&DG:>A&ERG&@j&G&
JGEFGA&JGD879&j<F9&Y&<S&7=N&:G&=9<=G&BGDJG&E><B9&>&<G=ZD>&
879 & G & 9EBGZD9H & <RG & ;E7=9DW@9;< & >< & ?;EC><A & 879 & <9 & JG:9=&
?>ET>D&:9&7=>&B;DB7EK9DjEB;>&J>D>&7=&B9EFDG&BG=7=N&>?O7=>&
?;EC>&CW&:9&@9DQ<9A&JGD879&<RG&=7;F><A&9&G&B9EFDG&ERGA&JGD879&
Y&kE;BGH&>&<7J9DKmB;9&:G&O?GZG&;=J9:9&G&JG:9D&@9DQ<9&>&<7>&
BGEB>@;:>:9&N&G7&<9&CW&:9&@9D&7=>&BG;<>A&G7&G7FD>N&>=Z><&>G&
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7=>&Y&ZG>N&JGD&;<<G&9<F>&>BC>Q<9&BG=&FD>Z>?CGA&9&>&G7FD>&BG=&
K>B;?;:>:93&1W&=;?&B>=;ECG<&879&@RG&F9D&>&7=>&=W&GJ;E;RGA&9&
<S&7=&BGE:7P&J>D>&>&879&Y&ZG>3&"&D9F;:RG&:9&7=>&?;EC>&<S&<9&
K>P&JGD&7=>&KGD=>A&JGD&;<<G&Y&:;K;B7?FG<>N&>&GZ?;87;:>:9&K>PQ<9&
JGD&=7;FG<&=G:G<A&JGD&;<<G&Y&KWB;?3&\>:>&BG;<>&879&@9=G<A&Y&
JGD&9EFD9&7=>&;EK;E;:>:9&:9&G7FD><&BG;<><N&>&J;E;RG&F>=ZY=&<9&
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=9<=>&<GDF9&>&D>PRGA
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

879&<9&GK9D9B9A&Y&JGD&9EFD9&7=>&;EK;E;:>:9&:9&G7FD><&
D>PM9<N&E9<F9&?>Z;D;EFG&EG<&J9D:9=G<3&\>:>&BG;<>&F9=&
F>EF><&J>DF9<&JGD&GE:9&<9&BGE<;:9D9A&879&:9&87>?879D&
=G:G&879&>&;=>O;E9=G<A&<9=JD9&>BC>=G<&>DO7=9EFG<A&
879 & G7 & EG< & J9D<7>:9=& G & jDDGA & G7 & EG< & BGEK;D=>=& G&
>BjDFGH& :>87;& @9=& 879& CW& GJ;E;M9<& J>D>& F7:GA & ><<;=&
BG=G&J>D>&F7:G&CW&9L9=J?G<3&}87;?GA&879&EG<&J>D9B9&
879&Y&<9=&:k@;:>A&Y&:GE:9&U<&@jP9<&>&CW&=>;GD3&"<&
WO7><&:G&GB9>EGA&JGD&=>;<&879&<9V>=&BD;<F>?;E><A&E9=&
JGD & ;<<G & :9;L>= & @9D & G & K7E:G & 879 & >< & <7<F9EF>N & 879&
;=JGDF> & 879 & <9V>= & B?>D><A & <9 & <RG & JDGK7E:><X&
'9B9Z9=G<&><&;:Y;><A&879&G&9EF9E:;=9EFG&EG<&JDGJM9A&
G7 & B9DF>< & G7 & :7@;:G<><N & 9 & ><<;= & >< & BGE<9D@>=G<H & G&
9=9E:WQ?>< & Y & :;KmB;?A & JGD879 & > & 9=9E:> & :9J9E:9 & :G&
=9<=G & 9EF9E:;=9EFGA & 879 & 9DD>3 & " & @>;:>:9 & K>P & >&
GZ<F;E>TRGA & JGD879 & Y & BG=G & 7= & V7;P & ;E9LGDW@9?A & 879&
E7EB> & =7:>A & E9= & D9KGD=>N & <9 & Y & 879 & G & >=GD & :>&
JDG:7TRG&ERG&BGEBGDD9&>;E:>&=>;<3

`c^wa "&@>;:>:9&:9&>:87;D;D&EG=9A&Y&;E<9J>DW@9?&:9
FG:G<&G<&879&<9O79=&>&GB7J>TRG&:><&?9FD><N&9&87>EFG&
=>;GD & Y & > & @>;:>:9 & :9 & B>:> & 7=A & F>EFG & =>;GD & > & <7>&
>J?;B>TRGH&ERG&9<F7:>=&J>D>&<>Z9D9=A&=><&J>D>&879&<9&
<>;Z> & 879 & j?9< & <>Z9=N & Z7<B>= & > & B;jEB;> & J>D> & >&
=G<FD>D9=N & G & <97 & GZV9FG & JD;EB;J>? & Y & > & G<F9EF>TRGA & 9&
><<;=&ERG&Y&>&B;jEB;>&879&Z7<B>=A&=><&>&D9J7F>TRGN&
9<FW&Y&BG=G&><&G7FD><A&9=&879&G&>:87;D;D&Y&=>;<&KWB;?&
879&G&BGE<9D@>DN&9&@9D:>:9;D>=9EF9&G&BGE<9QO7;DQ<9&7=&
EG=9A&JG:9&<9D&GZD>&:9&7=&:;>A&G7&:9&7=>&CGD>N&G&
BGE<9D@WQ?G&Y&9=JDj<>&:9&Fl:>&>&@;:>3&0G&>B><G&:9&7=&
<7B9<<G & JG:9 & D9<7?F>D& 7=& EG=9 & OD>E:9A & =><& :9 & 7=&
>B><GA&ERG&JG:9&D9<7?F>D&>&BGE<9D@>TRG&:j?93&.9=&<9&
JG:9&<9D&K9?;P&JGD&>B><GN&=><
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

ERG&<9&JG:9&JGD&>B><G&<9D&<9=JD9&K9?;P3&"&KGDF7E>&ERG&
<S&OG@9DE>&><&>D=><A&=><&F>=ZY=&><&?9FD><N&JGD879&>&
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E9O>Q<9&=;?3&(=&87>?879D&9<F>:GA&<9&F9=&>&D9J7F>TRG&
JGD&K9?;B;:>:9N&JGDY=&9<F>&Y&:;KmB;?&:9&BGE<9D@>DQ<9&U&
JDGJGDTRG&879&Y&OD>E:93&"?O7=><&@jP9<&JG:9&:9J9E:9D&
:9&ES<&G&Z7<B>D&7=>&GB><;RG&K>@GDW@9?A&:9&879&@9EC>&>&
JDGB9:9D&7=&OD>E:9&EG=9N&JGDY=&ERG&9<FW&E>&EG<<>&
=RG&G&K>PjQ?G&:7D>D3&f=&=9D9B;=9EFGA&G7&7=&<>Z9D&
J9879EGA & JG:9 & K>P9D& >:87;D;D& 7=>& OD>E:9 & K>=>A& 9& G&
=>;GD & =9D9B;=9EFG & V7EFG & >G & =>;GD & <>Z9DA & J9879EGA&
JG:9&K>P9D&>:87;D;D&7=>&OD>E:9&K>=>A&9&G&=>;GD&=9D9Q
B;=9EFG & V7EFG & >G & =>;GD & <>Z9DA & ERG & Z><F> & J>D> & >&
BGE<9D@>D3&5GD&=>;<&Z9=&K7E:>:>&879&<9V>&7=>&OD>E:9&
D9J7F>TRGA & E9= & JGD & ;<<G & Y & JG<<m@9? & G & F9D & <9O7D> & >&
GJ;E;RG&:><&O9EF9<3&-<&CG=9E<&B>E<>=Q<9&:9&>:=;D>DN&
J><<>:G<&G<&JD;=9;DG<&=G@;=9EFG<&9=&879&><&BG;<><&
D>D><A & >FD>9=A & BG=G & JGD & KlDT>A & G & EG<<G & ?G7@GDA & 9&
>JDG@>TRGN & :9JG;<A & > & @>;:>:9 & :9 & 879= & >:=;D>A & Y & >&
JD;=9;D>&879&<9&:9<OG<F>N&;DD;F>Q<9&BGEFD>&F7:G&G&879&Y&
<7J9D;GD3 & f=> & 87>?;:>:9 & 9=;E9EF9 & 879 & @9=G< & EG<&
G7FDG<A&K;B>QEG<&<9E:G&BG=G&7=>&87>?;:>:9&>:@9D<WD;>&
9&GJG<F>3&"&@>;:>:9A&G7&>&;E@9V>A&879&9?>&JDG:7PA&ERG&
<S& <9 & :;D;O9& BGEFD> & > & GJ7?jEB;> & >?C9;>A& =><& F>=ZY=&
BGEFD> & > & >?C9;> & <>Z9:GD;>N & > & B;jEB;> & ERG & F9= & =>;GD&
;E;=;OGA&879&>&;OEGDvEB;>H&F7:G&G&879&9<FW&9=&?7O>D&
>?FG&=G?9<F>QEG<&>&@;<F>A&9&>&>F9ETRGN&<S&G&879&9<FW&EG&
?7O>D & 9= & 879 & ES< & 9<F>=G<A & ERG & EG< & GK9E:93 & "&
;O7>?:>:9A&9&7E;KGD=;:>:9&Y&E>F7D>?&9=&F7:GN&JGD&;<<G&
G< & 879 & <9 & >K><F>= & :9<F> & ?9; & 7E;@9D<>?A & K;B>= & <9E:G&
G:;G<G<&>G<&879&<9&BGE<9D@>=&E9?>3&1W&=7;FG<&=9;G<&
J>D>&<7Z;DN&>&@>;:>:9&Y&>&879&O7;>&>&FG:G<N&9&BG=&9K9;FG&
<9=&@>;:>:9&E;EO7Y=&<GZ9A&E9=&JDGB7D>&<7Z;DN&j<F9<&
<;= & K;B>=& BGEK7E:;:G< & 9= & 7=> & @7?O>D;:>:9 & 9<B7D>A&
=><&E;EQ
 !"#6"&'"%()&'("!*&'+"'&%,-"'+)')."

O7Y=&?C9<&9L>=;E>&<9&G<&J><<G<&BG=&879&<GZ9=&<RG&
V7<FG< & G7 & ;EV7<FG<N & >< & ><>< & :> & @>;:>:9 & F>=ZY= & <9&
:9DD9F9=3&[79=&ERG&F9=&@>;:>:9&ERG&:9<J9DF>&>&:G<&
G7FDG<&BGEFD>&<;3

`c^_a -<&879&BDj9=&879&<>Z9=&=>;<&879&G<&G7FDG<A
G7&<9&9EO>E>=A&G7&<9&J9D<7>:9=&Z9=H&<9&<9&9EO>E>=A&
G & =9<=G & 9EO>EG & ?C9< & <9D@9 & :9 & ?7:mZD;GN & <9 & <9&
J9D<7>:9=&Z9=A&>&@>;:>:9&:>&B;jEB;>&G<&K>P&FRG&K9DGP9<&
9 & <9@9DG<A & 879& K;B>=& <9E:G& ;E<7JGDFW@9;<3 & "& B;jEB;>&
C7=>E> & BG=7=9EF9 & <9 & D9@9<F9 & :9 & 7= & >D & ;EFD>FW@9?N&
;=>O9= & Fl<B>A & :9<>OD>:W@9?A & 9 & ;=JG?;:>3 & "&
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G & <7<FG & :G& J9D;OG& ERG& Y& FRG& OD>E:9& EG & ;E<F>EF9 & 879&
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 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

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K;?G<GK;><&Fl:><&<9&BG=JM9=&:9&=>F9=WF;B><&N&:9&<GDF9&879&VW&ERG&
CW & <;?GO;<=GA & 879 & BGEB?7>A & <9 & ERG & Y & K7E:>:G & 9= & >?O7=>&
:9=GE<FD>TRG&O9G=YFD;B>N&E>&Km<;B>&ERG&<9&9<FW&J9?G&879&<9&:;PA&
<9ERG&J9?G&879&<9&@jN&JG7BG&;=JGDF>&879&<9&>K;D=9&879&j<F9A&G7&
>87j?9&=9F9GDG&JDGB9:9&:9<F>A&G7&:>879?>&B>7<>A&<9&;<<G&<9&ERG&
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KGD=>TRG&:><
 !"#c"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

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:9 & G7FDG< & =7;FG< & 9K9;FG< & E>F7D>;<A & > & 87m=;B>& ERG & <S&
9E<;E>&BG=G&<9&JDG:7P9=A&=><&F>=ZY=&G<&;=;F>N&9&;<FG&
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R($3($(> 'G7 & 9= &T#0($#8-C 'f= & >?>=Z;879A & 7=>&
9G?mJ;?>A & 7=> & =W87;E> & JE97=WF;B>A & 9 & > & =;<F7D> & :9&
@WD;G<&BGDJG<A&9LJ?;B>=&=>;<&9=&7=>&CGD>A&:G&879&7=&
JDGK9<<GD&:9&K;?G<GK;>&9=&=7;FG&F9=JGN&G&9EF9E:;=9EFG&
J9DB9Z9&=9?CGD&<9E:G&>V7:>:G&J9?G<&G?CG<A&:G&879&<S&
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9=&<97<&<7B9<<GD9<&BG=G&C9D>ET>A&KG;&>&KGEF9&9=&879&
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@>;:>:9A&879&D9<7?F>&:><&B;jEB;><A&Y&@>;:>:9&:9&CG=9E<&
?;@D9<A & 9 & j<F9< & <S & G< & CW & E> & (7DGJ>H & G & :9<JGF;<=G&
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;EB>J>P9<& :9 & @>;:>:9& 9=& <;N& :> & ZGE:>:9 & :9?9< & <S & G&
<9ECGD & <9 & :9<@>E9B9H & ><<;= & <RG & G< & 9<BD>@G<N & <9 & CW&
>7Fl=>FG<&EG&=7E:GA&<RG&j?9<3

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>D=><&Y&<9=9?C>EF9&>G&D>;GA&B7V>&?7P&9&9<FDYQ
 ()0,)12)&'&34()'"'-"%+"+)'+*&'$*!)5&

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@>;:>:9&:><&B;jEB;><&JGD&<9D&7=>&@>;:>:9&J>BmK;B>&E>&
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<9 & @>?9D;> & G & =9<=G & 879 & 7=> & BGEK;<<RG & 9LJD9<<> & :9&
;OEGDvEB;>N & 9 & BG= & 9K9;FGA & :9 & 879= & B9:9A & E7EB> & <9&
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=><&JGD&K>?F>&:9&<>Z9D&<7<F9EF>D&>&<7>N&>&KD>879P>&ERG&
<9&>FD;Z7;&U&JDGJG<;TRGA&=><&>&879=
 !"#%"&'"%()&'("!*&'+"'&%,-"'+)')."

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J>DF9 & 9EBGEFD> & Ej?9 & > & =9<=> & D9<;<FjEB;>A & JGD & ;<<G&
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JGD&:9EFDG&G&J>7&<9=&?7<FDGA&E9=&@>?GD3
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

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9?9=9EFG<&:><&JD;=9;D><&>DF9<A&87>E:G&?GOG&<9&JDGJM9&>87j?9&
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 !"#6"&'"%()&'("!*&'+"'&%,-"'+)')."

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D>PRG & 879 & E9O>H & :>87; & @9=A & 879 & Y & =GF;@G & :9 & 7=>&
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BGEFD> & 879=& G & K>PA & U & =>E9;D> & :9 & 7=& O79DD9;DGA & 879&
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 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

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9LF9D;GD&>:=;F9&=>;<&D9J>DG3

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=7E:GN&:9<GD:9EWQ?G&<;=3&-&9L9DBmB;G&G7&>&@>;:>:9&:><&?9FD><A&
Fl:>&<9&BG=JM9&:9&:;<B7<<M9<A&GZV9QTM9<A&9&:k@;:><N&>&:;<J7F>&
9=& <;& Y&BG;<>& =>;<&JD;EB;J>?& :G &879& >&=>FYD;>& :>&879<FRGH&
>?F9D>=Q<9 & G< & vE;=G<A & =>< & ERG & <9 & J9D<7>:9=A & JGD879 & ERG&
:;<J7F>=&J9?>&D>PRGA&=><&J9?>&:;<J7F>H&9&9<F>&<9&<9&>B>Z>A&Y&
JGD879&>B>Z>&G&F9=JG&:>:G&J>D>&:;<J7F>DN&G&D9?SO;G&>J>DF>&G<&
BG=Z>F9EF9<N& j<F9< & <9J>D>=Q<9A &JGDY=& E9EC7=& @>;&<>Z9E:G&
=>;<N&JGD879&BG=G&EG&>DO7=9EFG&ERG&Z7<B>=&>&@9D:>:9A&JGD&
;<<G&9<F>&<9=JD9&K;B>&;OEGD>:>A&GB7?F>A&9&:9<BGEC9B;:>N&G&JGEFG&
YA&879&K;879&<>F;<K9;F>&9=&7=&>&O?SD;>&:9&>DO7;DA&9&9=&G7FDG&>&
@>;:>:9&:9&D9<JGE:9DN&9&><<;=&ERG&<9&FD>F>=&><&BG;<><A&FD>F>=Q
<9&><&J>?>@D><&:9?><H&:>87;&@9=A&879&G&K;B>D&@9EB;:G&E>&KGD=>A&
Y&G&=9<=G&879&K;B>D&@9EB;:G&9=&F7:GN&JGD879&>&<7Z<FvEB;>&Y&
BG=G & BG;<> & 9<FD>EO9;D>A & 9 & ;E:;K9D9EF93 & 09 & :G;< & F9LFG< & BGEQ
FDWD;G<&>&K>:;O>&879&D9<7?F>A&Y&@9DA&<9&CW&=9;G&:9&G<&JG:9D&7E;DA&
9&BGEB;?;>DH&879&>&D>PRG&9<F9V>&9=&7=A&9&ERG&9=&G7FDGA&;<<G&
;=JGDF>&=9EG<N&>&>DF9&9<FW&9=&<7F;?;P>DA&:9&<GDF9&879&>=ZG<&G<&
F9LFG< & K;879= & BGE<9D@>:G<A & 9 & 879 & > & E9EC7= & <9 & F;D9 & > & <7>&
>7FGD;:>:9&=>O;<FD>?N&F;D9Q<9&9=ZGD>&>&KY&U&@9D:>:9A&9&U&V7<F;T>N&
JGDY=&ERG&>G&F9LFGN&j<F9&<9=JD9&:9@9&<9D@;D&:9&D9OD>A&JGD&=>;<&
879&<9V>&D9OD>&9DD>:>A&9&ERG&:;D9;F>N&G&9=J9ECG&:>&@>;:>:9&ERG&
9<FW
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

9=&:9<BGZD;D& >&@9D:>:9A&=><&9=&G<F9EF>D&@3& O3& 7=>&

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J>?>@D> &(07( 'E7EB> & <;OE;K;BG7 & G7FD> & BG;<> & <9ERG&
@;DO9=3&\G=G&>&@>;:>:9&:><&B;jEB;><&FD>P&BGE<;OG&7=&
:9<9VG&;=9E<G& :9&>:87;D;D&EG=9A&j<F9& J>D9B9&879&<9&
>:87;D9&U&KlDT>&:9&@GP9<A&9&9<F><&:9@9E:G&<9D&:9&KGD>A&
BG<F7=>=&<>;D&:G&=9<=G&<WZ;G&JD9F9E:;:GN&j?9&Y&G&879&
9EFG>&>&BvEF;BGA&9&<9=JD9&>BC>&E>&F7DZ>&879=&G&<;O>H&
E>&BGEK;>ET>&:9&BG=9T>DA&9EBGEFD>DQ<9&7=>&9<JYB;9&:9&
@>?GD&:9&879&>&KGDF7E>&<9&E>=GD>N&>&D9<G?7TRG&:9&J9O>D&
EG<&?G7DG<A&9&E><&J>?=><A&K>P&J>D9B9D&879&<RG&<7><H&CW&
=7;FG&879&><&B;jEB;><&Fj=&G&JD;@;?YO;G&:9&JG:9D&9?><&
=9<=>< & BGDG>DQ<9 & > & <;N & 9 & BG= & 9K9;FG & G & <>Z9D & E>&
D9>?;:>:9 & =>;<A & G7 & =9EG<A & Y & <9ODj:GA & 879 & K;B>&
9<BGE:;:GN&9<F>=G<&J9?G&879&;E:;B>=&><&;E<mOE;><N&9&
E><&?9FD><A&7=>&J>DF9&:G&879&@9=G<A&<RG&9:;KmB;G<&@RG<A&
BG=JG<FG<&<r=9EF9&:9&7=&<GZ9DZG&KDGEF;<JmB;GN&9&j<F9A&
JGD & =>;< & 879 & ;EB7?879 & 7= & K7E:G & OD>E:9A & 879=& ?CG&
Z7<B>A&ERG&G&>BC>N&JGD&;<<G&F9=&K9BC>:><&><&JGDF><N&9&<9&
>?O7=&9EFD>A&Y&:>879?9<A&879&<>Z9=&G&:9K9;FGA&9&Fj=&
;EF9D9<<9&Ej?9N&G<&=>;<&FG:G<&<RG&JDGK>EG<3&"&<>Z9:GD;>&
C7=>E> & Y & BG=G & > & BGDF;E> & :G & F9>FDGN & E9?> & <9 & @j9=&
J;EF>:G< & JD;=GDG<>=9EF9 & C;9DGO?mK;BG<A & =9:>?C><A&
;E<BD;TM9<A&9&>FD;Z7FG<N&9&E9<F>&@>D;9:>:9&:9&>TM9<A&9&:9&
<7V9;FG<A&<9&<7<J9E:9&>&@;<F>N&9&G&BGD>TRG&879&>:=;D>A&
FG:G&<9&:9;L>&J9E9FD>D&:9&7=&D9<J9;FGA&G7&=j:G&@9E9Q
DW@9?N&=><&<9&>?O7=&;=J>B;9EF9A&9&;E:;<BD9FG&KGDT>&>&
BGDF;E>A & 9 & 9EFD>A & G & 879 & @jA & Y & 7= & ?7O>D & 9<B7DGA&
9=Z>D>T>:GA&<9=&GD:9=A&E9=&><<9;GN&@j&>FGD9<&>;E:>&
BGZ9DFG<&:9&DG7J><&=;<9DW@9;<N&>?O7E<A&@9<F;:>&>&O>?>A&9&
9=J7EC>:G&G&B9FDGA&`>:GDEG<&>?C9;G<A&9&<7JG<FG<a&@j&
BC9O>:G< & > & 7=> & ?7P & :9<>E;=>:>A& D9BGD:>E:G & :9 & 7=&
J>J9? & ;=7E:G & >< & J>?>@D>< & :9 & 879 & > & =9=SD;> & <9&
9EB>DD9O>&BG=&FD>Z>?CGN&G7FDG<&:9&KDGEF9&>&7=&9<J9?CG&
<G=ZD;GA&9L9DB;F>:G&>&B>:jEB;>
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2% ceh

:G<&J><<G<A&:><&>TM9<A&:G&O9<FGA&9&D9@9<F;E:G&G<&<9=Q
Z?>EF9<&:9&7=&><J9BFG&>?9OD9A&G7&FD;<F9A&9&:9&7=&>D&:9&
<GZ9D>E;>A&:9&@>?GDA&9&:9&V7<F;T>H&@j&><&>FD;P9<A&879&ERG&
=9EG<&B7;:>:G<><A&>?;&=9<=G&<9&>V7<F>=A&9&JD9J>D>=N&9&
879&>?O7=><&>J9<>D&:G&F9=JGA&9&>&=;?>OD9<&:G&>DF;KmB;GA&
B7;:>=&879&D9J>D>=&9=&ZD9@m<<;=G<&;E<F>EF9<A&>&D7mE>&
879 & K;P9D>= & =7;FG< & >EG<A & <9=9?C>EF9< & U< & <9DJ9EF9<&
87>E:G&<9&D9EG@>=A&=><&ERG&FRG&K9?;B9<N&Fl:><&9=&7=&
9<J9?CG & JGDFWF;? & 9<F7:>= & >=GDA & :9<:Y=A & <9@9D;:>:9A&
BGEF9EF>=9EFG<A & ?WOD;=><N & F7:G & >JD9E:9= & EG & BD;<F>?A&
=9<FD9 & =7:GA & 9 & K;9?A & 9 & 879 & =7:>=9EF9 & 9E<;E> & >&
JDGJD;9:>:9A&G&>DA&>&OD>T>N&=><&879&;=JGDF>A&G&>D&Y&@RGA&
> & OD>T> & Y & 9EO>EG<>A & 9 & > & JDGJD;9:>:9 & Y & K>?<>N & G&
D9JD9<9EF>D&Y&=9EF;DN&:9<:9&879&>&B9E>&BG=9T>A&>FY&879&
>B>Z>A&ERG&<9&@j&=>;<&:G&879&7=&K;EO;=9EFG&:9&>TM9<A&9&
:9 & K;O7D><N & 879= & =>;< & <9 & :;<F;EO79A & Y & 879= & =9?CGD&
9LJD;=9&G&879&ERG&<9EF9A&9&879=&J>D9B9&=9?CGD&G&879&
ERG&YH&>&>DF9&ERG&9<FW&9=&;=;F>DA&=><&9=&BGEFD>K>P9D&H&><&
<G=ZD><&<7Z<F;F79=&G&?7O>D&:><&BG;<><N&9&>&D9?>TRG&:>&
C;<FSD;>A & K;B> & <9E:G & > & C;<FSD;> & =9<=>H & G & =9EF;D & JGD&
>87j?9&=G:GA&Y&7=&=9;G&KWB;?&J>D>&;=JD;=;D&KUB;?=9EF9&
E>&=9=SD;>&G<&<7B9<<G<&J><<>:G<N&Y&7=>&FD>:;TRGA&879&
<9&BG=7E;B>&>OD>:U@9?=9EF9A&ERG&<S&J9?G&879&<9&G7@9A&
=><&F>=ZY=&J9?G&879&<9&@jH&>?O7=>&@9P&C>@;>&:9&<9D&
kF;? & G & 9EO>EGN & 9 & BG= & 9K9;FG & :>879?> & <GDF9 & @9=G< & G<&
BG=Z>F9<&<9=&J9D;OGN&><&@;DF7:9<&@9=G<&BG=&Ol<FGN&9&
<9&@9=G<
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D9B9DA&J9?>&K9>?:>:9&BG=&879&<9&=G<FD>=A&9&ERG&J>D>&
G<&<9O7;D3&(=&F9>FDG&=>;GDA&9&9=&=>;GD&B9E>&<9&J><<>=A&
9 & D9JD9<9EF>=& ><& @>;:>:9< & :G& =7E:GA & 9 & 9EFD9 & 9?><& >&
@>;:>:9&:><&B;jEB;><N&G&CG=9=&ERG&<9&9EF9E:9&>&<;A&9&
B7;:>&879&9EF9E:9&>&KWZD;B>&:G<&BY7<N&;OEGD>&>&GD:9=&:>&
<7>&JDSJD;>&BG=JG<;TRGA&9&BDj&879&ERG&;OEGD>&G&:9&879&
<9&BG=JM9&>&F9DD>N
 !"#$"%&"$'(%&'"!-%&0"&%$*/"&0(&(4"

ERG&<>Z9&>&9BGEG=;>&:G<&<97<&=9<=G<&=G@;=9EFG<A&9&
V7?O>&879&<>Z9&G&BG=G&<9&=G@9&G&fE;@9D<GN&K;E>?=9EF9&
ERG & <9 & BGEC9B9E:G & > & <;A & JD9<7=9 & 879 & F7:G & G & =>;<&
BGEC9B93 & " & @>;:>:9 & :G & <>Z9D & J>D9B9 & 879 & >DD9Z>F> & G&
CG=9=A & 9 & 879 & 9= & 9<JmD;FG & G & K>P & B;DB7?>D & G< & GDZ9<&
B9?9<F9<N&?W&BGEF>&G&Ek=9DG&:G<&BD;<F>?;EG<A&@j&>&9<K9D>&
:G&KGOGA&9&=9:9&>&:;<FvEB;>A&G&O;DGA&9&OD>E:9P>&:G<&
J?>E9F><N&JGDY=&><<;=&879&FGDE>&>&<;A&E>:>&:G&879&F9=&
9= & <; & <>Z9A & E9= & BGEC9B9H & @j & 7= & BGDJG & <UZ;>=9EF9&
GDO>E;P>:GA & 9 & Ej?9 & >BC> & @GEF>:9A & ;EF9?;OjEB;>A & ;D>A&
>@9D<RGA & @>;:>:9A & :9<9VGA & 9<J9D>ET>A & >=GDN & >BC> & 7=&
<>EO79&879& <9&=G@9A&9&7=&B>?GD&879& G& >E;=>N&F7:G&
:;<F;EO79 & BG= & EG=9< & :;K9QD9EF9<N & J>;LM9<A & <m<FG?9A&
:;W<FG?9A & 9<JmD;FG & @;F>;<A & k=;:G & D>:;B>?N & j<F9< & <RG & G<&
EG=9<A & > & 879 & 9DD>:>=9EF9 & BC>=>= & :>< & BG;<><A & ERG&
<9E:G&<9ERG&EG=9<&:G<&9K9;FG<N&G&879&<9&BGEC9B9A&G7&
<>Z9A&Y&G&9K9;FG&:><&BG;<><&J9?>&:;<F;ETRG&:G<&EG=9<N&
=><&G&BGEC9B9D&G&EG=9A&ERG&Y&BGEC9B9D&>&BG;<>3&#G:G<&
<9EF;=G<&>&;=JD9<<RG&:G&>D:GDA&=><&E;EO7Y=&<>Z9A&G&
BG=G & 9<<> & ;=JD9<<RG & <9 & K>PN & 9 & :9<F> & <GDF9 & G & 879&
BGEC9B9=G<A&Y&G&9K9;FG&:G&KD;GN&9&ERG&G&KD;GN&@9=G<&>&
:9F9D=;E>TRG&:>&@GEF>:9A&=><&ERG&<>Z9=G<&G&BG=G&>&
@GEF>:9&<9&:9F9D=;E>3&[79=&Y&879&<>Z9&:9&:GE:9&@9=&
G & >OD>:G & :> & C>D=GE;>A & E9= & G & :9<>OD>:G & :> & :;<<GQ
EvEB;>X&f=>&@GP&<7>@9&EG<&9EB>EF>A&7=&<G=&W<J9DGA&9&
>O7:G & EG< & =G?9<F>N & =><& 879=& CW & :9 & :;P9D &G & :GE:9&
JDGB9:9&EG&<G=&>&<7>@;:>:9&G7&>&><J9D9P>X&-<&9K9;FG<&
=>;<&<9E<m@9;<A&9&=>;<&B9DFG<A&<RG&G<&:>&:GDA&9&F>=ZY=&
:G&Ol<FGN&=><&879=&Y&G&879&BGEC9B9A&:9&879&<9&GD;O;E>&
G&Ol<FGA&E9=&:9&879&<9&KGD=>&>&:GDX&";E:>&G<&9K9;FG<&
:><&BG;<><&BGEC9B9=G<&=>?A&<S&G<&<9EF;=G<N&J>D9B9&879&
<S&F9=G<&<9E<;Z;?;:>:9A&9&ERG&BGEC9B;=9EFGN&>87;?G&879&
BGEC9B9=G<A & Y & JGD879 & G & <9EF;=G<N & :G & EG<<G & <9EF;D&
D9<7?F> & G & EG<<G & =G:G & :9 & BGEC9B9D3 & & & -< & JD;=9;DG<&
JD;EBmJ;G<A&9&G<
 '()*(+,(%&%].'(&"&/"$0"0(&0-%&1-!(2%

JD;=9;DG< & =G@;=9EFG< & D9<9D@G7QG< & J>D> & <; & > & 5DG@;Q
:jEB;>N & G & CG=9= & <S & K;BG7 & 9LJG<FG & > & j?9<A & J>D> & G<&
>:=;D>DA&9&ERG&J>D>&G<&<>Z9D3&"&@>;:>:9&:><&B;jEB;><&
Fl:> & <9 & B>E<> & 9= & BGEV9F7D><A & 879 & K>P & J><<>D & JGD&
:9=GE<FD>TM9<N& 87>E:G& <7JM9A & 879 & 9EBGEFD> & >& J>DF9A&
9=& 879 & JG:9 & :9<>F>D & G & ESA & 9EFRG& G & >J9DF> & =>;<H & G<&
:;<B7D<G< & J9D:9=Q<9 & E> & ;=9E<;:>:9 & @>O> & :9 & 7=>&
=>FYD;>&;=J9E9FDW@9?N&>&E>F7D9P>&<>Z9&;?7:;D&FG:G<&G<&
EG<<G<&9<F7:G<A&9&BGEB9;FG<N&ERG&Y&=>;<&KWB;?&EG&879&
=G<FD>A&:G&879&EG&879&9<BGE:9N&ERG&Y&=9EG<&D9<9D@>:>&
EG&879&JDG:7P&U&<7J9DKmB;9&:>&F9DD>A&:G&879&E>87;?G&879&
KGD=>&EG&<97&B9EFDGN&<S&9?>&BGEC9B9&><&<7><&?9;<A&9&G<&
<97< & <9OD9:G<H & @9=G< & E><B9D & > & K?GDA & BD9<B9 & U & EG<<>&
@;<F>N&=><&E9=&JGD&;<<G&<>Z9=G<&G&BG=G&>&K?GD&E><B9A&
E9=&G&BG=G&BD9<B9H&>&:;K;B7?:>:9&<9=JD9&K;B>&<9E:G&>&
=9<=>H&G&EG<<G&9EO9ECG&FG:G&<9&9@>JGD>A&9=&Z9?><&
K>EF><;><A&9&9=&D>PM9<&EGFW@9;<N&=><&9<F><&<S&<9D@9=&:9&
9EO>E>DA&G7&:9&9EFD9F9D&>&=GB;:>:9&879&BG=9T>A&9&879&
>;E:>&ERG&<>Z9&JGD&9LJ9D;jEB;>A&879&>&=>;GD&J>DF9&:><&
BG;<>< & :9 &879 & G & =7E:G & <9 & BG=JM9A & E9= & <9 & JG:9=&
9E<;E>DA&E9=&>JD9E:9D3&"&@>;:>:9&:>&<>Z9:GD;>&C7=>E>&
ERG&<9&K7E:>&E>&B9DF9P>&:>&B;jEB;>A&=><&E>&B9DF9P>&:>&
B>:9;D>N & 9<F> & U & =>E9;D> & :9 & 7=> & FlDD9 & ;E9LJ7OEW@9?&
;EK7:9&F9DDGDN&9&G&:;<BmJ7?G&:SB;?A&9&;EGB9EF9A&D9B9Z9&
BG=G& :9& 7=& GDWB7?G& ><&:9B;<M9< &:G& =9<FD9H&G<& 879&
9<FRG&:9Z>;LG&:>&:;<B;J?;E>A&@j9=&G&Z>DD9F9&:G7FGD>?A&
BG=G & <9 & Kl<<9 & 7= & D9<J?9E:GDA & :9 & B7V> & ?7P & <9 & ERG&
:7@;:>A&JGD&;<<G&>&@>;:>:9&:G&=9<FD9&9L;O9&D9<J9;FGA&9&
BD9:7?;:>:9H&9<F>&Y&>&JD;=9;D>&?;TRGN&>&@9D:>:9&<9=JD9&
EG<&J>D9B9&879&9<FW&EG&?7O>D&=>;<&>?FGA&9&879&ZD;?C>&
=>;<N&9&<9&>&Z7<B>=G<&9=&G7FD>&J>DF9A&Y&<9=&vE<;>A&
E9=& B7;:>:GH & G & >J>D>FG & 9LF9D;GD & ERG& <S & EG< & :;<JM9A&
=><&F>=ZY=&EG<&J9D<7>:9N&G<&G?CG<&><<G=ZD>:G<A&ERG&
:9;L>=&G&vE;=G&?;@D9&J>D>
 D9<;<F;DN & > & <;EO7?>D;:>:9 & :> & JG=J>A & ERG & <S & >7FGD;P>A&
=><&>7F9EF;B>N&ERG&<S&?9@>&>&<;&>&EG<<>&>F9ETRGA&=><&
F>=ZY=&>&EG<<>&<7Z=;<<RGN&ERG&<S&EG<&K>P&GZ9:9B9DA&
=><&BD9D3

`chia -<&<WZ;G<&:>&F9DD>&ERG&<RG&G<&=>;<&JDSJD;G<
J>D>&G&OG@jDEG&:9?>3&"<&D9JkZ?;B><A&879&<9&K7E:>D>=A&
G7 & <9 & 87;<9D>= & OG@9DE>D & JGD & <WZ;G<A & J9D:9QD>=Q<9A&
>B>Z>D>=Q<9N&F9=G<&EGFmB;><&:9?><&J9?G&879&KGD>=A&9&
ERG&J9?G&879&<RG3&'G=>A&9<<>&;?7<FD9&B>J;F>?&:G&=7E:GA&
G7&>G&=9EG<&:>&=>;GD&D9JkZ?;B>A&879& G& =7E:G&@;7N&
9<<> & 7E;@9D<>? & BGE87;<F>:GD>A & J>D> & B7V> & O?SD;>&
BGEBGDD97&>& KGDF7E>&=>;<& BGE<F>EF9A& 9&B7VG&JG:9D&<9&
=>E;K9<F>&>;E:>A&G7&VW&D9K9D;:G&EG<&<97<&K><FG<A&G7&VW&
D9JD9<9EF>:G&EG<&@9<FmO;G<&JD9B;G<G<&:><&D7mE><A&BG=G&
9= & GZ9?;<BG<A & >DBG< & FD;7EK>;<A & BG?7E><A & B;DBG<A&
>879:7FG<A&7DE><&<9J7?BD>;<N&9<<>&B;:>:9&>?F;@>&9=&879&
G&=7E:G&<9&87;<&D9<7=;DA&9&>ZD9@;>DN&9?>&=9<=>&BGEF>&>&
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=G:G&j?9<&BG=9T>D>=&JD;=9;DG&:G&879&G&=7E:G3&29<F9&:9?mD;G&
:9&>EF;O7;:>:9A&9&JGD&BGE<987jEQ
 B;>&:9&EGZD9P>&9EFD>D>=&G<&B;F><A&G<&KDmO;G<A&G<&J9D<><A&9&
G< & 9OmJB;G<N & j<F9< & ERG & JD9F9E:;>= & =9EG< & :G & 879&
<9<<9EF>&=;?&>EG<&:9&>EF;O7;:>:9N&9&E9<F>&KGD=>A&879&
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BC;E><A&9LB9<<;@G<&9=&F7:GA&:9;F>=&><&<7><&JD9F9E<M9<&
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9LBGO;F>=H&7E<&J>D>&<9&9EGZD9B9D9=&>&<;A&G7FDG<&J>D>&
9EGZD9B9D9= & G< & <97<3 & 2RG & CW & =9;G & >?O7= & :9 & 879&
>879?> & @>;:>:9 & <9 & ERG& <;D@>N& G7 & <9V> & ;=>O;EWD;GA & G7&
K>?<GA&F7:G&<9D@9&>&879=&<9&879D&K>P9D&;?7<FD9N&JGD879&
BDj&879&G&<9D&;?7<FD9&Y&<9D&=7;FG&=>;<&879&CG=9=A&G7&
>G&=9EG<&>?O7=>&BG;<>&=>;<3&-&<9OD9:G&BGE<;<F9&9=&
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jDDGA & 9 & JD9@9ETRGA & :9 & 879 & G< & CG=9E< & JG:9= & <9D&
:;@9D<G<A&>;E:>&E>&=9<=>&D>PRG&:9&CG=9E<3

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9K9;FG< & :> & @>;:>:9A & 9 & BGE<;<F;D9= & E> & ;=>O;E>TRG & :9&
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9 & >G& 9<J?9E:GD & ?>F;EG3 & -<& <YB7?G< & KGD>=& :9<K>P9E:G&
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:9B>:jEB;>N & >B>ZG7Q<9 & > & K;BTRGA & 9 & :9<@>D;G & 9= & 879&
>879?> & <GDF9 & :9& EGZD9P> & <9& K7E:>@>N& 9?>& KG; & 7=& :G<&
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>< & FD9@>< & :G & J>O>E;<=GA & B9<<>D>= & G< & GDWB7?G<A & ERG&
D9<JGE:9D>= & =>;<A & 9=7:9B9D>=3 & " & 6DYB;>A & JWFD;>&
BG=7=&:G<&C9DS;<A&9&:GE:9
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9<FD9?><3&(&BG=&9K9;FG&(EY;><&:;P;>&<9D&K;?CG&:9&/jE7<N&
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1YDB7?9<&:9&bkJ;F9D3&o<F9<A&9&=7;FG<&G7FDG<&JD9F9E:;>=&
ERG & =9EG< & EGZD9 & GD;O9=A & 879 & > & B9?9<F9A & BG=G&
:9<B9E:9EF9< & :G< & :97<9< & ;=GDF>;<N & 9<F> & KWZ7?> & ERG&
:7DG7 & 7=& :;> & <SN & 9 & Y & J>D> & >:=;D>DA & 879 & 9?> & F;@9<<9&
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JD7:9EF9<A&9&BG=&F>EF>&KlDT>&879&BC9O><<9=&>&K>P9D&:><&
KWZ7?><A & D9?;O;RG3 & "879?> & KG; & > & EGZD9P> & :G< & >EF;OG<N&
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D>;GA&E><&:9&!>DF9&>&9<J>:>A&9&E><&:9&"JG?G&><&<9F><N&
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KWZ7?>A& <9 & C>@;> & :9 & E>=GD>D& :G & >J>D>FG & :9?>3& #G:G<&
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=9?CGD9<3

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G<&<97<&><B9E:9EF9<&EG<&<97<&:97<9<N&9&:9<F>&<GDF9&K;B>@>=&G<&
CG=9E<&=9;G&C7=>EG<A&9&ERG&;EF9;D>=9EF93&%S&><<;=&JG:;>=&
<9D & :;<F;EFG<A & 9 & :9<;O7>;< & E> & D9>?;:>:93 & "< & :;<F;ETM9<&
J9D=>E9B9D>=A &9E87>EFG& :7D>D>=&><& <7JG<;TM9<& :>& GD;O9=3&
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>B>Z>D>=A & :9;L>E:G & G< & <97< & :9<B9E:9EF9<A & K9;FG< & CG=9E<&
BG=G&G<&G7FDG<N&9&BG=&>&B;DB7E<FvEB;>A&879
 JGD & C>@9D9= & F;:G & JDGO9E;FGD9< & >?FG<A & K;B>D>= & <9=&
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9EO>EGA & :9 & K;O7D>N & > & =;FG?GO;> & BGE@9DQF97Q<9 & 9=&
O9E9>?GO;>A & C7=>E;PG7Q<93 & " & ;O7>?:>:9 & <9=JD9 & KG;&
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 879&9<F>& G<&K>P&:;<F;EO7;DA& 9& BGEC9B9D3&0>87;&J>D9B9&
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7=>&879&Y&:9&;E<F;F7;TRG&:G&=7E:GA&J>D>&G7FD>&879&Y&:>&
;E<F;F7;TRG & :G< & CG=9E<N & :9 & 7=> & 879 & Y & FGF>?=9EF9&
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K9D9 & <9E:G & =>;<A & JGD & 879 & ERG & CW & :9 & FD>E<K9D;DQ<9 & >&
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;<<G & K;B>@> & <9E:G & FD>E<K9Dm@9? & > & EGZD9P>H & <S & G & 879&
9L;<F9&K;<;B>=9EF9&<9&FD>E<K9D9A&=><&ERG&>87;?G&879&<S&
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879&<9D@9&:9&JD;EBmJ;G&>G&=G@;=9EFGA&=><&E9=&JGD&;<<G&K;B>&G&
BGDJGA&879&<9&=G@97A&BG=&>?O7=>&J>DF9&:G&ZD>TGA&879&G&KjP&
=G@9D3 & (= & 7=> & =9<=> & ?7P & <9 & JG:9= & >B9E:9D & =7;F>< & =;?&
?7P9<A&=><&E9EC7=>&:9<F>&J>DF;B;J>A&G7&F9=&9=&<;&E>:>&:>&JD;Q
=9;D>N&B>:>&7=>&>D:9&9=&<7Z<FvEB;>&JDSJD;>A&:;<Q
 F;EF>A&9&<9J>D>:>N&G&879&><&:;<F;EO79A&Y&>&=>FYD;>A&879&
?C9< & @>;& <9D@;E:G & :9& >?;=9EFGA & 9& ERG& >& JD;=9;D> & ?7P&
:GE:9&BG=9T>D>=3&-&;EBjE:;G&ERG&Y&=9EG<&>F;@GA&G7&
=9EG<&EGZD9&>87j?9A&879&E><B97&:9&7=>&K>m<B>&9DD>EF9A&
:G & 879 & >87j?9 & 879 & @;D;> & :9 & 7= & KGOG & O7>D:>:G & EG&
F9=J?G & :>< & /9<F>;<3 & [79= & CW & :9 & ;EF;F7?>D & ;?7<FD9 & >&
BC>=>&JGD879&@9;G&:9&G7FD>&879&:;P;>=&BGE<>OD>:>X&(&
C7=;?:9&>879?>&879&JDGB9:97&:9&G7FD>A&879&ERG&F;EC>&
B;DB7E<FvEB;>X & f=> & J9:D> & JD9B;G<> & D9O7?>Q<9Q?C9 & G&
@>?GD&J9?>&J9DK9;TRG&879&9?>&=G<FD>&9=&<;N&>&879&E><B97&
EG&=GEF9&-?;=JG&ERG&Y&JGD&;<<G&=>;<&9<B?>D9B;:>A&:G&
879 & >879?> & 879 & <9 & >BCG7 & 9= & 7= & @>?9 & Dk<F;BGA & 9&
JDGK7E:G3&%S&J>D>&G&CG=9=&9<F>@>&O7>D:>:G&G&<9D9=&
:;<F;EFG<&7E<&:G<&G7FDG<A&9&G&:;<F;EO7;D9=Q<9A&ERG&J9?G&
@>?GD&:9&B>:>&7=A&=><&J9?G&@>?GD&:><&BG;<><&879&G<&
:;<F;EO793 & " & EGZD9P> & KG; & > & =>;GD & =W87;E>A & 879 & >&
@>;:>:9 & :G< & CG=9E< & ;E@9EFG7N & =W87;E> & >:=;DW@9?A&
JGD879 & <9E:G & OD>E:9A & Fl:> & <9 & BG=JM9 & :9 & E>:>3 & "<&
G7FD>< & @>;:>:9<A & J>D9B9 & 879 & <RG & =9EG< & @R<N & JGD879&
<9=JD9&Fj=&>?O7=&GZV9FG&@;<m@9?A&9&=>E;K9<FGH&=><&JGD&
;<<G&=9<=G&>&@>;:>:9&:>&EGZD9P>&Y&7=>&@>;:>:9&<9=&
D9=Y:;GN&=>?&;EB7DW@9?A&JGD879&<9&ERG&@j3

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>&EGZD9P>A&G7&9<<>&BG;<>&@RA&Y&kF;?A&E9B9<<WD;>A&9&Z9=&
;=>O;E>:>X & [79 & ;=JGDF> & 879 & 7=> & BG;<> & <9V> & E>&
D9>?;:>:9&E>:>A&<9&G<&9K9;FG<&879&JDG:7P&<RG&>?O7=>&
BG;<>X & -< & 9K9;FG< & :> & EGZD9P> & <RG & =7;FG<N & 9?> & :W&
=9D9B;=9EFGA &@>?GDA&<>Z9DA& >&879=&ERG& F9=& E9=& B;Q
jEB;>A& E9=& @>?GDA & E9=& =9D9B;=9EFGN & 9?> & <9D@9A & J>D>&
K>P9D&@9E9D>:GA&>&879=&G&ERG&:9@9&<9DN&9?>&K>P&879&G&
BD;=9&K;879&=7;F><&@jP9<&;=J7E;:GN&879&>&:9<GD:9=&<9&
9EB7ZD>A&9&<9&:;<K>DB9N&9&879&>&<GZ9DZ>A
>&>DDGOvEB;>A&9&>&>?F;@9PA&K;879=&J>D9B9E:G&E>F7D>;<A&9&
V7<F><H & K;E>?=9EF9 & > & @>;:>:9 & :> & EGZD9P>A & >FY & <9&
:9<@>E9B9&BG=&>&@;?9P>&:><&>TM9<N&9<F><&>;E:>&87>E:G&
<RG & @;<A & ;EK>=9<A & FGDJ9<A & 9 & G:;G<><A & E9= & JGD & ;<<G&
9E@;?9B9=A&G7&;EK>=>=&>&879=&><&K>PN&>EF9<&:>&=9<=>&
9EGD=;:>:9&:><&>TM9<&<9&F;D>&7=&El@G&?7<FD9A&G7&EG@>&
JDG@>&:>&EGZD9P>H&G&JGEFG&Y&BGEF>D&7=>&?GEO>&<YD;9&:9&
;?7<FD9< & ><B9E:9EF9< & J>D> & 879 & 7= & EGZD9 & K;879&
:;<J9E<>:G& :><&?9;<&:>&<GB;9:>:9A&9& :9&KGD=>?;:>:9<&
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9&<9=&D9J>DGA&J9D:9D&G&J9VGA&>&CGED>A&>&@9D:>:9A&9&>&
BGE<B;jEB;>3&09<F>&<GDF9&@9=&>&EGZD9P>&>&<9D&7=&=9;G&
JGD&GE:9&G&@mB;G&<9&>7FGD;P>A&G&BD;=9&<9&V7<F;K;B>A&9&>&
@>;:>:9&<9&KGDF>?9B93&\7;:>=&G<&EGZD9<A&879&>&EGZD9P>&
?C9<&J9D=;F9&F7:GA&=><&B7;:>=&=>?N&JGD879&G&B9DFG&Y&
879 & > & EGZD9P> & Z9= & 9EF9E:;:>A & ERG & <9 & KjP & J>D>&
B>EGE;P>D&G&jDDGN&9?>&KG;&<UZ;>=9EF9&>BC>:>&J>D>&<9D@;D&
:9 & 9<Fm=7?GA & 9 & BG=J>EC9;D> & :>< & @;DF7:9<N & J>D>&
9EGZD9B9D & >< & >TM9< & ;?7<FD9<A & 9 & ERG & J>D> & ;?7<FD>D & ><&
@;B;G<><N&J>D>&<9D&>F9E:;:>&J9?G&879&GZD><<9&:;OEG&:9&
>F9ETRGA & 9 & ERG & J9?G & 879 & K;P9<<9 & ;E:;OE>=9EF9N & J>D>&
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9&ERG&D9OD>&N&J>D>&K>P9D&G<&CG=9E<&ZGE<A&9&ERG&J>D>&G<&
J9D@9DF9D&N&J>D>&G<&:;<F;EO7;D&J9?>&EGZD9P>&:G&9<JmD;FGA&9&
ERG&J9?>&EGZD9P>&:>&B>DE9N&J>D>&G<&K>P9D&=9?CGD9<&:9&
7=>&=9?CGD;>&:9&vE;=GA&9&ERG&:9&BGDJGH&K;E>?=9EF9&
J>D>&K>P9D&=>;<&B?>D>&>&?7PA&9&ERG&J>D>&K>P9D&B?>D>&>&
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:9=G<A&9&:9&879=&>&K9?;P&=9=SD;>&>&B>:>&J><<G&D9EG@>&
9=&ES<&>&=>;<&9EFD>ECW@9?&:GDa&E7EB>&G?CG7&J>D>&>&
EGZD9P> & 9E87>EFG & > & @;> & <SA & =>< & <;= & 87>E:G & > & @;>&
>BG=J>EC>:> & :9 & >TM9< & EGZD9<N & E7EB> & >F9E:97 & U&
EGZD9P>&:><&GD;O9E<A&=><&<;=&U&EGZD9P>&:G<&<7V9;FG<N&
BGE<;:9D>@>&G<&CG=9E<&JD;=9;DG&J9?>&87>?;Q
 :>:9&:><&@;DF7:9<A&9&J9?><&G7FD><&87>?;:>:9<A&:9JG;<N&G&
BGEB9;FGA & 879 & K>P;>A & KG;A & 879 & > & EGZD9P> & ERG & 9D> & EG&
CG=9=&J>DF9&JD;EB;J>?A&=><&<;=&J>DF9&>V7EF>:>A&879&<S&
<9D@;>&:9&G&GDE>DA&9&ERG&:9&G&K>P9D3&"87j?9&=9<=G&D9;&
KG; & G& F9DDGD & :> & EGZD9P> & >DDGO>EF9A & 9 & :9<F9=;:>N& 9<F>&
<9=JD9 & F;EC> & G< & G?CG< & ><<G=ZD>:G< & :9 & @9D & > & B>:>&
;E<F>EF9&K7P;?>D&G&D>;GN&9&:9&@9D&>D=>:G&<9=JD9&G&ZD>TG&
JG:9DG<GN&=><&>D=>:G&>G&=9<=G&F9=JG&:9&V7<F;T>A&9&
:9 & J;9:>:9A & :9 & K7DGDA & 9 & :9 & BG=J>;LRG3 & 09<F9 & =G:G&
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:9&G&J9D:9D&KG;A&9&CW&:9&<9D&;EK;E;F>&9=&ES<N&9&><&EG<<><&
?WOD;=>< & >J9E>< & JG:9DRG & =;F;O>DQ<9 & >?O7=> & @9PA&
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9&J>D9B9&879&ERG&F>EFG&J9?>&K>F>?&E9B9<<;:>:9&:9&>B>Z>DA&
BG=G&J>D>&879&FDGB>:G&9=&>?F>D&G&FDGEGA&G&D9<J9;FG&9=&
B7?FGA & 9 & G & GZ<Y87;G & 9= & >:GD>TRGA & G & J7:Y<<9=G<&
;E@GB>D3 & %7Z;7 & >G & 9<F>:G & :9 & ;=GDF>? & J>D> & <9D & E7=9&
F7F9?>D&:G&$=JYD;G&5GDF7O7j<N&9&9=&7=&JDmEB;J9&`G&=>;<&
JD7:9EF9A&9&=G:9D>:G&879&G&=7E:G&@;7a&EG<&:9;LG7&7=&
D9;&Z9E;OEGA&J;GA&O9E9DG<GA&V7<FGA&JDGF9FGDN&><<;=&K;BG7&
:;<JG<F> & > & EG<<> & BGE<G?>TRGA & 9 & <9D;> & =9EG< & KGDF9 & >&
EG<<> & J9E>A & <9 & J7:9<<9 & <9D & G & C>@9D & D9=Y:;G & J>D> & >&
<>7:>:93

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KG;&BD;>:>A&Y&@9D:>:9;D>A&9&kF;?N&9&E9<F9<&=9<=G<&F9D=G<&
E;EO7Y=& ?C9 & JG:9 & :;<J7F>DA & E9=& > & 7F;?;:>:9A & E9=& >&
@9D:>:9&:>&9L;<FjEB;>3&5GD&EGZD9A&9EF9E:;>=&G<&>EF;OG<&
7=&C9DS;A&;<FG&YA&7=&CG=9=&:;<F;EFG&:G<&=>;<&CG=9E<A&
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>TM9<& >?C9;><3& -& C9DGm<=GA & 9&>& EGZD9P>A& 9D>=&87>?;Q
:>:9< & J9<<G>;<A & 9 & ERG& C9D9:;FWD;><N & 7=>A & 9 & G7FD> & :9Q
J9E:;>=&:9&>TM9<&C9DS;B><A&9&9=&>=Z><&9D>&E9B9<<WD;G&
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EGZD9P>3 & 0j<F9 & =G:G & YA & 879 & >EF;O>=9EF9 & C>@;>=&
EGZD9<A&JGD879&9=&FG:G&G&F9=JG&CG7@9D>=&JG:9DG<G<N&
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JG:9D & F>=ZY= & J><<>@>N & :9 & 7=>A & 9 & G7FD> & BG;<> & <9&
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JGD&K>?F>&:G&?7P;=9EFGA&<9&j<F9&:9JG;<&FGDE>@>A&ERG&K>P;>&
D9<<7<B;F>D & > & EGZD9P> & VW & J9D:;:>N & BG=J7EC>Q<9 & G7FD>&
EG@>A & 9 & 9<F> & ERG & 9D> & :9 & =9EG< & 9EF;:>:9A & G7 & =9EG<&
EGZD9&879&>&JD;=9;D>3&-&F9=JG&ERG&Y&G&879&9EGZD9B93&
-< & <YB7?G< & 879 & 9E@9?C9B9= & F7:GA & <S & > & EGZD9P> & ERG&
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=>;GD9<A & KG; & > & 5DG@;:jEB;>N & <S & 9<F> & JG:;> & ;EK?7;D & :;Q
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;:9EF;:>:9&Kl<<9&:;K9D9EF9&:9&G7FD>&:>&=9<=>&9<JYB;9&N&
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KGDF7E>N&JGD879&G&JG:9D&<7JD9=GA&<S&097<&879&G&:WA&G&
F;D>3&"<&D9@G?7TM9<&J>DF;B7?>D9<&J>D9B9&879&D9<7?F>=&:9&
7=> & 9BGEG=;> & B9DF>N & ><& :G< & =GE>DB><& ERG& <7B9:9=&
<9=&:9BD9FG&9<J9B;>?3&"87j?9<&>&879=&>&5DG@;:jEB;>&
KjP & WDZ;FDG< & :G & =7E:GA & > & =9<=> & 5DG@;:jEB;> & G<&
:;<F;EO7;7H & G< & G7FDG< & CG=9E< & K>P9=Q<9 & :;<F;EFG< & U&
JDGJGDTRG&:G&K>@GD&<7JD9=G&879&G<&:;<F;EO793&"<<;<F9&
JG;<&>&:;<F;ETRG&:G<&CG=9E<&<S&E>&@GEF>:9A&G7&BGD>TRG&
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9EGZD9B9=N&9&:9<F>&<GDF9&D9B9Z9=&>&EGZD9P>&JGD&OD>T>A&
9 & ERG & JGD & <7B9<<RGN & JGD & K>@GDA & 9 & ERG & JGD & C9D>ET>N&
J9D=>E9B9=&EGZD9<A&9E87>EFG&J9D=>E9B9&>&OD>T>&879&
G< & ;?7<FD>N & J9D<;<F9 & >879?> & JD9DDGO>F;@> & 9E87>EFG & G&
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>BC>=&>&EGZD9P>&BG=G&7=>&J>DF9&JG<F9D;GDA&9&>7L;?;>DA&
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;E<9J>DW@9?N & 9 & JGD & =>;< & 879 & G< & <9EF;:G<A & 9 & > & D>PRG&
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:9;L>&BGE@9EB9D3&#;D9=G<&JGD
7=&JG7BG&>G<&CG=9E<&>&K>B7?:>:9&879&j?9<&Fj=&:9&<9&
9LJ?;B>DN&<7JGEC>=G<&879&ERG&K>?>=A&F>?@9P&879&9EFRG&
<9& @9V>=& ;O7>;<& FG:G<N& > & ;EB>J>B;:>:9A & 9 & G & <;?jEB;GA&
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