UNIVERSIDAD DE CASTILLA LA MANCHA

DEPARTAMENTO DE ACTIVIDAD FSICA Y CIENCIAS DEL

DEPORTE
Facultad de Ciencias del Deporte
Programa de Doctorado: Rendimiento Deportivo

TESIS DOCTORAL

El Papel de las Madres en el Desarrollo

de la Excelencia en el Deporte

Tesis presentada por:

D. Miriam Palomo Nieto
Dirigida por:
Dr. Luis Miguel Ruiz Prez
Dr. Mauro Snchez Snchez
Toledo, Julio de 2012

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

UNIVERSIDAD DE CASTILLA LA MANCHA

DEPARTAMENTO DE ACTIVIDAD FSICA Y CIENCIAS DEL
DEPORTE
Facultad de Ciencias del Deporte

LUIS MIGUEL RUIZ PREZ

Catedrtico de Universidad en la Facultad de Ciencias del
Deporte de la Universidad de Castilla La Mancha
MAURO SNCHEZ SNCHEZ
Profesor Contratado Doctor en la Facultad de Ciencias del
Deporte de la Universidad de Castilla La Mancha
CERTIFICAMOS:
Que la Tesis Doctoral titulada: EL PAPEL DE LAS MADRES EN EL
DESARROLLO DE LA EXCELENCIA EN EL DEPORTE, cuya autora es
D. MIRIAM PALOMO NIETO, ha sido realizada bajo nuestra direccin y
rene las condiciones para su lectura, pudiendo optar a la obtencin del
Grado de Doctor.
!

Y, para que surta los efectos oportunos, firmamos el presente en

Toledo a 13 de Junio de dos mil doce.

Fdo. D. Luis Miguel Ruiz Prez

Fdo. D. Mauro Snchez Snchez

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

La Presente Tesis Doctoral ha contado con la ayuda

concedida por el Instituto de la Mujer para la realizacin
de investigaciones relacionadas con los estudios de las
Mujeres y del Gnero

INSTITUTO DE LA MUJER

MINISTERIO DE SANIDAD, SERVICIOS SOCIALES E IGUALDAD

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

A mis padres, ngel y Mercedes, por

su cario y amor
A mi hermana Marta, por compartir
la vida conmigo
A Rubn, por hacerme feliz cada da

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Agradecimientos

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

!"#$%&'()(&*+,"#$%&'! ()! $*)%+#,-!)%!).+$! /$,,),$! 0%+)1)/+#$1! (#/2'.! %'! .$34$%! 5#)6! )%! 7$,+)6!
+$(30-%!)11'.!1'! ).+$3$%!2$/0)%&'8! 9!).!5#)!11)*$,!$! /$3'! ).+)!+,$3$:'! %'! 2#30),$!
.0&'!7'.031)!.0%!1$!$;#&$!&)!(#/2$6!(#/2$!<)%+)8!!
!

=%!7,0(),!1#<$,! $<,$&)/),! $!(0.!&0,)/+',).!&)! +).0.! .#!+,$3$:'6! 7$/0)%/0$!;!

/'%.):'.8!>!?#0.!@0<#)1!A#0B!C-,)B!D?#0.(0E6!7',!/'%F0$,!)%!(06!/#$%&'!%0!;'!(0.($!
1'!2$/4$6!7',!,)<$1$,()!1$!'7',+#%0&$&!&)!+,$3$:$,!)%!.#!?$3',$+',0'!;!$7,)%&),!)%!
-1!;!&)!-1!/$&$!&4$8!>!+#!1$&'!2)!/,)/0&'!;!$7,)%&0&'!+$%+'! &).&)!)1!7#%+'!&)!*0.+$!
(G.!7,'H).0'%$1!/'('! 7),.'%$18!I$.!.0&'! )1!():',!&0,)/+',!5#)!.)!7#)&)!+)%),8!J'!
+)%<'!7$1$3,$.8!>!@$#,'!KG%/2)B6!7',!.#!<#4$!;!7',!0%+,'&#/0,()!)%!)1!(#%&'!&)!1$!
()+'&'1'<4$! /#$10+$+0*$8! L#).+,'! /$,0M'! ;! $7';'! 2$%! .0&'! 1$! 70)B$! /1$*)! )%! ).+)!
&#,'!/$(0%'8!N,$/0$.!7',!+'&'8
!

=.+'.! /#$+,'!$M'.!&)!).+#&0'!2$%!.0&'6!)%!<,$%!7$,+)6!7'.031).!$!1$.!3)/$.!;!

/'%+,$+'.!&0.H,#+$&'.! )%!1$!O%0*),.0&$&!&)!"$.+011$! ?$! @$%/2$! ;6! )%!.#!%'(3,)6! $!

K#.$%$!@)%&0BG3$1!/'('!,).7'%.$31)!&)!1$!O%0&$&!&)!L$1',$/0P%!;!Q0$<%P.+0/'!&)1!
>1+'!A)%&0(0)%+'8!C),'!+$(30-%!$!+'&$!1$!R$/#1+$&!&)!"0)%/0$.!&)1!Q)7',+)6!$!1$!5#)!
11)<#-! &).&)! @$&,0&!;! )%!1$! 5#)! .0)(7,)! ()! 2)! .)%+0&'! /'('! )%! /$.$8! N,$/0$.! $!
R,$%/0./'! KG%/2)B! DC$/'E6! K$<,$,0'! &)1! L$11)! D"2$,'E6! S'.-! @$%#)1! N$,/4$! DJ$%'E6!
S'.-!@$,4$!N'%BG1)B!DA$*-E6!=(010$%$!Q0$B!D=(0E!;!R),%$%&'!&)1!L0.'8!
!

>1! T%.+0+#+'! &)!1$!@#:),6! 7',! /'%/)&),%'.! #%$! $;#&$! 7$,$! 1$! ,)$10B$/0P%!&)!

).+$!U).0.!Q'/+',$18!!
!

>! (0.! /'(7$M),'.! &)! ?$3',$+',0'8! >! "$,1'.! >*01-.6! $! 5#0)%! ).+0('!

)%',()()%+)!;!+)%<'!#%!<,$%!,).7)+'!/'('!7,'H).0'%$18!>!T,)%)!A$(P%6!/'%!5#0)%!
2)!,)/',,0&'!+'&'.!).+'.!$M'.!&)!H',($/0P%!;!$!1$!5#)!+)%<'!#%!<,$%!/$,0M'8!>! S'.-!
>%+'%0'!J$*0$6!7',!/'(7$,+0,!3#)%'.!('()%+'.!)%!).)!?$3',$+',0'!$!(0!1$&'8!
!

>! J$+$10$! A0':$! 7',! 5#),),()! /'('! ()! 5#0),)6! 7',! &$,()!+$%+'! /$,0M'6! ;!

2$/),()! .)%+0,! $! +#! 1$&'! +$%! H)10B8! C',! +#.! 7$1$3,$.! &)! G%0('! )%! 1'.! 7)',).!
('()%+'.!;!+#.!11$($&$.!/#$%&'!).+$!+).0.!7$,)/4$!%'!+)%),!F0%8!=,).!#%!.'18!

I$%!.0&'! (#/2$.!1$.!7),.'%$.!5#)!$!1'!1$,<'!&)!).+)!+0)(7'! ()!2$%!7#).+'!

)%! /'%+$/+'! /'%!&)7',+0.+$.! ;! /'%! .#.! ($&,).! ;! $!)11'.! 1).! 5#0),'! $<,$&)/),! ).)!
$7';'! H#%&$()%+$1! 7$,$! ,)$10B$,! ).+$! +).0.V! R),%$%&'! KG%/2)B! W$M#)1'.6! Q$*0&!
K#$,)B! D"X=E6! S$*0),!@0M$%'!DC,)7$,$&',!R4.0/'! &)!1$!K)1)//0P%!J$/0'%$1!>3.'1#+$!
&)!RY+3'1E6!U'%0!N),'%$8!>!+'&'.!<,$/0$.8!U$(30-%!$!?#0.!"'%+)6!7',!.#.!H'+'.8
!

=./,030,! ).+$! +).0.! ()! 2$! .#7#).+'! *$,0$.! *0.0+$.! $! 1$! W0310'+)/$! &)! 1$!

R$/#1+$&!&)!"0)%/0$.!&)!1$!>/+0*0&$&!R4.0/$!;!)1!Q)7',+)!&)!@$&,0&6! TJ=R8!=.)!1#<$,!
(G<0/'! )%!)1! 5#)! .0)(7,)! 2)! ,)/030&'! #%!+,$+'! )Z5#0.0+'! ;! $/'<)&',8! N,$/0$.! 7',!
&$,()! +'&'! 1'! 5#)! 2)! %)/).0+$&'6! +'&'! 1'! 5#)! 2)! 7)&0&'! ;! 7',! +,$+$,()! /'%! #%!
/$,0M'!).7)/0$18!N,$/0$.!$!C01$,!T,#,)+$![!N';)%$!;!$!+'&'!.#!)5#07'8!
!

>! >%+'%0! "$.$.)(7),)6! 7',! .#.! )%.)M$%B$.! ;! <,$%! $7';'! )%! 1$! 7$,+)!

()+'&'1P<0/$! &)!).+$!U).0.!Q'/+',$18! N,$/0$.!7',!+#.! /#,.'.6! 7',!,).7'%&),!$!(0.!

&#&$.!$1!('()%+'!;!7',!+#!7$/0)%/0$8!!!
!

K0%! ).+$.!7),.'%$.6! &)!#%!('&'!&0,)/+'! 1$! +).0.!%'! 2#30),$!.0&'! 7'.031)8! K0!

30)%6! 2$;!'+,$.!(#/2$.6! 5#)!$!1'!1$,<'!&)!).+)!+0)(7'!()!2$%!&$&'!'+,'!$7';'8!=.)!

$7';'!&)!+#!H$(010$6!&)!+#!<)%+)8!
!

=%!7,0(),! 1#<$,!).+$!+).0.! ).! &)!(0.! 7$&,).8! >! 1'! 1$,<'! &)!).+)! /$(0%'! ()!

2$3-0.!&$&'!+'&'!)1!$7';'!5#)!2)!%)/).0+$&'6!0%/1#.'!/#$%&'!%'!*)4$!1#B!$1!F0%$1!&)1!
+Y%)18! I$3-0.! /'%F0$&'! )%! (0! ;! ).7),'! 5#)! 2';! ).+-0.! ',<#11'.'.! &)! 1$! +).0.! 5#)!
2)('.!2)/2'8!N,$/0$.6!'.!5#0),'8!
!

>!(0!2),($%$!@$,+$6!7',!.),!/'('!).6!7',!2$/),()!H)10B!;!7',!&)/0,()!/$&$!

&4$!5#)!7'&4$!$/$3$,!1$!+).0.8! =,).!1$!():',!2),($%$!5#)!.)!7#)&)!+)%),8! >! \./$,6!

7',5#)!.0!$!(0!2),($%$!1)!2$/).!H)10B6!$!(0!()!2$/).!H)10B8!
!

>!+'&$!(0!H$(010$6!$!(0.!+4'.6!7,0('.!;!$!(0.!$3#)1$.8!@)!2$/)!)%',()()%+)!

H)10B6!5#)!7'&G0.!&0.H,#+$,!&)!).+)!('()%+'!;!&)!*),!+),(0%$&$!).+$!U).0.!Q'/+',$18!
N,$/0$.! $3#)1$.! 7',! 11)<$,! 2$.+$! $5#4! /'%(0<'8! >! Q0)<'6! )1! H#+#,'8! >! 1$! H$(010$! &)!
A#3-%6! $! 1$! 5#)! &)! /',$BP%6! /'%.0&),'! (0! H$(010$8! N,$/0$.! ]1*$,'! ;! >#,',$6! 7',!
*#).+,'!/$,0M'8

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

>!S'.-!?#0.!;!N1',0$!7',!*),()!/,)/),!$1!1$&'! &)1!&)7',+)!;!7',5#)!.0!2';!2)!

+),(0%$&'! ).+$! U).0.! ).! <,$/0$.! $! #%$! 11$($&$! 5#)! 20/0.+)0.! 2$/)! ;$! /0%/'! $M'.8!
K0)(7,)! '.! ).+$,-! $<,$&)/0&$8! >! "$+;! ;! .#! H$(010$! 7',! +'&'! )1! /$,0M'! .0)(7,)!
,)/030&'8
!

>!W)<'M$!;!>%+'%0'6!7',5#)!*'.'+,'.!+#*0.+)0.!(#/2$!/#17$!7$,$!5#)!;'!2';!

$()!)1!&)7',+)8!R#0.+)0.!;!.'0.!#%!):)(71'!7$,$!(08!
!

>! #%$! %#)*$! ($&,)! (#;! ).7)/0$18! =.+$! +).0.! *$! &)! ($&,).! ;! 5#0),'!

&)&0/G,.)1$! ).7)/0$1()%+)! $! L0,<0%0$8! @)! 2$.! )%.)M$&'! $! 1)*$%+$,()! &).7#-.! &)!

/$&$!/$4&$6!()!2$.!$%0($&'6!$7';$&'6!2$.!2)/2'!#%!7'5#0+'!(G.!HG/01!).+)!/$(0%'8!
N,$/0$.!7',!+'&'6!&)!/',$BP%8!
!

>!C'1!;!@$,/'.8!C',!2$3),()!2)/2'!'1*0&$,!)%!$1<#%'.!('()%+'.!1$!+)%.0P%!

&)!1$!+).0.!;!/'%.)<#0,!2$/),()!,)4,6! H)10B!;!7$.$,1'!30)%8!K'0.!<)%0$1).8! N,$/0$.!C'16!

7',!).$.!,)F1)Z0'%).!)%!*'B!$1+$!.'3,)!()+'&'1'<4$!;!.'3,)!+$%+$.!/'.$.8!>!+#!1$&'6!
/$&$! &4$! $7,)%&'8! >! @$,/'.! 7',5#)! &).&)! )1! 7,0(),! &4$! /'%)/+$('.6! &).&)!
$5#)11$.! ;$! 1):$%$.!,)#%0'%).! 5#)! ($,/$,'%!)1!0%0/0'! &)!).+$! $(0.+$&8! >! J$+$10$! ;!
K'%.'1).!7',!)1!/$,0M'6!G%0('!;!.0(7$+4$8!
!

>!=1.$!;!@P%0/$6!7',!/'(7$,+0,!1'.!)./$.'.!('()%+'.!&)!'/0'!&)!1'.!Y1+0('.!

().).!$!(0!1$&'8!>!S',<)!7',!$;#&$,()!/'%!)1!&0.)M'6!7',!).+$,!.0)(7,)!&0.7#).+'8!
!

R0%$1()%+)6!5#0),'!$/',&$,()!&)!+'&'.!1'.!&)7',+0.+$.!;!&)!.#.!($&,).8! O%!

&4$! ()!$3,0.+)0.! %'! .P1'! 1$.! 7#),+$.! &)!*#).+,'! 2'<$,! .0%'! *#).+,'! /',$BP%! ;! ()!
,)<$1$.+)0.! (#/2'.! .)%+0(0)%+'.6! *0*)%/0$.! ;! #%! +,'/0+'! &)! *#).+,$! 7,'70$! *0&$8!
N,$/0$.6!).+$!+).0.!).!*#).+,$!20.+',0$8!
!

C',! Y1+0('6! .0! 2$;! $1<#0)%! 5#)! 2$! *0*0&'! &)! /),/$! ).+$! U).0.6! ).)! 2$! .0&'!

A#3-%8! N,$/0$.! 7',! +#! 0(7'1#+'! ,).7)+'! )%!)1! +0)(7'! &)&0/$&'! $! 1$! +).0.6! 7',! +#!
/$,0M'! ;! +#!0%$<'+$31)! 7$/0)%/0$! $! 1'! 1$,<'! &)! +'&'.! ).+'.! ().).8! N,$/0$.! 7',! +#!
/'%.+$%+)!).+4(#1'!;!G%0('6!7',5#)!$!+#!1$&'!1$.!/'.$.!($1$.!1$.!2$.!/'%*),+0&'!)%!
3#)%$.6! 1$! +,0.+)B$! 1$! +,$%.H',($3$.! )%! $1)<,4$! ;! 1$! .'1)&$&! %'! 2$! )Z0.+0&'8! =.+$!
U).0.!+$(30-%!).!+#;$8!
!

>!+'&'.!*'.'+,'.6!<,$/0$.8

ndice

//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////I$(+*4

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

-./0(+1*23425126./&12#&21.27.8$1$.2&"2&129&/*)(&2

"

#$%&'()**+,$

!.!./0'1/23(&41/4$/45/(42'&%4/(4/1)1/6+7'1

!!

!"!"!"#$%&'()*+,#-,#'.#*,%-/0*1.)*+,#2-#'.#*,3'(-,)*.#2-#4.25-/#-,#-'#2-4&50-

!6

!"!"6"#7&/#4.25-/#-,#-'#2-4&50-#-,#1-,-5.'

!8

!"!"8"#7&/#4.25-/#9#-'#2-4&50*/0.#-:)-'-,0-

66

!"!";"#<-&5=./#2-'#2-/.55&''&#4.5.#2-0-5>*,.5#'.#*,3'(-,)*.#2-#'&/#4.25-/#-,#-'#2-4&50-#
?1?1**2-#/(/#?*@&/

6A

!"!"A"#B,3'(-,)*./#4&/*0*%./#2-#'&/#4.25-/#-,#-'#2-/.55&''&#2-4&50*%&#2-#/(/#?*@&/

6C

##########!"!"A"!"#D&0*%.2&5-/

6C

##########!"!"A"6"#E4&9&#/&)*.'

8!

##########!"!"A"8"#E1-,0-/#/&)*.'*F.2&5-/

88

##########!"!"A";"#E4&9&#-)&,+>*)&

8A

##########!"!"A"A"#E4&9&#'&1=/0*)&

8G

##########!"!"A"G"#E4&9&#->&)*&,.'

8H

!"!"G"#B,3'(-,)*./#,-1.0*%./#2-#'&/#4.25-/#-,#-'#2-/.55&''&#2-4&50*%&#2-#/(/#?*@&/

8I

##########!"!"G"!"#J&K5-*>4'*).)*+,

8C

##########!"!"G"6"#$,L.2&

;M

##########!"!"G"8"#$/05N/

;!

##########!"!"G";"#O-5L-))*&,*/>&

;6

!"!"H"#$'#)./&#2-'#0-,*/

;6

!.8./03/49'5)*+,$/(45/23245/(4/5'1/23(&41:/;*,<'/49'5)*+'$3/45/&'5/(4/53/
=>=?+>3<+5+3@

AB

!"6"!"#$'#/*/0->.#L.>*'*.5

A!

!"6"6"#P05&/#./4-)0&/#L.>*'*.5-/#Q(-#*,3'(9-,#-,#'.#4.50*)*4.)*+,#2-4&50*%.

AA

!.C./D3&4$%+$=/E%F54/'/G1%+5'/D3&4$%35

B8

!"8"!"#O.5-,0*,1#O5.)0*)-/#&#O5R)0*)./#O.5-,0.'-/

G8

!.A./D3(&4/F/H3(&4

BB

***

H3(&41/F/Q42'&%4

!";"!"#O.25-#9#>.25-#L(-5.#2-'#2-4&50-

GH

!";"6"#O.25-S#>.25-#9#2-4&50-

GC

!";"8"#<&,&#2-#>./)('*,*2.2#2-'#2-4&50-

H;

!";";"#$'#5&'#2-'#4.25-

HG

!";"A"#$'#5&'#2-#'.#>.25-

HH

-./0(+1*2:42;&(*#*1*<0.2#&21.2'"=&>($<.%$,"

JC

#$%&'()**+,$

JK

8.!./D&'2,1+%':/LM74%+9'1/F/D&4=)$%31/(4/53/#$941%+=3*+,$

J-

8.8./G$>'N)4/H4%'('5,=+*'

-A

8.C./O'<3/'/P4*'=+(3/(4/Q3%'1

-"

6"8"!"#7.#-,05-%*/0.#)&>&#-/05.0-1*.#2-#&K0-,)*+,#2-#2.0&/

CH

##########6"8"!"!"#T*/-U&#2-#'.#-,05-%*/0.

CI

6"8"6"#7.#/-'-))*+,#2-#'&/#4.50*)*4.,0-/

!MM

##########6"8"6"!"#D(-/05-&#<-&5N0*)&

!MA

####################6"8"6"!"!"#E/4-)0&/#0->4&5.'-/#2-'#D(-/05-&#<-&5N0*)&

!MG

####################6"8"6"!"6"#P05&/#./4-)0&/#.#0-,-5#-,#)(-,0.#/&K5-#-'#D(-/05-&#<-&5N0*)&

!MH

####################6"8"6"!"8"#D(-/05-&#<-&5N0*)&#-,#-/0.#*,%-/0*1.)*+,

!MI

6"8"8"#V&,0.)0&

!MI

6"8";"#E(0&5*F.)*+,

!MC

6"8"A"#W5.K.)*+,#-,05-%*/0.

!MC

6"8"G"#<5.,/)5*4)*+,#%-5K.0*>

!!!

6"8"H"#T-%&'()*+,#2&)(>-,0&

!!!

8.A./R$S5+1+1/(4/Q3%'1

!!8

6";"!"#V&2*3*).)*+,

!!8

##########6";"!"!"#V&2*3*).)*+,#*,*)*.'

!!;

####################6";"!"!"!"#J-1>-,0.)*+,

!!;

####################6";"!"!"6"#V&2*3*).)*+,#'=,-.#.#'=,-.

!!A

##########6";"!"6"#V&2*3*).)*+,#L&).'*F.2.

!!I

####################6";"!"6"!"#DN0&2&#V&>4.5.0*%&#V&,/0.,0-

!!C

##########6";"!"8"#V&2*3*).)*+,#.:*.'

!6!

*%

//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////I$(+*4

##########6";"!";"#V&2*3*).)*+,#0-&5N0*).

!66

##########6";"!"A"#J.0(5.)*+,#0-&5N0*).

!6;

6";"6"#$'.K&5.)*+,#2-#>->&/#&#>->&*,1

!6;

##########6";"6"!"#<*4&/#2-#>->&/

!6G

6";"8"#$'.K&5.)*+,#2-#2*.15.>./

!86

6";";"#B,0-15.)*+,#0-&5N0*).#9#-/)5*0(5.#2-#'.#<-&5=.

!86

6";"A"#$'#45&15.>.#*,L&5>R0*)&#E<7EJ"0*"

!8;

8.K./T&+%4&+'1/(4/*35+(3(/(4/53/+$941%+=3*+,$

!CB

-./0(+1*2?42@&>+1(.#*>2

!A!

#$%&'()**+,$

!AC

C.!./T3%4='&U3/T4$%&35./R2'F'/(4/53/H3(&4

!AK

8"!"!"#E4&9&#$)&,+>*)&#2-#'.#D.25-

!;H

##########8"!"!"!"#E4&9&#$)&,+>*)&#2-#'.#D.25-#9#/(/#X-'.)*&,-/

!;C

##########8"!"!"6"#E4&9&#$)&,+>*)&#2-#'.#D.25-#9#/(#$%&'()*+,

!AM

##########8"!"!"8"#P05./#)&,/*2-5.)*&,-/#.)-5).#2-'#E4&9&#$)&,+>*)&#2-#'.#D.25-

!A;

8"!"6"#E4&9&#7&1=/0*)&#2-#'.#D.25-

!A;

##########8"!"6"!"#E4&9&#7&1=/0*)&#2-#'.#D.25-#9#/(/#X-'.)*&,-/

!AI

##########8"!"6"6"#E4&9&#7&1=/0*)&#2-#'.#D.25-#9#/(#$%&'()*+,

!G!

##########8"!"6"8"#P05./#)&,/*2-5.)*&,-/#.)-5).#2-'#E4&9&#7&1=/0*)&#2-#'.#D.25-

!G;

8"!"8"#E4&9&#D.0-5*.'#2-#'.#D.25-

!GA

##########8"!"8"!"#E4&9&#D.0-5*.'#2-#'.#D.25-#9#/(/#X-'.)*&,-/

!GG

##########8"!"8"6"#E4&9&#D.0-5*.'#2-#'.#D.25-#9#/(#$%&'()*+,

!GI

##########8"!"8"8"#P05./#)&,/*2-5.)*&,-/#.)-5).#2-'#E4&9&#D.0-5*.'#2-#'.#D.25-

!GC

8"!";"#E4&9&#O/*)&'+1*)&#2-#'.#D.25-

!HM

##########8"!";"!"#E4&9&#O/*)&'+1*)&#2-#'.#D.25-#9#/(/#X-'.)*&,-/

!H6

##########8"!";"6"#E4&9&#O/*)&'+1*)&#2-#'.#D.25-#9#/(#$%&'()*+,

!H;

##########8"!";"8"#P05./#)&,/*2-5.)*&,-/#.)-5).#2-'#E4&9&#O/*)&'+1*)&#2-#'.#D.25-

!HG

8"!"A"#E4&9&#$>&)*&,.'#2-#'.#D.25-

!HH

##########8"!"A"!"#E4&9&#$>&)*&,.'#2-#'.#D.25-#9#/(/#X-'.)*&,-/

!IM

##########8"!"A"6"#E4&9&#$>&)*&,.'#2-#'.#D.25-#9#/(#$%&'()*+,

!I6

H3(&41/F/Q42'&%4

##########8"!"A"8"#P05./#)&,/*2-5.)*&,-/#.)-5).#2-'#E4&9&#$>&)*&,.'#2-#'.#D.25-

!I;

####################8"!"A"8"!"#V.5.)0-5=/0*)./#2-'#E4&9&#$>&)*&,.'#2-#'.#D.25-

!I;

C.8./#$94&1+,$/G<'*+'$35/(4/53/H3(&4

!JB

8"6"!"#B,%-5/*+,#$>&)*&,.'#Y-1.0*%.#2-#'.#D.25-

!IH

##########8"6"!"!"#T&'&5S#D*-2&#9#O5-&)(4.)*+,#2-#'.#D.25-

!IH

####################8"6"!"!"!"#T&'&5S#D*-2&#9#O5-&)(4.)*+,#2-#'.#D.25-#9#/(/#X-'.)*&,-/

!C8

####################8"6"!"!"6"#T&'&5S#D*-2&#9#O5-&)(4.)*+,#2-#'.#D.25-#9#/(#$%&'()*+,

!CG

####################8"6"!"!"8"#P05./#)&,/*2-5.)*&,-/#.)-5).#2-'#T&'&5S#D*-2&#9#O5-&)(4.)*+,#
LLLLLLLLLLLLLL2-#'.#D.25-

!CI

##########8"6"!"6"#B>4.)0&#Y-1.0*%&#-,#'.#Z.>*'*.

!CI

####################8"6"!"6"!"#B>4.)0&#Y-1.0*%&#-,#'.#Z.>*'*.#9#/(/#X-'.)*&,-/

6M6

####################8"6"!"6"6"#B>4.)0&#Y-1.0*%&#-,#'.#Z.>*'*.#9#/(#$%&'()*+,

6M8

####################8"6"!"6"8"#P05./#)&,/*2-5.)*&,-/#.)-5).#2-'#B>4.)0&#Y-1.0*%&#-,#'.#
>>>>>*Z.>*'*.

6MA

##########8"6"!"8"#J.)5*3*)*&/S#X-,(,)*./#9#$/L(-5F&/#2-#'.#D.25-

6MG

####################8"6"!"8"!"#J.)5*3*)*&/S#X-,(,)*./#9#$/L(-5F&/#2-#'.#D.25-#9#/(/#X-'.)*&,-/

6!M

####################8"6"!"8"6"#J.)5*3*)*&/S#X-,(,)*./#9#$/L(-5F&/#2-#'.#D.25-#9#/(#$%&'()*+,

6!;

####################8"6"!"8"8"#P05./#)&,/*2-5.)*&,-/#.)-5).#2-#J.)5*3*)*&/S#X-,(,)*./#9#
,,KKK,,**$/L(-5F&/#2-#'.#D.25-

6!I

8"6"6"#B,%-5/*+,#$>&)*&,.'#O&/*0*%.#2-#'.#D.25-

6!C

##########8"6"6"!"#T-/-&/#2-#'.#D.25-

66!

####################8"6"6"!"!"#T-/-&/#2-#'.#D.25-#9#/(/#X-'.)*&,-/

668

####################8"6"6"!"6"#T-/-&/#2-#'.#D.25-#9#/(#$%&'()*+,

66A

##########8"6"6"6"#B>4.)0&#O&/*0*%&#-,#'.#Z.>*'*.

66G

####################8"6"6"6"!"#B>4.)0&#O&/*0*%&#-,#'.#Z.>*'*.#9#/(/#X-'.)*&,-/

66H

####################8"6"6"6"6"#B>4.)0&#O&/*0*%&#-,#'.#Z.>*'*.#9#/(#$%&'()*+,

66C

####################8"6"6"6"8"#P05./#)&,/*2-5.)*&,-/#.)-5).#2-'#B>4.)0&#O&/*0*%&#-,#'.#Z.>*'*.

66C

##########8"6"6"8"#X-)&>4-,/.#9#T*/L5(0-#2-#'.#D.25-

68M

####################8"6"6"8"!"#X-)&>4-,/.#9#T*/L5(0-#2-#'.#D.25-#9#/(/#X-'.)*&,-/

686

####################8"6"6"8"6"#X-)&>4-,/.#9#T*/L5(0-#2-#'.#D.25-#9#/(#$%&'()*+,

688

%*

//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////I$(+*4

C.C./H'<4$%'1/T5394./R2'F'/(4/53/H3(&4

68A

8"8"!"#D&>-,0&/#V'.%-#9#/(/#X-'.)*&,-/

6;;

8"8"6"#D&>-,0&/#V'.%-#9#/(#$%&'()*+,

6;G

C.A./D3245/(45/D3(&4/91./D3245/(4/53/H3(&4

6;H

8";"!"#O.4-'#2-'#O.25-#9#/(/#X-'.)*&,-/

6;C

8";"6"#O.4-'#2-'#O.25-#9#/(#$%&'()*+,

6AM

C.K./T'$1+(4&3*+'$41/=4$4&3541./#$%4=&3*+,$/(4/53/O4'&U3
-./0(+1*2A42-*"%1+>$*"&>B2108$(&>B2/)*>/&%($=.2C2D&"&E$%$*>2#&12
><F<F<(GF<#$&>(+#$*

8K!
8K"

#$%&'()**+,$

8K-

A.!./T'$*5)1+'$41/(4/53/#$941%+=3*+,$

8BV

;"!"!"#V&,)'(/*&,-/#0-+5*)./

6GM

;"!"6"#V&,)'(/*&,-/#>-0&2&'+1*)./

6H6

;"!"8"#V&,)'(/*&,-/#/(/0.,0*%./

6H;

A.8./0U<+%41/(4/53/#$941%+=3*+,$

6HC

;"6"!"#7=>*0-/#0-+5*)&/#9#'=>*0-/#2-#.4'*).K*'*2.2

6HC

;"6"6"#7=>*0-/#>-0&2&'+1*)&/

6IM

A.C./D&'124*%+93/(4/#$941%+=3*+,$

8J!

;"8"!"#E,.'*F.5#-,#45&L(,2*2.2#-'#4.4-'#2-#'.#>.25-#-,#2*L-5-,0-/#)&,0-:0&/#)('0(5.'-/#
2L1/2@(0*'*F.,2&#-'#>&2-'&#0-+5*)&#Q(-#?.#->-51*2&#2-#-/0.#*,%-/0*1.)*+,
;"8"6"#$/0(2*.5#-'#4.4-'#2-#'.#L.>*'*.#-,#'.#/&)*-2.2#.)0(.'S#.))-2*-,2&#.#L.>*'*./#)&,#
L21L2*4.25-/#&#>.25-/#2-'#>*/>&#/-:&S#/-4.5.2./#&#2-#.%.,F.2.#-2.2
;"8"8"#B,%-/0*1.5#-'#4.4-'#2-#'.#>.25-#-,#&05&/#,*%-'-/#2-4&50*%&/S#,&#)-,05.,2&#'.#
09(090.0-,)*+,#-,#-'#.'0&#,*%-'
;"8";"#T-0.''.5#'./#2*L-5-,)*./#-,05-#'&/#4.4-'-/#2-#4.25-#9#>.25-#-,#-'#2-4&50-#2-'#?*@&#
;"8"A"#$'.K&5.5#(,#*,/05(>-,0&#2-#>-2*2.#Q(-#4-5>*0.#)&,&)-5#-'#4.4-'#2-#'.#>.25-#9#
/212@@/(/#4-5)-4)*&,-/#-,#-'#2-/.55&''&#2-4&50*%&#2-#/(/#?*@&/

6I!

6I!

6I6
6I6
6I6

A.A./W4$4?+*+'1/(45/G1%)(+'

8JC

@&F&)&"%$.>2H$D1$*<)IE$%.>

8JK

J"&K*>

C!K

%**

//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////I$(+*4

!"#$%&2#&27$<+).>
X+=)&3/!.!./!"#$"%&%'&()*&+)#"*&+")*&),-&*&-./0()1)2//+&()3455678
X+=)&3/8.!./9-"/&(")/:/+./")*&);%<+.(.()/"%)=&"-:;),>%*;#&%';*;)"))
?????????@-">%*&*)=A&"-18

8J
!8C

X+=)&3/C.!./B$"1")*&)+;)C;*-&8

!AB

X+=)&3/C.8./B$"1")2/"%D#./")*&)+;)C;*-&8

!AJ

X+=)&3/C.C./2E"+>/.D%)B$"1")2/"%D#./")*&)+;)C;*-&8

!K8

X+=)&3/C.A./B$"1")F"G:('./")*&)+;)C;*-&8

!KK

X+=)&3/C.K./2E"+>/.D%)B$"1")F"G:('./")*&)+;)C;*-&8

!B8

X+=)&3/C.B./B$"1")C;'&-.;+)*&)+;)C;*-&8

!BK

X+=)&3/C."./H&I")B$"1")C;'&-.;+)*&)+;)C;*-&J)B$"1")F"G:('./")*&)+;)C;*-&)
%%%%%%%%..1)B$"1")2/"%D#./")*&)+;)C;*-&8

!B"

X+=)&3/C.J./2E"+>/.D%)B$"1")C;'&-.;+)*&)+;)C;*-&8

!BJ

X+=)&3/C.-./B$"1")9(./"+DG./")*&)+;)C;*-&8

!"V

X+=)&3/C.!V./2E"+>/.D%)B$"1")9(./"+DG./")*&)+;)C;*-&8

!"A

X+=)&3/C.!!./B$"1")2#"/."%;+)*&)+;)C;*-&8

!""

X+=)&3/C.!8./2E"+>/.D%)B$"1")2#"/."%;+)*&)+;)C;*-&8

!J8

X+=)&3/C.!C./B$"1")*&)+;)C;*-&)1)B$"1"()/"%('.'>1&%'&(8

!JK

X+=)&3/C.!A./K%E&-(.D%)2#"/."%;+)*&)+;)C;*-&8

!JB

X+=)&3/C.!K./K%E&-(.D%)2#"/."%;+)H&G;'.E;)*&)+;)C;*-&8

!J"

X+=)&3/C.!B./L"+"-J)C.&*")1)9-&"/>$;/.D%)*&)+;)C;*-&8

!JJ

X+=)&3/C.!"./2E"+>/.D%)L"+"-J)C.&*")1)9-&"/>$;/.D%)*&)+;)C;*-&8

!-B

X+=)&3/C.!J./K#$;/'")H&G;'.E")&%)+;),;#.+.;8

!--

X+=)&3/C.!-./M&%>%/.;()1)2(N>&-O"()2/"%D#./"(J)=&#$"-;+&()1)*&)2%&-G:;)
GAAAAAPAPPP..*&)+;)C;*-&8

8!!

X+=)&3/C.8V./Q;/-.R./."()*&)+;)C;*-&8

8!8

X+=)&3/C.8!./M&%>%/.;);+)S.P")1)Q;/-.R./.")*&+)T.&%&(';-8

8!C

X+=)&3/C.88./2E"+>/.D%)Q;/-.R./."(J)M&%>%/.;()1)2(N>&-O"()*&)+;)C;*-&8

8!K

*:

H3(&41/F/Q42'&%4

X+=)&3/C.8C./K%E&-(.D%)2#"/."%;+)9"(.'.E;)*&)+;)C;*-&8/

8!-

X+=)&3/C.8A./L&(&"()*&)+;)C;*-&8

88V

X+=)&3/C.8K./2E"+>/.D%)L&(&"()*&)+;)C;*-&8

88K

X+=)&3/C.8B./K#$;/'")9"(.'.E")&%)+;),;#.+.;8

88"

X+=)&3/C.8"./M&/"#$&%(;)1)L.(N->'&)*&)+;)C;*-&8

8CV

X+=)&3/C.8J./C"#&%'"()!+;E&8

8CK

X+=)&3/C.8-./K%./.")L&$"-'.E"8)C"#&%'"()!+;E&8

8C"

X+=)&3/C.CV./2('>*."(8)C"#&%'"()!+;E&8

8C-

X+=)&3/C.C!./C"#&%'"()*.R:/.+&()*&+)*&$"-'.(';8)C"#&%'"()!+;E&8

8AV

X+=)&3/C.C8./B*"+&(/&%/.;8)C"#&%'"()!+;E&8

8AA

X+=)&3/C.CC./C"#&%'"()!+;E&)1)(>()-&+;/."%&(8/

8AK

X+=)&3/C.CA./9;$&+)*&+)9;*-&8

8AJ

X+=)&3/C.CK./=&"-:;U)2+)$;$&+)*&)+;()#;*-&()&%)&+)*&(;--"++")*&$"-'.E")*&)
;N*(;N&-GN(*.(>()A.P"(J)*&$"-'.(';()*&);+'")%.E&+8)

8KA

//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////I$(+*4

!"#$%&2#&2L.D1.>
O3M53/!.!./2';$;()&%)&+)*&(;--"++")*&+)';+&%'"8/

A"

O3M53/!.8./L.N&-&%/.;()&%'-&)&+)NV'?"+)1)+;)G.#%;(.;)?-;(.+&W;8)W313('/4$///
(((((((+5P3M45':/H'&341/F/E35<453:/8VV!Y/Z+3$$3:/H'&341:/E35<453/F/

KJ

=========H')&%6:/8VV!./
O3M53/8.!./L&R.%./."%&()1)'&-#.%"+"G:;)#&'"*"+DG./;)&#$+&;*;()&%)&('&)
G*NG*NG*RA&('>*."8)X)4$%4[/Z3&+'1/3)%'&41/F/453M'&3*+,$/2&'2+3.
O3M53/8.8./T+"X>&()'&#<'./"()1)(>)-&+;/.D%)/"%)+"()"?P&'.E"(8/

JB
--

O3M53/8.C./L;'"()("/."*&$"-'.E"()L&$"-'.(';(8

!V8

O3M53/8.A./L;'"()("/."*&$"-'.E"()C;*-&(8/

!VA

O3M53/8.K./9;-'./.$;%'&()1)*>-;/.D%)*&)+;()&%'-&E.(';(8/

!!V

O3M53/A.!./L&R.%./."%&()1)'&-#.%"+"G:;)'&D-./;)&#$+&;*;()&%)&('&)&('>*."8)
(NG(G*NG(*X)4$%4[/Z3&+'1/3)%'&41/F/453M'&3*+,$/2&'2+3.

:*

8"K

Introduccin

#############################################################################################################################################################################################Q3)('$211+E3

!"#$%&'(()*"
!"# $%&'()%# *+%,&(%# -.# *+$'# &.()%# $%# ,+# /+$.0# $%# -%1-'0# 12.3$'# %3# %"# 1'"%# ,+*#
.,+4'*# 52%(6.3# *%(# .*)('3.2).*0# 1+%3)67+1'*# '# ,8$+1'*# 9'# 52%(6.# *%(# !"#$%&'() %*)
+&%$",!:::# !,&%18# 3.$.3$'# 12.3$'# .;3# 3'# *.<6.# .3$.(0# ,=*# ).($%# >24.3$'# ."#
<."'31%*)'0# -.1+%3$'# 4+,3.*+.# (6),+1.# '# %*526# 1'3# )'$.# ,+# ?.,+"+.:# @%*&28*0# %"#
/'"%+<'"# >23)'# .# ,+*# .,+4.*# )+%3%# 23# (%12%($'# %*&%1+.":# A.$.# *=<.$'# )%36.# 52%#
,.$(24.(# B9# ,+*# &.$(%*# 9# ,+# -%(,.3.C# %# +(# .# -+&'./'(0.0# ".# )+%3$.# %3# %"# <.((+'#
$'3$%# 52%$=<.,'*# %3)(%3.$'(.0# >24.$'(.*0# &.$(%*# 9# -%(,.3'*:# D-6# .&(%3$6# .#
.,.(# %"# $%&'()%0# .# )(.<.>.(# %3#%52+&'# 9# *'<(%#)'$'# ,%# $+# 12%3).# $%# 1E,'# *+3#%"#
.&'9'# $%# ,+*# &.$(%*# %*.# %F&%(+%31+.# +3'"/+$.<"%# 3'# -2<+%(.# %F+*)+$':# DG'*# ,=*#
).($%#)(.)8#$%#1',&.4+3.(#%"#/'"%9#1'3#,+# ')('# $%&'()%0#%"#<=$,+3)'3:# H+3.",%3)%#
3'#?2%#&'*+<"%:#!"# <=$,+3)'3#,%#&%(,+)+E#1'3'1%(#,=*#4%3)%#,.(./+""'*.0# /+.>.(0# 9#
).,<+83#$.(,%# 12%3).# $%#52%#%"#&.&%"#$%#,+*#&.$(%*#%/'"21+'3.<.0#&%('# *+%,&(%#
%*).<.3# .-60# .# ,+# ".$'# &.(.# .&'9.(,%# %3# )'$':# I'# 1'3*%426# *%(# !"#$%&'() %*)
+&%$",!1#&%('#*6#.,.(#9#)%3%(#&.*+E3#&'(#%"#$%&'()%0#"'#12."0#%*0#*+3#$2$.0#12"&.#$%#
,+*# &.$(%*0# &'(# *%(#,+*#,%>'(%*#,'$%"'*#%3#%"#$%&'()%0# &'(#-.1%(,%#$+*?(2).(#$%#
%*%#$%&'()%#*+3#3+34;3#)+&'#$%#&(%*+E3#90#&'(#*2&2%*)'0#&'(#$.(,%#".#&'*+<+"+$.$#$%#
/+/+(#%F&%(+%31+.*#+3'"/+$.<"%*0#)'$.*#%"".*#.#*2#".$':#
#

J'$'#%*'0# >23)'#1'3#,+#$%*%'#&'(#-.1%(#%"#$'1)'(.$'# 9#*%42+(#?'(,=3$',%0#

.*6# 1','# %"# +,&2"*'# $%7+3+)+/'# $%# K2+*,+0# ,+# $+(%1)'(0# (%4."=3$',%# %*)%# )%,.0#
?2%('3#"'*#,')+/'*#&'(#"'*#52%#-'9#9'0#%*1(+<'#%*).#J%*+*#@'1)'(.":#
#

@%1+(#52%#"'*#&.$(%*#+37"29%3#%3#%"#$%&'()%#3'#%*#3.$.#32%/'#&2%*)'# 52%#".#

L*+1'"'46.# 9# M'1+'"'46.# $%"# @%&'()%# "'# /+%3%3# %F&"'(.3$'# $%*$%# -.1%# ,21-.*#
$81.$.*:# K'*# &.&%"%*# 9#('"%*#52%#"'*#&.$(%*#$%*.(('"".3#%3#%"#$%&'()%#$%# "'*#-+>'*#
).3)'#.#3+/%"#(%1(%.)+/'#1','#%3#%"#1.,+3'#."#.")'#3+/%"#*'3#/.(+.$'*:#M+3#%,<.(4'0#
%*#,29#%*1.*.#".#"+)%(.)2(.#52%#-.1%#$+*)+31+E3#%3)(%#"'*#&.&%"%*#$%#.,<'*0#&.$(%#9#
,.$(%0# 9# 32".#*+# )(.).,'*# $%# <2*1.(#$+?%(%31+.*# %3# "'*# ('"%*# $%# *2*# &.$(%*# %3)(%#
.52%""'*# 52%# -.3# ."1.3N.$'# ".# %F1%"%31+.:# !*# %"# %*)2$+'0# &(%1+*.,%3)%0# $%# "'*#
,%>'(%*0# "'# 52%# -.# ,.(1.$'# ".# 1'3)+32+$.$# 1'3# %"# K.<'(.)'(+'# $%# A',&%)%31+.#
O')(+N#9#!F1%"%31+.#%3#%"#@%&'()%#$%#".#P3+/%(*+$.$#$%#A.*)+"".#K.#O.31-.#$'3$%#*%#

O.$(%*#9#@%&'()%

-.#$%*.(('"".$'# %*).# J%*+*# @'1)'(.":# R# %*# 52%# -.3# *+$'# /.(+'*# &('?%*'(%*# "'*# 52%#
.3)%(+'(,%3)%# $%*.(('"".('3# *2*# )(.<.>'*# $'1)'(."%*# %3# )'(3'# .# "'*# ,%>'(%*S# @(:#
O.2('# M=31-%N0# @(.:#A'31%&1+E3#T+,83%N0#@(:# T%*;*#@2(=30#@(:#U+1.($'# L%G."'N.# 9#
@(.:# V+(4+3+.#W.(16.:# J'$'*#%""'*# .3."+N.('3#$+?%(%3)%*# .*&%1)'*# $%#".#%F1%"%31+.# 9#
&%(+1+.#%3#%"#$%&'()%0#*+%,&(%#$%*$%#23#%3?'52%#&*+1'"E4+1'#'#&*+1'*'1+.":
#

!*).#J%*+*#@'1)'(."#-.#&(%)%3$+$'0#&'(#).3)'0#1'3)(+<2+(#%3#%*%#%*?2%(N'#&'(#

1'3'1%(# .# "'*# ,%>'(%*0# %*)2$+.3$'# 9# .3."+N.3$'# %"# &.&%"# $%# ".*# ,.$(%*# %3# %*%#
$%*.(('""'# $%&'()+/':# @%7+3+(# "'*# ('"%*# 52%# ".*# ,.$(%*# ""%/.3# .# 1.<'# '# 1'3'1%(#
,%>'(#1E,'# *%#/%3#+37"2%31+.$.*#&'(#&(%*).(#%*.#.92$.0#*'3#.*&%1)'*#)(.).$'*# &'(#
"'*# $%&'()+*).*# &%('# +3%F&"'(.$'*# $%*$%#23.# &%(*&%1)+/.# 1+%3)67+1.:# !3# %*).# J%*+*#
-%,'*# '*.$'# %F&"'(.(# %*%# =(%.# 9# %3# "'*# &(EF+,'*# 1.&6)2"'*# *%# ,2%*)(.3# "'*#
(%*2").$'*# $%# %*).# +3/%*)+4.1+E3:# M+# <+%30# &2%$'# ./.3N.(# 52%# &.(.# ,+# -.# *+$'#
%3'(,%,%3)%# *.)+*?.1)'(+.#.<(+83$',%#23# .,&"+'# %*&%1)('# $%#&'*+<+"+$.$%*#&.(.#
%"#?2)2(':
#

!*).#J%*+*#@'1)'(."# *%#1',&'3%#$%#12.)('# 1.&6)2"'*#&(+31+&."%*:# !"# 1.&6)2"'#

)%E(+1'# '# 2('/&) 3*4'$/&# 1',&(%3$%#".#&(+,%(.#&.()%# $%"#$'12,%3)'# %3# ".# 52%# *%#
%F&'3%#".#*+)2.1+E3#.1)2."#%3#)'(3'#."#%*)2$+'#$%#".#?.,+"+.#%3#%"#$%&'()%:#M%#.3."+N.#
%3#$%).""%#%*.#?.,+"+.#%3#%"#$%&'()%#%3#4%3%(."#9#&.()+12".(,%3)%#".#$%#.52%""'*#52%#
."1.3N.3#".#%F1%"%31+.:# M%#%F.,+3.#".#%/'"21+E3#%3#%"# &.&%"# $%#".#?.,+"+.0# .*6# 1','#
J%'(6.*#.#&.()+(#$%#".*#12."%*#*%#-.#%*)2$+.$'#%*).#)%,=)+1.:#M%#*%G.".30#+42.",%3)%0#
".*#+37"2%31+.*#&'*+)+/.*#'#3%4.)+/.*#52%#&2%$%#)%3%(#".#?.,+"+.#%3#*2#-+>'#$%&'()+*).#
9# 1E,'# $%# ,.3%(.#%*&%167+1.# &2%$%# .92$.(# %"# &.$(%:# L.(.# 7+3."+N.(# *%#%F&"'(.#%"#
)'3'#$%#,.*12"+3+$.$#$%"#$%&'()%0#."#)+%,&'#52%#*%#(%&.*.3#".*#(%?%(%31+.*#."#&.&%"#
%F1"2*+/'#$%#".#,.$(%#9.#*%.#%3#"+)%(.)2(.#1+%3)67+1.#'#$%#$+/2"4.1+E3:
#

!"# *%423$'# 1.&6)2"'# '# 2*.&%&5&67() %*) 5() 89:*!.$6(/$49) $%)."".# 9# %F&"+1.# %3#

&('?23$+$.$#%"#$+*%G'# $%#".#+3/%*)+4.1+E3#%3#*6# ,+*,.:# M%#%32,%(.3#%"#&('&E*+)'0#

"'*#'<>%)+/'*#9#".*#&(%423).*#$%#+3/%*)+4.1+E3:#L'*)%(+'(,%3)%#*%#-.1%#(%?%(%31+.#."#
%3?'52%#,%)'$'"E4+1'0# $%3)('#$%"#12."#*%#%F&'3%#%"#)+&'#$%#,%)'$'"'46.#%,&"%.$.:#
D# 1'3)+32.1+E3# *%# ,2%*)(.# ".# (%1'4+$.# $%# $.)'*0# %F&"+1.3$'# 1E,'# ".# %3)(%/+*).#
1'3*)+)29E# ".# ?2%3)%# &.(.# ".# '<)%31+E3# $%# "'*# ,+*,'*:# M%# 7+3."+N.# %"# 1.&6)2"'#

"

#############################################################################################################################################################################################Q3)('$211+E3

%F&'3+%3$'#%"#&('1%*'#%3#%"#.3="+*+*#$%#$.)'*0#.*6#1','#"'*#1(+)%(+'*#$%#1."+$.$#$%#".#
+3/%*)+4.1+E3:#
#

!"#)%(1%(#1.&6)2"'#"'#1'3*)+)29%3#"'*#;*!"5.(%&!)%*)5()89:*!.$6(/$490#'<)%3+$'*#

.# &.()+(# $%"# .3="+*+*# $%# $.)'*# 12."+).)+/'# +3)%(&(%).)+/'# 4%3%(.$'(# $%# J%'(6.:# K'*#
(%*2").$'*# ,2%*)(.3# 23.# 1.)%4'(6.# 1%3)(."# $%3',+3.$.# D&'9'# $%# ".# O.$(%# %3#
)'(3'#.#".#12."# *%#(%".1+'3.3#32%/%#1.)%4'(6.*#*%123$.(+.*:#!"# 1.&6)2"'#7+3."+N.#1'3#
".#+3)%4(.1+E3#)%E(+1.#%3#$'3$%#*%#,2%*)(.#".#J%'(6.#52%#-.#%,%(4+$'# $%"# .3="+*+*#
)+)2".$.S# !"# $%$&"# '&# "%(# )%'*&(# &+# &"# '&(%**,"",# '&$,*-./,# '&# (0(# 1.2,(3#
'&$,*-.(-%(#'&#%"-,#+./&":#
#

!"# 12.()'# 1.&6)2"'# %34"'<.# ".*# <&9/5"!$&9*!1) =7,$.*!) %*) 89:*!.$6(/$491)

>'&!+*/.$:() ?) @*9*A$/$&!)%*5) B!."%$&:# D# )(./8*# $%#%""'*# *%#1',&.(.3# "'*# (%*2").$'*#

'<)%3+$'*#%3#".#+3/%*)+4.1+E3#1'3#')('*#&(%*%3)%*# %3#".#"+)%(.)2(.0# *%#,2%*)(.3#"'*#
&('<"%,.*# %31'3)(.$'*# $%*$%# %"# &23)'# $%# /+*).# ,%)'$"E4+1'# '# %"# ."1.31%# $%# ".#
J%'(6.#9#*2#?231+'3."+$.$#%3#%"#)+%,&'0#"24.(#9#1'3)%F)':#A'31"29%#1'3#(%?%(%31+.*#.#
&'*+<"%*# %*)2$+'*# 129.# +$%.# -.# %,%(4+$'# 1','# 1'3*%12%31+.# $%# ".# &(%*%3)%#
+3/%*)+4.1+E3#9#".#&(%*%3).1+E3#$%#'&+3+'3%*#52%#,.(1.3#".#2)+"+$.$#$%"#%*)2$+':
#

H+3."+N.#%"#$'12,%3)'#1'3#".#@$#5$&6'(A7(#%,&"%.$.#%3#%*)%#)(.<.>'0#.*6#1','#

1'3# "'*# C9*D&!0# 52%# 1'3*)+)29%3# $+?%(%3)%*# $'12,%3)'*# 52%# .1(%$+).3# $+*)+3).*#
?.*%*#$%#".#+3/%*)+4.1+E3:#
#

L.(.#1'31"2+(0# +3$+1.(#52%# %3# ".# &(%*%3)%#J%*+*# @'1)'(."0# 9# 1'3# %"# '<>%)+/'#

7+3."# $%# ?.1+"+).(#*2# "%1)2(.0# *%# -.#'&).$'# &'(# 2)+"+N.(# 23.# %F&(%*+E3# 4%38(+1.# $%"#
483%('# 52%#4"'<."+N.# ."#,.*12"+3'# 9# ?%,%3+3'# 12.3$'# %*# 3%1%*.(+'# (%?%(+(*%#.#"'*#
$'*# *+,2")=3%.,%3)%# B&'(# %>%,&"'0# &.$(%*# &.(.# (%?%(+(*%#.#"'*# $'*#'# -+>'*X3+G'*#
&.(.#(%?%(+(*%#).3)'# ."# -+>'X3+G'#1','# .#".#-+>.X3+G.C0# *+3#3+3423.#+3)%31+'3."+$.$#
$%#$+*1(+,+3.1+E3#3+#$%#)(.).,+%3)'#*%F+*).#$%"#"%342.>%:

Captulo 1.
El Papel de la Familia
en el Deporte

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

!"#$%&'(()*"
!"#$ %&'"(%"#$ %&$)"$ *+',&-.*./($ %&,+0-.1"2$ ,&0+$ -"'3.4($%&$ )+#$ &(-0&("'.&(-+#2$
#+($ *.0*5(#-"(*."#$ 6(.*"#$ 75&$ %&#18"($ &)$ *50#+$ (+0'")$ %&$ )"$ 1.%"$ 9"'.)."0:$ ;("$
<.'("#-"$+$5($("%"%+0$75&$%&3&$#&,"0"0#&$%&$'"(&0"$,0&'"-50"$%&$#5$=+<"0$,"0"$
.0$ "$ 5($ *&(-0+$ %&$ ")-+$ 0&(%.'.&(-+$ %&,+0-.1+>$ 5($ ,"-.("%+02$ ?5%+@"$ +$ "-)&-"$ 75&$
%&3&$ &(-0&("0$ '5*="#$ =+0"#$ *"%"$ %8">$ 5("$ )&#./($ %&$ 5($ ?5<"%+0$ %&$ =+*@&A$ +$
3")+(*&#-+:::$-+%+$&))+$"3#+03&$'5*=+#$0&*50#+#$&($)"$9"'.)."2$#5,+(.&(%+$5($95&0-&$
.',"*-+$ &($ &)$ (6*)&+$ 9"'.)."0$ BC)++'2$ DEFG>$ H+"@)&A2$ IJJK>$ HL-42$ DEEE>$ M+5)%2$
!"5&02$N+)+2$O"((&#$A$P&((.#.2$IJJF>$Q+)-$A$R5((2$IJJST
$

P&0+$ (+$ #/)+$ &)$ %&,+0-&$ %&$ ")-+$ (.1&)$ 0&,&0*5-&$ %&$ '"(&0"$ %.0&*-"$ &($ )"$

9"'.)."2$ -"'3.4($ &)$ %&,+0-&$ %&$)+#$ (.U+#$ &($ )"#$ ,0.'&0"#$ &-","#:$ V0"(#,+0-"0)+#$ "$
*+',&-.*.+(&#2$&(-0&("'.&(-+#2$.0$"$1&0)+#$?5<"0$A$*+',&-.02$*+',0"0)&#$'"-&0.")$+$
,"<"0$ &(-0&("%+0&#$ A$ -"#"#2$ ,0&,"0"0)&#$ )"#$ *+'.%"#$ +$ '&0.&(%"#2$ .(*)5#+$
.',5)#"0)+#$ "$ %.*="$ ,0W*-.*"$ BC05#-"%2$ IJJX>$ C05#-"%$ A$ P"0@&02$ IJJG>$ C05#-"%2$
IJDJ>$ M+5)%$ &-$ "):2$ IJJFT$ #+($ -"0&"#$ 95(%"'&(-")&#$ 75&$)+#$ ,"%0&#$ 0&").Y"($,"0"$
75&$#5#$=.?+#$,0"*-.75&($%&,+0-&:$
$

Z)$ %&,+0-&$ &($ )"#$ ,0.'&0"#$ &-","#$ %&3.&0"$ -&(&0$ 5("$ +0.&(-"*./($ ="*."$ )"$

%.1&0#./($A$&)$,)"*&0$,&0#+(")2$,5&#$&)$=+'30&$%&$'"(&0"$("-50")$35#*"$&#&$,)"*&0$
&($)"#$"*-.1.%"%&#$75&$0&").Y"$&($#5$1.%":$H5"(%+$5("$"*-.1.%"%$A"$(+$&#$,)"*&(-&0"2$
#&$+,-"$,+0$&)$ "3"(%+(+$%&$)"$'.#'":$ R&$&#-&$'+%+2$ &)$ 0+)$ ,0.(*.,")$%&$)+#$,"%0&#$
%&$ 5($ %&,+0-.#-"$ &($ 9+0'"*./($ #&0W$ ,0.(*.,")'&(-&$ &)$ %&$ 75&$ #5$ =.?+$ &(*5&(-0&$
,)"*&0$A$%.#905-&$*+($&)$%&,+0-&$75&$,0"*-.75&$B[")&(Y5&)"2$IJJFT:$\+$+3#-"(-&2$#+($
'5*=+#$)+#$"5-+0&#$75&$-"'3.4($*+.(*.%&($&($*/'+$ &)$%.#905-&$,5&%&$#&0$&)$'+-+0$
,"0"$ *+(-.(5"0$ &($ 5("$ "*-.1.%"%$ +$ %&,+0-&$ BR50"(%]C5#=2$ IJJJT:$ Z#&$ %.#905-&$
,5&%&$")"0<"0$)"$*"00&0"$%&,+0-.1"$%&$'5*=+#$?/1&(&#2$)+$75&$)&#$))&1"$"$")*"(Y"0$&)$
%&,+0-&$,0+9&#.+("):
$

R.9&0&(*."0$ &(-0&$ )+#$ '+%&)+#$ %&$ %&,+0-&$ ?+1&($ A$ %&,+0-&$ ,0+9&#.+(")$ &#$$

5("$ -"0&"$ 95(%"'&(-"):$ Z($ &)$ ,0.'&0$ *"#+$ &)$ %&,+0-&$ ="A$ 75&$ -0"-"0)+$ *+'+$ 5($
'&%.+$&%5*"-.1+$,"0"$&)$%&#"00+))+$%&#&"3)&$%&)$(.U+$-"(-+$^8#.*+$*+'+$,#.*+#+*."):$
P+0$*+(-0"2$&)$ %&,+0-&$,0+9&#.+(")$ &#$&_,)8*.-"'&(-&$5($(&<+*.+2$&)$+3?&-.1+$6)-.'+$

f"%0&#$A$R&,+0-&

&#$&(-0&-&(&0$A$<"("0$%.(&0+:$`Z#$&#-+$0&")'&(-&$'")+a:$ !"$0&#,5&#-"$&#$(+:$b.$3.&($
5("$%&$)"#$,&+0&#$*+(#&*5&(*."#$75&$,5&%&($+*500.0$&($&)$%&,+0-&$?+1&($&#$75&$%&$
'"(&0"$ &75.1+*"%"2$ )+#$ "%5)-+#$ .',+(<"($ 5($ '+%&)+$ ,0+9&#.+(")$ %+(%&$%&3.&0"$
,0&1")&*&0$ 5("$ &_,&0.&(*."$ 0&*0&"-.1"$ A$ &%5*"-.1":$ !+$ 75&$ #&$ *+(+*&$ *+'+$
,0+9&#.+(").Y"*./($%&)$%&,+0-&$?+1&($Bb'+))2$H5''.(<$A$b'.-=2$IJDDT:
$

Z($ &)$ %&,+0-&$ ?+1&($ +$ &($ &)$ ,0+9&#.+(")2$ &($ %&,+0-&#$ .(%.1.%5")&#$ +$ &($

*+)&*-.1+#$ +$ %&$ 0"75&-"$ +$ %&$ *+(-"*-+2$ &($ *=.*+#$ +$ &($ *=.*"#2$ &($ ,"0&?"#$
-0"%.*.+(")&#$+$ 'W#$ ).3&0")&#2$ &($Z#,"U"$A$&($+-0+#$)5<"0&#$%&)$ '5(%+2$ )+#$,"%0&#$
="($ #.%+$ )"0<"'&(-&$ &#-5%."%+#$ *+(+*.&(%+$ #5$&(+0'&$ .(^)5&(*."$ &($ -+%+#$ &#+#$
%&,+0-.#-"#$ BZ%c"0#+($ A$ M+0&)A2$ IJDJ>$ M"00.%+2$ H"',+#$ A$ H"#-"U&%"2$ IJDJ>$
d&&<"(2$Q"0c++%2$b,"0A$A$!"1"))&&2$IJJE>$ d(.<=-$A$Q"0c++%2$ IJJE>$!"5&02$ M+5)%2$
N+'"($A$P.&0*&2$IJDJ>$b-+#Y@+c#@.2$IJDDT:$
$

!+#$,"%0&#$))&1"($"$*"3+$%.9&0&(-&#$,",&)&#$+$0+)&#2$ ,&0+$ &($-+%+#$)+#$*"#+#$

,"0-.*.,"($&($&)$%&,+0-&$%&$)+#$=.?+#:$ P5&%&($="*&0)+$%&$'"(&0"$,+#.-.1"$BC05#-"%$
DEEK>$ H"'.042$ V05%&)$ A$ e+0(&0.#2$ IJJE>$ Q+)-2$ V"''.(&(2$ C)"*@2$ f"(%.<+$ A$ e+_2$
IJJET$ ")$ &(*"0<"0#&$ %&)$ -0"(#,+0-&2$ %&$ )"$ *+'.%"2$ %&$ )"1"0$ +$ *+',0"0$ 0+,"2$ %&$
&)&<.0$ &(-0&("%+0&#$ +$ &)$ *)53$ %+(%&$ ?5<"0W$ #5$ =.?+2$ %&$ "(.'"0)&2$ ",+A"0)&2$ %&$
%.#905-"0$ ?5(-+$ ")$ =.?+$ &($ )+#$ 35&(+#$ '+'&(-+#$ +$ ")&(-"0)&$ &($ )+#$ '")+#2$ %&$
"A5%"0)&$"$#5,&0"0$90"*"#+#$+$)&#.+(&#:::$g$"#8$ 5("$)"0<"$).#-"$%&$-"0&"#$75&$0&").Y"($
)+#$,"%0&#$#.($75&$("%.&$)&#$%.<"$*/'+2$*5W(%+$+$,+0$754:$
$

P&0+$ +-0+#$ ,"%0&#$ *+(-0.35A&($")$ %&,+0-&$ %&$)+#$ =.?+#$ %&$'"(&0"$ (&<"-.1"$

Bh,,)&-+(2$ Q"))$ A$ Q.))2$ IJDJ>$ M+5)%2$ V599&A2$ ;%0A$ A$ !+&=02$ DEEiT:$ P0&#.+("02$
"(-&,+(&0$ )"$ 1.*-+0."$ "$ *5")75.&0$ +-0+$ "#,&*-+2$ <0.-"02$ 0&<"U"02$ #+($ "**.+(&#$
-0&'&(%"'&(-&$0&,&-.%"#2$75&$,5&%&($'"0*"0$&)$%&1&(.0$%&$'5*=+#$%&,+0-.#-"#:
$

P+0$+-0+$)"%+2$&#$.',+0-"(-&$#&U")"0$75&$&)$%&,+0-&$&#$5($"#5(-+$,63).*+:$Z($

*+(-0"#-&$*+($5($&_"'&($%&$'"-&'W-.*"#$B75&$#+)+$)+$1&$&)$,0+9&#+0T2$5($<+),&+$%&$
-&(.#$ +$ 5($ )"(Y"'.&(-+$ "$ *"("#-"$ &#$ +3#&01"%+$ ,+0$ *+',"U&0+#$ %&$ &75.,+2$
+,+(&(-&#2$&(-0&("%+0&#2$ ,"%0&#$+$&#,&*-"%+0&#2$ %&$'+%+$75&$)"$&1")5"*./($#+*.")$
&#$5($9"*-+0$%&$<0"($.',+0-"(*.":$Z#"$&1")5"*./($#+*.")$&#$)"$.(9+0'"*./($75&$-.&(&$
*"%"$,&0#+("$ #+30&$ #5#$ ="3.).%"%&#$ ,&0#+(")&#$ 0&*.3.%"#$ %&$+-0+#:$ Z#$ .',+0-"(-&$

"#

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

"U"%.02$ */'+$ )"$&1")5"*./($#+*.")$0&*.3.%"$%&$"%5)-+#$ A$ *+',"U&0+#$ #.<(.^.*"-.1+#$

?5&<"$ 5($ .',+0-"(-&$ 0+)$ &($ )"$ ,&0*&,*./($ 75&$ -.&(&($ )+#$ (.U+#$ %&$ #5#$ ,0+,."#$
="3.).%"%&#:$P&0+$ (+$#/)+$)+#$(.U+#$A$?/1&(&#$#+($#&(#.3)&#$"$&#"$&1")5"*./($#+*.")2$
#.(+$ 75&$ -"'3.4($ 1&-&0"(+#$ %&,+0-.#-"#$ Bb*"()"(2$ DEFKT:$ R&$ "=8$ )"$ &(+0'&$
.',+0-"(*."$75&$-.&(&$&#-5%."0$&)$,",&)$%&$)"$9"'.).":$
$

h$)+$)"0<+$%&)$*",8-5)+$#&$,0&#&(-"($&#-5%.+#$&$.(1&#-.<"*.+(&#$&($-+0(+$"$)"$

.(^)5&(*."$%&$)+#$ ,"%0&#$ &($)"#$&-","#$ %&$*0&*.'.&(-+$ %&,+0-.1+$ ,&0+$ -"'3.4($%&)$

")-+$(.1&)2$"$*/'+$1"08"$)"$.(^)5&(*."$%&$)+#$,"%0&#$&($0&)"*./($"$#.$&)$,0.'+<4(.-+$&#$
1"0/($+$'5?&02$ */'+$ .(^)5A&($)+#$,"%0&#$,+#.-.1"2$ ,&0+$ -"'3.4($(&<"-.1"'&(-&2$ +$
-"'3.4($"$754$,",&)&#$ %.9&0&(-&#$ ))&1"($"$ *"3+$ ,"%0&#$ B1"0+(&#T$A$ '"%0&#$ &($&)$
%&,+0-&$%&$)+#$=.?+#:

+,+,-.%/-01&$2/-2"-23-&20%$#2-&2-/'/-4)5%/
!+#$ ,"%0&#$ ?5&<"($5($ ,",&)$ .(-&<0"%+0$ &($ &)$ %&,+0-&$ %&$ #5#$ =.?+#$ BC)++'$ DEFG2$
HL-42$ DEEE>$ Q&))#-&%-$ DEFi>$ j++)<&0$ A$ P+c&02$ DEEXT:$ !+#$ ,"%0&#$ .(^)5A&($&($)"#$
"*-.1.%"%&#$&)&<.%"#$,+0$#5#$=.?+#$&($#5#$,0.'&0+#$"U+#$A$%"($)"#$+,+0-5(.%"%&#$ A$
0&*50#+#$ (&*&#"0.+#$ ,"0"$ '"%50"0$ &($#5$%&#"00+))+$ BH#.@Y&(-'.=")A.2$ N"-=5(%&$ A$
j=")&(2$DEEXT:$!+#$,"%0&#$0&#,")%"($)"$"*-.1.%"%$^8#.*"$%&$#5#$=.?+#$"$-0"14#$%&$5("$
<0"($ 1"0.&%"%$ %&$ '&*"(.#'+#$ 75&$ .(*)5A&(k$ *+',0+'.#+$ %&$ )+#$ ,"%0&#2$
*+',+0-"'.&(-+$A$"*-.-5%&#$="*."$)"$"*-.1.%"%$^8#.*"2$ '+%&)+#2$"A5%"$&$.',).*"*./($
"$ -0"14#$ %&)$ -0"(#,+0-&$ +$ ,"<"(%+$ )"$ "*-.1.%"%:::$ BZ%c"0#+($ A$ M+0&)A2$ IJDJT:$ !+#$
,"%0&#$?5&<"($5($.',+0-"(-8#.'+$0+)$&($)"$'+-.1"*./($%&$#5#$=.?+#$="*."$&)$%&,+0-&$
BC05#-"%$IJDJ>$ d&&<"($&-$"):2$ IJJET:$ !+#$,"%0&#$0&95&0Y"($&)$ %&,+0-&$*+',&-.-.1+2$
")$ 1&0$ &($ 4)$ 5($ *+',+(&(-&$ *)"1&$ %&(-0+$ %&$ )"$ #+*.").Y"*./($ <&(&0")$ %&)$ (.U+$
Bd"(-&0#$A$H"#,&02$IJJFT:$!+#$,"%0&#$%"($5("$.',+0-"(*."$&#,&*.")$"$)"$.',).*"*./($
&($&)$ %&,+0-&$*+'+$ *+(#&*5&(*."$ %&$ )"#$ *5").%"%&#$ ,+#.-.1"#$ *+'+$ %&,+0-.1.%"%2$
-0"3"?+$ &($ &75.,+2$ "5-+*+(^."(Y"$ +$ &)$ %&#"00+))+$ %&$ ="3.).%"%&#$ 75&$ &)$ %&,+0-&$
,5&%&$ &(#&U"0$ BN+-&))"$ A$ C5(@&02$ DEFiT:$ !+#$ ,"%0&#$ %"($ ",+A+$ ")$ (.U+$ &($ &)$
*"'.(+$ "$ )"$ &_*&)&(*."$ %&,+0-.1"$ %&$ %.9&0&(-&#$ '+%+#$ BR50"(%$ C5#=2$ b")'&)"$ A$

""

f"%0&#$A$R&,+0-&

V=+',#+(2$ IJJS>$ M+5)%2$ !"5&02$ N+)+2$ O"((&#$ A$ P&((.#.2$ IJJK>$ j+)9&(%&($ A$ Q+)-2$
IJJGT:$
$

`Z#$0&)&1"(-&2$,+0$-"(-+2$&#-5%."0$&)$,",&)$%&$)+#$,"%0&#$&($&)$%&,+0-&$%&$)+#$

=.?+#$%&#%&$&)$.(.*.+$*+'+$"*-.1.%"%$0&*0&"-.1"$="#-"$&)$")-+$0&(%.'.&(-+a

+,+,+,-67%3'()*"-2"-31-)"72/#)81()*"-&2-31-)"93'2"()1-&2-01&$2/-2"-23-&20%$#2
;("$1&Y$&_,5&#-"$)"$0&)&1"(*."$%&)$&#-5%.+$%&$)"$9"'.)."$&($&)$%&,+0-&$%&$)+#$=.?+#2$
&#$(&*&#"0.+$ %&-&0'.("0$*/'+$"$)+$)"0<+$%&$)+#$ 6)-.'+#$ "U+#$="$.%+$&1+)5*.+("(%+$
)"$ .(1&#-.<"*./($&($ -+0(+$ ")$ 0+)$ %&$ )"$9"'.).":$ b.<5.&(%+$ "$ C05#-"%$ BIJJXT$ &_.#-&($
-0&#$9"#&#$&($0&)"*./($"$)"$.(1&#-.<"*./($%&$)"$.(^)5&(*."$%&$)+#$,"%0&#k
ehbZ$lk$H+',0&(%&$)+#$"U+#$ iJ$&$.(.*.+#$%&$)+#$FJ:$b+($"U+#$ &($)+#$75&$#&$
<&(&0"$ 5("$<0"($ *"(-.%"%$%&$ *+(+*.'.&(-+$ 75&$ ",+A"$ )"$.%&"$%&$ 75&$ )+#$
,"%0&#$ #+($ 5("$ 95&0-&$ .(^)5&(*."$ &($ )"#$ &_,&0.&(*."#$ %&,+0-.1"#$ %&$ )+#$
?/1&(&#:$ Z#-"#$ )8(&"#$ %&$ .(1&#-.<"*./($ #5<.&0&($ 75&$ )+#$ ,"%0&#$ #+($ )"$
.(^)5&(*."$,0.'"0."$,"0"$)"$.',).*"*./($%&,+0-.1"$%&$)+#$?/1&(&#$A$75&$#+($
)+#$ ,"%0&#$ B1"0+(&#T2$ <&(&0")'&(-&2$ )+#$ 'W#$ .',+0-"(-&#$ &($ &#"$
#+*.").Y"*./($ -"(-+$ ,"0"$ =.?+#$ *+'+$ ,"0"$ =.?"#:$ Z#-&$ ,0.'&0$ ,"#+$ %"$ "$
*+(+*&0$ )"$ \"-50")&Y"$ %&$ )"$ .(^)5&(*."$ %&$ )+#$ ,"%0&#$ &($ )"$ ,"0-.*.,"*./($
%&,+0-.1"$%&$)+#$?/1&(&#$,&0+$(+$&#-5%."$&)$0&#5)-"%+$%&$%.*="#$"**.+(&#:$
ehbZ$ llk$ h3"0*"$ %&#%&$ '&%."%+#$ %&$ )+#$ FJ$ ="#-"$ )"$ "*-5").%"%:$ !"$
.(1&#-.<"*./($#&$*&(-0"$&($*+(+*&0$)+#$0+)&#$%&$)+#$,"%0&#$75&$*+(-0.35A&($
"$ "5'&(-"0$ )+#$ (.1&)&#$ %&$ "(#.&%"%$ %&$ )+#$ (.U+#2$ "$ %&#"00+))"0$ &)$ "5-+$
*+(*&,-+$ %&)$(.U+$ +$ )"$ '+-.1"*./($%&$ )+#$ (.U+#$ ="*."$&)$ %&,+0-&:$V"'3.4($
&($ &#-"$ #&<5(%"$ 9"#&$ )+#$ &#-5%.+#$ #&$ *&(-0"($ &($ *+(+*&0$ )"#$ %.9&0&(*."#$
.(%.1.%5")&#$ A$ */'+$ "9&*-"($ "$ )+#$ (.U+#$ )+#$ *+',+0-"'.&(-+#$ %&$ #5#$
,"%0&#$ %&#%&$ &)$ ,5(-+$ %&$ 1.#-"$ ,#.*+)/<.*+2$ #+*.")$ +$ "9&*-.1+2$ "#8$ *+'+$ "$
%&#1&)"0$)"#$*"0"*-&08#-.*"#$%&$)+#$75&$")*"(Y"($)"$&_*&)&(*.":

"$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

ehbZ$lllk$Z#-"$-&0*&0"$9"#&$&#$ )"$'W#$ "',)."$A$ *+',)&?"$")$.(*)5.0$'+%&)+#$

-&/0.*+#$ &($ &)$ &#-5%.+$ %&)$ ,",&)$ %&$ )"$ 9"'.)."$ *+'+$ )"$ V&+08"$ %&$ )"$
H+',&-&(*."$P&0*.3.%"2$&)$f+%&)+$%&$Z_,&*-"-.1"$]$[")&(*."$+$&)$'+%&)+$%&$
.(^)5&(*."$9"'.)."0$%&$d.'.&*.@:$!+$ *+'6($"$-+%"#$&#-"#$ .(1&#-.<"*.+(&#$&#$
&)$ .(-&(-+$ %&$ &(-&(%&0$ )"$ .(^)5&(*."$ %&$ )+#$ ,"%0&#$ A$ *+'3.("0$ 1"0.+#$
"#,&*-+#2$ &($ )5<"0$ %&$ *&(-0"0$ )"$ "-&(*./($ &($ =&*=+#$ ".#)"%+#$ %&$ )"$
.(^)5&(*."$%&$,"%0&#:$b.($&'3"0<+2$*"%"$'+%&)+$%&$'"(&0"$&_,)8*.-"$%.0.<&$
#5$ #.<(.^.*"%+$ "$ *5W)&#$ #+($ )+#$ *+',+0-"'.&(-+#$ %&$ )+#$ ,"%0&#$ A$ #5#$
*0&&(*."#$ 75&$ "9&*-"($ "$ )"#$ *"0"*-&08#-.*"#$ ,#.*+)/<.*"#$ %&)$ (.U+$ A$ "$ #5#$
0&#5)-"%+#$"9&*-.1+#:$

+,+,:,-.%/-01&$2/-2"-23-&20%$#2-2"-82"2$13
Z)$%&,+0-&$&#$ 5("$,"0-&$.(%.#+*."3)&$%&$)"$#+*.&%"%$&($*0&*.'.&(-+2$ )+#$,0+<0"'"#$
%&,+0-.1+#$,"0"$(.U+#$A$?/1&(&#$#&$&#-W($1+)1.&(%+$*"%"$1&Y$ 'W#$+0<"(.Y"%+#$A$)"$
.',).*"*./($ %&$ )+#$ ,"%0&#$ &#$ *"%"$ 1&Y$ '"A+0:$ !"$ "*-.1.%"%$ ^8#.*"$ +0<"(.Y"%"$
0&75.&0&$ 'W#$ ",+A+$ %&$ )+#$ ,"%0&#$ &($ 9+0'"$ %&$ -0"(#,+0-&$ +$ .',).*"*./(2$ 75&$ )"$
"*-.1.%"%$ ^8#.*"$ %&$ +*.+$ BZ%c"0#+($ A$ M+0&)A2$ IJDJT:$ P+0$ -"(-+2$ )+#$ 0+)&#$ 75&$
%&#&',&U"($)+#$ ,"%0&#$ "-0"&($*"%"$1&Y$ 'W#$)"$"-&(*./($%&$)+#$.(1&#-.<"%+0&#$ %&)$
%&,+0-&$Bb'+))2$H5''.(<$A$b'.-=2$IJDDT:$
$

!+#$,"%0&#$.(#*0.3&($"$#5#$=.?+#$&($%&,+0-&#$,+0$1"0."#$0"Y+(&#k$,"0"$75&$(+$

&#-4($&($ )"$ *"))&2$ ,"0"$ 75&$ (+$ #&$'&-"($&($,0+3)&'"#$ +$ ,"0"$9+0?"0#&$5($*"0W*-&0$

"%'.0"%+$ ,+0$ )"$#+*.&%"%$BH+"@)&A2$ IJJKT:$Z#$*.&0-+$75&$&)$ -.,+$ %&$%&,+0-&$,5&%&$
'"0*"0$)"$.',).*"*./($%&$)+#$,"%0&#$Bb.'+($A$f"0-&(#2$DEiET2$#.$3.&(2$&($*5")75.&0"$
%&$ )+#$ *"#+#2$ )+#$ ,"%0&#$ #+($ *+(#*.&(-&#$ %&#%&$ &)$ ,0.'&0$ '+'&(-+$ %&$ )+#$
#.<(.^.*"-.1+#$ <"#-+#$%&$-.&',+$ A$ %.(&0+$75&$)&#$ #5,+(%0W:$ !+#$,"%0&#$.(^)5A&($&($
#5#$=.?+#$"$-0"14#$%&$#5#$*+',+0-"'.&(-+#$A$%&$)+#$1")+0&#$75&$&_=.3&(:$P5&%&($#&0$
!"#$%%&#"%'k$ -0"(#,+0-&$ "$ )"#$ *+',&-.*.+(&#2$ &(-0&("'.&(-+#$ +$ ,"<"(%+$ )"#$
.(#*0.,*.+(&#>$()*+"!"%*%'k$")$"A5%"0$"$)+#$=.?+#$"$0&"**.+("0$"(-&$)"#$1.*-+0."#$+$)"#$
%&00+-"#>$ ,#&%-#'2$ )+#$ ,"%0&#$ ,5&%&($ ="*&0$ %&$ '+%&)+#$ ,"0"$ &)$ -0"3"?+2$ )"$

"%

f"%0&#$A$R&,+0-&

*+',+#-50"$+$)"$4-.*">$*+(#-.-5A&(%+$-+%+$&))+$5($",+A+$.',+0-"(-&$,"0"$)+#$(.U+#$$
&($)"#$,0.'&0"#$&-","#$%&$9+0'"*./($Bd"(-&0#$A$H"#,&0$IJJFT:
$

P&0+$ &)$ %&,+0-&$ %&$)+#$ (.U+#$ &#-W$ "3.&0-+$ "$ '6)-.,)&#$ .(-&0,0&-"*.+(&#:$ P+0$

5($)"%+$#&$1&$*+'+$ 5($#.#-&'"$&($&)$75&$"35(%"$)"$*+005,*./(2$*+($,0+3)&'"#$75&$
,0+).9&0"(2$*+'+$&)$&(<"U+2$&)$-.'+$+$)"$"<0&#./(:$Z)$%&,+0-&$","0&*&$*+'+$5($)5<"0$
&($%+(%&$)+#$(.U+#$&(<"U"(2$ ,&)&"($A$ ,.&0%&($&)$0&#,&-+$ "$W03.-0+#2$ '.&(-0"#$ 75&$
)+#$ &(-0&("%+0&#$ "(.'"($ "$ ))&1"0$ "$ *"3+$ &#+#$ *+',+0-"'.&(-+#2$ -"'3.4($
#+#-&(.%+#$ ,+0$ ,"%0&#$ 75&$ <0.-"($ 15)<"0.%"%&#$ "$ &(-0&("%+0&#2$ W03.-0+#$ +$ )+#$
,0+,.+#$?5<"%+0&#:$m-0+#2$,+0$*+(-0"2$1&($&)$%&,+0-&$*+'+$5($&(-+0(+$&($&)$75&$)+#$
(.U+#$ %.#905-"($ A$ #&$ %.1.&0-&($ ",0&(%.&(%+$ (5&1"#$ %&#-0&Y"#:$ !"$ ,53).*.%"%$
","0&*&$ *+'+$ 0&#,+(#"3)&$ ,0.'&0"$ %&$ &#"$ ,&0*&,*./($ &75.1+*"%"$ Bb=.&)%#2$
C0&(%&'&.&02$!"1+.$A$P+c&02$IJJGT:$
$

H+'+$#&$="$%.*=+$ "(-&0.+0'&(-&2$)"$.',).*"*./($%&$)+#$,"%0&#$&($&)$%&,+0-&$

%&$#5#$ =.?+#$ &#$ *"%"$1&Y$ '"A+02$ ")$ '.#'+$ -.&',+$&#$ 95(%"'&(-")$ 5($*+',0+'.#+$
'8(.'+$ ,"0"$ 75&$ )+#$ (.U+#$ ,0"*-.75&($ %&,+0-&:$ H+'+$ *+(#&*5&(*."$ %&$ &#"$
(&*&#.%"%$%&$75&$)+#$,"%0&#$&#-4($.',).*"%+#2$&#$.',+0-"(-&$*+(+*&0$754$="*&($)+#$
,"%0&#$ &($ -+%+#$ A$ *"%"$ 5(+$ %&$)+#$ *+(-&_-+#$ %&,+0-.1+#:$ P&0+$ (+$ #/)+$ %&(-0+$ %&$
&))+#2$#.(+$-"'3.4($95&0"2$ *5W)&#$#+($#5#$*+',+0-"'.&(-+#$*5"(%+$#&$1"($"$*"#"2$+$
'.&(-0"#$1"($&($&)$*+*=&:$
$

Z($)"#$#+*.&%"%&#$+**.%&(-")&#$)+#$,"%0&#$&#-W($")-"'&(-&$.',).*"%+#$&($)"#$

&_,&0.&(*."#$%&,+0-.1"#$ %&$#5#$=.?+#:$ [&($"$#5#$ =.?+$ *+',&-.0$%&$'"(&0"$+3#&#.1"$

%+(%&$./)/"010!%"&%"010+2(*#0103"/4/'#$&#-W($&($)"$'.#'"$)8(&":$P+0$&#+2$ *+(+*&0$)+#$
)8'.-&#$ &(-0&$ &)$ ",+A+$ %&$ )+#$ ,"%0&#$ A$ )"$ ,0&#./($ 75&$ &?&0*&($ &#$ %&$ &(+0'&$
.',+0-"(*.":$P"0"$&))+2$"$*+(-.(5"*./($#&$%&^.(&($"'3+#$*+(*&,-+#k
$

5!#6#0 &%0 -#'0 !/&"%'k$ &#$ )"$ ,&0*&,*./($ 75&$ -.&(&($ )+#$ ?/1&(&#$ %&,+0-.#-"#$

#+30&$ &)$ *+',+0-"'.&(-+$ %&$ #5#$ ,"%0&#$ ,"0"$ 9"*.).-"0$ #5$ .',).*"*./($ A$
,"0-.*.,"*./($ &($ &)$ %&,+0-&2$ "$ -0"14#$ %&$ *+'&(-"0.+#$ 75&$ 9+'&(-"($ &#"$
,"0-.*.,"*./($%&,+0-.1"$BV50'"(2$IJJiT:

"&

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

7"%'(8)0 &%0 -#'0 !/&"%'k$ &#$ &)$ *+',+0-"'.&(-+$ &_=.3.%+$ ,+0$ )+#$ ,"%0&#$ A$

,&0*.3.%+$,+0$)+#$=.?+#$*+'+$ 5($.(%.*"-.1+$ %&$")-"#$]$3"?"#$+$.(*)5#+$.(")*"(Y"3)&#$

&_,&*-"-.1"#:$B!&99$A$Q+A)&2$DEEGT
$

Q&))#-&%-$ BDEFiT$ *+(*&,-5").Y/$ )"$ .',).*"*./($ %&$ )+#$ ,"%0&#$ &($ )"$

,"0-.*.,"*./($%&,+0-.1"$%&$#5#$=.?+#$%&#%&k
' ()*' +,-,' ./0123,3245''

(6789,7,' ./0123,3245'

()*':1;,'./0123,3245

P"%0&#$75&$,0+'5&1&($)+#$'&?+0&#$.(-&0&#&#$,"0"$#5#$=.?+#2$
"5(75&$#.<(.^.75&$#"*0.^.*"0$.(-&0&#&#$,&0#+(")&#

!+#$,"%0&#$#&$'5&1&($%&#%&$5($&_-0&'+$&($&)$75&$&)$%&,+0-&$%&$#5#$=.?+#$(+$

)&#$.',+0-"$("%"$B,"%0&#$%&#.(-&0&#"%+#T2$ ="#-"$+-0+$&($%+(%&$)+#$,"%0&#$/.#9(/)$
")$=.?+$%&,+0-.#-"$B,"%0&#$#+30&.',).*"%+#T:$Z($'&%.+$*+="3.-"($5("$<0"($1"0.&%"%$
%&$,"%0&#$*5A+#$*+',+0-"'.&(-+#$.(^)5A&($%.0&*-"'&(-&$&($&)$=.?+$"9&*-"(%+$ "$#5$
0&(%.'.&(-+$ %&,+0-.1+$ A2$ )+$ 75&$ &#$ 'W#$ .',+0-"(-&2$ "$#5$%.#905-&$A$,"#./($,+0$&)$
%&,+0-&:$
$

!+#$,"%0&#$%&#.(-&0&#"%+#$#&$*"0"*-&0.Y"($,+0$5("$*"0&(*."$%&$.',).*"*./($

&'+*.+(")2$ ^.("(*.&0"$A$ 95(*.+(")$*5A+$ 0&^)&?+$ &($)"$1.%"$ %&)$ %&,+0-.#-"$ #&$-0"%5*&$

&($ (+$ "#.#-.0$ "$ ,"0-.%+#$ A$ *+',&-.*.+(&#2$ 5("$ .(1&0#./($ ^.("(*.&0"$ '8(.'"$ &($
0&)"*./($")$ '"-&0.")2$ ,+*"#$"*-.1.%"%&#$1+)5(-"0."#$ *+'+$ "*+',"U"0$"$#5#$ =.?+#$ "$
*"',&+("-+#$ ?5(-+$ *+($+-0+#$ ,"%0&#$ +$ 5($ .(-&04#$ '8(.'+$ ,+0$ )"#$ *="0)"#$ %&$ )+#$
&(-0&("%+0&#$ &($ 0&)"*./($ ")$ %&,+0-&$ %&$ #5$ =.?+:$ Z($ &#-&$ *"#+2$ )+#$ %&,+0-.#-"#$ #&$
"<"00"($95&0-&'&(-&$"$)+#$&(-0&("%+0&#2$*+(#.%&0W(%+)+#$5($#&<5(%+$,"%0&:
$

!+#$,"%0&#$*+($5("$'5A$")-"$.',).*"*./(2$,"0-.*.,"($%&$'"(&0"$&_*&#.1"$&($

&)$ 4_.-+$ %&,+0-.1+$ %&$ #5#$ =.?+#:$ \+$ -.&(&($ )"$ *","*.%"%$ %&$ #&,"0"0$ #5#$ ,0+,.+#$
%&#&+#2$9"(-"#8"#$+$(&*&#.%"%&#$%&$)"#$%&$#5#$,0+,.+#$=.?+#:$b&$*"0"*-&0.Y"($,+0$5("$
"#.#-&(*."$&_*&#.1"$"$)+#$&(-0&("'.&(-+#2$ #.&',0&$*&0*"$%&)$&(-0&("%+02$ <0.-"(%+$ A$
&($ %&#"*5&0%+$ *+($ &)$ ?5&<+$ +$ &)$ W03.-0+:$ P0&#-"($ 5($ &_*&#.1+$ ",+A+$ ^.("(*.&0+2$

"<

f"%0&#$A$R&,+0-&

&(9"-.Y"(%+$%&'"#."%+$&($)"$1.*-+0."$90&(-&$"$)"$'&?+0"$+$&)$ 35&($?5&<+:$V.&(%&($"$
*0&"0#&$+3?&-.1+#$.00&")&#$,"0"$#5#$=.?+#$"$75.&(&#$0&<"U"($#.$(+$)+#$*+(#.<5&(:
$

Z)$*+(?5(-+$%&$,"%0&#$'+%&0"%"'&(-&$.',).*"%+#$&($&)$%&,+0-&$%&$#5#$=.?+#$

#&$*"0"*-&0.Y"$,+0$5("$%.0&**./($^.0'&$&($)"$&%5*"*./($%&$)+#$'.#'+#2$,&0+$*+($5("$
^)&_.3.).%"%$ #5^.*.&(-&$ ,"0"$ 75&$ ")$ %&,+0-.#-"$ #&$ )&$ ,&0'.-"$ -+'"0$ #5#$ ,0+,."#$
%&*.#.+(&#:$ !+#$ ,"%0&#$ *+(#-.-5A&($ &($ #8$ '.#'+$ 5($ ",+A+2$ ,&0+$ )"#$ %&*.#.+(&#$
6)-.'"#$#+30&$#5$,"0-.*.,"*./($A$(.1&)$%&$*+',0+'.#+$)"#$="*&$&)$,0+,.+$%&,+0-.#-":$
Z#-+#$ ,"%0&#$ &#-W($ .(-&0&#"%+#$ &($ &)$ 9&&%3"*@$ 75&$ %"$ &)$ &(-0&("%+0$ #+30&$ &)$
%&#"00+))+$ %&$)"#$ ="3.).%"%&#$%&$ #5$=.?+$ A$-.&(&($)"$ ="3.).%"%$ %&$*0&"0#&$ +3?&-.1+#$
0&").#-"#$ ,"0"$ &))+#2$ ",+A"(%+$ )"$ ,"0-.*.,"*./($ %&,+0-.1"$ %&$ #5#$ =.?+#$ %&#%&$ &)$
,5(-+$ %&$ 1.#-"$ ^.("(*.&0+2$ #.($ *+'&-&0$ &_*&#+#:$ h,+A"($ (5'&0+#+#$ "#,&*-+#$ %&)$
%&,+0-&$%&$#5#$=.?+#2$ #.$ 3.&($&)$%&#"00+))+$%&$)"#$="3.).%"%&#$-4*(.*"#$#&$)+$%&?"($")$
&75.,+$-4*(.*+$BQ&))#-&%-2$DEFiT:$
$

Z#-"$ *)"#.^.*"*./($ '5&#-0"$)+#$ -.,+#$ %&$ ,"%0&#$ A$ "75&))+#$ 75&$,&0'.-&($ 5($

'"A+0$%.#905-&$%&)$%&,+0-&:$\+$+3#-"(-&2$&#$.',+0-"(-&$#&U")"0$*/'+$)"$,&0*&,*./($
75&$ )+#$ ,0+,.+#$ %&,+0-.#-"#$ -&(<"($ %&$ &#"$ .',).*"*./($ &#$ 95(%"'&(-")$ #.$ %&$
%&-&0'.("0$ &)$ ,)"*&0$ #&$ 0&^.&0&:$ g$ &#$ 75&2$ ,"0"$ '5*=+#$ (.U+#$ )"$ ,"0-.*.,"*./($
%&,+0-.1"$&#$%.#905-&$A$%.1&0#./(2$'.&(-0"#$75&$,"0"$+-0+#2$&)$%&,+0-&$&#$(&<"-.1+$+$
5("$&_,&0.&(*."$&#-0&#"(-&$,+0$)+#$*+',+0-"'.&(-+#$%&$#5#$,"%0&#$Bb-&.(2$N"&%&@&$
A$M)&((2$DEEET:
$

Z#$)"$,0+,."$.',).*"*./($%&$)+#$,"%0&#$)"$75&$,5&%&$,0+1+*"0$&)$ *05*&$%&$)"$

)8(&"$ &(-0&$ %.#905-&$ A$ &#-04#:$ Z($ &)$ -&00&(+$ "*"%4'.*+$ A"$ #&$ ="38"$ #5<&0.%+$ 75&$
&_.#-8"$5("$0&)"*./($*501.)8(&"$&(-0&$)"$.',).*"*./($%&$)+#$,"%0&#$A$)"#$&_,&0.&(*."#$
&#-0&#"(-&#$ %&$ )+#$ (.U+#2$ %&$ '+%+$ 75&$ )+#$ ,"%0&#$ '+%&0"%"'&(-&$ .',).*"%+#$
*0&"($'&(+#$ &#-04#$ 75&$"75&))+#$ ")-"$+$ '8(.'"'&(-&$.',).*"%+#$ BQ"(#&))2$ DEFIT:$
R&$ '"(&0"$ #.'.)"02$ &($ &)$ -&00&(+$ %&,+0-.1+2$ #&$ #5<.0./2$ *+'+$ #&$ ="$ *+'&(-"%+$
"(-&0.+0'&(-&2$ 75&$ 5("$ '+%&0"%"$ .',).*"*./($%&$ )+#$,"%0&#$&#$.%&"):$ P+0$ *+(-0"2$
-"(-+$)+#$,"%0&#$.',).*"%+#$'5*=+$+$,+*+2$*0&"($5($"'3.&(-&$'&(+#$9"1+0"3)&$75&$
="*&$"5'&(-"0$&)$&#-04#$A$0&%5*.0$&)$%.#905-&$"#+*."%+$"$)"$,"0-.*.,"*./($%&,+0-.1":$

"=

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

b.<5.&(%+$ &#-"$ *+00.&(-&$ b-&.(2$ N"&%&@&$ A$ M)&(($ BDEEET$ %&-&0'.("0+($ &($

5("$ '5&#-0"$ %&$ SX$ ,"0-.*.,"(-&#$ */'+$ )"$ 0&)"*./($ *501.)8(&"$ ,0+,."$ %&)$ W'3.-+$
"*"%4'.*+$ #&$ "^."(Y"3"$ &($ &)$ -&00&(+$ %&,+0-.1+:$ R&$ &#-&$ '+%+2$ )+#$ ,"%0&#$
,&0*.3.%+#$*+($5($",0+,."%+$<0"%+$%&$.',).*"*./($*0&"3"($'&(+#$(.1&)$%&$&#-04#2$
'.&(-0"#$ 75&$ )+#$ ,&0*.3.%+#$ *+($ 5("$ '8(.'"$ +$ 'W_.'"$ ,"0-.*.,"*./(2$ #&$
0&)"*.+("3"($*+($ ")-+#$ (.1&)&#$ %&$ &#-04#2$ 0&#5)-"(%+$ 5("$ 9+0'"$ &($ ;:$ R&$'"(&0"$
#.'.)"02$#&$*+00+3+0/$ 75&$)+#$,"%0&#$,&0*.3.%+#$ *+($5($<0"%+$%&$.',).*"*./($?5#-+$
&0"($0&)"*.+("%+#$ *+($)+#$ 'W#$ ")-+#$ (.1&)&#$ %&$ %.#905-&2$ '.&(-0"#$ 75&$ %&'"#."%+$
")-"$ +$ 3"?"$ .',).*"*./($ #&$ "#+*./$ "$ 'W#$ 3"?+#$ (.1&)&#$ %&$ %.#905-&2$ 0&#5)-"%+$ 5("$
9+0'"$%&$;$.(1&0-.%":$$$$$$$
$

P"0"$'+#-0"0$ )"$&#-0&*="$)8(&"$ 75&$ #&,"0"$5("$ .',).*"*./($ ,+#.-.1"$ %&$)+#$

,"%0&#$%&$ 5("$(&<"-.1"2$ )"$.(1&#-.<"*./($%&$P+c&0$A$j++)<&0$BDEEST2$ *&(-0"%"$&($

,"%0&#$ %&$ ?/1&(&#$ ("%"%+0&#$ BK$]$ DS$"U+#T2$ -0"-/$ %&$%&-&0'.("0$ &)$ <0"%+$ &($ 75&$
%"3"($ 4(9"#.#$ ")$ 0&(%.'.&(-+:$ b&$ &(*+(-0/$ 5($ 0&)"*./($ *501.)8(&"$ &(-0&$ )"$
+0.&(-"*./($%&$)+#$+3?&-.1+#$")$0&(%.'.&(-+$%&$)+#$,"%0&#$B1"0+(&#T$A$&)$&(-5#."#'+$
%&$)+#$(.U+#$,+0$)"$("-"*./(:$ !+#$(.1&)&#$ 'W#$")-+#$%&$&(-5#."#'+$ ,+0$,"0-&$%&$)+#$
(.U+#$ #&$&(*+(-0"0+($*5"(%+$ )+#$ ,"%0&#$ B1"0+(&#T$'+#-0"3"($5($(.1&)$ '+%&0"%+$
&($ )+#$ +3?&-.1+#$ %&$ 0&(%.'.&(-+:$ b.$ )+#$ ,"%0&#$ &_=.38"($ ")-+$ +$ 3"?+$ 4(9"#.#$ &($
+3?&-.1+#$%&$0&(%.'.&(-+$)+#$(.U+#$'+#-0"3"($'&(+#$&(-5#."#'+$,+0$&)$%&,+0-&:$
$

b&$="$1.#-+$75&$)"$,&0*&,*./($75&$)+#$(.U+#$ -&(<"($%&$)"$.',).*"*./($%&$#5#$

,"%0&#$ &#$ 95(%"'&(-"):$ H+'+$ *+(#&*5&(*."$ %&$ &))+2$ ("*&$ 5($ &#-5%.+$ *+($ DJF$
?5<"%+0&#$ %&$=+*@&A$=.&)+$ A$DJF$,"%0&#$,"0"$%&-&0'.("0$)"#$%.9&0&(*."#$&($*5"(-+$
"$,&0*&,*./($75&$%&)$ (.1&)$%&$.',).*"*./($A$,0&#./($%&$)+#$,"%0&#$-.&(&($)+#$(.U+#$
Bd"(-&0#$ A$ H"#,&02$ IJJFT:$ P"0"$ &))+2$ )+#$ ,"0-.*.,"(-&#$ *5',).'&(-"0+($ 5($
*5&#-.+("0.+$ &)"3+0"%+$ ,"0"$ )"$ +*"#./(:$ !+#$ "(W).#.#$ %&$ %.*=+#$ 0&#5)-"%+#$
'+#-0"0+(k
$)"$,&0*&,*./($%&$)+#$ ,"%0&#$ #+30&$)"$,0&#./($75&$.',+(&($"$#5#$=.?+#$ &#$
#.<(.^.*"-.1"'&(-&$ 'W#$ 3"?"$ 75&$ )+#$ 0&#5)-"%+#$ %&$ )"$ ,&0*&,*./($ %&$ )+#$
,0+,.+#$(.U+#:

">

f"%0&#$A$R&,+0-&

$ )+#$ (.U+#$ %"3"($ ,5(-5"*.+(&#$ #.<(.^.*"-.1"'&(-&$ 'W#$ ")-"#$ "$ "'3"#$

,0&#.+(&#$B,"%0&$]$'"%0&T:
$,+0$*+(-0"2$ )+#$,"%0&#$'5&#-0"($,5(-5"*.+(&#$ 'W#$")-"#$ 75&$#5#$=.?+#$&($
)"#$'&%.%"#$%&$",+A+:
$

`!+#$ ,"%0&#$ (+$ "%1.&0-&($ 75&$ #5#$ =.?+#$ &#-W($ ,0&#.+("%+#$ *+($ #5#$

*+',+0-"'.&(-+#a:$`!+#$(.U+#$(+$,&0*.3&($&)$<0"($%&#&'3+)#+$%&$-.&',+2$%.(&0+$A$
&(&0<8"$75&$)&#$#5,+(&$"$#5#$,"%0&#$#5$%&,+0-&a
$

!+#$ ,"%0&#$ *+($ 1")+0&#$ A$ &_,&*-"-.1"#$ ,+#.-.1"#$ -.&(%&($ "$ &_=.3.0$

*+',+0-"'.&(-+#$ *+00&*-+#2$ "$ %"0$ ",+A+$ A$ *+',0+'.#+:$ \+$ +3#-"(-&2$ &)$ .',"*-+$
%&)$*+',+0-"'.&(-+$%&$)+#$,"%0&#$&#$-+-")'&(-&$%&,&(%.&(-&$%&$)"$.(-&0,0&-"*./($
75&$&)$(.U+$="<"$%&$&#+#$*+',+0-"'.&(-+#:$!+#$(.U+#$75&$,&0*.3&($5("$.',).*"*./($
%&$ )+#$ ,"%0&#$ *+'+$ ",+A+$ A$ *+',0+'.#+$ -.&(%&($ "$ "%+,-"0$ "*-.-5%&#$ ,+#.-.1"#$
="*."$&)$%&,+0-&$A$"$&_=.3.0$'W#$")-"#$,&0*&,*.+(&#$%&$*+',&-&(*.":$P+0$*+(-0"$)+#$
(.U+#$75&$,&0*.3&($5("$.',).*"*./($%&$)+#$,"%0&#$*+'+$(&<"-.1"$-&(%0W($5("$'W#$
3"?"$ ,&0*&,*./($ %&$ *+',&-&(*."$ A$ ,40%.%"$ %&$ .(-&04#$ ,+0$ &)$ %&,+0-&$ Bd"(-&0#$ A$
H"#,&02$IJJFT:$
$

n5&%"$%&'+#-0"%+$%&$&#-&$'+%+2$ */'+$ )"$,&0*&,*./($75&$)+#$(.U+#$-&(<"($

%&$)"$ .',).*"*./($%&$)+#$,"%0&#$ &#$ 95(%"'&(-")2$ ,&0+$-"'3.4($)+$&#$*+(+*&0$ */'+$

1"08"$&#"$,&0*&,*./($"$)+$ )"0<+$%&)$-.&',+$A$"$'&%.%"$75&$&)$%&,+0-.#-"$*0&*&:$P"0"$
&))+2$Q&))#-&%-$&_"'.(/$)+#$*"'3.+#$&($)"$,&0*&,*./($%&$)+#$,"%0&#$&($)"$&-","$&(-0&$
DX$A$DG$"U+#:$!"$,0&#./($%&$)+#$,"%0&#$#&$'&%8"$&($X$%.'&(#.+(&#$<&(&0")&#k$
,"0-.*.,"*./($<&(&0")$&($&)$%&,+0-&
,0&#./($,"0"$*+(-.(5"0$*+',.-.&(%+
1")+0"*./($%&)$0&(%.'.&(-+
$

;($<05,+$%&$Ki$&#75."%+0&#$*+',)&-"0+($5($*5&#-.+("0.+2$'+#-0"(%+$*/'+$

"$ )+#$ DX$ "U+#$ )+#$ %&,+0-.#-"#$ (+$ ,"0&*&($ &#-"0$ %&)$ -+%+$ 3%-(4%'$ #.(-.&(%+$ ")-+#$
(.1&)&#$ %&$ ,0&#./($ ,+0$ ,"0-&$ %&$ )+#$ ,"%0&#2$ ,0.(*.,")'&(-&$ &($ )+$ 0&9&0&(-&$ "$
*+(-.(5"0$ *+',.-.&(%+:$ Z($ &)$ <05,+$ %&$ DG$ "U+#2$ #.($ &'3"0<+2$ )+#$ %&,+0-.#-"#$

"?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

#.&(-&($'&(+#$,0&#./($,+0$,"0-&$%&$)+#$,"%0&#$A$&',.&Y"($"$,&0*.3.0$75&$)"$95&(-&$
%&$ ,0&#./($ ,"#"$ %&$ )+#$ ,"%0&#$ B&#,&*.")'&(-&$ ,"%0&$ 1"0/(T$ ")$ &(-0&("%+0:$ b&$
%&-&0'.("$*/'+$)+#$DX$"U+#$&#$5("$&%"%$#&(#.3)&$,"0"$.(^)5&(*."#$&_-&0("#:
$

R&$ "=8$ )"$ (&*&#.%"%$ %&$ &#-5%."0$ %.9&0&(-&#$ ,&0#,&*-.1"#$ ,"0"$ *+(+*&0$ &)$

1&0%"%&0+$0+)$75&$)+#$,"%0&#$))&1"($"$*"3+:$h%&'W#$%&$)"$,&0#,&*-.1"$%&$)+#$,"%0&#$
A$ )+#$ (.U+#2$ &_.#-&$)"$ ,+#.3.).%"%$%&$*+(#5)-"0$ "$ )+#$ &(-0&("%+0&#$ "*&0*"$ %&$%.*=+$
,",&):$ h$ ,"0-.0$ %&$ &#-&$ &(9+75&2$ d(.<=-$ A$ Q"0c++%$ BIJJET2$ &#-"3)&*.&0+($ )+#$
&#-0&#+0&#$ 75&$ &(-0&("%+0&#$ %&$ -&(.#$ "#+*."3"($ "$ )+#$ ,"%0&#$ A$ */'+$ %.*=+#$
&#-0&#+0&#$ 1"0."3"($&($95(*./($%&)$ &#-"%.+$ &($75&$#&$ &(*+(-0"0"$&)$ %&,+0-.#-":$ Z($
&#-"$ .(1&#-.<"*./(2$ &($ )"$ 75&$ #&$ ))&1"0+($ "$ *"3+$ Di$ <05,+#$ %&$ %.#*5#./($ *+($ iJ$
&(-0&("%+0&#$ BIF$ &(-0&("%+0&#$ %&$ ,0.'&0"#$ &-","#2$ IS$ &(-0&("%+0&#$ %&$
&#,&*.").Y"*./($A$DF$&(-0&("%+0&#$%&$")-+$0&(%.'.&(-+T$&'&0<.&0+($X$%.'&(#.+(&#$
<&(&0")&#$ &($ )"#$ 75&$)+#$ ,"%0&#$ &0"($95&(-&$%&$ &#-04#$ #&<6($)"$,&0*&,*./($%&$ )+#$
,0+,.+#$&(-0&("%+0&#k
&#-04#$0&)"*.+("%+$%.0&*-"'&(-&$*+($&)$&(-0&("'.&(-+
&#-04#$0&)"*.+("%+$%.0&*-"'&(-&$*+($&)$%&,+0-.#-"
&#-04#$&_-&0(+$A$%&)$#.#-&'"$%&$3"#&
$

!"$'W#$#.<(.^.*"-.1"$&0"$)"$#&<5(%"$%&$&))"#k$3:%)*%0 &%0%'*"+'0"%-/4(#)/&/04#)0

%-0 !"#!(#0 &%!#"*('*/:$ Z)$ &(-0&("%+0$ "(-&$ &#"$ .(^)5&(*."$ (&<"-.1"$ %&$ )+#$ ,"%0&#$
'5&#-0"$%+#$0&^)&_.+(&#k
&',"-.Y"$*+($)+#$(.U+#$%&,+0-.#-"#
*+(#.%&0"$ 75&$ &#"$ .(^)5&(*."$ &#$ 5($ .',"*-+$ (&<"-.1+$ &($ &)$ %&#"00+))+$
%&,+0-.1+
$

Z)$ &#-5%.+$%&$ )"$ 9"'.)."$ #&$ ="$ *&(-0"%+$="#-"$ &)$ '+'&(-+$ &($%&-&0'.("0$)"$

.',).*"*./($%&$ )+#$ ,"%0&#$ &($ &-","#$ %&$ .(.*."*./(:$ P&0+2$ `,+0$ 754$ &#$ .',+0-"(-&2$
.(1&#-.<"0$)"$.',).*"*./($%&$)+#$,"%0&#$&($&)$%&,+0-&$%&$)+#$?/1&(&#a
,+075&$)+#$,"%0&#$")$&#-"0$")-"'&(-&$.',).*"%+#$&($&)$%&,+0-&$%&$#5#$=.?+#$
#+($1.#.3)&#

"!

f"%0&#$A$R&,+0-&

,+075&$ &)$ %&,+0-&$ #&$ %&#"00+))"$ &($ 5($ )5<"0$ "3.&0-+2$ ,63).*+$ %+(%&$ )+#$
,"%0&#$,5&%&($%"0$5($9&&%3"*@$.('&%."-+$A$&#,&*8^.*+
,+075&$ )+#$ ,"%0&#$ ,5&%&($ .(^)5.0$ -"(-+$ ,+#.-.1"$*+'+$ (&<"-.1"'&(-&$ &($
&#+#$*+(-&_-+#$Be0&%&0.*@#$A$Z**)&#$IJJST:
$

C"?+$ )"$,&0#,&*-.1"$%&$)+#$&(-0&("%+0&#2$d.0@$ A$f"*P=".)$BIJJXT$"$,"0-.0$%&$

&(-0&1.#-"#$ &($ ,0+95(%.%"%2$ =.*.&0+($ 5("$ *)"#.^.*"*./($ %&$ )+#$ ,+#.3)&#$ ,"%0&#$
'+#-0"(%+$)+#$#.<5.&(-&#$-.,+#k
)#)1/**%)&%"';0 ,"%0&#$ 75&$ '5&#-0"($ 5($ '5A$ 3"?+$ *+',0+'.#+$ *+($ &)$
%&,+0-&$%&)$=.?+2$,&0'.-.4(%+)&$)"$,0W*-.*"$%&,+0-.1"$,&0+$(+$%.#905-W(%+)"$
?5(-+$"$4):
'!%4*/*#";0,"%0&#$75&$1"($"$*"#.$-+%+#$)+#$&(-0&("'.&(-+#$A$,"0-.%+#$,&0+$
#.($-+'"0$,"0-&$"*-.1"$&($&)$ %&,+0-&2$ ,+0$&?&',)+2$ (+$.(-&0"*-5"(%+$*+($&)$
&(-0&("%+0:
<%-!%"';0 ,"%0&#$ 75&$ "A5%"($ "$ )+#$ &(-0&("%+0&#$ %50"(-&$ )"$ ,0W*-.*"$
%&,+0-.1"$#.&',0&$75&$)+$(&*&#.-&(:$ Z($&#-&$<05,+$ 75&%"($0&,0&#&(-"%+#$
)+#$,"%0&#$75&$-.&(&($5($")-+$(.1&)$%&$*+(+*.'.&(-+$#+30&$&)$%&,+0-&$&($&)$
75&$,"0-.*.,"($#5#$=.?+#:
4#,,(*%&0 ,%,9%"';0 ,"%0&#$ 75&$ '5&#-0"($ 5("$ ")-"$ .',).*"*./($ &($ &)$
%&,+0-&$ %&)$ =.?+$ "$ )+$ )"0<+$ %&)$ -.&',+2$ "%75.0.&(%+$ .(*)5#+$ 0+)&#$
"%'.(.#-0"-.1+#:$P5&%&($#&0$W03.-0+#2$&(-0&("%+0&#$+$'.&'30+#$%&)$*)53:
$

g$&#$ 75&$ )"#$*)"#.^.*"*.+(&#$ 75&$ #&$="*&($%&$)+#$ ,"%0&#$ &($-+0(+$ ")$ %&,+0-&$

#+($"35(%"(-&#2$"5(75&$&($(.(<6($*"#+2$#&$'5&#-0"($)"#$%.9&0&(*."#$&(-0&$&)$,",&)$
%&$)"$'"%0&$ A$ %&)$,"%0&:$ R&$ &#-&$ '+%+$ P40&Y$ BDEEET$,53).*/$ &($#5$).30+$ 7#"0=:+0
--%$/)0-#'0!/&"%'0/0':'0<(>#'0/0</4%"0&%!#"*%0+-0"$%.#-0.35*./($%&$)+#$,"%0&#k
%&:4/*($#';0,"%0&#$75&$35#*"($&($)"$"*-.1.%"%$%&,+0-.1"$5($*+',)&'&(-+$"$
)"$9+0'"*./($.(-&)&*-5"):$ b5&)&($#&0$ ,"%0&#$ *+(+*&%+0&#$%&$)+#$ 3&(&^.*.+#$
%&)$%&,+0-&2$#.($&#,&0"0$<0"(%&#$,0&-&(#.+(&#$%&$&#"$"*-.1.%"%:$Z)$+3?&-.1+$
^.(")$&#$&)$%.#905-&$*+($&)$%&,+0-&2$0&^)&?W(%+#&$&($)+#$%&,+0-&#$75&$#5&)&($

$#

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

&#*+<&0$ (+$ 1.+)&(-+#$ A$ 9+0'"-.1+#:$ b5&)&($ #&0$ ,"%0&#$ *+($ 5("$9+0'"*./($

#5,&0.+0$ A$ 75&$ 9"1+0&*&($ +-0"#$ "*-.1.%"%&#$ *+'+$ .0$ ")$ *.(&2$ -&"-0+$ +$
*5)-50":
&%!#"*('*/';0 &#-&$-.,+$ %&$,"%0&#$*+(*&(-0"($-+%+$#5$-.&',+$ ).30&$A$%&$+*.+$
&($-+0(+$")$%&,+0-&:$b+($,"%0&#$,0"*-.*"(-&#$%&$*5")75.&0$-.,+$ %&$%&,+0-&$
A$ "5(75&$ %&#&"($ 75&$ #5#$ =.?+#$ %.#905-&($ %&$ )"$ ?(%'*/0 %&)$ %&,+0-&2$ &($
+*"#.+(&#2$ &(-0&("($ "$ #5#$ =.?+#2$ )&#$ "*+(#&?"($ -4*(.*"$ A$ -W*-.*"'&(-&$ A$
"*-6"($%&$"<&(-&#$'+-.1"%+0&#:
4/@/*/-%)*#';035#*"($,"0"$#5#$=.?+#$)+$'&?+0$%&)$%&,+0-&$'+%&0(+2$&)$4_.-+2$
)"$<)+0."2$ )"$9"'"$+$ &)$-0.5(9+:$ b+($,"%0&#$*+(1&(*.%+#$%&$75&$#5$=.?+$&#$&)$
'&?+0$A$%&$75&$,5&%&$))&<"0$"$*+(1&0-.0#&$&($5("$^.<50":$P5&%&$+*500.0$&($
9"'.)."#$%+(%&$&)$=.?+$%&#-"*"$A$")*"(Y"$5($35&($(.1&)$-&',0"(+:
)#0!"/4*(4/)*%';0,"%0&#$75&$(5(*"$="($,0"*-.*"%+$%&,+0-&$A2$ ,+0$-"(-+2$ (+$
*+(+*&($ )+#$ 3&(&^.*.+#$ %&)$ '.#'+2$ "5(75&$ #"3&($ %&$ #5$ &_.#-&(*.":$ b+($
,"%0&#$ *5A"$ '8(.'"$ '&?+0"$ &($ &)$ 0&(%.'.&(-+$ %&)$ =.?+$ )&#$ ,"0&*&$ ")<+$
'"0"1.))+#+:$ Z#-W($ '5A$ %.#,5&#-+#$ "$ #"*0.^.*"0#&$ &($ %&#,)"Y"'.&(-+#$ "$
&(-0&("'.&(-+#$A$*+',&-.*.+(&#$A$#5&)&($#&0$,"%0&#$75&$#&$&'+*.+("($")$
&#*5*="0$,+0$'&<"9+(8"$&)$(+'30&$%&$#5#$=.?+#:
/)*($(4(#';0 #+($,"%0&#$ 75&$(+$ %&#&"($ 75&$ #5#$=.?+#$ &#-4($&($*+(-"*-+$ *+($
*+#-5'30&#$.(#"("#$A$,&0?5%.*.")&#:$Z)$%&,+0-&$,"0"$&#-&$-.,+$%&$,"%0&#$#&$
,0&#&(-"$ *+'+$ 5("$ ")-&0("-.1"$ 75&$ +*5,"$ 5($ -.&',+$ *+(#.%&0"%+$ *+'+$
,&).<0+#+:
')#9';0 #+($ ,"%0&#$ 75&$ 35#*"($ )+$ 6)-.'+$ A$ 'W#$ (+1&%+#+$ %&$ *5")75.&0$
"*-.1.%"%:$ C5#*"($ ,"0"$ #5#$ =.?+#$ "*-.1.%"%&#$ 75&$ #"*.&($ #5$ %&#&+$ %&$
="*&0#&$(+-"0$A$&)$<5#-+$,+0$,0+3"0$)+$6)-.'+:
$

$"

f"%0&#$A$R&,+0-&

+,+,<,-.%/-01&$2/-=-23-&20%$#)/#1-2>(232"#2
!"#$%&'()#$*")+)+$,+&$"+-.,)+/"&$0,1$"0%2(*&+*)$)+$0"$/&(()(&$')%2(*"3&4$!"$0&'()$#")0%()$0)$
)#/("5)$,+&$+2*&$1$.&$%2+)$)+$0"$02/6".&$/,&+'2$0)$321$')$/20%)*"/"7+4$8+$,+&$2/&#"7+9$)+/2+*(:$,+&$
)+$,+$;&%&*2$<,)$')/=&>$?*,$)()#$+,)#*(&$/&0%)2+&4$@2$"0%2(*&$<,:$2/,((&$)+$.&$/20%)*"/"7+A4$
B)#%,:#$')/=&>$?*(C)0)$/62/2.&*)A4$D)=$1$..2(:444$%)(2$0)$&1,'7$&$3)($.&#$/2#&#$/2+$/")(*&$%)(#%)/*"3&4$
@A*1B28'+895289C'(87,11,'78'D96'85'E6F'G5H818F'"!?&C'
;6/,76'78'D9123I'*'J,9;25H;65C'"!?=K

;($.',+0-"(-&$,"#+$,"0"$'&?+0"0$)+#$0&#5)-"%+#$A$)"$&^.*"*."$&($&)$%&#"00+))+$%&$)+#$
"-)&-"#$ %&$ 4).-&$ &#$ *+',0&(%&0$ A$ &(-&(%&0$ )+#$ 9"*-+0&#$ 75&$ *+(-0.35A&($ "$ )"$
&1+)5*./($ %&)$ -")&(-+:$ Z#-W$ 3.&($ %+*5'&(-"%+$ 75&$ 5($ .',+0-"(-&$ (6'&0+$ %&$
"#,&*-+#$ ,&0#+(")&#$ %&$ )"$ ,0+,."$ ,&0#+("$ ,5&%&($ "9&*-"0$ "$ )"$ ,0+<0&#./($ %&)$
%&,+0-.#-"$+$"$)"$-0"(#.*./($&(-0&$&-","#$BC)++'2$ DEFG>$HL-4$DEEE>$HL-42$f*R+(")%2$
C"@&0$ A$ h3&0(&-=A2$ IJJK>$ M)"%c&))2$ IJJET:$ b.($ &'3"0<+2$ (+$ #/)+$ &#+#$ "#,&*-+#$
,&0#+(")&#$ ,5&%&($ *+(-0.35.0$ ")$ %&#"00+))+2$ #.(+$ 75&$ &#$ .<5")'&(-&$ .',+0-"(-&$
*/'+$ &)$ "'3.&(-&$ ,5&%&$ '+%5)"0$ %.*=+$ %&#"00+))+$ BM53).(2$ m)%&(Y.&)2$
j&.##&(#-&.(&0$A$M"<(42$IJDJT:$
$

g$ &#$ 75&$ &#"$ &1+)5*./($ ,5&%&$ 1&0#&$ "9&*-"%"2$ &($ <0"($ '&%.%"2$ ,+0$ &)$

&(-0&("'.&(-+$ +$ )"$,0W*-.*"$%&).3&0"%"$ BZ0.*##+(2$d0"',&$A$V&#*=]No'&02$ DEEXT2$

,+0$ 9"*-+0&#$ 0&9&0.%+#$ "$ )"$ #5&0-&$ BbW(*=&Y2$ IJJIT$ +$ ,+0$ *"0"*-&08#-.*"#$
,#.*+#+*.")&#$ 75&$ "9&*-"($ &($ &)$ *"'.(+$ "$ )"$ &_*&)&(*."$ BN5.Y2$ bW(*=&Y2$ R50W($ A$
O.'4(&Y2$ IJJKT:$ R&$"=8$ 75&$ &)$ &#-5%.+$%&$ )"$ 9"'.)."$&($0&)"*./($"$ #5$.',).*"*./($ A$
,",&)$ (+$#&$="<"$&_*)5#.1"'&(-&$&($(.1&)&#$.(.*.")&#$ A$%&$9+0'"*./(2$ #.(+$ 75&$#&"$
0&)&1"(-&$ -"'3.4($ *+(+*&0$ 754$ ="($ =&*=+$ &#"#$ 9"'.)."#$ &($ &)$ %&#"00+))+$ %&$
%&,+0-.#-"#$&_*&)&(-&#:$
$

!+#$%+#$'+%&)+#$ %&$C)++'$BDEFGT$A$HL-4$BDEEET$0&1&)"0+($*/'+$ &)$ ",+A+$

%&$)"$9"'.)."$"A5%"$A$*+(-0.35A&$"$")*"(Y"0$)"$&_*&)&(*."$&($&)$%&,+0-&2$#.($.',+0-"0$
75&$%.*="$.',).*"*./($&($&)$%&,+0-&$#&$3"#&$&($5($0+)$",+A"%+$&($&)$).%&0"Y<+$+$5($
0+)$3"#"%+$&($5($",+A+$<&(&0"):$g$&#$75&2$*+($.(%&,&(%&(*."$%&)$*"'.(+2$)+#$"-)&-"#$

$$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

-.&(&($"**&#+$ "$0&*50#+#$&'+*.+(")&#$ A$^.("(*.&0+#$ 75&$,&0'.-&($&)$ ")*"(*&$%&$5($

0&(%.'.&(-+$&_,&0-+$BC"@&02$Q+0-+(2$N+3&0-#+(]j.)#+($A$j"))2$IJJXT:$
$

!"#$ 9"'.)."#$ %&$ %&,+0-.#-"#$ &_.-+#+#$ %&$ =+*@&A$ =.&)+2$ #&$ *"0"*-&0.Y"($ ,+0$

&#-"0$%&(-0+$ %&$5(+#$ )8'.-&#$ '5A$*+(-0+)"%+#2$ %+(%&$ &)$ 0+)$ %&$)+#$ ,"%0&#$ &#$ '5A$
95&0-&$ %&#%&$ &)$ ,5(-+$ %&$ 1.#-"$ '+%&)"%+0:$ !+#$ ,"%0&#$ #+($ .',+0-"(-&#$ '+%&)+#2$
",+0-"(%+$<0"(%&#$%+#.#$%&$&(&0<8"$A$'+-.1"*./(2$ ")$'.#'+$-.&',+$75&$1")+0"($&)$
-0"3"?+$%50+:$P&0+$.<5")$75&$+*500&$*+($)+#$?/1&(&#2$&)$,0+3)&'"$&#$)"$^.("$)8(&"$75&$
#&,"0"$ )"$ '+-.1"*./($ %&$ )"$ ,0&#./(:$ g$ &#$ 75&$ )+$ 75&$ ,"0"$ 5(+#$ %&,+0-.#-"#$ &#$
*+',0+'.#+$ ,+0$ ,"0-&$ %&$ )+#$ ,"%0&#2$ ,"0"$ +-0+#$ ,5&%&$ #&0$ ).'.-"*./($ %&$ #5$
).3&0-"%:$P+0$&#+2$)"$&1")5"*./($#53?&-.1"$75&$="<"$&)$%&,+0-.#-"$%&$&#"$.',).*"*./($
%&$ #5#$ ,"%0&#$ &#$ .',+0-"(-&:$ ;("$ .',).*"*./($ ")-"$ %&$ )+#$ ,"%0&#$ ,5&%&$ #&0$
,&0*.3.%"$*+'+k
5($",0+,."%+$(.1&)$%&$*+',0+'.#+
5("$&_*&#.1"$*"(-.%"%$%&$,0&#./($Bd"(-&0#$A$H"#,&02$IJJFT
$

m-0+$&#-5%.+$ *+($%&,+0-.#-"#$%&$4).-&2$&($&#-&$*"#+$,"-.("%+0&#2$ 0&)"*.+(/$)"$

("-50")&Y"$ '5)-.%.'&(#.+(")$ %&)$ &#-04#$ *+($ )"$ 9"'.)."2$ '+#-0"(%+$ %&$ '"(&0"$
,"0"%/?.*"$*/'+$)"$,0+,."$9"'.)."$&#$Bb*"()"(2$b-&.($A$N"1.YY"2$DEEDTk$$
e5&(-&$%&$,0&#./(
N&95<.+$%&$&#"#$,0&#.+(&#
$

R&#%&$&)$ ,5(-+$%&$1.#-"$,+#.-.1+2$<0"($,"0-&$%&$)+#$"-)&-"#$'"(.9&#-"0+($75&$

&)$ ",+A+$ 9"'.)."0$ &0"$ &#&(*.")$ ,"0"$ #5,&0"0$ ,0&#.+(&#:$ b.($ &'3"0<+2$ +-0+#$
%&,+0-.#-"#$%&*8"($*/'+$ #5$9"'.)."$&0"$95&(-&$%&$&#-04#$")$ *0.-.*"0$#5$0&(%.'.&(-+2$
%"0$ *+(#&?+#$ "(-&#$ %&$ )"#$ *+',&-.*.+(&#$ +$ *5),"0$ %&$ )"#$ <0"(%&#$ *"(-.%"%&#$ %&$
%.(&0+$ .(1&0-.%"#$ &($ #5$ %&,+0-&:$ b"*"(%+$ "$ )"$ )5Y$ 75&$ )"$ ,0&#./($ ,+0$ -&'"#$
&*+(/'.*+#$&0"$3"#-"(-&$90&*5&(-&$Bb*"()"(2$b-&.($A$N"1.YY"2$DEEDT:$
$

g$ &#$ 75&2$ #+($ )+#$ ,0+,.+#$ %&,+0-.#-"#$ %&$ 4).-&$ )+#$ 75&$ &(9"-.Y"($ &($ )"$

.(^)5&(*."$ A$ ",+A+$ %&$ )+#$ ,"%0&#$ %50"(-&$ #5$ *"00&0"$ %&,+0-.1"$ BQ&'&0A2$ DEFKT:$
R"1.%$ Q&'&0A2$ *"',&/($ m)8',.*+$ &($ f4_.*+$ KF2$ &(-0&1.#-/$ %50"(-&$ 'W#$ %&$ %+#$

$%

f"%0&#$A$R&,+0-&

"U+#$ "$ KX$ %&,+0-.#-"#$ %&)$ 'W#$ ")-+$ (.1&)2$ %&$ II$%&,+0-&#$ A$ DI$ ("*.+(").%"%&#:$ Z)$
+3?&-.1+$ &0"$ %&-&0'.("0$ 754$ ="38"$ ))&1"%+$ "$ &#+#$ %&,+0-.#-"#$ "$ ")*"(Y"0$ &)$ ")-+$
(.1&)$%&,+0-.1+2$'+#-0"(%+$75&$9"'.)."2$&(-0&("%+0&#$A$*+',"U&0+#$&0"($,&0#+("#$
.',+0-"(-&#$&($&#&$*"'.(+$"$)"$&_*&)&(*.":$ h,+A"(%+$&#-"$.(1&#-.<"*./(2$M5)3.($&-$
"):$ BIJDJT$ -"'3.4($ *+($ %&,+0-.#-"#$ %&$ ")-+$ (.1&)2$ '5*=+#$ %&$ &))+#$ m)8',.*+#2$
&1.%&(*."0+($*/'+$ 'W#$ %&)$EXp$%&$)+#$ ,"0-.*.,"(-&#$="*8"$0&9&0&(*."$")$ ,",&)$ %&$
#5#$,"%0&#$*+'+$,+#.-.1+$+$'5A$,+#.-.1+:$
$

P&0+$(+$#/)+$&($&)$%8"$"$%8"$%&)$%&,+0-.#-"$%&$")-+$(.1&)2$&)$,",&)$%&$)"$9"'.)."$

&#$ *)"1&2$ #.(+$ -"'3.4($ ,"0"$ &)$ ")*"(*&$ %&$ 35&(+#$ 0&#5)-"%+#$ %&,+0-.1+#$ &($ *.-"#$
&#,&*.")&#:$R&$&#-&$'+%+$M+5)%2$M5.("(2$M0&&()&"92$f&%3&0A$A$P&-&0#+($BDEEET$*+($
5("$ '5&#-0"$ %&$%&,+0-.#-"#$ ,"0-.*.,"(-&#$&($)+#$ OOmm$%&$ h-)"(-"$ EK2$ '+#-0/$ */'+$
)+#$ %&,+0-.#-"#$ A$ &75.,+#$ 75&$ +3-51.&0+($ '&?+0&#$ 0&#5)-"%+#$ &($ &)$ H"',&+("-+$
'&(*.+("0+($ *+($'W#$90&*5&(*."$ )"$ 0&)&1"(*."$%&)$ ,",&)$ %&$)"$9"'.)."$90&(-&$"$ )+#$
%&,+0-.#-"#$ A$ &75.,+#$ *+($ ,&+0&#$ 0&#5)-"%+#$ &($ &#+#$ OOmm2$ *+(#.%&0W(%+)+#$ 5($
",+A+$ 95(%"'&(-")$ &($&#"$*.-"$ %&$ <0"($.',+0-"(*.":$ R&$ .<5")$ '+%+2$ Q+)-$ A$ Q+<<$
BIJJIT$'+#-0"0+($*/'+$)"#$*=.*"#$%&$5($&75.,+$%&$96-3+)$75&$.3"$"$%.#,5-"0$)"$^.(")$
%&$)"$H+,"$%&)$ f5(%+2$ '+#-0"3"($&#-0"-&<."#$,"0"$ #+30&,+(&0#&$"$)"$ -&(#./($ %&)$
H"',&+("-+2$ *+(#.%&0"(%+$ &)$ ",+A+$ 9"'.)."0$ A$ "'+0$ .(*+(%.*.+(")$ 0&*.3.%+$ 5("$
.',+0-"(-&$"A5%"$,"0"$#5,&0"0$)"#$%&'"(%"#$"$)"#$75&$%&38"($&(90&(-"0#&:$$
$

!"$ 9"'.)."$ &#$ 5($ "<&(-&$ *)"1&$ &($ &)$ ,0+*&#+$ %&$ '"%50"*./($ %&)$ -")&(-+$

%&,+0-.1+$ BC)++'2$ DEFG>$ HL-42$ DEEET:$ \+$ +3#-"(-&2$ &#$ 'W#$ ,0+3"3)&$ 75&$ *.&0-+#$
(.U+#$")*"(*&($&)$4_.-+$&($&)$%&,+0-&$#.$ 1.&(&($%&$*.&0-+#$-.,+#$%&$9"'.)."#:$ Z#-+$ (+$
&#$,0+1+*"%+$,+0$5($9"*-+0$&#,&*8^.*+2$ #.(+$75&$&#$&)$0&#5)-"%+$%&$)"$.(-&0"**./($%&$
5($ (6'&0+$ 9"1+0"3)&$ %&$ *.0*5(#-"(*."#$ 75&$ +*500&($ &($ *.&0-"#$ #.-5"*.+(&#$
9"1+0"3)&#$Bd"A2$IJJJT:$
$

h)<5(+#$ %&$ &#-+#$ 9"*-+0&#$&#-W($0&)"*.+("%+#$%.0&*-"'&(-&$ *+($&)$ %&,+0-&:$

P+0$&?&',)+2$)+#$(.U+#$-.&(&($'W#$+,*.+(&#$%&$-+'"0$,"0-&$&($%&,+0-&$&($9"'.)."#$
%+(%&$)+#$,"%0&#$="($#.%+$,"0-.*.,"(-&#2$ +$-&(%0W($'W#$+,*.+(&#$%&$")*"(Y"0$")-+#$
(.1&)&#$%&$0&(%.'.&(-+$#.$)+#$,"%0&#$="($*+',&-.%+$ "$")-+$ (.1&)$BN+-&))"$A$C5(@&02$
DEFiT:$ Z($)"$'.#'"$)8(&"2$ 'W#$"*-5")2$ M5)3.($&-$"):$BIJDJT$'+#-0"0+($*/'+$ %&$5("$

$&

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

'5&#-0"$%&$KiX$%&,+0-.#-"#$%&$")-+$(.1&)2$&)$FIp$%&$)+#$,"%0&#2$KKp$%&$)"#$'"%0&#$
A$FXp$%&$)+#$=&0'"(+#$="38"($*+',&-.%+$+$)+$="*8"($&($)"$"*-5").%"%$&($%&,+0-&:
$

P&0+$ ="A$ -"'3.4($ +-0+#$ 9"*-+0&#$ 9"'.)."0&#$ 75&$ (+$ #+($ &#,&*8^.*+#$ %&)$

%&,+0-&2$ 75&$ '5&#-0"($ */'+$ (.U+#$ %&$ 9"'.)."#$ ,&0-&(&*.&(-&#$ "$ 5($ <05,+$
#+*.+&*+(/'.*+$")-+2$-.&(&($'W#$+,*.+(&#$%&$"%75.0.0$")-+#$(.1&)&#$%&$0&(%.'.&(-+
Bg"(<2$ V&)"'"$ A$ !""@#+2$ DEEKT:$ P&0+$ -"'3.4($ #+($ 'W#$ ,0+,&(#+#$ "$ ")*"(Y"0$ )"$
&_*&)&(*."$#.$#&$,0+1.&(&$%&$5("$9"'.)."$&(*"3&Y"%"$,+0$I$,"%0&#$1"0+(&#$BN+c)&A2$
DEEIT:$

+,+,?,-@2%$A1/-&23-&2/1$$%33%-01$1-&2#2$B)"1$-31-)"93'2"()1-&2-3%/-01&$2/-2"-23&20%$#2-&2-/'/-4)5%/
R&$ )+#$ ","0-"%+#$ ,0&*&%&(-&#$ #&$ %&#,0&(%&$ 75&$ )+#$ -0"3"?+#$ "-&/0.*+#$ ="($
,0+,+0*.+("%+$ 5("$.',+0-"(-&$*"(-.%"%$%&$.(9+0'"*./($&($0&)"*./($")$ ,",&)$%&$)"$
9"'.)."$&($&)$%&,+0-&$%&$)+#$=.?+#:$b.($&'3"0<+2$ *+(+*&0$'W#$&($,0+95(%.%"%$%.*=+$
,",&)$+$)+#$'+-.1+#$A$*"5#"#$%&$,0W*-.*"$%&,+0-.1"$%&$)+#$=.?+#$0&75.&0&$&($'5*=+#$
*"#+#$%&$,"0"%.<'"#$-&/0.*+#:$Z($%.*=+#$-0"3"?+#2$#&<6($C05#-"%$A$P"-0.%<&$BIJJIT2$
#+($%+#$)"#$",0+_.'"*.+(&#$*+(*&,-5")&#$ ,0.(*.,")&#k$ D:$V&+08"$%&$ )"$*+',&-&(*."$
,&0*.3.%"$+$V&+08"$%&$)"$'+-.1"*./($%&$*+',&-&(*."$%&$Q"0-&0$BDEiFT>$I:$f+%&)+$%&$
Z_,&*-"-.1"$]$[")&(*."$%&$Z**)&#$A$Q"0+)%$BDEEDT:$
$

h'3+#$ '+%&)+#$ &(9"-.Y"($)"$ .(-&0"**./($ %.(W'.*"$ &(-0&$ ,"%0&#$ &$ =.?+#$ &($

*+(-&_-+#$%&$ #+*.").Y"*./(:$ b.$ 3.&(2$ )"$,0.(*.,")$ %.9&0&(*."$ &(-0&$"'3+#$ &#-0.3"$&($

75&$ '.&(-0"#$ &)$ ,0.'&0+$ #&$ 3"#"$ &($)"$,0&'.#"$%&$ 75&$ )+#$ (.U+#$ -.&(&($5($ %&#&+$
.(=&0&(-&$ %&$ #&(-.0#&$ *+',&-&(-&#$ A$ &($ #5$ *"'.(+$ ="*."$ )"$ *+',&-&(*."$ &)$
9&&%3"*@$A$0&95&0Y+$ %&$)+#$ ,"%0&#$ #&$ *+(1.&0-&$ &($5("$9+0'"$ *08-.*"$ %&$.(^)5&(*."$
%&$#+*.").Y"*./(2$ &)$ #&<5(%+$ ,+(&$ 'W#$ 4(9"#.#$ &($ &)$ "#,&*-+$ %&$ %&#"00+))+$ %&$ )+#$
?/1&(&#$A$%&$)"$&1+)5*./($75&$&_,&0.'&(-"$)"$.(^)5&(*."$%&$#5#$,"%0&#$"$)+$)"0<+$%&$
)"#$ ,0.'&0"#$ 9"#&#$ %&$ )"$ *"00&0"$ %&,+0-.1"$ BV+00&<0+#"2$ H05Y2$ b+5#"2$ [.)"%0.*=2$
[.))"'"08(2$M"0*8"qf"#$A$P")+52$IJJiT:$

$<

f"%0&#$A$R&,+0-&

!"$ !"#$%&' ("' )&' *#+,"-"./0&' 1"$/020(&' #' !"#$%&' ("' )&' 3#-04&/05.' ("'

*#+,"-"./0&$BQ"0-&02$ DEEET2$#&$3"#"$&($)+#$#&(-.'.&(-+#$%&$)"#$,&0#+("#$#+30&$#5$
*+',&-&(*."$ ,&0*.3.%":$ Z#-"$ -&+08"2$ (+$ &_*)5#.1"$ %&)$ %+'.(.+$ %&,+0-.1+2$ ,0&%.*&$
75&$ )+$ 75&$ '5&1&$ "$ 5($ .(%.1.%5+$ "$ &9&*-5"0$ )"#$ -"0&"#$ A$ "$ .',).*"0#&$ &($
%&-&0'.("%"#$ "*-.1.%"%&#$ &#$ )"$ (&*&#.%"%$ %&$ #&(-.0$ *+',&-&(*.":$ P"0"$ &))+2$ )"$
,&0#+("$-0"-"0W$%&$%+'.("0$)"$#.-5"*./($A$%&$,+(&0$"$,05&3"$#5$&^.*"*."$A$'"&#-08":$
C"#"%+#$&($&#-"$-&+08"2$)+#$&#-5%.+#$%&$C"3@&#$A$j&.##$BDEEET$'+#-0"0+($*/'+$)+#$
(.U+#$ -.&(&($ '"A+0&#$ (.1&)&#$ %&$ *+',&-&(*."$ %&,+0-.1"$ A$ '+-.1"*./($ .(-08(#&*"$
*5"(%+$ 0&*.3&($ %&$ '"(&0"$ 90&*5&(-&$ *+'&(-"0.+#$ ,+#.-.1+#$ %&$ #5#$ ,"%0&#$ &($
0&)"*./($"$#5$*+',&-&(*."$%&,+0-.1":
$

!"$1&0#./($*+',)&-"$%&)$3#(")#'("'67,"/-&-04&'8'9&)"./0&0BZ**)&#2$j.<^.&)%$

A$b*=.&9&)&2$DEEFT2$ '5&#-0"$5($'"0*+$%+(%&$#&$%&-&0'.("$*/'+$5("$<0"($1"0.&%"%$
%&$.(%.1.%5+#$ &($ &)$ &(-+0(+$ .('&%."-+$ %&)$ (.U+$ B,"%0&#2$ =&0'"(+#2$ *+',"U&0+#2$
"'.<+#2$ ,0+9&#+0&#T2$ ,5&%&($ "9&*-"0$ "$ )"#$ &_,&*-"-.1"#$ %&$ 4_.-+$ %&$ )+#$ =.?+#2$ "$ )"$
,&0*&,*./($ %&$ *+',&-&(*."$ A$ "$ )+#$ *+',+0-"'.&(-+#$ &($ 5($ *+(-&_-+$ %&$ )+<0+$
%&-&0'.("%+:$P+0$-"(-+2$&#-&$'+%&)+$-&/0.*+$&#$'5A$6-.)$,"0"$&_,).*"0$&)$,0+*&#+$%&$
#+*.").Y"*./($ BZ**)&#2$ h%)&02$ e5--&0'"(2$ M+992$ d"*Y")"2$ f&&*&$ A$ f.%<)&A2$ DEFX>$
Z**)&#$ A$ Q"0+)%2$ DEED>$ e0&%&0.*@#$ A$ Z**)&#2$ IJJI2$ IJJST2$ ")$ "#5'.0$ 75&$ "<&(-&#$
*+'+$)+#$ 1")+0&#2$&_,&*-"-.1"#$ +$ *+',+0-"'.&(-+#$ '+%&)+$ .(^)5A&($&($)"$ &)&**./($
%&)$(.U+$&($)"#$"*-.1.%"%&#$"*"%4'.*"#$A$&_-0"$*500.*5)"0&#2$"#8$*+'+$&($#5$&)&**./($
#+30&$#5$*+(-.(5.%"%$&($%.*="#$"*-.1.%"%&#:
$

Z#-&$'+%&)+$,0+,+(&$-0&#$-.,+#$%&$.(^)5&(*."$%&$)+#$,"%0&#$75&$*+(-0.35A&($

"$ )"$ #+*.").Y"*./($ &($ &)$ %&,+0-&k$ D:$ 0+)$ '+%&)+>$ I:$ ,0+1&&%+0&#$ %&$ &_,&0.&(*.">$ X:$
.(-40,0&-&#$ %&$ &_,&0.&(*."$ Be0&%&0.*@#$ A$ Z**)&#2$ IJJIT:$ !+#$ *+',+0-"'.&(-+#$
0&9&0.%+#$")$0+)$'+%&)+$="*&($0&9&0&(*."$"$*/'+$)+#$,"-0+(&#$%&$"*-.1.%"%$^8#.*"$%&$
)+#$ (.U+#$ *"'.("($ ,"0")&)+$ "$ "75&))+#$ %&$ #5#$ ,"%0&#$ BR"1.#+(2$ R+c(#$ A$ C.0*=2$
IJJK>$e0&&%#+($A$ Z1&(#+(2$ DEED>$b*=&&0%&02$V=+'.#2$ ["(0&5#&)2$ !&9&10&2$ N&(#+(2$
ZA(%&$ A$ C5&(&(2$ IJJKT:$ g$ &#$ 75&$ )+#$ ,"%0&#$ "*-6"($ *+'+$ '+%&)+#$ *5"(%+$ #5#$
*+',+0-"'.&(-+#$'5&#-0"($$&)$1")+0$75&$+-+0<"($")$%&,+0-&$A$"$)"$"*-.1.%"%$^8#.*"$"$
-0"14#$ %&$ 5("$ .',).*"*./($ "*-.1"$ &(-0&("(%+2$ ,"0-.*.,"(%+$ +$ #.',)&'&(-&$
%.#905-"(%+$*+($&)$%&,+0-&:$

$=

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

!+#$ &#-5%.+#$ %&$ C05#-"%$ BDEEKT$ +$ Z**)&#$ A$ Q"0+)%$BDEEDT2$ 3"#"%+#$ &($&#&$

'+%&)+2$ 0&1&)"0+($ */'+$ )+#$ *+',+0-"'.&(-+#$ %&$ )+#$ ,"%0&#$ A$ #5#$ *0&&(*."#$
.(^)58"($&($&)$ %&#"00+))+$ ,#.*+#+*.")$ &($&)$ %&,+0-&$%&$#5#$=.?+#:$ m-0"$ .(1&#-.<"*./($
*+($ SDK$ ?5<"%+0"#$ %&$ =+*@&A$ %&-&0'.(/$ */'+$ &)$ FI2Kp$ %&$ )+#$ %&,+0-.#-"#$
*+(#.%&0"3"($75&$ #5#$ ,"%0&#$ &#-"3"($&(+0'&'&(-&$ .',).*"%+#$ &($#5$%&,+0-&>$&)$
iIp$ .(%.*/$ 75&$ "'3+#$ ,"%0&#$ &#-"3"($ '5A$ .',).*"%+#$ A$ &)$ FS2Xp$ %.?+$ 75&$ #5#$
,"%0&#$ .3"($ 0&<5)"0'&(-&$ "$ 1&0)&#$ *+',&-.0:$ P+0$ +-0+$ )"%+2$ )+#$ %&,+0-.#-"#$ 75&$
,&0*.38"($75&$,"0"$#5#$ ,"%0&#$ &0"$ '5A$.',+0-"(-&$&)$ 4_.-+2$ '+#-0"3"($'W#$ ")-+#$
1")+0&#$%&$"(#.&%"%$BH+)).(#$A$C"03&02$IJJGT:$
$

!"$0&1.#./($%&$)"$).-&0"-50"$&($-+0(+$ "$)"$#+*.").Y"*./($&($&)$%&,+0-&$3"#"%"$

&($ &)$ '+%&)+$ %&$ Z**)&#2$ 0&1&)"$ */'+$ )+#$ ,"%0&#$ -.&(&$ &)$ .',"*-+$ 'W#$ %.0&*-+$ &($
%.*="$#+*.").Y"*./($*5"(%+$&)$(.U+$&#$?+1&(2$,&0+$)"$.(^)5&(*."$%.#'.(5A&$%50"(-&$)"$
"%+)&#*&(*."$*5"(%+$&)$,0+9&#+02$ &(-0&("%+0$ A$ &#,&*.")'&(-&$*+',"U&0+#$&(-0"($
&($ )"$ 1.%"$ %&)$ %&,+0-.#-"2$ +*5,"(%+$ 5($ )5<"0$ %&#-"*"%+$ Bh(%&0##&(2$ j+)%$ A$
V+0#=&.'2$ IJJK>$ e0&%&0.*@#$ A$ Z**)&#2$ IJJS>$ M0&&(%+09&02$ DEii>$ M0&&(%+09&0$ A$
!&c@+2$DEiF>$j&.##$A$C"03&02$DEEGT:
$

h5(75&$ )"$ ,"0-.*.,"*./($ %&,+0-.1"$ %&$ )"#$ (.U"#$ &#-W$ "5'&(-"(%+2$ &))"#$

*+(-.(6"($,"0-.*.,"(%+$ '&(+#$ 75&$ )+#$ (.U+#$ &($ )"#$ "*-.1.%"%&#$ ^8#.*"#$ +$ %&,+0-&:$
P+0$&#+2$"U+#$'W#$-"0%&2$)+#$"5-+0&#$%&)$'+%&)+$"(-&0.+02$-0"-"0+($%&$%"0$0&#,5&#-"$
"$ .(-&00+<"(-&#$ #.'.)"0&#:$ P0&#&(-"0+($ 5("$ '+%.^.*"*./($ %&$ #5$ '+%&)+$
9+*").YW(%+)+$%&$'"(&0"$&#,&*8^.*"$&($&)$,0+*&#+$ ,+0$&)$75&$)+#$,"%0&#$.(^)5A&($&($
&)$0&(%.'.&(-+$ %&$#5#$=.?+#$A$ &($#5#$*+',+0-"'.&(-+#$ &($*+(-&_-+#$ %&$)+<0+:$ Z#-&$
'+%&)+$'5&#-0"$*/'+$*+',+0-"'.&(-+#$<&(&0")&#$%&$)+#$,"%0&#$B0+)&#$%&$<4(&0+2$
&#-&0&+-.,+#$+$1")+0&#$&#,&*8^.*+#$A$<&(&0")&#T$,0+3"3)&'&(-&$%&($9+0'"$")$'&%.+$
&($75&$ &)$(.U+$ 1.1&2$,&0+$ -"'3.4($"$ 9"*-+0&#$%&'+<0W^.*+#$75&$#&$,0&#&(-"($&($)"$
9"'.)."$B&%5*"*./(2$ .(<0&#+#2$(6'&0+$%&$=.?+#T:$g$&#$75&2$)"#$%.9&0&(*."#$%&$<4(&0+$
&($ )+#$ 1")+0&#$ %&$ ,"0-.*.,"*./($ &#-W($ 5(.%+#$ %&$ '"(&0"$ '5A$ %.0&*-"$ "$ )"#$
%.9&0&(*."#$ %&$<4(&0+$ &($)"$ *+',&-&(*."$,&0*.3.%"$ A$&($)"#$ *0&&(*."#$ A$1")+0&#2$ )+$
*5")$ "$ #5$ 1&Y2$ #&$ "#5'&$ 75&$ %&0.1"$ %&$ )"#$ &_,&0.&(*."#$ &($ &)$ =+<"0$ A$ &($ +-0+#$
)5<"0&#$Be0&%&0.*@#$A$Z**)&#2$IJJST:$

$>

f"%0&#$A$R&,+0-&

b+($1"0."#$)"#$.(1&#-.<"*.+(&#$*&(-0"%"#$&($&)$-&00&(+$%&,+0-.1+$75&$",).*"($

&#-&$'+%&)+$A$75&$"$,"0-.0$%&$#5#$&)&'&(-+#$-0"-"($%&$%"0$0&#,5&#-"#$"$)"$.(^)5&(*."$
%&$)+#$,"%0&#:$e0&%&0.*@#$A$Z**)&#$BIJJGT$0&)"*.+("0+($)"#$%.9&0&(*."#$%&$<4(&0+$&($
)"#$ ,0W*-.*"#$ A$ *0&&(*."#$ %&$ )+#$ ,"%0&#2$ *+($ )"#$ %.9&0&(*."#$ %&$ <4(&0+$ &($ )"$
*+',&-&(*."$,&0*.3.%"$&($&)$%&,+0-&2$1")+0&#$A$)"$,0+,."$,"0-.*.,"*./($%&,+0-.1"$%&$
)+#$(.U+#$ &($&)$*+)&<.+:$!+#$ 0&#5)-"%+#$'+#-0"0+($*/'+$A"$&($&)$*+)&<.+2$"$&))"#$)&#$
<5#-"$ '&(+#$ ,"0-.*.,"0$ &($ %&,+0-&$ *+',&-.-.1+$ 75&$ "$ &))+#:$ h%&'W#2$ )+#$ (.U+#$
B1"0+(&#T$-.&(&($'W#$")-"$,&0*&,*./($%&$*+',&-&(*."2$)&#$<5#-"$'W#$&)$%&,+0-&$A$)&$
%"($ 'W#$ .',+0-"(*."$ "$ ,"0-.*.,"0$ &($ &)$ %&,+0-&$ 75&$ )"#$ (.U"#:$ !+#$ '&%.+#$ %&$
*+'5(.*"*./(2$ )+#$ *+',"U&0+#$ A$ "'.<+#$ +$ )"$ ,0+,."$ 9"'.)."2$ *+(-0.35A&($ "$&#-"#$
%.9&0&(*."#$ %&$ <4(&0+:$ !+#$ ,"%0&#$ %&$ =.?+#$ B1"0+(&#T$ %.*&($ 75&$ &))+#$ -.&(&($ 'W#$
="3.).%"%&#$%&,+0-.1"#$A$75&$&)$%&,+0-&$&#$'W#$.',+0-"(-&$75&$)+#$,"%0&#$%&$=.?"#:$
h,"0&*&$5($*+',+0-"'.&(-+$*)"0"'&(-&$&#-&0&+0.,"%+:
$

Q+0($ A$ Q+0($ BIJJiT$ ,+0$ #5$ ,"0-&2$ &#-5%."0+($ )"$ .(^)5&(*."$ %&$ )+#$ ,"%0&#$

-"'3.4($ "$ -0"14#$ %&)$ '+%&)+$ %&$ e0&%&0.*@#$ A$ Z**)&#$ BIJJST$ A$ %&$ )+#$ *5"-0+$
*+',+(&(-&#$,0.(*.,")&#$Be.<50"$D:DT:

e.<50"$D:D:$A#,!#)%)*%'0&%-0,#&%-#0&%0B"%&%"(4C'060D44-%'0EFGGHIJ

R&$ &#-&$ '+%+2$ )+#$ (.U+#$ 75&$ ,&0*.3&($ 75&$ #5#$ ,"%0&#$ 1")+0"($ '5A$

")-"'&(-&$#5$,"0-.*.,"*./($&($%&,+0-&2$-.&(%&($"$-&(&0$'W#$ ")-"#$,&0*&,*.+(&#$%&$
#5$,0+,."$*+',&-&(*."$^8#.*"$A$%&,+0-.1"$75&$"75&))+#$%&$*5A+#$,"%0&#$(+$,&0*.3&($

$?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

1")+0$,+0$ #5$ ,"0-.*.,"*./($%&,+0-.1":$ !"#$ *0&&(*."#$ %&$)+#$ ,"%0&#$ A$ #5$#.#-&'"$%&$

1")+0&#$1"0."0W$&($95(*./($%&)$<4(&0+$%&)$=.?+:
$

e5(%"'&(-"%"$ &($ )"$ !"#$%&' ("' )&:' 3"-&:' ("' ;#<$#0 B\.*=+))#2$ DEFET2$ #&$

*+(*)5A&$ 75&$ &)$ *+(*&,-+$ %&$ ="3.).%"%$ #5,+(&$ 5($ ,0+*&#+$ %&$ %.9&0&(*."*./($ %&$
*+(*&,-+#$*+'+$ #5&0-&2$ %.^.*5)-"%$%&$)"$-"0&"$A$&#95&0Y+:$ Z#-"$-&+08"$75&$#50<&$%&$
)"#$ .(1&#-.<"*.+(&#$ &($&)$ W'3.-+$ &#*+)"0$%&$ 1"0.+#$ "5-+0&#$ Bh'&#2$ DEFi>$ Rc&*@$ A$
Z)).+-2$DEFXT$A$75&$95&$,+#-&0.+0'&(-&$",).*"%"$&($&)$W'3.-+$%&,+0-.1+$BR5%"2$ e+_2$
C.%%)&$A$h0'#-0+(<2$ DEEI>$R5%"$A$ \.*=+))#2$ DEEIT$#+#-.&(&$75&$&($)"#$ #.-5"*.+(&#$
&($)"#$ 75&$-&(&0$4_.-+$&#$95(%"'&(-")2$ )+#$#5?&-+#$#&$'5&1&($,+0$)"$(&*&#.%"%$%&$
%&'+#-0"0#&$ "$ #8$ '.#'+#$ +$ "$ )+#$ %&'W#$ 5("$ &)&1"%"$ *+',&-&(*."$ A$ %&$ &1.-"0$
'+#-0"0$ 5("$ *+',&-&(*."$ %43.):$ R&)$ '.#'+$ '+%+2$ R5%"$ A$ \.*=+))#$ BDEEIT$
&_,5#.&0+($*/'+$ )"$ ,&0*&,*./($75&$-.&(&($ )+#$(.U+#$%&$ )"$ +0.&(-"*./($")$)+<0+$ %&$
#5#$ ,"%0&#$ &#-W$ #.<(.^.*"-.1"'&(-&$ 0&)"*.+("%"$ *+($ #5#$ ,0+,."#$ +0.&(-"*.+(&#$ %&$
)+<0+:$

+,+,C,- !"93'2"()1/-0%/)#)71/- &2- 3%/-01&$2/- 2"- 23-&2/1$$%33%-&20%$#)7%- &2- /'/4)5%/

!+#$ ,"%0&#$ &($ &)$ %&,+0-&$ %&$ )+#$ =.?+#$ ,5&%&($ -&(&0$ 5("$ .',+0-"(-&$ .(^)5&(*."$
,+#.-.1"2$,&0+$ -"'3.4($,5&%&($%&#"00+))"0$0+)&#$A$",+A+#$75&$="<"($75&$#5#$=.?+#$
")*"(*&($5($")-+$ (.1&)2$ %.#905-&($*+($&)$%&,+0-&$+$ #&"$5($'&%.+$ %&$-0"(#'.#./($%&$
1")+0&#:

D:D:G:D:$f+-.1"%+0&#
H/'+$ &(9+75&($)+#$,"%0&#$&)$%&,+0-&$%&$ #5#$=.?+#$ B"*&0-"%+$ ]$ &75.1+*"%+T$,5&%&$
*+(%5*.0$"$)+#$(.U+#$"$5($'"A+0$%.#905-&$%&$)"$,0W*-.*"$%&,+0-.1"$+$"$5($"3"(%+(+$
-&',0"(+:$ ;($*+',+0-"'.&(-+$*+00&*-+$ %&$)+#$,"%0&#2$%"(%+$ W(.'+#2$&(9"-.Y"(%+$
&($ 5("$ "*-.-5%$ ,+#.-.1"$ +$ *0&"(%+$ 5($ "'3.&(-&$ ,+#.-.1+2$ &#-W$ "#+*."%+$ *+($ ")-+#$
(.1&)&#$ %&$ %.#905-&$ ,+0$ ,"0-&$ %&)$ %&,+0-.#-"2$ ")-"$ "5-+&#-.'"2$ "-0"**./($ ,+0$ &)$

$!

f"%0&#$A$R&,+0-&

%&,+0-&$A$")-"$,&0*&,*./($%&$*+',&-&(*."$^8#.*"$BH"'.042$ V05%&)$ A$e+0(&0.#2$ IJJE>$

;))0.*=]e0&(*=$A$b'.-=2$IJJKT:
$

Z($ )"$ .(1&#-.<"*./($ "(-&0.+02$ &)$ "(W).#.#$ .(%5*-.1+$ ]$ %&%5*-.1+$ %&$ IJ$

&(-0&1.#-"#$ "$ ,"%0&#$ BF$ f"%0&#$ A$ DI$ P"%0&#T$ %&$ %&,+0-.#-"#$ %&$ (.1&)$ '&%.+2$
%&-&0'.(/$ */'+$ &($-+%+#$ )+#$ *"#+#2$ &($ )"$ 9"'.)."$ #&$ 9"1+0&*&$ 5($ *).'"$ %+(%&$ )"$
,"0-.*.,"*./($A$&)$,)"*&0$&#-W($")$90&(-&:$!+#$,"%0&#$%.*&(k
",+A"0$"$#5#$=.?+#$&'+*.+(")2$^.("(*.&0"$A$)+<8#-.*"'&(-&2
%"0$,0.+0.%"%$"$)"$,"0-.*.,"*./($A$&)$%.#905-&2
,0&9&0.0$,"0"$#5#$=.?+#$&(-0&("%+0&#$75&$",+A&($A$'+-.1&($A
*+(^8"($ &($ &)$ %&,+0-&$ *+'+$ '&%.+$ %&$ "%75.#.*./($ %&$ ="3.).%"%&#2$
"-0.35A4(%+)&$3&(&^.*.+#$^8#.*+#2$#+*.")&#$+$%&$%&#"00+))+$"*"%4'.*+:
$

C05#-"%2$5($*.&(-8^.*+$%&$)"$;(.1&0#.%"%$%&$H+)+0"%+2$="$&#-5%."%+$"$)+$)"0<+$

%&$'5*=+#$"U+#$&)$,",&)$%&$)"$9"'.)."$&($%.#-.(-"#$.(1&#-.<"*.+(&#$A$*+($%.9&0&(-&#$
+3?&-.1+#2$ %&-&0'.("(%+$ &($*"#.$ -+%"#$ &))"#$ */'+$ )"$ 9"'.)."$ -.&(&$ 5("$ .(^)5&(*."$
,+#.-.1"$ &($ &)$ %&#"00+))+$ %&,+0-.1+$ %&$ )+#$ 'W#$ ?/1&(&#$ BC05#-"%2$ IJJXT:$ l(%.*/$
*/'+$&#$.',+0-"(-&$&#-5%."0$&)$&9&*-+$ "9&*-.1+$75&$&)$,",&)$%&$)+#$,"%0&#$-.&(&$&($
#5#$=.?+#2$'+#-0"(%+$75&$#+($)+#$,0.(*.,")&#$'+-.1"%+0&#$")$*&(-0"0$)"$"-&(*./($&($
&)$ %.#905-&2$ ,&0+$ -"'3.4($ #+($ <&(&0"%+0&#$ %&$ &#-04#$ A$ 0&#,+(#"3)&#$ %&$ 5($
-&',0"(+$"3"(%+(+$%&,+0-.1+:$Z(*+(-0/$75&$")$%.#'.(5.0$)"$,0&#./($%&$)+#$,"%0&#$
,&0*.3.%"$,+0$?5<"%+0&#$?/1&(&#$%&$3")+(*&#-+2$"5'&(-"3"$&)$%.#905-&$&($&)$%&,+0-&$
BC05#-"%2$ DEFFT>$ 75&$ "(-&$ (.1&)&#$ 'W#$ ")-+#$ %&$ .',).*"*./($ %&$ )+#$ ,"%0&#2$ #&$
"#+*."3"$5("$'W#$")-"$*+',&-&(*."$^8#.*"$,&0*.3.%"$%&$)+#$(.U+#$ BC05#-"%2$ DEEXT$+$
0&)"*.+(/$ )+#$ 3"?+#$ (.1&)&#$ %&$ ,0&#./($ ,&0*.3.%"$ ,+0$ ,"0-&$ %&$ )+#$ ,"%0&#$ *+($
'"A+0&#$(.1&)&#$%&$%.#905-&$BC05#-"%2$DEEKT:
$

P+0$+-0+$)"%+2$["(g,&0&($BDEEGT$'+#-0/$75&$&)$",+A+$%&$)+#$,"%0&#$"*-5"3"$

%&$"'+0-.<5"%+0$+$,"0"*=+75&#$,"0"$").1."0$&)$&#-04#$0&9&0.%+$ ")$0&(%.'.&(-+$A$(+$
&#-"3"$&($(.(<6($*"#+$0&)"*.+("%+$ *+($&)$#-"-5#$'"0.-")$B*"#"%+#$+$%.1+0*."%+#T$(.$
*+($ &)$ ,"#"%+$ 4-(.*+:$ P&0+$ -"'3.4(2$ )+#$ (.U+#$ %&*8"($ %.#905-"0$ 'W#$ %&)$ %&,+0-&$

%#

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

*5"(%+$ ,&0*.38"($75&$#5#$,"%0&#$&#-"3"($.',).*"%+#$,+#.-.1"'&(-&$&($#5$%&,+0-&$
A$#"-.#9&*=+#$*+($#5$,"0-.*.,"*./($%&,+0-.1"$BQ+)-$&-$"):2$IJJET
$

Z($0&)"*./($"$5($*+)&*-.1+$ *+(*0&-+2$?/1&(&#$)5*="%+0&#$1"0+(&#2$ 5($&#-5%.+$

-0"-/$%&$*+(#.%&0"0$)"$.(^)5&(*."$%&$)+#$,"%0&#$&($&)$%.#905-&$%&$?/1&(&#$%&,+0-.#-"#:$
Z($ 4)$ #&$ 0&1&)/$ */'+$ )"$ ,&0*&,*./($ 75&$ -&(8"($ %&$ )"$ .',).*"*./($ %&$ #5#$ ,"%0&#$
.(^)58"$%.0&*-"'&(-&$ &($&)$ %.#905-&$,+0$#5$ %&,+0-&:$ R&$&#-&$ '+%+2$ 5("$ ,&0*&,*./($
,+#.-.1"$-"(-+$%&$)"$,"0-.*.,"*./($%&$)+#$,"%0&#2$*+'+$%&)$<0"%+$%&$#"-.#9"**./($,+0$
#5$ %&,+0-&2$ &#-"3"$ "#+*."%+$ *+($ 5($ "5'&(-+$ &($ )+#$ (.1&)&#$ %&$ %.#905-&$ ,&0+$
-"'3.4($&($)"#$.(-&0"**.+(&#$,+#.-.1"#$*+($)+#$,"%0&#2$&#,&*.")'&(-&$*+($)"$'"%0&$
Bb*"()"($A$!&c-=c".-&2$DEFKT:
$

P&0+$(+$ #+)+$ &($&)$ %&,+0-&$%&$)+#$ (.U+#$#&$(&*&#.-"($,"%0&#$75&$'+-.1&($A$

"(.'&($"$)+#$ %&,+0-.#-"#:$ V"'3.4($*5"(%+$ #&$-0"-"$%&$ "%+)&#*&(-&#$ 75&$.(-&(-"($

")*"(Y"0$ )"$*.'"$ +$ '"(-&(&0#&$ &($&)$ ")-+$ (.1&)$ )+#$ ,"%0&#$ ","0&*&($ *+'+$ ^.<50"#$
*)"1&$ %&#%&$&)$ ,5(-+$ %&$1.#-"$ '+-.1"%+0$ BP")+'+2$ IJJE>$ P")+'+2$ N5.Y2$ bW(*=&Y$ A$
M"0*8"2$IJDDT:$m-0+$ &#-5%.+$0&)"*.+(/$")-+#$(.1&)&#$%&$&)+<.+#$%&$)+#$,"%0&#$A$35&($
&(-&(%.'.&(-+$ &($ )"$0&)"*./($,"%0&#$ ]$ =.?+$ *+($ &)$ %&#"00+))+$ %&$ *"00&0"#$ &_.-+#"#$
&(-0&$?/1&(&#$"-)&-"#$%&$4).-&$Bj5&0-=2$!&&$A$h)9&0'"(2$IJJST:$h#8'.#'+$#&$%&*)"0/$
75&$ )"$ 9"'.)."$ &0"$ )"$ ,0.(*.,")$ 95&(-&$ %&$ W(.'+:$ P"%0&#$ A$ =&0'"(+#$ 95&0+($ 'W#$
*.-"%+#$75&$)+#$,0+,.+#$&(-0&("%+0&#:$$Bd&#&(%2$DEEDT:

D:D:G:I:$h,+A+$b+*.")
h(-&#$ #&$="$.(%.*"%+$ 75&$&)$ -.,+$ %&$&(9+75&$75&$)+#$,"%0&#$ %&($")$%&,+0-&$ %&$ #5#$
=.?+#$,5&%&$*+(*)5.0$&($"-0"**./($+$(+$="*."$&)$'.#'+:$b.$3.&(2$,"0"$#&(-.0#&$"-0"8%+$
(+$#/)+$#&$="$%&$ &(9+*"0$*+00&*-"'&(-&2$ #.(+$75&$%&3&($","0&*&0$ *.&0-+#$9"*-+0&#$
%&$ #+,+0-&$ +$ "A5%"2$ 75&$ ,0+1+75&($ 75&$ &)$ %&,+0-.#-"$ #&$ #.&(-"$ 75&0.%+$ A$ *+($
*","*.%"%$%&$#5,&0"0$+3#-W*5)+#$#.$#&$)&$,0&#&(-"(:$Z($&#+$*+(#.#-&$&)$",+A+$#+*."):$
$

Z($ 5($ &#-5%.+$ %&$ f+0<"($ A$ M."*+33.$ BIJJKT2$ &)$ +3?&-.1+$ &0"$ %&-&0'.("02$

%&#%&$ '6)-.,)&#$ ,&0#,&*-.1"#2$ )"#$ ,0.(*.,")&#$ .(^)5&(*."#$ A$ &_,&0.&(*."#$

%"

f"%0&#$A$R&,+0-&

.',+0-"(-&#$&($&)$%&#"00+))+$%&$%&,+0-.#-"#$ %&$")-+$(.1&):$P"0"$&))+2$ #&$&(-0&1.#-/$ "$

IK$,"0-.*.,"(-&#k$
F$%&,+0-.#-"#k$S$'5?&0&#$A$S$=+'30&#2$
DI$,"%0&#k$K$,"%0&#$A$K$'"%0&#$A$
K$&(-0&("%+0&#
$

$R&$)+#$"(W).#.#$&'&0<.&0+($%+#$-&+08"#:$!"$,0.'&0"$%&$&))"#$="*8"$0&9&0&(*."$

")$,0+*&#+$%&$%&#"00+))+$%&$&#+#$%&,+0-.#-"#2$'.&(-0"#$ 75&$)"$#&<5(%"$#&$*&(-0"3"$
&($)"$ .',+0-"(*."$ 75&$ ,"0"$ &))+#$ ="38"$ -&(.%+$ &)$ ",+A+$ #+*."):$ Z#-"$ 6)-.'"$ -&+08"$
%"3"$0&#,5&#-"$"$5("$#&0.&$%&$,0&<5(-"#k
`n5.4($%"$ &#&$ ",+A+$ #+*.")ak$ "'.<+#2$ &(-0&("%+0&#2$ *+',"U&0+#$ %&$
&75.,+2$,&0+$-"'3.4($)+#$,"%0&#:
`h$754$-.,+$%&$",+A+$#&$0&^.&0&$&#&$#+,+0-&$#+*.")a
h,+A+$ Z'+*.+(")2$ )+$ %"$ )"$ 9"'.)."2$ &)$ &(-0&("%+0:$ l',).*"$ )"$
#&(#"*./($%&$#&(-.0#&$*5.%"%+$,+0$+-0+#:$Q"*&$0&9&0&(*."$")$",+A+$
.(*+(%.*.+(")$%&$)+#$,"%0&#
h,+A+$ Z#-.'"2$ #&$ 0&95&0Y"$ )"$ *+(^."(Y"2$ ,0.(*.,")'&(-&$ "$ -0"14#$
%&$,"%0&#$A$&(-0&("%+0&#
h,+A+$l(9+0'"-.1+2$)+$%"($&(-0&("%+0&#$A$*+',"U&0+#$%&$&75.,+
h,+A+$ V"(<.3)&2$ -"(-+$ ,"%0&#$ *+'+$ &(-0&("%+0&#$ +90&*&($ &#-&$
-.,+$ %&$ ",+A+2$ (+$ +3#-"(-&$ &#$ %.9&0&(-&:$ Z)$ %&$ )+#$ ,"%0&#$ &#-W$
0&9&0.%+$")$'"-&0.")2$-.&',+:::
`H/'+$#&$%"$&#&$#+,+0-&$#+*.")a
`n54$3&(&^.*.+#$-.&(&$&#&$",+A+$#+*.")a
$

!"#$ *+(*)5#.+(&#$ %&)$ &#-5%.+$ '+#-0"0+($ */'+$ )+#$ %&,+0-.#-"#$ &_,0&#"0+($

75&$%.*=+$",+A+$#+*.")$)&#$="38"$,&0'.-.%+$"%",-"0#&$"$%.9&0&(-&#$*.0*5(#-"(*."#$A$

%$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

"%1&0#.%"%&#$ "$ )+$ )"0<+$ %&$ #5$ *"00&0"$ %&,+0-.1"2$ *+(#-.-5A&(%+$ 5($ "#,&*-+$
95(%"'&(-")$&($)+$75&$")$*"'.(+$%&$)"$&_*&)&(*."$#&$0&^.&0&:$
$

!"$ .(1&#-.<"*./($))&1"%"$"$*"3+$ &($IJJS$,+0$Q+)-$A$ R5(($-51+$ ,+0$+3?&-.1+$

%&-&0'.("0$)+#$9"*-+0&#$,#.*+#+*.")&#$75&$","0&*8"($&($&)$*"'.(+$"$)"$&_*&)&(*."$&($
96-3+):$P"0"$&))+$ #&$&(-0&1.#-/$&($5("$,0.'&0"$9"#&$"$IJ$95-3+).#-"#$.(-&0("*.+(")&#$
*"("%.&(#&#$ A$ &($ 5("$ #&<5(%"$ 9"#&$ "$ DS$ 95-3+).#-"#$ ,0+9&#.+(")&#$ .(<)&#&#$ A$ K$
&(-0&("%+0&#:$ R&$)+#$"(W).#.#$ &'&0<&($S$&)&'&(-+#$*)"1&#$,"0"$&)$%&#"00+))+$%&$)"$
&_*&)&(*."$ &($ 96-3+)k$ D:$ %.#*.,).(">$ I2$ *+',0+'.#+>$ X:$ 0&#.).&(*.">$ S:$ ",+A+$ #+*."):$
Z#-&$6)-.'+$ ,5(-+$75&%/$ %&^.(.%+$"$#5$1&Y$,+0$-0&#$*"-&<+08"#k$D:$",+A+$ &'+*.+(")$
%&$)+#$,"%0&#>$I:$",+A+$.(9+0'"-.1+$%&$)+#$,"%0&#>$X:$ ",+A+$-"(<.3)&$%&$)+#$,"%0&#:$
f.&(-0"#$ 75&$ ,0.'&0$ A$ -&0*&0$ ",+A+$ #+($ ))&1"%+#$ "$ *"3+$ ,+0$ "'3+#$ B,"%0&$ ]$
'"%0&T2$&)$#&<5(%+$&#$-8,.*"'&(-&$%&$)+#$,"%0&#$B1"0+(&#T2$75.&(&#$%&$'"(&0"$'W#$
&1.%&(-&$%"($*+(#&?+#$A$<58"($"$#5#$=.?+#$&($&)$96-3+):
$

b&$*+',0+3/2$ */'+$ )"$9"'.)."$&0"$)"$.(^)5&(*."$'W#$.',+0-"(-&$&($)"$1.%"$%&$

5($%&,+0-.#-":$Z#$ &)$)5<"0$%+(%&$%&#"00+))"$#5#$ *+',&-&(*."#$,"0"$)"$1.%"$A$%+(%&$

",0&(%&$ A$ '&?+0"$ )+#$ '&*"(.#'+#$ 75&$ )&$ #&0W($ %&'"(%"%+#$ &($ &)$ %&,+0-&$
*+',&-.-.1+:$ !"$9"'.)."$ ,0+1&&$ &#&$ "'3.&(-&$+$ &(-+0(+$ #+*.")$ ,0.'"0.+2$ %+(%&$&)$
"-)&-"$#&$.(-0+%5*&$&($&)$%&,+0-&2$%&#"00+))"$#5$.%&(-.%"%2$"5-+&#-.'"$+$'+-.1"*./(:$
P&0+$-"'3.4(2$)"#$9"'.)."#$95&0+($*)"1&$,"0"$)+#$"-)&-"#$&_.-+#+#2$75.&(&#$&($'5*="#$
+*"#.+(&#2$=.*.&0+($"$)"#$9"'.)."#$%&#&'3+)#"0$<0"(%&#$*"(-.%"%&#$%&$*+',0+'.#+2$
%.#*.,).("2$1")+0&#2$,&0+$,+0$&(*.'"$%&$-+%+k$/!#6#0A$/,#"$BQ&))#-&%-2$DEEGT:

D:D:G:X:$h<&(-&#$#+*.").Y"%+0&#
m-0"$ ,"0-&$ %&$ )"$.(1&#-.<"*./($#&$ ="$*&(-0"%+$ &($%&-&0'.("0$ &)$ 0+)$ %&$)+#$ ,"%0&#$
*+'+$/.%)*%0'#4(/-(@/&#"$75&$.(-0+%5*&$"$)+#$(.U+#$&($&)$%&,+0-&$?+1&($A$)+#$"(.'"$
"$ %&#"00+))"0#&$ *+'+$ %&,+0-.#-"#:$ Z#-&$ -.,+$ %&$ &#-5%.+#$ ="($ '+#-0"%+$ */'+$ )+#$
,"%0&#$B1"0+(&#T$-.&(&($5("$.(^)5&(*."$.',+0-"(-&$&($)"$,"0-.*.,"*./($%&$#5#$=.?+#$
BQ&))#-&%-$DEEJT:

%%

f"%0&#$A$R&,+0-&

!+#$,"%0&#$)&&($,&0./%.*+#2$"0-8*5)+#$%&,+0-.1+#2$1&($%&,+0-&$&($-&)&1.#./($+$

)+$ &#*5*="($&($)"$0"%.+$+$)+$ .(*+0,+0"($"$#5#$"*-.1.%"%&#$%."0."#:$V+%+$&))+$.(^)5A&$

&($&)$=.?+2$ ,5&#$)+#$,"%0&#$#+($)+#$,0.(*.,")&#$'+%&)+#$75&$-0"-"0W($%&$.'.-"0:$ Z#-&$
9&(/'&(+$ %&$ #+*.").Y"*./($ %&,+0-.1"$ #&$ 0&^.&0&$ ")$ !"#4%'#0 &%0 ()*%"/44(8)0 '#4(/-0 /0
*"/$+'0 &%-0 4:/-0 -/'0 !%"'#)/'0 &%'/""#--/);0 /:,%)*/)0 60 ,#&(?(4/)0 ':'0 4#)4%!4(#)%'0
'#9"%0=:(%)%'0'#)06048,#0'%0"%-/4(#)/)04#)0 %-0 ,:)&#0'#4(/-0=:%0 -%'0"#&%/$BH+"@)&A2$
DEFK2$,:$DXGT:$!+#$,"%0&#$#+($)"$'"A+0$.(^)5&(*."$#+*.").Y"%+0"$,"0"$)"$.',).*"*./($
A$ ,"0-.*.,"*./($ %&$ )+#$ (.U+#$ &($ &)$ %&,+0-&2$ 95(%"'&(-")'&(-&$ &(-0&$ )+#$ *5"-0+$ A$
-0&*&$ "U+#2$ ")$ %"0$ 9+0'"$ "$ )+#$ ,&(#"'.&(-+#$ A$ "**.+(&#$ %&$ #5#$ =.?+#$ "*&0*"$ %&)$
'.#'+:$g$)+$="*&(k
.(#*0.3.&(%+$"$#5#$=.?+#$&($&)$%&,+0-&$BQ+c"0%$A$f"%0.<")2$DEEJT:
%"(%+$W(.'+$BM0&&($A$H=").,2$DEEiT:
"*-5"(%+$ *+'+$ ,0+9&#+0&#$ A$ *+(#&?&0+#$ BR&$d(+,2$ ["($R0.&##*=&$ A$
jA))&'"(2$DEEXT:
#.01.&(%+$ *+'+$ '+%&)+#$ ,"0"$ #5#$ =.?+#$&($ )+#$ *+(-&_-+#$ %&,+0-.1+#$
BO"'3+02$DEEET:
$

Z#-"$#+*.").Y"*./($="$#.%+$*+(*&,-5").Y"%"$%&$1"0.+#$'+%+#2$,&0+$)"$'"A+08"$

%&$)+#$ &#-5%.+#$-.&(%&($ "$ 0&9&0.0#&$"$)"$#+*.").Y"*./($&($ &)$ %&,+0-&$ ?+1&($ *+'+$ %-0

4#,!"#,('#0#0 (,!-(4/4(8)0&%0 -#'0!/&"%'0/0*"/$+'0&%0/44(#)%'04#,#0$%"0#04</"-/"0&%0
-#'0"%)&(,(%)*#'0&%!#"*($#'0&%0':'0<(>#'$Bb")).#2$h)*"0"Y2$f*d&(Y.&2$Q+1&))2$ d+)+%A$ A$
\"%&02$ DEEIT$ +$ ")$ &_,0&#"0$ #5#$ *0&&(*."#$ *+'+$ ,"%0&#2$ #5#$ &_,&*-"-.1"#$ A$
#"-.#9"**./($ *+($ )+#$ ,0+<0"'"#$ %&,+0-.1+#$ Be0&%&0.*@#$ A$ Z**)&#2$ IJJG$ A$ M0&&($ A$
H=").,2$DEEiT:$
$

P&0+$ &#"$ #+*.").Y"*./($ &#$ 5($ ,0+*&#+$ 0&*8,0+*+:$ g$ &#$ 75&$ "%&'W#$ %&$

#+*.").Y"0#&$ )+#$(.U+#$ &($A$ "$ -0"14#$ %&)$ %&,+0-&2$ -"'3.4($ #&$ #+*.").Y"($ )+#$,"%0&#$
BM0&&($A$H=").,2$DEEi>$j&.##$A$C"03&02$DEEGT:$b(A%&0$A$P50%A$BDEFIT$%&(+'.("0+($
"$&#-&$,0+*&#+$#+*.").Y"*./($0&*8,0+*"$A$&#-5%."0+($#5#$&9&*-+#$&($,"%0&#$&$=.?+#$&($
0&)"*./($"$)"$.',).*"*./($%&,+0-.1":$h$ -0"14#$%&$&(-0&1.#-"#$#&$*&(-0"3"$)"$"-&(*./($
&($ &)$ ,"#"%+$ %&,+0-.1+$ %&$ )+#$ ,"%0&#$ +$ &($ &)$ *+(+*.'.&(-+$ %&)$ %&,+0-&:$ !+#$

%&

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

0&#5)-"%+#$.(%.*"0+($75&$)"$'"A+08"$%&$)+#$,"%0&#$B1"0+(&#T$="38"($*+',&-.%+$&($
%&,+0-&2$ ="38"($#.%+$ ,0"*-.*"(-&#$ %&,+0-.1+#$ 0&<5)"0&#$A$ ="38"($,"0-.*.,"%+$&($&)$
%&,+0-&$%&$#5$=.?+:$ P&0+$-"'3.4($="38"($"A5%"%+$"$&(-0&("0$")$(.U+$&($#5$%&,+0-&:$
b.$ 3.&(2$ )+$ 'W#$ %&#-"*"%+$ &#$ */'+$ -"(-+$ ,"%0&#$ *+'+$ '"%0&#$ .(%.*"0+($ 5($
"5'&(-+$ &($&)$ .(-&04#$,+0$&)$ %&,+0-&$*+'+$*+(#&*5&(*."$%&$ )"$.',).*"*./($%&$ #5#$
=.?+#2$ "#8$ *+'+$ 5($ '"A+0$ *+(+*.'.&(-+$ %&$ )"#$ 0&<)"#2$ ="3.).%"%&#2$ &#-0"-&<."#$ A$
&'+*.+(&#$"#+*."%+#$*+($&)$%&,+0-&:$Z#$%&*.02$)+#$"?5#-&#$A$"%",-"*.+(&#$(&*&#"0.+#$
,"0"$",+A"0$)"$,"0-.*.,"*./($%&,+0-.1"$%&$)+#$=.?+#$,0+1+*"($)"$#+*.").Y"*./($%&$)+#$
,"%0&#$BQ"#30++@2$DEFK>$P&-&0#+($A$Q"((2$DEEET:
$

fW#$ 0&*.&(-&'&(-&2$ h.*.(&("$ BIJJIT2$ '+#-0/$ &($ #5$ &#-5%.+$ &($ -+0(+$ "$ )"$

#+*.").Y"*./($%&$)+#$,"%0&#2$75&$'5*="#$1&*&#$)+#$,"%0&#$#&$15&)1&($9"(#$%&)$96-3+)$
B+$ %&$ +-0+$ %&,+0-&T$ *+'+$ 0&#5)-"%+$ %.0&*-+$ %&$ )"$ .',).*"*./($ %&$ #5$ =.?+$ &($ &#&$
%&,+0-&:$ !+#$,"%0&#$%.*&($#&(-.0$)"$(&*&#.%"%$%&$#&0$'W#$9"'.)."0&#$*+($&)$%&,+0-&$
%&$#5$=.?+$ *+($&)$ +3?&-.1+$ %&$",+A"0)&$%&)$ '&?+0$ '+%+$ ,+#.3)&:$ !+#$ ,"%0&#$ %.*&($
75&$*+(+*&0$'5A$,+*+$#+30&$&)$96-3+)2$)&#$="*&$#&0$1.#-+#$*+'+$'&(+#$*5.%"%+#+#$A$
'&(+#$.',).*"%+#$&($)"#$&_,&0.&(*."#$%&,+0-.1"#:$$
$

!+#$ &#-5%.+#$ '+#-0"%+#$ ="#-"$ &#-&$ ,5(-+$ #&$ &(*5"%0"($ %&(-0+$ %&$ )"$

#+*.+)+<8"$ ")$ -0"-"0$ %&$ %&^.(.0$ )"$ &#-05*-50"$ #+*.")$ 75&$ 0+%&"$ &#&$ ,0+*&#+$ %&$
#+*.").Y"*./(:$ e5&$ C05#-"%$ BDEEIT2$ 75.&($ ,5#+$ "-&(*./($ &($ )"#$ .(^)5&(*."#$
.(-0",&0#+(")&#$A$,#.*+)/<.*"#$%&$&#"$#+*.").Y"*./($%&,+0-.1"$")$'+#-0"0$)"$0&)"*./($
&(-0&$ )"$ '+-.1"*./($ ,+0$ &)$ %&,+0-&$ A$ &#&$ ,0+*&#+$ %&$ #+*.").Y"*./(2$ ","0&*.&(%+$
%.9&0&(*."#$&($95(*./($%&$)+#$(.1&)&#$%&$'"%50"*./($-"(-+$*+<(.-.1+#$*+'+$^8#.*+#:$

D:D:G:S:$h,+A+$&*+(/'.*+
;($.',+0-"(-&$",+A+$ ,0&#-"%+$ ,+0$)"$ 9"'.)."$ #&$0&^.&0&$ "$ )"$ .(1&0#./($ &*+(/'.*"$
75&$ #5,+(&$ &)$ %&,+0-&$ %&)$ =.?+:$ Z#-&$ ",+A+$ &*+(/'.*+$ #&$ 0&^)&?"$ &($ )"#$
.(1&#-.<"*.+(&#$ %&$ j+)9&(%&($ A$ Q+)-$ BIJJGT2$ &($ )"#$ 75&$ #&$ %&-&0'.("$ )"$
.',+0-"(*."$%&$&#-"$ "A5%"$&($&)$%&#"00+))+$ %&)$ -")&(-+$ &($&)$ -&(.#2$ ,0.(*.,")'&(-&$
&($)"$&-","$%&$&#,&*.").Y"*./(:$g$&#$75&$)+#$,"%0&#$",+A"($"$)+#$=.?+$&($#5$%&,+0-&2$

%<

f"%0&#$A$R&,+0-&

,0+,+0*.+(W(%+)&#$%.(&0+$,"0"$&)$,"<+$%&$*5+-"#2$'"-&0.")$ +$&(-0&("%+0&#$BM+5)%2$
!"5&02$ N+)+2$O"((&#$A$P&((.#.2$ IJJG2$ IJJF>$ Q.))2$ DEEX>$ Q+0($A$ Q+0(2$ IJJi>$ b)+"(&2$
DEFGT:$
$

Z#$*)"0"$)"$(&*&#.%"%$%&$&#-&$",+A+$")$ &1.%&(*."0#&$)+#$")-+#$,+0*&(-"?&#$ %&$

.(<0&#+#$ %&%.*"%+#$ ")$ %&,+0-&$ %&)$ =.?+:$ R&$ &#-&$ '+%+$ ZA(+(2$ d.-*=&($A$ b&'+-.5@$
BDEFJT$ &($ 5("$ '5&#-0"$ *+($ ("%"%+0&#$ ?/1&(&#$ %&-&0'.("0+($ */'+$ &)$ <"#-+$
&*+(/'.*+$ "(5")$ #5,+(8"$ ")0&%&%+0$ %&$ GGJ$ &50+#$ "(5")&#$ BDIp$ %&$ )+#$ .(<0&#+#$
-+-")&#T2$ "5'&(-"(%+$ %.*=+$ *+#-&$ ")$ -.&',+$ 75&$ &)$ =.?+$ *0&*8"$ A$ "5'&(-"3"$ #5$
="3.).%"%$%&,+0-.1":

D:D:G:G:$h,+A+$)+<8#-.*+
Z)$",+A+$0&)"*.+("%+$*+($&)$-0"(#,+0-&$#5,+(&$5("$"A5%"$.',0&#*.(%.3)&$,"0"$75&$
)+#$=.?+#$,0"*-.75&($%&,+0-&$")$#&0$%&,&(%.&(-&#$%&$#5#$ 9"'.)."#$BH+"@)&A$A$j=.-&2$
DEEI>$ R5(*"(2$ R5(*"(2$ b-0A*@&0$ A$ H="5'&(-+(2$ IJJS>$ M+5)%$ &-$ "):2$ IJJF>$ Q.))2$
DEEX>$Q+0($A$Q+0(2$ IJJi>$b)+"(&2$ DEFG>$ j&)@2$ j++%$A$f+0##2$IJJXT:$j+)9&(%&($A$
Q+)-$ BIJJGT$ %&-&0'.("0+($ &($ 5("$ .(1&#-.<"*./($ *5A+$ +3?&-.1+$ &0"$ .%&(-.^.*"0$ )"#$
,&0*&,*.+(&#$ 75&$ ?5<"%+0&#2$ &(-0&("%+0&#$ A$ ,"%0&#$ -&(8"($ %&)$ %&#"00+))+$ %&)$
-")&(-+$&($-&(.#$"$-0"14#$ %&$&(-0&1.#-"#2$ */'+$&($0&)"*./($"$&#&$-0"(#,+0-&2$ "'3+#$
,"%0&#$",+A"3"(2$#.$3.&(2$)"$'"%0&$","0&*./$*+'+$'W#$")-"'&(-&$.',).*"%"2$#.&(%+$
)"$,0.(*.,")$ 0&#,+(#"3)&$%&$%.*=+$-0"(#,+0-&$"$&(-0&("'.&(-+#$A$*+',&-.*.+(&#:$h$
&#&$",+A+$)+$%&(+'.("0+($-"(<.3)&:
$

R&$'"(&0"$ #.'.)"0$d&&<"($&-$ "):$ BIJJET$'+#-0"0+($ */'+$ &)$ #+,+0-&$ %&$)+#$

,"%0&#$ &0"$ 95(%"'&(-")$ ,"0"$ 9"*.).-"0$ &)$ %&,+0-&$ %&$ )+#$ =.?+#2$ *+(#-.-5A&(%+$ &)$
-0"(#,+0-&$ "$ &(-0&("'.&(-+#$ A$ *+',&-.*.+(&#$ )"$ 3"#&$ %&$ %.*=+$ ",+A+:$ Z($ &#-"$
.(1&#-.<"*./($)"#$%.9&0&(*."#$&($95(*./($%&)$ <4(&0+$95&0+($.(&_.#-&(-&#:$ Z#&$",+A+$
)+<8#-.*+$ 0&)"*.+("%+$ *+($ &)$ -0"(#,+0-&$ )&$ .',).*"$ "$ )"$ 9"'.)."$ <0"($ *"(-.%"%$ %&$
-.&',+2$ "5'&(-"(%+$ "$'&%.%"$75&$&)$=.?+$ *0&*&$A$)"$="3.).%"%$"5'&(-"2$ ))&<"(%+$ "$
#5,+(&0$5("$.',).*"*./($%&$'W#$%&$#&.#$=+0"#$A$'&%."$"$)"$#&'"("$BZA(+(2$d.-*=&($
A$b&'+-.5@2$DEFJT:

%=

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

D:D:G:K:$h,+A+$&'+*.+(")
m-0+$ .',+0-"(-&$ '+%+$ &($ 75&$ &)$ *+',+0-"'.&(-+$ %&$ )+#$ ,"%0&#$ ,5&%&$ .(^)5.0$
,+#.-.1"'&(-&$ &($ )"$ ,"0-.*.,"*./($ %&,+0-.1"$ %&$ )+#$ =.?+#$ &#$ "$ -0"14#$ %&)$ ",+A+$
&'+*.+(")$ A$ %&$ #5#$ "*-.-5%&#$ 0&)"*.+("%"#$ *+($ #5$ *+',0+'.#+$ ="*."$ &)$ %&,+0-&$
BQ+0($A$Q+0(2$IJJiT:$ ;($.',+0-"(-&$ (6'&0+$ %&$&#-5%.+#$="($.(%.*"%+$ */'+$ &#-&$
",+A+$ &'+*.+(")$ A$ &)$ *+',0+'.#+$ %&$ )+#$ ,"%0&#$ *+($ &)$ %&,+0-&$ &#$ %&$ <0"($
.',+0-"(*."$&($0&)"*./($"$)"$,"0-.*.,"*./($%&,+0-.1"$%&$)+#$=.?+#$A$"$#5#$0&"**.+(&#$
,#.*+#+*.")&#$BC"3@&#$A$j&.##2$ DEEE>$R5(*"($&-$"):2$IJJS>$Q.))2$DEEX>$b-5"0-2$ IJJX>$
j&.##$ A$ C"03&02$ DEEGT2$ '+#-0"(%+$ */'+$ &)$ -.&',+$ A$&#95&0Y+$ 75&$)+#$%&,+0-.#-"#$
%&%.*"($")$&(-0&("'.&(-+$ A$ )"$*+',&-.*./($&#2$ &($<0"($,"0-&2$,+#.3)&$,+0$ &)$",+A+$
&'+*.+(")$A$'"-&0.")$75&$&))+#$,0&#-"($BC05#-"%2$ DEEX>$M+5)%$&-$"):2$IJJF>$b*"()"($
A$!&c-=c".-&2$DEFF>$j&.##$A$Q"A"#=.2$DEEGT:
$

h%&'W#2$ ["(g,&0&($ BDEEG2$ DEEFT$ %&'+#-0/$ &($ &#"#$ %+#$ .(1&#-.<"*.+(&#$

*/'+$ &)$ ",+A+$ &'+*.+(")$ %&$ )+#$ ,"%0&#$ ,+%8"$ #&01.0$ *+'+$ "'+0-.<5"%+0$ ,"0"$
"A5%"0$"$#5#$ =.?+#$"$#5,&0"0$ 90"*"#+#$0&)"*.+("%+#$*+($&)$ 0&(%.'.&(-+$ A$"$#5,&0"0$
&)$ &#-04#$ ,0+1+*"%+$ ,+0$ )"$ ,"0-.*.,"*./($ &($ &1&(-+#$ %&,+0-.1+#:$ N&#5)-"%+#$
#.'.)"0&#$95&0+($&(*+(-0"%+#$,+0$HL-4$BDEEET$&($#5$&#-5%.+$"$-0"14#$%&$&(-0&1.#-"#$
"$9"'.)."#$*+($%&,+0-.#-"#$%&$ ")-+$ (.1&):$ R&$'"(&0"$ &#,&*8^.*"$ #&$'+#-0/$ */'+$ )+#$
,"%0&#$&0"($5("$.',+0-"(-&$95&(-&$%&$",+A+$&'+*.+(")$ *5"(%+$ )+#$%&,+0-.#-"#$ #&$
-0+,&Y"3"($*+($ ,&0*"(*&#$ 0&)"*.+("%+#$ *+($&)$ %&,+0-&$ 75&$ (&*&#.-"3"($ #5,&0"0:$
Z#-&$ (&_+$ &(-0&$ &)$ ",+A+$ &'+*.+(")$ %&$ )+#$ ,"%0&#$ A$ )+#$ 0&#5)-"%+#$ ,+#.-.1+#$
+3-&(.%+#$,+0$?/1&(&#$A$"%+)&#*&(-&#$*+'+$*+(#&*5&(*."$%&$%.*=+$ ",+A+$-"'3.4($
","0&*&$ &($ )"$ ).-&0"-50"$ &($ 0&)"*./($ "$ )"#$ )&#.+(&#$ %&,+0-.1"#$ B;%0A$ A$ h(%&0#&(2$
IJJIT:
$

R&)$ '.#'+$ '+%+$ O+c&--$ A$ V.'#+(]d"-*=.#$ BIJJGT$ '+#-0"0+($ */'+$ )+#$

,"%0&#$ %&$ ("%"%+0&#$ %&$ (.1&)$ ("*.+(")$ <0.&<+#$ %"3"($ 5($ .',+0-"(-&$ ",+A+$
&'+*.+(")2$ &(-&(%.&(%+$ 4#-&$ *+'+$ *+',0+'.#+2$ &',"-8"2$ ",0&*.+$ A$ ",0+3"*./(:$
!+#$ ,"%0&#$ #&$ 0&9&08"($ "$ &#&$ ",+A+$ *+'+$ 5($ ",+A+$ &'+*.+(")$ .',+0-"(-&$
0&#5'.4(%+)+$ &($ )"$ 90"#&k$ -#'0 !/&"%'0 &%9(+"/,#'0 %'*/"0 '(%,!"%0 &('!#)(9-%'0 !/"/0
):%'*"#'0<(>#'060 !"%!/"/&#'0!/"/0 &/"0 /,#"0 ()4#)&(4(#)/-0 604#)'(&%"/4(8)0 #0 %'*(,/0

%>

f"%0&#$A$R&,+0-&

BO+c&-$ A$ V.'#+(]d"-*=.#2$ IJJG2$ ,:IiiT:$ R&)$ '.#'+$ '+%+$ N&&#$ A$ Q"0%A$ BIJJJT$
'+#-0"0+($&($#5$&#-5%.+$*/'+$&)$",+A+$&'+*.+(")$ &#$5("$*"-&<+08"$*&(-0")$%&(-0+$
%&)$#+,+0-&$#+*.")$ %&$%&,+0-.#-"#$%&$")-+$(.1&)2$#.($="*&0$&_*)5#.1+$&#-&$,",&)$"$)+#$
,"%0&#:

+,+,D,- !"93'2"()1/-"281#)71/- &2- 3%/- 01&$2/-2"- 23-&2/1$$%33%- &20%$#)7%- &2- /'/4)5%/

E6&*$F"'$G2,.'$5)$&$H()&*$&*6.)*)$"I$6)($%&()+*#$G2,.'$H)*$2II$6)($5&/F'
@L811F;87;C'"!?>K

b+($'5*=+#$ )+#$^.(&#$%&$#&'"("$75&$#&$1&($&($)"$-&)&1.#./($+$#&$)&&($&($)"$,0&(#"$
&?&',)+#$-0W<.*+#$%&$*/'+$,"%0&#$%&$?/1&(&#$ %&,+0-.#-"#$,&)&"(2$)5*="($+$ .(*)5#+$
'"-"($,+0$&)$%&,+0-&$%&$#5#$=.?+#k
,&)&"$ &(-0&$ %+#$ ,"%0&#$ %&$ =+*@&A$ =.&)+$ 75&$ *+(%5*&$ "$ )"$ '5&0-&$
BN&*5,&0"%+$ %&' M;;0NOOPPPQ3RF58PFQ36/OF;6928FO$##$O#"O#$O5,;265,1O
/,25%$$?"!QFM;/1T:

5($ ,"%0&$ '"-"$ ")$ *+(-0.(*"(-&$ %&$ #5$ =.?+$ BN&*5,&0"%+$ %&$ M;;0NOO
PPPQP,FM25H;6506F;Q36/OP0S7*5O365;85;O,9;2318O$##=O#%O#%O
:T$##=#%#%#">=%QM;/1T:

b.($))&<"0$"$&#-+#$ &_-0&'+#$%&$ %&).(*5&(*."2$ )+#$,"%0&#$,5&%&($ .<5")'&(-&$

*"5#"0$,0+3)&'"#$<0"1&#$*+'+$.(-&09&0.0$*+($&)$&(-0&("%+02$"5'&(-"0$&)$ &#-04#$%&$
#5#$ =.?+#$ %&,+0-.#-"#2$ %.#*5-.0$ *+($ )+#$ W03.-0+#$ +$ *+(%5*.0)+#$ "$ 5("$ -&',0"("$
0&-.0"%"$ BQ&%#-0+'$ A$ M+5)%2$ IJJST:$ g$ &#$ 75&2$ %&#"9+0-5("%"'&(-&2$ )"#$ 9"'.)."#$
-"'3.4($ ,5&%&($ -&(&0$ &9&*-+#$ (&<"-.1+#$ &($ &)$ %&#"00+))+$ %&$ )+#$ %&,+0-.#-"#:$
h-'/#9&0"#$08<.%"#2$*+($&_,&*-"-.1"#$.00&")&#$+$#.#-&'"#$9"'.)."0&#$%&#+0<"(.Y"%+#2$
,+30&#$ +$ *+($ ,0+3)&'"#$ ,"0"$ "*&,-"0$ )"$ "5-+0.%"%$ %&$ &(-0&("%+0&#2$ "9&*-"($
(&<"-.1"'&(-&$")$0&(%.'.&(-+$BQ&))#-&%-2$DEEGT:

%?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

D:D:K:D:$b+30&.',).*"*./(
!+#$(.U+#$ '5&#-0"($'"A+0&#$ (.1&)&#$%&$"(#.&%"%$*5"(%+$,&0*.3&($75&$#5#$,"%0&#$
&#-W($#+30&.',).*"%+#2$75&$,+(&($'5A$")-"#$)"#$&_,&*-"-.1"#$#+30&$&))+#$+$0&*.3&($
'5*="$,0&#./($,+0$ &)$ 0&(%.'.&(-+:$ g$&#$75&2$ &($+*"#.+(&#2$ )+#$,"%0&#$"#5'&($5($
0+)$ &_-0&'"%"'&(-&$"*-.1+$&($&)$ %&,+0-&$%&$#5#$=.?+#2$ #.<(.^.*"(%+$75&$&($'5*=+#$
*"#+#$&#"$.(^)5&(*."$,5&%&$*+(1&0-.0#&$&($5("$.',+0-"(-&$95&(-&$%&$&#-04#$,"0"$)+#$
=.?+#$ Bb'+))2$ H5''.(<$ A$ b'.-=2$ IJDDT:$ m-0+$ "#,&*-+$ (&<"-.1+$ %&$ )"$
#+30&.',).*"*./($ %&$ )+#$ ,"%0&#$ ="$ #.%+$ )"$ "#+*."*./($ %&)$ '.#'+$ *+($ 5("$
.(-&(#.^.*"%"$ "(#.&%"%$ A$ 5($ -&',0"(+$ 9:")#:*$ BM+5)%$ &-$ "):2$ DEEiT:$ Z($ %.*="$
.(1&#-.<"*./($ #&$ *&(-0"$ &#"$ #+30&.',).*"*./($ A$ )"$ ,0&+*5,"*./($ &_*&#.1"$ ,+0$ &)$
-&(.#$&($)"$^.<50"$'"#*5).("2$ &($&)$ ,"%0&:$ Z($0&)"*./($"$&#-&$"3"(%+(+$%&,+0-.1+$+$
9:")#:*;0H+"@)&A$BDEEIT$%&-&0'.(/$ */'+$5("$")-"$.',).*"*./($%&$)+#$ ,"%0&#$&($&)$
-&(.#2$ "#+*."%"$")$'.#'+$ -.&',+$ "$")-+$.(<0&#+#$&*+(/'.*+#$ &($)"$ 9"'.)."2$ #5,+(8"$
5($'"A+0$0.&#<+$%&$"3"(%+(+$%&,+0-.1+:
$

H+($90&*5&(*."2$)+#$=.?+#$#+($5("$&_-&(#./($%&$)+#$,"%0&#$A$,5&%&$+*500.0k
75&$ ,"%0&#$ .(#"-.#9&*=+#$ *+($ #5$ ,0+,.+$ 0&(%.'.&(-+$ %&,+0-.1+2$
35#75&($&($&)$4_.-+$%&$#5$=.?+$)+$75&$"$&))+#$'.#'+#$#&$)&#$(&</:
75&$ ,"%0&#$ &_.-+#+#$ &($#5$%&,+0-&$#&$#.&(-"($90"*"#"%+#$ ,+075&$ #5$
=.?+$(+$")*"(*&$%.*=+#$(.1&)&#:$

\+$ +3#-"(-&$ )"#$ *+(#&*5&(*."#$ %&$ )"$ #+30&,0+-&**./($ 9"'.)."0$ .(^)5A&($

-"'3.4($&($)"#$ 0&)"*.+(&#$ 9"'.)."0&#:$ h)$ .(.*.+$ %&,+0-.1+$ &#"$ #+30&.',).*"*./($ &#$

*"#.$ 95(%"'&(-")$ ,"0"$ 75&$&)$ (.U+$ %&,+0-.#-"$ #&$ %&#"00+))&$ ")$ 'W_.'+:$ b.$ 3.&(2$ &)$
,"#+$ "$ (.1&)&#$ #5,&0.+0&#$ %&$ 0&(%.'.&(-+$ *+())&1"$ &)$ -0"#)"%+$ %&$ &#"$ ,0.(*.,")$
95&(-&$ %&$ ",+A+$ *+'+$ #+($ )+#$ ,"%0&#$ "$ +-0"#$ ,&0#+("#$ *+'+$ &(-0&("%+0&#$ +$
*+',"U&0+#$%&$ &75.,+:$ Z#$ '5A$90&*5&(-&$&($&#+#$ '+'&(-+#$ %&$-0"(#.*./(2$ 75&$)"$
,0+,."$ 9"'.)."$ (+$ "*&,-&$ #5$ (5&1+$ 0+)2$ '"#$ %.#*0&-+2$ 'W#$ +*5)-+:$ P+0$ &#+2$ &#$ 5($
'+'&(-+$ *08-.*+$ %+(%&$)"#$ 0&)"*.+(&#$9"'.)."0&#$,5&%&($1&0#&$"9&*-"%"#2$ -"'3.4($
*+'+$*+(#&*5&(*."$%&)$,&0.+%+$&($75&$#&$,0+%5*&$%.*="$-0"(#.*./($BDX$]$Di$"U+#T2$
)"$"%+)&#*&(*."$BM"00.%+2$H"',+#$A$H"#-"U&%"2$IJDJT:

%!

f"%0&#$A$R&,+0-&

;($'+%+$%&$*+(+*&0$)"$.',).*"*./($%&$)+#$,"%0&#$&($&)$%&,+0-&$%&$)+#$=.?+#$A$

%&-&0'.("0$ )"$ &_.#-&(*."$%&$ #+30&.',).*"*./(2$ &#$"$,"0-.0$%&$ *.&0-+#$ .(#-05'&(-+#$

%&$ '&%.%"$ *+'+$ &)$ *5&#-.+("0.+$ Plbn$ BP"0&(-")$ l(1+)1&'&(-$ .($ b,+0-$
n5&#-.+((".0&T:$ Z#-&$ .(#-05'&(-+$ #&$ &',)&"$ ,"0"$ %&-&0'.("0$ )"$ ,&0*&,*./($ 75&$
-.&(&($ ?/1&(&#$ "-)&-"#$ %&)$ (.1&)$ %&$ .',).*"*./($ %&$ #5#$ ,"%0&#$ B!&&$ A$ f"*)&"(2$
DEEiT:$ Z#-W$ 9+0'"%+$ ,+0$ -0&#$ #53&#*")"#k$ D:$ *+',+0-"'.&(-+$ %.0&*-.1+>$ I:$
&(-&(%.'.&(-+$A$")"3"(Y"#>$X:$.',).*"*./($"*-.1":
$

b+($ 1"0."#$ )"#$ .(1&#-.<"*.+(&#$ 75&$ &',)&"($ &#-&$ .(#-05'&(-+$ ,"0"$

%&-&0'.("0$ &)$ (.1&)$ %&$ .',).*"*./($ %&$ )+#$ ,"%0&#:$ !&&$ A$ f"*)&"($ BDEEiT$ A$ 'W#$
0&*.&(-&'&(-&$b-0+&3&)$ BIJJKT$ ",).*"0+($ &)$ Plbn$,"0"$ &1")5"0$ )"$ ,&0*&,*./($ 75&$
("%"%+0&#$ -&(8"($ %&)$ (.1&)$ %&$ .',).*"*./($%&$ #5#$ ,"%0&#>$ j50-=2$ !&&$ A$ h)9&0'"($
BIJJST$ )+$ &',)&"0+($ *+($ ?/1&(&#$ %&,+0-.#-"#$ %&$ 5("$ 1"0.&%"%$ %&$ %&,+0-&#k$
"-)&-.#'+2$ ("-"*./(2$ -&(.#2$ 3")+('"(+$ A$ =+*@&A>$ Z%&2$ d"',=+992$ f"*@&A$ A$ f+0@2$
BIJDIT$)+$="($5-.).Y"%+$"*-5")'&(-&$*+($?5<"%+0&#$?/1&(&#$%&$=+*@&A:

D:D:K:I:$Z(9"%+
m-0+#$ ,"%0&#$ +,-"($,+0$&)$ &(9"%+$ +$ )"$ */)&0"$*5"(%+$ #5#$ =.?+#$ (+$ ?5&<"($ *+'+$ "$
&))+#$)&#$ <5#-"08":$b=.&)%#$ &-$"):$ BIJJGT$#&$&(*+(-0"0+($75&$%&$5("$'5&#-0"$%&$FJX$
?/1&(&#$ %&,+0-.#-"#$ 0&,0&#&(-"(%+$ DJ$ %&,+0-&#2$ &)$ DGp$ %&*8"$ 75&$ #5#$ ,"%0&#$ #&$
&(9"%"3"($ *5"(%+$ (+$ ?5<"3"($ 3.&(2$ A$ *"#.$ &)$ Ep$ %&$ )+#$ ,"%0&#$ %&*8"$ ="3&0#&$
*+',+0-"%+$'")$&($*"',+#$+$,.#-"#$%+(%&$?5<"3"$#5$=.?+:
$

h$ '+%+$ %&$ =.#-+0."2$ Q&))#-%&-$ BDEEGT$ '5&#-0"$ &)$ %0"'"$ ^.*-.*.+$ %&$ )"$ 75&$

,+%08"$ #&0$ 5("$ <.'("#-"2$ 5($ ("%"%+0$ +$ 5("$ ?5<"%+0"$ %&$ 3")+('"(+:$ Z)$ ?+1&($
%&,+0-.#-"$ *+',.-&$ A$ (+$ ")*"(Y"$)"#$ &_,&*-"-.1"#$ %&$ #5#$ ,"%0&#:$ Z#+#$ ,"%0&#$ 75&$
="($.(1&0-.%+$-.&',+2$%.(&0+$A$&(&0<8"$&'+*.+(")$#&$&(9"%"($*+($&)$0&(%.'.&(-+$%&$
#5$=.?+:$ h,0&*."($ &)$ -")&(-+$ %&$ #5$=.?+2$ ,&0+$ #&$905#-0"($*+($ )+$ 75&$&))+#$ ,&0*.3&($
*+'+$ 5("$ ,40%.%"$ %&$ -.&',+2$ %&$ '+%+$ 75&$ #50<&$ 5($ *+(^).*-+$ .(-&0(+$ ,"0"$ &)$
%&,+0-.#-"2$*+($)"$*+(#&*5&(-&$-&(#./($&($)"$0&)"*./($,"%0&#$]$=.?+k

&#

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

$\+$,5&%+$#"-.#9"*&0$"$'.#$,"%0&#2$)5&<+$#+A$5($,&0%&%+0:
b.$(+$'&$%&?"($&($,"Y2$1+A$"$<0.-"0:

D:D:K:X:$Z#-04#
!+#$ ,"%0&#2$ &($ '5*="#$ +*"#.+(&#2$ #&$ *&(-0"($ %&$ '"(&0"$ &_*)5#.1"$ &($ <"("0$ +$
,&0%&02$ <5."(%+$ ")$ =.?+$ ="*."$5($#&(-.'.&(-+$ %&$&#*"#&Y$ %&$'40.-+$&($)+$ 75&$="*&$
BV50'"(2$ IJJiT:$ Z#&$ #&(-.'.&(-+$ *+())&1"$5("$ 0&)"*./($%.0&*-"$ &(-0&$)"$ "(#.&%"%$
&#-"%+$ A$ )"$,0&#./($%&$ )+#$ ,"%0&#$ Bf*M5.0&$ A$ H++@2$ DEFX>$ b*"()"($A$!&c-=c".-&2$
DEFST:$ Z($ &#"#$ .(1&#-.<"*.+(&#2$ ")-+#$ (.1&)&#$ %&$ "(#.&%"%$ &#-"%+$ &#-"3"($
0&)"*.+("%+#$ *+($ )"$ .(75.&-5%$ %&$ )+#$ =.?+#$ ,+0$ &)$ 90"*"#+$ %&$ (+$ ")*"(Y"0$ )"$ *.'"$
*+',&-.-.1"$+$%&$)"$,0&#./($%&$)+#$,"%0&#$,&0*.3.%"$,+0$&)$4_.-+:
$

m-0"$ .(1&#-.<"*./($ 0&)"*.+("%"$ *+($&)$ &#-04#$ )"$ %&#"00+))/$ b*"()"(2$ b-&.($ A$

N"1.YY"$ BDEEDT2$ &($ )"$ 75&2$ "$ -0"14#$ %&$ 5("$ '5&#-0"$ *+($ IE$ ,"-.("%+0&#$ %&$ ")-+$
(.1&)2$ '+#-0/$ 75&$ )"$ 9"'.)."$ &0"$ 5("$ 95&(-&$ %&$ ,0&#./($ A$ &#-04#$ ")$ *0.-.*"0$ #5$
0&(%.'.&(-+2$%"0$*+(#&?+#$"(-&#$%&$)"#$*+',&-.*.+(&#$+$*5),"0$%&)$%.(&0+$.(1&0-.%+$
&($ &)$ %&,+0-&:$ Z)$ '.#'+$ "5-+0$ %&-&0'.(/$ &)$ &#-04#$ *+',&-.-.1+$ %&$ )+#$ (.U+#$ A$
?/1&(&#2$-"(-+$&($)"3+0"-+0.+$*+'+$&($*"',+$*+($)5*="%+0&#$A$95-3+).#-"#$Bb*"()"($
A$!&c-=c".-&2$DEFKT:
$

b-&.(2$ N"&%&@&$A$M)&(($BDEEET2$ .(1&#-.<"0+($)"$ ,&0*&,*./($ %&$)+#$(.U+#$%&)$

(.1&)$ %&$ .',).*"*./($ %&$ #5#$ ,"%0&#$ B*"(-.%"%T2$ "#8$ *+'+$ %&)$ <0"%+$ %&$ %.*="$
.',).*"*./($B*").%"%T:$P"0"$&))+2$ SI$%&,+0-.#-"#$%&$&(-0&$DX$A$DS$"U+#2$%&$%&,+0-&#$
*+'+$ 1+)&.3+)2$ 96-3+)$ +$ 96-3+)$ "'&0.*"(+2$ *5',).'&(-"0+($ 5($ *5&#-.+("0.+:$ !+#$
0&#5)-"%+#$'+#-0"0+($ */'+$#+($ &))+#2$ )+#$,"%0&#$1"0+(&#2$75.&(&#$#+($,&0*.3.%+#$
,+0$)+#$%&,+0-.#-"#$*+'+$*"5#"(-&#$%&$'W#$&#-04#$75&$)"#$'"%0&#:$

&"

f"%0&#$A$R&,+0-&

D:D:K:S:$P&09&**.+(.#'+
Z)$ ,&09&**.+(.#'+$ #&$ %&^.(&$ *+'+$ 5("$ *"0"*-&08#-.*"$ ,&0#+(")$ 75&$ .(*)5A&$ )"$
36#75&%"$ *+',5)#.1"$%&$ &_-0&'"%"'&(-&$")-+#$ (.1&)&#$ %&$,&09&**./($*+'3.("%+$
*+($1")+0"*.+(&#$%&'"#."%+$*08-.*"#$Bh,,)&-+(2$Q"))$A$Q.))2$IJDJT:$
$

g$ &#$ 75&$ )+#$ ,"%0&#$ ,5&%&($ *+(-0.35.0$ "$ '+)%&"0$ )"#$ *"0"*-&08#-.*"#$

,&0#+(")&#$%&$ #5#$ =.?+#$75&$#+($,+*+$ %&#&"3)&#:$ ;("$ %&$&#"#$*"0"*-&08#-.*"#$ &#$&)$

,&09&**.+(.#'+:$b.($&'3"0<+2$&#$#+0,0&(%&(-&$)"$&#*"#&Y$%&$.(1&#-.<"*./($&($-+0(+$
")$+0.<&($%&$&#&$,&09&**.+(.#'+$&($%&,+0-.#-"#2$ '"#$#.$*"3&$")$*+(+*&0$)+#$&9&*-+#$
75&$&#&$,&09&**.+(.#'+$ -.&(&:$ g$&#$75&$&($5("$'5&#-0"$%&$DES$?/1&(&#$95-3+).#-"#$
#&$%&-&0'.(/$*/'+$)"$,&0*&,*./($75&$)+#$%&,+0-.#-"#$-.&(&($%&)$,&09&**.+(.#'+$%&$
#5#$ ,"%0&#$ &#-W$ %.0&*-"'&(-&$0&)"*.+("%+$ *+($#5$ ,0+,.+$ ,&09&**.+(.#'+$ Bb",.&?"2$
R5(($A$Q+)-2$IJDDT:

+,+,E,-63-(1/%-&23-#2")/
Z)$-&(.#$&#$5($%&,+0-&$&($&)$75&$#&$="$%&#"00+))"%+$<0"($,"0-&$%&$)"$.(1&#-.<"*./($&($
-+0(+$"$)"$9"'.)."2$")$-0"-"0#&$%&$5("$"*-.1.%"%$&($%+(%&$)+#$,"%0&#$&#-W($")-"'&(-&$
.',).*"%+#:$ Z#+#$ ")-+#$(.1&)&#$%&$.',).*"*./($#+($*+(#&*5&(*."$%&$)+#$")-+#$ *+#-&#$
75&$&#&$%&,+0-&$#5,+(&2$ A$ &#$75&$)"$("-50")&Y"$%&)$ %&,+0-&2$ ")$ &_.#-.0$6(.*"'&(-&$
95&0"$ %&)$ *+)&<.+2$ "#8$ )+$ &_.<&:$ P&0+$ &#$ 75&$ "%&'W#2$ &($ -&(.#$ #&$ ,5&%&($ ")*"(Y"0$
")-+#$(.1&)&#$%&$'5A$?+1&($A$<"("0$<0"(%&#$*"(-.%"%&#$%&$%.(&0+$*+($)"$,53).*.%"%2$
)+$ 75&$*+())&1"$,"%0&#$")-"'&(-&$.',).*"%+#:$Z($+*"#.+(&#$%&$'"(&0"$,&0?5%.*.")2$
")$#5,+(&0$5("$.',+0-"(-&$95&(-&$%&$&#-04#$BR5()",$A$C&0(&2$DEEDT:$
$

Z($-&(.#$","0&*&$*)"0"'&(-&$*/'+$5("$")-"$.',).*"*./($A$*+',0+'.#+$%&$)+#$

,"%0&#$ &#$ 95(%"'&(-")$ ,"0"$ %&#"00+))"0#&$ &($ &#&$ %&,+0-&:$ \+$ +3#-"(-&2$ &#"$
(&*&#.%"%$ .(.*.")$ %&$ <0"($ %&#&'3+)#+$ %&$ -.&',+2$ %.(&0+$ A$ &(&0<8"$ ,5&%&$
-0"(#9+0'"0#&$*+($&)$-.&',+$&($5($&_*&#+$%&$,0&#./(2$%.^.*5)-"(%+$)"$,0+<0&#./($&($
&)$ %&,+0-&$ A$ )+$ 'W#$ .',+0-"(-&$ %"U"(%+$ )"$ 0&)"*./($ P"%0&#$ ]$ Q.?+$ BM+5)%$ &-$ "):2$
IJJF>$!"5&02$&-$"):2$IJDJT:$

&$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

Z#-&$ '.#'+$ <05,+$ %&$ .(1&#-.<"*./(2$ 5(+#$ "U+#$ "(-&#2$ %&#"00+))/$ K$

<05,+#$ %&$ %.#*5#./($ *+($IS$ &(-0&("%+0&#$ %&$ -&(.#2$ ,"0"$ %&-&0'.("0$ *5W)&#$ &0"(2$
3"?+$)"$/,-.*"$%&$)+#$&(-0&("%+0&#2$)+#$0+)&#$%&$)+#$,"%0&#$&($&#&$%&,+0-&:$b&$0&1&)/$
75&$ )+#$ *+',+0-"'.&(-+#$ ,+#.-.1+#$ %&$ )+#$ ,"%0&#$ &0"($ 'W#$ (5'&0+#+#$ 75&$ )+#$
(&<"-.1+#2$ &'&0<.&(%+$ FD$ -&'"#$ %.1.%.%+#$ &($ S$ *"-&<+08"#k$ "T$ ",0+,."%"$
,&0#,&*-.1"$%&$)+#$,"%0&#$ ="*."$&)$%&,+0-&$%&$#5#$ =.?+#>$3T$4(9"#.#$&($&)$%&#"00+))+$
.(-&<0")$ %&)$ =.?+$ %&,+0-.#-">$ *T$ ",+A+>$ %T$+-0+#$ *+',+0-"'.&(-+#$ ,+#.-.1+#$ %&$ )+#$
,"%0&#:$
$

!"5&0$ &-$ "):$ BIJDJT$ &(-0&1.#-"0+($ "$ E$ ?5<"%+0&#$ ,0+9&#.+(")&#$ %&$ -&(.#2$ F$

,"%0&#$ A$ F$ &(-0&("%+0&#$ '+#-0"(%+$ 75&$ #+($ -0&#$ )+#$ %.9&0&(-&#$ *"'.(+#$ 75&$
*+(%5*&($")$4_.-+$&($-&(.#:$;($<05,+$%&$-&(.#-"#$")*"(Y"3"$)"$*5'30&$&($&)$%&,+0-&$
"$ -0"14#$ %&$ )+$ 75&$ #&$ %&(+'.(/$ 4/,()#0 *"/)=:(-#2$ &($ *5A+$ -0W(#.-+$ )+#$ ,"%0&#$
",+A"3"($")$=.?+$-&(.#-"$A$&_.#-8"$5("$0&)"*./($P"%0&#$]$Q.?+$#")5%"3)&:$Z)$#&<5(%+$A$
-&0*&0$*"#+$#&$%&(+'.("3"$4/,()#0&(?K4(-0A$4/,()#0*:"9:-%)*#:$ Z($"'3+#$*"#+#$ )+#$
,"%0&#$ &#-0&#"($ A$ ,0&#.+("($ "$ #5#$ =.?+#2$ '+#-0W(%+)&#$ 75&$ ,"0"$ &))+#$ )+$ 'W#$
.',+0-"(-&$&#$<"("0:$ !"$,0.(*.,")$%.9&0&(*."$ &(-0&$"'3+#$ 0"%.*"$&($ 75&$ '.&(-0"#$
75&$&($&)$&(?K4(-0)"$0&)"*./($P"%0&#$]$Q.?+#$ &#$ (&<"-.1"2$'"0*"%"$ ,+0$*+(^).*-+#$ 75&$
&($ )"$ '"A+08"$ %&$ )+#$ *"#+#$ #&$ 0&#5&)1&(2$ &($ &)$ *"#+$ %&)$ 4/,()#0 *:"9:-%)*#0 &#+#$
'.#'+#$*+(^).*-+#$#&$#+)5*.+("($'5A$,+*"#$1&*&#:$
$

Z($)"$)8(&"$%&)$%&#"00+))+$ %&)$ -")&(-+$ A$",+A"%+#$ ,+0$)"#$.(1&#-.<"*.+(&#$ &($

1"0.+#$%+'.(.+#$ 75&$="($0&1&)"%+$ %.9&0&(-&#$ 9"#&#$&($)"$'"%50"*./($A$")*"(*&$%&$

")-+#$(.1&)&#$ BC)++'2$ DEFG>$HL-42$ DEEET2$ j+)9&(%&($A$Q+)-$BIJJGT$))&1"0+($"$*"3+$
5("$ .(1&#-.<"*./($ *5A+$ +3?&-.1+$ 95&$ .%&(-.^.*"0$ A$ &_"'.("0$ )"#$ ,&0*&,*.+(&#$ 75&$
?5<"%+0&#2$ &(-0&("%+0&#$ A$ ,"%0&#2$ -&(8"($ %&)$ %&#"00+))+$ %&)$ -")&(-+$ &($ &)$ -&(.#$
?5(.+0$ %&$ 4).-&$ %50"(-&$ )+#$ "U+#$ %&$ &#,&*.").Y"*./(:$ P"0"$ &))+$ #&$ &(-0&1.#-/$ "$ X$
%&,+0-.#-"#$BI$=+'30&#$A$D$'5?&0T2$ S$,"%0&#$BD$,"%0&$A$X$'"%0&#T$A$&(-0&("%+0&#$
BD$ =+'30&$ A$ D$ '5?&0T:$ !+#$ 0&#5)-"%+#$ %&$ )+#$ "(W).#.#$ 0&1&)"0+($ #&.#$ *"-&<+08"#$
,0.(*.,")&#$ 0&^)&?"(%+$ *+',)&?"#$ .(-&0"**.+(&#$ &(-0&$ %&,+0-.#-"#2$ ,"%0&#$ A$
&(-0&("%+0&#k

&%

f"%0&#$A$R&,+0-&

h,+A+$ &'+*.+(")2$ 0&,0&#&(-"$ )"$ ="3.).%"%$ %&$ %"0$ *+(#5&)+$ A$ #&<50.%"%$

%50"(-&$'+'&(-+#$%&$&#-04#$BH5-0+("$A$N5#&))2$DEEJT:$$$$$$$$$$$$
h,+A+$-"(<.3)&2$#&$0&^.&0&$"$)"$"#.#-&(*."$*+(*0&-"$%"%"$"$5("$,&0#+("$,"0"$
"A5%"0)&$ "$#5,&0"0$&1&(-+#$ &#-0&#"(-&#$BH5-0+("$ A$ N5#&))2$ DEEJT:$ Z($&#-"$
.(1&#-.<"*./($#&$%.1.%&$&(k
h,+A+$^.("(*.&0+
V0"(#,+0-&$
h,+A+$.(9+0'"-.1+$ 75&$#&$%"$"$)+#$.(%.1.%5+#$&($9+0'"$%&$*+(#&?+#$+$<58"$
"*&0*"$ %&$ )"#$ ,+#.3)&#$ #+)5*.+(&#$ "$ *.&0-+#$ ,0+3)&'"#$ BH5-0+("$A$ N5#&))2$
DEEJT:$!+#$&(-0&("%+0&#$#+($)"$,0.(*.,")$95&(-&$%&$&#-&$-.,+$%&$",+A+:
b"*0.^.*.+
b"*0.^.*.+#$ =&*=+#$ ,+0$ )+#$ ?5<"%+0&#2$ ="*.&(%+$ 0&9&0&(*."$"$"75&))"#$
*+#"#$"$)"#$75&$0&(5(*."($,+0$#5$%&,+0-&
b"*0.^.*.+#$=&*=+#$,+0$)"#$'"%0&#
b"*0.^.*.+#$9"'.)."0&#
P0&#./($$$$$$$$$$$$$$$$$$$$$$$$$$$$$
N&)"*./($*+($)+#$&(-0&("%+0&#$
$

h5(75&$"'3+#$ B,"%0&$A$'"%0&T$%"($",+A+$ &'+*.+(")2$ #+($ ,0.(*.,")'&(-&$

)"#$ '"%0&#$ )"#$ 75&$ +90&*&($ &#-&$ -.,+$ %&$ "A5%":$ !+$ '.#'+$ +*500&$ *+($ &)$ ",+A+$
-"(<.3)&$")$ #&0$ &))"#$ )"#$ 'W#$ .',).*"%"#:$ Z($0&)"*./($")$ -0"(#,+0-&2$ )"$ '"%0&$&#$)"$
,0.(*.,")$ 0&#,+(#"3)&$%&$ *+(%5*.0$"$#5#$ =.?+#$ "$&(-0&("'.&(-+#$ A$ *+',&-.*.+(&#:$
R&(-0+$ %&$ )"$ *5"0-"$ *"-&<+08"$ %&#-"*"$ &)$ #"*0.^.*.+$ =&*=+$ ,+0$ )"$ '"%0&:$ g$ &#$ 75&$
-+%"#$ &#-W($ %&$ "*5&0%+$ &($75&$&)$ -&(.#$ %&$ #5#$ =.?+#$ )&#$ ="$ 75.-"%+$ -.&',+$ A$ ="($
0&(5(*."%+$"$+-0"#$"*-.1.%"%&#$,+0$9"*.).-"0$)"$.',).*"*./($%&$#5$=.?+$&($&)$-&(.#:
$

m-0+$&#-5%.+$0&)"*.+("%+$*+($&)$-&(.#$95&$&)$%&#"00+))"%+$,+0$R&e0"(*&#*+$A$

O+=(#+($&($ DEEi2$ &($&)$ 75&$-0"#$ *5',).'&(-"0$ DJD$ ?5<"%+0&#$ %&$ -&(.#$ ?5(.+0$ BGF$

&&

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

*=.*+#$ A$ SX$'5?&0&#T$A$SG$,"%0&#$ BIi$=+'30&#$ A$ DK$'5?&0&#T$5($ *5&#-.+("0.+$ #&$

'+#-0/2$*/'+$ &)$ XXp$%&$)+#$,"%0&#$ #&(-8"$75&$<"("0$&0"$'5A$ .',+0-"(-&:$R&$&#-&$
'+%+2$ *5"(%+$ #5#$ =.?+#$ ?5<"3"($ ,+0$ %&3"?+$ %&$ )+$ 75&$ &))+#$ *+(#.%&0"3"$ #5#$
,+#.3.).%"%&#2$ &)$ IJp$ %&$ )+#$ ,"%0&#$ %&*8"$ ="3&0#&$ *+',+0-"%+$ %&$ '"(&0"$
.("%&*5"%"$1.&(%+$,"0-.%+#:$ h5(75&$75.YW$)+$'W#$0&)&1"(-&$A$%&-&0'.("(-&$#&"$)"$
,0+,."$,&0*&,*./($75&$-&(8"($)+#$%&,+0-.#-"#$%&)$*+',+0-"'.&(-+$%&$#5#$,"%0&#:$g$
&#$ 75&$ 5($ GJp$ %&$ )+#$ (.U+#$ %&*8"$ ="3&0#&$ #&(-.%+$ "1&0<+(Y"%+$ ,+0$ #5#$ ,"%0&#$
%50"(-&$ 5($,"0-.%+2$ *+'+$ *+(#&*5&(*."$%&k$ "T$ .0#&$%&$ )"$,.#-"$%50"(-&$&)$ ,"0-.%+$
BKDpT>$ <0.-"0$ +$ ,0+-&#-"0$ "$)+#$ ,0+,.+#$=.?+#$ BXJpT>$ 0&<"U"0$ +$ <+),&"0$ "$)+#$ =.?+#$
%&#,54#$%&)$,"0-.%+$BDXpT:$
$

;("$ .(1&#-.<"*./($*+($-&(.#-"#$ %&$*+',&-.*./($&_"'.(/$)"$0&)"*./($&(-0&$)"$

.',).*"*./($%&$)+#$,"%0&#$B",+A+$ ]$,0&#./(T$*+($&)$%.#905-&$&($-&(.#2$ 0&(%.'.&(-+$ A$

"5-+&#-.'":$ P"0"$ &))+2$ *5',).'&(-"0+($ 5($ *5&#-.+("0.+$ '+#-0"(%+$ 75&$ #+($ )"#$
(.U"#$75.&(&#$ 0&,+0-"($'W#$")-+#$ (.1&)&#$%&$,0&#./($A$ 75&$&)$",+A+$ %&$)+#$,"%0&#$
9"1+0&*&$ &)$ "5'&(-+$ %&)$ %.#905-&$ *+'+$ *+(#&*5&(*."$ %&$ )"$ "#+*."*./($ &(-0&$ &)$
",+A+$%&$)+#$,"%0&#$A$)"$"5-+&#-.'"$BQ+A)&$A$!&992$DEEiT:
$

V+%"#$ &#-"#$ .(1&#-.<"*.+(&#$ '5&#-0"($ )"$ %.^.*5)-"%$ %&$ #&0$ ,"%0&$ %&$ 5($

-&(.#-"2$%&$"=8$75&$#50?"($<58"#$,"0"$"*+(#&?"0$"$)+#$,"%0&#$&($&#&$*"'.(+$BH0&#,+$
A$ f.)&A2$ DEEET:$ Z($ &#&$ ).30+2$ #&$ 0&*+,.)"($ 1"0.+#$ &#-5%.+#$ 75&$ '5&#-0"($ 75&$ &)$
.(-&04#$A$ ",+A+$%&$)+#$ ,"%0&#$#+($*05*.")&#$,"0"$75&$&)$(.U+$ #.<"$?5<"(%+$")$-&(.#:$
P&0+$-"'3.4($#&$&1.%&(*./$*/'+$<0"($,"0-&$%&)$&#-04#$^8#.*+$A$&'+*.+(")$75&$"9&*-"$
"$ )+#$ ?/1&(&#$ -&(.#-"#$ )+$ *"5#"($ #5#$ ,"%0&#:$ !"#$ *+(#&*5&(*."#$ %&$ 5("$ ,0&#./($
&_*&#.1"$ &($ &)$ -&(.#$ ?51&(.)$ #+($ #.&',0&$ (&<"-.1"#$ A2$ "$ '&(5%+2$ ,0+%5*&($ &)$
"3"(%+(+$%&$)+#$-&(.#-"#:$h%&'W#2$&#"$,0&#./($.((&*&#"0."$%&$)+#$,"%0&#$#+30&$5($
=.?+$ -"'3.4($,5&%&$ %&-&0.+0"0$ #5#$ 0&)"*.+(&#$ ,"%0&r=.?+:$ R&$ "=8$ )"$ (&*&#.%"%$ %&$
75&$ )+#$ ,"%0&#$ #&0 %)*"%)%)0 60 3#",%)0 ,"0"$ #&0$ '&?+0$ ,"%0&#$ &($ &)$ %&,+0-&$ %&$ )+#$
=.?+#:$
$

V=+',#+($ BDEEET2$ *+($ )"$ .%&"$ %&$ &#-"3)&*&0$ 5($ &#-5%.+$ 0"*.+(")$ %&$ )"$

.',).*"*./($ %&$ )"#$ '5?&0&#$ &($ &)$ -&(.#2$ *+',"0/$ )+#$ 4/,()#'0 &($ 75&$ ,"%0&#$ A$
'"%0&#$ #&$.',).*"3"($&($ &)$ %&,+0-&$ %&$#5#$ =.?+#:$ Z($#5$&#-5%.+$ '+#-0/$ */'+$ )"#$

&<

f"%0&#$A$R&,+0-&

'"%0&#$'%"$K/)0"$#5#$=.?+#$&($&)$-&(.#2$'.&(-0"#$75&$)+#$,"%0&#$-&(%8"($"$.',).*"0#&$
,+0$ ,&0.+%+#$ %&$-.&',+$ 'W#$ )"0<+#2$ <&(&0")'&(-&$ )+#$ ^.(&#$ %&$ #&'"(":$ f.&(-0"#$
75&$ )"#$ '"%0&#$ #&$ &(*"0<"3"($ %&$ -+%"#$ )"#$ 05-.("#$ %&$ )"$ *"#"$ A$ %&$ )"#$ -"0&"#$
"#+*."%"#$ *+($ &)$ -&(.#$ %&$ #5#$ =.?+#$ B)"1"%+0"#2$ 3+-&))"#$ %&$ 3&3.%":::T2$ )+#$ ,"%0&#$
B1"0+(&#T$ -&(%8"($ "$ 0&").Y"0$ -"0&"#$ ,63).*"#$ &#,&*.")&#:$ P+0$ &#+2$ "$ ,&#"0$ %&$ 5("$
'"A+0$ .',).*"*./($ %&$ )"#$ '"%0&#2$ %.*="$ .',).*"*./($ &#$ 'W#$ %.#*0&-"$ A$
(+0'")'&(-&$3"?+$ &)$*+(-0+)$%&)$,"%0&:$ !"#$-"0&"#$0&").Y"%"#$,+0$&)$,"%0&$#+($'W#$
&#,&*8^.*"#$%&)$,0+,.+$ %&,+0-&$B?5<"0$*+($&)$=.?+2$%"0$*+(#&?+#$-4*(.*+#$A$-W*-.*+#:::T$
'.&(-0"#$ 75&$ )"#$ '"%0&#$ ="*&($ -"0&"#$ 'W#$ %.95#"#$ B-0"(#,+0-&2$ ,)"(*="2$
*+'.%"#:::T2$)+$ *5")$#&$.(*)5.08"$%&(-0+$ %&$5($*5.%"%+$'W#$<&(&0")$%&)$(.U+$ A$",+A+:$
h$ '+%+$ %&$ *+(*)5#./($ "U"%&2$ */'+$ )+#$ ,"%0&#$ B1"0+(&#T$ &#-W($ 'W#$
,0&%+'.("(-&'&(-&$.',).*"%+#$&($&)$%&,+0-&$%&$#5#$=.?+#$0&#,&*-+$%&$)"#$'"%0&#$A$
*/'+$&))"#2$)"#$'"%0&#2$="*&($5("$.',+0-"(-8#.'"$)"3+0$75&$*").^.*"$%&$()$('(9-%J

+,:,-.1-27%3'()*"-&23-01023-&2- 3%/-01&$2/F-G(*B%-27%3'()%"1-23-$%3&2-31-H1B)3)1I
h$ '&%.%"$ 75&$ &)$ (.U+$ *0&*&$ A$ #&$%&#"00+))"2$ &)$ ,",&)$ %&$ )+#$ ,"%0&#$ &($ &)$ %&,+0-&$
-"'3.4($ %&3.&0"$ *"'3."0:$ !+#$ ,"%0&#$ 0&").Y"($ %.9&0&(-&#$ 0+)&#$ &($ )+#$ %.9&0&(-&#$
&#-"%.+#$ %&$%&#"00+))+$ -"(-+$ %&,+0-.1+$ *+'+$,&0#+("):$ !"$ ="3.).%"%$ %&$)+#$,"%0&#$
,"0"$#"3&0$754$="*&0$&($*"%"$5("$%&$)"#$&-","#$&#$95(%"'&(-")$#.$&)$ +3?&-.1+$ ^.(")$
%&)$%&,+0-.#-"$&#$ ")*"(Y"0$)"$&_*&)&(*.":$ g$&#$ 75&$'.&(-0"#$75&$")$.(.*.+$)+#$,"%0&#$
-.&(&($ 5($,",&)$ &($ ,0.'&0$ ,)"(+2$ "$ '&%.%"$ 75&$ &)$ %&,+0-.#-"$ '"%50"2$ &#&$ ,",&)$
75&%"$ +*5)-+:$ h*&,-"0$ &#&$ #&<5(%+$ ,)"(+$ ,5&%&$ #&0$ %.^8*.)$ ,"0"$ ")<5(+#$ ,"%0&#2$
%.^.*5)-"(%+$ &($%.*=+$*"#+$ &)$"1"(*&$ %&,+0-.1+$ %&)$ =.?+$BC)++'2$ DEFG>$ HL-42$ DEEE>$
R50"(%$]$C5#=$A$b")'&)"2$IJJI>$M+5)%2$R.&99&(3"*=$A$f+99&-2$IJJIT:$
$

h$*+(-.(5"*./($","0&*&($5("$#&0.&$%&$.(1&#-.<"*.+(&#$&($)"#$75&$#&$'5&#-0"$

)"$&1+)5*./($%&)$,",&)$ %&$)+#$,"%0&#$"$'&%.%"$75&$&)$=.?+$ #&$%&#"00+))"$BV"3)"$D:DT:$

\+$ +3#-"(-&2$ 'W#$ "))W$ %&$ &#"#$ .(1&#-.<"*.+(&#$ <&(&0")&#2$ ="A$ +-0"#$ &($ )"#$ 75&$ #&$
'5&#-0"$&)$,",&)$95(%"'&(-")$%&$)+#$,"%0&#$&($*"%"$5(+$%&$)+#$,&0.+%+#:$Z#-5%.+#$
*&(-0"%+#$ &($ &)$ 0+)$ %&$ )+#$ ,"%0&#$ &($)"#$ &-","#$ .(.*.")&#$ %&)$ %&,+0-&$ +$ &($ &)$ ")-+$

&=

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

V"3)"$D:D:$D*/!/'0%)0%-0&%'/""#--#0&%-0*/-%)*#J

.5B8F;2H,3245

J,9;2320,5;8F

U;,0,F

V,9,3;89WF;23,F

Primeros Aos

* 21 Nadadores
Olmpicos
Aos
Intermedios

C)++'$DEFG
* 18 Tenistas
situados en
posiciones altas
del ranking

Aos avanzados

Muestreo

3 Familias de
remeros de lite
Especializacin

HL-4$DEEE
* 1 Familia de
tenista de lite

Implicacin

&>

En la primera etapa (4 - 12), el nio se

introduce en el deporte, principalmente por
los padres, con mayor nfasis en el padre
(varn). nfasis en el disfrute, prevaleciendo
frente a la victoria.

En la segunda etapa (13 - 18), el deporte del

hijo se convierte en tema central dentro de la
vida familiar, girando gran parte de las
actividades de la familia en torno a dicha
actividad. Los padres facilitan el transporte a
los entrenamientos y competiciones, as
como se aseguran de que sus hijos tengan
los mejores entrenadores posibles.

En la ltima etapa (a partir de los 19 - 20

aos), el deportista se distancia de la
familia, convirtindose sta en el principal
refugio emocional ante el estrs de la
competicin. Algunos padres (varones) en
esta etapa adquieren un rol de entrenador.
En la primera etapa (6 - 13), los padres son
los responsables de introducir a los hijos en
el deporte y de darles una amplia variedad de
posibilidades siempre con el objetivo final del
disfrute. En esta etapa los padres reconocen
un talento especial del hijo hacia el deporte.
En la segunda etapa (13 - 15), los padres
demuestran en muchas ocasiones el
importante apoyo tangible que prestan a sus
hijos, a travs de pagos de inscripciones,
equipacin, viajes... suponiendo un impacto
dentro de la familia. Al mismo tiempo la
familia se va interesando ms en profundidad
en el deporte del hijo.
En la tercera etapa (a partir de los 15 aos),
los padres muestran un altsimo inters por el
deporte de sus hijos. Los padres no estn
implicados de manera directa si bien llevan a
cabo roles que van desde el asesoramiento
fsico a los continuos consejos. Se convierten
en personas especialmente importantes ante
lesiones, presiones o rendimientos ms
bajos. El papel de los padres para superar
problemas adquiere una gran importancia.

f"%0&#$A$R&,+0-&

Muestreo

R50"(%]
C5#=$A$
b")'&)"
IJJI

4 Hombres y
6 Mujeres
Campeones
Olmpicos y
Mundiales

Los padres tienen un rol cercano, actuando

incluso como entrenadores.

Especializacin

Implicacin

Mantenimiento

Los padres tienen un rol en esta etapa

basado fundamentalmente en el apoyo y el
cuidado.
En la ltima fase de mantenimiento las
personas ms influyentes continan siendo
las de la familia.

0&(%.'.&(-+:$ h$ )+$ )"0<+$ %&$ &#-&$ ","0-"%+$ #&$ ,0&#&(-"0W($ )"#$ .(1&#-.<"*.+(&#$
*&(-0"%"#$&($5($,&0.+%+$&($*+(*0&-+:$
$

R&$ &#-&$ '+%+2$ #&$ ,5&%&$ "^.0'"0$ 75&$ )+#$ ,"%0&#$ #+($ &(+0'&'&(-&$

.',+0-"(-&#$&($)"$.',).*"*./($.(.*.")2$#.&(%+$ &($&#&$'.#'+$'+'&(-+$)"$0&)&1"(*."$
%&)$&(-0&("%+0$'&(+0:$ R50"(-&$&#+#$,0.'&0+#$"U+#$ %&)$ %&,+0-&$)"$9"'.)."$-.&(&$5($
0+)$ ,+#.-.1+2$ *+($ ",0+3"*.+(&#$ 1&03")&#$ A$ (+$ 1&03")&#$ A$ "*&,-"(%+$ )"#$ %&*.#.+(&#$
%&0.1"%"#$%&$#5$%&,+0-&$BQ&))#-&-2$DEEGT:$H+($&)$-.&',+$)+#$%&,+0-.#-"#$")*"(Y"($&)$
(.1&)$%&$&#,&*.").Y"*./($A$")$ -.&',+$75&$9+*").Y"($#5$"-&(*./($&($5($6(.*+$%&,+0-&$
B&($ +*"#.+(&#$ %+#T2$ &)$ ,",&)$ %&)$ &(-0&("%+0$ 1"$ -+'"(%+$ 'W#$ 0&)&1"(*."2$ *+'+$
*+(#&*5&(*."$ %&)$ "5'&(-+$ &($ )"$ .',+0-"(*."$ %&)$ ,0+,.+$ &(-0&("'.&(-+:$ \+$
+3#-"(-&2$ )+#$ ,"%0&#$ *+(-.(6"($ ?5<"(%+$ 5($ .',+0-"(-&$ 0+)$ ")$ "5'&(-"0$ #5$
*+',0+'.#+$ A$ %&%.*"*./($ &($ 9+0'"$ %&$ -.&',+$ A$ %.(&0+$ ="*."$ &)$ %&,+0-&$ %&$ #5#$
=.?+#$ %&,+0-.#-"#:$ Z($ &)$ ,&0.+%+$ %&$ ")-+$ (.1&)$ )+#$ ,"%0&#$ -.&(&($ 5($ 0+)$ '&(+#$
%.0&*-+2$*+(1.0-.4(%+#&$&)$&(-0&("%+0$&($&)$9+*+$,0.(*.,")$BHL-42$DEEET:
$

C"#W(%+#&$&($)"#$%.9&0&(-&#$&-","#2$ &($)"$,0.'&0"$%&$&))"#$)+#$,"%0&#$ %&3&($

Bb'+))2$H5''.(<$A$b'.-=2$IJDDTk
,&0'.-.0$ "$ )+#$ (.U+#$ ,"0-.*.,"0$ &($ 5("$ "*-.1.%"%$ %&,+0-.1"$ #.($ #&0$
,0&#.+("%+#2$.(-.'.%"%+#$+$#+3+0("%+#$"$&)&<.0$5("$&($*+(*0&-+:
%"0$*+(#.%&0"*./($A$ "*&,-"0$&)$%&,+0-&$75&$&).?"($A$&)$ (.1&)$ ")$75&$%&#&&($
,0"*-.*"0)+:

&?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

)+#$,"%0&#$ %.#905-"08"($'W#$%&)$ %&,+0-&$%&$#5#$ =.?+#$#.$'+#-0"0"($.(-&04#$

,+0$4)$A$",0&*."0"($#5$%&,+0-&2$ )+$*5")$.(*)5A&$*+(+*&0$ )"#$ 0&<)"#$3W#.*"#2$
="3.).%"%&#2$&#-0"-&<."#:::
$

Z($)"#$ ,0.'&0"#$ &-","#$ )+#$,"%0&#$#+($&)$'"A+0$"<&(-&$#+*.").Y"%+0$%&$#5#$

=.?+#$")$ -&(&0$5("$95&0-&$.(^)5&(*."$%50"(-&$ &#+#$ ,0.'&0+#$ "U+#:$ Z#-+$#&$%&3&$"$)"$

<0"($*"(-.%"%$%&$-.&',+$75&$)+#$(.U+#$,"#"($*+($#5$9"'.).":$b.($&'3"0<+2$"$'&%.%"$
75&$)+#$(.U+#$")*"(Y"($)"$-"0%8"$"%+)&#*&(*."$&)"3+0"($5("$&_-&(#"$0&%$#+*.")$95&0"$
%&$)"$9"'.)."2$*+'&(Y"(%+$"$*+(^."0$'"#$&($#5#$ *+',"U&0+#$+$ &($&)$&(-+0(+$#+*.")$
,"0"$ *0&"0#&$ #5$ ,0+,.+$ ?5.*.+$ "*&0*"$ %&$ #5$ *+',&-&(*."$ &($ &)$ %&,+0-&$ BC05#-"%2$
IJJXT:
$

Z($ +*"#.+(&#2$ *5"(%+$ )+#$ ,"%0&#$ &#-W($ ")-"'&(-&$ *+',0+'&-.%+#$ *+($ &)$

%&,+0-&$ %&$ )+#$ =.?+#$ &_.#-&$ 5("$ %.^.*5)-"%$ ,"0"$ "1"(Y"0$ &#-"%.+#:$ g$ &#$ 75&$ "$ )+#$
,"%0&#$)&#$*5&#-"$,"#"0$%&$5("$.(^)5&(*."$%+'.("(-&2$"$75&$#&"$&)$&(-0&("%+0$75.&($
)&#$#5#-.-5A":$ P&0+$,5&%&($-"'3.4($#50<.0$,0+3)&'"#$&(-0&$)"$#&<5(%"$A$)"$-&0*&0"$
&-","2$ &($)"$75&$ )+#$ ,"%0&#$ -+'"($ &(-+(*&#$ 5($0+)$ -0&'&(%"'&(-&$'W#$%.#*0&-+2$
75&$ ,5&%&$ ,0+1+*"0$ )"$ (+$ "*&,-"*./($ %&)$ '.#'+$ A$ ))&<"0$ "$ *+(^).*-+#$ BQ&))#-&%-2$
DEFiT:$
$

Q&))#-&%-$ BDEEGT$ .(1&#-.</$ .(-&0"**.+(&#$ ,"%0&#$ ]$ =.?+#$ &($ 5($ <05,+$ %&$

9"'.)."#$*+($=.?+#$%&,+0-.#-"#$&($&)$'+'&(-+$%&$)"$-0"(#.*./($%&$)"$,0.'&0"$&-","$"$
)"$ .(-&0'&%.":$ e5&$ 5($ &#-5%.+$ )+(<.-5%.(")$ *+($ &#75."%+0&#$ %&$ DI$ ]$ DX$ "U+#$ &($
%+(%&$#&$,&0*.38"$75&$)+#$,"%0&#$-&(8"($5("$'5A$95&0-&$.(^)5&(*."$&($#5$%&#"00+))+$
%&,+0-.1+:$!+#$'&*"(.#'+#$,+0$)+#$75&$)+#$,"%0&#$.(^)58"($&0"(k
*+"*=.(<k$)&#$&(#&U"3"($+$%"3"($*+(#&?+#
&0"($)+#$&(*"0<"%+#$%&$)"1"0$]$#&*"0$-+%"$)"$0+,"
",+A"3"($ A$ *0&"3"($ &_,&*-"-.1"#$ ,"0"$ 75&$ )+#$ (.U+#$ *+(-.(5"0"($ &($ &)$
%&,+0-&
$

!"$"%+)&#*&(*."$&#$5($,&0.+%+$%.^8*.)$75&$*+.(*.%&$*+($)"$-0"(#.*./($%&#%&$&)$

%&,+0-&$*+'+$?5&<+$A$%.1&0#./($"$5($%&,+0-&$'W#$#&0.+:$Z#$&($&#-&$,&0.+%+$*5"(%+$
)"$ .(^)5&(*."$,0.'"0."$#&$-0"#)"%"$%&$ )+#$ ,"%0&#$ ")$ &(-0&("%+0:$ Z($&#&$ ,&0.+%+$ %&$

&!

f"%0&#$A$R&,+0-&

,53&0-"%2$ )"#$ %&'"(%"#$ %&$ -.&',+$ %&$ &(-0&("'.&(-+$ ,5&%&($ #5,+(&0$ 5("$
,0.1"*./($ %&$ -.&',+$ ).30&:$ P+0$ -"(-+2$ )"$ 9"'.)."$ %&3&$ .(*0&'&(-"0$ #5$ ^)&_.3.).%"%$
,"0"$,&0'.-.02$%&$'"(&0"$<0"%5")2$'W#$.(%&,&(%&(*."$")$=.?+$BQ&))#-&%-2$DEEGT:$
$

Z($*5")75.&0"$%&$)+#$*"#+#2$)"$.(1&#-.<"*./($"*-5")$&#-W$).'.-"%"$&($0&)"*./($"$

*/'+$ )"$ .(^)5&(*."$ %&$ )+#$ ,"%0&#$ *"'3."$ "$ )+$ )"0<+$ %&)$ -.&',+$ &($ 0&)"*./($ ")$
%&#"00+))+$ ,#.*+)/<.*+2$ ^8#.*+$ A$ '+-+0$ %&)$ (.U+$ ,5&#$#+($'5A$ &#*"#+#$ )+#$&#-5%.+#$
)+(<.-5%.(")&#$BC05#-"%2$IJJXT:$
$

;(+$ %&$&#+#$ &#-5%.+#$ )+$ ))&1"0+($"$ *"3+$ j50-=2$ !&&$ A$ h)9&0'"($ BIJJST:$ Z)$

+3?&-.1+$ %&$ )"$ .(1&#-.<"*./($ 95&$ &1")5"0$ )"$ .',).*"*./($ %&$ )+#$ ,"%0&#$ %&#%&$ )"$
,&0#,&*-.1"$ %&$ )+#$ %&,+0-.#-"#2$ '"%0&#$ A$ ,"%0&#:$ Z($ #&<5(%+$ )5<"02$ *+(+*&0$ &)$
,"-0/($,+0$&)$75&$)+#$,"%0&#$#&$.',).*"($&($&)$%&,+0-&$%&$#5#$=.?+#$"$)+$)"0<+$%&$)"#$
%.9&0&(-&#$9"#&#$ A$-0"(#.*.+(&#$ %&$)"$ *"00&0"$%&,+0-.1":$ P"0"$&))+2$ *5',).'&(-"0+($
&)$ *5&#-.+("0.+$ Plbn$ XSi$ %&,+0-.#-"#2$ "#8$ *+'+$ IKG$ '"%0&#$ A$ IDG$ ,"%0&#:$ Z)$
*5&#-.+("0.+$ #&$ ",).*/$ %+#$ 1&*&#$ *+($5($ "U+$ %&$%.9&0&(*."$ ,"0"$%&-&0'.("0$ */'+$
*"'3."$ %.*="$ .',).*"*./(:$ !+#$ 0&#5)-"%+#$ '+#-0"0+($ */'+$ )"$ .',).*"*./($ %&$ )+#$
,"%0&#$ &0"$ 'W#$ ")-"$ &($ )"#$ 9"#&#$ %&$ .(.*."*./($ 75&$ 'W#$ -"0%&:$ \+$ +3#-"(-&2$ )+#$
%&,+0-.#-"#$ ,&0*.38"($ 5("$ ")-"$ .',).*"*./($ %&$ )+#$ ,"%0&#$ &($ -+%+$ '+'&(-+2$ "$ )+$
)"0<+$ %&$ -+%"#$ )"#$ &-","#:$ !+#$ %&,+0-.#-"#$ 75&$-51.&0+($5("$ &_.-+#"$-0"(#.*./($&($
&#&$,&0.+%+$%&$DI$'&#&#$'+#-0"0+($'W#$")-+#$(.1&)&#$%&$.',).*"*./($%&$)+#$,"%0&#$
75&$)+#$"-)&-"#$75&$(+$#590.&0+($%.*="$-0"(#.*./(:$
$

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

&-","#:$ h%",-"($)"#$"*-.1.%"%&#$9"'.)."0&#$")$-.&',+$75&$&1+)5*.+("$%&#%&$&)$,5(-+$
%&,+0-.1+$&)$=.?+:$g$*5"(%+$"*"3"$5("$-&',+0"%"2$+*500&$$5("$)&#./($+$")$^.(")$%&$)"$
*"00&0"$ %&,+0-.1"2$ )+#$ ,"%0&#$ #+($ -"'3.4($ )"$ ,0.(*.,")$ 95&(-&$ %&$ ",+A+$ A$
&_-0&'"%"'&(-&$6-.)&#$,"0"$#5,&0"0$&#+#$,0+*&#+#$Bj50-=2$!&&$A$h)9&0'"(2$IJJST:

<#

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

+,:,+,-63-/)/#2B1-H1B)3)1$
J&$#"'2$0,1$',(24$J)$#&/("-"/&'2$0,/62$*")0%2$/2+$0"$I&0"."&4$8..2#$6&+$#&/("-"/&'2$0,/62$%2($0"4$!"$
%&'()$*(&5&K&5&$LM$62(&#$&.$'=&$%&(&$*(&)($).$'"+)(2$<,)$+)/)#"*C5&02#$%&(&$0"$H"0+&#"&$1$%&(&$
3"&K&($&$.&#$/20%)*"/"2+)#4$N)+#&5&$)+$)..2$*2'2$).$'=&4$!)$%2+=&$+)(3"2#29$*)05.&5&4
@X82FF'*'+,9R89C'"!!<K

!"$ &#-05*-50"$ %&$ )"$ 9"'.)."$ "'&0.*"("$ &#-W$ *"'3."(%+$ A$ 5($ (5&1+0 '('*%,/0 '#4(/-0
3/,(-(/"$&'&0<&2$&($*5A+$ *&(-0+$#&$&(*5&(-0"$)"$.',).*"*./($&($&)$%&,+0-&$%&)$ =.?+:$
Z#-&$(5&1+$#.#-&'"$9"'.)."0$#&$*"0"*-&0.Y"$,+0$5("$#.<(.^.*"-.1"$*"(-.%"%$%&$-.&',+$
9"'.)."02$ %.(&0+$ A$ &(&0<8"$ &'+*.+(")$ 9+*").Y"%"$ &($ )"#$ "*-.1.%"%&#$ %&)$ ?+1&($
%&,+0-.#-":$ h$ &#-&$ -.,+$ %&$ '('*%,/0 3/,(-(/"0 #&$ )&$ *+(+*&$ *+'+$ 3/,(-(/0 &%!#"*($/$
BQ&))#-&%-2$DEEJT$A$#&$*"0"*-&0.Y"$,+0k
)"#$9"'.)."#$'"A+0.-"0."'&(-&$#+($.(-"*-"#$BFGpT$A$*+',"0-&($5($#.#-&'"$
%&$ 1")+0&#2$ &(9"-.Y"(%+$ &)$ 4_.-+$ &($ &)$ -0"3"?+$ %50+:$ Z#-+#$ 1")+0&#$ #+($
*)"0"'&(-&$*+'5(.*"%+#$%&$,"%0&#$"$=.?+#$"$-0"14#$%&k
&(#&U"(Y"$1&03")
0+)$'+%&)"(-&
"'3+#$ ,"%0&#2$ ,&0+$ 'W#$ *)"0"'&(-&$%--#'2$ 1")+0"($ )"$ "*-.1.%"%$%&,+0-.1"$
*+'+$ 5($ 35&($ *"'.(+$ ,"0"$ ",0&(%&0$ .',+0-"(-&#$ "#,&*-+#$ %&)$ *"0W*-&0$
*+'+$&)$*+',0+'.#+2$)"$'+-.1"*./(2$%&%.*"*./($+$-0"3"?+$%50+:
)+#$ ,"%0&#$ +0<"(.Y"($ #5$ 1.%"$ &($ -+0(+$ "$ )"$ "*-.1.%"%$ %&,+0-.1"$ %&)$ =.?+$
%&,+0-.#-":$!+#$ ,"%0&#$0&(5(*."($"$+-0"#$"*-.1.%"%&#$,+0$))&1"0$"$#5#$=.?+#$
"$ )"$ ,.#*.("$ +$ ,.#-"$ %&$ -&(.#:$ !"#$ 1"*"*.+(&#$ 9"'.)."0&#$ #&$ +0<"(.Y"($ &($
95(*./($%&$)+#$&(-0&("'.&(-+#$+$*+',&-.*.+(&#$%&)$=.?+$%&,+0-.#-":$f5*=+$
-.&',+$ A$ %.(&0+$ #&$ %&%.*"$ "$ )"$ "*-.1.%"%$ %&,+0-.1"2$ #5,0.'.&(%+$ +-0"#$
"*-.1.%"%&#$9"'.)."0&#:$$
$

Z($ 0&)"*./($ ")$ &(-+0(+$ A$ "'3.&(-&$ 9"'.)."0$ &($ %&,+0-.#-"#2$ b)+"(&$ BDEFGT$

'+#-0/$ &($ 9"'.)."#$ *+($ -&(.#-"#$ A$ ("%"%+0&#$ *+($ -")&(-+2$ */'+$ )+#$ ,"%0&#$
'"0*"3"($ 5(+#$ 1")+0&#$ 0&9&0.%+#$ ")$ -0"3"?+$ A$ "$ )+#$ &#-5%.+#$ '5A$ &_.<&(-&#2$ ,&0+$

<"

f"%0&#$A$R&,+0-&

-"'3.4($")$%&,+0-&$75&$0&").Y"3"(:$R&$&#-&$'+%+2$)+#$,"%0&#$="*8"($%&,+0-&$?5(-+$"$
#5#$=.?+#$+$.3"($"$&1&(-+#$%&,+0-.1+#2$,0&^.0.&(%+$&#-+#$(.U+#$*+00&02$ ("%"0$+$?5<"0$
&($)"$*"))&$"(-&#$75&$75&%"0#&$&($*"#"$)&A&(%+$+$1.&(%+$ )"$-&)&1.#./(:$Z#-&$&(-+0(+$
9"'.)."0$ 9&).*.-"$ ")$ =.?+$ ,+0$ &)$ &#95&0Y+$ 0&").Y"%+2$ )&$"A5%"$&($#5#$ &(-0&("'.&(-+#$
%."0.+#$+$",0&(%&$&)$%&,+0-&$,"0"$'+#-0"0)&$")$=.?+$*5W(-+$)&$.(-&0&#"$#5$"*-.1.%"%2$
#.$ 3.&(2$ #+($,&0#+("#$ #.($5($ ")-+$ (.1&)$%&$ %&#-0&Y"$ &($&)$ %&,+0-&$&($ *+(*0&-+:$ \+$
+3#-"(-&2$"$,&#"0$%&)$",+A+$,0&#-"%+2$-"'3.4($%&#%&$&)$,5(-+$%&$1.#-"$&'+*.+(")$A$
'+-.1"*.+(")2$ )+#$ ,"%0&#$ #&$ ,0&+*5,"($ ,+0$ )"#$ "*-.1.%"%&#$ )#",/-%'0 75&$ &)$ =.?+$
%&,+0-.#-"$#"*0.^.*"$,+0$#5$%&,+0-&:$
$

;($ .',+0-"(-&$ &9&*-+$ %&)$ %&,+0-&$ &#-W$ 0&9&0.%+$ "$ )"#$ 0&)"*.+(&#$ P"%0&#$ ]$

Q.?+:$ !"$ ,"0-.*.,"*./($ %&,+0-.1"$ +-+0<"$ )"$ +,+0-5(.%"%$ "$ ,"%0&#$ &$ =.?+#$ %&$
%&#"00+))"0$*&0*"(8"$A$*+=&#./($9"'.)."0:$ R&$&#-&$'+%+2$5("$.(1&#-.<"*./($*+(*)5A/$
*/'+$)"$,"0-.*.,"*./($%&$)+#$(.U+#$&($<.'("#."$#5,+(8"$5("$.',).*"*./($,+#.-.1"$&($
)"#$.(-&0"**.+(&#$9"'.)."0&#$Bj&.##$A$Q"A"#=.2$DEEGT:
$

P+0$ +-0+$ )"%+$ &)$ +*.+$ &($ 9"'.)."$ &#$ 1.#-+$ *+'+$ 5($ 9"*.).-"%+0$ %&$ )"#$

.(-&0"**.+(&#$ A$ 1.(*5)"*.+(&#$ 9"'.)."0&#:$ ;("$ 0&1.#./($ &($ -+0(+$ ")$ +*.+$ 9"'.)."0$
*+(^.0'"$ 75&$ *+',"0-.0$ &_,&0.&(*."#$%&$ +*.+$ -.&(&$ &9&*-+#$ ,+#.-.1+#$&($ )"$ *").%"%$
%&$ )"#$ 0&)"*.+(&#$ 9"'.)."0&#$ &($ -40'.(+#$ %&$ &#-"3.).%"%$ 9"'.)."02$ .(-&0"**./($
9"'.)."0$ +$ #"-.#9"**./($ 9"'.)."0:$ Z#-&$ -0"3"?+$ &',80.*+$ #&$ 9+*").Y"$ %&$ '"(&0"$
&_*)5#.1"$ &($)"$ ,"0&?"$ 'W#$ 75&$ &($ )"$ 9"'.)."$ &($ *+(?5(-+2$ ="*.&(%+$ 4(9"#.#$ &($)"$
0&)"*./($ &(-0&$"*-.1.%"%&#$ %&$ +*.+$ A$ #"-.#9"**./($ %&)$ '"-0.'+(.+$ Bm0-=(&02$ DEiG>$
m0-=(&0$ A$ f"(*.(.2$ DEEDT:$ P&0+$ -"'3.4($ ,5&%&$ -&(&0$ &9&*-+#$ (&<"-.1+#$ "$ (.1&)$
9"'.)."0:$!"$.(1&#-.<"*./($%&$j+)9&(%&($A$Q+)-$BIJJGT$'+#-0/$*/'+$)"#$9"'.)."#$%&$
?5<"%+0&#$%&$-&(.#$#"*0.^.*"3"($'5*=+$-.&',+$,+0$&)$-&(.#$%&)$=.?+2$)+$75&$*0&"3"$&($
")<5(+#$*"#+#$*&)+#$&(-0&$)+#$=&0'"(+#:$
$

!"$ .',).*"*./($%&,+0-.1"$%&$)+#$ (.U+#$"9&*-"$ "$)+#$,"-0+(&#$ %&$*+'.%"$A$ %&$

#5&U+$ 9"'.)."0&#2$ ,&0+$ -"'3.4($"$ )"$ %.#-0.35*./($%&$ )"#$ -"0&"#$ %&$ )"$ *"#"$ +$ "$ )"#$
"*-.1.%"%&#$ #+*.")&#$ %&$ )+#$ '.&'30+#$ %&$ )"$ 9"'.)."$ &($ )+#$ &(-+0(+#$ 9"'.)."0&#$ %&$
("%"%+0&#$0&*0&"-.1+#$A$%&$*+',&-.*./($%&$DD$A$DI$"U+#$BQ"5^)&02$DEiFT:$Z($%.*="$

<$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

.(1&#-.<"*./($)"$,"0-.*.,"*./($%&,+0-.1"$&0"$,&0*.3.%"$-"'3.4($*+'+$5($.',"*-+$&($
)"$*+=&#./($9"'.)."0$%&$%+#$'"(&0"#k
")<5(+#$,"%0&#$#&$#&(-8"($'W#$*&0*"(+#$"$#5#$=.?+#
+-0+#$#&(-8"($5("$#&,"0"*./(
$

Q&))#-&%-$ BDEEGT2$ *+(*)5A/$ 75&$ )"$ 9"'.)."$ &#$ 5($ ,5(-+$ *)"1&$ ,"0"$ &)$

%&#"00+))+$ %&,+0-.1+$ A$ %&$ 0&(%.'.&(-+:$ b.$ 3.&(2$ &)$ #.#-&'"$ 9"'.)."0$ -.&(&$ 75&$
*"'3."0$ *5"(%+$ ="A$ 5($ %&,+0-.#-"$ &($ )"$ 9"'.)."2$ ")$ -&(&0$ 75&$ -+'"0$ %&*.#.+(&#$
.',+0-"(-&#$ #.($ (.(<6($ -.,+$ %&$ ",+A+2$ (.$ %.0&**./($ ")<5(":$ R&$ "=82$ 75&$ &#-"$
.(1&#-.<"%+0"$ '"(.^.&#-&$ )"$ .',+0-"(*."$ %&$ 75&$ ,#.*/)+<+#$ %&,+0-.1+#$ "A5%&($ &$
.(-&01&(<"($ &($ 9"'.)."#$ *+($ %&,+0-.#-"#:$ R.*=+#$ ,#.*/)+<+#$ ,+%08"($ "A5%"0$ &($
"#,&*-+#$-"($.',+0-"(-&#$*+'+k
(.1&)$%&$&#-04#$&($)"$9"'.)."
<0"%+$%&$*+=&#./($&($)"$9"'.)."
="3.).%"%$%&$)"$9"'.)."$,"0"$"%",-"0#&$"$)+#$*"'3.+#
,"-0+(&#$%&$.(-&0"**./($&($)"$9"'.)."
$

b.<5.&(%+$*+($)+$"(-&0.+0$A$*+'+$*+(#&*5&(*."$%&$&#&$%&#*+(+*.'.&(-+2$#+($

'5*=+#$ )+#$'"(5")&#$ A$ ).30+#$ %&$ %.15)<"*./($75&$#&$ ="($&)"3+0"%+$ ,"0"$.(-&(-"0$

&(#&U"02$ "*+(#&?"02$ #5<&0.02$ "#&#+0"0$+$ <5."0$ "$ ,"%0&#$ %&$%&,+0-.#-"#$-"(-+$ &($)+#$
(.1&)&#$ .(.*.")&#$ %&)$ %&,+0-&$ *+'+$ &($ &)$ ")-+$ (.1&):$ R&$ "=8$ -8-5)+#$ -"($#5<&0&(-&#$
*+'+k
D)*"%)/)&#0 /0 !/&"%'0 60 ,/&"%'JJJ0 A-/$%'0 !/"/0 :)/0 .%'*(8)0 %?(4/@0 &%0 -/0
"%-/4(8)0 4#)0 -#'0 !/&"%'0 60 ,/&"%'0 &%0 >8$%)%'0 &%!#"*('*/'0 BM.'&(+2$ IJJXT:$
H+(#.#-&$&($5($ '"(5")$ &($&)$ 75&$ #&$ ",+0-"($*+(#&?+#$ ,"0"$,"%0&#$*+($ &)$
+3?&-.1+$ %&$ '&?+0"0$ )"$ &_,&0.&(*."$ %&,+0-.1"$ %&$ #5#$ =.?+#:$ b&$ "(").Y"($
(5'&0+#"#$#.-5"*.+(&#$*+(*0&-"#$%&$)"$0&").%"%2$'+#-0"(%+$)+#$,0.(*.,")&#$
*+(^).*-+#$ 0&)"*.+("%+#$ *+($ &#-"$ ,0W*-.*"$ %&,+0-.1"$ A$ #&$ ,0+,+(&($
&)&'&(-+#$,"0"$'&?+0"0$)"$0&)"*./($&(-0&$,"%0&#$A$-4*(.*+#$%&,+0-.1+#:$

<%

f"%0&#$A$R&,+0-&

L#;0M#:0N/)*0M#:"0O(&0P#0Q%050L!#"*'0L:!%"'*/"R0A#/4<%';0P"/()%"';0S#4*#"';0
7'64<#-#.('*';0 T*<%"'0 D2!-/()0 U#V0 7/"%)*'0 A/)0 U%-!0 Q#6'WX("-'0 Q%4#,%0
Q%**%"0 5*<-%*%'0 Bf.(@2$ IJJSTJ0 Z#$ 5($ ).30+$ &($ &)$ 75&$ #&$ -0"-"$ %&$ %"0$
0&#,5&#-"$"$*/'+$="*&0$75&$5($=.?+$#&"$5("$&#-0&))"$%&)$ %&,+0-&:$ h$ -0"14#$
%&$ %.9&0&(-&#$ ,0+9&#.+(")&#$ B&(-0&("%+0&#2$ '4%.*+#$ +$ ,#.*/)+<+#T$ #&$
+90&*&($ *+(#&?+#$ &$ .(9+0'"*./($ &($ 0&)"*./($ "$ %.9&0&(-&#$ "#5(-+#$ 75&$
,5&%&($"A5%"0$"$5($(.U+$"$"%75.0.0$-+%+$#5$,+-&(*.")$%&,+0-.1+:$
YGY0 N/6'0 *#0 Q%0 /0 P%""(?(40 L!#"*'0 7/"%)*0 R0 Z/C().0 5*<-%*(4'0 /0 7#'(*($%0
D2!%"(%)4%03#"0M#:"0A<(-&0Be.#=$A$f"<&&2$IJJXTJ0Z)$"5-+0$O+&)$e.#=$0&6(&$&($
&#-&$ ).30+$ #5$ &_,&0.&(*."$ *+'+$ ,#.*/)+<+$ %&)$ %&,+0-&$ A$ *+'+$ ,"%0&$ %&$
%&,+0-.#-"#$ ,"0"$ %&#"00+))"0$ )+#$"#,&*-+#$ 'W#$0&)&1"(-&#$ &($&)$ %&#"00+))+$
%&)$%&,+0-.#-":
[:'*0\%*0P<%0 O(&'07-/6R0U#V0*#0L*#!0 T*<%"05&:-*'03"#,0]:()().0M#:"0A<(-&^'0
B:)0 /)&0L:44%''0()0 M#:*<0 L!#"*'0BC.<&)+c$A$f+0+(&A$ A$ Q"))2$IJJDTJ0 Z#$5($
).30+$&($&)$75&$#&$%&#-"*"$A$,+(&$%&$0&).&1&$&)$%&,+0-&$?+1&($"(").Y"(%+$)+#$
,0+3)&'"#$A$ 0&#,+(#"3)&#2$ "#8$ *+'+$%&-"))"(%+$ &#-0"-&<."#$,"0"$,0&1&(.0$
%.*=+#$,0+3)&'"#:$
_)*(-0`*0U:"*'R05,%"(4/^'0T9'%''(#)0V(*<0M#:*<0L!#"*'0/)&0U#V0`*0U/",'0T:"0
O(&'0 BQA'"(2$ IJJET:$ b&$ -0"-"$ %&$ 5($ ).30+$ 75&$ '5&#-0"$ )+#$ "#,&*-+#$
(&<"-.1+#$ %&)$ %&,+0-&$?+1&(2$ %&-"))"(%+$ */'+$ &)$ *+#-&$ ^8#.*+$ A$ &'+*.+(")$
%&$)+#$(.U+#$,5&%&$#&0$'5A$")-+$#.$&#"$"*-.1.%"%$%&,+0-.1"$(+$&#$*+(%5*.%"$
%&$'"(&0"$*+00&*-":$$
N<60 [#<))60 U/*%'0 L!#"*'R0 N<60 T"./)(@%&0 M#:*<0 L!#"*'0 5"%0 B/(-().0 T:"0
A<(-&"%)0/)&0 N</*0 N%0A/)0 S#0/9#:*0`*0 BZ(<=2$IJJIT:$Z#$5($).30+$ 75&$="*&$
0&9&0&(*."$ ")$ .',+0-"(-&$ "5'&(-+$ %&$ (.U+#$ 75&$ %&*.%&($ "3"(%+("0$ &)$
%&,+0-&:$ b&$"(").Y"$75&$(+$ #/)+$)+#$ ,"%0&#$A$&(-0&("%+0&#$ #+($*"5#"(-&#$
%&$%.*=+$"3"(%+(+$ #.(+$ -"'3.4($")$#.#-&'"$&($#8$'.#'+2$ ")$9"1+0&*&0$5("$
*+',&-.*./($ '5A$ -&',0"("$ A$ 5("#$ &_.<&(*."#$ A$ ,0+9&#.+(").Y"*./($ %&)$
%&,+0-&$?+1&($%&$'"(&0"$,0&'"-50":$

<&

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

V+%+#$ &#-+#$ ).30+#$ -0"-"(2$ %&$ '"(&0"#$ %.9&0&(-&#2$ %&$ 0&*+'&(%"0$ */'+$

-0"-"0$ *+($ 5($ ?+1&($ %&,+0-.#-"$ ,"0"$ 75&$ #5$ &_,&0.&(*."$ #&"$ )+$ '"#$ #"-.#9"*-+0."$
,+#.3)&:$R&$'+%+$'W#$*.&(-8^.*+2$b'+))$A$b'.-=$&($IJJG$&)"3+0"($5("$,&75&U"$<58"$
,"0"$ ,"%0&#2$ *+($ *+(#&?+#$ ,"0"$ 75&$ #5#$ =.?+#$ #&$ %&#"00+))&($ ")$ 'W_.'+$
%&,+0-.1"'&(-&$ ="3)"(%+:$ h)<5(+#$ %&$ )+#$ *+(#&?+#$ 75&$ #&$ '5&#-0"($ #+($ )+#$
#.<5.&(-&#k
!+#$,"%0&#$%&3&($"*&,-"0$")$&(-0&("%+0:
!+#$ ,"%0&#$ %&3&($ "*&,-"0$ )"#$ %&#.)5#.+(&#$ %&$ #5#$ =.?+#$ A$ &(#&U"0)&#$ "$
-0"14#$%&$&))"#:
!+#$,"%0&#$#+($'+%&)+#$,"0"$#5#$ =.?+#$ ,+0$)+$ 75&$-.&(&($75&$'+#-0"0$5("$
*+00&*-"$"*-.-5%2$.(*)5#+$"5-+$*+(-0+):
!+#$,"%0&#$ %&3&($,0&#-"0$"-&(*./($")$%&,+0-&$%&$#5#$ =.?+#2$)+$ 75&$.',).*"$
%&%.*"0)&#$-.&',+:
!+#$,"%0&#$%&3&($%&?"0$"$#5#$=.?+#$-+'"0$#5#$,0+,."#$%&*.#.+(&#$*+'+$5("$
,"0-&$&#&(*.")$%&$#5$*0&*.'.&(-+:
$

P&0+$ (+$ #/)+$ &_.#-&$ ).-&0"-50"$ <&(&0")$ &($ -+0(+$ ")$ %&,+0-&2$ #.(+$ -"'3.4($

).-&0"-50"$*&(-0"%"$ &($5($%&,+0-&$ *+(*0&-+:$ R&$ &#-&$ '+%+$ )"$_)(*%&0 L*/*%'0 P%))('0

5''#4(/*(#)0E_LP5I$ &)"3+0/$ 5("$<58"$,"0"$,"%0&#$%&$ -&(.#-"#$&($)"$75&$%&$'"(&0"$
&#,&*8^.*"$ #&$%"($ *+(#&?+#$ &$.%&"#$ ,"0"$ "A5%"0$"$ )+#$ ,"%0&#$ "$ -+'"0$ )"#$ '&?+0&#$
%&*.#.+(&#$,"0"$#5#$=.?+#$"#8$ *+'+$#&$%&-"))"($A$&_,).*"($*+',+0-"'.&(-+#$-8,.*+#$
%&)$-&(.#$+$)+#$3&(&^.*.+#$%&$&#&$%&,+0-&$B;bVh2$IJJDT:$

+,:,:,-J#$%/-1/02(#%/-H1B)3)1$2/-K'2-)"93'=2"-2"-31-01$#)()01()*"-&20%$#)71
Z($-+%"#$)"#$#+*.&%"%&#$)"$*)"#&$#+*.")$"$)"$75&$#&$,&0-&(&*&$.(^)5A&$&($*+($75.4($#&$
?5&<"2$ &($ 754$ #&$ 1&$ &($ )"$ -&)&1.#./($ +$ 754$ .(9+0'"*./($ %&,+0-.1"$ #&$ *+(#5'&:$
H5"(-+$ #5,&0.+0&#$#+($)+#$ .(<0&#+#2$)"$&%5*"*./($0&*.3.%"$+$&)$#-"-5#$ #+*.")$ ")$ 75&$
#&$,&0-&(&*&2$ '"A+0$&#$)"$,"0-.*.,"*./($"*-.1"$&($&)$%&,+0-&2$ A"$#&"$,"0-.*.,"(%+$+$
"-&(%.&(%+$ "$ &1&(-+#$ %&,+0-.1+#2$ ,&0+$ -"'3.4($ 1.&(%+$ %&,+0-&$ ,+0$ -&)&1.#./(:$

<<

f"%0&#$A$R&,+0-&

l<5")'&(-&2$ )"$ ,"0-.*.,"*./($ %&,+0-.1"$ %&$ )+#$ ,"%0&#$ %&-&0'.("$ )"#$ -"#"#$ %&$
,"0-.*.,"*./($%&,+0-.1"$%&$)+#$=.?+#$Bd0&'"0.@2$IJJJT:$h#82$&($9"'.)."#$*5A+#$,"%0&#$
#+($+$="($#.%+$,"0-.*.,"(-&#$&($%&,+0-&$A$*+($'W#$")-+#$.(<0&#+#2$#&$&(*5&(-0"($)+#$
'"A+0&#$(.1&)&#$%&$,"0-.*.,"*./(:
$

Z($5("$.(1&#-.<"*./($))&1"%"$"$ *"3+$ *+($IDI$,"%0&#$%&$%&,+0-.#-"#$&)$EJp$

%&$)+#$ ,"%0&#$75&$ '"(%"($"$#5#$=.?+#$ "$%&,+0-&$ ,&0-&(&*&($ "$ *)"#&$'&%."$ ]$ ")-":$

P&0+$ (+$ #+)+$ ,+0$ &)$ #-"-5#$ #+*.+&*+(/'.*+$ A$ &%5*"-.1+$ #&$ 1&$ .(^)5&(*."%"$ )"$
,"0-.*.,"*./($ &($#8$ '.#'"2$ #.(+$ 75&$ -"'3.4($ &)$ %&,+0-&$ &)&<.%+:$ g$ &#$ 75&$,"%0&#$
*+($ 5($ ")-+$ #-"-5#$ #+*.+&*+(/'.*+$ ,0&^.&0&($ 3")+(*&#-+$ A$ -&(.#2$ '.&(-0"#$ 75&$
"75&))"#$ 9"'.)."#$ *+($ '&(+#$ 0&*50#+#$ #&$ .(*).("($ ,+0$ &)$ 96-3+):$ P+0$ +-0+$ )"%+2$
,"%0&#$ *+($ '"A+0$ (.1&)$ &%5*"-.1+$ &).<&($ 3")+(*&#-+$ +$ -&(.#$ ,0&9&0&(-&'&(-&$ A$
"75&))+#$ *+($ (.1&)&#$ %&$ &%5*"*./($ 'W#$ 3"?+#$ +,-"($ ,+0$ &)$ 1+)&.3+)$ +$ &)$ 96-3+)$
Bg",0"@$A$s()52$IJDJT:
$

R&$&#-&$'+%+2$&)$&#-.)+$%&$1.%"$A$&)$ %&,+0-&$&)&<.%+$&#-W($0&)"*.+("%+#:$ h#82$

,&0#+("#$75&$%&$'"(&0"$05-.("0."$,"0-.*.,"($&($"*-.1.%"%&#$*+'+$<+)92$-&(.#2$&#758$
+$ 1&)"$ 75&$ .',).*"($5($&75.,"'.&(-+$ A$'"-&0.")$ *"0+$ &#-W$ "#+*."%+$ *+($,&0#+("#$
*+($ %.(&0+$ A$ *.&0-+$ ,+%&0$ A$ #-"-5#$ #+*.")$ Bg",0"@$ A$ s()52$ IJDJT:$ l<5")'&(-&2$
%&,+0-&#$ *+'+$ &)$ 3+_&+$ .(%.*"($ 0&)"*.+(&#$ *+(-0"0."#:$ h#82$ \+c"@$ BDEKET$'+#-0/$
*/'+$&)$iJp$%&$)+#$3+_&"%+0&#$%&$4).-&$,&0-&(&*8"$"$*)"#&$-0"3"?"%+0"$&($P+)+(.":$
b.<5.&(%+$ &($ )"$ )8(&"$ %&)$ #-"-5#$ #+*.")2$ 5("$ .(1&#-.<"*./($ 'W#$ "(-.<5"$ "(").Y/$ )"$
*)"#&$#+*.")$ %&$ DiS$ =+'30&#$ A$ '5?&0&#$ %&)$ &75.,+$ +)8',.*+$ "5#-0."*+2$ 0&1&)"(%+$
75&$ &)$ KJp$%&$ )+#$ %&,+0-.#-"#$ ,&0-&(&*8"($ "$ 5("$ *)"#&$ #+*.")$ ")-"$ BP"1."2$ DEiXT:$
P&0+$ (+$ #/)+$ &)$ #-"-5#$ #+*.")$ A$ &*+(/'.*+$ %&-&0'.("$ &)$ (.1&)$ %&,+0-.1+2$ #.(+$
-"'3.4($*.&0-+#$"#,&*-+#$*5)-50")&#:$R&$&#-&$'+%+2$)"$.(1&#-.<"*./($%&$V"@&(+#=.-"$
BDEKiT$ '+#-0/$ */'+$ -+%+#$ )+#$ *"',&+(&#$ ("*.+(")&#$ &$ .(-&0("*.+(")&#$ %&$O",/($
="38"($")*"(Y"%+$")-+#$(.1&)&#$&($#5$&%5*"*./(2$#.&(%+$<0"%5"%+#$-+%+#$&))+#:$$
$

b.$ )"$ ,&0-&(&(*."$ "$ 5("$ *)"#&$ #+*.")$ &#$ %&-&0'.("(-&$ &$ .(^)5A&(-&$ &($ &)$

%&,+0-&$ %&$ )+#$ =.?+#$ .<5")$ %&$ 0&)&1"(-&$ &#$ *+(+*&0$ )"$ .',+0-"(-&$ .(1&0#./($
&*+(/'.*"$ A$ %&$ -.&',+$ 75&$%.*=+$ %&,+0-&$ #5,+(&$ &($ &)$ (6*)&+$ 9"'.)."0:$ R&$ &#-&$
'+%+2$ ZA(+(2$ d.-*=&($ A$ b&'+-.5@$ BDEFJT$ &_"'.("0+($ &)$ <"#-+$ %&$ %.(&0+$ A$ %&$

<=

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

-.&',+$ 75&$ #5,+(8"$ )"$ ,"0-.*.,"*./($ %&$ )+#$ =.?+#$ &($ ("-"*./(:$ !+#$ 0&#5)-"%+#$
0&1&)"0+($ 75&$ )+#$ ,"%0&#$ #&$ .',).*"3"($ %&$ '&%."$ K2K$ =+0"#$ "$ )"$ #&'"("$ A$ )&#$
#5,+(8"$GGJ$&50+#$")$"U+$BDIp$%&$)+#$.(<0&#+#$-+-")&#T:$R.*=+#$*+#-&#$"5'&(-"3"($
*5"(%+$ -"'3.4($ )+$ ="*8"$ &)$ (.1&)$ %&$ ="3.).%"%$ %&)$ (.U+:$ l<5")'&(-&2$ )+#$ ,"%0&#$
%&%.*"3"($'W#$-.&',+$ *5"(%+$ )+#$ (.U+#$&0"($,&75&U+#$+$ -&(8"($5($'W#$ ")-+$(.1&)$
%&$="3.).%"%:
$

Z($0&)"*./($"$)"$.(1&0#./($%&$-.&',+2$ &)$&#-5%.+$ %&$j&.##$A$ Q"A"#=.$BDEEGT$

*+($<.'("#-"#$ A$ #5#$ ,"%0&#$ %&-&0'.(/$ */'+$ &)$ iJp$ %&$)+#$ ,"%0&#$ #.&(-&$ 75&$&)$
-0"(#,+0-&$0&)"*.+("%+$ *+($)"$<.'("#."$&#$&)$*&(-0+$%&$)"$1.%"$&($&)$=+<"0:$Z)$ iIp$
%&$)+#$,"%0&#$*+(#.%&0"$)"$<.'("#."$&)$*&(-0+$%&$#5#$1.%"#:$Z($0&)"*./($"$)"$*"(-.%"%$
%&$ -.&',+$ ","0&*./$ */'+$ #+($ )"#$ '"%0&#$ 75.&(&#$ %&%.*"($ 'W#$ -.&',+$ 75&$ )+#$
,"%0&#$"$)"$#&'"("$&($&)$%&,+0-&$%&$)+#$=.?+#$BK$=+0"#$"$)"$#&'"("2$90&(-&$"$)"#$S$%&$
&))+#T:$ Z)$ iIp$ %&$ )+#$ ,"%0&#$ %.*&($ 75&$ &#&$ -.&',+$ %&%.*"%+$ "$ )"$ <.'("#."$ )+$
=53.&0"($&',)&"%+$&($*5")75.&0$+-0"$"*-.1.%"%$")-&0("-.1"$%&$#5$=.?+:$Z)$ Gp$%&$)+#$
<"#-+#$ 9"'.)."0&#$ #+($ %&#-.("%+#$ "$ )"$ <.'("#."2$ 75&$ %&$ (+$ ="3&0$ &_.#-.%+$ %.*=+$
<"#-+$#&$=53.&0"($.(1&0-.%+$&($1"*"*.+(&#:$
$

b&$ ="$ 1.#-+$ 75&$ *.&0-+#$ "#,&*-+#$ #+*.")&#$ A$ *5)-50")&#$ '"0*"($ &)$ %&,+0-&$

,0"*-.*"%+$+$ )"$'"A+0$]$'&(+0$,0W*-.*"$%&,+0-.1":$b.$3.&(2$ `="#-"$754$,5(-+$%.*=+#$

9"*-+0&#2$-+-")'&(-&$"?&(+#$")$%&,+0-.#-"2$.(^)5A&($&($&)$*"'.(+$"$)"$&_*&)&(*."a:$;($
&#-5%.+$ ))&1"%+$ "$ *"3+$ &($ C0"#.)$ *+',"0/$ &)$ 96-3+)$ A$ )"$ <.'("#."$ %&$ %.*=+$ ,"8#2$
'+#-0"(%+$)"#$*"0"*-&08#-.*"#$%&$)"#$9"'.)."#$%&$"'3+#$%&,+0-&#$BV"3)"$D:IT:
$

R&$ &#-&$ '+%+2$ )"#$ *"0"*-&08#-.*"#$ 9"'.)."0&#2$ 95&0+($ *.-"%"#$ ,+0$ )+#$

%&,+0-.#-"#$ %&)$ &#-5%.+$ %&$ M+5)%2$ R.&99&(3"*=$ A$ f+99&-$ BIJJDT$ *+'+$ '5A$
.',+0-"(-&#$ &($ &)$ %&#"00+))+$ %&$ )"#$ *"0"*-&08#-.*"#$ ,#.*+)/<.*"#$ "#+*."%"#$ *+($ &)$
4_.-+:$ Z($ %.*=+$ &#-5%.+2$ &($ &)$ 75&$ ,"0-.*.,"0+($ DJ$ H"',&+(&#$ m)8',.*+#2$ DJ$
&(-0&("%+0&#$ A$ DJ$ ,"%0&#2$ #&$ '+#-0/$ */'+$ 5($ &#-.)+$ %&$ 1.%"$ 9"'.)."0$ "*-.1+2$ 5($
&(-+0(+$ *+',&-.-.1+$ #"(+2$ 35&("#$ ="3.).%"%&#$ %&$ *+'5(.*"*./($ +$ 5($ &#-.)+$
+,-.'.#-"$A$,+#.-.1+$&0"($)"#$ *"0"*-&08#-.*"#$9"'.)."0&#$/,-.'"#$,"0"$&)$")*"(*&$%&)$
")-+$ (.1&):$ \+$ +3#-"(-&2$ ")<5(+#$ %&,+0-.#-"#$ %&$ )"$ .(1&#-.<"*./(2$ "U"%.&0+($ */'+$

<>

f"%0&#$A$R&,+0-&

V"3)"$D:I:$S(3%"%)4(/'0%)*"%0%-03a*9#-060-/0.(,)/'(/09"/'(-%b/J0
BC"#"%+$&($N"3&)+2$f+0"&#$A$b")'&)"2$IJJD>$[."(("2$f+0"&#2$b")'&)"$A$
f+50-=2$IJJDT
LM@NJ.-NOPQ!.

R!STPQ!P-NOPQ!.

t SJp$%&$)"#$9"'.)."#$&0"($%&$*)"#&$f&%."$ ]$
t$H+(-&_-+#$,+30&#2$"'3.&(-&$050"):
h)-"2$ <"("(%+$ &(-0&$ DGJJ$ A$ XJJJ$ u$ ")$
t$FJp$%&$)"#$9"'.)."#$<"("3"($&(-0&$DGJ$A$ '&#:$
XiG$u$")$'&#:
t Z)$ SJp$ %&$ &#&$ <05,+$ <"("3"$ 'W#$ %&$
XJJJ$u$")$'&#:
t$ Z)$ KGp$ %&$ )+#$ ,"%0&#$ #/)+$ -&(8"$ t$ Z)$ IGp$ %&$ )+#$ ,"%0&#$ -&(8"$ &%5*"*./($
&%5*"*./($,0.'"0.":
5(.1&0#.-"0.":
t$ V+%"#$ )"#$ <.'("#-"#$ ="38"($ 0&*.3.%+$
t$ f8(.'+$ &(-0&("'.&(-+$ &#,&*.").Y"%+$
&(-0&("'.&(-+$ &#,&*.").Y"%+$ %&#%&$ &)$
="#-"$&)$")*"(*&$%&)$96-3+)$,0+9&#.+("):
.(.*.+$%&$#5#$*"00&0"#$%&,+0-.1"#:
t M0"($ *"(-.%"%$ %&$ -.&',+$ ?5<"(%+$ A$
t$&)$iGp$%&$ )"#$<.'("#-"#$&($#5$-.&',+$%&$
,0"*-.*"(%+$96-3+):$
+*.+$ ="*."$ +-0"#$ "*-.1.%"%&#$ ","0-&$ %&$ )"$
t Z)$ FGp$ %&$ )+#$ 95-3+).#-"#$ %&*8"$ 75&$ &)$
<.'("#.":
96-3+)$+*5,"3"$-+%+$#5$-.&',+$%&$+*.+:
t Z)$ iF2Xp$ %&$ )"#$ 9"'.)."#$ %&*8"($ 75&$ &)$
96-3+)$ %&$ #5#$ =.?+#$ (+$ *"'3."3"$ (.(<6($
"#,&*-+$%&$)"#$05-.("#$%&$)"$1.%"$%."0.":
t Z)$ Dip$ %&$ )"#$ 9"'.)."#$ ="*8"($ ")<6($
"?5#-&$ ,"0"$ ,&0'.-.0$ )"$ ,"0-.*.,"*./($ %&$
#5$=.?+$&($&)$%&,+0-&$:

t$ Z)$ FSp$ %&$ )"#$ 9"'.)."#$ %&*8"($ ="3&0#&$

1.#-+$ 9+0Y"%"#$ "$ 0&+0<"(.Y"0$ #5$ 1.%"$
9"'.)."0$ %."0."$ ,"0"$ "*+'+%"0#&$ "$ )"$
,"0-.*.,"*./($%&,+0-.1"$%&$#5$=.?":

t$ \.(<5("$ .(-&0"**./($ &(-0&$ ,"%0&#$ A$ t$ Z)$ ISp$ %&$ )+#$,"%0&#$="$ .(-&0"**.+("%+$

&(-0&("%+0&#2$ ,5&#$ &)$ &(-0&("%+0$ &#$ *"#.$ *+($ &)$ &(-0&("%+0$ ,"0"$ .(-&0&#"0#&$ ,+0$ &)$
.(&_.#-&(-&:
%&#"00+))+$%&,+0-.1+$%&$#5$=.?":
t$ Z)$ GJp$ %&$ )+#$ ,"%0&#$ %&$ )+#$ 95-3+).#-"#$ t$ V+%+#$ )+#$,"%0&#$ -.&(&($ *+(-"*-+$ %."0.+$
1&($ "$ #5#$ =.?+#$ 5("$ 1&Y$ *"%"$ -0&#$ '&#&#$ *+($ #5#$ =.?"#$ &($ *5")75.&0$ (.1&)$ %&$
,+075&$1.1&($95&0":
0&(%.'.&(-+2$.(*)5#+$95&0"$%&$*"#":

"#,&*-+#$ (&<"-.1+#$ +*500.%+#$ &($ &)$ #&(+$ %&$ )"$ 9"'.)."$ 9"1+0&*8"($ &)$ %&#"00+))+$ %&$
="3.).%"%&#$%&$"90+(-"'.&(-+$,"0"$#5,&0"0$%.*=+#$'+'&(-+#$&#-0&#"(-&#:$

<?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

h)$.<5")$75&$)"#$*"0"*-&08#-.*"#$9"'.)."0&#$95&0+($%&-&0'.("(-&#$,"0"$&)$4_.-+$

&($)"$'5&#-0"$"(-&0.+02$ -"'3.4($)+$95&0+($)+#$,"%0&#$")$#&0$*.-"%+#$,+0$%&#"00+))"0$
5($0+)$*)"1&$&($&)$%&#"00+))+$%&$*"0"*-&08#-.*"#$,#.*+)/<.*"#$%&$&#+#$*"',&+(&#:$h#82$
,"%0&2$ '"%0&$ +$ ,"%0&#$ *+'+$ 5(.%"%$ .(^)5A&0+($ &($ &)$ %&#"00+))+$ ,#.*+)/<.*+$ %&)$
%&,+0-.#-"$ "$ -0"14#$ %&$ 9&&%3"*@$ +$ *08-.*"#2$ '+#-0"(%+$ *+(+*.'.&(-+$ %&)$ %&,+0-&2$
&(#&U"(%+$&)$%&,+0-&$%.0&*-"'&(-&2$%"(%+$"'+0$.(*+(%.*.+(")$A$",+A+$#.($,0&#./($
A$'+-.1"(%+$"$)+#$%&,+0-.#-"#$"$-0"14#$%&$0&-+#$+$-4*(.*"#$%&$'+-.1"*./(:$$$$
$

h%&'W#$%&$5($",+A+$.',+0-"(-&$%&$)+#$,"%0&#$-0"%5*.%+$&($"**.+(&#$*+'+$

)"#$ '&(*.+("%"#$ 'W#$"00.3"2$ )"$9"'.)."$ &($*+(?5(-+$ A$&($ *+(*0&-+$)"$*&0*"(8"$ 75&$

'5&#-0&2$ &#$ +-0+$ "#,&*-+$ 0&)&1"(-&$ *5"(%+$ %&$ ")*"(Y"0$ &)$ ")-+$ (.1&)$ #&$ 0&^.&0&$
Bf+(#""#2$ DEFGT:$ R&$ &#-&$ '+%+2$ )+#$ ,"%0&#$ ,"#"($<0"($,"0-&$ %&$ -.&',+$ *+($ #5#$
=.?+#$ A$ 0&").Y"($ '5*="#$ "*-.1.%"%&#$ &($ -+0(+$ "$ )"$ 5(.%"%$ 9"'.)."0$ &($ 9"'.)."#$ %&$
-&(.#-"#$,0+9&#.+(")&#:$Z($#8$ '.#'"$&#"$*&0*"(8"$,&0'.-&$)"$"#.'.)"*./($%&$1")+0&#$
,+0$,"0-&$%&)$%&,+0-.#-"$-0"(#'.-.%+#$,+0$#5#$,"%0&#2$,&0+$-"'3.4($&)$%&#"00+))+$%&$
5("$ 35&("$ 0&)"*./($*+($ )"$ 9"'.).":$ R&$ "=8$ 75&$ &($ 5("$ .(1&#-.<"*./($ *+($ <+)^.#-"#$
,0+9&#.+(")&#$ %&$ )"$ PMh2$ #&$ '5&#-0&$ */'+$ )"$ '"A+08"$ %&$ &#+#$ %&,+0-.#-"#$
,0+1&(8"($%&$5("$9"'.)."$*5A+$(6*)&+$ &#-"3"$9+0'"%+$ ,+0$'"%0&$]$,"%0&$BED2KpT$
)+$ 75&$ %&-&0'.("$ )"$ .',+0-"(*."$ %&$ &#"$ &#-"3.).%"%$ BH+)*)+5<=$ A$ V+'#2$ IJDJT:$
l<5")'&(-&$ &#+#$ %&,+0-.#-"#$ '+#-0"3"($ */'+$ ")$ '&(+#$ 5(+$ %&$ #5#$ ,"%0&#$
-0"3"?"3"$"$-.&',+$ *+',)&-+$ BEi2KpT$A$)"$ '"A+08"$ 1.18"$"$'&(+#$%&$ *.(*+$ '.))"#$
%&)$ *"',+$ %&$<+)9$ 'W#$ *&0*"(+2$ )+$ *5")$ *+(#.%&0"($5("$ <0"($9"*.).%"%$*5"(%+$ )+#$
=.?+#$-.&(&($&(-0&$G$A$DF$"U+#$A$#+($%&,&(%.&(-&#:$$$
$

!"$ ,"0-.*.,"*./($,0&1."$%&$ )+#$,"%0&#2$&)$ (.1&)$ ")$ 75&$*+',.-.&0+(2$&)$#-"-5#$

#+*.+&*+(/'.*+$ %&$ )"$ 9"'.)."$ &($ )"$ 75&$ 1.1&($ )+#$ %&,+0-.#-"#2$ )+#$ &#-5%.+#$ A$
&%5*"*./($%&$)+#$,"%0&#2$&)$(6'&0+$%&$=&0'"(+#2$)"$9&*="$A$)5<"0$%&$("*.'.&(-+$%&)$
=.?+:::$-+%+$&))+$#+($9"*-+0&#$75&$#&$="$1.#-+$*/'+$,5&%&($.(^)5.0$&($&)$")*"(*&$%&$5($
")-+$ (.1&)$ %&$,&0.*."$%&,+0-.1":$ P&0+2$ `*/'+$ .(^)5A&$&#&$ %&,+0-&$A$ )"$ .(^)5&(*."$%&$
)+#$,"%0&#$&($)"$ ,0+,."$ 9"'.)."a2$ `*/'+$ #&$1&$ "9&*-"%+$ &)$ (6*)&+$ 9"'.)."0$"(-&$ &#&$
%&#&'3+)#+$%&$-.&',+2$%.(&0+$A$&(&0<8"a:

<!

f"%0&#$A$R&,+0-&

Q"#-"$ &)$ '+'&(-+$ ="$ #.%+$ '5*="$ )"$ .(1&#-.<"*./($ *&(-0"%"$ &($ */'+$

.(^)5A&($)+#$,"%0&#$&($)"$1.%"$%&$)+#$%&,+0-.#-"#$-"(-+$,+#.-.1"$*+'+$(&<"-.1"'&(-&$
BC05#-"%2$DEEX2$IJDJ>$H+"@)&A2$DEEI2$IJJK>$Q+)-$A$Q+<<2$IJJIT:$b+($"35(%"(-&#$)"#$
0&9&0&(*."#$ "$)+#$")-+#$ (.1&)&#$%&$ ",+A+$75&$)"#$ 9"'.)."#$ ,0&#-"($+$ "$)"#$ %&'"(%"#$
#.<(.^.*"-.1"#$ 75&$ )&#$ #5,+(&$ BH="9&-Y$ A$ d+-"03"2$ DEEG>$ V=+',#+(2$ DEEET:$ b.($
&'3"0<+2$'5A$,+*"$"-&(*./($#&$="$9+*").Y"%+$&($&)$&#-5%.+$%&$*/'+$)"$9"'.)."$#&$1&$
"9&*-"%"$")$%"0$&#&$",+A+$,0W*-.*+$A$&'+*.+(")$")$?+1&($%&,+0-.#-"2$&($*/'+$"9&*-"$
&#&$%&,+0-&$&($)"$9"'.)."$Bd"A2$IJJJT:
$

d.0@2$ H"0)#+(2$ mvH+((+02$ C50@&2$ R"1.#$ A$ M)+1&0$ BDEEiT$ .(1&#-.<"0+($ )"#$

%&'"(%"#$&*+(/'.*"#$ A$%&$-.&',+$ 75&$)"#$9"'.)."#$%&$%&,+0-.#-"#$ ?5(.+0$="*8"($A$

)"#$ *+(#&*5&(*."#$ #+*.")&#$ ,"0"$ &#"#$9"'.)."#:$ g$&#$ 75&$ )"$="3.).%"%$%&$)"#$9"'.)."#$
,"0"$ ",+A"0$&)$ %&,+0-&$%&$#5#$ =.?+#$&#$ 5($-&'"$,"0-.*5)"0'&(-&$.',+0-"(-&2$ ,5&#$
*"'3.+#$95(%"'&(-")&#$+*500&($&($)"$1.%"$9"'.)."0$Bd"A2$IJJJT:
$

;($&#-5%.+$))&1"%+$"$*"3+$&($&)$*+(-&_-+$30.-W(.*+$0&1.#/$&)$,",&)$75&$?5<"3"$

)"$9"'.)."$&($&)$%&#"00+))+$%&)$-")&(-+$%&,+0-.1+$%&$)+#$(.U+#2$.%&(-.^.*"(%+$&)$-.,+$ A$
)"$*"(-.%"%$%&$",+A+$75&$+90&*8"$)"$9"'.).":$Z)$4(9"#.#$,0.(*.,")$#&$%.+$&($&)$0+)$%&$)"$
9"'.)."$*+'+$95&(-&$%&$",+A+$ ,0W*-.*+:$h$ ,"0-.0$%&$"758$#&$&_"'.(/$&)$+-0+$ )"%+$%&$
)"$ 0&)"*./(k$ */'+$ )"$ 9"'.)."$ #&$1&$ "9&*-"%"$ ,+0$ %"0$ &#+#$ (.1&)&#$ %&$ ",+A+:$ R&$ )+#$
0&#5)-"%+#$&'&0<.&0+($G$*"-&<+08"#$Bd"A2$IJJJTk
l',"*-+$ ^.("(*.&0+$ &($ )"#$ 9"'.)."#2$ *+(#.%&0"%+$ *+'+$ &)$ ,0.(*.,")$ ",+A+2$
-+%+#$ )+#$ '.&'30+#$ %&$ -+%"#$ )"#$ 9"'.)."#$ %&$ -+%+#$ )+#$ %&,+0-&#$ =.*.&0+($
0&9&0&(*."$ "$ &#&$ -&'":$ !+#$ ,"%0&#$ *+($ 'W#$ 4(9"#.#$ 75&$ )+#$ ,0+,.+#$
%&,+0-.#-"#:
l',"*-+$&($)+#$,"-0+(&#$%&$"*-.1.%"%$9"'.)."0:$Z#$*+(#.%&0"%+$ &)$ #&<5(%+$
&9&*-+$'W#$.',+0-"(-&:$ !"#$%&'"(%"#$ %&$-.&',+$ 75&$0&75.&0&$ &)$%&,+0-&$
"9&*-"($ "$ )+#$ 0.-'+#$ %&$ 1.%"$ 9"'.)."0&#$ %."0.+#2$ #&'"(")&#$ +$ "(5")&#:$
f5*="#$9"'.)."#$="*&($0&9&0&(*."$"$)"$%&#","0.*./($%&$&)&'&(-+#$(+0'")&#$
&($)"$1.%"$%."0."$9"'.)."0:$!"$1.%"$%."0."$#&$1&$.(^)5&(*."%"$,+0$)"#$#&#.+(&#$
%+3)&#$%&$&(-0&("'.&(-+$ %&$)+#$=.?+#2$)"#$1"*"*.+(&#$+0<"(.Y"%"#$&($-+0(+$

=#

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

"$ )"#$ *+',&-.*.+(&#$ +$ .(*)5#+$ &)$ .',"*-+$ &#$ ))"'"-.1+$ &($)+#$ ,"-0+(&#$%&$
-0"3"?+$%&$)+#$,"%0&#$")$1&0#&$"9&*-"%"#$)"#$=+0"#$75&$-0"3"?"(:$
$

!"#$ 9"'.)."#$ -.&(&($ 'W#$ =.?+#$ A$ )+#$ ,"%0&#$ -.&(&($ )"$ (&*&#.%"%$ %&$ #"*"0$

-.&',+$,"0"$75&$-"(-+$&)$%&,+0-.#-"$*+'+$&)$(+$]$%&,+0-.#-"$-&(<"($)"#$(&*&#.%"%&#$
"-&(%.%"#:$ R&$ &#-&$ '+%+$ #50<&($%+#$ ,+#.3.).%"%&#:$ P+0$5($ )"%+$ ,"%0&$A$'"%0&$ #&$
#&,"0"($ A$ *"%"$ 5(+$ &#-W$ *+($ 5($ =.?+:$ P+0$ +-0+$ )"%+2$ -+%"$ )"$ 9"'.)."$ ,5&%&$ &#-"0$
.',).*"%"$ &$.0$ ?5(-+#$ "$-+0(&+#2$ *+',&-.*.+(&#$ +$ &(-0&("'.&(-+#:$ Z#-+$ +*500&$ &($
9"'.)."#$*+($5($#/)+$*+*=&:$
l',"*-+$ &($ )"#$ 0&)"*.+(&#$ A$ &($ )"$ 1.%"$ 9"'.)."0:$ Z)$ (.1&)$ %&$ %&%.*"*./($
0&75&0.%+$,"0"$",+A"0$&)$%&,+0-&$%&$")-+$(.1&)$%&)$=.?+$-.&(&$.',).*"*.+(&#$
&($)"$1.%"$&'+*.+(")$%&$)"$9"'.).":$
l',+0-"(*."$ %&)$ ",+A+$ 9"'.)."0:$ V+%+#$ )+#$ '.&'30+#$ %&$ )"$ 9"'.)."$
0&*+(+*&($75&$&)$ 0+)$ 75&$ ?5&<"($&($ &)$ %&#"00+))+$ %&)$ -")&(-+$ 95&$ &#&(*.")$
,"0"$ &)$ 4_.-+$ %&)$ =.?+:$ H+(#.%&0"($).-&0")'&(-&$.',+#.3)&$ &)$ ,0+<0&#+$ %&)$
(.U+$ #.($ 5($ ")-+$ (.1&)$ %&$",+A+$,+0$,"0-&$%&$ )"$ 9"'.).":$ M0"($,"0-&$%&$)+#$
%&,+0-.#-"#$ &(-0&1.#-"%+#2$ &($)"$"*-5").%"%2$ #&$ #.&(-&($ *","*&#$ %&$",+A"0$
#5$,0+,."$,"0-.*.,"*./($%&,+0-.1"$#.($5("$%&%.*"*./($%.0&*-"$,+0$,"0-&$%&$
)"$ 9"'.).":$ \+$ +3#-"(-&2$ -+%+#$ "%'.-&($ 75&$ %50"(-&$ "U+#$ &#&$ ",+A+$ 95&$
1.-"):$
P0.+0.%"%$%"%"$")$%&,+0-&$&($)"$1.%"$9"'.)."0:$h,+A"0$&)$%&,+0-&$%&)$=.?+$#&$
*+(1.&0-&2$ &($'5*=+#$ *"#+#$ &($ )"$ .(^)5&(*."$%+'.("(-&$ %&)$ &#-.)+$ %&$1.%"$
9"'.)."0:
$

H+(*)5A&$ 75&$ &)$ %&,+0-&$ &#$ 0&*+(+*.%+$ *+'+$ 5($ )5<"0$ %&$ 0&,0+%5**./($

%&#.<5")$ %&$<4(&0+2$ 0"Y"2$ *)"#&$ #+*.")$ A$ *","*.%"%$]$ %.#*","*.%"%$A$ &#$ 5($ ,+-&(-&$
&(-+0(+$%&$&_*)5#./($#+*."):$!"$"5#&(*."$%&$",0+,."%+#$'&*"(.#'+#$%&$",+A+$"$)+#$
(.U+#$ *5A"#$ 9"'.)."#$ (+$ ,5&%&($ %"0$ #5^.*.&(-&$ ",+A+2$ ,+%08"$ &_*)5.0$ "$ "75&))+#$
(.U+#$A$(+$&_,)+-"0$#5$-")&(-+$Bd"A2$IJJJT:
$

="

f"%0&#$A$R&,+0-&

+,<,-U1$2"#)"8-Q#=32-%-6/#)3%-U1$2"#13
H+'+$ #&$ ="$ 1.#-+$ "(-&0.+0'&(-&2$ %&$ )+#$ ,"%0&#$ #&$ ="($ &#-5%."%+$ #5#$
*+',+0-"'.&(-+#2$ #5#$ *0&&(*."#2$ )+#$ +3?&-.1+#$ A$ &_,&*-"-.1"#$ ="*."$ #5#$ =.?+#$ &($
%&,+0-&$ %&$ .(.*."*./($ +$ &($ &)$ ")-+$ 0&(%.'.&(-+$ %&,+0-.1+2$ &($ %&^.(.-.1"2$ #&$ ="$
+3-&(.%+$'5*="$.(9+0'"*./($%&$*/'+$="($.(^)5.%+$)+#$,"%0&#$&($&)$%&,+0-&$%&$#5#$
=.?+#:$b.$3.&(2$#+($'5A$&#*"#+#$)+#$&#-5%.+#$75&$="($"%+,-"%+$5("$,&0#,&*-.1"$'W#$
"',)."$ 9"*.).-"(%+$ 5($ "(W).#.#$ %&$ )"#$ .(-&0"**.+(&#$ #+*.")&#$ '6)-.,)&#$ 75&$
*"0"*-&0.Y"($ )"#$ 0&)"*.+(&#$ P"%0&#$ ]$ Q.?+$ &($ &)$ %&,+0-&:$ ;(+$ %&$ &#+#$ *+(*&,-+#$
<&(&0")&#$A$<)+3")&#$#&08"$&)$*+(*&,-+$%&$!/"%)*().0'*6-%$+$&#-.)+$,"0&(-"):
$

R50"(-&$ )"#$ 6)-.'"#$ -0&#$ %4*"%"#$ ="($ ,0+).9&0"%+$ )+#$ &#-5%.+#$ 75&$ #&$

*&(-0"($&($%&-&0'.("0$&)$.',"*-+$%&)$&#-.)+$,"0&(-")$&($&)$%&#"00+))+$%&)$(.U+:$M0"($
,"0-&$%&$&#"$.(1&#-.<"*./($="$&_"'.("%+$)+#$&9&*-+#$%&$*5"-0+$&#-.)+#$,"0&(-")&#k$D:$
h5-+0."-0.+>$I:$ R&'+*0W-.*+>$X:$l(%5)<&(-&>$S:$P+*+$.',).*"%+:$ !"$'"A+0$,"0-&$%&$)"$
.(1&#-.<"*./($#5<.&0&$75&$)+#$(.U+#$")*"(Y"($0&#5)-"%+#$'W#$,+#.-.1+#$*5"(%+$#+($
*0."%+#$ ,+0$,"%0&#$%&'+*0W-.*+#:$ !+#$ =.?+#$ %&$&#-&$-.,+$ %&$,"%0&#2$ #.($.',+0-"0$)"$
&%"%2$(.$&)$0&(%.'.&(-+$&($&)$*+)&<.+2$'5&#-0"($'&(+#$,0+3)&'"#$%&$*+(%5*-"2$5("$
95&0-&$+0.&(-"*./($")$-0"3"?+2$'"A+0$*+',0+'.#+$&($)"#$"*-.1.%"%&#$%&)$*+)&<.+2$5($
#&(-.'.&(-+$ ,+#.-.1+$ ="*."$ &)$ '.#'+$ A$ 5($ '&?+0$ "?5#-&$ &'+*.+(")$ 75&$ "75&))+#$
*0."%+#$ &($+-0+$ -.,+$ %&$=+<"0&#$B!"'3+0(2$ f+5(-#2$ b-&.(3&0<$ A$R+0(35#*=2$ DEED>$
b-&.(3&0<2$ !"'3+0(2$ R+0(35#*=$ A$ R"0).(<2$ DEEIT:$ R&)$ '.#'+$ '+%+2$ '5*=+#$
&#-5%.+#$ ="($ '+#-0"%+$ -"'3.4(2$ */'+$ )+#$ "%+)&#*&(-&#$ %&$ (6*)&+#$ %&'+*0W-.*+#$
-.&(&($'&?+0&#$0&(%.'.&(-+#$&($&)$*+)&<.+$75&$#5#$*+',"U&0+#$BR+0(35#*=2$N.--&02$
!&.%&0'"(2$ N+3&0-#$ A$ e0")&.<=2$ DEFi>$ !"'3+0($ &-$ "):2$ DEED>$ b-&.(3&0<2$ Z)'&($ A$
f+5(-#2$DEFET:
$

!"#$ .(1&#-.<"*.+(&#2$ "$ 1&*&#2$ "(").Y"($ &)$ &#-.)+$ ,"0&(-")0 %&$ )"$ '"%0&$ A$

"#5'&($ 75&$ &)$ ,"%0&$ -.&(&$ 5($ &#-.)+$ ,"0&(-")0 #.'.)"0:$ R&#"9+0-5("%"'&(-&$ ="A$
'5A$,+*"$.(1&#-.<"*./($&($0&)"*./($"$&#-&$,5(-+:$ Z)$&#-5%.+$%&$Q+)-$&-$"):$BIJJET$#&$
*&(-0"$&($&))+2$%&-&0'.("(%+$ */'+$%.^.&0&$&)$&#-.)+$,"0&(-")0%&$,"%0&$A$'"%0&2$"#8$
*+'+$ .(%.*"(%+$ )"#$ ,+#.3)&#$ *+'3.("*.+(&#$ ,"0"$ '+#-0"0$ "75&))"#$ 75&$ #+($ 'W#$
,+#.-.1"#$ +$ (&<"-.1"#$ ,"0"$ )+#$ =.?+#:$ !+#$ 0&#5)-"%+#$ '5&#-0"($ %.9&0&(*."#$ &($

=$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

0&)"*./($"$)"$,&0*&,*./($75&$)+#$=.?+#$ -.&(&($%&)$&#-.)+$ ,"0&(-")0 %&$#5#$,"%0&#$ A$)"$

,&0*&,*./($ %&$5($ +3#&01"%+0$ &_-&0(+:$ P"0"$ )+#$ ,0.'&0+#2$ )"#$ *+'3.("*.+(&#$ 'W#$
90&*5&(-&#$#+($)"#$%&k$D:$,"%0&#$%&'+*0W-.*+#>$I:$,"%0&#$,+*+$.',).*"%+#>$X:$,"%0&#$
.(%5)<&(-&#:$C"?+$)"$,&0#,&*-.1"$%&)$+3#&01"%+0k$D:$,"%0&#$%&'+*0W-.*+#>$I:$,"%0&#$
,+*+$ .',).*"%+#:$ m-0+$ %"-+$ ))"'"-.1+$ &($ )"#$ *+'3.("*.+(&#$ *+($ ,"%0&#$ ,+*+$
.',).*"%+#$#+($)+#$1")+0&#$#.<(.^.*"-.1"'&(-&$'W#$3"?+#$*5"(%+$&#$)"$'"%0&#$)"$75&$
%&#"00+))"$&#&$-.,+$%&$&#-.)+$,"0&(-")0$0&#,&*-+$%&$#.$&#$&)$,"%0&$B1"0/(T:$
$

R"0).(<$A$b-&.(3&0<$BDEEXT$%&^.(&($&)$ &#-.)+$,"0&(-")0*+'+$:)/04#)'*%-/4(8)0

&%0 /4*(*:&%'0</4(/0 %-0 )(b#0 =:%0 '%0 -%0 *"/)',(*%)0 60 =:%0 %)0 4#)>:)*#0 4"%/)0 :)0 4-(,/0
%,#4(#)/-0 %)0 %-0 4:/-0 '%0 %2!"%'/)0 -#'04#,!#"*/,(%)*#'0 &%0 -#'0 !/&"%'$B,:$ SFFT:$ P+0$
-"(-+2$ !/"%)*().0 '*6-%0&#$5($*+(*&,-+$<)+3")$*+(#.%&0"%+$ *+'+$ &)$*).'"$ &'+*.+(")$
<&(&0")$ *0&"%+$ ,+0$ )+#$ ,"%0&#:$ P+0$ &?&',)+2$ 5($ !/"%)*().0 '*6-%0 B&#-.)+$ ,"0&(-")T0
,+%08"$#&0$&#-0.*-+$+$"5-+0.-"0.+2$)+$*5")$0&^)&?"08"$&)$ '+%+$*+($&)$75&$)+#$,"%0&#$#&$
0&)"*.+("($*+($#5#$=.?+#$&($%.9&0&(-&#$%+'.(.+#$A$*+(-&_-+#:$
$
+,<,+,-U1$2"#)"8-U$1(#)(2/-%-U$V(#)(1/-U1$2"#132/
R&(-0+$%&$ &#&$ &#-.)+$<&(&0")2$ )+#$ ,"%0&#$ -"'3.4($%&#"00+))"($,0W*-.*"#$,"0&(-")&#$
&#,&*8^.*"#2$ 75&$#+($*+',+0-"'.&(-+#$-8,.*+#$%&$ 5($%+'.(.+$ +$ *+(-&_-+$ &($%+(%&$
)"#$*+(%5*-"#$0&^)&?"($)+#$+3?&-.1+#$%&$)+#$,"%0&#$*+($0&#,&*-+$ "$#5#$=.?+#$&($%.*=+$
*+(-&_-+$:
$

P+0$ -"(-+2$ &#-.)+$ ,"0&(-")0 ,+%08"$ &(-&(%&0#&$ *+'+$ ",0+_.'"*./($ <&(&0")2$

'.&(-0"#$75&$,0W*-.*"#$,"0&(-")&#$ #&08"($5("#$-4*(.*"#$&#,&*8^.*"#$75&$0&^)&?&($)+#$
+3?&-.1+#$%&$)+#$,"%0&#$&($5($%&-&0'.("%+$ *+(-&_-+:$H+($&#-"$%.#-.(*./($#&$"#5'&$
75&$&#-.)+$,"0&(-")0-.&(&$5("$0&)"-.1"$.(^)5&(*."$.(%.0&*-"$&($&)$*+',+0-"'.&(-+$%&$
)+#$ (.U+#$ '.&(-0"#$ 75&$ ,0W*-.*"#$ ,"0&(-")&#$ -.&(&$ 5("$ .(^)5&(*."$ %.0&*-"$ &($ )+#$
*+',+0-"'.&(-+#$%&$)+#$(.U+#$&($*+(-&_-+#$&#,&*8^.*+#:$
$

Q+)-$&-$"):$BIJJET$0&").Y"0+($5($&#-5%.+$,0&*.#"'&(-&$,"0"$%&-&0'.("0$*/'+$

&0"$ &)$ &#-.)+$ ,"0&(-")$ A$ )"#$ ,0W*-.*"#$ ,"0&(-")&#$ A$ #5#$ 0&)"*.+(&#$ &($ 9"'.)."#$ %&$

=%

f"%0&#$A$R&,+0-&

%&,+0-.#-"#:$ P"0"$ &))+$ #&$ &(-0&1.#-/$ "$ GK$ ,"%0&#$ A$ XS$ =.?+#$ %&$ *5A+#$ "(W).#.#$
&'&0<.&0+($*5"-0+$<0"(%&#$-&'"#k
&#-.)+$ ,"0&(-")$ %&$ "5-+(+'8"$A$",+A+2$ XI$ ,"%0&#$ #&$&(*5"%0"3"($%&(-0+$
%&$&#-&$-.,+$%&$&#-.)+2$ *5A"#$*"0"*-&08#-.*"#$&0"($5("$")-"$.',).*"*./($&($)"$
1.%"$ %&$#5#$ =.?+#$ ,&0+$ *+($'5A$ &#*"#+#$ *+',+0-"'.&(-+#$ %&$ *+(-0+):$ !"$
,0&#./($,+0$&(*"5Y"00")$=.?+$&0"$'8(.'"2$,0+'+1.4(%+#&k$
"5-+(+'8"$,&0#+(")
+,+0-5(.%"%&#
",+A+$&($)"$-+'"$%&$%&*.#.+(&#
$

R&$&#-&$'+%+2$ *5"(%+$&)$&#-.)+$ ,"0&(-")$%&$&#-+#$,"%0&#$&0"$%&$"5-+(+'8"$A$

",+A+2$ 5#"3"($ <&(&0")'&(-&$ )"#$ '.#'"#$ ,0W*-.*"#$ ,"0&(-")&#$ &($ #.-5"*.+(&#$

&#,&*8^.*"#:
Z#-.)+$,"0&(-")$%&$*+(-0+)2$ DX$,"%0&#$ *5A+$,&0^.)$ -8,.*+$&0"$ &)$%&$,&0#+("#$
")-"'&(-&$.',).*"%"#$ &($ )"$1.%"$ <&(&0")$ %&)$ =.?+$ A$ &($#5$%&,+0-&2$ %"(%+$
'5A$ ,+*"$ +$ (.(<5("$ "5-+(+'8"2$ -&(.&(%+$ <0"($ *"(-.%"%$ %&$
*+',+0-"'.&(-+#$ *+(-0+)"%+0&#:$ !+#$ ,"%0&#$ *+($ &#-"#$ *"0"*-&08#-.*"#$ (+$
-.&(&($'.&%+$ %&$&(90&(-"0#&$"$#5#$ =.?+#:$H+())&1"$,0W*-.*"#$,"0&(-")&#$%&$
<0"($*+(-0+):
Z#-.)+$ ,"0&(-")$ '._-+2$ &($ &)$ 75&$ DD$ ,"%0&#$ '+#-0"0+($ .(*+(#.#-&(*."2$ )"$
*5")$,+%8"$%&3&0#&$"$%+#$#.-5"*.+(&#k
.(*+(#.#-&(*."$&(-0&$&)$&#-.)+$,"-&0(+$A$'"-&0(+
.(*+(#.#-&(*."$&($)"$,0W*-.*"$,"0&(-")$&($%.9&0&(-&#$#.-5"*.+(&#
l(^)5&(*."$0&*8,0+*"$%&$)+#$=.?+#$&($&)$!/"%)*().$'*6-%0A0!/"%)*().$ !"/4*(4%2$
A$ &#$ 75&$ )+#$ "(W).#.#$ 0&1&)"0+($ */'+$ )+#$ *+',+0-"'.&(-+#$ %&$ )+#$ (.U+#$
.(^)58"($&($&)$!/"%)*().$'*6-%0A0!/"%)*().$!"/4*(4%:
$

Z($ 0&9&0&(*."$ ")$ ,&09&**.+(.#'+$ A$ &)$ &#-.)+$ ,"0&(-")$ b",.&?"2$ R5(($ A$ Q+)-$

BIJDDT2$ %&-&0'.("0+($ )"$ 0&)"*./($ &(-0&$ )"#$ '&%.%"#$ &($ )"#$ +0.&(-"*.+(&#$ ")$

=&

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

,&09&**.+(.#'+$ &($&)$%&,+0-&$A$)"$,&0*&,*./($%&)$&#-.)+$ ,"0&(-")$%&$,"%0&$A$'"%0&:$

h$ ,"0-.0$ %&)$A:%'*(#)/"(#0 7/"%)*().0 L*6-%0 `)$%)*#"6010F2$ )+#$%&,+0-.#-"#$0&#,+(%8"($
,+0$ #&,"0"%+$ BP"%0&$ ]$ f"%0&T$"$ #5$ ,&0*&,*./($ #+30&$ #5$ &#-.)+$ ,"0&(-"):$ g$&#$ 75&$
0&*.&(-&#$.(1&#-.<"*.+(&#$="($.(%.*"%+$)"$(&*&#.%"%$%&$%.#<0&<"0$&)$&#-.)+$,"0&(-")$
%&$ ,"%0&#$ A$ '"%0&#:$ !+#$ 0&#5)-"%+#$ '+#-0"0+($ */'+$ )+#$ ?/1&(&#$ *5A+#$ ,"%0&#$
%&#"00+))"3"($5($&#-.)+$ ,"0&(-")$%&'+*0W-.*+2$ *+(-0.358"($"$%&#"00+))"0$&($&)$(.U+$
5("$+0.&(-"*./($="*."$&)$,&09&**.+(.#'+$#")5%"3)&:$
$

h$ ,&#"0$%&$)"#$%.9&0&(*."#$ +31."#$%&$)+#$ *+(-&_-+#$"*"%4'.*+#$A$ %&,+0-.1+#$

B)"$ ("-50")&Y"$ %&$ )"#$ ="3.).%"%&#2$ &)$ *+(-&_-+$ %+(%&$ +*500&($ +$ )"$ .(^)5&(*."$ %&$
+-0+#T$ &_.#-&($ 5($ <0"($ (6'&0+$ %&$ #.'.).-5%&#:$ P+0$ &?&',)+2$ "'3+#$ *+(-&_-+#$
.',).*"(k$
",0&(%&02$,0"*-.*"02
,)"(-&"0#&$+3?&-.1+#$"$*+0-+$A$)"0<+$,)"Y+2
",0&(%&0$A$'&?+0"0$*+($)+#$4_.-+#2$,&0+$-"'3.4($*+($)+#$90"*"#+#2
",0&(%&0$"$3&(&^.*."0#&$%&$)"$&1")5"*./($%&$+-0+#:::
",0&(%&0$&)$1")+0$%&$)"$'+-.1"*./(2$)"$,&0#.#-&(*."2
$

Z($ "'3+#$ *+(-&_-+#2$ &($ <&(&0")2$ )+#$ ,"%0&#$ "#5'&($ ")$ .(.*.+$ 5($ "#-0

()'*":4*($#$ 75&2$ <0"%5")'&(-&$ 1"$ &#*+(%.4(%+#&$ A$ #5#-.-5A4(%+#&$ ,+0$ )+#$

*+',"U&0+#$A$+-0+#$"%5)-+#$&_,&0-+#$"$'&%.%"$75&$&)$(.U+$*0&*&:
$

!+#$ %&,+0-.#-"#$ "%5)-+#$ "-0.35A&($ '5*="#$ %&$ #5#$ "*-.-5%&#$ A$

*+',+0-"'.&(-+#$ &($ &)$ %&,+0-&$ ")$ *+',+0-"'.&(-+$ %&$ #5#$ ,"%0&#:$ h)$ %.#*5-.0$ )"$
.(^)5&(*."$ %&$ )+#$ ,"%0&#2$ )+#$ %&,+0-.#-"#$ "%5)-+#$ -.&(%&($ "$ %&*.0$ */'+$ &)$
*+',+0-"'.&(-+$ %&$#5#$ ,"%0&#$%50"(-&$#5$.(9"(*."$ BG$]$ DIT$"U+#$ )&#$ .(^)5A/$ 'W#$
75&$&)$*+',+0-"'.&(-+$ %&$#5#$ ,"%0&#$ %50"(-&$)"$"%+)&#*&(*."$Bj++)<&0$A$ P+c&02$
DEEJT:$ P&0+$ -"'3.4($ */'+$&#&$*+',+0-"'.&(-+$ 75&$)&#$.(^)5A/$ &($ &#"#$ ,0.'&0"#$
&-","#$ #&$ 3"#"3"$ &($ &)$ ",+A+2$ &($ 5($ *+',+0-"'.&(-+$ %.0.<.%+$ A$ &($ 5($ 0+)$
'+%&)"(-&$BP+c&0$A$j+)<&02$DEEST:

=<

f"%0&#$A$R&,+0-&

Z#-+#$ '.#'+#$ "5-+0&#$ Bj++)<&0$ A$ P+c&02$ DEEXT2$ 0&").Y"0+($ 5("$ 0&1.#./($

,"0"$ &#-"3)&*&0$ &)$ .',+0-"(-&$ 0+)$ 75&$ ?5&<"($ )+#$ ,"%0&#$ &($ )"#$ "*-.-5%&#$ A$
*+',+0-"'.&(-+#$ %&$ )+#$ (.U+#$ &($&)$ %&,+0-&:$ P"0"$ &))+2$ #&$0&1.#/$ )"$ ).-&0"-50"$ &($
0&)"*./($")$ )+<0+$ "*"%4'.*+$ 75&$ ,5%.&0"$ -0"#)"%"0#&$")$ %&,+0-&2$ '+#-0"(%+$ */'+$
#+($G$)"#$%.'&(#.+(&#$%&)$&#-.)+$,"0&(-")$75&$,5%.&0"($.(^)5.0$&($&)$)+<0+$%&,+0-.1+$
%&$)+#$=.?+#k
h,0+3"*./($A$0&*+(+*.'.&(-+
f+%&)"?&
Z_,&*-"-.1"#$%&$0&(%.'.&(-+
H"#-.<+$]$N&*+',&(#"
R.0&*-.1+

+,?,-U1&$2-=-S1&$2
(2'/,798'F8'853,9H,'78';,98,F'8F8532,18F'0,9,'/2'78069;8'36/6'1,B,9'/2'960,'78'78069;8C'118B,9/8'
,'16F'85;985,/285;6F'*'0,9;276F'*'7,9/8')5',06*6'25/872,;6'85'16F'B2,-8F'78'3,/256','3,F,Q'(2'
0,798C'H8589,1/85;8C'/8'098F;,')5',06*6'78'H)W,'85'/2'78069;8Q'
@T6;811,'*'+)5I89C'"!?>C'0Q"%K

!+#$ ,"%0&#2$ *+'+$ #&$ ="$ %&-"))"%+$ ="#-"$ &)$ '+'&(-+2$ ",+A"($ "$ )+#$ =.?+#$ &($ #5$
%&,+0-&$ A$ )&#$ ,0&#-"($ 5("$ "A5%"$ .(*+(%.*.+(")$ *+($ &)$ ^.($ 6)-.'+$ %&$ 75&$ #5$
&_,&0.&(*."$ %&,+0-.1"$ #&"$ 'W_.'":$ b.$ 3.&(2$ )+#$ ,",&)&#$ 75&$ '"%0&#$ A$ ,"%0&#$
%&#"00+))"($#+($%.9&0&(-&#$&($&)$%&,+0-&$%&)$ =.?+2$ *+'+$)+$'5&#-0"$)"$*.-"$75&$"30&$
&#-&$ ","0-"%+:$ h$ *+(-.(5"*./($ #&$ '5&#-0"($ )"#$ ,0.(*.,")&#$ %.9&0&(*."#$ &($ #5#$
*+',+0-"'.&(-+#$%&(-0+$A$95&0"$%&)$ %&,+0-&$A$*/'+$&#-&$"#,&*-+$ $="$#.%+$ -0"-"%+$
,+0$)"$).-&0"-50"$*.&(-8^.*"$A$%&$%.15)<"*./(:$

==

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

+,?,+,-U1&$2-=-S1&$2-H'2$1-&23-&20%$#2
$

Z)$0+)$%&)$,"%0&$&($)"$9"'.)."$="$*"'3."%+$%&$'"(&0"$*+(#.%&0"3)&$"$)+$)"0<+$

%&$ )"#$ -0&#$ 6)-.'"#$ %4*"%"#$ Bg&5(<2$ b"(%3&0<2$ R"1.#]d&"($ A$ Q+99&0-=2$ IJJDT:$ R&)$
):%$#0!/&"%0 #&$&#,&0"2$ &($ )"$ "*-5").%"%2$ 5("$'"A+0$.',).*"*./($&($&)$ *5.%"%+$ %&)$
=.?+$ %&#%&$&)$ ,5(-+$ %&$ 1.#-"$^8#.*+$ A$&'+*.+(")$ &75.1")&(-&$"$)"$.',).*"*./($%&$)"$
'"%0&$ BM+)%#*=&.%&0$ A$ j".-&2$ DEEDT:$ h$ ,&#"0$ %&$ &#&$ *"'3.+$ &#,&0"%+2$ )"$
.(1&#-.<"*./($'5&#-0"$75&$)"$.',).*"*./($%&)$,"%0&$#.<5&$#.&(%+$'"#$3"?"$75&$)"$%&$
)"$'"%0&$Bh*+*@$A$R&'+2$DEES>$P)&*@2$DEFGT:
$

!"$ .(1&#-.<"*./($ %&$g&5(<$ &-$"):$ BIJJDT$&($ 0&)"*./($")$ -.&',+$ 75&$)+#$=.?+#$

,"#"($*+($#5#$,"%0&#$B1"0+(&#T$'5&#-0"$*/'+$ #+($)"#$'"%0&#$)"#$75&$'W#$-.&',+$
%&%.*"($"$)+#$=.?+#$&($-&'"#$0&9&0.%+#$")$*5.%"%+$A$&%5*"*./($*+($.(%&,&(%&(*."$%&$
)"$ &%"%$ %&)$ =.?+:$ \+$ +3#-"(-&2$ &#$ &)$ ,"%0&$ 75.&($ 'W#$ -.&',+$ %&%.*"$ ")$ =.?+$ &($
0&)"*./($ ")$ %&,+0-&2$ "$ )"#$ "*-.1.%"%&#$ ")$ ".0&$ ).30&2$ =+33.&#$ +$ -&)&1.#./($ 90&(-&$ ")$
-.&',+$%&%.*"%+$"$&#-"#$"*-.1.%"%&#$,+0$)"$'"%0&:$$
$

!"$ .',).*"*./($ %&$ )+#$ ,"%0&#$ &($ )"$ 1.%"$ %&$ )+#$ =.?+#$ &#$ *+(+*.%"$ -"'3.4($

*+'+$ ,"0-.*.,"*./(2$ *+',0+'.#+2$ .(1&0#./(2$ *5.%"%+$ %&$ )+#$ (.U+#$ +$ *0."(Y"2$

0&#5)-"(%+$%.^.*5)-+#+$%&^.(.0$*"%"$-40'.(+$BP)&*@2$DEEiT:$\+$+3#-"(-&2$!"'32$P)&*@$
A$ !&1.(&$ BDEFiT$ *+(*&,-5").Y"0+($ %.*="$ .',).*"*./($ %&)$ ,"%0&$ B1"0/(T$ &($ -0&#$
*+',+(&(-&#$75&$.%&(-.^.*"0+($*+'+k$$
=//":020)0(&(' #' (0:,#.020)0(&(>- ="*&$ 0&9&0&(*."$ "$ )"$ *"(-.%"%$ %&$ -.&',+$
%&$ )"$ 75&$ &)$ ,"%0&$ %.#,+(&$ ,"0"$ .(-&0"*-5"0$ *+($ #5#$ =.?+#2$ #.($ .',+0-"0$
%/(%&$&#"$.',).*"*./($-&(<"$)5<"0:$
*#+,$#+0:#'#' 0.-"$&//05.>'&#$ )"$+3).<"*./($75&$*+(-0"&$&)$,"%0&$*+(#.<+$
'.#'+$,"0"$.(-&0"**.+("0$*+($#5$=.?+$*+'+$,+0$&?&',)+2$?5<"0:
?":,#.:&20)0(&(>- *+(#.#-&$ &($ ,&(#"0$ "*&0*"$ %&$ )"$ +0<"(.Y"*./($ +$
,)"(.^.*"*./($,"0"$%"0$0&#,5&#-"$"$)"#$(&*&#.%"%&#$%&)$=.?+:$
$

Z($ *"%"$ 5("$ %&$ )"#$ -0&#$ %.'&(#.+(&#$ %&$ .',).*"*./(2$ )+#$ ,"%0&#$ 95&0+($

*+',"0"%+#$ *+($ )"#$ '"%0&#2$ &(*+(-0W(%+#&$ */'+$ &))+#$ &#-W($ '&(+#$ .',).*"%+#$

=>

f"%0&#$A$R&,+0-&

75&$ &))"#$ BP)&*@2$ DEEiT:$ R&$ "=8$ 75&$ &)$ 0+)$ %&)$ ,"%0&$ #&"$ *+(#.%&0"%+$ &($
.((5'&0"3)&#$+*"#.+(&#$*+'+$/'('*%)*%$Bj.)#+($A$P0.+02$IJDJT:
$

;("$*5"0-"$%.'&(#./($95&$*+(#.%&0"%"$,+0$N5##&))$BDEFXTk
?":,#.:&20)0(&(' "7/)@:04&>$ &_,).*"$ &)$ -.&',+$ &',)&"%+$ %&$ '"(&0"$
#+).-"0."$ &($ &)$ *5.%"%+$ A$ 0&#,+(#"3.).%"%$ %&$ )+#$ =.?+#$ %&(-0+$ A$ 95&0"$ %&)$
=+<"0:$

Z($0&)"*./($"$&#-"$6)-.'"$%.'&(#./($&)$<4(&0+$%&)$,"%0&$B1"0/($+$ '5?&0T$&#$

%&-&0'.("(-&$ &($ &#"$ *"(-.%"%$ %&$ -.&',+$ 75&$ &)$ ,"%0&$ B1"0/($ +$ '5?&0T$ ,"#"$ &($
#+).-"0.+$ *+($)+#$ =.?+#2$.(*)5#+$ &($)+#$ %8"#$%&$ -0"3"?+2$ '+#-0"(%+$*/'+$ )"#$'"%0&#$
'+(+,+).Y"($ ,0.(*.,")'&(-&$ &#"$ 0&#,+(#"3.).%"%$ B!&#).&2$ h(%&0#+($ A$ C0"(#+(2$
DEED>$j.)#+($A$P0.+02$IJDJT:$$$
$

h%&'W#$%&$ )"#$ %.9&0&(*."#$ &(-0&$'"%0&#$A$,"%0&#$ &($0&)"*./($"$)"$*"(-.%"%$

%&$ -.&',+$ %&%.*"%+$ "$ &#-"0$ *+($ )+#$ =.?+#2$ *+($ #5#$ "*-.1.%"%&#$ +$ -"0&"#2$ &_.#-&($
%.9&0&(*."#$ &($ &)$ &#-.)+$ %&$ .(-&0"*-5"0$ *+($ &))+#:$ R&$ &#-&$ '+%+2$ )"#$ '"%0&#$ #+($
,&0*.3.%"#$*+'+$0&)"*.+("%"#$*+($)"$*0."(Y"$Bh=)3&0<$A$b"(%("33"2$DEEF>$Q+,@.(#$
A$ d)&.(2$ DEEX>$ b-"00&)#2$ DEEST:$ h$ )+#$ ,"%0&#2$ ,+0$ &)$ *+(-0"0.+2$ #&$ )&#$ "#+*."$ *+($&)$
?5&<+$A$%.1&0#./($BN+##$A$V"A)+02$DEFET:$
$

!+#$,"%0&#$B1"0+(&#T$#+($,&0*.3.%+#$&($'"A+0$'&%.%"$75&$)"#$'"%0&#$*+'+$

*+',"U&0+#$ %&$?5&<+$ ,5&#-+$ 75&2$ ,0+,+0*.+(")'&(-&2$ ,"#"($ 'W#$ -.&',+$ *+($ #5#$
=.?+#$&($"*-.1.%"%&#$0&)"*.+("%"#$ *+($&)$ ?5&<+$A$&)$ +*.+$ &($*+',"0"*./($*+($+-0+#$
%+'.(.+#$ +$ &(-+0(+#$ %&$ .',).*"*./($ Bf*C0.%&$ A$ f.))#2$ DEEX>$ N5##&))2$ DEFIT:$ \+$
+3#-"(-&2$ )"#$ '"%0&#2$ "*-5")'&(-&2$ ,"#"($ 'W#$ -.&',+$ 75&$ )+#$ ,"%0&#$ B1"0+(&#T$
?5<"(%+$ *+($ )+#$ =.?+#$ BH0".<2$ IJJIT:$ h%&'W#2$ (+$ -+%+#$ )+#$ ,"%0&#$ B1"0+(&#T$
'5&#-0"($5($&#-.)+$&($#5$&%5*"*./($0&)"*.+("%+$*+($#&0$*+',"U&0+$%&$?5&<+#$BO".(2$
C&)#@A$A$H0(.*2$DEEKT:

=?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

+,?,:,-U1&$2F-S1&$2-=-W20%$#2
O$3)/)#$%")+#2$)+$')K&($')$)+*()+&(9$%2(<,)$)#2$)#$.2$<,)$')#)&(=&4$N)(2$0)$'&$0")'2$%2(<,)$0"$%&'()$
#)$)+I&'&(=&4$!"$0&'()9$#"+$)05&(H29$)#$0C#$/20%()+#"3&$1$.2$)+*)+')(=&4
@L811F;87;C'"!!<K

b+($-0&'&(%"'&(-&$(5'&0+#"#$)"#$ .(1&#-.<"*.+(&#$#+30&$&)$,",&)$ %&$)"$9"'.)."$&($

&)$ %&,+0-&$ %&$ )+#$ =.?+#2$ #+($ "35(%"(-&#$ )+#$ &#-5%.+#$ *&(-0"%+#$ &($ &)$ ,",&)$ %&)$
,"%0&2$#+($")<+$'W#$0&%5*.%"#$)"#$75&$0&").Y"($")<6($-.,+$%&$%.#-.(*./($&(-0&$,"%0&$
]$'"%0&2$ A$ ,0W*-.*"'&(-&$.(&_.#-&(-&#$ )"#$ *&(-0"%"#$ &($&)$ ,",&)$ %&$)"$'"%0&$&($&)$
%&#"00+))+$ %&,+0-.1+$ %&$ )+#$ =.?+#:$ h$ *+(-.(5"*./($ #&$ ,0&#&(-"($ ")<5("#$ %&$ )"#$
.(1&#-.<"*.+(&#$ *&(-0"%"#$ &($)"$9"'.)."$&($%+(%&$#&$="*&$ %.#-.(*./($&(-0&$ ,"%0&$ ]$
'"%0&:
$

!+#$(.U+#$#5&)&($"%+0"0$#5$,0.'&0$&(*5&(-0+$*+($&)$%&,+0-&$,+0$#5$*"0W*-&0$

%&$ ?5&<+$ A$ ("-50")&Y"$ (+$ *+',&-.-.1":$ Z($ &)$ ,&0.+%+$ %&$ %&#"00+))+2$ )+#$ ,"%0&#$
*+',"0-&($ )"$ &%5*"*./($ A$ *5.%"%+$ %&$ )+#$ (.U+#:$ b.($ &'3"0<+2$ &($ )"#$ 9"'.)."#$
%&,+0-.1"#$)+#$ 0+)&#$*"'3."(2$ #.&(%+$ &)$,"%0&$B1"0/(T$75.&($ #&$+*5,"$%&)$%&,+0-&$
'.&(-0"#$75&$)"$'"%0&$*5.%"$%&)$ 0&#-+$ %&$*+#"#:$ !"$'"%0&$ -.&(&$5($,",&)$ %&$&#-"0$
&($ *"#"$ A$ *5.%"0$ )"#$ 0&)"*.+(&#$ *+($ &)$ *+)&<.+2$ '.&(-0"#$ 75&$ &)$ ,"%0&$ -.&(&$ 5("$
.',).*"*./($*&(-0"%"$&($)+$,50"'&(-&$%&,+0-.1+$BQ&))#-&%-2$DEEGT:
$

Q+)-2$V"''.(&(2$C)"*@2$b&=5$A$j"))$BIJJFT2$&#-5%."0+($)"$.',).*"*./($%&$)+#$

,"%0&#$ &($ *+(-&_-+#$ %&,+0-.1+#$ %&$ ?/1&(&#$ "$ -0"14#$ %&$ '&-+%+)+<8"$ *5").-"-.1"$
3"#"%"$&($)"$P%#"K/0B:)&/,%)*/&/J$P"0"$&))+$&(-0&1.#-"0+($"$S$9"'.)."#2$'+#-0"(%+$
)+#$ 0&#5)-"%+#2$ */'+$ )+#$ ,"%0&#$ &_,0&#"3"($ 0&"**.+(&#$ 1&03")&#$ 0&9&0.%"#$ ")$
0&(%.'.&(-+$ %&,+0-.1+$ %&$ #5#$ =.?+#$ 75&$+#*.)"3"($ %&#%&$*+'&(-"0.+#$ %&$ /!#6#$ "$
*+'&(-"0.+#$4#)*"#-/&#"%':$Z#+#$*+'&(-"0.+#$#&$*"-&<+0.Y"0+($&(k
&)+<.+#
9&&%3"*@$,+#.-.1+
.(#-05**.+(&#
*+'&(-"0.+#$(&<"-.1+#$+$%&0+<"-+0.+#

=!

f"%0&#$A$R&,+0-&

Z($ *5")75.&0"$ %&$ )+#$ *"#+#2$ )"#$ '"%0&#2$ ,0&9&0&(-&'&(-&2$ '+#-0"3"($

&',"-8"$ A$ %&*8"($ *+',"0-.0$ )"#$ &'+*.+(&#$ %&$ #5#$ =.?+#:$ P+0$ *+(-0"2$ )+#$ ,"%0&#$
B1"0+(&#T$ *0&8"($ -&(&0$ *+(+*.'.&(-+$ %&)$ %&,+0-&2$ )+$ *5")$ )&#$ ,&0'.-8"$ ="*&0)&#$
*+'&(-"0.+#$ "$ #5#$ =.?+#$ "*&0*"$ %&)$ '.#'+:$ Z#-+$ #.<(.^.*"3"2$ 75&$ )+#$ ,"%0&#$ &0"($
'W#$ -&(%&(-&#$ "$ ="*&0$ *+'&(-"0.+#$ 0&9&0.%+#$ ")$ ,0+,.+$ %&,+0-&$ B.(%.*"*.+(&#$ +$
*+(#&?+#T$+$ *+'&(-"0.+#$ (&<"-.1+#$ B<0.-"0)&#$ 75&$)+$ ="*8"($'")T2$ '.&(-0"#$ 75&$)"#$
'"%0&#$#/)+$<0.-"3"($&)+<.+#$+$%"3"($9&&%3"*@$,+#.-.1+:$
$

b+($'6)-.,)&#$)"#$,&0#,&*-.1"#$%&#%&$)"#$75&$.(1&#-.<"0$)"$.',).*"*./($%&$)+#$

,"%0&#$ &($ &)$ %&,+0-&$ %&$ #5#$ =.?+#:$ P5&%&$ ="*&0#&$ %&#%&$ )"$ ,&0#,&*-.1"$ %&)$
&(-0&("%+02$ %&)$ ,"%0&$ +$ 3"?+$ &)$ ,5(-+$ %&$ 1.#-"$ %&$ )+#$ (.U+#2$ 75.YW$ 5("$ %&$ )"#$
,&0#,&*-.1"#$'W#$.(-&0&#"(-&#:$ g$&#$75&2$*+'+$ #&$="$%.*=+$ "(-&0.+0'&(-&2$ &#$ 'W#$
.',+0-"(-&$*+(+*&0$ */'+$1&($)+#$%&,+0-.#-"#$ )"$ .',).*"*./($A$*+',0+'.#+$ %&$)+#$
,"%0&#$A$*/'+$)&#$"9&*-"2$75&$0&")'&(-&$*+(+*&0$754$*0&&($75&$="*&($&))+#:$
$

C"?+$ &#-"$,&0#,&*-.1"2$5($&#-5%.+$ 0&").Y"%+$*+($Ei$(.U+#$A$Gi$(.U"#$-&(.#-"#$

-&(8"$ *+'+$ +3?&-.1+$ "(").Y"0$ )"$ *").%"%$ %&)$ ",+A+$ A$ ,0&#./($ ,&0*.3.%"#$ ,+0$ &#+#$
%&,+0-.#-"#$&$.(-&(-"3"$%"0$0&#,5&#-"$"$)"#$#.<5.&(-&#$,0&<5(-"#k
`Z($754$<0"%+$ ,0&#.+("($)+#$ ,"%0&#$ "$)+#$ =.?+#$"$,"0-.*.,"0$ &($&)$&#758$ A$
*/'+$)+$,&0*.3&($)+#$,0+,.+#$%&,+0-.#-"#a
`H/'+$ &#$)"$0&#,5&#-"$#53?&-.1"$"(-&$&#"$,0&#./($&($-40'.(+#$ %&$#.$"9&*-"$
,+#.-.1"$+$(&<"-.1"'&(-&a
`n54$,&0*&,*./($-.&(&($)+#$"-)&-"#$%&$)"#$0&"**.+(&#$%&$)+#$,"%0&#$"(-&$)+#$
'")+#$0&(%.'.&(-+#a
`Z_.#-&($ %.9&0&(*."#$ &($ )"$ ,&0*&,*./($%&$ )"$ ,0&#./($ %&$ )+#$ ,"%0&#$ #&<6($
#&"($=+'30&#$A$'5?&0&#$%&,+0-.#-"#a
$

b&$ *+(*)5A/$ 75&$ &0"($ )"#$ (.U"#$ 75.&(&#$ .(%.*"3"($ 1")+0&#$ 'W#$ ")-+#$ %&$

",+A+$ ,&0*.3.%+$ 0&#,&*-+$ %&$ )+#$ (.U+#:$ b.$ 3.&(2$ )+$ 'W#$ %&#-"*"3)&$ 95&$ */'+$ )+#$
(.U+#$ B1"0+(&#T$ '+#-0"3"($ 5("$ ,0&#./($ ")<+$ '"A+0$ ,&0*.3.%"$ %&$ #5#$ ,"%0&#$
B,"0&?"T2$0&#,&*-+$%&$)"#$(.U"#:$ \+$+3#-"(-&2$&0"($&))+#2$)+#$(.U+#$B1"0+(&#T$75.&(&#$

>#

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

,&0*.38"($ 5("$ '"A+0$ ,0&#./($ ,+0$ ,"0-&$ %&)$ ,"%0&$ B1"0/(T:$ P+0$ *+(-0"2$ )"#$ (.U"#$
,&0*.38"($5("$,0&#./($&75.1")&(-&$,+0$,"0-&$%&$"'3+#$B!&99$A$Q+A)&2$DEEGT:
$

V"'3.4($ 3"?+$ )"$ ,&0*&,*./($ %&$ )+#$ %&,+0-.#-"#2$ )+#$ "(W).#.#$ %&$ DJS$

*5&#-.+("0.+#$ %&$ &#75."%+0&#$ %&$ &#758$ "),.(+$ BXF$ '5?&0&#$ A$ KK$ =+'30&#T$
'+#-0"0+($75&$)+#$ ,"%0&#$="38"($.(^)5.%+$'W#$&($&)$ %&,+0-&$75&$)"#$'"%0&#:$ m-0"$
%.9&0&(*."$.',+0-"(-&$&#$)"$,&0*&,*./($%&$*+',&-&(*."$75&$-.&(&($)+#$(.U+#$%&$#5#$
,0+,.+#$ ,"%0&#:$ g$ &#$ 75&$ '.&(-0"#$ 75&$ &)$ Kip$ %&$ )+#$ (.U+#$ *+(#.%&0"3"$ 75&$ #5$
,"%0&$B1"0/(T$&0"$5($&#75."%+0$&_,&0-+2$#/)+$5($XIp$-&(8"$)"$'.#'"$,&0*&,*./($%&$
)"$ '"%0&2$ *+(#.%&0"(%+$ ")$ '.#'+$ -.&',+$ 'W#$ *+',&-.-.1+#$ "$ &))+#$ 75&$ "$ &))"#$
BKEpT:$\+$+3#-"(-&2$&)$1")+0$'W#$0&)&1"(-&$&#$*/'+$)"$.(^)5&(*."$%&)$,"%0&$B1"0/(T$
&#$ 'W#$ 95&0-&$ 75&$ )"$ %&$ )"$ '"%0&:$ ;($ GIp$ %&$ )+#$ (.U+#$ *+(#.%&0"3"$ "$ #5$ ,"%0&$
B1"0/(T$ &)$ 'W#$ .(^)5A&(-&$ %&$ )"$ ,"0&?"2$ 5($ SSp$ *+(#.%&0"$ "$ "'3+#$ ,+0$ .<5")2$
'.&(-0"#$75&$#/)+$5($Sp$&#-.'"$75&$)"$'"%0&$95&$)"$'W#$%&#-"*"%":
$

\+$ +3#-"(-&2$(+$ #/)+$)"$,&0*&,*./($%&)$=.?+$&($0&)"*./($")$(.1&)$#53?&-.1+$ %&$

)+#$,"%0&#$&#$%&-&0'.("(-&$&($&)$0&(%.'.&(-+$%&)$=.?+:$g$&#$75&$&)$&#-5%.+$%&$C.0*=$
A$ H50-.#$ BDEEFT$ '+#-0/$ */'+$ 5($ &)&1"%+$ (6'&0+$ %&$ ,"%0&#$ B1"0+(&#T$ %&$ )+#$
?5<"%+0&#$ %&$ )"$ !.<"$ P0+9&#.+(")$ %&$ Q+*@&A$ B\Q!T$ ="38"($ #.%+$ ,0&1."'&(-&$
?5<"%+0&#$ ,0+9&#.+(")&#2$ #&U")"(%+$ &#-+#$ %&#*530.'.&(-+#$ */'+$ -&(&0$ 5($ ,"%0&$
&("%4*($#0 &#$ 95(%"'&(-")$ ,"0"$ &)$ ")*"(*&$%&)$ ")-+$ (.1&)$ %&,+0-.1+$ BH"0)#+(2$ DEFF>$
C)++'2$DEFGT:$
$

R5(*"(2$ j++%^.&)%2$ h)]\"@Y&&3$ A$ \&1.))$ BIJJIT$ A$ M0&&(%+09&0$ A$ !&c@+$

BDEiFT$&(*+(-0"0+($75&$)+#$ ,"%0&#$-&(8"($'W#$ .(^)5&(*."$ 75&$ )+#$=&0'"(+#$ A$ %&$

'"(&0"$&#,&*8^.*"$)+#$,"%0&#$B1"0+(&#T$-&(8"($'W#$.(^)5&(*."$&($)"$,"0-.*.,"*./($%&$
"'3+#$B(.U+#r"#T:$ Z($+-0+$&#-5%.+$ BQ"00.(<-+(2$ IJJKT$#&$"0<5'&(-/$ */'+$ &)$+*.+$
&#$ 5($ )5<"0$ ,"0"$ 75&$ )+#$ ,"%0&#$ B1"0+(&#T$ *+(&*-&($ *+($ +-0+#$ '.&'30+#$ %&$ )"$
9"'.)."2$ ,"0-.*5)"0'&(-&$ *+($ )+#$ =.?+#:$ Z($ %.*="$ .(1&#-.<"*./($ #&$ 0&*+<&($ )+#$
0&#5)-"%+#$ %&$ 5($ "(W).#.#$ *5").-"-.1+$ %&$ %"-+#$ -&_-5")&#$ 0&*+<.%+#$ &($ &(-0&1.#-"#$
*+($IF$,"%0&#2$IF$'"%0&#$A$")$'&(+#$5($=.?+$B-+-")$DIFT$75&$1.18"($-+%+#$?5(-+#$&($
C0.#3"(&$Bh5#-0")."T:$b&$&_"'.(/$'W#$%&$*&0*"$)"$"#5(*./($%&$75&$&)$ %&,+0-&$&#$5($
*+(-&_-+$ *5)-50")$ %+'.("(-&$ ,"0"$ #&0$ ,"%0&$ &($ h5#-0").":$ Z#-"$ .(1&#-.<"*./($

>"

f"%0&#$A$R&,+0-&

"0<5'&(-"$ */'+$ &)$ *+(+*.'.&(-+$ %&,+0-.1+$ %&$ )+#$ ,"%0&#$ A$ #5#$ .(-&0&#&#$ )&#$
+-+0<"($18"#$%&$*+'5(.*"*./($,"0"$1.(*5)"0#&$*+($#5#$=.?+#2$#.$3.&(2$#&$0&")Y"$75&$&)$
%&,+0-&$(+$ &#$&)$6(.*+$*"'.(+$%&$.(-&04#$%&$)+#$,"%0&#$75&$,5&%"$%+'.("0$&)$+*.+$
9"'.)."0:$$
$

!"#$ '5?&0&#$ 75&$ 1.1&($ &($ ,"0&?"$ *+($ =+'30&#$ A$ *+($ (.U+#2$ -.&(%&($ "$

%&#*5.%"0$#5#$,0+,."#$(&*&#.%"%&#$%&$+*.+$,&0#+("):$!"#$'5?&0&#$75&$#+($&#,+#"#$A$
'"%0&#$ 90"<'&(-"($#5$+*.+$ ,"0"$*5"%0"0$ )"#$ %&'"(%"#$ %&$ -.&',+$ A$ &(&0<8"$ 75&$
0&75.&0&($)"#$-"0&"#$%&$)"$*"#"$A$0&#,+(%&0$"$)"#$(&*&#.%"%&#$%&$+-0+#$'.&'30+#$%&$
)"$ 9"'.)."2$ ,"0-.*5)"0'&(-&$ )+#$ =.?+#$ BV=+',#+(2$ DEEET:$ Z($ &#-&$ &#-5%.+$ -.-5)"%+$
f5?&0$ A$ V&(.#2$ %-0 ())%.#4(/9-%0 ()*%"+'0 !#"0 %-0 *(%,!#0 &%0 #4(#0 &%0 -#'0,/"(&#'0 %"/0 %-0
3/4*#"0,c'0(,!#"*/)*%0=:%0#"./)(@/9/0-/'0$(&/'0&%0':'0,:>%"%'060%"/0:)0!"%&(4*#"0%)0
':0-/9#"0)#0"%4#)#4(&/;0()&%!%)&(%)*%,%)*%0 &%0 '(0-/'0,:>%"%'0>:./9/)0/-0 *%)('0#0)#0
E!JYFYIJ0\/0()$%'*(./4(8)0 ,#'*"8048,#0%-0*(%,!#0&%0 -/'0,:>%"%'0%"/0!"%'4"(*#0%)09/'%0
/0 ':'0 "#-%'0 &#,+'*(4#'0 60 &%0 4:(&/&#;0 )#0 ()?-:6%)&#0 %)0 #*"#'0 )($%-%'0 ()&($(&:/-%';0
4#-%4*($#'0#0%'*":4*:"/-%'0E!JYHdIJ
$

!"$ .(1&#-.<"*./($ &($ 0&)"*./($ ")$ +*.+$ 9"'.)."0$ %&#%&$ )+#$ "U+#$ EJ$ ="$ &#-"%+$

'5A$ .(^)5&(*."%"$ ,+0$ )"$ .(1&#-.<"*./($ 9&'.(.#-"2$ "%'.-.&(%+$ )"$ %&#.<5")%"%$ %&$
<4(&0+$ A$ &)$ %&0&*=+$ "$ &#&$ +*.+$ A$ "$ )"$ (&*&#.%"%$ %&$ ,0"*-.*"0)+:$ \"*&($ "#8$ %+#$
*+00.&(-&#$&($&)$&#-5%.+$%&$)+#$,"%0&#$A$%&)$+*.+$9"'.)."0k
.(1&#-.<"*./($9&'.(.#-"k$*&(-0"%"$&($&)$ +*.+$ %&$)"$'5?&02$ %&-&0'.("$*/'+$
)"$ 9"'.)."$ &#$ ")$ '.#'+$ -.&',+$ &)$ &#*&("0.+$ ,0.(*.,")$ ,"0"$ %&#"00+))"0$ &#&$
+*.+2$ ,&0+$ )"$ 9"'.)."$ &#$ -"'3.4($ &)$ +3#-W*5)+$ +$ .',&%.'&(-+$ ,"0"$ )"$
,0W*-.*"$ %&)$ +*.+$ %&$ )"$ '5?&0:$ Z#-+#$ &#-5%.+#$ .(%.*"($ */'+$ )"$
#53+0%.("*./($ %&$ )"$ '5?&0$ .(*)5A&$ &)$ +*.+$ *+'+$ 0&#5)-"%+$ %&)$ %+'.(.+$
'"#*5).(+$ A$ %&$ )+#$ ,0.1.)&<.+#$ *+($ )+#$ 75&$ *5&(-"$ &($ )"$ 1.%"$ ,63).*"$ A$
,0.1"%":
+-0"#$ .(1&#-.<"*.+(&#2$ 75&$ &#*0.3&($ #+30&$ )"$ 9"'.)."$ A$ &)$ +*.+$ 9"'.)."02$
-.&(%&($ "$ 0&9&0.0#&$ "$ !/&"%'2$ "(-&#$ 75&$ "$ *+(*&,-5").Y"0$ %.9&0&(-&#$
,+#.*.+(&#$&($95(*./($%&$f"%0&$]$P"%0&

>$

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

;($&#-5%.+$%&$H="9&-Y$ A$d+-"03"$BDEEGT$&($)"#$).<"#$"'&0.*"("#$ %&$34.#3+)2$

'+#-0/$*/'+$)"#$'"%0&#$0&,0+%5*&($5("$-0"%.*.+(")$ .%&+)+<8"$%&$<4(&0+:$ b5$)"3+0$

&0"$</4%"0!#'(9-%0&)$ %&,+0-&$%&$)+#$(.U+#2$,&0+$ -"'3.4($&)$%&$#5#$'"0.%+#:$ Z))"#$ #&$
&(*"0<"($ %&$)"1"02$ +0<"(.Y"0$ 75.&($ 1"A"$"$1&0)+#$+$ ,0&,"0"0$)"$*+'.%":$ h)$ '.#'+$
-.&',+2$ )+#$,"%0&#$*+(#5)-"($*+($)+#$&(-0&("%+0&#2$&#-5%."($"$)+#$+,+(&(-&#$+$%"($
&#-0"-&<."#$ "$ #5#$ =.?+#:$ Z($ *5")75.&0$ *"#+2$ #.$ 5($ (.U+$ ))&<"$ "$ #&0$ 5($ %&,+0-.#-"$
&_*&,*.+(")2$ &#$ &)$ ,"%0&$ 75.&($ -+'"$ )"#$ %&*.#.+(&#$ .',+0-"(-&#$ "*&0*"$ %&)$
&(-0&("'.&(-+$A$)"$*+',&-.*./(2$&).<&$")$&(-0&("%+0$+$ &75.,+$*+($&)$ 75&$?5<"0"$#5$
=.?+2$-"'3.4($#&)&**.+("$&)$ '"-&0.")$+$&)"3+0"$)"$&#-0"-&<."$A$&($+*"#.+(&#$.(1.&0-&$
<0"(%&#$*"(-.%"%&#$%&$%.(&0+$&($&)$ %&,+0-&$%&$#5$=.?+:$b.$ 3.&(2$ */'+$#&$.(-0+%5Y*"$
&)$ ,"%0&$ &($ &)$ '5(%+$ %&)$ %&,+0-&$ %&,&(%&$ %&$ */'+$ #&"$ A$ %&$ */'+$ &(-.&(%"$ &)$
<4(&0+$A$)"$,"-&0(.%"%2$"#8$*+'+$%&$)"$*5)-50"$&($)"$75&$#&$&(*5&(-0&(:
$

fW#$ "))W$ %&)$ %.9&0&(-&$ ,",&)$ +$ 0+)$ &?&0*.%+$ ,+0$ ,"%0&$ A$ '"%0&2$ +-0+$

.',+0-"(-&$ *+(-0"#-&$ &(-0&$ &))+#$ 1.&(&$ %&0.1"%+$ %&$ )"#$ %.9&0&(*."#$ &($ #8$ '.#'"#$
,0+*&%&(-&#$ %&)$ #&_+:$ R&$ &#-&$ '+%+$ 1&0$ )"$ 1.*-+0."$ &($ &)$ %&,+0-&$ *+'+$ ")<+$
,0.'+0%.")$ &#$5($=&*=+$ 'W#$"*&(-5"%+$&($&))+#$75&$&($&))"#$ BC0++@&2$ IJJKT:$ P"0"$
)+#$=+'30&#$)"$=+0'+("$'"#*5).("$%&$)"$-&#-+#-&0+("$'"<(.^.*"$&)$ &9&*-+$,+#.-.1+$
%&$ )"$ 1.*-+0."$ A$ &)$ (&<"-.1+$ %&$ )"$ %&00+-":$ H+'+$ *+(#&*5&(*."$ %&)$ &#-8'5)+$ %&$)"$
-&#-+#-&0+("$ )+#$ =+'30&#$ &_,&0.'&(-"($ ")$ <"("0$ 5($ &)&1"%+$ #&(-.'.&(-+$ %&$
&59+0."$A$?63.)+2$.(*)5#+$#.$#.',)&'&(-&$&#-W($&(-0&("(%+$+$1.4(%+)+$,+0$-&)&1.#./(:$
h$)"#$'5?&0&#2$#.($&'3"0<+2$&#$&)$#&(-.'.&(-+$%&$?5<"0$3.&(2$<"(&($+$,.&0%"(2$&)$75&$
,0+1+*"$ 5($ "5'&(-+$ &($ )+#$ (.1&)&#$ %&$ -&#-+#-&0+(":$ R&$ "=8$ 75&$ )+#$ ,"%0&#$
B1"0+(&#T$&($'"A+0$'&%.%"$75&$)"#$'"%0&#$%&#&&($)"$1.*-+0."$%&)$=.?+$+$%&)$&75.,+:$$
$

P&0+$ )"#$ '"%0&#$ (+$ #/)+$ #&$*+',+0-"($ %&$'+%+$ %.9&0&(-&$ "(-&$)"$1.*-+0."2$

#.(+$ 75&$#5$&#-.)+$ %&$).%&0"Y<+$ &#2$ &($<&(&0")2$ %.9&0&(-&$")$%&$)+#$=+'30&#:$R&$&#-&$

'+%+2$ )"#$ '"%0&#$ -.&(%&($"$*+(#&(#5"0$ *+($ #5#$ =.?+#$ )"#$ %&*.#.+(&#2$ &($)5<"0$ %&$
.',+(&0)"#2$"#8$*+'+$"$*0&"0$*).'"#$-0"(75.)+#$&($)5<"0$%&$=+#-.)&#$BC0++@&2$IJJKT:$
h)$ '.#'+$ -.&',+2$ #5$,0+,."$ ("-50")&Y"$*+'+$ '"%0&2$ )&#$ ="*&$,0&+*5,"0#&$ %&$5($
'+%+$ .(-&(#+$ ,+0$ &)$ *5.%"%+$ %&$ )+#$ =.?+#2$ #50<.&(%+$ &($ )"#$ '"%0&#$ :)0 %'!%4(/-0
'%)*(&#0&%0"%'!#)'/9(-(&/&0!#"0%-04:(&/&#0&%0-#'0<(>#'0BC0++@&2$IJJK2$,:IIDT:$P&0+$(+$
#/)+$ ,+0$ &)$ *5.%"%+2$ -"'3.4($ ,+0$ )"$ ,0+-&**./($ &($ <&(&0")$ ="*."$ )+#$ =.?+#$

>%

f"%0&#$A$R&,+0-&

BC0.Y&(%.(&2$ IJJiT$ A$ ,+0$ &1.-"0$ &_,+(&0$ "$ &#+#$ =.?+#$ %&'"#."%+$ ,0+(-+$ "$ )"#$
,0&#.+(&#$ %&$ 5($ '5(%+$ "%5)-+2$ -8,.*"#$ %&)$ %&,+0-&$ ,0&'"-50"'&(-&$
,0+9&#.+(").Y"%+$%&$=+A$%8"$BZ0.*@#+($A$Z(+)"2$IJJST:

+,?,<,-@%"%-&2-B1/('3)")&1&-&23-&20%$#2
Q+A$&($%8"2$ *5"(%+$(.U+#$+$(.U"#$#+30&#")&($&($&)$%&,+0-&2$&#&$4_.-+$#&$)&$"-0.35A&$
%.0&*-"'&(-&$"$)+#$ ,"%0&#2$ &#,&*.")'&(-&$")$ ,"%0&$ B1"0/(T:$ R&$=&*=+2$ &($'5*="#$
+*"#.+(&#$ #+($ )+#$ ,"%0&#$ "$ )+#$ 75&$ #&$ )&#$ &(-0&1.#-"$ A$ ,0&<5(-"$ "*&0*"$ %&$ )+#$
#&*0&-+#$%&$ #5$ +2(*#0 &($ )"$ *0&"*./($%&$ "-)&-"#$ ,0+%.<.+#+#:$ P+0$ +-0+$ )"%+2$ &#-"'+#$
"(-&$ 5($ *"'3.+$ <&(&0"*.+(")$ &($ )+$ 75&$ "$ )"$ *+(*&,*./($ %&$ 9"'.)."$ A$ <4(&0+$ #&$
0&^.&0&2$ &#,&*.")'&(-&$ &($ )+#$ ,"8#&#$ "1"(Y"%+#:$ P+*+$ "$ ,+*+$ "5'&(-"($ )"#$
"*-.1.%"%&#$ %&$+*.+$ A$ )"$,"0-.*.,"*./($%&,+0-.1"$ 9&'&(.("2$ *+'+$ *+(#&*5&(*."$ %&$
5("$ *+'3.("*./($ %&$ 9"*-+0&#$ *5)-50")&#$ A$ &#-05*-50")&#:$ R50"(-&$ <0"($ ,"0-&$ %&)$
#.<)+$ ww2$ 5($ 35&($ ,"%0&$ &0"$ #.(/(.'+$ %&$ 5($ 9:%)0 ,/)*%)%&#"0 %&$ )"$ 9"'.).":$
R&%.*"3"2$ ,+0$-"(-+2$'5*=+$-.&',+$")$-0"3"?+$ A$,+0$*+(#.<5.&(-&$,+*+$"$)"$9"'.)."2$
%&$'+%+$75&$,+*+$"$,+*+$#&$)&$95&$'"0<.("(%+$%&$&#"$&#9&0"$9"'.)."0:$b.($&'3"0<+2$
)"$95&0Y"$75&$&?&0*8"($)+#$,"%0&#$ B1"0+(&#T$&0"$'5A$")-"$*+'+$*+(#&*5&(*."$%&$)"$
%&,&(%&(*."$%&$#5#$.(<0&#+#$A$%&$5("$.%&+)+<8"$%&$#5,0&'"*8"$'"#*5).("$:$
$

P&0+$ &#+$ &#-W$ *"'3."(%+:$ !"$ '5?&0$ #&$ .(-0+%5?+$ &($ &)$ '5(%+$ )"3+0")$ "$

?+0("%"$*+',)&-"$A$",+0-"$%.(&0+$ "$ )"$ 9"'.).":$ !"#$ '5?&0&#$=.*.&0+($%&)$ =+<"0$5($

)5<"0$ '&(+#$ '"#*5).(+:$ b.$ 3.&(2$ &)$ %&,+0-&$ #&$ ="$ '"(-&(.%+$ ")$ '"0<&($%&$ %.*=+$
*"'3.+$ BH+"@)&A2$ IJJKT:$ Z)$ %&,+0-&$ &($ <&(&0")2$ A$ &)$ %&,+0-&$ %&$ )+#$ ?/1&(&#$ &($
,"0-.*5)"02$="$%"%+$%&#%&$DEGJ$)"$,+#.3.).%"%$"$)+#$,"%0&#$%&$&#-"0$&($5($*+(-&_-+$
.(1+)5*0"%+#$ *+($ #5#$ =.?+#$ #.($ (&*&#.%"%$ %&$ *"'3."0$ %&$ .%&+)+<8"$ %+'.("(-&$ %&$
<4(&0+:$R&$=&*=+$&)$ %&,+0-&$&#$%&$)"#$6(.*"#$"*-.1.%"%&#$&($)"$&0"$,+#-$]$.(%5#-0.")$
%+(%&$ ="$ ,&01.1.%+$ &#"$ .%&+)+<8"$ '"#*5).(":$ P+0$ &#+2$ )+#$ ,"%0&#$ "*-6"($ *+'+$
&(-0&("%+0&#2$ "%'.(.#-0"%+0&#$ %&$ ).<"2$ +^.*.")&#2$ &-*:::$ &($ 'W#$ +*"#.+(&#$ 75&$ )+$
="*&($)"#$ '"%0&#$BC"03&02$ b5@=.$ A$j=.-&2$ DEEET$A$&#-W($ 'W#$*+',0+'&-.%+#$*+($
5("$ .%&+)+<8"$ -0"%.*.+(")$ %&$ <4(&0+2$ 5-.).Y"(%+$ -+%+$&#+$ ,"0"$&(#&U"0$ "$ )+#$(.U+#$
754$ #.<(.^.*"$ #&0$ <#,9"%:$ Z#-&$ -.,+$ %&$ =+'30&$ &#$ &)$ 75&$ *"#-.<"$ "$ )+#$ (.U+#$

>&

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

B1"0+(&#T$*+($&_,0&#.+(&#$0&9&0.%"#$ ")$#&_+$ 9&'&(.(+$*5"(%+$?5&<"$+$ *+',.-&$,+0$

%&3"?+$ %&$ #5#$ ,+#.3.).%"%&#:$ R&)$ '.#'+$ '+%+2$ &#-&$ -.,+$ %&$ ,"%0&#$ B1"0+(&#T$
*5"(%+$ &(-0&("$ "$ *=.*"#$ )+$="*&$%&#%&$5("$,&0#,&*-.1"$ '"#*5).("$A$5-.).Y"(%+$ #5$
&_,&0.&(*."$ &($ &)$ %&,+0-&$ ,"0"$ 0&"^.0'"0$ )"$ #5,&0.+0.%"%$ '"#*5).("$ BH+"@)&A2$
IJJKT:$
$

!+#$ ,"%0&#$ B1"0+(&#T$ 75&$ (+$ %&^.&(%&($ %&$'"(&0"$ "*-.1"$)+#$ .(-&0&#&#$ %&$

#5#$ =.?+#$ (+$ #+($1.#-+#$*+'+$ 9:%)#'0!/&"%'0B1"0+(&#T:$ Z($'5*=+#$)5<"0&#2$ %&$ )+#$

,"%0&#$ #&$ &#,&0"$ 75&$ #&"($ )+#$ ,0+'+-+0&#$ %&)$ 4_.-+$ %&$#5$ =.?+:$ R&$ "=8$ 75&$ <0"($
,"0-&$%&$&))+#$%&#&',&U&($)"3+0&#$%&$&(-0&("%+0&#$+$'"("<&0#$&($'W#$+*"#.+(&#$
%&$)"#$75&$)+$))&1"$"$*"3+$)"$'"%0&$BR._+(2$j"0(&02$C05&(.(<2$IJJFT:$
$

P&0+$ &#-&$ ,0&%+'.(.+$ '"#*5).(+$ -"'3.4($ #&$ &(*5&(-0"$ &($ ")<5("#$

.(1&#-.<"*.+(&#$Bb",.&?"2$R5(($A$Q+)-2$ IJDDT2$ &($)"#$75&$#&$&).<&($"$*=.*+#$90&(-&$"$

*=.*"#$%&3.%+$"$75&$k
)+#$ ,"%0&#$ *0&&($ 75&$ #5#$ =.?+#$ -.&(&($ 5("$ '"A+0$ *+',&-&(*."$ ,"0"$ &)$
%&,+0-&$75&$#5#$=.?"#:
)+#$,"%0&#$#&$.',).*"($'W#$ &($)"$,"0-.*.,"*./($%&,+0-.1"$%&$)+#$=.?+#$ 75&$
%&$#5#$=.?"#:
)+#$,"%0&#$%"($'W#$1")+0$")$%&,+0-&$%&$#5#$=.?+#$75&$")$%&$#5#$=.?"#$:
$

Z($0&)"*./($"$)"#$*0&&(*."#$%&$)+#$,"%0&#$&($95(*./($%&)$<4(&0+2$e0&%&0.*@#$A$

Z**)&#$ BIJJGT$ %&#*530.&0+($ */'+$ )+#$ ,"%0&#$ %&$ =.?+#$ B1"0+(&#T$ *+',0"3"($ 'W#$
&75.,"'.&(-+$ %&,+0-.1+2$ &#-"3"($ 'W#$ .',).*"%+#$ &($ &)$ %&,+0-&$ %&$ #5#$ =.?+#$ A$
%&%.*"3"($ 'W#$ -.&',+$ "$ )"#$ "*-.1.%"%&#$ %&,+0-.1"#$ 75&$ )+#$ ,"%0&#$ %&$ &))"#:$ R&$
'"(&0"$ #.'.)"0$)+#$ ,"%0&#$ %.*&($75&$&)$ %&,+0-&$&#$ 'W#$ .',+0-"(-&$,"0"$#5#$ =.?+#$
75&$ ,"0"$#5#$ =.?"#:$ b+($)+#$ ,0+,.+#$ (.U+#$ 75.&(&#$ ,&0*.3&($&)$ %&,+0-&$ *+'+$ ")<+$
'W#$.',+0-"(-&2$6-.)$A$%.1&0-.%+$0&#,&*-+$%&$)"#$(.U"#:$
$

!"$ .(^)5&(*."$ %&)$ ,"%0&$ B1"0/(T$ &#$ 'W#$ .',+0-"(-&$ *5"(-+$ '"A+0$ &#$ )"$

.',).*"*./($%&,+0-.1"$%&)$ (.U+$ A$'W#$ ")-"$ &#$)"$.',).*"*./($%&)$ ,"%0&$B1"0/(T$*+($

(.U+#$ 75&$ *+($(.U"#$ B!&c@+$ A$ Zc.(<2$ DEFJT:$ Z($&#-&$&#-5%.+$ #&$'+#-0/$ */'+$ )+#$
*+',+0-"'.&(-+#$%&$)+#$ ,"%0&#$&#-"3"($&#-&0&+-.,"%+#$ &($0&)"*./($")$ <4(&0+:$ !+#$

><

f"%0&#$A$R&,+0-&

0&#5)-"%+#$'+#-0"0+($75&$)"#$(.U"#$'5A$.',).*"%"#$&($&)$%&,+0-&$-&(8"($5($'"A+0$
",+A+$ ,+0$ ,"0-&$ %&$ ,"%0&2$ '"%0&2$ =&0'"(+#2$ 0&#,&*-+$ %&$ "75&))"#$ '&(+#$
.',).*"%"#:$ P+0$ *+(-0"2$ )+#$ (.U+#$ '5A$ .',).*"%+#$ #/)+$ -&(8"($ "$ #5$,"%0&$B1"0/(T$
'5A$.',).*"%+:

+,?,?,-63-$%3-&23-01&$2
H+'+$#&$="$%&-"))"%+$"(-&0.+0'&(-&$)+#$,"%0&#$B1"0+(&#T$&($'W#$+*"#.+(&#$75&$)"#$
'"%0&#$ #&$ .(1+)5*0"($&($&)$ %&,+0-&$%&$ )+#$=.?+#$ A$ ,0.(*.,")'&(-&$&($ )+#$"#,&*-+#$
'W#$-4*(.*+#$A$%&$%.0&**./(:$P+0$-"(-+2$5($&(-0&("%+0$%&$3")+(*&#-+$%&$,&0.+%+#$%&$
9+0'"*./(2$ 3"#W(%+#&$ &($ #5$ ,0+,."$ &_,&0.&(*."$ A$ +3#&01"*./(2$ %&#"00+))/$ 5("$
*)"#.^.*"*./($"*&0*"$%&$)+#$-.,+#$%&$,"%0&#$75&$4)$&(*+(-0"3"$B[")&(Y5&)"2$IJJFTk
7/&"%0 3/)c*(4#R0 #+($ ,"%0&#$ 75&$ -.&(%&($ "$ ",+*"0$ )"$ ,0+,."$ ,&0#+(").%"%$
%&)$ (.U+:$ P+0$ )+$ <&(&0")$ (+$ &#-W($ *+(9+0'&#$ *+($ )"#$ %&*.#.+(&#$ %&$ )+#$
W03.-0+#2$ &(-0&("%+0&#2$ (+$ ",+A"($ ")$ &75.,+2$ #.(+$ 75&$ #&$ *&(-0"($ A$
9+*").Y"($#5$"-&(*./($&($#5$=.?+$%&,+0-.#-"2$",+AW(%+)&$#/)+$"$4):
7/&"%0 %)*"%)/&#"k$ #+($,"%0&#$ *+($5("$"*-.-5%$0&#&01"%"2$ 75&$ &($<&(&0")2$
="($,0"*-.*"%+$&)$'.#'+$%&,+0-&$75&$#5#$=.?+#:$b+($,&0#+("#$"'&("Y"(-&#$
A$%&'"#."%+$,+#&#.1"#:$
7/&"%0 ,/)/.%"k$ *+'+$ *+(#&*5&(*."$ %&$ )"$*"%"$1&Y$ '"A+0$0&'5(&0"*./($
&*+(/'.*"$ "$ -0"14#$ %&)$ %&,+0-&2$ )"$ ^.<50"$ %&)$ ,"%0&$ '"("<&0$ ="$
"5'&(-"%+$%&$'"(&0"$*+(#.%&0"3)&:$ b+($,"%0&#$*5A+$ .(-&04#$,0.(*.,")$ &#$
)"$ 0&*+',&(#"$ &*+(/'.*":$ b+'&-&($ "$ #5$ =.?+$ "$ 5($ ")-+$ (.1&)$ %&$ ,0&#./($
,#.*+)/<.*"2$,0+1+*"(%+$5($*+(#.%&0"3)&$%&#*&(#+$&($&)$,)"*&0$%&)$=.?+$,+0$
)"$ "*-.1.%"%:$ Z#$ '5A$ 90&*5&(-&$ 75&$ &#-+#$ (.U+#$ "3"(%+(&($ -&',0"(+$ &)$
%&,+0-&:$
7/&"%0()&(3%"%)*%k$&#$&)$'W#$*+'6($%&$)+#$,"%0&#:$b+($,&0#+("#$-+-")'&(-&$
"?&("#$"$)"$,0W*-.*"$%&,+0-.1"$%&)$=.?+:$f5&#-0"($5("$,0&+*5,"*./($'8(.'"$
,+0$&)$%&,+0-&$75&$,0"*-.*"($#5#$=.?+#:

>=

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

7/&"%0'#9"%!"#*%4*#"k$&#$5("$#.-5"*./($'5A$*+'6(2$#+30&$-+%+$&($9"'.)."#$
*+($=.?+#$ 6(.*+#:$ Z)$ #&(-.'.&(-+$ %&$ "=+<+$ ,+0$ ,"0-&$ %&)$ (.U+$ #5,+(&$ 5($
0.&#<+$"$75&$&($&)$95-50+$'5&#-0&$5("$&_*&#.1"$%&,&(%&(*."$="*."$&))+#:$

+,?,C,-63-$%3-&2-31-B1&$2
U1'76/25H6'/8'B6*','B2B29','J69;1,57'*'81'092/89'/8F'8F;,9Y'365'/2'/,798'0,9,',3601,9/8'R285','1,'
32)7,7'*'Z)8'811,'/8',*)7Y',';676Q
@M;;0NOOPPPQ*6);)R8Q36/OP,;3M[B\F0],FFD,3??C'::^^Q'$##?K
U1',332785;8'78'A2/658112'16'B2'85'/2'3,F,'78'+,938165,'365'/2'/,798'Z)8'/8'M,RW,'B85276','B89','
/2'3,F,C','8F;,9'365/2H6'*','3)27,9/8'069'1,'18F245Q
@M;;0NOOPPPQ*6);)R8Q36/OP,;3M[B\_Z?`>aPEb(:C'::^^Q'$#"$K
c676F'16F'F)08978069;2F;,F';28585'78;9dF')5,'F)089/,798'Z)8'M,'F)e9276';,5;6'36/6'8116F'3,7,'
85;985,/285;6'*'3,7,'/,1'98F)1;,76Q'U11,F'18F'3656385'/8-69'Z)8'5,728C'F,R85'Z)Y'18F'M,38'
8F0832,18FC'18F',52/,965'3),576'5,728'398W,'85'8116F'*'16'F8H)29d5'M,328576'3),576';89/2585'16F'
Yf2;6FQ'
@A069;'E2e8C'$##!K
g)8'/)*'7)96'0,9,'/W'B89'Z)8'J8796'F8'2R,','+,938165,Q'c8'729W,'Z)8'78/,F2,76'7)96Q'UF'81'/8569'
78'16F'M89/,56FC'F28/098'16'M,RW,'118B,76',1'eh;R61'*C'0,9,')5,'/,798C'8F'/)*'72iW321'085F,9'Z)8'F)'
M2-6'F8'B,','B2B29',';,5;6F'I214/8;96F'78'72F;,532,Q'A2'069'/2'e)89,C';,/R2Y5'/8'29W,','B2B29','
+,938165,Q'UF')5,'32)7,7'Z)8'/8'853,5;,Q'A28/098'Z)8'0)876C'B6*Q']',11WC'F28/098'8F;,9W,','F)'1,76Q
@T679WH)8jC'$#""C'0Q!>K

V+%"#$&#-"#$%&*)"0"*.+(&#$%&$%&,+0-.#-"#$ &($0&1.#-"#$ +$-&)&1.#./(2$#+($)"$&1.%&(*."$

%&$ 75&$ &)$ ,",&)$ %&$ )"$ '"%0&$ &#$ 95(%"'&(-")$ ,"0"$ &)$ ")*"(*&$ %&)$ ")-+$ (.1&):$ !"$
).-&0"-50"$*.&(-8^.*"$="$+31."%+2$ &($<0"($'&%.%"2$&#-"$-&'W-.*"2$(+$ *&(-0W(%+#&$&($
%&-&0'.("0$ &)$ ,",&)$ %&$ )"$ '"%0&$ %&$ '"(&0"$ .(%&,&(%.&(-&$ (.$ %&$ %&-"))"0$ &($
,0+95(%.%"%$ &($ 754$ *+(#.#-&$ &#&$ ,",&)$ ,0&#-"%+2$ &#-5%."%+$ "$ -0"14#$ %&$
.(1&#-.<"*.+(&#$ &($%+(%&$ #&$ "(").Y"$&)$ ,",&)$ %&$)"$9"'.)."$ &($*+(?5(-+:$ Z#&$,",&)$
75&$ %&#"00+))"(2$ %&$ '+%+$ <&(&0")$ )"#$ '"%0&#2$ &#$ &*="%+$ %&$ '&(+#$ ,+0$ +-0+#$
%&,+0-.#-"#$ *5A"#$ '"%0&#$ (+$ "*-6"($ %&$ &#&$ '+%+:$ h#8$ %&,+0-.#-"#$ *+'+$ h'"."$

>>

f"%0&#$A$R&,+0-&

[")%&'+0+$ "U"%&$ 75&$ 4/,9(/"K/0 *#&#'0 ':'0 *K*:-#';0 ,%&/--/'0 60 /)(--#';0 !#"=:%0 ':0
,/&"%0%'*:$(%"/0$($/$B!"$N"Y/(2$XD$%&$O5).+2$IJDJT$+$h0"(-_"$bW(*=&Y$[.*"0.+$75.&($
="3)"$%&$#5$'"%0&$*+'+$,(0'#,9"/0?(%-0%)0*#&#'0-#'0*#")%#'0</'*/0=:%04:,!-K0-#'0FG0
/b#';0 %'0:)0 ,:>%"0 &%0 4/"c4*%"0 3:%"*%;0 60!/"/0 %--/0 -/0 &('4(!-()/0 60-/0 $(4*#"(/0 !/'/9/)0
!#"0 &%-/)*%0 &%0 4:/-=:(%"0 #*"/0 4#)'(&%"/4(8);0 4:/)&#0 */-0 $%@0 -#0 =:%0 6#0 <:9(%"/0
!"%4('/&#0%"/)0:)/'0!/-/9"/'0&%04/"(b#0BbW(*=&Y2$IJDI2$,,:$XE]SJT:
$

h)$ '"0<&($ %&$ "#,&*-+#$ ,&0#+(")&#$ %&$ *"%"$ %&,+0-.#-"2$ &_.#-&$ 5($ ,"-0/($

<&(&0").Y"%+$ &($-+0(+$ ")$,",&)$%&$ )"$ '"%0&$A$ #5$ 1")+0$ &($&)$%&,+0-&$ %&$")-+$(.1&)$

*0&"%+$"$,"0-.0$%&$)"$1+Y$%&$%&,+0-.#-"#$75&$="($")*"(Y"%+$&#"$&_*&)&(*."$A$%&$#5#$
'"%0&#:$R&$&#-&$'+%+2$"0-8*5)+#$&($,&0./%.*+#2$0&,+0-"?&#$&($0&1.#-"#2$3.+<0"^8"#$%&$
%&,+0-.#-"#2$-&#-.'+(.+#$&($-&)&1.#./($*+(9+0'"($)+#$%"-+#$75&$,&0'.-&($%"0$9+0'"$
")$ ,",&)$ %&$ )"$'"%0&$ &($&)$ %&,+0-&$ %&$ )+#$ =.?+#$A$ "$ )"$ .',).*"*./($&'+*.+(")$ 75&$
%.*=+$%&,+0-&$)&#$#5,+(&:$
$

R&*)"0"*.+(&#$%&$%&,+0-.#-"#$ %&$")-+$ (.1&)$A$%&$#5#$ '"%0&#$ ="*&($")5#./($"$

*/'+$95&0+($&))"#$)"#$75&$*+(^."0+($&($#5#$=.?+#$*5"(%+$("%.&$'W#$)+$ ="*8"$A$*/'+$
&#"$,&0#&1&0"(*."$A$'+-.1"*./($)&#$*+(%5?+$"$")*"(Y"0$)"$*.'"k$ $D)0-/0.:/"&%"K/;0:)0
&K/0 ,%0 --/,80 ':0 !"#3%'#"/0 !/"/0 &%4(",%0 =:%0 ,(0 <(>#0 )#0 '%0 !#&K/0 %'*/"0=:(%"#;0 =:%0
Z(4</%-0 )#0 '%0 4#)4%)*"/9/J0 D)*#)4%'0 -%0 &(>%0 =:%0 (.:/-0 '%0 /9:""K/0 %)0 4-/'%0 60 ,%0
"%'!#)&(80 =:%0 Z(4</%-0 )#0 *%)K/0 )().a)0 */-%)*#0 60 ,%0 &(>#0 :)/0 3"/'%0 =:%0 ):)4/0
#-$(&/"+R0 ':0 <(>#0 ):)4/0 '%0 4#)4%)*"/"c0 %)0 /-.#0 B=--,krrccc:(A-.'&#:*+'r
IJJFrJFrDJr#,+0-#r+)A',.*#rDJN,"0&(-:=-')aq0xIy+0&9x#)+<.(T>$ l<5")'&(-&2$ )"$
'"%0&$%&$j.)'"$N5%+),=$-51+$5($&9&*-+$#.'.)"0$A$&#$ 75&$#5$=.?"$-51+$5("$.(9"(*."$
,)"<"%"$%&$&(9&0'&%"%&#$.(*)5.%"$)"$,+).+$)+$75&$*+(%5?+$"$%+*-+0&#$"$%&*.0)&#$75&$
j.)'"$?"'W#$1+)1&08"$"$"(%"0:$\/0,/&"%0)#0/9/)&#)80/0N(-,/0609:'480,+&(4#'0=:%0
!:&(%"/)0*"/*/"-/0/:)=:%0%'*:$(%"/)0/0eG0,(--/'0&%0':0<#./"J0P"%'0$%4%'0/0-/0'%,/)/0
&:"/)*%0 &#'0/b#';0 -/0 ,/&"%0 &%0 N(-,/0--%$/9/0 /0 ':0 <(>/0 /-0<#'!(*/-0!/"/0 /!-(4/"-%0 %-0
*"/*/,(%)*#0=:%0!#'*%"(#",%)*%04#)*():80%)04/'/060=:%0?()/-,%)*%0/0-#'0YF0/b#'0*:$#0
"%':-*/&#'0 60 %'0 =:%0 N(-,/0 !:&#0 /)&/"0 )#",/-,%)*%0 B=--,krrccc:)@c%,):+0<r
c.=+=.+r05%+]c.):=-'T:

>?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

g$(+$#/)+$)"#$'"%0&#$*+($#5$,&0#&1&0"(*."$,&0'.-&($.(.*."0#&$&($&)$%&,+0-&2$

#.(+$ 75&$#5$"*-.-5%$90&(-&$")$'.#'+$&($)+#$.(.*.+#$%&,+0-.1+#$&#$%.9&0&(-&$0&#,&*-+$
%&$)"$%&)$ ,"%0&:$ 7%"#0 --%.80%-0 ,#,%)*#;0 4:/)&#06/0 *:$%0 =:%0 3%&%"/",%0 60%,!%@/"0/0
%)*"%)/"0!#"0-/'0*/"&%';0%)0%-0=:%0</9K/0 =:%0*#,/"0:)/0&%4('(8)0?(",%J0]%4:%"&#0:)/0
)#4<%;0%)04/'/0%)0-/0=:%0,%0"%:)K04#)0,('0!/&"%'0!/"/0=:%0,%0/6:&/"/)0/0%-%.("0:)#0
&%0 -#'0 &#'0 &%!#"*%'J0 Z(0 ,/&"%0 ,%0 "%!%*K/0 :)/0 60 #*"/0 $%@0 =:%0 %"/0 ,(0 $(&/0 60 =:%0
%-(.(%"/0%-0=:%06#0=:('(%"/;0!%"#0,(0!/&"%0)#0!%)'/9/0-#0,(',#J0f-0)#0'8-#0%"/;060%';0:)0
/!/'(#)/&#0&%-09/-#),/)#0'()#0=:%0 )#0-%0.:'*/0%-03a*9#-J05'K0 =:%0'%0(,!:'#0-/0*%#"K/0
!/*%")/060,%0&%4/)*+0!#"0%-09/-#),/)#0Bf"#.,2$IJJG2$,:XXT:
$

P&0+$ )"#$ '"%0&#$ (+$ #/)+$ -.&(&($ 5($ .',+0-"(-&$ &9&*-+$ &($ )+#$ .(.*.+#$

%&,+0-.1+#$ #.(+$ 75&$ #+($ 95(%"'&(-")&#$ "$ )+$ )"0<+$ %&$ -+%"$ )"$ *"00&0"$ %&,+0-.1"2$
","0&*.&(%+$ &($ )+#$ '+'&(-+#$ .',+0-"(-&#$ -"(-+$ &($ 1.*-+0."#$ *+'+$ &($ %&00+-"#2$
#.&(%+$ )"#$ ,0.'&0"#$ "$ )"#$ 75&$ ))"'"($ )+#$ %&,+0-.#-"#$ +$ )"#$ ,0.'&0"#$ &($ #&0$
"30"Y"%"#$+$0&*+0%"%"#k$P#&#0%-0%'4%)/"(#0'%04#)4%)*"/0%)0-/0!"%'%)4(/0&%0,(0,/&"%0
gJJJh0 ,(%)*"/'0 ,%0 /4%"4/9/0 /0 %--#'0 !#"0 %)*"%0 -/'0 $/--/'0 &%0 !"#*%44(8);0 ,(0 4#"/@8)0
%,!%@80 /0 $#-$%"0 %)0 'K;0 /0 "%--%)/"0 /=:%-0 $/4K#0 &%0 4/)'/)4(#0 603/-*/0 &%0 '%)*(,(%)*#';0
%,!%@80/0-/*(";060/0,%&(&/0=:%0,%0/!"#2(,/9/0-/*K/0,c'0&%!"('/J0\%0&(0&#'09%'#'0/0,(0
,:>%";0#*"#0/0 ,(0 !/&"%0 60?()/-,%)*%;0 ,%0%4<+0 %)0 -#'09"/@#'0&%0 ,/,c0 /-0 *(%,!#0=:%0
%--/0,%0&%4K/;0%)0!-:"/-R0i-#0</9+('0<%4<#0,:609(%);0*(%)%'0=:%0%'*/"04#)*%)*#jJ0D"/0-/0
3"/'%0 =:%0,%0</9K/0"%!%*(&#0/0-#0-/".#0&%0-/0$(&/;0*/)*#0'(0</9K/0>:./&#09(%)0 4#,#0'(0
)#;0./)/"/0#0!%"&(%"/;0--#$(%"/;0)%$/"/0#0<(4(%"/0'#-R0%--/0,%0&/9/0:)09%'#060,%0&%4K/R0
i-#0</9+('0<%4<#0,:609(%);0 *(%)%'0=:%0%'*/"04#)*%)*#jJ07/"/0%--/0)#0</9K/0&(3%"%)4(/'k0
?()/-0 #-K,!(4/0 #0 )#;0 6#0 %"/0 ':0 <(>#;0 ':0 <(>#0 !%=:%b#;0 60 %--/0 =:%"K/0 =:%0 ,%0 '()*(%"/0
*"/)=:(-#0 BZ#-."0-&2$ IJJE2$ ,,:$ GE]KDT:$ Z#-&$ -&#-.'+(.+$ ="*&$ 0&9&0&(*."$ "$ )"$ ^.(")$
m)8',.*"$%.#,5-"%"$&($C"0*&)+("$ EI$&($)"$75&$)"$#&)&**./($&#,"U+)"$%&$c"-&0,+)+$
,&0%./$&($)"$,0/00+<"$*+(-0"$l-").":
$

P&0+$(+$ #/)+$)"#$'"%0&#$","0&*&($&($)"#$%&00+-"#2$ -"'3.4($&($)"#$ 1.*-+0."#k$

Z(+"4#-%'0Ye0&%0,/6#0&%0FGGF;0]%/-0Z/&"(&010Q/6%")0\%$%"C:'%);0`C%"03:%0':!-%)*%0%)0
%'/0 ?()/-0 !%"#0 A+'/"0 '%0 -%'(#)/0 /0 3/-*/0 &%0 :)#'0 ,():*#'0 !/"/0 %-0 !(*(&#0 60 '/-$/0 %-0
!/"*(&#J05-0*%",()/"R0%)0%-0$%'*:/"(#09"()&+04#)0,('04#,!/b%"#'060*/,9(+)04#)0%-0]%6J0
Z%0/!/"*+0!/"/0</9-/"04#)0,(0,/&"%;0=:%0%'*/9/0 '#-/0%)04/'/060)#0!:&%0"%!"(,("0-/'0

>!

f"%0&#$A$R&,+0-&

-c."(,/'J0 D"/0(,!#'(9-%0)#0!/"/0&%0--#"/"J0 D--/0 &%4(&(80)#0("0!#"=:%0 */,9(+)0-%0&#-K/0

=:%06#0)#0>:./"/0BH+).(+2$IJJE2$,:$GKT:
$

h0'#-0+(<$ -0"#$ <"("0$ #5$ P0.'&0$ H"',&+("-+$ %&)$ f5(%+$ %.?+k$ 4:/)&#0

=:%&/9/)0 -#'0a-*(,#'0lGG0 ,%*"#'0%,!%4+0/04%-%9"/"-#J0A%""+0-#'0!:b#'060-#'0/.(*+0 %)0

%-0/("%;0%4<+09%'#'060'/-:&+0/0-/0,:-*(*:&J0Z(%)*"/'04":@/9/0-/0-K)%/0&%0,%*/04/'(0&/9/0
9#*%';04#,#0 :)/0,/-/09/(-/"()/0 &%04/9/"%*J0 5-0 ?()/-0 3"%)+0609/>+0 &%0-/09(4(4-%*/06;0 %)0
,(*/&0 &%0 -/0 ,:-*(*:&;0 /0 -/0 !"(,%"/0 =:%0 9:'=:+0 3:%0 /0 ,(0 ,/&"%J0 \/0 %)4#)*"+0 60)#'0
=:%&/,#'0 /--K0 9/>#0 -/0 --:$(/;0 /9"/@/&#'J0 gJJJh0 m#'0 !:'(,#'0 /0 --#"/"0 -#'0 &#'JJJ0
Bh0'#-0+(<$A$O&(@.(#2$IJJi2$,:$FiT:
$

Z#-+#$ -&#-.'+(.+#$'5&#-0"($*/'+$&)$",+A+$ %&$)"#$'"%0&#$&#$.',+0-"(-&$&($

&)$ .(.*.+$ %&,+0-.1+2$ %50"(-&$ )"$ *"00&0"$ %&,+0-.1"2$ ,&0+$ -"'3.4($ &($ '+'&(-+#$
&#,&*.")&#$*+'+$ )+#$&#-5%.+#:$R&$&#-&$'+%+2$ '5*="#$ '"%0&#$ %&$%&,+0-.#-"#$="*&($
0&9&0&(*."$"$)"$.',+0-"(*."$75&$&))"#$'.#'"#$+$&($&)$=+<"0$#&$)&$%"$"$&#+#$&#-5%.+#$
*+'+$ 9+0'"*./($ *)"1&$ ,"0"$ "#&<50"0#&$ 5($ 95-50+$ 'W#$ "))W$ %&)$ %&,+0-&:$ R&$ &#-&$
'+%+2$ )"#$ '"%0&#$ ="*&($ 0&9&0&(*."$ "$ */'+$ (+$ -.&(&($ .(*+(1&(.&(-&$ ,+075&$ #5#$
=.?+#$ ="<"($ %&,+0-&k$ !%"#0 '(%,!"%0 ()'('*K/0 %)0 =:%0 -#'0 %'*:&(#'0 %"/)0 -#0 !"(,%"#0
Bb,+0-#$!.9&2$IJJET>$*/,!#4#0=:%"K/0=:%0&%>/"/0':'0%'*:&(#'J0\/0$(&/0&%0:)0&%!#"*('*/0
%'0,:604#"*/;0/0-#'0nG0/b#'0*#&/$K/0*(%)%'0,:4</'04#'/'0!#"0</4%"060=:%&/"*%0/0-#'0nG0
/b#'0'()0)/&/0=:%0</4%"0!:%&%0'%"0,:60&:"#0Bb,+0-#$!.9&2$IJJET:
$

P"0"$)"#$'"%0&#$)+$'W#$.',+0-"(-&$A$&)$'+-.1+$ ,0.(*.,")$,+0$&)$ 75&$,0&#-"($

",+A+$"$#5#$=.?+#$&#-W$0&)"*.+("%+$*+($#5$9&).*.%"%2$)"#$1.*-+0."#$+$&)$4_.-+$%&,+0-.1+$
&($#8$'.#'+$(+$ )&#$.',+0-"k$!/"/0,(0-#0(,!#"*/)*%0 %'0=:%0 '%/03%-(@0609:%)/0!%"'#)/0
Bb,+0-#$ !.9&2$ IJJET>$ )"$'"%0&$ %&$ N"9"$ \"%")$ -0"#$ <"("0$ #5$ #&<5(%+$ N+)"($ M"00+#$
-.&(&$5($#&(-.'.&(-+$ #.'.)"0k$ %--/0-#04#)#4%0,c'0=:%0 )/&(%0 60%'*c0 4#)*%)*/0 &%0 $%"-%0
3%-(@J0 m#0 !#"0 ':0 +2(*#0 &%!#"*($#0 !#"=:%0 ):)4/0 </0 !%)'/&#0 %)0 %'#0 &%'&%0 =:%0 ]/3/%-0
>:%./0/-0*%)('060):)4/0-%0</0!:%'*#0,%*/'0/0':0<(>#0%)0%'%0'%)*(&#J0gJJJh0D'/0$(4*#"(/0,%0
/-%."/0 !#"0 +-;0 !#"=:%0 -%0 4#,!%)'/0 ':'0':3"(,(%)*#'0 60 !#"=:%0 /-0 ?()0 -%0 $%#0 #*"/0 $%@0
4#)*%)*#0BP5?+)]M")*&0W(2\"%")2$IJJi2$,:$FJT:$$
$

P&0+$ (+$ -+%+$ &#$ ,+#.-.1+$ &($ 0&)"*./($")$ %&,+0-&$ %&)$ =.?+:$ !"$.',).*"*./($ %&$

)"#$ '"%0&#$ )&#$ #5,+(&$ '5*=+#$ #590.'.&(-+#$ A$ -&'+0&#k$ !/'#0 ,/-#'0 ,#,%)*#'0

?#

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$H",8-5)+$D:$Z)$,",&)$%&$)"$9"'.)."$&($&)$%&,+0-&

4:/)&#0 %--/0 -#0 !/'/0 ,/-0 !#"0 -/'0 -%'(#)%';0 -#'0 !"#9-%,/'0 &%0 '/-:&0 #0 -#'0 ,/-#'0
"%':-*/&#'0 Bb,+0-#$ !.9&2$ IJJET>$ A:/)&#0 4#""%0 ,(0 <(>#0 -#0 !/'#0 ,/-;0 ,:60 ,/-J0 7/'#0
,:4<#'0)%"$(#'060':3"#0,:4<#0Bb,+0-#$!.9&2$IJJET>$D)0-/'04#,!%*(4(#)%'0#0,#,%)*#'0
!%"'#)/-%'0 %)0 -#'0=:%0 '/9K/0 =:%0 %"/0 %'!%4(/-,%)*%0 (,!#"*/)*%0 !/"/0 %--/0 ./)/";0 -#0
!/'#0 3"/)4/,%)*%0 ,/-0 Bb,+0-#$ !.9&2$ IJJET>$ 7%"#0 */,!#4#0 !:%&#0 #-$(&/"0 -#'0
,#,%)*#'0 &%0 ':3"(,(%)*#;0 %)0 -#'0 =:%0 -#0 </0 !/'/&#0 ,/-0 BP5?+)]M")*&0W($ A$ b&00"#2$
IJJi2$,:$FJT:
$

h%&'W#$%&$ &#-+#$ -&#-.'+(.+#$&($,0.'&0"$ ,&0#+("2$&#$'5*="$)"$).-&0"-50"$+$

*.(&$ 75&$ ="$ *&(-0"%+$ #5$ "0<5'&(-+$ &($ &)$ ,",&)$ %&$ )"$ 9"'.)."$ A$ %&$ )"$ '"%0&$ %&$
%&,+0-.#-"#:$ R&$&#-&$'+%+$ &)$).30+$ %&$O+"($NA"($-.-5)"%+$\(**-%0.("-'0()0 !"%**609#2%';00
BNA"(2$ DEEGT$ ("00"$ )"$ =.#-+0."$ %&$ 5("$ 9"'.)."$ *+($ 5("$ =.?"$ 75&$ #5&U"$ *+($ #&0$
<.'("#-"$ A$ &(-0&$ +-0+#$ "#,&*-+#$ #&$ -0"-"$ &)$ ",+A+$ &$ .(1&0#./($ &'+*.+(")$ %&$ #5$
'"%0&$ A$ %&$ #5$ ,"%0&:$ P+#-&0.+0'&(-&$ 95&$ ))&1"%"$ ")$ *.(&$ "#8$ *+'+$ +-0"$ ,&)8*5)"$
-.-5)"%"$L#44%"0 ,#,;0 *5A"$ -0"'"$<.0"$&($-+0(+$ ")$ ,",&)$ %&$ 5("$ '"%0&$ A$ #5$",+A+$
.(*+(%.*.+(")$,"0"$="*&0$9&).Y$"$#5$=.?"$"$-0"14#$%&)$%&,+0-&$75&$"%+0"2$&)$96-3+):$
$

\+$+3#-"(-&2$ &#-"$,&)8*5)"$&#$5($.(%.*.+$ 'W#$%&$)+$75&$#&$&#-W$<&(&0").Y"(%+$

&($ ZZ;;$ A$ #&$ *+(+*&$ *+'+$ '#44%"0 ,#,J$ Z#-&$ -40'.(+$ *5A"$ -0"%5**./($).-&0")$ &#$
,/,c0 &%-03a*9#-0 +$ ,/,c0 3:*9#-%"/;$ &',.&Y"$ "$ &',)&"0#&$&($-+0(+$ "$DEEG$A$ ="*&$
0&9&0&(*."$ "$ '5?&0&#$ %&$ 5("$ *)"#&$ '&%."]")-"$ 75&$ 1.1&($ &($ )+#$ #53503.+#$ A$ 75&$
%&%.*"($<0"($,"0-&$%&$#5$-.&',+$ &($)"3+0&#$ %&$-0"(#,+0-&$ "$#5#$ =.?+#$,&75&U+#$ "$
-+%"#$#5#$"*-.1.%"%&#$%&,+0-.1"#$B=--,krrccc:#+**&0'+'#5#":*+'T:$Z#-&$-40'.(+$
(+1&%+#+$="$#.%+$+3?&-+$%&$&#-5%.+#$&($-&#.#$%+*-+0")&#$&($)"#$75&$#&$="$-0"-"%+$%&$
%&-"))"0$ A$ "(").Y"0$ &($ ,0+95(%.%"%$ &)$ ,",&)$ %&$ &#"#$ '"%0&#$ &($ )"$ 1.%"$ %."0."$
Bh0&(%&))2$ IJJJT2$ ,&0+$ -"'3.4($ %&$ "0-8*5)+#$ A$ %+*5'&(-"*./($ *.&(-8^.*"$ 9&'.(.#-"$
&($ )"$ 75&$ #&$ &(9"-.Y"$ &($ &#"$ (5&1"$ #.-5"*./($ 1.1.%"$ ,+0$ )"#$ '"%0&#$ *+'+$
*+(#&*5&(*."$%&)$*"'3.+$ &($)"#$*+#-5'30&#$%&$)+#$=.?+#$Bh)3&)%"2$IJJD>$f"0@+1.*=$
A$Q&(%)&02$IJJKT:
$

?"

Captulo 2.
Metodologa de la
Investigacin

###################################################################################################################################K*$<)1"-#L;#M&)-0-"-><*#0&#"*#N(=&')2>*/2?(

!"#$%&'(()*"
!"#$%&'&()&#)%*+*,-#'&#&(.*%/*#0&()%-#0&"#&')102-#0&#"*#!3/&"&(/2*#&(#&"#4&$-%)&#56#
/-(/%&)*.&()&6# &(#"-'# 7*/)-%&'# $'2/-'-/2*"&'# 81&# 2(9"15&(# &(# &"# *"/*(/&# 0&# 02/:*#
&3/&"&(/2*;# !(# &"# /*$<)1"-# $%&=2-# '&# :*(# $%&'&()*0-# "-'# /-(-/2.2&()-'# */)1*"&'#
'-+%&#&'&#&,&#/&()%*"#0&#"*#2(=&')2>*/2?(@#&"#$*$&"#0&#"*#7*.2"2*6#$%&7&%&()&.&()&#0&#
"*#.*0%&6#&(#&"#0&'*%%-""-#0&#"*#&3/&"&(/2*#&(#&"#0&$-%)&;#A#$*%)2%#0&#&')*'#$%&.2'*'#
*# "-# "*%>-# 0&# &')&# /*$<)1"-# '&# 0&'*%%-""*# &"# .*%/-# .&)-0-"?>2/-# &(# &"# 81&# '&#
'1')&()*#&')*#2(=&')2>*/2?(;#
#

!(#$%2.&%# "1>*%6# '&#:*/&# %&7&%&(/2*# *"# $%-$?'2)-# 0&#"*# 2(=&')2>*/2?(# 5# *#'1#

%&"*/2?(#/-(#&"#-+,&)2=-#$%2(/2$*"#0&"#.2'.-;#!')102*%#81B#$*$&"#:*(#0&'*%%-""*0-#*#
"-# "*%>-#0&"# )2&.$-#"*'#.*0%&'# 0&#0&$-%)2')*'#0&#B"2)&#&'$*C-"&'#5#/-.$*%*%"-#/-(#
"*# $&%/&$/2?(#81&# )2&(&(#"-'# $%-$2-'# 0&$-%)2')*'# 0&#02/:-# $*$&"6# '&#/-(=2&%)&# 0&#
&')&#.-0-#&(#&"#(D/"&-#0&"#&')102-;#!(#)-%(-#*#&""-6#/-(-/&%#"-'#.-)2=-'#$-%#"-'#81&#
"*'#.*0%&'#0&'&.$&C*(#&'&#$*$&"6# 027&%&(/2*%"-# 0&"# ""&=*0-# *#/*+-# $-%#"-'#$*0%&'#
E=*%-(&'F#-#$%-71(02G*%#&(#"*'# %&(1(/2*'# -#'*/%292/2-'# 81&#*#"*#.*0%&#"&#'1$-(&#&"#
0&$-%)&#0&"#:2,-6#'1$-(&#*:-(0*%#.H'#&(#&"#)&.*#/&()%*"#0&"#&')102-;#!(#%&"*/2?(#*"#
$%-$?'2)-# 0&# 2(=&')2>*/2?(# '&# :*/&# *"1'2?(# *# "*# '&('2+2"20*0# )&-%B)2/*# /-.-#
:*+2"20*0#71(0*.&()*"#&(#&"#0&'*%%-""-#0&"#.2'.-;
#

I-')&%2-%.&()&6# '&# .1&')%*(# "*'# $%&>1()*'# 0&# 2(=&')2>*/2?(6# /15*'#

%&'$1&')*'# '&%H(# 7%1)-# 0&"# *(H"2'2'# 0&# "-'# 0*)-'# -+)&(20-'# 5# 0&# "*'# )&-%<*'# 5#
/-(/&$)-'#81&#&.&%,*(;#A'2.2'.-6# '&#$%&'&()*#&"#&(7-81&#.&)-0-"?>2/-6#&(#&"# 81&#
'&# &3$"2/*# 0&#.*(&%*# 0&)*""*0*# "*# .&)-0-"-><*#/1*"2)*)2=*# &.$"&*0*6# /&()%H(0-'&#
&(# "*# 2(01//2?(# /-.-# *$%-32.*/2?(# .&)-0-"?>2/*# &(# &')*# 2(=&')2>*/2?(;# J&#
.1&')%*(# "*'# $*%)2/1"*%20*0&'# 0&# "*# %&/->20*# 0&# 0*)-'# 5# "*# 9"&32+2"20*0# /-.-#
/*%*/)&%<')2/*#71(0*.&()*"#&(#&')&#)2$-#0&#2(=&')2>*/2?(;
#

!"# '2>12&()&# *$*%)*0-# %&'1.&# &"# $%-/&'-# 0&# )-.*# 0&# 0*)-';# J&# :*/&#

%&7&%&(/2*# *# "*# &()%&=2')*# /-.-# &')%*)&>2*# &(# "*# )-.*# 0&# 0*)-'6# *"# $%-/&'-# 0&#
&"*+-%*/2?(#0&"#>12?(#0&#&()%&=2')*#-#*#"*#01%*/2?(#0&#"*#.2'.*#/-(#/*0*#1(-#0&#"-'#
$*%)2/2$*()&';# J&# 0&)*""*# /?.-# 71&# "*# '&"&//2?(# 0&# "-'# $*%)2/2$*()&'6# &"# $%-$2-#

!"

M*0%&'#5#4&$-%)&

/-()*/)-# /-(# "-'# 0&$-%)2')*'# 5# '1'# .*0%&'6# *'<# /?.-# "*'# /*%*/)&%<')2/*'# '-/2-#
0&$-%)2=*'#0&#"*#.1&')%*#0&"#&')102-;
##

A# /-()2(1*/2?(# '&# 0&)*""*# &"# *(H"2'2'# 0&# "*# 2(=&')2>*/2?(# &(# '<# .2'.-6#

$%&'&()H(0-'&# 0-'# *$*%)*0-'# 71(0*.&()*".&()&6# %&7&%20-'# *# "*'# )B/(2/*'#

&.$"&*0*'# &(# 02/:-# *(H"2'2'@# $-%# 1(# "*0-# "*# /-0292/*/2?(# &(# '<# .2'.*# 5# '1'#
027&%&()&'# 7*'&'# 5# &"# .&.-2(># -# &'/%2)1%*# 0&# .&.-';# J&# *(*"2G*# )*.+2B(# &"#
0&'*%%-""-# 0&# 02*>%*.*'6# /-.-# :&%%*.2&()*# $*%*# %&$%&'&()*%# "-'# %&'1")*0-'# -#
&=20&(/2*'#&(/-()%*0*';
#

O2(*"2G*# &"#/*$<)1"-#/-(#%&7&%&(/2*#*"# $%->%*.*#2(7-%.H)2/-# &.$"&*0-# &(#"*#

2(=&')2>*/2?(#EAPQAJ;)2F6# *'<# /-.-# "-'#*'$&/)-'#%&"*)2=-'# *#"*#/*"20*0#0&#"*#.2'.*6#

0&)*""H(0-'&#02/:*#/*"20*0#)*()-#&(#&"#$%-/&'-#0&#"*#2(=&')2>*/2?(#/-.-#&(#"*#)&-%<*#
81&#92(*".&()&#&.&%>&;#
#

A# $*%)2%# 0&# &')*'# $%&.2'*'6# '&# $%&'&()*(# *# /-()2(1*/2?(6# /-(#2(02/*/2-(&'#

0&)*""*0*'6# )-0*'#"*'# 0&/2'2-(&'# .&)-0-"?>2/*'#81&#'&#)-.*%-(#$*%*# ""&=*%# *#/*+-#

&')*# 2(=&')2>*/2?(;# R-# -+')*()&6# 2(02/*%# /?.-# $%&=2*.&()&# '&# &3$-(&# 1(*# )*+"*#
EP*+"*#L;S;F#&(#"*#81&#'&#.1&')%*(#"*'#0&92(2/2-(&'#0&#1(#/-(,1()-#0&#)B%.2(-'#81&#
$-%# '1# /-.$"&,20*0# 5# /-(71'2?(# *"# '&%# )%*01/20-'# 0&"# 2(>"B'6# '&# $%&'&()*(# $*%*#
7*/2"2)*%#"*#"&/)1%*#5#&()&(02.2&()-#0&#&')&#/*$<)1"-#.&)-0-"?>2/-;#
P*+"*#L;S;#*$+),)-)&,$./0/#$'1),&2&%("/1$#&3&24%)-"/$152$"3"./$,/$.#$/$.#63)&7/
O1&()&@#T*%2-'#*1)-%&'#5#&"*+-%*/2?(#$%-$2*;
+,$-)"%.%/0123,#%&%.*/)(1
!"#$%&'

()*%&%+%,&-./%0%1232

4/#25-3)*%&%+%'&)5

!"#$%&'("

#$%&%'()*+'+$,(-.)*+*(/+012*3%$*
.4+$*2%*3%5-'%*$+*6%)/,+7*#2*%$*
.)'.%8()*3%*&+9)/*+:2(/+..-;'7

#'*<)/:-'*9*=(/+422*>?@@!A*87B"CD*!"#$
%"&%'()"#$*'$+&$,!)"$&-.'!$*'$
,/#)0,%%-1&2$/,3"$!"#$%+,!'#$'4'05'&$
")0"#$%"&%'()"#$*'$4'&"0$&-.'!$6+'$
%"4(,0)'&$+&,$#'0-'$*'$(0"(-'*,*'#$#"&$
!,#$%,)'5"07,#8$

!)#"

E*2%F&%'()*%2*$+*8+/(%*3%*$)2*
3+()2*.4+$-(+(-0)2*G4%*.)'(-%'%*
2-F'-5-.+3)*9*%2*/%$%0+'(%*8+/+*%$*
.)'(%H()*3%$*+'I$-2-27

#'*J4%/:+.K*9*=-$0%/2(%-'*>?@@LA*87MND*
%$*)'9)"$0'!'.,&)'$K+.%*/%O%/%'.-+*+*
8+2+P%2*3%*$+2*(/+'2./-8.-)'%2*G4%*
%H8/%2+'*4'+*-3%+*.$+/+*/%$+.-)'+3+*
.)'*%$*8/):$%&+*3%*-'0%2(-F+.-;'7

!N

###################################################################################################################################K*$<)1"-#L;#M&)-0-"-><*#0&#"*#N(=&')2>*/2?(

+,$-)"%.%/0123,#%&%.*/)(1
!"#$%&'

()*%&%+%,&-./%0%1232

4/#25-3)*%&%+%'&)5

!&,-$5#&

#$*.)'.%8()*%2*%$*'%H)*3%*4'-;'*
%'(/%*%$*+'I$-2-2*9*$+*6%)/,+7*
<)'.%:-3)*-'-.-+$&%'(%*%'*$+*
6%)/,+*84%3%*)8%/+(-0-Q+/2%*%'*
.;3-F)7**

#'*<)/:-'*9*=(/+422*>?@@!A*87B"CD*!"#$
%"&%'()"#$#"&$(,!,/0,#$6+'$%"&)-'&'&$
-*',#$*'$!"#$*,)"#8$:"#$%"&%'()"#$#"&$
-&)'0(0'),%-"&'#$%"4"$%"&#'%+'&%-,$*'!$
,&;!-#-#8

!&3)+)-"-)4,

R/).%2)*3%*+'I$-2-2*8)/*%$*.4+$*
$)2*3+()2*2%*O/+F&%'(+'A*3-0-3%'A*
.)'.%8(4+$-Q+'*%*-'(%F/+'*%'*$+*
(%)/,+7

#'*<K+/&+Q*>?@@NA*87MLD*$+*
.)3-5-.+.-;'*#-5&-<-%,$%,)'5"0-=,0$
#'54'&)"#$*'$!"#$*,)"#$'&$+&$&"4/0'$
%"0)"$6+'$*'$4,&'0,$#-4+!);&',$
0'#+4,$>$'9(!-6+'$%,*,$+&"$*'$!"#$
?0,54'&)"#$*'$!"#$*,)"#8

!43)%&/
-&,.#'6)3&

R+$+:/+*)*O/+2%*./%+3+*8)/*%$*
-'0%2(-F+3)/*G4%*&%P)/*3%2./-:%*
4'+*.-(+7*=48)'%*$+*
-'(%/8/%(+.-;'*3%*3-.K+*.-(+7

J4%/:+.K*9*=-$0%/2(%-'*>?@@LD*
-3%'(-5-.+*(%&+*.)'*.;3-F)7*
=%-3%$*9*S%$$%*>BCC"A*87"!DA*!"#$%1*-5"#$
&"$#-0.'&$(0-&%-(,!4'&)'$%"4"$
*'&"4-&,*"0'#$*'$%-'0)"#$?'&14'&"#$
#-&"$%"4"$4'%,&-#4"#$@'+07#)-%"#$(,0,$
'!$*'#%+/0-4-'&)"8

!43)%&/),/8)8&

R+$+:/+*)*8+$+:/+2*3%*$)2*3+()2*
:/4()2*G4%*%'*2,*&-2&+*(-%'%*
4'+*F/+'*.+'(-3+3*3%*2-F'-5-.+3)7*
T+*8/)8-+*.-(+*%2*%$*.;3-F)*-'*
0-0)7*=4%$%'*2%/*8+/(%2*3%$*(%H()*
$$+&+(-0+2*9*.+/F+3+2*3%*
%H8/%2-0-3+3A*%'*$+2*G4%*2%*
G4-%/%*/%5$%P+/*%$*2%'(-&-%'()*
G4%*2%*%H8/%2+7

#'*<)/:-'*9*=(/+422*>?@@!A*87N"D*$)2*
.;3-F)2*-'*0-0)*#"&$%"&%'()"#$
+)-!-=,&*"$!,#$(0"(-,#$(,!,/0,#$*'$!"#$
(,0)-%-(,&)'#$*'$!,$-&.'#)-5,%-1&$'&$
!+5,0$*'$#'0$&"4/0,*"#$("0$'!$,&,!-#),8

!&15"'"-)4,/
-&,.#",#$

<)'(-'4+*:U2G4%3+*3%*
2-&-$-(43%2*9*3-O%/%'.-+2*%'*$)2*
3+()27*

#'*<)/:-'*9*=(/+422*>?@@!A*87N"D*$+*
.)&8+/+.-;'*.)'2(+'(%*'#$'!$(0"%'#"$
,&,!7)-%"$("0$'!$6+'$#'$%"4(,0,&$
*-?'0'&)'#$?0,54'&)"#$*'$!"#$*,)"#$'&$
/+#%,$*'$#-4-!-)+*'#$>$*-?'0'&%-,#8$

*$,.)3"3

VU&%/)*3%*0%.%2*G4%*4'*.;3-F)*
2%*K+*/%$+.-)'+3)*.)'*)(/)*
.;3-F)7*R4%3%*3%(+$$+/*
/%$+.-)'%2*%'(/%*.;3-F)2*3%*4'+*
&-2&+*3-&%'2-;'A*4'+*&-2&+*
.+(%F)/,+*)*3-O%/%'(%2*
.+(%F)/,+27*

#'*<+2+2%&8%/%*>?@BBD*$+*3%'2-3+3*3%*
4'*.;3-F)*-4(!-%,$!,$%,&)-*,*$*'$
%1*-5"#$%"&'%),*"#$,$'#)'$%1*-5"8$

*)"%'"1"

W%8/%2%'(+.-;'*F/I5-.+*3%*$+2*
/%$+.-)'%2*G4%*%&%/F%'*%'(/%*
.+(%F)/,+2A*24:.+(%F)/,+2*9*
8/)8-%3+3%27

#'*<)/:-'*9*=(/+422*>?@@!A*87BBXD*$)2*
&%&)2*2)'*'#)0,)'5-,#$.-#+,!'#$6+'$
0'(0'#'&),&$!,#$0'!,%-"&'#$'&)0'$
%"&%'()"#$,&,!7)-%"#8$

!X

M*0%&'#5#4&$-%)&

+,$-)"%.%/0123,#%&%.*/)(1
!"#$%&'

()*%&%+%,&-./%0%1232

4/#25-3)*%&%+%'&)5

*)1$,.)4,

T+2*3-&%'2-)'%2*-&8$-.+'*
3-O%/%'.-+2*%'*$)2*.)'.%8()2*
3%'(/)*3%*4'+*8/)8-%3+37

9"1)2)"/3$/
-43)%&.

<)'P4'()*3%*.;3-F)2*/%4'-3)2*%'* J4%/:+.K*9*=-$0%/2(%-'*>?@@LD*3%5-'%'*
()/')*+*4'+*.+/+.(%/,2(-.+*
O+&-$-+*3%*.;3-F)2*.)&)*!,$,50+(,%-1&$
.)'./%(+7*<+/%.%*3%*%'(-3+3*
*'$-*',#$6+'$#'$0'(-)'&$'&$!"#$*,)"#8
+'+$,(-.+7

#'*<)/:-'*9*=(/+422*>?@@!A*87M"D*$+2*
3-&%'2-)'%2*%"&#)-)+>'&$.,0-,%-"&'#$*'$
+&,$(0"(-'*,*$,$!"$!,05"$*'$+&$0'5-#)0"8

96,3"1$,#"-)4,/ VU&%/)*3%*0%.%2* G4%* 4'*.;3-F)* #'*<+2+2%&8%/%*>?@BBD*F/)4'3%3'%22*

2%* K+* %'$+Q+3)* .)'* .-(+27* #'* 0'(0'#'&),$!,$%,&)-*,*$*'$%-),#$
&/:'&6,3$3,$..
3%5-'-(-0+A* %$* 'U&%/)* 3%* 0%.%2* ,#"%-,*,#$,$'#'$%1*-5"$
G4%*2%*K+*%&8$%+3)*4'*.;3-F)7

;$1&

J')(+.-;'A*/%24&%'A*
#'*<)/:-'*9*=(/+422*>?@@!A*87BBXD*$)2*
-'(%/8/%(+.-;'*)*.)&%'(+/-)*G4%* &%&)2*2)'*0'5-#)0"#$'#%0-)"#$*'!$
24/F%*34/+'(%*%$*8/).%2)*3%*
,&;!-#-#8
+'I$-2-27*Y+9*0+/-)2*(-8)2*3%*
&%&)7

;$1&),%

61.'-.+*3%$*+'I$-2-2*G4%*.)'2-2(%*
%'*$+*%2./-(4/+*3%*&%&)27

#'*<K+/&+Q*>?@@NA*87X?D*%$*&%&)-'F*
%"&#)-)+>'$+&$4A)"*"$%0+%-,!$'&$
B0"+&*'*$C@'"0>$6+'$('04-)'$,&,!-=,0$
!"#$*,)"#$>$%1*-5"#$'&$+&$)'4(0,&"$
(0"%'#"$*'$-&.'#)-5,%-1&8

;6$.#'$&/
#$&'<#)-&

Z4%2(/+*:+2+3+*%'*$)2*.)'.%8()2*
G4%*%&%/F%'*.)'*%$*):P%(-0)*3%*
%H8$)/+/*$+*+&8$-+*0+/-%3+3*3%*
3-&%'2-)'%2*G4%*84%3+'*2+(4/+/*
$+2*.+(%F)/,+27

#'*<K+/&+Q*>?@@NA*87CND*%$*&4%2(/%)*
(%)/1(-.)*#-5&-<-%,$/+#%,0$*,)"#$
('0)-&'&)'#$>$,*'%+,*"#$(,0,$
*'#,00"!!,0$!,$C'"07,$'4'05'&)'8

='&5)$3"3$.

<+/+.(%/,2(-.+2*.)&4'%2*+*4'*
F/48)*3%*.+(%F)/,+2*)*
24:.+(%F)/,+27*

#'*<)/:-'*9*=(/+422*>?@@!A*87B"CD*$+2*
8/)8-%3+3%2*2)'*%,0,%)'07#)-%,#$6+'$
*'<-&'&$>$*'#%0-/'&$%"&%'()"#8

>$&'("

<)'P4'()*3%*-3%+2*G4%*%H8$-.+'*
4'+*8+/(%*3%$*.)').-&-%'()*
K4&+')

=-$0%/&+'*>?@@ND*3-2(-'F4%*%'(/%*
6%)/,+*9*Z)3%$)7
6/-'-3+3A*<+//%/)*9*=)/-+')*>?@@ND*
3%5-'%'*G4%*!,$C'"07,$?+&*,4'&),*,$'&$
!"#$*,)"#$%"&#)-)+>'$+&$#-#)'4,$*'$
0'!,%-"&'#$6+'$"?0'%'$+&,$'9(!-%,%-1&$*'$
4,>"0$&-.'!$*'$,/#)0,%%-1&$*'!$
(0"/!'4,$*'$!,$-&.'#)-5,%-1&8$

?"#6'"-)4,/
#$&'<#)-"

#2*%$*&)&%'()*%'*%$*3%2+//)$$)*
3%*$+2*.+(%F)/,+2*%'*G4%*')*
%&%/F%'*8/)8-%3+3%2A*
3-&%'2-)'%2*)*/%$+.-)'%2*
'4%0+2*34/+'(%*%$*+'I$-2-27*

#'*<)/:-'*9*=(/+422*>?@@!A*87?NLD*$+*
2+(4/+.-;'*(%)/1(-.+*'#$'!$(+&)"$'&$'!$
(0"%'#"$*'$,&;!-#-#$'&$'!$6+'$)"*,#$!,#$
%,)'5"07,#$'#);&$/-'&$*'#,00"!!,*,#$'&$
)A04-&"#$*'$#+#$(0"(-'*,*'#2$
*-4'&#-"&'#$>$.,0-,%-"&'#8$

!!

###################################################################################################################################K*$<)1"-#L;#M&)-0-"-><*#0&#"*#N(=&')2>*/2?(

456527$%8*9)#%:2;<=,#)>%92?27$,/'"#192&,2.12!">,9#)/1()*"
!'#.1/:*#"*#"2)&%*)1%*#/2&()<92/*#/&()%*0*#&(#&"#&')102-#0&"#$*$&"#0&#"*#7*.2"2*#0&#"-'#
0&$-%)2')*'#0&#*")-# (2=&"6# 7-/*"2GH(0-'&#>%*(#$*%)&#0&#&""*6# 0&#.*(&%*#&3/"1'2=*6#&(#
&"#$*0%&#E=*%?(F;# I-%#&'-6# $-0%<*#'&%#7H/2"#-+=2*%#&"#$*$&"#0&#"*#.*0%&6#$1&'#&'#.15#
&'/*'*# "*# *)&(/2?(# 81&# '&# :*# $%&')*0-# *# &')&# )&.*# 0&'0&# 1(# $1()-# 0&# =2')*#
/2&()<92/-;# 4&#*:<6#"*#2.$-%)*()&#%&"&=*(/2*#0&#*+-%0*%#1(*#2(=&')2>*/2?(#2(01/)2=*6#
&(# "*# 81&# '&# /"*%29281&(# *'$&/)-'# (-=&0-'-'# 5# -%2>2(*"&'# (-# 0&'*%%-""*0-'# $-%#
)&-%<*'#-#/-(/&$)-'#$%&/&0&()&';#
#

R-#-+')*()&6# "*#*+1(0*(/2*#0&#"2+%-'#0&#02=1">*/2?(6#+2->%*9<*'6#*%)</1"-'#&(#

$%&('*6##%&/-%)&'#0&#%&=2')*'#-#0&/"*%*/2-(&'#&(#.&02-'#0&#/-.1(2/*/2?(#&(#"*'#81&#
"-'# $%-$2-'# $%-)*>-(2')*'6# 0&$-%)2')*'# 0&# %&"&=*(/2*# 2()&%(*/2-(*"6# :*/&(#
%&7&%&(/2*# *# '1'# .*0%&'# 5# *"# 2.$-%)*()&# $*$&"# 81&#:*(# &,&%/20-# &(#'1# 0&'*%%-""-#
0&$-%)2=-6#"&'#:*/&#-/1$*%#1(#$%2.&%#$"*(-;#
#

Q*# $%2.&%*#/1&')2?(# 81&# '&# $%&'&()*6# $-%# )*()-6# &'#&')*+"&/&%# &"# $*$&"# 81&#

"*'#.*0%&'#0&#"-'# .&,-%&'#0&$-%)2')*'#&'$*C-"&'#0&'&.$&C*(#-# :*(#0&'&.$&C*0-#

&(#'1#/*.2(-#*#"*#&3/&"&(/2*;# UV1B#:2/2&%-(#"*'# .*0%&'# $*%*#*510*%#*#'1'#:2,-'#&(#
'1#0&'*%%-""-#0&$-%)2=-W;# U!32')&#1(#$%-/&'-#5#&=-"1/2?(#&(#&"#$*$&"#0&#"*'#.*0%&'#
*#"-#"*%>-#0&"#0&'*%%-""-#0&$-%)2=-#0&"#:2,-W6#UV1B#/-('&/1&(/2*'#)2&(&#'1#2(=&%'2?(#
&.-/2-(*"#&(#&"#0&$-%)&W;
#

R-#-+')*()&6#&"#$*$&"#0&#"*#.*0%&#(-#$-0%<*#&()&(0&%'&#'2(#1(*#0&'/%2$/2?(#

&3:*1')2=*# 0&#"*'# 7*.2"2*'#0&# &'-'# 0&$-%)2')*'# 5# &(#&'$&/2*"#0&# "*# .*0%&;# K-(-/&%#

/?.-#'-(#&'*'#7*.2"2*'6# 81B#&')%1/)1%*#)2&(&(#-# /?.-#&()2&(0&(#&"# 0&$-%)&#'&%<*(#
*'$&/)-'# 71(0*.&()*"&'# '2# 0&#&()&(0&%#&"#$*$&"#0&#"*#.*0%&#'&#)%*)*;# 4&)*""*%# &'&#
&()-%(-# *510*%<*# *# &()&(0&%# .&,-%# 5# *# $%-71(02G*%# &(# 02/:-# %-";# I-%# &'-6#
'1.&%>2%'&#&(#&'*# =20*#7*.2"2*%6# /-(-/&%# /?.-#:*# *7&/)*0-# &"# $*'-# 0&"# )2&.$-# &(#
"*'# 02')2()*'# >&(&%*/2-(&'# 0&#.*0%&'# &(#"-# 81&# *#'1#$*$&"# '&#%&92&%&#-# )*.+2B(#"*#
&=-"1/2?(# 0&"# 0&$-%)&#'-(# *'$&/)-'# /"*=&# $*%*# &()&(0&%#&"# $*$&"# 0&# "*#.*0%&# &(#
$%-71(020*0;# !(# 0&92(2)2=*6# /?.-# :*# &=-"1/2-(*0-# &"# $*$&"# 0&# "*'# .*0%&'# /-.-#
/-('&/1&(/2*#0&"#$*'-#0&"#)2&.$-#5#0&#"*#$%-$2*#&=-"1/2?(#0&"#0&$-%)&;#

!C

M*0%&'#5#4&$-%)&

Q*# 2.$-%)*()&# 2(=&%'2?(# 0&# )2&.$-6# &(&%><*# -# 02(&%-# &.$"&*0*# &(# &"#

0&$-%)&#0&"# :2,-# "&'# :*#'1$1&')-# *#"*'# .*0%&'# /-('20&%*+"&'#/*.+2-'#&(#'1#$%-$2*#

=20*;# UK?.-# '&# =&#*7&/)*0*#"*#=20*# 0&#"*# .*0%&# 0&#1(#K*.$&?(W;# UA# 81B#%&(1(/2*#
&'*#.*0%&#$-%#*510*%#*#'1#:2,-W;#UV1B#'*/%292/2-'#"&#2.$"2/*W
#

4&# &')&# .-0-6# &"# $%-$?'2)-# 0&# 2(=&')2>*/2?(# '&# /-(/%&)*# &(# &"# -+,&)2=-#

>&(&%*"#0&"#&')102-@#

6&20%12#-)0-727)0-8.)-025-$23#)5-3)5)$7)92&-)&-)0-3)52##'00'3)7'#/%:'-3)-5.5-;%<'5=-3)7'#/%5/25-3)-20/'-&%:)0=->-3)/)#$%&2#-8."-0)55.7'&)-)<)#+)#-3%+;'-727)0?

!(#%&"*/2?(#*"#$%-$?'2)-# 0&#2(=&')2>*/2?(#5#'1#7-%.1"*/2?(#&(#2(=&')2>*/2?(#

/1*"2)*)2=*#2(01/)2=*6#&'#.1/:*#"*#/-()%-=&%'2*#&32')&()&#&(#)-%(-#*#"*#%&=2'2?(#0&#"*#
"2)&%*)1%*# /-.-# +*'&# $*%*# "*# 7-%.1"*/2?(#0&# 02/:-# $%-$?'2)-;# 427&%&()&'# *1)-%&'#
:*/&(# %&7&%&(/2*# *# /?.-# 1(*# "&/)1%*# $%&=2*# 0&# "*# .2'.*# $1&0&# /-()*.2(*%# &"#
$-')&%2-%# 0&'*%%-""-# 0&# "*# 2(=&')2>*/2?(# -# $-%# &"# /-()%*%2-6# '1$-(&%# 1(#
&(%281&/2.2&()-# &(#"*#&'/%2)1%*#0&"#$%-$?'2)-#0&#"*#2(=&')2>*/2?(#56#$-%#)*()-6#0&#"*#
2(=&')2>*/2?(#&(#'<#.2'.*#EJ*"0*C*6#LXSSF;
#

K-.-# $*%)&# 0&# 02/:*# /-()%-=&%'2*# *$*%&/&# &"# /-(/&$)-# 0&# '&('2+2"20*0#

)&-%B)2/*#81&#'&#'2)D*#&(#/-()%*')&#/-(#"*#-+,&)2=20*0#5#%&812&%&#0&"#2(=&')2>*0-%#'1#
/-"-/*/2?(# 0&()%-# 0&# "*# 2(=&')2>*/2?(# EK-%+2(# 5# J)%*1''6# LXXYF;# !"# &.$"&-# 0&# "*#
'&('2+2"20*0# )&-%B)2/*# $*%*# 20&()292/*%# "-# %&"&=*()&# /-()%*02/&# "*# 20&*# 0&# 81&# "-'#
/-(/&$)-'#)&-%B)2/-'#$1$'%$,#0&#"-'#0*)-'#EZ&""&6#LXX[F;
#

!'*# '&('2+2"20*0# )&-%B)2/*# '2>(292/*# )&(&%# *>10&G*6# 2()12/2?(6# &')*%#

/-.$&(&)%*0-6#0&)&/)*%# *'$&/)-'# %&"&=*()&'6#&=&()-'#5# '1/&'-'#&(#"-'# 0*)-';# !'#"*#

2()&%*//2?(# &()%&# &"# 2(=&')2>*0-%# 5# "-'# 0*)-';# A# .&020*# 81&# &"# 2(=&')2>*0-%# '&#
.1&=&# &(# &"# *(H"2'2'6# &'# '1# $%-$2-# /-(-/2.2&()-# 5# &3$&%2&(/2*# E$%-7&'2-(*"6#
:2')?%2/*6#$-"<)2/*6#/1")1%*"# -#/-()&3)1*"F#"*#81&#"&#$&%.2)&#%&'$-(0&%#*#81B#'-(#"-'#

C@

###################################################################################################################################K*$<)1"-#L;#M&)-0-"-><*#0&#"*#N(=&')2>*/2?(

0*)-'#EK-%+2(#5#J)%*1''6# LXXYF;# A# /-()2(1*/2?(#'&#&3$"2/*(#"-'# 027&%&()&'# )2$-'#0&#

'&('2+2"20*0#'&>D(#&')-'#*1)-%&'@#
#

Q*#)@7)#%)&+%2-7#'A)5%'&20#*1.&()*#"*#'&('2+2"20*06# "-#/1*"#$1&0&#/-(01/2%#

*"# 2(=&')2>*0-%# *# "&&%# "-'# 0*)-'# 0&# 7-%.*# /-%%&/)*6# $&%-# )*.+2B(# *# /-.$%&(0&%#
/2&%)-'# '2>(292/*0-'# .H'# %H$20*.&()&;# !')-# -/1%%&# /1*(0-# "-'# 2(=&')2>*0-%&'# (-#
>*')*(# )2&.$-# &(# 7*.2"2*%2G*%'&# /-(# "-'# &()-%(-'# -# &=&()-'6# 81&# &(# -/*'2-(&'6#
$1&0&#""&=*%#&()%&#0-'#5#)%&'#'&.*(*';#Q*#&3$&%2&(/2*#-7%&/&#1(*#+*'&#/-.$*%*)2=*#
$*%*#:*/&%'&#$%&>1()*';#!"#-%2>&(6#/-(-/2.2&()-#5#&3$&%2&(/2*#(-#'?"-#"&#$&%.2)&#*"#
2(=&')2>*0-%# '&%# .H'# '&('2+"&# /-(# "-'# /-(/&$)-'6# '2(-# 81&# )*.+2B(# 7*=-%&/&# "*#
+D'81&0*#0&# %&"*/2-(&'# 5# /-(&32-(&'#&()%&#"-'# .2'.-'# !(#%&"*/2?(#*#&')&#)2$-# 0&#
'&('2+2"20*0#&'#2.$-%)*()&#%&/-%0*%#)%&'#*'$&/)-'@
Q*# -+"2>*)-%2&0*0# 0&# /-.$*%*%# &"# /-(-/2.2&()-# 5# "*# &3$&%2&(/2*# /-(# "-'#
0*)-';
P%*+*,*%# '2&.$%&# /-(# /-(/&$)-'# &(# )B%.2(-'# 0&# '1'# $%-$2&0*0&'# 5#
02.&('2-(&';
Q*# $&%/&$/2?(# 0&"# 2(=&')2>*0-%# 0&"# &=&()-# (-# 2.$-%)*\# "-# %&*".&()&#
2.$-%)*()&#&'#"-#81&#02/&(#"-'#$*%)2/2$*()&'#5#"-#81&#:*/&(;#
#

!(# '&>1(0-# "1>*%6# "*# 5)&5%B%0%323- +.0/.#20# %&=&"*# /?.-# *# "*'# 02')2()*'#

&3$&%2&(/2*'#$%&'&()*0*'# $-%#"-'# $*%)2/2$*()&'6# "&'#:*(#0*0-#7-%.*#"-'# 027&%&()&'#

)2$-'#0&#%&$%&'&()*/2?(#/1")1%*"#EJ2"=&%.*(6#LXXXF;#
#

Q*# 5)&5%B%0%323- ;%5/,#%+2# '2>(292/*# 81&# &(# /1*"812&%# "1>*%# $-'2+"&6# 1(-#

0&+2&%*# &3*.2(*%# "*# %&"&=*()&# &=20&(/2*# :2')?%2/*# *"# &')*+"&/&%# "-'# )?$2/-'# 0&# "*#
2(=&')2>*/2?(;# 4&# &')&# .-0-6# "*# '&('2+2"20*0#:2')?%2/*6# -7%&/&# .D")2$"&'# )?$2/-'# 0&#
2(=&')2>*/2?(#81&#&"10&(#"*#)%*.$*#0&#$&('*%#81&#&(#&"#$%&'&()&#/2&%)-'#$%-+"&.*'#
'-/2*"&'#(-#"-#'-(#EJ2"=&%.*(6#LXX]F;
#

Q*# 5)&5%B%0%323- 7'0C/%+2# %&"&>*# "-'# 2()&%&'&'# $&%'-(*"&'# *()&# )?$2/-'# 0&#

2(=&')2>*/2?(# 0&)&%.2(*0-'# $-%# "-'# .&02-'# -# &(# /-(7-%.20*0# /-(# "*#

*0.2(2')%*/2?(#-# 2()&%&'&'#0&#02%&//2?(;#!(#(2(>D(#/*'-#'&#&.$"&*#"*#'&('2+2"20*0#

CB

M*0%&'#5#4&$-%)&

$-"<)2/*#$*%*#0&)&/)*%#2()&%&'&'#$&%'-(*"&'#0&)%H'#0&#&'*#7-%.1"*/2?(#0&"#$%-+"&.*#
EJ2"=&%.*(6#LXX]F;
#

I-%# D")2.-# "*# 5)&5%B%0%323- +'&/)@/.20# "*# 0&92(&# J2"=&%.*(# &(# +*'&# *# 0-'#

/*%*/)&%<')2/*'@
!'#&"#%&/-(-/2.2&()-#0&#81&#2(')2)1/2-(&'#*$*%&()&.&()&#1(27-%.&'#/-.-#
"*# 7*.2"2*6# )%2+1# -# /2&(/2*# )-.*(# 02')2()-'# '2>(292/*0-'# &(# "-'# 027&%&()&'#
/-()&3)-';#
# Q*# /-.$%&('2?(#0&# 81&#"-'# $*%)2/2$*()&'# &(#'1#=20*# '-/2*"6# $%-01/&(# 1(#
/-()&3)-6#&(#&"#81&#"-'# 2(=&')2>*0-%&'# '-/2*"&'# 0&+2&%*(#2.$-%)*%#(-# '?"-#
'1'# $%-$2*'# 20&*'# */&%/*# 0&# 81B# /-()&3)-# &'# %&"&=*()&# &(# /1*"812&%#
'2)1*/2?(;##

;@AB+!C;D
K-(-/&%# 5# 0&'/%2+2%# "-'# $%2(/2$*"&'# 7*/)-%&'# 81&# 2(9"15&(# &(# &"# *")-# %&(02.2&()-#
0&$-%)2=-# &'#/"*=&#$*%*#*/-%)*%#&"# /*.2(-#0&#"*#&3/&"&(/2*;#I-%#&'-6# 0&)&%.2(*%#&"#
$*$&"#0&#"*'#.*0%&'#'&#/-(=2&%)&#*'<#&(#1(#)&.*#/"*=&6# '2&(0-#&"#-+,&)2=-#$%2(/2$*"#
0&#&')&#&')102-;#
#

!')&#-+,&)2=-#$%2(/2$*"#'&#02=202?#&(#/2(/-#-+,&)2=-'#&'$&/<92/-';#
65 E%"%(,$2 .%92 -%#)>%92 8%$2 .%92 F',2 .192 -1&$,92 1?'&1$%"2 12 9'92 G)=%92
&,8%$#)9#192,"29'2&,91$$%..%52

J&#&')102*%-(6#&(#$%-71(020*06#"*'#%*G-(&'#$-%#"*'#81&#"*'#.*0%&'#*$-5*+*(#

5#*510*+*(#*#'1'#:2,-'#&(#'1#0&$-%)&;#J&#)1=-# &'$&/2*"#'&('2+2"20*0#*()&#"-'#

$-'2+"&'# 7*/)-%&'# 81&# /-()%2+15&(# *# 027&%&()&'# .-)2=*/2-(&'6# /-.-# $-%#

&,&.$"-6# )&(&%# 1(# :2,-# -# 1(*# :2,*# 0&$-%)2')*6# $&%)&(&/&%# *# 1(*# 7*.2"2*#

(1.&%-'*# -# .H'# %&01/20*6# -# 2(/"1'-# &"# )2$-# 0&# 0&$-%)&# 2(02=201*"# -#

/-"&/)2=-;# J&# %&"*/2-(*%-(#"-'# .-)2=-'# $-%# "-'# 81&# "*'# .*0%&'# *510*%-(#*#

'1'#:2,-'#&(#'1#0&$-%)&#5#*81&""-'#$-%#"-'#81&#*510*%-(#*#'1'#:2,-'#&(#-)%*'#

H%&*'#/-.-#&"#&')102-#1#-)%*#02'/2$"2(*;#

C?

###################################################################################################################################K*$<)1"-#L;#M&)-0-"-><*#0&#"*#N(=&')2>*/2?(

45 E%"($,#1$2 (*-%2 9,2 >,"2 1H,(#1&%92 .%92 &,8%$#)9#192 8%$2 ,.2 18%?%2
8$,9#1&%28%$29'92-1&$,95
#

4&92(2%# '2# &32')&# 1(# $%-/&'-# &(# &"# *$-5-# $%&')*0-# $-%# "*'# .*0%&'# :*/2*#

"-'#0&$-%)2')*'#81&#.1&')%&#/?.-#*7&/)*#02/:-#*$-5-# &(#&"#0&$-%)2')*#&(#'<#

.2'.-#5#&(#'1#0&$-%)&;#!'#0&/2%6#*=&%2>1*%#'2#&'*#2.$"2/*/2?(#.*)&%(*#*7&/)*#

$-'2)2=*#-# (&>*)2=*.&()&#-# '2# /*.+2*#*"# :*/&%"-# &"#0&'*%%-""-#0&$-%)2=-#0&"#

:2,-;# !'# 2.$-%)*()&6# )*.+2B(6# /-(-/&%# /?.-# "-'# 0&$-%)2')*'# '&# =&(#

*7&/)*0-'#$-%#&"# *$-5-# $%&')*0-# $-%#"*'# .*0%&'# 5#/?.-# &')&#*$-5-# $1&0&#

=*%2*%#&(#71(/2?(#0&#"*'#(&/&'20*0&'#0&"#$%-$2-#0&$-%)2')*;

I5 !&,"#)J)(1$2 .%92 &)H,$,"#,92 $%.,92 ,=,$()&%92 8%$2 .192 -1&$,92 F',2

(%"#$)<'?,"212'"2-,=%$2&,91$$%..%2&,8%$#)>%5
#

K%&*%# 1(#&'81&.*#/-(# "-'# 027&%&()&'# $*$&"&'# 81&# ""&=*(#*#/*+-# "*'# .*0%&'#

&(# &"# 0&'*%%-""-# 0&$-%)2=-# 0&# '1'# :2,-';# K-(-/&%# "-'# 02')2()-'# *$-5-'#

$%&')*0-'6# 5# 0&92(2%"-'# '&>D(# "-'# 0*)-'# -+)&(20-';# Q-'# 027&%&()&'# %-"&'#

)&(0%H(#/*%*/)&%<')2/*'#$%-$2*'#81&#&(#&'&# .-0&"-# 81&0*%H(#0&)*""*0*'6# 0&#

.-0-# 81&#'&#&'$&/29281&(#&(#81B#/-('2')&(#&'-'#*$-5-'6# /?.-# '&#""&=*(#*#

/*+-#5#/?.-#&()%&#&""-'#&')H(#%&"*/2-(*0-';#

K5 7$%H'"&)L1$2,"2.12 &,9($)8()*"2 &,2 .192(1$1(#,$09#)(192&,2.%9291($)J)()%92

?2$,"'"()192F',2$,1.)L1"2.192-1&$,92&,2.%92&,8%$#)9#1928%$21?'&1$.%92
,"29'2(1-)"%212.12,M(,.,"()15
#

!')102*%# /?.-# &'*# 2.$"2/*/2?(# 0&# "*# .*0%&# $1&0&# '1$-(&%"&# 2.$-%)*()&'#

%&(1(/2*'# 5# '*/%292/2-';# 42')2(>12%# "*# $&%/&$/2?(# 81&# 0&# "-'# '*/%292/2-'# 5#

%&(1(/2*'# $1&0&(# )&(&%# .*0%&'# 5# 0&$-%)2')*'# 0&# .*(&%*# 2(0&$&(02&()&6#

.-')%*(0-# /?.-# &32')&(# /2%/1(')*(/2*'# 81&# 7*=-%&/&(# &'*'# 02')2()*'#

$&%/&$/2-(&'#0&#1(#.2'.-#:&/:-;##

CL

M*0%&'#5#4&$-%)&

N5 E.1$)J)(1$29)2.192(1$1(#,$09#)(192&,.2818,.2&,2.12-1&$,2?2&,.281&$,2,"2,.2
&,91$$%..%2&,8%$#)>%2&,2.%92G)=%92,92&)H,$,"#,5
#

J2(# $%-71(02G*%# &(# &"# $*$&"# 0&"# $*0%&# &(# &"# 0&'*%%-""-# 0&$-%)2=-# 0&# "-'#

:2,-'6# '2# &'# 2.$-%)*()&# /-(-/&%# '2# "-'# %-"&'# 81&# $*0%&'# 5# .*0%&'#

0&'*%%-""*(#'-(#'2.2"*%&'# -# .15#027&%&()&';# K-()%*')*%#*'$&/)-'# %&"&=*()&'#

0&"#*$-5-#0&#/*0*#1(-#'&#/-(=2&%)&#$-%#)*()-6#&(#1(#-+,&)2=-#&'$&/<92/-#0&#"*#

2(=&')2>*/2?(;#

O5 P"1.)L1$2 .12 ,>%.'()*"2 ,"2 ,.2 8$%(,9%2 &,2 18%?%2 1.2 G)=%2 &,8%$#)9#1:2 1902
(*-%2 &,#,$-)"1$2 .12 ,M)9#,"()12 &,2 -%-,"#%92($0#)(%92 F',2 $,F'),$,"2
&,2'"121?'&12,98,()1.28%$281$#,2&,2.12-1&$,5
#

^&(&%*%#1(#.-0&"-#02(H.2/-#&(#"-# 81&#'&#%&92&%&#*"#*$-5-# $%&')*0-# $-%#"*'#

.*0%&'6# *"# .-')%*%# /?.-# "*# *510*# &=-"1/2-(*# 5# /*.+2*# *"# )2&.$-# 81&# "-#

:*/&#&"#0&'*%%-""-#0&$-%)2=-#0&"#:2,-#5#'1#$%-$2-#/%&/2.2&()-#/-.-#$&%'-(*;#

4&)*""*%6# 2>1*".&()&6# 81B# .-.&()-'# -# '2)1*/2-(&'# &'$&/2*"&'# $%-=-/*(# 1(#

027&%&()&#*$-5-#$-%#$*%)&#0&#"*#.*0%&;

45452B"H%F',23,#%&%.*/)(%
Q*# $%&'&()&# 2(=&')2>*/2?(# '&# %&*"2G*# &(# '1# )-)*"20*0# +*,-# 1(*# $&%'$&/)2=*#
/1*"2)*)2=*6# &'# 0&/2%6# "-'# $%-/&02.2&()-'# 5# )B/(2/*'# &.$"&*0-'# $*%*# /-(-/&%# &"#
=&%0*0&%-# $*$&"# 0&# "*'# .*0%&'# &(# &"# 0&'*%%-""-# 0&# "*# &3/&"&(/2*# 0&$-%)2=*6# '&#
&(/1*0%*(# 0&()%-# 0&"# *(H"2'2'# 2()&%$%&)*)2=-;# 4&()%-# 0&# &')&# )2$-# 0&# *(H"2'2'6# &"#
&')102-# 81&0*%<*# &(>"-+*0-# &(# *81&""-'# 81&# &(7*)2G*(#"*# /-(')%1//2?(# 0&# )&-%<*;#
I*%*# &""-# '&# &()%&=2')?# *# "-'# $*%)2/2$*()&'6# /15-'# *(H"2'2'# 0&# "*'# &()%&=2')*'6#
>&(&%*+*(# 1(-'# %&'1")*0-'# 81&# 0&'/%2+<*(# *81&""-# 81&# -%2>2(*".&()&# '&# :*+<*#
$%-$1&')-#&(#&"#02'&C-;#
#

Q*# 2(=&')2>*/2?(# /1*"2)*)2=*# &(# &"# H%&*# 0&# !01/*/2?(# O<'2/*# 5# K2&(/2*'# 0&"#

4&$-%)&# &'# %&/2&()&# EP:-.*'# 5# R&"'-(6# LXX_F6# '2&(0-# /*'2# 2(&32')&()&# "*#

CM

###################################################################################################################################K*$<)1"-#L;#M&)-0-"-><*#0&#"*#N(=&')2>*/2?(

0-/1.&()*/2?(# /2&()<92/*# :*/&# *"%&0&0-%# 0&# `X# *C-';# J2# +2&(6# 4*"&# ESaa]F#
*%>1.&()?# /?.-# "*# 2(=&')2>*/2?(# /1*"2)*)2=*# &(# "*# $'2/-"-><*# 0&$-%)2=*# &')*+*#
&.$&G*(0-# *# '&%# */&$)*0*# /-.-# 1(# .-0-# 0&# &')102-# 5# /?.-# .1/:*'# 0&# &'*'#
2(=&')2>*/2-(&'#&%*(#0&'*%%-""*0*'#1)2"2G*(0-#027&%&()&'#.B)-0-'#0&#&()%&=2')*;#
#

Q*# 2(=&')2>*/2?(# /1*"2)*)2=*# )%*)*# 0&# &()&(0&%# &"# '2>(292/*0-# 0&# 1(*#

&3$&%2&(/2*# 0&# "-'# $*%)2/2$*()&'# E$*$&"# 0&# "*'# .*0%&'F# &(# 1(# .*%/-# /-(/%&)-#
E0&'*%%-""-# 0&$-%)2=-# &3/&"&()&F;# 4&# *:<6# 81&# 0&# .-0-# 2(01/)2=-6# *# )%*=B'# 0&# "*'#
=-/&'# 0&# "-'# $%-$2-'# $%-)*>-(2')*'# 5# 0&# "*# 2()&%$%&)*/2?(# 0&# "*'# .2'.*'6# '&#
0&'*%%-""&# 1(# .-0&"-# 81&# $&%.2)*# &3$"2/*%# &(# $%-71(020*0# &'-'# %-"&'# -# $*$&"&'#
""&=*0-'#*#/*+-#$-%#"*'#.*0%&';#I*%*#&""-6#&"#2(=&')2>*0-%#'&#0&'$"*G*#*"#.1(0-#%&*"#
5#(*)1%*"#&(#81&#02/:*'#*//2-(&'#-/1%%&(6#/&()%H(0-'&#&(#"*#&'&(/2*#0&"#7&(?.&(-6#
/15*# =2'2?(# $1&0&# =*%2*%# &(# 71(/2?(# 0&# "*# $&%/&$/2?(# 0&# /*0*# 2(=&')2>*0-%#
EP:-.*'#5#R&"'-(6#LXX_F;#
!"# $%-$2-# 2(=&')2>*0-%# &'6# $-%# )*()-6# &"# 2(')%1.&()-# $%2(/2$*"# $*%*# &"#
$%-/&'-# 0&#)-.*#0&#0*)-'#*"#2()&%*/)1*%#/-(#"-'#$*%)2/2$*()&'6#'2&(0-#71(0*.&()*"#
'1#'&('2+2"20*0#*"#%&/-$2"*%#"-'#0*)-'#&#2()&%$%&)*%"-';##
b+)&(&%# "-'# 0*)-'# =*"2-'-'# '&# /-(=2&%)&6# 0&# &')&# .-0-6# &(# 1(*# )*%&*#
71(0*.&()*"# &(# &')&# )2$-# 0&# .&)-0-"-><*;# !'-'# 0*)-'# =*"2-'-'6# /-(')2)12%H(# &"#
.*)&%2*"# '?"20-# 81&# $&%.2)*# /-(')%12%# 1(# *(H"2'2'# '2>(292/*)2=-# EK:*%.*G6# LXX]F;#
I&%-6# U81B#/*%*/)&%<')2/*'# 0&+&(# )&(&%#"-'# 0*)-'# $*%*# '&%# /-('20&%*0-'#=*"2-'-'W;#
4&+&(# '&%# 0&)*""*0-'6# .2(1/2-'-'6# /&()%*0-'6# -%2&()*0-'# 5# /-.$"&)-'6# *"# .2'.-#
)2&.$-#81&#%&=&"*%#"-'#02')2()-'#$1()-'#0&#=2')*#0&#"-'#027&%&()&'#$*%)2/2$*()&'6#'1'#
'&()2.2&()-'6#*//2-(&'6#*'<#/-.-#"-'#/-()&3)-'#5#&')%1/)1%*'#0&#'1'#=20*'#EK:*%.*G6#
LXX]F;
!"# -+,&)2=-# 92(*"# &(# "*# -+)&(/2?(# 0&# "-'# 0*)-'# &'# 81&# &"# 2(=&')2>*0-%# '&#
'1.&%,*#&(# "*'# $%-$2*'# &3$&%2&(/2*'#0&# "-'#'1,&)-';# I*%*#&""-6# &'#71(0*.&()*"#1(*#
/-.1(2/*/2?(# 7*=-%*+"&# &()%&# $*%)2/2$*()&'# &# 2(=&')2>*0-%;# Q-'# .B)-0-'# 0&#
2(=&')2>*/2?(# /1*"2)*)2=*# 2()&%$%&)*)2=*#'1$-(&(6# &(# 0&92(2)2=*6# &')102*%# &"# .1(0-#
0&#"-'#$*%)2/2$*()&'6#$*%*#"-#/1*"#&'#0&#&(-%.&#2.$-%)*(/2*##02/:*#/-.$&(&)%*/2?(#
5#+1&(#&()&(02.2&()-#="'#)-)5",#$/@//A,8$.#)%"3&'#EK:*%.*G6#LXX]6#$;SaF;

C"

M*0%&'#5#4&$-%)&

!(#%&"*/2?(#*#&'&#&()&(02.2&()-#c"1.&%#ESa]aF6# #:*/&#%&7&%&(/2*#*"#%&'$&)-#
*#"-'#$*%)2/2$*()&'6# /-('20&%*(0-#02/:*#/-.1(2/*/2?(#/-.-# "*#$%2(/2$*"# &')%*)&>2*#
0&# 02/:-# %&'$&)-;# A# )%*=B'# 0&# &'*# /-.1(2/*/2?(# '&# /-(-/&%H(# 5# *$%&(0&%H(# "-'#
$1()-'# 0&# =2')*# 0&# "-'# $*%)2/2$*()&'# 5# '1'# =20*'6# '2&.$%&# 0&'0&# '1'# $%-$2*'#
$&%'$&/)2=*';#
I&%-# (-# '?"-# "-'# '1,&)-'# '-(# 2.$-%)*()&'# &(# "*# %&/->20*# 0&# 0*)-'6# '2(-#
)*.+2B(# &"# $%-/&'-# .&/H(2/-# 0&# 02/:*# %&/->20*# &'# 71(0*.&()*"# *'<# /-.-# &"#
$%-/&'-# 5# :&%%*.2&()*'# &.$"&*0*'# $*%*# 2(2/2*%# 02/:*# +D'81&0*;# ^"*'&%# ELXXLF#
2(02/*# 81&# #&3&/ .&,/ 3"#&.B# 5# .1&')%*# /?.-# )-0*# "*# 0-/1.&()*/2?(#&(# )-%(-# *#1(#
)?$2/-# 0&# 2(=&')2>*/2?(6# &(# &')&# /*'-# &"# $*$&"# 0&# "*# .*0%&# &(# &"# 0&'*%%-""-#
0&$-%)2=-6#/-(')2)15&(#0*)-'#&(#'<#.2'.-';#R-#-+')*()&6#)-0-'#&'-'#0*)-'#=*%<*(#&(#
/*"20*06#%&"&=*(/2*#5#1)2"20*0#$*%*#&"#$%-/&'-#2()&%$%&)*)2=-6#'2&(0-#&"#2(=&')2>*0-%#
5#'1'#:*+2"20*0&'6#/"*=&'#$*%*#02')2(>12%#"-'#0*)-'#D)2"&'#EK:*%.*G6#LXX]F;#
!(# %&"*/2?(# *"# 2(2/2-# &(# "*# %&/->20*# 0&# 0*)-'# &'# 2.$-%)*()&# "*# (-/2?(# 0&#
?$,.)#)C),%/ -&,-$5#./D!&,-$5#&./ .$,.)E)2)C"3&'$.FB/ Ec"1.&%6# Sa]aF;# !'-'# /-(/&$)-'#
-7%&/&(#20&*'# 2(2/2*"&'# 81&# 7*=-%&/&(#"*#+D'81&0*#5# '&('2+2"20*0#0&"# 2(=&')2>*0-%#
$*%*# $%&>1()*%'&#*/&%/*# 0&# 1(# )&.*# &(# $*%)2/1"*%# 0&# 1(#)?$2/-;# !'-'# /-(/&$)-'6#
0&(-.2(*0-'#$-%#K:*%.*G#ELXX]F#/-.-#!&,-$5#&./:$,$'"2$.B/*/)D*(6#&(#-/*'2-(&'6#
*#.-0-# 0&#$1()-# 0&#$*%)20*#$*%*#&"*+-%*%#"*'# /1&')2-(&'# 0&#"*'#&()%&=2')*'6#.2%*%##
"-'#0*)-'6#&'/1/:*%#*#"-'#&()%&=2')*0-'#-#$&('*%#0&#.*(&%*#*(*"<)2/*#&(#"-'#0*)-';#
Q-'# !&,-$5#&./ 3$/ .$,.)E)2)3"3/ ,1()-# /-(# "-'# 2()&%&'&'# $&%'-(*"&'# 0&"#
2(=&')2>*0-%# /-(')2)15&(#"-'# $1()-'#0&# $*%)20*#$*%*# 0&'*%%-""*%# "*# )&-%<*#5#(-# 1(#
.-)2=-# 0&# "2.2)*/2?(# 0&# 20&*';# R-# -+')*()&6# &'# 2.$-%)*()&# .*()&(&%# "*# .&()&#
*+2&%)*6#'-+%&#)-0-#&(#"*'#$%2.&%*'#7*'&'#0&"#*(H"2'2'#5#0&#"*#2(=&')2>*/2?(6#$*%*#81&#
&'*'#20&*'#$%&/-(/&+20*'#(-#>1<&(#:*/2*#1(#/*.2(-#&812=-/*0-;#
b)%-# *'$&/)-# /"*=&# &(# "*# .&)-0-"-><*# /1*"2)*)2=*# 2(01/)2=*6# &'# '1# /*%H/)&%#
9"&32+"&;# !'*# 9"&32+2"20*0#&'# 1(*#/*%*/)&%<')2/*#)*()-# 0&"# 02'&C-# 0&# "*# 2(=&')2>*/2?(#
/-.-#0&"#$%-/&'-# 0&#%&/->20*#0&#0*)-'#5#0&"#*(H"2'2'#&(#'<#.2'.-6#'1$-(2&(0-# 81&#
.1/:*'#0&/2'2-(&'#$1&0&(#=&%'&#.-0292/*0*'#&(#02/:-#$%-/&'-#ET*""B'6#SaaaF;#I*%*#
M*%':*""#5#d-''.*(#ESaYa6#$;e[F#2"/+2$G)E)2)3"3/$./-'6-)"27/I*))-(#ESaaX6#$;Sa]F6#$-%#

CN

###################################################################################################################################K*$<)1"-#L;#M&)-0-"-><*#0&#"*#N(=&')2>*/2?(

'1# $*%)&6# '&C*"*# 81&# 2&./ 3).$H&./ -6"2)#"#)8&./ -&,#),I",/ .)$,3&/ $1$'%$,#$./),-26.&/
3$.56<./ 3$/ J6$/ -&1)$,C"/ 2"/ '$-&%)3"/ 3$/ 3"#&.7/ J2# +2&(6# 0&')*/*# 81&# $2/ %'"3&/ 3$/
+2$G)E)2)3"3/ 0/"5$'#6'"/ $.B/ .),/ $1E"'%&B/ 6,/ ".6,#&/ 3$/ %'",/ 8"')"-)4,/ $,#'$/ 3).$H&.7/
!'*# .2'.*# $1()1*"2G*/2?(# "*# %&*"2G*# M-%>*(# ESaaL6# $;LL_F# *"# 2(02/*%# 81&#
8)'#6"21$,#$/#&3"/),8$.#)%"-)4,/-6"2)#"#)8"/$.#K/E"."3"/$,/6,/-&,L6,#&/3$/$2$--)&,$./
3$/3).$H&/),)-)"2$./0/$1$'%$,#$.7/#
#

45I52+%-12%2Q,(%/)&12&,2R1#%9
45I5652S12,"#$,>)9#12(%-%2,9#$1#,/)12&,2%<#,"()*"2&,2&1#%9
D&,$'&)0'.-#),$'#$+&,$%"&.'0#,%-1&$*-0-5-*,8
>T)5$+'3*9*T)5$+'3A*BCC"D

Q*# &()%&=2')*#&(#$%-71(020*0#&'#1(#.B)-0-#D)2"#&(#"*#%&/->20*#0&# 0*)-'# &(#=*%2-'#

)2$-'# 0&# 2(=&')2>*/2?(# /1*"2)*)2=*# EK:*%.*G6# LXX]F6# $&%.2)2&(0-# &3$"-%*%# 0&#
.*(&%*#0&)*""*0*#1(#*'$&/)-#0&#"*#%&*"20*0#&(#$*%)2/1"*%;#
#

!(# .&)-0-"-><*# /1*"2)*)2=*# 2(01/)2=*# &'# 1(# /-%%&/)-# &812"2+%2-# 0&# 0-'#

7*/)-%&'#"-# 81&#0&)&%.2(*#"*#/*"20*0#0&#"*#&()%&=2')*;# I-%#1(#"*0-6# "*#&()%&=2')*#:*#

0&#'&%#"-# '192/2&()&.&()&#*+2&%)*#$*%*#(-# >12*%#*"# &()%&=2')*0-#/-(#"*'#$%&>1()*'6#
$*%*# $&%.2)2%# *"# $*%)2/2$*()&# &3$"2/*%# 0&)*""*0*.&()&# 1(# '1/&'-# -# 1(# &()-%(-;#
I&%-6# $-%# -)%-# "*0-6# &"# &()%&=2')*0-%# :*# 0&# )&(&%# "*# :*+2"20*0# 0&# 7-/*"2G*%# "-'#
0&)*""&'#'2>(292/*)2=-'6#81&#&(#&"#$%-$2-#)%*('/1%'-#0&#"*#&()%&=2')*#$1&0*(#&.&%>&%#
EK:*%.*G6# LXX]F;# !"# 2(=&')2>*0-%# 0&+&# *()2/2$*%'&# *# "*'# :2')-%2*'# 5# /%&*%# 1(*#
*0&/1*0*#/-.+2(*/2?(#&()%&#"*#/-(')%1//2?(#0&#"*'#$%&>1()*'#0&#"*#&()%&=2')*#5#"*#
/-(01//2?(#0&#"*#.2'.*;#
!(#&')*#2(=&')2>*/2?(#&"#)2$-#0&#&()%&=2')*#&.$"&*0*#)&(<*#"*'#/*%*/)&%<')2/*'#
0&# '&%# '&.2&')%1/)1%*0*# 5# *+2&%)*;# J&.2&')%1/)1%*0*# $-%81&# (-# :*+<*# 1(# -%0&(#
20&*"# &(# "-# 81&# *# "*# '&/1&(/2*# 0&# "*'# $%&>1()*'# '&# %&92&%&# $*%*# )-0-'# "-'#
$*%)2/2$*()&';#!'# 0&/2%6#*#$&'*%#0&"#>12?(#0&#&()%&=2')*#&"*+-%*0-6#"*'#$%&>1()*'# '&#
*0*$)*+*(# &(# 71(/2?(# 0&"# 0&'*%%-""-# 0&# "*# &()%&=2')*# E4&(G2(6# Sa_XF;# f# *+2&%)*#

CX

M*0%&'#5#4&$-%)&

$-%81&# &"#'1,&)-# &()%&=2')*0-# %&'$-(0<*# 0&#.*(&%*#"2+%&6# *+2&%)*6# *# "*'# $%&>1()*'#

7-%.1"*0*'#EI*))-(6#SaaXF;
#

I-%# -)%-# "*0-6# *"# &.$"&*%#1(# .1&')%&-# )&-%B)2/-# &"# >12?(#0&# &()%&=2')*# (-#

71&# )*(# %&"&=*()&# /-.-# &(#-)%-'# )2$-'# 0&# 2(=&')2>*/2?(# .H'# &')%1/)1%*0-'6# $1&'#
B')&6#)&(0<*#*#&=-"1/2-(*%#5#/*.+2*%#*#"-#"*%>-#0&"#/1%'-#0&#"*#2(=&')2>*/2?(#EK-%+2(#
5#J)%*1''6#LXXYF;#

L;`;S;S;#42'&C-#0&#"*#&()%&=2')*
!(# &')&# *$*%)*0-# '&# .1&')%*(# 0&# .*(&%*# /%-(-"?>2/*6# "*'# 0&/2'2-(&'# 81&# '&#
)-.*%-(#&(#)-%(-#*#"*'#$%&>1()*'#81&#/-(')2)12%<*(#&"#>12?(#0&#&()%&=2')*@
d&0*//2?(# 0&# $%&>1()*'# &(# 71(/2?(# 0&"# -+,&)2=-# $%2(/2$*"# 5# -+,&)2=-'#
&'$&/<92/-'#0&#"*#2(=&')2>*/2?(6#/-(#02')2()-#&(7-81&#'&>D(#'2#'&#)%*)*+*#0&"#
>12?(#$*%*#.*0%&'#-#$*%*#0&$-%)2')*';#^%*(#$*%)&#0&#"*'#$%&>1()*'#&')*+*(#
%&"*/2-(*0*'#/-(#'1'#&3$&%2&(/2*'6#/-(01/)*'6#-$2(2-(&'#5#=*"-%&'#EI*))-(6#
SaaXF;# Q*'# $%&>1()*'# 0&.->%H92/*'# &3$%&'*0*'# $-%# &')&# .2'.-# *1)-%6# '&#
-+)1=2&%-(# *# )%*=B'# 0&#1(*# :-,*# 0&# 0*)-'# '-/2-# 0&$-%)2=-'# EA(&3-# SF#&(#
"1>*%#0&#&(#"*#&()%&=2')*#&(#'<#.2'.*;#
O2(*"2G*0*# "*# %&0*//2?(# 0&"# >12?(# 0&# &()%&=2')*6# .2&.+%-'# 0&"# >%1$-# 0&#
2(=&')2>*/2?(# &'$&/2*"2')*'# &(# 2(=&')2>*/2?(# /1*"2)*)2=*6# '-.&)2&%-(# 02/:-#
>12?(# *# 1(*# %&=2'2?(6# /-(# &"# 92(# D")2.-# 0&# .-0292/*%6# *C*02%# -# &"2.2(*%#
$%&>1()*'#81&#$102&%*(#%&'1")*%#%&2)&%*)2=*';# A#/-()2(1*/2?(#*$*%&/&(#"-'#
+"-81&'# )&.H)2/-'#0&#"*'#&()%&=2')*'#5# "-'#-+,&)2=-'# *#0&'*%%-""*%#&(#/*0*#
1(-#EP*+"*#L;L;F@#
!"#>12?(#0&#&()%&=2')*#%&'1")*()&#'&#'-.&)2?#*#1(#&')102-# $2"-)-;# !(#02/:*#
2(=&')2>*/2?(# '&# %&*"2G*%-(# e# &()%&=2')*'# *# 0&$-%)2')*'# 5# *# '1'# .*0%&'#
EI*"-.-6# LXXaF;# Q*'# /*%*/)&%<')2/*'# 0&# "-'# '1,&)-'# '&# )%*)?# 81&# 71&%*(#
'&.&,*()&'# *# "*'# 0&# "-'# 71)1%-'# $*%)2/2$*()&'# &(# &"# &')102-;# !')*'#
&()%&=2')*'# $&%.2)2&%-(#/-(-/&%#&"# )2&.$-# *$%-32.*0-# 81&# '&# &.$"&*+*#
&(# "*'# .2'.*'6# "*# *0&/1*/2?(# 0&"# =-/*+1"*%2-# 5# &"# &()&(02.2&()-# 0&# "*'#

C!

###################################################################################################################################K*$<)1"-#L;#M&)-0-"-><*#0&#"*#N(=&')2>*/2?(

P*+"*#L;L;#M2&J6$./#$1K#)-&./0/.6/'$2"-)4,/-&,/2&./&EL$#)8&.//
;@AB+!C;D

@S;TUB2+B3V+!E;

I%&>1()*'#81&# (-#&')*+*(#%&"*/2-(*0*'#/-(# (2(>D(#-+,&)2=-#>&(&%*"#(2#&'$&/<92/-#

0&# "*# 2(=&')2>*/2?(6#'2(-#81&#/-(')2)1<*(#1(#.-0-#0&# /*"&()*.2&()-6#$*%*# 81&# &"#

!")()%2&,8%$#)>%

&()%&=2')*0-#)-.*%*#/-(92*(G*;
V12B(&'# &%*(# "-'# $%2(/2$*"&'# 2.$1"'-%&'# $*%*# "*# $%H/)2/*# 0&$-%)2=*# 5# $-%# 81B#
Eb+,&)2=-#!'$&/<92/-#(gS#5#(g[F
I*$&"# 0&# "*# .*0%&# &(# &"# 0&'*%%-""-# 0&$-%)2=-# 0&"# :2,-# Eb+,&)2=-# I%2(/2$*"# 5#
b+,&)2=-#!'$&/<92/-#(g#`F

R,91$$%..%2&,8%$#)>% K?.-# *7&/)*+*# &"# *$-5-# $%&')*0-# *# "-'# 0&$-%)2')*'# *# "-# "*%>-# 0&"# 0&'*%%-""-#
0&$-%)2=-#Eb+,&)2=-#!'$&/<92/-#(gLF
V1B#"&'#'1$-(<*#*#"*'#.*0%&'#$%&')*%#02/:*#*510*#Eb+,&)2=-#!'$&/<92/-#(gS#5#(geF
V1B# $*$&"&'# /-(/%&)-'# %&*"2G*+*(# "*'# .*0%&'# $*%*# *510*%# *# "-'# 0&$-%)2')*'#
Eb+,&)2=-#I%2(/2$*"#5#b+,&)2=-#!'$&/<92/-#(g#`F

718,.,92?2$%.,9

V1B# /*%*/)&%<')2/*'# )&(<*(# &'-'# %-"&'# Eb+,&)2=-# I%2(/2$*"# 5# b+,&)2=-# !'$&/<92/-#

(g`F
V1B# $*$&"# 02')2()-# ""&=*+*(# *# /*+-# .*0%&# 5# $*0%&# &(# &"# 0&$-%)&# 0&# "-'# :2,-'#
Eb+,&)2=-#!'$&/<92/-#(g`#5#(g[F
V1B#$*$&"# 0&'*%%-""*+*(#"*'#.*0%&'#&(#"-'#.-.&()-'#029</2"&'#Eb+,&)2=-#I%2(/2$*"#
5#b+,&)2=-#!'$&/<92/-#(g`F

3%-,"#%92&)J0().,9

K?.-# *7&/)*+*# &"# *$-5-# $%&')*0-# $-%# "*'# .*0%&'# *# "-'# 0&$-%)2')*'# &(# &'-'#
.-.&()-'#Eb+,&)2=-#!'$&/<92/-#(gLF
Q*# /-"*+-%*/2?(# 0&"# $*0%&# &(# &'-'# .-.&()-'# &%*# $*%&/20*# *# "*# 0&# "*# .*0%&#
Eb+,&)2=-#!'$&/<92/-#(g[F
V1B#'*/%292/*(#"*'#.*0%&'#$-%#&"#0&$-%)&#0&#"-'#:2,-'#Eb+,&)2=-#!'$&/<92/-#(g#eF
A#81B#%&(1(/2*(#"*'#.*0%&'#$-%#&'&#0&$-%)&#Eb+,&)2=-#!'$&/<92/-#(geF

Q,"'"()192?2
D1($)J)()%9

V1B# '1$-(&#*#(2=&"# 7*.2"2*%#5#81B# 2.$"2/*/2?(#)2&(&#&"# 0&$-%)&# 0&"#:2,-#Eb+,&)2=-#

!'$&/<92/-#(geF
Q-'#$*0%&'# E=*%-(&'F# '*/%292/*(# "-#.2'.-#81&# "*'# .*0%&'# $-%#&"# 0&$-%)&# 0&# "-'#
:2,-'#Eb+,&)2=-'#!'$&/<92/-#(g[F
V1B#""&=*+*#*#"*#.*0%&#*#*$-5*%#*#'1#:2,-#&(#'1#0&$-%)&#Eb+,&)2=-#!'$&/<92/-#(gSF
V1B# 027&%&()&'# .-)2=*/2-(&'# ""&=*+*(# *# .*0%&# 5# $*0%&# *# *$-5*%# *# '1# :2,-#

3%#)>1()%",9

0&$-%)2')*#Eb+,&)2=-'#!'$&/<92/-#(gS#5#(g#[F
!32')&#%&"*/2?(#&()%&#"-'#.-)2=-'#$-%#"-'#81&#"*'#.*0%&'#*510*(#*# '1'#:2,-'#&(#'1#
0&$-%)&#5#"-'#%-"&'#&(#'<#.2'.-'#Eb+,&)2=-#I%2(/2$*"#5#!'$&/<92/-#(gS#5#(g`F

P"W(&%#19

M-.&()-'# &'$&/2*"&'# &(# 81&# "*'# .*0%&'# :*5*(#'20-# "*'# $%-)*>-(2')*'# Eb+,&)2=-#
I%2(/2$*"#5#b+,&)2=-#!'$&/<92/-#(g`F

CC

M*0%&'#5#4&$-%)&

$%&>1()*';# I-%# -)%-# "*0-6# $&%.2)2?# )*.+2B(# *# "*# 2(=&')2>*0-%*#

7*.2"2*%2G*%'&#/-(#&')*#)B/(2/*#0&#%&/->20*#0&#0*)-';#
#

O2(*"2G*0*'#"*'#&()%&=2')*'# '&#"&'#'-"2/2)*+*#1(#7&&0+*/h#*#"-'#&()%&=2')*0-'#

/-('1")H(0-"&'#*/&%/*#0&#"*#*0&/1*/2?(#5#7*/2"20*0#$*%*#/-.$%&(0&%#"*'#$%&>1()*';##
K-(/"120*#"*#&3$&%2&(/2*#$2"-)-6#'&#&"*+-%?#&"#>12?(#0&#&()%&=2')*#0&92(2)2=-#
EA(&3-# LF6# /15*# %&0*//2?(# 0&92(2)2=*# /-()*+*# /-(# /*)-%/&# $%&>1()*'#
$%2(/2$*"&'#02=2020*'#&(#'2&)&#+"-81&';# !(#/*0*#+"-81&#:*+<*#)*.+2B(6# 1(*#
'&%2&# 0&#'1+$%&>1()*'#81&# &%*(#%&*"2G*0*'# D(2/*.&()&#'2# &"# &()%&=2')*0-#
:*/<*#*"1'2?(#*"#)&.*#*"#81&#:*/<*(#%&7&%&(/2*;#!"#&()%&=2')*0-%#:*/<*#-)%*'#
$%&>1()*'# 81&# (-# '&# &(/-()%*+*(# &(# &"# >12?(6# /-(# &"# -+,&)2=-# 92(*"# 0&#
*/"*%*%#*'$&/)-'#81&#(-#"&#81&0*+*(#/"*%-'#-#$*%*#$%-71(02G*%#&(#1(#)&.*#
(1&=-#81&#&.&%><*#&(#&"#$%-$2-#/1%'-#0&#"*#&()%&=2')*;#
#

!.$"&*%# 02/:*# &')%*)&>2*# $&%.2)2?# 81&# &"# >12?(# 0&# "*# &()%&=2')*# 71&'&#

.-0292/*0-# *# "-# "*%>-# 0&# )-0-# &"# $%-/&'-# 0&# )-.*# 0&# 0*)-'6# *C*02&(0-# -#
'1')2)15&(0-# #*">1(*'# 0&# "*'# '1+$%&>1()*';# !"# /1&%$-# 0&"# >12?(6# '2(# &.+*%>-6# '&#
.*()1=-# 2()*/)-# *# "-# "*%>-# 0&# )-0-# &"# $%-/&'-;# !(# /1*"812&%# /*'-6# &"# )2$-# 0&#
&()%&=2')*#%&81&%<*#1(*#>%*(#/-(/&()%*/2?(#5#*)&(/2?(##01%*()&# "*# .2'.*# /-.-#
/"*=&#$*%*#1(#+1&(#0&'*%%-""-#5#/*"20*0#&(#"*#)-.*#0&#0*)-';#

45I5452S129,.,(()*"2&,2.%9281$#)()81"#,9
I*%*#"*#'&"&//2?(#0&#"-'#$*%)2/2$*()&'#'&#&.$"&?#&"# 16$.#'$&/E"."3&/$,/ 6,/ -')#$')&6#
)B%.2(-#*/1C*0-# $-%#^-&)G#5#Q&K-.$)&#ESaYeF#$*%*#:*/&%#%&7&%&(/2*#*#/?.-#&'#&"#
2(=&')2>*0-%# &"# %&'$-('*+"&# 0&# &')*+"&/&%# "-'# /%2)&%2-'# 81&# 0&+&(# /1.$"2%# "-'#
$*%)2/2$*()&'#&(#&"#&')102-;# !(#&')&#/*'-6#"-'#$*%)2/2$*()&'#&%*(#0&$-%)2')*'#0&#*")-#
(2=&"#5#'1'#.*0%&';#!'&#*")-#(2=&"#81&0*+*#0&92(20-#$-%@
*; J&%#.*5-%#0&# &0*06# &"#0&$-%)2')*#&(# &"# .-.&()-# 0&#"*# &()%&=2')*#0&+<*#
)&(&%#/1.$"20-'#"-'#SY#*C-';

B@@

###################################################################################################################################K*$<)1"-#L;#M&)-0-"-><*#0&#"*#N(=&')2>*/2?(

+; O-%.*%#-#:*+&%#7-%.*0-#$*%)&#0&#"*#'&"&//2?(#(*/2-(*"#01%*()&#*"#.&(-'#
`#*C-'#:*')*#&"#.-.&()-#0&#"*#&()%&=2')*;
/; !(# 0&$-%)&# 2(02=201*"6# '&%# -# :*+&%# '20-# O2(*"2')*# &(# K*.$&-(*)-# 0&#
!'$*C*#&(#/*)&>-%<*#*+'-"1)*;
0; !(# 0&$-%)&# /-"&/)2=-6# .2"2)*%# -# :*+&%# .2"2)*0-# &(# "*# .H32.*# /*)&>-%<*#
(*/2-(*"#01%*()&#*"#.&(-'#1(*#)&.$-%*0*;
!')-'# &%*(# "-'# %&812'2)-'# .<(2.-'# 81&# 0&+<*(# /1.$"2%# "-'# 0&$-%)2')*'6# '2#
+2&(6#.1/:-'#0&#&""-'#:*+<*(#'20-#K*.$&-(&'#b"<.$2/-'6#M1(02*"&'#-#!1%-$&-';#!(#
0&92(2)2=*#'&#)%*)?#0&#/-('&>12%#*81&""-'#0&$-%)2')*'#/15*'#&3$&%2&(/2*'#5#=2=&(/2*'#
.H'#$102&%*(#-7%&/&%;# Q*'#.*0%&'6#'2(#&.+*%>-6#(-#0&+<*(#/1.$"2%#(2(>D(#)2$-#0&#
%&812'2)-;#Q*'#/*%*/)&%<')2/*'#0&#"-'#0&$-%)2')*'#5#'1'#.*0%&'#*$*%&/&(#&(#"*'#)*+"*'#
'2>12&()&'# EP*+"*# L;`;# 5# L;e;F# /15-'# 0&)*""&'# &(# %&"*/2?(# *"# (2=&"# 0&# &')102-'6#
'2)1*/2?(#"*+-%*"#5#&')*0-#/2=2"#*$*%&/&(#&(#&"#A(&3-#`;
#

Q*'# 0&/2'2-(&'# .1&')%*"&'6# $-%# )*()-6# *+-%0*(# )-0-# "-# %&7&%&()&# *# "*#

'&"&//2?(#0&#/-()&3)-'6# /*'-'#5#7&/:*'# ET*""B'6# SaaaF;# Q*#&"&//2?(#0&#"-'# 027&%&()&'#

/-()&3)-'#&(#"-'#81&#/-()*/)*%#/-(#"-'#0&$-%)2')*'#'&#:2G-# 1)2"2G*(0-# &"#/%2)&%2-#0&#
"*# :&)&%->&(&20*06# &(#/15*#+D'81&0*# 0&#027&%&()&'# "1>*%&'# >&->%H92/-'6# 02')2()*'#
/"*'&'# '-/2*"&'6# >&(&%*/2-(&'# -# 0&'*%%-""-# 0&$-%)2=-# '&# )%*)*+*# 0&# 0&'/1+%2%# "*#
=*%2*/2?(# 0&"# $*$&"# 0&# "*# .*0%&;# 4&()%-# 0&# &'-'# /-()&3)-'# '&# '&"&//2-(*%-(# "-'#
/*'-'# 2(02=201*"&'#+1'/*(0-6# )*.+2B(6# >%*(# =*%2&0*0#&(# /1*()-# *# 0&$-%)&';# !(#"*#
.1&')%*# 81&0*+*(# %&$%&'&()*0*'# 1(# )-)*"# 0&# _# $%-=2(/2*'# Ec*%/&"-(*6# K?%0-+*6#
^%*(*0*6# M*0%206# MH"*>*6# J&>-=2*# 5# T2)-%2*F# 0&# [# K-.1(20*0&'# A1)?(-.*'#
EA(0*"1/<*6#K*')2""*#5#Q&?(6#K*)*"1C*6#K-.1(20*0#0&#M*0%20#5#I*<'#T*'/-F#5#1(#)-)*"#
0&# S`# 0&$-%)&'# E*)"&)2'.-6# +*"-(.*(-6# +-3&-6# &'>%2.*6# 7D)+-"6# >2.(*'2*# %<).2/*6#
:-/h&5# $*)2(&'6# ,10-6# (*)*/2?(6# (*)*/2?(# '2(/%-(2G*0*6# 'h2# /%-''6# )*&hi-(0-# 5#
i*)&%$-"-F;# !')*# $"1%*"20*0# $&%.2)<*# 02')2(>12%# "-'# $-'2+"&'# /-.$-%)*.2&()-'#
0&'2>1*"&'#0&#"*#.*0%&#&(#+*'&#*#)-0*'#&'*'#027&%&(/2*';#
UK1H()*'# &()%&=2')*'# '-(# '192/2&()&'# &(#2(=&')2>*/2?(# /1*"2)*)2=*W#I*%*# 0*%#
%&$1&')*#*#&')*#$%&>1()*#c*h&%#5#!0i*%0'#ELXSLF#%&D(&(#&"#)&')2.-(2-#0&# #

B@B

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

1"23"'/4.4'!"#$%&%$'($)*+$,#(-$%&!*+$,#(%#"%

!"#$%&'(&)

*"+$

,-)-

./&'0$1
2"&'%)-$

34-'0'-5)61
7$6"/&'0$

8'0"69
,(&5-'$(

:$%)(9
;%</&'/)9
!"6'="%)-)

8>?"%$9
.@$(9
;%$A"('$4)6

$!

#&

'

&*+"

$#

)#

'

$)

+-

$+

+#

$,

+!

$-

$0

B"C$%9
;5"(&$9
DDEE

B"C$%9
;5"(&$9
B54-')6

B"C$%9
;5"(&$9
,5%$#"$

8F9G"/"(9
7)?#"H49
,(#)@)

!"

!!

!,,-&

!+

!+

!!

!+#0#

!-

!"

!#*)-

!&

&#"&

#"

#"

&

#0

'

!!0++

#,

'

0!!"

$&

,"

&"!,

#"

&

$*

)#

&,#,

$!"

+!

!)!"&

#-

/'0'.

$!!

))

!"&,-

!#

"3,

,)

$!#

)+

**#"

)!

#)

&

$!)

+!

!)&!-

!"

!)

/'0'-

!"#

8>?"%$9
.@$(9
2"&'%)-)

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

!"#$%&'(&)

*"+$

,-)-

./&'0$1
2"&'%)-$

34-'0'-5)61
7$6"/&'0$

8'0"69
,(&5-'$(

:$%)(9
;%</&'/)9
!"6'="%)-)

8>?"%$9
.@$(9
;%$A"('$4)6

$!%

&

#'

!%*"*

$!,

'.

'

$!.

'+

$!+

&

#!

$!*

&

#"

$!0

$'"

&

IEI.J

B"C$%9
;5"(&$9
DDEE

B"C$%9
;5"(&$9
B54-')6

B"C$%9
;5"(&$9
,5%$#"$

8F9G"/"(9
7)?#"H49
,(#)@)

!'

**!.

!"

'

.,'"

'

'#"."

!%

!"

!+!"%

%#

!"+!'

!"

!#

%!

0*#'

!0

!%

R9.
KM92

9KM93
R97

KS9O
OS9R
MS9L
TSO

KKULM

KQ
O9P9OU

VWN
QWN9P9OQ

KK9G
MN
L9B ONPNQ

!"#

8>?"%$9
.@$(9
2"&'%)-)

U9B"-)66)(
O9E%$
R9
KO9
O9;6)&) B"-)66)( B"-)66)(
O9X%$4/"

KNV97)?#Y
,(#)@)

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

@"A;"'3B/B'!"#$%&%$'($)*+$,#(-$%&."),*%
!"#$%

&#"#

'"$()*)+"*),-.#%+/$()0"

1)0%2

1)0%2.&3(4#)/3

5)(4"*),-.6"7/$"2

&3("#/.8)0)2

19:%$/.#%.;)</3

'4%3(/.=4%./*4+".%2.#%+/$()3("

!-

./

01

!3

45

6+

!2

84

6+

!/

88

6+

!.

8-

01

!4

.3

01

!8

.4

6+

!9

84

6+

!:

.:

6+

!--

4.

01

!-3

4-

&1

!-/

..

6+

!-.

..

01

!-4

.3

01

!-9

4-

01

!-:

88

6+

!35

42

6+

!-5'7'!-2'7'!-8

6+'&%'$%";1<='%>,$%?1&,"

!"#

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

!"#$%&!'()*+$%, )$, +$"*-.+$/, $%0$1!(2!3()*%, $", !"#$%&!'(1!4", 15(2!&(&!#(/, (%6,

1*-*, (, (2'5"*%, !"#$%&!'()*+$%, "*#$2$%, 0(+(, &+(&(+, )$, (12(+(+, $%(, )5)(, %!$-0+$,
0+$%$"&$, $", $%&$, &!0*, )$, !"#$%&!'(1!*"$%7, 8", $%$, )*15-$"&*, 9*21*&&, :(1$,
+$;$+$"1!(, (, 14-*, (2, !'5(2, <5$, *15++$, 1*", &*)*%, 2*%, ;(1&*+$%, )$, 2(, !"#$%&!'(1!4",
15(2!&(&!#(/, $2, "=-$+*, )$, $"&+$#!%&(%, (, +$(2!3(+, !"#"$!"/, :(1!$")*, +$;$+$"1!(, (,
14-*, %&' (&)*+&,-.$' "(' ,"$)+&%' "$' "%' /*"()+"0' ,*&%-)&)-107, >+?-("/, $", 2(, -!%-(,
!"#$%&!'(1!4"/, $@02!1(, 14-*, %&' 23(4*"!&' !"' %&' (&)*+&,-.$' 5*"+6&' &%' -$1"()-7&!0+' &'
,0/2-$&+'/*"()+"08'+",0%",,-.$'!"' !&)0('9'&$:%-(-('!"'%0('/-(/0(8' "$' %*7&+'!"')+&)&+'
,&!&' 5&("' !"' /&$"+&'("#&+&!&8' ,0/0' *$'#+0,"(0' %-$"&%7, A&+*%, (5&*+$%, :(.2(",)$,2(,
"*,$@!%&$"1!(,)$,5",$3/"+0'/:7-,0,0(+(,)(+,+$%05$%&(,(,2(,0+$'5"&(,B>$1C$+D/,*,)$,
2(, 1(+$"1!(, )$, 5"(, +"7%&' #+:,)-,&, B>+(""$", ?, E*+(-D/, )$&(22(")*, 14-*, 2*, -F%,
!-0*+&("&$,0(+(, )$1!)!+, $2, "=-$+*, )$, $"&+$#!%&(%, (,+$(2!3(+, $%, )"$"+'"$' ,*"$)&' "%'
#+0#.(-)0' !"' %&' -$1"()-7&,-.$8' "%' )-#0' !"' #+"7*$)&(' !"' -$1"()-7&,-.$' 9' %&('
,&+&,)"+;()-,&(' "(#",;<-,&(' !"' %&' /")0!0%07;&' "/#%"&!&7, A&+*%, !"#$%&!'()*+$%/,
!"125%*/,0*"$",$",)5)(,%!, $%,2(,$"&+$#!%&(,$2,-$G*+,1(-!"*,0(+(,2(,*.&$"1!4",)$,2*%,
)(&*%, (2, %$+, 1*"%!)$+()(, 5", #+0,"!-/-"$)0' &+)-<-,-&%' *, (-)*&,-.$' 50+6&!&' BH!22$+, ?,
&$",I(#$D7,8%&*%,(5&*+$%,%5'!$+$",5"(,'+(",1(5&$2(,$",$2,$-02$*,)$,2(%,$"&+$#!%&(%7,,

J7K7J7L7,H5$%&+$*,M$*+N&!1*
82,-5$%&+$*,&$*+N&!1*,1*"%!%&$,$",5"(,&N1"!1(,)$,0+*1$)!-!$"&*/,0(+(,&+(&(+,)$,)(+,
+$%05$%&(,(,<5N,)(&*%,+$1*'$+/, 15F")*/, )4")$,?,14-*7,82, -5$%&+$*, &$*+N&!1*,$%,5",
0+*1$%*, (.!$+&*,?,O2$@!.2$,$",$2,<5$,2*%,0+*0!*%,%5G$&*%,?, $2,("F2!%!%,%!-52&F"$*,)$,
2*%,)(&*%,'56(",2(,0+4@!-(,+$1*'!)(,)$,2*%,-!%-*%7,82,!"#$%&!'()*+,<5$,$-02$(,$%&(,
&N1"!1(, (15)$, (, 2*%, 25'(+$%/, 0$+%*"(%, ?, %!&5(1!*"$%, <5$, )(+F", -F%, !";*+-(1!4",
%*.+$,2*%, 1*"1$0&*%, )$,2*%,<5$,$2, !"#$%&!'()*+,<5!$+(,(0+$")$+, -F%/, 0$+-!&!$")*,
$@02*+(+, )!1:*%, 1*"1$0&*%, $", 0+*;5")!)()7, 8", )$O!"!&!#(/, $2, -5$%&+$*, &$*+N&!1*,
%!'"!O!1(, .5%1(+, )(&*%, 0$+&!"$"&$%, <5$, (?5)$", (, )$%(++*22(+, 2(, &$*+6(, $-$+'$"&$/,
%!$")*, $2, *.G$&!#*, O!"(2, )$, $%&(, &N1"!1(, $2(.*+(+, ?, +$O!"(+, $%(%, 1(&$'*+6(%,
1*"%&!&5?$"&$%,)$,2(,&$*+6(,BE:(+-(3/,JPPQD7

!"#

,".7-3)8)9-#(7%-

E*-*, !")!1(+*", E*+.!", ?, R&+(5%%, BJPPS/, 07LTKD, "%' /*"()+"0' )"0+=)-,0' "('"%'
/=)0!0' !"' +",0%",,-.$' !"' !&)0(' 2&(&!0' "$' %0(' ,0$,"#)0(>)"/&(' !"+-1&!0(' !"' %0('
!&)0(?' @%' 02A")-10' <-$&%'!"' "()&'B"++&/-"$)&'"('+",07"+'!&)0('!"' %*7&+"(8' #"+(0$&('9'
"1"$)0(' 4*"' /&C-/-,"$' %&('0#0+)*$-!&!"(' !"' !"(&++0%%&+' ,0$,"#)0('"$' )=+/-$0(' !"'
(*(' #+0#-"!&!"(' 9' !-/"$(-0$"(8' !"()&#&$!0' 1&+-"!&!"(' "' -!"$)-<-,&$!0' +"%&,-0$"('
"$)+"',0$,"#)0(?$
,

8%&$, &!0*, )$, -5$%&+$*, $%, (15-52(&!#*, ?, $%, <5$, 2*%, )(&*%, %$, +$1*'$", ?,

1*"%&+5?$", %*.+$, )(&*%, 0+$#!(-$"&$, +$1*'!)*%, ?, ("(2!3()*%7, 8%, &(-.!N",

$%&+(&N'!1*/,$%0$16O!1*,?,%!%&$-F&!1*/, ;(#*+$1!$")*,$2,(#("1$,)$2,("F2!%!%,BE:(+-(3/,
JPPQD7, U)$-F%, 2(, -5$%&+(, %$, #5$2#$, 1()(, #$3, -F%, $%0$16O!1(, 05$%&*, <5$, 2(%,
0+$'5"&(%, %*", 1()(, #$3, -F%, 1*"1+$&(%, ?, $2, !"#$%&!'()*+, .5%1(, 2(, %(&5+(1!4", )$,
1(&$'*+6(%,BE*+.!",?,R&+(5%%/,JPPSD7,R$,&+(&(,)$,5",0+*1$%*,,0$)+0%&!0,0*+,2(,&$*+6(,
$-$+'$"&$, <5$, +$<5!$+$, 5"(, !-0*+&("&$, )*%!%, )$, !-('!"(1!4", 0*+, 0(+&$, )$2,
("(2!%&(,BR&+(5%%/,LVSWD7,

J7K7J7L7L7,U%0$1&*%,M$-0*+(2$%,)$2,H5$%&+$*,M$*+N&!1*

82,("F2!%!%,%$,!"!1!(,15(")*,%$,)!%0*"$,)$,2*%,0+!-$+*%,)(&*%7,8%$,("F2!%!%,'56(,:(1!(,
1*"1$0&*%/, 2*%, 15(2$%, '$"$+(", 0+$'5"&(%7, 8%(%, 0+$'5"&(%/, (, %5, #$3/, %50*"$", -F%,
+$1*2$11!4",)$,)(&*%/,0*+,2*,<5$,$2,!"#$%&!'()*+,(0+$")$,%*.+$,$%*%,1*"1$0&*%7,8%&$,
0+*1$%*,1!+152(+,1*"&!"=(,:(%&(,<5$,2(,!"#$%&!'(1!4",(21("1$,2*,<5$,%$,1*"*1$,1*-*,
%(&5+(1!4", &$4+!1(7, 8%, $2, 05"&*, $", <5$, $2, !"#$%&!'()*+, :(, )$O!"!)*, ?, $@02!1()*,
1*++$1&(-$"&$,&*)*%,2*%,1*"1$0&*%/,15(")*,"*,$-$+'$","5$#(%,1(&$'*+6(%,*,&$-(%,
+$2$#("&$%,)$2,("F2!%!%,BE*+.!",?,R&+(5%%/,JPPSD7
X(+(,E:(+-(3, BJPPQ/, 07LPPD,%&' /*"()+&' -$-,-&%' "$' D"0+;&' E*$!&/"$)&!&' "('
!"(!"' !0$!"' ("' "/#-"6&8' /-"$)+&(' 4*"' "%' /*"()+"0' )"0+=)-,0' "('"%' 4*"' !-+-7"' B&,-&'
!0$!"' -+?' Y*%, !"#$%&!'()*+$%, )$.$", %$+, 1*"%1!$"&$%, )$, "*, 1*"125!+, $2, $%&5)!*,
)$-(%!()*,0+*"&*/,%50*"!$")*,$22*,2(,0N+)!)(,)$,!-0*+&("&$,!";*+-(1!4"7,Z,$%,<5$,
$2, 0+*1$%*, )$,-5$%&+$*, &$*+N&!1*, 1*"&!"=(/, $",-51:*%, 1(%*%/, )5+("&$, 2(,$%1+!&5+(,

!"%

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

)$, 2*%, +$%52&()*%, ?, "*, O!"(2!3(, )$O!"!&!#(-$"&$, :(%&(, <5$, $2, 0+*1$%*, )$,
!"#$%&!'(1!4",:(,1*"125!)*,BE:(+-(3/,JPPQD7,

J7K7J7L7J7,A&+*%,(%0$1&*%,(,&$"$+,$",15$"&(,%*.+$,$2,H5$%&+$*,M$*+N&!1*

Y(, -5$%&+(, $", $%&$, &!0*, )$, !"#$%&!'(1!*"$%, "*, %$, )$O!"$, (, 0+!*+!/, %!, .!$", %!, $%,
"$1$%(+!*, &*-(+,5"(,%$+!$,)$, )$1!%!*"$%, !"!1!(2$%, %*.+$, 2(, )!+$11!4",?,25'(+, $",$2,
<5$, 1*-$"3(+F,2(,+$1*'!)(, )$,2*%, )(&*%7, R&+(5%%,BLVSW/, 07KVD,([()$\, ,*&$!0' "()&'
0#"+&,-.$'&$&%;)-,&'("'B&,"'2-"$8'#&7&'*$0('&%)0('!-1-!"$!0('&%'/01"+'9'!"(&++0%%&+'%&'
)"0+;&'!"'/&$"+&'+:#-!&'9'"<-,-"$)"?,R!'5!$")*,(,E*+.!",?,R&+(5%%,BJPPSD,%*",&+$%,2(%,
1*"%!)$+(1!*"$%,0+$#!(%,<5$,+$1*-!$")(",:(1$+\
]$1!%!*"$%, %*.+$, $2, 25'(+, *, '+50*, (, $%&5)!(+7, H5?, +$2(1!*"()*, 1*", $2,
0+*04%!&*,)$,2(,!"#$%&!'(1!4"7
]$1!%!*"$%,%*.+$,$2, &!0*,)$, )(&*%, <5$, #(",(, $-02$(+%$7, Y(%, 0*%!.!2!)()$%,
(1$+1(, )$,2(%,&N1"!1(%, $",2(,+$1*'!)(, )$,)(&*%, %*",#(+!()(%\, *.%$+#(1!4"/,
$"&+$#!%&(%/, )*15-$"&*%/, -$-*+!(%/, .!*'+(O6(%/, '+(.(1!*"$%, )$, (5)!*, *,
#6)$*, *, (2'5"(, 1*-.!"(1!4", )$, &*)(%, $22(%7, Y(, $2$11!4", O!"(2, )$.!$+(,
:(1$+%$, %*.+$, 2(, 0+$-!%(, )$, <5N, )(&*%, &!$"$", 5", -(?*+, 0*&$"1!(2, 0(+(,
1(0&5+(+,$2,&!0*,)$,!";*+-(1!4",)$%$()(7,
]$1!%!*"$%,(1$+1(,)$,15F"&*,&!$-0*,5",25'(+,)$.$,%$+,$%&5)!()*7, ^",25'(+,
)$.$, %$+, $%&5)!()*, )5+("&$, $2, &!$-0*, <5$, )$, !";*+-(1!4"7, R!", $-.(+'*/,
2(%, )$1!%!*"$%, %*.+$, 2*%, )!;$+$"&$%, 25'(+$%, <5$, )$.$", %$+, $%&5)!()*%, %$,
&*-(",(,-$)!)(,<5$,$2,$%&5)!*,0+*'+$%(/,$",;5"1!4",)$,2*%,1*"1$0&*%7,
A&+(%, )*%, 1(+(1&$+6%&!1(%, %*", 22(-(&!#(%, )$, $%&$, &!0*, )$, ("F2!%!%, $-02$()*7,
_"!1!(2-$"&$/, 2(, 0*%!.!2!)(), )$, <5$, $", 15(2<5!$+, -*-$"&*, )$2, 0+*1$%*/, 2(%,
)$1!%!*"$%,05$)(",-*)!O!1(+%$,$",-(?*+,*,-$"*+,-$)!)(,$",.(%$,,(2,&+("%15+%*,)$,
2(, !"#$%&!'(1!4"`,$",%$'5")*, 25'(+,2(,.=%<5$)(, )$, 1(%*%,"$'(&!#*%7, R$,(1$0&(, $%&(,
15$%&!4", 1*-*, 5", (%0$1&*, (-.!'5*/, 15?(, +$%05$%&(, ?, $"1(G$, 1*", 2(, M$*+6(,
a5")(-$"&()(/, )$0$")$, )$, 2(, ;5$"&$, )$, $%*%, 1(%*%, "$'(&!#*%, ?, )$, 14-*, $2,
!"#$%&!'()*+,5&!2!1$,$%*%,1(%*%,0(+(,)(+,;*+-(,(,2(,M$*+6(,BE:(+-(3/,JPPQD7,

!"&

,".7-3)8)9-#(7%-

J7K7J7L7K7,H5$%&+$*,M$*+N&!1*,$",$%&(,!"#$%&!'(1!4"

X*+,&*)*,$22*/,$2,&!0*,)$,-$&*)*2*'6(,$-02$()(,$",$%&$,$%&5)!*,"*,0$+-!&6(,)$O!"!+,(,
0+!*+!,$2,"=-$+*,)$,0(+&!1!0("&$%,"$1$%(+!*%,0(+(,$2,$%&5)!*/,%!"*,<5$,;5$,$2,0+*0!*,
0+*1$%*, )$, !"#$%&!'(1!4", ?, ("F2!%!%, $2, <5$, 2*, -(+1(+6(7, M(-0*1*, %$, )$O!"!4, (2,
1*-!$"3*,<5!N"$%,%$+6(",2*%,0(+&!1!0("&$%,%!"*,<5$,%$+6(/, !'5(2-$"&$/,$2,0+*1$%*, ?,
$2,("F2!%!%,)$,2*%,)(&*%,2*%,<5$,'5!(+6(",)!1:(,-5$%&+(7,
_"!1!(2-$"&$/, 2(,!"#$%&!'(1!4",0+$&$")6(,1*"*1$+,$2, 0(0$2, )$,2(%, -()+$%, )$,
)$0*+&!%&(%, $%0([*2$%, $", (1&!#*, )$, (2&*, "!#$27, R!, .!$"/, &+(%, )*%, $"&+$#!%&(%, 1*",
)$0*+&!%&(%,$",(1&!#*,?,%5%,-()+$%/,1*"125!-*%,2(,"$1$%!)(),)$,)!+!'!+"*%,&(-.!N",
(, (<5$22*%,15?(,1(++$+(, :5.!$%$, 1*"125!)*/, (2,0$"%(+, <5$, 2(, 0$+1$01!4", 0*)6(, %$+,
)!;$+$"&$,$",)$0*+&!%&(%,+$&!+()*%7, Y(,O2$@!.!2!)(),)$,2(,!"#$%&!'(1!4","*%,0$+-!&!4,
)!1:(, -*)!O!1(1!4"7, U, 0(+&!+, )$, $%$, -*-$"&*/, 2(,-5$%&+(, %$,)!+!'6(, "*, %42*, (, 2*%,
)$0*+&!%&(%, $", (1&!#*, %!"*, &(-.!N", (, )$0*+&!%&(%, +$&!+()*%, )$, )!;$+$"&$%,
'$"$+(1!*"$%/,05$%,&(-.!N",$2,(#("1$,)$,2(,&*-(,)$,)(&*%,"*%,-*%&+4,14-*, 0*)6(,
#(+!(+,$%$,0(0$2,)$,2(,-()+$,$",;5"1!4",)$,2(,'$"$+(1!4",)$0*+&!#(,(,2(,<5$,:5.!$+(,
0$+&$"$1!)*,$2,)$0*+&!%&(7,
a!"(2-$"&$, ;5$+*", $"&+$#!%&()*%, JP, )$0*+&!%&(%, ?, LW, -()+$%/, 2*, <5$,
%!'"!O!1(,<5$,$",$2,("F2!%!%, )$,$%(%,KW,$"&+$#!%&(%, %$,(21("34, 2(, %(&5+(1!4",&$4+!1(7,
8%&$,0+*1$)!-!$"&*,)$,+$1*'!)(,)$,)(&*%,$",2*,+$;$+$"&$,(,2(,-5$%&+(/,1*"#$+'$,1*",
2*%,0+*1$)!-!$"&*,$-02$()*%,$",2(,M$*+6(,a5")(-$"&()(,Bb2(%$+,?,R&+(5%%/,LVQWD7,
8",2(,.=%<5$)(,)$,2*%,0(+&!1!0("&$%,2*,-F%,!-0*+&("&$,;5$,2(,1(2!)(),)$,2*%,-!%-*%,
;+$"&$,(,2(,1("&!)(),)$,%5G$&*%,BE:(+-(3/,JPPQD7,,

!"#"#"$%&'()*(&
82,!"!1!*,)$,2(,&*-(,)$,)(&*%,1*-$"34,1*",$2,1*"&(1&*,1*",)$0*+&!%&(%,?,%5%,-()+$%,
.!$", 0*+, #6(, &$2$;4"!1(/, 0*+, 1*++$*, $2$1&+4"!1*, *, $", 0$+%*"(7, M+(%, #(+!(%,
1*"#$+%(1!*"$%, 1*", $2, *.G$&!#*, )$, 1*"*1$+, (, 2*%, 0(+&!1!0("&$%, ?, )$, <5$, $22*%,
-!%-*%,&*-(%$",1!$+&(,1*"O!("3(,1*",2(,$"&+$#!%&()*+(/, %$,1*"1+$&4,5"(,1!&(,0(+(,
2(,+$(2!3(1!4",)$,2(,$"&+$#!%&(7,U"&$%,)$,)!1:(,1!&(,(,2*%,0(+&!1!0("&$%,%$,2$%,$"#!(.(,

!"'

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

0*+,1*++$*,$2$1&+4"!1*,*,%$,$"&+$'(.(,$",0$+%*"(/,&*)(,2(,)*15-$"&(1!4",$",2(,<5$,
%$, $@02!1(.(", 2*%, *.G$&!#*%, )$2, $%&5)!*/, (%6, 1*-*, $2, 0+*1$)!-!$"&*, )$2, -!%-*,
BU"$@*, TD7, Y(%, $"&+$#!%&(%, $+(", !")!#!)5(2$%/, -()+$, ?, )$0*+&!%&(, )$, -("$+(,
!")$0$")!$"&$7, 8", *1(%!*"$%/, $2, $"15$"&+*, *15++6(,1*", )$0*+&!%&(,?,-()+$, %!$")*,
2(%,$"&+$#!%&(%,1*",(-.*%,$2,-!%-*, )6(,?,$",$2, -!%-*,25'(+`,$",*&+(%,*1(%!*"$%,2(,
$"&+$#!%&()*+(,(15)6(,(,25'(+$%,)!;$+$"&$%, ?, $",-*-$"&*%,)!%&!"&*%, 1*",1()(,5"*,
)$,$22*%7, 8",15(2<5!$+(,)$,2*%,1(%*%/, )!1:*%,$"15$"&+*%,*15++!$+*",0+!"1!0(2-$"&$,
$",2*%,:*'(+$%,)$,2*%,0(+&!1!0("&$%,$",2(%,;$1:(%,?,:*+(%,<5$,-$G*+,2$%,1*"#$"6(7,8",
+(+(%, *1(%!*"$%, 2(%, $"&+$#!%&(%, %$, +$(2!3(+*", $", 2*%, 25'(+$%, )$, &+(.(G*, )$,
)$0*+&!%&(%,*,-()+$%/,*,$",1(;$&$+6(%,&+("<5!2(%,)*")$/,!'5(2-$"&$/,%$,-("&$"6(,5",
(-.!$"&$,6"&!-*7,]!1:*,(-.!$"&$,;(-!2!(+,?,&+("<5!2*,;(#*+$16(,5"(,$"&+$#!%&(,-F%,
1(2-()(,$",2(,<5$,2*%,)$0*+&!%&(%,?,%5%,-()+$%,05)!$+(",%!"1$+(+%$,02$"(-$"&$7,

!"#"+"$,-(&./0)*/1',
8",2*%, 0+!-$+*%, 1*"&(1&*%, 1*",2*%, )$0*+&!%&(%, ?, 1*",2(%, -()+$%, %$, 2$%, $@02!14, $",
<5N, 1*"%!%&6(, $2, &+(.(G*, ?, 14-*, %$, !.(, (, )$%(++*22(+/, 1*"&(")*, 1*", 2(,
)*15-$"&(1!4",0$+&!"$"&$7,^"(,#$3,$",$2,25'(+,)$,2(,$"&+$#!%&(/,%$,2$%,0+$'5"&(.(,%!,
&$"6(", (2'5"(, )5)(, ?, %$, 2$%, $@!'6(, 2(, (5&*+!3(1!4", 0(+(, 0(+&!1!0(+, $", $2, $%&5)!*7,
]$.6("/, 0*+, &("&*/, 15-02!-$"&(+, 5", )*15-$"&*, (1$0&(")*, 2(, 1*2(.*+(1!4",$",2(,
!"#$%&!'(1!4",BU"$@*,cD7,U)$-F%/,2*%,)$0*+&!%&(%,)$.6(",#$+!O!1(+,<5$,15-026(",2*%,
+$<5!%!&*%, <5$, %$, 2$%, $@!'6(7, X*+, *&+*, 2()*/, -()+$%, ?, )$0*+&!%&(%/, 1*-*, %$, :(,
!")!1()*, ("&$+!*+-$"&$/, +$22$"(.(", 5", )*15-$"&*, )$, )(&*%, %*1!*, )$0*+&!#*%,
BU"$@*,LD,0(+(,1*"*1$+,-$G*+,&("&*,(,2*%,)$0*+&!%&(%,1*-*,(,%5%,-()+$%7,

!"#"2"$3.)4)*/1'$5'(.56/7()
^"(,#$3,O!"(2!3()(%,2(%,;*+-(2!)()$%/,%$,0+*1$)6(,(,2(,$"&+$#!%&(,$",%6,-!%-(7, ]!1:(,
$"&+$#!%&(, %$, '+(.(.(/, -$)!("&$, 5", )!%0*%!&!#*, )$, '+(.(1!4", )$, (5)!*/, 0(+(, <5$,
0*%&$+!*+-$"&$, 05)!$%$, 22$#(+%$, (, 1(.*, 2(, &+("%1+!01!4"7, ]!1:*, )!%0*%!&!#*/,
0$+-!&6(, (2, -!%-*, &!$-0*, <5$, '+(.(.(/, $%1+!.!+, ("*&(1!*"$%, *, +$O2$@!*"$%, <5$,

!"(

,".7-3)8)9-#(7%-

05)!$+(",%5+'!+,)5+("&$,$2,&+("%15+%*,)$,2(,$"&+$#!%&(7,8%(%,("*&(1!*"$%/,<5$)(.(",
%$[(2()(%, $",$2, -*-$"&*, $@(1&*, $",<5$,)!1:(,-(+1(, %$,0+*)516(7,Y(,)5+(1!4",)$,
2(%,$"&+$#!%&(%,*%1!24,$"&+$,2*%,JV\LP,?,cV\LP,-!"5&*%7,X*+,'+50*%/,2*%,(5)!*%,)$,2(%,
-()+$%, *%1!2(.(",$"&+$,JV\TK,?, cV\LP/, 2*%,)$, 2*%,)$0*+&!%&(%,$"&+$,JV\LP,?, cK\PQ,
-!"5&*%,BM(.2(,J7c7D7
M(.2(,J7c7,F&+)-,-#&$)"('9'!*+&,-.$'!"'%&('"$)+"1-()&(?,
89:;8<=>:,>

:=8?@A

89:;8<=>:,

:=8?@A

TK\PV

BCC

2#FEG

cJ\JJ

?CC

2HFCE

B!

cL\cJ

BC!

TW\JQ

?!

KW\KV

?C!

cL\JT

B#

TL\KL

BC#

C#FC2

?#

KW\JP

B+

Kc\cc

BC+

KJ\PP

?+

KL\LV

?C+

KW\TS

B2

TL\LP

BC2

KV\Lc

?2

TK\JS

?C2

cP\cQ

BG

JV\cc

BCG

KP\cP

?G

TL\cP

?CG

Kc\PW

BI

Kc\Jc

BCI

?I

TW\KK

BJ

KQ\JQ

BCJ

!HFCE

?J

KJ\PK

?CJ

!HF+#

BH

Kc\TJ

BCH

KV\LP

?H

KK\PK

?CH

KS\PJ

BCE

TJ\KL

BC$
CC$?)D&$!ECC

?C

:;7.4.").-)#"7%-).-')"&.4(

B!E
?!E
CI$8'5.&$!EC!

Tc\LW

TV\KQ
TS\KW

8",2(, $"&+$#!%&(, )$2, )$0*+&!%&(, "=-$+*, &+$1$/, $2, %!%&$-(,)$, '+(.(1!4",-(2,

;5"1!*"4/, 0*+,2*, <5$,"*, &*)(, 2(,$"&+$#!%&(,05)*, %$+,'+(.()(7, R!, .!$"/, $2,;+('-$"&*,

!!"

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

)$, 2(, '+(.(1!4"/, (%6, 1*-*, 2(%, "*&(%, )$, 1(-0*, &*-()(%, $", $%(, $"&+$#!%&(/, %$,
("(2!3(+*",?,$-02$(+*",$", 2(,!"#$%&!'(1!4", BLK\Lc,-!"5&*%D,0*+, 2*, +$2$#("&$, )$2,
0(+&!1!0("&$/,(%6,1*-*,)$,%5%,$@0$+!$"1!(%7,,

!"#"G"$:.)'7*./K*/1'$65.4)(/L
^"(, $&(0(,0+$#!(,(,&*)*, $2, 0+*1$%*, )$,("F2!%!%, $%, 2(,&+("%1+!01!4",1"+2&)-/,)$,2(%,
$"&+$#!%&(%/, $%,)$1!+/,2(,&+("%1+!01!4",2!&$+(2,)$,2(%, -!%-(%7,]!1:(%,&+("%1+!01!*"$%,
%$, +$(2!3(+*", (, 0(+&!+, )$, 2*%, (+1:!#*%, )$, (5)!*/, 0+$0(+()*%, 0+$#!(-$"&$, 0(+(,
!"125!+2*%, $", $2, %*;&d(+$, !";*+-F&!1*, @C#+"((' G,+-2"7, 8%&$, 0+*'+(-(, 0$+-!&6(, 2(,
+$0+*)511!4",)$2,(5)!*,(,-*)*,)$,)!1&()*,(,)!;$+$"&$%,#$2*1!)()$%,?,1*",0(+()(%/,
%!$")*, 2(, 0+*0!(, !"#$%&!'()*+(, <5!$", 2*, 0+*'+(-(.(7, U, -$)!)(, <5$, (#("34, $2,
$%&5)!*/, 2(,!"#$%&!'()*+(,%$, ;(-!2!(+!34, 1*",$2, 0+*'+(-(, ?, $2, &!$-0*, $-02$()*, $",
)!1:(,&+("%1+!01!4",%$,+$)5G*7,
^"(, )$, 2(%, 0+!"1!0(2$%, 0+$*150(1!*"$%, )$, 2(%, &+("%1+!01!*"$%, ;5$, 2(, )$,
1*"%$+#(+,2*%,%$"&!)*%,?,1*"&$"!)*%,)$,2(%,$"&+$#!%&(%7,X(+(,$22*/,%$,&+("%1+!.6(",2*%,
-(+1()*+$%,2!"'e6%&!1*%,Bf(:g`,f5:---g777D,&*-(")*,1*-*, +$;$+$"1!(,2*%,%6-.*2*%,
)$, &+("%1+!01!4", )$, R!2#$+-(", BJPPQD,15?*, *.G$&!#*, O!"(2, $%, !)$"&!O!1(+, 0(5%(%, *,
#(1!2(1!*"$%,<5$,05)!$+(",&$"$+,2*%,$"&+$#!%&()*%7,
]!1:(%, &+("%1+!01!*"$%, &$"6(",5"(,2*"'!&5),)$, $"&+$,Q, ?, LK,0F'!"(%,BY$&+(,
&(-([*, LJ,?,-F+'$"$%,)$,J,1$"&6-$&+*%D7,E*",5",&*&(2,)$,KJV,0F'!"(%, (2,O!"(2!3(+,
&*)(%,2(%,&+("%1+!01!*"$%7,

!"#"I"$B56&M-*/1'$N&*-L5'(&
Y(%,+$0+*)511!*"$%,$",0(0$2,;5$+*",$"#!()(%,(,2*%,0+*0!*%,0+*&('*"!%&(%/,&$"!$")*,
2(, 0*%!.!2!)(), )$, ([()!+, 1*-$"&(+!*%, ()!1!*"(2$%/, $2!-!"(+, (<5$22*, <5$,
1*"%!)$+(+(", *0*+&5"*, *, 0+*0*+1!*"(+, ;$$).(1C, (2, -!%-*, &!$-0*7, ^"(, #$3,
)$#5$2&*/, $%$, )*15-$"&*, <5$)(.(, 1$++()*, %!", 0*%!.!2!)(), )$, %$+, -*)!O!1()*/,
0(%(")*,(,;*+-(+,0(+&$,)$,2*%,)*15-$"&*%,0+!-(+!*%,B)*15-$"&*%,%5%1$0&!.2$%,)$,

!!!

,".7-3)8)9-#(7%-

%$+,("(2!3()*%D7,8%&$,)*15-$"&*,$+(,&*&(2-$"&$,("4"!-*/,1()(,)$0*+&!%&(,?,-()+$,
<5$)(.(,!)$"&!O!1()*,0*+,5"(,2$&+(,B],0(+(,2*%, )$0*+&!%&(%,?, H,0(+(,2(%,-()+$%D,?,
5","=-$+*,B$%&(.2$1!)*,(,0(+&!+,)$2,*+)$",$",<5$,%$,+$(2!3(+*",2(%,$"&+$#!%&(%D7,]$,
$%&$,-*)*, %$,%(2#('5(+)(.(,$2, ("*"!-(&*,$,!"&!-!)(),)$,2*%,%5G$&*%,0(+&!1!0("&$%,
$", $2, $%&5)!*7, X$+*, &(-.!N", 2(%, 1!5)()$%/, "*-.+$%, )$, 125.$%/, )$, ;(-!2!(+$%, *,
$"&+$"()*+$%/, (%6, 1*-*, 15(2<5!$+, 0+$-!*, *, )$&(22$, <5$, 05)!$+(, !)$"&!O!1(+, (2,
)$0*+&!%&(, *, (, %5, -()+$, $+(, 1*)!O!1()*, $, !"125!)*, $", 5"(, 2$?$")(/, -("$G()(,
$@125%!#(-$"&$, 0*+, $2, $<5!0*, )$, !"#$%&!'(1!4"7, 8%&$, 0+*1$)!-!$"&*, %!+#!4, 1*-*,
1+!&$+!*,)$,1(2!)(),)$,2(,!"#$%&!'(1!4"7,

!"+"$,'OM/7/7$N5$N)(&7
!"#$%&'()*)'&+,%*-"'(%).-,),-/"'&+'01-("2'.)')3#"4-5)(-61')1).7,-()'+&#8'01-()9'
)*+,,-./$0""0/$123445,

E*"125!)*%, &*)*%,2*%, 0(%*%, -F%, (++!.(,!")!1()*%/,%$,!"!1!4,$2,("F2!%!%, )$,2*%,)(&*%,

$",%6, -!%-*7, 8",$%&$,1(%*, %$,&+(&(.(,)$,5",("F2!%!%,)$,)(&*%, 15(2!&(&!#*%, )$%)$,5",
$";*<5$, !")51&!#*/, .(%()*, $", 2(, !"&$+0+$&(1!4", )$, 2*%, -!%-*%7, R$, &+(&4, )$, 5",
0+*1$%*, )$, ("F2!%!%, 1612!1*/, "*, 2!"$(2/, )*")$, 2*%, 0+*1$%*%, )$, !)(, ?, #5$2&(, ;5$+*",
1*"%&("&$%7,82,("F2!%!%,1*-$"34,&(",0+*"&*,%$,)!%05%*,)$,2*%,0+!-$+*%,)(&*%7
,

82,("F2!%!%, )$,2*%,)(&*%, %$,)$%(++*224,(,0(+&!+,)$,)*%,&N1"!1(%,$-02$()(%\,2(,

1*)!O!1(1!4", ?, $2, /"/0-$77, R$, $-02$4, 5"(, &$+1$+(, :$++(-!$"&(, )$"*-!"()(,

$2(.*+(1!4", )$, )!('+(-(%/, 15?(, O!"(2!)(), $+(, +$0+$%$"&(+, 2*%, +$%52&()*%, ?,
$#!)$"1!(%, $"1*"&+()(%7, 8", 2(, 1*)!O!1(1!4", %$, )!%&!"'5!$+*"/, (, %5, #$3/, )*%, a(%$%\,
a(%$, R5.%&("&!#(, ?, a(%$, E*"1$0&5(2, *, M$*+N&!1(, BI*2&*"/, JPPWD7, Y(, 0+!-$+(,
$"'2*.4, $2, 0+*1$%*, )$, 1*"1$0&5(2!3(1!4"/, $2, 0(%*, )$, 2(, )$%1+!01!4", (, 2(,
1*"1$0&5(2!3(1!4", )$, 2*%, )(&*%, $-06+!1*%/, 2*%, !"1!)$"&$%7, X*+, *&+*, 2()*/, 2(, ;(%$,
1*"1$0&5(2, *, &$*+N&!1(, ;5$, $2, 0+*1$%*, 0*+, $2, <5$, 2*%, 14)!'*%, %$, !"&$'+(+*", $",2(,
&$*+6(/,(%6,1*-*,2(,+$)(11!4",)$,2(,&$*+6(,$",%6,-!%-(7,
Y(, 1*)!O!1(1!4", "*, 1*"%!%&$, $", +$%5-!+, $2, &$@&*, %!"*, $", 2(, 1*"%&+511!4",
("(26&!1(,)$,1(&$'*+6(%, ?, )$,%5%, +$2(1!*"$%, BU.$2(/,b(+16(hi!$&*, ?, XN+$3/, JPPWD7, 82,

!!0

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

-$-*!"'/, 0*+, *&+*, 2()*/, $%, 5"(, :$++(-!$"&(/, $%0$1!(2-$"&$, !-0*+&("&$, $",
-$&*)*2*'6(,15(2!&(&!#(,!")51&!#(/,$-02$()(,0(+(,-(@!-!3(+,$2,1*"&+*2,%*.+$,&*)(%,
2(%, $@0$+!$"1!(%/, !)$(%, ?, +$O2$@!*"$%, <5$, %5+'$", )5+("&$, $2, 0+*0!*, 0+*1$%*, )$,
("F2!%!%, BE:(+-(3/, J**Q/, 07WJD7, Y(, 1*)!O!1(1!4", ?, 2(, $%1+!&5+(, )$, -$-*%, %*"/, 0*+,
&("&*/,(1&!#!)()$%,1*"15++$"&$%,$",$2,("F2!%!%,)$,)(&*%,15(2!&(&!#*%,BR(2)([(/,JPPVD7,
Y*%, )!('+(-(%/, 0*+, =2&!-*/, -5$%&+(", )$, -*)*, #!%5(2, 2(%, +$2(1!*"$%, <5$, #(",
$-$+'!$")*, $"&+$,&*)*%,?,1()(,5"*, )$,2*%,1*"1$0&*%, ("(26&!1*%, BE*+.!",?,R&+(5%%/,
JPPSD7,

!"+"C"$%&N/P/*)*/1'
:"*"'-1/&+,-;)*"#'$%&'*&+&&'..&;)#')'+&#'("53&,&1,&'&1'&.')18.-+-+'*&'*),"+'(%).-,),-/"+'*&<&'
)3#&1*&#')'("*-=-()#'<-&1'>'("1'?)(-.-*)*9'@)'&4(&.&1(-)'*&'%1)'-1/&+,-;)(-61'*&+()1+)2'&1';#)1'
5&*-*)2'&1'.)'&4(&.&1(-)'*&'.)'("*-=-()(-61'
)6,7+899/$!('&/$120&5

82, 0+*1$%*, )$, 1*)!O!1(1!4", $%, 5",(1&*, 0$+%*"(2/, )$, !"&$+0+$&(1!4", !")!#!)5(2, <5$/,
0*+,&("&*/,)!O!$+$,$"&+$,0$+%*"(%\,%&' ,0!-<-,&,-.$' $0' "('*$&',-"$,-&' "C&,)&8' (-$0'4*"'
"(8'#+-$,-#&%/"$)"8'*$'&,)0'-$)"+#+")&)-10'BR(2)([(/,JPLL/,07TD7,
,

^", 05"&*, !-0*+&("&$, (1$+1(, )$, 2(, 1*)!O!1(1!4", $%, $2, 0(+()!'-(, )$,

1*)!O!1(1!4"7, H!$"&+(%,<5$,2(,1*)!O!1(1!4",!-02!1(,)$%15.+!+,?,"*-.+(+,1(&$'*+6(%/,
$2,0+*1$%*,)$,1*)!O!1(1!4",)$.!$+(,)$1!+2$,(2,!"#$%&!'()*+,(2'*,-F%,BR&+(5%%/,LVSWD7,
8%$,0+*1$%*,"*, )$.$,1*"#$+&!+%$,$",5"(,%!-02$,(11!4",)$,;+('-$"&(1!4",)$,)(&*%,
%!"*, <5$,$2, !"#$%&!'()*+, :(,)$,1*)!O!1(+/,+$2(1!*"(+,1(&$'*+6(%,?,%5.1(&$'*+6(%,1*",
)(&*%,)$2,-!%-*,)*15-$"&*,*,)$,*&+*%7
R&+(5%%,BLVSWD,0+*0*"$,$2,0(+()!'-(,)$,1*)!O!1(1!4",$",1*"&+(0*%!1!4",(,2(,
1*)!O!1(1!4",&$*+N&!1(,)$,b2(%$+,BJPPJD7,Y*%, )(&*%,$",)!1:*,0(+()!'-(,05$)$",%$+,
$%&+51&5+()*%, (, &+(#N%, )$, 15(&+*, 1*"1$0&*%\, ,0$!-,-0$"(8' -$)"+&,,-0$"(' "$)+"' %0('
(*A")0(8' "()+&)"7-&('9'):,)-,&(' 9',0$(",*"$,-&(?' 8%&*%, 1*"1$0&*%, %*", $%0$1!(2-$"&$,
=&!2$%,)5+("&$,2(,1*)!O!1(1!4",(@!(27,

!!4

,".7-3)8)9-#(7%-

U, 1*"&!"5(1!4", %$, -5$%&+(", 2(%, ;(%$%, %$'5!)(%, $", 2(, 1*)!O!1(1!4"/, 2*%,

)!;$+$"&$%, &!0*%, )$, 1*)!O!1(1!4"/, 2(%, 1(+(1&$+6%&!1(%, )$, 1()(, 5"*/, $", )$O!"!&!#(/, %$,
)$&(22(,$2,0+*1$%*,)$,&+("%!1!4",$"&+$,2(,+$1*2$11!4",)$,2*%,)(&*%,?,5",("F2!%!%,)$,2*%,
-!%-*%,-F%,$@:(5%&!#*,BR(2)([(/,JPLLD7

J7T7L7L7,E*)!O!1(1!4",!"!1!(2
Y(, 1*)!O!1(1!4", !"!1!(2, $%, $2, 0+!-$+,0(%*, $", $2, 0+*1$%*, )$, ("F2!%!%, )$, 2*%, )(&*%, ?,
1*-!$"3(, 1*",5"(, 2$1&5+(, '2*.(2, )$, 2(,$"&+$#!%&(/, 2*, 15(2, 0$+-!&$, (2, !"#$%&!'()*+,
$"&$")$+,2*%, )(&*%, $",1*"G5"&*7,8",$%&(, 0+!-$+(,;(%$,*15++$",)!;$+$"&$%, (11!*"$%,
&*)(%, $22(%, $"&+$-$312()(%, $", $2, &!$-0*7, 8%, )$1!+/, &*)*%, 2*%, 0+*1$%*%, <5$, (,
1*"&!"5(1!4",%$,)$%1+!.$"/,*15++$",)$,-("$+(,%!-52&F"$(7,
8",$%&(,0+!-$+(,;(%$,%$,)$.$,-("&$"$+,5"(,(1&!&5),(.!$+&(/,<5$,2$,0$+-!&(,(2,
!"#$%&!'()*+,$@02*+(+,15(2<5!$+,0*%!.!2!)(),&$4+!1(,<5$,05$)(,%$+,0$+1!.!)(,$",2*%,
)(&*%, BM+!"!)()/, E(++$+*, ?, R*+!("*/, JPPQD7, E*"%!%&$, $", 5"(, 1*)!O!1(1!4", +F0!)(/,
O25!)(, ?, $%0*"&F"$(, $", 2(, <5$, 2*%, 14)!'*%, <5$, $-$+'$", %*", 0+*#!%!*"(2$%/,
1*-0(+(&!#*%,?,.(%()*%,$",2*%,)(&*%,BE:(+-(3/,JPPQ/,07TSD7,

J7T7L7L7L7,R$'-$"&(1!4"

Y(,%$'-$"&(1!4",*,;+('-$"&(1!4",)$,)(&*%/,1*"%!%&$,$",(1*&(+,(<5$22*%,;+('-$"&*%,
)$,2*%,)(&*%,1+5)*%,<5$,+$%0*")$", (2,0+*04%!&*, )$,2(,!"#$%&!'(1!4"/, '$"$+(")*, 2*,
<5$,%$,1*"*1$,1*-*, ,-)&(7, 8%(%,1!&(%, %*",0(+&$%, )$2,&*)*,)$, !-0*+&("1!(, ("(26&!1(7,
8",)$O!"!&!#(/,%$,-(+1(",0(%(G$%,+$2$#("&$%,(,2*%,<5$,%$,5"$",-$-*%,$",2*%,<5$,%$,
)$%1+!.$", $%(%, !)$(%7, 8%&(, %$'-$"&(1!4", 0$+-!&$, +$)51!+, $"*+-$-$"&$, 2(, '+(",
1("&!)(),)$,)(&*%/, -*%&+(")*,="!1(-$"&$,(<5$22*%,+$2$#("&$%,0(+(,"5$%&+*,*.G$&*,
)$,$%&5)!*7,

!!3

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

J7T7L7L7J7,E*)!O!1(1!4",26"$(,(,26"$(

E*)!O!1(1!4",26"$(,(,26"$(,)$,2*%,;+('-$"&*%,0+$#!(-$"&$,%$'-$"&()*%7,E*"%!%&$,$",
1(&$'*+!3(+,5",;+('-$"&*, )$,2*%,)(&*%,1*",5","*-.+$,1*+&*, <5$,(2, -!%-*,&!$-0*,
+$%5-(, 2*, $@0+$%()*, 0*+, )!1:*%, )(&*%, BE:(+-(3/, JPPQD/, $%, )$1!+/, )$%(++*22(+,
1*"1$0&*%,(, 0(+&!+,)$,2*%, )(&*%, $",5",0+*1$%*,)$, !"&$+(11!4",1*",2*%,-!%-*%7, Y*%,
14)!'*%,+$%52&("&$%,)$,$%&(,1*)!O!1(1!4",%*",0+*#!%!*"(2$%,BR&+(5%%/,LVSWD7,
82,!"#$%&!'()*+,2$,0+$'5"&(,(,$%*%,)(&*%,)!;$+$"&$%,15$%&!*"$%/,;(#*+$1!$")*,
)!1:(,1*)!O!1(1!4",26"$(,(,26"$(,BE*+.!",?,R&+(5%%/,JPPSD\,
]$%(++*22*, )$, %0(' H0$,"#)0(' ("$(-2-%-6&!0+"(' ?, 0+$'5"&(%/, $", 2(%, <5$, $2,
!"#$%&!'()*+, &+(&(,)$, $"&$")$+,<5N, 2$, $%&F",)!1!$")*, 2*%, )(&*%7, jk5N,$%&F,
*15++!$")*l/, j<5N,0+*&('*"!%&(%,$%&F",!-02!1()*%l,*,j15F")*/,14-*, ?,<5N,
1*"%$15$"1!(%, 05$)$", &$"$+, 2(%, )!;$+$"&$%, %!&5(1!*"$%, ?, 2*%, )!%&!"&*%,
0+*&('*"!%&(%l7
X+$'5"&(%, &$*+N&!1(%/, %*", 0+$'5"&(%, <5$, (?5)(", (, #$+, 2*%, 0+*1$%*%, ?,
)!;$+$"1!(%/, (%6, 1*-*, (, $%&(.2$1$+, +$2(1!*"$%, ?, 1*"$@!*"$%, $"&+$,
1*"1$0&*%7
X+$'5"&(%, )$, "(&5+(2$3(, 0+F1&!1(/, %*", (<5$22(%, 15$%&!*"$%, <5$, '56(", ?,
-(+1(",2(,)!+$11!4",)$2,-5$%&+$*,&$*+N&!1*7,X(+(+%$,?,+$O2$@!*"(+,%*.+$,2*%,
)(&*%,0$+-!&!+F,"*, %42*,$"&$")$+,<5N,$%&(-*%,!"#$%&!'(")*/, %!"*, &(-.!N",
1*"*1$+,(,<5!$"$%,0*)$-*%,)!+!'!+"*%7,
X+$'5"&(%, )$, '56(/, 0(+(, $@02*+(+, $2, &$++$"*, (, !"#$%&!'(+/, %!", !"&$++*'(+,
BE:(+-(3/,LVVLD7
A&+*,(%0$1&*, !-0*+&("&$,<5$,(?5)(,$",$%&(,1*)!O!1(1!4",26"$(,(,26"$(,$%,
$2, ("F2!%!%, )$, 2*%, )(&*%, )$, -("$+(, -!"51!*%(7, 8%&$, $%;5$+3*, $%,
1*-02$&(-$"&$, "$1$%(+!*, 0(+(, (21("3(+, 5"(, (-02!(, ?, $@&$"%(, 1*.$+&5+(,
&$4+!1(, BR&+(5%%/, LVSWD7, 8%&(, (0+*@!-(1!4", -!1+*%140!1(/, -!"!-!3(, 2(,
0*%!.!2!)(),)$,*.#!(+,*,0(%(+,0*+,(2&*,1(&$'*+6(%,!-0*+&("&$%,<5$,1*")51$",
(, 5"(, !-0*+&("&$, )$"%!)(), 1*"1$0&5(2, )$, 2(, &$*+6(7, 8", 15(2<5!$+, 1(%*/,
R&+(5%%, -(&!3(, 14-*, ("&$, 2(, !"&5!1!4", )$, %(&5+(1!4"\, $&!&' $*"10' "():'

!!#

,".7-3)8)9-#(7%-

0,*++-"$!0' BR&+(5%%/, LVSW/, 07KLD/, $2, !"#$%&!'()*+, )$.$, (1$2$+(+, $%(, 2$1&5+(,
)$, 2*%, )(&*%, ?, -*#$+%$, +F0!)*, $"&+$, $22*%/, .5%1(")*, +$0$&!1!*"$%, $", $%(,
$@(-!"(1!4",26"$(,(,26"$(7,,
R&+(5%%, BLVSWD/, -5$%&+(, *&+(%, !-0*+&("&$%, )!+$1&+!1$%, $", 2*, <5$, (, 2(,
1*)!O!1(1!4",26"$(,(,26"$(,%$,+$O!$+$\
_"&$++5-0!+,$%&(,&(+$(,)$,1*)!O!1(1!4", 1*",$2,*.G$&!#*, )$,$%1+!.!+,-$-*%7,
8",$2,(0(+&()*,J7T7J7,%$,-5$%&+(,2(,!-0*+&("1!(,)$,$%&$,0(%*7
i*, (%5-!+, 1*-*, +$2$#("&$%, )$%)$, $2, 05"&*, )$, #!%&(, ("(26&!1*, #(+!(.2$%,
&+()!1!*"(2$%,1*-*,2(,$)()/,%$@*/,12(%$,%*1!(2,*,+(3(/,("&$%,)$,<5$,2(,0+*0!(,
&$*+6(,$-$+'$"&$,2(%,-5$%&+$,1*-*,)$%&(1()(%7,

(7,E4)!'*%,!",#!#*,#%7,E4)!'*%,1*"%&+5!)*%

8", *1(%!*"$%/, 2(, 1*)!O!1(1!4", )$, 2*%, )(&*%, %$, :(1$, 2!&$+(2, B14)!'*%, !", #!#*D7, 8%&*,
*15++$,15(")*, (2'5"*%,;+('-$"&*%,)$,2*%,)(&*%,.+5&*%,%*",)$,5"(,'+(",+$2$#("1!(,
*, &!$"$",5", '+(", %!'"!O!1()*, ?, %$, )$%$(, 1(0&(+, 2(, ;5$+3(, )$, )!1:(, 1!&(, BE:(+-(3/,
JPPQD7,]$%)$,$2,05"&*,)$,#!%&(,("(26&!1*, %*",14)!'*%,-5?,=&!2$%,05$%&*,<5$,(?5)(",
(,0+$%$+#(+,$2,%!'"!O!1()*,)$2,05"&*, )$,#!%&(,)$,2*%,0(+&!1!0("&$%,?,)$,2(%,(11!*"$%7,
8%&*%,14)!'*%,%*",#"7&!-60(8' "*,1(+(1&$+!3F")*%$,0*+,5"(,$2$#()(,(0(+!1!4",$",2*%,
)(&*%,B)$"%!)()D7,
,

8", $%&(, !"#$%&!'(1!4",2*%, 14)!'*%, !", #!#*, <5$, %$, 1*)!O!1(+*", -*%&+(.(", 2(,

#*3, )$, 2*%, 0(+&!1!0("&$%, B-()+$%,*,)$0*+&!%&(%D/,0$+-!&!$")*, 1(0&(+,$2,%$"&!)*, )$,

)!1:*%,14)!'*%/,$2,05"&*,)$,#!%&(,)$,2*,<5$,$@02!1(.(",?,$2,%!'"!O!1()*,0+$1!%*,(2,<5$,
:(16(", +$;$+$"1!(7, 8", &*&(2, %$, 1*)!O!1(+*", cL, 14)!'*%, !", #!#*/, 15?*%, -$-*%,
1*"1$0&5(2$%,$@02!1(&!#*%,%$,('+50(+*",$",5"(,;(-!2!(,)$,-$-*%,0(+(,%$+,&+(&()*%,
0*%&$+!*+-$"&$/, )$%)$, $2, 05"&*, )$, #!%&(, -$1F"!1*/, !'5(2, <5$, 2*%, 14)!'*%,
1*"%&+5!)*%7
U2'5"*%,)$,2*%,14)!'*%,!",#!#*,:(16(",+$;$+$"1!(,(,2(,"*+-(2!)(),$",$2,:*'(+,
(,0$%(+,)$2,)$0*+&$,)$,(2&*,"!#$2,)$2,:!G*\

!!%

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

H*&$!0'(&%;&'!"',&(&'"+&'5*)20%-()&'9',*&$!0'%%"7&2&'&',&(&'*$'B-A0'/:('IJKLJ'MNO?
A&+*%,+$O2$G(.(",$2,0*+<5N,)$2,&!0*,)$,(0*?*,0+$%&()*,0*+,2(%,-()+$%\
P0'#-"$(0'/:('"$'"(&'#&+)"'/:('&5",)-1&8'#"+0'2*"$0'%&('/*A"+"('0'%&('/&!+"('
#&+","' 4*"' "()&/0('/:('#+"#&+&!&('#&+&' "(,*,B&+'4*=' %"' &,0$)","' &%'B-A08' ,./0' ("'
"$,*"$)+&8'&*$4*"'$0'B&2%"'IQRKLS'TJO?
A,(05"&(.(",14-*, (,2(,-()+$, 2$, )(.(, !'5(2,$2, &!0*, )$,(1&!#!)(), ?(,<5$,%5,
(0*?*,%$+6(,$2,-!%-*\
G-' $0' B*2-"+&' (-!0' $&!&!0+&' 9'/"' B*2-"+&' !"!-,&!0'&' %&(' ,B&#&(' 0' &' ,*-!&+'
$-U0(8'#*"('/-'/&!+"'B*2-"("'"()&!0'-7*&%'!"'0+7*%%0(&'!"'/-'IQVKLJ'MQQO?
,

R$'=", R&+(5%%, BLVSWD/, 2*%, 14)!'*%, !", #!#*, &!$"$", )*%, 1(+(1&$+6%&!1(%\, %*",

=&!2$%, )$%)$,$2, 05"&*, )$, #!%&(,("(26&!1*, $,!-('!"(&!#*%7, 8%(, 5&!2!)(),("(26&!1(, $%&F,

+$2(1!*"()(,1*",$2,%!'"!O!1()*,$%0$16O!1*,<5$,&!$"$",?,1*",2(,1*"%!'5!$"&$,;(1!2!)(),
0(+(, ;*+-52(+, 2(, &$*+6(, $", $%*%, &N+-!"*%, $-02$()*%7, M(-.!N", %*", !-('!"(&!#*%,
0*+<5$, 2$, $#!&(", (2, !"#$%&!'()*+, 2(, "$1$%!)(), )$, )(+, %!'"!O!1()*, (, 5", 14)!'*/, $2,
14)!'*,!",#!#*/,2*,)(,0*+,%6,%*2*7
,

X*+, *&+*, 2()*/, 2*%, 14)!'*%, 1*"%&+5!)*%, %*", 2*%, ;*+-52()*%, 0*+, $2, 0+*0!*,

!"#$%&!'()*+7, 8%&*%, 14)!'*%, %$, .(%(", $", 2(, 1*-.!"(1!4", )$2, 1*"*1!-!$"&*,
!"&$2$1&5(2, )$2, !"#$%&!'()*+, ?, )$, %5, 1*"*1!-!$"&*, %*.+$, $2, 1(-0*, $%0$16O!1*,
*.G$&!#*, )$, $%&5)!*, BR&+(5%%/, LVSWD7, X*+, &("&*/, %*", 14)!'*%, 1*", 5", -(?*+,
%!'"!O!1()*, %*1!*24'!1*, <5$,2*%, 0+*0!*%, 14)!'*%, !",#!#*/, 0$+*, 1*",5",-$"*+, '+()*,
)$,!-('!"(1!4"7,
,

8",$2, $%&5)!*, %$, 1*)!O!1(+*",5", &*&(2, WQV,14)!'*%, 1*"%&+5!)*%/, <5$, &+(%, 5",

0+*1$%*,)$,2$1&5+(,?,+$#!%!4",)$,2*%,-!%-*%,%$,+$)5G$+*",(,WTW,1*-*,1*"%$15$"1!(,
)$,2(%,;5%!*"$%,)$,14)!'*%7,8%&$,&!0*,)$,14)!'*/,$@0+$%(.(,$2,%!'"!O!1()*,)$,5"(,1!&(,
)$, -()+$%, *, )$0*+&!%&(%, (, 0(+&!+, )$, 2(%, 0(2(.+(%, )$2, 0+*0!*, !"#$%&!'()*+7, 8%&*%,
14)!'*%, 1*"%&+5!)*%, &+(&(.(", )$, $@0+$%(+, 5",0+*1$%*, *, &$-0*+(2!)(),$",1(%*, )$,
<5$, 2*, :5.!$+(7, Y(, 2!&$+(&5+(, -5$%&+(,2(, !-0*+&("1!(, )$, 1*"%&+5!+, 2*%, 14)!'*%, $",
'$+5")!*, BE:(+-(3/, JPPQD, 0(+(, $@0+$%(+, $%$, 0+*1$%*/, %!, .!$"/, $", $%0([*2, $2,
'$+5")!*, "*, $%, $-02$()*, &("&*, 1*-*, $",!"'2N%/, 0*+, 2*, <5$, &$"6(",<5$,$-02$(+%$,

!!&

,".7-3)8)9-#(7%-

*&+(%, &N1"!1(%, 0(+(, -*%&+(+, )!1:(, $#*251!4"7, U2'5"*%, )$, 2*%, 14)!'*%, 1*"%&+5!)*%,
%*",2*%,%!'5!$"&$%\
M"#0+)-()&'+",%&/&'%&'#+"("$,-&'!"'(*'/&!+"'"$'%&(',0/#")-,-0$"(
W&'/&!+"'+"$*$,-&'&'(*')-"/#0'#0+'"%'!"#0+)"'!"'(*'B-A0
'X#090'/&!+"')+&$(#0+)&$!0'&'%0('"$)+"$&/-"$)0(
Y"(#")0'!"'%&'/&!+"'%&('!",-(-0$"('!"'(*'B-A0
T&!+"'(&,+-<-,&')"$"+'(*'#+0#-&'1-!&,

J7T7L7J7,E*)!O!1(1!4",;*1(2!3()(
Y(,1*)!O!1(1!4",;*1(2!3()(,1*"%&!&5?$,2(,%$'5")(,;(%$,$",2(,1*)!O!1(1!4"7,82,!"!1!*,)$,
$%&$, &!0*, )$, 1*)!O!1(1!4", "*, %!'"!O!1(, <5$, 2(, 1*)!O!1(1!4", 26"$(, (, 26"$(, :(?(,
1*"125!)*/,%!"*,<5$,(-.(%,1*)!O!1(1!*"$%,$%&F",%*2(0()(%7,8%&$,&!0*,)$,1*)!O!1(1!4",
'$"$+(, 14)!'*%, -F%, )!+$1&*%/, %$2$1&!#*%, ?, 1*"1$0&5(2$%/, 1*",5", -F%, (2&*, "!#$2, )$,
(.%&+(11!4", BE:(+-(3/, JPPQD7, R$, 5&!2!3(", 2*%, 14)!'*%, -F%, %!'"!O!1(&!#*%, ?,
;+$15$"&$%,)$,2(,1*)!O!1(1!4",26"$(,(,26"$(/, 0(+(,$@(-!"(+2*%,)$,-("$+(,15!)()*%(7,
8",)$O!"!&!#(/, $%, 5"(, +$#!%!4", )$,2*%, )(&*%, ("&$+!*+-$"&$,+$#!%()*%/, <5$, 0$+-!&$,
)$%15.+!+,"5$#*%,&40!1*%,0+$#!(-$"&$,!'"*+()*%7,
,

8", $%&(, ;(%$/, 2(, +$#!%!4", $@:(5%&!#(, )$, 2*%, 14)!'*%, 1*"%&+5!)*%, 0$+-!&!4,

;5%!*"(+,14)!'*%/, 1+$(+,"5$#*%,14)!'*%,()(0&()*%, (, 2(%, "5$#(%,!"&$+0+$&(1!*"$%,*,

!"125%*, +$"*-.+(+,2*%, ?(,$@!%&$"&$%,0(+(,5"(,-$G*+,()$15(1!4",)$%)$,$2,05"&*,)$,
#!%&(, 2!"'e6%&!1*7, 82, 0+*'+(-(, !";*+-F&!1*, $-02$()*, $", $2, ("F2!%!%, )$, 2*%, )(&*%/,
0$+-!&6(, +$(2!3(+, $%&(%, (11!*"$%, )$, -("$+(,%$"1!22(/, $"2(3(")*, $%*%, 1(-.!*%, 1*",
2*%,-$-*%,$@02!1(&!#*%,)$,)!1:(%,(11!*"$%7,,
,

X*+,*&+*,2()*/,%$,(G5%&4,(<5$22*,<5$,$-$+'6(,)$2,("F2!%!%,(,2*%,*.G$&!#*%,)$,2(,

!"#$%&!'(1!4"/, 1*",$2,O!",=2&!-*, )$,&+(&(+,)$,)(+,+$%05$%&(,(,2(%,0+*0!(%, 0+$'5"&(%,

)$,2(,!"#$%&!'(1!4"7,X(+(,2*,15(2/,$2,1*"G5"&*,)$,14)!'*%,%$,;5$,('+50(")*,$",&*+"*,(,
1(+(1&$+6%&!1(%, 1*-5"$%, <5$, &$"6(", (2'5"*%, )$, $22*%/, ;*+-(")*, 2*, <5$, %$, :(,

!!'

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

)$"*-!"()*, ;(-!2!(%7,]$,$%&$,-*)*,$-$+'!4, 5"(,;(-!2!(,)$,14)!'*%, +$;$+!)(,(,2*%,

(&,+-<-,-0('9'"(5*"+60(,+$(2!3()*%,0*+,2(,-()+$,0(+(,(?5)(+,(,%5,:!G*,)$0*+&!%&(/, <5$,
)(.(,+$%05$%&(,(2,*.G$&!#*,$%0$16O!1*,"=-$+*, 15(&+*`,*&+(,)$"*-!"()(,&#090,$",2(,
<5$, %$,)$&(22(.(",$2, *.G$&!#*, '$"$+(2, )$, 2(, !"#$%&!'(1!4",?,*&+*%, $%0$16O!1*%/, ?,(%6,
%51$%!#(-$"&$7,]$,-("$+(,'2*.(2/,$",$%&(,!"#$%&!'(1!4",%$,1+$(+*",$",5"(,0+!-$+(,
;(%$/,5",&*&(2,)$,LLT,;(-!2!(%7,
,

8%&(,1*)!O!1(1!4"/,$",2(,<5$,%$,1+$(+*",5",1*"G5"&*, )$,;(-!2!(%/, ;(#*+$1!4,2(,

(0(+!1!4", *, $-$+'$"1!(, )$, 2*%, )$"*-!"()*%, 14)!'*%, ;*1(2!3()*%/, (, 0(+&!+, )$, 2*%,
15(2$%, %$, $2$#(.(, $2, "!#$2, )$, (.%&+(11!4", )$2, 0+*0!*, ("F2!%!%7, 82, (5-$"&*,
0+*'+$%!#*/, $", $%&(, ;(%$/, )$2, "!#$2, )$, (.%&+(11!4", 1*"15++6(, $", $2, &!$-0*, 1*", 2(,
1*)!O!1(1!4", 26"$(, (, 26"$(, ("&$+!*+-$"&$, 1!&()(/, ;(#*+$1!$")*, 2(, '$"$+(1!4", )$,
"5$#*%,14)!'*%,<5$,$+(",!"&+*)51!)*%,$",$%(%,;(-!2!(%,?(,1+$()(%/,(5-$"&(")*,)$,
$%&$, -*)*, 2(%, 0*%!.!2!)()$%/, 0+*0!$)()$%, ?, )!-$"%!*"$%, )$, )!1:(%, ;(-!2!(%, )$,
14)!'*%7,
,

Y(%, 0+!-$+(%,;(-!2!(%,<5$,%$,1+$(+*",;5$+*",2(%,)$,U0*?*, Y*'6%&!1*/,U0*?*,

81*"4-!1*,?,U0*?*,X%!1*24'!1*/,<5$,$#*251!*"(+*",(2,&!$-0*,<5$,2*,:(16(,$2,0+*0!*,
0+*1$%*, )$, ("F2!%!%7, 8%(%, ;(-!2!(%, !"!1!(2$%, !.(", (5-$"&(")*, %5, (.%&+(11!4", (2,
&!$-0*, <5$, *&+(%, "5$#(%, $-$+'6("7, X*%&$+!*+-$"&$, $-$+'!$+*", 2(%, ;(-!2!(%, )$,
R(1+!O!1!*%/, _-0(1&*%, a(-!2!(+$%, B0*%!&!#*, ?,"$'(&!#*D,*, H*-$"&*%, E2(#$, ?, X()+$7,
8", 0*%&$+!*+$%, "!#$2$%, )$, ("F2!%!%, ?, 1*)!O!1(1!4", $%(%, ;(-!2!(%, %$, :(16(", -F%,
1*-02$G(%/,(5-$"&(")*,%5%,0+*0!$)()$%,?,)!-$"%!*"$%7,
,

Y(, 1*)!O!1(1!4", ;*1(2!3()(,%$,1(+(1&$+!3(,0+!"1!0(2-$"&$, 0*+, $2, $-02$*, )$2,

HN&*)*,E*-0(+(&!#*, E*"%&("&$/,-N&*)*, 1(+(1&$+6%&!1*, )$2, ("F2!%!%,15(2!&(&!#*/, <5$,

$%,2(,.(%$,)$,2(,M$*+6(,a5")(-$"&()(7,

J7T7L7J7L7,HN&*)*,E*-0(+(&!#*,E*"%&("&$

82, HN&*)*, E*-0(+(&!#*, E*"%&("&$, %50*"$, 5", !-0*+&("&$, -*#!-!$"&*, $"&+$,

$"&+$#!%&(%/,1*-0(+(+,$@0$+!$"1!(%/,(11!*"$%,?,2(%,0+*0!(%,!"&$+0+$&(1!*"$%,0+$#!(%,
)$2,!"#$%&!'()*+7, R$,1*-0(+(",2*%,)(&*%,1*",2*%,)(&*%/,2*%,)(&*%,1*",2*%,14)!'*%/,2*,

!!(

,".7-3)8)9-#(7%-

15(2, 0$+-!&$, +$O!"(+, ?, 0+*;5")!3(+, $", $2, ("F2!%!%/, $-$+'!$")*, "5$#*%, 14)!'*%\,
14)!'*%, ;*1(2!3()*%7, U2'5"*%,)$,$22*%/, (21("3(+F",$2, "!#$2, )$,1(&$'*+6(7, 82, *.G$&!#*,
O!"(2,)$,$%&$,-N&*)*, $%, '$"$+(+,1(&$'*+6(%, 1*"1$0&5(2$%,?,0+*0!$)()$%, BM+!"!)()/,
E(++$+*,?,R*+!("*/,JPPQD7

(7,E*-0(+(1!4",)$,!"1!)$"&$%,$,!"&$'+(1!4",)$,14)!'*%,.(G*,1(&$'*+6(%

Y(,1*-0(+(1!4",)$,!"1!)$"&$%,1*"%!%&$,$",2(,.=%<5$)(,)$,%$-$G("3(%,?,)!;$+$"1!(%,
$", 2*%, !"1!)$"&$%, 1*"&$"!)*%, $", 2*%, )(&*%, 0(+(/, 0*%&$+!*+-$"&$/, ('+50(+2*%, $",
&*+"*, (, )!#$+%(%, 1(+(1&$+6%&!1(%7, 8%, )$1!+/, $%&(, %$'5")(, ;(%$, )$2, ("F2!%!%, ('+50(,
14)!'*%,$",;(-!2!(%,)$,14)!'*%/, 0(+(,;(1!2!&(+,$2,#*25-$",)$,!";*+-(1!4",<5$,%$,#(,
()<5!+!$")*7, ]$, $%$, -*)*/, 5"(, %$+!$, )$, 14)!'*%, %$, +$="$", .(G*, 5", &N+-!"*, )$,
-(?*+, "!#$2, )$%1+!0&!#*/, 5"(, 1(&$'*+6(/, 15-02!$")*, &*)*%, $22*%, 5"(, 0+*0!$)(),
1*-=", BE*+.!", ?, R&+(5%%/, JPPSD7, 8%(, 0+*0!$)(), 1*-=", <5$)(, )$O!"!)(, 0*+, 2(%,
)!-$"%!*"$%, <5$, 1*"%&!&5?$", )!1:(, 1(&$'*+6(7, R!, .!$"/, "*, &*)(%, 2(%, ;(-!2!(%, )$,
14)!'*%,<5$)(",1*"1$0&5(2!3()(%/, %!$")*,"$1$%(+!*,&(-.!N",5",("F2!%!%, G$+F+<5!1*,
0(+(,1*"*1$+,15F2$%,%*",2(%,;(-!2!(%,*,1(&$'*+6(%,)$,-(?*+,+$2$#("1!(7,8%$,0+*1$%*,
)$, 1*-0(+(1!4", 1*"%&("&$, %$, $%&(.2$1$, &(-.!N", $"&+$, 2(%, 0+*0!$)()$%, ?,
)!-$"%!*"$%, )$,2(%, )!%&!"&(%, 1(&$'*+6(%/, ;*+-(")*, &*)*, $22*, $2, "=12$*, )$,2(,&$*+6(,
$-$+'$"&$7,,
,

8",$2,1(%*,)$,"5$%&+(,!"#$%&!'(1!4"/,&+(%,2(,0+!-$+(,;(%$,)$,1*)!O!1(1!4",26"$(,

(,26"$(,%$,.5%1(+*",%$-$G("3(%,?,)!;$+$"1!(%,$"&+$,2*%,14)!'*%,-F%,+$0$&!)*%,)$,2(,
0+!-$+(, ;(%$7, 8%*%, 14)!'*%, (5-$"&(+*", (%6, %5, "!#$2, 1*"1$0&5(2/, 1*"#!+&!N")*%$,
0*%&$+!*+-$"&$/, '+(",0(+&$,)$,$22*%/,$",1(&$'*+6(%7, X+$#!(-$"&$/, $%*%,14)!'*%, -F%,
+$0$&!)*%,?,('+50()*%, $",&*+"*,(,1*"1$0&*%, -F%,(.%&+(1&*%,;*+-(+*",;(-!2!(%,)$,
14)!'*%, <5$, 15-026(", 5"(, %$+!$, )$, 15(2!)()$%, ?, 1(+(1&$+6%&!1(%7, 8%(%, ;(-!2!(%/,
0$+-!&6(",5",-("$G*,-F%,%$"1!22*,)$2,'+(",#*25-$",)$,)(&*%7,,,
R$, +$(2!3(+*", 1*-0(+(1!*"$%, $", &*)*, -*-$"&*, $"&+$, 2*%, 14)!'*%, )$, 5"(,
$"&+$#!%&(,?,2(%,+$%&("&$%/,)$,-("$+(,<5$,0*)6(",1*)!O!1(+%$,$",$"&+$#!%&(%,0+$#!(%,
(%0$1&*%, $-$+'$"&$%, $", 0*%&$+!*+$%, $"&+$#!%&(%7, Z, $%, <5$, (2'5"*%, 14)!'*%,

!0"

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

$-$+'6(",$",5"(,$"&+$#!%&(,?,:(16(",(25%!4",(,(%0$1&*%,-$"1!*"()*%,0+$#!(-$"&$,
0$+*, <5$,:(.6(",%!)*, 0(%()*%, 0*+,(2&*, 0*+, 2(,!"#$%&!'()*+(,$", $&(0(%, ("&$+!*+$%7,
X(+(, $22*/, %$, $-02$4/, $", *1(%!*"$%/, 2(, (5&*1*)!O!1(1!4"7, 8%&(, &N1"!1(, 0$+-!&6(/, (,
&+(#N%,)$2,0+*'+(-(,!";*+-F&!1*,)$,("F2!%!%,)$,)(&*%,15(2!&(&!#*%,$-02$()*,$",$%&(,
!"#$%&!'(1!4"/, .5%1(+, 1*", 0(2(.+(%, 12(#$, 2(%, 1!&(%, <5$, 05)!$+(", +$2(1!*"(+%$, 1*",
$%*%, (%0$1&*%, 0+$#!(-$"&$, *.#!()*%7, R$, &+(&4/, 0*+, &("&*/, )$, 5"(, ;(%$, )$,
$"+!<5$1!-!$"&*/, 1$"&+()(, $", 2*%, (%0$1&*%, -F%, +$2$#("&$%, $"1*"&+()*%, $", 2(,
1*)!O!1(1!4",26"$(,(,26"$(7,

J7T7L7K7,E*)!O!1(1!4",(@!(2
Y(, 1*)!O!1(1!4", (@!(2, 1*"%!%&$, $", $2, ("F2!%!%, !"&$"%*, $", &*+"*, (, 5"(, 1(&$'*+6(,
BR&+(5%%/, LVSWD7, 8%&$, &!0*, )$, 1*)!O!1(1!4", +$2(1!*"(, 1(&$'*+6(%, ?, %5.1(&$'*+6(%/,
$%0$1!O!1(, 2(%, 0+*0!$)()$%, ?, )!-$"%!*"$%, )$, 5"(, 1(&$'*+6(/, +$5"!$")*, 2*%, )(&*%,
0+$#!(-$"&$, ;+(1&5+()*%, 0(+(, )(+, 1*:$+$"1!(, (2, ("F2!%!%, $-$+'$"&$, BE:(+-(3/,
JPPQD7
,

8",$%&(,;(%$,%$,)$%(++*22(",2(%,%5.1(&$'*+6(%,)$,5"(,1(&$'*+6(,-*%&+(")*,2(%,

+$2(1!*"$%, $"&+$, $22(%7, U2, -!%-*, &!$-0*, $2, 0+*0!*, !"#$%&!'()*+, (0+$")$,%*.+$,2(%,
$@0$+!$"1!(%, <5$, )!1:(%, 1(&$'*+6(%, +$0+$%$"&("7, ]$, $%&$, -*)*/, 2(%, 1(&$'*+6(%/,
%5.1(&$'*+6(%,?,5"!*"$%/,+$O2$G(",14-*,%$,)(,%$"&!)*,(,2*%,)(&*%,BE:(+-(3/,JPPQD7
,

E*"%!%&$, $", 5"(, ;(%$, !-0+*.(.2$, $", 2(%, 0+!-$+(%, $&(0(%, )$2, ("F2!%!%/,

(5-$"&(")*, %5, !-0*+&("1!(, ?, (0(+!1!4", (, -$)!)(, <5$, 2*, :(1$, $2, ("F2!%!%7, 8%&$,
0+*1$%*, $%, 0(+(2$2*, (2, (5-$"&*, )$, 2(%, +$2(1!*"$%, $"&+$, 2(%, )!;$+$"&$%, 1(&$'*+6(%/,
%50*"!$")*,5",(5-$"&*,$",2(,)$"%!)(),)$,2(,1*"1$0&5(2!3(1!4"7
8", $%&(, !"#$%&!'(1!4"/, 2(, 1*)!O!1(1!4", (@!(2, 1*"%!%&!4, 0+!"1!0(2-$"&$, $",
+$"*-.+(+, 14)!'*%, 0$"%(")*, $", 5"(, ()$15(1!4", (, 2(, 0*%!.2$, &$*+6(, ?, $", 2(,
*+'("!3(1!4",)$,14)!'*%/,-$-*%,$,!)$(%,$",&*+"*,(,5"(,1(&$'*+6(,$",1*"1+$&*7, 8%&(,
;(%$,)$,2(,1*)!O!1(1!4",<5$)4,+$O2$G()(,$",2*%,-$-*%,'2*.(2$%,<5$,%$,+$(2!3(+*"7,8",
$22*%/, %$, +$O2$@!*"(.(, (1$+1(, )$, 5"(, 1(&$'*+6(, $", 1*"1+$&*/, +$5"!$")*, &*)*%, 2*%,
-$-*%,0+$#!(-$"&$,1+$()*%,$",&*+"*,(,)!1:(,1(&$'*+6(/,%5%,)!-$"%!*"$%,?,14)!'*%,

!0!

,".7-3)8)9-#(7%-

<5$,2(,;*+-("7,R$,)$&(22(.(",2*%,14)!'*%,0*+,2*%,<5$,$%&(.(,;*+-()(,$%(,1(&$'*+6(/,
%5,)$"%!)(),*,2(%,)!-$"%!*"$%,?,1(+(1&$+6%&!1(%,<5$,;*+-(.(",)!1:(,1(&$'*+6(7
R$, &+(&(.(/, &(-.!N"/, )$, 5"(, ;(%$, $", 2(, <5$, %$, )$.6(", +$"*-.+(+, 2*%,
1*"1$0&*%,:(%&(,5"(,1*++$1&(,()$15(1!4",)$2,#*1(.52(+!*/,0$"%(")*, $",5",0*%!.2$,
5%*, )$, )!1:*, 1*"1$0&*, $", 2(, &$*+6(, $", %6, -!%-(7, 8", $%*%, -$-*%, '2*.(2$%, %$,
+$O2$@!*"(.(,&(-.!N",%*.+$,2(,$%&+51&5+(,G$+F+<5!1(,?,&$-0*+(2,)$,2(%,)!-$"%!*"$%,
<5$,;*+-(.(",)!1:(,1(&$'*+6(,?,%$,)$&(22(.(,$2,0+*1$%*,?,$#*251!4",)$,2(,-!%-(7,8",
$%&(, ;(%$, )$, 1*)!O!1(1!4", (@!(2/, %$, $2(.*+(+*", )!('+(-(%, $", 2*%, <5$, )$, 5", -*)*,
#!%5(2, %$, +$O2$G(.(", $%(%, $%&+51&5+(%, G$+F+<5!1(%/, -*%&+(")*, 2(%, +$2(1!*"$%, $"&+$,
)!-$"%!*"$%,?, 1(+(1&$+6%&!1(%7, Y(%, +$2(1!*"$%, -F%,;+$15$"&$%,$"&+$,$22(%,;5$+*"\, "('
*$>*$&8'"(',0$(",*"$,-&8'-/#%-,&'?'#+0#-"!&!"('!"7,,,,

J7T7L7T7,E*)!O!1(1!4",&$*+N&!1(
8%, 2(, ;(%$, )$, 1*)!O!1(1!4", $", 2(, <5$, $-$+'$", )$, 2*%, )(&*%, 2(%, 0+*0!$)()$%, ?,
1*"$@!*"$%,$"&+$,2(%,1(&$'*+6(%,?,2(,1(&$'*+6(,1$"&+(2,Bb2(%$+,?,R&+(5%%/,LVQWD7,8%,2(,
;(%$, )$, 1(-.!*, )$, 5"(%, +$2(1!*"$%, )$%1+!0&!#(%, $"&+$, 2(%, 1(&$'*+6(%, (, 5"(%,
1*"$@!*"$%, &$*+N&!1(%, Bb2(%$+/, LVWSD7, Y*%, 14)!'*%, &$*+N&!1*%, '$"$+()*%, $", $%&(,
$&(0(,0$+-!&$",'5!(+,$2,0+*1$%*,)$,'$"$+(1!4"/,)$%(++*22*,$,!"&$'+(1!4",)$,2(,&$*+6(,
Bb2(%$+/,LVWSD7
,

8%(%,1*"$@!*"$%, &$*+N&!1(%,0+*0!(%, )$,$%&(, ;(%$,)$,1*)!O!1(1!4",05$)$",%$+,

+$0+$%$"&()(%, )$, )!;$+$"&$%, -*)*%/, %!$")*, 2*%, )!('+(-(%, 2(, :$++(-!$"&(, -F%,
$-02$()(7, 8%*%,)!('+(-(%/, 5&!2!3()*%,(,2*, 2(+'*, )$,&*)*, $2, 0+*1$%*, )$, ("F2!%!%/, %$,
#5$2#$", -F%, 1*-02$G*%, $", $%&(, =2&!-(, ;(%$/, )*")$, 2(%, +$2(1!*"$%/, 1*"$@!*"$%, ?,
1*"1$0&*%, %*", -F%, (.5")("&$%7, Y*%, -$-*%, %$, $-02$(", &(-.!N",0(+(, )$&(22(+, ?,
$@(-!"(+, #$+.(2-$"&$/, )$, -("$+(, -!"51!*%(/, )!1:(%, +$2(1!*"$%/, $@0+$%()(%,
("&$+!*+-$"&$,)$,-("$+(,'+FO!1(7,
U, 2*, 2(+'*, )$, $%&(, 1*)!O!1(1!4",&$*+N&!1(/, $2, !"#$%&!'()*+, %$, $"15$"&+(, 1*",
0+$'5"&(%,%!",+$%05$%&(/, <5$,2$,1*")51$",(,!"!1!(+/, )$,"5$#*/, 2(,.=%<5$)(,)$, -F%,
)(&*%, 0(+(, +$1*'$+, $", &*+"*, (, 5", F+$(, $%0$16O!1(/, ;(1!2!&(")*, 2(, %(&5+(1!4", )$,

!00

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

0+*0!$)()$%,?,1(&$'*+6(%,0(+(,1*"&!"5(+,1*",$2,)$%(++*22*,)$,2(,&$*+6(7, R$,-5$%&+(/,
)$,$%&$, -*)*/, $2,$-02$*, )$2, -5$%&+$*, &$*+N&!1*, ?,)$,-("$+(,#!%5(2,14-*, &*)*,$2,
0+*1$%*,)$,("F2!%!%,"*,$%,2!"$(2,%!"*,1!+152(+,Ba!'5+(,J7L7D7,

a!'5+(,J7L7,F+0,"(0',;,%-,0'!"'&$:%-(-(',0$'D"0+;&'E*$!&/"$)&!&'0'Z+0*$!"!'
DB"0+9?,

8",$2,1(%*,)$,$%&(,!"#$%&!'(1!4",$-$+'!4,5"(,1(&$'*+6(,1$"&+(2,)$"*-!"()(,
U0*?*/, .(G*, 15?(,!"O25$"1!(,%$, )$%(++*22(+*","5$#$,1(&$'*+6(%7, X*+, 5",2()*/, 1!"1*,
&!0*%, )$, (0*?*, BY*'6%!&1*/, 81*"4-!1*/, H(&$+!(2/, 8-*1!*"(2, ?, X%!1*24'!1*D/, ?, 0*+,
*&+*/,%$,)$O!"!4,2(,_"#$+%!4",8-*1!*"(2/, H*-$"&*%,12(#$/,m*2$%,?,X()+$7,8",&*+"*,(,
&*)*, $2,1*"G5"&*,%$,)$%(++*22(+*",2(%,+$2(1!*"$%,$@!%&$"&$%/, !"&$'+F")*%$,&*)*, $22*,
$",2(,&$*+6(,0+$%$"&()(,$",$2,E(06&52*,%!'5!$"&$7,,

!04

,".7-3)8)9-#(7%-

J7T7L7c7,R(&5+(1!4",&$*+N&!1(
Y(, %(&5+(1!4", &$*+N&!1(, %$, $@0+$%(, $", &N+-!"*%, )$, ,*&$!0' $-$73$' !&)0' $*"10'
"/"+7", BE*+.!", ?, R&+(5%%/, JPPS/, 07LTKD7, X$+*, $%&(, %(&5+(1!4", $%, -F%, <5$, 2(, "*,
$-$+'$"1!(, )$, "5$#*%, )(&*%7, Z, $%, <5$, 2(, %(&5+(1!4", !-02!1(, $2, )$%(++*22*, )$,
1(&$'*+6(%, $", &N+-!"*%, )$, %5%, 0+*0!$)()$%, ?, )!-$"%!*"$%, <5$, 2(, ;*+-("/, 2(,
$%1+!&5+(,)$,2(,&$*+6(,$",%6,-!%-(,?,2(,1+$(1!4",)$,+$2(1!*"$%,$"&+$,2*%,1*"1$0&*%7,82,
-*-$"&*,$",<5$,%$,22$'(,(,)!1:*,05"&*/,?,%$,1*";*+-(,5",-(0(,1*"1$0&5(2,%*.+$,2(,
&$*+6(,<5$,%$,$2(.*+(,?,$-$+'$/, %$,(21("3(,2(,%(&5+(1!4",&$*+N&!1(/, !-02!1(")*,$22*/,
$2,1$%$,)$,2(,&*-(,)$,)(&*%,(,&+(#N%,)$2,-5$%&+$*,&$*+N&!1*7,
,

U-.(%, :$++(-!$"&(%, (#("3(", )$, -("$+(, 0(+(2$2(, $", 2(, -$)!)(, $", <5$, $2,

-5$%&+$*, &$*+N&!1*,!")!1(,:(1!(,)4")$,)$.$,(#("3(+,2(,+$1*'!)(,)$,)(&*%,0(+(,<5$,
)!1:(,%(&5+(1!4",%$,(21("1$,2*,-F%,&(+)$,0*%!.2$7,,

!"+"!"$8M)4&.)*/1'$N5$L5L&7$&$!"!#$%&
82, /"/0-$7, B*, $%1+!&5+(, )$,-$-*%D,$%,5"(, :$++(-!$"&(, <5$, *15++$, 0(+(2$2(, (,2(,
1*)!O!1(1!4", ?, (2, 0+*1$%*, )$, ("F2!%!%, $", $2, <5$, %$, 1(0&5+(", 2(%, !)$(%, <5$, 2$, #(",
%5+'!$")*, (2, !"#$%&!'()*+, $", &*+"*, (, 2*%, 14)!'*%/, 1(&$'*+6(%/, &("&*, $",$2, 0+*1$%*,
1*"1$0&5(2, 1*-*, %5.%&("&!#*, *, &$*+N&!1*, BI*2&*"/, JPPWD7, 8%&(, :$++(-!$"&(, %$,
$-02$(, (, 2*, 2(+'*, )$, &*)(%, 2(%, ;(%$%, )$2, ("F2!%!%/, $2(.*+F")*%$, 2*, <5$, %$, 1*"*1$,
1*-*, -$-*%/, <5$, 1*"%&!&5?$", "*&(%, !";*+-(2$%, +$;$+!)(%, (2, 0+*1$%*, )$, ("F2!%!%,
BE:(+-(3/, JPPQD7, Y(, $%1+!&5+(, )$, $%&*%, -$-*%, +$O2$G(, 2(%, !)$(%/, +$O2$@!*"$%, *,
1*"$@!*"$%,<5$,%5+'$",)$,-("$+(,$%0*"&F"$(,)5+("&$,2(,1*)!O!1(1!4",?,$2,("F2!%!%7,
8", )$O!"!&!#(/, 2*%, -$-*%, %*", :$++(-!$"&(%, ("(26&!1(%, <5$, (?5)(", (, )$%(++*22(+,
!)$(%,BY$-0$+&/,JPPWD7,8%&*%,-$-*%/,1*-*,0*+&()*+$%,)$,!)$(%/,1*"%&!&5?$",)(&*%/,
0*+,2*,<5$,&(-.!N",05$)$",%$+,1*)!O!1()*%,?,1(&$'*+!3()*%,BR(2)([(/,JPPVD7
82,/"/0-$7,)$.$,%$+,$%0*"&F"$*,?,"*,-$1F"!1*/,*.2!'(")*,(2,!"#$%&!'()*+,(,
)$&$"$+%$,?,+$O2$@!*"(+,$",&*+"*, (,5",14)!'*/,5"(,1(&$'*+6(,*,(2+$)$)*+,)$,$22(7,Y(,
$%1+!&5+(, )$,-$-*%,)$.$,%$+, 5"(,(1&!#!)(),1+$(&!#(,?, 2*%, -$-*%, 1+$()*%, :(",)$,
%$+, %5'$+$"&$%, ?, $#*1()*+$%/, %!, .!$"/, "*, &!$"$", 0*+, <5N, %$+, 1*"125?$"&$%, B]$?/,

!03

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

LVVKD7,82,!"#$%&!'()*+,+$O2$G(,%5%,!)$(%,$",+$2(1!4",(,2*,<5$,:(,#!%&*/,*6)*/,%$"&!)*,*,
1*)!O!1()*, BE:(+-(3/, JPPQD7, Y(, %!-02$, (11!4", )$, $%1+!.!+, 5", -$-*/, ;5$+3(, (2,
!"#$%&!'()*+,(,0$"%(+,$",2*%,)(&*%7,8%$,0$"%(-!$"&*/,!-02!1(,1!$+&*,("F2!%!%,BE*+.!",
?,R&+(5%%/,JPPSD7,
R$'=", M+!"!)()/, E(++$+*, ?, R*+!("*, BJPPQD, %*", 15(&+*, 2*%, *.G$&!#*%, <5$,
)$.$",'5!(+,$2,/"/0-$7\
]$%(++*22(+, !)$(%/, 2*%, -$-*%/, <5$, 05$)$", &$"$+, 5"(, 2*"'!&5), #(+!()(/,
1*"%&!&5?$", 5", -*)*, )$, $@0+$%(+, 2(%, !)$(%, )$2, !"#$%&!'()*+7, 8%(%, !)$(%,
1*"%&!&5?$", 2(, .(%$, )$, 2(, 1*"1$0&5(2!3(1!4"7, U, 0(+&!+, )$, 2*%, -$-*%/, 2*%,
14)!'*%, %$, #(", ('+50(")*, $", ;(-!2!(%/, %$, $2(.*+(", )!;$+$"&$%, "!#$2$%,
1*"1$0&5(2$%/, $&1n, $",)$O!"!&!#(/, %$,)$%(++*22(",2(%, !)$(%,)$2, !"#$%&!'()*+,
$",+$2(1!4",(2,("F2!%!%,)$,2*%,)(&*%7,
Y!.+$-$"&$,;*+-52()*%/,$2,*.G$&!#*,O!"(2,(2,$%1+!.!+,5",-$-*,$%,02(%-(+,2(,
!)$(,<5$,:(,%5+'!)*/, %!",!-0*+&(+,14-*, %$,$%1+!.$7, Y(%, +$'2(%,05+(-$"&$,
"(++(&!#(%, "*, &!$"$", !-0*+&("1!(/, )$, (:6, <5$, $%1+!.!+, -$-*%, %$(, 5",
0+*1$%*, +F0!)*/, $%0*"&F"$*/, 1*", $2, ="!1*, +$<5!%!&*, )$, <5$, 2(,!)$(,<5$)$,
12(+(,$",%6,-!%-(7,
U2-(1$"(-!$"&*/, $", !"#$%&!'(1!4", !")51&!#(, 2(, $%1+!&5+(, )$, -$-*%,
(21("3(, 5"(, +$2$#("1!(,-(?*+,+$%0$1&*,)$, *&+*, &!0*,)$, !"#$%&!'(1!4"7, Y*%,
!"#$%&!'()*+$%, 05$)$", +$(2!3(+, &("&*%, -$-*%, 1*-*, 1*"%!)$+$"/, "*,
)$&$"!N")*%$,:(%&(, <5$,O!"(2!1$,$2, ("F2!%!%,05$%,:(%&(, $2,=2&!-*, -*-$"&*,
05$)$",%5+'!+,!)$(%,!-0*+&("&$%7
aF1!2-$"&$, +$'!%&+(.2$%/, 2*%, -$-*%, )$.$", %$+, 12(%!O!1()*%, 0*+, !)$(%7,
U)$-F%/, 2*%,-$-*%, )$.$",%$+, &!&52()*%, )$,-*)*, <5$,2$?$")*,$2,&6&52*, $2,
!"#$%&!'()*+, %$0(, (, <5N, 14)!'*/, 1(&$'*+6(, *, 0+*0!$)(), %$, +$O!$+$7, A&+*,
(%0$1&*,!-0*+&("&$,$%,$2, -("&$"!-!$"&*, )$,2*%,-$-*%,("&!'5*%/, $%,)$1!+/,
%!, %$, )$%$(, $%1+!.!+, %*.+$,5",-$-*/, )$.$,:(1$+%$, $",5"(, 1*0!(/,)$, -*)*,
<5$,$2,*+!'!"(2,<5$)$,!"&(1&*7

!0#

,".7-3)8)9-#(7%-

X*+, *&+*, 2()*/, E*+.!", ?, R&+(5%%, BJPPSD/, )$%(++*22(+*", 5"(%,

1(+(1&$+6%&!1(%,'$"$+(2$%,)$,2*%,-$-*%\
Y*%, -$-*%, #(+6(", $", ;5"1!4", )$2, 1*"&$"!)*/, )$2, '+()*, )$,
1*"1$0&5(2!3(1!4"/, )$, 2(, 2*"'!&5)/, 0$+*, &(-.!N",)$0$")$", )$, 2(, ;(%$, )$2,
("F2!%!%, *,)$2, -(&$+!(2,<5$,%$,$%&N,1*)!O!1(")*7, 82,&!0*,)$,-$-*, #(+6(,(,2*,
2(+'*, )$2, 0+*1$%*, )$, ("F2!%!%/, -!$"&+(%, <5$,(2, !"!1!*, %*",-(?*+!&(+!*%, 2*%,
-$-*%,1*"1$0&5(2$%,$@02!1(")*,14)!'*%/, (,-$)!)(,<5$,(#("3(,$2,0+*1$%*,
(0(+$1$",-F%,-$-*%,&$*+N&!1*%,$@02!1(")*, +$2(1!*"$%,$"&+$,1(&$'*+6(%, ?,
%5%,)!-$"%!*"$%7,
U5"<5$, 05$)$", (0(+$1$+, !)$(%, $", 2(%, $"&+$#!%&(%/, 2*%, -$-*%, )$.$", %$+,
$%1+!&*%,)$,-("$+(,*+)$"()(,(,0(+&!+,)$,(2'=",'$%&*+,)$,-$-*%7,Y(%,"*&(%,
)$, 1(-0*, ?, )$, 2(%, $"&+$#!%&(%, %$, 0!$+)$", ;F1!2-$"&$, ?, ()$-F%, $%*%,
$%0(1!*%,-51:(%,#$1$%,%*",!"%5O!1!$"&$%7,
Y*%, -$-*%, '56(",$2, ("F2!%!%/, *+'("!3(", 2(%, !)$(%, ?, ;(#*+$1$",2(,+$O2$@!4",
)$2,!"#$%&!'()*+7,
]$.$", $%1+!.!+%$, -$-*%, +$%5-$"/, <5$, %!"&$&!1$",$2, 1*"&$"!)*, )$, #(+!*%,
-$-*%7, ]$, $%&$, -*)*/, %$, !"&$'+(", -$-*%/, 2*, 15(2, %50*"$, (#("3(+, $", $2,
("F2!%!%7,
Y*%, -$-*%, )$.$,$%&(+,&!&52()*%/, $,!"125!+, 2(, ;$1:(,?, -*-$"&*, $", <5$, %$,
$%1+!.$"7,]$,$%&$,-*)*,%$,05$)$,#$+,2(,$#*251!4",$",2(%,+$O2$@!*"$%,(1$+1(,
)$,5"(,1(&$'*+6(,*,)!-$"%!4"7,
X5$)$,!"125!+,0(+&$,)$,2(,1!&(,(,2(,<5$,:(1$,+$;$+$"1!(/,0*+,2*,<5$,([()!+,2(,
0F'!"(,*,)*15-$"&*,$",<5$,%$,$"15$"&+(,)!1:(,1!&(,$%,;5")(-$"&(27,

J7T7J7L7,M!0*%,)$,H$-*%
I(?,#(+!*%,&!0*%,)$,-$-*%,$",;5"1!4",)$,<5N,%$,$@02!<5$,$",$22*%7,W0('/"/0('(0$'
%*7&+"('#&+&'%&' ,0$1"+(&,-.$',0$'$0(0)+0('/-(/0('&,"+,&'!"'%0('!&)0('IH%&+["8'L\\]8'
#?L\LO?, 8", .(%$, (2, )"/&' !"' "(&' ,0$1"+(&,-.$, %$, )!%&!"'5$", )!;$+$"&$%, -$-*%7,

!0%

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

U2'5"*%, (5&*+$%, "*, $"5-$+(", 1()(, &!0*, 0*+<5$, 1*"%!)$+(", <5$, )!1:(, (11!4",
%50*"$, 5", -*)*, )$, 0$"%(+, $", 2*%, -$-*%, )$, -("$+(, $%&+51&5+()(, BE*+.!", ?,
R&+(5%%/, JPPSD7, R(2)([(, BJPPVD/, %!",$-.(+'*/, 22(-(,(, &*)*%, 2*%,-$-*%,)$2, -!%-*,
-*)*\, X$&%9)-,' T"/0' IT"/0' X$&%;)-,0O8' %!, .!$"/, :(1$, )!%&!"1!*"$%, $"&+$,1()(, 5"*,
)$,$22*%, $",.(%$,(, 2(%, +$O2$@!*"$%,<5$,'56$",1()(,-$-*7, R!'5!$")*,(,$%&$, (5&*+/, (,
1*"&!"5(1!4",%$,0+$%$"&(",2(%,)!;$+$"&$%,+$O2$@!*"$%,<5$,05$)$",'5!(+,5",-$-*\
;5PM5Q/&'57$ )*5.*)$ N5$ *1L&$ 5M$ /'657(/R)N&.$ 75$ .5M)*/&')$ *&'$ M&7$
K).(/*/K)'(57$ DS&$ 5M$ T5'1L5'&U$ %*", -$-*%, $", 2*%, <5$, %$, $@02!1(", 2(%,
+$2(1!*"$%, <5$, %5+'$", $"&+$, $2, !"#$%&!'()*+, ?, $2, -5")*, %*1!(2, <5$, $%&F,
$%&5)!(")*7, R$, -5$%&+(", 2(, $-0(&6(, ?, %!-0(&6(, 1*", 2(%, (11!*"$%, )$, 2*%,
0(+&!1!0("&$%, 0(+(, $"&$")$+, %5%, 0$+%0$1&!#(%, ?, 05"&*%, )$, #!%&(7, R$,
)$&(22(.(, 14-*, $2, !"#$%&!'()*+, 1*!"1!)6(, *, "*, 1*", 2*%, 05"&*%, )$, #!%&(,
-*%&+()*%, 0*+, 2*%, 0(+&!1!0("&$%/, (5"<5$, $", "!"'=", 1(%*, $%(, 1*"$@!4",
<5$)4, +$O2$G()(, $", 2(, $"&+$#!%&(7, 8+(", 05"&5(2!3(1!*"$%, :$1:(%,
0*%&$+!*+-$"&$7, Y(, !"#$%&!'()*+(, :(.6(, %!)*, )$0*+&!%&(, ?/, 0*+, &("&*/, 2(,
$-0(&6(,1*",2*%,)$0*+&!%&(%,$+(,$",-51:*%,1(%*%,-F@!-(7,
;5PM5Q/&'57$ )*5.*)$ N5$ M)7$ K.5R-'()7$ N5$ /'657(/R)*/1'$ N5M$ 57(-N/&U$
-$-*%, 15?(%, +$O2$@!*"$%, %$, 1$"&+(", $", 2(%, &' #+-0+-, 0+$'5"&(%, )$,
!"#$%&!'(1!4", ;*+-52()(%7, U, -$)!)(, <5$,(#("3(, $2, ("F2!%!%/, $%&*%, -$-*%,
-("&!$"$", (2, !"#$%&!'()*+, $",$2, 1(-!"*, )$2, ("F2!%!%7, E*"%&!&56(", 25'(+$%,
0(+(, 2(, +$O2$@!4", (1$+1(, )$, 2(, ()$15(1!4", )$, 2(%, 0+$'5"&(%, )$,
!"#$%&!'(1!4"/,)$,2(,+$;*+-5(21!4",)$,2(%,-!%-(%/,!"125%*,)$,2(,1+$(1!4",)$,
(2'5"(,<5$,(2,!"!1!*,05)*,:(.$+%$,*.#!()*7
;5PM5Q/&'57$ )*5.*)$ N5$ M)$ 5M5**/1'$ N5$ *1N/R&7$ D$ N5$ 7-7$ N5P/'/*/&'57$
&K5.)(/6)7U$-$-*%, $",2*%, <5$, %$, )$O!"$", 2*%, 14)!'*%, ?, %$, $@02!1(, $2, 0*+,
<5N, )$,$%(, $2$11!4"7, E*"%&!&5?$,5",0+*1$%*, )$,1*"&+*2, !"&$+"*, (1$+1(,)$2,
0+*1$%*, )$,#"$(&/-"$)0'?,$%(%,+$O2$@!*"$%, 05$)$",'$"$+(+,*&+*%, 0*%!.2$%,
14)!'*%7, 8%&$,&!0*, )$,-$-*/, $%,)$,$"*+-$,!-0*+&("1!(,15(")*, $2,0+*1$%*,
)$, ("F2!%!%, %$, +$(2!3(, $", $<5!0*7, b2(%$+, BLVWSD, :(1$, (25%!4", (, 14-*, &%'
"(,+-2-+' /"/0(' "$' +"%&,-.$' &' %0(' ,.!-70(' "%' &$&%-()&' !-2*A&8' ,0/#%")&' 9'

!0&

,".7-3)8)9-#(7%-

"$70+!&'%&('#+0#-"!&!"('&$&%;)-,&('!"'%0('!&)0('I#?VNO?,U,$%&$,&!0*,)$,-$-*,
%$, 2$, 1*"*1$, &(-.!N", 1*-*, -$-*, 1*"1$0&5(2/, 05$%, $", N2, %$, $@02!1(",
0+*1$%*%,)$,1*"1$0&5(2!3(1!4"7,U.$2(/,b(+16(hi!$&*,?,XN+$3, BJPPWD,([()$",
<5$,$%&$,-$-*,-5$%&+(,2(%,0+!-$+(%,!-0+$%!*"$%,<5$,%$,&!$"$",(1$+1(,)$,
2*%, 14)!'*%, ?, 0*%!.2$%, 1(&$'*+6(%/, !"125?$")*, &(-.!N"/, +$O2$@!*"$%, %*.+$,
2(%, ;5%!*"$%, )$, 14)!'*%7, 8%&$, &!0*, )$, -$-*, $%, 1(+(1&$+6%&!1*, )$, 2(%,
0+!-$+(%,;(%$%,)$,2(,1*)!O!1(1!4"7,
;5PM5Q/&'57$ )*5.*)$ N5$ K)(.&'57$ 5L5.R5'(57U$ *)(5R&.V)7U$ (5L)7$ D$
*&'*5K(&7U$ *.%$+#(1!*"$%, %*.+$, 14-*, 2*%, 14)!'*%, )$, -("$+(, &$"&(&!#(,
&*-(",25'(+,$",1(&$'*+6(%, ?o*, %5.1(&$'*+6(%/, %5'!$+$",5",&$-(, *, $#*1(",
5",1*"1$0&*, )$,"!#$2,%50$+!*+7,H$-*%,$", 2*%,<5$,%$, )(,%$"&!)*, (2, 0+*0!*,
("F2!%!%7,
;5PM5Q/&'57$)*5.*)$N5$K&7/4M57$.5N57$&$N/)R.)L)7U$5"*,)$,2*%,(%0$1&*%,
-F%, 1+6&!1*%, $", $2, ("F2!%!%, )$, )(&*%, 15(2!&(&!#*%, $%, !"&$+0+$&(+, 2(%,
+$2(1!*"$%,$"&+$,1()(,5"*,)$,2*%,1*-0*"$"&$%,!")!#!)5(2$%,)$2,$%&5)!*7,8",
$%&$, &!0*, )$, -$-*, %$, $@02!1(", 2(%, +$2(1!*"$%, $"&+$, 1(&$'*+6(%, ?, %5%,
)!-$"%!*"$%/, )!-$"%!*"$%, ?, %5.)!-$"%!*"$%/, $"&+$, )!-$"%!*"$%, )$,
)!;$+$"&$%, 1(&$'*+6(%, ?, $"&+$, #(+!(%, 1(&$'*+6(%7, R*",-$-*%, <5$, $@02!1(",
2*%, )!('+(-(%, $2(.*+()*%, 0+$#!(-$"&$, $", +$2(1!4", (, 2(%, 5"!*"$%, $"&+$,
1*"1$0&*%/, G$+(+<56(%/, 1+*"*2*'6(, *, !"O25$"1!(%, ?, $;$1&*%7, M!$")$", (,
(0(+$1$+, 15(")*, $2,("F2!%!%, $%&F, (#("3()*, ?, $",$%&(, !"#$%&!'(1!4", ;5$+*",
)$"*-!"()*%, /"/0(' )"0+=)-,0(/, $2(.*+F")*%$, )*%, &!0*%, )$, -$-*%,
&$*+N&!1*%\
:5&.W(/*&$CU$-$-*, $",$2, <5$, %$, +$O2$G(.(", 2(%, +$2(1!*"$%, $"&+$,2(%,
)!%&!"&(%, 1(&$'*+6(%, 0+!"1!0(2$%7, E*"%&!&56(, 5", -F%, (2&*, "!#$2,
&$*+N&!1*7$
:5&.W(/*&$!U$ $", $%&$, -$-*, %$, -*%&+(.(", 2(%, +$2(1!*"$%, $"&+$, 5"(,
1(&$'*+6(, ?, %5%, )!-$"%!*"$%, ?, $"&+$, )!-$"%!*"$%, )$, 5"(, -!%-(,
1(&$'*+6(, ?, )$, )!;$+$"&$%, 1(&$'*+6(%7, R50*"6(, 5", "!#$2, -$"*+, )$,
(.%&+(11!4"7

!0'

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

E*-*, !")!14, b2(%$+,BLVWS/, 07SKD,$",+$;$+$"1!(,(,2(,M$*+6(,a5")(-$"&()(,?,

2*%,-$-*%/,%&'"(,+-)*+&'!"'/"/0(')"0+=)-,0('"('%&'")&#&' ',"$)+&%' "$' "%' #+0,"(0' !"'

7"$"+&,-.$' !"' D"0+;&' E*$!&/"$)&!&?' G-' "%' -$1"()-7&!0+' ("' (&%)&' "()"' #&(0' #0+' -+'
!-+",)&/"$)"' &' %&' "(,+-)*+&8' !"(#*=(' !"' %&' ,0!-<-,&,-.$8' "%' -$1"()-7&!0+' $0' "():'
B&,-"$!0'D"0+;&'E*$!&/"$)&!&?
;5PM5Q/&'57$ )*5.*)$ N5$ M)$ (5&.V)$ 5L5.R5'(5$ &$ N5$ -')$ (5&.V)$
.5M)*/&')N)$5Q/7(5'(5U$$",$%&$,&!0*,)$,-$-*%,%$,+$O2$@!*"(,%*.+$,14-*,2*,
2*1(2, ?, 0(+&!152(+, )$2, $%&5)!*, 05$)$, (02!1(+%$, (, *&+(%, 0*.2(1!*"$%/, (, 5",
&$++!&*+!*, -F%, '+(")$/, -F%, '$"$+(2!3(.2$/, $", *1(%!*"$%/, 5"!#$+%(2/,
$@02*+(")*,2(%,0*%!.2$%,-$&F;*+(%,<5$,%5'!$+(",&+("%;$+!.!2!)()7
;5PM5Q/&').$ )*5.*)$ N5$ M&7$ K.&4M5L)7$ *&'$ 5M$ 57(-N/&U$ %!$")*, $%&*%,
-$-*%, 2(, *0*+&5"!)(), 0(+(, +$O2$G(+, ;(22*%, $", $2, %!%&$-(, )$, ("F2!%!%7,
U)$-F%/, (2, $%1+!.!+, %*.+$, $22*/, %$, 05$)$", '$"$+(+, %*251!*"$%, (, $%*%,
)!2$-(%7, X$+*,$",$%&$,&!0*,)$,-$-*/,%$,05$)$",+$O2$G(+,&(-.!N",2(%, !)$(%/,
0$+1$01!*"$%/, +$O2$@!*"$%, *, !"&$+0+$&(1!*"$%, <5$, %5+'$", (, 2*, 2(+'*, )$2,
("F2!%!%, ?, )$, 2(, 1*)!O!1(1!4", +$;$+!)(%, (2, 0+*0!*, 0+*1$%*, )$, ("F2!%!%7,
E*"*1!)*%,&(-.!N",1*-*,-$-*%,("(26&!1*%/,%$,12(+!O!1(",2*%,0(%*%, ?,;(%$%,
<5$,(&+(#!$%(,$2,("(2!%&(/,$@02!1(")*,2*%,1(-!"*%,)$,!)(,?,#5$2&(,&60!1*%,)$,
$%&$,&!0*,)$,!"#$%&!'(1!4",15(2!&(&!#(7,
;5PM5Q/&').$ )*5.*)$ N5M$ *-)MX-/5.$ N/M5L)$ K5.7&')M$ &$ W(/*&$ *&'$ 5M$
57(-N/&U$ $",$%&$,&!0*, )$, -$-*, %$, &+(&(", 2(%, 15$%&!*"$%, N&!1(%/, 2(%, 15(2$%,
#(+6(", %5, -('"!&5), $", 1()(, $%&5)!*, 1*", 0(+&!1!0("&$%, :5-("*%7, b+(",
0(+&$,)$,$%&*%,)!2$-(%,%*",!-0+$#!%&*%7, 8",$2,1(%*,)$,$%&(,!"#$%&!'(1!4",%$,
$2(.*+4,5",-$-*,)$,$%&$,&!0*, $",1*"$@!4",1*",2(,$"&+$#!%&(,HW,$",2(,15(2,
2(, -()+$/, 0%!142*'(,)$, 0+*;$%!4"/, &(+)4, $",/")"+("' $",2(,$"&+$#!%&(,1*-*,
-()+$/, +$%0*")!$")*, !"!1!(2-$"&$, )$, 5", -*)*, -F%, 0+*;$%!*"(2, <5$,
0$+%*"(27,8%(%,!-0+$%!*"$%,<5$)(+*",1*"%&(&()(%,$",$2,-$-*/,?,&*)*%,2*%,
14)!'*%,)$,2(,0+!-$+(,0(+&$,)$,2(,$"&+$#!%&(,5"!)*%,(,$%&$,-$-*7,
;5PM5Q/&').$ )*5.*)$ N5$ M)7$ T-(-.)7$ N/.5**/&'57$N5M$ 57(-N/&U$ (, -$)!)(,
<5$, %$, (#("3(, $", 2(, !"#$%&!'(1!4"/, %$, +$(2!3(", -F%, $"&+$#!%&(%, (,

!0(

,".7-3)8)9-#(7%-

0(+&!1!0("&$%/, -F%, *.%$+#(1!*"$%/, 2*, 15(2, 1*")51$, (, 5"(, '$"$+(1!4", )$,

!)$(%, 0(+(, 1*"&!"5(+, )!1:(, !"#$%&!'(1!4"7, 8%(%, !)$(%, %*", 2(, .(%$, )$, $%&$,
&!0*, )$, -$-*/, <5$, 0$+-!&$, )$%15.+!+, $2$-$"&*%, 0$+)!)*%, *, "$1$%!&(+,
)(&*%, ()!1!*"(2$%7, Y(, .(%$,)$,$%&*%, -$-*%, %*",2(%, 0+$'5"&(%, <5$, %5+'$",
$",$2,0+*0!*,0+*1$%*,)$,("F2!%!%,?,(,2(%,<5$,%$,&+(&(,)$,)(+,+$05$%&(,$",2(,
.=%<5$)(,)$,2*%,0(+&!1!0("&$%,15?(%,$@0$+!$"1!(%,-F%,05$)(",(0*+&(+7,
;5PM5Q/&').$)*5.*)$N5$ L5L&7$K.56/)L5'(5$ *.5)N&7U$&*)*%,2*%, -$-*%,
)$.$", %$+, +$#!%()*%, 0$+!4)!1(-$"&$, 0(+(, )$%(++*22(+, 2*, <5$, %$, 1*"*1$,
1*-*, /")&/"/08' 15?*, *.G$&!#*, O!"(2, $%, +$%5-!+, $, !"&$'+(+, 2*, <5$, %$, :(,
)$%(++*22()*, $", &*+"*, (, 5"(, 1(+(1&$+6%&!1(%, :(%&(, $2, -*-$"&*7, E*-*,
1*"%$15$"1!(,)$,2(,!-0*+&("1!(,<5$,$",!"#$%&!'(1!4",15(2!&(&!#(,!")51&!#(,
&!$"$", 2*%, -$-*%/, $2, "=-$+*, )$, 2*%, -!%-*%, %$, $2$#(, +F0!)(-$"&$, (,
-$)!)(, <5$, (#("3(, $2, 0+*1$%*, )$, ("F2!%!%7, X*+, $22*/, 5", .5$", 1*"&+*2, ?,
*+'("!3(1!4", )$, 2*%, -!%-*%, %$, 1*"#!$+&$, $", &(+$(, ;5")(-$"&(2, )$2,
("(2!%&(7, X(+(,$22*, %$, 1+$(",2*%, /")&/"/0' *, /"/0'-$50+/"'<5$,1*"%!%&$",
$",-$-*%, +$%5-$"/, $",2*%, <5$, %$, ('+50("/, $@02!1(",?, ;5%!*"(",!)$(%,$",
&*+"*, (, 5",-!%-*, 14)!'*/, 1(&$'*+6(, *, )!-$"%!4"7, 8%&$, &!0*, )$,-$-*, "*,
!-02!1(,2(,$2!-!"(1!4",)$,2*%,*&+*%,0$+*,;(1!2!&(",$"*+-$-$"&$,$2,&+(.(G*,?,
%5,2$1&5+(7,
$

^", &!0*, )$, -$-*, !";*+-$, $%, $2, /"/0' 7%02&%/, $", $2, <5$, %$, +$="$",

&*)*%, 2*%, -$-*%, +$2(&!#*%, (, 5"(, 1(&$'*+6(/, ?, %$, )$&(22(, ?, +$O2$@!*"(, $",
&*+"*, (, $22(7, R*", -$-*%, <5$, &+(%, %$+, +$#!%()*%, 0*)+6(", 1*"%&!&5!+, $2,
%!'5!$"&$,&!0*,)$,-$-*,+$;$+!)*,(2,!";*+-$,O!"(2,)$2,$%&5)!*7,8%&*%,-$-*%,
$@02!1(",2*%,,14)!'*%/, )!-$"%!*"$%, ?, %5.)!-$"%!*"$%, <5$, 1*-0*"$", 5"(,
1(&$'*+6(/,)$&(22(",2(,$%&+51&5+(,G$+F+<5!1(,?,&$-0*+(2,)$,2(%,)!-$"%!*"$%,
?, %5.)!-$"%!*"$%, ?, $2, 0+*1$%*, *, $#*251!4", )$, )!1:(, 1(&$'*+6(7, R*",
$@125%!#*%,)$,5"(,;(%$,O!"(2,)$2,("F2!%!%,?,-5?,+$2(1!*"()*%,1*",2(,;(%$,)$,
1*)!O!1(1!4",(@!(27
;5PM5Q/&').$ )*5.*)$ N5M$ /'T&.L5$ P/')M$ N5M$ 57(-N/&U$ $%&$, &!0*, )$, -$-*,
05$)$, %$+, 5"(, 0!$3(, %5.%&("&!#(, (0+*0!()(, 0(+(, %$+, !"&$'+()(, $", $2,

!4"

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

!";*+-$,O!"(2, )$2,$%&5)!*7, Y*%,-$-*%,'2*.(2$%/, $@02!1()*%, ("&$+!*+-$"&$/,

052!)*%,?, -$G*+()*%,05$)$",1*"#$+&!+%$,$",-$-*%,+$;$+!)*%,(,2(,&$*+6(,?,
1*"%&!&5!+,0(+&$,)$2,!";*+-$,O!"(27

82, #*25-$", )$, -$-*%, <5$, %$, 1+$(", $", !"#$%&!'(1!4", 15(2!&(&!#(,
!")51&!#(, (#("3(, +F0!)(-$"&$/, )$, -*)*, <5$, %$, :(1$, !-0+$%1!")!.2$, 5"(,
1*++$1&(,?,$O!1(3,*+)$"(1!4",)$,2*%,-!%-*%,0(+(,5",-$G*+,(0+*#$1:(-!$"&*7,
82, '$%&*+,)$, -$-*%, )$2, %*;&d(+$,$-02$()*, $",$%&(,!"#$%&!'(1!4",0$+-!&6(,
"*-.+(+2*%,2!.+$-$"&$,?,*+'("!3(+2*%,$",;(-!2!(%,)$,-$-*%/,%!$")*,0*%!.2$,
!"125!+,5",-!%-*,-$-*,$",)!;$+$"&$%,;(-!2!(%7,
8",$%&$,1(%*/, 1()(,-$-*, &$"6(,5",&6&52*, <5$,$@02!1(.(,?,)$&(22(.(,$2,
1*"&$"!)*,)$2,-!%-*,?,$2,0+*'+(-(,0$+-!&6(,1(&$'*+!3(+,$2,&!0*,)$,-$-*7,82,
%*;&d(+$, &+(6(, 5"*%, &!0*%, )$, -$-*%, 0+$)$&$+-!"()*%/, ;(1!2!&(")*, 2(,
1+$(1!4",)$,*&+*%7, X*%&$+!*+-$"&$/, 15(")*, $2, "=-$+*, )$,-$-*%,$-0$34, (,
%$+, )!O61!2-$"&$, 1*"&+*2(.2$, %$, 1+$(+*", ;(-!2!(%, )$, -$-*%, $", .(%$, (, )*%,
1+!&$+!*%\
a(-!2!(%,)$,-$-*%,$",;5"1!4",)$2,&!0*,)$,-$-*/,$%,)$1!+/,%$,+$('+50(.(",
&*)*%, 2*%, -$-*%, +$;$+!)*%, (, +$O2$@!*"$%, ("(26&!1(%, .(G*, 2(, ;(-!2!(,
H$-*%, ("(26&!1*%`, &*)*%, 2*%, -$-*%, +$%5-$"/, $", &*+"*, (, 2(, ;(-!2!(,
H$-*%,+$%5-$",*, &*)*%,2*%,-$-*%,+$;$+!)*%, (,"$@*%, ?,)!('+(-(%/, $",
&*+"*,(,2(,;(-!2!(,H$-*%,)!('+(-(%7,
a(-!2!(%, )$, -$-*%, $", 1*"$@!4", 1*",2(%, ;(-!2!(%, )$, 14)!'*%7, R$, 1+$(+*",
&("&(%, ;(-!2!(%, )$, -$-*%, 1*-*, ;(-!2!(%, )$, 14)!'*%/, 1*-0(+&!$")*,
-!%-*, &6&52*7, 8",$%(%, ;(-!2!(%, )$,-$-*%,%$,!"1256(",&*)*%,2*%, -$-*%,
)$,15(2<5!$+,&!0*,+$;$+!)*%,(,15(2<5!$+(,)$,2*%,1*"1$0&*%,<5$,;*+-(.(",
0(+&$,)$,)!1:(,;(-!2!(,)$,14)!'*%

!4!

,".7-3)8)9-#(7%-

!"+"#"$8M)4&.)*/1'$N5$N/)R.)L)7
M*)*, $2, 0+*1$%*, )$,("F2!%!%, 22$#(, (%*1!()(,2(, $2(.*+(1!4",)$, +$)$%/, $", 2(%, <5$, %$,
-5$%&+(", 2(%, 1*"$@!*"$%, $@!%&$"&$%7, 8%(%, +$)$%, *, )!('+(-(%, %*", -$1("!%-*%,
#!%5(2$%, <5$, +$0+$%$"&(", 2(%, +$2(1!*"$%, $"&+$, 2*%, 1*"1$0&*%, ("(26&!1*%, BE*+.!", ?,
R&+(5%%/, JPPSD/, $-02$F")*%$, )$, -("$+(, $@:(5%&!#(, 0(+(, *+'("!3(+, 2*%, )(&*%, $,
!25%&+(+,2(%,+$2(1!*"$%,1*"1$0&5(2$%,BH!2$%,?,I5.$+-("/,LVVTD7,
Y*%, )!('+(-(%, %*", 5"(, :$++(-!$"&(, <5$, 1*-*, 2*%, -$-*%/, 22$#(, !-0261!&(,
5"(, 0(+&$, )$, ("F2!%!%, ?, 15?(, $2(.*+(1!4", %$, :(1$, -F%, 1*-02$G(, (, -$)!)(, <5$,
(#("3(,$2,0+*0!*,("F2!%!%7, Y*%,)!('+(-(%,!"!1!(2$%,"*,%*",$2(.*+()*%/, %!"*, <5$,%*",
%!-02$%, $,!"%!"=(",?,"*, )$%1+!.$",2(%, +$2(1!*"$%7,U,-$)!)(,<5$,(#("3(,$2,("F2!%!%/,
2*%,)!('+(-(%,%$,#5$2#$",1*-02$G*%/,-*%&+(")*,-=2&!02$%,+$2(1!*"$%,?,;(#*+$1$",2(,
1*"%&+511!4",)$,2(,&$*+6(,$",25'(+,)$,2(,)$%1+!01!4",BE*+.!",?,R&+(5%%/,JPPSD7,
82, '$%&*+, )$, )!('+(-(%, )$2, %*;&d(+$, $-02$()*, $", $%&(, !"#$%&!'(1!4"/,
0$+-!&6(, $",&*)*, -*-$"&*, '$"$+(+, )!1:*%, '+FO!1*%, 1*",2*%, 1*"1$0&*%, $-02$()*%,
$",2(,!"#$%&!'(1!4"/, ?(,;5$+(",14)!'*%/, ;(-!2!(%,)$,14)!'*%, *,1(&$'*+6(%7, U)$-F%/,2(,
0*%!.!2!)(),)$,%$+,$"2(3()*%,(,-$-*%,$",2*%,<5$,%$,$@02!1(.(",)!1:*%,)!('+(-(%,?,
%5%, +$2(1!*"$%, ;(#*+$16(, %5, $-02$*7, X*%&$+!*+-$"&$/, )!1:*%, )!('+(-(%, %$,
$-02$(+*",$",$2,!";*+-$,O!"(2,)$,-*)*,<5$,'+FO!1(-$"&$,%$,)$&(22(.(,(<5$22*, <5$,
&(-.!N",%$,:(16(,)$,-("$+(,&$@&5(27,

!"+"+"$='(5R.)*/1'$(5&.W(/*)$D$57*./(-.)$N5$M)$:5&.V)"
:+$9+;<=+$=>$;+$?>-7@+$A8.=+B>.,+=+$;>$1>7B<,>$+;$<.C>9,<D+=-7$-7D+.<E+7$>;$+.F;<9<9$G$;>$=+$8.$
H+B<.-$1+7+$H7>+7$G$7>I<.+7$7>;+H<-.>9$,>-7J,<H+9$K8>$1>7B<,>.$L+H>7$H-B1+7+H<-.>9$>.,7>$
H+,>D-7@+92
)ML+7B+E/$0""%$12!!#5

U, 2*, 2(+'*, )$, $%&$, (0(+&()*, %$, -5$%&+(", 2(%, $&(0(%, O!"(2$%, )$, 2(, M$*+6(,
a5")(-$"&()(, <5$,0$+-!&$", 2(, !"&$'+(1!4",&$*+N&!1(, ?, $%1+!&5+(,)$, 2(, M$*+6(7, 8",
0+!-$+, 25'(+, %$, )$%(++*22(, 2(, 12(%!O!1(1!4", &$4+!1(, <5$, 1*"%&!&5?$, 5", 0(%*, 12(#$,
0+$#!*,(,2(,$%1+!&5+(,)$,2(,M$*+6(/,1*"%!%&!$")*,$",2(,1*2*1(1!4",)$,2*%,-$-*%,$",5",

!40

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

$%<5$-(, &$4+!1*, <5$, 0+$0(+$, 2(, $&(0(, )$, $%1+!&5+(7, 8%, 5", $%<5$-(, &$4+!1*, <5$,
$-$+'$,(,0(+&!+,)$,2(,1*"&!"5(,1*-0(+(1!4",)$,2*%,-$-*%,?,)$,%5%,+$2(1!*"$%,1*",
2*%, 14)!'*%, &$*+N&!1*%, ?, %5%, )!-$"%!*"$%7, E*"%!%&$/, 0*+, &("&*/, $", 5", $%<5$-(,
&$4+!1*, <5$,$-$+'$, )$2, 0+*0!*, ("F2!%!%, %!", -(+1*%, 0+$#!*%, *, '56(%, $@&$+"(%, (, 2*%,
)(&*%,)$,2(,!"#$%&!'(1!4",BM+!"!)()/,E(++$+*,?,R*+!("*/,JPPQD7
,

U, $%&$, "!#$2, $2, 0+*1$%*, )$, 1*)!O!1(1!4", $%&F, 0+F1&!1(-$"&$, 1*"125!)*, (2,

$"1*"&+(+%$,&*)(%,2(%,1(&$'*+6(%, %(&5+()(%7, X*+,&("&*/, (,0(+&!+,)$,2*%, 1(&$'*+6(%, ?,

1*"1$0&*%,<5$,:(",$-$+'!)*,?,)$,2*%,-$-*%,$2(.*+()*%,$",$2, 0+*1$%*, )$,("F2!%!%,
%$,!"!1!(,2(,$%1+!&5+(,)$,2(,M$*+6(,$",%6,-!%-(7,8%&$,0+*1$%*,)$,12(%!O!1(1!4",&$4+!1(,
$%,1*"1$0&5(2/,$%,)$1!+/,%$,&+(.(G(,1*",2(%,!)$(%/,"*,1*",2*%,)(&*%,BM+!"!)()/,E(++$+*,
?,R*+!("*/,JPPQD7
,

U, 1*"&!"5(1!4",%$,)$%(++*22(,2(,!"&$'+(1!4",&$*+N&!1(/, $",2(,<5$/,(,0(+&!+, )$,

)!1:*, $%<5$-(, &$4+!1*, $-$+'$"&$, %$, 02(%-(", 2(%, 1(&$'*+6(%/, (%6, 1*-*, %5%,
0+*0!$)()$%, ,(,&+(#N%,)$,2(%,%!-!2!&5)$%/,)!;$+$"1!(%,?,+$2(1!*"$%7, 82,-(?*+,N";(%!%,
$",$%&$, -*-$"&*, %$, 1$"&+(,$",2(, .=%<5$)(,)$, 2(, 1(&$'*+6(,1$"&+(27, 8%&(,1(&$'*+6(,
1$"&+(2, 1*"%&!&5?$, $2, 0+*1$%*, %*1!(2, .F%!1*, <5$, %$, :(, )$%(++*22()*, (, &+(#N%, )$,2(,
)$"%!O!1(1!4", )$, 2(%, 1(&$'*+6(%, ?, )$2, ;$"4-$"*, )$, $%&5)!*7, 8%, (, &+(#N%, )$, 2(,
(+&!152(1!4", ?, $@02!1(1!4", )$2, 0+*1$%*, %*1!(2, .F%!1*, <5$, 2(, M$*+6(, $@02!1(&!#(,
$-$+'$,Bp*"$%, ?, U2*"?/, JPLLD7, Y*%, +$<5!%!&*%,<5$,)$.$,15-02!+, 5",0+*1$%*, %*1!(2,
.F%!1*/, $%, <5$, 2(, 1(&$'*+6(, )$.$, &$"$+, !0(' 0' /:(' "(,"$&+-0(' "/"+7"$)"(' ,%&+0('
Bb2(%$+/, LVWS/, 07VWD7, 8%$, 0+*1$%*, %*1!(2, )$.$, %$+, )*-!"("&$, +$O2$G(")*, ?,
+$%5-!$")*,5",0(&+4",)$,1*-0*+&(-!$"&*,;5")(-$"&(2,$",$2,;$"4-$"*,)$,$%&5)!*
Bp*"$%, ?, U2*"?/, JPLLD7, ]$.$, %$+, 1*-02$&(-$"&$, #(+!(.2$, (2, &!$-0*, <5$, :(, )$,
-("&$"$+,%5,$%&+51&5+(,$",*&+*%,1*"&$@&*%, ?,$%&+51&5+(%, %*1!(2$%, !")$0$")!$"&$%/,
)$,-*)*, <5$, "*,%$,&+(&$, %42*, )$,1(&$'*+6(%,)5+()$+(%,$",$2, &!$-0*/, %!"*, &(-.!N",
O2$@!.2$%,0(+(,(1*-*)(+%$,(,1(-.!*%,&$-0*+(2$%,*,(,1(-.!*%,(,2*,2(+'*,)$2,&!$-0*/,
-("&$"!$")*,5"(,!"#(+!(.2$,1*"%!%&$"1!(,$",$2,%!'"!O!1()*,Bb2(%$+/,LVWSD7
,

Y(, +$)(11!4", )$, 2(, M$*+6(, "*, $%/, 0*+, &("&*/, 5", +$%5-$", )$2, 1(06&52*, )$,

+$%52&()*%/, %!"*, <5$, $", $22(, %$, )$.$", $@02!1(+, &(-.!N"/, 2(%, +$2(1!*"$%, $"&+$, $2,
&+(.(G*,+$(2!3()*, ?,2(%,0+$'5"&(%, )$,!"#$%&!'(1!4",*+!'!"(2$%/, %$,)$.$,)!%15&!+,1*",

!44

,".7-3)8)9-#(7%-

&+(.(G*%, 0+$#!*%, +$1*'!)*%, $", 2(, +$#!%!4", )$, 2(, 2!&$+(&5+(, *, -*%&+(+, 2(%,
!-02!1(1!*"$%, 0+F1&!1(%, ?, ;5&5+(%, 26"$(%, )$, !"#$%&!'(1!4", <5$, :(?(", 0*)!)*,
$-$+'$+,)$,2*%,0+*0!*%,)$%15.+!-!$"&*%,)$2,$%&5)!*,BR!2#$+-("/,JPPPD7,

!"+"2"$8M$K.&R.)L)$/'T&.LO(/*&$,:Y,>"(/"
X(+(,&*)*,$2,0+*1$%*,)$,("F2!%!%/,%$,$-02$4,5",EUk]UR,*,X+*'+(-(,_";*+-F&!1*,)$,
U0*?*, (2, U"F2!%!%, )$, ](&*%, E5(2!&(&!#*%7, ]$, $"&+$, &*)(%, 2(%, *01!*"$%, %$, $2!'!4, $2,
0+*'+(-(,!";*+-F&!1*,)$,("F2!%!%,)$,)(&*%, 15(2!&(&!#*%,UMYUR7&!,$",%5,#$+%!4",Q7J7,
)$%(++*22()*,0*+,M:*-(%,H5+1:7,8%&$,0+*'+(-(,%5+'$,0(+(,(?5)(+,(2,!"#$%&!'()*+,
15(2!&(&!#*, $",2(%, -=2&!02$%, &(+$(%,-$1F"!1(%,<5$,+$<5!$+$,$2, ("F2!%!%,)$,)(&*%7, R$,
&+(&(/,0*+,&("&*/,)$,5"(,:$++(-!$"&(,=&!2,?,;(1!2!&()*+(,)$2,("F2!%!%/,$","!"'=",1(%*/,
+$(2!3(,$2,("F2!%!%,$",%!,-!%-*,BU.$2(/,b(+16(hi!$&*,?,XN+$3/,JPPWD7,
,

82,%*;&d(+$,!";*+-F&!1*,UMYUR7&!, +$="$,.(G*, 2*, <5$,%$,1*"*1$,1*-*,^"!)(),

I$+-$"$=&!1(,B^ID/, &*)*%, 2*%, )*15-$"&*%, +$;$+!)*%, (,5"(, !"#$%&!'(1!4", B^$-!&!'

_"+/"$"3)-,&' D"(-('T&!+"(D/, &+(&(")*,(,&*)*, $2, 1*"G5"&*, 1*-*, 5"(, ="!1(,$"&!)()/,
%!", !-0*+&(+,$2, 25'(+,$",<5$,$%&N,(2*G()*, )$"&+*, )$2, 0+*0!*, $"&*+"*, !";*+-F&!1*7,
E()(,!"#$%&!'(1!4",15$"&(/,$"&*"1$%/, 1*",5"(,^I, 0+*0!(/, )$,2(,<5$,(,1*"&!"5(1!4",
%$,)$%1+!.$",%5%,1*-0*"$"&$%\,
C" ]*15-$"&*%,X+!-(+!*%/,%*",2*%,)*15-$"&*%,)$,&$@&*/,!-F'$"$%/,#6)$*%,*,
(5)!*%, <5$, ;*+-(", 2*%, )(&*%, $", .+5&*, ?, %*", %5%1$0&!.2$%, )$, %$+,
("(2!3()*%7, 82, %*;&d(+$, 2*%, $-02$(, )$%)$, %5, 0+*0!(, 5.!1(1!4", $", $2,
$"&*+"*, !";*+-F&!1*, 2*, 15(2, 0$+-!&$, !"&+*)51!+, $", $2, UMYUR7&!, &("&*%,
]*15-$"&*%, X+!-(+!*%,1*-*, %$,)$%$$7, 8",$2, 1(%*,)$, $%&(,!"#$%&!'(1!4"/,
%$, !"125?$+*", 5", &*&(2, )$, KW, )*15-$"&*%, 0+!-(+!*%/, &*)*%, $22*%,
)*15-$"&*%, )$,&$@&*, $",;*+-(&*, mMa7, X(+(, "*-.+(+2*%, %$,$-02$*, 5"(,
2$?$")(, 1*", $2, *.G$&!#*, )$, <5$, 1()(, )*15-$"&*, "*, ;5$+(, !)$"&!O!1()*\,
@$)+"1-()&`TQ,*,@$)+"1-()&`TL,?,%51$%!#*7
!" E!&(%,*, 4*0)&)-0$(/,%*",2*%,;+('-$"&*%,)$,2*%,)*15-$"&*%,0+!-(+!*%,1*",
(2'=",%!'"!O!1()*7,8",2(%,0+!-$+(%,$&(0(%,)$2,("F2!%!%,)$,)(&*%,15(2!&(&!#*,

!43

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

!")51&!#*, 2(, %$'-$"&(1!4",1*"%&!&5?$, 5"(, &(+$(,;5")(-$"&(2/, )$, -*)*,

<5$, $2, '$%&*+, )$, 1!&(%, $%, 5"(, :$++(-!$"&(, )$, '+(", !"&$+N%7, Y(%, 1!&(%,
05$)$",%$+, ;+(%$%,1*+&(%/, 5"*, *, #(+!*%, 0F++(;*%/, 0$+*, &(-.!N", F+$(%, )$,
5"(,!-('$",*,;+('-$"&*%,)$,5",(5)!*,*,#6)$*7,,
#" E4)!'*%/, %*", 5"(, 0(2(.+(,*, 0(2(.+(%, 12(#$, <5$,1*"1$0&5(2!3(,2*%, )(&*%,
.+5&*%7, 82, '$%&*+, )$, 14)!'*%, (%*1!(, )$, -("$+(, (5&*-F&!1(, $2, 14)!'*,
1+$()*,(,5"(,1!&(/,)$, -("$+(,<5$,5",14)!'*, 05$)$,$-02$(+%$,$",#(+!(%,
1!&(%, ?, $", 5"(, 1!&(, #(+!*%, 14)!'*%, &("&*, )$, 5", -!%-*, )*15-$"&*,
0+!-(+!*, 1*-*,$",)!%&!"&*%7,8%&*%, 14)!'*%/, (,%5,#$3/,05$)$",(%*1!(+%$,(,
*&+*%,1*-0*"$"&$%,<5$,(0(+$1$",-F%,()$2("&$,1*-*,-$-*%/,;(-!2!(%,*,
"$&d*+C%7,8",$2, 1(%*, )$,2(,!"#$%&!'(1!4",<5$,1*++$%0*")$,%$,1+$(+*",5",
&*&(2,)$,SJP,14)!'*%/,)$,2*%,<5$,cL,$+(",14)!'*%,!",#!#*7
+" H$-*%/, $2,'$%&*+,)$,-$-*%,0$+-!&$,$%(,(%*1!(1!4",1*"%&("&$,1*",*&+*%,
1*-0*"$"&$%, )$,2(,^I, )$,-*)*,<5$,1()(, 14)!'*, 1+$()*, %$,$"2(1$,(, %5,
-$-*, $@02!1(&!#*, 1*++$%0*")!$"&$/, *, 2(%, +$2(1!*"$%, $@!%&$"&$%, (2,
)!('+(-(,*,"$&d*+C,*0*+&5"*7
2" a(-!2!(%/, $2, '$%&*+,)$, ;(-!2!(%, 0$+-!&$, +$5"!+,.(G*, 5"(%, 1(+(1&$+6%&!1(%,
1*-5"$%, 5",1*"G5"&*, )$, ]*15-$"&*%, X+!-(+!*%/, 14)!'*%, *, -$-*%7, ]$,
$%&$, -*)*/, %$,;(1!2!&(, $2, -("$G*, )$,'+(")$%,#*2=-$"$%, )$, !";*+-(1!4"7,
8", $2, 1(%*, )$, 2(, ^_' D"(-(' T&!+"(/, %$, 1+$(+*", a(-!2!(%, )$, ]*15-$"&*%,
X+!-(+!*%, 0*+, 1()(, 1*"G5"&*, H()+$, q, ]$0*+&!%&(/, 0$+*, &(-.!N", 5"(,
'$"$+(2, $", 2(, <5$, %$,!"125?$+*",&*)*%, 2*%, ]$0*+&!%&(%, ?,$",*&+(,;(-!2!(,
&*)(%, 2(%, H()+$%7, R$, $%&(.2$1!$+*", &(-.!N", ;(-!2!(%, )$, 14)!'*%, ?, )$,
-$-*%/, 15?(, 0*%&$+!*+, (%!'"(1!4", 0$+-!&6(, %$2$11!*"(+, ?, &+(.(G(+, 1*",
(<5$22*%,14)!'*%,?,-$-*%,+$;$+!)*%,(,5"(,;(-!2!(,$",1*"1+$&*7,
G" a")b0+[/,$%,$2,'$%&*+,)$,2(,^I,;*+-()*,0*+,i*)*%,?,m$2(1!*"$%7,82,'$%&*+,
)$,)!('+(-(%, 0$+-!&$, !"1*+0*+(+,1*-*, a0!0, 15(2<5!$+, $2$-$"&*, )$,2(,
^I,?,2(,Y"%&,-.$,$%,$2,"$@*,$"&+$,2*%,"*)*%,<5$,05$)$,#$"!+,)$O!"!)(,0*+,
$2,0+*'+(-(,*, %$+,1+$()(,0*+,$2,0+*0!*,!"#$%&!'()*+7,8",$%&$,1(%*/,&*)(%,
2(%,+$2(1!*"$%,;5$+*",1+$()(%,05$%&*,<5$,$2,!)!*-(,*+!'!"(2,)$2,0+*'+(-(,

!4#

,".7-3)8)9-#(7%-

$+(,$2, !"'2N%, ?, (2, -$"*%, 2(%, +$2(1!*"$%,%$,&+()5G$+*"7, 8%*%, )!('+(-(%, *,

"$&d*+C%, %$, $-02$(+*", 1*-*, !-F'$"$%, $", $2, 1(06&52*, )$, +$%52&()*%/,
05$%, %5,1(0(1!)(),#!%5(2, 0(+(,$@02!1(+, 2(%, +$2(1!*"$%,1*-02$-$"&(.(, ?,
$"+!<5$16(,$2,("F2!%!%,&$@&5(27
U, &+(#N%, )$2, 0+*'+(-(, UMYUR7&!, %$, '$%&!*"(+*", 2(%, 1!&(%, 0(+(, %5, 0*%&$+!*+,
0+$%$"&(1!4", $", $2, 1(06&52*, )$, +$%52&()*%7, 8%(%, 1!&(%, #(", (, (1*-0([()(%, )$, &+$%,
"=-$+*%7,82,0+!-$+*, )$,$22*%, !)$"&!O!1(,$2,"=-$+*,)$,)*15-$"&*, 0+!-(+!*, )$"&+*,
)$2, UMYUR7&!/, $2, %$'5")*, :(1$, +$;$+$"1!(, (2, "=-$+*, )$, *+)$", <5$, *150(, $", $%$,
)*15-$"&*,0+!-(+!*, ?, $2, &$+1$+*/, G5"&*,(,5"(,2$&+(/, )$&$+-!"(, %!, $%,$"&+$#!%&(,)$,
-()+$,BHD,*,)$0*+&!%&(,B]D,?,$2,"=-$+*,)$,*+)$",)$,)!1:(,-()+$,*,)$0*+&!%&(7,

!"2"$%./(5./&7$N5$*)M/N)N$N5$M)$/'657(/R)*/1'
Y(,!"#$%&!'(1!4",15(2!&(&!#(,%!$-0+$,:(,&$"!)*,<5$,251:(+,0*+,$2,+$1*"*1!-!$"&*,)$,
%5,2$'!&!-!)(),BR(")6"/, JPPPD7, 8%, -51:(, 2(,1+6&!1(,$",&*+"*,(,2(,%5.G$&!#!)(),)$,2(,
-!%-(,?,0*+,&("&*/,(,%5,)$%1+!01!4",1*-*,"*,#F2!)(,*,"*,#$+)()$+(7,i*,*.%&("&$/,$2,
&N+-!"*, )$, #(2!)$3, $", 2(%, !"#$%&!'(1!*"$%, )$, &!0*, 15(2!&(&!#*/, $%, %!"4"!-*, )$,
#$+)()/, #$+)(), 1*"%&+5!)(/, #$+)(), !"&$+0+$&()(/, 1*"%$"%5()(/, %!$")*, $%$, $2,
1+!&$+!*, 26-!&$, <5$, $%&(.2$1$, 2(, 2$'!&!-!)(), *, (1$0&(1!4", )$, )!1:*%, &+(.(G*%, )$,
!"#$%&!'(1!4"7,,
,

U1$0&(")*, 2(, %5.G$&!#!)(), $", 2(, !"&$+0+$&(1!4", )$, 2*%, )(&*%/, 15-02!+, 5"(,

%$+!$, )$, 1*")!1!*"$%, G5%&!O!1(, 2(, !"#$%&!'(1!4",15(2!&(&!#(, BU5$+.(1:,?, R!2#$+%&$!"/,

JPPKD\
M+("%0(+$"1!(/, 1*"*1$+,2*%,0(%*%,<5$,22$#(+*",(2,("(2!%&(,(,+$(2!3(+,)!1:(%,
!"&$+0+$&(1!*"$%7, A&+*%, "*, "$1$%(+!(-$"&$, :(", )$, $%&(+, )$, (15$+)*/, %!,
.!$"/, %!,)$.$",1*"*1$+,$2,0+*1$%*,<5$,:(,22$#()*,(,)!1:(,!"&$+0+$&(1!4"/,%$,
)$.$,1*"*1$+,$2,0+*1$%*,)$,("F2!%!%7
E*-5"!1(.!2!)()/, )$.$, $@02!1(+, )$, -*)*, 1*++$1&*, $2, -*)$2*, &$4+!1*,
'$"$+()*7

!4%

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

E*:$+$"1!(/,$2,-*)$2*,&$4+!1*,)$.$,%$+,1*:$+$"&$7,
,

8", +$2(1!4", (, 2(, M$*+6(, a5")(-$"&()(/, %5%, 1+$()*+$%, $2(.*+(+*", ?(, 5"*%,

1+!&$+!*%, ?, $@!'$"1!(%, -6"!-(%, <5$, )$.6(", 15-02!+%$, $",2(, (02!1(1!4",)$2, -N&*)*,

$",)*%,#$+&!$"&$%,)!;$+$"&$%,BM+!"!)()/,E(++$+*,?,R*+!("*/,JPPQD\
]$%(++*22*, &$4+!1*/, (2, )$&(22(+, 2*%, 1+!&$+!*%, <5$, 2(%, &$*+6(%, '$"$+()(%,
)$.6(",15-02!+,0(+(,%$+,1*"%!)$+()(%,;5")(-$"&()(%,?/,0*+,&("&*/,O!(.2$%,
1*-*,+$%52&()*,)$,2(,5&!2!3(1!4",)$,2(,M$*+6(,a5")(-$"&()(7,
U02!1(1!4", 0+F1&!1(/, (2, )$2!-!&(+, 2*%, +$<5!%!&*%, <5$,2(%, &$*+6(%, '$"$+()(%,
)$.6(",+$5"!+,0(+(,%$+,(02!1()(%,(,5",F+$(,%5.%&("&!#(
8", +$2(1!4", (2, )$%(++*22*, &$4+!1*/, *+!'!"(+!(-$"&$, b2(%$+, ?, R&+(5%%, BLVQWD,
0+$%$"&(+*", &+$%, 1+!&$+!*%, <5$,&*)(,&$*+6(, )$.$, 15-02!+, %!, %$,0+$&$")$, <5$, )!1:(,
&$*+6(,$%&N, '$"$+()(,)$,-("$+(,%!%&$-F&!1(,(, 0(+&!+,)$, 2*%,)(&*%\,L7, UG5%&$,)$, 2*%,
)(&*%`, J7, a5"1!*"(.!2!)()`, K7, m$2$#("1!(7, X*%&$+!*+-$"&$/, b2(%$+, BLVWS/, 007ThcD,
)$&(22(, 5", 15(+&*, 1+!&$+!*\, T7, H*)!O!1(.!2!)()7, M*)*%, $22*%, )$, '+(", 5&!2!)(), 0(+(,
1*"*1$+, 14-*, %$, :(, 1*"%&+5!)*, 2(, &$*+6(, (, 0(+&!+, )$, 2*%, )(&*%7, U, 1*"&!"5(1!4"/,
%!'5!$")*,(,M+!"!)()/,E(++$+*,?,R*+!("*,BJPPQD,%$,)$&(22(,1()(,5"*,)$,$22*%\
E+!&$+!*, )$, UG5%&$, )$, 2*%, )(&*%/, )$&(22(, 2(, 1*"$@!4",$"&+$, 2*%, )(&*%, ?, 2(%,
1(&$'*+6(%, '$"$+()(%, )$, -("$+(, <5$, N%&(%, $"1(G$",$", 2*%, )(&*%7, 8%, 5"(,
1(+(1&$+6%&!1(, +$2(1!*"()(, 1*",2(,0+$1*"1$01!4"/, $",2(,-$)!)(,$",<5$,2*%,
)(&*%,"*,)$.$",$"1(G(+%$,$",1(&$'*+6(%,0+$1*"1$.!)(%,*,%$+,%$2$11!*"()*%,
*,;*+3()*%7, Y(,0$+%0$1&!#(,*;+$1!)(,0*+,2(,M$*+6(,a5")(-$"&()(,$%,<5$,2(,
+$(2!)(),<5$, $-$+'$/, '$"$+()(, (,0(+&!+,)$,2(,!"#$%&!'(1!4",$%,-F%,$@(1&(,
<5$,2(,0*%!.2$,&$*+6(,$",2(,<5$,2(%,1(&$'*+6(%,"*,%$,(G5%&("7,8%&$,1+!&$+!*,)$,
(G5%&$,&!$"$,)*%,0+*0!$)()$%\
m$(G5%&$/,$%&(,0+*0!$)(),$%,1*"%$15$"1!(,)$,2(,+(0!)$3,1*",2(,<5$,%$,
'$"$+(", 2(%, 1(&$'*+6(%7, 82, +$(G5%&$, )$, 2(%, 1(&$'*+6(%, &!$"$, 0*+,
*.G$&!#*, (G5%&(+2(%, (, 2*%, )(&*%, )$, 2(%, <5$, 0(+&$"7, U%6/, )!1:(%,
1(&$'*+6(%, )$.$", %$+, -*)!O!1(.2$%, (, -$)!)(, <5$, (#("3(, $2, 0+*0!*,
0+*1$%*, )$, ("F2!%!%7, 8%, 5"(, 1(+(1&$+6%&!1(, -5?, +$2(1!*"()(, 1*", 2(,

!4&

,".7-3)8)9-#(7%-

O2$@!.!2!)(), )$2, -N&*)*/, ;(#*+$1!$")*, $2, )!"(-!%-*, 0+*0!*, )$, $%&$,

-N&*)*7,
UG5%&$,$-$+'$"&$/,1*"%!%&$,$",$-02$(+,1(&$'*+6(%,?(,$@!%&$"&$%,$",2(,
2!&$+(&5+(/, "*, !'"*+(+2(%/, %!$-0+$, <5$, %$, (G5%&$", (, 2*%, )(&*%7, 8",$2,
1(%*,1*"1+$&*,)$,$%&(,!"#$%&!'(1!4"/,$%&$,(G5%&$,$-$+'$"&$,"*,+$%52&(,
0*%!.2$, 05$%&*, <5$, %*",!"$@!%&$"&$%, 2(%, &$*+6(%, +$2(1!*"()(%, 1*",$2,
0(0$2,)$,2(,-()+$,$",$2,)$%(++*22*,)$,2(,$@1$2$"1!(,$",$2,)$0*+&$7,
E+!&$+!*,)$,a5"1!*"(.!2!)()/,-5$%&+(,14-*,2(,&$*+6(,$@02!1(,2*,<5$,%51$)!4,
$",$2,0(%()*/, (2,&!$-0*, <5$,0+$)!1$,<5N,*15++!+F,$",$2, ;5&5+*,$,!"&$+0+$&(,
2*, <5$, $%&F, %51$)!$")*7, ]$, -*)*, <5$, %$, 05$)(, $"&$")$+, $2, 0(0$2, )$, 2(,
-()+$,)$,5",)$0*+&!%&(,)$,(2&*,"!#$2,$",$2,0(%()*/,%$,05$)(,0+$)$1!+,14-*,
%$+F, %5, 0(0$2, $", $2, ;5&5+*, B!-02!1(1!*"$%, 0+F1&!1(%D, *, !"&$+0+$&(+, 14-*,
$%&F,%!$")*,$%$,0(0$2,$",2(,(1&5(2!)()7,
E+!&$+!*, )$, m$2$#("1!(, )$, 2(, &$*+6(/, (%$'5+(, <5$, 2(, &$*+6(, $@02!1(, 5"(,
0+*0*+1!4",1*"%!)$+(.2$,)$,2(%,(11!*"$%,<5$,*15++$",$",$2,F+$(,<5$,%$,$%&F,
$%&5)!(")*7, R$, (21("3(, 15(")*, $-$+'$", 2*%, 0+*.2$-(%, ?, 0+*1$%*%,
1$"&+(2$%7,X(+(,$22*,%$,$-02$(,)$,-("$+(,$@:(5%&!#(,$2,-5$%&+$*,&$*+N&!1*,
$", .5%1(, )$, 2*%, 0(+&!1!0("&$%, <5$, -(%, !";*+-(1!4", 05$)(", *;+$1$+/,
!"125!)*%, 2*%, 1(%*%, "$'(&!#*%, "$1$%(+!*%, 0(+(, %(&5+(+, &*)(%, 2(%,
0*%!.!2!)()$%7,
E+!&$+!*,)$,H*)!O!1(.!2!)()/,$2,0+*1$%*, ,)$,'$"$+(1!4",)$,&$*+6(,!-02!1(,$",
%6, -!%-*, 5", 0+*1$%*, )$, -*)!O!1(.!2!)()/, $", $2, <5$, "()(, $%, !"#!*2(.2$, *,
$%&F&!1*7,Z,$%,<5$,$2,!"#$%&!'()*+,)$.$/,$",&*)*,-*-$"&*/,-*)!O!1(+,!)$(%/,
1(&$'*+6(%n,%!$")*, %5,0+*0!(,)$%&+$3(,1*",2*%, )(&*%/, 2(,<5$, )$&$+-!"$,2(,
0+*0!(,1(2!)(),)$,2(,&$*+6(7,
^"(, #$3, $@05$%&*%, 2*%, 1+!&$+!*%, <5$,)$.$,15-02!+, 2(, &$*+6(,<5$, $-$+'$, $",
+$2(1!4", (2, 0+*1$%*, $", $2, <5$, %$, '$"$+(/, (, 1*"&!"5(1!4", )$, )$&(22(", (2'5"*%,
(%0$1&*%,)$,2(,&$*+6(,$",%6,-!%-(,0(+(,)$&$+-!"(+,2(,1(2!)(),)$,2(,-!%-(7,Z,$%,<5$,
1*-*, )!1$, E:(+-(3/, BJPPQ/, 07LSJD/, $2, G5!1!*, <5$, %$, :('(, %*.+$, 2(, 5&!2!)(), )$2,

!4'

!"#$%&'()*+),-%(.('(/$").-)'")012-3%4/"5461

-N&*)*, $-02$()*, $", 5"(, !"#$%&!'(1!4", 15(2!&(&!#(, !")51&!#(, !"&$+0+$&(&!#(,

'$"$+()*+(,)$,&$*+6(/,#$")+F,)()*,0*+,2(,1(2!)(),)$2,0+*)51&*,O!"(2/,$%,)$1!+/,0*+,2(,
1(2!)(), )$, 2(, &$*+6(, <5$, $-$+G(, $", )!1:*, 0+*1$%*7, U2'5"*%, )$, $%*%, 1+!&$+!*%,
%!'5!$")*,(,E:(+-(3,BJPPQD/,b2(%$+,?, R&+(5%%,BLVQWD/, M+!"!)()/,E(++$+*,?,R*+!("*,
BJPPQD,?,r(22N%,BJPPcD,%*"\
UG5%&$/, +$<5!%!&*, !"$@15%(.2$, %!, %$, )$%$(, (02!1(+, 2(, &$*+6(, (, %!&5(1!*"$%,
)!(+!(%,<5$,%$,0+*)51$",$",$2,F+$(,)$,$%&5)!*7,E*"%!%&$,$",:(1$+,$"1(G(+,
2*%,)(&*%,?,2(%,1(&$'*+6(%,<5$,%$,$-02$(",(2,F+$(,<5$,%$,$%&F,$%&5)!(")*7
E*-0+$"%!4"/,2(,&$*+6(,)$.$,%$+,;F1!2-$"&$,1*-0+$")!)(,0*+,2(%,0$+%*"(%,
<5$, &+(.(G(",$", $%$, F+$(, %5.%&("&!#(/, )$,-("$+(, <5$, )!1:(%, 0$+%*"(%,
05$)(", $-02$(+, 2(, &$*+6(, 0*+, %6, -!%-*%7, R$, &+(&(, )$, $-02$(+, 5",
#*1(.52(+!*,1*++$1&*,?,$@(1&*,+$;$+!)*,(2,F+$(,1*"1+$&*,)$,$%&5)!*7,
b$"$+(2!)()/, (,0(+&!+,)$,5","!#$2,1*"1$0&5(2,%5O!1!$"&$,<5$,0$+-!&(,<5$,2(,
&$*+6(,%!+#(, )$,)!+$1&+!3, '$"$+(2, (2, &!$-0*/, <5$, )!1:*, $2$#()*, "!#$2, )$,
(.%&+(11!4", "*, !-0!)(, 2(, 1*"$@!4", ?, (G5%&$, (, 2*%, )(&*%, )$, 2*%, <5$,
0+*1$)$"7,R$,.(%(,$",5",0+$1!%*,.(2("1$,$"&+$,(.%&+(11!4",?,0+$1!%!4"7,
E*"&+*2/, :(1$, +$;$+$"1!(, (,2(,1(0(1!)(),)$,2(,0$+%*"(,<5$,5&!2!3(, 2(,&$*+6(,
0(+(,&$"$+,$2,%5O!1!$"&$,1*"&+*2,%*.+$,2(%,%!&5(1!*"$%7,
E+$)!.!2!)()/, $@02!1(, %!, %*", %5O!1!$"&$%, 2*%, )(&*%, *.&$"!)*%/, %!, 2(%,
1(&$'*+6(%, (.(+1(", 5", (-02!*, $"&*+"*, *.%$+#()*, *, %!, $@!%&$", 5"!*"$%,
;5$+&$%,$"&+$,2*%,)(&*%,+$1*'!)*%,?,2*%,(+'5-$"&*%,?,$2,("F2!%!%7
A+!'!"(2!)()/, )$&(22(, %!, 2(%, 1(&$'*+6(%, %*", "*#$)*%(%, *, 2(%, !)$(%, <5$,
$-$+'$",(1&5(2$%7,
m$0$+15%!4"/, &+(&(, )$, )(+, +$%05$%&(, (, %!, 2(%, 1(&$'*+6(%, <5$, $-$+'$",
+$0+$%$"&(",2(,&*&(2!)(),)$,2(,$@0$+!$"1!(,$%&5)!()(7
^&!2!)()/,-5$%&+(,2(,0*%!.!2!)(),)$,<5$,2(,!"&$+0+$&(1!4",)$2,("F2!%!%,05$)(,
%$+, 5&!2!3()*, 0*+,2(, '$"&$,$",%5,-5")*, )!(+!*, *, )$, <5$, 2(%, 1(&$'*+6(%,
%5'!$+(",5",0+*1$%*,'$"$+(27,

!4(

,".7-3)8)9-#(7%-

!"%

Captulo 3.
Resultados

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

!"#$%&'(()*"
!"#$"#%&'$"()#"*%+,-.#$"/)"+&)/)0-%0"#$/"&)/.#-%($/"()#"%01#2/2/"()"(%-$/"*.%#2-%-23$"
*$0"*%&1*-)&"20(.*-23$"&)%#24%($" %"+%&-2&" ()"#$/"(%-$/" $5-)02($/")0"67")0-&)32/-%/"
89:" ()+$&-2/-%/" ;" <7"=%(&)/>?" @2*A$/" &)/.#-%($/" /)" =.)/-&%0B" ()"%*.)&($" %" *%(%"
.0%"()"#%/"*%-)'$&,%/"C.)"A%0")=)&'2($"()#"%01#2/2/B"()-%##10($/)"*%(%".0%"()")##%/B"
()D202)0($" /./" (2=)0/2$0)/" ;" +&$+2)(%()/B" =$/-&%0($" /." +&$+2%" )3$#.*2E0" ;"
%0%#24%0($"#%/"&)#%*2$0)/")0-&)"#$/"(2F)&)0-)/"*$0*)+-$/?"G%&%")##$B"/)"=.)/-&%0"#%/"
*2-%/" C.)" =)H$&" 2#./-&%0" #$/" &)/.#-%($/" 8I2#)/" ;" J.5)&=%0B" <KKL>" /20" $532%&" $"
+%/%&"+$&"%#-$"#%/")M*)+*2$0)/"C.)"%+$&-%0"&2C.)4%";"*$=+#)H2(%("%"#%/"A2/-$&2%/"()"
#$/"+%&-2*2+%0-)/?"N#"$5H)-23$"D20%#"()")/-)"+&$*)/$" 2-)&%-23$")/"#%"20*#./2E0"()"*2-%/"
&)+&)/)0-%-23%/" ()" *%(%" -)=%B" %/," *$=$" %/)'.&%&" C.)" #%" 3$4" ()" -$($/" #$/"
+%&-2*2+%0-)/"C.)()"&)+&)/)0-%(%?"
"

!" +%&-2&" ()" )/-$/" &)/.#-%($/B" /)" -&%-%" ()" (%&" &)/+.)/-%" %" #$/" $5H)-23$/"

8')0)&%#" ;" )/+)*,D2*$/>" F$&=%#24%($/" %#" 202*2$" ()" )/-%" 203)/-2'%*2E0?" @)" (2*A$"
%01#2/2/")=)&')".0%"O)$&,%"C.)"&)/+$0()"%#"+&$+E/2-$"D20%#"()#")/-.(2$P

5+"%.6"*&$%&#"#$%&70$&%"(&)"'*$(&'$($)#$8"+&$+&$%&
'$("**,%%,&'$#,*-./,&'$&(0(&1.2,(3&'$#,*-.(-"(&'$&"%-,&+./$%3&9&
'$-$*).+"*&70:&%$(&(0#,+$&$2$*;$*&'.;1,&#"#$%4

"

Q%" &)+&)/)0-%*2E0" ()" #$/" &)/.#-%($/" /)" &)%#24%&1" )0" 5%/)" %#" 023)#" ()"

%5/-&%**2E0" ()" #$/" *$0*)+-$/?" G$&" -%0-$B" )0" +&2=)&" #.'%&B" /)" ()-%##%&1" #%" !"#$%
!&'$("#)"$" R%-)'$&,%"R)0-&%#" 8RA%&=%4B" 9::S>B" ()0$=20%(%")0" )/-%" 203)/-2'%*2E0"
*+")"%,$% -&% .&,#$?" !" *$0-20.%*2E0"/)" ()D202&10")#" &)/-$" ()"*$0*)+-$/B" )0")#" $&()0"
)/-%5#)*2($"+$&"#%"203)/-2'%($&%"5%/%($B")0"#%"*$A)&)0*2%";"()/%&&$##$" ()"#%"+&$+2%"
203)/-2'%*2E0?" Q%" &)(%**2E0" D20%#" ()#" *$0H.0-$" *$0/-2-.2&1" #%" O)$&,%" )0" /," =2/=%""
-2-.#%(%P" !"#$%& '$& %"(& )"'*$(& $+& $%& '$("**,%%,& '$#,*-./,& '$& (0(& 1.2,(3&
'$#,*-.(-"(&'$&"%-,&+./$%4&

!"#

0#/1-.!2!3-$)1&-

"

N/-%"-)$&,%"&)+&)/)0-%")#" +%+)#"()/%&&$##%($"+$&"#%/"=%(&)/"%"#$"#%&'$"()"#%"

32(%" ()" /." A2H$" ()+$&-2/-%B" =$/-&%0($" #$/" =$-23$/" C.)" *$0(.*)0" %" #%" =%(&)" %"
+&)/-%&"(2*A$"%+$;$?"T)"%0%#24%"-%=52U0")#"'%/-$")=$*2$0%#"C.)"/.+$0)"2=+#2*%&/)"
)0" )#" ()+$&-)" ()#" A2H$B" %/," *$=$" #%" %(%+-%*2E0" ()" #%" =%(&)" ;" ()" /." +%+)#" )0" #$/"
=$=)0-$/" *#%3)" C.)" 323)" /." A2H$" ()+$&-2/-%" ;" C.)" +.)()0" ()/32%&" )#" ()/%&&$##$"
0$&=%#" ()" #%" )M+)&2)0*2%" ()+$&-23%?" T)" D20%#24%" *$0" #%" )M+$/2*2E0" ()#" +%+)#" ()#"
+%(&)B" C.)" /20"+&$F.0(24%&" )0"U#B" -&%-%"()" =$/-&%&" #%/" (2F)&)0*2%/" )0-&)" #$/" &$#)/"
)H)&*2($/"+$&"%=5$/"8=%(&)";""+%(&)>?"
"

R$=$" /)"A%"()-%##%($" %0-)&2$&=)0-)B" *%(%"*%-)'$&,%"=$/-&%&1"/.")3$#.*2E0"

;" *%=52$/" %" #$" #%&'$" ()#" +&$+2$" ()/%&&$##$" ()+$&-23$?" G%&%" )##$B" /)" A%0" -$=%($"
*$=$"&)F)&)0*2%"#%/")-%+%/")0")#"()/%&&$##$"()#"-%#)0-$")M+.)/-%/"+$&"V#$$="8<KWX>"
;" RE-Y" 8<KKK>" *$0" %#'.0%" +.0-.%#24%*2E0" ;" )/" C.)" )0" )#" /)'.0($" +)&2$($" ()"
)/+)*2%#24%*2E0"()+$&-23%"/)"A%"A)*A$B" %" /."3)4" .0%"/.5(232/2E0"8Z%/)" [";" Z%/)"[[>?"
G$&" -%0-$B" )0")/-)" *%+,-.#$" *.%0($" /)" A%'%"&)F)&)0*2%" %"#%/" F%/)/"C.)"%-&%32)/%")#"
()+$&-2/-%B"/)"A%&1"&)F)&)0*2%"%".0%"+&2=)&%"F%/)"()0$=20%(%%/0121"%3$+"#'14"B".0%"
/)'.0(%"()0$=20%(%"3$5&##"--"%,$+"#'14""67&5$%/%)%7&5$% //8";".0%"-)&*)&%"$"()"*-'"%
914$-:
%

T)"%0%#24%&10"-%=52U0"#%/"&)#%*2$0)/"()"*%(%"*%-)'$&,%"*$0"$-&%/"*%-)'$&,%/"

;" )0-&)" #%/" *%&%*-)&,/-2*%/" ;" (2=)0/2$0)/" ()" .0%" =2/=%" *%-)'$&,%?" G%&%" )##$B" /)"
)=+#)%&1"#%"A)&&%=2)0-%";<$#)'""-B" C.)"+)&=2-)"2#<=&#%#%/"*2-%/"&)F)&2(%/"%"%=5$/"
*$0*)+-$/"C.)"/)"()/)%"&)#%*2$0%&?

!""

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

+,-,./0#12%$30./1"#$04,.56%7%.&1.40.80&$1
Q%" *%-)'$&,%"*)0-&%#" ()" )/-%"203)/-2'%*2E0"/)"()0$=20%" *+")"% ,$% -&% .&,#$" ;" A%*)"
&)F)&)0*2%"%#" %+$;$"')0)&%#";"'#$5%#"+&)/-%($" +$&"#%"=%(&)"%"#$"#%&'$" ()"#%"32(%"()"
/." A2H$" +%&%" %;.(%&#)" %" C.)" /." ()/%&&$##$" ()+$&-23$" /)%" =1M2=$?" T)" -&%-%" ()" #%"
*%-)'$&,%" *)0-&%#" )0" -$&0$" %" *.;%" ()D202*2E0" )#" &)/-$" ()" *%-)'$&,%/" C.)(%0"
&)#%*2$0%(%/?"
"

!"#$%&' ()*+,-*' +*'$.' //*0.1%' .' 2%1%(' /%(' #.+,%(&' 34445' $.' (.#-)6)#.1%' 7,%#.(' 1*' *(8"9',%-'

//*0.-+*'.' :";.-' /%(' (<=.1%(&' 34445' *>' /%(' +%+*>2%(' 1)69#)/*(' $.' *(2.1%' .' +)' /.1%4' ?1*+<(' 1*/' .,%@%'
+%-./'@'()*+,-*'.>)+<>1%+*4'ABCDE'FGHI4'''

"

N/-)"%+$;$"/)"(232()")0"*20*$"-2+$/"()"%+$;$"(2F)&)0-)/B" &)#%*2$0%($/" -$($/"

)##$/" )0-&)" /," 8*+")"% >2"0?@12"A% B"(C5'12"A% .&'$#1&-A% D512"-?(12"% )% >@"21"0&->?" N#"
*$0H.0-$"()"%+$;$/"+.)()"&)+&)/)0-%&/)B"-%=52U0")0".0"*$0H.0-$"()"&$#)/"##)3%($/"
%"*%5$"+$&"#%"=%(&)";"&)#%*2$0%($/"*$0")#"%+$;$")0"#%"=)(2(%")0"C.)"(2*A$/"E"-$5"
2=+#2*%0")#"()/+#2)'.)"()"(2F)&)0-)/"-2+$/"()"%+$;$?"!"/."3)4B"+&)/-%&")/-)"%+$;$")/"
*$0/)*.)0*2%" ()" .0" *$0H.0-$" ()" =$-23$/B" &)+&)/)0-%($/" +$&" #%" *%-)'$&,%" ()"
/04$#51?0%$@"21"0&-%+"51'14&B"%#"-2)=+$"C.)"2=+#2*%".0"2=+$&-%0-)"'%/-$")=$*2$0%#B"
/2=5$#24%($" +$&" #%" /04$#51?0% $@"21"0&-% 0$(&'14&?" G$&" $-&$" #%($B" %" #$" #%&'$" ()#"
()/%&&$##$" ()+$&-23$B" %+%&)*)0"."@$0'"5% 2-&4$" C.)" +&$3$*%0" .0%" /2=.#-%0)2(%("
)0"#$/"%+$;$/"+&)/-%($/"+$&"#%"=%(&)?"\")/"C.)B")#"%+$;$"')0)&%#";"'#$5%#"&)F)&2($"%"
#%"*%-)'$&,%"*)0-&%#"/)"/2'.)"+&)/-%0($B"+)&$"%+%&)*)".0"%+$;$")/+)*2%#";"%(%+-%($"
%")/$/"=$=)0-$/"*#%3)"C.)"()/3,%0")#" *.&/$" 0$&=%#"()#" ()/%&&$##$" ()+$&-23$?"G$&"
]#-2=$B" )0" -$&0$" %" (2*A$" %+$;$" %+%&)*)" #%" D2'.&%" ()#" D&,#$" +%&%" *$0-&%/-%&" ;"
%0%#24%&" #%/" +&20*2+%#)/" (2F)&)0*2%/" )0-&)" %=5$/" %+$;$/?" N#" *$0H.0-$" ()" )/-%"
&)+&)/)0-%*2E0"*$0/-2-.;)")#"=%&*$"*$0*)+-.%#")M+#2*%-23$"()"#%"O)$&,%?"
"

N#" !+$;$" ()" #%" I%(&)" /)" -&%-%" ()" .0%" *%-)'$&,%" *)0-&%#" C.)" =.)/-&%" .0%"

)3$#.*2E0")0")#"-2)=+$B" C.)"/)")M+#2*%"%"+%&-2&"()"#%")3$#.*2E0"()"*%(%".0%"()"#%/"
*%-)'$&,%/"C.)"#%"*$0F$&=%0?"!" +%&-2&"()")/-%"*%-)'$&,%"/)"(%"&)/+.)/-%"%#"$5H)-23$"
')0)&%#"()"#%"203)/-2'%*2E0";"%#"$5H)-23$")/+)*,D2*$"0]=)&$"9?
&

<=2$-./,& >$+$*"%4& ?$@.+.*& $%& #"#$%& '$& %"(& )"'*$(& $+& $%& '$("**,%%,&

'$#,*-./,&'$&%"&$A;$%$+;.",

!"$

Z2'.&%"6?<?"*+")"%,$%-&%.&,#$:

0#/1-.!2!3-$)1&-

!"%

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

<=2$-./,& B(#$;C@.;,& D4&?$-$*).+"*&;E),& ($&/$+&"F$;-"',(&%,(& '$#,*-.(-"(&

#,*&$%&"#,9,&#*$(-"',&#,*&(0(&)"'*$(4
"

!" *$0-20.%*2E0"/)")M+#2*%0";" ()-%##%0"*%(%".0%"()" )/%/" *%-)'$&,%/" C.)"A%0"

)=)&'2($" ()#" %01#2/2/B" &)#%*2$0%(%/" ()" =%0)&%" (2&)*-%" *$0" #%" R%-)'$&,%" R)0-&%#B"
*+")"%,$%-&%.&,#$"8Z2'.&%"6?<?>?

+,-,-,.56%7%.9(%"*:)(%.&1.40.80&$1
N#"*+")"%>2"0?@12"%,$% -&%.&,#$" A%*)"&)F)&)0*2%"%"#%"%;.(%"+&)/-%(%"+$&"#%"=%(&)""
&)#%*2$0%(%"*$0")#"(20)&$B"-%0-$"()/()")#"+.0-$"()"32/-%"()#"()/)=5$#/$")*$0E=2*$"
*$=$" )0" #%" %;.(%" +&)/-%(%" )0" -$&0$" %" )/)" (20)&$" ;" /." ')/-2E0?" N/-)" %+$;$"
)*$0E=2*$" )/-1" *$=+.)/-$" +$&" ($/" (2=)0/2$0)/" 8Z2'.&%" 6?9?>" ()D202(%/" %"
*$0-20.%*2E0";"$&()0%(%/")0"5%/)"%"/."F.0(%=)0-%*2E0P
3$5$@F"-5"% $2"0?@12"% 6GH8B" ")#"()/)=5$#/$" )*$0E=2*$" A%*)" &)F)&)0*2%"%"
.0"%+$;$")*$0E=2*$"&)#%*2$0%($"*$0"#%")0-&)'%"$" *$0*)/2E0"()"(20)&$"()"
=$($" (2&)*-$" +)&$" -%=52U0" *$0" )#" '%/-$" C.)" #)" /.+$0)" %" #%" =%(&)" )#"
()+$&-)"()#" A2H$" ()"=%0)&%"'#$5%#")"20(2&)*-%?" N/-%"(2=)0/2E0B" +$&"-%0-$B"
)/-1"F$&=%(%"+$&"($/"(2=)0/2$0)/P
3$5$@F"-5"%$2"0?@12"%10,1#$2'"% %
3$5$@F"-5"%$2"0?@12"%,1#$2'"%
""

N#" ,$5$@F"-5"% $2"0?@12"% ,1#$2'"% 6GI8A" )/" #%" )0-&)'%" ()" (20)&$" +%&%"

F%*2#2-%&" $" A%*)&" =1/" *E=$(%" #%" +&1*-2*%" ()+$&-23%B" +)&$" -%=52U0" +%&%"
+)&=2-2&#%" )0" =.*A$/" *%/$/?" N/" ()*2&B" =.*A%/" =%(&)/" (%0" (20)&$" %" #$/"
A2H$/"*.%0($"32%H%0B"3%0"%"*%=+)$0%-$/B" )-*?^"+)&$" -%=52U0"%#'.0%"=%(&)"
A%" =%0-)02($" %" /." A2H$" *.%0($" #$/" -)=%/" )*$0E=2*$/" )0" )#" *#.5" %#" C.)"
+)&-)0)*,%"0$"F.0*2$0%5%0"52)0?"
"

!)' $):.' #".>1%' 6)#$.' ,%-' */' AJ8"),%' FBKI' ,"*(' */' ,-)+*-' .L%' +"@' =)*>&' ,*-%' */'

(*;">1%'>%'$.=9.'1)>*-%'@'M8")7>')=.'.'//*>.-/*'/.'>*0*-.'@'.',.;.-/.N&'("'+.1-*4'O"' +.1-*'

!"&

0#/1-.!2!3-$)1&-

/*'//*>.=.'/.' >*0*-.&'/*',-*;">2.=.'8"7'>*#*()2.=.4'P%-'("' +.1-*'$.',%1)1%'(*;")-' :";.>1%'

.'=./%>+.>%4'AQHDQ'!BKI4

N#",$5$@F"-5"%$2"0?@12"%10,1#$2'"%6H8A" /)"&)D2)&)"%#"'%/-$" C.)"#)"/.+$0)"%"#%"=%(&)"

)#"()+$&-)"()#"A2H$")0"-U&=20$/"()"*$=+&%&"=%-)&2%#B"()"'%/$#20%"$"32%H)/"*$0"A$-)#"
+$&"3)&"%#"A2H$"*$=+)-2&B"#%/")0-&%(%/"%"(2*A$/"*%=+)$0%-$/B"20*#./$"#%/"F%*-.&%/"()"
-)#UF$0$" *.%0($" )#" A2H$" %5%0($0%" )#" A$'%&" +$&" )/-%&" )0" .0" R)0-&$" ()" !#-$"
_)0(2=2)0-$"8R!_>"$"/)"3%"()"32%H)";"A%5#%"*$0"U#"%"(2%&2$?"
"

R%1%(' /%(' 19.(' 2*>9.' 8"*' )-' .' *>2-*>.-' .' AS)"1.1' FTI' 1*(1*' +)' ,"*=/%' @' /%('

1*(,/.U.+)*>2%(&';.(%/)>.'@'1*+<(4'V'()'@%'#%>' */'*8"),%':";.=.'*>'AS)"1.1'FTWB'@'FTWQI'(*'
#%;9.'*/'6)>'1*'(*+.>.'*')=.'.'0*-/%4'AGHDGX'FTI4

J$5'1?0% ,$-% ,10$#"% 6K8B" N/-%" /)'.0(%" (2=)0/2E0" C.)" (%" F$&=%" %#" %+$;$"
)*$0E=2*$")/"#%"&)F)&2(%"%"#%"')/-2E0"()#"(20)&$";"A%*)"%#./2E0"%"*E=$")/"#%"
=%(&)" #%" &)/+$0/%5#)"()"%;.(%&"%#" A2H$" )0"-$($/" #$/" %/+)*-$/"&)F)&2($/" %"
-&1=2-)/B" +%+)#)$B" *$0-%52#2(%(" )*$0E=2*%B" 20*#./$" )/" #%" C.)" '.%&(%" ;"
')/-2$0%" )#" (20)&$" $5-)02($" %" -&%3U/" ()#" ()+$&-)" %" #$" #%&'$" ()" -$(%" #%"
*%&&)&%"()+$&-23%?""
"

?$%-.' +)(+%' /*' .@"1%' 2.+=)7>' +"#$%' #%>' /.' #%>2.=)/)1.1&' #%+%' .' +)' +*' ;"(2.'

+"#$%' @' 2-.=.:%' *>' *//%' @' 2*>;%' *+,-*(.-)./*(&' ,"*(' *(2%@' ,*>1)*>2*' 1*' 2%1%' /%' 8"*' *('
#"*>2.(4' J>' *(2*' +%+*>2%' 2%1.' ("' #%>2.=)/)1.1&' 8"*' ()' 1*#/.-.#)Y>' 1*' -*>2.&' Z[?&'
\.#2"-.#)Y>444'7/'>%'(*',-*%#",.' 1*'>.1.4'R%1%' *(%'@'2%1.('/.('#"*>2.('(*'/.('//*0%'@%4' ABDGQ'
!GI'

Z2'.&%"6?9?"*+")"%>2"0?@12"%,$%-&%.&,#$:

!"'

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

6?<?<?<?"!+$;$"N*$0E=2*$"()"#%"I%(&)";"/./"_)#%*2$0)/
N#"*+")"%>2"0?@12"%,$%-&%.&,#$")/".0%"*%-)'$&,%"*$0".0%"%#-%"()0/2(%(B"%#"=$/-&%&"
.0")#)3%($"0]=)&$"()"&)#%*2$0)/"*$0"$-&%/"*%-)'$&,%/";"(2=)0/2$0)/B"0$"$5/-%0-)B"
0$" )M2/-)" &)#%*2E0" %#'.0%" )0-&)" #%/" ($/" *%&%*-)&,/-2*%/" ()" #%" *%-)'$&,%" *+")"%
>2"0?@12"%,$%-&%.&,#$?"!"*$0-20.%*2E0"/)"()-%##%0"#%/"&)#%*2$0)/P
?$($)=,%(,& $;,+E).;,& '.*$;-,& $& .+'.*$;-,& *$%";.,+"',& ;,+& (";*.@.;.,&
$;,+E).;,3& %=5%/" (2=)0/2$0)/" ()#" ()/)=5$#/$" )*$0E=2*$" )/-10"
&)#%*2$0%(%/" )0-&)" /," %" -&%3U/" ()#" T%*&2D2*2$" )*$0E=2*$" 8R%-)'$&,%"
[03)&/2E0" N=$*2$0%#" `)'%-23%>?" @)+)0(2)0($" ()#" ()+$&-)" $" ()#" -2+$" ()"
F%=2#2%B" 20*#./$" ()#" 0]=)&$" ()" A)&=%0$/B" )/-)" %+$;$" )*$0E=2*$" +.)()"
/.+$0)&B")0"=%;$&"$"=)0$&"=)(2(%B".0"/%*&2D2*2$")*$0E=2*$?
J#%>Y+)#.+*>2*'2.+=)7>&' ,%-8"*'*('">' 1*,%-2*'+"@'#.-%&' /%('1*(,/.U.+)*>2%('(%>'
+"@'#.-%(&'/%('$%2*/*('(%>'+"@'#.-%(&'/%('\%-\.)2(&'*/'+.2*-)./]'34445'*>2%>#*('#/.-%'2*')+,/)#.'
">' (.#-)6)#)%'1*'2*>*-/*'8"*'.@"1.-'*>' 2%1%' /%' 8"*'2^' ,"*1.(]+.2*-)./&' *#%>Y+)#%&' 2%1%]
*>2%>#*(' #/.-%' 8"*' 2*' )+,/)#.' ">' (.#-)6)#)%' ;%-1%' ,%-8"*' .1*+<(' 7-.+%(' _&' >%' (Y/%' G&'
2.+=)7>'*(2.=.'/.'%2-.4'AQBDGB'!GBI

?$($)=,%(,& $;,+E).;,& .+'.*$;-,& *$%";.,+"',& ;,+& "#,9,& %,GC(-.;,3& )#"

@)/)=5$#/$")*$0E=2*$"20(2&)*-$"2=+#2*%"'%/-$")0"32%H)/"+%&%"##)3%&"%#"A2H$"
%")0-&)0%=2)0-$/"$"*%=+)$0%-$/B"#$"*.%#")/"+%&-)"()#"!+$;$"#$',/-2*$"()"#%"
I%(&)?"
J/' =./%>+.>%' )+,/)#.=.' ./;^>' 1*(,/.U.+)*>2%' ,.-.' //*0.-/*' .' *>2-*>.+)*>2%(' @'
#%+,*2)#)%>*('@';"(2%(.+*>2*'#%;9.'+)'#%#$*'@'$*')1%'.'0*-'S.+,*%>.2%('1*'J(,.L.&'+*'$*'
$*#$%'+)('`)/Y+*2-%('@'$*';.(2.1%'+)';.(%/)>.4'ABXDX'!GHI4

?$($)=,%(,& $;,+E).;,& .+'.*$;-,& H)"-$*."%I& *$%";.,+"',& ;,+& "#,9,&

)"-$*."%3&)#" @)/)=5$#/$" )*$0E=2*$" 20(2&)*-$" '%/-%($")0")#"=%-)&2%#")/-1"
&)#%*2$0%($"(2&)*-%=)0-)"*$0")#"!+$;$"=%-)&2%#"()"#%"I%(&)")0"#%"=)(2(%"
)0"C.)")/)"%+$;$"=%-)&2%#")/"+%&-)"()#"%+$;$")*$0E=2*$?"
J/'=./%>+.>%' >%' *('">' 1*,%-2*' #.-%4' ?1*+<('1*(1*'8"*'2*>;%' GCaGX' .L%(' 2%1%' */'
+.2*-)./' 1*,%-2)0%' +*'/%' 1.'*/'#/"=4' J>' /%(' ,-)+*-%(' .L%('+*'#%+,-.=.' /.(' U.,.2)//.('34445'

!"(

0#/1-.!2!3-$)1&-

Z;"./'">.('U.,.2)//.('#"*(2.>'GKK' *"-%('@'>*#*()2.('Q',.-*('.'/%'/.-;%'1*'2%1%'*/'.L%'34445'b%'
*('#%+%'*/'(`)'%'*/';%/\&'>)'+"#$%'+*>%(4'ABCDGK'FGHI4

?$($)=,%(,&$;,+E).;,&.+'.*$;-,&*$%";.,+"',&;,+& "#,9,& $),;.,+"%3&)0"

+%&%#)#$" %" #%" &)D#)M2E0" %0-)&2$&B" #%/" =%(&)/" %*$=+%a%0" %" #$/" A2H$/" %" #%/"
*$=+)-2*2$0)/B" #$" *.%#" #)/" ')0)&%" .0" /)0-2=2)0-$" ()" +&$-)**2E0B" *%&2a$" ;"
*$=+&)0/2E0B"()"%A,"#%"&)#%*2E0"*$0")#"!+$;$"N=$*2$0%#"()"#%"I%(&)?"
S".>1%'2%+.'/.'1*#)()Y>'1*')-(*&'/*'.,%@%'@'.',.-2)-'1*'.$9',.;.+%('">.('\.#2"-.('1*'
2*/7\%>%' #%>()1*-.=/*(4' c.=/<=.+%(' +"#$%&' .' 1).-)%&' ,.-.' .>)+.-/.' @' .,%@.-/.4' AQQDG_'
!GXI4

>$(-.E+& '$%&'.+$*,& *$%";.,+"',& ;,+&"#,9,& $),;.,+"%3&()#" =2/=$" =$($"

C.)" %*$=+%a%&" %#" A2H$" %" *$=+)-2*2$0)/" ')0)&%" .0" /)0-2=2)0-$" ()"
+&$-)**2E0" ;" *%&2a$B" #%" b)/-2E0" ()#" (20)&$" ;" )#" %+$;$" +&)/-%($" )0" )/)"
%/+)*-$"-%=52U0"#$"A%*)?"
>$(-.E+&'$%&'.+$*,& *$%";.,+"',& ;,+&"#,9,& #(.;,%EG.;,3&%;.(%&"%#" A2H$")0"
)/%" b)/-2E0" ()#" (20)&$" #)" C.2-%" +&)$*.+%*2$0)/B" #25)&10($#)" #%"*%5)4%"()"
-)0/2$0)/B"()H10($#)"]02*%=)0-)"*)0-&%($")0"/."()+$&-)?"
>$(-.E+& '$%& '.+$*,& *$%";.,+"',& ;,+& J";*.@.;.,3& ;" )/" C.)" )/%" ')/-2E0" #)"
')0)&%"%"#%"=%(&)".0"-&%5%H$"%a%(2($"C.)"#)"2=+#2*%"-2)=+$B" #$"*.%#"+.)()"
&)#%*2$0%&/)" *$0" .0%" &)0.0*2%" %" /." -2)=+$B" C.)" +$/-)&2$&=)0-)" +.)()"
-&%0/F$&=%&/)")0".0"/%*&2D2*2$"()"/."$*2$B"F%=2#2%&"$"#%5$&%#?"&

6?<?<?9?"!+$;$"N*$0E=2*$"()"#%"I%(&)";"/."N3$#.*2E0
N#" *+")"% >2"0?@12"% ,$% -&% .&,#$" )/" .0%" *%-)'$&,%" )0" *.;%/" *%&%*-)&,/-2*%/" ;"
(2=)0/2$0)/"/)"=.)/-&%".0%")3$#.*2E0"%"#$"#%&'$"()#"()/%&&$##$"()+$&-23$" ()#" A2H$?"
N/"()*2&B")/)"%+$;$"*%=52%B"3%&,%";")3$#.*2$0%"%#"-2)=+$"C.)"#$"A%*)")#"()+$&-2/-%";"
/."+&$'&)/2E0")0")#"()+$&-)B"+)&$"-%=52U0"*$=$" *$0/)*.)0*2%"()#"*&)*2=2)0-$" ()#"
A2H$" *$=$" +)&/$0%?"G$&"-%0-$B"*$0/2/-)")0".0%"*%-)'$&,%"C.)")3$#.*2$0%"%#"-2)=+$"
C.)"#%/")M2')0*2%/"()#"()+$&-)"%/,"#$"&)*#%=%0?"

!$)

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

"

N0")#"*%/$"()#"3$5$@F"-5"%$2"0?@12"%10,1#$2'""/)"-&%-%"()".0"%+$;$"+&)/-%($"

)0"-$(%/"#%/"F%=2#2%/"*$0"20()+)0()0*2%"()"/./"&)*.&/$/";"C.)"$*.&&)"%"#$"#%&'$"()"
-$($" )#" ()/%&&$##$" ()+$&-23$B" %.=)0-%0($" /." 2=+$&-%0*2%"*.%0($" )#"A2H$" /)" 202*2%"
)0"#%"*$=+)-2*2E0"()+$&-23%";")3$#.*2$0%0($")0")#"%#-$"&)0(2=2)0-$?"!"=)(2(%"C.)"
%3%04%" )#" ()+$&-)B" #$/" 32%H)/" /$0" =1/" #%&'$/B" =1/" #)H$/B" #%/" *$=+)-2*2$0)/" =1/"
F&)*.)0-)/B" ()"=%0)&%"C.)")#"202*2$" ()"#%"*$=+)-2*2E0";"#%")3$#.*2E0"()"#%"=2/=%"
/.+$0)".0"2=+$&-%0-)"()/)=5$#/$"&)#%*2$0%($"*$0"'%/$#20%B" 32%H)/";"A$-)#)/?"N0")#"
%#-$" 023)#B" )#" %+$;$" )*$0E=2*$" 20(2&)*-$" )0" &)#%*2E0" %#" =%-)&2%#" ()/%+%&)*)B" %/,"
*$=$" )#" %+$;$" &)#%*2$0%($" *$0" )#" '%/-$" )0" -&%0/+$&-)" $5#2'%($?" N/" ()*2&B" #%/"
=%(&)/B" %"+)/%&"()"C.)"/./"A2H$/"/$0"20()+)0(2)0-)/B" %*.()0"%" 3)&"/./" +%&-2($/"$"
)0-&)0%=2)0-$/B"()"=%0)&%"C.)")#"'%/-$"*$0-20]%B"+)&$")3$#.*2$0%0($"/."0)M$"*$0"
$-&$" %+$;$" ;" )0"#.'%&"()"*$0/-2-.2&" .0"%+$;$" #$',/-2*$"/)"-&%0/F$&=%")0".0"%+$;$"
+/2*$#E'2*$";")=$*2$0%#?"
"

N0")#" *%/$" ()"#$/" *$0*)+-$/"()" 3$5$@F"-5"% $2"0?@12"% ,1#$2'"";"J$5'1?0% ,$-%

,10$#""/)"-&%-%"()"%+$;$/")M*#./23$/"()"[["Z%/)"()"()/%&&$##$"()+$&-23$";"!#-$"`23)#"
+&20*2+%#=)0-)B" *.%0($" )#" ()+$&-2/-%" )/" +&$F)/2$0%#" ;" /." ()+$&-)" #)" /.+$0)"
'%0%0*2%/")*$0E=2*%/?"T2)0($"#%"=%(&)"#%"+&20*2+%#"&)/+$0/%5#)"()"#%"')/-2E0"()"/."
(20)&$B"%/,"*$=$"()"#$/"-)=%/"5.&$*&1-2*$/"&)F)&2($/"%"(2*A%"')/-2E0"()#"=2/=$?"N0"
)/-)"]#-2=$"*%/$"()"#%"')/-2E0"()#"(20)&$B")/"=.;"##%=%-23%"/."&)#%*2E0"*$0")#"%+$;$"
)=$*2$0%#" ;" +/2*$#E'2*$B" )0" #%" =)(2(%" )0" C.)" %#" $*.+%&/)" #%" =%(&)" ()" )##$B"
()=.)/-&%" %#" A2H$" C.)"/)"+&)$*.+%" +$&" U#" ;" #)"$F&)*)"*$=+&)0/2E0" ;" *%&2a$?" G)&$"
-%=52U0" -2)0)" &)#%*2E0" *$0" )#" %+$;$" +/2*$#E'2*$B" +.)/-$" C.)" #%" =%(&)" #)" C.2-%"
-&%5%H$"%#"A2H$B"#25)&10($#)"#%"*%5)4%"()"+$/25#)/"-)0/2$0)/"$"/2=+#)=)0-)"(10($#)"
-2)=+$" %#" A2H$" +%&%" ()/*%0/%&?" `$" $5/-%0-)B" &)%#24%&" )/%/" ')/-2$0)/" %#" A2H$" #)"
/.+$0)0" %" #%" =%(&)" -2)=+$B" +$&"#$" C.)" /)" -&%-%" ()" .0" *$0*)+-$" &)#%*2$0%($" *$0"
T%*&2D2*2$/" ;" _)0.0*2%/" ()" #%" I%(&)" 8[03)&/2E0" N=$*2$0%#" `)'%-23%>?" T)" -&%-%" ()"
&)0.0*2%&" %" /." -2)=+$" +$&" A%*)&" ')/-2$0)/" %#" A2H$B" #$" C.)" +$/-)&2$&=)0-)" +.)()"
/.+$0)&"/%*&2D2*2$/"%"023)#"()"$*2$"$"#%5$&%#)/?"
"

!" *$0-20.%*2E0"/)" ()-%##%"#%")3$#.*2E0"()"#$/" *$0*)+-$/")0"5%/)"%"#%/" Z%/)/"

)0" )#" @)/%&&$##$" ()#" O%#)0-$B" +.(2)0($B" +$&" -%0-$B" )/-%5#)*)&/)" 0$" /E#$" .0" 023)#"
H)&1&C.2*$"()"#$/"*$0*)+-$/B"/20$"-%=52U0".0"023)#"-)=+$&%#"8Z2'.&%"6?6?>P

!$!

0#/1-.!2!3-$)1&-

Z2'.&%"6?6?">4"-<21?0%*+")"%>2"0?@12"%,$%-&%.&,#$

"

K+.;.,&?$#,*-./,L")0")#"202*2$"()+$&-23$"/)"-&%-%")M*#./23%=)0-)"()".0"%+$;$"

)*$0E=2*$" 20(2&)*-$" 8+&20*2+%#=)0-)"=%-)&2%#>B" C.)")0"#%"=%;$&,%"()"#$/"*%/$/" 0$"

/.+$0)" /%*&2D2*2$" )*$0E=2*$" %#'.0$?" \" )/" C.)" )#" ()/)=5$#/$" )/" &)(.*2($B"
5%/10($/)")0"=%-)&2%#" 0$&=%#B" )0")#" +%'$"()"#%/"-%/%/"()"#%"+&$+2%" %*-232(%(";")0"
.0")/*%/$"()/+#%4%=2)0-$B"+.)/"#%"%*-232(%("/.)#)"/)&")0")#"*$#)'2$"$"*)&*%"()"*%/%?"
O%=+$*$" )0"#$/" *%/$/"()"()+$&-)/" *.;$" =%-)&2%#" )/"*%&$" /.+$0)" /%*&2D2*2$" +.)/-$""
C.)" )/%/" F%=2#2%/"C.)" 202*2%0"%#" A2H$" )0" .0"()+$&-)" *%&$" 8)/C.," $" A$*c);"+%-20)/B"
+$&")H)=+#$>"/$0"F%=2#2%/"*$0"&)*.&/$/")*$0E=2*$/?
"

?$("**,%%,& ?$#,*-./,L" ()0-&$" ()" )/-)" ()/%&&$##$" ()+$&-23$" /)" *$0/2()&%0"

($/"F%/)/".0%"202*2%#";".0%"D20%#?"N0"#%"F%/)"()"()/%&&$##$" ()+$&-23$"202*2%#" *$0-20]%"

)#" %+$;$" )*$0E=2*$" 20(2&)*-$B" )=+)4%0($" %" /)&" =1/" %*./%($B" ()" =$($" C.)" )0"
=.*A%/" F%=2#2%/" +.)()" /.+$0)&" .0" /%*&2D2*2$" 2=+$&-%0-)?" R$0-20]%" )#" %+$;$"
&)#%*2$0%($" *$0" )#" =%-)&2%#" 8/)" &)C.2)&)" =%-)&2%#" %#'$" =)H$&>" ;" -%=52U0" )#"
()/)=5$#/$"&)F)&2($"%"#%"'%/$#20%";"32%H)/?"Q$/"02a$/")=+2)4%0"%"*$=+)-2&";"-2)0)0"
C.)" 32%H%&" *)&*%" $" -$=%0" #%" ()*2/2E0" ()" *%=52%&" ()" *#.5B" )/-%0($" U/-)" %#'$" =1/"
#)H$/B"#$"C.)"#)"/.+$0)"%"#%"=%(&)"##)3%&#$"A%/-%"%##,?
"

R$0" )#" +%/$" ()#" -2)=+$" 8F%/)" [[" ()#" ()/%&&$##$" ()+$&-23$>B" )#" %+$;$"

)*$0E=2*$" &)F)&2($" %#" =%-)&2%#" *$=2)04%" %" (2/=20.2&" ##)'%0($" %" ()/%+%&)*)&" )0"
)/-%"F%/)?" \" )/"C.)"#$/"*#.5)/" $" F)()&%*2$0)/"%"#$/"C.)"+)&-)0)*)0"#$/" ()+$&-2/-%/B"
)0")/-%" )-%+%" F%*2#2-%0"-$($" )#" =%-)&2%#" ()+$&-23$" C.)"/)" &)*#%=%?" T20")=5%&'$B")#"

!$*

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

%+$;$" )*$0E=2*$" 20(2&)*-$" )0" *$0H.0-$" %.=)0-%" %#" A%*)&#$" #$/" 32%H)/B" #%/"
(2/-%0*2%/B" 2=+#2*%0($" )/-%0*2%/" )0" A$-)#)/" $" 32%H)/" )0" %32E0?" T.&')B" )0" )/-)"
=$=)0-$B")#"'%/-$"()#"-)#UF$0$"*$=$"*$0/)*.)0*2%"()"#%"=%&*A%"()#"A2H$"%".0"R!_?"
"

N0")/-%"F%/)"/)"202*2%")#"()/)=5$#/$")*$0E=2*$"(2&)*-$B"$F&)*2)0($"#%"=%(&)"

%"/."A2H$"(20)&$"+%&%"(2/F&.-%&")0"#$/"32%H)/";" -%=52U0")#"%+$;$" &)#%*2$0%($" *$0"#%"

')/-2E0" ()#" (20)&$" )0" #%" =)(2(%" )0" C.)" %#'.0$/" ()+$&-2/-%/" ()" *2)&-$/" ()+$&-)/"
)=+2)4%0"%"'%0%&"%#'$"()"(20)&$?
"

5%-,& M./$%L& )0" )/-)" ]#-2=$" +)&2$($" ()" %#-$" 023)#" #%" =%(&)" (%" .0" %+$;$"

&)#%*2$0%($" *$0"#%"')/-2E0"()#" (20)&$" ;".0"%+$;$" )*$0E=2*$"(2&)*-$?" N0"&)#%*2E0"%"

U/-)" ]#-2=$" =.*A$/" ()+$&-2/-%/" A%0" %-&%3)/%($" =$=)0-$/" *$=+#2*%($/" C.)" #)/"
A%0"A)*A$" ()+)0()&" ()")##%?" @)+$&-)/"=20$&2-%&2$/"$")#" ()+$&-)"F)=)020$" 0$" )/-1"
-%0"+&$F)/2$0%#24%($B"()"=%0)&%"C.)"%#'.0$/"*#.5)/"%"#$/" C.)"A%0"+)&-)0)*2($" #$/"
()+$&-2/-%/"0$"+%'%5%0"%"/./"H.'%($&)/"/2)0($" #%"=%(&)"#%"C.)"+&)/-%5%".0"%+$;$"
)*$0E=2*$"(2&)*-$?"
"

Q%"')/-2E0"()#"(20)&$"=.)/-&%"*E=$"#%"=%(&)")/"#%"+&20*2+%#"&)/+$0/%5#)"()"

#$/"-&1=2-)/B"5.&$*&%*2%";"+&)$*.+%*2E0"+$&"#%"')/-2E0")*$0E=2*%"()"/."A2H$B"/2)0($"
.0"%+$;$"()"&)#)3%0*2%"%#-%")0")/-)"+)&2$($"()#"%#-$"023)#?"
"

G$&" ]#-2=$B" )#" %+$;$" )*$0E=2*$" 20(2&)*-$" )/" =.;" )#)3%($" +.)/-$" C.)" #$/"

32%H)/" /$0" *%(%" 3)4" =1/" #)H$/B" =1/" -2)=+$" ;" #%/" )0-&%(%/" %" (2*A$/" )3)0-$/"
)/+)*2%#=)0-)"*%&%/?" R$0-20]%" )#" '%/-$" ()#" -)#UF$0$" +.)/-$" C.)"'&%0" +%&-)"()" #$/"
()+$&-2/-%/"323)0")0"".0"R!_"$"/)"A%0"20()+)0(24%($?"
"

N$-.*"'"L& )0" )/-%" )-%+%B" %" 023)#" )*$0E=2*$B" #%" =%(&)" *$0-20]%" %;.(%0($B"

+&20*2+%#=)0-)")0" )/$/" ()+$&-)/")0"#$/" C.)" #%" &)*$=+)0/%")*$0E=2*%"0$" )/" %#-%B"

+$&")/$"()".0"=$($"(2&)*-$B"/2'.)"/2)0($"#%"=%(&)"#%"C.)"/./-)0-%"%#"A2H$?"N#"D20"()#"
()+$&-)"0$"/.+$0)")#"D20"()#"%+$;$")*$0E=2*$?"

!$#

0#/1-.!2!3-$)1&-

6?<?<?6?"d-&%/"R$0/2()&%*2$0)/"!*)&*%"()#"!+$;$"N*$0E=2*$"()"#%"I%(&)
N#"*+")"%>2"0?@12"%,$%-&%.&,#$"*$0/2/-)")0".0%"%;.(%"+&)/-%(%"+$&"%=5$/"+%(&)/?"
T2" 52)0B")#"$5H)-23$" D20%#"()" #%" 203)/-2'%*2E0")&%"*$0$*)&")#"+%+)#"()" #%" =%(&)" ;" /)"
+&)'.0-E"C.U"A%*,%")##%?"!"+)/%&"()"/)&"U/-)".0"%+$;$" *$=+%&-2($B"#%"=%(&)"*$=$"
+%&-)"()")/)"0]*#)$"+&)/-%"(2*A$"%+$;$?"`$"$5/-%0-)B" )#"%+$;$"&)F)&2($"%"#%"')/-2E0"
()#"(20)&$" /2"+%&)*)B")0")#"*%/$"()")/-$/"()+$&-2/-%/B")M*#./23$"()")##%/?" Q%/"=%(&)/"
'.%&(%0" )#" (20)&$" %" #$" #%&'$" ()" -$(%" #%" *%&&)&%" ()+$&-23%B" )0*$0-&10($/)" )0" )#"
=$=)0-$" ()" #%" &)-2&%(%" *$0" 2=+$&-%0-)/" *%0-2(%()/" *$=$" *$0/)*.)0*2%" ()" )/%"
#%5$&"##)3%(%"%"*%5$"+$&"#%"=%(&)?""
"

!"#$"#%&'$"()")/-)"%+%&-%($"/)"A%"()-%##%($")#"%+$;$")*$0E=2*$"+&)/-%($"+$&"

#%/"=%(&)/?" T2" 52)0B"U/-)")/"/E#$" )#"+&2=)&$"()"#$/"*20*$" %+$;$/"*$0/-2-.;)0-)/" ()#"

%+$;$" ')0)&%#" *$0/2()&%($" *$=$" *%-)'$&,%" *)0-&%#?" !" *$0-20.%*2E0" /)" %0%#24%" )#"
%+$;$" #$',/-2*$B" &)F)&2($" %"#%"%;.(%"+&)/-%(%"C.)")0"/," =2/=%" +)&=2-)"#%"+&1*-2*%"
()+$&-23%?" R$0/2/-)" )0" .0" %+$;$" C.)" %" (2F)&)0*2%" ()" )/-)" +&2=)&$B" ()0$-%"
2=+$&-%0-)/"(2F)&)0*2%/")0-&)"+%(&)/"83%&$0)/>";"=%(&)/?

+,-,;,.56%7%.<%23=#)(%.&1.40.80&$1
N#"*+")"%B"(C5'12"%,$% -&%.&,#$"A%*)"&)F)&)0*2%"%"#%"#%"%;.(%"+&)/-%(%"+$&"#%"=%(&)"
C.)"A%*)"+$/25#)"#%"+&1*-2*%"()+$&-23%?"N/"F.0(%=)0-%#")0"+&2=)&%/")-%+%/"*.%0($"
)#" ()+$&-2/-%" )/" ()+)0(2)0-)" ()" /./" +%(&)/?" N/-)" %+$;$" #$',/-2*$" )/-1" *$=+.)/-$"
+$&"*.%-&$"(2=)0/2$0)/"8Z2'.&%"6?L?>"()D202(%/"%"*$0-20.%*2E0";"$&()0%(%/")0"5%/)"
%"/."F.0(%=)0-%*2E0P
*+")"% -"(C5'12"% L#&05+"#'$% 6KI8A" )#" %+$;$" #$',/-2*$" &)#%*2$0%($" *$0" )#"
-&%0/+$&-)"A%*)" &)F)&)0*2%" %"#%"%;.(%"C.)"+&)/-%" #%"=%(&)" 320*.#%(%"%" #%"
*$0(.**2E0"$"-&%/#%($"()#"A2H$"%#"#.'%&"()")0-&)0%=2)0-$"$"*$=+)-2*2E0?"
'

'

R%1.'/.('2.-1*('2*-+)>.-'1*'#"--.-&'#%;*-'*/'#%#$*'@',*;.-2*'XK'`)/Y+*2-%(&'(.=)*>1%'

'

8"*'/.'*>2-.1.'.'AS)"1.1'FTI'*('.2.(#%'6):%4'J(2.-(*'">.'$%-.'@'+*1).'0)*>1%'*/'*>2-*>.+)*>2%'

!$"

Z2'.&%"6?L?"*+")"%B"(C5'12"%,$%-&%.&,#$:

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

!$$

0#/1-.!2!3-$)1&-

'

@' %2-.' 0*U' ,.-.' #.(.4' d/*;.-&' $.#*-' /.' #*>.&' 1%-+)-' @' .' /.' +.L.>.' ();")*>2*' 0"*/0*' .'

'

/*0.>2.-2*' ,.-.' )-' .' 2-.=.:.-&' (.=)*>1%' 8"*' #".>1%' (./;.(' .' /.(' #)>#%' @' +*1).' 2)*>*(' 8"*'

'

-*#%;*-'.'2"'>)L%'@'%2-.'0*U'//*0.-/%',.-.'.//94'AGHDGG'FTI4

*+")"%-"(C5'12"%E"+&%6MN8A" )#" %+$;$"#$',/-2*$"&)#%*2$0%($"*$0"#%"&$+%"A%*)"

&)F)&)0*2%" %" #%" %;.(%" C.)" +&)/-%" #%" =%(&)" )0" -)=%/" ()" 3)/-.%&2$?" N/-%"
(2=)0/2E0")/-1B" %"/."3)4B" F$&=%(%"+$&"*.%-&$" (2=)0/2$0)/"()"=)0$&"023)#"
()"%5/-&%**2E0P
*+")"%-"(C5'12"%#"+&%&%,1&#1"%$5+$2CO12&%,$-%,$+"#'$
*+")"%-"(C5'12"%#"+&%&%,1&#1"%($0$#& *+")"%-"(C5'12"%#"+&%+&#&%-&%2"@+$'121?0%$5+$2CO12&%,$-%,$+"#'$
*+")"%-"(C5'12"%#"+&%+&#&%-&%2"@+$'121?0%($0$#&"

N#"*+")"%B"(C5'12"%#"+&%&%,1&#1"%$5+$2CO12&%,$-%,$+"#'$"A%*)"&)F)&)0*2%"

%" #%" %;.(%" C.)" +&)/-%" #%" =%(&)" *$0" &$+%" ()#" +&$+2$" ()+$&-)" ;" ()" *.;$"
=%0-)02=2)0-$"(2%&2$"/)")0*%&'%")##%?
"

N#"*+")"%B"(C5'12"%#"+&% &%,1&#1"%($0$#&-"=.)/-&%"#%"%;.(%"C.)"+&)/-%"

#%" =%(&)" &)F)&2(%" %" #%" &$+%" ()" .0" =$($" ')0)&%#?" !" *E=$" )/" #%" =%(&)" #%"
)0*%&'%(%"()"'.%&(%&"#%"&$+%"C.)"+#%0*A%"*%(%"(,%"$"()"'.%&(%&#)"#%"&$+%"
%"(2%&2$"()/+.U/"()"()H%&#%"+$&"#%"A%52-%*2E0"()/$&()0%(%?"e0"%/+)*-$"=.;"
##%=%-23$" ()" )/-%" (2=)0/2E0" )/" #$" &)F)&2($" %" #%" *$#%(%?" b&%0" +%&-)" ()"#$/"
()+$&-2/-%/";"=%(&)/"A%*)0"&)F)&)0*2%"%")/)"%/+)*-$";"%"/."&)#%*2E0"*$0")#"
/%*&2D2*2$"+.)/-$"C.)"/)"-&%-%"()".0%"%*-232(%("C.)"#)/"C.2-%"=.*A$"-2)=+$"
%"#%/"=%(&)/?"Q$/"()+$&-2/-%/")=+#)%0"=.*A%"&$+%")0"/."(,%"%"(,%B" *$0"#$/"
)0-&)0%=2)0-$/" ;" #%/"#%3%($&%/"/$0" .0%" *$0/-%0-)B" A%*2)0($" &)F)&)0*2%"%"
)/-)"%+$;$"&)F)&2($"%"#%"*$#%(%"'&%0"+%&-)"()"#$/"+&$-%'$02/-%/?
"

N#" *+")"% B"(C5'12"% #"+&% +&#&% -&% 2"@+$'121?0% $5+$2CO12&% ,$-% ,$+"#'$"

*$0/2/-)")0".0"%+$;$"+.0-.%#B" )M*#./23$"()#"=$=)0-$"()"#%"*$=+)-2*2E0";"
()" /./" +&)+%&%-23$/?" J%*)" &)F)&)0*2%" %" #%" %;.(%" C.)" +&)/-%" #%" =%(&)"
&)#%*2$0%(%"*$0"#%"&$+%"()"#%"*$=+)-2*2E0?"RE=$" )/"#%"=%(&)"#%")0*%&'%(%"

!$%

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

()" %&&)'#%&" #$/" C.2=$0$/" *$0" #$/" C.)" *$=+)-2&B" $" ()" *$0F)**2$0%&" #$/"
5%a%($&)/"$"=%2##$-?
"

N#"*+")"%B"(C5'12"%#"+&%+&#&%-&%2"@+$'121?0%($0$#&-%A%*)"&)F)&)0*2%"%"

#%"%;.(%"+&)/-%(%"+$&"#%"=%(&)"&)F)&2(%"%"#%"*$=+)-2*2E0"+)&$"()".0"=$($"
')0)&%#?" RE=$" )/" #%"=%(&)"#%")0*%&'%(%"()" +&)+%&%&" #%" =%#)-%"*.%0($" )#"
A2H$"()+$&-2/-%"/)"3%"()"*%=+)$0%-$"$"()"+&)+%&%&"*%(%"(,%"#%"5$#/%"C.)"/."
A2H$"##)3%"%")0-&)0%&?
'

O)*+,-*'+*',-*,.-.=.'2%1%',.-.')-'.' /.('#.--*-.(&'/.('U.,.2)//.(&'/.' -%,.',-*,.-.1.4'

d%'8"*'>*#*()2.-.4'AQDGB'FBI4'
'

d.0.-' /%(' 8")+%>%(' 8"*' *(%' *-.' $%--%-%(%4' ?/;">.' 0*U' /*' 1*#9.D' e$):.&' 2*>9.(' 8"*'

$.=*-2*' 1*1)#.1%' .' /.' >.2.#)Y>' 8"*' *(' ">' =.L.1%-f4' J(%' *(' $%--%-%(%&' 1*' 0*-1.14' J(%('
8")+%>%(' 8"*' ,*(.>' 2.>2%(' `)/%(&' 8"*' *(2<>' //*>%(' 1*' (.>;-*' ,%-8"*' $.' $.=)1%' ./;">.'
$*-)1.&'*(%'*('*(,.>2%(%4'AB_DG_'!G_I4'

!+")"% -"(C5'12"% !"@1,&% 6MK8B" )#" %+$;$" &)#%*2$0%($" *$0" #%" *$=2(%" )/" .0%"
%;.(%" +&)/-%(%" +$&" #%" =%(&)" &)F)&2(%" %" #%" %#2=)0-%*2E0" ;" %" *E=$" )/B"
+&20*2+%#=)0-)")##%B" #%")0*%&'%(%"()"*$*20%&";" +&)+%&%&"#%"0)3)&%"+%&%"/."
A2H$" ()+$&-2/-%?" T)" -&%-%" ()" .0" %+$;$" &)%#24%($" *%/2" )0" )M*#./23%" +$&" #%/"
=%(&)/" ;" &)#%*2$0%($"*$0" #$/")/-)&)$-2+$/" ()"'U0)&$?" Q%/" =%(&)/"/2'.)0"
/2)0($"#%/"+&20*2+%#)/"&)/+$0/%5#)/"()"#%/"-%&)%/"&)#%*2$0%(%/"*$0")#"A$'%&"
;")0")/-)"*%/$"*$0"#%"*$=2(%?" "@)+$&-2/-%/";"=%(&)/"()"()+$&-)/"($0()")#"
+)/$" $" 2=%')0" D,/2*%" )/" ()" )/+)*2%#" 2=+$&-%0*2%" 8H.($B" -%)cf$0($B"
'2=0%/2%" &,-=2*%B" 0%-%*2E0>" A%*)0" =)0*2E0" )/+)*2%#" %" )/-)" %+%&-%($" ()"
%+$;$"#$',/-2*$"&)F)&2($"%"#%"*$=2(%?"
"

"

G)&$" )M2/-)" -%=52U0" .0" %+$;$" &)#%*2$0%($" *$0" #%" *$=2(%" F.)&%" ()"

"

*%/%" ;" )/" #%" +&)$*.+%*2E0"()" #%" =%(&)" +$&"#%" *$=2(%" *.%0($" )/-1" F.)&%" $"

"

*%=20$" ()" #$/" )0-&)0%=2)0-$/B" /2)0($" )##%B" #%" )0*%&'%(%" ()" +&)+%&%&" #%"

"

=)&2)0(%B" $" ()" ##)3%&" +&$(.*-$/" %" #%/" *$=+)-2*2$0)/" +$&" /2" +.(2)&%"

"

%+)-)*)&#)"$"0)*)/2-%&"%#'$")#"A2H$"()+$&-2/-%?"
'

!)' $):.' )=.' ./' #%/*;)%' 34445' @' +"#$.(' 0*#*(' $.=9.' 8"*' )-/.' .' ="(#.-' 34445' //*0.-/.' /.'

+*-)*>1.&'8"*'+*-*>1.-.'*>'*/',-%,)%'#%#$*'34445'*-.'">',%#%'*(2-*(.>2*4'AQQDC'!GXI4

!$&

0#/1-.!2!3-$)1&-

'

J>'#.(.' //*0.+%('">.' ./)+*>2.#)Y>' =.(2.>2*'#%--*#2.'34445' ,*-%'()' /.'#%>2-%/.+%(' ">'

,%8")2%4'?">8"*'7/'>%'2)*>*',-%=/*+.' 1*',*(%&',*-%',.-.' 8"*'>%'#%:.'#%/*(2*-%/'34445' .(9'8"*'

1*'/.'#%+)1.'+*'*>#.-;%'@%4'O)*+,-*'*0)2.+%('/.(';-.(.('34445' 8"*'*(27'=)*>' 1*'#%/*(2*-%/&'1*'
$)*--%4'g%'(%@&' ,"*('#%+%' #"./8")*-' +.1-*&' /*'$.;%'("' U"+%' 1*'>.-.>:.' ,%-'/.'+.L.>.&'@'
,.-.'8"*'2%+*'\-"2.(&'8"*'>%'#%+*'+"#$.'\-"2.' @',%-' /.(' 0)2.+)>.(&' ,"*('2)*>*('8"*'*(2.-'
,*>1)*>2*'1*'2*>*-'*>'/.'>*0*-.'("('@%;"-*(&'("('#%(.(4'AGGDQ_'!HI4

*+")"% -"(C5'12"% !&5&% 6H8A" )/-)" %+$;$" =.)/-&%" #%" %;.(%" +&)/-%(%" +$&" #%"
=%(&)" )0" *%/%" ()" .0" =$($" ')0)&%#?" !" *E=$" #%" =%(&)" $&'%024%" #%"
A%52-%*2E0"()#"A2H$B" A%*2U0($#)"20*#./$"#%"*%=%"$"*.%#C.2)&"-%&)%"()#"A$'%&"
*$0")#"D20"()"C.)")#"A2H$"-.32)&%"=1/"-2)=+$"+%&%"()/*%0/%&?
'

P"*(' @%' #-*%'8"*'/*'$*'.@"1.1%' +"#$%4'P%-' *:*+,/%&'.' +)' +*'$"=)*-.';"(2.1%'8"*'

$)#)*-.'("'#.+.&'8"*'2"0)*-.' ("' -%,.'%-1*>.1.&'8"*'$)#)*-.'+<('#%(.('*>'/.'#.(.&' 8"*'#.1.'

">%'(*'$)#)*-.' /%'("@%'@',.-2)#),.-.' +<(4'P*-%'*(2"1).>1%'@'*>2-*>.>1%&'()*+,-*'/*'$*'0)(2%'
2.>' .;%=).1%' 1*'2)*+,%' 8"*' /*'$*' ,*-1%>.1%' +"#$.('#%(.(4' !"#$.(' #%(.(' 8"*' 2*>9.' 8"*'
$.=*-'$*#$%'7/&',"*('+*'$.'2%#.1%'.'+)4'ABDBK'!GI4

6?<?9?<?"!+$;$"Q$',/-2*$"()"#%"I%(&)";"/./"_)#%*2$0)/
N#"*+")"%B"(C5'12"%,$%-&%.&,#$" )/".0%"*%-)'$&,%"*$0".0%"%#-%" ()0/2(%(B"%#"=$/-&%&"
.0")#)3%($" 0]=)&$" ()" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" (2=)0/2$0)/B" )M2/-2)0($"
20*#./$" &)#%*2$0)/" )0-&)" #%/" +&$+2%/" (2=)0/2$0)/" ()" #%" *%-)'$&,%" ()" !+$;$"
Q$',/-2*$"()"#%"I%(&)?"!"*$0-20.%*2E0"/)"()-%##%0"#%/"&)#%*2$0)/P
5#,9,& %,GC(-.;,& $+& ;"("&*$%";.,+"',& ;,+&5#,9,& %,GC(-.;,& *,#"&9& 5#,9,&
%,GC(-.;,& ;,).'"B" #%/" *.%-&$" (2=)0/2$0)/" ()#" %+$;$" #$',/-2*$" &$+%" /)"
&)#%*2$0%0"*$0")#"%+$;$"#$',/-2*$")0"*%/%")0"#%"=)(2(%")0"C.)"+%&-)"()")/)"
%+$;$" )/" +&)/-%($" )0" )#" +&$+2$" A$'%&?" \" )/" C.)B" +$&" )H)=+#$B" )#" %+$;$"
&)F)&2($" %" #%" &$+%" %" (2%&2$" ')0)&%#" )/" +%&-)" ()#" %+$;$" )0" *%/%?" Q%"
(2=)0/2E0" ()"*$=2(%B" )0"'&%0" =)(2(%B" -%=52U0" /)"()/%&&$##%")0"*%/%B" ()"
=$($" C.)" )/-1" &)#%*2$0%(%" (2&)*-%=)0-)" *$0" #%" (2=)0/2E0" ()" %+$;$"
#$',/-2*$")0"*%/%B"%#"A%*)&"&)F)&)0*2%"%"#%"+&)+%&%*2E0"(2%&2%"()"#%/"*$=2(%/"
;"*)0%/?

!$'

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

"

!()=1/" ()" )/-%/" &)#%*2$0)/" )0-&)" #%/" (2=)0/2$0)/" ()" #%" *%-)'$&,%" !+$;$"

Q$',/-2*$B" %" *$0-20.%*2E0" /)" %0%#24%0" #%/" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" ()"
=%0)&%")/+)*,D2*%"*$0"$-&%/"(2=)0/2$0)/";"*%&%*-)&,/-2*%/"()"(2*A%/"*%-)'$&,%/P
5#,9,&%,GC(-.;,&*$%";.,+"',&;,+&5#,9,&!(.;,%EG.;,& 9&5#,9,& B),;.,+"%3&
-$(%/" #%/" (2=)0/2$0)/" ()#" %+$;$" #$',/-2*$" 8-&%0/+$&-)B" *%/%B" *$=2(%" ;"
&$+%>"')0)&%0")0")#"()+$&-2/-%".0"/)0-2=2)0-$" ()"-&%0C.2#2(%("%#" )32-%&#)"
+&)$*.+%&/)" ()" *2)&-$/" %/+)*-$/" 0)*)/%&2$/" +%&%" )#" ()/%&&$##$" ()+$&-23$"
0$&=%#B" %H)0$/"%"/."32(%"(2%&2%"8%+$;$" +/2*$#E'2*$>?" !()=1/B" +&$3$*%0")0"
)#" ()+$&-2/-%" .0%" /)0/%*2E0" +#%*)0-)&%" ;" &)#%*2$0%(%" *$0" )#" *%&2a$" ;"
+&$-)**2E0"8%+$;$")=$*2$0%#>?
G$&" $-&$" #%($B" )#" %+$;$" #$',/-2*$" &)#%*2$0%($" *$0" )#" -&%0/+$&-)"
/.F&)" .0%" 2=+$&-%0-)" )3$#.*2E0" %#" -2)=+$" C.)" #$" A%*)" )#" ()/%&&$##$"
()+$&-23$B" *$032&-2U0($/)" )0" %+$;$" +/2*$#E'2*$" ;" )=$*2$0%#?" Q%" =%(&)"
##)3%" %" )0-&)0%=2)0-$/" ;" *$=+)-2*2$0)/" )0" *.;$" *%=20$" (%" *%&2a$B"
=.)/-&%"+&)$*.+%*2E0";"*$=+&)0/2E0"%#" =2/=$" -2)=+$" C.)"%02=%B"%+$;%"
;"(%" *$0D2%04%" %"/."A2H$" ()+$&-2/-%?" N/)"-&%0/+$&-)";")#" %+$;$" #$',/-2*$" /)"
*$032)&-)B" +$&"-%0-$B")0".0"=.;"5.)0"=)(2$"($0()"(%&"%+$;$")=$*2$0%#";"
+/2*$#E'2*$?"
N#" &)/-$" ()" %+$;$" #$',/-2*$" -2)0)" -%=52U0" &)#%*2E0" *$0" %+$;$"
+/2*$#E'2*$";")=$*2$0%#?"N#"%+$;$"#$',/-2*$"&)#%*2$0%($"*$0"#%"*$=2(%")/".0"
=$($" ()" =$/-&%&" *%&2a$" ;" +&$-)**2E0" %#" A2H$" %()=1/" ()" #25&%&#)" ()" #%/"
-%&)%/" ()" *$*20%&/)^" #%" =%(&)" /)" 20F$&=%" ;" %+&)0()" %" *$*20%&" +%&%" .0"
()+$&-2/-%B"A%*2U0($#)"3)&"%#"A2H$"#$"2=+$&-%0-)"C.)"+%&%")##%")/"/."()+$&-)"
8_$#)/"*$*20)&%>?" !#"=2/=$"-2)=+$B")M2/-2&,%".0"0)M$"*$0"2=+%*-$" +$/2-23$"
)0"#%"F%=2#2%B" )0"#%"=)(2(%")0" C.)" =.*A%/" =%(&)/"A%5#%0"()"0$&=%#2(%("
%5/$#.-%" )0" )#" A$'%&" )0" #$" &)F)&)0-)" %" #%" %#2=)0-%*2E0B" /%*%0($" %" #%" #.4"
*E=$" -$($/" )0" #%" F%=2#2%" *$=)0"#$" =2/=$^")#" %+$;$" #$',/-2*$" &)#%*2$0%($"
*$0" #%" &$+%B" 2'.%#" C.)" )0" )#" *%/$" %0-)&2$&B" =.)/-&%" *%&2a$B" +&$-)**2E0" ;"
*.2(%($^"#$"=2/=$"$*.&&)"*$0")#"%+$;$")0"*%/%B"%#"#25)&%&"%#"A2H$"()"&)%#24%&"
-%&)%/"$"(%&#)"=1/"-2)=+$"+%&%"()/*%0/%&?""

!$(

0#/1-.!2!3-$)1&-

"

c.@'">.'(*;">1.'*2.,.'*>'/.'8"*'*+,)*U%'.'*>2-*>.-'+<(&'#.+=)%'1*'#/"=&'*+,)*U%'.'

#%+,*2)-' @' /%' 8"*' +<(' $.#9.' +)' +.1-*' *-.' ">' .,%@%' #%>' /.(' 1*+<(' +.+<(' 1*' #%(*-'
=.L.1%-*(&'1*'%-;.>)U.-'+)('+./*2.(',.-.'/%('0).:*(444'd.'()>#-%'2.+=)7>'-*8")*-*'">'.,%@%'
*h2-.'1*'2%1%'*/'2*+.'1*',*)>.1%(&'*/'+%L%&'/%('=.L.1%-*('@'*('./;%'2.>')+,%-2.>2*'8"*'*(27'
.$9'#%>2);%4'P-*%#",.1.'1*'#%;*-'/.('$%-8")//.(&'-*1*#)//.(444''AQEDC'FGXI4
'

?',.-2*'1*'/.0.-+*'%#$%'+)/'8")+%>%(&'8"*'*('">' 2-.=.:.U%'34445'+*'$.'.@"1.1%'.'(*-'

#%+%' (%@&'.',%>*-'/%(',)*('*>'/.'2)*--.&'.'*>(*L.-+*'8"*'/.'1)\*-*>#).' *>2-*';.>.-'@',*-1*-'

*('+9>)+.' @'8"*'$.@'8"*'(*-' $"+)/1*'*>' /.' 0)#2%-).' @'*>' /.' 1*--%2.' @'8"*'2"',"*1*('(*-' *>'
">.' #%+,*2)#)Y>' /.' ,-)+*-.' ,*-%' #".>1%' (./*('1*'.$9' *-*('">.'+<(' @'@.' *(2<4'g' *(%' /%' $.'
$*#$%'1<>1%+*'#.-)L%'@'.+%-4'ABQDX'FG_I4
'

P"*(' 2-.>();)-' #%>' +"#$.(' #%(.(&' #%>' /.(' //*;.1.(' 2.-1*' .' #.(.' 1*(1*' /%('

*>2-*>.+)*>2%(&' #%>' /.' -%,.&' +%>2%>*(' 1*' -%,.' ,.-.' /.0.-' 1).-)%(&' *(.(' =%/(.(' #%>' /.('
("1.1*-.(&'#./#*2)>*(&'2%1%'("1.1%&'.(8"*-%(%&'%/)*>1%'.';)+>.()%&'.',*--%4'R-.>();)-'#%>'("('
$%-.-)%(&'#%>'*/D'e$):.'*(2"1).&'8"*'/%('*(2"1)%('(%>',-)+%-1)./*('8"*'2)*>*('8"*'*(2"1).-&'8"*'
*/'1*,%-2*'(*'.#.=.'*>(*;")1.&'8"*'2)*>*('8"*'2*>*-'*(2"1)%(',.-.'/.'0)1.f4'AHDE'!QI4

5#,9,& %,GC(-.;,& *$%";.,+"',& ;,+& (";*.@.;.,3& )#" %+$;$" #$',/-2*$B" )0"

*$0H.0-$B" /.+$0)"-2)=+$" ;" )0)&',%" ()" #%" =%(&)?" @)" %A,B" )#" 0)M$" )0-&)" #%"
*%-)'$&,%" ()" %+$;$" #$',/-2*$" ;" &)0.0*2%/" ()" -2)=+$" ;" )0)&',%" C.)"
+$/-)&2$&=)0-)" *$0(.*)0" %" /%*&2D2*2$/" ()" $*2$B" #%5$&%#)/B" A$&%&2$/" $"
F%=2#2%&)/?" Q#)3%&" %#" A2H$" %" *$=+)-2*2$0)/" $" )0-&)0%=2)0-$/" 2=+#2*%"/%#2&"
%0-)/" ()" -&%5%H%&B" 0$" 2&" %" (%&" .0" +%/)$" $" /2=+#)=)0-)" 0$" ()/*%0/%&" )0"
*%/%?"Q)"/.+$0)"%"#%"=%(&)".0"/%*&2D2*2$"()"/."-2)=+$?"G)&$"-%=52U0"%"023)#"
()")0)&',%")0"#%"=)(2(%")0"C.)")#"()+$&-)"()#"A2H$" *$0/-2-.;)".0"=$($"()"
-&%5%H$"%a%(2($?" G$&"$-&$" #%($B" +&)+%&%&"*$=2(%/B" ;")/-%&"+)0(2)0-)"()"#%"
&$+%"C.2-%"-2)=+$B")0"()D202-23%B"/%*&2D2*%"/."+&$+2%"32(%?"
"

P.-.' *//.' \"*' ">' *(\"*-U%' )+,%-2.>2*' .' /.' $%-.' 1*'//*0.-+*',%-8"*'/%(' $%-.-)%(' 1*'

*>2-*>.+)*>2%&' /.' +.@%-9.' 1*' 0*#*(' 34445' *-.>' 1*(,"7(' 1*' #*>.-4' J>2%>#*(' >%(%2-%('
#*><=.+%('*>' #.(.' @' +*' //*0.=.' .' *>2-*>.-4' Z;"./'#*><=.+%('2*+,-.>%&'.' /.('()*2*' 1*'/.'
2.-1*'@'1*(,"7('+*'//*0.=.'.'/.' ,)(#)>.'34445' g' (./9.+%('1*/'*>2-*>.+)*>2%',"*('#*-#.'1*'/.('
%>#*'1*'/.' >%#$*&' #%>' /%' #"./',.-.'*//.' *>' #"*(2)Y>' 1*'2)*+,%' )+.;)>%'8"*'\"*'1"-%4' AGXDX'
FGGI4"

!%)

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

5#,9,& %,GC(-.;,& *$%";.,+"',&;,+&5#,9,& $;,+E).;,3&)/-)" %+$;$" #$',/-2*$"

)0" #%/" (2=)0/2$0)/" ()" -&%0/+$&-)B" +&20*2+%#=)0-)B" )/" .0" %+$;$"
&)#%*2$0%($" *$0")#" %+$;$" )*$0E=2*$" 8()/)=5$#/$" 20(2&)*-$>" ;B" %" /." 3)4B"
*$0" /%*&2D2*2$" )*$0E=2*$?" Q#)3%&" %#" A2H$" %" )0-&)0%&" *%(%" (,%" $" %" #%/"
*$=+)-2*2$0)/")/".0"=$($"()"'%/-%&")0"'%/$#20%"#$"C.)"+.)()"*$0(.*2&")0"
F.0*2E0"()"#%"F%=2#2%B"#%/"(2/-%0*2%/B")-*g"%".0"/%*&2D2*2$")*$0E=2*$?"Q$"C.)"
)/" 20(.(%5#)" )/" #%" &)#%*2E0" *$0" %+$;$" )*$0E=2*$B" )0" #%" (2=)0/2E0" ()"
()/)=5$#/$")*$0E=2*$";"(2=)0/2E0"20(2&)*-%?"
"

S%>%#*+%('.' ">' ;-",)2%'1*' ("' .2/*2)(+%&' *>2%>#*('()*+,-*'#%>' ("('+*:%-*('.+);%('

,"*(' (*' 0.>' .' ">' .,.-2.+*>2%' 8"*' 2*>*+%(' *>' /.' ,/.@.&' (*' /%' 1*:.+%(&' /*(' ,-*(2.+%('
>"*(2-%('-*#"-(%(&' @'()'8")*-*>' $.#*-' .//9' /.' ,-*2*+,%-.1.' ,-%#"-%' 8"*' *(27' /)=-*' *>' *(.('
\*#$.(4'AGQDBK'!CI4

5#,9,& %,GC(-.;,& *$%";.,+"',& ;,+& 5#,9,& )"-$*."%3& )#" %+$;$" #$',/-2*$"

&)#%*2$0%($" *$0" #%" &$+%" +%&%" #%" *$=+)-2*2E0")/+)*,D2*%" ()#" ()+$&-)" -2)0)"
.0%" &)#%*2E0"(2&)*-%" *$0")#" %+$;$" =%-)&2%#" )0" /."(2=)0/2E0" ()" =%-)&2%#"
C.)"/.+$0)"-2)=+$B"%#"/)&"U/-)"+%&-)"()#"+&2=)&$?"\")/"C.)"#%"=%(&)"+&)/-%"
.0"%+$;$" #$',/-2*$" &)#%*2$0%($" *$0"#%" *$0F)**2E0" ()"=%2##$-" ;" 5%a%($&)/"
+%&%"#%"*$=+)-2*2E0B"#$"*.%#"2=+#2*%".0"%+$;$"=%-)&2%#"C.)"/.+$0)"-2)=+$?"

6?<?9?9?"!+$;$"Q$',/-2*$"()"#%"I%(&)";"/."N3$#.*2E0
N#" *+")"% B"(C5'12"% ,$% -&% .&,#$" )/" .0%" *%-)'$&,%" )0" *.;%/" (2=)0/2$0)/" ;"
*%&%*-)&,/-2*%/" /)" =.)/-&%" .0%" )3$#.*2E0" %" #$" #%&'$" ()#" ()/%&&$##$" ()+$&-23$" ()#"
A2H$?" N/" ()*2&B" )/)" %+$;$" *%=52%B" 3%&,%" ;" )3$#.*2$0%" %#" -2)=+$" C.)" #$" A%*)" )#"
()+$&-2/-%" ;" /." +&$'&)/2E0" )0" )#" ()+$&-)B" +)&$" -%=52U0" *$=$" *$0/)*.)0*2%" ()#"
*&)*2=2)0-$" ()#" A2H$" *$=$" +)&/$0%?" G$&" -%0-$B" *$0/2/-)" )0" .0%" *%-)'$&,%" C.)"
)3$#.*2$0%"%#"-2)=+$"C.)"#%/")M2')0*2%/"()#"()+$&-)"%/,"#$"&)*#%=%0?
"

!" *$0-20.%*2E0"/)" ()-%##%"#%")3$#.*2E0"()"#$/" *$0*)+-$/")0"5%/)"%"#%/" Z%/)/"

)0" )#" @)/%&&$##$" ()#" O%#)0-$B" +.(2)0($B" +$&" -%0-$B" )/-%5#)*)&/)" 0$" /E#$" .0" 023)#"
H)&1&C.2*$"()"#$/"*$0*)+-$/B"/20$"-%=52U0".0"023)#"-)=+$&%#"8Z2'.&%"6?X?>P

!%!

0#/1-.!2!3-$)1&-

Z2'.&%"6?X?">4"-<21?0%*+")"%B"(C5'12"%,$%-&%.&,#$

"

K+.;.,& ?$#,*-./,L" )0" )#" 202*2$" ()+$&-23$" )/" F.0(%=)0-%#" )#" %+$;$" #$',/-2*$"

&)F)&2($" %#" -&%0/+$&-)?" T20" )/)" -&%0/+$&-)" )#" A2H$" 0$" +$(&,%" A%*)&" )/%" %*-232(%("
()+$&-23%?" `$" $5/-%0-)B" )#" %+$;$" )0")/-)"/)0-2($" 0$" )/")/+)*2%#=)0-)"(2F)&)0-)"%#"
%+$;$"+&)/-%($"%0-)"$-&%"%*-232(%("()+$&-23%"."$-&%"(2/*2+#20%"8=]/2*%B"2(2$=%/g>?"
N0" )/)" 202*2$" #%" %*-232(%(" ()+$&-23%" /.)#)" ()/%&&$##%&/)" )0" )#" *$#)'2$" $" )0" #$/"
%#&)()($&)/" ()#" A$'%&" ()" =%0)&%" C.)" )/)" -&%0/+$&-)" 0$" /.+$0)" .0" /%*&2D2*2$"
)/+)*2%#B" )/" )#" =2/=$" C.)" /)" ()/%&&$##%&,%" *$0" $-&$" A2H$" )0" $-&%" %*-232(%("
*.%#C.2)&%?
"

N#"&)/-$" ()"%+$;$/"#$',/-2*$/"/$0"0)*)/%&2$/"+)&$" 0$")/+)*2%#)/"+$&"-&%-%&/)"

()" .0" ()+$&-2/-%?" T$0" 2'.%#" C.)" #$/" &)%#24%($/" *$0" $-&$" A2H$" $" &)%#24%0($" $-&%"
%*-232(%(" $" ()+$&-)?" Q%" =%(&)" +&)+%&%" #%" =)&2)0(%B" $&'%024%" #%" &$+%" ;" +$0)"
#%3%($&%/"+)&$"0$"()"=%0)&%")/+)*2%#"+$&"-&%-%&/)"()".0"()+$&-2/-%?"
"

?$("**,%%,& ?$#,*-./,L" ()0-&$" ()" )/-)" ()/%&&$##$" ()+$&-23$" /)" *$0/2()&%0"

($/"F%/)/".0%"202*2%#";".0%"D20%#?"N0"#%"F%/)"()"()/%&&$##$"()+$&-23$"202*2%#"8Z%/)"[>B")#"
%+$;$" #$',/-2*$" &)#%*2$0%($" *$0" )#" -&%0/+$&-)" %.=)0-%" /." F&)*.)0*2%" ;" *$0-20]%"
/2)0($"2'.%#"()"&)#)3%0-)?"Q%/"=%(&)/"'&%*2%/"%")/)"-&%0/+$&-)"+)&=2-)0")#"()+$&-)B"
/2"52)0B"#$/"A2H$/"+.)()0"*%=52%&"()"*#.5";"A%0"()"&)%#24%&")/)"()/+#%4%=2)0-$"=1/"
#)H$/";"*$0"=1/" F&)*.)0*2%?" N#" A2H$" )=+2)4%"%" *$=+)-2&" ;" #$/"()/+#%4%=2)0-$/"/$0"
=1/"#)H$/B"%"#$/"#.'%&)/"()"(2*A%/"*$=+)-2*2$0)/?

!%*

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

"

N#" 202*2$" ()" #%" *$=+)-2*2E0" =%&*%" -%=52U0B" )#" 202*2$" ()#" %+$;$" #$',/-2*$"

&)#%*2$0%($"*$0"#%"&$+%"+%&%"#%"*$=+)-2*2E0")/+)*,D2*%"%#"/)&"#%"=%(&)"#%")0*%&'%(%"
()"*$0F)**2$0%&" )/)" =%-)&2%#?" N0" $*%/2$0)/B" )/%"*$=+)-2*2E0"+.)()"202*2%&/)" =.;"
-)=+&%0$")0"#%"F%/)"()"202*2$"()+$&-23$"/2)0($"#%"=%(&)"-%=52U0"#%"&)/+$0/%5#)"()"
)/-)"%+$;$?" N0"&)#%*2E0"%#"%+$;$"#$',/-2*$"&)F)&2($"%"#%"*$=2(%B"#%"=%(&)")=+2)4%"%"
+&)/-%&"=1/"%-)0*2E0"+)&$"0$")/"%]0".0"%/+)*-$"()"'&%0"&)#)3%0*2%?
"

R$0")#" +%/$"()#"-2)=+$"8F%/)"[["()#"()/%&&$##$" ()+$&-23$>B" )#"%+$;$"#$',/-2*$"

*$0-20]%")0"#%"=)(2(%"C.)")#"()+$&-2/-%"#$"0)*)/2-%";")/"C.)")/";%"F&)*.)0-)")0")/-%"
)-%+%" C.)" /)%" )#" +&$+2$" *#.5" $" F)()&%*2E0" )#" C.)" /)" )0*%&'.)" ()#" -&%0/+$&-)" %#"
-2)=+$"C.)")#"A2H$"/)"A%*)"=%;$&";")/"=1/"20()+)0(2)0-)?"T)"-&%-%B" +$&"-%0-$"()".0"
%+$;$"C.)"*$0-20]%"+)&$"C.)"3%&,%"/."F&)*.)0*2%")0"5%/)"%#"()+$&-)B" )C.2+$"%#" C.)"
/)" +)&-)0)4*%" $" (2/-%0*2%/?" N0" *.%#C.2)&" *%/$" 0$" (2D2)&)" #%" F&)*.)0*2%" *$0" C.)"#%"
=%(&)"%*$=+%a%"%#"A2H$"%"#%/"*$=+)-2*2$0)/?"N/"()*2&B")#"()+$&-2/-%"0$"0)*)/2-%"C.)"
/."=%(&)"#)"##)3)"%")0-&)0%&"$"*$=+)-2&"+)&$"/."=%(&)"3%"%"3)&#)?"NM2/-)".0"*%=52$"
)0")/-)"%+$;$"()"=%0)&%"C.)"+%/%"()"/)&"#$',/-2*$"&)#%*2$0%($" *$0")#"-&%0/+$&-)"%"
)=$*2$0%#";"+/2*$#E'2*$?"
"

_)F)&)0-)" %#" %+$;$" &)#%*2$0%($" *$0" #%" &$+%" ()" *$=+)-2*2E0" )/+)*,D2*%" ()#"

()+$&-)B" )0" )/-%")-%+%"*$=2)04%"%"()/%+%&)*)&?"G)&$" %+%&)*)0")#" &)/-$" ()"%+$;$/"

&)#%*2$0%($/" *$0" #%" &$+%" ;" *$0" #%" *$=2(%?" N/" )#" =$=)0-$" ()" =1/" )M2')0*2%" ()#"
()+$&-)B" ()" =%0)&%" C.)")/".0"+)&2$($"()" '&%0"()=%0(%";"%+$;$" +&)/-%($" +$&"#%"
=%(&)?" N/" .0%" F%/)" )0" #%" C.)" #%" =%(&)" /)" )0*%&'%" ()" #%" *$=2(%B" /2)=+&)" C.)" )#"
()+$&-2/-%")/-U")0")#" A$'%&B";"-%=52U0"#)"%;.(%"*$0"-$(%/"#%/"-%&)%/"()"#%"*%/%"C.)"
+.)(%")32-%&#)?"
"

5%-,& M./$%L" )0" )/-)" ]#-2=$" +)&2$($" ()" %#-$" 023)#" )#" %+$;$" #$',/-2*$"

&)#%*2$0%($" *$0" )#" -&%0/+$&-)" ()/%+%&)*)" ;" -%=52U0" #$" A%*)" -$($" )#" %+$;$"
&)#%*2$0%($" *$0" #%" &$+%" &)F)&2(%" %" #%" *$=+)-2*2E0B" +.)/" %#" ()+$&-2/-%"#)"&$()%".0"
)C.2+$"=.#-2(2/*2+#20%&";"+&$F)/2$0%#"C.)"/)")0*%&'%"()"-$($")##$?"Q%"=%(&)"()H%"()"
*$0F)**2$0%&"=%2##$-B" +.)/"%+%&)*)"#%"D2'.&%"()"#%" =$(2/-%B" 0$" %&&)'#%"&$-$/" )0"#$/"
C.2=$0$/B" )#" ()+$&-2/-%" #$" *%=52%^" 02" -%=+$*$" &)%#24%" )#" =%0-)02=2)0-$" ()" #%/"
4%+%-2##%/B" #$/"H.'%($&)/"-2)0)0".-2##)&$/" C.)" /)")0*%&'%0"()")##$?" T2" 52)0B")#"%+$;$"

!%#

0#/1-.!2!3-$)1&-

&)#%*2$0%($" *$0" #%" *$=2(%" -$=%" .0%" =.;" 2=+$&-%0-)" &)#)3%0*2%" /2)=+&)" C.)" )#"
()+$&-2/-%" 323%" )0" *%/%?" O%=52U0" %(C.2)&)" =%;$&" 2=+$&-%0*2%" -$($" )#" %+$;$"
&)#%*2$0%($" *$0"#%" &$+%" )0" ')0)&%#B" =%#)-%/" +%&%" #%" *$=+)-2*2E0" $" )0" #%" *%/%B" %#"
)32-%&#)"-%&)%/B"(10($#)"$+*2E0"%#"()+$&-2/-%"%"()/*%0/%&";"#25)&10($#)"#%"*%5)4%"()"
+&)$*.+%*2$0)/"$"-%&)%/"+)0(2)0-)/?"
"

N$-.*"'"L")0")/-%" )-%+%B" ()/%+%&)*)0"-$($/" #$/" %+$;$/" +&)/-%($/" ()/()")#"

+.0-$" ()" 32/-%" #$',/-2*$?" N0" ()D202-23%B" )/-)" %+$;$" )/" )/+)*,D2*$" ()#" ()+$&-)B"
-)02)0($" *$=$" $5H)-23$"D20%#" #%" +$/25#)" +&1*-2*%"()"(2*A$" ()+$&-)?" G$&" #$" -%0-$B")#"
*)/)"()")/%"+&1*-2*%"()+$&-23%B"2=+#2*%")#"*)/)"()")/)"%+$;$?

6?<?9?6?"d-&%/"R$0/2()&%*2$0)/"!*)&*%"()#"!+$;$"Q$',/-2*$"()"#%"I%(&)
N#"*+")"%-"(C5'12"%,$%-&%.&,#$" )0"#%"(2=)0/2E0"()"L#&05+"#'$"/)"-&%-%"()".0"%+$;$"
C.)"+.)()"/)&"+&)/-%($"-%0-$"+$&"=%(&)/"*$=$"+$&"+%(&)/"83%&$0)/>?"N#"-&%5%H$"()"
#%"=%(&)"$" ()#"+%(&)B" #%"(2/+$/2*2E0"()"*%&0)-" ()"*$0(.*2&"$"-)0)&"=1/" A)&=%0$/B"
/$0"F%*-$&)/"C.)"+.)()0"()-)&=20%&"C.)")/-%/"%*-232(%()/"#%/"&)%#2*)".0$"."$-&$?
"

T2"52)0B")#"&)/-$"()"%+$;$/"#$',/-2*$/"8!"@1,&A%E"+&%)%!&5&>"/$0")M*#./23$/"()"

#%" =%(&)?" T2)=+&)" )/" )##%B" #%" C.)" &)%#24%" )/$/" +%+)#)/B" #$" C.)" =.)/-&%" .0%" 0$"
2'.%#(%(")0"#%/"-%&)%/" =1/"+&$+2%/" ()#" A$'%&?" I.)/-&%0"&$#)/";"+%+)#)/" ##)3%($/" %"
*%5$"5%H$")/-)&)$-2+$/"()"'U0)&$?" `$"$5/-%0-)B"=1/"%##1"()"#$/"+%+)#)/"$"&$#)/";"()"
/."20D#.)0*2%"+$&"#$/")/-)&)$-2+$/B"#$"##%=%-23$")/"*E=$"()-&1/"()")/-)"+%+)#"32/25#)"
()"#%"=%(&)" 8%+$;$" #$',/-2*$>"A%;" .0"%+$;$" )=$*2$0%#" ;" +/2*$#E'2*$?" Q%/" =%(&)/"
+&)+%&%0"#%/" =%#)-%/B" +)&$" =2)0-&%/"#$"A%*)0"=%0(%0"=)0/%H)/"()"102=$B" %+$;$B"
*$0D2%04%" $" *%&2a$" %" /./" A2H$/?" N/$/" ()-%##)/B" 3%#$&%($/" +$&" )#" ()+$&-2/-%" *$0" )#"
-2)=+$B" 0$" /$0" 32/-$/" +$&" $-&$/" 8=%&2($/B" A)&=%0$/>B" ()" =$($" C.)" )/" .0" +%+)#"
20F&%3%#$&%($";")0"*2)&-%"=%0)&%B"$*.#-$?"
"

R$=$" +%&-)" ()" )/-)" %+$;$" #$',/-2*$" ;" ()#" %+$;$" )*$0E=2*$" /)" ()D20)" )#"

%+$;$"=%-)&2%#"C.)"/)"()-%##%"%"*$0-20.%*2E0?"h/-)"%+$;$B"%#"2'.%#"C.)")#")*$0E=2*$B"
-2)0)".0%"+%&-)"C.)")/" &)/+$0/%52#2(%("()"%=5$/"8+%(&)";"=%(&)>B"+)&$B"%"/."3)4B"
$-&$"%+%&-%($")M*#./23$"()")##%/?"

!%"

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

+,-,+,.56%7%.80#1$)04.&1.40.80&$1
N#" *+")"% .&'$#1&-% ,$% -&% .&,#$% A%*)" &)F)&)0*2%" %" #%" %;.(%"+&)/-%(%" +$&" #%"=%(&)"
&)#%*2$0%(%" *$0"#%"+&$32/2E0";"/.=202/-&$" ()#" =%-)&2%#" 0)*)/%&2$" +%&%" #%"+&1*-2*%"
()+$&-23%?"N/-)"%+$;$" =%-)&2%#")/-1"*$=+.)/-$"+$&"($/" (2=)0/2$0)/"8Z2'.&%"6?S?>B"
()D202(%/"%"*$0-20.%*2E0";"$&()0%(%/")0"5%/)"%"/."F.0(%=)0-%*2E0P
*+")"% @&'$#1&-% P<$% 5<+"0$% ,10$#"% 6GG8B" )#" %+$;$" =%-)&2%#" C.)" /.+$0)"
(20)&$"A%*)"&)F)&)0*2%"%#"%+$;$" +&)/-%($" +$&"#%/"=%(&)/" 320*.#%($"*$0"#%"
*$=+&%"(2&)*-%"()"=%-)&2%#?" Q%"=%(&)"*$=+&%")#"=%-)&2%#"C.)"0)*)/2-)"/."
A2H$"+%&%"#%"+&1*-2*%"()"/."()+$&-)?""""
'

?'+)' >%'+*'$.' \./2.1%' +.2*-)./'>">#.4'R*>9.' */'(2)#`'">',%#%' -%2%'@'*>(*;")1.' +*'

#%+,-.=.'">%4'AGHDT'FTI4

*+")"% @&'$#1&-% P<$% 5<+"0$% '1$@+"% 6Q8B" )#" %+$;$" =%-)&2%#" C.)" /.+$0)"
-2)=+$" /)" &)D2)&)" %" #%" %;.(%" +&)/-%(%" +$&" #%" =%(&)" &)#%*2$0%(%" *$0" )#"
=%-)&2%#"C.)"0)*)/2-%")#"A2H$"()+$&-2/-%"+)&$"C.)")##%"*$0F)**2$0%?"T)"-&%-%"
()" .0"%+$;$" )M*#./23$" ()" +&2=)&%/" )-%+%/" 8[02*2$" ()+$&-23$" ;" Z%/)" [" ()"
@)/%&&$##$"()+$&-23$>B"+.)/")0"[["Z%/)"()"()/%&&$##$"()+$&-23$";")0")#"!#-$"
`23)#" )/-$/" ()+$&-2/-%/" -2)0)0" +&$F)/2$0%#)/" )/+)*,D2*$/" C.)" /)" )0*%&'%0"
()")##$?""

Z2'.&%"6?S?"*+")"%.&'$#1&-%,$%-&%.&,#$:
!%$

0#/1-.!2!3-$)1&-

"

R.+=)7>' -*#"*-1%' +"#$%' 1*' ("' ,.(%' ,%-' >.2.#)Y>&' ,%-8"*'@%' >%' *-.' ">.' ,*-(%>.'

+"@',"*(2.'*>'/.' #%(2"-.&'@'-*#"*-1%'/%('=.L.1%-*('#".>1%'+*'1*#9.>D'e$.@'8"*'$.#*-'*(2*'
=.L.1%-&'#%>'*(2*'1)=":%'1*'/*>2*:"*/.(f4'?'+)'+*',.-*#9.444',*-%'.#.=7'$.#)*>1%'=.L.1%-*('
@'#%()*>1%'/*>2*:"*/.(4'AQQDX'!GXI4

6?<?6?<?"!+$;$"I%-)&2%#"()"#%"I%(&)";"/./"_)#%*2$0)/
N#" *+")"%.&'$#1&-%,$% -&% .&,#$" )/".0%"*%-)'$&,%"*$0".0%"%#-%"()0/2(%(B" %#"=$/-&%&"
.0")#)3%($" 0]=)&$" ()" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" (2=)0/2$0)/B" )M2/-2)0($"
20*#./$" &)#%*2$0)/" )0-&)" #%/" +&$+2%/" (2=)0/2$0)/" ;" *%&%*-)&,/-2*%/"()" #%"*%-)'$&,%"
()"!+$;$"I%-)&2%#"()"#%"I%(&)?"!"*$0-20.%*2E0"/)"()-%##%0"#%/"&)#%*2$0)/P
5#,9,& )"-$*."%& 70$& (0#,+$& -.$)#,& *$%";.,+"',& ;,+& 5#,9,& )"-$*."%&
70$&(0#,+$& '.+$*,B" %=5%/"(2=)0/2$0)/")/-10" &)#%*2$0%(%/")0"#%" =)(2(%"
)0"C.)"#$/" ($/" %+$;$/" 2=+#2*%0")#"/.=202/-&$" ()#" =%-)&2%#" 0)*)/%&2$" +%&%"
#%" +&1*-2*%" ()+$&-23%?" T)" -&%-%" ()" .0%" &)#%*2E0" -&%0/2-23%" +$&C.)" %=5%/"
(2=)0/2$0)/" /$0" +%&-)" ()" #%" *%-)'$&,%" ')0)&%#" ()" !+$;$" I%-)&2%#" ()" #%"
I%(&)?"
"

!()=1/" ()" )/-%/" &)#%*2$0)/" )0-&)" #%/" (2=)0/2$0)/" ()" #%" *%-)'$&,%" !+$;$"

I%-)&2%#B" %" *$0-20.%*2E0" /)" %0%#24%0" #%/" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" ()"
=%0)&%")/+)*,D2*%"*$0"$-&%/"(2=)0/2$0)/"()"(2*A%/"*%-)'$&,%/P
5#,9,& )"-$*."%& *$%";.,+"',& ;,+& 5#,9,& B),;.,+"%3& )#" %+$;$" =%-)&2%#"
+&)/-%($" C.)" /.+$0)"-2)=+$" -2)0)" .0" 2=+$&-%0-)" *$=+$0)0-)" ()" %+$;$"
)=$*2$0%#?" d*.&&)" )0" ()+$&-)/" )/+)*2%#)/" ($0()" #%/" =%(&)/" +.)()0"
F%5&2*%&" )/)" =%-)&2%#" ()+$&-23$" 8'2=0%/2%" &,-=2*%" $" 0%-%*2E0"
/20*&$024%(%>?"T)"-&%-%"()".0"%+$;$"&)#%*2$0%($"*$0")#"%+$;$")=$*2$0%#")0"
#%" =)(2(%" )0" C.)" %" #%/" +&$+2%/" ()+$&-2/-%/" #)/" './-%" ;" %'&%(%" C.)" /./"
=%(&)/" #)/" *$0F)**2$0)0" (2*A%/" +&)0(%/B" =$/-&10($#)/" /." *%&2a$" ;"
*.2(%($?" Q%/" +&$+2%/" ()+$&-2/-%/B" &)*.)&(%0" )#" =$=)0-$" )0" C.)" /./"
=%(&)/" -2)0)0"C.)"()H%&"()" A%*)&")/$/"-&%H)/B" *$=$".0" =$=)0-$" -&2/-)";"
*$=+#2*%($?

!%%

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

"

J>'/%(')>)#)%('()'2*>;%'">' -*#"*-1%'1*'+)'+.1-*'*(',%-8"*'+*'$.#9.'/%('+.)//%24'J//.'

+*'#%>\*##)%>.=.'/%('+.)//%2' #%>'/%('8"*')=.'.'#%+,*2)-4'i=.+%('.' /.('2*/.('./',*(%'@'1*#9.D'

eM#"</'2*';"(2.Nf4'g'@%'/*'1*#9.D'e,"*('*/'-%(.'@'*/'=/.>#%f&'@'*>2%>#*('*-.'*/'+.)//%2'1*'>.2.'@'
\-*(.4'g' 2*':"-%'8"*'+)'+.1-*'+*'$.#9.'/%('2-.:*(',.-.' @%' (./)-';".,.4' 34445' g' -*#"*-1%' *(2%'
.1*+<('1*'">.'\%-+.'1%/%-%(.4'g'*('8"*'#".>1%',.(%'./'#/"=&'/%('*>2-*>.1%-*('/*'1)#*>'.'+)'
+.1-*D'e2"' $):.'2)*>*'">.'#./)1.1'1*';)+>.(2.'+.@%-'8"*'/%('+.)//%2'8"*'//*0.&'*('1*#)-&'$.@'
8"*')>0*-2)-'1)>*-%'*>' +.)//%2('+<(' #.-%(&'+<(' ="*>%(f4' g%'-*#"*-1%' 8"*'.8"*//%'+*'1%/)Y'
,%-8"*'@%'*-.'\*/)U'#%>'/%('+.)//%2'1*'+)'+.1-*4'ABTDGB'FGCI4

5#,9,& )"-$*."%& *$%";.,+"',& ;,+& 5#,9,& B;,+E).;,3& )#" %+$;$" =%-)&2%#"

C.)"/.+$0)"(20)&$")/-1"&)#%*2$0%($"(2&)*-%=)0-)"*$0")#"%+$;$")*$0E=2*$"
)0" #%" (2=)0/2E0" ()" ()/)=5$#/$" )*$0E=2*$" 20(2&)*-$B" '%/-$" )0" =%-)&2%#"
8Z2'.&%"6?7?>?""

Z2'.&%"6?7?"`)M$"*+")"%.&'$#1&-%,$%-&%.&,#$A%*+")"%B"(C5'12"%,$%-&%.&,#$%)%
*+")"%>2"0?@12"%,$%-&%.&,#$:
"

g' /"*;%' 2.+=)7>'*(2<' */'2*+.'*#%>Y+)#%' 34445' J/'$%#`*@'*(' ">'1*,%-2*'+"@'#.-%4' P%-'

*:*+,/%&' ">%(' ,.2)>*(&' ">%(' ="*>%(' ,.2)>*(' 2*',"*1*>' 0./*-' QKK' a' _KK' *"-%(4' j>' (2)#`&' ">'
,./%&'0./*'HK' a'CK'*"-%('@'(%>' 1*'+.1*-.' @'(*'-%+,*>' #.1.' +*('@'+*1)%' @'1*+<(4'O)'8"*'*('
0*-1.1'8"*'#".>1%'*-*('@.',-%\*()%>./'2*'1.>'2%1%'*(*'+.2*-)./',*-%'$.(2.'8"*'>%'//*;.('.$9&'
2"(',.1-*('*(2<>'(%/2.>1%'1)>*-%444'AGHDGC'FTI4

5#,9,&)"-$*."%&*$%";.,+"',&;,+&J";*.@.;.,3&)0")#"*%/$"()#"%+$;$"=%-)&2%#"
C.)"/.+$0)"-2)=+$B"#%"=%(&)"()(2*%"/."+&$+2$"-2)=+$" %"#%"*$0F)**2E0"()#"
=%-)&2%#" ()" /." A2H$" ()+$&-2/-%?" [=+#2*%0($" C.)" &)0.0*2%" %" /." -2)=+$B"

!%&

0#/1-.!2!3-$)1&-

/%*&2D2*%0($" /."$*2$" $" %/+)*-$/" #%5$&%#)/" $" F%=2#2%&)/?" !" /." 3)4" )#" %+$;$"
=%-)&2%#" C.)"/.+$0)" (20)&$")/-1"&)#%*2$0%($"*$0" )#" /%*&2D2*2$" )*$0E=2*$B"
)0" #%" =)(2(%" )0" C.)" )/-)" %+$;$" /.+$0)" .0%" 2=+$&-%0-)" 203)&/2E0" ()"
(20)&$?

6?<?6?9?"!+$;$"I%-)&2%#"()"#%"I%(&)";"/."N3$#.*2E0
N#" *+")"% .&'$#1&-% ,$% -&% .&,#$" )/" .0%" *%-)'$&,%" )0" *.;%/" (2=)0/2$0)/" ;"
*%&%*-)&,/-2*%/" /)" =.)/-&%" .0%" )3$#.*2E0" %" #$" #%&'$" ()#" ()/%&&$##$" ()+$&-23$" ()#"
A2H$?" N/" ()*2&B" )/)" %+$;$" *%=52%B" 3%&,%" ;" )3$#.*2$0%" %#" -2)=+$" C.)" #$" A%*)" )#"
()+$&-2/-%";" /."+&$'&)/2E0")0")#"()+$&-)?" G$&"-%0-$B"*$0/2/-)")0".0%"*%-)'$&,%"C.)"
)3$#.*2$0%"%#"-2)=+$"C.)"#%/")M2')0*2%/"()#"()+$&-)"%/,"#$"&)*#%=%0?
"

!" *$0-20.%*2E0"/)" ()-%##%"#%")3$#.*2E0"()"#$/" *$0*)+-$/")0"5%/)"%"#%/" Z%/)/"

)0" )#" @)/%&&$##$" ()#" O%#)0-$B" +.(2)0($B" +$&" -%0-$B" )/-%5#)*)&/)" 0$" /E#$" .0" 023)#"
H)&1&C.2*$"()"#$/"*$0*)+-$/B"/20$"-%=52U0".0"023)#"-)=+$&%#"8Z2'.&%"6?W?>P

Z2'.&%"6?W?">4"-<21?0%*+")"%.&'$#1&-%,$%-&%.&,#$

"

K+.;.,& ?$#,*-./,L" )0" )#" 202*2$" ()+$&-23$" /$0"F.0(%=)0-%#)/" %=5$/" %+$;$/"

+.)/" #%" 0)*)/2(%(" ()" =%-)&2%#" )/" )32()0-)?" Q%" =%(&)" +&)/-%" .0" %+$;$" =%-)&2%#"
5%/%($")0")#"-2)=+$"*.%0($")#"=%-)&2%#"C.)"A%"()"*$0F)**2$0%&"/)"#$"+)&=2-)B")0"#$/"
()=1/"*%/$/"+&)/-%".0"%+$;$"=%-)&2%#"5%/%($")0")#"(20)&$?
"

?$("**,%%,& ?$#,*-./,L" ()0-&$" ()" )/-)" ()/%&&$##$" ()+$&-23$" /)" *$0/2()&%0"

($/"F%/)/" .0%"202*2%#";".0%"D20%#?" N0"#%"F%/)" ()"()/%&&$##$" ()+$&-23$" 202*2%#" 8Z%/)"[>"

!%'

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

*$0-20]%0"%=5$/"%+$;$/B"%(C.2&2)0($"=%;$&"&)#)3%0*2%"+.)/-$"C.)"#%"*$=+)-2*2E0"
/)"202*2%";")#"=%-)&2%#"C.)"/)"&)C.2)&)")/"=)H$&?
"

R$0" )#" +%/$" ()#" -2)=+$" 8F%/)" [[" ()" ()/%&&$##$" ()+$&-23$>B" ()/%+%&)*)"

-$-%#=)0-)")#" %+$;$" =%-)&2%#"C.)"/.+$0)"-2)=+$";")/"C.)"#$/"()+$&-2/-%/" -2)0)0"%"

/." %#&)()($&" +&$F)/2$0%#)/" C.)" /)" )0*%&'%0" ()" *$0F)**2$0%&" )/)" =%-)&2%#" A%/-%"
)0-$0*)/" )#%5$&%($" +$&" #%/" =%(&)/?" N#" %+$;$" =%-)&2%#" C.)" /.+$0)" (20)&$"
+&1*-2*%=)0-)" -%=52U0" ()/%+%&)*)B" +.)/" /$0" #$/" *#.5)/B" F)()&%*2$0)/B" /+$0/$&" $"
+%-&$*20%($&)/"#$/"C.)"($-%0"()"=%-)&2%#"%#"()+$&-2/-%?"T2"52)0B")#"-2+$"()"()+$&-)"$"
)#" *#.5" %#" C.)" /)" +)&-)0)4*%" +.)()" A%*)&" C.)" #%/" =%(&)/" ()5%0" *$0-20.%&"
+&)/-%0($" )/-)" %+$;$" =%-)&2%#"C.)" /.+$0)" (20)&$?" R$0/-2-.;)B" )0")/-$/" *%/$/B" .0"
%+$;$"&)/2(.%#?
"

5%-,& M./$%L&)0" )/-)"]#-2=$" +)&2$($" ()"%#-$" 023)#" #%"=%(&)"0$" +&)/-%"020']0"

-2+$" ()" %+$;$" &)#%*2$0%($" *$0" )#" =%-)&2%#?" O$($" )/" %5/$#.-%=)0-)" $F&)*2($" +$&"
*#.5)/B"F)()&%*2$0)/B"/+$0/$&"$"+%-&$*20%($&)/?"
"

N$-.*"'"L")0")/-%" )-%+%B" %"023)#" =%-)&2%#" ()/%+%&)*)" -$(%" #%" %;.(%?" R$0")#"

*)/)"()"#%"%*-232(%(B"()/%+%&)*)")#"%+$;$"=%-)&2%#"*$=+#)-%=)0-)?

6?<?6?6?"d-&%/"R$0/2()&%*2$0)/"!*)&*%"()#"!+$;$"I%-)&2%#"()"#%"I%(&)
N#" *+")"% .&'$#1&-% ,$% -&% .&,#$B" )0" #%" (2=)0/2E0" ()" !+$;$" =%-)&2%#" C.)" /.+$0)"
(20)&$" *$0/-2-.;)" .0" %+$;$" +&)/-%($" +$&" )#" 0]*#)$" F%=2#2%&" )0" *$0H.0-$?" T20"
)=5%&'$B")0"&)#%*2E0"%#"!+$;$" =%-)&2%#" C.)" /.+$0)" -2)=+$")/".0"%+$;$" +&)/-%($"
()"=%0)&%")M*#./23%"+$&"#%"=%(&)?"

!%(

0#/1-.!2!3-$)1&-

+,-,>,.56%7%.?=)(%4*2)(%.&1.40.80&$1
N#"*+")"%D512"-?(12"%,$%-&%.&,#$"A%*)"&)F)&)0*2%"%"#%"%;.(%"+&)/-%(%"+$&"#%"=%(&)"%"
/."A2H$"()+$&-2/-%"&)F)&2(%"%#"*$0-&$#"()"#%"=)0-)";"%"%#*%04%&")#"=1M2=$"+$-)0*2%#";"
&)0(2=2)0-$" )0" /."()+$&-)B" *$0*&)-10($/)" )0".0%"%*-2-.(" +%&%" )#" UM2-$?" Q%"=%(&)"
*$0-&25.;)"%"()/%&&$##%&")0"/."A2H$")#"%.-&$*$0-&$#";"#%"*$0D2%04%B"#%"=$-23%*2E0^")0"
()D202-23%B" #$/" F%*-$&)/" +/,C.2*$/" ;" )=$*2$0%#)/" C.)" 20D#.;)0" )0" )#" &)0(2=2)0-$"
()+$&-23$?" @)"%A,B"C.)")#" %+$;$")=$*2$0%#"/)%"+%&-)"()")/-)"%+$;$" +/2*$#E'2*$?"Q%"
=%(&)" %+$;%" ()/()" )#" +.0-$" ()" 32/-%" +/2*$#E'2*$" )0" #$/" )/-%($/" ()" 102=$B"
F%3$&)*2)0($" .0%" *$&&)*-%" +&)(2/+$/2*2E0" +%&%" #$/" )0-&)0%=2)0-$/" ;" #%"
*$=+)-2*2E0B" )0" ()D202-23%" +%&%" )#" ()+$&-)?" N0" '&%0" =)(2(%" )/" )#" %+$;$" C.)"
+&)/-%&,%" .0" +/2*E#$'$" ()+$&-23$?" N/-)" %+$;$" +/2*$#E'2*$" )/-1" *$=+.)/-$" +$&"
*.%-&$" (2=)0/2$0)/" 8Z2'.&%"6?K?>B" ()D202(%/"%"*$0-20.%*2E0";"$&()0%(%/" )0"5%/)" %"
/."F.0(%=)0-%*2E0P
*+")"% +512"-?(12"% ($0$#&-% 6KR8A" )#" %+$;$" +/2*$#E'2*$" ')0)&%#" A%*)"
&)F)&)0*2%" %" *E=$" #%" =%(&)" %;.(%"()/()" .0" +.0-$" ()" 32/-%" =)0-%#" ;" ()"
=$($" '#$5%#" *$0" )#" $5H)-23$" ()" A%*)&" C.)" /." A2H$" )/-U" )0" #%/" =)H$&)/"
*$0(2*2$0)/" ;" %#*%0*)" )#" =1M2=$" &)0(2=2)0-$" ()+$&-23$?" T)" -&%-%" ()" .0"
%+$;$" 5%/%($" )0")#" 102=$B" )0"#%" *$0D2%04%B" )0"(%&" #25)&-%&B" )0" =%0-)0)&"
.0%" %*-2-.(" +$/2-23%B" )0" %*)+-%&" #%/" ()*2/2$0)/g" N/" .0" %+$;$" '#$5%#B"

Z2'.&%"6?K?"*+")"%D512"-?(12"%,$%-&%.&,#$:%

!&)

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

)/+)*,D2*$" ()#"()+$&-)B" +)&$"C.)"#%"=%(&)"()/%&&$##%&,%"()"=%0)&%"/2=2#%&"

*$0"*.%#C.2)&"$-&$"A2H$";"%0-)"*.%#C.2)&"$-&%"%*-232(%(?""""
"

!)' $):%' 2"0%' %#.()Y>' 1*' )-(*' /*:%(' @' /*' .>)+7&' )>#/"(%' #".>1%' @%' ,-*\*-9.' 8"*' (*'

8"*1.-.4'P*-%'(.=9.'8"*'.'7/'/*';"(2.=.&'/*'.,*2*#9.'@'/*'.,%@74'ABGD_'!TI4

*+")"%+512"-?(12"% +&#&%-&%2"@+$'121?0% 6R8A" )/"#%"%;.(%"+&)/-%(%"+$&" +%&-)"

()" #%" =%(&)" &)F)&2(%" %#" %+$;$" +/2*$#E'2*$" *)0-&%($" )0" #%" *$=+)-2*2E0?"
R$0/-2-.;)".0%"+%&-)")/+)*,D2*%"()#"%+$;$"+/2*$#E'2*$"')0)&%#?"N/".0"%+$;$"
*.;$"$5H)-23$")/"A%*)&"C.)")#"()+$&-2/-%")/-U"#$"=)H$&"+&)(2/+.)/-$"+%&%"#%"
*$=+)-2*2E0?"G%&%")##$"#%"=%(&)"%;.(%"%"%F&$0-%&")/%"*$=+)-2*2E0"8-)=2(%"
)0"$*%/2$0)/"+$&"#$/"()+$&-2/-%/>B"#%"()/(&%=%-24%B" ()"=%0)&%"C.)"#)"C.2-%"
+&)/2E0" %#" +&$+2$" ()+$&-2/-%B" %#" -2)=+$" C.)" )/-1" ()/20-)&)/%(%" +$&" )#"
&)/.#-%($" ()+$&-23$?" O$($" )##$B" #25)&%" -)0/2$0)/" ;" +&)$*.+%*2$0)/" C.)"
+.(2)&%"-)0)&")#"A2H$"()+$&-2/-%?""
"

P"*('.,%@.-/*'*>'2%1.('/.('>*"-.(4'P%-'*:*+,/%&'.'+)'$):.'/*'1.=.'+"#$9()+%'+)*1%'/.'

./2.' #%+,*2)#)Y>4' k"*>%&' /.' ./2.' #%+,*2)#)Y>' >%&' /.' #%+,*2)#)Y>4' 34445' J>2%>#*(' @%' /%' 8"*'
$.#9.'*-.',"*('1*(1-.+.2)U.-'/.'#%+,*2)#)Y>&'1*#)-/.D'e$):.'()',)*-1*('>%',.(.'>.1.&'>%'2)*>*'
)+,%-2.>#).f&' %'(*.&'1.-/*' /.' )+,%-2.>#).' :"(2.' 8"*' 2)*>*' ">.' #%+,*2)#)Y>4'Jh,/)#.-/*' 8"*'
(%>' *>\-*>2.+)*>2%(' 8"*' 2)*>*(' #%>' ./;")*>' *>' */' 1*,%-2*' @'8"*' ,"*1*(' ,*-1*-' %' ,"*1*('
;.>.-'@'>.1.'+<(4''AB_DE'!G_I4

*+")"% +512"-?(12"% $0% $-% &-'"% 014$-% 6GS8A" )/-%" (2=)0/2E0" =.)/-&%" )#" %+$;$"
+/2*$#E'2*$"+&)/-%($"(.&%0-)".0%")-%+%"*$0*&)-%"()#"()/%&&$##$"()+$&-23$?"
T)"-&%-%"()".0"=$=)0-$"()"'&%0")M2')0*2%";")#"%+$;$"()"#%"=%(&)"/)"*)0-&%"
)0")/-)" %/+)*-$?" Q$/" %+$;$/" =%-)&2%#)/" ;" #$',/-2*$/" ()/%+%&)*)0" )0"'&%0"
=)(2(%B"$*.+%0($")#"%+$;$")=$*2$0%#";"+/2*$#E'2*$")#"#.'%&"*)0-&%#?"
"

S%>' +)' $):.' 2*>;%' #%+%' ">' \**/)>;' *(,*#)./&' *>2%>#*(' (7' */' +%+*>2%' #".>1%' *//.'

>*#*()2.' %9-' ">.' #%(.4'34445'J>2%>#*('#-*%'8"*'*>' *(%('+%+*>2%('$*'(.=)1%' *(2.-' .$9'%' #-*%'

8"*'$*',%1)1%'.@"1.-/.4'F*'$*#$%'()'$.=/.=.'#%>+);%&'*//.'(*'(*>29.'+*:%-4'V'=)*>',%-'O`@,*'
#".>1%'*(2.=.'\"*-.'%'=)*>',%-'2*/7\%>%&'1*'#"./8")*-'+.>*-.4'P*-%'()*+,-*D'e0*>;.&'*(2*'*('
2"'("*L%&'*('1"-%&',*-%'.8"9'+*'2)*>*(',.-.'/%'8"*'2"'8")*-.(f4'AQBDC'!GBI4
'

P"*('>*#*()2.('()*+,-*'">.'0%U'8"*'2*'1*'2-.>8")/)1.14'l"*'2*'1*'*(.'\"*-U.'8"*'2*'1.'

">.'+.1-*4'AGCDBH'FGKI4

!&!

0#/1-.!2!3-$)1&-

*+")"%+512"-?(12"%$0%-&%&,"-$52$021&% 6GK8A")#" %+$;$"+&)/-%($")0")/-%")-%+%"

/)" *)0-&%" )0" %;.(%&" )0" .0"+)&2$($" (2D,*2#B" )0")#" C.)" #%/" (.(%/B" =2)($/" ;"
-)=$&)/" /$0" *$0/-%0-)/?" !()=1/B" )/-%" F%/)" ()" #%" %($#)/*)0*2%" /.)#)"
*$20*2(2&"*$0".0"+)&2$($"()"%.=)0-$")0"#%"203)&/2E0"()"-2)=+$"%#"()+$&-)B"
*$0"#$/" +)#2'&$/" ()" C.)" #%" %($#)/*)0*2%" %#)H)0" %#" ()+$&-2/-%" ()#" ()+$&-)?"
T$0" 3%&2$/" #$/" ()+$&-2/-%/" C.)" *$20*2()0")0" #%" 2=+$&-%0*2%" ()#" +%+)#" ()"
/./" =%(&)/" ()/()")#" +.0-$" ()"32/-%" +/2*$#E'2*$" )0" )/-%" )-%+%" *$=$" +2#%&"
F.0(%=)0-%#"()"#%"=2/=%?

6?<?L?<?"!+$;$"G/2*$#E'2*$"()"#%"I%(&)";"/./"_)#%*2$0)/"
N#"*+")"%D512"-?(12"%,$%-&%.&,#$")/".0%"*%-)'$&,%"*$0".0%"%#-%"()0/2(%(B"%#"=$/-&%&"
.0")#)3%($" 0]=)&$" ()" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" (2=)0/2$0)/B" )M2/-2)0($"
20*#./$" &)#%*2$0)/" )0-&)" #%/" +&$+2%/" (2=)0/2$0)/" ;" *%&%*-)&,/-2*%/"()" #%"*%-)'$&,%"
()"*+")"%D512"-?(12"%,$%-&%.&,#$?"!"*$0-20.%*2E0"/)"()-%##%0"#%/"&)#%*2$0)/P
5#,9,& #(.;,%EG.;,& G$+$*"%&*$%";.,+"',& ;,+& 5#,9,& #(.;,%EG.;,& #"*"& %"&
;,)#$-.;.E+B"%=5%/"(2=)0/2$0)/")/-10"&)#%*2$0%(%/")0"#%"=)(2(%")0"C.)"
#$/" ($/" %+$;$/" 2=+#2*%0")#" %+$;$" +/2*$#E'2*$" 0)*)/%&2$" +%&%" .0" =1M2=$"
&)0(2=2)0-$" ()+$&-23$?" T)" -&%-%" ()" .0%" &)#%*2E0" )0" #%" C.)" )#" %+$;$"
+/2*$#E'2*$"+%&%"#%"*$=+)-2*2E0")/"+%&-)"()#"%+$;$"+/2*$#E'2*$" ')0)&%#?" Q%"
=%(&)" %+$;%" ()/()" .0" +.0-$" ()" 32/-%" +/2*$#E'2*$" ()" .0" =$($"
()-)&=20%($B" =%0-)02)0($" )/)"%+$;$" H.0-$" *$0"%#'.0%/" +%&-2*.#%&2(%()/"
)0"#%"*$=+)-2*2E0?"
5#,9,&#(.;,%EG.;,&G$+$*"%&*$%";.,+"',&;,+&"#,9,&#(.;,%EG.;,&$+&$%&"%-,&
+./$%&9&$+&%"&"',%$(;$+;."3&)#"%+$;$"+/2*$#E'2*$"')0)&%#")0'#$5%")#" =$($"
()"*$#%5$&%&"#%"=%(&)"*$0"/."A2H$"+%&%"C.)"()/()")#"+.0-$"()"32/-%"=)0-%#"
/)")0*.)0-&)")0"#%/"=)H$&)/"(2/+$/2*2$0)/"+%&%"/."()+$&-)B"/20"2=+$&-%&")#"
=$=)0-$"-)=+$&%#")0"C.)"(2*A$"%+$;$"/)%"+&)/-%($?"G$&"-%0-$B" #%"=%(&)"
(%".0" %+$;$" +/2*$#E'2*$" ')0)&%#" )0" #%"%($#)/*)0*2%" ;" -%=52U0" )0" )#" %#-$"
023)#?"

!&*

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

"

!()=1/" ()" )/-%/" &)#%*2$0)/" )0-&)" #%/" (2=)0/2$0)/" ()" #%" *%-)'$&,%" !+$;$"

G/2*$#E'2*$" ()" #%" I%(&)B" %" *$0-20.%*2E0" /)" %0%#24%0" #%/" &)#%*2$0)/" *$0" $-&%/"
*%-)'$&,%/";"()"=%0)&%")/+)*,D2*%"*$0"$-&%/"(2=)0/2$0)/"()"(2*A%/"*%-)'$&,%/P
5#,9,& #(.;,%EG.;,& *$%";.,+"',& ;,+& 5#,9,& B),;.,+"%3& )#" %+$;$"
)=$*2$0%#" )/" +%&-)" ()#" %+$;$" +/2*$#E'2*$B" +)&$" +$&" /." 2=+$&-%0*2%B"
()0/2(%(";"F.0(%=)0-%*2E0"5%/%(%")0"#$/"(%-$/B" *$0/-2-.;)".0%"*%-)'$&,%"
)0"/," =2/=%?" N0"*.%#C.2)&"*%/$B" )#"%+$;$"+/2*$#E'2*$" 2=+#2*%")#" *$0-&$#"()"
#%/")=$*2$0)/B")#"*%&2a$";"+&$-)**2E0"%#"A2H$B"*%&%*-)&,/-2*%/"+&$+2%/"()".0%"
+%&-)"()")/)"%+$;$B")#"%+$;$")=$*2$0%#?"
"

!)' +.1-*' #-*%' 8"*'$.' 2*>)1%' ">' ,.,*/' ,()#%/Y;)#%&' +*' $.' *(#"#$.1%' ">' +%>2Y>&'

+"#$9()+%4' 34445'c.=/.=.' +"#$%'#%>' +)'+.1-*'1*'/%('*>2-*>.+)*>2%('2.>' 1"-%(&',*-%'#/.-%'

*//.'>%'*(2.=.'#*-#.',.-.'.=-.U.-+*'@'1.-+*'%2-%'2),%'1*'.,%@%4'AXDBT'FEI4
'

?'0*#*('+*',%>;%'.'.>./)U.-'+)'#.--*-.'1*,%-2)0.'@'/%'+)(+%'8"*'$.@'%2-.(',*-(%>.('

8"*'>*#*()2.>',()#Y/%;%('%'2*>*-'./'*>2-*>.1%-'#%>' *//%('2%1%'*/'19.&'@%'>*#*()2.=.' *(#"#$.-'

.'+)'+.1-*D'eM#Y+%'*(2<('>)L%N&'M#Y+%'2*'()*>2*(Nf4'g' ()*+,-*'+*'1*#9.D'e@.' (.=*(&'2"' *(2<('
=)*>f4' S"./8")*-' #%(.' 1*' +%2)0.#)Y>&' .">8"*' *//.' >%' (*' 1)*-.' #"*>2.' ,.-.' +)' *-.'
\">1.+*>2./4' P%1*-'*(#"#$.-'("'0%U'@'8"*'*(2.=.'.,%@<>1%+*&'8"*'*(2.=.' .' +)'/.1%&' ,"*('
,.-.' +)' *-.' +"@' )+,%-2.>2*' 35444' J(' 0*-1.1' 8"*' @%' *(#"#$.-' .' +)' +.1-*&' ,.-.' +)' *-.'
\">1.+*>2./'.>2*('1*'#"./8")*-'#%+=.2*'8"*'2"0)*-.4'AGCDGG'FGKI4

5#,9,& #(.;,%EG.;,& *$%";.,+"',& ;,+& 5#,9,& O,GC(-.;,3& ;" )/" C.)" )#" %+$;$"
#$',/-2*$")0"#%"(2=)0/2E0"()"-&%0/+$&-)"/)"-&%0/F$&=%")0")#"-)&*)&"+)&2$($"
()" %#-$" 023)#" )0" %+$;$" +/2*$#E'2*$B" *$=$" /)" A%" ()-%##%($" %0-)&2$&=)0-)?"
G)&$"-%=52U0"#%/"$-&%/"(2=)0/2$0)/"()#"%+$;$"#$',/-2*$"-2)0)0"&)#%*2E0"*$0"
)#" %+$;$" +/2*$#E'2*$" )0" #%" =)(2(%")0" C.)"#%" *$*20%B" #%" &$+%" ;" #%" *%/%" /$0"
-%&)%/"%H)0%/" %#" ()+$&-2/-%B" C.)" #)"()H%0"=1/"-2)=+$" +%&%"()/*%0/%&" ;" #)"
#25)&%0"#%"=)0-)"()"+$/25#)/"+&)$*.+%*2$0)/"$"-)0/2$0)/?""
"

P-%#"-%'8"*'*>'/.'>*0*-.'$.@.'()*+,-*'=%/*('1*'$)1-.2%('1*'#.-=%>%4'O)*+,-*'*(2<'/.'

,.(2.&' */' .--%U&' ()*+,-*4' J//.' ,"*1*' //*;.-' *>' ">' +%+*>2%' 8"*' >%' 8")*-*' #%+*-' *>' /.'
-*()1*>#).&' //*;.' .' #.(.&' .=-*' /.' >*0*-.' @' (.=*' 8"*' *(2<' *(%' @' */' (*;">1%' @.' (*' /%' ,"*1*'
,-*,.-.-'*//.'*>'">'+%+*>2%4'P*-%'*>'#.(.'*>'/.'>*0*-.'()*+,-*'*(2<'*(%4'AGQDGT'!CI4

!&#

0#/1-.!2!3-$)1&-

5#,9,& #(.;,%EG.;,& *$%";.,+"',& ;,+& P,)$+-,(& Q%"/$3& %=5$/" *$0*)+-$/"

/)" &)#%*2$0%0")0" #%" =)(2(%" )0"C.)"'&%0"+%&-)" ()#" %+$;$" +&)/-%($" +$&" #%"
=%(&)" )0" #$/" =$=)0-$/" *#%3)" ;B" +&20*2+%#=)0-)B" )0" #%" (2=)0/2E0" ()"
=$=)0-$/" (2D,*2#)/B" )/-1"&)#%*2$0%($" *$0".0" %+$;$" +/2*$#E'2*$?"Q%" =%(&)"
%02=%" ;" (%" *$0D2%04%" -&%/" =%#$/" &)/.#-%($/B" )/*.*A%" %#" A2H$" %0-)" /./"
-)=$&)/" $" 20*#./$" %*)+-%" ()*2/2$0)/" (2D,*2#)/" +%&%" )##%B" +)0/%0($" )0" )#"
52)0)/-%&";"F)#2*2(%("()"/."A2H$?"O$($")##$B"*$0/-2-.;)".0"%+$;$"+/2*$#E'2*$?""&
&

J(2*'6)>' 1*'(*+.>.' #%+,*29' @'*(2.=.' ">' ,%#%'e#$%\f',%-8"*'>%'$.=9.'#%--)1%' =)*>' @'

+)'+.1-*D'e$%+=-*'>%' 2*',-*%#",*(&'^/2)+.+*>2*'()*+,-*'+*'1)#*('8"*'/%' $.('$*#$%' +"@'

+./&'>%'2*',-*%#",*(&'@.'2*'(./1-<&'*('>%-+./&'>%'()*+,-*'(*',"*1*'*(2.-'=)*>444f4'AGBDGE'FCI

6?<?L?9?"!+$;$"G/2*$#E'2*$"()"#%"I%(&)";"/."N3$#.*2E0"
N#" *+")"% D512"-?(12"% ,$% -&% .&,#$" )/" .0%" *%-)'$&,%" )0" *.;%/" (2=)0/2$0)/" ;"
*%&%*-)&,/-2*%/" /)" =.)/-&%" .0%" )3$#.*2E0" %" #$" #%&'$" ()#" ()/%&&$##$" ()+$&-23$" ()#"
A2H$?" N/" ()*2&B" )/)" %+$;$" *%=52%B" 3%&,%" ;" )3$#.*2$0%" %#" -2)=+$" C.)" #$" A%*)" )#"
()+$&-2/-%" ;" /." +&$'&)/2E0" )0" )#" ()+$&-)B" +)&$" -%=52U0" *$=$" *$0/)*.)0*2%" ()#"
*&)*2=2)0-$" ()#" A2H$" *$=$" +)&/$0%?" G$&" -%0-$B" *$0/2/-)" )0" .0%" *%-)'$&,%" C.)"
)3$#.*2$0%"%#"-2)=+$"C.)"#%/")M2')0*2%/"()#"()+$&-)"%/,"#$"&)*#%=%0?
"

!" *$0-20.%*2E0"/)" ()-%##%"#%")3$#.*2E0"()"#$/" *$0*)+-$/")0"5%/)"%"#%/" Z%/)/"

)0" )#" @)/%&&$##$" ()#" O%#)0-$B" +.(2)0($B" +$&" -%0-$B" )/-%5#)*)&/)" 0$" /E#$" .0" 023)#"
H)&1&C.2*$"()"#$/"*$0*)+-$/B"/20$"-%=52U0".0"023)#"-)=+$&%#"8Z2'.&%"6?<:?>P

Z2'.&%"6?<:?">4"-<21?0%*+")"%D512"-?(12"%,$%-&%.&,#$

!&"

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

"

K+.;.,&?$#,*-./,L")0")#"202*2$"()+$&-23$"#%"=%(&)"+&)/-%B")M*#./23%=)0-)B".0"

%+$;$" +/2*$#E'2*$" ')0)&%#B" 5%/%($" )0" (%&" 102=$B" *$0D2%04%" $" =$-23%*2E0?" N/" .0"
%+$;$"2'.%#"%#"+&)/-%($"+$&"#%"=%(&)"%"*.%#C.2)&"A2H$"$"%0-)"*.%#C.2)&"%*-232(%(?
"

?$("**,%%,& ?$#,*-./,L" ()0-&$" ()" )/-)" ()/%&&$##$" ()+$&-23$" /)" *$0/2()&%0"

($/"F%/)/B" .0%"202*2%#";" .0%"D20%#?" N0"#%"F%/)"()"()/%&&$##$"()+$&-23$"202*2%#" 8Z%/)"[>"

/)" 202*2%" #%" *$=+)-2*2E0B" ()"=$($" C.)" #%" =%(&)"%+$;%"()" .0"=$($" ')0)&%#B" +)&$"
-%=52U0"()".0"=$($")/+)*,D2*$")0"#%"*$=+)-2*2E0?"
"

N#" %+$;$" +/2*$#E'2*$" )0" #%" %($#)/*)0*2%" %+%&)*)" )0" )/-%" )-%+%" 8Z%/)" [" ()"

()/%&&$##$"()+$&-23$>"$")0"#%"/2'.2)0-)"8Z%/)"[["()#"()/%&&$##$"()+$&-23$>")0"F.0*2E0"
()"*.10($")#"()+$&-2/-%"%#*%04%")/)"+)&2$($" +)&/$0%#?"T2" 52)0B" )0"*.%#C.2)&%"()"#$/"
($/"*%/$/B")/%"%($#)/*)0*2%"*$20*2()"*$0".0"+)&2$($"8@)/%&&$##$"()+$&-23$"Z%/)"[";"
Z%/)"[[>")0")#"C.)"%.=)0-%"()"=%0)&%"0$-%5#)"#%"203)&/2E0"()"-2)=+$";")0)&',%"C.)"
()5)"A%*)&")#"()+$&-2/-%"+$&"/."()+$&-)?"@)")/-)"=$($B" )#"+%+)#" ()"#%"=%(&)"*$=$"
%+$;$")0")/)"=$=)0-$"/)"*$032)&-)")0"*#%3)?
"

R$0")#"+%/$" ()#"-2)=+$" 8F%/)"[["()#"()/%&&$##$"()+$&-23$>B"*$0-20]%")#"%+$;$"

+/2*$#E'2*$" ')0)&%#" ;" +%&%" #%" *$=+)-2*2E0B" /2)0($" )/-)" ]#-2=$" *%(%" 3)4" =1/"
&)#)3%0-)" +.)/-$" C.)" #%" *$=+)-2*2E0" %#*%04%" 2=+$&-%0-)/" 023)#)/" ;" )/" ()" '&%0"
2=+$&-%0*2%"+%&%")#"A2H$"()+$&-2/-%?
"

5%-,& M./$%L")0")/-)"]#-2=$"+)&2$($" ()"%#-$"023)#"#%"=%(&)"+&)/-%".0%"%;.(%"

()/()")#"+.0-$"()"32/-%"')0)&%#";"()"#%"*$=+)-2*2E0?"Q%/"+&)/2$0)/"/$0"=.;"F.)&-)/"
;")#"=$($")0"C.)"#%"=%(&)"-&%-%")/%"*$=+)-2*2E0"#)"#25)&%"()"+&)/2$0)/";"-)0/2$0)/?"
!+%&)*)".0"%+$;$"+/2*$#E'2*$"=1/")M*#./23$" ()")/-)"+)&2$($"*)0-&%($" )0"F%*2#2-%&"
)/)" (.&$" 023)#" ()" )M2')0*2%" ;" ()" %+$;%&" ;" %02=%&" %" /." A2H$" +$&" )#" %#*%0*)" ()" /."
/.)a$?
"

N$-.*"'"L")0")/-%")-%+%B"%"023)#"+/2*$#E'2*$"#%"=%(&)"%+$;%")0"#%"=)(2(%")0"

C.)" &)*.+)&%&" #%" 0$&=%#2(%(" )0" )/$/" *%/$/" ()" ()+$&-2/-%/" ()" %#-$" 023)#" )/"
*$=+#2*%($?"Q%"=%(&)"%+$;%")0"#%"&)*.+)&%*2E0"()".0%"2()0-2(%("+)&/$0%#";"%02=%"
;"(%"*$0D2%04%"+%&%"()/*.5&2&".0%"0.)3%")-%+%")0"#%"32(%?"

!&$

0#/1-.!2!3-$)1&-

6?<?L?6?"d-&%/"R$0/2()&%*2$0)/"!*)&*%"()#"!+$;$"G/2*$#E'2*$"()"#%"I%(&)
!" (2F)&)0*2%" ()" #$/" %+$;$/" ()" #%" =%(&)" +&)/)0-%($/" %0-)&2$&=)0-)B" )#" *+")"%
D512"-?(12"%,$% -&% .&,#$" )/")M*#./23$"()")##%/B"#%/" =%(&)/?" Q%/" =%(&)/"%;.(%0"%"/./"
A2H$/"()/()")/-)"+.0-$"()"32/-%B"%+&)0(2)0($B";"+&$F)/2$0%#24%0($"/."+%+)#B"##)'%0"%"
%*-.%&"*$=$"3)&(%()&%/"+&)+%&%($&%/"=)0-%#)/"$"+/2*E#$'%/"()#"()+$&-)?"
"

Q%" -&%0/=2/2E0" ()" )/-)" %+$;$" )/B" )0" =.*A$/" *%/$/B" 20(2&)*-%" ;" $*.#-%B" %#"

+&)/-%&"(2*A$"%+$;$" %"-&%3U/"()"$-&$/"=1/"32/25#)/?"Q%"=%(&)"&)'&)/%"*$0"/."A2H$" %"

*%/%"-&%/" .0%"*$=+)-2*2E0";"/2"A%"+)&(2($"#)"%02=%B"%+$;%B" (%"*$0D2%04%B" #)"=%0(%"
=)0/%H)/"C.)"C.)(%0"'&%5%($/")0")#"+&$+2$"()+$&-2/-%";"F%3$&)*)0".0%"=1/"&1+2(%"
&)*.+)&%*2E0?"d"=2)0-&%/"+&)+%&%".0%"=%#)-%"+%&%".0"32%H)B"*$=)0-%"*$0")#"A2H$"/./"
+$/252#2(%()/B" /20" ##)'%&" %" +&)/2$0%&" /$5&)" )#" *%=+)$0%-$B" (%0($" 102=$" $"
=$-23%*2E0?
"

d"*;%' */'-*(2%' 1*'.L%(&' ,"*(' /%' 8"*')>6/"@*>' /.(' +.1-*(4' b%' +"@'1)-*#2.+*>2*&' ,%-8"*' .$9'

1*(2.#Y'+<('*/',.,*/'1*'+)',.1-*'8"*'*-.'*/'8"*'+<('+*',-*;">2.=.&' */'8"*'+*'.#%+,.L.=.'+<('./'
,-)>#),)%&')>#/"(%'$.=/.=.'#%>'+)('*>2-*>.1%-*(4'P*-%'()'1*'\%-+.')>1)-*#2.4'F*'\%-+.')>1)-*#2.'*>' /%('
+./%('+%+*>2%('1<>1%2*'+"*(2-.('1*'#.-)L%' %'">.',./.=-.'1*'.,%@%4'S".>1%'*+,*U.=.>'/%('0).:*(&'
2*',-*,.-.=.'/.'+./*2.&'/.'=%/(.&'(*',-*%#",.=.'1*'/.'-%,.&'()*+,-*'(%/2.=.'./;%&'2*'1*#9.'./;%4'S".>1%'
0*>9.' #%>'./;^>'2),%'1*',-%=/*+.'2*'*(#"#$.=.4'J(.'/.=%-4'P*-%'>%' #-*%'8"*'(%/%'\"*-.'*>' */'1*,%-2*&'
()>%'*('/.'/.=%-'8"*'$.#*>'/.('+.1-*('#%>'/%('$):%(4'g' @%'#-*%'8"*'*(.'\"*'/.'+.@%-'.@"1.'8"*'-*#)=9'1*'
*//.&'*(*'.,%@%4'AQKDX'FGTI4

"

e0"%/+)*-$" =.;"##%=%-23$" ()")/-%"*%-)'$&,%")/" #%" '&%0"*%0-2(%("()"*E(2'$/"

)0"323$"&)#%*2$0%($/"*$0")/-)"%+$;$?"!()=1/B"#%"0$")M2/-)0*2%"()"#2-)&%-.&%"+&)32%"%"
)/-)"&)/+)*-$B"F%3$&)*2E"#%"*$(2D2*%*2E0")0"323$" &)#%*2$0%(%"*$0")/-)"-2+$"()"%+$;$"
*$0")#"D20"()"&)*$')&"()"=%0)&%"#2-)&%#"%C.)##$"%"#$"C.)"C.)&,%0"A%*)&"&)F)&)0*2%"#$/"
+&$-%'$02/-%/"()#")/-.(2$?"
"

g%',)*>(%'+<('*>'*(.',.-2*'+<('.\*#2)0.4'AGQDBT'!CI4

'

!)'+.1-*'*-.'+)',()#Y/%;.4'ABBDGB'FGBI4

'

g%'-*#"*-1%'#".>1%'(./9.' ./'2.2.+)&'()*+,-*'+)'+.1-*D'em0.+%('FG_nf&'@%'()*+,-*'%9.' */';-)2%'

1*'+)'+.1-*4'ABQDGK'FG_I4

!&%

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

+,-,@,.56%7%.9:%()%"04.&1.40.80&$1
N#"*+")"%>@"21"0&-%,$%-&%.&,#$"A%*)"&)F)&)0*2%"%"#%"%;.(%"+&)/-%(%"+$&"#%/"=%(&)/"
&)F)&2(%" %" #%/" )=$*2$0)/?" N/".0" %+$;$" ##)3%($" %"*%5$" *$0" )#" $5H)-23$" D20%#" ()"(%&"
)/-%52#2(%(")=$*2$0%#" %#" A2H$" ()+$&-2/-%?" N/%" )/-%52#2(%(")=$*2$0%#" /)" -&%(.*)" )0"
.0%" 5%H%" -)0()0*2%" %" #%" 3.#0)&%52#2(%(" %0-)" +&$5#)=%/" ;" %" C.)" U/-$/" ')0)&)0"
%0/2)(%(B" +)&$" -%=52U0" %" #%" *%+%*2(%(" +%&%" =%0)H%&" #%" +&$+2%" 32(%?" @2*A%"
)/-%52#2(%(")=$*2$0%#"*$0/2/-)")0".0"%/+)*-$" *$0"'&%0"*$0/-%0*2%")0")#" -2)=+$B" /2"
52)0B" +.)()0")M2/-2&" )-%+%/" ()" =)0$&"$" =%;$&" )/-%52#2(%(" *$=$" *$0/)*.)0*2%"()"
)M+)&2)0*2%/"3232(%/"8=$=)0-$/"(2D,*2#)/B"+$&")H)=+#$>?"
"

Q%/" =%(&)/" 20-)0-%0" C.)" )/%" )/-%52#2(%(" )=$*2$0%#" ()#" A2H$" /)%" .0%"

*$0/-%0-)" %;.(10($#$/" %" &)*.+)&%&" (2*A$" )C.2#25&2$" +)&(2($" +$&" (2F)&)0-)/"

=$-23$/" *.%0($" %/," /)" &)C.2)&%?" b)0)&%#=)0-)" #$/" ()+$&-2/-%/" -2)0)0" .0%" %#-%"
)/-%52#2(%(" )=$*2$0%#B" -2)0)0" .0" %#-$" *$0-&$#" ()" /./" )=$*2$0)/B" 0$" 32U0($/)"
%F)*-%($/" F1*2#=)0-)" +$&" +&$5#)=%/" C.)" +.)()0" /.&'2&?" T$0" +)&/$0%/" C.)" /)"
&)*.+)&%0" &1+2(%=)0-)" %0-)" #%/" ()&&$-%/" $" -2)0)0" .0%" %*-2-.(" +$/2-23%" %0-)" #%/"
#)/2$0)/?" Q$" 2=+$&-%0-)" ;" ##%=%-23$" )/" *E=$" #%" D2'.&%" ()" #%" =%(&)" )/-1" /2)=+&)"
+&)/)0-)?"T$0"+)&/$0%/"*.;%/")=$*2$0)/"/$0")/-%5#)/";"+&)/)0-%0".0")0F$C.)"()"#%"
32(%"&)%#2/-%?"
"

N/-)"%+$;$")=$*2$0%#" )/-1" *$=+.)/-$" +$&"-&)/"(2=)0/2$0)/" 8Z2'.&%"6?<<?>B""

()D202(%/"%"*$0-20.%*2E0";"$&()0%(%/")0"5%/)"%"/."F.0(%=)0-%*2E0P

Z2'.&%"6?<<?"*+")"%>@"21"0&-%,$%-&%.&,#$:%

!&&

0#/1-.!2!3-$)1&-

!"@+#$051?0% 6QI8A% #%" +&2=)&%" (2=)0/2E0" C.)" *$=+$0)" #%" *%-)'$&,%" ()"
!+$;$"N=$*2$0%#" )/" #%"&)#%*2$0%(%"*$0"#%" *$=+&)0/2E0"$" *%+%*2(%("()"#%"
=%(&)"+%&%")0-)0()&"%"/."A2H$")0"#$/"(2F)&)0-)/"%/+)*-$/"()"/."()+$&-)?"N/"
#%")=+%-,%"()"#%"=%(&)B"F$&=%(%"+$&"#%/"(2=)0/2$0)/"()P
>52<2T&
*+#$0,$#%$-%,$+"#'$
*2$+'&#%,$2151"0$5
!"05<$-"
!"@+#$051?0
"

Q%"$52<2T&"A%*)"&)F)&)0*2%"%"#%"*%+%*2(%("()"#%"=%(&)"()")/*.*A%&"%#"

A2H$"*$0-%&#)"%*)&*%"()"/."()+$&-)B" ()"#%/"*$/%/"5.)0%/";"()"#%/"=%#%/";"()"
/)0-2&/)"*$=+&)0(2($";")0-)0(2($?" OU&=20$/"*$=$"-&%@&,#$%$5%$-%T"@F#"%
$0%$-%P<$%--"#&#B"-&%@&,#$%$5%2"0O1,$0'$"$"-&%@&,#$%$52<2T&"/$0"%/+)*-$/"C.)"
F$&=%0"+%&-)"()")/-%"(2=)0/2E0?"
+

g%',)*>(%'+<('*>'*(.',.-2*'+<('.\*#2)0.&',*-%'="*>%'/.('+":*-*('%'/.('+.1-*(',.-*#*'

8"*'*(2*+%(' +<(' ,-*,.-.1.(' ,.-.' *(#"#$.-' 8"7' /*' .#%>2*#*' ./' $):%&' #Y+%' (*'*>#"*>2-.&'
.">8"*'>%'$.=/*4'AGQDBT'!CI

"

N0"&)#%*2E0"%#"()+$&-)B"#%"=%(&)"/)"2=+#2*%"A%/-%")#"+.0-$"C.)"()/))"

)#" A2H$?" N0" $*%/2$0)/B" )#" ()+$&-2/-%" /E#$" +)&=2-)" .0%" 2=+#2*%*2E0" 0$"
()+$&-23%" ;" )0"$-&$/" *%/$/B" $-&$/" ()+$&-2/-%/" +&)D2)&)0" C.)" /."=%(&)" /)"
2=+#2C.)"-%=52U0"()+$&-23%=)0-)"A%5#%0($?"N0"*.%#C.2)&"*%/$"#%/"=%(&)/"
5./*%0"&+#$0,$#%$-%,$+"#'$"()#"A2H$"+%&%"+$()&"*$=+&)0()&#$/"=)H$&?"
"

d"*;%'">.'#%(.')+,%-2.>2*'*('8"*'#".>1%'+*'*+,*#7'.'+*2*-'*>'*/'.2/*2)(+%'+<('*>'

(*-)%&' +)' +.1-*' ./' ,-)>#),)%' >%' 2*>9.' >)' )1*.&' ,*-%' (*'*+,.,Y' 1*/' 2*+.' 1*(1*' */' ,-)+*-'
+%+*>2%' @' .$%-.' (*'#%>%#*' .' 2%1%(' /%(' .2/*2.(' 34445' F*' $*#$%' *(2<' +<(' ./' 19.' 8"*' @%' *>'
>%2)#).(4'O*'#%>%#*'.'2%1%('/%('.2/*2.(&'/.('+.-#.('8"*'0.+%('$.#)*>1%&'/%('-*("/2.1%(4'O.=*'
2%1%4'AGDBQ'FGI4

!&'

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

"

Q%" (2=)0/2E0" ()" &2$+'&#% ,$2151"0$5" -%0-$" /2" /$0" ()/)%(%/" +$&" #%"

=%(&)" *$=$" /2" 0$B" =.)/-&%" *E=$"#%"=%(&)"%+$;%";" %*)+-%"#%/"()*2/2$0)/"

/2)=+&)?"Q$"*.%#"%#"A2H$"#)"(%".0"/)0-2=2)0-$"()"*$=+&)0/2E0"2=+$&-%0-)?"
"

J('">.' #"*(2)Y>' 1*' 8"*'*//.' ()*+,-*'>%(' $.' 1*:.1%' /)=*-2.1' ,.-.' 8"*'$)#)7(*+%(' /%'

8"*'8")()7-.+%(4' g%' (*' 8"*' #".>1%' //*;Y' */' +%+*>2%' 1*' +.-#$.-+*&' @%' *-.' :%0*>#)2%' @'
$.=9.+%(',.(.1%'">.' ()2".#)Y>' 1)69#)/'*>2%>#*('="*>%&' ,%-'2%1%'*(%&' ,%19.' ,.-*#*-' 8"*'+)'
+.1-*')=.'.'1*#)-'8"*'>%&'8"*'>%'+*'1*:.=.'+.-#$.-'.'AS)"1.1'FGQI4'P%-8"*'*>'-*./)1.1'/.'
#%(.' >%'*(2.=.' =)*>&'2*>9.+%(',-%=/*+.(' *>'#.(.4'g'1*(1*'*/',-)>#),)%' 1):%'8"*'>%&' 8"*'*-.'
">.'1*#)()Y>'+9.&'8"*'()'@%'1*#9.'8"*'+*'8"*-9.'+.-#$.-&'8"*',.-.'.1*/.>2*&'8"*'(.=9.' 8"*'
*-.'">.',*-(%>.'-*(,%>(.=/*'@'8"*'>%'$.=9.'>)>;^>',-%=/*+.4'AQ_DT'FGQI4

"

Q%"(2=)0/2E0"()"2"05<$-""=.)/-&%"*E=$" #%"=%(&)")0-2)0()"%"/."A2H$"

)0"#$/"=$=)0-$/"(2D,*2#)/"()"/."*%&&)&%"()+$&-23%"+%&%"#$"*.%#"#)"*$0/.)#%B"
-&%-%0($" ()" %#232%&#)" #%" +)0%?" N/" .0" %+$;$" )M*#./23$" ()" #$/" =$=)0-$/"
(2D,*2#)/B"/$#$"A%;"*$0/.)#$")0"#$/"=$=)0-$/"(2D,*2#)/?""
+

!)'+.1-*'*-.'+)',()#Y/%;.&'+)',.L)2%'1*'/<;-)+.('#".>1%'*(2.=.'2-)(2*'%'>*#*()2.=.'

//%-.-&'/.'8"*'+*'*(#"#$.=.'#".>1%'8"*-9.'$.=/.-'%'#".>1%'$*'2*>)1%'./;^>';%/,*'/.'8"*'+*'
$.'#"-.1%&'+.+)4'ABBDGB'FGBI4

"

Q%" ]#-2=%"(2=)0/2E0")/")0"/," =2/=%" #%"2"@+#$051?0B" #%"*%+%*2(%("()"

#%"=%(&)"()")0-)0()&"C.U"#)"+%/%"%"/."A2H$";"+$0)&"&)=)(2$")0"/$#.*2$0%&"
/./"+$/25#)/"+&$5#)=%/?"
"

P"*('@%',-%#"-%'1.-/*'.$%-.'.'+)'$):%'+"#$.'#%+,-*>()Y>&'*>2*>1*-/*444'AGGDBB'!HI4

!<1,&,"% )% +#"'$221?0% 6GN8A% )#" *.2(%($" ;" +&$-)**2E0" C.)" +&)/-%" #%" =%(&)"
A%*)" &)F)&)0*2%" %" #%" %;.(%" &)#%*2$0%(%" *$0" %-)0()&" %#" A2H$" )0" #$/" -)=%/"
&)F)&)0-)/" %" /." ()+$&-)B" +)&$" -%=52U0" %" /."+&$+2%" /%#.(" ;" %" /." 32(%?" Q%"
=%(&)"%;.(%"%#"A2H$")0")#"*%=20$"A%*2%"#%"F)#2*2(%("*$#%5$&%0($"*$0"U#")0"
-$($/"#$/"%/+)*-$/"C.)"/)%0"0)*)/%&2$/?"Q)"A%*)"F%3$&)/B")/-1"+)0(2)0-)"()"
U#";"()"#%/"*$/%/"C.)"-)0'%"C.)"A%*)&"$"0)*)/2-)B"#)"(%"*$=+%a,%"$"#)"F%*2#2-%"
)#"()/*%0/$?"

!&(

0#/1-.!2!3-$)1&-

"

N0"&)#%*2E0"%" #%"+&$-)**2E0B" #%" =%(&)" +&)/-%".0%" %;.(%" &)#%*2$0%(%"

*$0"#%"()F)0/%"()#"A2H$B")/-%0($"%"/."#%($")0"-$($" =$=)0-$B"&)/'.%&(%0($"
/."+&$+2%"/)'.&2(%(";"52)0)/-%&?"
"

J>(*L<>1%+*'">',%8")2%'.'(*-'."2Y>%+.4'AXDG_'FEI4

'

P"*('>*#*()2.('()*+,-*'">.'0%U'8"*'2*'1*'2-.>8")/)1.1&'8"*'2*'1*'*(.'\"*-U.'8"*'2*'1.'

">.'+.1-*4'AGCDBH'FGKI4

!&#1U"% 6R8A% #%/" =%(&)/" +&)/-%0" .0" 2=+$&-%0-)" %+$;$" &)F)&2($" %#" *%&2a$"
A%*2%"/./"A2H$/B" #)/"=%02D2)/-%0" )/)"%=$&"C.)"/2)0-)0B" #$"*.%#"#)/"+&$3$*%"
.0"/)0-2=2)0-$"()"-&%0C.2#2(%(";"+&$-)**2E0""
+

S%+7-2*/.'.'=*(%(&'.=-.U.-/.&'2"'$.('//*;.1%'$.(2.'.8"9&'*-*('\.="/%(.&'%@*'*/',^=/)#%'

'

/%'8"*'2*'1)#*&'/%('*>2-*>.1%-*(]'AQBDGX'!GBI4

"

N0" *$0H.0-$B" #%/" -&)/" (2=)0/2$0)/" *$0/-2-.;)0" +%+)#)/" ;" &$#)/" ##)3%($/" %"

*%5$"+$&"#%/"=%(&)/B")0"=.*A$/"*%/$/B"/20"/)&"()=%0(%($/?"Q%"=%(&)"0$")/+)&%"%"
(%&")/)"%+$;$B")/)"*%&2a$"$")/%"+&$-)**2E0"*.%0($"/."A2H$"/)"#$"+2()B"/20$"C.)")/".0"
+%+)#" C.)" )=)&')" ()" )##%/" ()" .0" =$($" 0%-.&%#?" N/B" )0" +%&-)B" .0" %+$;$" C.)" /)"
%0-2*2+%B" .0" %+$;$" 5%/%($" )0" #%" 20-.2*2E0?" T)" %+$;%" )0" #$" C.)" /)" *$0$*)" *$=$"
20/-20-$" =%-)&0%#B")0")/%"F.)&4%")M-&%$&(20%&2%"C.)"#)"2=+.#/%"%"#%"=%(&)"%"*.2(%&"
%C.)##$"C.)"')/-E")0"/."32)0-&)?"

6?<?X?<?"!+$;$"N=$*2$0%#"()"#%"I%(&)";"/./"_)#%*2$0)/"
N#"*+")"%>@"21"0&-%,$%-&%.&,#$")/".0%"*%-)'$&,%"*$0".0%"%#-%"()0/2(%(B"%#"=$/-&%&"
.0")#)3%($" 0]=)&$" ()" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" (2=)0/2$0)/B" )M2/-2)0($"
20*#./$" &)#%*2$0)/" )0-&)" #%/" +&$+2%/" (2=)0/2$0)/" ;" *%&%*-)&,/-2*%/"()" #%"*%-)'$&,%"
()"*+")"%>@"21"0&-%,$%-&%.&,#$?"!"*$0-20.%*2E0"/)"()-%##%0"#%/"&)#%*2$0)/P
5#,9,& B),;.,+"%& $+& (0& '.)$+(.E+& Q"*.8,& *$%";.,+"',& ;,+& 5#,9,&
$),;.,+"%& ;,)#*$+(.E+& 9& ;0.'"',& 9&#*,-$;;.E+B" -$(%/" #%/" (2=)0/2$0)/"
)/-10" &)#%*2$0%(%/" )0-&)" /,B" )0" #%" =)(2(%" )0" C.)" #$/" ($/" %+$;$/" ()"

!')

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

*$=+&)0/2E0";"*%&2a$"')0)&%0".0"/)0-2=2)0-$"()"*.2(%($";"+&$-)**2E0")0"
)#" A2H$" ()+$&-2/-%?" R$=+&)0()&"%#" A2H$" 2=+#2*%"A%*)&#)"/)0-2&" 2=+$&-%0-)B"
)/*.*A%&#$" /)" A%*)" %#" -2)=+$" C.)" /)" #)" (%" *%&2a$" %" -&%3U/" ()" ')/-$/B"
+%#%5&%/???" @)")/-)"=$($B" #%/"-&)/"(2=)0/2$0)/" /)"=.)/-&%0")0$&=)=)0-)"
&)#%*2$0%(%/?""
"

!()=1/" ()" )/-%/" &)#%*2$0)/" )0-&)" #%/" (2=)0/2$0)/" ()" #%" *%-)'$&,%" !+$;$"

N=$*2$0%#" ()" #%" I%(&)B" %" *$0-20.%*2E0" /)" %0%#24%0" #%/" &)#%*2$0)/" *$0" $-&%/"
*%-)'$&,%/";"()"=%0)&%")/+)*,D2*%"*$0"$-&%/"(2=)0/2$0)/"()"(2*A%/"*%-)'$&,%/?"\")/"
C.)"#$" =1/"2=+$&-%0-)"()")/-)"%+$;$")/"*E=$"#%/"=%(&)/"#$"+&)/-%0"%#"-2)=+$" C.)"
+&)/-%0"$-&$/P
5#,9,& B),;.,+"%&*$%";.,+"',& ;,+&5#,9,& O,GC(-.;,3&)#" %+$;$" )=$*2$0%#"
/)"&)#%*2$0%"*$0")#"%+$;$"#$',/-2*$")0"#%"=)(2(%")0"C.)"#%/"=%(&)/"*.%0($"
##)3%0"%"/./"A2H$/"%")0-&)0%&"$"%"*%=+)$0%-$/")0")#"*$*A)"#)/")/*.*A%0B"#)/"
)0-2)0()0B"#)/"(%0"*%&2a$^"+)&$"-%=52U0"=2)0-&%/"#)/"+&)+%&%0"#%/"=%#)-%/""
#%/" =%(&)/" /.)#-%0" +)C.)a%/" F&%/)/B" +%#%5&%/B" ')/-$/" C.)" *$0/-2-.;)0"
+%&-)"()")/)"%+$;$")=$*2$0%#?
5#,9,& B),;.,+"%& *$%";.,+"',& ;,+& 5#,9,& P"-$*."%3& )#" %+$;$" =%-)&2%#"
C.)" +&)/-%" #%" =%(&)" %#" *$=+&%&" %#" A2H$" *.%#C.2)&" -2+$" ()" =%-)&2%#" C.)"
0)*)/2-)"+%&%"/."()+$&-)")/".0"=$($" ()"A%*)&#)"/)0-2&"C.)&2($B"%+$;%($";"
+&$-)'2($B" ()" %A," )#" 0)M$" ()".02E0")0-&)" %=5%/" *%-)'$&,%/?" N/-%"&)#%*2E0"
C.)(%"&)D#)H%(%B"+&20*2+%#=)0-)B" )0")#"%+$;$" =%-)&2%#"C.)"/.+$0)"-2)=+$B"
;" )/" C.)"#$/" +&$+2$/" ()+$&-2/-%/" A%*)0" &)F)&)0*2%" %#" 3%#$&" )=$*2$0%#" ()#"
=%-)&2%#"*$0F)**2$0%($"+$&"/./"=%(&)/?"
5#,9,& B),;.,+"%& *$%";.,+"',& ;,+& 5#,9,& !(.;,%EG.;,3& *$=$" /)" A%"
20(2*%($" %0-)&2$&=)0-)B" )#" %+$;$" )=$*2$0%#" )/" +%&-)" ()#" %+$;$"
+/2*$#E'2*$" +.)/-$" C.)" (%&" *%&2a$" %#" A2H$B" *.2(%&#$B" (%&#$" +&$-)**2E0"
2=+#2*%"C.2-%&"()"#%"*%5)4%"%#"A2H$"200.=)&%5#)/"+&$5#)=%/B"+)&$" -%=52U0"
#)"(%")/-%52#2(%(")=$*2$0%#" ()"=$($" C.)"/E#$" -)0'%"C.)"+&)$*.+%&/)"+$&"
/."()+$&-)"$"#)"F%*2#2-%")#"()/*%0/$?"O$($")##$"2=+#2*%".0"%+$;$"+/2*$#E'2*$B"

!'!

0#/1-.!2!3-$)1&-

%#" F%3$&)*)&" )0" )#" ()+$&-2/-%"C.)" )/-U" *)0-&%($B" /20" F%*-$&)/" C.)" +.)(%0"
()/32%&#)?
"

g%' .'+)'+.1-*'/*'1*=%'2%1%4'O",%>;%'8"*',-)+*-%'.;".>2.-+*4'g' /"*;%'/%'8"*'+<('

$.'$*#$%'@'(*'8"*'*('/%'8"*'+<('/*'$.'#%(2.1%&'(.=*-'8"*'+*')=.'1*'#.(.4'J//.'*-.'#%>(#)*>2*'
1*'8"*'2*>9.'8"*'.("+)-'8"*'+*')=.&'*')>#/"(%'+*'1)%'*/'*+,":Y>',.-.'8"*'+*'\"*-.'1*'#.(.4'
AGHDT'FTI4

6?<?X?9?"!+$;$"N=$*2$0%#"()"#%"I%(&)";"/."N3$#.*2E0"
N#" *+")"% >@"21"0&-% ,$% -&% .&,#$" )/" .0%" *%-)'$&,%" )0" *.;%/" (2=)0/2$0)/" ;"
*%&%*-)&,/-2*%/" /)" =.)/-&%" .0%" )3$#.*2E0" %" #$" #%&'$" ()#" ()/%&&$##$" ()+$&-23$" ()#"
A2H$?" N/" ()*2&B" )/)" %+$;$" *%=52%B" 3%&,%" ;" )3$#.*2$0%" %#" -2)=+$" C.)" #$" A%*)" )#"
()+$&-2/-%" ;" /." +&$'&)/2E0" )0" )#" ()+$&-)B" +)&$" -%=52U0" *$=$" *$0/)*.)0*2%" ()#"
*&)*2=2)0-$" ()#" A2H$" *$=$" +)&/$0%?" G$&" -%0-$B" *$0/2/-)" )0" .0%" *%-)'$&,%" C.)"
)3$#.*2$0%"%#"-2)=+$"C.)"#%/")M2')0*2%/"()#"()+$&-)"%/,"#$"&)*#%=%0?
"

!" *$0-20.%*2E0"/)" ()-%##%"#%")3$#.*2E0"()"#$/" *$0*)+-$/")0"5%/)"%"#%/" Z%/)/"

)0" )#" @)/%&&$##$" ()#" O%#)0-$B" +.(2)0($B" +$&" -%0-$B" )/-%5#)*)&/)" 0$" /E#$" .0" 023)#"
H)&1&C.2*$"()"#$/"*$0*)+-$/B"/20$"-%=52U0".0"023)#"-)=+$&%#"8Z2'.&%"6?<9?>P

Z2'.&%"6?<9?">4"-<21?0%*+")"%>@"21"0&-%,$%-&%.&,#$

"

K+.;.,& ?$#,*-./,L" )0")#" 202*2$" ()+$&-23$" #%" =%(&)" (%" .0"2=+$&-%0-)" %+$;$"

)=$*2$0%#" 5%/%($" +&20*2+%#=)0-)")0")#" *%&2a$" ;" *.2(%($" ;" +&$-)**2E0?" Q%" =%(&)"
+&)/-%")/%"%;.(%"/20"2=+$&-%&"C.U"%*-232(%("&)%#24%")#"A2H$B"02"-%=+$*$"%"C.U"023)#?"

!'*

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

N/" %()=1/" .0" %+$;$" +&)/-%($" +$&" 2'.%#" %" -$($/" #$/" A)&=%0$/B" 0$" (2&2'2($"
)/+)*2%#=)0-)"%#"()+$&-)")0"/,"=2/=$?""
"

?$("**,%%,& ?$#,*-./,L" ()0-&$" ()" )/-)" ()/%&&$##$" ()+$&-23$" /)" *$0/2()&%0"

($/"F%/)/" .0%"202*2%#";".0%"D20%#?"N0"#%"F%/)" ()"()/%&&$##$" ()+$&-23$" 202*2%#" 8Z%/)"[>"

%.=)0-%0"#%/"($/2/"()"*%&2a$";"*.2(%($";"+&$-)**2E0";"/)"202*2%")#"%+$;$"5%/%($")0"
#%"*$=+&)0/2E0?"T)"-&%-%"()".0%"F%/)")/+)*2%#=)0-)"2=+$&-%0-)"*$=$"*$0/)*.)0*2%"
()" /." *$20*2()0*2%" *$0" #%" %($#)/*)0*2%?" Q$/" ()+$&-2/-%/" -2)0)0" =.*A%/" (.(%/B"
-)=$&)/";"#%"=%(&)"/)"*$032)&-)"()")/-)"=$($")0".0"%+$;$";"+2#%&"F.0(%=)0-%#?"
"

R$0" )#" +%/$" ()#" -2)=+$" 8Z%/)" [[" ()#" ()/%&&$##$" ()+$&-23$>B" *$0-20]%0"

%.=)0-%0($" #$/"023)#)/"()"%+$;$/")=$*2$0%#)/" +&)/-%($/?"T)"(%")/-)"%+$;$"()".0"

=$($")/*$0(2($B" 0$"(2&)*-$?" N/".0%")-%+%")0"#%"C.)"/)"&)C.2)&)")0$&=)=)0-)")/)"
%+$;$" %#" /)&" .0"+)&2$($" ()"'&%0" 203)&/2E0" )=$*2$0%#" ;" ()" -2)=+$" %#" ()+$&-)?" T)"
-&%-%" ()" .0" +)&2$($" ()" '&%0" )M2')0*2%" )0" )#" C.)" #%" =%(&)" /)" *$#$*%" *)&*%" +%&%"
%;.(%&?" N0" )/-)" +)&2$($" #$/" ()+$&-2/-%/" )=+2)4%0" %" /)&" *$0/*2)0-)/" ()" #%"
2=+$&-%0*2%" ()" )/-)" %+$;$?" J%/-%" )/)" =$=)0-$" %" #$/" ()+$&-2/-%/" #)/" +%/%"
()/%+)&*252($?
"

N0" %=5%/" F%/)/" 8Z%/)" [" ;" Z%/)" [[" ()#" ()/%&&$##$" ()+$&-23$>" )#" %+$;$"

)=$*2$0%#"+&)/-%($"/)"(%"()"=$($"20(2&)*-$";"$*.#-$B"+&20*2+%#=)0-)")0")#"+)&2$($"
*$0*&)-$"()"#%"%($#)/*)0*2%B"=$=)0-$")0")#"C.)"=.*A$/"()+$&-2/-%/"/)")0F&)0-%0"%"
/./"+%(&)/";"0$"-$=%0")0"*$0/2()&%*2E0"/./"*$0/)H$/"$"20F&%3%#$&%0"/."%+$;$?"
"

5%-,& M./$%L" )0" )/-)" ]#-2=$" +)&2$($" ()" %#-$" 023)#" /)"=%0-2)0)0")/-%5#)/" #$/"

023)#)/"()"*$=+&)0/2E0B"*%&2a$";"*.2(%($";"+&$-)**2E0?"N0")/-%"]#-2=%"F%/)";"*$0")#"
*&)*2=2)0-$"()#" A2H$" ()+$&-2/-%B" +.)()0")0-&%&"+)&/$0%/"2=+$&-%0-)/" )0"/./" 32(%/"
C.)" +.(2)&%0" &))=+#%4%&" %" #%/" =%(&)/" ;" ()/%&&$##%&" /." +%+)#?" T2" 52)0B" )/-$" 0$"
$*.&&)";")#"+%+)#"()"#%"=%(&)"0.0*%"()/%+%&)*)?"
"

N$-.*"'"L" )0" )/-%" )-%+%B" )#" 023)#" ()" %+$;$" )=$*2$0%#" +&)/-%($" ()/*2)0()B"

*)0-&10($/)")0"$-&$/"%/+)*-$/"()"#%"32(%"%H)0$/"%#"()+$&-)?

!'#

0#/1-.!2!3-$)1&-

6?<?X?6?"d-&%/"R$0/2()&%*2$0)/"!*)&*%"()#"!+$;$"N=$*2$0%#"()"#%"I%(&)"
N#" *+")"%>@"21"0&-% ,$% -&% .&,#$B" %#"2'.%#"C.)"$*.&&,%"*$0")#" !+$;$" G/2*$#E'2*$B" )/"
)M*#./23$"()"#%/"=%(&)/?"`20'.0%"=%(&)";"020']0"()+$&-2/-%"A%*)"&)F)&)0*2%"%"C.)"
)#"+%(&)"()/%&&$##)"(2*A$" +%+)#?" N/-$" *$032)&-)")#"*+")"%>@"21"0&-%,$%-&%.&,#$" )0"
.0" %+$;$" )/+)*2%#" )0" *.;$" %01#2/2/" )=)&'2E" .0%" 0.)3%" (2=)0/2E0" &)F)&2(%" %" #%/"
2&#&2'$#C5'12&5"+&$+2%/";")M*#./23%/"()")/-)"%+$;$?"

"

6?<?X?6?<?"R%&%*-)&,/-2*%/"()#"!+$;$"N=$*2$0%#"()"#%"I%(&)

"

"

"

A2H$B" )0-)0(2(%" U/-%" *$=$" -&%0C.2#2(%(?" Q%" =%(&)" +&)/-%" .0" %+$;$" C.)"

"

F%3$&)*)" #%" *%#=%" )0" )#" A2H$" ()+$&-2/-%" ;" #)" +&)+%&%" +%&%" (2/F&.-%&" ()" #%"

"

+&1*-2*%" ()+$&-23%" )0" )#" 202*2$" ;" )/-%&" )0" #%/" =)H$&)/" *$0(2*2$0)/"

"

+$/25#)/" )0" )0-&)0%=2)0-$/" ;"*$=+)-2*2$0)/" +$/-)&2$&=)0-)?" `$" $5/-%0-)B"

"

)#"$5H)-23$" D20%#" +$&")#"C.)"#%"=%(&)"+&)/-%")/-)"%+$;$")/"+$&C.)")#"A2H$"0$"

"

/.F&%B" +$&C.)")#" A2H$" )/-U"F)#24B" +$&" F%*2#2-%&";" A%*)&"=1/"F1*2#")#"()+$&-)" ()"

"

%#-$"023)#";"/./")M2')0*2%/?"N/)"$5H)-23$"D20%#"0$")/-1"&)#%*2$0%($B")0"020']0"

"

*%/$B"*$0")#"UM2-$"()+$&-23$"$"#$/"&)/.#-%($/?"

"

"

"

#$/" C.)" ()/-%*%" )#" *$0$*2($" *$=$" 20/-20-$" =%-)&0%#^" +)&$" -%=52U0" )#" 0$"

"

)'$,/=$"()"#%/"=%(&)/"*$#$*%0($" #%/"0)*)/2(%()/"()#"A2H$" ()+$&-2/-%"F&)0-)"

"

%"#%/"/.;%/?"G$&"-%0-$B")/".0"%+$;$"+&)/-%($")0")#"(,%"%"(,%B")0"#%"&.-20%B"+)&$"

"

-%=52U0")0" #$/" =$=)0-$/" (2D,*2#)/B" /2)0($" %C.," )/+)*2%#=)0-)"&)#)3%0-)" ;"

"

()-)&=20%0-)" +%&%" C.)" )#" ()+$&-2/-%" 3.)#3%" %" /." =1M2=$" 023)#B" +)&$"

"

+&20*2+%#=)0-)"%"/."52)0)/-%&?"Q%"=%(&)"+.)()"+&)/-%&"/."%;.(%"H./-$"%0-)/"

"

()"#%"*$=+)-2*2E0"$"*%(%"=%a%0%"%#"#)3%0-%&/)?

"

"

"

+%&%")#"()+$&-2/-%B")#"+&$+2$"A2H$"*.%0($"/)")0*.)0-&%"=%#"C.2)&)"A%5#%&"*$0"

"

/." =%(&)?" @)" )/-)" =$($B" /$0" =.*A$/" #$/" =)(2$/" +$&" #$/" C.)" #%/" =%(&)/"

"

+&)/-%0")/-)"-2+$" ()" %+$;$" )=$*2$0%#?" G.)()0"A%*)&#$" ()" .0" =$($" =1/" $"

N#"*+")"%>@"21"0&-% ,$% -&%.&,#$"/.+$0)"(%&")/-%52#2(%(")=$*2$0%#" %#"

N/-)"!+$;$"N=$*2$0%#" )/"*$0/)*.)0*2%"()"(2F)&)0-)/"%/+)*-$/B")0-&)"

R$=$" *$0/)*.)0*2%" ()" )/-)" %+$;$" ;" ()" #%/" 2=+#2*%*2$0)/" C.)" -2)0)"

!'"

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

"

=)0$/" (2&)*-$P" ()/%;.0%0($" H.0-$/B" A%5#%0($" +$&" -)#UF$0$B" %" -&%3U/" ()"

"

'C+12&5% 2T&#-1'&5^" +)&$" +.)()" /)&" -%=52U0" .0" %+$;$" +&)/-%($" )/*$0(2($"

"

-&%/" $-&$/" %+$;$/" 8##)3%0($" %#" A2H$" %" #%" *$=+)-2*2E0B" %+$;$" #$',/-2*$"

"

-&%0/+$&-)B"=2)0-&%/"#)"+&)+%&%"#%"=%#)-%B"%+$;$"#$',/-2*$"&$+%B")-*???>

"

J%/-%" %C.," /)" A%" =$/-&%($" *%(%" .0$" ()" #$/" %+$;$/" *$0/-2-.;)0-)/" ()" #%"

*%-)'$&,%"*)0-&%#" ()0$=20%(%" !+$;$"()" #%" I%(&)" 8Z2'.&%"6?<6?>B" *.;%/" &)#%*2$0)/"

)&%0B" )0" -$($/" #$/" *%/$/B" -&%0/2-23%/?" !" *$0-20.%*2E0" /)" ()-%##%0" ;" )M+#2*%0" $-&%/"
*%-)'$&,%/";"(2=)0/2$0)/"&)#%*2$0%(%/"(2&)*-%=)0-)"*$0")#"!+$;$"*.;%/"&)#%*2$0)/"
/$0"2&<5&%,$"$"$5'&#%&5"21&,"%2"0?"

Z2'.&%"6?<6?"*+")"%,$%-&%.&,#$%)%*+")"5%2"05'1'<)$0'$5:%

!'$

0#/1-.!2!3-$)1&-

+,;,.!"A1$=)*".9:%()%"04.&1.40.80&$1
Q%" /04$#51?0% >@"21"0&-% ,$% -&% .&,#$" A%*)" &)F)&)0*2%B" +$&" .0" #%($B" %#" /)0-2=2)0-$"
+$/2-23$" &)#%*2$0%($" *$0" )#" (2/F&.-)" $" #%" &)*$=+)0/%B" ;" +$&" $-&$" %" /)0-2=2)0-$/"
0)'%-23$/"*$=$")#"($#$&B"+&)$*.+%*2E0"$"/%*&2D2*2$/";")/F.)&4$/"##)3%($/"%"*%5$"+$&"
#%" =%(&)?" R$0/-2-.;)B" +$&" -%0-$B" .0%" *%-)'$&,%B" F$&=%(%" %" /." 3)4" +$&" ($/"
(2=)0/2$0)/B"%"+%&-2&"()"#%"*.%#"/)"-&%-%"()"(%&"&)/+.)/-%"%"+$&"C.U"#%"=%(&)"+&)/-%"
)/)"%+$;$B" C.U" =$-23$/" #)"*$0(.*)0"%" 2=+#2*%&/)")0$&=)=)0-)")0" )#" ()+$&-)" ()#"
A2H$% 6/04$#51?0% >@"21"0&-% D"51'14&8B" +)&$" -%=52U0" C.U"#)"/.+$0)" %" #%" =%(&)" (2*A%"
2=+#2*%*2E0"$" )#" 20=)0/$"()/)=5$#/$")=$*2$0%#" ()/+#)'%($" 6/04$#51?0% >@"21"0&-%
9$(&'14&8:" G$&" -%0-$B" %" +%&-2&"()" #%/" ($/" (2=)0/2$0)/B" /)"&)/+$0()"%"#$/" $5H)-23$/"
)/+)*,D2*$/"()"#%"203)/-2'%*2E0"<";"L?
<=2$-./,& B(#$;C@.;,& R4&Q,+,;$*& %,(&),-./,(& #,*&%,(& 70$&%"(& )"'*$(&"90'"*,+& "&
(0(&1.2,(S"(&'$#,*-.(-"(&$+&(0&'$("**,%%,4&B1C%.!"A1$=)*".9:%()%"04.?%=)#)A0,
<=2$-./,&B(#$;C@.;,&T4&!*,F0+'.6"*&$+&%"&'$(;*.#;.E+&'$&%"(&;"*";-$*C(-.;"(&'$&%,(&
(";*.@.;.,(& 9& *$+0+;."(& 70$& *$"%.6"+& %"(& )"'*$(& '$& %,(& '$#,*-.(-"(& #,*&
"90'"*%,(&$+&(0&;").+,&"&%"&$A;$%$+;."4&B1C%.!"A1$=)*".9:%()%"04.B120#)A0,
"

!" *$0-20.%*2E0B" /)" ()-%##%" ;" %0%#24%" )0" +&$F.0(2(%(B" *%(%" .0%" ()" #%/"

(2=)0/2$0)/B"%/,"*$=$"#%/"*%&%*-)&,/-2*%/"C.)"#%/"*$0F$&=%0"8Z2'.&%"6?<L?>?""

Z2'.&%"6?<L?"/04$#51?0%>@"21"0&-%,$%-&%.&,#$:%

!'%

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

+,;,-,.!"A1$=)*".9:%()%"04.B120#)A0.&1.40.80&$1
Q%" /04$#51?0% >@"21"0&-%9$(&'14&% ,$%-&%.&,#$"()-%##%"#$/"%/+)*-$/"0)'%-23$/" C.)"#)"
/.+$0)"%" #%"=%(&)" #%" 2=+#2*%*2E0")0" )#" ()+$&-)"()" /." A2H$?" R$0/-2-.;)" #%" +&2=)&%"
(2=)0/2E0" ;" )/-1" F$&=%(%" %" /." 3)4B" +$&" -&)/" (2=)0/2$0)/" ()" =)0$&" 023)#" ()"
%5/-&%**2E0"C.)"/)")M+#2*%0"%"*$0-20.%*2E0"8Z2'.&%"6?<X?>?

Z2'.&%"6?<X?"/04$#51?0%>@"21"0&-%9$(&'14&%,$%-&%.&,#$:%
6?9?<?<?"@$#$&B"I2)($";"G&)$*.+%*2E0"()"#%"I%(&)
Q%" (2=)0/2E0" ()" 3"-"#A% .1$,"% )% D#$"2<+&21?0% ,$% -&% .&,#$" A%*)" &)F)&)0*2%" %"
(2F)&)0-)/"/)0-2=2)0-$/"0)'%-23$/"&)#%*2$0%($/"*$0"#%"+&1*-2*%"()+$&-23%"()#"A2H$?"!"
*$0-20.%*2E0" /)" ()/*&25)0" *%(%" .0$" ()" #$/" *$0*)+-$/" C.)" *$0/-2-.;)0" )/-%"
(2=)0/2E0P""
?,%,*3&/)0-2=2)0-$" ()"+)0%B" %=%&'.&%" $" /.F&2=2)0-$B" *$=$" *$0/)*.)0*2%"
()#"()+$&-)"()#"A2H$";"()"#%/"*$0/)*.)0*2%/"C.)"#)"/.+$0)"$"A%"/.+.)/-$?"N/"
.0"/)0-2=2)0-$"+$&"%#'$"+%/%($"$"C.)"-&%0/*.&&)")0")#"+&)/)0-)?
P.$',3& +)&-.&5%*2E0" %0'./-2$/%" ()#" 102=$?" N/" )#" /)0-2=2)0-$" ()" #%/"
=%(&)/"')0)&%($" +$&"#$"C.)"#)"+$(&,%"+%/%&"%"/."A2H$?"N/")#"-)=$&"%"#$"C.)"
#)"+.)()"$*.&&2&"*$=$"*$0/)*.)0*2%"()"/."()+$&-)?"N/".0"/)0-2=2)0-$"+$&"
%#'$"C.)"+$(&,%"/.*)()&")0")#"F.-.&$?"
!*$,;0#";.E+3& /)0-2=2)0-$" ()" 20-&%0C.2#2(%(" +$&" %#'$" C.)" #)" +$(&,%"
/.*)()&"%#"A2H$"()+$&-2/-%?"[=+#2*%".0"023)#"20F)&2$&"%#"=2)($?""

!'&

Z2'.&%"6?<S?"3"-"#A%.1$,"%)%D#$"2<+&21?0%,$%-&%.&,#$:%

0#/1-.!2!3-$)1&-

!''

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

N#"3"-"#A% .1$,"%)%D#$"2<+&21?0%,$% -&% .&,#$")/-1"*$=+.)/-$"+$&"*20*$"(2=)0/2$0)/"

8Z2'.&%"6?<S?>B"()D202(%/"%"*$0-20.%*2E0";"$&()0%(%/")0"5%/)"%"/."F.0(%=)0-%*2E0P
V1W"A")#""($#$&B"=2)($"$"+&)$*.+%*2E0"+$&")#"A2H$")/"#%"(2=)0/2E0"=1/"F.)&-)"
+$&" F.0(%=)0-%*2E0" +)&$" -%=52U0" +$&" #%" 2=+$&-%0*2%" C.)" #)" (%0" #%/"
=%(&)/?" N/" .0"/)0-2=2)0-$" 0)'%-23$" C.)"3%&,%")0"20-)0/2(%("&)#%*2$0%($"
*$0")#"52)0)/-%&"D,/2*$";"+/2*$#E'2*$"()#"A2H$?"!"#%/"=%(&)/"#)/"+&)$*.+%"C.)"
/./" A2H$/" )/-U0" F)#2*)/B" C.)" 0$" /.F&%0B" #)/" +&)$*.+%0" #$/" /%*&2D2*2$/" C.)"
-2)0)0" C.)" A%*)&?" T)" +$(&,%" &)/.=2&" *$0" #%" F&%/)P" $-% T1W"% &0'$5% P<$% $-%
,$+"#'15'&?" @)0-&$"()")/-%"(2=)0/2E0"/)"20*#.2&,%"#%"(2=)0/2E0"()"#)/2$0)/"
;"/%#.("*$=$"+%&-)"()")/)"=2)($B"($#$&";"+&)$*.+%*2E0"+$&")#"A2H$?"
'

!)'+.1-*'+*',-*()%>Y'*>'*/'+%+*>2%'8"*'*//.'*(2)+Y'8"*'>%'*-.'.=(%/"2.+*>2*'\*/)U'

$.#)*>1%'/%' 8"*'$.#9.',.-.'0*-'()'/%'1*:.=.4'!*',-*()%>Y'>%4' !*'/%' 1*#9.' 1*'0*U'*>'#".>1%D'

e2"&'M,%-'8"7'>%'1*:.('1*'>.1.-Nf4'AGXDBX'FGGI4
'

!)'+.1-*'()*+,-*'+*'1)#*D'e/.'+.@%-',*>.'1*/'1*,%-2*'$.'()1%'0*-'("\-)-'.'+)'$):.f4'

AEDT'FQI4

B$51"0$5% )% X&-<,A% )/" )#" ($#$&B" =2)($" $" +&)$*.+%*2E0" &)#%*2$0%($" *$0" #%"
/%#.(";" #)/2$0)/"()#" A2H$"()+$&-2/-%?" Q%/" =%(&)/"-2)0)0"=2)($" ()"C.)"/./"
A2H$/" +.)(%0" #)/2$0%&/)" $" *%)&" )0F)&=$/" ()52($" %" #%/" )M2')0*2%/" ()" /."
()+$&-)"()"%#-$" 023)#?" Q)/" +&)$*.+%"#%"%#2=)0-%*2E0"()".0%"'2=0%/-%" $"()"
.0"H.($c%B" *$=$" *$0/)*.)0*2%" ()" #%/" 0)*)/2(%()/" ()" .0" *$0-&$#" )/-&2*-$"
()#"+)/$B" %#" /)&"U/-)".0"&)C.2/2-$"F.0(%=)0-%#?"G)&$" -%=52U0"/.F&)0"($#$&"
*.%0($" .0"A2H$")/-1"#)/2$0%($B" $" .0%"=%(&)"()".0%")/C.2%($&%"C.)"-2)0)"
C.)" =%(&.'%&" -%0-$" *%(%" (,%" 5%H$" .0%/" *$0(2*2$0)/" =)-)$&$#E'2*%/"
%(3)&/%/"/2)=+&)")/-1"+&)$*.+%(%?%
'

!*'.#"*-1%'8"*'+)'+.1-*'()*+,-*'*(2.=.'+"@',-*%#",.1.',%-8"*'#%+9.'+"@',%#%4'

O)*+,-*'$*'#%+)1%'+"@'+./&'*>2%>#*(&'#%+9.' ,%#%'@'*>'/%('0).:*('.'/%('*>2-*>.+)*>2%(&'*//.'
#")1.=.' +"#$9()+%'/.'./)+*>2.#)Y>'@'-*#"*-1%' =%2*#)2%(' 1*'\-"2%(' (*#%(',%-8"*'(.=9.' 8"*'
*(%'+*';"(2.=.',.-.'8"*'@%'#%+)*-.4'AXDGQ'FEI4
'

J>' /.' ^/2)+.'/*()Y>' +)' +.1-*'/%' ,.(Y' ,*%-4' J/'8"*',*%-' /%' ,.(.' /Y;)#.+*>2*'(%@'@%&'

,*-%'*//.'2.+=)7>'/%',.(.'+./&'("\-*&'/%'()*>2*'*>'*/'./+.4'AGD_B'FGI4

!'(

0#/1-.!2!3-$)1&-

3$+"#'$A% $-&$" -)=$&" +.)()" /.&'2&" ()#" ()+$&-)" )0" /," =2/=$?" N/-1"
&)#%*2$0%($" *$0" )#" ($#$&" ()" .0%" =%(&)" *.%0($" 20/.#-%0" %" /." A2H$" )0" .0"
)/-%(2$"()"F]-5$#"$"/."+&)$*.+%*2E0"+$&")#"&)/.#-%($";")#"5.)0"A%*)&?"N/-$/"
;" $-&$/" -)=$&)/" ')0)&%0" 0)&32$/2/=$B" +&$3$*%0($" C.)" #%/" =%(&)/" /)"
+$0'%0"0)&32$/%/"%#"3)&"*$=+)-2&"%"/./"A2H$/?"G)&$")/"-%=52U0".0"($#$&"+$&"
#%")#)**2E0"()".0"()+$&-)";"#%"(.&)4%"()#"=2/=$?"Q%"=%(&)"()".0"5$M)%($&"
$".0"H.($c%"$".0%"-%)cf$0(2/-%")0"($0()"#%"=%(&)"/$#$"3)"*E=$"/."A2H$"/)"
+)#)%" *$0"$-&$?" N0" ()D202-23%B" )0" )/-%" (2=)0/2E0" /)" 20*#.;)" -$($" %C.)##$"
&)#%*2$0%($"0)'%-23%=)0-)"*$0"#%")#)**2E0"()".0"()+$&-)")0"*$0*&)-$?"
"

!)'+.1-*'()*+,-*'+*'$.' .,%@.1%&'()*+,-*' $.' )1%' .' /.(' ,-"*=.(' .' 0*-+*4'k"*>%' .'

0*#*(')=.' .' /.(',-"*=.(',*-%'>%',%19.'0*-+*',%-8"*'(*',%>9.'+"@'>*-0)%(.'@'+)-.=.'.'%2-%'

/.1%'@'/"*;%'#".>1%'*(#"#$.=.'*/'="//)#)%'1*'8"*'$.=9.' .#.=.1%'/.' #.--*-.',"*('(*'1.=.' /.'
0"*/2.',.-.'+)-.-'8"7'$.=9.',.(.1%'@'8"7'$.=9.'$*#$%4'AQDT'FBI4'
'

!)'+.1-*'./'6)>./'1*:Y'1*')-' .' 0*-+*4'R"' @.' (.=*('#Y+%' *('*/'\^2=%/&'*/'1*',-)+*-.&' @'

#/.-%' )-' .' 0*-+*' @' 8"*' 2%1%' ">' #.+,%' *(2"0)*-.' )>("/2<>1%+*&' ,"*(' *//.' ("\-9.&' >%' 2*'
)+.;)>.(4'ACDB_'F_4I

7<'<#"A% )/-%" (2=)0/2E0")/-1"(2&)*-%=)0-)"&)#%*2$0%(%"*$0"#%"/2'.2)0-)")0"

#%"=)(2(%")0"C.)"#$/")/-.(2$/"/$0".0%"+%&-)"()")/%"+&)$*.+%*2E0"$"=2)($"
&)#%*2$0%($/" *$0" )#" F.-.&$?" Q%/" =%(&)/" $/*2#%0" )0-&)" .0%" /2=+#)"
+&)$*.+%*2E0" %" .0" 2=+$&-%0-)" -)=$&" +$&" )#" F.-.&$" ()#" A2H$?" I.*A%/"
=%(&)/"-2)0)0"=2)($" $" -.32)&$0"=2)($"8=%(&)/"()"()+$&-2/-%/"&)-2&%($/>"
+$&" /%5)&" C.U" ()+%&%&,%" %" /./" A2H$/" )#" =$=)0-$" ()" #%" &)-2&%(%?" T%5)&"
(E0()"+$(&,%0"-&%5%H%&"8F.-.&$"#%5$&%#>B"(E0()"D20%#=)0-)"3232&,%0"8F.-.&$"
+)&/$0%#>B" *E=$" %*)+-%&,%0" )/%" &)-2&%(%" 8F.-.&$" +/2*$#E'2*$>" $" C.U"
/)*.)#%/" D,/2*%/" #)/" ()H%&,%" )/)" ()+$&-)" ()" %#-$" 023)#" 8F.-.&$" D,/2*$>?" T$0"
+&)$*.+%*2$0)/" ;" =2)($/" C.)" /E#$" ()/%+%&)*)0" *.%0($" #$" A%*)" #%"
20*)&-2(.=5&)" ;" #$/" A2H$/" )0*.)0-&%0" .0" -&%5%H$B" /)" %/2)0-%0" ()/()" )#"
+.0-$" ()" 32/-%"F%=2#2%&"$" %*)+-%0"/."0.)3%" 32(%" *$=$" )M" ()+$&-2/-%/?" N0"
#%/"=%(&)/"()"#$/"()+$&-2/-%/")0"%*-23$"/$0"=2)($/"%]0"32')0-)/?
'

S".>1%'2*' 1*1)#.('.' ./;%'2.>' )>#)*-2%' #%+%'*/'1*,%-2*' 8"*'1*,*>1*('1*/'-*("/2.1%&'

,"*('.'/%'+*:%-'>%'*('/%'8"*'/*';"(2.-9.'.'">.'+.1-*&'8"*'/*';"(2.-9.'8"*'("'$):%'2"0)*-.'">'

!()

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

2-.=.:%' 6):%&' ">.' 0)1.' *(2.=/*444' .' ,*(.-' 1*'*(%&' ()*+,-*' +*'$.' .,%@.1%&' $*'2*>)1%' +"#$.'
("*-2*4'AQDGE'FBI4
'

O%>'$%+=-*('1*'BX'.L%('8"*'2)*>*('8"*'.@"1.-/%('*>'2%1%&',%-8"*'>%'2)*>*>' */'\"2"-%'

(%/"#)%>.1%4' J(' ">.' ,*>.&' ,%-8"*' +)' $):%' 2*-+)>.' ("' #.--*-.' 1*,%-2)0.' @' >%' 2)*>*' >.1.&'
>.1.4'g' *(%'.' +)'+*'.\*#2.&'*/'\"2"-%'1*'+)'$):%'+*',-*%#",.4'S".>1%'.#.=*'*('">.'+*U#/.'
*>'2"'#.=*U.'1*')>#*-2)1"+=-*4'AGGDQG'!HI4

"

@)0-&$"()")/-)"%+%&-%($"()"F.-.&$B")/-1")#"($#$&"()"#%/"=%(&)/"+$&"#$/"

+&$5#)=%/"D,/2*$/"C.)"#)/"A%"/.+.)/-$"%"#$/"A2H$/"#%"+&1*-2*%"()#"()+$&-)"()"
%#-$" 023)#?" N/" .0" %/+)*-$" /E#$" &)*$0$*2($" +$&" #%/" =%(&)/" ()" ()+$&-2/-%/"
&)-2&%($/";"+$&"#$/"+&$+2$/"()+$&-2/-%/"&)-2&%($/?"Q%/"=%(&)/";"()+$&-2/-%/"
)0"%*-23$" 0$"3)0B" 0$"/)"(%0"*.)0-%B"()"#%/" /)*.)#%/"D,/2*%/"C.)")/)"()+$&-)"
+.)()"()H%&#)/";"()"*E=$")/$"%"#%/"=%(&)/"#)/"+&$3$*%"($#$&?""
>5'<,1"5A%)#"023)#"()"+&)$*.+%*2E0"$"=2)($"()".0%"=%(&)")0"#$"&)F)&)0-)"%#"
-&%5%H$B")/-1"=.;"&)#%*2$0%($"*$0")#"023)#"()")/-.(2$/"()#"A2H$?" !"-$(%/"#%/"
=%(&)/" #)/" +&)$*.+%" )#" F.-.&$" #%5$&%#" ()" #$/" A2H$/" ()+$&-2/-%/?" G)&$" )/%"
+&)$*.+%*2E0")/"=)0$&"*.%0-$"=%;$&")/"#%"F$&=%*2E0"%*%(U=2*%?"
'

!)' $):.' \"*' ="*>.' *(2"1).>2*' @'#".>1%' .#.=.' */' SVj' (*' 0.' .' ">' S?o' @'.">8"*' (*'

+.2-)#"/.' *>' /.' j>)0*-()1.1' @' .' /.(' *>2-*>.1%-.(' /*(' ;"(2.' 8"*' ("(' 1*,%-2)(2.(' (*.>'
">)0*-()2.-).(&'/.' -*./)1.1' *('%2-.4' P)*-1*'*(*'.L%'@'>%'*(2"1).' ">.'#.--*-.4'g%'/%'//*07'+./&'
("',.1-*'+*>%(&'7/'*(2.=.'\*/)U'1*'8"*'*(2"0)*-.'*>'*/'S?o4'AQQDG_'!GXI4

"

!()=1/" ()" #%" +&)/)0-%*2E0" H)&1&C.2*%" )M+.)/-%" %0-)&2$&=)0-)B" #%/"

(2=)0/2$0)/"*$0/-2-.;)0-)/"()#" @$#$&B" I2)($";"G&)$*.+%*2E0"()"#%"I%(&)"+.)()0"

%'&.+%&/)")0"5%/)"%"$-&$/" %/+)*-$/?" !" *$0-20.%*2E0"/)"()-%##%0B" #$/"-&)/"'&.+$/")0"
C.)"+.)()0"(232(2&/)P
?.)$+(.,+$(& U.2,& 9& J"%0'& 9& O$(.,+$(3& #%/" =%(&)/" $/*2#%0" )0" 20-)0/2(%("
()/()" +&)$*.+%*2E0" %" =2)($" +$&" )#" A2H$" )0" -$&0$" %" 3%&2$/" %/+)*-$/P"
F$%.;.'"'3" #%/" =%(&)/" /)" +&)$*.+%0" %0-)" #%" +$/25#)" 20F)#2*2(%(" ()#" A2H$"
*$=$"*$0/)*.)0*2%"()#"()+$&-)B"52)0"+$&C.)"0$"(2/F&.-)"*$0")#"()+$&-)B"0$"
*$0)*-)" *$0" #$/" *$=+%a)&$/" $" #$/" &)/.#-%($/" ()+$&-23$/" 0$" /)%0" #$/"
)/+)&%($/^"+$&")#"(0F*.).$+-,3"#%"=%(&)"/)"+&)$*.+%";"-2)0)"=2)($"+$&"#$/"

!(!

0#/1-.!2!3-$)1&-

)0$&=)/" /%*&2D2*2$/" C.)" #)" /.+$0)" )#" ()+$&-)" %#" A2H$?" e0%" =%(&)" -2)0)"
=2)($"+$&"/."A2H%"*.%0($"*$0"-%0"/$#$"<9"%a$/"()5)""="+',+"*& $%&1,G"*"
+%&%"2&"%".0"R!_?"N#"=2)($"()"#%"=%(&)"()"C.)"/."A2H%"+2)&(%"/."20F%0*2%B"0$"
A%'%"#%/"*$/%/"C.)"A%*)0"#%/"02a%/"()"/.")(%(?B")-*???"!*$,;0#";.,+$(&'$&%"&
)"'*$& *$%";.,+"'"(& ;,+& %,(& /."2$(& C.)" A%*)" .0" A2H$" ()+$&-2/-%B" *E=$"
*$=)&1B"#$/"32%H)/")0"%32E0"$"+$&"*%&&)-)&%?"\"()0-&$"()")/-)"%+%&-%($")/-1"
)#"($#$&B"=2)($";"+&)$*.+%*2E0"()"#%"=%(&)"+$&"#%"("%0'&,&%$(.,+$("()#"A2H$"
()+$&-2/-%?" N/" )#"($#$&" ()"#%/"=%(&)/"+$&"#$/" +&$5#)=%/" D,/2*$/" ()&23%($/"
()")/%/" #)/2$0)/" $" +&$5#)=%/" $&2'20%($/" +$&" )#"()+$&-)" ()"%#-$" 023)#?"Q%/"
=%(&)/"-2)0)0"=2)($"+$&"#%/"#)/2$0)/"C.)"+.)()"/.F&2&"/."A2H$"()+$&-2/-%";"
+$&"#%"/%#.("*$=$" *$0/)*.)0*2%"()"#%"%#-%")M2')0*2%"()#"()+$&-)?"O$($/"#$/"
()+$&-)/" /$0"/./*)+-25#)/" ()"#)/2$0)/";")/" ')0)&%#24%(%")/%"+&)$*.+%*2E0"
;" =2)($" )0-&)"#%/" =%(&)/?" NM2/-)".0%"=)0*2E0")/+)*2%#")0"#%/" =%(&)/"()"
()+$&-2/-%/" C.)" ()5)0" *$0-&$#%&" ()" =%0)&%" )MC.2/2-%" #%" %#2=)0-%*2E0"
8'2=0%/-%/B" H.($c%/B" -%)cf$0($B" 0%-%*2E0>" ($0()" )#" +)/$" $" )#" +&$+2$"
*.)&+$"=%&*%0"#%/")M2')0*2%/?"
?.)$+(.E+& ?$#,*-$3& )/-%" (2=)0/2E0" A%*)" &)F)&)0*2%" %" *E=$" #%/" =%(&)/"
/.F&)0" +$&" %**2$0)/" ()#" ()+$&-)" )0" /2" =2/=$?" Q%/" =%(&)/" -)=)0" #$/"
20/.#-$/" C.)" &)*25)0" /./" A2H$/" )0" #$/" -)&&)0$/" ()" H.)'$B" +)&$" -%=52U0" )#"
/.F&2=2)0-$"()"#%"A2H%"+$&")#"*$0-)M-$"()#"+&$+2$"()+$&-)?"Q%"=%(&)"()".0%"
)/C.2%($&%" -2)0)" =2)($" +$&" /." A2H%" %#" -)0)&" C.)" =%(&.'%&" -%0-$" ;"-)0)&"
C.)"/$+$&-%&"#%/"20*#)=)0*2%/" ()#"-2)=+$" +&$+2%/" ()".0"()+$&-)")M-&)=$"
*$=$" )#" )/C.,?" G)&$" )M2/-)" .0" -)&*)&" F%*-$&" %/$*2%($" %#" ()+$&-)" C.)" #)/"
+&$3$*%"-)=$&" %"#%/"=%(&)/";" )/"#%"*$=+)-2*2E0")0"/," =2/=%?"Q%/"=%(&)/"
()"()+$&-)/"*$=$" )#"5$M)$B"H.($"$"-%)cf$0($B"($0()")##%/"/E#$"3)0"*E=$"
/./"A2H$/"/)"+)#)%0"*$0-&%"$-&$/B"#)/"##)3%"%"+%/%&#$"=%#B"/.F&2&";"-)=)&"+$&"
#%"20-)'&2(%("D,/2*%"()#"A2H$?"
?.)$+(.,+$(& V0-0*,& 9& B(-0'.,(3& )/-%/" (2=)0/2$0)/" A%*)0" &)F)&)0*2%" %#"
-)=$&"()" #%"=%(&)"+$&" #$" C.)"#)"$*.&&2&1"%#" A2H$" *.%0($" *)/)"/."%*-232(%("
()+$&-23%?" O$(%/" #%/" =%(&)/" ()" #$/" ()+$&-2/-%/" ;" #$/" +&$+2$/" ()+$&-2/-%/"
A%*)0"%#./2E0"%"#%"+&)$*.+%*2E0";"=2)($" +$&")/)"=$=)0-$" ()"#%"&)-2&%(%"

!(*

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

()"=%0)&%"')0)&%#"+)&$" -%=52U0")/+)*,D2*%=)0-)")0"-$&0$" %"#$/")/-.(2$/?"

Q%"+&20*2+%#"+&)$*.+%*2E0"()"#%/"=%(&)/")/"(E0()"/)"*$#$*%&10"/./"A2H$/";"
)#" F.-.&$" #%5$&%#" C.)" #)/" ()+%&%?" G%&%" )##$B" %" #$" #%&'$" ()" #%" *%&&)&%"
()+$&-23%" -$(%/" #%/" =%(&)/" /$0" #%/" +&20*2+%#)/" 2=+.#/$&%/" ()#" )/-.(2$B"
*$032&-2U0($/)B" )0" $*%/2$0)/B" )0" .0" %+$;$" F.0(%=)0-%#" +%&%" C.)" )#"
()+$&-2/-%"*$0-20])"*$0"#$/"=2/=$/?"
"

!()=1/" ()" )/-%/" ($/" +&)$*.+%*2$0)/" 8')0)&%#" ;" )/-.(2$/>B"

+&20*2+%#=)0-)" #%/" =%(&)/" ()" ()+$&-2/-%/" &)-2&%($/B" )0.=)&%0" $-&$/"

($#$&)/"C.)"/.F&2)&$0"$"%]0"/.F&)0"*$=$"*$0/)*.)0*2%"()#"()+$&-)"()"%#-$"
023)#?" N/%/" =%(&)/" &)*.)&(%0"*E=$" #%")M2')0*2%"()#" ()+$&-)" ()"/./" A2H$/"
#)/"*$0(.H$"%"C.)")0")#"=$=)0-$"()"#%"&)-2&%(%"#)/"/.&'2)&%0"$-&$/"-)=$&)/"
$"($#$&)/"C.)"%]0"A$;"+&)3%#)*)0";"C.)"0$"A%5,%0"+)0/%($"%0-)&2$&=)0-)P
7<'<#"%+512"-?(12"%)%+$#5"0&-A"#%/"=%(&)/"%#"&)-2&%&/)"/./"A2H$/"/.F&)0"
+$&" 3)&" *E=$" /)" %(%+-%0" %" /." 0.)3%" 32(%" ;" *E=$" #)/" %F)*-%"
+/2*$#E'2*%";"+)&/$0%#=)0-)?"
7<'<#"% OC512"A" /E#$" -&%/"#%"&)-2&%(%"#%/"=%(&)/" /$0" *$0/*2)0-)/"()"#%/"
/)*.)#%/" C.)" )#" ()+$&-)" ()" %#-$" 023)#" ()H%" %" /./" A2H$/" ()+$&-2/-%/?"
I.*A$/" ()+$&-2/-%" /.F&)0" /)&2%/" #2=2-%*2$0)/" )0" /." 32(%" *$=$"
*$0/)*.)0*2%"()"#%")M2')0*2%"()")/)"()+$&-)?""
"

N0"&)#%*2E0"%"#$/")/-.(2$/B" #%/"=%(&)/"-2)0)0".0%"'&%0"+&)$*.+%*2E0"

%" #$" #%&'$" ()" -$(%" #%" *%&&)&%" ()+$&-23%" +$&" )/%" F$&=%*2E0" %*%(U=2*%B"
/2)0($" )0" =.*A$/" *%/$/" #%/" +&20*2+%#)/" &)/+$0/%5#)/" +%&%" C.)" #$/" A2H$/"
)/-.(2)0B" +&)/-%0($" .0" %+$;$" )/+)*2%#" %#" )/-.(2$" *.%0($" /./" A2H$/" %/," #$"
0)*)/2-%0?"
"

"

6?9?<?<?<?"@$#$&B"I2)($";"G&)$*.+%*2E0"()"#%"I%(&)";"/./"_)#%*2$0)/"
N#"3"-"#A% .1$,"%)%D#$"2<+&21?0%,$%-&%.&,#$" )/".0%"(2=)0/2E0"()"'&%0"2=+$&-%0*2%B"
*$0".0%"%#-%"F.0(%=)0-%*2E0";".0%"%#-%"()0/2(%(B"%#"=$/-&%&".0")#)3%($"0]=)&$"()"
&)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" (2=)0/2$0)/B" )M2/-2)0($" 2'.%#=)0-)B" &)#%*2$0)/"

!(#

0#/1-.!2!3-$)1&-

)0-&)"#%/"(2=)0/2$0)/"()"#%"+&$+2%"(2=)0/2E0"()"@$#$&B"I2)($";"G&)$*.+%*2E0"()"#%"
I%(&)?"!"*$0-20.%*2E0"/)"()-%##%0"#%/"&)#%*2$0)/P
?,%,*3& ).$',& 9& #*$,;0#";.E+& '$& %"& )"'*$& $+& (0& '.)$+(.E+& U.2,&
*$%";.,+"',& ;,+& %"& '.)$+(.E+& J"%0'& 9& O$(.,+$(B" %=5%/" (2=)0/2$0)/"
)/-10" &)#%*2$0%(%/" )0" #%" =)(2(%" )0" C.)" T%#.(" ;" Q)/2$0)/" )/" +%&-)" ()" #%"
(2=)0/2E0"J2H$?"N#" ($#$&B"=2)($" ;"+&)$*.+%*2E0"()".0%"=%(&)"+$&"/."A2H$"
3%&,%")0"20-)0/2(%("%"#$"#%&'$"()"#%"*%&&)&%"()+$&-23%";"*E=$"*$0/)*.)0*2%"
()" (2F)&)0-)/" F%*-$&)/?" N0" *.%#C.2)&" *%/$B" .0$" ()" )/$/" -)=$&)/" )/-1"
&)#%*2$0%($" *$0" #%/" #)/2$0)/" $" /%#.(" ()#" A2H$" *$=$" *$0/)*.)0*2%" ()#"
()+$&-)"C.)"+&%*-2*%";"()"#%/")M2')0*2%/"()#"=2/=$?"
?,%,*3& ).$',& 9& #*$,;0#";.E+& '$& %"& )"'*$& $+& (0& '.)$+(.E+& J"%0'& 9&
O$(.,+$(&*$%";.,+"',& ;,+&%"&'.)$+(.E+& ?$#,*-$B" %=5%/"(2=)0/2$0)/" /)"
&)#%*2$0%0" )0" #%"=)(2(%" )0" C.)" .0%" +%&-)" ()#" -)=$&" ()" #%" =%(&)" +$&" )#"
()+$&-)")/"*$0/)*.)0*2%"()"#%"*$=+)-2*2E0";"()"/."=2)($"+$&"#%"20-)'&2(%("
D,/2*%"()#"A2H$B"+&20*2+%#=)0-)B")0"()+$&-)/"()"#.*A%"$"*$=5%-)?"
?,%,*3& ).$',& 9& #*$,;0#";.E+& '$& %"& )"'*$& $+& (0& '.)$+(.E+& V0-0*,&
*$%";.,+"',& ;,+& %"& '.)$+(.E+& B(-0'.,(3& %=5%/" (2=)0/2$0)/" A%*)0"
&)F)&)0*2%"%#"-)=$&"()"#%"=%(&)"+$&"#$" C.)"#)"$*.&&2&1"%#"A2H$" *.%0($" *)/)"
/."%*-232(%("()+$&-23%?" O$(%/" #%/" =%(&)/" ()"#$/"()+$&-2/-%/";"#$/"+&$+2$/"
()+$&-2/-%/"A%*)0"%#./2E0"%"#%"+&)$*.+%*2E0";"=2)($" +$&")/)"=$=)0-$"()"
#%"&)-2&%(%"()"=%0)&%"')0)&%#"+)&$"-%=52U0")/+)*,D2*%=)0-)")0"-$&0$"%"#$/"
)/-.(2$/?" Q%"+&20*2+%#" +&)$*.+%*2E0"()"#%/"=%(&)/")/"(E0()"/)"*$#$*%&10"
/./"A2H$/";")#"F.-.&$"#%5$&%#"C.)"#)/"()+%&%?"
!()=1/" ()")/-%/" &)#%*2$0)/" )0-&)"#%/" (2=)0/2$0)/"()" #%" *%-)'$&,%"@$#$&B" I2)($" ;"
G&)$*.+%*2E0" ()" #%" I%(&)B" %" *$0-20.%*2E0" /)" %0%#24%0" #%/" &)#%*2$0)/" *$0" $-&%/"
*%-)'$&,%/";"()"=%0)&%")/+)*,D2*%"*$0"$-&%/"(2=)0/2$0)/"()"(2*A%/"*%-)'$&,%/?P
?,%,*3& ).$',& 9&#*$,;0#";.E+& '$& %"& )"'*$& *$%";.,+"',& ;,+& P,)$+-,(&
;%"/$3& #%" =%(&)" -2)0)" =2)($" ()#" F.-.&$" ()" /." A2H$B" (2/=20.;)0($" U/-)"
*.%0-$" =)H$&" )/" #%" +&)+%&%*2E0" ;" F$&=%*2E0" %*%(U=2*%?" G$&" -%0-$B" #%"

!("

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

&)#%*2E0" *$0" I$=)0-$/" R#%3)B" )0" /." (2=)0/2E0" ()" N/-.(2$/" -2)0)" .0%"
*$0)M2E0" (2&)*-%?" Q%" =%(&)" %+$;%" %" /." A2H$" )0" #$/" )/-.(2$/" ()" =%0)&%"
20/2/-)0-)"+$&"/."=2)($"%"/."F.-.&$";"/."*$03)0*2=2)0-$"()"C.)".0%"5.)0%"
F$&=%*2E0"+.)()"F%*2#2-%&#)")/)"F.-.&$?"G)&$"-%=52U0")M2/-)"&)#%*2E0"*$0")#"
%+%&-%($"()"I$=)0-$/"(2D,*2#)/";"#)/2$0)/?"\")/"C.)"#%/"=%(&)/"()"=%0)&%"
')0)&%#" +&)/-%0" .0" %+$;$B" =$(2D2*%($" )0" F.0*2E0" ()" #%/" 0)*)/2(%()/" ;"
+%&-2*.#%&2(%()/"()".0"=$=)0-$"*$0*&)-$?"
?,%,*3&).$',&9&#*$,;0#";.E+&'$&%"&)"'*$&$+&(0&'.)$+(.E+&'$&O$(.,+$(&
9&J"%0'&*$%";.,+"',&;,+&N,%$(3&#%/"=%(&)/"%*-]%0")0"=.*A$/"*%/$/"*$=$"
)0F)&=)&%/" $" D2/2$-)&%+).-%/" *.%0($" /./" A2H$/" ()+$&-2/-%/" A%0" /.F&2($"
%#'.0%" #)/2E0" $" A)&2(%" +%&%" )32-%&" C.)" /)" *$=+#2C.)" ;" %.=)0-)" /."
2=+$&-%0*2%?"@)"%A,"#%"&)#%*2E0")0-&)"%=5$/"*$0*)+-$/?"
"

S".>1%'2*>9.' 8"*'$.#*-'-7;)+*>'@%'/%',.(.=.'+./4'P*-%'2.+=)7>'#-*%'8"*'+)'+.1-*'

*-.'#".>1%',*%-'/%',.(.=.&'+<('8"*'#".>1%'+*'0*9.',*/*.-&'*-.'#".>1%'+*'0*9.',.(.-'2.>2.'
$.+=-*&' ,%-8"*'@%'(*'/%'8"*'*('*/'$.+=-*4' g' 2"'#"+,/*.L%('@'>%' ,"*1*('#%+*-',.(2*/*(&'>%'
,"*1*('#%+*-'>.1.4'J>2%>#*('.$9'*/'.,%@%'1*'2"'+.1-*'*('+"@')+,%-2.>2*4'AEDX'FQI4

?,%,*3& ).$',& 9& #*$,;0#";.E+& '$& %"& )"'*$& *$%";.,+"',& ;,+& 5#,9,&
B),;.,+"%3& #%/" =%(&)/" )/-10" +&)$*.+%(%/" +$&" #%/" #)/2$0)/B" +$&" #$/"
)/-.(2$/B" #$" *.%#" #)/" *$0(.*)" %" %+$;%&#$/" ()" =%0)&%" )/+)*2%#" )0" )/$/"
=$=)0-$/B" 5%/10($/)"+&20*2+%#=)0-)")/)" %+$;$" )0")#"*%&2a$" $"*.2(%($" ;"
+&$-)**2E0?"N0"()D202-23%B".0"%+$;$")=$*2$0%#?"
"

!)'+.1-*'*+,*U.=.'.'0*-'8"*'2%1%'*-.'+<('1"-%'@'0*9.'8"*',.-.'(.#.-2*'/%('*(2"1)%('

2*>9.(' 8"*' 2*>*-' .$9' ">' .,%@%4' J>2%>#*(' $)U%' ">' *(\"*-U%' ,%-' .@"1.-+*' *>' 2%1%&' ,%-'
,-*%#",.-(*',%-'/.('$%-.('1*'("*L%&'/.('#%+)1.(&'2%1%'*/'.,%@%'1*'/.('#%+,*2)#)%>*(444'AQEDC'
FGXI4

?,%,*3&).$',& 9&#*$,;0#";.E+& '$& %"& )"'*$&*$%";.,+"',& ;,+& J";*.@.;.,(3&

*$+0+;."(& 9&$(F0$*6,(3&%=5$/"*$0*)+-$/")/-10"&)#%*2$0%($/")0"#%"=)(2(%"
)0"C.)"#%"=%(&)"&)0.0*2%"%".0"52)0)/-%&"+/2*$#E'2*$B"%"3232&"=1/"-&%0C.2#%"
+$&" )#" ()+$&-)" ()#" A2H$?" Q%" =%(&)" -2)0)" +&)$*.+%*2$0)/" ;" =2)($" +$&" )#"
()+$&-)"()#"A2H$"C.)"#)"*$0(.*)0"%#"/%*&2D2*2$"()"/."52)0)/-%&"+/2*$#E'2*$?"

!($

0#/1-.!2!3-$)1&-

"

P"*(' +)-.' /%('0).:*(&'*/'*(2.-' 2.>2%' 2)*+,%' \"*-.4' P"*(' >%'2*>*-' .' +)' $):%&' >%' (.=*('

#Y+%'*(2<>',%-'.$9&'#Y+%'1"*-+*>&'#Y+%'#%+*>4'!)-.'@%'*(%'1*'8"*'#%+.>'=)*>' +*',.-*#*'
\">1.+*>2./4'g'#".>1%'+)'$):%'(*')=.'*-.'">'("\-)+)*>2%4'AQGDG_'!GTI4
'

O.#-)6)#.-' +"#$%'@'>.1.4'!"#$%' *>'*/'.(,*#2%'1*'>%'2*>*-/.&'>%',%1*-/.'2*>*-'#*-#.&'

>%' 1)(\-"2.-/.&' ("\-)-' ("(' .##)1*>2*(&' ("\-)-' */' 8"*' *(2.=.' *>' Z2./).' @' #%>' ">.' #%>+%#)Y>'
#*-*=-./444'AQBDGG'!GBI4

"

6?9?<?<?9?"@$#$&B"I2)($";"G&)$*.+%*2E0"()"#%"I%(&)";"/."N3$#.*2E0"

N#"3"-"#A%.1$,"%)%D#$"2<+&21?0%,$%-&%.&,#$")/".0%"(2=)0/2E0")0"*.;%/"(2=)0/2$0)/"
;" *%&%*-)&,/-2*%/" /)"=.)/-&%" .0%" )3$#.*2E0"%"#$"#%&'$" ()#" ()/%&&$##$" ()+$&-23$" ()#"
A2H$?" N/" ()*2&B" #%" (2=)0/2E0" *%=52%B" 3%&,%" ;" )3$#.*2$0%" %#" -2)=+$" C.)" #$" A%*)" )#"
()+$&-2/-%" ;" /." +&$'&)/2E0" )0" )#" ()+$&-)B" +)&$" -%=52U0" *$=$" *$0/)*.)0*2%" ()#"
*&)*2=2)0-$" ()#" A2H$" *$=$" +)&/$0%?" G$&" -%0-$B" *$0/2/-)" )0" .0%" (2=)0/2E0" C.)"
)3$#.*2$0%"%#"-2)=+$"C.)"#%/")M2')0*2%/"()#"()+$&-)"%/,"#$"&)*#%=%0?
"

!" *$0-20.%*2E0"/)" ()-%##%"#%")3$#.*2E0"()"#$/" *$0*)+-$/")0"5%/)"%"#%/" Z%/)/"

)0" )#" @)/%&&$##$" ()#" O%#)0-$B" +.(2)0($B" +$&" -%0-$B" )/-%5#)*)&/)" 0$" /E#$" .0" 023)#"
H)&1&C.2*$"()"#$/"*$0*)+-$/B"/20$"-%=52U0".0"023)#"-)=+$&%#"8Z2'.&%"6?<7>P
"

K+.;.,& ?$#,*-./,L" )0" )#" 202*2$" ()+$&-23$" )/" F.0(%=)0-%#=)0-)" .0%"

+&)$*.+%*2E0"+$&")#" A2H$" ;" +$&"/."F)#2*2(%("*$0")#" ()+$&-)")0")#" C.)"/)"202*2%?"!"#%"

Z2'.&%"6?<7?">4"-<21?0%3"-"#A%.1$,"%)%D#$"2<+&21?0%,$%-&%.&,#$

!(%

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

=%(&)" /$#$" #)" +&)$*.+%"#%"(23)&/2E0";")#" (2/F&.-)"()#" A2H$" *$0")#" ()+$&-)")0")/-%/"

+&2=)&%/")-%+%/?"
"

?$("**,%%,& ?$#,*-./,L& ()0-&$" ()" )/-)" ()/%&&$##$" ()+$&-23$" /)" *$0/2()&%0"

($/"F%/)/" .0%"202*2%#";".0%"D20%#?" N0"#%"F%/)" ()"()/%&&$##$" ()+$&-23$" 202*2%#" 8Z%/)"[>"

*$0-20]%"#%"=2/=%"+&)$*.+%*2E0")0".0"023)#"/.+)&2$&"+$&")#"(2/F&.-)";"F)#2*2(%("()#"
A2H$";")=+2)4%")#"-)=$&"%#"()+$&-)"*$20*2(2)0($"*$0")#"202*2$"()"#%"*$=+)-2*2E0?"R$0"
)#"+%/$" ()#"-2)=+$" 8Z%/)"[["()#"()/%&&$##$"()+$&-23$>B"#%"+&)$*.+%*2E0"%.=)0-%"0$"
/E#$"&)#%*2$0%(%"*$0")#"A2H$"/."F)#2*2(%(";"(23)&/2E0")0")#"()+$&-)"/20$"C.)"-%=52U0"
%+%&)*)" #%" +&)$*.+%*2E0" +$&" #%/" #)/2$0)/" ;" #%" /%#.(" ()#" A2H$" ()+$&-2/-%?" N/%"
+&)$*.+%*2E0"+$&")#" ()+$&-)"C.)"/)"202*2%" *$0"#%" *$=+)-2*2E0"%#*%04%".0"023)#" ()"
+&)$*.+%*2E0"=%;$&")0")/-%"Z%/)"[["()"()/%&&$##$"()+$&-23$?"Q%"=%(&)")0")/-%"F%/)"
)=+2)4%"%"3)&"#%"+$/252#2(%("()"%#*%04%&" .0"%#-$"023)#";"*E=$" /."A2H$"()+$&-2/-%"#)"
()(2*%" *%(%" (,%" =1/" -2)=+$" %#" ()+$&-)?" `%*)" %/," #%" +&)$*.+%*2E0" +$&" )#" F.-.&$"
*)0-&%(%")0")/-%"F%/)")0"#%"+&)$*.+%*2E0"+$&"#$/")/-.(2$/"()"=%0)&%")M*#./23%?"
"

5%-,& M./$%L& )0")/-)" ]#-2=$" +)&2$($" #$" C.)"%0-)&2$&=)0-)" )&%0" ]02*%=)0-)"

+&)$*.+%*2$0)/" /)" *$032)&-)0" )0" =2)($/?" Q%" =%(&)" -2)0)" =2)($" ()" C.)" /." A2H$"
/.F&%"%0-)"-%0-%")M2')0*2%"()"/."()+$&-)B" ()"C.)"/."A2H$" +.)(%"-)0)&"+&$5#)=%/"()"
/%#.("$" 20-)'&2(%("D,/2*%"$" #)/2$0)/"%0-)" #%"()=%0(%"()" /."()+$&-)?" T.F&)"-%=52U0"
+$&"#%"*$=+)-2-232(%(";"#%"*$=+)-2*2E0B"/$5&)"-$($")0"()+$&-)/"()"*$=5%-)"($0()"
#%" =%(&)" /E#$" 3)" %" /." A2H$" +)#)10($/)" *$0" $-&$?" G)&$" -%=52U0" +$&" #$/" +$/25#)/"
%**2()0-)/B" #%" =%(&)" ()" .0%" )/C.2%($&%" ()" )/C.," *&$//" 323)" *$0" %0'./-2%" *%(%"
*$=+)-2*2E0"%0-)"#%"+$/252#2(%("()"/.F&2&"%**2()0-)/?"
"

!"#$"#%&'$"()"#%/"-&)/"F%/)/"/2"%#'.0$"()"#$/"-)=$&)/"$"=2)($/"()"#%"=%(&)"/)"

3)" *.=+#2($" 8#)/2E0" ()" .0" A2H$B" %5%0($0$" ()" #$/" )/-.(2$/" $" %**2()0-)" +$&" )#"
()+$&-)>"/.&')"()")##%".0"/)0-2=2)0-$"()"($#$&B"%0-)")#"*.%#"/)"(2/+$0)"%"%;.(%&";"
%+$;%&?"
"

N$-.*"'"L& )0" )/-%" )-%+%" #%" =%(&)" -2)0)" ($#$&" +$&" #%/" *$0/)*.)0*2%/" ()#"

()+$&-)" )0" /." A2H$" ()+$&-2/-%?" Q%" =%(&)" -2)0)" .0" /)0-2=2)0-$" 0)'%-23$" %0-)" #$/"
+$/25#)/"+&$5#)=%/"#%5$&%#)/"C.)")0*.)0-&%"/."A2H$"()+$&-2/-%?"G)&$"-%=52U0"/.F&)"
*$=$" *$0/)*.)0*2%" ()" #%/" /)*.)#%/" D,/2*%/" ;" ()" /%#.(" C.)" #)" A%" +&$3$*%($" )#"

!(&

0#/1-.!2!3-$)1&-

()+$&-)"()"%#-$"023)#"%"/."A2H$" ()+$&-2/-%?"N#"D20%#"()#"()+$&-)B" +$&"-%0-$B"0$"/.+$0)"

)#"D20"()"-$(%/"#%/"+&)$*.+%*2$0)/";"($#$&)/"C.)")#"()+$&-)"()"%#-$"023)#"#)"/.+$0)"%"
#%"=%(&)"()#"A2H$"()+$&-2/-%?"

"

6?9?<?<?6?" d-&%/" R$0/2()&%*2$0)/" !*)&*%" ()#" @$#$&B" I2)($" ;" G&)$*.+%*2E0"

"

()"#%"I%(&)"

@)0-&$" ()" )/-%" (2=)0/2E0" ()" 3"-"#A% .1$,"% )% D#$"2<+&21?0% ,$% -&% .&,#$" )/"
2=+$&-%0-)"/)a%#%&".0%"*%&%*-)&,/-2*%"%"+%&-)"()"#%/"(2=)0/2$0)/"C.)"#%"*$=+$0)0?"
\")/")#"*%&1*-)&"(-"F&-"()"#%"(2=)0/2E0?"Q%"=%(&)"0$"/)"+&)$*.+%"+$&"%#'$"*$0*&)-$"
%"#$"#%&'$"()"-$(%"#%"*%&&)&%"()+$&-23%"()#"A2H$?"T./"+&)$*.+%*2$0)/"$"=2)($/"3%&,%0"
)0"5%/)"%#"+&$+2$"*&)*2=2)0-$"()#"()+$&-2/-%";"()"#%"+)&/$0%?"T$0"+&)$*.+%*2$0)/"$"
=2)($/"C.)"-2)0)"#%"=%(&)"()"=%0)&%"'#$5%#" ;"C.)"+.)()0")0F$*%&/)")0".0"=2)($"
)/+)*,D2*$" )0".0"=$=)0-$"*$0*&)-$" 8+$&")H)=+#$B" .0%"#)/2E0"$".0"=$=)0-$")0")#"
C.)" )#" A2H$" ()+$&-2/-%" ()/)%" ()H%&" ()" )/-.(2%&>?" N0" *.%#C.2)&" *%/$B" %0-)" )/$/"
-)=$&)/" $" =2)($/B" #%" =%(&)" /2)=+&)" =.)/-&%" .0%" %*-2-.(" +$/2-23%" ;" %52)&-%" %"
+&)/-%&"#%"%;.(%"C.)"#)"/)%"&)C.)&2(%?""
'

!)'+.1-*'1*'/.' +.>*-.'8"*'$.' ,%1)1%'()*+,-*'$.' #")1.1%'@'(*'$.' ,-*%#",.1%',%-' /.'(./"1&'

/%('*(2"1)%('@'@%'8"*'1*>2-%'1*'8"*'*>2-*>.=.'+"#$.('$%-.('*(2"0)*(*'=)*>4'ABTDQG'FGCI4
'

6?9?<?9?"[=+%*-$"`)'%-23$")0"#%"Z%=2#2%"
Q%"(2=)0/2E0"()"/@+&2'"%9$(&'14"%$0%-&%7&@1-1&"A%*)"&)F)&)0*2%"%#"'$#+)")=$*2$0%#"
0)'%-23$" C.)" +&$(.*)" )#" ()+$&-)" ()#" A2H$" )0" #%" F%=2#2%?" N/-)" 2=+%*-$" )/-1"
*$=+.)/-$" +$&" ($/" (2=)0/2$0)/" 8Z2'.&%" 6?<W?>B" ()D202(%/" %" *$0-20.%*2E0" ;"
$&()0%(%/")0"5%/)"%"/."F.0(%=)0-%*2E0P
/@+&2'"% 0$(&'14"%$0% -&%Y&@1-1&%$5+$2CO12"A%)#"2=+%*-$" 0)'%-23$")0"#%"F%=2#2%"
()"=%0)&%")/+)*,D2*$"A%*)"&)F)&)0*2%"%"*E=$")#"()+$&-)"()#"A2H$"20D#.;)"()"
=%0)&%" )/+)*,D2*%" )0" $-&$/" =2)=5&$/" ()" #%" F%=2#2%B" )M2/-2)0($" -&)/"
$+*2$0)/P

!('

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

G%(&)"i"I%(&)
G%(&)/"i"@)+$&-2/-%
J)&=%0$/

Z2'.&%"6?<W?"/@+&2'"%9$(&'14"%$0%-&%7&@1-1&:%
"
"

D&,#$% Z% .&,#$A" )#" ()+$&-)" ()#" A2H$" +&$3$*%" *$0D#2*-$/" =%-&2=$02%#)/" %#"

()/)%&" /)&" ')/-2$0%($" )/)" ()+$&-)" +$&" +%(&)" ;" =%(&)" ()" (2/-20-$" =$($?" N0"
$*%/2$0)/B"#%/"=%(&)/"0$"*$=+&)0()0"C.)".0"A2H$"()"*$&-%")(%("()5%"%5%0($0%&")#"
A$'%&B" /.+$02U0($#)" .0" 3)&(%()&$" (2/'./-$" ;" =$=)0-$/" ()" -&2/-)4%?" G$&" )#"
*$0-&%&2$B" )#" +%(&)" %*)+-%" #%" ()*2/2E0" ()" =%&*A%&" %" .0" R!_B" 0$" /.+$02U0($#)"
)/F.)&4$"%#'.0$?"N/%"*$0F&$0-%*2E0B"+$&")H)=+#$B"+&$3$*%"*$0D#2*-$/"=%-&2=$02%#)/?
'

?'+)&'#%>'GB'.L%(')-(*'1*'#.(.'3.'">'S?o5'+*',.-*#9.'">.'+%>(2-"%()1.14'34445'd%',.(7'\.2./&'/%'

,.(7'$%--)=/*4'34445' !)'+.-)1%'/%'//*0Y'+*:%-4'g%'//%-.=.'@'/*'1*#9.D'e,%-' 2"'#"/,.&'>"*(2-.'$):.'(*'$.')1%'

,%-' 2"' #"/,.f4'P%-8"*'+)'+.-)1%' /.' .,%@.=.4' P.-.' +)'*-.' +"@')+,%-2.>2*'2*>*-'.' +)'$):.' *>' #.(.' @'
,.-.'7/'>%&'7/'>%'2*>9.'>)>;^>',-%=/*+.4'AGTDBB'!GGI4

!((

0#/1-.!2!3-$)1&-

"

D&,#$5%Z% 3$+"#'15'&A" )0"$-&%/" $*%/2$0)/" #$/"*$0D#2*-$/" 32)0)0"()&23%($/" +$&"

.0%" *$0F&$0-%*2E0" ()" 2()%/" )0-&)" #$/" +%(&)/" )0" *$0H.0-$" ;" )#" A2H$" ()+$&-2/-%?" N0"
$*%/2$0)/B"#$/"+%(&)/"()"=%0)&%"*$0/)0/.%(%"0$"%*)+-%0"*2)&-%/"()*2/2$0)/"C.)"A%"
()" -$=%&" )#" A2H$B" /$5&)" -$($" )0" )(%()/" -)=+&%0%/" ($0()" #%/" ()*2/2$0)/" ()" #$/"
+%(&)/" /$0" ()D202-23%/?" T.)#)" $*.&&2&" )0" )#" 202*2$" ()+$&-23$" $" )0" #%" Z%/)" [" ()"
()/%&&$##$"()+$&-23$")0"($0()"#$/"+%(&)/"-2)0)0"#%"*%+%*2(%("()"()*2/2E0"/$5&)"/./"
A2H$/?" N/-$/" *$0D#2*-$/" /$0" *$0/)*.)0*2%" ()" .0" ()/)$" ()#" A2H$" ()+$&-2/-%" +$&"
)/+)*2%#24%&/)"()"=%0)&%"-)=+&%0%B"/2)0($" #$/"+%(&)/".0"F&)0$"%"(2*A$"()/%&&$##$?"
Q$/" ()+$&-2/-%/B" =2&%0($" %-&1/B" +2)0/%0" C.)" )/)" F&)0$" +.($" /)&" )#" ()-)&=20%0-)"
+%&%"0$"*%0/%&/)"+&$0-$"()#"()+$&-)";"*$0-20.%&"A%/-%".0%")-%+%"+$/-)&2$&"8Z%/)"[["
()#" ()/%&&$##$" ()+$&-23$>" )0" ($0()" #$/" +%(&)/" ;%" /2" %*)+-%0" )/%" )/+)*2%#24%*2E0"
+&$F.0(%";"F%3$&)*)0")0-$0*)/")#"%#*%0*)"()#"%#-$"023)#?"N/-%"*$0F&$0-%*2E0"G%(&)/"
j"@)+$&-2/-%")/"+&20*2+%#"()#"202*2$" ()+$&-23$";"()"["Z%/)"()"@)/%&&$##$?"N/"()*2&B")#"
A2H$" +.)()" ##)'%&"%")0F&)0-%&/)" %" #$/" +%(&)/" +$&C.)"0$" #)" ()H%0"2=+#2*%&/)" )0" /."
()+$&-)" #$" C.)" )#" ()+$&-2/-%" ()/)%&,%?" G)&$" -%=52U0" +.)()0" $*.&&2&"
)0F&)0-%=2)0-$/")0-&)"+%(&)/";"()+$&-2/-%/"8/.)#)"/)&")#"+%(&)"3%&E0";"#%"=%(&)"#%"
C.)"20-)&=)(2%")0-&)")##$/>"*.%0($")#")0-&)0%($&")/")#"+%(&)?
'

?' >)0*/',-%\*()%>./' *+,*UY' 2.-1*&' ,%-8"*'*//.' ()*+,-*' $.' 8"*-)1%&' ,%-8"*' ("' ,.()Y>' ,%-' */'

1*,%-2*' $.' ()1%' 1*' ()*+,-*&' ,*-%' >%(%2-%(' ()*+,-*' $*+%(' $*#$%' $)>#.,)7' *>' 8"*' *(2"1).-.&' 8"*'
2*-+)>.-.' ("'SVj&'("'#.--*-.' ">)0*-()2.-).&'/%' 1*'()*+,-*&'/%'1*'2%1%(' /%(',.1-*(4'g' *>2%>#*('*+,*UY'
,%-'("'#"*>2.&'(*'#%(2*.=.'*//.'2%1%&'()>'>"*(2-.'.@"1.4'?(9'*+,*UY4'AQBDG'!GBI4

"

V$#@&0"5A"%"+)/%&"()"C.)")#"()+$&-2/-%")0"=.*A$/"*%/$/"0$"+)&*25)"*E=$"/."

()+$&-)" 20D#.;)" )0" #$/" A)&=%0$/B" #%/" =%(&)/" /2" /$0" *$0/*2)0-)/" ()" )##$" ;" -$(%/"
=.)/-&%0" .0%" 2=+$&-%0-)" +&)$*.+%*2E0" +$&" )##$?" N/" *2)&-$" C.)" -&%-%0" ()" )32-%&"
*.%#C.2)&" -2+$" ()" (2F)&)0*2%" +)&$" #%/" 0)*)/2(%()/" ()#" A2H$" ()+$&-2/-%/" /$0B" )0"
=.*A%/" $*%/2$0)/B" )/+)*2%#)/" )M2'2)0($" ()" #$/" +%(&)/" .0%" ()(2*%*2E0" ;"
+&)$*.+%*2E0"=1M2=%?"@)"%A,B" C.)" #%" =%;$&,%" ()"#$/"A)&=%0$/" ()"#$/"()+$&-2/-%/"
-)0'%0"*)#$/"$"*.%0($"=)0$/"*$0/2()&)0"C.)")#"()+$&-)"A%"20D#.2($")0")##$/?"
"

`$" $5/-%0-)B" )/" ##%=%-23$B" *E=$" %0-)" )/)" /)0-2=2)0-$" ()" 20D#.)0*2%" ()#"

()+$&-)")0"#$/"A)&=%0$/"*$0F&$0-%")#"$&'.##$"()"-$($/")##$/"+$&")#" ()+$&-)"()"%#-$"
023)#" ()#" A)&=%0$?" N/" ()*2&B" #$/" =2/=$/" A)&=%0$/" C.)" (2*)0" /)0-2&" *)#$/" $" .0"

*))

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

/)0-2=2)0-$" ()" C.)" )#" ()+$&-)" ()" %#-$" 023)#" 20D#.;)B" A%5#%0"()" .0" '&%0"$&'.##$" ;"
%#)'&,%"+$&"/."A)&=%0$?"N/-)"*%=52$"()" =)0-%#2(%(")/"*$0/)*.)0*2%" ()"#%" )(%(" ;"
()#"023)#"()+$&-23$?"N0"#%/"+&2=)&%/")-%+%/")#"A)&=%0$"/)"/2)0-)",$5+-&=&,"";"-2)0)"
*)#$/?" Q%"=%(&)"##)3%"%" /."A2H$" %")0-&)0%&B")#" +%(&)"-&%5%H%";")#" A)&=%0$"/)"C.)(%"
*$0".0%"-)&*)&%"+)&/$0%"C.)"#)"*.2(%?"T2"52)0B")/".0"/)0-2=2)0-$"C.)"*$0")#"-2)=+$B"
*$0" )#" %.=)0-$" ()" &)0(2=2)0-$" ()#" ()+$&-2/-%B" #%" =%(.&%*2E0" ()#" A)&=%0$" ;" )#"
+&$+2$" *&)*2=2)0-$")"20()+)0()0*2%"()#"=2/=$B"/)"-&%0/F$&=%")0" $&'.##$?"TE#$" )0"
)/$/"()+$&-)/"=)(21-2*$/")#"/)0-2=2)0-$"()"*)#$/";"()"20D#.)0*2%"()#"()+$&-)")0"#$/"
A)&=%0$/" +.)()"*$0-20.%&"%*&)*)0-%($"0$" /E#$"+$&")#"*$=+$&-%=2)0-$"()"+%(&)/"
;"F%=2#2%&)/")0")#"A$'%&"/20$"+$&"#%"+&$+2%"*%##)?
"

g%' #-*%'8"*'2.+=)7>' .' /.(' $*-+.>.(' /*(' -*,*-#"29.' ">' ,%#%4'P%-8"*'(*'$.=/.=.'+<(' 1*'*//.'

8"*'1*'/.(' 1*+<(&' ()>' .=.>1%>.-'.' /.(' 1*+<(' ,*-%444'>%' (Y/%' 2"&' @.' (.=*(' 8"*'0)0)+%(' *>' ">.' #)"1.1'
,*8"*L.' @'*-.' ">' #%>(2.>2*D'e'*(2.' *('/.'$*-+.>.'1*'/.' ;)+>.(2.&' *(2.' *(' /.' #.(.' 1*'/.' ;)+>.(2.&'/.'
+.1-*'1*'/.';)+>.(2.444f4'ATDGX'!EI4
'

P"*('+)-.&'/%'+<('#/.-%'*('+)'$*-+.>.'8"*'#".>1%'+)'+.1-*'+*'//*0.=.'.'+)'.'*>2-*>.-',"*('

*//.'(*'8"*1.=.'#%>' +)'29.'%'#%>'+)'.="*/.4'S/.-%')+.;9>.2*',.-.'*//.&'$.=9.'#*/%(&'()4'J('#)*-2%'8"*'+*'
8"*-9.' #%>' /%#"-.' @'*(2.=.' +"@'%-;"//%(.' 1*'+)&' ,*-%' 8"*'/*'8")2.-.>' .' ("'+.1-*'2%1.('/.(' 2.-1*(444'
AGHDBK'FTI4

/@+&2'"% 0$(&'14"% $0% -&% Y&@1-1&% (-"F&-A% )/-)" 2=+%*-$" A%*)" &)F)&)0*2%" %" #%"
20D#.)0*2%"0)'%-23%"C.)"-2)0)")#" ()+$&-)"()#" A2H$" ()"=%0)&%"')0)&%#")0"#%"
F%=2#2%B" %" *E=$" 20D#.;)" '#$5%#=)0-)?" N0" )/-)" *%/$B" $*.&&)" *$=$"
%0-)&2$&=)0-)" *$0"#$/" A)&=%0$/" ;" )/" C.)" )#" ()+$&-2/-%" ()" %#-$" 023)#" 0$"
+)&*25)" 20D#.)0*2%" 0)'%-23%" )0" /." F%=2#2%?" N/)" 2=+%*-$" 0)'%-23$" )0" #%"
F%=2#2%" ()" =%0)&%" '#$5%#" +.)()" /.+$0)&" .0" (2/-%0*2%=2)0-$" F%=2#2%&B" )#"
()+$&-)" ()#" A2H$" +.)()" /.+$0)&" 32%H%&" ;" #%" =%(&)" %*$=+%a%" %#" A2H$"
()+$&-2/-%B"%#"=2/=$"-2)=+$")#"+%(&)"/)"3%"*$0"$-&$"A)&=%0$"%")/C.2%&?"
+

O)*+,-*'+*'$.'//*0.1%&')>#/"(%' :";<=.+%('">' (<=.1%'@'("=9.+%(' /"*;%'.' *(8").-' ,%-8"*'+)'

,.1-*'@'+)'$*-+.>%'*(2.=.>'.//9'1*(1*'*/'0)*->*(4'ABCDE'FGHI4

*)!

0#/1-.!2!3-$)1&-

"

6?9?<?9?<?"[=+%*-$"`)'%-23$")0"#%"Z%=2#2%";"/./"_)#%*2$0)/"

N#" /@+&2'"% 9$(&'14"% $0% -&% 7&@1-1&" )/" .0%" (2=)0/2E0" *$0" .0%" 5%H%" ()0/2(%(B" %#"
=$/-&%&" .0" )/*%/$" 0]=)&$" ()" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" (2=)0/2$0)/B"
)M2/-2)0($"0$" $5/-%0-)B" &)#%*2$0)/")0-&)"#%/"*%&%*-)&,/-2*%/"()"#%"+&$+2%"(2=)0/2E0"
()"[=+%*-$"`)'%-23$")0"#%"Z%=2#2%?"!"*$0-20.%*2E0"/)"()-%##%0"#%/"&)#%*2$0)/P
K)#";-,& M$G"-./,& $+& %"& V").%."& B(#$;C@.;,& *$%";.,+"',& ;,+& K)#";-,&
M$G"-./,&$+&%"&V").%."&>%,="%B"%=5$/"*$0*)+-$/")/-10"&)#%*2$0%($/")0"#%"
=)(2(%" )0" C.)" *.%#C.2)&" 2=+%*-$" 0)'%-23$" )/+)*,D2*$" %F)*-%" ()" =%0)&%"
')0)&%#"$"'#$5%#"%#"*$0H.0-$"()"#%"F%=2#2%?"N#"()+$&-)"()#"A2H$"+.)()"%F)*-%&"
0)'%-23%=)0-)"%"-$(%"#%"F%=2#2%")0"*$0H.0-$"(2&)*-%=)0-)"$" +.)()"%F)*-%&"
%"%#'.2)0")/+)*,D2*$"()"#%"F%=2#2%";"+$/-)&2$&=)0-)"%F)*-%&"%#"*$0H.0-$"()"#%"
=2/=%?"
!()=1/" ()" )/-%/" &)#%*2$0)/" )0-&)" #%/" *%&%*-)&,/-2*%/" ()" #%" (2=)0/2E0" [=+%*-$"
`)'%-23$" )0" #%" Z%=2#2%B" %" *$0-20.%*2E0" /)" %0%#24%0" #%/" &)#%*2$0)/" *$0" $-&%/"
*%-)'$&,%/";"()"=%0)&%")/+)*,D2*%"*$0"$-&%/"(2=)0/2$0)/"()"(2*A%/"*%-)'$&,%/?P
K)#";-,&M$G"-./,&$+&%"&V").%."&*$%";.,+"',&;,+&K)#";-,& !,(.-./,& $+&%"&
V").%."3& )#" ()+$&-)" ()#" A2H$" +.)()" ')0)&%&" ;" +&$3$*%&" .0" 2=+%*-$"
')0)&%#24%($")0"#%"F%=2#2%B"/2"52)0B"%=5$/"*$0*)+-$/")/-10"&)#%*2$0%($/")0"
#%" =)(2(%" )0"C.)" /$0" #%/" *2&*.0/-%0*2%/" )/+)*2%#)/" ;" -)=+$&%#)/" #%/" C.)"
+&$3$*%0".0$"."$-&$"2=+%*-$?"N/"()*2&B"()"=%0)&%"')0)&%#")#"2=+%*-$")0"#%"
F%=2#2%" *$=$" *$0/)*.)0*2%" ()#" ()+$&-)" +.)()" /)&" +$/2-23$B" +)&$" .0%"
()*2/2E0" $" .0" A)*A$" %2/#%($" +.)()" +&$3$*%&" -)=+$&%#=)0-)" .0"2=+%*-$"
0)'%-23$";"32*)3)&/%?" @)"A)*A$B" %"+)/%&"()#" 2=+%*-$" 0)'%-23$" C.)"-2)0)")#"
()+$&-)" ()" =%0)&%" ')0)&%#" )0" #$/" A)&=%0$/B" #%" *$0F&$0-%*2E0" *$0" )#"
$&'.##$" C.)" /2)0-)0" A%*2%" )##$/B" +&$3$*%" %#" =2/=$" -2)=+$" .0" 2=+%*-$"
+$/2-23$B"+.(2)0($B"+$&"-%0-$B"/$#%+%&/)"%=5$/"2=+%*-$/?"

*)*

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

"

6?9?<?9?9?"[=+%*-$"`)'%-23$")0"#%"Z%=2#2%";"/."N3$#.*2E0"

N#" /@+&2'"% 9$(&'14"% $0% -&% 7&@1-1&" )/" .0%" (2=)0/2E0" )0" *.;%/" (2=)0/2$0)/" /)"
=.)/-&%" .0%" )3$#.*2E0"%" #$" #%&'$" ()#" ()/%&&$##$" ()+$&-23$" ()#" A2H$?" N/" ()*2&B" )/)"
2=+%*-$"3%&,%";")3$#.*2$0%"%#"-2)=+$"C.)"#$"A%*)")#"()+$&-2/-%";"/."+&$'&)/2E0")0")#"
()+$&-)B" +)&$"-%=52U0"*$=$" *$0/)*.)0*2%"()#"*&)*2=2)0-$" ()#" A2H$" *$=$" +)&/$0%?"
G$&"-%0-$B"*$0/2/-)")0".0%"(2=)0/2E0"C.)")3$#.*2$0%"%#"-2)=+$" C.)"#%/")M2')0*2%/"
()#"()+$&-)"%/,"#$"&)*#%=%0?
"

!" *$0-20.%*2E0"/)" ()-%##%"#%")3$#.*2E0"()"#$/" *$0*)+-$/")0"5%/)"%"#%/" Z%/)/"

)0" )#" @)/%&&$##$" ()#" O%#)0-$B" +.(2)0($B" +$&" -%0-$B" )/-%5#)*)&/)" 0$" /E#$" .0" 023)#"
H)&1&C.2*$"()"#$/"*$0*)+-$/B"/20$"-%=52U0".0"023)#"-)=+$&%#P
"

K+.;.,& ?$#,*-./,L" )0" )#" 202*2$" ()+$&-23$" )/" 20)M2/-)0-)" #%" 20D#.)0*2%" ()#"

()+$&-)")0"#%"F%=2#2%"%"023)#"')0)&%#";")/+)*,D2*$?"N#"()+$&-)"()#"A2H$")/"*$0/2()&%($"
.0%"%*-232(%("=1/"%"#%"C.)"/)"#)"+&)/-%"#%"=2/=%"%-)0*2E0"C.)"%"#%/" %*-232(%()/"()"
#$/"A)&=%0$/B"$"%"$-&%/"%*-232(%()/"()"$*2$"82(2$=%/B"5%2#)"$"=]/2*%>?"
"

?$("**,%%,& ?$#,*-./,L" ()0-&$" ()" )/-)" ()/%&&$##$" ()+$&-23$" /)" *$0/2()&%0"

($/"F%/)/".0%"202*2%#" ;".0%"D20%#?"N0"#%"F%/)"()"()/%&&$##$"()+$&-23$" 202*2%#"8Z%/)"[>B"

)0"()+$&-)/"*$=$"#%"0%-%*2E0"$"#%"'2=0%/2%"($0()")#"%#-$"023)#"/)"%#*%04%")0")(%()/"
-)=+&%0%/B" A%;" C.)" -$=%&" #%/" +&2=)&%/" ()*2/2$0)/" 2=+$&-%0-)/B" /.+$02)0($" )##$"
+$/25#)/" +&$5#)=%/" F%=2#2%&)/B" +&20*2+%#=)0-)B" %#" -)0)&" )0" *.)0-%" C.)" #$/"
()+$&-2/-%/" /$0")/+)*2%#=)0-)" HE3)0)/?" N#" %5%0($0$" ()#" A$'%&" +$&" 2&" %" .0"R!_" $"
)0-&)0%&" %" =.*A$/" c2#E=)-&$/" ()" *%/%" *%(%" (,%" +.)()" +&$3$*%&" .0" 2=+%*-$"
0)'%-23$" %" 023)#" +&,#$% [% @&,#$?" @)" *E=$" /)" ')/-2$0)" )0")/-%/"+&2=)&%/" )-%+%/")#"
()+$&-)" ()#" A2H$" ()+)0()&1" *E=$" 20D#.;%" )#" ()+$&-)" +$/-)&2$&=)0-)?" T2" )0")/-%/"
+&2=)&%/" )-%+%/" )/" ;%" )#" ()+$&-)" .0" =$-23$" ()" /)+%&%*2E0" F%=2#2%&" 8F&)0-)" %#"
=$()#$" ()".02(%("F%=2#2%&>B" =.;"+&$5%5#)=)0-)" #$" /)%" )0")#" F.-.&$?"\")/" C.)" )/)"
()+$&-)"+.)()"/.+$0)&"C.)".0"A2H$"3%"%"A%*)&"()+$&-)"*$0"#%"=%(&)";")#"$-&$"A2H$"
)/-1"*$0")#" +%(&)"$"*$0".0%"*.2(%($&%B" 202*210($/)"-%=52U0")#" 2=+%*-$" 0)'%-23$" %"
023)#"T$#@&0"5?"T2B"+$&")#" *$0-&%&2$B"/)"-&%-%"()".0%"F%=2#2%"5%/%(%")0")#"=$()#$"()"
.02(%("F%=2#2%&";"0$&=%#2(%(")0"*%/%";"/)"-&%-%"%"-$($/"#$/"A)&=%0$/"+$&"2'.%#B"#$/"

*)#

0#/1-.!2!3-$)1&-

023)#)/"()"*)#$/")0"#$/"A)&=%0$/"+$/-)&2$&=)0-)"/)&10"=)0$&)/?"G$&"-%0-$B")/".0%"
F%/)"*#%3)")0"&)#%*2E0"%"*E=$"/)"')/-2$0)")#"()+$&-)")0")/-)"+)&2$($?
"

N0"#%" /)'.0(%"F%/)"()#"()/%&&$##$" ()+$&-23$"8Z%/)"[[>"$*.&&)".0"2=+$&-%0-)"

/%#-$" ()"*%#2(%(")0"#$/" ()+$&-2/-%/B" 2=+#2*%0($" )##$" .0"=%;$&" 0]=)&$" ()"A$&%/"()"

)0-&)0%=2)0-$B" +$&" #$" C.)" )#" &2)/'$" ()" %5%0($0$" ()" #$/" )/-.(2$/" )/" )#)3%($B"
/2'02D2*%0($" .0" +$/25#)" *$0D#2*-$" F%=2#2%&?" N/B" +$&" $-&$" #%($B" )#" +)&2$($" ()"=%;$&"
2=+#2*%*2E0" ()" #$/" +%(&)/B" +.)/" #$/" A2H$/" *$0-20]%0" /2)0($" ()+)0(2)0-)/B" #%/"
)M2')0*2%/" =1M2=%/" ;" )#" +%+)#" ()" #%" =%(&)" F.0(%=)0-%#" )0" )/-)" +)&2$($" ()/()"
-$($/"#$/"+.0-$/"()"32/-%"8)*$0E=2*$B"=%-)&2%#B"#$',/-2*$B" +/2*$#E'2*$";")=$*2$0%#>?"
G$&" )##$B" )/" )#" =$=)0-$" ()" =%;$&" &2)/'$" ()" 2=+%*-$" )0" #$/" A)&=%0$/" %#" +$()&"
3)&/)"()/+#%4%($/?"
"

5%-,& M./$%L& )0" )/-)" ]#-2=$" +)&2$($" ()" %#-$" 023)#" )#" ()+$&-2/-%" ()H%" ()" /)&"

()+)0(2)0-)" ()/()" )#" +.0-$" ()" 32/-%" =1/" #$',/-2*$" ()" /." =%(&)B" +)&$" -%=52U0"
)*$0E=2*$?"!#"=2/=$" -2)=+$")#" A)&=%0$" *&)*)";"3)")#" ()+$&-)"()#" A)&=%0$" *$=$"
.0"=$($"()"32%H%&B".0%"$+$&-.02(%(?"G$&")/$B")#"2=+%*-$")0"#%"F%=2#2%"(2/=20.;)"()"
0.)3$" )0" )/-)" +)&2$($?" Q%/" ()*2/2$0)/"C.)"A%" ()"-$=%&" )#" ()+$&-2/-%" /$0" /.;%/" ;"
/E#$" #%/" -$=%" U#?" G$&" #$" C.)" #%/" *$0F&$0-%*2$0)/" )0-&)" #$/" +%(&)/" (2/=20.;)0?"
O%=52U0"#$"A%*)0" #%/" (2/*./2$0)/")0-&)" +%(&)/" )"A2H$/" +.)/" #$/" +%(&)/" )0-2)0()0"
C.)" /./" A2H$/" /$0" =%;$&)/B" %(.#-$/?" Q$/" +%(&)/" 83%&$0)/>" +.)()0" -)0)&" %#']0"
)0F&)0-%=2)0-$"*$0"#$/"A2H$/"*$=$"*$0/)*.)0*2%"()"&)/.#-%($/B"$"()"()*2/2$0)/"C.)"
-$=%0?" R$0"#%/" =%(&)/" 0$")M2/-)"(2/*./2E0B"#%/"=%(&)/"%*)+-%0"*.%#C.2)&"()*2/2E0"
C.)"-$=)")#"A2H$")0"-$&0$"%"/."()+$&-)?"
"

N0" &)#%*2E0" %" #$/" A)&=%0$/B" #$/" *$0D#2*-$/" /.)#)0" ()/%+%&)*)&B" /2" 52)0B"

+.)()0"C.)(%&" #$5'"5")0"()+$&-)/" =)(21-2*$/" ($0()" 0$" /E#$" %" 023)#" F%=2#2%&" ()#"
0]*#)$"*)&*%0$")#"()+$&-)"()"%#-$"023)#"()#"A2H$")/")#"*)0-&$"()"%-)0*2E0B"/20$"C.)")#"
&)/-$"()"#%"F%=2#2%"%/,"#$"*$0/2()&%B"20*#./$")#"5%&&2$"($0()"323)"$"#%"+&$+2%"*2.(%("$"
+%,/?" N/$" +.)()" ')0)&%&" %#']0"-2+$" ()"*)#$B" /2" 52)0B" #%" =%(.&)4" ()" #$/" A)&=%0$/B"
A%*)"C.)"/)%"*$0/2()&%($"()"=%0)&%"=,02=%?"
"

T%#3$" )0")/-$/"*%/$/"()" ()+$&-)/" )/+)*2%#=)0-)"=)(21-2*$/B" )0")#" &)/-$B"#$/"

A)&=%0$/" ()" #$/" ()+$&-2/-%/" +%/%0" )0" )/-%" F%/)" ()#" %#-$" 023)#" ()" /)0-2&/)"

*)"

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

20D#.)0*2%($/" 0)'%-23%=)0-)" +$&" )#" ()+$&-)" ()" /./" A)&=%0$/" %" )/-%&" -$-%#=)0-)"
$&'.##$/$/" ()" )##$/?" N/)" $&'.##$" /)" &)D#)H%" )0" #$/" 32%H)/" )0" #$/" C.)" %*$=+%a%" %#"
A)&=%0$"()+$&-2/-%"$")0"/."+&)$*.+%*2E0"+$&"/."()+$&-)?
"

N$-.*"'"L& -&%/" #%" &)-2&%(%B" )#" 2=+%*-$" 0)'%-23$" )0" #%" F%=2#2%" )/" &)/2(.%#"

+.)/-$" C.)" #%/" ()*2/2$0)/" )0" -$&0$" %#" ()+$&-)" ()/%+%&)*)0" ;" #%/" 0)*)/2(%()/" ()#"
()+$&-2/-%")0"=%;$&"=)(2(%"-%=52U0?"`$"$5/-%0-)B" )0"#%/"F%=2#2%/" ($0()"#$/"A2H$/"
%5%0($0%&$0"-)=+&%0$" )#" A$'%&B" #%/" =%(&)/" ;" +%(&)/" *$0-20]%0" *$0",$'&--$5" +$&"
&)*.+)&%&" )#" -2)=+$" +)&(2($B" +.(2)0($" %F)*-%&" %" #$/" A)&=%0$/?" T)" -&%-%B" )0"
*.%#C.2)&"*%/$B"()".0")F)*-$"=,02=$?"
'

P)*>(%'8"*'(*;"-.+*>2*'*>'./;^>' +%+*>2%'$.@.'$.=)1%'">',%8")2%'1*'#*/%(',%-',.-2*'1*'+)('

$*-+.>%('$.#).'+)4'34445' g%'#%>' GX'.L%('+*'+.-#$%'1*'+)'#.(.' @'@.'>%' $*'0"*/2%4'J>2%>#*('+)'+.1-*'

()*+,-*'$.'*#$.1%'*>'\./2.'*(*'()2)%'8"*'>%'/%',"*1*'%#",.-'>.1)*4'g' .^>'$%@'>%2%'./;^>' #*/%'@'*('8"*'
#.1.'0*U'8"*'0%@'.' +)'#.(.' +*'2)*>*'+)'%//.' #%>'.--%U'#%>' /*#$*'@'2%1%'/%'8"*'+*';"(2.4'g' *>2%>#*('
*//%('(*',%>*>'#*/%(%(4'AGCDGB'FGKI4
'

"

6?9?<?9?6?"d-&%/"R$0/2()&%*2$0)/"!*)&*%"()#"[=+%*-$"`)'%-23$")0"#%"Z%=2#2%

G%&%"*$0*#.2&"/)"=.)/-&%0"($/"%/+)*-$/"F.0(%=)0-%#)/"()#" /@+&2'"%9$(&'14"%$0%-&%
7&@1-1&P
N0" +&2=)&" #.'%&B" =$/-&%&" *$=$" )#" +&$+2$" ()+$&-2/-%" 0$" +)&*25)" C.)" /."
()+$&-)" 20D#.;%" )0" /./" A)&=%0$/B" +&20*2+%#=)0-)" +$&" +%&-)" ()" %C.)##$/"
C.)" )/-10" )0" %*-23$B" 3$#32)0($" ()" 0.)3$" %" #%" F<#F<W&" )0" #%" C.)" 323)" )#"
()+$&-2/-%" ()" %#-$" 023)#" C.)" #)" 2=+2()" 32/#.=5&%&" #$" C.)" $*.&&)" %" /."
%#&)()($&?
N0" /)'.0($" #.'%&B" 20(2*%&" *E=$" )/" #%" =%(&)" #%" C.)" #.*A%" +$&C.)" )#"
2=+%*-$"0)'%-23$")0"#%"F%=2#2%"/)%")#"=)0$&?"N/"#%"+&20*2+%#"&)/+$0/%5#)"()"
)32-%&"C.)")#"&)/-$"()"A2H$/"0$"-)0'%0"*)#$/B"#%"C.)"#.*A%"+$&C.)")#"()+$&-)"
/)%".0"=$-23$"()".02(%("F%=2#2%&"F&)0-)"%#"=$()#$"()"/)+%&%*2E0"F%=2#2%&B"
)-*???"@)"A)*A$B"/$0"=.*A$/"#$/"()+$&-2/-%/"C.)"A2*2)&$0"&)F)&)0*2%"%"*E=$"
#%" &)#%*2E0"*$0" /./" =%(&)/" )&%" =.;" 5.)0%B" /.+$02)0($" )##$" .0"2=+%*-$"

*)$

0#/1-.!2!3-$)1&-

+$/2-23$?" T2" 52)0B" =.*A$/" ()+$&-2/-%/" A%0" -)02($" )0" %#']0" =$=)0-$"
+&$5#)=%/"*$0"#$/" +%(&)/"83%&$0)/>"%#" C.)&)&" 20D#.2&" )0"/./" ()*2/2$0)/" $"
0$"%*)+-%&#%/?"!#'$"20)M2/-)0-)")0")#"*%/$"()"#%/"=%(&)/?
"

P)*>(%'8"*'8")U<&'.'0*#*(&' ,"*1.>'2*>*-'./;%'1*',*/"()//.'/.('%2-.(4'd.' +.@%-'*('">'*>#.>2%'@'

.$%-.'.'("'$*-+.>%&'1*',*8"*L%'/%'#")1.=.444',*-%'8")U<'.^>'.$%-.'#%>'QK'.L%('2*>;.'#*/%(4'?'0*#*('/%'
>%2%'#".>1%'(*',-%,%>*'">.'#%+)1.' \.+)/).-'@'(*'="(#.' ">.' \*#$.' ,.-.' 8"*',"*1.' )-' ("' $*-+.>%4' g'
*//.'1)#*D'e,"*('()'>%',"*1*&'$.;<+%(/%' >%(%2-%(f4'J>2%>#*('#/.-%&'$.@'8"*'2*>*-'">' ,%8")2%' 1*'+.>%'
)U8")*-1.4'P*-%'0.+%(&'>%'*('*h.;*-.1%&'*//.' *(2<'*>#.>2.1.'1*'8"*'("'$*-+.>%':"*;"*'.'=./%>+.>%4'
ABHDGH'!GEI4
'

6?9?<?6?"T%*&2D2*2$/B"_)0.0*2%/";"N/F.)&4$/"()"#%"I%(&)
Q%" (2=)0/2E0" ()" X&2#1O121"5A% E$0<021&5%)%>5Y<$#="5%,$% -&% .&,#$" A%*)" &)F)&)0*2%" %"
(2F)&)0-)/"/2-.%*2$0)/" 0)'%-23%/"&)#%*2$0%(%/"*$0"#%"+&1*-2*%"()+$&-23%"()#"A2H$?" !"
*$0-20.%*2E0" /)" ()/*&25)0" *%(%" .0$" ()" #$/" *$0*)+-$/" C.)" *$0/-2-.;)0" )/-%"
(2=)0/2E0P""
B(F0$*6,3& )#" )/F.)&4$" 2=+#2*%" .0" *$/-)" )0" #%" *$0/)*.*2E0" ()" .0" D20?" N/)"
*$/-)"+.)()"/)&")=$*2$0%#B"D,/2*$"$"=%-)&2%#?"G$&")H)=+#$B"##)3%&"%".0"A2H$"%"
)0-&)0%&" /.+$0)" .0" )/F.)&4$" %#" -)0)&" C.)" ()H%&" %" $-&$" A)&=%0$" *$0"
%#'.2)0"C.)"#)"*.2()^"$")0"F%=2#2%/"()"*#%/)/"%*$=$(%(%/")#"%+$;$"=%-)&2%#"
+&)/-%($" 2=+#2*%" .0")/F.)&4$" )*$0E=2*$" 8F&)0-)" %"/%*&2D2*2$" )*$0E=2*$>B"
)0"#%"=)(2(%")0"C.)")/)"'%/-$")0"=%-)&2%#"+$(&,%"+)&=2-2&"$-&$/"*%+&2*A$/"
)0" #%" F%=2#2%?" N/" )#" 023)#" =1/" 5%H$" ()0-&$" ()" )/-)" %+%&-%($" ()"203)&/2E0"
)=$*2$0%#"0)'%-23%?"N#"023)#"$"'&%($"()#")/F.)&4$"-%=52U0"+.)()"3%&2%&?"
N$+0+;."3&#%" &)0.0*2%"/.+$0)" ()H%&"()" =%0)&%" 3$#.0-%&2%" ()"A%*)&" %#'$?"
Q%/"=%(&)/"&)0.0*2%0"%"/."-2)=+$B"%"/."(20)&$B"%"/.")0)&',%B"/)"+&23%0"()"
)##$"()"=$($"#25&)?"N0"#%/"+&2=)&%/")-%+%/"()"202*2%*2E0"#%/"&)0.0*2%/")0-&)"
#%/"=%(&)/"/$0".0%"*$0/-%0-)")0"#$"&)F)&)0-)"%#"-2)=+$B"(20)&$";")0)&',%?""
J";*.@.;.,3& )#" /%*&2D2*2$" /.+$0)"&)0.0*2%&" %"%#'$" +)&$" +%&%" *$0/)'.2&" $-&%"
*$/%?" @)H%" ()" /)&" .0" %*-$" 3$#.0-%&2$?" G$&" )H)=+#$B" #%/" =%(&)/" )0" #%/"

*)%

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

+&2=)&%/" )-%+%/" &)0.0*2%0" %" /." -2)=+$B" (20)&$" ;" )0)&',%" ()" =$($"
3$#.0-%&2$?" N0"#%")-%+%"()"()/%&&$##$" ()+$&-23$" )/%/" &)0.0*2%/"%.=)0-%0"
2=+#2*%0($" )#" /%*&2D2*2$" %"023)#" ()" $*2$B" #%5$&%&B" ()" A$&%&2$/" $" /%*&2D2*2$/"
F%=2#2%&)/?"
Q$/" X&2#1O121"5A% E$0<021&5% )% >5Y<$#="5% ,$% -&% .&,#$" )/-10" *$=+.)/-$/" +$&" 0.)3)"
(2=)0/2$0)/"()D202(%/"%"*$0-20.%*2E0";"$&()0%(%/")0"5%/)"%"/."F.0(%=)0-%*2E0P
\21"A")#"/%*&2D2*2$"&)#%*2$0%($"*$0")#"$*2$"A%*)"&)F)&)0*2%"%"#%"&)(.**2E0";B"
)0"=.*A$/"*%/$/B"/.+&)/2E0"()"#%/" %*-232(%()/" ()"$*2$" ;"-2)=+$"#25&)"C.)"
+&)32%=)0-)" ()/%&&$##%5%0"#%/" =%(&)/?" Q%/" =%(&)/" %0-)/" ()#" ()+$&-)"()"
/./"A2H$/"##)3%5%0"%"*%5$"%*-232(%()/"()+$&-23%/B" $" /%#2(%/" %"#%"=$0-%a%";"
()"D20"()"/)=%0%B"32%H)/"$"*$=2(%/";"*)0%/"*$0"%=2'$/?" !*-232(%()/" C.)")#"
()+$&-)"()#"A2H$"&)(.*)"$")#2=20%?""""
'

g' #/.-%'8"*'$.'2*>)1%'8"*'-*>">#).-'.'#%(.(4'P%-'*:*+,/%&' #".>1%'+*')=.'.'0*-' .' /.('

#.--*-.('.'/%'+*:%-'*//.'8"*-9.')-'.'%2-%'()2)%4'V'.'*(2.-'.8"9'*>'0*-.>%'@'-*>">#).-'.')-(*'1*'
0.#.#)%>*(',%-'*(2.-'.8"9'#%>+);%4'AQDBT'FBI4
'

c.'(.#-)6)#.1%')-'./'#.+,%&'*(2.-'#%>'("'$*-+.>.&'(./)-'.'1.-'">.',.(*%'%')-'.'.>1.-444'

AGHDGH'FTI4
'

c*'(.#-)6)#.1%'("=)-'.'*(8").-4'P*-%' ="*>%'*-.' 2.>' %'+<('1)0*-2)1%' .#%+,.L.-'.' +)'

$):%'.'$.#*-'("'1*,%-2*'8"*'("=)-'.'*(8").-4'?1*+<('@%',*>(.=.D'*/'*(8"9'/%',%1-7'-*#",*-.-'
*>'%2-%' +%+*>2%'1*'+)'0)1.'()'*('8"*'2*>;%' )>2*-7(&'*>' #.+=)%&'*(2.'*1.1' 1*'+)'$):%' @'*(2*'
1*,%-2*'1*'+)'$):%&'(Y/%'/%'0%@'.'2*>*-'*>'*(2*'+%+*>2%4'ABXDC'!GHI4

>2"0?@12"A% )#" )/F.)&4$" $" &)0.0*2%")*$0E=2*$B" &)#%*2$0%($" *$0" )#" (20)&$"

A%*)"&)F)&)0*2%"%#"'%/-$")*$0E=2*$"C.)"/.+$0)")#"()+$&-)"()#"A2H$?" O$(%/"
#%/"F%=2#2%/";"#$/"()+$&-2/-%/"A%*)0"&)F)&)0*2%"%"#$"C.)")*$0E=2*%=)0-)"A%"
/.+.)/-$")#"()+$&-)B"/2"52)0B")0"F.0*2E0"()#"-2+$"()"()+$&-)B"()#"-%=%a$"()"
#%" F%=2#2%" $" ()" #%" *#%/)" /$*2$" j" )*$0E=2*%" %" #%" C.)" +)&-)0)*)0" #$/"
()+$&-2/-%/B" %+%&)*)0"(2F)&)0-)/"023)#)/P"G:%$5Y<$#="%$2"0?@12"A%)#"()+$&-)"
()#"A2H$" /.+$0)".0"(20)&$"C.)"0$" %F)*-%"(2&)*-%=)0-)"%"#%"F%=2#2%B" +)&$")/"
$532$"C.)")#"'%/-$")/-1"+&)/)0-)^"M:%#$0<021&%$2"0?@12&A")#"()+$&-)"()#"A2H$"
2=+#2*%" *2)&-$/" /%*&2D2*2$/" C.)" %F)*-%0" %" #%" =%(&)" $" +.)()0" A%*)&#$" ()"

*)&

0#/1-.!2!3-$)1&-

=%0)&%" ')0)&%#" %#" *$0H.0-$" ()" #%" F%=2#2%B" +.)/-$" C.)" '&%0" +%&-)" ()" #$/"
20'&)/$/" F%=2#2%&)/" /)" (2/+$0)0" %#" /)&32*2$" ()#" ()+$&-)" ()#" A2H$k%"
()+$&-2/-%?"
'

J-.>' /%(' 0).:*(&' 1*(,/.U.->%(&' 1*(,/.U.-/.4' b%(%2-%(' ,.;<=.+%(' */' #%/*;)%&' /.'

-*()1*>#).' @'()*+,-*'(",%>*'">'(.#-)6)#)%'*#%>Y+)#%4'P%-8"*'.1*+<('0)09.+%('\"*-.'@'*-.>'
0).:*('#%>(2.>2*+*>2*',%-')-'.'0*-/.4'ATDBH'!EI4

L1$@+"A%)#" )/F.)&4$" $" &)0.0*2%" &)#%*2$0%($" *$0")#"-2)=+$"A%*)" &)F)&)0*2%"

%#" =)0$&" -2)=+$" C.)" -2)0)" #%" =%(&)" +%&%" )##%" =2/=%?" `$" /E#$" +%&%"
()(2*%&#$" %" /." $*2$" ;" -2)=+$" #25&)" /20$" -2)=+$" C.)" ()5)" &)(.*2&" ()" /."
%*-232(%(" #%5$&%#B" ()" )/-%&" *$0" $-&$/" A2H$/" $" /2=+#)=)0-)" -2)=+$" ()"
()/*%0/$?
'

!)'+.1-*'$.' (.#-)6)#.1%'("' 2)*+,%&' ("' 2)*+,%4'J/'8")2.-(*'#%(.('1*'*//.',.-.'1.-+*'

*(*'2)*+,%'.'+)4'AGHDGE'FTI4
'

!)'+.1-*'$.'(.#-)6)#.1%' ("' ,-%,).'0)1.' ,%-'2*>*-' @%'/.' +9.' @'1*1)#.-+*'.' *(2%4'?'("'

2)*+,%4'ABBDG_'FGBI4

V1W"A% #%/" &)0.0*2%/" &)#%*2$0%(%/" *$0" )#" A2H$" A%*)0" &)F)&)0*2%" %" %/+)*-$/"
*$=$" &)0.0*2%&" %" 3)&" *&)*)&" %" .0" A2H$" *.%0($" U/-)" ()5)" %5%0($0%&" )#"
A$'%&" +$&" 2&" %" .0" R!_" $" )/-%&" *$0" )#" A2H$" )0" )3)0-$/" F%=2#2%&)/?" N0"
()D202-23%B"#%"&)(.**2E0"()#"-2)=+$" C.)"#%"=%(&)"+%/%"*$0")#" A2H$" ;"C.)"/)"
-&%(.*)")0"0$"3)&#$"*&)*)&";"0$")/-%&"*$0"U#" )0"=$=)0-$/"2=+$&-%0-)/"()"
#%"32(%"F%=2#2%&"$"/2=+#)=)0-)")0"#%"32(%"(2%&2%?"
'

J>'-*./)1.1'$.'-*>">#).1%'.'2%1%&',%-8"*',.-.'*//.&'8"*'@%'+*'\"*-.'1*'#.(.'#%>'1%#*'

.L%(&',"*('*-.'">' (.#-)6)#)%',.-.' */'8"*'>%'*(2.=.',-*,.-.1.'.=(%/"2.+*>2*4'J>2%>#*(',.-.'

+)'+.1-*'*//.'$.=-<'-*>">#).1%'.'2%1%4'?',%1*-+*'2*>*-'2%1%('/%('19.('*>'#.(.&''$.(2.' 8"*'
2"0)*-.'">.'*1.1'+<('>.2"-./',.-.')-+*'1*'#.(.&'.'8"*'>%'$.@.'0"*/2%4'g'*('8"*'+*'\")'.'/%('
GB'.L%('@'$.(2.'8"*'+*'-*2)-%'0)09'*>'">.'-*()1*>#).4'AGXDGT'FGGI4
'

!)'+.1-*'$.' -*>">#).1%'.' 0*-+*'#-*#*-4'g' *(%' *('./;%',%-' /%' 8"*'@%' #-*%' 8"*'/%' $.'

,.(.1%'+"@&'+"@'+./4'ABTDBH'FGCI4
'

P%-'*:*+,/%&'.'(.#-)6)#.-'.'("'$):%'*>'*/'(*>2)1%'1*'*(2.-'+*>%('#%>'7/4'ACDBE'F_I4

*)'

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

7&@1-1&#$5A% )0")/-)"%+%&-%($"/)"A%*)"&)F)&)0*2%"%"#$/" /%*&2D2*2$/" C.)"A%"()"

A%*)&")#"0]*#)$"F%=2#2%&")0"*$0H.0-$?"N0"$*%/2$0)/B"/$0"&)0.0*2%/"C.)"A%*)"
#%" =%(&)" C.)" %F)*-%0" %" #%" F%=2#2%" )0" *$0H.0-$" $" %" $-&$/" =2)=5&$/" 8#%"
=%(&)" ##)3%"%#" A2H$"%")0-&)0%&"=2)0-&%/" C.)" #$/"$-&$/"A2H$/" )/-10")0"*%/%"
*$0".0%"02a)&%>"$" &)0.0*2%/" (2&)*-%=)0-)"&)#%*2$0%(%/" *$0"#%"F%=2#2%")0"
*$0H.0-$"8*%=52$"()"&)/2()0*2%"()"#%"F%=2#2%>?
'

O)'0*>9.' ">'=."2)U%&' ">.'=%1.' %' ">.'#*/*=-.#)Y>'\.+)/).-'+)'$):.' *(2.=.'%'>%'*(2.=.4'

d%(' o*@*(' *>' +)' #.(.' (*' $.>' 1.1%' ()*+,-*' */' 19.' QG' ,%-' /.' >%#$*4' b%(%2-%(' */' QG' 1*'
1)#)*+=-*'>%('1<=.+%('/%('-*;./%('1*'o*@*(',%-8"*'+)'$):.'*/'19.'B'(*'2*>9.'8"*')-4'g' #/.-%'.'
2)' 2*' 1.' +"#$.' ,*>.' 8"*' 2"' $):.' >%' *(27'*>' +"#$%(' 1*' *(%(' .#%>2*#)+)*>2%('@' .' 2%1.' /.'
\.+)/).4'AGTDBT'!GGI4

B&F"#&-$5A% #$/" /%*&2D2*2$/" #%5$&%#)/" +.)()0" $*.&&2&")0"($/" /)0-2($/P" <?" Q%"

=%(&)" A%" ()" -&%5%H%&" =1/" +$&C.)" )#" ()+$&-)" ()#" A2H$" /.+$0)" .0" '%/-$"
)M-&%" $" 52)0" +$&C.)" )#" +%(&)" %*$=+%a%" %#" A2H$" %" )0-&)0%=2)0-$/" ;"
*$=+)-2*2$0)/";")/" #%"=%(&)"#%"C.)" -2)0)"C.)" *.2(%&"()#"0)'$*2$" F%=2#2%&^"
9?"Q%"=%(&)"/%*&2D2*%"/."-&%5%H$B" )#"/%*&2D2*2$"()"-2)=+$")/" .0"/%*&2D2*2$"()"
-2)=+$")0")#" -&%5%H$B"#$"C.)"+&$3$*%".0"F&)0$")0")#" ()/%&&$##$" +&$F)/2$0%#"
()"#%"=%(&)?"
'

c*'(.#-)6)#.1%' #%(.(' 1*' 2-.=.:%4' J>' .8"*/' +%+*>2%' @%' 2-.=.:.=.' *>' ">.' .(*(%-9.'

6)(#./'@',%-'//*0.-'@'2-.*-'@'*(2.-',*>1)*>2*'1*'/%('>)L%(',"*('/%'1*:7'">',%#%'ABHDGE'!GEI4
'

l"*'(./;.'+)'$):%'.' #%+,*2)-'();>)6)#.'8"*'@%'+*'2*>;%'8"*'8"*1.-'+<('2)*+,%'*>'*/'

>*;%#)%&'#%+%'*('">'>*;%#)%'\.+)/).-4'AGGDQK'!HI4

>0$#(C&A% )#")/F.)&4$"$"&)0.0*2%"&)#%*2$0%($"*$0"#%")0)&',%"A%*)"&)F)&)0*2%"
%" *E=$" #%" =%(&)" 3)" =)&=%(%" /." *%+%*2(%(" D,/2*%B" /." )0)&',%B" *$=$"
*$0/)*.)0*2%"()#"*%0/%0*2$"C.)"#)"/.+$0)")#"()+$&-)"()#"A2H$";"-$($"#$"C.)"
%" )##%" +)&/$0%#=)0-)" #)" *$0##)3%?" N0" .0$/" *%/$/" +.)()0" /)&" #$/"
-&%0/+$&-)/B" )0" $-&$/" #%" +&)+%&%*2E0" ()" #%" *$=2(%B" )0" $-&$/" #%" *$#%(%" $"
3%&2$/"%/+)*-$/")0"*$0H.0-$?"
'

S".>1%'+)'$):%'(*'0.' GE'%'BK'19.('*('*/'1%=/*'1*'2-.=.:%',.-.' +)4'R*>;%'8"*'2-.=.:.-'

+<(&'8"*1.-+*'+<('$%-.('*>'*/';)+>.()%4'J('">'(.#-)6)#)%'69()#%'2%2./4'AGGDQB'!HI4

*)(

0#/1-.!2!3-$)1&-

]1$0$5'&#%+512"-?(12"A%)#" /%*&2D2*2$" ()#"52)0)/-%&"+/2*$#E'2*$" =.)/-&%"*E=$"

)#"()+$&-)"()#" A2H$" #)"/.+$0)"%"#%"=%(&)".0%"(2/=20.*2E0"()"/."52)0)/-%&"
+/2*$#E'2*$B" )0-)0(2($" U/-)" *$=$" .0%" 32(%" -&%0C.2#%B" /20" /$5&)/%#-$/" ;"
+&)$*.+%*2$0)/"&)#%*2$0%(%/"*$0"-)0)&".0"A2H$"()+$&-2/-%?"O)=$&)/"+$&"/."
20-)'&2(%("D,/2*%B" /%#.(";" F)#2*2(%(B" 20*#./$" +$&"#%/"20*)&-2(.=5&)/"+&$+2%/"
()#"%#-$"023)#" ()+$&-23$?"Q%"=%(&)"/%*&2D2*%".0%"+%4" 20-)&2$&"+$&" -)0)&" #%/"
+&)$*.+%*2$0)/"C.)"()&23%0"()#"%#-$"023)#B"()"32%H)/B" ()"+$/25#)/" #)/2$0)/B"
20*)&-2(.=5&)" ()#" )C.2+$" )0" )#" C.)" *$=+)-2&" )#" %a$" +&EM2=$B" ()" /2" /)&1"
/)#)**2$0%($"/."A2H$"+%&%"2&"%".0$/"llddB"20*#./$"#%"+&)$*.+%*2E0"+&$+2%"()"
.0%" =%(&)" *.;$" A2H$" *$0" 6:" %a$/" 0$" /)" A%" 20-&$(.*2($" )0" )#" =)&*%($"
#%5$&%#?"
'

S".>1%'0*('.'2"'$):%'("\-)-&'#".>1%'0*('.'2"'$):%'*>'">' +%+*>2%'1.1%',*-1*-&',.(.-/%'

+./444',"*('(*'(.#-)6)#.'*(%4'AEDBT'FQI4
'

?1*+<(' 1*/' 2)*+,%' 8"*' +*' $.' 8")2.1%' */' 1*,%-2*' 1*' +)' $):%&' +*' $.' $*#$%' *(2.-'

*(2-*(.1.4'J('1*#)-&'+*'$.'8")2.1%'*(2.-'+<('2-.>8")/.4'ABDBB'!GI4

V"#&#1"5A% #$/" /%*&2D2*2$/" ;" )/F.)&4$/" &)#%*2$0%($/" *$0" #$/" A$&%&2$/" A%*)0"
&)F)&)0*2%" %" *E=$" #%" =%(&)" $" #%" F%=2#2%" )0" *$0H.0-$" A%" ()" =$(2D2*%&"
A$&%&2$/"()"*$=2(%/B"/%#2(%/"$"3%*%*2$0)/"+$&")#"()+$&-)"()#"A2H$?"
'

!)'+.1-*'(*'$.'(.#-)6)#.1%'+"#$%',%-'+)4'34445'J/',-*,.-.-'#%+)1.('.'2./'$%-.',%-8"*'

2*>*+%(' ,.-2)1%' .' /.(' #".2-%' 1*' /.' 2.-1*' @' $.@' 8"*' #%+*-' .' /.(' 1%#*&' *>2*>1*-+*' @'
-*(,*2.-+*' +)(' $%-.-)%(' 1*'.#%(2.-+*' ,-%>2%&' 1*(#.>(.-' ,.-.' *>2-*>.-' 2*+,-.>%' ./'19.'
();")*>2*444'ABCDC'FGHI4

6?9?<?6?<?"T%*&2D2*2$/B"_)0.0*2%/";"N/F.)&4$/"()"#%"I%(&)";"/./"_)#%*2$0)/"
Q%" (2=)0/2E0" ()" X&2#1O121"5A% E$0<021&5% )% >5Y<$#="5% ,$% -&% .&,#$" =.)/-&%" .0%" %#-%"
()0/2(%(B" %#" =$/-&%&" .0" )#)3%($" 0]=)&$" ()" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;"
(2=)0/2$0)/B" )M2/-2)0($" 20*#./$" &)#%*2$0)/" )0-&)" #%/" +&$+2%/" (2=)0/2$0)/" ()"
T%*&2D2*2$/B" _)0.0*2%/" ;" N/F.)&4$/" ()" #%" I%(&)?" !" *$0-20.%*2E0" /)" ()-%##%0" #%/"
&)#%*2$0)/P

*!)

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

B(F0$*6,(& 9& N$+0+;."(& B;,+E).;"(3& W$)#,*"%$(& 9& '$& B+$*GC"B" #$/" -&)/"
*$0*)+-$/" )/-10" &)#%*2$0%($/" (2&)*-%=)0-)" )0-&)" /," 8Z2'.&%" 6?<K?>?" \" )/"
C.)".0%"%*-232(%("C.)"%"#%"=%(&)"#)"/.+$0)"-2)=+$B"*$0##)3%")0"/," =2/=%"
.0"'%/-$"()")0)&',%";"C.)B"')0)&%#=)0-)B" 2=+#2*%".0"'%/-$"()"(20)&$?"N/"#$"
C.)" $*.&&2&,%" +$&" )H)=+#$B" *$0" )#" -&%0/+$&-)" %" #$/" A2H$/" %" #$/"
)0-&)0%=2)0-$/"$"*$=+)-2*2$0)/?"Q%"=%(&)"2032)&-)"/."O2)=+$")0"##)3%&"%#"
A2H$" %")0-&)0%&")0"*$*A)B" #$" C.)"2=+#2*%".0"'%/-$")0"'%/$#20%B")0"()/'%/-)"
()#"*$*A)"$"=2)0-&%/"#%"=%(&)"##)3%"%".0"A2H$"%")0-&)0%&";")#"+%(&)"-&%5%H%"
-2)0)0"C.)" +%'%&" %" .0%" -)&*)&%"+)&/$0%" +%&%" C.)" *.2()"()"#$/" A)&=%0$/?"
N/)" -2)=+$" )=+#)%($" )0" )#" -&%0/+$&-)" /.+$0)" -%=52U0" .0" '%/-$" ()"
)0)&',%B" )/" -2)=+$" C.)" #%"=%(&)")=+#)%" )0"%*-232(%()/" C.)"0$" /$0"/.;%/"
+)&/$0%#)/?"

Z2'.&%"6?<K?"E$0<021&5%)%>5Y<$#="5%>2"0?@12"5A%L$@+"#&-$5%)%,$%>0$#(C&%
,$%-&%.&,#$:%

B(F0$*6,(& 9& N$+0+;."(& B;,+E).;"(3& W$)#,*"%$(& 9& '$& B+$*GC"&

*$%";.,+"',& ;,+& J";*.@.;.,& O"=,*"%3& )#" =%;$&" '%/-$" )*$0E=2*$" *$=$"
*$0/)*.)0*2%" ()#" ()+$&-)" ()#" A2H$" +)&$" -%=52U0" )#" /)&" )#" +%(&)"
&)/+$0/%5#)"()"%#'.0$/" %/+)*-$/"()#"()+$&-)"()#"A2H$B" #)"A%*)0"%"#%"=%(&)"
-)0)&"C.)"-&%5%H%&"=1/B"/.+$02)0($"-$($")##$".0"/%*&2D2*2$" +$&"+%&-)"()"#%"
=%(&)" %" 023)#" #%5$&%#?" N0" $*%/2$0)/B" *.%0($" #%" F%=2#2%" (2/+$0)" ()" .0"
0)'$*2$" F%=2#2%&B" /2)=+&)" )/" #%" =%(&)" #%" C.)" /)" C.)(%" -&%5%H%0($" )0"U#B"
=2)0-&%/" )#" +%(&)" %*.()" %" 3)&" %" /." A2H$" *$=+)-2&" $" #)" ##)3%" %" #$/"

*!!

0#/1-.!2!3-$)1&-

)0-&)0%=2)0-$/?" T)"-&%-%B"+$&"-%0-$B"()".0"%/+)*-$",0-2=%=)0-)"#2'%($"*$0"
)#" )/F.)&4$" $"&)0.0*2%" ()")0)&',%?" O)0)&"C.)" -&%5%H%&" =1/" #)" 2=+#2*%"%" #%"
=%(&)"=%/"*%0/%0*2$?"d-&%/"=%(&)/B"/20")=5%&'$B"%"#%/"C.)")#"()+$&-)"()#"
A2H$" 0$" #)/" %F)*-%" )0" )M*)/$" ()/()" )#" +.0-$" ()" 32/-%" )*$0E=2*$B" )/)"
)/F.)&4$" $" &)0.0*2%" ()" -2)=+$" #)/" %F)*-%" )0" #%" =)(2(%" )0" C.)" (2*A$"
/%*&2D2*2$"()"-2)=+$"#)/"A%*)"F&)0%&"/."()/%&&$##$"+&$F)/2$0%#?"
B(F0$*6,(& 9& N$+0+;."(& B;,+E).;"(3& W$)#,*"%$(& 9& '$& B+$*GC"&
*$%";.,+"',& ;,+& J";*.@.;.,& V").%."*$(3& '$& U,*"*.,(& 9& '$& <;.,3& #$/"
)/F.)&4$/";"&)0.0*2%/"-)=+$&%#)/"2=+#2*%0"-%=52U0".0%"%(%+-%*2E0"()"#$/"
A$&%&2$/" 8/%*&2D2*2$/" A$&%&2$/>B" /.+$02)0($" )#" ()+$&-)" ()#" A2H$"
=$(2D2*%*2$0)/" )0" #$/" A$&%&2$/" F%=2#2%&)/B" %F)*-%0($" %" #%" F%=2#2%"
8T%*&2D2*2$/" Z%=2#2%&)/>?" G$&" $-&$" #%($B" %#" -)0)&" =)0$/" (20)&$B" =)0$/"
-2)=+$" ;" =)0$/" )0)&',%B" #%/" =%(&)/" +&%*-2*%0" =)0$/" $*2$" 8T%*&2D2*2$" ()#"
d*2$>?" O$($" )/-$/" /%*&2D2*2$/" ()" #%/" =%(&)/" %F)*-%0" %" 023)#" F%=2#2%&B"
/.+$02)0($"T%*&2D2*2$/"Z%=2#2%&)/"8Z2'.&%"6?9:?>?"

Z2'.&%"6?9:?"X&2#1O121"5%,$%-&%.&,#$:%
k"*>%&',"*('*//.'$.'2*>)1%'+"#$%('6)>*('1*'(*+.>.'%#",.1%(',%-8"*'0*>9.'.'0*-+*'%'2*>9.'
#%+,*2)#)%>*(' )>2*->.#)%>./*(' @' *//.' *(2.=.' ,*>1)*>2*4' 34445' J>2%>#*(' ()&' $.' (.#-)6)#.1%' ("'
2)*+,%' /)=-*&' *>' 0*U'1*'*(2.-'1*1)#<>1%(*'.'0*-' ">' +"(*%&' ">.' );/*().444' #%(.('8"*'.' *//.'/*'

*!*

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

;"(2.>&',"*('(*'$.',.(.1%'$%-.('@'$%-.('*>' ">',%/)1*,%-2)0%'0)7>1%+*'*>2-*>.-'%'#%+,*2)-4'
ABQDGB'FG_I4

N$+0+;."&"%&U.2,& *$%";.,+"',& ;,+& J";*.@.;.,& '$%&X.$+$(-"*& #(.;,%EG.;,3&

%=5$/"*$0*)+-$/")/-10"&)#%*2$0%($/")0"#%"=)(2(%")0"C.)")#"/%*&2D2*2$"()#"
52)0)/-%&"+/2*$#E'2*$")/"*$0/)*.)0*2%"()"#%"&)0.0*2%"%#"A2H$"8Z2'.&%"6?9<?>?"

Z2'.&%"6?9<?"E$0<021&%&-%V1W"%)%X&2#1O121"%,$-%]1$0$5'&#:%
!()=1/" ()" )/-%/" &)#%*2$0)/" )0-&)" #%/" *%&%*-)&,/-2*%/" ()" #%" (2=)0/2E0" T%*&2D2*2$/B"
_)0.0*2%/" ;"N/F.)&4$/"()" #%" I%(&)B" %"*$0-20.%*2E0" /)" %0%#24%0" #%/" &)#%*2$0)/"*$0"
$-&%/" *%-)'$&,%/" ;" ()" =%0)&%" )/+)*,D2*%" *$0" $-&%/" (2=)0/2$0)/" ()" (2*A%/"
*%-)'$&,%/P
B(F0$*6,(&9&N$+0+;."(& B;,+E).;"(& *$%";.,+"',&;,+&5#,9,& B;,+E).;,3&
%=5$/" *$0*)+-$/" )/-10" &)#%*2$0%($/" )0"#%"=)(2(%" )0" C.)" +&)/-%&" %+$;$"
)*$0E=2*$" 8()" =%0)&%" (2&)*-%" $" 20(2&)*-%>" 2=+#2*%" ()" %#']0" =$($" .0"
)/F.)&4$"$"&)0.0*2%")*$0E=2*$?"

*!#

0#/1-.!2!3-$)1&-

?'2%1%('/%('()2)%('>%')=.'.'0*-/.&'2.+,%#%'+)'*#%>%+9.'(*',*-+)29.',%1*-')-'.'2%1%('/%('

0).:*(&'(*')=.'1%>1*'(*',%19.4'ATDBT'!EI4
'

b%'\")'.'0*-/*'.'/%('ppVV&'m#Y+%')=.'.')-n4'O)'+*'$"=)*-.>',.;.1%'*/'0).:*';"(2%(.+*>2*'

$.=-9.')1%4'P*-%'#Y+%')=.'.')-'@%'.'d%('q>;*/*(444'AGEDGB'!XI4

B(F0$*6,(& 9& N$+0+;."(& B;,+E).;"(& *$%";.,+"',& ;,+& 5#,9,& P"-$*."%3&

%=5$/"*$0*)+-$/")/-10"&)#%*2$0%($/"+.)/-$"C.)"*$=+&%&"=%-)&2%#"2=+#2*%"
.0"'%/-$" )*$0E=2*$" C.)"%"(2F)&)0-)"023)#" +.)()" /)&"*$0/2()&%($" /E#$" .0"
)/F.)&4$"$".0%"&)0.0*2%"=%;$&?
+

S/.-%'8"*'*('">'(.#-)6)#)%'*#%>Y+)#%&'*('8"*'*('">'1*,%-2*'+"@'#.-%'34445'*/'+.2*-)./'*('

+"@'#.-%4'AQBDGB'!GBI4

B(F0$*6,(& 9& N$+0+;."(& B;,+E).;"(3& W$)#,*"%$(& 9& '$& B+$*GC"3&

*$%";.,+"',& ;,+& 5#,9,& O,GC(-.;,3& )#" -&%0/+$&-)" %" *$=+)-2*2$0)/" ;"
)0-&)0%=2)0-$/B" #%" +&)+%&%*2E0" ()" *$=2(%/" ;" =%#)-%/B" *$0/-2-.;)0"
%**2$0)/" C.)" 2=+#2*%0".0" '%/-$" ()" )0)&',%B" -2)=+$" ;" (20)&$B" /.+$02)0($"
&)0.0*2%&"%")##$?"
+

[*>)-2*' .' ="(#.-' ./' #%/*;)%&' 2"' #.+=).-2*' *>' */' #%#$*' #.+)>%' 1*/' *>2-*>%4' !"#$.('

0*#*(' *(,*-.-(*'2%1%'*/'*>2-*>.+)*>2%' @'1*(,"7('0"*/2.' ,.-.' #.(.' @'*(2%' #".2-%' 19.(' .' /.'
(*+.>.4'ABEDH'FGEI4

"

6?9?<?6?9?"T%*&2D2*2$/B"_)0.0*2%/";"N/F.)&4$/"()"#%"I%(&)";"/."N3$#.*2E0"

Q$/" X&2#1O121"5A% E$0<021&5% )% >5Y<$#="5% ,$% -&% .&,#$" /$0" .0%" (2=)0/2E0" )0" *.;%/"
(2=)0/2$0)/"/)"=.)/-&%".0%")3$#.*2E0"%"#$"#%&'$"()#"()/%&&$##$"()+$&-23$" ()#" A2H$?"
N/"()*2&B")/$/"/%*&2D2*2$/B"&)0.0*2%/";")/F.)&4$/"3%&,%0";")3$#.*2$0%0"%#"-2)=+$" C.)"
#$" A%*)" )#" ()+$&-2/-%" ;" /." +&$'&)/2E0" )0" )#" ()+$&-)B" +)&$" -%=52U0" *$=$"
*$0/)*.)0*2%" ()#" *&)*2=2)0-$" ()#" A2H$" *$=$" +)&/$0%?" G$&" -%0-$B" *$0/2/-)" )0" .0%"
(2=)0/2E0"C.)")3$#.*2$0%"%#"-2)=+$"C.)"#%/")M2')0*2%/"()#"()+$&-)"%/,"#$"&)*#%=%0?
"

!" *$0-20.%*2E0"/)" ()-%##%"#%")3$#.*2E0"()"#$/" *$0*)+-$/")0"5%/)"%"#%/" Z%/)/"

)0" )#" @)/%&&$##$" ()#" O%#)0-$B" +.(2)0($B" +$&" -%0-$B" )/-%5#)*)&/)" 0$" /E#$" .0" 023)#"
H)&1&C.2*$"()"#$/"*$0*)+-$/B"/20$"-%=52U0".0"023)#"-)=+$&%#"8Z2'.&%"6?99?>P

*!"

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

Z2'.&%"6?99?">4"-<21?0%X&2#1O121"5A%E$0<021&5%)%>5Y<$#="5%,$%-&%.&,#$

"

K+.;.,&?$#,*-./,L& )0")#"202*2$" ()+$&-23$" /$0"F.0(%=)0-%#=)0-)")/F.)&4$/";"

&)0.0*2%/"*$0/2()&%(%/")0"-2)=+$B"(20)&$";")0)&',%?"
"

?$("**,%%,& ?$#,*-./,L& ()0-&$" ()" )/-)" ()/%&&$##$" ()+$&-23$" /)" *$0/2()&%0"

($/"F%/)/" .0%"202*2%#";".0%"D20%#?" N0"#%"F%/)" ()"()/%&&$##$" ()+$&-23$" 202*2%#" 8Z%/)"[>"

*$0-20]%0"#$/"=2/=$/")/F.)&4$/" ;"&)0.0*2%/B" +)&$"*$0")#"+%/$" ()#"-2)=+$"8Z%/)"[["
()#"()/%&&$##$"()+$&-23$>B" 0$" /)"*$0/2()&%0")/$/" )/F.)&4$/";"&)0.0*2%/" ()"-2)=+$B"
)0)&',%" ;" (20)&$" )0" /," =2/=$/B" /20$" /./" *$0/)*.)0*2%/P" #$/" /%*&2D2*2$/" #%5$&%#)/B"
A$&%&2$/" ;")#"/%*&2D2*2$"()#"$*2$?"O$($" )##$" %.=)0-%0($"/."20D#.)0*2%")0"#%"F%=2#2%"%"
=)(2(%" C.)"%.=)0-%")#" 023)#" ()+$&-23$" 8/%*&2D2*2$/" F%=2#2%&)/>?" N/")#" =$=)0-$" ()"
=%;$&" ()+)0()0*2%" ()#" ()+$&-2/-%" +$&" #$/" +%(&)/" +%&%" /." ()+$&-)B" )/" #%" F%/)" ()"
=%;$&"0)*)/2(%("()"#%"F%=2#2%?" T)"202*2%"-%=52U0"#%"&)0.0*2%"%#" A2H$B"%#" -2)=+$" C.)"
#%/")M2')0*2%/"()#"()+$&-)"%.=)0-%0?
"

5%-,& M./$%L& )0")/-)"]#-2=$"+)&2$($" ()"%#-$" 023)#"#%"=%(&)"&)0.0*2%"%"/."A2H$"

()"=$($" ##%=%-23$" #$" C.)"#)" /.+$0)" .0"/%*&2D2*2$" %" 023)#"()" 52)0)/-%&" +/2*$#E'2*$?"
Q%" &)0.0*2%" %#" A2H$" ;" /." *$0/)*.)0-)" /%*&2D2*2$" ()" 52)0)/-%&" +/2*$#E'2*$B" /$0"
*$0*)+-$/" )M*#./23$/" ()" ]#-2=$" +)&2$($" ()" ()/%&&$##$" ()+$&-23$" ;" %#-$" 023)#?" N#"
&)/-$"()")/F.)&4$/B"&)0.0*2%/";"/%*&2D2*2$/"*$0-20]%B" %/,"*$=$" #%/"*$0/)*.)0*2%/"()"
#$/"=2/=$/P
N#" $5Y<$#="% "% #$0<021&% $2"0?@12&" ()/%+%&)*)" )0" #$" &)F)&)0-)" %#"
=%0-)02=2)0-$" ()#" +&$+2$"()+$&-2/-%";"()"/."=%-)&2%#?"N0")/-%"]#-2=%"F%/)"

*!$

0#/1-.!2!3-$)1&-

)#" ()+$&-2/-%" )/" -$-%#=)0-)" 20()+)0(2)0-)" ()/()" )#" +.0-$" ()" 32/-%"
)*$0E=2*$B" /2" 52)0B" +%&%" #%" =%(&)" /2'.)" /.+$02)0($" .0" )/F.)&4$" $"
&)0.0*2%")*$0E=2*%"+.)/" #$/"32%H)/" +$&"2&"%"3)&#)"*$=+)-2&" #)"/.+$0)0".0"
2=+$&-%0-)"'%/-$?
N#" '1$@+"" *$0-20.%"/2)0($".0" )/F.)&4$" $" .0%"&)0.0*2%B" +.)/" #%"=%(&)"()"
=%0)&%"3$#.0-%&2%"'%/-%"/."-2)=+$"+$&"2&"%"3)&"%"/."A2H$"*$=+)-2&?"
R$0-20]%0"#$/%5&2#1O121"5%Y&@1-1&#$5%)%,$%T"#&#1"5?
!" 023)#"#%5$&%#B"#%"=%(&)")0")/-%"F%/)"0$" A%*)"/%*&2D2*2$/B" /2" 52)0B" /.F&)"#%/"
*$0/)*.)0*2%/" ()" )/)" F&)0$" +&$F)/2$0%#" ()" #%" )-%+%" %0-)&2$&?" Q$/" ]02*$/"
)/F.)&4$/"&)#%*2$0%($/"*$0")#"-&%5%H$"/$0"#$/"&)F)&)0-)/"%"#%/"3%*%*2$0)/"$"
(,%/"#25&)/"+%&%"C.)"*$20*2(%0"*$0"#$/"*%=+)$0%-$/"()#"A2H$"()+$&-2/-%?"
N0"&)#%*2E0"%#""21""+.)()0"$*.&&2&"-&)/"$+*2$0)/P"
I%(&)/" C.)" 0$" A%*,%0" $*2$" %0-)/" ()#" ()+$&-)" ()" #$/" A2H$/" $" )0" /."
)-%+%" ()" 202*2%*2E0B" 0$" /%*&2D2*%&$0" )/)" $*2$" )0" )-%+%/" +$/-)&2$&)/B"
+$&"#$"C.)")0")#"%#-$"023)#"/)"=%0-2)0)"2'.%#B"/20"$*2$?
I%(&)/" C.)" 0$" A2*2)&$0" $*2$" %0-)/" ()#"()+$&-)" ()"#$/" A2H$/B" C.)" 0$"
/%*&2D2*%&$0" )/)" $*2$" )0" )-%+%/" ()" ()/%&&$##$" +)&$" C.)" )0" )#" %#-$"
023)#B" %+&$3)*A%0" #%/" *2&*.0/-%0*2%/" +%&%" ()/%&&$##%&" )/)" $*2$" )0"
F%=2#2%"832%H)/")0"F%=2#2%>?"
I%(&)/" C.)" A%*,%0" $*2$" %0-)/" ()#" ()+$&-)" ()" #$/" A2H$/B" $*2$" C.)"
/%*&2D2*%0")0")-%+%/"()"()/%&&$##$"($0()"#%")M2')0*2%"()#"()+$&-)";"#%"
()+)0()0*2%" ()" #$/" A2H$/" +$&" #$/" +%(&)/" %.=)0-%" ;" C.)" )0" )#" %#-$"
023)#"%+&$3)*A%0")/)"#.'%&"+%&%"()/%&&$##%&"0$"/E#$".0"$*2$"F%=2#2%&B"
/20$" -%=52U0"+)&/$0%#" 8)##%/"/$#%/" 32%H%0"$" /%#)0"%"*)0%&" *$0"+%(&)/"
()"$-&$/"()+$&-2/-%/>?
"

Q%" )(%(B" *#%/)" /$*2$i)*$0E=2*%B" 023)#" ()" )/-.(2$/" ;" #.'%&" ()" &)/2()0*2%"

*$0/-2-.;)0"%/+)*-$/"&)#)3%0-)/"+%&%"C.)"#%/" =%(&)/" $+-)0"+$&".0%"."$-&%"$+*2E0"

)0"&)#%*2E0"%#" $*2$?" T$0" #%/" =%(&)/" ()"()+$&-2/-%/" &)-2&%($/" 8()"=%;$&" )(%(>"#%/"

*!%

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

C.)"/)"20*#.;)0"()0-&$"()#" +&2=)&"'&.+$?" I%(&)/"C.)"323)0"+$&";" +%&%" /."F%=2#2%B"

/20"()/)$" ()"+&%*-2*%&"$*2$B"02" ()"*$0/2()&%&"/%*&2D2*%($"/."$*2$" +$&")#" ()+$&-)"()"
/."A2H$?"
"

N0")#" /)'.0($" '&.+$" +$(&,%0"20*#.2&/)" #%/" =%(&)/" ()"()+$&-2/-%/" &)-2&%($/"

=1/" HE3)0)/" ;" %#'.0%/" ()" ()+$&-2/-%/" )0" %*-23$B" *.;$/" $-&$/" A2H$/" F$=)0-%0" )/)"
$*2$" F%=2#2%&" *$=$" *$0/)*.)0*2%" ()#" ()+$&-)" ()" %#-$" 023)#" ()#" A)&=%0$?" `$"
+&%*-2*%5%0" $*2$" %0-)&2$&=)0-)" ;B" +$&" -%0-$B" 0$" *$0/2()&%0" C.)" #$" A%;%0"
/%*&2D2*%($" +$&" )#" ()+$&-)" ()#" A2H$B" +)&$" /2" C.)" )0" )/%" -)&*)&%" F%/)" ()" %#-$" 023)#"
*&))0"C.)"+.)()"/)&".0%"$+$&-.02(%("+%&%"+&%*-2*%&#$";"()/%&&$##%&"$*2$"F%=2#2%&?"
"

N0")#" -)&*)&"'&.+$")/-10"#%/" =%(&)/" ()"()+$&-2/-%/" )0"%*-23$B" *$0")/-.(2$/"

/.+)&2$&)/B" C.)" +&%*-2*%5%0" $*2$" %0-)/" ()#" ()+$&-)" ()#" A2H$B" C.)" *$0/2()&%0" C.)"
-.32)&$0"C.)"/%*&2D2*%&" )/)"$*2$" +$&")#"()+$&-)" ()#" A2H$";"C.)"##)'%($" %#" %#-$"023)#"
%+&$3)*A%0")/%"*2&*.0/-%0*2%"+%&%"()/%&&$##%&")/)"$*2$" %"+%&-2&" ()")/)"()+$&-)"()"
%#-$"023)#?"
"

N$-.*"'"L")0")/-%")-%+%B"%"023)#" )*$0E=2*$" %"#%"=%(&)"#)"+.)()"/.+$0)&".0"

)/F.)&4$"80$" )/".0")/F.)&4$" ')0)&%#24%($"%"-$($/"#$/"()+$&-2/-%/>"+$&"#%"0)*)/2(%("

()#" ()+$&-2/-%" ()" /)&" =%0-)02($?" d*.&&)" )0" ()+$&-)/" +$*$" =)(21-2*$/B"
')0)&%#=)0-)"F)=)020$/"$")0"%C.)##$/"*.;%"&)-2&%(%"$*.&&)"=.;"-)=+&%0$?"
"

!/+)*-$/" *$=$" #%" 20*)&-2(.=5&)" -&%/" #%" &)-2&%(%" $" 3)&" *E=$" #$/" A2H$/" A%0"

C.)(%($"=%&*%($/"D,/2*%=)0-)"+$&"#%/"#)/2$0)/"$"+$&")/)"()+$&-)"()"%#-$"023)#"/$0"
-)=%/" C.)" +&)$*.+%0" )" 20C.2)-%0" %" #%/" =%(&)/B" *$0/-2-.;)0($" -$($" )##$" .0"
/%*&2D2*2$" ()#" 52)0)/-%&" +/2*$#E'2*$?" e0%"'2=0%/-%"C.)" 0$" +.)()"($5#%&"#%")/+%#(%"
0$&=%#=)0-)"$" .0"H.($c%"*$0" ($#$&)/" *&E02*$/" ()" &$(2##%" *$=$" *$0/)*.)0*2%" ()"
)/)"()+$&-)"#)"/.+$0)"%"#%"=%(&)" .0%"-)0/2E0";" /.F&2=2)0-$"C.)"+)&(.&%"=1/"%##1"
()"#%"&)-2&%(%B" =$/-&%0($" *E=$" )#" D20%#"()#" ()+$&-)"0$" /.+$0)")#"D20"()"-$($/" #$/"
/%*&2D2*2$/" ()" #%" =%(&)" &)F)&2($/" %" )/)" ()+$&-)" ()" %#-$" 023)#" C.)" ()H%" =%&*%($"
(.&%0-)"=1/"-2)=+$B")0"$*%/2$0)/B"-$(%"#%"32(%?"

*!&

0#/1-.!2!3-$)1&-

"

6?9?<?6?6?" d-&%/" R$0/2()&%*2$0)/" !*)&*%" ()" T%*&2D2*2$/B" _)0.0*2%/" ;"

"

N/F.)&4$/"()"#%"I%(&)

Q$/" /%*&2D2*2$/B" &)0.0*2%/" ;" )/F.)&4$/" ()" #%" I%(&)" *$0/-2-.;)0" .0%" (2=)0/2E0"
)/+)*2%#" ()" *.;$" %01#2/2/" )=)&'2E" .0%" 0.)3%" (2=)0/2E0" ()" =)0$&" 023)#" ()"
%5/-&%**2E0B"&)F)&2(%"%"#%/"*%&%*-)&,/-2*%/"+&$+2%/";")M*#./23%/"()")/-%"(2=)0/2E0?"
/0$0(#1$3=#)(0=.&1.4%=.D0($)E)()%=F.G1"'"()0=.7.9=H'1$I%=.&1.40.80&$1
R$=$" A)*A$" $5H)-23$" #%/" =%(&)/" &)0.0*2%0" %" =.*A$" +$&" )#" ()+$&-)" ()#" A2H$" /20"
2=+$&-%&" #%")-%+%"()+$&-23%")0"#%"C.)" /)")0*.)0-&)0?" \" )/"C.)"*.%0($" #%/"=%(&)/"
A%5#%0"()"%"C.U"&)0.0*2%0"#$"A%*)0"()"=%0)&%"/20*)&%";"=.)/-&%0")/$/"/%*&2D2*2$/"
;"&)0.0*2%/" C.)" %"$H$/" ()"#$/" ()+$&-2/-%/" $" ()"#%/"F%=2#2%/")0"*$0H.0-$" 0$" /)" 3)0B"
/%#3$" C.)" %F)*-)0" %#" 0]*#)$" F%=2#2%&" )0" *$0H.0-$?" N/%/" &)0.0*2%/" &% @<2T"" A%*)0"
&)F)&)0*2%" %#" *$0H.0-$" ()" &)0.0*2%/" ;" /%*&2D2*2$/" C.)" A%" /.+.)/-$" ;" /.+$0)" )#"
()+$&-)" ()#" A2H$" ()+$&-2/-%B" A%*2)0($" %#./2E0" %" #$/" /%*&2D2*2$/" )*$0E=2*$/B" ()"
-2)=+$B")0)&',%B"#%5$&%#)/"$"()"$*2$?"N/".0"/%*&2D2*2$"'#$5%#";"*%=52%0-)?"""
"

Q%/" =%(&)/" A%*)0"&)F)&)0*2%"%".0"(2F)&)0-)"023)#" ()")/F.)&4$/" ;"/%*&2D2*2$/"

)0"#%/"(2F)&)0-)/"(2=)0/2$0)/?" N#"-2+$" ()"()+$&-)B")#"-%=%a$"F%=2#2%&B"#%"*#%/)"/$*2$"

j")*$0E=2*%"%"#%"C.)"+)&-)0)*)0B" #%")(%("()"#%"=%(&)B" 20*#./$"/."+&$+2%"2()$#$',%B"
/$0"*%&%*-)&,/-2*%/"C.)"()-)&=20%0")/$/"(2F)&)0-)/"023)#)/?"
"

Q$/" /%*&2D2*2$/" $" )/F.)&4$/" +.)()0" *#%/2D2*%&/)" -%=52U0" )0" 5%/)" %" /."

-)=+$&%#2(%(P
!" (2%&2$B" #%" =%(&)" C.)" ##)3%" -$($/" #$/" (,%/" %#" A2H$" %" )0-&)0%&?" T$0" #$/"
/%*&2D2*2$/"-,+2*$/"()"#%/"+&2=)&%/")-%+%/?"
O)=+$&%#)/B"#%"=%(&)"C.)"/%*&2D2*%".0"32%H)"+$&"*.2(%&"%"/."A2H$"#)/2$0%($B"
C.)"/)"%*.)/-%"=1/"-%&()".0%"0$*A)"%;.(%0($"%#"A2H$")0".0"-&%5%H$"+%&%"#%"
e023)&/2(%("$"C.)"*$=+&%".0"=%-)&2%#"*%&$")0")-%+%"()"()/%&&$##$?
"

Q$/"()+$&-2/-%/"=.*A%/"3)*)/"0$"+)&*25)0"#%/"&)0.0*2%/"()"/./"=%(&)/B";")/"

C.)")#")'$,/=$";"#%"5.&5.H%")0"#%"C.)"323)0"#$/"()+$&-2/-%/")0"%*-23$"#)/"2=+2()"3)&"
=1/"%##1"()"#$" C.)"A%*)0")##$/" =2/=$/"+$&"/."()+$&-)^" )#"&)-2&%&/)";" 3)&"-$($"*$0"

*!'

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

*2)&-%"+)&/+)*-23%" F%*2#2-%"*$0$*)&" *$0")#"-2)=+$" C.U" /%*&2D2*%&$0"/./" =%(&)/" +$&"

/."()+$&-)?"G)&$" )/"C.)"20*#./$B")0"$*%/2$0)/B"#%/"+&$+2%/"=%(&)/"0$"+)&*25)0")/%/"
&)0.0*2%/P
%#"*$0/2()&%&#%/"%**2$0)/"$5#2'%(%/"*$=$"=%(&)/?"
%#" *$0/2()&%&#%/" *$0/)*.)0*2%" ()" +%+)#)/" ##)3%($/" %" *%5$" /20" )/F.)&4$/B"
A)*A$/" *$0" %'&%($?" N#" =$-23$" ()" )/-)" +)0/%=2)0-$" +.)()" $5-)0)&"
&)/+.)/-%"%"+%&-2&"()#"*E(2'$" )0"323$" /2'.2)0-)P",$%&-(<0&%@&0$#&%2"@"%-"%
4$5%Y$-1=A%$0'"02$5%0"%+1$05&5%P<$%$5'^5%#$0<021&0,":%6DMS:%.GK8:

+,;,;,.!"A1$=)*".9:%()%"04.?%=)#)A0.&1.40.80&$1
Q%" /04$#51?0% >@"21"0&-% D"51'14&% ,$% -&% .&,#$" ()-%##%" #$/" %/+)*-$/" +$/2-23$/" C.)"#)"
/.+$0)"%" #%" =%(&)"#%"2=+#2*%*2E0" )0")#" ()+$&-)" ()"/."A2H$?" R$0/-2-.;)" #%" /)'.0(%"
(2=)0/2E0"()"#%"/04$#51?0%>@"21"0&-% ,$% -&% .&,#$";")/-1"F$&=%(%"%"/."3)4B"+$&"-&)/"
(2=)0/2$0)/" ()" =)0$&" 023)#" ()" %5/-&%**2E0" 8Z2'.&%" 6?96?>" C.)" /)" )M+#2*%0" %"
*$0-20.%*2E0?

Z2'.&%"6?96?"/04$#51?0%>@"21"0&-%D"51'14&%,$%-&%.&,#$:%

*!(

Z2'.&%"6?9L?"3$5$"5%,$%-&%.&,#$:%

0#/1-.!2!3-$)1&-

**)

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

6?9?9?<?"@)/)$/"()"#%"I%(&)
Q$/"3$5$"5%,$%-&%.&,#$"*$0/-2-.;)0")#"/)0-2=2)0-$"()"%0A)#$"+$&"+%&-)"()"#%"=%(&)"
()"C.)"%#'$"+$/2-23$"#)"%*$0-)4*%"%#"A2H$"$"%#'$"0)'%-23$" #)"()H)"()"%*$0-)*)&?"N/-$/"
()/)$/" )/-10" *$=+.)/-$/" +$&" *.%-&$" (2=)0/2$0)/" 8Z2'.&%" 6?9L?>" ()D202(%/" %"
*$0-20.%*2E0";"$&()0%(%/")0"5%/)"%"/."F.0(%=)0-%*2E0P
3$5$"5%,$% -&% @&,#$%#$Y$#1,"5%&% -"5%$5'<,1"5A%)#"()/)$" ()"#%"=%(&)"()"C.)"/."
A2H$" )/-.(2)" /)" *$032)&-)" )0" )#" *$0*)+-$" =1/" &)#)3%0-)" ()0-&$" ()" )/-%"
(2=)0/2E0?"N/".0"()/)$"%+$;%($"+$&".0%"2=+$&-%0-)"%;.(%?"T)"-&%-%"()".0"
()/)$" )M-)&0$" %#" ()+$&-)" )0" /," =2/=$" +)&$" C.)" 20D#.;)" ()" =%0)&%"
()-)&=20%0-)")0"U#B"+.)/-$"C.)")0"#%/"+&2=)&%/")-%+%/"#%"=%(&)"%0-)+$0)"
#$/" )/-.(2$/" 8/." ()/)$" +$&C.)" )#" A2H$" )/-.(2)>" %#" +&$+2$" ()+$&-)" 8()/)$"
+$&C.)")#"A2H$"A%'%"()+$&-)>"*$032&-2U0($/)")/%"F$&=%*2E0")0".0"&)C.2/2-$"
F.0(%=)0-%#?"N/-)"()/)$"*$0/-2-.;)".0%"#2=2-%*2E0"()#"()/)$"()"C.)")#"A2H$"
A%'%"()+$&-)?"N/".0"()/)$" C.)"+)&(.&%"%"#$"#%&'$" ()"-$(%"#%"32(%";"0$"/E#$"
)0"#%/")-%+%/" ()+$&-23%/?" `$")/")M*#./23$" ()".0%" F$&=%*2E0"%*%(U=2*%" %#"
./$B" /20$"C.)"*.%#C.2)&"-2+$"()" F$&=%*2E0")/"%+&)*2%(%" ;"()/)%(%"+$&" #%/"
=%(&)/B" 0$" /E#$" .0%" *%&&)&%" .023)&/2-%&2%B" /20$" 2(2$=%/" $" *.&/$/" ()"
F$&=%*2E0?
'

?'+)'+.1-*'/*'$.#9.'+"#$.')/"()Y>'8"*'\"*-.')>;*>)*-%4'AGDQB'FGI4

'

?'+)'+.1-*'/*',-*%#",.=.>'/%('*(2"1)%(4'J-.'+"@'="*>.'*(2"1).>2*'@'*>'/.'#.=*U.'1*'

">.'+.1-*'#/<()#.'#%+%'*//.&',"*('8"*'2"'$):.'\"*-.'.'/.'j>)0*-()1.1'*-.')+,%-2.>2*4'AQEDGX'
FGXI4
'

?'0*-'+)'$):%'/%'2*>9.'#/.-%' ,%-8"*'1):%' 8"*'>%')=.'.'*(2"1).-4' g%'#-*%'8"*'2*>9.'8"*'

$.=*-'(*;")1%&',*-%'="*>%&'1):%'8"*'(Y/%'(*')=.'.'1*1)#.-'./'.2/*2)(+%'*h#/"()0.+*>2*&'@'.'*(%'
(*'1*1)#Y4' g%' *(%' /%' //*07'+./&' +"@' +./&' 2*>9.' 8"*' $.=*-' 2*-+)>.1%&' ,%-8"*' *-.' :%0*>&' /%'
//*0.=.'=)*>&'#%>'/%')+,%-2.>2*'8"*'(%>'/%('*(2"1)%(444'A_DBG'!BI4

3$5$"5% ,$% -&% @&,#$% #$Y$#1,"5% &% -&% Y$-121,&,% )% ,14$#51?0A% )/" )#" ()/)$" ()" #%"
=%(&)"()"C.)"/."A2H$"/)%"F)#24"()"=%0)&%"'#$5%#";"()"=$($")/+)*,D2*$")0"/."
()+$&-)?"T)"-&%-%"()".0"*$0*)+-$"C.)"()-%##%";")M+#2*%")#"()/)$"()"#%"=%(&)"
()" C.)" )#" A2H$" &)%#2*)" #%/" %*-232(%()/" C.)" =1/" +#%*)&" #)" &)+$&-)0B"

**!

0#/1-.!2!3-$)1&-

+)&=2-2U0($#)"()")/)"=$($"A%*)&"#%"%*-232(%("C.)"C.2)&%?"R$0/2/-)")0".0%"
(2=)0/2E0" C.)" +)&(.&%" *$0")#" -2)=+$B" /2)=+&)" +&)/)0-)B" /20" 2=+$&-%&" #%"
)(%("()#"()+$&-2/-%B"C.)"0%*)"%0-)/"()"C.)")#"A2H$"A%'%"()+$&-)";"*$0-20.%"
-&%/"#%"&)-2&%(%?" !#"2'.%#"C.)")#" %0-)&2$&" )/".0"()/)$" ()"#%"=%(&)"(.&%0-)"
-$(%" #%" 32(%?" Q%" =%(&)" ()/)%" C.)" /)%" F)#24" ;" /." A2H$" =.)/-&%" F)#2*2(%("
+&%*-2*%0($" ()+$&-)B" +$&"-%0-$" %+$;%")/%"+&1*-2*%?" R$=$" #%"=%(&)" ()/)%"
C.)")#"A2H$"/)%"F)#24B"#)"(%"#25)&-%(B")#"A2H$"$+-%"+$&"A%*)&"()+$&-)B"#)"'./-%";"
#)"(%"F)#2*2(%(B"+$&"#$"C.)"#%"=%(&)"()/)%"C.)")#"A2H$"A%'%"()+$&-)?"@)")/-)"
=$($" )#"()/)$" ()"C.)" )#"A2H$"A%'%"()+$&-)")/" +$&".0"#%($" .0%"(2=)0/2E0"
()" #%" *%-)'$&,%" ()/)$B" +)&$" +$&" $-&$" .0%" *%&%*-)&,/-2*%" ()" #%" *%-)'$&,%"
F)#2*2(%(";"(23)&/2E0?"
'

!*'.#"*-1%',*-\*#2.+*>2*'1*'">.' #%>0*-(.#)Y>' *>' /.' #%#)>.' 1*'>"*(2-.' #.(.' *>' /.'

8"*'*(2.=.>' +)' ,.1-*'1*',)*'@'+)' +.1-*'(*>2.1.' *>' /.' +*(.' .'+)'/.1%4' g' /*(' 1):*D' e%(2-.(&'
2%1%('+)'.+);%(':"*;.>' .' \^2=%/'(./.'@'(*'0.>'2%1%('/%('6)>*('1*'(*+.>.'.'$.#*-'#%+)1.('@'
,.-2)1%('@'(*'/%',.(.>'+"@'=)*>f4'g'+)'+.1-*D'e#.-)L%&'M8")*-*('$.#*-'2"' 2.+=)7>' \^2=%/'(./.'
*>'/";.-' 1*'=./%>+.>%Nf4' g' @%D'e,"*('*('8"*'>%' /%'(*f4'g' *>2%>#*(' +)'+.1-*'+*'1):%D'e()'2*'
,.-*#*'.#.=.+%('*(2*'.L%'@'1*(,"7('()'2"'8")*-*('>%('#.+=).+%(4'R"'$.U'/%'8"*'.'2)'2*'$.;.'
\*/)U&'/%'8"*'2"'8")*-.(f4'ABEDGC'FGEI4

3$5$"5% ,$% -&% @&,#$% #$Y$#1,"5% &% -&% +#_2'12&% ,$+"#'14&A% )/" )#" ()/)$" ()" #%"
=%(&)"()"C.)")#"A2H$"+&%*-2C.)"()+$&-)?"G.)()"/)&".0"()/)$"=$-23%($"+$&"
($/"%/+)*-$/?"
N0"+&2=)&" #.'%&" +.)()"C.)" #%" =%(&)" A%;%"()/)%($" /2)=+&)" C.)" /."
A2H$" +&%*-2C.)"()+$&-)"+$&C.)" )##%"-.3$")M+)&2)0*2%/" +$/2-23%/")0")#"
+%/%($" $" +$&C.)" #$" *$0/2()&%" .0"202'.%#%5#)" =)(2$" ()" -&%0/=2/2E0"
()"3%#$&)/?"
G)&$" +.)()" /)&" -%=52U0" .0" ()/)$" C.)" 0%*)" +$/-)&2$&=)0-)"
8*%&%*-)&,/-2*%>" *$=$" *$0/)*.)0*2%" ()" .0" 202*2$" ()+$&-23$" ()#" A2H$"
+$&" +&)/2E0"()#" +%(&)B" ()#" *$#)'2$" $" 3$#.0-%("+&$+2%";" C.)" -&%/" .0"
-2)=+$" #%" =%(&)"3)"*E=$" /." A2H$" (2/F&.-%"*$0" )/%"%*-232(%(B" #$" *.%#"
##)3%" %"#%"=%(&)"%" ()/)%&" C.)" /."A2H$"+&%*-2C.)")/%"%*-232(%("C.)"#)"
'./-%";"#)"A%*)"/)&"F)#24?"

***

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

'

g%' 2*>9.' C' .L%(' #".>1%' *+,*#7' @' -*#"*-1%' 8"*' *>' +)' #.(.&' 1*(1*' +"@' ,*8"*L)2.'

$.#9.'#%(.('#%>' /.(',)*->.(&' .=-)7>1%+*'1*',)*->.(&'+*'*#$.=.',.-.'.2-<(444'?'+)'+.1-*'/*'

;"(2.=.'+"#$%'*/'=.//*2'@'1):%D'e+*'*>#.>2.-9.'8"*'+)'$):.'$)#)*-.'=.//*2f4'P*-%'+*'+*2)Y'*>'
-92+)#.' ,%-8"*' /.' .#2)0)1.1' *h2-.*(#%/.-' 8"*' $.=9.' *>' */' #%/*;)%' *-.' \^2=%/&' =.(8"*2' @'
-92+)#.4'g' *>2%>#*('.(9' *+,*#7&' #%+%' ./;%' +<(' ,%-8"*'.' +)' +.1-*' /*';"(2.=.' @' ">' ,%#%'
0)*>1%'/.('#%(.('8"*'$.#9.'*>'#.(.4'ABTDG'FGCI4
'

?' 0*-' @%' $.#9.' 1*,%-2*' ,%-8"*' +)' +.1-*' ,*>(.=.' 8"*' $.=9.' 8"*' $.#*-/%' #%+%'

.#2)0)1.1',.-./*/.'.'/.'*1"#.#)Y>'69()#.'8"*'(*'$.#9.'*>'/%('#%/*;)%(4'APQK4'FGTI4

3$5$"5%,$%-&%@&,#$%#$Y$#1,"5%&-%^`1'"A%)/")#"()/)$"()"#%"=%(&)"()"C.)")#"A2H$"
%#*%0*)" )#" UM2-$" ()+$&-23$" *$=$" &)*$=+)0/%" %#" -&%5%H$" ;"()(2*%*2E0" C.)"
A%"+&)/-%($" )#" A2H$" )0" /."()+$&-)?" N/".0" UM2-$" )0-)0(2($" *$=$" &)/.#-%($"
F)#24" ()" %#'$B" 0$" 32*-$&2$/$?" `$" )/-1" &)#%*2$0%($" *$0" )#" UM2-$" )0-)0(2($"
*$=$"0)'$*2$B"$5-)0*2E0"()"F%=%"$"(20)&$?"
'

!)'+.1-*',*>(.=.&'()>'(*-'#%>(#)*>2*'1*'1%>1*',%19.'%'>%'//*;.-&'*//.'()'8"*',*>(.=.'

8"*'+*'+*-*#9.'+"#$%'+<('1*'/%'8"*')=.'#%>();")*>1%4'AGXDBT'FGGI4
'

!)'+.1-*'*('2.>'("\-)1%-.',%-8"*'1*(*.'8"*'2%1%'+*'(./;.'=)*>&'1*(*.'8"*'("'$):%'(*.'

*/'+*:%-'1*/',.-2)1%&'8"*'(*.'*/'8"*'1*(2.#.&'*/'8"*'+*:%-'/%'$.#*4'ABEDX'FGEI4

"

6?9?9?<?<?"@)/)$/"()"#%"I%(&)";"/./"_)#%*2$0)/"

Q%" (2=)0/2E0" ()" 3$5$"5% ,$% -&% .&,#$" =.)/-&%" .0%" %#-%" ()0/2(%(B" %#" =$/-&%&" .0"
)#)3%($" 0]=)&$" ()" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" (2=)0/2$0)/B" )M2/-2)0($"
20*#./$"&)#%*2$0)/")0-&)"#%/"+&$+2%/"*%&%*-)&,/-2*%/"()"#%"(2=)0/2E0"()"@)/)$/"()"#%"
I%(&)?"!"*$0-20.%*2E0"/)"()-%##%0"#%/"&)#%*2$0)/P
?$($,(&'$&%"&P"'*$&*$F$*.',(&"&%,(&B(-0'.,(&9&"&%"&V$%.;.'"'&9&?./$*(.E+B"
%=5$/" *$0*)+-$/" C.)(%0" &)#%*2$0%($/" +$&C.)" *$0/-2-.;)0" ()/)$/" ()" #%"
=%(&)"&)F)&2($/"%"#%"32(%"()#"A2H$"()".0"=$($"')0)&%#?"Q%"=%(&)"()/)%"C.)"
/."A2H$")/-.(2)" ;"C.)"/)%"F)#24" )0"#%"32(%B" *$0"()+$&-)"$" /20"()+$&-)B" +)&$"
)/-$/" %/+)*-$/"#$/"*$#$*%"()#%0-)"()#"+&$+2$"()+$&-)?" @)/)$/"&)#%*2$0%($/"
*$0")#"A2H$?

**#

0#/1-.!2!3-$)1&-

'

g%' ()*+,-*'/*'1):*'/%' +)(+%D'e#".>1%' .'2)' *(2%' >%'2*';"(2*'*(2%&'>%' 2*'0./;.',.-.' 2"'

\%-+.#)Y>'@',.-.'*(2.-'#%>2*>2.'*>'2"'0)1.&'/%'1*:.(&'>%',.(.'>.1.f4'ATDE'!EI4

?$($,(& '$& %"& P"'*$& *$F$*.',(& "%&?$#,*-$& 9& "%& YA.-,3& %=5$/" *$0*)+-$/"
)/-10"&)#%*2$0%($/"+$&C.)"/)"&)D2)&)0"%#"()+$&-)")0"/,"=2/=$?"R$0/-2-.;)0"
()/)$/"&)#%*2$0%($/"*$0")#"()+$&-2/-%?
+

S".>1%'+)'$):%',*-19.'@%'(*>29.',%-'1*>2-%'#%+%'">'1%/%-&'()*>2*('">'1%/%-4'S/.-%&'*('

8"*'+)'1%/%-'*-.' ("'2-)(2*U.4'J-.' ,%-'+)'$):%&'.'+)'8"*',*-1)*-.' +*'1.=.');"./&',%-'*/'$*#$%'

1*',*-1*-&',*-%'0*-/%'2-)(2*4'g%'8"*-9.'8"*';.>.-.&'(Y/%',%-'0*-/%'\*/)U4'AQGDBK'!GTI4

!()=1/"()")/-%/"&)#%*2$0)/")0-&)"#%/"*%&%*-)&,/-2*%/"()"#%"(2=)0/2E0"@)/)$/"()"#%"
I%(&)B" %"*$0-20.%*2E0"/)"%0%#24%0"#%/"&)#%*2$0)/"*$0"$-&%/"*%-)'$&,%/";"()"=%0)&%"
)/+)*,D2*%"*$0"$-&%/"(2=)0/2$0)/"()"(2*A%/"*%-)'$&,%/P
?$($,(& '$& %"& P"'*$& *$%";.,+"',& ;,+& 5#,9,& '$& %"& P"'*$3& -$($/" #$/"
*$0*)+-$/")/-10"&)#%*2$0%($/")0-&)"/2B")0"#%"=)(2(%")0"C.)")#"()/)$"()"C.)"
)#" A2H$" A%'%" ()+$&-)" ;" /)%" F)#24B" 2=+#2*%" +&)/-%&" .0" %+$;$" ')0)&%#24%($"
+%&%" *$=+&%&" =%-)&2%#B" ##)3%&#$" %" )0-&)0%&" ;" %" *$=+)-2*2$0)/B" %+$;%&#$B"
%02=%&#$B")-*???
+

?'+)'+.1-*'/*'*-.')>1)\*-*>2*'8"*'@%'$)#)*-.' .2/*2)(+%&'>%'/*'1.=.' 2.>2.')+,%-2.>#).'

.'8"*'$)#)*-.'.2/*2)(+%4'J//.'()*+,-*'+*'$.' )>2*>2.1%'.>)+.-',.-.'8"*'/%'$)#)*-.&',*-%' *//.'

8"*-9.',.-.'+)'/%'8"*'@%'8")()*-.&'/%'8"*'+*'.,*2*#)*-.4'AGDQK'FGI4

?$($,(&'$&%"&P"'*$&*$%";.,+"',& ;,+&P,)$+-,(&Q%"/$3&%=5$/"*$0*)+-$/"
/)"&)#%*2$0%0"%"+%&-2&"()"#$/")/-.(2$/?"e0"()/)$"2=+$&-%0-)"()"#%"=%(&)")/"
)#"&)#%*2$0%($"*$0"#$/" )/-.(2$/B" ()"=%0)&%"C.)"#%"=%(&)"+&)/-%".0"%+$;$"
)/+)*2%#")0")/$/"=$=)0-$/"*#%3)?
+

!)'+.1-*'()*+,-*'+*'.,%@Y'.'/.'$%-.'1*'/%('*(2"1)%(4'd%'8"*',.(.'*('8"*'@%'>">#.'\")'

="*>'*(2"1).>2*&'>%'+*';"(2.=.' *(2"1).-4'b">#.'-*,*29'#"-(%&',*-%'>%'+*';"(2.=.'*(2"1).-4'
R*-+)>7'/.'Jrk&' +*',.(7'.'sP'@'*(2"0*'">'.L%'@'./'(*;">1%'.L%' +*'\")4'!)'+.1-*'()*+,-*'
+*'.@"1Y&'*//.'8"*-9.'8"*'@%'*(2"1).-.4'P*-%'()'2"'>%'8")*-*(444'AGCDG_'FGKI4

**"

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

"

6?9?9?<?9?"@)/)$/"()"#%"I%(&)";"/."N3$#.*2E0"

Q$/"3$5$"5%,$% -&% .&,#$" /$0".0%"(2=)0/2E0")0"*.;%/" (2=)0/2$0)/"/)"=.)/-&%".0%"

)3$#.*2E0"%"#$"#%&'$"()#"()/%&&$##$"()+$&-23$"()#"A2H$?"N/"()*2&B")/$/"()/)$/"3%&,%0";"
)3$#.*2$0%0"%#"-2)=+$"C.)"#$"A%*)")#"()+$&-2/-%";"/."+&$'&)/2E0")0")#"()+$&-)B"+)&$"
-%=52U0" *$=$" *$0/)*.)0*2%" ()#" *&)*2=2)0-$" ()#" A2H$" *$=$" +)&/$0%?" G$&" -%0-$B"
*$0/2/-)")0".0%"(2=)0/2E0"C.)")3$#.*2$0%"%#"-2)=+$"C.)"#%/")M2')0*2%/"()#"()+$&-)"
%/,"#$"&)*#%=%0?
"

!" *$0-20.%*2E0"/)" ()-%##%"#%")3$#.*2E0"()"#$/" *$0*)+-$/")0"5%/)"%"#%/" Z%/)/"

)0" )#" @)/%&&$##$" ()#" O%#)0-$B" +.(2)0($B" +$&" -%0-$B" )/-%5#)*)&/)" 0$" /E#$" .0" 023)#"
H)&1&C.2*$"()"#$/"*$0*)+-$/B"/20$"-%=52U0".0"023)#"-)=+$&%#"8Z2'.&%"6?9X?>P

Z2'.&%"6?9X?">4"-<21?0%3$5$"5%,$%-&%.&,#$

"

K+.;.,& ?$#,*-./,L" )0" )#" 202*2$" ()+$&-23$" ;" %0-)&2$&=)0-)" 0%*)0"#$/" ()/)$/"

()"#%"=%(&)"&)#%*2$0%($/"*$0"#%"+&$+2%"32(%"()#" A2H$P"#$/")/-.(2$/" ;"#%"F)#2*2(%(?"Q%"

20-)0/2(%(")0")#"()/)$"()"#%"=%(&)"()"#%"F)#2*2(%("()#"A2H$")/"*$0/-%0-)"%"#$"#%&'$"()"
-$(%"#%"32(%B"/2" 52)0"#$/")/-.(2$/"%.=)0-%0"+$*$"%"+$*$"/."20-)0/2(%(?"N0")/-%"F%/)"
0%*)"-%=52U0")#"()/)$"()"#%"=%(&)"+$&C.)"/."A2H$"+&%*-2C.)"()+$&-)B"=$-23%($"+$&"
#%/" +&$+2%/")M+)&2)0*2%/" ()" #%"=%(&)?" N/-)"()/)$" *$0-20.%";"+)&(.&%"%"#$" #%&'$" ()"
-$(%"#%"*%&&)&%"()+$&-23%?
"

?$("**,%%,& ?$#,*-./,L" ()0-&$" ()" )/-)" ()/%&&$##$" ()+$&-23$" /)" *$0/2()&%0"

($/"F%/)/" .0%"202*2%#";".0%"D20%#?" N0"#%"F%/)" ()"()/%&&$##$" ()+$&-23$" 202*2%#" 8Z%/)"[>"

*$0-20]%0"#$/"=2/=$/"()/)$/"%0-)&2$&)/B";"0%*)")#"()/)$"()"#%"=%(&)"()"#%"+&1*-2*%"

**$

0#/1-.!2!3-$)1&-

()+$&-23%" ()#" A2H$" +)&$" *$=$" *$0/)*.)0*2%" ()" #%" (23)&/2E0" ;" (2/F&.-)" ()#" A2H$" %"
-&%3U/"()#" ()+$&-)"8(2F)&)0-)"&)/+)*-$" ()#" ()/)$"202*2%($" )0"#%"F%/)"%0-)&2$&>?" R$0"
)#" +%/$" ()#" -2)=+$" 8Z%/)" [[" ()#" ()/%&&$##$" ()+$&-23$>B" 0%*)".0"]#-2=$" ()/)$" ()"#%"
=%(&)B" )#" ()#" UM2-$?" Q%" =%(&)"()/)%"C.)"/."A2H$" %#*%0*)")#" UM2-$?" N/" .0"()/)$" C.)"
+)&(.&%"=2)0-&%/"#$"A%*)")#"()+$&-)B"()/%+%&)*2)0($")0")#"=$=)0-$"()"#%"&)-2&%(%?"
"

5%-,& M./$%L" )0" )/-)" ]#-2=$" +)&2$($" ()" %#-$" 023)#" #%" =%(&)" ()/)%"

+&20*2+%#=)0-)")#" UM2-$" ()#" A2H$B" /."F)#2*2(%(";" #%"*$0-20.%*2E0"()" #$/" )/-.(2$/?" N#"

()/)$" ()#" UM2-$" ()#" A2H$" /)" &)#%*2$0%" *$0" )#" ()/)$" ()" #%" F)#2*2(%(" ()#" A2H$" )0" #%"
=)(2(%")0"C.)")#"UM2-$"#)"+&$3$*%"F)#2*2(%("%#"A2H$"C.)")/"#$"C.)"()/)%?" N#"()/)$"()"
#$/" )/-.(2$/B" %.0C.)" *$0-20.%" )0")/-%")-%+%" 0$" )/" 0.0*%" .0%"#2=2-%*2E0"*$=$" )0"
)-%+%/"%0-)&2$&)/?"
"

N$-.*"'"L&)0")/-%" )-%+%B" *$0-20]%0"#$/" ()/)$/" ()"F)#2*2(%("+&20*2+%#=)0-)?"

N#"()/)$"()"C.)"A%'%"()+$&-)"-%=52U0"/%#3$")0"%C.)##%/"=%(&)/"*.;$/"A2H$/"/.F&)0"
)F)*-$/" ()#" ()+$&-)" ()" %#-$" 023)#" C.)B" +$&" -%0-$B" ()/)%0" C.)" #$" %5%0($0)0"
-$-%#=)0-)?"

6?9?9?9?"[=+%*-$"G$/2-23$")0"#%"Z%=2#2%"
Q%"(2=)0/2E0"()"/@+&2'"%D"51'14"%$0%-&%7&@1-1&"A%*)"&)F)&)0*2%"%#"'$#+)")=$*2$0%#"
+$/2-23$"C.)"+&$(.*)")#"()+$&-)"()#"A2H$")0"#%"F%=2#2%?"N/-)"2=+%*-$")/-1"*$=+.)/-$"
+$&"($/"(2=)0/2$0)/"8Z2'.&%"6?9S?>"()D202(%/"%"*$0-20.%*2E0";"$&()0%(%/")0"5%/)"%"
/."F.0(%=)0-%*2E0P
/@+&2'"% +"51'14"%$0% -&% Y&@1-1&% (-"F&-A% )#" 2=+%*-$" +$/2-23$" )0"#%"F%=2#2%"()"
=%0)&%" '#$5%#" A%*)" &)F)&)0*2%" %" *E=$" )#" ()+$&-)" ()#" A2H$" 20D#.;)"
+$/2-23%=)0-)" ()" =%0)&%" ')0)&%#" )0"#%"F%=2#2%" )0"*$0H.0-$?" N/)"2=+%*-$"
'#$5%#"+.)()"3)&/)"&)D#)H%($"%"+%&-2&"()#"$*2$" F%=2#2%&"C.)"/)"()/%&&$##%")0"
F%=2#2%")0")/-$/"*%/$/?"N/".0"%/+)*-$"=.;"&)#%*2$0%($"*$0"#%"2'.%#(%(")0")#"
A$'%&B"0$&=%#2(%("$" .02(%("F%=2#2%&B" =$/-&%0($" )#" ()+$&-)" ()#" A2H$" *$=$"
.0"%/+)*-$"-$-%#=)0-)"20-)'&%($")0"#%"32(%"F%=2#2%&B"C.)"0$"%F)*-%"%"#%"32(%"
(2%&2%"()"#%"F%=2#2%"()"=$($")/+)*2%#=)0-)"##%=%-23$?

**%

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

Z2'.&%"6?9S?"/@+&2'"%D"51'14"%$0%-&%7&@1-1&:%

'

P%-' /%' 1*+<(' $.' $*#$%' ">.' 0)1.' 1*' $):.' 1*' \.+)/).' >%-+./4' b%' $.' $*#$%' >.1.'

*h2-.%-1)>.-)%4' ?@"1.=.' *>' /.'#.(.'#%+%'2%1%(&'">.' #%>0)0*>#).'="*>.4' F*'$*#$%' @%' #-*%'

8"*'*(.'>%-+./)1.1'*>'#.(.'/*'$.'$*#$%'//*;.-'2.>'./2%'#%+%'$.'//*;.1%4'AHDC'!QI4'
'

J>' /%' ^>)#%' 8"*' $.' .\*#2.1%' +)' 1*,%-2*' *(' *>' /.' *2.,.' 1*' #%+,*2)#)Y>&' #%+%'

0).:<=.+%(' 2.>2%' @' .' +)' $*-+.>.' /*' ;"(2.' +"#$%' 0).:.-&' (*' 0*>9.>' +"#$%' .' 0*-+*4' O*'
$.#9.>' ">' ,.-'1*'0).:*('.' ">.' #)"1.1' *"-%,*.'./' .L%&',.-.'0*-+*&',.-.'0*-+*'#%+,*2)-'@'
2.+=)7>' .,-%0*#$.=.>'@'$.#9.>' 2"-)(+%4'J>2%>#*('(./0%'*(%&'8"*'.\*#2.' ,.-.' =)*>&'>%' #-*%'
8"*'$.@.'.\*#2.1%'+<('+)'1*,%-2*4'AQEDGK'FGXI4

/@+&2'"% +"51'14"%$0% -&% Y&@1-1&% $5+$2CO12"A% )#" 2=+%*-$" )0")/-%" (2=)0/2E0")/"

=)0$&B" /E#$" ()-%##%($" ()/()" )#" +.0-$" ()" 32/-%" *$0" #$/" A)&=%0$/?" Q%/"
=%(&)/" /$0" #%/" +&2=)&%/" &)/+$0/%5#)/" ()" C.)" )#" ()+$&-)" ()" .0" A2H$" 0$"
%F)*-)"%#"&)/-$"()"#$/"A)&=%0$/"+%&%"#$"*.%#"-&%-%"*$0"0$&=%#2(%("-$($/"#$/"
%/+)*-$/"$*.&&2($/")0")#"A$'%&B";"%"-$($/"#$/"A)&=%0$/"+$&"2'.%#?"
'

d%('.L%('1"-%('1*/'1*,%-2*'1*'+)'$):.&'("'$*-+.>.'@.'>%'*(2.=.'*>' #.(.&'*>2%>#*('>%'

0)09.'*/'19.'@'19.'@'>%'/*'.\*#2Y4'AQBDG_'!GBI4

6?9?9?9?<?"[=+%*-$"G$/2-23$")0"#%"Z%=2#2%";"/./"_)#%*2$0)/"
Q%" (2=)0/2E0" ()" /@+&2'"% D"51'14"% $0% -&% 7&@1-1&" =.)/-&%" .0%" 5%H%" ()0/2(%(B" %#"
=$/-&%&" )/*%/%/" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" (2=)0/2$0)/B" 0$" $5/-%0-)B"

**&

0#/1-.!2!3-$)1&-

)M2/-)0" &)#%*2$0)/" )0-&)" #%/" +&$+2%/" *%&%*-)&,/-2*%/" ()" #%" (2=)0/2E0" ()" [=+%*-$"
G$/2-23$")0"#%"Z%=2#2%?"!"*$0-20.%*2E0"/)"()-%##%0"#%/"&)#%*2$0)/P
K)#";-,& #,(.-./,& $+& %"& V").%."& >%,="%& *$%";.,+"',& ;,+& K)#";-,&
!,(.-./,&$+&%"&V").%."&B(#$;C@.;,B" %=5$/"*$0*)+-$/"C.)(%0"&)#%*2$0%($/"
)0"#%"=)(2(%")0"C.)".0"2=+%*-$"+$/2-23$" '#$5%#"%F)*-%"+$/2-23%=)0-)"%".0"
2=+%*-$" +$/2-23$" )/+)*,D2*$?" @)" )/-)" =$($B" *.%0($" )#" ()+$&-)"()#" A2H$" )/"
-&%-%($" *$=$" .0" =)(2$" ()" .02(%("F%=2#2%&" ;" -$($/" #$/" A)&=%0$/" 32%H%0"
H.0-$" %" #$/" +%(&)/" %" #%/" *$=+)-2*2$0)/" ()#" ()+$&-2/-%" $" )M2/-)" .0%"
0$&=%#2(%(" -$-%#" )0" )#" A$'%&" 8[=+%*-$" G$/2-23$" )0" #%" Z%=2#2%" b#$5%#>B"
20D#.;)"()"=%0)&%"+$/2-23%"=1/")/+)*,D2*%=)0-)")0"#$/"A)&=%0$/"8[=+%*-$"
G$/2-23$")0"#%"Z%=2#2%"N/+)*,D2*$>?"
"

G)&$" -%=52U0" %" #%" 203)&/%B" ;" )/" C.)" *.%0($" #$/" A)&=%0$/B" C.)" )0"

()D202-23%B" /$0" #%/" +)&/$0%/" =1/" /)0/25#)/" %#" ()+$&-)"()#" A)&=%0$B" )/-10"
*$0-)0-$/" ;" *$0/2()&%0" C.)" )#" ()+$&-)" 0$" 20D#.;)")0")##$/" $" )/"=,02=$B" )"
20*#./$" #$/" A)&=%0$/" )/-10" )0$&=)=)0-)" $&'.##$/$/" ()" )##$/B" %F)*-%" %#"
*$0H.0-$" ()" #%" F%=2#2%" ()" =%0)&%" +$/2-23%?" G$&" #$" -%0-$B" A%;" .0"&)#%*2E0"
52(2&)**2$0%#")0"%=5%/"(2=)0/2$0)/?"
K)#";-,& #,(.-./,& $+&%"& V").%."& *$%";.,+"',& ;,+& $%&5#,9,& '$&%"&P"'*$3&
%=5$/" *$0*)+-$/")/-10"&)#%*2$0%($/"()" =%0)&%"')0)&%#")0"#%"=)(2(%")0"
C.)")#"2=+%*-$"+$/2-23$"(%"&)/+.)/-%"%"+$&"C.U"#%"=%(&)"%+$;%"%#"A2H$")0")#"
()+$&-)?
'

!)'+.1-*'+*'$.' .,%@.1%' *>' */'1*,%-2*&'>%-+./&'#%+%' ">.' .#2)0)1.1'+<('8"*'$.#9.'

("' $):.4' b%' +*',-*;">2.=.'()')=.'.' #%>(*;")-'+)('%=:*2)0%('1*,%-2)0%(&'(Y/%'()'+*')=.' =)*>4'

?1*+<('*(' 8"*'+)' +.1-*'+*'.,%@.=.'*>'*/'1*,%-2*'#%+%',%19.' $.#*-/%'*>'#"./8")*-' %2-.'
.#2)0)1.14' g' *>' 2%1.(' ("' ,.,*/' $"=)*-.' ()1%' */'+)(+%4' l"*' +*' 0%@' 1*'0).:*' ,%-8"*' 2*>;%'
*h#"-()Y>' *>' */' #%/*;)%&' ,"*(' *//.' +*' ,-*,.-.=.' /.' +%#$)/.&'/.' +./*2.&'(*',-*%#",.=.' ,%-'
8"7'2./'/%'*(2.-9.',.(.>1%444'J>2%>#*('.',.-2)-'1*'*(.'>%-+./)1.14'AQEDGT'FGXI4

**'

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

"

6?9?9?9?9?"[=+%*-$"G$/2-23$")0"#%"Z%=2#2%";"/."N3$#.*2E0"

N#" /@+&2'"% D"51'14"% $0% -&% 7&@1-1&" )/" .0%" (2=)0/2E0" C.)" =.)/-&%" .0%" )/*%/%"
)3$#.*2E0"%"#$" #%&'$"()#" ()/%&&$##$" ()+$&-23$"()#" A2H$?" T)"-&%-%" ()".0"%/+)*-$" =.;"
*$0/-%0-)")0")#"-2)=+$"C.)B"%"(2F)&)0*2%"()"$-&%/"*%-)'$&,%/";"(2=)0/2$0)/"0$"3%&,%"
=.*A$" %#" -2)=+$" C.)"*&)*)" )#" ()+$&-2/-%" $" %.=)0-%"/."&)0(2=2)0-$" ()+$&-23$?" !"
*$0-20.%*2E0"/)"()-%##%"/.")3$#.*2E0P
"

N#"/@+&2'"%D"51'14"%$0%-&% 7&@1-1&"()#"()+$&-)"/)"=%0-2)0)"%"#$" #%&'$"()"-$(%"

#%"*%&&)&%"()+$&-23%"()#"A2H$?"Q$"C.)"3%&,%")/"#%"&)/+$0/%52#2(%("()"#%"=%(&)"+$&C.)"
)/$"$*.&&%?"\")/"C.)"%"=)(2(%"C.)"%.=)0-%")#" 023)#"()+$&-23$";" /)"3%0"C.)=%0($"
#%/" (2F)&)0-)/" F%/)/" )0" )#" ()/%&&$##$" ()+$&-23$B" #%/" )M2')0*2%/" ()#" ()+$&-)" /$0"
=%;$&)/" ;" #%" 0)*)/2(%(" ()"#%" =%(&)"+$&" +%&-)" ()#" A2H$" -%=52U0?" G$&" -%0-$B" -2)0)"
=1/"&)/+$0/%52#2(%("+$&"A%*)&"C.)")#"()+$&-)"0$"20D#.;%"0)'%-23%=)0-)?"O2)0)"=1/"
'#&F&W""%#"()/)=5$#/%&".0"'&%0"*%&2a$"*$0")#"()+$&-2/-%";"-)0)&"C.)"A%*)&"#$"+&$+2$"
*$0"#$/"()=1/"A)&=%0$/"+$&")32-%&"()/2'.%#(%()/?
"

`$" $5/-%0-)B" #%" *%-)'$&,%" /@+&2'"% D"51'14"% $0% -&% 7&@1-1&" =.)/-&%" *2)&-%"

)3$#.*2E0"/2)0($"#%"Z%/)"[["()#"()/%&&$##$"()+$&-23$";")#"%#-$"023)#"#$/"=$=)0-$/"()"
=%;$&" 2=+%*-$" +$/2-23$B" +.)/" /$0" #$/" =$=)0-$/" ()" =1/" 32%H)/" ;B" +$&" -%0-$B" ()#"
()/%&&$##$"()#"$*2$")0"F%=2#2%?"N/)"2=+%*-$"+$/2-23$"/)"=%0-2)0)".0%"3)4"&)-2&%($")#"
()+$&-2/-%B"%#"*$0-20.%&"()/%&&$##%0($")/)"$*2$"F%=2#2%&"*$0"#%"')0-)"()#"=.0($"()#"
()+$&-)?"

"

6?9?9?9?6?"d-&%/"R$0/2()&%*2$0)/"!*)&*%"()#"[=+%*-$"G$/2-23$")0"#%"Z%=2#2%

e0" %/+)*-$" ##%=%-23$" ()" )/-%" (2=)0/2E0" )/" #%" )32()0*2%" ()" C.)" #%" =%(&)" )/B"
')0)&%#=)0-)B" #%"+&20*2+%#" ;" ]02*%" &)/+$0/%5#)"()" C.)" )#" ()+$&-)" ()#" A2H$" /)%".0"
=$-23$"()"2=+%*-$"+$/2-23$")0"#%"F%=2#2%"/.+$02)0($".0"=$-23$"()".02(%("F%=2#2%&"
;"0$&=%#2(%(")0")#"A$'%&?" N/" )##%" #%"=1M2=%"&)/+$0/%5#)" ()"2&" *$0"+%(&)")"A2H$/" %"
A%*)&"()+$&-)"%"#%"*%##)"+$&")/-%&"-$($/"H.0-$/"$" %*$=+%a%&"%"*%=+)$0%-$/"+$&"2&"
-$($/?"@)"#$/"%01#2/2/")=)&')"*E=$")#"+%(&)B"0$"20-)0-%"F%3$&)*)&"(2*A%".02E0?""

**(

0#/1-.!2!3-$)1&-

g%' .">8"*' >%' /%' $.@.' ,-.#2)#.1%' 2.>2%' #%+%' *//%(' ,*-%' /%' $*' 0)0)1%' #%>' *//%(' ()*+,-*' */' 1*,%-2*4'
AGGDG_'!HI4

6?9?9?6?"_)*$=+)0/%";"@2/F&.-)"()"#%"I%(&)
Q%" E$2"@+$05&% ,$% -&% .&,#$" *$0/-2-.;)" )#" *$5&$" ()" #%" =%(&)" %0-)" #%" 203)&/2E0"
)=$*2$0%#" 0)'%-23%" C.)" #)" /.+$0)" )#" ()+$&-)" ()#" A2H$?" N#" 315Y#<'$% ,$% -&% .&,#$"
2=+#2*%" .0" /)0-2=2)0-$" ()" +#%*)&" ;" #%" )M+)&2=)0-%*2E0" ()" '&%-%/" )=$*2$0)/?"
R$0/-2-.;)" .0%" +%&-)" ()" #%" &)*$=+)0/%" ()" #%" =%(&)?" N/-%" (2=)0/2E0" )/-1"
*$=+.)/-%" +$&" -&)/" (2=)0/2$0)/" 8Z2'.&%" 6?97?>" ()D202(%/" %" *$0-20.%*2E0" ;"
$&()0%(%/")0"5%/)"%"/."F.0(%=)0-%*2E0P

Z2'.&%"6?97?"E$2"@+$05&%)%315Y#<'$%,$%-&%.&,#$:%

315Y#<'$% ,$% -&% @&,#$% +"#% 5<% T1W"A% )#" (2/F&.-)" ()"#%" =%(&)" +$&" /." A2H$" A%*)"
&)F)&)0*2%"%")/)"/)0-2=2)0-$" ()"+#%*)&"C.)")M+)&2=)0-%0"*.%0($" 3)0"C.)"
/."A2H$" )/" F)#24" ;" (2/F&.-%"*$0"/."()+$&-)?" Q%"=%(&)"()/)%"#%"F)#2*2(%("()#"
A2H$" ;" #%" =%(&)" (2/F&.-%" *.%0($" )#" A2H$" )/" F)#24?" T)" -&%-%" ()" .0" (2/F&.-)"
+)&-.&5%($" *.%0($" )#" A2H$"0$" )/-1"F)#24B" +$&"#$" C.)" )0"=$=)0-$/"(2D,*2#)/"
*$=$"#%/"#)/2$0)/B"()&&$-%/"$"=$=)0-$/"*$=+#2*%($/"+%&%")#"()+$&-2/-%"#%"
=%(&)"0$"(2/F&.-%"*$0")#"()+$&-)?"
'

?' +)' $):%' /*' ;"(2.=.' /.' *(;-)+.&' *-.' ("' 0)1.&' *(' ("' 0)1.' @' *>' -*./)1.1' *(%' *(' /%'

)+,%-2.>2*&' 8"*'./' /.1%'1*' *(*'1*,%-2*' 7/'$.' ()1%'@'*('\*/)U4' g' #".>1%' 2)*>*(' ">' $):%' 2*'1.'

*#)

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

);"./'/%'8"*'*/):.&' /%' ^>)#%' 8"*'8")*-*('*(' 8"*'(*.' \*/)U4'g%' #%>' /%' 8"*'8")*-%'.'+)'$):%'(Y/%'

1*(*%'8"*'*(27'\*/)U4'AQGDBK'!GTI4

E$2"@+$05&% ,$% -&% @&,#$A% )/" )#" +&)=2$" +%&%"#%"=%(&)" *$=$" *$0/)*.)0*2%"
()"#%"203)&/2E0")=$*2$0%#";"()#"%+$;$" +&)/-%($"%#"A2H$" ()+$&-2/-%?" "@)0-&$"
()" )/-%" &)*$=+)0/%" )/-1" )#" (2/F&.-)" ()" #%" =%(&)?" T)" -&%-%" ()" .0%"
&)*$=+)0/%")M+&)/%(%"%/,"+$&"%#'.0%/"=%(&)/";"+.)/-%"*$=$")M*./%"+%&%"
-%0-%"203)&/2E0?" N/"()*2&B" #%"=%(&)"(2*)"%+$;%&" %"/."A2H$B"/.+$0)&#)" (2*A$"
%+$;$".0"2=+$&-%0-)")/F.)&4$";"$-&%/"203)&/2$0)/")=$*2$0%#)/"0)'%-23%/";"
)0-&)" #$/" =$-23$/" +$&" #$/" C.)" ##)3%" %" *%5$" )/)" +%+)#" )/" +$&" 3)&/)"
&)*$=+)0/%(%?
'

S%>' +)'$):%'()*+,-*'$*'2*>)1%'">.'">)Y>' *(,*#)./'@'*('8"*'$*'()1%'@%' ()*+,-*'/.'8"*'

+*'*>#.-;.=.'1*/'1*,%-2*'*>'#.(.4'J>2%>#*('+*'.#"*-1%'8"*'#".>1%':";Y'("' ,-)+*-.' 6)>./'

*"-%,*.&' */' .L%' 8"*' ;.>Y' ("' ,-)+*-.' S%,.' 1*' J"-%,.&' #".>1%' )=.>' .0.>U.>1%' *>' /.'
#%+,*2)#)Y>&' ,.(.=.>' -%>1.(&' *(2.=.>' *>' %#2.0%(&' #".-2%(444' /*' 1):*' ">' 19.D' e()' //*;.(' .' /.'
6)>./&'(*.' 1%>1*'(*.&')-7'.' 0*-2*'@'+*'1*1)#.-<('/.' S%,.f4' R%2./'8"*'/*('2%#.'/.'6)>./'#%>' ">'
*8"),%'./*+<>&'/.')1.'*>'#.(.'@'/.'0"*/2.'.//9'@',)*-1*>'*>'#.(.'1*'E4'P%-'%2-%'/.1%'@%'/*'1):*'.'
+)'$):%'8"*'@%')-9.'./',.-2)1%'1*#)()0%',.-.'8"*'+*'1*1)#.-.'/.'0)#2%-).4'R%2./'8"*'@%' +*'\")'
.//9'(%/.&'>.1)*')=.',%-8"*'2%1%'*/'+">1%'/%'1.=.' ,%-',*-1)1%'@';.>.-%>'1*'H'%'C';%/*(&'#%>'
/%'#"./'(*',-%#/.+.-%>'S.+,*%>*('1*'J"-%,.'@'/.'.>7#1%2.'*('8"*'1*(1*'.=.:%'1*'/.',)(2.'@'
@%'.--)=.'1*/'2%1%'*>'">' ,.=*//Y>'8"*'*('*>%-+*&'#%;*'/.'S%,.'@'/.'/*0.>2.'$.#).'+)'@';-)2.D'
e+%2$*-f' @' /.' /*0.>2.' #%+%' 1)#)*>1%D' e+*' /%' 1):)(2*&' +*' /%' ,*1)(2*' @' .8"9' *(2<f4' g' (%>'
.>7#1%2.(',.-.'+)&'+"@'=%>)2.(4'ABXDGE'!GHI4

315Y#<'$%,$%-&%@&,#$%+"#%$--&%@15@&A%)#"(2/F&.-)"()"#%"=%(&)"+$&")##%"=2/=%"
A%*)" &)F)&)0*2%" %" .0" /)0-2=2)0-$" ()" 52)0)/-%&" 0$" /E#$" +/2*$#E'2*$" /20$"
D,/2*$"%#"*$0/2()&%&")#"()+$&-)"()#"A2H$".0"=$($"()"(2/F&.-)B"/2)0($"+$/25#)"
)0")/)"*$0-)M-$" )#"32%H%&"$"/%#2&" %"*)0%&" F.)&%?" N/".0"=$($" ()"()/%&&$##%&"
.0"$*2$" +)&/$0%#?" N0"%#'.0%/")-%+%/" ()#" ()+$&-)" ()#"A2H$" )/-)" (2/F&.-)" 0$"
)M2/-)B" /2"52)0B" )0"#%"-)&*)&%")-%+%"()#"%#-$"023)#"A%;".0"-2+$"()"=%(&)"C.)"
/)"=.)3)"()/()")/)"/%*&2D2*2$"()"$*2$"+&)32$"%".0"023)#"()"(2/F&.-)?"
'

R.+,%#%' +*' $.' #%(2.1%' .@"1.-' .' +)' $):%' *>' ("' 1*,%-2*&' ()>#*-.+*>2*' +*' /%' $*'

,.(.1%' =)*>&' $*' #%>%#)1%' ;*>2*' (*>(.#)%>./&' /%(' ,.1-*(' 1*' /%(' %2-%(' >)L%(&' $*+%(' $*#$%'
0).:*(&'$*+%('$*#$%'#*>.(&'>%('$*+%('-*91%444'ABHDH'!GEI4'

*#!

0#/1-.!2!3-$)1&-

6?9?9?6?<?"_)*$=+)0/%";"@2/F&.-)"()"#%"I%(&)";"/./"_)#%*2$0)/"
Q%"(2=)0/2E0"()"E$2"@+$05&%)%315Y#<'$%,$%-&%.&,#$" =.)/-&%".0%"5%H%"()0/2(%(B"%#"
=$/-&%&" )/*%/%/" &)#%*2$0)/" *$0" $-&%/" *%-)'$&,%/" ;" (2=)0/2$0)/B" 0$" $5/-%0-)B"
)M2/-)0"&)#%*2$0)/")0-&)"#%/"+&$+2%/"*%&%*-)&,/-2*%/"()"#%"(2=)0/2E0"()"E$2"@+$05&%
)%315Y#<'$%,$%-&%.&,#$?"!"*$0-20.%*2E0"/)"()-%##%0"#%/"&)#%*2$0)/P
N$;,)#$+("&'$&%"&P"'*$&*$%";.,+"',& ;,+&?.(F*0-$&'$&%"&P"'*$B"%=5$/"
*$0*)+-$/" C.)(%0" &)#%*2$0%($/" )0" #%" =)(2(%" )0" C.)" )#" (2/F&.-)" ()" #%"
=%(&)")/"+%&-)"()"#%"&)*$=+)0/%";")/" C.)"/2)=+&)"C.)"#%"=%(&)"(2/F&.-)"
8.0%" 32*-$&2%B" D2*A%&" +$&" .0" *#.5" 2=+$&-%0-)" $" .0" +&)=2$>" )M2/-)" .0%"
&)*$=+)0/%"+%&%"#%"=%(&)?

!()=1/"()")/-%/"&)#%*2$0)/")0-&)"#%/"*%&%*-)&,/2-*%/"()"#%"(2=)0/2E0"_)*$=+)0/%";"
@2/F&.-)"()"#%"I%(&)B"%"*$0-20.%*2E0"/)"%0%#24%0"#%/"&)#%*2$0)/"*$0"$-&%/"*%-)'$&,%/"
;"()"=%0)&%")/+)*,D2*%"*$0"$-&%/"(2=)0/2$0)/"()"(2*A%/"*%-)'$&,%/P
N$;,)#$+("& 9& ?.(F*0-$& '$& %"& P"'*$& *$%";.,+"',& ;,+& $%& 5#,9,& '$& %"&
P"'*$3& %=5$/" *$0*)+-$/" )/-10" &)#%*2$0%($/" ()" =%0)&%" ')0)&%#" )0" #%"
=)(2(%" )0" C.)" #%" &)*$=+)0/%";"(2/F&.-)" ()"#%"=%(&)"(%" &)/+.)/-%"%" +$&"
C.U"#%"=%(&)"%+$;%"%#"A2H$")0")#"()+$&-)?
'

?'0*-' @%'#-*%' 8"*'*/'=./%>+.>%'*-.'">.' #%(.' 8"*'.' 7/'/*';"(2.=.' 2.>2%' @'/%',.(.=.'

2.>'=)*>&'8"*'>)'2*',/.>2*.('*/',*>(.-' 8"*'2*'.="--*('%' ,)*-1*('">.' $%-.'@'+*1).'.//94' ABHDC'

!GEI4

N$;,)#$+("& 9& ?.(F*0-$& '$& %"& P"'*$& *$%";.,+"',& ;,+& K+/$*(.E+&

B),;.,+"%&M$G"-./"3& %=5$/" *$0*)+-$/B" )0"+&20*2+2$" )0F&)0-%($/B" -2)0)0"
.0%" &)#%*2E0" (2&)*-%?" Q$/" %/+)*-$/" +$/2-23$/" &)#%*2$0%($/" *$0" #%"
&)*$=+)0/%";"(2/F&.-)"()"#%"=%(&)B"%+$&-%0"#%"F.)&4%"0)*)/%&2%"+%&%"C.)"#%"
=%(&)" +&)/-)")#" %+$;$" ;"/$+$&-)" #$/"%/+)*-$/"0)'%-23$/"&)#%*2$0%($/" *$0"
#%"203)&/2E0")=$*2$0%#"0)'%-23%?"
'

!)' +.1-*' $.' ("\-)1%' +"#$%' @' $.' (.#-)6)#.1%' +"#$.(' #%(.(' ,%-' +)' 1*,%-2*4' J(2.-'

#%>+);%'*>' 0.#.#)%>*(&' */'*(2.-'#%>+);%'*>';*>*-./4'S".>1%' 0*('.'2"'$):%'*>'">' +%+*>2%'

*#*

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

1.1%',*-1*-&',.(.-/%'+./&',"*('(*'(.#-)6)#.'*(%4' P*-%'/"*;%'#-*%'8"*'(*'$.'#%+,*>(.1%4'd.'
+*1.//.' 1*' %-%' 1*'k.-#*/%>.&' */' *(2.-' .//9' #%>+);%&' */' 0*-' 8"*'2"' 2-.=.:%' $.' 2*>)1%' ">.'
-*#%+,*>(.444'AEDQK'FQI4

"

6?9?9?6?9?"_)*$=+)0/%";"@2/F&.-)"()"#%"I%(&)";"/."N3$#.*2E0"

Q%" E$2"@+$05&% )%315Y#<'$% ,$% -&% .&,#$" )/" .0%"(2=)0/2E0")0"*.;%/" (2=)0/2$0)/" /)"
=.)/-&%" .0%" )3$#.*2E0"%" #$" #%&'$" ()#" ()/%&&$##$" ()+$&-23$" ()#" A2H$?" N/" ()*2&B" )/%"
&)*$=+)0/%";" (2/F&.-)" 3%&,%";")3$#.*2$0%"%#" -2)=+$" C.)"#$" A%*)")#" ()+$&-2/-%";" /."
+&$'&)/2E0")0")#"()+$&-)B"+)&$"-%=52U0"*$=$"*$0/)*.)0*2%"()#"*&)*2=2)0-$"()#"A2H$"
*$=$"+)&/$0%?"G$&"-%0-$B"*$0/2/-)")0".0%"(2=)0/2E0"C.)")3$#.*2$0%"%#"-2)=+$" C.)"
#%/")M2')0*2%/"()#"()+$&-)"%/,"#$"&)*#%=%0?
"

!" *$0-20.%*2E0"/)" ()-%##%"#%")3$#.*2E0"()"#$/" *$0*)+-$/")0"5%/)"%"#%/" Z%/)/"

)0" )#" @)/%&&$##$" ()#" O%#)0-$B" +.(2)0($B" +$&" -%0-$B" )/-%5#)*)&/)" 0$" /E#$" .0" 023)#"
H)&1&C.2*$"()"#$/"*$0*)+-$/B"/20$"-%=52U0".0"023)#"-)=+$&%#P
"

K+.;.,& ?$#,*-./,L" )0" )#" 202*2$" ()+$&-23$" %+%&)*)" )M*#./23%=)0-)" .0%"

&)*$=+)0/%"&)#%*2$0%(%"*$0".0"(2/F&.-)"()"#%"=%(&)"+$&")#"A2H$B"#%"=%(&)"3)"F)#24"%"
/."A2H$" ()+$&-2/-%?" G)&$" )/)"(2/F&.-)"+$&"3)&"%#"A2H$"F)#24" +$(&,%"/)&")#"=2/=$"()"#%"
=%(&)"/2"/."A2H$"(2/F&.-%&%"*$0")#"+2%0$"$"*$0"$-&$"()+$&-)?"
"

?$("**,%%,& ?$#,*-./,L" ()0-&$" ()" )/-)" ()/%&&$##$" ()+$&-23$" /)" *$0/2()&%0"

($/"F%/)/" .0%"202*2%#";".0%"D20%#?" N0"#%"F%/)" ()"()/%&&$##$" ()+$&-23$" 202*2%#" 8Z%/)"[>

*$0-20]%")/)"=2/=$"(2/F&.-)"()"#%"=%(&)"+$&")#"A2H$B";"*$0")#"+%/$"()#"-2)=+$"8Z%/)"
[["()#" ()/%&&$##$" ()+$&-23$>B" %.=)0-%"#%"20-)0/2(%("()")/)" (2/F&.-)" %#" /)&"*%(%" (,%"
.0"+$*$"=%;$&")#"(2/F&.-)"()#"A2H$B"&)#%*2$0%($"*$0")#"()/)$"()"#%"F)#2*2(%("()#"A2H$"
;"()#"UM2-$?" \")/"C.)")0")/-%"/)'.0(%")-%+%")#"()+$&-2/-%"=.)/-&%".0"*%/2"%#-$"023)#B"
#$" C.)"/2'02D2*%"UM2-$B"#$"*.%#"%#" A2H$"()+$&-2/-%"#)"A%*)"F)#24";"#)"+&$3$*%"F)#2*2(%("%"
#%"=%(&)B"/)"3)"&)*$=+)0/%(%?"_)*$=+)0/%"+$&"#%"F)#2*2(%("()#"A2H$?
"

5%-,& M./$%L")0")/-)"]#-2=$"+)&2$($"()"%#-$"023)#"#%"=%(&)"(2/F&.-%"+$&")#"A2H$"

;"+$&")##%?"G$&")#"A2H$"+$&C.)"#)"3)"F)#24")0"+%&-)"+$&"/."UM2-$?"\"+$&")##%"+.)/-$" C.)"

*##

0#/1-.!2!3-$)1&-

#%"=%(&)"%+&$3)*A%")#" *$0-)M-$" ()+$&-23$"()#" A2H$" +%&%"()/%&&$##%&"/."+&$+2$"$*2$"

+)&/$0%#B"%#"3)&")0"U#".0%"$+$&-.02(%("+%&%"32%H%&B"/%#2&"%"*$=)&"$"*)0%&"F.)&%?
"

G)&$" )0" )/-)" ]#-2=$" 023)#" )M2/-)" -%=52U0".0%" &)*$=+)0/%" )/+)*2%#" ;" )/" #%"

C.)"/)"&)D2)&)"%"*E=$"#$/"()+$&-2/-%/"&)*.)&(%0"%"/./"=%(&)/")0"#$/"=$=)0-$/"()"
=1/"UM2-$?" G%&%"#%/"=%(&)/")/$/"=$=)0-$/"#)/"##)0%0"()"%#)'&,%";"F)#2*2(%(";")0"/,"
=2/=$" *$0/-2-.;)" .0%" &)*$=+)0/%?" Q%/" =%(&)/" /$0" #%/" +&2=)&%/" %" #%/" C.)" #$/"
()+$&-2/-%/" ()(2*%0".0%" 32*-$&2%B" .0%"*$+%B" $"A%*)0"&)F)&)0*2%"%")##%")0".0"=)(2$"
()" *$=.02*%*2E0" *.%0($" #$'&%0" .0" 2=+$&-%0-)" UM2-$?" _)*$=+)0/%" ()" =$($"
')0)&%#?
"

N$-.*"'"L&-&%/"#%"&)-2&%(%B"#%"=%(&)"*)/%")0")/-%"&)*$=+)0/%")M*#./23%"*$=$"

+%&-)"()#"()+$&-)"()#"A2H$?"

*#"

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

+,+,.8%:1"#%=./40A1,.56%7%.&1.40.80&$1
Q%"=%(&)B"*$=$"/)"A%"()-%##%($"%0-)&2$&=)0-)B"+&)/-%".0"%+$;$"')0)&%#B"5%/%($")0"
(2F)&)0-)/"%;.(%/" +%&%"*$#%5$&%&"*$0"/."A2H$")0"/."()+$&-)?"`$"$5/-%0-)B" /20"()H%&"
()"+&)/-%&"(2*A$" %+$;$B" U/-)")/"%#-)&0%($"*$0"$-&$" )0"*2)&-$/"=$=)0-$/" ()"#%"32(%"
()#" ()+$&-2/-%?" ."@$0'"5% !-&4$" *$0/-2-.;)" .0%" *%-)'$&,%" C.)" =.)/-&%" )/$/"
+)&2$($/"()"#%"32(%"()#"()+$&-2/-%")0"#$/"C.)")#"%+$;$"()"#%"=%(&)"3%&,%";"/)"%(%+-%"
%"#%/"0)*)/2(%()/")/+)*2%#)/"()#"A2H$")0")/)"=$=)0-$?"@)")/-)"=$($B")/-%"*%-)'$&,%"
()"."@$0'"5%!-&4$A"(%"&)/+.)/-%"%#"$5H)-23$")/+)*,D2*$"0]=)&$"S?
<=2$-./,& B(#$;C@.;,& Z4& 5+"%.6"*& %"& $/,%0;.E+& $+& $%& #*,;$(,& '$& "#,9,& "%& 1.2,&
'$#,*-.(-"3& "(C& ;E),& '$-$*).+"*& %"& $A.(-$+;."& '$& ),)$+-,(& ;*C-.;,(& 70$&
*$70.$*$+&'$&0+"&"90'"&$(#$;."%&#,*&#"*-$&'$&%"&)"'*$4
"""

R$0/2/-)")0".0%"*%-)'$&,%"*$=+.)/-%"+$&"*.%-&$"(2=)0/2$0)/"8Z2'.&%"6?9W?>"

()D202(%/"%"*$0-20.%*2E0";"$&()0%(%/")0"5%/)"%"/."F.0(%=)0-%*2E0P

Z2'.&%"6?9W?"."@$0'"5%!-&4$:%
/0121"% 3$+"#'14"A% )#" 202*2$" ()+$&-23$" A%*)" &)F)&)0*2%" %" *E=$" F.)&$0" #$/"
+&2=)&$/" =$=)0-$/"&)#%*2$0%($/" *$0")#"()+$&-)?" N/-%"(2=)0/2E0"-2)0)"%"
/." 3)4" -&)/" (2=)0/2$0)/" ()" =)0$&" 023)#" ()" %5/-&%**2E0" &)F)&2(%/" %" #$/"
2=+.#/$&)/" )0" )/$/" 202*2$/" ()+$&-23$/B" %" #%/" *%&%*-)&,/-2*%/" ()" )/)"
=$=)0-$";"%#"+%+)#"()"#%"=%(&)"(.&%0-)")/)"+)&2$($?""

*#$

0#/1-.!2!3-$)1&-

>5'<,1"5A% =%&*%" )#" +)&2$($" (.&%0-)" )#" *.%#" #$/" )/-.(2$/" *$0/-2-.;)0" .0"
=$=)0-$" *&,-2*$" )0" #%" 32(%" ()#" ()+$&-2/-%?" Q$/" )/-.(2$/" +.)()0" $" 0$"
(2D2*.#-%&" )#" ()/%&&$##$" ()+$&-23$" +$&" )#" -2)=+$" ;" ()(2*%*2E0" C.)"C.2-%0?"
R.%0($"(2D2*.#-%0")/)"()/%&&$##$" *$0/-2-.;)0".0"=$=)0-$" *&,-2*$" $" *#%3)B"
/2)0($")/+)*2%#")#" %+$;$"+&)/-%($" +$&"#%"=%(&)")0")/$/" =$=)0-$/?" O2)0)"
($/" (2=)0/2$0)/B" .0%" &)#%*2$0%(%" *$0" #%/" *%&%*-)&,/-2*%/" ;" $-&%" *$0" )#"
+%+)#" )/+)*,D2*$" ()/%&&$##%($" +$&"#%/" =%(&)/")0")/$/" =$=)0-$/" %0-)")/%"
/2-.%*2E0"*$0*&)-%?"""
."@$0'"5% ,1OC21-$5A% #$/" =$=)0-$/" (2D,*2#)/" A%*)0" &)F)&)0*2%" ()" =%0)&%"
(2&)*-%" %" %C.)##%/" /2-.%*2$0)/" C.)" *$=+&$=)-)0" )#" ()+$&-)" ()#" A2H$B" /."
*$0-20.2(%(" )0" )#" =2/=$" ;" *.%0($" =)0$/" /." *$0D2%04%" ;" %#)'&,%" +$&" /."
()+$&-)?" N/-%" F$&=%(%" +$&" $*A$" (2=)0/2$0)/P" ()&&$-%/B" (2D2*.#-%()/" ()#"
()+$&-2/-%B" #)/2$0)/B" +&$5#)=%/" ()+$&-2/-%B" &)0.0*2%/"()+$&-2/-%B" /$#)(%(B"
-)=$&)/" ;" =2)($/" ()#" ()+$&-2/-%B" +%+)#" ()" #%" =%(&)" )0" #$/" =$=)0-$/"
(2D,*2#)/?
*,"-$52$021&A% ()-%##%" #%/" *%&%*-)&,/-2*%/" ()" )/)" +)&2$($" *&,-2*$" )0" #$/"
()+$&-2/-%/?"Q$"*$=+$0)0"($/"(2=)0/2$0)/B".0%")M+#2*%"#%/"*%&%*-)&,/-2*%/"
')0)&%#)/" ;" #%" /)'.0(%" A%*)" &)F)&)0*2%" %#" +%+)#" ()" #%" =%(&)" )0" )/)"
=$=)0-$"*#%3)"()"#%"32(%?"

"

K+.;.,& ?$#,*-./,B" ()-%##%" )#" =$=)0-$" )0" C.)" )#" ()+$&-2/-%" /)" 202*2%" )0" )#"

()+$&-)"8Z2'.&%"6?9K?>P
"

/@+<-5"#$5% T&21&% $-% ,$+"#'$A" )/-%" (2=)0/2E0" =.)/-&%" *E=$" 0$" )M2/-)" .0"

+%-&E0"=1/" $" =)0$/")/-%5#)")0"#%"+)&/$0%" $" +)&/$0%/" C.)" 202*2%0")0")#" ()+$&-)"%"

#$/"C.)"#.)'$" %#*%04%0")#" %#-$" 023)#"()+$&-23$?" \")/"C.)"#$/"2=+.#/$&)/"+.)()0"/)&"
#$/"A)&=%0$/B"#%/"=%(&)/B"#$/" +%(&)/"83%&$0)/>B")#" 0]*#)$"F%=2#2%&")0"*$0H.0-$B".0"
%5.)#$B")#"+&$+2$"*$#)'2$"($0()")/-.(2E"$".0%"202*2%-23%"+&$+2%"+$&")#"()+$&-)?"

*#%

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

Z2'.&%"6?9K?"/0121"%3$+"#'14":%."@$0'"5%!-&4$:%
'

!)' +.1-*' @.' $.#9.' \^2=%/' 1*' :%0*>#)2.&' 2.+=)7>' >.1.=.' ">' +%>2Y>4' ?(9' 8"*' */' 2*+.' 1*/'

1*,%-2*'*-.' ./;%' #%+%' ,.-2*' 1*'>"*(2-%' *>2-*2*>)+)*>2%' *>' */'8"*'+)'+.1-*' +*' )>6/"@Y' +<(4' ABTDB'
FGCI4
'

J+,*#7'*>'*/'1*,%-2*',%-8"*'2*>9.' ">'#%+,.L*-%'*>' */'#%/*;)%'8"*'$.#9.' :"1%'@'*>'*/'-*#-*%'

+*'1*#9.'8"*'/*'+)-.-.'@'0)*-.'/.('//.0*('8"*'$.#9.4'g'.',.-2)-'1*'.$9'+*'.,">274'AG_D_'FXI4

"

!&#&2'$#C5'12&5% ,$-% 10121"% ,$+"#'14"A" )0" -$&0$" %" )/-%" (2=)0/2E0" A%;" =1/"

.0%02=2(%(")0-&)" #$/" ()+$&-2/-%/" =$/-&%0($" *E=$B" ')0)&%#=)0-)B" )=+)4%&$0"()"

.0"=$($"&)*&)%-23$" )0")#"()+$&-)B"/2)0($" 3%&2%($")/)"202*2$" &)*&)%-23$?"I.;"+$*$/"
A%5#%0"()".0%")M*#./232(%("()+$&-23%")0"#$/"202*2$/"8@L>B" $"()")/-%&"+&)()/-20%($/"
+%&%" )#" ()+$&-)" 8@S>" $" ()" .0%" 202*2%*2E0" -%&(,%" 8@<9>?" N0" *.%#C.2)&" *%/$B" /)"
=.)/-&%"*E=$")#"*%=20$"%"#%")M*)#)0*2%"0$")/"]02*$";"()-)&=20%($"+$&".0"=$($"()"
)=+)4%&")0")#"()+$&-)?"
"

g%' $*' ,-.#2)#.1%' 1*' 2%1%4' O%@' +"@' 1*,%-2)(2.4' k./%>#*(2%&' (./)-' *>' =)#)&' ("-\4' R%1.(' /.('

+%1./)1.1*(4'ABBDGH'FGB4I
'

F*(1*',*8"*L)2%'()*+,-*'+*'$.';"(2.1%'*/'\^2=%/'@'*('.'/%'^>)#%'8"*'+*'$*'1*1)#.1%4'ACDB'F_I4

*#&

0#/1-.!2!3-$)1&-

"

D&+$-% ,$% -&% @&,#$% $0% $-% 10121"% ,$+"#'14"A" )/-)" +%+)#" 0$" =%&*%" .0" +%-&E0"

)/-%5#)*2($?" \" )/" C.)" )0" )/$/" 202*2$/" #%" =%(&)" +.)()" +&)/-%&" .0" )/*%/$" $" 0.#$"
%+$;$" $" ;%" ()/()" )#" 202*2$" %+$;%&" ()" =$($" 2=+$&-%0-)?" N/)" %+$;$" )0" *.%#C.2)&"
*%/$")/"+&20*2+%#=)0-)".0"%+$;$"#$',/-2*$B"=%-)&2%#";")*$0E=2*$?" T2"0$")/"+&)/-%($"
+$&"#%"=%(&)")/"+&)/-%($"+$&")#"+%(&)?"G$&"-%0-$B"-$($/"#$/"()+$&-2/-%/" ()#" )/-.(2$"
=.)/-&%0".0%"F%=2#2%"2=+#2*%(%")0")/$/"202*2$/"()+$&-23$/?"
"

J>'+)(')>)#)%('1*,%-2)0%('+)'+.1-*'$)U%',%#.'#%(.4'AQEDH'FGXI4

'

?/',-)>#),)%'*(2"0*'+"@&'+"@'./',)*'1*/'#.LY>4'AGQDX'!CI4

"

N0"*$0H.0-$"#%"(2=)0/2E0"()"202*2$"()+$&-23$"0$"=%&*%".0"+%-&E0"D2H$")0"#$/"

()+$&-2/-%/" ;" )0"*E=$" /$0" )/$/" 202*2$/" ()+$&-23$/B" 3%&2%0($" )0$&=)=)0-)" )0-&)"
#$/" ()+$&-2/-%/" C.)" +$/-)&2$&=)0-)" %#*%04%0" )#" %#-$" 023)#?" e0" ()+$&-2/-%" +.)()"
%#*%04%&" )#" %#-$" 023)#" A%52U0($/)" 202*2%($" *$0" /." =%(&)B" *$0" /." +%(&)B" *$0" /."
A)&=%0$B")0")#"*$#)'2$^"20*#./$"*$0".0"%+$;$"2=+$&-%0-)"()"#%"=%(&)B"0.#$B"20*#./$"
A%52U0($/)" 202*2%($" -%&()?" N#" +%+)#" )0" )/)" +)&2$($" -%=52U0" )/" =.;" 3%&2%5#)B"
+.(2)0($"%+$;%&"()/()")#"+.0-$"()"32/-%"#$',/-2*$"+&20*2+%#=)0-)B"/2"0$")/"#%"=%(&)"
C.2)0"%+$;%"#$" A%*)")#"+%(&)?"N#"%+$;$"+/2*$#E'2*$";")=$*2$0%#" )/"=1/"*$0/-%0-)B"
/2)0($" )#" ]02*$" +.0-$" /2=2#%&" )0" -$($/" #$/" ()+$&-2/-%/" ;" /./" =%(&)/?" O$(%/" #%/"
=%(&)/"A%5#%0"()#"102=$";"*%&2a$"C.)"(%0"%"/./"A2H$/"()+$&-2/-%/";"C.)"*$0-&25.;)"
%".0"=)H$&"&)0(2=2)0-$"()+$&-23$?
"

B(-0'.,(B" )/-%"(2=)0/2E0" )0'#$5%" -$($" #$" &)F)&)0-)" %" #$/" )/-.(2$/" 8Z2'.&%"

6?6:?>?"O$($/"#$/"()+$&-2/-%/";"/./"=%(&)/"A%*)0"&)F)&)0*2%"%")##%P
"

!&#&2'$#C5'12&5% ,$% -"5%$5'<,1"5A" )/-%" (2=)0/2E0" ()-%##%"#%/"*%&%*-)&,/-2*%/" ()"

#$/")/-.(2$/";"*E=$")/-$/"/$0"*$0/2()&%($/".0%"+%&-)"F.0(%=)0-%#")0"#%"32(%"()"#$/"
A2H$/" ()+$&-2/-%/?" O$(%/" #%/" =%(&)/" *$0/2()&%0" #%" F$&=%*2E0" ()" .0" =$($" ." $-&$"
*$=$" F.0(%=)0-%#B" %*)+-%0($" -%=52U0" #%" (2D2*.#-%(" C.)" )0-&%a%" )#" *$=+%'20%&"
%=5$/"%/+)*-$/"8()+$&-)";")/-.(2$/>?" !()=1/"()"/)&"*$0/*2)0-)/" ()")/%"(2D2*.#-%("
()" *$=+%'20%&" ()+$&-)" ;" )/-.(2$/B" #%/" =%(&)/" =.)/-&%0" *E=$" /./" A2H$/B" ')0-)"
H$3)0B" C.)"'%0%" (20)&$B" +.)()" ()/32%&/)";"$#32(%&" /." F$&=%*2E0?" J%5#%0"()#" 0)M$"
()+$&-)iH.3)0-.(i(20)&$" *$=$" (2D2*.#-%(" )0" )#" *%=20$" ()" #$/" )/-.(2$/?" G%&%"
%#'.0%/"=%(&)/"#$/")/-.(2$/"/$0".0%"$5#2'%*2E0B" $*.+%0($" .0"+&2=)&"+#%0$" F&)0-)"

*#'

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

%#"()+$&-)B" $-&%/"*$0/2()&%0")/$/" )/-.(2$/"/."$5#2'%*2E0"*$=$"=%(&)B" +%&%"#$" *.%#"

/)"2=+#2*%0")0")##$/"()"=%0)&%"2=+$&-%0-)?"d-&%/"%a%()0"*E=$"/$0")##%/"8=%(&)/>"
C.2)0)/" /)" 2=+#2*%0" =1/" %D2&=%0($" 20*#./$B" *E=$" #$/" +%(&)/" 83%&$0)/>" #)/" (%0"
=)0$/"2=+$&-%0*2%"%")/$/")/-.(2$/"C.)")##%/?
"

g%' ()*+,-*' $*'8"*-)1%' 8"*'+)'$):%'*(2"1).-.'@'()*+,-*'/*' $*'.,%@.1%4' P*-%' *('#)*-2%' 8"*' .'

#)*-2%'>)0*/&'#$)#%(':Y0*>*(&'#%>' 1)>*-%444',"*('/*('#"*(2.'@'2)*>*>' 8"*'2*>*-'">' .,%@%'+"@';-.>1*',.-.'

8"*'();.>4'ABGDT'!TI4

"

D&+$-% ,$% -&% @&,#$% $0% -"5%$5'<,1"5A% +%&%"/.+)&%&"#$/" +&$5#)=%/" C.)" +.)()0"

')0)&%&"#$/")/-.(2$/B"/.)#)"%+%&)*)&"#%"=%(&)B"+&)/-%0($".0"%+$;$" )/+)*,D2*$" %"#$/"

)/-.(2$/" 2=+#2*10($/)" )0" )##$/B" %;.(%0($" %" #$/" A2H$/" *$0" -&%5%H$/B" %02=%0($B" $"
F%*2#2-%0($")#"()/*%0/$"+%&%"A%*)&"C.)"#$/"A2H$/"-)0'%0"=1/"-2)=+$"+%&%"()/*%0/%&"
;" +$()&" ()(2*%&" -2)=+$" %" #$/" )/-.(2$/?" !02=%B" %;.(%" ;" /)" +&)$*.+%" +$&" #$/"
)/-.(2$/?
!)'+.1-*'()*+,-*'+*'$.'.,%@.1%'.'8"*'*(2"1).-.'@'+*'.@"1.=.' #%>'/%('2-.=.:%(&' (*'/%(' ,.(.=.&' +*'
+)-.=.' .'0*-' 8"7'/*',.-*#9.>&'+*'1*#9.' 8"7'/*',.-*#9.>4'34445' o*#"*-1%'">'2-.=.:%'8"*',-<#2)#.+*>2*'
+*'/%'$)U%'*//.&'="*>%'+*'/%'$)U%'*>2*-%4'ABCDGE'FGHI4"

"

Z2'.&%"6?6:?">5'<,1"5:%."@$0'"5%!-&4$:%

*#(

0#/1-.!2!3-$)1&-

@)" =%0)&%"')0)&%#B" 0$" )M2/-)".0" +%-&E0" *$=]0"C.)" )M+#2C.)" #$/" )/-.(2$/" )0" #$/"
()+$&-2/-%/" ()" %#-$" 023)#?" NM2/-)0" (2F)&)0-)/" *%=20$/" ;" =$-23%*2$0)/" ()" #$/" A2H$/"
+$&" #$/" )/-.(2$/?" N0" *.%#C.2)&" *%/$B" #%/" =%(&)/" ()/)%0" ;" C.2)&)0" C.)" /./" A2H$/"
*$0-20])0"/."F$&=%*2E0"%*%(U=2*%?"T)"-&%-%"()".0"%/+)*-$"()"&)#)3%0*2%"=%;$&")0"
#%/" ($/"Z%/)/"8Z%/)"[";"Z%/)"[[>"()#" @)/%&&$##$" @)+$&-23$" ;"C.)"32)0)"()-)&=20%($"
+$&")#"-2+$"()"()+$&-)B" #%")(%("%"#%"C.)"/)"%#*%0*)")/)"+)&2$($B" #%" =%(.&%*2E0"()#"
()+$&-2/-%B" 20*#./$" ()"#%"+&$+2%"F%=2#2%";"#%"F$&=%*2E0"()"#$/"+%(&)/?" T20")=5%&'$B"
0$"A%;"*$0(2*2E0B"02"*%&%*-)&,/-2*%B"-$(%/"#%/"=%(&)/"()/)%0"C.)"/./"A2H$/")/-.(2)0"
;" +%&%" )##$" #)/" %+$;%0?" T)" -&%-%" ()" .0" %+$;$" 20*$0(2*2$0%#" 82'.%#" C.)" )#" %+$;$"
+&)/-%($"%#"()+$&-)>"+)&$"()"=%0)&%")/+)*,D2*%"%"#$/")/-.(2$/?"
"

P,)$+-,(& '.@C;.%$(B" )/-%" (2=)0/2E0" A%*)" &)F)&)0*2%" %" #$/" =$=)0-$/" C.)"

*$=+#2*%0" .0" 0$&=%#" ()/%&&$##$" ()+$&-23$?" T$0" =$=)0-$/" C.)" +.)()0" )/-%&"
(2&)*-%=)0-)" &)#%*2$0%($/" *$0" )#" ()+$&-)" 8#)/2$0)/B" ()&&$-%/>" $" 0$" )/-%&"
(2&)*-%=)0-)"&)#%*2$0%($/"*$0")#"=2/=$"+)&$"20D#.;)0($")0"U#"()"=%0)&%"(2&)*-%";"
()-)&=20%0-)"8+&$5#)=%/B" /$#)(%("$"(2D2*.#-%()/>?"N/-%"*%-)'$&,%")/-1"F$&=%(%"+$&"
.0%"/)&2)"()"(2=)0/2$0)/"()"=)0$&"023)#"()"%5/-&%**2E0"8Z2'.&%"6?6<>P
"

Z2'.&%"6?6<?"."@$0'"5%,1OC21-$5%,$-%,$+"#'15'&:%."@$0'"5%!-&4$:%

*")

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

"

D&+$-%,$%-&%@&,#$% $0%-"5%@"@$0'"5%,1OC21-$5A"A%*)"&)F)&)0*2%"%"*E=$"%*-]%"#%"

=%(&)" ()" =$($" )/+)*,D2*$" )0" *%(%" .0%" ()" #%/" /2-.%*2$0)/" C.)" *$=+&)0()0" )/-%"
(2=)0/2E0" ()" =$=)0-$/" (2D,*2#)/?" T)" ()-%##%" )#" +%+)#" )/+)*,D2*$" (.&%0-)" #%/"
#)/2$0)/B" )0" #%/" ()&&$-%/B" )-*g" R$0/-2-.;)" .0" +%+)#" 5%/%($" )0" )#" *$0/.)#$" +%&%"
%#232%&"#%/" +)0%/" ;" )0".0%"%*-2-.("+$/2-23%"+%&%")0F&)0-%&/)"%")/$/"+&$5#)=%/" C.)"
+)&=2-%0"%#"()+$&-2/-%/"3$#3)&"%"#%"0$&=%#2(%("*$0"#%"=%;$&"*)#)&2(%("+$/25#)?
"

F*' *(2.-' -%2.&' 8"*' >%' ,"*1*(' +<(' @' +)' +.1-*' /.(' 29,)#.(' #$.-/)2.(' @' */' .,%@%4' g' *(%' *('

-*./+*>2*'/%'8"*'2*'1.'\"*-U.',.-.'(*;")-'.1*/.>2*'#".>1%'*(2<('\-<;)/'%'*(2<('-%2.4'ABBDT'FGBI4

"

B$51"0$5A" *%/2" -$($/" #$/" ()+$&-2/-%/" ;" /./" =%(&)/" A%*)0" &)F)&)0*2%" %" )/-)"

%/+)*-$?" Q%/" #)/2$0)/" /$0" =.;" F&)*.)0-)/" )0" ()+$&-2/-%/" ()" %#-$" 023)#B" +.(2)0($"
3%&2%&"#%"'&%3)(%("()"#%/"=2/=%/B";"-$($/"#$/"()+$&-2/-%/";"=%(&)/"()-%##%0"*E=$")#"
+%+)#" ()" #%/" =%(&)/" )0" )/$/" =$=)0-$/" F.)" *#%3)B" *$032&-2U0($/)" )0" )#" +&20*2+%#"
%+$;$"+%&%"/.+)&%&#%/?"
"

J>'/%('+./%('+%+*>2%('+)'+.1-*'()*+,-*'*(2<'.$94'!)-.&'*>'/.',-)+*-.'%,*-.#)Y>'*(2"0*'*>'*/'

$%(,)2./'C'19.(&',"*('+)'+.1-*'>%'(./)Y'1*/'$%(,)2./&'>%'(./)Y4'AQCDGK'FBKI4

"

.1$,"5% )% '$@"#$5A% )#" ()/%&&$##$" ()+$&-23$" 2=+#2*%" %-&%3)/%&" )-%+%/"

*$=+#2*%(%/" ;" ()" '&%0()/" =2)($/" *$=$" #%" %($#)/*)0*2%B" +)&$" 0$" /$#$" )0" )/)"
+)&2$($")#"()+$&-2/-%"-2)0)"=2)($/";"-)=$&)/B"/20$"C.)"%"#$"#%&'$"()"-$(%"#%"*%&&)&%"
)/$/" /)0-2=2)0-$/" 0)'%-23$/" %+%&)*)0" *$=$" *$0/)*.)0*2%" ()" 2=+$&-%0-)/"
()*2/2$0)/" C.)" ()5)0" -$=%&" ;" ()#" =2)($" +&20*2+%#=)0-)" %" #$" ()/*$0$*2($?" Q%/"
=%(&)/" /.)#)0" )/-%&" +&)/)0-)/" )0" )/$/" =$=)0-$/B" (%0($" -$($" /." *%&2a$" ;"
*$=+&)0/2E0B"+&20*2+%#=)0-)"%&&$+%0($?"
"

!)'+.1-*'()*+,-*'+*'$.' .>)+.1%' .' 1.-' ,.(%(4'g' *(%' 2*'.@"1.&',%-8"*'2"' /%' 8")*-*('$.#*-&'

,*-%'2)*>*('1"1.(&'+)*1%('@'*>2%>#*('("'.,%@%'*('+"@')+,%-2.>2*4'AQKDGK'FGTI4

"

E$0<021&5% )% 5&2#1O121"5A" )/" )#" +&$+2$" ()+$&-2/-%" C.2)0" %*)+-%" +&%*-2*%&" /."

()+$&-)" ;" /)" -&%-%" ()" .0%" ()*2/2E0" -$=%(%" #25&)=)0-)B" +)&$" 0$" +$&" )##$B" )/%"
()*2/2E0")/-1" )M)0-%" ()" &)0.0*2%/" ;" /%*&2D2*2$/" C.)"()5)"A%*)&" )#" A2H$" ()+$&-2/-%?"
!0-)")/%/"&)0.0*2%/";"/%*&2D2*2$/"#%"=%(&)")/-1"*)&*%"%+$;%0($";"%02=%0($?"

*"!

0#/1-.!2!3-$)1&-

"

g%' .' +)'$):%'/*'//.+%' */' *2*->%' $.+=-)*>2%' ,%-8"*' >%' (*'/*'8")2.' */'$.+=-*&' #Y+%' #%+*4'g'

()*+,-*'$.'()1%'">.'/"#$.'#%>'/%('-*;9+*>*(&',%-8"*'7/'2)*>*'#)*-2.'2*>1*>#).'.'*>;%-1.-'@'#%>'*/':"1%'
*(%'*(')+,%-2.>2*',%-8"*'#%+%'0.' ,%-',*(%(4'J>2%>#*('.$9'*(2.=.'@%',.-.'#%#)>.-'/%'8"*',%19.'#%+*-'
@'*(2.-',*>1)*>2*'1*'/.('#%+)1.(4'P%-8"*'@%'("\-%'+"#$%'0)7>1%/*',%-8"*'(*'8"*'2)*>*'+"#$.'$.+=-*'@'
("\-*'>%'#%+)*>1%4'AGEDGE'!XI4

"

B"5%+#"F-$@&5%)%,1O12<-'&,$5%,$-% ,$+"#'15'&" A%*)0"&)F)&)0*2%"%"+%/%H)/" ()"#%"

32(%" ()#" ()+$&-2/-%" 0$" &)F)&2($/" (2&)*-%=)0-)" %#" ()+$&-)" C.)" )0-$&+)*2)&$0" )#"
()/%&&$##$" ()#" =2/=$?" N0"%#'.0$/"*%/$/" +.($" &$4%&/)")#"%5%0($0$B"##)'%0($" %" /)&"
U/-)" -)=+$&%#?" N/-%/" (2D2*.#-%()/" /.)#)0" )/-%&" &)#%*2$0%(%/" *$0" )0F)&=)(%()/" ()"
%#']0"F%=2#2%&"$"F%##)*2=2)0-$?" Q%"=%(&)"$*.#-%")#"+&$5#)=%"=2)0-&%/"/)%"+$/25#)"$"
%02=%"%"*$0-20.%&")0")#"()+$&-)".0%"3)4"A%"$*.&&2($")#"+&$5#)=%?"
'

J(' ">.' #"*(2)Y>' 1*' 8"*' *//.' ()*+,-*' >%(' $.' 1*:.1%' /)=*-2.1' ,.-.' 8"*' $)#)7(*+%(' /%' 8"*'

8")()7-.+%(4'g%'(*'8"*'#".>1%'//*;Y'*/'+%+*>2%' 1*'+.-#$.-+*&'@%' *-.' :%0*>#)2%'@'$.=9.+%(',.(.1%'

">.'()2".#)Y>'1)69#)/'*>2%>#*('="*>%&',%-'2%1%'*(%&',%19.',.-*#*-'8"*'+)'+.1-*')=.'.'1*#)-'8"*'>%&'8"*'
>%'+*'1*:.=.'+.-#$.-'.'AS)"1.1'FGQI4'P%-8"*'*>'-*./)1.1'/.'#%(.'>%'*(2.=.'=)*>&'2*>9.+%(',-%=/*+.('
*>' #.(.4' g' 1*(1*'*/',-)>#),)%' 1):%' 8"*'>%&' 8"*'*-.' ">.' 1*#)()Y>' +9.&' 8"*' ()' @%' 1*#9.' 8"*' +*'8"*-9.'
+.-#$.-&' 8"*' ,.-.' .1*/.>2*&' 8"*' (.=9.' 8"*' *-.' ">.' ,*-(%>.' -*(,%>(.=/*' @' 8"*' >%' $.=9.' >)>;^>'
,-%=/*+.4'AQ_DT'FGQI4

"

B&5% ,$##"'&5" /$0" =$=)0-$/" 20A)&)0-)/" %" #%" +&1*-2*%" ()+$&-23%?" O$($"

()+$&-2/-%"/.F&)"()&&$-%/";"()"*E=$"/)"/$5&)+$0'%"%")##%/"-)0(&1".0"=)H$&"$" +)$&"
()/%&&$##$" ()+$&-23$?" O%=52U0"A%;"(2/-20-$/"023)#)/")"2=+$&-%0*2%"()"#%/"()&&$-%/?"
N#" C.)" +2)&()" .0%" D20%#" $#,=+2*%" )0" *%/%" ()/+.U/" ()" 2&" '%0%0($" (.&%0-)" -$($" )#"
+%&-2($"8@<6>"$")#" C.)"+2)&()".0"R%=+)$0%-$"=)0$&?" N0"-$(%/")##%/"#%"=%(&)")/-1"
+&)/)0-)?"
"

O)*+,-*' #".>1%' 0)*>*>' +%$9>%(' ,%-8"*' $.>' ,*-1)1%' %' 2./' ,"*(' ()*+,-*'(*' /*(' .>)+.' @'(*'

,-%#"-.' 1.-' ">' .+=)*>2*' #%>' 2%1%(' ("(' $*-+.>%(' @' 8")2.-/*' )+,%-2.>#).' .' 8"*' $.' ,*-1)1%4' AQGDX'
!GTI4

"

B&% 5"-$,&,% *$0/-2-.;)" #%" ]#-2=%" (2=)0/2E0" ()" =$=)0-$/" (2D,*2#)/B"

=$/-&%0($" )#" /)0-2=2)0-$" ()" ()/%=+%&$B" .02($" *$0" *2)&-%" =)#%0*$#,%" ;" -&2/-)4%"
C.)"+&$3$*%")0")#"()+$&-2/-%".0"=$=)0-$" (2D,*2#"C.)"()5)"/.+)&%&?"Q%"32(%")0"#$/"
R!_B" ($0()" )#" *%&2a$B" *$=+%a,%" ;" %*$'2=2)0-$" ()#" A$'%&" ()/%+%&)*)B" +.)()"

*"*

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

()3)02&" )0".0"/)0-2=2)0-$" ()"/$#)(%("+%&%")#" *.%#" #%"=%(&)"+$0)"/./"&)*.&/$/")0"

=%&*A%"+%&%" +&$3$*%&".0" *%=52$" )0"/."A2H$" ()+$&-2/-%?" N/" *2)&-$B" C.)" /.)#)0" /)&"
=$=)0-$/"-)=+$&%#)/B")/+$&1(2*$/B"C.)"0$"/)"%#%&'%0"()=%/2%($")0")#"-2)=+$?
'

J>'J(,.L.'*/'(`)'#-%(('*('">'1*,%-2*'+"@'>"*0%'@'*+,*U.+%('">';-",%';-.>1*'@'/.'^>)#.'8"*'

$.' (./)1%'.1*/.>2*'*>' 2%1%'*(2%'$*'()1%'@%4'g' ,%-'*(%'*>' ,.-2*'*(2%'$.'()1%' ">',%#%'2"-="/*>2%&'*(2.=.'

(%/.&' ()>' >.1)*' +<(4' P%-' *(%' .$%-.' +*' ()*>2%' %-;"//%(.' 1*' $.=*-' /"#$.1%' ,%-' ">' ("*L%' @' $.=*-/%'
#%>(*;")1%4'ABBDQ'FGBI4

"

O$(%/"#%/"(2=)0/2$0)/"*$0/-2-.;)0"/2-.%*2$0)/"-)=+$&%#)/"C.)")#"()+$&-2/-%"

%-&%32)/%?" T$0"=$=)0-$/" )/+$&1(2*$/" )0"#$/" C.)")#" ()+$&-2/-%" 0)*)/2-%" .0"%+$;$"

)M-&%?"Q%"=%(&)"+&)/-%".0"%+$;$" ()"=%0)&%"')0)&%#"%#" ()+$&-)"()#"A2H$";" F.)&%"()"
U#B" /2)=+&)" $&2)0-%($" %" .0" =)H$&" ()/%&&$##$" ()+$&-23$?" G)&$" )0" $*%/2$0)/B" )/)"
()/%&&$##$" +.)()" 3)&/)" ()/32%($" /.+$02)0($" )##$" .0" %+$;$" )/+)*2%#" )0" )/$/"
=$=)0-$/" )/+)*2%#)/?" G$&" -%0-$B" %()=1/" ()" #%" )3$#.*2E0" +&$+2%" ()#" +%+)#" ()" #%"
=%(&)" )0" *%(%" .0%" ()" #%/" (2=)0/2$0)/" )0" C.)" 20D#.;)" 8%+$;$" )=$*2$0%#B"
+/2*$#E'2*$B" )*$0E=2*$B"=%-)&2%#" ;"#$',/-2*$>"#%"=%(&)"+&)/-%".0"%+$;$")/+)*2%#")0"
#$/"=$=)0-$/"(2D,*2#)/?"
"

5',%$(;$+;."B")/-%"(2=)0/2E0"=.)/-&%"#%/"*%&%*-)&,/-2*%/" ()")/-%")-%+%";")#"

+%+)#" ()" #%" =%(&)" )0" )##%" 8Z2'.&%" 6?69?>?" N/" *$0/2()&%(%" .0%" )-%+%" *&.*2%#" )0")#"
()/%&&$##$" ()+$&-23$" +$&" /." *$=+#)H2(%(B" +$&" #%/" (.(%/" C.)" /.&')0" ;" +$&" #%/"
*$0-&%&2)(%()/"C.)"323)")#"A2H$"()+$&-2/-%?"N/-%"F$&=%(%"+$&"($/"(2=)0/2$0)/P
"

!&#&2'$#C5'12&5% ,$% -&% &,"-$52$021&A" %#" =$/-&%&" *E=$" =%(&)/" ;" ()+$&-2/-%/"

*$0/2()&%0")/-%")-%+%"*$=$".0"=$=)0-$"*&,-2*$?
"

O)*+,-*'$*'()1%'">.',*-(%>.'8"*'/*'$.'*>#.>2.1%'*/'1*,%-2*&'()*+,-*'$*'()1%'(^,*-')>8")*2.'@'

>">#.' $.#*-' 1*,%-2*' $.' ()1%' ">.' %=/);.#)Y>4' 34445' P*-%' ()' 8"*' *(' 0*-1.1' 8"*' $.@' ">' +%+*>2%' 8"*'
2)*>1*('.'(*-'">' ,%#%'0.;.'#%>'GB'@'GQ'.L%('@'@%'2"0*'*(*'+%+*>2%4'g' .=.>1%>7'1"-.>2*'B'a'Q' +*(*'*/'
1*,%-2*4'ABQDQ'FG_I4

"

D&+$-%,$% -&% @&,#$%$0%-&%&,"-$52$021&A% *$0/2/-)")0".0"+%+)#"C.)"/)"()/%&&$##%"

)0"F.0*2E0"()"#$"C.)"+2()")#"A2H$B"/2)0($".0"+%+)#"')0)&%#=)0-)"=1/"(2/-%0*2%($?"Q%"
=%(&)"%*)+-%")/)"(2/-%0*2%=2)0-$" C.)"#)"/$#2*2-%")#" A2H$" ()"=$($" 20(2&)*-$?"R$0")#"

*"#

0#/1-.!2!3-$)1&-

-2)=+$B" #$/" ()+$&-2/-%/" =.)/-&%0" /." %&&)+)0-2=2)0-$" +$&" *E=$" -&%-%&$0" %" /."
=%(&)";"*$0/2()&%0"*E=$")0")/%")-%+%"#%"=%(&)"F.)".0"+2#%&"F.0(%=)0-%#?"
"

!)'+.1-*'>">#.'+*'1*#9.'>.1.'8"*'+*',"1)*(*'%\*>1*-&',*-%'#-*%'8"*'>%'+*'1*#9.'/.'0*-1.14'

d%' 1*#9.' ,%-8"*'+*'8")*-*'@',.-.' 8"*'>%'+*'.;%=).-.4' J>2%>#*('*>'*(.' *2.,.' *(,*#)./'-*#"*-1%'8"*'

+*' //*0Y' .' #%+,-.-' ">%(' (":*2.1%-*(' *(,*#)./*(' 8"*' +*' .@"1.-.>' .' *>2-*>.-' +*:%-' @' (*' *>#.-;Y'
2.+=)7>'1*/'2*+.'1*/'.#>74'34445'J>2%>#*('*>'*(*'.(,*#2%'1*'/.'.1%/*(#*>#).&'1*'/%('#.+=)%(&'+*'.@"1Y'/%'
8"*',"1%&'.'1)(2.>#).',%-8"*'2.+,%#%'/.'2*>9.'./'/.1%4'ABTDGC'FGCI4

Z2'.&%"6?69?"*,"-$52$021&:%."@$0'"5%!-&4$:%
+,+,-,.8%:1"#%=./40A1.7.='=.G140()%"1=.
N#" =$($" )0" C.)" /)" &)#%*2$0%0" #%/" (2=)0/2$0)/" 8Z2'.&%" 6?66?>" ()" )/-%" *%-)'$&,%B"
."@$0'"5% !-&4$A" 32)0)" =%&*%($" +$&" #%"-)=+$&%#2(%(" ()"#%/" =2/=%/?" N0"-$($/" #$/"
*%/$/"/$0"=$=)0-$/"-)=+$&%#)/?"Q%"(2F)&)0*2%")/-1")0"C.)")#"202*2$"()+$&-23$";"#%"
%($#)/*)0*2%" /$0" =$=)0-$/" +$&" #$/" C.)" -$($/" #$/" ()+$&-2/-%/" +%/%0" *$=$"
*$0/)*.)0*2%" ()".0"*&)*2=2)0-$" 0$" /E#$" *$=$" ()+$&-2/-%"/20$" *$=$" +)&/$0%?" G$&"
$-&$"#%($B"#$/")/-.(2$/";"#$/"=$=)0-$/"(2D,*2#)/B")/"+&1*-2*%=)0-)"2=+$/25#)"C.)"#$/"
()+$&-2/-%/" 0$" -)0'%0" .0" =$=)0-$" (2D,*2#B" +)&$" U/-)" +.)()" $*.&&2&" )0" *.%#C.2)&"
+)&2$($B"0$")/")/+)*,D2*$"()".0"=$=)0-$"(%($?"N0")#"*%/$"()"#$/")/-.(2$/B"-$(%/"#%/"
=%(&)/"()/)%0"C.)"/./"A2H$/")/-.(2)0"+)&$"+%&%"=.*A%/"0$")/".0"+&$5#)=%"+.)/-$"
C.)")#"()+$&-2/-%"#$"##)3%"52)0?

*""

Z2'.&%"6?66?"."@$0'"5%!-&4$%)%5<5%#$-&21"0$5:%

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

*"$

0#/1-.!2!3-$)1&-

+,+,;,.8%:1"#%=./40A1.7.='.9A%4'()*"
O$(%/"#%/"(2=)0/2$0)/"()"."@$0'"5%!-&4$" /$0"-)=+$&%#)/?"N#" 202*2$"()+$&-23$";"#%"
%($#)/*)0*2%"=%&*%0"+)&2$($/" ()"#%"32(%"0$"/E#$"()".0"()+$&-2/-%"/20$" ()".0"A2H$?"
Q%"=%(&)"/)"*$=+$&-%"()"=$($" ()-)&=20%($")0")/$/"=$=)0-$/"%()=1/"()#"+%+)#"
+&$+2$"()"#%/"=%(&)/"*$0"/./"A2H$/"()+$&-2/-%/";"/.")3$#.*2E0")0")#"-2)=+$?"
"

!()=1/"()")/$/"($/"+)&2$($/B" #$/"=$=)0-$/"(2D,*2#)/";" #$/" )/-.(2$/"/20"/$0"

+)&2$($/" -)=+$&%#)/B" *$0" .0%" (.&%*2E0" ;" F&)*.)0*2%" 20()-)&=20%(%" C.)" +.)()0"
%+%&)*)&" %" #$" #%&'$" ()" -$($" )#" ()/%&&$##$" ()+$&-23$?" N0" )#" =$=)0-$" )0" C.)"
%+%&)*)0"#%"=%(&)"+&)/-%".0%"%;.(%")/+)*2%#" +%&%")##$?"N0"&)#%*2E0"%"#$/")/-.(2$/B"
#%" =%(&)"%;.(%"*.%0($" 3)" C.)" )=+2)4%" #%" (2D2*.#-%(" ()"*$=+%'20%&#$/" C.)" /.)#)"
$*.&&2&")0"Z%/)"["$" [["()"()/%&&$##$" ()+$&-23$?" N0"&)#%*2E0"%"#$/"=$=)0-$/"(2D,*2#)/"
/.)#)0"%+%&)*)&"-%=52U0")0"Z%/)"["$"[["()#"@)/%&&$##$"()+$&-23$";")0")#"!#-$"`23)#?"

*"%

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

+,>,.?0614.&14.?0&$1.A=,.?0614.&1.40.80&$1
N#"$5H)-23$" +&20*2+%#" ()")/-%"203)/-2'%*2E0"A%"/2($"%0%#24%&")#" +%+)#" ()"#%/"=%(&)/"
()" ()+$&-2/-%/" ()" %#-$" 023)#" )/+%a$#)/B" /2" 52)0B" #%" D#)M252#2(%(" ()" #%" =)-$($#$',%"
)=+#)%(%" ;" #%" #25)&-%(" )0" #%/" &)/+.)/-%/" ()" #$/" +&$-%'$02/-%/" ()" #%/" )0-&)32/-%/"
+&$3$*E"#%"&)F$&=.#%*2E0"()"#$/"$5H)-23$/"*$0")#"D20"()"-&%-%&"()"(%&"&)/+.)/-%"%"#%/"
+&20*2+%#)/" (2F)&)0*2%/" )0-&)" #$/" +%+)#)/" ##)3%($/" %" *%5$" +$&" +%(&)/" 83%&$0)/>" ;"
=%(&)/?" @)")/-)"=$($B" )#" D&+$-% ,$-% D&,#$" *$0/-2-.;)".0%" *%-)'$&,%"%" -&%3U/" ()"#%"
*.%#"/)"(%"&)/+.)/-%"%#"$5H)-23$")/+)*,D2*$"X?"
<=2$-./,& B(#$;C@.;,&[4&Q,+,;$*& (.&%"(& ;"*";-$*C(-.;"(&'$%&#"#$%&'$&%"&)"'*$&9&'$%&
#"'*$&$+&$%&'$("**,%%,&'$#,*-./,&'$&%,(&1.2,(&$(&'.F$*$+-$4
"

N/-%"*%-)'$&,%")/-1"*$=+.)/-%"+$&"($/"(2=)0/2$0)/"8Z2'.&%"6?6L?>"()D202(%/"

%"*$0-20.%*2E0";"$&()0%(%/")0"5%/)"%"/."F.0(%=)0-%*2E0P
!"@+"#'&@1$0'"%,$-%+&,#$%6SQ8B" ")/-%"(2=)0/2E0"()-%##%")#"=$($")0"C.)")#"
+%(&)" /)" ()/)03.)#3)" $" +&$*)()" )0" #$/" -)=%/" &)F)&)0-)/" %#" ()+$&-)" ()#"
A2H$?" T)" =.)/-&%" *E=$" +&)/-%" .0" %+$;$" #$',/-2*$" &)#%*2$0%($" *$0" )#"
-&%0/+$&-)" -%0-$" %" )0-&)0%=2)0-$/" *$=$" *$=+)-2*2$0)/B" /2)0($" )#"
+&20*2+%#" &)/+$0/%5#)" ()" (2*A$" %+$;$" #$',/-2*$B" )0" %#'.0$/" *%/$/B" )0" #%/"
+&2=)&%/")-%+%/"()"202*2%*2E0"()+$&-23%?"
"

g%' #-*%'8"*'/%('$%+=-*(',%>*>' ">')>2*-7('*(,*#)./'*>'8"*'()'*/'>)L%'*+,)*U.'.'$.#*-'

">'1*,%-2*'2)*>*'8"*'//*;.-'./'6)>./'@'.1*+<('(*-'="*>%'@'+<('*>'\^2=%/4'ABKDQ'!_I4
'

!)' +.1-*' ()*+,-*' +*' //.+.' 1*(,"7(' 1*' /.(' #%+,*2)#)%>*(' @' @.' /"*;%' +*' 1)#*D'

eM8")*-*('$.=/.-'#%>' 2"' ,.1-*Nf'@'/*'1);%D'e.' 0*-',<(.+*/%f4' g' +)',.1-*'(*'6):.' +<('*>' +)('

-)0./*(D'eM8")7>' $.' #%--)1%&' #"<>2%' $.>' $*#$%444Nf4' ?' 0*#*(' $.(2.' 8"*' +*' .;%=).' ">' ,%#%4'
AGBDGT'FCI4
'

!)' $):.' \"*' ="*>.' *(2"1).>2*' @'#".>1%' .#.=.' */' SVj' (*' 0.' .' ">' S?o' @'.">8"*' (*'

+.2-)#"/.' *>' /.' j>)0*-()1.1' @' .' /.(' *>2-*>.1%-.(' /*(' ;"(2.' 8"*' ("(' 1*,%-2)(2.(' (*.>'
">)0*-()2.-).(&'/.' -*./)1.1' *('%2-.4' P)*-1*'*(*'.L%'@'>%'*(2"1).' ">.'#.--*-.4'g%'/%'//*07'+./&'
("',.1-*'+*>%(&'7/'*(2.=.'\*/)U'1*'8"*'*(2"0)*-.'*>'*/'S?o4'AQQDB_'!GXI4

*"&

0#/1-.!2!3-$)1&-

"

Z2'.&%"6?6L?"D&+$-%,$-%D&,#$:%

!+%&)*)" -%=52U0" .0" *$=+$&-%=2)0-$" 5%/%($" )0" #%" 2=+#2*%*2E0" ()/()" )#"
+.0-$" ()" 32/-%" ()+$&-23$" 8)0-&)0%($&>B" +)&$" -%=52U0" ()/()" #%" ')/-2E0"
8=2)=5&$" ()#" *#.5B" =%0%')&" $" &)+&)/)0-%0-)>?" G)&$B" m+$&" C.U" -2)0)" )/)"
*$=+$&-%=2)0-$" )#" +%(&)n" e0%" 2=+$&-%0-)" &)/+.)/-%" /)&,%" +$&C.)" )#"
+%(&)"3)")0"/."A2H$"/."/.)a$"*$=$"()+$&-2/-%?
'

!)',.1-*'2)*>*'">',.,*/'+"@'1)69#)/',%-8"*'*('+)',.1-*'@'+)'*>2-*>.1%-'AGKDGH'FHI4

'

S%>' */'1*,%-2*'+)'+.1-*'()*+,-*'$.' *(2.1%'.$94' g' +)',.1-*'2.+=)7>&'1*' $*#$%' +)'

,.1-*'*(2.=.'+*2)1%'*>'*/'#/"='1%>1*'@%'*(2.=.4'AGHDQ'FTI4

E$-&21?0%2"0%$-%+&,#$%6GM8B"")/-%"(2=)0/2E0")0'#$5%")#"=$($")0"C.)"+%(&)")"
A2H$"/)"&)#%*2$0%0B"()/-%*%0($"*E=$")#"+%(&)")/"F&,$B"#)H%0$")0")#"=$=)0-$"
)0"C.)"/)"()5)0"-$=%&"()*2/2$0)/B" 32/-$"*$=$" .0%"+)&/$0%"-&%5%H%($&%";"
/)&2%?" N#" +%(&)" 0$" 0)*)/2-%" A%5#%&" *$0" /." A2H$" +$&" -)#UF$0$" *.%0($" 323)"
F.)&%")"20*#./$" )/%"()*2/2E0"()"%5%0($0%&")#"A$'%&" 0$" #)" +&$3$*%"020']0"

*"'

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

-2+$" ()" /.F&2=2)0-$" $" ($#$&B" &)/.=2U0($/)" )0" .0" =$($" ()" &)#%*2$0%&/)"
(2F)&)0-)"%"#%"&)#%*2E0"*$0"#%"=%(&)?"
'

g%'.'8")*>'2*>;%'1*'-*\*-*>#).'1*(1*'*/',">2%'1*'0)(2.'1*,%-2)0%'*('.'+)',.1-*&'.'0*-&'

.'+)'+.1-*'*('.'/%'8"*'+<('8")*-%&',*-%'*('1)\*-*>2*4'AGD_C'FGI4
'

?/'>)0*/'1*'.$%-.&'./2%&',"*('@%'/%'8"*',-%#"-%'1.-/*'.'+)'$):%'*('+"#$.'#%+,-*>()Y>&'

*>2*>1*-/*444'O"',.1-*'//*0.'%2-%',.,*/'@'(*',%>*'+"@'1"-%'#%>'7/4'AGGDBK'!HI4
'

S%>'+)'+.1-*'$.=/%'#.()'#.1.'19.4'S".>1%'*(2.=.'\"*-.'#.1.'19.'@'0.-).('0*#*('./'19.&'

);"./'_'%'E'0*#*('()>' *h.;*-.-2*4'34445'S%>'+)',.1-*',"*1%'*(2.-'_'19.('()>'$.=/.-'#%>' 7/&' 8"*'

>%',.(.'>.1.4'b)'7/'+*'//.+.=.&'>)'@%'/*'//.+.=.4'ABCDGX'FGHI4

+,>,-,.?0614.&14.?0&$1.7.='=.G140()%"1=.
!=5%/"(2=)0/2$0)/B")0"*$0H.0-$B"*$0(.*)0"%"*E=$")#"+%(&)";"#%"=%(&)"()/%&&$##%0"
;" -2)0)0" .0" +%+)#" (2F)&)0-)" )0" -$&0$" %#" ()+$&-)" ()#" A2H$" 86K>?" G&2=)&$" *$=$"
*$0/)*.)0*2%"()"(2F)&)0-)/"*$=+$&-%=2)0-$/")0"-$&0$"%#"()+$&-)B"+)&$"-%=52U0")0"
5%/)" %" #%" (2F)&)0-)" &)#%*2E0" )/-%5#)*2(%" )0-&)" =%(&)" j" A2H$B" +%(&)" j" A2H$?" N/-%"
(2F)&)0*2%")0")#" -2+$" ()" +%+)#B" ##)3%" %" +)&*252&"%" %#'.0$/" ()+$&-2/-%/" )0"%*-23$" )#"
+%+)#"()#"+%(&)"*$=$"=1/"2=+$&-%0-)"87>?
"

@)#" %01#2/2/" )=)&')0" .0%" /)&2)"()" +%+)#)/";" &$#)/" *$=$" )#" %+$;$" #$',/-2*$"

&)#%*2$0%($" *$0" )#" -&%0/+$&-)B" )#" %+$;$" =%-)&2%#" C.)" /.+$0)" (20)&$" $" )#" +&$+2$"
%+$;$" )*$0E=2*$" C.)" /$0" ()/%&&$##%($/" +$&" +%(&)" ;" =%(&)" 20(2/-20-%=)0-)B" ()"
=%0)&%" ')0)&%#B" )0" F.0*2E0" ()" %/+)*-$/" F%=2#2%&)/" %H)0$/" %#" ()+$&-2/-%/" ;" %" /./"
+%(&)/?" N/" ()*2&B" C.)" %+$;)" =1/" .0$" C.)" $-&$" +.)()" /)&" *$0/)*.)0*2%" ()" .0"
0)'$*2$" F%=2#2%&B" -)0)&"*%&0)-" ()"*$0(.*2&B" -)0)&"=1/" A)&=%0$/"$" #$/" -&%5%H$/" ()"
#$/" +%(&)/?" N/%" *$=+%&-2*2E0" ()"+%+)#)/" $*.&&)B" +&20*2+%#=)0-)B" )0" #%/" +&2=)&%/"
)-%+%/"8[02*2$"@)+$&-23$";"Z%/)"["()#"@)/%&&$##$"@)+$&-23$>")0"($0()"#$/"+%+)#)/"()"
+%(&)" ;" =%(&)" +.(2)&%0" *$0/2()&%&/)" *$=+#)=)0-%&2$/B" )M2/-2)0($" /2)=+&)" .0$"
C.)"202*2%")0")#"()+$&-)B"C.)"%+$;%"=1/"C.)"$-&$B"C.)"#)"##)3%"=1/"A%52-.%#=)0-)"$"
#)" *$=+&%" )#" =%-)&2%#?" R$0" )#" +%/$" ()#" -2)=+$" 8Z%/)"[[" ()#" @)/%&&$##$" @)+$&-23$" ;"
!#-$" `23)#>B" )/$/" +%+)#)/" /$0" #$/" C.)" ()/%+%&)*)0B" )#" A2H$" 0$" 0)*)/2-%" ()" )/)"
-&%0/+$&-)" %#" /)&" 20()+)0(2)0-)B" 0$" &)C.2)&)" C.)" #)" *$=+&)0" =%-)&2%#B" +.)/" )#"

*"(

0#/1-.!2!3-$)1&-

+&$+2$"*#.5"/)"#$"(%"$"0$"0)*)/2-%"C.)"#)"()0"(20)&$B"+.)/")#"()+$&-)"+&$F)/2$0%#")/"
/." -&%5%H$?" G$&" -%0-$B" )#" +%+)#" ()" #%" =%(&)" /)" &)(.*)" %" )/$/" +%+)#)/" C.)"
+&20*2+%#=)0-)")##%"&)%#24%"8!+$;$"N=$*2$0%#";"G/2*$#E'2*$>";")#"+%(&)"%"#$/"/.;$/"
8)0-&)0%($&B"=%0%')&"$"&)+&)/)0-%0-)>?

+,>,;,.?0614.&14.?0&$1.7.='.9A%4'()*"
N#" D&+$-% ,$-% D&,#$% *$0/2/-)" )0" .0%" *%-)'$&,%" C.)" )3$#.*2$0%B" =$/-&%0($" .0"
+&20*2+%#" %+$;$" #$',/-2*$" ()#" +%(&)" &)F)&2($" ]02*%=)0-)" %#" -&%0/+$&-)" )0" #%/"
+&2=)&%/")-%+%/?" T2" 52)0B" #%" 0$" +&$F.0(2(%(" )0")#" +%+)#"()#" +%(&)"2=+2()"%D2&=%&"
C.)" $-&$/"%+$;$/" #$',/-2*$/" 0$" /)%0"+&)/-%($/?" e0%"3)4" %3%04%")#" 023)#" ()+$&-23$"
()#" A2H$" %+%&)*)0" %+$;$/" )M*#./23%=)0-)" ()#" +%(&)" *$=$" *$0/)*.)0*2%" ()" #%"
2=+#2*%*2E0" ()+$&-23%" %" #%" C.)" /)" A%*)" &)F)&)0*2%?" Q$/" +%(&)/" %+%&)*)0" *$=$"
)0-&)0%($&)/B" +)&$" -%=52U0" *$=$" +)&/$0%/" C.)" /)" 20-&$(.*)0" )0" )#" =.0($"
()+$&-23$"%"023)#"()"')/-2E0"()#"*#.5"$"*$=$"=%0%')&/"()#"+&$+2$"A2H$?
'

g%'(%@'2"',-)+*-.'\.>'@',.,.'*('#%+%'2"'+.>.;*-4'AGQDT'!CI4

*$)

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

+,@,./%"=)&1$0()%"1=.21"1$041=,.!"#12$0()*".&1.40.J1%$30
!" #$" #%&'$" ()#" /2'.2)0-)" %+%&-%($" /)" +&)/)0-%" #%" O)$&,%" 8Z2'.&%" 6?6X?>" C.)" A%"
)=)&'2($" ()#" %01#2/2/" *.;$" $5H)-23$" )/" )M+#2*%&" $%& #"#$%& '$& %"(& )"'*$(& $+& $%&
'$("**,%%,&'$#,*-./,&'$&(0(&1.2,(3&'$#,*-.(-"(&'$&"%-,&+./$%4&G%&%")##$B"/)"()-%##%0"
#%/"*%-)'$&,%/"%"-&%3U/" ()"#%/"*.%#)/"/)"(%"&)/+.)/-%"%P"m*E=$"%;.(%0"#%/"=%(&)/"%"
/./" A2H$/" %" %#*%04%&" )#" %#-$" 023)#" ()+$&-23$nB" m*E=$" /)" &)#%*2$0%0" #$/" %+$;$/" C.)"
+&)/-%nB"mC.U"#)/"/.+$0)"%"#%/"=%(&)/"+&)/-%&"(2*A%"%;.(%nB"m+$&"C.U"*$#%5$&%0"*$0"
)##$/")0")#" *%=20$" A%*2%"#%")M*)#)0*2%nB" m()/%&&$##%0"+%(&)";" =%(&)"=2/=$/" &$#)/"
)0"-$&0$"%#"()+$&-)n?"N/")#"%+%&-%($")0")#"C.)"/)"()/*&25)0";"+#%/=%0"#%/"(201=2*%/"
20-)&0%/" ()" #$/" *$=+$0)0-)/" ()" #%" O)$&,%B" *$0/-2-.;)0($" #%" +%&-)" D20%#" ;" =1/"
*$=+#)H%"()#"%01#2/2/?
"

@)" (2*A$" %01#2/2/" )=)&')" .0%" R%-)'$&,%" R)0-&%#" ()0$=20%(%" *+")"% ,$% -&%

.&,#$B" C.)"*$0/-2-.;)")#" 0]*#)$"()"#%"O)$&,%B" )0"-$&0$"%"#%"*.%#")/-10"&)#%*2$0%(%/"

)#"&)/-$"()"*%-)'$&,%/?"N/-)"!+$;$"()"#%"I%(&)"/)"&)D2)&)"%"#%"%;.(%"+&)/-%(%"+$&"#%"
=%(&)"()"*%&1*-)&"'#$5%#";"')0)&%#"C.)"F%*2#2-%";"+)&=2-)")#"%#*%0*)"()#"%#-$"023)#"()"
/."A2H$" ()+$&-2/-%?"N/-)"!+$;$" ()"#%"I%(&)")/-1"F$&=%($" +$&"($/" '&%0()/"5#$C.)/P"
!+$;$"O%0'25#)";"!+$;$"G/2*$#E'2*$B"()0-&$"()"#$/"*.%#)/"A%0")=)&'2($" (2F)&)0-)/"
%+$;$/"-$($/")##$/"&)#%*2$0%($/"*$0"#%"R%-)'$&,%"R)0-&%#"()"!+$;$"()"#%"I%(&)"+$&"
.0%"&)#%*2E0"()"+)&-)0)0*2%?"
"

N#" !+$;$" O%0'25#)" )/-1" &)#%*2$0%($" *$0" #%" %;.(%" 32/25#)" +&)/-%(%" +$&" #%"

=%(&)?" N/-1"F$&=%(%B" %"/."3)4B"+$&".0"%+$;$"()0$=20%($"Q$',/-2*$B"()D202($" *$=$"

#%" %;.(%" C.)" +)&=2-)" #%"+&1*-2*%" ()+$&-23%" )0" /," =2/=%^" ;" .0" %+$;$" N*$0E=2*$B"
&)F)&2($"%#"(20)&$?"N#"!+$;$"I%-)&2%#B"*$0/-2-.;)".0%"*%-)'$&,%"()"023)#"20F)&2$&"C.)"
)/"+%&-)"()"%=5%/?"@)")/-)"=$($B")#"!+$;$"I%-)&2%#")/-1"&)#%*2$0%($"*$0")#"!+$;$"
Q$',/-2*$";"N*$0E=2*$"%"-&%3U/".0%"&)#%*2E0"()"+)&-)0)0*2%?"
"

N/)" !+$;$" O%0'25#)B" )0'#$5%0($" %" #$/" -&)/" -2+$/" ()" %+$;$" )/-1" =.;"

&)#%*2$0%($" *$0" #%" *%-)'$&,%" ()" G%+)#" ()#" G%(&)" +.)/-$" C.)" '&%0" +%&-)" ()" )/-)"
%+$;$" &)F)&2($" %#" -&%0/+$&-)B" =%-)&2%#" C.)"/.+$0)" (20)&$" $" %+$;$" =%-)&2%#" )0"/,"
=2/=$")/"+&)/-%($"+$&"%=5$/"8+%(&)";"=%(&)>"20(2/-20-%=)0-)?

*$!

0#/1-.!2!3-$)1&-

"

N#" $-&$" '&%0" 5#$C.)" #$" *$0/-2-.;)")#"!+$;$" G/2*$#E'2*$B" &)F)&2($"%"#%"%;.(%"

+&)/-%(%" +$&" #%" =%(&)B" 0$" 32/25#)B" &)#%*2$0%(%" *$0" .0%" =)H$&" (2/+$/2*2E0"
+/2*$#E'2*%" ;" )=$*2$0%#" +%&%" )#" ()+$&-)?" @)0-&$" ()")/)"!+$;$" G/2*$#E'2*$" )/-1")#"
!+$;$"N=$*2$0%#B"*$0/-2-.;)0($".0%"*%-)'$&,%"()".0"023)#"20F)&2$&B"%"-&%3U/"()".0%"
&)#%*2E0"()"+)&-)0)0*2%B"2'.%#"C.)")0")#"*%/$"%0-)&2$&?
"

N#" !+$;$" O%0'25#)" /)" &)#%*2$0%" *$0" )#" !+$;$" G/2*$#E'2*$" )0"#%" =)(2(%" )0"

C.)" %" -&%3U/" ()#" *$0H.0-$" ()" !+$;$/" N*$0E=2*$B" Q$',/-2*$" ;" I%-)&2%#" #%" =%(&)"
+&)/-%".0"!+$;$"G/2*$#E'2*$";"N=$*2$0%#B"*$032&-2U0($/)")/-)"0)M$";"&)#%*2E0")0")#"
+&20*2+%#"()/*.5&2=2)0-$"()")/-%"203)/-2'%*2E0?"N/-)"!+$;$"G/2*$#E'2*$")/"+&)/-%($"
$52"0,1,"A%"2<-'"%-&%/".0"%+$;$"=1/"32/25#)"()0-&$"()#"*$0H.0-$"()"!+$;$"O%0'25#)?"
"

N#" *$0H.0-$" ()" %+$;$/B" )#" !+$;$" ()" #%" I%(&)B" #)" 2=+#2*%" .0%" [03)&/2E0"

N=$*2$0%#"%"#%"I%(&)?" Q$/" =$-23$/" +$&"#$/" C.)" /)"+&)/-%" )#"!+$;$B" *$0/-2-.;)0"#%"

[03)&/2E0"N=$*2$0%#" G$/2-23%B" F$&=%(%"+$&" .0%" /)&2)"()"*%-)'$&,%/" ;"(2=)0/2$0)/"
()"=)0$&" 023)#" ()" %5/-&%**2E0" C.)" &)/+$0()0"%" #$/" ()/)$/" ;" &)*$=+)0/%/" ()"#%"
=%(&)")0"-$&0$"%#"()+$&-)?"N0"*$0-&%+$/2*2E0B"+&)/-%&")/)"%+$;$"-2)0)".0%"/)&2)"()"
*$0/)*.)0*2%/B" C.)"*$0/-2-.;)0"#%"[03)&/2E0"N=$*2$0%#"`)'%-23%B"F$&=%(%"%"/."3)4B"
+$&"3%&2%/"*%-)'$&,%/";"(2=)0/2$0)/"C.)"(%0"&)/+.)/-%"%"#$/"/%*&2D2*2$/B" &)0.0*2%/B"
-)=$&)/" $" =2)($/" C.)")#" ()+$&-)" ()#" A2H$" #)" /.+$0)0" %" #%" =%(&)?" G)&$" -%=52U0B"
*$0$*)&"C.U"/2'02D2*%"+%&%")##%"+&)/-%&")/%"%;.(%?"
"

N/)" !+$;$" ()" #%" I%(&)" /.F&)" %#'.0%" %(%+-%*2E0" )0" #$/" ()0$=20%($/"

I$=)0-$/" R#%3)?" N/$/" +)&2$($/" /.+$0)0" =$=)0-$/" +$&" #$/" C.)" %-&%32)/%" )#"
()+$&-2/-%"*$=$"*$0/)*.)0*2%"()"/."*&)*2=2)0-$" *$=$"+)&/$0%B"+)&$" -%=52U0"/$0"
=$=)0-$/" &)#%*2$0%($/" *$0" /." 32(%" *$=$" ()+$&-2/-%?" N/)" !+$;$" ()" #%" I%(&)B"
%(%+-%($" %" )/$/" =$=)0-$/" )/+)*2%#)/" 2=+#2*%" .0%" =$(2D2*%*2E0" ()" #%" [03)&/2E0"
N=$*2$0%#" ()" #%" I%(&)?" @)" %C.,B" #%" &)#%*2E0" )0-&)" #%/" -&)/" *%-)'$&,%/" ()" !+$;$B"
[03)&/2E0"N=$*2$0%#";"I$=)0-$/"R#%3)?"
"

d-&%" *%-)'$&,%" C.)" A%" )=)&'2($" ()#" %01#2/2/" )/" #%" ()0$=20%(%" _$#)/B" C.)"

)/-1"&)#%*2$0%(%"*$0")#"!+$;$"()"#%"I%(&)")0"#%"=)(2(%")0"C.)"(2F)&)0-)/"+%+)#)/";"
/." ()/%&&$##$" %#" =2/=$" -2)=+$" *$0/-2-.;)0" &$#)/" )/-)&)$-2+%($/" ##)3%($/" %" *%5$"
+$&"#%"=%(&)?

*$*

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

"

Z20%#=)0-)B" #%" *%-)'$&,%"G%+)#" ()#" G%(&)"(%" &)/+.)/-%" %".0"(2F)&)0-)"+%+)#"

()/%&&$##%($" +$&" U#" F&)0-)" %#" C.)" ##)3%" %" *%5$" #%" =%(&)B" .0%" (2/-20-%" 203)&/2E0"
)=$*2$0%#"*$=$"*$0/)*.)0*2%"()#"%+$;$"%#"()+$&-)B".0$/"(2F)&)0-)/"&$#)/B"%/,"*$=$"
.0%" (2/-20-%" 2=+#2*%*2E0";" %;.(%" )0"#$/" =$=)0-$/"*#%3)" ()#" A2H$" ()+$&-2/-%?" N/%/"
(2F)&)0*2%/B"*$0"-$(%/";"*%(%".0%"()"#%/"*%-)'$&,%/B"*$0/-2-.;)0")#"+&20*2+%#"0)M$"()"
.02E0")0-&)")#"G%+)#"()#"G%(&)";")#"&)/-$"()"*%-)'$&,%/?"

*$#

*$"

T1W"5A%,$+"#'15'&5%,$%&-'"%014$-:%

Z2'.&%"6?6X?"L$"#C&a%>-%+&+$-%,$%-&5%@&,#$5%$0%$-%,$5&##"--"%,$+"#'14"%,$%5<5%

0#/1-.!2!3-$)1&-

Captulo 4.
Conclusiones, lmites,
prospectiva y
beneficios del estudio

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

!"#$%&'(()*"
!"# $%&$'()*&# +,# ,(*-# )./,(*)0-1)'.# 23,# ,(*3+)-%# ,"# $-$,"# +,# "-(# 4-+%,(# ,.# ,"#
+,(-%%&""&# +,$&%*)/&# +,# (3(# 5)6&(7# +,$&%*)(*-(# +,# -"*&# .)/,"7# 8# (3# %,"-1)'.# 1&.# "-#
)./,%()'.#,4&1)&.-"#93,#",(#(3$&.:-#$%,(*-%#+)15&#-$&8&;#<-%-#,""&#(,#*%-*'#+,#+-%#
%,($3,(*-#-#3.-#(,%),#+,#$%,03.*-(#138&#&=6,*)/&#23,#1"-%)>)1-%#-($,1*&(#.&/,+&(&(#
8#&%)0).-",(7#.&#+,(-%%&""-+&(#$&%#*,&%:-(#&#1&.1,$*&(#$%,1,+,.*,(?#
#

@A3B#5-1,.#"-(#4-+%,(#$-%-#-83+-%#-#(3(#5)6&(#,.#(3#+,(-%%&""&#+,$&%*)/&C7#

@,D)(*,#3.#$%&1,(&# 8#,/&"31)'.#,.#,"# $-$,"# +,#"-(# 4-+%,(# -#"&#"-%0&#+,"# +,(-%%&""&#

+,$&%*)/&# +,"# 5)6&C7# @93B# 1&.(,13,.1)-(# *),.,# (3# )./,%()'.# ,4&1)&.-"# ,.# ,"#
+,$&%*,C7# @1'4&# (,# /,# -2,1*-+-# "-# /)+-# +,# "-# 4-+%,# +,# 3.# 1-4$,'.C7# @-# 93B#
%,.3.1)-#,(-#4-+%,#$&%#-83+-%#-#(3#5)6&C7#@93B#(-1%)>)1)&(#",#)4$")1-C7# @%,.3.1)-#-#
"&# 4)(4&# 3.-# 4-+%,# 8# 3.# $-+%,# $&%# ,"# +,$&%*,# +,"# 5)6&C7# @*),.,.# "-(# 4)(4-(#
$%,&13$-1)&.,(7#*,4&%,(#&#4),+&(C;
#

<&%#*-.*&7#-#$-%*)%#+,#4E"*)$",(#$,%($,1*)/-(#F4-+%,(#8#+,$&%*)(*-(G#(,#*%-*'#

+,#1&.&1,%# ,"# $-$,"# +,#"-(# 4-+%,(# ,.#,"# +,(-%%&""&# +,# "-# ,D1,",.1)-;# <-%-# ,""&# (,#
%,-")H-%&.# IJ# ,.*%,/)(*-(# ,.# $%&23.+)+-+# FKL# +,$&%*)(*-(# +,# -"*&# .)/,"# 8# MJ#
4-+%,(G#-#5&4=%,(#8#436,%,(#+,#3.-#-4$")-#/-%),+-+#+,#+,$&%*,(;#N,"#-.O")()(#+,#
+-*&(#13-")*-*)/&#).*,%$%,*-*)/&#0,.,%-+&%#+,#P,&%:-7#,4,%0)'#3.-#1-*,0&%:-#1,.*%-"#
8#.3,/,#1-*,0&%:-(#$%).1)$-",(#93,#+,*-""-=-.#"&(#$%).1)$-",(#-$&8&(#$%,(*-+&(#$&%#
"-# 4-+%,7# -(:# 1&4&# "&(# 4&*)/&(# 8# 1&.(,13,.1)-(# +,# $%,(*-%# ,(-# -83+-;# Q#
1&.*).3-1)'.7# +)15&(# %,(3"*-+&(# (,%O.# +)(13*)+&(# 8# 1&.*%-(*-+&(# 1&.#"-# ")*,%-*3%-#
,D)(*,.*,7#1&.2&%4-.+&#,"#-$-%*-+&#+,#1&.1"3()&.,(#*,'%)1-(;
#

!.# (,03.+&# "30-%7# "-(# 1&.1"3()&.,(# 4,*&+&"'0)1-(# 1&4$-%-.# ,"# 4B*&+&#

,4$",-+&# ,.# ,(*-# )./,(*)0-1)'.# 1&.# "-# 4,*&+&"&0:-# +,# "&(# ,(*3+)&(# 93,# 5-.#
-.-")H-+&# 8# +,*-""-+&# ()*3-1)&.,(7# -$&8&(# 8# -11)&.,(# ()4)"-%,(;# <-%-# 1&.1"3)%7# "-(#
1&.1"3()&.,(#(3(*-.*)/-(#%,$-(-.#"&(#*B%4).&(#93,#5-.#,4,%0)+&#,.#,"#-.O")()(#1&.#
*B%4).&(#()4)"-%,(#,4$",-+&(#,.#&*%-(#P,&%:-(#,#)./,(*)0-1)&.,(;#
#

Q# 1&.*).3-1)'.# (,# +,*-""-.#"&(# ":4)*,(# +,# "-# )./,(*)0-1)'.#,.#%,"-1)'.# -# "-#

$-%*,# *,'%)1-# 8# +,# -$")1-=)")+-+# 4&(*%-.+&# 13O.+&# ,(# 23.1)&.-"# "-# P,&%:-# ,.#

!"#

T-+%,(#8#N,$&%*,

%,"-1)'.# ,"# *),4$&7# "30-%# 8# 1&.*,D*&(7# -(:# 1&4&# +,*,%4).-%# 93B# ",# -2,1*-# -# +)15-#
P,&%:-;# <&(*,%)&%4,.*,7# "&(# ":4)*,(# 4,*&+&"'0)1&(# -.-")H-.# "&(# $%&=",4-(#
,.1&.*%-+&(#,.#,"#$%&1,(&#+,#)./,(*0-1)'.#,.#%,"-1)'.#-"#-($,1*&#4,*&+&"'0)1&;
#

<&%# E"*)4&7# (,#43,(*%-# "-# $%&($,1*)/-# +,#23*3%&7#+,*-""-.+&# $&()=",(# ":.,-(#

+,#)./,(*)0-1)'.#93,#1&.*).E,.#&# 5-8-.#(3%0)+&# -#$-%*)%#+,#,(*,#,(*3+)&7# -(:# 1&4&#

"&(# =,.,>)1)&(# +,"# 4)(4&7# -.-")H-.+&# $&()=",(# 3*)")+-+,(# $%O1*)1-(# -# $-%*)%# +,# "&(#
%,(3"*-+&(#+,#,(*-#P,()(#N&1*&%-";#

+,-,./%"(0'1)%"21.&2.03.!"421#)53()*"
!"#-$-%*-+&#93,#(,#$%,(,.*-#-#1&.*).3-1)'.#+,*-""-#"-(#1&.1"3()&.,(#+,#,(*,#,(*3+)&#
,.# %,"-1)'.# -# *%,(# -$-%*-+&(# 23.+-4,.*-",(# 93,# (&.# 1&.1"3()&.,(# *,'%)1-(7#
4,*&+&"'0)1-(# 8# (3(*-.*)/-(;# !.# *&+&(# "&(# 1-(&(7# "-# 5,%%-4),.*-# ,4$",-+-# ,.# ,"#
$%&1,(&#+,#+,(-%%&""&#+,#"-(#1&.1"3()&.,(7#,(#"-#1&4$-%-1)'.7#-"#=3(1-%#(,4,6-.H-(#
8# +)2,%,.1)-(# ,.*%,#"-(# 1-*,0&%:-(# 8# 1&.1,$*&(# +,# "-# P,&%:-# 93,# 5-# ,4,%0)+&# &# "-#
4,*&+&"&0:-#,4$",-+-7#8#-93,""&(#()4)"-%,(#+,#"-#")*,%-*3%-#,D)(*,.*,;

+,-,-,./%"(0'1)%"21.#2*$)(31
Q#"&#"-%0&#+,"#1-$:*3"&#-.*,%)&%#(,#5-.#$%,(,.*-+&#"&(#%,(3"*-+&(#&=*,.)+&(#-#$-%*)%#
+,"#-.O")()(# +,#+-*&(#13-")*-*)/&(#1&.# 1-%O1*,%# ).*,%$%,*-*)/&# 0,.,%-+&%# +,#P,&%:-#
%,-")H-+&#,.#,(*-#)./,(*)0-1)'.;#!(*-#P,&%:-#(,#5-#*)*3"-+&?#
##########!"#$%&'$&%"(&)"'*$(&$+&$%&'$("**,%%,&'$#,*-./,&'$&(0(&1.2,(3&
'$#,*-.(-"(&'$&"%-,&+./$%4#

Q# 1&.*).3-1)'.7# (,# $%,(,.*-# 3.-# =%,/,# +)(13()'.# 03)-+-# -# $-%*)%# +,# "-(#

1-*,0&%:-(# 93,# 5-.# ,4,%0)+&# +,"# -.O")()(7# 93,# -1*E-.# 1&4&# 1&.+31*&%# +,# +)15&#
-$-%*-+&# 8# 93,# +-.# %,($3,(*-# -# "&(# &=6,*)/&(# +,# "-# )./,(*)0-1)'.7# -(:# 1&4&# -# "-(#
$%,03.*-(#+,#"-#4)(4-#%,+-1*-+-(#-"#).)1)&#+,"#+&134,.*&;

!$%

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

5#,6,&'$&%"&7"'*$#
U&(#%,(3"*-+&(#,D$3,(*&(#5-.#4&(*%-+&#3.-#1-*,0&%:-#1,.*%-"#&# .31",-%#FQ$&8&#+,#
"-#T-+%,G#93,#%,$%,(,.*-#,"#*,4-#$%).1)$-"#+,#"-#)./,(*)0-1)'.7#,.#*&%.&#-#"-#13-"#(,#
+,(-%%&""-.#8#+,>).,.#.3,/,#1-*,0&%:-(#$%).1)$-",(#8#*&+&(#"&(#+,4O(#1&.1,$*&(;#!(#
+,1)%7# ,"# Q$&8&# +,# "-# T-+%,# (,# )+,.*)>)1-# 1&4&# "-# 1-*,0&%:-# 1,.*%-"# $3,(*&# 93,#
-$-%,1,#1&4&# "-# 1-*,0&%:-#+,# 4-8&%# %,",/-.1)-# 8# 3.#4-8&%#$&*,.1)-"# +,#%,"-1)'.#
1&.#&*%-(#1-*,0&%:-(;#
#

!(*,#Q$&8&# +,#"-#T-+%,#5-#()+&# &=6,*&# +,#,(*3+)&#,.#"-#")*,%-*3%-#1),.*:>)1-#

%,"-1)&.-+-# 1&.# ,"# +,$&%*,7# $,%&# .3.1-# 1,.*%-+&# ,.# ,"# -"*&# .)/,"7# .)# ,.# 3.-#
,D$")1-1)'.#8#+,>).)1)'.#,.#$%&23.+)+-+#+,#,(,#-$&8&;#N,#-5:#93,#,(*-#)./,(*)0-1)'.#
(,-#.&/,+&(-#-"#*%-*-%#3.#-(3.*&#).,D$"&%-+&# 5-(*-#,"#4&4,.*&;# V*%&(#,(*3+)&(#()#
5-.# 4&(*%-+&# 1'4&# ,"# $-$,"# +,# "-# 2-4)")-# 8# +,.*%&# +,# B"7# ,"# %&"# ,6,%1)+&# $&%# "-#
4-+%,7# ,(# +,# ,.&%4,#)4$&%*-.1)-#.&# ('"&# $-%-# "-# $%O1*)1-# +,$&%*)/-#,.#(:# 4)(4-#
FW"&&47# MXYZ[# R\*B7# MXXX[# P5&4$(&.7# MXXX[# ]-$%-^# 8# _."`7# KLMLG#().&# *-4=)B.#
$-%-#,"#$%&$)&#+)(2%3*,#-#*%-/B(#+,#,(-#$%O1*)1-#FW%3(*-+7#MXXa7#KLLIG;#N,#3.#4&+&#
0,.,%-"7# ().# ,($,1)>)1-%# ,.# 93B# 1&.()(*,# ,(,# $-$,"7# 4315&(# -3*&%,(# 5-.#
+,*,%4).-+&7# *-4=)B.7# 1&4&# "-# ).>"3,.1)-# +,# "-# 2-4)")-7# +,(+,# 3.# $3.*&# +,# /)(*-#
$&()*)/&#,(#1"-/,#,.#,"#+,(-%%&""&#+,#"-#,D1,",.1)-#FW-^,%#,*#-";7#KLLI[#N3%-.+bW3(5
FKLLL[#N3%-.+bW3(5#8#c-"4,"-7#KLLK[#d,4,%87#MXYaG;
#

!"# .E1",&# +,# "-# P,&%:-# "&# 1&.(*)*38,7# $&%# *-.*&7# ,"# Q$&8&# +,# "-# T-+%,7#

*B%4).&#93,#5-1,#%,2,%,.1)-#-#"-#-83+-#$%,(*-+-#$&%#"-#4-+%,#+,#1-%O1*,%#0"&=-"# 8#
/-%)-+-#93,#1&.*%)=38,#-#2-1)")*-%#,"#+,(-%%&""&#+,$&%*)/&#+,"#5)6&;#!(*,#Q$&8&#+,#"-#
T-+%,# (,#+,>).,#,.#=-(,#-#(3(# 1).1&#-$&8&(# 1&.(*)*38,.*,(7# %,"-1)&.-+&(#,.*%,# (:7#
1&.2&%4-.+&#"-(#1).1&# $%)4,%-(# 1-*,0&%:-(#$%).1)$-",(?#Q$&8&# !1&.'4)1&7# Q$&8&#
U&0:(*)1&7# Q$&8&# T-*,%)-"7# Q$&8&# <()1&"'0)1&# 8# Q$&8&# !4&1)&.-";# R-+-#-$&8&7# +,#
4-.,%-# ).+,$,.+),.*,7# *),.,# -# (3# /,H# 3.-# (,%),# +,# 1-%-1*,%:(*)1-(# 8# %,"-1)&.,(#
4&(*%-.+&7#-+,4O(7#3.-#,/&"31)'.#,.#,"#*),4$&;#
#

!.# %,"-1)'.# -# ,(-# ,/&"31)'.# +,"# -$&8&# +,# "-# 2-4)")-7# 8# +,.*%&# +,# B(*,7# ,"#

$%&1,(&# 93,#1&.(*)*38,#,"#%&"# +,#"-(#4-+%,(7# 23,%&.#W"&&4#FMXYZG#8# R\*B#FMXXXG7#

93),.,(#4&(*%-%&.#1'4&#,"#$-$,"#+,#"-#2-4)")-#,/&"31)&.-#-"#*),4$&#93,#"&# 5-1,#,"#

!$&

T-+%,(#8#N,$&%*,

.)/,"# +,$&%*)/&# +,"# 5)6&;# c3(# )./,(*)0-1)&.,(# +,*-""-%&.# *%,(# $,%)&+&(#

23.+-4,.*-",(#93,#1&.(*)*38,.#"-(#,*-$-(#+,#+,(-%%&""&# +,"# *-",.*&# -#$-%*)%#+,#"-(#
13-",(#(,#5-#,(*3+)-+&#"-#,/&"31)'.#+,#"&(#1&.1,$*&(#,4,%0,.*,(#,.#,(*-#*,&%:-#1&.#
-"03.-#$3.*3-")H-1)'.;#]#,(#93,#,.#,"#(,03.+&#$,%)&+&#+,#,($,1)-")H-1)'.#+,$&%*)/-#
(,# 5-# 5,15&7# -# (3# /,H7# 3.-# (3=+)/)()'.# Fe-(,# f# 8# e-(,# ffG;# N,# ,(*,# 4&+&7# "&(#
%,(3"*-+&(#5-.#,/)+,.1)-+&#1&4&#1-+-#3.&#+,#"&(#1&.1,$*&(#1&.(*)*38,#3.#$%&1,(&7#
4&+)>)1-.+&#8#-+-$*O.+&(,#-#1-+-#4&4,.*&#+,#"-#/)+-#+,"#5)6&#8#+,"#+,(-%%&""&#+,"#
+,$&%*)(*-;#Q(:7#"-(#1-*,0&%:-(7#+)4,.()&.,(#8#1-%-1*,%:(*)1-(#,/&"31)&.-.#$3+),.+&#
*%-.(2&%4-%(,# 8# 4)(4-(# -11)&.,(# 1&.(*)*3)%# +)2,%,.*,(# -$&8&(# &# %&",(;# N,# ,(*,#
4&+&7# ,"# Q$&8&# U&0:(*)1&# 93,# ,.# ,"# f.)1)&# N,$&%*)/&# 8# e-(,# f# +,"# N,(-%%&""&#
N,$&%*)/&# ,(# 1"-/,# $-%-# "-# $&()=",# $%O1*)1-# +,$&%*)/-# +,"# 5)6&7# (,# *%-.(2&%4-# ,.#
Q$&8&#!4&1)&.-"#8#<()1&"'0)1&#-"#-"1-.H-%#3.#-"*&#.)/,"#+,$&%*)/&;
#

!.# %,"-1)'.# -# ,(,# $%&1,(&# .).03.-# )./,(*)0-1)'.# 5-# ,(*3+)-+&# ,.#

$%&23.+)+-+# +)15-# ,/&"31)'.7# ()# =),.7# "-(# 1&.1"3()&.,(# +,# W"&&4# FMXYZG# 8# R\*B#
FMXXXG#+,*,%4).-.+&#1'4&#,"#-$&8&#$%,(*-+&#$&%#"&(#$-+%,(#1&.#,"#*),4$&#-"1-.H-#
3.#(,03.+&# $"-.&7# .&# (),.+&# *-.#/)()=",7# 1&).1)+,.#1&.# ,"# $-$,"# +,#"-# 4-+%,# 8# (3#
,/&"31)'.#,.#,(*-#)./,(*)0-1)'.;####
#

!"#Q$&8&#+,#"-#T-+%,7#1&4&#$-%*,#+,"#-$&8&#+,#"-#2-4)")-7#,(#0"&=-"#8#/-%)-+&#

,.#1&.1&%+-.1)-#1&.#"-(#)./,(*)0-1)&.,(# +,#FW%&&^,7#KLLa[#d-%%).0*&.7#KLLa[# g-87#

KLLL[#P5&4$(&.7# MXXXG#93,#).+)1-.#1'4&# "-#-83+-#93,#%,1)=,.# "&(#5)6&(# $-%-#,"#
+,$&%*,# ,(*O# %,"-1)&.-+-# 1&.# +)2,%,.*,(# O4=)*&(# ().# ,($,1)>)1-%# .)# ,D$"&%-%# ,.#
$%&23.+)+-+#1-+-#3.&#+,#,""&(;##
#

h.-#/,H#4&(*%-+&#1'4&#,"#Q$&8&#0"&=-"#8#0,.,%-"#1-%-1*,%:(*)1&#+,#"-#4-+%,#

,.# ,(*-# )./,(*)0-1)'.# 1&).1)+,# 1&.# ,"# -$&8&# 0"&=-"# 8# 0,.,%-"# +,# "-# 2-4)")-# ,.# "-#
")*,%-*3%-7# -#1&.*).3-1)'.#(,#$%,(,.*-.#1-+-#3.&#+,#"&(# -$&8&(# 1&.(*)*38,.*,(# +,"#
Q$&8&#+,#"-#T-+%,#8#(3#1&.,D)'.#1&.#&*%&(#,(*3+)&(;##
#

!"#Q$&8&#!1&.'4)1&#,(#$-%*,#+,"#-$&8&#0"&=-"#8#,(*O#%,2,%)+&#-#"&(#-($,1*&(#

,1&.'4)1&(# +,"# +,$&%*,;# i3.*&# 1&.# ,"# -$&8&# 4-*,%)-"# 8# ,"# -$&8&# "&0:(*)1&# ,.# (3#
+)4,.()'.# +,# *%-.($&%*,7# "&(# *%,(7# ,.# ,(*-# )./,(*)0-1)'.7# 1&.(*)*38,.# -83+-(#
$%,(*-+-(# $&%# ,"# .E1",&# ,.# 1&.63.*&;# T-+%,# 8# $-+%,# %,-")H-.# 3.# )4$&%*-.*,#

!$!

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

+,(,4=&"(&# ,1&.'4)1&# $&%# ,"# +,$&%*,# +,"# 5)6&7# -4=&(# (,# ,.1-%0-.# +,# 1&4$%-%#
4-*,%)-"# ,.#"-(# +)2,%,.*,(# ,*-$-(#+,"# +,(-%%&""&#+,"# *-",.*&# 8# "&(#+&(#63.*&(#&# $&%#
(,$-%-+&# (,# ,.1-%0-.# +,# "",/-%# -# "&(# 5)6&(# -# 1-4$,&.-*&(# &# ,.*%,.-4),.*&(#
FR5-2,*H# 8#g&*-%=-7#MXXZ[# R&-^",87#KLLa[# P5&4$(&.7# MXXXG;# A3,#,(*&(# -$&8&(# "&(#
$%,(*,#$%).1)$-"4,.*,#3.&#3#&*%&#+,$,.+,#+,"#*%-=-6&#+,#1-+-#3.&7#+,"#.E4,%&#+,#
5)6&(7#).1"3(&#+,"#*)$&#+,#+,$&%*,;#
#

!.#%,"-1)'.#-"# -$&8&# ,1&.'4)1&# 8# -#"-#)./,%()'.#93,# (3$&.,# ,"#+,$&%*,#+,"#

5)6&7#,(#""-4-*)/&# "&(#-"*&(#$&%1,.*-6,(# +,#).0%,(&(#+,+)1-+&(# -#+)15&# +,$&%*,#8#(3#

1&).1)+,.1)-#1&.# "-#)./,(*)0-1)'.#+,#!8.&.7# g)*15,.#8#c,4&*)3^#FMXYLG7#,.#"-# 93,#
(,# +,*,%4).-# ,.# 3.-# 43,(*%-# 1&.# .-+-+&%,(# 6'/,.,(# 1'4&# ,"# 0-(*&# ,1&.'4)1&#
-.3-"# (3$&.:-# -"%,+,+&%# +,# ZZL# ,3%&(# -34,.*-.+&# +)15&# 1&(*,#-"# *),4$&# 93,#,"#
5)6&#1%,1:-#8#-34,.*-=-#(3#5-=)")+-+;#
#

!.# *&%.&# -"# Q$&8&# T-*,%)-"# 93,# (3$&.,# +).,%&7# "&(# %,(3"*-+&(# +,# ,(*-#

)./,(*)0-1)'.#1&).1)+,.#1&.#"&(#+,#g,,0-.7#,*#-";#FKLLXG#&#j&"2,.+,.#8#d&"*#FKLLZG7#
-"# ).+)1-%# 1'4&# $-%*,# $%).1)$-"# +,"# -$&8&# 2-4)")-%# ,(# "-# $%&/)()'.# +,# 4-*,%)-"# 8#
,93)$-4),.*&#+,$&%*)/&7# (3$&.),.+&#3.-#)4$&%*-.*,#)./,%()'.#8#0-(*&#,1&.'4)1&;#
<&%#,"#1&.*%-%)&7#.&#5-8#,/)+,.1)-(#,.#"-#")*,%-*3%-#93,#5-0-.#%,2,%,.1)-#-#3.#-$&8&#
4-*,%)-"#93,#(3$&.,#*),4$&# ,D1"3()/&# +,#"-(# 4-+%,(# 1&4&#,"#93,#5-#,4,%0)+&#+,#
,(*,#-.O")()(;#U-#1&.2,11)'.#+,#4-*,%)-"#,.#,(&(#+,$&%*,(#,.#93,#(,-#$&()=",7# 1&4&#
4-)""&*(#&#=-k-+&%,(#,(#3.#+-*&#93,#.&#$3,+,#1&.*%-(*-%(,;
#

!.# %,"-1)'.# -"# -$&8&# "&0:(*)1&7# .).03.-# )./,(*)0-1)'.# 5-# +,>).)+&# ,.#

$%&23.+)+-+# +)15&# -$&8&7# 4&(*%-.+&# 1'4&# $%).1)$-"4,.*,# 1&.(*)*38,#3.-# -83+-#

%,2,%)+-# -"# *%-.($&%*,#().# -$-%,1,%# ,.#"-#")*,%-*3%-#%,2,%,.1)-# -"03.-# -# "-# 1&4)+-7#
%&$-#&# ,"#$%&$)&#5&0-%;# N,#4-.,%-#()4)"-%7#,.#%,"-1)'.#-"#*%-.($&%*,7#g,,0-.#,*#-";#
FKLLXG#4&(*%-%&.#1'4&#,"# (&$&%*,#+,#"&(#$-+%,(# ,%-#23.+-4,.*-"# $-%-#2-1)")*-%#,"#
+,$&%*,# +,# "&(# 5)6&(7# 1&.(*)*38,.+&# ,"# *%-.($&%*,# -# ,.*%,.-4),.*&(# 8#
1&4$,*)1)&.,(# "-# =-(,# +,# +)15&# -$&8&;# !.# ,(*-# )./,(*)0-1)'.# "-(# +)2,%,.1)-(# ,.#
23.1)'.# +,"# 0B.,%&# 23,%&.# ).,D)(*,.*,(;# !(,# -$&8&# "&0:(*)1&# %,"-1)&.-+&# 1&.# ,"#
*%-.($&%*,#",#)4$")1-#-#"-#2-4)")-#0%-.#1-.*)+-+#+,# *),4$&7# -34,.*-.+&# -#4,+)+-#
93,# ,"# 5)6&# 1%,1,# 8# "-# 5-=)")+-+# -34,.*-7# "",0-.+&# -# (3$&.,%# 3.-# )4$")1-1)'.# +,#

!$'

T-+%,(#8#N,$&%*,

4O(#+,#(,)(#5&%-(#8#4,+)-#-#"-#(,4-.-#F!8.&.7#g)*15,.#8#c,4&*)3^7#MXYLG;#l).03.-#
+,#,(*-(# )./,(*)0-1)&.,(#5-# 5,15&# +)(*).1)'.#-"# +)2,%,.*,#-$&8&# "&0:(*)1&# $%,(*-+&#
$&%#$-+%,#8#4-+%,;#
#

c'"&#j&"2,.+,.#8#d&"*#FKLLZG#4&(*%-%&.#1'4&#,"#-$&8&#*-.0)=",7#+,.*%&#+,"#

13-"# (,# ,.1&.*%-=-# ,"# -$&8&# %,2,%)+&# -"# *%-.($&%*,7# $%,(*-+&# $&%# "-# 2-4)")-# ,.#
1&.63.*&7# ,/)+,.1)-=-# 1'4&# "-# 4-+%,# ,(*-=-# 4O(# -"*-4,.*,# )4$")1-+-7#
1&).1)+),.+&# 1&.# "&(# %,(3"*-+&(# +,# ,(*-# )./,(*)0-1)'.;# !.# ,"# 4)(4&# ,(*3+)&7#
j&"2,.+,.# 8# d&"*# FKLLZG#+,>).),%&.# 3.# *,%1,%# -$&8&# +,.&4).-+&# ).2&%4-*)/&# 8#
93,# 5-1:-# %,2,%,.1)-# -# "&(# 1&.(,6&(7# (30,%,.1)-(# 8# &$).)&.,(# ,.# *&%.&# -"# +,$&%*,#
$%,(*-+&# $&%#$-+%,(#8#,.*%,.-+&%,(;#R&.(*)*38,#3.#-$&8&#93,#.&# 5-#,4,%0)+&# +,"#
-.O")()(# +,# ,(*-# )./,(*)0-1)'.7# ).+)1-.+&# 1'4&# ,(*,# *)$&# +,# ).2&%4-1)'.# ,#
)4$")1-1)'.#,.# ,"# +,$&%*,#,(# 1-()# ,D1"3()/-#+,# "&(#$-+%,(# F/-%&.,(G# 1&.2&%4-.+&#
3.#$)"-%#=O()1&#,.#"-(#+)2,%,.1)-(#,.#,"#$-$,"#+,#-4=&(;####
#

<,%&# "&(# -$&8&(# ,1&.'4)1&7# "&0:(*)1&# 8# 4-*,%)-"# *),.,.# 3.-(# +)4,.()&.,(#

93,#(&.#$-$,",(# ,D1"3()/&(#+,#"-(# 4-+%,(;# c'"&#,""-(#(,#,.1-%0-.#+,#-83+-%#1&.#"-#

0,(*)'.# +,"# +).,%&7# +,# 1&.2,11)&.-%# 4-*,%)-"# +,$&%*)/&# &# +,# $%,$-%-%# 1&4)+-(7#
4,%),.+-(7# -%%,0"-%#%&$-#3#&%0-.)H-%#"-#5-=)*-1)'.;# P&+&(#,(*&(#-$&8&(#,D1"3()/&(#
+,# ,""-(7# ,(*O.# +)%,1*-4,.*,# %,"-1)&.-+&(# 1&.# ,"# -$&8&# $()1&"'0)1&# 8# ,4&1)&.-"7#
*-4=)B.#$%,(*-+&# $%,2,%,.*,4,.*,7# $&%#"-(#4-+%,(;# !(*&(#-$&8&(# .&#(&.#/)()=",(7#
+)%,1*&(7#93,+-.+&# &13"*&(#-#&6&(#+,#4-%)+&(7#,.*%,.-+&%,(#).1"3(&#+,#"&(#$%&$)&(#
+,$&%*)(*-(7# .&# ,D)(*),.+&# ,/)+,.1)-(# ,.# "-# ")*,%-*3%-#1),.*:>)1-7# +,# "-# ,D1"3()/)+-+#
+,#,(*&(#$-$,",(#$&%#$-%*,#+,#"-(#4-+%,(;
#

!.#%,"-1)'.#-"#-$&8&#$()1&"'0)1&#8# ,4&1)&.-"#(&.#/-%)-(#"-(#)./,(*)0-1)&.,(#

93,# +,# 3.# 4&+&# 0,.,%-"# 5-1,.# %,2,%,.1)-# -# 1'4&# "-# 2-4)")-# $%,(*-# ,(*,# *)$&# +,#
-$&8&# ().#,($,1)>)1-%# ,.#+,*-"",# ,.#93B# 1&.()(*:-# +)15-#-83+-#8# ().#(,%# -.-")H-+-(#
"-(# +)2,%,.1)-(# ,.*%,#-4=-(# Fg,,0-.#,*# -";7# KLLX[# c4&""7# R344).0#8#c4)*57# KLMM[#
j3,%*57#U,,#8#Q"2,%4-.7#KLLSG;#U-(#)./,(*)0-1)&.,(#43,(*%-.#1'4&#,"#1&4$%&4)(&#
8#-$&8&#,4&1)&.-"# +,#"&(#$-+%,(#2-/&%,1,.#"-#$-%*)1)$-1)'.#+,$&%*)/-#+,# "&(#5)6&(#
FW-=^,(# 8# j,)((7# MXXX[# N3.1-.# ,*# -";7# KLLS[# d)""7# MXXI[# c*3-%*7# KLLI[# j,)((# 8#
W-%=,%7# MXXZG7# $,%&# *-4=)B.# 1'4&# ,(,# -$&8&# ,4&1)&.-"# ,(# 1"-/,# $-%-# "-#

!$(

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

$,%()(*,.1)-#+,#"&(#+,$&%*)(*-(#,.#,.*%,.-4),.*&(#8#1&4$,*)1)&.,(#FW%3(*-+7#MXXI[#
m&3"+#,*#-";7# KLLY[# c1-."-.#8# U,n*5n-)*,7# MXYY[#j,)((# 8# d-8-(5)7# MXXZG;# l).03.-#
+,# ,(*-(# )./,(*)0-1)&.,(# ,(*3+)-# $&%# (,$-%-+&# ,"# $-$,"# +,# $-+%,(# F/-%&.,(G# 8#
4-+%,(7#.)#*-4$&1&#"-#,/&"31)'.#+,#,(,#$-$,"#1&.#,"#*),4$&;#
#

c)#=),.7#j&"2,.+,.#8#d&"*#FKLLZG7#,.#(3#,(*3+)&#1&.#630-+&%,(#+,#*,.)(#,.#"-#

(,03.+-#,*-$-#+,"#+,(-%%&""&#+,"#*-",.*&7# 4&(*%-%&.#1'4&# -"# -$&8&#,4&1)&.-"# ,%-#

3.-# -83+-# $%,(*-+-# $&%# "-# 2-4)")-# 23.+-4,.*-"# $-%-# ,"# +,(-%%&""&# +,$&%*)/&7#
$3.*3-")H-.+&# 1'4&# -# $,(-%# +,# (,%# 3.-# -83+-# +-+-# $&%# -4=&(# $-+%,(7# (&.#
$%).1)$-"4,.*,# ,""-(7# "-(# 4-+%,(7# "-(# 4O(# 0,.,%&(-(# ,.# $%,(*-%# ,(*,# -$&8&7#
+,>).)B.+&"&# ,.# =-(,# -# +&(# +)4,.()&.,(?# !"#$ %&'()*+&$ 8# ,*-)#./"/0$ Q4=-(#
+)4,.()&.,(#1&).1)+,.#1&.#&*%-(#93,#5-.#,4,%0)+&#+,#,(*,#-.O")()(#4&(*%-.+&#3.-#
)4$&%*-.*,# 1&.,D)'.;# Q(:# "-# +)4,.()'.# +,# ,*-)#./"/$ +,# j&"2,.+,.# 8# d&"*# 8# "-#
+)4,.()'.# +,#"-#1-*,0&%:-# +,#Q$&8&# !4&1)&.-"# +,# "-# T-+%,# 1)./"/&$ 2$3#&4*%%.5'$
5-1,.# %,2,%,.1)-# -"# 4)(4&# -($,1*&;# <&%# &*%&# "-+&7# 1&'()*+&$ 8# 3"6*+$ /*$ +"$ 7"/#*$
+,.*%&# +,#"-#+)4,.()'.#+,#T&4,.*&(#N)>:1)",(# ,.#"-#1-*,0&%:-#+,#T&4,.*&(#R"-/,7#
(,# %,>),%,.# -"# 4)(4&# *)$&# +,# -83+-# $%,(*-+-;# <,%&# ,(,# -$&8&# ,4&1)&.-"# $3,+,#
1&.(*)*3)%# *-4=)B.7# $-%*,# +,"# (&$&%*,# (&1)-"# 93,# %,93),%,# 3.# +,$&%*)(*-# +,# -"*&#
.)/,"# 8# 93,# +,#4-.,%-#0,.,%-"# .&# 1&.()(*,#,.#3.#-$&8&# $%,(*-+&# ,D1"3()/-4,.*,#
$&%#"&(#$-+%,(#Fo,,(#8#d-%+87#KLLLG;
#

<,%&7# @$&%# 93B# ,(,# +)2,%,.*,# $-$,"# +,(+,# ,"# $3.*&# +,# /)(*-# $()1&"'0)1&# 8#

,4&1)&.-"# ,.*%,# $-+%,# 8# 4-+%,C;# U-# ")*,%-*3%-# .&# *%-*-# +,# +-%# %,($3,(*-# -# ,(*-#
$%,03.*-7#.&#&=(*-.*,7# "-#).*3)1)'.#8#1),%*-(#,/)+,.1)-(#+,#,(*,#,(*3+)&#1&.+31,.#-#
$,.(-%#1'4&#,"#+)2,%,.*,#*%-*&#1&.#,"#5)6&7#.&#('"&#,.#,"#+,$&%*,7#().&#*-4=)B.#,.#"-#
/)+-#8#"&(#+)(*).*&(#&=6,*)/&(#+,#"-#4-+%,#$-%-#1&.#,"#5)6&#$&+%:-.#(,%#"-#(&"31)'.#-#
,(*-#$%,03.*-;#
#

!"#$%).1)$-"#$)"-%#+,#"-#P,&%:-7#$&%#*-.*&7#,(#,"#Q$&8&#+,#"-#T-+%,#8#+,.*%&#+,#

B(*,#"&(# -$&8&(# 93,#"&# 1&.(*)*38,.7# 4&(*%-.+&#1'4&# "-#4-+%,#1&.#).+,$,.+,.1)-#

+,"#-$&8&# ,1&.'4)1&7#4-*,%)-"#&#"&0:(*)1&# 93,#$%,(*,7# *%-(# ,(,#$-$,"# ,.#3.#$%)4,%#
$"-.&7# +)%,1*&7# /)()=",7# (,# &13"*-# &*%&7# ,.# (,03.+&# $"-.&7# ).+)%,1*&7# )./)()=",#
%,"-1)&.-+&#1&.#,"#-$&8&# ,4&1)&.-"#8#$()1&"'0)1&;#!(*-#1-%-1*,%:(*)1-#+,#-$&8-%#+,#

!$"

T-+%,(#8#N,$&%*,

3.#4&+&# &13"*&# +,(+,#,"# $3.*&# +,#/)(*-#,4&1)&.-"#8#$()1&"'0)1&7#$%&$)-#+,"#$-$,"#

+,#"-(#4-+%,(7#1&.(*)*38,#"-#$%).1)$-"#%,"-1)'.#8#.,D&#,.*%,#"&(#-$&8&(#8#/,%+-+,%&#
5-""-H0&#8#+,(13=%)4),.*&#+,#,(*-#)./,(*)0-1)'.;##
#

!.#*&%.&#-#,(,#Q$&8&#+,#"-#T-+%,#8#%,"-1)&.-+&#1&.#1-+-#3.&#+,#"&(#-$&8&(#

93,# "&# 2&%4-.7# ,4,%0,# "-# 1-*,0&%:-# +,.&4).-+-# o&",(;# !(*-# 1-*,0&%:-# 1&.(*)*38,#
"&(# +)2,%,.*,(# $-$-",(# ,(*,%,&*)$-+&(# 8# $%&2,()&.-",(# 93,# +,(-%%&""-# "-# 4-+%,# 8#
93,# ,.#4315-(# &1-()&.,(7# )4$")1-.#+)(*).*&(# -$&8&(# -"# 4)(4&# *),4$&;# <&%# *-.*&7#
1&.(*)*38,# 3.-# 1-*,0&%:-# %,"-1)&.-+-# 1&.# "-(# +,4O(# +,"# 4)(4&# 4&+&# 93,# "-#
1-*,0&%:-#1,.*%-"#&#Q$&8&#+,#"-#T-+%,;##

8+/$*(.9+&:),;.,+"%&<$="-./"&'$&%"&7"'*$#
U-#)4$")1-1)'.#+,#"-#4-+%,#,.#,"#+,$&%*,#+,"# 5)6&7# (,#*%-+31,7# ,.#+,>).)*)/-7# ,.#,(,#
Q$&8&# 93,# ",#$%,(*-7# $,%&# @93B# ",# (3$&.,# -# "-# 4-+%,# $%,(*-%#+)15-#-83+-C;# <-%-#
%,($&.+,%#-#,(*-#$%,03.*-#+,"#-.O")()(#,4,%0)'#"-#1-*,0&%:-#+,#f./,%()'.#!4&1)&.-"#
l,0-*)/-;# Q# *%-/B(# +,#,""-# (,#-.-")H-.#93B# (-1%)>)1)&(#&# %,.3.1)-(#5-.#+,#5-1,%#"-(#
4-+%,(# $-%-# 93,# (3(# 5)6&(# -"1-.1,.# "-# ,D1,",.1)-7# 1'4&# -2,1*-# ,"# +,$&%*,#-#.)/,"#
2-4)")-%#&#93B#4),+&(#8#*,4&%,(#,(*O.#-(&1)-+&(#-#,(,#1-4).&#5-1)-#,"#-"*&#.)/,";#
#

U&(# (-1%)>)1)&(7# ,(23,%H&(# &# %,.3.1)-(# 93,# %,-")H-# "-# 4-+%,# ,(*O.#

%,"-1)&.-+&(# 1&.# ,"# -$&8&# 93,# (,# $%,(*-7# +,# 4-.,%-# 93,# $%,(*-%# 3.# -$&8&#
,1&.'4)1&# )4$")1-# +)2,%,.*,(# .)/,",(# +,# (-1%)>)1)&(# &# ,(23,%H&(# ,1&.'4)1&(;# c)#
=),.7# -"# )03-"# 93,# ,"# 1&.1,$*&# +,# Q$&8&# 43,(*%-# 3.-# ,/&"31)'.# ,.# ,"# *),4$&7#
4-%1-+-#,.#1-+-#3.&# +,#"&(#-$&8&(# 93,#"&# 1&.(*)*38,.7# "&(#(-1%)>)1)&(# 8# ,(23,%H&(#
-/-.H-#+,"#4)(4&#4&+&;#
#

U&# 93,# ,.#,"#).)1)&# +,$&%*)/&# 1&.(*)*38,#$%).1)$-"4,.*,#3.#-$&8&# 4-*,%)-"7#

,1&.'4)1&#8#"&0:(*)1&#,.#(3#+)4,.()'.#*%-.($&%*,7#)4$")1-#3.#(-1%)>)1)&#+,#"-#4-+%,#
%,"-1)&.-+&# 1&.#,"# *),4$&# ,4$",-+&# ,.#+)15&# *%-.($&%*,7# 3.#(-1%)>)1)&# ,1&.'4)1&#
$&%#,"#+).,%&#)./,%*)+&#,.#,"#+,$&%*,#+,"#5)6&#&#3.#(-1%)>)1)&#+,#,.,%0:-#-"#+,+)1-%#(3#
*),4$&# ")=%,# ,.# 2-/&%# +,# "-(# -1*)/)+-+,(# +,# (3# $%&$)&# 5)6&;# R&.# ,"# *),4$&7# "&(#
(-1%)>)1)&(# +,# ,.,%0:-7# *),4$&# 8# ,1&.'4)1&(# +)(4).38,.7# +,(-$-%,1),.+&#

!$$

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

>).-"4,.*,7# -"# *),4$&# 93,# ,4,%0,.# &*%&(# .3,/&(7# 1-%-1*,%:(*)1&(# +,# $&(*,%)&%,(#
2-(,(#+,"#+,(-%%&""&#+,$&%*)/&7#1&4&#,"#(-1%)>)1)&#+,"#&1)&7#"-=&%-"#&#2-4)")-%;#
#

!.#%,"-1)'.#-#"&(#(-1%)>)1)&(#,1&.'4)1&(7#+,#*),4$&#8#,.,%0:-#$%,+&4).-.*,(#

+,"#).)1)&#+,$&%*)/&7#)./,(*)0-1)&.,(#1&4&#"-#+,#W%&&^,#FKLLaG#&#P5&4$(&.#FMXXXG#
"&# 1&.>)%4-.# -"# +,*-""-%# 1'4&# ,"# $%,(*-%# 3.# -$&8&7# $%).1)$-"4,.*,# "&0:(*)1&7#
,1&.'4)1&# 8#4-*,%)-"7# (3$&.,#,(,#*)$&# +,#(-1%)>)1)&(# -#.)/,"# 2-4)")-%;# f03-"4,.*,7#
$,%&# +,#4-.,%-#0,.,%-"7# R\*B#FMXXXG7# m&3"+7# N),22,.=-15#8#T&22,*#FKLLKG#&#d&"*# 8#
N3..#FKLLSG7#5-1,.#%,2,%,.1)-#-#1'4&#"-#2-4)")-#(-1%)>)1-#)4$&%*-.*,(#-($,1*&(#$&%#
,"#+,$&%*,# +,"# 5)6&7# ().#,($,1)>)1-%#.)# +,*-""-%#1-+-#3.&# +,#,""&(;# j&"2,.+,.#8# d&"*#
FKLLZG7#()# 43,(*%-.#+,#4-.,%-#,($,1:>)1-7# 1'4&#"-(#4-+%,(#5-1,.#(-1%)>)1)&(#,.#(3#
$%&$)-# /)+-# (&1)-"# 1&.# ,"# &=6,*)/&# +,# 2-1)")*-%# "-# )4$")1-1)'.# +,"# 5)6&# ,.# *,.)(#
1&).1)+),.+&# 1&.# ,"# (-1%)>)1)&# %,"-1)&.-+&# 1&.# ,"# &1)&# ,4,%0,.*,# ,.# ,(*-#
)./,(*)0-1)'.;# R&-^",8# FKLLaG# ,.# (3# )./,(*)0-1)'.7# *-4=)B.# +,*,%4).'# 1'4&# "-(#
4-+%,(# %,.3.1)-=-.# -# (3# &1)&# $&%# ,"# +,$&%*,# +,"# 5)6&7# 4&(*%-.+&# 1'4&# ,""-(# "&#
5-1:-.#,.#4-8&%#4,+)+-#93,#"&(#$-+%,(;# <,%&7#@$&%#93B#"-(#%,.3.1)-(#93,#%,-")H-.#
$-+%,#8#4-+%,#$&%#,"#+,$&%*,#+,"#5)6&#(&.#+)2,%,.*,(C;#
#

!"# 1-%O1*,%# 4-(13").&# +,"# +,$&%*,7# )+,&"&0:-(# *%-+)1)&.-",(# ,.#*&%.&# -# ,(,#

+,$&%*,# 8# "-# .,1,()+-+# 8# $%,+)($&()1)'.# +,# "-# 4-+%,# -"# 13)+-+&# +,"# 5)6&7# (,-#
+,$&%*)(*-#&#.&7#$3,+,.#(,%#"&(#4&*)/&(#93,#%,($&.+,.#-#"-#$%,03.*-;#l&#&=(*-.*,7#
"-# ")*,%-*3%-# ,(# 438# ,(1-(-# ,.# *&%.&# -# "&(# (-1%)>)1)&(# 2-4)")-%,(# $&%# ,"# +,$&%*,7#
-$-%,1),.+&# ,/)+,.1)-(# ,(1-(-(# ,.#"-# 4)(4-# ,.# *&%.&# -# *B%4).&(# ,4,%0,.*,(# ,.#
,(*-#)./,(*)0-1)'.#1&4&#"&(#(-1%)>)1)&(#"-=&%-",(7#-"#5)6&#&# +,"#=),.,(*-%#$()1&"'0)1&#
+,#"-# 4-+%,;# !.#.).0E.#1-(&7# )03-"4,.*,7# 5-8# ,/)+,.1)-(# +,#"-#,/&"31)'.#+,# ,(&(#
(-1%)>)1)&(#&#%,.3.1)-(;#
#

!.# %,2,%,.1)-# -"# (-1%)>)1)&# +,"# =),.,(*-%# $()1&"'0)1&7# $-+%,(# +,# 23*=&")(*-(#

$%&2,()&.-",(# 43,(*%-.#"-# +3%,H-#+,# ,(*-%# ,.# 3.#1-4$&# +,#2E*=&"# 8# 93,# *&+&# 3.#
,(*-+)&# ()"=,# -#(3#5)6&# Fo&+%)03,H7# KLMMG;# !"#(-1%)>)1)&# -#.)/,"#"-=&%-"# "&#(-1-.#-#"-#
"3H#U-3,%#,*#-";#FKLMLG#8#g,8#FKLLLG#-"#5-1,%#%,2,%,.1)-#-#1'4&#,"#+,$&%*,#+,"#5)6&#
)4$")1-#3.#*),4$&#93,#(,#,")4).-#+,"#*%-=-6&7# -2,1*-.+&#-#"-(#5&%-(#93,#(,#*%-=-6-7#
"-(#5&%-(#93,#(,#,(*O#23,%-#+,"#*%-=-6&#&#"&(#$%&$)&(#5&%-%)&(#,",0)+&(#$-%-#*%-=-6-%;

!$)

T-+%,(#8#N,$&%*,

!.#,"#1-(&#+,"#f4$-1*&#l,0-*)/&#,.#"-#e-4)")-7#&13%%,#+,#4-.,%-#()4)"-%#-#"&#

-.*,%)&%4,.*,#,D$3,(*&;# !(*-#1-*,0&%:-#(,#%,"-1)&.-#1&.#,"# -$&8&#,.#"-#4,+)+-#,.#

93,# $%,(*-%# ,(-# -83+-# $&%# $-%*,# +,# "-# 4-+%,# $3,+,# (3$&.,%# 5-1,%# +)(*).1)&.,(#
,.*%,#"&(#5)6&(7#2-/&%,1),.+&#"&(#1,"&(#,.#"&(#.&#+,$&%*)(*-(#&#$3,+,#1%,-%#1&.>")1*&(#
+,.*%&# +,"# .E1",&# 2-4)")-%#-.*,# "-#.,1,()+-+#+,# *&4-%#+,1)()&.,(# )4$&%*-.*,(# ,.#
"-(# 93,# $-+%,# 8# 4-+%,# &# $-+%,(# 8# +,$&%*)(*-(# $3,+,.# .&# ,(*-%# +,# -13,%+&;# !.#
%,"-1)'.#-#"&(#5,%4-.&(#j&"2,.+,.#8#d&"*#FKLLZG#4&(*%-%&.#1'4&#"-(#2-4)")-(#+,#
630-+&%,(# +,#*,.)(# (-1%)>)1-=-.# 4315&# *),4$&# $&%#,"# *,.)(#+,"# 5)6&7# "&# 93,#1%,-=-7#
,.#-"03.&(#1-(&(7#1,"&(#,.*%,#"&(#5,%4-.&(;#f03-"4,.*,7#5,%4-.&(#+,#)4$&%*-.*,(#
23*=&")(*-(# ,($-k&",(# .&# "",/-.# +,4-()-+&# =),.# ,"# +,$&%*,# +,# -"*&# .)/,"# +,"#
5,%4-.&7# $%&/&1O.+&",#"+-)'&($%*+&(0$ 8+$ 9*#:"'&$ +*$ %&(4";"$ *'4*'/*#$<)*$ %)"'/&$$
=;":&($ "$ >'-+"4*##"$ +*$ 6#*(4?#":&($:?($"4*'%.5'$ "$ @*#"#/$ <)*$ "$ A+0$ B*"%%.&'";"$
%&:&$ 4&/&($ +&($ '.C&(D$ .'4*'4"'/&$ ++":"#$+"$ "4*'%.5'0$ 3*#&$ +*'4":*'4*$ 7"#%$ +&$ E)*$
%&:6#*'/.*'/&F$ 2$ 2"$ 4*$ /.-&$ <)*$ "9&#"$ 4.*'*'$ )'"$ #*+"%.5'$ *G%*+*'4*$ Fo&+%:03,H7#
KLMM7#$;JKG;#R&.>)%4-#"&(#%,(3"*-+&(#,.#*&%.&#-#"&(#5,%4-.&(#93,#5-.#,4,%0)+&#+,#
,(*-#)./,(*)0-1)'.;###
#

l&#&=(*-.*,7# ,.#*&%.&#-"#)4$-1*&# .,0-*)/&#93,#$3,+,#*,.,%#,"#+,$&%*,#,.#"-#

2-4)")-#&*%-(#)./,(*)0-1)&.,(#5-.#+,*,%4).-+&#1'4&#,"#+,$&%*,#+,#"&(#5)6&(#-#1),%*&#
.)/,"#(3$&.,#1-4=)&(# ,.#"&(#5&%-%)&(#8#$-*%&.,(#+,#1&4)+-#8#(3,k&#2-4)")-%,(7#-(:#
1&4&#,.#"-#+)(*%)=31)'.#+,#"-(#*-%,-(#+,#"-#1-(-#&#,.#"-(#-1*)/)+-+,(#(&1)-",(#+,#"&(#
4),4=%&(#+,#"-#2-4)")-#Fd-3>",%7#MXJYG7#1&).1)+),.+&#1&.#"&(#(-1%)>)1)&(#+,#5&%-%)&(#
8# 2-4)")-%,(# 93,# 5-.# ,4,%0)+&# +,# ,(*-# )./,(*)0-1)'.;# Q"# )03-"# 93,# &13%%,# ,.# ,(*-#
)./,(*)0-1)'.7# d-3>",%#FMXJYG#+,*,%4).'# 1'4&# ,"# +,$&%*,#$&+:-#(,%# 3.#4&*)/&# +,#
)4$-1*&# .,0-*)/&# ,.#"-#2-4)")-#-"# (3$&.,%#+)(*-.1)-4),.*&#,.*%,# $-+%,#8#4-+%,#&#
$-+%,(# 8# +,$&%*)(*-# &7# $&%# ,"# 1&.*%-%)&7# 3.# -($,1*&# $&()*)/&# (3$&.),.+&# 3.#
-1,%1-4),.*&# 1&.#"&(#5)6&(#&#3.#4&*)/&# +,#3.)+-+#2-4)")-%;# l).03.-#)./,(*)0-1)'.#
5-#+,*,%4).-+&# "-# ,/&"31)'.#,.# ,(*&(# -($,1*&(# .,0-*)/&(# 1&4&# 1&.(,13,.1)-# +,"#
$%&$)&#+,$&%*,;#
#

c)# =),.# ,"# +,$&%*,#+,# -"*&# .)/,"# 8# ,"# $%&$)&# 1-4).&# -#"-# ,D1,",.1)-# $3,+,.#

0,.,%-%#1),%*&(#1&.>")1*&(#2-4)")-%,(7#(3,",.#(,%#"-(#4-+%,(#93),.,(#4O(#2-/&%,1,.#
3.#)4$-1*&#$&()*)/&7#*%-=-6-.+&#$&%93,#+)15&#+,$&%*,#).>"38-#"&#4,.&(#$&()=",;#N,#

!$*

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

,(*,# 4&+&7# 4-+%,(# +,# 0%-.+,(# +,$&%*)(*-(# ,($-k&",(# ->)%4-.# 1'4&# )4$)+,.# "-#
4-%15-# +,# (3(# 5)6&(# -# 3.-# *,4$%-.-# ,+-+# -# 3.-# %,()+,.1)-# $&%93,# +,# -1,$*-%#
9";#="$ (.-'.H.%"/&$ #&:6*#$ +"$ E":.+."$ 2$ "<)*++&$ '&$ 9";#="$ (./&$ 6&(.4.I&$ 6"#"$ '"/.*$
Fo&+%:03,H7#KLMM7#$;ZYG;#
#

<&%#E"*)4&7#+,.*%&#+,#"-#f./,%()'.#!4&1)&.-"#l,0-*)/-7#+,"#-.O")()(#,4,%0)'#

"-# 1-*,0&%:-# +,# N&"&%7# T),+&# 8# <%,&13$-1)'.# +,# "-# T-+%,7# %,"-1)&.-+-# 1&.# "-#
1-*,0&%:-#.31",-%#,.#"-#4,+)+-#,.#93,#"-#4-+%,#$%,(*-#3.#-$&8&#1&.#,"# >).#E"*)4&#
+,#-83+-%# -# (3#5)6&# -# -"1-.H-%# 3.#-"*&#.)/,"7# ,"# 13-"# *),.,# 3.-# (,%),# +,#-($,1*&(# 8#
1-%-1*,%:(*)1-(#.&# +,(,-+-(#$&%#$-%*,#+,#"-#4-+%,#93,#",#0,.,%-.#1),%*&(#*,4&%,(;#
!(*-#1-*,0&%:-#,/&"31)&.-#-"#*),4$&#93,#"&#5-1,#,"#+,$&%*,#8#,"#.)/,"#93,#-"1-.H-#,"#
5)6&# +,$&%*)(*-;# N,.*%&# +,# "-(# +)4,.()&.,(# 93,# 1&.2&%4-.# ,(*-# 1-*,0&%:-7#
E.)1-4,.*,# "-#")*,%-*3%-#+)/3"0-*)/-# 5-#1,.*%-+&#(3#-*,.1)'.#,.#,"# *,4&%# 8#4),+&#
%,"-1)&.-+&# 1&.# "&(# ,(*3+)&(7# -"# -.-")H-%# ,.# =)&0%->:-(# &# +,1"-%-1)&.,(# 1'4&# "-(#
2-4)")-(# 87# $%).1)$-"4,.*,# "-(# 4-+%,(# +,# +,$&%*)(*-(# +,# -"*&# .)/,"7# (),.*,.#
$%,&13$-1)'.# $&%# "&(# ,(*3+)&(# +,# (3# 5)6&# 1&.# ).+,$,.+,.1)-# +,"# +,$&%*,#
FQ"03,%(3-%)7# KLMK[# l-+-"# 8# R-%").7# KLMMG;# l).03.-# )./,(*)0-1)'.# 5-# +,*-""-+&# ,"#
*,4&%#&#4),+&#+,#"-#4-+%,#-#"&#"-%0&#+,"#*),4$&;##
#

!.# %,"-1)'.# -# ,(*&(# *%,(# -($,1*&(# .,0-*)/&(# Fc-1%)>)1)&(7# o,.3.1)-(# 8#

!(23,%H&(# +,# "-# T-+%,7# f4$-1*&# l,0-*)/&# ,.# "-# e-4)")-# 8# N&"&%7# T),+&# 8#
<%,&13$-1)'.#+,#"-#T-+%,G#%,"-1)&.-+&(#+)%,1*-4,.*,#*&+&(# ,""&(#1&.#"-#1-*,0&%:-#
1,.*%-"# FQ$&8&# +,#"-# T-+%,G7# 3.-# 1-%-1*,%:(*)1-# )4$&%*-.*,# ,(# "-# ,D1"3()/)+-+# +,#
,(*-(#+)4,.()&.,(#,.#"-(#4-+%,(;#c3(#(32%)4),.*&(7#4),+&(7#(-1%)>)1)&(7#%,.3.1)-(#,#
).*,.*&(# +,# 93,# ,"# +,$&%*,# -2,1*,# "&# 4,.&(# $&()=",# -# "-# 2-4)")-7# (&.# -($,1*&(#
,($,1)-"4,.*,#4-%1-+&(# ,.#,""-(7# 4&(*%-.+&# 3.#5,15&# 23.+-4,.*-"# ,.#%,"-1)'.#-#
"-(# +)2,%,.1)-(#,.*%,# ,"# 1&4$&%*-4),.*&# +,# $-+%,#8#4-+%,;# @<&%#93B#,D)(*,.# ,(-(#
+)2,%,.1)-(# ,.*%,# -4=&(C;# @<&%#93B#3.-# 4-+%,# (32%,#4O(# $&%#,"# +,$&%*,# +,"# 5)6&7#
1&4&# (,# 5-# +,*-""-+&# ,.# ,(*-# )./,(*)0-1)'.7# 93,# 3.# $-+%,C;# U-# 1-*,0&%:-# 93,# (,#
$%,(,.*-#-#1&.*).3-1)'.#+,#f./,%()'.#!4&1)&.-"#<&()*)/-#$&+%:-#+-%#"-#%,($3,(*-;

!$#

T-+%,(#8#N,$&%*,

8+/$*(.9+&:),;.,+"%&!,(.-./"&'$&%"&7"'*$#
#

Q"%,+,+&%#+,#,(,#Q$&8&#1,.*%-"#8#+,#(3#%,"-1)'.#1&.#"-#f./,%()'.#!4&1)&.-"#

l,0-*)/-#,4,%0,#3.-#.3,/-#1-*,0&%:-#93,#*%-*-#+,#+-%#%,($3,(*-#-#"&(#4&*)/&(#$&%#
"&(#93,#"-#4-+%,#-$&8-#-#(3#5)6&#,.#,"#+,$&%*,#-#$,(-%#+,#"-(#)4$&%*-.*,(#%,.3.1)-(#
&# *,4&%,(# 93,# 0,.,%-# ,(,#+,$&%*,;# Q$-%,1,7# $&%# *-.*&7# ,"# 1&.1,$*&# +,# f./,%()'.#
!4&1)&.-"# <&()*)/-7# 5-1),.+&# -"3()'.# -# 1'4&# (,# /,# -2,1*-+-# "-# 2-4)")-# $&%# ,"#
+,$&%*,#+,"# 5)6&# $&()*)/-4,.*,7# 93B# %,1&4$,.(-#%,1)=,#"-#4-+%,#*%-(#$%,(*-%# ,(,#
-$&8&#&#93B#+,(,&(#(,#/,.#134$")+&(;
#

U&(#N,(,&(#+,#"-#T-+%,#(&.#"&(#)4$3"(&(#8#23,%H-(#93,#",#43,/,.#-#-$&8-%#8#

-83+-%# -# (3# 5)6&# ,.# ,"# +,$&%*,;# U&(# +)2,%,.*,(# +,(,&(# %,"-1)&.-+&(# 1&.# +)(*).*&(#
-($,1*&(# 1&.+31,.#-# +)2,%,.*,(# -$&8&(# $%,(*-+&(;# N,#,(*,#4&+&7# "&(#+,(,&(#+,#"-#
4-+%,#%,2,%)+&(#-"#,(*3+)&7#43,/,.#-#"-#4-+%,#-#-$&8-%#-#(3#5)6&#,.#"&(#,(*3+)&(#+,#
4-.,%-# 1&.1%,*-7# $,%&# *-4=)B.# -# -83+-%# +,(+,# ,"# $3.*&# +,# /)(*-# "&0:(*)1&#
%,1&0),.+&# "-# 5-=)*-1)'.7# $-%-# +-%",# 4O(# *),4$&# $-%-# ,"# ,(*3+)&7# "&# 13-"# ,.#
1&.63.*&# ")=,%-# +,#*,.()&.,(# 8# $%,&13$-1)&.,(# -"# 5)6&# &# ",# 5-1,# (,.*)%# 93,%)+&# 8#
$%&*,0)+&7#+,#4&+&#93,#"-#%,"-1)'.#1&.#,"#-$&8&#,4&1)&.-"#8#$()1&"'0)1&#-$-%,1,;#
#

<&1-(# )./,(*)0-1)&.,(# 5-.# +,*,%4).-+&# "&(# +,(,&(# $&%# "&(# 93,# "-# 2-4)")-#

-$&8-#-"# 5)6&# ,.#(3#+,$&%*,;# c)#=),.7# -"03.-(# +,#,""-(# 5-.#4&(*%-+&#1'4&# ,"# +,(,&#

+,"#$-+%,#,(# -93,"#93,#B"# *,.:-#1&4&# +,$&%*)(*-#Fd,""(*,+*7# MXYJG7#1&./)%*)B.+&",7#
$&%# *-.*&7# ,.# ).1-$-H# +,# (,$-%-%# (3(# $%&$)&(# +,(,&(# &# 2-.*-(:-(# +,# "-(# +,# (3(#
$%&$)&(#5)6&(7#$3+),.+&#"",0-%#-#$%,()&.-%#&#-0&=)-%;#
#

<,%&# $%,(*-%# 1),%*&(# -$&8&(# &# (-1%)>)1-%# -"03.&(# -($,1*&(# (&.# 5,15&(# 93,#

1&.+31,.# -# 3.# )4$-1*&# $&()*)/&# +,"# +,$&%*,# ,.# "-# 2-4)")-7# (),.+&# "-# 4-+%,# "-#
$%).1)$-"# %,($&.(-=",#+,# 93,#,"# +,$&%*,# -2,1*,# ,.#4,.&%# 4,+)+-7# ).1"3(&# +,# 93,#
-2,1*,#$&()*)/-4,.*,;# <-%-# ,""&# (-1%)>)1-#(3#$%&$)&# &1)&# $&%# -1&4$-k-%# -# $-+%,# ,#
5)6&# -# ,.*%,.-4),.*&(# &# $%,(*-# 3.# -$&8&# ()4)"-%# -# *&+&(# "&(# 5,%4-.&(7# 1&.# ,"#
&=6,*)/&# +,# 1&.(,03)%# )03-"+-+# 8# .&%4-")+-+# ,.# ,"# 5&0-%7# 1&).1)+),.+&# 1&.# "-(#
)./,(*)0-1)&.,(# +,# R5-2,*H# 8# g&*-%=-# FMXXZG# ,.# "-(# 93,# (,# +,*,%4).-# 1'4&# "-(#
4-+%,(# -1&4$-k-.# -# "&(# 5)6&(# -# "-(# 1&4$,*)1)&.,(# 4),.*%-(# "&(# $-+%,(# -1*E-.# -#

!)%

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

4&+&# +,# O%=)*%&(# &# ,.*%,.-+&%,(# $&%# ,(*-%# *&+&(# 63.*&(# 8# (,%# 3.# 4&+&# +,#
+,(-%%&""-%#&1)&#,.#2-4)")-;#
#

U-# E"*)4-# +)4,.()'.# +,# "-# f./,%()'.# !4&1)&.-"# <&()*)/-# ,(*O# %,"-1)&.-+-#

1&.#"-#%,1&4$,.(-#8#1&.#93B#%,1)=,#"-#4-+%,#*%-(#$%,(*-%#,(,#)4$&%*-.*,#-$&8&;#U-#
)./,(*)0-1)'.#4&(*%'#1'4&#"-#2,")1)+-+#+,"#5)6&#(,#1&./),%*,#,.#,"#$%).1)$-"#$)"-%#+,#
,(-# %,1&4$,.(-7# $,%&# *-4=)B.# -($,1*&(# ,($,1:>)1&(# %,"-1)&.-+&(# 1&.# "-(#
+,+)1-*&%)-(#+,#"&(#5)6&(#,.#"-(#/)1*&%)-(;#!(*,#-$-%*-+&#.&#,(*O#+&134,.*-+&# ,.#"-#
")*,%-*3%-# 1),.*:>)1-7# ()# =),.7# (,# (3(*,.*-# ,.# "-(# ,/)+,.1)-(# +,# T,(()# %,1&0),.+&#
$%,4)&(#,.#1&4$-k:-#+,#(3#4-+%,#&#m%-.,%&#""-4-.+&#,.#$%)4,%#"30-%#-#(3#4-+%,#
$&%#*,"B2&.&#*%-(#0-.-%#3.-#U)0-;
#

!(,#Q$&8&# 0,.,%-"7# -(:#1&4&# (3(#1&.(,13,.1)-(#8#4&*)/&(7#,(# $%,(*-+&# -# "&#

"-%0&#+,#*&+&#,"#$%&1,(&#+,#+,(-%%&""&#+,$&%*)/&7#.&#1,(-.+&7#,.#4315&(#1-(&(7#*%-(#
"-# %,*)%-+-# +,$&%*)/-7# ().&# 93,# $3,+,# $,%+3%-%# ,.# ,"# *),4$&# 4O(# -""O# +,# ,(,#
4&4,.*&;# !.# %,"-1)'.# -# ,(*,# 1-%O1*,%# *,4$&%-"7# "&(# -.O")()(# 4&(*%-%&.# 1'4&# "-#
)./,%()'.# ,4&1)&.-"# .,0-*)/-# +,6-# #*(4&($ *%-(# "-# %,*)%-+-7# .&# (3$&.),.+&# ,(*,#
4&4,.*&# ,"# >).# +,# "&(# (-1%)>)1)&(# &# *,4&%,(# $&%# $-%*,# +,# "-# 4-+%,;# U-(# 4-+%,(#
()03,.#(32%),.+&#8#,"#.E1",&# 2-4)")-%# $3,+,#/,%(,#-2,1*-+&# +,#4-.,%-#)%%,/,%()=",#
+,($3B(# +,# 93,# ,"# +,$&%*)(*-# (,# +,($)+-# +,# (3# +,$&%*,;# R&.*%-%)-4,.*,7# "-#
)./,%()'.#,4&1)&.-"#$&()*)/-#1,(-#-"#5-1,%"&#,"#+,$&%*,7#"-#4-+%,#.&#/3,"/,#-#/,%(,#
%,1&4$,.(-+-#&#+,(-$-%,1,.#"&(#+,(,&(#5-1)-#(3#5)6&#,.#%,"-1)'.#-"#+,$&%*,;#

7,)$+-,(&>%"/$&
Q+,4O(#+,#,(,#-$&8&# 0,.,%-"7#+,"#-.O")()(#,4,%0,#3.-#.3,/-#1-*,0&%:-#93,#,D$")1-#
3.#-$&8&#,($,1)-"#,.#T&4,.*&(#R"-/,;# !(*-#1-*,0&%:-#+,*-""-#,"# $-$,"# +,#"-#4-+%,#
,.# 4&4,.*&(# ,($,1)-",(# ).5,%,.*,(# -"# $%&$)&# 1%,1)4),.*&# +,# "-# $,%(&.-# Ff.)1)&#
+,$&%*)/&#&#Q+&",(1,.1)-G#8#&*%&(#2&%*3)*&(#8#-H-%&(&(#93,#$3,+,.#&13%%)%#&#.&#-#"&#
"-%0&# +,# "-# /)+-# +,"# +,$&%*)(*-# FU,()&.,(7# T&4,.*&(# N)>:1)",(# &# !(*3+)&(G;# !.#
13-"93),%# 1-(&7# ,"# -$&8&# $%,(*-+&7# 1&.# ,"# >).# E"*)4&# +,# 2-/&%,1,%# 8# 2-1)")*-%# ,"#

!)&

T-+%,(#8#N,$&%*,

+,(-%%&""&# +,$&%*)/&# 1&.*).E-7#-"#*),4$&#93,#&*%-#-83+-#(,# -+-$*-# 8#(32%,#-"03.-#

/-%)-1)'.#$-%-#-83+-%#,.#,(&(#%,93,%)4),.*&(#,($,1)-",(#+,"#5)6&#+,$&%*)(*-;#
#

N,# )03-"# 4&+&# 93,# $%,(*-%# ,"# -$&8&# 0,.,%-"# -# "-# 4-+%,# ",# (3$&.,# 3.-#

)./,%()'.# ,4&1)&.-"# .,0-*)/-# 8# ,(# 1&.(,13,.1)-# +,# 3.-# )./,%()'.# ,4&1)&.-"#

$&()*)/-7# ,"# -$&8&# ,.#T&4,.*&(# R"-/,#*),.,#"&(# 4)(4&(# 4&*)/&(# 8# 1&.(,13,.1)-(7#
(),.+&#"-#+)2,%,.1)-#$%).1)$-"#(3#1-%O1*,%#*,4$&%-";#
#

U-# ")*,%-*3%-# 5-# &=/)-+&# ,"# $-$,"# +,# "-(# 4-+%,(# 87# $&%# *-.*&7# ,"# $-$,"#

,($,1:>)1&# ,.#"&(# 4&4,.*&(#1"-/,(#*-4=)B.#5-#()+&#).,D$"&%-+&;# l&#&=(*-.*,7# ()# (,#

5-#,(*3+)-+&#,"#$-$,"#+,#"-#2-4)")-#,.#"-(#",()&.,(#F+)4,.()'.#+,.*%&#+,#T&4,.*&(#
N)>:1)",(G#+,*,%4).-.+&# 1'4&# ,"# $-$,"#+,# "-# 2-4)")-#,(# 1"-/,#$-%-#(&=%,$&.,%(,# -#
,(-(# -+/,%()+-+,(# FT&%0-.# 8# m)-1&==)7# KLLa[# p-.]$,%,.7# MXXZ[# j3,%*57# U,,# 8#
Q"2,%4-.7#KLLSG;

!"#$%&'$%&!"'*$
#

e).-"4,.*,7# "-#1-*,0&%:-#<-$,"#+,"#<-+%,#*%-*-#+,#+-%#%,($3,(*-#-#()#,D)(*,.#

+)2,%,.1)-(# )4$&%*-.*,(# ,.*%,# "&(# $-$,",(# +,# $-+%,# 8# 4-+%,# 8# -# "-# )./,%()'.#
,4&1)&.-"# 93,# -# 1-+-# 3.&# ",# (3$&.,;# !(*-(# +)2,%,.1)-(# 1&.(*)*38,.# 3.# 4&+&# +,#
1&4$-%-%#"&(#$-$,",(#+,#-4=&(#8#1'4&#1-+-#3.&#,.#=-(,#-#"&(#+)2,%,.*,(#-$&8&(#(,#
/,#-2,1*-+&;# Q#"&#"-%0&#+,#,(*-#)./,(*)0-1)'.#5-.#(3%0)+&#-($,1*&(#%,"-1)&.-+&(#1&.#
"&(# +)2,%,.*,(# -$&8&(# $%,(*-+&(7# ,"# +,()03-"# .)/,"# +,# (-1%)>)1)&(# &# %,.3.1)-(# 8# "&(#
+)(*).*&(# *,4&%,(7# 4),+&(# &# +,(,&(# $&%# ,"# +,$&%*,;# l).03.-# )./,(*)0-1)'.# ,.# "-#
")*,%-*3%-# (,# 5-# 1,.*%-+&# +,# 4-.,%-# ,D1"3()/-# 8# ,.# $%&23.+)+-+# ,.# +)(*).03)%#
-4=&(#$-$,",(#8#%&",(;
#
+,-,6,./%"(0'1)%"21.72#%&%0*5)(31
m%-.#$-%*,# +,#"-(# )./,(*)0-1)&.,(# 93,# +,*-""-.#,"# $-$,"# +,# "&(# $-+%,(# 8# 1'4&# ,(,#
$-$,"# ).>"38,# ,.# ,"# +,(-%%&""&# +,$&%*)/&# +,# "&(# 5)6&(7# "&# 5-1,.# +,(+,# 3.-#
$,%($,1*)/-# 13-")*-*)/-# FR-4)%B7# P%3+,"# 8# e%&.,%)(7# KLLX[# g,,0-.# ,*# -";7# KLLX[#

!)!

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

g.)05*# 8# d-%n&&+7# KLLX[# c1-."-.7# c*,).# 8# o-/)HH-7# MXXMG;# T315-(# +,# ,""-(# FR\*B7#
MXXX[#d-%%).0*&.7# KLLa[# d&"*# 8# N3..# KLLS[# g-8# KLLL[# T&%0-.# 8# m)-1&==)7# KLLa[#
j&"2,.+,.# 8# d&"*7# KLLZG# (&.# ,(*3+)&(# 13-")*-*)/&(# 93,# ,4$",-.# *B1.)1-(#
1-%-1*,%:(*)1-(# +,# "-# P,&%:-# e3.+-4,.*-+-# 93,#$3,+,.# (,%# +,(+,#"-# 5,%%-4),.*-#
+,"#43,(*%,&7#,"#*)$&#+,#-.O")()(#&#"-#).+311)'.#,.#(:#4)(4-;#<,%&#*-4=)B.#,.2&93,(#
+,+31*)/&#b#).+31*)/&#(,#,4$",-.#$-%-#+,*,%4).-%#"-#$,%($,1*)/-#93,#"&(#$-+%,(#",#
+-.#-"# +,$&%*,# +,"# 5)6&# FR-4)%B7# P%3+,"# 8#e&%.,%)(7# KLLXG;# !.#13-"93),%# 1-(&7# (,-#
13-"#23,%,#,"#*)$&#+,#,.2&93,7#+,#4-.,%-#0,.,%-")H-+-7#,(-(#)./,(*)0-1)&.,(7#-"#)03-"#
93,#,(*,#,(*3+)&7# (,#()%/,.#+,#"-#,.*%,/)(*-#1&4&#*B1.)1-#$-%-#"-#%,1&0)+-#+,#+-*&(7#
&(1)"-.+&# "-(# 43,(*%-(# ,.*%,# .3,/,# (36,*&(# ,.# ,"# 1-(&# +,# "-# )./,(*)0-1)'.# +,#
j&"2,.+,.# 8# d&"*# FKLLZG# 8# MKY# ,.*%,/)(*-(# ,.# "-# )./,(*)0-1)'.# +,# d-%%).0*&.#
FKLLaG;# l&# &=(*-.*,7# ,.# ,(*,# E"*)4&# 1-(&7# .&# *&+-(# "-(# ,.*%,/)(*-(# 23,%&.#
).+)/)+3-",(;#
#

!(-#,.*%,/)(*-#,4$",-+-#1&4&# *B1.)1-#,.#"-#%,1&0)+-#+,#+-*&(#$3,+,#/,%(,#

4&+)>)1-+-# ,.# -"03.-(# )./,(*)0-1)&.,(7# )03-"4,.*,# 13-")*-*)/-(7# ,.# *&%.&# -# "-#

2-4)")-# 8# ,4$",-%(,# ,"# 1&.&1)+&# 1&4&# m%3$&# +,# N)(13()'.# FN&%(157# c4)*5# 8#
T1N&.&3057# KLLX[# m&3"+# ,*# -";7# KLLY[# g,,0-.# ,*# -";7# KLLX[# g.)05*# 8# d-%n&&+7#
KLLXG7# 1&.(,%/-.+&# ,"# $&(*,%)&%# *)$&# +,# -.O")()(# =-(-+&# ,.# "-# P,&%:-#
e3.+-4,.*-+-;# !.# ,(*&(# 1-(&(7# "-(# ,.*%,/)(*-(# &13%%,.# ,.# 0%3$&7# (),.+&# "&(#
$%&$)&(# 1&4,.*-%)&(# 8# $%,03.*-(# +,# &*%&(# (36,*&(7# -(:# 1&4&# "-(# $%,03.*-(# +,"#
)./,(*)0-+&%7# "&(# 1&.+31*&%,(# +,# +)15&# 0%3$&# +,# +)(13()'.;# <,%&# *-4=)B.# $3,+,#
,4$",-%(,# 3.-# 4,*&+&"&0:-# 4)D*-# -#*%-/B(# +,# ,.*%,/)(*-(# 8# 0%3$&(# +,# +)(13()'.#
Fm&3"+#,*#-";7#MXXXG;
#

<&%#*-.*&7#.&#5-8#3.#E.)1&#1-4).&#,.#,"#,(*3+)&#+,"#$-$,"#+,#"&(#$-+%,(#8#+,#

1'4&# ,(,# $-$,"# 8# %&"# ).>"38,# ,.# (3(# 5)6&(# +,$&%*)(*-(;# N,# ,(*,# 4&+&7# .34,%&(-(#
)./,(*)0-1)&.,(# 5-.#,4$",-+&# 13,(*)&.-%)&(# 8-# /-")+-+&(# 8# &*%&(# 1%,-+&(# $-%-#"-#
&1-()'.# 1&.# ,"# >).# +,# +,*,%4).-%# +)2,%,.*,(# -($,1*&(# %,2,%)+&(# -# "&(# $-+%,(# +,#
+,$&%*)(*-(# FN,e%-.1,(1&# 8# i&5.(&.7# MXXJ[# m3"=).#,*# -";7# KLML[# j,)((# 8# d-8-(5)7#
MXXZ[#]-$%-^# 8# _."`7# KLMLG;# N,#,(*,#4&+&7# m-%%)+&7# R-4$&(# 8# R-(*-k,+-# FKLMLG#
,"-=&%-%&.# 3.#13,(*)&.-%)&# 1&.#,"# &=6,*)/&# +,# 1&.&1,%# ,"# %&"# +,# "&(# $-+%,(# ,.#"-#
$%O1*)1-# +,$&%*)/-# ,(1&"-%7# -.-")H-.+&# "-# -1*3-1)'.# 8# 1&4$&%*-4),.*&# +,# "&(#

!)'

T-+%,(#8#N,$&%*,

$-+%,(#,.#"-#1&4$,*)1)'.7#-(:#1&4&#$-%-#1&.&1,%#"-#$,%1,$1)'.#93,#*,.:-.#"&(#.)k&(#
+,#"-#)4$&%*-.1)-#93,#",#+-=-.#(3(#$-+%,(#-"#BD)*&;##
#

V*%-(# )./,(*)0-1)&.,(# 5-.#,4$",-+&# 13,(*)&.-%)&(# 8-# /-")+-+&(# FQ$$",*&.7#

d-""# 8# d)""7# KLML[# R&"").(# 8# W-%=,%7# KLLZG7# +,.*%&# +,# "&(# 13-",(7# 3.&(# +,# "&(# 4O(#
1&43.,(# ,(# ,"# <-%,.*-"# f./&"/,4,.*# ).# c$&%*# A3,(*)&..-)%,# F<fcAG7# 13,(*)&.-%)&#
438#2%,13,.*,#,.*%,#"-(#)./,(*)0-1)&.,(#%,2,%)+-(# -#$-+%,(#8#+,$&%*,#,.#"-(#93,#(,#
*%-*-#+,# +,*,%4).-%# "-# )4$")1-1)'.#+,#"&(# $-+%,(# ,.# ,"# +,$&%*,# +,#"&(# 5)6&(#+,(+,#
+)2,%,.*,(#$,%($,1*)/-(#FP&%%,0%&(-#,*#-";7#KLLJ[#j3,%*57#U,,#8#Q"2,%4-.7#KLLSG;
#

!"# ,(*3+)&# ,D5-3(*)/&# +,"# $-$,"# +,# "-# 4-+%,# %,93),%,# +,# 3.# *)$&# +,#

)./,(*)0-1)'.# ,.# ,"# 93,# (,# -"1-.1,# 3.# $%&23.+&# 1&.&1)4),.*&# +,# "-# ()*3-1)'.# 8#
$,%4)*-#+,>).)%#,.#$%&23.+)+-+#1-+-#3.&#+,#"&(#%&",(#93,#"",/-#-#1-=&#$-%-#-83+-%#
-# (3# 5)6&# ,.#(3#+,$&%*,;# N,# ,(*,# 4&+&7# ,"# *)$&# +,# 4,*&+&"&0:-# ,4$",-+&# ,.# ,(*-#
)./,(*)0-1)'.# 23,# 1&.()+,%-+&# 1&4&# ,"# 4O(# -$%&$)-+&# $-%-# 1&.&1,%"&7# $3,(# "-#
P,&%:-# e3.+-4,.*-+-# ",# $,%4)*,# -"# )./,(*)0-+&%# (34,%0)%(,# ,.# "-# $%&$)-#
,D$,%),.1)-# +,# "&(# $-%*)1)$-.*,(# FR&%=).# 8# c*%-3((7# KLLYG7# 2-/&%,1),.+&# "-#
+,(1%)$1)'.# ,# ).*,%$%,*-1)'.# +,# "&(# 2,.'4,.&(# ,(*3+)-+&(# +,# 4-.,%-# $%&23.+-;#
e).-"4,.*,7#,"#1-%O1*,%#&%)0).-"#,#)..&/-+&%#23,%&.#1"-/,(7#$-%-#&$*-%#$&%#,(*,#*)$&#
+,#4,*&+&"&0:-;#

+,-,8,./%"(0'1)%"21.1'1#3"#)431
!.# ,(*,# -$-%*-+&# (,# 43,(*%-.# "&(# 1&.1,$*&(# $%).1)$-",(# 93,# 5-.# ,4,%0)+&# +,"#
-.O")()(# +,#,(*-#)./,(*)0-1)'.# 8# (,# 1&4$-%-.# 1&.# -93,""&(# +,# &*%&(# ,(*3+)&(# 93,7#
1&.# +)2,%,.*,(# .&4=%,(7# (,# %,>),%,.# -# -($,1*&(# ()4)"-%,(;# <-%-# 1&4$",*-%# ,(*,#
-$-%*-+&# (,# $%,(,.*-# 3.-# *-="-# ,.# "-# 93,# (,# ,D$&.,.# ,(&(# 1&.1,$*&(# 8# +)15-(#
1&4$-%-1)&.,(#FP-="-#S;M;G;

!)(

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

P-="-#S;M;#!*H.'.%.&'*($2$4*#:.'&+&-="$4*5#.%"$*:6+*"/"($*'$*(4*$*(4)/.&0$
e3,.*,?#p-%)&(#-3*&%,(#8#,"-=&%-1)'.#$%&$)-;

92$7)"%0%5:3.92*$)(3
?@*).+,

A$B.+.;.9+&0-.%.C"'"

D-*"(&'$B.+.;.,+$(

86&2&$
J"'-.;+*

+,-./01232456078639/./0
7:805/30;/.863<0=50/7:,:0
9/>?24560639@0A:8;/.:07:80
650/7:,:06B:>C;2B:D0
;/9682/50,05:?E392B:<

=>0F-98:>/0,0G-33650H&##%I0650/7:,:09/>?24560!"#$%
&!'()*+,(-+%)+,%'(%("*"#!,)*(%)+,)&!#(%./!%"!%'!%-(%(%
'(%0!&"+,(%0(&(%(1/-(&'!%(%"+2&!''!3(&%!'%!"#&4"%
&!'()*+,(-+%)+,%"/%-!0+&#!5%
=>0J:5A6>.6>0,0K:590H!%%"I0650/7:,:09/>?24560"!%
&!6*!&!%('%(0+1+%!)+,78*)+%1%#&(,"0+&#!5

86&2&$
K%&'5:.%&

+,-./078639/./07:805/0
;/.8600865/B2:>/./0B:>0650
.2>68:D09/>9:0.63.60650
7->9:0.601239/0.650
.636;4:53:06B:>C;2B:0
B:;:06>05/0/,-./0
78639/./06>09:8>:0/06360
.2>68:0,03-0?6392C><

=>0L:-5.0690/5<0H!%%*I0'+"%0(-&!"%(0+1(,%!'%-!0+&#!%
-!%'+"%9*:+"%0(;(,-+%*,")&*0)*+,!"%!,%)+80!#*)*+,!"%+%
('%0&+0*+%!,#&!,(-+&5

86&2&$
K:&%.&'"+

+,-./078639/./07:805/30
;/.863086A682./0/05/30
6;:B2:>63<0=30->0/7:,:0
5561/.:0/0B/4:0B:>0650
:4N6921:0O2>/50.60./80
639/4252./.06;:B2:>/50/50
P2N:0.67:89239/<

=>0F-98:>/0,0G-33650H&##%I0!'%(0+1+%!8+)*+,('%
&!0&!"!,#(%'(%9(2*'*-(-%0(&(%0+,!&"!%!,%'(%"*#/()*7,%
-!%+#&+"%0(&(%-(&%)+,<+&#%1%"!;/&*-(-%!,%'+"%
8+8!,#+"%-!%!"#&4"5
=>0K65539.690H&##"I0!'%(8+&%1%)(&*=+>%0+&%!,)*8(%-!%
#+-+>%!"%)+,"*-!&(-+%</,-(8!,#('%!,%'("%)(&&!&("%
-!0+&#*3("%-!%-!0+&#*"#("%!?*#+"+"5
=>0Q655,0H!%%'I0'+"%-!0+&#*"#("%)+,"*-!&(,%
</,-(8!,#('%!'%(0+1+%-!%"/"%0(-&!"%1%-!6*,!,%"/%
)/*-(-+%)+8+%)'(3!%0(&(%"/%-!0+&#!%-!%('#+%,*3!'%('%
,+%"!,#*&"!%0&!"*+,(-+"%0+&%!'%4?*#+%!,%,*,;@,%
8+8!,#+5
=>0R:8?/>0,0L2/B:4420H!%%$I0650/7:,:06;:B2:>/5%
)+,"*"#!%!,%"(2!&%./!%+#&+"%!"#$,%)!&)(%0(&(%(1/-(&%
('%-!0+&#*"#(5%A+,"*"#!%!,%!'%(0+1+%*,)+,-*)*+,('%-!%
'+"%0(-&!"%(%'+"%9*:+"5%

K(%)%9"

S/063B-BP/0P/B60
86A686>B2/0/50/7:,:0
78639/.:07:805/30;/.8630
865/B2:>/.:0B:>05/0
B:;786>32C>0.6>98:0.650
/7:,:06;:B2:>/5D086A682.:0
/0639/80B:>0650P2N:D0P/45/80
B:>0T50:078639/8560
/96>B2C><

=>0G:9655/0,0U->V680H&#*)I0"!%-!#(''(%)78+%,(-(%'!%
9()!%(%/,%,*=+%"!,#*&"!%8$"%*80+&#(,#!%./!%#!,!&%(%
(';/*!,%('&!-!-+&%./!%8/!"#&!%/,%*80+&#(,#!%*,#!&4"%
!,%4'5%B!%(9C%'(%*80+&#(,)*(%-!%!")/)9(&%('%9*:+>%
9(2'(&%)+,%4'5%D*!80&!%8(&)(,-+%+2:!#*3+"%&!('*"#("5

=>0K:590,0M->>0H!%%(I0650/7:,:06B:>C;2B:09()!%
&!<!&!,)*(%('%*80()#+%6*,(,)*!&+%./!%#*!,!%!'%-!0+&#!%
-!'%9*:+%!,%'(%<(8*'*(5%

!)"

T-+%,(#8#N,$&%*,

92$7)"%0%5:3.92*$)(3
86&2&$
L&-=(4.%&

+,-./078639/./07:805/0
;/.860W-60P/B607:3245605/0
78@B92B/0.67:8921/06>03E0
;23;/<0=39@086A682./0/0
B-/98:0/376B9:30
A->./;6>9/563X0
98/>37:896D08:7/D0B:;2./0,0
B/3/<

=>0FP/A69Y0,0Q:9/84/0H&##"I0"!%(0&!)*(,%#(&!("%8/1%
&!0&!"!,#(#*3("%-!%)(-(%;4,!&+5%B!%!"#!%8+-+>%'("%
8(-&!"%"!%!,)(&;(,%-!%'(3(&%'(%&+0(%1%+&;(,*E(&%(%'+"%
9*:+"%0(&(%!'%-!0+&#!5%
=>0K655396.90H&##"I0'+"%0(-&!"%*,6'/C(,%!,%!'%
-!"(&&+''+%-!0+&#*3+%-!%'+"%9*:+"%'(3(,-+%1%"!)(,-+%
#+-(%'(%&+0(5
=>0ZP:;737:>0H&###I0'("%8(-&!"%"!%!,)(&;(,%-!%
#+-("%'("%&/#*,("%&!'()*+,(-("%)+,%!'%9+;(&>%("C%)+8+%
-!%'("%#(&!("%("+)*(-("%-*&!)#(8!,#!%)+,%!'%-!0+&#!%
-!'%9*:+%)+8+%'("%2+#!''("%+%'(3(-+&("5
=>0J:5A6>.6>0,0K:590H!%%"I0650/7:,:0865/921:0/50
98/>37:89609()!%&!<!&!,)*(%(%-(&%#&(,"0+&#!5%
A+,"#*#/1!%'(%&!"0+,"(2*'*-(-%-!%#&(,"0+&#(&%('%9*:+%(%
!,#&!,(8*!,#+"%1%)+80!#*)*+,!">%!,<(#*E(,-+%!,%!'%
)+80&+8*"+%./!%"/0+,!5

86#*'/*#$
*+$/*6&#4*

+7:,:0W-6078639/05/0
;/.86086A682.:0/0B:>:B680
650.67:896D05:30821/563D05:30
926;7:3D069B<D0B:>0650
:4N6921:0O2>/50.6078639/80
->0/7:,:086A682.:0/05/0
B:;786>32C>0.6>98:0.650
/7:,:06;:B2:>/5

=>0K/882>?9:>0H!%%$I0!'%)+,+)*8*!,#+%-!0+&#*3+%-!%
'+"%0(-&!"%1%"/%*,#!&4"%0+&%(0&!,-!&'+%+#+&;(,%3C("%-!%
)+8/,*)()*7,%0(&(%3*,)/'(&"!%)+,%'+"%9*:+"5%
=>0[;:55D0F-;;2>?0,0[;29P0H!%&&I0P/B6>086A686>B2/0
/0BC;:0'+"%0(-&!"%0+-&C(,%-*"<&/#(&%1%(1/-(&%8$"%(%
"/"%9*:+"%!,%"/%-!0+&#!%"*%8+"#&(&(,%*,#!&4"%1%
(0&!)*(&(,%-*)9+%-!0+&#!5%F"#+%*,)'/*&C(%)+,+)!&%'("%
&!;'(">%'("%9(2*'*-(-!"%2$"*)(">%!"#&(#!;*("555

+,-./078639/./07:805/0
86&2&$
3(.%&+5-.%& ;/.860/03-0P2N:0.67:89239/0 =>0F/;28TD0Z8-.650,0^:8>68230H!%%#I05:307/.8630

,"%#.H.%.&$
K%&'5:.%&

86A682./0/50B:>98:50.605/0
;6>960,0/0/5B/>Y/80650
;@\2;:07:96>B2/50,0
86>.2;26>9:06>03-0
.67:896<0=3960/7:,:0
732B:5C?2B:0639@0A:8;/.:0
7:80->0/7:,:0?6>68/50
H524689/.06>05/09:;/0.60
.6B232:>63D0B:>O2/>Y/ID0
->:06376BEO2B:0.650/59:0
>21650H/,-./0B:>B869/06>0
63607682:.:ID0:98:0
865/B2:>/.:0B:>05/0
B:;7692B2C>0H;:921/B2C>D0
@>2;:I0,0650]592;:06>0650
7682:.:0.60/.:563B6>B2/0
H/7:,:06>0->0;:;6>9:0
B:>B869:I<

8(,#*!,!,%1%!,<(#*E(,%!,%/,(%()#*#/-%0+"*#*3(%)+8+%
)'(3!%0(&(%!'%-*"<&/#!%-!'%-!0+&#*"#(%1%"/%(#&())*7,%0+&%
!'%-!0+&#!5
=>0Q66?/>0690/5<0H!%%#I0360.6968;2>/0BC;:0'+"%
0(-&!"%!,%'+"%)+,#!?#+"%-!0+&#*3+"%:/!;(,%/,%
*80+&#(,#!%&+'%-!"-!%!'%0/,#+%-!%3*"#(%-!%'(%
8+#*3()*7,5
=>0Q636>.0H&##&I0'("%<(8*'*("%"+,%'(%0&*,)*0('%</!,#!%
-!%$,*8+5
=>0[;:55D0F-;;2>?0,0[;29P0H!%&&I05:307/.8630
0!&8*#!,%(%'+"%9*:+"%#+8(&%"/"%0&+0*("%-!)*"*+,!"%!,%
#+&,+%(%"/%-!0+&#!5
=>0J-689PD0S660,0+5A68;/>0H!%%(I0('#+"%,*3!'!"%-!%
!'+;*+">%(,*8(&>%"!%("+)*(%)+,%!'%-!"(&&+''+%-!%
)(&&!&("%!?*#+"("%!,%!'%-!0+&#!5%

=503/B82O2B2:0865/B2:>/.:0
B:>0650.2>68:0P/B60
86A686>B2/0/50?/39:0
6B:>C;2B:0W-603-7:>60650
.67:8960.650P2N:<0

=>0Q/,0H!%%%I0'("%<(8*'*("%*-!,#*6*)(,%!'%-!0+&#!%
)+8+%/,%!"</!&E+%1>%!,%+)("*+,!">%"()&*6*)*+>%
"/0+,*!,-+%!,%(';/,+"%)("+"%./!%<(8*'*("%9(;(,%
('/"*7,%(%8+8!,#+"%-*6C)*'!"%!)+,78*)(8!,#!%
9(2'(,-+%)+8+%)+,"!)/!,)*(%-!%!"(%*,3!&"*7,5%

!)$

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

92$7)"%0%5:3.92*$)(3
,"%#.H.%.&$ R-6398/0BC;:0650.67:8960
M.*'*(4"#$ .650P2N:05603-7:>60/05/0
6(.%&+5-.%& ;/.860->/0.23;2>-B2C>0

=>0G:9655/0,0U->V680H&#*)I0!'%-!0+&#!%-!%('#+%,*3!'%
-!'%9*:+%"/0+,!%/,("%-!8(,-("%!"0!)*('!"%(%'+"%0(-&!"%
1%(%'(%<(8*'*(%!,%)+,:/,#+%!,%#4&8*,+"%-!%#*!80+>%
-*,!&+%1%!"#&4"5

,"%#.H.%.&$
N&#"#.&

K/B6>086A686>B2/0/0BC;:0
5/0;/.860:05/0A/;252/06>0
B:>N->9:0P/0.60;:.2O2B/80
P:8/82:30.60B:;2./3D0
3/52./30:01/B/B2:>6307:80650
.67:8960.650P2N:<

=>0Q/,0H!%%%I0'("%<(8*'*(">%(-!8$"%-!%0&!"#(&%
&!)/&"+"%6*,(,)*!&+"%*80&!")*,-*2'!">%9(,%-!%
()+8+-(&"!%(%'+"%0(#&+,!"%-!%()#*3*-(-%-!'%9*:+%!,%
#4&8*,+"%-!%9+&(&*+">%#(,#+%!,%'+"%&*#8+"%-!%3*-(%
-*(&*+">%"!8(,('!"%)+8+%(,/('!"5%G/)9("%<(8*'*("%
9()!,%&!<!&!,)*(%(%'(%-!"(0(&*)*7,%-!%!'!8!,#+"%
,+&8('!"%!,%'(%3*-(%-*(&*(%<(8*'*(&5

7&:*'4&($
1+"I*

[:>0B-/98:05:307682:.:30
B8E92B:306>0650.63/88:55:0
.67:8921:0.605/0
6\B656>B2/X02>2B2:0
.67:8921:D0/.:563B6>B2/D0
;:;6>9:30.2OEB25630,0
639-.2:3<

=>0K655396.90H&##"I0'(%(-+'!")!,)*(%"!%8/!"#&(%)+8+%
/,%0!&*+-+%-*6C)*'%!,%'+"%-!0+&#*"#("%0+&./!%!"%!,%!"#(%
<("!%)/(,-+%9(1%/,(%#&(,"*)*7,%-!"-!%!'%-!0+&#!%)+8+%
:/!;+%1%-*3!&"*7,%(%/,%-!0+&#!%8$"%"!&*+5%
=>0R:8?/>0,0L2/B:4420H!%%$I0!'%(0+1+%"+)*('%1%
-!,#&+%-!%!"#!%!'%(0+1+%-!%'+"%0(-&!"%0!&8*#*7%(%'+"%
-!0+&#*"#("%-!'%!"#/-*+%(-(0#(&"!%(%-*<!&!,#!"%
)*&)/,"#(,)*("%1%(-3!&"*-(-!"%(%'+%'(&;+%-!%"/%)(&&!&(%
-!0+&#*3(5%
=>06360;23;:0639-.2:06302;7:89/>9609/;42T>05/0
280+&#(,)*(%./!%+#+&;(,%'+"%0(-&!"%(%'(%!-/)()*7,5%
=>0_/>`7686>0H&##"I0360.6968;2>C0BC;:0!'%(0+1+%
-!%'+"%0(-&!"%()#/(2(%-!%(8+&#*;/(-+&%+%
0(&()9+./!">%0(&(%('*3*(&%!'%!"#&4"%&!<!&*-+%('%
&!,-*8*!,#+%+%(%'+"%8('+"%8+8!,#+"%)+8+%
)+,"!)/!,)*(%-!'%-!0+&#!50
=>0J::5?680,0a:b680H&##'I0'(%8(1+&%*,6'/!,)*(%-!%
'+"%0(-&!">%-!#!&8*,(-(%0+&%-!0+&#*"#("%(-/'#+">%
+)/&&!%!,%'(%*,<(,)*(%1%0&*,)*0('8!,#!%!,%!'%*,*)*+%
-!0+&#*3+5
=>0J-689PD0S660,0+5A68;/>0H!%%(I0'+"%0(-&!"%"+,%'(%
0&*,)*0('%</!,#!%-!%(0+1+%1%!?#&!8(-(8!,#!%@#*'!"%
0(&(%"/0!&(&%0&+)!"+"%)+8+%/,(%'!"*7,>%8+8!,#+"%
-*6C)*'!"%+%'(%&!#*&(-(5%

>:6"%4&$
O*-"4.I&$
*'$+"$
P":.+."

K/B6086A686>B2/0/50?:5760
6;:B2:>/50>6?/921:0W-60
78:.-B60650.67:8960.650
P2N:06>05/0A/;252/<0=39@0
A:8;/.:07:80.:30
.2;6>32:>6307-.26>.:0
/A6B9/80650.67:8960.60
;/>68/0?5:4/50:06376BEA2B/<

=>0Fc9T0H&###I0'+"%9!&8(,+"%0!./!=+"%+%;!8!'+"%-!%
-!0+&#*"#("%8/!"#&(,%&!"!,#*8*!,#+%1%)!'+"%9()*(%!'%
'+;&+%-!%"/%9!&8(,+%8(1+&5

.603-0426>639/80
732B:5C?2B:D06>96>.2.:0
T3960B:;:0->/012./0
98/>W-25/D032>03:4863/59:30
,0786:B-7/B2:>630
865/B2:>/./30B:>096>680->0
P2N:0.67:89239/<0

!))

T-+%,(#8#N,$&%*,

92$7)"%0%5:3.92*$)(3
0K/B6086A686>B2/0/50?:5760
>:6"%4&$
3&(.4.I&$*'$ 6;:B2:>/507:32921:0W-60
+"$P":.+." 78:.-B60650.67:8960.650

=>0K655396.90H&##%I0'(%0(&#*)*0()*7,%-!0+&#*3(%-!%'+"%
9*:+"%+#+&;(%'(%+0+&#/,*-(-%(%0(-&!"%!%9*:+"%-!%
-!"(&&+''(&%)!&)(,C(%1%)+9!"*7,%<(8*'*(&5
=>0R:8?/>0,0L2/B:4420H!%%$I0'+"%-!0+&#*"#("%-!'%
!"#/-*+%#!,C(,%9!&8(,+">%0!&+%'+"%0(-&!"%</!&+,%
)(0()!"%-!%-*"#&*2/*&%-!%8(,!&(%!./*#(#*3(%'+"%
&!)/&"+">%;!,!&(,-+%/,%*80()#+%0+"*#*3+%!,%'(%<(8*'*(5

,"%#.H.%.&$
P":.+."#

[/B82O2B2:30W-60P/0.60P/B680
650>]B56:0A/;252/806>0
B:>N->9:<0=>0:B/32:>630
3:>086>->B2/30W-60P/B605/0
;/.860W-60/A6B9/>0/05/0
A/;252/06>0B:>N->9:0:0/0
:98:30;26;48:30.605/0
A/;252/<

=>0S/-680690/5<0H!%&%I06503/B82O2B2:0A/;252/80)+,"#*#/1!%
/,(%(1/-(%0&!"#(-(%0+&%'+"%0(-&!"%0(&(%(1/-(&%(%'+"%
9*:+"%!,%!'%-!"(&&+''+%-!0+&#*3+%('%*80'*)(&%./*#(&"!%
#*!80+%-!%'(%<(8*'*(%1%(%+#&+"%8*!82&+"%0+&%!'%
-!0+&#!%-!'%9*:+5%

,"%#.H.%.&$
Q%.&

K/B6086A686>B2/0/05/0
86.-BB2C>0,D06>0;-BP:30
B/3:3D03-78632C>0.605/30
/B9212./.630.60:B2:0,0
926;7:0524860W-60
78612/;6>960
.63/88:55/4/>05/30;/.863<0
S/30;/.8630/>9630.650
.67:8960.603-30P2N:30
5561/4/>0/0B/4:0
/B9212./.630.67:8921/3D0:0
3/52./30/05/0;:>9/d/0,0.60
O2>0.6036;/>/D012/N630:0
B:;2./30,0B6>/30B:>0
/;2?:3<0+B9212./.630W-60650
.67:8960.650P2N:086.-B60:0
652;2>/<0000

=>0K655396.90H&##"I0'+"%0(-&!"%+&;(,*E(,%"/%3*-(%!,%
#+&,+%(%'(%()#*3*-(-%-!0+&#*3(%-!'%9*:+%-!0+&#*"#(>%
&!,/,)*(,-+%(%+#&("%()#*3*-(-!"%0+&%''!3(&%('%9*:+%(%
!,#&!,(8*!,#+"%+%)+80!#*)*+,!"5%H("%3()()*+,!"%
<(8*'*(&!"%"!%+&;(,*E(,%!,%2("!%(%!"("%)+80!#*)*+,!"%
1%;&(,%0(&#!%-!'%-*,!&+%1%#*!80+%<(8*'*(&%"!%-!-*)(,%
('%-!0+&#!%-!'%9*:+>%"/0&*8*!,-+%+#&("%()#*3*-(-!"%-!%
+)*+%-!%'+"%0(-&!"%*,-!0!,-*!,#!"%+%<(8*'*(&!"5
=>0ZP:;73:>0H&###I0'("%8/:!&!"%./!%3*3!,%)+,%
0(&!:("%9+82&!"%1%,*=+"%#*!,-!,%(%-!")/*-(&%"/"%
0&+0*("%,!)!"*-(-!"%-!%+)*+%0!&"+,('5%H("%8/:!&!"%./!%
"+,%!"0+"("%1%8(-&!"%<&(;8!,#(,%"/%+)*+%0(&(%
)/(-&(&%'("%-!8(,-("%-!%#*!80+%1%!,!&;C(%./!%
&!./*!&!,%'("%#(&!("%-!%'(%)("(%1%&!"0+,-!&%(%'("%
,!)!"*-(-!"%-!%+#&+"%!,%'(%<(8*'*(>%0(&#*)/'(&8!,#!>%
'+"%9*:+"5
=>0J:5A6>.6>0,0K:590H!%%"I06503/B82O2B2:D0639@0
865/B2:>/.:0B:>0BC;:0'(%*80'*)()*7,%!,%!'%-!0+&#!%
-!'%9*:+%"/0+,!%./*#(&"!%'+"%0(-&!"%"/%0&+0*+%#*!80+5

,"%#.H.%.&$
L";&#"+

S:303/B82O2B2:305/4:8/5630
:B-886>06>0.:3036>92.:3X0
&<05/0;/.86098/4/N/0;@30
7:80650.67:8960.650P2N:e0!<0
5/0;/.8603/B82O2B/03-0
98/4/N:0B:;:0
B:>36B-6>B2/0.60->0
3/B82O2B2:096;7:8/5<

=>0Q/,0H!%%%I0'("%-!8(,-("%-!%#*!80+%-!'%-!0+&#!%
-!'%9*:+%#*!,!,%*80()#+%!,%'+"%0(#&+,!"%-!%#&(2(:+%-!%
'+"%0(-&!">%(<!)#(,-+%(%'("%9+&("%./!%#&(2(:(,>%('%
#*!80+%./!%!"#$,%</!&(%-!'%#&(2(:+>%*,)'/"+%(%'(%
!'!))*7,%-!%'("%9+&("%(%'("%./!%#&(2(:(&5
=>0S/-680690/5<0H!%&%I06503/B82O2B2:05/4:8/50)+,"#*#/1!%
/,(%(1/-(%0&!"#(-(%0+&%'+"%0(-&!"%0(&(%(1/-(&%(%'+"%
9*:+"%!,%!'%-!"(&&+''+%-!0+&#*3+%('%*80'*)(&%./*#(&"!%
#*!80+%-!'%#&(2(:+%0+&%!'%-!0+&#!%-!'%9*:+5%

>'I*#(.5'$
K:&%.&'"+$
/*$+"$
7"/#*

S/02>16832C>06;:B2:>/50.605/0;/.860P/B6086A686>B2/D07:80->05/.:D0/5036>92;26>9:0
7:32921:0865/B2:>/.:0B:>0650.23A8-960:05/086B:;76>3/D0,07:80:98:0/036>92;26>9:30
>6?/921:30B:;:0650.:5:8D0786:B-7/B2C>0:03/B82O2B2:305561/.:30/0B/4:07:805/0;/.860
7/8/0/,-./80/03-0P2N:06>03-0.67:896<0

P2N:06>05/0A/;252/<0=39@0
A:8;/.:07:80.:30
.2;6>32:>6307-.26>.:0
/A6B9/80650.67:8960.60
;/>68/0?5:4/50:06376BEA2B/<

!)*

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

+,6,.;:7)#21.&2.03.)"421#)53()*"
Q# "&# "-%0&# +,# ,(*,# -$-%*-+&# (,# $%,(,.*-.# "&(# $%&=",4-(# ,.1&.*%-+&(# +,(+,# 3.#
$3.*&# +,# /)(*-# 4,*&+&"'0)1&7# $,%&# *-4=)B.# (,# +,*,%4).-# 5-(*-# +'.+,# "",0-# "-#
P,&%:-#0,.,%-+-#&#(3#23.1)&.-")+-+#,.#,"#*),4$&7#"30-%#8#1&.*,D*&(;

+,6,-,.;:7)#21.#2*$)(%1.<.0:7)#21.&2.3=0)(3>)0)&3&
U&(#":4)*,(#*,'%)1&(#8#+,#-$")1-=)")+-+#,(*O.#%,"-1)&.-+&(#1&.#"-#23.1)&.-")+-+#+,#"-#
P,&%:-# 4&(*%-.+&# 1'4&# B(*-# $3,+-# -$")1-%(,# ,.# &*%&(# 4&4,.*&(7# "30-%,(# 8#
1&.*,D*&(;# !"# ,(*3+)&# +,"# $-$,"# +,# "-# 4-+%,#,.# +,$&%*)(*-(# +,#-"*&# .)/,"7# ")4)*-#"-#
P,&%:-#-#-93,""&(#(36,*&(#1&.#1-%-1*,%:(*)1-(# ()4)"-%,(7# 4&(*%-.+&#3.-#)4$&%*-.*,#
0,.,%-")H-1)'.#,.#+)15&(#+,$&%*)(*-(;#]#,(#93,7#"-#4).31)&()+-+#,.#"-#,",11)'.#+,#"&(#
$-%*)1)$-.*,(7# =3(1-.+&# 1-(&(# .,0-*)/&(# -"# 4)(4&# *),4$&# 93,# /-%),+-+# ,.#
+,$&%*,(7# (,D&7# ,+-+7# (*-*3(# ,1&.'4)1&# &# .)/,"# +,#,(*3+)&(# 2-/&%,1,.# 3.-# P,&%:-#
93,# $3,+,# -$")1-%(,7# +,#4-.,%-# 0,.,%-"7# ,.# +,$&%*)(*-(# +,# -"*&# .)/,"7# 4&(*%-.+&#
,(*-=)")+-+#,.#,"#*),4$&7#"&#13-"#).+)1-#93,#,"#$-(&#+,"#*),4$&#8#"-(#0,.,%-1)&.,(#.&#
(&.#5,15&(#93,#$3,+-.#4&+)>)1-%#+)15-#P,&%:-;#l&#&=(*-.*,7#13-"93),%#&*%&#$-$,"#8#
%&"#+,#"-#4-+%,#,(#$&()=",7#.&#+)1*-4).-.+&#,(*-#P,&%:-#3.-#/,%+-+#3.)/,%(-";#
#

c)#=),.7#,(*-#P,&%:-#$&+%:-#-$")1-%(,7#+,#4-.,%-#0,.,%-"7#-#1&.*,D*&(#+,#-"*&#

.)/,"#+,$&%*)/&(7# (,%:-#.,1,(-%)&# ,(*3+)-%# 93B#&13%%)%:-# ,.#"&(#1-(&(#+,#,D1,",.1)-#

,.#&*%&(#O4=)*&(#1&4&#,"#43()1-"7# ).*,",1*3-"#&# ,"#%,2,%,.*,#-"#-%*,#$-%-#1&.&1,%#,"#
/,%+-+,%&#$-$,"#+,#"-#4-+%,#,.#,"#+,(-%%&""&#+,#"-#,D1,",.1)-;
#

U-#23.1)&.-")+-+#+,#"-#P,&%:-#,.#,"#*),4$&#/),.,#+,%)/-+-#+,#"-#/-%),+-+#,.#

"-#,+-+#+,#"&(#+,$&%*)(*-(#8#,.#(3#$,%*,.,.1)-#-#+)2,%,.*,(#0,.,%-1)&.,(7# -(:# 1&4&#

"-# +,# "-(# 4-+%,(;# N,#,(*,# 4&+&7# 4-+%,(# +,# ZL# -k&(7# 138&(# 5)6&(# (&.#6'/,.,(# ,.#
-1*)/&#93,#,(*O.#,.#"-#-1*3-")+-+#,.#,"# 4OD)4&#.)/,"# ).*,%.-1)&.-"7#(,#4,H1"-.#1&.#
4-+%,(# +,# YL#138&(# 5)6&(# +,# ZL# -k&(# 23,%&.# "&(# 4,6&%,(# 5-1,# -"0E.# *),4$&;# U-#
1&.1&%+-.1)-# ,.# "-# P,&%:-# $,%4)*,# ->)%4-%# 1'4&# ,"# $-(&# +,"# *),4$&7# "-(#
0,.,%-1)&.,(#8# "&(#1-4=)&(#2-4)")-%,(#+,%)/-+&(# +,#,""&(7# .&#$-%,1,# 93,#(,-.#3.-#
).>"3,.1)-#,.#,"#$-$,"#+,#"-#4-+%,#,.#,"#+,(-%%&""&#+,$&%*)/&#+,#3.#4&+&#0,.,%-";#

!)#

T-+%,(#8#N,$&%*,

U-# 23.1)&.-")+-+# +,# "-# P,&%:-# ,.# &*%&(# "30-%,(# ,(# 3.# 5,15&# 93,# +,=),%-#

,(*3+)-%(,7#$3,(# 1&.&1,%#,"#$-$,"#+,#"-#4-+%,#,.#&*%&(#$-:(,(#-#*%-/B(# +,#,(*3+)&(#

*%-.(13"*3-",(#$&+%:-#+-%#3.-#/)()'.#4O(#-4$")-#+,#+)15&#$-$,";#]#,(#93,#"-#2-4)")-#
,.#1&.63.*&7# "-#/)+-#2-4)")-%#1-%-1*,%:(*)1-#+,#!($-k-#8#"-#+,$,.+,.1)-#,.#4315&(#
1-(&(# +,# ,(-# 2-4)")-# -"# (,%# ,"# +,$&%*,# 3.# ,.*&%.&7# 1&.# 1),%*-# 2%,13,.1)-7# $&1&#
$%&2,()&.-")H-+&7# 5-1,#93,#,"# $-$,"# +,#"-# 4-+%,# ,.#!($-k-#$3,+-#(,%#+)2,%,.*,#-"#
$-$,"#+,#"-#4-+%,#,.#&*%&(#$-:(,(;#

+,6,6,.;:7)#21.72#%&%0*5)(%1
Q# "&# "-%0&# +,"# $%&1,(&# +,# )./,(*)0-1)'.# "&(# $%&=",4-(# +,(+,# ,"# $3.*&# +,# /)(*-#
4,*&+&"'0)1&(# 93,# (,# 5-.# $%,(,.*-+&# 5-.# ,(*-+&# %,"-1)&.-+&(7# $%).1)$-"4,.*,7#
1&.#"-#43,(*%-;#U-#>",D)=)")+-+#+,#"-#P,&%:-#e3.+-4,.*-+-#$,%4)*,#=3(1-%#-93,""&(#
(36,*&(# 93,#4O(# ).2&%4-1)'.# %,",/-.*,#$3,+,.#&2%,1,%7# ()# =),.7# ,(&(# (36,*&(# ,%-.#
+,$&%*)(*-(# +,# -"*&# .)/,"# 138&# -11,(&# 8# +)($&.)=)")+-+# ,(7# ,.# 4315&(# 1-(&(7#
,.&%4,4,.*,#")4)*-+-;#
#

V*%&#$%&=",4-#,.#%,"-1)'.#-#"-#4,*&+&"&0:-7# ,(#,"#,(1-(&#1&.(,.(&#,.#*&%.&#

-# "&(# *B%4).&(# 93,# +,>).,.# 8# ,D$")1-.#"-# P,&%:-# e3.+-4,.*-+-;# N,# -5:# 93,# 5-8-#
3.-# ,.&%4,#1&.23()'.#,.#13-.*&# -# 93B#*B%4).&(# ,4$",-%# 8# ,"#()0.)>)1-+&# +,#,(&(#
*B%4).&(# ,.# 1-+-# 1&.*,D*&7# +)>)13"*-.+&# ,"# -$%,.+)H-6,# +,# ,(*-# 4,*&+&"&0:-;# <&%#
*-.*&7# $-%-# 2-1)")*-%# "-# ",1*3%-# +,"# +&134,.*&# 87# $%).1)$-"4,.*,7# 2-/&%,1,%# ,"#
,.*,.+)4),.*&#+,"#$%&1,(&#4,*&+&"'0)1&7#(,#,"-=&%'# 3.-#*-="-#1&.#+,>).)1)&.,(#+,#
"&(# *B%4).&(# 4O(# 1&43.,(# 8# 4O(# 2%,13,.*,4,.*,# ,4$",-+&(# $%,(,.*-+-# ,.# ,"#
1-$:*3"&#Kq#+,#7*4&/&+&-="$/*$+"$>'I*(4.-"%.5'#FP-="-#K;M;G;###

!*%

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

+,8,.?$%1=2(#)43.&2.)"421#)53()*"
!(*-# P,()(# N&1*&%-"# (3$&.,# ,"# $%).1)$)&# +,# 3.# "-%0&# 1-4).&# ,.# ,"# ,(*3+)&# +,# "-#
2-4)")-# 8# 1&.1%,*-4,.*,# +,# "-# 4-+%,# +,# "&(# 1-4$,&.,(7# $,%&# *-4=)B.# +,# "-(#
4-+%,(# +,# .)k&(# 8# 6'/,.,(# +,$&%*)(*-(;# Q# 1&.*).3-1)'.# (,# $%&$&.,.# 3.-# (,%),#+,#
-1*3-1)&.,(7# -"03.-(# +,# "-(# 13-",(# 8-# ,(*O.# ,.# 4-%15-# ,.# ,"# U-=&%-*&%)&# +,#
!D1,",.1)-#8#R&4$,*,.1)-#T&*%)H#+,#"-#h.)/,%()+-+#+,#R-(*)""-#U-#T-.15-7#+&.+,#(,#
5-#+,(-%%&""-+&#"-#$%,(,.*,#)./,(*)0-1)'.;#

+,8,-,.@"30)A3$.2". =$%B'"&)&3&.20.=3=20.&2. 03. 73&$2.2". &)B2$2"#21.(%"#2C#%1.

('0#'$3021. '#)0)A3"&%. 20. 7%&20%. #2*$)(%. D'2. E3. 272$5)&%. &2. 21#3.
)"421#)53()*",.
<&%# "-(# 1-%-1*,%:(*)1-(# +,# "-# )./,(*)0-1)'.7# (3# &%)0).-")+-+# 8# ,(1-(,H# +,#
+&134,.*-1)'.# ,.# *&%.&# -# ,(*-# *,4O*)1-7# ,(*,# ,(*3+)&# %,1"-4-# (,03)%# (),.+&#
,(*3+)-+&# ,.# .3,/-(# 43,(*%-(# +,$&%*)/-(# 93,# .&# 5-8-.# ,(*-+&# -4$")-4,.*,#
%,$%,(,.*-+-(# ,.# ,(*,# ,(*3+)&;# <,%&# *-4=)B.7# *%-(# ,/)+,.1)-%(,# ,"# ).*,%B(# 93,#
0,.,%-#,"# -.O")()(#+,"# $-$,"#+,#"-#4-+%,7# +,=,#$"-.*,-%(,#"-#$&()=)")+-+#+,#%,-")H-%#
,(*3+)&(# *%-.(13"*3%-",(7# $-%-# +,*,%4).-%# "-(# +)2,%,.1)-(# 8# ()4)")*3+,(# ,.*%,#
+)2,%,.*,(#1&.*,D*&(#13"*3%-",(;#

+,8,6,. F1#'&)3$. 20. =3=20. &2. 03. B37)0)3. 2". 03. 1%()2&3&. 3(#'30G. 3((2&)2"&%. 3.
B37)0)31.(%".=3&$21.%.73&$21.&20.7)17%.12C%G.12=3$3&31.%.&2.343"A3&3.2&3&,
U-# (&1),+-+# -1*3-"# ,(*O# 1-4=)-.+&# 8# 1&.# ,""-7# "-(# 2-4)")-(# 93,# 1&.2&%4-.# +)15-#
(&1),+-+#93,#,/&"31)&.-;# N,#-5:#"-#.,1,()+-+#+,# ,(*3+)-%#,"# $-$,"# +,#"-#4-+%,#,.#
"-(# .3,/-(# 2-4)")-(7# 4O(# -""O# +,# "&(# *:$)1&(# .E1",&(# 2-4)")-%,(# 2&%4-+&(# $&%# 3.#
$-+%,# 8# 3.-# 4-+%,;# !"# ,(*3+)&# +,"# %&"# +,# "-# 4-+%,# &# ,"# $-+%,# ,.# $-%,6-(#
4&.&$-%,.*-",([# ,.# 2-4)")-(# 1&.# $-+%,(# +,"# 4)(4&# (,D&# &# +)/&%1)-+-(;# <,%&#
*-4=)B.#,(#1&.&1)+&#1'4&#"-#,+-+#-#"-#93,#(,#*),.,.#5)6&(#,(#1-+-#+:-#4-8&%#8#$&%#

!*&

T-+%,(#8#N,$&%*,

*-.*&7#,"#$-$,"#93,#+,(-%%&""-.#,.#"-#/)+-#+,#(3(#5)6&(#$3,+,#/,%(,#-2,1*-+&#$&%#,(-#
4-*,%.)+-+#*-%+:-;##

+,8,8,. !"421#)53$. 20. =3=20. &2. 03. 73&$2. 2". %#$%1. ")42021. &2=%$#)4%1G. "%.
(2"#$3"&%.03.3#2"()*".2".20.30#%.")420,.
R&.&1,%# ,"#$-$,"#+,#"-(#4-+%,(#,.#,"# +,$&%*,#+,#"&(#5)6&(7# ,.*,.+)+&# ,(*,#+,$&%*,#
1&4&#%,1%,-1)'.7#+)/,%()'.#&#(-"3+;#N,*,%4).-%#"-(#$&()=",(#+)2,%,.1)-(#,.*%,#,"#%&"#
,6,%1)+&#$&%#"-(#4-+%,(#,.#-93,""&(#93,#>).-"4,.*,#-"1-.H-.#"-#134=%,#8#"&(#93,#(,#
93,+-.# ,.# ,"# 1-4).&# -# ,(-# ,D1,",.1)-7# "&# 93,# $,%4)*)%:-# +,>).)%# (3# $-$,"# ,.# ,"#
$%&1,(&#+,$&%*)/&;

+,8,+,. H2#3003$. 031. &)B2$2"()31. 2"#$2. 0%1. =3=2021. &2. =3&$2. <. 73&$2. 2". 20.
&2=%$#2.&20.E)I%.%.E)I3,
!(*3+)-%# ,.# $%&23.+)+-+# +'.+,# (,# ()*E-.# ,(-(# +)2,%,.1)-(# $%).1)$-",(# ,.*%,# "&(#
%&",(# +,# -4=&(7# -# *%-/B(# +,# m%3$&(# +,# N)(13()'.# ,.# +&.+,# $-+%,(# 8# 4-+%,(#
1&4$-%*),(,.#&$).)&.,(7#)+,-(#8#4&(*%-(,.#,"#/,%+-+,%&#%&"#,6,%1)+&#$&%#1-+-#3.&#
+,#,""&(;# !.*%,.-+&%,(#8# &*%&(#$%&2,()&.-",(# +,"#43.+&# +,$&%*)/&# $&+%:-.#2&%4-%#
$-%*,# +,# "-# 43,(*%-# $-%-# 1&.&1,%# ,(-# *,4O*)1-# +,(+,# +)2,%,.*,(# $,%($,1*)/-(# 8#
$3.*&(#+,#/)(*-;

+,8,J,.F03>%$3$.'".)"1#$'72"#%.&2.72&)&3.D'2.=2$7)#3.(%"%(2$.20.=3=20.&2.03.
73&$2.<.1'1.=2$(2=()%"21.2".20.&213$$%00%.&2=%$#)4%.&2.1'1.E)I%1,.
<-%*),.+&#+,#"-(#1-*,0&%:-(#93,#5-.#,4,%0)+&#+,"#-.O")()(#,"-=&%-%#3.#).(*%34,.*&#
+,# 4,+)+-# 93,# $,%4)*-# 1&.&1,%7# +,(+,# /-%)-(# $,%($,1*)/-(7# ,"# .)/,"# ,.# 93,# "-(#
4-+%,(# -$&8-.# -# (3(# 5)6&(# ,.# ,(&(# -($,1*&(# ,(*3+)-+&(# 8# ,"# .)/,"# ,.# 93,# ,(&(#
+,$&%*)(*-(# $,%1)=,.# 93,# (3(# 4-+%,(# ",(# -$&8-.;# R%,-%# 3.# 13,(*)&.-%)&# 93,#
+,*,%4).,# 13O.*&# (,# $-%,1,# ,"# $-$,"# +,# "-(# 4-+%,(# +,#+,$&%*)(*-(# ,.# 1-*,0&%:-(#
).2,%)&%,(#1&.#,"#)+,-"#+,"#+,$&%*)(*-#+,#-"*&#.)/,";

!*!

################################################################################R-$:*3"&#S;#R&.1"3()&.,(7#":4)*,(7#$%&($,1*)/-#8#=,.,>)1)&(#+,"#,(*3+)&

+,+,.K2"2L)()%1.&20.21#'&)%
c&.#+)2,%,.*,(#"&(# =,.,>)1)&(#93,#(,#$3,+,.#+,%)/-%#+,#"-#$%,(,.*,#)./,(*)0-1)'.#8#
93,#(,#1&.1%,*-.#,.#"&(#()03),.*,(?#
#

Mq;# !"# 1&.&1)4),.*&# +,"# %&"# 93,#"-(# 4-+%,(# 5-.#630-+&# ,.# ,"# +,(-%%&""&# +,#

0%-.+,(# +,$&%*)(*-(# $3,+,#2&4,.*-%# ,"# +,(-%%&""&# +,#$%&0%-4-(# +,#,+31-1)'.#+,#

$-+%,(# 8# 4-+%,(# 93,# 2-/&%,H1-# ,"# 1%,1)4),.*&# $,%(&.-"# +,# "&(# -*",*-(;# N,# ,(*-#
4-.,%-7#,"-=&%-%#03:-(#$-%-#$-+%,(#,.#"-(#93,#(,#+,(*-93,#(3#$-$,"7#$3,+,#-83+-%#
-#1&4$%,.+,%#(3#%,",/-.1)-#8#&%),.*-%#-#"&(#5)6&(#-#3.#4-8&%#+)(2%3*,#+,"#+,$&%*,;
#

Kq;#R&.&1,%#"-(#4E"*)$",(# *-%,-(# +,(-%%&""-+-(#$&%# "-(#4-+%,(#1&.#(3(#5)6&(#

+,$&%*)(*-(#$3,+,#-83+-%#-#1&.1),.1)-%#+,#(3#"-=&%#-#&*%&(#4),4=%&(#+,#"-#2-4)")-7#
8# 93,# ,"# %,$-%*&# +,# $-$,",(# (,-# 4O(# ,93)*-*)/&7# 1&.*%)=38,.+&# -# 93,# ,"# +,$&%*,#
$),%+-#(3#*&.&#4-(13").&#,.#,"#93,#,"#$-+%,#5-#()+&7#8#()03,#(),.+&7#,"#$%&*-0&.)(*-#
$%).1)$-"#63.*&#1&.#"&(#+,$&%*)(*-(;
#

Iq;# d-=,%# +,(1)2%-+&# ,"# $-$,"# 93,# 63,0-.# "-(# 4-+%,(# $3,+,# (,%# +,# 0%-.#

-83+-#$-%-#"&(# ,.*%,.-+&%,(#+,# +,$&%*)(*-(#,D1,",.*,(# 6'/,.,(7# -(:# 1&4&# $-%-#"&(#

$()1'"&0&(#+,$&%*)/&($ -#"-#5&%-#+,#-1&4,*,%#4315-(#+,#"-(#()*3-1)&.,(#":4)*,(#$&%#
"-(#93,#-*%-/),(-.#"&(#+,$&%*)(*-(;
#

!.#+,>).)*)/-7# ,"# 4-8&%#=,.,>)1)&7# ,(# *-4=)B.#$-%-# "-(# $%&$)-(# 4-+%,(# 93,#

/,.#%,1&.&1)+-#(3#"-=&%#1-""-+-#,.#,"#+,(-%%&""&#+,#"-#,D1,",.1)-#,.#,"#+,$&%*,;

!*'

Referencias
Bibliogrficas

`#W#+#@,0%C'd0"$02D+iU0,%C

!"#"$"%&'()*+',-'./$01'&()
!"#$%&' ()!)&' *%+,-%./0#12&' !)' 3' 45+#6&' !)7)' 89::;<)' !"#$%&'()* +,* $-* .,#/0-*
1%)+-2,)3-+-* &#2#* 34&)'&-* +,* -)5$'6'6* &%-$'3-3'"#7* 7%=+0=>' ?#@1+2' =#'
A@B#C10D%,02@#C'E2,02$FD0,%C)
!,2,G&' !)?)' 3' H#I2&' H)J)' 8KLLM<)' 1-2'$8*+'",/6'38* -)+* 9,$$:;,')<* 8N=)<)' OP2QC%@='
R%GC&'?!>'E%D#'4Q"$0,%102@C)
!P$"#+D&'?)'3'E%@=@%""%&' /)S)' 8KLLT<)' 4%+#@1%$' @Q+1Q+%@,#'%@='0=#@10U0,%102@'V01P'
2V@' W%1P#+' %@=' I21P#+>' OP#' +#X+2=Q,102@' 2W' @Q+1Q+%@1' X%+#@10@D)' !-/$8*
=,",$#>2,)3* -)+* ?-/,)3')<@* A&' 9KK.99K)' =20>' K:)K::9Y8EA?A<K:LL.:LK;
8KLLTK9<;>MZ9KK>>!AH.NH4KT[\[):)?R]9.J)
!0,0@#@%&' E)' 89::9<)' .B/#%<B* 3B,* ,8,6*#C* >-/,)36@* &B'$+/,)* -)+* -* &#-&BD* E* C#%/3,,)*
8,-/* >-/3'&'>-)3:#;6,/",/* ')",63'<-3'#)* #C* 8#%3B* 6#&&,/7' ^%@P%I&' 7H>'
_@0B#+C013'4+#CC'2W'!I#+0,%)
!$"#$=%&' `)' 89::K<)' a#$W%+#.12.V2+G&' W%+#V#$$' 12' W%I0$0#Cb' _E' V#$W%+#'+#W2+I'%@='
V2+GYW%I0$3' =#"%1#C)' 1,2')'63* !&#)#2')6@* A8K<&' KKL.K[c)' =20>'
K:)K:T:YK[cMc;::KK::MT:L9)
!$DQ#+CQ%+0&' ()' 89:K9<)' .%* B'F#* >%,+,* 6,/* %)* &/-&G7* H(2#* +,6&%;/'/* 6'* 3',),6* %)*
3-$,)3#*+,>#/3'"#*,)*&-6-7*d%+,#$2@%>'4$%@#1%)
!I#C&'?)'8KLT;<)'OP#'#@P%@,#I#@1'2W'C1Q=#@1'I210B%102@)'N@'H)'S$#0"#+'3'7)'7%#P+'
8N=C)<&' E+"-)&,6*')*2#3'"-3'#)*-)+* -&B',",2,)3*8XX)'K9[.KMT<)'*+##@V0,P&'
?O>'(!A'4+#CC)'''
!@=#+CC#@&' /)&' a2$=&' d)' 3' O2+CP#0I&' O)' 89::e<)' !+#' X%+#@1%$' P#%$1P' P%"01C'
1+%@CI011#='12' 1P#0+',P0$=+#@b'!@'#0DP1'3#%+'$2@D01Q=0@%$' C1Q=3'2W'XC3C0,%$'
%,10B013' 0@' %=2$#C,#@1C' %@=' 1P#0+' X%+#@1C)' I#%/)-$* #C* E+#$,6&,)&,@* JK&'
cK[.c9M)'=20>'K:)K:KeYf)%=2$#C,#@,#)9::c):c):KK)
!XX$#12@&' 4)`)&' J%$$&' J)S)' 3' J0$$&' !)4)' 89:K:<)' g%I0$3'X%11#+@C' 2W'X#+W#,102@0CI>' !@'
#h%I0@%102@'2W'#$01#'fQ@02+' %1P$#1#C' %@='1P#0+'X%+#@1C)' ?68&B#$#<8*#C*L>#/3*
-)+*!M,/&'6,@*NN@'[e[.[;K)'=20>'K:)K:KeYf)XC3,PCX2+1)9:K:):M)::c)

!"#

7%=+#C'3'H#X2+1#

!+#@=#$$&' O)' 89:::<)' OL#&&,/*P#26Q* -)+* 3B,* ),9*&-/,* 9#/G7' _@XQ"$0CP#='H2,12+%$'

OP#C0C)'_@0B#+C013'2W'?%$0W2+@0%&'d#+G#$#3)
!+IC1+2@D&'^)'3'(#@G0@C&'E)'89::;<)'P'*"%,$3-*-*$-*"'+-7*/Q#B%'j2+G&'/j>'`"%.$0"+2C)
!Q#+"%,P&'?)N)'3'E0$B#+C1#0@&'^)d)'89::[<)'R%-$'3-3'",* +-3-D*E)*')3/#+%&3'#)*3#*&#+')<*
-)+*-)-$86'67*/Q#B%'j2+G>'/#V'j2+G'_@0B#+C013'4+#CC)
d%"G#C&' 7)^)' 3' a#0CC&' 7)`)' 8KLLL<)' 4%+#@1%$' 0@U$Q#@,#' 2@' ,P0$=+#@kC',2D@010B#'%@='
%WW#,10B#' +#CX2@C#C' 12' ,2IX#1010B#' C2,,#+' X%+10,0X%102@)' L&',)&,@* NN8K<@'
MM.e9)
d%G#+&' ()&' J2+12@&' E)&' `2"#+1C2@.a0$C2@&' ()' 3' a%$$&' 7)' 89::[<)' /Q+1Q+0@D' CX2+1'
#hX#+10C#>'g%,12+C'0@U$Q#@,0@D' 1P#'=#B#$2XI#@1'2W'#$01#' %1P$#1#)' I#%/)-$*#C*
L>#/36*L&',)&,*-)+*P,+'&'),@*J@*K.L)
d%G#+&'E)N)'3'N=V%+=C&'`)'89:K9<)'S#9*2-)8*T%-$'3-3'",*')3,/"',96*'6*,)#%<BU*!M>,/3*
"#'&,6* -)+* ,-/$8* &-/,,/* /,V$,&3'#)6* #)* 6-2>$')<* -)+* &-6,6* ')* T%-$'3-3'",*
/,6,-/&B7'E2Q1PP%IX12@&'*d>'/%102@%$'?#@1+#'W2+'+#C#%+,P'I#1P2=C)'
d%+"#+&' J)&' EQGP0&' J)' 3' aP01#&' E)!)' 8KLLL<)' OP#' 0@U$Q#@,#' 2W' X%+#@1.,2%,P#C' 2@'
X%+10,0X%@1' I210B%102@' %@=' ,2IX#1010B#' %@h0#13' 0@' 32Q1P' CX2+1'
X%+10,0X%@1C)'I#%/)-$*#C*L>#/3*W,B-"'#/@*JJ89<&'Ke9.KT:)
d0D#$2V&' d)&' 72+2@#3&' O)' 3' J%$$&' J)' 89::K<)' I%63*$,3* 3B,* G'+6*>$-87* S#9*3#* 63#>* #3B,/*
-+%$36* C/#2*/%')')<* 8#%/* &B'$+X6*C%)* -)+* 6%&&,66*')* 8#%3B* 6>#/367* H##+U0#$='
d#%,P&'g^>'J#%$1P'?2IIQ@0,%102@C)*'
d0+,P&' ()E)' 3' ?Q+10C&' ()N)' 8KLLT<)' 1-2'$8*6%&&,66'#)* ')* 3B,* -33-')2,)3* #C*>/#C,66'#)-$*
6>#/3*>$-8')<* >#6'3'#)6D*.,63')<* C#/*'36*,M3,)3*-)+*->>/#>/'-3,* ,M>$-)-3'#)67*
4%X#+' X+#C#@1#=' %1' 1P#' /2+1P' !I#+0,%@' E2,0#13' W2+' E2,02$2D3' 2W' EX2+1&'
?0@,0@@%10&'RJ)
d$22I&'d)E)'8KLTc<)'=,",$#>')<*3-$,)3*')*8#%)<*>,#>$,7'/Q#B%'j2+G>'d%$$%@10@#)'
d$QI#+&'J)'8KLeL<)'L82;#$'&*')3,/-&3'#)'627*N@D$#V22='?$0WWC&'/(>'4+#@10,#.J%$$)
d+06#@=0@#&'^)'89::;<)'!$*&,/,;/#*C,2,)')#7*d%+,#$2@%>'`"%.$0"+2C)

!""

`#W#+#@,0%C'd0"$02D+iU0,%C

d+22G#&' ^)' 89::e<)' S#2,* .,-2* E+"-)3-<,7* .B,* H/'3'&-$* Y#$,* #C* P#3B,/6* ')* Z#%3B*
L>#/367*/Q#B%'j2+G&'/j>'J%+X#+'?2$$0@C'4Q"$0CP#+C)
d+QC1%=&'`)()' 8KLTT<)'!WW#,10B#'2Q1,2I#C'0@',2IX#1010B#'32Q1P'CX2+1>'OP#'0@U$Q#@,#'
2W' 0@1+%X#+C2@%$' %@=' C2,0%$06%102@' W%,12+C)' I#%/)-$* #C* L>#/3* -)+* !M,/&'6,*
?68&B#$#<8@*N[&'[:;.[9K)''
d+QC1%=&'`)()'8KLL9<)'A@1#D+%10@D'C2,0%$06%102@'0@U$Q#@,#C'0@12'1P#'C1Q=3'2W',P0$=+#@lC'
I210B%102@'0@'CX2+1)'I#%/)-$*#C*L>#/3*-)+*!M,/&'6,*?68&B#$#<8@*N\@*cL.;;)
d+QC1%=&' `)()' 8KLL[<)' aP2' V0$$' D2' 2Q1' %@=' X$%3b' 4%+#@1%$' %@=' XC3,P2$2D0,%$'
0@U$Q#@,#C' 2@' ,P0$=+#@lC' %11+%,102@' 12' XP3C0,%$' %,10B013)' ?,+'-3/'&* !M,/&'6,*
L&',)&,@*]&'9K:.99[)''
d+QC1%=&' `)()' 8KLLe<)' !11+%,102@' 12' XP3C0,%$' %,10B013' 0@' Q+"%@' C,P22$,P0$=+#@>'
4%+#@1%$' C2,0%$06%102@' %@=' D#@=#+' 0@U$Q#@,#C)' Y,6,-/&B* R%-/3,/$8* C#/*
!M,/&'6,*-)+*L>#/3@*^A&'[Ke.[9[)'''
d+QC1%=&' `)()' 89::[<)' 4%+#@1%$' +2$#C' %@='0@B2$B#I#@1' 0@'32Q1P' CX2+1>' 4C3,P2C2,0%$'
2Q1,2I#C' W2+' ,P0$=+#@)' N@' `)7)' 7%$0@%' 3' 7)!)' ?$%+G' 8N=)<&' Z#%3B* L>#/36D*
?,/6&>,&3'",6* 1#/* E* _,9* H,)3%/8' 8XX)' K9;.K[T<)' 72@1#+#3&' ?)!>' ?2%,P#C'
?P20,#)
d+QC1%=&' `)()' 89:K:<)' OP#'+2$#' 2W' W%I0$3' 0@' X+2I210@D' XP3C0,%$' %,10B013)' ?/,6'+,)3X6*
H#%)&'$*#)*?B86'&-$*1'3),66*-)+*L>#/36*Y,6,-/&B*='<,63@*N[8[<&'K.T)'
d+QC1%=&'`)()'3'4%+G#+&'7)!)'89::c<)'N@P%@,0@D'X2C010B#'321QP'=#B#$2XI#@1'1P+2QDP'
CX2+1'%@='XP3C0,%$'%,10B013)'?68&B#$#<'&-@*`K&';c.L[)
d+QC1%=&' `)()' 3' 4%1+0=D#&' ()!)' 89::9<)' 4%+#@1%$' %@=' X##+' 0@U$Q#@,#C' 2@' ,P0$=+#@lC'
XC3,P2$2D0,%$' =#B#$2XI#@1' 1P+2QDP' CX2+1)' N@' g)^)' EI2$$' 3' `)N)' EI01P&'
HB'$+/,)* -)+* 8#%3B* ')* 6>#/3D* E* ;'#>68&B#6#&'-$* ->>/#-&B' 89m' N=)&' XX)'
KT;.9K:<)'HQ"QnQ#&'A!>'S#@=%$$YJQ@1'4Q"$0CP0@D)
?%I0+5&'7)&'O+Q=#$&'4)'3'g2+@#+0C&'O)'89::L<)'4%+#@1Ck'X#+CX#,10B#C'2@'1P#'X+%,10,#'2W'
P0DP'C,P22$'CX2+1'0@'%'?%@%=0%@',2@1#h1)'R%-$'3-3'",*Y,6,-/&B*')*L>#/3*-)+*
!M,/&'6,@*N8[<&'9[L.9c;)'=20>'K:)K:T:YKL[LTMM:L:[KL9[9M)

!"$

7%=+#C'3'H#X2+1#

?%+$C2@&' `)' 8KLTT<)'OP#'C2,0%$06%102@'2W'#$01#'1#@@0C'X$%3#+C'0@'EV#=#@>' !@'%@%$3C0C'

2W'1P#'X$%3#+Cl'"%,GD+2Q@=C'%@='=#B#$2XI#@1)'L#&'#$#<8*#C*L>#/3*I#%/)-$@*]
8[<&'9MK.9ce)
?%C%C#IX#+#&' !)' 89:KK<)' H%/6#* +,* -)5$'6'6* +,* +-3#6* &%-$'3-3'"#6* &#)* E.aEL73'7*
H2,QI#@12'@2'XQ"$0,%=2&'?Q%$C2W1&'!$,23)
?P%W#16&' ()'3'S21%+"%&' ()'8KLLc<)' E2@'V2+CP0XX#+C>'OP#'+2$#'2W'^011$#'$#%DQ#'I21P#+C'
0@'+#,+#%10@D'D#@=#+)'L3%+',6*')*L82;#$'&*b)3,/-&3'#)@*Nc&'9K;.9MK)
?P%+I%6&' S)'8KLLK<)'O+%@C$%10@D'D+%=Q%1#'nQ%$01%10B#'I#1P2=C'0@12'Q@=#+D+%=Q%1#'
1#%,P0@D>'A@1#@C0B#'0@1#+B0#V0@D'%C'%',%C#'#h%IX$#)'.,-&B')<*L#&'#$#<8@*NK@*
[TM.[Lc)
?P%+I%6&' S)' 89::e<)' H#)63/%&3')<* d/#%)+,+* .B,#/87* E* >/-&3'&-$* <%'+,* 3B/#%<B*
T%-$'3-3'",*-)-$86'67*^2@=+#C>'E%D#'4Q"$0,%102@C)
?$%+G#&' !)N)' 89::c<)' L'3%-3'#)-$* -)-$86'6D* d/#%)+,+* .B,#/8* -C3,/* 3B,* >#632#+,/)*
3%/)7*OP2QC%@='R%GC&'?!>'E%D#'4Q"$0,%102@C)
?2%G$#3&' ()' 8KLTe<)' E2,0%$06%102@' %@=' 32Q1P' CX2+1C)' N@' ?)`)' `##C' 3' !)a)' 70+%,$#'
8N=C)<&' L>#/3* -)+* 6#&'-$* 3B,#/8' 8XX)' K[c.KM[<)' ?P%IX%0D@&' A^>' JQI%@'
S0@#10,C'4Q"$0CP#+C)
?2%G$#3&' ()'89::e<)' OP#'D22='W%1P#+>'X%+#@1%$'#hX#,1%102@C'%@='32Q1P'CX2+1)'a,'6%/,*
L3%+',6&'J]89<&'Kc[.Ke[)'=20>'K:)K:T:Y:9eKM[e:c::Me;;[c)
?2%G$#3&' ()'8KLL9<)'dQ+@2Q1'%I2@D'%=2$#C,#@1'%1P$#1#C>'!'X#+C2@%$'W%0$Q+#'2+'C2,0%$'
X+2"$#Ib)'L#&'#$#<8*#C*L>#/3*I#%/)-$@*K@*9;K.9Tc)
?2%G$#3&' ()' 3' aP01#&' !)' 8KLL9<)' 7%G0@D' =#,0C02@C>' *#@=#+' %@='CX2+1' X%+10,0X%102@'
%I2@D'd+010CP'%=2$#C,#@1C)'L#&'#$#<8*#C*L>#/3*I#%/)-$@*K@*9:.[c)
?2$,$2QDP&' H)' 3' O2IC&' 7)' 89:K:<)' ?dE* E66'63-)3* >/#C,66'#)-$* 6%/",8D* ?/#V'$')<* ,$'3,*
>-/3'&'>-)367*b)'3'-$*V')+')<67*N*4'H#B#$2XI#@1'I##10@D&'d0+I0@DP%I)
?2$0@2&'?)'89::L<)'bG,/*H-6'$$-6D*6,<%/#*+,*20*2'62#7'7%=+0=>'*+2QX%I%'E#DQ+2C)

!$%

`#W#+#@,0%C'd0"$02D+iU0,%C

?2$$0@C&'S)'3'd%+"#+&' J)' 89::c<)'g#I%$#'%1P$#1#Ck'X#+,#X102@C'2W'X%+#@1%$'0@U$Q#@,#C)'

I#%/)-$*#C*L>#/3*W,B-"'#/@*Jc8M<&'9Lc.[KM)
?2+"0@&' ()' 3' E1+%QCC&' !)^)' 89::T<)' W-6'&6*#C*T%-$'3-3'",* /,6,-/&B* 8[m'N=)<)' ?%$0W2+@0%>'
E%D#'4Q"$0,%102@C)
?o15&' ()' 8KLLL<)' OP#'0@U$Q#@,#'2W'1P#' W%I0$3' 0@'1P#' =#B#$2XI#@1' 2W'1%$#@1' 0@'CX2+1)'
.B,*L>#/3*?68&B#$#<'63@*N`&'[Lc.MK;)
?o15&' ()&' 7,H2@%$=&' H)()&' d%G#+&' ()' 3' !"#+@#1P3&' d)' 89::e<)' aP#@' pVP#+#q' 0C' I2+#'
0IX2+1%@1' 1P%@' pVP#@q>' d01PX$%,#' %@=' "0+1P=%1#' #WW#,1C' 2@' 1P#'
%,P0#B#I#@1' 2W' CX2+10@D' #hX#+10C#)' I#%/)-$* #C* L>#/3* L&',)&,6@* J\8K:<&'
K:ec.K:;[)'=20>'K:)K:T:Y:9eM:MK:c::M[9ML:)
?+%0D&' ^)' 89::9<)' H-/')<* +'CC,/,)3$8D* E* 3'2,* e* %6,* -)-$86'6* #C* 3B,* 38>,* -)+* 6#&'-$*
&#)3,M3*#C*&B'$+*&-/,*>,/C#/2,+*;8*C-3B,/6*-)+*;8*2#3B,/67'H0C,QCC02@'4%X#+'
/2)' KKe)' E3=@#3&' _@0B#+C013' 2W'/#V' E2Q1P' a%$#C>' E2,0%$' 42$0,3' `#C#%+,P'
?#@1+#)
?+#CX2&' 7)' 3' 70$#3&' H)' 8KLLL<)' H(2#* 6,/* %)* 2,F#/* >-+/,* +,* 3,)'63-67* ?%@%=i>'
g#=#+%,0F@'A@1#+@%,02@%$'=#'O#@0C)
?C0GC6#@I0P%$30&' 7)&' `%1PQ@=#&' S)' 3' aP%$#@&' E)' 8KLL[<)' .-$,)3,+* 3,,)-<,/6D* .B,*
/##36*#C*6%&&,66*-)+*C-'$%/,7'/Q#B%'j2+G>'?%I"+0=D#)
?Q1+2@%&' ?)N)' 3' `QC#$$&' H)a)' 8KLL:<)' O3X#' 2W' C2,0%$' CQXX2+1' %@=' CX#,0U0,' C1+#CC'
12V%+='%'1P#2+3'2W'2X10I%$'I%1,P0@D)'N@'d)`)'E%+%@C2@&'A)*)'E%+%@C2@'3'*)`)'
40#+,#'8N=C)<&* L#&'-$* 6%>>#/3D*E)* ')3,/-&3'#)-$*>#')3*#C*"',9'8XX)' [KL.[[e<)'
/Q#B%'j2+G>'(2P@'a0$#3)
H%$#&' *)!)' 8KLLe<)' Nh0C1#@10%$' XP#@2I#@2$2D3>' NIXP%C060@D'1P#' #hX#+0#@,#' 2W'1P#'
%1P$#1#'0@'CX2+1'XC3,P2$2D3'+#C#%+,P)'.B,*L>#/3*?68&B#$#<'63@*N[@*[:;.[9K)
H%+$0@D&'/)'3'E1#0@"#+D&'^)'8KLL[<)'4%+#@10@D'C13$#'%C',2@1#h1>'%@='0@1#D+%10B#'I2=#$)'
?68&B#$#<'&-$* W%$$,3')@* NN`8[<&' MT;.MLe)' =20>' K:)K:[;Y::[[.9L:L)KK[)[)'
MT;)

!$&

7%=+#C'3'H#X2+1#

H%B0C2@&' S)&' H2V@C&' H)' 3' d0+,P&' ^)' 89::e<)' 4%1PV%3C' $0@G0@D' X#+,#0B#=' %1P$#10,'
,2IX#1#@,#'%@=' X%+#@1%$' CQXX2+1' %1' %D#'L'3#%+C' 12' D0+$ClXP3C0,%$' %,10B013'
%1'%D#'KK'3#%+C)'Y,6,-/&B7*R%-/3,/$8*C#/*!M,/&'6,*-)+*L>#/3&';;&'9[.[K)
H#'S@2X&'4)&' r%@'H+0#CC,P#&'J)' 3'a3$$#I%@&' 4)'8KLL[<)'OP#' +2$#' 2W'X%+#@1C'0@'1P#0+'
,P0$=+#@lC'CX2+1C'#=Q,%102@)'N@'a)'HQnQ#1&'4)'H#'S@2X'3'^)'d2$$%#+1'8N=C)<&'
Z#%3B*6>#/3D*E*6#&'-$*->>/#-&B'8XX)'L:.LT<)'d+QC#$%C>'r_d'4+#CC)
H#@60@&'/)S)'8KL;:<)'.B,*/,6,-/&B*-&37*?P0,%D2>'!$=0@#
H#g+%@,#C,2&' ?)' 3' (2P@C2@&' 4)' 8KLL;<)' !1P$#1#' %@=' X%+#@1' X#+,#X102@C' 0@' fQ@02+'
1#@@0C)'I#%/)-$*#C*L>#/3*W,B-"'#/@*J[8K<&'9L.[e)
H#3&'A)'8KLL[<)'R%-$'3-3'",*=-3-*E)-$86'67*^2@=+#C>'`2Q1$#=D#)
H0h2@&'7)!)&'a%+@#+&'E)7)'3'd+Q#@0@D&' ()N)'89::T<)' 72+#'1P%@'fQC1'$#110@D'1P#I'X$%3>'
4%+#@1%$' 0@U$Q#@,#' 2@' V2I#@lC' $0W#10I#' CX2+1' 0@B2$B#I#@1)' L#&'#$#<8* #C*
L>#/3*I#%/)-$@*J]&'c[T.ccL)
H2+@"QC,P&' E)&' `011#+&' 4)&' ^#0=#+I%@&' 4)&' `2"#+1C&' H)' 3' g+%$#0DP&' 7)' 8KLT;<)' OP#'
+#$%102@' 2W' X%+#@10@D' C13$#' 12' %=2$#C,#@1' C,P22$' X#+W2+I%@,#)' HB'$+*
=,",$#>2,)3@*]c@*K9MM.K9c;)
H2+C,P&' O)N)&'EI01P&'!)^)'3'7,H2@2QDP&' 7)J)'89::L<)' 4%+#@1Cl' X#+,#X102@C'2W',P0$='.'
12' .' X%+#@1' C2,0%$06%102@' 0@' 2+D%@06#=' 32Q1P' CX2+1)' I#%/)-$* #C* L>#/3* -)+*
!M,/&'6,*?68&B#$#<8@*`N&'MMM.MeT)'
HQ=%&' ()^)&' g2h&' S)`)&' d0==$#&' E)()J)' 3' !+IC1+2@D&' /)'8KLL9<)' ?P0$=+#@lC' %,P0#B#I#@1'
D2%$C'%@='"#$0#WC'%"2Q1'CQ,,#CC'0@'CX2+1)'W/'3'6B*I#%/)-$*#C*L>#/3*?68&B#$#<8@*
^J@*[K[.[9[)'=20>'K:)KKKKYf)9:MM.T9;L)KLL9)1":K:9c)h)
HQ=%&' ()^)' 3' /0,P2$$C&' ()*)' 8KLL9<)' H0I#@C02@C' 2W' %,P0#B#I#@1' I210B%102@' 0@'
C,P2$V2+G' %@=' CX2+1)' I#%/)-$* #C* !+%&-3'#)-$* ?68&B#$#<8@* c\8[<@* 9L:.9LL)'
=20>'K:)K:[;Y::99.:ee[)TM)[)9L:)

!$!

`#W#+#@,0%C'd0"$02D+iU0,%C

HQ@,%@&' E)?)&' HQ@,%@&' O)N)&' E1+3,G#+&' ^)!)' 3' ?P%QI#12@&' /)`)' 89::M<)' !' IQ$10$#B#$'
%@%$3C0C' 2W' C0"$0@D' XP3C0,%$' %,10B013)' I#%/)-$* #C* L>#/3* -)+* !M,/&'6,*
?68&B#$#<8@*J^@*c;.eT)
HQ@,%@&' 7)()&' a22=U0#$=&' ^)&' !$./%G6##"&' j)' 3' /#B0$$&' !)' 89::9<)' OP#' +#$%102@CP0X'
"#1V##@' X%+#@1Cl' %@=' ,P0$=+#@lC' XPC3C0,%$' %,10B013)' d!ENE' !@@Q%$'
?2@W#+#@,#)'I#%/)-$*#C*L>#/36*L&',)&,6@*J[@'[c.[e)
HQ@$%X&' 4)' 3' d#+@#&' ^)!)' 8KLLK<)' !==+#CC0@D' ,2IX#1010B#' C1+#CC' 0@' fQ@02+' 1#@@0C'
X$%3#+C)'I#%/)-$*#C*?B86'&-$*!+%&-3'#)@*Y,&/,-3'#)*-)+*=-)&,@*^J8K<&'cL.e[)
HQ+%@=.dQCP&' /)' 89:::<)' .B,* +,",$#>2,)3* -)+* 2-')3,)-)&,* #C* ,M>,/3* -3B$,3'&*
>,/C#/2-)&,D* ?,/&,>3'#)6* #C* f$82>'&* -)+* g#/$+* &B-2>'#)6@* 3B,'/* >-/,)36*
-)+* &#-&B,67' _@XQ"$0CP#=' =2,12+%$' =0CC#+1%102@&' g%,Q$13' 2W' N=Q,%102@&'
_@0B#+C013'2W'R1%V%&'R1%V%&'R@1%+02&'?%@%=i)
HQ+%@=sdQCP&' /)' 3' E%$I#$%&' ()J)' 89::9<)' OP#' =#B#$2XI#@1' %@=' I%0@1#@%@,#' 2W'
#hX#+1' %1P$#10,' X#+W2+I%@,#>' 4#+,#X102@C' 2W' a2+$=' %@=' R$3IX0,'
,P%IX02@C)'*I#%/)-$* #C* E>>$',+* L>#/3* ?68&B#$#<8@* N\@' KcM.K;K)' =20>''
K:)K:T:YK:MK[9::9L:K:[M;[)
HQ+%@=sdQCP&' /)&' E%$I#$%&' ()J)' 3' OP2IXC2@&' S)!)' 89::M<)' ^#' +o$#' f2Q5' X%+' $#C'
X%+#@1C' =%@C' $#' =5B#$2XX#I#@1' #1' $#' I%0@10#@' =#' $%' X#+W2+I%@,#'
%1P$510nQ#'#hX#+1#)'L.E?L@*^\&'Kc.[T)'=20>''K:)[LK;YC1%):eM)::Kc)
HV#,G&' ?)E)' 3' N$$021&' N)E)' 8KLT[<)' !,P0#B#I#@1' I210B%102@)' N@' N)7)' J#1P#+0@D12@'
8N=)<&' L#&'-$'h-3'#)@* >,/6#)-$'38@* -)+* 6#&'-$* +,",$#>2,)3* 8XX)' eM[.eLK<)'
/Q#B%'j2+G>'a0$#3)
N,,$#C&'()&'!=$#+&'O)&'gQ11#+I%@&'`)&'*2WW&'E)&' S%,6%$%&'?)&'7##,#&'()'3'70=D$#3&'?)'8KLT[<)'
NhX#,1%@,0#C&' B%$Q#C' %@=' %,%=#I0,C' "#P%B02+C)' N@' ()O)' EX#@,#' 8N=)<&'
E&B',",2,)3* -)+* -&B',",2,)3* 2#3'"-3'#)' 8XX)' ;c.KMe<)' E%@'g+%@,0C,2>' a)'
J)'g+##I%@)

!$'

7%=+#C'3'H#X2+1#

N,,$#C&' ()E)&' a0DU0#$=&' !)' 3' E,P0#W#$#&' _)' 8KLLT<)' 7210B%102@' 12' CQ,,##=)' N@' /)'
N0C#@"#+D'8N=)<&'S-)+;##G*#C*&B'$+*>68&B#$#<8@*i#$%2,* `7* L#&'-$@*,2#3'#)-$@*
-)+*>,/6#)-$'38*+,",$#>2,)3'8cm'N=)<)'/Q#B%'j2+G>'a0$$#3)''
N,,$#C&'()E)'3'J%+2$=&'`)H)'8KLLK<)'*#@=#+'=0WW#+#@,#C'0@'CX2+1'0@B2$B#I#@1>'%XX$30@D'
1P#'N,,$#Cl'#hX#@1%@,3's'B%$Q#'I2=#$)' I#%/)-$*#C*E>>$',+* L>#/3*?68&B#$#<8@*
`8K<&';.[c)'=20>'K:)K:T:YK:MK[9:LK:TM:eM[9)
N=#&' E)&' S%IXP2WW&' ?)E)&' 7%,G#3&' O)' 3' 72+G&' E)' 89:K9<)' j2Q1P' P2,G#3' %1P$#1#Cl'
X#+,#X102@C' 2W' X%+#@1%$' 0@B2$B#I#@1>' 1P#3' V%@1' I2+#)' I#%/)-$* #C* L>#/3*
W,B-"'#/@*`]8K<&'[.KT)
N=V%+C2@&' ?)' 3' *2+#$3&' O)' 89:K:<)' 4%+#@1%$' 0@U$Q#@,#C' 2@' =0WW#+#@1' 13X#C' %@='
0@1#@C010#C'2W'XP3C0,%$'%,10B013'0@'32Q1P>'!'C3C1#I%10,'+#B0#V)'?68&B#$#<8*#C*
L>#/3*-)+*!M,/&'6,@*NN@'c99.c[c)'=20>'K:)K:KeYf)XC3,PCX2+1)9:K:):c)::K)
N@DP&' g)' 89::9<)' ?%33')<*3B,* C%)*;-&G*')* 6>#/36*C#/*;#86*-)+* <'/$67* gB8*I#B))8*B-3,6*
6>#/367*gB8*#/<-)'h,+*8#%3B*6>#/36*-/,*C-'$')<*#%/*&B'$+/,)*-)+*9B-3*9,*&-)*
+#*-;#%3*'37**%+=#@',013'4%+G&'/Q#B%'j2+G>'EnQ%+#'R@#'4Q"$0CP#+C)'
N+0,GC2@&' 7)g)' 3' N@2$%&' *)!)' 89::M<)' .B,* 2#3B,/B##+* 63%+87* 1/,6B* ')6'<B36* #)*
2#3B,/6X* -33'3%+,6* -)+* &#)&,/)67* _@0B#+C013' 2W' 70@@#C21%&' _@0B#+C013' 2W'
?2@@#,10,Q1' t' A@C101Q1' W2+' !I#+0,%@' r%$Q#C)' 8`#,QX#+%=2' =#' P11X>YY
VVV)%I#+0,%@B%$Q#C)2+DYX=WCY1P#uI21P#+P22=uC1Q=3)X=W<)
N+0,CC2@&'S)!)&'S+%IX#&'`)'3'O#C,P.`vI#+&'?)'8KLL[<)'OP#'+2$#'2W'=#$0"#+%1#'X+%,10,#'
0@' 1P#' %nQ0C0102@' 2W' #hX#+1' X#+W2+I%@,#)' ?68&B#$#<'&-$* Y,"',9@* N[[@*
[e[.M:e)'=20>'K:)K:[;Y::[[.9Lcw)K::)[)[e[)
NC10%+1#&'7)'89::L<)'.#+#6*2'6*B,/2-)#67*d%+,#$2@%>'4$%1%W2+I%'N=012+0%$)
N3@2@&' `)&' S01,P#@&' 4)' 3' E#I210QG&' H)' 8KLT:<)' OP#' #,2@2I0,C' 2W' %D#' .' D+2QX'
CV0II0@D' 0@' R@1%+02)' H-)-+'-)* I#%/)-$* #C* E>>$',+* L>#/3* L&',)&,6@* ]8[<@*
K[9.K[e)
g0CP&'()'3'7%D##&'E)'89::[<)'P-G')<*-3B$,3'&6*-* >#6'3'",*,M>,/',)&,*C#/*8#%/*&B'$+7* N[N*
g-86*3#*;,*-*3,//'V'&*6>#/36*>-/,)37*/Q#B%'j2+G>'g0+#C0=#)

!$(

`#W#+#@,0%C'd0"$02D+iU0,%C

g+#=#+0,GC&'()!)' 3' N,,$#C&'()E)'89::9<)' ?P0$=+#@lC',2IX#1#@,#'%@='B%$Q#'"#$0#WC' W+2I'

,P0$=P22='1P+2QDP' %=2$#C,#@,#>' *+2V1P'1+%f#,12+0#C' 0@' 1V2' I%$#' s' C#h' s'
13X#=' =2I%0@C)' =,",$#>2,)3-$* ?68&B#$#<8@* `c8M<@* cKL.c[[)' =20>'
K:)K:[;Y::K9.KeML)[T)M)cKL)
g+#=#+0,GC&' ()!)' 3' N,,$#C&' ()E)' 89::M<)' 4%+#@1%$' 0@U$Q#@,#C' 2@'32Q1P'0@B2$B#I#@1' 0@'
CX2+1)' N@'7)`)'a#0CC'8N=)<&'=,",$#>2,)3-$*6>#/3*-)+*,M,/&'6,*>68&B#$#<8D*E*
$'C,6>-)* >,/6>,&3'",' 8XX)' KMc.KeM<)' 72+D%@12V@&' ar>' g01@#CC'A@W2+I%102@'
O#,P@2$2D3)
g+#=#+0,GC&' ()!)' 3' N,,$#C&' ()E)' 89::c<)' g%I0$3' C2,0%$06%102@&' D#@=#+&' %@=' CX2+1'
I210B%102@' %@='0@B2$B#I#@1)' I#%/)-$* #C*L>#/3*-)+* !M,/&'6,* ?68&B#$#<8@* JA
8K<&'[.[K)
g+##=C2@&' 4)E)' 3' NB#@C2@&' E)' 8KLLK<)' g%I0$0%$' %DD+#D%102@' 0@' XP3C0,%$' %,10B013)'
Y,6,-/&B*R%-/3,/$8*C#/*!M,/&'6,*-)+*L>#/3@*^J8M<&'[TM.[TL)
*%++0=2&' 7)N)&' ?%IX2C&' 7)?)' 3' ?%C1%x#=%&' ?)' 89:K:<)' AIX2+1%@,0%' =#' $2C' X%=+#C' 3'
I%=+#C' #@' $%' ,2IX#10,0F@' =#X2+10B%' =#' CQC' P0f2C)' Y,"'63-* 1%,)3,6@* N[&'
K;[.KLM
*0I#@2&'g)'89::[<)'!)3/,)-)+#*-*>-+/,6*8*2-+/,6D*&$-",6*>-/-*%)-*<,63'()* ,V'&-h*+,*
$-* /,$-&'()* &#)* $#6* >-+/,6* 8* 2-+/,6* +,* F(",),6* +,>#/3'63-67* d%0-* +,*
B-;'$'+-+,6*6#&'-$,6*>-/-*,$*,)3/,)-+#/*89m'N=)<7*y%+%D26%>'70+%'N=012+#C)
*$%=V#$$&'7)'89::L<)'1%,/-6*+,*6,/',7'd%+,#$2@%>'O%Q+QC)
*$%C#+&'d)*)'8KL;T<)'.B,#/,3'&-$*6,)6'3'"'387*70$$'r%$$#3&'?!>'OP#'E2,02$2D3'4+#CC)'
*$%C#+&' d)*)' 89::9<)' ?2@C1+Q,10B0C1' D+2Q@=#=' 1P#2+3b' g2+QI' nQ%$01%10B#'
E260%$W2+C,PQ@DYg2+QI>' R%-$'3-3'",* L#&'-$* Y,6,-/&B' zf):$'),* I#%/)-${&' [)'
H0CX2@0"$#' #@>' P11X>YYVVV)nQ%$01%10B#.+#C#%+,P)@#1YWnC.1#h1#Y
[.:9Y[.:9D$%C#+.#.P1I)
*$%C#+&' d)*)' 3'E1+%QCC&' !)^)' 8KLe;<)'.B,*+'6&#",/8*#C*d/#%)+,+*.B,#/8D*L3/-3,<',6*C#/*
T%-$'3-3'",*/,6,-/&B*8[m'N=)<)'/#V'(#+C#3>'O+%@C%,102@'4Q"$0CP#+C)

!$)

7%=+#C'3'H#X2+1#

*2#16&' ()4)' 3' ^#?2IX1#&' 7)H)' 8KLTM<)' !3)#</->B8* -)+* T%-$'3-3'",* +,6'<)* ')*
,+%&-3'#)-$*/,6,-/&B7*R+$%@=2&'g^>'!,%=#I0,'4+#CC)
*2$=C,P#0=#+&' g)S)' 3' a%01#&' ^)()' 8KLLK<)' _,9* C-2'$',6@* )#* C-2'$',6U* 8N=)<&' d#+G#$#3>'
_@0B#+C013'2W'?%$0W2+@0%'4+#CC)
*2Q$=&' H)&' H0#WW#@"%,P&' S)' 3' 72WW#1&' !)' 89::K<)' .B,* =,",$#>2,)3* #C* ?68&B#$#<'&-$*
.-$,)3* ')* j7L7* f$82>'&* HB-2>'#)6)' g0@%$' *+%@1' `#X2+1)' N%C1' ^%@C0@D&' 7A>'
70,P0D%@'E1%1#'_@0B#+C013)
*2Q$=&' H)&' H0#WW#@"%,P&' S)' 3' 72WW#1&' !)' 89::9<)' 4C3,P2$2D0,%$' ,P%+%,1#+0C10,C' %@='
1P#0+' =#B#$2XI#@1' 0@' R$3IX0,' ?P%IX02@C)' I#%/)-$* #C* E>>$',+* L>#/3*
?68&B#$#<8@*N\@'K;9.9:M)'=20>'K:)K:T:YK:MK[9::9L:K:[MT9)
*2Q$=&' H)&' *Q0@%@&' H)&' *+##@$%W&' ?)&' 7#="#+3&' `)' 3' 4#1#+C2@&' S)' 8KLLL<)' g%,12+C'
%WW#,10@D' R$3IX0,' 4#+W2+I%@,#>' 4#+,#X102@C' 2W'%1P$#1#C' %@=',2%,P#C'W+2I'
I2+#'%@='$#CC'CQ,,#CCWQ$'1#%IC)'.B,*L>#/3*?68&B#$#<'63@*N`@*[;K.[LM)
*2Q$=&'H)&'^%Q#+&'^)&'`2$2&'?)&'(%@@#C&'?)'3'4#@@0C0&'/)E)'89::c<)'j)+,/63-)+')<*3B,*/#$,*
>-/,)36*>$-8*')* F%)'#/*3,))'6*6%&&,66)' g0@%$'*+%@1' `#X2+1)' N%C1'^%@C0@D&' 7A>'
70,P0D%@'E1%1#'_@0B#+C013)
*2Q$=&' H)&' ^%Q#+&' ^)&' `2$2&' ?)&' (%@@#C&' ?)' 3' 4#@@0C0&' /)E)' 89::e<)' _@=#+C1%@=0@D' 1P#'
+2$#' X%+#@1C' X$%3' 0@' 1#@@0C' CQ,,#CC>' !' @%102@%$' CQ+B#3' 2W' fQ@02+' 1#@@0C'
,2%,P#C)' W/'3'6B* I#%/)-$* #C* L>#/36* P,+'&'),@* \[@* e[9.e[e)' =20>' ' K:)KK[eY
"fCI)9::c):9ML9;)
*2Q$=&'H)&'^%Q#+&'^)&'`2$2&'?)&'(%@@#C&'?)'3'4#@@0C0&'/)E)' 89::T<)'OP#'+2$#'2W'X%+#@1C'0@'
1#@@0C' CQ,,#CC>' g2,QC' D+2QX' 0@1#+B0#VC' V01P' fQ@02+' ,2%,P#C)' .B,* L>#/3*
?68&B#$#<'63@*JJ@'KT.[;)
*2Q$=&' H)&' OQWW#3&' E)&' _=+3&' N)' 3' ^2#P+&' ()' 8KLL;<)' dQ+@2Q1' 0@' ,2IX#1010B#' fQ@02+'
1#@@0C' X$%3#+C&' AAA)' A@=0B0=Q%$' =0WW#+#@,#C' 0@' 1P#' "Q+@2Q1' #hX#+0#@,#)' .B,*
L>#/3*?68&B#$#<'63@*NN@*9c9.9;e)
*+##@&' d)?)' 3' ?P%$0X&' ^)' 8KLL;<)' N@=Q+0@D' 0@B2$B#I#@1' 0@' 32Q1P' C2,,#+>' OP#'
C2,0%$06%102@'2W'X%+#@1'%@=',P0$=)'I#%/)-$*#C*a,'6%/,*Y,6,-/&B@*JK8K<&'eK.;T)

!$*

`#W#+#@,0%C'd0"$02D+iU0,%C

*+##@=2+W#+&' E)' 8KL;;<)' `2$#' 2W' C2,0%$060@D' %D#@1C' 0@' W#I%$#' CX2+1' #@B2$B#I#@1)'
Y,6,-/&B*R%-/3,/$8@*\c@'[:M.[K:)
*+##@=2+W#+&' E)' 3' ^#VG2&' ()J)' 8KL;T<)' OP#' +2$#' 2W' W%I0$3' I#I"#+C' 0@' CX2+1'
C2,0%$06%102@'2W',P0$=+#@)'Y,6,-/&B*R%-/3,/$8@*\K@'KMe.Kc9)
*Q$"0@&'()4)&' R$=#@60#$&' S)N)&'a#0CC#@C1#0@#+&' ()`)' 3' *%D@5&'g)' 89:K:<)' !' $22G'1P+2QDP'
1P#' +#%+' B0#V' I0++2+>' H#B#$2XI#@1%$' #hX#+0#@,#C' %@=' 0@C0DP1C' 2W' P0DP'
X#+W2+I%@,#'%1P$#1#C)*.-$,)3*=,",$#>2,)3*-)+*!M&,$$,)&,@*J89<&'KML.KeM)
J%@C#$$&' E)' 8KLT9<)' E1Q=#@1&' X%+#@1&' %@=' C,P22$' #WW#,1C' 2@' 1P#' C1+#CC' 2W' ,2$$#D#'
%XX$0,%102@)'I#%/)-$*#C*S,-$3B*-)+*L#&'-$*W,B-"'#/@*J`@*[T.cK)
J%++0@D12@&' 7)' 89::e<)' EX2+1' %@=' $#0CQ+#' %C' ,2@1#h1C' W2+' W%1P#+0@D' 0@' !QC1+%$0%@'
W % I 0 $ 0 # C )' a , ' 6 % / ,* L 3 % + ' , 6 @* J ] 8 9 < &' K e c . K T [ )' = 2 0 >' K : ) K : T : Y'
:9eKM[e:c::c:[9ec)
J%+1#+&' E)4)' 8KL;T<)' NWW#,1%@,#'I210B%102@'+#,2@C0=#+#=>' O2V%+=' %'=#B#$2XI#@1%$'
I2=#$)'S%2-)*=,",$#>2,)3@*JN@*[M.eM)
J%+1#+&'E)4)'8KLLL<)'.B,*&#)63/%&3'#)*#C*3B,*6,$CD*E*+,",$#>2,)3-$*>,/6>,&3'",7*/Q#B%'
j2+G>'OP#'*Q0$W2+='4+#CC)
J%C"+22G&' ?)!)' 8KLTe<)' `#,0X+2,013' %@=' ,P0$=P22=' C2,0%$06%102@' 0@12' CX2+1)' N@' ^)'
r%@=#+' r#$=#@&'3'()J)' JQIXP+#3'8N=C)<&' ?68&B#$#<8*-)+* 6#&'#$#<8*#C*6>#/3D*
H%//,)3*6,$,&3,+*/,-+')<6'8XX)'K[c.KM;<)'/#V'j2+G>'!7E'4+#CC)'
J%QU$#+&' E)N)' 8KL;T<)' L%/",8*#C*3B,* C-2'$8*6>#/36*,)"'/#)2,)3* -)+*-33'3%+,6*3#9-/+*
/,&/,-3'#)-$* -)+*EEj*-<,*:*</#%>*69'22')<7* _@XQ"$0CP#='H2,12+%$'OP#C0C)'
?2$2+%=2'E1%1#'_@0B#+C013&'g2+1'?2$$0@C)'
J#=C1+2I&' `)' 3' *2Q$=&' H)' 89::M<)' Y,6,-/&B* ')* 8#%3B* 6>#/36D* H/'3'&-$* '66%,6* 63-3%6)'
aP01#' X%X#+' CQII%+0#C' 2W' 1P#' #h0C10@D' $01#+%1Q+#)' N%C1' ^%@C0@D&' 7A>'
70,P0D%@'E1%1#'_@0B#+C013)
J#$$C1#=1&' ()?)' 8KLT;<)' OP#' ,2%,P.X%+#@1.%1P$#1#' +#$%102@CP0X)' .B,* L>#/3*
?68&B#$#<'63@*N&'KcK.Ke:)

!$#

7%=+#C'3'H#X2+1#

J#$$C1#=1&' ()?)' 8KLL:<)' N%+$3' %=2$#C,#@1' X#+,#X102@C' 2W' X%+#@1%$' X+#CCQ+#' 0@' 1P#'
CX2+1'#@B0+2@I#@1)'I#%/)-$*#C*L>#/3*W,B-"'#/@*N`8[<&'K[c.KMM)
J#$$C1#=1&' ()?)' 8KLLc<)' A@B0C0"$#' X$%3#+C>' !' W%I0$3' C3C1#I' I2=#$)' N@' E)7)' 7Q+XP3'
8N=)<&'L>#/3*?68&B#$#<8*b)3,/",)3'#)6'8XX)'KK;.KM;<)'?P%IX%0D@&'A^>'JQI%@'
S0@#10,C)
J#I#+3&' H)' 8KLTe<)' .B,* >%/6%'3* #C* 6>#/3')<* ,M&,$$,)&,D* E* 63%+8* #C* 6>#/3X6* B'<B,63*
-&B',",/6)'^2@=+#C>'a0$$2V'd22GC)
J0$$&' *)' 7)' 8KLL[<)' j21QP' CX2+1' X%+10,0X%102@' 2W' X+2W#CC02@%$' "%C#"%$$' X$%3#+C)'
L#&'#$#<8*#C*L>#/3*I#%/)-$@*N[@*K:;.KKM)
J2$1&' /)^)' 3' HQ@@&' ()*)J)' 89::M<)' O2V%+=' %' D+2Q@=#=' 1P#2+3' 2W' 1P#' XC3,P2C2,0%$'
,2IX#1#@,0#C' %@=' #@B0+2@I#@1%$' ,2@=0102@C' %CC2,0%1#=' V01P' C2,,#+'
CQ,,#CC)' I#%/)-$* #C* E>>$',+* L>#/3* ?68&B#$#<8@* N^@' KLL.9KL)' =20>' K:)K:T:Y'
K:MK[9::ML:M[;LML)
J2$1&'/)^)'3'J2DD&' ()7)'89::9<)' 4#+,#X102@C'2W'C1+#CC'%@=',2X0@D'=Q+0@D'X+#X%+%102@'
W2+'1P#'KLLL'V2I#@lC'C2,,#+'a2+$='?QX'g0@%$C)'.B,*L>#/3*?68&B#$#<'63@*N^&*
9cK.9;K)
J2$1&' /)^)&' O%II0@#@&' S)!)&' d$%,G&' H)N)&' E#PQ&' y)^)' 3' a%$$&' 7)4)' 89::T<)' 4%+#@1%$'
0@B2$B#I#@1' 0@',2IX#1010B#' 32Q1P' CX2+1' C#110@DC)' ?68&B#$#<8*#C*L>#/3* -)+*
!M,/&'6,@*K8c<&'ee[.eTc)'=20>'K:)K:KeYf)XC3,PCX2+1)9::;):T)::K)
J2$1&'/)^)&'O%II0@#@&'S)!)&'d$%,G&'H)N)&'7%@=0D2&'()^)'3'g2h&'S)`)'89::L<)'j2Q1P'CX2+1'
X%+#@10@D'C13$#C'%@='X+%,10,#C)'I#%/)-$*#C*L>#/3*-)+*!M,/&'6,*?68&B#$#<8@*`N
8K<&'[;.cL)
J2$12@&' ()!)' 89::;<)' OP#' ,2=0@D' X+2,#CC' %@=' 01C' ,P%$$#@D#C)' N@' !)' d+3%@1' 3' S)'
?P%+I%6&' .B,*L-<,*S-)+;##G*#C*d/#%)+,+*.B,#/8*8XX)'9ec.9TL<)' ^2@=+#C>'
E%D#'4Q"$0,%102@C)*
J2XG0@C&' J)`)' 3' S$#0@&' J)!)' 8KLL[<)' 7Q$10=0I#@C02@%$' C#$W.X#+,#X102@>' ^0@G%D#C' 12'
X%+#@1%$' @Q+1Q+%@,#)* I#%/)-$* #C* d,),3'&* ?68&B#$#<8@* N]\8M<&' Mec.M;[)' =20>'
K:)K:T:Y::99K[9c)KLL[)LLKM;Mc)

!$"

`#W#+#@,0%C'd0"$02D+iU0,%C

J2+@&' O)E)' 3' J2+@&' ()^)' 89::;<)' g%I0$3' 0@U$Q#@,#C' 2@' ,P0$=+#@kC' CX2+1' %@='XP3C0,%$'
%,10B013' X%+10,0X%102@&' "#P%B02Q+&' %@=' XC3,P2C2,0%$' +#CX2@C#C)' N@' *)'
O#@#@"%QI' 3' `)?)' NG$Q@=&' S-)+;##G* #C* L>#/3* ?68&B#$#<8' 8[m' N=)&' XX)'
eTc.;KK<)' J2"2G#@&' /#V' (#+C#3>' (2P@' a0$#3' t' E2@C&' A/?)' =20>'
K:)K::9YL;TKKKT9;::KK),P[K)
J2V%+=&' H)' 3' 7%=+0D%$&' `)' 8KLL:<)' aP2' I%G#C' 1P#' =#,0C02@>' OP#' X%+#@1' 2+',P0$=b'
I#%/)-$*#C*a,'6%/,*Y,6,-/&B@*JJ8[<&'9MM.9cT)
J23$#&' `)J)' 3' ^#WW&' E)E)' 8KLL;<)' OP#' +2$#' 2W' X%+#@1%$' 0@B2$B#I#@1' 0@' 32Q1P' CX2+1'
X%+10,0X%102@'%@='X#+W2+I%@,#)'E+#$,6&,)&,@*`J8K9c<&'9[[.9M[)
J3I%@&' 7)' 89::L<)' j)3'$* '3* B%/367*E2,/'&-X6*#;6,66'#)* 9'3B* 8#%3B*6>#/36*-)+*B#9*'3*
B-/26*#%/*G'+67* d2C12@&' 7%CC%,PQC#11C>' _@01%+0%@'_@0B#+C%$0C1'!CC2,0%102@'
2W'?2@D+#D%102@C)
(%0@&' !)&' d#$CG3&' ()' 3' ?+@0,&' S)' 8KLLe<)' d#32@=' W%1P#+0@D' "#P%B02+C>' O3X#C' 2W' =%=C)'
I#%/)-$*#C*1-2'$8*?68&B#$#<8@* N[8M<&' M[K.MM9)' =20>'K:)K:[;Y:TL[.[9::)K:)'
M)M[K)
(%I"2+&' N)!)' 8KLLL<)' 4%+#@1C' %C' ,P0$=+#ClC' C2,0%$060@D' %D#@1C' 0@' 321QP' C2,,#+)'
I#%/)-$*#C*L>#/3*W,B-"'#/@*JJ8[<&'[c:.[eK)
(2@#C&' 7)' 3' !$2@3&' A)' 89:KK<)' *Q0=0@D' 1P#' QC#' 2W' *+2Q@=#=' OP#2+3' 0@' H2,12+%$'
E1Q=0#C)' !@' #h%IX$#' W+2I' 1P#' !QC1+%$0%@' g0$I' A@=QC1+3)' b)3,/)-3'#)-$*
I#%/)-$*#C*=#&3#/-$*L3%+',6@*^@*Lc.KKM)
(2V#11&'E)'3'O0IC2@.S%1,P0C&'7)'89::c<)'E2,0%$'@#1V2+GC'0@'CX2+1>'4%+#@1%$'0@U$Q#@,#'
2@'1P#',2%,P.%1P$#1#'+#$%102@CP0X)'.B,*L>#/3*?68&B#$#<'63@*NK@*9e;.9T;)
S%@1#+C&' 7)!)' 3' ?%CX#+&' ()' 89::T<)' EQXX2+1#=' 2+' X+#CCQ+#=b' !@' #h%I0@%102@' 2W'
%D+##I#@1' %I2@D' X%+#@1kC' %@=',P0$=+#@'2@' X%+#@1kC' +2$#' 0@'32Q1P'CX2+1)'
I#%/)-$*#C*L>#/3*W,B-"'#%/@*`N8K<&'eM.T:)
S%3&' O)' 89:::<)' EX2+10@D' Nh,#$$#@,#>' !' W%I0$3'%WW%0+b)' !%/#>,-)* ?B86'&-$* !+%&-3'#)*
Y,"',9@*^89<&'KcK.KeL)'=20>'K:)KK;;YK[ce[[ew::::e9::M)

!$$

7%=+#C'3'H#X2+1#

S##D%@&' `)()&' J%+V22=&' ?)*)&' EX+%3&' ?)7)' 3' ^%B%$$##&' H)N)' 89::L<)' !' nQ%$01%10B#'
0@B#C10D%102@' #hX$2+0@D' 1P#' I210B%102@%$' ,$0I%1#' 0@' #%+$3' ,%+##+' CX2+1C'
X%+10,0X%@1C>' ?2%,P&' X%+#@1' %@=' X##+' 0@U$Q#@,#C' 2@' CX2+1' I210B%102@)'
?68&B#$#<8* #C* L>#/3* -)+* !M,/&'6,@* N[8[<&' [eK.[;9)' =20>' K:)K:KeY
f)XC3,PCX2+1)9::T)K9)::[)
S#$$#&'_)'89::c<)'pNI#+D#@,#q'BC)'pg2+,0@Dq'2W'NIX0+0,%$'H%1%b'!',+Q,0%$'X+2"$#I'2W'
p*+2Q@=#=' OP#2+3q' +#,2@C0=#+#=)' g2+QI' nQ%$01%10B#' E260%$W2+C,PQ@DY'
g2+QI>' R%-$'3-3'",* L#&'-$* Y,6,-/&B' zf):$'),* I#%/)-${&' 9;)' H0CX2@0"$#' #@>'
P11X>YYVVV)nQ%$01%10B#.+#C#%+,P)@#1Y0@=#h)XPXYWnCY%+10,$#YB0#VY
Me;YK::K)
S#$$3&' O)' 89::[<)' P%$3'>$,* >,/6>,&3'",6* -)+* ')V$%,)&,6* #)* 3-$,)3* +,",$#>2,)37'
_@XQ"$0CP#='H2,12+%$'OP#C0C)'_@0B#+C013'2W'g$2+0=%&'*%0@#CB0$$#)
S#C#@=&'R)'8KLLK<)'.B,*,$'3,*-3B$,3,X6*6#%/&,6*#C*,)&#%/-<,2,)3*-)+*+'6&#%/-<,2,)3*
-CC,&3')<*3B,'/*2#3'"-3'#)* 3#*>-/3'&'>-3,* ')* 6>#/3D*E*T%-$'3-3'",*63%+8*C/#2*-*
+,",$#>2,)3-$* >,/6>,&3'",7* _@XQ"$0CP#=' H2,12+%$' OP#C0C)' OP#' _@02@'
A@C101Q1#&'?0@,0@@%10&'RJ)
S0+G&' H)&' ?%+$C2@&' O)&' Rl?2@@2+&' O)&' dQ+G#&' 4)&' H%B0C&' S)' 3' *$2B#+&' E)' 8KLL;<)' OP#'
#,2@2I0,' 0IX%,1' 2@' W%I0$0#C' 2@' ,P0$=+#@lC' 2W' ,P0$=+#@' X%+10,0X%102@' 0@'
fQ@02+' CX2+1)' E%63/-$'-)* I#%/)-$* #C* L&',)&,* -)+* P,+'&'),* ')* L>#/3@* JK89<&'
9;.[[)
S0+G&' H)' 3' 7%,4P%0$&' !)' 89::[<)' E2,0%$' X2C0102@0@D'%@='1P#',2@C1+Q,102@'2W'%' 32Q1P'
CX2+1C' ,$Q")' b)3,/)-3'#)-$* Y,"',9* C#/*3B,* L#&'#$#<8*#C*L>#/3@* `c8K<&' 9[.MM)'
=20>'K:)KK;;YK:K9eL:9:[:[TK::9)
S@0DP1&' ?)()'3'J%+V22=&'?)*)'89::L<)' NhX$2+0@D'X%+#@1.+#$%1#=',2%,P0@D'C1+#CC2+C' 0@'
d+010CP' 1#@@0C>' !' =#B#$2XI#@1%$' 0@B#C10D%102@)' b)3,/)-3'#)-$* I#%/)-$* #C*
L>#/36* L&',)&,6* -)+* H#-&B')<@* \8M<&' cMc.cec)' =20>' K:)K9e:Y'
K;M;LcM:L;L:9LKMMT)
S+#I%+0G&' g)' 89:::<)' !' W%I0$3' %WW%0+>' ?P0$=+#@lC' X%+10,0X%102@' 0@' CX2+1C)' L3-3'63'&6*
H-)-+-@*NN8T<'9:.9M)

'%%

`#W#+#@,0%C'd0"$02D+iU0,%C

^%'`%6F@&'89:K:<)'[K'=#'(Q$02)'P,*<%63-/0-*&/,-/*%)-*,6&%,$-*+,*;-$#)&,63#7*
^%I"&' 7)N)&' 4$#,G&' ()J)' 3' ^#B0@#&' ()!)' 8KLT;<)' NWW#,1C' 2W' 0@,+#%C#=' X%1#+@%$'
0@B2$B#I#@1' 2@' W%1P#+C' %@=' I21P#+C)' N@>' ?)' ^#V0C' 3' 7)' Rld+0#@' 8N=C)<&'
Y,-66,66')<*C-3B,/B##+7*_,9*#;6,/"-3'#)6*#)*C-3B,/6*-)+*3B,*2#+,/)*C-2'$8*
8XX)'K:L.K9c<)'^2@=+#C>'E%D#)
^%I"2+@&' E)H)&' 72Q@1C&' /)E)&' E1#0@"#+D&' ^)' 3' H2+@"QC,P&' E)7)' 8KLLK<)' 4%11#+@C' 2W'
,2IX#1#@,#' %@=' %=fQC1I#@1' %I2@D' %=2$#C,#@1C' W2+I' %Q1P2+01%10B#&'
%Q1P2+01%+0%@&' 0@=Q$D#@1' %@=' @#D$#,1WQ$' W%I0$0#C)' HB'$+* =,",$#>2,)3@* ^J@*
K:ML.K:ec)'=20>'K:)KKKKYf)KMe;.Te9M)KLLK)1":KcTT)h)
^%Q#+&' ^)&' *2Q$=&' H)&' `2I%@&' /)' 3' 40#+,#&' 7)' 89:K:<)' J2V' X%+#@1C' 0@U$Q#@,#'fQ@02+'
1#@@0C' X$%3#+Ck' =#B#$2XI#@1>' |Q%$01%10B#' @%++%10B#C)' I#%/)-$* #C* H$')'&-$*
L>#/3*?68&B#$#<8@*\8K<&'eL.L9)
^##&' 7)()' 3' 7%,^#%@&' E)' 8KLL;<)' E2Q+,#C' 2W' X%+#@1%$' X+#CCQ+#' %I2@D' %D#' D+2QX'
CV0II#+C)' !%/#>,-)* I#%/)-$* #C* ?B86'&-$* !+%&-3'#)@* J89<&' Ke;.K;;)' =20>''
K:)K:T:YK;M:TLTL;::9:9:M)
^#WW&'E)E)'3'J23$#&' `)J)' 8KLLc<)'j2Q@D'%1P$#1#Ck'X#+,#X102@C'2W'X%+#@1%$' CQXX2+1'%@='
X+#CCQ+#)' I#%/)-$*#C*Z#%3B* -)+*E+#$,6&,)&,@*J\89<&' KT;.9:[)' =20>' K:)K::;Y
dg:Kc[;KML)
^#IX#+1&' ^)d)' 89::;<)' ?+2CC.+%,#&' ,+2CC.,Q$1Q+#&' ,+2CC.@%102@%$&' ,+2CC.,$%CC&' "Q1'
C%I#.D#@=#+>' 7QC0@DC' 2@' +#C#%+,P' 0@' E2Q1P' !W+0,%)' _gLE* I#%/)-$@* NK89<&'
;L.K:[)
^#C$0#&'^)!)&' !@=#+C2@&'N)!)' 3'd+%@C2@&'7)4)'8KLLK<)'`#CX2@C0"0$013'W2+',P0$=+#@>'OP#'
+2$#'2W'D#@=#+' %@='#IX$23I#@1)' I#%/)-$* #C*1-2'$8*b66%,6@* NJ89<&' KL;.9K:)'
=20>'K:)KK;;Y:KL9cK[LK:K9::9::M)
^#VG2&' ()J)' 3' NV0@D&' 7)N)' 8KLT:<)' E#h'=0WW#+#@,#C' %@=' X%+#@1%$' 0@U$Q#@,#'0@'CX2+1'
0@B2$B#I#@1'2W',P0$=+#@)'I#%/)-$*#C*L>#/3*?68&B#$#<8@*J8K<&'e9.eT)
^2U$%@=&' ()' 3' ^2U$%@=&' ^)J)' 8KLLc<)' E)-$8h')<* 6#&'-$* 6,33')<6* 89m' N=)<)' d#$I2@1&' ?!>'
a%=CV2+1P)

'%&

7%=+#C'3'H#X2+1#

7%+G2B0,P&' ()' 3' J#@=$#+&' E)' 89::e<)' d#32@=' pE2,,#+' 72ICq)' g#I0@0C1' %@=' @#V'
Q+"%@0C1',+010,%$'%XX+2%,P#C'12'CQ"Q+"C)'I#%/)-$*#C*?$-))')<*!+%&-3'#)*-)+*
Y,6,-/&B@*JJ@*MK:.M9;)'=20>'K:)KK;;Y:;[LMcew:c9T:cMc)'
7%+CP%$$&' ?)' 3' `2CCI%@&' *)d)' 8KLTL<)' =,6'<)')<* T%-$'3-3'",* /,6,-/&B* 8[m' N=)<)'
OP2QC%@='R%GC&'?!>'E%D#'4Q"$0,%102@C)
7%C0X&'N)'3'`Q06&'7)'89::c<)'!$*&#/-h()*+,$*=/,-2*.,-27*d%+,#$2@%>'`"%.$0"+2C)
7,d+0=#&' d)!)' 3' 70$$C&' *)' 8KLL[<)' !' ,2IX%+0C2@'2W'I21P#+'%@='W%1P#+'0@B2$B#I#@1'
V01P' 1P#0+' X+#C,P22$' %D#' ,P0$=+#@)' !-/$8*HB'$+B##+* Y,6,-/&B* R%-/3,/$8@* c
8M<&'Mc;.M;;)'=20>'K:)K:KeYE:TTc.9::e8:c<T::T:.T)
7,*Q0+#&' `)O)' 3' ?22G&' H)^)' 8KLT[<)' OP#' 0@U$Q#@,#' 2W' 21P#+C' %@=' 1P#' =#,0C02@' 12'
X%+10,0X%1#'0@'32Q1P'CX2+1C)'I#%/)-$*#C*L>#/3*W,B-"'#/@*^8K<&'L.Ke)
70$#C&'7)d)'3'JQ"#+I%@&'!)7)'8KLLM<)'R%-$'3-3'",*+-3-*-)-$86'6D*E*6#%/&,;##G*#C*),9*
2,3B#+6*89m'N=)<)'OP2QC%@='R%GC&'?!>'E%D#'4Q"$0,%102@C)
70@G&' S)4)' 89::M<)' L#@* 8#%* 9-)3*8#%/*G'+*3#*;,* -* 6>#/3* 6%>,/63-/7* H#-&B,6@* 3/-'),/6@*
+#&3#/6@* >68&B#$#<'636@* #3B,/6* ,M>$-')* B#9* >-/,)36* &-)* B,$>* ;#86k<'/$6*
;,&#2,*;,33,/*-3B$,3,67*r0,12+0%&'?%@%=i>'O+%WW2+='4Q"$0CP0@D)
72@C%%C&' ()!)' 8KLTc<)' ^#%+@0@D' 12' "#' %' a2+$=.?$%CC' 1#@@0C' X$%3#+)' N@' d)E)' d$22I'
8N=)<&' =,",$#>')<* 3-$,)3* ')* 8#%)<* >,#>$,* 8XX)' 9KK.9eL<)' /Q#B%' j2+G>'
d%$$%@10@#)
72+D%@&' H)^)' 8KLL9<)' H2,12+.?%+#D0B#+' `#$%102@CP0XC>' !@' #hX$2+%102@'QC0@D' W2,QC'
D+2QXC)' N@' d)' g)' ?+%"1+##' 3' ^)' 70$$#+&' =#')<* R%-$'3-3'",* Y,6,-/&B' 8XX)'
9:c.99;<)'^2@=2@>'E%D#)
72+D%@&'O)S)' 3'*0%,2""0&' 4)`)' 89::e<)' O2V%+='1V2'D+2Q@=#='1P#2+0#C' 2W'1P#'1%$#@1'
=#B#$2XI#@1' %@=' C2,0%$' CQXX2+1' X+2,#CC' 2W' P0DP$3' CQ,,#CCWQ$' ,2$$#D0%1#'
%1P$#1#C)'.B,*L>#/3*?68&B#$#<'63@*J[8[<&'9Lc.[K[)
/%=%$&'`)'3'?%+$0@&'()'89:KK<)'Y-C-@*2'*B'63#/'-7*d%+,#$2@%>'_+%@2)

'%!

`#W#+#@,0%C'd0"$02D+iU0,%C

/0,P2$$C&' ()*)' 8KLTL<)'.B,* H#2>,3'3'",* !3B#6*-)+* =,2#&/-3'&*!+%&-3'#)7*?%I"+0=D#&'

7)!)>'J%+B%+='_@0B#+C013'4+#CC)
/2V%G&' a)' 8KLeL<)' E2,0%$' %CX#,1C' 2W' X2$0CP'"2h#+C' %@='1P#0+' #@B0+2@I#@1' 0@' 1P#'
$0DP1'2W'nQ#C102@@%0+#C' %@='CQ+B#3C)' b)3,/)-3'#)-$*Y,"',9*C#/*3B,* L#&'#$#<8*
#C*L>#/3@*\8K<&'K[;.Kc:)'=20>'K:)KK;;YK:K9eL:9eL::M::K:;)
R+$0,G&' O)' 3'4%+10@D12@&' ()' 8KLTe<)' ?68&B,+7*b)),/*"',96*#C*9'))')<)' 8`#,QX#+%=2' =#'
P11X>YYVVV)62@#2W#h,#$$#@,#),%YW+##YXC3,P#=)P1I$<)
R+1P@#+&' H)S)' 3' 7%@,0@0&' ()!)' 8KLLK<)' d#@#U01C' 2W' $#0CQ+#' #hX#+0#@,#C' W2+' W%I0$3'
"2@=0@D)'N@'d)^)'H+0B#+&'4)()'d+2V@'3'*)^)'4#1#+C2@'8N=C)<&'W,),V'36*#C*$,'6%/,*
8XX)'9TL.[:9<)'E1%1#'?2$$#D#&'4!>'r#@1Q+#)
R+1P@#+&' H)S)' 8KL;c<)' ^#0CQ+#' %,10B013' X%11#+@C' %@=' I%+01%$' C%10CW%,102@' 2B#+' 1P#'
I%+01%$',%+##+)'I#%/)-$*#C*P-//'-<,*-)+*3B,*1-2'$8@*`A8K<@*LK.K:9)'
4%$2I2&'7)&' `Q06&'^)7)&'Ei@,P#6&'7)'3'*%+,-%&'r)' 89:KK<)'j2Q@D'%1P$#1#Cl' X#+,#X102@C'
2W' 1P#' +2$#' 2W' 1P#0+' I21P#+C' 0@' 1P#0+' CX2+1' ,%+##+)' P#3/'&'+-+7* !%/#>,-)*
I#%/)-$*#C*S%2-)*P#",2,)3@*J^&'KMK.Kc;)
4%$2I2&'7)' 89::L<)'P-+/,6*8*=,>#/3,7*E)5$'6'6*+,*$-*V'<%/-*2-3,/)-*,)* ,$* +,6-//#$$#*
+,* $-* >,/'&'-* ,)* ,$* +,>#/3,7* H0X$2I%' =#' NC1Q=02C' !B%@6%=2C' A@5=012&'
_@0B#+C0=%='=#'?%C10$$%'.'^%'7%@,P%&'O2$#=2)'
4%112@&' 7)|)' 8KLL:<)' R%-$'3-3'",* ,"-$%-3'#)* -)+* /,6,-/&B* 2,3B#+67* ^2@=2@>' E%D#'
4Q"$0,%102@C)
4%112@&' 7)|)' 89::9<)' R%-$'3-3'",* Y,6,-/&B* -)+* !"-$%-3'#)* P,3B#+6* 8[m' N=)<)'
OP2QC%@='R%GC&'?!>'E%D#'4Q"$0,%102@C)
4%B0%&' *)`)' 8KL;[<)' !@'%@%$3C0C'2W'1P#' C2,0%$' ,$%CC' 2W'1P#'KL;9'!QC1+%$0%@'R$3IX0,'
O#%I)'E%63/-$'-)*I#%/)-$*#C*?B86'&-$*!+%&-3'#)@*^N8K<&'KM.KL)
45+#6&' !)' 8KLLL<)' ?#/* T%4* $$,"-)* $#6* >-+/,6* -* 6%6* B'F#6* -* B-&,/* +,>#/3,7* 7%=+0=>'
N=0,02@#C'A@1#+@%,02@%$#C'_@0B#+C01%+0%C)

'%'

7%=+#C'3'H#X2+1#

4#1#+C2@&' *)' 3' J%@@&'H)'8KLLL<)' E2,0%$060@D' ,P0$=+#@'%@='X%+#@1C' 0@'W%I0$0#C)' N@'7)'

EQCCI%@&' E)' E1#0@I#16'3'*)'4#1#+C2@'8N=C)<&'S-)+;##G*#C*2-//'-<,* -)+*3B,*
C-2'$8'8XX)'[9;.[;:<)'/Q#B%'j2+G>'4$#@QI'4+#CC)
4$#,G&' ()J)' 8KLL;<)' 4%1#+@%$' 0@B2$B#I#@1>' ^#B#$C&' C2Q+,#C' %@=' ,2@C#nQ#@,#C)' N@'
7)N)' ^%I"' 8N=)<&' .B,* /#$,* #C* 3B,* C-3B,/* ')* &B'$+* +,",$#>2,)3' 8[m' N=)&' XX)'
ee.K:[<)'/Q#B%'j2+G>'(2P@'a0$#3)
4$#,G&' ()J)' 8KLTc<)' g#/G')<* 9'",6@* 9#/G')<* B%6;%)+67' d#B#+$3' J0$$C&' ?!>' E%D#'
4Q"$0,%102@C)
42V#+&'O)*)'3'a22$D#+&'?)'8KLLM<)'4%+#@10@D'X+%,10,#C'%@='%D#'.'D+2QX'CV0II0@D>'!'
,2++#$%102@%$' C1Q=3)' Y,6,-/&B* R%-/3,/$8* C#/* !M,/&'6,* -)+* L>#/3@* ^]8K<@*
cL.ee)
4Qf2$.*%$,#+i@&' ()' 3' E#++%C&' 7)' 89::;<)' Y-C-* _-+-$7* H/()'&-* +,* %)* C,)(2,)#7*
d%+,#$2@%>'`"%.$0"+2C)
`%"#$2&' !)&' 72+%#C&' ^)?)' 3' E%$I#$%&' ()J)' 89::K<)' .B,* /#$,* #C* >-/,)36* ')* 3B,*
+,",$#>2,)3* #C* 8#%)<* W/-h'$'-)* -3B$,3,6* ')* 6#&&,/)' !CC2,0%102@' W2+' 1P#'
!=B%@,#I#@1' 2W' !XX$0#=' EX2+1' 4C3,P2$2D3' ?2@W#+#@,#' 4+2,##=0@DC&'
R+$%@=2&'g$2+0=%&'c9.c[)'
`##C&' O)' 3' J%+=3&' ^)' 89:::<)' !@' 0@B#C10D%102@' 2W' 1P#'C2,0%$' CQXX2+1' #hX#+0#@,#C' 2W'
P0DP.$#B#$'CX2+1C'X#+W2+I#+C)'.B,*L>#/3*?68&B#$#<'63@*N\8M<@*[9;.[M;)
`2=+-DQ#6&'E)'89:KK<)'!+%&-+#6*>-/-*<-)-/7*H#)C,6'#),6*+,*$#6*>-+/,6*+,*P,66'@*l-"'@*
?'T%4@*H,6&777*d%=%$2@%>'!+%'^$0"+#C)
`2CC&'J)'3'O%3$2+&'J)'8KLTL<)'H2'"23C'X+#W#+'=%==3'2+'P0C'XP3C0,%$'C13$#'2W'X$%3b)'L,M*
Y#$,6@*J[8K<&'9[.[[)'=20>'K:)K::;Ydg::9TT:9M)
`21#$$%&' `)()' 3'dQ@G#+&' ^)S)' 8KLT;<)'?-/,)3')<*8#%/*6%>,/63-/7*S#9*3#*B,$>*8#%/*&B'$+*
<,3*3B,*2#63*#%3*#C*6>#/37*?P%IX%0D@&'A^>'^#0CQ+#'4+#CC)
`2V$#3&' E)'8KLL9<)'.fZE*m./-')')<*#C*Z#%)<* E3B$,3,6*L3%+8nD*b+,)3'V'&-3'#)*#C*3-$,)37*
^2@=2@>'OP#'EX2+1C'?2Q@,0$)

'%(

`#W#+#@,0%C'd0"$02D+iU0,%C

`Q06&'^)7)&'Ei@,P#6&'7)&' HQ+i@&'()4)' 3'(0I5@#6&'?)'89::e<)' ^2C'#hX#+12C'#@'#$'=#X2+1#>'

CQ' #C1Q=02' 3' %@i$0C0C' =#C=#' Q@%' X#+CX#,10B%' XC0,2$FD0,%)' E)-$,6* +,*
?6'&#$#<0-@*JJ8K<&'K[9.KM9)
`QCC#$$&'*)'8KLT[<)'.B,*&B-)<')<*/#$,*#C*C-3B,/6U7'E1'^Q,0%>'_@0B#+C013'2W'|Q##@C$%@='
4+#CC)
`QCC#$$&' *)' 8KLT9<)' 7%1#+@%$'#IX$23I#@1' C1%1QC'%@='W%1P#+Cl' 0@B2$B#I#@1' 0@',P0$='
,%+#)'E%63/-$'-)*-)+*_,9*o,-$-)+* I#%/)-$*#C*L#&'#$#<8@*Nc89<&'K;9.K;L)' =20>
K:)KK;;YKMM:;T[[T9:KT::9:M)
`3%@&' ()' 8KLLc<)' a'33$,* d'/$6* ')* ?/,338* W#M,6D* .B,* P-G')<* -)+* W/,-G')<* #C* !$'3,*
d82)-636*-)+*1'<%/,*LG-3,/67*/Q#B%'j2+G>'a%+@#+'d22GC)
E%$=%x%&' ()' 89::L<)' .B,* &#+')<* 2-)%-$* C#/* T%-$'3-3'",* /,6,-/&B,/67* ^2@=+#C>E%D#'
4Q"$0,%102@C)
E%$=%x%&' ()' 89:KK<)'1%)+-2,)3-$6*#C*T%-$'3-3'",*/,6,-/&B7*j)+,/63-)+')<*T%-$'3-3'",*
/,6,-/&B7*/Q#B%'j2+G>'RhW2+='_@0B#+C013'4+#CC)*
E%$$0C&'()g)&' !$,%+%6&' ()N)&' 7,S#@60#&'O)^)&'J2B#$$&'7)g)&' S2$2=3&' d)' 3'/%=#+&'4)`)'8KLL9<)'
4%+#@1%$'"#P%B02+' '0@'+#$%102@'12'XC3C0,%$'%,10B013'%@='U01@#CC'0@'L.3#%+.2$='
,P0$=+#@)' E2,/'&-)* I#%/)-$* #C* =,6,-6,6* #C* HB'$+/,)@* N\^8KK<&' K[T[.K[TT)'
=20>'K:)K::KY%+,PX#=0)KLL9):9Ke:9[:KMK:[c)
Ei@,P#6&'!)'89:K9<)'E/-)3M-*pi-2#6q*89m'N=)<)'7%=+0=>'^%'NCW#+%'=#'$2C'^0"+2C)
Ei@,P#6&' 7)' 89::9<)' !$* >/#&,6#* +,* $$,<-/* -* 6,/* ,M>,/3#* ,)* ;-$#)&,63#D* %)* ,)C#T%,*
>6'&#6#&'-$7* O#C0C' =2,12+%$' 0@5=01%)' _@0B#+C0=%=' =#' ?%C10$$%' .' ^%' 7%@,P%&'
O2$#=2)
E%@=-@&' 7)4)' 89:::<)' ?+01#+02C' =#' B%$0=#6' #@' $%' 0@B#C10D%,0F@' ,Q%$01%10B%>' =#' $%'
2"f#10B0=%=' %' $%' C2$0=%+0=%=)' Y,"'63-* +,* b)",63'<-&'()* !+%&-3'"-@* Nc8K<&'
99[.9M9)*

'%)

7%=+#C'3'H#X2+1#

E%X0#f%&' S)7)&' HQ@@&' ()*)J)' 3' J2$1&' /)^)' 89:KK<)' 4#+W#,102@0CI' %@=' X#+,#X102@C' 2W'
X%+#@10@D' C13$#C' 0@' I%$#' 32Q1P' C2,,#+)' I#%/)-$* #C* L>#/3* -)+* !M,/&'6,*
?68&B#$#<8@*``8K<&'9:.[L)
E,%@$%@&' O)S)' 8KLTe<)' ?2IX#1010B#' C1+#CC' 0@' ,P0$=+#@)' N@' 7)`)' a#0CC' 3' H)' *2Q$='
8N=C)<&' L>#/3*C#/*&B'$+/,)*-)+*8#%3B6'8XX)'KK[.KKT<)'?P%IX%0D@&'A^>'JQI%@'
S0@#10,C'4Q"$0CP#+C)
E,%@$%@&'O)S)'3'^#V1PV%01#&' `)'8KLTM<)'E2,0%$'XC3,P2$2D3'%CX#,1C'2W',2IX#10102@'W2+'
I%$#'32Q1P'CX2+1'X%+10,0X%@1C>'A)' 4+#=0,12+C' 2W',2IX#1010B#'C1+#CC)' I#%/)-$*
#C*L>#/3*?68&B#$#<8@*^&'9:T.99e)
E,%@$%@&'O)S)' 3'^#V1PV%01#&' `)' 8KLTe<)'E2,0%$'XC3,P2$2D0,%$'%CX#,1C' 2W',2IX#10102@'
W2+' I%$#'32Q1P'CX2+1'X%+10,0X%@1C>'Ar)' 4+#=0,12+C'2W'#@f23I#@1)' I#%/)-$*#C*
L>#/3*?68&B#$#<8@*c&'9c.[c)
E,%@$%@&' O)S)' 3' ^#V1PV%01#&' `)' 8KLTT<)' g+2I' C1+#CC' 12' #@f23I#@1>' 4%+#@1%$' %@='
,2%,P' 0@U$Q#@,#C' 2@' 32Q@D' X%+10,0X%@1C)' N@' N)a)' d+2V@' 3' ?)g)' d+2V@'
8N=C)<&' H#2>,3'3'",*L>#/36*&B'$+/,)* -)+*8#%3BD*E)*#",/"',9*#C*/,6,-/&B* -)+*
'66%,6*8XX)'MK.MT<)'?P%IX%0D@&'A^>'JQI%@'S0@#10,C)
E,%@$%@&' O)S)&' E1#0@&' *)^)' 3' `%B066%&' S)' 8KLLK<)' !@' 0@' =#X1P' C1Q=3' 2W' W2+I#+' #$01#'
U0DQ+#' CG%1#+C>' AAA' C2Q+,#C' 2W' C1+#CC)' I#%/)-$* #C* L>#/3* -)+* !M,/&'6,*
?68&B#$#<8@*N`89<&'K:[.K9:)
E,P##+=#+&' ()&' OP2I0C&'7)&'r%@+#QC#$&' d)&' ^#W#B+#&'()&'`#@C2@&'`)&'N3@=#&'d)' 3'dQ#@#@&'
*)4)' 89::e<)' EX2+1C' X%+10,0X%102@' %I2@D' W#I%$#C' W+2I' %=2$#C,#@,#' 12'
%=Q$P22=)' b)3,/)-3'#)-$* Y,"',9* C#/* 3B,* L#&'#$#<8*#C*L>#/3@* \N8[<&' MK[.M[:)'
=20>'K:)KK;;YK:K9eL:9:;:;;;:9)
E#0=#$&' ()'3'S#$$#&' _)' 8KLLc<)' H0WW#+#@1'WQ@,102@C' 2W',2=0@D' 0@'1P#'%@%$3C0C'2W'1#h1Q%$'
=%1%)' N@'_)'S#$$#'8N=)<&' H#2>%3,/*:*E'+,+*R%-$'3-3'",*=-3-*E)-$86'6D*.B,#/8@*
P,3B#+6*-)+*?/-&3'&,7*^2@=+#C>'E%D#'4Q"$0,%102@C)

'%*

`#W#+#@,0%C'd0"$02D+iU0,%C

EP0#$=C&' H)^)&' d+#@=#I#0#+&' d)^)&' ^%B20&' /)7)' 3' 42V#+&' g)?)' 89::c<)' OP#' CX2+1'
"#P%B02Q+'2W'32Q1P&'X%+#@1C'%@=',2%,P#C)' OP#'D22=&'1P#'"%=&'%@='1P#'QD$3)'
I#%/)-$*#C*Y,6,-/&B*')*HB-/-&3,/*!+%&-3'#)@*`8K<&'M[.cL)
E0$B#+I%@&' H)' 89:::<)' =#')<* R%-$'3-3'",* Y,6,-/&B7* E* >/-&3'&-$* B-)+;##G7* ^2@=+#C>'
E%D#'4Q"$0,%102@C)
E0$B#+I%@&'H)'89::e<)'b)3,/>/,3')<*T%-$'3-3'",*+-3-7*^2@=+#C>'E%D#'4Q"$0,%102@C)
E0I2@&' ()!)' 3' 7%+1#@C&' `)' 8KL;L<)' ?P0$=+#@lC' %@h0#13' 0@' CX2+1' %@=' @2@CX2+1'
#B%$Q%10B#'%,10B010#C)'I#%/)-$*#C*L>#/3*?68&B#$#<8@*N89<&'Ke:.KeL)'
E$2%@#&' S)H)' 8KLTc<)' J2I#'0@U$Q#@,#C'2@'1%$#@1' =#B#$2XI#@1)'N@'d)E)' d$22I'8N=)<&'
=,",$#>')<*3-$,)3*')*8#%)<*>,#>$,*8XX)'M[L.M;e<)'/Q#B%'j2+G>'d%$$%@10@#)
EI2$$&' g)^)&' ?QII0@D&' E)4)' 3' EI01P&' `)N)' 89:KK<)' N@P%@,0@D' ,2%,P.X%+#@1'
+#$%102@CP0XC'0@'32Q1P'CX2+1C>'A@,+#%C0@D'P%+I2@3'%@='I0@0I060@D'P%CC$#)'
b)3,/)-3'#)-$* I#%/)-$* #C*L>#/3* L&',)&,* -)+* H#-&B')<@* ^8K<&' K[.9e)' =20>' K:)'
K9e:YK;M;.LcMK)e)K)K[)
EI2$$&' g)^)' 3' EI01P&' `)N)' 89::c<)' L>#/36* -)+* 8#%/* &B'$+D* +,",$#>')<* &B-2>'#)6* ')*
6>#/36*-)+*$'C,'89m'N=)<)'4%$2'!$12>'a%+=#)
E@3=#+&'N)N)'3)'4Q+=3&'H)!)'8KLT9<)'E2,0%$06%102@'0@12'CX2+1>'4%+#@1'%@=',P0$='+#B#+C#'
%@=' +#,0X+2,%$' #WW#,1C)' Y,6,-/&B* R%-/3,/$8* C#/* !M,/&'6,* -)+* L>#/3@* ]`8[<&'
9e[.9ee)
E1%++#$C&' 7)N)' 8KLLM<)' *#@=#+' =0WW#+#@,#C' 0@' X%+#@1' s' ,P0$=' +#$%102@C)' I#%/)-$* #C*
1-2'$8*b66%,6@*N]8K<&'KMT.Kec)'=20>'K:)KK;;Y:KL9cK[LM:Kc::K::;)
E1#0@&' *)^)&' `%#=#G#&' O)H)' 3' *$#@@&' E)H)' 8KLLL<)' ?P0$=+#@kC' X#+,#X102@C' 2W' X%+#@1'
CX2+1'0@B2$Q#I#@1>'A1kC'@21'P2V'IQ,P&'"Q1'12'VP%1'=#D+##'1P%1kC'0IX2+1%@1)'
L>#/3*W,B-'#/@*JJ8M<&'cLK.e:K)
E1#0@"#+D&' ^)&' N$I#@&' ()H)' 3' 72Q@1C&' /)E)' 8KLTL<)' !Q1P2+01%10B#' X%+#@10@D&'
XC3,P2C2,0%$' I%1Q+013&' %@=' %,%=#I0,' CQ,,#CC' %I2@D' %=2$#C,#@1C)' HB'$+*
=,",$#>2,)3@*^[8e<@*KM9M.KM[e)

'%#

7%=+#C'3'H#X2+1#

E1#0@"#+D&' ^)&' ^%I"2+@&' E)H)&' H2+@"QC,P&' E)7)' 3' H%+$0@D&' /)' 8KLL9<)' AIX%,1' 2W'
X%+#@10@D' 2@' %=2$#C,#@1' %,P0#B#I#@1>' %Q1P2+01%10B#' X%+#@10@D&' C,P22$'
0@B2$B#I#@1&' %@=' #@,2Q+%D#I#@1' 12' CQ,,##=)' HB'$+* =,",$#>2,)3@* ^`8c<@*
K9ee.K9TK)'=20>'K:)KKKKYf)KMe;.Te9M)KLL9)1":KeLM)h)
EX2+1C$0W#'89::L<)'P-+/,*)#*B-8*256*T%,777*&%-3/#7
E12C6G2VCG0&'()`)' 89:KK<)'E)*')",63'<-3'#)*#C*3B,* 2,+'-3#/6*#C*3-$,)3* +,",$#>2,)3*')*
<#$C7*_@XQ"$0CP#='H2,12+%$'OP#C0C)'_@0B#+C013'2W'd0+I0@DP%I&'N=D"%C12@)
E1+%QCC&' !)^)' 8KLT;<)' R%-$'3-3'",* -)-$86'6*C#/*6#&'-$*6&',)3'636*8KMm' N=)<)' ?%I"+0=D#>'
?%I"+0=D#'_@0B#+C013'4+#CC)
E1+2#"#$&' ^)?)N)' 89::e<)' ?-/,)3-$* ')"#$",2,)3* ')* 6>#/3D* ?,/&,>3'#)6* #C* &#2>,3'3'",*
-+#$,6&,)3* 69'22,/67' 8`#,QX#+%=2' =#' P11X>YY#1=)Q2BC)%,)6%YNOH="YY
1P#C#CY%B%0$%"$#Y#1=.:L9c9::;.KM[L9LYQ@+#C1+0,1#=YE1+2#"#$^?N)X=W<)
E1Q%+1&' 7)N)' 89::[<)' E2Q+,#C' 2W'CQ"f#,10B#'1%CG' B%$Q#' 0@'CX2+1>' !@'#h%I0@%102@' 2W'
%=2$#C,#@1C' V01P' P0DP' 2+' $2V' B%$Q#' W2+' %X2+1)' I#%/)-$* #C* E>>$',+* L>#/3*
?68&B#$#<8@*N]@*9[L.9cc)
O%G#@2CP01%&' S)' 8KLe;<)' OP#' C2,0%$' C1+Q,1Q+#' 2W' 1P#' CX2+1' X2XQ$%102@' 0@' (%X%@)'
b)3,/)-3'#)-$* Y,"',9* C#/* 3B,* L#&'#$#<8* #C* L>#/3@* J8K<&' c.KT)' =20>'
K:)KK;;YK:K9eL:9e;::9::K:K)
OP2I%C&' ()`)' 3' /#$C2@&' ()S)' 89::;<)' P43#+#6* +,* ')",63'<-&'()* ,)* -&3'"'+-+* V06'&-7*
d%=%$2@%>'4%0=21+0"2)
OP2IXC2@&' E)7)' 8KLLL<)' P#3B,/X6*3-M'D* L>#/3* -)+* 9#2,)X6*$-;#/)' !$"%@3&'/j>'EQ@3'
4+#CC)
O2++#D+2C%&'7)&'?+Q6&'()&'E2QC%&'?)&'r0$%=+0,P&'?)&'r0$$%I%+0@&'g)&'*%+,-%.7%C&'!)'3'4%$2Q&'
4)' 89::;<)' ^%'0@U$Q#@,0%' =#'X%=+#C'3'I%=+#C' #@'#$' ,2IX+2I0C2' =#X2+10B2'
=#' WQ1"2$0C1%C' fFB#@#C)' Y,"'63-* a-3')#-2,/'&-)-* +,* ?6'&#$#<0-@* `K89<&'
99;.9[;)

'%"

`#W#+#@,0%C'd0"$02D+iU0,%C

O+0@0=%=&' !)&' ?%++#+2&' r)' 3' E2+0%@2&' `)7)' 89::e<)' .,#/0-* 1%)+-2,)3-+-* Od/#%)+,+*
.B,#/8Q7*a-* &#)63/%&&'()* +,* $-*3,#/0-*-* 3/-"46*+,$* -)5$'6'6*')3,/>/,3-&'#)-$7*
7%=+0=>'?#@1+2'=#'A@B#C10D%,02@#C'E2,02$FD0,%C)
OQ+I%@&' 4)H)' 89::;<)' 4%+#@1%$'CX2+1'0@B2$B#I#@1>'X%+#@1%$' 0@U$Q#@,#'12'#@,2Q+%D#'
32Q@D' %1P$#1#' ,2@10@Q#=' CX2+1' X%+10,0X%102@)' I#%/)-$* #C* 1-2'$'8*
H#22%)'&-3'#)@*A8[<&'KcK.K;c)'=20>'K:)K:T:YKc9e;M[:;:K99Ke:9)
_=+3&' N)' 3' !@=#+C#@&' 7)d)' 89::9<)'!1P$#10,' 0@fQ+3'%@='X2C+1'"#P%B02+)' N@'O)E)'J2+@'
8N=)<&' E+"-)&,6* ')* 6>#/3* >68&B#$#<8*89m'N=)&' XX)' c9L.cc[<)' ?P%IX%0D@&' A^>'
JQI%@'S0@#10,C)
_$$+0,P.g+#@,P&' E)' 3' EI01P&' !)^)' 89::e<)' 4#+,#X102@C' 2W' +#$%102@CP0XC' V01P'X%+#@1C'
%@=' X##+C' 0@' 32Q1P' CX2+1>' A@=#X#@=#@1' %@=' ,2I"0@#=' X+#=0,102@' 2W'
I210B%102@%$' 2Q1,2I#C)' ?68&B#$#<8* #C* L>#/3* -)+* !M,/&'6,@* A89<@* KL[.9KM)'
=20>'K:)K:KeYf)XC3,PCX2+1)9::c):T)::e)
_EO!)'_@01#='E1%1#C'O#@@0C'!CC2,0%102@&'89::K<)' jLE*.,))'6*?-/,)36X*d%'+,7*P-G')<*
&#2>,3'3'",* 3,))'6* /,9-/+')<* C#/* 8#%* -)+* 8#%/* &B'$+7' aP01#' 4$%0@C&' /j>'
_@01#='E1%1#C'O#@@0C'!CC2,0%102@)
r%$#@6Q#$%&' `)!)' 89::T<)' !$* /#$* +,* $#6* >-+/,6*,)* $-* >/5&3'&-* +,>#/3'"-* +,* $#6* B'F#6)'
8`#,QX#+%=2' =#' P11X>YYVVV)CX2+1I%D0C1#+),2IY+#X2+1%f#)%CXb
0=u+#X}[cectJ2f%}Kt=%1%}9::T<)
r%$$5C&' 7)E)' 8KLLL<)' .4&)'&-6* &%-$'3-3'"-6* +,* ')",63'<-&'()* 6#&'-$7* 7%=+0=>' E-@1#C0C'
E2,02$2D-%)'
r%$$5C&'7)E)'89::c<)'N$'+#12'=#'$%',%$0=%='#@'$%'0@B#C10D%,0F@'C2,0%$' ,Q%$01%10B%>'=#'$%'
+#1F+0,%'%'$2C'X$%@1#%I0#@12C'=#'W2@=2'3'$%C'X+2XQ#C1%C'15,@0,%C)'Y,'6@* NN[&'
LK.KKM)'
r%@jX#+#@&' /)a)' 8KLLc<)' A@1#+X+#C2@%$' #C1+#CC&' X#+W2+I%@,#' $#B#$&' %@=' X%+#@1%$'
CQXX2+1>'!' $2@D01Q=0@%$' C1Q=3' %I2@D' P0DP$3' CG0$$#='32Q@D' C2,,#+' X$%3#+C)'
.B,*L>#/3*?68&B#$#<'63@*K@*99c.9MK)

'%$

7%=+#C'3'H#X2+1#

r%@jX#+#@&'/)a)'8KLLT<)'d#0@D'%'EX2+14%+#@1>'dQWW#+0@D'1P#'#WW#,1'2W'32Q+'1%$#@1#='
,P0$=lC' X22+' X#+W2+I%@,#' 2@' P0C' 2+' P#+' CQ"f#,10B#' V#$$' .' "#0@D)'
b)3,/)-3'#)-$*I#%/)-$*#C*L>#/3*?68&B#$#<8@*JK@*Mc.ce)
r0%@@%&' /)E)&' 72+%#C&' ^)?)&' E%$I#$%&' ()J)' 3' 72Q+1P&' S)' 89::K<)' .B,* /#$,* #C*>-/,)36*')*
3B,* +,",$#>2,)3* #C* 8#%)<* ;/-h'$'-)* -3B$,3,6* ')* /B832'&7' *3I@%C10,C)'
?2@W#+#@,#' 4%X#+)' Kem' !@@Q%$' ?2@W#+#@,#' 2W' 1P#' %CC2,0%102@' W2+'
%=B%@,#I#@1'2W'!XX$0#='4C3,P2$2D3&'X)'eK)
a#0CC&'7)'3'd%+"#+&'J)'8KLLc<)'E2,0%$06%102@'0@U$Q#@,#C'2W',2$$#D0%1#'W#I%$#'%1P$#1#C>'
!' 1%$#' 2W' 1V2' =#,%=#C)' L,M* Y#$,6@* ``89<&' K9L.KM:)' =20>' K:)K::;Y
dg:KcM;LM:)
a#0CC&' 7)`)' 3' J%3%CP0&' ?)O)' 8KLLc<' !$$' 0@' 1P#' W%I0$3>' 4%+#@1.,P0$=' 0@U$Q#@,#C' 0@'
,2IX#1010B#'32Q1P'D3I@%C10,C)'?,+'-3/'&*!M,/&'6,*L&',)&,@*A&'[e.MT)
a#$G&' *)()&'a22=&' S)' 3'72+CC&' *)' 89::[<)' 4%+#@1%$'0@U$Q#@,#C'2@'XP3C0,%$' %,10B013' 0@'
,P0$=+#@>' !@' #hX$2+%102@' 2W' X21#@10%$' I#,P%@0CIC)' ?,+'-3/'&* !M,/&'6,*
L&',)&,@*N]@*KL.[[)
a0$C2@&' S)`)'3'4+02+&' 7)`)' 89:K:<)' g%1P#+'0@B2$B#I#@1>'1P#' 0IX2+1%@,#' 2W'X%1#+@%$'
C2$2' ,%+#)' !-/$8* HB'$+* =,",$#>2,)3* -)+* H-/,@* Nc[8K:<&' K[LK.KM:c)' =20>'
K:)K:T:Y:[::MM[:L:[K;9[[c)
a2$W#@=#@&' ^)' 3' J2$1&' /)' 89::c<)' O%$#@1' =#B#$2XI#@1' 0@' #$01#' fQ@02+' 1#@@0C)'
4#+,#X102@C' 2W' X$%3#+C&' X%+#@1C&' %@=' ,2%,P#C)' I#%/)-$* #C* E>>$',+* L>#/3*
?68&B#$#<8@*NA89<@*K:T.K9e)'=20>'K:)K:T:YK:MK[9::cL:L[9MKe)'
a22$D#+&'?)' 3'42V#+'O)*)' 8KLL:<)' L#&'-$'h-3'#)* #C*&#2>,3'3'",*-<,:</#%>* 69'22,/6D*
E* 63%+8* #C* 2#3B,/* -)+* C-3B,/* ')V$%,)&,6)' 4%X#+' X+#C#@1#=' %1' 1P#'
E2Q1PV#C1#+@'E2,0#13'W2+'`#C#%+,P'0@'JQI%@'H#B#$2XI#@1&'H%$$%C)
a22$D#+&' ?)' 3' 42V#+' O)*)' 8KLL[<)' 4%+#@1' %@=' CX2+1' C2,0%$06%102@>' r0#VC' W+2I' 1P#'
%,P0#B#I#@1'$01#+%1Q+#)'I#%/)-$*#C*L>#/3*W,B-"'#%/@*N^8[<&'K;K.KTL)

'&%

`#W#+#@,0%C'd0"$02D+iU0,%C

aQ#+1P&' E)&' ^##&' 7)()' 3' !$W#+I%@&' H)' 89::M<)' 4%+#@1%$' 0@B2$B#I#@1' %@=' %1P$#1#Ck'
,%+##+' 0@' 32Q1P'CX2+1)' ?68&B#$#<8*#C*L>#/3* -)+* !M,/&'6,@* ]8K<&' 9K.[[)' =20>'
K:)K:KeYEKMeL.:9L98:9<:::M;.w)
j%@D&'w)^)&'O#$%I%&' `)' 3'^%%GC2&'^)'8KLLe<)'4%+#@1Cl'XP3C0,%$'%,10B013&'C2,02#,2@2I0,'
C1%1QC' %@=' #=Q,%102@' %C' X+#=0,12+C' 2W' XP3C0,%$' %,10B013' %@='CX2+1' %I2@D'
,P0$=+#@'%@='32Q1PC>'!'K9'.'3#%+'W2$$2V'.'QX'C1Q=3)'b)3,/)-3'#)-$* Y,"',9*#C*
3 B ,* L # & ' # $ # < 8* # C* L > # / 3 @* ` N 8 [ < &' 9 ; [ . 9 L K )' = 2 0 >' K : ) K K ; ; Y'
K:K9eL:9Le:[K::[:M)
j%X+%G&' S)' 3' ~@$&' J)' 89:K:<)' EX2+1C' X+#W#+#@,#' 2W' X%+#@1C' V01P' =0WW#+#@1' C2,02.
#,2@2I0,' %@=',Q$1Q+%$' $#B#$' W2+',P0$=+#@)' f"'+'%6*j)'",/6'38*E))-$6@* L,/',6*
?B86'&-$* !+%&-3'#)* -)+* L>#/37* L&',)&,@* 2#",2,)3* -)+* B,-$3B&' N[89<&'
[ec.[eL)
j#Q@D&'a)()&' E%@="#+D&'()g)&'H%B0C.S#%@&'4)N)'3'J2WW#+1P&' E)^)' 89::K<)'?P0$=+#@lC'10I#'
V01P' W%1P#+C' 0@' 0@1%,1' W%I0$0#C)' I#%/)-$* #C* P-//'-<,* -)+* 1-2'$8@* ^`8K<@*
K[e.KcM)'=20>'K:)KKKKYf)K;MK.[;[;)9::K)::K[e)h)

'&&

`#W#+#@,0%C'd0"$02D+iU0,%C

2'%3)*4*50/'%()*6",*7"*'%8"$9)
P11X>YYVVV),"C@#VC),2IYC12+0#CY9::9Y:KY:9Y@%102@%$YI%0@[99TKL)CP1I$
P11X>YYVVV)V%CP0@D12@X2C1),2IYVX.=3@Y,2@1#@1Y%+10,$#Y9::eY:[Y:[Y
!`9::e:[:[:K;e[)P1I$
P11X>YYVVV)C2,,#+I2ICQC%),2IY
!!rr)' 89::T<)' !$* S#/2'<%,/#* :* N^k[Kk[c* :* !)3/,"'63-* -* Y%+8* 1,/)5)+,h)' P11X>YY
VVV)32Q1Q"#),2IYV%1,PbB}CXj%CCR%,TT'870@Q12'c>K:<)
!!rr)' 89:K9<)' I#/<,* a#/,)h#* ,)* ,$* B#/2'<%,/#* `7[7' P11X>YYVVV)32Q1Q"#),2IY
V%1,PbB}unTS;|V^w7!'870@Q12'T>Kc<)
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}J0wJK=%%cXN' 8!@Q@,02' @%10$$%C' H!/NO&'
7#CC0&'r0$$%'3'CQC'I%=+#C<)
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}N?97DVc=V/!tW#%1Q+#}WBC+' 8!@Q@,02'
@%10$$%C'H!/NO'7#CC0&'`2"0@P2'3'CQC'I%=+#C<)'
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}:`jLL:R,?Q_' 8!@Q@,02' ?2$%,%2&' /%=%$' 3' CQ'
I%=+#<)
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}y3EGTg1a,(N
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}0WSIA3d;;J:
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}_^JwR6LaG97'8N@1+#B0C1%'%'EP%V@'(2P@C2@'
3'CQ'I%=+#'O#+0'(2P@C2@<)
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}=yPVyAKVa*_' 8N@1+#B0C1%' %' `3%@' ^2,P1#' 3'
CQ'I%=+#'A$#%@%'^2,P1#<)
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}c(1*Q1w?^VN' 8N@1+#B0C1%' %' S#++0' a%$CP.
(#@@0@DC'3'CQ'I%=+#'7%+D0#'a%$CP<)
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}(?dL^KC/nD|' 8N@1+#B0C1%' %' !$#h%@=+#'
H#CX%10#'3'CQ'I%=+#'?P+0C10%@#'H#CX%10#<)'

'&'

7%=+#C'3'H#X2+1#

P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}c2wS6[:_frG'8N@1+#B0C1%'%'*$%=3C'O#f#=%'3'CQ'
I%=+#'7%+,#$0@%'4Q,QPQ%+%@D%<)
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}3$7WuWKJyJM'87QIC' 2@'`%0C0@D'%@'R$3IX0%@)'
?2IX0$%102@<)
P11X>YYVVV)32Q1Q"#),2IYV%1,PbB}QK4;L7!c=@jtW#%1Q+#}+#$IWQ'8_S' !1P$#1#C&'
OP%@G'32Q'7QI<)
P11X>YYVVV)@310I#C),2IY9::TY:TYK:YCX2+1CY2$3IX0,CYK:`X%+#@1)P1I$b
u+}9t2+#W}C$2D0@'8H#,$%+%,02@#C'=#'$%'7%=+#'=#'70,P%#$'4P#$XC<)
P11X>YYVVV)$GV=X$)2+DYV0P2P02Y+Q=2.V0$)P1I'8d02D+%U-%'=#'a0$I%'`Q=2$XP<)

'&(

Anexos

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Anexo 1

!"#

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Laboratorio de Competencia Motriz y Excelencia en el Deporte

Datos Sociodeportivos Deportista

()*$%&+! ! ,! ! ! .)/010+
2)3$4&56$+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!78$'6&9758$:1+
;)<=>$?!0$4&56=>&+!!!!!!"86&#@A=B&!!!!!!!!!!!!!!!!<1B=&#1?!!!!!!!!!!!!!!!!!!!!!C#6$5#1B=&#1?
D)7156=B=41B=@#!E?FA4=B1+!!!!!<E!!!!!!!!!!!!!!!*C!!!!!!!!G/#!H8I!JJEEK
L)!-$M&5!48$'6&!$#!?&'!JJEE
N)!<=>$?!0$!/'680=&'+
1)!<=#O8#&
:)!/'680=&'!75=A15=&'
B)!/'680=&'!*$B8#015=&'
0)!3=4?&A16851!9!P=B$#B=16851
$)!3&B6&510&!9!-Q'6$5
R)!*=681B=@#!P1:&51?!0851#6$!?1!B155$51!0$4&56=>1+
S$B1!3$4&56=>1!!!!!!!! ! ! ! !*=A8?61#$=010!3$4&56$!9!T51:1M&!!!!!!! ! ! /#!415&
U)!/'610&!V=>=?+!!!!*&?6$5&!91!!!!!V&#!415$M1!!!!!!!!!!V1'10&91!W#XY!!!!!!!!!!!!,=80&91
(Z)! G3@#0$! >=>$K+! ! ! ! V&#! '8'! 4105$'! ! ! ! ! ! ! ! ! ! ! ! C#0$4$#0=[10&! WB1'1Y!!
\$'=0$#B=1
(()!GT=$#$!]=M&'K!!!<E!!!!!!!!*C!!!!GV8Q#6&'K
(.)!"^&'!0$!$%4$5=$#B=1!$#!68!0$4&56$+
(2)!"^&'!B&A4=6=$#0&!$#!68!0$4&56$+
(;)!/010!0$!=#=B=&!$#!68!0$4&56$+

!"#

-105$'!_!3$4&56$

(D)!"?!=#=B=&!$#!68!0$4&56$!
1)!*$'=&#$'!'$A1#1?$'+

Laboratorio de Competencia Motriz y Excelencia en el Deporte

:)!`&51'!0$!B101!'$'=@#+
B)!-$'$'!0$!0$'B1#'&+
0)!"^&'!$#!$'61!$6141
$)!GV8Q#6&'!$#65$#10&5$'!68>='6$K+
(L)!/#!$?!4$5=&0&!0$!B5$B=A=$#6&!$#!68!0$4&56$!
1)!*$'=&#$'!'$A1#1?$'+
:)!`&51'!0$!B101!'$'=@#+
B)!-$'$'!0$!0$'B1#'&+
0)!"^&'!$#!$'61!$6141
$)!GV8Q#6&'!$#65$#10&5$'!68>='6$K+
(N)!/#!?1!$6141!0$!$'4$B=1?=[1B=@#!&!1?6&!5$#0=A=$#6&!$#!68!0$4&56$!
1)!*$'=&#$'!'$A1#1?$'+
:)!`&51'!0$!B101!'$'=@#+
B)!-$'$'!0$!0$'B1#'&+
0)!"^&'!$#!$'61!$6141
$)!GV8Q#6&'!$#65$#10&5$'!68>='6$K+
(R)!-Q%=A&!?&O5&!$#!68!B155$51!0$4&56=>1
(U)!GV8Q?!$'9$51!68!'8$^&!0$4&56=>&K
.Z)!GV8Q#6&'!1^&'!??$>1'9$'68>='6$!B&A&!0$4&56='61!45&a$'=&#1?K
.()!GV8Q#6&'!1^&'!]1B$!H8$!6$!5$6=51'6$K!W0$4&56='61'!5$6=510&'Y
..)!GV8Q?!]1!'=0&!68!A$M&5!48$'6&!$#!8#!-8#0=1?K
.2)!_!G$#!8#!/85&4$&K
.;)!GV8Q#61'!>$B$'!]1'!'=0&!V1A4$@#!0$!/'41^1K

!$%

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Laboratorio de Competencia Motriz y Excelencia en el Deporte

Datos Sociodeportivos Madre

()!/010+
.)!G`1!451B6=B10&!0$4&56$K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!78$'6&9758$:1+
2)!G"!H8I!#=>$?K+!!
!\$B5$16=>&!!!!!!!!"86&#@A=B&!!!!!!!!!!<1B=&#1?!!!!!!!!!!!!!!!!C#6$5#1B=&#1?
;)7156=B=41B=@#!E?FA4=B1+!!!!!<E!!!!!!!!!!!!!!!*C!!!!!!!!G/#!H8I!JJEEK
D)!<=>$?!0$!/'680=&'+
1)!<=#O8#&
:)!/'680=&'!75=A15=&'
B)!/'680=&'!*$B8#015=&'
0)!3=4?&A16851!9!P=B$#B=16851
$)!3&B6&510&!9!-Q'6$5
L)!*=681B=@#!P1:&51?+
N)!/'610&!V=>=?+!!*&?6$5&91!!!!!!V&#!415$M1!!!!!!!!!!!!V1'10&91!W#XY!!!!!!!!!!!!!!,=80&91
R)!<bA$5&!0$!]=M&'+!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!78$'6&!H8$!&B841!$?!0$4&56='61+

!$"

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Anexo 2

!$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Laboratorio de Competencia Motriz y Excelencia en el Deporte

Entrevista Deportista - Madre

!"#$%&'()*+,+#(-&.#/0+1#
()! G7&05F1! A=515! 165Q'c! 5$B&5015! _! 0$B=5A$! B@A&! $A4$[@! W'8! ]=M&91Y! $#! $?!
0$4&56$K
'()*+,-./0)123145)')36'7897'6:0;
<()*=,>)70.869<,?5)')@,1)70.89.,'A1)1.)A,)/130681;
7()*=,9>.):1)923,:A'<')')36'7897'6)/130681;B)*306)@,>):1)923,:A'<'.;
/()*+520)9.C:,?5)A,)2'/61)D,A81/E)1.)80/0)1::0;))
1()*F)A,)3'/61;

.)!Gd8I!5$B8$50&'!6=$#$!0$!1H8$??&'!0F1'K

!"#$%&'(-&23//#""#(4&.#/0+1#
2)!"!?&! ?15O&! 0$!6&0&'!?&'!1^&'!$#!'8!0$4&56$c! GH8I!]1B$9]1!]$B]&! '8!A105$!
W8'6$0Y!4151!1_8015?$!1!1?B1#[15!$?!1?6&!#=>$?K
'(*:1)::1G'H::1G'<')')80/0A):0A)A9890A;
<()*:1)G'H9<')')G16)I,J'6;
7()*:1)'.92'H'.92'<';
/()*A1)1.7'6J'H1.7'6J'<')/1)A,)603';

;)! GV@A&! =#e?8_$9=#e?8F1! $#! 8'6$0! W$#! '8! ]=M&91Y! ?1! 1_801! H8$! ?$! 45$'619
45$'61:1!'8!A105$!W8'6$0YK
'()*:1)'?,/'H'?,/'<')1.)A,)/1A'660::0)/130689G0;
<()*:1)316I,/97'H316I,/97'<')1.)A,)/1A'660::0)/130689G0;

!$&

-105$'!_!3$4&56$

D)! G7&05F1! 0='6=#O8=5! 0=a$5$#6$'! 414$?$'! &! 5&?$'! 1! ?&! ?15O&! 0$! '8! B155$51!
0$4&56=>1K
'() *L') 1G0:,790.'/0) 1:) 3'31:) /1) A,) 2'/61) D,A81/E) ') :0) :'6J0) /1) A,) /1A'660::0)
/130689G0;
<() *=,>) :1) A,30.M') ') A,) 2'/61) D,A81/E) 1:) '30?0) @,1) :1) 0N617M') 1.) 1A'A) /9N161.81A)
18'3'A;
7()*O1)P')A,3,1A80)61.,.79'6)0)A'769C97'6)'A31780A)/1)A,)36039')G9/';

!"#$%&'(53.&"&2(6(/#"&2
L)!G7&05F1!B&#B5$615A$!$?!414$?!??$>10&!1!B1:&!4&5!'8!A105$K
'()*+520)/1C9.96M')1A1)3'31:;
<()*Q)@,>)A1)61C9161)7,'./0)P'<:')/1R);

N)!Gd8I!B151B6$5F'6=B1'!6$#F1!$'$!414$?K
'()*SA),.)3'31:)/9N161.81)1.)N,.795.)/1):')'789G9/'/;
<()*SA),.)3'31:)/9N161.81)':)@,1)361A8'):')2'/61)D,A81/E)':)61A80)/1):0A)P162'.0AH'A;

R)! Gd8I! 414$?! 0='6=#6&! 0$'155&??1:1#! '8!A105$! W8'6$0Y! _! '8! 4105$! $#! '8!
0$4&56$K
'() *=,>) /9N161.81A) 2089G'790.1A) P'79') A,) /130681) 30/M'.) 81.16) A,A) 3'/61A) 3'6')
'?,/'6:1)/1)/9N161.81)20/0;

!"#$%&'(7#8&*0#2(4+9:,+"&2
U)!GV8Q?$'!]1#!'=0&! ?&'!A&A$#6&'!0=eFB=?$'!$#!?&'!H8$!4=0=@! $?!14&_&! 0$!'8!
A105$!W'8!14&_&YK
'() *=,>)2021.80A) 1.):') G9/')/130689G')P'.)A,3,1A80) :') .171A9/'/)/1) 70.8'6) 70.) 1:)
'30?0)/1):')2'/61;
<()*O1)'30?'<')1.):'A):1A90.1A;
7()*O1)'30?'<')1.):0A)1A8,/90A;
/()*O1)'30?'<')1.)R);

!$K

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

(Z)!Gd8I!414$?!M8O@!'8!A105$!W8'6$0Y!$#!$??&K
'()*U06)@,>)617:'2'<')')A,)2'/61)D,A81/E)1.)1A0A)2021.80A;
<()*SA)1A3179':):')61:'795.)@,1)891.1)70.)A,)2'/61)D,A81/E;
7()*=,>):1)0N617M')/9N161.81)')A,)3'/61;
/()*V0):1)'30?'<')A,)3'/61)1.):0A)2':0A)2021.80A;

!"#$%&'(;&*%*,+32(6(<3,/+9+,+#2
(()!G"!H8I!]1!5$#8#B=10&!&!'1B5=e=B10&!'8!A105$!W8'6$0Y!4&5!'8!0$4&56$K
'()*L')61.,.79'/0)')A,)360390)0790;
<()*L')61.,.79'/0)')R;
7()*L')A9/0),.)A'769C9790)170.52970;
/()*L')A9/0),.)A'769C9790)').9G1:)N'29:9'6;
1()*L')A9/0),.)A'769C9790)R);

(.)!G`1!5$#8#B=10&! &! '1B5=e=B10&!'8!4105$!?&!A='A&! H8$!'8!A105$! 4&5!'8!

0$4&56$K

!"#$%&'(7#0+13,+#*&2
(2)! `1! 0=B]&! H8$! '8! 414$?! $'! 45=#B=41?A$#6$f!G4&5! H8I! ?$!14&_1!0$! $'$!
A&0&K
'()*=,>):1)::1G')')'30?'6)')A,)P9I0;
<()W,)3'/61B)21)P')/97P0)361A8'),.)'30?0)RB)*306)@,>)7611)@,1):1)'30?')/1)1A1)20/0;

!"#$%&(=*>,4#032
14.!G7&05F1!B&#615A$!1?O8#1!1#IB0&61!0$!'8!0$4&56$!$#!?1!H8$!]1_1!$'610&!
=A4?=B101!'8!A105$!W8'6$0YK

!$T

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Anexo 3

!$#

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Laboratorio de Competencia Motriz y Excelencia en el Deporte

Leyenda Datos Sociodeportivos

?)@AB(-A(A<CD-)E<
()/'680=&'!75=A15=&'
.) /'680=&'!*$B8#015=&'
2) /'680=&'!g#=>$5'=615=&'
;) 3&B6&510&!&!-Q'6$5

<)CD=F)G?(B=!E;=B
()!T51:1M10&51
.) "A1!0$!V1'1
2) J8:=?101
A<C=-E(F)@)B
()!V1'101
.) 3=>&5B=101
2) ,=801

!!"

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Anexo 4

!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Laboratorio de Competencia Motriz y Excelencia en el Deporte

Carta de Presentacin

Estimado Deportista/Madre:

Por el presente escrito deseo solicitar su colaboracin en la Investigacin: EL

PAPEL DE LAS MADRES EN EL DESARROLLO DE LA EXCELENCIA EN EL DEPORTE.

El profesor responsable de este trabajo de Investigacin es el Dr. Luis Miguel

Ruiz Prez, Catedrtico de Universidad de la Facultad de Ciencias del Deporte de la

Universidad de Castilla La Mancha.

Esta investigacin se centra en el estudio del papel de la madre en el desarrollo

deportivo. Se pretende conocer el apoyo prestado en el camino a la excelencia, detallar

los sacrificios que le supone a la madre prestar dicho apoyo y analizar el impacto que ese
deporte de alto nivel tiene en el ncleo familiar.

Le aseguramos que todas las respuestas y datos que obtengamos mediante la

realizacin de esta entrevista sern tratados de manera confidencial y considerados en el

ms absoluto anonimato, respetando su derecho de intimidad.

La transcripcin de la entrevista, as como los informes que se elaboren, se le

remitirn para que de su visto bueno o, en su defecto, realice las modificaciones que
considere oportunas.

Como usted, fui DEPORTISTA y mi inters y motivacin por el Deporte me viene de lejos.
Para cualquier informacin, se puede poner en contacto con nosotros:
LUIS MIGUEL RUIZ PREZ: 925268800 EXT: 5535 LuisMiguel.Ruiz@uclm.es
MIRIAM PALOMO NIETO: 651526113 Miriam.Palomo@uclm.es

Gracias por su atencin, y confiando en su ayuda reciba un cordial saludo

LUIS MIGUEL RUIZ PREZ
MIRIAM PALOMO NIETO

!!&

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Anexo 5

!!T

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"#$%&'

Laboratorio de Competencia Motriz y Excelencia en el Deporte

Autorizacin

V&#! $'61! 186&5=[1B=@#! 1e=5A1! H8$! ]1! 5$B=:=0&! 6&01'! ?1'! $%4?=B1B=&#$'!

H8$! ]1! '&?=B=610&! '&:5$! ?1! A='A1! _!H8$! ]1! '=0&! 61A:=I#! =#a&5A10&91! 0$! H8$!
'8'!016&'!4$5'&#1?$'!'$5Q#!45&6$O=0&'!_!'8!1#&#=A16&!'1?>1O815010&)
!

T&A1#0&! $??&! $#! B&#'=0$51B=@#c! ETE\h"! '8! VE<*/<TC-C/<TE! 4151!

4156=B=415!$#!$'6$!$'680=&)
!

3)93^1)!)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))!0$!)))))))))))))))!1^&'!0$!$010!_!B&#!3<C!
#bA$5&! )))))))))))))))))))))))))))))))))c! A1#=e=$'61! H8$! ]1! '=0&! =#a&5A10&91! 0$! ?1!
=#>$'6=O1B=@#! H8$! '$! ??$>1! 1! B1:&! $#! $?! P1:&516&5=&! 0$! V&A4$6$#B=1! -&65=[!_!
/%B$?$#B=1! $#! $?! 3$4&56$! '&:5$! $?! 414$?! 0$! ?1'! A105$'! $#! $?! 0$'155&??&!
0$4&56=>&! 0$! '8'! ]=M&'91'c! 01#0&! '8! B&#'$#6=A=$#6&! 4151! 4156=B=415! $#! $?!
$'680=&)

/#!))))))))))))))))))))))))))))))))))))c!1!)))))))))))))))))))))))!0$!)))))))))))))))))))))))))))))))))))))!0$!.Z((9(.)

!!i0&)!3)93^1)

V&#61B6&+
P8='!-=O8$?!\8=[!7I5$[+!U.D!.L!RR!ZZc!/%6)!DD2D!j!DD2L
-=5=1A!71?&A&+!LD(D.L((2!j!-=5=1A)71?&A&k8B?A)$'!j!
-=5=1A)71?&A&)<=$6&kOA1=?)B&A!
g#=>$5'=010!0$!V1'6=??1!P1!-1#B]1c!i1B8?610!0$!V=$#B=1'!0$?!3$4&56$!WT&?$0&Y

!!#