Wybrane zagadnienia opiniowania sądowo-informatycznego. Wydanie 2, rozszerzone i uzupełnione

Full text

!
!
!
!
!"#$%&'()!*+'
'
'
'
'
'
,-./"0%'1"2"30$%0$"''
45*6*4,76*7''
8Č39:9;$0<9/=">-#10%29'
!
!
!
!
!
!
,-3"0$%'3/?2$%@'/9181%/190%'$'A9A/":$90%'
!
!
!
!
!
!
!
54B(C*D'+4,7E)F(+t4'*6G4E!7+FH)6D'
"#$%&#"#!'()*!

!
*(I6'JKLMLNMOPLQPMOϵMϵ'
!
!
+,-.-!/-!012ħ/-!234/!56.37.2Č!8,3-/693!80::074!;<7-763!#=/0,4/>-!?@(!+054A-@!!
#1B!<-C0<7-đ!46ħ!<!A0C6Č!56.37.26D!7-53ǏB!0E>63E<6đ!4/,07ħ!F//CGHH.,3-/693.0::074@0,IH!
56.37434H1BH?@(HC5H53I-5.0E3!5=1!>B4ų-đ!564/!E0!8,3-/693!80::074D!J*?!K0>-,E!%/@D!!
J/F!L500,D!%-7!L,-7.64.0D!8-56M0,76-D!N*)(JD!;%#@!
!!
'
HH'IF'!"#$%&'(1=$>'RPQS'
!!
,FT76*D'TEUV*D@'E4)()DE)46D'*'545E7,*46D'
!
!
E%#%01%0#$W'
E,!F-1@!O-.3A!P>0,<3.A6D!C,0M340,!"BǏ4<32!%<A0ųB!+056.26!>!%<.<B/763!
E,!F-1@!Q34<3A!R0,<3760>4A6D!C,0M340,!#A-E3:66!"B.F0>-76-!L6<B.<73I0!>!R,-A0>63!
C5A@!E0.@!+-3EP,@!%-:=35!;F,67D!8%.@!!
S!#A-ET:6-!+056.-27TF0!<10,=D!U,-/645-9-!V%509374A0W!
S!C,0M340,!#A-E3:66!+0:0,4A632!>!%ų=C4A=!
E,!#7E,<32!X63:63.!
!
!
!
C9/%X>"W!P0,0/-!&BI:=7/!!
'
!
!
,-3":#"W''
54B(C*D'+4,7E)F(+,4'*6G4E!7+FH)6D'
()S((?!"-,4<->-D!-5@!%056E-,70Ƒ.6!Y'#H!J!
/35@!Z*Y!''!Y?Y!*[!(J!
3S:-65G!C/6\C/6@0,I@C5!
>>>@C/6@0,I@C5'
'
T/?X'$'9A/":"W''
DB5*B'
(YS))(!%63E5.3D!=5@!#,/B53,B24A-!))!!
/35@!нϰϴ'J!]*?!]J!J)!
3S:-65G!67M0\35C65@.0:@C5!

!"#$%&'(Ƒ)#%
%
*+%,-+./)-%%%%%0%
%
,$&ħ"%%%%%1%
!
2% %3(&4+4546#)78(%9/.'98:4/.8#.%'45#%4"#8#4+./)7(;%%%%%22%
!"!## $%&'ų'()*Ƒđ#*+&)&*,'-.%'#'#/',')&'#)'01*-2#####!!#
!"3## 4)526+625'.7'#-'65*Ƒ.&#,&'8)*95:.%)27#/',')&'#'#;25*,:1&#+6'.:#/&28ų28*#####!<#
!"<## =$:9.:+(&):#+*;*95*-2>#'#1('9:?&1'.72#,:9.:+(&)#)'01*-:.@#####!A#
#
<% *"#8#4+./)7.%'45.%#8=4'>.&-:#%%%%%<?%
3"!## 4)?*6;'5:1'#9Č,*-'######3B#
3"3## 4)?*6;'5:1#7'1*#6%2.%*%)'-.'C#,*6',.'#&#'0,:5*6######3A#
3"<## D*7ħ.&2#/&28ų28*#9Č,*-28*#####<E#
!"#"$% &'()*)+,)*,-%.,-/ų012#####<F%
!"#"!% 3456+,-47,)8*6Ƒđ%.,-/ų-/6#####BG%
3"B## H&28ų:#7'1*#)'6%ħ,%&2#9Č,0#####BI#
!"9"$% &47,)ų%.,-/ų-/6%,*:6;<)(0=)%+%7).-75,-17)*,>%<)(-;,)ų>%
46+646+-/6#####BE%
!"9"!% &47,)ų%.,-/ų-/6%,*:6;<)(0=)%+%5;7-'ų>12)*,>%Ƒ+,)4=?+%,%'(;6*#####IG%
!"9"#% &47,)ų%.,-/ų-/6%,*:6;<)(0=)%+%-='5-;0<-*1,-%5;61-'6+0<%
,%+%6/8ħ47,*)12#####IB%
%
?% 3(&4+-:.%(:$"('&-7-%@%9/.6#%46A58(%%%%%%B2%
<"!## D*95')*-&2)&2#*#%'9&ħ8)&ħ.&0#*+&)&&#####E3#
<"3## J162Ƒ(2)&2#%'16290#&#+6%2,;&*50#*+&)&&#####EB#
<"<## Hųħ,:#-#+:5')&'.@#,*#/&28ų:.@#&)?*6;'5:1K-######FG#
<"B## $*+09%.%'()*Ƒđ#;25*,#&#)'6%ħ,%&#/','-.%:.@#####AG#
<"I## J+&9#.%:))*Ƒ.&#/','-.%:.@#&#&.@#-:)&1K-######AA#
<"E## L*6;0ų*-')&2#-)&*91K-######M!#
<"F### J+&)&'#095)'#&#+6%29ų0.@')&2#/&28ų28*#####MM#


<"A### J+&)&'#ųČ.%)'#####!G<#
<"M## J.2)'#*+&)&&#/&28ų28*C#;25'*+&)&'C#1*)?6*)5'.7'#/&28ų:.@#####!GI#
%
C% *"#8#4/.8#(%/%$"'./.)D%"'7($&ħ"$&/%:4>"9&('4/-)D%%%%%%220%
B"!## N26;&)*(*8&'#####!3B#
B"3## O5'5:95:1&#+6%295ħ+.%*Ƒ.&#1*;+0526*-27#####!<!#
B"<## P&2(28'():#,*95ħ+#,*#,'):.@"#Q65"#3EF#R#!#&#R#<#SS#####!<I#
B"B## P&2(28'():#,*95ħ+#,*#9:952;0"#Q65"#3EF#R#3#SS#####!BA#
B"I## P'609%')&2#&)5286'()*Ƒ.&#,'):.@"#Q65"#3EA#&#'65"#3EA'#SS#####!I!#
B"E## O'/*5'Ǐ#1*;+0526*-:"#Q65"#3EM#SS######!I3#
B"F## P'609%')&2#&)5286'()*Ƒ.&#9:952;0"#Q65"#3EM'#SS#####!I<#
B"A## P&2-ų'Ƒ.&-2#0Ǐ:.&2#06%Č,%2ŷ"#Q65"#3EM/#SS#####!II#
B"M## L'ų9%2695-*#1*;+0526*-2#####!IF#
B"!G# J9%095-*#&#9%1*,)&.5-*#1*;+0526*-2"#Q65"#3AF#SS#####!IA#
#
0% *"#8#4/.8#(%/%#88-)D%$7)7(6A58-)D%'4+7.;.)D%$"'./%%%%%2B?%
I"!# J+&)&*-')&2#-#9+6'-'.@#+6%295ħ+95-#1*)52)5*-:.@#
)'#+6%:1ų',%&2#'65"#3G3#SS#####!E<#
I"3## J+&)&*-')&2#-#9+6'-'.@#,*5:.%Č.:.@#+6*86';K-#1*;+0526*-:.@#####!FF#
I"<## J+&)&*-')&2#-#9+6'-'.@#.:-&():.@#####!AM#
#
E.:4ŷ)7(8#(%%%%%2F1%
%
E.ųČ)78#:G%H4I'(%"'.:&-:#%@%I.+.8#(%+-$:9%&/.'+(64%%%%%<J2%
#
K#I5#46'.=#.%%%%%<J0%
P*6;:#&#95'),'6,:####33!#
O56*):#---#####333#
T:1'%#+*-*ų:-'):.@#*6%2.%2ŷ## # # ## 3 3 < #
#
,-:.7%$:'A&A/%%%%%<<F%
Q15:#+6'-)2#####33M#
4))2#916K5:#####3<3#
#

!"#$%&$'()#ŷ*+&%!(
(
"#"$%&'($)*"+,Ƒđ%&'(*-#(#đ%.%/#ŷ01.#%'ħ2*%&3*'.0(Č%-03ČǏ-ħ%(%2$-45%.$6#.7
+32(*8,% /,40-3*8,% 9,.#'($01.#% :+;,'"#1$2(+*8,% !"#$"%&'()*+, -)#., /)'()%0
)1+2(32,45-<%
% =*4*"% 2$-45% )*01% &'(*601#.3*+3*% 1'*Ƒ23% ",8Č2$2>% (#3+1*'*0,.#đ%(#'?.+,%
,0,@$%(#)"5)Č2*%03ħ%(#.,6,.,%3+;,'"#1$-Č!%)#-%3%1$2>%(%/#ŷ01.#!%-1?'($%.%0.,)*)%
&'#2$%01$-#)Č%03ħ%(%(#8#6+3*+3#"3%3%&',@4*"#"3%(.3Č(#+$"3%(%3+;,'"#1$-Č<%
%A51,'*"%&3*'.0(*8,%1,"5%(%2$-45%!"#$"%&'()*+,-)#.,/)'()%)1+2(32,45-!)*01%
'(*2(,(+#.2#%:(@$%B(*2(,(+#.2?.%/9:!%6'%C#23*)%D("31<%C,+,8'#;3#%&,Ƒ.3ħ2,+#%
)*01%1*"#1$2*%(.3Č(#+*)%(%,&3+3,6#.2(Č%',4Č%3+;,'"#1$-3%'*#43(,.#+*)%+#%&,1'(*@$%
.$"3#'5% 0&'#.3*643.,Ƒ23<%D&*2)#4301$2(+#%.3*6(#%3% 5"3*)ħ1+,Ƒđ%.0&?ų&'#2$%@3*7
8ų*8,%(%0Č6*"%)*01%.3*4,-',1+3*%+3*,6ųČ2(+$"%*4*"*+1*"%&'#.36ų,.,%&'(*&',7
.#6(,+*8,%&'(*.,65%0Č6,.*8,<%/,($2)#%1#%"#%(#%(#6#+3*%&'($@43Ǐ$đ%=($1*4+3-,.3%
(#8#6+3*+3#% 6,1$2(Č2*% &'#2$% @3*8ų*8,% 3+;,'"#1$-#% ,'#(% 0&*2$;3-3% ,&3+3,.#+3#%
0&'#.%.%,@0(#'(*%3+;,'"#1$-3%0Č6,.*)<%
% E#&'#0(#"$%6,%4*-15'$% +3+3*)0(*8,%,'#(%-,4*)+$2>%1,"?.%(%0*'33%!"#$"%&'()*+,
-)#.,/)'()%)1+2(32,45-<%
%%
%
%
%
%
%%%C#'3#+%F,8#% % % % % % % % % % 9,"#0(%D(#1-,.0-3%
!!!!!!!
!!!!"#$%$&!!! ! ! ! ! ! !!!!!!!!!!!!!!! ! '(#$)*+#!,%-(!.%$/%+%012/32!
"+4&)5$6+!7+21#%(&*21!,08+#91*(/%0$6+!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !"+4&)5$6+!7+21#%(&*21!,08+#91*(/%0$6+!
%
%
!

%

!"#ħ$%


!"#$%&'()*+,-.-' /$'(01'2$03".-*+'()*+,-.4'()5)."16,-.7*&-'-'89#)($79#7:
,-7'-,;"917*&-<'"97#'-*+'8"$3#)*+,)'#73("3"$7,-)'$'Č0*-6'38"Ù)*#,01'-'=":
38">79*#01'3897$-7?'Č)'#79%$,"'$'897.(0*)'="38">79*#)&?'&7.'-'$'7>1-,-:
3(97*&-'87Ú3($"$)&''-'$'$01-79#)'3897$-)>5-$"ï*-'*"97#'*#¿ï*-)&'8"&7$-7'3-¿'
8"(9#)@7'$0."9#03(7,-7'@-)=Ù0*+'A'"3%@'3Ù6Č*0*+'">8"$-)>,-1'"9=7,"1'
3$"&'$-)>#' -' ;7*+"$01-' 61-)&¿(,"ï*-71-B' !"57' @-)=Ù0*+' $)' $38%Ù*#):
3,01'8"3(¿8"$7,-6'3>"$01'&)3('(96>,7'>"'89#)*),-),-7?'&)>,"*#)ï,-)',-)'
*-)3#'3-¿'",-'A'"=%5,-)'9#)*#'6&16&*'A',7&5)83#'"8-,-B'C79%$,"'-,;"917*&)'
8973"$)?'&7.'-'5-()97(697';7*+"$7?'8"963#7&*'()17(0.¿'@-)=Ù0*+?'*#¿3("'8":
.7#6&'89#0.Ù7>0'97Č*0*+'@Ù¿>%$?'*#0'$9¿*#'87("5"=--'$'"8-,-"$7,-6DB''

D'E"(0*#0'("'$'#737>#-)'@-)=Ù0*+'$3#03(.-*+'38)*&75,"ï*-B'E57'89#0.Ù7>6'.-5.7'*0(7(%$F'
9 2C)=79).'"'$79("ï*-'".B'GH'HHH'#Ù'@-)=Ù0'$0*),-Ù',7'.$"(¿'IJJH'#Ù'/K<B'L-)=Ù0'$0&7:
ï,-Ù?'Č)'#)=79).'$0*),-7'>96=-'97#'$'Č0*-6?'&)3('@"$-)1'@-)=Ù01'">'$0*),0',-)96:
*+"1"ï*-'"97#?'Č)'89#0&Ù'#7Ù"Č),-)?'Č)' #)=79).'&)3('.97>#-",04'/#"@B'MB'N6*+)*.7:
O79,7*.7F'!"#$Ù%& '()*%&+&,-+*"(Ù)*%&*%."/& ,)'0¿,)*+."+&'()*#$)?'+((8FPP$$$B9"#:
$-#0$7,-)38"9%$B85PGHDQPDGPGHP@-)=50:37>"$0:7:897$->5"$0:$0,-.:8"3()8"$'
7,-7:37>"$)="<R'
9 2N).*&¿' #$Ù".' ";-790' ï1-)9()5,)="' 8"@-*-7' 3-).-)9' #5)*","' 5).79#"$-' 38)*&75-ï*-)'
7,)3()#&"5"=--B'S'(97.*-)'3).*&-'@-)=Ù0'>"3#)>Ù'&)>,7.'>"'$,-"3.6?'-Č',-)'8"97>#-'3":
@-)'#'"8-3)1'5-*#,0*+'97,'9@7,0*+',7'=Ù"$-)'/BBB<B'C'$Ù73,)&'$-¿*'-,-*&7(0$0'">*-Ù'
=Ù"$¿?' .(%97' #"3(7Ù7' >"3(79*#",7' @)#' 8"3(7,"$-),-7' 89".697(690' >"' ,73#)="' C7:
.Ù7>6'$'$-7>)9.6'89#)#' 897*"$,-.7' ;-910' 8"=9#)@"$)&' /BBB<B' T9"@5)1' ,-)' >"' 9"#:
3(9#0=,-¿*-7'(0*#0Ù'8"89#)>#7&*)="'#7>7,-)'97,'=Ù"$0'>Ù7$-),-7?'=>0Č'#'8"$">6'
&)&'">*-¿*-7',7'$03"."ï*-'8"Ù"$0'3#0-'@7>7,-)'()="'9)&",6'#"3(7Ù"'6,-)1"Č5-$-",)4'
/#"@B'UB'V6,#F'!Ù(&*&),"."+12&'()*)34#/+-'/"12&*&',-+*+12&,-5#'0¿,'0*&,-5#1"*/)&5(-)3
*"6&"&Č%1"6?'V7()>97'W)>0*0,0'N>"$)&'X"55)=-61'W)>-*61'YU?'V97.%$'DIII?'3B'QJ<R'
9 2S',"91-)'#'DIZJ'9B?',7'.(%9'8"$"Ù6&)'3-¿'@-)=Ù0?'-3(,-)&'-,;"917*&)?'.(%90*+',-)'
38"3%@' 89#)Ù"Č0°',7'$38%Ù*#)3,)' 879.-)*-793($"B' ["9175-#7*&7' #7' *#73%$' T!\:6'
1-7Ù7'*+797.()9' ,"9175-#7*&-'87Ú3($"$)&?'7'T"53.-)' ["910'/T[<'"97#',"910'@97,:
Č"$)'/L[<'@0Ù0'"@"$-#."$01-',"9171-'-'8)Ù,-Ù0'9"5¿'89#)8-3%$B'U)>,7.'">'DII]'9B'
!

!"#$%&'()*$+'
!

U6Č'371"'("'&)3('$03(79*#7&*01'63897$-)>5-$-),-)1'>57' 8">&¿*-7'()17:
(0.-'"8-,-"$7,-7'3>"$)="'#'#7.9)36'-,;"917(0.-?'(01'@79>#-)&?'Č)'$ï9%>'3(":
36,."$"'$-)56'8"#0*&-'8"ï$-¿*",0*+'1)(">0."1'897*0'@-)=Ù0*+G'-'8"3#*#):
=%5,01' ()*+,-."1' .901-,75-3(0*#,01 Q'?' 3("36,."$"' 17Ù"' &)3(' 17()9-7Ù6'
>"(0*#*)="' "8-,-"$7,-7' 89#)#' @-)=Ù0*+' -,;"917(0.%$?' $0>7,)="' $' &¿:
#0.6'8"53.-1'-'">,"3#*)="'3-¿'>"'9)75-%$' 8"53.-)="' 303()16'897$,)="]B'

$3#03(.-)',"910'@97,Č"$)'89#)3(7Ù0'"@"$-#0$7°'-'#"3(7Ù0'89#),-)3-",)'>"'79:
*+-$61B' ^' (7.-*+' 6$796,."$7,-7*+' 897$,0*+' @-)=Ù0' 8"$-,-),' $-)>#-)°''
-'$'#$-#.6'#'(01',-)'8"$-,-),'"8-)97°'3-¿',7',"917(0$7*+?'.(%9)',-) '-3(,-)&4'/#"@B'
WB'V6*#0Ú3.7:X-*+"*.7F'!"#$Ù%7& +4#&15%&.+& ,#*.)&',#18+4"'0+?'2T9";)3&",75,0' 879.-)(4'
QPGHH_<?' +((8FPP()97#1)>-7B,7#$7B85P8879.-)(P-,>)`B8+8a"8(-",b*"1c*",(),(d(73.'
be-)$d->bQJ<B'
^8-,-)'-,;"917(0*#,)',-)'">@-)=7&'">'()="'316(,)="'3(7,>79>6F'
9 2W-7Ù)1'".7#&¿'$03Ù6*+7°'$0.Ù7>6'@-)=Ù)="' 3>"$)="' #' >#-)>#-,0'-,;"917(0.-B'
T9#0#,71?'Č)' $Ù"3' 1-' 3-¿'#&)Č0Ù',7'=Ù"$-)B'T7,' @-)=Ù0' "8-37Ù' 38"3%@?'$'&7.-' A' ,7'
#5)*),-)'89".697("97'A'#7@)#8-)*#7Ù'>"$">0?'$'("*#*01'3-¿'89#)>'3>)1'8"3(¿8":
$7,-6'/BBB<B'Y*#)3(,-*0'.",;)9),*&-'63Ù03#)5-'7,)=>"(¿?'&7.'("'.-)>0ï'3$"-1'ï96@".9¿:
()1?'9#)*#",0'@-)=Ù0'>"89"$7>#-Ù'>"'3875),-7'($79>)="'>03.6',"'-' >"$">0'89#):
3(¿83($7' 89#)87>Ù04' /#"@B' TB'S7=5"$3.-F'9.(& 86'0"1#& :)-& +44& ()0& 1);?' +((8FPP897$"B'
e7=57B85P,">)PG_f_<B'
U7."'87("5"=-*#,)',75)Č0'"*),-°'9%$,-)Č'30(67*&)'8"$"Ù0$7,-7',7>1-79"$)&'5-*#@0'@-)=Ù0*+B'
S'3$"&)&'897*0'!03#79>'C7+"93.-'$38"1-,7'"'(9$7&*01'I'57('8"3(¿8"$7,-6'3>"$01'89#)#'
.(%9)'89#)$-,¿Ù"'3-¿'>#-)$-¿*-6'@-)=Ù0*+'-'9#)*#"#,7$*%$'/!B'C7+"93.-F'<#0)(%/+&,-+1%&="#3
$Ù#$)&'()*#$)>&?#/).'0-6/18+&*%,+(/6&(-)$)*#$)?'E-;-,?'S793#7$7'GHDH?'3B'QH<B'
G'[8B'VB'g-*+3(7)>(?'TB' h7Ù)*.-?' MB' E)8."F'<#0)(%/+& ,-+1%& ="#$Ù#$)& ,'%12"+0-%7&,'%12)4)$+& )-+5&
'#/'6)4)$+&*&',-+*+12&/+-.%12?'\)`-3[)`-3?'S793#7$7'GHDGR'UB'S%&*-.-)$-*#F'@/',#-0%5+&'()*+?'
C7.710*#)?'V97.%$'GHHGR'!B'C7*+"93.-F&<#0)(%/+&,-+1%BBB?'"8B'*-(B''
Q'[8B'OB'i7,763).F'A-%;".+4"'0%/+&B&5+-%'&*%/Ù+(6?'C7.710*#)?'V97.%$'GHHfR'NB'V"#>9"$3.-F'
A-%;".+4"'0%/+>&C%=-+.#&5+$+(."#."+?'[SNT?'L-7Ù03(".'GHDGR'gB'h96#7?'WB'h"*?'UB'W"3#*#0Ú3.-F'
A-%;".+4"'0%/+&B&15%4"&-5#15&)&;#0)(+12&ï4#(15%12?'ST-M?'S793#7$7'GHH_R'UB'S%&*-.-)$-*#F'D#;"(+&
.+(&;"/-)'/),#;?'O[^-V?'O"96Ú'GHHIB'
]'N#*#)=%5,-)'*),,01'$0&(.-)1'&)3('3)9-7'17()9-7Ù%$'.",;)9),*&-'O)*+,-*#,)'M38).(0'T9#):
3(¿8*#"ï*-' O)5)-,;"917(0*#,)&' "9=7,-#"$7,)&' 9".9"*#,-)' 89#)#' S0Č3#'N#."Ù¿'T"5-*&-''
$'N#*#0(,-)'/#"@B',8BF'MB'W-3-6.?'TB'X-3#).?'UB'V"3-Ú3.-F'E-5#'0¿,15)ï°&0#4#".:)-;+0%15.+F&GH&'#3
;".+-"6;& .+6/)*#F& ;+0#-"+Ù%& '#;".+-%8.#?' 8">' 9)>B' UB' V"3-Ú3.-)="?' S0Č3#7' N#."Ù7' T"5-*&-?'
N#*#0(,"'GHHQR' UB' V"3-Ú3.-F' E-5#'0¿,15)ï°& 0#4#".:)-;+0%15.+F&GHH& '#;".+-"6;&.+6/)*#F&;+0#-"+Ù%&
'#;".+-%8.#?'8">'9)>B'UB'V"3-Ú3.-)="?'S0Č3#7'N#."Ù7'T"5-*&-?'N#*#0(,"'GHH]R' UB'V"3-Ú3.-F'E-5#3
'0¿,15)ï°&0#4#".:)-;+0%15.+F&GHHH&'#;".+-"6;&.+6/)*#F&;+0#-"+Ù%&'#;".+-%8.#?' 8">' 9)>B' UB' V"3-Ú:
3.-)="?'S0Č3#7'N#."Ù7'T"5-*&-?'N#*#0(,"'GHHfR'UB' V"3-Ú3.-F'E-5#'0¿,15)ï°& 0#4#".:)-;+0%15.+F& HI&
'#;".+-"6;& .+6/)*#F& ;+0#-"+Ù%& '#;".+-%8.#?' 8">' 9)>B' UB' V"3-Ú3.-)="?' S0Č3#7' N#."Ù7' T"5-*&-?'
"

"#$%&'(!)&*&+',(',&!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!"04ħ.'

[-)' 1"Č,7' ,-)3()(0' #789#)*#0°?' Č)' -' $ï9%>' "8-,--' @-)=Ù0*+' -,;"917(0.%$'
#>79#7&'3-¿'A'-'("'#@0('*#¿3("'A'"8-,-)'"'97Č*"',-3.-)&'&7."ï*-'1)90("90*#,)&?'
&7.'9%$,-)Č'"8-,-)'@6>#*)'$(85-$"ï*-';"9175,)B'[-3.7' &7."ï°'"8-,--?' &7.'
9%$,-)Č'#Ù7'$38%Ù897*7'@-)=Ù0*+'#'"9=7,71-'$01-796'3897$-)>5-$"ï*-?'3'
&)>,01-'#'8"$">%$'89"@5)1%$'$'897*0'3>%$'-'89".697(69'89"$7>#*0*+'
1B-,B'>"' #7("9%$' $'>0,71-*)'89"$7>#),-7'8"3(¿8"$7Ú'&6903>0.*0&,0*+?'
*"'$'.",3).$),*&-'89#).Ù7>7'3-¿'8)&"97(0$,-)',7'&7."ï°'Č0*-7'-'@)#8-)*#)Ú:
3($"'87Ú3($7B''
X)5)1'89#)89"$7>#",)&'89#)#'76("97'7,75-#0'#7=7>,-)Ú'"8-,-"$7,-7'3:
>"$":-,;"917(0*#,)="'&)3('68"9#>."$7,-)'8)$,0*+'.$)3(--'#$-#7,0*+''
#' $03(¿8"$7,-)1' -,;"917(0.%$' $' 9"5-' @-)=Ù0*+' 3>"$0*+?' 17&*0*+'
$8Ù0$',7'8"&7$-7&*)'3-¿',-3.-)'"*),0'()&'897*0'"97#'$0897*"$7,-)'$,-":
3.%$'#1-)9#7&*0*+'>"'8"897$0'()&'&7."ï*-B'
M6("9'17',7>#-)&¿?'Č)'1","=97;-7?'$'*+"*-7Č@0',-)$-)5.-1'3("8,-6?'$08)Ù,-'
56.¿',7'.97&"$01'90,.6'$0>7$,-*#01?'$'#7.9)3-)'8"963#7,)&' 89"@5)17(0.-''
-'3(7,"$-°'@¿>#-)'#7*+¿(¿'>"'8">&¿*-7'>753#0*+'897*'#'()="'#7.9)36B''
T9#)8-30' "' @-)=Ù0*+' 3' 9"#89"3#",)' $' .-5.6>#-)3-¿*-6' 9%Č,0*+' 7.(7*+'
897$,0*+R'38"3%@'$0.",0$7,-7'89#)#'@-)=Ù0*+'3$"-*+'"@"$-#.%$'#75)Č0'
">' 9">#7&6' 8"3(¿8"$7,-7?' $' .(%901' $03(¿86&B' j,,)' #737>0' 9)=656&'@":
$-)1'897*¿'@-)=Ù)="'$'8"3(¿8"$7,-6'.79,01'/7'$'&)="'9717*+'-,7*#)&'$0:
=5>7'897*7'@-)=Ù)="'$'8"3(¿8"$7,-6'89#0="("$7$*#01?'7'-,7*#)&'$'8"3(¿:
8"$7,-6'3>"$01' $' 3897$-)'.79,)&<?' -,,)'A' $'8"3(¿8"$7,-6'*0$-5,01?''
7' &)3#*#)' -,,)' A' $' 8"3(¿8"$7,-6' 7>1-,-3(97*0&,01B' S79("' 8">.9)ï5-°?' Č)'
"89%*#' 3710*+' 89#)8-3%$' >6Č'9"5¿' ">=90$7' -*+' $0.Ù7>,-7' -' 897.(0.7'

N#*#0(,"'GHHJR'UB'V"3-Ú3.-F'E-5#'0¿,15)ï°&0#4#".:)-;+0%15.+F&I&'#;".+-"6;&.+6/)*#F&;+0#-"+Ù%&'#3
;".+-%8.#?'8">'9)>B'UB'V"3-Ú3.-)="?'S0Č3#7'N#."Ù7'T"5-*&-?'N#*#0(,"'GHHZR'UB'V"3-Ú3.-?' UB'N#7:
;97Ú3.-F'E-5#'0¿,15)ï°&0#4#".:)-;+0%15.+F&IH&'#;".+-"6;&.+6/)*#F&;+0#-"+Ù%&'#;".+-%8.#?'8">'9)>B'
UB'N#7;97Ú3.-)="?' S0Č3#7'N#."Ù7'T"5-*&-?'N#*#0(,"' GHH_R' UB'V"3-Ú3.-F'E-5#'0¿,15)ï°&0#4#".:)-;+3
0%15.+F&IHH&'#;".+-"6;&.+6/)*#F&;+0#-"+Ù%&'#;".+-%8.#?'8">'9)>B'UB'V"3-Ú3.-)="?'S0Č3#7'N#."Ù7'
T"5-*&-?'N#*#0(,"'GHHIB'C'-,,0*+' 897*'8"ï$-¿*",0*+'#7=7>,-),-"1' -,;"917(0.-'3>"$)&'*#0'
ï5)>*#)&'1"Č,7'$01-),-°'8"#0*&)F'TB'k97,."$3.-F'A);,60#-)*"& (#0#/0%*">&JJJ&,)-+(?&W-."1?'
S793#7$7'GHHf'-'WB'N#1-(?'MB'L7$"9"$3.-?'MB'V1-)*-7.?'TB'V9)&#7?'MB'[-)1-)*F'@4#;#.0%&H.3
:)-;+0%/"&K()*#8?'T"53.-)'O"$79#03($"'j,;"917(0*#,)?'S793#7$7'GHDD<B'
#

!"#$%&'()*$+'
!

"9#)*#,-*#7f'? ' 7 ' ( 7 . Č)'897.(0.7' $38%Ù897*0'"9=7,%$' $01-796' 3897$-)>5-:
$"ï*-' #' @-)=Ù01-B' N(>' ()Č' "3"@7' 8"$"Ù7,7' >"' 8)Ù,-),-7' ;6,.*&-' @-)=Ù)="'
1"Č)'1-)°'89"@5)1'#'&)&';"9175,01'738).()1B'S' 897.(0*)'"8-,-">7$*#)&'
1"Č,7'()Č',-)&)>,".9"(,-)'38"(.7°'3-¿'#'30(67*&71-',-)8"Č>7,01-?'$'(01'
@Ù¿>71-'-'8"10Ù.71-'#)'3(9",0'#79%$,"'@-)=Ù0*+?'&7.'-'$01-796'3897$-):
>5-$"ï*-B'C'()="'8"$">6''$'1","=97;--'#,757#Ù0'3-¿';97=1),(0'8"ï$-¿*",)'
(7.-1'30(67*&"1'&7.F'.$)3(-)'@Ù¿>%$'$'80(7,-7*+'>"'@-)=Ù0*+?'.",(71-,7:
*&-'17()9-7Ù6' >"$">"$)="?'*#0'89"@5)1%$' #'(#$B' ,-)5)=75,01' "89"=97:
1"$7,-)1B'
M6("9' 3)9>)*#,-)' >#-¿.6&)' TBOB' !)*),#),("1' #7' *),,)' 1)90("90*#,)'
6$7=-?'@)#'.(%90*+'8"$3(7,-)'()&'897*0'$'&)&'"@)*,01'.3#(7Ù*-)',-)'@0Ù"@0'
1"Č5-$)B''''''''''''''
'
'
'
'
'

f'N(>'$' 1","=97;--' 3("36,."$"' 5-*#,)' *0(7(0' #' "9#)*#)Ú'3>"$0*+?'89#0' *#01',75)Č0'87:
1-¿(7°?'Č)'$'89#)$7Č7&*)&'$-¿.3#"ï*-'89#087>.%$'A',-)'3'$-Č*)'>57'-,,0*+'3>%$?'&7.:
."5$-).'($"9#'8)$,'897.(0.¿'"9#)*#,-*#B'
$%

!"#$%&'&(&)*+,-$"./01.-2&/0-*0"1&(*"&3*-*&'0/+,$4"
!
!
"#$%&'!(! ()$)Ú!$&*+&,-.%! */0*01)%&+2!3#*/! ,#Ù%.#%.#!40-.! 0,.%.0$)1+(#35!
+(&-.!1&$)1)%.#!,4(#(!,4(#$*/)1.+.#-.!$)%#3!$&*+&,-.%&!#6*,#4/&(!.!0,.%..7!
8(+(#9:-%#!(%)+(#%.#5!(!;1)9.!%)!*/0,.#Ú!*<04')-.(01)%.)!.!*/0,.#Ú!(1.()=
%#3!(!%.'.!0$,01.#$(.)-%0ï+.!,4)1%#3!.!'04)-%#35!')3!0,.%.#!1&$)1)%#!%)!
,0/4(#>&!)$'.%.*/4)+3.!,)Ú*/101#3!?0,.%.#!1!,0*/¿,01)%.)+2!)$'.%.*/4)=
+&3%&+2@!.!1&'.)4;!*,4)1.#$-.10ï+.!A!0,.%.#!*$01#B7!
!
!5! ""6,*0ų0(-&Ƒđ"&3*-*&'0/+,0"0"70'0-*0"-0.2&/$"
C4)$&+&3%.#!1&4:Č%.)!*.¿!+(/#4&!,0$*/)101#!<;%6+3#!%);6.DE!!
9 $#*64&,/&1%! ?0,.*&1)%.#! 4(#+(&1.*/0ï+.5! 0$,01.#$Ċ!%)!
,&/)%.)E!F3)6!3#*/G5!F3)6.!3#*/!*/)%G!./,7@H!!
9 #6*,-)%)+&3%! ?1&3)ï%.)%.#! 4(#+(&1.*/0ï+.5! 0$,01.#$Ċ!%)!
,&/)%.)E!F$-)+(#90G5!F(!3)6.#90!,010$;G!./,7@H!
9 ,4#$&6+&3%I!!?,4(#1.$&1)%.#5! 1%.0*601)%.#! ,0()! ,4:>¿5!
0$,01.#$Ċ!%)!,&/)%.#E!F3)6.!>¿$(.#!$)-*(&!,4(#>.#9!($)4(#ÚG@H!
9 #1)-;)+&3%J!?0+#%.)%.#@!

B!g+.ï-#!4(#+(!;3';3+!0,.%.#!1&60%&1)%#!%)!(-#+#%.#!049)%:1!,401)$(+&+2!,0*/¿,01)%.#!
,4(&90/01)1+(#!?%,7!,406;4)/;4@!>$Ċ!*$:17!
D!K047!%,7E!L7M7!N;+E!!"#$%&'(#)"$*+(,-.¿/(01(2'.101314**+(5)"$)(#*'(&'-.(465!O&$)1%.+/10!KCP5!
O)4*()1)!QRSQH!T7U7!N04(#%.01*6.E!710-.)89( #)"$(1( :';/*'%;'Ú-.8*'5! V.<.%5! O)4*()1)! QRSQ5!!
*7!WW!.!%)*/7!
I!O!$)-*(#3!+(¿ï+.!,4)+&!0':1.0%0!40(4:Č%.#%.#!,0'.¿$(&!$.)9%0(5!,409%0(!.!4#/409%0(7!
K03¿+.#!F<;%6+3)!,4#$&6+&3%)G!3#*/!/;/)3!40(;'.)%#!/)65!Č#!%);6)!;'0Č-.1.)!,401)$(#%.#!40(=
1)Č)Ú!$0/&+(+&+2!,4(&*(Ù&+2!-;>!,4(#*(Ù&+2! ()+201)Ú!,4(#$'.0/;!>)$)%.)!,0,4(#(!#6*=
/4),0-)+3¿!,0(%)%&+2!4#9;Ù!4($(+&+2!/&'.!()+201)%.)'.!,0()!$0*/¿,%!$0!>)$)%.)!,4:>¿7!
J!X.#6.#$&!':1.!*.¿!0!<;%6+3.!)6*30-09.+(%#3!?1)4/0ï+.;3+#3@7!Y1)-;)+3)!0(%)+()!$0*Ù01%.#!
F064#ï-#%.#!1)4/0ï+.!+(#90ïG5!*(#4(#3!;Č&1)!*.¿!/#90!/#4'.%;!%)!064#ï-#%.#!*&*/#')/&+(%#90!
!!

!"#$%&'()*$+'
!
04)(!A!%.#3)60!$0$)/6010!A!<;%6+3¿!,4)9')/&+(%!?.%*/4;'#%/)-%5! 0$,0=
1.#$Ċ!%)!,&/)%.#E!F+0!%)-#Č&!(40>.°5!)>&!>&Ù0!/)6G@SR7!K0*(+(#9:-%#!<;%6+3#!
%);6.!4#)-.(01)%#!*!1!4)')+2!>)$)Ú!%);601&+2!04)(!09Ù)*()%.)!.+2!1&=
%.6:1SS7!L)$)%.#'!%);601&'!-'#-"(-.6*%.1!3#*/! >)$)%.#!4#)-.(;3+#!+0!%)3=
'%.#3!3#$%!(!<;%6+3.E!
9 /#04#/&+(%5!,0-#9)3+!%)!60%<40%/01)%.;!)6/;)-%.#!<;%6+30=
%;3+&+2!/#04..5!.+2!604&901)%.;!04)(!,4:>.#!60%*/4;01)%.)!%)!.+2!
,0$*/)1.#!%01&+2!,4)1!?/#04..@!%);601&+2H!
9 '#/0$0-09.+(%5! ,0-#9)3+! %)! 40(1.3)%.;! .%*/4;'#%/)4.;'!
>)$)1+(#90!,4(&!/104(#%.;!ï'.)Ù&+2! 2.,0/#(5!.+2!#',.4&+(%!1#=
4&<.6)+3¿5!$0*(;6.1)%.)!*.¿!.*/0/%&+2!('.#%%&+2!.!.+2!1*6)Ċ%.6:15!!
)!/)6Č#!%)!)%)-.(.#!/&+2!('.#%%&+2!04)(!;*/)-)%.;!(1.(6;!.!()-#Č%0=
ï+.!1!>)$)%&+2!(3)1.*6)+25!,40+#*)+2!.!*/4;6/;4)+2H!
9 ,4)6/&+(%5!,0-#9)3+!%)!>;$01.#!'0$#-.!1#4&<.601)%&+2!
#',.4&+(%.#!.!1!60%*#61#%+3.!1$4)Č)%&+2!$0!,4)6/&6.SQ7!!
8/0*01)%.#! '#/0$! %01)/04*6.+2! 3#*/! A! 0! +(&'! 3#*(+(#! >¿$(.#! $)-#3! '01)!!
A!1!0,.%.01)%.;!*$01&'5!+0!$0!()*)$&5!%.#$0,;*(+()-%#5!%)/0'.)*/!1*,0=
')9)%.#!40-.!0,.%.0$)1+(#3! 3#*/!3#$%&'!(!()$)Ú!$&*+&,-.%!*/0*01)%&+2SZ5!
)!3#3!,#Ù%.#%.#!?1&$)1)%.#!0,.%..!.!#6*,#4/&(@!A!()$)%.#'!.+2!,4(#$*/)=
1.+.#-.SW7!
K40+#*!,401)$(#%.)!$010$;!(!0,.%..!>.#9Ù#90!,0$-#9)!,#1%&'!;1)4;%=
601)%.0'5! ()4:1%0! '#/0$0-09.+(%&'5! 3)6! .! <04')-%0,4)1%&'7! [(¿ï°!!

,40+#*;!0+#%&!1)4/0ï+.! +#+2!,4(#$'.0/;! >)$)%.)!(!()*/0*01)%.#'!064#ï-0%&+2! 64&/#4.:1!
/#3Č#!0+#%&7!
SR!X.#!3#*/!60%.#+(%#5!)>&!6)Č$#!>)$)%.#!%);601#!4#)-.(01)Ù0!1*(&*/6.#!<;%6+3#!%);6.7!\!/)6!
%,7!>)$)%.)!0!+2)4)6/#4(#!+(&*/0!,0(%)1+(&'!4#)-.(;3+#!<;%6+3¿!$#*64&,/&1%!?0,.*01@!
'09!>&°!1!09:-#!,0(>)1.0%#!#-#'#%/:1!/#04#/&+(%&+25!%.#'%.#3!$&*+&,-.%)!%);601)5!)>&!
'09Ù)!%.!>&°!';*.!*,#Ù%.)°!1.¿+#3!%.Č!3#$%!(!1&'.#%.0%&+2!<;%6+3.7!
SS!K047!%,7!"7!L0+2#Ú*6.E!<".1#12*)(=#*8'6-9.'."!]1E^!>'#-(Č9%*)(*(*##'('-'&'5!K_\TYV5!N4)6:1!
SJJZ5!*7!BRADQ7!
SQ!`)E! "7! a,)%01.+(E! ?'.101314*%;#'( '3'2'#.9( /61%'-"( /1;#)#*)( #)"$18'41( 8( .'16**( 164)#*;)%&*((
*(;)6;0;)#*)5!O8a.L5!b$&%.)!QRRR5!*7!QRAQS7!
SZ!K0$0>%.#!3)6!()$)%.#'!'#$&+&%&!3#*/!'7.%7!064#ï-#%.#!'#/0$0-09.+(%&+2!()*)$!,401)$(#=
%.)!>)$)Ú!-#6)4*6.+25!+(&!3)6!()$)%.#'!%);6!/#+2%.+(%&+2!3#*/!%,7!0,4)+01&1)%.#!,0,4)1=
%&+2!'#/0$0-09.+(%.#!'#/0$!,0'.)4:1!/#+2%.+(%&+2!,)4)'#/4:1!60%*/4;6+3.!.%Č&%.#4*6.+27!
SW!8/$!/#Č!%)!-.*/)+2!>.#9Ù&+2!'0Č%)!(%)-#Ċ°!*/0*;%6010!+(¿*/0!,4)+01%.6:1!;+(#-%.5!.%*/&=
/;/:1!>)$)1+(&+25!+(&!3#$%0*/#6!>)$)1+(0=40(10301&+27!
!"

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+-8-*,5)'(!9/&%9':-/&',&!%-8,!-.,',-+&/5)(;'

(!/&+2!;1)4;%601)Ú!3#*/!.$#%/&+(%)!(!;1)4;%601)%.)'.!$0/&+(+&'.!$0=
10$;!%);601#905!+(¿ï°!()ï!3#*/!1!*/0*;%6;!$0!%.#90!>)4$(.#3!4#*/4&6+&3%)Sc!
A!(0*/)Ù&!0%#!0':1.0%#!>-.Č#3!1!40($(.)-#!$0/&+(+&'!$0,;*(+()-%0ï+.!'#=
/0$!.!%)4(¿$(.!>)$)1+(&+27!!
!
!58 ""9-%$131$%0+40"/01%&Ƒ+*"'*0)-&:%;+,-$4"70'0-*0"0"<$%&';2*"310+;"7*$)ų$)&"
O!0$%.#*.#%.;!$0!()9)$%.#Ú!$0/&+(+&+2!'#/0$0-09..!%);601#35!.*/0/%&+2!
(!,;%6/;!1.$(#%.)!0,.%.01)%.)5!%)-#Č&!,4(#$#!1*(&*/6.'!,04;*(&°!/#')/!
/104(#%.)! ,4(#(! %);601+:1! $-)! >.#9Ù&+2! ?04)(! $-)! *$:1@! ()-#+#Ú!!
.!64&/#4.:1!'#/0$0-09.+(%&+25!1!0,)4+.;!0!6/:4#!>.#9-.!,:Ċ%.#3!1&$)3!0,.=
%.#!*$01#7!O)4/0!1.#$(.#°5!Č#!+(¿ï°!(!/#90!40$()3;!64&/#4.:1!3#*/!/104(0%)!
1! *,0*:>! )4>./4)-%&7! V-)! ,4(&6Ù)$;5! 1! 1.¿6*(0ï+.! 64)3:1! #;40,#3*6.+25!!
1!/&'!1!K0-*+#5! 1!>)$)%.)+2!$)6/&-0*60,.3%&+2!>)$)!*.¿!+#+2&!.$#%/&<.6)=
+&3%#!0>4)(:1!-.%..!,),.-)4%&+2!?'.%;+3#@!,4(&3';3+!)4>./4)-%.#5!Č#!0>#+%0ï°!
6.-6;!-;>!6.-6;%)*/;!.$#%/&+(%&+2!1)4.)%/:1!+#+2SB!1!')/#4.)-#!61#*/.0%0=
1)%&'!.!,04:1%)1+(&'!1&*/)4+()!$0!,#1%#90!064#ï-#%.)!/0Č*)'0ï+.7!"#*/!
/0!/(17!*/)%$)4$!%;'#4&+(%&!?$0ï1.)$+()-%&@7!!
!\%%#!,0$#3ï+.#! ?/(17! */)%$)4$! 20-.*/&+(%&! -;>! #6*,#4+6.@! 0>01.(;3#!!
1!8/)%)+2!`3#$%0+(0%&+25!O.#-6.#3!L4&/)%..!04)(!64)3)+2!*6)%$&%)1*6.+25!
9$(.#!0,.%.¿!1&$)3#!#6*,#4/!1!0,)4+.;!0!+)Ù0ï+.01!0+#%¿!')/#4.)Ù;!>)=
$)1+(#90SD7!K4(&!,4(&3¿+.;!*/)%$)4$;!%;'#4&+(%#905!;*/)-#%.#!-.+(>&!+#+2!

Sc!")6!3;Č!1*,0'%.)%05!%.#!3#*/!%,7!$0,;*(+()-%#!*/0*01)%.#!1!0,.%.01)%.;!*$01&'!'#/0$!
%01)/04*6.+25!,0%)$/05!.*/%.#3!()6)(&!$010$01#!;%.#'0Č-.1.)3+#!%,7!*/0*01)%.#!2.,%0(&!
)->0! ï40$6:1! +2#'.+(%&+2! -;>! /#+2%.+(%&+2! 1,Ù&1)3+&+2! %)! ,40+#*&! ,*&+2.+(%#! 0*0>&!
,4(#*Ù;+2.1)%#3! )->0! ')3+&+2! %)! +#-;! 60%/40-¿! %.#1.)$0'&+2! 4#)6+3.! 3#3! 049)%.(';!!
1!(1.(6;!(!,4(#*Ù;+2)%.#'!?)4/7!SDS!d!c!;*/7!Q!NKN@7!
SB!O!4:Č%&+2!64)3)+2!0$!I!$0! SD! +#+2! 1*,:-%&+2!?,4(&!+(&'!-.+(>)!'.%;+3.!'0Č#!>&°!'%.#3*()!!
1!,4(&,)$6;!1)4.)%/:1!4()$(.#3!1&*/¿,;3+&+2@7!O!K0-*+#!,4(&3';3#!*.¿!-.+(>¿!SQ!'.%;+3.7!
SD!8(+(#9:Ù01#!.%<04')+3#!%)!/#')/!0>;!*/)%$)4$:1!.!*,04:1!,0'.¿$(&!.+2!(10-#%%.6)'.!()=
1.#4)!)4/&6;Ù!"7!P0*(+(&Ú*6.E!>.)#0)609(*0'#.9@*$)%&*(0)$.931-$1/*&#'&5!FK40>-#'&!N4&'.%)-.*/&6.G!
X4!QBSeQRRI5!*7!SWAQS7!X)!*(+(#9:-%!;1)9¿!()*Ù;9;3#!,4(&/0+(0%&!1!%.'!/#6*/!4#(0-;+3.!QI!#6*=
,#4/:1!$)6/&-0*60,..!?(!a;*/4)-..5!U4)%+3.5!_0-)%$..5!\(4)#-)5!X01#3!`#-)%$..5!8(1)3+)4..5!8(1#+3.5!
f8a5!O¿9.#4!.!O.#-6.#3!L4&/)%..@!;+(#*/%.+(+&+2!1!'.¿$(&%)40$01&'!*#'.%)4.;'!,0ï1.¿+0=
%&'!;3)1%.)%.;!.!.$#%/&<.6)+3.!ï-)$:1!-.%..!,),.-)4%&+2!1! X#g;4.'! ?\(4)#-@!1! SJJc!475! 6/:4(&!
!#

!"#$%&'()*$+'
!
,0/4(#>%#3!$0!.$#%/&<.6)+3.!0*0>&!0,.#4)!*.¿!()(1&+()3!%)!−!'%.#3!-;>!>)4=
$(.#3! *60',-.601)%&+2! −! 0>-.+(#%.)+2! */)/&*/&+(%&+27! O! %)3,40*/*(&'!
,4(&,)$6;5!(%)3+!-.+(>¿!.!,4)1$0,0$0>.#Ú*/10!1&*/,.#%.)!,0*(+(#9:-=
%&+2!1)4.)%/:1!$)%&+2!+#+2!1!,0,;-)+3.!04)(!()6Ù)$)3+!%.#()-#Č%0ï°!1&=
*/¿,01)%.)!,0*(+(#9:-%&+2!1)4.)%/:1!,0*(+(#9:-%&+2!+#+25!'0Č%)!0>-.=
+(&°!,4)1$0,0$0>.#Ú*/10!1&*/,.#%.)!$)%#90! (#*/)1;!1)4.)%/:1!+#+2!
604(&*/)3+!(!6-)*&+(%#90!1(04;!L)&#*)!%)!,4)1$0,0$0>.#Ú*/10! +)Ù60=
1./#!?,4)1$0,0$0>.#Ú*/10!)(/1-.'6*16*@SI5!,0*/¿,01)%.#!/0!3#*/!0$,01.#$=
%.0! '0$&<.601)%#! $-)! >)4$(.#3! (Ù0Č0%&+2! 40(6Ù)$:1! ,4)1$0,0$0>.#Ú=
*/1)!),4.04&+(%#907!!
! h!.-#!0+(&1.ï+.#! %.#! '0Č%)!'.#°!1/,-.10ï+.! +0! $0! ,0,4)1%0ï+.!*)=
'#90! 1(04;! L)&#*)! .! 0>-.+(0%#90! 1! /#%! *,0*:>! ,4)1$0,0$0>.#Ú*/1)!!
)(/1-.'6*16*5!/0!3;Č!,4(&3¿+.#!1)4/0ï+.!94)%.+(%#35!0$!6/:4#3!>.#9Ù&!/1.#4$(.°!
>¿$(.#5!Č#!1&%.6!>)$)%.)!$.)9%0*/&+(%#90!3#*/!,0(&/&1%&5!3#*/!$#+&(3!)4=
>./4)-%5!()ï!/)6!$;Č#!40(>.#Č%0ï+.!$-)!4:Č%&+2!64)3:1!'09!>;$(.°!;()=
*)$%.0%#! 1/,-.10ï+.! '#/0$0-09.+(%#E! -.+(>)! (90$%&+2! 1)4.)%/:1! +#+2!
1&*/)4+()3+&+2!$0!;(%)%.)!')/#4.)Ù;!61#*/.0%01)%#90!()!(90$%&!(!,0=
4:1%)1+(&'!1!3#$%&'!64)3;!'0Č#!>&°!%.#1&*/)4+()3+)!$0!/)6.#90!;(%)=
%.)!1!.%%&'H!,4(&!40(4(;+.#!0$!I!$0!SD!+#+2!'0Č#! 06)()°!*.¿5!Č#!%)1#/!
$1;640/%.#!1.¿6*()!-.+(>)!(90$%0ï+.!%.Č!*/1.#4$(0%)!1!1&%.6;!>)$)%.)!
%.#!>&Ù)>&!1&*/)4+()3+)!$0!;*/)-#%.)!(90$%0ï+.!1#$Ù;9!*/)%$)4$:1!0>0=
1.(;3+&+2!1!.%%&'!64)3;7!C4)$&+&3%.#!3#$%)6!1%.0*6.!(!0,.%..!$)6/&-0=
*60,.3%#3!1&4)Č)%#!*! 1!*,0*:>!*/)%01+(&5! +0!(4#*(/!3#*/!,4(#$'.0/#'!
64&/&6.!1!-./#4)/;4(#SJ7!
! `!$4;9.#3!*/40%&5!F*/)%$)4$!20-.*/&+(%&G!4:1%.#Č!%.#!+240%.!,4(#$!'0Č=
-.1!*6Ù0%%0ï+.!#6*,#4/)!$0!*<04';Ù01)%.)!1%.0*6:1!0!%)$'.#4%&'!?-;>!
%.#$0*()+01)%&'@! */0,%.;! 6)/#904&+(%0ï+.7! C)'5! 9$(.#! 3#*/! /0! '0Č-.1#5!

3#$%0'&ï-%.#!*/1.#4$(.-.5!Č#!>4)6!3#*/!%);601&+2!,0$*/)1!$0!1&')9)%.)5!)>&!1!+#-;!$060%)=
%.)! ,0(&/&1%#3! .$#%/&<.6)+3.! 1! $1:+2! 0>4)()+2! ?,04:1%&1)%#90! ï-)$;! .! 0$>./6.@! .*/%.)Ù)!!
(!9:4&!064#ï-0%)5!'.%.')-%)!-.+(>)!+#+2!+2)4)6/#4&*/&+(%&+2!-.%..!,),.-)4%&+27!
SI!O!/)6.!/#Č!*,0*:>!,.#410/%.#!0>-.+(0%0!-.+(>¿!SQ!'.%;+3.!$-)!,0/4(#>!$)6/&-0*60,..7!
SJ!`0>7!Y7! b4;()5!P7!b0+5! "7!P0*(+(&Ú*6.E!A692*#)3*-.9$)i5! 0,7! +./75!*7!ZZQH! "7!P0*(+(&Ú*6.E(
>.)#0)609i5!0,7!+./7H!"7!O:3+.6.#1.+(E!B$-/'6.9;)i5!0,7!+./75!*7!JW!.!SSI7!
!$

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+-8-*,5)'(!9/&%9':-/&',&!%-8,!-.,',-+&/5)(;'

1*6)()%#!3#*/!,0$)%.#! 1! 0,.%..! .%<04')+3.!0! *10.*/0ï+.QR!!.! +(;Ù0ï+.QS!! / # * / ; !
$.)9%0*/&+(%#90QQ5!3)6!4:1%.#Č!1)4/0ï+.!-.+(>01&+2!,4)1$0,0$0>.#Ú*/1)!
)(/1-.'6*16*!14)(!(!3#90!.%/#4,4#/)+37!C)6.#!,0$#3ï+.#!3#*/!*/0*01)%#!%,7!,4(&!
9#%#/&+(%&+2!>)$)%.)+2!.$#%/&<.6)+&3%&+2!(!1&604(&*/)%.#'!VXaQZ5!9$(.#!
3)60! 1&%.6! >)$)%.)! ,0$)3#! *.¿! ()(1&+()3! .-04)(! 1.)4&90$%0ï+.! ?F*()%*)!
;*/)-#%.)!$)%#3! (90$%0ï+.5!3#Č#-.! /0!%.#! ,0$#34()%&5!)! ,4(&,)$601)!0*0>)!
,0(0*/)1.Ù)!ï-)$! %)!'.#3*+;! ($)4(#%.)!1&%0*.! R5SjGQW!@7!\%/#4,4#/)+3)! /#90!
.-04)(;!'0Č#!%.#!>&°!0+(&1.*/)E!1!-./#4)/;4(#!,4(#$'.0/;!0')1.)!*.¿!$1)!
>Ù¿$&! .%/#4,4#/)+&3%#! (1)%#! 0$,01.#$%.0! F*0<.(')/#'! ,406;4)/04)G!!
.!F*0<.(')/#'!)$106)/)GQc7!80<.(')/!,406;4)/04)!,0-#9)!%)!(.%/#4,4#/01)=
%.;!,01&Č*(#90!($)%.)!1! /#%!*,0*:>5!Č#!,4)1$0,0$0>.#Ú*/105!Č#!,0$#3=
4()%&!3#*/!1.%.#%!1&%0*.!JJ5Jj!?3#*/!1.¿+!%.#')-!,#1%#@5!+0!3#*/!0+(&1.*/&'!
%)$;Č&+.#'!?*()%*)!1.%&!)(/1-.'6*16*!,01.%%)!>&°!-.+(0%)!3)60!.-04)(!*()%*&!
1.%&!)(/6*16*!.!.-04)(;!1.)4&90$%0ï+.!$010$;@7!h$14:+#%.#'!/#90!/06;!40=
(;'01)%.)!3#*/!*0<.(')/!)$106)/)E!3#ï-.!.-04)(!1.)4&90$%0ï+.!$010$;!1&=
%0*(+&!R5Sj!'.)Ù>&!>&°!3#$&%&'!+(&%%.6.#'!,4(#*$()3+&'!0!1.%.#5!/0!
%)-#Č)Ù0>&!*6)()°!()!/0!,4(#*/¿,*/10!+0!/&*.¿+(%!0*0>¿!?)!1.¿+!%,7!1!'.=
-.0%01&'!'.#ï+.#!A!/&*.+!0*:>QB@7!!

QR!810.*/0ï°! ?*,#+&<.+(%0ï°@! /#*/;! $.)9%0*/&+(%#90! 3#*/! */0*;%6.#'! 1&%.6:1! ,4)1$(.1.#!
;3#'%&+2!$0!*;'&!,4)1$(.1.#!;3#'%&+2!.!<)Ù*(&1.#!$0$)/%.+27!
QS![(;Ù0ï°!/#*/;!$.)9%0*/&+(%#90!3#*/!*/0*;%6.#'!1&%.6:1!,4)1$(.1.#!$0$)/%.+2!$0!*;'&!
,4)1$(.1.#!$0$)/%.+2!.!<)Ù*(&1.#!;3#'%&+27!
QQ!\%/#4,4#/)+3)! *10.*/0ï+.! .!+(;Ù0ï+.! /#*/;!$.)9%0*/&+(%#90! '0Č#!%.#! >&°!0+(&1.*/)7!V-)!
,4(&6Ù)$;E!3#ï-.!/#*/!$.)9%0*/&+(%&!')!+(;Ù0ï°!.!*10.*/0ï°!4:1%!JJj!?)!1.¿+!*;>.#6/&1%.#!
*,4)1.)3+!14)Č#%.#!1&*06.#3@5!,4(&!>)$)%.;!SRRR!0*:>5!1!SR!,4(&,)$6)+2!/#*/!$)!1&%.6!
<)Ù*(&1.#!,0(&/&1%&7!"#ï-.!+(¿*/0ï°!1&*/¿,01)%.)!>)$)%#3!+#+2&!1!,0,;-)+3.!3#*/!%.#4:1=
%0'.#4%)!?%,7!,:Ù!,40+#%/)!0*:>!>¿$+&+2!%0*.+.#-)'.!+2040>&@5!/0!-.+(>)!1&%.6:1!<)Ù*(&=
1.#!,0(&/&1%&+2!-;>!<)Ù*(&1.#!%#9)/&1%&+2!'0Č#!>&°!%)!/&-#!$;Č)5!Č#!%)1#/!,0!,0(&=
/&1%&'! ?%#9)/&1%&'@! 1&%.6;! /#*/;! %)$)-! >)4$(.#3! ,4)1$0,0$0>%#! 3#*/5! Č#! >)$)%&!
(.$#%/&<.601)%#90!1)4.)%/;!+#+2&!%.#! ,0*.)$)!?,0*.)$)@! A!,4)1$0,0$0>.#Ú*/10!+)Ù60=
1./#!'0Č#!>&°!'%.#3*(#!%.Č!cRj7!
QZ!`0>7!"7!O:3+.6.#1.+(E!B$-/'6.9;)i5!0,7!+./75!*7!ZDQ!.!%)*/7!
QW!\>.$7!
Qc!`0>7!.>.$75!*7!cBR!.!%)*/7!
QB!h>)!/#!40(;'01)%.)!*!,4(&6Ù)$#'!>Ù¿$;!-09.+(%#90!(1)%#90!()%.#$>&1)%.#'!'.)40=
$)3%0ï+.!?)%97!:)-'(6).'(#'43'%.!>$Ċ!:)-'(6).'(@)33)%9@7!
!%

!"#$%&'()*$+'
!
V-)!>)$)Ú!VXa!,4(&3';3#!*.¿!%)*/¿,;3+#!064#ï-#%.)!.-04)(;!1.)4&90$=
%0ï+.QDE!
9 SASR!A!$01:$!*Ù)>&H!
9 SRASRR!A!$01:$!ï4#$%.H!
9 SRRASRRR!A!$01:$!'0+%&H!
9 ,01&Č#3!SRRR!A!$01:$!>)4$(0!'0+%&7!
h+(&1.ï+.#!()4:1%0! ,01&Č*(#!064#ï-#%.)5!3)6! .!,40901#!1)4/0ï+.!-.+(=
>01#!.-04)(;!1.)4&90$%0ï+.5!')3!+2)4)6/#4!)4>./4)-%&7!
K0$0>%.#!)4>./4)-%.#! ;*/)-)!*.¿!$-)! ,0/4(#>!,0*/¿,01)Ú!0$*(60$01)1=
+(&+2!,40+#%/!;*(+(#4>6;!%)!($401.;5! ,4(&,.*)%&!$0!4:Č%&+2!;*(60$(#Ú!
+.)Ù)!?%,7!;/4)/)!60Ú+(&%&5!;/4)/)!*Ù;+2;!./$7@5!0+(&1.*/&'!3#*/5!Č#!%.#!'0Č%)!
/;!':1.°!0!,40+#%/)+2!-'#-"(-.6*%.1!?*#/%&+2!+(¿ï+.)+2!,03¿+.)!F($401.#G@7!
L.04+!,0$!;1)9¿5!Č#!(%)30'0ï°!)6/;)-%.#!,4(&3¿/#3!'#/0$&6.!,0*/¿,01)%.)!
%.#!';*.!>&°!,01*(#+2%)!?()4:1%0!1ï4:$!*/40%!,0*/¿,01)%.)5!3)6!.!1ï4:$!
,4)1%.6:1@5!1&$)3#!*.¿!>&°!1*6)()%&'!A!+0!%)3'%.#3!(!,010$:1!$&$)6=
/&+(%&+2!A!$06Ù)$%#!.%<04'01)%.#!1!0,.%..!0!,4(&+(&%)+2!/)6.#35!)!%.#!.%%#3!
6)/#904&+(%0ï+.!1%.0*6:17!!
`!0')1.)%!61#*/.!(1.()%)!3#*/!4:1%.#Č!'0Č-.10ï°!()%.Č#%.)!6)/#=
904&+(%0ï+.!1%.0*6:1!,4(#(!0*0>¿!<04';Ù;3+!1%.0*6.!(!>)$)%.)7!X.#=
+2¿°!$0!<04';Ù01)%.)!1%.0*6:1!6)/#904&+(%&+2! 3#*/!40(,01*(#+2%.0%)!
1ï4:$! ,4(#$*/)1.+.#-.! +(¿ï+.! $&*+&,-.%! %);601&+27! `)! %)-#Č+#! $0! $0=
>4#90! */&-;! ;(%)3#! *.¿! *<04';Ù01)%.)! 0*Ù)>.)3+#! 6)/#904&+(%0ï°!1&,0=
1.#$(.!?F3)6!*.¿!1&$)3#G5!F'0Č#!>&°!1!%.#6/:4&+2!,4(&,)$6)+2G!./$7@7!C)6)!
0*/40Č%0ï°!3#*/!0+(&1.ï+.#!1*6)()%)!/)'5!9$(.#!,4(#,401)$(0%#!>)$)%.)!
%.#!$)3!1&%.6:1!3#$%0(%)+(%&+25!1&%.6.!>)$)Ú!(!,4:>&!%.#!$)3!*.¿!;0=
9:-%.°!%)!,0,;-)+3¿5!/)'5!9$(.#!()0>*#4101)%#!,4)1.$Ù010ï+.!')3!+2)=
4)6/#4! 1&Ù+(%.#! */)/&*/&+(%&QI!! . / , 7 H ! % ) / 0 ' . ) * / ! 3 # * / ! % . # , 0 / 4 ( # > % ) ! 1 * ( ¿$(.#!
/)'5!9$(.#!'01)!0!4(#+(&1.*/&'!.!,01/)4()-%&'5!%.#>;$(+&'!1/,-.10ï+.!
1&%.6;!/#*/;!+(&!,0'.)4;7!X#901)%.#!'0Č-.10ï+.!,0(%)%.)!.!*<04';Ù01)%.)!

QD!`0>7!Y7!b4;()5!P7!b0+5!"7!P0*(+(&Ú*6.E!A692*#)3*-.9$)i5!0,7!+./75!*7!cZZ7!
QI!a!1.¿+!1!*(+(#9:-%0ï+.!>)4$(0!+(¿*/0!1!%);6)+2!*,0Ù#+(%&+27!
!&

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+-8-*,5)'(!9/&%9':-/&',&!%-8,!-.,',-+&/5)(;'

($)Ú!,4)1$(.1&+2!'0Č%)!,401)$(.°!/&-60!1&+20$(+!(!()Ù0Č#Ú!*64)3%#90!
4#-)/&1.(';!/#04.0,0(%)1+(#90QJ7!
`$#+&$01)%.#!%)-#Č&!/#Č!40(4:Č%.°!*;>.#6/&1%!?,0$'.0/01@!1.#$(¿!
0!,4)1$(.#5!)!*)'!,4)1$ZR7!O!0,.%.01)%.;!*$010=.%<04')/&+(%&'!*/0=
*;%6010! +(¿*/0! '0Č%)! 1! 60%6-;(3.! ;'.#*(+()°! ($)%.)! ,#1%#5! %,7! F%)!

QJ!V0>4&'! */4#*(+(#%.#'! /)6.#3! ,0*/)1&!* !*<04';Ù01)%.)! ,4(&/0+(0%#! ,4(#(! T7U7! N04(#=
%.01*6.#90E!F?i@!,4)1$)!')!+2)4)6/#4!1(9-¿$%&!.!*.¿!('.#%.)7!K4)1$)! ()1*(#! ()-#Č&! 0$!
$010$:15!'#/0$!.!/#04..!(%)%&+2!%);+#G!?T7U7!N04(#%.01*6.E!710-.)89i5!0,7!+./75!*7!Zc@7!
ZR!C)6!,.*(#!0!/&'!"7!L0+2#Ú*6.E!FO!4(#+(&1.*/0ï+.!Č)$%)!,4)1$)!%.#!3#*/!1(9-¿$%)!?i@7!P:=
1.'&!>01.#'5!Č#!$)%#!($)%.#!3#*/!,4)1$(.1#!$06Ù)$%.#!1/#$&5!6.#$&!/05!+0!0%0!(%)+(&5!3#*/!
/)65!3)6!0%0!(%)+(&7!X,7!($)%.#!kb4('.!/#4)(!1!N4)601.#l!,0*.)$)!,4)1$¿5!3#*/!,4)1$(.1#5!
$06Ù)$%.#!0!/&-#5!0!.-#!1!N4)601.#!4(#+(&1.ï+.#!/#4)(!94('.7!"#*/!,4)1$(.1#!1(9-¿$%.#!<)Ù=
*(&1#!+)Ù6.#'!%.#()-#Č%.#!0$!/#905!+0!3)!)->0!6/060-1.#6!.%%&!0!01&'!94('0+.#!1!N4)601.#!
1.#!.!*$(.7?i@!3#*/!1&%.6.#'!,0'.#*()%.)!$1:+2!+)Ù6.#'!4:Č%&+2! 4(#+(&5! (! 3#$%#3!*/40%&!
,4)1$&5!(!$4;9.#3!%)*(#3!1.#$(&!0!/#3!,4)1$(.#7!"#*/!>01.#'!/)65!Č#!-;$(6)!1.#$()!0!,4)1=
$(.10ï+.!($)Ú!3#*/!()1*(#!-;$(6)5!/0!3#*/!()-#Č%)!0$!-;$(6.+2!,0$'.0/:15!3#*/!1.¿+!A!1!/&'!
*Ù01)!(%)+(#%.;!A!()1*(#!1(9-¿$%)7!X)/0'.)*/!*)')!,4)1$)!($)%.)!%.#!')!(!/!1.#$(!%.+!
1*,:-%#90E!($)%.#! 3#*/!,4)1$(.1#! )->0!<)Ù*(&1#!+)Ù6.#'! %.#()-#Č%.#!0$! /#905!+(&! 6/0ï!/¿!
,4)1$(.10ï°!1(9-¿$%.#!<)Ù*(&10ï°!(%)5!+(&!%.#!(%)7!!
O!%)*(&'! ,4(&6Ù)$(.#5! ()6Ù)$)3+5!Č#! 1! /#3!+21.-.! 4(#+(&1.ï+.#! 94('.!1!N4)601.#5! '0Č#!
$0*60%)-#!*.¿!($)4(&°5!Č#!3#$#%!+(Ù01.#65!%,7!")%5!1.#5!Č#!/)6!3#*/5!)!.%%&5!%,7!N)40-5!%.#!1.#!!
.!*$(.!%)1#/5!Č#!%.#!94('.!/#4)(!1!N4)601.#7!O:1+()*!")%!1.#5!Č#!0$%0ï%#!($)%.#!A!kb4('.!
/#4)(!1!N4)601.#l!A!3#*/!,4)1$(.1#5!)!N)40-!/#90!%.#!1.#7!\+2!1.#$()!3#*/!1.¿+5!3)6!,01.#=
$(.)%05!()-#Č%)!0$!/#905!+(&3!3#*/!1.#$(E!.%)+(#3!':1.+5!3#*/!1(9-¿$%)7!a-#!,4)1$(.10ï°5!
+(&!<)Ù*(&10ï°!/#90!($)%.)!%.#!3#*/!0$!/#90!()-#Č%)7!X)1#/!9$&>&!%.6/!%.#!1.#$(.)Ù5!Č#!94('.!
/#4)(!1!N4)601.#5!/0!9$&>&!/)6!4(#+(&1.ï+.#!>&Ù05!%)*(#!($)%.#!>&Ù0>&!>#(1(9-¿$%.#!,4)1=
$(.1#5! %.#()-#Č%.#! 0$! /#905! +0! ")%! .! N)40-! 0! %.'! 1.#$(7! X)1#/! /)6.#! ($)%.#! 3)6! kT.+(>)!
91.)($!1!$40$(#!'-#+(%#3!3#*/!,0$(.#-%)!,4(#(!SDl5!0!6/:4&+2!%.6/!%.#!1.#5!+(&!*!,4)1$(.1#5!
*!,4)1$(.1#!)->0!<)Ù*(&1#!?i@7!V0!/#3!*)'#3!k1(9-¿$%0ï+.l!$)$(!*.¿!*,401)$(.°!.%%#!4(#=
60'#!,03¿+.)!,4)1$&5!%,7!,03¿+.#!,4)9')/&+(%#5!$.)-#6/&+(%#!.!/&'!,0$0>%#7!O*(&*/6.#!/#!
()>0>0%&!,010Ù;3!*.¿!%)!,#1%#!/4;$%0ï+.!/#+2%.+(%#5!1!()*)$(.#!3#$%)6!1&%.6)3!(#!*+#,=
/&+(%#3!,0*/)1&!+(Ù01.#6)5!6/:4&!1/,.!1!'0Č-.10ï°!,0(%)%.)!+(#9060-1.#67!h1#!/4;$%0ï+.!
/#+2%.+(%#!*!,0(04%#7!X)!,4(&6Ù)$!':1.!*.¿5! Č#! ,01.#$(#%.#!kb4('.!/#4)(!1!N4)601.#l!
'0Č#!>&°!,4)1$(.1#!$(.ï5!)-#!>¿$(.#!<)Ù*(&1#!3;/405!6.#$&!1!N4)601.#!%.#!>¿$(.#!94('.)Ù07!
P:1.!*.¿!/)6Č#5!Č#!%,7!($)%.#!k,)$)l!3#*/!!,4)1$(.1#!1#!U4&>;49;5!)-#!<)Ù*(&1#!1!C)4%01.#5!
6.#$&!,)$)!1!,.#41*(&'!'.#ï+.#5!)!*Ù0Ú+#!ï1.#+.!1!$4;9.'7!8!/0!3#$%)6!%.#,040(;'.#%.)E!
1&*/)4+(&!1*,0'%.)%#!($)%.)!;ï+.ï-.°5!,01.#$(.#°!%,75!Č#!,4(#(!k/#4)(l!40(;'.#'&!S!-.,+)!
SJID!475!90$(.%¿!SR!.!Sc!'.%;/!1.#+(04#'5!)>&!;*;%°!01!4(#60'!1(9-¿$%0ï°7!K4)1$)!3#*/!
>#(1(9-¿$%)!)->0!3#3!%.#!')!?i@G!?"7!L0+2#Ú*6.E!>.1(;):1:1#C8+(A6C.$*(@*31;1@*%;#9(-Ù18#*$(;):1D
:1#C85!K_\TYV5!N4)6:1!SJJW@7!
!'

!"#$%&'()*$+'
!
$&*6;! (%)-#(.0%0! ,-.6! ()1.#4)3+&! (),.*&5! 0! 6/:4&+2! '01)! 1! ,&/)%.;G5!
F60',;/#4!3#*/!;*(60$(0%&G!./$75!%.#,0(0*/)1.)3+#!1/,-.10ï+.!+0!$0!>#(=
1(9-¿$%#90!+2)4)6/#4;!*/1.#4$(0%&+2!<)6/:1ZS7! \%<04')/&+&!')3!(4#*(/!
4)+(#3!*6Ù0%%0ï°!$0!%.#;()*)$%.0%#90!()1&Č)%.)!%.Č!$0!()%.Č)%.)!6)/#90=
4&+(%0ï+.! *10.+2! 1&,01.#$(.7! ")6! ,.*(#! N)(.'.#4(! ")#9#4')%%ZQ!E ! F " ¿(&6!
60%6-;(3.!0,.%.0$)1+(#3!%.#!'0Č#!*/1)4()°!Č)$%&+2!3¿(&601&+2!1/,-.10=
ï+.!+0!$0!/#905!+(&!>.#9Ù&!8*'5!+(&!/#Č5!Č#!>.#9Ù&!3#*/!/&-60!/'8*'#G7!
!
!5= "">6;:+;3(*-;"3&<&:%&/$?"0"2(0:;@*20+4$"';:+;3(*-"-0.2&/;+A""
M0(,04($(#%.#!P.%.*/4)!X);6.!.!8(60-%.+/1)!O&Č*(#90!(!I!*.#4,%.)!QRSS!47!
1!*,4)1.#!0>*()4:1!1.#$(&5!$(.#$(.%!%);6.!.!*(/;6.!04)(!$&*+&,-.%!%);60=
1&+2!.!)4/&*/&+(%&+2!?$)-#3!MhOVX@5!6/:4#!1,401)$(.Ù0!1!K0-*+#!/4:3*/0,=
%.01!6-)*&<.6)+3¿!$&*+&,-.%!%);601&+25!,0'.3)!'.-+(#%.#'!,40>-#')/&6¿!
$&*+&,-.%!,0'0*/01&+2!04)(!$&*+&,-.%!(1.()%&+2!(!1&'.)4#'!*,4)1.#=
$-.10ï+.7!X.#!')!1!%.'!)%.!A!%)3*/)4*(#3!*,0ï4:$!%);6!*$01&+2!A!'#$&=
+&%&!*$01#35!)%.!,*&+2.)/4..!*$01#35!)%.!64&'.%)-.*/&6.5!)%.!64&'.%0-09..7!
M:1%.#Č!40(,04($(#%.#!P.%.*/4)!K4)+&!.!K0-./&6.!8,0Ù#+(%#3!(!QD!61.#/%.)!
QRSR!47! 1! *,4)1.#!6-)*&<.6)+3.! ()10$:1! .!*,#+3)-%0ï+.! %)! ,0/4(#>&!4&%6;!
,4)+&!04)(!3#3!*/0*01)%.)!?$)-#3!MN`\8@!1ï4:$!()10$:1!Fï-#$+(&+2G!1&4:Č=
%.)! 3#$&%.#! ()1:$! FV&4#6/04)! )4#*(/;! ï-#$+(#90e! ()6Ù)$;! 6)4%#90G! ?60$!
SZWJRS@5!()ï!1ï4:$!()10$:1!*$01&+2!$1.#!,0(&+3#!FT#6)4(!A!'#$&+&%)!
*$01)G!?60$! QQSQZD@! 04)(!FV.)9%0*/)! -)>04)/04&3%&! A! -)>04)/04&3%)!$.)=
9%0*/&6)!*$01)G!?60$!QQDQRW@7!!

ZS!h+(&1.ï+.#!%.#!'0Č%)!,0'.%°!'.-+(#%.#'!0'&-%0ï+.!>.#9Ù&+25!+(&!/#Č!.+2!,0$)/%0ï+.!%)!
1,Ù&1&!60%/#6*/01#!?,047!%,7!"7!O:3+.6.#1.+(E!E'2*0)i5!0,7!+./75!*7!QB!.!%)*/7H!"7!N;%(E!FÙ0GH!
0,7!+./7H!`7!P)4#6E!FÙ0(2'09%;#95!O&$)1%.+/10!P#$&+(%#5!N4)6:1!QRRD5!*7!SRS!.!%)*/7@5!%.#=
'%.#3!),4.04&+(%#!()%.Č)%.#!6)/#904&+(%0ï+.!1%.0*6:1!1!0,)4+.;!0!)%/&+&,)+3¿!'0Č-.10ï+.!
,0,#Ù%.#%.)!>Ù¿$;! ,4(#(!0*0>¿!<04';Ù;3+!1%.0*#6!')!+2)4)6/#4!%.#!>)4$(0!;()*)$%.0%#3!
);/0+#%(;4&7!"#ï-.!3;Č!>.#9Ù&!;(%)3#5!Č#!,01.%.#%!,0$64#ï-.°!*;>.#6/&1%&!?,0$'.0/01&@!+2)=
4)6/#4!,401)$(0%#90!>)$)%.)5!/0!%)-#Č&!;+(&%.°!/0!4)+(#3!()!,0'0+!*<04';Ù01)Ú!F($)%.#'!
>.#9Ù#90G5!F>.#9Ù&!$0*(#$Ù!$0!1%.0*6;G5!+(&!F(!>)$)Ú!,4(#,401)$(0%&+2!,4(#(!>.#9Ù#90!1&=
%.6)G!%.Č!A!1Ù)ï+.1&+2!4)+(#3!'01.#!,0/0+(%#3!A!1&4)Č#Ú!F0!.-#!*.¿!%.#!'&-¿G5!F0!.-#!$0>4(#!
(40(;'.)Ù#'G!./$7!
ZQ!N7!")#9#4')%%E!I/*#*18)#*'(-0181D3'$)6-$*'+(JB-'&'(1(.'16**K5!O&$)1%.+/10!,4)1%.+(#5!O)4=
*()1)!SJJS5!*7!SZQASZZ7!
!(

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+-8-*,5)'(!9/&%9':-/&',&!%-8,!-.,',-+&/5)(;'

")6!*.¿!1&$)3#5!,.*(+!0!.%<04')/&+#!*$01#3!?3)6!.!0!.%%&+2!$&*+&,-.%)+2!
*$01&+2@5! %)-#Č&! ()/#'! *,4:>01)°! ,4(#$#! 1*(&*/6.'! ;'.#3*+01.°!3#!
1ï4:$! 4(#+(&1.ï+.#! .*/%.#3+&+2! ?%.#60%.#+(%.#! ;4(¿$010! ()/1.#4$(0=
%&+2ZZ@!%);6!.! $&*+&,-.%!%);601&+27!N4&'.%)-.*/&6)! 1!*,0*:>!0+(&1.*/&!
1.Č#!*.¿!(!%);6)'.!,4)1%&'.5!*/$!/#Č!$;Č!+(¿ï°!%);601+:15!()3';3=
+&+2!*.¿!3#3!()9)$%.#%.)'.5!*/)%01.!,4)1%.+&H! 4:1%.#Č!*/;$.)!?%)3+(¿ï+.#3!
,0$&,-0'01#@!(!()64#*;!64&'.%)-.*/&6.!049)%.(01)%#!*!1!$;Č#3! '.#4(#!
%)!1&$(.)Ù)+2!,4)1)!;%.1#4*&/#/:17!`!$4;9.#3!*/40%&5!0,.%.01)%.#!1!60%=
64#/%&+2! *,4)1)+2! 1&')9)! (%)30'0ï+.! ,0*(+(#9:-%&+2! %);6! ?/#+2%.+(=
%&+25!#60%0'.+(%&+25!'#$&+(%&+2!./$7@!>$Ċ!/#+2%.6!64&'.%)-.*/&+(%&+25!
*/$!/#Č! ()9)$%.#%.)!(1.()%#!(!$.)9%0*/&6! */)%:1!.*/%.#3+&+2!.!;*/)-)=
%.#'!.+2!,4(&+(&%!(!%)/;4&!4(#+(&!'.#*(+(!*.¿!1!0>4¿>.#!,0*(+(#9:-%&+2!
$&*+&,-.%!*(+(#9:Ù01&+2!?.%<04')/&6.5!+2#'..5!1#/#4&%)4..5!'#$&+&%&!./$7@7!
`!/4(#+.#3!14#*(+.#!*/40%&5! ()9)$%.#%.)!(1.()%#!(!()>#(,.#+()%.#'!')/#=
4.)Ù;!$010$01#90!.!3#90!)%)-.(!(1.()%#!*!(!,4)6/&6!,4)+&!,0-.+3.!.!*Ù;Č>!
*,#+3)-%&+25!*/$!/#Č!()9)$%.#%.)!/#90!40$()3;!*!,4(#$'.0/#'!,4)+!*,#+3)=
-.*/:1!(#!*(6:Ù!,0-.+&3%&+2ZW7!!
M0(,04($(#%.#!MhOVX!,0/1.#4$(.Ù0!1,4)1$(.#!.*/%.#%.#!0*0>%#3!$&*=
+&,-.%&!FX);6.!0!>#(,.#+(#Ú*/1.#G5!1,401)$(0%#3!;+21)Ù![#%/4)-%#3!N0=
'.*3.!$0!8,4)1!8/0,%.!.!C&/;Ù:1!(!QI!*/&+(%.)!QRSS!47!('.#%.)3+!;+21)Ù¿!!

ZZ!M0(,04($(#%.#! MhOVX! 1,401)$(.Ù0!(4#*(/!6.-6)!40(1.()Ú!+0!%)3'%.#3!$&*6;*&3=
%&+2!−!%,7!$)!*.¿!1!%.'!(%)-#Ċ°!$&*+&,-.%¿!F>.0+&>#4%#/&6)! .! .%Č&%.#4.)!>.0'#$&+(%)G5!
%.#!')! %)/0'.)*/!+&>#4%#/&6.5!3#*/! $&*+&,-.%)!F>.>-.0-09.)!.!.%<04')/0-09.)G5!,4(&!+(&'!
*Ù01)!F.%<04')/0-09.)G!%.#!')!1!Č)$%&'!*Ù01%.6;!3¿(&6)!,0-*6.#90!A!3#*/!/0!%#0-09.('!
(),0Č&+(0%&5!3)6!*.¿!($)3#5!(!3¿(&6)!+2041)+6.#90!?(0>7!%,7E!*/40%)!9Ù:1%)!+()*0,.*')!F\%=
<04')/0-09.)G5!2//,Eee24+)67*4+#724e.%$#m7,2,n*201o+)*0,.*p.$q+)*0,.*oSQJp-)%9o#%@!./$7!!
X)!*(+(¿ï+.#!40(,04($(#%.#!%.#!094)%.+()!)%.!.*/%.#%.)!3#$%0*/#6!%);601&+25!6/:4#!'09!
()3'01)°!*.¿!%.#1&'.#%.0%&'.!1!%.'!%);6)'.!.!$&*+&,-.%)'.!?%,7!O&$(.)Ù![&>#4%#/&6.!
O03*601#3!a6)$#'..!C#+2%.+(%#35!2//,Eee11171+&71)/7#$;7,-@5!)%.!6.#4;%6:1!.!40$()3:1!
*/;$.:1!?%,7!8/;$.)!K0$&,-0'01#!N4&'.%)-.*/&6.!%)!f%.1#4*&/#+.#!O40+Ù)1*6.'5!2//,Eee!
,0$&,-0'01#7,4)107;%.7140+7,-e;*#4<.-#*e<.-#e8KNjQR,40<qjQR$4jQR2)>jQRSZqRZqQRS!
W7,$<@7!
ZW!`0>7!_7b7!")*+26#E!713*%9&#)(#)"$)(L(/10'&ï%*'('"61/'&-$*'5![YKhT!QRRI5!2//,*Eee1117+#,0-7#;=
40,)7#;e<.-#)$'.%e1#>*./#eM#*#)4+2q8+.#%+#eKbYaK8eKbYaK8q*;'')4&q,0-.*27,$<H! 7'6D
-/'%.*M'-(1@(/13*%'(-%*'#%'(*#(B"61/'H(NB7IO(PQQR5!2//,*Eee1117+#,0-7#;40,)7#;e<.-#)$'.%e1#>=
*./#eM#*#)4+2q8+.#%+#eKbYaK8qU.%)-qM#,04/7,$7!!
!)

!"#$%&'()*$+'
!
1!*,4)1.#!064#ï-#%.)!$(.#$(.%!%);6.!.!$(.#$(.%!*(/;6.!04)(!$&*+&,-.%!%);=
601&+2! .! )4/&*/&+(%&+2! ?$)-#3! f[N88C@5! 6/:4)! /0! $&*+&,-.%)! ()3';3#! *.¿!
61#*/.)'.!(1.()%&'.5!'7.%75!(!<;%6+30%01)%.#'!%.#'.-./)4%&+2!*&*/#':1!
>#(,.#+(#Ú*/1)5!%)/0'.)*/!;'.#3*+01.#%.#!/#3!$&*+&,-.%&!1!0>*()4(#!%);6!
*,0Ù#+(%&+2!>;$(.!,&/)%.#!0!'0Č-.10ï°!40(,)/4&1)%.)!1!.+2!4)')+2!()9)$=
%.#Ú!/#+2%.+(%&+2!?.%Č&%.#4.)!>#(,.#+(#Ú*/1)@Zc7!!
X.#! '0Č%)! (! <)6/;! )$'.%.*/4)+&3%#90! ,4(&,04($601)%.)! $&*+&,-.%&!
%);601#3! $0! 0>*()4;! 1&+.9)°!(>&/!$)-#60!.$+&+2! 1%.0*6:1E! %);6.!!
0!0>40%%0ï+.!4:1%.#Č!(%)3$;3!*.¿!1!0>*()4(#!%);6!*,0Ù#+(%&+25!)!%.6/!,0=
1)Č%.#!%.#!'0Č#!%#901)°!)%.!,4)6/&+(%#90!(%)+(#%.)5!)%.!16Ù)$;5!3)6.!$0!
%);6.!1%0*(!0*.9%.¿+.)!/#+2%.6.!103*601#3ZB7!
h+(&1.ï+.#!/)6.#!<04')-%0=)$'.%.*/4)+&3%#!40(,40*(#%.#!%.#!/104(&!$0=
>4&+2!1)4;%6:1!$0!40(103;!%);6.!)%.!/#+2%.6.5!*/$!/#Č!1!$(.#$(.%.#!.%<04=
')/&6.!*$01#3!?ï-#$+(#3@!,01*/)3#!*/0*;%6010!')Ù0!04&9.%)-%&+2!,0-*6.+2!
,4)+!%);601&+25!3)6!4:1%.#Č!40(1.()Ú!/#+2%.+(%&+2ZD7!

Zc!O!;'.#*(+(#%.;!%);6!0!>#(,.#+(#Ú*/1.#!1!0>*()4(#!%);6!*,0Ù#+(%&+2!'0Č%)!$0,)/4&1)°!
*.¿!4:1%.#Č!)*,#6/:1!,0(&/&1%&+2!?(!,;%6/;!1.$(#%.)!,0$3¿/#3!1!,4)+&!/#')/&6.@7!")6!,.*(#!
T#*(#6!U7!N04(#%.01*6.E!FO)4/0!1!/&'!'.#3*+;!,4(&,0'%.#°!.Č!,4)105!3)60!$&*+&,-.%)!%);=
601)5!(0*/)Ù0! ;*&/;01)%#!1!$(.#$(.%.#!%);6!,4)1%&+2!1!/&'!*)'&'!+0! %);6.! 0! >#(,.#=
+(#Ú*/1.#!0>*()4(#!%);6!*,0Ù#+(%&+27!C0!1&4)Ċ%)!*;9#*/.)!*6.#401)%)!$0!,4(#$*/)1.+.#-.!
%);6!0!>#(,.#+(#Ú*/1.#!04)(!$0!,4(#$*/)1.+.#-.!%);6!,4)1%&+2!0!,0*(;6.1)%.#!1*,:-%&+2!
()64#*:1!,0$'.0/01&+25! ,4(#$'.0/01&+2!.!'#/0$0-09.+(%&+2!1!%010!1&0$4¿>%.0%&'5!
1*,:-%&'!$-)!0>&$1;!$(.#$(.%!0>*()4(#!%);6!*,0Ù#+(%&+2G!?T7U7!N04(#%.01*6.E!5)"$*(1(:';D
/*'%;'Ú-.8*'(L(8/618)0;'#*'(01(/61:3'2).9$*!]1E^!K7![&>;-)E!76)8#'()-/'$.9(:';/*'%;'Ú-.8)(8(4CD
6)%ST(."69-.9$)H(6'$6')%&)H(-/16.5!,0$!4#$7!K7![&>;-.5![hCb!KCCN5!N4)6:1!QRSZ5!*7!QcDAQDQ@7!
ZB!`0>7!%,7E!!O7!+#+2E!F';/'²#1-.#U()-/'$.9(M;0'3VM)#*)(/61@'-*1#V31M(1;:61&'#W%S( -X3(>Y(L(/1SÖ)0(
"²*.'Ö)( -/131²'#-$W%S( M*'0!]1E^!F';/'²#1-õ()(:';/'²#1-.#V(M'0)5! T.,/0r*6s!P.6;-tuE! a6)$v'.)!
0(>403#%s+2!*w-!9#%#4t-)!P7!M7!x/#<t%.6)5!QRRJ5!*7!QSJ=QQW7!!
ZD !O&3/6.#'! ($)3!*.¿!/;!>&°!A!(%)3$;3+#! *.¿!3#$%)6!,0()!0>*()4#'!40(1)Č)Ú!()1)4/&+2!!
1!/#3!'0%094)<..!A!%)4(¿$(.)!$0!60',;/#401#90!1*,0')9)%.)!)%)-.(&!64&'.%)-%#35!6/:4#!*!
,4(#$'.0/#'!>)$)Ú!%)!6.-6;!;+(#-%.)+2!1!K0-*+#!?(0>7!%,7E!!K7![2-#>01.+(T(7'6-/'$.989(89$1D
6;9-.)#*)( )#)3*;9( $692*#)3#'&( 8( /6)$.9%'( /61$"6).16-$*'&5! FK406;4)/;4)! .! K4)10G! X4! DAIeQRSZ5!!
*7!QBZAQDDH!N7![#/%)401.+(5!M7![.¿+.1)5!Y7!X)1)4#+6.5!b7!M03#6E!=#@)M16):3'(F'S)M*16(Z'.'%.*1#(
*#( Y')3( ,1630( >9-.'2-( =-*#4( .S'( ?"3.*)4'#.( >9-.'2H! \%/#--.9#%/! \%<04')/.0%! 8&*/#'*5! QRRc5!!
*7!WSBAWQRH! P7! N0>&-)*E! <#)3*;)( $692*#)3#)( 8( 713-%'+( B813"%&)( 8( $*'6"#$"([\>5! 2//,Eee1117!
60%<#4#%+3)7#*4.7,-e*./#*e$#<);-/e<.-#*eP7N0>&-)*qO8KjQR1jQR8(+(&/%.#7,$<@7!
"*

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+-8-*,5)'(!9/&%9':-/&',&!%-8,!-.,',-+&/5)(;'

M0(1.()%.#!?<;%6+30%;3+#!1!+(¿ï+.!,)Ú*/1!#;40,#3*6.+25!%,7!%)!8Ù01)=
+3.͵ͺ !+(&! 1! [(#+2)+2@5! 1! 6/:4&'! %);6.! ,0-.+&3%#! *! 1&0$4¿>%.0%#! 3)60!
0*0>%)!$&*+&,-.%)!%);601)5!1&$)3#!*.¿!>&°!(!,4)9')/&+(%#90!,;%6/;!1.=
$(#%.)!0!1.#-#!604(&*/%.#3*(#7!
!

ZI!K047!%,7E!y7!K04)$)5!N7!_0-+45!#/!)-7E!713*%'&#X(M»095!y&$7!a-#u!+#%»65!K-(#Ü!QRSSH!"7!P#/#Ü605!
N7! Twu6)E! Y*)0'#*'( 1/'6).XM#9%S( ²*##1-.X5! a6)$v'.)! K0-.+)3%v20! `>04;5! L4)/.*-)r)! QRRZH!!
87!f24w%5!K7!8#-.%9#4E!F';/'²#1-.#U(-Ù"Č:95!z.-.%*6t!;%.r#4(./)5!z.-.%)!QRRZ7!
"!



!"#$%&%'()*+,)"-'.)"%&/'-0)123%""
!
"#$%&!'!()*&)+,%-.&/!*('$)&/!-.,0Č)!+120(0!$*2)*34%5!('4'-.°!1'26
1#Č-%0-%.!+'5%¿(2)!-%5%7!.! 30&/-%4.5%!41)5%-.,%*3)&2-)5%8! 9.:*3.1*2!!
2!()*&)+,%-!*('$)&/! :0*3!'&2)$%ï&%0! 50()&)-.!*('$.;<8!=*+#Ù&20ï-%0!
$ï1#(!>%0?Ù)&/!*('$)&/7!'>'4!50()4#$!*('$)&/@A7!*2&20?#,-!1',¿!2.:6
5B:! +*)&/%.312)! '1.2! 04'-'5%ï&%7! 2$Ù.*2&2.! >%0?,%! *('$%! 2! 2.410*B!!
1.&/B-4'$'ï&% @C!8! =0 ! $ * +# Ù&20*-0:! ,%301.3B120! D.&/'$0:! BČ)$.! *%¿!-.2$!!
()*&)+,%-7! 3.4%&/! :.4! -+8! E! '>'4! $*+'5-%.-0:! :BČ! 50()&)-)! *('$0:!!
E!+*)&/%.31%.!*('$.!&2)!+*)&/','?%.!*('$.8!F)*&)+,%-)!30!2$.-0!*!&2.6
*05!G-.B4.5%!+'5'*3'$)5%H!2!B$.?%!-.!1',¿!Ù&2-%4.7!:.4!+0Ù-%!+'5%¿(2)!
G&2)*3H!()*&)+,%-!.!-.B4.5%!+1.$-)5%8!I$0*3%!&2.*B!:0*37!:.4!*%¿!2(.:07!
+'$*3.-%0! 4',0:-)&/! -.B4! *('$)&/! 1#$-%0Č!$!'>1¿>%0! %--)&/! -.B47!!
$!*2&20?#,-'ï&%!30&/-%&2-)&/!%!*3'*'$.-)&/@J8!!

;<!!K%01$*2.!-.!2%05%.&/!+',*4%&/!%!3120&%.!$!LB1'+%0!I.30(1.!"0()&)-)!M('$0:!+'$'Ù.-.!
2'*3.Ù.!$!CNA@!18!-.!O-%$01*)30&%0!P.?%0,,'Ú*4%5!$!I1.4'$%0!Q2'>8!R8!".104S!!"#$%&'()$*+
#,'-"(*).&.*/%&.%(01*/*+,'2%$02.'3*7!R.4.5)&207!I1.4#$!JAA@7!*8!<T8!
@A!"%.-05!50()4#$!*('$)&/!'410ï,.!*%¿!$!,%301.3B120!,04.12)!'+%-%B:&)&/!$!*+1.$.&/!*6
('$)&/7!20!*+0&:.,-'ï&%!50()&)-.!*('$.7!$!'(1#Č-%0-%B!'(!G4,%-%&)3#$H7!3:8!,04.12)!%--)&/!
*+0&:.,-'ï&%! Q2.:5B:&)&/! *%¿!?Ù#$-%0! ,0&20-%057! .! -%0! '+%-%'$.-%05T8! U(1¿>-)5! +':¿&%05!
Q+1.$-)5T!:0*3! +':¿&%0!,04.12)!*('$)&/7!3:8!,04.12)!$)*3.$%.:&)&/!2.ï$%.(&20-%.!+'3$%016
(2.:&0!2(',-'ï°!.,>'!-%02(',-'ï°!('!*3.$%0-%.!*%¿!-.!$02$.-%0!,B>!2.$%.('5%0-%0!'1?.-B!
B+1.$-%'-0?'!B&20*3-%4#$!+'*3¿+'$.-%.!2!+'$'(B!&/'1'>)8!R'>8!B*3.$.!2!CV!&201$&.!JAAW!18!!
'!,04.12B!*('$)5!Q(.,0:!OXMT8!
@C!9.,0Č)!1'21#Č-%°!+':¿&%.S!>%0?Ù)&/!*('$)&/!2!2.410*B!04'-'5%%!%!:0:!+'*2&20?#,-)&/!(2%06
(2%-!Q>%0?Ù)&/!*('$)&/!2!2.410*B!1.&/B-4'$'ï&%7!>%0?Ù)&/!*('$)&/!2!2.410*B!*2.&B-4B!
-%01B&/'5'ï&%7!>%0?Ù)&/! *('$)&/! 2!2.410*B!5.1403%-?B! %3(8T7!>%0?Ù)&/!10$%(0-3#$8! R'>8!
B*3.$.!'!>%0?Ù)&/!10$%(0-3.&/!%!%&/!*.5'12(2%0!Q(.,0:!OYZ[MT!%!>%0?Ù)&/!*4.1>'$)&/!'1.2!
B*3.$.!2!CW!&201$&.!C<\\!18!'!+'*3¿+'$.-%B!0?204B&):-)5!$!.(5%-%*31.&:%!Q(.,0:!OKL]T8!
@J!9.!+12)4Ù.(!+%01$*2.!$!K',*&0!+1.&'$-%.!&/05%%!*('$0:!+'$*3.Ù.!4%,4.!,.3!305B!-.!=)(2%.,0!
^/05%%!O-%$01*)303B!P.?%0,,'Ú*4%0?'7!/33+S__$$$J8&/05%.8B:80(B8+,_+1.&'$-%.8+/+`%(aCAAVV8!9.!
,%&2-)&/!+',*4%&/!B-%$01*)303.&/!%*3-%0:!*+0&:.,-'ï&%!Q>(Ċ!*3B(%.!+'()+,'5'$0T!'!-.2$%0!G>%','6
!"

!"#$%&'()*$+'

!45""6&/'-0)123)"7Č('*)"
U+1#&2!-.B4! *('$)&/!$)1#Č-%.! *%¿!*2010?!()*&)+,%-!Q30&/-%4T!41)5%-.,%6
*3)&2-)&/8!I1)5%-.,%*3)4.!:0*3!3'!-.B4.!'!3.43)&2-)&/!2.*.(.&/!%!*+'*'>.&/!
'1.2!'!30&/-%&2-)&/!503'(.&/!%!ï1'(4.&/!1'2+'2-.$.-%.7!.!3.4Č0!$)41)$.6
-%.!+1.$-%0!'410ï,'-)&/7!B:05-)&/!2:.$%*4!*+'Ù0&2-)&/7!.!$!*2&20?#,-'ï&%!
+120*3¿+*3$!%!%&/!*+1.$&#$!'1.2!B('$.(-%.-%.!%*3-%0-%.!,B>!>1.4B!2$%24B!
5%¿(2)! '*'>.5%! .! 2(.120-%.5%7! .! 3.4Č0! 2.+'>%0?.-%.! +120*3¿+*3$'5!!
%! %--)5! -%04'12)*3-)57! ,0&2! +1.$-%0! 10,0$.-3-)5! 2:.$%*4'5@;!8! [*3-%0:!
1#Č-0!+'(2%.Ù)!()*&)+,%-!41)5%-.,%*3)&2-)&/S!
9 -.!3.43)4¿!41)5%-.,%*3)&2-7!30&/-%4%!41)5%-.,%*3)&2-07!*31.6
30?%¿!41)5%-.,%*3)&2-!'1.2!503'()4¿!41)5%-.,%*3)&2-@@b!!
9 -.! 3.43)4¿! 41)5%-.,%*3)&2-7! 30&/-%4¿! 41)5%-.,%*3)&2-!!
%!+1'D%,.43)4¿!41)5%-.,%*3)&2-@Vb!
&2)!$10*2&%0!!
9 -.!3.43)4¿7!30&/-%4¿!%!*31.30?%¿!41)5%-.,%*3)&2-@\8!!
K'*2&20?#,-0!30&/-%4%!41)5%-.,%*3)&2-0!3'!-+8S!50&/.-'*4'+%.!Q>.(.6
-%0!ï,.(#$!+'2'*3.$%'-)&/!+1202!-.12¿(2%.T7!(.43),'*4'+%.!Q>.(.-%.!+'6
1#$-.$&20!,%-%%!+.+%,.1-)&/T7! D'-'*4'+%.! Q>.(.-%0!2.+%*#$!(Ċ$%¿4#$T7!
&/0%,'*4'+%.!Q.-.,%2'$.-%0!ï,.(#$!&201$%0-%!$.1?'$0:T7!31.*0','?%.!Q>.6
(.-%0!ï,.(#$!+1205%0*2&2.-%.!*%¿!'(&%ï-%¿3)&/!$!+'(Ù'ČBT7!'*5','?%.!Q>.6
(.-%0!ï,.(#$!2.+.&/'$)&/!,B(2%!2!$)4'12)*3.-%05!*+0&:.,-%0!$)*24','6
-)&/!$!3)5!2.410*%0!+*#$T!%3(8!

?%.! *('$.H! Q-+8! O-%$01*)303!R#(24%7! /33+S__$$$8B-%8,'(28+,_*3B(%._*3B(%B57305.3)4.7@N<b! O-%6
$01*)303!](.5.!"%&4%0$%&2.!$!K'2-.-%B7!/33+S__*3B(0-&%8.5B80(B8+,_*3B(%._+'()+,'5'$0_$)(2!
%.6>%','?%%_*3B(%.6+'()+,'5'$06>%','?%%6*('$0:b! O-%$01*)303! K12)1'(-%&2)! $! XB>,%-%07!
/33+S__$%+8B+8,B>,%-8+,_50(%.,-0_`+.?0a@c1%(aJ;<\T8!K'18!30Č!-+8!d8!=%(Ù.7!"8!X0ï-%.4S!4&+
5'$1"06"),.&%$&*ï°(/0)7Ù68'0&'9('20)'$5"8"(1*2:-'&57/7!G^/'$.--.H!JACC7!Z8!V@!Q\WT7!d8!J!Q;WT7!
*8!JW<EJ<N8!!
@;!R'>8!d8!e.-.B*04S!;$"-.&%,.05"2%f7!'+8!&%387!*8!J;!%!-.*38!!
@@![>%(87!*8!CN8!
@V!R'>8!M8!I'2(1'$*4%S!;$"-.&%,.05"2%f7!'+8!&%387!*8!C<8!
@\!R'>8!L8!g1B2.7!"8!g'&7!P8!"'*2&2)Ú*4%S!;$"-.&%,.05"2%f7!'+8!&%387!*8!JCEJJ8!
!#

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


=!'(-%0*%0-%B!('!%-D'15.3)4%!-.,0Č)7!:.4! *%¿!2(.:07!+'*3B,'$.°!1.&20:!
$)'(1¿>-%0-%0!%-D'15.3)4%!*('$0:!:.4'!'*'>-0:! ()*&)+,%-)!-.B4'$0:@W7!!
.!-%0!3),4'!30&/-%4%!41)5%-.,%*3)&2-0:8!F2%0:0!*%¿!3.4!+12)-.:5-%0:!2!3120&/!
+'$'(#$8!!
K120(0!$*2)*34%57!2!B$.?%!-.! >.1(2'!*2)>4%07!-%0+'1#$-)$.,-0! 2!%-6
-)5%!()*&)+,%-.5%7!305+'!1'2$':B!30&/-%4!%-D'15.&):-)&/!%!30,04'5B-%4.6
&):-)&/7! 25%.-'5! B,0?.! +120(5%'3! >.(.Ú!>%0?Ù0?'! %-D'15.3)4.S! '+1#&2!
4'5+B301#$!*3.:!*%¿!-%5!%--0!B12(20-%.7!:.4!B12(20-%.!-.$%?.&):-0@N!Q$!
3)5!'(>%'1-%4%!gKMT7!30,0D'-)!4'5#14'$07!()43.D'-)!&)D1'$0!%3+8!R5%0-%.!
*%¿!30Č!*+'*#>!+1203$.12.-%.!(.-)&/S!'(!4,.*)&2-0:!*)3B.&:%7!$!43#10:!(.-0!
2?1'5.(2'-0!*!-.!+.5%¿&%!5.*'$0:!$>B('$.-0:!$!B12(20-%07!+'+1202!
+'+B,.1)2.&:¿!+.5%¿&%! +120-'ï-)&/7!.Č! ('!5'(0,B! +1203$.12.-%.!(.-)&/!
G$!&/5B120H!Q.-?8!6,*:1T7!.!3.4Č0!1'25%.1!(.-)&/!Q.!&'!2.!3)5!%(2%0!−!&2.*!

@W!P0()-!:0(-'*34!-.B4'$7!43#1.!+'*ÙB?B:0!*%¿!+':¿&%05!G%-D'15.3)4%!*('$0:H!:0*3! +1.6
&'$-%.!%-D'15.3)4%!*('$0:!41.4'$*4%0?'![-*3)3B3B!L4*+013)2!M('$)&/!%58!+1'D8!(1.!P.-.!
M0/-.7! /33+S__%0*841.4'$8+,_>,'?_*31B43B1._+1.&'$-%.6%-D'15.3)4%6*.('$0:8! K':¿&%0! G%-D'16
5.3)4%! *('$0:H! 2'*3.Ù'! 30Č!BČ)30! $! 4*%Č&0S! "8! M25%37! ]8! Y.$'1'$*4%7! ]8! I5%0&%.47!!
K8!I10:2.7!]8!9%05%0&S!<,'-'&5"f7!'+8!&%38!Z#$-',0?,07!*2&20?#,-%0!$ï1#(!D%15!4'501&):-)&/7!
DB-4&:'-B:0! +':¿&%0! G%-D'15.3)4%! ï,0(&20:H! Q2'>8! -+8S! /33+S__$$$850(%.10&'h01)8+,b!
/33+S__$$$8(.>%8+,b!d8!F)1(.S!4&=*$-%5"2%(ï,'168%7!i!"%¿(2)-.1'('$)!4'-?10*!.B()3B7!4'-6
31',%! $0$-¿312-0:! '1.2! +1'&0(B1! 2$.,&2.-%.! '*2B*3$! %! 4'1B+&:%7! I1.4#$! JAA\7! /33+S__$0>!
.++AC80)8&'58+,_LjK_=LY_0)&'5k('$-,'.(8-*D_10*'B1&0*_[-D'15.3)4.k*,0(&2.kdFk+,8+(!
D_lm[XL_[-D'15.3)4.k*,0(&2.kdFk+,8+(D7! /33+S__$$$8*%%*8'1?8+,T8! OČ)$.-0! :0*3! 1#$-%0Č!
'410ï,0-%0!G41)5%-.,%*3)4.!4'5+B301'$.H!Q.,>'!G%-D'15.3)4.!41)5%-.,%*3)&2-.H!E!2'>8!-+8S!
L8!g1B2.7!"8!g'&7!P8!"'*2&2)Ú*4%S!;$"-.&%,.05"2%f7!'+8!&%387!*8!VV<T7!.!-.$03!E!>¿(&0!-'6
$'3$'105!:¿2)4'$)5!E!+':¿&%0!GD'10-*)4.!4'5+B301'$.H!Q.-?8!6*-):5'$(=*$'&0.60T!E!2'>!-+8S!
X8! I'1(),0$*4%S! >*$'&0"2%?( >*$'&0.6( @6.'&6'( A'&5'$7! /33+S__$$$84'1()-038&'5_D'10-*)4.8!
/35,8! =0(ÙB?! 5.301%.Ù#$! D%15)! 9'h0,,! Q/33+S__$$$8-'h0,,8&'5_+',.-(_10*'B1&0&0-301_-'!
h0,,k.B(%3k&/.1.4301)*3)4.k30&/-%&2-.8+(DT7!Gd015%-!6*-):5'$(=*$'&0.60!2'*3.Ù!+'!1.2!+%01$6
*2)!BČ)3)! $! C<<C!18!+'(&2.*!+%01$*20:!*0*:%!*24',0-%'$0:!+1'$.(2'-0:!$!K'13,.-(!$!*3.-%0!
U10?'-!+1202![-301-.3%'-.,!]**'&%.3%'-!'D!^'5+B301!M+0&%.,%*3*!Q[]^MTH8(
@N!R'>8! -+8! ʂ8! ɪʲ˖˭ˠˆˑS! ʅ˖ˑ˓ʵ˩(ˆˑ˘ʺ˕ʲˊ˘ˆʵˑ˩ˠ(ˑʲʵˆʶʲˢˆ˓ˑˑ˓+˙˔˕ʲʵˏˮ˭˧ˆˠ(ʶʺ˓ˆˑ˟˓˕ːʲ+
ˢˆ˓ˑˑ˩ˠ(˖ˆ˖˘ʺː7!ʁˆ˕ʲ6ɼˆʺʵ7!ɼˆʺʵ7!JAA\b!F8!X.*3S!A*-):5'$B&%,"050(%&1(<C)'$50(D(E%2.&3(5F'(
E*05(*=(GH@(<I.1'&6'7!Gm'10-*%&m'&B*H!2!JW!*%01+-%.!JACJ!187!/33+S__.13%&,0*8D'10-*%&D'&B*8&'5_!
JACJ_AN_JW_&'5+B3016.-.,)*3*6.-(60n+013*65.4%-?63/065'*36'D6?+*60h%(0-&08!
!$

!"#$%&'()*$+'

4'-%0&2-)!('!%&/!.-.,%2)T7!2!:.4%5%!('!&2)-%0-%.!5.:!'*'>)!+1'$.(2&0!>.6
(.-%08!]*+043)!30!$)5B*2.:!*3'*'$.-%0!-%0!3),4'!2B+0Ù-%0!%--)&/!30&/-%4!
>.(.$&2)&/7! .,0! %--)&/! +'(0:ï°! Q'(! +'(0:ï&%.! 4,.*)&2-0?'7! 2! +0Ù-! *3.6
3)&2-!.-.,%2!(.-)&/!+1'$.(2'-!-.!4'+%%!>%-.1-0:!-'ï-%4.7!('!2)*4B:6
&)&/!'>0&-%0!+'+B,.1-'ï°!E!.-.,%2)!3)+B!,.I'!%!5$.%3'@<T8!F'ï°!(2%$-%0!>125%.6
Ù'>)! 5#$%0-%0! '! G41)5%-.,%*3)&0! 4'5+B301'$0:H! $! *)3B.&:%7! $! 43#10:!
+120(5%'305!>.(.Ú!:0*3!-%0!4'5+B3017!.!-+8!&)D1'$)!.+.1.3!D'3'?1.D%&2-)8!!
K'!$3#107!1',.!>%0?Ù0?'!%-D'15.3)4.!$!*(2%0!-%0!'?1.-%&2.!*%¿!('!*+1.$!
05$.65'!41)5%-.,-)&/VA8!Z20&2!:.*-.7!1#$-%0Č!(2%.Ù.,-'ï°!30&/-%4#$!41)5%-.,%6
*3)4%!-%0!:0*3!'?1.-%&2'-.!('!*+1.$!4.1-)&/VC7!-%05-%0:!>%0?,%!%-D'15.3)&)!*3'6
*B-4'$'!&2¿*3'!$)(.:!'+%-%07!43#10!-%0!('3)&2!.-.,%2)!ï,.(#$! ('$'('6
$)&/7! .,0! *+'*'>B! (2%.Ù.-%.! -.12¿(2%! %-D'15.3)&2-)&/! &2)! 503'(!
*3'*'$.-)&/!$!4'5+B301'$)5!+1203$.12.-%B!(.-)&/8![-3B%&):-%0!21'2B6
5%.Ù0!:0*37!Č0!-+8!>%0?Ù)!2!2.410*B!$*+'5-%.-0:!$&20ï-%0:!&/0%,'*4'+%%!-%0!
5.!1.&20:!2>)3!$%0,B!'4.2:%!('!'+%-%'$.-%.!-.!305.3!+1.&)!*+0&:.,%*3#$!2!30:!
(2%0(2%-)!Q$):$*2)!0$0-3B.,-0!503.'+%-%0VJT7! +'(&2.*!?()!>%0?Ù)! %-D'16
5.3)4! *3'*B-4'$'! &2¿*3'! $)+'$%.(.! *%¿! -+8! $! *+1.$.&/! 2$%2.-)&/!!
2!B*3.,0-%05!+1.$!.B3'1*4%&/!('!+1'?1.5#$!4'5+B301'$)&/7!$!*+1.$.&/!
('3)&2&)&/! ('5-%05.-0?'!2Ù0?'! $)+0Ù-%.-%.! '>'$%24#$! +1202!'*'>)!
>(Ċ!D%15)!'B3*'B1&%-?'$07!43#1)5!+'$%012'-'!'+%04¿!-.(!*)*30505!%-6

@<!R'>8!-+8S!"8I8!Z'?01*7!P8!g',(5.-7!Z8!"%*,.-7!d8!=0(?0S!A*-):5'$(>*$'&0.60(>.',1(J$.%3'(H$*+
6'00( E*1',7! ^'-D010-&0! '-! F%?%3.,! m'10-*%&*7! M0&B1%3)! .-(! X.$! JAA\7! /33+S__$$$8(%?%3.,!
D'10-*%&*6&'-D010-&08'1?_^mmdK"_^FmMX6+1'&00(%-?*JAA\6^mmdK"8+(Db!P8P8!Y.1>.1.S!J$.%3'(
B( A*-):5'$7! om'10-*%&! ".?.2%-0H7! /33+S__$$$8D'10-*%&5.?8&'5_.13%&,0*_JACA_A\_31%.?06&!
'5+B301p8O1;@+@Jn<%@8!
VA!! M Ù'$'! G41)5%-.,-)H! +'&/'(2%! 2! Ù.&%Ú*4%0?'! 6$.-'&! Q+120*3¿+*3$'T7! *3(! 30Č! +'+B,.1-)!
2$%204!D1.20','?%&2-)!G+120*3¿+*3$.!41)5%-.,-0H!:0*3!+'-%04(!+,0'-.25058!!
VC!!"03'()! >.(.$&20! '+1.&'$.-0! (,.! +'3120>! 41)5%-.,%*3)&2-)&/! *3'*'$.-0! *! 1#$-%0Č!!
$!+1'&0*.&/!&)$%,-)&/7!.!-.$03!$!(2%0(2%-.&/!+'2.+1'&0*'$)&/7!-+8!.1&/0','?%%!Q2'>8!-+8S!
M8!I'2(1'$*4%S!;$"-.&%,.05"2%f7!'+8!&%387!*8!CNT8!
VJ!!d'! :0*3!'+%-%0!'! '+%-%.&/!Q2'>8!-+8S! g8!I'+&2)Ú*4%7!;*&=$*&5%69%f7! '+8! &%387!*8! CNW! %!-.*38b!!
P8!=#:&%4%0$%&2S!J'-.1%f7!'+8!&%387!*8!JV!%!-.*38b!P8!=#:&%4%0$%&2S!E'5%*).&.'(D(/"$%8(0.Ù"(68"(0Ù%+
#*ï6.(/"-.%$:( 0)$%/.'1,./*ï6.K( L.'3Ù"(/(018.'7!5.301%.Ù)!4'-D010-&):-07!=)(.$-%&3$'![-*3)6
3B3B!L4*+013)2!M('$)&/7!I1.4#$!JAA\!*8!CA;−CA\8!R'>8!30Č!1'2(2%.Ù!;8W8!
!%

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


D'15.3)&2-)57!&2)!$!*+1.$.&/!('3)&2&)&/!+1'&0*B!%-D'15.3)2.&:%!'1?.-%6
2.&:%!?'*+'(.1&2)&/V;8!9%0!5.!$!3.4%&/!'+%-%.&/!E!&/.1.4301)*3)&2-)&/!(,.!
30&/-%4! 41)5%-.,%*3)&2-)&/! E! 2.>02+%0&2.-%.! %! .-.,%2)! ï,.(#$! ('$'('6
$)&/b!:0*3!-.3'5%.*3!4'-%0&2-'ï°!?Ù¿>'4%0:!2-.:'5'ï&%!+'*2&20?#,-)&/!()*6
&)+,%-! %-D'15.3)&2-)&/! Q-+8! %-Č)-%01%%! '+1'?1.5'$.-%.! &2)! %-D'15.3)4%!
04'-'5%&2-0:T7!2.1#$-'!'(!*31'-)!+1.43)&2-0:7!:.4!%!'(!*31'-)!'>'$%2B:6
&)&/!*3.-(.1(#$!&2)!+'$*20&/-%0!+12):¿3)&/!('>1)&/!+1.43)48!
d120&%5!.1?B50-3057!43#1)!-.,0Č.Ù'>)!+'(-%0ï°7!:0*3!-%0$3+,%$)!$+Ù)$!
B10?B,'$.Ú!+1.$-)&/!-.!1'2$#:!*.50:!%-D'15.3)4%8!"'Č-.! 3B!$*+'5-%0°!
&/'°>)!'!$+Ù)$%0!+12):¿30?'!5'(0,B!'&/1'-)!+1.$-'.B3'1*4%0:V@!-.!1'2$#:!
'+1'?1.5'$.-%.! Q$! 3)5! 1B&/B! $',-0?'! '+1'?1.5'$.-%.Tb! '! $+Ù)$%0!
+1.43)4%! *3'*'$.-%.! +1.$.! Q$! 3)5! ('+B*2&2.,-'ï&%! %! 1'2+'$*20&/-%0-%.!
503'(!%-$%?%,.&:%T!-.!1'2$#:!41)+3'?1.D%%b!'!2$%24.&/!+'5%¿(2)!B10?B,'6
$.-%.5%!+1.$-)5%!Q%!+1.43)4!'120&2-%&2T!$!2.410*%0!'(+'$%0(2%.,-'ï&%!
&)$%,-0:!%!4.1-0:!2.!B2)*4%$.-%0!>(Ċ!BČ)34'$.-%0!'+1'?1.5'$.-%.!$>10$!
$)5'?'5!,%&0-&):-)5! .!305+05! 1'2$':B!B*ÙB?! ('1.(23$.!%-D'15.3)&26
-0?'7!$!3)5!32$8!.B()3B!,0?.,-'ï&%!'+1'?1.5'$.-%.b!'!&.Ù0:!?.5%0!2.?.(6
-%0Ú!('3)&2&)&/!31.-*?1.-%&2-'ï&%![-301-03B7!.!$%¿&!5'Č,%$'ï&%!B5%0*2&206
-%.!4'-4103-)&/!B*ÙB?!&2)!310ï&%!+'(!12(.5%!1#Č-)&/!*)*305#$!+1.$-)&/7!
(,.!'*%?-%¿&%.!-%0!3),4'!2)*4#$!-.3B1)!04'-'5%&2-0:7!.,0!$1¿&2!5'Č,%$'ï&%!
+'+0Ù-%.-%.!&2)-#$!-%0+0-.,%2'$.-)&/!$!+1.$%0!41.:'$)5VV8!

V; !R'>8! -+8! R8! Fh'ìq47! [8! F',-q47! Z8! M'Br04S! 4&=*$-%5.8M6.%?( .&=*$-%²&N( 0"05N-"( %( #'8)'²&*05&O(
-%&%P-'&57!LF[M7!s%,%-.7!JAAWb!U8!I1.:-%.4S!!"#$%&'()$*#,'-"(ï6.3%&.%()$8'05¿p05/(3*0)*1%$68"6F!
t$Su! U>*2.1)! >.(.$&20! $*+#Ù&20*-0:! 41)5%-.,%*3)4%! E! =)>1.-0! +1'>,05)! ï&%?.-%.!
+120*3¿+*3$!?'*+'(.1&2)&/7!=)(.$-%&3$'!O-%$01*)303B!g,*4%0?'7!I.3'$%&0!JACC7!*8!WNEN\8!
V@!]!3.4Č0!31$.:&0:!&%?,07!&/'°!$!5-%0:*2)5!-.3¿Č0-%B!-%Č!4%,4.!,.3!305B7!()*4B*:%!'!5'Č,%6
$'ï&%!*3'*'$.-%.!5'(0,B!'&/1'-)!+.30-3'$0:!('!+1'?1.5#$!4'5+B301'$)&/8!
VV!K12)4Ù.(05!$!'(-%0*%0-%B!('!+',*4%0?'!*)*305B!+1.$-0?'!5'Č0!>)°!B5'120-%0!*+1.$)!$%6
31)-)!Z0(=.3&/!Q.(5%-%*31.3'105!*31'-)!:0*3!D%15.!.501)4.Ú*4.7!2.ï!M3.-)!R:0(-'&2'-0!'(6
5.$%.:!+'5'&)!+1.$-0:!$!30?'!3)+B!*+1.$.&/7!+'$'ÙB:&!*%¿!-.![!+'+1.$4¿!('!4'-*3)3B&:%!
OM]T8!"'Č-.!2-.,0Ċ°!1#$-%0Č!%--0!+12)4Ù.()7!$!*2&20?#,-'ï&%!2$%2.-0!2!+1.$05!.B3'1*4%5!
&2)!2.4.205!G/.2.1(B!%-301-03'$0?'H8!U&2)$%ï&%0!1'2$%:.-%0!3.4%&/!B*ÙB?!$)5.?.!$)4'12)6
*3.-%.!%-D1.*31B43B1)!%-D'15.3)&2-0:7!.!$%¿&!E!-%02.,0Č-%0! '(! +1.$-0:! &2)!5'1.,-0:! '&0-)!*.6
5)&/!&2)-#$!E!5.!$+Ù)$!+12)-.:5-%0:!-.!$)4'12)*3.-%0!-.12¿(2%!%-D'15.3)4%8!!
!&

!"#$%&'()*$+'

M3(!30Č!4'-*04$0-3-%0!$!4*%Č&0!BČ)$.-0!:0*3!+':¿&%0!%-D'15.3)4%!*('6
$0:7!&/'°!+'1B*2.-0!*!2.?.(-%0-%.!('3)&2&0!1#$-%0Č!%--)&/!Q-%Č!*.,.!*6
('$.T!'4',%&2-'ï&%!'+%-%'$.-%.!+1202!'*'>)!2.:5B:&0!*%¿!%-D'15.3)48!
!
!4!""6&/'-0)123"8)3'"-,9+,',&)*+):"('-)(+)"%");(21'-V\"
=!+1.43)&0!>%2-0*'$0:!%!Č)&%'$0:!4'-%0&2-0!:0*3!-%0:0(-'41'3-%0!4'12)*3.-%0!
2!$%0(2)!-%02.,0Č-0?'!04*+013.8!R!503'(','?%&2-0?'!+B-43B!$%(20-%.!-.6
,0Č.Ù'>)! 1'21#Č-%°! 312)! 1',07! :.4%0! -%02.,0Č-)! D.&/'$%0&! 5'Č0! +0Ù-%°!!
$!*3'*B-4B!('!*$':0?'!4,%0-3.S!
9 +120(0!$*2)*34%5!5'Č0!'-!$)*3¿+'$.°!:.4'!120&2'2-.$&.7!
43#1)!5.! 2.!2.(.-%0! $):.ï-%°!$3+,%$'ï&%! '(-'ï-%0!('! *3.-B!D.46
3)&2-0?'7!:0?'!+12)&2)-!%!%5+,%4.&:%!'1.2!*ÙBČ)°!*$':05B!4,%0-3'$%!
D.&/'$!$%0(2!%!('ï$%.(&20-%05!2!2.410*B!10+1020-3'$.-0:!*+06
&:.,-'ï&%8!Z',!120&2'2-.$&)!:0*3!$%¿&!$!?Ù#$-0:!5%0120!$)+'$%.6
(.-%0!*%¿!$!*+1.$%0!*3.-#$!120&2'$)&/!Q&'!5'Č-.!$)$%0ï°!2!03)6
5','?%%! 30?'! $)1.2BT8! Z20&2'2-.$&.! '+%01.! *%¿!$!*$'%5!
'+%-%'$.-%B!-.!+'$*20&/-%0!+12):¿3)&/!*3.-(.1(.&/!$-%'*4'$.-%.!
'1.2!-.!BČ)&%B!-.12¿(2%!>.(.$&2)&/8!R.(.-%05!120&2'2-.$&)!:0*3S!!
o (%.?-'*3)4.!%(0-3)D%4.&):-.7!'(+'$%.(.:&.!-.!+)3.-%0!
G:.4%!:0*3!'>0&-)!*3.-!120&2)H7!!
o (%.?-'*3)4.!4.B2.,-.!Q?0-03)&2-.T7!'(+'$%.(.:&.!-.!
+)3.-%0!G:.4%0!*!:0?'!+12)&2)-)HVW!!
'1.2!!

V\!=)4'12)*3.-'!D1.?50-3)!.13)4BÙBS!"8!M25%3S!4&=*$-%5.2(9%2*('C)'$5(I()*1-Q&2M6F()*,02NF*(,'+
3.0,%5.I&QF*(0"05'-K(E'5*1*,*3.62N(RI%F"?(4&5'$&'5?(A*-)'5.5.I'&'00(%&1(S$3%&.8%5.*&%,(@'6:$.5"7!d'6
5.*!Y.3.!O-%h01*%3)!R,v-!JACA8!
VW!=!-%043#1)&/!-.B4.&/!BČ)$.!*%¿!+':¿&%.!G1031'?-'2.H!Q2'>8!-+8S!P8!K.1.()*27!"8!M2)54'$%.4S!
$71Ù%(1%&"6F(,:1&*ï6.*/"6FK(E'5*1*,*3.%(L%1%Ú(T'-*3$%=.68&"6F7!R0*2)3!-1!CV!M04&:%!]-.,%2!F05'6
?1.D%&2-)&/!K]97!*8!WEJ\7!/33+S__$$$8.0841.4'$8+,_w(05'?1.D_KB>,%4.&:0_M]FCV8+(DT8!
!'

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


o $!'?1.-%&2'-)5!2.410*%0!(%.?-'*3)4.!+1'?-'*3)&2-.VN7!
'(+'$%.(.:&.!-.!+)3.-%0!G$!:.4%!*+'*#>!30-!*3.-!+'$%-%0-!
*%¿!1'2$%-°!$!+12)*2Ù'ï&%HV<8!!
=)4'-)$.-%0! 30?'! 1'(2.:B! 04*+013)2! :0*3! $! K',*&0! *3'*B-4'$'!
12.(4%08!9.:&2¿ï&%0:!+'!1.(¿!('!04*+013.!2?Ù.*2.:!*%¿!'1?.-%2.&:0!>(Ċ!
3'!>¿(&0!:BČ!$!*+'120!*('$)57!>(Ċ!3'!+12)?'3'$B:&0!*%¿!('!3.6
4%0?'7!0$0-3B.,-%0!+1#>B:&0!Ù.?'(2%°!*4B34%!:.4%0?'ï!2(.120-%.!2$%6
2.-0?'!2!$)*3+%0-%05!+1'>,05#$!-.3B1)!30&/-%&2-0:!&2)!04'-'5%&26
-0:8!R.(.-%.!120&2'2-.$&)!*!−!$!+0$-)5!2.410*%0!−!+'('>-0!('!1',%!
>%0?Ù0?'7!*3(!30Č!04*+013)2.!>¿(&.! 0D04305! +1.&)! 3.4%0:! '*'>)7! :0ï,%!

VN!K':¿&%0!G(%.?-'2.!+1'?-'*3)&2-.H!5'Č0!>125%0°!-%0&'!(2%$-%07!31.()&):-%0!>'$%05!(%.6
?-'2¿!Q2!?10&4%0?'!Έ΍Σ·ΑΝΗ΋!*1(Έ΍Σ!E!1'2(2%0,%°!%!·ΑЏΗ΋!E!$%0(2.7!+'2-.-%0T!+120&%$*3.$%.!
*%¿!+1'?-'2%0!Q2!?10&4%0?'!ΔΕϱ·ΑΝΗ΋!'(!ΔΕϱ!E!+120(!%!·ΑЏΗ΋!E!$%0(2.7!+'2-.-%0T8!R?'(-%0!
2!3)5!G(%.?-'2'$.-%0!3'!$-%'*4'$.-%0!+',0?.:&0!-.!'&0-%0!2:.$%*4.!$!+120*2Ù'ï&%!Q$-%'6
*4'$.-%0!'C()*057!$-%'*4'$.-%0!$!'>1¿>%0!+1#>)T7!.!+1'?-'2'$.-%0!3'!$-%'*4'$.-%0!+',06
?.:&0!-.!+120$%()$.-%B!$.13'ï&%!'410ï,'-)&/!25%0--)&/!$!+12)*2Ù'ï&%!Q$-%'*4'$.-%0!'C(
%&5'!E!$-%'*4'$.-%0!+'2.!+1#>¿H!Q]8!R0,%.ï7!Y8!K.$0Ù047!M8!=.-.3S!H$*3&*8*/%&.'('2*&*-.68&'7!
=)(.$-%&3$'!9.B4'$0!K=97!=.1*2.$.!JAA;7!*8!C;T7!-%05-%0:!!2!>.1(2%0:!'?#,-0?'!+B-43B!
$%(20-%.!+120+1'$.(20-%0!.-.,%2)!:.4%0?'ï!*)*305B!>(Ċ!2:.$%*4.!5'Č0!+1'$.(2%!('!B2)6
*4.-%.!$%0(2)!'!:0?'!2.&/'$.-%.&/7!43#1.!+'2$.,.!2.1#$-'!-.!$-%'*4'$.-%0!'!:0?'!*3.-%0!
'>0&-)57!:.4!%!E!2!+0$-)5!+1.$('+'('>%0Ú*3$05!E!'!:0?'!*3.-.&/!+120*2Ù)&/!%!+12)*2Ù)&/!
Q'!%,0!'&2)$%ï&%0!+'2-.-0!10?BÙ)!12(2&0!'>0&-%0!2.&/'$.-%05!*)*305B!5'Č-.!04*31.+','6
$.°!-.!:0?'!2.&/'$.-%.!$&20ï-%0:*20!%!+#Ċ-%0:*20T8!M3(!30Č!$!&2¿ï&%!()*&)+,%-!E!$!*2&20?#,6
-'ï&%!/B5.-%*3)&2-)&/!−!5#$%!*%¿!$Ù.ï-%0!'!(%.?-'*3)&0!+1'?-'*3)&2-0:!Q+'18!-+8!Y8!Y.3#?7!
I8!=.$12)-%.4S!T.%3&*8*/%&.'(%()$*3&*8*/%&.'('2*&*-'5$"68&'(D()*1*#.'Ú05/%?($7Č&.6'?(8%,'Č&*+
ï6.7!GR0*2)3)!9.B4'$0!O-%$01*)303B!M2&20&%Ú*4%0?'H!91!;<@7!GK1.&0!I.30(1)!L4'-'5031%%!
%!M3.3)*3)4%H!91!CV_JAA@7!M2&20&%-!JAA@7!*8!JC−;;b!M8!R%05*4%S!H$*#,'-"(1*#$'9(1.%3&*8"7!K=97!
=.1*2.$.!C<W;T8!9%0!$-%4.:&!$!*B>30,-'ï&%!2-.&20-%'$07!5'Č-.!2.Ù'Č)°7!Č0!+1'*30!1'2$.6
Č.-%.!('3)&2&0! +12)*2Ù0?'! 2.&/'$.-%.!*)*305B7!+'$*3.Ù0! +1202! 04*31.+',.&:¿!+'2-.-)&/!
10?BÙ!-%5!12(2&)&/!+'2.!+1#>¿7!(.!*%¿!2.,%&2)°!('!2.(.Ú!120&2'2-.$&)7!-.3'5%.*3!>B('6
$.-%0!2Ù'Č'-)&/!+1'?-'27!2.$%01.:&)&/!'>*201-0!2.Ù'Č0-%.!&'!('!+12)*2Ù)&/!2(.120Ú7!:0*3!
1.&20:!1',!('1.(&)!-%Č!04*+013.8!
V<!U&2)$%ï&%07!'!%,0!'!*3.-%0!'>0&-)5!5'Č-.!$)+'$%.(.°!*%¿!20!*3'*B-4'$'!-.:$%¿4*2!+0$6
-'ï&%7!'!3),0!B*3.,.-%0!+12)&2)-!%!+1'?-'2'$.-%0!(.,*20?'!+120>%0?B!2:.$%*4.!'>.1&2'-0!:0*3!
2.2$)&2.:!$%¿4*2!-%0+0$-'ï&%8!M3(!30Č7!'!%,0!('!'&0-)!(%.?-'2)!%(0-3)D%4.&):-0:!5'Č-.!
*3'*'$.°!41)301%B5!+1.$(2%$'ï&%!Q2?'(-'ï&%!20!*3.-05!120&2)$%*3)5T7!'!3),0!+12)!'&0-%0!
+1'?-'2! &2)! 1031'?-'2! Q(%.?-'2! 4.B2.,-)&/7! ?0-03)&2-)&/T7! >.1(2'! %*3'3-.! :0*3! D'15.,-.!
'&0-.!+'+1.$-'ï&%!*+'*'>B!$-%'*4'$.-%.8!
!(

!"#$%&'()*$+'

(':(2%0!('! :0:!$)4'12)*3.-%.!$!+'*3¿+'$.-%B!*('$)57!-.2)$.!*%¿!
&2.*05!+'3'&2-%0!G'+%-%!+'2.*('$H! Q,B>!G'+%-%!+1)$.3-HT7!2.ï!
*.5!04*+013!E!G>%0?Ù)5!+1)$.3-)5H\A7!+12)!&2)5!+'$*3.Ù0!$!*0-!*+'6
*#>!'+%-%0! +1)$.3-0!2! +1.$-0?'!+B-43B!$%(20-%.! 5.:!*3'*B-4'$'!
5.Ù0!2-.&20-%0S!:0ï,%!(':(2%0!('!+'*3¿+'$.-%.!*('$0?'7!-%0!*!31.43'6
$.-0!:.4'!('$'()7!.,0!:0()-%0!:.4'!('4B50-3)!+1)$.3-0\C!Q$)+'$%06
(2%!*31'-)!$!*+1.$%0T\Jb!-%05-%0:!-%0!5'Č-.!%&/!+'5%-°\;b!
9 +'!$3#107!04*+013!5'Č0!+0Ù-%°!DB-4&:¿!('1.(&)!104'50-(B:6
&0?'!4,%0-3'$%!$)>#1!*31.30?%%!%!3.43)4%!(2%.Ù.-%.7!.!-.$03!*B?01B:6
&0?'7! :.4%! +'$%-%0-! >)°! +'Č(.-)! *3.-! ('&0,'$)8! R! '&2)$%*3)&/!
$2?,¿(#$!Q2.2$)&2.:!+'5'&!('1.(&)!+'3120>-.!:0*3!3.57!?(2%0!%*36
-%0:!1'2>%0Č-'ï&%!'(-'ï-%0!('!+,.-'$.-)&/!&0,#$!&2)!*+'*'>#$!%&/!
'*%?-%¿&%.T7! ('1.(&.! 5'Č07! .! -.$03! +'$%-%0-7! +'2$',%°! *'>%0! -.!
2-.&2-%0! (.,0:! %(&)! *B>%043)$%25! $)+'$%0(2%! -%Č! 120&2'2-.$&.!

\A!F,.!'(1#Č-%0-%.!'(!>%0?Ù0?'!*('$0?'7!43#10?'!3'!'410ï,0-%.!$',-'!BČ)$.°!3),4'!+'!+'6
$'Ù.-%B!+1202!*(!>(Ċ!'1?.-!+1'$.(2&)!+'*3¿+'$.-%0!+12)?'3'$.$&20!$!*+1.$%0!4.1-0:8!
\C!K'18!$)1'4!M(B!9.:$)Č*20?'!2!N!&201$&.!JAAC!18!Q[!KI9!@\N_AATS!GP0Č0,%!QfT!*31'-.!*4Ù.(.!
+'2.*('$!04*+013)2¿!2!$)1.Ċ-!%-30-&:!+'31.43'$.-%.!:0:!:.4'!('$'(B!$!*+1.$%07!$#$6
&2.*!%*3-%0:!+'(*3.$)!('!+12)+%*.-%.!:0:!1.-?%!('$'(B!2!('4B50-3B!+1)$.3-0?'!Q.138!J@V!
IK^T8QfT!K'2.*('$.!'+%-%.!120&2'2-.$&)!31.43'$.-.!:.4'!('4B50-3! +1)$.3-)!*3.-'$%!
('$#(!30?'7!Č0!'*'>.7!43#1.!30-!('4B50-3!+'(+%*.Ù.7!+1020-3B:0!+'?,(!+120(*3.$%'-)!
$!('4B50-&%08!9%0!5.!%*3'3-)&/!.1?B50-3#$!+1205.$%.:&)&/!2.!+'5%-%¿&%05!3.4%0?'!('6
$'(B!+1202!*(!+12)!'&0-%0!5.301%.ÙB!20>1.-0?'!$!*+1.$%0H8!
\J!K'18!$)1'4!M(B!9.:$)Č*20?'!2!CA!?1B(-%.!C<<N!18!Q[!^I9!<JJ_<WTS!GK'(410ï,%°!3120>.7!Č0!
+%*05-.!'+%-%.!2Ù'Č'-.!('!.43! %--0:! *+1.$)! -%0!5.! &/.1.4301B! ('$'(B! 2!'+%-%%! >%0?Ù0?'7!
?()Č!*(!-%0!$)(.Ù!+'*3.-'$%0-%.!$!+120(5%'&%0!('+B*2&20-%.!30?'!('$'(B7!-%0!$)2-.&2)Ù!
>%0?Ù0?'!%!-%0!2.410ï,%Ù!5B!+120(5%'3B!%!?1.-%&7!$!:.4%&/!5.!*%¿!'-!$)+'$%0(2%0°H8!M)3B.&:.!
3.4.!:0*3! 58%-8!B2.*.(-%'-.!3)57!Č0!04*+0137!+12)?'3'$B:&)!30?'! 1'(2.:B! '+%-%¿7!5'Č0!-%0!
()*+'-'$.°!&.Ù'ï&%!5.301%.ÙB!>.(.$&20?'8!R(.12.:!*%¿!*)3B.&:07!$!43#10:!($%0!'+%-%0!+1)6
$.3-0!+12)?'3'$.-0!+1202!$)*'4%0:!4,.*)!04*+013#$!-.!2,0&0-%0!($#&/!*31'-!+'2'*3.:&)&/!
$!*+'120!2.$%01.:!+120&%$-0!$-%'*4%7!:.4'!Č0!'+1.&'$.-0!>)Ù)!-.!+'(*3.$%0!1#Č-)&/!5.6
301%.Ù#$!Q('*3.1&2'-)&/!+1202!*31'-)T8!K1.43)4.!*3'*'$.-%.!'+%-%%!+1)$.3-)&/!:0*3!$!K',*&0!
*3'*B-4'$'!1'2+'$*20&/-%'-.!$!+12)+.(4B!*+'1#$!('3)&2&)&/!+1.$!2.5#$%0Ú!+B>,%&26
-)&/!3'&2&)&/!*%¿!+120(!I1.:'$![2>!U($'Ù.$&28!
\;!K'18!$)1'4!M(B!9.:$)Č*20?'!2!J<!+.Ċ(2%01-%4.!C<<A!18!Qi!IU!N_<ATS!G-%0!5'Č-.!3.4%0?'!
('4B50-3B!+'5%-°!Q888T7!?()Č!2.$%01.!'-!%-D'15.&:0!'!('$'(2%07!43#1)!-%0!:0*3!+'2>.$%'-)!
2-.&20-%.!(,.!+1.$%(Ù'$0?'!1'2*312)?-%¿&%.!*+1.$)H8!
")

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


Q1'2B5%.-)!3.47!:.4!+'$)Č0:T8!Z',!('1.(&)!:0*3!$*+.1&%0!4,%0-3.!
$!+1'&0*%0!(0&)2):-)5!-%0!3),4'!+'+1202!('*3.1&20-%0!5B!%-D'15.&:%!
-.!305.3!+120*2Ù)&/!Q1031'?-'2'$.-)&/T7!.43B.,-)&/!&2)!+12)*2Ù)&/!
Q+1'?-'2'$.-)&/T!*3.-#$!120&2'$)&/7!.,0!+1202!2.*B?01'$.-%0!+'6
Č(.-)&/!*3.-#$!('&0,'$)&/!%!*31.30?%%!%&/!'*%?-%¿&%.!&2)!3.43)4%!
+'*2&20?#,-)&/!(2%.Ù.Ú8!U&2)$%*30!:0*37!Č0!'&0-.!+'+1.$-'ï&%!+1'6
+'-'$.-0:!*31.30?%%! +'*3¿+'$.-%.!'C( )*05!5'Č0! '+%01.°!*%¿!'!'*%6
?-%¿30!0D043)7!-.3'5%.*3!'C(%&5'!E!>.1(2'!&2¿*3'!:0()-!503'(!'&0-)!
:.4'ï&%!+1'?-'2)!&2)!*31.30?%%!+'2'*3.:0!>.(.-%0!2?'(-'ï&%!+1'+'-'6
$.-0?'! *+'*'>B! (2%.Ù.-%.! 2! +1.43)4.5%! (2%.Ù.-%.! Q-.:,0+*2)5%!
+1.43)4.5%T!'>'$%2B:&)5%!$!(.-0:!(2%0(2%-%08!P0*3!*)3B.&:!('ï°!
+'$*20&/-7!+12)-.:5-%0:!$!%-D'15.3)&07!Č0!+1.43)4%!3.4%0!*!-%0!('!
4'Ú&.!*+#:-0!20!*'>7!2.ï!(0&)2:0!+'(0:5'$.-0!*!$!$.1B-4.&/!-%06
+0Ù-0:!%-D'15.&:%\@8!=!3.4%&/!*)3B.&:.&/!2-.&2-)!$+Ù)$!-.!*B?01'6
$.-0!+1202!('1.(&¿!(0&)2:0!5'?!5%0°!:0?'!'*'>%*30!('ï$%.(&20-%.!
%!B+'('>.-%.8!=!%-3010*%0!2.1#$-'!*.50?'!04*+013.7!:.4!%!:0?'!4,%0-3.!
,0Č)!$)1.Ċ-0!1'2(2%0,0-%0!1',%!120&2'2-.$&)!%!('1.(&)8!=!+120&%$6
-)5!1.2%0!'*'>.!2.5.$%.:&.!B*ÙB?¿!('1.(23$.!5'Č0!'(-%0ï°!$1.6
Č0-%07!Č0!*B?01'$.-)!+1202!('1.(&¿!*+'*#>!1'2$%2.-%.!+1'>,05B!
:0*3!:0()-)5!5'Č,%$)5!%!Č0!-.12B&.:!?'!-.B4'$0!>(Ċ!30&/-%&2-0!
10?BÙ)!12(2&0!(.-!()*&)+,%-!$%0(2)7!+'(&2.*!?()!:0*3!3'!3),4'!
*B>%043)$-.7!+12)-.:5-%0:! $!:.4%0:ï!5%01207! '+%-%.!.B3'1.! 04*+016
3)2)\V8!K'*3¿+'$.-%0!+120&%$-0!Q-%0*303)!('ï°!&2¿*30!2.1#$-'!$!%-6
D'15.3)&07!:.4!%!$!%--)&/!(2%0(2%-.&/T!-.,0Č)!'&0-%°!-.?.--%08!!

\@!g()>)!%-D'15.&:.!>)Ù.!+0Ù-.7! 2.ï!10?BÙ)!(2%.Ù.-%.!&.Ù4'$%&%0!2-.-0! %!2.,?'1)35%2'$.-07!
-%0!5'Č-.!>)!5#$%°!$!'?#,0!'!*)3B.&:%!(0&)2):-0:8!d.!>'$%05!$)*3¿+B:0!$30()7!?()!('!$)6
>'1B!%*3-%0:0!$%¿&0:!-%Č!:0(-.!(1'?.!+'*3¿+'$.-%.8!K1'>,05057!2!43#1)5!210*23!-.!&'!(2%0Ú!
*+'3)4.:!*%¿!'*'>)!2.:5B:&0!*%¿!%-D'15.3)4!Q*2&20?#,-%0!%-D'15.3)4!04'-'5%&2-T7!:0*3!
1.&20:!-.(5%.1! -%Č!-%0('>#1!1'25.%3)&/! 503'()47!5'(0,%! %! *3.-(.1(#$!104'50-(B:&)&/!!
E!&2¿*3'!-.!>.1(2'!$)*'4%5!+'2%'5%0! .>*31.4&:%! E!*+'*'>)! +'*3¿+'$.-%.!+12)! $(1'Č0-%B!
&2)!04*+,'.3.&:%!*)*305#$!%-D'15.3)&2-)&/8!
\V!K'*3B,.3!30-!2'*3.Ù!2.$.13)!$!I'(04*%0!R.$'('$)5![-D'15.3)4.!K',*4%0?'!d'$.12)*3$.!
[-D'15.3)&2-0?'7!/33+S__$$$8+3%8'1?8+,_%-(0n8+/+_&'1+'1.30_I'(04*6R.$'('$)6[-D'15.3)!
4'$6Kd[7!$!+B-43.&/!W!%!NS!
"*

!"#$%&'()*$+'

K1'>,05! '&0-)! (2%.Ù.,-'ï&%! ('1.(&20:! +':.$%.! *%¿!1#$-%0Č!!
$!+1.43)&0!+1.&!>%0?Ù)&/!%-D'15.3)4#$S!%-D'15.3)2.&:.!:.4%0?'ï!'>6
*2.1B! (2%.Ù.,-'ï&%! (.-0:! '1?.-%2.&:%! QD%15)7! B12¿(BT! $%Č0! *%¿!>'6
$%05! 2.2$)&2.:! -%0! 3),4'! 2! +1'*3! .B3'5.3)2.&:! $)4'-)$.-)&/!
+1.&!>%B1'$)&/7!.,0!2!(.,04'!+'*B-%¿3!%-?010-&:!$!4*23.Ù3!2.&/'6
(2&)&/!$!-%0:!+1'&0*#$!%-D'15.&):-'6(0&)2):-)&/8!M3(!30Č!4'-*06
4$0-&:0!3.4%0:!Q*2&20?#,-%0!-%0B(.-0:T!%-D'15.3)2.&:%!'(&2B$.,-0!*!
$!(2%.Ù.-%B! &.Ù0:!'1?.-%2.&:%7! .!-%012.(4'!+1'$.(2!-.$03!('!-%06
5'Č,%$'ï&%!(.,*20?'!:0:!(2%.Ù.-%.\\8!M+'1)!2!3)5!2$%2.-0!4'Ú&2!*%¿!
&2¿*3'!-.!*.,%!*('$0:7!?(2%0!1',!>%0?Ù0?'!%-D'15.3)4.!:0*3!+'5'&!
*('$%!$!'&0-%0!+1.$%(Ù'$'ï&%!+'*3¿+'$.-%.!'*#>!%!D%15!2..-?.6
Č'$.-)&/!$!+1'&0*!%-D'15.3)2.&:%8!K1.$%(Ù'$'ï°!'$.!+'$%--.!
$!3.4%&/!$)+.(4.&/!>)°!1'2*312)?.-.!-%0!$!'+.1&%B!'!'*%?-%¿30!'C(
)*05!0D043)!Q2?'(-%0!20!*&/05.305S!?()>)!30!0D043)!>)Ù)!*.3)*D.4&:'6
-B:&07!3'!*+1.$.!-%0!31.D%Ù.>)!('!*(B7!$%¿&!E!:0ï,%!('!-%0?'!31.D%Ù.!!
−!3'!+'(:¿30!(2%.Ù.-%.!-%0!>)Ù)!+1.$%(Ù'$0T7!.,0!$!'+.1&%B!'!2?'(6
-'ï°!2!-.:,0+*2)5%!+1.43)4.5%!+1'$.(20-%.!+120(*%¿$2%¿°!%!3'!$06
(ÙB?!$%0(2)!.43B.,-0:!$!&2.*%0!+1'$.(20-%.!+1':043B7!.!-%0!$!&2.*%0!
31$.-%.!+1'&0*B!*('$0?'8!Y%'1&!+'(!B$.?¿!305+'!1'2$':B!%-D'16
5.3)4%7! -%0+'1#$-)$.,-0! 2! Č.(-! (2%0(2%-! ,B(24%0:! .43)$-'ï&%!
'1.2!E!-%0*303)!+'2'*3.$%.:&0!(BČ'!('!Č)&20-%.!E!305+'!+'*3¿+'$.Ú!
*('$)&/!$!K',*&07! 3120>.!('*3'*'$)$.°!$%0(2¿7!$!'+.1&%B!'! 43#1!
$)(.$.-.!:0*3!'+%-%.7!('!5'50-3B!2.%*3-%0-%.! 2(.120Ú7!'!43#1)&/!!
$!-%0:!5'$.8!]B3'1'$%!-%0:0(-'41'3-%0!2(.12)Ù'!*%¿!'+%-%'$.°!-.!
305.3!2(.120Ú7! 43#10! 5%.Ù)! 5%0:*&0! '*%05! &2)! (2%0$%¿°!,.3!+120(!

GW8![-D'15.3)&)!+1'$.(2&)!$',-!(2%.Ù.,-'ï°!()(.43)&2-!+1020-3B:&!4'-4103-0!1'2$%2.-%.!
2.$*20!*3.1.:!*%¿!+120(*3.$%°!5'Č,%$%0!*201'4%0!*+0431B5!1'2$%2.Ú!'!.-.,'?%&2-0:!DB-4&:'-.,6
-'ï&%!'1.2!+1202-.&20-%B7!:0ï,%!3.4%0!%*3-%0:8!]-.,'?%&2-%0!*3.1.:!*%¿!$!30?'!1'(2.:B!(2%.Ù.,-'ï&%!
'((2%0,.°!$Ù.*-0!+'?,()!$!4'-4103-0:!*+1.$%0!'(!%--)&/!%*3-%0:&)&/!+'?,(#$8!
N8![-D'15.3)&)!+1'$.(2&)!(2%.Ù.,-'ï°!-.B4'$!,B>!>.(.$&2'61'2$':'$!2.$*20!$)1.Ċ-%0!
'((2%0,.:!$%0(2¿!+0$-!%!:BČ!B('$'(-%'-!'(!+12):5'$.-)&/!+1202!*%0>%0!2.Ù'Č0ÚH8(
\\!R'>8!-+8S!"8!M25%3S!4&=*$-%5"2%(/(U%$818%&.:7!^0-31B5!F'1.(23$.!%![-D'15.&:%!F%D%-7!=.16
*2.$.!JAA;8!
"!

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


$)(.-%05!'+%-%%!Q.!$%¿&!$!*)3B.&:%7!?()!-.!1)-4B!>)Ù)!('*3¿+-0!2B6
+0Ù-%0!%--0!-.12¿(2%.!%-D'15.3)&2-07! '>'$%2)$.Ù)!%--0!-'15)!!
%!*3.-(.1()!30&/-%&2-07!.!+'2%'5!1'2$':B!$%0(2)!>)Ù!-%0+'1#$-.-%0!
-%Č*2)!-%Č!$!&/$%,%!$)(.-%.!'+%-%%\WTb!
9 +'! 3120&%0! $10*2&%07! %-D'15.3)4! 5'Č0! +0Ù-%°!1',¿! .B()3'1.7!!
.!$%¿&!-%02.,0Č-0?'!04*+013.!+1'$.(2&0?'!>.(.-%0!2?'(-'ï&%!$)6
>1.-)&/! .*+043#$! *)*305B! %-D'15.3)&2-0?'! 2! 2.Ù'Č'-)5%! 41)306
1%.5%\N8!]B()3!%-D'15.3)&2-)! :0*3!$!K',*&0!10?B,'$.-)!+120+%*.5%!

\W!M!3'!$)*'&0!-%04'5D'13'$0!*)3B.&:07!>'$%05!$)5.?.:!'(!>%0?Ù0?'!*$'%*30?'!&'D-%¿&%.!
*%¿!$!&2.*%08!"'Č-.!*'>%0!$)'>1.2%°7!:.4!&2BÙ>)!*%¿!50()4!*('$)!25B*2'-)!('!'&0-)7!&2)!
(2%.Ù.-%.!+'(0:5'$.-0!+1202!xi[[[!$%0&2-0?'!2-.&/'1.!>)Ù)!2?'(-0! 2!-.:,0+*2!+1.43)4!!
%!$%0(2!('*3¿+-!$!3.53)5!&2.*%0!%!5%0:*&B8!Y%'1&!+'(!B$.?¿!305+'!1'2$':B!%-D'15.3)4%7!
+'1#$-.-%0!3.4%0!-%0!'(>%0?.!'(!120&2)$%*3'ï&%!3.4!>.1(2'7!:.4!5'?Ù'>)!*%¿!$)(.$.°8!
\N!! K ' : ¿&%0!.B()3'1.!Q$! &2¿ï&%!Ċ1#(0Ù7!$Ù&2-%0!2! -%043#1)5%!K',*4%5%! 9'15.5%7! *3'*B:0! *%¿!
-%0+'+1.$-!4.,4¿!:¿2)4'$!G.B(%3'1HT!>)$.!1'2B5%.-0!$!,%301.3B120!%!+1.43)&0!$!*+'*#>!
$)>%3-%0!-%0+10&)2:-)8!R.2$)&2.:!BČ)$.!*%¿!?'!$!4%,4B!2-.&20-%.&/S!
9 >%0?Ù0?'!10$%(0-3.!+1'$.(2&0?'!>.(.-%0!4*%?!1.&/B-4'$)&/!D%15)b!
9 '*'>)! +1'$.(2&0:! $! 2.*.(2%0! ('$',-0! >.(.-%.7! *2&20?#,-%0! >.(.-%.! 2?'(-'ï&%!!
Q$!3)5!*0-*%0!BČ)$.!*%¿!+':¿°!3.4%&/!:.4!G.B()3!,0?.,-'ï&%!'+1'?1.5'$.-%.HTb!
9 .B()3'1.!:0(-0?'!2!*)*305#$!2.12(2.-%.!2?'(-)&/!20!*3.-(.1(.5%![MU8!
9'15.5%!('3)&2&)5%!.B()3B!%!.B()3'1#$!*!-'15)!t[MU!C<ACCSJACCu!Q?Ù#$-%0!'(-'ï-%0!('!
.B()3#$!*31'-)! +%01$*20:7! &2),%! $0$-¿312-)&/7!%! *31'-)!(1B?%0:7! &2),%!+120+1'$.(2.-)&/!
+1202!4,%0-3#$!B!*$'%&/!('*3.$&#$T!'1.2!t[MU_[L^!CWAJCSJACCu!Q.B()3)!&013)D%4.&):-0T8!R'>8!
-+8S!]8!g1B*24.S!4@S(VWXVVYZXVV(!"5"68&'(%:1.5*/%&.%(0"05'-7/(8%$818%&.%( D(&%9/%Č&.'908'(
8-.%&"7! G=%.('5'ï&%! KI9H! 91! C_JAC;7! *8! NCC7! /33+S__$$$8+4-8+,_*%30*_(0D.B,3_D%,0*_$CkJ!
AC;8+(D8!U(+'$%0(-%0!(0D%-%&:0!2!-'15![MU!>125%S!
9 !.B(%3"E!*)*305.3)&2-)7!-%02.,0Č-)!%!B('4B50-3'$.-)!+1'&0*!B2)*4%$.-%."('$'6
(#$!2!.B(%3B!Q;8;T!'1.2!:0?'!'>%043)$-0:!'&0-)!$!&0,B!'410ï,0-%.!*3'+-%.!*+0Ù-%0-%.!
41)301%#$!2!.B(%3B!Q;8JT7!
O=]g]! CS! ]B(%3)! $0$-¿312-07! -.2)$.-0!&2.*.5%!.B()3.5%! *31'-)!+%01$*20:7!*!
+120+1'$.(2.-0!+1202!*.5!'1?.-%2.&:¿!,B>!$!:0:!%5%0-%B!(,.!+'3120>!+120?,(B!2.6
12(2.-%.!'1.2!('!%--)&/!&0,#$!$0$-¿312-)&/!Q-+8!$!&0,B!+'3$%01(20-%.!*4B30&2-'6
ï&%!*)*305B!2.12(2.-%.!,B>!$!&0,B!B2)*4.-%.!%-D'15.&:%!('3)&2&)&/!:0?'!('*4'-.,06
-%.T8!]B(%3)!$0$-¿312-0!5'?!*3.-'$%°!(,.!'1?.-%2.&:%!+'(*3.$¿!('!2.(04,.1'$.-%.!
+1202!-%!2?'(-'ï&%8!=!$%0,B!+12)+.(4.&/7!$! *2&20?#,-'ï&%!$!5.Ù)&/!'1?.-%2.&:.&/7!
-%02.,0Č-'ï°!5'Č0! >)°!$)4.2.-.!+1202!>1.4!'(+'$%0(2%.,-'ï&%! 2.! (2%.Ù.-%.! >¿(&0!
+120(5%'305!.B(%3B!,B>!+1202!>1.4!B+120(20Ú!%!4'-D,%43B!%-3010*#$7!!
""

!"#$%&'()*$+'

:0()-%0!$!*2&20?#,-)&/!+12)+.(4.&/\<8!K'2.!-%5%!D%15.!+120+1'$.6
(2.:&.!.B()3!5'Č07!.,0!-%0!5B*%7!B2-.$.°!*3.-(.1()!('3)&2&0!.B6
()3B! Q-+8! *3'*B-4'$'! -.:>.1(2%0:! 2-.-0! *3.-(.1()! [M]^]WA!!&2 )!
[Z^]WC!T8! Y%'1&! +'(!B$.?¿7! Č0! 2.1#$-'!*.5.! -'50-4,.3B1.WJ!7 ! : . 4 ! !
%!%(&0! 2.!-%!1'2$%2.-%.!>%2-0*'$0!%! 30&/-%&2-0!*!'>0&-%0!$!D.2%0!

O=]g]!JS!]B(%3)!20$-¿3120!'>0:5B:!.B(%3)!*31'-)!(1B?%0:!%!.B(%3)!*31'-)!3120&%0:8!
]B(%3)!*31'-)!(1B?%0:!*!+120+1'$.(2.-0!+1202!*31'-)!2.%-3010*'$.-0!'1?.-%2.&:7!
3.4%0!:.4!4,%0-&%!,B>!+1202!%--0!'*'>)!$)*3¿+B:&0!$!%&/!%5%0-%B8!]B(%3)!*31'-)!31206
&%0:!*!+120+1'$.(2.-0!+1202!-%02.,0Č-0!'1?.-%2.&:0!.B()3B:&07!3.4%0!:.4!%-*3)3B&:0!
10?B,.&):-0!,B>!:0(-'*34%!&013)D%4B:&07!
O=]g]!;S!P0Č0,%!&'!-.:5-%0:!($.!*)*305)!2.12(2.-%.!2!1#Č-)&/!(2%0(2%-!Q-+8!:.6
4'ï&%7!ï1'('$%*4.7!>02+%0&20Ú*3$.!%!/%?%0-)!+1.&)T!*!.B()3'$.-0!1.2057!3'!.B(%3!
3.4%!-.2)$.!*%¿!.B()305!+'Ù&2'-)57!
O=]g]!@S!P0Č0,%!&'!-.:5-%0:!($%0!'1?.-%2.&:0!.B()3B:&0!$*+#Ù+1.&B:!$!&0,B!+1206
+1'$.(20-%.!.B(%3B!:0(-0?'!.B(%3'$.-0?'!Q;8WT7!3'!.B(%3!3.4%!-.2)$.!*%¿!.B(%305!
$*+#,-)57!
O=]g]! VS! R..(.+3'$.-'! 2! [MU! <AAASJAAV7! (0D%-%&:.! ;8<8C8H! tK96L9! [MU!
C<ACCSJACJ!E!;8Cub!
9 G.B()3!2.12.(2.-%.!1)2)4%05!*)*305.3)&2-)7!-%02.,0Č-)!%!B('4B50-3'$.-)!+1'&0*!
+'2)*4%$.-%.!('$'(#$!%!'>%043)$-0:!%&/!'&0-)!$!&0,B!'410ï,0-%.!2.410*B!.(04$.36
-'ï&%!%!*4B30&2-'ï&%!*31B43B1)!1.5'$0:!2.12.(2.-%.!1)2)4%05!QJ8C8CT7!,B>!:.4%0:4',6
$%04!$)>1.-0:!&2¿ï&%!30:Č0!*31B43B1)H!tKI96[MU!gB%(0!W;SJACJ!E!;8N8J8\u8!
\<!! ^ 0 1 3 ) D % 4 . 3 ) ! . B ( ) 3 ' 1 # $ ! 2 ' * 3 . Ù)! $)5%0-%'-0! $! ($#&/! ('4B50-3.&/S! .138! JN\! B*38! C! +43!!
V!B*3.$)!'!D%-.-*.&/!+B>,%&2-)&/!Q(.,0:!OUmKT!'1.2!$!1'2+'12(20-%B!"%-%*31.!M+1.$!=06
$-¿312-)&/!%!](5%-%*31.&:%!2!CA!$120ï-%.!JACA!18!$!*+1.$%0!$)4.2B!&013)D%4.3#$!B+1.$-%.6
:&)&/!('!+1'$.(20-%.!4'-31',%!+1':043#$!%-D'15.3)&2-)&/!%!*)*305#$!30,0%-D'15.3)&2-)&/!
Q(.,0:!Z=^IK[MdT8!
WA!]-?8!4&=*$-%5.*&(@"05'-0(B:1.5([(A*&5$*,(B00*6.%5.*&8!=0(ÙB?!(0D%-%&:%![M]^]!G]B()3!*)*306
5#$!%-D'15.3)&2-)&/7!3'!+1'&0*!2>%01.-%.!%!'&0-%.-%.!('$'(#$!$!&0,B!'410ï,0-%.7!&2)!*)*6
305)!%-D'15.3)&2-0!%!2$%2.-0!2!-%5%!2.*'>)!$Ù.ï&%$%0!&/1'-%!5.:3047!B312)5B:!%-30?1.,6
-'ï°!(.-)&/!%!*)*305B7!('*3.1&2.:!'(+'$%0(-%&/!%!12030,-)&/!%-D'15.&:%7!'*%?.:!0D043)$-%0!
&0,0!'1?.-%2.&:%7!'*2&2¿(-%0!$)4'12)*3B:!2.*'>)!%!*3'*B:!50&/.-%25)!4'-31',%!$0$-¿312-0:!
3.47!.>)!('*3.1&2)°!1'2*(-0?'!2.+0$-%0-%.7!Č0!*!'*%?.-0!&0,0!'+01.&):-0!%!4'-31',-0!'1.2!
Č0!&/1'-%!*%¿!+120(!-%0+'Č(.-)5%!2(.120-%.5%!,B>!*!'-0!-.!&2.*!$)41)$.-07!.!%&/!*4B34%!
4'1)?'$.-0H!Q2.S!"8!m'1)*304S!B:1"5(.&=*$-%5"68&"7![-D'1]B(%37!=.1*2.$.!JAAVT8!
WC!]-?8!4&5'$&%5.*&%,(\'3.05'$(*=(A'$5.=.6%5'1(B:1.5*$08!
WJ!R'>8!-+8S!I8!X%(015.-S!A8"(]%:1"5(#'8).'68'Ú05/%(5','.&=*$-%5"68&'3*^(9'05(5"-(0%-"-(6*(]%:+
1"5(.&=*$-%5"68&"^_7!GY%B,03)-![-*3)3B3B!]B3'5.3)4%!%!Z'>'3)4%H!91!JC_JAA@7!=]d7!=.1*2.$.!
JAA@b!"8!m'1)*304S!B:1"5f7!'+8!&%387!*8!JV8!
"#

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


()-.5%&2-0?'!1'2$':B7!31B(-'!D'15BÙ'$.°!:.4%04',$%04!*+'*31206
Č0-%.! 503'(','?%&2-0! -.3B1)! >.1(2%0:! '?#,-0:8! =.13'! +.5%¿3.°7! Č0!!
E! +12)-.:5-%0:! :0ï,%! 5'$.! '! .B()&%07! 3.4! :.4! :0*3! '-! 1'2B5%.-)!!
$!2-.&20-%B!.B()3B!*)*305#$!2.12(2.-%.!-.!2?'(-'ï°!2!-'15.5%!
[MU!E!-.!('$#(!.B()3'$)!-.Ù'Č'-0!*!%--0!'?1.-%&20-%.!-%Č!-.!('6
$#(!$!*0-*%0!+1.$-)5!%!:0*2&20!%--0!-%Č!-.!('$#(!$!*0-*%0!-.B4'6
$)58! "03'()! +1.&)! .B()3'1.! 3'! +120(0! $*2)*34%5! '>*01$.&:.7!
.-.,%2.!('4B50-3#$!'1.2!$)$%.()7!$)*-B$.-0!+12020Ú!$-%'*4%!
('3)&2!2?'(-'ï&%!+'5%¿(2)!3$%01(20-%.5%!Q'!(.-)&/!04'-'5%&26
-)&/7!*)*305%0!2.12(2.-%.T!%!B*3.-'$%'-)5%!41)301%.5%!Q-'15.5%!
[MU7!+120+%*.5%!+1.$.!%3(8T7!2.ï!*.5'!>.(.-%0!5.!&/.1.4301!$)*'&0!
D1.?50-3.1)&2-)W;!8 ! M 3 (! $-%'*4%! >¿(&0! 102B,3.305! .B()3B! 5'?!
5%0°!&/.1.4301!*3.-'$&2)!+1.43)&2-%0!$)Ù&2-%0! $30()7! :0ï,%! *!3'!
$-%'*4%!-0?.3)$-0!Q-+8!G*)*305!2.12(2.-%.!>02+%0&20Ú*3$05!%-D'16
5.&:%!-%0!:0*3!2?'(-)!2!$)5.?.-%.5%!2.$.13)5%!$!-'15%0![MU_[L^!
JWAAC7!>'$%05!*3$%01(2'-'!+'$.Č-!-%02?'(-'ï°!2!$)5.?.-%.5%!
-'15)HT7!-.3'5%.*3!$-%'*4%!+'2)3)$-0!$'>0&!'?1.-%&20-%.!503'(!!
%! 2.410*B! >.(.-%.! *! &'! -.:$)Č0:! $-%'*4.5%! B+1.$('+'(.>-%.:6
&)5%W@8!
R.1)*'$.-0!$)Č0:!*&/05.3)&2-%0!1',0!*!+12)4Ù.(.5%!(2%.Ù.,-'ï&%!'+%6
-%'(.$&20:7! +12)! &2)5! 4.Č(.! 2! -%&/! +'(,0?.! *+0&)D%&2-)5! $.1B-4'5!!
%!'?1.-%&20-%'58!U+%-%'$.-%0!*('$0!:0*37!$!3)5!B:¿&%B7!*2&20?#,-)5!+12)6
4Ù.(05!(2%.Ù.,-'ï&%!120&2'2-.$&20:7!+'*%.(.:&)5!$Ù.*-!*+0&)D%4¿!%!B$.6
1B-4'$.-%.7!43#10:!3'!*+0&)D%&0!%!B$.1B-4'$.-%'5!+'ï$%¿&'-.!:0*3!3.!5'6
-'?1.D%.8!
!
!

W;!R'>8!-+8S!"8!"',*4%7!"8!R.&/03.S!H$8'/*1&.2(%:1"5*$%(0"05'-7/(.&=*$-%5"68&"6F7!e0,%'-7!g,%6
$%&0!JAAW7!*8!CVV!%!-.*38!
W@!Y.(.-%.!+1'$.(2'-0!$!1.5.&/!.B()3B!*!2.$*20!$)1)$4'$07!.!$%¿&!-%0*3$%01(20-%0!2.6
%*3-%0-%.! :.4%0?'ï! D.43B! -%0! :0*3! 1#$-'$.Č-0! *3$%01(20-%B! :0?'! -%02.%*3-%0-%.! Q$! '?#,0!!
$!'>1¿>%0!>.(.-0?'!*)*305BT8!
"$

!"#$%&'()*$+'

!4<""='8ħ+%9">%9?ų9?'"7Č('*9?'"
K':¿&%.!>%0?Ù0?'!*('$0?'!-%0!(0D%-%B:0!%!-%0!(0D%-%'$.Ù!$!+120*2Ù'ï&%!Č.(0-!
2!+',*4%&/!+120+%*#$!+1'&0(B1.,-)&/7!.-%! Č.(0-!2!,%&2-)&/! +'2.4'(04*'6
$)&/! .43#$! +1.$-)&/7! ('+B*2&2.:&)&/! 5'Č,%$'ï°! +'$'Ù)$.-%.! >%06
?Ù)&/WV8!R.2$)&2.:!+12):5B:0!*%¿7!2?'(-%0!2!$)4Ù.(-%!:¿2)4'$7!Č0!>%0?Ù)!
:0*3!'*'>! +'*%.(.:&!$%0(2¿! D.&/'$!%!('ï$%.(&20-%0! $!:.4%0:ï! (2%0(2%6
-%0W\8!Y%0?Ù)!*('$)!:0*3!'1?.-05!+'5'&-%&2)5!*(B!$!$)+.(4.&/!$)5.6
?.:&)&/!$%.('5'ï&%!*+0&:.,-)&/WW8!!
K':¿&%0!G$%.('5'ï&%! *+0&:.,-)&/H!-%0! :0*3!1#$-%0Č! 2(0D%-%'$.-0!$!.46
3.&/!+1.$-)&/8!M(!9.:$)Č*2)!$!:0(-)5!2!$)1'4#$WN!'410ï,%Ù!:0!$!*+'*#>!
-.*3¿+B:&)S!
G=%.('5'ï&%!*+0&:.,-0!3'!*2&20?#,-.!$%0(2.!*+0&:.,%*3)&2-.!2!(.-0:!(2%06
(2%-)!*23B4%7!30&/-%4%7!4B,3B1)7!>B('$-%&3$.7!+1205)*ÙB7!1',-%&3$.7!31.-*6
+'13B7!4'5B-%4.&:%7!%-D'15.3)4%7! &/05%%! 03&87!'>0:5B:&.!$%.('5'ï&%! $)6
41.&2.:&0! +'2.! 2.410*! 3)&/7! :.4%5%! ()*+'-B:0! '?#Ù! '*#>! %-30,%?0-3-)&/!!
%!'?#,-%0!$)4*23.Ù&'-)&/H8!
Z'2+'12(20-%0!"%-%*31.!M+1.$%0(,%$'ï&%!2!J@!?1B(-%.!C<JN!18!'!>%0?Ù)&/!
*('$)&/!Q(.,0:!Z'YMT!$+1'$.(2%Ù'!+'(2%.Ù!>%0?Ù)&/!-.!($%0!?1B+)S!32$8!
>%0?Ù)&/!*('$)&/!2!,%*3)!'1.2!*+'2.!,%*3)!Q2$.-)&/!30Č!G>%0?Ù)5%!%1(F*6HT8!
K%01$*%!B*3.-.$%.-%!*!+1202!+1020*#$!*(#$!'41¿?'$)&/!%!$+%*)$.-%!-.!
,%*3¿!>%0?Ù)&/7!2!43#10:!4'12)*3.:!'1?.-)!$)5%.1B!*+1.$%0(,%$'ï&%7!(1B(2)!
E!:0(-'1.2'$'!+'$'Ù)$.-%!('!+'*2&20?#,-)&/!*+1.$8!
!
!
!

WV!=!4*%Č&0!]8!I0?0,7!R8!I0?0,S!H$8').0"(*(#.'3Ù"6F(01*/"6F?(5Ù:-%68%6F(.(0)'69%,.05%6FK( ;*-'&5%$87!
R.4.5)&207!I1.4#$!JAA@7!*8!C@−JN7!$)5%0-%'-'!'C),.6.5'!JJ!+'2.4'(04*'$0!.43)!+1.$-0!10?B,B6
:&0!1#Č-0!.*+043)!'+%-%'$.-%.!*('$0?'7!&'!'&2)$%ï&%0!-%0!$)&201+B:0!&.Ù0?'!4.3.,'?B8!
W\!^2¿ï°!+1.$-%4#$!%!30'103)4#$!+1.$.!2$1.&.!B$.?¿7!Č0!>%0?Ù)!E!'+1#&2!'(+'$%0(-%0:!$%0(2)!
D.&/'$0:!E!+'$%-%0-!+'*%.(.°!'(+'$%0(-%!+1.43)4¿!2.$'('$!Q2'>8!%>%(87!*8!;A!%!-.*38T8!
WW!R'>8!$)1'4!9.&20,-0?'!M(B!](5%-%*31.&):-0?'!2!@!&201$&.!JAAC!18!Q[[!M]!C@;@_AAT8!
WN!=)1'4!M(B!9.:$)Č*20?'!2!CN!,%+&.!C<WV!18!Q[!^Z!;;C_WVT8!
"%

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


:;<;=(>04%&%/,%&,'(#,'*ų"5?(
R.*.()!B*3.-.$%.-%.!>%0?Ù)&/!2!,%*3)!10?B,B:0!'>0&-%0!1'2+'12(20-%0!"%-%6
*31.!M+1.$%0(,%$'ï&%!2!J@!*3)&2-%.!JAAV!18!$!*+1.$%0!>%0?Ù)&/!*('$)&/!Q(.6
,0:!Z$*YMT8! R?'(-%0!2!3)5!1'2+'12(20-%05!Ï ¦!
+12)!M(2%0!U41¿?'$)5!+1020*!30?'!*(B!-.!'410*!V!,.38!Y%0?Ù)5!5'Č0!>)°!
B*3.-'$%'-.!'*'>.7!43#1.!4'12)*3.!2!+0Ù-%!+1.$!&)$%,-)&/!%!'>)$.30,*4%&/7!
B4'Ú&2)Ù.!JV!,.3!Č)&%.7!+'*%.(.! 30'103)&2-0!%!+1.43)&2-0!$%.('5'ï&%!*+06
&:.,-0!$!(.-0:!?.Ù¿2%!-.B4%7!30&/-%4%7!*23B4%7!1205%'*Ù.7!.!3.4Č0!%--0:!B5%06
:¿3-'ï&%7!(,.!43#10:!5.!>)°!B*3.-'$%'-.7!(.:0!1¿4':5%¿!-.,0Č)30?'!$)4'-)6
$.-%.!'>'$%24#$! >%0?Ù0?'!%! $)1.2%! 2?'(¿!-.!B*3.-'$%0-%0! :0:!>%0?Ù)58!
O*3.-'$%0-%0!>%0?Ù)5!'*'>)!2.31B(-%'-0:!$)5.?.! 2.*%¿?-%¿&%.!'+%-%%!2.6
4Ù.(B!+1.&)!2.31B(-%.:&0?'!3¿!'*'>¿7!2.ï!B*3.-'$%0-%0!>%0?Ù)5!'*'>)!$)6
4'-B:&0:!$',-)!2.$#(!$)5.?.!2.*%¿?-%¿&%.!'+%-%%!'1?.-%2.&:%!2.$'('$0:7!
('!43#10:!'*'>.!3.!-.,0Č)8!K'*%.(.-%0!$%.('5'ï&%!*+0&:.,-)&/!+'$%--'!>)°!
$)4.2.-0!('4B50-3.5%!,B>!%--)5%!('$'(.5%8!U&0-.7!&2)!+'*%.(.-%0!$%.6
('5'ï&%!*+0&:.,-)&/!2'*3.Ù'!('*3.30&2-%0!$)4.2.-07!-.,0Č)!('!K1020*.!M(B!
U41¿?'$0?'8!
^/'°!$)(.:0!*%¿!3'!(2%$-07!%-.&20:!$)?,(.!$!1#Č-)&/!M(.&/! U41¿?'6
$)&/! +1.43)4.! +'$'Ù)$.-%.! >%0?Ù)&/! %! 4'12)*3.-%.! 2! %&/! '+%-%%8! U>0&-%0!!
$!K',*&0!%*3-%0:0! @V!'41¿?#$!*('$)&/7!43#1)&/!+1020*%!+'$'ÙB:!>%0?Ù)&/8!!
=!Y%B,03)-%0! [-D'15.&:%!KB>,%&2-0:!+'*2&20?#,-)&/!*(#$! 2.5%0*2&2'-0!*!
%-D'15.&:0!('3)&2&0!20*3.$B!('4B50-3#$7!:.4%0!$)5.?.-0!*!'(!4.-()6
(.3.!-.!>%0?Ù0?'8!R0*3.$)!30!*!1#Č-0!(,.!1#Č-)&/!*(#$8![!3.4!-+8!M(!U41¿6
?'$)!$!Y%.Ù)5*3'4B!:.4'!('4B50-3)7!43#10!+'$%-%0-!2Ù'Č)°!4.-()(.3!-.!
>%0?Ù0?'!+'(.:0!CC!('4B50-3#$W<S!
CT $-%'*04!*4%01'$.-)!('!K1020*.!M(B!U41¿?'$0?'!$!Y%.Ù)5*3'4B!
'!B*3.-'$%0-%0!>%0?Ù)5!*('$)5!Q-.,0Č)!'410ï,%°!(2%0(2%-¿Tb!
JT Č)&%'1)*_!^ib!
;T 4$0*3%'-.1%B*2!'*'>'$)b!
@T 4*01'4'+%.!('$'(B!3'Č*.5'ï&%b!
VT '(+%*!()+,'5B!B4'Ú&20-%.!*3B(%#$!$)Č*2)&/b!

W<!R'>8!/33+S__>%.,)*3'48*'8?'h8+,_%-D'15.&:0_>%0?,%8/35,8!
"&

!"#$%&'()*$+'

\T %--0!('4B50-3)!+'3$%01(2.:&0!+'*%.(.-%0!*2&20?#,-)&/!4$.,%D%6
4.&:%!2.$'('$)&/!'1.2!+1.43)&2-)&/!%!30'103)&2-)&/!$%.('5'ï&%!*+06
&:.,-)&/!2!(2%0(2%-)7!$!43#10:!'*'>.!B>%0?.!*%¿!'!B*3.-'$%0-%0!>%0?Ù)57!
?()!$-%'*04!*4Ù.(.!,04.12!+'$%-%0-!5%0°![!,B>![[!*3'+%0Ú!*+0&:.,%2.&:%b!
WT '+%-%.!%!2?'(.!2.4Ù.(B!+1.&)b!
NT '+%-%.! '1?.-%2.&:%! 2.$'('$0:! (2%.Ù.:&0:! -.! +'(*3.$%0! B*3.$)!!
2!W!4$%03-%.!C<N<!18!−!K1.$'!'!*3'$.12)*20-%.&/!Q38!:0(-8S!F28O8!2!JAAC!18!
91!W<7!+'28!NVVT!>(Ċ!-.!+'(*3.$%0!%--)&/!B*3.$!Q$!+12)+.(4B!,04.12.!
'+%-%.!U41¿?'$0:![2>)!X04.1*4%0:Tb!
<T 'ï$%.(&20-%0!4.-()(.3.7!Č0!-%0!:0*3!+120&%$4'!-%05B!+1'$.(2'-0!
+'*3¿+'$.-%0! '! +120*3¿+*3$'! ï&%?.-0! 2! '*4.1Č0-%.! +B>,%&2-0?'! ,B>!
+120*3¿+*3$'!*4.1>'$0b!
CAT 'ï$%.(&20-%0!'!4'12)*3.-%B!2!+0Ù-%!+1.$!&)$%,-)&/!%!'>)$.30,6
*4%&/b!
CCT '+Ù.3.!*4.1>'$.!$!$)*'4'ï&%!CA!2Ù!-.!4'-3'!O12¿(B!"%0:*4%0?'!
$!Y%.Ù)5*3'4B!(0+.13.50-3!D%-.-*#$!5%.*3.8!
K'(&2.*! ?()! $! M(2%0! U41¿?'$)5! $! Y%0,*4B6Y%.Ù0:! 4.-()(.3! -.! >%06
?Ù0?'!5B*%!+120(*3.$%°!C@!('4B50-3#$NAS!
CT !$-%'*04!Q.(10*'$.-)!('!K1020*.!M(B!U41¿?'$0?'!$! Y%0,*4B6
Y%.Ù0:T! '! B*3.-'$%0-%0! >%0?Ù)5! *('$)5! +12)! M(2%0! U41¿?'$)5!!
$!Y%0,*4B6Y%.Ù0:!2!2.2-.&20-%05!?.Ù¿2%!-.B4%7!30&/-%4%7!*23B4%7!1205%'6
*Ù.7!.! 3.4Č0!%--0:! B5%0:¿3-'ï&%7! (,.!43#10:!+'*%.(.! 30'103)&2-0!%!+1.46
3)&2-0!$%.('5'ï&%!*+0&:.,-0b!
JT !Č)&%'1)*!Q^iTb!
;T !4$0*3%'-.1%B*2!'*'>'$)b!
@T !'(+%*! ()+,'5B! '1.2! %--0! ('4B50-3)! +'3$%01(2.:&0! +'*%.(.-%0!
30'103)&2-)&/!%!+1.43)&2-)&/!$%.('5'ï&%!*+0&:.,-)&/!$!(.-0:!(2%0(2%-%0b!
VT !$!+12)+.(4B!,04.12)S!'(+%*!()+,'5B!,04.1*4%0?'7!+1.$'!$)4'-)6
$.-%.!2.$'(B!,04.12.7!2.ï$%.(&20-%0!'!B2)*4.-%B!*+0&:.,%2.&:%b!
\T !'+%-%¿!2!'*3.3-%0?'!5%0:*&.!+1.&)!Q('3)&2)!3'!'*'>)!2.31B(-%'-0:T7!
>(Ċ!'1?.-%2.&:%!2.$'('$0:!Q'(!'*'>)!$)4'-B:&0:!$',-)!2.$#(Tb!

NA!R'>8!/33+S__$$$8>%0,*4'6>%.,.8*'8?'h8+,_>%0?,%6*.('$%7575?7;7J@8!
"'

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


WT !4*01'4'+%¿!('$'(B!'*'>%*30?'b!
NT !.43B.,-0!2.+)3.-%0!'!4.1.,-'ï°!2!I1.:'$0?'!Z0:0*31B!I.1-0?'b!
<T !'ï$%.(&20-%0!'!4'12)*3.-%B!2!+0Ù-%!+1.$!&)$%,-)&/!%!'>)$.30,*4%&/b!
CAT 'ï$%.(&20-%07!Č0!.43B.,-%0!-%0!3'&2)!*%¿!+'*3¿+'$.-%0!+12)?'3'6
$.$&207!:.4!30Č!*('$0!+'*3¿+'$.-%0!4.1-0b!
CCT 'ï$%.(&20-%0! '! $)1.Č0-%B! 2?'()! -.! +1203$.12.-%0! (.-)&/!
'*'>'$)&/b!
CJT 2'>'$%2.-%0! '! -%02$Ù'&2-)5! +'$%.('5%0-%B! K1020*.! M(B!
U41¿?'$0?'!$!Y%0,*4B6Y%.Ù0:!'!$*2&2¿3)5!+'*3¿+'$.-%B!4.1-)5!+1206
&%$4'!>%0?Ù05Bb!
C;T +%*05-!2?'(¿!-.!+0Ù-%0-%0!DB-4&:%!>%0?Ù0?'!*('$0?'b!
C@T 2(:¿&%08!
=!'>B!3)&/!20*3.$.&/!$)*3¿+B:!0,050-3)!2?'Ù.!4B1%'2.,-0S!'ï$%.(&20-%0!
'!$)1.Č0-%B!2?'()!-.!+1203$.12.-%0!(.-)&/!'*'>'$)&/!Q2.Ù&2'-)!-.!*31'6
-.&/!Y[K!D'15B,.12!-%0!+10&)2B:0!.-%! 2.410*B!2?'()7!.-%!-.$03!30?'7!4'5B!
3.4.!2?'(.!:0*3!B(2%0,.-.7!-%0!5#$%&!:BČ!'!3)57!Č0!*(!5.!+1.$'!+1203$.12.°!
(.-0!'*'>'$0!>%0?Ù)&/7!>02!4'-%0&2-'ï&%!B2)*4%$.-%.!3.4%0:!2?'()T7!'ï$%.(6
&20-%07!%Č!.43B.,-%0!-%0!3'&2)!*%¿!+'*3¿+'$.-%0!+12)?'3'$.$&20!Q:.4!5'Č-.!
*%¿!('5)ï,%°!2!4.-()(.305!-.!>%0?Ù0?'!$!1',%!+'(0:12.-0?'7!&/'°!D'15.,-%0!
120&2!B:5B:&!+'(0:12.-)5!:0*3!'*'>.7!$'>0&!43#10:!$)(.-'!+'*3.-'$%0-%0!!
'!+120(*3.$%0-%B! 2.12B3#$!.,>'!43#10:! >02!$)(.-%.!3.4%0?'!+'*3.-'$%0-%.!
+'*3.$%'-'!2.12B3!$!2$%24B!2!1'2+'&2¿&%05!+120*ÙB&/.-%.!$!&/.1.430120!
+'(0:12.-0?'7!.!-%0!'*'>.7!43#10:!3.4%0!+'*3.-'$%0-%0!+120(*3.$%'-'7!+'30-6
&:.,-)!4.-()(.3!-.!>%0?Ù0?'!-%0!5B*%7!$!*2&20?#,-)5!+12)+.(4B7!$%0(2%0°7!
Č0!+'*3.-'$%0-%0!3.4%0!2'*3.Ù'!+'(:¿30T7!&2)!2(:¿&%0!Q31B(-'!('5)ï,%°!*%¿!+'(6
*3.$)!+1.$-0:!3.4%0?'!Č(.-%.T8!Z#$-%0Č!'(-'ï-%0!('!+'3$%01(20-%.!$+Ù.3)!
-.!4'-3'!B12¿(B!5%0:*4%0?'!Q&/'(2%!2.+0$-0!'!'+Ù.3¿!*4.1>'$!2.!&2)--'ï&%!
'1?.-#$! .(5%-%*31.&:%! +B>,%&2-0:7! +'(0:5'$.-0! $! %-()$%(B.,-)&/! *+1.6
$.&/7! 32$8! G'+Ù.3¿!*305+,'$ȈT7!3'! $)5.?.:!:0:!3),4'!-%043#10!M()!U41¿6
?'$0b!$!%--)&/!3.4%0:!4'-%0&2-'ï&%!-%0!5.8![--0!*()!'41¿?'$0!+10&)2B:!2.6
2$)&2.:!5-%0:*20!$)5.?.-%.7!+12)!&2)5!2!+'$'Ù.-)&/!+120+%*#$!2(.:0!*%¿!
$)-%4.°!5'Č,%$'ï°!$)5.?.-%.!$-%'*4B!'!B*3.-'$%0-%0!>%0?Ù)5!*('$)57!
4$0*3%'-.1%B*2.!'*'>'$0?'!>(Ċ!Č)&%'1)*B7!('4B50-3#$!+'3$%01(2.:&)&/!
"(

!"#$%&'()*$+'

2-.:'5'ï°!(2%0(2%-)!%!+'*%.(.-%0!4$.,%D%4.&:%!2.$'('$)&/!'1.2!'+%-%%NC!2.6
4Ù.(B!+1.&)!2.31B(-%.:&0?'!3¿!'*'>¿!,B>!'1?.-%2.&:%!2.$'('$0:8!!
=)5#?!('*3.1&20-%.!'(+'$%0(2%! -.! 2.+)3.-%0! ('!I1.:'$0?'! Z0:0*31B!
I.1-0?'!$%Č0!*%¿!2!4'-%0&2-'ï&%!+'-%0*%0-%.!+1202!4.-()(.3.!-.!>%0?Ù0?'!
4'*23#$!Q:0*3!3'!>'$%05!('4B50-3!$)(.$.-)!'(+Ù.3-%0T8!9%0!:0*3!'-!-.3'6
5%.*3!('4B50-305!+'ï$%.(&2.:&)5!$)5.?.-!$!+'$'Ù.-)5!1'2+'126
(20-%BNJ!+0Ù-%¿!+1.$!&)$%,-)&/!%! '>)$.30,*4%&/!.-%! E!3)5!5-%0:!E!$)*3.16
&2.:&)! ('! B2-.-%.7! Č0! '*'>.! (.:0! 1¿4':5%¿!-.,0Č)30?'! $)4'-)$.-%.!
'>'$%24#$!>%0?Ù0?'N;8!^/'°!-%0$3+,%$%0!-%04.1.,-'ï°!:0*3!30:!1¿4':5%!$.6
1B-4%05!4'-%0&2-)57!3'!-%0! :0*3!$.1B-4%05!$)*3.1&2.:&)58!Y)°!5'Č0!(.6
Ù'>)!*%¿!'>'$%204!$),0?%3)5'$.-%.!*%¿!+1202!4.-()(.3.!-.!>%0?Ù0?'!-%04.6
1.,-'ï&%! $! :.4%ï! *+'*#>! 2! +120+%*#$! $)$%0ï°! Q:.44',$%04! -%0! >.1(2'!
$%.('5'!(,.&20?'!4'*23!30?'!'>'$%24B!5.!'>&%Č.°!4.-()(.3.!-.!>%06
?Ù0?'T8!
!
:;<;:((7+.-/,'+),%8&-Ƒđ(#,'*ų'*-(
=!&2.*%0!*+1.$'$.-%.!DB-4&:%!>%0?Ù0?'!*('$0?'!4'-%0&2-0!:0*3!2$1#&06
-%0!B$.?%!-.!4%,4.7!-%0!2.$*20!%-3B%&):-%0!21'2B5%.Ù)&/7!B$.1B-4'$.Ú!!
%!'?1.-%&20Ú8!!
Y.1(2'!5'&-'!+'(410ï,.-!$!'120&2-%&3$%0!%!+1.43)&0!4$0*3%!:0*3!>026
$2?,¿(-)!2.4.2!BČ)$.-%.!3)3BÙB!>%0?Ù0?'!*('$0?'!Q'&2)$%ï&%0!('3)&2)!3'!
1#$-%0Č!>%0?Ù)&/!G2!,%*3)HT!$!%--)&/!(2%.Ù.-%.&/7!3:8!+'2.!'+%-%.5%!-.!2,0&06
-%0!B+1.$-%'-)&/!+'(5%'3#$8!d.4%0!BČ)&%0!3)3BÙB!:0*3!(2%.Ù.-%05!>02+1.$6
-)5! %! E! :.4! '1204Ù! 9.&20,-)! M(!](5%-%*31.&):-)N@!! −! ()*410()3B:0! (.-!

NC!U+%-%%7!.!-%0!2?'()!Q+'18!y!;!Z$*YMT8!d1B(-'!$)'>1.2%°!*'>%07!Č0>)!+1020*!M(B!U41¿?'6
$0?'! +12)! +'(:¿&%B!(0&)2:%!'! $+%*.-%B! -.!,%*3¿!>%0?Ù)&/! '*'>)7! 43#1.!&/&0!2'*3.°!>%0?Ù)5!!
%!43#1.!$!:0?'!5-%05.-%B!*+0Ù-%.!$*2)*34%0!$)5.?.-0!$.1B-4%!501)3'1)&2-07!>)Ù!2$%2.-)!
(0&)2:!4%01'$-%4.!2.4Ù.(B!+1.&)7!$!43#1)5!4.-()(.3!-.!>%0?Ù0?'!:0*3!2.31B(-%'-)7!+'5%:.6
:&!:BČ!D.437!Č0!$ï1#(!>%0?Ù)&/!2-.:(B:!*%¿!'*'>)!2.1#$-'!+1.&B:&0!$0!$Ù.*-)&/!D%15.&/7!
:.4!%!+1.&B:&0!$!$%¿&0:!-%Č!:0(-)5!5%0:*&B7!$)5#?!30-!$)(.:0!*%¿!$%¿&!-%0&'!.1&/.%&2-)8!
NJ!K'18!y!CJ!B*38!C!+43!C8!Z$*YM8!
N;!K'18!y!CJ!B*38!C!+43!@8!Z$*YM8!
N@!R'>8!$)1'4!9.&20,-0?'!M(B!](5%-%*31.&):-0?'!2!@!&201$&.!JAAC!18!Q[[!M]!C@;@_AAT8!
#)

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


'*'>¿!$! *3'+-%B!+'2$.,.:&)5!B2-.°7! %Č!-%0! (.:0!'-.! 1¿4':5%!-.,0Č)30?'!
$)4'-)$.-%.!'>'$%24#$!>%0?Ù0?'NV8!9%043#10!*41.:-%0!1)?'1)*3)&2-0!*()!
2.>1.-%.:!BČ)$.-%.!+1202!'*'>)!$+%*.-0!-.!,%*3¿!>%0?Ù)&/!*Ù#$!G>%0?Ù)!*6
('$)H!-.$03!-.!$%2)3#$4.&/!&2)!$!>%'?1.5.&/8!Y%'1&!+'(!B$.?¿7!Č0!D.43!
>)&%.!$+%*.-)5!-.!,%*3¿!>%0?Ù)&/!*('$)&/!-%0!:0*3!$!Č.(0-!*+'*#>!%-D'16
5.&:!-%0:.$-7! 5'Č-.!3),4'! 2.,0&%°!>%0?Ù)5! 2!3.4%&/!'41¿?#$! BČ)$.-%0!
D'15!'+%*'$)&/!Q-+8!G2'*3.Ù!$+%*.-)!-.!,%*3¿!>%0?Ù)&/!*('$)&/!$!M(2%0!
U41¿?'$)5!$!fHT8!
R.!$)(.-!'+%-%¿!>%0?Ù)!+'-'*%! '(+'$%0(2%.,-'ï°!2.1#$-'!4.1-7!:.4!!
%!&)$%,-8!"'Č-.!5#$%°!1#$-%0Č!'!+0$-0:!D'15%0!'(+'$%0(2%.,-'ï&%!()*6
&)+,%-.1-0:!>%0?Ù)&/!*d'$)&/N\!$+%*.-)&/!-.!,%*3¿!>%0?Ù)&/!*d'$)&/S!K106
20*!MdB! U41¿?'$0?'!5'Č0! 2$',-%°!2! DB-4&:%!>%0?Ù0?'! 2!$.Č-)&/!+'$'6
(#$7!.!$!*2&20?#,-'ï&%7!:0Č0,%!-%0-.,0Č)&%0!$)4'-B:0!'-!*$':0!&2)--'ï&%NW7!
:.4!1#$-%0Č!>%0?Ù)7!&'!('!43#10?'!+'$*3.Ù)!$3+,%$'ï&%!'(-'ï-%0!('!30?'7!
&2)!(.:0! ?$.1.-&:¿!-.,0Č)30?'! $)4'-)$.-%.!'>'$%24#$! >%0?Ù0?'!*('6
$0?'7!5'Č0!,%&2)°!*%¿!2!-%0+'$'Ù.-%05!-.!4',0:-!4.(0-&:¿8!=!3)5!4'-3046
ï&%0!5'Č-.! 5#$%°!'! *B5%0--'ï&%! $!$)4'-)$.-%B! '>'$%24#$!>%0?Ù0?'!
Q58%-8!'!'>'$%24B!3015%-'$0?'!*+'12(2.-%.!'+%-%%!%!B*+1.$%0(,%$%.-%.!
+12)&2)-!'+#Ċ-%0ÚTNN8!
U(+'$%0(2%.,-'ï°!4.1-.!2!.138!J;;!I'(04*B!4.1-0?'!Q(.,0:!IIT!5.!5%0:*&0!
$30()7!?()!>%0?Ù)!('+Bï&%Ù!*%¿!32$8!D.Ù*2B!%-30,043B.,-0?'N<!$!$)(.-0:!'+%-%%!
QB*3-0:! ,B>! +%*05-0:T7! -.3'5%.*3! 5'Č,%$.! :0*3! 3.4Č0! '(+'$%0(2%.,-'ï°!!

NV!K'18!+'*3.-'$%0-%0!M(B!9.:$)Č*20?'!2!JJ!4$%03-%.!C<<\!18!Q[!KZ9!;A_<\Tb!'120&20-%0!9.6
&20,-0?'!M(B!](5%-%*31.&):-0?'!2!JA!*%01+-%.C<<N!18!Q[[!M]!<<J_<NT8!
N\!R'>8!"8!Y':.1*4%S!H$*#,'-"(*1)*/.'18.%,&*ï6.(2%$&'9(.(1"06"),.&%$&'9(#.'3Ù'3*7!GPB1%*+1B(0-6
&%:.H!d8!CNQCAT_JAAA7!*8!J@−JN8!
NW!R'>8!y!\!B*38!C!+43!J!Z$*YM8!
NN!R'>8!$)1'4!9.&20,-0?'!M(B!](5%-%*31.&):-0?'!2!JW!5.:.!JAA<!18!Q[[!gMI!<WC_ANT8!
N<!! = ) 1 ' 4 ! M (B! 9.:$)Č*20?'! 2! ! W! ?1B(-%.! JAAC! 18! Q[i! II9! V\;_<WTS! GU(+'$%0(2%.,-'ï°!
4.1-.!>%0?Ù0?'!2.!+120*3¿+*3$'!32$8!D.Ù*2B!%-30,043B.,-0?'!('3)&2)!+'ï$%.(&20-%.!D.43#$7!
43#10!+'((.:!*%¿!$01)D%4.&:%!2!+B-43B!$%(20-%.!%&/!+1.$(2%$'ï&%!,B>!D.Ù*2B7!-.3'5%.*3!-%0!
'>0:5B:0!*.5)&/!'&0-H8!
#*

!"#$%&'()*$+'

2!.138!JWC!y!C!II<A8!R(0&)('$.-%0!-.,0Č)!E!+'('>-%0!210*23!:.4!$*2¿(2%07!
?(2%0! 5'$.! '! '(+'$%0(2%.,-'ï&%! 4.1-0:! 2.! $)+'$%0(2%!E!'(1#Č-%°!+'6
ï$%.(&20-%0! D.43#$! '(! $)1.Č'-)&/! +1202! >%0?Ù0?'! '&0-8! =! 3)5! *0-*%0!
31B(-'!2?'(2%°!*%¿!-+8!2!I.1',05!K.&/-%4%05<C7!43#1)!+%*20S!
GR.?.(-%0-%0!D.Ù*2)$0:!'+%-%%!$)*3+%!$!*)3B.&:.&/S!
9 ?()!'&0-.!D'15BÙ'$.-.!$!'+%-%%!>¿(2%0!$)1.Ċ-%0!*+120&2-.!!
2!.43B.,-)5!*3.-05!$%0(2)!$!(2%0(2%-%07!43#10:!'+%-%.!('3)&2)b!
9 ?()!'&0-.!D'15BÙ'$.-.!$!'+%-%%!>¿(2%0!$)1.Ċ-%0!*+120&2-.!!
2!120&2)$%*3)5!*3.-05!D.43)&2-)57!5'Č,%$)5!('!$)%-301+103'$.6
-%.!2!.43!*+1.$)b!
9 ?()!'&0-.! >¿(2%0!'+.13.!-.! $)1.Ċ-%0!>Ù¿(-0:! 503'(2%0!>.6
(.$&20:8!
[*3'3-!'4',%&2-'ï&%!:0*37!Č0!'&0-.!5B*%!>)°!30Č!'(!*31'-)!*B>%043)$-0:!
Qï$%.('5%0T!-%0+1.$(2%$.7!.!#$!0,050-3!ï$%.('5'ï&%!2.&/'(2%°!>¿(2%0!$0!
$*2)*34%&/!$*4.2.-)&/!*)3B.&:.&/H8!!
R.+0$-0! $)*3+%Ù'! 3B! +'5),0-%0! '&0-)! 2! '+%-%!Q*4(%-(! *ÙB*2-%0!
$*4.2B:0!*%¿! $!,%301.3B120!+120(5%'3B7! Č0!,0+*2)5!*D'15BÙ'$.-%057!-%06
*303)!-%0BČ)3)5!+1202!B*3.$'(.$&¿7!-.!'410ï,0-%0!'+%-%%7!>)Ù.>)!G04*+016
3)2.H!E!2'>8!1'2(2%.Ù!;T8!!
Y%0?Ù)!5'Č0!+'-%0ï°!'(+'$%0(2%.,-'ï°!4.1-!'&2)$%ï&%0!1#$-%0Č!2.!%--0!
&2)-)7!2-.5%'-.7!43#1)&/!5'Č0!$)&201+.°!D'15BÙB:&!'+%-%¿!QB*3-!,B>!+%6
*05-T7!-+8!2.! +'5#$%0-%0! '*'>)! '!3.4%0! +'*3¿+'$.-%0! ,B>!$Ù.ï&%$'ï&%7!

<A!=)1'4!M(B! 9.:$)Č*20?'!Q[i!II9! V\;_<WTS! GY%0?Ù)! *('$)!,B>!120&2'2-.$&.7!2! 1.&:%!
+0Ù-%'-0:!DB-4&:%!%!+'*%.(.-)&/!B+1.$-%0Ú7! -%0! (2%.Ù.! $0! $Ù.*-)5! %5%0-%B!%! $0!$Ù.*-0:!
*+1.$%07!.!$!*)3B.&:%7!?()!$)(.:0!'-!'+%-%¿7!&'!-.:5-%0:!?'(2&!*%¿!2!:0:!-%012030,-'ï&%7!
3)5!*.5)5!+'ï$%.(&2.!$!-%0:! -%0+1.$(¿!&'!('!'4',%&2-'ï&%!5.:&0:!2-.&20-%0!+1.$-08!
"'Č0!$%¿&!>)°!+'(5%'305!+120*3¿+*3$.!'410ï,'-0?'!$! .138! JWC!y! C!II!Q.138!J\\!y! C! II!!
2!C<\<!18T7!:0Č0,%!*$'%5!2.&/'$.-%05!$)&201+B:0!:0?'!2-.5%'-.7!.!:0(-'&20ï-%0!-%0!>%0120!
>02+'ï10(-%0?'!B(2%.ÙB!$!+'*3¿+'$.-%B!*('$)5!,B>!$!%--)5!+'*3¿+'$.-%B!+1'$.(2'6
-)5!-.!+'(*3.$%0!B*3.$)H8!
<C!R'>8!I8!K.&/-%4S!H$%/&'(:/%$:&2*/%&.%(*1)*/.'18.%,&*ï6.(6"/.,&'9(.(2%$&'9(#.'3Ù"6F(/()*,02.-(
0"05'-.'()$%/&"-7!GL(B4.&:.!K1.$-%&2.H!91!CA!QCCNT_!JACA7!/33+S__$$$80(B4.&:.+1.$-%&2.8!
+,_.13)4B,)_.13)4B,_._+'4.2_&_.13)4B,_.13_+1.$-06B$.1B-4'$.-%.6'(+'$%0(2%.,-'*&%6&)$%!
,-0:6%64.1-0:6>%0?,)&/6$6+',*4%56*)*305%06+1.$-)58/35,8!!
#!

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


43#10!5'?!+'-%Č)°!:!$!'+%-%%!+B>,%&2-0:!,B>!-.1.2%°!-.!B31.3¿!2.BD.-%.!+'6
3120>-0?'!(,.!(.-0?'!*3.-'$%*4.7!2.$'(B!,B>!1'(2.:B!(2%.Ù.,-'ï&%8!
U(+'$%0(2%.,-'ï°!&)$%,-.!>%0?Ù)&/!:0*3!2.?.(-%0-%05!*3'*B-4'$'!-'6
$)5<J7!5'Č-.!'!-%0:!5#$%°!&'!-.:5-%0:!$!($B!4'-304*3.&/S!'(+'$%0(2%.,6
-'ï&%!2.!(0&)2:0!+'(0:5'$.-0!$!+'*3¿+'$.-%.&/!2!$)4'12)*3.-%05!'+%-%%!
>%0?Ù0?'7!43#1)!+12)&2)-%Ù!*%¿!('!*4Ù'-%0-%.!'1?.-B!+1'&0*'$0?'!('!+'(:¿&%.!
'410ï,'-0:!(0&)2:%<;!'1.2!'!'(+'$%0(2%.,-'ï°!$'>0&!'*#>!3120&%&/!2.!*24'()!

<J!R'>8!B&/$.Ù.!9.&20,-0?'!M(B!](5%-%*31.&):-0?'!2!CJ!*3)&2-%.!JAA<!18!Q[!mKM!;_ANTS!G>%0?Ù)!
'(+'$%.(.!'*'>%ï&%0!2.!$)4'-.-0!+1202!*%0>%0!&2)--'ï&%!-%02.,0Č-%0!'(!30?'7!&2)!('!'4106
ï,'-)&/!(2%.Ù.Ú!2'>'$%2.Ù!?'!*(7!&2)!30Č!%--)!'1?.-8!=!$)-%4B!2,0&0-%.!$)(.-%.!'+%-%%!
-%0!('&/'(2%!('!+120-%0*%0-%.!'(+'$%0(2%.,-'ï&%!2.!$)-%4!(2%.Ù.-%.!>%0?Ù0?'!*('$0?'!-.!
*(!,B>!%--)!'1?.-H!'1.2!$)1'4!d1)>B-.ÙB!I'-*3)3B&):-0?'!2!CJ!&201$&.!JAAN!18!QI!VA_AVTS!
GY%0?Ù)!'(+'$%.(.!'*'>%ï&%0!2.!$)4'-)$.-0!+1202!*%0>%0!&2)--'ï&%7!-%02.,0Č-%0!'(!30?'7!&2)!
('!'410ï,'-0?'!(2%.Ù.-%.!2'>'$%2.Ù!?'!*(7!&2)!30Č!%--)!'1?.-8!M.5!D.437!%Č!$)(.-%0!'+%-%%!
2,0&.!*(7!&2)!30Č!%--)!'1?.-7!-%0!'2-.&2.7!Č0!3'!'-!+12):5B:0!'(+'$%0(2%.,-'ï°!$'>0&!'*#>!
3120&%&/8!U+%-%.!$)(.-.!+1202!>%0?Ù0?'!:0*3!('$'(05!$!+'*3¿+'$.-%B!*('$)57!+'(,0?.6
:&)5!'&0-%0!-.!1#$-%!2!%--)5%!('$'(.5%7!.!-%0!B*ÙB?7!43#10:!>02+'ï10(-%5!'(>%'1&.ࡥ!:0*3!
B&20*3-%4!+'*3¿+'$.-%.8!M(!+'-'*%!'(+'$%0(2%.,-'ï°!:0()-%0!2.!*$':0!1'2*312)?-%¿&%07!$)6
(.-0!$!'+.1&%B!'!'&0-¿!$*2)*34%&/!'4',%&2-'ï&%!$!*+1.$%07!$!3)5!3.4Č0!3)&/7!43#10!$)5.6
?.:!$%.('5'ï&%!*+0&:.,-)&/7!.,0!-%0!2.! &2)--'ï&%!>%0?Ù0?'8!M(7!+'$'ÙB:&!>%0?Ù0?'!2!,%*3)!
>%0?Ù)&/!$!&0,B!$)(.-%.!04*+013)2)7!'($'ÙB:0!*%¿!('!:0?'!*+0&:.,%*3)&2-0:!$%0(2)7!*3(!$)6
(.-.!$!'+.1&%B!'!3¿!$%0(2¿!'+%-%.!5B*%!>)°!$!+0Ù-%!*.5'(2%0,-.8!9.!*.5'(2%0,-'ï°!$!$)6
(.-%B!'+%-%%7!1'2B5%.-0:!:.4'!$)1.Č.-%0!$Ù.*-)&/!+'?,(#$!>%0?Ù0?'!$!(.-0:!*+1.$%07!-%0!
$+Ù)$.!D.437!%Č!>%0?Ù)!5.!'>'$%204!*3'*'$.°!*%¿!('!$*4.2#$04!'1?.-B!2,0&.:&0?'7!-+8!&'!
('!2.410*B!'+%-%%8!d'7!Č0!>%0?Ù)!*+'12(2.!'+%-%¿!$!'+.1&%B!'!.43.!*+1.$)!+1204.2.-0!+1202!
2,0&.:&0?'7!-%0!5'Č0!+120*(2.°!'!3)57!%Č!-%0!:0*3!'-!*.5'(2%0,-)8!9%0!('&/'(2%!('!+120-%06
*%0-%.!-.!*(!'(+'$%0(2%.,-'ï&%!2.!$)-%4%!(2%.Ù.Ú!>%0?Ù0?'!*('$0?'H8!
<;!K'18!I8!K.&/-%4S!H$%/&'f7!'+8!&%38!]B3'1!*ÙB*2-%0!2.B$.Č.7!Č0!GR.2-.&2)°!3120>.7!Č0!&2)-!
>%0?Ù0?'! 5B*%! >)°! >02+1.$-)8! Y02+1.$-'ï°! E! :.4'! +120(5%'3'$.! &0&/.! &2)-B! *+1.$&)!!
E!31.()&):-%0!B:5'$.-.!:0*3!:.4'!*+120&2-'ï°!2!'>'$%2B:&)5!+'12(4%05!+1.$-)58!K':¿6
&%0!z+'12(04!+1.$-){!'>0:5B:0!+12)!3)5!-.4.2)!%!2.4.2)!$)-%4.:&0!2!-'15)!+1.$-0:7!,0&2!
3.4Č0!-.4.2)! %!2.4.2)! $)-%4.:&0! 2!-'15!5'1.,-)&/!%!'>)&2.:'$)&/!QfT8!K12)!3)5!$0(,0!
'120&2-%&3$.!*.5!D.43!*+'12(20-%.!+1202!>%0?Ù)&/!'+%-%%!-.!+',0&0-%0!*(B!-%0!B*B$.!0$0-6
3B.,-0:!>02+1.$-'ï&%!%&/!(2%.Ù.-%.7!+',0?.:&0:!-.!-%012030,-)5!$)4'-.-%B!'>'$%24#$!>%06
?Ù)&/H8!
#"

!"#$%&'()*$+'

+'$*3.Ù0!$!2$%24B!2!$)4'-)$.-%05!DB-4&:%!>%0?Ù0?'<@8!R!+B-43B!$%(206
-%.!>%0?Ù0?'!%-D'15.3)4.!-.!*2&20?#,-!B$.?¿!2.*ÙB?B:!'(+'$%0(-%'!312)!
*)3B.&:0S!
9 +1'$.(20-%0! >.(.Ú!-%*2&2&)&/7! $! %-D'15.3)&0! 2$%2.-0!
+120(0!$*2)*34%5!2!>.(.-%05!2.$.13'ï&%!+.5%¿&%!B,'3-0:!B12(20Ú!
Q$!*2&20?#,-'ï&%!3.4%&/!:.4!30,0D'-)!4'5#14'$0Tb!
9 B2)*4%$.-%0!('*3¿+B! ('! %-D'15.&:%! &/1'-%'-0:7!2$%2.-0?'!!
2!+120Ù.5)$.-%05!:0:!0$0-3B.,-)&/!2.>02+%0&20Úb!
9 $)4'-)$.-%.!&2)--'ï&%!$)41.&2.:&)&/!+'2.!2.410*!'+%-%%8!

<@!I8!K.&/-%4!2.B$.Č.7!Č0!GO-'15'$.-%.!3.4%0!$!'?#,-'ï&%!&/.1.4301)2B:!*%¿!'?1.-%&20-%05!
('!'(+'$%0(2%.,-'ï&%!2!3)3BÙB!&2)-#$!-%0('2$','-)&/H!QI8!K.&/-%4S!H$%/&'f7!'+8(&%38Tb!>.16
(2%0:!-.3'5%.*3!2(0&)('$.-0!*3.-'$%*4'!+1020-3B:0!d8!=%(Ù.!Q2'>8!d8!=%(Ù.S!G,*0%(1*(/"$*2:(
J;(\H(8(VZ(68'$/6%(ZXX`($K(a;(bXcXbd7!GK.,0*31.H!91!WN_JAAN7!*8!J<C−;ACb!d8!=%(Ù.S!eBJ +' - ( # .' +
3Ù"6F?(/"05).'&.'(&%(VK(;*&3$'0.'(f%:2(@1*/"6F7!/33+S__$$$8+3158+,_+1.43)4._$.1*23.36$)&0!
-)_%-D'15.&:.626+120>%0?B6+%01$*20?'64'-?10*B6-.B46*.('$)&/6$6$.1*2.$%0T7!43#1)!+'6
*3B,B:0!(.,04'!%(&!'*31'Č-'ï°7!2.,0&.:&!>%0?Ù)5!58%-8!GQfT!Y02!:0(-'2-.&2-0?'!$*4.2.-%.!
$!+'*3.-'$%0-%B!Q+1202!2.2-.&20-%07!Č0!'1?.-!+1'&0*'$)!2,0&.!30!&2)--'ï&%!-.!$Ù.*-.ࡥ!'(6
+'$%0(2%.,-'ï°T!-%0!+'(0:5'$.°!Č.(-)&/!&2)--'ï&%!>.(.$&2)&/7!43#10!5'?Ù)>)!Ù&2)°!*%¿!
20!2-%*2&20-%057!B*24'(20-%057!.!-.$03!:.4%54',$%04!+'5-%0:*20-%05!$.13'ï&%!Q1)-4'$0:7!
05'&:'-.,-0:T! >.(.-0?'! +120(5%'3B! QfT8! O-%4.°! $)(.$.-%.! 32$8! '+%-%%! 4.30?'1)&2-)&/!!
Q$!0D04&%0!1'2*312)?-%¿&%0!4$0*3%%!! '(+'$%0(2%.,-'ï°!E!*+.(-%0!$)Ù&2-%0!-.! '1?.-! +1'&06
*'$)TH8!R!503'(','?%&2-0?'!+B-43B!$%(20-%.!3.4%0!*3.$%.-%0!*+1.$)!5'Č0!>B(2%°!$3+,%6
$'ï&%8! =3+,%$'ï&%! 5'Č0! >B(2%°! '(+'$%0(2%.,-'ï°! >%0?Ù)&/! 2.! ('5-%05.-0! -.1B*20-%0!
(#>1!'*'>%*3)&/!'*'>)7!'(-'ï-%0!('!43#10:!$)(.$.-.!:0*3!'+%-%.8!=)1'4%05!2!CC!5.:.!JAAV!18!
M(!]+0,.&):-)!$!K'2-.-%B!Q[!]^.!CNWV_A@T!+1.$'5'&-%0!'((.,%Ù!+'$#(23$'7!$!43#1)5!+'6
$#(!('5.?.Ù!*%¿!Ù&2-%0!2.('ï°B&2)-%0-%.!'(!>%0?Ù)&/!+*)&/%.31#$!2.! BČ)&%0!$!310ï&%!%&/!
'+%-%%!+*)&/%.31)&2-0:7!$)3$'12'-0:!-.!+'3120>)!:0(-0:!20!*+1.$!3'&2&)&/!*%¿!+120(!M6
(05!Z0:'-'$)5!3$%01(20Ú7!43#10!-.1B*2.Ù)!:0?'!('>10!%5%¿8!M(!*3$%01(2%Ù7!Č0!GQfT!P0Č0,%!
'+%-%.!>%0?Ù)&/!2.$%01.!$+1.$(2%0!'&0-)!*3.-B! +*)&/%&2-0?'! B&20*3-%4.! +1'&0*B7! 43#10!
5'?Ù)!-.1B*2.°!:0?'!('>1.!'*'>%*307!:0(-.4!$)(.-.!2'*3.Ù.!$!?1.-%&.&/!(2%.Ù.Ú!+1.$-)&/7!
-.!+',0&0-%0!*(B7!*+'12(2'-.!2'*3.Ù.!2!$)4'12)*3.-%05!$*4.2.-0?'!+1202!30-!*(!5.6
301%.ÙB7! 12030,-%0! $*4.2)$.Ù.! -.! -%0('*3.34%! >.2)! (%.?-'*3)&2-0:7! 2.$%01.Ù.! '*2&2¿(-0!
*D'15BÙ'$.-%.!%!$-%'*4%7!3'!-%0!5'Č-.!:0:!B2-.°!2.!>02+1.$-H7!2.B$.Č)Ù!:0(-.4!1#$-%0Č7!
Č0!GM.5!D.43!*+'12(20-%.!+1202!>%0?Ù)&/!'+%-%%!-.!+',0&0-%0!*(B!-%0!B*B$.!0$0-3B.,-0:!
>02+1.$-'ï&%! %&/! (2%.Ù.-%.7! +',0?.:&0:! -.! -%012030,-)5! $)4'-.-%B! '>'$%24#$! >%06
?Ù)&/H8!
##

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


=!+%01$*2)&/!($#&/!+12)+.(4.&/!$*4.2.-0!5'Č0!>)°!B2)*4.-%0!:.*-'!
*+10&)2'$.-0?'!+',0&0-%.!$)(.-0?'!$!D'15%0!+'*3.-'$%0-%.!'1?.-B!+1'6
&0*'$0?'<Vb!*)3B.&:%!3120&%0:!-.,0Č)!2(0&)('$.-%0!B-%4.°<\8!
U(+'$%0(2%.,-'ï°! &)$%,-.! 5'Č0! ('3)&2)°! 1#$-%0Č! +12)+.(4'$0?'!
B*24'(20-%.!*+12¿3B!$!31.4&%0!>.(.Ú8!P0*3!3'!2.?.(-%0-%0!'!3),0!31B(-07!Č0!
+120$.Č-%0!-%05'Č,%$0!:0*3!('4Ù.(-0!B*3.,0-%0!5'50-3B!.$.1%%!B12(206
-%.!0,0431'-%&2-0?'!Q.!$%0&!30?'7!&2)!('*2Ù'!('!-%0:!-+8!$!31.4&%0!+1'&0*'6
$0?'!2.>02+%0&2.-%.!4'5+B301.!+1202!+',%&:¿7!&2)!$!5.?.2)-%0!+1'4B1.6
3B1)7!&2)!+'(&2.*!>.(.-%.!+1202!>%0?Ù0?'T7!+'-.(3'7!-.,0Č.Ù'>)!1'21#Č-%°!
B*24'(20-%07!('!:.4%0?'!5'?Ù'!(':ï°!+12)+.(4'$'! Q-.!*4B304! (2%.Ù.-%.!
&2)--%4#$!,'*'$)&/7!-%05'Č,%$)&/!('!+120$%(20-%.T7!'(!B*24'(20-%.!>¿6
(&0?'!*4B34%05!>Ù¿(B!>%0?Ù0?'8!
!
!4@""A%9?ų2"8)3'"&)-,ħ(,%9"7Č(;"
Z',.!>%0?Ù)&/!$!+1'&0*%0!>)$.Ù.!1'2B5%.-.!-.!&2301)!*+'*'>)S!

<V!=.13'!+.5%¿3.°7!Č0!>.(.-%.!%-D'15.3)&2-0!('3)&2!-%0!3),4'!4'5+B301#$!>¿(&)&/!-.6
12¿(2%05!+120*3¿+*3$.7!.,0!1#$-%0Č!B12(20Ú!-.,0Č&)&/!('!ï$%.(4#$7!+'*24'('$.-)&/!
&2)!*31'-!$!+1'&0*%0!&)$%,-)58!P0ï,%!$)(.-%0!'+%-%%!$%2.Ù'>)!*%¿!2!+'30-&:.,-)5!B2)*4.6
-%05!+1202!'*'>)!Q-+8!+B>,%&2-'ï°!-.!*.,%!*('$0:T!+'*31'--0!%-D'15.&:%7!43#1)&/!B:.$-%06
-%0!5'?Ù)>)!>)°!(,.!*31'-!-%0+'Č(.-07!>%0?Ù)!+'$%-%0-!+'%-D'15'$.°!'!3)5!'1?.-!+1'6
&0*'$)!%!B2)*4.°!'(+'$%0(-%0!+'*3.-'$%0-%07!$!43#1)5!'C),.6.5'!2.$.130!>¿(2%0!+',0&0-%0!
-+8! +120Ù.5.-%.! 2.>02+%0&20Ú! &2)! B:.$-%0-%.! $*2)*34%&/! 310ï&%! 2-.:(B:&)&/! *%¿!-.!!
-'ï-%4B8!!
<\!R!+1.43)4%!.B3'1.!5'Č-.!+12)3'&2)°!*)3B.&:¿7!$!43#10:!>%0?Ù)!%-D'15.3)4!$)4'-B:&!'+%6
-%¿!('3)&2&!2B+0Ù-%0!%--0:!'4',%&2-'ï&%7!('Ù&2)Ù!('!-%0:!4%,4.*03!*31'-!2.$%01.:&)&/!$)6
(1B4%!$+%*#$!6**2.'0!+120?,(.14%!%-301-03'$0:7!.!$!&2.*%0!1'2+1.$)!2.&2Ù!4'50-3'$.°!
2.&/'$.-%0! +'$'(.7! 43#1)! :0?'! 2(.-%05! &2¿*3'! '($%0(2.Ù! *31'-)! +'1-'?1.D%&2-0! Q&'!
(2%$-07!%-D'15.3)4!-%0!2$1#&%Ù!B$.?%!-.!,%&2>¿!'($%0(2%-!%!ï10(-%!&2.*!+120>)$.-%.!-.!
3)&/!*31'-.&/7!43#10!*B?01'$.Ù)7!Č0!+120?,(.14.!+.(Ù.! 'D%.1!2Ù'ï,%$0?'!+1'?1.5B!3)+B(
9:-)'$8!Y%0?Ù)! -%0!*+1.$(2%Ù!210*23!>.(.-0?'!-'ï-%4.!-.!'>0&-'ï°!$%1B*#$!%!-%,/%$'T8!
K'*%.(.&2!>.(.-0?'!4'5+B301.!$)3'&2)Ù!>%0?Ù05B! +1'&0*!'! -.1B*20-%0!(#>1! '*'>%*3)&/!
Q$!30:!*)3B.&:%!5#?Ù!210*23!1#$-%0Č!2Ù'Č)°!('-%0*%0-%0!('!+1'4B1.3B1)!'!*4Ù.(.-%0!D.Ù*2)6
$)&/!202-.Ú!%!$)3'&2)°!+1'&0*!4.1-)!'!2-%0*Ù.$%0-%0T8(
#$

!"#$%&'()*$+'

9 *¿(2%#$!D.43#$!QÙ.&8!.:1.6.(=%65.T<W7!!
9 B&2'-)&/!ï$%.(4.<N!Q.-?8!'C)'$5(/.5&'00T7!
9 Ċ1#(0Ù!('$'('$)&/<<7!!
9 -.12¿(2%!*(BCAA8!!
=*+#Ù&20ï-%0!2.1#$-'! +1'&0*B.,%ï&%7!:.4!%! *.5%!>%0?,%7! B2-.:!2.!31.D-0!!
Q$! *)*305%0! +1.$.! +',*4%0?'T! :0()-%0! ($.! '*3.3-%0! +B-43)! $%(20-%.8!!
=!31.4&%0!&2)--'ï&%!+1'&0*'$)&/!>%0?Ù)!:0*3!31.43'$.-)!:.4'!Ċ1#(Ù'!('$'6
('$0!Q('*3.1&2.! ï1'(4.!('$'('$0?'7!:.4%5!:0*3! '+%-%.S!G('$#(! 2!'+%-%%!
>%0?Ù0?'HT!,B>!30Č!5'Č0!>)°!4'-*B,3.-305!'1?.-B!+1'&0*'$0?'7!B&20*3-%6
&2&!$!&2)--'ï&%.&/!+1202!30-!'1?.-!+1'$.(2'-)&/!Q$!*2&20?#,-'ï&%!+12)!
2.>02+%0&2.-%B! 5.301%.ÙB! ('$'('$0?'7! B&20*3-%&2&! $! +120*ÙB&/.-%B!
ï$%.(4#$!%!*31'-7!.!3.4Č0!$!'?,¿(2%-.&/!%!04*+01)50-3.&/!+1'&0*'$)&/T7!
B(2%0,.:&!+'1.(!%!$*4.2#$04CAC8!9%0!'2-.&2.!3'!>)-.:5-%0:!(0+10&:'-'$.6
-%.!1',%!>%0?Ù0?'7!$1¿&2!+120&%$-%0!E!:0(-)5!2!-.:&2¿ï&%0:!$)*B$.-)&/!+'(!
.(10*05!>%0?Ù)&/!2.12B3#$!:0*3!%&/!-.(5%01-.!1',.!$!31.4&%0!+1'&0*B7!$!43#6
1)5!E!$'>0&!>1.4B!$%.('5'ï&%!*+0&:.,-)&/!'1?.-B!+1'&0*'$0?'!E!('$#(!
2!'+%-%%!>%0?Ù0?'!5.!(0&)(B:&0!2-.&20-%08!
R.?.(-%0-%B!'+%-%'$.-%.!*('$'6%-D'15.3)&2-0?'!+'ï$%¿&'-.!:0*3!(1B?.!
&2¿ï°!4*%Č4%7!+'-%Č0:!-.3'5%.*3!2'*3.-!+'41#3&0!'5#$%'-0!2.(.-%.!>%0?Ù0?'!
%-D'15.3)4.7!$!43#1)&/!$)*3¿+B:0!'-!:.4'!-.12¿(2%0!'1?.-B!+1'&0*'$0?'8!
!
:;@;=(>+),%ų(#,'*ų'*-(,&2-$3%4"9%(/()%#').,'5)%&,A(3%4'$,%ųA(+-/-+-/'*-(
R.>02+%0&2.-%0!5.301%.ÙB!('$'('$0?'!'(>)$.!*%¿!2.2$)&2.:!$!+'*3¿+'6
$.-%B!+12)?'3'$.$&2)5!$!*+1.$.&/!4.1-)&/!E!.138!J<W!y!C!+43!!V!I'(04*B!

<W!!P 0* 3! 3 ' ! + ' (0 :ï&%0! $)$'(2&0! *%¿!2!31.()&:%!+1.$.!-%05%0&4%0?'!Q2'>8!-+8S!]8!I0?0,7!!
R8!I0?0,S!H$8').0"f7('+8!&%387!*8!;@!%!-.*38b!P8!dB104S!L.'3Ù"(01*/"(.( 9'3*( 68"&&*ï6.7!G"'-%3'1!
K1.$-%&2)H!91!J@_JAAW7!*8!C;VN6C;\@T8!
<N!d0?'!1'(2.:B!+'(0:ï&%0!Q.-?8!'C)'$5+/.5&'00T!DB-4&:'-B:0!$!*)*305%0!+1.$.!OM]8!K'18!-+8!!
d8!=%(Ù.S!g/%3.(*()$8')$*/%18%&.:(1*/*1:(8(*).&..(#.'3Ù"6F7!GK.,0*31.H!91!;@_JAAJ7!*8!\\−W;b!!
R8!".104S!!"#$%&'f7!'+8!&%387!*8!J@C8!
<<!R'>8!]8!I0?0,7!R8!I0?0,S!H$8').0"f7!'+8!&%387!*8!;V!%!-.*38!
CAA!R'>8!-+8S!P8!=#:&%4%0$%&2S!<20)'$5"8%f7!'+8!&%387!*8!JV!%!-.*38!!
CAC!R'>8!-+8S!]8!I0?0,7!R8!I0?0,7!H$8').0"f7('+8!&%38!!
#%

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


+'*3¿+'$.-%.!4.1-0?'!Q(.,0:!IKITb!2(.12.!*%¿!:0(-.47!Č0!('&/'(2%!('!-%0?'!
1#$-%0Č!$!+'*3¿+'$.-%B!*('$)58!"'Č,%$0!:0*3!30Č!2.>02+%0&20-%0!('$'6
(#$!$! +'*3¿+'$.-%B!&)$%,-)5! −!2'>8! 1'2(2%.Ù!;! I'(04*B!+'*3¿+'$.-%.!
&)$%,-0?'!Q(.,0:!IK^TCAJ8!M.5'!2.>02+%0&20-%0!*+12¿3B!4'5+B301'$0?'!+'6
$%--'!>)°!$)4'-)$.-0!+1202!'*'>¿!()*+'-B:&!'(+'$%0(-%5%!$%.('5'6
ï&%.5%!*+0&:.,-)5%!2!2.410*B!%-D'15.3)4%7!:0(-!>'$%05!2!-.:$.Č-%0:*2)&/!
&0&/!32$8!('$'(#$!0,0431'-%&2-)&/!:0*3!%&/!-%031$.Ù'ï°S!-%0$Ù.ï&%$0!+'*3¿6
+'$.-%0!2!5.301%.Ù05!>.(.$&2)5!5'Č0!+1'$.(2%°!('! :0?'!4'-3.5%-.&:%!
Q2.-%0&2)*2&20-%.T7!$!*2&20?#,-'ï&%!('!25%.-)!2.+%*#$!B5%0*2&2'-)&/!-.!
-'ï-%4B7!$!3)5!2.1#$-'!310ï&%!('4B50-3#$!0,0431'-%&2-)&/7!:.4!%!503.(.6
-)&/CA;8!!
!PBČ! *.5'! $Ù&20-%0! 4'5+B301.! +'$'(B:0! 25%.-)! $! ,'?.&/! *)*305'6
$)&/7!.!2.305!-.1B*2.!%-30?1.,-'ï°!2.+%*.-)&/!$!-%&/!%-D'15.&:%7!&'!B2-.:0!
*%¿!2.!4'-3.5%-.&:¿!5.301%.ÙB!('$'('$0?'7!-%04%0()!3.4!2-.&2-7!Č0!B-%06
5'Č,%$%.:&!$)(.$.-%0!-.!:0?'!+'(*3.$%0!'+%-%%!*('$)&/CA@8!R!30?'!30Č!

CAJ!R.>02+%0&20-%0!('$'(B!$!+'*3¿+'$.-%B!&)$%,-)5! +',0?.!-.! +120+1'$.(20-%B!('$'6
(#$!+120(! $*2&2¿&%05!+'*3¿+'$.-%.!,B>! $!:0?'!3'4B7!,0&2!$&20ï-%0:!-%Č!+12)!-'15.,-)5!
+120>%0?B!+'*3¿+'$.-%.!('$'('$0?'8!!
CA;!"03.%-D'15.&:.!Q503.(.-0T!3'!G%-D'15.&:.!'!%-D'15.&:%H7!-+8!'!(.&%0!-.+%*.-%.!(.-0?'!('6
4B50-3B!304*3'$0?'7!&2.*%0!'*3.3-%0?'!('*3¿+B!('!-%0?'!%3(8!
CA@!=!+',*4%5!+1.$%0!-%0!DB-4&:'-B:0!$+1.$(2%0!D'15.,-.!30'1%.!('$'('$.7!.!$!*2&20?#,6
-'ï&%!2.*.(.!G'$'&#$!2.31B30?'!(120$.H7!-%05-%0:!5'Č0!2(.12)°!*%¿7!Č0!*3.-!5.301%.ÙB!('6
$'('$0?'!+1204.2.-0?'!('!>.(.Ú!B-%05'Č,%$%!$)(.-%0!'+%-%%!'!:.4%54',$%04!*3'+-%B!*3.6
-'$&2'ï&%!$-%'*4#$7!&'!$!+1.43)&0!&2)-%! 5.301%.Ù! ('$'('$)! -%0+12)(.3-)58!"'Č-.!3B!
+12)3'&2)°!+12)+.(04!Q'+%*.-)!$!.13)4B,0!"8!M25%3S!U(6%Ù(0:-.'&&*ï6.(.(#'805$*&&*ï6.?(68",.(
*( .&=*$-%5"6'( 01*/'97! G".?.2)-! [-D'15.3)4%! g,0(&20:H! 91! W_JACA7! *8! @\7! /33+S__$$$850(%!
.10&'h01)8+,_5.?.2)-6%*_5.?.2)-k%*k-B501kW8+(DT7!$! 43#1)5! +1'4B1.3B1.!('*3.1&2)Ù.!('!
>.(.-%.!4'5+B301!'1.2!.43.!ï,0(23$.7!$!43#1)&/7!'+1#&2!%-D'15.&:%!'!(.&%0!%!?'(2%-%0!+1206
*2B4.-%.!%!2.312)5.-%.!120&2)7!2-.:('$.Ù!*%¿!58%-8!+1'3'4#Ù!'?,¿(2%-7!2!43#10?'!$)-%4.Ù'7!Č0!
4'5+B301!>)Ù!+'((.-)!−!$!4%,4.!5%0*%¿&)!+'!2.312)5.-%B!−!31$.:&)5!?'(2%-¿!'?,¿(2%-'5!
$)4'-.-)5!+1202!*+0&:.,%*3¿!+',%&):-0?'8!=!+1'3'4',0!-%0!2.+%*.-'7!-.!&2)5!'$0!'?,¿(2%-)!
+',0?.Ù)8!R!.-.,%2)!,'?#$!$!4'5+B30120!$)-%4.Ù'7!Č0!4'5+B301!>)Ù!'(!&/$%,%!+',%&):-0?'!
+120*2B4.-%.!B1B&/.5%.-)!4%,4B41'3-%0!$!4',0:-)&/!(-%.&/8!K',%&):-)!G*+0&:.,%*3.H! 2.!+'6
5'&!/.401*4%0?'!'+1'?1.5'$.-%.7!Q+1.&B:&!G-.!Č)$&.H7!&2),%!-.!2.>02+%0&2'-)5!−!&/'°!
3'!*Ù'$'!:BČ!-%0!>.1(2'!3B!+.*B:0!−!*+12¿&%0T! $)201'$.Ù!/.*Ù.!BČ)34'$-%4#$7! -.*3¿+-%0!
2.,'?'$.Ù!*%¿!-.!+'*2&20?#,-0!4'-3.7!+120?,(.:&!2!-%&/!1#Č-0!+,%4%! %! B1B&/.5%.:&!1#Č-0!
#&

!"#$%&'()*$+'

$2?,¿(B7! $! +12)+.(4B! .-.,%2)! *('$'6%-D'15.3)&2-0:! %-D'15.3)&2-)&/!
-'ï-%4#$!(.-)&/!-%02>¿(-0!:0*3!4'12)*3.-%0!2!50&/.-%25#$!*+12¿3'$)&/!
,B>! +1'?1.5'$)&/7! 2.>02+%0&2.:&)&/! >.(.-)! -'ï-%4! +120(! 5'()D%4.&:!
Q32$8!>,'401#$!2.+%*BT8!=!+12)+.(4B!*3.-(.1('$)&/!()*4#$!*3'*B:0!*%¿!2.6
2$)&2.:!>,'401)!*+12¿3'$07!.!$!+12)+.(4B!()*4#$!2!-%0*3.-(.1('$)5%!%-6
301D0:*.5%!Q-+8!()*4#$!MMF! $,B3'$.-)&/!$! +Ù)3¿!4'5+B301.T!E!>,'401)!
+1'?1.5'$08!K1.$%(Ù'$)!*+'*#>!+1'&0*'$0?'!2.>02+%0&20-%.!&)D1'$)&/!
-'ï-%4#$!%-D'15.&:%!'1.2!+1'$.(20-%.!%&/!.-.,%2)!$)41.&2.!+'2.!305.6
3)4¿!30:!5'-'?1.D%%CAV8!!9.!+0$-'!-.,0Č)!+.5%¿3.°!'!'(+'$%0(-%5!2.+,.6
-'$.-%B!&2)--'ï&%!Q$Ù&2-%0!2!'*2.&'$.-%05!%,0!%!:.4%0?'!1'(2.:B!B126
(20Ú!>¿(2%0! $! &2.*%0! 2.>02+%0&20-%.! +'3120>-)&/ CA\!7! :.4%! 5'Č0! >)°!
*2.&B-4'$)!&2.*!31$.-%.!&2)--'ï&%7!&2)!%!4%0()!$!31.4&%0!2.>02+%0&20-%.!

+1'?1.5)8!LD04305!3)&/!(2%.Ù.Ú!>)Ù'!'&2)$%ï&%0!2.5.2.-%0!&2¿ï&%!/%*3'1%%!BČ)34'$.-%.!4'56
+B301.7!25%.-)!&2.*#$!"]^7!2.$.13'ï&%!+.5%¿&%!$%13B.,-0:!%3(8!=!30:!*)3B.&:%!$)(.-%0!'+%-%%!
>)Ù'!-%05'Č,%$0!2!+'$'(B!201$.-%.!&%?Ù'ï&%!Ù.Ú&B&/.!('$'('$0?'!+1202!-%0B('4B50-6
3'$.-0!'+01.&:0!-.!-'ï-%4B7! $+1'$.(20-%0!*2010?B!25%.-!(.-)&/!2.+%*.-)&/! -.! -'ï-%4B!!
%!2-.&2-0!2.-%0&2)*2&20-%0!5.301%.Ù!>.(.$&20?'8!F'(.34'$'!'*'>.!+1'$.(2&.!'?,¿(2%-)!
$)4.2.Ù.!*%¿!-%0!3),4'!*41.:-)5!>1.4%05!$%0(2)7!.,0!%!+1.$('+'('>-%0!('+Bï&%Ù.!*%¿!&2)-#$!
4.1.,-)&/7!D.Ù*2B:&!('4B50-3)!ï,0(23$.!Q$!+1'3'4',0!'?,¿(2%-!+'(.-'!-%0+1.$(2%$0!%-D'16
5.&:0!-.!305.3!&2.*B!%!,%&2>)!B1B&/'5%0Ú!4'5+B301.T8!='>0&!30?'!-%0!5'Č-.!>)Ù'!$!*+'*#>!
B2.*.(-%'-)!+12)+B*2&2.°7!Č0!+'2'*3.Ù0! 2-.:(B:&0!*%¿!-.!-'ï-%4B!310ï&%! *!3'Č*.50!2! 3106
ï&%.5%!2-.:(B:&)5%!*%¿!-.!-%5!$!&/$%,%!2.>02+%0&20-%.!5.301%.ÙB!('$'('$0?'8!M3.-!5.306
1%.ÙB!('$'('$0?'!+1204.2.-0?'!('!>.(.Ú!B-%05'Č,%$%.Ù!$)(.-%0!'+%-%%7!2.(.-%05!>%0?Ù0?'!
-%0!:0*3!>'$%05!()$.?'$.-%0!-.!305.3!0$0-3B.,-)&/!5'Č,%$)&/!*)3B.&:%7!.,0!+'%-D'15'$.-%0!
?'*+'(.12.!+'*3¿+'$.-%.!'!%*3-%0:&)5!*3.-%0!120&2)8!
CAV!! = ! 2 . Ù&2-%4B!2.5%0*2&2'-'! 104'50-(.&:0!('3)&2&0! 2.>02+%0&20-%.! ()*4#$!3$.1()&/!
'+1.&'$.-0! +1202! M04&:¿![-D'15.3)4%!M('$0:! K',*4%0?'! d'$.12)*3$.! [-D'15.3)&2-0?'!!
$!JAA<!18!=.13'!1#$-%0Č!2.+'2-.°!*%¿!2!-'15!t[MU_[L^!JWA;WSJACJu7!+12)!&2)5!-.,0Č)!+.6
5%¿3.°7! Č0! *)*305)! +1.$-0! +'*2&20?#,-)&/! 41.:#$! 5'?!%5+,%4'$.°! 31)>! +'*3¿+'$.-%.!!
2!5.301%.Ù05!('$'('$)58!R'>8!30ČS!P8!"030Ü4'S! E*P&*05.(B( e":PQI%&.'(;B4(J'6F&*,73..(H$.(
;*&5$*,'(UMI%P&'9(;$.-.&%,.5"7!GM0&B1%3','?%.H!91!\_JAAW7!*8!CCJ−CCNb!P8!"030Ü4'S(;$.-.&%,.05.62N(
-'571"(%(-*P&*05.(2*&5$*,"(0*=.05.2*I%&'9(2$.-.&%,.5"7!]4.(05%.!KR7!Y1.3%*,.h.!JAAV8!!
CA\!9.!+12)4Ù.(!:0ï,%!>.(.-%0!5.!>)°!+1'$.(2'-0!$!31)>%0!,.I'!3120>.!2.+0$-%°!'(+'$%0(-%!
%,'ï°!-'ï-%4#$7!-.!43#1)&/!2'*3.-!2.+%*.-0!$)-%4%!Q0$0-3B.,-%07!-.!43#10!>¿(2%0!$)4'-.-.!
4'+%.!-'ï-%4#$!'1)?%-.,-)&/T7!:0ï,%!$!&2.*%0!>.(.-%.!?1'2%°!>¿(2%0!B31.3.!2.*%,.-%.!Q.!$%¿&!
2$%2.-0!2!3)5!4'-*04$0-&:0!$!+'*3.&%!$)Ù&20-%.!%!B-%01B&/'5%0-%.!*+12¿3BT7!-.,0Č)!2.6
(>.°!'!'(+'$%0(-%0!2.*%,.-%0!.$.1):-0!%3(8!
#'

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


-.,0Č)! 2(0&)('$.°!'!'(Ù&20-%B! B12(20Ú! '(! *%0&%! 4'5+B301'$)&/CAW!T ! !
%!'! 4'-%0&2-'ï&%!('4B50-3'$.-%.!2.*3.-0?'!*3.-B! Q-+8!:.4%0!B12(20-%0!!
$!:.4%!*+'*#>!>)Ù'!+'Ù&2'-0!2!%--)5%7!$Ù&2-%0!2!$)4'-.-%05!D'3'?1.D%%T!
%!+'(:¿3)&/!(2%.Ù.Ú8!=.13'!2.2-.&2.°7!Č0!+'(*3.$'$!2.*.(!:0*3!$)4'-.6
-%0!4'+%%!>%-.1-0:!-'ï-%4.!%!+1'$.(20-%0!>.(.Ú!-.!-%0:CAN7!&'!E!$!+12)+.(4B!
$*+#Ù&20*-)&/!()*4#$!3$.1()&/!'!+':05-'ï&%.&/!12¿(B!301.>.:3#$!E!5'Č0!
31$.°!-.$03!4%,4.-.ï&%0!?'(2%-CA<8!R!30?'!+'$'(B!$!5%.1¿!5'Č,%$'ï&%!-%0!
+'$%--'!*%¿!+1'$.(2%°!.-.,%2)! *+12¿3B!4'5+B301'$0?'!G-.!5%0:*&BH7! .,0!
2,0&.°!$)(.-%0!'+%-%%!+%*05-0:!$1.2! 2!.-.,%2!2.>02+%0&2'-0?'!5.301%.ÙB!
('$'('$0?'CCA8!U&2)$%ï&%0!$!*)3B.&:%7!?()!5'$.!:0*3!'!2.$.13'ï&%!5.*2)-7!

CAW!! ^ / ' ( 2 % ! 2 . 1 # $ - ' ! ' ! 4 $ 0 * 3 % 0 ! 3 . 4 % 0 ! : . 4 ! B - % 0 5 ' Č,%$%0-%0! 0$0-3B.,-0?'! 2(.,-0?'! ('*3¿+B7!!
'!$+Ù)$!'(Ù&20-%.!'(!*%0&%!-.!(2%.Ù.:&0!+1'?1.5)7!:.4!%!$10*2&%0!'!31)>!*)-&/1'-%2.&:%!206
?.1#$! *)*305'$)&/! 2! &2.*05! *%0&%'$)5S! $01)D%4.&:.! 2?'(-'ï&%! &2.*B! $*4.2)$.-0?'!
+1202!B12(20-%0!2!&2.*05!120&2)$%*3)5!5.!>'$%05!4,B&2'$0!2-.&20-%0!$!+12)+.(4B!
.-.,%2)!503.(.-)&/!'>0:5B:&)&/!&2.*)!'*3.3-%0:!5'()D%4.&:%7!'*3.3-%0?'!('*3¿+B!('!+,%4B!
%!:0?'!B3$'120-%.!Q32$8!&2.*)!"]^7!.-?8!E*1.=.6%5.*&?(B66'00?(A$'%5.*&T8!!
CAN!9%0&'!%--0!+'*3¿+'$.-%0!5'Č0!5%0°!5%0:*&0!$!+12)+.(4.&/7!?()!'>%04305!>.(.-)5!:0*3!
4'5+B3017!43#1)!5B*%7!2!3.4%&/!&2)!%--)&/!$2?,¿(#$7!&.Ù)!&2.*!+1.&'$.°!Q-+8!*01$01!'>*ÙB6
?B:&)!+1'&0*)!30&/-','?%&2-0T7!>(Ċ!(2%.Ù.-%.!+1'$.(2'-0!$!&2.*%07!?()!5.*2)-.!2'*3.Ù.!
2(.,-%0!+120:¿3.!+1202!-.+.*3-%4.7!5.:&0!-.!&0,B!:0?'!%(0-3)D%4.&:¿!.&(=,%3$%&5'(1',.65*!Q$#$6
&2.*!*3'*B:0!*%¿!503'()!2!?1B+)!32$8!,.I'(=*$'&0.6T8!=!%--)!*+'*#>!>.(.!*%¿!1#$-%0Č!B12(20-%.!
3.4%0!:.4!*5.13D'-)!&2)!3.>,03)7!43#1)&/!-%0!(.!*%¿!>.(.°!>02!%&/!$Ù&20-%.8!
CA<!"'Č-.!1'2$.Č.°7!&2)!$!*)3B.&:.&/!?1.-%&2-)&/!Q4%0()!-+8!%*3'3-0!:0*3!'(*2B4.-%0!-.!()*4B!
+':0()-&20?'!+,%4B7!&'!('!43#10?'!$%.('5'7!Č0!-%0!:0*3!$!Č.(0-!*+'*#>!B41)3)!.-%!2.*2)D1'6
$.-)T! ('+B*2&2.,-.! >)Ù.>)! +1.&.! -.! '1)?%-.,-)5! 5.301%.,0! ('$'('$)5! Q5-%0:*20! :0*3!
+1.$('+'('>%0Ú*3$'!&/'°>)!B*24'(20-%.!()*4B!$!&2.*%0!+':0()-&20?'!+120*2B4%$.-%.!-%Č!
$!&2.*%0!1'>%0-%.!+0Ù-0:!4'+%%7!1#$-%0Č!&2.*'&/Ù'--'ï°7!.!&'!2.!3)5!%(2%0!%!4'*23)!*3.-(.1('6
$0?'!+'*3¿+'$.-%.!>)Ù)>)!$)Č*20T7!-%05-%0:7!:.4!$*4.2B:0!+1.43)4.7!+'*%.(.-%0!4'+%%!>%3'6
$0:!()*4B! :0*3!-%05.,!2.$*20!$*4.2.-0!Q'1)?%-.,-)! -'ï-%4!5'Č0!B,0&!2-%*2&20-%B!2$%2.6
-05B!2!-+8!-%0$Ù.ï&%$)5!5.?.2)-'$.-%057!5'?!+':.$%°!*%¿!('(.34'$0!+)3.-%.!'(-'ï-%0!
('!2.$.13'ï&%!-'ï-%4.!%3(8T8!P.4!*%¿!2.305!$)(.:07!-.!3.4%0!G-%0D'15.,-0H!+'*3¿+'$.-%0!2!-'6
ï-%4.5%!5'Č-.!*'>%0!+'2$',%°!$)Ù&2-%0!+12)!'4.2:%!(2%.Ù.Ú!+'2.*('$)&/7!.!%!3'!3),4'!3)&/!
5-%0:!%*3'3-)&/7!&2)!$)5.?.:&)&/!>.1(2'!41#34%0?'!&2.*B!$)4'-.-%.!04*+013)2)8!U&2)$%6
ï&%0!2.$*20!Q.!:BČ!*2&20?#,-%0!$!*)3B.&:%7!43#1.!$)5.?.!+'ï+%0&/BT!-.,0Č)!*3'*'$.°!>,'401)!
2.+%*B8!
CCA!!M3'$.12)*20-%0! [-*3)3B3! [-D'15.3)4%!g,0(&20:! Q/33+S__$$$8*%%*8'1?8+,_-.:,0+*206+1.43)4%_!
2.>02+%0&2.-%08/35,T!+'(.:0!-.*3¿+B:&0!('>10!+1.43)4%!2$%2.-0!2!2.>02+%0&2.-%05!('$'6
(#$!0,0431'-%&2-)&/S!
#(

!"#$%&'()*$+'

43#10!5B*2!+1.&'$.°!$!31)>%0!&%?Ù)57!2.>02+%0&20-%0!+'$%--'!'>0:5'6
$.°!$)4'-.-%0!4'+%%!$!31)>%0!,.I'7!.!(.,*20!+1.&0!+'$%--)!>)°!+1'$.(2'-0!
-.!4'+%.&/8!
!
:;@;:((>+),%ų(#,'*ų'*-(,&2-$3%4"9%(/(.$)'0ųA5?%&,A(Ƒ/,%+9B/(,(04$-&(
Y%0?Ù)! 5'Č0! B&20*3-%&2)°! $! +120*ÙB&/.-%B! ï$%.(4#$! %! *31'-7! '&2)$%ï&%0!
2.$*20! $! 1',%! -.12¿(2%.! '1?.-B! +1'&0*'$0?'7! .! $%¿&! +'(&2.*! &2)--'ï&%!
+1'&0*'$)&/!Q-%0!5.!5'Č,%$'ï&%!G*.5'(2%0,-0?'H!+120*ÙB&/.-%.!ï$%.(4.!
+1202! >%0?Ù0?'! +'(! -%0'>0&-'ï°! '1?.-B! +1'&0*'$0?'7! $1¿&2! +120&%$-%0S!
>%0?Ù)!+'$%-%0-!*%¿!+'$*312)5.°!'(!+1'$.(20-%.!:.4%&/4',$%04!-%0D'15.,6
-)&/!1'25#$!2!B&20*3-%4.5%!+'*3¿+'$.-%.T8!R.2$)&2.:!+'5'&!>%0?Ù0?'!:0*3!
+'3120>-.!$!31.4&%0!D.2)!2.(.$.-%.!+)3.Ú!B4%01B-4'$.-)&/CCC7!3.5!?(2%0!

9 G('$#(!+'$%-%0-! >)°! 2.&/'$.-)!$!*3.-%0!2!&/$%,%! 2.>02+%0&20-%.7! 2!('4Ù.(-)5!
'(-'3'$.-%05! (.3)! %! &2.*B8! M.5.! &2)--'ï°! 2.>02+%0&2.-%.! +'$%--.! '(>)°!*%¿!!
$!'>0&-'ï&%!ï$%.(4#$!Q&2)!30Č!'*#>!+12)>1.-)&/!+12)!+120*2B4.-%BTb!
9 2.>02+%0&2.-)! *+12¿3! %! -'ï-%4%! +'$%--)! >)°! +1.$%(Ù'$'! '2-.4'$.-07! '+%*.-0!!
%!0$8!'+,'5>'$.-08!=!2.,0Č-'ï&%!'(!*+1.$)7!-B501)!*01):-0!$*2)*34%&/!B12(20Ú!
$&/'(2&)&/!$!*4Ù.(!*)*305B7!+'$%--)!2'*3.°!'(-'3'$.-0!Q20!$2?,¿(B!-.!5'Č,%6
$'ï°!%&/!+#Ċ-%0:*20:!2.5%.-)T8!=!*+1.$.&/!7$!43#1)&/!5'Č0!3'!>)°!4'-%0&2-07!-.6
,0Č)! D'3'?1.D%&2-%0! B('4B50-3'$.°!$*2)*34%0!0,050-3)!%!+'Ù&20-%.! $&/'(2&0!!
$!*4Ù.(!(.-0?'!*)*305Bb!
9 :0()-!5'Č,%$'ï&%!.B30-3)D%4.&:%!5.301%.ÙB7! 2.4Ù.(.:&! 5'Č,%$'ï°! *3$%01(20-%.!
+#Ċ-%0:*2)&/!25%.-7!:0*3! $),%&20-%0!$! 5'50-&%0!2.>02+%0&2.-%.! *B5)!4'-31',-0:!
-'ï-%4.8!"'Č,%$'ï°!+'-'$-0?'!$),%&20-%.!30:!*.50:!*B5)!$!+#Ċ-%0:*2)&/!03.+.&/!
+'*3¿+'$.-%.!'1.2!+'1#$-.-%0!:0:!2!*B5!2!2.>02+%0&20-%.!+'2$.,.!-.!*3$%01(206
-%07!&2)!5.301%.Ù!-%0!2'*3.Ù!25%0-%'-)b!
9 >.(.-%.!+'$%--)!>)°!+1'$.(2'-0!$)Ù&2-%0!-.!4'+%%!QB3$'12'-0:!-.!2.*.(2%0!1#$6
-'ï&%! 2! '1)?%-.Ù05T7! 3.47! .>)! -%0! -.1B*2)°! $.13'ï&%! ('$'('$0:! '1)?%-.ÙB!!
%!B5'Č,%$%°!%--0!Q%--)5!>%0?Ù)5T!>.(.-%.!-.!3)5!*.5)5!5.301%.,08!R!30?'!*.50?'!
+'$'(B7! >.(.-%.! +1'$.(2'-0! -.! '1)?%-.,07! +'$%--)! >)°!+1'$.(2'-0!2!BČ)&%05!
30&/-%4!B-%05'Č,%$%.:&)&/!25%.-)!2.+%*#$!2.$.13)&/!-.!>.(.-)5!-'ï-%4BH8!
CCC!K120*ÙB&/.-%0!2.2$)&2.:!*4Ù.(.!*%¿!20!$*3¿+-0:!*$'>'(-0:!$)+'$%0(2%!+120*ÙB&/%$.-0?'!
Q$!'(+'$%0(2%!-.!+)3.-%.!'?#,-0! -+8!G&'!5'Č0!K.-%_K.-!+'$%0(2%0°!$!30:!*+1.$%0HT!'1.2!
&2¿ï&%! 2.$%01.:&0:! +)3.-%.! *2&20?#Ù'$0! '1?.-B! +1'$.(2&0?'! +120*ÙB&/.-%0! Q2$.-0:! 30Č!
D.2!+)3.Ú!B4%01B-4'$.-)&/T8!R'>8!-+8S!"8!".&%0:*4%S!H0"6F*,*3.68&%(%&%,.8%(0)*0*#7/()$8'+
0Ù:6F%&.%(ï/.%127/(.($'3:Ù(*6'&"(.6F(8'8&%Ú(/()$%25"6'( 0¿18.*/02.'9(%(05*).'Ú()$8").0"/%&'9(.-(
$)

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


2.&/'(2%!+'3120>.!*ÙBČ0-%.!'1?.-'$%!+1'&0*'$05B!$%.('5'ï&%.5%!*+0&:.,6
-)5%8!=! ,%301.3B120! +120(5%'3BCCJ!!*3'*B-4'$'! (BČ'!5%0:*&.!+'ï$%¿&.! *%¿!
41)5%-.,%*3)&2-0:!3.43)&0!+120*ÙB&/.Ú7!$!3)5!503'('5!%!30&/-%&0!+01*$.2:%!
+1'&0*'$0:7!>%0?Ù)!-.3'5%.*3!2(0&)('$.-%0!+'$%-%0-!1'21#Č-%.°!*$':!1',¿!
+1'&0*'$!'(!1',%!'*'>)!+1'$.(2&0:!+'*3¿+'$.-%0!+12)?'3'$.$&20!Qï,0(6
&20?'T7!&2)!'(!1',%!*(B!+1'$.(2&0?'!+'*3¿+'$.-%0!*('$0!%!-%0!+1#>'$.°!
3.4%&/! 30&/-%4! *3'*'$.°! $! *3'*B-4B! ('! '*'>)7! $! +120*ÙB&/.-%B! 43#10:!
B&20*3-%&2)8!P.44',$%04!5'Č0!*%¿!2(.12)°7!Č0!>%0?Ù)!>¿(2%0!$!*3.-%0!2.'>*016
$'$.°!*+120&2-'ï&%!$!202-.-%.&/!ï$%.(4#$!%!*31'-!Q&2)!*+120&2-'ï&%!$!'>6
1¿>%0!*.5)&/!3)&/!202-.Ú7!&2)!30Č!$!*3'*B-4B!('!310ï&%!202-.Ú!%--)&/!'*#>7!
('4B50-3#$!2-.:(B:&)&/!*%¿!$!.43.&/!*+1.$)7!&2)!$10*2&%0!E!-%0+1.$(2%6
$'ï°!310ï&%!202-.Ú!2!$%.('5'ï&%.5%!*+0&:.,-)5%!2!(2%0(2%-)7!(,.!43#10:!>%06
?Ù)!:0*3!B*3.-'$%'-)T!%!%-D'15.&:0!'!3.4%&/!*)3B.&:.&/!+'$%-%0-!+1204.2.°!'16
?.-'$%!+1'&0*'$
05B7! 3'! &.Ù)! &2.*! +'$%-%0-! +.5%¿3.°!'!1',%!30?'!'1?.-B7!
43#1)!+1'$.(2%!+120*ÙB&/.-%0!%!'!*$':0:!1',%!-.12¿(2%.!30?'Č!'1?.-B8!
=!'+%-%'$.-%B!%-D'15.3)&2-)5!B$%(.&2-%.!*%¿!('ï°!-%03)+'$)!+1'>,05!
2$%2.-)!2!+120*ÙB&/.-%05!ï$%.(4#$!()*+'-B:&)&/!$%.('5'ï&%.5%!*+06
&:.,-)5%8!=0!$*+#Ù&20*-)5!IKI!Q.138!C<\!y!CT!'1.2!I'(04*%0!+'*3¿+'$.-%.!
.(5%-%*31.&):-0?'!Q(.,0:!IK]T!−!.138!N@!y!J7!-%0!:0*3!5'Č,%$0!Ù&20-%0!1',%!>%06
?Ù0?'!'1.2!ï$%.(4.7!2?'(-%0!-.3'5%.*3!2!.138!JNC!IK^!>)&%0!ï$%.(4%05!5'Č0!
>)°!+'$'(05!Č(.-%.!+1202!*31'-¿!$)Ù&20-%.!>%0?Ù0?'!%!E!2?'(-%0!2!'120&26
-%&3$05!E!D.43!>)&%.!ï$%.(4%05!2!10?BÙ)!B-%05'Č,%$%.!+0Ù-%0-%0!DB-4&:%!>%06
?Ù0?'CC;8!=!+12)+.(4B! &2¿ï&%!2.?.(-%0Ú! %-D'15.3)&2-)&/!ï$%.(4.5%!2(.6
120Ú!*! '*'>)! +'*%.(.:&0! -%0! 3),4'! $%0(2¿! $)*'&0! *+0&:.,%2'$.-7! .,0!

/.%$"3*1&*ï6.7! I.3'$%&0! JAA<7! +1.&.! ('43'1*4.7! 5.*2)-'+%*7! /33+S__$$$8*>&8'1?8+,_^'-!
30-3_C<@JW_('43'1.3;AA<8+(D7!*8!J@W!%!-.*38!
CCJ!R'>8!-+8S!P8K8!IBD0,S!J%25"2% ( ) $8'0Ù:6F%&.%(ï/.%12%7!GL(B4.&:.!K1.$-%&2.H!2!C;!+.Ċ(2%016
-%4.!JAA<!187!/33+S__$$$80(B4.&:.+1.$-%&2.8+,_.43B.,-'*&%_._+'4.2_&_.43B.,-'*&_.13_3.43)4!
.6+120*,B&/.-%.6*$%.(4.8/35,b!"8!".&%0:*4%S!H0"6F*,*3.68&%f7!'+8!&%38b!L8!g1B2.S!S6'&%(/.%+
$"3*1&*ï6.( 8'8&%Ú(ï/.%127/( /( )$*6'0.'( 2%$&"-8! H$*#,'-%5"2%( 2$"-.&%,.05"68&%7! R.4.5)&207!
I1.4#$!JAA;8!
CC;!R'>8!$)1'4! M(B! 9.:$)Č*20?'! 2!N! ,%*3'+.(.! C<W\!18! Q[!^Z! ;W@_W\TS! GU*'>.7!43#1.! 2! 1.&:%!
+'*%.(.-)&/!$%.('5'ï&%!*+0&:.,-)&/!5.!*+'*3120Č0-%.!-%0('*3¿+-0!(,.!%--)&/!'*#>!Q-+8!,06
$*

!"#$%&'()*$+'

1#$-%0Č! B-%4.3'$0! %-D'15.&:0! ('3)&2&0! 2.*.(! (2%.Ù.-%.! (0()4'$.-0?'!
'+1'?1.5'$.-%.!$Ù.*-0?'!.B3'1*3$.CC@8!=!30-!*+'*#>!ï$%.(04!'&2)$%ï&%0!
-.:>.1(2%0:!G>%0?Ù)H! Q$! *0-*%0!+'3'&2-)5T! $! 4$0*3%.&/!('3)&2&)&/! +1'6
?1.5B!$Ù.*-0?'!.B3'1*3$.!-%0!5'Č0!>)°!>%0?Ù)5!Q$!*0-*%0!+1.$.T7!2!B$.?%!
-.!+12)3'&2'-0!$)Č0:!2.4.2)8!K':.$%.:!*%¿!3B!&'!-.:5-%0:!($%0!*)3B.&:0!$)6
*'&0!-%04'5D'13'$0S!
CT (%.,'?! ï$%.(4.!2!>%0?Ù)5! 5'Č0!+'2'*3.°!2B+0Ù-%0! -%021'2B5%.Ù)!
(,.!'1?.-B!+1'&0*'$0?'!%!+'2'*3.Ù)&/!B&20*3-%4#$!+'*3¿+'$.-%.b!
JT +1204.2.-%0!>%0?Ù05B!%-D'15.&:%!('3)&2&)&/!DB-4&:'-'$.-%.!4'-6
D%?B1.&:%7!*+'*'>B!BČ)34'$.-%.T!2-.-0?'!ï$%.(4'$%!'+1'?1.5'$.-%.7!
&2)!*)*305B!%-D'15.3)&2-0?'!5'Č0!>)°!(ÙB?'31$.Ù0!%!$)5.?.°!1.&20:!
(05'-*31.&:%!-%Č!4'5B-%4.&:%!$01>.,-0:8!
=)(.:0!*%¿7!Č0!5'Č-.!(.°!3B3.:!-.*3¿+B:&0!$*4.2#$4%!+'*3¿+'$.-%.S!
9 -.,0Č)! 1.&20:! (Č)°! ('! 10:0*31.&:%! 202-.Ú!ï$%.(4.! 30?'! 1'6
(2.:B!$!+'*3.&%!-.?1.-%.7! -%Č!('!%&/!31.()&):-0?'! +1'3'4'Ù'$.-%.7!
:0*3! >'$%05! $)*'&0! +1.$('+'('>-07! Č0! +1'3'4',.-3! >¿(2%0! 5%.Ù!
31B(-'ï°!20!21'2B5%0-%05!$)+'$%0(2%!ï$%.(4.7!.!4'-%0&2-'ï°!()46
3'$.-%.!%&/!('!+1'3'4'ÙB!$)>%3-%0!2.>B12)!$)+'$%0(Ċ!%!B31B(-%!
+1204.2.-%0!120&2'$)&/!%-D'15.&:%b!
9 +'! B2)*4.-%B! %-3010*B:&)&/! %-D'15.&:%! '(! ï$%.(4.7! >%0?Ù)!
5'Č0!*+1#>'$.°!*D'15BÙ'$.°!:0!$!*+'*#>!5'Č,%$%0!21'2B5%.Ù)!(,.!
'*#>!-%0+'*%.(.:&)&/!$%.('5'ï&%!*+0&:.,-)&/!%!B2)*4.°!'(!ï$%.(4.!
+'3$%01(20-%07! Č0! *D'15BÙ'$.-%0! 3'! :0*3! +1.$%(Ù'$0! Q+12)! &2)5!
'&2)$%ï&%0!-.,0Č)!+.5%¿3.°!'!'>'$%2B:&)&/!2.*.(.&/!2.(.$.-%.!

4.12!,0&2&)!&/'10?'T7!+'$%--.!2!10?BÙ)!>)°!*ÙB&/.-.!$!&/.1.430120!ï$%.(4.7!.!DB-4&:¿!>%06
?Ù0?'!-.,0Č)!+'$%012)°!%--0:!'*'>%07!43#1.!2!D.43.5%!%*3'3-)5%!(,.!1'2*312)?-%¿&%.!*+1.$)!
+'+120(-%'!*%¿!-%0!2034-¿Ù.H8!K'18!-+8!g8!I'+&2)Ú*4%S!;*&=$*&5%69%(#.'3Ù"6F(/()*,02.-()$*6'0.'(
2%$&"-7!=',301*!I,B$01!>B*%-0**7!=.1*2.$.!JAAN7!*8!CAC!%!-.*38!
CC@!M)3B.&:.!3.4.!5.!5%0:*&0!*2&20?#,-%0!$!+12)+.(4B!-%03)+'$)&/!+1'?1.5#$7!+%*.-)&/!-.!
2.5#$%0-%0!QG+'(! 4,B&2HT! +1202!43#10?'ï!2!B&20*3-%4#$!+'*3¿+'$.-%.7!43#10!3'!+1'?1.5)!
ï$%.(04! +%*.Ù! %! $(1.Č.Ù7! 2.+'2-.:&! *%¿! +12)! '4.2:%! 2! '4',%&2-'ï&%.5%! %*3'3-)5%! +#Ċ-%0:!!
$!*+1.$%0!*('$0:8!
$!

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


+)3.Ú7!$!*2&20?#,-'ï&%!'!2.4.2%0!*B?01'$.-%.!'*'>%0!+120*ÙB&/%$.6
-0:! 310ï&%! '(+'$%0(2%CCV!!E! .138! CWC! y! @! IKIT7! 0$0-3B.,-%0! +'+1'*%°!
'*'>¿!+120*ÙB&/%$.-!'!*D'15BÙ'$.-%0!'(+'$%0(2%!$!*+'*#>!5'Č6
,%$%0!21'2B5%.Ù)!(,.!B&20*3-%4#$!+'*3¿+'$.-%.b!
9 :0ï,%!$*4.2.-0!>)Ù'>)! +1204.2.-%0!+1202!ï$%.(4.!%-D'15.&:%!
+1202!(05'-*31.&:¿!Q-+8!*+'*'>B!(2%.Ù.-%.!*)*305BT7!-.,0Č)!1'2$.Č)°!
+120+1'$.(20-%0!04*+01)50-3B!+1'&0*'$0?'CC\!+12)!$)4'12)*3.-%B!
4'+%%! >.(.-0?'! *)*305B! QB+120(-%'! B2)*4.-0:7! '&2)$%ï&%0! 1#$-%0Č!!
$!+120$%(2%.-)5!+120+%*.5%!31)>%0T8!9.,0Č)!+12)!3)5!+.5%¿3.°7!Č0!
IKI!$!.138!JCJ!+'2$.,.!-.!Ù&20-%0!04*+01)50-3B!+1'&0*'$0?'!2!%-6
-)5%!&2)--'ï&%.5%!('$'('$)5%!Q'C),.6.5'!$)5%0-%'-0!:0*3!+120*ÙB6
&/.-%0T7!+'(&2.*!?()!.,301-.3)$-0!'1?.-%2'$.-%0!$):.2('$0?'!+'6
*%0(20-%.! *(B! G+12)! *01$0120H! +'Ù&2'-0?'! 2! +120*ÙB&/.-%05!
ï$%.(4.! %! '?,¿(2%-.5%! '1)?%-.,-0?'! *)*305B! +120+1'$.(2'-)5%!!
2!B(2%.Ù05!>%0?Ù0?'!5'Č0!>)°7!&'!-.:5-%0:!$3+,%$07!.!-.!+0$-'!*3'6
*B-4'$'!-%0>02+%0&2-07!:0ï,%!-%0!20!$2?,¿(#$!+1.$-)&/7!3'!2!+B-43B!
$%(20-%.!>02+%0&20Ú*3$.!(.-)&/!%!*)*305#$!%-D'15.3)&2-)&/8!!




CCV!K'18!-+8!"8!".&%0:*4%S!H0"6F*,*3.68&%f7!'+8!&%387!*8!J\;EJ\@8!=)(.:0!*%¿7!Č0!$!2.410*%0!('6
+10&)2'$.-%.!BČ)$.-0:!3015%-','?%%7!&2)!$)1.Č0-%.!$!*+'*#>!&2)30,-)!%-D'15.&:%!+1204.2.6
-0:!+1202!ï$%.(4.7!,0+*20!:0*3! 5%5'! $*2)*34'!2.+)3.-%0!?'! '!3'7! &2)! 3'7! &'!202-.Ù!(.!*%¿!
$)1.2%°!$0!$*4.2.-)!+1202!>%0?Ù0?'!*+'*#>!Q-+8!G&2)!('>120!21'2B5%.Ù057!Č0! ï$%.(04!
2.'>*01$'$.Ù!$)ï$%03,0-%0!4'5B-%4.3B!'!>Ù¿(2%0!-.!5'-%3'120`HT!-%Č!+1#>.!3ÙB5.&20-%.!
Q:BČ!+'!2Ù'Č0-%B!202-.Ú7!+'(!-%0'>0&-'ï°!ï$%.(4.T!*('$%7!&'!>%0?Ù)!21'2B5%.Ù!2!30?'7!&'!
ï$%.(04!+'$%0(2%.Ù!Q-+8!Gï$%.(04!+'$%0(2%.Ù7!Č0!$)ï$%03,%Ù!*%¿!>Ù(7!$%¿&!2.+0$-0!2'>.6
&2)Ù!4'5B-%4.3!'!>Ù¿(2%0!$)ï$%03,'-)!-.!5'-%3'120HT8!
CC\!L4*+01)50-3!+1'&0*'$)!:0*3!ï1'(4%05!('$'('$)5!'+%*.-)5!$!.138!JCC!IKI8!I'(04*!
+'*3¿+'$.-%.!&)$%,-0?'! .-%!IK]!-%0!2.$%01.:!B10?B,'$.Ú!('3)&2&)&/!04*+01)50-3B7!
&/'°!E!:.4!*ÙB*2-%0!2.B$.Č.!-+8!".Ù?'12.3.!'Ù-.!E!$'>0&!'3$.130?'!&/.1.4301B!4.3.,'?B!
ï1'(4#$!('$'('$)&/!5'Č-.!*+'(2%0$.°!*%¿7!Č0!5'Č0!'-!2-.,0Ċ°!2.*3'*'$.-%0!1#$-%0Č!
$!+'*3¿+'$.-%B!&)$%,-)5!%!.(5%-%*31.&):-)5!Q"8!'Ù-.S!<20)'$"-'&5()$*6'0*/*+2$"-.&%+
,.05"68&"K(405*5%(.(1*/*1*/%($*,%7!F%D%-7!=.1*2.$.!JACC7!*8!J@!%!-.*38T8!
$"

!"#$%&'()*$+'

:;@;<(>+),%ų(#,'*ų'*-(,&2-$3%4"9%(/('90.'$"3'&5,'(.$-5'0-/"3(,(/(-*8ħ+),&%5?((
L4*+01)50-3!QÙ.&8!'C)'$.-'&5:-!−!+1#>.T!+1'&0*'$)!:0*3!&2)--'ï&%!('$'6
('$CCW!!'1?.-B! +1'&0*'$0?'!'! &/.1.430120! $!2.*.(2%0! -%0+'$3.12.,-)57!
:.44',$%04!$!+12)+.(4B!:0?'!-%0+'$'(20-%.7!3'!:0*3!B2-.-%.!:0?'!+120>%0?B!
,B>!$)-%4B!2.!-%0+1.$%(Ù'$)!+1202!'1?.-!+1'&0*'$)!Q43#10?'!'&0-%0!04*6
+01)50-37!-.!2.*.(2%0!*$'>'(-0:!'&0-)!('$'(#$!+'(,0?.T7!5'Č,%$0!:0*3!
:0?'!+'$3#120-%08!!
9.,0Č)!'(1#Č-%°!04*+01)50-3)7!43#10!5'Č0!+1'$.(2%°!>%0?Ù)!$!1.5.&/!
>.(.Ú! 4'-%0&2-)&/! ('! $)(.-%.! '+%-%%! Q04*+01)50-3! 120&2'2-.$&2)T! '(!
04*+01)50-3B!+1'&0*'$0?'7! >¿(&0?'!&2)--'ï&%! '1?.-B!+1'&0*'$0?'CCN8!!
=!3)5!+%01$*2)5!+12)+.(4B!04*+01)50-3!:0*3!2$%2.-)!2!$)>'105!'(+'6
$%0(-%0:!503'()!>.(.$&20:!+1202!>%0?Ù0?'!Q.!$%¿&!:0*3!*4B34%05!:0?'!(0&)2:%!
5%0*2&2&0:!*%¿!$!1.5.&/!.B3'-'5%%!>%0?Ù0?'T!%!:0*3!&2¿ï&%!+1'&0*B!+12)?'6
3'$.-%.!+1202!>%0?Ù0?'!04*+013)2)7!$!3)5!(1B?%5!E!:0*3!3'!&2)--'ï°!+1'&06
*'$.!+1'$.(2'-.!+1202!'1?.-!+1'&0*'$)7!2?'(-%0!2!2.*.(.5%!+'*3¿+'$.6
-%.! '410ï,'-)5%! +120+%*.5%! +1.$.! Q.! $%¿&! -+8! 2.*.(! :.$-'ï&%! &2)!
>02+'ï10(-%'ï&%T8!!
9.!5.1?%-0*%0!5'Č-.!2.B$.Č)°7!Č0!$)5'?%!+1.$.!%!2(1'$)!1'2*(04!
-.4Ù.(.:!-.!>%0?Ù0?'! +0$-0!'?1.-%&20-%.!503'(','?%&2-0! 1#$-%0Č!$!2.6
410*%0!*+'*'>B!+1'$.(20-%.!04*+01)50-3#$!120&2'2-.$&2)&/S!$!*2&20?#,6
-'ï&%! $! 1.5.&/! 0$0-3B.,-)&/! 04*+01)50-3#$! 120&2'2-.$&2)&/! >%0?Ù)!
-%0! +'$%-%0-! B*%Ù'$.°!$)4'-)$.°! &2)--'ï&%! 2.*3120Č'-)&/! (,.! '1?.-B!

CCW!R'>8!-+8S!"8!'Ù-.S!<20)'$"-'&5f7!'+8!&%387!*8!CVV!%!-.*38b!P8!=':3.*%4S!<20)'$"-'&5()$*6'+
0*/*+2$"-.&%,.05"68&"7!/33+S__$$$82%0,'-.6?'1.8+'8?'h8+,_%-(0n8+/+`%(a;\c%(.aJN\<8!
CCN!R'>8!$)1'4!M(B!9.:$)Č*20?'!2!J;!&201$&.!C<NN!18!Q[!IZ!CW@_NNTS!GgÙ#$-!&0&/!'(1#Č6
-%.:&!04*+01)50-3!+1'&0*'$)!'(!04*+01)50-3B!120&2'2-.$&20?'!:0*3!3'7!Č0!04*+01)50-3!
+120+1'$.(2'-)!$!+'*3¿+'$.-%B!('$'('$)5!+1202!*(!%!%--0!'1?.-)!+1'&0*'$0!:0*3!0'&0:(
05$.65*!&2)--'ï&%!+1'&0*'$7!-.3'5%.*3!04*+01)50-3!120&2'2-.$&2)!+12)5%'3B!3.4%0?'!-%0!
5.b!:0*3!&2¿ï&%!*4Ù.('$!'+%-%%!>%0?Ù0?'8!F1B?.!&0&/.!'(1#Č-%.:&.!'>%0!30!&2)--'ï&%!('3)&2)!
+'(5%'3#$!('4'-B:&)&/!>.(.Ú8! L4*+01)50-3! 120&2'2-.$&2)!:0*3! +120+1'$.(2.-)!+1202!
>%0?Ù)&/!1#Č-)&/!*+0&:.,-'ï&%7!-.3'5%.*3!04*+01)50-3!+1'&0*'$)!:0*3!&2)--'ï&%!'1?.-B!+1'6
&0*'$0?'!+1'$.(2&0?'!+'*3¿+'$.-%0!4.1-0H8!
$#

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


+1'&0*'$0?'!Q.!$%¿&!-+8!+1#>'$.°!+120*ÙB&/%$.°!ï$%.(4#$!%!*31'-)7!('4'6
-)$.°!'?,¿(2%-7!2.>02+%0&2.°!('$'()!120&2'$0!%3(8TCC<8!
L4*+01)50-3! +1'&0*'$)! 5.! -.! &0,B! *+1.$(20-%0! /%+'302)! ('3)&2&0:!
D.43B!%*3'3-0?'!(,.!1'2*312)?-%¿&%.!'410ï,'-0:!4$0*3%%!5.:&0:!2-.&20-%0!(,.!
+120>%0?B!+'*3¿+'$.-%.CJA8!!
]13)4BÙ!JCC!IKI!1'21#Č-%.!($.!1'(2.:0!04*+01)50-3BCJCS!('ï$%.(&20-%0!
'1.2!'(3$'120-%0!+120>%0?B!*3.-'$%&)&/!+120(5%'3!1'2+'2-.-%.!2(.120Ú!
,B>!%&/!D1.?50-3#$8!
!"#$%&''$%
!(6',:(0)$%/18'&.%(*2*,.68&*ï6.( -%96"6F(.05*5&'(8&%68'&.'(1,%(0)$%/"(
-*Č&%( )$8')$*/%18.°?( /( 1$*18'( '20)'$"-'&5:( )$*6'0*/'3*?( 1*ï/.%168'&.'(
,:#(*15/*$8'&.'()$8'#.'3:(05%&*/.6"6F()$8'1-.*5($*8)*8&%&.%(81%$8'Ú(,:#(
.6F(=$%3-'&57/8!
=!2.410*%0! 2.%-3010*'$.-%.!>%0?Ù0?'!%-D'15.3)4.! ,0Č0°!>¿(!1.&20:! -%0!
104'-*31B4&:0!2(.120Ú7!.,0!('ï$%.(&20-%.7!43#10!5'?!+1'$.(2%°!('!D.,*)D%6
4.&:%!Q0$0-3B.,-%0!+'3$%01(20-%.T!*3.$%.-)&/!/%+'3028!!

CC<!]13)4BÙ!i8!I$%.34'$*4%0:6=#:&%4%0$%&2Y(G,*0%(1*(/"$*2:(@1:(f%9/"Č08'3*(8(h()%Ċ18.'$&.2%(
ZXXi($K?(j4e(;;(ZXWcXik7!GK1'4B1.3B1.!%!K1.$'H!91!<_JAA<7!*8!C@N−CV@b!2.$%01.!?,'**¿!Q.+1'>B6
:&T! ('! $)1'4B! M(B! 9.:$)Č*20?'7! $! 43#10:! .B3'14.! '5.$%.! *)3B.&:¿7! ('! :.4%0:! ('*2Ù'!!
$!$)-%4B!+120+1'$.(20-%.!+1202!>%0?Ù0?'!3.4%&/!|B.*%6'?,¿(2%-!Q$%2:%!,'4.,-0:TS!!
G=!'5.$%.-0:!*+1.$%0!>%0?Ù)!-%0!3),4'!('4'-.Ù!$%2:%!,'4.,-0:!%!+120+1'$.(2%Ù!04*+01)50-37!
.,0! 3.4Č0! +120*ÙB&/%$.Ù!$!:0?'!31.4&%0!'*4.1Č'-7! +'412)$(2'-!%!ï$%.(4.8! Y)Ù!3.4!z*B6
5%0--){7! Č0! *+'12(2%Ù!-.$03!+1'3'4#Ù!2!$%2:%!,'4.,-0:!%!04*+01)50-3B!+1'&0*'$0?'7!!
$!43#1)&/!2.5%0ï&%Ù!z202-.-%.!+120*ÙB&/%$.-)&/{8![-D'15.&:0!B2)*4.-0!3)5!*+'*'>05!+1202!
>%0?Ù0?'!*3.Ù)!*%¿!+'(*3.$!:0?'!'+%-%%7!.!-%0!+'$%--)8!d.4.!'+%-%.!+'$%--.!>)°!2()*410()6
3'$.-.!+1202!*(7!.!-%0*303)!*3.Ù.!*%¿!+'(*3.$!$)(.-)&/!$)1'4#$!$!'>B!%-*3.-&:.&/8!".Ù'!
30?'7!*(! $)Č*20:!%-*3.-&:%7!+1#>'$.Ù!4'-$.,%('$.°!'+%-%¿!>%0?Ù0?'7!B312)5B:&7!Č0!>%0?Ù)!
+120+1'$.(2%Ù!04*+01)50-3!120&2'2-.$&2)8!R!3.4%5!*3$%01(20-%05!*ÙB*2-%0!-%0!2?'(2%Ù!*%¿!
M(!9.:$)Č*2)7!*3$%01(2.:&!$!B2.*.(-%0-%B7!Č0!z04*+01)50-3!120&2'2-.$&2)!-%0!,0?.,%2B:0!
.-%!+120*ÙB&/.-%.!+1202!-%0?'!Q>%0?Ù0?'!E!+12)+8!.B3'14%T!B&20*3-%4#$!+'*3¿+'$.-%.7!.-%!3)5!
>.1(2%0:!$)4'12)*3.-%.!%&/!'ï$%.(&20Ú!%!3'!1#$-%0Č!+1202!M(!'($'Ù.$&2){H8!
CJA!R'>8!]8!g.>01,0S!T*/*1"(/(01*/"-()$*6'0.'(2%$&"-7!=',301*!I,B$017!=.1*2.$.!JAAW7!*8!JJA8!
CJC!=!,%301.3B120!+120(5%'3B!Q-+8!%>%(87!*8!JJCT!2$.-0!&2.*057!-%02>)3!31.D-%07!D'15.5%!04*+06
1)50-3B8!
$$

!"#$%&'()*$+'

9%0!2.?Ù¿>%.:&!*%¿!2>)3-%'!$!4$0*3%0!D'15.,-'6503'(','?%&2-0!('3)6
&2&0!04*+01)50-3#$7!-.,0Č)!$*+'5-%0°!'!($#&/7!-%0!2.$*20!('>120!1'6
2B5%.-)&/7!B$.1B-4'$.-%.&/!('3)&2&)&/!%&/!+1'$.(20-%.S!
9 $!,%301.3B120CJJ!! 5 ' Č-.! 2-.,0Ċ°! $)5#?!+'&2)-%0-%.!+1202!
>.(.&2.!2.Ù'Č0-%.!$*3¿+-0:!/%+'302)!>.(.$&20:7!43#1.!5.!2'*3.°!
+'3$%01(2'-.! ,B>! *D.,*)D%4'$.-.! $! $)-%4B! +120>%0?B!04*+01)6
50-3B8!U&2)$%ï&%0!-%0!:0*3!4'-%0&2-07!.>)!4.Č()!+1'>,05!>.(.$&2)!
+120(*3.$%.°!$!+'*3.&%!+)3.-%.!.,301-.3)$-0?'!Q&2)!+1.$(2%$0!:0*3!
2(.-%07!>¿(&0!/%+'302!>.(.$&2T8!"'Č,%$0!%!('+B*2&2.,-0!*!>.6
(.-%.!5.:&0!-.!&0,B!B2)*4.-%0!'(+'$%0(2%!-.!+)3.-%.!%--07!-%Č!
+)3.-%.!'! +1.$(2%$'ï°!2.Ù'Č'-0:!/%+'302)8! 9.!+12)4Ù.(!5'Č-.!
+120+1'$.(2%°!>.(.-%0!'(+'$%.(.:&0! -.! +)3.-%07! %,0! $)-'*%!
ï10(-%!$21'*3! $! >.(.-0:!?1B+%0! *3B(0-3#$7!-%0!D'15BÙB:&! Č.(6
-)&/! /%+'302b! $)*3.1&2)! ('4'-.°! +'5%.1B! $21'*3B! 4.Č(0?'! 20!
*3B(0-3#$! %! '>,%&2)°!$.13'ï°!ï10(-%8! [-.&20:! -.3'5%.*3! >¿(2%0!
$)?,(.Ù.!4$0*3%.7!?()!3120>.!>¿(2%0!2!>.(.-%.!+1#>)!$)&%?.°!
$-%'*4%!'!+.1.5031.&/!&/.1.4301)2B:&)&/!&.Ù!+'+B,.&:¿8!K'(#$6
&2.*!120&2)$%ï&%0!3120>.!*4'12)*3.°!2!503'(!*3.3)*3)&2-0:!$01)D%4.&:%!
/%+'3027!.>)!5#&!'(+'$%0(-%'!2.+,.-'$.°!*+'*#>!+120+1'$.(206
-%.!>.(.-%.!Q$! 3)5!('>#1!'(+'$%0(-%0:!+1#>)!>.(.$&20:T!%!B'6
?#,-%°!'312)5.-0!$-%'*4%b!!

CJJ!!R'>8! -+8S! ]8! ".,.*%Ú*4.69.?#1-)S! <20)'$"-'&5( )$*/%18*&"( &%( )*105%/.'( %$5K( ZVV( ;H;((
%('20)'$"-'&5($8'68*8&%/68"7!GI$.13.,-%4!+1'&0*'$'641)5%-.,%*3)&2-)H!91!C−J!QCA−CCT_JACJ7!
/33+S__+%,.8*24',.+',%&:%8?'h8+,_:''5,._%5.?0*_R.5'$%0-%._I$.13.,-%4_91CA6CC_AJ04*+01)5!
0-38+(D8!
$%

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


9 *)5B,.&:.!'>,%&20-%'$.CJ;!-%0!:0*3!E!0'&0:(05$.65*!−!2!503'('6
,'?%&2-0?'! +B-43B! $%(20-%.! >.(.-%05! 04*+01)50-3.,-)5CJ@!7 ! . , 0 ! !
E!:0ï,%! 5'Č-.! $!'?#,0! $! 30-! *+'*#>!4,.*)D%4'$.°! 503'()!>.(.Ú!!
E!*2&20?#,-)5!1'(2.:05!>.(.-%.!30'103)&2-0?'7!+'('>-%0!:.4!:0*3!
-%5!-+8!'>,%&2.-%0!-.!+.+%01207!&2)!+12)!BČ)&%B!4.,4B,.3'1.!$.13'6
ï&%!DB-4&:%!5.305.3)&2-0:!(,.!1#Č-)&/!$.13'ï&%!.1?B50-3#$8!Z#Č6
-%&.!5%¿(2)!3)5%!*)3B.&:.5%!+',0?.!+120&%0Č!:0()-%0!-.!*2)>4'ï&%!
(2%.Ù.-%.!BČ)30?'!-.12¿(2%.8!d'7!Č0!$*+#Ù&20*-.!30&/-%4.!4'5+B6
301'$.!B5'Č,%$%.!.31.4&):-0!$%2B.,-%0!Q&2)!-.$03!5B,3%50(%.,-%0T!
+1020-3'$.-%0!'312)5.-)&/!$)-%4#$7!.! 3.4Č0!'D01B:0!&2¿*3'!-%06
$)'>1.Č.,-!5'&!'>,%&20-%'$7!+'2$.,.:&!-.!4'12)*3.-%0!2!-%06
2$)4,0! 2Ù'Č'-)&/! 5'(0,%! 5.305.3)&2-)&/7! 120&2)$%ï&%0! 2>,%Č.!
+120>%0?! $*+#Ù&20*-0:! *)5B,.&:%! ('! 4,.*)&2-0?'! 04*+01)50-3B7!!
$! 43#1)5! >.(.&2! ('4'-B:0! 5'()D%4.&:%! $! '>1¿>%0! +120(5%'3B!!
%!'4',%&2-'ï&%!>.(.-%.!(,.!B*3.,0-%.!2$%24#$!+'5%¿(2)!+'*2&206
?#,-)5%!0,050-3.5%8!M3(!30Č!30?'!1'(2.:B!'+01.&:0!-.!5'(0,.&/!
-.2)$.!*%¿!&2.*05!G>.(.-%.5%!+.1.05+%1)&2-)5%H!&2)!G04*+01)6
50-3.5%!2.*3¿+&2)5%H8!
U(-'ï-%0!('!'?,¿(2%-!3'7!:.4!$*+'5-%.-'!$)Č0:7!*!'-0!1#$-%0Č!&2)-6
-'ï&%! '1?.-B! +1'&0*'
$0?'CJV!7 ! $ ) 4 ' - ) $ . - ! 2.$*20! +1202! '1?.-! +1'&06
*'$)!Q.!$%¿&!$!+'*3¿+'$.-%B!*('$)5!+1202!*(T!$!1.2%0!4'-%0&2-'ï&%!!

CJ;!!=! ,%301.3B120! +120(5%'3B! BČ)$.! *%¿! +'$*20&/-%0! +':¿°!G*)5B,.&:.!4'5+B301'$.H!!
Q.-?8!%(6*-):5'$(0.-:,%5.*&T!%!G5'(0,'$.-%0!4'5+B301'$0H!Q.-?8!%(6*-):5'$(-*1',.&37!%!6*-+
):5%5.*&%,(-*1',.&3T8!M!3'!'&2)$%ï&%0!+':¿&%.!+'+1.$-0!Q*Ù'$'!6*-):5'$!+'&/'(2%!'(!6*-):5'!!
E!'>,%&2.°T8!Y%'1&!:0(-.4!+'(!B$.?¿7!Č0!$!%-D'15.3)&0!5'$.!5'Č0!>)°!1#$-%0Č!'!*)5B,.&:%!
Q?0-01'$.-%B7!+10+.1'$.-%B7!'(3$.12.-%BT!-+8!1B&/B!*%0&%'$0?'7!&'!'(>)$.!*%¿!+12)!$)4'6
12)*3.-%B!B12(20Ú!30&/-%4%!4'5+B301'$0:!-.,0Č)!(,.!&2)30,-'ï&%!1'21#Č-%°!G*)5B,.&:¿!'>,%6
&20-%'$H7!$!43#10:!4'5+B301!*ÙBČ)!('!+1'$.(20-%.!'>,%&20Ú!'(!G*)5B,.&:%!4'5+B301'$0:H7!
,B>!*20120:7!-+8!:.4'!?0-01.3'1!+.4%03#$7!43#10!-.*3¿+-%0!BČ)$.-0!*!('!30*3'$.-%.!$)(.:-'6
ï&%!B12(20Ú!*%0&%'$)&/7!&2)!%&/!2?'(-'ï&%!2!'(+'$%0(-%5%!+1'3'4'Ù.5%8!
CJ@!K'18!-+8!P8!=':3.*%4S!<20)'$"-'&5f7!'+8!&%38!
CJV!=)+'$%0(2%.Ù!*%¿!-.!30-!305.3!-+8!M(!9.:$)Č*2)S!GU?,¿(2%-)!Q.138!JAW!y!C!IKIT!%!04*+01)50-3!
Q.138!JCC!IKIT!3'!&2)--'ï&%!+1'&0*'$07!+120+1'$.(2.-0!$)Ù&2-%0!+1202!'1?.-!+1'&0*'$)7!43#1)!
5'Č0!$02$.°!('!-%&/!>%0?Ù0?'!Q.138!C<N!y!C!IKIT!,B>!*+0&:.,%*3¿!Q.138!JAV!y!C!IKITH8!R'>8!$)1'4!
M(B!9.:$)Č*20?'! 2! ;!+.Ċ(2%01-%4.!JAA\!18!Q[i!II!JA<_A\7! UM9I=!91! CJ_JAA\7!+'28! CC@T8!!
$&

!"#$%&'()*$+'

2!B(2%.Ù05!>%0?Ù0?'7!-%?()!-.3'5%.*3!+1202!*.50?'! >%0?Ù0?'8!9%0*303)7!!
$!$)-%4B!-%0&/,B:*3$.!:¿2)4'$0?'CJ\7!*3'*B-4'$'!&2¿*3'!'?,¿(2%-.5%!-.6
2)$.!*%¿!&2)--'ï&%!>.(.$&207!+1'$.(2'-0!+1202!>%0?Ù)&/!$!1.5.&/!+12)6
?'3'$.-%.!'+%-%%CJW8!!
=!+12)+.(4B!>%0?Ù)&/!%-D'15.3)4#$!30?'! 1'(2.:B!2,0&0-%.!$)4'-.-%.!
G'?,¿(2%-!+1202! >%0?Ù0?'H!2(.12.:!*%¿! *3'*B-4'$'!&2¿*3'CJN!!%! :0()-!$Ù.6
ï&%$!E!&/'°! $)*'&0! *310*B:&! (,.! >%0?Ù0?'! E! '(+'$%0(2%!:0*3!$!3.4%5!
+12)+.(4B! '(5'$.! $)4'-.-%.! +',0&0-%.! *(B8! K'5%:.:&! 210*23!-.$03!
.*+043)!+1.$-07!30?'!1'(2.:B!&2)--'ï&%!-%0!+1'$.(2!2.2$)&2.:!('!2.5%06
12'-)&/!*4B34#$7!2!*2010?B!+'$'(#$S!!
9 >%0?Ù)!-%0!5.!4'5+030-&:%!(0&)2):-)&/!-+8!'(-'ï-%0!('!2.6
>02+%0&20-%.!B:.$-%'-)&/!ï,.(#$!('$'('$)&/7!43#10!$!31.4&%0!3.6
4%0:!G$%2:%H!5#?Ù>)!'(-.,0Ċ°b!

R'>8!30Č!-+8!"8!M25%3S!U(6%Ùf7!'+8!&%38b!P8!P0120$*4.S!S1(*3,¿18.&(1*(*).&..(#.'3Ù'3*K(H*$%1&.2(1,%()$*+
/%186"6F()*05¿)*/%&.'(2%$&'7!F'5!=)(.$-%&2)!]Y^7!=.1*2.$.!JAAV!Q$)(.-%0!JT8!d.4!*.5'!'?,¿6
(2%-)!:.4'!&2)--'ï°!*(B!*!'+%*.-0!$!.138!J<J!IK^!QM(!5'Č0!2.12(2%°!'?,¿(2%-)!>02!B(2%.ÙB!
,B>!2!B(2%.Ù05!>%0?Ù)&/7!.!*3'*'$-%0!('!'4',%&2-'ï&%!E"1#$-%0Č!$!+'Ù&20-%B!2!+120*ÙB&/.-%05!
ï$%.(4#$T8!9.,0Č)!5%0°!3'!-.!$2?,¿(2%0!1#$-%0Č!$!+12)+.(4B!Č(.-%.!2.>02+%0&20-%.!('$'(B!
$!+1'&0*%0!&)$%,-)5!$!31)>%0!.138!;CA!IK^8!^2.*.5%!1'21#Č-%.!*%¿!'?,¿(2%-)!4.1-'6+1'&0*'$07!
+1'$.(2'-0!$! 1.5.&/! +'*3¿+'$.-%.!+12)?'3'$.$&20?'! Q'?,¿(2%-)!('&/'(20-%'$0!,B>!'?,¿6
(2%-)!ï,0(&20T!'1.2! '?,¿(2%-)!*('$07!&2),%!+1'$.(2'-0!+1202!*(!$!3'4B!+'*3¿+'$.-%.!('6
$'('$0?'8!R'>8! 98!dBÙ.S!S3,¿18.&"( .( .6F( $*18%9'7!GL(B4.&:.! K1.$-%&2.H! 2!CW! $120ï-%.! JACA!187!
/33+S__$$$80(B4.&:.+1.$-%&2.8+,_.43B.,-'*&%_._+'4.2_&_.43B.,-'ï°_.13_'?,0(2%-)6%6%&/61'6
(2.:08/35,8!
CJ\!R'>8!-+8S!]8!MÙ'(4%S!!(*).&..(#.'3Ù'3*(D(&.'/"2*&%&.'(:-*/"(/(5'$-.&.'7!G9%01B&/'5'ï&%H!
91! JQ;AT_JAACb! +'*3.-'$%0-%0! M(B!]+0,.&):-0?'! $! I1.4'$%0! 2! C;! ,B30?'! JACJ! 18!!
Q]^2!C\@_CJT8!
CJW!M2&20?#,-%0!('3)&2)!3'!&2)--'ï&%!+1'$.(2'-)&/!+1202!?0'(03#$7!120&2'2-.$&#$!*.5'6
&/'('$)&/!%!120&2'2-.$&#$!5.:34'$)&/7!43#10!$)5.?.:!2.+'2-.-%.!*%¿!20!*3.-05!-%01B6
&/'5'ï&%! Q>(Ċ!B*24'(2'-0?'!+':.2(BT7!&'!'(>)$.!*%¿!&2¿*3'! $! (1'(20! $%2)3)! 120&2'6
2-.$&)! -.! 3010-%0! -%01B&/'5'ï&%7! >(Ċ!$!5%0:*&B7!$!43#1)5!2-.:(B:0!*%¿!+':.2(8!d0?'!
1'(2.:B!&2)--'ï&%!*!:0(-.4!&2)--'ï&%.5%! >.(.$&2)5%! 04*+013.7!.!-%0! '?,¿(2%-.5%7! 43#10!
2.$*20!*!&2)--'ï&%!'1?.-B!+1'&0*'$0?'8!
CJN!M2&20?#,-%0!?()!5'$.!'!*)*305.&/!4'5+B301'$)&/!2-.:(B:&)&/!*%¿!$!*%0(2%>.&/!1#Č6
-)&/!'1?.-%2.&:%8!
$'

!"#$%&'()%*%+&,'&,%(-.,&,-/ %&,% (0Č+-/-1,&2-$3%4"5)&'*-(6(7.,&,-+%/5)%($-8%(,&2-$3%4"9,(
(


9 +'2.!*.,!*('$7!.!('4Ù.(-%0:!+'2.!&2.*05!31$.-%.!&2)-6
-'ï&%!+1'&0*'$)&/! Q*.5'(2%0,-0!$)+1.$)!>%0?Ù0?'! G+'!ï,.(.&/Ȉ!
3.4%5%!-%0!*T7!>%0?Ù)!-%0!+'(,0?.!Č.(-0:!*2&20?#,-0:!'&/1'-%0!+1.$6
-0:7!.!$%¿&!$*20,4%0!*4B34%!-%0+120$%()$.-)&/!2(.120Ú!'>&%Č.:!
>%0?Ù0?'b!
9 $)$%.()!*$'>'(-0!20!ï$%.(4.5%!-%0!*!.-%!503'(!>.(.$6
&2!%-D'15.3)4%7!.-%!('$'(.5%!$!*+1.$%0b!
9 5'Č0!*%¿!$%¿&!'4.2.°!-%05'Č,%$0!-.$03!B*3.,0-%07!'!:.4%!4'56
+B301!&2)!B12(20-%0!&/'(2%7!&2)!B2)*4.-%0!('*3¿+B!('!-%0?'b!
9 +',0&0-%07!43#10!*(!$)(.!>%0?Ù05B7!-%0!$%Č0!$!Č.(0-!*+'*#>!
+'*%.(.&2.!B12(20-%.7!43#1)!5'Č07!.!&2¿*3'!-.$03!+'$%-%0-7!'(5#6
$%°!'*'>%0!+'*31'--0:!%-?010-&:%!$!*$#:!*)*305!%-D'15.3)&2-)8!!
P0()-!5'Č,%$'ï&%!Q+'2.!B2B+0Ù-%0-%05!('$'(#$!+1202!+1'4B1.3B1¿7!
:0Č0,%!5'$.!'!+'*3¿+'$.-%B!4.1-)5T!:0*3!+120+1'$.(20-%0!'?,¿(2%-!+1202!
*(!2!B(2%.Ù05!>%0?Ù0?'8!Y)$.!3'!(2%.Ù.-%0!&2.*'&/Ù'--0!%!31B(-0!$!10.,%2.6
&:%!Q5'Č0! $)5.?.°!2'1?.-%2'$.-%.!$):.2('$0?'!+'*%0(20-%.! *(BT7!-%06
5-%0:!:0*3!3'!:0()-)!*+'*#>7!.>)!('4'-.°!'?,¿(2%-!2?'(-%0!2!+1.$058!
P.4!$*+'5-%.-'!$)Č0:7!-%0!5.!1#$-%0Č!5'Č,%$'ï&%!4'-$.,%(.&:%!3.4%&/!
G'?,¿(2%-!>%0?Ù0?'H!+'+1202!B2-.-%0!%&/!2.!04*+01)50-3!+1'&0*'$)8!
U(!*31'-)!30&/-%&2-0:!('!'?,¿(2%-!5'Č-.!'(-%0ï°!$*2)*34%0!B$.?%7!:.4%0!
'(-'*2!*%¿! ('!2.>02+%0&20-%.! +1'&0*'$0?'!('$'(#$!0,0431'-%&2-)&/! Q.!
$%¿&!+'*3B,.3!-.,0Č)30:!(>.Ù'ï&%!'!%-30?1.,-'ï°!>.(.-0?'!*)*305B!%!(.-)&/7!
4'-%0&2-'ï°!'(+'$%0(-%0?'! +12)?'3'$.-%.!('!+120+1'$.(20-%.! &2)--'6
ï&%7! $! 3)5! 2.+,.-'$.-%.! +1'$.(2'-)&/! (2%.Ù.Ú7! 4'-%0&2-'ï°! 10:0*31.&:%!
>(Ċ!+1'3'4'Ù'$.-%.!+120>%0?B!&2)--'ï&%!%3(8T8!
K12)! '4.2:%! '5.$%.-%.! 2.(.Ú!>%0?Ù0?'! :.4'! -.12¿(2%.! *(B! $.13'! $*+'6
5-%0°!'!*)3B.&:%7!-%05.:&0:!1'(=%65*!B5'&'$.-%.!$!+120+%*.&/!'>'$%2B:&0?'!
+1.$.S!$)4'12)*3.-%.!>%0?Ù0?'!$!1',%!4'-*B,3.-3.!*4Ù.(B!'1204.:&0?'8!R(.12.!
*%¿!'-.!&2¿*3'!:0*2&20!+120(!$)(.-%05!+'*3.-'$%0-%.!'!+'$'Ù.-%BS!*¿(2%.!
Q,B>!+1'4B1.3'1T!+'3120>B:0!B2)*4.°!%-D'15.&:¿7!>(Ċ!3'!'!*.5)&/!30&/-%&26
-)&/!&2)!-.B4'$)&/!.*+043.&/!2.?.(-%0-%.!+0Ù-%&0?'!%*3'3-!1',¿!$!+'6
*3¿+'$.-%B7!>(Ċ!$1¿&2!+'3120>B:0!+'5'&)!$!+1.$%(Ù'$)5!*D'15BÙ'$.-%B!
+)3.Ú!('!>%0?Ù0?'7!43#10!5.:!>)°!2.$.130!$!+'*3.-'$%0-%B!'!:0?'!+'$'Ù.-%B8!
$(

!"#$%&'()*$+'

U!%,0!$!+'*3¿+'$.-%B!+12)?'3'$.$&2)5!4'-3.43!+1'4B1.3'1.!2!>%0?Ù)5!
2..-?.Č'$.-)5!$!+'*3¿+'$.-%0!-%0!>B(2%!$3+,%$'ï&%7!'!3),0!$!+'*3¿+'6
$.-%B!*('$)5!$*2)*34%0!4'-3.43)!>%0?Ù0?'!2!*(05!Q.!$!2.*.(2%0!20!*4Ù.6
(05!'1204.:&)5T!+'$%--)!>)°!:.$-0!%!B('4B50-3'$.-0!2!B$.?%!-.!2.6
*.(¿!:.$-'ï&%!+'*3¿+'$.-%.8!R!(1B?%0:!*31'-)7!Ċ,0!+'*3.$%'-0!+)3.-%.7!&2)!
-%0$Ù.ï&%$0!BČ)&%0!3015%-#$!D.&/'$)&/!Q-%0!5#$%&!:BČ!-+8!'!>1.4B!'1%0-6
3.&:%!*¿(2%0?'7!&'!('!-.3B1)!+120(5%'3B!*+'1BT!+1'$.(2%!$!-.:,0+*2)5!1.2%0!
('! -%0+'3120>-0?'! +120(ÙBČ.-%.! +'*3¿+'$.-%.8! =! +1.43)&0! 30?'! 1'(2.:B!
B*3.,0-%.!+1'$.(2'-0!*!*3'*B-4'$'!&2¿*3'!+120(!+'$'Ù.-%05!>%0?Ù0?'CJ<7!
-.3'5%.*3!-%0!+'$%--)!5%0°!5%0:*&.!:BČ!+'!:0?'!+'$'Ù.-%B7!4%0()!3'!$*20,6
4%0!$3+,%$'ï&%!-.,0Č)!$):.ï-%.°!$!*+'*#>!+1'&0*'$)8!!
!
!

CJ<!! = ! 2 . * . ( 2 % 0 ! 5 ' Č-.!:0! +'(#$&2.*!2.4$.,%D%4'$.°!:.4'!-%0D'15.,-0!4'-*B,3.&:07! B(2%0,'-0!
+1)$.3-%07!+1202!'*'>¿!-%0+0Ù-%&!+120&%0Č!$!3)5!5'50-&%0!1',%!>%0?Ù0?'!%--0:!'*'>%0!+1)6
$.3-0:7!43#1.!2.$'('$'!:0*3!DB-4&:'-.1%B*205!$)5%.1B!*+1.$%0(,%$'ï&%7!$!&2)5!31B(-'!('6
+.31)$.°!*%¿!:.4%0?'4',$%04!+12041'&20-%.!2.*.(!+1.$.!&2)!03)4%8!Y)°!5'Č0!-.,0Č.Ù'>)!1'2$.6
Č)°!&0,'$'ï°!$+1'$.(20-%.!('!+120+%*#$!+1'&0*'$)&/!B*.-4&:'-'$.-%.!30?'!1'(2.:B!G'+%-%%!
4'-*B,3.&):-)&/H8! P.4! +%*2!.B3'12)!$!+'ï$%¿&'-)5! >%0?Ù)5! 1.+'1&%0! e0,*%Ú*4%0:! mB-(.&:%!
K1.$!^2Ù'$%04.S!GR.!+'Č(.-!+1.43)4¿!-.,0Č)!B2-.°!4'-*B,3'$.-%0!2!>%0?Ù)5%!+)3.Ú7!43#10!
5.:!2-.,0Ċ°!*%¿!$!+'*3.-'$%0-%B!'!2.*%¿?-%¿&%B! '+%-%%8! K'2$.,.! 3'! 2-.&2-%0! *41#&%°!&2.*7!!
$!43#1)5!'*3.30&2-.!'+%-%.!31.D%.!$!1¿&0!(0&)(0-3.!+1'&0*'$0?'7!.!3.4Č0!&/1'-%7!+120(!+':.6
$%0-%05!*%¿!0$0-3B.,-)&/!2.12B3#$!+'(!.(10*05!*+'12(2'-0:!'+%-%%8!K'$'Ù)$.-%0!04*+016
3#$!>02!B$2?,¿(-%0-%.!$*+'5-%.-)&/!'4',%&2-'ï&%7!+1'$.(2%!-.3'5%.*3!-.:&2¿ï&%0:!('!5-'6
Č0-%.! '+%-%%8! I'-%0&2-0! *3.:0! *%¿!$)(.$.-%0!+'*3.-'$%0Ú!B2B+0Ù-%.:&)&/! +)3.-%.! 2.(.-0!
B+120(-%'!>%0?Ù05B7!2(.12.:!*%¿!'+%-%0!-%0:.*-07!-%0+0Ù-0!,B>!$0$-¿312-%0!*+120&2-0H!QY8!g1.6
>'$*4.7!]8! K%031)4.7!"8!=',-)7!]8!Y'(-.1S! \%)*$5( l>HAY(L.'3,.( 01*/.( /( H*,06'7!/33+S__$$$8!
/D/18+,_$+6&'-30-3_B+,'.(*_JAC@_A@_emK^kKZYk>%0?,%6*.}^^}]N('$%k$k+',*&08+(D7!*8!;WT8!
%)

!"#$%&'()*"$)+,$-%(.("/"01*23"&2456$"
!
!
"#$%! Ċ&'(Ù%! (#)#(#)*+#! ,! )-(%)%./*! #0/.//! 1(#)*2! ,! 2*134! 5+#(./*!!
5!3-64!7#!.%0/1%.#!0#)-Č*24!5%1%(./75!/!.%275¿ï7/*2!10#3-8%.!&#$!9/*+Ù*+#!
1(#)*+#:!!
;!0#13¿0#)%./<!8%&.-64! 7*$*6!5%&').#!#18%&Č-7/*$%4! 2%8! /!1(<! =83'>
&*+#!.%&5¿(5/*6!2*13!9/*+Ù-?4!2*13!<13%$*./*!0&%)(-!6%3*&/%$.*2@AB4!7#!<Ù%3)/%!
5%(%./*!9/*+Ù*6<!#!3-$*4!Č*!6#Č*!#.!C#&6<Ù#)%°!.0:!0#13<$%3-!#(.#ï./*!(#!
3*+#4!7#!0#)/..#!5#13%°!59%(%.*:!
;!0#13¿0#)%./<!7-)/$.-6!&')./*Č!#9#)/5<2*!5%1%(%!0&%)(-!6%3*&/%$>
.*24! ./*! 6%! #.%! 2*(.%8! 7D%&%83*&<! 9*5)5+$¿(.*+#4! <13%)#(%)7%! 9#)/*6!
)/*$#8&#3./*!#+&%./75%!24!0#5)%$%27!)!)/*$<!0&5-0%(8%7D!.%!0#0&5*13%./*!
.%!E0&%)(5/*F!C#&6%$.*2:!G575*+'$./*!)%Č.4!5!0<.83<!)/(5*./%!9/*+Ù*+#4!7*>
7D!0#13¿0#)%./%!0&#7*1#)*+#!)!10&%)%7D!7-)/$.-7D!2*13!)/¿815*4!./Č!
)! 0&#7*1/*! 8%&.-64! 5.%75*./*! 5%1%(-! 8#.3&%(-83#&-2.#ï7/:!H#.1*8)*.72!
3*+#!13%.<!&5*75-!6#Č*!9-°!#+&%./75*./*!%83-).#ï7/!9/*+Ù*+#:!I!<)%+/!.%!
&'Č./7*!6/¿(5-!&-+#&%6/!0#13¿0#)%ÚJ!8%&.*+#!/!7-)/$.*+#4!#1#9.-!&#5(5/%Ù!
=K?!0#ï)/¿7#.#!#0/./#)%./<!)!3-7D!#13%3./7D:!
L*7-52%!#!5%1/¿+./¿7/<!#0/.//!9/*+Ù*+#!2*13!0#(*26#)%.%!0&5*5!#&+%.!0&#>
7*1#)-!)!0&5-0%(8<4!)!83'&-6!($%!&#50#5.%./%!10&%)-!)-6%+%.*!2*13!0#>
1/%(%./*!)/%(#6#ï7/!10*72%$.-7D4!0&5-!75-6!)!0&5-0%(8<!0#13¿0#)%./%!8%&>
.*+#!/!0#13¿0#)%./%!#!)-8&#75*./%4!0#)#Ù%./*!9/*+Ù*+#!)!1-3<%72/4!)!83'&*2!
13)/*&(5*./*!#8#$/75.#ï7/4! 6%27-7D! /13#3.*! 5.%75./*! ($%! &#513&5-+./¿7/%!

@AB!G3(!3*Č!5!.%2)-Č15-6!<5.%./*6!.%$*Č-!#7*./°!0&%7¿!9/*+Ù-7D!)!5(%&5%27-7D!1/¿!75%1%6/!
0&5-0%(8%7D4! )! 83'&-7D! 9/*+Ù-4! 0#6/6#! 5+#(.*2! 0#13%)-! #18%&Č-7/*$%! ).#157*+#! %83!
#18%&Č*./%! /! #18%&Č#.*+#4! 0&5-5.%27*+#! 1/¿! (#! )/.-4! 2*13! )! 13%./*! .0:! 1C%$1-C/8#)%°!#0/1!
#8#$/75.#ï7/! 5(%&5*./%! /! )-8%5%°!./*)/..#ï°! #18%&Č#.*+#:! I#9:! .0:J! ":! I%7D#&18/J! !"#$%
&'()*+,#0:!7/3:4!1:!@@M!/!.%13:!
!"

!"#$%&'()*$+!
!
10&%)-4!)-6%+%!)/%(#6#ï7/!10*72%$.-7D4!2*13!#9$/+%3#&-2.*!.%!6#7-!0&5*0/>
1')!HNH4!)!10&%)%7D!7-)/$.-7D!.%3#6/%13!)!#&5*75./73)/*!0%.<2*! 5+#(%4!
Č*!0#)#Ù%./*!9/*+Ù*+#!)!3%8/*2!1-3<%72/!&')./*Č!2*13!#9#)/58/*6!1(<@A@:!
"
!78""9&+%*6&13$63$"&".*+3ħ263ħ:30"&,3633"
N&#7*1!#0/./#)%./%!1(#)*+#!C#&6%$./*!&#50#75-.%!1/¿!#(!)-(%./%!0&5*5!#&>
+%.!0&#7*1#)-!=1(!9(Ċ!#&+%.!0&#)%(57-!0#13¿0#)%./*!0&5-+#3#)%)75*!

@A@!O(0#)/*(./*!0&5*0/1-!13%.#)/!2%8!.%13¿0<2*J!
P&3:!@QA!R!@!HNHJ!ES*Č*$/!13)/*&(5*./*!#8#$/75.#ï7/!6%27-7D!/13#3.*!5.%75./*!($%!&#513&5-+./¿>
7/%! 10&%)-! )-6%+%! )/%(#6#ï7/! 10*72%$.-7D4! 5%1/¿+%! 1/¿!#0/.//!9/*+Ù*+#! %$9#! 9/*+Ù-7DF:!!
P&3:!TUM!R!@!HNVJ!E;!)-0%(8%7D!)-6%+%27-7D!)/%(#6#ï7/!10*72%$.-7D!1(!0#!)-1Ù<7D%./<!
)./#18')!13&#.! 7#! (#!$/759-!9/*+Ù-7D!/!/7D!)-9#&<!6#Č*!)*5)%°!2*(.*+#!$<9!8/$8<!9/*+Ù-7D!!
)!7*$<! 5%1/¿+./¿7/%! /7D! #0/.//F:! P&3:! MW! R!@! HNPJ!EX(-!)!10&%)/*!)-6%+%.*!1!)/%(#6#ï7/!
10*72%$.*4!#&+%.!%(6/./13&%72/!0%Ú13)#)*2!6#Č*!5)&'7/°!1/¿!(#!9/*+Ù*+#!$<9!9/*+Ù-7D!#!)-(%./*!
#0/.//F:!GC#&6<Ù#)%./*!E6#Č*!5)&'7/°!1/¿F!)-(%2*!1/¿!1<+*&#)%°!0#5#13%)/*./*!#&+%.#)/!0&#>
7*1#)*6<!1)#9#(-! )!#7*./*4!75-!8#./*75.*!2*13!5%1/¿+./¿7/*!#0/.//! 9/*+Ù*+#4! .%3#6/%13! 1C#&>
6<Ù#)%./*!E5%1/¿+%!1/¿F!,!1<+*&<2*4!Č*!/.3*.72!<13%)#(%)7-!./*!9-Ù#!0#5#13%)/*./*!#&+%.#)/!
0&#7*1#)*6<!3%8/*2!1)#9#(-!=0#&:!.0:!P:!H*+*$4!I:!H*+*$J!-./"012'3::4!#0:!7/3:4!1:!@Y!/!.%13:?4!#&5*75>
./73)#!G(<!Z%2)-Č15*+#!)18%5<2*!2*(.%84!Č*!&')./*Č!)!10&%)%7D!7-)/$.-7D!0#)#Ù%./*!9/*>
+Ù-7D!2*13! #9$/+%3#&-2.*! =5%&').#!2*ï$/!/(5/*! #! )./#18#)%./*!0&5*5!13&#.¿!#!0&5*0&#)%(5*./*!
(#)#(<!5!#0/.//! 9/*+Ù*+#4!2%8!/!#! 0#)#Ù%./*! 9/*+Ù*+#!5!/./72%3-)-!1(<4! #! /$*!1(! (#2(5/*!(#!
0&5*8#.%./%4! Č*! #8#$/75.#ï°!6%27%! /13#3.*! 5.%75*./*! ($%! 0&%)/(Ù#)*+#! &#513&5-+./¿7/%!
10&%)-!6#Č*! 5#13%°!)-2%ï./#.%! 3-$8#! )! )-./8<! )-8#&5-13%./%! )/*(5-! #1'9! 0#1/ %(%27-7D!
)/%(#6#ï7/!10*72%$.*J!!
9 )!)-&#8<!5!A!$<3*+#!TB@B!&:![\\!NH!@QT]BQ^!G(!Z%2)-Č15-!13)/*&(5/ÙJ!E;!#&5*75./7>
3)/*!G(<!Z%2)-Č15*+#!0&5-26<2*!1/¿4! Č*! 6/6#!C%8<$3%3-).*2!C#&6<Ù-!0&5-3#75#>
.*+#!0&5*0/1<4!1(! 6<1/! 5)&'7/°!1/¿!(#!9/*+Ù*+#4!2*ï$/!(#2(5/*! (#! 0&5*8#.%./%4! Č*!
#8#$/75.#ï°!6%27%! /13#3.*! 5.%75*./*! ($%! 0&%)/(Ù#)*+#! &#513&5-+./¿7/%! 10&%)-!
6#Č*!5#13%°!)-2%ï./#.%!3-$8#!)!)-./8<!)-8#&5-13%./%!)/*(5-!#1'9!6%27-7D!10*>
72%$.*!)/%(#6#ï7/:!;!3%8/6!0&5-0%(8<!(#)'(!5!#0/.//!9/*+Ù*+#!5!<)%+/!.%!18Ù%(>
./8!)/%(#6#ï7/!10*72%$.-7D!2*13!(#)#(*6!3*+#!&#(5%2<4!Č*!./*!6#Č*!9-°!5%130/#.-!
/..!75-..#ï7/!(#)#(#)!%./!)./#18#)%./*6!.%!0#(13%)/*!/..-7D! <13%$#.-7D!
C%83')F_!!!
9 )!)-&#8<!5!@Q!+&<(./%!TB@T!&:![\\!VZN!W@]@T^!G(!Z%2)-Č15-!13)/*&(5/ÙJ!EN#6/./¿7/*!
(#)#(<!5+Ù%15%.*+#!0&5*5!13&#.¿!2*13!9#)/*6!(#0<1575%$.*!)3*(-4!+(-!#8#$/75.#ï7/!
10#&.*4!.%!83'&*!(#)'(!0#)#Ù%.#4!5#13%Ù-!(#13%3*75./*!)-2%ï./#.*!5+#(./*!5*!13%.#>
)/18/*6!13&#.-!0#)#Ù<27*2!(#)'(!=)-&#8/!G(<!Z%2)-Č15*+#!5!@T!13-75./%!TBBK!&:4!
\!VH!WK@]BW4!./*0<9$:_! 5!K!$<3*+#!TBBQ!&:4!\\!`H!@UY]BM4! ./*0<9$:!/!5!@A!+&<(./%! TB@B!&:4!!
\\\!GH!@Y]@B4!./*0<9$:?F:!!
!
!#

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

)!10&%)%7D!8%&.-7D?!0#13%.#)/*./%!#!5%1/¿+./¿7/<!#0/.//!9/*+Ù*+#@AT:!N#13%>
.#)/*./*!#!5%1/¿+./¿7/<!#0/.//!9/*+Ù*+#!)!0#13¿0#)%./<!8%&.-6@AA!0#)/..#!
5%)/*&%°!*$*6*.3-4!#!83'&-7D!6#)%!)!%&3:!QW!HNH4!32:J!
@?!#5.%75*./*!#&+%.<!#&%5!#1#9-!$<9!#1'94!)-(%27-7D!0#13%.#)/*./*_!!
T?!(%3¿!)-(%./%!0#13%.#)/*./%_!!
A?!)18%5%./*!10&%)-!#&%5!8)*13//4!83'&*2!0#13%.#)/*./*!(#3-75-_!!
W?!&#513&5-+./¿7/*!5!0#(%./*6!0#(13%)-!0&%).*2_!!
K?!<5%1%(./*./*4!7D-9%!Č*!<13%)%!5)%$./%!#(!3*+#!)-6%+%./%!
#&%5!*$*6*.3-4!#!83'&-7D!6#)%!)!%&3:!@QW!HNH4!32:J!
@?!/6/¿!.%5)/18#!/!10*72%$.#ï°!9/*+Ù*+#!$<9!9/*+Ù-7D4!%!)!)-0%(8<!#0/.//!
/.13-3<72/4!)! &%5/*! 0#3&5*9-4!10*72%$.#ï°!/!8)%$/C/8%72*!#1'94!83'&*!0#)/..-!
)5/°!<(5/%Ù!)!0&5*0&#)%(5*./<!*810*&3-5-_!
T?!0&5*(6/#3!/!5%8&*1!*810*&3-5-!5*!1C#&6<Ù#)%./*64!)!6/%&¿!0#3&5*9-4!
0-3%Ú!1575*+'Ù#)-7D_!
A?!3*&6/.!(#13%&75*./%!#0/.//:!
;%&3#!5)&'7/°!<)%+¿4! Č*!HNH!0#1Ù<+<2*! 1/¿!5%6/*../*!0#2¿7/*6! #0/.//!!
/!*810*&3-5-!=%&3:!@QW!<13:!@!/!<13:!T?:!V5¿ï°!%<3#&')@AW!5)&%7%!<)%+¿4!Č*!9-°!
6#Č*!3&%C./*2!9-Ù#9-!.%5-)%°!E#0/./F!3¿!75¿ï°!*810*&3-5-4!)!83'&*2!9/*+Ù-!
5%6/*1575%!)./#18/!=3*!9#)/*6!1!)-./8/*6!/.(-)/(<%$.*+#!0&#7*1<!/.3*>
$*83<%$.*+#!8#.8&*3.*+#!9/*+Ù*+#?4!.%3#6/%13!)!15*&#8/6!5.%75*./<!0#1Ù<>
+/)%°!1/¿!0#2¿7/*6!E*810*&3-5%F4!./*6./*2!#9*7./*!<Č-)%!1/¿!.%!#5.%75*./*!
ï&#(8%!(#)#(#)*+#!9¿(7*+#!*C*83*6!0&%7-!9/*+Ù*+#!0#2¿7/%!E#0/./%F:!
!
!

@AT!Z/*!1!(#0<1575%$.*!/..*!C#&6-!5$*7*./%!0&5*5!#&+%.!0&#7*1#)-!9/*+Ù*6<!)-8#.%./%!#0/>
.//!=.0:!5%&5(5*./*?:!;!0&5-0%(8%7D!./*7/*&0/7-7D!5)Ù#8/!0#)#Ù%./*!9/*+Ù*+#!6#Č*!.%13>
0/°!)!/..*2!C#&6/*!./Č!0/1*6.*!0#13%.#)/*./*4!7D#°!6<1/!#.#!)!(%$15-6!7/+<!0#13¿0#)%./%!
9-°!0#3)/*&(5#.*!)*!)Ù%ï7/)*2!C#&6/*!0&#7*1#)*2:!I#9:!H:!a/7D13%*(34!N:!X%Ù*78/4!P:!L*08#J!
!"#$&'()b4!#0:!7/3:4!1:!@BK!/!.%13:!
@AA!HNV!/!HNP4!6/6#!Č*!5%)/*&%2!)!1#9/*!0&5*0/1-!#!9/*+Ù-7D4!./*!0&*7-5<2!3%8!1575*+'Ù#)#!
)-6#+')!#(.#ï./*!(#!0#13%.#)/*./%!#!/7D!0#)#Ù%./<:!
@AW!I#9:!.0:J!S:!;'27/8/*)/75J!4(20".#'/)b4!#0:!7/3:4!1:!W@_!X:!H#075-Ú18/J!5$67.$6#)89)b4!#0:! 7/3:4!!
1:!YU!/!.%13:!
!$

!"#$%&'()*$+!
!
"!7;""<)-$Ƒ5$63$".*)-$+0"3",-.$'=3&%0"&,3633"
I!0<.83<!)/(5*./%!9/*+Ù*+#!.%2)%Č./*215!75¿ï7/!0#13%.#)/*./%!2*13!#8&*>
ï$*./*! 0&5*(6/#3<! /! 5%8&*1<! *810*&3-5-4! 83'&*! (%.*! 1! 1C#&6<Ù#)%.-6/!!
)!./*2! 0-3%./%6/!/! 0#$*7*./%6/@AK:!I%8&*1! #0/.//! 5%8&*ï$#.-! 2*13! 0-3%./%6/!
0#13%)/#.-6/!0&5*5!#&+%.!0&#7*1#)-!=1(!9(Ċ!#&+%.!0&#)%(57-!0#13¿>
0#)%./*!0&5-+#3#)%)75*!)!10&%)%7D!8%&.-7D?4!9(Ċ!#0/1*6!75-..#ï7/4!2%>
8/*!9/*+Ù-!0#)/./*.!)-8#.%°:!c%(%./%!0&#)%(5#.*!0&5*5!9/*+Ù*+#!./*!6#+!
)-8&%75%°!0#5%! 5%8&*1!#0/.//4! 5%ï! )./#18/! =8#.8$<52%?! #0/.//!0#)/..%4!!
)!6/%&¿!6#Č$/)#ï7/4!#(0#)/%(%°!.%!0#13%)/#.*!0-3%./%:!I%&').#!)!1)#>
/7D!(5/%Ù%./%7D4!2%8!/!)!)-0#)/*(5/%7D4!9/*+Ù-!./*!0#)/./*.!)-8&%75%°!0#5%!
5%8&*1!#0/.//:!O(!3*2!5%1%(-!6#+!5%7D#(5/°!)-238/!=.0:!2*ï$/!9/*+Ù-!.%!18<>
3*8!9%(%./%! 6%3*&/%Ù<!(#)#(#)*+#!<5-18%Ù!)/*(5¿!#!0#0*Ù./#.-6!0&5*>
13¿013)/*J!2*+#!#9#)/58/*6!2*13!)')75%1!5%)/%(#6/°!#&+%.!0&#7*1#)-@AY?:!
;!0#13%.#)/*./<!#!5%1/¿+./¿7/<!#0/.//!9/*+Ù*+#!#&+%.!0&#7*1#)-!)18%>
5<2*! 0&5*(6/#3! #0/.//4! %! )/¿7! &')./*Č! 0&5*(6/#3! 9%(%./%@AU!4! )! 3-6! C%83!

@AK!N#&:!.0:!;:!N&5-9-Ù#J!-$2#)6$:1"61",$,&$0;2/8/"61;,&$:$&;,/,$01611,<1"=Ù"=$,:,#"$.11,1,0.)(#'8"4!
Ea(<8%72%! N&%)./75%F! 5! @A! 0%Ċ(5/*&./8%! TBBQ! &:4! D330J]]))):*(<8%72%0&%)./75%:0$]%83<!
%$.#17/]%]0#8%5]7]%83<%$.#17]%&3]0#13%.#)/*./*>#>(#0<1575*./<>(#)#(<>5>#0/.//>9/*+$*+#>!
)>3*#&//>/>0&%83-7*_!d:!d#6%15*)18/J!-$2#)6$:1"61), $,0$:$Ù)61;,<1"=Ù"=$, :, #"$.11,1, 0.)(#'8"4! EN&#>
9$*6-!H&-6/.%$/13-8/F!Z&!@YA]@QMW4!1:!YY−YQ:!
@AY!;!0&5-0%(8<!9%(%./%! 35):!(#)#(')!*$*83&#./75.-7D4!)!1575*+'$.#ï7/!.#ï./8')!(%.-7D!
6#Č*!3#!9-°!.0: !5.%$* 5/*./ *!.%!./ 7D!3&* ï7/4!83'&*!./*!0#)/..-!1/¿!9-Ù-!3%6!5.%$*Ċ°!=.0:!/.C#&6 %72/!
3%2.-7D!.%!0&-)%3.-6!8#60<3*&5*!<Č-38#)./8%4!83'&-!./*!0#)/./*.!(#!3%8/*2!/.C#&6%72/!6/*°!
(#13¿0<?:!;%&3#!0%6/¿3%°4!Č*!9/*+Ù-!./*!2*13!8#60*3*.3.-!(#!&#513&5-+%./%!#!3-64!75-!&5*75->
)/ï7/*!0&5*13¿013)#!6/%Ù#!6/*217*J!2*13!3#!5%(%./*!#&+%.<!0&#7*1#)*+#!=)!1575*+'$.-6!0&5->
0%(8<4!2*ï$/! 1(! 0#(5/*$/! 0#(*2&5*./%!9/*+Ù*+#4! 3#! 1(! 0#)/%(#6/! 0&#8<&%3<&¿?:!O75-)/ï7/*!
)15*$8/*!3%8/*!/.C#&6%72*!#(!9/*+Ù*+#!(#!1(<!0#)/..-!6/*°!C#&6¿!0/1*6.:!;%&3#!3*Č!0%6/¿>
3%°4!Č*!(#)#(-!0#0*Ù./*./%!0&5*13¿013)%!6#+!5#13%°!5.%$*5/#.*!&')./*Č!0&5-!#8%52/!#0/./#>
)%./%!)!10&%)%7D!7-)/$.-7D!75-!)!0#13¿0#)%./<!%(6/./13&%7-2.-6:!Z/*!56/*./%!3#!1-3<%72/J!
9/*+Ù-!,! 9¿(7!./*1%6#(5/*$.-6!#&+%.*6! )-6/%&<! 10&%)/*($/)#ï7/!,!6%!#9#)/5*8!0#)/%>
(#6/*./%!#&+%.<!0&#7*1#)*+#!#!0#)5/¿3-6!0#(*2&5*./<:!
@AU!G0*7-C/75.-6!&#(5%2*6!#0/.//!1!#0 /./*!%913&%87-2.*4!3#!2*1 3!#0/./*!./*)-6%+%27*!9%(%./%!6%>
3*&/%Ù<!(#)#(#)*+#:!d*+#!&#(5%2<!#0/./*!1Ù<Č!5%5)-75%2!)-2%ï./*./<!#&+%.#)/! 0&#7*1#)*6<!
/13./*27*+#!13%.<!.%<8/!9(Ċ!0&%83-8/!)!#0/./#)%.-6!5%8&*1/*4!)!3-6!.0:!13#1#)%.-7D!&#5)/>
5%Ú!3*7D./75.-7D!75-!C<.872#.<27-7D!)!(%.*2!(5/*(5/./*!3*7D.#$#+//:!;!&%6%7D!3*+#!&#(5%2<!#0/>
.//!9/*+Ù-!./*!0&#)%(5/!9%(%Ú!=)-2)15-!*)*.3<%$.*!9%(%./%!$/3*&%3<&#)*?:!
!%

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

<6#Č$/)/*./%!9/*+Ù*6<!(#13¿0<!(#!6%3*&/%Ù<!(#)#(#)*+#!=%83!10&%)-@AM!
#&%5!(#)#(')!&5*75#)-7D?:!!

@AM!P&3-8<Ù!@QM!R!@!HNH!E;!6/%&¿!0#3&5*9-!<(#13¿0./%!1/¿!9/*+Ù*6<!%83%!10&%)-!)!5%8&*1/*!
./*59¿(.-6!(#!)-(%./%!#0/.//!/!)5-)%!1/¿!+#!(#!<(5/%Ù<!)!0&5*0&#)%(5*./<!(#)#(')F:!
P&3-8<Ù!TMW!HNVJ!EG(!6#Č*!5%&5(5/°!#8%5%./*!9/*+Ù*6<!%83!10&%)-!/!0&5*(6/#3<!#+$¿(5/.!
#&%5!5%&5(5/°!%9-!9&%Ù!<(5/%Ù!)!0#13¿0#)%./<!(#)#(#)-6F:!!
H)*13/%!(#13¿0<!9/*+Ù*+#!(#! %83! 10&%)-!0#(.#15#.%! 9-Ù%!)/*$#8&#3./*! )! 0/ï6/*../73)/*!
=5#9:! .0:J! S:! ;#23%1/8J! >(#), 20.):', 9)($, ?)#".1)Ù,<)&):8/',:,"(20".#'/1"4!D330J]]))):5/*$#.%>
+#&%:0#:+#e:0$]/.(*f:0D0g/(hAYi/(%hMTYK?:! I%1%(./75#! 5%! <(#13¿0./*./*6! 9/*+Ù*6<! (#>
13¿0<!(#!7%Ù#ï7/!%83!10&%)-!0&5*6%)/%2!.%13¿0<27*!0&5*1Ù%.8/J!
9 9/*+Ù-!6#Č*!5%0#5.%°!1/¿!5!7%Ù#ï7/!/.C#&6%72/!(#13¿0.*2!#&+%.#)/!0&#7*1#)*6<4!
83'&*+#!2*13! .%&5¿(5/*64! 6#Č*!)! 3-6!6%3*&/%$*! 5.%$*Ċ°!/.C#&6%72*4! 83'&*! )!ï)/*3$*!
)/%(#6#ï7/!10*72%$.-7D4! 0#5)#$!6<!#(0#)/*(5/*°!.%!0#13%)/#.*!0-3%./%4!%!83'&*!
6#+Ù-9-!9-°!0#6/./¿3*4!+(-9-!#&+%.!0&#7*1#)-!#+&%./75-Ù!9/*+Ù*6<!(#13¿0!(#!
%83!10&%)-!=#&+%.!0&#7*1#)-!6#Č*!./*!#7*./°!)Ù%ï7/)/*!5.%75*./%!2%8/*+#ï!C&%+>
6*.3<! 6%3*&/%Ù<! (#)#(#)*+#4! ./*! 0#1/%(%! 9#)/*6! )/%(#6#ï7/! 10*72%$.-7D4!
83'&*!6%!9/*+Ù-?_!
9 Ċ$*! (#8#.%.%! 1*$*872%! 6%3*&/%Ù<!(#)#(#)*+#! 6#Č*! 13%°!1/¿!0&5-75-.!)-7/+./¿7/%!
)./#18')!#!./*)Ù%ï7/)-6!13#0./<!8%3*+#&-75.#ï7/4!9(Ċ!)./#18')!9Ù¿(.-7D4!%!.%)*3!
13%°!1/¿!0#(13%)!5%&5<3<4!Č*!#0/./%!./*! <)5+$¿(./%!)15-138/7D!/13#3.-7D!#8#$/75.#ï7/!
)-./8%27-7D!5! %83! 10&%)-! =0#&:!.0:! H:! a/7D13%*(34! N:! X%Ù*78/4!P:! L*08#J,!"#$&'()*4!!
#0:!7/3:4!1:!@TB?:!
P&+<6*.3%6/!0&5*6%)/%27-6/!5%!(%$*8#!/(7!1*$*872!%83!<(#13¿0./%.-7D!9/*+Ù*6<!1!.%>
3#6/%13J!
9 *8#.#6/%!0#13¿0#)%./%J!8#./*75.#ï°!5%0#5.%./%!1/¿!9/*+Ù*+#!5!%83%6/!$/757-6/!
75%1*6! 0&5*7/*Č!8/$8%(5/*1/34! 75-! 8/$8%1*3! 3#6')4! /60$/8<2*! )-(Ù<Č*./*! 75%1 <!!
/!8#153')!#0/./#)%./%4!13#1<.8#)#!75¿13#!.%3#6/%13!3&*ï°!%83!10&%)-!./*!6%!)0Ù-)<!
.%!2%8#ï°!)-(%.*2!#0/.//:!S%8!0/15*!1Ù<15./*!S:! ;#23%1/84! 0&5-8Ù%(*6!3%8/7D! 1-3<%72/!
6#+!9-°!8$%1-75.*!3*7D./75.*!*810*&3-5-!/(*.3-C/8%7-2.*!)!10&%)%7D!(#)#(#)#!
./*0#)/8Ù%.-7D:!EN#5%!0#13%.#)/*./*6!/! (#9&5*!#5.%75#.-6!/!#0%8#)%.-6!6%3*>
&/%Ù*6! (#)#(#)-6!#&%5! 0#&').%)75-64! ./*! 6%! )! )/*$<! 0&5-0%(8%7D! 0#3&5*9-!
0&5*8%5-)%./%! (#! $%9#&%3#&/<6! 8&-6/.%$/13-75.*+#! /..-7D! 6%3*&/%Ù')! 0&#7*1#>
)-7DF!=S:!;#23%1/8J!>(#)b4!#0:!7/3:?_!
9 3&<(.#ï°!)!8#.13&<#)%./<!#0/.//!#0/*&%2 7*2!1/¿!.%!5*5.% ./ %7D!ï)/%(8')4!)!1575*+'$>
.#ï7/4!2*ï$/!ï)/%(8#)/*!7/!5#13%$/!$<9!6#+!5#13%°!)!0&5-15Ù#ï7/!#18%&Č*./!#!0#0*Ù./*>
./*!0&5*13¿013)%!#&%5!#9%)%!<5.%./%!3%8/*2!#0/.//!5%!./*(#0<1575%$.4!5!0#)#(<!3*+#4!
Č*!0&5-!2*2!#0&%7#)%./<!)-8#&5-13%.-!5#13%Ù!6%3*&/%Ù!(#)#(#)-!<5-18%.-!)!10#1'9!
./*(#5)#$#.-:!I#9:!/9/(:_!
!&

!"#$%&'()*$+!
!
;!8&-6/.%$/13-7*4!)!0#&').%)75-7D!9%(%./%7D!/(*.3-C/8%7-2.-7D!0&5->
2¿Ù-!1/¿!0#2¿7/%!E6%3*&/%Ù<! 8)*13/#.#)%.*+#F!#&%5! E6%3*&/%Ù<!0#&').%)>
75*+#F@AQ:! L#3-75! #.*! 9%(%Ú!6%27-7D! .%! 7*$<!<13%$*./*! 3#Č1%6#ï7/! #1'9!
9(Ċ! 0&#7*1')4! *C*83*6! (5/%Ù%./%! 83'&-7D!2*13! 0#)13%./*!#9<! 6%3*&/%Ù')!
=75-!#(&¿75.*!.%0/1-!)-8#.%Ù%!3%!1%6%!#1#9%4!75-!)-(&<8/!5#13%Ù-!)-8#>
.%.*!.%!3*2!1%6*2!(&<8%&7*!/3(:?:!;!0&5-0%(8<!#0/./#)%./%!/.C#&6%3-75.*+#!
9%(%./%!3%8/*!(#3-75!5%5)-75%2!/(*.3-75.#ï7/!5%0/1')!)!0$/8%7D!9(Ċ!.%!
.#ï./8%7D@WB4!#&%5!)-8#.%./%!35):!(#8<6*.3')!*$*83&#./75.-7D!0&5-!<Č->
7/<!8#.8&*3.*+#!<&5(5*./%!=.0:!5(2¿°!)-8#.%.-7D!7-C&#)-6!%0%&%3*6!C#>
3#+&%C/75.-6@W@?:!!
S%8! )10#6./%.#! )75*ï./*24! )! 0#$18/6! 1-13*6/*! 0&%).-6! 9/*+Ù-! ./*!
0*Ù./!&#$/!E1¿(5/*+#!C%83<F4!13(!3*Č!7*$*6!#0/.//!9/*+Ù*+#!./*!0#)/..#!9-°!
%./!E)-&#8#)%./*F4!%./!E#&5*8%./*F!.%!3*6%3!#8#$/75.#ï7/!C%83-75.-7D!75-!
.%!3*6%3!/7D!8#.1*8)*.72/!0&%).-7D:! O0/./%!9/*+Ù*+#!./*! 0#)/..%! 1Ù<Č-°!
1(#)/!(#!<13%$*./%!#8#$/75.#ï7/!C%83-75.-7D4!3#!9#)/*6!0#5#13%2*!(#6*.!
#&+%.<!0&#7*1#)*+#@WT:!Z/*! 6#Č.%!2*(.%8!./*! 5%<)%Č-°4!Č*! 9%&(5#! 75¿13#!

9 0#3*.72%$.-!)0Ù-)4! 2%8/! 5.%2#6#ï°!%83!10&%)-!=.0:!/.C#&6%72/!#!3-64!Č*! #18%&Č#.-!
0&5-5.%Ù!1/¿!(#!)/.-?!6#Č*!6/*°!.%!9*513&#..#ï°!9/*+Ù*+#!=0#&:!S:! ;'27/8/*)/75J!@"%
?1&)b4! #0:! 7/3:4! 1:! @QW_! c:! X&%9#)18%4! P:! N/*3&-8%4! j:! ;#$.-4! P:! c#(.%&J, A)0$.#,
BC-D*4!#0:!7/3:4!1:!AQ_!N:!N#$%8J!E6#$&$F$=1)*4!#0:!7/3:4!1:!TU?:!
@AQ!I#9:!.0:J!S:!;'27/8/*)/75J!4(20".#'/)b4!#0:!7/3:4!1:!TM!/!.%13:!
@WB!;%&3#!0%6/¿3%°4! Č*! 9%(%./%! )-(&<8')! 8#60<3*&#)-7D! ./*! 1! 9%(%./%6/! /.C#&6%3-75>
.-6/4!%$*!0/16#5.%)75-6/:!H#60*3*.3.-! (#!/7D!)-8#.%./%! 9¿(5/*!5%3*6!9/*+Ù-!5!5%8&*1<!
0/16#5%)13)%:!
@W@!;%&3#!5)&'7/°!<)%+¿4!Č*!#&+%.-!0&#7*1#)*!13#1<.8#)#!75¿13#!./*0&*7-5-2./*!C#&6<Ù<2!
0-3%./%!(#3-757*!3*+#!&#(5%2<!(#)#('):!O!/$*!0&5-!)-8#&5-13%./<!.%&5¿(5/!/.C#&6%3-75>
.-7D!2*13!6#Č$/)*!,!59%(%./*!#9*7.#ï7/!0*).-7D!7D%&%83*&-13-75.-7D!7*7D!%0%&%3<!#9*7.-7D!
.%!5(2¿7/<! =6:/.:! &#58Ù%(<!15<6')! 9¿(7-7D! *C*83*6!./*&').#6/*&.#ï7/4! 5%9&<(5*Ú!6%>
3&-7-!75-!6*3%(%.-7D!0$/8')!+&%C/75.-7D?!/!)-(%./*!.%!3*2!0#(13%)/*!#0/.//!=#!&'Č.-6!13#0>
./<! 13%.#)75#ï7/! 8#.8$<52/?! #! 3-64! 75-! 5(2¿7/*! 5#13%Ù#! )-8#.%.*! 9%(%.-6! %0%&%3*6!!
/!./*!5#13%Ù#!0'Ċ./*2!0&5*3)#&5#.*4!#!3-$*!/.C#&6%3-8!./*!2*13!8#60*3*.3.-!(#!#7*.-!3*+#4!75-!
1-3<%72%!0&5*(13%)/#.%!.%!5(2¿7/<!#(0#)/%(%!&5*75-)/13#ï7/:!!
@WT!\13./*2*!.%!3*.!3*6%3!9#+%3*!#&5*75./73)#:!j/¿(5-!/..-6/J!
9 G(!Z%2)-Č15-! )! )-&#8<! 5! @@! $/07%! @QYQ! &:! =\! V"! @WB]YQ?! 13)/*&(5/ÙJ! EO0/./%! 9/*>
+Ù*+#!6%!.%!7*$<!<Ù%3)/*./*!1(#)/!.%$*Č-3*2!#7*.-!5*9&%.*+#!)!10&%)/*!6%3*&/%Ù<!
)3*(-4! +(-! 0#3&5*9.*! 1! (#! 3*+#! )/%(#6#ï7/! 10*72%$.*:! Z/*! 6#Č*! #.%! .%3#6/%13!
1%6%!9-°!Ċ&'(Ù*6!6%3*&/%Ù<!C%83-75.*+#!10&%)-!%./!3-6!9%&(5/*2!13%.#)/°!0#(13%)-!
<13%$*./%!#8#$/75.#ï7/! 9¿(7-7D!0&5*(6/#3*6!#7*.-!9/*+Ù*+#F,#&%5J!EI%(%./*6!9/*>
+Ù*+#! ./*! 2*13! <13%$*./*! 13%.<! C%83-75.*+#! 10&%)-4! $*75! .%ï)/*3$*./*! /! )-2%ï./*./*!
!!

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('


0&5*5!1(! #8#$/75.#ï7/! 5!0<.83<!)/(5*./%! 0#1/%(%.-7D! 0&5*5!9/*+Ù*+#!)/%(#6#ï7/!
10*72%$.-7D! 0&5-! <)5+$¿(./*./<! 5*9&%.*+#! /! <(#13¿0./#.*+#! 9/*+Ù*6<! 6%3*&/%Ù<!
10&%)-F_!
9 ;#2*)'(58/! G(! P(6/./13&%7-2.-! )*! ;&#7Ù%)/<! )! )-&#8<! 5! @@! 6%&7%! TBBQ! &:!!
=\\!GP];&!TK@]BM?!13)/*&(5/ÙJ!EV*$*6!(#)#(<!5!#0/.//!9/*+Ù*+#!=b?!./*!2*13!=b?!<13%>
$*./*!C%83')!6%27-7D!5.%75*./*!($%!&#513&5-+./¿7/%!10&%)-4!$*75!2*(-./*!<(5/*$*./*!
#&+%.#)/! %(6/./13&%72/! 0<9$/75.*2! )-2%ï./*Ú! ./*59¿(.-7D! (#! &#513&5-+./¿7/%!
10&%)-:!=b?!O0/./%!9/*+Ù*+#!13%.#)/!9#)/*6!2*(-./*!#7*.¿!+&<0-!C%83')!0&5-!<Č->
7/<!<13%)#)-7D! $<9! 1<9/*83-).-7D! 8&-3*&/')!#0/./<27*+#4!(#3-757!13%.<!C%8>
3-75.*+#!(#8#.%.!0&5*5!.% ï)/*3$*./*!/!)-2%ï./*./*!#8#$/75.#ï7/!)18%5%.-7D!0&5*5!
#&+%.! %(6/./13&%72/! 5! 0<.83<! )/(5*./%! 0#1/%(%.-7D! 0&5*5! 9/*+Ù*+#! )/%(#6#ï7/!
10*72%$.-7D:!O0/./%! 3%4! ./*!6#Č*!2*(.%8!5%130/°! 1)#9#(.*2! #7*.-!(#)#(')!#&%5!
<13%$*./%!0&5*1Ù%.*8!)-6%+%.-7D! 0&5*0/1%6/! 0&%)%! 6%3*&/%$.*+#:! d#! (#! #&+%.<!
0&#7*1#)*+#!.%$*Č-!&#50%3&5*./*!)15-138/7D!#8#$/75.#ï7/!10&%)-!/!0#(2¿7/*!)15*$>
8/7D!./*59¿(.-7D!8&#8')!)! 7*$<! (#8Ù%(.*+#! )-2%ï./*./%! 13%.<! C%83-75.*+#! #&%5!
<13%$*./%! 0&%)(-! #9/*83-).*24! %! 3%8Č*! 1<91<6072%! C%83<! <5.%.*+#! 5%! <(#)#(>
./#.-! 0#(! 13#1#).!.#&6¿!0
&%).! /! 0&%)/(Ù#)*! <13%$*./*! .%13¿013)! 0&%).-7D!
C%83<!<5.%.*+#!5%!<(#)#(./#.-!.%!0#(13%)/*!13#1#).*2!.#&6-!0&%).*2F_!
9 )!)-&#8<! 5! @@!$/07%! @QYQ! &:! =\!V"!@WB]YQ?! G(! Z%2)-Č15-! 13)/*&(5/Ù4!Č*J!EO0/./%!
9/*+Ù*+#!6%!.%!7*$<!<Ù%3)/*./*!1(#)/!.%$*Č-3*2!#7*.-!5*9&%.*+#!)!10&%)/*!6%3*>
&/%Ù<!)3*(-4!+(-!0#3&5*9.*!1!(#!3*+#!)/%(#6#ï7/!10*72%$.*:!Z/*!6#Č*!#.%! .%3#>
6/%13!1%6%!9-°!Ċ&'(Ù*6!6%3*&/%Ù<!C%83-75.*+#!10&%)-!%./!3-6!9%&(5/*2!13%.#)/°!
0#(13%)-!<13%$*./%!#8#$/75.#ï7/!9¿(7-7D!0&5*(6/#3*6!#7*.-!9/*+Ù*+#F_!
9 )*(Ù<+! 0#13%.#)/*./%! G(<! Z%2)-Č15*+#! 5! U! $/07%! TBBK! &:! =k! HH! Q@]BK?! EZ/*! 2*13!
5%(%./*6!9/*+Ù-7D!#(3)#&5*./*!C%83')!/13#3.-7D!($%!&#513&5-+./¿7/%!10&%)-:!O9#>
)/5*8!3*.!10#75-)%!.%!1(5/*!#&5*8%27-64!0&5-!75-6!#0/./*!9/*+Ù-7D!6#+!#8%>
5%°!1/¿!16,8$68."#$!(#)#(%6/!)-(%3./*!<Ù%3)/%27-6/!2*+#!)-0*Ù./*./*F_!
9 G(!Z%2)-Č15-!)!)-&#8<!5!Y!$<3*+#!TBBA!&:!=\k!VHZ!@UYA]BB?!13)/*&(5/ÙJ!EI%(%./*6!
9/*+Ù*+#!2*13!<(5/*$*./*!1(#)/4!.%!0#(13%)/*!0#1/%(%.-7D!)/%(#6#ï7/!C%7D#)-7D!
/!(#ï)/%(75*./%! 5%)#(#)*+#4! /.C#&6%72/! /! )/%(#6#ï7/! ./*59¿(.-7D! (#!<13%$*./%!!
/!#7*.-!#8#$/75.#ï7/!10&%)-:!Z/*!6#+!9-°!<5.%.*!5%!(#)'(!)!10&%)/*!)-0#)/*>
(5/!9/*+Ù*+#!)-8&%75%27*!5%&').#!0#5%!5%8&*1!<(5/*$#.*+#!6<!0&5*5!1(!5$*7*./%4!
2%8!/!0#5%!<13%)#)#!#8&*ï$#.*!2*+#!5%(%./%:!G(!./*!2*13!)/¿7!5)/5%.-!#0/./!9/*>
+Ù*+#!)!5%8&*1/*!2*+#!)-0#)/*(5/!7#!(#!−!5%13&5*Č#.-7D!(#!)-Ù75.*2!8#60*3*.72/!
1(<!−!8)*13//!<13%$*./%!/!#7*.-!C%83')!#&%5!10#1#9<!&#513&5-+./¿7/%!10&%)-F_!
9 )!0#13%.#)/*./<!5!U!$/13#0%(%!TBBB!&:!=\!VHZ!@@UB]QM?!G(!Z%2)-Č15-!13)/*&(5/ÙJ!
EN&5*(6/#3*6!#0/.//! 9/*+Ù*+#!./*! 2*13! 0&5*(13%)/*./*!C%83')4! $*75!/7D! #7*.%! .%!
0#(13%)/*!)/*(5-!C%7D#)*2!=)/%(#6#ï7/!10*72%$.-7D?:!Z/*!0#($*+%!#.%!5%3*6!)*>
&-C/8%72/4! 2%8! (#)'(! .%! 13)/*&(5*./*! C%83')4! .%! 0#(13%)/*! 8&-3*&/<6! 0&%)(-!!
!'

!"#$%&'()*$+!
!
1%6#!<13%$*./*!C%83<!)-6%+%!)/*(5-!10*72%$/13-75.*2@WA!=)!0&5-0%(8<!#0/>
./#)%./%! /.C#&6%3-75.*+#! 2*13! 3#! )&¿75! 1-3<%72%! 13%.(%&( #)%?4! 13(! 3*Č!
0#)#Ù%./*!1/¿!.%!5%7-3#)%.*!)75*ï./*2!#&5*75*./%!1(')!0&5*5!9/*+Ù*+#4!
83'&*6<!#&+%.!0&#7*1#)-!5%(%Ù!0-3%./*!#!13%.!C%83-75.-4!./*!2*13!5%5)->
75%2!18<3*75.*:!V#!)/¿7*2!,!./*83'&*!#0/./*!5!.%3<&-!&5*75-!10&#)%(5%2!1/¿!
(#!<13%$%./%!13%.')!C%83-75.-7D@WW:!l#&6<Ù<27!#0/./¿!.%$*Č-!2*(.%8!<./>
8%°!1-3<%72/4!)!83'&*2!6#Č.%!9-!#(./*ï°!)&%Č*./*4!Č*!9/*+Ù-!%<3#&-3%3-)./*!
E#&5*8%F!#!5%/13./%Ù-7D!13%.%7D!C%83-75.-7D@WK4!%!3-6!9%&(5/*2!#!/7D!0&%)>
.-7D! /60$/8%72%7D4! 5+#(./*! 9#)/*6! 5! 5%1%(!1;.), 6$G1#, 8;.1)4! <13%$*./*!
13%.<!0&%).*+#!/!2*+#!8#.1*8)*.72/!.%$*Č-!(#!#&+%.<!0&#7*1#)*+#!/!9/*>
+Ù-!./*!6#Č*! +#!)!3-6! 5%(%./<! )-&¿75%°@WY:!Z/*!#5.%75%!3#! 2*(.%84!%9-!
0#6#7!9/*+Ù*+#!./*!6/%Ù%!5.%75*./%!2<Č!.%!*3%0/*!1<91<6072/!75-.<!5%9&#>
./#.*+#_! )&¿75! 0&5*7/)./*!2*13! #.%! 1575*+'$./*! 0#3&5*9.%! )! 0&5-0%(8<!

/! C%Ù15<:! Z/*! 1!6/%&#(%2.*!($%!#7*.-!3*+#!(#)#(<!./*8#.8<&*.7-2.*!5!./6!#7*.-!
ï)/%(8')!/!<75*13./8')!0#13¿0#)%./%!7#!(#!C%83')!9¿(7-7D!0&5*(6/#3*6!#0/.//F:!
j/6#!3#4!)!$/3*&%3<&5*!0&5*(6/#3<!/!)!0&%83-7*!10#3-8%!1/¿!5<0*Ù./*!0&5*7/).*!0#(*2ï7/*!(#!3*2!
8)*13//:!I#9:!.0:!N:!H#)%$18/J!E0161$:)61",2&$:$%F"().2(1",:,20.):)8H,.$2/8/"Ú,/,#'#;Ù;,/)()Č"61),
:1.;2"?,/)0)F"61),:#.$<',#'0;,I,1,D4!;-(%)./73)#!j*(-75.*4!H&%8')!TBBA4!1:!K@4!MB:!
@WA!I#9:!.0:J!m:!N/*3&58#)18/J!J).'2,?"#$&'(1,0.)8',2¿&/1"=$, :,20.):)8H,8':1F6'8H4!n*f/1Z*f/14!
;%&15%)%!!TBBY:!
@WW!Z%!0&5-8Ù%(!&*8#.13&<872%!)-0%(8<!(&#+#)*+#:!N#&:!.0:!":!I%D#&18/J!!"#$&'()b4!#0:!7/3:!
@WK!Z/*!#5.%75%!3#4!Č*!./*!6#Č.%!)-(%)%°!)!3-6!5%8&*1/*!#0/.//!5!)./#18%6/!13%.#)75-6/4!
75-6!/..-6!2*13!2*(.%8!13)/*&(5*./*4!Č*!,!.%!0&5-8Ù%(!,!%)%&/%!8#60<3*&%!10#)#(#)%.%!
9-Ù%!./*)Ù%ï7/)-6!0#(Ù75*./*6!5%1/$%./%4!%!75-6!/..-64!Č*!#18%&Č#.-!&#56-ï$./*!<158#>
(5/Ù!8#60<3*&!0#(Ù75%27!5%1/$%./*!)!10#1'9!./*)Ù%ï7/)-4!0&5*5!7#!(#0&#)%(5/Ù!(#!0#./*>
1/*./%!0&5*5!0#8&5-)(5#.*+#!13&%3!#!)/*$8/*2!)%&3#ï7/:!
@WY!Z%!3*.!3*6%3!1(-!)-0#)/%(%Ù-!1/¿!)/*$#8&#3./*4!.0:J!
9 G(!Z%2)-Č15-!)!)-&#8<!5!@T!$/13#0%(%!@QUA!&:!=\\!H"!TMK]UT?J!EZ/*!2*13!&5*75!9/*>
+Ù*+#! )-2%ï./%./*! 1(#)/! 3&*ï7/! #9#)/5<27-7D! )! (%.*2! (5/*(5/./*! 0&5*0/1')!
0&%).-7D4!+(-Č!)!3-6!5%8&*1/*!1(! 2%8#!#&+%.!13#1<27-!0&%)#!6%!#9#)/5*8!1%>
6#(5/*$./*!75-./°!<13%$*./%!)!(&#(5*!9*50#ï&*(./*+#!5%0#5.%./%!1/¿!5!3&*ï7/!0&5*>
0/1')F_!
9 Z%75*$.-! G(! P(6/./13&%7-2.-4! Oï&#(*8! I%6/*217#)-! )! R#(5/4! )! )-&#8<!!
5!A!0%Ċ(5/*&./8%!TBBA!&:4!=\!GP]R(!TW@W]TBB@?J!Ec/*+Ù-!./*!6#Č*!9-°!0#)#Ù%.-!)!7*$<!
<13%$*./%!#9#)/5<27*+#!0&%)%4!5%1%(!2*+#!)-8Ù%(./!$<9! 13#1#)%./%:!;!0&5*7/)>
.-6! )-0%(8<! #0/./%! 9/*+Ù*+#! 5%13¿0#)%Ù%9-! #&5*75*./*! #&+%.<! )Ù%ï7/)*+#! (#!
)-(%./%!&#513&5-+./¿7/%F:!
I#9:!3*Č!H:!N%7D./8J!K$:L&,/,$01611,<1"=Ù"=$,:,0.):1",0$F2(1?4!D330J]]))):#&%:)%&15%)%:7#6:0$]!
<0$#%(*(]L#)oVAocA(oTB5oTB#0/.//oTB9/*+oVKoMT*+#oTB)oTB0&%)/*oTB0#$18/6:0(C:!
!(

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

0&5*13¿013)!8#60<3*&#)-7D!=D%78/.+<4!1%9#3%Č<!8#60<3*&#)*+#4!#15<>
13)%!8#60<3*&#)*+#!/3(:?4!+(5/*! 8)%$/C/8%72%!75-.<! 6#Č*!9-°!./*2*(.#>
8&#3./*!)30$/)%@WU!/!#&+%.! 0&#7*1#)-!6#Č*4!%! .%)*3! 0#)/./*.4!0#1/Ù8#>
)%°!1/¿!#0/./!#1#9-!0#1/%(%27*2!)/%(#6#ï7/! 10*72%$.*4!%$*!#0/./*! 3%8/*!
0#)/..-! 6/*°!7D%&%83*&!0#6#7./75-!/!./*!5%)/*&%°! )! 1#9/*! 0&#0#5-72/!
8)%$/C/8%72/! 0&%).*2! 75-.<4! %$*! 7#! .%2)-Č*2! )18%5-)%°! .%! #8#$/75.#ï7/4!
83'&*!6#+!9-°!($%!(#8#.%./%!3%8#)*24!5(%./*6!9/*+Ù*+#4!/13#3.*@WM:!
O(!5%1%(-! 3*2!/13./*2*! 8/$8%!)-238')J!6#Č$/)*! 2*13! 3)#&5*./*!#0/.//!
0&%).-7D!($%!d&-9<.%Ù<!H#.13-3<7-2.*+#4!9/*+Ù-!6#Č*!)-0#)/%(%°!1/¿!!
)! 8)*13/%7D! 0&%).-7D! )! 8/$8<! 1575*+'$.-7D! )-0%(8%7D! =+(-! /(5/*!!
#!8)*13/*!0&%)%!#97*+#4! 9(Ċ!10*72%$/5#)%.*2!+%Ù¿5/!0&%)%@WQ4!2%8!&')>
./*Č! #! 0&%)#! 5)-75%2#)*?:! ;! #(./*1/*./<! (#! 9/*+Ù-7D! /.C#&6%3-8')!
10#3-8%!1/¿!75%1%6/!#0/./*!(#3-757*!0&%)%!%<3#&18/*+#!(#!0&#+&%6')!
8#60<3*&#)-7D!)!5%8&*1/*!)-6#+')!$/7*.7-2.-7D!0#1575*+'$.-7D!0&#>
(<7*.3'):!I%$*7%.%!2*13!)!3%8/6!0&5-0%(8<!(<Č%!0#)ï7/+$/)#ï°!/!#+&%>
./75*./*!1/¿!9/*+Ù*+#!(#!*)*.3<%$.*+#!/.C#&6#)%./%!1(<!#!3-64!2%8/*!1!
)%&<.8/!$/7*.7-2.*!13%)/%.*!0&5*5!0&#(<7*.3%!/!+(5/*!6#Č.%!2*!5.%$*Ċ°4!.%>
3#6/%13! 13%.#)75#! ./*0#0&%).*! 6*3#(#$#+/75./*! 2*13! ./*13*3-! 10#3-8%.*!!

@WU!S%8#!0&5-8Ù%(!6#Č.%!0#(%°!2*(.!5*!10&%)!8%&.-7D!#0/./#)%.-7D!0&5*5!%<3#&%!%&3-8<Ù<4!
)!83'&*2!)!3&%87/*!0#13¿0#)%./%!0&5-+#3#)%)75*+#!=ï$*(53)%?!3&5-8&#3./*!56/*./%.#!8$%1->
C/8%72¿!0#0*Ù./#.*+#!75-.<4!#13%3*75./*!5%ï!1(4!)!3&%87/*!0&#7*1<!8%&.*+#4!56/*./Ù!2!0#!&%5!
75)%&3-!=8)%$/C/8<27!5&*153!75-.!./*!2%8#!0&5*13¿013)#4!%$*!2%8#!)-8&#75*./*?:!
@WM!;!)-&#8<!5!TB!6%2%!@QQU!&:4!=\!GP]R(!AWK]QY?!Z%75*$.-!G(!P(6/./13&%7-2.-4!Oï&#(*8!I%>
6/*217#)-! )! R#(5/!13)/*&(5/ÙJ! E%(*.! 0&5*0/1! 0&%)%! ./*! 5%9&%./%! #&+%.#6! 0#(%38#)-6!
1<91-(/%&.*+#!)-8#&5-13%./%!#0/.//!9/*+Ù*+#!(#! 10&%)! &%7D<.8#)#ï7/! /! 81/¿+#)#ï7/4! 83'>
&*+#!5%(%./*6!./*!9¿(5/*!#7*./%°!0&%)%4!$*75!(#0#6'7!)!<13%$*./<!&5*75-)/13*+#!#9&%5<!
&%7D<.8#)#ï7/F:!
@WQ!;!)-&#8<! Z%75*$.*+#! G(<!P(6/./13&%7-2.*+#!,!Oï&#(*8! I%6/*217#)-!)!n<9$/./*!!
5!@Q!$<3*+#!@QQQ!&:!=GP]n<!WA]QM?!1(!13)/*&(5/ÙJ!EO0/./%!0&%).%!)-(%.%!0&5*5!./*5%$*Č.*+#!
0&%)./8%4!10*72%$/5<27*+#! 1/¿!)!#8&*ï$#.*2! (5/*(5/./*!=0&%)/*!%<3#&18/6?4! 9-Ù%! )! ï)/*3$*!!
%&3:!UK!R!@!HNP!(#0<1575%$.-6!(#)#(*6!0#5)%$%27-6!.%! 0*Ù./*215!#7*.¿! /13#3.-7D! ($%!
&#513&5-+./¿7/%!10&%)-!#8#$/75.#ï7/F:!
!)

!"#$%&'()*$+!
!
)!#0/./%7D!9/*+Ù-7D!,!13%.#)75*!)./#18#)%./*!.%!3*6%3!.%&<15*./%!)->
6#+')!$/7*.7-2.-7D@KB:!
!7!"">ųħ'("1",(%*63*:?"'&"@3$2ų(:?"36A&-=*%()41"
I%8&*1!#0/.//4!2%8! .%0/1%.#! 0#)-Č*24!(%.-!2*13!0#$*7*./*6! /! 0-3%./%6/!#&>
+%.<!0&#7*1#)*+#:!S*ï$/!0#$*7*./*!3#!9(Ċ!0-3%./%!1!./*)Ù%ï7/)/*!1C#&6<>
Ù#)%.*4!./*6#Č$/)*!2*13!)-8#.%./*!0&%)/(Ù#)*2!#0/.//:!j')/7!#!9Ù¿(%7D!!
)!0-3%./%7D!(#!9/*+Ù-7D4!.%$*Č-!&#5&'Č./°!0&5-.%26./*2!3&5-!1-3<%72*@K@J!!
1) 0-3%./%! Ċ$*! 0#13%)/#.*! 5! C#&6%$.#$#+/75.*+#! 0<.83<! )/>
(5*./%_!!
2) 0-3%./%!1C#&6<Ù#)%.*!)! 10#1'9!./*2%1.-4! 9(Ċ! 5%)/*&%27*!
)3&7#.*!./*0&%)(5/)*!5(%./%_!!
3) 0-3%./%4!.%!83'&*!#(0#)/*(Ċ!9-Ù%9-!0&5*8&#75*./*6!5%8&*1<!
8#60*3*.72/! 9/*+Ù*+#! =%! )! 18&%2.-6! 0&5-0%(8<! .%)*3! 0&5*0/1')!
0&%)%?:!
P(!@?!I!C#&6%$.#$#+/75.*+#!0<.83<!)/(5*./%!0-3%./*!./*!2*13!5(%>
./*64! ./*! 6#Č*! )/¿7! 9-°! %./! C%Ù15-)*4! %./! 0#59%)/#.*! 1*.1<:!!
;!$#+/75.*2!3*#&//!0-3%Ú!)-&'Č./%!1/¿!.%3#6/%13!35):!0-3%./%!Ċ$*!0#>
13%)/#.*:!;! 1575*+'$.#ï7/!(#!0-3%Ú!3%8/7D!5%$/75%!1/¿!0-3%./%!5!C%Ù>
15-)-6! 5%Ù#Č*./*6! =0&*1<0#5-72?4! .0:! EV5-! 0&5*13%Ù!N%.!2<Č!9/°!
6%38¿gF!5%(%.*!8#6<ï4!83#!./+(-!6%38/!./*!9/Ù:!O75-)/ï7/*!0#0&%).!
#(0#)/*(5/!.%!3%8/*!0-3%./*!2*13!5%.*+#)%./*!0&*1<0#5-72/!=E./+(-!
./*!9/Ù*6!6%38/F?4!.%3#6/%13!5%(%)%./*!3%8/7D!0-3%Ú!=0&5*8%5<27-7D!
2%8ï!,!./*0&%)(5/)!,!/.C#&6%72¿?!2*13!)!)%&<.8%7D!0#13¿0#)%./%!
1(#)*+#!*$*6*.3%&.-6!9Ù¿(*64!./*6./*2!6#Č.%!1/¿!5!3%8/6/!0-3%>
./%6/! (#! 9/*+Ù-7D! 10#38%°:! V5%1%6/! )-./8%! 3#! 5! ./*5&#5<6/*./%!
0&5*5! 13&#.¿! 2%8/7Dï!1575*+'Ù#)-7D! 8)*13//4! .%3#6/%13! 2%8#! 7#! .%2>
6./*2! *3-75./*! )30$/)*! .%$*Č-! #7*./°! 0&'9-! 13#1#)%./%! 3*+#! &#>
(5%2<!0-3%Ú!2%8#!1<+*13//!1Ù<Č7-7D!(#!6%./0<$#)%./%!9/*+Ù-64!13#>
1#)%.*!75%1*6!0&5*5!13&#.-!0#13¿0#)%./%:!

@KB!I#9:!.0:J! N:!;%+$#)18/J!M"8$6&F17"N,=&',$.=)6', ï81=)61),2#):1)9,/)./;#,/), &).?$:',0.$=.)?4!
D330J]]0&%)#:e%+$%:0$].#(*]M@AM:!
@K@!! d # 6 % 1 5 * ) 1 8 / ! ( * C / . / < 2 * ! 3 & 5 - ! & # ( 5 % 2 * ! < 7 D - 9 / * Ú!)!0-3%./%7D!(#!9/*+Ù-7DJ! 59-3./%! #+'$./8#>
)#ï°!$<9 !./*0*Ù.#ï°!0-3%Ú4!Č(%./*!#(0#)/*(5/!)-7D#(57-7D!0#5%!8#60*3*.72*!9/*+Ù-7D4!13%>
)/%./*!0-3%Ú4! .%! 83'&*! ./*! 6#Č.%! <(5/*$/°!#(0#)/*(5/!=5#9:!d:!d#6%15*)18/J!K$:L&,/, $01611,
<1"=Ù"=$,:,0.$8"21",().6'?4!\aG4!H&%8')!@QQM4!1:!U@!/!.%13:?:!
'*

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

N&#9$*6%3-75.*!2*13!5%(%)%./*!0-3%Ú!5!0&*1<0#5-724!83'&*2!)%&>
3#ï°!$#+/75.%!2*13!)!7D)/$/!5%(%)%./%!0-3%./%!./*5.%.%:!L#3-75-!3#4!!
)!1575*+'$.#ï7/4!52%)/18%!p<%1/><)/%&-+#(./%./%!5*5.%Ú!ï)/%(8')!
0&5*5! #0/./¿! 9/*+Ù-7D:! ;! ,! 18&%2./*! <0&#1575#.-6! ,! 0&5-8Ù%(5/*!
ï)/%(*8!=83'&*+#!0&%)(#6').#ï°!0#($*+%!0&5*7/*Č!1)#9#(.*2!#7*>
./*! #&+%.<! 0&#7*1#)*+#?! 5*5.%2*4! Č*! #18%&Č#.-! <158#(5/Ù! 1-13*6!
8#60<3*&#)-:!N&#8<&%3#&!5%(%2*!9/*+Ù*6<!0-3%./*!E0&#15¿!)-2%ï./°!
7D%&%83*&!(#8#.%.-7D!0&5*5!#18%&Č#.*+#!<158#(5*Ú!1-13*6<!8#6>
0<3*&#)*+#F! =5%6/%13! E0 &#15¿!)-2%ï./°!7D%&%83*&!<158#(5*Ú! 1-1>
3*6<! 8#60<3*&#)*+#F?4! %9-! 0#3*6! 8#.8$<(#)%°4! Č*! E5+#(./*!!
5! 5*5.%./%6/! ï)/%(8%! /! #0/./! 9/*+Ù*+#! <158#(5*./%! (#8#.%.*!
0&5*5!#18%&Č#.*+#!6/%Ù-!3%8/!3#! %! 3%8/!7D%&%83*&F! =5%3*6J!3#! #18%&>
Č#.-!(#8#.%Ù!<158#(5*Ú4!9#!3%8!6')/$/!5+#(./*!/!ï)/%(*84!/!9/*+Ù-?:!
I!C#&6%$.*+#!0<.83<!)/(5*./%4!#(0#)/*(Ċ!.%!3%8!5%(%.*!0-3%./*!)->
6%+%Ù%9-!)-(%./%!0&5*5!9/*+Ù*+#!#0/.//!%$3*&.%3-).*2!=E2*Č*$/!1(!5*>
7D7*!<5.%°!5*5.%./%!ï)/%(8%!5%!0&%)(5/)*4!3#!7D%&%83*&!3-7D!<158#>
(5*Ú!9-Ù!3%8/!3#!%!3%8/4!)!0&5*7/).-6!&%5/*!0-3%./*!2*13!0-3%./*6!Ċ$*!
0#13%)/#.-64!5!C%Ù15-)!0&*1<0#5-72F?:!!
O75-)/ï7/*! )! &5*75-)/ 13#ï7/! 1-3<%72*! 3%8/*! 1! 5.%75./*! 9%&(5/*2!
5Ù#Č#.*! /! 5.%75./*! 9%&(5/*2! 1<93*$.*! =1575*+'$./*! 2*ï$/! )-13¿0<2!
10&5*75.*!5*5.%./%! ï)/%(8')4!)')75%1! 9/*+Ù-!6#Č*! #3&5-6%°!#(!
13&#.!0-3%./%!5!0&*1<0#5-72%6/!)5%2*6./*!1/¿!)-8$<75%27-6/?:!G3(!
3*Č!.%$*Č-!0%6/¿3%°4!Č*!./*!2*13!&#$!9/*+Ù*+#!)-&¿75%./*!#&+%.<!0&#>
7*1#)*+#!)!#7*./*!6%3*&/%Ù<!(#)#(#)*+#!#&%5!Č*!#0/./%!9/*+Ù*+#!
./*!6#Č*!9-°!Ċ&'(Ù*6! 6%3*&/%Ù<! C%83-75.*+#:!c/*+Ù-!6#Č*!/!0#)/>
./*.! .%3#6/%13! 0#/.C#&6#)%°! #&+%.! 0&#)%(57-! 0#13¿0#)%./*4!
2%8/*!1!8#./*75.*!8#.1*8)*.72*!<5.%./%!5%!0&%)(5/)*!3&*ï7/!2*(>
.*+#!9(Ċ!(&<+/*+#!5!)-8$<75%27-7D!1/¿!5*5.%Ú!=(#8<6*.3')?4!
#!C%87/*4!Č*!3&*ï°!5*5.%Ú!=(#8<6*.3')?!0#5#13%2!)!10&5*75.#ï7/!5*!
1#94!9(Ċ!5!<13%$*./%6/!(-17-0$/.-4!83'&!9/*+Ù-!&*0&*5*.3<2*_!1%6!
#&+%.! 0&#7*1#)-4! ./*! (-10#.<27! )/%(#6#ï7/%6/! 10*72%$.-6/4!
6#Č*!9#)/*6!3%8/*2!10&5*75.#ï7/!./*!(#13&5*7:!!
'"

!"#$%&'()*$+!
!
P(!T?!S*(.-6!5!0#(13%)#)-7D!0&#9$*6')4!.%!83'&*!.%0#3-8%!9/*>
+Ù-!)!8#.3%83%7D!5!1(*64!1!3&<(.#ï7/!)-./8%27*!5!<Č-7/%!8/$8<!&'Č>
.-7D!(/%$*83')!=2¿5-8')?J!2¿5-8%!10*72%$.#ï7/!&*0&*5*.3#)%.*2!0&5*5!
9/*+Ù*+#4!2¿5-8%!0&%).*+#!=2¿5-8%!%83')!0&%).-7D?4!2¿5-8%!0&%)./>
75*+#!=83'&-6!0&%)./7-!&#56%)/%2!#!0&%)/*?!/!)&*157/*!,!2¿5-8%!0#>
3#75.*+#:!G3(!3*Č!1575*+'$.!<)%+¿!.%$*Č-!5)&'7/°!.%!3*!0#2¿7/%!=.%>
5)-?4!83'&*! )-13¿0<2!2*(.#75*ï./*! )! &'Č.-7D! 2¿5-8%7D4!%! 83'&-6!
#(0#)/%(%2!&'Č.*!(*1-+.%3-!/!5%8&*1-!0#2¿7/#)*4!0&5-!8#&5-13%./<!
9#)/*6! 5! 3-7D! 0#2¿°!.%2Ù%3)/*2! 2*13! #! 0#6-Ù8/! /! ./*0#&#5<6/*./%4!
83'&*! 6#+!6/*°!9%&(5#!(%$*8#!/(7*! 8#.1*8)*.72*:! N#./*)%Č!
0/*&)15*Ú13)#!)!8#6<./8%72/!9/*+Ù*+#!5!1(*6!.%$*Č-!(#!3*+#!(&<>
+/*+#!=3#!1(!9#)/*6!C#&6<Ù<2*!2%8#!0/*&)15-!0-3%./*!(#!9/*+Ù*+#?4!
3#! &#$! 9/*+Ù*+#! 2*13! 13%&%°!1/¿! 5&#5<6/*°!2¿5-8! #&+%.<! 0&#7*1#>
)*+#@KT:!L#9&-6!5)-75%2*6!=5*!13&#.-!0&%)./8')?!2*13!18#&5-13%./*!
0&5*5!0&%)./8%!0&5-!<8Ù%(%./<!0-3%Ú!5!0#6#7-!#1#9-4!83'&%!0#3&%C/!
0#1Ù<Č-°!1/¿!C%7D#)-6! 2¿5-8/*6@KA:!S*ï$/! 2*(.%8!0-3%./*!5%(%.*!9/*>
+Ù*6<!2*13!./*2%1.*!75-!./*5&#5<6/%Ù*4!5(*7-(#)%./*!0#)/./*.!#.!(>
Č-°!(#!2*+#!)-2%ï./*./%4!./*!0&'9<27!1%6*6<!5+%(-)%°4!7#!5%(%27-!
0-3%./*!<75*13./8!0#13¿0#)%./%!6/%Ù!.%!6-ï$/:!!
Z/*5&#5<6/%Ù*! 0-3%./%4! 9(Ċ! 0-3%./%! 5%)/*&%27*! )3&7#.*! ./*>
0&%)(5/)*! 5(%./%4! 1!75¿13#! *C*83*6! 1)#/13*+#4! Ċ$*! &#5<6/%.*+#4!
8&%1#6')13)%! 0&5*(13%)/7/*$/! 0&#7*1#)-7D! 13&#.4! 9(Ċ! ./*5&#5<>
6/*./%! *$*6*.3%&.-7D! 0#2¿°! #(0#)/*(./*2! (-17-0$/.-! .%<8/! 75-!
3*7D./8/:! S%8#! 0&5-8Ù%(-! 6#Č.%! 0#(%°! 8/$8%! 0-3%Ú! 0&5-3#75#.-7D!!
)!0&%7-!S#$%.3-!S*&5*)18/*2J!
9 EV5-! (%3-! <3)#&5*./%! 0$/8')! ï)/%(75! #! /7D! 1-13*6%3-75>
.-6!<5<0*Ù./%./<gF@KW_!

@KT!S%8!0/15*!d:!;/(Ù%J!EN&#9$*6!0&%)./8%!=)-&%Č#.-!2¿5-8/*6!0&%)./75-6?!./*!2*13!0&#9$*6*6!
9/*+Ù*+#4!9#!)-8#.<27!*810*&3-5¿!./*!&#5)/5<2*!#.!0&#9$*6')!0&%)./75-7D4!./*!6-ï$/!5!<Č->
7/*6!2¿5-8%!0&%)./75*+#4!%! 2¿5-8%! &*0&*5*.3#)%.*2! 10*72%$.#ï7/! =:::?:! c/*+Ù-! 6#Č*!&#5)/5%°!
0&#9$*6-!1C#&6<Ù#)%.*!3%84! 2%8! 1/¿!3#!75-./!)!.%<8%7D!0&5-&#(./75-7D4!*8#.#6/75.-7D!/30:!
d%8 ! ) / ¿7!.%!)13¿0/*!9/*+Ù-!8)*13/¿!1C#&6<Ù#)%.!)!2¿5-8<!0&%)./75-6!0&5*8153%Ù7/°!6<1/!.%!
)-&%Č#.-!)!2¿5-8<!1)*2!10*72%$.#ï7/F!=5#9:!S:!;'27/8/*)/75J!4(20".#'/)b4!#0:!7/3:4!1:!TY?:!
@KA!Z%!0&5-8Ù%(!5!0#6#7-!E9/*+Ù*+#!0&-)%3.*+#F:!
@KW!I#9:!S:!S*&5*)18%J!E&,$=F¿&/16b4!#0:!7/3:4!1:!@KA!=0-3%./*!UB?:!
'#

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

I%(%27-! 0-3%./*! 6/%Ù!5%0*).*!.%!6-ï$/! 0-3%./*4! 75-!
75%1-!<3)#&5*./%!&'Č.-7D!0$/8')!1!.%!3-$*!&'Č.*!#(!1/*9/*4!
Č*9-!)-7/+.°!13(!)./#1*8!#!7/+Ù#ï7/!(5/%Ù%./%!0&5*13¿0>
.*+#!=)!3-6!)-0%(8<!6#)%!9-Ù%!#!+&#6%(5*./<!5%1#9')!
0#&.#+&%C//! (5/*7/¿7*2?:! "5*75! 2%1.%! ./*! 2*13! &#$! 9/*+Ù*+#!
)./#18#)%./*!.%!3*6%3!E1-13*6%3-75.#ï7/F!3%8/*+#!(5/%Ù%>
./%!=3-6!9%&(5/*24!Č*!)-8#&5-13%./*!6*3%(%.-7D!5%5)-75%2!
0&#)%(5/!(#!)./#18')!#!./18/*2!13%.#)75#ï7/4!5! <)%+/!.%!
)-238#)!<$#3.#ï°!6*3%(%.-7DJ!.0:!75%1!<3)#&5*./%!0$/8<!
56/*./! 1/¿! 0&5-! 0&5*.#15*./<! 0$/8')! 0#6/¿(5-! )#$<6*>
.%6/!#! &'Č.-7D!1-13*6%7D! 0$/8')?:! N&%)/(Ù#)*! 9-Ù#9-! 0#!
0&#13<!Č(%./*!#(!9/*+Ù*+#!10#&5(5*./%!$/13-!0$/8')!)&%5!
5!75%1%6/!jPV:!
9 EV5-! 5%9*50/*75#.-! (#! 9%(%Ú!8#60<3*&!0#1/%(%!6#(*6!
$<9!8%&3¿!1/*7/#)!$<9!/..*!<&5(5*./*!(#!8#6<./8%72/!5!1/*7/!8#6>
0<3*&#)g![O9*7.#ï°!6#(*6<!$<9!8%&3-!1/*7/#)*2!1<+*&<2*4!Č*!+&#>
6%(5#.*!3&*ï7/!9-Ù-!10&#)%(5%.*!=&#50#)15*7D./%.*?!(&#+!*$*8>
3&#./75.:!I!8#$*/!()/*!8%&3-!1/*7/#)*!5%/.13%$#)%.*!)!8#60<3*&5*!
6#+!1<+*&#)%°4!Č*!13%.#)/Ù!#.!1*&)*&!($%!)/¿815*2!$/759-!8#60<>
3*&')4!3)#&57!$#8%$.!0#(1/*°:!;%&3#!)-2%ï./°4!Č*!/13#3.*!9¿(5/*4!
75-! 8#60<3*&! 2*13! 0#Ù75#.-! 5! <&5(5*./%6/! Ù757-6/! +#! 5! 1/*>
7/%6/!&#5$*+Ù-6/4!3%8/6/!2%8J!A$;#".4!C1.":)FF4!-.$O'%M".G".!/30:!`&5>
(5*./%!3*!0#1/%(%2!35):!!>D,>&."22:!\(*.3-C/8<2*!#.!<&5(5*./*!!
/! 0#5#13%)/%! )! 1/*7/! ï$%(-:! ;18%5<2*! &')./*Č!.%!)-13¿0#)%./*!
0#(1/*7/^F@KK_,
n/759%!9Ù¿(')!/!./*ï7/1Ù#ï7/!)!3-6!0-3%./<!/!2*+#!#92%ï./*>
./<!2*13!5%18%8<27#!(<Č%J,
o ./*5%$*Č./*!#(!3*+#4!75-!8#60<3*&!0#1/%(%4!75-!./*!0#>
1/%(%!/.3*&C*21')!1/*7/#)-7D!5%)15*!/.C#&6%72%!2*13!(#!./*+#!
)0&#)%(5%.%!(&#+! *$*83&#./75.4! )! 18&%2.-6! 0&5-0%(8<!
5%! 0#ï&*(./73)*6! <&5(5*Ú! 0&5*3)%&5%27-7D! .%! 0#13%°!

@KK!I#9:!/9/(:4!1:!@KA!=0-3%./*!YW?:!I%0/1!)!.%)/%1%7D!8)%(&%3#)-7D!2*13!)!#&-+/.%$*!<6/*15>
75#.-!)!0&5-0/1/*:!
'$

!"#$%&'()*$+!
!
*$*83&#./75.! 1-+.%Ù-! 6*7D%./75.*! =8$%)/%3<&%?! 75-! #0>
3-75.*!=18%.*&?_!
o 1*&)*&!=%.+:!M".G".4! 2".G18",0.$G1&".?!./*! 6<1/!0#1/%(%°!
)/*$<!/.3*&C*21')!1/*7/#)-7D:!"#5)/5%./%4!)!83'&-7D!1*&)*&!
0*Ù./!(#(%38#)#!&#$¿!.$;#".)!1*+6*.3<27*+#!1/*°!=%!./*!0#(>
1/*°?!$#8%$.!9-Ù-! &%75*2!7D%&%83*&-13-75.*! ($%!6%Ù-7D! 1/*7/!
$#8%$.-7D!)!qq!)/*8<_!
o %(&*1!C/5-75.-!jPV@KY!0#1/%(%!8%Č(*!<&5(5*./*!(5/%>
Ù%27*! )! \\! /! )-Č15-7D! )%&13)%7D! 6#(*$<! &*C*&*.7-2.*+#!
\GO]OG\4!%!)/¿7!)!1575*+'$.#ï7/!8%Č(%!8%&3%!1/*7/#)%:!N#2¿7/*!
0#(1/*7/!5)/5%.*!2*13!5%5)-75%2!5!0&#3#8#Ù*6!\N!=%!)/¿7!0&#>
3#8#Ù*6!)%&13)-!\\\!3*+#Č!6#(*$<?!/!./*!6%!5!%(&*1#)%./*6!
C/5-75.-6!./7!)10'$.*+#:! Z/*5%$*Č./*! #(!3*+#4!75-!1/*°!2*13!
0#(5/*$#.%!.%!0#(1/*7/!75-!./*4!%!.%)*34!75-!(%.-!8#60<3*&!
0&%7#)%Ù!)!1/*7/4!75-!3*Č!1%6#(5/*$./*4!<&5(5*./%!1/*7/#)*!
)!./6!5%/.13%$#)%.*!6%2!1)#2*!jPV!%(&*1-_!
o jPV!%(&*1! ./*! 0#5#13%)/%! )! 1/*7/! ï$%('):! \.C#&6%72*!!
#! jPV! %(&*1/*! .%(%)7-! /! #(9/#&7-! 0#1575*+'$.-7D! &%6*8!
=%.+:!7.)?"?!0&5*1-Ù%.-7D!)!1/*7/!1!<6/*1575#.*!)!.%+Ù')>
8%7D!3-7DČ*!&%6*8:!N&5*7D)-7*./*!&%68/!0#5)%$%!<13%$/°!2*2!
%(&*1%3%!/!.%(%)7¿4!5!3-64!Č*!5!<)%+/!.%!9&%8!<)/*&5-3*$./*>
./%!%(&*1')!jPV!)!0#0<$%&.-7D!0&#3#8#Ù%7D!13#1<!0&#3#8#>
Ù')! dVN]\N4! 13#1<.8#)#! Ù%3)#! 6#Č.%! 1C%Ù15#)%°!%(&*1!.%>
(%)7-4!%!)/¿7!)./#18#)%./*!.%!0#(13%)/*!5%&*2*13&#)%.-7D!
%(&*1')!jPV@KU!&')./*Č!6%!#+&%./75#.!13%.#)75#ï°:!
9 EV5-! )! 0&5*8%5%.-7D! (#! 9%(%Ú! $#+%7D! 1-13*6#)-7D! [$#+/!
1-13*6#)*! 1! 3#! .%275¿ï7/*2! 0$/8/! 3*813#)*4! )! 83'&-7D! 5%0/1%.*! 1!
)/*&15!0#!)/*&15<!0&5*5!1-13*6! #0*&%7-2.-! #8&*ï$#.*! )-(%&5*./%^!
./*!6%!r(5/<&!75%1#)-7Dsg![d#!0-3%./*!=/!8#$*2.*?!6#Č*!#8%5%°!1/¿!

@KY!!P.+:! !"&1), >88"22, D$6#.$F! =0#()%&13)%! 8#.3&#$/! (#13¿0<! (#! 6*(/<6! 3&%.16/1-2.*+#!!
)!13%.(%&(5/*!\aaa!MBT:T?:!Z/*!.%$*Č-!6-$/°!%(&*1<!jPV!5*!)10#6/.%.-6/!)-Č*2!6*3%(%>
.-6/!jPV!,!0#6/6#!/(*.3-75.*+#!%8&#./6<!1!3#!5<0*Ù./*!/..*!(%.*:!
@KU!!L5/*2*! 1/¿! 3%8! .0:! )! 0&5-0%(8')! %3%8<! P"N>10##C/.+! 75-! jPV>C$##(/.+:!!
I#9:!.0:J!j:!G56/34!j:!X<13%4!j:!d#6%15*)18/J!PQP,/)<"/01"8/"Ú,0./"&,)#)()?1,:,21"81,($?0;#"%
.$:"94!;-(%)./73)#!m*$/#.4!X$/)/7*!TBBK4!1:!TT!/!.%13:!
'%

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

0&5-(%3.*!)!0&5-0%(8<!5%2ï7/%!#8#$/75.#ï7/!)0&#)%(5*./%!(#!8#6>
0<3*&%! r./*0&%)(5/)-7D! 0#13%7/s! $<9! r6%&3)-7D! (<15-75*8s! ($%!
#1/+./¿7/%!8#&5-ï7/!6%238#)-7D:!Z%275¿ï7/*2!6%./0<$%72/!(#8#.<2*!
0&%7#)./8!C/&6-^F@KM_!
;! &5*75-)/13#ï7/! $<8/! )! 5%0/1%7D! $#+')! 1-13*6#)-7D!
ï)/%(75-°!6#+!0&5*(*!)15-138/6!#!<1<./¿7/<!75¿ï7/!5%0/1')!
0&5*5!)Ù%6-)%75%!/!1!)18%5')8!(#!)-8#.%./%!./18#0#>
5/#6#)*2!%.%$/5-!(-18<!0#(!83*6!)-8&-7/%!<1<./¿3-7D!5%>
0/1')4! .%3#6/%13! #! (#(%)%./<! 1C%Ù15#)%.-7D! 5%0/1')!!
)!0&#+&%6%7D!81/¿+#)-7D!6#Č*! ï)/%(75-°!&#59/*Č.#ï°!0#>
6/¿(5-!(%3%6/!)0&#)%(5%./%!5%0/1')!=#!/$*!3*!(%!1/¿!#(3)#>
&5-°?4! %! (%3%6/! )! 3-7D! 5%0/1%7D! <6/*1575#.-6/! =.0:! 2*ï$/!!
)! 0&#+&%6/*! C/.%.1#)#>81/¿+#)-6! )! &#8<! TB@W! 5%0/1%.#!
81/¿+#)%./*!C%83<&-!)-13%)/#.*2!)!&#8<!TB@B?:!
P:!-+%(Ù#@KQ!0&5-3%75%!0#$*7*./%!3%8/*!2%8J!
9 EN&#15¿!#8&*ï$/°!10&5¿3#)!/!0&#+&%6#)!8#.C/+<&%72¿!0Ù-3!
VLF_!
9 EN&#15¿!<13%$/°!\N!(-18<!3)%&(*+#F_!
9 EN&#15¿!<13%$/°4!2%8/*!#1#9-!8#&5-13%Ù-!5!8#60<3*&%F:!
P(!A?! O1#9.! 8$%1¿!9Ù¿(')! 13%.#)/! 0-3%./%4! .%! 83'&*! #(0#>
)/*(Ċ!0&5*8&%75%!8#60*3*.72*!9/*+Ù*+#:!Z%$*Č-!5%)15*!0%6/¿3%°4!Č*!
7D#°!9/*+Ù-!2*13!#1#9#)-6!Ċ&'(Ù*6!/.C#&6%72/4!3#!2*+#!8#60*3*.72*!
5%)¿Č#.*!1!(#!(5/*(5/.-4!($%!83'&*2!5#13%Ù!<13%.#)/#.-:!Z/*!2*13!5%>
(%./*6!9/*+Ù*+#!(5/*$*./*!1/¿!5!1(*6! 1)#/6/! 0&5*6-ï$*./%6/!.%!
3*6%3-!#+'$.*!75-!.%!3*6%3!/..-7D!(-17-0$/.!.%<8/4!153<8/!75-!3*7D>
./8/4!.%)*3!2*ï$/!0#1/%(%!)!/7D!5%8&*1/*!C#&6%$.*!)-8153%Ù7*./*@YB:!!

@KM!I#9:!S:!S*&5*)18%J!E&,$=F¿&/16b4!#0:!7/3:4!1:!@KA!=0-3%./*!WK?:!I%0/1!)!.%)/%1%7D!8)%(&%3#>
)-7D!2*13!)!#&-+/.%$*!<6/*1575#.-!)!0&5-0/1/*:!
@KQ!P:!-+%(Ù#J!-'#)61),&$,1,$&0$:1"&/1,<1"=Ù'8H,2&$:'8H![)J^!RS,2"?16).1;?, 6);($:"N,?)#".1)Ù',
2"?16).'96"4!;-Č15%!G58#Ù%!N#$/72/4!G575-3.#!TBBY4!1:!@UA,@QB:!
@YB!H$%1-C/8%72%!(-17-0$/.!.%<8#)-7D4!75-!5%)#(')!./*!0#8&-)%!1/¿!5*!10*72%$.#ï7/%6/!9/*>
+Ù-7D!=)-8%5!3-7DČ*!5&*153!0#5#13%2*!./*<13%.(%&-5#)%.-!/!5%$*Č-!#(! (*7-52/!N&*5*1%!#(0#>
)/*(./*+#!G(<!O8&¿+#)*+#?:!I(%&5%2!1/¿!5&*153!&')./*Č!0&5-0%(8/!0#)#Ù-)%./%!9/*+Ù-7D!!
5!3%8/7D!(5/*(5/.! $<(58/*2! %83-).#ï7/4! 83'&-7D! ./*! (%!1/¿!)!Č%(*.!10#1'9! 5%$/75-°!(#!.%<8/4!
'&

!"#$%&'()*$+!
!
S%8#! 0&5-8Ù%(-! 3*+#! &#(5%2<! 6#Č.%! 0#(%°! &')./*Č! 8/$8%! 0-3%Ú!
0&5-3#75#.-7D!0&5*5!S*&5*)18J!!
9 EV5-!5%9*50/*75%.-!(#! 9%(%Ú! 8#60<3*&!5%)/*&%!7D&#./#.*!
0&%)./*!/.C#&6%72*gF@Y@,
O75-)/ï7/*4! 0&#8<&%3#&4! 75-! 0#$/72%.3! 0&#)%(57-! 0#13¿>
0#)%./*! 0&5-+#3#)%)75*4! %! 3-6! 9%&(5/*2! 1¿(5/%! 0&#)%(57-!
0#13¿0#)%./*! 1(#)*4! 0#)/./*.! 9-°!)!8)*13/%7D!0&%).-7D!
5(*7-(#)%./*! $*0/*2! 5#&/*.3#)%.-! #(! 9/*+Ù*+#! /.C#&6%3-8%4!
83'&-! ./*! 6#Č*! )! 10#1'9! 8#60*3*.3.-! )-0#)/%(%°!1/¿!!
#!0&%).-6!13%3<1/*!3&*ï7/!/.C#&6%72/!0&5*7D#)-)%.*2!)!1-13*>
6/*!8#60<3*&#)-6@YT:!N#5%!3-6!0&%)./*!7D&#./#.*!1!7D#°9-!
0&#+&%6-!8#60<3*&#)*!=0#($*+%2!,!0&5-.%26./*2!3*!5!./7D4!

153<8/4! 75-! 3*7D./8/:! Z%! 0&5-8Ù%(! <7D)%Ù%! G(<! Z%2)-Č15*+#! 5! AB! 0%Ċ(5/*&./8%! @QMK! &:!!
=GZ! \\\! VIN! KQ]MK?4! 0#)#Ù<27! 1/¿!.%!&#50#&5(5*./*! j/./13&%! m%.($<! ;*).¿3&5.*+#!!
/!`1Ù<+!5!TA!8)/*3./%!@QMA!&:!)!10&%)/*!#5.%75%./%!&#(5%2')!&5*6/#1Ù4!#8&*ï$*./%!<0&%)./*Ú!
!/!8)%$/C/8%72/!5%)#(#)-7D!)-6%+%.-7D!(#!/7D!)-8#.-)%./%!#&%5!0/*&)15*Ú13)%!8#69%>
3%.3')!)! <5-18/)%./<!5*5)#$*Ú!.%!)-8#.-)%./*!&5*6/#1Ù%!=(%$*2! "O""HI?4! (#0<1575%!
0&5*0&#)%(5*./*! (#)#(<! 5! #0/.//! 9/*+Ù*+#! &%(/*13*3-4! #(.#3#)%.#!&')./*Č! 0&5-0%(8/!
)-(%./%! 0&5*5! 0&#8<&%3<&¿! 0#13%.#)/*Ú! #! 5%1/¿+./¿7/<! #0/.//! 9/*+Ù*+#! 2%1.#)/(5%! =5#9:!
-.$(;.)#;.), 0$:$Ù;9", 9)26$:1&/), T)8($:2(1"=$, 9)($, <1"=Ù"=$3, -1".:2/', #)(1, 0./'0)&"(, :, -$F28*g4!
D330J]])/%(#6#17/:+%5*3%:0$])/%(#6#17/]@4@@WMU@4@WBBBQTU4N&#8<&%3<&%t0#)#$<2*t2%1.#)!
/(5%tS%78#)18/*+#t2%8#:D36$?!/! 7D#°! 0&5-0%(8/! 0#)#Ù-)%./%!0&5*(13%)/7/*$/!0%&%.%<8!(#!
&#$/! 9/*+Ù-7D! )-2%ï./%27-7D! &5*75-)/13#ï°!)!#0%&7/<!#!6*3#(-!3-7DČ*! 0%&%.%<8! .%$*Č-!!
,!5!0<.83<!)/(5*./%!.%<8/!,!#7*./°!2%8#!5%7D#)%./*!5+#Ù%!5%9#9#..*4!3#!./*!10#1'9!./*!5%<>
)%Č-°4!Č*!6#Č*! 6/*°!6/*217*!0#)#Ù%./*! 9/*+Ù*+#!)!3%8!*+5#3-75.-6! 5%8&*1/*! #(.#ï./*! (#!
<13%$*./%!5)-75%2')4!75-!0&%83-8!0%.<27-7D!)!ï&#(#)/18<!#1'9!5%26<27-7D!1/¿!2%8ï!(5/%>
Ù%$.#ï7/!=0%&%.%<8#)?_!6#Č.%!3*Č!<0/*&%°!1/¿4!Č*!2*ï$/!2%8%ï!+&<0%!#1'9!75*&0/*!8#&5-ï7/!6%>
238#)*!5!<0&%)/%./%!2%8/*ï!,!7D#°9-!/!/&&%72#.%$.*2!,!(5/%Ù%$.#ï7/4!3#!.0:!($%!7*$')!13%3-13-75>
.-7D!6#Č.%!3¿!(5/%Ù%$.#ï°!5%8$%1-C/8#)%°!2%8#!5%)'(:!!
I!(&<+/*2!13&#.-!5&#5<6/%Ù*!2*13!&'Č./7#)%./*!(-17-0$/.!9/*+Ù-7D!9%&(5/*2!./Č!(-17-0$/.!.%<8#>
)-7DJ!0#2¿7/*!3%8/*!2%8!.0:!E*8#.#6/13%F!2*13!9%&(5#!15*&#8/*4!13(!8#./*75.#ï°!#(&'Č./*./%!.0:!
10*72%$/13-!#(!6%&8*3/.+<4!#(!10*72%$/13-!#(!81/¿+#)#ï7/!/!7D#°!#1#9%!0#1/%(%27%!.0:!3-3<Ù!.%>
<8#)-!0&#C*1#&%!.%<8!*8#.#6/75.-7D!/!10*72%$/5<27%!1/¿!)!&%7D<.8#)#ï7/!.%!0*).#!(-1>
0#.<2*!#!)/*$*!)/¿815!./Č!0&5*7/¿3.%!)/*(5!&')./*Č!5!/..-7D!(-17-0$/.!*8#.#6/75.-7D!!
=.0:!*8#.#6/8/!0&5*(1/¿9/#&13)?4!3#!)-0#)/%(%27!1/¿!2%8#!9/*+Ù-!1(#)-!5!5%8&*1<!81/¿+#)#>
ï7/!./*!0#)/..%!)-8&%75%°!0#5%!+&%./7*!10*72%$.#ï7/4!($%!83'&*2!5#13%Ù%!<13%.#)/#.%:!
@Y@!S:!S*&5*)18%J!E&,$=F¿&/16b4!#0:!7/3:4!1:!@WM!=0-3%./*!@Q?:!
@YT!N#&:!P:!-+%(Ù#J!-'#)61)b4!#0:!7/3:!
'!

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

83'&*!1!<3)#&%6/!−!#7D&#./*!0&%)%!%<3#&18/*+#?4!(%.*!#1#>
9#)*! =.0:! /6/#.%4! .%5)/18%4! %(&*1-! *6%/$?! #(0#)/*(Ċ!.%!
3%8! 0#13%)/#.*! 0-3%./*! 6<1/! 9-°! 5%3*6! ./*6%$! 5%)15*!
3)/*&(57%:!!
N#(#9.*!9Ù¿(-!5.%2(<2!1/¿!)!0-3%./%7D@YAJ!!
9 EV5-!)! 5%9*50/*75#.-6!)! 6/*158%./<! 0#(*2&5%.*+#! 8#6>
0<3*&5*!=(-18<!3)%&(-64!.#ï./8%7D!(%.-7D!/.C#&6%3-75.-7D?!5.%2>
(<2!1/¿!5%0/1-!3&*ï7/!0#&.#+&%C/75.-7D!5!<(5/%Ù*6!6%Ù#$*3./7DgF_!!
9 EV5-!.%!0&5*8%5%.-7D!(#!9%(%Ú!(-18%7D!3)%&(-7D!5.%2(<2!
1/¿!5%1#9-!#!3&*ï7/%7D!0#&.#+&%C//!(5/*7/¿7*2gF_!
N-3%./%!3*! 0#)/..-!9-°!18/*&#)%.*!(#!1(<!9(Ċ!0&#8<>
&%3#&%4!%!0#6#7.*!)!<(5/*$*./<!.%!./*!#(0#)/*(5/!6#+!9-°!
#0/./*! 9/*+Ù*+#! 1*81<#$#+%! /! %.3&#0#$#+%! =5#9%75! &#5(5/%Ù!
K:@?_!/.C#&6%3-8! ./*!6%! 9#)/*6!#75-)/ï7/*! 8#60*3*.72/! (#!
#0/./#)%./%!#!3&*ï7/!/.C#&6%72/!)!3-6!.0:!#!)/*8<!#1'9!<)/>
(#75./#.-7D!.%!5(2¿7/%7D!$<9!C/$6%7D4!75-!#!0#&.#+&%C/75.-6!
7D%&%83*&5*!3-7DČ*!6%3*&/%Ù'):!;Ù%ï7/)*!9-Ù#9-!18/*&#)%./*!
(#!/.C#&6%3-8%!0#$*7*./%!<2%)./*./%!3&*ï7/!5(2¿°!.0:!0#0&5*5!
2*2! )-(&<8#)%./*4! *)*.3<%$./*! 0#0&5*5! .%+&%./*! )! 75-3*$>
.-6!C#&6%7/*!.%!.#ï./8<!VL!$<9!LkL:!
Z/*1575¿ï$/)*!2*13!&')./*Č!1C#&6<Ù#)%./*!0-3%./%@YWJ!!
9 EV5-!6%3*&/%Ù!)!0#13%7/!5(2¿°!#!7D%&%83*&5*!0#&.#+&%C//!(5/*>
7/¿7*2!5.%$%5Ù!1/¿!.%!(-18<!0&5-0%(8#)#4!75-!5#13%Ù!.%!./6!5+&#6%>
(5#.-!=10&#)%(5#.-?!/]$<9!0&5*3)%&5%.-!)!10#1'9!ï)/%(#6-gF!
d%8/*! 0#13%)/*./*! 0-3%./%! 75-./! 5! 9/*+Ù*+#! /.C#&6%3-8%!!
)!2*(.-6!1*81<#$#+%4!#7*./%27*+#!3&*ï°!/.C#&6%72/4!%.3&#0#>
$#+%4! <13%$%27*+#! )/*8! 0&5*(13%)/#.-7D! )! 6%3*&/%$*! 8)*>
13/#.#)%.-6! #1'94! ï$*(75*+#4! <13%$%27*+#! #8#$/75.#ï7/! 2*2!
5%0/1<4!01-7D#$#+%!$<9!01-7D/%3&¿4!#7*./%27*+#!13%.!ï)/%(#>
6#ï7/!0#(*2&5%.*+#!/!1¿(5/*+#4!&#513&5-+%27*+#!#!)-0*Ù./*>

@YA!S:!S*&5*)18%J!E&,$=F¿&/16b4!#0:!7/3:4!1:!@WM,@KW!=0-3%./%!#(0#)/*(./#!KY!/!YQ?:!
@YW!\9/(:4!1:!@KA!=0-3%./*!KU?:!
''

!"#$%&'()*$+!
!
./<!<13%)#)*+#!5.%6/*./%!0&5*13¿013)%!=%!0&5-!#8%52/!2*15>
75*! 2*13! 0&5-8Ù%(*6! 0-3%./%! 5! 0&*1<0#5-724! (#6./*6%.%!
0&%)(5/)#ï°!83'&*2!2*13!&').#)%Č.%!13)/*&(5*./<!0#0*Ù./*>
./%! 0&5*13¿013)%?:! c/*+Ù-! /.C#&6%3-8! 6#Č*! ,! 2%8! 6/%Ù#! 3#!
6/*217*!)!0&5-3%75%.-6!)75*ï./*2!0&5-8Ù%(5/*!,!7#!.%2)->
Č*2!0#(%°!75%1-!jPV!0#1575*+'$.-7D!0$/8')4!/7D!$/759¿!75-!
10#1'9!/7D!&#56/*1575*./%!.%!(-18<!,!.0:!)!8%3%$#+%7D!<0#>
&5(8#)%.-7D! 3*6%3-75./*! ,! 83'&*! 3#! /.C#&6%72*! 6#+!
)18%5-)%°!.%!7*$#)*!=%!./*!Eï)/%(#6*F?!/7D!+&#6%(5*./*!
/!0&5*3)%&5%./*!=%$*!2<Č!3*.!)./#1*8!#!7*$#)-6!7D%&%83*&5*!
(5/%Ù%./%!6<1/!)-7/+.°!./*!9/*+Ù-4!%$*!#&+%.!0&#7*1#)-?:!
Z%!6%&+/.*1/*!)%&3#!0&5-3#75-°!$*015*!1C#&6<Ù#)%./*!0->
3%./%!(#3-757*+#! 3&*ï7/! /.C#&6%72/4! 5.%2(<27*! 1/¿! )! /..-6!
0#&%(./8<@YKJ!EV5-!<&5(5*./%!$<9!.#ï./8/!5%)/*&%2!/.C#&>
6%72*!)18%5<27*!#@YY!/7D!<Č-7/<!(#!7*$')!0&5*13¿075-7DgF:!
j/6#4! Č*! 6#Č.%! 6/*°!)30$/)#ï7/4! 75-! 0-3%./*! 3%8/*! ./*!
&#515*&5%!5%.%(3#!5%8&*1<!*810*&3-5-4!)!3*.!10#1'9!0&5->
.%26./*2!9/*+Ù-!./*!2*13! 56<15%.-!(#!C*&#)%./%!)-&#8')!!
/!8$%1-C/8%72/!3&*ï7/4! %! 2*(-./*!(#!5%1<+*&#)%./%!#&+%.#)/!
0&#)%(57*6<!ï$*(53)#!8#./*75.#ï7/!5%0#5.%./%! 1/¿! 5! 3&*>
ï7/!/.C#&6%72/4!83'&!<2%)./Ù@YU:!

@YK!j:N:!H&-1/%8J!I1"=Ù', U0'#)61),&$,<1"=Ù'8HV4!;-(%)./73)#!;-Č15*2!G58#Ù-!N#$/72/4!G575-3.#!
TBBK4!1:!MU,MM:!
@YY!d%8!)! #&-+/.%$*:! O75-)/ï7/*!0#)/..#!9-°!E)18%5<27*! .%!/7D! <Č-7/*F!$<9! Eï)/%(757*!!
#!/7D!<Č-7/<F:!
@YU!X)#$/!ï7/1Ù#ï7/J!#&+%.!0&#7*1#)-!$<9!0&#)%(57-!ï$*(53)#!0#)/./*.!5%0#5.%°!1/¿!#1#9/>
ï7/*!5!7%Ù#ï7/!<2%)./#.*2!/.C#&6%72/4!2*(.%8!6#Č*!3#!9-°!)!0&%83-7*!./*)-8#.%$.*!5!<)%+/!
.%!2*2!&#56/%&:!;10'Ù75*1.*!.#ï./8/!(%.-7D!0#5)%$%2!.%!0&5*7D#)-)%./*!1*3*8!3-1/¿7-!0$/>
8')! #! &#56/%&5*! $/75#.-6! )! 3*&%9%23%7D:! N&5-+#3#)%./*! 7D#°9-! )-(&<8<! 5%)/*&%27*+#!
0#(13%)#)*!6*3%/.C#&6%72*! #! )15-138/7D! 0$/8%7D!5%)%&3-7D!.%! 0&5*7/¿3.-6! (-18<! 3)%&>
(-6!)-6%+%Ù#9-!./*2*(.#8&#3./*!5<Č-7/%!3-1/¿7-!13&#.!0%0/*&<:!I!3*+#!3*Č!)5+$¿(<!&#51(>
.-6!0#13<$%3*6!2*134!%9-!/.13-3<72*!0&#)%(57*!0#13¿0#)%./*!0&5-+#3#)%)75*!5%3&<(./%Ù-!
10*72%$/13')!<6/*27-7D!13#1#)%°!3*7D./8/!8#60<3*&#)*2!%.%$/5-!/.C#&6%72/!5*9&%.*2!.%!.#>
ï./8%7D!6#+7-7D!9-°!(#)#(%6/!0&5*13¿013)!=5#9:!.0:J!P:!n%7DJ!-.):6$&$:$&$:),0.$<F"?)%
#'(),/:)F8/)61),0"&$71F11,1,0$.6$=.)711,&/1"81¿8"9,:,16#".6"81",[)J^!!)#".1)Ù',M"?16).1;?,-./"2#¿08/$ï°,
@"F"167$.?)#'8/6)4!;-Č15%!G58#Ù%!N#$/72/4!G575-3.#!TBBW4!1:!KQ−YK?:!
'(

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

;!(<Č*2!75¿ï7/!0&5-0%(8')!./*5&¿75.#ï7/!)!C#&6<Ù#)%./<!0->
3%Ú!1! *C*83*6! 0#ï0/*7D<! /! 59-3! (%$*8#! /(7-7D! 18&'3')! 6-ï$#>
)-7D!1¿(5/*+#4!0#$/72%.3%4!0&#8<&%3#&%4!&%(7-!75-!%()#8%3%!&*0&*>
5*.3<27*+#! 13&#.¿:! Z/*2*(.#8&#3./*! #&+%.! 0&#7*1#)-! 5%8&*ï$%!!
)! 0#13%.#)/*./<! #! 0#)#Ù%./<! 9/*+Ù*+#! 7*$! #0/.//! 0&5*0/1%.-!!
5!(-10#5-72/!.#&6-!8%&.*2!=.0:!EV5-!#18%&Č#.-!)!/13#3.-6!13#0./<!
5%8Ù'7/Ù!%<3#6%3-75.*!0&5*3)%&5%./*!$<9!0&5*8%5-)%./*!(%.-7D!/.>
C#&6%3-75.-7DgF?4!(#!75*+#!#75-)/ï7/*!9/*+Ù-!./*! 6#Č*! 1/¿! #(./*ï°!
)0&#134!9#)/*6!./*!2*13!2*+#!&#$!)-&¿75%./*!1(<!)!)-(%)%./<!)->
&#8'):!Z/*2*(.#8&#3./*! 0-3%./%! 1!.%!3-$*!#+'$.*4!Č*!1*.1#).%!#(>
0#)/*(Ċ!.%!./*!2*13!)!#+'$*!./*6#Č$/)%@YM:!
O! /$*! 6#)%! 2*13! #! (&#9.-7D! 8)*13/%7D! 6*&-3#&-75.-7D4! 9/*+Ù-!
6#Č*!)!&%6%7D!#0/.//!(#8#.%°!<ï7/ï$*./%4!75-!.%)*3!13#1<.8#)#!#9>
15*&.*2!0&*5*.3%72/!&5*75-)/13*+#!13%.<!)/*(5-4!7D#°!)-6%+%!3#!#(!
./*+#!5%&').#!)/*(5-!6*&-3#&-75.*24!2%8! /! 8#60*3*.72/! #1#9/13-7D!
=%1*&3-).#ï7/4!3%83<4!<6/*2¿3.#ï7/!5%7D#)%./%!1/¿!)!1-3<%72%7D!8#.>
C$/83#)-7D?4! #! 3-$*! )! 8)*13/%7D! 0#)%Č.-7D! ./*! 5%)15*! <(%2*! 1/¿!
<./8.°!8#.C$/83')!0#6/¿(5-!9/*+Ù-6!%!#&+%.*6!0&#7*1#)-6:!Z/*>
13*3-! 0&%83-8%! 0#8%5<2*4! Č*! 0&5-.%26./*2! ./*83'&*! /.13-3<72*! )->
6/%&<! 10&%)/*($/)#ï7/! 6%2!18Ù#..#ï°! (#! 0&*C*&#)%./%! 9/*+Ù-7D!
E9*58#.C$/83#)-7DF!(#13%&75%27-7D!E2*(.#5.%75.*F!#0/./*!<6#Č>
$/)/%27*!15-98/*!5%8#Ú75*./*!10&%)-:!aC*83*6!1!75¿13#!#0/./*!5%>
)/*&%27*! #(0#)/*(5/! &')./*4! %!.%)*3! 9%&(5/*2! 9*51*.1#).*! 75-!
./*2%1.*4!2%8!0-3%./%4!.%!83'&*!#(0#)/%(%2@YQ:!S*1575*!+#&15!1-3<%>
724! 83'&%! ./*13*3-! 5(%&5%! 1/¿!,!.%!1575¿ï7/*! &%75*2! 10#&%(-75./*!!

@YM!d:!d#6%15*)18/! =-$2#)6$:1"61)b4! #0:! 7/3:4!1:! YY,YQ?! 0&5-3%75%!1-3<%72¿4! .%13¿0<27*2! )->
6/%.-!5(%Ú!6/¿(5-!1(*6!%!9/*+Ù-6J!
EG(!0#13%.#)/Ù!5$*7/°!)-(%./*!#0/.//! 7#! (#! 3*7D./8/!/!3%83-8/!0&#)%(5*./%!0#2%5(<! 0&5*5!
#18%&Č#.*+#!.%!0#(13%)/*!6%3*&/%Ù<!5!(#7D#(5*./%!/!&#50&%)-:!
N#!0&5*%.%$/5#)%./<!#9*7.*+#!13%.<!10&%)-!=:::?!(#7D#(5¿!(#!)./#18<4!Č*!3%83-8%!/!3*7D./8%!
0&#)%(5*./%!1%6#7D#(<!0&5*5!#18%&Č#.*+#!9-Ù%!./*0&%)/(Ù#)%F:!
@YQ!! S : ! N # 9 # 7 D % ! [ ) J ^ ! P : ! ; / $ 6 # ) 1 8 % > N / * 3 & < 1 5- Ú18%4! L:! c/$18/4! H:! H#&(*$4!P:! N/*3&<15-Ú18/4!!
S:!N#9#7D%4!d:!I-11J!E0161$&):2#:$*4!#0:!7/3:4!1:!@UB4!0/15*!#!E5%1%(5/*!753*&*7D!cJ!!
,!c-$*!83#!,!9*5!8#60*3*.72/4!158#$*./%_!
')

!"#$%&'()*$+!
!
,! )! )-6/%&5*! 10&%)/*($/)#ï7/! 1! 3%7-! +#10#(%&5*! 0#13¿0#)%./%4!
83'&5-!<1/Ù<2!.%8Ù#./°!9/*+Ù*+#!(#!)-(%./%!#0/.//!.%!3*6%3!$*+%$>
.#ï7/!3%8/*+#!75-!/..*+#!5%7D#)%./%!#18%&Č#.*+#!0".,7)2,"#,6"7)24!
0#)#Ù<27!1/¿! .%!#9#)/58/! 9/*+Ù*+#4!)!3-6! 0&5*0/1-!(#3-757*!
#(0#)/*(5/%$.#ï7/!8%&.*2!5%!)-(%./*!./*5+#(.*2!5!0&%)*6!#0/.//:!
P<3#&#)/!5.%.*!1!0&5-0%(8/4!)!83'&-7D!9/*+$/!(#Ù75%$/!(#!0/1*6.*2!
#0/.//!9/*+Ù*+#!#0/./¿!0&%).!)-2%ï./%274!($%75*+#!#(0#)/*(Ċ!.%!
0-3%./%! 5%(%.*! 0&5*5! 0&#)%(57*+#! 0#13¿0#)%./*! 9-Ù%9-! ./*>
5+#(.%! 5!0&%)*64! 75-! .%+&-)%$/! &#56#)-! 0&#)%(5#.*! 5! 0&#)%>
(57-6! 0#13¿0#)%./*4! %9-! <(#8<6*.3#)%°! C%83! )-)/*&%./%! .%!
./7D!.%7/18'):!d*+#!&#(5%2<!1-3<%72*!1!#75-)/ï7/*!+Ù¿9#8#!0%3#$#>
+/75.*4!./*6./*2!,!2*ï$/!)/*&5-°!$/3*&%3<&5*!0&5*(6/#3<!,!5(%&5%2!1/¿!
&')./*Č!9/*+Ù-6!/..-7D!10*72%$.#ï7/@UB:!
!
!7B""C&,0+.:.*56&Ƒđ"=$%&'"3"6*-.ħ'.3"@*'*1:.(:?"
;! $/3*&%3<&5*! 0#ï)/¿7#.*2! #0/./#)%./<@U@!!13#1<.8#)#! (<Č#! 6/*217%4! 5*!
5&#5<6/%Ù-7D! )5+$¿(')4! 0#ï)/¿7%! 1/¿! 8&-3*&/#6! (#0<1575%$.#ï7/! 0#>
1575*+'$.-7D!6*3#(!0&%7-!9/*+Ù*+#!#&%5!5%1%(#6!/7D!#7*.-:!;!3-6!8#.>
3*8ï7/*! 0&5-)#Ù<2*! 1/¿!%6*&-8%Ú18/! 13%.(%&(4! 35):! 13%.(%&(! L%<9*&3@UT!: !

,!c-$*!7#!,!#0/./%!8&'38%4!9*5!Č%(.*+#!<5%1%(./*./%_!
,!c-$*!15-98#!,!9%&(5#!8&'38/*!9%(%./%4!#0/./%!.%!@4K!13&#.-_!
,!c#!5%!9-$*!2%8/*!0/*./(5*F:!
N#&:!.0:!d:!;/(Ù%4!j:!n*ï./%8J!DH'#./",<'&F,/,0)6',(?1"81"*4!j/¿(5-.%&#(#)%!H#.C*&*.>
72%! 5! #8%52/! KK>$*7/%! 0#)13%./%! n%9#&%3#&/<6! H&-6/.%$/13-75.*+#! H;N! )! H&%8#)/*4!
D330J]]8#.C*&*.72%$88)0:)**9$-:7#6]%913&%83-:D36$:!
@UB!H/$8%!3*+#!&#(5%2<!0&5-0%(8')!#6')/#.-7D!2*13!3*Č!.0:!)!0&%7-!I:!j%&*8J!W'<.)6"b4!
#0:!7/3:!
@U@!I#9:!.0:J!S:!;'27/8/*)/75J!4(20".#'/)b4!#0:!7/3:4!1:!TB!/!.%13:!
@UT!H&-3*&/%!)-0&%7#)%.*!0&5*5!G(!Z%2)-Č15-!G3%.')!I2*(.#75#.-7D!)!3&5*7D!10&%)%7DJ!
9 L%<9*&3!e:!j*&&*$$!L#)!ND%&6%7*<3/7%$14!KBQ!`:G:!KUQ!=@QQA?!D330J]]1<0&*6*:2<13/%:!
7#6]7%1*1]C*(*&%$]<1]KBQ]KUQ]7%1*:D36$! #&%5! )! 10&%)/*! %0*$%7-2.*2! =L%<9*&3!!
(*

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

;*( Ù<+!3*+#!13%.#)/18%!#0/./%!0#)/..%!10*Ù./%°!15*&*+!8&-3*&/')!0#5)%>
$%27-7D!#7*./°4!75-!*810*&3-5%!9/*+Ù*+#!=8#.8$<52*!/!9%(%./%?!6%!7D%&%83*&!
.%<8#)-:!!
! ;!#&-+/.%$.-6!)-&#8<!8&-3*&/%!3*!5#13%Ù-!#6')/#.*!)!10#1'9!#0/1#)-4!!
)!$/3*&%3<&5*! 0&5*(6/#3<!0&5*(13%)/%.*! 1!5%5)-75%2! 2%8#!$/13%! 8/$8<! *$*>
6*.3')!.0:J!!
9 E1(!1C#&6<Ù#)%Ù!5%3*6!.%13¿0<27*!8&-3*&/%!#7*.-!(#)#(<!
.%<8#)*+#J!C%$1-C/8%72/4!&*7*.52/4!0<9$/8%72/4!)%&3#ï7/!(/%+.#13-75.*2!
=5.%.-! $<9! 0#3*.72%$.-! 0#5/#6! 9Ù¿(<?4! 13%.(%&-5%72/4! 0#)15*7D.*2!
%87*03%72/F@UA_!!
9 E0#!0/*&)15*4!5%13#1#)%.%!6*3#(%!9%(%)75%!5#13%Ù%!0&5*>
3*13#)%.%!$<9!2*2!3*13#)%./*!2*13!6#Č$/)*!)! 0&5-15Ù#ï7/:! ;%&<.*8!
3*.!)-8$<75%!)15*$8/*!6*3#(-4!83'&*!0#3*.72%$./*!./*!6#+!9-°!3*>
13#)%.*!*60/&-75./*!=.0:!)&'Č*./*!5! C<1')4!&#56#)%!5!(<7D%6/4!
75-3%./*! 5! 8%&3?:! N#! (&<+/*4! #0/1! 6*3#(- ! /! #1/+%.*!5%!2*2! 0#6#7!
&*5<$3%3-!5#13%Ù-!#0<9$/8#)%.*!/!0#((%.*!&*7*.52/!ï&#(#)/18%!.%>
<8#)*+#:!N#!3&5*7/*4!5.%.-!2*13!6%&+/.*1!0#3*.72%$.*+#!9Ù¿(<!0#2%>
)/%27*+#! 1/¿!)!9%(%./%7D!5!)-8#&5-13%./*6!#8&*ï$#.*2!3*7D./8/:!
N#!75)%&3*4!(%.%!6*3#(%!9%(%)75%!0#)/..%!7/*15-°!1/¿!%87*03%72!
ï&#(#)/18%!.%<8#)*+#:!=b?!V53*&-!$%3%!0'Ċ./*2!=b?!r13%.(%&(!L%<>
9*&3s!5#13%Ù!)59#+%7#.-!0&5*5!(#(%38#)*!5%$*7*./*!)!10&%)/*!X*>
.*&%$!a$*73&/7! V#:!e:! S#/.*&:!G(-! 0#)/..-! 0#((%)%°!1575*+'Ù#)*2!
%.%$/5/*!./*! 3-$8#!8#.8$<52*!)-./8%27*!5!#0/.//!.%<8#)*24!%$*!&')>
./*Č!0&#7*1!&#5<6#)%./%4!83'&-!5%!./!13#/F@UW_!

e:!j*&&*$$!L#)!ND%&6%7*<3/7%$14!\.7:4!WA!l:!A(!@A@@!,! V#<&3!#C!P00*%$14!Q3D!V/&7</3!
@QQK!D330J]]$%):2<13/%:7#6]7%1*1]C*(*&%$]%00*$$%3*>7#<&31]lA]WA]@A@@]KKTWWM?_!
9 X*.*&%$!a$*73&/7! V#:! e:!S#/.*&4!KTT! `:G:! @AY!=@QQU?!D330J]]1<0&*6*:2<13/%:7#6]7%1*1]!
C*(*&%$]<1]KTT]@AY]7%1*:D36$_!
9 H<6D#!d/&*!V#:!e:!V%&6/7D%*$4!KTY!`:G:!@AU!=@QQQ?!D330J]]1<0&*6*:2<13/%:7#6]7%1*1]!
C*(*&%$]<1]KTY]@AU]7%1*:D36$4!!
83'&*!<5<0*Ù./Ù-!/!5%130/Ù-!)75*ï./*215*!8&-3*&/%!l&-*!5!@QTA!&:!
@UA!S:!;'27/8/*)/75N,4(20".#'/)b4!#0:!7/3:4!1:!T@:!
@UW!":!I-5/8J!K$:$&',6";.$6);($:",:,0$F2(1?,0.):1",&$:$&$:'?4!El#&<6!N&%)./75*F!TB@A4!e#$:!
T!=@Y?4!1:!TA,AW4!D330J]]0%0*&1:11&.:7#6]1#$A]0%0*&1:7C6g%913&%73t/(hTAAUAMU:!
("

!"#$%&'()*$+!
!
9 E=b?!%9-!2%8%8#$)/*8!3*7D./8%!$<9!6*3#(%!5#13%Ù%!<5.%.%!
5%! (#)'(! .%<8#)-4! 6<1/! 10*Ù./%°! 753*&-! )%&<.8/J! %?! 6<1/! 9-°!
1%6%!)!1#9/*!10&%)(5%$.%!/!9-Ù%!2<Č!0#((%.%!3%8/*2!0&#7*(<&5*4!
9?!9-Ù%!#0/1%.%!)!$/3*&%3<&5*!C%7D#)*24!7?!2*13!5.%.-!=%!7#!.%26./*2!
0&5*)/(-)%.-?! 0&#7*.3! 9Ù¿(.-7D! &#513&5-+./¿°! <5-18/)%.-7D!
0&5-! 5%13#1#)%./<! 3*2! 6*3#(-4! (?! 6*3#(%! <5-18%Ù%!0#)15*7D.!
%87*03%72¿!10*72%$/13')!(%.*2!(5/*(5/.-F@UK:!
S%8!)/(%°!0*).-6!0&#9$*6*6!2*13!3<!0#2¿7/*!*60/&-75.*2!10&%)(5%$>
.#ï7/!6*3#(-:!Z/*!2*13!0&5*7/*Č!3%84!%9-!#)*+#!E)&'Č*./%! 5! C<1')F!./*!
(%Ù#!1/¿!3*13#)%°!*60/&-75./*:!L%! 1/¿!3#!#75-)/ï7/*!)-8#.%°4!5! 3-64! Č*!
&*5<$3%3!3%8/7D!3*13')! 9¿(5/*! ,!2%8!6#Č.%!1/¿!10#(5/*)%°!,! .*+%3-).-:!
j#Č$/)#ï°! *60/&-75.*+#! 3*13#)%./%! 6*3#(-! ./*! 2*13! 2*(.%8! 3#Č1%6%!!
5!)*&-C/8#)%$.#ï7/!3*2!6*3#(-:!Z/*!(%!1/¿!.0:! *60/&-75./*! =(#ï)/%(>
75%$./*?! 3*13#)%°!7D#°9-! 3)/*&(5*Ú!$#+/8/4!83'&*!2*(.%8!./*)30$/)/*!
6%2!7D%&%83*&!.%<8#)-4!)!1575*+'$.#ï7/!1!/.3*&1<9/*83-)./*!)*&-C/8#>
)%$.*@UY:!l%$1-C/8%72%!)&*157/*4!&#5<6/%.%!3%84!2%8!&#5<6/%Ù!2!7-3#)%.-!
5&*153!)!0#)#Ù%.-6!)-&#8<!N#00*&4!(#3-75-!#75-)/ï7/*!./*!C%$1-C/8%72/!
=13)/*&(5*./%!./*0&%)(5/)#ï7/?@UU!<Č-3*2!0&5*5!9/*+Ù*+#!6*3#(-4!75-!(#>
8Ù%(./*2J!3*#&//4!)!#0%&7/<!#!83'&!0#)13%Ù%!=0#(')75%1!)&'Č*./*!5!C<1')!
.%$*Č%Ù#9-!<5.%°!5%!6*3#(¿! (#0<1575%$.4! 9#! 1C%$1-C/8#)%.?4!%$*!10#>
1#9<! &#5)#2<! (%.*2! (-17-0$/.-! .%<8/@UM!: ! I % ! 1 Ù<15.!)/¿7! .%$*Č-! <5.%°!

@UK!S:!;/(%78/![)J^!5.'?16)F12#'()4!0#(!&*(:!S:!;/(%78/*+#4!V:m:!c*784!;%&15%)%!TBBM:!
@UY!S%8/*ï!5 (%./* !)3*(- !2*13!)*& -C/8# )%$.*4!+(-!6#Č.%!2*!%$9#!5)*&-C/8#)%°4!%$9#!1C%$1-C/8#)%°4!
35.:!2*Č*$/!6#Č.%!0#8%5%°4!Č*!2*13!#.#!0&%)(5/)*!%$9#4!Č*!2*13!#.#!C%Ù15-)*:!O75-)/ï7/*!)!#(>
./*1/*./<!(#!3)/*&(5*Ú!6%3*6%3-75.-7D!#(.#1/!1/¿!3#!(#!0&%)(5/)#ï7/!)!#9&¿9/*!0*).*2!%8>
12#6%3-8/!,!5#9:!S:!c#7D*Ú18/J!W20LÙ8/"26",?"#$&',?'ïF"61)4!;!(&#(5*4!N#5.%Ú!@QMM4!1:!W@:!
@UU!X)#$/!ï7/1Ù#ï7/J!0#)/..#!1/¿!3<!6')/°!#!C%$1-C/8#)%$.#ï7/4!%!./*!C%$1-C/8%72/!=0#(#9./*!.%>
$*Č-!&#5&'Č./°!)*&-C/8%72¿!#(!)*&-C/8#)%$.#ï7/?:!
@UM!ES*Č*$/!5(%./*!)-2%ï./%27*!5#13%Ù#!2<Č!&*(<87-2./*!1C#&6<Ù#)%.*4!)3*(-!.%13¿0.-6!*3%>
0*6!2*13!5)-8$*!35):!)*&-C/8%72%4!35.:!5(%./*!3#!0&'9<2*!1/¿ࡥ!0#3)/*&(5/°!%$9#!#(&5<7/°!5%!0#>
6#7!&*(<872/!0&#+&*1-).*2:!L5/*2*!1/¿!3#!)!.%13¿0<27-!10#1'9J!5*!5(%./%!1C#&6<Ù#)%.*+#!
.%!(&#(5*!&*(<872/!)-0&#)%(5%!1/¿4! )!#0%&7/<! #!1-13*6! %812#6%3-75.-!=83'&-! 5)-8$*! ./*!
2*13!75-13#!$#+/75.-4!$*75!5%)/*&%!3%8Č*!)/*$*!&*(<87-2./*!<3)#&5#.-7D!5(%Ú?4!.#)*!5(%./%4!
83'&*!)!#(0#)/*(./*2!(5/*(5/./*!1!9*50#ï&*(./#!)*&-C/8#)%$.*4!35.:!83'&-7D!)%&3#ï°!0&%)>
(5/)#ï7/#)%!(%!1/¿!13)/*&(5/°:!Z%13¿0./*!0&5*0&#)%(5%!1/¿!#0*&%72 *!=*810* &-6*.3- !/3(:? !)->
6%+%.*4!%9-!6'7!<13%$/°!)%&3#ï°!0&%)(5/)#ï7/#)!)-0&#)%(5#.-7D!5(%Ú:!S*Č*$/!#8%Č*!1/¿4!
(#

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

8&-3-8¿! 3*+#! 8&-3*&/<6! 0#(%.!)!0#)#Ù%.*2! 0&%7-! S'5*C%! ;'27/8/*)/>
75%@UQ:!
;!C#&6%$.*2!0#13%7/!8&-3*&/%!13#1#)%$.#ï7/!6*3#(!.%<8#)-7D!)!G3%.%7D!
I2*(.#75#.-7D!5#13%Ù-!5*9&%.*!)!l*(*&%$.*2!"*+<$*!L#)#(#)*2!UBTJ!
E"*+<Ù%!UBT:!!I*5.%./%!9/*+Ù-7D@MB!
g)/%(*84!83'&-!5#13%Ù!5%8)%$/C/8#)%.-!2%8#!*810*&34!(5/¿8/!0#1/%(%.*2!
)/*(5-4!<6/*2¿3.#ï7/4!(#ï)/%(75*./<4!158#$*./<4!75-!)-8153%Ù7*./<4!6#Č*!
5*5.%)%°!)!C#&6/*!#0/.//!$<9!)!/..-!10#1'94!2*Č*$/J!!
@?!)/*(5%!.%<8#)%4!3*7D./75.%!$<9!/..%!)/*(5%!10*72%$/13-75.%!*810*&3%!
0#6#+!1¿(5/*6<!C%83<@M@!5&#5<6/*°!(#)#(-!$<9!<13%$/°!C%83!)!10&%)/*_!!
T?!5*5.%./*!3#!#0/*&%!1/¿!.%!#(0#)/*(./7D!C%83%7D!$<9!(%.-7D_!!
A?!5*5.%./*!3#!2*13!)-./8/*6!)/%&-+#(.-7D!5%1%(!/!6*3#(!#&%5!!
W?!*810*&3!)!10#1'9!+#(.-!5%<C%./%!5%13#1#)%Ù!3*!5%1%(-!/!6*3#(-!(#!#8#>
$/75.#ï7/!10&%)-@MTF:!

Č*!1!#.*!0&%)(5/)*4!)3*(-!<5-18<2*!1/¿!8#.C/&6%72*ࡥ!5(%./%4!5!83'&*+#!5#13%Ù-!#.*!)-0&#>
)%(5#.*:!S*Č*$/!#8%5<2*!1/¿!2*(.%84!Č*!1!#.*!C%Ù15-)*4!)3*(-!6')/!1/¿!#!C%$1-C/8%72/J!)!3-6!
)-0%(8<!5(%./*4!5!83'&*+#!5#13%Ù-!#.*!)-0&#)%(5#.*!#(&5<7%!1/¿!2%8#!C%Ù15-)*:!!
j%!3<!6/*217*!<(*&5%27%!%1-6*3&/%:!l%$1-C/8%72%!2*13!$#+/75./*!8#.8$<5-).%4!.%3#6/%13!8#.>
C/&6%72%!./+(-!./*!2*13!#13%3*75.%4!+(-Č!2%8!2<Č!0#)/*(5/*$/ï6-4!)./#18#)%./*!5!.%13¿0./8%!
#!0#0&5*(./8<!./*!2*13!./*5%)#(.*4!0#(75%1!+(-!)./#18#)%./*!5!.*+%72/!.%13¿0./8%!#!.*+%72/!
0#0&5*(./8%!2*13!<5%1%(./#.*!0&5*5!0&%)#! $#+/75.*! /! #9#)/5<2*! #+'$./*:! ;! 5)/58<!5!3!
1-3<%72!3)/*&(5#.#4!Č*! .%<8/!&*(<87-2.*!&#5)/2%2!1/¿!)Ù%ï7/)/*!./*!0&5*5!0#5-3-).*4!$*75!
0&5*5!.*+%3-).*!8&#8/4!)-8$<75%27!2*(.#!0#!(&<+/6!C%Ù15-)*!)-2%ï./*./%!5%!0#6#7!C%$1->
C/8%72/F:!S:!c#7D*Ú18/J!W20LÙ8/"26":::4,#0:!7/3:4!1:!U,M:!
@UQ!S:!;'27/8/*)/75J!4(20".#'/)b4!#0:!7/3:4!1:!TT:!
@MB!N&5-0:!%<3:J!(#1Ù:!E<75#.-7D!ï)/%(8')F!,!2*13!3#!5)/5%.*!5!1-13*6*6!0&%)%!%6*&-8%Ú>
18/*+#4!)!83'&-6!&#$%! 0&#7*1#)%! 9/*+Ù*+#!2*13!)Ù%ï./*!&#$!<75#.*+#!ï)/%(8%! =0#&:!&#5>
(5/%Ù!T:W?:!!
@M@!N&5-0:!%<3:J!(#1Ù:!#.1".,$7,7)8#:!S*13!3#!8#.13&<872%!5)/5%.%!5!&#$4!2%8!0*Ù./!1(!)!1-13*6/*!
0&%)%!%6*&-8%Ú18/*+#!=0#&:!k\\!0#0&%)8%!(#!H#.13-3<72/!G3%.')!I2*(.#75#.-7D?:!
@MT!E"<$*!UBT:!d*13/6#.-!9-!af0*&3!;/3.*11*1!
P!)/3.*11!)D#!/1!p<%$/C/*(!%1!%.!*f0*&3!9-!8.#)$*(+*4!18/$$4!*f0*&/*.7*4!3&%/./.+4!#&!*(<7%3/#.!
6%-!3*13/C-!/.!3D*!C#&6!#C!%.!#0/./#.!#&!#3D*&)/1*!/CJ!
@?!3D*!*f0*&3u1!17/*.3/C/74! 3*7D./7%$4!#&!#3D*&!10*7/%$/5*(!8.#)$*(+*!)/$$!D*$0! 3D*!3&/*&!
#C!C%73!3#!<.(*&13%.(!3D*!*e/(*.7*!#&!3#!(*3*&6/.*!%!C%73!/.!/11<*_!
T?!3D*!3*13/6#.-!/1!9%1*(!#.!1<CC/7/*.3!C%731!#&!(%3%_!
A?!3D*!3*13/6#.-!/1!3D*!0&#(<73!#C!&*$/%9$*!0&/.7/0$*1!%.(!6*3D#(1!%.(!
($

!"#$%&'()*$+!
!
;!&*%$/%7D!0#$18/7D!./*!#9#)/5<2*!C#&6%$.%!3*#&/%!(#)#(')!=5#9:!&#5>
(5/%Ù!A:Q?4! 5%ï!#&5*75./73)#!(#3-757*!6*3#(!9%(%)75-7D!(#0<1575%$.-7D!
)! 0&#7*1/*! #0/./#)%./%! 2*13! 13#1<.8#)#! <9#+/*@MA!:! ;-&#8/! G(<! Z%2)-Č>
15*+#! 0#(8&*ï$%2!&#$¿! 0#)15*7D.*2! %87*03%72/! 6*3#(! 9%(%)75-7D4! 8&-3*>
&/<6!%83<%$.*+#!13%.<!)/*(5-!75-!#9*7.*+#!13%.<!.%<8/:!;!0&%83-7*!<./*>
6#Č$/)/%!3#!13#1#)%./*!(#!7*$')!#0/./#(%)75-7D!6*3#(!#!./*<+&<.3#)%.*2!
0#5-72/!.%<8#)*24!0/#./*&18/7D@MW:!
Z%$*Č%Ù#9-!5%13%.#)/°!1/¿4!2%8!5!0<.83<!)/(5*./%!3-7D!&*+<Ù!)-+$(%!
#0/./#)%./*! /.C#&6%3-75.*:! ;! 1575*+'$.#ï7/! )30$/)#ï7/! 6#Č*! 9<(5/°!
)*&-C/8#)%$.#ï°! )-./8')!#3&5-6%.-7D! 5%!0#6#7!./*83'&-7D!.%&5¿(5/!
/.C#&6%3-75.-7D:! c/*+Ù-! 0#1Ù<+<27! 1/¿!0&#+&%6%6/!8#60<3*&#)-6/4!!
)! 1575*+'$.#ï7/! 0&#+&%6%6/! 10*72%$/13-75.-6/4! #! 5%68./¿3-6! 8#(5/*4!
75¿13#!.%&5¿(5/%6/!0&5*5.%75#.-6/!(#!%.%$/5-!10*7-C/75.*+#!&#(5%2<!5%>
0/1')! )! ./*<(#8<6*.3#)%.-7D! C#&6%3%7D! 0&5-0/1%.-7D! (#! 8#.8&*3.*2!
)*&12/!#0&#+&%6#)%./%!<Č-38#)*+#!=.0:! 8$/*.3')!<1Ù<+! NTN! 75-! 10*7->
C/75.-7D!8#6<./8%3#&')!/.3*&.*3#)-7D?4!./*!6%!6#Č$/)#ï7/!0&5*0&#)%>
(5*./%!/..-7D!,!./Č!9%&(5#! )-&-)8#)*!,! 3*13')!0#0&%).#ï7/!(5/%Ù%./%!
.%&5¿(5/:!Z/*!6#Č*!)-8$<75-°4!Č*!)!0&#7*1/*!0&5*3)%&5%./%!(%.-7D!0*).*!
5!./7D!5#13%.!0&5*5!0&#+&%6!0#6/./¿3*!$<9!Ċ$*!5/.3*&0&*3#)%.*@MK:!N#)-Č>
15*!<)%+/!./*!6%2!.%!7*$<!0#()%Č%./%!6*3#(#$#+/75.*2!0#0&%).#ï7/!#0/.//!

W?!3D*!*f0*&3!D%1!&*$/%9$-!%00$/*(!3D*!0&/.7/0$*1!%.(!6*3D#(1!3#!3D*!C%731!#C!3D*!7%1*F4!
D330J]]))):$%):7#&.*$$:*(<]&<$*1]C&*]&<$*tUBT! =2*13! 3#! )*&12%! &*+<Ù-! 0#! <5<0*Ù./*./<!!
5!@!+&<(./%!TB@@!&:?:!
@MA!I#9:!S:!;'27/8/*)/75J!4(20".#'/)b4!#0:!7/3:4!1:!T@!/!.%13:!
@MW!N&5*5!15*&*+!$%3!5!0&#9$*6%6/!3%8/6/!9#&-8%Ù%!1/¿!#16#$#+/%4!#9*7./*!0*Ù.#0&%).%!3*7D>
./8%!8&-6/.%$/13-75.%! 5*!13#1<.8#)#!(#9&5*!&#5)/./¿3-6/! 13%.(%&(%6/! )-8#.-)%./%!9%>
(%Ú!/!#0/./#)%./%:!
@MK!j#Č*!3#!6/*°!6/*217*!.%)*3!)!10#1'9!5%6/*&5#.-!0&5*5!3)'&7¿!#0&#+&%6#)%./%J!0#(*2>
&5*)%!1/¿!.0:4!Č*!75¿ï°!0&#+&%6')!3-0<!16#".6"#,2"8;.1#'!7*$#)#!./*!)-8&-)%!.%&5¿(5/!150/*>
+<27-7D! )-8#&5-13-)%.-7D! 0&5*5! &'Č.*+#! &#(5%2<! 1Ù<Č9-! 10*72%$.*:! ;%&3#! )10#6./*°!
3%8Č*!#!.%&5¿(5/%7D!)6#17$."62184!83'&*!6%2!5%!5%(%./*!<3&<(./°!9(Ċ!5%9<&5-°!0&#7*1!%8)/>
5-72/!/!%.%$/5-!(%.-7D!)-8#.-)%.-!0#0<$%&.-6/!0&#+&%6%6/!13#1#)%.-6/!0&5*5!/.C#&6%>
3-8')!ï$*(75-7D:! Z%&5¿(5/%!3*!(5/*$!1/¿!.%!8/$8%!8$%1!,! #9#8!13%.(%&(#)-7D!0&#+&%6')!
<1<)%27-7D!3&)%$*!5%0/1-!5!(-18')!75-! 15-C&<27-7D! /7D! 5%)%&3#ï°4!&')./*Č!0&#+&%6-!
C%Ù15<27*!5%0/1-!75-!&*%+<27*!.%!#9*7.#ï°!)!1- 13* 6/*!# 8&* ï$#.-7D!0&#+&%6'):!S%8#!0&5->
8Ù%(-!6#Č.%! 0#(%°!0&#+&%6!LaVPl!5!8#Ú7%!$%3! QB:! <9/*+Ù*+#!)/*8<! =D330J]]*.:)/8/0*(!
/%:#&+])/8/]LaVPl?4!83'&-!)-8&-)%Ù!5*13%)!.%&5¿(5/!VOlaa!=#0&%7#)%.-!0&5*5!j/7&#1#C3!
5*13%)! .%&5¿(5/! (#! 9%(%Ú!3-0<!F1G", 7$."6218!<(#13¿0./%.-7D! #&+%.#6! ï7/+%./%?!/!)!&%5/*!
(%

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

/.C#&6%3-75.-7D! %./! /7D! )/%&-+#(.#ï7/! (#)#(#)*24! %! 2*(-./*! 5)&'7*./*!
<)%+/!.%! C%834!Č*!13#1#)%.*!6*3#(-!=/!.%&5¿(5/%?! 9%(%)75*! 0#)/..-!9-°!!
)!6/%&¿!6#Č$/)#ï7/!0&5*3*13#)%.*!/!+#(.*!5%<C%./%@MY4!5%ï!9/*+Ù-!0#)/./*.!
9-°!&5*75-)/ï7/*! 9/*+Ù-!)!/7D! <Č-7/<4!)!3-6! )! /.3*&0&*3%72/!#3&5-6%.-7D!
)-./8')@MU:!
I! 8)*13/! (#0<1575%$.#ï7/! 6*3#(! /! .%&5¿(5/! 9%(%)75-7D! 2*13! 5)/>
5%.*! 5%+%(./*./*! )-9#&<! 6*3#(-! 9%(%)75*2! =#! /$*! #75-)/ï7/*! 0#13%>
)/#.-!0&#9$*6!3%8/!)-9'&!<6#Č$/)/%?:!H)*13/%!3%!.%$*Č-!(#!5%8&*1<!#9>
2¿3*+#!35):! %<3#.#6/!9/*+Ù*+#@MMJ! &%72#.%$.-! )-9'&!6*3#(-! 9%(%)75*2!
2*13! 6#Č$/)-! )-Ù75./*! )3*(-4! 2*ï$/! #1#9%! (#8#.<27%! 3*+#! )-9#&<!!

13)/*&(5*./%!2*+#!#9*7.#ï7/!<&<7D%6/%Ù!5(*C/./#)%.*! 0&5*5! <Č-38#)./8%! 0&#7*1-4!3%8/*!
2%8!.0:! #(Ù75%./*! (-18<! `Gc4! .%! 83'&-6!5.%$*5/#.#!VOlaa4!75-! )##"6#1$6%&"7181#%&12$.&".!
=D3301J]]7#(*:+##+$*:7#6]0]%33*.3/#.>(*C/7/3>(/1#&(*&]?! ,! 0&#+&%6! 3-0<! 0.$$7%$7%8$68"0#+!1Ù<>
Č7-!(#!C%Ù15#)%./%!5%)%&3#ï7/!0%6/¿7/!"Pj:!
@MY!Z%!6%&+/.*1/*!<)%+!#!6*3#(%7D!/!.%&5¿(5/%7D!9%(%)75-7D!9/*+Ù*+#!/.C#&6%3-8%!.%$*Č-!
0&5-0#6./*°!#!8#./*75.#ï7/!<Č-7/%!10&5¿3#)-7D!9$#8*&')!5%0/1<!%.%$/5#)%.-7D!.#ï./8')!
0%6/¿7/!6%1#)*24!)15¿(5/*!3%64!+(5/*!2*13!3#!6#Č$/)*!=5#9:!I%Ù75./8?:!N&#)%(5*./*!9%(%Ú!
.%!./*5%9*50/*75#.-6!.#ï./8<!0&#)%(5/!(#!8#.3%6/.%72/!6%3*&/%Ù<!9%(%)75*+#!/!)!8#.1*>
8)*.72/!13%2*!1/¿!0&5-75-.!./*6#Č$/)#ï7/!)-(%./%!#0/.//!=5#9:!&#5(5/%Ù!T:W:@?:!
@MU!;!1575*+'$.#ï7/! )%&3#!5)&'7/°!<)%+¿!.%!8)*13/*!*$*6*.3%&.*J! .0:! )! 2%8/6! 13%.(%&(5/*!
0#(%)%.*!1!0&5*5!0&#+&%6-!/.C#&6%72*!#!75%1/*!=.0:!#!75% 1/*!)0/1 <!)!$#+%7D!1 -13*6#) -7D?: !
j#Č*!3#! 9-°!75%1!`dV!%$9#!$#8%$.-!75%1!8#60<3*&%!=3*+#4!.%!83'&-6!$#+/!<3)#&5#.#4!%$9#!
3*+#4!.%!83'&-6!0&#)%(5#.*!2*13!9%(%./*?4!0#./*)%Č!./*!6%!3<!2*(.#$/3*+#!13%.(%&(<!)-./8/!
#3&5-6%.*!&'Č.-6/!0&#+&%6%6/!6#+!&'Č./°!1/¿!#(!1/*9/*:!\..-6!3&-)/%$.-6!Ċ&'(Ù*6!9Ù¿>
(')!2*13!3&%83#)%./*!=0&5*5!0&#+&%6-!(#!)-8#.-)%./%!8#0//!/!#9$/75%./%!1<6!8#.3&#$.-7D?!
9$#8')!(-18<!./*6#Č$/)-7D!(#!#(75-3%./%!=5%5)-75%2!1!#.*!<5<0*Ù./%.*!2%8/6ï!5%0/1*64!
.0:! 5*&%6/! %$9#! 10%72%6/! %$9#! .%0/1*6! 5(*C/./#)%.-6! 0&5*5! <Č-38#)./8%! 0&#+&%6<!!
.0:!E`Z"aPLPcna!GaVdO"F?:!O75-)/ï7/*!&'Č.*!)-0*Ù./*./%!9¿(!0&#)%(5/Ù-!(#!#9$/75*>
./%!&'Č.-7D!1<6!8#.3&#$.-7D4!7#!6#Č*!0&#)%(5/°!(#!0#()%Č*./%!)/%&-+#(.#ï7/!)-8#.%.*2!
8#0//:!Z%$*Č-!&')./*Č!0#0&%)./*!/.3*&0&*3#)%°!.%5*)./73)#!<Č-)%.*!)!0&#+&%6%7D!<Č-3>
8#)-7D4!./*13*3-!./*! 5%)15*! 2*(.#5.%75.*4!.0:! 1*83#&! (-18<! =%.+:! 2"8#$.?! 3#! ./*! 3#! 1%6#!7#!
9$#8!=%.+:!<F$8(?4!5%ï!0%&3-72%!(-18<!=%.+:!0).#1#1$6?!3#!./*!3#!1%6#!7#!<6/*1575#.-!.%!./*2!(-18!
$#+/75.-!=%.+:!F$=18)F,&12(?4!2%88#$)/*8!)!15*&*+<!0&#+&%6')!3*!0#2¿7/%!9-)%2!<Č-)%.*!5%>
6/*../*!9(Ċ!./*0&%)/(Ù#)#:!
@MM!!I#9:! .0:J! S:! ;'27/8/*)/75J! 4(20".#'/)b4! #0:! 7/3:4! 1:! A@:_! P:! H*+*$4! I:! H*+*$J! -./"012'b4,,
#0:!7/3:4!1:!Y@,YT:!
(&

!"#$%&'()*$+!
!
0#1/%(%! #(0#)/*(./*! )/%(#6#ï7/! 10*72%$.*! 5! 5%8&*1<! (-17-0$/.-4! (#!
83'&-7D!6#Č$/)*!6*3#(-!.%$*Č@MQ:!
N&5*0/1-!8#(*81#)*!./*!)18%5<2!6#Č$/)#ï7/!.%8%5%./%!9/*+Ù*6<!)-8#>
.%./%!9%(%./%!)18%5%.!0&5*5!#&+%.!0&#7*1#)-!6*3#(4!&')./*Č!#&5*75./7>
3)#!)18%5<2*4! Č*! )-9'&! 6*3#(-! 2*13! 8)*13/!9/*+Ù*+#@QB!: ! S % 8 ! 1 Ù<15./*! 0/15*!
P.(&5*2!X%9*&$*!E1<+*13/*!)!3-6!5%8&*1/*!5*!13&#.-!#&+%.<!0&#7*1#)*+#!1!
5%3*6!(#0<1575%$.*4!9/*+$/!5%ï!,!2*ï$/!./*!<5.%2!/7D!5%!3&%C.*!,!0#)/../!<5%>
1%(./°4!($%75*+#!1/¿!(#!./7D!./*!5%13#1#)%$/4!$*75!./*!1!./6/!5)/5%./F@Q@:!
d%(*<1 5 ! ;/(Ù%@QT!!0#(%2*! 753*&-! )18%5%./%4! 83'&-6/! 0#)/./*.! 8/*&#)%°!
1/¿!9/*+Ù-!0#(75%1!)-9#&<!6*3#(-:!G!3#J!
9 3&%C.#ï°!6*3#(-_!

@MQ!G(!Z%2)-Č15-!)!)-&#8<!5!@B!6%2%!@QMT!&:!=\\!H"!MT]MT?!13)/*&(5/Ù!6:/.:J!EN&5*0/1-!0&#7*>
(<&-!8%&.*2!./*! #8&*ï$%2!/!./*!6#+!#8&*ï$%°!5%8&*1<!9%(%Ú!10*72%$/13-75.-7D!)-8#.-)%>
.-7D!0&5*5!9/*+Ù-7D4!+(-Č!0#3&5*9%!0&5*0&#)%(5*./%!13#1#).-7D!9%(%Ú!/!/7D!5%8&*1<!!7D#°!
0#5#13%2*!0#(!8#.3&#$!#&+%.<!0&#7*1#)*+#!8/*&<27*+#!9%(%./*6!9/*+Ù-7D!!.%$*Č-!&')./*Č!
(#!E)/%(#6#ï7/!10*72%$.-7DF:!
;!0#13%.#)/*./<!\59-!H%&.*2!G(<!Z%2)-Č15*+#!5!TK!75*&)7%!TBBA!&:!=\k!HH!M]BA?!1(!13)/*&>
(5/ÙJ!E)!(#9#&5*!6*3#(!/!9%(%Ú!10*72%$/13-75.-7D!9/*+Ù-!2*13!./*5%$*Č.-!#(!#&+%.<!0&#7*1#>
)*+#4!7#!./*!#5.%75%4!/Č!./*!0#($*+%!2*+#!8#.3&#$/F:!
@QB!;!)-&#8<!5!U!$<3*+#!@QMY!&:!=\k!H"!@K]MY?!G(!Z%2)-Č15-!13)/*&(5/ÙJ!EZ/*!.%$*Č-!(#!8#6>
0*3*.72/!13&#.!(*7-(#)%./*4!2%8/*!6*3#(-!9%(%)75*!($%!13)/*&(5*./%!#8#$/75.#ï7/!6%27-7D!
/13#3.-!)0Ù-)!.%!&#513&5-+./¿7/*!10&%)-!#8%Č!1/¿!0&5-(%3.*!)!&%5/*!8#./*75.#ï7/!)-8#&5->
13%./%! )/%(#6#ï7/! 10*72%$.-7D! =b?! 13&#.-! 6%2! 0&%)#! 8#.3&#$#)%./%4! 75-! )15-138/*! (#>
13¿0.*!6*3#(-!9%(%)75*!5.%.*!1!9/*+Ù-6!/!75-!9-Ù-!)-8#&5-13%.*:!S*ï$/!9/*+$/!./*!<5.%$/!5%!
7*$#)*!0#1Ù<Č*./*!1/¿!./*83'&-6/!5!./7D4!)/../!13%.#)/18#!1)#2*!.%$*Č-7/*!<5%1%(./°:!`5%>
1%(./*./*!3#!0#($*+%4!2%8!8%Č(-!(#)'(4!#7*./*!1(<F:!!
L#ï°!10*83%8<$%&.%! 8#.3&#$%! 1(#)%!5.%2#6#ï7/! 6*3#(!9%(%)75-7D! 0&5*5! 9/*+Ù*+#! 6/%Ù%!
6/*217*!)!10&%)/*!(#3-757*2!13&%3!)!NI`J!!
Ec/*+Ù%!S%()/+%!jÙ-.%&75-84!83'&%!#!8/$8%(5/*1/3!6/$/#.')!0#6-$/Ù%!1/¿!)!)-$/75%./<!13&%3!
)!NI`!-7/*4!0#!&%5!@M:!)-13¿0<2*!0&5*(!1(*6:!G(!(#0-3<2*4!2%8!6*3#(!9/*+Ù%!#8&*ï$/Ù%!
&-5-8#!/.)*13-7-2.*:!c/*+Ù%!5)$*8%!5!#(0#)/*(5/:!;&*157/*!1¿(5/%!H&5-153#C!N*3&-.%!0-3%!
)0&#13J!!
G¿(5/%J!P!6*3#(¿!j7H*.5/*+#!0%./!5.%g!!
c/*+Ù%J!d%8:!!
G¿(5/%! 5(5/)/#.-J! P$*! 0&#15¿!0%./4!2%!3¿! 6*3#(¿! )-6-ï$/Ù*6! 0&5*(! 7D)/$vF:!!
=&'(Ù#J!EX%5*3%! ;-9#&75%F!5!M!6%2%!TBBW!&:4! D330J]]))):%&7D/)<6:)-9#&75%:0$]P&7D/)<6]!
@4B4WBKWTAT4TBBWBKBM"N>LX;4SPHtc\aXnPtLOtdaXOtLOGInP4:D36$?:! X$#), <"6"! E6*>
3#(%!j7H*.5/*+#F!2*13!.%5)!6*3#(-!C/52#3*&%0*<3-75.*2:!
@Q@!P:!X%9*&$*J!K$:$&'b4!#0:!7/3:4!1:!@M@:!
@QT!I#9:!S:!;'27/8/*)/75J!4(20".#'/)b4!#0:!7/3:4!1:!AT!/!.%13:!
(!

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

9 ./*5%)#(.#ï°!6*3#(-@QA_!
9 5%1%(%!0#.#15*./%!8#153')!&5*75-)/ï7/*!./*59¿(.-7D_!
9 0#0<$%&.#ï°!6*3#(-:!
I! 0<.83<! )/(5*./%! 9/*+Ù*+#! /.C#&6%3-8%! .%! 0#(8&*ï$*./*! 5%1Ù<+<2*!!
6#Č$/)#ï°! )-8#&5-13%./%! )! #0/./#)%./<! 5%$*7*Ú!N#$18/7D!Z#&6!#&%5!
.#&6!/! 13%.(%&(')!6/¿(5-.%&#(#)-7D! =\GO@QW4!\aV@QK4! \d`>d@QY4!\aaa@QU4!
(#8<6*.3')!\adl@QM!/30:?:!Z%$*Č-!0%6/¿3%°4!Č*!7D#°!,!5+#(./*!5!%&3:!W!<13:!
A!#&%5!%&3:!K!<13:!A!<13%)-!#!.#&6%$/5%72/!=(%$*2!`OZ?!13#1#)%./*!.#&6!2*134!
7#!(#!5%1%(-4!(#9&#)#$.*!,!3#!($%!9/*+Ù*+#4!9¿(7*+#!0&5*7/*Č!0&5*(13%>
)/7/*$*6!./*!)Ù%1.-7D!0#+$(')4!%$*!(-17-0$/.-!)/*(5-!/!3*7D./8/4!13#1#>
)%./*!5%&').#!5.#&6%$/5#)%.*2!.#6*.8$%3<&-!2%8!/!<)5+$¿(./%./*!#0/1%>
.-7D!)!.#&6%7D!5%1%(!/! 5%$*7*Ú! 2*13! 0#(*2ï7/*6!&#51(.-6:!O75-)/ï7/*!
.#&6-!./*!6<15!5%!8%Č(-6!&%5*6!)-5.%75%°!2*(-.-7D4!75-!.%2$*015-7D!
13%.(%&(')!0#13¿0#)%./%!=7D#°!#75-)/ï7/*!0#)/..-!(#!3*+#!56/*&5%°?_!
)!8#.8&*3.-7D!0&5-0%(8%7D!(5/%Ù%./*!)9&*)!5%0/1#6!.#&6!6#Č*!9-°!(5/%>
Ù%./*6!&%72#.%$.-6@QQ4!./*6./*2! )18%5%.*!2*13!#()#Ù-)%./*!1/¿!(#!./7D!
)!#0/.//!0&5-.%26./*2!2%8#!(#!6%3*&/%Ù<!&*C*&*.7-2.*+#:!

@QA!N#)#Ù%.-!3*813!)-2%ï./%!0#2¿7/%!3&%C.#ï7/!/!./*5%)#(.#ï7/4!#()#Ù<27!1/¿!(#!75¿13#ï7/!<(%>
.-7D!/(*.3-C/8%72/4!./*5%)#(.#ï7/!/.3*&0*&1#.%$.*2!#&%5!/.3&%0*&1#.%$.*2:!N#1Ù<+<27!1/¿!.#>
6*.8$%3<&!13#1#)%.!(#!5%+%(./*Ú!0#6/%&#)-7D!.%$*Č%Ù#9-!6')/°!#!(#8Ù%(.#ï7/4!0&*7->
52/4!0#)3%&5%$.#ï7/!/!#(3)%&5%$.#ï7/4!5%ï!)!0&5-0%(8<!3*13')!(/%+.#13-75.-7D!=(/%+.#13-8%!
&#5(5/*$75%?!(#!75<Ù#ï7/!/!1)#/13#ï7/!3*13'):!
@QW!\.3*&.%3/#.%$!O&+%./5%3/#.! C#&! G3%.(%&(/5%3/#.!=j/¿(5-.%&#(#)%!O&+%./5%72%!G3%.(%>
&-5%7-2.%?:!
@QK!!\.3*&.%3/#.%$! a$*73&#3*7D./7%$! V#66/11/#.! =j/¿(5-.%&#(#)%! H#6/12%! a$*83&#3*7D>
./75.%?:!
@QY!!\.3*&.%3/#.%$! d*$*7#66<./7%3/#.! `./#.! −! d*$*7#66<./7%3/#.! G3%.(%&(/5%3/#.! G*73#&!
=G*83#&!Z#&6%$/5%72/!d*$*8#6<./8%72/!j/¿(5-.%&#(#)*2!`.//!d*$*8#6<./8%7-2.*2?:!
@QU!! d D * ! \ . 1 3 / 3 < 3 * ! # C ! a $ * 7 3 & / 7 % $ ! % . (! a$*73&#./71! a.+/.**&1! =\.13-3<3! \.Č-./*&')! a$*83&-8')!!
/!a$*83&#./8')?:!
@QM!\.3*&.*3!a.+/.**&/.+!d%18!l#&7*:!
@QQ!;!1575*+'$.#ï7/4!9/#&7!0#(!<)%+¿!0&5*)$*8Ù#ï°!0&#7*1<!.#&6%$/5%7-2.*+#4!6#Č*!1/¿!5(%>
&5-°4!Č*!#9#)/5<27*!.#&6-!5%)/*&%2!<&*+<$#)%./%!0&5*13%&5%Ù*!5!0<.83<!)/(5*./%!&#5)#2<!
3*7D./8/!/!0&%83-8!(5/%Ù%./%4!13(!3*Č!,!1575*+'$./*!)!0&5 -0%(8<!#0/./ #)%./%!)!10&%)%7D!5)/>
5%.-7D!5!#7*.!.%$*Č-3*2!13%&%..#ï7/!)-)/5-)%./%!1/¿!5!<6')!=.0:!#(.#ï./*! (#! 3)#&5*./%!
('

!"#$%&'()*$+!
!
;!$/3*&%3<&5*!0&5*(6/#3<!0#(8&*ï$%!1/¿4!Č*!9/*+Ù*+#!0&5-!)-9#&5*!6*>
3#(-!9%(%)75*2!./*!(#3-75-!5%1%(%!16,&;<1$,0.$,."$4!13#1#)%./*!83'&*2!2*13!
)Ù%ï7/)*!($%!#&+%.<!0&#7*1#)*+#:!g7/1Ù*!13#1#)%./*!1/¿!(#!./*2!0&5*5!9/*>
+Ù-7D! 0#)#(#)%Ù#9-! 8#./*75.#ï°!)-9#&<!3-7D!10#ï&'(! 6*3#(! 9%(%)>
75-7D4! 83'&*! 6/./6%$/5<2! &-5-8#! 9Ù¿(<! \\! &#(5%2<! =)./#18')! C%Ù15-)*2!
8$%1-C/8%72/!−!%.+:!7)F2",0$21#1G"?4!75-$/!.0:!13)/*&(5*./%!0#0*Ù./*./%!75-.<!
5%9&#./#.*+#4!+(-!)!&5*75-)/13#ï7/!./*!9-Ù!#.!0#0*Ù./#.-TBB4!5!(&<+/*2!2*(>
.%8!13&#.-!,!#0/./%!9/*+Ù*+#!5%)/*&%27%!59-3!(%$*8#!/(7*!75-!0#7D#0./*!
)-7/+./¿3*!)./#18/!6#Č*!./*ï°!5!1#9!0#)%Č.*!8#.8&*3.*!18<38/!0&%).*4!
10#Ù*75.*!/!*3-75.*4!13(!3*Č!)10#6./%.!5%1%(¿!9/*+$/! 0#)/../! 6/*°!.%!
<)%(5*TB@:!c/*+Ù-! ./*! 2*13! 13&#.!)!10#&5*!1(#)-6! %./!./*!6#Č*! 0*Ù./°!
&#$/!&5*75./8%!Č%(.*2!5*!13&#.4!%!5%3*6!./*!0#)/./*.!3Ù<6%75-°!)30$/)#ï7/!
.%!./75-2!8#&5-ï°!$<9! ./*8#&5-ï°4!%!2*(-./*!0#/.C#&6#)%°!#&+%.! 0&#7*>
1#)-4!Č*!3%8/*!)30$/)#ï7/!)-13¿0<2!/!2%8/!2*13!/7D!7D%&%83*&4!)!1575*+'$>
.#ï7/!,!2*ï$/!3#!6#Č$/)*!,!0#(%°!#(0#)/*(./*!13%3-13-8/!7D%&%83*&-5<27*!
5%13#1#)%.! 6*3#(¿!9%(%)75!=.0:!#15%7#)%./*!0&%)(#0#(#9/*Ú13)%!
0#0*Ù./*./%!9Ù¿(')!0/*&)15*+#!/!(&<+/*+#!&#(5%2<4!0#5/#6!/13#3.#ï7/!75-!
6%81-6%$.-!9Ù(!15%7<.8<!5%13#1#)%.-7D!3*13')?:!
!
!7D""<,3+":.(66&Ƒ:3"@*'*1:.(:?"3"3:?"1(63)41"
O0/./%!9/*+Ù*+#!./*!6#Č*!10&#)%(5%°!1/¿!(#!1%6-7D!3-$8#!)./#18'):!HNV!
C#&6<Ù<2*!3#!5%$*7*./*!)!3*.!10#1'94!Č*!0#)/..%!#.%!5%)/*&%°!<5%1%(./*>
./*TBT!4 ! 5 % ï! HNH! 6')/! #! 10&%)#5(%./<! 5! 0&5*0&#)%(5#.-7D! 75-..#ï7/!!
/!10#13&5*Č*Ú!#&%5!#0%&3-7D!.%!./7D!)./#18%7DTBA:!Z/*! 2*13!)/¿7! 6#Č$/)*!
10&#)%(5*./*!#0/.//!3-$8#!(#!1%6-7D!)./#18'):!I%!7#!.%26./*2!)30$/)!
0&%83-8¿!6#Č.%!<5.%°!&')./*Č!)-7/+%./*!)./#18')!3-$8#!E.%!0#(13%)/*!
#1#9/13*2! )/*(5-! /! (#ï)/%(75*./%! 9/*+Ù*+#F4! 83'&%! 3#! C#&6<Ù%! 75%1%6/!

#0&#+&%6#)%./%4!)(&%Č%./%!1-13*6')!/.C#&6%3-75.-7D4!<1Ù<+!%(6/./13&%72/!/3(:?!,!./*!6#Č.%!
#+&%./75-°!1/¿!2*(-./*!(#!1%6*2!8#.8$<52/!#(.#ï./*!(#!5+#(.#ï7/!5!.#&6:!!
TBB!I#9:!S:!;'27/8/*)/75J!4(20".#'/)b4!#0:!7/3:4!1:!AT:!
TB@!!I#9:!.0:J!S:!H<.5J,IÙ&:::!4!#0:!7/3:!
TBT!P&3:!TMK!R!@!HNVJ!O0/./%!9/*+Ù*+#!0#)/..%!5%)/*&%°!<5%1%(./*./*:!
TBA!P&3:!TBB!R!T!HNHJ!O0/./%!0#)/..%!5%)/*&%°J!
=b?!
K?!10&%)#5(%./*!5!0&5*0&#)%(5#.-7D!75-..#ï7/!/!10#13&5*Č*Ú!#&%5!#0%&3*!.%!./7D!)./#18/:!
((

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

9-)%!<Č-)%.%!/!.%(<Č-)%.%!)! #0/./%7D!9/*+Ù-7DTBW:! ;! #&5*75./73)/*! /13>
./*2*! 15*&*+! #&5*75*Ú!(#3-757-7D! 8#./*75.#ï7/! 5%)%&7/%! )! #0/.//! #(0#>
)/*(./*+#!<5%1%(./*./%TBK:!

TBW!I!(&<+/*2!13&#.-!./*!5%)15*!/13./*2*!6#Č$/)#ï°!/!1*.1!5.%$*5/*./%!#(0#)/*(./7D!Ċ&'(*Ù!$/>
3*&%3<&#)-7D4!75-!)-./8')!9%(%Ú4!1575*+'$./*4!2*ï$/!9/*+Ù-!6/%Ù9-!7-3#)%°!)Ù%1.*!#0&%7#>
)%./%4! 75-! 2*ï$/!#(0#)/*(5/!.%! 0-3%./%! 5%(%)%.*!0&5*5!<75*13./8%! 0#13¿0#)%./%!6/*1575!
1/¿!)!8%.#./*!./*!)/%(#6#ï7/!10*72%$.-7D!%$*!#+'$.-7D:!c#7D*Ú18/!0&5-3%75%!)!1)#/7D!)10#>
6./*./%7D!.%13¿0<27!D/13#&/¿4!8/*(-!5#13%Ù!0#)#Ù%.-!2%8#!9/*+Ù-!)&,H$8!0&5*5!1(!)!"*0<>
9$/7*!N#Ù<(./#)*2!PC&-8/J!EN#.%(!13#!0/¿°(5/*1/3!#1'94!0&5*)%Č./*!75%&.-7D4!5#13%Ù#!#18%&>
Č#.-7D! #! 5(&%(¿! /! 0#13%)/#.-7D! 0&5*(! 1(! )-238#)-! .%! 0#(13%)/*! <13%)-! )-238#)*2:!
XÙ').-!5%&5<3! 13%)/%.-!/6!9&56/%Ù4!Č*!14!)5+$¿(./*! 9-$/4!8#6<./13%6/4!7#!)*(Ù<+!0&%)%!
0#Ù<(./#)#%C&-8%Ú18/*+#!9-Ù#!1%6#!)!1#9/*!8%&%$.-6!0&5*13¿013)*6:!N#./*)%Č!2*(.%8!0#>
$/72%!0&#)%(57%!0&#7*1!=8&%2! ./*!0#1/%(%Ù!0&#8<&%3<&-4!0#$/72%!.%26#)%Ù%!0#!0&#13<!%()#>
8%3')?!./*!9%&(5#!&#5<6/%Ù%4!75-6!8#6<./56!)Ù%ï7/)/*!2*134!0#13%.#)/#.#!10&#)%(5/°!1#>
9/*! &5*75#5.%)7¿!=:::?:!Z/*!.%6-ï$%274! 1/¿! )/*$*4! 5+#(5/Ù*6! 1/¿:! =:::?:! ;! N&*3#&//! 6/%Ù*6!
9%&(5#!(#+#(.*! )%&<.8/!0&%7-:!N#$/72%!18#.C/18#)%Ù%!#18%&Č#.-64! 83'&5-!5&*153!#(0#>
)/%(%$/!5!)#$.*2!13#0-4!(#8<6*.3-!/!81/Č8/!/!0#5#13%)/Ù%!6/!2*!(#!(-10#5-72/:!j/%Ù*6!)18<>
3*8! 3*+#! )+$(! )! C<.872#.#)%./*! 0#Ù<(./#)#%C&-8%Ú18/*2! 0%&3//! 8#6<./13-75.*2:! O3#!
0&'98%!6#2*2!(5/%Ù%$.#ï7/:!"*C*&<2¿!6'2!0#+$(! .%! 2*(.*+#! 5! #18%&Č#.-7D:! j#/6! 5(%./*64!
%./!ï$%(<!8#6<./56<:!Z%!3#!2*(*.!5!%()#8%3')!0#$/72/J!0&5*7/*Č!5.%$*5/#.#!<!./*+#!81/Č8¿!
&#1-218:!O(0#)/%(%64!Č*!3#!0&%)(%4!%$*!81/Č8%!2*13!c/*&(/%2*)%4!5.%.*+#!%.3-8#6<./13-:!
Z%!3#!#./4!75-!2%!6#+¿!3#!<(#)#(./°:!N&5-5.%2¿4!Č*!13&%7/Ù*6!0%.#)%./*!.%(!1#94!0%$.Ù*6!
0/¿ï7/!)!13'Ù4!6')/7J!rX*.3$*6%.!(#)'(!2*13!3*.4!Č*!2%!)%6!3#! 6')/¿s=:::?:!d&-9<.%Ù!)->
238#)-4!6/%.#)%.-!10*72%$./*!0&5*5!&5(!(#!1(5*./%!10&%)-!.%!0#(13%)/*!<13%)-!)-23>
8#)*24!#13%3*75./*!<)#$./Ù!)15-138/7D!#18%&Č#.-7D!#(!)/.-!/!8%&-!=:::?:!N&5*(!6#/6!#($#3*6!
0&5-15*(Ù!(#!6./*!75Ù#.*8!Ù%)-!#9&#Ú7')4!0&#1574!%9-6!./*!#(2*Č(Č%Ù4!9#!9%Ù!1/¿4!Č*!9*5*!
6./*!5&#9/!8#6<./13')!5*!)15-138/7D!#18%&Č#.-7D:!N#6-$/Ù!1/¿!/!0&5*1%(5/Ù!6'2!)0Ù-)!.%!
0&#7*1:!Z/*6./*2! 7/*15¿!1/¿4! Č*!6#+Ù*6! )! 0*).*2!6/*&5*!0&5-75-./°!1/¿!(#! <)%$./%27*+#!
)-&#8<F!=S:!c#7D*Ú18/J!W20$?61"61)4!Nm\naL4!H&%8')!@QQW4!1:! TKU?:!O75-)/ï7/*!0#)#Ù%./*!
1/¿!)!3*.!10#1'9!.%!)Ù%1.*!(#ï)/%(75*./*!/!)/*(5¿!9/*+Ù*+#!6/%Ù#!3<!<5%1%(./*./*4!#!3-$*4!Č*!
9-Ù! #.! )! 3-6! 75%1/*! 2*(.-6! 5!.%2)-9/3./*215-7D! 1#)/*3#$#+')! .%! ï)/*7/*4! &*(%83#&*6!!
/!)10'Ù%<3#&*6!./*6%$!3-1/713&#./7#)*+#!B)6&<;8H,&"2,W"F#($??;6121?;24!/./72%3#&*64!(->
&*83#&*6!/!)-8Ù%(#)7!&5(#)*+#!O13%H#$$*+!)!H#$#.//:!
TBK!S%8#!0&5-8Ù%(-!6#Č.%!0#(%°!.%13¿0<27*!C&%+6*.3-!)-&#8')J!
9 )-&#8!G(<!Z%2)-Č15*+#!5!@Q!6%2%!@QQM!&:!=\\!`HZ!KK]QM?J!EI+#(./*!5!%&3:!TMK!HNV!
#0/./%!9/*+Ù*+#!0#)/..%! 5%)/*&%°! <5%1%(./*./*4! %!)/¿7!13)/*&(5*./%!6#Č$/)*!(#!
10&%)(5*./%!0&5*5!75-3%27-7D!3¿!#0/./¿F_!!
()

!"#$%&'()*$+!
!
L#9&!0&%83-8!2*13!5%6/*1575%./*!)!#0/.//!)Ù%ï7/)/*!10#&5(5#.*2!9/9$/#>
+&%C//! #&%5! #(1-Ù%75-! (#! Ċ&'(*Ù!$/3*&%3<&#)-7D_!5%7D#)%°!.%3#6/%13!.%$*Č-!
#13&#Č.#ï°!5*!59-3!(%$*8#!/(7-6!<6/*1575%./*6!)!#0/.//!C&%+6*.3')!/..-7D!
0<9$/8%72/4!0#./*)%Č!6#Č*!3#!9<(5/°!)30$/)#ï7/!5!0<.83<!)/(5*./%!0&%)%!%<>
3#&18/*+#!,!#0/./%!9#)/*6!2*13!6%3*&/%Ù*6!<&5¿(#)-6!)! 1*.1/*!%&3:!W!N&P<34!!
)!5)/58<!5!75-6!)-8#&5-13-)%.-!)!./*2!C&%+6*.3!<3)#&<!13%2*!1/¿!&')./*Č!
C&%+6*.3*6!(#8<6*.3<!<&5¿(#)*+#:!;!1575*+'$.#ï7/4!0&5-3#75*./*!2%8/*+#ï!
<3)#&<! )! 7%Ù#ï7/! 6#+Ù#9-! 9-°!&').#)%Č.*! 5! ,! 0&5-.%26./*2! 0&%83-75.-6!!
,!0#59%)/*./*6!%<3#&%!8#&5-ï7/!)-./8%27-7D!5!(-10#.#)%./%!0&%)%6/!6%>
238#)-6/!(#! <3)#&<:!;!18&%2.*2! /.3*&0&*3%72/!6#Č.%! &#5)%Č%°!0&#9$*6!0#>
59%)/*./%!(5/*Ù%!5.%6/#.!<3)#&<!/!E)-)Ù%1575*./%F!)!3*.!10#1'9!2*+#!%<3#&%!
/! #(0#)/*(5/%$.#ï7/! 5%! 3#:! c*50/*75./*215-6! )-2ï7/*6! 2*13! (#Ù75*./*! 8#0//!
C&%+6*.3')!#(0#)/*(./*+#!6%3*&/%Ù<!Ċ&'(Ù#)*+#!(#!#0/.//!=7#!6%!1*.1!3-$8#!
)3*(-4!2*ï$/!6#)%!#!0<9$/8%72%7D!./*(#13¿0.-7D!)!9/9$/#3*8%7D4!81/¿+%&./%7D!
75-!)!\.3*&.*7/*_!)!0#5#13%Ù-7D!0&5-0%(8%7D!)-13%&75-!#0/1!9/9$/#+&%C/75.-?:!
O0/1!75-..#ï7/!9%(%)75-7D!0#)/./*.!9-°!.%!3-$*!1575*+'Ù#)-4!%9-!6'7!
<6#Č$/)/°! #7*.¿! 6*3#(#$#+/75.*2! 0#0&%).#ï7/! /7D! )-8#.%./%4! %! )/¿7!!
.0:!0&5*0&#)%(5%27!3*13-!)-(%2.#ï7/#)*!%0$/8%72/!.%$*Č-!(#8Ù%(./*!#0/1%°!
)%&<.8/!9%(%./%4!3#! 2*13!6:/.:! 0&5-! <Č-7/<!2%8/*+#! #0&#+&%6#)%./%!0&5*>
0&#)%(5#.#!3*13-4! 2%8!9-Ù#! #.#! 18#.C/+<&#)%.*4! 2%8/*! 9-Ù-! 0%&%6*3&-! 3*>
13')!#97/Č*./#)-7D4!2%8%!9-Ù%!8#.C/+<&%72%!/!)-(%2.#ï°!<&5(5*Ú!=0%6/¿7/!
6%1#)*24!<&5(5*Ú!1/*7/#)-7D?4! 75-! .%!13%.#)/18<!9%(%)75-6! 9-Ù-!<&<>
7D#6/#.*!/..*! 0&#7*1-! /!2%8/*!#97/Č*./*!#.*!+*.*&#)%Ù-4!0#(! 8#.3&#$!2%>
8/*+#!1-13*6<!#0*&%7-2.*+#!/!)!2%8/*2!)*&12/!0&#)%(5#.#!9%(%./%!/3(:!O75->
)/ï7/*! #0&'75! #0/1<! )%&<.8')! 9%(%./%! .%$*Č-! 0#(%°! 2*+#! )-./8/! #&%5!
0&5*0&#)%(5/°!/7D!(-18<12¿TBY:!N#(!3-6!)5+$¿(*6!5%1%(-!6*3#(#$#+/75./*!
(#8<6*.3#)%./%!*810*&3-5-!./*!&'Č./!1/¿!#(!5%1%(!#0/1<!/..-7D!9%(%Ú!.%>
<8#)-7D:!
O(! 13&#.-! C#&6%$.*2! )! 0#13¿0#)%./<! 8%&.-64! 5+#(./*! 5! %&3:! TBB!!
R!T!HNH4!#0/./%!0#)/..%!5%)/*&%°J!

9 )-&#8!G(<! Z%2)-Č15*+#! 5! TQ! $/07%!@QQQ! &:!=\\! `HZ!YB]QQ?J! EO0/./%!9/*+Ù*+#!0#>
)/..%! 5%)/*&%°!<5%1%(./*./*!1C#&6<Ù#)%.*! )! 10#1'9! 0&5-13¿0.-! /! 5&#5<6/%Ù-!
3%8Č*!($%!#1'9!./*0#1/%(%27-7D!)/%(#6#ï7/!10*72%$.-7DF:!
TBY!;!1575*+'$.#ï7/4!2*ï$/! #3&5-6%.*!)-./8/!#(9/*+%2!#(!10#(5/*)%.-7D4!.%$*Č-!&#50%3&5*°!
6#Č$/)*!0&5-75-.-!3%8/*+#!13%.<! &5*75-:! j#Č*! 3#!9-°! <5%1%(./*./*! ($%! 0&5*0&#)%(5*./%!
8#$*2.-7D!9%(%Ú!6%27-7D!.%!7*$<!)-*$/6/.#)%./*!*)*.3<%$.-7D!9Ù¿('):!
)*

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

@?!/6/¿4!.%5)/18#4!13#0/*Ú!/!3-3<Ù!.%<8#)-4!10*72%$.#ï°!/!13%.#)/18#!5%>
)#(#)*!9/*+Ù*+#_!
T?! /6/#.%! /! .%5)/18%! #&%5! 0#5#13%Ù*! (%.*! /..-7D! #1'94! 83'&*! <75*13./>
75-Ù-! )! 0&5*0&#)%(5*./<! *810*&3-5-4! 5*! )18%5%./*6! 75-..#ï7/! (#8#.%>
.-7D!0&5*5!8%Č(!5!./7D_!
A?!)!)-0%(8<!#0/.//!/.13-3<72/!,!3%8Č*!0*Ù.%ࡥ!.%5)¿!/!1/*(5/9¿!/.13-3<72/_!
W?!75%1!0&5*0&#)%(5#.-7D!9%(%Ú!#&%5!(%3¿!)-(%./%!#0/.//_!
K?! 10&%)#5(%./*! 5! 0&5*0&#)%(5#.-7D! 75-..#ï7/! /! 10#13&5*Č*Ú!#&%5!
#0%&3*!.%!./7D!)./#18/_!
Y?!0#(0/1-!)15-138/7D!9/*+Ù-7D4!83'&5-!<75*13./75-$/!)!)-(%./<!#0/.//:!!
HNV!/!HNP!./*!.%8Ù%(%2!3%8/7D!)-6#+')!.%!5%)%&3#ï°!#0/.//4!./*6./*2!
)-(%2*!1/¿!7*$#)*!5%6/*1575%./*!0#)-Č15-7D!*$*6*.3')!&')./*Č!)!0#13¿>
0#)%./<!)! 10&%)%7D!7-)/$.-7D! /! %(6/./13&%7-2.-7D:!Z%!<)%+¿!5%1Ù<+<2*!
8#./*75.#ï°!&#5&'Č./*./%!#1'9!<75*13./757-7D!)!0&5*0&#)%(5*./<!*810*&>
3-5-!#(!9/*+Ù-7D!)-(%27-7D!#0/./¿!=)!1575*+'$.#ï7/!<75*13./75-°!)!0&5->
+#3#)%./<!*810*&3-5-!6'+Ù!.0:!$%9#&%.3!./*6%27-!)0Ù-)<!.%!0'Ċ./*215*!
)./#18#)%./*!9/*+Ù*+#?TBU:!
!
!7E""F&-=0ų&1*63$"163&+)41"
I+#(./*!5!3-6!7#!.%0/1%.#!0#)-Č*24!2*(.!5!.%2/13#3./*215-7D!8)*13//!(#3->
757-7D! C#&6<Ù#)%./%! )./#18')! 5! *810*&3-5-! 2*13! 8#./*75.#ï°! )! 6/%&¿!
6#Č$/)#ï7/! (#8Ù%(.*+#! #8&*ï$*./%! 13%.#)75#ï7/! )./#18'):! "#51(.-6!
)-2ï7/*6!)-(%2*!1/¿!0#13<$#)%.*4!6:/.:!)!0&%7-!;'27/8/*)/75%TBM4!13#0./#>
)%./*!8%3*+#&-75.#ï7/!)./#18')!)+!18%$/J!
9 0#5-3-).*!)./#18/!13%.#)75*4!5)%.*!3*Č!8%3*+#&-75.-6/_!
9 0#5-3-).*!)./#18/!<0&%)(#0#(%9./%27*_!
9 0#5-3-).*!)./#18/!./*)-8$<75%27*_!

TBU!j%!3#!8#.1*8)*.72*!($%! *)*.3<%$.-7D!0'Ċ./*215-7D!&'$! 0&#7*1#)-7D! =%&3:! TBB! R!A! HNHJ!
EO1#9-4!83'&*! 9&%Ù-!<(5/%Ù!)!)-(%./<! #0/.//4!6#+!9-°4! )! &%5/*!0#3&5*9-4!0&5*1Ù<7D/)%.*!!
)! 7D%&%83*&5*! 9/*+Ù-7D4! %! #1#9-4! 83'&*! <75*13./75-Ù-! 3-$8#! )! 9%(%./%7D! ,! )! 7D%&%83*&5*!
ï)/%(8')?F:!
TBM!S:!;'27/8/*)/75J!4(20".#'/)b4!#0:!7/3:!
)"

!"#$%&'()*$+!
!
9 )./#18/!./*&#513&5-+%27*_!
9 <0&%)(#0#(%9./%27*!)./#18/!.*+%3-).*_!
9 ./*)-8$<75%27*!)./#18/!.*+%3-).*_!
9 13%.#)75*!)./#18/!.*+%3-).*TBQ:!
N&#0#5-72*! 3*+#! &#(5%2<! 9<(5! 2*(.%8! 8#.3&#)*&12*T@B!4! 7#! 2*13! 5&*153!!
#!3-$*!<5%1%(./#.*4!Č*!18%$%!3%8%!,!%9-!9-Ù%!<Č-3*75.%!,!6<1/%Ù%9-!9-°!0#>
)15*7D./*! 13#1#)%.%! /! 2*(.%8#)#! /.3*&0&*3#)%.%! 0&5*5! )15-138/7D! 9/*>
+Ù-7D! =5.#&6%$/5#)%.%?:! I(5/1Ù%)! j%&*8 T@@!!0&#0#.<2*! /..-! 10#1'9! 0#>
(5/%Ù<!#0/.//4!6/%.#)/7/*!753*&#13#0./#)!18%$¿!#9*26<27J!
9 #0/./*!13%.#)75*_!
9 #0/./*!#!)-1#8/6!13#0./<!0&%)(#0#(#9/*Ú13)%_!
9 #0/./*!%$3*&.%3-).*_!
9 9&%8!#0/.//!5!0#)#(<!./*6#Č.#ï7/!5*9&%./%!)-13%&75%27-7D!
/.C#&6%72/:!
d*+#!&#(5%2<! 0#(*2ï7/*!&')./*Č!6#Č*! 9-°!2*(.%8!<5.%.*!5%!8#.3&#)*&>
1-2.*:!Z%!0&5-8Ù%(!N/#3&!H#)%$18/!/!S%.<15!LÙ<+#0#$18/!8&-3-8<2!0#1Ù<+/>
)%./*!1/¿!0#2¿7/*6!E13#0/*Ú!0&%)(#0#(#9/*Ú13)%FT@T4!5%<)%Č%274!Č*!3&<(.#!

TBQ!\9/(:4!1:!AY,AU:!
T@B!I#9:!.0:J!S:!;/(%78/J!A"8"6/9),(21Č(1,T3,WL981(1":18/)N,42(0".#'/),2&$:)4!EN%$*13&%F!Z&!@!T]TBBA4!
(#13¿0.%!.%J!!D330J]]0%$*13&%:0$]/.(*f:0D0g+#h%&3-8<$i/(hQBU:!
T@@!I#9:!I:!j%&*8J!W'<.)6"b4!#0:!7/3:4!1:!TW@:!
T@T!EN#1Ù<+/)%./*!1/¿! 0#2¿7/*6! 0&%)(#0#(#9/*Ú13)#!13%.#)/! )-&%Ċ.*!#()#Ù%./*! (#!0#2¿°!
6%3*6%3-75.-7D4!%! #8&*ï$*./*!13#0/*Ú!1<+*&<2*!/13./*./*!2%8/*2ï!<0#&5(8#)%.*2!0#)15*7D>
./*!0&5-2¿3*2! 18%$/4! %! 3-675%1*6! )! 0&5-3Ù%75%27*2! )/¿815#ï7/! )-(%)%.-7D!#0/.//!)-$/75*Ú!
&%7D<.8<!0&%)(#0#(#9/*Ú13)%!1/¿!./*!13#1<2*4!%!3%8Č*!./*!/13./*2*!Č%(.%!18%$%!13#0./#)%./%:!
VD77! 5%3*6! 0#5#13%°!)!5+#(5/*!5!)%&153%3*6!6*3#(#$#+/75.-6!9/*+Ù*+#4! ./*59¿(.*!2*13!
5&*5-+.#)%./*!5!./7!./*5.%757*2!1Ù#).*2!D-9&-(-4!2%8!2*13!#8&*ï$*./*!r13#0/*Ú!0&%)(#0#>
(#9/*Ú13)%s!.%!&5*75!0&5-2¿7/%!0&5*5!1(!r<6#3-)#)%.*2!6#Č$/)#ï7/s!5%/13./*./%!#8&*ï$#>
.*+#!5(%&5*./%4!)-./8%27*2!5*! 13%.<!C%83-75.*+#!10&%)-:!d%8%!1-3<%72%!2*13!)-&%Ċ.-6!1->
+.%Ù*6!#!)-75*&0%./<!6#Č$/)#ï7/!9/*+Ù*+#!.%!&5*75!#()#Ù%./%!1/¿!(#!&#513&5-+./¿°!.%3<&-!
75-13#!0&%).*2!/!3#!)-Ù75./*!0&5*5!1(4!%!./*!0&5*5!9/*+Ù*+#:!!
O0/./<27!#!5)/58<!0&5-75-.#)-64!9/*+Ù-!6#Č*!5%)&5*°!)*!)./#18%7D!2*(-./*!3&5-!.%13¿>
0<27*!8#.8$<52*J!@?!0&5-2°!/13./*./*!5)/58<!0&5-75-.#)*+#4!T?!#(&5<7/°!2*+#!)-13¿0#)%>
./*!#&%5!A?!13)/*&(5/°!9&%8!6#Č$/)#ï7/!0&5-2¿7/%!%$9#!#(&5<7*./%!5)/58<!0&5-75-.#)*+#!.%!
0#(13%)/*!5*9&%.*+#!6%3*&/%Ù<!(#)#(#)*+#:!!
N&5-2¿7/*!0&5*5!1(!#&5*8%27-!r<6#3-)#)%.*2!6#Č$/)#ï7/s! 13%.#)/°!9¿(5/*!&#5)/./¿7/*!
8#.8$<52/! 9/*+Ù*+#4! 83'&%! ./*!0&5-26<2*! /! ./*! #(&5<7%! 5)/58<! 0&5-75-.#)*+#4!$*75! 2*13!
13)/*&(5*./*64!/Č!13%.!C%83-75.-!10&%)-!./*!<0#)%Č./%!9/*+Ù*+#!(#!)-(%./%!13%.#)75*2!
)#

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

13#1#)%°!0#2¿7/*! 0&%)(#0#(#9/*Ú13)%!9*5! #(0#)/*(./7D! 6%3*6%3-75.-7D!
)-$/75*Ú!2*+#!)%&3#ï7/:!I!(&<+/*2!2*(.%8!13&#.-4!)!)/*$<!5%13#1#)%./%7D!Č-7/#>
)-7D!0&#)%(5/!1/¿!15%7#)%./*!0&%)(#0#(#9/*Ú13)%!./*! )! #0%&7/<!#!ï7/1Ù*!
#0*&%72*!6%3*6%3-75.*4!%$*!6*3#(!&%.+#)%./%!#7*.!*810*&78/7DT@A:!O75->
)/ï7/*!13)/*&(5*./*4!Č*!7#ï!2*13!=5%$*()/*?!0&%)(#0#(#9.*!./*!2*13!($%!1(<!
)!)/*$<!0&5-0%(8%7D!)-13%&75%27*!(#!)./#18#)%./%!#!13%./*!C%83-75.-6!
=.0:!(#!8%3*+#&-75.*+#!13)/*&(5*./%!%(*8)%3.*+#!5)/58<!0&5-75-.#)#>
18<38#)*+#?:!I!(&<+/*2!2*(.%8!13&#.-!3*+#!&#(5%2<!/.C#&6%72%!6#Č*!9-°!<Č->
3*75.%!($%!1(<!)!/..-7D!10&%)%7D!=.0:!5)/5%.-7D! 5!5%7D#)%./*6!.%$*>
Č-3*2!13%&%..#ï7/!0&5-!5%9*50/*75%./<!1/¿!0&5*(!2%8/6/ï!,!5%$*()/*!0&5*7/*Č!
0&%)(#0#(#9.-6/!,!5%+&#Č*./%6/?!75-!)!0#Ù75*./<!5!/..-6/!(#)#(%6/4!
83'&-6/!0&5*7/*Č!5%5)-75%2!1(!(-10#.<2*:!X(-9-!5&*153!)-8$<75-°!6#Č>
$/)#ï°! )-(%)%./%! #0/.//! /..-7D! ./Č! 13%.#)75*4! 6#+Ù#9-! 1/¿!#8%5%°4! Č*!!
)!)/¿815#ï7/!0&5-0%(8')!#0/.//!./*!(%!1/¿!)-(%°:!"#5)%Č%./%!3%8/*!6#+!
)-(%)%°!1/¿!5!2*(.*2!13&#.-!#75-)/13*4!%!5!(&<+/*2!,!(#ï°!%913&%87-2.*4!6#+!

#0/.//:!G(!5%ï!)/./*.!.%!0#(13%)/*!7%Ù#8153%Ù3<!5*9&%.*+#!)!10&%)/*!6%3*&/%Ù<!(#)#(#>
)*+#! # &%5! 5%1%( -! 1)#9#(. *2! #7*.-! ( #)#(')! # &5*74! Č*! 6#Č$/)*! 2*13! 0&5-2¿7/*! /13./*./%!
5)/58<!0&5-75-.#)*+#!./*! )!#0%&7/<! #!3)/*&(5*./%! 9/*+Ù*+#! #! 0&%)(#0#(#9/*Ú13)/*4!
$*75!13)/*&(5#.*2!0&5*5!1(!6#Č$/)#ï7/!5%/13./*./%!#8&*ï$#.*+#!13%.<!5(%&5*ÚF:!N:!H#)%$>
18/4!S:!LÙ<+#0#$18/J!5)#"=$.'8/6$ï°,$01611,<1"=Ù"=$,2&$:"=$,?"&'(),:,20.):)8H,8':1F6'8H4!EN%>
$*13&%F!Z&!Q,@B]T4!D330J]]))):0%$*13&%:0$]/.(*f:0D0g+#h%&3-8<$i/(hTMBM:!
T@A!d*+#!&#(5%2<!#15%7#)%./%!0&%)(#0#(#9/*Ú13)%!13#1<2*!1/¿!.0:!0&5-!%.%$/5%7D!&-5-8%!
9/5.*1#)*+#:! N&5*)#(./8! [NHZ! \GO! X</(*! UAJTBBQ^4! )! (*C/./72/! A:Y:@:@! =(*C/./72%! 5! [\GO!
A@BBBJTBBQ! ,! T:@Q^?! &#5&'Č./%!0&%)(#0#(#9/*Ú13)#! &#5<6/%.*! 6%3*6%3-75./*! =0.$<)<1F1#'?!!
/!0#3#75./*!=F1("F1H$$&?J!
En/8*$/D##(!7D%.7*!#C!1#6*3D/.+!D%00*./.+!
ZOda!@J!\.!&/18!6%.%+*6*.3!3*&6/.#$#+-4!3D*!)#&(!r$/8*$/D##(s!/1!<1*(!3#!&*C*&!3#!3D*!7D%.7*!
#C! 1#6*3D/.+! D%00*./.+4! )D*3D*&! (*C/.*(4! 6*%1<&*(! #&! (*3*&6/.*(! #92*73/e*$-! #&! 1<92*7>
3/e*$-4!p<%$/3%3/e*$-!#&!p<%.3/3%3/e*$-4!%.(! (*17&/9*(!<1/.+!+*.*&%$!3*&61!#&! 6%3D*6%3/7%$$-!
=1<7D!%1!%!0&#9%9/$/3-!#&!%!C&*p<*.7-!#e*&!%!+/e*.!3/6*!0*&/#(?:!
ZOda!TJ!dD*!a.+$/1D!3*&6!r$/8*$/D##(s!(#*1!.#3!D%e*!%!(/&*73!*p</e%$*.3!/.!1#6*!$%.+<%+*1_!
/.13*%(4!3D*!*p</e%$*.3!#C!3D*!3*&6!r0&#9%9/$/3-s!/1!#C3*.!<1*(:!m#)*e*&4!/.!a.+$/1D4!r0&#9%>
9/$/3-s!/1!#C3*.!.%&&#)$-!/.3*&0&*3*(!%1!%!6%3D*6%3/7%$!3*&6:!dD*&*C#&*4!/.!&/18!6%.%+*6*.3!
3*&6/.#$#+-4!r$/8*$/D##(s!/1!<1*(!)/3D!3D*!/.3*.3!3D%3!/3!1D#<$(!D%e*!3D*!1%6*!9&#%(!/.3*&0&*>
3%3/#.!%1!3D*!3*&6!r0&#9%9/$/3-s!D%1!/.!6%.-!$%.+<%+*1!#3D*&!3D%.!a.+$/1DF![\GO!A@BBBJTBBQ,!
T:@Q^4![\GO!X</(*!UAJTBBQ!,!A:Y:@:@^:,
)$

!"#$%&'()*$+!
!
6/*°!#.*!9%&(5#!8#.8&*3.*!,!%!75%1%6/!&')./*Č!)-6%+%27*!(Ù<Č15*+#!5%>
13%.#)/*./%!,!5%13#1#)%./%T@W:!S%8!5%3*6!)/(%°4!#9/*!8#.13&<872*!=#8&*ï$*./*!

T@W!;!$/3*&%3<&5*!0&5*(6/#3<! 0#)3%&5%.%! 2*13! 0&5*13&#+%4! Č*! E.%29%&(5/*2!./*9*50/*75.*! 2*13!
13)/*&(5*./*! =:::?! Z\a! jPj! PLZaXO! LO;OL`4!Pcw! dO! Gd;\a"LI\)4! naVI! Z\a!
jOZP!daXO! ;wHn`VIw)!=I:!j%&*8J!W'<.)6"b4! #0:! 7/3:4!1:! TWT4!0#(8&:!)! #&-+/.%$*?:!!
;!7-3#)%.*2!0&%7-!0&5-3#75#.-!2*13!0&5-0%(*84!)!83'&-6!.%!0#(13%)/*!5(%./%!9/*+Ù*+#J!EV#!
0&%)(%!./*!5.%$*5/#.#!Č%(.-7D! ï$%(')!8&)/!)!0*).*2!#($*+Ù#ï7/!#(!5)Ù#84!%$*!./*!6#Č.%!
)-8$<75-°!#9*7.#ï7/!3%8/7D!ï$%(')4!7D#7/%Č!/7D!./*!13)/*&(5#.#F!#18%&Č#.#!#! 1C%Ù15#)%./*!
#0/.//!/..*+#!9/*+Ù*+#4!83'&-!,!0&%)/(Ù#)#!,!.%!0-3%./*!0&#8<&%3#&%!#(0#)/*(5/%ÙJ!E)#9*7!
C%83<!./*5.%$*5/*./%!Č%(.-7D!ï$%(')!8&)/! 9/*+Ù-!./*!6%!0#(13%)-!(#!1.<7/%!2%8/7D8#$)/*8!
)./#18')F!=/9/(:4! 1:! @@W?:!N#&:! 3%8Č*! .0:!N:! H#)%$18/4! S:! G8Ù%(5/*ÚJ! E0161$:)61",:, 20.):)8H,
8':1F6'8H, 1, ().6'8H, 9)($, 0.$<F"?, :, 0.)(#'8", <1"=Ù"=$4! EO3#&-.#$%&-.+#$#+/%F! Z&! A=A?]TBBW_!!
N:!H#)%$18/J!E0161$:)61"*4!#0:!7/3:4!1:!KK4!MB:!
I!)Ù%1.*2!0&%83-8/!%<3#&%!././*215*2!6#.#+&%C//!6#Č.%!0&5-3#75-°!0-3%./*!18/*&#)%.*!0&5*5!
%()#8%3%!2*(.*2!5*!13&#.!0&#7*1<!7-)/$.*+#!(#!9/*+Ù*+#J!EV5-!(5/%Ù%./%!0&%7#)./8%!0#5)%>
.*+#!0&5-75-./Ù-!1/¿!(#!<Ù%3)/*./%!%3%8<!D%78*&%!.%!1-13*6!/.C#&6%3-75.-gF:!G0&%)%!(#3->
75-Ù%!#(158#(#)%./%!5%!.%&<15*./*!5%1%(!9*50/*75*Ú13)%4!2%8/*!5(%./*6!0#)#(%!)/./*.!9-Ù!
5%0Ù%7/°!0#5)%.-!=/.13-3<72%!C/.%.1#)%?:!P3%8<27-4!0#(15-)%27!1/¿!0#(!0#)#(%4!)-Ù<(5/Ù!
5!8#.3%!2*+#!C/&6-!5.%75.!1<6¿:!N&%7#)./8!0#5)%.*+#!=#1#9%!#91Ù<+<27%!#0&#+&%6#)%>
./*!1Ù<Č7*!(#!5$*7%./%!0&5*$*)')?! ./*)30$/)/*! .%&<15-Ù! 8/$8%! 5%1%(! 9*50/*75*Ú13)%! /! 3#!
3%84! Č*! (5/¿8/! 3*6<! 6#Č$/)*! 9-Ù#9-! 0&5*Ù%6%./*! 2*(.*+#! 5! 5%9*50/*75*Ú4! ./*6./*2! 1%6*!!
)!1#9/*!3*!(5/%Ù%./%!./*!)-13%&75-Ù-9-!)Ù%6-)%75#)/!(#!18<3*75.*+#!%3%8<4!9#)/*6!/.C#&>
6%72%!7D&#./#.%!9-Ù%!2*1575*!/..-6/!5%9*50/*75*./%6/:!I!(&<+/*2!13&#.-4!/..*!#1#9-!6%27*!
13-75.#ï°!5!1-13*6*6!/.C#&6%3-75.-6!0#)#(%!=)!3-6!2*+#!%(6/./13&%3#&?!&')./*Č!./*!0&5*>
13&5*+%Ù-!5%1%(!9*50/*75*Ú13)%4!7#!)!8#.1*8)*.72/!<6#Č$/)/Ù#!%3%8<27*6<!18<3*75.-!%3%8:!
;!0#5)/*! 0#)'(! 0#)#Ù-)%Ù!1/¿!.%!5%1%(¿!#(0#)/*(5/%$.#ï7/!8#.3&%83#)*2! =0#5)%.-!./*!
)-)/5%Ù!1/¿!5!#9#)/58<!5%7D#)%./%!5%1%(!9*50/*75*Ú13)%?4!%$*!2*ï$/!#(0#)/*(Ċ!9/*+Ù*+#!
9-Ù%9-!3)/*&(57%!)!+&¿!)7D#(5/Ù%9-!.%)*3!#(0#)/*(5/%$.#ï°!.%!5%1%(5/*!)/.-:!;!&5*75->
)/13#ï7/!−!./*6#Č$/)*!9-Ù#!<13%$*./*!75-!5%9*50/*75*./*4!#!83'&-6!6#)%4!%3%8<27-!0&5*Ù%>
6%Ù!(5/¿8/!./*C&%1#9$/)#ï7/!0&%7#)./8%!0#5)%.*2!/.13-3<72/!75-!3*Č!/..-7D!#1'9!=)!3-6!0&%>
7#)./8')!0#)#(%?:!*9-!<./8.°!)10#6./%.*+#!5(%./%!=EZ/*!6%6!Č%(.*+#!(#)#(<4!%9-!
3#!13)/*&(5/°4! $*75! ./*! 6#Č.%! 3*+#! )-8$<75-°F?! 0#)'(! 0#)/./*.! &%75*2!0-3%°! 9/*+Ù*+#! 0#!
0/*&)15*!#!3#4!75-!5%7D#)%./*!0#5)%.*+#!13%.#)/Ù#!.%&<15*./*!5%1%(!9*50/*75*Ú13)%!=#(>
0#)/*(ĊJ!E3%8F?4!%!0#!)3'&*!#!3#4!75-!)!3-6!0&5-0%(8<!/13./%Ù!5)/5*8!0&5-75-.#)#>18<3>
8#)-!0#6/¿(5-!3-6!8#.8&*3.-6!.%&<15*./*6!%!)Ù%6%./*6!=#(0#)/*(ĊJ!E./*!6%!0#(13%)!
(#!1.<7/%! 2%8/7D8#$)/*8! )./#18')F?:! Z%!0-3%./*!0#13%)/#.*!2%8!)!#&-+/.%$*!9/*+Ù-!0#)/>
./*.!5%3*6!#(0#)/*(5/*°!E./*!6%!0#(13%)!(#!1.<7/%!2%8/7D8#$)/*8!)./#18')F4!.%3#6/%13!
.%!0-3%./*!EV5-!(5/%Ù%./%!0#)#(%!6#+Ù-!0&5-75-./°!1/¿!(#!<Ù%3)/*./%!%3%8<!D%78*&%!.%!1-1>
3*6!/.C#&6%3-75.-gF!,!E3%8F:!O75-)/ï7/*!)!3*2!1-3<%72/!3&<(.#!9-Ù#!10#(5/*)%°!1/¿!1%3-1C%8>
72#.<27*+#!($%! 0#)#(%!)-&#8<!/!&5*75-)/ï7/*! 0#)'(53)#!5#13%Ù#! #((%$#.*!)!0/*&)15*2!
/.13%.72/4!%!1(!\\!/.13%.72/!)-&#8!0#(3&5-6%Ù:!
)%

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

13#0./%!13%.#)75#ï7/!)./#18')!#&%5!0#1Ù<+/)%./*!1/¿!0#2¿7/*6!E<6#3-)#>
)%.*2!6#Č$/)#ï7/F?!1!)!$/3*&%3<&5*!8&-3-8#)%.*:!I(%./*6!%<3#&%!././*215*2!
6#.#+&%C//4!5(*7-(#)%./*!$*015-6!)-2ï7/*6!2*13!0#1Ù<+/)%./*!1/¿!0/*&)15!
5!./7D4!#75-)/ï7/*!5!5%5.%75*./*64!Č*!<Č-7/*!$/759#)-7D!)%&3#ï7/!0&%)(#>
0#(#9/*Ú13)%!2*13!6#Č$/)*!3-$8#!)!0&5-0%(8<!5%13#1#)%./%!#(0#)/*(./7D!
#9$/75*Ú! 13%3-13-75.-7D:! ;! 0&5*7/).-7D! 0&5-0%(8%7D! .%$*Č-! 0#1Ù<+/)%°!
1/¿!3&%(-7-2.-6/!1C#&6<Ù#)%./%6/!#0/1#)-6/!=E/13./*2*!0*).*!0&%)(#0#>
(#9/*Ú13)#F4! E5! 0&%)(#0#(#9/*Ú13)*6! 9$/18/6! 0*).#ï7/F4! E./*5)-8$*!
6%Ù#!0&%)(#0#(#9.*!2*134!Č*F?4!0&5-!75-6!&#5)%Č%Ú!3-7D!./*!6#Č.%!#0/*>
&%°!.%!9&%8<!0&5*1Ù%.*8T@K:!
H#./*75.*!2*13!&')./*Č!75-3*$.*!/!6*3#(#$#+/75./*!0#0&%).*!<5%1%(>
./*./*!5%&').#!)./#18<4!2%8!/!)-9&%.*2!6*3#(-!9%(%)75*2:!;!1575*+'$>
.#ï7/!#!/$*!)!.#&6%$.*2!(5/%Ù%$.#ï7/!/.C#&6%3-8>%(6/./13&%3#&!75-!1*&)/>
1%.3! ./*! 10#3-8%! 1/¿!&%75*2!5!0&'9%6/!7*$#)*+#!)0&#)%(5*./%!+#!!
)!9Ù(4!#!3-$*!)!0&5-0%(8<!10#&<!1(#)*+#!=%!2<Č!1575*+'$./*!0&#7*1')!
8%&.-7D?4!./*!6#Č.%!#0/*&%°!1)#2*+#!&#5<6#)%./%!)-Ù75./*!)!#0%&7/<!
#! /.C#&6%72*! <5-18%.*! #(! #1'9! 3&5*7/7D! =5*5.%Ú! 13&#.! /! ï)/%(8')4! 75-!

N#(#9.*! )30$/)#ï7/! 6#Č*! 9<(5/°!<Č-7/*! 1Ù')! E3*.F! /! E3%8/F! =)! #(./*1/*./<! (#! 3*+#!!
,!%!)/¿7!ï7/ï$*!#8&*ï$#.*+#4!8#.8&*3.*+#!!,!5(%&5*./%!/!18<38<!3%8/*+#![2%8^!,!%!)/¿7!0#(#9>
.*+#4!0#3*.72%$.*+#?:!!
T@K!Z%$*Č-!#(&'Č./°!9&%8!0&5*1Ù%.*8!#(!9&%8<!ï$%('):!c&%8!ï$%(')!=)!13#1<.8#)#!&5%(8/7D!
0&5-0%(8%7D?!6#Č*!9-°!0#(13%)!(#!)-7/+%./%!)./#18')4!5+#(./*!5!1-$#+/56*6!?$&;2,
#$FF"6&$,#$FF"62J!ሾሺ݌ฺݍ
ሻר൓ݍ
ሿฺ൓݌:!d%(*<15!H#3%&9/Ú18/!=4F"?"6#',#"$.11,0$/6)61)+,F$=1(1,7$.%
?)F6"9,1,?"#$&$F$=11,6);(4!;%&15%)%4!N;Z!@QMY4!1:!@WM?4!0#(%2*!0&5-8Ù%(J!ES*Č*$/!./*!6%!ï$%(')!
<(*&5*Ú!.%!5)Ù#8%7D4! %!0&5-! 3-6! +(-9-!56%&Ù-! 9-Ù! 9/3-! 0&5*(!ï6/*&7/4! 3#! 9-! 9-Ù-!ï$%(-!
<(*&5*Ú!.%!5)Ù#8%7D4!3*(-!./*0&%)(%4!Č*!56%&Ù-!9-Ù!9/3-!0&5*(!ï6/*&7/F4!7#!6#Č*!./*!2*13!
(#!8#Ú7%!/(*%$.-6!0&5-8Ù%(*64!%$*!(#9&5*!#((%2*!5%1%(¿!3*+#!1-$#+/56<:!;%&3#!0%6/¿3%°4!
Č*!%9-!3%8/*!&#5<6#)%./*!9-Ù#!10&%).*4!0&5*1Ù%.8%!)/¿815%!1-$#+/56<!6<1/!9-°!10*Ù./#.%!
,!)-./8%./*! 6<1/! &5*75-)/ï7/*! 5%7D#(5/°:,;! 0&5-0%(8<! #0/.//! /.C#&6%3-75.-7D!9&%8!,!.%!
0&5-8Ù%(!,! )! $#+%7D!1-13*6#)-7D! 5%0/1')! )18%5<27-7D! .%!)Ù%6%./*! (#! 1-13*6<! 6#Č*!
ï)/%(75-°!5%&').#!#!3-64!Č*!)Ù%6%./%!./*!9-Ù#4!2%8!/!#!3-64!Č*!)Ù%6-)%75!0&5*2)15-!8#.>
3&#$¿!.%(!1-13*6*6!<1<.Ù!#(0#)/*(./*!5%0/1-!5!$#+')!=./*!2*13!0&%)(5/)*!5(%./*4!Č*!E2*ï$/!
9-Ù#!)Ù%6%./*4!3#!6<15!9-°!#(0#)/*(./*!5%0/1-!)!$#+%7DF!,!0&5*1Ù%.8%!)/¿815%!1-$#+/56<!
./*!2*13!10*Ù./#.%?:!
)&

!"#$%&'()*$+!
!
(#8<6*.3')!0&5*(13%)/#.-7D!0&5*5!13&#.-?4!9*5!/7D!13%&%..*+#!10&%)(5*>
./%T@Y4!83'&*!5&*153!2*13!./*!5%)15*!6#Č$/)*:!;%&3#!0&5-0#6./*°!)!3-6!6 /*2>
17<! 0#.#)./*! =0#&:! &#5(5/%Ù! T:A:W?4! Č*! )-8#.-)%./*! 1%6#(5/*$.-7D! #+$¿>
(5/.!9%(%.-7D!1-13*6')!75-!3#75*./*!./*C#&6%$.-7D!&#56')!5*!ï)/%(8%6/!
/!0&5*(13%)/7/*$%6/!13&#.!./*!1!.%&5¿(5/%6/!9%(%)75-6/!/.C#&6%3-8/!/!2%8#!
3%8/*!./*! 0#)/..-!9-°!0&5*5!9/*+Ù*+#! ./+(-!0#(*26#)%.*!#&%54! Č*! (#! &#$/!
9/*+Ù*+#!./*!.%$*Č-!#7*.%!0&%)(5/)#ï7/!/!)%&3#ï7/!6*&-3#&-75.*2!5*5.%Ú!75-!
(#8<6*.3')!=3%!9#)/*6!5%&*5*&)#)%.%!2*13!($%!#&+%.<!0&#7*1#)*+#4!5+#(>
./*!5!5%1%(!1)#9#(.*2!#7*.-!6%3*&/%Ù<!(#)#(#)*+#?:!!
S*ï$/!&#5<6#)%./*!9/*+Ù*+#!#0%&3*!2*13!.%!5*5.%./%7D!ï)/%(8%!=)!1575*+'$>
.#ï7/!5%ï4!2*ï$/! )! 6%3*&/%$*!0&#7*1#)-6! /13./*2!(#)#(-!5%0&5*75%27*! 3-6!
5*5.%./#64!.0:! 5*5.%./%!/..*+#!ï)/%(8%?!8#./*75.*!2*13!(#8Ù%(.*!#0/1%./*!
5%/13./%Ù*2!1-3<%72/4!5%ï!,!2*ï$/!3#!8#./*75.*!,!.%$*Č-!C#&6<Ù#)%°!#0/./*!%$3*&>
.%3-).*T@U!! =E 2 * ï$/! 0&%)(5/)*! 1!5*5.%./%!ï)/%(8%! P! 3#b4! 2*ï$/! .%3#6/%13!
0&%)(5/)*!1!5*5.%./%!ï)/%(8%!c4!0#5#13%27*!5!./6/!)!10&5*75.#ï7/!3#bF?:!
H#./*75.#ï°!)-(%./%!#0/.//!%$3*&.%3-).*2!6#Č*! 0#2%)/°!1/¿!&')./*Č4! +(-!!
)!$/3*&%3<&5*!0&5*(6/#3<!/13./*2!()/*!8#.8<&*.7-2.*!3*#&/*!3Ù<6%757*!2%8/*ï!
52%)/18#4!2%8!&')./*Č!)!1-3<%72/4!+(-!./*!6%!2*(. #$/3*2!)-8Ù%(./!=(#83&-.%$.*2!
$<9! #0*&%3-).*2?! 0&5*0/1<4! #(! &#5<6/*./%! 83'&*+#! 5%$*Č-! 8#.8$<52%! #0/.//:!
G575*+'$.!#13&#Č.#ï°!.%$*Č-!5%7D#)%°!)15¿(5/*!3%64!+(5/*!#(!9/*+Ù*+#!)->
6%+%.%!2*13! #7*.%! .%1/$*./%! 75-! 13#0./%!2%8/*+#ï!52%)/18%:!Z%$*Č-!0%6/¿3%°4!
Č*!9/*+Ù-!./*!0&5*(13%)/%!1)#2*+#!5(%./%4!%$*!)-0#)/%(%!1/¿!)!/6/*./<!(-1>
7-0$/.-!2%8!&*0&*5*.3<2*T@M:!N&5-!C#&6<Ù#)%./<!/!&#5<6/*./<!#0/.//!9/*+Ù*+#!

T@Y!;/(%°!3<!0*).!%.%$#+/¿!(#!0&#9$*6')4!0&5*(!83'&-6/!13#2!6*(-7-!1(#)/J! #! /$*! 9#>
)/*6!($%!$*8%&5%!8$/./7-13-!)-)/%(!5!0%72*.3*6!2*13!2*(.-6!5!0#(13%)#)-7D!Ċ&'(*Ù!)/*(5-4!
#!3-$*!.0:!6*(-8!1(#)-!6<1/!10#(5/*)%°!1/¿4!Č*!0%72*.34!.%)*3!./*ï)/%(#6/*4!9¿(5/*!13%&%Ù!
1/¿!0&5*(13%)/°!1)'2!=1<9/*83-)./*!0#13&5*+%.-!2%8#!5Ù-?!13%.! 5(&#)/%!2%8#!18<3*8!9Ù¿(')!
$*8%&5%4!5!83'&-6!5.%2(<2*!1/¿!)!10#&5*:!N#(#9./*!.0:!0&%7#)./7-!/.13-3<72/!./*5%(#)#$*./!!
5!<1Ù<+! C/&6-! #<31#<&7/.+#)*2! %(6/./13&<27*2!2*2!1-13*6*6!/.C#&6%3-75.-6!9¿(!18Ù#../!
(#! 0&5*(13%)/%./%! )15-138/7D! ./*0&%)/(Ù#)#ï7/! /! 0&#9$*6')! 5)/5%.-7D! 5! *810$#%3%72!
3*+#!1-13*6<!2%8#!18<38')!9Ù¿(')!%(6/./13&%3#&%:!
T@U!O0/./*!%$3*&.%3-).*!=32:!5%)/*&%27*!)./#18/!%$3*&.%3-).*?!./*!.%&<15%27!5%1%(-!1)#9#(>
.*2!#7*.-!6%3*&/%Ù<!(#)#(#)*+#!0&5*5!#&+%.!0&#7*1#)-!0#5)%$%2!6<!<5-18%°!)/*(5¿!.%!
3*6%3! 8#.1*8)*.72/4! 2%8/*! ./*1/*! 5%! 1#9! <5.%./*! 5%! 0&%)(5/)! )-*810$/8#)%.*2! 0&5*5!
<75*13./8%!0#13¿0#)%./%!3*5-!9(Ċ!2*2!5%0&5*75*./%:!!
T@M!! ;! 0&%7-! S:! N#9#7D%! [)J^!d:! ;/$%6#)18%! *3! %$:J! E0161$&):2#:$*4! #0:! 7/3:4! 1:! @UK! <2Ù!3#!
1Ù#)%6/J!ES*ï$/!9/*+Ù-!7D7*!)!#0/.//!0&5*(13%)/°!2%8/ï!1)'2!0#+$(!)!5%8&*1/*!(/%+.#5#)%./%!
)!

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

6#+!0#2%)/°!1/¿!&')./*Č!0&#9$*6-!2¿5-8#)*:!S¿5-8!/.C#&6%3-8/! #(9/*&%.-!
9-)%!0&5*5!0&%)./8')!2%8#!3&<(.-!/!)-1#7*!D*&6*3-75.-!=0#(#9./*!2%8!2¿>
5-8!0&%)./8')!2*13!#(9/*&%.-!0&5*5!/.C#&6%3-8')?4!5!3*+#!3*Č!)5+$¿(<!.%>
$*Č-!9%&(5#!(9%°!#!0&*7-52¿!/!8#60$*3.#ï°!)-0#)/*(5/T@Q!#&%5!#!2*2!8#6<>
./8%3-).#ï°TTB:!N&5*(*!)15-138/64!.%$*Č-!0#1Ù<+/)%°!1/¿!C%7D#)-6!=%!./*!
01*<(#>C%7D#)-6?!2¿5-8/*6:!L$%!/.C#&6%3-8%!9¿(5/*!3#!0&5*(*!)15-138/6!
2¿5-8!N#$18/7D! Z#&6:!G3%.#)75#! .%$*Č-!5&*5-+.#)%°! 5*!5)-75%2<! (#Ù>
75%./%!(#!#0/.//!3)#&5#.-7D!)&,H$8!1Ù#)./758')!=5!(<Č-6!0&%)(#0#(#>
9/*Ú13)*6!3)#&57!1%6#(5/*$./*!(*C/./72*!9/*+Ù-!0#0*Ù./!+(5/*ï!9Ù(4!./*!
<)5+$¿(./!2%8/7Dï!0&5-0%(8')! 1575*+'$.-7D4! %! )! 0&5-0%(8<!0#)#Ù%./%!

/!5%1%(!#0/./#)%./%4!0#)/./*.!3#!<2%)./°4!)18%5<27!2*(.#75*ï./*4!)!2%8/6!13#0./<!&'Č./!1/¿!
#.!#(!0#)15*7D./*4!75-!.%275¿ï7/*2!0&5-26#)%.-7D!0#+$(')!)!(%.*2!(5/*(5/./*!)/*(5-F:!
T@Q!;!6#)/*!0#3#75.*2!/.C#&6%3-7-!6%2!18Ù#..#ï°!(#!0#1Ù<+/)%./%!1/¿!13)/*&(5*./%6/!8%>
3*+#&-75.-6/4! .%)*3! )! 0&5-0%(8%7D4! 8/*(-! ./*!2*13! 3#! (#!8#Ú7%! <0&%)./#.*:! L#(%38#)#!
0*).*!1C#&6<Ù#)%./%4!.%)*3!0#0&%).*!5!/.C#&6%3-75.*+#!0<.83<!)/(5*./%4!6#+!9-°!./*>
5&#5<6/%Ù*! ($%! $%/8%:! G3)/*&(5*./*J! E)-130/Ù!9Ù(! )! 0&#+&%6/*Ȉ!0&%)./8!9¿(5/*! &%75*2!
18Ù#..-!<5.%°!5%!&').#)%Č.!13)/*&(5*./<4!Č*! )! 0&#+&%6/*! 38)/Ù!9Ù(4!83'&-! )Ù%ï./*! 1/¿!
<2%)./Ù4!)! 75%1/*! 8/*(-! ($%! /.C#&6%3-8%!#75-)/13*! 2*134!Č*!6/*217*! <2%)./*./%! 1/¿! 18<38')!
9Ù¿(<!6#Č*!9-°!13#1<.8#)#!#($*+Ù*!#(!6/*217%!2*+#!)-130/*./%4!%!./*#75*8/)%.*!(5/%Ù%./*!
0&#+&%6<!8#60<3*&#)*+#!6#Č*!)-./8%°!5%&').#!5!9Ù¿(<! )!2*+#!8#(5/*4!2%8!/!5!9Ù¿(.-7D!
(5/%Ù%Ú!<Č-38#)./8%4!9Ù¿(')!)!1-13*6/*! #0*&%7-2.-64!0&#9$*6')!5!)10'Ù0&%7!5!/..-6!
0&#+&%6*64! ./*)Ù%ï7/)-7D! (%.-7D!)0&#)%(5#.-7D!(#! 0&5*3)%&5%./%4! %! .%)*3!5! 9Ù¿(')!
10&5¿3#)-7D:!Z%)*3!)/¿7!2*ï$/!0&#+&%6!5%8#Ú75-!1)#2!0&%7¿!/.C#&6%72!#!9Ù¿(5/*!8&-3-75>
.-6!./*!#5.%75%!3#!2*1575*4!Č*!0&5-75-.!2*+#!5%/13./*./%!9-Ù!9Ù(!0&#+&%6/13-4!75-!3-6!9%&>
(5/*24!Č*!3)'&7%!0&#+&%6<!Ċ$*!)-0*Ù./Ù!5%(%./*!0#13%)/#.*!0&5*5!#1#9¿4!83'&%!2*+#!.%0/1%./*!
5$*7/Ù%:! cÙ(4! 83'&-! <2%)./Ù!1/¿!)!75%1/*!)-8#.-)%./%!2%8/*+#ï!0&#+&%6<!=%!.%)*3!!
)!2*+#!0&5*13&5*./!%(&*1#)*2?!6#Č*!5.%2(#)%°!1/¿!=6'+Ù!9-°!0#0*Ù./#.-?!5<0*Ù./*!0#5%!0&#>
+&%6*64!)!83'&-6!1/¿!<2%)./Ù:!
TTB!!;! 0&%7-! H<.5%J,IÙ&*4! #0:! 7/3:4! 1:! Q4! 5%7-3#)%.-! 2*134! 0&5*(13%)/#.-! 0/*&)#3./*! 0&5*5!!
L:j:!N%<$%!.%! Ù%6%7D!75%1#0/16%!Ej*(/7/.*!%.(!$%)F!1)#/13-!E(*8%$#+!9/*+Ù*+#F!($%!6*>
(-8')!1(#)-7D!5%)/*&%27-!6:/.:!#13&5*Č*./%J!EZ/*!0%3&5!5!+'&-!.%!0&%)./8')4!./*!1!+Ù<0>
7%6/:!`)%Č%24!9#!#!6*(-7-./*!1Ù-15*$/!#(!6(&5*215-7D!#(!V/*9/*F4!EZ/*!<Č-)%2!1Ù#)./73)%!
6*(-75.*+#4!13%&%2!1/¿!6')/°!2¿5-8/*6!7#(5/*..-6F!/3(:!;!0&5-0%(8<!/.C#&6%3-8/!2*(.%8Č*!
0#1Ù<+/)%./*!1/¿!2¿5-8/*6!0#3#75.-6!6#Č*!9-°!&-5-8#).*:!I!()#2+%!5Ù*+#!$*015%!2*13!)->
0#)/*(Ċ!2*(.#5.%75.%4!%!3&<(.%!(#!5&#5<6/*./%!=1(!6#Č*! (#0-3%°! 9/*+Ù*+#4!2%8!2! 5&#5<>
6/*°?4!./Č!)-0#)/*(Ċ!0&5*8%5%.%!0&#13-6!2¿5-8/*64! %$*!6#Č$/)%!(#!5&#5<6/*./%!.%!)/*$*!
10#1#9')!=/13./*2*!&-5-8#4!Č*!1(!&#5<6/*!2!./*)Ù%ï7/)/*4!%$*!9¿(5/*!0&5*8#.%.-4!Č*!5&#5<>
6/%Ù!2!0&%)/(Ù#)#?:!
)'

!"#$%&'()*$+!
!
8#$*2.-7D!9/*+Ù-7D!.%&%5/!/7D!.%!(#(%38#)!0&%7¿4!%!1/*9/*!.%!./*0#3&5*9.!
8&-3-8¿!0&5*(!1(*6?:!!
;30$/)!)%&3#ï°! 6%! 6*3#(%! C%9<$%&-5#)%./%! )-0#)/*(5/! 9/*+Ù*+#!
0&5*5!13#1#)%./*!&'Č.*+#!&#(5%2<!<0&#1575*Ú!75-!&#59<(#)%.-7D!0%&%$*$/4!
6%27-7D!5%!5%(%./*!)-2%ï./°!1(#)/!10#1'9!(5/%Ù%./%!0#1575*+'$.-7D!6*>
7D%./56')!3*7D./75.-7D:!\13./*2*!(<Č*!&-5-8#4!Č*!#1#9-!0#59%)/#.*!)/*>
(5-!C%7D#)*2!Ċ$*!5/.3*&0&*3<2! 3*+#!&#(5%2<!0&5-0#)/*ï7/! 5)&%7%27!&%75*2!
<)%+¿!.%! %87-(*.3%$.*!1575*+'Ù-!./Č! .%! /7D! 5%6/*&5#.*! 0&5*1Ù%./*:!O75->
)/ï7/*!6#Č.%!75%1*6!13#1#)%°!0#&').%./%!/!%.%$#+/*!3%64!+(5/*!6%2!#.*!
0&#13*! 0&5*Ù#Č*./*! .%! 5.%.!1(#)/! &5*75-)/13#ï°! E./*/.C#&6%3-75.F!
=.0:!./*!9¿(5/*!0&5*1%(!)-2%ï./*./*!6*7D%./56')!5%0*)./%./%!)!0&#3#>
8#Ù%7D! 1/*7/#)-7D! 8#.3&#$/! ./*5%)#(.#ï7/! 3&%.16/12/ TT@!!6 *3#( ! 0#3)/*&>
(5*ÚTTT!0&5*5!#()#Ù%./*!1/¿!(#!0&5-8Ù%(<!5)&#3.*+#!0#3)/*&(5*./%!#(9/#&<!
)-8#&5-13-)%.*+#! )! 3&%(-7-2.-7D! <1Ù<+%7D! 0#753#)-7D?4! .%$*Č-! 2*(.%8!
3*+#!&#(5%2<!ï&#(8')!<Č-)%°!5!<6/%&*6:!"5*75!#75-)/13!2*13!&')./*Č!3#4!
Č*!9/*+Ù-! 0#)/./*.! 5%&').#!1)#/6!5%7D#)%./*64!2%8! /!2¿5-8/*6!13#1#>
)%.-6!)!#0/.//!75-./°!5%(#ï°!)-6%+%./#6!8<$3<&-!#1#9/13*2TTA:!
I!3*7D./75.*+#!0<.83<!)/(5*./%!/13./*2!()%!0#(*2ï7/%!(#!<6/*1575%./%!
)./#18')J!.%!0#7538<!9(Ċ!.%!8#Ú7<!#0/.//:!N/*&)15*! 5!./7D!10&%)/%4!Č*!
(*7-(*.3!0&#7*1#)-!15-98#!/!Ù%3)#!<5-18<2*!/.C#&6%72*!#!8#.8$<52/!#0/.//4!
./*13*3-!0#)#(<2*!75%1*64!Č*!.%! $*83<&5*! 8#.8$<52/!8#Ú75-!5%0#5.%)%./*!
1/¿!5!#0/./TTW4!7#! #75-)/ï7/*! 1%6#! )!1#9/*!2*13!.%+%..*4!6#+!1/¿!9#)/*6!
5(%&5-°! ,! /! 5(%&5%2!1/¿!,!7D#°9-! .0:! #6-Ù8/! 0/1%&18/*4! 0&#)%(57*! (#!

TT@!P.+:!."F1)<F":!
TTT!P.+:!)8(6$:F"&="?"6#2:!
TTA!! Z / * ! 9 * 5 ! 0 # ) # ( < ! 2 * ( . % 8 ! 6 < 1 / % Ù!3!8)*13/! 5%2°!1/¿!G(! Z%2)-Č15-4! 83'&-! )! )-&#8<!!
5!@W! $<3*+#! TB@A! &:!=\\!VGH!AU@]@T?!13)/*&(5/Ù!6:/.:J!E9/*+Ù-!1(#)-!./*!0#)/./*.!)! 3*8ï7/*!
#0/.//!5%6/*1575%°!<)%+!./ *6* &-3 #&-75.-7D!%./!)-&%Č%°!1)-7D!#7*.!)!./*#(0#)/*(./*2!C#&>
6/*:!S*13!#.!0#)#Ù-)%.-!0&5*5!1(!5*!)5+$¿(<!.%!1)!)/*(5¿!10*72%$.!)!(%.*2!(5/*(5/./*!
0#3&5*9.!(#!&#513&5-+./¿7/%!10&%)-4!%! 3%8/*!<)%+/!/!#7*.-!5%)15*!#9./Č%2!)%&3#ï°!#0/.//!
9/*+Ù*+#!#&%5!+#(5!)!0#)%+¿!)-6/%&<!10&%)/*($/)#ï7/F:!!
G0&%)%!(#3-75-Ù%!#0/.//!9/*+Ù*+#4!83'&-!5%)%&Ù!)!./*2!1C#&6<Ù#)%./%!3%8/*!2%8J!E0/*./%73)#!
13&#.-! 0#5)%.*2F4! E./*! 2*13! 5%(%./*6! 9/*+Ù*+#! *(<8#)%./*! 0*Ù.#6#7./8%! 0&#7*1#)*+#4!
83'&-!)&¿75!95(<&-!)-0/1<2*F4!E75-!2*13!3#!9*56-ï$.#ï°!0*Ù.#6#7./8%!13&#.-!0#5)%.*24!75-!
9&%8!8#.3&#$/!.%(!3-64!7#!1/¿!0/15*!)!0/16%7D!0&#7*1#)-7DF:!
TTW!I#9:!.0:J!j:!#Ù.%J!5.'#".1),$8"6',$01611,<1"=Ù'8H4!EN&#9$*6-!H&-6/.%$/13-8/F!Z&!TKQ]TBBM4!
1:!WW−WM:!
)(

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

56/%.-! 1*.1<! 5(%./%4! 5%&').#! )! 1C#&6<Ù#)%.-7D! 0&5*5! 9/*+Ù*+#! )./#>
18%7D4! 2%8! &')./*Č!)!1C#&6<Ù#)%.-6! 0&5*5! #&+%.! 0&#7*1#)-! 5%8&*1/*!!
/!0&5*(6/#7/*!#0/.//4!)18<3*8!75*+#!#0/./%!)0&%)(5/*!0&%)/(Ù#)#! #(0#>
)/%(%!.%!0-3%./%4!%$*!./*!3*!0-3%./%4!83'&*!5%(%27-!5%6/*&5%Ù!5%(%°TTK:!
!
!7G"<,363*"0+%6*"3",-.$+ų0:?*63$"@3$2ų$2&'
N&5*1Ù<7D%./*!9/*+Ù*+#!6#Č*!6/*°!6/*217*4!+(-!5%7D#(5/!0#3&5*9%!)-2%ï./*>
./%!5Ù#Č#.*2!<0&5*(./#!#0/.//!0/1*6.*24!9(Ċ!3*Č4!+(-!#&+%.!0&#7*1#)-!5(*>
7-(#)%Ù!1/¿!.%!5%1/¿+./¿7/*!#0/.//4!83'&%!6%!9-°!)-+Ù#15#.%!0&5*5!9/*+Ù*+#!
)! C#&6/*! <13.*2TTY!:! I%1%(./75-6! 0&#9$*6*64! )! 8#.3*8ï7/*! 0&5*1Ù<7D%./%!!
/!#0/.//!<13.-7D4!2*13!0&#9$*6!ED*&6*3-75.#ï7/F!2¿5-8%!/.C#&6%3-8/!($%!#1'9!
0#1/%(%27-7D!)-8153%Ù7*./*!0&%)./75*:!Z%$*Č-!)!5)/58<!5!3-6!<./8%°!1->
3<%72/4!)!83'&*2!#0/./%!<13.%!6/%Ù%9-!9-°!0/*&)154!75-!,!3-6!9%&(5/*2!,!2*(-.!
#0/./!)!10&%)/*:!R%3)#!9#)/*6!6#Č*!(#2ï°!(#!1-3<%72/4!)!83'&*2!9/*+Ù-!./*!

TTK!G8&%2.-!7D-9%!0&5-0%(*8!3*+#!&#(5%2<!=(#0/1%./*!1Ù#)%!E./*F!(#!8#.8$<52/!#0/.//?!#0/>
1%.-! 2*13! )! %&3-8<$*! -./"2#¿08', 20"89)F6"9, #.$2(1!=P:!G<)#&#)4!;:!H&%1<78/4!EN&5*+$(F!!
Z&! AY]TBBT4! D330J]]))):0&5*+$%(>3-+#(./8:0$]0$]%&3-8<$]0&5*13* 07->10*72%$.*2>3&#18/>B?J!
EO0/./¿!)-(%Ù#!()'7D!9/*+Ù-7D!01-7D/%3&'):!S*(.-6!5!./7D! 9-Ù!$*8%&5!5!Z#)*2!G#$/4!83'&-!
<(5/*$%Ù!0&-)%3.-7D!8#.1<$3%72/!0#(*2&5%.*6<:!
rZ/*!2*13!7D#&-!01-7D/75./*s4!8#.8$<(#)%$/!$*8%&5*!)!0/*&)15-6!0<.87/*!#0/.//:!
−!G3)/*&(5/$/ï6-!2*(-./*!$*88/! ./*(#&#5)'2!<6-1Ù#)-!−!0&5-5.%2*!a$*#.#&%!N/$$6%..4!01->
7D/%3&%!5*! )18%5%./*6!.%!3#4! Č*!./*!0#)/./*.!#(0#)/%(%°!5%!0&5*13¿013)#4!83'&*! 0#0*Ù./Ù:!
j'+Ù!2*(.%8!13%)%°!0&5*(!1(*6!/!18Ù%(%°!5*5.%./%!)!1)#2*2!10&%)/*:!
d%8 ! 1/¿! 2*(.%8! ./*! 13%Ù#:! Z%! #0/.//! )-(%.*2! 0&5*5! 01-7D/%3&')! #(&¿75./*!(#0/1%.#! 1Ù#)#!
r./*s4!)18%5<27!.%!r9Ù(!6%15-./138/s:!;!*C*87/*!.%./*1/#.*2!0#0&%)8/!083!K!9&56/%ÙJ!rZ/*!
6#Č*!13%)%°!0&5*(!1(*6!/!18Ù%(%°!5*5.%Ú!)!1)#2*2!10&%)/*s:!
N#(!#(&¿75.-6/!5%0/18%6/!.%!(#8<6*.7/*!)/(./*2!0/*75¿°!/!0#(0/1!0&#8<&%3#&%!0&#)%>
(57*+#:!
−!G8#.3%83#)%Ù*6!1/¿!5!9/*+Ù-64!83'&-!10#&5(5%Ù!#0/./¿!!5%0*)./%!0&#8<&%3#&:!N#3)/*&(5/Ù!
9Ù(!)!3&%87/*!0&5*0/1-)%./%:!
−!Z/*!6%!6#)-!#!2%8/*28#$)/*8!0#6-Ù7*4!75-!9Ù¿(5/*!6%15-./138/!−!&/0#13<2*!(#83#&!N/$$6%..:!
−!d#!2%!0&5*0/1-)%Ù%6!#0/./¿:!c%(%.-!0&5*5!.%1!6¿Č75-5.%!6'+Ù!5*5.%)%°F:!
TTY!P&3-8<Ù!TBB!R!@!HNH4!%&3:!TUM!R!A!HNV4!5#9:!3*Č!%&3:!YU!R!T!<13:!T!HNP!#&%5!%&3:!QB!R!T!<13:!T!HNP4!
0#&:! X:! R%1575-7%J! A$/0.):), )&?1612#.)8'96), :, $=LF6'?, 0$2#¿0$:)61;, )&?1612#.)8'96'?4!
;#$3*&1H$<)*&!c/5.*14!;%&15%)%!TBBM4!1:!@WA!/!.%13:!
))

!"#$%&'()*$+!
!
5#13%./*!)Ù%ï7/)/*!5&#5<6/%.-:!N/1*6.%!C#&6%!#0/.//!<6#Č$/)/%!1(#)/!
/!<75*13./8#6!0#13¿0#)%./%!10#8#2.*!5%0#5.%./*!1/¿!5! 2*2! 3&*ï7/4!%!2*ï$/! 3#!
8#./*75.*4!0&5*0&#)%(5*./*!#(0#)/*(./7D! 13<(/')!$/3*&%3<&#)-7D4! 6%2>
7-7D!.%!7*$<!75-!3#!<5<0*Ù./*./*!)Ù%1.*2!)/*(5-4!75-!3#!6*&-3#&-75.!8#.>
3&#$¿!0#0&%).#ï7/!#0/.//!)!5*13%)/*./<!5!0#+$(%6/!#9*7.-6/!)!$/3*&%3<>
&5*!0&5*(6/#3<4!75-!)&*157/*!0&5-+#3#)%./*!0-3%Ú!(#!9/*+Ù*+#!($%!0&5-15Ù*2!
#0/.//!<5<0*Ù./%27*24!7#!./*!2*13!6#Č$/)*!)!3&%87/*!0&5*1Ù<7D%./%!9/*+Ù*+#:!
N#.%(3#4!2¿5-8!6')/#.-! 2*13! 75¿13#4!5! .%3<&-! &5*75-4! 6./*2!0&*7-5-2.-!./Č!
2¿5-8!0/1%.-!=1%6!9/*+Ù-!&')./*Č!6%!7#!.%26./*2!6#7.#!#+&%./75#.*!6#Č$/>
)#ï7/!0#1Ù<+/)%./%!1/¿!)!3&%87/*!)-+Ù%15%./%!#0/.//!<13.*2!$/3*&%3<&!0&5*(>
6/#3<TTU4!0#.%(3#4! 1%6%!C#&6%!0&5*1Ù<7D%./%4!%!)/¿7!9%&(5#!#+&%./75#.-!
75%1!)-0#)/*(5/!#&%5!*)*.3<%$.*!*6#72*!0%.<27*!.%!1%$/!1(#)*2!6#+!
6/*°!)0Ù-)!.%!10#1'9!C#&6<Ù#)%./%!0&5*5!9/*+Ù*+#!)-0#)/*(5/?:!
! I!0&5*1Ù<7D%./*6!9/*+Ù*+#!5)/5%.-!2*13!0&#9$*6!0&#3#8#Ù#)%./%4!9(Ċ!
.%+&-)%./%!0&5*9/*+<!0#13¿0#)%./%4! 83'&%! 3#!8)*13/%! 2*13! #9*7./*!0&5*(>
6/#3*6! (-18<12/! )! ï&#(#)/18%7D! 0&%)./75-7D4! )! 5)/58<! 5! 3&)%27!
35):!E/.C#&6%3-5%72!1(#)./73)%F:!I!0<.83<!)/(5*./%!9/*+Ù*+#!.%+&-)%./*!
0#13¿0#)%./%!./*!18&%7%!+#!=%!)!&%5/*!8#./*75.#ï7/!%.%$/5-!%83!)&¿75!2*!)->
(Ù<Č%J!5.%75./*!(Ù<Č*2!3&)%!,!0&5-.%26./*2!($%!#1#9-!)0&%)./*!75-3%27*2!
,!7/7D*!#(75-3%./*!3*813<!./Č!2*+#!#(1Ù<7D%./*_!0#.%(3#4!.%!3*8ï7/*!0/1%.-6!
6#Č.%!)!3&%87/*!$*83<&-! .%./*ï°!.#3%38/4! 75-!5%5.%75-°! 2*+#!#(0#)/*(./*!
C&%+6*.3-!(#! 0'Ċ./*215*+#!)-8#&5-13%./%TTM?4!.%3#6/%13! 10&5-2%!5%7D#)%>
./<!0Ù-..#ï7/!)-0#)/*(5/:!;!1575*+'$.#ï7/4!2*Č*$/!9/*+Ù-!6%!7#ï!)-3Ù<6%>
75-°!1(#)/!/!13&#.#64!3#!9%&(5#!5%9<&5%!3#8!)-)#(<!8#./*75.#ï°!6')/*./%!
0#)#$/4!%9-!0&#3#8#$%.3!.%(Č-Ù!5%0/1-)%°TTQ!/!(#(%38#)*2!8#.3&#$/!0#0&%)>
.#ï7/! 6*&-3#&-75.*2! 3&*ï7/! (-83#)%.-7D! 0&#3#8#$%.3#)/! 0&5*5! 1¿(5/*+#:!
c/*+Ù-! 8#.7*.3&<2*! 1/¿! ./*! .%! &5*75#)#ï7/! /! 8$%&#).#ï7/! 0&5*8%5<4! %$*! .%!
<Č-7/<!0&#13-7D!/!8&'38/7D!5(%Ú4!Ù%3)-7D!(#!5%0%6/¿3%./%!)!0%6/¿7/!<$3&%>
8&'38#3&)%Ù*2!=*7D#/75.*2?!/!0#)3'&5*./%!/7D!.%!Č(%./*:!

TTU!S%88#$)/*8!%&3:!@UW!HNH!5%)/*&%27-!5%8%5!1<913-3<#)%./%!5*5.%Ú!3&*ï7/!0/164!5%0/18')!
$<9! .#3%3*8! <&5¿(#)-7D! (#3-75-! 5*5.%Ú!ï)/%(8%4! %! ./*! 9/*+Ù*+#! =/.%75*2J! X:! H#075-Ú18/J!
5$67.$6#)89)*4!#0:!7/3:4!1:!@TT?:!!
TTM!O75-)/ï7/*! ./*! .%$*Č-! <6/*1575%°!Č%(.-7D! 5%0/18')! 75-! 0#(8&*ï$*Ú! .%! #&-+/.%$*! %83!
10&%)-:!
TTQ!N#&:!<)%+/!#!0&#3#8#Ù#)%./<!5*5.%Ú!ï)/%(8%!=&#5(5/%Ù!T:W:T?:!
"**

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

! "')./*Č!5! 0<.83<! )/(5*./%!1¿(5/')!3%8/! 3&-9! 0&%7-!5! 9/*+Ù-6! ./*!2*13!
8#6C#&3#)-:! I%6/%13! 9#)/*6! 0#)#(#)%°! 8#.7*.3&%72¿!.%!&*7*072/!3&*ï7/!
)-)#(<4! )-6<15%! 18<0/*./*! 1/¿!.%!2*+#!0*&7*072/4!)!1575*+'$.#ï7/4! .%!
&*2*13&%72/! 0#1575*+'$.-7D! 1Ù')! /! /7D! 6*7D%./75.-6! 0#)3%&5%./<! (#!
0&#3#8#Ù<4!%! .%)*3!2*ï$/!)0&%).-! 0&#3#8#$%.3!./*! )-6%+%! 3%8/*+#!)10#>
6%+%./%4! 3#! /! 3%8! )-8Ù%(! )-+Ù%15%.-! ./*.%3<&%$./*! 0#)#$/! =/! )! 5)/58<!!
5!3-6! 3%8Č*! 5!./*.%3<&%$.!/.3#.%72! /!%87*.3#)%./*6?!2*13!3&<(./*215-! (#!
5&#5<6/*./%:!
!;%&3#!5)&'7/°!<)%+¿!.%!0#(*2ï7/*! (#! 0&5*1Ù<7D%./%! 9/*+Ù-7D!
0&*5*.3#)%.*!0&5*5!./*83'&-7D!0*Ù.#6#7./8')!13&#.4!83'&5-!)!0&5*1Ù<>
7D%./<! )/(5!#8%52¿!(#!0#()%Č*./%! 8#60*3*.72/! 9/*+Ù*+# TAB!:! L#! 3% 8 !
1C#&6<Ù#)%.*+#! 5%+%(./*./%! 6#Č.%! 6/*°! 10#&#! 5%13&5*Č*Ú:! N&5*(*!
)15-138/6! 0&5*1Ù<7D%./*! 9/*+Ù*+#4! .%)*34! +(-! 2*+#! 7*$*6! 2*13! )-2%ï./*./*!
*)*.3<%$.-7D! ./*2%1.#ï7/! )! <0&5*(./#! 5Ù#Č#.*2! #0/.//4! ./*! 6%! 7D%&%83*&<!
#9&#.-! 0#13%)/#.-7D! 3*5! =0&5*1Ù<7D%./*! 9/*+Ù*+#! ./*! 2*13! 0&5*7/*Č! %./!
#9&#.! (-1*&3%72/! (#83#&18/*24! %./! *+5%6/.*6! ($%! 9/*+Ù*+#?:! N#! )3'&*4! #(!
9/*+Ù*+#! )-6%+%°!1/¿! 0#)/..#! 0&5*(*! )15-138/6! 8#60*3*.72/! 6*&-3#>
&-75.-7D4! %! ./*! #(0#&.#ï7/! .%! 3*7D./8/! 0*&1)%52/! 0&#7*1#)*2! =13#1#)%./*!

TAB!;!%&3-8<$*!P:!H&5-Č%.#)18%J!D/', <1"=Ù', :"/:)6', 6), .$/0.):¿,0$:161"6,/6)°,0'#)61)+, 9)(1",
<¿&,?;,/)&)6"Y4!EX%5*3%! N&%).%F!5!@A!)&5*ï./%!TB@A! &:4!D330J]]0&%)#:+%5*3%0&%).%:0$]%&3-!
8<$-]UA@QTK475->9/*+$->)*5)%.->.%>&#50&%)*>0#)/./*.>5.%7>0-3%./%>2%8/*>9*(%>6<>5%(%!
.*:D36$!7-3#)%.*!1!)-0#)/*(5/!%()#8%3')4!83'&5-!.*+%3-)./*! #(.#15¿!1/¿!(#!0&%83-8/!
0&5*1-Ù%./%!0-3%Ú!9/*+Ù*6<!0&5*(!&#50&%)J!!
EN&#9$*6! 5! $/13!0-3%Ú!(#3-75-!2*(.%8!./*!3-$8#!ï)/%(8')4! $*75! 3%8Č*! 9/*+Ù-7D! 0&5*1Ù<>
7D/)%.-7D!0#!10#&5(5*./<!0/1*6.-7D!#0/.//!)!10&%)/*J!
, ;! 0&5-0%(8<! 8$%1-75.*2! <13.*2! #0/.//! <5<0*Ù./%27*2! 0&5*1-Ù%./*! 0-3%Ú!0&5*(!
0&5*1Ù<7D%./*6! 9/*+Ù*+#! 2*13! ./75-6! )-1Ù%./*! 0-3%Ú!(#!ï)/%(8%4! %9-! 6'+Ù!1/¿!
0&5-+#3#)%°:!d#!./*0#&#5<6/*./*:!N#!3#!2*13!&#50&%)%4!%9-!6'7!0#8%5%°4!2%8!75¿13#!
9/*+$/! ./*! 1!)!13%./*!)-(%°! &5*3*$.*2! *810*&3-5-! ,! %87*.3<2*! %()#8%3! c%&3#15!
N&<1/Ú18/:!\!0&5*8#.<2*4!Č*!75¿13#!(#0/*&#!.%!1%$/!1(#)*2!)-7D#(5/!.%!2%)4!Č*!9/*+Ù-!
./*!0#3&%C/!#9&#./°!1)#/7D!3)/*&(5*Ú:!
, ;!1-3<%72/4!+(-!6%6-!(#! 75-./*./%! 5*! 13&#../75-6!9/*+Ù-64!83'&-!0&5-2Ù! )*&12¿!
0&5*(13%)/#.!.0:!0&5*5!0#)#(%!/!./*!7D7*!)-7#C%°!1/¿!5!9Ù¿(.*2!#7*.-4!5.%2#6#ï°!
0-3%Ú!75¿13#!<./*6#Č$/)/!0*Ù.#6#7./8#)/!)-8%5%./*!0&5*(! 1(*6!2*+#!<7D-9/*Ú!
,!#13&5*+%!6*7*.%1!L¿9#)18/F:!
"*"

!"#$%&'()*$+!
!
83'&*2! )#9*7! 9/*+Ù*+#! 6#Č*! 9-°!.%)*3!)30$/)*! 5! *3-75.*+#! 0<.83<!
)/(5*./%?:!S*ï$/!0&5*(13%)/7/*$!13&#.-!10#(5/*)%!1/¿4!Č*!6%!(#!75-./*./%!
5!0&5*13¿07!,!%!5Ù#Č*./*!C%Ù15-)*2!#0/.//!2*13!0&5*7/*Č!0&5*13¿013)*6!,!3#!
5%6/%13!0&'9#)%°!#&+%./5#)%°!Ep<%1/>ï$*(53)#F!.%!1%$/!1(#)*24!0#)/./*.!
5%)/%>(#6/°!#!0#(*2&5*./<!2*+#!0#0*Ù./%./%!0#$/72¿!9(Ċ!0&#8<&%3<&¿:!"5*75!
2%1.%! 3&<(.#! #(! 0&5*(13%)/7/*$%! 13&#.-! Č(%°! 0&5-+#3#)%./%! <0#&5>
(8#)%.*+#!)-8%5<!)15-138/7D!0-3%Ú4!2%8/*!5%6/*&5%!5%(%°!=3-6!9%&(5/*24!
Č*! 5%(%./*! 0'Ċ./*215-7D! 5! ./7D! 6#+!9-°! /60$/8#)%.*! #(0#)/*(./#!
&'Č.-6/! 6#Č$/>)-6/! )%&/%.3%6/! #(0#)/*(5/! .%! 0-3%./%! )75*ï./*215*?_!
./*6./*2!3&%83#>)%./*!9/*+Ù*+#!2%8#!0#(*2&5%.*+#4!83'&*6<!.%$*Č-!)-8%5%°!
(#6./*6%.!10&5*75.#ï°!=9(Ċ!8Ù%613)#?!)!5*5.%./%7D!2*134!0#!0/*&)15*4!
0#6-Ù8!#(.#ï./*!(#!0*Ù./#.*2!0&5*5!9/*+Ù*+#!&#$/!0&#7*1#)*24!%!0#!)3'&*4!
6#Č*!10#38%°!1/¿!5! ./*0&5-7D-$.! &*%872!1(<4! 83'&*+#! 9/*+Ù-! 2*13! .%&5¿>
(5/*6:!Z/*13*3-!3*+#!&#(5%2<!5%7D#)%./%4!0#2%)/%2!1/¿!.%!1%$%7D!1(#)-7D!
59-3!75¿13#4!1575*+'$./*!8/*(-! 8#.8$<52%! #0/.//! 2*13! 0&5*5! 13&#.¿! #(9/*&%.%!
2%8#! ./*8#&5-13.%:! ;30$/)#ï7/! #(.#ï./*! (#! 6*&-3#&-75.*2! 0#0&%).#ï7/!
#0/.//!#75-)/ï7/*!6#Č.%!/!3&5*9%!5+Ù%15%°4!./*6./*2!0#)/..#!1/¿!2*!<5%1%(./°!
6*&-3#&-75./*!=.0:! #0/./!0&-)%3.!0&5-+#3#)%.!.%! 5$*7*./*!13&#.-?!!
/! )-2%ï./%°! 5! 5%7D#)%./*6! 5%1%(! 8<$3<&-:! I! (&<+/*2! 13&#.-4! 1-3<%72%4!!
)!83'&*2!9/*+Ù-!)!<5<0*Ù./%27*2!#0/.//!<13.*2!./*!0#(3&5->6<2*!)./#18')!!
5!#0/.//!0/1*6.*2!5%)15*!)-6%+%!(#+Ù¿9.*+#!)-2%ï./*./%TA@:!
! \..*! 5(%&5%27*! 1/¿! ./*0&%)/(Ù#)#ï7/! 3#J! )./#18#)%./*! #! )*5)%./*!
9/*+Ù*+#! .%! &#50&%)¿! 3-$8#! 0#! 3#4! %9-! 5%0-3%°4! 75-! 0#(3&5-6<2*! )-(%.!
)75*ï./*2! 0/1*6.! #0/./¿4! *)*.3<%$./*! )5-)%./*! 9/*+Ù*+#! .%! &#50&%)¿!!
)!7*$<!5%(%./%!=./*5.%.-7D!)75*ï./*2!9/*+Ù*6<?!0-3%Ú4!.%!83'&*!#(0#)/*(Ċ!

TA@ !S%8#! (#ï°!./*3-0#)! 1-3<%72¿!6#Č.%! 0&5-3#75-°!8#.3&#)*&12*!#(.#ï./*! (#! )-7*.-!
5*+%&8%4!#!83'&*2!6#)%!)!0&5-0/1/*!@:!S*(*.!5!0#)#Ù%.-7D!9/*+Ù-7D!)-7*./Ù!5*+%&*8!.%!#8#Ù#!
@K! 3-1/¿7-! 5Ù#3-7D! =5#9:! D330J]])/%(#6#17/:#.*3:0$]8&%2]5*+%&*8>.#)%8%>(&#515->.#)%>#0/!
./%>9/*+$*+#]@1$2A?!0#! 75-6! ./*! 0#(3&5-6%Ù!3*2! #0/.//:! S%8! &*$%72#.#)%Ù%!EX%5*3%! N&%).%FJ!
EP<3#&!3*2!)-7*.-!5*5.%Ù4!Č*!10#&5(5/Ù!#0/./¿!2*(-./*!.%!0#(13%)/*!(#8<6*.3')4!)!3-6!
5(2¿°4! /! 0#1/Ù8#)%Ù!1/¿!#0/./!0/*&)15*+#!9/*+Ù*+#4! 83'&!#3&5-6%Ù!)!5%Ù75*./<:! Z%!
&#50&%)/*!5*+%&6/13&5!0#)/*(5/%Ù4!Č*!./*!0#(3&5-6<2*!)75*ï./*215*2!#7*.-4!%!18Ù#./Ù%!+#!(#!
3*+#!&#56#)%!.%!1(#)-6!8#&-3%&5<!5!8#$*+!9/*+Ù-64!83'&-!6')/Ù4!Č*!5*+%&*8!6/%Ù!<158#>
(5*./%! /! ./*! 9-Ù! 1*&)/1#)%.-Ȉ4! D330J]])/%(#6#17/:#.*3:0$]8&%2](5/*../8>+%5*3%>0&%).%>56/!
%.%>0&%)%>0#(>.#)%8%]MQ@(6:!!
"*#

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

)!10#1'9!#75-)/13-!)-6%+%!0&5*0&#)%(5*./%!9%(%Ú4!75-!$*83<&-!$/3*&%3<&-!
0&5*(6/#3<TAT:!
! O(.#ï./*! (#! )-+Ù%15%./%! #0/.//! <13.*24! #(! 13&#.-! 0&%83-75.*24! 6#Č.%!
5%$*7/°!9/*+Ù*6<! ,! 0#5%! 5%7D#)%./*6! 3-7D! 1%6-7D! 5%1%(4! 83'&*! (#3-75!
#0/.//!0/1*6.*2TAA!,!1575*+'$.!(9%Ù#ï°!#! 8#6<./8%3-).#ï°! 0&5*8%5<! #&%5!
#! 3#4! %9-! 3&*ï°! )-0#)/*(5/4! 83'&%! 5.%2(5/*! 1/¿! )! 0&#3#8#$*! #(0#)/%(%Ù%!
3&*ï7/! 1C#&6<Ù#)%.*2! 0&5*5! 9/*+Ù*+#:! S*ï$/! 3#! 6#Č$/)*4! )18%5%.*! 9-Ù#9-!
&*2*13&#)%./*!0&5*5!1(!0&5*9/*+<!0&5*1Ù<7D%./%:!;!0&5-0%(8%7D!9%&(5/*2!
18#60$/8#)%.-7D! =8#./*75.#ï°!(Ù<Č15*+#! )-8Ù%(<! )0&#)%(5%27*+#4!
)-8#.%./%!(#(%38#)-7D!9%(%Ú!6%3*&/%Ù<!(#)#(#)*+#4!7*$#)#ï°!#()#Ù%>
./%!1/¿!(#!)/*(5-!*.7-8$#0*(-75.*2!9(Ċ!10&%)(5*./%!75*+#ï!)!$/3*&%3<&5*!
0&5*(6/#3<?!9/*+Ù-!6#Č*!=/!0#)/./*.?!5%1<+*&#)%°!1(#)/4!Č*!$*0/*2!9-Ù#9-!
<(5/*$/°!.%!0-3%./*!#(0#)/*(5/!)!C#&6/*!#0/.//!0/1*6.*2:!
!
!7H"<,363*"ųČ:.6*"
N&5*0/1-! 0&%)%! 0&5*)/(<2! 1-3<%72¿4! )! 83'&*2! ($%! )-8#.%./%! #0/.//!
8#./*75.*!1!)/%(#6#ï7/!10*72%$.*! 5! &'Č.-7D!(5/*(5/.4! %!)/¿7!)-6%+%.%!
2*13!)10'Ù0&%7%!9/*+Ù-7D!&'Č.-7D!10*72%$.#ï7/TAW!=5)%.%!)!$/3*&%3<&5*!#0/./!
8#60$*81#)TAK!? 4 ! 9 (Ċ! 5! 3*2! 1%6*2! (5/*(5/.-! =5)%.%! )! $/3*&%3<&5*! #0/./!
8#$*83-).TAY!?:! O(0#)/*(./*! 0&5*0/1-! (#3-757*! #0/.//! Ù75.*2! 5%)/*&%2!

TAT!Z/*!1!3#!%./!0&5-0%(8/!&5%(8/*4!%./!(-18&*(-3<27*!9/*+Ù*+#4!#(! 83'&*+#! ./*! )-6%+%! 1/¿!
0&5*7/*Č!*.7-8$#0*(-75.*2!)/*(5-!5!5%8&*1<!7%Ù#ï7/!&*0&*5*.3#)%.*2!(5/*(5/.-:!I! )Ù%1.*+#!
(#ï)/%(75*./%!%<3#&%!6#Č.%!0&5-3#75-°!0-3%./*!0*Ù.#6#7./8%!13&#.-4!83'&-!7D7/%Ù!(#)/* (5/*°!
1/¿4!2%8/*!9-Ù#!0&5*7/¿3.*!)-.%+&#(5*./*!/.C#&6%3-8%!.%!753*&-!$%3%!0&5*(!3*&6/.*64!)!83'&-6!
3#75-Ù%!1/¿!&#50&%)%:!d&<(.#!10#(5/* )%°!1/¿4!Č*9-!83#8#$)/*8!<75-Ù!1/¿!.%!0%6/¿7/!3*+#!&#(5%2<!
/.C#&6%72/!=)!3-6!)-0%(8<!5&*153!)Ù%ï7/)*! 9-Ù#! 10&%)(5*./*! #(0#)/*(./7D! (%.-7D!
)! &#75./8<! 13%3-13-75.-6! 9(Ċ! 9%(%./%7D! 0<9$/8#)%.-7D! 0&5*5! C/&6-! (#&%(53)%!
5%)#(#)*+#4!(#!75*+#!)!#+'$*!./*!3&5*9%!6/*°!)/%(#6#ï7/!10*72%$.-7D4!%!)!1575*+'$.#ï7/!
5!5%8&*1<!/.C#&6%3-8/?:!!
TAA!I#9:!)!1575*+'$.#ï7/!0&5-0/1!TTA:!
TAW !O75-)/ï7/*! 6#Č*! 5(%&5-°!1/¿! &')./*Č4! Č*! 2*(.%! #1#9%! 2*13! 9/*+Ù-6! 5! 8/$8<! &'Č.-7D!
(-17-0$/.:!
TAK!I#9:!.0:!N:!N#$%8J!E6#$&$F$=1):::4!#0:!7/3:4!1:!AB_!O:!H&%2./%8J!W'<.)6"b4!#0:!7/3:!
TAY!I#9:!.0:!P:!X%9*&$*J!K$:$&':::4!#0:!7/3:4!1:!@MA:!
"*$

!"#$%&'()*$+!
!
0&5*0/1-!%&3:!TMK!R!T!HNV!#&%5!%&3:!@QA!R!A!HNH:!I%1%(./75#4!(*7-52%!#(.#ï./*!
(#!8#./*75.#ï7/!)-8#.%./%!#0/.//!Ù75.*2!.%$*Č-!(#!#&+%.<!0&#7*1#)*+#TAU:!
;! 0&%83-7*! &5%(8#! 5(%&5%! 1/¿! 2*(.%84! %9-! #&+%.! 0&#7*1#)-! 5$*7/Ù! #0/./¿!
Ù75.!./*!0-3%27!)75*ï./*2!9/*+Ù-7D!#!6#Č$/)#ï°!=<)5+$¿(./%27!5%&').#!
%10*83-! 6*&-3#&-75.*4! 2%8! /! 3*7D./75.*4! 75-! 0*&1#.%$.*?! 2*2! )-8#.%./%4!
(*7-52%!.%3#6/%13!,!2%8!5%)15*!,!.%$*Č-!(#!+#10#(%&5%!0#13¿0#)%./%:!
! I!8#./*75.#ï7/!)-(%./%!#0/.//!Ù75.*2!)/Č!1/¿!5%+%(./*./%!(#3-757*!
5%&').#! #&+%./5%72/! 0&%7-! 9/*+Ù-7D! 2! )-(%27-7D4! 2%8! /! 10#1#9<! C#&6<>
Ù#)%./%!1%6*2!*810*&3-5-:!!
! G3#1<.8#)#!.%20&#1315%!#&+%./5%7-2./*!1-3<%72%!6%!6/*217*4!+(-!#0/./%!
Ù75.%!)-(%)%.%!2*13!)!&%6%7D!#0/.//!5$*7#.*2!9/*+Ù*6<!/.13-3<72#.%$.*6<!
5%3&<(./%27*6<!9/*+Ù-7D!&'Č.-7D!10*72%$.#ï7/!#&%54!+(-!5%8&*1!/!0&5*(6/#3!
9%(%./%!.%&5<7%!1*8)*.7-2.!8#$*2.#ï°!0&%7-!5!6%3*&/%Ù*6!(#)#(#)-6TAM:!
I.%75./*! 9%&(5/*! 18#60$/8#)%.*! 1! 1-3<%72*4! )! 83'&-7D! 7D%&%83*&! #0/.//!
)-6<15%!9/*Č7!)10'Ù0&%7¿!0#6/¿(5-!9/*+Ù-6/!=#&%5!5!#&+%.*6!0&#7*1#>
)-6?:!S%8!5%)15*!0&5-!#8%52/!0&%7-!5*10#Ù#)*2!.%$*Č-!5)&'7/°!<)%+¿!.%J!
9 2%1.*! &#5+&%./75*./*! 8#60*3*.72/! /! #9#)/58')! 0#1575*>
+'$.-7D! )-8#.%)7')! =)! 3-6! #8&*ï$*./*J! 83#! /! 8/*(-! (-10#.<2*!
6%3*&/%Ù*6! 9%(%)75-64! )! 2%8/! 10#1'9! 2*13! #.! 5%9*50/*75#.-4! %9-!
5%7D#)%°!7/+Ù#ï°!Ù%Ú7<7D%! (#)#(#)*+#!/!<./8.°! 0&5-0%(8#)*2!
8#.3%6/.%72/!6%3*&/%Ù<?_!!
9 #(0#)/*(./*!1C#&6%$/5#)%./*! 0&#7*1<!#0/./#)%./%!=)! 3-6!
)-6/%.-!/.C#&6%72/!0#6/¿(5-!)-8#.%)7%6/?_!!

TAU!\.3*&*1<27*!&#5)%Č%./%!.%!3*.!3*6%3!5%)/*&%!%&3-8<Ù!L:!V/15*)18%4!;:!V/15*)18/J!E0161),
Ù8/6),<1"=Ù'8H,Z,0.$<F"?',0.$8"&;.)F6"4!Ej#./3#&!N&%)./75-F!Z&!@B]TB@W4!1:!K@@,K@Y4!83'&*+#!
P<3#&5-! &#50%3&<2!()/*!&'Č.*! 8#.7*072*! )-8Ù%(./! %&3:! TMK! R! T! HNV! =0#13<$#)%.!!
)!#&5*75./73)/*!GZ4!Č*! /./72%3-)%! )! 8)*13//!#7*.-! 5%1%(.#ï7/!)-(%./%! #0/.//! Ù75.*24! 2*13!
(#6*.!1(<!#&%5!%$3*&.%3-).4!/Č!3#!)/*(5%!10*72%$/13-75.%!9/*+Ù*+#!0#)/..%!13%.#)/°!Ċ&'>
(Ù#!#7*.-!7*$#)#ï7/!)-(%./%!#0/.//!Ù75.*2!)!10&%)/*?:!!
TAM !d*+#! &#(5%2<! 1-3<%72%! 6%! 6/*217*! .0:! 0&5-! #0/./#)%./<! (#3-757-6! 10&#)%(5%./%!
6%3*&/%Ù')! 0#&.#+&%C/75.-7D! 5! <(5/%Ù*6! 6%Ù#$*3./*+#:! L#! 5%(%Ú!/.C#&6%3-8%4!83'&-!2%8#!
0/*&)15-!0&%7<2*! .%! 6%3*&/%$*!(#)#(#)-64!.%$*Č-4! 6/¿(5-! /..-6/4!0&5-+#3#)%./*! 8#0//!
5%0/1')!6#+7-7D!5%)/*&%°!/.8&-6/.#)%.*!3&*ï7/!=.0:!C/$6')4!5(2¿°?4!(#!5%(%Ú!1*81<#$#+%!
,! )-#(&¿9./*./*! 3-7D! 5! ./7D4! 83'&*! 6#+!9-°! 0&5*(6/#3*6! 5%/.3*&*1#)%./%! #&+%.<!
0&#7*1#)*+#! =%! )/¿7! .0:! 3-7D4! 83'&*! 0&5*(13%)/%2!75-..#ï7/! 1*81<%$.*?4! (#! 5%(%Ú!
%.3&#0#$#+%!,!#15%7#)%./*!)/*8<!0#13%7/!<)/(#75./#.-7D!.%!3-7D!6%3*&/%Ù%7D:!
"*%

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

9 (#8<6*.3#)%./*!.%! 9/*Č7#! 0#)5/¿3-7D!<13%$*Ú!/!)0&#)%>
(5%.-7D!)!./7D!56/%._!
9 (#8<6*.3#)%./*! .%! 9/*Č7#! 0#1575*+'$.-7D! 75-..#ï7/!
9%(%)75-7D!/!#&+%./5%7-2.-7D!=.0:!0&5*8%5%./%!%83!10&%)-4!0&5*8%>
5%./%!6%3*&/%Ù<!9%(%)75*+#!/3(:?_!
9 0&5-+#3#)%./*!#(0#)/*(./*+#!0$%.<!75-..#ï7/!9%(%)75-7D_!
9 5%7D#)%./*! #(0#)/*(./*+#4! 1C#&6%$/5#)%.*+#! 8#.3%83<!!
5!+#10#(%&5*6!0#13¿0#)%./%TAQ:!!
GC#&6%$/5#)%./*! /! <(#8<6*.3#)%./*! 0&5*9/*+<! 0&#)%(5*./%! #0/./#)%./%!
6#Č*!#8%5%°!1/¿!0&5-(%3.*!1575*+'$./*!)!1-3<%72%7D4!+(-!)!3&%87/*!#0/./#)%>
./%!(#2(5/*!(#!52%)/18!./*0#Č(%.-7D!=.0:!8#.3%6/.%72/!6%3*&/%Ù<!(#)#(#>
)*+#! 75-! .%&<15*./%! 7/+Ù#ï7/! Ù%Ú7<7D%! (#)#(#)*+#?4! 2%8! &')./*Č!!
)!0&5-0%(8<!0&#)%(5*./%!9%(%Ú!./15757-7D:!
!
!7I""<:$6*"&,3633"@3$2ų$2&J"=$%*&,363*J")&6A-&6%*:K*"@3$2ų(:?"
O0/./%!9/*+Ù*+#4!2%8!8%Č(-!(#)'(4!0#($*+%!#7*./*!0&5*5!#&+%.!0&#7*1#)-4!
5+#(./*!5!5%1%(!1)#9#(.*2! #7*.-! (#)#('):!I!5%+%(./*./*6!3-6! 5)/>
5%.*!1!8)*13/*J!&#5&'Č./*./%!0#6/¿(5-!1)#9#(.!%!(#)#$.!#7*.!(#)#>
(')! #&%5! )-2%ï./*./%! <13%)#)-7D! 0#2¿°!#0/.//!./*0*Ù.*2! /! ./*2%1.*2 TWB!4! !
5!8#.1*8)*.72%6/!.*+%3-).*2! #7*.-!#0/.//4!9(Ċ! 5%/13./*./%!10&5*75.#ï7/!

TAQ !N#)/..#! 1/¿! 0%6/¿3%°!#!)15-138/7D!5%1%(%7D!/!6*3#(%7D!(#3-757-7D! 5%&5(5%./%!
0&#2*83*6!=0&5*(1/¿)5/¿7/*6?4!#75-)/ï7/*!5!<)5+$¿(./*./*6!5%&').#!10*7-C/8/!=0&%).*2!
/!6*&-3#&-75.*2?!#0/./#)%./%4!2%8!/!&#56/%&<!3*+#!&#(5%2<!5%(%./%:!
TWB,!"#$%&'(%)*)N,T"Č"F1,$0161),9"2#,61"0"Ù6),F;<,61"9)26),)F<$,=&',/)8H$&/1,20./"8/6$ï°,:,2)?"9,$01611,
F;<,?1¿&/',.LČ6'?1,$0161)?1,:,#"9,2)?"9,20.):1"+,?$Č6),:"/:)°,0$6$:61",#'8H,2)?'8H,<1"=Ù'8H,F;<,
0$:$Ù)°,166'8H3,
!"#$%&+,%-%.%)*/N,T"Č"F1,<1"=Ù',61",?$Č",6),.)/1",;&/1"F1°,:'8/".0;98"9,$01611+,2&,:'/6)8/',#".?16,
&$&)#($:',&$,9"9,0./"&2#):1"61)3,
!"#$%&+0%)*/N,M,?$Č",/)Č&)°,;2#6"=$,:'9)ï61"61),$01611,/Ù$Č$6"9,6),01ï?1"+,?$Č",#"Č,:,.)/1",0$%
#./"<',/)Č&)°,&$&)#($:"9,$01611,$&,#'8H,2)?'8H,F;<,166'8H,<1"=Ù'8H3,
!"#$%&1'%)*/,
[,P3,M&,?$Č",/)Č&)°,$01611,$&0$:1"&61"=$,162#'#;#;,6);($:"=$,F;<,6);($:$%<)&):8/"=$3,M&,?$Č",
/)Č&)°,$&,16 2#'#;#; ,&$&)# ($:'8H,:'9) ï61"Ú,<&Ċ,012"?6'8H+,<&Ċ,;2#6'8H,0./"/,:'/6)8/$6,&$,#"=$,
$2$<¿+,?$Č",#"Č,/)./&/1°,/Ù$Č"61",&$&)#($:"9,$01611,0./"/,#"6,2)?,F;<,166',162#'#;#3!
"*&

!"#$%&'()*$+!
!
0#6/¿(5-!#0/./%6/4!5)/5%.*!1!.%3#6/%13! 5%+%(./*./%!6*3%#0/.//! =1<0*>
&*810*&3-5-?!#&%5!8#.C&#.3%72/!9/*+Ù-7D:!
G)#9#(.%!#7*.-!(#)#(')!2*13!)!$/3*&%3<&5*!0&5*7/)13%)/%.%!,!5.%.*2!!
5!0&%)%!%6*&-8%Ú18/*+#!,!C#&6%$.*2!#7*./*!(#)#(')TW@:!I%1%(%!1)#9#(.*2!
#7*.-! (#)#(')! #5.%75%4! Č*! 1(! 1%6#(5/*$./*! (*7-(<2*! #! 3-64! 83'&*! (#>
)#(-!<5.%°! 5%! )/%&-+#(.*_! ./*! /13./*2! 9#)/*6! 0&5*0/1-! &*+<$<27*! 3&-9!
#7*.-! (#)#(')4! %./! /7D! D/*&%&7D/%! )%Č.#ï7/:! O7*.%! 1)#9#(.%!2*(.%8! 3#!
3%8%!#7*.%4!83'&*2!1Ù<15.#ï°!6#Č.%!<5%1%(./°!8#.8&*3.-6/!#8#$/75.#ï7/%6/!
C%83-75.-6/4!)-./8%27-6/!5!%.%$/5-!/..-7D!0&5*0&#)%(5#.-7D!(#)#(')4!
<)5+$¿(./%27%!8&-3*&/%!#9/*83-).*J!5%1%(-!$#+/75.*+#!&#5<6#)%./%4!)/*>
(5¿4!(#ï)/%(75*./*!Č-7/#)*!/!5%)#(#)*!1¿(5/*+#:!V#!)/¿7*2!−!1(!6<1/!0#>
(%°!/!)-2%ï./°!=)!<5%1%(./*./<!)-&#8<?4!($%75*+#!5(*7-(#)%Ù!1/¿!<5.%°!5%!
0&%)(5/)*! 2*(.*! (#)#(-4! %! /..*! #(&5<7/°:! S*ï$/! #7*.%! (#)#(')! =)! 3-6!
#0/.//! 9/*+Ù*+#?! ./*! 10*Ù./%! 3-7D! 0&5*1Ù%.*84! 6')/! 1/¿! #! #7*./*! (#)#$.*24!
83'&%!2*13! ./*(#0<1575%$.%!/! 6#Č*!9-°! 0#(./*1/#.%!2%8#! 5%&5<3!)! %0*$%72/!
9(Ċ!5%Č%$*./<:!
O(.#ï./*!(#!0#2¿°!./*0*Ù.#ï7/!/!./*2%1.#ï7/!#0/.//!)-0#)/*(5/%Ù!1/¿!G(!
Z%2)-Č15-!)!)-&#8<!5!U!0%Ċ(5/*&./8%!TBBQ!&:!HHJ!EO0/./%!2*13!r./*0*Ù.%s4!
2*Č*$/!./*!<(5/*$%!#(0#)/*(5/!.%!)15-138/*!0#13%)/#.*!9/*+Ù*6<!0-3%./%4!.%!
83'&*!5+#(./*!5! 5%8&*1*6! )/%(#6#ï7/!10*72%$/13-75.-7D!/!<(#13¿0./#.-7D!
6<!6%3*&/%Ù')!(#)#(#)-7D!6#Č*!#&%5!0#)/./*.!<(5/*$/°!#(0#)/*(5/4!$<9!
2*Č*$/! ./*! <)5+$¿(./%! )15-138/7D! /13#3.-7D! ($%! &#513&5-+./¿7/%! 8#.8&*3.*2!
8)*13//!#8#$/75.#ï7/!%$9#!3*Č! ./*! 5%)/*&%! <5%1%(./*./%!)-&%Č#.-7D!)!./*2!
#7*.!/!0#+$('):!Z%3#6/%13!#0/./%!r./*2%1.%s!3#!3%8%4!83'&*2!1C#&6<Ù#)%./*!
./*!0#5)%$%!.%! 5&#5<6/*./*!)-&%Č#.-7D! )! ./*2!#7*.! /! 0#+$(')4!%! 3%8Č*!
10#1#9<!(#7D#(5*./%!(#!./7D4!$<9!3*Č!5%)/*&%27%!)*).¿3&5.*!10&5*75.#ï7/4!
0#1Ù<+<27%!1/¿!./*$#+/75.-6/!%&+<6*.3%6/F:,

TW@!j#Č.%!10#38%°!1/¿!5!3*54! Č*! C#&6%$.%! #7*.%!(#)#(')! 0&#)%(5/!(#!<13%$*./%!E0&%)(-!
C#&6%$.*2F!=3<3%2J!)-./8%27*2!5!0&5*0&#)%(5*./%!(#)#(')!5+#(./*!5! <13%$#.!0&#7*(<&?4!
0#(75%1!+(-!#7*.%!1)#9#(.%!10&5-2%!<13%$*./<!0&%)(-!6%3*&/%$.*2:!"5*75-)/ï7/*!5!C#&6%$.!
#7*.!(#)#(')!5)/5%.*!1!1575*+'$./*!9<$)*&1<27*!0&5-0%(8/!<./*)/../*./%!#1'94!83'&*!
*)/(*.3./*!0#0*Ù./Ù-!75-.-!8%&%$.*4!%$*!(#)#(-!.%!0#0*Ù./*./*!/7D!5#13%Ù-!5(#9-3*!5!.%&<>
15*./*6!5%1%(!0&%)%:!I%1%(%! 1)#9#(.*2! #7*.-! (#)#(')! ./*!#5.%75%!2*(.%8! ./*/13./*./%!
5%8%5')!(#)#(#)-7D:!"')./*Č!)!0#$18/6!#&5*75./73)/*!5.%.*! 1!)-&#8/!<./*)/../%27*!
5%0%(Ù*!5!0#)#(<!<5-18%./%!(#)#(')!5!.%&<15*./*6!0&%)%:!
"*!

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

;!1-3<%72%7D!5%/13./*./%!)30$/)#ï7/!7#! (#! 3&*ï7/!#0/.//4! 1(!5%5)-75%2!
)5-)%!9/*+Ù*+#!.%!&#50&%)¿!)!7*$<!/7D!)-2%ï./*./%4!9(Ċ!3*Č!5$*7%!)-(%./*!
#0/.//! <5<0*Ù./%27*2! 3*6<! 1%6*6<! $<9! /..*6<! 9/*+Ù*6<:! ;! 0&5-0%(8<!
#0/.//!/.C#&6%3-75.-7D!(#ï°!75¿13#!10#3-8%.!1-3<%72!2*13!<5<0*Ù./%./*!0->
3%Ú!0&5*5!#&+%.!0&#7*1#)-!=)./#18/!#!)-(%./*!8#$*2.-7D!#0/.//?!./*!.%!18<>
3*8!./*0*Ù.#ï7/!75-!./*2%1.#ï7/!#0/.//4!%$*!)!)-./8<!5%0#5.%./%!1/¿!#&+%.<!
5!#0/./!/!0#)5/¿7/%!8#$*2.-7D!0-3%Ú!)-6%+%27-7D!#(0#)/*(5/:!d%8/!E/3*>
&%7-2.-F!3&-9!0&%7-!9/*+Ù*+#!2*13!./*8/*(-!.%)*3!)18%5%.-4!75¿13#!9#)/*6!
./*!(%! 1/¿!&#51(./*! 5%(%°! 0-3%Ú! ./*! 5.%27! )-./8')! 2%8/7Dï!=0#7538#>
)-7D?!9%(%Ú:!Z%3#6/%13!&*5-+.%72%!5!<1Ù<+!2*(.*+#!9/*+Ù*+#!/!0#)#Ù%./*!
/..*+#!(#!<(5/*$*./%!#(0#)/*(5/!.%!3*!1%6*!0-3%./%!6#Č*!ï)/%(75-°!#!.*>
+%3-).*2!#7*./*!#0/.//!0&5*5!#&+%.!0&#7*1#)-TWT:!!
;%&3#!0&5-! #8%52/! 5)&'7/°!<)%+¿4! Č*!0&5*()75*1.*! <5.%./*!0&5*5! 1(!
#0/.//!5%!./*0*Ù.!75-!./*2%1.!6#Č*!13%°!1/¿!0&5-75-.!0'Ċ./*215-7D!0&#9$*>
6')4!6#Č*!9#)/*6!#8%5%°!1/¿4!/Č!8#$*2.%!#0/./%!2*13!($%!1(<!2*1575*!3&<(>
./*215%!(#!0&5-2¿7/%4!%!#0/./%!0/*&)#3.%!5#13%Ù%!5(-18&*(-3#)%.%!./*1Ù<15>
./*TWA4!7#!18<38<2*!./*6#Č$/)#ï7/!2*2!)-8#&5-13%./%:!j#Č.%!)-6/*./°!8/$8%!
0&5-8Ù%(#)-7D!1-3<%72/TWW4!83'&*!./*!18<38<2!0#)13%./*6!6#Č$/)#ï7/!%<3#>
6%3-75.*+#!<5.%./%!#0/.//!5%!./*0*Ù.!75-!./*2%1.J!

TWT!;!#0/1-)%.-7D!)!3*2!6#.#+&%C//!()'7D!0&5-0%(8%7DJ!6%$%&5%!#18%&Č#.*+#!#!)-3)%&5%./*!
0#&.#+&%C//! (5/*7/¿7*2! =5#9:! &#5(5/%Ù!K:@?!#&%5!#1#9-!#18%&Č#.*2! #!75-.!5!%&3-8<Ù<!TYU! R! @!HH!
0&5-!#8%52/!0&#)%(5*./%!%3%8<!Gxn>/.2*73/#.!=5#9:!&#5(5/%Ù!W:A?!1(4!0#!5%0#5.%./<!1/¿!5!#0/>
./!9/*+Ù*+#!=)!0/*&)15-6!0&5-0%(8<!1*81<#$#+%4! %!)!(&<+/6!,!/.C#&6%3-8%?!5(*7-(#)%Ù!
1/¿!.%!0#)#Ù%./*!8#$*2.-7D!9/*+Ù-7D4!)./#18/!5!#0/.//!83'&-7D!9-Ù-!10&5*75.*!5!)./#18%6/!
9/*+Ù-7D!0#)#Ù%.-7D!0/*&)#3./*!/!.%!83'&-7D!3#!)./#18%7D!1(!#13%3*75./*!1/¿!#0%&Ù:!
TWA!N#&:! .0:! )-&#8!G(<! P0*$%7-2.*+#! )*!;&#7Ù%)/<! 5! K! )&5*ï./%! TB@T! &:! =\\!PH%! @KK]@T?J!
EG0#1'9!0&#7*(#)%./%!2*13! 3&<(.-! (#! 5%%87*03#)%./%:!S*Č*$/!1(!#7*./Ù4!/Č!#0/./%!9/*+Ù*+#!
=b?!2*13!./*0*Ù.%!$<9!./*2%1.%!)/./*.!1C#&6<Ù#)%°!0-3%./%!0#(!%(&*1*6!9/*+Ù*+#!/!5%8&*ï$/°!
75%1!9/*+Ù*6<!(#!<(5/*$*./%!#(0#)/*(5/!.%!(#(%38#)*!0-3%./%F:!
TWW!;!5%1%(5/*!)/*(5%!3%8%!0#3&5*9.%!2*13!9%&(5/*2!1¿(5/#6!./Č!9/*+Ù-64! 2%88#$)/*8!5!.*+%>
3-).!#7*.!#0/.//!)/Č*!1/¿!5%5)-75%2!&')./*Č!#9./Č*./*!)-.%+&#(5*./%!9/*+Ù*+#4!%!)/¿7!
&')./*Č!5!0<.83<!)/(5*./%! 9/*+Ù*+#! )%&3#!)/*(5/*°4!2%8/*! 6#+!9-°!0&5*1Ù%.8/! *)*.3<%$>
.*+#!5%Č%$*./%!.%!0#13%.#)/*./*!(#3-757*!#7*.-!)-8#.%.*2!#0/.//!/!)-.%+&#(5*./%!5%!./:!
"*'

!"#$%&'()*$+!
!
9 ./*!2*13!#0/./!./*0*Ù.!#0/./%4!)!83'&*2!9/*+$/!6%27-!(#13¿0!
(#!7%Ù#ï7/!%83!10&%)-4!%!./*6%27-!0#$*7*./%!#(./*1/*./%!1/¿!(#!8#.>
8&*3.-7D!5%)%&3-7D!)!./7D!6%3*&/%Ù')4!<5%1%(./%2!1)#2!#0/./¿!#(>
)#Ù<27!1/¿!(#!(#8<6*.3')!)!3-7D!%83%7D!5%)%&3-7D4!0#6/2%27!5*>
5.%./%!ï)/%(8')TWK_!
9 9&%8!#(0#)/*(5/!.%!0-3%./*!1(<!./*!6<1/!#5.%75%°4!Č*!#0/>
./%!2*13! ./*0*Ù.%:!j#+!5%/13./*°!1-3<%72*4!)!83'&-7D!.%!0-3%./*!./*!
(%!1/¿!#(0#)/*(5/*°!5!0&5-75-.!#9/*83-).-7DTWY_!

TWK!;!0#13%.#)/*./<! G(<!P0*$%7-2.*+#!)*!;&#7Ù%)/<!5!@Q!13-75./%! TB@T!&:!=\\!P!H5!TA]@T4!
./*0<9$:4!)-3Ù<1575*./%!)!#&-+/.%$*?4! 1(! 13)/*&(5/Ù!6:/.:J!E;!0/*&)15-6!5! )-1Ù#)/#.-7D!
)! 3&*ï7/! 5%18%&Č#.*+#! 0#13%.#)/*./%! 5%13&5*Č*./<! #! 5.%75*./<! /13#3.-64! G(! 13)/*&(5%4!!
Č*!9/*+$/!0#6/.¿$/! rĊ&'(Ù%! (#)#(#)*! 2%8/6!9-Ù-!5*5.%./%!ï)/%(8')s:! d%8!1C#&6<Ù#)%.*!
5%13&5*Č*./*!&#(5/°!6#Č*!0-3%./*4!75*+#!(#3-75-Ù#!5$*7*./*!G(<!8/*&#)%.*!0#(!%(&*1*6!9/*>
+Ù-7D!,!)-(%./%!#0/.//!3-$8#!)!8)*13/%7D!)-6%+%27-7D!)/*(5-!10*72%$.*24!75-!3*Č!)-(%./%!
"#!$%!1)#/13*+#! #&5*75*./%! )! 8)*13//! &#513&5-+./¿7/%! #!5%&5<3%7D!#18%&Č*./%:! ;! Č%(.-6!
)-0%(8<!5%(%./*! 9/*+Ù-7D! ./*! 6#Č*! 0#$*+%°!.%!8#60$*81#)*2!%.%$/5/*! )15*$8/7D! 5+&#6%>
(5#.-7D!(#)#(')4!)!3-6!(#)#(')!#1#9#)-7D4!(#8#.-)%./%!/7D!%.%$/5-!/!C#&6<Ù#)%./%!
#0/.//!)!#0%&7/<!#!)Ù%1.!#7*.¿!/7D!3&*ï7/!/!,!7#!.%2)%Č./*215*!,!)/%&-+#(.#ï7/:!&'()#!%*+
,*%-,.!,! /01! *'()#! "(")#Ú!2!,03#ï)2(Ú.!$/#)*,2! ,0Ù'")!%*1()¿!$%4!*5"(6#3'(7*:!
Z/*!#5.%75%! 3#! .%3<&%$./*4! Č*!(#)#(-!#1#9#)*!./*! 6#+!9-°!Ċ&'(Ù*6! /.C#&6%72/! )%Č.-7D!
($%!9%(%Ú!9/*+Ù*+#4!5%$*Č./*!#(!#8#$/75.#ï7/!(%.*2!10&%)-!/!&#(5%2<!*810*&3-5-:!S*ï$/!2*(.%8!
13%2*!1/¿! 3#!8#./*75.*4!3#!./*! 9/*+Ù-!6%!(*7-(#)%°!.%!83'&-7D!6%!#0/*&%°!1/¿!(#)#(#)-7D!
#1#9#)-7D4!$*75! )18%5%°! 2*!0#)/./*.! G(! 5$*7%27-! *810*&3-5¿:!d*#&*3-75./*!6#Č.%! 1#9/*!
)-#9&%5/°!1-3<%72¿4!)!83'&*2!9/*+Ù-!)-8#&5-13<2*!5*5.%./%!/!)-2%ï./*./%!2%8#!Ċ&'(Ù%!/.C#&6%>
72/4!83'&*! .%13¿0./*!<)5+$¿(./%!)!3&%87/*!9%(%Ú!/!#0/./#)%./%4!%$*!)!3%8/6!)-0%(8<!10*Ù>
./#.*!5#13%°!7#!.%26./*2!()%!)%&<.8/!216",\;),6$6J!%?!<0&%)./*./*!/7D!)-8#&5-13%./%!)-./>
8%°!6<1/!)0&#13!5!0#13%.#)/*./%!G(<4!9?!9/*+Ù-!6<1/!)18%5%°!.%!83'&-7D!5*5.%./%7D!#0/*&%!
1)#2*!)Ù%1.*!<13%$*./%!/!)!8%Č(-6!)-0%(8<4!)!83'&-6!)!%83%7D!10&%)-!5.%2(<2!)5%2*6./*!
10&5*75.*!(#)#(-!#1#9#)*!=)!&*$%72%7D!0#6/¿(5-!5*5.%./%6/!$<9!)!&*$%72%7D!0#6/¿(5-!5*>
5.%./%6/4!%!)-2%ï./*./%6/!%$9#!3*Č4!+(-!5%7D#(5/!10&5*75.#ï°!)*).¿3&5.%!)!3&*ï7/!(#)#(<!
#1#9#)*+#?!6<1/!C#&6<Ù#)%°!)./#18/! )%&/%.3#)*:!`5.%./*! 5%ï!0&5*5!1(! 3*+#!$<9!/..*+#!
)%&/%.3<!5%!1Ù<15.-!9¿(5/*!5%$*Č.%!#(!3*+#4!83'&-6!5!)-8#&5-13%.-7D!0&5*5!9/*+Ù*+#!(#)#>
(')!G(!#&5*8%27-!(%!)/%&¿?F:!
TWY!;!0#13%.#)/*./<! G(<!P0*$%7-2.*+#!)*!;&#7Ù%)/<!5!@Q!13-75./%! TB@T!&:!=\\!P!H5!TA]@T4!
./*0<9$:?!1(! 13)/*&(5/ÙJ!E=b?!9&%8! #(0#)/*(5/! .%!0-3%./*!G(<! 5$*7%27*+#!*810*&3-5¿!./*!
#5.%75%!%<3#6%3-75./*4! Č*! #0/./%!2*13! ./*0*Ù.%4! 2*Č*$/! 0&5-75-.%!9&%8<! #(0#)/*(5/! $<9!2*2!
#+&%./75#.*+#! 5%8&*1<! 5#13%Ù%! &%72#.%$./*! /! 0&5*8#.-)<27#! )-2%ï./#.%! 0&5*5! 9/*+Ù*+#:!!
;!8#.8&*3.-7D!0&5-0%(8%7D!./*6#Č$/)#ï°!<(5/*$*./%!#(0#)/*(5/!.%!0-3%./*!1(<4!./*!)->
8$<75%!)%&3#ï7/!0#5.%)75*2!#0/.//!/!)!./75-6!./*!#97/Č%!9/*+Ù*+#:!(%./*!5%ï!#(0#)/*(5/!
)9&*)!)/*(5-!9/*+Ù*+#!/!)9&*)!#8#$/75.#ï7/#6!<./*6#Č$/)/%27-6!2*2!<(5/*$*./*4!2*13!0#!
0&#13<!./*(#0<1575%$.*F:!
"*(

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

9 ./*2%1.#ï°! #0/.//! ($%! 8#.8&*3.-7D! 1¿(5/')! ./*! #5.%75%! 2*2!
#9/*83-).*2!./*2%1.#ï7/TWU4!2*ï$/!1(!./*!0#)#Ù<2*!/..*+#!9/*+Ù*+#4!3#!
0#)/./*.!0#)#Ù%°!3*+#!1%6*+#! 9/*+Ù*+#! /!5#9#)/5%°!+#!(#!)-2%>
ï./*./%!8)*13//!9<(57-7D!)30$/)#ï7/_!
9 1(!)!0#13¿0#)%./<!8%&.-6!./*!6%!6#Č$/)#ï7/!%&9/3&%$.*+#!
5(-18)%$/C/8#)%./%!#0/.//!9/*+Ù*+#!9*5!)-8%5%./%4!Č*!2*13!#.%!./*>
0*Ù.%!$<9!./*2%1.%!%$9#!5#13%Ù%!10#&5(5#.%!)!10#1'9!./*&5*3*$.-!$<9!
./*8#60$*3.-TWM:!

TWU!! ; ! 0 # ) # Ù%.-6! 0#13%.#)/*./<! G(<! P0*$%7-2.*+#! )*! ;&#7Ù%)/<! 5! @Q! 13-75./%! TB@T! &:!!
=\\!P!H5!TA]@T4!./*0<9$:4!)-3Ù<1575*./%!)!#&-+/.%$*?!1(!13)/*&(5/Ù!&')./*Č!!E=b?!./*2%1.#ï°!
#0/.//!)!#(9/#&5*!8#.8&*3.-7D!1¿(5/')!=7D#°!2*13!3#!8)*13/%!5%1%(./75%?!./*!#5.%75%!2*1575*!
#9/*83-).*2!./*2%1.#ï7/!$<9! ./*5&#5<6/%Ù#ï7/! #0/.//! )! #7*./*! /..-7D!<75*13./8')!0#13¿0#>
)%./%4!83'&5-!3%8Č*!./*!(-10#.<2!)/*(5!*810*&3%$.:!d%!1-3<%72%!./*!<15Ù%!<)%(5*!<13%)#>
(%)7-4!83'&-!)!%&3:!TB@!HNH!13%.#)/4!Č*!r2*Č*$/!#0/./%!2*13!./*0*Ù.%!$<9!./*2%1.%!=b?!6#Č.%!
0#.#)./*!)*5)%°!3-7D!1%6-7D!9/*+Ù-7D!$<9! 0#)#Ù%°!/..-7Ds:!`13%)%!.%8Ù%(%! 5%3*6!./*!
#9#)/5*8!$*75!<0&%)./*./*!0#)#Ù%./%!3-7D!1%6-7D!9/*+Ù-7D!7*$*6!<5<0*Ù./*./%!#0/.//!$<9!
2*2!)-2%ï./*./%:! S*13! 3#! 9*5!)30/*./%!1Ù<15.*!&#5)/5%./*4!9#)/*6! )18%5<2*! .%! 6#Č$/)#ï°!
0#(2¿7/%!%$3*&.%3-).*2!(*7-52/!7#!(#!0#)#Ù%./%!3-7D!1%6-7D!9/*+Ù-7D!$<9!0#)#Ù%./%!/..-7D:!
P$*!0&5*7/*Č!/13./*./*!3%8/*2!<13%)#)*2!6#Č$/)#ï7/!./*!5)%$./%!1(<!#(!<0&5*(./*+#!0#(2¿7/%!
(*7-52/!7#!(#!)/%&-+#(.#ï7/!#0/.//:!Z/*!10#1'9!.%3<&%$./*!<5.%°!5%!)/%&-+#(.!#0/./¿!./*2%>
1.4!7#!(#!3&%C.#ï7/!83'&*2!1(!./*!6%!5%3*6!0*).#ï7/:!N#0&%).%!)-8Ù%(./%!%&3:!TB@!HNH!./*!
0#5#13%)/%!)15%8Č*!1(#)/!1)#9#(-!(*7-52/:!S*ï$/!1(!./*!0#)#Ù<2*!/..*+#!9/*+Ù*+#!=b?4!3#!
)!3%8/*2!1-3<%72/!6%!)!/13#7/*!&5*75-!8*,2))*ï°!0#)#Ù%./%!3-7D!1%6-7D!9/*+Ù-7D!/!5#9#)/>
5%./%!/7D!(#!<1<./¿7/%!)%(!#0/.//!$<9!3*Č!(#!)-2%ï./*./%!8)*13//!&#(57-7D!)30$/)#ï7/!1(<:!
9!/#621!,08#%64!:2(7Ù0!1#!*:*,2"(6!$8(Ù)2()2#!Č%#)2#!$%4:!L#0/*&#!)3*(-4!+(-!9/*>
+Ù-!#(6')/!10*Ù./%./%!3*+#!#9#)/58<!$<9!#9#)/58#)/!3*6<!./*!10&#13%!/!./*!0#3&%C/!)->
3Ù<6%75-°!1(#)/!1)#/7D!&%72/!#&%5!0&5*8#.%°!(#!/7D!1Ù<15.#ï7/4!#0/./%!9/*+Ù*+#!6#Č*!5#13%°!
<5.%.%!=b?!5%!)%($/)F:!
TWM!G(!Z%2)-Č15-!)!)-&#8<!5!A!0%Ċ(5/*&./8%!TBBA!&:!=k!HH!KB]BA?!13)/*&(5/ÙJ!E%&3:!TB@!HNH!
#9$/+<2*!#&+%.!0&#7*1#)-!./*!3-$8#!(#!8#.3&#$/!(#)#(<!5!#0/.//!9/*+Ù-7D4!%$*!&')./*Č!(#!
)-2%ï./*./%!*)*.3<%$.-7D!)30$/)#ï7/!/!5%13&5*Č*Ú:!V%Ù8#)/3%!(-18)%$/C/8%72%!#0/.//!9/*>
+Ù-7D!)-6%+%!#(!1(<!<0&5*(./*+#!)-8%5%./%4!Č*!9-Ù-!#.*!#0%&3*!.%!9Ù¿(.-7D!0&5*1Ù%.>
8%7D4!)5+$¿(./*4!Č*!./*!#(0#)/%(%2!%83<%$.*6<!13%.#)/!)/*(5-!)!(%.*2!(5/*(5/./*!$<9!
3*Č4!Č*!1!10&5*75.*!5!5%1%(%6/!$#+/75.*+#! &#5<6#)%./%:!N&#7*(<&%!8%&.%!./*!(%2*!#&+%>
.#)/!0&#7*1#)*6<!0&%)%!(#!2*(.#13&#..*+#!%&9/3&%$.*+#!5(-18)%$/C/8#)%./%!#0/.//!9/*>
+Ù*+#!9*5!)-8%5%./%4!Č*!2*13!#.%!./*0*Ù.%!$<9!./*2%1.%!%$9#!5#13%Ù%!10#&5(5#.%!)!10#1'9!
./*&5*3*$.-! $<9! ./*8#60$*3.-:!;! 3%8/7D! 1-3<%72%7D4! 1(! 0#)/./*.! )! &%6% 7D! #9#)/58<!
"*)

!"#$%&'()*$+!
!
Z/*5%$*Č./*! #(! 0&5-75-.-4! .%! 18<3*8! &'Č.-7D! #8#$/75.#ï7/! 6#+!!
)!10&%)/*! 0#2%)/°!1/¿! 10&5*75.*!#0/./*TWQ4! 7#!3)#&5-! ($%!#&+%.<! 0&#7*1#>
)*+#!1-3<%72¿!3&<(.4!5%5)-75%2!9#)/*6!./*!2*13!#.!)!13%./*!#7*./°!6*&->
3#&-75.*2!0#0&%).#ï7/!#0/.//4!./*!(-10#.<27!5)-8$*!)/%(#6#ï7/%6/!10*>
72%$.-6/!5!(5/*(5/.-4!83'&*2!#0/./%!(#3-75-TKB4!./*!0#)/./*.!5&*153!5!#0/./!
9/*+Ù*+#!0#$*6/5#)%°TK@4!56<15#.-!2*13!.%3#6/%134!.%!83'&*2ï!5*!10&5*75.-7D!
#0/.//!#0&5*°!1/¿!)-(%27!)-&#8!=1(!./*! 6#Č*!0#6/.°!)15-138/7D!#0/.//!
9/*+Ù-7D!/!)9&*)!./6!#0&5*°!<13%$*Ú!.%!)Ù%1.-6!,!#(6/*..-6!#(!)-&%Č#>
.-7D!)!#0/.//!$<9!#0/./%7D!,!0&5*8#.%./<?TKT:!!

0&%)/(Ù#)*+#! )-2%ï./*./%! #8#$/75 .#ï7/! 9¿(7-7D! 0&5*(6/#3*6! (#)#(<! 0#(2°!0&'9¿!
<5<0*Ù./*./%!(#3-7D75%1#)*2!#0/.//4!0&5*5!(5/%Ù%./*!0&5*)/(5/%.*!)!%&3:!TB@!HNHF:!
TWQ!S%8!)10#6./%.#!)75*ï./*24!5(%&5%2!1/¿!1-3<%72*!0#)#Ù-)%./%!.%(6/%&#)*2!,!)&¿75!8<>
&/#5%$.*2! ,! $/759-! 9/*+Ù-7D:! S*13! 3#! 5&*153!./*(#9&%!0&%83-8%4!#(&%(5%.%!)!$/3*&%3<&5*!!
=0#&:!.0:!d:!X&5*+#&75-8J!5$&"(2,-$2#¿0$:)61),5).6"=$,$.)/,;2#):),$,ï:1)&(;,($.$66'?4!0#(!
&*(:!d:!X&5*+#&75-8%4!;#$3*&1!H$<)*&4!;%&15%)%4!TBBM4!1:!WYY_!N:!m#C6%Ú18/4!G:!I%9Ù#78/J!
4F"?"6#',?"#$&'(1,0.)8',2¿&/1"=$,:,20.):)8H,().6'8H4!;#$3*&1!H$<)*&4!;%&15%)%4!TB@4!1:!TQK?:!
G0&5*75.#ï7/!6#+!0#2%)/°!1/¿!&')./*Č!)*!)./#18%7D!#0/.//!&'Č.-7D!10*72%$/13')!=.0:!/.>
C#&6%3-8%!/! *$*83&#./8%?! 0#)#Ù%.-7D! )! 3*2!1%6*2! 10&%)/*4!6#Č*! &')./*Č!5(%&5-°! 1/¿4! Č*!!
)!10&%)/*!0#2%)/!1/¿!#0/./%!0#5%1(#)%!=5%6')/#.%!0&5*5!13&#.¿?!0#5#13%27%!)!10&5*75>
.#ï7/!5!8#.8$<52%6/!#0/.//!1(#)*2:!
TKB!;%&3#!)!3-6!8#.3*8ï7/*!5%13%.#)/°!1/¿!.%(!0#2%)/%27-6/!1/¿!#(!75%1<!(#!75%1<!0#13<>
$%3%6/! <3)#&5*./%! 1(')! 10*72%$/5#)%.-7D4!83'&-7D! 1¿(5/#)/*! 6#+$/9-! <5-18%°!0*).*!
)/%(#6#ï7/!10*72%$.*!5!5%8&*1<!(-17-0$/.4!)!83'&-7D!10*72%$/5#)%Ù9-!1/¿!(%.-!1 (:!;-(%2*!
1/¿!3#!#!3-$*!1*.1#).*4!Č*!/13./*2!)-10*72%$/5#)%.*!1Ù<Č9-!0%Ú13)#)*!5%26<27*!1/¿!5)%$>
75%./*6!1575*+'$.-7D!&#(5%2')!0&5*13¿013)!=.0:!V*.3&%$.*!c/<&#!P.3-8#&<07-2.*4!GÙ<Č9%!
H#.3&)-)/%(<!;#218#)*+#4!\.10*872%!V*$.%!/3(:?4!%!.%)*3!#&+%.-!0%Ú13)%!0#)#Ù%.*!(#!
#&5*8%./%!)!1575*+'$.-7D!&#(5%2%7D!10&%)!=\59-!j#&18/*?:!j#Č.%!)!3-6!8#.3*8ï7/*!0&5->
3#75-°!5.%.*!%!5Ù#ï$/)*!0#)/*(5*./*! #! ï)/%(8%7D4! 83'&5-! 6')/!#!3-64!.%!75-6!1/¿!./*!
5.%24!%$*!7#!)/(5/*$/4!9/*+Ù-7D!6')/7-7D!#!3-64!75*+#!./*!)/(5/*$/4!%$*!.%!75-6!1/¿!5.%2!
/!1¿(5/%7D4!83'&5-!)-0#)/%(%2!1/¿!#!3-64!.%!75-6!%./!1/¿!./*!5.%24!%./!75*+#!./*!)/(5/*$/:!
TK@!G(!6%27!)30$/)#ï°!7#!(#!#0/.//!9/*+Ù*+#!./*!0#)/./*.!5!./!0#$*6/5#)%°!%!5%1/¿+.°!
8#$*2.*2!#0/.//:!I#9:!)-&#8!G(<!Z%2)-Č15*+#!5!A!6%2%!@QMT!&:!=\!H"!A@Q]M@?:!!
TKT!;!)-&#8<!5!@W!6%&7%!TBBU!&:!=\\\!`H!@AB]BY?!G(!Z%2)-Č15-!13)/*&(5/ÙJ!EO0/./%!9/*+Ù-7D!
(#13%&75%!1(#)/!)/*(5-!10*72%$/13-75.*2![b^!1(!./*!6#Č*!)9&*)!#0/.//!9/*+Ù-7D!#0&5*°!
<13%$*Ú!)!3-6!5%8&*1/*!.%!)Ù%1.-6! 0&5*8#.%./ <F:! ;! )-&#8<! 5! U! 0%Ċ(5/*&./8%! TBBQ! &:!!
=\\\!HH!@TT]BQ?!G(!Z%2)-Č15-!13)/*&(5/ÙJ!E2*Č*$/!)!10&%)/*!5%7D#(5/!8#./*75.#ï°!13)/*&>
(5*./%!#8#$/75.#ï7/!6%27-7D!/13#3.*!5.%75*./*!($%!&#513&5-+./¿7/%!10&%)-4!83'&*!)-6%+%2!
)/%(#6#ï7/!10*72%$.-7D4! 1(! ./*!6#Č*! 5%.*+#)%°! )-(%.*2! #0/.//! 9/*+Ù*+#!9*5! 0#)#Ù%./%!
/..*+#!9/*+Ù*+#:!G(!2*13!9#)/*6!<0&%)./#.-!)0&%)(5/*!(#!1)#9#(.*2!#7*.-!0&5*0&#)%>
(5#.-7D!(#)#(')4!%$*! ./*!(#!0#6/./¿7/%!0&5-!3*2!#7*./*!<)5+$¿(./*./%!)18%5%Ú!)/*(5-!
10*72%$/13-75.*24!5%13¿0<27!2*!)Ù%1.!#7*.!5(%&5*Ú4!83'&*!)-6%+%2!#0/.//!9/*+Ù*+#:!G(4!
""*

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

S*(.!5!0#3*.72%$.-7D!6#Č$/)#ï7/!2*13!)!3%8/*2!1-3<%72/!5%1/¿+./¿7/*!6*3%#>
0/.//!=5)%.*2! &')./*Č!1<0*&*810*&3-5?:! ;! $/3*&%3<&5*! /! #&5*75./73)/*!0&5*>
)%Č%!17*03-75.*!.%13%)/*./*!#(.#ï./*!(#!0#)#Ù%./%!E1<0*&9/*+Ù*+#FTKA!#&%5!
(#! )10#6./%.-7D! )75*ï./*2! 1-3<%72/! 0#)#Ù-)%./%! .%(6/%&#)*2! $/759-!
9/*+Ù-7D4!)!#&5*75./73)/*!6#Č.%!2*(.%8!5.%$*Ċ°!/!0&5*7/).*!,!32:!(#0<15>
75%27*!2%8ï!C#&6¿!E1<0*&*810*&3-5-F!,!13%.#)/18%TKW:!V5¿ï°!%<3#&')!,!5%!

9¿(7!<0&%)./#.-!(#!1)#9#(.*2!#7*.-!(#)#(')4!#7*./%27!#0/./¿!9/*+Ù*+#!6#Č*!<5.%°4!
/Č!#0/./%!9/*+Ù*+#!2*13!./*0*Ù.%!$<9!./*2%1.%!%$9#4!Č*!5%7D#(5/!10&5*75.#ï°!)!1%6*2!#0/.//:!
;3*(-!0#)/./*.!)*5)%°!0#.#)./*!3*+#!9/*+Ù*+#!$<9!0#)#Ù%°!/..-7D4!%9-!<5<0*Ù./°!#0/>
./¿!$<9!)-2%ï./°!10&5*75.#ï7/F:!
TKA!I#9:!.0:J!S:!X<&+<$J!E,2:$<$&6"9,$8"61",$01611,<1"=Ù"=$4!EN&#8<&%3<&%!/!N&%)#F!Z&!@B]TB@A4!
1:! AW−KY4! D330J]]))):/*1:8&%8#):0$])-(%)./73)#]0&#8<&%3<&%]0(C]TB@A]@B]A+<&+<$:0(C_!!
N:!m#C6%Ú18/4!G:! I%9Ù#78/J! 5$&"(2*4! #0:!7/3:4! 1:!TQW_!d:!X&5*+#&75-8J!4F"?"6#'b4! #0:! 7/3:4!!
1:!WYU_!X:!H#075-Ú18/J!5$67.$6#)89)b4!#0:!7/3:4!1:!@MU!/!.%13:!;!3*2!#13%3./*2!81/Č7*!%<3#&!#6%>
)/%!15*&*+!%&+<6*.3')!0&5*7/)8#!6#Č$/)#ï7/!13#1#)%./%!E1<0*&*810*&3-5-FJ!
9 /.13-3<72%!E1<0*&*810*&3-5%F!./*!2*13!0#2¿7/*6!<13%)#)-6_!
9 <1575<0$%Ù%9-!#.%!1)#9#(¿!#7*.-!(#)#(')!0&5*5!1(_!
9 0&5*(6/#3*6!#0/.//! )!10&%)/*!0#)/..-!9-°!2*2!#8#$/75.#ï7/4! %! ./*!3&%C.#ï°!/..*2!
#0/.//:!
P<3 #&! 0& 5 -3%7 5%! 5(%./ *4! Č*! 6#Č$/)#ï°!13#1#)%./%!1<0*&*810*&3-5-!(#0<1575%!1/¿!3-$8#!!
)!1-3<%72/4! )!83'&*2!2<Č!0&5*0&#)%(5#.%!*810*&3-5%!9<(5/!5%13&5*Č*./%4!%!0#)3'&.%!*81>
0*&3-5%!./*!2*13!6#Č$/)%!.0:!5!0#)#(<!5./1575*./%!)-./8<!9%(%Ú:!
O!6*3%*810*&3-5/*!8&-3-75./*!)-0#)/*(5/%Ù!1 /¿!&')./*Č!G(!Z%2)-Č15-!)!<7D)%$*!I+&#6%>
(5*./%!O+'$.*+#!G(<!Z%2)-Č15*+#!5!@K!$/07%!@QUW!&:!=H):!N&:!T]UW?4!0<.83!k\\!$/3:!+J!
E;! )- 0 % (8<!2*(.% 8 4 ! + ( - ! # 0 / . /%! 9 /*+Ù*+#!2*13!./*2%1.%4!5%)/*&%!)!1#9/*!10&5*75.#ï7/!%$9#!
3*Č!)-8%5<2*4!Č*!./*!<)5+$¿(./Ù%!7%Ù#ï7/!6%3*&/%Ù<!)!9%(%.*2!(5/*(5/./*4!.%$*Č-!(#6%+%°!
1/¿!0&5*(*!)15-138/6!#(!(#0<1575#.*+#!2<Č!9/*+Ù*+#!#0/.//!<5<0*Ù./%27*2!$<9!/..*+#!13#>
1#).*+#!)-2%ï./*./%!1)*2!#0/.//4!%!(#0/*&#!)3*(-4!+(-9-!3#!./*!(#0&#)%(5/Ù#!(#!0#Č(%>
.*+#!&*5<$3%3<4!0#(*26#)%°!(*7-52¿!#!0#)#Ù%./<!/..*+#!9/*+Ù*+#:!
"')./*Č!)!)-0%(8<4!+(-!#0/./*!9/*+Ù-7D!1!&#59/*Č.*4!.%$*Č-!0&5*(*!)15-138/6!(#6%+%°!
1/¿4!%9-!)!(&#(5*!10#)#(#)%.*2!0&5*5!1(!8#.C&#.3%72/!9/*+$/!<13#1<.8#)%$/!1/¿!(#!#0/.//!
0&5*7/).-7D4!)18%5<27!.%!/7D! *)*.3<%$.*!9Ù¿(-!$<9!9&%8/:! `./8%°!.%3#6/%13!.%$*Č%Ù#9-!
#()#Ù-)%./%!1/¿!(#!(%$15-7D!#0/.//!/..-7D!2*1575*!9/*+Ù-7D4!%!3-6!9%&(5/*2!5)&%7%./%!1/¿!
#!#0/./¿!10*72%$/13-75.!#!#0/./%7D!(#3-7D75%1!5Ù#Č#.-7DF:!
TKW!!I#9:! 0#1 3 % . # ) / * ./*! 5! T@! 7 5 * & ) 7 %! TB@T! &: ! G (<! P0*$%7-2.*+#! )! H%3#)/7%7D!!
=\\!PH5!AMY]@T?J!EN&5*0/1-!0&#7*(<&-!8%&.*2!./*!#8&*ï$%2!/!./*!6#+!#8&*ï$%°!5%8&*1<!/!6*3#(!
9%(%Ú!10*72%$/13-75.-7D!0&5*0&#)%(5#.-7D!0&5*5!9/*+Ù-7D4!)!3*2!9#)/*6!6%3*&//!5%1%(./75*!
5.%75*./*!6%2!10*72%$/13-75.*!8)%$/C/8%72*!9/*+Ù-7D:!G(!5!.%3<&-! ./*!6#Č*!/.+*&#)%°!)!3*!
"""

!"#$%&'()*$+!
!
0#)#Ù%.!<7D)%Ù!I+&#6%(5*./%!O+'$.*+#!G(<!Z%2)-Č15*+#!,!1<+*&<2*4!
Č*! &#5)/5%./*6! 6#Č*! 9-°! )! 3%8/7D! )-0%(8%7D! 8#.C&#.3%72%! 9/*+Ù-7DTKK!: !
I%1%(./75#!0#(5/*$%27!#0/./¿!#!)-Č15#ï7/!8#.C&#.3%72/!9/*+Ù-7D!.%(!E1<0*>
&*810*&3-5F4!.%$*Č-!0#(./*ï°!5%13&5*Č*./*4!Č*!8#.C&#.3%72%!2*13!1575*+'$.!
C#&6! 0&5*1Ù<7D%./%4! 0#(75%1! +(-! )-2%ï./*./*! 5%/13./%Ù-7D! )30$/)#ï7/!
6#Č*!)-6%+%°!#(!9/*+Ù*+#!18#&5-13%./%!5!.#3%3*84!$/3*&%3<&-!C%7D#)*24!75-!
.%)*3! 0&5*0&#)%(5*./%! (#(%38#)-7D! 9%(%Ú4! 7#! #75-)/ï7/*! ./*! 2*13! 6#Č>
$/)*!)! 75%1/*! 0&5*1Ù<7D%./%TKY:!j#Č.%! 10#(5/*)%°!1/¿4! Č*! 8#.C&#.3%72%!./*!
0&5-./*1/*!#75*8/)%.-7D!18<38')4!+(-!83'&-ï!5!8#.C&#.3#)%.-7D!9/*+Ù-7D!
0#(./*1/*! %&+<6*.3! 8#./*75.#ï7/! 1/¿+./¿7/%! (#! $/3*&%3<&-! 0&5*(6/#3<! 75-!
10&%)(5*./%!75*+#ï!)!(&#(5*!*810*&-6*.3<:!V#!+#&15%4!3%8/*!0#13%)/*./*!
10&%)-!0&5*5!9/*+Ù*+#!6#Č*!56./*215-°!0*&1)%5-2.#ï°!2*+#!5(%./%4!0#(75%1!
+(-! 3%! ./*! 6<1/! 9-°!0&5*7/*Č!5)/5%.%! 5! 0&%)(5/)#ï7/! 13%)/%.-7D! 3*5:!
j#Č.%!)&*157/*!10#(5/*)%°!1/¿4!Č*!1(4!83'&-!6/%Ù!)30$/)#ï7/!7#!(#!2%1.#>
ï7/!=)-(%.*2!0&5*7/*Č!.%!0/ï6/*4!%!)/¿7!0#!<0&5*(./6!0&5-+#3#)%./<!/!.%>
(%./<!#(0#)/*(./*2!C#&6-!$/3*&%78/*2?!#0/.//4!./*!<5.%!5%!9%&(5/*2!8$%&#).*!
*C*83')!0&5*1Ù<7D%./%!()'7D!9/*+Ù-7D!#(.#157-7D!1/¿!(#!)5%2*6.-7D!)->
0#)/*(5/! 1C#&6<Ù#)%.-7D!)!6')/#.-6! 2¿5-8<!C%7D#)-6:! Z/*5%$*Č./*!
#(!&#5)%Č%Ú!.%(!(#0<1575%$.#ï7/!75-!0#Č-38/*6!5!E1<0*&*810*&3-5-F!
)!0&%83-7*!9/*+Ù-!6#Č*!9-°!56<15#.-!(#!#(./*1/*./%!1/¿!(#!/..-7D!*810*&>
3-5!)-(%.-7D!)!3*2!1%6*2!10&%)/*4!75-!3#!)!&%6%7D!0#13¿0#)%./%!=(#!#0/.//!

8)*13/*4!%$9#)/*6!./*!0#1/%(%!)/%(#6#ï7/!10*72%$.-7D4!)%&<.8<27-7D!5%26#)%./*!13%.#>
)/18%!)!3*2!8)*13//:!
S*(-./*!)!1575*+'$.-7D! 1-3<%72%7D4! +(-! 5%8&*1! 0&5*0&#)%(5#.-7D!9%(%Ú!5(%2*!1/¿!)-8&%>
75%°!0#5%!#915%&!5%8&*ï$#.-! 0#13%.#)/*./*6! #! (#0<1575*./<! (#)#(<! 5! #0/.//! 9/*+Ù*+#4!
9(Ċ!3*Č!1(!0#)*Ċ6/*!)30$/)#ï°!7#!(#!5%1%(.#ï7/!$<9!0&5-(%3.#ï7/!0#1575*+'$.-7D!75-.>
.#ï7/!9/*+Ù*+#!18Ù%(%27-7D!1/¿!.%!0&5*0&#)%(5#.!*810*&3-5¿4!6#Č*!0#(2°!(5/%Ù%./%!56/*>
&5%27*!(#!5)*&-C/8#)%./%!/!)-2%ï./*./%!0#)-Č15-7D!8)*13//:!"5*75!2*(.%8!)!3-64!Č*!1(!./*!
6#Č*!3*+#!75-./°! )! 10#1'9! 1%6#(5/*$.-! /! %&9/3&%$.-4!%$9#)/*6!5!/13#3-!&5*75-! )8&%75%Ù9-!
3-6!1%6-6!)!5%8&*1!8#60*3*.72/!9/*+Ù*+#:!g&#(8/*6!(#!<13%$*./%!0&5*5!1(!0&%)/(Ù#)#ï7/!
(5/%Ù%Ú!9/*+Ù*+# ! 0#)#Ù%.*+#!(#! )-(%./%! #0/.//! )! 10&%)/*! 2*13! (#0<1575*./*! /..*+#! 9/*>
+Ù*+#4!3-$8#!)!7*$<!#7*.-!0&%)/(Ù#)#ï7/!)-9#&<!6*3#(!#&%5!5%1%(.#ï7/!0&5*0&#)%(5#.-7D!
75-..#ï7/4!#0/1%.-7D!/!)-2%ï./#.-7D!)!0&5*(Ù#Č#.*2!)!10&%)/*!#0/.//F:!
TKK!\!,!0&5*(*!)15-138/6!,!)*5)%./*!0&5*5!1(!9/*+Ù-7D!(#!<5<0*Ù./*./%!75-!)-2%ï./*./%!2<Č!
5Ù#Č#.-7D!#0/.//:!
TKY!N#&:!0&5-0/1!TTU:!!
""#

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7(4-+#8&!(80.(%4#)#!6!9/&*,!-*:;'('

)75*ï./*2! 0#)#Ù%.-7D! 9/*+Ù-7DTKU!4 ! 9 (Ċ! (#! #0/.//! 0&-)%3.-7DTKM!?4! 75-! 3#!
0#5%!./6!=.0:!2*ï$/!(#8<6*.3%6/!5.%2(<27-6/!1/¿!)!%83%7D!10&%)-!1!*81>
0*&3-5-!(#3-757*!3*+#!1%6*+#!13%.<!&5*75#)*+#4!(#!83'&*+#!0#)/./*.!1/¿!
#(./*ï°!9/*+Ù-?:!j#Č*!3#!0#)#(#)%°!0*)/*.!(-18#6C#&3!9/*+Ù*+#4!1575*+'$>
./*!)!0&5-0%(8<!./*83'&-7D! 5%)#(')!#!1<&#)-7D!8#(*81%7D!*3-75.-7DTKQ4!
75-!3*Č!)!./*83'&-7D!ï&#(#)/18%7D4!./*!56/*./%!3#!2*(.%8!C%83<4!Č*!#9#)/5>
8/*6!9/*+Ù*+#!2*13!6')/°!0&%)(¿!5!7%Ù!1<6/*..#ï7/!/!9*513&#..#ï7/:!Z/*!
#5.%75%!3#!#75-)/ï7/*!8#./*75.#ï7/!#97*1#)*2!8&-3-8/!/..-7D!10*72%$/13')4!

TKU!;!1575*+'$.#ï7/!)!0#13¿0#)%./<!1(#)-6!9/*+Ù-!6#Č*!6<1/*°!#(./*ï°!1/¿!(#!#0/.//!/.>
.*+#! 9/*+Ù*+#! )-(%.*2! )! 0#13¿0#)%./<! 0&5-+#3#)%)75-6:! N#)#Ù%./*! 3*+#! 1%6*+#! 9/*>
+Ù*+#! 6#Č*! 9-°! &')./*Č!./*6#Č$/)*! 5! 0&5-75-.! #9/*83-).-7D! =.0:! 2*+#! 13%.<! 5(&#)/%?:!!
L-18<1-2.-6!0&#9$*6*6!=*3-75.-64!9#)/*6!5!0&%).*+#!0<.83<!)/(5*./%!./*!6%!3<!0&5*>
7/))18%5%Ú?!2*134!75-!3*.!1%6!9/*+Ù-!0#)/./*.!#0/./#)%°!)!#9<!3-7D!0&5-0%(8%7DJ!&%5!2%8#!
#1#9%!0#)#Ù%.%!=/!#0Ù%7%.%?!0&5*5!0&#8<&%3<&¿4!%!(&<+/!&%5!2%8#!.%&5¿(5/*!1(<!)!0&#7*1/*4!
+(5/*!3%!1%6%!0&#8<&%3<&%!2*13!13&#.:!;!$/3*&%3<&5*!0#(.#15#.-!2*13!&')./*Č!0&#9$*6!6#Č>
$/)#ï7/!0*Ù./*./%!&#$/!9/*+Ù-7D!0&5*5!C<.872#.%&/<15-!)-6/%&<!10&%)/*($/)#ï7/!5)/5%.-7D!
#&+%./5%7-2./*!5!0&#8<&%3<&:!I!(&<+/*2!13&#.-4!3&<(.#!10#(5/*)%°!1/¿4!%9-!<(%Ù#!1/¿!5+&#6%>
(5/°!#(0#)/*(./!$/759¿!10*72%$/13')!5!5%8&*1<!0#1575*+'$.-7D!3*7D./8!8&-6/.%$/13-75.-7D4!
83'&5-!./*!1!#&+%./5%7-2./*!5)/5%./!5!#&+%.%6/!ï7/+%./%:!
TKM!;%&3#!.%!6%&+/.*1/*!5%<)%Č-°4!Č*!9/*+Ù-!0/157!#0/./¿!)!10&%)/*4!)!83'&*2!13&#.%!(#13%&>
75-Ù%!#0/./¿!0#5%1(#)4!./*!2*13!5#9$/+#)%.-!(#!#(./*1/*./%!1/¿!(#!./*2!=7D-9%!Č*!3%8/!5%8&*1!
/!0&5*(6/#3!5#13%./*!2%)./*!)18%5%.-!0&5*5!0#13%.#)/*./*!1(<?:!c/*+Ù-!./*! 6<1/!9#)/*6!
=%!75¿13#!.%)*3!./*!0#)/./*.?!)!1)#/7D!#0/./%7D!0#$*6/5#)%°!5*!13%.#)/18%6/!13&#.!0&#7*>
1#)-7D4!%!#0/./%!0#5%1(#)%!*810*&3%!)-.%2¿3*+#!0&5*5!13&#.¿4!0&5*5!3¿!13&#.¿!(#13%&75#.%!
6%!3%8/!7D%&%83*&:!
TKQ!N#&:!.0:!%&3:!KT:!<13:!T!H#(*81<!*3-8/!$*8%&18/*2!=(%$*2!H#(an?!En*8%&5!0#)/./*.!5%7D#)%°!
1575*+'$.!#13&#Č.#ï°!)!C#&6<Ù#)%./<! #0/.//! #! (5/%Ù%$.#ï7/! 5%)#(#)*2! /..*+#! $*8%&5%4!!
)!1575*+'$.#ï7/!./*!0#)/./*.!0<9$/75./*!(-18&*(-3#)%°!+#!)!2%8/8#$)/*8!10#1'9F:!P&3-8<Ù!
3*.!9-Ù!5&*153!)/*$#8&#3./*!/!1Ù<15./*!8&-3-8#)%.-4!%!.%)*3!5#13%Ù!<5.%.-!0&5*5!d&-9<.%Ù!
H#.13-3<7-2.-!5%!./*5+#(.-!5!H#.13-3<724!)!5%8&*1/*4!)!2%8/6!5%8%5<2*!5+#(.-7D!5!0&%)(!
/!<5%1%(./#.-7D!#7D&#.!/.3*&*1<!0<9$/75.*+#!)-0#)/*(5/!0<9$/75.-7D!.%!3*6%3!(5/%Ù%$.#>
ï7/! 5%)#(#)*2! /..*+#! $*8%& 5%:! d&-9<.%Ù! H#.13-3<7-2.-! )! )-&#8<!5! TA! 8)/*3./%!TBBM! &:!!
=GH!@Y]BU?!13)/*&(5/ÙJ!EP&3-8<Ù!KT!<13:!T!H#(an!)!5):!5!%&3:!@K!083!@4!%&3:!W@!/!%&3:!WT!<13:!@ !<13%)-!!
5!@U!6%2%!@QMQ!&:!#!/59%7D!$*8%&18/7D!)!5%8&*1/*4!)!2%8/6!5%8%5<2*!5+#(.-7D!5!0&%)(!/!<5%1%(>
./#.-7D!#7D&#.!/.3*&*1<!0<9$/75.*+#!)-0#)/*(5/!0<9$/75.-7D!.%!3*6%3!(5/%Ù%$.#ï7/!5%)#(#>
)*2!/..*+#!$*8%&5%4!2*13!./*5+#(.-!5!%&3:!KW!<13:!@!)!5):!5!%&3:!A@!<13:!A!/!%&3:!@U!<13:!@!H#.13-3<72/!
#&%5!./*!2*13!./*5+#(.-!5!%&3:!YA!H#.13-3<72/F:!!
""$

!"#$%&'()*$+!
!
.%)*3!2*ï$/!0#0*Ù./$/!#./!9Ù¿(-4!5!(&<+/*2!13&#.-!)!0&5-0%(8<!9Ù¿(')!1575*>
+'$./*!&%Č7-7D4!0#0*Ù./%.-7D!0&5*5!#1#9-!)0/1%.*!.%!$/13-!9/*+Ù-7D!1(#>
)-7D4!5&#5<6/%Ù*!=7#!./*! 5.%75-4!Č*!<10&%)/*($/)/#.*?! 1! 0#(*26#)%.*!
0&5*5!./*83'&-7D!9/*+Ù-7D!0&'9-!/.C#&6#)%./%!#&+%.<!0&#7*1#)*+#!)&¿75!
#!0#(*2&5*./<!0#0*Ù./*./%!0&5*13¿013)%!0&5*5!0#)#Ù%.*+#!0#0&5*(./#!
)!10&%)/*!9/*+Ù*+#4!83'&-!.0:!5./1575-Ù!6%3*&/%Ù!(#)#(#)-:!Z/*13*3-!8#.>
3&#$%!(5/%Ù%$.#ï7/!9/*+Ù-7D! 6%!7D%&%83*&!9%&(5#!)-&-)8#)-!=.%)*3!1%6!
9/*+Ù-!5! &5%(8%!2*(-./*! (#)/%(<2*!1/¿4! 75-!2*+#! #0/./%!5#13%Ù%! <)5+$¿(>
./#.%!0&5*5!1(4!%$9#!75-!/!)!2%8/6!5%8&*1/*!1(!6%!(#!./*2!5%13&5*Č*./%TYB?4!
3%8! )/¿7! .%)*3! .*+%3-).%! E1<0*&*810*&3-5%F! 0#5#13%2*! 5%5)-75%2! 9*5!
)/¿815-7D!8#.1*8)*.72/:!
G%6%!1-3<%72%!8&-3-8/!*810*&3-5-!=75-!3#!)!C#&6/*!8#.C&#.3%72/!9/*+Ù-7D4!
75-!0#$*6/8/! 5*! 13&#.-!E9/*+Ù*+#!0&-)%3.*+#F?!6#Č*! 10*Ù./%°!0#Č-3*75.!
&#$¿4! 0#(#9./*! 2%8! 0#Č-3*75.!&#$¿!10*Ù./%! &*7*.52%! 0<9$/8%72/! .%<8#)*24!
#75-)/ï7/*!0#(!)%&<.8/*64!Č*!8&-3-8%!3%8%!0&#)%(5#.%!2*13!5!0#5-72/!6*>
&-3#&-75.-7D! /! )!10#1'9! /.3*$*83<%$./*! &5*3*$.-:! ;%&3#!&')./*Č! &#5&'Č./°!
6*&-3#&-75.!0#0&%).#ï°!#0/.//!#(!2*2!8#6<./8%3-).#ï7/:!Z/*2*(.#8&#3./*!
0&#9$*6*6! #0/.//! =/! 9/*+Ù*+#?! 2*13! ./*! 2*2!./*0&%)/(Ù#)#ï°4! %$*!./*2%1.#ï°4!
83'&%!6%!Ċ&'(Ù#!)!3&<(.#ï7/%7D!8#6<./8%7-2.-7D!6/¿(5-!9/*+Ù-6!%!1(*6:!
I(%&5%!1/¿4!Č*!&#$!8#$*2.*+#!9/*+Ù*+#!=E1<0*&9/*+Ù*+#F?!)!10&%)/*!2*13!)->
2%ï./*./*!1(#)/!#0/.//!.%0/1%.*2!0&5*5!0#0&5*(./8%4!9(Ċ!3%8/*!1C#&6<Ù#>
)%./*!)./#18')!5!2*+#!9%(%Ú4!9-!13%Ù-!1/¿!5&#5<6/%Ù*!($%!#&+%.<!0&#7*1#>
)*+#!/!<75*13./8')!0#13¿0#)%./%:!

TYB!L#!)-238#)#!&5%(8/7D!.%$*Č-!5%$/75-°!1-3<%72*4!)!83'&-7D!1(-!(#13%&75%2!9/*+Ù-6!#(>
0/1-!)-&#8')!)&%5!5!<5%1%(./*./%6/4!)!10&%)%7D4!)!83'&-7D!9/*+$/!#0/./#)%$/4!3%8!%9-!6#>
+$/!(#)/*(5/*°!1/¿4! 2%8!&#$¿!#(*+&%Ù%!)!10&%)/*!/7D!#0/./%!/!2%8! 5#13%Ù%!0&5*5!1(!#7*./#.%:!
I%7D#)%./*! 3%8/*! 0#)/..#! 9-°! .%3#6/%13! ,! 5(%./*6! %<3#&%! ././*215*2! 6#.#+&%C//! ,! 0#>
)15*7D.!0&%83-8:!
""%

!"#$%&%'()&%*"("+$,)()-."$,/*+0ħ$+0("1'2$30*,'(4-.""
!
!
"#$%&#! #'()*+,-./.! )0#'#12!3!*4Č'$%)! *)56,21! 70*,3,/89! 3! :-4*./8! :);
'#$/6'$!2$7-!12,3'#$'#$!*4Č'$%)!*)56,21!#'()*+,/2#!0*6$-3,*6,'$2!3!7.7-$;
+,/8!#'()*+,-./6'./8<!=3#6,'$! 2$7-!-)! 6!*)&9!2,:!1*656$'#,!#! 7.7-$+.!
#'()*+,-./6'$!)5%*.3,2!6,*43')!3!6,:*$7#$!56#,Ù,&')ï/#!%)70)5,*/6$29!2,:!
#!3!7-)71':,/8!70)Ù$/6'./8!)*,6!0*6.!):,62#!+)'#-)*)3,'#,!&156:#$2!,:-.3;
')ï/#9!,!-,:Č$!−!6!)%*)+'.+#!#&)ï/#,+#!#'()*+,/2#!0*6$-3,*6,'$2!3704Ù/6$;
ï'#$>?@<!=!01':-1!3#56$'#,!A#$%Ù$%)!#'()*+,-.:,9!76/6$%4&'#$!#'-$*$712/$!7!
0*6$0#7.!)53)Ù12/$!7#¿!!"#$%&%'!!5)!0)2¿°!#'()*+,-./6'./89!3!-.+!6,%,5'#$;
'#,!63#6,'$!6!)0#'#)3,'#$+!3!70*,3,/8!:,*'./8!5)-./6/./8!-63<!0*6$;
7-¿07-3!:)+01-$*)3./8<!B6#$2$!7#¿!-,:!*43'#$Č!5&,-$%)9!Č$!0*6.!):,62#!-./8!
0*6$7-¿07-3!65$(#'#)3,')!76$*$%!0)2¿°!1Č.-$/6'./8!-,:Č$!3!#''./8!*)56,;
2,/8!70*,3<!

>?@!C704Ù/6$ï'#$!0*6.-Ù,/6,2/,!3#¿:76)ï°!#'()*+,/2#!+,!0)7-,°!$&$:-*)'#/6'D!0)',5!EFG!(#*;
+)3./8!5):1+$'-43!2$7-!-3)*6)'$9!0*6$%&5,'$!#!0*6$/8)3.3,'$!3!0)7-,/#!$&$:-*)'#/6'$29!
0*6.!/6.+!0)',5!HFG!6!-./8!#'()*+,/2#!'#%5.!'#$!2$7-!5*1:)3,'$<!I63<!376$/8ï3#,-!/.(*)3.!
J(%)%'*$+,-%.!/0!K! 3!>FFL!*<!+#,Ù!3#$&:)ï°!@MF! N"! J$:7,A,2-43K9!3!>FFH!*<!−!>O@!N"9!3!>F@F!*<!!
P!@9O! ="! J6$-,A,2-,K9!3.:,612$!3#¿/!36*)7-!3.:Ù,5'#/6.<! Q*656$'#,!#'()*+,-./6'$!)5%*.;
3,2!*43'#$Č!/)*,6!3#¿:76!*)&¿!3!*4Č'$%)!*)56,21!1*656$'#,/8!6,A$60#$/6,2/./8!#!+)'#;
-)*12/./89!,!-$!6!:)&$#!7-,2!7#¿!'#$)5Ù/6'!/6¿ï/#!Č./#,D!3!>FFH!*<!R/#$Ú!/.(*)3.S9!/6.&#!#&)ï°!
#'()*+,/2#!/.(*)3$2!%$'$*)3,'$2!',!-$+,-!&156#9!0*6$3.Č76.Ù,!#&)ï°!#'()*+,/2#!%$'$*)3,'./8!
0*6$6!'#/8!7,+./8<!=)A<!'0<D!T<!U.+,'9!V<W<!X,*#,'9!Y<!B1''9!Z<![-*.%#'9!\<![3$,*#'%$'D!123+
4,&5+ 6-72/8*'%2-+ 9:::;!Q'#]$*7#-.!)(!"$*:$&$.!W,0)*-9! >FFF9! 8--0D^^333><7#+7<A$*:$;
&$.<$51^*$7$,*/8^0*)2$/-7^8)3;+1/8;#'()_!\<! [3$,*#'%$'!J$5<KD!123+4,&5+6-72/8*'%2-+9::<;!
Q'#]$*7#-.!)(!"$*:$&$.!W,0)*-9!J$5<K!\<![3$,*#'%$'9!>FFM9!8--0D^^333><7#+7<A$*:$&$.<$51^*$;
7$,*/8^0*)2$/-7^8)3;+1/8;#'();>FFM_!6=>+?5%'!#*#!/@+ A5!+ =%.!/0!+ *-(+ B"#$2(%-)+ =%)%'*$+ C-%D
.!/0!E+F-+ C#(*'!(+G2/!&*0'+27+?2/$(3%(!+6-72/8*'%2-+H/23'5+A5/2,)5+9:II9!8--0D^^33<#(,0<*1^&#;
A*,*.^A)):>?O<05(_! =%)%'*$+ C-%.!/0!+ J/2)/*89! 8--0D^^333<$+/</)+^&$,5$*78#0^0*)%*,+7^!
5#%#-,&;1'#]$*7$<8-+<!
!!"

!"#$%&'()*$+'
!
`#$7-$-.! 2,:)ï°! 0)&7:#$%)! 0*,3,! :,*'$%)! 3! )5'#$7#$'#1! 5)! -$2! ,:1*,-!
%*10.! 0*6$7-¿07-3! 2$7-! 7-)71':)3)! '#7:,! #! 70*,3#,! 3#$&$! 0*)A&$+43! 6,;
*43')!7,+.+! A#$%Ù.+9! 2,:!#! )*%,')+! 3.+#,*1!70*,3#$5&#3)ï/#9! 7-5! -$Č!
0*6.! 0*6$7-¿07-3,/8! :)+01-$*)3./8! 76/6$%4&'#$! 5Ù1%)! -*3,! 0*)/$7! 71A;
71+0/2#!/6.'1!J#!21Č!',!-.+!$-,0#$!)*%,'!0*)3,56/.!0)7-¿0)3,'#$!0*6.%);
-)3,3/6$!:)*6.7-,!/6¿7-)!6!0)+)/.!A#$%Ù$%)K<!B)7.°!/6¿7-)!5)/8)56#!*43;
'#$Č! 5)! 7.-1,/2#9! 3! :-4*./8! 3! 0)7-¿0)3,'#1! 75)3.+9! 75! 6+#$'#,!
:3,&#(#:,/2¿!0*,3'!/6.'1!)A2¿-$%)!,:-$+!)7:,*Č$'#,<!=!-$%)!-$Č!36%&¿51!
3.5,2$!7#¿! 37:,6,'$9!3!+#,*¿!+)Č&#3)ï/#9! 76/6$%4Ù)3$!)+43#$'#$! 0*6.;
',2+'#$2!',23,Č'#$276./8!0*6$0#743!#!0*,:-.:#!6!-$%)!6,:*$71<!!
=!/6.7-)!-$)*$-./6'$%)!01':-1!3#56$'#,! 6!3.:)*6.7-,'#$+!:)+01-$*,!
+)Č',! 0)0$Ù'#°! 76$*$%! 0*6$7-¿07-39! :)+01-$*! A)3#$+9! A¿5/! 1'#3$*7,&;
'.+!',*6¿56#$+!7Ù1Č/.+!5)!0*6$/8)3.3,'#,9!0*6$-3,*6,'#,!#!0*6$7.Ù,;
'#,!5,'./89!+)Č$!A.°!1Č.-.!6,*43')!5)! 56#,Ù,Ú! 6! 0*,3$+!6%)5'./89!2,:!!
#!2$!',*176,2/./8_!+)Č$!-$Č!)'!7,+9!A5Ċ!)3$!5,'$9!7-,°!7#¿!)A#$:-$+!,-,:1!
/6.!P!76$*6$2!+43#/!P!56#,Ù,Ú!0*6$7-¿0'./8<![-5!-$Č!-*15')!2$5')6',/6'#$!
#! 0*$/.6.2'#$! 1Č.3,°!0)2¿°! R0*6$7-¿0/6)ï°! :)+01-$*)3,S>?>!!/6.! R/.A$*;
0*6$7-¿0/6)ï°S>?M<!!

>?>!Y,:)!/#$:,3)7-:¿!+)Č',!0)5,°!5$(#'#/2$!-$*+#'1!R0*6$7-¿07-3)!:)+01-$*)3$S! 6,3,*-$!!
3!')*+,/8!a[bD!
RT*6$7-¿07-3)!:)+01-$*)3$!P!0*6$7-¿07-3)!0)0$Ù'#)'$!6,!0)+)/!&1A!A$60)ï*$5'#)!5)-.;
/6/$! 7.7-$+1! 0*6$-3,*6,'#,! 5,'./8! &1A! 7#$/#! :)+01-$*)3$2S! cT`;a[b^aNd! >MO>;OD>FF@!!
P!FO<FL<F>e<!
RT*6$7-¿07-3)!:)+01-$*)3$!P!',*176$'#$!0*6$0#743!0)0$Ù'#)'$!3!3.'#:1!3.:)*6.7-,'#,9!
+)5.(#:,/2#! &1A! 6'#76/6$'#,! 70*6¿-1! :)+01-$*)3$%)9! )0*)%*,+)3,'#,!&1A! 5,'./8S! cT`;
a[b^aNd!>MO>;@D@EE?!P!F@<FH<F>e<!
>?M!d.A$*'$-.:,!J,'%<!&KL!/-!'%&0!6!%*<!ΎΙΆΉΕΑ΋Θ΍ΎϱΖ!!MKL!/-¾'%Mϱ0!R7-$*'#:SK!2$7-!',1:!6,2+1;
2/!7#¿!7.7-$+,+#!7-$*)3,'#,!)*,6!63#6,'.+!6!-.+!0*6$-3,*6,'#$+!#!0*6$:,6.3,'#$+!#';
()*+,/2#<![-)71':)3)!/6¿7-)!/.A$*'$-.:,!2$7-!+.&)',!6!#'()*+,-.:9!3! 76/6$%4&')ï/#!0*6$6!
)7)A.!6,2+12/$!7#¿!#''.+#!56#$56#',+#!3#$56.<!T*$(#f!R/.A$*;S!2$7-!'#$63.:&$!0)01&,*'.!!
3! +)3#$! 0)-)/6'$29! 6! :-4*$2! 0*6$'#:'Ù!5)!2¿6.:,! 0)-)/6'$%)! #! 0*,3'$%)<! [-,Ù)! 7#¿!-,:!!
'0<!6!0)2¿/#$+!/.A$*0*6$7-*6$'#!J,'%<!>KL!/0#*&!K<![,+)!7Ù)3)!6)7-,Ù)!1Č.-$!0)!*,6!0#$*376.!!
3!)0)3#,5,'#1! R"1*'#'%!d8*)+$S!,1-)*7-3,!C<!g#A7)',9! 0*6.! /6.+! 5$7.%',-!-$%)!7Ù)3,!
A.Ù!0#$*3)-'#$!'#$):*$ï&)'.<!T)2¿/#$! R/.A$*0*6$7-*6$'#S9! %5.A.! *)61+#$°! 2$! 6%)5'#$! 6! 2$%)!
$-.+)&)%#9!2$7-!6!-$/8'#/6'$%)!01':-1!3#56$'#,!/)!',2+'#$2!3-0&#3$9!0)!0#$*376$!6!13,%#!
',! *4Č'#/$! J0*6$5+#)-1! +,-$*#,&'$%)9! ()*+,&'$%)! #! +$-)5)&)%##K! 0)+#¿56.! /.A$*'$-.:!!
,!#'()*+,-.:9!0)!3-4*$!P!6!13,%#!',! -)9! Č$! -*15')!+43#°! )! R0*6$7-*6$'#!/.A$*'$-./6'$2S!
J0)*<! \<! U#5$*+,'D! N+ O*)/2Č!-%*&5+ ($*+ 0M,'!&O-!P+ 2&5/2-K+ %-72/8*&P%Q+ #/O!'3*/O*-!P+ 3+ 0%!&%*&5++
!!#

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

a7-'#$2$!76$*$%!17-,39!:-4*$!0$',&#612!3!73)#/8!6,0#7,/8!56#,Ù,'#,!+,;
2/$! 63#6$:! 6! +,%,6.')3,'#$+9! 0*6$-3,*6,'#$+9! 15)7-¿0'#,'#$+! /6.!
'#76/6$'#$+!#'()*+,/2#!J0)/6.',2/!)5!0*6$0#743!5)-./6/./8!)/8*)'.!-,;
2$+'#/.!0,Ú7-3)3$2!/6.!5,'./8!)7)A)3./89!0)0*6$6!6,7,5.!0*)3,56$'#,!
*,/81':)3)ï/#9! ,Č! 5)! 0$',&#6,/2#! *)60)376$/8'#,'#,9! 0*)0,%)3,'#,! /6.!
3.*,Č,'#,!0)76/6$%4&'./8!-*$ï/#!'0<!01A&#/6'$%)!',3)Ù.3,'#,!5)!3,ï'#!*$;
&#%#2'./8! /6.! ',*)5)3)ï/#)3./8K! )/6.3#ï/#$! 6,ï! '#$+,&Č$! 376¿56#$! -,+9!
%56#$!+)3,!2$7-!)!#'()*+,/2#9!+)Č',!5)!2$2!0*6$-3,*6,'#,!1Č.°!:)+01-$*43!
A5Ċ!#''./8!1*656$Ú!#'()*+,-./6'./8<!`,3$-!%5.A.!6,3¿6#°!*)63,Č,'#,!
5)!0*6$0#7439!3!:-4*./8!!"#$%&%'!!3.7-¿012!0)2¿/#,!:)+01-$*,!/6.!7.7-$+1!
-$&$#'()*+,-./6'$%)9!:,-,&)%!)A)3#612/./8!0*6$0#743! A.ÙA.!A,*56)! A);
%,-.<!Z'5*6$2!Z5,+7:#>?h!*)63,Č,!6,%,5'#$'#,!6$A*,'$!3!,*-<!>?H9!>?O9!>?E9!
>HF9!>H?9!MFM9!M@F9!>HO9!>EM9!>OH9!>OL9!@MF!#!@?L!\\!)*,6!,*-<!hE9!LF9!L@9!L>9!LM!!
#!Lh!17-,3.!)!)/8*)'#$!5,'./8!)7)A)3./8!J5,&$2!QbBbK<!`,&$Č,Ù)A.!&#7-¿!-¿!
1610$Ù'#°!/8)°A.! )!,*-.:1Ù.! \\! 30*)3,56)'$!5)Ú! 3! *,+,/8! ')3$&#6,/2#!
J>?O,9!>?E,!#!>?EAK9!2,:!*43'#$Č!)!,*-.:1Ù.!17-,3.!6!h!&1-$%)@EEh!*<!)!0*,3#$!
,1-)*7:#+! #! 0*,3,/8! 0):*$3'./8! J5,&$2! T*Z1-K! 6',2512/$! 6,7-)7)3,'#$!!
3!)/8*)'#$!0*,3'),1-)*7:#$2!)0*)%*,+)3,'#,!:)+01-$*)3$%)>?L9!)!0*6$;
0#7.!Qb`QBN! /6.!17-,3.!T*,3)!I$&$:)+1'#:,/.2'$!J5,&$2!T*I$&K<!C!&#-$;
*,-1*6$!0*6$5+#)-1! 0*)0)')3,'$!7!*4Č'$!:3,&#(#:,/2$! -.0)&)%#/6'$!-$%)!
*)56,21!0*6$7-¿07-3<!a! -,:!\)'3$'/2,!W,5.!N1*)0.! )!/.A$*0*6$7-¿0/6)ï/#!

%+0K0'!8*&5+'!$!%-72/8*'K&O-K&5Q+#232(23*-K&5+-2328239!\)'($*$'/2,!d.A$*70,/$!>FFE9!CZI!
>FFEK9! '#$+'#$2! 7-)7)3,'$! 2$7-! 6,*43')! 3! 2¿6.:1! 0)-)/6'.+9! 2,:! 3! ,:-,/8! 0*,3'./8!!
J6)A<!17-,3,!6!MF!7#$*0'#,!>F@@!*<!)!6+#,'#$!17-,3.!)!7-,'#$!3)2$''.+!)*,6!)!:)+0$-$'/2,/8!
`,/6$&'$%)!B)345/.![#Ù!=A*)2'./8!#!6,7,5,/8!2$%)!0)5&$%Ù)ï/#! :)'7-.-1/.2'.+!)*%,')+!
W6$/6.0)70)&#-$2!T)&7:#$2!)*,6!'#$:-4*./8!#''./8!17-,3_!5,&$2!QQ[CK9!,!-,:Č$!')*+,/8!+#¿;
56.',*)5)3./8!J6)A<!ca[b^aNd!>HFM>eK<! T)5)A'#$!1Č.3,!7#¿!):*$ï&$Ú!R/.A$*0*6$7-¿0/6)ï°S!
/6.!R/.A$*-$**)*.6+S!J6)A<!'0<D!Z<![1/8)*6$37:,D!N&5/2-*+#/*3-*+ 0K0'!8R3+%-72/8*'K&O-K&5+
32L!&+O*)/2Č!-%*+&KL!/'!//2/KO8!89!C)&-$*7!\&13$*9!>F@F_!Y<!B3)*6$/:#D!A!//2/ K O8+P * M2+O * )/2Č!D
-%!+30#RÙ&O!0-!)2+ ï3%*'*9! =$76.-! `,1:)3.!RZ0$#*)'S! `*!L9! C.Č76,![6:)Ù,! "$60#$/6$Ú7-3,!
T1A&#/6'$%)!#!a'5.3#51,&'$%)!3!\*,:)3#$9!\*,:43!>F@@9!7<!@O@−>M>K<!
>?h!Z<!Z5,+7:#D!J/*32+M*/-!+M28#,'!/23!9!d<V<!"$/:9!C,*76,3,!>FFF<!
>?L!!T)*<! '0<! Z<! [#&176$:D! J/O!0'¿#0'3*+ M28#,'!/23!9!RTd! \1*#$*S! >FFF^O^h>9! 8--0D^^333<0/:1!
*#$*<0&^,*/8#31+^,*-.:1&.^7#&176$:i,'5*6$2^>FFFiFOih>9!7<!MM_![<!"1:)37:#D!J/2P!M'+O8%*-+S2D
(!M0,+M*/-!)2E+=20'2023*-%!+(2+S2-3!-&P%+2+&KL!/#/O!0'¿#&O2ï&%!Rg,6$-,![5)3,S!:3#$/#$Ú!>FFh9!
8--0D^^333<0*,3)<&$f<0&^/6,7)0#7+,^%7^06+#,'::<8-+&<!
!!$

!"#$%&'()*$+'
!
J5,&$2! \WN)dK! 3! 0)76/6$%4&'./8! -.-1Ù,/8! #! 6,3,*-./8! 3! '#/8! ,*-.:1Ù,/8!
3.*4Č'#,D!
9 JI.-1Ù!@K!T*6$7-¿07-3,! 0*6$/#3:)! 0)1(')ï/#9! #'-$%*,&')ï/#!!
#!5)7-¿0')ï/#!5,'./8!#'()*+,-./6'./8!#!7.7-$+43D!!
o '#$&$%,&'.!5)7-¿0!J,*-<!>K_!!
o '#$&$%,&'$!0*6$/83.-.3,'#$!5,'./8!J,*-<!MK_!!
o ',*176$'#$!#'-$%*,&')ï/#!5,'./8!J,*-<!hK_!
o ',*176$'#$!#'-$%*,&')ï/#!7.7-$+1!J,*-<!LK_!
o '#$3Ù,ï/#3$!1Č./#$!1*656$Ú!J,*-<!?K_!
9 JI.-1Ù!>K!T*6$7-¿07-3,!:)+01-$*)3$D!!
o (,Ù76$*7-3)!:)+01-$*)3$!J,*-<!HK_!
o )7617-3)!:)+01-$*)3$!J,*-<!OK_!
9 JI.-1Ù!MK!T*6$7-¿07-3,!6$!36%&¿51!',!/8,*,:-$*!6,3,*-./8!#';
()*+,/2#D!!
o 0*6$7-¿07-3,!63#6,'$!6!0)*')%*,(#!56#$/#¿/!J,*-<!EK_!
9 JI.-1Ù!hK! T*6$7-¿07-3,!63#6,'$!6!',*176$'#$+!0*,3!,1-)*;
7:#/8!#!0*,3!0):*$3'./8D!
o !0*6$7-¿07-3,!63#6,'$!6!',*176$'#$+!0*,3!,1-)*7:#/8!
#!0*,3!0):*$3'./8!J,*-<!@FK<!
C!&#-$*,-1*6$! 0*6$5+#)-1! 0*6$7-¿07-3,! 63#6,'$!6! 0)7#,5,'#$+9! 0*6$;
/8)3.3,'#$+! /6.! 0*6$7.Ù,'#$+! -63<! '#$&$%,&'./8! -*$ï/#! J6$! 36%&¿51! ',!
/8,*,:-$*! 6,3,*-./8! #'()*+,/2#K >??!!' , 6 . 3,! 7#¿! /6,7,+#! R:)'-$'-)3.+#S!
J,'%<! &2-'!-'!P!-*$ï°9! 6,3,*-)ï°K9! ',-)+#,7-! 0*6$7-¿07-3,! )50)3#,5,2/$!
370)+#','$+1! 0)3.Č$2! I.-1Ù)3#! @! \)'3$'/2#! )! /.A$*0*6$7-¿0/6)ï/#!!
−!0*6$7-¿07-3,+#!daZ! J,'%<!&2-7%(!-'%*$%'K9! %-'!)/%'K9!*.*%$*L%$%'K!P! 0)1(')ï°9!
#'-$%*,&')ï°9!5)7-¿0')ï°K<!!
T)&7:,!0)50#7,Ù,!\)'3$'/2¿!)!/.A$*0*6$7-¿0/6)ï/#!>M!&#7-)0,5,!>FF@!*<9!
',-)+#,7-! '#$! *,-.(#:)3,Ù,! 2$2! 5)! /83#&#! 0)37-,'#,!'#'#$276$2! +)')%*,(##!

>??!C!76/6$%4&')ï/#!5)-./6.!-)!P!3.+#$'#)'$2!!"#$%&%'!!3!I.-1&$!M!\)'3$'/2#!P!0)*')%*,(##!56#$/#¿;
/$29!'#$+'#$2!+)Č$!5)-./6.°!376$&:#/8!7.-1,/2#9!3!:-4*./8!:)+01-$*!6)7-,Ù!1Č.-.!5)!0*6$-3,*6,;
'#,!2,:#$%)ï!*)56,21!R#'()*+,/2#!6,:,6,'$2S9!-)!2$7-!P!ï/#ï&$!*6$/6!12+12/!!P!5)!'#$&$%,&'$%)!0*6$;
7.Ù,'#,9! *)60)376$/8'#,'#,9! 0*6$-3,*6,'#,! /6.! 3.-3,*6,'#,! #'()*+,/2#! J'0<! 3! T*)-):)&$!
B)5,-:)3.+!5)!\)'3$'/2#!3.+#$'#)'$!7!/6.'.!)!/8,*,:-$*6$!*,7#7-)37:#+!#!:7$')()A#/6'.+!
0)0$Ù'#,'$!0*6.!1Č./#1!7.7-$+43!:)+01-$*)3./89!'#$+'#$2!+)Č$!-)!A.°!*43'#$Č!'0<!'#$&$%,&'#$!
0*6$7.Ù,',!#'()*+,/2,!'#$2,3',!#-0<K<!!
!!%

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

J>F@h!*<K<!T)'#Č$2!JI,A$&,!@K!6$7-,3#)')!,*-.:1Ù.!\)'3$'/2#!)!/.A$*0*6$7-¿0;
/6)ï/#!#!)50)3#,5,2/$!#+!J3!0$3'.+!0*6.A&#Č$'#1K!0*6$0#7.!\\<!
!
5)6*7)"89',-$%.+"#/&.%'012)0-02".$%'3-)%3$452'60.2%.#&$'0'#/7%-3-)%4+ħ3#)0Ƒ#$'."'3-)%8
3$4/'601%94:'6"-.%;0'
!
:'&(*&-;)"'"-46*,$,/*+0ħ$-/'Ƒ-%" <,/*$%+4"::"
=%*7*>)7&4"?'+0ħ$"
@
A,09"B"
6"Ǐ1"'(+-0."'301%&*$%'+"9$%'Ƒ-019$'3-"2.%'$'$..%<'&"8
9$%'09"ǏČ'4$ħ'.$%)7ħ1.%'1="':).".$"')"'3-)%4+ħ34+20''
2'&%&'3-"2$%'2%2.ħ+-)./*<':*/Ƒ=.%;0<'7%)3-"2.%;0'
104+ħ3:'10'#"ų0Ƒ#$'=:7'#)ħƑ#$'4/4+%*:'$.>0-*"+/#)8
.%;0?'(+-0./'*0;Č'23-02"1)$đ'2/*5;<'Ǐ%'3-)%4+ħ38
4+20'*:4$')04+"đ'303%ų.$0.%'303-)%)'."-:4)%.$%')"8
7%)3$%#)%ŷ<')')"*$"-%*'30)/49".$"'1"./#@'
$.>0-*"+/#)./#@'=:7'$../*'.$%:#)#$2/*')"*$"-%*<'
=:7'2'01.$%4$%.$:'10'4/4+%*:'$.>0-*"+/#).%;0<'9+5-/'
&%4+'30ųČ#)0./')'$../*'4/4+%*%*'$.>0-*"+/#)./*?'
A,09"BCD"E B"
A%&'4"*%&'9"-)%'301=%;"<'9+0'7%)':3-"2.$%.$"':)/49:&%'
104+ħ3'10'#"ų0Ƒ#$'=:7'#)ħƑ#$'4/4+%*:'$.>0-*"+/#).%;0?"
=%*7*>)7&*"$,/*-.(404()&%*"?)&4-."
@
A,09"F
6"Ǐ1"'(+-0."'301%&*$%'+"9$%'Ƒ-019$'3-"2.%'$'$..%<'&"9$%'
09"ǏČ'4$ħ'.$%)7ħ1.%'1="':).".$"')"'3-)%4+ħ34+20'2'&%&'
3-"2$%'2%2.ħ+-)./*<':*/Ƒ=.%;0<'7%)3-"2.%;0'3-)%8
#@2/+/2".$"')"'30*0#Č':-)Č1)%ŷ'+%#@.$#)./#@'.$%3:8
7=$#)./#@'+-".4*$4&$'1"./#@'$.>0-*"+/#)./#@'10<')<'=:7''
2'-"*"#@'4/4+%*:'$.>0-*"+/#).%;0<'ųČ#).$%')'%*$4&"*$'
%=%9+-0*";.%+/#)./*$'30#@01)Č#/*$')'4/4+%*:'$.>0-8
*"+/#).%;0'3-)%9"):&Č#%;0'+"9$%'1".%'$.>0-*"+/#).%?'
(+-0./'*0;Č'23-02"1)$đ'2/*5;<'Ǐ%'3-)%4+ħ34+20'*:4$'
)04+"đ'303%ų.$0.%')'.$%:#)#$2/*')"*$"-%*'=:7'2'
)2$Č)9:')'4/4+%*%*'$.>0-*"+/#)./*<'9+5-/'&%4+'30ųČ8
#)0./')'$../*'4/4+%*%*'$.>0-*"+/#)./*?'
A,09"BCD"E"8
6+0'7%)':3-"2.$%.$"':)/49:&%'104+ħ3'10'$.>0-*"#&$'1="'
.$%;0'.$%3-)%)."#)0.%&<'0+2$%-"&Č#')"*9.$ħ+%'3$4*0<'
301ųČ#)"&Č#'4$ħ'10'4$%#$'+%=%90*:.$9"#/&.%&'=:7'3-)%ų"8
*:&Č#'"=70'0*$&"&Č#'%=%9+-0.$#).%<'*";.%+/#).%<'$.8
>0-*"+/#).%'=:7'$..%'4)#)%;5=.%'&%&')"7%)3$%#)%.$%<'
301=%;"';-)/2.$%<'9"-)%'0;-".$#)%.$"'20=.0Ƒ#$'"=70'
30)7"2$%.$"'20=.0Ƒ#$'10'="+'B?'
A,09"BCD"E"F""
A%&'4"*%&'9"-)%'301=%;"<'9+0'2'#%=:':)/49".$"'$.>0-*"8
#&$<'10'9+5-%&'.$%'&%4+':3-"2.$0./<')"9ų"1"'=:7'304ų:;:&%'
4$ħȭ':-)Č1)%.$%*'3014ų:#@02/*<'2$):"=./*'"=70'$../*'
:-)Č1)%.$%*'=:7'03-0;-"*02".$%*?'
=),3+/*&%*"%&0*>,)7&'Ƒ-%"?)&4-."
@
A,09"!
C?'6"Ǐ1"'(+-0."'301%&*$%'+"9$%'Ƒ-019$'3-"2.%'$'$..%<'
&"9$%'09"ǏČ'4$ħ'.$%)7ħ1.%'1="':).".$"')"'3-)%4+ħ34+20'
2'&%&'3-"2$%'2%2.ħ+-)./*<':*/Ƒ=.%;0<'7%)3-"2.%;0'
.$4)#)%.$"<'2/9"402/2".$"<':4)9"1)".$"<'1090./2"8
.$"')*$".'=:7':4:2".$"'1"./#@'$.>0-*"+/#)./#@?'
B?'(+-0."'*0Ǐ%')"4+-)%#'407$%'3-"20'23-02"1)%.$"'
2/*0;:<'Ǐ%')"#@02".$%'03$4".%'2':4+ħ3$%'='*:4$'
49:+902"đ'302"Ǐ.Č'4)901Č?'
A,09"BCG
E"89'6+0<'.$%'7ħ1Č#'10'+%;0':3-"2.$0./*<'.$4)#)/<'
:4)9"1)"<':4:2"'=:7')*$%.$"')"3$4'$4+0+.%&'$.>0-*"#&$'
"=70'2'$../'430457':1"-%*.$"'=:7')."#).$%':+-:1.$"'
0407$%':3-"2.$0.%&')"30).".$%'4$ħ')'.$Č<'301=%;"'
;-)/2.$%<'9"-)%'0;-".$#)%.$"'20=.0Ƒ#$'"=70'30)7"2$%8
.$"'20=.0Ƒ#$'10'="+'B?'
'E"B9'D%Ǐ%=$'#)/.'09-%Ƒ=0./'2'E'C'10+/#)/')"3$4:'."'$.8
>0-*"+/#)./*'.0Ƒ.$9:'1"./#@<'43-"2#"'301=%;"'9"-)%'
30)7"2$%.$"'20=.0Ƒ#$'10'="+'F?'
E"F9'6+0<'103:4)#)"&Č#'4$ħ'#)/.:'09-%Ƒ=0.%;0'2'E'C'=:7'
B<'2/-)Č1)"')."#).Č'4)901ħ'*"&Č+902Č<'301=%;"'9"-)%'
30)7"2$%.$"'20=.0Ƒ#$'01'F'*$%4$ħ#/'10'="+'G?'
A,09"BCG)"
E"89'6+0<'.$%'7ħ1Č#'10'+%;0':3-"2.$0./*<'.$4)#)/<'
:4)9"1)"<':4:2"<')*$%.$"'=:7':+-:1.$"'104+ħ3'10'1"8
./#@'$.>0-*"+/#)./#@'"=70'2'$4+0+./*'4+03.$:')"9ų5#"'
!!&

!"#$%&'()*$+'
!
=:7':.$%*0Ǐ=$2$"'":+0*"+/#).%'3-)%+2"-)".$%<';-0*"8
1)%.$%'=:7'3-)%9")/2".$%'+"9$#@'1"./#@<'
301=%;"'9"-)%'30)7"2$%.$"'20=.0Ƒ#$'10'="+'F?'
E"B9'6+0<'103:4)#)"&Č#'4$ħ'#)/.:'09-%Ƒ=0.%;0'2'E'C<'
2/-)Č1)"')."#).Č'4)901ħ'*"&Č+902Č<'301=%;"'9"-)%'
30)7"2$%.$"'20=.0Ƒ#$'01'F'*$%4$ħ#/'10'="+'G?'
=),3+/*&%*"%&0*>,)7&'Ƒ-%"+4+0*23"
@
A,09"H
6"Ǐ1"'(+-0."'301%&*$%'+"9$%'Ƒ-019$'3-"2.%'$'$..%<'&"8
9$%'09"ǏČ'4$ħ'.$%)7ħ1.%'1="':).".$"')"'3-)%4+ħ34+20''
2'&%&'3-"2$%'2%2.ħ+-)./*<':*/Ƒ=.%;0<'7%)3-"2.%;0'
302"Ǐ.%;0'')"9ų5#".$"''>:.9#&0.02".$"''4/4+%*:''$.8
>0-*"+/#).%;0''303-)%)'23-02"1)".$%<'+-".4*$4&ħ<'
.$4)#)%.$%<'2/9"402/2".$%<':4)9"1)".$%<'1090./2"8
.$%')*$".'=:7':4:2".$%'1"./#@'$.>0-*"+/#)./#@?'
A,09"BCI)
6+0<'.$%'7ħ1Č#'10'+%;0':3-"2.$0./*<'3-)%)'+-".4*$4&ħ<'
).$4)#)%.$%<':4:.$ħ#$%<':4)901)%.$%<':+-:1.$%.$%'108
4+ħ3:'=:7')*$".ħȭ'1"./#@'$.>0-*"+/#)./#@<'2'$4+0+./*'
4+03.$:')"9ų5#"'3-"#ħ'4/4+%*:'90*3:+%-02%;0'=:7'
4$%#$'+%=%$.>0-*"+/#).%&<'301=%;"'9"-)%'30)7"2$%.$"'
20=.0Ƒ#$'01'F'*$%4$ħ#/'10'="+'G?'
=%*(ų)Ƒ-%(*"3Ǐ4-%*"3,/Č?/*ŷ"
@
A,09C
C?'6"Ǐ1"'(+-0."'301%&*$%'+"9$%'Ƒ-019$'3-"2.%'$'$..%<'
&"9$%'09"ǏČ'4$ħ'.$%)7ħ1.%'1="':).".$"')"'3-)%4+ħ34+20'
2'&%&'3-"2$%'2%2.ħ+-)./*<':*/Ƒ=./#@'$'7%)3-"2./#@H
"?'3-01:9#&$<'43-)%1"Ǐ/<'30)/49$2".$"')')"*$"-%*'
2/90-)/4+".$"<'$*30-+02".$"<'1/4+-/7:#&$'=:7'$.8
.%;0':104+ħ3.$".$"H'
$?''''':-)Č1)%.$"<'2'+/*'+"9Ǐ%'3-0;-"*:'90*8
3:+%-02%;0<'3-)%)."#)0.%;0'=:7'3-)/4+0408
2".%;0'3-)%1%'24)/4+9$*'1="'#%=52'303%ų8
.$%.$"'9+5-%;090=2$%9')'3-)%4+ħ34+2'
09-%Ƒ=0./#@');01.$%')'"-+/9:ų"*$'B8GI'
$$?''''@"4ų"'90*3:+%-02%;0<'901:'104+ħ3:'=:7'
30107./#@'1"./#@<'1)$ħ9$'9+5-/*'#"ų0Ƒđ'=:7'
#)ħƑđ'4/4+%*:'$.>0-*"+/#).%;0'&%4+'104+ħ3."
)')"*$"-%*'2/90-)/4+".$"'1="'#%=52'303%ų8
.$%.$"'9+5-%;090=2$%9')'3-)%4+ħ34+2'09-%Ƒ=08
./#@');01.$%')'"-+/9:ų"*$'B'8GI''
0-")'
7?'304$"1".$"'&%1.04+9$'2/*$%.$0.%&'302/Ǐ%&''
2'3:.9+"#@'"?'$?'=:7'$$?')')"*$"-%*'2/90-)/4+".$"'
2'#%=:'303%ų.$%.$"'9+5-%;090=2$%9')'3-)%4+ħ34+2'
09-%Ƒ=0./#@');01.$%')'"-+/9:ų"*$'B8G?'(+-0."'
*0Ǐ%'2'420$*'3-"2$%'23-02"1)$đ'2/*5;<'Ǐ%'018
302$%1)$"=.0Ƒđ'9"-."'10+/#)/'304$"1".$"'2$ħ94)%&'
$=0Ƒ#$'+"9$#@'&%1.04+%9?'
B?'J$.$%&4)%;0'"-+/9:ų:'.$%'."=%Ǐ/'$.+%-3-%+02"đ'&"90'
*"&Č#%;0'."'#%=:'30#$Č;.$ħ#$"'10'01302$%1)$"=.0Ƒ#$'
9"-.%&'2'3-)/3"19:<'9$%1/'3-01:9#&"<'43-)%1"Ǐ<'30)/8
49$2".$%')')"*$"-%*'2/90-)/4+".$"<'$*30-+02".$%<'
1/4+-/7:#&"'=:7'$..%':104+ħ3.$".$%'=:7'304$"1".$%<''
0'9+5-/*'*02"'2':4+ħ3$%'='.$.$%&4)%;0'"-+/9:ų:<'.$%'
&%4+'1090./2".%'2'#%=:'303%ų.$%.$"'3-)%4+ħ34+2"'
09-%Ƒ=0.%;0');01.$%')'"-+/9:ų"*$'B8G'.$.$%&4)%&'60.8
2%.#&$<'&"9'2'3-)/3"19:'10)20=0.%;0'+%4+02".$"'=:7'
0#@-0./'4/4+%*:'$.>0-*"+/#).%;0?'
F?'6"Ǐ1"'(+-0."'*0Ǐ%')"4+-)%#'407$%'3-"20'10'.$%4+08
402".$"':4+ħ3:'='.$.$%&4)%;0'"-+/9:ų:<'301'2"-:.9$%*<'
Ǐ%')"4+-)%Ǐ%.$%'+0'.$%'10+/#)/'43-)%1"Ǐ/<'1/4+-/7:#&$'
A,09"BCI6"
E"89"6+0'2 /+2"-)"<'30)/49:&%<') 7/2"'=:7': 104+ħ3.$"'
$../*'04070*':-)Č1)%.$"'=:7'3-0;-"*/'90*3:+%8
-02%'3-)/4+0402".%'10'303%ų.$%.$"'3-)%4+ħ34+2"'
09-%Ƒ=0.%;0'2'"-+?'CKG'E'C'39+'L<'"-+?'BKM'E'F<'"-+?'
BKN"'E'C'"=70'E'B'2')2$Č)9:')'E'C<'"-+?'BKO'E'B'"=70'
"-+?'BKO"<'"'+"9Ǐ%'@"4ų"'90*3:+%-02%<'901/'104+ħ3:'
=:7'$..%'1".%':*0Ǐ=$2$"&Č#%'104+ħ3'10'$.>0-*"#&$'
3-)%#@02/2"./#@'2'4/4+%*$%'90*3:+%-02/*'=:7'
4$%#$'+%=%$.>0-*"+/#).%&<'301=%;"'9"-)%'30)7"2$%.$"'
20=.0Ƒ#$'10'="+'F?'
A,09"BCI6""
E"B9"P'-")$%'49")".$"')"'3-)%4+ħ34+20'09-%Ƒ=0.%'2'E'C<'
4Č1'0-)%9"'3-)%3"1%9'09-%Ƒ=0./#@'2'.$*'3-)%1*$08
+52<'"'*0Ǐ%'0-)%#'$#@'3-)%3"1%9<'&%Ǐ%=$'.$%'4+".02$ų/'
2ų"4.0Ƒ#$'43-"2#/?'
!'(

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

=:7'$..%;0':104+ħ3.$".$"'&%1.04+%9'2/*$%.$0./#@'
2':4+ħ3$%'C?"?$$?'
J)ų+/*,+0('"1'2$30*,'(*"
@
A,09"D
6"Ǐ1"'(+-0."'301%&*$%'+"9$%'Ƒ-019$'3-"2.%'$'$..%<'&"8
9$%'09"ǏČ'4$ħ'.$%)7ħ1.%'1="':).".$"')"'3-)%4+ħ34+2"''
2'&%&'3-"2$%'2%2.ħ+-)./*<':*/Ƒ=.%;0<'7%)3-"2.%;0'
23-02"1)".$"<'1090./2".$"')*$".<'2/9"402/2".$"'
=:7':4:2".$"'1"./#@'$.>0-*"+/#)./#@<'2'2/.$9:'
#)%;0'3024+"&Č'1".%'.$%":+%.+/#).%<'9+5-%'2')"*$"8
-)%'43-"2#/'*"&Č'7/đ':).".%'=:7'2/90-)/4+".%'2'#%8
="#@');01./#@')'3-"2%*'&"90'":+%.+/#).%<'7%)'
2);=ħ1:'."'+0'#)/'4Č'0.%'*0Ǐ=$2%'10'7%)30Ƒ-%1.$%;0'
01#)/+".$"'$')-0):*$"ų%?'(+-0."'*0Ǐ%'23-02"1)$đ'
2/*5;<'Ǐ%'01302$%1)$"=.0Ƒđ'9"-."'10+/#)/'1)$"ų".$"'
2')"*$"-)%'04):4+2"'=:7'2'30107./*'.$%:#)#$2/*'
)"*$"-)%?'
A,09"BCI"
E"89"6+0'.$4)#)/<':4)9"1)"<':4:2"'= :7')*$%.$"'1".% '$.>0-8
*"+/#).%'0'4)#)%;5=./*')."#)%.$:'1="'07-0..0Ƒ#$'9-"&:<'
7%)3$%#)%ŷ4+2"'2'90*:.$9"#&$<'>:.9#&0.02" .$"'"1*$.$8
4+-"#&$'-)Č102%&<'$..%;0'0-;".:'3"ŷ4+202%;0'=:7'$.4+/8
+:#&$'3"ŷ4+202%&'"=70'4"*0-)Č1:'+%-/+0-$"=.%;0'"=70')"8
9ų5#"'=:7':.$%*0Ǐ=$2$"'":+0*"+/#).%'3-)%+2"-)".$%<'
;-0*"1)%.$%'=:7'3-)%9")/2".$%'+"9$#@'1"./#@<'301=%;"'
9"-)%'3 0)7"2$%.$" '20=. 0Ƒ#$'01'K'*$%4$ħ#/'10'="+'N?'
A,09"BCI""
E"B9"A%&'4 " * % & ' 9" - ) % ' 3 01= % ; " < ' 9+0 ' 1 0 3 : 4)# ) " ' 4$ħ'#)/.:'09-%8
Ƒ=0.%;0'2'E'C<'.$4)#)Č#'"=70'2/*$%.$"&Č#'$.>0-*"+/#)./'
.0Ƒ.$9'1"./#@'=:7'.$4)#)Č#'"=70':4)9"1)"&Č#':-)Č1)%.$%'
4ų:ǏČ#%'10'":+0*"+/#).%;0'3-)%+2"-)".$"<';-0*"1)%.$"'
=:7'3-)%9")/2".$"'1"./#@'$.>0-*"+/#)./#@?'
#+/3+0('"1'2$30*,'(*"
@
A,09"G
6"Ǐ1"'(+-0."'301%&*$%'+"9$%'Ƒ-019$'3-"2.%'$'$..%<'&"9$%'
09"ǏČ'4$ħ'.$%)7ħ1.%'1="':).".$"')"'3-)%4+ħ34+2"'2'&%&'
3-"2$%'2%2.ħ+-)./*<':*/Ƒ=.%;0<'7%)3-"2.%;0'430208
102".$"':+-"+/'*"&Č+9:'3-)%)'$..Č'0407ħ'303-)%)H'
"?'23-02"1)%.$%<'1090.".$%')*$".<'2/9"402".$%'
=:7':4:.$ħ#$%'1"./#@'$.>0-*"+/#)./#@<''
7?'9"Ǐ1Č'$.;%-%.#&ħ'2'>:.9#&0.02".$%'4/4+%*:'
90*3:+%-02%;0<')')"*$"-%*'04):4+2"'=:7'.$%:#)8
#$2/*')"*$"-%*':)/49".$"'90-)/Ƒ#$'%90.0*$#)8
./#@'1="'4$%7$%'=:7'$..%&'0407/?'
A,09"BGD"
E"89"6+0<'2'#%=:'04$Č;.$%#$"'90-)/Ƒ#$'*"&Č+902%&'=:7'
2/-)Č1)%.$"'$..%&'0407$%'4)901/<'7%)':302"Ǐ.$%.$"<'
23ų/2"'."'":+0*"+/#).%'3-)%+2"-)".$%<';-0*"1)%8
.$%'=:7'3-)%9")/2".$%'1"./#@'$.>0-*"+/#)./#@'=:7'
)*$%.$"<':4:2"'"=70'23-02"1)"'.02/')"3$4'1"./#@'
$.>0-*"+/#)./#@<'301=%;"'9"-)%'30)7"2$%.$"'20=.08
Ƒ#$'01'F'*$%4$ħ#/'10'="+'G?'
<,/*+0ħ$+0()"/(%Č/)&*"/"$',&'>,)K%Č"?/%*-%ħ-Č""
@"A,09"I"
C?'6"Ǐ1"'(+-0."'301%&*$%'+"9$%'Ƒ-019$'3-"2.%'$'$..%<'
&"9$%'09"ǏČ'4$ħ'.$%)7ħ1.%'1="':).".$"')"'3-)%4+ħ38
4+2"'2'&%&'3-"2$%'2%2.ħ+-)./*<':*/Ƒ=./#@<'7%)8
3-"2./#@H'
"?'3-01:902".$"'30-.0;-">$$'1)$%#$ħ#%&'1="'#%=52'
&%&'-0)3024)%#@.$".$"')"'30*0#Č'4/4+%*:'$.>0-8
*"+/#).%;0I'
7?'0>%-02".$"'=:7':104+ħ3.$".$"'30-.0;-">$$'
1)$%#$ħ#%&')"'30*0#Č'4/4+%*:'$.>0-*"+/#).%;0I'
#?'-0)3024)%#@.$".$"'=:7'+-".4*$+02".$%'30-.0;-">$$'
1)$%#$ħ#%&')"'30*0#Č'4/4+%*:'$.>0-*"+/#).%;0I'
1?'30)/49$2".$%'30-.0;-">$$'1)$%#$ħ#%&')"'308
*0#Č'4/4+%*:'$.>0-*"+/#).%;0'1="'4$%7$%'=:7'$.8
.%&'0407/I'
%?'304$"1".$%'30-.0;-">$$'1)$%#$ħ#%&'2'-"*"#@'
4/4+%*:'$.>0-*"+/#).%;0'=:7'."'Ƒ-019"#@'10'
3-)%#@02/2".$"'1"./#@'$.>0-*"+/#)./#@?'
B?'Q="'#%=52'302/Ǐ4)%;0':4+ħ3:'='30&ħ#$%'R30-.0;-"8
>$"'1)$%#$ħ#"S'07%&*:&%'*"+%-$"ų'30-.0;-">$#)./<'
9+5-/'2'430457'2$10#)./'3-)%14+"2$"H'
"?'0407ħ'*"ų0=%+.$Č'2'+-"9#$%'#)/..0Ƒ#$'2/-"Ǎ8
.$%'4%94:"=.%&I'
7?'0407ħ<'9+5-"'2/1"&%'4$ħ'7/đ'.$%=%+.$Č<'2'+-"98
#$%'#)/..0Ƒ#$'2/-"Ǎ.$%'4%94:"=.%&I'
A,09"BLB"
E"F9"6+0'2'#%=:'-0)3024)%#@.$".$"'3-01:9:&%<'
:+-2"="'=:7'43-02"1)"<'3-)%#@02:&%'=:7'304$"1"'
"=70'-0)3024)%#@.$"'=:7'3-%)%.+:&%'+-%Ƒ#$'30-.08
;-">$#).%')':1)$"ų%*'*"ų0=%+.$%;0'"=70'+-%Ƒ#$'30-8
.0;-">$#).%')2$Č)".%')'3-%)%.+02".$%*'3-)%*0#/'
=:7'304ų:;$2".$%*'4$ħ')2$%-)ħ#$%*<'301=%;"'9"-)%'
30)7"2$%.$"'20=.0Ƒ#$'01'="+'B'10'CB?'
A,09"BLB"
E"!9"6+0':+-2"= "'+-%Ƒ#$'30-.0;-">$#).%')':1)$"ų%*'*"8
ų0=%+.$%;0<'301=%;"'9"-)%'30)7"2$%.$"'20=.0Ƒ#$'01'
-09:'10'="+'CT?'
A,09"BLB""
E"!)9"6+0'3-)%#@02:&%<'30 4$"1"'=:7':)/49:& %'104+ħ3'
10'+-%Ƒ#$'30-.0;-">$#)./#@')':1)$"ų%*'*"ų0=%+.$%;0<'
301=%;"'9"-)%'30)7"2$%.$"'20=.0Ƒ#$'01'F'*$%4$ħ#/'
10'="+'G?'
A,09"BLB""
E"!69"6+0'3-01:9:&%<'-0)3024)%#@ .$"<'3-%)%.+:&% <'
3-)%#@02:&%'=:7'304$"1"'+-%Ƒ#$'30-.0;-">$#).%'
3-)%14+"2$"&Č#%'2/+20-)0./'"=70'3-)%+20-)0./'
2$)%-:.%9'*"ų0=%+.$%;0':#)%4+.$#)Č#%;0'2'#)/.8
.0Ƒ#$'4%94:"=.%&'301=%;"';-)/2.$%<'9"-)%'0;-".$8
#)%.$"'20=.0Ƒ#$'"=70'30)7"2$%.$"'20=.0Ƒ#$'10''
="+'B?'
'
!'!

!"#$%&'()*$+'
!
#?'-%"=$4+/#)./'07-")'3-)%14+"2$"&Č#/'0407ħ'*"8
ų0=%+.$Č'2'+-"9#$%'#)/..0Ƒ#$'2/-"Ǎ.$%'4%94:"=.%&?
F?'Q="'#%=52'302/Ǐ4)%;0':4+ħ3:'B<'30&ħ#$%'R0407"'
*"ų0=%+.$"S'07%&*:&%'24)/4+9$%'0407/'30.$Ǐ%&'CN'
-09:'Ǐ/#$"?'(+-0."'*0Ǐ%'23-02"1)$đ'2/*5;'.$Ǐ4)%&'
;-".$#/'2$%9:<'9+5-"'.$%'*0Ǐ%'7/đ'.$Ǐ4)"'.$Ǐ'CK'="+?'
L?'6"Ǐ1"')%'(+-0.'*0Ǐ%')"4+-)%#'407$%'3-"20'.$%4+08
402".$"<'2'#"ų0Ƒ#$'=:7'2'#)ħƑ#$<':4+ħ3:'=?1?'$'%?'0-")'
:4+ħ3:'B?7?'$'#?'
A,09"BLB"
E"!-9"6"-)%'09-%Ƒ=0.%&'2'E'L7'301=%;"<'9+0'2'#%=:')"8
43090&%.$"'4%94:"=.%;0':#)%4+.$#)/'2'3-%)%.+"#&$'+-%8
Ƒ#$'30-.0;-">$#)./#@')':1)$"ų%*'*"ų0=%+.$%;0?'
<,/*+0ħ$+0()"/(%Č/)&*"/"&),3+/*&%*2"$,)(")30',M
+1%-."%"$,)("$'1,*(&4-."@"A,09"8L"
C?'6"Ǐ1"'(+-0."'301%&*$%'+"9$%'Ƒ-019$'3 -"2.%''
$'$..%<'&"9$%'09"ǏČ'4$ħ'.$%)7ħ1.%'1="':).".$"')"'
3-)%4+ħ34+2"'2'&%&'3-"2$%'2%2.ħ+-)./*<'."-:4)%ŷ'
3-"2"'":+0-49$%;0')1%>$.$02".%;0'2'3-"2$%'1".%&'
(+-0./');01.$%')'301&ħ+/*$'3-)%)'.$Č')0702$Č)"8
.$"*$'2/.$9"&Č#/*$')'U9+:'V"-/49$%;0')'1.$"'BL'
=$3#"'COMC'-09:')*$%.$"&Č#%;0'60.2%.#&ħ'W%-.%ŷ8
49Č'0'0#@-0.$%'1)$%ų'=$+%-"#9$#@'$'"-+/4+/#)./#@<'V08
-0):*$%.$"'2'43-"2$%'@".1=02/#@'"43%9+52'3-"2'
2ų"4.0Ƒ#$'$.+%=%9+:"=.%&'0-")'A-"9+"+:'_2$"+02%&'
,-;".$)"#&$'Pų"4.0Ƒ#$'X.+%=%9+:"=.%&'0'3-"2"#@'":8
+0-49$#@<')'2/ųČ#)%.$%*'3-"2'0407$4+/#@'3-)%2$8
1)$"./#@'3-)%)'+%'60.2%.#&%<'&%Ǐ%=$'303%ų.$0.%'4Č'
:*/Ƒ=.$%<'."'49"=ħ'90*%-#/&.Č'$')"'30*0#Č'4/4+%*:'
$.>0-*"+/#).%;0?'
B?'6"Ǐ1"'(+-0."'301%&*$%'+"9$%'Ƒ-019$'3 -"2.%''
$'$..%<'&"9$%'09"ǏČ'4$ħ'.$%)7ħ1.%'1="':).".$"')"'
3-)%4+ħ34+2"'2'&%&'3-"2$%'2%2.ħ+-)./*<'."-:4)%ŷ'
3-"2'309-%2./#@')1%>$.$02"./#@'2'3-"2$%'1".%&'
(+-0./<');01.$%')'301&ħ+/*$'3-)%)'.$Č')0702$Č)"8
.$"*$'2/.$9"&Č#/*$')'!$ħ1)/."-0102%&'60.2%.#&$'
0'0#@-0.$%'2/90."2#52<'3-01:#%.+52'>0.0;-"8
*52'0-;".$)"#&$'."1"2#)/#@')"2"-+%&'2'Y)/*$%'
Z60.2%.#&"'Y)/*49"[<'\*02/'2'43-"2$%'@".1=08
2/#@'"43%9+52'3-"2'2ų"4.0Ƒ#$'$.+%=%9+:"=.%&'0-")'
A-"9+"+ :' _2$"+02%&',-;".$)"#&$'Pų"4.0Ƒ#$'X.+%=%9+:8
"=.%&'0'2/90.".$"#@'$'>0.0;-"*"#@<')'2/ųČ#)%.$%*'
3-"2'0407$4+/#@'3-)%2$1)$"./#@'3-)%)'+%'60.2%.8
#&%<'&%Ǐ%=$'303%ų.$0.%'4Č':*/Ƒ=.$%<'."'49"=ħ'90*%-8
#/&.Č'$')"'30*0#Č'4/4+%*:'$.>0-*"+/#).%;0?'
F?'(+-0."'*0Ǐ%')"4+-)%#'407$%'3-"20'10'.$%30#$Č;"8
.$"'10'01302$%1)$"=.0Ƒ#$'9"-.%&'."'3014+"2$%':4+ħ8
352'='$'B'.$.$%&4)%;0'"-+/9:ų:'2'3%2./#@'3-)/3"18
9"#@<'301'2"-:.9$%*< 'Ǐ%'$4+.$%&Č'$..%'49:+%#).%'
Ƒ-019$'3-"2. %'0-")'Ǐ%')"4+-)%Ǐ%.$%'+0'.$%'4+".02$'
014+ħ34+2"'01'*$ħ1)/."-0102/#@')0702$Č)"ŷ'
(+-0./'09-%Ƒ=0./#@'2'*$ħ1)/."-0102/#@'$.4+-:8
*%.+"#@<'2/*$%.$0./#@'2':4+ħ3"#@'='$'B'.$.$%&8
4)%;0'"-+/9:ų:?'
<,/*$%+4"?'04-/Č-*"'-.,'&4"$,)(")30',+1%-."/'M
+0)ų4"/)(),0*"("<,)(%*"A30',+1%29"
!
!
!''

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

\&,7.(#:,/2,!6,7-)7)3,',!3!\)'3$'/2#!)!/.A$*0*6$7-¿0/6)ï/#!6)7-,Ù,!3.;
:)*6.7-,',!3!5,&76$2!/6¿ï/#!'#'#$276$2!+)')%*,(##!J*)656#,Ù.!h<M−h<@FK9!0*6.!
/6.+! 6,%,5'#$'#,! 0*6$7-¿07-3! :)'-$'-)3./8! ',! 0*6.:Ù,56#$! ,*-<! >F>! \\!
)+43#)')!3!:)&$2'.+!*)656#,&$!JL<@K<!`,&$Č.!2$5',:!370)+'#$°9!Č$!#7-'#$2!
*43'#$Č! #''$! :&,7.(#:,/2$! R0*6$7-¿07-3! :)+01-$*)3./8S>?H!<! [-)71':)3)!
/6¿7-)!3.*4Č'#,!7#¿!0*6$7-¿07-3,!:)+01-$*)3$!)*,6!0*6$7-¿07-3,!5):)'.;
3,'$! 0*6.! 1Č./#1! :)+01-$*,>?O!<! =,7,5'#/6!*4Č'#/! 2$7-! 3! -.+! 3.0,5:1!
1Č./#$!:)+01-$*,! J7.7-$+1!-$&$#'()*+,-./6'$%)9! 0*)%*,+43!:)+01-$*);
3./8K!A5Ċ!-)!2,:)!/$&19!A5Ċ!-)!2,:)!',*6¿56#,!56#,Ù,'#,>?E<!!
")%5,'!j#7/8$*!0*)0)'12$!7/8$+,-!*)6:Ù,51!#!',:Ù,5,'#,!7#¿!0*6$7-¿07-3!
:)+01-$*)3./8!6#&17-*)3,'.!2,:!',!*.71':1!',!',7-¿0'$2!7-*)'#$<!

>?H!C!0*,/.!k<![)3.!)+43#)')!76$*$%!:&,7.(#:,/2#!0*)0)')3,'./8!3!&#-$*,-1*6$!0*6$5+#)-1!
#!6,0*)0)')3,')!3.*4Č'#$'#$!-*6$/8!%*10!0*6$7-¿07-3!:)+01-$*)3./8D!!
9 0*6$7-¿07-3,! '#$+)Č&#3$! 5)! 0)0$Ù'#$'#,! 0)6,! ï*)5)3#7:#$+! :)+01-$*)3.+!
J0*6$7-¿07-3,!:)+01-$*)3$!0!-0,+0'/%&'2K_!
9 0*6$7-¿07-3,!-*,5./.2'#$!0$',&#6)3,'$!0*6$0#7,+#! 0*,3,! :,*'$%)9! 3!0*6.0,5:1!
:-4*./8! :)+01-$*! 1Ù,-3#,! #/8! 0)0$Ù'#,'#$! 3! ')3.! &1A! 5)-./8/6,7)3.! 70)74A!
J0*6$7-¿07-3,!:)+01-$*)3$+0!-0,+$*/)2K_!
9 0*6$7-¿07-3,9!3!0*6.0,5:1!:-4*./8!:)+01-$*!2$7-!3.:)*6.7-.3,'.!0*6$6! 70*,3;
/439!&$/6!2$%)!*)&,!2$7-!ï/#ï&$!0)A)/6',<!
Jk<![)3,D!J/O!0'¿#&O2ï°+M28#,'!/23*+T+L*(*-%!+&!$232ï&%+%+0M,'!&O-2ï&%+M/K8%-*$%O*&P%9!\*,:43!>FFL9!
0*,/,!5):-)*7:,9!+,76.')0#79!8--0D^^+;7)3,<0&^k[)3,;0*6$7-$0/6)7/;:)+01-$*)3,<05(_!7<!LEK<!
Y$76/6$!#''$!:&,7.(#:,/2$!0*6$7-¿07-3!:)+01-$*)3./8!+)Č',! 6',&$Ċ°!'0<!3!0*,/.!Z<!TÙ,6,D!
J/O!0'¿#0'3*+ M28#,'!/23!9! W6$7643! >FFF9! 0*,/,! +,%#7-$*7:,9! +,76.')0#79! 8--0D^^],%&,<0&^!
7:*.0-7^+%*i,i0&,6,<05(!J7<!H!#!',7-<K<!
>?O!T)*<!'0<!Y<!C,*.&$37:#@+J/O!0'¿#0'32+20O,0'3*+M28#,'!/23!)2+U*/'E+9VW+SSX+Y+#2(0'*323!+O*D
)*(-%!-%*+ '!2/!'K&O-2#/*3-!+ %+ #/*M'K&O-!9! 8--0D^^0,'5,<A%<1'#]<%5,<0&^GHN3,*.&^):<8-+_!!
[<!"1:)37:#D!J/2P!M'l9!)0<!/#-<_!k<![6+#-9!a<!T)&#-)37:,D!N+*/'KM,$!+9ZW+S2(!M0,+S*/-!)2+2&O*8%+
L%!)Ù!)29! RT*,3)! k$5#43! N&$:-*)'#/6'./8S! JOK9! 5)5,-$:! 5)! Rk)'#-)*,! T*,3'#/6$%)S!!
`*!@?^>FFO9! 7<!Mh−hF_!\<Y<!Y,:1A7:#D! J/O!0'¿#&O2ï°+M28#,'!/23*+T+ O*/K0+#/2L$!8*'KM%9!RT*):1*,;
-1*,!#!T*,3)S!`*!@>^@EE?<!
>?E!=)A<!'0<D!"<!j#7/8$*D!J/O!0'¿#0'3*+M28#,'!/23!+%+2&5/2-*+%-72/8*&P%9!=,:,+./6$9!\*,:43!>FFF9!
7<!>h_!k<![6+#-D![!O#%!&O!Ú0'32+6-72/8*'K&O-!!c3De!a<![-,'#$/9!Y<!=,3#Ù,;`#$5Ċ3#$/:#D!\*/O(O*-%!+
/KOKM%!8+2#!/*&KP-K89!d<V<!"$/:9!C,*76,3,!>FFO9!7<!>F@−>>O_!k<![)3,D!J/O!0'¿#&O2ï°l9!)0<!/#-<!
!')

!"#$%&'()*$+'
!
!
'
N4+3&*1"89'Y0)9ų"1'$'."9ų"1".$%'4$ħ'3-)%4+ħ34+2'90*3:+%-02/#@
>HF
?'
!
!98""5*,2%&'7'>%)""
k43#/!)!-$*+#')&)%##!3!)5'#$7#$'#1!5)!0*6$7-¿07-3!:)+01-$*)3./8!',;
&$Č.! *)6*4Č'#°!-$*+#')&)%#¿!7-)7)3,'!3!#'()*+,-./$!J,!3#¿/! 0*6$5$!
376.7-:#+! -$*+#')&)%#¿! 6')*+,&#6)3,'!6,3,*-! 3! T)&7:#/8! `)*+,/8!!
#!3!')*+,/8!+#¿56.',*)5)3./8!a[b9!3!-.+!3!')*+,/8!5)-./6/./8!A$6;
0#$/6$Ú7-3,!#'()*+,/2#K!)*,6!-$*+#')&)%#¿!7-)7)3,'!3!,:-,/8!0*,3,!:*,;
2)3$%)!#!+#¿56.',*)5)3$%)<!!
T#$*376.+#! #! 0)'#$:5! 0)57-,3)3.+#! 0)2¿/#,+#9! :-4*$! +)%!70*,;
3#,°!-*15')ï/#! 0*6.!*)61+#$'#1!0*6$0#743!0*,3,!7!0)2¿/#,!#'()*+,/2#!
)*,6!5,'./8<!
[Ù)3)! R#'()*+,/2,S! 3.3)56#! 7#¿!6!Ù,/#Ú7:#$%)! 6*)7-1! %-72/8*/!!JR#'S!!
m!R()*+,*$SK!P!:76-,Ù-)3,°9!)5/#7:,°!()*+¿!A5Ċ!0*6$57-,3#,°9!3.)A*,Č,°9!
):*$ï&,°<!Ra'()*+,-#)Ȉ!)6',/6,Ù)!J3!*4Č'./8!$0):,/8K!3.)A*,Č$'#$9!,!-,:Č$!

>HF
!*45Ù)D!"<!j#7/8$*D!J/O!0'¿#0'3*]Q+)0<!/#-<9!7<!MM<!
!'*

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

6',/6$'#$!0)2$5.'/6$%)!3.*,619!0*)/$7!()*+)3,'#,!#!2$%)!*$61&-,-9!2,:!*43;
'#$Č!0)1/6$'#$!)*,6!*$61&-,-!0)1/6$'#,>H@<!C!*4Č'./8!5$(#'#/2,/8!#'()*+,/2#!
0)3-,*6,2!7#¿!)53)Ù,'#,!5)!0*)/$71!0*6$:,6.3,'#,!-*$ï/#!JÙ,/<!72/8*K9!'0<D!!
9 R0$3',! -*$ï°!A¿5/,! )0#7$+9! 0)&$/$'#$+9! ',:,6$+! &1A! 6,:,;
6$+9!0*6$:,6.3,',!3!2,:#:)&3#$:!70)74A!)5!',5,3/.!)!)5A#)*/.S>H>_!
9 R*$&,/2,! '#$+,-$*#,&',9! 6,/8)56/,! 2$5')/6$ï'#$! +#¿56.!
-*6$+,! $&$+$'-,+#D! Z<! )5-3,*6,'.+! )A#$:-$+! *6$/6.3#7-)ï/#! 70);
Ù$/6'$29! "<! -$6,1*17$+! 01':-1! Z9! d<! 70)Ù$/6'.+! ',7-,3#$'#$+! 5)!!
Z!#!"S>HM_!
9 R*$&,/2,!5$(#'#)3,',!',!$&$+$'-,/8!:)+1'#:,-1! \!JlK<! Y$7-!
-)!-*$ï°9!/6.&#!5$7.%',-!)6',/6)'.!2,:)!#'()*+,/2,<!a'()*+,/2,!',!-.+!
0)6#)+#$!',6.3,!7#¿!#'()*+,/2!5,-,&)%#/6'!#!2$7-!6,0#7.3,',!2,:)!
aJ\K9! 5&,! 0)5:*$ï&$'#,! #'()*+,/2#9! 2,:! 5)7-,*/6,! :)+1'#:,-!!
\!'#$6,&$Č'#$!)5!)5A#)*/.! Q<!Z70$:-!0*,%+,-./6'.! #'()*+,/2#! 3.;
+,%,! 136%&¿5'#$'#,! 0*)/$71! 2$2! )5A#)*1! 0*6$6! 1Č.-:)3'#:,<!!
C!-.+!/$&1!7-)712$!7#¿!6,0#7!JlKD!a!J\9!Q9!nKS>Hh!J\!)6',/6,!:)+1'#;
:,-9!Q;)5A#)*/¿!#'()*+,/2#9!6,ï!n;:)'-$:7-K<!
I,!)7-,-'#,!5$(#'#/2,!2$7-!-)!-63<!5$(#'#/2,!#'()&)%#/6',!#'()*+,/2#<![,+)!
0)2¿/#$!#'()&)%##!)*,6!*)6*4Č'#$'#$!0)+#¿56.!5,-,&)%#/6'.+!,!#'()&)%#/6;
'.+!0)6#)+$+!12¿/#,!#'()*+,/2#!6)7-,Ù)!70)01&,*.6)3,'$!0*6$6!"<![1';
%,*5$',! 3! 0*,/.! 5):-)*7:#$2 >HL!9! 2,::)&3#$:! 3704Ù/6$ï'#$! '#$! +,! 0);
376$/8'#$! 0*6.2¿-$2! 5$(#'#/2#! #'()&)%##<! Y,:! 7#¿! 3.5,2$! R0)5$2ï/#$!
#'()&)%#/6'$S!:)'/$'-*12$!7#¿!',!0)5:*$ï&,'#1!6',/6$'#,!#'()*+,/2#!)*,6!
0*)/$743!2$2!:)+1'#:)3,'#,!#!0$*/$0/2#!0*6$6!1Č.-:)3'#:,9!30Ù.31!#';
()*+,/2#!',!0)5$2+)3,'$!5$/.62$!#! &156:#$!56#,Ù,'#,!#-5<>H?!T)5$2ï/#$! -)!

>H@!!=)A<! '0<D! R<! \#7-$*D! [!O#%!&O!Ú0'32+ %-72/8*&KP-!+ %-7/*0'/,M',/K+ M/K'K&O-!P9! RI$**)*.6+S!!
`*!@^>F@F9!d)&&$%#1+!d#]#-,79!C,*76,3,!>F@F9!7<!?E<!
>H>!Y<!g)ï/#Ú7:#D!\*/K0+0'!/23*-%*+!M2-28%&O-!)29!TC`9!C,*76,3,!@EHH<!
>HM!!=)A<! '0<D! 8--0D^^333<$'/.:&)0$5#,<A#)&)%<0&^#'5$f<080o8,7&)pa'()*+,/2,<! Y$7-! -)!
-63<!R/.A$*'$-./6',!5$(#'#/2,!#'()*+,/2#S<!
>Hh!=)A<!'0<D!"<![-$(,')3#/6D!6-72/8*&P*9!b(#/.',!C.5,3'#/6,![gV9!C,*76,3,!>FFh<!
>HL!!" < ! [ 1'% , * 5$' D ! F-+ 6-72$2)%&*$+ F##/2*&5+ '2+ =*'*+ [*0!09! T8<B<! I8$7#79! 8--07D^^7#-$7<%))%&$<!
/)+^7#-$^A)71'5%*$'^+.;&#($^Z'a'()&)%#/,&Z00*),/8-)B,-,",7$7<05(o,--*$5#*$/-7pF<!!
>H?!=)A<!'0<D! U<j<!\)*6$'#)37:#D!G%/8*+ 3+ 3*/,-M*&5+ /KOKM*+)20#2(*/&O!)29!NZ[9!\*,:43!>FF>9!!
7<!@H?!#!',7-<!
!'"

!"#$%&'()*$+'
!
3.*4Č'#,!53,!0)6#)+.!*)61+#$'#,!0)2¿/#,!#'()*+,/2#D!5,-,&)%#/6'.!J#';
()*+,/2,!-)!-*$ï°!:)+1'#:,-19!'#$6,&$Č'#$!)5!6',/6$'#,9!2,:#!',5,2$!2$2!)5;
A#)*/,!:)+1'#:,-1K!)*,6!#'()&)%#/6'.!J#'()*+,/2,!-)!71A#$:-.3'$!6',/6$;
'#$9!2,:#$!-*$ï/#!:)+1'#:,-1!',5,2$!2$%)!)5A#)*/,K>HH<!
[,+)!R0)5$2ï/#$!#'()&)%#/6'$S!2$7-! #7-)-'$!3!:)'-$:ï/#$!2$%)!30Ù.31!
J3!76/6$%4&')ï/#!5)ï°!5*)A#,6%)3$%)!#!'#$!6,376$!#'-1#/.2'#$!6*)61+#,;
Ù$%)! *)6*4Č'#,'#,! 0)+#¿56.! R5,'.+#S! ,! R#'()*+,/2S9! 7:5#'5! 0)2¿;
/#,+#! 6','.+! 21Č! 6! -$)*##! #'()*+,/2#>HO!K! ',! *$5,:/2¿!0*6$0#743!0*,3,9!!
'0<!\)5$:71!:,*'$%)<!!
=!-$/8'#/6'$%)!01':-1!3#56$'#,!J5&,!2¿6.:,!#'()*+,-.:#K!',23,Č'#$2;
76$!7!5$(#'#/2$!0)5,'$!3!T)&7:#/8!`)*+,/89!3!76/6$%4&')ï/#!3!')*+,/8!
')+$':&,-1*)3./8!6!7$*##!T`;a[b^aNd!>MO>;q<!
T)&7:,!`)*+,!cT`;a[b^aNd!>MO>;@D@EE?e!6,3#$*,!)50)3#$5'#)!5$;
(#'#/2$D!
!"#$%!P!*$0*$6$'-,/2,!#'()*+,/2#!+,2/,!#'-$*0*$-,/2¿9!3Ù,ï/#3,!5)!
:)+1'#:)3,'#,!7#¿9!#'-$*0*$-,/2#!&1A!0*6$-3,*6,'#,<!!
Q3,%#!!
@<!5,'$!+)%!A.°!0*6$-3,*6,'$!0*6$6!/6Ù)3#$:,!&1A!6,!0)+)/!ï*)5;
:43!,1-)+,-./6'./8!
><!0,-*6!*.71'$:!@S>HE!
)*,6!!
!&$'()*#+,#!J3!0*6$-3,*6,'#1!#'()*+,/2#K!P!C#$56,!5)-./6/,!)A#$:;
-439!-,:#/8!2,:!(,:-.9!65,*6$'#,9!0*6$5+#)-.9!0*)/$7.!&1A!#5$$9!6,3#$*,;
2/,!:)'/$0/2$9!:-4*,!3!):*$ï&)'.+!:)'-$:ï/#$!+,!):*$ï&)'$!6',/6$'#$!
Q3,%,!P!0,-*6!*.71'$:!@S>OF9!
5$(#'#/2$!-$!1610$Ù'#)'$!7!*.71':#$+!2,:!',!',7-¿0'$2!7-*)'#$!J*.71;
'$:!>K<!
!

>HH!=)A<!Z<!U)-:)D!/R(Ù*+/RČ-2/2(-2ï&%+%-72/8*&P%+ 3+8*/M!'%-),+/!$*&KP-K89!R[-15#,!#! k,-$*#,Ù.!
C.56#,Ù1! =,*656,'#,! QCS! `*! @^>FFH9! 7<! ?H−Hh9! 8--0D^^333<7#+<36<13<$51<0&^0&^'1+!
$*^'1+$*;@;>FFH<!
>HO!T)2¿/#$!R-$)*##!#'()*+,/2#S!63#6,'$!2$7-!6!0*,/,+#!d<N<![8,'')',!6!:)Ú/,!&,-!hF<!qq!3<!
>HE!T`;a[b^aNd!>MO>;@D@EE?!P!F@<F@<F><!
>OF!T`;a[b^aNd!>MO>;@D@EE?!P!F@<F@<F@<!
!'#

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&! 0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

!
'
N4+3&*1"B9'P)"&%*.%'-%="#&%'*$ħ1)/'$.>0-*"#&Č'"'1"./*$
>O@
?'

=!01':-1!3#56$'#,!')*+.9!0*6$-3,*6,'#$!#'()*+,/2#!2$7-!3#¿/!0)2¿/#$+!
76$*76.+!'#Č!0*6$-3,*6,'#$!5,'./8!J-)!)7-,-'#$!2$7-!3.:)'.3,'#$+!)0$*,/2#!
',!5,'./89!',-)+#,7-!0*6$-3,*6,'#$!#'()*+,/2#!+)Č$!6,3#$*,°!)0*4/6!0*6$;
-3,*6,'#,! 5,'./8! #''$! )0$*,/2$9! 2,:! '0<! ,1-)+,-.6,/2¿!0*,/!A#1*)3./8K9!
5,'$!',-)+#,7-!7!*$0*$6$'-,/2!#'()*+,/2#9!6,*43')!2$5',:!#'()*+,/2,9!2,:!
#!5,'$!+)%!A.°!0*6$-3,*6,'$9!2,:!*43'#$Č!5,'$!0)7#,5,2!#'-$*0*$-,/2¿<!
W4Č'#/,! +#¿56.! *)61+#$'#$+! #'()*+,/2#! #! 5,'./8! ',! 70)74A! #'()*+,;
-./6'.!#!0*,3'#/6.!+)Č$!0*)3,56#°!5)!A*6$+#$''./8!3!7:1-:#!'#$0)*)61;
+#$Ú9!'#$:-4*$!A)3#$+!5.70)6./2$!\\!)53)Ù12!7#¿!5)!R5,'./8S9!,!#''$!5)!
R#'()*+,/2#S9!/)!+)Č$!#+0&#:)3,°!#!-,:#$!*)61+#$'#$9!Č$!2$5'$!6!0*6$7-¿07-3!

>O@
!*45Ù)D!cT`;a[b^aNd!>MO>!P!@D@EE?e!*.71'$:!@<!
!'$

!"#$%&'()*$+'
!
+)Č',!0)0$Ù'#°!3!)5'#$7#$'#1!5)!#'()*+,/2#!J*)61+#,'$2!2,:)!-*$ï°!:)+1;
'#:,-1K9!,!#''$!P!5)!5,'./8!J*)61+#,'./8!2,:)!6,0#7.K>O><!
T)2¿/#,!0)1(')ï°9!#'-$%*,&')ï°9!5)7-¿0')ï°!63#6,'$! 7!6!0)2¿/#$+!A$6;
0#$/6$Ú7-3,! #'()*+,/2#9! 5$(#'#)3,'.+! 3! ')*+#$! T`;a[b^aNd! @HHEED>FFH!
2,:)!6,/8)3,'#$!0)1(')ï/#9!#'-$%*,&')ï/#!#!5)7-¿0')ï/#!#'()*+,/2#9!,!5)5,-;
:)3)! -,:Č$! #''./8! 3Ù,7')ï/#! 2,:! ,1-$'-./6')ï°9! *)6&#/6,&')ï°9! '#$6,0*6$;
/6,&')ï°!#! '#$6,3)5')ï°>OM<! =! :)&$#! -$! 3Ù,7')ï/#! A$60#$/6$Ú7-3,!#'()*+,/2#!
5$(#'#)3,'$!7!3!')*+,/8!)50)3#$5'#)!2,:)D!
9 -(.'$(ï°!J,'%<!&2-7%(!-'%*$%'KK9!3Ù,7')ï°!0)&$%,2/,!',!-.+9!Č$!
#'()*+,/2,!'#$!2$7-! 15)7-¿0'#,',! &1A!3.2,3#,',!'#$10)3,Č'#)'.+!
)7)A)+9!0*6$5+#)-)+!&1A!0*)/$7)+>Oh_!
9 /$0%1)#2$(ï°!J,'%<!%-'!)/%'KK9! 3Ù,7')ï°!0)&$%,2/,! ',!6,0$3;
'#$'#1!5):Ù,5')ï/#!#!:)+0&$-')ï/#!,:-.343>OL_!
9 3(40¿-$(ï°! J,'%<! *.*%$*L%$%'KK9! 3Ù,7')ï°! A./#,! 5)7-¿0'.+!!
#!1Č.-$/6'.+!',!Č5,'#$!10)3,Č'#)'$%)!0)5+#)-1>O?<!
B)5,-:)3$! ,-*.A1-.! A$60#$/6$Ú7-3,! #'()*+,/2#! 5$(#'#)3,'$! 7!3!')*;
+,/8!2,:)D!
9 #.0%$05+6$(ï°! J,'%<! *,'5!-'%&%'KK9! 3Ù,ï/#3)ï°! 6,0$3'#,2/,9!
Č$!-)Č7,+)ï°!0)5+#)-1!&1A!6,7)A1!2$7-!-,:,!2,:!5$:&,*)3,',>OH_!
9 )(62/+6#2$(ï°!J,'%<!*&&2,-'*L%$%'KK!P!3Ù,ï/#3)ï°9!:-4*,!6,0$3;
'#,9! Č$! ):*$ï&)'$! 56#,Ù,'#,! 5)3)&'$%)! 0)5+#)-1! +)%!A.°! 2$5');
6',/6'#$!0*6.0#7,'$!-$+1!0)5+#)-)3#>OO_!

>O>!=)A<!0*6.0#7!MF@<!
>OM!T`;a[b^aNd!@HHEED>FFH!P!><L<!
>Oh!T`;a[b^aNd!>HFF@D>FFH!P!M<M<!
>OL!T`;a[b^aNd!>HFF@D>FFH!P!M<O<!W)6*4Č'#,!7#¿!5)5,-:)3)!#'-$%*,&')ï°!5,'./8!)*,6!#'-$%*,&;
')ï°!7.7-$+1<!
>O?!T`;a[b^aNd!>MO>;OD>FF@!P!FO<F@<@H<!
>OH!!T`;a;F>FFFD>FF>! P! M<@<FFO<! T*)/$7$+! 0*)3,56/.+! 5)! 7-3#$*56$'#,! ,1-$'-./6')ï/#! 2$7-!
13#$*6.-$&'#$'#$!J,'%<!*,'5!-'%&*'%2-K9!/6.&#!56#,Ù,'#$!3$*.(#:)3,'#,!5$:&,*)3,'$2!-)Č7,+);
ï/#!2$5')7-:#!cT`;a;F>FFFD>FF>!P!M<h<@FLe<!
>OO!T`;a;F>FFFD>FF>!P!M<@<FEL<!
!'%

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

9 $/%6#-)6%+6#2$(ï°! P! A*,:! +)Č&#3)ï/#! 3.0,*/#,! 7#¿! 73$%)!
1/6$7-'#/-3,! 3! /,Ù)ï/#! &1A! 3! /6¿ï/#! 3.+#,'.! 5,'./8! 0*6$6! 2$5$'!!
6!0)5+#)-43!1/6$7-'#/6/./8!3!-$2!3.+#,'#$>OE_!
9 $/%6#7(3$(ï°!J,'%<+/!$%*L%$%'KK!P!65)&')ï°!2$5')7-:#!(1':/2);
',&'$2! 5)! 3.:)'.3,'#,! 3.+,%,'$2! (1':/2#! 3! 5,'./8! 3,*1':,/8!!
#!3!5,'.+!0*6$56#,&$!/6,71>EF<!
b/6.3#ï/#$!:,-,&)%! 3Ù,7')ï/#!A$60#$/6$Ú7-3,!#'()*+,/2#!'#$!2$7-!:,-,&);
%#$+!6,+:'#¿-.+!J2,:)!0*6.:Ù,5!+)Č',!3.+#$'#°!P80)Č5,'9!'0<!0)5/6,7!
A,5,Ú!7-,-.7-./6'./8!,')'#+)3)ï°>E@9!:-4*!+)Č',!*43'#$Č!-*,:-)3,°!2,:)!
3Ù,7')ï°!A$60#$/6$Ú7-3,!#'()*+,/2#9!'#$2,:)!0*6$/#37-,3'!*)6&#/6,&')ï/#K<!
C!2¿6.:1!0*,3'.+!-$*+#')&)%#,!#'()*+,-./6',!6)7-,Ù,!/6¿ï/#)3)!17.7-$;
+,-.6)3,',!17-,3!6!h !3 *6$ï'#,!>FFO!*<!)!6+#,'#$!17-,3!3!/$&1!12$5')&#/$'#,!
-$*+#')&)%##!#'()*+,-./6'$2!!J5,&$2!Q6+3dQYK<!C!73)#+!0#$*376.+!,*-.:1&$!
17-,3,!-,!30*)3,56,!3!76$*$%1!17-,3!/6-$*.!0)2¿/#,D!R#'()*+,-./6'.!')ï'#:!
5,'./8S9! R5):1+$'-! $&$:-*)'#/6'.S9! R7.7-$+! -$&$#'()*+,-./6'.S! )*,6!
Rï*)5:#!:)+1'#:,/2#!$&$:-*)'#/6'$2S!1Č.-$!3! ,*-<! M!0:-! @;h! 17-,3.!)! #'()*;
+,-.6,/2#! 56#,Ù,&')ï/#! 0)5+#)-43! *$,&#612/./8! 6,5,'#,! 01A&#/6'$! J5,&$2!
Qba`jK<! I,! )7-,-'#,! 6,3#$*,Ù,! 0)543/6,7! J3! /83#&#! 3$2ï/#,! 3! Č./#$!
Q6+3dQYK!5$(#'#/2$!#'()*+,-./6'$%)!')ï'#:,!5,'./8!#!5):1+$'-1!$&$:-*);
'#/6'$%)9! 6,ï! /)! 5)! 7.7-$+1! -$&$#'()*+,-./6'$%)! #! ï*)5:43! :)+1'#:,/2#!
$&$:-*)'#/6'$2!)57.Ù,Ù,!5)!17-,3.!)!ï3#,5/6$'#1!17Ù1%!5*)%!$&$:-*)'#/6'!
J5,&$2!QgQBNK<!
C!*):1!>F@F!6')3$&#6)3,')!Qba`j<!T)!')3$&#6,/2#!6,3#$*,!)',!#''!'#Č!
0#$*3)-',!J-,!6!>FFL!*<K!5$(#'#/2¿!#'()*+,-./6'$%)!')ï'#:,!5,'./8!J7:*$ï&)')!
7Ù)3,!R&1A!,',&)%)3$2S!−!+)3,!)!0)7-,/#!5,'./8!0*6$/8)3.3,'./8!',!-.+!
')ï'#:1K! #! 3Ù,7'!5$(#'#/2¿!7.7-$+
1! -$&$#'()*+,-./6'$%)! J'#$+,&! 6*$76-!
#5$'-./6'!6!5$(#'#/2!6!17-,3.!)!ï3#,5/6$'#1!17Ù1%!5*)%!$&$:-*)'#/6'!J6)A<!
*.71'$:! M! ',! :)&$2'$2! 7-*)'#$K<! B)5,-:)3)! 5$(#'#/2,! -,! 6,3#$*,! 3! 7)A#$!
)53)Ù,'#$!5)!5$(#'#/2#!1*656$'#,!:)Ú/)3$%)!36#¿-$2!6!17-,3.!T*I$&<!

>OE!T`;a;F>FFFD>FF>!P!M<@<FLh<!`)*+,!a[b^aNd!>HFFFD>F@h!P!><Lh!0)5,2$!76$*76!5$(#'#/2¿9!5)-.;
/6/!1/6$7-'#/-3,!3!65,*6$'#1! &1A! 0)52¿/#,! 56#,Ù,'#,D!R,A#&#-.!-)! 0*)]$!-8$! )//1**$'/$! )(!!
,!/&,#+$5!$]$'-!)*!,/-#)'!,'5!#-7!)*#%#',-#'%!$'-#-#$7S<!
>EF!T`;a[b^aNd!>MO>;@hD>FF@!P!@h<F@<FM<!
>E@!=,7,5,9!6!:-4*$2!3.'#:,9!Č$!0)5+#)-!+)Č$!3.:)*6.7-.3,°!6,74A!&1A!17Ù1%¿!A$6!12,3'#,;
'#,!73)2$2!-)Č7,+)ï/#!cT`;a;F>FFFD>FF>!P!M<@<FF>e<!
!'&

!"#$%&'()*$+'
!
!
!
'
N4+3&*1"F9']*$"./'2'1%>$.$#&"#@'30'.02%=$)"#&$':4+"2/'0'$.>0-*"+/)"#&$
>E>
?'
!
\)'7$:3$'/2$! 6+#,'! 3! 5$(#'#/2,/8! +)%!A.°!5,&$:)!#5/$9! A)3#$+!!
'0<! -)! /6.! 2,:#ï!/6.'!70$Ù'#,! 17-,3)3$! 6',+#¿! 6,3,*-$! 3! 5.70)6./2#!!
,*-<!>?O! r! >!\\9!6,&$Č.! )5!-$%)9!2,:,!5$(#'#/2,!#'()*+,-./6'$%)!')ï'#:,!
5,'./8!)A)3#612$!3!17-,3#$!)!#'()*+,-.6,/2#>EM<!\,Č5,!6+#,',!3!-$2Č$!
17-,3#$! JA5Ċ! 3! 17-,3#$9!5)! :-4*$2!)',! 3!6,:*$7#$! 0*6.2¿-./8! 5$(#'#/2#!
)57.Ù,K!A¿56#$!7:1-:)3,Ù,!6+#,'!*)61+#$'#,! 0*6$0#743! \)5$:71!:,*;
'$%)!J#! 0)6)7-,Ù./89! 3.Č$2!3.+#$'#)'./8! 17-,3K<![-5! -$Č! '0<!3!0*6.;
0,5:1!-3)*6$'#,! ,:-1! )7:,*Č$'#,!-*6$A,! 3#$56#$°!'#$!-.&:)!)!-.+9!2,:,!
5$(#'#/2,!)A)3#612$!)A$/'#$9!,&$!#!2,:,!)A)3#6.3,Ù,!3!/83#&#!0)0$Ù'#$;
'#,!#':*.+#')3,'$%)!/6.'1! #! P!6%)5'#$!6! ,*-<! h!\\!P!7-)7)3,°!17-,3¿!
36%&¿5'#$276!5&,!70*,3/.<!

>E>
!*45Ù)D!)0*,/)3,'#$!3Ù,7'$<!
>EM
!T*6$5!')3$&#6,/2!5$(#'#/2,!-,!)A$2+)3,Ù,!1*656$'#,!#!+,-$*#,Ù.!7Ù1Č/$!5)!0*6$/8)3.;
3,'#,!5,'./8!,',&)%)3./8!#!/.(*)3./89!0)!')3$&#6,/2#!P!3.Ù/6'#$!/.(*)3./8<!
!)(

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

C! +)+$'/#$! 0#7,'#,! '#'#$276$2! +)')%*,(##! )50)3#$5'#$! 5$(#'#/2$!
A*6+#,Ù.D!
9 #'()*+,-./6'.!')ï'#:!5,'./8!P!+,-$*#,Ù!&1A!1*656$'#$!7Ù1;
Č/$! 5)! 6,0#7.3,'#,9! 0*6$/8)3.3,'#,! #! )5/6.-.3,'#,! 5,'./8!!
3!0)7-,/#!/.(*)3$2!J,*-<!>!17-<!@!Qba`jK_!
9 5):1+$'-!$&$:-*)'#/6'.!−!7-,')3#/.!)5*¿A'!/,Ù)ï°!6',;
/6$'#)3!6A# 4 * !5,'./8!10)*65:)3,'./8!3!):*$ï&)'$2!7-*1:-1*6$!
3$3'¿-*6'$2! #! 6,0#7,'.! ',! #'()*+,-./6'.+! ')ï'#:1! 5,'./8!!
J,*-<!>!17-<!>!Qba`jK_!
9 7.7-$+!-$&$#'()*+,-./6'.!P!6$704Ù!3704Ù0*,/12/./8!6$!7)A!
1*656$Ú! #'()*+,-./6'./8! #! )0*)%*,+)3,'#,! 6,0$3'#,2/.! 0*6$;
-3,*6,'#$9!0*6$/8)3.3,'#$9!,!-,:Č$!3.7.Ù,'#$!#!)5A#$*,'#$!5,'./8!
0*6$6!7#$/#!-$&$:)+1'#:,/.2'$!6,!0)+)/!3Ù,ï/#3$%)!5&,!5,'$%)!*);
56,21!7#$/#!-$&$:)+1'#:,/.2'$%)!1*656$'#,!:)Ú/)3$%)!3!*)61+#$;
'#1!0*6$0#743!17-,3.!T*I$&_!
9 ï*)5:#! :)+1'#:,/2#! $&$:-*)'#/6'$2! P! *)63#6,'#,! -$/8'#/6'$9!!
3!-.+!1*656$'#,!-$&$#'()*+,-./6'$!#!3704Ù0*,/12/$!6!'#+#!',*6¿56#,!
0*)%*,+)3$9!1+)Č&#3#,2/$!#'5.3#51,&'$!0)*)61+#$3,'#$!7#¿!',!)5;
&$%Ù)ï°!0*6.!3.:)*6.7-,'#1!-*,'7+#72#!5,'./8!+#¿56.! 7.7-$+,+#!-$;
&$#'()*+,-./6'.+#9!,!3!76/6$%4&')ï/#!0)/6-¿!$&$:-*)'#/6'<!
!
"!9B""O0)04+041%"$,/*+0ħ$-/'Ƒ-%"1'2$30*,'(*;"
a7-'#$2/$!7-,-.7-.:#!3.+#,*1!70*,3#$5&#3)ï/#! '#$!)563#$*/#$5&,2!3!0$Ù'#!
)A*,61!0*6$7-¿0/6)ï/#9!'#$+'#$2!',3$-!6!-,:!'#$:)+0&$-'./8!5,'./8!+)Č',!
5)7-*6$/9!Č$!&#/6A,!6,*43')!7-3#$*56)'./8!0*6$7-¿07-39!2,:!#!7:,6,Ú!2$7-!7-);
71':)3)!'#$3#$&:,!'#$!-.&:)!3!&#/6A,/8!A$636%&¿5'./89!,&$!#! 0*)/$'-)3)!
3ï*45! 376.7-:#/8! 0*6$7-¿07-3<! `,! 0*6.:Ù,5! k#'#7-$*7-3)! [0*,3#$5&#3);
ï/#>Eh!01A&#:12$!-.&:)!5,'$!)!0*,3)+)/'#$!7:,6,'./8!5)*)7Ù./8!3$5Ù1%!*);
56,243!0*6$7-¿07-3!J/6.'1!%Ù43'$%)K!#!3.+#,*1!:,*.!JI,A$&,!>K9!/)! )/6.;
3#ï/#$! '#$! 0)63,&,! ',! 3'#)7:)3,'#$! '#/6$%)! '0<! )! &#/6A#$! 3,*1':)3./8!
1+)*6$Ú9!7:,6,'./8!+,Ù)&$-'#/8!/6.!/,Ù:)3#-$2!&#/6A.!/6.'43!3.0$Ù'#,2;
/./8!17-,3)3$!6',+#)',! /6.'1! 6,A*)'#)'$%)!J3! 76/6$%4&')ï/#! '#$! 5,!7#¿!

>Eh!=)A<!8--0D^^A#0<+7<%)]<0&^0&^56#,&,&')7/^7-,-.7-.:#<!
!)!

!"#$%&'()*$+'
!
3.6',/6.°! &#/6A.! 0*6$7-¿07-39!:-4*$! '#$! 7! 5&,! 7:,6,'./8! /6.',+#! %Ù43;
'.+#K<![-,-.7-.:#!0)&#/.2'$0*)3,56)'$!7!3!1:Ù,56#$!/8*)')&)%#/6'.+!3$;
5Ù1%! 5,-.! 7-3#$*56$'#,! 0*6$7-¿07-3,9! ',-)+#,7-! 7-,-.7-.:#! k#'#7-$*7-3,!
[0*,3#$5&#3)ï/#!P!3$5Ù1%!5,-.!7:,6,'#,<!!
!
5)6*7)"B9'^$#)7"'4+2$%-1)0./#@'3-)%4+ħ34+2'Z3-"2"'90=:*."['$'24)#)ħ+/#@'304+ħ302"ŷ'
Z=%2"'90=:*."['2%1ų:;'4+"+/4+/9'30=$#/&./#@>EL?'
!
N'1"
A,09"BCD"
E"8MFBIC"::"
A,09"BCG"%"BCG)"
::"
A,09"BCI"
E"8MB"::" A,09"BCI)"::" A,09"BCI6"::" A,09"BGD""
E"8_B"::"
P4)#)ħ+/#@''
304+ħ302"ŷ'
(+2$%-1)0./#@'
3-)%4+ħ34+2'
P4)#)ħ+/#@''
304+ħ302"ŷ'
(+2$%-1)0./#@'
3-)%4+ħ34+2'
P4)#)ħ+/#@''
304+ħ302"ŷ'
(+2$%-1)0./#@'
3-)%4+ħ34+2'
P4)#)ħ+/#@''
304+ħ302"ŷ'
(+2$%-1)0./#@'
3-)%4+ħ34+2'
P4)#)ħ+/#@''
304+ħ302"ŷ'
(+2$%-1)0./#@'
3-)%4+ħ34+2'
P4)#)ħ+/#@''
304+ħ302"ŷ'
(+2$%-1)0./#@'
3-)%4+ħ34+2'
BTCF' BBTF' CKGG MKG GNO CL O FM FL LB BN ' '
BTCB' CKGM' CGCF MOK NNL O G FG FT BC BM CBNG' '
BTCC' CGNF' OLN NNG KBO F G FN FT FN BO CTCB' '
BTCT' CCOL' CCTB KOT LMO M T BB CN FG MC NFN' '
BTTO' ONB' KLG GGG CCCG K B FL BLF BF CN KMF' '
BTTN' KOL' GTG FKK BLO K B CF CF CB CB LMB' LTL'
BTTM' KCK' FNL BLL CKN K T CC CC L L FBB' LOB'
BTTK' GFN' FMT BTC CFK F L CO CO O O BNG' LLL'
BTTG' LFT' BKT CGB ON B F C C K K FBK' GKN'
BTTL' FMN' BLN CTG NO CB T BBO' FOT'
BTTF' FKB' BFB CCL CFN B B BCO' CKN'
BTTB' BOL' BCG NO CKM K CB CCL' FKN'
BTTC' BGO' CMG KT CCN O G GO' BMO'
BTTT' BLO' BLT KK LN M G CBM' FBF'
COOO' CNB' CCF GO LO CT C GB' BCM'
8
B)5,-:)3)!7-,-.7-.:#!0)&#/.2'$!0*)3,56)'$!7!',!0)6#)+#$!,*-.:1Ù43!\);
5$:71!:,*'$%)!JA5Ċ!',3$-!3.Č76.+D!'0<!Ù/6'#$!,*-.:1Ù43!>?O!#!>?O,!\\K9!
-,:!3#¿/!'0<!'#$!5,!7#¿!*)6*4Č'#°!)74A!16.7:12/./8!5)7-¿0!5)!7.7-$+1!#'()*;
+,-./6'$%)!)5!)74A!)-3#$*,2/./8!6,+:'#¿-$!0#7+)!J,*-<!>?H!r!@!\\K<!
!

>EL!! *45Ù)D! 8--0D^^333<7-,-.7-.:,<0)&#/2,<0&^7-^:)5$:7;:,*'._! Z<! [1/8)*6$37:,D! N&5/2-*]9+
)0<!/#-<9!7<!@FF<!C!>F@F!*<!0)&#/2,! 6+#$'#Ù,!70)74A!0*$6$'-,/2#!7-,-.7-.:9!3!+#$27/$!5)-./8/6,;
7)3./8! J&#/6A.! 7-3#$*56)'./8! 0*6$7-¿07-3K! 0*$6$'-12/! &#/6A¿! 376/6¿-./8! 0)7-¿0)3,Ú9!!
3!>F@h!*<!0)&#/2,!30*)3,56#Ù,!01A&#:,/2¿!)A1!-./8!3#$&:)ï/#!',!73)#/8!7-*)',/8<!
>E?!C!)A$/'$2!J>F@h!*<K!3$*72#!7-*)'!0)&#/.2'./8!0)5,',!2$7-!#'()*+,/2,!R0,*<!@PhS<!
!)'

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

5)6*7)"F9'V-"20*0#.$%'49")".$'10-0Ƒ=$'0;5ų%*'2;'-01)"&52'3-)%4+ħ34+2'_'#)/.';ų52./BOM?'
!
'
N'1"
'
A,09"BCD"::" A,09"BCG"::"
A,09"
BCG)"
::"
A,09"
BCI"::
A,09"
BCI)"
::"
A,09"BCI6"
::" A,09"BGD"::"
U-+?'BKM'EC'66'
U-+?'BKM'EB'66'
U-+?'BKM'EF'66'
U-+?BKM'EF'2')2?')'EC'66'
U-+?BKM'EF'2')2?')'EC'Z309-)/2?'*"ų?['66'
U-+?'BKM'E'L'66'
U-+?'BKN'EC'66'
U-+?'BKN'EB'66'
U-+?'BKN'EF'66'
U-+?'BKN'EF'2')2?')'EC'66'
U-+?'BKN"'EC'66'
U-+?'BKN"'EB'66'
U-+?'BKO'EC'66'
U-+?'BKO'EB'66'
U-+?'BKO"'66'
U-+?'BKO7'EC'66'
U-+?BKO7'EC'2')2?')'"-+?'BKN"'EC'66''
U-+?BKO7'EC'2')2?')'"-+?BKO"'66'
U-+?'BNM'EC'66'
U-+?'BNM'EB'66'
U-+?'BNM'EF'66'
BTCT' GB' ' CC `' `' `' CB CC `' `' FF `' `' `' `' `' ' ' LF' `' `'
BTTO' LB' `' `' `' ' `' CF G' ' ' BG ' ' `' `' `' ' ' LG' L' `'
BTTN' BO' K' `' ' ' ' CO CF ' ' CM ' `' `' `' ' `' ' GL' N' `'
BTTM' BF' CK' `' `' `' ' CC M' ' ' O' ' `' ' `' ' ' ' LO' `' '
BTTK' BB' N' ' ' ' ' CL M' ' ' `' ' ' `' `' ' ' `' GF' G' '
!
!
a'-$*$712/$!7-,-.7-.:#!5)-./6/$!&#/6A.!756)'./89!7:,6,Ú!#!3,*1':)3./8!
1+)*6$Ú!6',2512!7#¿!-$Č!3! )50)3#$56#! 7$:*$-,*6,!7-,'1!3! k#'#7-$*7-3#$!
[0*,3#$5&#3)ï/#! ',! #'-$*0$&,/2¿! '*! @LOFL! 3! 70*,3#$! #'-$*'$-)3./8! 0*6$;
7-¿07-3!:)+01-$*)3./8>EO<! d)!/#$:,3$9! 5,'$! 1:*.-$!6! 0)3)51!-,2$+'#/.!
7-,-.7-./6'$2!3!7-,-.7-.:,/8!+#'#7-$*7-3,9!3!)50)3#$56#!',!#'-$*0$&,/2$!7!
0)5,'$!2,3'#$!J6)A<!I,A$&,!hK<!!
!

>EH!*45Ù)D!8--0D^^A#0<+7<%)]<0&^0&^56#,&,&')7/^7-,-.7-.:#<!=%)5'#$!6!#'()*+,/2!6,+#$76/6)'!
',!7-*)'#$D!R=',:!s!)6',/6,9!Č$!5,'$!'#$!+)%!A.°!)01A&#:)3,'$!6$!36%&¿51!',!:)'#$/6')ï°!
6,/8)3,'#,!-,2$+'#/.!7-,-.7-./6'$2!3!*)61+#$'#1!17-,3.!)!7-,-.7-./$!01A&#/6'$2S<!!
>EO!B)7-¿0'$!',D!8--0D^^)*:,><7$2+<%)]<0&^a=?<'7(^+,#'^H"H?HBMO<!
!))

!"#$%&'()*$+'
!
5)6*7)"!9'Q".%'0'=$#)7$%'3-"20*0#./#@'49")"ŷ'0457'10-04ų/#@')"'3-)%4+ħ34+2"'90*3:+%8
-02%'_'#)/.';ų52./>EE?'
!
"N'?/);*"$,/*+0ħ$+0("
$,/*-%(1'"
#>Pų*2"
'+Č?/*&%
O1)/)&%
"Q),3&1'(*"
32',/*&%*"
',;5ų%*'
49")".$'
a-)/2."'
4"*08
$4+."'
,;-".$8
#)%.$%'
20=.0Ƒ#$
V0)7"8
2$%.$%'
20=.0Ƒ#$'
_-019$
9"-.%'
BLLC
,;5ų%*<'2'+/*H' LNM'NNG LKB'OFM NN'LTM GM'OCN FCG'TML C'LCT BF'TLL'
"-+?'BKM'E'C'66' FB BB M L G T N'
"-+?'BKM'E'B'66' ONTC TT C'
"-+?'BKM'E'F'66'2')2?')'E'C F CF B T T T F'
"-+?'BKN'E'C'66' CO CL F T CB T G'
"-+?'BKN'E'B'66' NMTT FC C'
"-+?'BKN'E'F'66'2')2?')'E'C C C T T C T T'
"-+?'BKN"'E'C'66' FFTT FT T'
"-+?'BKO'E'B'66' CCTT CT T'
"-+?'BKO"'66' BCTT CT C'
"-+?'BKO7'E'C'66''
2')2?')'"-+?'BKO"'66' C' C' T' T' C' T' T'
BLLD
,;5ų%*<'2'+/*H' LLO'CTF LBK'FMM NB'ONN LM'TOC BOL'NBK C'FOF BT'OCG'
"-+?'BKM'E'C'66' FB BF N F CT B O'
"-+?'BKM'E'B'66' BT CK F L O T L'
"-+?'BKM'E'F'66' FCTT CT B'
"-+?'BKN'E'F'66'2')2?')'E'C K F T C C C C'
"-+?'BKN'E'C'66' CF CC C F M T B'
"-+?'BKN'E'B'66' OMFT LT B'
"-+?'BKN'E'F'66' CTTT TT C'
"-+?'BKN"'E'C'66' CC O F C L C B'
"-+?'BKO'EC'66' FFTT FT T'
"-+?'BKO"'66' FBTT BT T'
BLLG
,;5ų%*<'2'+/*H' LLG'BTL LBT'MBO NO'TCC LT'KLF BNO'BKO C'KNK BB'GNM'
"-+?'BKM'E'C'66' LC BO CO B M C CC'
"-+?'BKM'E'B'66' KKFT FT T'
"-+?'BKM'E'F'66' CCCT TT T'
"-+?'BKM'E'F'66'2')2?')'E'C B T T T T T B'
"-+?'BKN'E'C'66' BC CO F C CG T B'
"-+?'BKN'E'B'66' CG CF K C K T B'
"-+?'BKN"'E'C'66' BT CM L C CB T F'
"-+?'BKO'E'C'66' CCTT CT T'
"-+?'BKO'E'B'66' BBTT BT T'
"-+?'BKO"'66' CCTT CT T'
"-+?'BKO7'E'C'66''
2')2?')'"-+?'BKN"'E'C'66' C' C' T' T' C' T' T'

>EE!*45Ù)D!8--0D^^)*:,><7$2+<%)]<0&^a=?<'7(^+,#'^H"H?HBMO<!
!)*

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

"!9F""=%*7*>)7&4"?'+0ħ$"?'"?)&4-.9"A,09"BCD"E"8"%"E"F"::MFF"
T*6$7-¿07-3)! 16.7:#3,'#,! #'()*+,/2#MF@!!'#$0*6$6',/6)'$2! 5&,! 16.7:12;
/$%)! ',6.3,'$! 2$7-! 3! 01A&#:,/2,/8! 0*,3'#/6./8! 0*6$7-¿07-3$+! 8,;
:#'%1MF>!J/)!2$7-!6!-$/8'#/6'$%)!01':-1!3#56$'#,!0$3'.+!',51Č./#$+MFMK<!
Q7-,3)3$! 6',+#)',! /6.'43! 6,A*)'#)'./8! 7-.0#6)3,'./8! 3! 0,*,%*,;
(,/8!@!)*,6!M!)A$2+12!/,Ù.!76$*$%!6,/8)3,Ú9!70)ï*45!:-4*./8!-.&:)!/6¿ï°!
+,!)5'#$7#$'#$!5)!#'()*+,-.:#!#!6,7Ù1%12$!',!+#,')!0*6$7-¿07-3!:)+01;
-$*)3./8!J-*15')!A)3#$+!5)!-,:#/8!6,&#/6.°!)5/6.-.3,'#$!6,+:'#¿-$%)!
&#7-19!'#$10*,3'#)'$!6,:Ù,5,'#$!0)57Ù1/8439!/6.!0*6$/83.-.3,'#$!#!5$;
76.(*)3,'#$!:)5)3,'./8!-*,'7+#72#!*,5#)3./8K<!!
! T#$*376.+!6,*61-$+9!2,:#!+)Č',!+#$°!0)5!,5*$7$+!17-,3)5,3/.!2$7-!
3#¿/! 6,'#$/8,'#$! 3.)5*¿A'#$'#,! 3! *,+,/8! )7)A'./8! 0*6$0#743! 0*6$;
7-¿07-3! 0'/%&'!! :)+01-$*)3./89! /)! 6,0$3'$! 0)63)&#Ù)A.! 1'#:'°!04Ċ;
'#$276./8!:Ù)0)-43!6!71A71+0/2!#!3.:Ù,5'#<!
!
!

MFF!C.:)*6.7-,')!(*,%+$'-.!,*-.:1Ù1D!k<![6+#-9!a<!T)&#-)37:,D!N+*/'KM,$!+9ZWl9!!)0<!/#-<!
MF@!!C, * - )! 6 3*4/ # °!13,%¿9! Č$! 1Č./#$! *6$/6)3'#:,! R#'()*+,/2#S! +)Č$! A.°!#'-$*0*$-)3,'$!!
3! :)'-$:ï/#$! 370)+'#,'$%)! 3/6$ï'#$2! #'()&)%#/6'$%)! *)61+#$'#,! -$%)! -$*+#'1<! C$5Ù1%!!
k,/#$2,! [#3#/:#$%)! RB&,! *$,&#6,/2#! 6',+#)'! ,*-<! >?H! r! @! \\! :)'#$/6'$! 2$7-! 0)5Ù/6$'#$! 7#¿!
0*6$6!70*,3/¿!5)!7#$/#!-$&$:)+1'#:,/.2'$2!J',5,3/,!#'()*+,/2#!A¿5/$2!0*6$5+#)-$+!,-,:1!
+17#!3.:)*6.7-.3,°!7#$°!0*6$3)5)39!(,&$!*,5#)3$9!)0-./6'$!&1A!#''$!ï*)5:#!3.:)*6.7-1;
2/$!$'$*%#¿!$&$:-*)+,%'$-./6'K<!`#$!7-,')3#!0*6$7-¿07-3,!6!,*-<!>?H!r!@!\\!'0<!0)5Ù/6$'#$!
7#¿! 5)! 0)2$5.'/6$%)! 7.7-$+1! :)+01-$*)3$%)S! Jk<! [#3#/:#D! >KL!/#/O!0'¿#&O2ï°9! d<V<! "$/:9!
C,* 76 ,3 ,! > F@ M9 ! 7< ! @@ MK <! I, :# $! * )6 1+ #$ '# $! + )Č$! A.°!7Ù176'$9!-.&:)!3-$5.!%5.A.!0*6.2°9!Č$!
#'()*+,/2,!-)!2$5.'#$!-*$ï°!:)+1'#:,-1!#!Č$!0$',&#6)3,'$!2$7-!2$5.'#$!16.7:#3,'#$!-$2!-*$ï/#!
0)5/6,7!2$2!-*,'7+#72#9!/)!3.5,2$!7#¿!5)ï°!5,&$:)!#5/!#'-$*0*$-,/2<!!
MF>!=)A<!'0<D!T<!Y,',7D!J/O!0'¿#0'32+5*&M%-),9!RT*):1*,-1*,!#!T*,3)S!`*!@F^>FFE9!7<!>HPMh<!
MFM![Ù)3)!5*&M!/!)6',/6,!$'-162,7-¿!:)+01-$*43<!C!cWjd!>O>Oe!2$7-!)')!65$(#'#)3,'$!2,:)!
RJaK![)+$)'$!3#-8!,!7-*)'%!#'-$*$7-!#'!/)+01-$*79!38)!$'2).7!&$,*'#'%!,A)1-!-8$+!,'5!$f;
0$*#+$'-#'%! 3#-8! -8$+<! J[$$D! /*,/:$*<K! JdK! I8$! *$/)++$'5$5! 5$(#'#-#)'! #7! -8$! )*#%#',&!
+$,'#'%!)(!-8$!-$*+!J/#*/,!@E?FK9!38#/8!-8$'!8,5!,!'$1-*,&!)*!0)7#-#]$!/)'')-,-#)'!)(!t7)+$;
)'$!38)! (#%1*$7! -8#'%7!)1-! ,'5! +,:$7!7)+$-8#'%! /))&! 8,00$'u<!I)5,.9! -8$! -$*+! #7!(*$;
v1$'-&.!+#717$59!$70$/#,&&.!A.!2)1*',&#7-79!-)!8,]$!-8$!0$2)*,-#]$!+$,'#'%!)(!/*,/:$*S<!`,;
3$-! 0$2)*,-.3'$! ):*$ï&$'#$! &/*&M!*! J5$(#'#)3,'$! 3! -.+! 7,+.+! 5):1+$'/#$! 2,:)! RJaK!
[)+$)'$!38)!-*#$7!-)!A*$,:!-8$!7$/1*#-.!)(9!,'5!%,#'!,//$77!-)9!7)+$)'$!$&7$w7!7.7-$+!3#;
-8)1-!A$#'%! #']#-$5!-)!5)!7)S<K!)A$2+12$! 6,-$+!'#$/)!76$*76.! 6,:*$7! 0)2¿/#)3.9!'#Č!-.&:)!
16.7:#3,'#$!#'()*+,/2#!0)0*6$6!0*6$Ù,+.3,'#$!/6.!)+#2,'#$!6,A$60#$/6$Ú<!
!)"

!"#$%&'()*$+'
!
T#$*3)-',!*$5,:/2,!#)098:;<8==!J)5!E!3*6$ï'#,!@EEO!*<K!A*6+#,Ù,D!
!
^+IE+S'2+L!O+,#/*3-%!-%*+,OK0M,P!+%-72/8*&P¿+($*+-%!)2+-%!+#/O!O-*&O2-Q+2'3%!D
/*P&+O*8M-%¿'!+#%082Q+#2(Ù&O*P&+0%¿+(2+#/O!32(,+0Ù,Č&!)2+(2+#/O!M*OK3*-%*+%-D
72/8*&P%+$,L+#/O!Ù*8,P&+!$!M'/2-%&O-!Q+8*)-!'K&O-!+*$L2+%--!+0O&O!)R$-!+P!P+O*L!OD
#%!&O!-%!Q+#2($!)*+)/OK3-%!Q+M*/O!+2)/*-%&O!-%*+32$-2ï&%+*$L2+#2OL*3%!-%*+32$-2ï&%+
(2+$*'+9E++
^+9E+A!P+0*8!P+M*/O!+#2($!)*Q+M'2+3+&!$,+,OK0M*-%*+%-72/8*&P%Q+(2+M'R/!P+-%!+P!0'+
,#/*3-%2-KQ+ O*MÙ*(*+ $,L+ #20Ù,),P!+ 0%¿+ ,/O(O!-%!8+ #2(0Ù,&523K8Q+ 3%O,*$-K8+
*$L2+%--K8+,/O(O!-%!8+0#!&P*$-K8E++
^+ <E+ A!P+ 0*8!P+ M*/O!+ #2($!)*Q+ M'2+ %-72/8*&P¿+,OK0M*-+3+0#20RL+2M/!ï$2-K++
3+^+I+$,L+9+,P*3-%*+%--!P+202L%!E++
^+_E+g&%)*-%!+#/O!0'¿#0'3*+2M/!ï$2-!)2+3+^+ID<+-*0'¿#,P!+-*+3-%20!M+#2M/OK3D
(O2-!)2<!
C!*):1!>FFO!0*6$0*)3,56)')!')3$&#6,/2¿!\\!3!/$&1!6,#+0&$+$'-)3,;
'#,!B$/.62#!W,+)3$2! W,5.!N1*)0.!>FFL^>>>^C[#[C!6! >h!&1-$%)!>FFL! *<!!
3!70*,3#$!,-,:43!',!7.7-$+.!#'()*+,-./6'$!J5,&$2!BWZ[aK<!T)!')3$&#6,/2#9!
)5!@O!%*15'#,!>FFO!*<!,*-.:1Ù!-$'!A*6+#!2,:!3!-,A$&#!J6)A<!I,A$&,!@K<!
=+#,'.!3!*$5,:/2#!0#$*376$%)!0,*,%*,(1!0)&$%,Ù.!3#¿/!',D!
@< 6,7-0#$'#1! 6',+#$'#,! 0*6$7-¿07-3,! 16.7:,'#,! #'()*+,/2#!!
P!16.7:,'#$+!5)7-¿01!5)!'#$2_!
>< 6,7-0#$'#$!0)2¿/#,!R0*6$3)51S!0)2¿/#$+!7#$/#!-$&$:)+1'#;
:,/.2'$2_!
M< 5)5,'#,!5)!6,A$60#$/6$Ú9!6,A$60#$/6$'#,!#'()*+,-./6'$%)_!
h< *)676$*6$'#,! 17-,3)3$%)! 6',+#$'#,! /6.'1! 6,A*)'#)'$%)!!
6! R0*6$Ù,+.3,'#,S! 3! *$5,:/2#! 0#$*3)-'$2! 5)! R0*6$Ù,+.3,'#,! &1A!
)+#2,'#,S!3!3$*72#!0)!')3$&#6,/2#<!
b50)3#$5'#)!0)76/6$%4&'$!6+#,'.!+#,Ù.!',!/$&1D!
Z5!@KD!Q'#:'#¿/#$!3-0&#3)ï/#!)5')ï'#$!5)!$3$'-1,&'$2!:)'#$/6;
')ï/#!15)3)5'#$'#,9!Č$!70*,3/,!/6.'1!6,0)6',Ù!7#¿!6!#'()*+,/2!J2$;
ï&#!0*6$6!R16.7:,°S!*)61+#$°!P!6,!7Ù)3'#:#$+!P!R)7#%'°9!)-*6.+,°9!
65)A.°S9!-)! '#$:)'#$/6'$!5&,! 0*6.0#7,'#,!3#'.! A.Ù)A.!6,0)6','#$!
7#¿!70*,3/.!6!#'()*+,/2,ࡥ9!5)!:-4*$2!5)7-¿0!16.7:,Ù<!=!5*1%#$2!7-*)'.9!
!)#

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

3! 5):-*.'#$! *)60)376$/8'#)',! A.Ù,MFh!!5*1%,! #'-$*0*$-,/2,! 6',+#$;
'#,! 17-,3)3$%)! R16.7:#3,°S! J0*6$53)2$'',! 3.:Ù,5'#,! [-$(,',!
g&,7$*,! #! Z&$:7,'5*,! k)%#&'#/:#$%)! 5):)',',!',! %*1'/#$! ,*-<! >LM!
r!@!\\!6!@EM>!*<K9!3!:-4*$2!0*6$6!R16.7:,'#$S!*)61+#$!7#¿!6,0)6','#$!
7#¿!6!-*$ï/#!5,'$2!3#,5)+)ï/#<![-5!0)37-,3,Ù,!:)'#$/6')ï°!3.:,;
6,'#,9!Č$!70*,3/,!'#$!-.&:)!0*6$Ù,+,Ù!6,A$60#$/6$'#,9!16.7:,Ù!5)7-¿0!
5)!#'()*+,/2#9!,&$!-$Č9!Č$!6,0)6',Ù!7#¿!6!2$2!-*$ï/#<!I$'!)7-,-'#!$&$+$'-!
A.Ù!3!0*,:-./$!A,*56)!-*15'.!5)!15)3)5'#$'#,<!=+#,',!6,-$+!
+#,Ù,!',!/$&1!1Ù,-3#$'#$!ï/#%,'#,<!
Z5! >KD! W)676$*6$'#$! )/8*)'.! *43'#$Č! ',! 7#$/#! A$60*6$3)5)3$<!
T*6.!):,62#!0)2,3#Ù,!7#¿!3-0&#3)ï°9!/6.!0$',&#6,/2,!)A2¿Ù,!62,3#7:,!
3*/&5*$M%-),!#!3*/(/%.%-),MFL<!g5.A.!)0#$*,°!7#¿!',!3.:Ù,5'#!7Ù)3'#;
:)3$2!+)Č',!A.!$3$'-1,&'#$!16',°9!Č$!21Č!7,+)!)5$A*,'#$!7.%',Ù1!
7#$/#!A$60*6$3)5)3$2! 2$7-! 2,:ï!()*+! R0)5Ù/6$'#,! 7#¿S!5)! '#$2MF?!9 !

MFh!=)A<!'0<D!Z<!Z5,+7:#D!J/*32<<<9!)0<!/#-<9!7<!h?!#!',7-<_!"<!j#7/8$*@+J/O!0'¿#0'3*l9!)0<!/#-<9!!
7<! @E>_! k<! \,*)&$37:#D! J/O!0'¿#0'3*l9! )0<! /#-<_! k<! TÙ,/8-,D! N#%-%*+ 3+ 0#/*3%!+ #/2P!M',+ ,0'*3K++
2+O8%*-%!+S2(!M0,+M*/-!)2Q+S2(!M0,+#20'¿#23*-%*+M*/-!)2+2/*O+S2(!M0,+3KM/2&O!Ú9!5*1:!7$2+)3.!
'*!>FM@9! g5,Ú7:! >FFh9! 8--0D^^)*:,<7$2+<%)]<0&^*$f5)+:h<'7(^JG>hZ&&K^hjd?FO?EBOLZMZHMd!
@>L?NF"FFhHNN>L^G>hj#&$^a>?HH;FMA<*-(<!
MFL!?*/ & 5*$M % -)!-)! )6',/6,'#$!J0*6$6!)7)A.!0)7-*)''$9!7:,'12/$!7#$/#K!+#$27/9!3!:-4*./8!5);
7-¿0'$!7!7#$/#!A$60*6$3)5)3$<![,+)!7Ù)3)!-)!0)/8)56#!6!2¿6.:,!,'%#$&7:#$%)!J"%/!$!00+#&D
&!00+$!.2$,'%2-!P!W$3)&1/2,!A$60*6$3)5)3$%)!5)7-¿019!&5*$M!P!:*$5,K<!b6',/6,'#$!)5A.3,!
7#¿!6,!0)+)/!70$/2,&'./8!7.+A)&#9!:-4*$!*.7)3,'$!7!:*$5!',!+1*,/8<![,+)!6A#$*,'#$!#';
()*+,/2#!',!-$+,-!5)7-¿0'./8!7#$/#!A$60*6$3)5)3./8!6','$!2$7-!2,:)!3*/(/%.%-)<!
MF?!! = ) A < ! ' 0 < D ! \ < ! g # $ ' # , 7 D ! N(#23%!(O%*$-2ï°+#/*3-*+*+2&5/2-*+0%!&%+?`Fa9! Rd)+01-$*3)*&5S!!
6! E! &1-$%)! >FFE! *<9! 8--0D^^333</)+01-$*3)*&5<0&^,*-.:1&.^MM?MO@^b50)3#$56#,&')7/<0*,!
3',<,)/8*)',<7#$/#<CUZ`<8-+&_!Z<!Z5,+7:#D! N#%-%*+ (2+ #/2P!M',+ ,0'*3K+ O+ (/,M,+ -/+ _bV@+ cOD
(23K+#/2P!M'+,0'*3K+2+O8%*-%!+,0'*3K+T+S2(!M0+M*/-K+2/*O+-%!M'R/K&5+%--K&5+,0'*39!"#1*)!Z',&#6!
[$2+)3./89! I)*1Ú! h! &#0/,! >FFO! *<9! 8--0D^^)*:,<7$2+<%)]<0&^W$fB)+:?<'7(^F^OdMFE?j"OdF>?!
BEZd@>LHhH>FFhM"hFd^x(#&$^#@HH>iFO;<*-(<!`,!0*6$/#3'.+!7-,')3#7:1!P!',3$-!)5')ï'#$!5)!
7-,*$2!*$5,:/2#!)+,3#,'$%)!0,*,%*,(1!7-)2!,1-)*6.!,*-.:1Ù1!k<!\&#ï9!I<!k,*-#76$:D!J/O!0'¿#D
0'3*+ !$!M'/2-%&O-!9! 8--0D^^0*,3)<],%&,<0&^7:*.0-7^/.A$*/*#+$@<8-+D! R`#$! 3.5,2$! 7#¿!10*,3;
'#)'$!-3#$*56$'#$9!Č$!0*6$7-¿07-3)!6!,*-<!>?H!r!@!\\!2$7-!5):)','$!21Č!6!/83#&!0)5Ù/6$'#,!
7#¿!70*,3/.!5)!7#$/#!:)+01-$*)3$2<!T)5Ù/6$'#$!7#¿!5)!0*6$3)51!7Ù1Č/$%)!5)!0*6$:,6.3,;
'#,!#'()*+,/2#!2$7-! 3! 0*6.0,5:1!7#$/#!-$&$#'()*+,-./6'./8!3,*1':#$+!:)'#$/6'.+!5)!16.;
7:,'#,! 2,:#$2:)&3#$:! #'()*+,/2#<! `#$! +)Č',! 3#¿/! 16',°! %)! 6,! 76/6$%4&'$! 6,A$60#$/6$'#$9!!
)!:-4*.+!+)3,!3!,*-<!>?H!r!@!\\S<!T)*<!k<!\&#ïD!J/O!0'¿#&O2ï°+3 +6-'!/-! &%!9!Rd6,7)0#7+)!0*,3,!
:,*'$%)!#!',1:!0$',&'./8S!`*!@^>FFF<!
!)$

!"#$%&'()*$+'
!
+)Č',!*43'#$Č!+#$°!3-0&#3)ï/#!)5')ï'#$!5)!+)Č&#3)ï/#!0)0$Ù'#$;
'#,!3!-$'!70)74A!0*6$7-¿07-3,!7-.0#6)3,'$%)!3!0,*,%*,(#$!>!-$%)Č!
,*-.:1Ù1MFH<!`,!+,*%#'$7#$!3,*-)!6,13,Č.°9!Č$!3.*,Č$'#$!R0)5Ù/6,;
2/!7#¿!5)!0*6$3)51S!/6.!R7#$/#S9!76/6$%4&'#$!3!6$7-,3#$'#1!6!R1*6;
56$'#,+#S9!)!:-4*./8!+)3,!3!0,*,%*,(#$!M!+,!3.5Ċ3#¿:!'#$6,+#$;
*6$'#$! 81+)*.7-./6'.9! 3704Ù/6$ï'#$! A)3#$+! :)*6.7-,! 7#¿! 6! 7#$/#!!
#!0*6$3)543!6,376$!6,!0)ï*$5'#/-3$+!2,:#/8ï!1*656$Ú<!!
Z5! MKD! ".°!+)Č$! 17-,3)5,3/.! /8)56#Ù)! )! *)63#,'#$! $3$'-1,&;
'./8! 3-0&#3)ï/#9! /6.! 0*6$Ù,+,'#$! 6,A$60#$/6$Ú! #'()*+,-./6'./8!
*43'#$Č!0)3#'')! A.°! 0$',&#6)3,'$9!2$5',:! 3)A$/!1Č.-$%)!3! )A1!
*$5,:/2,/8! '#$6,+:'#¿-$%)! :,-,&)%1! 6,A$60#$/6$Ú! JR,&A)! #''$S!!
3!*$5,:/2#!0#$*3)-'$29!R&1A!#''$S!0)!')3$&#6,/2#K9!-,:#$!1610$Ù'#$'#$!
3.5,2$!7#¿!6A.-$/6'$<!
Z5!hKD!W)676$*6$'#$!17-,3)3$%)!6',+#$'#,!/6.'1!6,A*)'#)'$%)!
)!R)+#2,'#$!6,A$60#$/6$ÚS!A.Ù)!7:1-:#$+!0)7-1&,-43MFO!6%Ù,76,'./8!
+<#'<! 0*6$6! Z'5*6$2,! Z5,+7:#$%) MFE!!#! +#,Ù)! 5)0*)3,56#°!5)!
R176/6$&'#$'#,S! :,*')0*,3'$2! )/8*)'.! -,2$+'#/.! :)*$70)'5$'/2#!!!

MFH!C-0&#3)ï/#!A156#! 6*$76-!7,+,!:)'7-*1:/2,!,*-<!>?H!\\9!:-4*.!Ù/6.!3!7)A#$! 53,!*4Č'$!
0*6$7-¿07-3,D! '#$&$%,&'.! 5)7-¿0! J,*-.:1Ù!>!\)'3$'/2#!)!/.A$*0*6$7-¿0/6)ï/#K! #! '#$&$%,&'$!
0*6$/83.-.3,'#$!#'()*+,/2#! J,*-.:1Ù! M! -$2Č$! :)'3$'/2#K<! =',/6'#$! A,*56#$2! /6.-$&',! A.Ù,A.!
-.0#6,/2,! )A1! /6.'43! 6,A*)'#)'./8! 3! )7)A'./8! ,*-.:1Ù,/8! \)5$:71! :,*'$%)<! T)*<! '0<!!
T<![#$+:)3#/6D!J/O!0'¿#0'3*+0M%!/23*-!+#/O!&%3M2+#2,7-2ï&%Q+%-'!)/*$-2ï&%+%+(20'¿#-2ï&%+(*-K&5+2/*O+
0K0'!8R3+M28#,'!/23K&5+3+#2$0M%8+M2(!M0%!+M*/-K8++O+,3O)$¿(-%!-%!8+*M',*$-K&5+O8%*-+-23!$%O*D
&KP-K&59! $;A#1&$-.'! d"\N9! C*)/Ù,3! >FFE9! 8--0D^^333<A#A&#)-$:,/.(*)3,<0&^d)'-$'-^MhM?M^!
T*6$7-$07-3,i7:#$*)3,'$<05(_!Z<!Z5,+7:#D!N#%-%*]Q+)0<!/#-<!
MFO!C!,*-.:1&$!T<![#$+:)3#/6D!J/O!0'¿#0'3*l9!)0<!/#-<!)+43#)')!*4Č'$!+)5$&$!:*.+#',&#6,/2#!
56#,Ù,Ú!R8,/:$*7:#/8S!3!-.+!:)'/$0/2¿!R',*176$'#,!+#*1!:)+01-$*)3$%)S9!:-4*,!P!2,:!7#¿!
65,2$!P!6',&,6Ù,!3!-.+!(*,%+$'/#$!')3$&#6,/2#!73)2$!)5A#/#$<!
MFE!=)A<!Z<!Z5,+7:#9!J/*32E<<9!)0<!/#-<9!7<!L@!#!',7-<_!Z<!Z5,+7:#D!N#%-%*l9!)0<!/#-<_!k<!\,*)&$3;
7:#D! J/O!0'¿#0'3*+ #/O!&%3M2+ 2&5/2-%!+ %-72/8*&P%+ 3+ S2(!M0%!+ S*/-K8+ O+ IddW+ /E+ O!+ 0O&O!)R$-K8+
,3O)$¿(-%!-%!8+*/'E+9ZW+^+I+P*M2+#/O!# %0, +M/K 8%- *$% O,P c!)2+5*&M%-)+-*+'$!+,-2/823*Ú+c*(K+B,/2#K9!
0*,/,!+,%#7-$*7:,!',0#7,',!3! =,:Ù,56#$! T*,3,! \,*'$%)! T)*43',3/6$%)! 0)5!:#$*1':#$+!
Z''.!C,&/6,:!)/8)37:#$29!C,*76,3,!>FFL9!8--0D^^0*,3)<],%&,<0&^(#&$7^+%*i+i:,*)&$37:#<!
05(_!C<!C*4A$&!c3De! S2(!M0+ M*/-KE+>O¿ï°+0O&O!)R$-*E+S28!-'*/O9!I<!aa9!0)5! *$5<!Z<!=)&&,9!=,:,;
+./6$!>FF?9!7<!@M@@−@M@h<!
!)%

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

3!3,*1':,/8!:)+1'#:,/2#!$&$:-*)'#/6'$2M@F<![,+!Z5,+7:#M@@!*)6*4Č;
'#,!R0*6$Ù,+,'#$S!6,A$60#$/6$Ú!)5!#/8!R)A$2ï/#,S9!0*6.!/6.+!16',2$!
6,!R)A$2ï/#$S!-,:#$!56#,Ù,'#$9!:-4*$!R'#$!)556#,Ù.312$!A$60)ï*$5'#)!
',!#7-'#$2/$! 6,A$60#$/6$'#,! #!'#$! 1713,! #/8S9! ,!2,:)! 0*6.:Ù,5.! -,:!
*)61+#,'./8! R)A$2ï°S! 0)5,2$! R0*6$/83.-.3,'#$! 7$72#! J,'%<! 0!00%2-+
5%P*&M%-)K! #! (*,%+$'-,/2¿;*$,7$+A&,/2¿! 0,:#$-43S! 0)3)Ù12/! 7#¿!',!
:7#Č:¿!U,*7,!\&,'5$*,!1*&M!/+#/227 M@><!!
=! 01':-1! 3#56$'#,! A#$%Ù$%)9! -,:#$! R176/6$&'#$'#$S! +17#! A156#°! 76$*$%!
3-0&#3)ï/#<!d8)°!P!2,:!21Č!370)+'#,')!3/6$ï'#$2!P!'#$!2$7-!*)&!A#$%Ù$%)!
3.*):)3,'#$!)!7-,'#$!(,:-./6'.+!#!0*,3'.+9!Ù,-3)!+)Č',!7)A#$!3.)A*,6#°!
7.-1,/2¿9!3!:-4*$2!75!6,0*,%'#$!16.7:,°!#'()*+,/2¿!)!-.+9!',!/6.+!0)&$%,Ù.!
56#,Ù,'#,!)7:,*Č)'$%)9!,A.! ',!-$2!0)57-,3#$!+4/! 3'#)7:)3,°9! /6.!5)76Ù)!
5)!)3$%)!0*6$Ù,+,'#,! &1A!)+#'#¿/#,D! 53,!6',+#)',!/6.'1! 6,A*)'#)'$%)!!
P! 3.+,%,2! )5! )*%,'1! 0*)/$7)3$%)! 1+#$2¿-')ï/#! *)6*4Č'#$'#,! *4Č'./8!
-$/8'#:!0$'$-*,/2#!#!6,:&,7.(#:)3,'#,!#/8!5)!:-4*$2ï!6!3.)5*¿A'#)'./8!:,-$;
%)*##!J0*6$Ù,+.3,'#$^)+#'#¿/#$K<!`#$!+)Č',!A)3#$+!3.:&1/6.°9!Č$!5,! 7#¿!
16.7:,°!5)7-¿0!5)!#'()*+,/2#!2$76/6$!2,:ï!#''!5*)%<!g5.A.!17-,3)5,3/,!
16',Ù9!Č$!:,Č5.!70)74A!5)7-¿01!5)!#'()*+,/2#!'#$0*6$6',/6)'$2!5&,!70*,3/.!
3#'#$'!A.°!0$',&#6)3,'.9!-)!'#$!+17#,ÙA.!76/6$%4Ù)3)!0*$/.6)3,°!/6,7)3;
'#:)3./8!6',+#)'!/6.'1!6,A*)'#)'$%)<!=')*+,&#6)3,',!-$*+#')&)%#,!#';
()*+,-./6',!'#$! 6',!2$5',:! *)6*4Č'#,'#,! )A$2ï/#,!#! 0*6$Ù,+,'#,!6,A$60#$;
/6$Ú<!B$(#'#/2,!6,3,*-,!3! T)&7:#$2!`)*+#$!A*6+#D!RCÙ,+,'#$!0*6$Ù,+,'#$!!
P!-,:#$!)A$2ï/#$!&1A!6'$1-*,&#6)3,'#$!2,:#$%)ï!$&$+$'-1!A$60#$/6$Ú7-3,!7.7;
-$+1!#'()*+,-./6'$%)9!3.:*.-$!&1A!'#$9!:-4*$%)!7:1-:#$+!+)Č$!A.°!0$'$;
-*,/2,!7.7-$+1! 0*6$-3,*6,'#,!5,'./8SM@M<!T)5)A'#$!'#$!*)6*4Č'#,2!%)!#''$!
,1-)*7:#$!:&,7.(#:,/2$!,-,:43!',!7.7-$+.!#'()*+,-./6'$M@h<!I*15')!70)56#$;

M@F!=,D!Z<!Z5,+7:#D!N#%-%*l9!)0<!/#-<!
M@@!Z<!Z5,+7:#D!J/*32<<<9!)0<!/#-<9!7<!L@!#!',7-<!
M@>!U<!\&,'5$*D!1*&M!/!J/227@+A5!+C$'%8*'!+H,%(!+'2+a!'32/M+e!&,/%'K9!Y,+7,!T*<9!@EEH_!$5./2,!0)&;
7:,!U<!\&,'5$*D!1*&M!/+#/227Q+&OK$%+P*M+0%¿+L/2-%°+#/O!(+%-'/,O*8%9!k#:)+9!C,*76,3,!@EEH<!
M@M!C!3$*72#!,'%&)2¿6./6'$2D!R"*$,/8!P!I8$!d#*/1+]$'-#)'!)*!5#7,A&$+$'-!)(!7)+$!$&$+$'-!)(!
/)+01-$*!7$/1*#-.9!3#-8!)*!3#-8)1-!5$-$/-#)'9!38#/8!/)1&5!*$71&-!#'!,!0$'$'-*,-#)'!)(!-8$!5,-,!
0*)/$77#'%!7.7-$+S<!=)A<!T`;a[b^aNd!>MO>;OD>FF@!P!FO<FL<@H<!
M@h!T*6.:Ù,5)3$!:&,7.(#:,/2$!6)7-,Ù.!)+43#)'$!3!,*-.:1&$!k<![6+#-9!a<!T)&#-)37:,D+N+*/'KM,$!+
9ZWl9!!)0<!/#-<!
!)&

!"#$%&'()*$+'
!
3,°!7#¿9!Č$A.!A#$%Ù.!#'()*+,-.:!6',Ù!3.:Ù,5'#¿!)0$*,-.3'!#!3.2,ï'#,Ù!7;
5)3#! $3$'-1,&'$! 3-0&#3)ï/#! 6%)5'#$! 6! '#! P! 0)+#2,2/! )A)3#612/$!!
3!2$%)!56#$56#'#$!3#$56.!')*+.<!".Ù)A.!-)!6*$76-!70*6$/6'$!6,*43')!6!6,;
7,5,+#!)0#'#)3,'#,9! 2,:!#! 6$!65*)3.+! *)675:#$+<! C! 0)3)Ù,'$2! :7#Č/$!
,1-)*!1Č.3,!):*$ï&$'#$!)A$2ï/#,D!R'#$!)556#,Ù.312$!A$60)ï*$5'#)!',!#7-'#$;
2/$!6,A$60#$/6$'#,!#!'#$!1713,!#/8S9!2,:!3#¿/!+)Č',!7#¿!5)+.ï&,°9!0*6$Ù,;
+,'#$!0)3#'')!)556#,Ù.3,°!A$60)ï*$5'#)!',!#7-'#$2/$!6,A$60#$/6$'#,!&1A!
1713,°!2$<!b!#&$!1713,'#$!6,A$60#$/6$Ú!2$7-!0*6.0,5:#$+!5)ï°!)/6.3#7-.+9!
)!-.&$!0)2¿/#$!RA$60)ï*$5'#$%)!)556#,Ù.3,'#,!',!6,A$60#$/6$'#,S!+)Č$!A1;
56#°!76$*$%!3-0&#3)ï/#<! =,0$3'$!3Ù,ï/#3$!A.Ù)A.!-1! +43#$'#$!)!2,:#+ï!
)556#,Ù.3,'#1!',! +$/8,'#6+!6,A$60#$/6,2c.9!0)3)512c.+! 2$%)! 56#,Ù,;
'#$!'#$6%)5'$!6!#'-$'/2,ࡥ!-34*/.9!-.&$!Č$!-,:#+!56#,Ù,'#$+!A.ÙA.!#!P!',!0*6.;
:Ù,5!P!,-,:!-.01![nU;#'2$/-#)'9!:-4*.!-*15')!16',°!6,!/)ï!#''$%)9!'#Č!3.:);
*6.7-,'#$!&1:#!3!A,*56)!Ċ&$!',0#7,'.+!6,A$60#$/6$'#1!7.7-$+1M@L<!!

M@L!d#$:,3.!0*6.0,5$:!:,*')0*,3'$2!:3,&#(#:,/2#!-,:#$%)!,-,:1!+#,Ù!+#$27/$!3!0)7-¿0)3,'#1!
0*6$5![5$+!W$2)')3.+!3! gÙ)%)3#$<! [5! J0)5! *65,+#! 0*6$0#71! 3! 2$%)!A*6+#$'#1!70*6$5!
')3$&#6,/2#K!1'#$3#''#Ù!0*,3)+)/'#$!)7:,*Č)'$%)!)!/6.'! 6! ,*-<!>?H!0,*!@!\\9! :-4*.! 0)7Ù1Č.Ù!
7#¿!-$/8'#:![nU;#'2$/-#)'!3.:)*6.7-12/!3!-$'!70)74A!&1:¿!3!#7-'#$2/./8! 6,A$60#$/6$'#,/8<!
[5!3!16,7,5'#$'#1!3.*):1!',0#7,Ù!+<#'<D!R=5,'#$+![519!+,2/!',!13,56$!)A$/'!-*$ï°!!
,*-<!>?H! r! @!\\9! 17-,3)5,3/.! /8)56#!)! 0*6$Ù,+,'#$!#7-'#$2/$%)!6,A$60#$/6$'#,<! `#$! +)Č',!
0*6$Ù,+,°!/6$%)ï9!/)!'#$!#7-'#$2$<!=,!-,:!#'-$*0*$-,/2!0*6$+,3#,!/8)/#,ČA.!7Ù)3'#:)3,!5$(#;
'#/2,!A$6):)&#/6'#:,!t0*6$Ù,+.3,°u!2,:)!tÙ,+,'#$!/6$%)ï9!0*6$63./#¿Č,'#$!/6$%)ï9!63,&/6,'#$!
/6$%)ïu!JJ2#,$*/-K+0Ù23-%M+P¿OKM*+#2$0M%!)29!C.5,3'#/-3)!C#&%,9!C,*76,3,!>FFFKS9!04Ċ'#$2!2$5;
',:!)5'#47Ù!7#¿!5)!J0)543/6,7!6',2512/$2!7#¿!2$76/6$!',!$-,0#$!0*)2$:-1K!')3$&#6,/2#!*)676$*6,;
2/$2!6',+#)',!/6.'1!6,A*)'#)'$%)!)!R)+#2,'#$S!0#76/D!R=10$Ù'#$!/6.+ï!#''.+!2$7-!)+#'#¿/#$!
6,A$60#$/6$'#,!0)0*6$6!6',&$6#$'#$!3!'#+!&1:#<!=,!-,:#+!3'#)7:#$+!0*6$+,3#,!0)3)Ù,'.!0*);
0)')3,'.!0*)2$:-!6+#,'.!>?H!r!@!\\9!%56#$!*)676$*6,!7#¿!:,-,&)%!/6,7)3'#:)3./8!6,/8)3,Ú!
70*,3/.!*43'#$Č!#!)!)+# '#¿/#$!$&$:-*)'#/6'$%)!6,A$60#$/6$'#,S<!=)A<!T<!C,%&)37:#D!a%!+82Č-*+
#/O!Ù*8*°+&O!)2ïQ+&2+-%!+%0'-%!P!++ #2$0M%+ 3K/2M+ 3+ 0#/*3%!+ ef`+ 6-P!&'%2-9! 8--0D^^0*,3)<],%&,<0&^!
')5$^O@Lh<!B)!5*1%#$2!/6¿ï/#!16,7,5'#$'#,!+)Č',!+#$°!3-0&#3)ï/#9!*6$/6.!#!62,3#7:,!'#$;
#7-'#$2/$!*43'#$!-*15')!A)3#$+!0*6$Ù,+.3,°!2,:!#!)A/8)56#°<!d#$:,3$!*)63,Č,'#,!',!-$'!
-$+,-!6,3#$*,! ,*-.:1Ù!Z<! ",3)*)37:#$%)9!:-4*.! 0)7-1&12$9! Č$! ,A.!+43#°!)!6,A$60#$/6$;
'#,/8!+176! )'$! +#$°!/8,*,:-$*!610$Ù'.9! 0*6.',2+'#$2!',!0)6#)+#$!0)57-,3)3.+! J2$ï&#!
5.70)'$'-!0)6)7-,3#!+)Č&#3)ï/#! '#$10*,3'#)'$%)! 5)-,*/#,! 5)!#'()*+,/2#9!'#$! 30*)3,;
56,2/!/)! ',2+'#$2!6,A$60#$/6$Ú!0*)51/$'-,9!-)!'#$!+)Č',! +43#°!)!6,A$60#$/6$'#1K<!=,!
)+#'#¿/#$!',&$Č,Ù)A.!3#¿/9!3!-,:#$2!#'-$*0*$-,/2#9!16',°!6',&$6#$'#$!#!3.:)*6.7-,'#,!')3$2!
J'#$6','$2!0*6$6!0*)51/$'-,K!&1:#!3!6,A$60#$/6$'#,/8<!=)A<!Z<!",3)*)37:#D!J/2L$!8K+3KD
MÙ*(-%+#/O!#%0R3+*/'E+9ZV+^+9Q+9Zd+^+9+%+9Zd*+SS+#2+-23!$%O*&P*&5+O+9::V+/E9!RB#,*#176!T*,3'#/6.S!
`*!@F^@@^>FFE<!+
!*(

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

T*6.!):,62#!5.7:172#!)!0*6$Ù,+,'#1S!#!R)+#'#¿/#1S!3#5,°!−!6,0$3'$!0)5;
ï3#,5)+$!P!-*,:-)3,'#$!0*6$6!0*,3'#:43!#!0*,3)5,3/¿!6,A$60#$/6$Ú!#';
()*+,-./6'./8! ,',&)%#/6'#$! 5)! 6,+:'#¿/#,! 0)+#$76/6$'#,! (#6./6'$%)!!
#!5)!3Ù,+,'#,!5)ÚM@?<!I.+/6,7$+!6!01':-1!3#56$'#,!A$60#$/6$Ú7-3,!#'()*;
+,/2#!6,A$60#$/6$'#,!'#$!)%*,'#/6,2!7#¿!5)!6,A$60#$/6$Ú! (#6./6'./89!5$(#;
'#12$!7#¿!2$!2,:)!Rï*)5:#!7Ù1Čc$!6,*6d6,'#1!*.6.:#$+9!Ùc6'#$!6!0)&#-.:,+#9!
0*)/$51*,+#9!6,&$/$'#,+#9!0*,:-.:,ࡥ!&1A!7-*1:-1*,+#!)*%,'#6,/.2'.+#9!:-4*$!
+)%! +#$°! ',-1*¿! ,5+#'#7-*,/.2'9! -$/8'#/6'9! 6,*65/6! &1A! 0*,3'SM@H!< !
Y,:)! 0*6.:Ù,5.! 6,A$60#$/6$Ú! 3! 7.7-$+,/8! #'()*+,-./6'./8! 0)5,2$! 7#¿!
/8)°A.D! +$/8,'#6+.! :)'-*)&#! 5)7-¿019! )0*)%*,+)3,'#$! ,'-.3#*17)3$9!

M@?!C!-.+!:)'-$:ï/#$!',&$Č.!0*6.3)Ù,°D!
9 3.0)3#$5Ċ![51! `,23.Č76$%)! 3! 3.*):1! 6! >h! /6$*3/,! @ELO! *<! JaX! \W`! @HF^LOK!
RT)57-,3)3!#7-)-!3Ù,+,'#,!2$7-! 3-,*%'#¿/#$! 70*,3/.!5)!6,+:'#¿-$%)!0)+#$76;
/6$'#,9!0*6$6!171'#¿/#$!0*6.!1Č./#1!7#Ù.!(#6./6'$2!0*6$76:)5.!6,+.:,2/$2!5)7-¿0!5)!
5,'$%)!0)+#$76/6$'#,<!T)+#$76/6$'#$!+17#!A.°!6,+:'#¿-$9!-2<!3!-,:#!70)74A!6,A$6;
0#$/6)'$!0*6$5!3-,*%'#¿/#$+!)74A!0)3)Ù,'./8!A.!')*+,&'$!3$2ï/#$!A.Ù)!'#$+)Č;
&#3$<! Q71'#¿/#$! -,:#$2! 0*6$76:)5.! 2$7-! 3.*,Ċ'.+! )A$2ï/#$+! 3)&#! 3Ù,ï/#/#$&,! 0);
+#$76/6$'#,!'#$5)0176/6$'#,!)7)A.!-*6$/#$2! 5)!-$%)Č!0)+#$76/6$'#,<!=,6',/6.°!-1!
',&$Č.9!#Č!3)&,!-,!+17#!A.°!3!0)3,Č'.!70)74A!3.*,Č)',<!=,+:'#¿/#$!0)+#$76/6$;
'#,!',!63.:Ù.!8,/6.:9!:-4*.!A$6!3#¿:76$2! -*15')ï/#! :,Č5.!+)Č$!)571'°9!/6.!-$Č!
63.:Ù,ࡥ!:&,+:¿!A$6!1Č./#,!:&
1/6,! '#$! +)Č$! A.°!-*,:-)3,'$!2,:)!6,+:'#¿/#$! 0);
+#$76/6$'#,!#!3!-,:#/8!3.0,5:,/8!3$2ï/#,!5)Ú!70*,3/.!#!5):)','#$!:*,56#$Č.!'#$!
+)Č',!-*,:-)3,°!2,:)!3Ù,+,'#,S_!!
9 1/83,Ù¿!/,Ù$%)! 7:Ù,51! [51! `,23.Č76$%)! 6! >L! /6$*3/,! @EOF! *<! JXaa! \=T! hO^HOK9!!
3!:-4*$2![5!`,23.Č76.!7-3#$*56#ÙD!R=,!0)+#$76/6$'#$!6,+:'#¿-$!+)Č',!16',°!+ #¿;
56.!#''.+#D!376$&:#$%)!*)56,21!A15.':#9!7:,*A/$9!7/8)3:#!J'0<!\,7.!0,'/$*'$9!:,;
7$-:#9!76,(.9!A#1*:,K9!70$/2,&'$!ï*)5:#!-*,'70)*-1!J'0<!:)&$2)3$!3,%)'.9!7,+)/8)5.D!
/8Ù)5'#$9!/.7-$*'.9!3,*76-,-.K!#!#''$! ï*)5:#!7Ù1Č/$!5)!-*,'70)*-1!&156#!&1A!+#$'#,!
)*,6!376$&:#$%)!*)56,21!6A#)*'#:#!#!0)2$+'#:#!7Ù1Č/$!5)!0*6$/8)3.3,'#,9!0*6$:,;
6.3,'#,! &1A! 0*6$7.Ù,'#,! +#$'#,! 5)! )A*)-1! -)3,*)3$%)9! -*,'70)*-1<! C,*1':#$+!
16','#,!:-4*$%):)&3#$:!6!3.+#$'#)'./8!0*6.:Ù,5)3)!0)+#$76/6$Ú!6,!6,+:'#¿-$9!
-2<!6,!-,:#$9!:-4*$!+)Č$!A.°!)A#$:-$+!3Ù,+,'#,!3!*)61+#$'#1!,*-<!>FO!\\9!2$7-!17-,;
&$'#$!'#$! -.&:)! ):)&#/6')ï/#9!Č$! 0)3#$*6/8'#¿!6,+:'#¿-!-3)*6.! 2$%)! 63.:Ù,!:)';
7-*1:/2,9!,&$!*43'#$Č!#!):)&#/6')ï°9!Č$!2$%)!)-3)*.!0)6,!63.:Ù.+!6,+:'#¿/#$+!J'0<!
6,+:'#¿/#$!5*63#!',! 63.:Ù!:&,+:¿9! 8,/6.:9! 6$3'¿-*6'!6,713:¿_!6A#)*'#:,!&1A!
0)2$+'#:,!!63.:Ù!0):*.3K!!A.Ù.!6,)0,-*6)'$!3!70$/2,&'$!0*6$76:)5.!+,-$*#,&'$!
J6,+:'#¿/#$K!1-*15'#,2/$!5)7-¿0!5)!3'¿-*6,!0)+#$76/6$'#,<!I,:#+#!0*6$76:)5,+#!
+,-$*#,&'.+#!+)%!A.°!3!6,&$Č')ï/#!)5!:)'7-*1:/2#9!*)56,21!&1A!0*6$6',/6$'#,!0);
+#$76/6$'#,!P!'0<!*4Č'$%)!*)56,21!:Ù45:#9!/6.!0&)+A.S<!!
M@H!T`;a[b^aNd!@HHEED>FFH!P!><><!
!*!

!"#$%&'()*$+'
!
76.(*)3,'#$!3!/$&1!16.7:,'#,!0)1(')ï/#9!0)50#7.!/.(*)3$9!6,0)*.!7#$/#)3$9!
6,7#&,'#$!*$6$*3)3$!/6.!:)0#$!6,0,7)3$M@O<!C!0*6.0,5:1!6,A$60#$/6$Ú!',;
-1*.!#'()*+,-./6'$2!/6.!)*%,'#6,/.2'$2!-*15')!2$7-!+43#°!)!171'#¿/#1!0*6$;
76:)5.!0*6.!1Č./#1!7#Ù.!(#6./6'$29!7-5!-*15')ï/#!3!17-,&$'#19!/6.!5)/8)56#!
5)!2$2!0*6$Ù,+,'#,<!=!5*1%#$2!7-*)'.!-*15')!7)A#$!3.)A*,6#°!0$',&#6,/2¿!7:);
*6.7-,'#,!6!#''$%)!'#Č!0*6$3#56#,'.!0*6$6!0*)51/$'-,!A5Ċ!,5+#'#7-*,-)*,!
7.7-$+1! 70)7)A1! 5)7-¿01! 5)! 6%*)+,56)'./8! 3! 5)3)&'.+! 7.7-$+#$! 5,;
'./8<!B&,!0*6.:Ù,51D!/6¿ï°!7$*3#743!333!1-*6.+12/./8!7#¿!6!3.ï3#$-&,;
'#,!0Ù,-'./8!*$:&,+!1Č.3,!2,:)!6,A$60#$/6$'#,!J6!-$/8'#/6'$%)!01':-1!3#;
56$'#,9!6,A$60#$/6$'#,!3.A#-'#$!'#7:#$2!2,:)ï/#K!+$/8,'#6+1!-63<!1:*.-./8!
7-*)'!J7-*)'!1:*.-./8!0)5!-*15'.+#!5)!)5%,5'#¿c#,!,5*$7,+#!QWUM@EK! 3.;
+176,2c$%)!:)'#$/6')ï°!)53#$56,'#,!7-*)'!3!',*61/)'$2!:)&$2')ï/#<!a'-$*;
',1/#!0)5$2+12!/6,7$+!0*4A.!)5%,5'#¿c#,!,5*$743!-,:#/8!7-*)'9!,!6,-$+9!
/)!',23.Č$2!)A$2ï/#,!P!A)!0*6$/#$Č!'#$!R0*6$Ù,+,'#,S!P!-,:#$%)!6,A$60#$/6$;
'#,<!C!0*,:-./$!-,:#$%)! 56#,Ù,'#,! '#$!+)Č',! )5*4Č'#°!)5!:#&:1:*)-'$2!0);
+.Ù:#!0*6.!30#7.3,'#1!6','$%)!,5*$71!QWU!J/8.A,9!Č$!:)&$2'$!,5*$7.!A¿d!
%$'$*)3,'$!0*6.! 1Č./#1!0*)%*,+19! :-4*.!70*,356#! -.7#/$!/6.! 56#$7#-:#!
-.7#¿/.! ,5*$743! QWUK<! \,*,&')ï°! -,:#$%)! 6,/8)3,'#,! A.Ù,A.! 3#¿c! /)! ',2;
+'#$2!3.7)/$!0*)A&$+,-./6',M>F<!!
B)!12,3'#,'#,! 1:*.-./8!7-*)'! 5)/8)56#!/6,7$+! 0)0*6$6! 56#,Ù,'#$! 3.;
761:#3,*$:9!',&$Č,Ù)A.!3#¿c!*)67-*6.%'ü9!/6.!:,*,°!-34*/43!*)A)-439!/6.!
+)Č$!)7)A.9!:-4*$!6,+#$76/6,2c!'#$)50)3#$5'#$!#'()*+,/2$!1+)Č&#3#Ù.!*);
A)-)3#!-*,(#$'#$!',!1:*.-$!7-*)'.<!=!0*)A&$+,-.:,ࡥ!*)A)-43!3$A)3./8!63#;
z,',!2$7-!-$Č!#'',!:3$7-#,D!0*6$761:#3,'#$!R1:*.-./8!6,7)A43S!J2,:!*43'#$Č!

M@O!=)A<!T`;a;@MMML;@D@EEE!P!O<?<!
M@E!Y$7-!-)!2$5',!6!()*+!-63<!1:*.-$%)!a'-$*'$-1<!T)*<!'0<!`<!T,+1Ù,;d#$ï&,:D!\P*3%0M2+CM/KD
'!)2+6-'!/-!',+T+/2$*+L%L$%2'!M+3+,#230O!&5-%*-%,+P!)2+O*02LR39!k,-$*#,Ù.!aa!\)'($*$'/2#!"#A&#);
-$:#! T)&#-$/8'#:#! R456:#$2D! [%L$%2'!M%+ gg6+ 3%!M,E+ >OK+ #/O!'/3*8K;9! 7<! MHE−MO?9! R45Ċ!>FF?9!
8--0D^^$0*#'-7<*/&#7<)*%^OE>L^@^0,+1&,<05(_!Z<![-*6$&$/:#D!`!)*$+F0#!&'0+27+=!!#+ `%-M0+ 2-+'5!+6-D
'!/-!'Q+J/2&!!(%-)0+27+'5!+6-'!/-*'%2-*$+4,$'%&2-7!/!-&!+2-+>28#,'!/+e&%!-&!+*-(+6-72/8*'%2-+A!&5D
-2$2)K9!7<!LLEPL?M<!
M>F![-)71':)3)!%Ù)ï'.!A.Ù!0*6.0,5$:!12,3'#,'#,!-,:#/8!5,'./8!',&$Č/./8! 5)! A,':1! T\b!
"T!3!>F@F!*<!b7)A,9!:-4*,!)5:*.Ù,!+)Č&#3)ï°!5)7-¿01!5)!5,'./8!A,':)3./8!0)#'()*+)3,Ù,!
)!-.+!A,':9!:-4*.!6!:)&$#!6Ù)Č.Ù!5)'#$7#$'#$!5)!0*):1*,-1*.<![0*,3,!7:)Ú/6.Ù,!7#¿!1+)*6$;
'#$+!ï&$56-3,!0*6$6! 0*):1*,-1*¿<!=)A<!'0<D!T<! \)'#$/6'.D+hHÙ¿L2M%!+ ,M/K&%!i+ (*-K&5+ 3+ JSN+
[J9!8--0D^^'#$A$60#$/6'#:<0&^0)7-^%&$A):#$;1:*./#$;5,'./8;3;0:);A0<!
!*'

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

3.:)*6.7-.3,'#$!#''./8! &1:!3!7$*3#7,/8! 333K! +)Č',!*$,&#6)3,°!3!6,;
3),&)3,'$2! ()*+#$! P! 0*6.! 1Č./#1! *)A)-43! 3$A)3./8M>@!!1+#$76/6,2c!0)!
0*)7-1!',! 70$/2,&'#$! ',0#7,'$2!7-*)'#$!)50)3#$5'#)! 70*$0,*)3,'$!)57.Ù,;
/6$<!C! -,:#+!3.0,5:1! R70*,3/S!2$7-! *)A)-! 3$A)3.9!:-4*.! 0)5Č,2/!6,!
)57.Ù,/6,+#!3/8)56#!3!#'-$*,:/2$!6$!JĊ&$!6,A$60#$/6)'.+K!7$*3#7$+!333<!
T)3)5)3,Ù)A.!-)! 5,&76$!0*)A&$+.! 6!0*6.0#7,'#$+! )50)3#$56#,&')ï/#!6,!
-,:#$!R0*6$Ù,+,'#$!&1A!)+#2,'#$!6,A$60#$/6$ÚS<!!
`#$6,&$Č'#$!)5!0)3.Č76$%)!7,+!0*,:-.:¿! R176/6$&'#,'#,S! /6.!*)676$;
*6,'#,!0*6$0#743!0)0*6$6!&$:7.:,&'$!6,A#$%#!5)5,3,'#,!:)&$2'./8!/6,7)3;
'#:439!)!'#$!5)!:)Ú/,!2,7'.+!6',/6$'#19!5)!17-,3)3./8!6',+#)'!/6.'43!
6,A*)'#)'./89!',&$Č.!)/$'#°!'$%,-.3'#$<!I$%)!*)56,21!:,61#7-./6'.!70)74A!
()*+1Ù)3,'#,!0*6$0#7439!0*6.',2+'#$2!3!-,:!76.A:)!*)63#2,2/$2!7#¿!56#$;
56#'#$! 2,:! 0*,3)! :)+01-$*)3$9! 0*)3,56#! 5)! 0)37-,'#,! 0*,3,! '#$6*)61;
+#,Ù$%)!#!-*15'$%)!5)!7-)7)3,'#,<!
=+#,'.! 3! *$5,:/2#! 0,*,%*,(1! -*6$/#$%)! J0*6$5! ')3$&#6,/2! \\! P! 5*1;
%#$%)K!0)&$%,Ù.!',!5)5,'#1!5)!17-,3)3$%)!6',+#$'#,!/6.'1!6,A*)'#)'$%)!
+)Č&#3)ï/#! 0$',&#6,/2#! 0)7Ù1%#3,'#,! 7#¿! )0*)%*,+)3,'#$+M>>!9! 0*6.! /6.+!
0#$*3)-',! *65)3,! 0*)0)6./2,! ')3$&#6,/2#! 6,3#$*,Ù,! ):*$ï&$'#$! R70$/2,&;
'.+S9!7Ù)3)!R70$/2,&'.+S!6)7-,Ù)!3.:*$ï&)'$!0)!0*)/$7#$!:)'71&-,/2#!70);
Ù$/6'./8 M>M!<! C! $($:/#$! 0)37-,Ù! 0*6$0#7! 3.A#-'#$! '#$/6.-$&'.! #! -*15'.!!
3!7-)7)3,'#19!A)3#$+!0)!0#$*376$!3!)5*4Č'#$'#1!)5!0,*,%*,(1!0#$*376$%)!
-$%)!7,+$%)!,*-.:1Ù19!0)6)7-,3#)')!3!,*-.:1&$!-*6$/#+!0)2¿/#$!R16.7:,'#,!
#'()*+,/2#S9!,!'#$!5)7-¿01!5)!'#$2<! b!#&$!3#¿/!)7#%'#¿/#$!7:1-:1!3! 0)7-,/#!
16.7:,'#,!5)7-¿01!5)!#'()*+,/2#!A¿56#$!0$',&#6)3,'$9!-)!7,+,! 0*4A,!2$%)!
)7#%'#¿/#,!0)6)7-,'#$!*,/6$2!A$6:,*',!J/8.A,!Č$!P!6%)5'#$!6!-.+9!/)!',0#;
7,')!0)3.Č$2!P!5,Ù)A.!7#¿!)7)A#$!0*4A12/$2!0*6$Ù,+,°!6,A$60#$/6$'#,!15);
3)5'#°9!Č$!/6.'#!-)!3!/$&1!6,0)6','#,!7#¿!6!#'()*+,/29!,!'#$!-.&:)!16.7:,'#,!
5)!'#$2!5)7-¿01M>h9!/)! 2$7-!)/6.3#ï/#$! 3!0*,:-./$!A,*56)!-*15'$9! A5Ċ!P!Č$!

M>@!! = ) A < ! ' 0 < D ! k < ! = , & $ 3 7 : # D ! >%0O*+ 3+ 0%!&%E+ J/*M'K&O-K+ #/O!32(-%M+ #2+ #*0K3-K8+ /2O#2O-*3*-%,++
%+*'*M*&5+#2ï/!(-%&59!V$&#)'9!g&#3#/$!>FFL9!7<!@>@<!
M>>!N3$'-1,&'$!3-0&#3)ï/#!A156#Ù)9!/6.!:)+01-$*!6!6,#'7-,&)3,'.+!',!'#+!)0*)%*,+)3,;
'#$+!5)!0-%77%-),!J0)57Ù1/81K!7#$/#!+)Č$!A.°!:&,7.(#:)3,'.!2,:)!1*656$'#$!70$/2,&'$<!=)A<!
'0<D!Z<!")2,Ú/6.:D!S*/-2#/*3-!+*0#!M'K+2&5/2-K+#/*3*+#/*&23-%M*+(2+'*P!8-%&K+M28,-%M23*-%*+0%¿!
Jd6¿ï°!aaK9!RT,&$7-*,S!`*!M^>FFM9!8--0D^^333<0,&$7-*,<0&^#'5$f<080o%)p,*-.:1&y#5pEh@<!
M>M!=)A<!8--0D^^)*:,<7$2+<%)]<0&^0*)/?<'7(^0*)2$:-.^hLOi0<8-+<!
M>h!T)*<!'0<!T<![#$+:)3#/6D!J/O!0'¿#0'3*l9!)0<!/#-<!
!*)

!"#$%&'()*$+'
!
75! 6$/8/$! 1Č.°! #''$2! 3.:Ù,5'#! -$%)! 0)2¿/#,K<! T)! 3-4*$9! 171'#¿/#$! 7Ù)3,!
R70$/2,&'.+S!*)676$*6.Ù)!6',+#)',!/6.'1!',!5)3)&'.!70*6¿-!#!)0*)%*,+);
3,'#$9!/)!P!0*6.',2+'#$2!0*6.!7Ù)3'#:)3.+!*)61+#$'#1!0*6$0#71!P!0*)3,;
56#°! +17#! 5)! ,A71*5,&'./8! 7.-1,/2#<! W43'#$Č! 16,7,5'#$'#,! 6,0,5Ù./8!!
3!0*6$76Ù)ï/#! 3.*):43!5)-./6/$! 0)7Ù1%#3,'#,! 7#¿!7-,'5,*5)3.+#!1*6;
56$'#,+#M>L9!0*6.! ')3$2!*$5,:/2#!0*6$0#71!+17#,Ù.A.!A.°! #''$<! C.5,2$! 7#¿9!
Č$! 0*6$6! 171'#¿/#$! 7Ù)3,! R70$/2,&'$S! 17-,3)5,3/,! 70)3)5)3,Ù! 5,&$:)!
#5/!',5:*.+#',&#6,/2¿_!6!()*+,&'$%)!01':-1!3#56$'#,!A)3#$+!6',+#)',!
/6.'1!6,A*)'#)'$%)!3.0$Ù'#,Ù,!'0<! )7)A,! 3/8)56/,!6,! 0)+)/!0*6$%&;
5,*:#!#'-$*'$-)3$2!3!7#$/#!333!',!7-*)'.!)0,-*6)'$!)7-*6$Č$'#$+!'0<!R-.&:)!
5&,!)74A! 0)3.Č$2!>@! *):1!Č./#,S! J)! #&$! 7,+,! '#$!+,! 1:)Ú/6)'./8!>@! &,-K<!
C-0&#3,!2$7-!*43'#$Č!7.-1,/2,!*4Č'$%)!*)56,21!8)AA.7-43!:)*6.7-,2/./8!
6$!7-,'5,*5)3./8!1*656$Ú!)5A#)*/6./8!5)!',7Ù1/8#3,'#,!-*,'7+#72#!&)-'#;
/6./89!:)&$2)3./89!:)+1'#:,-43!7Ù1ČA!*,-1':)3./89!-,:743:,*6.9!/6.! ',;
3$-! :*4 -:)(,&)3 /439! )! #&$ ! /#! *)6+,3# ,2!6$!7)A!',36,2$+<!C.5,2$!7#¿9!Č$!!
3!-.+! 0*6.0,5:1!+)Č',! 2$76/6$! ,*%1+$'-)3,°9!Č$! -*15')!16',°!*,5#))5;
A#)*'#:!6,!1*656$'#$!0)57Ù1/8)3$9!,&$!'#$!5,!7#¿!-$2!,*%1+$'-,/2#!6,7-)7)3,°!
5)!R1*656$Ú!3#61,&'./8S!/6.!R)0*)%*,+)3,'#,SM>?<![.-1,/2¿!0)%,*76,!(,:-9!
Č$!P!3!0*6$/#3#$Ú7-3#$!5)!6,0#743!0,*,%*,(1!0#$*376$%)!0)3)Ù,'$%)!,*-.;
:1Ù1!P!0*6$7-¿07-3)!7-.0#6)3,'$!3!0,*,%*,(#$!-*6$/#+!'#$!3.+,%,!21Č!'#$!
-.&:)!0*6$Ù,+.3,'#,9!/6.! )+#2,'#,! 2,:#/8:)&3#$:!6,A$60#$/6$Ú9!,&$! ',3$-!
#/8!#7-'#$'#,<!

M>L!T)*<!'0<!3.*):![51!`,23.Č76$%)!6!@E!0,Ċ56#$*'#:,!>FF?!*<!JX!\\!>>@^F?K9!3!:-4*.+!75!
+<#'<!7-3#$*56#ÙD!R@<!Q*656$'#$!',5,3/6);)5A#)*/6$!Z&,'!dI!@hL!'#$!2$7-!1*656$'#$+!70$;
/2,&'.+!3! *)61+#$'#1! ,*-<! >?H!r! >! \\!cleS<! =)A<! -$ČD! T<! C,%&)37:#D! ?K/2M+ O*+0Ù,&5*-%!9!
8--0D^^0*,3)<],%&,<0&^')5$^LFME<!
M>?!`#$!70)74A!6%)56#°!7#¿!3#¿/!'0<!6!,*%1+$'-,/2!T<! [#$+:)3#/6,!JJ/O!0'¿#0'3*l9!)0<!/#-<K9!
3!+.ï&!:-4*$2!R=+#,',!',!%*1'/#$!')3$&#6,/2#!6!>h!0,Ċ56#$*'#:,!>FFO!*<9!70*)3,56,Ù,!7#¿!0*6.!
-.+!2$5.'#$!5)!6,+#,'.!63*)-1!t0)7Ù1%#3,'#,!7#¿!1*656$'#$+!0)57Ù1/8)3.+9!3#61,&'.+!
,&A)!#''.+!1*656$'#$+!70$/2,&'.+u!',!7()*+1Ù)3,'#$!t0)7Ù1%12$!7#¿!1*656$'#$+!0)57Ù1;
/8)3.+9! 3#61,&'.+! ,&A)! #''.+! 1*656$'#$+! &1A! )0*)%*,+)3,'#$+u<! b/6.3#7-.+! 2$7-!
0*6.!-.+9!Č$!0)+#+)!-$%)9!#Č!7,+!0*)%*,+!:)+01-$*)3.!'#$!2$7-!1*656$'#$+9!-)!21Č!:)+;
01-$*!6!6,#'7-,&)3,'.+!3Ù,ï/#3.+!0*)%*,+$+!J'0<!-.01!#*0032/(+0-%77!/K!0)63,&,2/.+!',!
+)'#-)*)3,'#$!*1/81!3!7#$/#!#!0*6$/83.-.3,'#$!0)/6-:)3./8!7$:3$'/2#!A,2-43!5,'$2!7$72#!
6,3#$*,2/$2!#5$'-.(#:,-)*.! #! 8,7Ù,!5)7-¿019! A¿56#$! 1*656$'#$+!)!/8,*,:-$*6$! 70$/2,&'.+!
JlK<!I.+! 7,+.+! 37:,6,',! 6+#,',! &$%#7&,/.2',! +#,Ù,! 2,:! 7#¿!3.5,2$!/8,*,:-$*!2$5.'#$!:);
7+$-./6'.S<!
!**

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

`,!+,*%#'$7#$!+)Č',!370)+'#$°!2$76/6$!)!5)5,-:)3$2!-*15')ï/#9!2,:!
0)3)512$!:3,&#(#:,/2,!0*,3',!/6.'439!:-4*./8!6',+#)',!7!0)5)A'$!5)!
17-,3)3./8! 6',+#)'! /6.'1! 6,A*)'#)'$%)! )+,3#,'$%)! ,*-.:1Ù19!!
3!76/6$%4&')ï/#!'#$&$%,&'$%)!)5A#)*1!7.%',Ù1!-$&$3#6.2'$%)!)*,6!'#$&$%,&;
'$%)!3704Ù56#$&$'#,!7.%',Ù1!-$&$3#6.2'$%)!J-63<!0*6$7-¿07-3)!05*/%-),K9!
:-4*.! 0)5&$%,! ï/#%,'#1! P! 3A*$3! -$+19! /6$%)! +)Č',! A.! 7#¿!70)56#$3,°!!
P!6!,*-<!?!)*,6!H!Qb`QgBNM>H<!

M>H!=)A<!'0<D!3.*):![51!`,23.Č76$%)!6!>h!+,*/,!>FFh!*<!JaX!\\!h?^FhK<![5!7-3#$*56#ÙD!Ra7-)-!
3.7-¿0:19!)!2,:#+!+)3,!3!,*-<!>?H!r!@!\\!2$7-!16.7:,'#$!#'()*+,/2#!5.7:*$/2)',&'$29!'#$!0*6$;
6',/6)'$2!5&,!70*,3/.<!T*)%*,+!$+#-)3,'.!3!7#$/#!:,A&)3$2!6!',-1*.!*6$/6.!0*6$6',/6)'.!
2$7-!5&,!:,Č5$%)9!:-)!-.&:)!1#ï/#!,A)',+$'-<!I,:!3#¿/!#'()*+,/2$!6,3,*-$!3!-.+!0*)%*,+#$!
'#$!7!#'()*+,/2,+#9!:-4*$!'#$!7!0*6$6',/6)'$!5&,!0)-$'/2,&'./8!)5A#)*/43<![0*,3/,9!:-4*.!
A$60*,3'#$!6!-,:#/8!0*)%*,+43!:)*6.7-,!#!0)6.7:12$!6,3,*-$!3!'#/8!#'()*+,/2$9!'#$!',*176,!
3#¿/!5.70)6./2#!,*-<!>?H!r!@!\\9!&$/6!%)56#!2$5.'#$!3!0*,3,!+,2-:)3$S<!I)!7-,')3#7:)![51!
`,23.Č76$%)! A.Ù)! :*.-.:)3,'$! 3! 5):-*.'#$! J0)*<! [<! V)/D! S*/-2#/*3-*+ 2&5/2-*+ %-72/8*&P%9!
Q'#3$*7.-$-!b0)&7:#9!b0)&$!>FFE9!7<!O@!#!',7-<K<!
=)A<!-$Č<!0)7-,')3#$'#$![51!`,23.Č76$%)!6!>E!3*6$ï'#,!>FFh!*<!Ja!\=T!>@^FhK9!3!:-4*.+!75!
+<#'<!7-3#$*56#ÙD! RJlK!d8,*,:-$*.7-./6'$!2$7-9!Č$![5!b:*¿%)3.9!:)'/$'-*12/!7#¿!',!$:70);
')3,'#1!*4Č'#/!+#¿56.!3.+#$'#)'.+#!3!,*-<!@>@!r!>!\C9!0)5&$%,2/.+#!3.Ù156$'#1!ï3#,5;
/6$'#,+#!,! )0#7.3,'!17Ù1%!-$&$:)+1'#:,/.2'!)0$*12$9! '#$2,:)! ,1-)+,-./6'#$9!0)2¿/#$+!
t3.Ù156$'#,!)5A#)*1! 7.%',Ù1! -$&$3#6.2'$%)u<! T)0*6$7-,2$! ',! -.+! 2$5',:! #! 6! (,:-1! -$%)!'#$!
3./#%,! Č,5'./8! 3'#)7:43<! I.+/6,7$+! 16','#$! )0#7,'$%)! 6,/8)3,'#,! 6,! 3.Ù156$'#$!!
3!0)Ù/6$'#1!6$!7-3#$*56$'#$+9!#Č!56#,Ù,'#$!-)!%)56#! 3!0*,3,!+,2-:)3$!0*6$57#¿A#)*7-3,!
A¿5/$%)!',5,3/!0*)%*,+19!0)3#'')!:#$*)3,°!2$%)!)/$'¿!',!-)*.!')*+!7,':/2)')3,'./89!
):*$ï&,2/./8!16.7:,'#$!A$60*,3'$2!:)*6.ï/#! 0*6.! 0)+)/.! ):*$ï&)'./8!6,A#$%43!#! 3.*6;
56$'#$!76:)5.<!`,&$Č!5)!'#/8!')*+.!*$%1&12/$!)7617-3)!J,*-<!>O?! r!@!\\K9!A5Ċ! 76,&A#$*;
7-3)!J,*-<!@>@!r!>!\CK9!6!:-4*./8!5*1%,!0)7Ù1%12$!7#¿!30*)7-!6',+#$'#$+!3.Ù156$'#,!ï3#,5;
/6$'#,!0Ù,-'$%)<!`#$!0)3#'')!A156#°!3-0&#3)ï/#9!Č$!3!0)2¿/#1!3.Ù156$'#,!P!5&,!6*$,&#6)3,'#,!
6,+#,*1!1'#:'#¿/#,!6,0Ù,-.!',&$Č')ï/#!6,!16.7:#3,'$!ï3#,5/6$'#$!P!+#$ï/#!7#¿!56#,Ù,'#$!0)5;
7-¿0'$9!:-4*$! +)Č$! 0)&$%,°!6,*43')!',!30*)3,56$'#1!:)%)ï!3!AÙ59!',!3.6.7:,'#1!2$%)!
AÙ¿519!2,:!#!0*6$5$! 376.7-:#+9!/)!%)5'$! 0)5:*$ï&$'#,9!',!A$60)ï*$5'#+!3.6.7:,'#1!3.-3);
*6)'$2!0)57-¿0'#$!7.-1,/2#!J3.6.7:,'#1!'#$ï3#,5)+)ï/#K<!I,:#$!*)61+#$'#$!37:,6,'$%)!3.*,;
Č$'#,!17-,3)3$%)!)A)3#6.3,Ù)!21Č!',!%*1'/#$9!7-,')3#/$%)!)50)3#$5'#:!,*-<!@>@!r!>!\C9!
0*6$0#71!,*-<!>?L!\\!6!@EM>! *<9!:-4*$%)!:)+$'-,-)*6.!J0)*<!+<#'<!U<!T$#0$*D!S28!-'*/O+(2+S2D
(!M0,+M*/-!)29! \*,:43! @EMM9!7<! HhL_! Y<! k,:,*$3#/6D! S2(!M0+M*/-K+ O+ M28!-'*/O!89!U343!@EML9!!
7<!h?h_!C<!k,:)37:#D!S2(!M0+M*/-KQ+M28!-'*/O9!C,*76,3,!@EMH9!7<!O@>PO@MK!37:,6.3,&#!',!A*,:!
6,7,5'#/6./8!*4Č'#/!3!#7-)/#$!76,&A#$*7-3,!#!)7617-3,9!6,ï!)5+#$'')ï/#!10,-*.3,&#!+<#'<!3Ù,;
ï'#$!3!70)7)A#$! 56#,Ù,'#,! 0)&$%,2/$%)! ',!3.6.7:,'#1! '#$ï3#,5)+)ï/#9!2,:#$!-)! 56#,Ù,'#$9!
#',/6$2!'#Č!30*)3,56$'#$!3!AÙ5!&1A!3.6.7:,'#$!AÙ¿519!'#$!+#$ï/#!7#¿!3!6',+#)',/8!)761;
7-3,<!T)%&5.!-$9!6,,0*)A)3,'$!3!215.:,-1*6$![51!`,23.Č76$%)!J0)*<!+<#'<!16,7,5'#$'#$!
1/83,Ù.!6!>E!&#0/,!@EH@!*<!JaX!\=T!@H^H@K9!6,/8)3,Ù.!,:-1,&')ï°!3!)A$/'.+!7-,'#$!0*,3'.+<!
!*"

!"#$%&'()*$+'
!

B&,-$%)!',&$Č,Ù)!*)63,Č.°9!/6.!3!*,+,/8!76,&A#$*/6$%)!3.Ù156$'#,9! )A$2+12/$%)! A$60);
ï*$5'#$!3.6.7:,'#$!3.-3)*6)'$2!0)57-¿0'#$!7.-1,/2#9!'#$!+#$ï/#!7#¿!56#,Ù,'#$!0)&$%,2/$!',!
7,+)3)&'.+! 0)5Ù/6$'#1!7#¿!!A$6!3#$56.!)0$*,-)*,!!5)!7#$/#!:,A&)3$2!3!/$&1!16.7:,'#,!
ï3#,5/6$'#,! 5)7-¿01! 5)! 0*)%*,+43! A$6! 1#76/6$'#,! ',&$Č'./8! 343/6,7! J6,! 0)5Ù/6$'#$!!
#!0*6$:,6K!)0Ù,-<!Q6','#$! A)3#$+!6,/8)3,'#,!6,!)7617-3)!!0*6.!7-3#$*56$'#19! Č$!76,&A#$*;
7-3)9!6$!36%&¿51!',!70)74A!#!0*6$5+#)-!56#,Ù,'#,9!2$7-!76/6$%4&'!2$%)!0)7-,/#!!3.+,%,Ù)A.!
7-3#$*56$'#,9!Č$!16.7:,'#$9!3!/$&1!)7#%'#¿/#,!:)*6.ï/#!+,2-:)3$29!5)7-¿01!5)!0*)%*,+43!
',7-0#Ù)!3!3.'#:1!5)0*)3,56$'#,!)0$*,-)*,!J6,!0)+)/!30*)3,56$'#,!%)!3!AÙ5!&1A!3.;
6.7:,'#,!2$%)!AÙ¿51K! 5)! '#$:)*6.7-'$%)! *)60)*656$'#,! +#$'#$+<!I)! 6,ï!$3$'-1,&'#$!+);
%Ù)A.!+#$°!+#$27/$!3!3.0,5:1!6,3,*/#,!6!)0$*,-)*$+!1+)3.!)!ï3#,5/6$'#$!17Ù1%!-$&$:);
+1'#:,/.2'./8!3!/$&1!)7#%'#¿/#,!5)7-¿01!5)!7#$/#9!,!',7-¿0'#$!3.:)*6.7-,'#,!-$%)!5)7-¿01!
3!70)74A!3.:*,/6,2/.!0)6,!3,*1':#!-$2!1+)3.9!5)-./6/$!'0<!/6,71!&1A!6,:*$71!15)7-¿0;
'#)'$%)!0)5Ù/6$'#,!,&A)!6,:*$71!15)7-¿0'#)'./8!0*)%*,+43<!W6$/6!2,7',9!3!:,Č5$2!6!*)6;
3,Č,'./8!7.-1,/2#!:&1/6)3$!6',/6$'#$!+#,ÙA.!7-,'!ï3#,5)+)ï/#!70*,3/.!3!+)+$'/#$!0);
5$2+)3,'./8!56#,Ù,Ú<!C!3.0,5:1!76,&A#$*7-3,!/8)56#!)!3)&¿!A$60Ù,-'$%)!7:)*6.7-,'#,!6$!
ï3#,5/6$'#,!0*6.! ï3#,5)+)ï/#! 2,:! 37:,6,')!3! 1/83,&$! [51! `,23.Č76$%)!6!>h! 7-./6'#,!
@EHM!*<9!JXa!\=T!?E^H>K!P!Č$!17Ù1%,!-,!2$7-!0Ù,-',!-,:!2,:!ï3#,5/6$'#,!3.+#$'#)'$!0*6.:Ù,5)3)!
3!0*6$0#7#$!,*-<!@>@!r!>!\C9!-6'<!6!*$%1Ù.!A$663Ù)/6'#$!J<<<KS<!!
`,!+,*%#'$7#$!3,*-)!6,13,Č.°9!Č$!0)3.Č76$!*)63,Č,'#,9!5)-./6/$!76,&A#$*7-3,9!+)%!+#$°!
6,7-)7)3,'#$!*43'#$Č!3!)5'#$7#$'#1!5)!0*6$7-¿07-3,!'#$&$%,&'$%)!16.7:,'#,!5)7-¿01!5)!7.7;
-$+19!-2<!,*-<!>?H!r!>!\\!J6)A<!*)656#,Ù!h<hK<!/6.!)7617-3,!:)+01-$*)3$%)!J6)A<!*)656#,Ù!h<@FK<!
=)A<! -$Č!1/83,Ù,! [`! 6! >>! 7-./6'#,! >FFM! *<! Ja! \=T! hM^F>K9! 3! :-4*$2! 75! 7-3#$*56#Ù!+<#'<D!!
R`#$6,&$Č'#$!)5!-$%)9!',&$Č.!0)5:*$ï&#°9!#Č!#7-)-!3.7-¿0:19!)!2,:#+!+)3,!3!,*-<!>?H!r!@!\\9!
2$7-! 16.7:,'#$! #'()*+,/2#! 5.7:*$/2)',&'$29! '#$! 0*6$6',/6)'$2! 5&,! 70*,3/.<! T*)%*,+! $+#-);
3,'.!3!7#$/#!:,A&)3$2!6!',-1*.!*6$/6.!2$7-!0*6$6',/6)'.!5&,!:,Č5$%)9!:-)!-.&:)!1#ï/#!,A)',;
+$'-<!I,:!3#¿/!#'()*+,/2$!6,3,*-$!3!-.+!0*)%*,+#$!'#$!7!#'()*+,/2,+#9!:-4*$!'#$!7!0*6$;
6',/6)'$! 5&,! 0)-$'/2,&'./8! )5A#)*/43<! [0*,3/,9! :-4*.! A$60*,3'#$! 6! -,:#/8! 0*)%*,+43!
:)*6.7-,!#! 16.7:12$!6,3,*-$!3! '#/8!#'()*+,/2$9!'#$! ',*176,!3#¿/!5.70)6./2#!,*-<! >?H!r!@! \\!
&$/69!0)5)A'#$!2,:!%Ù)5'.!#'()*+,/2#!70*,3/,!:*,56#$Č.!/6,7)0#7+,9!%)56#!2$5.'#$!3!0*,3,!
+,2-:)3$<!B.70)'$'-!#'()*+,/2#!2$7-!3Ù,5'.!+'#$2!&1A!A,*56#$2!76$*):)!):*$ï&#°!:*%!0)5;
+#)-439!5&,!:-4*./8!#'()*+,/2,!2$7-!0*6$6',/6)',<!\,Č5.9!:-)!70)6,!-$%)!:*¿%19!16.7:,ÙA.!
-,:)3!#'()*+,/2¿9! 56#,Ù,'#$+! 73)#+! 3./6$*012$! 6',+#)',! 0*6$7-¿07-3,! ):*$ï&)'$%)!!
3!,*-<!>?H!r!@!\\<!Q0*,3'#$'#$!5)!16.7:,'#,!#'()*+,/2#9!)!2,:#+!+)3,!3!,*-<!>?H!r!@!\\9!'#$!
+)Č$! 3! )5'#$7#$'#1! 5)! 0*,7.! 5*1:)3,'$29! ,! -,:Č$! 0*6$:,643! *,5#)3./8! #! -$&$3#6 .2'./8!
70*)3,56,°!7#¿!2$5.'#$!5)! :)'#$/6')ï/#! 3'#$7#$'#,!)0Ù,-.<! C! #7-)/#$! *6$/6.! #'()*+,/2,! 6,;
3,*-,!3!0*,7#$!5*1:)3,'$29!0*6$:,6#$!*,5#)3.+!#!-$&$3#6.2'.+!+,! A)3#$+! /8,*,:-$*!0);
376$/8'.9!7:#$*)3,',!2$7-!5)!:,Č5$%)<!=,0Ù,-,!6,!#'()*+,/2¿!3!/$'#$!0*,7.!5*1:)3,'$2!&1A!
0*,3,!5)!)5A#)*1!0*)%*,+1!$+#-)3,'$%)!3!7#$/#!:,A&)3$2!2$7-!3.'#:#$+!(,:-19!#Č!5)7-,*;
/6,'#$!#'()*+,/2#!7-,')3#!70$/.(#/6'!17Ù1%¿<!C.+)%1!-$%)!'#$!',&$Č.!Ù/6.°!#!1-)Č7,+#,°!!
6!10*,3'#$'#,+#9!:-4*./8!#7-'#$'#,!3.+,%,!,*-<!>?H!r!@!\\S<!
T*6.! ):,62#! +)Č',! 63*4/#°!13,%¿!',!0)2¿/#$! R12,3'#$'#,! #'()*+,/2#S! 6',2512/$! 7#¿!
3!,*-<!>?H!r!h!\\<!Y,:!7#¿!3.5,2$!3!-.+!3.0,5:1!17-,3)5,3/,!3!0*,3#5Ù)3.!70)74A!1Č.Ù!
7Ù)3,!R12,3'#$'#$S<!T)&7:#$!')*+.!5$(#'#12!12,3'#$'#$!J,'%<!(%0&$20,/!K!2,:)!R`,*176$'#$!
!*#

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

#%&'!('!)@++
S'2Q+3+&!$,+,ČK&%*+3+2L/2&%!Q+3K'3*/O*+,/O(O!-%*+-%!(2O32$2-!+$,L+3#/23*(O*+
P!+(2+2L/2',Q+#2($!)*+M*/O!+#2OL*3%!-%*+32$-2ï&%+(2+$*'+<E+
9E+A!P+0*8!P+M*/O!+#2($!)*Q+M'2+ï3%*(&OK+,0Ù,)%+-%!(2O32$2-!E+
#%&'!*'!)@++
S'2Q+3+&!$,+20%)-%¿&%*+M2/OKï&%+8*P'M23!PQ+#20%*(*+$,L+,ČK3*+,/O(O!-%!+-%!D
(2O32$2-!Q+#2($!)*+)/OK3-%!Q+M*/O!+2)/*-%&O!-%*+32$-2ï&%+*$L2+#2OL*3%!-%*+32$-2D
ï&%+(2+/2M,E++
9E+ j!Č!$%+ 0#/*3&*+ ,ČK3*+ ,/O(O!-%*+ -%!(2O32$2-!)2+ 3KÙ&O-%!+ -*+ 3Ù*0-!+ #2D
'/O!LKQ+#2($!)*+)/OK3-%!<!
!
T)571+)312/D!3!)A$/'.+!A*6+#$'#1!,*-.:1Ù!>?H!r!@!#!r!M!\\!2$7-!:)';
7-*1:/2!A,*56)!5,&$:!)5!5)7:)',Ù)ï/#!#!-*15'!3!0*,:-./6'.+!7-)7)3,'#1<!
b0#'#)3,'#$!3!70*,3,/8!5)-./6/./8!0*6$7-¿07-3! :)+01-$*)3./8!7-.0#;
6)3,'./8! 3! -./8! 0,*,%*,(,/8! 3.+,%,! )5! A#$%Ù$%)! 0)',57-,'5,*5)3$2!
13,%#!#!6',2)+)ï/#!'#$!-.&:)!73)2$2!5.7/.0&#'.9!,&$!#!3.:Ù,5'#!)0$*,-.3'$2!
0*6$0#743!0*,3,M>O<!
!
!
!

A$60#$/6$Ú7-3,!7.7-$+1!#'()*+,-./6'$%)9!0)! :-4*.+! 5,'$!+)%!A.°!5)7-¿0'$!5&,!'#$1;
0*,3'#)'./8!2$5')7-$:S!cT`;a;F>FFFD>FF>!P!M<@<@F?e9!cT`;a[b^aNd!>MO>;OD>FF@!P!FO<FL<@Le<!
d6,7)3'#:!R12,3'#,S!2$7-! 1Č.-.!*43'#$Č!3!,*-<!>?L!#!>??!\\!3!)5'#$7#$'#1!5)!#'()*+,/2#!
'#$2,3'$2<!C!76/6$%4&')ï/#!6,-$+!'#$!+)Č',9!2,:!7#¿!3.5,2$9!+43#°!)!12,3'#$'#1!#'()*+,;
/2#!2,3'$2!J',3$-!2$ï&#!2$7-!)',!:)+1ï!'#$6',',_!3!-,:#+!0*6.0,5:1!+)Č',!+43#°!/)!',2;
3.Č$2!)!0*6$:,6,'#1!:)+1ï!#'()*+,/2#K<!!
M>O!C! 0$Ù'#! ',&$Č.!7#¿!6%)56#°! 6! :*.-./6'!)0#'#! k! [#3#/:#$%)D! RB):)'12/!c<<<e! )%4&'$2!
)/$'.!1')*+)3,'#,9!2,:#$!6,3#$*,!,*-<!>H?!r!@<!\\!',&$Č.!7-3#$*56#°9!Č$!(1':/2¿!)/8*)''!
-$%)!0*6$0#71! 0)3,Č'#$! )7Ù,A#,! 16,&$Č'#$'#$!)50)3#$56#,&')ï/#!:,*'$2!70*,3/.!)5!-$%)9!
/6.!2$%)! /6.'! P! /6¿7-)! 76-1/6'#$! P! A¿56#$! +)Č',! 6,:3,&#(#:)3,°!2,:)! R0*6$Ù,+,'#$S!&1A!
R)+#'#¿/#$S! $&$:-*)'#/6'$%)9!+,%'$-./6'$%)9! #'()*+,-./6'$% )! &1A! #''$%)! 76/6$%4&'$%)!
6,A$60#$/6$'#,!#'()*+,/2#<!W)63#6,'#$!-,:#$!'#$!-.&:)!'#$!)50)3#,5,!3704Ù/6$7'.+!7-,';
5,*5)+!')*+,-.3'.+!3!6,:*$7#$!0$',&#6,/2#!8,:#'%19!3!:-4*./8!)5/8)56#!7#¿!)5!:)'/$0;
/2#! )/8*)'.! t:)+01-$*)3$%)!5)+#/.&1u9! ,&$! 2$7-! -,:Č$! 1'#:,&'$! ',! -&$! 0)*43',3/6.+9!
,',/8*)'#/6'$!#!3!0*,:-./$!'#$65)&'$!5)!3Ù,ï/#3$%)!3.0$Ù'#,'#,!(1':/2#!0)&#-./6');:*.;
+#',&'./8S!Jk<![#3#/:#D+>KL!/#/O!0'¿#&O2ï°]9!)0<!/#-<9!7<!@>FK<!
!*$

!"#$%&'()*$+'
!
!9!""=%*7*>)7&4"?'+0ħ$"?'"+4+0*239"A,09"BCD"E"B"::"
W$5,:/2,!0,*,%*,(1!5*1%#$%)!,*-.:1Ù1!>?H! \\! 30*)3,56)'$%)!5)Ú!3!*,;
+,/8!')3$&#6,/2#!\\!3!>FFO!*<!J6)A<!I,A$&,!@K!2$7-!P!0)5)A'#$!2,:!)+43#)'.!
3.Č$2!70)74A!-.0#6,/2#!0*6$7-¿07-3,!'#$&$%,&'$%)!0*6$/83.-.3,'#,!5,'./8!
P!0*6.:Ù,5$+!'#$/8&127-3,!17-,3)5,3/.<!C70)+'#,'$!3/6$ï'#$2!1+#$76;
/6$'#$!3!)A*¿A#$!2$5'$%)!,*-.:1Ù1!6',+#)'! 534/8! *4Č'./8!/6.'43! 0*6$;
7-¿0'./8!6! 0*6$3,%! %*,'#/! 7-)7)3,'#,!0*6$0#71!1610$Ù'#,2/$%)!',5! 6,;
7,5'#/6.+M>E!2$7-!-1!2$5.'#$!2$5'.+!6!+,':,+$'-43<!!
[.+0-)+,-./6'$! 2$7-! '#$7:)*6.7-,'#$! 0*6$6! :*,2)3$%)! 17-,3)5,3/¿!!
6!P!#7-'#$2/$2!3!\WN)d!P!+)Č&#3)ï/#!6,3¿Č$'#,!6',+#)'!0*6$7-¿07-3,!0);
0*6$6! 3.+4%! /$&1! :#$*1':)3$%)D! R[-*)'.! +)%! 30*)3,56#°! 3.+4%9! Č$!
0*6$7-¿07-3)! +17#! 6)7-,°!0)0$Ù'#)'$! 0)0*6$6! ',*176$'#$! 6,A$60#$/6$Ú9!!
6!6,+#,*$+! 0)6.7:,'#,! 5,'./8!#'()*+,-./6'./8!&1A! #''.+!'#$1/6/#3.+!
6,+#,*$+9!&1A!3!)5'#$7#$'#1!5)!7.7-$+1!#'()*+,-./6'$%)9!:-4*.!2$7-!0)Ù;
/6)'.!6!#''.+!7.7-$+$+! #'()*+,-./6'.+S9! :-4*$!30#712$!7#¿!3!-$'5$'/2¿!
',5:*.+#',&#6,/2#!6,/8)3,Ú!63#6,'./8!6!1Č.-:)3,'#$+!-$/8'#:!#'()*+,;
-./6'./8<!C! 0)Ù/6$'#1!6! A,*56)!)%4&'.+! 12¿/#$+!17-,3)3./8! 6',+#)'!
/6.'1!6,A*)'#)'$%)9!7:1-:12$!-)!A,*56)!76$*):#+!6,:*$7$+!/6.'439!:-4*$!
+)%Ù.A.! 6)7-,°! 6,:3,&#(#:)3,'$! 2,:)! 70$Ù'#,2/$! )3$! 6',+#)',MMF!< ! e!-0,+
$*/)2!-,:#+!16.7:,'#$+! 5)7-¿01!2$7-!0*6$/#$Č! 6,*43')! 16.7:,'#$!5)7-¿01!
0)0*6$6!7#$°!:)+01-$*)3!J7()*+1Ù)3,'#$!R3!)5'#$7#$'#1!5)!7.7-$+1!#';
()*+,-./6'$%)9!:-4*.! 2$7-! 0)Ù/6)'.!6! #''.+!7.7-$+$+!#'()*+,-./6'.+S!!
3!\WN)dK9! 2,:!#! 16.7:,'#$! 5)7-¿01!(#6./6'$%)9! '0<!0)0*6$6! 3$2ï/#$! '#$1;
0*,3'#)'$%)! 0*,/)3'#:,! 5)! 0)+#$76/6$'#,9! 3! :-4*.+! 0*6$-3,*6,'$! 7!
5,'$!J'0<!5)!7$*3$*)3'#K9!,!3#¿/!/6.'9!:-4*.!P!3!0*6.-Ù,/6,2/$2!3#¿:76)ï/#!
0*6.0,5:43MM@!P!A¿56#$9!/)!',23.Č$29!',*176$'#$+!)A)3#6:43!/6.!10*,3;
'#$Ú!0*,/)3'#/6./8<!"#)*/!6*$76-!0)5!13,%¿9!Č$!3704Ù/6$ï'#$!7.7-$+.!#';
()*+,-./6'$!6',2512!7#¿!'#$+,&!376¿56#$9!+)Č',!A.!*43'#$!5)A*6$!16',°9!

M>E!T)*<!'0<!T<![#$+:)3#/6D!J/O!0'¿#0'3*l9!)0<!/#-<!
MMF!!! T)*<! #A#5<D! R[.-1,/2,! -,! 7-3,*6,! JlK! '#$A$60#$/6$Ú7-3)! '#$5)):*$ï&)')ï/#! )+,3#,'$%)!
0*6$0#71!6!,*-<!>?H!r!>!\\9!,!-.+!7,+.+!6A.-!51Č$2!73)A)5.!2$%)!#'-$*0*$-,/2#!0*6$6!)*%,'.!
ï/#%,'#,!)*,6!)*%,'.!0*)/$7)3$S<!
MM@!C.2376.!+#$27/,9!3!:-4*./8!0*6$-3,*6,'$!7!5,'$!'#$2,3'$<!
!*%

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

Č$!)7)A,! 3Ù,+12/,!7#¿MM>!5)! 7,+)/8)51!16.7:12$! 5)7-¿0! 5)!6,+)'-)3,;
'./8!3!'#+!J#!0)Ù/6)'./8!6$!7)A!3!7#$°!dZ`!P!>*/+F/!*+a!'32/MK!1*656$Ú!
#'()*+,-./6'./89!-3)*6/./8! '#$3-0&#3#$!7.7-$+!#'()*+,-./6'.9! 0)5)A;
'#$!+)Č',!A.!6,:&,7.(#:)3,°!56#,Ù,'#$!)7)A.!3/8)56/$2!P!A$6!10*,3'#$;
'#,!P!5)!/156$%)!5)+1!J)!#&$!6',2512$!7#¿!'#+!:)+01-$*!/6.!:)+01-$*.!0);
Ù/6)'$!6$!7)AK<!\*,2)3.!17-,3)5,3/,!6*$6.%')3,Ù!0*6$/#$Č!6!+)Č&#3)ï/#!
)%*,'#/6$'#,! 0$',&#6,/2#! 16.7:#3,'#,! 5)7-¿01! 5)! 7.7-$+1! 3.Ù/6'#$! 5)!
56#,Ù,Ú! 0)52¿-./8! 3! /$&1! 16.7:,'#,! 5)7-¿01! 5)! 5,'./8! #'()*+,-./6'./8!
J0*6$7-¿07-3,!:#$*1':)3$%)K9!,! 3#¿/!56#,Ù,'#$! 3!6,+#,*6$! :#$*1':)3.+!
'#$!2$7-!:)'#$/6'$<!
\)&$2'.+!0*)A&$+$+9!2,:#!*)56#!-,:!76$*):,!:*.+#',&#6,/2,!2$7-!P!0)5;
')76)'.!3!/6¿ï/#!01A&#:,/2#!P! ,*%1+$'-9! Č$! 3!0*,:-./$!:,Č5$! '#$&$%,&'$!
0*6$/83.-.3,'#$! 5,'./8! 0*6$-3,*6,'./8! 3! 7.7-$+#$! #'()*+,-./6'.+!
A¿56#$!3#6,Ù)!7#¿!6!16.7:,'#$+!'#$10*,3'#)'$%)!5)7-¿01!5)!/,Ù)ï/#!&1A!
/6¿ï/#!7.7-$+1! #'()*+,-./6'$%)MMM9!6,-$+! /6.'!0$',&#6)3,'.! 3! ,*-.:1&$!
>?H!r!@!\\9!)!#&$!5)-./6.Ù!A¿56#$!#'()*+,/2#!0*6$7.Ù,'$2!3!7#$/#!:)+01-$*);
3$29! 6! :)'#$/6')ï/#! A¿56#$! *43'#$Č! 3.0$Ù'#,Ù! 6',+#)',! 0*6$7-¿07-3,!!
6!,*-<!>?H! r! >! \\<! k)Č',! )/6.3#ï/#$!1-*6.+.3,°9!Č$!-.+!*,6$+! 17-,3);
5,3/,! 0#76/! )! R#'()*+,/2#S! +#,Ù!',!+.ï&#! '#$! -.&:)! -*$ï°!:)+1'#:,-1!!
J,!3#¿/!#'()*+,/2¿!3!0*)/$7#$! 2$2!0*6$7.Ù,'#,K9!,&$!#!5,'$!6,0#7,'$!',!');
ï'#:1!J0)*<!0*6.0#7!MF@K9!'#$+'#$2!'#$3-0&#3#$!-*15')!16',°!*$5,:/2¿!-$%)!
,*-.:1Ù1!6,!3.7-,*/6,2/)!/6.-$&'!#!2$5')6',/6'<!
!

MM>!`#$!2$7-!6*$76-!:)'#$/6'$!3Ù,+,'#$9!A)3#$+!0*6$7-¿07-3)!70$',&#6)3,'$!3!)+,3#,'.+!
,*-.:1&$!'#$!3.+,%,!0*6$Ù,+.3,'#,9!,!',3$-!#7-'#$'#,!2,:#$%):)&3#$:!6,A$60#$/6$'#,<!
MMM!!Z&$:7,'5*,! [1/8)*6$37:,! 0*6.-,/6,! -$6¿9! Č$! R3*,6! 6! *)63)2$+! -$/8')&)%## ! 30*)3,;
56)'.!5)!\)5$:71!:,*'$%)!')3.!-.0!6,/8)3,'#,!0*6$7-¿0'$%)!+)Č$!3!0*6.76Ù)ï/#!6,7-;
0#°!-*,5./.2'$!0*6$7-¿07-3)!'#$10*,3'#)'$%)!5)7-¿01!5)!#'()*+,/2#S!JZ<![1/8)*6$37:,D!
N&5/2-*l9!)0<!/#-<9!7<! >@EK<!Y,:! 7#¿!3.5,2$!2$5',:!17-,3)3$!6',+#)',!/6.'1!6,A*)'#)'$%)!
'#$!)A$2+12!3!-.+!3.0,5:1!'#$:-4*./8!/6.'')ï/#!+#$76/6/./8!7#¿!3!7/8$+,/#$!56#,Ù,'#,!
6','.+!2,:)! !$!.*'%2-+ 27+ #/%.%$!)!09!3!:-4*.+!)7)A,!10*,3'#)',!5)!3.:)*6.7-,'#,!7.7-$+1!
#'()*+,-./6'$%)! 3! 2,:#+ï! 6,:*$7#$9! *)676$*6,! 3! 70)74A! '#$10*,3'#)'.! 43! 6,:*$79! '#$!
+)Č',!3#¿/!+43#°!)!7.-1,/2#!R16.7:#3,'#,!5)7-¿01!5)!7.7-$+1!A$6!10*,3'#$'#,S!)!-.&$9!Č$!
30*,356#$! )3)! *)676$*6$'#$! 10*,3'#$Ú!'#$!+17#!7:1-:)3,°!+)Č&#3)ï/#!16.7:,'#,!5);
7-¿01! 5)! /6¿ï/#! 7.7-$+19! 5)! :-4*$2! A$6! -$%)! 56#,Ù,'#,! -$%)! 5)7-¿01! )7)A,! -,! '#$! +#,Ù,D!!
'0<!3!0*6.0,5:1!'#$&$%,&'$%)!0)5'#$7#$'#,!10*,3'#$Ú!6!+)Č&#3)ï/#!2$5.'#$!/6.-,'#,!2,:#$2ï!
-*$ï/#!J/!*(D2-$KK!5)!+)Č&#3)ï/#!2$2!6,0#71!J/!*(D3/%'!K<!
!*&

!"#$%&'()*$+'
!
!9H""=),3+/)&%*"%&0*>,)7&'Ƒ-%"?)&4-.9"A,09"BCG"%"A,09"BCG)"::"
d6.'.!7-.0#6)3,'$!3!,*-<!>?O!#!>?O,!\\!J6)A<!I,A$&,!@K!',6.3,!7#¿!3!&#-$*,;
-1*6$!0*6$7-¿07-3,+#!0*6$/#3:)!#'-$%*,&')ï/#!5,'./8<!Y$7-!-)!',63,!'#$!5)!
:)Ú/,!0)0*,3',MMh9!#'-$%*,&')ï°!A)3#$+!J6%)5'#$!6!-.+9!/)!',0#7,')!3/6$;
ï'#$2K!2$7-!-)!3Ù,7')ï°!0)&$%,2/,!',!6,0$3'#$'#1!5):Ù,5')ï/#!#!:)+0&$-');
ï/#!,:-.343!J3!-.+!3.0,5:1!,:-.3,+#!7!6,0#7!#'()*+,/2#!3!,*-<!>?O!\\!
A5Ċ!5,'$!#'()*+,-./6'$!3!,*-<!>?O,!\\K<!`,*176$'#$!#'-$%*,&')ï/#!5,'./8!
3!)%4&')ï/#!2$7-!-)! '#$10*,3'#)'$! 171'#¿/#$!2,:#$%)ï!#/8!(*,%+$'-19!'#$1;
0*,3'#)'$!5)0#7,'#$!2,:#/8ï!5,'./8!5)5,-:)3./8MML9!A5Ċ!'#$10*,3'#)',!
+)5.(#:,/2,!5,'./8! #7-'#$2/./8<! C!76/6$%4&')ï/#!−!)!1-*,/#$!#'-$%*,&')ï/#!
+43#!7#¿!3!0*6.0,5:19!3!:-4*.+!',!7:1-$:!/$&)3$%)!6Ù)ï&#3$%)!56#,Ù,'#,!
/6.!,3,*##!-$/8'#/6'$29!6)7-,Ù,!6,A1*6)',!7042')ï°!0)3#6,Ú!J*$&,/2#K!0)+#¿;
56.! 0)3#6,'.+#! 6$! 7)A! 5,'.+#<! Y,:! +)Č',! 6,13,Č.°9! 17-,3)3$! 6',;
+#)',!/6.'43!6,A*)'#)'./89!)0*4/6!/6,7)3'#:43!)50)3#,5,2/./8!/6.';
')ï/#)+!0*)3,56/.+!5)!1-*,-.!#'-$%*,&')ï/#!J176:,56,9!1713,9!6+#$'#,K9!
6,3#$*,2! 76$*$%! /6,7)3'#:43! )50)3#,5,2/.+! /6.'')ï/#)+! '#$63#6,;
'.+!6!-!3Ù,7')ï/#!A$60#$/6$Ú7-3,!#'()*+,/2#!J'#76/6.9!1713,9!15,*$+'#,9!

MMh!Y$76/6$!56#3'#$276,!2$7-!2$5',:!P!(1':/2)'12/,!*43'#$Č!3!&#-$*,-1*6$!0*,3'#/6$2!P!',63,!
R76:)5.!3!A,6,/8!5,'./8S! J6)A<!'0<D![<! \)/D!S*/-2#/*3-*+2&5/2-*+%-72/8*&P%9!C.5,3'#/-3)!
Q'#3$*7.-$-1!b0)&7:#$%)9! b0)&$! >FFE9! 7<!@@LK!3! )5'#$7#$'#1! 5)! ,*-.:1Ù1!>?O,! \\<! k)Č',!
6*$76-!P!',!+,*%#'$7#$!P!)5'#$ï°!3*,Č$'#$9!Č$!/6¿ï°!0*,3'#:43!+,!-$'5$'/2¿!5)!1-)Č7,+#,;
'#,!R5,'./8!#'()*+,-./6'./8S!6!0)2¿/#$+!RA,6!5,'./8S<!C!*6$/6.3#7-)ï/#!)/8*)'!A,6!5,;
'./8! 6,2+12$! 7#¿! 17-,3,! )! )/8*)'#$! A,6! 5,'./8! J5,&$2! Qb"BK9! 5$(#'#12/,! A,6¿!5,'./8!!
3!,*-<! >! 17-<! @!0:-! @! 2,:)!R6A#4*!5,'./8! &1A! 2,:#/8:)&3#$:!#''./8! +,-$*#,Ù43! #! $&$+$'-43!
6%*)+,56)'./8! 3$5Ù1%! ):*$ï&)'$2! 7.7-$+,-.:#! &1A! +$-)5.9! #'5.3#51,&'#$! 5)7-¿0'./8!!
3!2,:#:)&3#$:!70)74A9!3!-.+!ï*)5:,+#!$&$:-*)'#/6'.+#9!3.+,%,2/.!#7-)-'$%)9!/)!5)!2,:)ï/#!
&1A!#&)ï/#9!',:Ù,51!#'3$7-./.2'$%)!3!/$&1!70)*656$'#,9!3$*.(#:,/2#!&1A!0*$6$'-,/2#!2$%)!6,;
3,*-)ï/#S<8
MML!C,*-)!',!+,*%#'$7#$!6,13,Č.°9!Č$!3ï*45!6',+#)'!/6.'1! 6,A*)'#)'$%)!0)+#'#¿-)!/6.';
')ï/#!0)&$%,2/$!',!5)5,'#1!/6$%):)&3#$:!5)!,-,:)3,'$%)!7.7-$+1<!C!0*6.0,5:1!5)5,'#,!
5)5,-:)3./8!5,'./89!+)Č',!30*,356#$!3.3)56#°9! Č$!5)0#7,'#$! /6$%):)&3#$:! 5)! 21Č!#7-;
'#$2/$%)! 6,0#71! 2$7-! 2$%)! +)5.(#:,/29! ',-)+#,7-! 0)6,! 6,:*$7$+! :,*,&')ï/#! 0)6)7-,2$!!
3!-$'!70)74A!'0<!30*)3,56,'#$!5)!/156$%)! 7.7-$+1!'#$,1-)*.6)3,'./8!6+#,'9! 0)&$%,2;
/./8! ',! 6,#'7-,&)3,'#1! )0*)%*,+)3,'#,! J0)*<! Z<! Z5,+7:#D+>KL!/#/O!0'¿#&O2ï°+ T+ *0#!M'K+
#/*3-!+%+ M/K8%-2$2)%&O-!9! R[-15#,! T*,3'#/6$S!`*!h^>FFLK9!-*15')!A)3#$+!16',°!P!0*6.!-.+!
376.7-:#+9!/)!',0#7,')!0)3.Č$2!',!-$+,-!*)61+#$'#,!0*6$6!0*,3'#:43!0)2¿°!R#'()*+,/2,S!!
#!R5,'$!#'()*+,-./6'$S9!,A.!0*)%*,+!:)+01-$*)3.!+4%Ù!A.°!6,!-,:)3$!16','.<!
!"(

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

1-*15'#,9!6,:Ù4/,9! 1'#$+)Č&#3#,K<!T)!/6¿ï/#!-$!6',+#)',!63#6,'$!7!6!',;
*176,'#$+!5)7-¿0')ï/#MM?9! 0)!/6¿ï/#! +)Č',!2$! #'-$*0*$-)3,°!2,:)! 56#,Ù,'#$!
0*6$/#3:)! '#$6,3)5')ï/#<! T$3'.+! 0*)A&$+$+! +)Č$! A.°!-,:Č$! '#$! ',2;
76/6¿ï&#376$!7()*+1Ù)3,'#$!R1-*15'#,!5)7-¿0S9!A)3#$+!1-*15'#$'#$!:)+1ï!
5)7-¿01! 5)! #'()*+,/2#! J5,'./8! #'()*+,-./6'./8K! '#$! +17#! A.°!63#6,'$!!
6!56#,Ù,'#$+!0*6$/#3:)!5)7-¿0')ï/#!#'()*+,/2#!3!2,:#+ï!7.7-$+#$9!,&$!+)Č$!
5)-./6.°!56#,Ù,Ú! 0)52¿-./8! 3)A$/! :)':*$-'$2! )7)A.9! '0<! )%*,'#/6$'#,! 2$2!
3)&')ï/#9!:-4*,!3!:)'7$:3$'/2#!-./8!56#,Ù,Ú!'#$!A¿56#$!+)%Ù,!6,0)6',°!7#¿!
6!)3!#7-)-'!#'()*+,/2<!W43'#$Č!0)2¿/#$!R#'()*+,/2#S!3!,*-<!>?O!\\!0)3);
512$9!Č$!+)Č$!5)-./6.°!)'!'#$!-.&:)!6,%,5'#$Ú!#'()*+,-./6'./89!,&$!#!0*6$;
7-¿07-3!0*6$/#3:)!A$60#$/6$Ú7-31!#'()*+,/2#!0*6$-3,*6,'$2!3!70)74A!:&,;
7./6'.! J'0<! 70,&$'#$! 0,0#$*)3$%)! &#7-1K<! C-0&#3)ï/#! A156#! *43'#$Č!
7-)71'$:!6,:*$71!0$',&#6,/2#!):*$ï&)'$%)!3!>O?!r!>!\\!5)!,*-.:1Ù1!>O?,!\\!
J3!&#-$*,-1*6$!0)5')7#!7#¿!,*%1+$'-9!Č$!0)2¿/#$!R5,'$!#'()*+,-./6'$S!)A$2;
+12$!*43'#$Č!5,'$!6,0#7,'$!',!#'()*+,-./6'.+!')ï'#:1!5,'./8KMMH<!!
\)&$2'!-*15')ï/#!2$7-!1Č.-.! 3! 6',+#$'#1! /6.'1! 6,A*)'#)'$%)! 3! ,*-.;
:1&$!>?O,!\\! J2,:! *43'#$Č!3!)+43#)'.+!0)'#Č$2! ,*-.:1&$! >?E!\\K!0*6.;
+#)-'#:!R#7-)-'.S!0)6)7-,3#,2/.! 51Č! 73)A)5¿!#'-$*0*$-,/.2'MMO<!k)Č',!

MM?!=)A<!#A#5<! a'-$%*,&')ï°!2$7-!3ï*45!0)2¿°!daZ!0)2¿/#$+! ',276$*76.+9!3! -.+!7$'7#$9!Č$!5);
3)&',!J0)6,!A#$*'.+!0)57Ù1/8$+K!'#$10*,3'#)',!)0$*,/2,!6!5,'.+#!A5Ċ!0*)%*,+,+#!0*);
3,56#!5)!P!+'#$276./8!&1A!3#¿:76./8!P!6+#,'!3!-,:)3./89!,!3#¿/!+)Č$!A.°!-*,:-)3,',!2,:)!
70)3)5)3,'#$!6,A1*6$'#,!#'-$%*,&')ï/#<!
MMH!=)A<!'0<D!Z<![1/8)*6$37:,D+N&5/2-*l9!)0<!/#-<9!7<!>>@<!
MMO!"<!\1'#/:,;k#/8,&7:,D!S28!-'*/O+(2+*/'KM,ÙR3+999T<IZ!c3De!Z<!C7$:9!W<!=,3Ù)/:#D!S2(!M0+
S*/-KE+>O¿ï°+0O&O!)RÙ23*9!d<V<!"$/:9!C,*76,3,!>F@F9!7<!MH?D!Rd8)56#!)!7.-1,/2$9!%5.!3!)/$'#$!
0*6$/#¿-'$%)!5.70)'$'-,!#!1Č.-:)3'#:,!7.7-$+1!:)+01-$*)3$%)!&1A!7#$/#!-$&$#'()*+,-./6;
'$2!7-)0#$Ú!6,:Ù4/$'#,!2$7-!#7-)-'.9!-)!6',/6.!'#$!-,:#9!:-4*.!5,!7#¿!76.A:)!#!A$6!:Ù)0)-43!171;
'°S<!T)5$2ï/#$! -,:#$!2$7-!2$5',:!)! -.&$!0*)A&$+,-./6'$9!Č$!-*15')!2$7-! ,'-./.0)3,°!3#$56¿!
R0*6$/#¿-'$%)!1Č.-:)3'#:,S9!A)3#$+!1Č.-:)3'#:!2,:#$%)ï!',*6¿56#,!#'()*+,-./6'$%)!',;
A.3,!A#$%Ù)ï/#!3!2$%)!1Č.-:)3,'#19!',3$-!3#¿:76$2!'#Č!6,3)5)3.!#'()*+,-.:9!:-4*.!7#¿!'#+!
',!/)!56#$Ú!'#$!0)7Ù1%12$<!`#$7-$-.!-$%)!*)56,21!0.-,'#,!5)!A#$%Ù./8!#'()*+,-.:43!70)-.:,!
7#¿!3!0*,:-./$!/,Ù:#$+!/6¿7-)<!C!&#-$*,-1*6$!0*6$5+#)-1!0)5')7#!7#¿!*43'#$Č9!Č$!/8)56#!)!)3!
#7-)-')ï°!3!7$'7#$!)A#$:-.3'.+9!,!'#$!71A#$:-.3'.+!J6)A<!'0<D!Z<![1/8)*6$37:,D!N&5/2-*l9!
)0<!/#-<9!7<!>>>!#!>>MK9!/)!65,2$!7#¿!A.°!)!-.&$!7Ù176'$9!Č$!'0<!/6,7!1'#$*1/8)+#$'#,!7.7-$+1!0)!
5):)','#1!3!'#+!2,:#/8ï!'#$3Ù,ï/#3./8!6!-$/8'#/6'$%)!01':-1!3#56$'#,!6+#,'9!+)Č$!A.°!
5Ù1%#!6$!36%&¿51!',!A*,:!#'-$*3$'/2#!7$*3#7)3$29!/8)°!171'#¿/#$!0*6./6.'.!-,:#$%)!1'#$*1;
/8)+#$'#,!+)Č$!A.°!5&,!7$*3#71!7-)71':)3)!0*)7-$9!'#$+'#$2!)A#$:-.3'#$!0*6$6!5Ù1%#!/6,7!
7.7-$+!A.Ù!'#$5)7-¿0'.!J'#$!56#,Ù,ÙK<!!
!"!

!"#$%&'()*$+'
!
70)56#$3,°!7#¿!Č$! 0*6.!)/$'#$! )3$2! #7-)-')ï/#! 75! A¿56#$! /8/#,Ù! 6,7#¿%'°!
)0#'##!A#$%Ù$%)! #'()*+,-.:,<!`,&$Č.! 0,+#¿-,°9!Č$! P! 3! 0*6$/#3#$Ú7-3#$! 5)!
+$5./.'.!75)3$29!:-4*,!3.0*,/)3,Ù,!0$3'$!#'-$*71A#$:-.3'$9!1+)3'$!
:*.-$*#,!5)-./6/$!6,%,5'#$Ú!-,:#/8!2,:!'0<!):*$ï&$'#$!/6,719!',!2,:#!',*1;
76)',! 6)7-,Ù,! /6.'')ï/#! ',*651! /#,Ù,MME!!P! #'()*+,-.:,! '#$! 3.0*,/)3,Ù,!
Č,5'./8!:*.-$*#43!3!-.+!36%&¿56#$9!7-5!A#$%Ù.!0)3#'#$'!1'#:,°!2,:#/8:)&;
3#$:!5.3,%,/2#<![51!A)3#$+! '#$! #'-$*$712!J,!0*6.',2+'#$2!'#$! 0)3#''.!
#'-$*$7)3,°K! )7)A#7-$! 0)%&5.! A#$%Ù$%)9! ,&$! 7-,')3#7:)! 5.7/.0&#'.9! :-4*!
A#$%Ù.!0*6$5!'#+!*$0*$6$'-12$<!b/6.3#7-$!3.5,2$!7#¿9!Č$!)!#7-)-'.+!7-)0'#1!
6,:Ù4/$'#,!0*,/.!7.7-$+1!&1A!7#$/#!+)Č',!+43#°9!2$ï&#!5)76Ù)!5)!5Ù1%)-*3,;
Ù$%)!0*6$*3,'#,!#/8!/#%Ù)ï/#!56#,Ù,'#,9!',-)+#,7-!)/$',!7-)0'#,!6,:Ù4/$'#,!
0*,/.!7.7-$+1!3!#''./8!0*6.0,5:,/8!+17#!A.°!*)60,-*.3,',!#'5.3#51,&;
'#$!0*6$6!75<!!
!
!9C""O)6'0)Ǐ"1'2$30*,'(49"A,09"BCI"::"
T*6$5+#)-$+! )/8*)'.! /6.'1! 6,A*)'#)'$%)! ):*$ï&)'$%)! 3! ,*-<! >?E! \\!!
J6)A<! I,A$&,! @K! 65,2$! 7#¿!A.°MhF!! 7 6 / 6 $ % 4 & ' . ! * ) 5 6 , 2 ! 5 , ' . / 8 ! # ' ( ) * + , - . / 6 ' . / 8 9 !
+#,')3#/#$!5,'$!)!76/6$%4&'.+!6',/6$'#1!5&,!)A*)'')ï/#!:*,219!A$60#$/6$Ú;
7-3,!3!:)+1'#:,/2#9!(1':/2)')3,'#,!,5+#'#7-*,/2#!*65)3$29!#''$%)!)*%,'1!
0,Ú7-3)3$%)! &1A! #'7-.-1/2#! 0,Ú7-3)3$2! ,&A)! 7,+)*651! -$*.-)*#,&'$%)<!
C,*-)!',!+,*%#'$7#$!63*4/#°!13,%¿9!Č$!'#$!+17#!-)!A.°!)*%,'!/6.!#'7-.-1/2,!
0,Ú7-3,!0)&7:#$%)<!b+,3#,'.!,*-.:1Ù!+)Č$!6',&$Ċ°!6,7-)7)3,'#$!0*6.!,-,;
:,/8!',!5,'$!#'()*+,-./6'$!)!76/6$%4&'.+!6',/6$'#1!5&,!)*%,'43!#''$%)!
'#Č!T)&7:,!0,Ú7-3,<!B*1%!:3$7-#!3,*-!)5')-)3,'#,!2$7-!(,:-9!Č$!'#$!:,Č5$!

MME!W)63,Č,'#,!-,:#$!7!#7-)-'$!6!13,%#!',!-*$ï°!,*-<!@LH!\\9!:-4*.!*)6*4Č'#,!',*176$'#$!/6.';
')ï/#!',*6d1!/#,Ù,!&1A!*)67-*42!65*)3#,!',!/6,7!5Ù1Č76.!#!'#$!5Ù1Čs6.!'#Č!H!5'#9!0)5/6,7!%5.!
62,3#7:,!-,:#$!2,:!%)2$'#$!7#¿!*,'!0*6$A#$%,2!A$6!)7-*$2!%*,'#/.!/6,7)3$2<!\)'#$/6'$!A. Ù)!3#¿/!
)0*,/)3,'#$!:*.-$*#43!0)63,&,2/./8!',!12$5')&#/$'#$!)0#'#)3,'#,!3!-.+!36%&¿56#$<!!
MhF!C$5Ù1%!"<!\1'#/:#$2;k#/8,&7:#$29!6,:*$7!)/8*)'.!+)Č$!70*,3#,°!A,*56)!0)3,Č'$!-*15');
ï/#!#'-$*0*$-,/.2'$!J"<!\1'#/:,;k#/8,&7:,D+S28!-'*/Ol9!)0<!/#-<9!7<!?M?K<!C$5Ù1%!k<![#3#/:#$%)!
R',&$Č.!0*6.6',°!*,/2¿!-.+!,1-)*)+9!:-4*6.!16',29!Č$!0*6$5+#)-$+!)/8*)'.!-$%)!0*6$0#71!
'#$!2$7-!A$60#$/6$Ú7-3)!#'()*+,/2#9!&$/6!)A*)'')ï°!:*,219!A$60#$/6$Ú7-3)!3!:)+1'#:,/2#!)*,6!
(1':/2)')3,'#$!,5+#'#7-*,/2#!01A&#/6'$2S!Jk<![#3#/:#D!>KL!/#/O!0'¿#&O2ï°9!)0<!/#-<9!7<!@LHK<!!
T)*<!-$Č![<!\)/9!S*/-2#/*3-*l9+)0<!/#-<9!7<!@>>!#!',7-<!!
!"'

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

5,'$!0*6$-3,*6,'$!0*6$6!0)5+#)-.!3.+#$'#)'$!3!5.70)6./2#!,*-.:1Ù1!+1;
76!A.°!5,'.+#!)!76/6$%4&'.+!6',/6$'#1!5&,!(1':/2)')3,'#,!-$%)!)*%,'19!
)A*)'')ï/#!:*,21!/6.!A$60#$/6$Ú7-3,!3!:)+1'#:,/2#Mh@<!
=',+#)',!17-,3)3$!/6.'43!0$',&#6)3,'./8!3! 0#$*376.+! 0,*,%*,(#$!
-$%)!,*-.:1Ù1!0):*.3,2!7#¿!/6¿ï/#)3)!6$!6',+#)',+#!0*6$7-¿07-3,!7-.0#;
6)3,'$%)! 3! ,*-<! >?O,!\\9! +)Č&#3$! 2$7-! *43'#$Č9! Č$! ,*-<! >?E! 7-,'#$! 7#¿!$!"++
0#!&%*$%0!5&,!76$*$%1!#''./8!,*-.:1Ù43!\\Mh><!!
!
!9D""=),3+/)&%*"%&0*>,)7&'Ƒ-%"+4+0*239"A,09"BCI)"::"
C,*-)!63*4/#°!13,%¿9!Č$!5.70)6./2,!-$%)!,*-.:1Ù1!J6)A<!I,A$&,!@K!2$7-!A,*;
56)!0)5)A',!5)!5.70)6./2#!,*-<!>?O,!r!@!\\<!C!:)+$'-,*6,/8!5)!)+,3#,;
'$%)!0*6$0#719!,!-,:Č$!3!0*)2$:/#$!6+#,'!3!\)5$:7#$!:,*'.+9!*)63,Č,'.+!
21Č!3!*):1!>F@F!0*6$6!k#'#7-$*7-3)![0*,3#$5&#3)ï/#!6,13,Č)')!7:5#'5!
7Ù176'#$9!Č$!*)&!7.7-$+1!#'()*+,-./6'$%)!2$7-!0*6$-3,*6,'#$9!0*6$:,6.3,;
'#$!#!%*)+,56$'#$!5,'./8! #'()*+,-./6'./89! 6!/6$%)!+176!3.'#:,°!'#$2,;
7')ï/#!#'-$*0*$-,/.2'$!#!-*15')ï/#!3!7-)7)3,'#1!-$%)!0*6$0#71!3!0*,:-./$MhM<!

Mh@!T)*<!k<![#3#/:#D!>KL!/#/O!0'¿#&O2ï°9!)0<!/#-<9!7<!@LO<!
Mh>!!C$ 5Ù1%! "<! \1'#/:#$2;k#/8,&7:#$2! ,*-<! >?E! \\! 2,:)! $!"+ 0#!&%*$%0! 0)/8Ù)'#$! ,*-<! >?O! \\9!!
,!-,:Č$!>?O,!#!>?E,!\\<!k)Č&#3$!-$Č!2$7-9!Č$!,*-<!>?E!\\!7-,'#$!7#¿!$!"+0#!&%*$%0!5&,!,*<! >H?!\\!
J0*6$7-¿07-3)! '#76/6$'#,! 5):1+$'-43K<! =)A<! "<! \1'#/:,;k#/8,&7:,D! S28!-'*/Ol9! )0<! /#-<9!!
7<!?MH_!0)*<!-$Č!'0<![<!\)/D!S*/-2#/*3-*l9!)0<!/#-<9!7<!@>?!#!',7-<!
MhM!C!0*)2$:/#$!6+#,'!\\9!)!:-4*.+!+)3,!J,!:-4*.!7-,Ù!7#¿9!2,:!+)Č',!0*6.0176/6,°9!21Č!'#$;
,:-1,&'.K! ',0#7,')D! RT#$*376!17-$*:!&$%#7&,/.2'! 2$7-! (,:-./6'$! 0)3-4*6$'#$! 5.70)6./2#!!
,*-<!>?O,! r! @!65,'#$!5*1%#$! \\! 0*6$6!,*-<! >?E,! \\! C!,*-<! >?O,! \\!+)3,!2$7-!)! R#7-)-'.+!
6,:Ù4/$'#1!&1A!1'#$+)Č&#3#$'#1! ,1-)+,-./6'$%)! 0*6$-3,*6,'#,9!%*)+,56$'#,!&1A! 0*6$:,6.;
3,'#$!5,'./8!#'()*+,-./6'./8S9!3!5*1%#+!6,ï!)!R#7-)-'.+!6,:Ù4/$'#1!0*,/.!7.7-$+1!:)+01;
-$*)3$%)!&1A!7#$/#!-$&$#'()*+,-./6'$2S<!T)2¿/#,!-$!+)Č',!16',°!6,!-)Č7,+$9!%5.Č!/$/8!7.7-$+1!
&1A!7#$/#! 2$7-! ,1-)+,-./6'$! 0*6$-3,*6,'#$! 5,'./8! #'()*+,-./6'./8!J0)*<!'0<!j<! W,5)'#$3#/6D!
J20'*-23%!-%*+(!&KOP%+/*823!P+c*(K+3+ 0#/*3%!+ *'*MR3+ -*+ 0K0'!8K+ %-72/8*'K&O-!+*+,P¿&%!+&KL!/#/O!D
0'¿#0'3+3+S2(!M0%!+M*/-K89!Ra17!`)]1+S!>FFE^@^hO!)*,6!C<!C*4A$&!c3De!S2(!M0+M*/-KE+>O¿ï°+0O&O!D
)R$-*E+S28!-'*/O9!I<!aa9!0)5!*$5<!Z<!=)&&,9!-$6.!5)!,*-<!>?E,9!\*,:43!>FF?K<!Y$Č$&#!',-)+#,7-!16',°9!
Č$!0)2¿/#,!-$!'#$!7!-)Č7,+$9!-)!'#$3-0&#3#$!6,:Ù4/$'#$!0*6$-3,*6,'#,!5,'./8!+#$ï/#!7#¿!3!6,;
:*$7#$!6',/6$'#)3.+!6,:Ù4/$'#,!0*,/.!7.7-$+1!:)+01-$*)3$%)<!C7:,6,'$!0*6.!-.+!2$7-!6,;
/8)3,'#$!0)2¿/#,!R7.7-$+1!:)+01-$*)3$%)S!2,:)!76$*76$%)!#!)5')76/$%)!7#¿!A$60)ï*$5'#)!
5)!370)+'#,'$2!5$/.62#!*,+)3$2S!J6,D!T<!C,%&)37:#D!J/2P!M'+O8%*-+M2(!M0,+M*/-!)2+#2(+%-'!/D
-!'23+&52%-M¿9!8--0D^^0*,3)<],%&,<0&^')5$^E>EEK<!I*15')!7#¿!30*,356#$!6%)56#°9!,A.!/$/8!
!")

!"#$%&'()*$+'
!
=',+#¿!/6.'1!6,A*)'#)'$%)!3!,*-<!>?O,!\\!2$7-!)!-.&$!76$*76$9!Č$!)A$2+12$!
*43'#$Č!'#76/6$'#$9!176:,56,'#$9!6+#,'¿!#!1-*15'#$'#$!5)7-¿01!5)!5,'./8!
#'()*+,-./6'./89!:-4*$!'#$!6,:Ù4/,! 0*,/.! 7.7-$+1!#'()*+,-./6'$%)!J:)+;
01-$*)3$%)KMhh<!
C! 0*6$/#3#$Ú7-3#$! 5)! ,*-<! >?O! #! >?O,! \\9! 0*6$7-¿07-3,! 7-.0#6)3,'$!!
3!,*-<!>?E!\\!7!ï/#%,'$!6!1*6¿51<!W)56#!-)!5)5,-:)3$!-*15')ï/#!3!0*)/$7#$!
71A71+0/2#9!2$ï&#!0)76:)5)3,'.!'#$!3.7-0#Ù!6!3'#)7:#$+!)!ï/#%,'#$<!!
Z*-.:1Ù.!>?E!\\! )*,6! >?E,!\\!+)%! 6',25)3,°!6,7-)7)3,'#$!3! 0*6.;
0,5:1!,-,:43!-.01!=!-%*$+27+e!/.%&!MhL<!\3$7-#!0*)A&$+,-./6'!2$7-!+)Č&#;
3)ï°!#/8! 3.:)*6.7-,'#,! 3!0*6.0,5:1!'#$:-4*./8! ,-,:43!-.01!=%0'/%L,'!(+
=!-%*$+ 27+ e!/.%&!9! 76/6$%4&'#$! ,-,:43! 0)&$%,2/./8! ',! 0*6$7.Ù,'#1! 51Č$2!
&#/6A.! Č5,Ú! 7-,'5,*5)3./8! 17Ù1%! J'0<! 51Č$2! &#/6A.! 3.ï3#$-&$Ú!7-*)'!
333K<!C!0*6.0,5:1!,*-.:1Ù1!>?E,!\\!Ċ*45Ù$+!3-0&#3)ï/#!2$7-!6,0#7!R:-)!
'#$! A¿5/! 5)! -$%)! 10*,3'#)'.+S! J6,63./6,2! )7)A.! A#)*/$! ï3#,5)+#$!
156#,Ù!3!-$%)!-.01!,-,:1!BB)[!7!10*,3'#)'$!5)!3.ï3#$-&$'#,!6,3,*-)ï/#!
7-*)'.K9!6,ï!3!0*6.0,5:1!,*-<!>?E!\\!P!-*15')ï°!6!17-,&$'#$+!)7)A.!6,:Ù4;
/,2/$2!56#,Ù,'#$!7.7-$+1!#!0*6.0#7,'#$+!2$2!3#'.Mh?<!

7#$/#!:)+01-$*)3$2!A.Ù)!0*6$-3,*6,'#$!5,'./89!,&$!0)6,!-!'#$6*¿/6')ï/#9!',&$Č,Ù)A.!0*6.;
6',°!*,/2¿!:)+$'-,-)*)3#<!
Mhh!k<![#3#/:#!0#76$D!RT*6$0#7!,*-<!>?E,!\\!6,:*$7)3)!6A&#Č)'.!2$7-!6!,*-<!>?O,!\\<!T*6$3#512$!
)'!2$5',:!3.Č76$!6,%*)Č$'#$!7,':/2!:,*'!J<<<K<![:Ù,'#,! -)!5)!3'#)7:19!#Č!5)!*$,&#6,/2#! 6',;
+#)'! )+,3#,'$%)! 0*6$0#71! 5)/8)56#! 343/6,7! %5.! ',7-¿012$! :3,&#(#:)3,'$! 6,:Ù4/$'#$!!
J-2<!3!#7-)-'.+!7-)0'#1K!,1-)+,-./6'$%)!0*6$-3,*6,'#,9!%*)+,56$'#,! #! 0*6$:,6.3,'#,! 5,;
'./8!#'()*+,-./6'./89!)5')76/$!7#¿!5)!/,Ù)ï/#!(1':/2)',&'#$!3.)5*¿A'#)'$%)!7.7-$+1!&1A!
7#$/#S<!k<![#3#/:#D!>KL!/#/O!0'¿#&O2ï°9!)0<!/#-<9!7<!@LE<!
MhL!=)A<!#A#5<9!7<!@LED!RZ-,:#!-.01!=!-%*$+27+e!/.%&!9!0)7Ù1%#3,'#$!7#¿!-63<!6Ù)ï&#3.+!)0*)%*,;
+)3,'#$+9!A)+A.!+,#&)3$9!+)%!A.°!#':*.+#')3,'$!3!)0,*/#1!)!,*-<!>?E!r!@!\\!0*6$3#;
512/.!:,*,&')ï°!70)3)5)3,'#,!6,:Ù4/$Ú!&1A!1'#$+)Č&#3#$'#,!,1-)+,-./6'$%)!%*)+,56$;
'#,! &1A! 0*6$:,6.3,'#,! #'()*+,/2#! J7,A)-,Č! #'()*+,-./6'.K9! c3e! 7.-1,/2#! :#$5.! ,-,:! 2$7-!
7:#$*)3,'.!0*6$/#3:)! 5)+$')+!*65)3.+9!6,ï!3!0*6.0,5:1!,-,:43!',!7$*3$*.!:)+$*;
/.2'$!',!0)57-,3#$!,*-<!>?E,!\\S<!T*6.!/6.+!3,*-)!0,+#¿-,°9!Č$!P!2,:!370)+'#,')!21Č!3/6$;
ï'#$2!P!'#$!:,Č5.!6,74A!#'()*+,-./6'.!6',2512/.!7#¿!3!5)+$'#$!*65)3$2!+17#!+#$°!76/6$;
%4&'$! 6',/6$'#$! 5&,! )A*)'')ï/#! :*,219! A$60#$/6$Ú7-3,! 3! :)+1'#:,/2#9! (1':/2)')3,'#,!
,5+#'#7-*,/2#!*65)3$29! #''$%)! )*%,'1! 0,Ú7-3)3$%)!&1A!#'7-.-1/2#!0,Ú7-3)3$2!,&A)! 7,+);
*651!-$*.-)*#,&'$%)!#-5<!
Mh?!I.+!A,*56#$29!Č$!3!0*6.0,5:1!J0*,356#3$29!A5Ċ!'#$0*,356#3$2K!#'()*+,/2#!)!,-,:1!',!
5,'.!7$*3#7!51Č,!&#/6A,!)74A!/8//./8!70*,356#°9!/6.!,-,:!*6$/6.3#ï/#$!+#,Ù!+#$27/$!%$'$;
*12$!5)5,-:)3.!*1/8!0)0*6$6!0*4A.!3$2ï/#,!',!):*$ï&)'$!7-*)'.<!=)A<!'0<D!B<!U#7#,:!j$&#/:,9!
k<![6+#-D!hA* - ) 2 + = 23 - i + T + e 2 8 ! + >2 8 8 ! - ' 0 + ' 2 + ' 5! + e ! & , / % 'K+27+>KL!/0#*&!+27+c!#,L$%&+27+J2$*-(!c3De!
!"*

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

Z*-.:1Ù!>?E,!\\!+)Č$!-$Č!6',&$Ċ°!6,7-)7)3,'#$!0*6.!0$',&#6,/2#!'#$:-4;
*./8!0)7-,/#!#5*/8%-),!63#6,'./8!6!+)5.(#:,/2!30#743!B`[MhH<!
!
!9G""=%*(ų)Ƒ-%(*"3Ǐ4-%*"3,/Č?/*ŷ9"A,09"BCI6"::""
T)3)Ù,'$!3!-*$ï/#!J6)A<!I,A$&,!@K!0*6$0#71!,*-.:1Ù.!5)-./6D!
9 6,:Ù4/,'#,9!1'#$+)Č&#3#,'#,! &1A! 30Ù.3,'#,! 3! #''.! 70)74A!
',! ,1-)+,-./6'$! 0*6$-3,*6,'#$9! %*)+,56$'#$! &1A! 0*6$:,6.3,'#$!
5,'./8!#'()*+,-./6'./8!J,*-<!@?L!r!@!0:-!h!\\KMhO_!
9 6,Ù)Č$'#,!&1A!0)7Ù1%#3,'#,!7#¿!1*656$'#$+!0)57Ù1/8)3.+9!
3#61,&'.+!,&A)!#''.+!1*656$'#$+!&1A!)0*)%*,+)3,'#$+!3!/$&1!
16.7:,'#,!#'()*+,/2#!'#$0*6$6',/6)'$2!5&,!70*,3/.!J,*-<!>?H!r!M!\\K_!
9 '#76/6$'#,9!176:,56,'#,9!1713,'#,9!6+#$'#,'#,!#!1-*15'#,'#,!
5)7-¿01! 5)! 5,'./8! #'()*+,-./6'./8! )*,6! 6,:Ù4/,'#,! 3! #7-)-'.+!
7-)0'#1! &1A! 1'#$+)Č&#3#,'#,! ,1-)+,-./6'$%)! 0*6$-3,*6,'#,9! %*);
+,56$'#,!A5Ċ!0*6$:,6.3,'#,!-,:#/8!5,'./8!J,*-<!>?O,!r!@!\\K_!
9 '#76/6$'#,! ,&A)! 3.+#$'#,'#,! #'()*+,-./6'$%)! ')ï'#:,! 5,;
'./8!&1A!'#76/6$'#,!,&A)!176:,56,'#,!1*656$'#,!7Ù1Č/$%)!5)!,1-);
+,-./6'$%)! 0*6$-3,*6,'#,9! %*)+,56$'#,! &1A! 0*6$:,6.3,'#,! 5,;
'./8!#'()*+,-./6'./8!J,*-<!>?E!r!>!\\K_!
9 -*,'7+#72#9! 6'#76/6$'#,9! 171'#¿/#,9! 176:)56$'#,9! 1-*15'#$'#,!
5)7-¿01!#!6+#,'.!5,'./8!#'()*+,-./6'./8!J,*-<!>?E,!\\K<!
Z*-.:1Ù!>?EA!\\!-*15')!',63,°!#',/6$2!'#Č!:1*#)6,&'.+9!)53)Ù12/!7#¿!
A)3#$+!5)!0)2¿/#,!!1*656$Ú!#!0*)%*,+43!0*6.7-)7)3,'./8!5)!0)0$Ù'#,'#,!

C<! "#,Ù.9! Y<! \,Ċ+#$*/6,:9! eK0'!80+ 0,##2/'%-)+ #/2(,&'%2-+ !-)%-!!/%-)9! 0)5! *$5<! C<! "#,Ù$%)9!
!Y<!\,Ċ+#$*/6,:,9!7<!@MMP@hL9!T\Y[9!g&#3#/$!>F@><!
MhH!RC!&#-$*,-1*6$!'#$2$5'):*)-'#$!37:,6.3,')!21Č!',!0*)A&$+!:*6.Č)3,'#,!7#¿!6,:*$743!:,;
*,&')ï/#!,*-<!>?O,!#!,*-<!>?E,!\\!JlK<!=5,2$!7#¿!3#¿/9!Č$!/6.'!70*,3/.!',&$Č,Ù)A.!6,:3,&#(#:);
3,°!',!0)57-,3#$!)A1!6A#$%,2/./8!7#¿!0*6$0#7439!75!',-)+#,7-!3#'#$'!3.+#$*6.°!:,*¿!',!
0)57-,3#$!,*-<!>?E,!\\9!2,:)!6,3#$*,2/$%)!3.Č76!7,':/2¿!:,*'<![.-1,/2,!-,!ï3#,5/6.!2$5;
',:!)!A*,:1!:)'7$:3$'/2#!17-,3)5,3/.S!JZ<!\#$5*)3#/6;C.3#,ÙD!J5*/8%-)+%+P!)2+#!-*$%O*&P*9!
RT*):1*,-1*,!#!T*,3)S!`*!?^>F@@9!7<!>hPM?K<!
MhO!C,*-)!',!+,*%#'$7#$!6,13,Č.°9!Č$!,*-<!@?L!\\!5)-./6.!70*)3,56,'#,!'#$A$60#$/6$Ú7-3,!
5&,!Č./#,!&1A!65*)3#,!3#$&1!)74A!,&A)!5&,!+#$'#,!3!3#$&:#/8!*)6+#,*,/8<!Q7-,3)5,3/,!6,;
+#,7-!)53)Ù,°!7#¿!5)!,*-.:1Ù1!>?O,!#!>?E!\\!)53)Ù,Ù!7#¿!5)!,*-.:1Ù1!6!610$Ù'#$!#''$2!/6¿ï/#!
\)5$:71!:,*'$%)!J3!:-4*.+!6*$76-!6',+#)',!/6.'43!6,A*)'#)'./8!6)7-,Ù.!7()*+1Ù)3,'$!
A,*56)!76$*):)K<!
!""

!"#$%&'()*$+'
!
0*6$7-¿07-39!&#-$*,&'#$!*)61+#,'.9!6,A*,'#,!3!6,7,56#$!0)7#,5,'#,!2,:#$%);
:)&3#$:!1*656$'#,! :)+01-$*)3$%)9!:-4*$ï!6! 3.+#$'#)'./8!0*6$7-¿07-3!
5,!7#¿!A)3#$+!',!0$3')!0)0$Ù'#°!0)7Ù1%12/!7#¿! 5)3)&'.+! 1*656$'#$+!!
#!3#¿:76)ï/#!0*)%*,+43MhE9!3Ù/6,2/!3!-)!7.7-$+.!)0$*,/.2'$9!:-4*$!0)7#,;
5,2!0*6$/#$Č!',*6¿56#,!0*6.7-)7)3,'$!5)!-*,'7+#72#!/6.!6+#,'.!5,'./8!#';
()*+,-./6'./8<!=!0)3)51!73)2$2!1Ù)+'$2!:)'7-*1:/2#!,*-<!>?EA!\\!0)6)7-,2$!
0*6$0#7$+!(!+7*&'2!+,*-3.+MLF<!C!6,7,56#$!2$5.'.+!+)Č&#3.+!6,7-)7)3,;
'#$+!-$%)!,*-.:1Ù1!2$7-!$3$'-1,&'$!ï/#%,'#$!-34*/43!6Ù)ï&#3$%)!)0*)%*,;
+)3,'#,!J'0<!3#*1743!:)+01-$*)3./8K9!/8)°!3.5,2$!7#¿9!Č$!P!3)A$/!-,:!
(,-,&'$2! :)'7-*1:/2#! 0*6$0#71! P! 6',/6'#$! &$0#$2! 2$7-! 7-)7)3,°!2,:#:)&3#$:!
0*6$0#7!5)-./6/.!6,7-)7)3,'#,!-,:#$%)!',*6¿56#,!J,!3#¿/!0*6$5$!376.7-;
:#+!',*176$'#$! #'-$%*,&')ï/#!5,'./8! /6.! )7617-3)K<!C)A$/! 0)3.Č76$%)!
-*15')!3!6,7,56#$!)+,3#,°!*)&¿!A#$%Ù$%)! #'()*+,-.:,!3!)5'#$7#$'#1! 5)!
-$%)!0*6$0#71<!k)Č',!370)+'#$°!-.&:)!)!17-,3)3.+! 6',+#$'#1! R0)6.;
7:#3,'#,S! 6',2512/.+! 7#¿! 3! 5.70)6./2#! -$%)! ,*-.:1Ù1<! Y,:! 7#¿!3.5,2$!
+)Č',!-1!0*6$0*)3,56#°!*)61+)3,'#$!0)5)A'$!2,:!3!0*6.0,5:1!6',+#$;
'#,!R70*)3,56,'#,S!1Č.-$%)! 3! ,*-<!>F>!r!h,! \\!J6)A<! *)656#,Ù!L<@K9!0*6.!
/6.+!3,*-)!370)+'#$°9!Č$! 3!&#-$*,-1*6$! 0*6$5+#)-1!0)5$2+)3,'$!A.Ù.!
0*4A.!*)676$*6,2/$2! #'-$*0*$-,/2#!-$%)! 6',+#$'#,ML@9! :-4*$! 3.5,2!7#¿!A.°!
65$/.5)3,'#$!6A.-!5,&$:)!#5/$<!

MhE!! [ !)'$!A)3#$+!0*6.7-)7)3,'$!5)!3.:)'.3,'#,!-,:#/8!/6.'')ï/#!J6,*43')! 2$ï&#! 0*6$6!
R0*6.7-)7)3,'.S! A¿56#$+.! *)61+#$°! R5)0,7)3,'.S9! R+)Č&#3.! 5)! 3.:)*6.7-,'#,S9! 2,:!!
#!2$ï&#!7Ù)3)!-)!6#'-$*0*$-12$+.!2,:)!R/$&)3)!0*6.70)7)A#)'.SK<!
MLF!T)*<!I,A$&,!h<!
ML@!\<!g#$'#,7!0#76$D!Rb+,3#,'.!0*6$0#7!3ï*45!6',+#)'! /6.'1!6,A*)'#)'$%)!0)+#2,!0)7#,;
5,'#$! t',*6¿56#! 8,/:$*7:#/8u<! d4Č!6!-$%)9!7:)*)!0*6$0#7!0$',&#612$! #/8! t0)6.7:#3,'#$u<!
k,+.!3#¿/! 5)! /6.'#$'#,! (!+ 7*&'2!6!+)Č&#3)ï/#!0)/#%'#¿/#,!5)! )50)3#$56#,&')ï/#!:,*'$2!
1Č.-:)3'#:,9!:-4*.!',! 73)#+! -3,*5.+!5.7:1!0*6$/8)312$!',*6¿56#,!7Ù1Č/$!0)0$Ù'#,'#1!
/.A$*0*6$7-¿07-3<! Y$7-! -)! 0*6$/#$Č!',-1*,&',!:)'7$:3$'/2,!#/8!0)6.7:,'#,9!0*6.!/6.+!!
6!0$*70$:-.3.!,*-<! >?EA! \\! 6',/6$'#,! '#$!+,9! 3!2,:#! 70)74A!70*,3/,! 5)-,*Ù!5)!-$%)!-.01!
',*6¿56#<!Y$5')/6$ï'#$!5&,!7:1-$/6'$%)!6,7-)7)3,'#,!0*6$0#719!3.7-,*/6.!12,3'#$'#$!/8)°A.!
2$5'$%)!t',*6¿56#,!8,/:$*7:#$%)uS!J\<!g#$'#,7D!B$%8%-*&P*+hc*PR3+1*&M!/0M%&5i+&OK+2)/*-%&O!-%!+
8!'2(+L*(*-%*+0K0'!8R3+%-72/8*'K&O-K&5!c3De!Y<!\)7#Ú7:#D!J/O!0'¿#&O2ï°+'!$!%-72/8*'K&O-*@+6g+0!D
8%-*/%,8+ -*,M23!@+ 8*'!/%*ÙK+ 0!8%-*/KP-!9! 0)5! *$5<! Y<! \)7#Ú7:#$%)9! C.Č76,! [6:)Ù,! T)&#/2#9!
[6/6.-')!>FF?9!7<!M@PMOK<!Y$7-!-)!)/6.3#ï/#$!*)61+)3,'#$!'#$0)0*,3'$!J0)5)A'#$!2,:!3!0*6.;
0,5:1!6',+#$'#,!70*)3,56,'#,!6!,*-<!>F>!r!M!#!r!h,!\\KD!3!0)7#,5,'#$!/6.!-)!-*$ï/#9!/6.!0*);
%*,+43!+)Č',!3$2ï°!3!',2*4Č'#$276.!70)74A9!/8)°A.!0*6$6!6,#'($:)3,'#$!7.7-$+1!3#*17$+!
!"#

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

!9I""J)ų+/*,+0('"1'2$30*,'(*""
T)57-,3)3,!0)7-,°!0*6$7-¿07-3,!(,Ù76$*7-3,!5):1+$'-43!7-.0#6)3,',!
2$7-!3!,*-<!>HF!r!@!\\!
#%&'!+*,'!
^+IE+ S'2Q+3+ &!$,+ ,ČK&%*+O*+ *,'!-'K&O-KQ+#2(/*L%*+ $,L+#/O!/*L%*+ (2M,8!-'+$,L+
'*M%!)2+(2M,8!-',+P*M2+*,'!-'K&O-!)2+,ČK3*Q+#2($!)*+)/OK3-%!Q+M*/O!+2)/*-%&O!D
-%*+32$-2ï&%+*$L2+#2OL*3%!-%*+32$-2ï&%+2(+<+8%!0%¿&K+(2+$*'+bE+
^+9E+A!P+0*8!P+M*/O!+#2($!)*Q+M'2+3K#!Ù-%*+L$*-M%!'Q+O*2#*'/O2-K+&,(OK8+#2(#%0!8Q+
-%!O)2(-%!+O+32$+#2(#%0*-!)2+%+-*+P!)2+0OM2(¿+*$L2+'*M%!)2+(2M,8!-',+,ČK3*E+
^+9*E+?+3K#*(M,+8-%!P0O!P+3*)%Q+0#/*3&*+#2($!)*+)/OK3-%!Q+M*/O!+2)/*-%&O!-%*+
32$-2ï&%+*$L2+#2OL*3%!-%*+32$-2ï&%+(2+$*'+9E+
^+<E+S'2+&OK-%+#/OK)2'23*-%*+(2+#/O!0'¿#0'3*+2M/!ï$2-!)2+3+^+IQ+#2($!)*+)/OK3D
-%!Q+M*/O!+2)/*-%&O!-%*+32$-2ï&%+*$L2+#2OL*3%!-%*+32$-2ï&%+(2+$*'+9E+
+
C! -.+! 7,+.+! qqqaX! *)656#,&$! \\! 7-.0#6)3,')! 76$*$%! #''./8! 0*6$;
7-¿p7-3!0*6$/#3:)!3#,*.%)5')ï/#!5):1+$'-43<!W43'#$Č!3!#''./8!0*6$0#;
7,/8!70$',&#6)3')!76/6$%4&'$!*)56,2$!(,Ù76$*7-3,!J'0<!(,Ù76$*7-3)!6',:43!
0#$'#¿Č'./8!P!,*-<! M@FK9!'#$! 3.)5*¿A'#)')!',-)+#,7-!3! :*,2)3./8!0*6$0#;
7,/8!:3,&#(#:)3,'$2! ()*+.! 0*6$7-¿07-3,!(,Ù76$*7-3,! 5,'./8! #'()*+,-./6;
'./8<! C! :)'7$:3$'/2#! (,Ù76$*7-3)! 5,'./8! #'()*+,-./6'./8! +)Č$! 3.0$Ù;
'#,°! 6',+#)',! 0)76/6$%4&'./8! *)56,243! (,Ù76$*7-3,9! )! :-4*./8! +)3,!
0)3.Č$2<! "#)*/! 0)5! 13,%¿9! Č$! (,Ù76$*7-3)! 5):1+$'-1! $&$:-*)'#/6'$%)!
+)Č$!7#¿!3#6,°!6! 2$%)!'#$10*,3'#)'! +)5.(#:,/2!J,!3#¿/!6!',*176$'#$+!

&1A!*)A,:#$+!:)+01-$*)3.+<!`#$3-0&#3#$!6!2$5'$2!7-*)'.!2$7-!-)!)0*)%*,+)3,'#$!0*6.7-);
7)3,'$!J,!',3$-!/$&)3)!6,0*)2$:-)3,'$K!5)!'#76/6$'#,9!176:,56,'#,9!1713,'#,9!6+#$'#,'#,!
&1A!1-*15'#,'#,!5)7-¿01!5)!5,'./8!#'()*+,-./6'./8!,&A)!6,:Ù4/,'#,!3!#7-)-'.+!7-)0'#1!&1A!
1'#$+)Č&#3#,'#,! ,1-)+,-./6'$%)! 0*6$-3,*6,'#,9! %*)+,56$'#,! &1A! 0*6$:,6.3,'#,! -,:#/8!
5,'./89!6!5*1%#$2!6,ï!7-*)'.!2$%)!0)7#,5,/6!3/8)56#!3!0)7#,5,'#$!-$%)!)0*)%*,+)3,'#,!A$6!
73)2$2!3#$56.9! ,!',3$-!3A*$3! 3Ù,7'$2! 3)&#9!'#$!+)Č',!+1!3#¿/!0*6.0#7,°! 3#'.<!B.7:!6,;
3#$*,2/.!-,:#$!)0*)%*,+)3,'#$!+)Č',! :10#°!J'#$!3#$56/!)! 2$%)! 6,3,*-)ï/#K9! +)Č',! A.°!
'#+!)A5,*)3,'.+9!+)Č',!%)!)56#$56#/6.°!#-5<!`#$!+)Č',!-,:Č$!6,0)+#',°!)!(,:/#$9!Č$!:)+;
01-$*!+)Č$!A.°!1Č.3,'.!0*6$6!*4Č'$!)7)A.9!,!',3$-!A.°!#/8!3704Ù3Ù,7')ï/#!#!P!76/6$%4&'#$!
3!0*6.0,5:1!)0*)%*,+)3,'#,!5,*+)3$%)9! 0)A*,'$%)! 6! 01A&#/6'./8! 7$*3#743! #'-$*'$-);
3./8!P!-*15')!A¿56#$!17-,&#°!)7)A¿!0)6.7:12/!)0*)%*,+)3,'#$<!
!
!"$

!"#$%&'()*$+'
!
#'-$%*,&')ï/#K!+)Č$!3! 0)76/6$%4&'./8!0*6.0,5:,/8!5)2ï°! *43'#$Č! 5)!0);
0$Ù'#$'#,!0*6$7-¿07-3!7-.0#6)3,'./8!3!,*-<!>?O9!>?O,!#!>?E!\\<!
!
!98L""#+/3+0('"%"+/1'?&%-0('"1'2$30*,'(*9"A,09"BGD"::"
!
#%&'!+-*!
^+IE+S'2Q+3+&!$,+20%)-%¿&%*+M2/OKï&%+8*P'M23!P+$,L+3K/O(O!-%*+%--!P+202L%!+
0OM2(KQ+L!O+,#23*Č-%!-%*Q+3#ÙK3*+-*+*,'28*'K&O-!+#/O!'3*/O*-%!Q+)/28*(O!-%!+
$,L+#/O!M*OK3*-%!+(*-K&5+%-72/8*'K&O-K&5+$,L+O8%!-%*Q+,0,3*+*$L2+3#/23*(O*+
-23K+ O*#%0+ (*-K&5+ %-72/8*'K&O-K&5Q+ #2($!)*+ M*/O!+ #2OL*3%!-%*+ 32$-2ï&%+ 2(++
<+8%!0%¿&K+(2+$*'+bE++
^+9E+?+3K#*(M,+8-%!P0O!P+3*)%Q+0#/*3&*+#2($!)*+)/OK3-%!Q+M*/O!+2)/*-%&O!-%*+
32$-2ï&%+*$L2+#2OL*3%!-%*+32$-2ï&%+(2+/2M,E+
^+<E+j!Č!$%+20O,0'32+#2#!Ù-%2-2+-*+0OM2(¿+202LK+-*PL$%Č0O!PQ+ï&%)*-%!+-*0'¿#,P!+-*+
3-%20!M+#2M/OK3(O2-!)2E+
+
I,:! 63,'$! )7617-3)! :)+01-$*)3$! 2$7-! 7-.0#6)3,'$! 3! ,*-<! >OH! \\!!
3!*)656#,&$! 0*6$7-¿07-3!0*6$/#3:)!+#$'#1! #!6,%*)Č)'$! :,*!0)6A,3#$'#,!
3)&')ï/#!)5!M!+#$7#¿/.!5)!&,-!L9!,!3!0*6.0,5:,/8!+'#$276$2!3,%#!P!:,*!)%*,;
'#/6$'#,!3)&')ï/#!,&A)!0)6A,3#$'#,!3)&')ï/#!5)!*):1<!k#+)!0)376$/8'#$!
0*6.2¿-$2!',63.9!-*15')!16',°!)7617-3)!:)+01-$*)3$!6,!10*6.3#&$2)3,'!
()*+¿!)7617-3,9!/)!3#¿/$29!7.-1,/2¿9!3!:-4*$2!70*,3/,!30Ù.3,!',!0*6$-3,;
*6,'#$!5,'./8!#'()*+,-./6'./89!0)!-)9!,A.!#''!)7)A¿!30*)3,56#°!3!AÙ5!!
#!5)0*)3,56#°!5)!'#$:)*6.7-'$%)! *)60)*656$'#,! +#$'#$+!:3,&#(#:12$!7#¿!
2,:)!0*6$7-¿07-3)!)7617-3,!6!,*-<!>O?!r!@!\\9!,!'#$!2,:)!0*6$7-¿07-3)!)761;
7-3,!:)+01-$*)3$%)ML><!a7-)-'!/$/8!0*6$7-¿07-3,!6!,*-<!>OH!\\!2$7-!30Ù.;
3,'#$!',!,1-)+,-./6'$!0*6$-3,*6,'#$9!%*)+,56$'#$!&1A!0*6$:,6.3,'#$!5,;
'./8!#'()*+,-./6'./89!A5Ċ!6+#,',9!171'#¿/#$!,&A)!30*)3,56,'#$!')3$%)!
6,0#71!5,'./8!#'()*+,-./6'./8_!'#$!6,/8)56#!3#¿/!-1!7.-1,/2,!)556#,Ù.3,'#,!

ML>!=)A<!k<![#3#/:#D!>KL!/#/O!0'¿#&O2ï°9!)0<!/#-<9!7<!>LH_!Z<!Z5,+7:#D!J/*32E<<9!)0<!/#-<9!7<!@@LP@@?<!
F/'E+9VZE+
^+IE+ S'2Q+ 3+ &!$,+20%)-%¿&%*+M2/OKï&%+ 8*P'M23!PQ+(2#/23*(O*+ %--+202L¿+ (2+-%!M2/OK0'-!)2+
/2O#2/O(O!-%*+3Ù*0-K8+$,L+&,(OK8+8%!-%!8+O*+#282&+3#/23*(O!-%*+P!P+3+LÙ(+*$L2+3KOKD
0M*-%*+LÙ¿(,+$,L+-%!O(2$-2ï&%+(2+-*$!ČK'!)2+#2P823*-%*+#/O!(0%¿L/*-!)2+(O%*Ù*-%*Q+
#2($!)*+M*/O!+#2OL*3%!-%*+32$-2ï&%+2(+Z+8%!0%¿&K+(2+$*'+VE+
!"%

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

',!)7)A¿9!,!',!-$/8'#/6'$!0*)/$7.!)A*4A:#!5,'./8!3! 7.7-$+#$!#'()*+,-./6;
'.+9!A5Ċ!',!7,+$!5,'$<!C!:)'7$:3$'/2#!,*-<!>OH!+)Č$!7-,')3#°!$!"+0#!&%*$%0!
5&,!,*-<!>?E,9!>?O9!>?O,!r!@!\\MLM9!,!',3$-!,*-<!>?H!r!@!\\MLh<!!
T*6$7-¿07-3)! 7-.0#6)3,'$! 3! ,*-<! >OH! \\! 2$7-! 0*6$7-¿07-3$+! /$&)3.+9!
0*6.!/6.+!6!13,%#!',!53)2,:#!/$&!+)Č',!*)6*4Č'#°!56#,Ù,'#$!3!/$&1!)7#g'#$;
/i,! :)*6.ï/#! +,2t:)3$2! )*,6! 56#,Ù,'#$! 3! /$&1! 3.*6d6$'#,! #''$2! )7)A#$!
76:)5.MLL<!!

MLM!=)A<!k<![#3#/:#D!>KL!/#/O!0'¿#&O2ï°9!)0<!/#-<9!7<!>L?<!
MLh!=)A<!Z<!Z5,+7:#D!J/*32EEEQ!)0<!/#-<9!7<!@@H<!
MLL!T)2¿/#,!76:)5.!#!:)*6.ï/#!+,2-:)3$2!7!#'-$*0*$-)3,'$!A,*56)!76$*):)<!`,!0*6.:Ù,5!)+,;
3#,'.! 0*6$0#7! 6',2512$! 6,7-)7)3,'#$! 3! 0*6.0,5:1! :*,56#$Č.! 3#*-1,&'./8! ,*-$(,:-43!!
3!%*,/8!kkbWTg!J,'%<!4*00%.!$K+4,$'%#$*K!/+N-$%-!+c2$!+J$*K%-)+H*8!K<!=)A<!T<!C,%&)37:#D!
j*M+ 3K-%M*+ O+ (2-%!0%!Ú+ #2$%&P%@+ /R3-%!Č+ L*-(K&%+ )/*P+3+A%L%*9! 8--0D^^0*,3)<],%&,<0&^')5$^EFE>_!!
T<!C,%&)37:#D!?%/',*$-K+8%!&O9!8--0D^^0*,3)<],%&,<0&^')5$^@OO_!T<!C,%&)37:#D!CM/*($%+3%/',D
*$-+L/2Ú9!8--0D^^0*,3)<],%&,<0&^')5$^M>@>_!T<!C,%&)37:#D!S/*(O%!Č+*+,0,3*-%!+(*-K&5+%-72/8*D
'K&O-K&5+T+(2+J2$0M%+#/OKLKÙK+0#/*3K+2+ȈM/*(O%!Č+*/'!7*M'R3Ȉ+3+)/*&5+44NcJH9!8--0D^^0*,3)<],!
%&,<0&^')5$^E>ML_!T<!C,%&)37:#D!!C823*+2+#/O!-%!0%!-%!+#/*3*+(2+M2/OK0'*-%*+O+*3*'*/R3+%+*/'!D
7*M'R39! 8--0D^^0*,3)<],%&,<0&^')5$^?F?L_! S'2+ O*L/*Ù+L/2Ú+O*+d::+OÙ+#20'*&%+O+)/K+%-'!/-!'23!P9!
8--0D^^)&76-.'<%,6$-,<0&^)&76-.'^@9ML@OE9O@O@HHE9\-)i6,A*,&iA*)'i6,iEFFi6&i0)7-,/#i6i%*.i!
#'-$*'$-)3$2<8-+&_!c!*$-%+OÙ2(O%!P!+3+3%/',*$-K&5+)/*&5Q!8--0D^^0)&#/.2'#<%,6$-,<0&^T)&#/.2'#^@9@F!
M?@H9OHHELhE9W$,&'#i6&)56#$2$i3i3#*-1,&'./8i%*,/8<8-+&_! \Ù2(O%!P+ 3%/',*$-K&5+ L,'R3+ 2'/OKD
8*Ù+ #/*3282&-K+ 3K/2MQ! 8--0D^^0)&.%,+#,<0&^T)&.%,+#,^@9@FH@?>9OL@@EF?9=&)56#$2i3#*-1,&'.!
/8iA1-)3i)-*6.+,&i0*,3)+)/'.i3.*):<8-+&_!IWD$*'M23%+ )/2O%+ #2#/*3&O*M+ O*+3%/',*$-+M/*D
(O%!Č9! 8--0D^^333<56#$''#:&)56:#<0&^,*-.:1&^h>L?>M9@H&,-:)3#;%*)6#;0)0*,3/6,:;6,;3#*-1,&!
',;:*,56#$69#59-<8-+&_!Y<!\1&$76,9!Y<!\1&$76,D!H/*+he!&2-(+`%7!i+T+3%/',*$-K+ï3%*'Q+/!*$-!+#/O!0'¿#D
0'3*;9!RT*):1*,-1*,!#!T*,3)S!`*!M^>FFE9!7<!>MPhF<!d)!7-)71':)3)!56#3'$9!/#%&$!2$76/6$!70);
-.:,'$!7!0*4A.!0*,3'):,*'$2!:3,&#(#:,/2#!-,:#/8!/6.'43!2,:!63.:Ù$2! :*,56#$Č.9! 6)A<! '0<D!
CM/*(Ù+OL/2P¿+/K&!/O
23%EEE+ O+ )/K+ 0%!&%23!P9!8--0D^^:*,:)3<%,6 $-,<0&^:*,:)3^@9hhh>L9@F?LLOhF9Q!
:*,5&i6A*)2$i*./$*6)3#iiii6i%*.i7#$/#)3$2<8-+&_! J2$%&P*+ O*P8,P!+ 0%¿+M/*(O%!Č+ 3+ 3%/',*$-K8+
ï3%!&%!9! 8--0D^^0)&7:,<'$373$$:<0&^0)&#/2,;6,2+12$;7#$;:*,56#$6,;3;3#*-1,&'.+;73#$/#$9?>h!
EE9@9@<8-+&_! IbD$*'M*+ ,M/*(Ù*+ !M3%#,-!M+ 3%/',*$-!8,+ 32P23-%M23%9! 8--0D^^333<0)&#/2,<0&^!
0)&^,:-1,&')7/#^OhLLh95):<8-+&_!0)5/6,7!%5.!)/6.3#ï/#$!3#*-1,&'$!,*-$(,:-.!'#$!7!*6$/6,+#<!
k)Č',!$3$'-1,&'#$!*)60,-*.3,°!2$!2,:)!+#$'#$!J0)*<!'0<!\<!g*6.A/6.:9!Z<!Z1&$.-'$*9!\<!\1;
&$76,D!J/*32+ 3+ 3%/',*$-K&5+ ï3%*'*&59!0)5!*$5<! \<! g*6.A/6.:,9! B#(#'9! C,*76,3,!>F@M9!7<! MF>_!
!6)A<!-$Č!Y<Z<!T,:1Ù,D!S2-'*+-*+0!/3!/*&5+)%!/+ %-'!/-!'23K&5+ 3+ 2L/2&%!+ #/*3-K8+ T+ O*)*(-%!-%*+ 3¿D
OÙ23!9! C,*76,3,! >FFE9! 0*,/,! +,%#7-$*7:,9! +,76.')0#79! 8--0D^^0*,3)<],%&,<0&^(#&$7^+%*!
i2i,i0,:1&,<05(K!-,:#+!A)3#$+!+)%!A.°!0*,3,!+,2-:)3$<!T)3)Ù,'#!,1-)*6.!3.3)569!Č$!
%*,/6!3!%*¿!kkbWTg!16.7:12$!-,:)3$!3!5*)56$!&#/$'/2#!',!1Č.3,'#$!%*.9!7-5!-$Č!:*,56#$Č!
,*-$(,:-1!2$7-!0)6A,3#$'#$+!%)!-./8!0*,39!/)!7-,')3#!)!+)Č&#3)ï/#!:&,7.(#:,/2#!-,:#$%)!/6.'1!
2,:)!3.0$Ù'#,2/$%)!6',+#)',!0*6$7-¿07-3,!6!,*-<! @@L!17-<!M!T*Z1-<!Y,:!7#¿! 3.5,2$9!-$%)!*);
!"&

!"#$%&'()*$+'
!
I$'! 5*1%#! 0*6.0,5$ : ! ' , 6.3,! 7#¿!/6,7,+#!0*6$7-¿07-3$+! 76:)5'#/-3,!
:)+01-$*)3$%)ML?<!
T*6$7-¿07-3)!)7617-3,!J#!76:)5'#/-3,K!:)+01-$*)3$%)!+,!A,*56)!76$;
*):)!):*$ï&)'$!6',+#)',!/6.'43!6,A*)'#)'./8!J0*6.!/6.+!P!5&,!)5*4Č'#$;
'#,! )5! 17-,3)3./8! 6',+#)'! /6.'43! 6,A*)'#)'./8! 7-.0#6)3,'./8!!
3! ,*-<! >?O9! >?O,! #! >?E! \\K! 17-,3)5,3/,! 65$/.5)3,Ù!7#¿! ',! 3.+#$'#$'#$!
3ï*45!-./8!6',+#)'!30*)3,56,'#,!')3./8!6,0#743!5,'./8!#'()*+,-./6;
'./8MLH<!=!01':-1!3#56$'#,!A#$%Ù$%)!3,*-)!63*4/#°!13,%¿!',!2$5$'!76/6$%4Ù!
63#6,'.!6!')3$&#6,/2!\)5$:71!:,*'$%)!6!>FFh!*<!T*6$5!)3!')3$&#6,/2!
)+,3#,'.!,*-.:1Ù!A*6+#,ÙD!
!
^+IE+ S'2+ 3+ &!$,+ 20%)-%¿&%*+ M2/OKï&%+ 8*P'M23!P+$,L+ 3K/O(O!-%*+%--!P+ 202L%!+
0OM2(KQ+3#ÙK3*+-*+*,'28*'K&O-!+#/O!'3*/O*-%!Q+)/28*(O!-%!+ $,L+#/O!0KÙ*-%!+%-D
72/8*&P%+ $,L+ O8%!-%*Q+ ,0,3*+ *$L2+ 3#/23*(O*+ -23K+ O*#%0+ -*+ M28#,'!/23K8+ -2D
ï-%M,+%-72/8*&P%Q+#2($!)*+M*/O!+#2OL*3%!-%*+32$-2ï&%+2(+<+8%!0%¿&K+(2+$*'+bE+

56,21!*)61+)3,'#$!2$7-!)!-.&$!*.6.:)3'$9!Č$!0)!0#$*376$!0*6$0#7.!-$%)!17-¿01!7!:*.-.:);
3,'$!6,!73)2!'#$):*$ï&)')ï°!J@@! :3#$-'#,!>F@M!*<! W6$/6'#:!T*,3!bA.3,-$&7:#/8!7:#$*)3,Ù!
5)!I*.A1',Ù1!\)'7-.-1/.2'$%)!3'#)7$:!)!6A,5,'#$!-$%)!17-¿01!6!,*-<!h>!\)'7-.-1/2#!WT9!)A$/;
'#$!70*,3,!6',2512$! 7#¿! 3!I*.A1',&$! P! \! @L^@M9!8--0D^^-*.A1',&<%)]<0&^7^:;@L@M^K9!0)! 3-4*$!
',&$Č,Ù)A.!A,*56)!5):Ù,5'#$!*)60,-*.3,°9!2,:#$!0*,3,!0*6.6',2$!&#/$'/2,!1Č.-:)3'#:)3#!%*.!
J#!2,:! 6,0#7.!&#/$'/2#!+,2!7#¿!5)!0*6$0#743!0*,3,!0)&7:#$%)9!/)!A,*56)!/6¿7-)! 70*,3#,!0*);
A&$+.9!A)3#$+!70)*,!/6¿ï°!%#$*!2$7-!-3)*6)',!3!#''./8!7.7-$+,/8!0*,3'./89!,! #/8!&#/$'/2$!
6,3#$*,2!-*15'$!5)!6#'-$*0*$-)3,'#,!3!3,*1':,/8!0)&7:#$%)!7.7-$+1!0*,3'$%)!:)'7-*1:;
/2$K9!0)!-*6$/#$!3*$76/#$!-*15')!3-0#°9!Č$!6,A4*!,*-$(,:-1!3!%*6$!:)+01-$*)3$2!'#$!3./6$*;
012$! 6',+#)'! 5.70)6./2#! ,*-<! >OH! \\<! b/6.3#ï/#$! :,Č5)*,6)3)! 0*6.! :3,&#(#:,/2#! 0*,3'$2!
/6.'1!',&$Č.! *)60,-*6$°!82(,0+2#!/*-(%! 70*,3/.9!:-4*.!+)Č$! 3./6$*0.3,°!17-,3)3$!6',;
+#)',!#''./8!0*6$7-¿07-3<!C!0)3)Ù,'$2!3!0*6.0#7#$! 0*,/.! \<! g*6.A/6.:,9!Z<!Z1&$.-'$*,9!!
\<!\1&$76.9!0*6.-)/6)'$!7!0*6.:Ù,5.9!3!:-4*./8!3$2ï/#$!3!0)7#,5,'#$!3#*-1,&'./8!,*-$(,:;
-439!A5Ċ!,3,-,*43!A.Ù)!7:1-:#$+!3.+176$'#,!',!#/8! 0)7#,5,/61!12,3'#$'#,!8,7$Ù!5)7-¿;
0)3./8!',!5*)56$!%*4ĊA!/6.!0)A#/#,<!
ML?!=)A<!'0<D![<!R,%)56#Ú7:#D!J/O!0'¿#0'3*+#/O!&%3M2+8%!-%,+3+M2(!M0%!+M*/-K8+U3KL/*-!+O*)*(-%!D
-%*X9!RT*):1*,-1*,!#!T*,3)S!`*!>^@EEE<!
MLH!I$%)!*)56,21!'#$/8&127-3)!17-,3)5,3/.!+)Č$!+#$°!0)3,Č'$!:)'7$:3$'/2$!',!7,&#!75);
3$29!+)Č',!A)3#$+!0)5')7#°!,*%1+$'-9!Č$!2$ï&#!-$'!7,+!*,/2)',&'.!17-,3)5,3/,!J,!6,Ù)Č$'#$!
)! *,/2)',&')ï/#! 17-,3)5,3/.! ',&$Č.! 5)! 0)57-,3)3./8! 6,Ù)Č$Ú!3.:Ù,5'#! 0*,3,K! 3ï*45!
17-,3)3./8!6',+#)'!2$5'$%)!/6.'1!6,A*)'#)'$%)!3.+#$'#,!)3)!R30*)3,56,'#$!')3$%)!
6,0#71S9!6,ï!3ï*45!6',+#)'!#''$%)!/6.'1!21Č!'#$9!-)!6,0$3'$!2$%)!3)&!A.Ù)!0)6)7-,3#$'#$!
-,:#$%)!56#,Ù,'#,!J',*176,'#,! #'-$%*,&')ï/#!0)0*6$6!30*)3,56,'#$!')3./8!6,0#743K!0)6,!
6,:*$7$+!:,*,&')ï/#<!!
!#(

"#$%&'(!)&*&+',(' ,&!-.,' ,-/& ',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7.,',-/&',(!/!0.%&/&58!.%)(04ħ.04/!9-3.:4(%-/#58"

^+9E+?+3K#*(M,+8-%!P0O!P+3*)%Q+0#/*3&*+#2($!)*+)/OK3-%!Q+M*/O!+2)/*-%&O!-%*+
32$-2ï&%+*$L2+#2OL*3%!-%*+32$-2ï&%+(2+/2M,E+
^+<E+j!Č!$%+20O,0'32+#2#!Ù-%2-2+-*+0OM2(¿+202LK+-*PL$%Č0O!PQ+ï&%)*-%!+-*0'¿#,P!+
-*+3-%20!M+#2M/OK3(O2-!)2E+
!
C0*)3,56)',!6+#,',!JR5,'./8!#'()*+,-./6'./8S!6,+#,7-!R#'()*+,/2#S!
)*,6!P!/)!#7-)-'#$276$!P!6,+#,7-!R6,0#7!',!:)+01-$*)3.+!')ï'#:1!#'()*+,;
/2#SK!70)3)5)3,Ù,!6,3¿Č$'#$!6',+#)'!/6.'1!6,A*)'#)'$%)9!3!-$'!70)74A9!
Č$!'#$!2$7-!21Č!0$',&#6)3,'$!J0*6.',2+'#$2!3!-.+!0*6$0#7#$!+)Č',!A)3#$+!
6,7-,',3#,°!7#¿! ',5! #+0&#:,/2,+#! -,:#$%)! 56#,Ù,'#,! 3! ï3#$-&$! 0*6$0#743!
0*,3,!,1-)*7:#$%)K!6+#$'#,'#$9!1713,'#$!,'#!30*)3,56,'#$!')3./8!6,0#;
743!3!0*)%*,+#$!:)+01-$*)3.+!J)!#&$!)/6.3#ï/#$!3-4*'#$!)3$!6+#,'.!'#$!
70)3)512! -,:#$%)! 56#,Ù,'#,! 0*)%*,+19! :-4*$! )50)3#,5,Ù)A.! *$,&#6,/2#!
17-,3)3./8!6',+#)'! /6.'1! 6,A*)'#)'$%)9!-2<! '0<9! Č$!-,:!6+)5.(#:)3,'.!
0*)%*,+!'#$!171'#$!2,:#/8ï!5,'./8!#'()*+,-./6'./8K<!
!#!



!"#$%&%'()&%*"("%&&+,-"./,/*012&+,-"3'4/)5),-".$3)("
!
!
"ï#$%!&''()*! #+%,-.$/!01#-/2! ,!.-3&4&! 4-!%+! ),('&5'&-!6&57Ù(! &'8+#4-9
:(32! /-#:+! ,/#$)&°! 0,),57$;'!</-7¿! '-! 1+0:¿1+/-'&-! %+:(),)5! 1#,59
0:¿10:/! 3+':5':+/()*2! /! 3:$#()*! #+;! &'8+#4-:(3-! .50:! <.-/'&5'&5! :#5ï)&!
%+3<45':$/! 5;53:#+'&),'()*2! .-3! #$/'&5Č!+3+;&),'+ï)&! &)*! <:/+#,5'&-!!
&! 1#,5:/-#,-'&-! '-! 1+0:¿1+/-'&-! %+:(),)5! 1#+7#-4$/! 3+41<:5#+/()*!
+#-,! =! ,! 1+/+%<! 0,5#57<! +7#-'&),5Ú! 1#+)5%<#-;'()*! =! '-! 1+0:¿1+/-'&-!
)(/&;'5>!
!!
!67""#$%&%'()&%*"(".$3)(),-"$3/*.8ħ$.8("9'&8*&8'(+,-"&)"$3/+9ų)4/%*"
" "")386":;:"<<!"#"
?+;! 6&57Ù57+! &'8+#4-:(3-! 1#,(! +3-,.&! 1#,50:¿10:/! ,/&,-'()*! ,! :#5ï)&!
&'8+#4-).&! .50:! 1#,5%5! /0,(0:3&4! <.-/'&5'&5! :5.Č5! :#5ï)&@AB!C'-.),¿ï)&5.! %-9
'()*!,-1&0-'()*!'-!)(8#+/(4!'+ï'&3<!&'8+#4-).&2!#,-%,&5.!=!1#,50(Ù-'()*!
1#,5,!0&5°!3+41<:5#+/!/!),-0&5!.5.!+605#/-).&!D'-!Č(/+EF!+#-,!=!'-!1+%9
0:-/&5! 45:-&'8+#4-).&! ,! ,-65,1&5),+'57+! 01#,¿:<! C;+7$/! 0(0:54+/()*2!

@AG!"(3+#,(0:-'+! 8#-745':(! -#:(3<Ù<! H>! I,4&:J! !"#$%&'(%)& *& +%,%-"%./& 0"1)Ù1)*& "-2*34%56$%&&
(& 7*85¿7*(%-"'& 73+6)*5*(%(.+64& (& 873%(%./& +& %359& :;:& !!2! DK&-#&<0,! L#-/'&),(E!!
M#!NO=NPQRSNR2!0>!BP=NSG>!
@AB!T7+%'&5!,!:(42!)+! '-1&0-'+!1+/(Č5.2! /!01#-/-)*!3-#'()*!ULU! +6;&7<.5! +#7-'!1#+)50+9
/(! %+! ,-0&¿7'&¿)&-! +1&'&&! 6&57Ù()*2! .5Č5;&! 0:/&5#%,5'&5! +3+;&),'+ï)&!4-.)()*! &0:+:'5! ,'-9
),5'&5!%;-!#+,0:#,(7'&¿)&-!01#-/(!/(4-7-!/&-%+4+ï)&!015).-;'()*>!H+Č'-!%+4'&54(/-°2!
Č5! =! 1#,('-.4'&5.! '-! +65)'(4! 5:-1&5! #+,/+.<! :5)*'&3&! =! 6-%-'&5! ,-/-#:+ï)&!<#,%,5Ú! &'9
8+#4-:(),'()*!'&5! ,-;&),-! 0&¿!%+!3-'+'<!/&5%,(!+7$;'5.>!L#,5)&/'&5!=! 0:+0<'3+/+! ;&),'5!
1#,(1-%3&! 3+':-4&'-).&! %+/+%$/! 5;53:#+'&),'()*! /03-,<.2! Č5! '-/5:! +0+6(! ,! 3&5#<'3+9
/(4! /(30,:-Ù)5'&54! &'8+#4-:(),'(4! '&5! ,-/0,5! 1+0&-%-.! +%1+/&5%'&!%+!:57+!)5;<!
/&5%,¿!&!1#-3:(3¿2! :-3! /&¿)! +65)'+ï°!6&57Ù57+! &'8+#4-:(3-! /! 01#-/-)*!1#,50:¿10:/!D3+'9
:5':+/()*E! /(4-7-.)()*! <.-/'&5'&-! :#5ï)&! %+/+%$/! 5;53:#+'&),'()*! /(%-.5! 0&¿!6(°!
+6;&7-:+#(.'-2!-!'-!15/'+!.50:!/03-,-'->!
!"#

$%&'()*+,-'.*
!
45:-%-'()*! 0(0:54<! +15#-)(.'57+! ),(! 1+0,),57$;'()*! #+%,-.$/! %+3<9
45':$/@OS F! =! +3#5ï;5'&5! +3+;&),'+ï)&2! /! .-3&)*! :#5ï)&! :5! ,'-;-,Ù(! 0&¿!'-!
3+41<:5#,5!+#-,!),(''+ï)&2!.-3&4!6(Ù(!1+%%-'52!/!0,),57$;'+ï)&!.5ï;&!4+9
7Ù(!:+!6(°!),(''+ï)&!15'-;&,+/-'5!/!%(01+,().&!-#:(3<Ù<2!+!3:$#(4!4+/-!
C'1>!#+,1+/0,5)*'&-'&5!1;&3<!/!V':5#'5)&5F>!
U+'0:#<3).-!-#:>!RSR!UU! .50:! &':5#50<.)-!#$/'&5Č! ,!:57+!1<'3:<!/&%,59
'&-2! Č5! ,-/&5#-! )-Ù!7-4¿! ,'-4&+'! ),-0+/'&3+/()*2! 3:$#5! +,'-),-.!
),(''+ï)&2! .-3&5! =! ,%-'&54! <0:-/+%-/)(! =! 4+Č'-! /(3+'-°!,!:#5ï)&!&'9
8+#4-).&@ON>!W#:(3<Ù!RSR!UU!15'-;&,<.5!1+0&-%-'&52!1#+%<3+/-'&52!01#+/-9
%,5'&52! 1#5,5':+/-'&52! <%+0:¿1'&-'&52! <:#/-;-'&52! #+,1+/0,5)*'&-'&52!
1#,5)*+/(/-'&5!&!<,(03&/-'&5!%+0:¿1<!#$Č'()*!#+%,-.$/!:#5ï)&!1+#'+7#-9
8&),'()*2! -! :-3Č5! <),50:'&):/+! /! 1#5,5':-).&! :#5ï)&! 1+#'+7#-8&),'()*! )5;<!
,-01+3+.5'&-! 0530<-;'57+>! X65)'-! #5%-3).-! :57+! -#:(3<Ù<! .50:! /('&3&54!
0,5#57<! ,4&-'! ;57&0;-)(.'()*2! 3:$#5! <0:-/+%-/)-! /! 3+;5.'()*! ;-:-)*!
/1#+/-%,-Ù@OR2!<0&Ù<.)!4>&'>! '-%Č(°!,-! #+,/+.54!/01$Ù),50'()*!'-#,¿9
%,&!&'8+#4-:(),'()*!+#-,!1#$6<.)!%+0:+0+/-°!1+;03&5!1#-/+!%+!%(#53:(/!
&! 3+'/5').&! 4&¿%,('-#+%+/()*>! L#+)50! :5'! %+1#+/-%,&Ù! %+! 1+/0:-'&-!
,-1&0$/! 4-.)()*! )*-#-3:5#! /(6&:'&5! 3-,<&0:(),'(2! '&53&5%(! 1+,+#'&5!
03#-.'&5!#50:#(3)(.'()*2!3:$#5!.5%'-3!:#<%'+!.50:!0:+0+/-°!/!1#-3:()5>!!
L+'&Č5.! +4$/&+'+! :5! 01+ï#$%! /(4&5'&+'()*! /! 1+/+Ù-'(4! -#:(3<;5!
),(''+ï)&2! 3:$#()*! 01+0$6! #5-;&,-).&! 4+Č5! 6<%,&°!/:1;&/+ï)&! ,! 1<'3:<!
/&%,5'&-!6&57Ù57+!&'8+#4-:(3-2! -!+!3:$#5! 4+Č5! 6(°!,-1(:-'(!1#,5,! +#7-'!
1#+)50+/(>!
Y0:-/+/5! ,'-4&¿! #+,1+/0,5)*'&-'&-! %58&'&<.5! 0&¿! ,-,/(),-.! .-3+!
D<),('&5'&5!1+/0,5)*'&5!%+0:¿1'(4E2!D0:/+#,5'&5!4+Č;&/+ï)&!1<6;&),'59

@OS!"! 0,),57$;'+ï)&! '1>! %;-! ,%.¿°!,-1&0-'()*!/!8+#4-)&5!ZL[!1#,5)*+/(/-'5!4+7!6(°!
+60,5#'5!%-'5!'1>!+!:(1&5!-1-#-:<!8+:+7#-8&),'57+2!%-)&5!&!4&5.0)<!/(3+'-'&-!,%.¿)&-!&:%>!!
@ON !"ï#$%! ),-0+/'&3$/! .-3&)*! <Č(Ù! <0:-/+%-/)-! 6#-3! /Ù-ï)&/&5! :(;3+! D<,(03&/-'&-E2!!
+!3:$#(4!6(Ù-!4+/-!1#,(!+3-,.&!-#:>!ROB6!UU!C#+,%,&-Ù!\>GF>!
@OR!X1#$),! <0:-/(! ,! \! 3/&5:'&-! RSN\! #>! +! ,4&-'&5! <0:-/(! =! U+%530! 3-#'(! +#-,! '&53:$#()*!
&''()*! <0:-/! CK,>Y>! RSN\! 1+,>! A@GF2! 4+/-! +! '-0:¿1<.)()*! <0:-/-)*J! <0:-/-! +! ,4&-'&5!
<0:-/(! =! U+%530! 3-#'(2! <0:-/(! =! U+%530! 1+0:¿1+/-'&-! 3-#'57+! +#-,! <0:-/(! =! U+%530!
/(3#+),5Ú!,!NG!4-#)-! RSS\! #>! CK,>Y>! M#! OB2!1+,>! OROF2! <0:-/-! +! ,4&-'&5! <0:-/(! =!U+%530!
3-#'(2!<0:-/(!=!U+%530! 1+0:¿1+/-'&-!3-#'57+! &!<0:-/(!=!U+%530!3-#'(!/(3+'-/),(!,!RP!
;&1)-!RSSA! #>! CK,>Y>! M#! NO@2!1+,>!N@O@F!+#-,!<0:-/-!+! ,4&-'&5! <0:-/(! =! U+%530! 3-#'(! +#-,!
'&53:$#()*!&''()*!<0:-/!,!R\!1-Ċ%,&5#'&3-!RSSG!#>!CK,>Y>!M#!RN\2!1+,>!N@\\F>!!
!"$

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

7+! %+0:¿1<E@O@ 2! D<),('&5'&5! %+0:¿1'(4! %;-! '&5+3#5ï;+'5.! ;&),6(! +%6&+#9
)$/EE@O\ 2! -;5! 4+Č'-! 01+:3-°!0&¿!:5Č! ,! #50:#(3)(.'(4! 0:-'+/&03&542! Č5!
D,'-4&¿ #+,1+/0,5)*'&-'&-! 6¿%,&5! ,#5-;&,+/-'5! #$/'&5Č! /! 1#,(1-%3<!
),(''+ï)&! .5%'+#-,+/5.! 1+;57-.c5.! '-! %+0:-#),5'&<! +3#5ï;+'5.! :#5ï)&! 1+#9
'+7#-8&),'5.! 3+'3#5:'5.! +0+6&52! .5%'-3Če! %+3+'-'5! ,5! ï/&-%+4+ï)&2! &Č!
:#5ï)&!:5!,+0:-'!'-0:¿1'&5!1#,53-,-'5!1#,5,!'&!&''(4!+0+6+4E@OA>!"!3+'9
:53ï)&5! &':5#50<.)(4! ,! 1<'3:<! /&%,5'&-! #+,/-Č-'()*! ,-7-%'&5Ú2! &0:+:'5!
.50:! '-.),¿ï)&5.2! ),(! %-'5! ,'-.%<.)5! 0&¿! /! 6-%-'(4! 3+41<:5#,5! 6(Ù(!!
=! 1#,(! /(3+#,(0:-'&<! :5)*'&3! &'8+#4-:(),'()*! =! <%+0:¿1'&-'5! +0+6+4!
&''(4!'&Č!<Č(:3+/'&3!:57+!3+41<:5#-@OO>!!
Y%+0:¿1'&-'&5! 6%Ċ! 1#,53-,(/-'&5! %-'()*! 1+4&¿%,(! <Č(:3+/'&3-4&!
#$Č'()*!3+41<:5#$/!4+Č5! 4&5°! 4&5.0)5! '-!/&5;5!01+0+6$/>!K-'5!4+Č'-!
03+1&+/-°! 1+4&¿%,(! 3+41<:5#-4&2! 1+),/0,(! +%! /(3+#,(0:-'&-! '+ï'&9
3$/! ,5/'¿:#,'()*! C1-4&¿°! YI]2! 1Ù(:(! ^KQK_KQ]K2! %(03&5:3&F2! 1+1#,5,!

@O@!T+6>! '1>J! ?>! U#-.5/03&J! <3+185¿785(*&'53(%#%-"%&"&3*+7*(8+1./-"%-"%&("+13'-$'&-%)"1=& *8*06&
#'0&*8*06&(&53%$."1&.+6--*ï."&81$8'%#-1=2!DL#+3<#-:<#-!&!L#-/+E!M#!AQRSNR!0>!RS=\S>!
@O\!`-3-! /(3Ù-%'&-! 8<'3).+'<.5! 1#,('-.4'&5.! /! ,-3#50&5! 1#-/-! -<:+#03&57+2! /! 3+':53ï)&5!
#+,1+/0,5)*'&-'&-! <:/+#$/>! L+#>J! Z>! ]-#:-2! H>! ^,-.3+/03-9K6#+/03-2! T>! )/&3-;03&J!
<3%(*&%'5*38$"1&"&73%(%&7*$31(-19& !*41-5%3+2! "+;:5#0! U;</5#2! "-#0,-/-!RSNN2! 0>! P\P>! ?$/9
'&5Č!/!1#-)(!W>![#,5ï3+/&-32! U>! "&-3J! !*,1$8&$%3-69&!*41-5%3+2!1+%!#5%>! W>! [#,5ï3+/&-3!!
&!U>!"&-3-2!^>a>!]5)32!"-#0,-/-!RSNR2!-<:+#,(!1&0,J!D?+,1+/0,5)*'&-'&5!:#5ï)&!1+#'+7#-9
8&),'()*!:+!4>&'>!3+;1+#:-Č2!1<6;&3-).-2!<Č(),5'&52!3+1&+/-'&5!&!&''57+!#+%,-.<!<%+0:¿1'&-9
'&5! :-3&)*! :#5ï)&! 0,5#0,54<! &! 6;&Č5.! '&5+3#5ï;+'54<! 3#¿7+/&! +0$6>! M&5! 0:-'+/&! '-:+4&-0:!
#+,1+/0,5)*'&-'&-!%,&-Ù-'&5!1+;57-.)5! '-! <%+0:¿1'&5'&<! :#5ï)&!1+#'+7#-8&),'()*!'&5/&5;9
3&54<! &! ï)&ï;5! +3#5ï;+'54<! 3#¿7+/&! +0$6! C/(#+3! IM! ,! NO>R> NBGP! #>2! "?! RGQGP2! XIMU"!!
M#!BNSQNBGP2!1+,>!GAFE>!
@OA!L>!I&543+/&),J!<3+185¿785(%&*&./%3%$513+1&71,*2"#8$"4&"&73+1."($*&(*#-*ï."&81$8'%#-1=&7*71Ù-"%>
-1&7*73+1+& ?-513-15@&(&'=¿."'&7*#8$"1)*&$*,1$8'&$%3-1)*2!D59^,-0+1&04+!L#-/-!U-#'57+! &!M-<3!
L5'-;'()*E! M#! PQRSNN2! *::1JQQ///>),13>1;Q-#:(3<;(QP9RSNN9I&543+/&),bL>bL#,50:510:/-b!
+b)*-#-3:5#,5b15%+8&;03&4b&b1#,5)&/3+b/+;'+0)&b0530<-;'5.b1+15;'&-'5b1+1#,5,bV':5#'5
:b/b<.5)&<b1+;03&57+b3+%530<b3-#'57+>1%8>!
@OO!"-#:+!'-!4-#7&'50&5!,-</-Č(°2!Č5!:#<%'+ï)&! 4+Č5!01#-/&-°!0-4+!+3#5ï;5'&52!3:+!%+1<9
ï)&Ù!0&¿!),('<!,-6#+'&+'57+2!.5ï;&!<Č(:3+/'&3$/!3+41<:5#-!6(Ù+!/&5;<J!/!:-3&4!1#,(1-%3<!
1+4+)'5! 4+7! 6(°! &'8+#4-).5! +! 3+':-)*! <Č(:3+/'&3$/! 03+'8&7<#+/-'()*! '-! 6-%-'(4!
<#,%,5'&<! ),(! 45:-%-'5! %+:(),)5! ),-0<! +15#-).&! '-! 3+'3#5:'()*! 1;&3-)*! C<:/+#,5'&-2!
1+6#-'&-2!<%+0:¿1'&5'&-2!4+%(8&3-).&!&:%>F>!
!"%

$%&'()*+,-'.*
!
1#,50(Ù-'&5!1#,(!/(3+#,(0:-'&<!45)*-'&,4$/!1+),:(!5;53:#+'&),'5.@OP2!-Č!
%+!/(3+#,(0:-'&-! #$Č'()*!#+%,-.$/! 05#/&0$/!&! -1;&3-).&!0&5)&+/()*>! I:+9
0<'3+/+! '-.6-#%,&5.! #+,1+/0,5)*'&+'(4! 01+0+654! C0,),57$;'&5! /ï#$%!
4-Ù+!,--/-'0+/-'()*!<Č(:3+/'&3$/F!0!0&5)&!7113>5*>7113!CLRLF@OG>!X60Ù<9
7-! 1#+:+3+Ù$/! LRL! /6<%+/-'-! .50:! /! '&53:$#5! 1#,57;%-#3&! &':5#'5:+/5!
C6%Ċ!:5Č!/:(),3&! %+!'&)*F2!0:%!:5Č! %+!#+,1+/0,5)*'&-'&-!1;&3$/!/! 0&5)&!
LRL!'&5!.50:!3+'&5),'5!1+0&-%-'&5!%5%(3+/-'()*!1#+7#-4$/@OB>!!
"-#:+! 1-4&¿:-°2! Č5! ,! 1<'3:<! /&%,5'&-! 1#,5)&¿:'57+! <Č(:3+/'&3-2! 1+9
6#-'&5!1;&3<! ,! 05#/5#-! ///! &! ,! 0&5)&!LRL! /(7;%-!1+%+6'&52! %;-:57+! :5Č!
01+#-!),¿ï°!<Č(:3+/'&3$/!0&5)&!LRL!'&5!,%-.5!0+6&5!01#-/(2!Č5!Dï)&7-.)E!
.-3&ï! 1;&3! .5%'+),5ï'&5! <%+0:¿1'&-! 7+! &''(42! )+! /(),5#1<.5! <0:-/+/5!
,'-4&¿! #+,1+/0,5)*'&-'&-! C%+:(),(! :+! ,#50,:!#$/'&5Č! 1#,50:¿10:/!!
,! -#:>! NNO! L#W<:F>! M&5,'-.+4+ï°! -#)*&:53:<#(! &! ,-0-%(! %,&-Ù-'&-! 0&5)&! LRL!
.50:! ,#50,:! .5%'! ,! ;&'&&! +6#+'(! +0$6! #+,1+/0,5)*'&-.)()*! :#5ï)&! ,-! &)*!
1+4+)>!?,5),!.-0'-2!6&57Ù(!&'8+#4-:(3!'&5!.50:!/!0:-'&5!/01+4$)!:<!+#7-9
'<! 1#+)50+/57+! /! %+:-#)&<! %+! 1#-/%(2! '&5! 1+0&-%-! 6+/&54! /7;%<!!
/! /&5%,¿!<Č(:3+/'&3-! 3+41<:5#->! I:%! :5Č2! ,%-#,-.)5! 0&¿! '&50:5:(! %+ï°!
),¿0:+! /! 1+0:-'+/&5'&-)*! +! ,-0&¿7'&¿)&<! +1&'&&! 6&57Ù57+2! 1(:-'&-J! D),(!
<Č(:3+/'&3!3+41<:5#-! #+,1+/0,5)*'&-Ù!1;&3&! /!01+0$6! ï/&-%+4(E2!4<9
0,!1+,+0:-°!65,!+%1+/&5%,&>!!
"&Č5!0&¿!,!:(4!#$/'&5Č!3/50:&-!08+#4<Ù+/-'&-!D3:+2!/!)5;<Ȉ!,!-#:>!RSR!
c! @! UU2! 3:$#5! :+! 08+#4<Ù+/-'&5!&41;&3<.5! ,-/¿Č5'&5!0:#+'(! 1+%4&+:+/5.!
1#,50:¿10:/-! %+! ,-4&-#<! 3&5#<'3+/57+! &! 5;&4&'<.5! ,-4&-#! 5/5':<-;'(>!

@OP!M-! 0,),57$;'5! </,7;¿%'&5'&5! ,-0Ù<7<.5! /(3+#,(0:-'&5! %-#4+/()*! 03#,('53! 1+),:+9
/()*!%+!#+,1+/0,5)*'&-'&-!1;&3$/!C:,/>!7113>5*>4%"#!LRHF!+#-,!/(3+#,(0:-'&5!%+!:57+!)5;<!
05#/5#$/!'5/0!CMM`L!=!A15(*3$&A1(8&B3%-8213&<3*5*.*#F>!
@OG!I-4+!1+.¿)&5!LRL!1&5#/+:'&5!+%'+0&Ù+! 0&¿!%+!-#)*&:53:<#(!1#,5:/-#,-'&-!#+,1#+0,+'57+>!
T-0-%'&),+! &0:'&5.! %/-! #+%,-.5! -#)*&:53:<#J! 3;&5':Q05#/5#! C-'7>! C#"1-5DE13F13@& CDEF! +#-,!!
<113>5*><113! C-'7>&7113!=!#$/'+#,¿%'(F>! "! -#)*&:53:<#,5! <113>5*><113!4-0,('-!3+#,(0:-.)-!!
,!<0Ù<7&!.50:!.5%'+),5ï'&5!.5.!%+0:-/)>!W#)*&:53:<#-!:-!.50:!/(3+#,(0:(/-'-!4>&'>!%+!1+6&59
#-'&-Q#+,1+/0,5)*'&-'&-!1;&3$/2!7Ù$/'&5!,!:57+!1+/+%<2!Č5!4+%5;!LRL!1+,/-;-!#+,Ù+Č(°!
+6)&Č5'&5! '-! /&5;5! 4-0,('! =! 3+41<:5#(! 1+6&5#-.)5! 1;&3! .5%'+),5ï'&5! 7+! <%+0:¿1'&-.2!!
-!3+;5.'5!Č%-'&-!1+6#-'&-!1;&3<!3&5#+/-'5!0!1#,5,!+%1+/&5%'&5!45)*-'&,4(!0&5)&+/5!%+!
#$Č'()*!%+0:-/)$/2!:-3!-6(!<'&3'°!1+/0:-/-'&-! D/03&)*! 7-#%5ÙE! :#-'04&0.&! &! '-%4&5#9
'57+! +6)&Č5'&-! 3+41<:5#-! <%+0:¿1'&-.)57+! %-'52! )+! ,%-#,-! 0&¿!/!1#,(1-%3<!1+.5%('9
),()*!05#/5#$/!/!-#)*&:53:<#,5!^QI>!
@OB!M&5!%+!3+Ú)-!1+1#-/'&5!,/-'()*!3;&5':-4&2!:-3&)*!.-3!'1>!H&)#+`+##5':!),(!W,<#5<0>!
!""

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

`#<%'+ï°!1+;57-!:<!'-!:(42!Č5! '-/5:! #+,1+/0,5)*'&-'&5! +3#5ï;+'57+!
#+%,-.<! 4-:5#&-Ù$/! '&5! .50:! /(0:-#),-.)5! C/+65)! '&5,'-.+4+ï)&! ,-0-%!
%,&-Ù-'&-!'-#,¿%,&-2!,! 3:$#57+!+0+6-!1+6&5#-.)-Q#+,1+/0,5)*'&-.)-!:#59
ï)&!3+#,(0:-Ù-F!%+!'&56<%,)57+!/:1;&/+ï)&!<%+/+%'&5'&-2!Č5!#,5),(/&9
ï)&5!4&-Ù-!+'-!,-4&-#!#+,1+/0,5)*'&-'&->!T!%#<7&5.!0:#+'(2!4+Č;&/5!.50:!
#$/'&5Č!3+#,(0:'&5! ,! 0&5)&!LRL!1#,(!<Č()&<!+1#+7#-4+/-'&-!03+'8&7<#+9
/-'57+! :-32! -6(! '&5! 1+,/-;-Ù+! +'+! '-! #+,1+/0,5)*'&-'&5! 1+6#-'()*!
1;&3$/@PS>!T!:57+!1+/+%<!0-4+!,'-;5,&5'&5!-%#50<!VL!3+41<:5#-!'-!;&ï)&5!
-%#50$/2!3:$#5!1+6&5#-Ù(!%-'(!1;&3! /! 0&5)&!LRL! '&5!.50:! /(0:-#),-.)5!%+!
0:/&5#%,5'&-2! Č5! 1;&3! :5'! 6(Ù! ,! 3+41<:5#-! +! :(4! -%#50&5! #$/'&5Č!<%+9
0:¿1'&-'(>!!
L+%+6'-!;&'&-!+6#+'(!%+:(),(!),¿0:+!1+0&-%-'&-@PN!1+0,),57$;'()*!#+9
%,-.$/! 4-:5#&-Ù$/! 1+#'+7#-8&),'()*2! 15'-;&,+/-'57+! /! 1-#-7#-8-)*! @2!
\2!\-!+#-,!\6!+4-/&-'57+!-#:(3<Ù<>!L+.-/&-!0&¿!:<!,#50,:!3&;3-!%+%-:3+9
/()*!1#+6;54$/J!
9 1+! 1&5#/0,52! <Č(:3+/'&3! 0(0:54<! 3+41<:5#+/57+! 4$7Ù!
/5.ï°!/!1+0&-%-'&5!D:#5ï)&!,-6#+'&+'()*E!/!01+0$6!1#,(1-%3+/(>!
"! V':5#'5)&52! -! /! 0,),57$;'+ï)&! /! 0&5)&-)*! LRL2! 4+Č'-! ,'-;5Ċ°!
1;&3&2! 3:$#5! 1+%! 0:+0<'3+/+! D'&5/&''(4&E! '-,/-4&! ,-/&5#-.!
4-:5#&-Ù(!1+#'+7#-8&),'52!/!:(4!1+#'+7#-8&¿!%,&5)&¿)>!?,5),(/&9
ï)&5!:#<%'+!'&5! %-°! /&-#(!:-3&54<!:Ù<4-),5'&<2! .5ï;&! '-!6-%-'(4!
3+41<:5#,5!,'-;5,&+'+!1+.5%('),5!,%.¿)&5!),(!8&;42!,'-.%<.)5!0&¿!
/! 1;&3<! +! '-,/&5! 0<75#<.)5.! ,<15Ù'&5! &''!,-/-#:+ï°>! K#<7!
03#-.'+ï)&!0! D3+;53).+'5#,(E2! 3:$#,(! #$Č'5! #+%,-.5! 4-:5#&-Ù$/!
1+#'+7#-8&),'()*! 1#,5)*+/<.!'-!0:-#-''&5!+1&0-'()*!&!03-:-;+9

@PS!Z-33+;/&53!:/$#)(! 0&5)&! LRL!<0&Ù<.!6#+'&°!0&¿!1#,5%! :-3!4+Č;&/+ï)&!C,!:5)*'&),'57+!
1<'3:<! /&%,5'&-! &0:'&5'&5! :57+! #+%,-.<! 3;&5':$/! 0&5)&! 1+/+%<.5! /,#+0:! .5.! +6)&Č5'&-!!
&!<:#-:¿!3+#,(ï)&2!.-3&5! -#)*&:53:<#-!LRL!%-.5!/!0:+0<'3<!%+!-#)*&:53:<#(!^QIF2! :+! &0:'&5.5!
+1#+7#-4+/-'&5! <4+Č;&/&-.)5! +0&7'&¿)&5! :-3&57+! 5853:<>! "! 0,),57$;'+ï)&2! %;-! 0&5)&!
]&:`+##5':! .50:! :+! 3;&5':! +! '-,/&5! ]&::*&582! *::1JQQ6&::*&58>5:*,>)*>! K+3Ù-%'5! &'8+#4-).5!!
+!,-0-%,&5!.57+!%,&-Ù-'&-!,-/&5#-!-#:(3<Ù!`>!d+)*5#2! L>! H++#2!I>!I)*4&%2! ?>! "-::5'*+85#J!
G311&H","-)&"-&I"5B*331-5&"8&C/1%72!*::1JQQ///>%&0)+>5:*,>)*Q1<6;&)-:&+'0Q*+:'5:0SO>1%8>!
@PN!T+6>! W>! L&-),(Ú03-J! <*8"%,%-"1& =%$*& +-%4"¿&.+6-'&+%03*-"*-1)*2! DL#+3<#-:<#-! &! L#-/+E!!
M#!P=GQRSNS2!0>!A\=PS>!
!"&

$%&'()*+,-'.*
!
7+/-'()*!1Ù(:-)*!^KQK_K>!"!:-3&5.!0(:<-).&!1(:-'&5!+!)5;+/(!)*-9
#-3:5#!:-3&5.!%,&-Ù-;'+ï)&!/(%-.5!0&¿!4&5°!+),(/&0:!+%1+/&5%Ċ@PRe!
9 1+!/:$#52!3+41<:5#!<Č(:3+/'&3-!4$7Ù!,+0:-°!,-&'853+/-'(!
,Ù+ï;&/(4!+1#+7#-4+/-'&542!,-!1+ï#5%'&):/54!3:$#57+!&''-!+0+9
6-! 1#,5.¿Ù-! '-%! '&4! 3+':#+;¿! /! 01+0$6! '&5,-</-Č+'(! 1#,5,! .57+!
D;57-;'57+E! <Č(:3+/'&3-! &! /(3+#,(0:-Ù-! %+! 1+15Ù'&5'&-! ),('$/!
1#,50:¿1'()*>! ]&+#)! 1+/(Č0,5! 1+%! </-7¿2! .50:! %+6#!1#-3:(3!
6&57Ù()*!&'8+#4-:(3$/!C1+,+0:-.)!'&50:5:(!6-#%,+!),¿0:+!/!085#,5!
D%+6#5.!:5+#&&EF! </,7;¿%'&-'&5! ,-/0,5!&! /! 3-Č%5.!+1&'&&! &'8+#4-).&!!
+! 5/5':<-;'(4! ,'-;5,&+'(4! /! 0(0:54&5! 3+41<:5#+/(4! ,Ù+ï;&9
/(4!+1#+7#-4+/-'&<>!Z50:!:+!&'8+#4-).-!'-!:(;5!&0:+:'-!%;-!<0:-;59
'&-! 1#-/%(2! Č5! 1+/&''-! 6(°! </,7;¿%'&+'-! /! 3-Č%(4! /(1-%3<2!
'-/5:!.5ï;&!,-3#50!+1&'&&!+3#5ï;+'(!/!1+0:-'+/&5'&<!+!.5.!,-0&¿7'&¿9
)&<!'&5!,-/&5#-!1J7#"."51!1(:-'&-!+!,Ù+ï;&/5!+1#+7#-4+/-'&5@P@e!
9 1+!:#,5)&52! 1+%+6'-! 0(:<-).-!4+Č5!4&5°!4&5.0)5!/!1#,(1-%9
3<!1+%0,()&-!0&¿!C-'7>! 87**2"-)K!1+%!<Č(:3+/'&3-! /! 0&5)&2! )+!0,),59
7$;'&5! %+:(),(°!4+Č5! +0$62! 3:$#5! 3+#,(0:-.! ,! '&5,-65,1&5),+'5.!
;<6! Ċ;5! ,-65,1&5),+'5.! 0&5)&! 65,1#,5/+%+/5.2! 6%Ċ! /! 1#,(1-%3<!
3#-%,&5Č(!:+Č0-4+ï)&e!
9 1+! ),/-#:5! /#50,)&5! −!4+Č5! #$/'&5Č!4&5°!4&5.0)5!0(:<-).-2!!
/!3:$#5.!1+0&-%-),!'+ï'&3-!/0,5%Ù!'&5ï/&-%+4&5!/!1+0&-%-'&5!:#5ï)&!
'-!'&4!,-/-#:()*!C'1>!1#,5,!'-6()&5!<Č(/-'57+!'+ï'&3-!%-'()*F>!
T! ,-7-%'&5'&54! 1+0&-%-'&-! /&Č5! 0&¿!#$/'&5Č!3/50:&-!+3#5ï;5'&-! <0:-9
/+/()*!,'-4&+'!),('<!,-6#+'&+'57+2!/!+%'&50&5'&<!%+!:#5ï)&!1#,5:/-#,-9

@PR!M&54'&5.! '&5! 4+Č'-! :-3&57+! 1(:-'&-! ,-%-/-°!6&57Ù54<! &'8+#4-:(3+/&! =! +)5'-! 0:-'<!
ï/&-%+4+ï)&!1+%5.#,-'57+! '&5! /)*+%,&!6+/&54!/!,-3#50!/&-%+4+ï)&!015).-;'()*! ,! &'8+#9
4-:(3&>!!
@P@!H+Č'-!1+%-°!1#,('-.4'&5.!%/-!-#7<45':(!1#,54-/&-.)5!,-!:-3&4!1+%5.ï)&54!%+!:57+!
,-7-%'&5'&-J! 1+! 1&5#/0,52! ,! </-7&! '-! ,-0-%¿! 1#-/%(! 4-:5#&-;'5.! =! 6#-3! /&5%,(! +#7-'<!
1#+)50+/57+!+!+3+;&),'+ï)&2!+!3:$#5.!4+/-2!4+Č5!03<:5),'&5!<'&54+Č;&/&°!%+:-#)&5!%+!'&5.e!
1+!%#<7&5!!/!;&:5#-:<#,5!1+ï/&¿)+'5.!+1&'&+/-'&<!C,+6>! '1>J! ! Z>! "$.)&3&5/&),J!L$871356+%M2!
+1>!)&:>2!0>!RP!&! '-0:>F! 1+%3#5ï;-! 0&¿2! Č5! 6&57Ù(!4-! '&5! :(;3+!1#-/+2! -;5! &! +6+/&,53!1+&'8+#9
4+/-°!+#7-'!1#+)50+/(!+!1+%5.#,5'&<! 1+15Ù'&5'&-!1#,50:¿10:/-2!+! 3:$#(4!%+/&5%,&-Ù!0&¿!
'-! 03<:53! #5-;&,-).&! ),(''+ï)&! 6-%-/),()*! ,/&,-'()*! ,! +1&'&+/-'&542! -! '&5/:1;&/&5!
,-&'0:-;+/-'&5!:-3&57+! +1#+7#-4+/-'&-! &! ,%-;'5!<,(03-'&5! /!:5'! 01+0$6!%+0:¿1<! %+! 0(09
:54<!&'8+#4-:(),'57+!/(),5#1<.5!,'-4&+'-!1#,50:¿10:/-!,!-#:>!ROP!c!R!UU>!
!"'

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

'()*! /! 1+0:-)&! 5;53:#+'&),'5.>! "! '-.6-#%,&5.! #50:#(3)(.'(4! 1+%5.ï)&<@P\ J!
DL+0&-%-'&5!.50:! ),('54!&':5').+'-;'(42! ,-ï!1#,5)*+/(/-'&5!'&5>!"!1#,(9
1-%3<! 3+41<:5#$/! =! -<:+4-:(),'5! ,-1&0-'&5! 0&¿!,%.¿)&-! /! 1-4&¿)&! 1+%9
#¿),'5.! +,'-),-! 1#,5)*+/(/-'&52! ,-ï!ï/&-%+45! ,-1&0-'&5! 1;&3<! '-! %(03!!
=!1+0&-%-'&5E9!`-3!&':5#1#5:-).¿!'-;5Č(!<,'-°!,-!6Ù¿%'@PA>!L+4&.-.)!.<Č2!Č5!
D-<:+4-:(),'5E!,-1&0-'&5! :#5ï)&2! '1>! 1#,57;%-'()*! 0:#+'! ///! /! 1-4&¿)&!
1+%#¿),'5.!4+Č'-!5/5':<-;'&52! /!'&53:$#()*!#+%,-.-)*! 1#,57;%-#53!&! 0(09
:54$/!+15#-)(.'()*!/(Ù),(°!C)+!.5%'-3!/(4-7-!+%!<Č(:3+/'&3-!3+41<9
:5#-!15/'5.! /&5%,(!&!<4&5.¿:'+ï)&F2! :+! &!:-32!-6(! 4$)!,-1+,'-°!0&¿!,!:#5ï)&!
%+/+;'57+! %+3<45':<2! /(3+#,(0:<.)! /! :(4! )5;<! 3+41<:5#! :#,56-! %+3<9
45':! :5'! /! .-3&ï!01+0$6!1#,53-,-°!%+!+%1+/&5%'&57+!<#,%,5'&-! /(.ï)&-!
C4+'&:+#-2! #,<:'&3-2! %#<3-#3&2! ),(! /! 1#,(1-%3<! <:/+#$/! %Ċ/&¿3+/()*!!
=! '-! 7Ù+ï'&3&! 1+%Ù),+'5! %+! /(.ï)&-! -<%&+F2! )+! &41;&3<.5! 3+'&5),'+ï°!
<4&50,),5'&-! :-3&57+! %+3<45':<! /! 1-4&¿)&! +15#-)(.'5.! :57+! 3+41<:5#-!
C-'7>! H%-,*4&N..188& O14*362! ?WHF>! "! :5'! 01+0$6! 1#,50Ù-'3&! ),('<! ,-6#+9
'&+'57+!6(Ù(6(!015Ù'&+'5!'1>!1#,(!+%56#-'&<!;&0:<!594-&;!=!.-3!#$/'&5Č!,/(9
3Ù57+!;&0:<!1-1&5#+/57+!=!,-/&5#-.)57+! D:#5ï)&!,-6#+'&+'5E! C.<Č!1#,5%!,-1+9
,'-'&54! 0&¿!-%#50-:-!,!.57+!:#5ï)&F2! ),(! 1#,(! 1#,(1-%3+/(4! /5.ï)&<! '-!
0:#+'¿!///!,-/&5#-.)!:-3&5!:#5ï)&!C)*+°6(!+0+6-2!3:$#-!'-!:¿!0:#+'¿!/50,Ù-2!
'-:()*4&-0:!,-43'¿Ù-!1#,57;%-#3¿!),(!+1<ï)&Ù-!0:#+'¿F>! ?,5),!.-0'-2! +0+6&5!
:-3&5.!'&5!4+Č'-!6(Ù+6(!1#,(1&0-°!/&'(!,-!1+15Ù'&5'&5!:57+!#+%,-.<!),('<>!!
Y0:-/+/5! ,'-4&¿!D1#,5)*+/(/-'&-E!,'-),'&5!;51&5.!/(.-ï'&-! %58&'&).-2!!
/!4(ï;!3:$#5.J!D,-!1#,5)*+/(/-'&5!<,'-.5!0&¿!:-3&!0:-'2!/!3:$#(4!,-65,1&59
),-!0&¿!+3#5ï;+'5! :#5ï)&! /!:-3&!01+0$62! -6(! &0:'&-Ù-!4+Č;&/+ï°!,-1+,'-'&-!0&¿!!
,!'&4&!/!1$Ċ'&5.0,(4!+3#50&52!-!:-3Č5!1+0&-%-'&5! &)*!/!<3#()&<E@PO>!I:%!:5Č!

@P\ !T+6>! Z>! g1&5/-3J! P6$*3+685%-"1& 81$8'%#-1& ,+"1.$%& (& $*,1$8"1& $%3-64& *,& .+13(.%& :;Q;& 3>2!
*::1JQQ1;-),%,&5)3->6;+f>1;Q*:4;QN@NSPRN2RORN\O2RN>*:4;gA@OABR>!
@PA!L+#>! '1>J! W>! d-)*J! <*=¿."1& 7*8"%,%-"%& 7*3-*)3%2""& ,+"1."¿.1=& (& %359& :;:& R& S%& $*,1$8'& $%3-1)*&&
(& *,-"18"1-"'& ,*& ,%-6./& "-2*34%56.+-6./2! D?<)*! L#-/'&),(2! h3+'+4&),'(! &! I+).+;+7&),'(E!
?+3!diiVV! =! T50,(:! N! =!RSNS2!0>! OB9GSe! Z>! "-#(;5/03&J! E68514& <3%(%&!%3-1)*9&B9&Q;9!<3+185¿7>
85(%&73+1."($*&,*03*4&"-,6(",'%#-642!1+%!#5%>!Z>!"-#(;5/03&57+2!"-#0,-/-!RSNR2!d57-;&0>!
@PO!W>!H-#53J! !*,1$8&$%3-69&!*41-5%3+2! "+;:5#0! U;</5#2! "-#0,-/-!RSSP2! 0>! @BO! ,-J! H>! "#,59
ï'&5/03&J! !3656.+-"1& *& 73+185¿785(%./& 7*3-*)3%2".+-6./2! DL#+3<#-:<#-! &! L#-/+E! M#! NNQRSNN2!!
0>!BG=NNN>!
!"(

$%&'()*+,-'.*
!
/Ù-ï)&/5!6(Ù+6(!#+,#$Č'&5'&52!),(!5/5':<-;'5!D:#5ï)&!,-6#+'&+'5E!,'-.%<9
.)5!0&¿!'-!6-%-'(4!'+ï'&3<! %-'()*! ,'-;-,Ù(!0&¿! :-4!'-! 03<:53!D-<:+4-9
:(),'()*E! %,&-Ù-Ú! 0(0:54<! 3+41<:5#+/57+! C%+:(),(°!:+!6¿%,&5! '1>! :/+9
#,+'()*! ;+3-;'&5! 1#,5,! 1#,57;%-#3¿! &':5#'5:+/!3+1&&!1#,57;%-'()*!
0:#+'!///F2!),(!:5Č!6(Ù(!,-1&0-'5!1#,5,!<Č(:3+/'&3-!3+41<:5#-@PP>!h/5'9
:<-;'-!3+'3;<,.-!+1&'&<.)57+J! D1;&3&2! +! 3:$#()*! 4+/-!,'-.%+/-Ù(!0&¿!/(9
Ù),'&5! /! 4&5.0)-)*2! /! 3:$#()*! 1#,57;%-#3-! 1#,5)*+/<.5! 3+1&5! 6<8+#+9
/5E2!.50:!1#,50Ù-'3! 1#,54-/&-.)!,-!:(42!Č5!<Č(:3+/'&3!3+41<:5#-!'&5!
0:-/&-Ù!0+6&5!,-!)5;!,-1+,'-/-'&-!0&¿!'&4&!/!1$Ċ'&5.0,(4!+3#50&5@PG>!!
T'-;5,&5'&5! 0&¿!1;&3$/!/!1-4&¿)&! 6<8+#+/5.! 1#,57;%-#3&! C/! 1#-3:()5!
#$/'&5Č!,'-;5,&5'&5!1#,5,!6&57Ù57+! '-! %(03<! 1;&3$/! <1#,5%'&+! 03-0+/-9
'()*2!)+!%+!3:$#()*!'&5!4+Č'-!4&5°!15/'+ï)&2!Č5!'&5!6(Ù(!<4&50,),+'5!:(;3+!
/!1-4&¿)&!6<8+#+/5.!1#,57;%-#3&@PBF!'&5!/(),5#1<.5!#$/'&5Č!,'-4&5'&-!&)*!
01#+/-%,-'&-@GS>! "-#:+! '-:+4&-0:! 1-4&¿:-°2! Č5! 0-4+! <4&50,),5'&5! 1;&3$/!

@PP!?+,/-Č-'&-! '-! :54-:! :(4),-0+/+ï)&! 1#,5.ï)&+/57+! )*-#-3:5#<! 3+1&&! <4&50,),-'()*!!
/!1-4&¿)&!1+%#¿),'5.!+#-,!0:-'+/&5'&-! 1#,5,!'&5!&':57#-;'5.!),¿ï)&!1#+)50<!:5)*'+;+7&),'57+2!
,! 1<'3:<! /&%,5'&-! 1#-/-! -<:+#03&57+2! ,-/&5#-! /(#+3! `#(6<'-Ù<! I1#-/&5%;&/+ï)&! Y'&&!
h<#+15.03&5.!,!A!),5#/)-!RSN\!#>2!^9@OSQN@>!
@PG!X),(/&ï)&5!4+Č5!0&¿!,%-#,(°2!Č5!<Č(:3+/'&3!1#,57;%-#3&!)5;+/+!/(3+#,(0:(/-°!6¿%,&5!
:-3&5!4&5.0)5!C:5'! 0-4! 8+;%5#2! 3-:-;+7F! %+! 1#,5)*+/(/-'&-!D:#5ï)&!,-6#+'&+'()*E2!)*+°!.50:!
:+!#-),5.!4-Ù+!1#-/%+1+%+6'52!5/5':<-;'&5!.-3&)*ï!&'8+#4-).&!4+Č5!%+0:-#),(°!-'-;&,-!%-:!
+0:-:'&57+! %+0:¿1<! %+! 1;&3$/2! )*+°!/'&+03+/-'&5!,!:57+!#+%,-.<!45:-%-'()*!1#+/-%,&!
,-,/(),-.!%+!3+'3;<,.&!+!'&5/&5;3&5.!0:-'+/),+ï)&>!
@PB!"! 1#,(1-%3<! '&53:$#()*! 0(0:54$/! +15#-)(.'()*! &! '&53:$#()*! 45:+%!<0</-'&-! 1;&3$/!
'&5!4+Č'-!<0:-;&°!/!.-3&4!3-:-;+7<!C8+;%5#,5F!,'-.%+/-Ù(!0&¿!+'5!1&5#/+:'&5>!
@GS!I,),57$Ù+/+!/(.-ï'&-!:+!8#-745':!<,-0-%'&5'&-!/(#+3<!I%<!W15;-)(.'57+!/5!"#+)Ù-9
/&<!,!RP!/#,5ï'&-!RSNR!#>!CVV!WU-!NPNQNRFJ!!
DI1#+/-%,-'&5! :+! :(;5!)+! 01+/+%+/-'&5! 1#,(6()&-2! ,'-;5,&5'&-! 0&¿!),57+ï! /! .-3&4ï!4&5.9
0)<2! 1#,(),('&5'&5! CEÙ*(-"$&=¿+6$%&7*#8$"1)*! 1+%! #5%>! H>! I,(4),-3-2! "-#0,-/-! NBB@2! :>! VVV!!
0>!@SOF>! ^*+%,&! /&¿)!,-#$/'+!+!1#,54&50,),5'&5!0&¿!),57+ï2!.-3! &! ,-)*+/-'&5!'-3&5#+/-'&5!
6(!:+! 1#,(6()&52! 1+.-/&5'&5! 0&¿!01+/+%+/-°>! H>! ?+%,('3&5/&),!</-Č-2! Č5! ),-0+/'&3!:5'!
<Č(:(!/!-#:>! RSR!c!\-!UU!+,'-),-!:-3!+6#$:!,-7#-'&),'(2!.-3!&!3#-.+/(2!-!:-3Č5!j01#+/-%,-9
'&5!,-3-,-'()*! :#5ï)&! ,! 0&5)&! &':5#'5:+/5.!'&5,-;5Č'&5!+%!:57+!7%,&5!,'-.%<.5!0&¿!05#/5#2! '-!
3:$#(4! <4&50,),+'+! :5! :#5ï)&k! C!*,1$8& $%3-69& C+¿ï°&8+.+1)T#-%@&B9&??9&!*41-5%3+2! 1+%! #5%>!!
W>!T+;;-!:5,-!RB!%+!-#:>!RSR!UUF>!L+%+6'&5!W>!H-#53!CW>!H-#53J!!*,1$8&$%3-69&!*41-5%3+2!dhi!
RSNS>!`5,-!B! %+! -#:>! RSR!UUF!/03-,<.)(2!Č5! )*+%,&!+! 1+,(03&/-'&5!:-3&)*! :#5ï)&>! "&%+),'5!
.50:! 1+/&,-'&5! :57+! ,'-4&5'&-! ,! 1+,+0:-Ù(4&! /(4&5'&+'(4&! /! -#:>! RSR! c! \! -! UU! .-3+!
/0:¿1'57+!5:-1<!4+7)57+!1#+/-%,&°!%+!1+0&-%-'&-!;<6!1#,5)*+/(/-'&-!'+ï'&3$/!:#5ï)&!
1+#'+7#-8&),'()*>! L#,5%0:-/&+'(! 01+0$6! #+,<4&5'&-! 01#+/-%,-'&-!:#5ï)&2! +! .-3&)*! 4+/-2!
!&)

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

,-/&5#-.)()*!D:#5ï)&!,-3-,-'5E!/!0(0:54+/(4!3+0,<!'&5!.50:!#$/'+,'-),9
'5!,! 1+,6()&54!0&¿!&)*!,!3+41<:5#->!L+4&.-.)!.<Č!8-3:2!Č5!<0<'&¿)&5!1;&3$/!
1+! 15/'(4! ),-0&5! &)*! 1+0&-%-'&-! .50:! :(;3+! <0<'&¿)&54! 03<:3$/! ),('<!!
&!,4&-'!0:-'<!&0:'&5.)57+2! -!'&5! ,4&5'&-!8-3:<! 1+15Ù'&5'&-!),('<!/! 1#,59
0,Ù+ï)&2! :+2! ,7+%'&5! ,! /(#+3&54! I%<! M-./(Č0,57+! ,! R\! 0&5#1'&-! RSNN! #>!!
C_!UU!ROQNNF@GN2!03-0+/-'&5!1;&3$/!1+#'+7#-8&),'()*!1+1#,5,!/#,<)5'&5!&)*!

1#5,5':<.5! #$/'&5Č!Z>!"-#(;5/03&!C!*,1$8& $%3-6@& .+¿ï°&8+.+1)T#-%9&!*41-5%3+2! `>! V2! 1+%! #5%>!!
W>!"03-!&!?>!T-/Ù+)3&57+2!^>a>!]5)3!RSNS!#>!'6>!OO=OB!%+!-#:>!RSR!UUF2!3:$#(!'-%:+!,/#-)-!
</-7¿!'-!<)*/-Ù¿!I%<!M-./(Č0,57+!,!N\>S@>NBGO!#>!VVV!WTL!PQGA!CXIM^!NBGP2!,>!N2!1+,>!NF!
7%,&5! /(.-ï'&+'+2! Č5! 01#+/-%,-'&5! +65.4<.5! /0,5;3&5! 8+#4(! /(3-,(/-'&-! &'&).-:(/(!
,4&5#,-.)5.!%+!<,(03-'&-!.-3&)*ï!1<6;&3-).&>!
X! :(42! Č5! )*+%,&! +! 1+,(03&/-'&52! %,&-Ù-'&5! ,4&5#,-.)5! %+! .-3&5.ï!8+#4(!%(01+'+/-'&-!
1#,53+'<.5! :-3Č5! :#5ï°! -#:>! RSR! c! @! UU2! 7%,&5! .50:! 4+/-! +! 01#+/-%,-'&<! /! )5;<! #+,1+9
/0,5)*'&-'&->! W6(! <),('&°! 01#+/-%,-'!:#5ï°!1+#'+7#-8&),'!1+/0,5)*'&5!%+0:¿1'2!3+9
'&5),'5!.50:!6(!5853:54!6(Ù+!1#,('-.4'&5.!+7#-'&),+'5!/Ù-%-'&5!:#5ï)&>!
I1#+/-%,-'&5!:#5ï)&!+!.-3&)*!4+/-!/!-#:>!RSR!c!\-!UU!+,'-),-°!/&¿)!6¿%,&5!/0,5;3&5!8+#4(!
-3:(/'+ï)&!01#-/)(! ,4&5#,-.)5! %+!<,(03-'&-!:()*!:#5ï)&2!01+/+%+/-'&-2! 6(! ,'-;-,Ù(! 0&¿!
%(01+,().&!.57+!;<6!&''5.!+0+6(>!
"! /(1-%3<! :#-%()(.'()*! '+ï'&3$/2! '-! 3:$#()*! +%/,+#+/-'5! 0!:#5ï)&! 1+#'+7#-8&),'5!!
C'1>!1-1&5#2!1Ù$:'+2! 1Ù(:-!^KF2!)*+%,&°!/&¿)!6¿%,&5!'1>! +! ,-4-/&-'&52!+:#,(4(/-'&5!1#,50(9
Ù53! ,! :-3&4&! :#5ï)&-4&2! 1#,5/+Č5'&5! &)*2! /(4&-'¿>! I15)(8&3-! 1#,53-,(/-'&-! &'8+#4-).&! 1+9
1#,5,!0&5°!V':5#'5:!1+;57-!/!0,),57$;'+ï)&!'-! 1+,(03&/-'&<! ,6&+#$/! %-'()*! 65,!1#,54&50,9
),-'&-! #5-;'57+2! 1+0&-%-.)57+! 8&,(),'5! /Ù-0'+ï)&! 1#,5%4&+:<2! 3:$#(! .5! ,-/&5#-! %+! 4&5.0)-2!
7%,&5!%-'-!+0+6-!C01#+/-%,-.)(F!7+!<,(03<.52!,-ï!,-1+,'-/-'&5!0&¿!,!:-3&4&!%-'(4&!,-/-#9
:(4&!'-! 0:#+'-)*! &':5#'5:+/()*!/(4-7-! &)*! 1+6#-'&-!&! /(ï/&5:;-'&-!'-! 53#-'&5! 3+41<:5#-!
<Č(:3+/'&3-!1#,5,! 1#,57;%-#3¿>!Z5%'-3!/!:(4!+0:-:'&4!/(1-%3<!&'&).-:(/-!<Č(:3+/'&3-!!
=! 6+! :+! 1#,5)&5Č!+'!<#<)*-4&-!1#,57;%-#3¿2! 6(! %+:#,5°!%+!+3#5ï;+'5.! 0:#+'(! &':5#'5:+/5.!
'-3&5#+/-'-! .50:! '-! :+2! 6(! 0:#+'¿!+:/+#,(°2! /(ï/&5:;&°!.5.!,-/-#:+ï°!&!,-1+,'-°!0&¿!,!'&>!!
"! /(1-%3<! 0-457+! 1#,57;%-'&-! 0:#+'! &':5#'5:+/() *! ,-/&5#-.)()*! :#5ï)&! 1+#'+7#-8&),'5!!
,!<%,&-Ù54!4-Ù+;5:'&)*!1+'&Č5.!NA!;-:2!-3:(/'+ï°!:-3&5.!+0+6(!'&5!,4&5#,-!%+!1+,(03-'&-!:()*!
:#5ï)&2! 01+/+%+/-'&-2! 6(! ,'-;-,Ù(! 0&¿!/!.5.!%(01+,().&2!-;5!%+!,-,'-.+4&5'&-!0&¿!,!'&4&!!
/!),-0&5!1#,57;%-'&-!+%1+/&5%'&5.! 0:#+'(>! Y,(03-'&5!:#5ï)&2!+!3:$#()*!4+/-2!/(4-7-! %-;9
0,()*!),(''+ï)&!<Č(:3+/'&3-!,4&5#,-.)()*!%+!,-1&0-'&-!&)*!'-!'+ï'&3<!%-'()*2!6(!,'-;-,Ù(!
0&¿!/!.57+!%(01+,().&>!`-3!/&¿)!,-)*+/-'&5!+7#-'&),+'5!%+!/)*+%,5'&-!'-!0:#+'¿!&':5#'5:+/!
&! ,-1+,'-/-'&-! 0&¿!,-/-#:(4&!:-4!1#,53-,-4&!1+#'+7#-8&),'(4&!,!<%,&-Ù54! 4-Ù+;5:'&57+!
1+'&Č5.!NA!;-:!'&5!0:-'+/&!01#+/-%,-'&-!:#5ï)&!+!.-3&)*!4+/-!/!-#:>!RSR!c!\-!UUE>&
@GN!T+6>! U>! -),3&5/&),9T6+#03-J! A"1,*+(*#*-6& 7#"$& (&$*8+'& 51Č&=185&$%3%-62! *::1JQQ///>;5f>!
1;Q),(:-.Q9Q-#:(3<;Q'&5%+,/+;+'(91;&39/93+0,<9:5,9.50:93-#-'(>!
!&!

$%&'()*+,-'.*
!
%+! 3+0,-! .50:! '&503<:5),'5! &! '&5! +,'-),-!/(#,<)5'&-! ,! 1-4&¿)&! 3+41<:5#->!
?,5),(/&ï)&52! +%,(03-'&5! :-3&)*! 1;&3$/! .50:! 0:+0<'3+/+! Ù-:/52! '-/5:! %;-!
1+),:3<.)57+!<Č(:3+/'&3-!C+1).-!D1#,(/#$°EF@GR>!
T-! /(0+)5! %(03<0(.'5! '-;5Č(! <,'-°! /1#+/-%,5'&5
@G@ !15'-;&,-).&! ,-9
)*+/-'&-!+7#-'&),+'57+!%+! <,(03-'&-! %+0:¿1<!%+!D&'8+#4-).&! ,-3-,-'5.E!
C:,/>! F"1("-)F@G\>! "! )*/&;&! 1&0-'&-! '&'&5.0,5.! 4+'+7#-8&&! <0:-/-! /1#+/-9
%,-.)-!.57+! 15'-;&,-).¿!+),53&/-Ù-! '-!/5.ï)&5! /! Č()&52! 0:%!:5Č! +%'+ï'&5!
%+!%/$)*! '+/()*! ,'-4&+'!<0:-/+/()*! '&5! 4+Č5!6(°! 4+/(! +!.-3&5.3+;9
/&53! 1#-3:()5! +#,5),'&),5.2! '&54'&5.! 0-4-! 3+'0:#<3).-! ,4&-'(! '-0</-!
0,5#57! /:1;&/+ï)&>! L+#'+7#-8&-! %,&5)&¿)-! 0:-.5! 0&¿! D&'8+#4-).!,-3-,-'E!
81-8'&853".5*>!M-0</-!0&¿!1(:-'&5!+!3+'0:(:<)(.'+ï°!:-3&57+!:/+#<!/!ï/&5:;5!
-#:>!A\!<0:>!N!U+'0:(:<).&!?L!C/+;'+ï)&!<,(03&/-'&-!%+0:¿1<!%+!&'8+#4-).&F>!
K+:()*),-0+/5! #+,/&,-'&-! %+:(),)5! +)*#+'(! &'8+#4-).&! C/! :(4! &'8+#9
4-).&!'&5.-/'()*F! 15'-;&,+/-Ù(!.5%('&5!&)*!<.-/'&5'&5!C-#:>!ROA!UUF2!-!'&5!
0-4+!<,(03-'&5!%+0:¿1<!%+!'&)*>!X4-/&-'(!/),5ï'&5.!-#:>!ROP!UU!15'-;&9
,<.5!/1#-/%,&5!<,(03&/-'&5!%+0:¿1<!%+!&'8+#4-).&2!-;5!/(Ù),'&5!/!15/9
'()*! 0,),57$;'()*! /-#<'3-)*! &! 1#,(! /(3+#,(0:-'&<! 15/'()*! 01+0+6$/>!
M-/5:!1#,(!%,&-Ù-;'+ï)&!'-!#,5),!+6)57+!/(/&-%<!C-#:>!N@S!c!@!UUF2!3-#-'5!
.50:! 7#+4-%,5'&5! &'8+#4-).&! &! /)*+%,5'&5! %+! 0(0:54<! &'8+#4-:(),'57+!!
/!)5;<!,-1+,'-'&-!0&¿!,!'&2!-;5!'&5!0-4+!<,(03-'&5!%+0:¿1<!%+!'&5.>!!
K#-0:(),'(2! 1#,50:¿1'(! &! +6#,(%;&/(! )*-#-3:5#! &'8+#4-).&! '&5! ,4&5'&-!
8-3:<2!Č5! =!7%(6(!+1#,5°!0&¿!'-!;&:5#-;'(4!#+,<4&5'&<!1#,51&0<!C/(3Ù-%'&!
0Ù+/'&3+/5.F! =! '&5! 6(Ù+6(! 4+Č;&/5! '1>! 1#+/-%,5'&5! 6-%-Ú! '-<3+/()*
!
'-%!:57+!#+%,-.<!,.-/&03&542!<:#<%'&+'5!6(Ù+6(!0,3+;5'&5!,-.4<.)()*!0&¿!
'&4!015).-;&0:$/!C0530<+;+7$/2!10()*&-:#$/F2!'&54+Č;&/5!0:-Ù+6(!0&¿!3+'9

@GR!H+/-!+),(/&ï)&5!'&5! +! 03-0+/-'&<!1;&3$/!,! 1-4&¿)&! 6<8+#+/5.! 1#,57;%-#3&2! -;5!+!03-9
0+/-'&<!<1#,5%'&+!)5;+/+!,-1&0-'()*!1;&3$/>!
@G@!T+6>!'1>J!<3*$'3%5'3%&U$3¿)*(%&(&V"1#*-1=&WT3+1X&Y&E14"-%3"'4&!364"-%#"856.+-1!DU#(4&'-9
;&0:(3-! /! g/&5)&5! "&#:<-;'5.! T6#+%'&E! CZ50&+'3-2! NA=NP! 4-.-! RSN@! #>F2! *::1JQQ,&5;+'-9
7+#->1+>7+l>1;Q&'%5f>1*1g&%m@n&%-mNSSS\>!
@G\!!H+/-!+!,4&-'-)*!/1#+/-%,+'()*!<0:-/!,!\!3/&5:'&-!RSN\!#>!+!,4&-'&5!<0:-/(!=!U+9
%530! 3-#'(! +#-,! '&53:$#()*! &''()*! <0:-/! C%-;5.! Y,4UUF>! "1#+/-%,-! +'-! 4>&'>! ,4&-'¿!
1#,51&0$/!-#:(3<Ù<!RSR!UU!%+:(),)!15'-;&,-).&!F"1("-)'J!
R&S%9& !5*& 73+1./*('=1@& 7*8"%,%& #'0& '+68$'=1&,*85¿7&,*&531ï."&7*3-*)3%2".+-6./& +&',+"%Ù14&
4%Ù*#15-"1)*@&7*,#1)%&$%3+1&7*+0%("1-"%&(*#-*ï."&*,&Z&4"18"¿.6&,*&#%5&[9!
R& S.9& !%3+1& *$31ï#*-1=& (& R& S0& 7*,#1)%@& $5*& (& .1#'& +%87*$*=1-"%& 81$8'%#-1)*& '.+185-".+6&&
(&731+1-5%.="&531ï."&7*3-*)3%2".+-6./&+&',+"%Ù14&4%Ù*#15-"1)*9&
!&*

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

0:#<+/-'&5! '-#,¿%,&! &'8+#4-:(),'()*2! /(0,<3<.)()*! :57+! #+%,-.<! &'8+#9
4-).5! '1>! %;-! )5;$/! 1#5/5').&! 3#(4&'-;'5.! ),(! &'8+#4-:(3&! ï;5%),5.@GA!&:%>!
Y0:-/+%-/)-! '&5! /1#+/-%,&Ù!6+/&54!Č-%'57+! <0:-/+/57+! 3+':#-:(1<!
),('<! ,-6#+'&+'57+>! ":1;&/+ï)&! 4+Č5! 6<%,&°!'-/5:!/5.ï)&5! '-! 03+49
1#+4&:+/-'!0:#+'¿!///2!'-!3:$#5.!-:-3<.)(!<4&5ï)&Ù!:57+!#+%,-.<! :#5ï)&!
/!)5;<! &)*!<0<'&¿)&-! =!5/&%5':'&5! 6+/&54!+0+6-! 1#$6<.)-! 0:#+'¿!'-1#-9
/&°!<,(03-!%+0:¿1!%+!D,-3-,-'5.!:#5ï)&E!&!:+!/!01+0$6!+),(/&ï)&5!&':5').+9
'-;'(!C/!+%#$Č'&5'&<!+%!'1>!+%6&+#)(!'&5,-4$/&+'5.!1#,50(Ù3&!),(!+0+6(2!
3:$#-!'-!:57+!#+%,-.<!:#5ï)&!'-:3'¿Ù-!0&¿!1#,(1-%3+/+F>!L+%+6'5!:#<%'+ï)&!
4+Č5!01#-/&°!1#+ï6-!+03-#Č+'57+! +! 1#5,5':-).¿! &'3#(4&'+/-'5.!&'8+#4-9
).&!'-!#+,1#-/&5!),(!'-/5:!0-4-!1#$6-!,-1+,'-'&5!0&¿!0¿%,&57+!,!4-:5#&-9
Ù54! %+/+%+/(4>! T! 1<'3:<! /&%,5'&-! 6&57Ù57+! 1+.-/&-! 0&¿! 1(:-'&5!!
+! 1#-/'! 1+%0:-/¿! /(3+'-'&-! +1&'&&! C0%! '&5! 4+Č5! 1#,5)&5Č! ,;5)&°!6&59
7Ù54<!1+15Ù'&5'&-!1#,50:¿10:/-F>!!
M-!4-#7&'50&5!4+Č'-!/01+4'&5°!#$/'&5Č!+!/:1;&/+ï)&-)*!+%'+ï'&5!%+!
-#:>!RSR!c!\)!UU2!7%,&5!4+7!6(°!1+/-Č'5!1#+6;54(!,!/(3-,-'&542!Č5!),('!
,+0:-Ù!1+%.¿:(!/! )5;<! 3&5#<'3+/(42!)*+°!+),(/&ï)&5!6¿%!:+!1#+6;54(!%;-!
ï;5%),()*!&!5/5':<-;'&5!6&57Ù()*!0530<+;+7$/2!'&5!,-ï!&'8+#4-:(3$/>!
L#,(! +3-,.&! 1+/0:-.5! 1(:-'&52! .-3! 1+/&'&5'! ,-#5-7+/-°!<Č(:3+/'&32!
3:$#(!/!01+0$6!'&5&':5').+'-;'(!0:-Ù!0&¿!%(01+'5':54!D&'8+#4-).&!,-3-,-9
'5.E2! '-! .5%5'! ,! +1&0-'()*! 1+/(Č5.! 01+0+6$/! C1#,(1-%3+/5! ï)&7'&¿)&5!!
,!V':5#'5:<2!,-3<1!<Č(/-'57+!'+ï'&3-!&:%>F>!X),(/&ï)&52!,7+%'&5!,!+6(/-9
:5;03&4!+6+/&,3&54!,-/&-%+4&5'&-!+!1#,50:¿10:/&5!C-#:>!@S\!ULUF2!+0+6-!
:-3-! 1+/&''-! ,-/&-%+4&°! +! :(4! 1#+3<#-:+#-! ;<6! 1+;&).¿@GO>! L#-3:(),'(4!

@GA!M&53:$#5! 1#+7#-4(! %+! &'8+#4-:(3&! ï;5%),5.! C'1>! Y>(%68& G*31-8".82! *::1JQQ///>f9/-(0>!
'5:Q8+#5'0&)0Q&'%5f94>*:4;F!4-.!/6<%+/-'!8<'3).¿!:(1+/-'&-!,%.¿°!4+7)()*!,-/&5#-°!
:#5ï)&! 1+#'+7#-8&),'5! C/! +1-#)&<! +! 1#+)5':+/(! <%,&-Ù!/!,%.¿)&<! 3+;+#$/! ,6;&Č+'()*! %+!
3+;+#<!03$#(F>!X),(/&ï)&5!&0:'&5.!/01$Ù),5ï'&5!,'-),'&5!6-#%,&5.! ,--/-'0+/-'5!45)*-'&9
,4(! #+,1+,'-/-'&-! +6#-,$/! C)*+°6(! /6<%+/-'5! /! 01+#!),¿ï°! -1-#-:$/! )(8#+/()*!
45)*-'&,4(!%5:53).&!:/-#,(2!),(!%5:53).&!<ï4&5)*<F>!
@GO!"! V':5#'5)&5! 8<'3).+'<.5! #$/'&5Č!0,5#57!:,/>!1<'3:$/!3+':-3:+/()*!1#,(.4<.)()*!
,-/&-%+4&5'&-!+!D'&5;57-;'()*!:#5ï)&-)*E>!"! L+;0)5! :57+! #+%,-.<! 1<'3:(!1#+/-%,&2! 4>&'>2!
M-<3+/-!W3-%54&)3-! I&5°!U+41<:5#+/-!MWIU!1+%!'-,/!%(Č<#'5:!C*::1JQQ///>%(Č<#!
'5:>1;F!),(! o<'%-).-! X#-'75!/#-,! ,!o<'%-).! K,&5)&! M&),(.5! C*::1JQQ*5;1;&'5>+#7>1;F>!X),(9
!&#

$%&'()*+,-'.*
!
1#+6;5454!/!:-3&4!/(1-%3<!4+Č5!6(°2!<)&Č;&/-!%;-!1+/&-%-4&-.)57+2!
3+'&5),'+ï°! ,-65,1&5),5'&-! 1#+)50+/57+! ï;-%$/! %+/+%+/()*! C3:$#5!!
/!:-3&4!/(1-%3<!,'-.%<.!0&¿!/!3+41<:5#,5!+0+6(!,-/&-%-4&-.)5.F>!M-9
;5Č-Ù+6(!%+Ù+Č(°! /0,5;3&)*!0:-#-Ú2!-6(! %,&-Ù-'&-!3+'&5),'5! ,5!0:#+'(!/(9
4&-#<! 01#-/&5%;&/+ï)&! 1#,56&57Ù(! /! 01+0$6! .-3! '-.4'&5.! <)&Č;&/(! %;-!
+0+6(! ,7Ù-0,-.)5.>! "(0:-#),-.)(4! %;-! 5/5':<-;'()*! %-;0,()*! 6-%-Ú!
1#,5,! 6&57Ù57+! .50:! /(3+'-'&5! </&5#,(:5;'&+'5.! 3+1&&! 6&:+/5.! '+ï'&3-!
C%(03<!:/-#%57+F2!)+!4+Č5! ,-.°! +%!3&;3<! %+!3&;3<'-0:<!7+%,&'>! I(:<-).52!
/! 3:$#()*! +0+6-! 03Ù-%-.)-! 1+/&-%+4&5'&5! .50:! 1+,6-/&-'-! '-! %Ù<Č0,(!
),-0!0/+.57+!3+41<:5#-2!'-!15/'+!'&5!1+/&''-!0&¿!,%-#,-°@GP>!
L#,(!+3-,.&!-#:>!RSR!UU!/!'+/(4!U+%530&5!3-#'(4!1+.-/&Ù+!0&¿!1+.¿)&5!
D:#5ï)&E!C-#:>! NP@!UU! ,! NBOB!#>! 4$/&Ù!/(Ù),'&5! +!1&04-)*2! %#<3-)*2!8+:+9
7#-8&-)*! ;<6! &''()*! 1#,5%4&+:-)*! 4-.)()*! )*-#-3:5#! 1+#'+7#-8&),'(F>!!
"!'+/(4!UU!<0:-/+%-/)-!<'&3'Ù!1#+6;54$/2!.-3&5!&41;&3+/-Ù+6(!/(9
3+#,(0:-'&5! 45%&$/2! 3:$#()*! '+ï'&3-4&! 0! '&5! 1#,5%4&+:(2! -;5! ,.-/&03-!
8&,(),'52! '1>! 8-;-! %Ċ/&¿3+/-! ),(! 5;53:#+4-7'5:(),'-2! 6%Ċ!+0+6(2!!
'1>!/!+%'&50&5'&<!%+!/&%+/&03!:(1<!#"F"-)>#*F1@GG>!T!%#<7&5.!.5%'-3!0:#+'(2!!
/!+%'&50&5'&<!%+!<:/+#$/!;&:5#-)3&)*!+!)*-#-3:5#,5!1+#'+7#-8&),'(42!4+9
Č5!1+.-/&-°!0&¿!/:1;&/+ï°2!),(! '1>! %+1&0-'&5!%+!1#,5,'-),+'57+! %+!#+,9
1+/0,5)*'&-'&-!<:/+#<! ;&:5#-)3&57+!&'8+#4-).&! +!4-Ù+;5:'&+ï)&!6+*-:5#$/!
C6%Ċ!+!:(42!Č5!3:$#(ï!,!'&)*!.50:!,/&5#,¿)&54F!.50:!/(0:-#),-.)(4!1+/+9
%54! %+! 3-#-'&-! -<:+#-! %+1&03<! C3:$#(! /! :5'! 01+0$6! 1#+%<3<.5! 1#,5)&5Č!
:#5ï)&! 1+#'+7#-8&),'5! ,! <%,&-Ù54! 4-Ù+;5:'&57+! ,! <:/+#<! ,-/&5#-.)57+!
:#5ï)&!1+#'+7#-8&),'5!65,!:-3&57+!<%,&-Ù<F>!
YČ(:5!/!-#:>!RSR!c!\6!UU!+3#5ï;5'&5!D/&,5#<'3<!/(:/+#,+'57+!-;6+!1#,59
:/+#,+'57+E!/(5;&4&'+/-Ù+!/1#-/%,&5!1#+6;54!0Ù<)*+/&03!),(!+1+/&-%-Ú2!
'&54'&5.! 01+:3-Ù+! 0&¿!,5!0Ù<0,'!3#(:(3!/!;&:5#-:<#,5!1#,5%4&+:<
@GB>! I-4+!
08+#4<Ù+/-'&5! :#-8&Ù+! %+! 1+;03&57+! 1#-/-! '-! 03<:53! <Ù+4'5.! &41;545':-).&!
K5)(,.&! ?-4+/5.! ?-%(! h<#+1(! RSS\QOGQ"I&I"! ,! RR! 7#<%'&-! RSS@! #>!!

/&ï)&52!%,&-Ù-;'+ï°!:57+!:(1<!+#7-'&,-).&!'&5!,-0:¿1<.5!%,&-Ù-;'+ï)&! 1#+3<#-:<#(2!-! ,7Ù+0,59
'&5! %+! '&)*! 5/5':<-;'&5! ,'-;5,&+'()*! D,-3-,-'()*!:#5 ï)&E! '&5!/(),5#1<.5! /01+4'&-'57+!
/(Č5.!+6+/&,3<!1+/&-%+4&5'&-!+!1#,50:¿10:/&5>!
@GP!T+6>!'1>J!H>!o#(%#()*2!V>!U+'%#-)3-J!<*4T)Ù&7*#".="&&853%."Ù&$*47'5132!*::1JQQ8-3:(>&':5#&->1;Q!
'5/0Q1+4+7;91+;&).&90:#-)&;93+41<:5#2N\@B@@@QOSS6%G88G)@\S-PSAAB5)5)@8PS6OPO8>!!
@GG!L+#>!Z>!"-#(;5/03&J!E68514p2!+1>!)&:>!
@GB!L+#>!'1>!H>!"#,5ï'&5/03&J!!3656.+-"1p2!+1>!)&:>!
!&$

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

+! ,/-;),-'&<! 0530<-;'57+! /(3+#,(0:(/-'&-! %,&5)&! &! 1+#'+7#-8&&! %,&5)&¿)5.!
C%-;5.!K??hI"KF2!3:$#-!/!-#:>!R!;&:>!^2!13:!V_!%58&'&<.5!.-3+!D1+#'+7#-8&¿!%,&59
)&¿)E!#$/'&5Č!D#5-;&0:(),'5! +6#-,(!%,&5)3-!<),50:'&),)57+!/!,-)*+/-'&-)*!
+! /(#-Ċ'&5! 0530<-;'(4! )*-#-3:5#,5! ;<6! #5-;&0:(),'5! +6#-,(! +#7-'$/! 1Ù)&+9
/()*! %,&5)3-2! /! )5;-)*! 7Ù$/'&5! 0530<-;'()*E>!L+%+6'5!08+#4<Ù+/-'&-! ,-9
/-#:5! 0!:-3Č5! /! K(#53:(/&5! L-#;-45':<! h<#+15.03&57+! &! ?-%(! RSNNQBRQYh!!
,!N@!7#<%'&-!RSNN!#>!/!01#-/&5!,/-;),-'&-!'&57+%,&/57+!:#-3:+/-'&-!/!)5;-)*!
0530<-;'()*!&!/(3+#,(0:(/-'&-!0530<-;'57+!%,&5)&!+#-,!1+#'+7#-8&&!%,&5)&¿)5.!
C%-;5.!KTM`^IF!,-0:¿1<.)5.!/01+4'&-'!%5)(,.¿!K??hI"K>!!
L+%+6'5! +3#5ï;5'&5! /(0:¿1<.5! :5Č!/!U+'/5').&!?-%(!h<#+1(!+!+)*#+'&5!
%,&5)&! 1#,5%! 0530<-;'(4! /(3+#,(0:(/-'&54! &! '&57+%,&/(4! :#-3:+/-'&54!!
/!)5;-)*!0530<-;'()*!C%-;5.!U?hXKI"F!=!-#:>!RS!<0:>!@!/!6#,4&5'&<J!!
DZ9&!%Č,%&+1& E53*-&4*Č1&+%853+1.& 8*0"1& 73%(*&,*& (6Ù.+1-"%&(& .%Ù*ï."&#'0& .+¿ï."&
85*8*(%-"%&'85¿7'&Q&#"59&%K&*3%+&#"59&1K&(&*,-"18"1-"'&,*&73*,'$.="&"&7*8"%,%-"%&4%513"%>
ÙT(&7*3-*)3%2".+-6./\&
>&8$Ù%,%=.6./&8"¿&(6Ù.+-"1&+&',%(%-1)*&73+1,85%("%-"%& #'0& 31%#"856.+-6./&*03%>
+T(&-"1"85-"1=.1)*&,+"1.$%\&
>&+&',+"%Ù14&,+"1."@&$5T31&*8")-¿Ù6&("1$&*$31ï#*-6&(&(6-"$'&+%85*8*(%-"%&%359&Q]&
'859&:@&(&865'%.="@&),6&*03%+6&51&+*85%Ù6&(65(*3+*-1&73+1+&-"1&"&8&(&"./&7*8"%,%-"'&+%&
"./&+)*,&"&(6Ù.+-"1&-%&"./&736(%5-6&'Č651$E>!
Z-3!/&%-°2!/! +65)'5.!#5%-3).&! UU!3#-.+/(! <0:-/+%-/)-! 1+4&'Ù!+3#5ï;59
'&5!D#5-;&0:(),'57+E2!)+!&41;&3<.5!1+/0:-'&5!1#+6;54<!5/5':<-;'57+!3-#-'&-!
,-! <:/+#(! :-3&52! .-3! #(0<'3&! ),(! +6#-,(>! "! 0,),57$;'+ï)&! ,-ï!/!1#,(1-%3<!
+6#-,$/2! '-! 3:$#()*! 1#,5%0:-/&+'5! 0!1+0:-)&!8&3)(.'52!:#<%'+!/(+6#-,&°!
0+6&5!3+415:5':'!+)5'¿!/&53<!1#,5%0:-/&+'()*!1+0:-)&2!'1>!-':#+1+4+#8&9
,+/-'()*!,/&5#,:!),(!%<)*$/>!L#+6;54!:5'!'&5!+7#-'&),(Ù!0&¿!%+!-3-%54&)9
3&5.!%(03<0.&2!-;5! </&%+),'&Ù!0&¿!.<Č!/!1#-3:()5!+#,5),'&),5.!1#,(!+3-,.&!01#-9
/(! U#,(0,:+8-! U<0,5.-! =! 4-;-#,-! +03-#Č+'57+! ,! 1+/+Ù-'57+! -#:(3<Ù<>!
Z-33+;/&53!+03-#Č+'(!,+0:-Ù!<'&5/&''&+'(2!:+!/!<0:'(4!<,-0-%'&5'&<!/(#+9
!&%

$%&'()*+,-'.*
!
3<!0%!1+%3#5ï;&Ù2!Č5!D-#:(0:-!4<0&!4&5°!.5%'-3!ï/&-%+4+ï°2!Č5!/+;'+ï°!0,:<9
3&!'&5!4-!)*-#-3:5#<!-60+;<:'57+E@BS>!!
X!&;5!+%'+ï'&5!%+!15'-;&,-).&!1+0&-%-'&-!1+#'+7#-8&),'()*!/&,5#<'3$/!
4-Ù+;5:'&57+!&':5').-!1#-/+%-/)$/!5<#+15.03&)*!/(%-.5!0&¿!%+ï°!+),(/&9
0:-!C<0<'&¿)&5!,!+6&57<!/0,5;3&)*!:#5ï)&!1+#'+7#-8&),'()*!,!<%,&-Ù54!/&,59
#<'3<! 4-Ù+;5:'&57+@BN F2! +! :(;5! 3/50:&-! /&,5#<'3$/! /(:/+#,+'()*! 6%Ċ!
1#,5:/+#,+'()*! /(%-.5! 0&¿!4&5°! 75'5,¿! #-),5.! 1#-3:(),'2! 1+%+6'&5! .-3!
13:! VVV! 1+/+Ù-'5.! K(#53:(/(! KTM`^I2! 3:$#(! .-3+! 1+#'+7#-8&¿! %,&5)&¿)!
%58&'&<.5! #$/'&5Č! D/0,5;3&5! 4-:5#&-Ù(! <3-,<.c5! +0+6¿!/(7;d-.)ą!'-!
%,&5)3+!<),50:'&),c!/!#,5),(/&0:()*!;<6!0(4<;+/-'()*!,#-)*+/-'&-)*!
+! /(#-Ċ'&5! 0530<-;'(4! )*-#-3:5#,5! +#-,! 1#,5%0:-/&5'&-! +#7-'$/! 1Ù)&+9
/()*!+0$6!/(7;%-.c()*!.-3!%,&5)3+2!/!)5;-)*!7Ù$/'&5!0530<-;'()*E@BR>!
H+Č'-!,-0:-'-/&-°!0&¿2!),(! ,-)(:+/-'5!/),5ï'&5.!-3:(! 1#-/-!5<#+15.9
03&57+! '&5! 0:-'+/&!%+6#57+!1<'3:<!/(.ï)&-! %+! /(3Ù-%'&! 0(0:54+/+9
)5;+/+ï)&+/5.! :-3! '&50,),¿ï;&/&5! 08+#4<Ù+/-'57+! 1#,51&0<>! L#+6;54! :5'!
/(3#-),-!.5%'-3!,%5)(%+/-'&5!1+,-!:54-:(3¿!'&'&5.0,5.!4+'+7#-8&&>!
T%5)(%+/-'&5! '-:+4&-0:! 0-4+! 08+#4<Ù+/-'&5! D/(:/+#,+'()*! -;6+!
1#,5:/+#,+'()*E! C65,! %++3#5ï;5'&-! D#5-;&0:(),'()*EF! .50:! '&5,#+,<4&-Ù52!
)*+°6(! #$/'&5Č! +! :(;52! Č5! #-),5.! :#<%'+! 4$/&°! +! +6#-,-)*! '&5/(:/+#,+9
'()*!C1+/0:-Ù()*!0-4+&0:'&5F>!I:%!:5Č!1+%+6'()*! +3#5ï;5Ú! '-;5Č(!<'&3-°!
/!1(:-'&-)*! %+! 6&57Ù()*2! 3-Č%(! 6+/&54! +6#-,2! 8&;42!%+3<45':! :530:+/(!
),(!,-1&0!%Ċ/&¿3+/(! ,-1&0-'(! '-!'+ï'&3<! %-'()*2!4<0&-Ù!,+0:-°!<1#,5%9

@BS!T+6>!'1>J!O%#%3+&!3+68+5*2&!'8+1=&'-"1("--"*-6&*,&+%3+'5'&73*7%)*(%-"%&71,*2"#""2!*::1JQQ/&-%!
+4+0)&>/1>1;Q3-:2NSNB@BA2:&:;52H-;-#,9U#,(0,:+89U<0,5.9<'&5/&''&+'(9+%9,-#,<:<91#+1-!
7+/-'&-915%+8&;&&2/&%2N\PBNSBB2/&-%+4+0)>*:4;>!!
@BN!L+#>!H>!"#,5ï'&5/03&J!!3656.+-"1p2!!+1>!)&:>!
@BR!L#-3:(),'(4! 1#+6;54542! 1#,5%! 3:$#(4! 0:-/-Ù(! 0%(2! 6(Ù+! /(3-,-'&5! #,5),(/&0:57+!
/&53<! 1+0:-)&! /! 4+45')&5! /(3+'-'&-! ,%.¿)&->! T-0-%'&),+! /! :(4! )5;<! C.5ï;&! '&5! 4+Č'-!
<0:-;&°!15#0+'-;&$/! +0+6(!</&%+),'&+'5.!'-!,%.¿)&<!),(!8&;4&5!&!<,(03-°!15/'5.!&'8+#4-).&!
+!%-)&5! .57+! 1+/0:-'&-F! /(3+#,(0:<.5!0&¿!+1&'&¿!6&57Ù()*!,! ,-3#50<! -':#+1+;+7&&>! M&54'&5.!
1+4&-#(! -':#+1+45:#(),'5! /(3+'-'5! '-! ,%.¿)&-)*2! ),(! 8&;4-)*! +6-#),+'5! 4<0,!6(°2!!
,! '-:<#(! #,5),(2! 01+#!'&5%+3Ù-%'+ï)&>! L+'-%:+2! '&5! 4+Č'-! '-! &)*! 1+%0:-/&5! #+,#$Č'&°!
0(:<-).&! 7#-'&),'()*! C),(! 08+:+7#-8+/-'-! +0+6-! <3+Ú),(Ù-! +0&54'-0:(! #+3! Č()&-! '-! %,&5Ú!
1#,5%2! ),(! /! %,&5Ú!1+!/(3+'-'&<!,%.¿)&-F>! ^+! /&¿)5.2! 1#+%<)5')&! 1+#'+7#-8&&! %,&5)&¿)5.!
/(3+#,(0:(/-;&!+0+6(!,!,-6<#,5'&-4&!*+#4+'-;'(4&2!%+%-:3+/+!+%1+/&5%'&+!<)*-#-3:59
#(,+/-'52! 6%Ċ! %+3+'(/-;&! %-;53+! &%)57+! #5:<0,<! 3+41<:5#+/57+! ,%.¿°2! 5/5':<-;'&5!
:/+#,(;&!8+:+#5-;&0:(),'5!+6#-,(!<3-,<.)5!1+0:-)&!%,&5)&>!
!&"

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

'&+!/(:/+#,+'(2!-!.<Č!0-4!8-3:!.57+!%&7&:-;&,-).&!/!)5;<!,-1&0-'&-!.50:!.-3ï!
8+#4!.57+!1#,5:/+#,5'&->! ":1;&/+ï)&! :5!1+:¿7<.5!8-3:2!Č5!1#,(!+3-,.&!159
'-;&,-).&!F"1("-)'! 1+4&'&¿:+! :#5ï)&! /(:/+#,+'5! 6%Ċ!1#,5:/+#,+'5>! T!,-9
0-%(!#-).+'-;'57+!<0:-/+%-/)(!4+Č'-!/(/+%,&°2!Č5!F"1("-)!:-3&)*!:#5ï)&!
'&5!.50:!3#(4&'-;&,+/-'(>!
!6:""#$%&%'()&%*"(".$3)(),-"4'8+,/Č,+,-"$3'03)=1("9'=$>8*3'(+,-"
L#+7#-4(!3+41<:5#+/5! 4+7!0:-°!0&¿!1#,5%4&+:54! ,-&':5#50+/-'&-!/(9
4&-#<!01#-/&5%;&/+ï)&! /! /&5;<!#$Č'()*! +3+;&),'+ï)&-)*2! 01+ï#$%!3:$#()*!
0:+0<'3+/+!'-.),¿0:0,(4&! 0!1+0:¿1+/-'&-! 3-#'5! ,! -#:>! RPR! c! R! UU! C<,(9
03-'&5! )<%,57+! 1#+7#-4<! 3+41<:5#+/57+! /! )5;<! +0&7'&¿)&-! 3+#,(ï)&!
4-.:3+/5.!65,!,7+%(!+0+6(!<1#-/'&+'5.F2!1+0:¿1+/-'&-!3-#'5!,!-#:>!NNA2!
NNO2!NNP!&! NNG!L#W<:!+#-,!1+0:¿1+/-'&-!)(/&;'5! %+:(),)5!<0:-;5'&-!1#-/!
-<:+#03&)*!%+!1#+7#-4<!3+41<:5#+/57+>!
X6+/&,<.)5!/! L+;0)5!1#-/+!'&5!%58&'&<.5! 0,5#57<! 1+.¿°!,!,-3#50<!&'Č(9
'&5#&&!+1#+7#-4+/-'&-2!/!:(4! 1+.¿)&-!D1#+7#-4!3+41<:5#+/(E@B@>!T!1<'3:<!

@B@!"!/(#+3<!03Ù-%<! P! 0¿%,&$/! M-),5;'57+!I%<!W%4&'&0:#-)(.'57+!,!R\!;&0:+1-%-!RSS@!#>!
CoIW! RQS@F! 0%! 0:/&5#%,&ÙJ! DL#-/+! 1+;03&5! '&5! %58&'&<.5! 1+.¿)&-! j1#+7#-4! 3+41<:5#+/(k2!!
/!:(4! '&5! ),('&! :57+! #$/'&5Č!<0:-/-!,!\!;<:57+!NBB\!#>!+!1#-/&5!-<:+#03&4!&!1#-/-)*!1+9
3#5/'()*! C>>>F>! K58&'&).&! 1#+7#-4<! 3+41<:5#+/57+! '&5! ,-/&5#-! :-3Č5! K(#53:(/-! '#!
B;QRASQhh^!?-%(! H&'&0:#$/! ,! N\! 4-.-!NBBN!#>! +! +)*#+'&5! 1#-/'5.!1#+7#-4$/! 3+41<:5#+9
/()*!CXZ!M+>!d>NRR!,!NP!4-.-!NBBN!#>F2!7%(Č!<,'-'+2!Č5!%58&'&).-!1#,5%4&+:<!+)*#+'(!'&5!.50:!
/!:(4!%+3<45')&5!3+'&5),'-2!-!.5.!,-4&50,),5'&5!6(Ù+6(!'&5/Ù-ï)&/5!,5!/,7;¿%<!'-!0,(63&!
1+0:¿1!:5)*'+;+7&&! &'8+#4-:(),'()*!CW>!M+/&)3-J!<3%(-*%'5*38$%&"&7%51-5*(%&*./3*-%&73*)3%>
4T(&$*47'513*(6./2! W]^! NBBA2! 0>! O\=OAF>! "! K(#53:(/&5! /(.-ï'&+'+! .5%('&52! Č5! #+;-! 1#+9
7#-4<! 3+41<:5#+/57+! 1+;57-! '-! :(42! 6(! /5.ï°!/!3+':-3:!&!8<'3).+'+/-°!,!&''(4&!),¿9
ï)&-4&!03Ù-%+/(4&!0(0:54<!3+41<:5#+/57+!&!<Č(:3+/'&3-4&>!
"!%+3:#('&5!+#-,! <#57<;+/-'&-)*! 1#-/'()*! &''()*! 1-Ú0:/!1#+7#-4! 3+41<:5#+/(!+3#59
ï;-'(! .50:! '-.),¿ï)&5.! .-3+! ,-3+%+/-'-! 053/5').-! &'0:#<3).&! C#+,3-,$/F! /(3+'(/-'()*!
65,1+ï#5%'&+!;<6!1+ï#5%'&+!1#,5,!3+41<:5#!-;6+!&''5!<#,%,5'&5!,%+;'5!%+!1#,5:/-#,-'&-!
&'8+#4-).&!/! )5;<! <,(03-'&-! +3#5ï;+'57+!#5,<;:-:<! C#5-;&,-).&!+3#5ï;+'()*!8<'3).&!&! ,-%-ÚF>!
"! '&53:$#()*! %58&'&).-)*! ,-,'-),-! 0&¿2! Č5! 1#+7#-4! j0:-'+/&!:-3&5!053/5').5!0(46+;&),9
'()*!&'0:#<3).&!;<6!3+4<'&3-:$/2!3:$#5!4+7!6(°!/!01+0$6!-<:+4-:(),'(!1#,5:/+#,+'5!'-!
,-3+%+/-'5! 053/5').5!&'0:#<3).&k! C Z>! I+6),-3J! <3%(*&%'5*38$"1&"&73%(%&7*$31(-12! V<#&0! RSSS2!!
0>!NOP=NOGF>!
!&&

$%&'()*+,-'.*
!
/&%,5'&-!6&57Ù57+!&'8+#4-:(3-!'-./Ù-ï)&/0,(4!.50:!=!1+%+6'&5!.-3!&!/!&'9
'()*!1#,(1-%3-)*!=!1#,(.¿)&5!%58&'&).&!1+%-'()*!/!+%1+/&5%'&)*!+6+/&9
,<.)()*!L+;03&)*!M+#4-)*2!-!.5ï;&!:+!4+Č;&/5!=!#$/'&5Č!1#,53+'-'&5!0%<!
&!0:#+'!%+!<Č(/-'&-!%58&'&).&!,!L+;03&)*! M+#42! 6+/&54!/! 01#-/-)*!0%+9
/()*!1#5)(,.-!/(1+/&5%,&!.50:!0,),57$;'&5!/03-,-'-@B\>!V!:-3J!
9 1+.¿)&5! D1#+7#-4! 3+41<:5#+/(E! %58&'&<.5! 0&¿! /! L+;03&5.!
M+#4&5!.-3+! D.5%'+0:3¿! 0(':-3:(),'!,7+%'!,! ,-0-%-4&!3+'3#5:9
'57+!.¿,(3-! 1#+7#-4+/-'&-2!03Ù-%-.)!0&¿! ,!%53;-#-).&! &!&'0:#<3).&!
;<6! #+,3-,$/! 1+:#,56'()*! %+! #+,/&,-'&-! 8<'3).&2! ,-%-'&-! ;<6!
1#+6;54<E@BAe!
9 D1#+7#-4+/-'&5E!C),(;&!/5%Ù<7!%58&'&).&!'+#4-:(/'5.!D1#+9
.53:+/-'&52! ,-1&0(/-'&52! 4+%(8&3+/-'&5! &! :50:+/-'&5! 1#+7#-9
4$/E@BOF!.50:!+3#5ï;5'&54!),(''+ï)&!:/+#,5'&-!1#+7#-4<!3+41<:59
#+/57+2! 1#,(! ),(4! :#-%()(.'&5! <Č(/-! 0&¿!/!.¿,(3<! 1+;03&4!
/(#-Č5'&-! D1&0-°! 1#+7#-4(E2! 3:$#5! .50:! 15/'(4! -#)*-&,4542! 1+9
)*+%,)(4! ,! ),-0$/2! 3&5%(! ),(''+ï°! 1#+7#-4+/-'&-! 1+;57-Ù-! '-!
8&,(),'(4! ,-1&0-'&<! +3#5ï;+'57+! -;7+#(:4<! /! 15/'(4! .¿,(3<!
1#+7#-4+/-'&-!C.¿,(3! 1#+7#-4+/-'&-!.50:! %58&'+/-'(!.-3+!D.¿,(3!
0,:<),'(! 0Ù<Č)(! %+! :/+#,5'&-! 1#+7#-4$/E@BPF>! "01$Ù),50'5! '-9
#,¿%,&-!1#+7#-4&0:(),'5!C75'5#-:+#(!3+%$/@BGF!1+,/-;-.!7#-8&),'5!

`-3 ! 1 + . 4+/- ' ( ! 1 #+7#-4! 3 + 4 1 < :5#+/( ! = ! . - 3 + ! )5;+/(! , 6 & $ # ! +3#5ï;+'()*! &'0:#<3).&! =! 4-!
.5%'-3!,-/0,5! )*-#-3:5#!%+6#-!'&54-:5#&-;'57+2!'&5,-;5Č'&5! +%!:57+2!),(! .50:!<:/+#542!),(!
:5Č!'&5!.50:!<:/+#54!/!<.¿)&<!1#-/-! -<:+#03&57+E>!T+6>!:5Č![>!]+#3+/03&J!^NB & *,&873+ 1 , % Č6&
73*)3%4T(& $*47'513*(6./2! D[;+00-E! M#! S@QRSS\2! *::1JQQ///>),-0+1&04->1/1>1;Q7;+0-9
RSS\S@>f4;g3-:-;+7mRSS\S@G>!
@B\!M&51#5)(,(.'(! .¿,(3! <),50:'&3$/! 1+0:¿1+/-Ú!0%+/()*! 4+Č5! 1+/+%+/-°!'&5,#+,<9
4&5'&5! &0:+:(! 1#+6;54<! ,-#$/'+! 1#,5,! 0%2! .-3! &! 1#,5,! 6&57Ù57+! C'1>! 1+.¿)&-! D1;-:8+#4(E2!
),(! D0(0:54<E2! 3:$#5!1+.-/&!0&¿!/!/(1+/&5%,&-)*!1#-/'&3$/! .-3+! 0('+'&4(! D+1#+7#-9
4+/-'&-E!4+7!0<75#+/-°2!Č5!,-%-/-'5!1(:-'&-!),(!0:-/&-'5!:5,(!%+:(),!#$/'&5Č!01#,¿9
:<!3+41<:5#+/57+F>!
@BA!LM9VIXQVh^!R@GR9NJNBBO! =! SN>SA>SN>! "-#:+! ,/#$)&°!</-7¿2! Č5! :#,(4-.)! 0&¿!ï)&ï;5!.¿,(3-!
'+#4!+!1#+7#-4&5!3+41<:5#+/(4!4+/-!/!+%'&50&5'&<!%+!3+%<!Ċ#$%Ù+/57+>!
@BO!LM9VIXQVh^!R@GR9NJNBBO!=!SN>SA>S@>!
@BP!LM9VIXQVh^!R@GR9NJNBBO!=!SN>SA>NS>!
@BG!DL+%1#+7#-42! ),¿0:+! ),¿ï°! 3+41&;-:+#-2! 3:$#(! 1#,530,:-Ù)-! )-Ù+ï°!;<6!),¿ï°! 1#+7#-4<!
'-1&0-'57+! /! 15/'(4! .¿,(3<! 1+ï#5%'&4! '-! .¿,(3! /('&3+/(E! LM9VIXQVh^! R@GR9PJRSSR!!
=!SP>S\>\R>!
!&'

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

1#+.53:+/-°! '1>! &':5#85.0! 1#+7#-4<! &! /(75'5#+/-°! +60,5#'5! 8#-79
45':(!3+%<!Ċ#$%Ù+/57+@BB!,-!1+4+)!+%1+/&5%'&)*!3#5-:+#$/>!!
9 ,Ù+Č+'+ï°!/01$Ù),50'()*! 1#+7#-4$/!1+/+%<.52! Č5!=! &'-),5.!
'&Č!4&-Ù+! :+! 4&5.0)5! /! 1#,(1-%3<! 0:+0<'3+/+! '&5/&5;3&)*! &! 4-Ù+!
03+41;&3+/-'()*! 1#+7#-4$/! 01#,5%! 3&;3<! ;-:! =! 1+0,),57$;'5! &)*!
),¿ï)&!<4&50,),-'5!0!/!3&;3<!;<6!3&;3<'-0:<!1;&3-)*!%(03+/()*>!K+!
%+ï°!1+/0,5)*'()*!'-;5Č(!0(:<-).-2!/! 3:$#5.!#$Č'5!1#+7#-4(!%+)59
;+/5\SS!/(/+Ù<.!0&¿!/,-.54'&5!-;6+!3+#,(0:-.!,5!/01$;'()*!8#-79
45':$/!3+%<! <4&50,),+'()*!/!#$Č'()*!6&6;&+:53-)*!),(!4+%<Ù-)*!
%+Ù),-'()*!0:-:(),'&5! %+!3+%<! /('&3+/57+2!6%Ċ!:5Č!6&6;&+:53-)*!
%+Ù),-'()*!%('-4&),'&5!C-'7>!_6-%4".&`"-$&`"03%3"18Fe!
9 D+1#+7#-4+/-'&5E! %58&'&+/-'5! .50:! .-3+! D/0,(0:3&5! ;<6!
'&53:$#5!1#+7#-4(2! 1#+)5%<#(2! #57<Ù(!&! ,/&,-'-! ,!:(4!%+3<45'9
:-).-!0(0:54<!1#,5:/-#,-'&-!&'8+#4-).&E\SN>!"!03Ù-%!:-3!#+,<4&-'59
7+! +1#+7#-4+/-'&-2! +1#$),! 1#+7#-4$/2! 4+Č'-! =! .-3! 0&¿! /(%-.5!!
=!,-;&),(°! #$/'&5Č!/(+%#¿6'&+'5!/! 1+0:-)&!+0+6'()*! 1;&3$/!%(09
3+/()*!&''5!03Ù-%'&3&2! :-3&5! .-3!%58&'&).5!),)&+'53!&! 3#+.$/!1&04-2!
1;&3&!1+4+)(! C-'7>!/1#7F2!%+%-:3+/5! 1;&3&! :530:+/5!,-/&5#-.)5! &'9
0:#<3).¿!+60Ù<7&!1#+7#-4<2!6%Ċ!.5.!8#-745':(!&!&''5>!"!0,),57$;'+9
ï)&!+1#+7#-4+/-'&5!4+Č5!6(°!%(0:#(6<+/-'5!#-,54!,!1;&3-4&2!'-!
3:$#()*!4-!/(3+'(/-°!+15#-).52!/!:(4!,!6-,-4&!%-'()*e!
9 /5%Ù<7! L+;03&5.! M+#4(! 6-,-! %-'()*\SR!.50:! :+! D, 6&$#! %-'()*!
,+#7-'&,+/-'(!,7+%'&5! ,! 1+.¿)&+/!0:#<3:<#!+1&0<.)!)*-#-3:5#(9

@BB!DU+%!Ċ#$%Ù+/(!=!3+%!/(#-Č+'(!/!1+0:-)&!3+%<!/5.ï)&+/57+!%+!-0546;5#-2!3+41&;-:+#-!
;<6!&''57+!:#-'0;-:+#-Ȉ!LM9VIXQVh^!R@GR9PJRSSR!=!SP>S\>@G>!
\SS!DL#+7#-4!%+)5;+/(!=! 1#,5:Ù<4-),+'-! /5#0.-! 1#+7#-4<!Ċ#$%Ù+/57+E! LM9VIXQVh^!!
R@GR9PJRSSR! =! SP>S\>AN>! DU+%! /('&3+/(! =! 3+Ú)+/-! /5#0.-! 3+%<! 1#,5%! .57+! /(3+'-'&54>!
Y/-7-!=!1#+7#-4!/('&3+/(!.50:!,6<%+/-'(!,!3+%<!/('&3+/57+Ȉ!LM9VIXQVh^!R@GR9PJRSSR!
=!SP>S\>AP>!
\SN!LM9VIXQVh^!R@GR9NJNBBO!=!SN>SN>G>!
\SR!"-#:+! 1#,(1+4'&5°! C1+#>! 1#,(1&0! @@\F2! Č5! &''! %58&'&).¿!6-,(!%-'()*!,-/&5#-!-#:>!R>!
YX]KJ!D6-,-!%-'()*!+,'-),-!,6&$#!%-'()*!;<6!.-3&)*3+;/&53!&''()*!4-:5#&-Ù$/!&!5;545'9
:$/!,7#+4-%,+'()*!/5%Ù<7!+3#5ï;+'5.!0(0:54-:(3&!;<6!45:+%(2!&'%(/&%<-;'&5!%+0:¿1'()*!
/!.-3&3+;/&53!01+0$62!/!:(4!ï#+%3-4&!5;53:#+'&),'(4&2!/(4-7-.)(!&0:+:'57+2!)+!%+!.-3+9
!&(

$%&'()*+,-'.*
!
0:(3&! :()*! %-'()*! +#-,! ,/&,3&! 4&¿%,(! &)*! +%1+/&5%'&4&! 5;545'9
:-4&2!0:+0+/-'(!/!.5%'(4!;<6!/&5;<!,-0:+0+/-'&-)*E\S@>!M-,(/-!0&¿!
/!:5'!01+0$6! +7$;'&5! /0,5;3&5!<0:#<3:<#-;&,+/-'5!,6&+#(! &'8+#4-).&!
C:.>!,-/&5#-.)5! &'8+#4-).5! +! 1+%+6'5.! 6<%+/&5F>! "! 1#,(1-%3<! 0(09
:54<! 3+41<:5#+/57+! 6-,(! %-'()*! 1#,5)*+/(/-'5! 0!/!+%1+9
/&5%'&)*! 0:#<3:<#-)*! %-'()*! /! 1-4&¿)&! 4-0+/5.2! -! /&¿)! +%1+/&-9
%-.!&4!1;&3&!%(03+/5!;<6!3-:-;+7&!C8+;%5#(F!+!+3#5ï;+'5.!0:#<3:<#,5>!
]-,¿!%-'()*!'-;5Č(! +%#$Č'&°!+%!0(0:54<!,-#,%,-'&-! 6-,-4&! %-9
'()*! CIT]K2! -'7>! _%5%0%81&O%-%)141-5&E685142! K]HIF2! 1#,5,! 3:$#(!
,-,/(),-.!#+,<4&5!0&¿!+1#+7#-4+/-'&5!0Ù<Č)5!%+!1#,5:/-#,-'&-!&'9
8+#4-).&!,-/-#:5.!/! 6-,-)*! %-'()*!&!+%!.¿,(3$/!1#+7#-4+/-'&-!:59
7+! #+%,-.<! 0(0:54$/! C.¿,(3$/! :/+#,5'&-! 0(0:54$/! ,-#,%,-'&-!
6-,-4&!%-'()*F\S\>!
"! <0:-/&5! L#W<:2! 1#+7#-4(! 3+41<:5#+/5! /(4&5'&+'5! 0! .-3+! #+%,-.!
%,&5Ù!1+%;57-.)()*!+)*#+'&5!C-#:>!P\!<0:>!NF2!1#,(!),(4!-#:>! N! <0:>! N!1+/+9
Ù-'5.!<0:-/(!+3#5ï;-!.-3+!%,&5Ù-!:5!01+ï#$%!/(:/+#$/!;<%,3&)*2!3:$#5!0:-9
'+/&!1#,5.-/! %,&-Ù-;'+ï)&!:/$#),5.! &!4-.!&'%(/&%<-;'(2!'&51+/:-#,-;'(!
)*-#-3:5#! C-! ,-:54! 015Ù'&-.! /-#<'3&! ,-#$/'+! '+/+ï)&! 0<6&53:(/'5.2! .-3!!
&! +6&53:(/'5.F2! 1#,(! ),(4! 65,! ,'-),5'&-! .50:! )*-#-3:5#! 1#+7#-4<>! W<:+#9
0:/-!%,&5Ù-!'&5!4+Č'-!6+/&54!#+,1-:#(/-°!/!3-:57+#&-)*!.57+!.-3+ï)&!),(!
3<'0,:<! :/$#)(! -'&! :5Č! ,'-),5'&-2! #+,4&-#$/2! 8<'3).&2! ),(! /-#:+ï)&! +1#-9
)+/-'()*! 8#-745':$/\SA >! M-;5Č(! /01+4'&5°! +! +65)'()*! /! ;&:5#-:<#,5!

ï)&!;<6!&;+ï)&2!'-3Ù-%<! &'/50:()(.'57+! /!)5;<!01+#,%,5'&-2!/5#(8&3-).&!;<6!1#5,5':-).&!.57+!
,-/-#:+ï)&E>!
\S@!LM9VIXQVh^!R@GR9NJNBBO!=!SN>SG>SA>!
\S\!L+#>!H>! I,4&:J!?-2*34%56$%p2!+1>!)&:>2!0>!OG!&!'-0:>!M&50:5:(2! %+ï°!),¿0:+!/! 4+/&5! 1+:+),9
'5.2!4$/&!0&¿!1+!1#+0:<!+!D6-,-)*!%-'()*E2!)+!<:#<%'&-!,#+,<4&5'&5!1#+6;54<!1#,5,!+0+6(!
'&5!6¿%)5!&'8+#4-:(3-4&2!0:%!'-;5Č(!/!:(4!4&5.0)<!1+%3#5ï;&°!3+'&5),'+ï°!1#5)(,(.'57+!
/(#-Č-'&-!0&¿!C'-/5:!.5ï;&!03<:3<.5!:+!/,#+0:54!+6.¿:+ï)&!+1&'&&F>!
\SA !T+6>! '1>J! T>! X3+ÚJ! !*47'513*(1& 7%3%)3%26& a& <3*)3%4& $*47'513*(6& (& 73%("1& %'5*38$"42!
DL^3<#&5#E!M#!N@QNBBGJ!DM&5!'-;5Č(!:5Č!4(;&°!1#+7#-4<!3+41<:5#+/57+!,5!015Ù'&-'!1#,59
,5Ú!8<'3).>! M&5! 4+Č'-! 1+/+Ù(/-°!0&¿!'-!6#-3!+#(7&'-;'+ï)&! '1>! 5%(:+#-! :530:$/2! 3:$#(!
8<'3).+'-;'&5!.50:!&%5':(),'(!,!&''(4>!L#-/+!-<:+#03&5!)*#+'&!6+/&54!8+#4¿!<:/+#<2!3:$#!
/! 1#,(1-%3<! 1#+7#-4<! 3+41<:5#+/57+! .50:! 1#,5%5! /0,(0:3&4! .57+! 3+%2! ,-1&0-'(! /! .-9
3&4ï!.¿,(3<! 1#+7#-4+/-'&->! ?-),5.! 4-Ù+! 1#-/%+1+%+6'5! .50:2! -6(! %/$)*! 1#+7#-4&0:$/!
#+,/&,<.)()*!.-3&ï!6-#%,&5.!+60,5#'(! 1#+6;54! '-1&0-Ù+! &%5':(),'5! 1#+7#-4(>!T! :()*!:5Č!
/,7;¿%$/! :/$#)-! 1#+7#-4<! '&5! 4<0&! 0&¿!/(3-,-°!1#,(!1#+7#-4+/-'&<!Č-%'(4&! /&¿39
0,(4&!<4&5.¿:'+ï)&-4&2! -! #5,<;:-:!.57+! 1#-)(2!'-/5:! '&5<%+;'(2! 4+Č5!6(°!)*#+'&+'(!1#,5,!
!')

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

1#-/'&),5.! :5'%5').-)*! '57+/-'&-! :/$#),57+! )*-#-3:5#<! 1#+7#-4$/!
3+41<:5#+/()*>! ^,¿0:+! <Č(/-'(4! -#7<45':54! .50:! :+2! Č5! 8<'3).+'-;'(!
)*-#-3:5#! 1#+7#-4$/! 3+41<:5#+/()*! +7#-'&),-! 6%Ċ!/#¿),! 5;&4&'<.5!
0/+6+%¿!:/$#),2! '-#,<)-.)! .5%('5! 4+Č;&/5! &)*! <30,:-Ù:+/-'&52! ),57+!
5853:54!.50:!+7#-'&),5'&52!-!'-/5:!/(Ù),5'&-!+)*#+'(!1#-/'+-<:+#03&5.\SO>!
Z50:!:+!0:-'+/&03+!,!1<'3:<!/&%,5'&-!&'8+#4-:(3-!),¿0:+!'&5,#+,<4&-Ù5J!
+!:-3&5.!0(:<-).&!4+Č'-!6(Ù+6(!4$/&°!/(Ù),'&5!/!1#,(1-%3<2!7%(6(!1#+9
7#-4&0:-!/(3+'(/-Ù!.5%('&5!),(''+ï)&!:5)*'&),'52!45)*-'&),'52!#<:('+/5!
C'1>! %+0:-#),-'&5! 4-:5#&-Ù$/2! &'8+#4-).&2! 8&'-'0+/-'&5! 1#-)! &:%>\SPF>! L#-)5!

1#-/+! -<:+#03&5>! I/57+! ),-0<! /! %+3:#('&5! '&54&5)3&57+! 1#-/-!-<:+#03&57+! </-Č-'+2! Č5!
-6(!1#+7#-4! 4$7Ù!6(°!<,'-'(!,-!+#(7&'-;'(!&!:(4!0-4(4!4$7Ù!6(°!)*#+'&+'(!1#,5,!1#-9
/+!-<:+#03&52! .57+!:/$#)-!1+/&'&5'! /(3-,-°!0&¿!<4&5.¿:'+ï)&-4&!1#+7#-4&0:(),'(4&!1#,59
3#-),-.)(4&!1#,5)&¿:'>!T! 1+%5.ï)&-! :-3&57+!.5%'-3! ,#5,(7'+/-'+2!1+'&5/-Č!+3-,-Ù+!0&¿2!
Č5! 1#,(! 1#,(.¿)&<! :-3&57+! #50:#(3)(.'57+! 3#(:5#&<4! 1#-/&5! GS91#+)>! 1#+7#-4$/! #+,1+9
/0,5)*'&-'()*! '-! '&54&5)3&4! #('3<! 6(Ù+6(!1+,6-/&+'()*!+)*#+'(>! CpF! .5%'! ,! 1+%0:-9
/+/()*!,-0-%!1#-/-!-<:+#03&57+!.50:!+)*#+'-!8+#4(!<:/+#<2!-!'&5!&%5&!/!'&4!/(#-Č+'()*>!
T-0-%¿!:¿!1#-/+!-<:+#03&5! 1+%3#5ï;-!.50,),5!#-,! .<Č!/!+%'&50&5'&<!%+!1#+7#-4$/!3+41<9
:5#+/()*>!T-0-%-!0/+6+%'57+! %+0:¿1<! %+! &%5&!/(#-Č+'()*!/! <:/+#,5! 1#,(! .5%'+),50'5.!
+)*#+'&5!.57+! 8+#4(! 4-! '-!)5;<! ,! .5%'5.!0:#+'(!<4+Č;&/&5'&5! 0/+6+%'57+! #+,/+.<! '-<3&!
),(!0,:<3&2!-!,!%#<7&5.!!,-15/'&5'&5!:/$#)(!<:/+#<!7+%,&/57+!/('-7#+%,5'&-! ,-!.57+!1#-9
)¿>!L#-/+!-<:+#03&5!,-!&%55!</-Č-!4&¿%,(!&''(4&!3+')51).5!-#:(0:(),'52!45:+%(! ,-0:+0+9
/-'5! 1#,(!:/+#,5'&<! %,&5Ù-2!0:(;!),(!4-'&5#¿!-#:(0:(2!.-3!#$/'&5Č!:5+#&5!'-<3+/52!0(0:54(!
53+'+4&),'52! 1#-/'52! 1+;&:(),'52! 1#,51&0(! 3<)*-#03&52! ,-0-%(! 7&5#2! 45:+%(! 1#+4+).&!!
&! 3-41-'&&! #53;-4+/5.>! V%55! ,-/-#:5! /! 1#+7#-4&5! 3+41<:5#+/(4! :+! 1#,5%5! /0,(0:3&4!
015Ù'&-'-! 1#,5,! 1#+7#-4! 8<'3).-2! -;7+#(:4! C#+,<4&-'(! .-3+! 01+0$6! #+,/&,-'&-! %-'57+!
1#+6;54<F2! ,-0-%(! 3+4<'&3-).&!,5! 01#,¿:542! &''(4&!1#+7#-4-4&! ),(!<Č(:3+/'&3&54! C&'9
:5#85.0(!'-,(/-'5!1#,5,!<0:-/¿!jÙ),-4&kF>!Y0:-/-!+!1#-/&5!-<:+#03&4!&!1#-/-)*!1+3#5/9
'()*!%+%-:3+/+!1+%3#5ï;-!/(Ù),5'&5!01+%!+)*#+'(!&%5&!&!,-0-%!/Ù-ï'&5!/!+%'&50&5'&<!%+!
1#+7#-4<!3+41<:5#+/57+!C-#:>! P\! <0:>!R! ,%>! RF>! T-0-%! .50:! :5Č2! Č5! 1#-/+! -<:+#03&5! )*#+'&!
:(;3+! :5! 5;545':(! %,&5Ù-2! 3:$#5! 0!+#(7&'-;'5>!Z5Č5;&! /&¿)! +#(7&'-;'+ï°!.-3&57+ï!<:/+#<2!!
/!:(4! &! 1#+7#-4<! 3+41<:5#+/57+2!4&5ï)&! 0&¿!.5%('&5!/!,-3#50&5!&%5&!/!'&4!/(#-Č+'()*2!
'-:+4&-0:! 8+#4-! 1+,6-/&+'-! .50:! :5.! )5)*(! =! <:/$#! '&5! 6¿%,&5! )*#+'&+'(>! Z5%'+),5ï'&5!!
,!,-0-%(! :5.! /('&3-2! Č5! )*#+'&+'(! 4+Č5! 6(°!%+/+;'&5!3#$:3&!8#-745':!<:/+#<2!.5Č5;&!:(;3+!
.50:!+#(7&'-;'(E>!!
\SO!T+6>!Z>! ]-#:-!q/Jr!E68514&73%(%&736(%5-1)*9&<3%(*&%'5*38$"12!`+4!N@2!1+%!#5%>! T>! ?-%/-Ú9
03&57+2!"-#0,-/-!RSSP2!0>!GAB=GOS>!!
\SP!"7! d>! "&%4-Ú03&J! <3*)3%46& $*47'513*(1& "& 0%+6& ,%-6./& =%$*& 8%4*,+"1#-1&,*03%& -%& )3'-."1&
73%(%&7*#8$"1)*&a&(&8+.+1)T#-*ï."&(&$*-51$ï."1&?-513-15'9&P603%-1&+%)%,-"1-"%2!1#-)-!4-7&0:5#03-!
!'!

$%&'()*+,-'.*
!
/(3+'(/-'5! 1#,5,! :57+! #+%,-.<! 1#-)+/'&3$/! 4-.! 6+/&54! )*-#-3:5#!
.5%('&5!1+4+)'&),(2! '&5,/&,-'(!,!,-0-%'&),!%,&-Ù-;'+ï)&!:/$#),2!-;6+!
:5Č!7%(6(!1#+7#-4&ï)&5!'&5!1#,(0Ù<7&/-Ù-!Č-%'-!0/+6+%-!/!01+0+6&5!1#+9
7#-4+/-'&-J!1#+.53:-':!1#,5%0:-/&Ù6(!4<!'&5!:(;3+!015)(8&3-).¿!/(4-7-Ú!
+%'+ï'&5!%+! 8<'3).&! /(3+'(/-'()*!1#,5,!1#+7#-4!),(!.57+!8#-745':2!-;5!
#$/'&5Č!'-#,<)&Ù!01+0$6!&)*!#5-;&,-).&2!/(3+#,(0:-'&5!3+'3#5:'()*!0:#<3:<#!
%-'()*2! &'0:#<3).&! .¿,(3-! 1#+7#-4+/-'&-2! ï)&0Ù(! /(7;%! &':5#85.0<! <Č(:9
3+/'&3-! &:%>! H+Č'-! 01+%,&5/-°!0&¿2! Č5! &0:'&5.5! 15/'-! ;&),6-! 1#+7#-4$/!
'&56¿%)()*!<:/+#-4&!/!05'0&5!1#-/-!-<:+#03&57+2!-!,-:54!'&51+%;57-.9
)()*!+)*#+'&5!1#-/'+-<:+#03&5.>!!
X)*#+'&5!1#-/'+-<:+#03&5.! 1+%;57-! 8+#4-!<:/+#<2!3:$#!/! 1#,(1-%3<!
1#+7#-4<!3+41<:5#+/57+!.50:!1#,5%5!/0,(0:3&4!3+%!Ċ#$%Ù+/(!/(#-Č+'(!
/!.¿,(3<!1#+7#-4+/-'&-2!-;5! =! </,7;¿%'&-.)! :+! /0,(0:3+2! )+! 1+/&5%,&-9
'+!/),5ï'&5.!+! /01$Ù),50'()*! '-#,¿%,&-)*!1#+7#-4+/-'&-J!1#+7#-4+/-9
'&<! 4+%<;-#'(42! /(3+#,(0:-'&<! 6&6;&+:532! '-#,¿%,&! 1#+7#-4+/-'&-! /&9
,<-;'57+!&!75'5#-:+#-)*!3+%$/!=!#$/'&5Č!3+%!/('&3+/(\SG>!Y0:-/+%-/)-!

'-1&0-'-! '-! "(%,&-;5! L#-/-! &! W%4&'&0:#-).&! Y'&/5#0(:5:<! g;03&57+! /! U-:+/&)-)*2!
*::1JQQl-7;->1;Q03#(1:0Q47#b;b/&%4-'03&>1%82!0>!NO!&!'-0:>!
\SG!"! 0,),57$;'+ï)&2! .5ï;&! /! 1#+7#-4&5! /(3+#,(0:<.5! 0&¿!5;545':(!,!,5/'¿:#,'()*! 4+%<Ù$/!
),(! 6&6;&+:53! C/(/+Ù(/-'5! 0!8<'3).5!6&6;&+:5),'5!),(!:/+#,+'5! 3;-0(! 1+:+4'5! %+! 3;-0!
%58&'&+/-'()*! /! +6#¿6&5! ,5/'¿:#,'()*! 6&6;&+:53F2! :+! '&5! <;57-! /:1;&/+ï)&2! Č5! 1+4&¿%,(!
:-3&4!1#+7#-4542!-!6&6;&+:53! &0:'&5.5! ,/&,532!3:$#(!1+/&'&5'! 6(°! </,7;¿%'&+'(! 1#,(!
#+,1-:#(/-'&<! 1#-/'+-<:+#03&)*!-0153:$/! :57+! %,&5Ù-2! 4&4+! 6#-3<! 1J7#"."51!D)(:-:$/Ȉ!!
,! 6&6;&+:53&! /! 3+%,&5! Ċ#$%Ù+/(4! 1#+7#-4<>! K;-! 1#-/'&3$/! 0(:<-).-! :-3-! .50:! /(0+)5!
'&53+48+#:+/-2! ,! .5%'5.! 6+/&54! 0:#+'(! -#:>! P\! L#W<:! +%/+Ù<.5! 0&¿!%+!4+%5;<!+)*#+'(!
<:/+#$/! ;&:5#-)3&)*2! ,! %#<7&5.! ,-ï!=!/!:/$#),+ï)&! ;&:5#-)3&5.! '&5! 4-! 0(:<-).&! 1+%+6'5.! %+!
45)*-'&,4$/2! '1>! 1#+7#-4+/-'&-!+6&53:+/57+>!U>! [&5'&-0! 1&0,5J! DM&5! 4+Č'-! 1#,5),(°2! Č5!
1#+7#-4+/-'&<! +6&53:+/54<! 6;&03&5! .50:! /&5;+3#+:'5! 1+,(03&/-'&5! &! <Č(/-'&5! +6&53:$/>!!
T! 1<'3:<! /&%,5'&-! 1#-/'&3-2! +! /&5;5! Ù-:/&5.0,5! %+! ,#+,<4&5'&-! .50:! :#-%()(.'5! :/+#,5'&5!
3+%<2! &':<&)(.'&5! /& ,-'5!,! 1&0-'&54! 0/57+! #+%,-.<! 30&Č3&>!`-4! 7%,&5! 1+.-/&-.!0&¿!4'&5.!
3;-#+/'5! =! ,! 15#0153:(/(! +0$6! '&5,/&,-'()*! 65,1+ï#5%'&+! ,! :/+#,5'&54! 1#+7#-4$/!!
=! Ù-:/&5.! +! '&51+#+,<4&5'&5>! M&51+%/-Č-;'5! .50:2! Č5! 1#,(! +)*#+'&5! 1#-/-! -<:+#03&57+! '&5!
4+Č'-!;&),(°!'-!,-65,1&5),5'&5!/!:5'!01+0$6!4+%5;<!1+/&,-Ú!%-'()*2! &)*!0-45.!0:#<3:<#(>!
Z5ï;&! 6¿%,&5! 0&¿!1+0:#,57-°!1#+7#-4+/-'&5!+6&53:+/5!7Ù$/'&5! 1#,5,! 1#(,4-:! <4&5.¿:'57+!
/&,-'&-!,5! 0+6!%+0:¿1'()*!.<Č!+6&53:$/2!1+;5!1+1&0<!1#+7#-4&0:(!7/-Ù:+/'&5!0&¿!3<#),(>!!
T!3+;5&!:-42!7%,&5!'&5!6¿%,&5!4$7Ù!+'!,-1#5,5':+/-°!0/+.5.!:/$#),+ï)&!=!-!'&5!,#¿),'+ï)&2!),(!
,'-.+4+ï)&! /(#-8&'+/-'()*! 45:+%! 1#+7#-4+/-'&-! =! 1#-/+! -<:+#03&5! '&5! 1#,(%-! 0&¿!'-!
/&5;5E!CU>! [&5'&-0J! B(* 3+ 1-" 1& * 73 *)3 %4 *(% -" %& ( & +) *, +"1 & +& 7 3% (14 & %' 5* 38 $"4 2!D^+41<:5#/+#;%E!!
,! RO! 1-Ċ%,&5#'&3-! RSSP#>2! *::1JQQ///>)+41<:5#/+#;%>1;Q'5/0QNRGP@Sb@Q`/+#,5'&5>+1#+7#-4!
!'*

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

,%5)(%+/-Ù!+!/(Ù),5'&<! 01+%! +)*#+'(! &%5&! &! ,-0-%! 6¿%)()*! 1+%0:-/!
.-3&57+3+;/&53! 5;545':<! 1#+7#-4<! 3+41<:5#+/57+>! T-! 1+,6-/&+'5!
:/$#),57+! )*-#-3:5#<! <,'-.5! 0&¿! /! ;&:5#-:<#,5! 1#-/'&),5.! .¿,(3&! 1#+7#-9
4+/-'&-!C)*+°!0(7'-;&,<.5!0&¿!01+#-%(),'!4+Č;&/+ï°! &)*!+)*#+'(F2!&':5#9
85.0(!0!,-;&),-'5!%+!5;545':$/!)*#+'&+'()*2!-;5!/!01+0$6!+7#-'&),+'(2!,5!
/,7;¿%<!'-!:5)*'&),'5!/(4-7-'&-!1#,(! &)*!+1#-)+/(/-'&<2!,!3+;5&!-;7+9
#(:4(!:#-3:<.5!0&¿!.-3+!5;545':(!1#,5%4&+:+/+!&0:+:'52!%5)(%<.)5!+!:/$#9
),(4! ,'-),5'&<! )-Ù57+! 1#+7#-4<! 3+41<:5#+/57+\SB2! -;5! 0-45! .-3+! :-3&5!
'&51+%;57-.)5! +)*#+'&5! 1#-/'+-<:+#03&5.>! X! :/$#),(4! )*-#-3:5#,5! 1#+9
7#-4<! 3+41<:5#+/57+! %5)(%<.5! 1+0&-%-'&5! )5)*(! '+/+ï)&! /! ,'-),5'&<!
+6&53:(/'(4!/!+%'&50&5'&<!%+!)+!'-.4'&5.!.5%'57+!,!.57+!5;545':$/!4+9
7)()*! 1+%;57-°! :/$#),54<! 30,:-Ù:+/-'&<>! "! 3+'053/5').&! 1&5#/0,(4!
,-7-%'&5'&542! ,! 3:$#(4! 0:(3-! 0&¿!0%! 1#,(! #+,1-:#(/-'&<! 01#-/2! /! 3:$9
#()*! &0:+:'!#+;¿! 15Ù'&! 1#-/-! -<:+#03&5! %+! 1#+7#-4$/! 3+41<:5#+/()*2!
.50:!3+'&5),'+ï°!#+,0:#,(7'&¿)&-2! ),(!1#+7#-42!5/5':<-;'&5!.57+! 8#-745':2!
+! 3:$#(4! 4+/-! 4-! )*-#-3:5#! <:/+#<! /! 05'0&5! 1#-/'+-<:+#03&4! &! ),(!!
/!,/&,3<!,!:(4!.57+!:/$#)+4!1#,(0Ù<7<.!1#-/-!-<:+#03&5!%+!'&57+>!L(9
:-'&-! 3&5#+/-'5! %+! 6&57Ù57+! &'8+#4-:(3-! /! :-3&4! /(1-%3<! 4+7!6(°!
:#<%'+! ,#+,<4&-Ù5! &! /(4-7-°!%+ï°! /'&3;&/5.! -'-;&,(2! 6+/&54! =! .-3! 1+9
/&5%,&-'+!1+/(Č5.!=!1#-/'&)(!4-.2! %;-! &'8+#4-:(3$/!:#<%'+! ,#+,<4&-9

+/-'&->/>,7+%,&5>,>1#-/54>-<:+#03&4>*:4;! ,+6>! :5Č!U>![&5'-0J!<3%$56.+-1& 73*0#146& *./3*-6&
*73*)3%4*(%-"%&(&ï("15#1&73%(%&%'5*38$"1)*2!DL#,57;%!L#-/-!a-'%;+/57+E!M#!OQRSSB2!0>!AO=AGF>!
X)5'-! :-3-! 4+Č5! /(%-/-°!0&¿!.5%'-3!,6(:!%-;53+!&%)->! H>! ](#03-! 0Ù<0,'&5! ,-</-Č-2! Č5J!
D1+'&5/-Č!<0:-/+%-/)-!'&7%,&5!'&5!,-,'-),(Ù2! Č5! 1#+7#-4(! 3+41<:5#+/5! +%7#(/-.!
+%4&5''!#+;¿!'&Č! &''5! <:/+#(2! '&5! '-;5Č(! 0:-/&-°!&4!Č-%'()*!&''()*! /(4-7-Ú!)+!%+!
&'%(/&%<-;'+ï)&! -'&Č5;&! :52! 3:$#5! +%'+0,!0&¿!%+!1+,+0:-Ù()*! %,&5Ù>! q>>>r! "(3-,-'&5!
+#(7&'-;'+ï)&! =! &'%(/&%<-;'+ï)&! 1#+7#-4<! 1#,50%,-! +! +6.¿)&<! 7+! +)*#+'!65,!/,7;¿%<!'-!
:+2!),(! &''-! +0+6-!0:/+#,(Ù-! /),5ï'&5.! :-3&! 0-4!;<6! ,6;&Č+'(! 1#+7#-4E!CH>!](#03-J!<3*)3%4&
$*47'513*(6&(&-*(64&73%("1&%'5*38$"42! DL-Ú0:/+!&! L#-/+E! M#! NNQNBB\2! 1+,>! \AF>! K+%-:3+/5!
:#<%'+ï)&! 4+7!1+.-/&-°!0&¿!/!1#,(1-%3<!&':5#1#5:+/-'()*!.¿,(3$/! 1#+7#-4+/-'&-2!!
/! 1#,(1-%3<! 3:$#()*! ),-0-4&! :#<%'+! 4$/&°!+!3+%,&5!/('&3+/(4!81-8'& 853".5*>! Z-3! 0&¿!
/(%-.52! '-;5Č(! /$/),-0! #+,1-:#(/-°!1#-/'+-<:+#03!+)*#+'¿!3+%<!,'-.%<.)57+! 0&¿!!
/!1-4&¿)&! +15#-)(.'5.! 3+41<:5#-!=!1#+)50<2! #+,<4&-'57+!.-3+!57,541;-#,!C&'0:-').-F!
/(3+'(/-'57+!1#+7#-4<>!
\SB!T+6>!?>![+;-:J!<3%(*&%'5*38$"1&"&73%(%&7*$31(-12!^>a>!]5)32!"-#0,-/-!RSSO2!0>!OB!&!'-0:>!
!'#

$%&'()*+,-'.*
!
Ù2! :5'%5').¿! %+! '57+/-'&-! :/$#),57+! )*-#-3:5#<! %,&-Ù-;'+ï)&! 1#+7#-4&9
0:$/2!-!1+'-%:+!1#,51&0(!&!+#,5),'&):/+!+%'+ï'&5!%+!1#-/-!-<:+#03&57+!0!
.5%'(4&!,! 6-#%,&5.!03+41;&3+/-'()*>! "! 0,),57$;'+ï)&! 8-3:2! Č5! &'Č('&5#&-!
+1#+7#-4+/-'&-! 1+1&5#-! &! #+,/&.-! 45:+%(! /&5;+3#+:'57+! /(3+#,(0:-'&-!
3+%<2!6(/-!1+%'+0,+'(!1#,5,!1#-/'&3$/!.-3+!-#7<45':!,-!'&5:/$#),(4!
)*-#-3:5#54! 1#+7#-4$/! 3+41<:5#+/()*>! K;-! &'8+#4-:(3-! .50:! :+! -#7<9
45':! +! :(;5! 4-Ù+! 1#,53+'(/<.)(2! Č5! &! /! &''()*! %,&5%,&'-)*! ;<%,3&5.!
:/$#),+ï)&! %+)*+%,&! %+! /&5;+3#+:'57+! /(3+#,(0:-'&-! :()*! 0-4()*! 5;59
45':$/!03Ù-%+/()*!C/! 4<,()5J! -3+#%$/!&!3-%5').&2!/! ,%+6'&):/&5J!4+9
:(/$/! )*-#-3:5#(0:(),'()*! %;-! %-'5.! 3<;:<#(2! /! 30&Č3-)*! 1#-/'&),()*!
;&),'()*!)(:+/-Ú! ,!&''()*! -<:+#$/2!+#,5),'&):/-! &! -3:$/! 1#-/'()*! &:%>F!!
&!'&3:!'&5!'57<.5!,!:57+!1+/+%<!:/$#),57+!)*-#-3:5#<!:-3&)*!<:/+#$/>!](°!
4+Č5!Ċ#$%Ù54!'&51+#+,<4&5'&-!.50:!,-1&0!-#:>!P\!<0:>!N!L#W<:2!3:$#(!,-/&59
#-!1J7#"."51!0:/&5#%,5'&52!Č5!1#+7#-4(!3+41<:5#+/5!1+%;57-.!+)*#+'&5!.-3!
<:/+#(! ;&:5#-)3&52! ,-ï! +),(/&ï)&5! :/$#),(! )*-#-3:5#! <:/+#<! ;&:5#-)3&57+2!
3:$#(! /(3+#,(0:(/-Ù6(! /! 1#,(:Ù-),-.)5.! /&¿30,+ï)&! 0/+.5.! ,-/-#:+ï)&!
)(:-:(!,!&''()*!<:/+#$/2!4$7Ù6(!6(°!/:1;&/(\NS>!!

\NS!^*+°!'&5! ,-/0,52! #$/'&5Č! %;-:57+2! Č5! :-3Č5!3+41&;-)(.'(!)*-#-3:5#!%,&5Ù-! '&5! <'&54+Č9
;&/&-!<,'-'&-!7+!,-!<:/$#!/!#+,<4&5'&<!-#:>!N!L#W<:>!H$/&!+!:(4!/(#+3!I%<!M-./(Č0,59
7+! ,! RA! 0:(),'&-! RSSO! #>! CV! ^U! RGNQSAFJ! DI(':5:(),'-! %58&'&).-! <:/+#<! ,-/-#:-! .50:!!
/!-#:>!N!<0:>!N!L#W<:e!.50:!:+!3-Č%(!1#,5.-/!%,&-Ù-;'+ï)&!:/$#),5.!+!&'%(/&%<-;'(4!)*-#-3:59
#,52! <0:-;+'(! /! .-3&5.3+;/&53! 1+0:-)&2! '&5,-;5Č'&5! +%! /-#:+ï)&2! 1#,5,'-),5'&-! &! 01+0+6<!
/(#-Č5'&->!"03-,-'-!%58&'&).-!/!01+0$6!75'5#-;'(!+3#5ï;-!/&¿)!)5)*(!3+'&5),'5!/(#$Č'&-9
.)5! <:/$#! +%! &''()*! #5,<;:-:$/! %,&-Ù-;'+ï)&! ),Ù+/&53->! L#,(! #+,0:#,(7-'&<! 3/50:&&2! ),(!
%-'(! #5,<;:-:! 1#-)(! 3+#,(0:-!,!-<:+#03+1#-/'5.!+)*#+'(!0%(!),¿0:+! 1+0Ù<7<.!0&¿!/03-9
,$/3-4&!/(1#-)+/-'(4&!/!+#,5),'&):/&52!/!0,),57$;'+ï)&!I%<!M-./(Č0,57+>!"!%+:()*9
),-0+/(4!+#,5),'&):/&5! ,-! 1#,5%4&+:! 1#-/-!-<:+#03&57+!<,'-'+!4>&'>!3+;53).5! -8&0,(! ;<6!
+7Ù+0,5Ú2!3-:-;+7&2!#+,3Ù-%(!3+;5.+/52!30&Č3&! 3<)*-#03&52!/,+#(!&!8+#4<;-#,52!3+41+,().5!
,! 3/&-:$/2! 1#+.53:(! %+3<45':-).&! :5)*'&),'5.2! /,$#! ,%+6'&),(! ;<6! 1#+.53:! ,'-3<! :+/-#+9
/57+>! M-! </-7¿! ,-0Ù<7<.5! /(#+3! I%<! M-./(Č0,57+! ,! A! 4-#)-! NBPN! #>! CV! ^?! AB@QPSF2!!
/!3:$#(4! 4>&'>!0:/&5#%,+'+2!Č5! +! 1+/0:-'&<! 1#-/-!-<:+#03&57+!'&5!%5)(%<.5! 0:+1&5Ú! /-#9
:+ï)&!+1#-)+/-'57+!%,&5Ù-2! 7%(Č!'-/
5:!,'-),5'&+/+! '&5/&5;3&5! +1#-)+/-'&-! 4+7! 0:-'+9
/&°!1#,5%4&+:!+)*#+'(!-<:+#03&5.2!6(;56(!)5)*+/-Ù!.5!5;545':!:/$#),+ï)&!-<:+#->!
X)5'&-.)!/&¿)!015Ù'&5'&5!/(4-7-Ú! 0:-/&-'()*!<:/+#+4!/!#+,<4&5'&<!-#:>! N!<0:>!N!L#W<:2!
'-;5Č(!6#-°!1+%!</-7¿!)-Ù+ï°!)5)*! /!&)*!3+'3#5:'(42! +#(7&'-;'(4! ,50:#+.<>! M&5!0:-'+/&!
1#,50,3+%(! /! <,'-'&<! ,-! <:/$#! +3+;&),'+ï°2! Č5! /(3+#,(0:-'+! /! '&4! 5;545':(! +7$;'&5!
%+0:¿1'5>! Z-3+! :-3&5! 5;545':(! '&5! 0!+6.¿:5! +)*#+'2! 7%(Č!<:/+#54!4+Č5! 6(°!3+41&;-).-!
1+/0,5)*'&5!%+0:¿1'()*!%-'()*2!6(;56(!01+0$6!%+6+#<2!057#57-).&2!<.¿)&-!;<6!1#,5%0:-/&59
'&-!:()*!%-'()*!4&-Ù!,'-4&+'-!+#(7&'-;'+ï)&>!"('&3-!:+!/(#-Ċ'&5!,!-#:>!@!L#W<:>!^*-#-3:5#!
!'$

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

U+;5.'! :#<%'+ï)&2! 3:$#! '-;5Č(! /,&°! 1+%! </-7¿! 1#,(! +4-/&-'&<!
3/50:&&!1#-/'+-<:+#03&)*! .50:!#$Č'&)-! 1+4&¿%,(!#+,<4&5'&542! .-3&5!1+.¿9
)&<! D<:/$#E! '-%-.5! L#W<:2! -! #+,<4&5'&54! 1+:+),'(42! /! :(4! ,-0-%-4&!
'&53:$#()*! 5:(3! 0,),57$Ù+/()*! C'1>! 5:(3&! '-<3+/5.F2! /! 3:$#5.! 1#,(.4<.5!
0&¿!,-,/(),-.!Č5!<%,&-Ù!/! 0:/+#,5'&<! 3+')51).&!/(0:-#),-! %+!<,'-'&-! 3+9
7+ï!,-!/01$Ù-<:+#-!%,&5Ù-\NN2!1+%),-0!3&5%(!L#W<:!'&5!)*#+'&!&%5&2!/!0,),59

:/$#),(! .-3+! &44-'5':'-! )5)*-! <:/+#<! /! #+,<4&5'&<! -#:>! N! <0:>! N! L#W<:! .50:! 1#,5.-/54!
&':5;53:<-;'5.! %,&-Ù-;'+ï)&! ),Ù+/&53-2! .-33+;/&53! '&5! 3-Č%(! 1#+)50! &':5;53:<-;'(! 1#+/-%,&!
%+! 1+/0:-'&-! #5,<;:-:<! +! )5)*-)*! :/$#),()*>! L#-)-! &':5;53:<-;'-! +! )*-#-3:5#,5! :/$#),(4!
.50:! 1#,5)&/&5Ú0:/54! 1#-)(! +! )*-#-3:5#,5! :5)*'&),'(42! 3:$#-! 1+;57-! '-! /(3+'(/-'&<!
),(''+ï)&! /(4-7-.)()*! .5%('&5! +3#5ï;+'5.!/&5%,(! &! 01#-/'+ï)&! +#-,! <Č()&-! +3#5ï;+'()*!
'-#,¿%,&2! 0<#+/)$/! &! :5)*'+;+7&&>! ^5)*!1#-)(!/!)*-#-3:5#,5!:5)*'&),'(4!.50:!1#,5/&%(9
/-;'+ï°!&!1+/:-#,-;'+ï°!+0&7'&¿:57+! #5,<;:-:<>! L#+)50! :/+#,5'&-2! /! 1#,5)&/&5Ú0:/&5! %+!
1#-)(! :5)*'&),'5.2! 1+;57-! '-! :(42! Č5! #5,<;:-:! 1+%5.4+/-'57+! %,&-Ù-'&-! 0:-'+/&! 1#+.53).¿!
/(+6#-Ċ'&!+0+6(2!+%!3:$#5.!1+)*+%,&2!,4&5#,-.)!%+!/(15Ù'&-'&-! :()*!5;545':$/!/(3+'(9
/-'57+!,-%-'&-2!3:$#5!'&5!0!.5%('&5! /('&3&54! ,-0:+0+/-'&-!+3#5ï;+'5.!/&5%,(2!01#-/'+9
ï)&2!0<#+/)$/2!<#,%,5Ú!6%Ċ!:5)*'+;+7&&>!"!:(4!<.¿)&<!:/$#),+ï°2!.-3+!-'7-Č<.)-!/(+69
#-Ċ'&¿! :/$#)(2! 4-! )*-#-3:5#! 0<6&53:(/'(>! `-3! #+,<4&-'-! :/$#),+ï°!1+/&''-!6(°!
+%#$Č'&+'-! +%! 1+%+6'57+! ,'-),5'&-! <Č(/-'57+! /! 085#,5! /Ù-0'+ï)&! 1#,54(0Ù+/5.2! '1>!!
/!+%'&50&5'&<!%+! /('-;-,3$/>! `/$#),+ï°!.50:! :<! 6+/&54! 1+.4+/-'-! /! 01+0$6! ,+6&53:(9
/&,+/-'(!&!+1-#:(! '-!3#(:5#&<4!/-#:+ï)&!/!<0:-;5'&<!+3#5ï;+'5.!1#-/&%Ù+/+ï)&2!,-;5Č'+ï)&!
;<6!)5)*>! `/$#),+ï)&!/!,-3#50&5!/('-;-,3$/!6¿%,&5!'1>!%+3+'-'&5! /('-;-,3<! /! ,'-),59
'&<! 08+#4<Ù+/-'&-! '+/5.2! ),(;&! /),5ï'&5.! '&5,'-'5.! &! '-%-.)5.! 0&¿! %+! ,-/+%+/57+! ;<6!
3+45#)(.'57+! ,-0:+0+/-'&-! 1#+)5%<#(! 1#+/-%,)5.! %+! +0&7'&¿)&-! +3#5ï;+'57+! #5,<;:-:<!
1#+%<3)(.'57+>!
"(4-7-'&5!'+/+ï)&!'&5!.50:!'-:+4&-0:!'&5,6¿%'!)5)*!:/$#),+ï)&!.-3+!1#,5.-/<!&':5;53:<9
-;'5.!%,&-Ù-;'+ï)&!),Ù+/&53->!Z-3!/03-,-'+2!<:/+#54!4+Č5!6(°!'-/5:!3+41&;-).-!/(3+#,(9
0:<.)-! %-'5! 1+/0,5)*'&5! %+0:¿1'5! 1+%! /-#<'3&542! Č5! &)*! /(6$#2! 057#57-).-2! 01+0$6!
1#,5%0:-/&5'&-!4-!,'-4&+'-!+#(7&'-;'+ï)&E>!
\NN!DH&'&4-;'5! 3#(:5#&<4! /01$Ù-<:+#0:/-! 0:-'+/&! <%,&-Ù! /! 0:/+#,5'&<! 3+')51).&! 6-%-Ú2!
&)*! 1#,51#+/-%,5'&<2! &':5#1#5:-).&! ;<6! 1#,(7+:+/-'&-! 1<6;&3-).&! /! +60,-#,5! 015).-;'+ï)&!
/01$Ù-<:+#-2!)+!'-.4'&5.!/!:-3&5.!),¿ï)&2!3:$#-!/(0:-#),-!%+!:57+!-6(!1+%.Ù!+'!,-!'&!1<9
6;&),'!+%1+/&5%,&-;'+ï°E! CE5%-*("8$*&V187*Ù'&,89&L56$"&(&A%'.1&+&Qb&#"85*7%,%&:;;;&392!U+4&9
:5:! ]-%-Ú! M-<3+/()*2! *::1JQQ36'>&)4>5%<>1;Q5:(3-Q1#-3:(3->*:4;F>! L+%+6'&5! 8+#4<Ù<.5! :¿!
3/50:&¿!U+%530!5:(3&!1#-)+/'&3-!'-<3+/57+!LWM2!3:$#(!/!1<'3)&5!\>N>@!0:/&5#%,-!DL;-9
7&-:+/-'&5!1+;57-!'-!1#,(/Ù-0,),5'&<!)<%,()*!&%5&2!/('&3$/!6-%-Ú!;<6!0Ù$/!65,!1+1#-/9
'57+!1+%-'&-! Ċ#$%Ù-2! )+!0:-'+/&! '-#<0,5'&5! 1#-/! /Ù-0'+ï)&!&':5;53:<-;'5.E!CU+%530! 5:(3&!
1#-)+/'&3-!'-<3+/57+!LWM!1#,(.¿:(!N@!7#<%'&-!RSNR!#>!1#,5,!T7#+4-%,5'&5!X7$;'5!LWM2!
!'%

$%&'()*+,-'.*
!
7$;'+ï)&! &%5&! ,-/-#:()*! /! 1#+7#-4&5! 3+41<:5#+/(4>! X1&'&<.)! /! 01#-9
/-)*!%+:(),)()*!1#-/!-<:+#03&)*!%+!1#+7#-4$/!3+41<:5#+/()*!'-;5Č(!
4&5°!'-!/,7;¿%,&5!1+/(Č0,5!</-#<'3+/-'&-2!1-4&¿:-.)!.5%'+),5ï'&52!Č5!
'&5!.50:!#+;!6&57Ù57+!1+<),-'&5!0%<!+!0:-'-)*!1#-/'()*>!!
T! 1#+7#-4-4&! 3+41<:5#+/(4&! /&Č5! 0&¿! ,-7-%'&5'&5! .5%'5.! ,! 8+#4!!
:,/>!1&#-):/-!3+41<:5#+/57+\NR!=!),('<!15'-;&,+/-'57+!,!-#:>!RPG!!c!R!UU>!
!
!"#$%&'($%
R& Q9& !5*& +%0"13%& (& .1#'& 73+6(Ù%8+.+1-"%& .',+%֋&3+1.+&3'./*4%@&7*,#1)%&$%3+1&
7*+0%("1-"%&(*#-*ï."&*,&Z&4"18"¿.6&,*&#%5&[9&
R&:9&B1=&8%41=&$%3+1&7*,#1)%@&$5*&01+&+)*,6&*8*06&'73%(-"*-1=&'+68$'=1&.',+6&
73*)3%4&$*47'513*(6&(&.1#'&*8")-"1."%&$*3+6ï."&4%=5$*(1=9&
R&Z9&P&(67%,$'&4-"1=8+1=&(%)"@&873%(.%&7*,#1)%&)3+6(-"1@&$%3+1&*)3%-".+1-"%&
(*#-*ï."&%#0*&7*+0%("1-"%&(*#-*ï."&,*&3*$'9&
R&S9& c1Č1#"&$3%,+"1Č& 7*71Ù-"*-*&-%&8+$*,¿& *8*06&-%=0#"Č8+1=@& ï.")%-"1&-%85¿7'=1&
-%&(-"*81$&7*$3+6(,+*-1)*9&
R&[9&<3+17"86&R& Q@& Z&"&S&85*8'=1& 8"¿&*,7*("1,-"*&,*&$3%,+"1Č6&1-13)""& #'0&$%356&
'73%(-"%=.1=&,*&7*,=¿."%&7"1-"¿,+6&+&%'5*4%5'&0%-$*(1)*9&
!
"-#:+!,/#$)&°!</-7¿!'-!%/-!0,),57$Ù(!3+'0:#<3).&!:57+!1#,51&0<J!
9 )5;!3&5#<'3+/(e!
9 1+.¿)&5!,7+%(!+0+6(!<1#-/'&+'5.>!
"!+%'&50&5'&<! %+! )5;<!3&5#<'3+/57+!:#,56-!,-</-Č(°2!Č5!/! ;&:5#-:<#,5!
1#,5%4&+:<! #+,1+/0,5)*'&+'-! .50:! +1&'&-2! Č5! .<Č! 0-4+! D'&5;57-;'5! <,(9
03-'&5E! 1#+7#-4<! 3+41<:5#+/57+! /&Č5! 0&¿! ,! 3+#,(ï)&!4-.:3+/!!
/!1+0:-)&! '&51+'&50&5'&-!/(%-:3$/!'-! .57+!C;57-;'5F! '-6()&5\N@>! T!%#<7&5.!

*::1JQQ///>&'0:(:<).->1-'>1;Q&4-750Q0:+#&50Q1;&3&QU+4&0.-b%0bh:(3&bM-<)5Q%+3<45':(QU+
%530b5:(3&b1#-)+/'&3-b'-<3+/57+b@N>NR>bRSNR>1%8F>!
\NR !U/50:&5! ,/&,-'5! ,! '&5;57-;'(4! #+,1+/0,5)*'&-'&54! <:/+#$/2! /! :(4! 1#+7#-4$/!
3+41<:5#+/()*2!#57<;<.5! 7Ù$/'&5! L#W<:>!T+6>!'1>J!H>! I,4&:2! W>!]-/+#+/03&2!W>!U4&5)&-32!
L>!U#5.,-2!W>!M&54&5)J&L#141-56p2!+1>!)&:>2!0>!GB!&!'-0:>!
\N@!T+6>! '1>J! Z>! ^<#(Ù+J! <3+185¿785(%& 73+1."($*& 4"1-"'!d%359& :e]& a& %359& :fS& !!K2! I,3+Ù-! L+;&).&!!
/! L&;52! L&Ù-! RSNN2! *::1JQQ&01>1+;&).->1;Q%+/';+-%QNRQNA@PQ1#,5)&/3+4&5'&<>1%82! 0>! NSJ! DU+9
#,(ï)&!4-.:3+/!+0&7'&¿:!/! /('&3<! '&5;57-;'57+! 03+1&+/-'&-! 1#+7#-4<! 3+41<:5#+9
/57+! '- ! :,/>! /Ù-0'(! <Č(:53! .50:! <,(03-'&5! 4+Č;&/+ï)&! 3+#,(0:-'&-! ,! :57+! 1#+7#-4<! 65,!
1+'+0,5'&-!/(%-:3$/!,/&,-'()*!,!!.57+!;57-;'(4!'-6()&54E>!`-3!0-4!+1&'&¿!1#5,5':<9
.!'1>!W>!W%-403&!C<3%(*M2!+1>!)&:>2!0>!NS\F2!U>![&5'&-0!CU>![&5'&-0J!_685360'.=%&$*7""&'5(*3T(&
!'"

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

0:#+'(2!1+%'+0,+'(!.50:!-#7<45':2!Č5!3#-%,&5Č!&!1$Ċ'&5.0,5!%(01+'+/-'&5!
#,5),!.-3!/Ù-ï)&)&5;!,! '-:<#(! #,5),(! 1+/+%<.5! /,#+0:!-3:(/$/! 01#-/)(!
1#,50:¿10:/-2! -! /&¿)! /! 0:-'+/&)(4! ,'-4&¿! ),-0+/'&3+/5! D<,(03-'&<E!
4&5ï)&!0&¿!3+#,(ï°!4-.:3+/-!/('&3-.)-!,! '&5,-1Ù-)5'&-!)5'(! 1#+7#-4<2!
13)*J!,'-.%<.)()*! 0&¿! /!%(01+,().&! -#:(3<Ù<!0Ù$/! D/! )5;<!+0&7'&¿)&-! 3+9
#,(ï)&! 4-.:3+/5.E2! '&5! 4+Č'-! =! ,7+%'&5! ,! ,-0-%! #-).+'-;'+ï)&! <0:-/+9
%-/)(!=!&':5#1#5:+/-°!.-3+!'-%4&-#+/()*\N\>!L+/0:-.5!,-:54!1(:-'&52!),(!
&0:'&5.!0(:<-).52!/!3:$#()*!:-3&5!C65,!,7+%(!+0+6(!<1#-/'&+'5.F!<,(03-'&5!
1#+7#-4<! 4+Č5! '&5! /&,-°!0&¿! ,! :-3! #+,<4&-'!3+#,(ï)&!4-.:3+/g!
H+Č'-! 0+6&5! /(+6#-,&°! <,(03&/-'&5! /! :5'! 01+0$6! CD'&5;57-;'! %#+7EF!
1#+7#-4<2!3:$#(!1+,+0:-.5!%;-!<,(03<.)57+!65,1Ù-:'(\NA>!L#-3:(3-!+#,5),9
'&),-!.50:!/5!/,7;¿%,&5!3-#-;'+ï)&!1#+7#-4$/!,%+6(:()*!%+!)5;$/!'&53+9
45#)(.'()*! '&5.5%'+;&:-2! )*+°! #-),5.! '-;5Č(! 0&¿! 01+%,&5/-°! &':5#1#5:-).&!
#50:#(3)(.'5.2!0,),57$;'&5!.5ï;&!4+/-!+!%<Č5.!;&),6&5!1#+7#-4$/!+!,'-),'5.!
/-#:+ï)&!#('3+/5.>!!
X%'+ï'&5! %+! ,7+%(! +0+6(! <1#-/'&+'5.2! :+! /-#:+! 1#,(1+4'&5°!C1+#>!
</-7&!+! <0:-/+/(4! ,'-4&5'&<!01#+/-%,-'&-!=!#+,%,&-Ù! A>NF2! Č5! 1+0&-%-9
'&5! 1#+7#-4<! 3+41<:5#+/57+! 65,! Č-%'()*! %+/+%$/! ï/&-%),)()*!!
+! 1#-/'&5! %+1<0,),-;'(4! 01+0+6&5! .57+! ,%+6()&-! '&5! .50:! 0-4+! /! 0+6&5!

+%& 7*4*.&%7#"$%.="&7113&5*&7113&d<:<K2! DL#+3<#-:+#E! M#! \QRSSA2! 0>! PR=PB2! *::1JQQ///>01#1>!
)+4>1;Q:#50)Q1#+3<#-:+#QO%-@OG%\5\)@5%OSSSPPPA)8RSS-)5@P>1%8F2! ),(! H>! I+/-! CH>! I+/-J!
U)T#-%&./%3%$5136856$%&73+185¿7.+*ï."&"-513-15*(1=2!DL-;50:#-E!M#!AQOQRSSN2!0>!RAF>!
\N\ !"! :(4! 3+':53ï)&5! ),¿0:+! 1#,(/+Ù(/-'(! .50:! /(#+3! I%<! W15;-)(.'57+! /! d<6;&'&5!!
,!NS!;&1)-!RSS@!#>!CVV!W3-!NSPQS@F2!/!3:$#(4!I%!0:/&5#%,&Ù!4>&'>J!D1#,(!1#,50:¿10:/-)*!3#-9
%,&5Č(! 3/-;&8&3+/-'5.2! 4+:(/-).-! j,! )*¿)&! ,(03<k! '-;5Č(! %+! &0:+:(! :()*! 1#,50:¿10:/E2!!
/!/(#+3<!:(4!)*+%,&Ù+!.5%'-3!+!'&54+Č;&/+ï°!<,'-'&-!:-3&5.!4+:(/-).&!,-!,-0Ù<7<.)!'-!
0,),57$;'5! 1+:¿1&5'&52! -! '&5! +! :/&5#%,5'&52! Č5! /! ,'-4&5'&<! D<,(03<.5E! 4&5ï)&! 0&¿!.<Č!3+9
#,(ï°!4-.:3+/->!
\NA!T!/Ù-0'()*!%+ï/&-%),5Ú!-<:+#-!4+Č'-!1#,(/+Ù-°!1#,(1-%532!/!3:$#(4!0:<%5':!<),5;'&2!
3:$#-!4&-Ù-! 1+%1&0-'!<4+/¿!1-#:'5#03!,! %(0:#(6<:+#54! +1#+7#-4+/-'&-2!<4+Č;&/&-.9
)!'&5+%1Ù-:'5! 3+#,(0:-'&5! 1#,5,! 0:<%5':$/! :5.Č5! <),5;'&! ,! 3+45#)(.'()*! /5#0.&! 1#+7#-9
4$/2! 1+,(03&/-Ù!:5!1#+7#-4(!=!)*+°!/(%-.5!0&¿!:+!6(°!%,&-Ù-'&5! 1+,6-/&+'5! 7Ù¿60,57+!
05'0<! =! /! /5#0.&! D03#-3+/-'5.E! ,! 1&#-)3&)*! 05#/5#$/>! H+Č'-! :5Č!#+,/-Č-°!,%+6(/-'&5!!
/!:5'!01+0$6!1#+7#-4<2!'-! <Č(:3+/-'&5!3:$#57+! +0+6-!<,(03<.)-!1#+7#-4!1+0&-%-!;&)5'9
).¿2!-!3:$#(!,+0:-Ù!,!.-3&)*ï!1+/+%$/!/()+8-'(!,!%(0:#(6<).&>!
!'&

$%&'()*+,-'.*
!
#$/'+/-Č'5!,%+6()&<!7+!65,!,7+%(!+0+6(!<1#-/'&+'5.>!d&)5').5!<%,&5;-9
'5! 0!'-!<Č(:3+/-'&5! 1#+7#-4$/! 3+41<:5#+/()*2! '&5! 4-! +6+/&,3<!
<,(03-'&-!;&)5').&!'-!&)*!,-3<1!C,-3<1!1#+7#-4<!'&5!/(4-7-!,7+%(!+0+6(!
<1#-/'&+'5.F>! ?+,1-:#(/-'&5! 1+.¿)&-! D,7+%(! +0+6(! <1#-/'&+'5.E! 4+Č5!
6(°! 05'0+/'5! /! 3+':53ï)&5! <,(03&/-'&-! 1#-/! %+! 1#+7#-4<! 1#,5,! =! '-!
1#,(3Ù-%! =! 1#-/'57+! '-0:¿1)¿! .57+! '-6(/)(2! -;6+! 1#,5,! 6&57Ù57+2! 3:$#(!
,7+%'&5! ,! 1+0:-'+/&5'&54! 0%<! /(3+'<.5! 3+1&¿! +1#+7#-4+/-'&-! '1>!!
/! )5;<! 1#,51#+/-%,5'&-! 1#,5,! 0%! 53015#(45':<! 1#+)50+/57+! C'&5! .50:!
+),(/&ï)&5! /$/),-0! -'&! ,+6+/&,-'(! %+! ,-3<1<! %+%-:3+/5.! ;&)5').&! '-!
3+;5.5!0:-'+/&03-2!-'&! '&5! 1+15Ù'&-! 1#,50:¿10:/-!,!+4-/&-'57+!-#:(3<Ù<F>!
M&5!4-!:5Č!=!1#,('-.4'&5.2!.5ï;&!4+/-!+!+0+6-)*!8&,(),'()*2!'&51#+/-%,9
)()*!%,&-Ù-;'+ï)&!7+01+%-#),5.!=!+6+/&,3<!1#,5)*+/(/-'&-!1+ï/&-%),5Ú!
CD%+/+%$/! ;57-;'+ï)&EF! <,(03-'&-! 1+0&-%-'()*! -3:(/$/2! ),(! 6¿%!:+!
1#,5%4&+:(!)+%,&5''57+! <Č(:3<2!),(!1#+7#-4(! 3+41<:5#+/52!:-3!.-3! '&5!
4-!+6+/&,3<!;57&:(4+/-'&-!0&¿!'&4&!'-!/5,/-'&5!1+;&).&!),(!1#+3<#-:<9
#(>!M-:+4&-0:!'-6(/-'&5!'&5;57-;'()*!3+1&&! 1#+7#-4$/2! 6%Ċ!'-6(/-'&5!
3+1&&! 1#+7#-4$/! '&5/&-%+457+! 1+)*+%,5'&-2! /! +3+;&),'+ï)&-)*! 3:$#5!
ï/&-%),!;<6!4+7!ï/&-%),(°!+!&)*!'&5;57-;'(4!1+)*+%,5'&<!.50:! ),('54!
3#(4&'-;&,+/-'(4!/!-#:>!RBN! &! RBR!UU!C+%1+/&5%'&+! 1-05#0:/+!<4(ï;'5!!
&!'&5<4(ï;'5F!
!
!"#$%&)*$%
R&Q9&!5*&3+1.+&'+68$%-%֋&+%&7*4*.&.+6-'&+%03*-"*-1)*&-%06(%&#'0&7*>
4%)%&,*&=1=&+06."%&%#0*&51֋&3+1.+&73+6=4'=1&#'0&7*4%)%&,*&=1=&'$36."%@&7*,#1>
)%&$%3+1&7*+0%("1-"%&(*#-*ï."&*,&Z&4"18"¿c6&,*&#%5&[9&&
R&:9&P&(67%,$'&4-"1=8+1=&(%)"@&873%(.%&7*,#1)%&)3+6(-"1@&$%3+1&*)3%>
-".+1-"%&(*#-*ï."&%#0*&7*+0%("1-"%&(*#-*ï."&,*&3*$'9&
!"#$%&)&$%
R&Q9&!5*&3+1.+@&*&$5T31=&-%&7*,85%("1&5*(%3+68+c6./&*$*#".+-*ï."&7*(">
-"1-&"&4*Če&73+67'8+.+%°@&Če&+*85%Ù%&'+68$%-%&+%&7*4*.&.+6-'&+%03*-"*>
-1)*@&-%06(%&#'0&7*4%)%&,*&=1=&+06."%&%#0*&51֋&3+1.+&73+6=4'=1&#'0&7*4%)%&
,*&=1=&'$36."%@&7*,#1)%&)3+6(-"1@&$%3+1&*)3%-".+1-"%&(*#-*ï."&%#0*&7*+0%>
("1-"%&(*#-*ï."&,*&#%5&:9&
R&:9&P&(67%,$'&+-%.+-1=&(%35*ï."&3+1.+6@&*&$5T31=&4*(%&(&R&Q@&873%(.%&
7*,#1)%&$%3+1&7*+0%("1-"%&(*#-*ï."&*,&Z&4"18"¿c6&,*&#%5&[9&
!''

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

!"#$%&)+$%
R&Q9&<3+17"86&%359&:fQ&"&:f:&85*8'=1&8"¿&*,7*("1,-"*&,*&73*)3%4'&$*47'>
513*(1)*9&
R&:9& Ed&4*Če&*3+1.&73+17%,1$&3+1.+6&*$31ï#*-1=&(& R&Q& *3%+& (& %359& :fQ&&
"&:f:@&./*."%Čb6&-"1&85%-*("Ù%&*-%&(Ù%8-*ï."&873%(.69&
&
U+;5.'! 3/50:&! .50:! ,-7-%'&5'&5! <Č(:3+/-'&-! 1#+7#-4<! 1+! <1Ù(/&5!
),-0<!/-Č'+ï)&!;&)5').&!C-! /&¿)! '1>!1#,5%Ù<Č+'5! 3+#,(0:-'&5!,! /5#0.&!53"%#Fe!
/!:(4!/(1-%3<! '&5!4+Č5!6(°! 4+/(! +!D'&5;57-;'(4!<,(03-'&<E! C:#<%'+!
<,'-°2!Č5! 1+! <1Ù(/&5!+3#50<! ;&)5')(.'57+!'-0:¿1<.5! 1+'+/'52! :(4!#-,54!
.<Č!D'&5;57-;'5E!<,(03-'&5!1#+7#-4<F>!`#<%'+ï)&!1+/0:-.!:5Č!/!1#,(1-%9
3<2! 7%(! ,4&-'&5! <;57Ù(! /-#<'3&2! '-! .-3&)*! ,+0:-Ù-! <%,&5;+'-! ;&)5').-! C'1>!
<Č(:3+/-'&5!;57-;'&5!'-6(:5.!/5#0.&! D%;-! 4-Ù()*!1#,5%0&¿6&+#0:/E!/!0(:<-9
).&2!7%(!1#,5%0&¿6&+#0:/+!#+,/&'¿Ù+!0&¿!'-!:(;52!Č5!1#,50:-Ù+!015Ù'&-°!/(4+7&!
;&)5')(.'5F>!"!:-3&)*!/(1-%3-)*!4+Č5!5/5':<-;'&5!,'-.%+/-°!,-0:+0+/-'&5!
-#:>!NNA! <0:>!@! L#W<:2!)*+°!'-;5Č(!1-4&¿:-°!+!,-0:#,5Č5'&-)*!1+%'+0,+'()*!
+%'+ï'&5!%+!.57+!'&5+3#5ï;+'+ï)&!C,+6>!1#,(1&0!@AAF>!H+Č'-!/#50,)&5!#+,/-9
Č-°!#$/'&5Č2!/01+4'&-'5!/),5ï'&5.!/(3#+),5'&5!0,-;6&5#0:/->&
L+/(Č0,5! #+,/-Č-'&-! %+:(),! 0:#+'(! 1#-/'5.2! 3:$#-! '&5! .50:! =! -! 1#,(9
'-.4'&5.!'&5!1+/&''-!6(°!=! 1#,5%4&+:54! ,-&':5#50+/-'&-!6&57Ù()*2!4+7!
'-:+4&-0:! /(.-ï'&°2! %;-),57+! =! +65)'(! ,-#$/'+! /! .¿,(3<! 1#-0+/(42! .-3!!
&!'&50:5:(!/!1+0:-'+/&5'&-)*!+#7-'$/!1#+)50+/()*!=!7Ù¿6+3+!'&5/Ù-ï)&/(!
,/&,53!8#-,5+;+7&),'(! D'&5;57-;'5! +1#+7#-4+/-'&5E! 1+/&'&5'!,%5)(%+9
/-'&5!,+0:-°!,!.¿,(3-!1#-/'&),57+!&!=!)+!,!1<'3:<!/&%,5'&-!'&'&5.0,5.!4+9
'+7#-8&&!6-#%,&5.!&0:+:'5!=!.¿,(3-!6&57Ù()*!,%5)(%+/-'&5!/(5;&4&'+/-'(>!
!
!6?""#$%&%'()&%*"(".$3)(),-",+(%2&+,-\NO"
K+!1+0:¿1+/-'&-!)(/&;'57+! /! 05'0&5! 4-:5#&-;'(4!,-;&),-! 0&¿!01#-/(!/(9
'&3-.)5! ,5! 0:+0<'3$/J! 1#-/-! )(/&;'57+\NP 2! #+%,&''57+! &! +1&53<Ú),57+!

\NO!"(3+#,(0:-'+! 8#-745':(!-#:(3<Ù<! H>! I,4&:J! I"1)Ù6& "-2*34%56$& (& 7*85¿7*(%-"'&.6("#-642!
DT50,(:(! M-<3+/5! L+;&:5)*'&3&! R$%,3&5.E2! 05#&-! Dh;53:#(3-E! ,>! NRN2! M#! NSPG2! 0>! \GP=ASN2!
R$%Ċ!RSNN>!
!'(

$%&'()*+,-'.*
!
+#-,! 1#-/-! 1#-)(>! I,),57$;'&5! /-Č'!,!1<'3:<!/&%,5'&-!6&57Ù57+! )5)*!
1+0:¿1+/-'&-!1#+)50+/57+!/!01#-/-)*!)(/&;'()*!.50:!/&¿30,5!'&Č!/!1#+)59
0&5! 3-#'(4\NG!,'-),5'&5! ,-0-%(! 3+':#-%(3:+#(.'+ï)&\NB >! U+'053/5').!:57+!
0:-'<!#,5),(!4+Č5! 6(°!+7#-'&),5'&5!-3:(/'+ï)&! 6&57Ù57+2!3:$#(!=! /!+%#$Č9
'&5'&<!+%!1#+)5%<#(!3-#'5.!=!'&5!4-!4+Č;&/+ï)&!0<75#+/-'&-!<,<15Ù'&5'&-!
4-:5#&-Ù<! %+/+%+/57+! ),(! 1#,51#+/-%,5'&-! %+%-:3+/()*! 6-%-Ú\RS!C'-9

\NP!"!0,),57$;'+ï)&!1#,51&0(!UL^!0:+0<.5!0&¿!+%1+/&5%'&+!%+!1+0:¿1+/-'&-!+%/+Ù-/),57+!
/!L#-/&5!T-4$/&5Ú!L<6;&),'()*>!
\NG!M-!;&1&5)! RSNA! #>! 1#,5/&%,&-'-!.50:! '+/5;&,-) .-! 1#+) 5%<#(! 3 -#'5.! C <0:-/-! , ! RP! /#,5ï'&-!
RSN@! #>! +! ,4&-'&5! <0:-/(! =! U+%530! 1+0:¿1+/-'&-! 3-#'57+! +#-,! '&53 :$#()*! &''()*! <0:-/!
1+%1&0-'-! 1#,5,! L#5,(%5':-! NP! 1-Ċ%,&5#'&3-! RSN@! #>F! ,-3Ù-%-.)-! 4>&'>! 1#,54+%5;+/-'&5!
1+0:¿1+/-'&-! 0%+/57+! /! 3&5#<'3<! /&¿30,5.! 3+':#-%(3:+#(.'+ï)&! +#-,! ,-3:(/&,+/-'&5!
0:#+'! 1#+)50+/()*! 1#,(! .5%'+),50'(4! /,4+)'&5'&<! #+;&! 0%<! .-3+! -#6&:#->! Z-33+;/&53!!
/!)*/&;&!+65)'5.!'&5!6-#%,+!.50,),5!/&-%+4+2!/!.-3&!01+0$6!6¿%,&5!30,:-Ù:+/-Ù-!0&¿!1#-3:(9
3-!1#+)50+/-!1+!/5.ï)&<!/!Č()&5!:5.! <0:-/(2!/(%-.5!0&¿2!Č5!1#,('-.4'&5.!'&53:$#5!01+0:#,59
Č5'&-! +%'+ï'&5! %+! +1&'&+/-'&-! /! 1+0:¿1+/-'&<! )(/&;'(4! 6¿%!4+7Ù(! 6(°!<Č(:5),'5!!
/!'+/5.!1#+)5%<#,5!3-#'5.>!
\NB!"! 1&ï4&5''&):/&5! ,-/&5#-.)(4! 1#-3:(),'5! 1+#-%(! +%'+ï'&5! %+! 1#+)50$/! )(/&;'()*!
4+Č'-!,'-;5Ċ°!%-;53+!&%)5!&':5#1#5:-).5!:-3&57+! 0:-'<! #,5),(2! 4&-'<.)5!0:#+'(! 7+01+%-9
#,-4&!1+0:¿1+/-'&-!0%+/57+!C'1>!/!:53ï)&5!"&5;3+1+;03-![#<1-!L#-/'&),-J!U7"-"%&0"1)Ù1>
)*&7*+%8,*(1)*&(&73*.18"1&.6("#-642!*::1JQQ///>/71#>1;Q1<6;&3-).5QPP9+1&'&-96&57;57+91+,-!
0-%+/57+9/91#+)50&59)(/&;'(4>*:4;2!-<:+#,(!1&0,!/#¿),J!DL+;03&5! 1+0:¿1+/-'&5!)(/&;'5!
,+0:-Ù+!<30,:-Ù:+/-'5!.-3+! 1+0:¿1+/-'&5! 3+':#-%(3:+#(.'52!),(;&!1+0:¿1+/-'&52! /! 3:$#(4!
+6+/&,53!,7#+4-%,5'&-! 4-:5#&-Ù<! %+/+%+/57+! '&54-;!/!)-Ù+ï)&! 01+),(/-!'-!0:#+'-)*>!
"! 4(ï;! ,-0-%(! 3+':#-%(3:+#(.'+ï)&! :+! 0:#+'-! .50:! 7+01+%-#,54! 1#+)50<2! '-:+4&-0:! #+;-!
0%<!01#+/-%,-!0&¿!%+!+)5'(!:57+2!)+!,-+85#<.!0:#+'(!:-3! /! ,-3#50&5! 8-3:$/2! .-3!&! %+/+9
%$/! '-! &)*! 1+1-#)&5EF>! "! #,5),(/&0:+ï)&! 7+01+%-#,54! 1+0:¿1+/-'&-! 0%+/57+! .50:! 0%!
qT+6>!'1>J!"(#+3!`#(6<'-Ù<! U+'0:(:<)(.'57+!,!NN!/#,5ï'&-!RSSP!#>!CL!NNQSPF2! "(#+3!"+.59
/$%,3&57+! I%<! W%4&'&0:#-)(.'57+! /! "-#0,-/&5! ,! NR! 4-.-! RSSG! #>! CVV! IWQ"W! @ROQSGFr2!
3:$#(!#$/'&5Č!/!1+0:¿1+/-'&<!)(/&;'(4!4-!&'&).-:(/¿!%+/+%+/!4>&'>!/!,-3#50&5!1+/+9
Ù(/-'&-!6&57Ù()*! C-#:>! RPG!c! N! UL^F! &!,-#,%,-'&-! ,! &)*!<%,&-Ù54! +7;¿%,&'! C-#:>! RBR!UL^F>!
h/5':<-;'!#$Č'&)2! +%'+ï'&5! %+! #+;&! 6&57Ù57+2! +! 3:$#5.! 4+Č'-! 6(! %(/-7+/-°2! 1+4&¿%,(!
ULU!-! UL^! .50:!:+2!Č5!UL^!'&5! 1#,5/&%<.5! =!&'-),5.!'&Č!4-!:+! 4&5.0)5! /!ULU!C-#:>!RSR!c! RF!!
=! &'&).-:(/(! %+/+%+/5.! 6&57Ù()*2! -;5! %+:(),(! :+2! '&5&':5#50<.)5.! ,! 1<'3:<! /&%,5'&-! :5.!
4+'+7#-8&&2!#+;&!6&57Ù()*!10()*&-:#$/>!
\RS!Z-3! 1&0,!L>!U+/-;03&!&!Z>!I3Ù-%,&5ÚJ! DL&5#/0,! &0:+:'!#,5),2! 3:$#! 1+/&'&5'! /&5%,&5°!
6&57Ù(!.50:!:+2!Č5!'&5!%(01+'<.5! +'!0/+6+%!8+#4<Ù+/-'&-!Č%-Ú2!)+!%+!4-:5#&-Ù<!%+/+%+9
/57+! /(3#-),-.)57+! 1+,-! /'&+03+/-'(! 1#,5,! 0:#+'(! %;-! /(%-'&-! +1&'&&! CpF>! ]&57Ù(!!
/!01+#,5!)(/&;'(4!4<0&! 6(°!ï/&-%+42!&Č!%;-! /(%-'&-!0/+.5.!+1&'&&!%(01+'<.5!:(;3+!&!/(9
Ù),'&5! :(42! )+! ,-/'&+03+/-Ù(! 0: #+'(! 01+#<E>! T+6>! L>! U+/-;03&2! Z>! I3Ù-%,&5ÚJ&U7"-"*(%-"1&&
!()

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

/5:!,#50,:!0%!/!1+0:¿1+/-'&<!)(/&;'(4!4+Č5!=!)*+°!'&5!4<0&!=!1+1#,59
0:-°!'-! D1#-/%,&5E! 8+#4-;'5.2!-! /&¿)! =!4$/&)! /! <1#+0,),5'&<!=! +6#-,&5!
8-3:$/! /('&3-.)(4! ,! %+4'&54-'&-! 1#-/'57+! ;<6! ,! 1#,(.¿:()*! ,7+%'&5!
1#,5,! 0:#+'(! <0:-;5ÚF\RN>! I,),57$;'&5! %#-Č;&/5! .50:! :+! /! 0(:<-).&2! /! 3:$#5.!
4-:5#&-Ù! %+/+%+/(! .50:! '&5/(0:-#),-.)(! %+! /()&7'&¿)&-! /'&+03$/2!!
-! 4$7Ù6(! 6(°! 0:+0<'3+/+! Ù-:/+! <,<15Ù'&+'(>! Y/&%-),'&-! 0&¿!/!:-3&)*!
0(:<-).-)*! ,-0-%'&),-! #$Č'&)-! 1+4&¿%,(! 1+0:¿1+/-'&54! 3-#'(4! =! ,! %+9
4&'<.)!,-0-%!1#-/%(!4-:5#&-;'5.2!3:$#-!1+,/-;-!6&57Ù54<!'-!=!/!,-0-9
%,&5!0/+6+%'5!=! 8+#4<Ù+/-'&5!1+0:<;-:$/!+%'+ï'&5!%+!<,<15Ù'&5'&-!4-9
:5#&-Ù<! %+/+%+/57+2! -! 1+0:¿1+/-'&54! )(/&;'(42! /! 3:$#(4! 3-Č%-! ,5!

(& 873%(%./& .6("#-6./& "& $%3-6./& =%$*& 73*0#14& (& 73%$56.1& 0"1)Ù1)*2! DX:+#('+;-#('7+;+7&-E!!
M#!@C@FQRSS\>!
\RN!T+6>!<)*/-Ù-!V,6(!^(/&;'5.!IM!,!NP!;<:57+!RSS\!#>!CVVV!^TL!NNAQS@FJ!D/!%+3:#('&5!1+/0:-Ù!
1#+6;54!%+:(),)(!+6+/&,(/-'&-!,-0-%(!1#-/%(!4-:5#&-;'5.e!/!0,),57$;'+ï)&!1+!03#5ï;59
'&<!-#:>!@!c! R!&!,4&-'&5!-#:>!R@R! UL^!<,-0-%'&+'5!0:-Ù+!0&¿!1(:-'&52!),(!<0:-/+%-/)-!+%0:9
1&Ù!+%!,-0-%(!1#-/%(!4-:5#&-;'5.2!+3#5ï;-'5.! 1+1#,5%'&+! .-3+! j1#-/%-! +6&53:(/'-k2! '-!
#,5),! 1#-/%(! 8+#4-;'5.>! X%1+/&5%Ċ! '-! :+! 1(:-'&5! '-;5Č(! %+! '-<3&! 1#-/-! 1#+)50+/57+2!
3:$#-!=!/!1<6;&3+/-'()*!%+:()*),-0!7Ù+0-)*!=!+1+/&-%-!0&¿!,-!:5,2!Č5!.-33+;/&53!+7#-'&9
),+'+!&'0:#<45':(!1#-/'5!1+,/-;-.)5!0%+/&!'-!%+:-#)&5!%+!1#-/%(2!.-3!:5Č!1#,5'&50&+'+!
)&¿Č-#!%+)*+%,5'&-!%+! '&5.! '-! 0:#+'(2!:+! .5%'-32!,/-Č(/0,(!,/Ù-0,),-! '-!+6+/&,(/-'&5!
-#:>! @2! RNR2! RN@! c! N2! -#:>! RRB2! R@R! ,%-'&5! %#<7&5! &! @@B! c! R! UL^2! ,-0-%-! 1#-/%(!4-:5#&-;'5.!
'-%-;! +6+/&,<.52! 0-4+! ,-ï!%+)*+%,5'&5!%+!1#-/%(!4+Č5! 6(°!1+),(:(/-'5!.-3+!.5%5'!!
,! )5;$/! 1#+)50<! 0%+/57+>! `5,¿!:¿!:#,56-!<,'-°! ,-! :#-8'2! 65,! /:1&5'&-! .5%'-3! ,-0-%-!
1#-/%(!4-:5#&-;'5.!'&5!4-!/01$Ù),5ï'&5!)*-#-3:5#<!65,/,7;¿%'57+2!<0:-/+%-/)-!6+/&54!
/&5;+3#+:'&5! +7#-'&),-! .!;<6!3+#(7<.5!C'1>!-#:>!R@N2!R@\2!R@@!c!R2!-#:>!R\O2!R\P!&!RNP!c!RF>!
X7#-'&),5'&5!8<'3).+'+/-'&-!:5.!,-0-%(! %(3:+/-'5!.50:! #$Č'(4&!4+:(/-4&e!<0:-/+%-/)-!
-;6+!)*#+'&! /! :5'! 01+0$6! +3#5ï;+'5! /-#:+ï)&!C'1>!/!,-3#50&5!1#-/-!#+%,&''57+F! -;6+! #5-;&9
,<.5!1+Č(:5),'5! 01+Ù5),'&5! )5;5! C'1>!1#,(01&50,5'&5!&! <1#+0,),5'&5! 1+0:¿1+/-'&-F>! V''(4&!
0Ù+/(2! <0:-/+%-/)-2! '&5! #5,(7'<.)! ,! 1+%0:-/+/57+! )5;<! 1#+)50<2! .-3&4!.50:! %+.ï)&5! %+!
1#-/%(!4-:5#&-;'5.2!1+,/-;-!/!/&5;<!1#,(1-%3-)*!'-!1+1#,50:-'&5!'-!1#-/%,&5!8+#4-;'5.>!
K,&5.5!0&¿!:-3!#$/'&5Č!/:5%(2!7%(!/0,(0:3&5!'-#,¿%,&-!1+,/-;-.)5!+%3#(°!1#-/%¿!1+,+0:-9
.!/!#¿3-)*!0:#+'2!3:$#5!.5%'-3!=!,!#$Č'()*!1+/+%$/!=!,!'&)*!'&5!3+#,(0:-.!6%Ċ!),('&!:+!
'&5<4&5.¿:'&5E>!T+6>!:5Č! W>! U-;;-<0J! !*-81$(1-.=1&73%(-1& +4"%-6&73+17"8'&%359&Z& !<C& (&7*85¿>
7*(%-"'&73*.18*(642!DH+'&:+#!L#-/'&),(E!M#!\QNBBPe!Z>! Z-'3+/03&J!<3*0#146&-*(1#"+%.="&!<C&
a&7*85¿7*(%-"1&3*+7*+-%(.+12! DH+'&:+#! L#-/'&),(E! ,!NO! 4-.-! RSSA!#>! C01#-/+,%-'&5!,! 054&9
'-#&<4F2!*::1JQQ///>4+'&:+#1#-/'&),(>1;Q&'%5f>1*1g4+%m4b-3:<-;'+0)&n)&%mRNn&%mGPP>!
!(!

$%&'()*+,-'.*
!
0:#+'!%+/+%,&!0/+&)*!:5,! /! 01+0$62! .-3&!<,'-.5!,-!0:+0+/'(!&!#5-;&,<.5! :+!
'-!4&-#¿!0/+&)*!4+Č;&/+ï)&!&!<4&5.¿:'+ï)&\RR>!
X),(/&ï)&5! '&5! +,'-),-! :+2! -6(! 6&57Ù(! 4&-Ù! 1#-/+! 4&.-°!0&¿! ,! 1#-/%!
C4-:5#&-;'F!:(;3+!%;-:57+2!Č5!0:#+'(!01+#<!0%+/57+!,7+%'&5!:/&5#%,!)+ï2!
)+! '&5! .50:! 1#-/%,&/5>! ?+;! 6&57Ù57+! .50:! 6+/&54! 0Ù<Č(°!0%+/&! 0/+&4&!
/&-%+4+ï)&-4&! 015).-;'(4&! ,! %,&5%,&'(2! %;-! 3:$#5.! ,+0:-Ù! <0:-'+/&+'(2!!
-!'&5! /1#+/-%,-°!7+!/!6Ù%2!'-/5:!.5ï;&!),('&! :+!,7+%'&5!,'-.%<.)5!0&¿!!
/!01+#,5!0:#+'(>!Z5ï;&!/&¿)!0:#+'(!01+#<!)(/&;'57+!6¿%!,7+%'&5!:/&5#%,&°2!
Č5! 1#-/%! .50:! ,%-'&5! 8-Ù0,(/5! C+! ),(4! 6&57Ù(! /&5! ,! </-7&! 1+0&-%-'&-!
/&-%+4+ï)&! 015).-;'()*F2! :+! 6&57Ù(! '&5! 4+Č5! +1#,5°! '-! :-3&5.! 8-Ù0,(/5.!
1#,50Ù-')5!0/+.5.!+1&'&&\R@>!M-:+4&-0:!,!,-0-%(!3+':#-%(3:+#(.'+ï)&!/('&3-!
:(;5!:(;3+2!Č5!6&57Ù(!'&5!4+Č5! 0<75#+/-°!<,<15Ù'&5'&-! 4-:5#&-Ù<! %+/+%+9
/57+!),(!1#,51#+/-%,5'&-!%+%-:3+/()*!6-%-Ú>!H+7Ù+6(!:+! 6+/&54! 6(°!
+%56#-'5!.-3+!%+#-%,-'&5!0:#+'+4!/!,-3#50&5!:-3:(3&!1+0:¿1+/-'&-!1#,5%!
0%54!&!03<:3+/-°!/(0+)5!'&51#,(.54'(4&!%;-! 6&57Ù57+! 3+'053/5').-4&>!
X),(/&ï)&5! ,-%-'&54! 6&57Ù57+! /! +7$;5! C),(! :+! /! 1#+)50&5! )(/&;'(4! ),(!
:5Č!3-#'(4F2!'&5! .50:!<%,&5;-'&5!1+#-%!0:#+'+42! -! %+!.57+! 3+415:5').&! '&5!
'-;5Č(!/(3#-),-'&5!1+,-! ,-3#50!+1&'&&2!'-:+4&-0:!/! 1#+)50&5!3-#'(4!0:+9
0<'3+/+!),¿0:+!,%-#,-!0&¿!&!.50:!/!15Ù'&!<1#-/'&+'!0(:<-).-2!/!3:$#5.!6&59
7Ù(!0<75#<.5! 01+0$6!%+:-#)&-! %+!1#-/%(! C4-:5#&-;'5.F2!6+/&54! =! )+!+),(9
/&0:5! =! 0:#+'(! -'&! 0%! 4+7!'&5!,'-°! :-3&57+! 01+0+6<! C'1>! 45:+%+;+7&&!

\RR!g)&ï;5!#,5),! <.4<.)2! '&5! 4-! &! '&5! 4+Č5! 6(°!%/$)*!#$Č'()*!1#-/%! +%'+ï'&5! %+! :57+! 0-9
457+!0:-'<!C/7! 3;-0(),'5.! =! -#(0:+:5;50+/03&5.!=!%58&'&).&! 6+/&54! 1#-/%,&/5! .50:! ,%-'&52!
3:$#57+!:#5ï°!.50:!,7+%'-!,!#,5),(/&0:+ï)&F2!0:%!:5Č!+!D1#-/%,&5!8+#4-;'5.E! 4+Č'-!4$/&°!
.5%('&5!/!05'0&5!1#,5'+ï'(42!%;-:57+!:5Č!/!'&'&5.0,5.!4+'+7#-8&&!.50:!+'-!1&0-'-!/!)<%,(9
0Ù+/&5>!
\R@!"! .5%'(4! ,! 1+0:¿1+/-Ú2! /! 3:$#(4! -<:+#!4&-Ù!+3-,.¿!/(0:¿1+/-°!/!#+;&!6&57Ù57+2!01$#!
%+:(),(Ù!%+4'&54-'5.!'&5,7+%'+ï)&! ,-#,%,-'&-! 1#+.53:54! &'8+#4-:(),'(4! 1#,5,! ,59
/'¿:#,'2! /('-.¿:!%+!:57+!)5;<!8&#4¿2! ,! .5%'!,!45:+%(3!,-#,%,-'&-! 1#+.53:-4&>! I:#+'-!
1+/+%+/-! C+#7-'&,-).-2! '-! #,5),! 3:$#5.! #5-;&,+/-'+! 1#,5%0&¿/,&¿)&5F! </-Č-Ù-2! Č5! 1+,/-'-!
8&#4-! C8&#4-! ,-#,%,-.)-! 1#+.53:54! &! #5-;&,<.)-! 7+F! 1#+/-%,)! 1#+.53:! /7! :5.! 45:+%(3&2!
'-#<0,-Ù-!/!3&;3<! 4&5.0)-)*! ,-;5)5'&-! 45:+%(3&2! 0:#+'-! 1+,/-'-! =! Č5! %+! :-3&57+! '-#<0,5'&-!
'&5! %+0,Ù+>! L(:-'&-! ,-%-'5! 6&57Ù54<! %+:(),(Ù(! ,7+%'+ï)&! 15/'()*! %5:-;&! :5.Č5! 45:+%(3&!!
&!01+0+6<! &)*! #5-;&,-).&!/!01+#'(4!1#+.53)&52!,-ï!1#+6;54!;5Č-Ù!/!:(42!Č5!45:+%(3-2!+! 3:$#5.!
4$/&Ù(!0:#+'(! '&5!6(Ù-! /! +7$;5! 45:+%(3!,-#,%,-'&-!1#+.53:-4&2!)*+°!+6&5!0:#+'(!0%,&Ù(!
-3<#-:!&'-),5.>!"!:-3&5.!0(:<-).&2!+),(/&ï)&5!6&57Ù(!'&5!4+Č5!1#,(.°!D1#-/%(E!8+#4-;'5.!0:+.9
)5.!/!01#,5),'+ï)&!,! /&5%,!6&57Ù57+!&!0:-'54!8-3:(),'(4!&! '-! '&5.!6<%+/-°!0/+&)*!#+,/-9
Č-Ú2!4<0&!'-:+4&-0:!1+&'8+#4+/-°!+#7-'!1#+)50+/(!+!,-&0:'&-Ù5.!0(:<-).&>!!
!(*

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

6-%-Ú!%-'5.!%(0)(1;&'(!),(!-3:<-;'57+! 0:-'<! :5)*'&3&F2! +!&;5! '-;5Č(!+'!%+!
%,&5%,&'(! /&-%+4+ï)&! 015).-;'()*>! K+:-#)&5! %+! 1#-/%(! C4-:5#&-;'5.F! .50:!
'-%#,¿%'!,-0-%!,-#$/'+!0%<! 3-#'57+2!.-3!&!+#7-'<! 1#+/-%,)57+!1+9
0:¿1+/-'&5! 1#,(7+:+/-/),5>! "! 1#+)50&5! )(/&;'(4! '-:+4&-0:! 6&57Ù(! '&5!
/&52!),(!:-3:(3!0:#+'! '&5! .50:!+1-#)&5! 0&¿!'-!D1#-/%,&5E!8+#4-;'5.2! '&53+9
'&5),'&5! +%1+/&-%-.)5.! 1#-/%,&5! C4-:5#&-;'5.F2! -;6+2! ),(! 3:$#-ï!,5!0:#+'!
'&5! .50:! ,%5)(%+/-'-! =! '-/5:! ,-! )5'¿! 5/5':<-;'5.! 1#,57#-'5.! /! 01+#,5!
0%+/(4!=!'&5! <.-/'&-°!1<6;&),'&5!.-3&)*ï! 8-3:$/! &!+3+;&),'+ï)&\R\>! Z5%'-!!
&!%#<7-! 0(:<-).-! 4+Č5! 4&5°! 4&5.0)5!&! =!/! ï/&5:;5! +6+/&,<.)()*! 1#,51&9
0$/!=!:-3-!1+0:-/-!0:#+'!.50:!/!15Ù'&!%+1<0,),-;'-2!/&¿)!6&57Ù(!4<0&!%,&-9
Ù-°! /! :5'! 01+0$62! -6(! :-3&5.! 5/5':<-;'5.! :-3:(3&! '&5! ,'&/5),(°\RA>! Z-3! 0&¿!
/(%-.52! ,-3-,! /'&+03+/-'&-! +! <,<15Ù'&5'&5! 4-:5#&-Ù<! %+/+%+/57+! '&5!
%+:(),(! 0(:<-).&! 5/&%5':'()*J! 4+Č'-! ,-#(,(3+/-°! :/&5#%,5'&52! Č5! '&5!
1+15Ù'&-!6Ù¿%<!6&57Ù(2!3:$#(!=!1+#<0,-.)!0&¿!/!#-4-)*!,-3#5ï;+'57+!1#,5,!
0%!,-3#50<!+1&'&&!=!,/#$)&!0&¿!%+!0%<!,!&'8+#4-).!+!3+'&5),'+ï)&!D:5)*9
'&),'57+E! <,<15Ù'&5'&-! 4-:5#&-Ù<! %+/+%+/57+\RO>! M-! 4-#7&'50&5! /-#:+!
1+#<0,(°!:5Č!3/50:&¿!3+#,(0:-'&-!1#,5,!6&57Ù57+!,!&'8+#4-).&!'&5%+0:-#),+9
'5.!1#,5,!0:#+'¿2! -;5!6¿%)5.!&'8+#4-).!1<6;&),'2! /+65)!3:$#5.!'&5! %+3+9

\R\!U;-0(),'(4! 1#,(3Ù-%54! :-3&57+! 3+'05'0<0<2! 1#+/-%,)57+! %+! /(:/+#,5'&-! D1#-/%(E!
8+#4-;'5.2!4+Č5!6(°!'1>!,7+%'5!/'&+03+/-'&5!4-ÙČ+'3$/!+!<%,&5;5'&5!#+,/+%<!65,!+#,53-9
'&-!+!/&'&5!C'-/5:!.5ï;&! .5%'-!,5!0:#+'!1+'+0&!,-Ú!#,5),(/&0:!/&'¿F!4+:(/+/-'5!)*¿)&!'&59
<1<6;&),'&-'&-!0,),57$Ù$/!&)*!1+Č()&-!4-ÙČ5Ú03&57+>!
\RA!"! )(:+/-'(4! -#:(3<;5! CL>! U+/-;03&2! Z>! I3Ù-%,&5ÚJ! U7"-"*(%-"1p2! +1>!)&:>F! +1&0-'+! .-3+!
1#,(3Ù-%!%,&-Ù-'&5!6&57Ù57+2!3:$#(! =!65,! ,/&,3<! ,!,-3#5054! +1&'&&! =!,! /Ù-0'5.! &'&).-:(/(!
1+&'8+#4+/-Ù!/! +1&'&&!0%!&! 0:#+'(2! .-3&5! 6-%-'&-!;53-#03&5!'-;5Č(! /(3+'-°! %;-! <%+/+%9
'&5'&-!:/&5#%,5Ú!.5%'5.!,5!0:#+'>!
\RO!T!/Ù-0'5.!1#-3:(3&!-<:+#-!4+Č'-!1+%-°!1#,(1-%532!/!3:$#(4!6&57Ù(!4&-Ù!/(1+/&5%,&5°!
0&¿!'-!:54-:!1#+7#-4<!3+41<:5#+/57+2!3:$#57+!3+%!Ċ#$%Ù+/(!-'&!1#+7#-4!/('&3+/(! '&5!
6(Ù(! <4&50,),+'5! /! 1#,5%0:-/&+'(4! 4-:5#&-;5>! X),(/&ï)&5! 8+#4-;'&5! 4+Č;&/5! 6(Ù+! ,-9
15/'5! /(%-'&5! +1&'&&! '&5#+,0:#,(7-.)5.! ,! 1+/+%<! 6#-3<! 1#,5%4&+:<! 6-%-'&-! '-:+4&-0:!
#+,0%'&5.0,(4! ,! 1<'3:<! /&%,5'&-! 53+'+4&&! 1+0:¿1+/-'&-! 6(Ù+! ,/#$)5'&5! 0&¿!%+!0%<!!
+!<,<15Ù'&5'&5!4-:5#&-Ù<!%+/+%+/57+!1+1#,5,!,/#$)5'&5!0&¿!%+!0:#+'!+!%+0:-#),5'&5!:57+Č!
1#,5%4&+:<!6-%-'&->! `#<%'+! <,'-°!:-3&!/'&+053!,-!0<75#+/-'&5!0:#+'&5!:-3:(3&!%+/+%,59
'&-!0/+&)*!#-).&>!
!(#

$%&'()*+,-'.*
!
'-'+! +7#-'&),5'&-! .-/'+ï)&\RPJ! 4+Č'-2! .-3! 0&¿!/(%-.52!01+%,&5/-°!0&¿2! Č5!
03+#,(0:-'&5! ,! &'8+#4-).&! 1<6;&),'5.! '&5! .50:! '&5<1#-/'&+'(4! 0-4+%,&5;9
'(4! #+,0,5#,5'&54! 1#,5,! 6&57Ù57+! 4-:5#&-Ù<! %+/+%+/57+2! -'-;+7&),'&5!
:#<%'+!6(Ù+6(!,-!:-3+/5!<,'-°!03+#,(0:-'&5!,!&'8+#4-).&!,-/-#:5.!/!1+%9
#¿),'&3<!),(!5')(3;+15%&&2!'-/5:!.5ï;&6(!6&57Ù(!),5#1-Ù!,!'&5.!&'8+#4-).5!'&5!
:(;3+!45:+%+;+7&),'52!-;5!&!+!0:-'-)*!#,5),+/()*>!!
H+Č'-!4&5°! 0,5#57! /:1;&/+ï)&!=! ,-#$/'+!'-:<#(!4+#-;'5.2! .-3!&!:5)*9
'&),'5.!=!)+!%+!<0<'&¿)&-!/!NBBO!#>!#57<;-).&!,!-#:>!@!c!R!UL^!:57+!1#,51&0<2!
3:$#(! %-/-Ù! 1+%0:-/¿! %+! 03+'0:#<+/-'&-! ,-0-%(! 1#-/%(! +6&53:(/'5.!
C1#-/%(!4-:5#&-;'5.F>!"!1#-3:()5!6&57Ù57+!&'8+#4-:(3-!'&5!1+/+%<.5! +'+!
#-),5.! /01+4'&-'57+! /),5ï'&5.! D1#,(01&50,5'&-! &! <1#+0,),5'&-! 1+0:¿1+9
/-'&-E2! -! /#¿),! 1#,5)&/'&5! =! 0:#+'(! 0:+0<'3+/+! ),¿0:+! %+0:-#),-.! '&59
3+41;5:'! %+3<45':-).¿! :5)*'&),'! ),(! 1#+.53:+/2! ,-ï! %+1&5#+! /(%-9
/-'5!'-!.5.!1+%0:-/&5!+1&'&5!C3+Ú),)5!0&¿!),¿0:+!3+'3;<,.!D'-!1+%0:-/&5!
1#,5%0:-/&+'57+! 4-:5#&-Ù<! '&5! 4+Č'-! /()&7'°! 3-:57+#(),'()*! /'&+9
03$/EF!03Ù-'&-.!.5!%+!<,<15Ù'&5'&-!4-:5#&-Ù<!%+/+%+/57+! &! /'&+03+/-9
'&-!+! 3+;5.'5! +1&'&52!1#,(! ),(4! :-3-!0(:<-).-! 1+:#-8&! 1+/:-#,-°!0&¿!/&5;+9
3#+:'&5>! I:#+'(! 6+/&54! C&! &)*! 15Ù'+4+)'&)(! 1#+)50+/&F! ),¿0:+! '&5! 0!
1#,53+'-'5! +! 1+:#,56&5! 03+#,(0:-'&-! ,! 1+4+)(! D1#(/-:'()*E! 53015#:$/!!
&! <0:-;-.! :-3:(3¿! 0/+.57+! 1+0:¿1+/-'&-! '&5.-3+! 45:+%!1#$6!&!6Ù¿%$/2!
1+'&5/-Č!6&57Ù(!/!1+0:¿1+/-'&<!)(/&;'(4!'&5!4+Č5!&4!=!,7+%'&5!,!:(42!
)+!'-1&0-'+!1+/(Č5.!=!/!:(4!/!Č-%5'! 01+0$6!1+4$)>!]&57Ù54<!1+,+0:-.5!
)&5#1;&/&5! ,'+0&°!:-3! 45:+%¿!1#-)(!&!;&),(°! '-! %+4(ï;'+ï°! 0:#+'! -;6+! '-!
%5)(,.¿!0%<2! 3:$#(! ,%5)(%<.5! 0&¿! .5%'-3! 1+3&5#+/-°!0&¿! ,-0-%! 1#-/%(!
C4-:5#&-;'5.F!&!,-1(:-!6&57Ù57+!+!0<75#+/-'(!01+0$6!%+:-#)&-!%+!'&5.>!L(:-9
'&-! D)+! '-;5Č(! <),('&°2! -6(! <%+/+%'&°2! Č5! pE\RG!),(! D.-3&5! %+3<45':(!
1+/&'&5'54! 1#,5%0:-/&°E! ,%-#,-.!0&¿! /! 01#-/-)*! &'8+#4-:(),'()*! 0:+9
0<'3+/+! ),¿0:+>! Z5ï;&! 1(:-'&5! :-3&5! ,-%-.5! 0:#+'-2! ,%-'&54! -<:+#-2! 6&57Ù(!
4+Č5!&!1+/&'&5'!,/#$)&°!0&¿!%+!0%<!,!1(:-'&542!),(!4-!'-! :-3!1+0:-/&+9
'5! 1(:-'&5! +%1+/&5%,&5°2! 6&+#)! 1+%! </-7¿2! Č5! 4+Č5! +'+! ,-0<75#+/-°!

\RP!T!:57+!#+%,-.<!0(:<-).!4+Č'-!01+:3-°!0&¿!1#,(!+1&'&+/-'&<!1#,(!+3-,.&!01+#$/!1#,5%!
U#-.+/!V,6! X%/+Ù-/),!C,!8+#4-;'57+!1<'3:<!/&%,5'&-!.50:!:+!1+0:¿1+/-'&5! 1#,5%!
0%54! 1+;<6+/'(42! -! /&¿)! 1+0:¿1+/-'&5! )(/&;'5F>! ^,¿0:+! 0:#+'(! '&5! %+0:-#),-.!15Ù'5.!
%+3<45':-).&! 1+0:¿1+/-'&-!+! <%,&5;5'&5! ,-4$/&5'&-! 1<6;&),'57+2! .50:! +'-! '-:+4&-0:! %+9
0:¿1'-!'1>!/!]&<;5:('&5!V'8+#4-).&!L<6;&),'5.>!
\RG!L+#>!L>!U+/-;03&2!Z>!I3Ù-%,&5ÚJ!U7"-"*(%-"1p2!+1>!)&:>!
!($

"#$%&'(!)&*&+',(',&!-.,',-/ &',& !0Č+-/-1,'2-%3&4#5)'(*-!6!7., ',-/ &',( !/!,''#5 8!0)5)(*9:'#5 8!%- +)&; &58! 0.%&/*

0:#+'+4! 01+0$6! 1+0:¿1+/-'&-! &! =! /! 1#,(1-%3<! +:#,(4-'&-! +%1+/&5%,&!
1+,(:(/'5.!=!<%,&5;&°!'-Ú! +%1+/&5%,&>!X),(/&ï)&5!#$/'&5Č!'-!:-3&5!1(:-9
'&5! ,-%-'5! 1#,5,! 0%! '-;5Č(! <%,&5;&°! +%1+/&5%,&>! h/5':<-;'-! +%1+/&59
%,&-;'+ï°! /! :-3&4! /(1-%3<! 01-%-! 6+/&54! '&5! '-! 6&57Ù57+2! -! '-! +#7-'!
1#+)50+/(2!3:$#57+!.50:!'-#,¿%,&54>!
!(%



!"#$ŷ%&'()'*
!
!
"#$%&'! ($%)! %*+#,-./! (0./1#2#3--! 45! %-¿.! 6-¿7$*! -11*6-! -18#965(*,-!!
-!(020,#6:1-,5.'-;<! =#%#7:'0! 9#+1.!$Ù#Č#1#ï°!9#$%-$5Ú<! ,(&90! +(5'!+-¿!
-665101(1!.$¿ï.-!Č*.-5!+=#Ù0.$103#)!>#!$5!(*6!-7$-0<!7#!+7&%!.#95$!.$¿?
ï.-0'!(958-5'!+=95%*<!%!,(&9*./!-+(#(!+=#9:!'0+(!-110!1-Č!#.$0,-%510!7$-5Ù5?
1-0!+*+(06:!-18#965(*.$103#<!+,:(,-!:'5%1-#1*./!%!1-6!@Ù¿7&%!.$*!.02#%0!
159:+$51-0!'03#! @0$=-0.$0Ú+(%5)!A5%0(! %!+=95%5./!B(957*.*'1*./C! +(51?
7597#%#! ':Č!%ï9&7! $5@0$=-0.$51*./! 7#%#7&%! 9$0.$#%*./! $15'7:'!+-¿!
:9$7$01-5!-!7510!(020-18#965(*.$10D!(0208#1*!,#6&9,#%0<!,#6=:(09*!#+#?
@-+(0<! +*+(06*! 15%-35.'-! EFG<! 1#ï1-,-! .*89#%0<! 7510! @-2-13#%0! (0208#1&%!
,#6&9,#%*./!-(=)!H95$!$!9#$%#'06!-!:=#%+$0./1-01-06!(0./1-,!-18#965?
(*.$1*./!9#ï1-0!9#25!0,+=09(&%<!5!%!+$.$03&21#ï.-!@-03Ù*./!%*+(¿=:'.*./!
%! =#+(¿=#%51-5./! =9$07! #935156-! %*6-59:! +=95%-072-%#ï.-<! #935156-!
ï.-351-5!-!#935156-!576-1-+(95.'-!=:@2-.$10')!!
! H! 9565./! 1-1-0'+$0'! 6#1#3958--! =#7'¿(#! =9&@¿! :+*+(065(*$#%51-5! $5?
3571-0Ú!$%-$51*./!$!15:,#%*6!5+=0,(06!#=-1-#%51-5!+7#%#?-18#965?
(*.$103#<!%!+$.$03&21#ï.-!=9#=#1:'.!9#$=5(9*%51-0!3#!7%#'5,#D!!
− %! #@9¿@-0! -18#965(*,-! 4-18#965(*,-! +(#+#%510';<! '5,#! -18#965(*,¿!
+7#%!@¿7.!#7=#%-071-,-06!(957*.*'1*./!B7*+.*=2-1!=#6#+(#?
%*./C!(5,-./!'5,!607*.*15!+7#%5!.$*!=+*./-5(9-5!+7#%5I!
− %!#@9¿@-0!(0./1-,!,9*6-152-+(*.$1*./!%!#71-0+-01-:!7#!=#+$.$03&2?
1*./!60(#7!B-18#965(*,-!ï207.$0'C)!
F9$*15'61-0'! .$¿ï°! $53571-0Ú!$%-$51*./! $! #=-1-#%51-06! 4#=-1-#%51-0!!
%!+=95%5./!,591*./<!,9*6-152-+(*,5! ,#6=:(09#%5;!$! 15(:9*! 9$0.$*!6:+-!
$15'7#%5°!+-¿! 9&%1-0Č!%!#@9¿@-0! $5-1(090+#%5Ú! 15:,! =#2-.*'1*./! 4,(&90!!
%!F#2+.0!1-0!+!8#96521-0!%*#79¿@1-#10!%!-+(1-0'.*./!=9$0=-+5./;<!5!%-¿.!
%!9565./!15:,!#!@0$=-0.$0Ú+(%-0)!
!"#

!"#$%&'()*$+!
!
J#,#151#!=9&@*!+*+(065(*$5.'-!-!=9$0327:!15'%5Č1-0'+$*./!9&2!#=-1-#75%?
.$*./<!'5,-0!6#Č0!=0Ù1-°!-18#965(*,D!9#2-!7#957.*<!0,+=09(5<!5:7*(#95!#95$!
@-03Ù03#)!H!#71-0+-01-:! 7#!(0'! #+(5(1-0'! $0@951#!-! =9$05152-$#%51#!15'?
%5Č1-0'+$0! :%59:1,#%51-5!60(#7#2#3-.$10! %!#71-0+-01-:! 7#!=#+(¿=#?
%5Ú! .*%-21*./! -! 15'.$¿ï.-0'! +=#(*,51*./! 9#7$5'5./! +=95%! ,591*./)!
K+#@1#!$0@951#!:%53-!7#(*.$.0!#=-1-#%51-5!%!+=95%5./!$%-$51*./!!
$!($%)!=9$0+(¿=+(%56-!,#6=:(09#%*6-<!,(&90!+!725!-18#965(*,&%!+7#?
%*./!%5Č10!1-0!(*2,#!'5,#! =#+$.$03&210!+(:7-5! =9$*=57,&%<!520!=9$070!
%+$*+(,-6!'5,#! Ċ9&7Ù#! %-07$*!15! (065(!(03#<!'5,! %!=95,(*.0!#9$0.$1-.$0'!
(95,(:'0!+-¿!=#+$.$03&210!(0./1-,-!-!159$¿7$-5!-18#965(*.$10<!5!15%0(!'5,!!9#?
$:6-510!+!=#7+(5%#%0!=#'¿.-5!4(5,-0!'5,!B-18#965.'5C<!B7510C!.$*!B+-0°C;)!
! F#2+,-!+*+(06!=95%1*!=#$#+(5%-5!%-020!7#!Č*.$01-5<!'0ï2-!-7$-0!#!,259#%?
1#ï°!=9$0=-+&%!7#(*.$.*./!@-03Ù*./)! H! +*+(065./!-18#965.'-! =95%1-.$0'!
%*+$:,-%51-0!5,(&%!=95%1*./!$5%-095'.*./!+Ù#%#!B@-03Ù*C!%+,5$:'0!15!
=#157!+(#!9&Č1*./!:+(5%!-!9#$=#9$7$0Ú)!F#+(:25(!903:25.'-!+(5(:+:!@-03Ù*./!
'071*6! 5,(06! 9513-! :+(5%#%0'! =#70'6#%51*! '0+(! =9$0$!,#20'1*./! 6-1-?
+(9&%!+=95%-072-%#ï.-!-!,#20'10!9$7*!45!15%0(!95$!'5,#!=#+02+,5!-1-.'5(*%5!
:+(5%#75%.$5;<! 1-0+(0(*! '5,! 7#(*./.$5+! @0$+,:(0.$1-0)! L#20'10! =9#'0,(*!
:+(5%!%5/5'!+-¿!=#6-¿7$*!+,95'1#ï.-56-D!#7!%09+'-!%!$5+57$-0!(*2,#!=#?
%(59$5'.0'! 9#$%-$51-5! -+(1-0'.0! %! ,#20'1*./! 9#$=#9$7$01-5./! M-1-?
+(09+(%5!G=95%-072-%#ï.-!4'5,!9&%1-0Č!75%103#!M-1-+(09+(%5!G=95%!H0?
%1¿(9$1*./! -! N76-1-+(95.'-;<! =#! =9#'0,(*! 90%#2:.*'10<! #7@-095'.0!
$53571-01-5!@-03Ù*./!%Ù57$*!+7#%1-.$0'!-!=#%-09$5'.0! 157$&9! 157! 1-6-!
%Ù57$*!%*,#15%.$0')!A-0!6#Č15!'0715,!1-0!#71-0ï°!%95Č01-5<!Č0!%!=9$*?
(Ù5.$5'.0'!%-¿,+$#ï.-!%59-51(&%!(*./!=9#'0,(&%!15'%5Č1-0'+$*6!$53571-0?
1-06!'0+(!=#3#7$01-0!-1(090+&%!%Ù57$*!+7#%1-.$0'!-!%Ù57$*!%*,#15%.$0'<!
$5ï!-1(090+*!-!=#+(:25(*!+56*./!@-03Ù*./!1-0!=9$07+(5%-5'!725!=9#'0,(#75%?
.&%!'5,-0'ï!+$.$03&210'!%59(#ï.-)!J#=&,-!(01!+(51!9$0.$*!1-0!:2031-0!$6-51-0<!
7#=&(*!6#Č15!#@5%-5°!+-¿<!Č0!2-.$@5!,9*(*.$1*./!45!.$¿+(#!:$5+571-#1*./;!
:%53!#!'5,#ï.-!=95.*!@-03Ù*./!1-0!$6520'0)!!
! L#20'1! ,%0+(-<! $! ,(&9! =9$*'7$-0! +-¿! $6-09$*°! @-03Ù*6! 4./#°! =9$070!
%+$*+(,-6!+¿7$-#6!-!=9#,:95(#9#6;!+!:./%52#10!':Č!$6-51*!%!=9#.07:9$0!
,5910'<!,(&90!65'!%0'ï°!%!Č*.-0!%!2-=.:!OPQR!9#,:<!5!.#!7#!,(&9*./!':Č!(095$!
$3Ù5+$510!+!2-.$10!$5+(9$0Č01-5!-!=#+(:25(*!1#%02-$5.'-)!A-0#+(9#Č10!$%-¿,?
+$01-0! $15.$01-5! $5+57*! ,#1(957*,(#9*'1#ï.-! %! =#+(¿=#%51-:! ,591*6!
!"$

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7&8-ŷ5)(',('

6#Č0!=9#%57$-°!S! %!$5,90+-0! -1(090+:'.*6!$! =:1,(:!%-7$01-5! 1-1-0'+$0'!
6#1#3958--!S!7#!+$0903:!1-0,#9$*+(1*./!$'5%-+,<!%ï9&7!,(&9*./!6#Č15!%*?
6-01-°!./#°@*! $539#Č01-0! 1-00(*.$1*6-! $5./#%51-56-! $0! +(9#1*! +=0.'52-?
+(&%!=#%#Ù*%51*./!15!%1-#+0,!+(9#1!4(5,-0!$'5%-+,#! %*+(¿=:'0<! 520!=&,-!
.#<!%!=9$*=57,:!#=-1-#%51-5!-18#965(*.$103#!'0+(!95.$0'!6593-15210;<!.$*!
(9:71#ï.-56-!$!=9$0=9#%57$01-06!@575Ú!725!+(9#1!=#+(¿=#%51-5<!'0ï2-!65?
(09-5Ù!7#%#7#%*!$15'7:'0!+-¿!%!30+(--!79:3-0'!+(9#1*!4=#7#@10!=9#@206*!=#?
'5%-5'!+-¿!%!=9#.07:9$0!.*%-210';)!H=Ù*%!$6-51!15!:%59:1,#%51-5!60(#?
7#2#3-.$10!=9#.0+:!#=-1-#%51-5<!'0+(!#!(*20!15!95$-0!(9:71*!7#!=9$0%-7$01-5<!
Č0!@¿7$-0!70(096-1#%51*!9&%1-0Č!=9$0$!=95,(*,¿!#9$0.$1-.$<!,(&95!@¿7$-0!
6:+-5Ù5!+-¿!7#=-09#!:,+$(5Ù(#%5°)!M#Č15!@*°!'0715,!=9$0,#151*6<!Č0!S!$5?
9&%1#!$!:%53-!15!9#$%&'!+56*./!B%*+#,-./!(0./1#2#3--C<!'5,!-!15!$6-51*!
$5./#7$.0!%!+*+(06-0!=95%1*6!S!$53571-01-5!#=-1-#%51-5!+7#%#?-18#9?
65(*.$103#!=#$#+(51!'0+$.$0!=9$0$!7Ù:3-!.$5+!$53571-01-56-!%5Č,-6-!$0!
+=#Ù0.$103#!-! 0,#1#6-.$103#!=:1,(:!%-7$01-5! -!-1(090+:'.*6-! $!=:1,(:!
%-7$01-5!15:,-!-!=95,(*,-)!
!""



!"ųČ#$%&'()*+,-.)/-"'01'&)2),"3"%&.)314'5)06"-3.7+)
!
!"#$%&'()*#+,-.#/-(0*+,1'1* 2'$.3ħ*4(5#,&-)0$6*2Č7#/'3*8#9:$6';#*<#/-,10:)/-*
4(5#,&-)0.1(';#=*,'$#&'(7#/-(0*+,1'1*8,-.#/(6ħ*>-7-ŷ*?#&+%)',@/*A-B#,-)#C
,6%&* ?,0&6(-96:)0.1(';#* ?#&'(70* D#3'/@71$6'3* 8#96.36* /* B#716=* /',:3-* EFGF**
1*HI*;,%7(6-*JEEK*,FL*
!
!"#$"%#¿%&'()*+*Ú,(
"# $%&'()*!+,)'-!(!&-*./01!2Č-3)4!()50(+/0'(0Ú!+,(0&!060.7,-'(8%ï'/!
*7)7-'(8)ࡥ!91)7)!2(/01/)4c):!%+)*./!8)!,¿c0;#!
<# =-.%8)4!&%.21087)'40ࡥ!>%7%?,)>/'(8)ࡥ!%,)(!%+/*%3)ࡥ!()+038/)4c!40&@
8%(8)'(8)ࡥ!/&087->/.)'40ࡥ!&%*7),'(%80?%! &%!5)&)Ú!1)70,/)Ù2! &%3%&%30?%#!
A3(?6¿d8/4!3/&%'(80!2*(.%&(08/)!&-*.2B!3?8/0'08/):!%73%,-!/7&#!C0ï6/!*7)8!
2*(.%&(0Ú!3*.)(240!8)!7%:!Če! 2,2'D%1/08/0! &-*.2!1%?Ù%5-!&%+,%3)&(/°!
&%!40?%!(8/*('(08/)!,%(3)Č!3-1/)8¿ %52&%3-!/!060.7,%8/./!&-*.2#!
E# $%&Ùc(!&-*.!()!+%ï,0&8/'7301!2,(d(0Ú!*+,(¿t%3-'D!28/01%Čl/3/)@
4'y'D!1%&->/.)'4¿!)8)6/(%3)8-'D!&)8-'D!7(3#!!"#$%&'()*+%",!#!
F# =-.%8)4!.%+/¿!5/7%3)ࡥ!&-*.2G!8)!/88-!8%ï8/.:!)!8)*7¿+8/0!.%+/¿!704Č0!
.%+//#!$%&'()*! 3-.%8-3)8/)!.%+//!%56/'(!*21¿!.%87,%6)ࡥ!HIG"!625J/!KLM#!
C0ï6/!7%! .%8/0'(80!3-.%8)4! 3! )8)6%?/'(8-!*+%*N5! .%+/0!+),7-'4/! /!&-*.N3!
6%?/'(8-'D#!

G!O%1087),(B!8)60Čy!3-.%8)°!+,(0&0!3*(-*7./1!.%+/¿!5/7%3!&-*.2!9')Ù0?%! 8%ï8/.);:! )! 8/0!
+%40&-8'(-'D!+),7-'4/! '(-! &-*.N3!6%?/'(8-'D!970! 1%?!5-°!3-.%8)80!3!&)6*(04!.%6048%ï'/;#!
O%+/0!+),7-'4/!/!&-*.N3!6%?/'(8-'D!8)60Čy!3-.%8)°!50(!1%87%3)8/)!*-*701N3!+6/.N3!(8)4&2@
4c-'D!*/¿!8)!&-*.)'D!6%?/'(8-'D!93!7)56/')'D!%+/*24c-'D!)6%.)'4¿!+6/.N3!/!.)7)6%?N3!8)!&-*@
.)'D!1%?!5-°!>)Ù*(-30!/8>%,1)'40!%!()3),7%ï'/!+%*('(0?N68-'D!.6)*7,N3!8+#!>)Ù*(-30!'-./0%*&
$)"1:!3!.7N,-'D!2.,-3)4!*/¿!.%&-!3/,2*N3!/7&#;#!
!"#

M-.6'3*21&6)!
!
M# P+/*(! &%.Ù)&8/0! 8),(¿d(/0:! ()! +%1%'! .7N,0?%! 3-.%8)Ù0ï! .%+/0ࡥ!5/@
7%3)ࡥ!98)(3):!30,*4);!%,)(!*+%*N5!3!4)./!8),(¿d(/0!7,).7240!56%./!8/0!&)4c0!
*/¿!%&'(-7)°Q#!
R# =*(-*7./0!&)6*(0!+,)'0!3-.%824!8)!.%+/)'D!5/7%3-'D#!!
S# $,(0+,%3)&Ċ!5)&)8/)!.%1+270,%30B!
9 %+/*(! 8),(¿d(/):! 3! 7-1! %+,%?,)1%3)8/0! %,)(! +,(-4¿t! 107%&%6%?/0!
5)&)Ú:!()*7%*%3)8)ࡥ!3!%+,)'%3)8/2!%+/8//T!
9 *+%,(dĊ!6/*7¿!+),7-'4/:!&-*.N3!6%?/'(8-'D!8)!+),7-'4)'D!93,)(!(!*-*70@
1)1/! +6/.N3! ()/8*7)6%3)8-1/! 8)! 7-'D! &-*.)'D;! %,)(! 6/*7¿!+6/.N3!3,)(!!
(!'()*)1/!KGU!%,)(!*21)1/!.%87,%68-1/!HIG"!625J/!KLM!.)Čd0?%!+6/.2UT!
9 *+,)3&Ċ!.%+/0!5/7%30!974#!(8)4&24c0!*/¿!8)!8/'D!+6/./:!%5,)(-!'))$0%*$)&
",!:!7)56/'0!)6%.)'4/!+6/.N3!/7&#;!8)!%50'8%ï°!3/,2*N3!/!.%8/!7,%4)Ú*./'DT!
9 +,(0+,%3)&Ċ!5)&)8/)! (?%&8/0!(!+%*7)3/%8-1/!+,(0(! (60'08/%&)3'¿!
+-7)8/)1/#!
!
-*."Ú%#'/&'()*+*Ú,(
"# V%,12Ù24!'(-70680!%,)(!6%?/'(80!38/%*./!2Čy3)4'!*Ù%38/'73)!(,%(2@
1/)Ù0?%!&6)!%&5/%,'-!8/01)4c0?%!3-.*(7)Ù'08/)!/8>%,1)7-'(80?%#!
<# C0ï6/!8)!&-*.2!73),&-1!(%*7)8/0!24)38/%80!%+,%?,)1%3)8/0!1%?c0!
1/0°!3+Ù-3!8)!&(/)Ù)8/0!*-*7012!/8>%,1)7-'(80?%!98+#!3/,2*-:!,%5)./:!.%@
8/0!7,%4)Ú*./0;!%+/*(!40!3!%+/8//L#!WXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX!X!

Q!O%1087),(B!,NČn0!8),(¿d(/)!&%! 3-.%8-3)8/)! .%+//! 5/7%3-'D!1%?!,NČn/0!7,).7%3)°!5Ù¿d-!
%&'(-72!98+#!3-+0Ù8/)8/0!,NČn-1/!3(%,')1/:!+%1/4)8/0!56%.N3;!'%!1%Če!+%3%&%3)°!8/0(?%& @
8%ï'/!*21!.%87,%68-'D!+,(-!030872)6804!+NĊ8/04*(04!30,->/.)'4/!3/0,8%ï'/!.%+//#!
U!O%1087),(B!3/¿k*(%ï°!5)&)Ú!&%7-'(-!()3),7%ï'/!+6/.N3!8/0!()ï!8/0())6%.%3)8-'D!%5*(),N3!
&-*.2#!Y)!&-*.)'D:!3!*('(0?N68%ï'/!+,(0'D%3-3)8-'D!3!8/0%&+%3/0&8/'D!3),28.)'D!+,(0(!
&Ù2Čs(-!'()*:!1%?!+%4)3/°!*/¿!2*(.%&(%80!*0.7%,-#!=!+,(-+)&.2:!3!.7N,-1!+%6/'(%8%!40&-8/0!
*21¿!.%87,%6)ࡥ!')Ù0?%!&-*.2:!40ï6/!3!7,).'/0!+NĊ8/04*(0?%!+%*7¿p%3)8/)!+%4)3/!*/¿!.%8/0'(8%ï°!
(30,->/.%3)8/)!3/0,8%ï'/!.%+//:!(8)4%1%ï°!*21!.%87,%68-'D!+%*('(0?N68-'D!+6/.N3!1%Če!+%@
(3%6/°!8)!(8)60(/08/0!1/04*')!+%3*7)8/)!5Ù¿d2! 625! .%87-82%3)8/0!+,)'-! 1/1%!'(¿Ğ'/%30?%!
2*(.%&(08/)!ï6)&N3#!
L!O%1087),(B!%50'8%ï°!7,%4)8N3!1%Če!ï3/)&'(-°!%!7-1:!Če!.%1+270,!2Čy7-!5-Ù!4).%!(%15/0:!!
)!3!*('(0?N68%ï'/!Če!3-.%8-3)Ù!%+0,)'40!50(!3/0&(-!*3%40?%!+%*/)&)'()#!
!"!

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7&ųČ5)',8*

E# =!%+/8//!%.,0ï6!*7)8%3'(%ï°!38/%*.N3Z!/!3/),-?%&8%ï°!107%&:!(!.7N@
,-'D!.%,(-*7)Ù0ïV#!
F# =-.%8)4! 8)! 8%ï8/.! 40&8%.,%780?%! ()+/*2! .%+/0! +6/.N3:! 23(?6¿d8/%@
8-'D!3!%+/8//:!+%6/'(!*21-!.%87,%680!HIG"!625J/!KLM!+6/.N3!8)!7-1!8%ï8/.2!
/!*)10?%!8%ï8/.)!/!()+/*(!40!3!%+/8//!93!'(¿Ğ'/!8)+/*)804!8)!+)+/0,(0;#!
M# Y)!3-,)Ċ80!Čy'(08/0!(60')4c0?%!&%Ùc(!&%!%+/8//!.%+/0ࡥ!5/7%3)ࡥ!5)&)@
80?%! 8%ï8/.)! 8)! 8%ï8/.)'D! %+7-'(8-'D! 40&8%.,%780?%! ()+/*2! 98+#! &-*.!
L[L:!Q620!\)-;#!
R# ])50(+/0'(! 2,(d(08/)! 3! %+).%3)8/)! ()+038/)4c0! 8/08),2*()68%ï°!
%,)(!/870?,)68%ï°!1)70,/)Ù2!&%3%&%30?%#!P+).%3)8/)!3/88-!*7)8%3/°!/(%6)@
'40ࡥ!+,(0&!3/6?%'/:!701+0,)72,:!060.7,-'(8%ï'/!*7)7-'(8:!3*7,(s)1/!/7+#!
S# L%Ùc(!/8>%,1)'40!%!1)70,/)60!&%3%&%3-1^#!
_# $%! &%*7),'(08/2! %+/8//! /! &%3%&N3! &%! (60')4'0?%! /! +%.3/7%3)8/2!
+,(0(!8/0?%!/'D!%7,(-1)8/)!(8/*('(!3*(06./0!.%+/0!5)&)80?%!&-*.2!/!+6/@
.N3!8)!8/1!*/¿!(8)4&24'-'D!3!*+%*N5!28/01%Č6/3/)4'-!/'D!%&73%,(08/0#!
P! >).'/0! (8/*('(08/)! .%+//! 1)70,/)ÙN3! &%3%&%3-'D! +%3/)&%1! (60')4@
'0?%!8+#!3!%+/8//!625!%&&(/068-1!+/*101#!

Z!O%1087),(B!1%Čn)!2Čy3)°!8+#!*.)6/!*7%+8/%3)8/)!.)70?%,-'(8%ï'/!38/%*.N3!()+,%+%8%3)@
804!3!+,)'-!C#!=N4'/./03/'()B!2+03%"$14-/0d)!-:!+%&!,0&#!C#!=N4'/./03/'():!]).)1-'(0:!O,).N3!
<``<B!
9 +%(-7-380!38/%*./!*7)8%3'(0:!(3)80!70Č!.)70?%,-'(8-1/T!
9 +%(-7-380!38/%*./!2+,)3&%+%&)58/)4c0T!
9 +%(-7-380!38/%*./!8/03-.62'()4c0T!
9 38/%*./!8/0,%(*7,(-?)4c0T!
9 2+,)3&%+%&)58/)4c0!38/%*./!80?)7-380T!
9 8/03-.62'()4c0!38/%*./!80?)7-380T!
9 *7)8%3'(0!38/%*./!80?)7-380#!
V!O%1087),(B!()+/*-!/8>%,1)'4/!8)!&-*.)'D!1%?!5-°!*>)Ù*(%3)80!5dĊ!8/0!%&+%3/)&)°!,(0'(-@
3/*7%ï'/! 98+#! *7%*28.%3%! Ù)73%! *>)Ù*(%3)°!107)&)80!&%7-'(c0! '()*N3! KGU:! +,)'24c!!
3!.%1+270,(0!(0!Ċ60!2*7)3/%8-1!(0?),01;:!8/0.7N,0!(!/8>%,1)'4/!(8)60(/%8-'D!8)!&-*.2!1%?!
5-°!+%73/0,&(%80!+,(0(!3-.%,(-*7)8/0!Ċ,N&0Ù!(038¿t,(8-'D!98+#!>).7!()6%?%3)8/)!*/¿!3!%.,0@
ï6%8-1!'()*/0!8)!*0,30,!1%Če!5-°!%&8%7%3)8-!3!6%?)'D!70?%Č!*0,30,);!'%!1%Če!+%(3%6/°!%,@
?)8%3/!(60')4c012!%+/8/¿!8)!2(-*.)8/0!*7)8%3'(-'D!38/%*.N3#!
^!O%1087),(B!3!'062!+NĊ8/04*(04!/&087->/.)'4/!1)70,/)Ù2!&%3%&%30?%!+,(0(!(60'08/%&)3'¿!+%@
3/88-!5-°!21/0*('(%80!7)./0!&)80!4).B!a8)(3)!(60'08/%&)3'-:!8210,!*+,)3-!98)&)8-!+,(0(!
(60'08/%&)3'¿;:!'0'D-!40&8%(8)'(8/0! /&087->/.24c0!1)70,/)Ù!&%3%&%3-!98+#!8210,!*0,-48-:!
8)8/0*/%80!%(8)'(08/0;b#!
!"$



!"#$"%&'()"(*


!"# !"#$%&'%( )'*%+Ù%( ,'-./)0,'( -.*&)%$0,1)( -232-0.'2-.$% &''()**+++,(-./%
012,(.*(-.*23'42.5-60/*78998$:-3,&';.%
!<# !4#$%&'2-.(5*26.(/2/*%-76%'(6%( -.*&)%$0('*%+6.,Č$%&''()**+++,:=/>55/3%
.-:=3/,(.*2?'@34.*8<9A<B$"C.2'3-+/DE?-=/D(-(?2+0=23D=2D+/?'42.52D3%
?2:=/>=$/:$',&';.%
!B# F,% F:2;63/)% 89:,*/*6,;&¿/762ï°( <( %;/,'&9( /*%-0,( .( '*91.02$25.760,$
GH'4:/2%I?2+5/0=>J%K?%8*<LL9%
!8# F,%F:2;63/)%=/.0.%( +2(/*23,'&)();&%-9(6( +*)')(0*(>"?(@6+2-9(/*23,'&(
);&%-9( 2( 61.%0.,( );&%-9( <( A2+,';( '%*09( 2*%6( 0.,'&B*97C( .0097C( );&%-$%
M/4?-%F52./=% H>1;-+@0&$%N-?4Ú%8% ./(02%<LL7%?,$% &''()**-?32,6>1;,E-O,%
(.*P>QR-;3A,56S*L*7TBLUAVM7TL<ARUFT"<9C8C<LL8BM8LT*WS/.>*/"CC
<XL7D,?'S%
!9# F,%F:2;63/)%D*%-2('%*0,('21/)&,*2-,$%T,Y,%M>03$%Z2?6=2+2%<LLL%
!A# [,% F(25-+/0=)% E,&2+2$25.760,( ,$,1,0&9( /*27,;)( /260%0.%( 0%)'2-,52((
-(&,2*..(2*5%0.6%73.(.(6%*6+6%0.%$%ZHF/M$%\:@5/2%<LLL%
!C# [,[,%M2?]2?2)%F*.%5,(G(821/)&,*H(^V-?>56/0%_2E2=/5>J$%&''()**+++,S-?>5%
6/0;2E,0-;*2?'/0.>6*<L"L*LA*'?/2E>D0-;(4'>?`,a?B8(8<QU/8%
!7# [,% M2?'2$% _,% T=213-+632DR]?-+632$% b,% )+/32.63/)% D*%-2( %)&2*;'.,((
.(/*%-%(/2'*,-0,I(A21,0&%*6$%Z-.'>?6%c.4+>?$%Z2?6=2+2%<L""%
!U# [,%M2?'2%!+)#%J9;&,1(/*%-%(/*9-%&0,52I(D*%-2(%)&2*;'.,,%N-;%"B$%(-:%?>:,%
b,%P2:+2Ú63/>E-$%Z2?6=2+2%<LLC%
!"L# M,% M2'dE$% c,% Z2+?=@5/23)% K.%50262-%0.,( G( D*250262-%0.,( L'2021,#
&*9760,(<(D2+2:.,Ú;&-%H(@BČ0.7,H(M%$,Č02ï7.$%Gb>6=@'@%K243-+>%a5/+>?D
6@'>'4% H=0=>0/Ú63/>E-J% K?% BU8$% GI?20>% c2'>:?@% e3-5-;>'?//% /% H'2'@D
6'@3/J%K?%"9*<LL8$%H=0=>0/5%<LL8$%6,%<"fBB%
!""# F,%M2+-?-+63/)%D*2:$,19(-9'Ù%+0.(/*6,/.;B-(%*&I(NO?(P(NH(NOQ(P(N(.(NOQ%(
AA(/2(02-,$.6%73%7C(6(NRR?(*I$%GR/2?/46=%I?2+5/0=@J%K?%"L*""*<LLU%
!"#

!"#$%&'()*$+!
!
!"<# [,_,%M-0&>Ú63/)%S;/BÙ76,;0,(1,&2+9(19ï$,0.%$%Z%:?-:=>$%I-=52Ú%"U77%
!"B# [,% M-0&>Ú63/)% G)&2021.%( T0.-,*;9&,&)% !+)#% J,0;( Č97.%( .( .00,( ,;,3,$%%
IYgheR$%c?23d+%"UUB$%6,%ALfC<%%
!"8# [,% M-0&>Ú63/)% J&2( 6%:2:20B-I( A*B&'.( U.$262U.7609( ;Ù2-0.'( 6%:2:20B-$%%
IYgheR$%c?23d+%"UU8%
!"9# [,%M-0&>Ú63/)%S;/210.,0.%H%IYgheR$%c?23d+%"UU8%
!"A# F,%M-12Ú0=@3)%A%*02/*%-0,( %;/,'&9(27C*209(/*%-%(/*%72-0.'%( +2(&%3,1#
0.79( '21)0.'2-%0.%( ;.¿( V86¿ï°(WWX$% GI2.>6'?2J% K?% B*<LLB$% &''()**+++,%
(2.>6'?2,(.*/5:>Q,(&(iE-j2?'@34.k/:jU8"%%
!"C# _,%M-12?63/)%D*2:$,19(2+/2-.,+6.%$02ï7.( '%*0,3(.( +9;79/$.0%*0,3(:.,5Ù,52$%
G[4?/6(?4:>50/12J%<LLL$%',%"7l"Lm$%6,%<8f<7%
!"7# \,% M-?3-+63/)% YGF( 2+( ;/*6,+%Č9( /*25*%1B-( '21/)&,*2-97C$% G\.-662J%%
K?% B*<LL8$% &''()**+++,0=26-(/6;2,(+(,(.*E.-62D<LL8LB,Q;.i32'2.-E%
j<LL8LB7%
!"U# H,%M43-+63/)%D*23,'&(61.%0(A2+,';)('%*0,52(<(K2;&2;2-%0.,(+2(A20-,073.(
2(79:,*/*6,;&¿/762ï7.$%G\2=>'2%H:-+2J%3+/>0/>Ú%<LL8$%&''()**+++,(?2%
+-,.>Q,(.*0=26-(/6;2*E6*(=;/2533,&';.%
!<L# _,%M@?632)%D*25*%1('21/)&,*2-9(-(02-91(/*%-.,(%)&2*;'.1$%GI2Ú6'+-%%
/%I?2+-J%K?%""*"UU8$%(-=,%89%
!<"# O,%+>0&)%Z,6/,²02;&0[(%;/,'&9(\6+,$]\%0.%(/*2U,;.20]$2\(26:*23,0^7C(;_$(J@(
<(/2CÖ%+( )².&,Ö%( ;/2$2²,0;'^7C(\.,+% !+)#% Z,6/,²02;õ(%(:,6/,²02;&0]( \,+%H(
`./&2\;'^(E.')$]a$%F32:n;/2%-=]?-1>5o0&%6p.%E>5>?q.2%_,P,%r'>Sq5/32$%
<LLU$%6,%<"Uf<<8%
!<<# c,%T>'52?-+/0=$%P,%T/¿0/+2$%e,%K2+2?>03/$%\,%P-1>3b(T0U%\2*%:$,(Z,C%\#
.2*(K,&,7&.20(.0(@,%$(S2*$+(J9;&,1;(T;.05(&C,(E)$&.%5,0&(J9;&,1$%g5'>../D
E>5'%g5S-?;2'/-5%H@6'>;6%25:%Z>]%_/5/5E)%(?-0>>:/5E6%-S%'&>%/5'>?D
52'/-52.%ggH)%ggIZ_%ȇL9%0-5S>?>50>)%\:2563$%I-.25:$%[45>%"Bf"A$%<LL9$%
6,%8"Af8<L%
!<B# I,%T&.>]-+/0=)%D,*;/,'&9-9(-9'2*69;&%0.%(%0%$.69('*91.0%$0,3(-(/*%'&97,(
/*2')*%&2*;'.,3$%GI?-34?2'4?2%/%I?2+-J%K?%Cf7*<L"B$%6,%<ABf<CC%
!<8# R,%T/6=>+632$%Z,%T/6=>+63/)%=/.0.%(Ù760%(:.,5Ù97C(<(/*2:$,19(/*27,+)#
*%$0,$%G_-5/'-?%I?2+5/0=@J%K?%"L*<L"8$%6,%9""f9"A%
!<9# [,%T4?@Ù-)%D*6,;&¿/;&-%(/*6,7.-'2(1.,0.)(V%*&I(N4?%*&I(NQ>(AAX$%H=3-Ù2%I-D
./01/% +% I/.>$% I/Ù2% <L""$% &''()**/6(,(-./012,(.*:-+5.-2:*"<*"9BC*(?=>0/+%
3-;/>5/4,(:S%%
!"$

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

!<A# b,%RO-ìq3$%g,%R-.5q3$%P,%H-4s>3)%W0U2*1%&.6]7.%H(.0U2*1%²0[(;9;&[19(
%(:,6/,²02;&0^(1%0%c1,0&$%eRgH$%t/./52$%<LLC%
!<C# [,%R+-?=>03/)%F,**2*961(3%'2(6%5*2Č,0.,(-;/BÙ76,;0,52(ï-.%&%$%b>6=@'%K2D
43-+@%GF(>/?-5J%K?%9$%Z@Č6=2%H=3-Ù2%M>=(/>0=>Ú6'+2%I4]./0=5>E-%%
/%g5:@+/:42.5>E-%+%c?23-+/>$%c?23d+%<L""$%6,%"7"f<B<%
!<7# N,%R@?:2)%W0U2*1%&9'%(ï$,+76%$%Y(E.¿+690%*2+2-9('205*,;(%)+9&)H('20&*2$.(
-,-0¿&*60,3( 2*%6(/*27,+)*(6-%$76%0.%(2;6);&-( .('2*)/73.$%c?23d+%<LLA$%
;26=@5-(/6$%&''()**+>]2((L",>@,0-;,(.*euI*ZeM*>@0-;X:-+5.-2:,%
56S*?>6-4?0>6*g5S-?;2'@32X6.>:0=2XNRX(.,(:S*WVghe*g5S-?;2'@32X6.%
>:0=2XNRX(.,(:S%
!<U# c,%e/0&6'2>:'$%I,%\2Ù>03/$%F,%R>(3-)%E,&2+9'%(/*%79(:.,5Ù,52(/;97C.%&*9H(
/;97C2$25%( 2*%6( ;,';)2$25%( -( ;/*%-%7C( '%*097C$% h>Q/6K>Q/6$% Z2?6=2+2%
<L"<%
!BL# M,%V/60&>?)% D*6,;&¿/;&-%( '21/)&,*2-,( .(27C*20%(.0U2*1%73.$% b232;@0=>$%
c?23d+%<LLL%
!B"# _,%V-?@6'>3)%G)+9&(.0U2*1%&97609$%g5S-F4:/'$%Z2?6=2+2%<LL9%
!B<# I,% V?253-+63/)% A21/)&,*2-.( +,&,'&9-.I( !!!( /2*%+$% _/3-;$% Z2?6=2+2%
<LL9%
!BB# _,%V?@:?@0&$%g,%c-5:?2032)%D21B5Ù(/2$.73.(<(;&*%7.Ù('21/)&,*$%&''()**S23'@,%
/5'>?/2,(.*5>+6*(-;-E.D(-./01/D6'?20/.D3-;(4'>?$"8BUBBB*ALL]:7SS70B%
8L2CL99U>0>0BSCL]ACAS%
!B8# F,%\2]>?.>)%K2-2+9(-(;+2-91(/*27,;.,('%*091$%Z-.'>?6%c.4+>?$%Z2?D
6=2+2%<LLC%%
!B9# D*2')*%&)*%( /2-2Ù)3,( 3%;02-.+6%( d%7'2-;'.,52( 3%'2( :.,5Ù,52I( D.,*-;69( &%'.(
/*69/%+,'( -( D2$;7,e$% &''()**+/2:-;-60/,E2=>'2,(.*+/2:-;-60/*"$""87C"$"%
8LLLU<C$I?-34?2'4?2X(-+-.41>X1265-+/:=2X[203-+63/>E-X123-,&';.%
!BA# c,% \/>5/26)% K9;&*9:)73%( '2/..( )&-2*B-( 6%( /2127( %/$.'%73.( /,,*( &2( /,,*(
VDNDX$%GI?-34?2'-?J%K?%8*<LL9%6,%C<fCU$%&''()**+++,6(?(,0-;,(.*'?>60%
*(?-34?2'-?*A:2BA7:8>80B>:ALLLCCC90S<LL20>BC,(:S%%
!BC# c,%\/>5/26)%L$.1.0%73%(f@%3B-(g%7',*;'.7Ch(769(25*%0.76,0.,(1,&2+(:%+%0.%(
;9;&,1B-( .0U2*1%&976097C% !+#% [,% c-6/Ú63/)% D*6,;&¿/762ï°( &,$,.0U2*1%#
&9760%H(Wi(;,1.0%*.)1(0%)'2-,$%(-:,%?>:%[,%c-6/Ú63/>E-$%Z@Č6=2%H=3-Ù2%
I-./01/$%H=0=@'5-%<LLA$%6,%B"fB7%
!B7# c,% \/>5/26)% F-2*6,0.,( 2/*25*%12-%0.%( -( 652+6.,( 6( /*%-,1( %)&2*;'.1$%
GT-;(4'>?+-?.:J% =% <A% (2Ċ:=/>?5/32% <LLC% ?,$% &''()**+++,0-;(4'%
!"%

!"#$%&'()*$+!
!
>?+-?.:,(.*5>+6*"<7CBLXB*N+-?=>5/>,-(?-E?2;-+25/2,+,=E-:=/>,=,%
(?2+>;,24'-?63/;,&';.%%
!BU# c,%\/>5/26)%=+/2-.,+6.%$02ï°(/*%-0%(%(27C*20%(;.,7.(S`Gj$%GT-;(4'>?D
+-?.:J% =% U% .4'>E-% <LLU% ?,$% &''()**+++,0-;(4'>?+-?.:,(.*2?'@34.@*%
BBAB7"*v:(-+/>:=/2.5-60,(?2+52,2-0&?-52,6/>0/,ZhFK,&';.%
!8L# c,%\/>526)%D*%'&9760,(/*2:$,19(27C*209(2/*25*%12-%0.%(-(ï-.,&$,(/*%-%(
%)&2*;'.,52$%GI?=>E.:%I?2+2%Y25:.-+>E-J%K?%A*<LLU$%6,%9Af97%
!8"# P,%\-.2')%D*%-2(%)&2*;'.,(.(/*%-%(/2'*,-0,$%T,Y,%M>03$%Z2?6=2+2%<LLA%
!8<# [,%\-ï0/Ú63/)%M%*9;(;&,*2-%0.%(,'2021.760,52$%IZK$%Z2?6=2+2%"UCC%
!8B# M,%\?2]-+632$%F,%I/>'?@32$%_,%Z-.5@$%F,%M-:52?)%@%/2*&(gkD8b(Z.,5$.(
;+2-.(-(D2$;7,$%&''()**+++,&S&?,(.*+(D0-5'>5'*4(.-2:6*<L"8*L8*YVI%
TXIPMX]/>E./D62wTTwF7:-+/X+X(-.60>,(:S%%
!88# F,%\?46=32)%WJ=(!QR!!bNR!!(S9&9760,(%)+.&2-%0.%(;9;&,1B-(6%*6+6%0.%(
<( 0%3-%Č0.,3;6,( 61.%09$% GZ/2:-;-ï0/% IcKJ% K?% "*<L"B$% 6,% 7f""$%
&''()**+++,(35,(.*6/'>6*:>S24.'*S/.>6*+"X<L"B,(:S%%
!89# e,%\?4=2$%_,%\-0$%[,%_-6=0=@Ú63/)%A*91.0%$.;&9'%(<(769$.(*6,76(2(1,&2+%7C(
ï$,+7697C$%ZF/I$%Z2?6=2+2%<LL7%
!8A# e,%\?4=2)%=7,0%(-.%*952+02ï7.(6,60%Ú(ï-.%+'B-(-(/*27,;.,('%*091I(D*2#
:$,1%&9'%('*91.0%$.;&9760%$%b232;@0=>$%c?23d+%<LLB%%
!8C# N,%\?=>E-?0=@3)%A2+,';(D2;&¿/2-%0.%(A%*0,52(2*%6();&%-%(2(ï-.%+')('2*20#
091$%(-:%?>:,%N,%\?=>E-?0=@32$%Z-.'>?6%c.4+>?$%Z2?6=2+2$%<LL7%
!87# F,%\?=>ï3-+/23$%c,%Z/23)%A2+,';('%*09I(A21,0&%*6$%(-:%?>:,%F,%\?=>ïD
3-+/23$%c,%Z/232$%T,Y,%M>03$%Z2?6=2+2%<L"<%
!8U# c,%\?=@]0=@3$%F,%F4.>@'5>?$%c,%c4.>6=2)%D*%-2(-(-.*&)%$097C(ï-.%&%7C$%
(-:%?>:,%c,%\?=@]0=@3$%R/S/5$%Z2?6=2+2%<L"B%
!9L# [,%\4?E4.)%=(;-2:2+0,3(27,0.,(2/.0..(:.,5Ù,52$%GI?-34?2'4?2%/%I?2+-J%K?%
"L*<L"B$% 6,% B8f9A$% &''()**+++,/>6,3?23-+,(.*+@:2+5/0'+-*(?-34?2%
'4?2*(:S*<L"B*"L*BE4?E4.,(:S%%
!9"# N,%Y25246>3)%A*91.0%$.;&9'%(<(6%*9;(-9'Ù%+)$%b232;@0=>$%c?23d+%<LL9%%
!9<# H,%Y-0)%A%*02/*%-0%(27C*20%(.0U2*1%73.$%a5/+>?6@'>'%v(-.63/$%v(-.>%<LLU%
!9B# I,%Y-S;2Ú63/$%H,%b2]Ù-03/)%L$,1,0&9(1,&2+9'.(/*%79(;¿+6.,52(-(;/*%-%7C(
'%*097C$%Z-.'>?6%c.4+>?$%Z2?6=2+2$%<L""%
!98# h,%Y-S?>/'>?)%S;&¿/(+2(;&)+.B-(:,6/.,76,Ú;&-%$%c?23-+632%F32:>;/2%/;,%
F5:?=>12%V?@0=2%_-:?=>+63/>E-$%c?23d+%<L"<%
!"&

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

!99# h,%Y-S?>/'>?)%J,7)*.&2$B5.%I(`./&2\;'^(E.')$]a$%F32:n;/2%-=]?-1>5o0&%6p.%
E>5,%_,P,%r'>Sq5/32$%<LLA%
!9A# h,% Y-S?>/'>?)% F,B*.%( %( *.,a,0.,( '20U$.'&2\I( `./&2\;'^( E.')$]aH( G'%+[1.%(
26:*23,0^7C(;_$(5,0(EI@I(l&,U]0.'%$%<LL7%
!9C# h,%Y-S?>/'>?$%>',2.)%K,&,*1.02\%02;õ(\23,0;'^7C(/$]02\%7_7C(%(*26C2+2\%7_7C(
/*27,;2\(/2+1.,0'%1.(.0U2*1%²0[C2(6%:,6/,²,0.%$%xF$%h/('-O63o%_/34.qs$%
<LLB%
!97# WK8(SC.&,/%/,*b(FC,(K.\,*;,(%0+(Lm/$2+.05(K.5.&%$(T0.\,*;,I(G0(T/+%&,+(
k2*,7%;&( 2U( S2*$+-.+,( W0U2*1%&.20( n*2-&C( FC*2)5C( NR!!$% &''()**+++,%
/S2(,?4*./]?2?@*]--3<A7,(:S%%
!9U# c,%[2>E>?;255)%=/.0.2-%0.,(;+2-2#$,'%*;'.,I(VL;,3,(2(&,2*..X$%Z@:2+5/0D
'+-%(?2+5/0=>$%Z2?6=2+2%"UU"%
!AL# c,[,%[234]63/)%D*6,;&¿/762ï°('21/)&,*2-%(<(6%*9;(/*2:$,1%&9'.$%GI?-34?2D
'4?2%/%I?2+-J%K?%"<*"UUA%
!A"# I,% [2526)% D*6,;&¿/;&-2( C%7'.05)$% GI?-34?2'4?2% /% I?2+-J% K?% "L*<LLU$%%
6,%<CfB8%
!A<# [,% [253-+63/)% D*2:$,19( 02-,$.6%73.( AD8( <( /2;&¿/2-%0.,( *26/260%-76,$%
G_-5/'-?%I?2+5/0=@J%=%"A%;212%<LL9%?,%l6(?2+-=:25/>%=%6>;/52?/4;m%
&''()**+++,;-5/'-?(?2+5/0=@,(.*/5:>Q,(&(i;-:j;X23'42.5-60/k0/%
:j<"k/:j7CC%
!AB# Y,\,% [260&3>)% D2$.7930%( 0%)'%( <( /2+,3ï7.,( ,)*2/,3;'.,$% TeIvh% <LL7$%
&''(6)**+++,0>(-.,>4?-(2,>4*S/.>2:;/5*+>]6/'>*P>6>2?0&XH0/>50>*I%
\eFIH*I\eFIHX64;;2?@X(-./6&,(:S%%
!A8# [,%[>?=>+632)%=+(25$¿+6.0(+2(2/.0..(:.,5Ù,52I(D2*%+0.'(+$%(/*2-%+6797C(/2#
;&¿/2-%0.,('%*0,$%R-;%Z@:2+5/0=@%FMT$%Z2?6=2+2%<LL9%
!A9# F,%c2..246)%A20;,'-,073,(/*%-0,(61.%09(/*6,/.;)(%*&I(o(AD8(-(/2;&¿/2-%#
0.)(/*27,;2-91$%G_-5/'-?%I?2+5/0=@J%K?%8*"UUC%
!AA# _,%c2?-.>+63/)%D*6,;&¿/;&-%(/*6,7.-'2(27C*20.,(.0U2*1%73.(-(A2+,';.,(A%*#
091(6(!QQ4(*2')(6,(;676,5B$091()-65$¿+0.,0.,1(%*&I(NO4(P(!(3%'2(/*6,/.;)(
'*91.0%$.6)37,52(fC%7'.05h(0%(&$,()02*12-%Ú(@%+9(L)*2/9$%(?202%;2E/D
6'>?632% 52(/6252% +% b23Ù2:=/>% I?2+2% c2?5>E-% I-?d+52+0=>E-% (-:%
3/>?453/>;% F55@% Z2.0=23% -0&-+63/>1$% Z2?6=2+2% <LL9$% &''()**(?2%
+-,O2E.2,(.*S/.>6*;E?X;X32?-.>+63/,(:S%%
!AC# F,%c>E>.$% b,% c>E>.)%D*6,/.;9( 2( :.,5Ù97C( ;+2-97CH(&Ù)1%76%7C( .(;/,73%$.#
;&%7CI(A21,0&%*6$%b232;@0=>$%c?23d+%<LL8%
!"'

!"#$%&'()*$+!
!
!A7# F,% c/>:?-+/0=DZ@+/2Ù)% DC%*1.05( .( 3,52( /,0%$.6%73%$% GI?-34?2'4?2%%
/%I?2+-J%K?%A*<L""$%6,%<8fBA%
!AU# R,%c/6'>?)% Z,6/.,76,Ú;&-2(.0U2*1%7930,( .0U*%;&*)'&)*9('*9&9760,3$% GN>??-D
?@=;J%K?%"*<L"L$%T-..>E/4;%T/O/'26$%Z2?6=2+2%<L"L$%6,%AfU%
!CL# h,%c.25:>?)%g%7',*(/*22UH(769$.(3%'(;.¿(:*20.°(/*6,+(.0&*)6%1.$%_/3-;$%Z2?D
6=2+2%"UUC%
!C"# h,%c.25:>?)%g%7',*(D*22Ub(FC,(T$&.1%&,(n).+,(&2(j,&-2*'(J,7)*.&9$%[2;62%
I?,$%"UUC%
!C<# _,% c./ï$% N,% _2?'/6=>3)% D*6,;&¿/;&-%( ,$,'&*20.760,$% &''()**(?2+-,O2E.2,%
(.*63?@('6*0@]>?0?/;>",&';%
!CB# _,%c./ï)%D*6,;&¿/762ï°(-(W0&,*0,7.,$%GT=26-(/6;-%(?2+2%32?5>E-%/%5243%
(>52.5@0&J%K?%"*<LLL%%
!C8# _,% c-]@.26)% G0%$.6%( '*91.0%$0%( -( D2$;7,I( L-2$)73%( -( '.,*)0')( nWJ$%
&''()**+++,3-5S>?>5012,>6?/,(.*6/'>6*:>S24.'*S/.>6*_,c-]@.26XZHIw<%
L+w<LH=0=@'5/>,(:S%%
!C9# A2+,';(,&9'.(/*%72-0.'%(0%)'2-,52(/*693¿&9(!o(5*)+0.%(NR!N(*I(/*6,6(M5*2#
1%+6,0.,(=5B$0,(DGj$%&''()**+++,/56'@'4012,(25,(.*/;2E>6*6'-?/>6*(./%
3/*c-;/612X:6Xe'@3/XK240>*:-34;>5'@*c-:>36X>'@3/X(?20-+5/32X5%
243-+>E-XB","<,X<L"<,(:S%
!CA# I,%c-5/>0=5@)%fnÙ¿:2'.,()'*97.,h(+%097C(-(DA=( ZD$%&''()**5/>]>=(/>0=%
5/3,(.*(-6'*E.>]-3/>D43?@0/>D:25@0&D+D(3-D](*%
!CC# \,%c-(0=@563/)%A20U*20&%73%(:.,5Ù97C(-(/2$;'.1(/*27,;.,('%*091$%Z-.'>?6%
c.4+>?%]46/5>66$%Z2?6=2+2%<LL7%
!C7# h,%c-?:@.>+63/)% k2*,0;9'%H(k2*,0;.7( J7.,07,(8,0&,*$%&''()**+++,3-?:@%
5>',0-;*S-?>56@32,&';.,%
!CU# h,V,%c-?=>5/-+63/)%k.*1%(-(-%*)0'%7C(*969'%(52;/2+%*76,52$%eFH$%c?2D
3d+%<LL<%
!7L# h,V,%c-?=>5/-+63/)%j%)'.(2(:,6/.,76,Ú;&-.,(<(-/*2-%+6,0.,(+2(/*2:$,1%&9'.(
!+)#%I,%T@]4.2)%D*%-0,(%;/,'&9(:,6/.,76,Ú;&-%(-(5B*%7Cb(&)*9;&9'%H(*,'*,%#
73%H(;/2*&$%(-:%?>:,%I,%T@]4./$%TvN\%INNc$%c?23d+%<L"B$%6,%<9Cf<C<%
!7"# h,V,%c-?=>5/-+63/)% D2+;&%-9( 0%)'( 2(:,6/.,76,Ú;&-.,$%R/S/5$%Z2?6=2+2%
<L"<%
!7<# [,%c-6/Ú63/)%D*6,;&¿/762ï°(&,$,.0U2*1%&9760%(Wi(;,1.0%*.)1(0%)'2-,$%(-:%
?>:,%[,%c-6/Ú63/>E-$%Z@Č6=2%H=3-Ù2%I-./01/$%H=0=@'5-%<LLA%
!("

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

!7B# [,%c-6/Ú63/)%D*6,;&¿/762ï°(&,$,.0U2*1%&9760%(YWW(;,1.0%*.)1(0%)'2-,$%(-:%
?>:,%[,%c-6/Ú63/>E-$%Z@Č6=2%H=3-Ù2%I-./01/$%H=0=@'5-%<LL8%
!78# [,%c-6/Ú63/)%D*6,;&¿/762ï°(&,$,.0U2*1%&9760%(YWWW(;,1.0%*.)1(0%)'2-,$%(-:%
?>:,%[,%c-6/Ú63/>E-$Z@Č6=2%H=3-Ù2%I-./01/$%H=0=@'5-%<LL9%
!79# [,%c-6/Ú63/)%D*6,;&¿/762ï°(&,$,.0U2*1%&9760%(i(;,1.0%*.)1(0%)'2-,$%(-:%
?>:,%[,%c-6/Ú63/>E-$Z@Č6=2%H=3-Ù2%I-./01/$%H=0=@'5-%<LLC%
!7A# [,%c-6/Ú63/)%D*6,;&¿/762ï°(&,$,.0U2*1%&9760%(iWW(;,1.0%*.)1(0%)'2-,$%(-:%
?>:,%[,%c-6/Ú63/>E-$Z@Č6=2%H=3-Ù2%I-./01/$%H=0=@'5-%<LLU%
!7C# [,%c-6/Ú63/$%[,%H=2S?2Ú63/)%D*6,;&¿/762ï°(&,$,.0U2*1%&9760%(iW(;,1.0%*.)1(
0%)'2-,$%(-:%?>:,%[,%c-6/Ú63/>E-$%[,%H=2S?2Ú63/>E-$%Z@Č6=2%H=3-Ù2%I-D
./01/$%H=0=@'5-%<LL7%
!77# N,% c-'2?]/Ú63/)% L$,1,0&9( &,2*..( /260%0.%H( $25.'.( U2*1%$0,3( .( 1,&2+2$25..(
0%)'$%Z2?6=2+2$%IZK%"U7A%
!7U# I,%c-+2.63/)%=/.0.2-%0.,(;+2-2#$,'%*;'.,( -(;/*%-%7C(*2;676,Ú( 6(&9&)Ù)(
6%'%Č,0.%( -.*);,1( 6%/%$,0.%( -&*2:9( &9/)( Z( .( 8$% Z@:2+5/0'+-% _>D
:@0=5>$%c?23d+%<LLB%
!UL# I,%c-+2.63/$%[,%RÙ4E-(-.63/)%A%&,52*97602ï°(2/.0..(:.,5Ù,52(;+2-,52(1,#
+9'%(-(;/*%-%7C(79-.$097C$%GI2.>6'?2J%K?%Uf"L*<LL7$%&''()**+++,(2.>6%
'?2,(.*/5:>Q,(&(iE-j2?'@34.k/:j<7L7%%
!U"# I,%c-+2.63/$%[,%H3Ù2:=/>Ú)% =/.0.2-%0.,(-( ;/*%-%7C(79-.$097C(.('%*097C(
3%'2(/*2:$,1(-(/*%'&97,(:.,5Ù,52$%Gv'-?@5-.2?@5E-.-E/2J%K?%BlBm*<LL8%
!U<# H,%c-=:?-+63/)%A*91.0%$.;&9'%I(S9:*%0,(6%5%+0.,0.%$%KZHI$%M/2Ù@6'-3%
<L"<%
!UB# P,%c?21>+63/)%D*6,;&¿/;&-2()&*-%$%0.%(.(*26/2-;6,7C0.%0.%(-.6,*)0')(0%5.,3(
2;2:9( $):( 2;2:9( -( &*%'7.,( 769002ï7.( ;,';)%$0,3$% GI?-34?2'4?2% /% I?2+-J%%
K?%9*<L"<%6,%<Lf8L%
!U8# v,%c?215/23)% S9:*%0,( /*2:$,19( ï7.5%0.%(/*6,;&¿p;&-( 52;/2+%*7697C%!+)#%
=:;6%*9(:%+%-76,(-;/BÙ76,;0,3('*91.0%$.;&9'.(<(S9:*%0,(/*2:$,19(ï7.5%0.%(
/*6,;&¿/;&-(52;/2+%*7697C$%Z@:2+5/0'+-%a5/+>?6@'>'4%g.63/>E-$%c2D
'-+/0>%<L""$%6,%C7f7A%
!U9# _,I,% c?@6/23)% Z.,5Ù9( V/9&%0.%( +2( :.,5Ù97CX$% Z@:2+5/0'+-% Z@Č6=>1%
H=3-Ù@%I-./01/$%H=0=@'5-%<LL9%
!UA# F,%c?=@Č25-+632)%869(:.,5Ù9(-,6-%09(0%(*26/*%-¿(/2-.0.,0(60%°(/9&%#
0.%H( 3%'.,( :¿+(1)(6%+%0,e$% G\2=>'2% I?2+52J% =% "B% +?=>ï5/2% <L"B% ?,$%
!((

!"#$%&'()*$+!
!
&''()**(?2+-,E2=>'2(?2+52,(.*2?'@34.@*CB"U<9$0=@D]/>E.@D+>=+25@D5%
2D?-=(?2+>D(-+/5/>5D=520D(@'25/2D123/>D]>:2D;4D=2:25>,&';.%
!UC# A&2( 6%:*%Ù(:*2Ú( 6%( QRR( 6Ù(/2;&%7.(6(5*9(.0&,*0,&2-,3$% &''()**-.6='@5,E2%
=>'2,(.*-.6='@5*"$B9"7U$7"7"CCU$c'-X=2]?2.X]?-5X=2XULLX=.X(-6'20/X%
=XE?@X/5'>?5>'-+>1,&';.%
!U7# M,P,%c40)%k)0'73,(0%)'.I(S;&¿/(+2(1,&2+2$25..I(j%)'%(0.,(3,;&(5*$%Z@:2+D
5/0'+-%IN_$%Z2?6=2+2%<L"<%
!UU# _,%c40=@Ú632DT/0&-032)%Z.,5Ù9H(%$,(769(0%(/,-02(;/,73%$.;&%$%GI?-S>61-D
52.5@%(2?3/>'J%K?%B*<LL7$% &''()**'>?2=;>:/2,52=+2,(.*((2?3/>'*/5:>Q,%
(&(i-('/-5j0-;X0-5'>5'k'263jO/>+k/:jBA%
!"LL# [,I,% c4S>.)% F%'&9'%( /*6,;Ù)7C%0.%( ï-.%+'%$% Ge:432012% I?2+5/0=2J%%
=%"B% (2Ċ:=/>?5/32%<LLU%?,$%&''()**+++,>:432012(?2+5/0=2,(.*23'42.5%
-60/*2*(-32=*0*23'42.5-60*2?'*'23'@32D(?=>6.40&25/2D6+/2:32,&';.%%
!"L"# [,%c4.>6=2$%[,%c4.>6=2)%n*%(fJ,720+(`.U,h(<(-.*&)%$09(ï-.%&H(*,%$0,(/*6,;&¿/#
;&-%e$%GI?-34?2'4?2%/%I?2+-J%K?%B*<LLU$%6,%<Bf8L%
!"L<# M,%c45/032D_/0&2.632)%A21,0&%*6(+2(%*&9')ÙB-(NNN#o!O%!+)#%F,%Z6>3$%
P,% b2+Ù-03/)% A2+,';( A%*09I( 86¿ï°(;676,5BÙ2-%$% T,Y,% M>03$% Z2?6=2+2%
<L"L%
!"LB# [,%c45=)%ZÙ+( -(2/.0.%7C(;+2-2#$,'%*;'.7C( -(;/*%-%7C(/*6,;&¿/;&-( /*6,#
7.-'2(6+*2-.)(.(Č97.)$%c2'>:?2%_>:@0@5@%H:-+>1%T-..>E/4;%_>:/04;%
a[$%c?23d+%"UUU%
!"L8# x,% c+/2'3-+632DZd10/3/>+/0=)% n$2;%( +2( -9*2')( J+)( j%3-9Č;6,52((
6(+0.%(o(/%Ċ+6.,*0.'%(NRRO(*IH(;950I(WY(AA(NRQpRO$%GI?-34?2'4?2%/%I?2+-J%
K?%U*<LLU$%6,%"87f"98%
!"L9# F,%h20&)%D23¿7.,( /2;.%+%0.%(/2*025*%U..( +6.,7.¿7,3(-(%*&I(NRN(P( >%('2+,';)(
'%*0,52(-(2+0.,;.,0.)(+2(+%097C(.0U2*1%&976097C$%GP40&%I?2+5/0=@$%e3-D
5-;/0=5@%/%H-01-.-E/0=5@J%P-3%hyygg%f%b>6=@'%"%f%<L"L$%6,%AUf7L%
!"LA# F,%h20&)%D*%-02+2-2+2-%(/*2:$,1%&9'%(6-%$76%0.%(/,+2U.$..(.(/2*025*%U..(
+6.,7.¿7,3(-(.0&,*0,7.,%!+)#%E%&,*.%Ù9(J,1.0%*.)1(D*6,;&¿/762ï°(F,$,.0U2*#
1%&9760%$%Z@Č6=2%H=3-Ù2%I-./01/$%H=0=@'5-%<LL8$%6,%9UfA9%
!"LC# R,%h26')% 821/)&,*G0%$9;&;(%0+(Lm/,*&;( <(E%'.05( &C,( E2;&(2U( nDJ(L\.#
+,07,$% GV-?>56/0V-046J% =% <C% 6/>?(5/2% <L"B% ?,$% &''()**2?'/0.>6,S-?>56/0%
S-046,0-;*<L"<*L7*<C*0-;(4'>?D252.@6'6D25:D>Q(>?'6D;23/5ED'&>D;-%
6'D-SDE(6D>O/:>50>%%
!(!

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

!"L7# c,%h/:>?;25)%869(f%)+9&(:,6/.,76,Ú;&-%(&,$,.0U2*1%&9760,52h(3,;&(&91(;%#
191(72(f%)+9&(.0U2*1%&97609he$%GM/4.>'@5%g56'@'4'4%F4'-;2'@3/%/%P-D
]-'@3/J%K?%<"*<LL8$%ZFN$%Z2?6=2+2%<LL8%
!"LU# c,%h/:>?;25)%=(6%5*2Č,0.%7C(+$%(;')&,760,3(27C*209(.0U2*1%73.H(D*6,&-%#
*6%0,3( -( ;.,7.%7C( .( ;9;&,1%7C( &,$,.0U2*1%&976097CH( /2-2+2-%097C( 02-2#
12-$%c-5S>?>5012%T@]>?6(20>%<LLU$%ZFN$%Z2?6=2+2%<LLU%%
!""L# R,%h/6/23DV>./032$%_,%H=;/')%GF%052(K2-0h(<(J21,(8211,0&;(&2(&C,(J,#
7)*.&9(2U(89:,*;/%7,(2U(@,/):$.7(2U(D2$%0+%!+)#%Z,%M/2Ù@$%[,%c2Ċ;/>?0=23$%
J9;&,1;( ;)//2*&.05( /*2+)7&.20( ,05.0,,*.05$% (-:% ?>:,% Z,% M/2Ù>E-$%%
[,%c2=/;/>?0=232$%Ic[H$%\./+/0>%<L"<$%6,%"BBf"89%
!"""# N,%h-0&>?$%I,%_--?$%H,%H0&;/:$%P,%Z2''>5&-S>?)%k*,,(@.+.05(.0(Z.&F2**,0&(
.;(8C,%/$%&''()**+++,:/60-,>'&=,0&*(4]./02'/-56*&-'5>'6LA,(:S%
!""<# F,%h-'3-)%*B+Ù%(*BČ02*2+02ï7.(.0U2*1%73.(-(1%*',&.05)(*,$%793091$%GH'4D
:/2% /% _2'>?/2Ù@% Z@:=/2Ù4% b2?=:=25/2% aZJ% K?% "*<LLC$% 6,% ACfC8$%
&''()**+++,6/;,+=,4+,>:4,(.*(.*54;>?*54;>?D"D<LLC%%
!""B# I,%h@;25$%Y,P,%x2?/25$%[,%R455$%F,%H'?@E/5$%c,%H+>2?/5E>5)%g2-(E)7C(
W0U2*1%&.20( NRRRe( T0.\,*;.&9( 2U( Z,*',$,9( @%/2*&H( NRRR$% &''()**+++<,%
6/;6,]>?3>.>@,>:4*?>6>2?0&*(?-1>0'6*&-+D;40&D/5S-*%
!""8# H,% R2E-:=/Ú63/)% D*6,;&¿/;&-%( /*6,7.-'2( 1.,0.)( -( '2+,';.,( '%*091( V-9#
:*%0,(6%5%+0.,0.%X$%GI?-34?2'4?2%/%I?2+-J%K?%<*"UUU%
!""9# \,%R26=0=@02)%@26/*%-%(%+1.0.;&*%7930%(-(25B$091(/2;&¿/2-%0.)(%+1.0.#
;&*%793091$%Z-.'>?6c.4+>?%M/=5>6$%Z2?6=2+2%<LL7%
!""A# _,% _20/>163/)% D;97C2$25.760%( %0%$.6%( ;/2;2:B-( /*6,;Ù)7C%0.%( ï-.%+'B-((
.(*,5)Ù(27,09(.7C(6,60%Ú(-(/*%'&97,(;¿+6.2-;'.,3(%(;&2/.,Ú(/*69/.;9-%0,3(.1(
-.%*952+02ï7.$% c2'-+/0>% <LLU$% (?202% :-3'-?632$% ;26=@5-(/6$% &''()**%
+++,6]0,-?E,(.*T-5'>5'*"U8<C*:-3'-?2'BLLU,(:S%
!""C# b,%_210&?=@3)% D;97C2$25.%(;+2-%I(G'&)%$0,( /*2:$,19(2/.0.2-%0.%( +2*2#
;Ù97C$%Z@:2+5/0'+-%acHZ$%Z2?6=2+2%<L"<%
!""7# E%$%*6(A*69;6&2U(A);6,3()0.,-.00.209(2+( 6%*6)&)(/*2/%52-%0.%(/,+2U.$..$%
&''()**+/2:-;-60/,+(,(.*32'$"L"UBU9$'/'.>$_2.2?=Dc?=@6='-SDc46=>1D4%
5/>+/55/-5@D-:D=2?=4'4D(?-(2E-+25/2D(>:-S/.//$+/:$"8CU"LUU$+/2:%
-;-60,&';.%
!""U# F,% _2.26/Ú632DK2Ed?5@)% L';/,*91,0&( /*2-%+6209( 0%( /2+;&%-.,( %*&I(
N!!( ADA( %( ,';/,*91,0&( *6,76260%-769$% Gc+2?'2.5/3% (?-0>6-+-D%
D3?@;/52./6'@0=5@J% K?% "D<% l"LD""m*<L"<$% H=3-Ù2% I-./01/% +% I/.>$% I/Ù2%
!()

!"#$%&'()*$+!
!
<L"<$% &''()**(/.2,6=3-.2(-./01/,E-O,(.*1--;.2*/;2E>6*b2;-+/>5/2*c+2%
?'2.5/3*K?"LD""*L<>36(>?@;>5',(:S%
!"<L# F,%_2?>3)%A2+,';('%*09I(A21,0&%*6$%Z-.'>?6%c.4+>?$%Z2?6=2+2%<LLC%
!"<"# b,%_2?>3)%ZÙ+(1,+97609$%Z@:2+5/0'+-%_>:@0=5>$%c?23d+%<LLC%
!"<<# b,%_2?>3)%S9:*%0,(/*2:$,19(2/.0.2-%0.%(;+2-2#$,'%*;'.,52$%b232;@0=>$%
c?23d+%<LL8%
!"<B# [,% _>'>Ü3-$% c,% hps32)% @.%+,0.,( 2/,*%&_\097C( ².002;&_$% F32:n;/2% I-./D
0215n&-%b]-?4$%<LLB%
!"<8# [,%_>'>Ü3-)%E2c02;&.(G(Y9)c_\%0.,(AGW(F,7C02$B5..(D*.(A20&*2$,(M]\%c0,3(
A*.1.0%$.&9$%GH>04?/'-.-E/2J%K?%A*<LLC$%6,%""<f""7%
!"<9# [,%_>'>Ü3-$%2%3-.)%A*.1.0%$.;&.7'[(1,&B+9(%(12c02;&.('20&*2$9(;2U.;&.'2\%0,3(
'*.1.0%$.&9$%F32:>;/2%Ib$%M?2'/6.2O2%<LL9%%
!"<A# F,%_/6/43$%I,%T/6=>3$%[,%c-6/Ú63/)%D*6,;&¿/762ï°(&,$,.0U2*1%&9760%(YW(;,#
1.0%*.)1( 0%)'2-,$% (-:% ?>:,% [,% c-6/Ú63/>E-$% Z@Č6=2% H=3-Ù2% I-./01/$%
H=0=@'5-%<LLB%
!"<C# _,%_-.63/$%_,%R20&>'2)%D*6,-2+0.'(%)+9&2*%(;9;&,1B-(.0U2*1%&976097C$%
Y>./-5$%\./+/0>%<LLC%
!"<7# [,%_-6=0=@Ú63/)%J&%0+%*+9(.+,0&9U.'%73.(+%'&9$2;'2/.30,3$%GI?-].>;@%c?@D
;/52./6'@3/J%K?%<A"*<LL7$%6,%"8f<"%
!"<U# =+/2-.,+Ċ(;,'*,&%*6%(;&%0)(-(E.0.;&,*;&-.,(J/*%-.,+$.-2ï7.(<(6()/2-%Č0.,#
0.%(1.0.;&*%(<(0%(.0&,*/,$%73¿(0*(!"?R"(-(;/*%-.,(.0&,*0,&2-97C(/*6,;&¿/;&-(
'21/)&,*2-97C$%&''()**-?32<,6>1;,E-O,(.*gbA,56S*;2/5*CMCACRB7%
!"BL# b,%v3-Ú)%A21/)&,*2-,(/%*%5*%U9(<(D*25*%1('21/)&,*2-9(-(/*%-.,(%)&2*#
;'.1$%GIT34?/>?J%K?%"B*"UU7%
!"B"# c,%I20&5/3)%K2-B+(6(2/.0..(:.,5Ù,52( -(/*%-.,(/2$;'.1$%&''()**+++,-?2D
+2?6=2+2,0-;,(.*4(.-2:>:*R-+wTBwMB:w<L=w<L-(/5//w<L]/>Ew%
T9w7<>E-w<L+w<L(?2+/>w<L(-.63/;,(:S%
!"B<# c,%I20&5/3)%D*%-0,()-%*)0'2-%0.%(2+/2-.,+6.%$02ï7.(79-.$0,3(.('%*0,3(:.,#
5Ù97C(-(/2$;'.1(;9;&,1.,(/*%-091$%Ge:432012%I?2+5/0=2J%K?%"L%l""7m%*%
<L"L$% &''()**+++,>:432012(?2+5/0=2,(.*2?'@34.@*2?'@34.*2*(-32=*0*2%
?'@34.*2?'*(?2+5>D4+2?453-+25/2D-:(-+/>:=/2.5-60/D0@+/.5>1D/D32?%
5>1D]/>E.@0&D+D(-.63/;D6@6'>;/>D(?2+5@;,&';.%
!"BB# [,F,% I234Ù2)% A20&%( 0%( ;,*-,*%7C( 5.,*( .0&,*0,&2-97C( -( 2:*27.,( /*%-091((
−
(6%5%+0.,0.%(-¿6Ù2-,$%Z2?6=2+2%<LLU$%(?202%;2E/6'>?632$%;26=@5-(/6%
&''()**(?2+-,O2E.2,(.*S/.>6*;E?X1X2X(234.2,(:S%
!(*

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

!"B8# K,%I2;4Ù2DT/>ï.23)%M3%-.;'2(T'*9&,52( W0&,*0,&)(<(*2$%( :.:$.2&,'(-( )/2#
-;6,7C0.%0.)(3,52(6%;2:B-H(E%&,*.%Ù9(WW(A20U,*,073%(Z.:$.2&,'.(D2$.&,7C0.'.(
RB+6'.,3(Z.:$.2&,'.( iiW(-.,')I(869( /*6,&*-%19e$%6,%BCUfB7A$%Rd:Ċ%<LLA$%
&''()**>(?/5'6,?0./6,-?E*7U<9*"*(2;4.2,(:S%
!"B9# [,%I2?2:@6=$%_,%H=@;3-+/23)%*B+Ù%(+%097C($)+02ï7.2-97C(E,&2+2$25.%(
Z%+%Ú(K,125*%U.76097C$% b>6=@'%5?%"9,%H>301/%F52./=%R>;-E?2S/0=5@0&%
IFK$% 6,% Cf<A$% &''()**+++,2>,3?23-+,(.*z:>;-E?2S*I4]./3201>*HFR"%
9,(:S%
!"BA# D,*;/,7&.\,;(2U(/2$.7,(;7.,07,(.0(L)*2/,$%TeIvh%<LLC$%&''(6)**+++,0>(-.,%
>4?-(2,>4*S/.>2:;/5*+>]6/'>*P>6>2?0&XH0/>50>*I\eFIHXV/52.XP>(-?%
',(:S%
!"BC# F,%I/20=@Ú632)%D2;.%+%0.,(3%'2(60%1.¿(7690)(6%:*20.20,52$%GI?-34?2'4?2%
/%I?2+-J%K?%Cf7*<L"L$%6,%98fCL%
!"B7# Y,% I/>'?=3-+63/)% M%*9;( 1,&2+9'.( /*%79( ;¿+6.,52( -( ;/*%-%7C( 79-.$097C$%
h>Q/6K>Q/6$%Z2?6=2+2%<LLA%
!"BU# _,%IÙ20&'2)%=/.0.%(-(;/*%-.,(/*23,'&)();&%-9(2(61.%0.,(A2+,';)('%*0,52$%
A2+,';)( /2;&¿/2-%0.%( '%*0,52( 2*%6( A2+,';)( -9'*276,Ú$% :?43% 6>1;-+@%%
5?%<LB"$%\:2Ú63%<LL8$%&''()**-?32,6>1;,E-O,(.*?>Q:-;38,56S*lw<8F..m*%
8VTAL7AUR79FBFCBT"<9AeLMLL8Cee<9*w<8V/.>*g<ACCDLB],?'S%%
!"8L# F,%IÙ2=2)%D*6,;&¿/;&-%('21/)&,*2-,$%P=>6=d+%<LLL$%(?202%;2E/6'>?632$%
;26=@5-(/6$%&''()**O2E.2,(.*63?@('6*;E?X2X(.2=2,(:S%
!"8"# I,%I-.23)%=0&2+2$25.%(-( ,';/,*&96.,('*91.0%$.;&9760,3$%K-O2?>6$%\:@5/2%
<L"<%
!"8<# D2$.73%( 6%31)3,( ;.¿('*%+6.,Č( -( -.*&)%$091( ï-.,7.,$% &''()**(-.632,5>+6%
+>>3,(.*(-./012D=21;41>D6/>D3?2:=/>=2D+D+/?'42.5@;D6+/>0/>$A<8UU$"$%
",&';.%
!"8B# x,%I-?2:2$%c,%Y-.0?$%>'%2.,)%D2$.7,30_(\»+9$%%x@:,%F.>s%+>5»3$%I.=>Ü%<L""%
!"88# D*2')*%&)*%(='*¿52-%(-(M.,$20,3(nB*6,b(i(J,1.0%*.)1(A*91.0%$.;&9760,(
fA*91.0%$.;&9'%( -( g-.,7.,( S.*&)%$0,3( M:*2+0.h% l[>6/-532$% "9f"C% ;212%
<L"B%?,m$%&''()**=/>.-52DE-?2,(-,E-O,(.*/5:>Q,(&(i/:jBk/:2j"LLL8%
!"89# Z,% I?=@]@Ù-)% D2;&%02-.,0.,( 2( +2/);676,0.)( +2-2+)( 6( 2/.0..( :.,5Ù,52((
-( &,2*..( .( /*%'&97,$% Ge:432012% I?2+5/0=2J% =% "B% (2Ċ:=/>?5/32% <LLU% ?,$%
&''()**+++,>:432012(?2+5/0=2,(.*23'42.5-60/*2*(-32=*0*23'42.5-60*%
2?'*(-6'25-+/>5/>D-D:-(46=0=>5/4D:-+-:4D=D-(/5//D]/>E.>E-D+D'>-?/%
/D/D(?23'@0>%%
!(#

!"#$%&'()*$+!
!
!"8A# @,%$0.(6Ù2+6.,3,(-(-.*&)%$097C(5*%7C$%&''()**(-./0@15/,E2=>'2,(.*I-./0@15/*%
"$"LBA"C$7CCU98U$P>2.5/X=.-:=/>1>X+X+/?'42.5@0&XE?20&,&';.%
!"8C# _,c,%P-E>?6$%[,%\-.:;25$%P,%_/6.25$%N$%Z>:E>)%821/)&,*(k2*,0;.7;(k.,$+(
F*.%5,(D*27,;;( E2+,$$%820U,*,07,(20( K.5.&%$(k2*,0;.7;H( J,7)*.&9(%0+( `%-H(
NRRO$% &''()**+++,:/E/'2.S-?>56/06D0-5S>?>50>,-?E*TVVNI_*TRVHhD(?%
-0>>:/5E6<LLADTVVNI_,(:S%%
!"87# I,%H/>;3-+/0=)%D*6,;&¿/;&-%(2(7C%*%'&,*6,(/,+2U.$;'.1(.(/*6,7.-'2(-2$02ï7.(
;,';)%$0,3(/2/,Ù0.%0,(/2/*6,6(W0&,*0,&H(-()3¿7.)(/2$;'.,52('2+,';)('%*0,52$%
>DT=26-(/6;-%I?2+2%c2?5>E-%/%K243%I>52.5@0&%C*<L""$%&''()**+++,%
0=(3,(.*2?'@34.@*CD<L""DH/>;3-+/0=XI,XI?=>6'>(6'+2X-X0&2?23'>?=>%
X(>:-S/.63/;X/X(?=>0/+3-X+-.5-60/X6>3642.5>1X(-(>.5/25>X(-(?=>%
=Xg5'>?5>'X+X41>0/4X(-.63/>E-X3-:>364X32?5>E-,(:S%
!"8U# I,%H/>;3-+/0=)%D*6,;&¿/;&-%(;'.,*2-%0,(/*6,7.-'2(/2)U02ï7.H(.0&,5*%$02ï7.(
.(+2;&¿/02ï7.(+%097C(2*%6(;9;&,1B-('21/)&,*2-97C(-(/2$;'.1('2+,';.,('%*#
091( <( 6( )-65$¿+0.,0.,1( %'&)%$097C( 61.%0( 02-,$.6%793097C$% >D]/4.>'@5%
TMce$% Z?-0Ù2+% <LLU$% &''()**+++,]/]./-'>320@S?-+2,(.*T-5'>5'*B8B%
AB*I?=>6'>(6'+2X63/>?-+25>,(:S%
!"9L# F,%H/.46=>3)%D*6,;&¿/;&-%('21/)&,*2-,$%GITc4?/>?J%K?%<LLL*7*8<$%&''()**%
+++,(034?/>?,(.*2?0&/+4;*2?'@34.@*6/.46=>3X25:?=>1*<LLLXL7X8<*%
!"9"# _,%H/+/03/)%89:,*/*6,;&¿/762ï°$%T,Y,%M>03$%Z2?6=2+2%<L"B%
!"9<# F,%HÙ-:3/)%S(2/.0..(:.,5Ù,52(<(0.,-9'20%0.,()12-9(-(&,*1.0.,$%GK/>?4D
0&-;-ï0/J%K?%<lBLm*<LL"%
!"9B# _,%H-+2)% =5B$0%(7C%*%'&,*9;&9'%( /*6,;&¿/762ï7.( .0&,*0,&2-,3$%GI2.>6'?2J%
K?%9*A*<LL"%6,%<9%
!"98# _,%H-+2)%D*6,;&¿/762ï°('21/)&,*2-%(<(:%+%0.,(7,$2-2ï7.(.(;')&,7602ï7.('*9#
1.0%$.6%73.$% c?23d+% <LL9$% (?202% :-3'-?632$% ;26=@5-(/6$% &''()**;D
6-+2,(.*_H-+2D(?=>6'>(0=-60D3-;(4'>?-+2,(:S%
!"99# J&%02-.;'2(M,;/2Ù)(+;I(L&9'.(-(j%)7,(6(!O($.;&2/%+%(NRRR(*I$%c-;/'>'%M2D
:2Ú%K243-+@0&$%&''()**3]5,/0;,>:4,(.*>'@32*(?23'@32,&';.%
!"9A# M,%H'>S25-+/0=)%W0U2*1%73%$%vS/0@52%Z@:2+5/0=2%H\Y$%Z2?6=2+2%<LL8%
!"9C# Z,% H'-(@?2)% =*6,760.7&-2( 2')$.;&9760,$% \d?5/03/% Z@:2+5/0'+-% _>D
:@0=5>$%Z?-0Ù2+%<L"<%
!"97# F,%H'?=>.>03/)%`,5%$(G;/,7&;(2U(K,,/(`.0';(20(&C,(W0&,*0,&H(D*27,,+.05;(2U(&C,(
W0&,*0%&.20%$(E)$&.720U,*,07,( 20(821/)&,*(J7.,07,( %0+(W0U2*1%&.20(F,7C#
02$259$%6,%99Uf9AB%
!($

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

!"9U# F,%H40&>032DN2?52032)%Z.,5Ù9(;+2-9(%(/*%-.+Ù2-9(-90.'(/2;&¿/2-%0.%(
;+2-,52$% &''()**+++,?-=+/=@+25/>6(-?d+,(.*<L"B*"<*<L*]/>E.@D62%
:-+@D2D(?2+/:.-+@D+@5/3D(-6'>(-+25/2D62:-+>E-%%
!"AL# F,%H40&-?=>+632)%=7C*20%(/*%-0%(;9;&,1B-(.0U2*1%&976097C(-2:,7(6%#
5*2Č,0.%(79:,*&,**2*961,1$%Z-.'>?6%c.4+>?$%<L"L%
!"A"# M,% H45E2?:>5)% G0( W0U2$25.7%$( G//*2%7C( &2( K%&%( Z%;,;$% I&,R,% N&>6/6$%
&''(6)**6/'>6,E--E.>,0-;*6/'>*]-645:E?>5*;@D./S>*F5g5S-.-E/02.F((?-%
20&'-R2'2M26>6,(:Si2''?>:/?>0'6jL%%
!"A<# F,% H4+-?-+$% Z,% c?26403/)% D*6,;&¿/79( ;/,73%$0,3( &*2;'.$% GI?=>E.:J%%
K?% BA*<LL<$% &''()**+++,(?=>E.2:D'@E-:5/3,(.*(.*2?'@34.*(?=>6'>(0@%
D6(>012.5>1D'?-63/DL%%
!"AB# c,%H+>2?/5E>5%l>:,m)%g2-(E)7C(W0U2*1%&.20(NRRoe$(a5/O>?6/'@%-S%M>?3>.>@%
P2(-?'$%<LLB$% &''()**+++<,6/;6,]>?3>.>@,>:4*?>6>2?0&*(?-1>0'6*&-+D;%
40&D/5S-D<LLB%%
!"A8# _,%H=;/'$%F,%M2+-?-+63/$%F,%c;/>0/23$%I,%c?>1=2$%F,%K/>;/>0)%L$,1,0&9(
W0U2*1%&9'.(J+2-,3$%(-:% ?>:,%_,%H=;/'2$%I-.63/>%N-+2?=@6'+-%g5S-?D
;2'@0=5>$%Z2?6=2+2%<L""%
!"A9# _,%H=;/'$% _,%\46'2$% _,%N-;26=>+63/)% !R!(6%:,6/.,76,Ú(/*6,+(%&%'%1.((
-(;.,7.('21/)&,*2-,3$%Z@:2+5/0'+-%Y>./-5$%\./+/0>%<LL9%
!"AA# _,%H=;/'$%g,%I-./'-+632)%=(%*&9')$,(NO4(A2+,';)(A%*0,52(276%1.(:.,5Ù,52$%
GI?2+-%_>:/d+%e.>3'?-5/0=5@0&J%l7m$%:-:2'>3%:-%G_-5/'-?2%I?2+5/D
0=>E-J%K?%"A*<LL7$%6,%B8f8L%
!"AC# _,% H=;/')% Z,6/.,76,Ú;&-2( W0U2*1%&9760,% !+)#% g,% H'25/>0$% [,% b2+/Ù2D%
DK/>:Ċ+/>03/)%M%*6+6%0.,(*969'.,1(2/,*%793091$%6,%<L"f<<7$%T,Y,%M>03$%
Z2?6=2+2%<LL7%
!"A7# _,%H=;/')%Z.,5Ù9(.0U2*1%&9'(-(/2;&¿/2-%0.)(79-.$091$%b>6=@'@%K243-+>%
I-./'>0&5/3/%Rd:=3/>1$%6>?/2%e.>3'?@32%=,%"<"$%K?%"LC7$%6,%87Cf9L"$%Rd:Ċ%
<L""%
!"AU# _,%H=;/')%W0U2*1%&.'(3%'2(,m/,*&(\(/2+1_0']7C(/2$;'[C2($,5.;$%&.\0_C2(;9;#
&,1I(E,&2+2$25.7'[(q\%C9H(W0&,*0,&H(821/,&.&.\,0,;;(%0+(=*5%0.6%&.20%$(J,#
7)*.&9$%N-;26%M2'2%a5/O>?6/'@%b.p5%<L"L%
!"CL# _,%H=;/')%W0U2*1%&9'%(-(M%*6+6%0.)$%T>5'?4;%R-?2:='+2%/%g5S-?;201/%
R/S/5%H(,%=%-,-,$%Z2?6=2+2%<LLB%
!(%

!"#$%&'()*$+!
!
!"C"# _,% H=;/')% A.$'%( )-%5( 2( 6%+%0.%7C( :.,5Ù,52( .0U2*1%&9'%( -( /2;&¿/2-%0.)(
/*6952&2-%-7691( -( ;/*%-%7C( 6( %*&I( NRN( AA$% GR/2?/46=% I?2+5/0=@J%%
K?%"Af"C*<L"<$%6,%UCf"L7%
!"C<# _,%H=;/')%M(7%Ù(;)1.,002ï7.(.(:,6;&*2002ï7.H(769$.(2(.0U2*1%&97,(;+2-,3$%
G_2E2=@5% g5S-?;2'@3/% g.>:0=>1J% K?% C*<L"L$% 6,% 8fA$% &''()**+++,%
;>:/2?>0-O>?@,(.*;2E2=@5D/6*;2E2=@5X/6X54;>?XC,(:S%
!"CB# [,%g(/>+23)% S9'2*69;&%0.,( ;,';)%$0,( +6.,7'%( -( '2+,';.,( '%*091( 2+( 76,*-7%(
NR!R%*I$%&''()**(.20=:=/>032,].-Q,(.*&';.*"B"LC<"$<A<"8A$<",&';.i9BA9U<%
!"C8# N,%N-;26=>+63/)%K2-B+(6(2/.0..(:.,5Ù,52(-(/*27,;.,('%*091$%geH$%c?23d+%
"UU7%
!"C9# N,%N-;26=>+63/)% D2;&%02-.,0.%(2( /2-2Ù%0.)(:.,5Ù,52( -(&,2*..(.(/*%'&97,$%
GI?-].>;@%c?@;/52./6'@3/J%K?%"AB*"U78$%6,%AAfAU%
!"CA# K,%N4Ù2)%=5$¿+6.09(.( .7C(*2+6%3,$%Ge:432012% I?2+5/0=2J%=% "C%+?=>ï5/2%
<L"L%?,$%&''()**+++,>:432012(?2+5/0=2,(.*23'42.5-60/*2*(-32=*0*23'4%
2.5-60*2?'*-E.>:=/5@D/D/0&D?-:=21>,&';.%
!"CC# [,% N4?>3)% Z.,5Ù9( ;+2-9( .( 3,52( 769002ï7.$% G_-5/'-?% I?2+5/0=@J%%
K?%<8*<LLC$%6,%"B97f"BA8%
!"C7# H,%a&?p5$%I,%H>./5E>?)%Z,6/,²02;&0[(;Ù)Č:9$%t/./563q%45/O>?=/'2$%<LLB%
!"CU# T'*%+Ù(6:*23¿(*97,*
62-.III( 6( 5*9( ;.,7.2-,3$% &''()**3?23-+,E2=>'2,(.*3?23%
-+*"$888<9$"LA9978L$a3?2:.X=]?-1>X?@0>?=-+/XXXX=XE?@X6/>0/-+>1,&';.%
!"7L# I,% Z2E.-+63/)% T12-%( 2( /*6,0.,;.,0.,( /*%-%( +2( '2*69;&%0.%( 6( %-%&%*B-((
.(%*&,U%'&B-$%&''()**(?2+-,O2E.2,(.*5-:>*ALA9%
!"7"# I,%Z2E.-+63/)%A*%+6.,Č( %();)-%0.,( +%097C(.0U2*1%&976097C( <(+2(D2$;'.(
/*69:9Ù9( ;/*%-9( 2( f'*%+6.,Č( %*&,U%'&B-h( -( 5*%7C( EE=@Dn$% &''()**(?2%
+-,O2E.2,(.*5-:>*U<B9Ȉ%
!"7<# I,%Z2E.-+63/)%G0+( 3);&.7,(U2*( %$$(+2&( 721$%&''()**(?2+-,O2E.2,(.*5-:>*%
<797%
!"7B# I,%Z2E.-+63/)%d%'(-90.'%(6(+20.,;.,Ú(/2$.73.(*B-0.,Č(:%0+97.(5*%3(-(F.:.%$%
&''()**(?2+-,O2E.2,(.*5-:>*ULU<%
!"78# I,%Z2E.-+63/)%j.,(12Č0%(/*6,Ù%1%°(76,52ïH(72(0.,(.;&0.,3,(<(/2$;'.(-9*2'((
-(;/*%-.,(Jr`(W03,7&.20$%&''()**(?2+-,O2E.2,(.*5-:>*7"98%
!"79# I,% Z2E.-+63/)% D*23,'&( 61.%0( '2+,';)( '%*0,52( /2+( .0&,*0,&2-(7C2.0'¿$%
&''()**(?2+-,O2E.2,(.*5-:>*U<UU%
!"7A# I,%Z2E.-+63/)%J,720+$.U,b(5+9(2*5%09(ï7.5%0.%(;&%-.%3(6%*6)&(6%(+%*12-9(
/*25*%1$%&''()**(?2+-,O2E.2,(.*5-:>*7"B7%
!(&

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

!"7C# I,%Z2E.-+63/)%T'*%+$.(-.*&)%$0(:*2Ú$%&''()**(?2+-,O2E.2,(.*5-:>*B<"<%
!"77# I,%Z2E.-+63/)%S.*&)%$09(1.,76$%%&''()**(?2+-,O2E.2,(.*5-:>*"77%
!"7U# I,%Z2E.-+63/)%S9*2'(6%(;Ù)7C%0.,$%&''()**(?2+-,O2E.2,(.*5-:>*9LBU%
!"UL# [,%Z2?@.>+63/)%J9;&,1(D*%-%(A%*0,52I(FI(!RI(D*6,;&¿/;&-%(/*6,7.-'2(+2:*21(
.0+9-.+)%$091$%(-:%?>:,%[,%Z2?@.>+63/>E-$%h>E2./6$%Z2?6=2+2%<L"<%%
!"U"# [,%Z2?@.>+63/)%D*6,;&¿/;&-2(2;6);&-%('21/)&,*2-,52(V%*&I(N?4(AAX(s(/2+#
;&%-2-,( 6%5%+0.,0.%( &,2*,&97602/*%-0,( .( /*%'&9760,$% &''()**(25:2,]E,4%
5/O,E:2,(.*wCe+2?@.*-3,&';%%
!"U<# ʂ,% ɪʲ˖˭ˠˆˑ)% ʅ˖ˑ˓ʵ˩(ˆˑ˘ʺ˕ʲˊ˘ˆʵˑ˩ˠ(ˑʲʵˆʶʲˢˆ˓ˑˑ˓#˙˔˕ʲʵˏˮ˭˧ˆˠ(
ʶʺ˓ˆˑ˟˓˕ːʲ#ˢˆ˓ˑˑ˩ˠ(˖ˆ˖˘ʺː$%ʁˆ˕ʲDɼˆʺʵ$%ɼˆʺʵ$%<LLA%
!"UB# [,% Z/:203/)% A*91.0%$.;&9'%$% (-:% ?>:,% [,% Z/:203/>E-$% T,Y,% M>03$% Z2?D
6=2+2%<LL7%
!"U8# [,%Z/:203/)%@,7,063%(';.Č'.(dI(SB37.'.,-.76b(L;'/,*&96%(;+2-%$%GI2.>6'?2J%
"$<*<LLB$%&''()**(2.>6'?2,(.*/5:>Q,(&(iE-j2?'@34.k/:jULC%
!"U9# N,%Z/:Ù2$%_,%h>ï5/23)%8C9&*6,(:9+$(6(/%09('1.,7.,{$%_/¿:=@52?-:-+2%
c-5S>?>5012%=%-32=1/%99D.>0/2%(-+6'25/2%h2]-?2'-?/4;%c?@;/52./6'@0=D
5>E-% cZI% +% c?23-+/>$% &''()**3-5S>?>5012.33+(,+>>].@,0-;*2]6'?2%
3'@,&';.%
!"UA# N,%Z/:Ù2)%n$2;%(+2(-9*2')(FA(@D(6(!N(76,*-7%(NRR?(*IH(A("RpR"$%GI2.>6'?2J%
K?%fC*7*<LL7$%6,%<U"fBL"%
!"UC# N,%Z/:Ù2)%T-%5.(2( /*6,/*2-%+6%0.)(+2-2+)( 6(2/.0..(:.,5Ù97C$%GI2.>6'?2J%
K?%B%8*<LL<$%6,%AAfCB%
!"U7# N,% Z/:Ù2b( YGF#,1( :.,5Ù97CH( -9;&/.,0.,( 0%(!( A205*,;.,( j%)'(J+2-97C$%
&''()**+++,('?;,(.*(?23'@32*+2?6='2'D+@0>5@*/5S-?;2012D=D(?=>]/>%
E4D(/>?+6=>E-D3-5E?>64D5243D62:-+@0&D+D+2?6=2+/>%
!"UU# N,%Z/:Ù2$%_,%h>ï5/23)%W0&,*+9;79/$.0%*02ï°(-;/BÙ76,;0,3(,';/,*&969(+2')#
1,0&B-$%GT&-+2552J%<L""$%P,%98%lACm$%N,%<%lBCm$%6,%<CUf<U7%
!<LL# h,%Z/:;2Ú63/)%D*25*%19('21/)&,*2-,(.(:%69(+%097C(3%'2(;%12+6.,$0,(+2#
:*%(0%(5*)07.,(/*%-%(/2$;'.,52(<(-(;676,5B$02ï7.(-('20&,'ï7.,(W0&,*0,&)I(S9#
:*%0,(6%5%+0.,0.%$%(?202%;2E/6'>?632%52(/6252%52%Z@:=/2.>%I?2+2%/%F:D
;/5/6'?201/% a5/+>?6@'>'4% g.63/>E-% +% c2'-+/020&$% &''()**O2E.2,%
(.*63?@('6*;E?X.X+/:;2563/,(:S%
!<L"# S.,$'2/2$;'%(n*)/%(D*%-0.76%b(=/.0.%(:.,5Ù,52(/26%;+2-,52(-(/*27,;.,(79#
-.$091$% &''()**+++,+E(?,(.*(4]./3201>*CCD-(/5/2D]/>E.>E-D(-=262:-%
+>E-D+D(?-0>6/>D0@+/.5@;,&';.%
!('

!"#$%&'()*$+!
!
!<L<# F,% Z/.;-+632DI/>'?46=@Ú632$% R,% M/.63/$% c,% c-?:>.$% F,% I/>'?46=@Ú63/$%%
[,%I-]-0&2$%N,%b@66)%=/.0.2+%-;&-2(;+2-2#$,'%*;'.,$%e.6>O/>?%a?]25%
k%I2?'5>?$%Z?-0Ù2+%<L"B%
!<LB# [,% Z-1'26/3)% G'&%( ;/*%-9( 3%'2( 1%&,*.%Ù( :%+%-769( -( ,';/,*&96.,$%
&''()**+++,=/>.-52DE-?2,(-,E-O,(.*/5:>Q,(&(i/:jBAk/:2j7<A9%
!<L8# [,%Z-1'26/3)%L';/,*91,0&(/*27,;2-2(<('*91.0%$.;&97609$%&''()**+++,=/>.%
-52DE-?2,(-,E-O,(.*/5:>Q,(&(i/:jBAk/:2j<7AU%
!<L9# [,%Zd10/3/>+/0=)%L';/,*&96%(;+2-%$%b232;@0=>$%c?23d+%<LL<%
!<LA# [,%Zd10/3/>+/0=)%E,&%2/.0.,(<(-9*%6(;.Ù9(769(;Ù%:2ï7.(-91.%*)(;/*%-.,+$.#
-2ï7.H(Z.,5Ù9(-(;+6.,(V1%&,*.%Ù9('20U,*,07930,X$%Z@:2+5/0'+-%g56'@'4'4%
e36(>?'@=%H:-+@0&$%c?23d+%<LLA%6,%"LBD"LA%%
!<LC# [,%Zd10/3/>+/0=)%F,1.+%(0%+(1.'*2;'2/,1$%NKv/c$%N-?4Ú%<LLU%
!<L7# Z,%Z?d]>.)%VA21,0&%*6,(+2(%*&I(!!4<N44(AAX%!+)#%F,%b-..)%A2+,';('%*09I(
86¿ï°(;676,5B$0%I( A21,0&%*6H(FI(WW$%(-:% ?>:,%F% b-..2$%b232;@0=>%<LLA$%%
6,%"B""f"B"8%
!<LU# _,%Z?=>ï5/>+63/)%A*9&9760.,(2(/*6,;&¿/;&-%7C(/2*025*%U.76097C$%GI?-34D
?2'4?2%/%I?2+-J%K?%""*<L""$%6,%U7f"""%
!<"L# P,% b2&-?63/)% E,&2+9'%( /*%79( :.,5Ù,52( ;+2-,52I( @,'20;&*)'73%( -9/%+')(
+*252-,52$%R/S/5$%Z2?6=2+2%<L"L%
!<""# _,%b2.>+63/)%8.;6%(-(;.,7.I(D*%'&97609(/*6,-2+0.'(/2(/%;9-091(*26/260%#
-%0.)(.(%&%'%7C(/2ï*,+0.7C$%Y>./-5$%\./+/0>%<LL9%
!<"<# F,%b>./2ï$%M,%I2+>Ù>3$%H,%Z252')%D*250262-%0.,(,'2021.760,H%Z@:2+5/0D
'+-%K243-+>%IZK$%Z2?6=2+2%<LLB%%
!<"B# H,%b/>;63/)%D*2:$,19(+2:*,3(+.%50269$%IZK$%Z2?6=2+2%"UCB%
!<"8# MÙ2+6.,3(-.*&)%$097C(:)&B-(2&*691%Ù(/*%-212709(-9*2'$%&''()**(-.@E2;/2,%
(.*I-.@E2;/2*"$"LC"A<$79""ULA$b.-:=/>1X+/?'42.5@0&X]4'-+X-'?=@;%
2.X(?2+-;-05@X+@?-3,&';.%%
!<"9# P,%b@=/3)%K2-2+9(0,)*20%)'2-,(-(/2$;'.1(/*%-.,(+2-2+2-91$%GV-?4;%
I?2+5/0=>J%O-.,%<%l"Am*<L"B$%6,%<BfB8$%&''()**(2(>?6,66?5,0-;*6-.B*(2(%
>?6,0S;i2]6'?20'X/:j<BBCB7C%
!<"A# c,% 20=3/>+/0=Db]-?632)% j.,+26-2$209( /$.'( -( '2;6)( &,Č(3,;&('%*%09$%
&''()**+++,.>Q,(.*0=@'21*D*2?'@34.*5/>:-=+-.-5@D(./3D+D3-6=4D'>=D1>%
6'D32?25@%
!<"C# _,% -Ù52)% A*9&,*.%( 27,09( 2/.0..( :.,5Ù97C$% GI?-].>;@% c?@;/52./6'@3/J%%
K?%<9U%l6'@0=>Úf;2?=>0m*<LL7$%6,%88f87%
!!"

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

!<"7# _,% -Ù52)% L';/,*91,0&( /*27,;2-2#'*91.0%$.;&97609I( W;&2&%( .( +2-2+2-%(
*2$%$%R/SS/5$%Z2?6=2+2%<L""%
!<"U# F,%@E2:Ù-)%D9&%0.%(+2(.(2+/2-.,+6.(:.,5Ù97C(;+2-97C%!+)#%Wi(;,1.0%*.)1(
0%)'2-,$%Z@Č6=2%H=3-Ù2%I-./01/$%H=0=@'5-%<LLA$%6,%"CBf"UL%
%
+%',-*"*./(01('1-*
!"# P,% H&/?>@)% PVT% <7<7$% g5'>?5>'% H>04?/'@% \.-662?@$% K>'+-?3% Z-?3/5E%
\?-4(%<LLL$%&''(6)**+++,/>'S,-?E*?S0*?S0<7<7,'Q'%
!<# I?=>+-:5/3%IcKDgHv%\4/:>%CB)<L"<%b2?=:=25/>%?@=@3/>;%N>?;/5-D
.-E/2$%IcK$%Z2?6=2+2%<L"<%
!B# I-.632% K-?;2% IKDgHv*geT% <CLL")<LLC% N>0&5/32% /5S-?;2'@0=52%%
f%N>0&5/3/% ]>=(/>0=>Ú6'+2%f%H@6'>;@% =2?=:=25/2%]>=(/>0=>Ú6'+>;%
/5S-?;201/%f%Z@;2E25/2$%IcK%Z2?6=2+2%<LLC%
!8# I-.632%K-?;2%IKDgDL<LLL)<LL<%N>0&5/32%/5S-?;2'@0=52%b2]>=(/>0=>D
5/2%+%6@6'>;20&%/5S-?;2'@0=5@0&%N>?;/5-.-E/2$%IcK$%Z2?6=2+2%<LL<%
!9# I-.632%K-?;2%IKDgHv*geT%<B7<D")"UUA%N>0&5/32%/5S-?;2'@0=52%f%N>?D
;/5-.-E/2%f%T=¿ï°%")%N>?;/5@%(-:6'2+-+>$%IcK$%Z2?6=2+2%<LL"%
!A# I-.632%K-?;2%IKDgHv*geT%<B7<DC)<LL<%N>0&5/32%/5S-?;2'@0=52%f%N>?D
;/5-.-E/2% f% T=¿ï°% C)% I?-E?2;-+25/>% 3-;(4'>?d+$% IcK% Z2?6=2+2%
<LL<%
!C# I-.632%K-?;2%IKDgHv*geT%<B7<D7)<LL"%N>0&5/32%/5S-?;2'@0=52%f%N>?D
;/5-.-E/2%f%T=¿ï°%7)%M>=(/>0=>Ú6'+-$%IcK$%Z2?6=2+2%<LL"%
!7# I-.632% K-?;2% IKDgHv*geT% <B7<D"8)<LL"% N>0&5/32% /5S-?;2'@0=52%%
f%N>?;/5-.-E/2%f%T=¿ï°% "8)%K/>=2+-:5-ï°$% -]6Ù4E/+2.5-ï°%/%:-6'¿(D
5-ï°$%IcK$%Z2?6=2+2%<LL"%
!U# I-.632%K-?;2%IKDgD"BBB9D")"UUU%N>0&5/32%/5S-?;2'@0=52%f%Z@'@0=5>%
:-%=2?=:=25/2%]>=(/>0=>Ú6'+>;%6@6'>;d+%/5S-?;2'@0=5@0&%f%I-1¿D
0/2%/%;-:>.>%]>=(/>0=>Ú6'+2%6@6'>;d+%/5S-?;2'@0=5@0&$%IcK$%Z2?D
6=2+2%"UUU%
!"L# I-.632%K-?;2%I-.632%K-?;2%IKDgHv*geT%"CCUU)<LLC%N>0&5/32%/5S-?D
;2'@0=52%f%N>0&5/3/%]>=(/>0=>Ú6'+2%f%I?23'@0=5>%=262:@%=2?=:=25/2%
]>=(/>0=>Ú6'+>;%/5S-?;201/$%IcK$%Z2?6=2+2%<LLC%
!""# I-.632%K-?;2%IKDeK%gHv%"UL"")<L"<%Z@'@0=5>%:-'@0=0>%24:@'-+2D
5/2%6@6'>;d+%=2?=:=25/2$%IcK$%Z2?6=2+2%<L"<%
!!(

!"#$%&'()*$+!
!
!"<# K-?;2%;/¿:=@52?-:-+2%gHv*geT%<CLLL)<L"8%g5S-?;2'/-5%'>0&5-.-E@%
f% H>04?/'@% '>0&5/|4>6% f% g5S-?;2'/-5% H>04?/'@% _252E>;>5'% H@6'>;6%%
f%vO>?O/>+%25:%O-02]4.2?@$%gHv%<L"8%
!"B# K-?;2%;/¿:=@52?-:-+2%gHv*geT%<CLBC)<L"<%g5S-?;2'/-5%'>0&5-.-E@%
f%H>04?/'@%'>0&5/|4>6%f%\4/:>./5>6%S-?%/:>5'/S/02'/-5$%0-..>0'/-5$%20|4/D
6/'/-5%25:%(?>6>?O2'/-5%-S%:/E/'2.%>O/:>50>$%gHv%<L"<%
!"8# K-?;2%;/¿:=@52?-:-+2%gHv%"UL"")<L""%\4/:>./5>6%S-?%24:/'/5E%;25D
2E>;>5'%6@6'>;6$%gHv%<L""%
!"9# K-?;2%;/¿:=@52?-:-+2%gHv*geT%"CL<")<L""%T-5S-?;/'@%266>66;>5'%
f%P>|4/?>;>5'6%S-?%]-:/>6%(?-O/:/5E% 24:/'%25:%0>?'/S/02'/-5% -S%;25D
2E>;>5'%6@6'>;6$%gHv%<L""%
%
2/'%0-*333*
!"# M/''&/>S$%&''()**]/''&/>S,>'&=,0&%
!<# RFMg%H(,%=%-,-,$%&''()**+++,:2]/,(.%%
!B# R/E/'2.% a5/O>?6>% I?-E?2;$% &''()**+++,>;0,0-;*.>2:>?6&/(*(?-E?2%
;6*:/E/'2.D45/O>?6>,&';%
!8# R@Č4?5>'%KFHc$%&''()**+++,:@=4?5>',(.%%
!9# Y>.(./5>% V45:201/% v?25E>% /% V45:201/% R=/>0/% K/0=@1>$% &''()**&>.(./%
5>,-?E,(.%
!A# Gg5S-?;2'-.-E/2J$% &''()**&?023,6?0>,&?*/5:>Q,(&(i6&-+j026-(/6k/:X0%
26-(/6j"<Uk.25Ej>5%
!C# c-:>36% b2+-:-+@% g5S-?;2'@3d+% INg$% &''()**+++,('/,-?E,(.*/5:>Q,%
(&(*0-?(-?2'>*c-:>36Db2+-:-+@Dg5S-?;2'@3-+DINg%
!7# _>:/2P>0-O>?@$%&''()**+++,;>:/2?>0-O>?@,(.%
!U# _/5/6'>?6'+-% H(?2+/>:./+-ï0/% M/4.>'@5% g5S-?;201/% I4]./0=5>1,% H'2'@D
6'@3/$%&''()**]/(,;6,E-O,(.*(.*:=/2.2.5-60*6'2'@6'@3/*%
!"L# K-O>..% F4:/'$% &''()**+++,5-O>..,0-;*(-.25:*?>6-4?0>0>5'>?*5-O>..X%
24:/'X0&2?23'>?@6'@32X'>0&5/0=52,(:S%%
!""# I-./012,%H'2'@6'@32,%c-:>36%32?5@$%&''()**+++,6'2'@6'@32,(-./012,(.*6'*%
3-:>36D32?5@%
!"<# I?20-+5/2% T&>;//% H:-+>1% a5/+>?6@'>'4% [2E/>..-Ú63/>E-$% &''()**%
+++<,0&>;/2,41,>:4,(.*(?20-+5/2,(&(i/:j"LL99%%
!"B# I?20-+5/2% g5S-?;2'@3/% H:-+>1% g56'@'4'4% e36(>?'@=% H:-+@0&$%
&''()**/>6,3?23-+,(.*].-E*6'?43'4?2*(?20-+5/2D/5S-?;2'@3/D62:-+>1*%
!!!

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

!"8# H:% v3?¿E-+@% +% M/2Ù@;6'-34,% g5S-?;201>% :.2% ]/>EÙ@0&$% &''()**]/2.@%
6'-3,6-,E-O,(.*/5S-?;201>*]/>E./,&';.%%
!"9# H:% v3?¿E-+@% +% M/>.634DM/2Ù>1,% g5S-?;201>% :.2% ]/>EÙ@0&$% &''()**%
+++,]/>.63-D]/2.2,6-,E-O,(.*]/>E./D62:-+/$;$;E$B$<8%%
!"A# H'-+2?=@6=>5/>%g56'@'4'%g5S-?;2'@3/%g.>:0=>1,%K21.>(6=>%(?23'@3/,%b2D
]>=(/>0=>5/2% :-+-:d+$% &''()**+++,6//6,-?E,(.*521.>(6=>D(?23'@3/*=%
2]>=(/>0=25/>,&';.%%
!"C# yD+2@6%V-?>56/06$%&''()**+++,QD+2@6,5>'*S-?>56/06*/5:>QD;,&';.%
%
4-5(6*7%3%ų-3(0-89*%'6:86:ŷ**

9%)(5)',54/-!:Č+;!<&=/#Ǐ0)(*-!
!
!"# I-6'25-+/>5/>%H:4%K21+@Č6=>E-%=%""%3+/>'5/2%"UUA%?,%lg%IPK%BL*UA$%
vHKFI/aH%K?%<*"UUC$%(-=,%<7m%%
!<# I-6'25-+/>5/>%H:4%K21+@Č6=>E-%=%C%./6'-(2:2%<LLL%?,%lg%TcK%""CL*U7$%
vHKT%K?%8*<LL"$%(-=,%A8m%
!B# I-6'25-+/>5/>%H:4%K21+@Č6=>E-%=%<U%+?=>ï5/2%<LL8%?,%lg%cbI%<"*L8$%
vHKcZ%K?%U*<LL8$%(-=,%ULm%
!8# I-6'25-+/>5/>%H:4%K21+@Č6=>E-%=%<9%0=>?+02%<LLB%?,% lgx%cc%7*LB$%
vHKc%K?%"*<LLB$%(-=,%"B99m%
!9# I-6'25-+/>5/>%H:4%K21+@Č6=>E-%=%C%./6'-(2:2% <LL9%?,%lx%cc%U"*L9$%
vHKc%K?%"*<LL9$%(-=,%<LL9m%
!A# Z@?-3% H:4% K21+@Č6=>E-% =% <8% 0=>?+02% "U97% ?,% lgx% cPK% "CL*97$%%
KI%K?%<*"U9U$%%6,%<8Um%%
!C# Z@?-3%H:4%K21+@Č6=>E-%=%""%./(02%"UAU%?,%lg%TP%"8L*AU$%vHKTI/aH%
K?%9*"UCL$%(-=,%79m%
!7# Z@?-3% H:4% K21+@Č6=>E-% =% 9% ;2?02% "UC"% ?,$% lg% TP% 9UB*CL% vHKT%%
K?%"<*"UC"$%(-=,%<"<m%
!U# Z@?-3%H:4%K21+@Č6=>E-%=%"<%./6'-(2:2%"UCB%?,%lgg%cP%<79*C<$%vHKcZ%
K?%8*"UC8$%(-=,%CBm%%
!"L# Z@?-3%H:4%K21+@Č6=>E-%=%"7%./(02%"UC9%?,%lg%TP%BB"*C9$%h>E2./6m%
!""# Z@?-3% H:4% K21+@Č6=>E-% =% 7% ./6'-(2:2% "UCA% ?,% lg% TP% BC8*CA$%%
vHKTI/aH%K?%"L*"UUC$%(-=,%"7Cm%
!!)

!"#$%&'()*$+!
!
!"<# Z@?-3%H:4%K21+@Č6=>E-%=%B% ;212%"U7<%?,%lg%cP% B"U*7"$%vHKZI\%%
K?%""*"U7<$%(-=,%"8Um%
!"B# Z@?-3% H:4% K21+@Č6=>E-% =% "L% ;212% "U7<% ?,% lgg% cP% 7<*7<$% vHKcZ%%
K?%"Lf""*"U7<$%(-=,%C7m%
!"8# Z@?-3%H:4%K21+@Č6=>E-%=%C%.4'>E-%"U7A%?,%lgx%cP%"9*7A$%h>E2./6m%%
!"9# Z@?-3%H:4%K21+@Č6=>E-%=%<L%0=>?+02%"U77%?,%lg%cP%"C8*77$%vHKcZ%
K?%"""<*"U77$%(-=,%78m%
!"A# Z@?-3%H:4%K21+@Č6=>E-%=%"L%E?4:5/2%"UU7%?,%lg%TcK%U<<*UC$%h>E2./6m%
!"C# Z@?-3% H:4% K21+@Č6=>E-% =% "U% ;212% "UU7% ?,% lgg% acK% 99*U7$%%
vHKFI/aH%K?%"L*"UUU$%(-=,%B9"m%
!"7# Z@?-3% H:4% K21+@Č6=>E-% =% <U% ./(02% "UUU% ?,% lgg% acK% AL*UU$%%
vHKFI/aH%K?%<<*<LLL$%(-=,%7B"m%
!"U# Z@?-3% H:4% K21+@Č6=>E-% =% 7% 0=>?+02% <LL"% ?,% lg% IcK% 8A7*LL$%%
vHKFI/aH%K?%7*<LLB$%(-=,%"UCm%
!<L# Z@?-3% H:4% K21+@Č6=>E-% =% C% E?4:5/2% <LL"% ?,% lgx% ccK% 9AB*UC$%
vHKcZ%K?%B8*<LL<$%(-=,%"Cm%
!<"# Z@?-3%H:4%K21+@Č6=>E-%=%A%.4'>E-%<LLB%?,%lgx%TcK%"CAB*LLm%
!<<# Z@?-3% H:4% K21+@Č6=>E-% =% B% (2Ċ:=/>?5/32% <LLB% ?,% lx% cc% 9L*LB$%%
h>E2./6m%
!<B# Z@?-3%H:4%K21+@Č6=>E-%=%<8%;2?02%<LL8%?,%lgx%cc%8A*L8$%h>E2./6m%
!<8# Z@?-3%H:4%K21+@Č6=>E-%=%<9%6'@0=5/2%<LLA%?,%lg%Tc%<7"*L9$%h>E2./6m%
!<9# Z@?-3%H:4%K21+@Č6=>E-%=%"U%(2Ċ:=/>?5/32%<LLA%?,%lx%cc%<<"*LA$%h>D
E2./6m%
!<A# Z@?-3% H:4% K21+@Č6=>E-% =% "8% ;2?02% <LLC% ?,% lggg% ac% "BL*LA$%%
vHKFI/aH%K?%C7$%(-=,%""Bm%%
!<C# Z@?-3%H:4%K21+@Č6=>E-%=%C%(2Ċ:=/>?5/32%<LLU%?,%lggg%cc%"<<*LU$%h>D
E2./6m%
!<7# Z@?-3%H:4%K21+@Č6=>E-%=%B%.4'>E-%<L"L%?,%lgg%Ic%"U<*LU$%h>E2./6m%
!<U# Z@?-3%H:4%K21+@Č6=>E-%=%<8%6/>?(5/2%<L""?,%lx%cc%<A*""m%
!BL# Z@?-3%H:4%K21+@Č6=>E-%=%"U%E?4:5/2%<L"<?,%lgg%TKI%8"*"<$%h>E2./6m%
!B"# Z@?-3%H:4%K21+@Č6=>E-%=%"8%.4'>E-%<L"B%?,%lgg%THc%BC"*"<$%h>E2./6m%%
!B<# a0&+2Ù2%bE?-;2:=>5/2%vEd.5>E-%H:4%K21+@Č6=>E-%=%"9%./(02%"UC8%?,%
lc+,%I?,%<*C8$%vHKTI/aH%K?%"<*"UC8$%(-=,%<LBm%
!BB# a0&+2Ù2%I>Ù5>E-%H3Ù2:4%g=]@%c2?5>1%H:4%K21+@Č6=>E-%=%<9%0=>?+02%
"U7L%?,%lxgg%cbI%87*C7$%vHKcZ%K?%7*"U7L$%(-=,%A9m%
!!*

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

!B8# a0&+2Ù2%H:4%K21+@Č6=>E-%=%BL%(2Ċ:=/>?5/32%"U79%?,%lggg%TbI%9U*79$%
vHKTI/aH%K?%U*"U7A$%(-=,%"8Lm%%
!B9# a0&+2Ù2%HK%=%<<%6'@0=5/2%<LLB%?,%lg%cbI%8B*L<$%vHKcZ%K?%"<*<LLB$%
(-=,%9m%
!BA# a0&+2Ù2%H:4%K21+@Č6=>E-%=%"C%.4'>E-%<LL8%?,%lggg%TbI%""9*LB$%h>E2./6m%
%
9%)(5)',54/-!<&5)(8'(*-!:Č+;!>+3,',04%&5#='(*-!
!
!BC# Z@?-3% K20=>.5>E-% H:4% F:;/5/6'?20@15>E-% =% <L% 6/>?(5/2% "UU7% ?,%%
lgg%HF%UU<*U7$%G_-5/'-?%I?2+5/0=@J%K?%7*"UUUm%
!B7# a0&+2Ù2% K20=>.5>E-% H:4%F:;/5/6'?20@15>E-% =% "<% 6'@0=5/2% <LLU% ?,%%
lg%VIH%B*L7$%vKHF/ZHF%K?%B*<LLU$%(-=,%8Am%
!BU# Z@?-3%K20=>.5>E-% H:4%F:;/5/6'?20@15>E-% % vï?-:>3%b2;/>160-+@%%
+%R-:=/%=%<L%;212%"UUC%?,%lg%HF*R:%B89*UA$%hey%5?%<U7<Lm%%
!8L# Z@?-3%K20=>.5>E-% H:4%F:;/5/6'?20@15>E-% % vï?-:>3%b2;/>160-+@%%
+%h4]./5/>%=%"U%.4'>E-%"UUU%?,%lHF*h4%8B*U7$%hey%5?%BUA79m%
!8"# Z@?-3% K20=>.5>E-% H:4% F:;/5/6'?20@15>E-% =% 8% 0=>?+02% <LL"% ?,%%
lgg%HF%"8B8*LL$%hey%5?%""L9"Cm%
!8<# Z@?-3%K20=>.5>E-% H:4%F:;/5/6'?20@15>E-% % vï?-:>3%b2;/>160-+@%%
+%R-:=/%=%B%(2Ċ:=/>?5/32%<LLB%?,%lg%HF*R:%<8"8*<LL"$%5/>(4].,m%
!8B# Z@?-3% 63Ù2:4% C% 6¿:=/d+% K20=>.5>E-% H:4% F:;/5/6'?20@15>E-%%
=%<8%./6'-(2:2%<LLB%?,%lVHF%<*LB$%vKHF%K?%<$%(-=,%8Bm%
!88# Z@?-3%K20=>.5>E-%H:4%F:;/5/6'?20@15>E-%=%<C%;212%<LLU%?,%lgg%\Hc%
UC"*L7$%hey%5?%9A8"UCm%
%
9%)(5)',54/-!?%#$;'&ų;!@-'04#4;5#='(*-!
!
!89# Z@?-3%N?@]452Ù4%c-56'@'40@15>E-%=%""%+?=>ï5/2%<LLC%?,%lI%""*LC$%vNc%
K?%7*<LLC$%(-=,%UCm%
!8A# Z@?-3%N?@]452Ù4%c-56'@'40@15>E-%=% <B% 3+/>'5/2%<LL7% ?,% lHc%"A*LC$%
vNc%K?%B*<LL7$%(-=,%89m%%
!8C# Z@?-3%N?@]452Ù4%c-56'@'40@15>E-%=%"<%0=>?+02%<LL7%?,%lc%9L*L9$%vNc%
K?%A*<LL7$%(-=,%"""m%
%
%
!!#

!"#$%&'()*$+!
!
!
9%)(5)',54/-!:Č+A/!>.(8&5#='#5B!
!
!87# I-6'25-+/>5/>%H:4%F(>.20@15>E-%+>%Z?-0Ù2+/4%=%"U%6'@0=5/2%<L"<%?,%
lgg%F%c=%<B*"<$%5/>(4].,m%
!8U# I-6'25-+/>5/>%H:4%F(>.20@15>E-%+%c?23-+/>%=%"B%.4'>E-%<L"<%?,%lF0=%
"A8*"<$%5/>(4].,m%
!9L# I-6'25-+/>5/>%H:4%F(>.20@15>E-%+%c2'-+/020&%=%<"%0=>?+02%<L"<%?,%
lgg%Fc=%B7A*"<$%hey%5?%"<<L<<7m%
!9"# Z@?-3%H:4%F(>.20@15>E-%+%h4]./5/>%=%"L%./(02%<LLB%?,%lgg%F32%"LC*LB$%
GI?-34?2'4?2%/%I?2+-J%K?%A*<LL8$%(-=,%"9m%
!9<# Z@?-3% =% ""% ;212% <LL9% ?,% H:4% F(>.20@15>E-% +% I-=525/4% lg% FT2%
"7C9*L8$%hey%5?%"AA7<<m%
!9B# Z@?-3%H:4%F(>.20@15>E-%+>%Z?-0Ù2+/4%=%9%+?=>ï5/2%<L"<%?,%lgg%Fc2%
"99*"<$%hey%5?"<<B9"<m%
!98# Z@?-3%H:4%F(>.20@15>E-%+>%Z?-0Ù2+/4%=%<C%+?=>ï5/2%<L"<%?,%lgg%Fc2%
"C"*"<$%hey%5?%"<B7A<Um%
!99# Z@?-3% Z-1>+d:=3/>E-% H:4% F:;/5/6'?20@15>E-% +% Z2?6=2+/>%%
=%"<%;212%<LL7%?,%lgg%HF*ZF%B<A*L7$%5/>(4].,m%
!9A# Z@?-3% Z-1>+d:=3/>E-% H:4% F:;/5/6'?20@15>E-% +>% Z?-0Ù2+/4%%
=%""%;2?02%<LLU%?,%lgg%HF*Z?%<9"*L7$%5/>(4].,m%
%
9%)(5)',54/-!"-=(/A+)C,5B!:Č+A/!>+3,',04%&5#='#5B!
!
!9C# Z@?-3% Z-1>+d:=3/>E-% H:4% F:;/5/6'?20@15>E-% +% Z2?6=2+/>%%
=%"<%;212%<LL7%?,%lgg%HF*ZF%B<A*L7m%
!97# Z@?-3% Z-1>+d:=3/>E-% H:4% F:;/5/6'?20@15>E-% +>% Z?-0Ù2+/4%%
=%""%;2?02%<LLU%?,%lgg%HF*Z?%<9"*L7m%
%
9%)(5)',54/-!?%#$;'&ų;!:.%&/,(+8,/-Ƒ5,!D',,!E;%-.(=0C,(=!
%
!9U# Z@?-3%N?@]452Ù4%H(?2+/>:./+-ï0/%a5//%e4?-(>163/>1%=%9%0=>?+02%<L"8%?,%
lTDBAL*"B%lG_-5/'-?%I?2+5/0=@J%K?%"<*<L"8$%6,%A"Cm%
!
!
!!$

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!7,$8,-*%&2,&'

9%)(5)',54/-!:Č+;!<&=/#Ǐ0)(*-!D:>!
!
!AL# R24]>?'%O,%_>??>..%R-+%I&2?;20>4'/02.6$%9LU%a,H,%9CU%l"UUBm%&''()**64D
(?>;>,146'/2,0-;*026>6*S>:>?2.*46*9LU*9CU*026>,&';.%%
!A"# R24]>?'%O,%_>??>..%R-+%I&2?;20>4'/02.6$%g50,$%8B%V,%B:%"B""%f%T-4?'%-S%
F((>2.6$% U'&% T/?04/'% "UU9$% &''()**.2+,146'/2,0-;*026>6*S>:>?2.*2((>.%
.2'>D0-4?'6*VB*8B*"B""*99<887%%
!A<# \>5>?2.% e.>0'?/0% T-,% O,% [-/5>?$% 9<<% a,H,% "BA% l"UUCm% &''()**64(?>;>,%
146'/2,0-;*026>6*S>:>?2.*46*9<<*"BA*026>,&';.%%
!AB# c4;&-% N/?>% T-,% O,% T2?;/0&2>.$% 9<A% a,H,% "BC% l"UUUm% &''()**64(?>;>,%
146'/2,0-;*026>6*S>:>?2.*46*9<A*"BC*026>,&';.%%
!!%



!"#$%&'#()*)+&
!
"#$%!&'()*+!
!
"#$ %&'()!*!%+,-./0!&01230!&04-!56728-!9::;<999<=(>(=!.!9?!@6A+B2!
9::;!7C!3!D8703>+!0A0EF3!G0!D-DA+1-!>GH2710A-,.G+!I%.>+GG>E!J7.¿K
423-!JG>>!56728+/DE>+/!L!MN<MO!.!#MCPC9::;Q!
"9$ %&&5(=%! *! %+,-./0! &01230! &04-! 56728-! 9::?<MR<=(>(! .! 99C#9C!
9::P!7C! 2!.30@,.0G>6! D+ED60@G+B2!3-E27.-DA-30G>0! 4.>+,>! >!827G2K
B70H>>! 4.>+,>¿,+/! I%.>+GG>E! J7.¿423-! JG>>! 56728+/DE>+/! L! :#P! .! 9:C!
:#C9::?!7CQ!
"P$ %STUV(!*!%-7+EA-30!W07@01+GA6!56728+/DE>+B2!>!&04-!9:##<N9<J5!!
.!#P!B764G>0!9:##!7C!3!D8703>+!.30@,.0G>0!G>+B24.>3+B2!A70EA230G>0!
3! ,+@0,X! D+ED60@G-,X! >! 3-E27.-DA-30G>0! D+ED60@G+B2! 4.>+,>! 270.!
827G2B70H>>! 4.>+,>¿,+/! I%.>+GG>E! J7.¿423-! JG>>! 56728+/DE>+/! L! PP;!!
.!#OC#9C9:##Q!
"?$ YY!*!6DA030!.!M! ,.+73,0!#NNO! 7C!*! Y24+ED!E07G-!I%.CJC!#NNO! T7! RRZ!
82.C!;;P!.!8FĊGC!.1CQ!
";$ Y245L!*! Y24+ED!5A-E>!L+E07DE>+/! *!6,X30Ù0!T04.3-,.0/G+B2! ))! Y70K
/23+B2! S/0.46! L+E07.-! .! #?! B764G>0! #NN#! .! 8FĊGC! .1C[! 42DA¿8G-! G0\!
XAA8\<<333CG>@C27BC8@<]]40A0<0DD+AD<84H]H>@+<:::P<?OM?<Y24+EDK5A-E>K
L+E07DE>+/C84H!
"M$ YW'!*! 6DA030!.! #?!,.+73,0! #NM:!7C!*! Y24+ED!82DA¿8230G>0!041>G>K
DA70,-/G+B2!IAC!/+4GC\!%.CJC!.!9:#P!7CZ!82.C!9MOQ!!
"O$ YWV!*!6DA030!.!#O!@>DA28040!#NM?!7C!*!Y24+ED!82DA¿8230G>0!,-3>@G+K
B2!IAC!/+4GC\!%.CJC!.!9:#?!7CZ!82.C!#:#Q!
"R$ YWY! *! 6DA030! .! M! ,.+73,0! #NNO! 7C! *! Y24+ED! 82DA¿8230G>0! E07G+B2!
I%.CJC!#NNO!7C!T7!RNZ!82.C!;;;!.!8FĊGC!.1CQ!
!!"

!"#$%&'()*$+!
!

"N$ Y&52V!*!Y2G3+G,/0!&04-!56728-!2!,-^+787.+DA¿8,.2ï,>Z!_6408+D.A!
9::#!I5U(!T2C!#R;Q!
"#:$ Y&5`%(=! *! Y2G3+G,/0! &04-! 56728-! 2! 2,X72G>+! 4.>+,>!87.+4! D+EK
D60@G-1!3-E27.-DA-30G>+1!>! G>+B24.>3-1! A70EA230G>+1!3! ,+@0,X!
D+ED60@G-,XZ!L0G.072A+!9::OZ!IV5U(!T2C!9:#Q!
"##$ Y=!*! 6DA030!.!9:! 10/0! #NO#!7C! *!Y24+ED! 3-E72,.+Ú!IAC! /+4GC\!%.CJC!
.!9:#P!7CZ!82.C!?R9Q!!
"#9$ W7'6A! *! 6DA030! .!?! @6A+B2#NN?!7C! 2!8703>+! 06A27DE>1!>! 87030,X!82K
E7+3G-,X!IAC!/+4GC\!%.C!JC!T7!N:Z!82.C!MP#Q!
"#P$ W7U+@! *!6DA030!.!#M!@>8,0!9::?!7C!*!W7032!A+@+E216G>E0,-/G+!IAC!/+4GC!
%.CJC!.!9:#?!7CZ!82.C!9?PQ!
"#?$ &2_(!*!72.827.4.+G>+!a>G>DA70!(8703>+4@>32ï,>! .! 9?! B764G>0!#N9R! 7C!!
2!^>+BÙ-,X!D423-,X!I%.CJC!.!#N9R!7C!T7!#:?Z!82.C!N?;QC!
"#;$ &YS)(! *! 72.827.4.+G>+! a>G>DA70! W70,-! >! W2@>A-E>! (82Ù+,.G+/! .! 9O!
E3>+AG>0!9:#:!7C!3!D8703>+!E@0D-H>E0,/>!.0324F3!>!D8+,/0@G2ï,>!G0!82K
A7.+^-!7-GE6!870,-!270.!/+/!DA2D230G>0!I%.CJC!T7!R9Z!82.C!;POQ!
"#M$ &`&&YS!*! 72.827.4.+G>+!a>G>DA70! b0G4@6!=+3G¿A7.G+B2!>! JDÙ6B!!
.!9P!E3>+AG>0!#NRP!7C! 3! D8703>+! 2.G0,.0G>0! 724.0/F3! 7.+1>2DÙZ! 2E7+K
ï@+G>0! 68703G>+Ú! >! E30@>H>E0,/>! .032423-,X! 3-10B0G-,X! 42! >,X!
3-E2G-30G>0!270.! 8>+73D.+ÚDA30!E21^0A0GAF3! 3! 6.-DE>30G>6!.+K
.32@+Ú!G0!3-E2G-30G>+!7.+1>2DÙ0!I%.CJC!.!#NRP!7CZ!T7!99Z!82.C!NRQC!
"#O$ &`=%T! *! 72.827.4.+G>+! a>G>DA70! T06E>! >! (.E2@G>,A30! =-ČD.+B2!!
.! R! D>+78G>0! 9:##! 7C! 3! D8703>+! 2^D.07F3! 3>+4.-Z! 4.>+4.>G! G06E>!!
>! D.A6E>! 270.! 4-D,-8@>G! G06E23-,X! >! 07A-DA-,.G-,X! I%.CJC! .! 9:##! 7C!
T7!#ONZ!82.C!#:M;Q!
"#R$ &=VYW)(U! *! 72.827.4.+G>+! a>G>DA70! (8703! =+3G¿A7.G-,X! >! '4K
1>G>DA70,/>! .! #:! 37.+ïG>0! 9:#:! 7C! 3! D8703>+! 3-E0.6! ,+7A-H>E0AF3!
68703G>0/,-,X!42!872304.+G>0!E2GA72@>!872/+EAF3!>GH2710A-,.G-,X!
>!D-DA+1F3!A+@+>GH2710A-,.G-,X!I%.CJC!.!9:#:!7C!T7!#OOZ!82.C!##N;QC!
"#N$ &3D_(!*!72.827.4.+G>+!a>G>DA70!(8703>+4@>32ï,>!.!9?!DA-,.G>0!9::;!
7C!3!D8703>+!^>+BÙ-,X!D423-,X!I%.CJC!.!9::;!7C!T7!#;Z!82.C!#PPQ!
"9:$ J_&)(! *! 6DA030! 2! ^>+BÙ-,X! 7+3>4+GA0,X! >! >,X! D0127.4.>+! I%.CJC!!
.!9::N!7C!T7!OOZ!82.C!M?NQ!
"9#$ JVY((U! *! J,X30Ù0! V+GA70@G+/! Y21>D/>! 42! (8703! (A28G>! >! U-A6ÙF3!
!.!9R!DA-,.G>0!9:##!7C!.1>+G>0/,!6,X30Ù¿!3!D8703>+!2E7+ï@+G>0!4.>+K
!#$

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!"#7&)!07%848/'

4.>G! G06E>! >! 4.>+4.>G! D.A6E>! 270.! 4-D,-8@>G! G06E23-,X! >! 07A-DA-,.K
G-,X!IaCWC!T7!#?<9:##!7CZ!82.C!#?NQ!
"99$ JL(!*!6DA030!.!#;!,.+73,0!9::O!7C!2!@+E07.6!D423-1!I%.CJC!.!9::O!7C!
T7!#9PZ!82.C!R?NQ!
"9P$ J`_%!*!6DA030!.!9O!@>8,0!9::#!7C!2!2,X72G>+!^0.!40G-,X!I%.CJC!.!9::#!7C!
T7!#9RZ!82.C!#?:9!.!8FĊGC!.1CQ!
"9?$ J`%`!*!6DA030!.!9N!D>+78G>0! #NNO! 7C!2! 2,X72G>+!40G-,X!2D2^23-,X!!
IAC!/+4GC\!%.CJC!.!9:#?!7C!82.C!##R9Q!
"9;$ J`cW!*!6DA030!.!9O!D>+78G>0!9::N!7C!2!H>G0GD0,X!86^@>,.G-,X!IAC!/+4GC\!
%.CJC!.!9:#P!7CZ!82.C!RR;Q!
"9M$ J`)Tc! *! 6DA030! .! #O! @6A+B2! 9::;! 7C! 2! >GH2710A-.0,/>! 4.>0Ù0@G2ï,>!
8241>2AF3!7+0@>.6/,-,X!.040G>0! 86^@>,.G+! IAC!/+4GC\!%.CJC!.! 9:#?! 7C!
82.C!###?Q!
"9O$ J`T!*! 6DA030!.! 9:!37.+ïG>0! 9::9! 7C!2! G2710@>.0,/>!I%.CJC! .! 9::9!7C!!
T7!#MNZ!82.C!#PRM!.!8FĊGC!.1CQ!!
"9R$ J`TJ%5! *! 6DA030! .! ;! @>8,0! 9::9! 7C! 2! 2,X72G>+! G>+EAF7-,X! 6DÙ6B!
ï3>04,.2G-,X!472B!+@+EA72G>,.G!2807A-,X!@6^! 82@+B0/,-,X! G0!42K
DA¿8>+!3076GE23-1!I%.CJC!.!9::9!7C!T7!#9MZ!82.C!#:MRQ!
"9N$ J`(W!*!6DA030!.!9N!,.+73,0! #NN;! 7C! 2!DA0A-DA-,+!86^@>,.G+/!IAC!/+4GC\!
%.CJC!.!9:#9!7C!82.C!;N#!.!8FĊGC!.1CQ!
"P:$ JW5'!*!6DA030!.! #O!,.+73,0!#NMM!7C! 2!82DA¿8230G>6!+B.+E6,-/G-1!!
3!041>G>DA70,/>!IAC!/+4GC\!%.CJ!.!9:#9!7CZ!82.C!#:#;Q!
"P#$ JgJ%5!*!6DA030!.! #R!@>8,0!9::9! 7C! 2!ï3>04,.+G>6!6DÙ6B! 472B!+@+EK
A72G>,.G!IAC!/+4GC\!%.CJC!.!9:#P!7CZ!82.C!#?99Q!
"P9$ JJ(=!*!6DA030!.! P:!D>+78G>0! 9:##! 7C! 2!.1>0G>+! 6DA03-! 2!DA0G>+! 32K
/+GG-1! 270.! 2! E218+A+G,/0,X! T0,.+@G+B2! %23F4,-! (>Ù! S^72/G-,X!!
>!.0D040,X!/+B2!824@+BÙ2ï,>!E2GDA-A6,-/G-1!27B0G21!&.+,.-82D82@>K
A+/! W2@DE>+/! 270.! G>+EAF7-,X! >GG-,X! 6DA03! I%.C! JC! T7! M?Z! 82.C! ;M;Z!!
.!8FĊGC!.1CQ!
"PP$ J.1YY! *! 6DA030! .! ?! E3>+AG>0! 9:#?! 7C! 2! .1>0G>+! 6DA03-! *! Y24+ED!
E07G-!270.!G>+EAF7-,X!>GG-,X!6DA03!I%.CJC!.!9:#?!7CZ!82.C!;PRQ!
"P?$ J.13VJd! *! 6DA030! .! ?! 37.+ïG>0! 9::R! 7C! 2! .1>0G>+! 6DA03! 3! ,+@6!
6/+4G2@>,+G>0!A+71>G2@2B>>!>GH2710A-,.G+/!I%.C!JC!T7!#O#Z!82.C!#:;MQ!
"P;$ Y2GDA-A6,/0! &.+,.-82D82@>A+/! W2@DE>+/! .! 9! E3>+AG>0! #NNO! 7C! I%.CJC!!
T7!ORZ!82.C!?RP!.!8FĊGC!.1CQ!
!#%

!"#$%&'()*$+!
!

"PM$ c+4+70@G0! &+B6Ù0! %2324230! O:9! I(4! T0/3-ČD.-! J('! 9:##QZ!
XAA8\<<333C@03C,27G+@@C+46<76@+D<H7+<76@+]O:9!
"PO$ )!828703E0! 42!Y2GDA-A6,/>!(A0GF3! S/+4G2,.2G-,XZ!XAA8\<<333C@03C!
,27G+@@C+46<0GG,2G<XA1@<014A#0H70B#]6D+7CXA1@e014A#0]X4?!!
"PR$ f))! 828703E0! 42! Y2GDA-A6,/>! (A0GF3! S/+4G2,.2G-,XZ! XAA8\<<333C!
B82CB2g<H4D-D<8EB<hW`KV`T'TK#NN9<84H<hW`KV`T'TK#NN9K#:KRC84H!!
!
,**+!-#'.$%!!

!"#$!*!07A-E6Ù!
!%&$'*!0GB>+@DE>'
()*!*!V@>+GA<(+7g+7!
(+'*!V2180,A!%>DE'
(,-!*!V2GH>4+GA>2G0@>A-Z!)GA+B7>A-Z!'g0>@0^>@>A-!
./0Ù$!*!42DÙ23G>+!
+1+!*!%>B>A0@!f+7D0A>@+!%>D,'
2.$!*!+4>A27!
2#'!3$'*!+A!0@>>!I>!>GG>Q!
2#4$!*!+A!,0+A+70!I>!A0E!40@+/Q!
&"C!*!B7+,E>!
565.$!*!>^>4+1!IA01Č+Q!
,7(!*!)GA+7G0A>2G0@!5@+,A72A+,XG>,0@!V211>DD>2G!
,777!*!UX+!)GDA>A6A+!2H!5@+,A7>,0@!0G4!5@+,A72G>,D!5GB>G++7D!
,789!*!)GA+7G+A!5GB>G++7>GB!U0DE!c27,+''
,:!*!)GA+7G+A!W72A2,2@'
,*;!*!)GA+7G0A>2G0@!`7B0G>.0A>2G!H27!(A0G4074>.0A>2G!!
5#.$!*!>!A0E!40@+/'
5#<$!*!>!A+16!8242^G+'
,8=>8! *! )GA+7G0A>2G0@! U+@+,2116G>,0A>2G! JG>2G! *! U+@+,2116G>,0K
A>2G!(A0G4074>.0A>2G!(+,A27!!
Ù!4$!*!Ù0,>G0!
?-(!*!!I#Q!a+4>0!',,+DD!V2GA72@[!!
! ! !*!!I9Q!a24>H>,0A>2GZ!L0DA!',,+DDZ!V7+0A>2G!U>1+D!
@-*A!*!T06E230!'E04+1>,E0!(>+°!Y2186A+7230!
!#!

"#$%&'(!)&*&+',(', &!-.,',-/&',&!0Č+-/-1,'2-%3&4#5)'(*-!6!"#7&)!07%848/'

%!0#$!*!G0DA¿8G+!
%<$!*!G0!87.-EÙ04'
@@8:!*!T+A327E!T+3D!U70GDH+7!W72A2,2@!
/<$'45#$!*!28+7+!,>A0A2!I.!,-A230G+B2!4.>+Ù0Q!
:B?!*!8++7KA2K10>@!
:@!*!W2@DE0!T2710!
:A@!*!W2@DE>!Y21>A+A!T2710@>.0,-/G-!
</"$!*!827F3G0/!
<CĊ%$!*!8FĊG>+/D.-!
<"DE<$'!F#$!*!87.-8>D!06A270!
"$!*!72.4.>0Ù!
0$!*!DA72G0!
#G$!*!A2!/+DA!
D$!*!.+D.-A!
DH$!*!.1>0G0!
D/6$'*!.2^0,.!
!
!##



!"#$%&'()"*+,-.$/*"(012",3+/.4-1'!!"#$%Ù"&!%Ù"Č"'(&)&*"+,&-./-0&1$")%*!23
#!('4(&!*!(#!%&!%*5)'"!"#"62& 7"#4%8%9:(&)2#"+4(&+";7($(':9(& 4&8"ï)4%8:!('4(&&
)& !%+*(#4(& 4'<"*;%$2+4=& #$,8('$5)& "#$%$'4:>& ?%$& +4(*,'+5)& 4'<"*;%$2:!'2:>=& 9%+&&
4&#7(:9%?4#$5)&4''2:>&8!4(8!4'&4'$('#2)'4(&)2+"*!2#$,9:2:>&$(:>'"?"@4(&4'<"*;%3
$2:!'(0&
(!"#$%&'()"*+,-.$/*"(012",3+/.4-1'&'%?(Č2&8"&(,*"7(9#+4(9& *%82& #$")%*!2#!(Ú&4'3
<"*;%$2:!'2:>&ABCD1&EA",':4?&"<&B,*"7(%'&C*"<(##4"'%?&D'<"*;%$4:#&1":4($4(#F0&1$"3
)%*! 2#!%& 4' <"*;%$ 2+5)& !% $*,8'4 "'2:>& )& %8;4'4#$*%:94& 7,6?4:!'(9=& ï*"8")4#+%:>&
%+%8(;4:+4:>&4&64!'(#")2:>0&&
& C"8#$%)")(&:(?(&!"#$%&'5"()"*+,-.$/*+(012",3+/.4-1'5"G!
¾ )#74(*%'4(& 8!4%Ù%?'"ï:4& '%,+")(9& 4& '%,+")"3$(:>'4:!'(9& )(& )#!2#$+4:>&
8!4(8!4'%:>&4'<"*;%$2+4&4&8"#+"'%?('4%&;($"8&9(9&(<(+$2)'(@"&)2+"*!2#$%3
'4%&)&@"#7"8%*:(&'%*"8")(9&
¾ 7"7,?%*2!")%'4(&!%@%8'4(Ú&4&!%#$"#")%Ú&4'<"*;%$2+4&)&#7"Ù(:!(Ú#$)4(&!
¾ ,Ù%$)4%'4(&)2;4%'2&4'<"*;%:94&)&ï*"8")4#+,&!%)"8")2;&!
¾ 7"8'"#!('4(&7"!4";,&+)%?4<4+%:94&4&($2+4&!%)"8")(9&4'<"*;%$2+5)&!
¾ *(7*(!('$")%'4(& :!Ù"'+5)& H")%*!2#$)%=& 4:>& "74'44=& 7"$*!(6=& 4'$(*(#5)&
4&,7*%)'4(Ú&)"6(:&#7"Ù(:!(Ú#$)%=&)Ù%8!&4&4'#$2$,:94&)&+*%9,&4&!%&@*%'4:&!
!
&I%Č'(&',*$2&8!4%Ù%?'"ï:4&C"?#+4(@"&H")%*!2#$)%&4'<"*;%$2:!'(@"G&
¾ )8*%Č%'4(&)&C"?#:(&B,*"7(9#+4(@"&A(*$2<4+%$,&J;4(9¿$'"ï:4&K";7,$(3
*")2:>&&"#$%&&
¾ )8*%Č%'4(& )& C"?#:(& B,*"7(9#+4(@"& A(*$2<4+%$,& L%)"8,& D'<"*;%$2+%&
"&#'(!&
¾ ')*+!,)-.)/)0+1.21!!
!
0678(96:;6<6=8>;?>(!"#$%&'5"()"*+,-.$/*+(012",3+/.4-1'5"!
&M!4%Ù%9:%&7*!2&C"?#+4;&H")%*!2#$)4(&D'<"*;%$2:!'2;&0-@+(9-'4-"-1+*4A*(!)0!
)#74(*%&+?4('$5)&7*"<(#9"'%?'&)4(8!&"*%!&8"ï)4%8:!('4(;&!*!(#!"'2:>& )& C"?3
#+4;& H")%*!2#$)4(& D'<"*;%$2:!'2;& 7*!(8#$%)4:4(?4& !%)"8")(@"& 4& '%,+")(@"&
7"?#+4(@"&ï*"8")4#+%&$(?(4'<"*;%$2:!'(@"0&
&0-@+(9-'4-"-1+*4A*(!)0!ï)4%8:!2&,#Ù,@4&'%&*!(:!&7"8;4"$5)&7%Ú#$)")2:>=&#%3
;"*!8")2:>=& "*@%'4!%:94!7,6?4:!'2:>=& <4*;& +";(*:29'2:>& "*%!& "#56& <4!2:!'2:>&
)&#2$,%:9%:>=&@82&"8)"Ù%'4(&#4¿&8"&"74'44&'4(!%?(Č'(@"&4&"64(+$2)'(@"&%,$"*2$($,G&
¾ 7"8'"#4&#!%'#(&7")"8!('4%&!%7?%'")%'(@"&7*!(8#4¿)!4¿:4%&4'<"*;%$2:!'(@"&!
¾ 9(#$&'4(!6¿8'(&8"&!%7()'4('4%&7*!(9*!2#$"ï:4&)26"*,&!

¾ #Ù,Č2& 6(!#$*"''(;,& *"!#$*!2@'4¿:4,& 82?(;%$5)& )2'4+%9:2:>& !& *(%?4!%:94&
7*!(8#4¿)!4¿:4%&!
B+#7(*$2!2&0-@.(9-'4-"-1+*4A*(!)0&*(%? 4!")%'(&#&7*!(!&#7(:9%?4#$5)&!&)4(?"?($'4;&
8"ï)4%8:!('4(;&)&6*%'Č2&DH0&C"#4%8%9&"'4&+)%?4<4+%:9(&7"$)4(*8!"'(&%+*(82$%3
:9%;4& 4& :(*$2<4+%:9%;4& !%*5)'"& '4(!%?(Č'2:>& "*@%'4!%:94& $%+4:>& 9%+& H>(& N7('&
O*",7& EHNOPQF=& D1AR& E:(*$2<4+%$2& AD11CF=& D1PAP& E:(*$2<4+%$2& AD1P=& ASD1A=&
AD1TF=&AAHB&E:(*$2<4+%$2&CSDUABRF=&CTD&9%+&4&:!"Ù")2:>&+*%9")2:>&4&;4¿8!2'%3
*"8")2:>&7*"8,:('$5)&#7*!¿$,&4&"7*"@*%;")%'4%0&
&I&"6#!%*!(&!%*!8!%'4%&6(!74(:!(Ú#$)(;&4'<"*;%:94&)ï*58&'%#!2:>&(+#7(*$5)&
!'%98,9&#4¿&"#"62&7"#4%8%9:(G&
¾ +)%?4<4+%:9(&)&!%+*(#4(&7*")%8!('4%&$(#$5)&7('($*%:29'2:>&
¾ :(*$2<4+%$2&A(*$4<4(8&B$>4:%?&V%:+(*&EABVF&)28%'(&7*!(!&BBA3A",':4?&
¾ :(*$2<4+%$2&%,82$"*5)&)4"8:2:>&#2#$(;,&!%*!8!%'4%&6(!74(:!(Ú#$)(;&4'3
<"*;%:94&!@"8'(@"&!&'"*;&D1NWDBA&RXYY-&
¾ C"ï)4%8:!('4%& Z(!74(:!(Ú#$)%& PZI& ,;"Č?4)4%9:(& 8"#$¿7& 8"& 4'<"*;%:94&
'4(9%)'2:>&8"&7"!4";,&"69¿$(@"&+?%,!,?&[$%9'(\&?,6&[7",<'(\0&
C*%:(&7*"9(+$")(&*(%?4!")%'(&7*!(!&(+#7(*$5)&0-@.(9-'4-"-1+*4A*(!)0&#&"7%*$(&'%&
7")#!(:>'4(&,!'%'2:>&;($"82+%:>&!%*!8!%'4%0&
K?,:!")(&"6#!%*2&7*%:&*(%?4!")%'2:>&7*!(!&0-@ħ(9-'4-"-1+*4A*(!)0&$"G&
¾ "7*%:")2)%'4(&#$*%$(@44&4&+"':(7:94&4'<"*;%$2!%:94&&
¾ )2+"'2)%'4(&(+#7(*$2!&4&"74'44&&
¾ 7*!(7*")%8!%'4(&%,82$5)=&)&$2;&%,82$5)&6(!74(:!(Ú#$)%&#2#$(;5)&4'<"*3
;%$2:!'2:>&&
¾ )#7%*:4(&;(*2$"*2:!'(&7*!2& 7*!2@"$")2)%'4,&1DIL&"*%!&7*!2&7*")%8!(3
'4,&7*":(#,&7*!($%*@")(@"&&
¾ )#7%*:4(&4&,8!4%Ù&)&+";4$($%:>&#$(*,9:2:>&7*"9(+$5)&4'<"*;%$2:!'2:>&&
¾ 6%8%'4(=&%'%?4!%&4&":('%&7*"9(+$5)&4'<"*;%$2:!'2:>&"*%!&#2#$(;5)&4&*"!)43
!%Ú&4'<"*;%$2:!'2:>&&
¾ 7(Ù'4('4(&"6")4!+5)&64(@Ù(@"&4'#$2$,:9"'%?'(@"&
O)%*%':9&":>*"'2&4'$(*(#5)&+?4('$5)&0-@.(9-'4-"-1+*4A*(!)0&#G&
¾ '4(!%?(Č'"ï°&4&"64(+$2)4!;&*!(:!"!'%):2&!
¾ *!($(?'"ï°&$*(ï:4&"8'4(#4"'%&8"&%+$,%?'(9&)4(8!2&4&'%9?(7#!2:>&7*%+$2+&!%)"3
8")2:>&!
¾ !%:>")%'4(&7",<'"ï:4&)#!(?+4:>&"$*!2;%'2:>&4'<"*;%:94&!
¾ *(:('!9%&)()'¿$*!'%&)2$)%*!%'2:>&"7*%:")%Ú&!
14Ù&0-@.(9-'4-"-1+*4A*&!)0(#&7*"<(#9"'%?'4=&6(!#$*"''4=&"64(+$2)'4&4&'4(!%?(Č'4&(+#3
7(*:4&"*%!&)2#"+%&9%+"ï°&ï)4%8:!"'2:>&7*!(!&'4:>&,#Ù,@0&
&