Z [ d g G C 8 8 ] V ^g b V c

GZ^cX
Z G C 8 E aV c [ d g K ^X i d g n
I]
  ^c ' % & & V c Y ' % & '
 

'
>OWRT]`Pg@SW\QST]`@<11VOW`[O\1][[WbbSS;O`g0cSab`W\B`SOac`S`

BVS@<11VOW`[O\^ZOgaOQ`WbWQOZO\RW\dOZcOPZS
`]ZSW\ORd]QObW\UT]`bVS@S^cPZWQO\>O`bg¸a
^ZObT]`[^`W\QW^ZSaO\RQO\RWRObSa=c`\Sfb
1VOW`[O\[cabPSOQ]\aS`dObWdS³TcZZgQ][[WbbSR
b]PSW\UOµaS`dO\bZSORS`¶]TbVS1][[WbbSSO\R
bVSS\bW`S@S^cPZWQO\>O`bgWTeSO`Sb]PSacQQSaaTcZ
W\ O\R  BVS`SWa[cQVObabOYS
7¸[`c\\W\UT]`1VOW`[O\T]`]\Zg]\S`SOa]\7
PSZWSdS]c`Q]c\b`gWaW\U`SOb^S`WZO\ReSVOdSb]R]
a][SbVW\UOP]cbWb>S]^ZSW\^]ZWbWQaOZeOgaaOgbVOb
bVS\SfbSZSQbW]\WabVS[]abW[^]`bO\bSZSQbW]\SdS`
0cbbVSRW`SQbW]\bVOb0O`OQY=PO[O6O``g@SWRO\R
T]`[S`A^SOYS`>SZ]aWVOdSPSS\bOYW\U/[S`WQOWa
QOcaW\U`SOZRO[OUSb]]c`U`SObQ]c\b`g=c`>O`bg
[cabZSORbVSeOgb]OPSbbS`/[S`WQO
COF>?BEIEF>O
ESVOdSO\S\]`[]ca]^^]`bc\Wbgb]\]b]\Zg
ab`S\UbVS\]c`>O`bgPcb[]`SW[^]`bO\bZgaOdS]c`
Q]c\b`gO\RbVSdS`gWRSO]T/[S`WQOBVSC\WbSR
AbObSaWaSfQS^bW]\OZGSbeWbVSOQV^OaaW\UROg
c\RS`bVSQc``S\b>`SaWRS\beSZ]aS[]`SO\R[]`S
]TeVOb[ORS]c`U`SOb\ObW]\µOaVW\W\UQWbgc^]\O
VWZZeV]aSPSOQ]\ZWUVbUcWRSaT`SSR][Z]dW\U^S]^ZS
SdS`geVS`S¶
/a@<1QVOW`[O\7eWZZPSRSRWQObSRb]O^VWZ]a]^Vg
]Te]`YW\Ub]USbVS`OaObSO[=c`[WaaW]\Wab]]
W[^]`bO\bT]`O\g]\SW\ZSORS`aVW^b]OQbOZ]\S]`OQb
b]bVSSfQZcaW]\]TO\gUWTbSRO\RbOZS\bSR^S`a]\
Vc\U`gb]VSZ^caacQQSSRObbVSPOZZ]bP]f
;gW\bS`SabWab]P`W\UOZZ]Tcab]USbVS`T]`OQ][[]\
^c`^]aS³b]c\WbS]c`>O`bgO\Rb]aSQc`S@S^cPZWQO\
dWQb]`WSaT`][bVSEVWbS6]caSb]abObSV]caSaOZZ
OQ`]aa/[S`WQO
@SW\QS
(
BVS@S^cPZWQO\<ObW]\OZ1][[WbbSSWaOQ][[WbbSS J^[8kZ][j9ecc_jj[[e\j^[HD9ckij^Wl[W
]T$&W\RWdWRcOZaW\#abObSa#bS``Wb]`WSaO\R heb[_del[hi[[_d]j^[XkZ][je\j^[HD9$KdZ[h
bVS2Wab`WQb]T1]Zc[PWOESVOdS]\SQ][[]\
U]OZ³SZSQbW\U@S^cPZWQO\aESO`S\]baW[^ZgO cob[WZ[hi^_f0
PcWZRW\UW\EOaVW\Ub]\21ESVOdSPSS\SZSQbSR
Pg]c`abObSO\RbS``Wb]`g@S^cPZWQO\[S[PS`aVW^
BVS0cRUSb1][[WbbSSeWZZVOdSO\OQbWdS`]ZSW\
Q`SObW\UbVSPcRUSbT]` O\R  
b]^`][]bSbVS@S^cPZWQO\>O`bg7bWa[gU]OZOa
1VOW`[O\]TbVS@<1b]OZZ]ecaOaOQ][[WbbSSb]
R]]c`X]P]Tac^^]`bW\UabObS^O`bWSaO\RSZSQbW\U
BVS0cRUSb1][[WbbSSeWZZQ]\dS\S]\QSO
[]\bVO\RPSc^RObSR]\[OX]`R]\]`^`]U`Saa
@S^cPZWQO\QO\RWRObSaeWbVbVS^`]^S``Sa]c`QSa
O\RbVSS\acW\U`SacZba]T]c`W\Q`SOaSR
O\RT]Qca
Tc\R`OWaW\USTT]`baBVWaeWZZW\QZcRSO`SdWSe]T
bVS1VOW`[O\¸aOQbW]\a]TQOZZW\UO\RdWaWbW\UeWbV
BVS@<1;S[PS`aO`SbVS0]O`R]T2W`SQb]`aO\RbVS
[OX]`R]\]`a/QQ]c\bOPWZWbgeWZZPSO^`W]`Wbg
1VOW`[O\WabVSSZSQbSR13=b]TcZ¿ZZbVS[WaaW]\]T
bVS@<1BVS`S[cabPSOPcaW\Saa^ZO\W\^ZOQSb] BVS0cRUSb1][[WbbSSeWZZPS^O`b]TbVSbSO[
]^S`ObSSTTSQbWdSZgO\R`Sab]`STOWbVW\]c`R]\]`a [OYW\Ub]cUVOZZ]QObW]\RSQWaW]\ab]a^S\RbVS
J^[;n[Ykj_l[9ecc_jj[[e\j^[HD9ckij^Wl[W @<1PcRUSb[]abSTTSQbWdSZgO\RST¿QWS\bZg
heb[jeel[hi[[j^[ef[hWj_edie\j^[HD9$KdZ[hco
b[WZ[hi^_fm[m_bbXh[Wa\hecfWijjhWZ_j_ediWdZ
[b[lWj[j^[;n[Ykj_l[9ecc_jj[[0
BVS3fSQcbWdS1][[WbbSSeWZZPSbVSB`O\aWbW]\
BSO[ZSORS`a

BVS3fSQcbWdS1][[WbbSSeWZZQ]\dS\SObZSOab]\QS
O[]\bV

BVS3fSQcbWdS1][[WbbSSeWZZPSO^O`b]TbVS
\SebSO[eWbV]c`aWabS`1][[WbbSSa
)
J^[IkX9ecc_jj[[ie\j^[HD9ckij^Wl[W M[ckijfkjje][j^[hWjefdejY^ijW\\jeWii_ij
Yb[Whheb[WdZc_ii_ed$KdZ[hcob[WZ[hi^_f0 _d[n[Ykj_d]j^[HD9C[cX[hifbWd\ehL_Yjeho$
KdZ[hcob[WZ[hi^_f0
3OQV1][[WbbSSeWZZVOdSRS¿\SR^`W]`WbWSaO\R
PSOQbW]\]`WS\bSR ESeWZZPSO;S[PS`Q][[WbbSS\]bO1]\acZbO\b
Q][[WbbSS
1][[WbbSSZSORS`aVW^O\R[S[PS`aVW^eWZZPS
`SOaaSaaSReVS`SOZZ]eSRPg@<1`cZSa ESeWZZVOdSOab`]\UabOTTeWbVSf^S`WS\QSW\
ZSORW\UO\RW[^ZS[S\bW\U
3dS`g;S[PS`aV]cZRPSW\QZcRSRW\@<1
ZSORS`aVW^O\RSdS`g;S[PS`eWZZVOdSbVS ESeWZZS[^Z]gabOTTbVObc\RS`abO\RabVS^`]^S`
]^^]`bc\Wbgb]aS`dSW\Oa^SQW¿Q`]ZSeWbVW\bVS QcZbc`S]TbVS1][[WbbSS³]c`;S[PS`aVW^Y\]e
@<1ES\SSRb][OYScaS]TbVSW\Q`SRWPZS bVSW`abObSaO\RbS``Wb]`WSabVSPSab:WabS\W\U\]b
bOZS\bO\RSf^S`WS\QSeSVOdS]\bVS@<1 RWQbObW\UeWZZPS]c`[SbV]R]T]^S`ObW]\

*
 '*#:7O79J?EDFB7D

BVS@<1@cZSaabW^cZObSbVObeV]SdS`eW\abVS]T¿QS`
SZSQbW]\a]\8O\cO`g"bV eWZZW[[SRWObSZgbOYS
]T¿QSBVS\SeZgSZSQbSR1VOW`[O\eWZZPSUWdS\bVS
UOdSZO\R[cabPS^`S^O`SRb]ZSOR=c`^ZO\T]`@<1
DWQb]`gW\ O\R  eWZZW\QZcRSa^SQW¿QOQbW]\
WbS[aESPSUW\eWbVa^SQW¿QOQbW]\WbS[aT]`bVS¿`ab
"ROga=c`^ZO\eWZZPSSf^O\RSRW\bVST]ZZ]eW\U
eSSYaW\Q]\acZbObW]\eWbVSOQV]Tg]c
ESOabVS;S[PS`aVW^]TbVS@<1Y\]ebVObeS[cab
ab]^bVSPZSSRW\UW[[SRWObSZg/\ReS[cabO\ReWZZ
PS^`S^O`SRb]ZSORO\RW[^ZS[S\bT`][ROg]\S
KD?JO0
EF;H7J?EDI0
ESeWZZWRS\bWTgO\RVW`SO1VWST]TAbOTT
5WdS\bVS@<1¸a¿\O\QWOZ`SOZWbg]c`abOTT[cab
PSZSO\O\RSTTSQbWdSESeWZZOaaSaaQc``S\b@<1
abOTTO\R]^S`ObW]\OZab`cQbc`Sab]RSbS`[W\S
eVS`S^`]^S``SRcQbW]\aQO\]QQc`
3fO[W\SQc``S\bSf^S\RWbc`Sa`SRcQS
Sf^S\RWbc`SaO\RS\ac`SOcabS`WbgO\R`Sa^]\aWPZS
[O\OUS[S\b]TTc\Ra
3\ac`SOQ][^`SVS\aWdS@4>^`]QSaaWaW\^ZOQS
O\RWaS\T]`QSRObbVS@<1

7[[SRWObSZg`SOQV]cbb]T]`[S`@<11VOW`[S\b] >cbT]`eO`RbVSµ5]]R5]dS`\O\QS¶`Sa]ZcbW]\b]
aQVSRcZSQ]\TS`S\QSQOZZaO\R[SSbW\Uab]UOW\ORdWQS bVS3fSQcbWdS1][[WbbSST]`RSPObSO\R^OaaOUS
O\RQ]c\aSZ@SUcZO`Q]\TS`S\QSQOZZaeWbVT]`[S`
1VOW`[S\eWZZPS^O`b]T[g`]cbW\SbV`]cUV]cb[g
bS\c`S
;SSb1OZZeWbV@S^cPZWQO\:SORS`aVW^)AS\ObS
;W\]`Wbg:SORS`;Q1]\\SZZA^SOYS`0]SV\S`)
<@A11VOW`[O\1]`\g\)<@111VOW`[O\
ASaaW]\a)@5/1VOW`[O\>S``g)^`]a^SQbWdS
>`SaWRS\bWOZQO\RWRObSa
3fSQcbWdS1][[WbbSSQOZZO\R@<1@SUW]\OZ
Q]\TS`S\QSQOZZa
;SSb1OZZYSg^]ZWbWQOZZSORS`aeWbVbVSBSO>O`bg
O\RYSgQ]OZWbW]\a

+
 '*#:7O79J?EDFB7D9EDJ$

<?D7D9;0 9EDL;DJ?ED0
>cbW\^ZOQSO4W\O\QS1VOW`[O\O\RPSUW\bVS >S`a]\OZZgQOZZbVS6]ab1][[WbbSSO\RaQVSRcZS
^`]QSaa]T`SQ`cWbW\U@SUW]\OZ1VOW`[S\ OdWaWbb]BO[^O4:

>S`a]\OZZgQOZZObZSOab#;OX]`2]\]`aO\R /aYT]`bVSW[[SRWObS`SaWU\ObW]\]TbVS1=/
PSUW\aQVSRcZW\U[OX]`R]\]`dWaWba1]\RcQb abOTTb]S\ac`SbVSdS`gPSab^S`a]\\SZO`SVW`SR
O\OaaSaa[S\bb]RSdSZ]^bVSPSabab`ObSUgW\
`SUOW\W\UbVSac^^]`b]T[OX]`R]\]`a 0SUW\bVS^`]QSaa]TSdOZcObW\UQO\RWRObSaT]`
1]\dS\bW]\;O\OUS`
<O[SO0cRUSb1][[WbbSS1VOW`[O\O\R[SSb
eWbVbVS@<1B`SOac`S`b]OaaSaaRSPbO\R >cbb]USbVS`ObOaYT]`QS]T@<1;S[PS`a
^Og[S\baQVSRcZSa O\RT]`[S`1]\dS\bW]\[O\OUS`aeV]VOdS
Sf^S`WS\QSeWbVQ]\dS\bW]\a
0SUW\bVS^`]QSaa]T`SW[^ZS[S\bW\UO@SUW]\OZ
4W\O\QS2W`SQb]`^`]U`O[eVWQVWaRSRWQObSRb] 6OdSbVSbOaYT]`QSOcRWbbVS1=/Q]\b`OQba
VSZ^W\UAbObS>O`bWSa`OWaSORRWbW]\OZTc\Ra O\RSf^S\aSa

@SdWSeOZZS[^Z]g[S\bQ]\b`OQbaeWbVW\bVS
4W\O\QS2S^O`b[S\bb]RSbS`[W\SeVObQVO\USa
\SSRb]PS[ORSW[[SRWObSZg

1][^WZSOZWab]TSdS`gdS\R]`X]PO\RUWdSOZZ
dS\R]`a\]bWQSbVOb\]Q]\b`OQbWaOcb][ObWQOZZg
SfbS\RSRAS\R]cbO\@4>O\RW\ab`cQbabOTTbVOb
bVS`S[cabPSO[W\W[c[]T!^`]^]aOZaPST]`SO
Q]\b`OQbWaOeO`RSR

,
 '*#:7O79J?EDFB7D9EDJ$

FEB?J?97B0 9ECCKD?97J?EDI0
7\RS\bWTgO\RVW`SO>]ZWbWQOZ2W`SQb]` 0SUW\bVS^`]QSaa]TWRS\bWTgW\UO\RVW`W\UO
1][[c\WQObW]\a2W`SQb]`
0SUW\bVS^`]QSaa]TVW`W\U@SUW]\OZ>]ZWbWQOZ
2W`SQb]`aW\Q]\acZbObW]\eWbVAbObS>O`bWSa 3\ac`SbVSPOaWQaO`SUSbbW\UR]\S³^`Saa
`SZSOaSaO\R`SaSO`QVW\]^^]aWbW]\b]0O`OQY
<O[SO1VOW`[O\T]`bVS@SRWab`WQbW\U =PO[O¸aZWPS`OZOUS\RO
1][[WbbSSQOZZO[SSbW\UW\EOaVW\Ub]\21
]TQ][[WbbSS[S[PS`abSQV\WQOZSf^S`baO\R 4]Qca]\Oab`]\Uac``]UObSO\RP]]YW\UaV]^
ZOegS`ab]Q]\bW\cS^`S^O`W\UT]`bVS`SRWab`WQbW\U
^`]QSaabV`]cUV]cbbVSQ]c\b`g Ab`ObSUWQO^^SO`O\QSa]\BDeVS`S\SQSaaO`gb]
`SPcWZRbVSP`O\R]TbVS@<1
1]\dS\SO[SSbW\UeWbVbVS@SUW]\OZ>]ZWbWQOZ
2W`SQb]`ab]]PbOW\O^`]^S`OQQ]c\bW\U]T J;9>DEBE=O0
a^SQWOZSZSQbW]\aO\Ra^SQWOZ\SSRa]TAbObS
>O`bWSa 7\WbWObSRSdSZ]^[S\b]TO\Seµ;S[PS`aASQbW]\¶
aSQc`SZ]UW\]\bVS^`W[O`g@<1eSPaWbSb]
4]QcaabOTT]\ZSaa]\aZSO`\SRT`][ PST]`S OQQSaaYSg[ObS`WOZaacQVOa([SSbW\U[W\cbSa
bVSgO`SZ]ab OUS\ROa`SaSO`QVR]Qc[S\baSbQ¬

>cbb]USbVS`ObOaYT]`QS]T@<1;S[PS`aO\R /cRWb]TOZZbSQV\]Z]UWQOZOaaSbaObbVS@<1
T]`[S`>]ZWbWQOZ2W`SQb]`ab]OaaSaa^`W]`WbWSaO\R
ab`cQbc`S AbOTTeWZZ`SaSO`QVOZZ^]bS\bWOZbSQV\]Z]UgT]`
AbObS>O`bWSaO\RSOQV@<1RWdWaW]\

0SUW\Q]\RcQbW\UOµZSaa]\aZSO`\SR¶abcRgeWbV
AbObS>O`bWSaO\RQO\RWRObSa]\caW\UbSQV\]Z]Ug
b]`OWaS[]\SgO\ReW\SZSQbW]\a

-
 Z [ d g G C 8 8 ] V ^g b V c
GZ^cX
Z G C 8 E aV c [ d g K ^X i d g n
I]
  ^c ' % & & V c Y ' % & '
 
E]VhZ>>

.
>OWRT]`Pg@SW\QST]`@<11VOW`[O\1][[WbbSS;O`g0cSab`W\B`SOac`S`
 /#CEDJ>FB7D

KD?JO0 EF;H7J?EDI0
=`UO\WhS@<11]\TS`S\QS1OZZaeWbVAWabS`1][[WbbSS 7[^ZS[S\bO\OcRWb]TOZZQ]\b`OQbaPcWZRW\UeWRSO\R
:SORS`aVW^<@11<@A1SbQb]W\T]`[;S[PS`a]T Q]``Sa^]\RW\U^`]^]aOZa
bVSW`OQbWdWbg;S[PS`aeWZZVOdSO\]^S\Q]\dS`aObW]\
OP]cbQO\RWRObS`SQ`cWb[S\bW\bVSW`abObSa
7[^ZS[S\bOPcRUSbW\U^`]QSaaeVS`SWTU]OZaO`S\]b
[SbbVSPcRUSbWaORXcabSROQQ]`RW\UZgPcWZRW\UeWRS
6]ZR@<1A^`W\U;SSbW\UO\ROZZ]ebW[ST]`;S[PS`a @S]`UO\WhObW]\]T@<1AbOTTb]PS[]`S^`]RcQbWdS
b]W\bS`OQbO\RZSO`\T`][SOQV]bVS`0`W\UW\ `SUO`RW\U[S[PS`O\RabObS^O`bg`SZObW]\aVW^a
Q]\U`SaaW]\OZO\RaS\ObSZSORS`aVW^T]`]^S\O\R
W\T]`[ObWdSZSO`\W\UaSaaW]\;OYSbVS@<1[SSbW\Ua 7\abWbcbSbVS\Se[]RS`\WhSROQQ]c\bW\UagabS[
[S[]`OPZSZSO`\W\USf^S`WS\QSa eVWQVeWZZOZZ]eT]`[]`SST¿QWS\QgO\Rb`O\a^O`S\Qg
>cbb]USbVS`O\ORdWa]`gU`]c^]T@S^cPZWQO\a /ZZQc``S\bO\R\SeS[^Z]gSSaeWZZPSOaYSRb]aWU\O
W\QZcRW\U>Oab1VOW`[O\1O^Wb]Z6WZZO\RBOZYW\U Q]RS]TSbVWQaO\RQ]\¿RS\bWOZWbgeVWQVaVOZZ`S[OW\
6SORa:Sb@<1;S[PS`aVW^Y\]eW\ORdO\QS]T W\STTSQbc^]\O\O^^`]^`WObS^S`W]R]TbW[SOTbS`
ORdWa]`g[SSbW\Uab]OZZ]ebVS[b]PSW\ObbS\RO\QS ZSOdW\U@<1S[^Z]g[S\b
>cbb]USbVS`OaS`WSa]TYSgZSORS`[SSbW\Ua
E@4EB3/>O`bgSbQ7\T]`[@<1;S[PS`aVW^
PST]`SW\dWbW\UOZSORS`T`][bVSW`abObS7\dWbS@<1
;S[PS`aVW^b]ObbS\RbVSaS[SSbW\Ua
=`UO\WhSOb`cZgdOZcSORRSR@<1Ac[[S`;SSbW\U
eWbVW\^cbT`][;S[PS`a
3f^O\R;S[PS`AS`dWQSab]W\QZcRSROWZgQ]\bOQbeWbV
[S[PS`ab]ac`dSg^`]U`SaaO\RW\bS`OQbW]\a

/
 /#CEDJ>FB7D9EDJ$

<?D7D9;0 FEB?J?97B0
;cZbW^ZSO\RT`S_cS\b;OX]`2]\]`Z]eQ]ab¿\O\QS /aaWabbVSAbObS>O`bWSaW\e`WbW\UOO\R  
SdS\babV`]cUV]cbbVSQ]c\b`gO\RW\SOQV`SUW]\ DWQb]`g^ZO\eWbV[SOac`OPZSU]OZaT]``SUWabS`W\U
;OX]`2]\]`1OZZa^S`[]\bVeWbV[SOac`OPZS[]\bVZg d]bS`a72W\Ud]bS`aO\RPcWZRW\Ud]Zc\bSS`POaS
U]OZa`SZSOaSRSOQV[]\bVb]bVS@<10cRUSb
1][[WbbSS;S[PS`a /aaWabbVSAbObS>O`bWSaW\W\WbWObW\UO\RTc\RW\UbVSW`
AbObSDWQb]`gOQQ]c\baE]`YeWbVbVSAbObS>O`bWSaW\
AS\W]`AbOTT;OX]`2]\]`1OZZa^S`[]\bVeWbV e`WbW\UO¿\O\QS^ZO\b]Tc\RbVSW`DWQb]`g^ZO\aBVS
[SOac`OPZS[]\bVZgU]OZa`SZSOaSRSOQV[]\bVb]bVS
@<10cRUSb1][[WbbSS;S[PS`a ^ZO\aeWZZW\QZcRSTc\R`OWaW\U[WZSab]\SaO\RU]OZa
@SUW]\OZ¿\O\QSRW`SQb]`aeWZZVSZ^abObSaW\`SOQVW\U
1ZSO\c^]c`R]\]`ZWaba³^V]\S[OWZO\RS[OWZ bV]aSU]OZa
O\RcaSbVSW\V]caSO\OZgaWabSO[b]O^^ZgbVS
@<1;WQ`]bO`USbW\URObOO\R72RObOb]c^RObSO\R E]`YeWbVAbObS>O`bWSab]PSUW\bVSQO\RWRObS
[OfW[WhS]c`ZWabaBVS@<1VOaa^S\b[WZZW]\a]T `SQ`cWb[S\b^`]QSaa
R]ZZO`ac^RObW\UbVSW`d]bS`ZWabaO\RbVObW\T]`[ObW]\
\SSRab]PSO^^ZWSRb]bVSR]\]`ZWaba 7\WbWObSObV]`]cUV`SdWSe]T5=BDO\R% 6]c`^`]U`O[a
3\ac`SbVS`SWa]\S[OabS`S[OWZZWabbVObR]Sa\]bUSb >cbW\^ZOQSO`]PcabO\RaS`W]ca^]ZWbWQOZSRcQObW]\
QOcUVbc^W\RWdWaW]\Q][^SbWbW]\BVS[OabS`S[OWZ ^`]U`O[eVWQVb`OW\aOQbWdWabaO\RQO[^OWU\O\R
ZWabeWZZPSQ]\b`]ZZSRPgbVS1=AO\R]`VWa]`VS` dWQb]`gabOTT
2S^cbgb][OfW[WhSbVSZWabT]`P]bV`OWaW\U[]\Sg
O\ReW\\W\USZSQbW]\a EW\a^SQWOZO\R]TTgSO`SZSQbW]\aW\9S\bcQYg
;SSbAbObSDWQb]`g¿\O\QSU]OZaeWbVbVSVSZ^]TbVS :]cWaWO\O;WaaWaaW^^W<Se8S`aSgO\RDW`UW\WO
`SUW]\OZ¿\O\QSRW`SQb]`aO\R`Sa]c`QSaT`][bVS@<1 UcPS`\Ob]`WOZO\RZSUWaZObWdS`OQSa
O\RabObS 7[^ZS[S\bOQ]OZWbW]\^ZO\bVObWRS\bW¿SaZSORS`aO\R
CaS`SUW]\OZ¿\O\QSQVOW`[O\b]e]`YeWbV`SUW]\OZ OQbWdWabaT]`SOQVQ]OZWbW]\Bc`\bVSZWaba]dS`b]bVS
¿\O\QSRW`SQb]`O\RabObS^O`bWSab][SSbbVS¿\O\QWOZ AbObS>O`bWSa
U]OZa]TAbObS>O`bWSaO\RbVS@<1

'&
 /#CEDJ>FB7D9EDJ$

9EDL;DJ?ED0 J;9>DEBE=O0
/TbS`abOTTQVO\USaO`S[ORSO\ROQ]\dS\bW]\ 7\dSabW\D]bS`DOcZb]^S\a]c`QSbSQV\]Z]Ug
[O\OUS`WaVW`SR`SQ][[S\ROPcRUSbO\RabOT¿\U
\SSRab]bVS1=/ @S]`UO\WhSbVSbSQV\]Z]Ug`Sa]c`QSaW\]`RS`b]
aS`dWQSOZZRWdWaW]\a]TbVS@<1O\RbVSAbObS>O`bWSa
4]`[OQ][[WbbSS]T@<1;S[PS`aeV]eWZZPS
W\d]ZdSReWbV[OYW\U`SQ][[S\RObW]\ab]bVS1=/ >cbb]USbVS`OQ][[WbbSS]TOZZbSQV\]Z]UgZSORS`a
4]`[ObSQV\]Z]UgbOaYT]`QSb]S\ac`SeScaS W\bVS^O`bgO\RPSg]\R6OdSbVS[^`SaS\bQOaS
bSQV\]Z]UgW\eOgaeS\SdS`VOdSPST]`SOb abcRWSa]T\SebSQV\]Z]UgO\RV]ebVObbSQV\]Z]Ug
1]\dS\bW]\a [OgPScaSRb]eW\SZSQbW]\aBVSQ][[WbbSSeWZZ
/^^]W\b;S[PS`ab]1=/bVObeWZZ[OYSac`SbVS [SSb]\QSO[]\bVW\ 
Q][[WbbSSWa`c\W\O^`]TSaaW]\OZPcaW\SaaZWYS[O\\S` 3f^S`W[S\beWbV\SebSQV\]Z]UgW\bVS SZSQbW]\a
W\]`RS`b]PS^`S^O`SRT]`bVS  >`SaWRS\bWOZ`OQS
9ECCKD?97J?EDI0
1][^ZSbSaSQc`SaSQbW]\]TbVS@<1eSPaWbST]`
2SdSZ]^Oac``]UObS^`]U`O[W\SdS`gabObSb]Q`WbW_cS ;S[PS`ab]]PbOW\W[^]`bO\bW\T]`[ObW]\
bVS=PO[OOR[W\Wab`ObW]\^]ZWQWSaObZ]QOZ5=>QZcPa 1]\bW\cSb]RSdSZ]^VO\RVSZRbSQV\]Z]UWSaO\R
O\R^O`bWSaZ]QOZbOZY`ORW]O\RabObS^`Saa O^^ZWQObW]\ab]W[^`]dSQO\dOaaW\U72^`]U`O[a
B`OW\AbObS>O`bgO\ROZZWSa^`SaaO\RQ][[c\WQObW]\ O\R5=BDSTT]`baOaeSZZOa]dS`OZZQ][[c\WQObW]\a
]T¿QS`ab]PSOPZSb]STTSQbWdSZgRSZWdS`bVS@S^cPZWQO\ ab`ObSUWSa
[SaaOUS
2SdSZ]^`SZObW]\aVW^aeWbVabObSO\RZ]QOZPZ]UaO\R
PZ]UUS`a6OdS`]cbW\SQ]\TS`S\QSQOZZaeWbVPZ]UUS`a
EVS`S\SSRSRVSZ^Sf^O\RQ]\aS`dObWdS]`WS\bSRPZ]Ua
2SdSZ]^OU`Oaa`]]baQ][[c\WQObW]\a`SZOgbSO[
1`SObW\UOagabS[a]U`Oaa`]]baQO\^Oaa]\
@S^cPZWQO\Q][[c\WQObW]\[SaaOUW\U
/bbS\R[OX]`B3/>O`bgO\RQ]OZWbW]\SdS\baeVS`S
O^^`]^`WObSO\RRSdSZ]^]\U]W\UQ][[c\WQObW]\a ''
eWbVbV]aSU`]c^a