Curso Serigrafia Profissional

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 122



 
 
6
222345 376845
89

222"

99 7 59 #
  
!  
$%&'()%*(+,-./0'1('/(2345/(.%(5%4,64'7,'8
9:;<=>?@<:A?A?B;:C:D>?;AE<AFE;CGAGDH:AGI?JA=D>:;:CC?HGI?JA=;KA?B;:DH:;A?AB;?>=F?;A?A
C:;=L;?M=?AB;GM=CC=GD?N<:D>:AGEABG;AOGPPQRSS
TUGAC:;UGAF=>?H?CAD:C>:A<G<:D>GAGCA>=BGCAH:ACEPC>;?>GCAGDH:ABGH:<AC:;A?BN=F?H?CA?CA
=<B;:CCV:CAC:;=L;KM=F?CWACUGA>?D>GCAXE:AC:AMG;:<AF=>?H?CA?NLEDCWAF:;>?<:D>:AC:;UGA
:CXE:F=H?CAGE>;GCRS
YNO:A?GAC:EA;:HG;WA>EHGA?XE=NGAXE:AZGF[AGPC:;Z?A:<AZGN>?WAGEA>:<AH:AMKP;=F?AGEA
BGH:;=?AC:;A?BN=F?H?A?A=<B;:CCUGAC:;=L;KM=F?WABG;A=CCGWABGH:AB:DC?;A:<AC:;AE<A
B;GM=CC=GD?NAH:CC?AK;:?RS
\E?DHGAFG<:]?<GCADGCC?CA?>=Z=H?H:CADGCA?DGCA^_WA>D̀O?<GCAXE:AB?L?;AB?;?AM?a:;A
>GHGA>=BGAH:A=<B;:CCGWA?A=<B;:CCUGAHGA:DZ:NGB:A>=<P;?HGWADGCCGCAMGNH:;CA
BEPN=F=>K;=GCWADGCC?CABN?F?CAH:AF=;FE=>GA=<B;:CCGWA?CAF?<=C:>?CAB;G<GF=GD?=CWA?>bA?A
F?=c?AH:AB?B:NUGAD?AXE?NACUGAH:CB?FO?H?CADGCC?CA:DFG<:DH?CWA:DM=<WAB?LKZ?<GCA
BG;A>EHGAXE:AH:Z:;=?AC:;A=<B;:CCGRS
TUGAbAB;:F=CGAH=a:;AXE:A?A>:;F:=;=a?]UGAHGCAC:;Z=]GCAL:;?<AFEC>GCWAC:<AFGD>?;AXE:A
D:<AC:<B;:AGCAB;?aGCAH:A:D>;:L?ACUGAFE<B;=HGCAB:NGCAB;:C>?HG;:CAH:AC:;Z=]GWA:D>UGWA
?Nb<AH:AL:;?;AH:CB:C?CWADUGA>D̀O?<GCAFG<GAFE<B;=;AGCAB;?aGCAB;G<:>=HGCA?GCA
DGCCGCAFN=:D>:CRS
dD>UGAB?CC?<GCA?AB;GFE;?;AE<?A?N>:;D?>=Z?AB?;?A?ACGNE]UGAH:AHG=CAB;GPN:<?CWA:A
:DFGD>;?<GCAD?AC:;=L;?M=?A?ACGNE]UGWAP?C>?Z?A?B;:DH:;A:AEC?;A?AC:;=L;?M=?ADeCA
<:C<GCWA>;:=D?DHGA?B:D?CAE<?AB:CCG?WAGA;:CEN>?HGAMG=A<E=>GA?D=<?HG;WABG=CA?Nb<AH:A
BGEFGCAFEC>GCWAC:A?B;GZ:=>?A>EHGA:A?AXE?N=H?H:AM=D?NAbAe>=<?RS
fG<GAMG<GCAB=GD:=;GCAD:C>?AK;:?A:<ADGCC?AF=H?H:WAMG<GCAFGDZ=H?HGCA?A<=D=C>;?;A
FE;CGCAB?;?AB:CCG?CAFG<AH=M=FENH?H:CA:<AFGDC:LE=;A:<B;:LGWABG=CAFG<GA?AC:;=L;?M=?AbA
?NLGAXE:ADUGAH:B:DH:AH:A?N>GCAFGDO:F=<:D>GCWA?>bAB:CCG?CAXE:ADUGAC?P:<AN:;WA
?B;:DH:;?<A?AB;K>=F?AH?AC:;=L;?M=?AD?CAC?N?CAGDH:A<=D=C>;?<GCAGCAFE;CGCRS
g?CA:c=C>:<A?XE:N:CA?CAXE?=CADUGABGH:<GCA?NF?D]?;AH:Z=HGA?AH=C>?DF=?AL:GL;KM=F?WA:A
>?NZ:aAZGF[ABGCC?AC:;AE<?AH:C>?CAB:CCG?CAXE:AH:C:h?A?B;:DH:;AE<ABGEFGA<?=CA:A
XE:<AC?P:AFG<BN:<:D>?;ACE?A;:DH?AB:CCG?NAGEAM?<=N=?;A?>;?ZbCAH?AC:;=L;?M=?WABG;A=CCGA
:N?PG;?<GCAE<AFE;CGAGDH:AXE?NXE:;AB:CCG?AXE:AC?=P?AN:;A:AXE:A>:DO?A?F:CCGAiA
=D>:;D:>ABGCC?A?B;:DH:;A?A>?<Pb<AB;?>=F?;A?AC:;=L;?M=?WAB?;?AL?DO?;AE<?AL;?D?A
:c>;?WAXE:<AC?P:AB;GM=CC=GD?N<:D>:AGEA?B:D?CAB?;?AOGPPQRS
jAC:;=L;?M=?AbAE<AB;GF:CCGAL;KM=FGAHGCA<?=CAZ?;=?HGCAXE:AC:A>:<AFGDO:F=<:D>GRAA
A
f:;>?<:D>:AZGF[AhKAGPC:;ZGEA?NLE<?CA=<B;:CCV:CA:AC:AB:;LED>GEAFG<GAMG=AM:=>GAGA
;e>ENGAH?XE:N?AN?>?AGEAH?XE:N?AL?;;?M?AH:A;:M;=L:;?D>:RAA
A
jAE>=N=a?]UGAH:AB;GF:CCGAH:A=<B;:CCUGA:<AC:;=L;?M=?AB:;<=>:A?A=<B;:CCUGACGP;:A
XE?NXE:;ACEB:;MF̀=:RAA
A
dA<:C<GAXE:A?>E?N<:D>:A:c=C>?<AH=Z:;CGCA>=BGCAH:A=<B;:CCUGA=DHEC>;=?N=a?H?WAGA
B;GF:CCGA:<AC:;=L;?M=?AbA<E=>GAP?;?>GA:<A;:N?]UGA?GAH:<?=CAB;GF:CCGCAH:A=<B;:CCUGWA
:ABG;A=CCGAGM:;:F:AE<AF?<BGAH:AGBG;>ED=H?H:CWAB;=DF=B?N<:D>:AB?;?AXE:<AH:C:h?AC:;A
?E>kDG<GA:A>:;ACE?AB;eB;=?A:C>?<B?;=?RA
A
YCAFEC>GCAB?;?A?A<GD>?L:<AH:AE<?A:C>?<B?;=?A:<AC:;=L;?M=?ACUGAP:<AB:XE:DGCWA:A
<:C<GAXE:ADUGAC:h?AB?;?AM=DCAB;GM=CC=GD?=CWAC?P:;AFG<GA=<B;=<=;AF?<=C:>?CWA
?H:C=ZGCWAGEAM?a:;ACE?CAB;eB;=?CABN?F?CAH:AF=;FE=>GA=<B;:CCGWAGEA>EHGAXE:ABGCC?AC:;A
=<?L=D?HGA:<A=<B;:CCUGWABGH:AC:;AM:=>GAFG<AC:;=L;?M=?RSS
SS
(
(
l/-5,.%4'mn%5(5/)4%(5,opq524%%-8
r=Ns@rF;::DAbAE<?AB?N?Z;?AH:AG;=L:<A=DLN:C?WAC=NsAC=LD=M=F?AC:H?A:ACF;::DAC=LD=M=F?A
>:N?WAB?;?ADeCWAFO?<?<GCAC=<BN:C<:D>:AH:AC:;=L;?M=?WAXE:AbA?A<:C<?AFG=C?A:A
C=LD=M=F?A?BN=F?]UGAH:A>=D>?A?>;?ZbCAH:A>:N?RSS
t(3u,o,v'mw/(./(5,opq524%%-8
jAC:;=L;?M=?AbAE<AB;GF:CCGAL;KM=FGAHGCA<?=CAZ?;=?HGCAXE:AC:A>:<AFGDO:F=<:D>GRAA
A
f:;>?<:D>:AZGF[AhKAGPC:;ZGEA?NLE<?CA=<B;:CCV:CA:AC:AB:;LED>GEAFG<GAMG=AM:=>GAGA
;e>ENGAH?XE:N?AN?>?AGEAH?XE:N?AL?;;?M?AH:A;:M;=L:;?D>:RAA
A
jAE>=N=a?]UGAH:AB;GF:CCGAH:A=<B;:CCUGA:<AC=Ns@CF;::DAB:;<=>:A?A=<B;:CCUGACGP;:A
XE?NXE:;ACEB:;MF̀=:RAA
A
dA<:C<GAXE:A?>E?N<:D>:A:c=C>?<AH=Z:;CGCA>=BGCAH:A=<B;:CCUGA=DHEC>;=?N=a?H?WAGA
B;GF:CCGA:<AC:;=L;?M=?AbA<E=>GAP?;?>GA:<A;:N?]UGA?GAH:<?=CAB;GF:CCGCAH:A=<B;:CCUGWA
:ABG;A=CCGAGM:;:F:AE<AF?<BGAH:AGBG;>ED=H?H:CWAB;=DF=B?N<:D>:AB?;?AXE:<AH:C:h?AC:;A
?E>kDG<GA:A>:;ACE?AB;eB;=?A:C>?<B?;=?RA
A
YCAFEC>GCAB?;?A?A<GD>?L:<AH:AE<?A:C>?<B?;=?A:<AC:;=L;?M=?ACUGAP:<AB:XE:DGCWA:A
<:C<GAXE:ADUGAC:h?AB?;?AM=DCAB;GM=CC=GD?=CWAC?P:;AFG<GA=<B;=<=;AF?<=C:>?CWA
?H:C=ZGCWAM?a:;ACE?CAB;eB;=?CABN?F?CAH:AF=;FE=>GA=<B;:CCGWA:DM=<WA>EHGAGAXE:ABGCC?AC:;A
=<?L=D?HGA:<A=<B;:CCUGWABGH:AC:;AM:=>GAFG<AC:;=L;?M=?RA
A
t5('xo,2'mn%5(.'(5%4,64'7,'88
jCAB;=DF=B?=CA?BN=F?]V:CAH?AC:;=L;?M=?ACUGA:<AA:C>?<B?;=?A:<A>:F=HGCWAF?;>?a:CAB?;?A
BEPN=F=H?H:WAM?=c?CABEPN=F=>K;=?CWA?aEN:hGCAH:FG;?>=ZGCWAF?;>V:CAH:AD?>?NAB:;CGD?N=a?HGCWA
BGC>:;CWAFGDZ=>:CWA;G>EN?;AF?<=C:>?CWAMNy<EN?CWAFO?Z:=;GCWA:>=XE:>?CWAB?DMN:>GCWA
:<P?N?L:DCAB?;?AN?>?CWAL?;;?M?CWA:>FRWAH:F?NXE:CWAP;=DH:CWABN?F?CAC=D?N=a?HG;?CAGEA
BEPN=F=>K;=?CWAF?;>?a:CAB?;?ABGǸ>=FGCWABN?F?CAH:AF=;FE=>GA=<B;:CCGAB?;?AF=;FE=>GCA
:N:>;kD=FGCWA:C>?<B?;=?AH:Afz{CAB:;CGD?N=a?HGCWAC?FGN?CABNKC>=F?CWA>?B:>:CWAF?B?CAH:A
N=Z;GCWA>G?NO?CAH:A<:C?WAP;=DXE:HGCAH=Z:;CGCWALE?;H?D?BGCWA:A>EHGA?XE=NGAXE:ACE?A
=<?L=D?]UGABGCC?AF;=?;RAjNb<AH:AC:;AE<AOGPPQWABGH:AC:;AE<APG<A>=BGAH:AD:LeF=GABG;A
C:;A?N>?<:D>:ANEF;?>=ZGA:AXE:A;:XE:;ABGEFGCA=DZ:C>=<:D>GCWA:AB;=DF=B?N<:D>:WABG;XE:A
BGH:AC:;A=D=F=?HGA:<ACE?AB;eB;=?AF?C?RSS
jNb<AH:A:c=L=;AE<A=DZ:C>=<:D>GA<E=>GAB:XE:DGWADUGAbAD:F:CCK;=GAC:;AH:C:DO=C>?AGEA
B=D>G;AB?;?AM?a:;A:C>?<B?CWAZGF[ABGH:A?>bAE>=N=a?;AGCAC:;Z=]GCAH:AE<AH:C:DO=C>?WA=C>GA
C:AZGF[ADUGA>=Z:;AE<AFG<BE>?HG;WA:AF:;>?<:D>:AZGF[A>:<AE<AFG<BE>?HG;WA:D>UGA
FG<AGCAH:C:DOGCADUGAC:;KAB;:F=CGAC:AB;:GFEB?;RASS
A
jNb<AH=CCGWAZGF[A<:C<GABGH:A?H?B>?;AGCAZK;=GCAH:C:DOGCA:c=C>:D>:CA:<A;:Z=C>?CAGEA
D?A=D>:;D:>WAGEA:<A|N>=<GAF?CGWAF;=?;ACE?CAB;eB;=?CA?;>:CAB?;?AC:;=L;?M=?RSS
r:AGCAH:C:DOGCWA?CAM=LE;?CWA?CAB?=C?L:DCWA?CAMG>GL;?M=?CAGEAGCAN?QGE>AB?;?ABN?F?CAH:A
F=;FE=>GA=<B;:CCGWAGEAGAXE:A?ACE?A=<?L=D?]UGABGH:AF;=?;ADUGANO:AHKAyD=<GA:<A;:N?]UGA
?AC:;=L;?M=?WAB:DC:ADGCA;=CFGCAH:APG;H?;WAXE:AHUGAe>=<GCA;:CEN>?HGCABG=CAhKAZ:<AD?A
<:H=H?AF:;>?AB?;?AC:;:<AFGB=?HGCWA:AXE:A>?NAE<?AB:XE:D?AM;?C:AFGNGF?H?AD?AM;:D>:A
H:AE<?AF?<=C:>?AH:A<?NO?}SS
SSS
(
(
(
l/*/(2/*%m'48
YPZ=?<:D>:AH:Z:@C:A=D=F=?;AFG<A?NLGAC=<BN:CAH:A?B:D?CAE<?AFG;AB?;?A=;AB:L?DHGA
:cB:;=[DF=?A?GCABGEFGCRS
T?AC:;=L;?M=?WA?CC=<AFG<GAD?A<?=G;=?AHGCA>;?P?NOGCWAXE?D>GA<?=CAbA;:?N=a?HGAGA
>;?P?NOGWA<?=CAB:;M:=]UGWABG;A=CCGWAbABGCCZ̀:NAXE:ADGCAB;=<:=;GCA>;?P?NOGCA;:?N=a?HGCA
BGCC?<A:c=C>=;AB:XE:D?CAH=M=FENH?H:CAXE:AC:;UGACEB:;?H?CWA:AC:<AB;:hEàGCWABG=CA?A
C:;=L;?M=?A>:<AE<?ACb;=:AH:AZ?D>?L:DCA:<A;:N?]UGA?GCAH:<?=CAB;GF:CCGCAH:A
:C>?<B?;=?WA?AC:;=L;?M=?AbAGA|D=FGAB;GF:CCGAXE:ABGCC=P=N=>?A?A;:B:>=]UGWABG=CA?CA
<?>;=a:CABGH:<AC:;ALE?;H?H?CA:A;:E>=N=a?H?CABG;AZK;=?CAZ:a:CRA
A
dA?A?BN=F?]UGAM=D?NAB:;<=>:AXE:AFGDFG;;?AFG<AL;KM=FGCAH:AMKP;=F?CAC:<A?HXE=;=;A
D:DOE<?A<KXE=D?AF?;?A:AB:;=LGC?RA
A
dA>?<Pb<ABGCC=P=N=>?A=<B;=<=;ACGP;:AGPh:>GCAH:AXE?NXE:;A>?<?DOGAGEAMG;<?>GA:A
>?<Pb<ACGP;:AXE?NXE:;A>=BGAH:ACEB:;MF̀=:AGEA<?>:;=?NRA
A
9?;?AFG<:]?;AC:EAD:LeF=GAH:A:<A:C>?<B?CWAGEAOGPPQWACG<:D>:AE<?AB:XE:D?AK;:?AH:A
CE?AF?C?A:A:XE=B?<:D>GCAH:AB:XE:DGAFEC>GWAXE?NXE:;AB:CCG?WABGH:A=<B;=<=;A
F?<=C:>?CWAH:F?NXE:CWAF?;>?a:CWAF?;>V:CAH:AM:C>?CWAM;GDO?CWAF?N:DHK;=GCWA:>FRA
~5(*'u%4,',5(-%2%554,/58
YCA<?>:;=?=CA:A=DC>;E<:D>GCAD:F:CCK;=GCAB?;?A?AB;K>=F?AH:AC:;=L;?M=?ACUGABGEFGCWA
BG;b<ACUGA=DH=CB:DCKZ:=CRS
9?;?A?AB;K>=F?AH:AC:;=L;?M=?WA=D=F=?N<:D>:AZGF[AZ?=AB;:F=C?;AH:AE<?A<:C?AGEAE<?AA
CEB:;MF̀=:ABN?D?WAH:ADQNGDWAB:H?]GCAH:AC?;;?MGCAB?;?AM?a:;A?A<GNHE;?AGEAFG<B;?;A?A
<GNHE;?AB;GD>?WAH:AE<ABEc?HG;AGEA;GHGWAH:AE<AL;?<B:?HG;AH:A:C>GM?HG;A:AL;?<BGCA
H:A:C>GM?;=?WAH:AE<A<?;>:NGA:AB;:LGCAB:XE:DGCWAH:AE<?A<:C?AH:ANEaWAE<A?N=F?>:AH:A
P=FGWA:<ENCUGAMG>GL;KM=F?WAAC:DC=P=N=a?D>:WAFGN?AB?;?A<?H:=;?WAM=>?AF;:B:AIGBF=GD?NJA
>=D>?CAD?CAFG;:CA?AC:;:<A?BN=F?H?CA:AC?P:;AFG<GAE>=N=a?;AGA<?>:;=?NA<:DF=GD?HGRAA
A
r:ABG;A?F?CGAGAB;?>=F?D>:AH:AC:;=L;?M=?ADUGA>=Z:;A:ADUGA>:;AFG<GA?HXE=;=;AE<A
L;?<B:?HG;WABGH:<AC:;AEC?HGCAB:;F:Z:hGCAI>?FO=DO?CJADGANEL?;AHGCAL;?<BGCWA:A:<A
|N>=<GAF?CGWABGH:<AC:;AE>=N=a?HGCAB;:LE=DOGCAH:AC?B?>:=;GWAH:CH:AXE:AGP>:DO?AE<?A
>:N?AP:<A:C>=F?H?RS

AAAAAAAAAAAAAA AAAAAAAAAAAAAAA A
A
r:AMG;:<AEC?HGCAGCAL;?<BGCWADUGAbAB;:F=CGAEC?;AFGN?A:CB:F=?NAB?;?A<?D>:;A:C>=F?HGAGA
DQNGDWA<?CAC:AGADQNGDAMG;AM=c?HGAFG<A>?FO=DO?CAGEAB;:LE=DOGCAH:AC?B?>:=;GWAbA
;:FG<:DHKZ:NAXE:AC:h?AEC?H?AAFGN?AFG<A?AM=D?N=H?H:AH:A?hEH?;A?AM=c?;AGADQNGDAD?A
<GNHE;?WA?AFGN?A?AXE:A<:A;:M=;GAbAHGA>=BGA:CB:F=?NAB?;?AC:;=L;?M=?WA:AXE:ABGH:AC:;A
M?F=N<:D>:A:DFGD>;?H?A:<ANGh?CA:<AB;GHE>GCAB?;?AC:;=L;?M=?RS
fG<GAC:AGPC:;Z?WAC:AMG;:<ACG<?HGCAGCAZ?NG;:CA?AC:;:<AL?C>GCWADE<AB;=<:=;GA
>;?P?NOGAB?;?AE<AFN=:D>:AhKABGH:;KAC:;A;:?Z=HGA>GHGAGAZ?NG;AL?C>GADGA=DZ:C>=<:D>GA:<A
<?>:;=?=CRSS
SSS
€/o.34'5(/3(3'.4/58
YCAXE?H;GCAGEA<GNHE;?CABGH:<AC:;AM:=>GCAH:A<?H:=;?AGEA?NE<D̀=GWA?AMED]UGAH?A
<GNHE;?AbACEC>:D>?;A:A<?D>:;A:C>=F?HGAGADQNGDRA
A
\E?DHGACUGAE>=N=a?H?CA<GNHE;?CAH:A<?H:=;?WA?AM=c?]UGAH?A>:N?ABGH:AC:;AM:=>?A
B;:M:;:DF=?N<:D>:AFG<AL;?<BGCAH:A:C>GM?;=?WAEC?DHGAE<AL;?<B:?HG;AB?;?A=C>GWA<?CA
D?AM?N>?AHGCAL;?<BGCA:AL;?<B:?HG;WA?AM=c?]UGAH?A>:N?ABGH:AC:;AM:=>?AEC?DHGA>?FO=DO?CA
IB:;F:Z:hGCJAGEA?>bA<:C<GAEC?DHGAB;:LGCAH:AC?B?>:=;GAGEAB?;:F=HGCRA
A
jA<?H:=;?AE>=N=a?H?AD?A<GD>?L:<AH?A<GNHE;?AH:Z:AC:;AP:<AC:F?A:AE<ABGEFGA<?F=?WA
H:AB;:M:;[DF=?AH:AB=DOGAGEAF:H;GWA?A<GNHE;?ABGH:AC:;AM:=>?A?>bAFG<AB:H?]GCAH:A
C?;;?MGCAH:A‚AcA‚AF<WA<?=CA?H=?D>:AC:;KAH:CF;=>GA:<AH:>?NO:CAGCAB?CCGCAB?;?A?A
FGDM:F]UGAHGAXE?H;GAGEA<GNHE;?RSS

A
A
f?CGADUGAC?=P?AFG<GAM?a:;AE<?A<GNHE;?ABG;ADUGA>:;AB:H?]GCAH:A<?H:=;?WAB:]?A?AE<A
<?;F:D:=;GAXE:AM?]?AB?;?AZGF[WAXE?DHGAB:H=;A?GA<?;F:D:=;GAB?;?AM?a:;A?A<GNHE;?WA
DUGA:CXE:]?AH:A=DMG;<?;A?A:N:AGA>?<?DOGAH?A<GNHE;?AIXE?H;GJAXE:AZGF[AH:C:h?WAGCA
C?;;?MGCAE>=N=a?HGCAD?A<GD>?L:<AH?A<GNHE;?AH:Z:<AC:;AH:A‚AcA‚AF<WA<?CAC:A?A
<GNHE;?AMG;A<?=G;AHGAXE:Aƒ_AcAƒ_WAGCAC?;;?MGCABGH:<AC:;A<?=CA;:MG;]?HGCWA?ÀGA
<?;F:D:=;GABGH:ACEL:;=;A?AB?;>=;AHGCA;:C>GNOGCAXE:A:N:ABGCCE=;RSS
„<A<?;F:D:=;GWA=;KAFGP;?;A:<A<bH=?A†A‡R__A?A†A‚R__ABG;AXE?H;GWAH:B:DH:DHGAHGA
>?<?DOGWAhKAXE:A:N:AZ?=AE>=N=a?;A;:C>GCAH:A<?H:=;?AB?;?A=CCGWA?Nb<AH=CCGWAZGF[ABGH:;KA
M?a:;AE<?APG?AB?;F:;=?AFG<A:N:WA:C>?<B?DHGA?NLGAB;GHEa=HGABG;A:N:RS
SSS
€/.%o/5(.'5(*/o.34'58
9?;?A<GD>?;A?A<GNHE;?AH:Z:<GCA>G<?;AFE=H?HGAB?;?AXE:A:N?AM=XE:AM=;<:WA:AC:A
D:F:CCK;=GWAEC?;AFGN?AH:A<?H:=;?WABG=CAbA<E=>GA=<BG;>?D>:AXE:A?A<GNHE;?ADUGAM=XE:A
M;GEc?A:AD:<AM=XE:A>G;>?WA:N?AH:Z:AM=F?;ABN?D?A:AM=;<:A?GAC:;AFGNGF?H?A:<AF=<?AH:A
E<?A<:C?RAA
A
9?;?AXE:<A>;?P?NO?A:<AC:;=L;?M=?WAC?P:AXE:AbAPG<A>:;A:<A<UGCAZK;=GCA>?<?DOGCAH:A
<GNHE;?CAB?;?AE>=N=a?;WAFGDMG;<:AGA>=BGA>;?P?NOGA?AM?a:;WA?CC=<AC:;KABGCCZ̀:NAE>=N=a?;A
E<?A<GNHE;?AH:A?FG;HGAFG<A?CAD:F:CC=H?H:CAHGA>;?P?NOGA?AC:;A:c:FE>?HGRAA
A
T?CANGh?CA:CB:F=?N=a?H?CACUGA:DFGD>;?H?CA<GNHE;?CA:<AZK;=GCA>?<?DOGCWAGCA>?<?DOGCA
<GNHE;?CA<?=CAFG<EDCACUGˆAS
‚_AcA‚ƒF<AA
‚ƒAcA‰_F<AA
‚_AcAƒ_F<AA
ŠƒAcA‹_F<AA
‰_AcAƒ_F<AS

S AH:A
f?CGADUGAH:C:h?;AGEADUGACGEP:;AFG<GAM?a:;WA>?<Pb<A:c=C>:A?ABGCC=P=N=H?H:
FG<B;?;A<GNHE;?CAM:=>?CAD?CANGh?CA:CB:F=?N=a?H?CAGEAB:H=;AB?;?AXE:AE<A<?;F:D:=;GA
M?]?ACGPA:DFG<:DH?RA
A
r:<B;:AbAPG<AN:<P;?;AXE:AE<APG<A>;?P?NOGAM=D?NAH:A=<B;:CCUGAH:B:DH:AH:AE<?A
<GNHE;?AP:<AM:=>?WAP:<AD=Z:N?H?A:AP:<AM=;<:WAC:<AM?N?;AXE:AGADQNGDAH:Z:AM=F?;A:A
:C>?;AP:<A:C>=F?HGRSS
SSS
88
€/-u'6%*(*'-3'o(.'(u%o'8
jA<GD>?L:<AH?A>:N?AbAE<?AGB:;?]UGAH:AL;?DH:A=<BG;>yDF=?WABG=CAE<?APG?A<GD>?L:<A
FG<AGADQNGDAP:<A:C>=F?HGA:AP:<ABN?DGWACUGAM?>G;:CAMEDH?<:D>?=CAD?AB:;M:=>?A
;:B;GHE]UGRAS
jA<GD>?L:<A<?DE?NAbA?AMG;<?A<?=CA:<B;:L?H?AXE?DHGA<GD>?<GCA?A>:N?AFG<A
>:F=HGCAFG<GAGADQNGDWAC:H?AGEABGN=bC>:;A:<A<GNHE;?CAH:A<?H:=;?RS
dAbADGA>=BGAH:A<GD>?L:<A<?DE?NAXE:AF:D>;?N=a?;:<GCAGADGCCGA:C>EHGWA=CCGABG;XE:A
Z=C?<GCAXE:AC:h?<AM:=>?CA?BN=F?]V:CAC:<AGAECGAH:A<KXE=D?CWA<?=CA?H=?D>:AF=>?;:<GCA
Œ?B:>;:FOGCŒAXE:ABGH:;UGAM:=>GCA:AE>=N=a?HGCAD?AC:;=L;?M=?WA:ADGA<G<:D>GA?B;GB;=?HGA
C:;KAH:CF;=>?A?A<GD>?L:<AH?A>:N?AB?CCGA?AB?CCGA:AFG<A>GHGCAGCAH:>?NO:CRA
A
jA<GD>?L:<A<?DE?NADUGAC:;KABGCCZ̀:NAC:AMG;:<AEC?HGCA>:F=HGCA<:>KN=FGCWAD:C>:AF?CGWA
H:Z:<AC:;AE>=N=a?HGCA?B?;:NOGCA:CB:F=?=CAB?;?A:C>=F?;A:AM=c?;A?CA>:N?CRSS
€/-u'6%*(./(-o/-(-'(*/o.34'8
fG;>:AGADQNGDAFG<AƒAF:D>`<:>;GCA<?=G;AH:AF?H?AN?HGA:<A;:N?]UGAiA<GNHE;?WA=CCGA
C=LD=M=F?AXE:AC:A?A<GNHE;?A>=Z:;A‚_AcA‚ƒWAGAB:H?]GAH:ADQNGDAGEABGN=bC>:;AH:Z:;KA>:;AŠ_A
cAŠƒAF:D>`<:>;GCRSS
SSS
YPC:;Z:A?AM=LE;?A?GAN?HGˆS
dC>=XE:AGADQNGDAB?;?AXE:AM=XE:AP:<A:C>=F?HGWAB?;?AXE:A?A
>:N?ADUGAPG;;:AD?AOG;?AH?A=<B;:CCUGRS
jGAL;?<B:?;WAFGNGXE:AGCAL;?<BGCWA>?FO=D?CAGEA
B;:LE=DOGCWAiAE<?AH=C>yDF=?AH:A<?=CAGEA<:DGCA‡A
F:D>`<:>;GAF?H?RS
YADQNGDAH:Z:AC:;AM=c?HGADGCAXE?>;GAF?D>GCWAC:<B;:A
BEc?DHGAGADQNGDAH:A<?D:=;?AXE:AM=XE:AP:<A:C>=F?HGAB?;?A
XE:A?A>:N?ADUGAPG;;:AD?AOG;?AH?A=<B;:CCUGRS
YADQNGDAH:Z:A:C>=F?HGAFG<A<E=>GAFE=H?HGA:AEC?DHGA
?B:D?CAGCAH:HGCRS
S
S
SS
fGNGXE:AGCAL;?<BGCWA>?FO=DO?CAGEAB;:LE=DOGCA
H=C>?DF=?HGCA:<A<?=CAGEA<:DGCA‡AF:D>`<:>;GRAYPC:;Z:A
?AM=LE;?A?GAN?HGRS
SS
SS
SS
SS
SS
SS
9Ec:AGADQNGDADGAC:D>=HGAHGAFG<B;=<:D>GAH?A<GNHE;?A:A
M=c:AGA>:;F:=;GAF?D>GRAYPC:;Z:A?AM=LE;?A?GAN?HGRS
SS
SS
SS
SS
SS
9Ec:AGADQNGDADGAC:D>=HGAH=?LGD?NA:AM=c:AGAXE?;>GAF?D>GRA
YPC:;Z:A?AM=LE;?A?GAN?HGRS

S
jBeCA>:;AM=c?HGAD?AH=?LGD?NWAZ?<GCAFG<:]?;A?AFGNGF?;A
GCAL;?<BGCWA>?FO=DO?CAGEAB;:LE=DOGCWAC:<B;:A
:C>=F?DHGAGADQNGDA?>bA>:;<=D?;RSS
Ž:<P;:@C:ˆAYADQNGDAH:Z:A:C>=F?HGAFG<A<E=>GAFE=H?HGA:A
EC?DHGA?B:D?CAGCAH:HGCRS

z:BG=CAH:AL;?<B:?HGAGEAB;:L?HGAGADQNGDAD?A<GNHE;?WAFG;>:A?CACGP;?CAHGADQNGDWA:A
S

FGNGXE:AE<?AAM=>?A?H:C=Z?AXE:AFEP;?AGADQNGDA:A?A<:>?H:AH?A<GNHE;?WA=CCGAC:;Z=;KAB?;?A
:Z=>?;AXE:A?A>=D>?A:CFG;;?ABG;A:N?RS
z:>?NO:CAH?A<GD>?L:<AH?A>:N?A:<AZH̀:GWAC:;KA<GC>;?HGA:<A<G<:D>GAGBG;>EDGWA<?=CA
?H=?D>:RSS
SSS
%-5w/(x/4(4'-34'58
d<A<GNHE;?CAB;GZ=H?CAH:A;?DOE;?CAIFG;>:CANGDLGCA:A:C>;:=>GCJWAGADQNGDAbAFGNGF?HGA:A
:C>=F?HGA>:<BG;?;=?<:D>:AFG<A>?FO=DO?CAGEAB:;F:Z:hGCRSS

A A
jCC=<WA?GAC:A:DF?=c?;A?CA;=B?CAD?CA;?DOE;?CAGEAZ=DFGWA?E>G<?>=F?<:D>:AGADQNGDAC:;KA
?B:;>?HGWAB;GHEa=DHGAE<?A>:DCUGAFG<BN:>?WAH:C>?AMG;<?WAGADQNGDAM=F?;KAP:<A
:C>=F?HGRAS
A A
YCAC?;;?MGCAE>=N=a?HGCAH:Z:<AC:;AM=c?HGCAFG<AB?;?MECGCAB?;?AXE:ADUGAC:ACGN>:<A
HE;?D>:AGA>;?P?NOGRAS

A A
9?;?AXE:AC:h?<AFGNGF?HGCAGCAB?;?MECGCADGCAC?;;?MGCWAGCAC?;;?MGCAH:Z:<AC:;AME;?H?CA
B;:Z=?<:D>:WAB?;?AXE:ADUGAC:A;?FO:<A?GAC:;:<AFGNGF?HGCAGCAB?;?MECGCRAS

A
A
jBeCA>:;A:C>=F?HGA:AM=c?HGAP:<AGADQNGDWAZ:<AGA?F?P?<:D>GWAXE:AbAGAFG;>:AH?ACGP;?A
HGADQNGDA:A?AFGNGF?]UGAH:AE<?AM=>?A?H:C=Z?WAFG<A?AM=D?N=H?H:AH:AZ:H?;AGADQNGDAhED>GA?A
<GNHE;?WAH:AMG;<?AXE:A:Z=>:AGAZ?a?<:D>GAH:A>=D>?A:D>;:A?A<GNHE;?A:AGADQNGDRAS
S S
%-5w/(2/*(/('3‘’o,/(.%('o,2'u%(%5x%2,'o8
T:CC:AC=C>:<?AZGF[ACeAB;:F=C?;KA>:;A:<A<UGCAE<A?N=F?>:AXE:A>:DO?AHE?CAFO?B?CA
<:>KN=F?CAH:A?B;Gc=<?H?<:D>:A‚_A?A‚ƒF<AH:AFG<B;=<:D>GRAA
A
dCC:A>=BGAH:A?N=F?>:AH:Z:A>:;AL?;;?CAXE:ABGCC=P=N=>:AB;:DH:;AGADQNGDWA?BG=?DHG@GADGA
XE?H;GAB?;?AXE:AC:h?ABGCCZ̀:NA:C>=FK@NGA?GA<Kc=<GA:AB;:DH[@NGAFG<AL;?<BGCAH:A
:C>GM?HG;WAFG<A:C>:AB;GF:CCGAbABGCCZ̀:NA<GD>?;AXE?>;GAXE?H;GCAH:AE<?ACeAZ:aRS

A
A
YAB;GF:CCGAH:A>:DCUGAFG<A?EcǸ=GAHGA?N=F?>:A:CB:F=?NAFGDC=C>:A:<A:CFGNO:;AXE?>;GA
<GNHE;?CAHGA<:C<GA>?<?DOGA:AFGNGFK@N?CACGP;:AE<?A<:C?AP:<AD=Z:N?H?WAMG;<?DHGA
E<AXE?H;?HGRAS
A A
fGNGF?;ACGP;:A?CAXE?>;GA<GNHE;?CAE<AB:H?]GAH:ADQNGDAƒAF:D>`<:>;GCA<?=G;AH:AF?H?A
N?HGWA=C>GAC=LD=M=F?AXE:AC:AMG;:<AE>=N=a?HGCAD:C>:AB;GF:CCGAH:A<GD>?L:<WAXE?>;GA
XE?H;GCAH:A‚_AcA‚ƒAF:D>`<:>;GCWAGADQNGDAH:Z:;KAC:;AFG;>?HGAFG<AGA>?<?DOGA‰_AcA‹_A
F:D>`<:>;GCRS

S A<GNHE;?CAhED>?CRASS
“;?<B:?;AE<?AH?CA:c>;:<=H?H:CA:<AE<AHGCAN?HGCAH:AHE?C
SS S
fGNGF?;AGCAGE>;GCAXE?H;GCAGEA<GNHE;?CA:DFGC>?H?CAD?XE:N:CAXE:AhKA>:<AGADQNGDA
L;?<B:?HGWA:A=D=F=?;A?ADGZ?A:>?B?AH?AL;?<B:?]UGRAS

“;?<B:?;A?AGE>;?A:c>;:<=H?H:AHGADQNGDASDGCAGE>;GCAHG=CAXE?H;GCAH:A<?D:=;?AXE:AGA
DQNGDAM=XE:A‚AGEAŠAF:D>`<:>;GCA<:DG;AXE:A?CA<GNHE;?CRAS
r:AMG;AM:=>GAFGDMG;<:AH:CF;=>GWA?GA:C>=F?;AGADQNGDAB?;?AL;?<B:?;WA?CA<GNHE;?CAM=F?;UGA
N=L:=;?<:D>:AN:Z?D>?H?CACGP;:A?ACEB:;MF̀=:ABN?D?RAS
jB:;>:AFG<A?CA<UGCAGCAXE?>;GAF?D>GCACGP;:A?A<:C?AGEACEB:;MF̀=:ABN?D?A:A:<BE;;:@GCA
B?;?AP?=cGWAM?a:DHGAFG<AXE:AM=XE:<AD?AOG;=aGD>?NA:<AF=<?AH?ACEB:;MF̀=:RAS
z:BG=CAZ=;:AGAXE?H;GAH:A<?D:=;?AXE:AGADQNGDAM=XE:AB?;?AP?=cGA:AGCAXE?H;GCAB?;?A
F=<?WAB?;?AM?F=N=>?;WABGH:<AC:;AB;:L?HGCAIB;GZ=CG;=?<:D>:JAC?;;?MGCAB?;?AXE:AGCA
XE?H;GCADUGAZGN>:<AiACE?ABGC=]UGAG;=L=D?NA:AGADQNGDAZ:DO?A?AM=F?;AM;GEcGWA?GAZ=;?;AGA
XE?H;GA:A?GAC:;AB;:CC=GD?HGAB?;?AP?=cGWA>:DH:A?A:C>=F?;AGADQNGDAB?;?AC:;ABGCCZ̀:NA
L;?<B:?;AGADQNGDA:C>=F?HGRAS
“;?<B:=:AGADQNGDA:<AE<AHGCAN?HGCAXE:A:C>UGACGN S>GCA:AFG<AGA?EcǸ=GAHGA?N=F?>:A
:CB:F=?NAZGF[AM=c?;KAGADQNGDAM?a:DHGAGA:C>=F?<:D>GAM=D?NRAS

S
”GF[AH:Z:A:C>=F?;AGADQNGDA?GA<Kc=<GAXE:AC:EA?N=F?>:A?NF?D]?;A:A?CC=<A:C>=F?HGA
H:Z:;KAC:;AL;?<B:?HGWAM?]?A=CCGA?>bA:C>=F?;A>GHGAGA|N>=<GAN?HGRAS
z:BG=CAXE:AGCAB?CCGCAH:CF;=>GCA?F=<?AMG;?<A:c:FE>?HGCWAH:Z:AC:;AAB?CC?HGAFGN?AD?CA
:c>;:<=H?H:CAHGADQNGDRAS

S?AM=c?;A?CA:c>;:<=H?H:CWACeAXE:A
•?<Pb<AC:;KABGH:;KABGCCZ̀:NAE>=N=a?;AGCAL;?<BGCAB?;
?GA=DZbCAHGCAL;?<BGCAM=F?;:<AHGAN?HGAH:AMG;?AHGAXE?H;GWA:N:CAM=F?;UGAD?ACE?AM?F:A
M;GD>?NWABG;AF=<?AHGADQNGDRAS
dC>=F?HGA:AB;:CGADQNGDWABGH:;UGAC:;AFG;>?H?CA?CAP:=;?H?CS AHGADQNGDAXE:AM=F?;?<A
CGP;?DHGRAS
jD>:CAH:AFG;>?;A?CACGP;?CWAC:AE>=N=aGEAFGN?WAZ:;=M=XE:AC:A?AFGN?A:C>KAC:F?WAC:A:C>=Z:;A
C:F?AZGF[ABGH:;KAB?CC?;AE<A:C>=N:>:ADGA<:=GAHGCAXE?H;GCWA>:DHGA?CC=<AXE?>;GA>:N?CA
B;GD>?CRAS

S
z:BG=CAXE:AZGF[A>:;<=D?;A:CC:AB;GF:CCGABGH:;KA>=;?;A?CA;=B?CAXE:A>=DO?<AC=HGA
B;:L?H?CAAB?;?A<?D>:;A?A>:N?A:C>=F?H?RS

S
TGAM=D?NAH:C>:AB;GF:CCGAZGF[A>:;KAXE?>;GA>:N?CAB;GD>?CRS
S

SS S
SSS
(
(
(
€%5'(SS
„<?APG?A<:C?AB?;?A?BN=F?]UGAH?A>=D>?AbAE<A=>:<A<E=>GA=<BG;>?D>:AB?;?AGA
H:C:DZGNZ=<:D>GAH:AE<APG<A>;?P?NOGAH:A=<B;:CCUGRAS
r:AGANGF?NA:CFGNO=HGAB?;?AGA>;?P?NOGA>=Z:;ABGEFGA:CB?]GWABGH:AC:;AEC?H?A?B:D?CAE<?A
<:C?AFG<ACEBG;>:CAXE:AM?F=N=>?<A?A>;GF?AH:A<GNHE;?RAS
jA<:C?AD:C>:A>=BGAH:AGB:;?]UGAH:Z:A>:;ACE?CAH=<:DCV:CAE<ABGEFGA<?=G;:CA:<AF?H?A
N?HGAH?CA<GNHE;?CWA<?=CAGEA<:DGCAŠ_AF:D>`<:>;GCRAS
jA?N>E;?A=H:?NAH:AE<?A<:C?AH:Z:AC:;AH:A–ƒAF:D>`<:>;GCWA:ADEDF?A=DM:;=G;A?A:C>?A
<:H=H?RAS
„<?A<:C?AFG<A–ƒAF:D>`<:>;GCAH:A?N>E;?AM?F=N=>?A?A:c:FE]UGAHGA>;?P?NOGAH?DHGA?GA
C:;L̀;?MGAE<?ABGC=]UGAFk<GH?RAS
9GH:AC:;AEC?H?AB?;?A:C>?AM=D?N=H?H:AE<?A<:C?AMG;?AH:AECGWA:A>?NZ:aA?>bA:c=C>?AE<?A
H=CBGDZ̀:NAD?ACE?AF?C?WAC:ADUGA>=Z:;WAC:;KAP:<AMKF=NA<GD>?;AE<?RAS
\E?NXE:;A<:C?AXE:A>:DO?A‡ƒ_AF:D>`<:>;GCAI‡RƒA<RJAH:AFG<B;=<:D>GWAN?;LE;?AH:A‡__A
F:D>`<:>;GCAI‡A<RJA:A:CB:CCE;?AH:A‚A?AŠAF:D>`<:>;GCA:AFG<GAhKAF=>?HGWA?N>E;?AH:A–ƒA?A
^ƒAF:D>`<:>;GCRAS
YANGF?NA?H:XE?HGAB?;?A?AFGNGF?]UGAH?A<:C?AH:Z:AC:;AE<ANGF?NAXE:AGM:;:]?AGA<Kc=<GA
H:A=NE<=D?]UGA:AZ:D>=N?]UGRSS
$3x/4u%5(%(6'44'5(SS
dc=C>:<AZK;=GCA>=BGCAH:ACEBG;>:CAEC?HGCAD?AC:;=L;?M=?WA:AXE:A>[<AFG<GAGPh:>=ZGA
B;=DF=B?NAM=c?;AGEA?M=;<?;A?A<GNHE;?RAS
jNLEDCA>=BGCAH:ACEBG;>:ABGH:AC:;AM:=>GAB:NGAB;eB;=GAC:;L̀;?MGRS
YA<?=CAC=<BN:CAbAM:=>GAFG<AE<AB:H?]GAH:A<?H:=;?WAH:AB;:M:;[DF=?AH?A<:C<?A
:CB:CCE;?AH?A<GNHE;?A:AbAM=cGABG;A<:=GAH:AB?;?MECGCAD?AB;eB;=?AA<:C?RAS

jA<GNHE;?AH:Z:AC:;AFGNGF?H?AhKAFG<A?A>:N?A:AB;S:C?AiCAHGP;?H=]?CRAS
dC>:AbAE<AB;GF:CCGAC=<BN:CWAbAGPZ=GAXE:A:c=C>:<A<KXE=D?CACGM=C>=F?H?CA:A?H:XE?H?CA
B?;?AC:;=L;?M=?A:AXE:AhKAZ:<AB;GD>?CWA;:C>?DHGA?B:D?CA?GAC:;L̀;?MGAFGNGF?;A?A>:N?CA:A
=<B;=<=;RAS
g?CA<E=>?CAZ:a:CWAB?;?AFG<:]GAH:AB;GM=CCUGWAGCA;:FE;CGCAB?;?A=DZ:C>=<:D>GCACUGA
B:XE:DGCRS
g?CAbABGCCZ̀:NA=<B;GZ=C?;AFG<Ae>=<GCA;:CEN>?HGCWAE>=N=a?DHGAE<?A<:C?AMG;?AH:AECGWAbA
FN?;GWA:<APG?CAFGDH=]V:CWAB;=DF=B?N<:D>:ADGAXE:AC:A;:M:;:AiACEB:;MF̀=:AXE:AbAE<A=>:<A
HGCA<?=CA=<BG;>?D>:CRAS
jACEB:;MF̀=:AH?A<:C?AGDH:AZGF[A=;KA=<B;=<=;AGAC:EACEPC>;?>G—AH:Z:;KA:C>?;A
FG<BN:>?<:D>:AN=<B?A:AN=C?WABG=CAXE?NXE:;A>=BGAH:ACEh:=;?AFG<GAL;UGCAH:A?;:=?WAM=?BGCWA
M=>?CA?H:C=Z?CWA:DM=<WAXE?NXE:;AFG=C?AXE:A:C>=Z:;AD?A<:C?AH:=c?;KA?A<?;F?ADGA<?>:;=?NA
=<B;:CCGRAS
r:A?ACEB:;MF̀=:ADUGAMG;AP:<ABN?D?WABGH:;KA?FGD>:F:;AXE:A:<AH:>:;<=D?HGCABGD>GCA?A
>=D>?ADUGAB:LE:ADGACEPC>;?>GWAH:=c?DHGAM?NO?CAD?ACE?A=<B;:CCUGRS
—ArEPC>;?>GAbAGADG<:AH?HGA?AH=Z:;CGCA>=BGCAH:A<?>:;=?NAXE:AZGF[A=<B;=<=;KRAS
SSS
˜'44'5(.%(*%u'o(8
jCAL?;;?CAH:A<:>?NACUGA:<AMG;<?AH:AE<AfWA:ABGCCE:<A>:<AE<AGEAHG=CAB?;?MECGCA
B?;?AM=;<?;A?A<GNHE;?WAGEAC:h?WA?A>:N?RAS

S
dc=C>:<AL?;;?CAP:<AC=<BN:CWAE<ABGEFGA<?=CA:C>;:=>?CWAFGD>:DHGA?B:D?CAE<AB?;?MECGA
H:A?B:;>GRS

S
•?<Pb<A:c=C>:<AL?;;?CAHEBN?CAXE:ACUGA<?=CAFG<B;=H?CA:AFGD>[<AHG=CAB?;?MECGCAH:A
?B:;>GRS
AjCAL?;;?CAH:A<:>?NABGH:<AC:;A:DFGD>;?H?CA:<AF?C?CA:CB:F=?N=a?H?CA:<A<?>:;=?=CA
B?;?AC:;=L;?M=?WA:c=C>:A>?<Pb<AXE:<A<?DH:AM?a:;AL?;;?CA:CB:FM̀=F?CA:<A>G;D:?;=?RS
\E?DHGA?AL?;;?A>=Z:;A?ACE?A:CB:CCE;?AE<ABGEFGAL;GCC?WAH:Z:@C:AEC?;AE<A<?>:;=?NA
?H=F=GD?NAB?;?AD=Z:N?;AE<ABGEFGRAS
S
YA<?>:;=?NAB?;?AD=Z:N?;ACeAH:Z:AC:;AEC?HGAXE?DHGA?AH=M:;:D]?AMG;A<E=>GAL;?DH:WA
BG;XE:AD?AAZ:;H?H:A?A>:N?ADUGAH:Z:AM=F?;AFG<BN:>?<:D>:A:DFGC>?H?AD?A<:C?RAS
r:A?A>:N?AM=F?;A:DFGC>?H?AD?A<:C?WAFG;;:@C:AGA;=CFGAH:APG;;?;AGA>;?P?NOGA=<B;:CCGRAS
dD>;:A?A<GNHE;?AFG<A?A>:N?A:A?A<:C?WAH:Z:A>:;A<?=CAGEA<:DGCAŠA<=Ǹ<:>;GCAH:A
:CB?]GRAS
9G;>?D>GWAA-w/(™(2/44%u/(.%,‘'4(2/*xo%u'*%-u%(-,+%o'.'A?A>:N?AFG<A?ACEB:;MF̀=:A
H?A<:C?WAZ:h?AD?AM=LE;?A?P?=cGAGA:;;GA?AXE:A:C>?<GCADGCA;:M:;=DHGˆS

S
jGAB?CC?;AGABEc?HG;WA?A>:N?AH:Z:;KAF:H:;A:A?BeCAGABEc?HG;A>:;AC=HGAB?CC?HGWA?A>:N?A
H:Z:;KAZGN>?;A?ABGC=]UGADG;<?NRAS
jA>:N?AH:Z:;KAC:;A:DF?=c?H?AH:D>;GAH?AL?;;?A:AEC?HGAGAB?;?MECGAB?;?A?B:;>?;WA
H:=c?DHGA?A>:N?AM=;<:RAS
jCAL?;;?CAFG<AHG=CAB?;?MECGCAH:A?B:;>GACUGA?CA<?=CA=DH=F?H?CWA>:DHGA:<AZ=C>?AXE:A:N?A
:C>?;KAM=;<:A:<AHG=CABGD>GCWA?GA=DZbCAH:A?B:D?CAE<RAS
S
\E?DHGA:c=C>:AE<ACeAB?;?MECGAH:A?B:;>GWA?A>:N?AM=F?ACEh:=>?A?AL=;?;A:ADGAF?CGAH:A
:DF?=c:AH:AFG;:CABGH:;UGAC:AH:C:DF?=c?;RSS
SSS
š3‘'./4(/3(4/./88
›A<E=>GA=<BG;>?D>:AXE:AGAC:;L̀;?MGAFGDO:]?A?CAF?;?F>:;C̀>=F?CA:A?CA=DMNE[DF=?CAHGA
BEc?HG;WABG=CAH:N:A:AH:AC:EA<?DEC:=GAH:B:DH:;KA?AXE?N=H?H:A:A?AH:M=D=]UGAH?A
=<B;:CCUGRAS
jAMED]UGAHGABEc?HG;AbAH:ABEc?;A?A>=D>?ACGP;:AGADQNGDWAB;:CC=GD?DHG@?WA:AH:C>?AMG;<?WA
M?a:DHG@?AB?CC?;AB:NGCA<=D|CFENGCAME;GCAH?A>;?<?AHGADQNGDRAS
YABEc?HG;AbAMG;<?HGAH:AE<?AB:]?AH:A<?H:=;?A:AE<?ANy<=D?AH:APG;;?FO?WABGH:DHGA
C:;AFG<B;?HGAGEA?>bA<:C<GAM:=>GA:<AF?C?RSS

S
,x/5(œ%(/44'2'588
jAPG;;?FO?AC=D>b>=F?A>:<AFG<GAB;=DF=B?NAF?;?F>:;C̀>=F?CA?AFG;AB;:>?RSS
9GCCE=APG?A;:C=C>[DF=?A?ACGNZ:D>:CA:A?A?P;?CUGWA<?CABGCCEÀGA=DFGDZ:D=:D>:AH:A
:CFE;:F:;A?A>=D>?WAB;=DF=B?N<:D>:A?CA>=D>?CA>;?DCB?;:D>:CAFN?;?CWABG=CAFG<AGA?>;=>GAD?A
<?>;=aWA:N?ACGN>?ABeAH:APG;;?FO?AFG<AFGNG;?]UGA:CFE;?RSS
/44'2'(-,u4,o’2'S
jAPG;;?FO?AD=>;=ǸF?A>:<A?AFGNG;?]UGAF=Da?AFOE<PGWADUGA:CFE;:F:A?A>=D>?A>?D>GAXE?D>GA
?AC=D>b>=F?WA:AbA<?=CA;:C=C>:D>:A?GCACGNZ:D>:CA:A?A?P;?CUGRS
/44'2'(š/o,34%u'-/S
jAPG;;?FO?AH:ABGN=E;:>?DGA:C>KAiAH=CBGC=]UGA:<AH=M:;:D>:CAFGNG;?]V:CWA:C>:A>=BGAH:A
PG;;?FO?ABGCCE=A?N>?A;:C=C>[DF=?A?A?P;?CUGA:A=CCGAC=LD=M=F?ANGDL?AHE;?P=N=H?H:WA
B:;<=>=DHGAXE:AGAB:;M=NADUGAC:A?N>:;:A:<ANGDL?CAhG;D?H?CAH:A>;?P?NOGWA?Nb<AH:AC:;A
:c>;:<?<:D>:A;:C=C>:D>:A?ACGNZ:D>:CWA:<AL;?DH:A<?=G;=?WAbAGA<?>:;=?NAE>=N=a?HGAB?;?A
GCA;GHGCWAGA|D=FGA=DFGDZ:D=:D>:AH?APG;;?FO?AH:ABGN=E;:>?DGAbAXE:A:N?AL:;?AF?;L?A
:N:>;GC>K>=F?RS
888
ž'v%-./(3*(x3‘'./488
YCABEc?HG;:CACUGA:DFGD>;?HGCAhKAB;GD>GCAB?;?A?AZ:DH?WA<?CA=C>GADUGA=<B:H:AXE:A
ZGF[ABGCC?AM?a:;AGAC:EAB;eB;=GABEc?HG;WA:c=C>:<ABEc?HG;:CAFG<AH=Z:;CGCA>?<?DOGCWA
:AGA>?<?DOGAH:B:DH:AH?A?BN=F?]UGWABGH:DHGAC:;AH:AƒAF<A?AAE<A<:>;GAGEA<?=G;WA<?CA
bAPG<AC?P:;AFG<GAbAM:=>GWABG=CABGH:<A:c=C>=;AC=>E?]V:CA:<AXE:AZGF[A<:C<GAH:Z?A
M?a:;AC:EABEc?HG;WAC:ADUGAB;:F=C?;WA?AM=D?N=H?H:AB?CC?A?AC:;AH=HK>=F?RAS
›A<E=>GAC=<BN:CAM?a:;AE<ABEc?HG;A:ADUGA;:XE:;AM:;;?<:D>?CACGM=C>=F?H?CWAP?C>?AE<A
C:;;G>:WA<?;>:NGWAB;:LGCWA<?H:=;?A:A?APG;;?FO?AXE:AH:Z:AC:;AFG<B;?H?A:<AF?C?CA
:CB:F=?N=a?H?CAH:A<?>:;=?=CAB?;?AC:;=L;?M=?RAS
9;:F=C?<GCAH:AE<AB:H?]GAH:A<?H:=;?WAH:AB;:M:;[DF=?AP:<AC:F?WAFG<A‚AF<AH:AN?;LE;?A
BG;A^AF<AH:A?N>E;?RAS
fG<A?AN=c?WA?;:HGDH:A?AB?;>:ACEB:;=G;AB?;?AM?F=N=>?;AGA<?DEC:=GWA:C>?AB?;>:AbA
FO?<?H?AH:A:<BEDO?HE;?RSS

S
jAC:LE=;AH:Z:<GCAB;GZ=H:DF=?;AHG=CAC?;;?MGCAB?;?AC:;:<AB;:L?HGCA:AFGNGF?HGCAD?A
<?H:=;?RAS
S
YAC?;;?MGAH:Z:AC:;AB;:L?HGA:AFGN?HGWAH:=c?DHGAGA:CB?]GA?H:XE?HGAB?;?AC:;AFGNGF?H?A
?APG;;?FO?RSS

S
jAPG;;?FO?AH:Z:AC:;AHGA>?<?DOGA:AN?;LE;?AHGA:CB?]GA:D>;:AGCAC?;;?M=DOGCCRASS
9?;?AM=c?;A?APG;;?FO?WAFGNGXE:@?ADGA:CB?]GAN=Z;:A:D>;:AGCAC?;;?M=DOGCA:AB;:LE:@?A
D:N:CRS
fG<GAHKAB?;?AB:;F:P:;WAGABEc?HG;AbAP:<AC=<BN:CWA<?CAbAMEDH?<:D>?NAB?;?AE<?APG?A
=<B;:CCUGRSS
S
fO:LGEAGA<G<:D>GAH:AEC?;A?CAM:;;?<:D>?CWA=D=F=?N<:D>:WAAE<AC:;;G>:A:AE<AMG;<UGRAS
jA:<BEDO?HE;?AHGABEc?HG;ABGH:;KAC:;A;:>?WAGEA?D?>k<=F?WAXE:AbA?A<:NOG;AGB]UGRAS
YAZ=DFGAH:Z:AC:;AM:=>GAFG<AGAECGAH:AE<AC:;;G>:AGEAH:AE<AMG;<UGWA:AbAB;:F=CGAH:A
<E=>?AB?F=[DF=?AB?;?AM?a:;AGAZ=DFGRASS

S
S

S
9?;?AFGNGF?;A?APG;;?FO?AH:Z:AC:;AEC?HGAFGN?A:AH:BG=CAB;:L?;A?APG;;?FO?A:DXE?D>GA?A
FGN?A:C>=Z:;A|<=H?WAGCAB;:LGCWA?Nb<AH?AFGN?A>[<A?AM=D?N=H?H:AH:AM=c?;A?APG;;?FO?RS
,x/5(œ%(l/4u%S
„<AH:>?NO:A=<BG;>?D>:A;:M:;:@C:A?GAFG;>:AH?APG;;?FO?AHGABEc?HG;WA:A:c=C>:<AF=DFGA
>=BGCAH:AFG;>:CWAF?H?AXE?NAFG<AGAC:EAECGA:CB:FM̀=FGRArUGA:N:CˆA:>?DLEN?;WA;:HGDHGWA
FO?DM;?HGWAHEBNGAFO?DM;?HGA:AFG<AF?D>GCA?;;:HGDH?HGCRSS
Ÿ'*/5(+%4('5(2'4'2u%4’5u,2'5(.%(2'.'(u,x/(.%(2/4u%S
YAFG;>:A;:>?DLEN?;AbAGA<?=CAEC?HGWABG=CAB:;<=>:AE<?APG?A=<B;:CCUGRAS
YABEc?HG;A;:>?DLEN?;AXE?DHGAEC?HGAFG;;:>?<:D>:A:Z=>?AXE:A?A>=D>?A:<PGN:AD?A>:N?A:A
>?<Pb<AHKAE<?APG?AH:M=D=]UGAHGCAH:>?NO:CRS
YPC:;Z:A?AM=LE;?WA:AZ:h?A?APG;;?FO?AFG<AFG;>:A;:>GRSS
S
YAFG;>:A;:HGDHGAbAGA>=BGAH:AFG;>:AH:APG;;?FO?A<E=>GAEC?HGA:<A=<B;:CCV:CA=DHEC>;=?=CWA
B;=DF=B?N<:D>:AD?CA=DHEC>;=?CA>[c>:=CRSS
YPC:;Z:A?AM=LE;?A?GAN?HGWADG>:AXE:A?APG;;?FO?A>:<AGCAF?D>GCA;:HGDHGCRS

YAFG;>:AFO?DM;?HGAbA<E=>GAEC?HGAB?;?A=<B;:CCV:CA:<AF;=C>?=CSA:AZ=H;GCRAS
dN:AB:;<=>:A?AH:>:D]UGAH:AF?<?H?CA=D>:;<:H=K;=?CAH:A>=D>?CAFG<A<E=>GAPG?AH:M=D=]UGRSS
S
YAFG;>:AHEBNGAFO?DM;?HGAbAGA>=BGAH:ABEc?HG;A<E=>GAEC?HGA:<ACEB:;MF̀=:CAFE;Z?CWA>?=CA
FG<GWAN=>;GCWAN?>?CA:AAL?;;?M?CRSS

S
YAFG;>:AFG<AF?D>GCA?;;:HGDH?HGCAbA;:FG<:DH?HGADGCAF?CGCAGDH:AC:AH:C:h?AE<?A
<?=G;AH:CF?;L?AH:A>=D>?WA:C>:A>=BGAH:AFG;>:ADUGAHKAE<?APG?AH:M=D=]UGWA:A>:DH:A?A
PG;;?;AE<ABGEFGA?A=<B;:CCUGRASS
›A<E=>GAE>=N=a?HGAD?A:C>?<B?;=?A>[c>=NWAGDH:ACUGAD:F:CCK;=?CAL;?DH:CAH:CF?;L?CAH:A
>=D>?CWAB?;?AB;GHEa=;AGA:M:=>GAH:C:h?HGRAS
YA;GHGAFG<AF?D>GCA?;;:HGDH?HGCADUGAC:A:DFGD>;?AiAZ:DH?WAGP>:;AE<A;GHGAFG<AF?D>GCA
?;;:HGDH?HGCWAH:Z:@C:AH:CL?C>?;AE<A;GHGADGZGA?GAE>=N=a?@NGA?>bA?>=DL=;A?CAFGDH=]V:CA
?H:XE?H?CRSS

jF;:H=>?<GCAXE:AH:BG=CAH:CC?CAG;=:D>?]V:CACGP;:AGCAH=Z:;CGCSA>=BGCAH:AFG;>:AGEA
BEc?HG;:CWAZGF[AhKA>:;KAFGDH=]V:CAH:A:CFGNO:;A:A=H:D>=M=F?;AGABEc?HG;A?H:XE?HGAB?;?A
?CACE?CAD:F:CC=H?H:CWA:AH:A?FG;HGAFG<AGA>;?P?NOGAXE:AH:Z:;KAC:;AM:=>GRAS
rUGA:DFGD>;?HGCAB?;?A?AZ:DH?ABEc?HG;:CWAFEh?A?APG;;?FO?ABGH:AC:;A>;GF?H?WA:C>:CA
CUGAHG>?HGCAH:AE<AB?;?MECGA:<AC:EAFG;BGWAXE:AB:;<=>:A?AH:C<GD>?L:<RAS
z:C>?A<?D:=;?WAGAC:;L̀;?MGABGH:AA>;GF?;A?APG;;?FO?AC:<A<?=G;:CAH=M=FENH?H:CWAGAXE:A
>?<Pb<AM?F=N=>?AE<?APG?AN=<B:a?AH:ACE?CAB:]?CA>?D>GAH?APG;;?FO?AFG<GAAHGAF?PGRSS

S
o%*%-u/5(./(4/./(3%(.%7,-%*('(3'o,.'.%(.'(,*x4%55w/S
YAL;?EAH:AHE;:a?AH?APG;;?FO?A:A?AHE;:a?AHGA;GHGACUGA<:H=H?CA:<AE<?AED=H?H:A
FO?<?H?ACOG;:WABG;A=CCGWAE<A;GHGABGH:AC:;AHE;GAGEA<?F=GRSS
YA;GHGAHE;GABGCCEÀE<?AHE;:a?AH:A–_A?A–ƒACOG;:RASS
YCA;GHGCAFG<A–_A?A–ƒACOG;:ACUGAGCA?FGDC:NO?HGCAB?;?A?A=<B;:CCUGAFG<A<?>;=a:CAH:A
L;?DH:CAH=<:DCV:CA:A>?<Pb<AB?;?AGPh:>GCABN?DGCWABG=CA?B;:C:D>?<AE<?Ae>=<?A
H:M=D=]UGA:AE<?APG?AH:CF?;L?AH:A>=D>?RAS
YA;GHGA<?F=GABGCCE=AE<?AHE;:a?AH:A‹_A?A‹ƒACOG;:RSS
GCA;GHGCA<?F=GCACUGAGCA>=BGCAH:A;GHGCA?FGDC:NO?HGCAB?;?A=<B;:CCV:CA:<ACEB:;MF̀=:CA
=;;:LEN?;:CAGEA:<AF=;FEDC>yDF=?CAGDH:AbAH:C:h?H?A>?NAF?;?F>:;C̀>=F?WAFG<GA:<A<?NO?CA
?P:;>?CAB?;?AB;GB=F=?;AE<?APG?AH:CF?;L?AH:A>=D>?RS
z:Z:@C:A>G<?;AFE=H?HGAFG<A?AB;:CCUGA?BN=F?H?AD?AOG;?AH?A=<B;:CCUGWABG=CA:N:Z?H?CA
B;:CCV:CWA>:DH:<A?A?;;?C>?;AGA>:F=HGWAH:MG;<?DHGA:A>=;?DHGA?A=<B;:CCUGAHGA;:L=C>;GWA
:CC:AFE=H?HGAH:Z:AC:;A>G<?HGAEC?DHGAXE?NXE:;A>=BGAH:A;GHGRSS
š4%55w/S
zE;?D>:A?A=<B;:CCUGAbAD:F:CCK;=GAC:h?AXE:AC:h?A:c:;F=H?AE<?AF:;>?AB;:CCUGAHGA;GHGA
FGD>;?A?A>:N?WA?AM=<AH:AXE:A?A>=D>?ACGP;:A?A<?NO?A?P:;>?ABGCC?A?>=DL=;AGAGPh:>GA?AC:;A
=<B;:CCGRASS
jA>=D>?AH:Z:AC:;AH:CF?;;:L?H?A:A?=DH?AGFG;;:;A?A;?CB?L:<AH?A>=D>?A:cF:H:D>:A
H:=c?DHGA?A=<B;:CCUGAFG<AE<?ACEB:;MF̀=:AED=MG;<:WAFG<AE<?A?H:;[DF=?A:AFG<A
H:>?NO:CA<?=CAM=DGCWAD`>=HGCA:AP:<AH:M=D=HGCRAS
jAB;:CCUGAHGA;GHGAbAE<AH:>?NO:AXE:AGA=<B;:CCG;AB;:F=C?A>:;ACGPAFGD>;GN:RAS
„<?AB;:CCUGAH:<?C=?H?AB;GZGF?AB;GPN:<?CAH:A;:L=C>;GABG=CA?A<?NO?A=;KAC:A<GZ:;ADGA
C:D>=HGA:<AXE:AGA;GHGAZ:<A:c:;F:DHGA?AB;:CCUGRAS
z:Z:@C:AEC?;ABGEF?AB;:CCUGADGA;GHGWABG;b<WAGACEM=F=:D>:AB?;?AXE:A?A>=D>?A:DFGD>;:AGA
CEPC>;?>GRAAS
zE;?D>:AGAB;GF:CCGAH:A=<B;:CCUGADUGAC:AH:Z:A?N>:;?;A?AB;:CCUGAHGA;GHGRAS
¡C>GAC=LD=M=F?AXE:ADE<AH:>:;<=D?HGA>=BGAH:AC:;Z=]GAH:Z:@C:A<?D>:;AGCA<:C<GCA
B?;y<:>;GCAH:AB;:CCUGRAS
r:AGA>;?P?NOGAMG;AH:AH=Z:;C?CAFG;:CAH:Z:@C:A<?D>:;A?A<:C<?AB;:CCUGAHGA;GHGAB?;?A
>GH?CA?CAFG;:CRAS

SS S
SSS
Ÿ%o/2,.'.%S
SSS
jAZ:NGF=H?H:AH:A=<B;:CCUGAbA?AZ:NGF=H?H:AFG<AXE:AGA;GHGAC:AH:CNGF?AH:AE<AN?HGAB?;?A
GAGE>;GAH?A>:N?WAHE;?D>:A?A=<B;:CCUGRAS
T?CAK;:?CA=<B;:CC?CAFG<A<?=G;AH:BeC=>GAH:A>=D>?WA?AZ:NGF=H?H:AH:A=<B;:CCUGAH:Z:;KA
C:;AC:<B;:A<?=CAN:D>?WAB?;?AXE:A?A>=D>?ABGCC?AC:;AH:BGC=>?H?A:<AF?H?ABGD>GAH?AK;:?A
H:A=<B;:CCUGRAS
T?CAK;:?CAH:A=<B;:CCUGAFG<AH:>?NO:CA<?=CAM=DGCWAEC?@C:A?AZ:NGF=H?H:A<?=CA;KB=H?RSS
SSS
€'-3u%-mw/S
YCABEc?HG;:CWA?BeCA>:;:<AC=HGAEC?HGCWAH:Z:<AC:;AN=<BGCA:AC:;:<ALE?;H?HGCA:<A
NEL?;:CAXE:AB:;<=>?<AE<?APG?AZ:D>=N?]UGA:AMKF=NA?F:CCGA?GAC:;L̀;?MGRAS
z:C>?AMG;<?WAM?a:<GCAGAECGAH:AE<AF?P=H:AXE:AB:;<=>:<AC:;:<ALE?;H?HGCAZK;=GCA
BEc?HG;:CAH:AZK;=GCA>?<?DOGCA?GA<:C<GA>:<BGRAS
YAF?P=H:AbA<E=>GAC=<BN:CA:AMKF=NA:A?>bABGH:<GCADeCA<:C<GCAM?a[@NGAS
YAF?P=H:ABGH:AC:;AM:=>GAH:AE<AB:H?]GAH:A<?H:=;?WAXE:ABGH:AC:;AE<?A>KPE?AFG<AME;GCA
E<ABGEFGA=DFN=D?HGCAB?;?AF=<?WAH:AMG;<?AXE:AGABEc?HG;ADUGAF?=?RS
T:C>:CAME;GCACUGAFGNGF?HGCAB:H?]GCAH:A<?H:=;?A?;;:HGDH?HGCRAS
Ž:<P;?AE<ABGEFGAE<A:CFG;;:HG;AH:AFGBGCAH:CC:CAH:AB?;:H:RSS

S
t7,'mw/(.'(/44'2'(./(š3‘'./4S
r:h?AXE?NAMG;AGA>=BGAH:A=<B;:CCUGAC:;=L;KM=F?WAGA;GHGA:c=L:AFGDC>?D>:A?F:;>GAH:AM=GWA
BG=CAbA?>;?ZbCAH:N:AXE:AbAM:=>GAGAFGD>;GN:AH?AH:M=D=]UGA:AH?AXE?D>=H?H:AHGAH:BeC=>GAH:A
>=D>?RAS
fG<GA:c=C>:<AH=Z:;CGCA>=BGCAH:AM=GWA>?<Pb<A:c=C>:<A:XE=B?<:D>GCA:CB:F=?=CAFG<A?A
M=D?N=H?H:AH:A?M=?;AGCA;GHGCWACUGAGCAFO?<?HGCA?M=?HG;:CRAS
dCC?CAM:;;?<:D>?CAH:A?M=?]UGA>?<Pb<ACUGAB;GHEa=H?CADGA¢;?C=NWA:AFG<AE<?AXE?N=H?H:A
<E=>GAPG?WA:<PG;?AGCAM?P;=F?D>:CA=D>:;D?F=GD?=CA?=DH?A>:DO?<AE<AH:C>?XE:A<?=G;WA
B:NGAL;?EAH:A:M=F=[DF=?AH:AC:ECAB;GHE>GCRSS
SS S
ž'v%-./(3*(t7,'./4S
YA?M=?HG;A<?=CAC=<BN:CA:AXE:AZGF[A<:C<GABGH:;KAM?a:;WAbAFG<BGC>GAH:AHG=CAB:H?]GCA
H:A<?H:=;?WAMG;<?<AE<AyDLENGAH:ADGZ:D>?AL;?ECWA?GDH:AbAFGNGF?H?AE<?AN=c?A:<AE<A
HGCAN?HGCRAS
YA?M=?HG;AH:Z:;KA:C>?;AM=cGA:<AE<?A<:C?AB?;?AE<A<:NOG;AH:C:<B:DOGAD?A?M=?]UGAH?A
PG;;?FO?AHGABEc?HG;RAS

SS S
YAC:;L̀;?MGAH:Z:;KAFGNGF?;AGABEc?HG;AH:=>?HGAH:A<GHGAXE:A?APG;;?FO?AM=XE:AB?;?N:N?A
FG<A?AN=c?RS
£:=>GA=C>GWA:N:AH:Z:;KAC:LE;?;AGABEc?HG;AFG<A?CAHE?CA<UGCAM=;<:<:D>:AM?a:DHGAE<A
<GZ=<:D>GAH:AZ?=A:AZ:<RSS

€%2'-,5*/5(.%(%o%+'mw/(.'(u%o'8 S
dc=C>:<A<:C?CA=DHEC>;=?=CA:<AXE:AGA<:F?D=C<GAH:A:N:Z?]UGA:C>KAB;:C:D>:A
?E>G<?>=F?<:D>:RA
A
YPC:;Z:A?A=NEC>;?]UGA?P?=cGWAbAE<?A<:C?AFG<AL?;;?CAC=<BN:CA:AFGD>;?AB:CGAB?;?A
=<B;:CCUGABN?D?AFG<AB;GF:CCGA<?DE?NRA
A

A
A
jP?=cGA?A=NEC>;?]UGAH:AE<?A<:C?AH:A=<B;:CCUGABN?D?WA<?DE?NA:AC:<=@?E>G<K>=F?RA
A
A
A
jP?=cGAGE>;?A=NEC>;?]UGAH:A<:C?WADGAF?CGAE<?A<:C?A;G>?>=Z?AB?;?A=<B;:CCUGAH:A
F?<=C:>?CAFG<A‹AP:;]GCAC=<BN:CWAFG<GA>:<AC:=CAP:;]GCWAM]=NAH:HEa=;WAbAB?;?A=<B;=<=;A
:<AC:=CAFG;:CRA
A

A A
YE>;GA:c:<BNGAH:A<:C?WA?LG;?AE<?A<:C?A;G>?>=Z?AB?;?A=<B;:CCUGAH:AF?<=C:>?CAFG<A
HG=CAP:;]GCAC=<BN:CWA:C>:A>=BGAH:A<:C?ABGH:A=<B;=<=;A:<AXE?>;GAFG;:CRA
A

A
A
YE>;GA:c:<BNGAH:A<:C?AB?;?A=<B;:CCUGA:<AC:;=L;?M=?WA>?<Pb<AbA<?DE?NAFG<AL?;;?A
C=<BN:CA:AFGD>;?AB:CGWA:C>:A>=BGAH:A<:C?AbAE>=N=a?HGAB?;?A?A=<B;:CCUGAH:AGPh:>GCAB?;?A
P;=DH:CRA
A

A A
”:h?A?AC:LE=;A?NLEDCA<:F?D=C<GCAC=<BN:CA:AMKF:=CAH:AM?a:;WAXE:AZGF[ABGH:;UGAC:;A
?H?B>?HGCAiACE?A>:N?RA
A
YA<:F?D=C<GA<GC>;?HGA?P?=cGAbAFG<BGC>GAH:AE<AB:CGA:AE<AB:H?]GAH:AFG;H?RA
A

A
A
›A=<BG;>?D>:AN:<P;?;AXE:AGAB:CGADUGAH:Z:AC:;A<E=>GAN:Z:A:AD:<AB:C?HGAH:<?=CWAH:Z:A
>:;AE<AB:CGA<GH:;?HGWAH:A?FG;HGAFG<A?A<GNHE;?RA
A
YA<:F?D=C<GA<GC>;?HGA?P?=cGAbAFG<BGC>GAH:AE<?AO?C>:AFG<AE<AFGD>;?B:CGWAGA=H:?NA
bAXE:AXE?DHGAGA=D>:;:CC?HGAFGDM:FF=GD?;A?AO?C>:WAB;GFE;:AE<?AO?C>:AFG<A;GCF?AC:<A
M=<WAC:ADUGA:DFGD>;?;WA<?DH:AB?;?AE<A>G;D:=;GAM?a:;AE<?A;GCF?AC:<AM=<WAH:A<GHGA?A
BGCC=P=N=>?;A?A;:LEN?L:<AHGAB:CGRA
A
A
A
jA;GCF?AC:<AM=<AZ?=ABGCC=P=N=>?;AGA<GZ=<:D>GAB?;?A?A;:LEN?L:<AHGAFGD>;?B:CGWA:A
>?<Pb<AH:Z:<AC:;AE>=N=a?H?CAHE?CABG;F?CWAE<?AH:AF?H?AN?HGAHGAFGD>;?B:CGWAXE:A
M=c?;UGAGAFGD>;?B:CGWA:Z=>?DHGAXE:A:N:AC:AH:CNGXE:ADGA<G<:D>GAH:AN:Z?D>?;A?A>:N?RA
A

A
A
YE>;?ACEL:>UGAbAE>=N=a?;AE<?A<GN?AB;:C?AD?A<GNHE;?A:ADGACEBG;>:RA
A

A
A
A

A
A
YPC:;Z:A?A=NEC>;?]UGA?F=<?WAMG=AE>=N=a?HGAE<AB:H?]GAH:A<?H:=;?AFG<GA<:F?D=C<GAH:A
:N:Z?]UGRA
A
A
A
YPC:;Z:AGCAH:>?NO:CAH?A=NEC>;?]UGA?F=<?WAGAB:CGAbAB;:CGAiA<GNHE;?RA
A
f:;>?<:D>:AZGF[A=;=?AXE:;:;AB:;LED>?;WA<?CWAXE?NAbA?AM=D?N=H?H:AH:C>:CA<:F?D=C<GCA}A
A
jA;:CBGC>?AbAXE:A?AM=D?N=H?H:AbA?L=N=a?;AGA>;?P?NOGAHGAC:;L̀;?MGA:AM?F=N=>?;AGA
N:Z?D>?<:D>GAH?A<GNHE;?RA
A
TUGABGH:AC:;AB:;H=HGA>:<BGAXE?DHGA:C>KAC:DHGA:c:FE>?DHGAGA>;?P?NOGAH:A=<B;:CCUGWA
BG=CAFG;;:<GCAGA;=CFGAH?A>=D>?AC:F?;AD?A>:N?WA:AC:A?A>=D>?A:DHE;:F:;AB;:hEH=F?;KA<E=>GA
GA>;?P?NOGWABG;XE:AC:;KAB;:F=CGAB?;?;A?A=<B;:CCUGAB?;?AN=<B?;A?A>:N?RA
A
T:C>:AF?CGWAH:Z:<GCA;:>=;?;A>GH?A?A>=D>?AH?A>:N?WAEC?DHGAE<?A:CBK>EN?AGEAB:H?]GAH:A
;bLE?AH:A?F;Ǹ=FGAGEABNKC>=FGRA
A
Ž=<B?@C:A?A>:N?AFG<AGACGNZ:D>:AD?>E;?NAH?A<:C?WAGEAC:h?WAC:A?A>=D>?AMG;A?AP?C:AH:A
KLE?WAD?>E;?N<:D>:A?AN=<B:a?AC:;KAM:=>?AFG<AKLE?A:AE<?A:CBGDh?A<?F=?RA
A
jBeCA?AN?Z?L:<A?A>:N?AH:Z:AC:;AC:F?AFG<AGA?EcǸ=GAH:AE<AB?DGAC:FGAGEA:C>GB?RA
A
9?;?A>=;?;AXE?NXE:;AH|Z=H?ACGP;:AiAN=<B:a?AHGCA>;?]GCAHGAH:C:DOGWAFGNGXE:A?A>:N?A
DE<?A<:C?AH:ANEaAGEANO:A?>;?ZbCAH?A>:N?AFGD>;?A?AFN?;=H?H:WA>GHGCAGCAME;GCAGDH:A?A
>=D>?AH:Z:AB?CC?;WAH:Z:<A:C>?;AC:<AGPC>;E]V:CRA
A
jF;:H=>GAXE:A?LG;?AM=FGEAP:<AFN?;?A?A=<BG;>yDF=?AHGCA<:F?D=C<GCAH:A:N:Z?]UGWAXE:A
C:Z:<AB?;?A?L=N=a?;AGAB;GF:CCGAH:A=<B;:CCUGWAC:;Z:<A>?<Pb<AB?;?A:Z=>?;AXE:A?A
<GNHE;?A:DFGC>:ADGA<?>:;=?NAXE:A:C>KAC:DHGA=<B;:CCGRA
A
fG<AGAH:CF;=>GA?>bA?XE=WAF:;>?<:D>:AH:EAB?;?ADG>?;AbA<E=>GAMKF=NA?A?;>:AH?AC:;=L;?M=?RA
A
f:;>?<:D>:AZGF[A>?<Pb<AGPC:;ZGEAXE:A?A<?=G;=?AHGCA=DC>;E<:D>GCABGH:<AC:;AM:=>GCA
BG;AZGF[A<:C<GWA<?CAC:AH:C:h?;AL?C>?;AEDCA>;GF?HGCWA>GHGAGA<?>:;=?NABGH:AC:;A
?HXE=;=HGA:<AF?C?CA:CB:F=?N=a?H?CRA
l/-u4/o%(./(7/4'(.%(2/-u'u/(-'(,*x4%55w/(*'-3'o(S
dD>:DH:<GCABG;AMG;?AH:AFGD>?>GA?AH=C>yDF=?A:D>;:A?A<?NO?AH?A<?>;=aA:AGACEPC>;?>GA?A
C:;A=<B;:CCGRAS
jAM=D?N=H?H:AbAB;G<GZ:;AGAH:CB;:DH=<:D>GAH?A<?NO?AHGACEPC>;?>GADGA?>GAH?A
=<B;:CCUGRAS
jA<:H=H?A:<AXE:AZ?<GCA=<B;=<=DHGWA?A<?NO?AZ?=AC:AH:CB;:DH:DHGADGA<:C<GABGD>GA
GDH:AGA;GHGA>GF?AGACEPC>;?>GRAS
dCC:AB:;FE;CGAB:;<=>:AE<AB:;M:=>GAFGD>;GN:AH:AF?<?H?AH:A>=D>?A:WA?GA<:C<GA>:<BGWA
=<B:H:AXE:A?A=<?L:<APG;;:RAS
T?CA<KXE=D?CAC:<=@?E>G<K>=F?CAGEA?=DH?A:<A<E=>?CA<:C?CAH:A=<B;:CCUGA<?DE?NWAGA
MG;?AH:AFGD>?>GABGH:AC:;A?hEC>?HGABG;A<:=GAH:AH=CBGC=>=ZGCAXE:AM?a:<AB?;>:AHGA
:XE=B?<:D>GRS
¤KAD?A=<B;:CCUGA<?DE?NAH:B:DH:<GCAH:AGE>;GCA;:FE;CGCAB?;?AGAFGD>;GN:AHGAMG;?AH:A
FGD>?>GRAS
f?N]GCAHGCA<?=CAZ?;=?HGCA<?>:;=?=CACUGAE>=N=a?HGCAB?;?A:C>?P:N:F:;AMG;?AH:AFGD>?>GAD?A
=<B;:CCUGA<?DE?NRAS
dCC:CAF?N]GCACUGAB;:CGCA?A<?>;=aABG;A<:=GAH:AM=>?CA?H:C=Z?CWA<?CABGH:<AB;GZGF?;AE<A
H:CD=Z:N?<:D>GAH?A<?>;=aAXE?DHGACUGAEC?HGCAC:<A?A<:C<?A:CB:CCE;?RAS

9?;?AGAF?CGAH?A=<B;:CCUGA<?DE?NA>:;:<GCAE<?AF:;>?AH=M=FENH?H:A:<A:C>?P: SN:F:;AE<A
MG;?AH:AFGD>?>GAH:A‚A<=Ǹ<:>;GCA:<A>GHGCAGCAXE?>;GCAF?D>GCAH?A<?>;=aAC:;=L;?M=?AC:A
DUGAEC?;<GCAE<AH=CBGC=>=ZGAGEAE<?AMG;<?AH:A<:H=;A:CC?A:CB:CCE;?RAS
„<AF;=>b;=GAC=<BN:CA:AMKF=NAH:AEC?;AbA?AP?;;?AB?;?AFGD>;GN:AHGAMG;?AH:AFGD>?>GRAS
'44'5(x'4'(/(2/-u'u/(./(7/4'(.%(2/-u4/o%(S
dCC:AbAE<A=DC>;E<:D>GAXE:ABGH:AC:;AFGDM:FF=GD?HGAB:NGAB;eB;=GAC:;L̀;?MGRAS
r:EAMEDF=GD?<:D>GAFGDC=C>:A:<A;:LEN?;A?AH=C>yDF=?A:D>;:A?A>:N?A:AGACEPC>;?>GADGCA
XE?>;GAF?D>GCAH?A<?>;=aAC:;=L;?M=?RAS
9?;?AFGDM:FF=GD?;A?AP?;;?AH:AFGD>;GN:AZGF[ABGH:AEC?AE<?ABN?F?AH:A9”fAGEA
BGN=:C>=;:DGAH:A‡A<=Ǹ<:>;GAH:A:CB:CCE;?RAS
fG;>:A?ABN?F?A:<A>=;?CAH?AN?;LE;?AH:AƒAF:D>`<:>;GCABG;AŠ_AF:D>`<:>;GCRAS
TGA>G>?NA>:;:<GCAƒA>=;?CAFGNGF?H?CAE<?AD?CAGE>;?CWA?CC=<WA?AB;=<:=;?A>:;KAƒAcAŠ_AF<WA
?AC:LEDH?AƒAc‚ƒAF<WA?A>:;F:=;?AƒAcA‚_AF<WA?AXE?;>?AƒAcA‡ƒAF<A:A?AXE=D>?AƒAcA‡_AF<RS

S
fGNGF?DHGA?CA>=;?CA:D>;:AC=WA>:;:<GCAE<?A:CF?N?AFG<AZ?;=?]UGAH:A‡A?AƒA<=Ǹ<:>;GCRS
z:B:DH:DHGAH?AD:F:CC=H?H:AH:AF?H?A>;?P?NOGWABGH:<GCAM?a:;A?AP?;;?AFG<A<?=CA
:CF?N?CRS
TGA<G<:D>GAHGA?F:;>GAHGAMG;?AH:AFGD>?>GA:A?hEC>:CAH?AL?;;?AH:A=<B;:CCUGAbA
=D>:;:CC?D>:AE>=N=a?;<GCA‰AP?;;?CWAE<?AB?;?AF?H?AF?D>GAH?A<?>;=aRAS
z:CC?AMG;<?WA>:;:<GCAE<AFGD>;GN:AB;:F=CGAHGAMG;?AH?AFGD>?>GA:<A>GHGCAGCAH?A<?>;=aWA
:Z=>?DHGAB;GPN:<?CAH:AH=M:;:D>:CAH:BeC=>GCAH:A>=D>?AGEA?=DH?WAK;:?CAXE:A?B;:C:D>:<A
PG;;V:CAGEAM?NO?CAD?A=<B;:CCUGRS
YAB:;M:=>GAB?;?N:N=C<GAH?A>:N?AFG<AGACEPC>;?>GA>?<Pb<AbAMEDH?<:D>?NAB?;?A
=<B;:CCUGAH:A>=D>?CA>;?DCB?;:D>:CRAS
r:<A:CC:AFGD>;GN:AH:AB?;?N:N=C<GAO?Z:;KA<?=G;AH:CF?;L?AH:A>=D>?AH:AE<AHGCAN?HGCAH?A
=<?L:<AFG<AK;:?CA<?=CA:CFE;?CA:AGE>;?CA<?=CAFN?;?CRAS

S
l/-u4/o%(-'(*/-u'6%*(.%(*/o.34'5(S
g?D>:;AE<AFGD>;GN:AH:A:CXE?H;GAD?AFGDM:F]UGAH:A<GNHE;?CAB?;?A<?>;=a:CAC:;=L;KM=F?CA
bAE<?A>?;:M?AC=<BN:CWA<?CAH:AL;?DH:A=<BG;>yDF=?AB?;?AGCA;:CEN>?HGCAH?A=<B;:CCUGRAS
gE=>?CAM=;<?CAH:AL;?DH:ABG;>:WAXE:AE>=N=a?<A?AC:;=L;?M=?A:<AL;?DH:AXE?D>=H?H:WABG;A
=CCGAFGDM:FF=GD?<ACE?CAB;eB;=?CA<GNHE;?CWA:AXE:AH:Z:<AC:;AM:=>?CACGPAFGD>;GN:A
B;:F=CGAH:A:CXE?H;GA:AH:A:<B:D?<:D>GRAS
dC>:CAH:>?NO:CA=D>:;M:;:<A<E=>GA:AH=;:>?<:D>:ADGCA;:CEN>?HGCAM=D?=CAH:AH:BeC=>GAH:A
>=D>?WAH:M=D=]UGA:A;:L=C>;GRAS
„<AH=CBGC=>=ZGAC=<BN:CABGH:AC:;AE>=N=a?HGAB?;?A:CC?A<GD>?L:<WAL?;?D>=DHGA>G>?NA
B;:F=CUGRAS
fGDC=C>:AH:AXE?>;GAP?;;?CA;:LENKZ:=CWAFG<A?BG=GAH:A:CXE?H;:h?<:D>GRAS
rE?CA:c>;:<=H?H:CAM=F?<AB;:C?CA?AE<AC=C>:<?AH:AFGD>;GN:AH:AB;:CCUGA:c:;F=HGABG;A
B?;?MECGCA:APG;PGN:>?CRAS
”:h?AGCAH:>?NO:CAHGAH=CBGC=>=ZGAGDH:A?A
<GNHE;?AH:Z:AC:;AFGNGF?H?WA?B:D?CA
FG<AFGN?AB?;?AXE:AM?F=N=>:AGCA?hEC>:CA
H:A:CXE?H;GA:AHGA:<B:DO?<:D>GAB?;?A
H:BG=CAC:;AB;:L?HGRAS

fG<GAM?a:;AB?;?A<GD>?;A?A<GNHE;?A}AS
S
fG;>:A?CA<?H:=;?CAH?CA<GNHE;?CA:A
B?CC?AFGN?A:AFGN:@?CRS

YPC:;Z:A?GAN?HGAGAH:>?NO:AH:A?BG=GAH:A
S

:CXE?H;GRS

fGNGXE:AGCA?BG=GCAH:A:CXE?H;GWAE<A:<A
F?H?AF?D>GAH?A<GNHE;?A:A>=;:AGAFG<AGA
B?;?MECGAiAP?;;?A;:LENKZ:NRS

A S
S
:LEN:A?AH=C>yDF=?AH?CAP?;;?CA:AM=;<:@
?CA?>;?ZbCAHGCAB?;?MECGCAXE:ACUGA
FGNGF?HGCAD?CAF?D?N:>?CAH?CAP?;;?CA:A
M=c?HGCA?GCA?BG=GCAH:A:CXE?H;GRS

“=;:AGAB?;?MECGAF:D>;?NWAXE:AZ?=AM?a:;A
S

B;:CCUGAD?CAP?;;?CRAS

jCAC:>?CA=DH=F?<AGAC:D>=HGAH?A
S

B;:CCUGAXE:AGAC=C>:<?AZ?=AM?a:;ACGPA?A
<GNHE;?RAS

SS S
%2,./5(35'./5(-'(*/-u'6%*(.'(u%o'S
jA<?NO?AbAGA>:F=HGAEC?HGAD?AFGDM:F]UGAH?A<?>;=aA:AGACEF:CCGAH?A=<B;:CCUGA
H:B:DH:;KA:<AL;?DH:AB?;>:AH?AXE?N=H?H:AH?A<?NO?WABG;A=CCGAbA=<BG;>?D>:AXE:A?A
<?NO?A?B;:C:D>:A?CAC:LE=D>:CAB;GB;=:H?H:CˆAS
z:Z:A>:;AE<?A>:c>E;?A;:LEN?;RAS
z:Z:A>:;AE<?APG?A;:C=C>[DF=?AiA?P;?CUGA:A?GAH:CL?C>:WAB?;?ACEBG;>?;AGCA:CMG;]GCA
<:FyD=FGCAHGA;GHGAH?A>=D>?RAS
z:Z:AC:;A;:C=C>:D>:AiA>;?]UGWAB?;?A?B;:C:D>?;AE<?A:C>=F?L:<AC?>=CM?>e;=?A:A:C>KZ:NRAS
TUGAH:Z:A>:;AE<?A:N?C>=F=H?H:A<E=>GAL;?DH:WAB?;?ADUGA?B;:C:D>?;AB;GPN:<?CAH:A
;:L=C>;GCA:A?GA<:C<GA>:<BGAH:Z:A>:;AE<?A:N?C>=F=H?H:AXE:AB:;<=>?A;:>G;D?;AiCACE?CA
FGDH=]V:CAG;=L=D?=CWA?BeCAE<?AH:MG;<?]UGRS
z:Z:AC:;A;:C=C>:D>:A?GCAB;GHE>GCAXE`<=FGCAE>=N=a?HGCAHE;?D>:AGAB;GF:CCGAH:A
=<B;:CCUGWAN?Z?L:<A:A;:FEB:;?]UGAH?A<?>;=aRS
z:Z:AB:;<=>=;AE<?APG?A?H:;[DF=?AH?CA:<ENCV:CAMG>GL;KM=F?CA:AHGCAM=N<:CWAB:;<=>=DHGA
L;?DH:CA>=;?L:DCA:AN?Z?L:DCAC:<AH:CNGF?<:D>GRS
SS
SS
lo'55,7,2'mw/(.'5(*'o'5S
jCA<?NO?CABGH:<AC:;AFN?CC=M=F?H?CAXE?D>GAiAN=D:?;=H?H:WAXE?D>GA?GA>=BGAH:AM=GA:A
XE?D>GA?GA<?>:;=?NAEC?HGAD?AM?P;=F?]UGAHGAM=GRAS
jA<?NO?AbAE<AHGCA=<BG;>?D>:CAM?>G;:CAXE:AH:>:;<=D?A?AH:CF?;L?AH:A>=D>?AXE:AC:;KA
M:=>?ACGP;:AGACEPC>;?>GWA?Nb<AH:A;:>:;A?A:<ENCUGAXE:AH:N=D:?;KAGA<G>=ZGA?AC:;A
=<B;:CCGRS
jAN=D:?>E;?AH?A<?NO?AbA=DH=F?H?ABG;AE<AD|<:;GWAXE:AC=LD=M=F?AXE?D>GCAM=GCA?A<?NO?A
BGCCE=ABG;AF:D>`<:>;GAXE?H;?HGRAS
¡C>GAXE:;AH=a:;AXE:ABGH:<GCA:DFGD>;?;A<?NO?CAH:A‰‰WA¥_WA‡‚_WA:AGE>;?CAXE?D>=H?H:CA
H:AM=GCABG;AF:D>`<:>;GAXE?H;?HGRS
YPC:;Z:A?CAM=LE;?CA?P?=cGˆS

888888888¦§¨©ª8«¬­®¯°̈©8«¬8°±̈°§888888888888888888888888888888888888¦¬±©ª8«¬­®¯°̈©8«¬8°±̈°§88888888888888888888888S
S

\E?D>GA<:DG;AMG;ADE<:;?]UGAH?A<?NO?WA<:DG;AC:;KA?AXE?D>=H?H:CAH:AM=GCABG;A
F:D>`<:>;GAXE?H;?HGA:A<?=G;A?AH:CF?;L?AH:A>=D>?AD?A=<B;:CCUGRAS
\E?D>GA<?=G;AMG;A?ADE<:;?]UGWA<?=G;AC:;KAGAD|<:;GAH:AM=GCABG;AF:D>`<:>;GAXE?H;?HGA
:A<:DG;AC:;KA?AH:CF?;L?AH:A>=D>?RAS
SS
SS
S
S
S
S
S
S
S
,x/5(.%(7,/5(S
gEN>=M=N?<:D>GˆArUGAM=GCAMG;<?HGCAFG<A
ZK;=GCAM=GCA<:DG;:CA:D>G;F=HGCRS

gGDGM=N?<:D>GˆA›AMG;<?HGABG;AE<A|D=FGAM=GRAS

SS
S

dCB:CCE;?AHGAM=GˆAfG<AGAGPh:>=ZGAH:AB;GBG;F=GD?;A<:NOG;A?H?B>?]UGA?GCAH=Z:;CGCA
>=BGCAH:A=<B;:CCUGWACUGAM:=>?CA<?NO?CAH:A<:C<?AN=D:?>E;?WABG;b<WAFG<A:CB:CCE;?CAH:A
M=GAH=M:;:D>:RAS
jCC=<ABGH:<GCA>:;AM=GCA<?=CAM=DGCAXE:AH:=c?<AB?CC?;AB?;?AGACEPC>;?>GWAE<?A
XE?D>=H?H:A<:DG;AH:A>=D>?AB;GHEa:<AE<AH:BeC=>GWADGACEPC>;?>GWA<:DG;AH:A>=D>?RS
¤KAGCAM=GCA<?=CAL;GCCGCAB;GHEa:<AE<?AF?<?H?A<?=G;AH:A>=D>?A:A?=DH?A>[<A?A
Z?D>?L:<AH:AC:;:<A<?=CA;:C=C>:D>:CA?GA:CMG;]GAHGA;GHGA:AHGA>:DC=GD?<:D>GRAS
jA=DH|C>;=?AGCA?B;:C:D>?A:<AŠA>=BGCˆS
AAAAA£=GCA<?=CAM=DGCAAAAAAAAAAAAAAAA£=GCA<bH=GCAAAAAAAAAAAAAAA£=GCA<?=CAL;GCCGCRS

SS S
SS
€'u%4,'o(35'./(-'(7')4,2'mw/(./(7,/S
d<PG;?A?AC:H?A>:DO?AC=HGA?AM=P;?AXE:AH:EADG<:A?GAB;GF:CCGAC=Ns@CF;::DAIC:;=L;?M=?JWA
?>E?N<:D>:AbABGEFGAEC?H?AB:N?A<?=G;=?AHGCAC:;L̀;?MGCRAS
¡CCGABG;XE:A?AC:H?A>:<A?NLE<A=DFGDZ:D=:D>:CAFG<GA?AM;?L=N=H?H:WA;KB=HGAH:CL?C>:A:A
BGEF?A;:C=C>[DF=?A?GAKNF?N=RS
YADQNGDACE;L=EAH:BG=CAH:A<E=>?CAB:CXE=C?CAM:=>?CABG;AE<?A:<B;:C?A?<:;=F?D?WA?CA
B:CXE=C?CAHE;?;?<A<?=CAGEA<:DGCA‡_A?DGCWAXE?DHGAGCAF=:D>=C>?CAH:CFGP;=;?<AE<?A
DGZ?ACEPC>yDF=?AH:AF?;?F>:;C̀>=F?CAB?;:F=H?CAFG<A?AC:H?WAFO?<?;?<AH:AADQNGDRAS
jAB?;>=;AH?AH:CFGP:;>?AHGADQNGDWA?AE>=N=a?]UGAMG=A=<:H=?>?WABG;AC:;A<?=CA;:C=C>:D>:AXE:A
?AC:H?WABG;A;:C=C>=;AP:<A?A;?CB?L:<WABG;AB:;<=>=;AE<?AL;?DH:AL?<?AH:AD|<:;GAH:A
M=GCABG;ABGN:L?H?WABG;A;:C=C>=;AP:<A?GCAH=Z:;CGCA>=BGCAH:ACGNZ:D>:CA:A>:;A<?=G;A
:N?C>=F=H?H:AXE:A?AC:H?RS
TGCA|N>=<GCA?DGCAOGEZ:AL;?DH:A=DGZ?]UGADGAH:C:DZGNZ=<:D>GAH?AC:;=L;?M=?RAS
dAGABGN=bC>:;AH:=cGEAB?;?A>;KCAC:EAFGDFG;;:D>:AD?AFGDM:F]UGAH:A<?NO?CWAGADQNGDWA
FGDC=H:;?DHGA?<PGCA<GDGM=N?<:D>GCRAS
YABGN=bC>:;A?B;:C:D>?A<:DG;A?NGDL?<:D>GA:A<:NOG;A;:L=C>;GRAS
„<AM?>G;AXE:AH:>:;<=D?A:cF:N:D>:CAF?;?F>:;C̀>=F?CAH:AE<A>:F=HGAbAGAM=GAFG<A<:DG;A
?NGDL?<:D>GWA<?=CA;:C=C>[DF=?WAH:C:DZGNZ=HGA:CB:F=?N<:D>:AB?;?AGA;?<GAC:;=L;KM=FGWA
B:;<=>=DHGA?AFGDM:F]UGAH:A>:N?CAFG<AL;?DH:A:C>?P=N=H?H:AH=<:DC=GD?NA:AFG<A
B;GB;=:H?H:CA:XE=N=P;?H?CAH:A>;?<?RAS
YABGN=bC>:;A9d•A‡R___AbAE<A>:F=HGA:CB:F=?N<:D>:AM:=>GAB?;?AGAECGAD?AC:;=L;?M=?RS
jCAB;=DF=B?=CAZ?D>?L:DCACUGˆAS
‡JAg?=G;A>:DCUGAXE:AGABGN=bC>:;ADG;<?NA:A<:DG;AXE:H?AH:A>:DCUGAGF?C=GD?H?CAB:NGA
>:<BGA:A>:<A<?=CA>:<BGAH:AZ=H?A|>=NRAS
‚JAYM:;:F:A<:NOG;A;:L=C>;GAH:A=<B;:CCUGAHE;?D>:AGA:XE=ǸP;=GAH:AMG;]?CA:D>;:AGA>:F=HGA
:C>=F?HGA:AGA;GHGAH:A=<B;:CCUGRAS
jAMG;>:A>:DCUGAB;GZGF?AE<AH:CNGF?<:D>GAZ:;>=F?NA=DC>?D>yD:GA:ANGLGA?BeCA?AB?CC?L:<A
HGA;GHGWA?A>:N?AZGN>?AiA?N>E;?ADG;<?NRAS
ŠJA9:N?AHE;?P=N=H?H:A?B;:C:D>?A:c?>=HUGA=LE?NA:<A<?=G;:CA>=;?L:DCRAS

SS S
%o'5(*%uo,2'5S
jCA>:N?CA<:>KN=F?CACUGAM:=>?CAFG<AE<A>=BGAH:A<?NO?AFG<AM=GCAH:A?;?<:AH:A?]GA
=DGc=HKZ:NAGEAP;GDa:AEC?HGAD?A=DH|C>;=?AC:;=L;?M=?WAXE?DHGACUGA:c=L=H?CAL;?DH:CA
>=;?L:DCAD?A=<B;:CCUGAH:A>=D>?CA?N>?<:D>:A?P;?C=Z?CAFG<GA?CAH?A=DH|C>;=?AF:;y<=F?RAS
rUGA=DH|C>;=?CAH:A?aEN:hGCWAB=CGCWA<?DEM?>E;?HGCAH:AZ=H;GCWA:AH:AF=;FE=>GCA=<B;:CCGCA
EC?HGCAD?A:N:>;kD=F?RAS
fG<GAF?;?F>:;C̀>=F?CWA>:<A;:C=C>[DF=?A<E=>GAPG?WA:C>?P=N=H?H:Ae>=<?²A;:C=C>:<AP:<A
?GCAKNF?N=CA:AKF=HGCAM;?FGCWA:A?N>?A;:C=C>[DF=?A?GAF?NG;RAS
fG<GA=DFGDZ:D=:D>:CWA<?>:;=?NA<E=>GAF?;GA:AH:AH=MF̀=NA>:DCUGA<?DE?NRAS
SS
³*x/4u´-2,'(.'(u%-5w/(.'(*'o'(-'(-,u,.%v(.'(,*x4%55w/(S
YCAXE?H;GCAFG<A>:N?CA<?NA:C>=F?H?CAGEAM;GEc?CAB;GZGF?<APG;;V:CAH?A>=D>?AD?A=<?L:<A
=<B;:CC?RAS
¡CCGAGFG;;:AH:Z=HGA?GA<GZ=<:D>GAOG;=aGD>?NAH?A<?NO?AB;GZGF?H?AB:N?AMG;]?AHGA;GHGRAS
YA>:DC=GD?<:D>GAI?AB;:CCUGJAHGA>:F=HGA=D>:;M:;:A>?D>GADGAC:D>=HGAOG;=aGD>?NAXE?D>GA
DGAC:D>=HGAZ:;>=F?NAH?A<?>;=aWA?M:>?DHGAH=;:>?<:D>:AGAMG;?AH:AFGD>?>GAIH=C>yDF=?A:D>;:A
?A>:N?A:AGACEPC>;?>GJRAS
›AFN?;GAXE:A?Nb<AH:CC:AM?>G;A:c=C>:<A<E=>GCAGE>;GCAXE:A=D>:;M:;:<AD?AH:M=D=]UGAH?A
=<?L:<AH:BGC=>?H?AB:N?A>=D>?AC:;=L;KM=F?RAS
g?CAGAM?>G;AXE:A<?=CA=DMNE:DF=?ADGCAB;GPN:<?CAH:A<KAH:M=D=]UGAH:AE<?A=<B;:CCUGAbAGA
MG;?AH:AFGD>?>GRAS
gE=>GCA=<B;:CCG;:CAC?P:<A:µGEAhKAGEZ=;?<AM?N?;AXE:A?CA=<B;:CCV:CAM:=>?CA:<A
<KXE=D?CAF=ǸDH;=F?CAM=F?<A<?=CAD`>=H?CRAS
dC>?AXE?N=H?H:ADUGAC:AB;GHEaACG<:D>:AB:NGAM?>GAXE:AGAMG;?AH:AFGD>?>GAC:h?A<:DG;WA
<?CA>?<Pb<ABG;XE:A?A>:N?AC:AC:B?;?AH?A>=D>?A=<B;:CC?A<E=>GA;?B=H?<:D>:ANGLGA?BeCA
?AB?CC?L:<AHGA;GHGRAS
T?A=<B;:CCUGABN?D?AbABGCCZ̀:NAC:AGP>:;AE<A:M:=>GAB?;:F=HGA?>;?ZbCAH?AE>=N=a?]UGAH:A
>:F=HGCWAFG<GAGABGN=:C>:;A9d•A‡___WAGDH:A?AMG;>:A>:DCUGAHGABGN=bC>:;AB;GZGF?AE<A
H:CNGF?<:D>GAZ:;>=F?NA=DC>?D>yD:GWAGDH:ANGLGA?BeCA?AB?CC?L:<AHGA;GHGWA?A>:N?AZGN>?A
B?;?A?A?N>E;?ADG;<?NRAS
SS
~5(u%2,./5(.%('ou/(*¶.3o/S
YCA>:F=HGCAH:A?N>GA<eHENGACUGA?XE:N:CA>:F=HGCAXE:A;:C=C>:<A?A<?=G;A>:DCUGA:A>:<A
<?=G;AHE;?P=N=H?H:A:A>?<Pb<AB:;<=>:<AE<?A<?=G;AZ:NGF=H?H:AH:A=<B;:CCUGRAS
YCA>:F=HGCAH:A?N>GA<eHENGAH:Z:<AC:;AEC?HGCAXE?DHGAGA>;?P?NOGAH:A=<B;:CCUGA:c=L=;A
<?=G;AZ:NGF=H?H:WA<:NOG;AXE?N=H?H:A:AE<?A>=;?L:<AL;?DH:AFG<A?A<:C<?AXE?N=H?H:RAS
YCA>:F=HGCAH:A?N>GA<eHENGAH:Z:<AC:;AEC?HGCA:<A=<B;:CCV:CAH:AL;?DH:CAMG;<?>GCWA
GDH:AGAMG;?AH:AFGD>?>GA>:<AXE:AC:;A<?=G;A:AGCA>:F=HGCAFGDZ:DF=GD?=CAB:;H:<A?A>:DCUGA
<?=CA;KB=H?RAS
YCA>:F=HGCAH:A?N>GA<eHENGA>:<A<?=CAHE;?P=N=H?H:ABG;XE:A?AB;:CCUGAB;GZGF?H?AbA
;:HEa=H?A:ABG;XE:AM?F=N=>?A?AB?CC?L:<AH?A>=D>?ADGA<G<:D>GAH?A=<B;:CCUGRS
SS
œ,2'5(,*x/4u'-u%5·(52/o'(./(u,x/(.%(u%o'5S

TGCAH:C:DOGCAC:<AD=>=H:aAH:AN=DO?CWA
BGH:<AC:;AE>=N=a?H?CA>:N?CAH:A‚ƒA?A‰ŠAM=GCA
BG;AF:D>`<:>;GAI=<B;=<=;AFO?B?HGCJRAS

S
d<A>;?P?NOGCAFG<AD=>=H:aA<bH=?WAH:Z:<A
C:;AEC?H?CA>:N?CAH:A‹_A?A^‡AM=GCABG;A
F:D>`<:>;GRS

d<A>;?P?NOGCAFG<A?NLE<?AB;:F=CUGAH:A
H:>?NO:CWAH:Z:<AC:;AEC?H?CA>:N?CAH:A¥_A?A
‡‚_AM=GCABG;AF:D>`<:>;GRAS

d<A>;?P?NOGCAH:A=<B;:CCUGAFG<A>;?]GCA
M=DC̀C=<GCAGEA;:>=FEN?HGCWAEC?@C:A>:N?CAH:A
‡Š_A?A‚__AM=GCABG;AF:D>`<:>;GRAS

S~(3%(™(/(53)5u4'u/S
S

›AH:M=D=HGAFG<GACEPC>;?>GWAGA<?>:;=?NAXE:AZ?=A;:F:P:;A?A=<B;:CCUGRAS
rE?CAF?;?F>:;C̀>=F?CAXE`<=F?CA:AMC̀=F?CAZUGAH:M=D=;AGA>=BGAH:A>=D>?AXE:AH:Z:;KAC:;A
E>=N=a?HGRS
YCACEPC>;?>GCAB;:F=C?<A:C>?;A:<AFGDH=]V:CAH:A;:F:P:;A>=D>?A:AL?;?D>=;AE<?APG?A
?H:;[DF=?WAB?;?A=C>GWA:N:CAH:Z:<A:C>?;A>G>?N<:D>:AN=Z;:CAH:ABeRS
TGCACEPC>;?>GCADUGABGH:<A>:;AXE?NXE:;A>=BGAH:A=<BE;:a?CA:<ACE?ACEB:;MF̀=:WAH:Z:<A
:C>?;A>G>?N<:D>:AN=<BGCRS
jCAB?;>F̀EN?CAH:ABG:=;?ABGH:<AFO:L?;A
?A:D>EB=;A<?NO?CAM=D?CWAGEAH:=c?;A?A
=<B;:CCUGAFG<AE<A;:N:ZGA=DH:C:hKZ:NRSS
SS

g:C<GAXE?DHGA?A=<BE;:a?AC?=A
S

HGAGPh:>GA=<B;:CCGWAM=F?A?A
<?;F?AH:AGDH:ADUGAMG=A
H:BGC=>?H?A?A>=D>?WAF;=?DHGA
BGD>GCAP;?DFGCWACUGAGCABGD>GCA
GDH:A?A>=D>?ADUGAB:L?AGEAZ:<A
?AC:ACGN>?;RS

„<AAPG<ACEPC>;?>GAH:Z:A:C>?;AFG<A?ACEB:;MF̀=:AN=C?WAC:<A?<?CC?HGCA:AHGP;?CWABG=CA?CA
S

=;;:LEN?;=H?H:CABGH:<AH:=c?;A?A=<B;:CCUGAFG<AH=M:;:D>:CAF?<?H?CAH:A>=D>?AGEA:D>UGA
?CAHGP;?CAM?a:;:<ACE;L=;AM?=c?CAC:<A=<B;:CCUGRS
9?;?AF:;>GCA>=BGCAH:A=<B;:CCUGWAFG<GA?A=<B;:CCUGA:<AL?;;?M?CWAbAD:F:CCK;=GAM?a:;AGA
?XE:F=<:D>GAHGCAGPh:>GCAXE?DHGA?AE<=H?H:A;:N?>=Z?AHGA?;A:C>KA:N:Z?H?RS
jAGN:GC=H?H:WALG;HE;?A:AL;?c?WA:A?>bA<:C<GA?AGN:GC=H?H:AD?>E;?NAH:ADGCC?CA<UGCWA
BGH:<AH=M=FEN>?;A?A?H:;[DF=?AH?A>=D>?ACGP;:AF:;>GCACEPC>;?>GCRS
dC>:AB;GPN:<?AbA?N>?<:D>:AC=LD=M=F?>=ZGAD?A=<B;:CCUGAH:AC?FGN?CAGEAGPh:>GCAH:A
BGN=B;GB=N:DGA:AH:ABGN=:>=N:DGRS
rE?AM?P;=F?]UGA;:CEN>?A:<AE<?AF?<?H?ACEB:;M=F=?NAH:AeN:GWAXE:A=<B:H:A?AM=c?]UGAH?A
>=D>?RS
T:C>:CAF?CGCWAE>=N=a?@C:AE<A>;?>?<:D>GAB?;?A:N=<=D?;A>?NAF?<?H?WAFO?<?HGAH:A
u4'u'*%-u/(2/4/-'RS
SS
SS
˜43x/(.'5(u,-u'5S
jCA>=D>?CAC:;=L;KM=F?CACUGAMG;<EN?H?CAH:D>;GAH:AB?H;V:CA:C>?P:N:F=HGCAB?;?AFE<B;=;:<A
E<?AH:>:;<=D?H?AMED]UGWA:N?CABGH:<A:AH:Z:<SC:;A<=C>E;?H?CAB?;?AB:;<=>=;AGA
B;:B?;GAH:AFG;:CWSB?CC?;AFG<AB;:F=CUGAB:N?A<?NO?AC:;=L;KM=F?AC:<AB;GZGF?;A
:D>EB=<:D>GAH?CA>;?<?CWAB:;<=>=;APG?AH:M=D=]UGACGP;:AGACEPC>;?>GWAC:F?;A;?B=H?<:D>:A
:A?B;:C:D>?;AB:;M:=>?A?H:;[DF=?A?GACEPC>;?>GRS
f?H?AM?P;=F?D>:AB:CXE=C?A:AH:C:DZGNZ:A<?>b;=?C@B;=<?CA:CB:FM̀=F?CAB?;?AXE:A?CA>=D>?CA
>:DO?<A>GH?CA:CC?CAF?;?F>:;C̀>=F?CRTUGAbAD?H?AMKF=NAMG;<EN?;A>=D>?CAB?;?AC:;=L;?M=?Rd<A
MED]UGAH?AL;?DH:AXE?D>=H?H:AH:ACEPC>;?>GCACGP;:AGCAXE?=CAC:ABGH:A=<B;=<=;AFG<A
C:;=L;?M=?WA?CAMG;<EN?]V:CAH:CC?CA>=D>?CA>G;D?<@C:A<E=>GAH=M:;:D>:CAE<?CAH?CAGE>;?CWA
?B;:C:D>?DHGAE<?AL;?DH:AZ?;=:H?H:AH:A>=D>?CRjCC=<AbA=DH=CB:DCKZ:NAE<A
FGDO:F=<:D>GA<D̀=<GAH:AFG<GAE>=N=a?@NGCADGAH:C:DZGNZ=<:D>GAHGA>;?P?NOGAC:;=L;KM=FGS
jCA>=D>?CAC:;=L;KM=F?CACUGAH=Z=H?CA:<AHG=CAL;?DH:CAL;EBGCWA?CA>=D>?CAMGCF?CA:A?CA>=D>?CA
P;=NO?D>:CRS
t5(u,-u'5(7/52'5A>:<AFG<GAZ?D>?L:DCA?AC:F?L:<A;KB=H?WAB;:]GA<:DG;WAPG<A
?F?P?<:D>GA:AAPG?A?H:;[DF=?RS
fG<GAH:CZ?D>?L:<WA?CA>=D>?CAMGCF?CAC:F?<A<E=>GA;KB=HGAD?A>:N?AIB;=DF=B?N<:D>:A:<A
NEL?;:CA<E=>GAXE:D>:CJWADUGABGCCE:<AD:DOE<AP;=NOGWABG;A=CCGA;=CF?<A<E=>GAMKF=NRS
t5(u,-u'5()4,o'-u%5A>:<AFG<GAZ?D>?L:DCA?AC:F?L:<A;KB=H?WAPG<A?F?P?<:D>GWAPG?A
?H:;[DF=?A:AHE;?P=N=H?H:RS
fG<GAH:CZ?D>?L:DCWAH:=c?<AE<?A:CBbF=:AH:AM=?BGCAD?A>:N?AC:A?A>:<B:;?>E;?A
?<P=:D>:AMG;A<E=>GA?N>?WAC:AGCACEPC>;?>GCAMG;:<A?H:C=ZGCA:AC:AMG;:<A;:FGNO=HGCA?D>:CA
H?AC:F?L:<A>G>?NAFGC>E<?<AL;EH?;AEDCADGCAGE>;GCWAC:AFO?<?APNGF?L:<RS
AS
š4,-2,x',5(,x/5(.%(,-u'5S
jCA>=D>?CAHGA>=BGAZ=DǸ=F?AMGCF?ACUGA=DH=F?H?CAB?;?A?A=<B;:CCUGACGP;:A”=D=N@9”fWA
BGN=:C>=;:DGWA?F;Ǹ=FGWABGN=F?;PGD?>GA:AGE>;GCABNKC>=FGCAH:;=Z?HGCAH:A9”fRS
jCA>=D>?CAHGA>=BGAZ=DǸ=F?ACUGA>=D>?CAB?;?A?F?P?<:D>GAMGCFGWA>:<Ae>=<?AFGP:;>E;?A:A
MN:c=P=N=H?H:WANGDL?AHE;?P=N=H?H:A?GA:c>:;=G;A:ACUGA;:C=C>:D>:CAiANEaRS
jAB;:B?;?]UGAH?A>=D>?AHGA>=BGAZ=DǸ=F?AMGCF?WAbAE<?A:>?B?A=<BG;>?D>:AHGAB;GF:CCGWA?A
>=D>?AH:Z:AC:;A?L=>?H?A?D>:CAHGAECGA:AH=NEH̀?AH:A?FG;HGAFG<A?AD:F:CC=H?H:WA:A
E>=N=a?DHGACGNZ:D>:AZ=DǸ=FGAGEA;:>?;H?HG;AZ=DǸ=FGA:<AFN=<?AXE:D>:A:AC:FGRS
fG<GAF?;?F>:;C̀>=F?A=<BG;>?D>:WA>GH?CA?CAFG;:CABGH:<AC:;A<=C>E;?H?CA:D>;:AC=WAFG<A
=CCGABGH:AC:;AGP>=H?AXE?NXE:;AFG;RS
jA>=D>?AHGA>=BGAZ=DǸ=F?AMGCF?AH:Z:AC:F?;A?GA?;A?<P=:D>:WAN=Z;:AH:A>GXE:A:<AƒA<=DE>GCWA
<?DEC:=GA:<AE<?AOG;?A:AC:F?L:<A>G>?NA:<A‡^AOG;?CWABGH:A?F:N:;?H?A?AC:F?L:<AFG<A
F?NG;AH:AE<?A:C>EM?AGEA?;AXE:D>:WADUGAEN>;?B?CC?DHGA^_AL;?ECRS
9?;?A:Z=>?;A?APNGF?L:<AIXE?DHGAE<?AFGN?AD?AGE>;?JADGA:<B=NO?<:D>GWAH:Z:@C:A
?LE?;H?;AC:F?L:<A>G>?NAH?A>=D>?AB?;?AFG<BN:>?A:Z?BG;?]UGAHGCACGNZ:D>:CRS
AAAS
,-u'(+,-’o,2'(7/52'S
jCA>=D>?CAHGA>=BGAZ=DǸ=F?AMGCF?ACUGA=DH=F?H?CAB?;?A?A=<B;:CCUGACGP;:A”=D=N@9”fWA
BGN=:C>=;:DGWA?F;Ǹ=FGWABGN=F?;PGD?>GA:AGE>;GCABNKC>=FGCAH:;=Z?HGCAH:A9”fRS
jCA>=D>?CAHGA>=BGAZ=DǸ=F?ACUGA>=D>?CAB?;?A?F?P?<:D>GAMGCFGWA>:<Ae>=<?AFGP:;>E;?A:A
MN:c=P=N=H?H:WANGDL?AHE;?P=N=H?H:A?GA:c>:;=G;A:ACUGA;:C=C>:D>:CAiANEaRS
jAB;:B?;?]UGAH?A>=D>?AHGA>=BGAZ=DǸ=F?AMGCF?WAbAE<?A:>?B?A=<BG;>?D>:AHGAB;GF:CCGWA?A
>=D>?AH:Z:AC:;A?L=>?H?A?D>:CAHGAECGA:AH=NEH̀?AH:A?FG;HGAFG<A?AD:F:CC=H?H:WA:A
E>=N=a?DHGACGNZ:D>:AZ=DǸ=FGAGEA;:>?;H?HG;AZ=DǸ=FGA:<AFN=<?AXE:D>:A:AC:FGRS
fG<GAF?;?F>:;C̀>=F?A=<BG;>?D>:WA>GH?CA?CAFG;:CABGH:<AC:;A<=C>E;?H?CA:D>;:AC=WAFG<A
=CCGABGH:AC:;AGP>=H?AXE?NXE:;AFG;RS
jA>=D>?AHGA>=BGAZ=DǸ=F?AMGCF?AH:Z:AC:F?;A?GA?;A?<P=:D>:WAN=Z;:AH:A>GXE:A:<AƒA<=DE>GCWA
<?DEC:=GA:<AE<?AOG;?A:AC:F?L:<A>G>?NA:<A‡^AOG;?CWABGH:A?F:N:;?H?A?AC:F?L:<AFG<A
F?NG;AH:AE<?A:C>EM?AGEA?;AXE:D>:WADUGAEN>;?B?CC?DHGA^_AL;?ECRS
9?;?A:Z=>?;A?APNGF?L:<AIXE?DHGAE<?AFGN?AD?AGE>;?JADGA:<B=NO?<:D>GWAH:Z:@C:A
?LE?;H?;AC:F?L:<A>G>?NAH?A>=D>?AB?;?AFG<BN:>?A:Z?BG;?]UGAHGCACGNZ:D>:CRS
,-u'(+,-’o,2'()4,o'-u%S
jCA>=D>?CAHGA>=BGAZ=DǸ=F?AP;=NO?D>:ACUGA=DH=F?H?CAB?;?A?A=<B;:CCUGAC:;=L;KM=F?ACGP;:A
”=D=N@9”fAMN:cZ̀:NAGEA;L̀=HGWABGN=:C>=;:DGWA?F;Ǹ=FGWABGN=F?;PGD?>GA:AGE>;GCABNKC>=FGCA
H:;=Z?HGCAH:A9”fWA>?<Pb<ACUGA=DH=F?H?CAB?;?A=<B;:CCUGACGP;:ABGN=:>=N:DGA>;?>?HGRS
jCA>=D>?CAHGA>=BGAZ=DǸ=F?AP;=NO?D>:ACUGAH:A?F?P?<:D>GAP;=NO?D>:WAe>=<?AFGP:;>E;?WA
MN:c=P=N=H?H:A:ANGDL?AHE;?P=N=H?H:AXE?DHGA:cBGC>?CA?GA:c>:;=G;A:AP:<A;:C=C>:D>:AiANEaRS
T?AB;:B?;?]UGWA?A>=D>?AH:Z:AC:;A?L=>?H?A?D>:CAHGAECGA:AH=NEH̀?AH:A?FG;HGAFG<A?A
D:F:CC=H?H:AE>=N=a?DHGACGNZ:D>:AZ=DǸ=FGAGEA;:>?;H?HG;AZ=DǸ=FGWA:<AFN=<?AXE:D>:A:A
C:FGRS
jAXE?D>=H?H:AH:ACGNZ:D>:AGEA;:>?;H?HG;A=DH=F?H?AbAH:A‡_¸AB?;?AF?H?AXE?D>=H?H:A?A
C:;AE>=N=a?H?WA:A>GH?CA?CAFG;:CABGH:<AC:;A<=C>E;?H?CA:D>;:AC=RS
jAC:F?L:<AH?A>=D>?AHGA>=BGAZ=DǸ=F?AH:Z:AC:;A?GA?;A?<P=:D>:A:AN=Z;:AHGA>GXE:A:<AƒA
<=DE>GCWA<?DEC:=GA:<A‡AOG;?A:A?AC:F?L:<A>G>?NAbA:<A‡^AOG;?CRS
9GH:AC:;A?F:N:;?HGAGAB;GF:CCGAH:AC:F?L:<AFG<AF?NG;AH:AE<?A:C>EM?AGEA?;AXE:D>:ADUGA
EN>;?B?CC?DHGAGCA^_AL;?ECRS
9?;?A:Z=>?;AB;GPN:<?CAH:APNGF?L:<ADGA:<B=NO?<:D>GWH:Z:@C:A?LE?;H?;AC:F?L:<A>G>?NA
H?A>=D>?AB?;?AFG<BN:>?A:Z?BG;?]UGAHGCACGNZ:D>:CRS
,-u'5(./(u,x/(%x¶‘,S
jCA>=D>?CAHGA>=BGA:Bec=ACUGA=DH=F?H?CAB?;?A?A=<B;:CCUGAC:;=L;KM=F?ACGP;:A<:>?=CWA
Z=H;GCWAMe;<=F?CWAM:DGN=>:WAM=P;?CAH:ABGN=bC>:;WABN?F?AH:AF=;FE=>GA=<B;:CCGABGN=:C>=;:DGA:A
BGN=B;GB=N:DGA>;?>?HGRS
jCA>=D>?CAHGA>=BGA:Bec=ACUGA>=D>?CAH:A?F?P?<:D>GAP;=NO?D>:WAe>=<?AFGP:;>E;?WA<bH=?A
MN:c=P=N=H?H:WANGDL?AHE;?P=N=H?H:A?GA:c>:;=G;A:A;:C=C>:D>:CAiANEaRS
›AE<?A>=D>?AFG<Ae>=<?A;:C=C>[DF=?A?GCACGNZ:D>:CWAKNFGGNWAeN:GCWAKF=HGCA:A?GAF?NG;RS
•=D>?CAHGA>=BGA:Bec=AH:Z:<AC:;AB;:B?;?H?CWAH:Z:<AC:;A<=C>E;?H?CAFG<AF?>?N=C?HG;ADGA
H=?AHGAECGRS
jAB;:B?;?]UGAH?A>=D>?AH:Z:AC:;AH:A^_¸AH:A>=D>?A:A‚_¸AH:AF?>?N=C?HG;WA:AB;:B?;?H?A
CG<:D>:A?AXE?D>=H?H:AXE:AZ?=A>:;AGAECGA=<:H=?>GWABG=CA?AZ=H?A|>=NAH?A<=C>E;?AbAH:AƒA?A
‹AOG;?CWAC:A:c=C>=;AD:F:CC=H?H:AH:AH=NE=]UGWAE>=N=a:ACGNZ:D>:A:Bec=AGEA;:>?;H?HG;A:Bec=RS
•GH?CA?CAFG;:CABGH:<AC:;A<=C>E;?H?CA:D>;:AC=RS
•=D>?CAHGA>=BGA:Bec=AH:Z:<AC:;AC:F?CA?GA?;AN=Z;:WAC:<A>GXE:CAH:A‡ƒA?AŠ_A<=DE>GCWA
<?DEC:=GA:<A‚‰AOG;?CA:A?AC:F?L:<A>G>?NA:<A‡‚_AOG;?CRS
9?;?AC:F?;A:<A:C>EM?CAGCACEPC>;?>GCA<:>KN=FGCWAZ=H;GCAGEAGE>;GCA<?>:;=?=CAH:A
;:C=C>:D>:CA?GAF?NG;WAE>=N=a?;AƒA?A‡_A<=DE>GCAH:A‡‚_A?A‡‰_AL;?ECRS
9?;?ABGN=:>=N:DGAGEABGN=B;GB=N:DGABGH:AC:;ACG<:D>:A?F:N:;?HGAD?A:C>EM?AH:AŠA?AƒA
<=DE>GCA:<A^_A?A¥_AL;?ECAB?;?AC:F?L:<AH:A<?DEC:=GWA?BeCAB;GCC:LE=;A?AC:F?L:<A
:<A>:<B:;?>E;?A?<P=:D>:RS
SS
,-u'(t24’o,2'(t3/5'S
jCA>=D>?CAHGA>=BGAZ=DǸ=F?A?XEGC?ACUGA=DH=F?H?CAD?A=<B;:CCUGACGP;:A>:F=HGCAH:A?NLGHUGA
H:A>GDCAFN?;GCRS
9?;?A=<B;:CCUGACGP;:A>:F=HGCAGEAC=D>b>=FGCA;:FG<:DH?@C:AGAECGAH:AM=c?HG;A:AC:F?L:<A
:<A:C>EM?AH:AŠA?A‰A<=DE>GCRAS
jCA>=D>?CAHGA>=BGAZ=DǸ=F?A?XEGC?ACUGA>=D>?CAH:A?F?P?<:D>GAMGCFGWAe>=<GABGH:;AH:A
FGNG;?]UGAI>GDCAP:<AZ=ZGCJWA>GXE:A<?F=GWAMN:cZ̀:NA:Ae>=<?A;:C=C>[DF=?AiAKLE?RS
dC>:A>=BGAH:A>=D>?AhKAbAMG;D:F=H?AB;GD>?AB?;?AECGWABGH:DHGWAC:AD:F:CCK;=GWAC:;AH=NEH̀?WA
D?AB;GBG;]UGAH:A‡_A?A‡ƒ¸WAFG<AKLE?RS
fG<GAD?A<?=G;=?AH?CA>=D>?CWA>GH?CA?CAFG;:CACUGA<=C>E;KZ:=CA:D>;:AC=RS
jA>=D>?AZ=DǸ=F?A?XEGC?AbAH:AC:F?L:<A?GA?;A?<P=:D>:WAN=Z;:A?GA>GXE:AH:AŠA?AƒA<=DE>GCWA
<?DEC:=GA?A‡AOG;?A:AC:F?L:<A>G>?NA:<A–‚AOG;?CWABGH:DHGAC:;A?F:N:;?H?A?AC:F?L:<A
FG<AF?NG;AH:AE<?AH:A:C>EM?WA?;AXE:D>:AGEAGE>;GA<:=GWAFG<GAAB;:DC?A>b;<=F?RS
9?;?A:Z=>?;AB;GPN:<?CAH:APNGF?L:<ADGA:<B=NO?<:D>GWAH:Z:AC:;A?LE?;H?H?A?AC:F?L:<A
>G>?NAH?A>=D>?RS
9?;?Ae>=<?AM=c?]UGA:<A>:F=HGCA<=C>GCAbA;:FG<:DH?H?A?AC:F?L:<A:<A:C>EM?AH:AŠA?A‰A
<=DE>GCADE<?A>:<B:;?>E;?AH:A‡‚_A?A‡‰_AL;?ECWAFG<A?H=]UGAH:AM=c?HG;AD?A>=D>?RS
S ,-u'5(./(u,x/(*,‘S
z:Z=HGA?GAC:EA?N>C̀C=<GABGH:;AH:AFGP:;>E;?WA?CA>=D>?CAHGA>=BGA<=cACUGA=DH=F?H?CAB?;?A
=<B;:CCUGACGP;:A>:F=HGCA:CFE;GCWAH:A?NLGHUGAGEA<=C>GCRS
9?;?A?A=<B;:CCUGACGP;:A>:F=HGCAC=D>b>=FGCWA;:FG<:DH?@C:A?A?H=]UGAH:AM=c?HG;A:AD?A
:C>EM?ABG;AŠA?A‰A<=DE>GCA?A‡‚_AGEA‡‰_AL;?ECWAGP>:DHG@C:A<?=G;AM=c?]UGRS
›AE<A>=BGAH:A>=D>?AH:A?F?P?<:D>GAC:<=@P;=NOGWAe>=<GABGH:;AH:AFGP:;>E;?WA>GXE:A
<?F=GWAA<E=>GAMN:cZ̀:NA:Ae>=<?A;:C=C>[DF=?AiAKLE?RS
dCC:A>=BGAH:A>=D>?AbAMG;D:F=H?AB;GD>GAB?;?AECGWABGH:DHGAC:;AH=NEH̀?AFG<AKLE?AD?A
B;GBG;]UGAH:A‡_A?A‡ƒ¸WAF?CGA:c=C>?A?AD:F:CC=H?H:RS
•GH?CA?CAFG;:CABGH:<AC:;A<=C>E;?H?CA:D>;:AC=RS
jCA>=D>?CAHGA>=BGA<=cAH:Z:<AC:F?;A?GA?;A?<P=:D>:WAN=Z;:AHGA>GXE:A:<AŠA?AƒA<=DE>GCWA
<?DEC:=GA:<A‡AOG;?A:AC:F?L:<A>G>?NA:<A–‚AOG;?CRS
jAC:F?L:<ABGH:AC:;A?F:N:;?H?AFG<AF?NG;AH:A:C>EM?WA?;AXE:D>:AGEAGE>;GA<:=GWAFG<GA
B;:DC?A>b;<=F?RS
9?;?A:Z=>?;AB;GPN:<?CAH:APNGF?L:<ADGA:<B=NO?<:D>GWAH:Z:@C:A?LE?;H?;A?AC:F?L:<A
>G>?NAH?A>=D>?RS
9?;?Ae>=<?AM=c?]UGA:<A>:F=HGCA<=C>GCAGEAC=D>b>=FGCWA;:FG<:DH?@C:A?AC:F?L:<A:<A
:C>EM?AH:AŠA?A‰A<=DE>GCA?A‡‚_AGEA‡‰_AL;?ECAFG<A?H=]UGAH:AM=c?HG;AD?A>=D>?RS
SS
œ,'x/5,u,+/¹(7,o*%(/3(7/u/o,u/º8
z=CBGC=>=ZGAGEAMG>GN=>GACUGAGCADG<:CAL:Db;=FGCAXE:ACUGAH?HGCA?AE<?AP?C:A
>;?DCB?;:D>:WAXE:AFGD>b<AL;?Z?H?A?A=<?L:<A?AC:;A=<B;:CC?WAGAM=N<:AbAGA<?>:;=?NAH:A
P?C:A>;?DCB?;:D>:RAS
YAH=?BGC=>=ZGAbAE<A:N:<:D>GA:c>;:<?<:D>:A=<BG;>?D>:AB?;?AGP>:;A?A=<B;:CCUGAFG<A
<E=>?AXE?N=H?H:A:A<E=>?AM=H:N=H?H:A:<A;:N?]UGA?GAG;=L=D?NRS
jCC=<AFG<GAXE?NXE:;AGE>;?A:>?B?AH:AB;GF:CCGAC:;L̀;KM=FGWA?AHGCAH=CBGC=>=ZGCA>?<Pb<A
CGM;:AE<?A:ZGNE]UGAFGDC>?D>:RS
YCA<b>GHGCAH:AB;GHE]UGAHGCAH=CBGC=>=ZGCA>?<Pb<ACUGAP:D:M=F=?HGCAB:N?A>:FDGNGL=?RAS
9G;A=CCGWA?Nb<AH:AFGDC=H:;?;<GCA?CA<?>;=a:CWA>=D>?CA:ACEPC>;?>GCWA>?<Pb<AH:Z:<GCA
FGDC=H:;?;A?AXE?N=H?H:AHGCAH=?BGC=>=ZGCAB?;?A?AGP>:D]UGAH:AE<APG<A;:CEN>?HGRS
j>E?N<:D>:AGAC:;L̀;?MGAZ:<AB;=G;=a?DHGA?AXE?N=H?H:A=DH:B:DH:D>:AHGA>?<?DOGAH?A
B;GHE]UGAGEAF?;?F>:;C̀>=F?CAHGA>;?P?NOGWAM:N=a<:D>:WAGAD|<:;GAH:A:<B;:CK;=GCAHGA
<:=GAC:;=L;KM=FGAXE:A>:<A:CC?A<:D>?N=H?H:A>:<A?E<:D>?HGAFGDC=H:;?Z:N<:D>:WA
BG;>?D>GWA?A:CFGNO?AHGA<b>GHGAH:Z:AC:AP?C:?;A>?<Pb<AD:CC:AF;=>b;=GRAS
jCAB;GB;=:H?H:CAH:AE<APG<AH=?BGC=>=ZGWAbAXE:AXE?DHGA:cBGC>GAiANEaWAGAH=?BGC=>=ZGA
H:Z:;KA>:;A?CAB?;>:CA?AC:;:<A=<B;:CC?CAB;G>:L=H?CAH?ANEaWA:ADGAF?CGAH?CA=<B;:CCV:CA
FGNG;=H?CWAF?H?AFG;AH:Z:;KA>:;AC:EAH=?BGC=>=ZGAFG;;:CBGDH:D>:A:ADGCAF?CGCAH:A
XE?H;=F;G<=?WAXE?>;GAH=?BGC=>=ZGCA;:>=FEN?HGCRAS
r:AZGF[A:C>KA?FG<B?DO?DHGAFG<A?>:D]UGWAH:Z:A>:;AGPC:;Z?HGWAXE:AC:<B;:AbAF=>?HGA
FG<A<E=>GA[DM?C:WAXE:AB?;?A?APG?A=<B;:CCUGAC:;=L;KM=F?WAbA=<BG;>?D>:A>:;AE<?APG?A
<?>;=aWAXE:AbAGAXE?H;GAH:A<?H:=;?A:AGADQNGDAP:<A:C>=F?HGA:AM=;<:ADGAXE?H;GWAXE:A
FO?<?<GCAH:A<GNHE;?RS
•?<Pb<AbA=<BG;>?D>:A:CFGNO:;A?A>=D>?AFG;;:>?AB?;?AGA>=BGAH:A?BN=F?]UGA:CB:FM̀=FGWA:A
>?<Pb<AhKAH:CF;:Z:<GCAGCA>=BGCAH:A>=D>?A:AXE?=CA>=BGCAH:ACEPC>;?>GAH:Z:<AC:;A
?BN=F?H?CRS
•?<Pb<AZ?<GCA;:FG;H?;AXE:ACEPC>;?>GAbAXE?NXE:;ACEB:;MF̀=:AGDH:AbAH:C:h?H?A?A
?BN=F?]UGAH?A>=D>?AB:NGA<b>GHGAC:;=L;KM=FGRS
ASS
œ,'x/5,u,+/(%('(5%4,64'7,'8
9?;?AXE:A?A>bFD=F?AC:;=L;KM=F?A:C>:h?A:D>;:A?CA<?=CAB;:M:=>?CA:<AM=H:N=H?H:A?GAG;=L=D?NWA
<E=>GCAFE=H?HGCAH:Z:<AC:;AN:Z?HGCA:<AFGD>?AD?A=<B;:CCUGRS
g?CA?D>:CWA:D>:DH?AFG<GAH=?BGC=>=ZGWAGAXE:A:<AGE>;?CAK;:?CAbAFO?<?HGAH:A?;>:AM=D?NA
:<AB;:>GA:AP;?DFGWAD?AC:;=L;?M=?AbA<?=CAGEA<:DGCA?A<:C<?AFG=C?AFG<AGE>;GADG<:WA
<:C<GABG;XE:WA=<B;:CCUGA>:<AXE:AC:;A‡__¸AGB?F?AFG<AB?B:NA=<B;:CCGA
>;?DCB?;:D>:WAZGF[AhKAZ=EAE<?A=<B;:CCUGA:<A>;?DCB?;[DF=?AB?;?A;:>;GB;Gh:>G;WAbA
:c?>?<:D>:A=C>GRS
t5(2'4'2u%4’5u,2'5(3%(.%+%*(5%4('+'o,'.'5(5w/·AS
t(%5x%5534'(.'()'5%(./(*'u%4,'oAH:>:;<=D?A?A:C>?P=N=H?H:AH=<:DC=GD?NAHGA
H=?BGC=>=ZGWAB:XE:D?CAGEAL;?DH:CAZ?;=?]V:CABGH:<AGFG;;:;AH:B:DH:DHGAH:A=DMNE[DF=?CA
:c>:;D?CWAFG<GA?CA<EH?D]?CAH:A>:<B:;?>E;?WA<EH?D]?CAD?AE<=H?H:A;:N?>=Z?A:ADGA
B;GF:CCGAH:A:C>GF?L:<AHGCAM=N<:CRS
YCAM=N<:CACUGAFGDC=H:;?HGCA>:;<=F?<:D>:A:C>KZ:=CAXE?DHGA>[<AE<?AZ?;=?]UGAH:A
H=<:DCUGAH:AF:;F?AH:A_W_‚_¸A:D>;:AGA>:<BGAXE:AMG;:<A:cBGC>GCAiANEaA:AGAC:EAECGRS
t(.%7,-,mw/(./5(2/-u/4-/5(.'(,*'6%*A:C>KAH=;:>?<:D>:A;:N?F=GD?HGAFG<A?A
;:B;GHE]UGAHGAG;=L=D?NWAXE:AH:Z:A:C>?;A:<AB:;M:=>?CAFGDH=]V:CRS
\E?DHGAGAH=?BGC=>=ZGAMG;A<?DE?NWAGCAFGD>G;DGCAH?A=<?L:<ABGH:<AC:;AB;:hEH=F?HGCA
B:N?AZ?;=?]UGAXE:A?A>=D>?ABGH:AF?EC?;ADGAB?B:NA:AGE>;GCA<?>:;=?=CWAFG<GA:DFGNO=<:D>GA
GEA:D;EL?<:D>GRAS
~5(o/3%,/5(.'(o3vA:D>;:AGCAB?Bb=CAEC?HGCAB?;?A?AFGDM:F]UGAHGCAH=?BGC=>=ZGCWAGA
DZ̀:NAH:AF?B?F=H?H:AH:Z:AC:;AFGDC=H:;?HGRAS
TGAF?CGAH:AMG>GN=>GCWAGA:D:L;:F=<:D>GAH?AF?<?H?AMG>GCC:DCZ̀:NAH:Z:AC:;AH:A‡__¸RAS
t(x/5,mw/(./(.,'x/5,u,+/(%*(4%o'mw/(»(2'*'.'(.%(%*3o5w/ADGAF?CGA:CB:FM̀=FGA
H?AC:;=L;?M=?WAGAH=?BGC=>=ZGAH:Z:AC:;ABGC=F=GD?H?AH:A<GHGAB:;M:=>GAD?A>:N?AhKA
:<ENC=GD?H?WAB?;?AXE:ADUGA:c=C>?AD:DOE<A:CB?]GA:D>;:A?AF?<?H?AHGAH=?BGC=>=ZGA:A?A
F?<?H?AH:A:<ENCUGRS
¼?Z:DHGAE<A:CB?]GWA?ANEaABGH:ADUGAM?a:;A?AL;?Z?]UGAFG<AE<?AH:M=D=]UGAB:;M:=>?WAhKA
XE:AXE?NXE:;A:CB?]GA?P:;>GAZ?=AB:;<=>=;A?AB?CC?L:<AH?ANEaWAH=;:F=GD?DHG@?A?AGE>;GA
NGF?NAXE:ADUGAC:h?AGAB;G>:L=HGAB:N?AF?<?H?AH:A=<?L:<AHGAM=N<:RS
YAH=?BGC=>=ZGABGH:AC:;AM:=>GA<?DE?N<:D>:A:A>?<Pb<ABG;AB;GF:CCGAMG>G<:FyD=FGA
IB?;:F=HGAFG<AE<AB;GF:CCGAMG>GL;KM=FGJRS
j>E?N<:D>:AGE>;GCAB;GF:CCGCAC:AED=;?<A?GCAHG=CA<?=CAFGDO:F=HGCWA>G;D?DHGA?A
FGDM:F]UGAH:AH=?BGC=>=ZGCA<E=>GAC=<BN=M=F?H?WA?A=<B;:CCUGAH=L=>?NA?AN?C:;WAGA;:FG;>:AHGA
M=N<:A:<ABNG>>:;CACUGA:c:<BNGCAH=CCGRAS
ASS
š4/2%55/(.%(2/-7%2mw/(./5(.,'x/5,u,+/58
9?;?AXE:<AM?aA?A<?>;=aAbA<E=>GA=<BG;>?D>:AFGDO:F:;AGCAB;GF:CCGCAH:AFGDM:F]UGAHGCA
H=?BGC=>=ZGCWAC:DHGA?CC=<WAC:;KABGCCZ̀:NA:CFGNO:;AGAB;GF:CCGAH:A?FG;HGAFG<AGA>;?P?NOGA
XE:A=;KAC:;A:c:FE>?HGA:A?CC=<AH:>:;<=D?;A?AXE?N=H?H:AM=D?NAH?A<?>;=aRAAS
~(.,'x/5,u,+/(*'-3'oAbA?XE:N:AM:=>GABG;AE<AH:C:DO=C>?A:A>:<AFG<GAZ?D>?L:<A
?B;:C:D>?;AE<AP?=cGAFEC>GRS
~(.,'x/5,u,+/(*'-3'oSbA=DH=F?HGAB?;?AXE:<A:C>KAFG<:]?DHGADGAB;GF:CCGAC:;=L;KM=FGA
:A=;KA:c:FE>?;A?B:D?CA>;?P?NOGCAC=<BN:CAXE:ADUGA;:XE:;:<A>?D>?A>bFD=F?RS
~(.,'x/5,u,+/(*'-3'oAbA=DH=F?HGAB?;?AH:C:DOGCAC=<BN:CWAH:A>?<?DOGCA<bH=GCAH:A
Š_cŠ_F<WA:AXE:A>:DO?<WADGA<Kc=<GWAHE?CAGEA>;[CAFG;:CRAS
½/(.,'x/5,u,+/(*'-3'oACUGAEC?HGCA<?>:;=?=CAXE:A?B;:C:D>:<AF:;>?A>;?DCB?;[DF=?A
FG<GˆAS
TGAF?CGAHGAx'x%o(+%6%u'oWA?CAH=C>G;]V:CWA:Z=H:D>:<:D>:WAB;:hEH=F?<AGA:DF?=c:AH:A
FG;:CWAF?EC?DHGACb;=GCAB;GPN:<?AH:A;:L=C>;GCRS
YA:D;EL?<:D>GAbA>?<Pb<AE<?AF?;?F>:;C̀>=F?AH:CC:AB;GF:CCGWAZ=C>GAXE:A?CA>=D>?CA
EC?H?CAB?;?AGCAH:C:DOGCACUGAiAP?C:AH:AKLE?RAS
~(x/o,™5u%4AI?F=<?AH:A–ƒA<=F;GDCJAbAE<A>=BGAH:A<?>:;=?NAFG<A<:NOG;A:C>?P=N=H?H:WA
C:EA|D=FGA=DFGDZ:D=:D>:AbAXE:WAFG<AGAB;eB;=GA<?DEC:=GWA?A>=D>?ABGH:AC:;AM?F=N<:D>:A
;:<GZ=H?RS
T:CC:CAF?CGCWAE>=N=a?@C:AŒCB;?QŒA?B;GB;=?HGAB?;?A?AM=c?]UGAH?CA=<?L:DCA:A>=D>?RS
š/o,™5u%4(¾%,u/5/(/3(%4p4/-A>:<AZ?D>?L:DCACGP;:AGAF;=C>?NWABG=CA?A?H:;[DF=?AH?A
>=D>?AbAP:<A<?=G;WA<?CAFG<GA:C>:AB?B:NA;:F:P:A>;?>?<:D>GAXE`<=FGAB?;?AC:A>G;D?;A
N:=>GCGWA;:XE:;AE<A>:<BGA<?=G;AH:A:cBGC=]UGAH:ANEaAD?AL;?Z?]UGAH?A<?>;=aRAS
š/o,™5u%4(¿3),AbAE<AM=N<:AH:ABGN=bC>:;AXE:WA:<ACE?ACEB:;MF̀=:WABGCCE=AE<?AF?<?H?A
H:AN?F?AH:AFGNG;?]UGAZ:;<:NO?RS
z:BG=CAH:AFGNGF?HGACGP;:AE<AH:C:DOGAGAM=N<:AH:Z:AC:;A;:FG;>?HGAD?CAB?;>:CAXE:A
FG<B;::DH:AGA<G>=ZGWA;:<GZ:DHG@C:A?AB:ǸFEN?AH?CAB?;>:CA:<AXE:AD?H?AC:;KA
=<B;:CCGRAS
g:C<GAFGDC=H:;?DHGAXE:A:c=C>:<A<E=>GCAL?P?;=>GCWAM?a:;AE<AH=?BGC=>=ZGA<?DE?NA
;:XE:;WA?F=<?AH:A>EHGWAE<?AF:;>?AO?P=N=H?H:A:A<E=>?A>;?DXÀ=N=H?H:RAS
r:DHGA:N?PG;?HGA<?DE?N<:D>:WAGAH=?BGC=>=ZGA>:<ACE?CA?BN=F?]V:CAE<A>?D>GAN=<=>?HGRS
¡CCGABG;XE:AB:XE:DGCAH:>?NO:CAGEA>;?]GCA<E=>GAM=DGCA>:DH:<A?ADUGA?B;:C:D>?;A?A
FG;;:>?AF?B?F=H?H:AGEA;:LEN?;=H?H:AH:A>;?]GWAE<?AZ:aAXE:AbAM:=>?ADGA>?<?DOGA
G;=L=D?NRAS
9?;?AXE:<AM?aA?A<?>;=aAC:;=L;KM=F?WAH=?BGC=>=ZGCA<?DE?=CWAL:;?N<:D>:WAF?EC?<A
B;GPN:<?CAH:A;:L=C>;GWA:D>UGAGAFGDM:FF=GD?HG;AH:A<?>;=a:CAH:Z:A>:;AE<AFE=H?HGA
;:HGP;?HGRS
g:C<GAXE:A?A<?=G;=?AHGCAC:;L̀;?MGCAP;?C=N:=;GCA:C>:h?<A?FG<B?DO?HGA?A:ZGNE]UGAH?A
>bFD=F?AB;GBG;F=GD?H?AB:N?A?N>?A>:FDGNGL=?WAC?P:@C:AXE:A?=DH?A:c=C>:<AB:XE:DGCA
C:;L̀;?MGCA>;?P?NO?DHGAH:A<GHGA<:DGCACGM=C>=F?HGRAS
l/*/(7'v%4(3*(.,'x/5,u,+/8
d<PG;?A:C>:A>=BGAH:AB;GF:CCGA?>E?N<:D>:AbABGEFGAE>=N=a?HGWAbABGCCZ̀:NAXE:A?NLEb<A
?FO:AXE:AbA=D|>=NWAD?A;:?N=H?H:WA?AH:CF;=]UGAHGCAB?CCGCAC:LE=D>:CAD?AFGDM:F]UGAHGA
H=?BGC=>=ZGA<?DE?NWAGEAC:h?AH?A?;>:AM=D?NA<?DE?NWAC:;Z:A:c?>?<:D>:AB?;?AZ:;AGAXE?D>GA
:ZGNE=EA:<ABGEFGCA?DGCAGAB;GF:CCGAH?AC:;=L;?M=?ADE<A>GHGWAbAFN?;GAXE:AZGF[AZ?=AM?a:;A
CE?A?;>:ADGAFG<BE>?HG;AGEAc:;GF?;A?NLE<?AFG=C?WA<?CAC?P:;AFG<GA:;?AM:=>GA:AXE:A
?=DH?ABGH:AC:;AM:=>GAH?A<:C<?AMG;<?ABGH:AC:;A=D>:;:CC?D>:A:<A<E=>GCA?CB:F>GCRS
f?CGA?FO:AXE:ADUGANO:A=D>:;:CC?WABEN:A:C>?AB?;>:WA<?CAB:;<=>?@<:A<?>?;AE<ABGEFGA
H?A<=DO?AC?EH?H:AH:CC:CA>:<BGCWA:AH:CF;:Z:;AB?;?AXE:<ABGCC?A:C>?;A=D>:;:CC?HGRS
Ž:<P;?DHGAXE:AGCA<?>:;=?=CAF=>?HGCAD:C>?AC:]UGACeAC:;UGAD:F:CCK;=GCAC:AMG;A>G<?HGA
?GABbAH?AN:>;?WA=C>GAbWAM?a:;A<?DE?N<:D>:ACE?A?;>:AM=D?NRS
9?;?AFG<:]?;WAE<?APG?A*%5'(.%(
.%5%-/ÁSS
jA<:C?AH:AH:C:DOGAbAFG<BGC>?AH:AE<A
>?<BGWAXE:ABGH:AC:;AM=cGAGEA;:LENKZ:NAD?A
?N>E;?WA:AH:AE<?A:C>;E>E;?AH:DG<=D?H?A
F?Z?N:>:RS
jA<:C?ABGH:AC:;A>GH?A:<A<?H:=;?AGEA>:;A
GAF?Z?N:>:A:<A<:>?NRAS
SS
SS
SS

fG<A?A<:C?ABGH:<GCAM?a:;ADGCCGAH=?BGC=>=ZGAH:AHE?CA<?D:=;?CAH=M:;:D>:CˆAS
S
•=;?<GCAE<?AFeB=?A?<BN=?H?AGEA;:HEa=H?A
HGAH:C:DOGAGEANGLG>=BGAXE:AXE:;:<GCA
L;?Z?;WAFGNGF?<GCAE<AB:H?]GAH:AZ:L:>?NA
GEABGN=bC>:;A:<AF=<?AH:C>?AFeB=?AM=c?AFG<A
GA?EcǸ=GAH:AM=>?AHE;:cAGE>;GA>=BGAH:AM=>?WA
H:AB;:M:;[DF=?WAM=>?A>;?DCB?;:D>:RAS

SSS
S

z:BG=CAP?C>?AN=L?;A?ANEaAH?A<:C?AH:A
H:C:DOGAB?;?AXE:AZGF[A:Dc:;LE:AP:<A?A
FeB=?A:AFG<AGA?EcǸ=GAH:AE<?AF?D:>?A
D?DXE=<WABGH:;KAFGB=K@N?WAGP>:DHGA?ACE?A
?;>:AM=D?NA?>;?ZbCAH:AGE>;GAH:C:DOGRAS

dc=C>:AGE>;?A<?D:=;?AH:AGP>:;AGAH=?BGC=>=ZGWAP?C>?AM?a:;AE<?AFeB=?AIc:;GcJAH:APG?A
S

XE?N=H?H:WAP:<AB;:>?A:AC:<AC:;;=NO?CWA:AB?CC?;AZ?C:N=D?AGEAeN:GA<=D:;?NADGAN?HGAH:A
>;KCAH?AMGNO?WA=CCGAM?;KAFG<AXE:A?AFeB=?AM=XE:A>;?DCB?;:D>:AB:;<=>=DHGAXE:A?ANEaA
EN>;?B?CC:ADGA<G<:D>GAH?AL;?Z?]UGRS
YAM?>GAH:ACEL:;=;AXE:AC:h?AB?CC?HGAGAB;GHE>GADGAN?HGAH:A>;KCAH?AFeB=?AC:;Z:AB?;?A
:Z=>?;AXE:AB?CC?DHGAD?AM;:D>:WAGAB;GHE>GAZ:DO?A?APG;;?;A?A>=D>?AEC?H?AB:N?AFGB=?HG;?WA
E<?AL;?DH:AZ?D>?L:<AD:CC:AB;GF:CCGAbA?A;?B=H:aAD?AFGDM:F]UGAH?A?;>:@M=D?NWACeAXE:A
B?;?AM?a:;AH:CC?A<?D:=;?WAbAB;:F=CGAXE:A>:DO?<GCAE<APG<AG;=L=D?NAB?;?A?CC=<A
FGDC:LE=;<GCAE<?APG?AFeB=?RAS
„<?AH:CZ?D>?L:<WAbAXE:AB;GZ?Z:N<:D>:WABGH:;:<GCAE>=N=a?;A:CC?A?;>:A?B:D?CAE<?A
Z:aWABG=CAC:DHGAH:AB?B:NWA:N?AC:A;:>G;F:;KA>GH?AOG;?AD?AL;?Z?]UGAH:Z=HGA?GAF?NG;AH?CA
Ny<B?H?CRS
„<AH:>?NO:A=<BG;>?D>:AbAXE:A?GAB?CC?;AGAeN:GAGEAZ?C:N=D?WAH:Z:@C:AFGNGF?;A?AMGNO?ADGA
<:=GAH:A?NLE<AhG;D?NAB?;?A;:>=;?;AGA:cF:CCGWA?B:;>?DHGAGAhG;D?NACE?Z:<:D>:RAS
›APG<A>:;A:<A<UGCA?NLEDCA<?>:;=?=CA?AM=<A
H:AGP>:;AE<APG<AH:C:DOGWAGAXE?NABGH:;KA
C:;AEC?HGADE<AH=?BGC=>=ZGAD?AL;?Z?]UGAH?A
>:N?WA:D>;:A:N:CAGA>;?DCM:;=HG;WA?AC:LE=;WA
<?=CA?NLEDCAXE:ABGH:;UGAC:;AD:F:CCK;=GCWA
F?CGA;:CGNZ?AM?a:;AGCAH:C:DOGCAB?;?A?;>:A
M=D?NA<?DE?N<:D>:RS
S
jAF?D:>?AD?DXE=<AbAFG<BGC>?A
P?C=F?<:D>:AH:A>;[CAB?;>:CˆAB:D?WA
;:C:;Z?>e;=GAH:A>=D>?A:AFG;BGRAÂAB?;>:AXE:A
FO?<?<GCAD?A;:?N=H?H:A>:<A?AB:D?A
B;GB;=?<:D>:AH=>?AIXE:AbAE<AM=N:>:A
<:>KN=FGABG;AGDH:A?A>=D>?A:CFG;;:A:A<?;F?A
GAB?B:NJAH:D>;GAH:N?²AGAXE:A?B?;:F:ABG;A
MG;?AbAE<A=DZeNEF;GAH:ABNKC>=FGRS

dD>;:A?AB:D?A:AGA;:C:;Z?>e;=GAH:A>=D>?A
S

:c=C>:AE<?AB:]?AH:AED=UGRYAFG;BGAH?A
F?D:>?AbA>?<Pb<AE<A=DZeNEF;GWA:A?A>?<B?A
XE:AB;G>:L:A?ABGD>?AH?AF?D:>?RAS

•=D>?AB;:>?AP?C>?D>:AǸXE=H?WA:<B;:L?H?A:<A>GH?A
S

N=DO?AH:AH:C:DOGCˆABEPN=F=H?H:WA?;XE=>:>E;?A:A
=NEC>;?]V:CAGA>;?]GRSS
YAD?DXE=<AbAE<?A|D=F?A>=D>?AXE:A?P?C>:F:A?CA
F?D:>?CAH:AH:C:DOGWABGH:DHGAC:;AEC?HGAB?;?A
B=D>E;?AFG<AB=DF:NAGEAB?;?A=NEC>;?;AFG<AB:D?CA
:CB:F=?=CRAS

SSS
S

jCAF?D:>?CAD?DXE=DCABGCCE:<AE<A
;:C:;Z?>e;=GAB?;?A?A>=D>?RAS
9:;LED>:A?A?NLEb<AFG<A<?=CAH:Aƒ_A?DGCA
FG<GAbAE<?AF?D:>?A>=D>:=;GWA?AF?D:>?A
D?DXE=DAbA?A<:C<?AFG=C?RS

S
\E?DHGAEC?;<GCAE<?AF?D:>?AD?DXE=<WA
H:Z:<GCAC?FEH=@N?AE<ABGEFGWAB?;?AXE:A?A
>=D>?AH:C]?WAH?DHGAFGD>=DE=H?H:A?GA>;?]GRSS
jAF?D:>?AH:Z:AC:;AEC?H?AD?ABGC=]UGA
Z:;>=F?NWAh?<?=CAEC:A?AF?D:>?AD?ABGC=]UGA
OG;=aGD>?NWAGPC:;Z:A?AM=LE;?A?GAN?HGRAS
SS
SS
S

jCAF?D:>?CAD?DXE=DCABGH:<AC:;A
:DFGD>;?H?CADE<?ADE<:;?]UGAH:A
_W‡<<A?A‚W_<<WA:AFGDMG;<:AGA
C:EAD|<:;GWAB;GHEaAE<A
H:>:;<=D?HGA>?<?DOGAH:A>;?]GRAS

9?;?AN=<B?;<GCA?AF?D:>?AH:Z:<GCAH:C<GD>?@N?WAN?Z?;A?CAB:]?CWA:DcEL?@N?CA:A<GD>?;A
S

DGZ?<:D>:RS
•GH?CA?CAF?D:>?CAD?DXE=DCA>[<AGA<:C<GAC=C>:<?WABG;A=CCGWAC?P:DHGAFG<GAH:C<GD>?;A
E<?WADUGAO?Z:;KAB;GPN:<?CAB?;?AH:C<GD>?;AGE>;?CAHGA<:C<GA>=BGRAS
jGAN=<B?;A?AF?D:>?AB;=<:=;GAC:B?;?<GCA>GH?CA?CACE?CAB?;>:CWA>=;?<GCAGA:cF:CCGAH:A
>=D>?A:AN?Z?<GCA?CAB:]?CWA:DcEL?<GCA:A>G;D?<GCA?A<GD>?;A?AF?D:>?RAS

ÂCAZ:a:CWAXE?DHGA?A>=D>?AM=F?A<E=>GA>:<BGAB?;?H?AH:D>;GAH?AF?D:>?WA<:C<GAN?Z?DHGA
S

:N?AFGD>=DE?A:D>EB=H?RS
jCAB:D?CA<E=>GAM=D?CAH:Z:<AC:;AH:=c?H?CAH:A<GNOGADE<ABG>:AFG<AKLE?WAH:BG=CAH:A
?NLE<?CAOG;?CWAGEA<:C<GAH:AE<AH=?AB?;?AGE>;GWA?A>=D>?AH:Z:A>:;AH:CL;EH?HGA:WA
:D>UGWAN?Z?<GCA:ALE?;H?<GCADG;<?N<:D>:RS
\E?DHGA?AB:D?AbA<?=CAL;GCC?WABGH:<GCAC?N>K@N?AHGA=DZeNEF;GAH:ABNKC>=FGA:A;:>=;?@N?A
B?;?AN?Z?L:<WA>:DHGAGAFE=H?HGAH:AD?A;:BGC=]UGWA:DFO:;AGA=DZeNEF;GAH:AKLE?A:AN?;L?;A?A
B:D?AH:D>;GWA:N?AC:A?FG<GH?ACGa=DO?RAS
g?CA=CCGADUGAbA?FGDC:NOKZ:NAM?a:;A<E=>?CAZ:a:CWABG=CAC:<B;:A:c=C>:AGA;=CFGAH:A
:DFGD>;?;AGEAXE:P;?;A?AB:D?WA:C>;?L?DHGA?AF?D:>?RS
YE>;?AGB]UGAbAGAECGAH:AE<AǸXE=HGA:CB:F=?NAB?;?AN=<B:a?AH:AF?D:>?CAD?DXE=<WAXE:AbA
FG<:;F=?N=a?HGA:<ANGh?CA:CB:F=?N=a?H?CRAS
jCAF?D:>?CAD?DXE=DCA>[<A:CB:CCE;?CAH=M:;:D>:CWAFG<GA?CAN?B=C:=;?CWAC:DHGA
F?;?F>:;=a?H?AF?H?A:CB:CCE;?ABG;AE<?AH:>:;<=D?H?AFG;WAXE:AZ?;=?AH:AM?P;=F?D>:AB?;?A
M?P;=F?D>:RS
d<A<bH=?WA?CAF?D:>?CAZ?;=?<ACE?A:CB:CCE;?AH:A_W‡<<A?>bA‚W_<<WAC:DHGA
:DFGD>;?H?CAM?F=N<:D>:ADGA<:;F?HGA:CB:F=?N=a?HGRS
YCA:CXE?H;GCA>[<AE<?AMG;<?A
>;=?DLEN?;WAI:;;?HGAGADG<:WAH:Z:;=?A
C:;A>;=yDLENGWADUG}JACUGAM:=>GCA:<A
BNKC>=FGCAGEA?F;Ǹ=FGCA>;?DCB?;:D>:CWA
B?;?AB:;<=>=;A?AZ=CE?N=a?]UGAHGA
H:C:DOGAHE;?D>:A?A:c:FE]UGRASS
›APG<A>:;A?Nb<AHGA%53'.4/WAHE?CA
;bLE?CA?F;Ǹ=F?CAH:APG?AXE?N=H?H:RA
dC>?CA;bLE?CAH:Z:<AC:;AE<?AH:A
Š_F<A:A?AGE>;?AH:Aƒ_F<AGEA‹_F<RS

fG<GAGAB;eB;=GADG<:AH=aWAGA'.'xu'./4AbA
?H?B>?HGA?GAFG<B?CCGAB?;?AGAECGAH?AB:D?A
H?AF?D:>?AD?DXE=<RSS
r:AEC?HGAH:C>?AMG;<?WAB?;?AM?a:;AF`;FENGCA
GEA;=CFGCAFE;Z?HGCAE>=N=a?DHGA?AF?D:>?AA
D?DXE=<RAS

SS
S

SS
jCA¾%u4'5(4'-57%4’+%,5A:;?<A<E=>GAEC?H?CAD?AFGDM:F]UGAHGAH=?BGC=>=ZGWAXE?DHGA
:C>:A;:XE:;=?A?NLE<A>=BGAH:AB?N?Z;?AGEAD|<:;GRAS
jA<?;F?A<?=CAFGDO:F=H?AbA?AŽ:>;?C:>WA?=DH?ABGH:AC:;A:DFGD>;?H?AD?CAF?C?CA
:CB:F=?N=a?H?CA:<A<?>:;=?NAH:C:DOGRAS
jA?BN=F?]UGAH?CAN:>;?CA>;?DCM:;Z̀:=CWAbAC=<BN:CWAbACeA?N=DO?;A?AN:>;?AH:C:h?H?A:AFG<A
E<?AF?D:>?AFG<E<WAGEAC:h?WA:CM:;GL;KM=F?WAM;=FF=GD?;AN:Z:<:D>:ACGP;:A?AN:>;?WAXE:A?A
N:>;?A=;KAC:A>;?DCM:;=;A?E>G<?>=F?<:D>:AH?AF?;>:N?AB?;?AGAB?B:NRS
~(5u,o%u%AbAMG;<?HGAH:AE<?ANy<=D?A
:<PE>=H?ADE<AF?PGA:AM;?F=GD?H?AH:A
:CB?]GWAB:;<=>=DHGAFG<A=CCGWAXE:AC:h?A
XE:P;?H?A?AM;?]UGAhKAL?C>?WAbAE>=N=a?HGA
B?;?AFG;>?;AB?B:NAGEAB?;?A?BGD>?;ANKB=CWA
:DM=<WAFG;>?;AXE?NXE:;AFG=C?RS
t(234+'(74'-2%5'(bAM:=>?AH:ABNKC>=FGA
S

>;?DCB?;:D>:AFG<AMG;<?CA:AFE;Z?CA
Z?;=?H?CWA>?D>GA:<ACE?CAPG;H?CAFG<GADGA
C:EA=D>:;=G;WA?B;:C:D>?DHGA<GNH:CA
Z?a?HGCRASS
dC>:A<?>:;=?NAbA<E=>GA|>=NAB?;?AM=D?N=a?;A
H:C:DOGCAL;KM=FGCWABGCC=P=N=>?DHGAXE?NXE:;A
>=BGAH:AFE;Z?WAC:h?A:N?A?P:;>?AGEAM:FO?H?RS
SSSSSS

~(2/*x'55/AbAE<A=DC>;E<:D>GAH:AHE?CA
S

BGD>?CWA:AXE:AC:;Z:AB?;?A>;?]?;AF`;FENGCA
:<AZK;=GCA>=BGCA:A>?<?DOGCRASS
dc=C>:<AFG<B?CCGCAH:AH=Z:;CGCA>?<?DOGCA
:A<GH:NGCWA?B;:C:D>?DHGAGCA<?=CAZ?;=?HGCA
?F:CCe;=GCRAS
YCA?F:CCe;=GCA<?=CA=<BG;>?D>:CAB?;?ADeCA
CUGA?AP?;;?A?NGDL?HG;?AIB?;?A?E<:D>?;AGA
;?=GAHGAFG<B?CCGJA:AGCA?H?B>?HG;:CAB?;?A
F?D:>?AD?DXE=<RS

S
S
˜')'4,u/5(%*(t24’o,2/ACUGA<GH:NGCAZ?a?HGCAH:AF`;FENGCWAXE?H;?HGCWAM=LE;?CWA:>FRS
jAE>=N=a?]UGAH:AL?P?;=>GCAM?F=N=>?AGAH:C:DOGWABG=CAP?C>?A>:;<GCAGAL?P?;=>GAF:;>GAXE:WA
:<ABGEFGCA<=DE>GCWA>:;:<GCAGAH:C:DOGAG;=L=D?NAB;GD>GRS
9?;?A>;?]?;AH:D>;GAHGAL?P?;=>GWAH:Z:<GCAFGDHEa=;AGA>;?]GA?GANGDLGAHGCAFGD>G;DGCAHGA
L?P?;=>GAE<?ACeAZ:aRAS
YCAL?P?;=>GCWA:<AL:;?NWA?B;:C:D>?<AFO?DM;?CA:<AC:ECAFGD>G;DGCAGEABGD>GCA:<A
:N:Z?]UGWADUGAB:;<=>=DHGA?CC=<AGAFGD>?>GAH=;:>GAHGAL?P?;=>GAFG<AGAB?B:NWA:Z=>?DHGA
XE:APG;;:RAS
SSS
ž/u/o,u/88
œ,'x/5,u,+/(ž/u/*%2´-,2/AGAH=?BGC=>=ZGAGP>=HGA?>;?ZbCAH:AE<AB;GF:CCGAFGDO:F=HGA
FG<GAMG>G<:FyD=FGAXE:A:<PG;?A>:DO?AF?;?F>:;C̀>=F?CAC:<:NO?D>:CA?GAB;GF:CCGA
FG<E<AH:AMG>GL;?M=?WALE?;H?A?CB:F>GCA:CB:FM̀=FGCAB?;?A?A?BN=F?]UGA:<A?;>:CAL;KM=F?CRSS
YAMG>GN=>GWbAE<AH=?BGC=>=ZGAMG>G<:FyD=FGWA:A
=DH:B:DH:D>:<:D>:AHGA>=BGWA>?<?DOGAGEA
D|<:;GAH:AFG;:CWAGCAMG>GN=>GCACUGAH:AE<?A
XE?N=H?H:A<E=>?APG?AB?;?A?AL;?Z?]UGAH:A
E<?A<?>;=aAH:Z=HGAiACE?A:C>?P=N=H?H:A
H=<:DC=GD?NWA>;?DCB?;[DF=?AD?AP?C:A:A
:D:L;:F=<:D>GAD?CAK;:?CAHGA<G>=ZGA?AC:;A
=<B;:CCGRASS
z:AE<A<GHGAL:;?NWAMG>GN=>GCAMG>G<:FyD=FGA
CUGAH:AFEC>GA?N>GAB?;?A<E=>GCA>=BGCAAH:A
>;?P?NOGCRS
”:h?A?GAN?HGAE<?AFGB=?HG;?AB?;?AMG>GN=>GCA
MG>G<:FyD=FGCRS

TGAMG>GN=>GAMG>G<:FyD=FGWAGAB;=DFB̀=GAH:A>;?DCM:;=;A?A=<?L:<AH:AE<AG;=L=D?NAB?;?AE<A
S

M=N<:AL;KM=FGRS
zE;?D>:AGAB;GF:CCGWA?ANEaA?>E?AXE=<=F?<:D>:ACGP;:AGAM=N<:AZ=;L:<WA:A?BeCA?A
;:Z:N?]UGWAGAH:C:DOGAM=F?AL;?Z?HGADGAM=N<:RS
dADGAM=D?NAHGAB;GF:CCGWA?AL;?Z?]UGA?B;:C:D>?A:D:L;:F=<:D>GAD?CAK;:?CAXE:AFG<BV:<A
GAH:C:DOGA:A>;?DCB?;[DF=?CAD?CAK;:?CAXE:ADUGAGAFG<BV:<RS
YA:D:L;:F=<:D>GAHGAM=N<:A?FGD>:F:AH:Z=HGAiA:c=C>[DF=?AH:AB?;>F̀EN?CAHGAP;G<:>GAH:A
B;?>?WAXE:ACUGAC:DCZ̀:=CAiANEaAXE:A?BeCA?A;:Z:N?]UGWAH:=c?<AE<?AF?<?H?AH:AB;?>?A
<:>KN=F?AD?CAK;:?CA:cBGC>?CRAS
jCA<KXE=D?CAH:AMG>GN=>GAFGDC=C>:<A:<AE<?ABG;>?AG;=L=D?NWA?hEC>?@C:A?A?<BN=?]UGA:AGA
S

MGFGWAGAM=N<:AZ=;L:<AbAFGNGF?HGADGABG;>?@M=N<:A:A:M:>E?@C:A?A:cBGC=]UGRS
jCAK;:?CAP;?DF?CAG;=L=D?=CAC:;UGA;:MN:>=H?CAB?;?AH:D>;GAH?A<KXE=D?WA?>=DL=DHGAGAM=N<:A
Z=;L:<AXE:AM=F?;KAB;:>GAD:CC?CAK;:?CAH:BG=CAH?A;:Z:N?]UGA:A?CAK;:?CAB;:>?CADUGA
;:MN:>=H?CAM=F?;UGA>;?DCB?;:D>:CAH:BG=CAH?AM=c?]UGRS
jBeCA?A;:Z:N?]UGWAB:;F:P:<GCAXE:AGAM=N<:A:C>KAFG<AGA<G>=ZGAIH:C:DOGJAL;?Z?HGADGA
>?<?DOGAH:C:h?HGWAXE:ABGH:;KAC:;A;:HEa=HGAGEA?<BN=?HGWA<?CAFG<A?A=<?L:<A:<A
D:L?>=ZGRS

SSSSSSSSSSSé°©Ä̈°©8±¬Å§°Æ̈©888888888888888888888888888888888888888888888888888888888é°©Ä̈°©8­©¯°̈Æ̈©S S
9?;?A=DZ:;>:;A?A=<?L:<A:AGP>:;AGAH=?BGC=>=ZGA:<ABGC=>=ZGWAbAD:F:CCK;=GA>=;?;AE<A
FGD>?>GAIFeB=?JAH:CC:AD:L?>=ZGAB?;?AGE>;GAM=N<:AZ=;L:<WAGP>:DHGA?CC=<A?A=<?L:<AH?A
MG;<?AH:C:h?H?RAS
SS
t5(+'4,'mn%58
9GH:<A:c=C>=;AZ?;=?]V:CAXE?DHGA:c=C>=;A?NLE<A:;;GA?GABEc?;AGAM=N<:WABG=CA?A=<?L:<AbA
=<B;:CC?ABG;A<:=GAH:AN=DO?CWAM=N:>:CAGEACEB:;MF̀=:CAFGD>D̀E?CWA<?CA:<AFGDH=]V:CA
DG;<?=CWA>:<AMG;<?AB:;M:=>?<:D>:AH:M=D=H?WAC:<A<:=GCA>GDCAGEACG<P;:?HGCRS
YAH:C:DOGAbAMG;<?HGABG;AFGD>;?C>:CAB;:>GA:AP;?DFGWA:AbAAGP>=HGABG;A<:=GAH:A
MG>GL;?M=?WAH=;:>?<:D>:RAS
¢?C=F?<:D>:WAc:;GcA:<AB;:>GA:AP;?DFGA?>E?NRS
%-.'AE<AFGDhED>GAH:A:N:<:D>GCA
H:M=D=HGCAFG<ABGD>GCWAN=DO?CA:A>;?]GCAXE:A
?B;:C:D>?<AE<?AH=C>;=PE=]UGA;:LEN?;AD?A
CEB:;MF̀=:A?BN=F?H?WAH?DHGA?AC:DC?]UGAH:A
E<?A>:c>E;?AED=MG;<:RSS
fGDC:LE:@C:AZK;=GCA:M:=>GCAXE:AF;=?<A?A
C:DC?]UGAH:A>GDCA<?=CAFN?;GCAGEA<?=CA
:CFE;GCWAH:B:DH:DHGAHGA>?<?DOGAHGCA
:N:<:D>GCRAS
SS

¿%u,23o'./AbAGA<:=GAB:NGAXE?NAC:A>G;D?A
S

BGCCZ̀:NAE<?AMG>GAGEAE<A<G>=ZGA
IH:C:DOGJAFG<A<:=GCA>GDCRSS
•?<Pb<ABGH:AC:;AE>=N=a?HGAB?;?A?A
GP>:D]UGAH:AH=M:;:D>:CA:M:=>GCRS
fGDC=C>:AD?AFGNGF?]UGAH:AE<?AB:ǸFEN?A
:CB:F=?NWAXE:AF;=?AE<?AP?;;:=;?AiA?]UGAH?A
NEaWAHE;?D>:A?AMG>GL;?M=?WAB?;?A?AGP>:D]UGA
HGAMG>GN=>GA:AH=Z=H:A?A=<?L:<A:<A
B:XE:DGCAM;?L<:D>GCAFO?<?HGCAH:A
BGD>GCRS
SS
YDH:AGAH:C:DOGABGCCE=AK;:?CA<?=CAFN?;?CWA?ANEaAC:;KA;:MN:>=H?AFG<A<?=G;A=D>:DC=H?H:WA
S

Z:DF:DHGAGACG<P;:?HGAH?A;:>F̀EN?RS
T?CAK;:?CA<?=CA:CFE;?CWA?ANEaAC:;KAFG<A<?=G;A=D>:DC=H?H:A:AFGDMG;<:A?ANE<=DGC=H?H:A
HGAG;=L=D?NABGH:<GCA;:B;GHEa=;A?CA=<?L:DCA:<A<:=GA>G<WAFG<AE<AB;GF:CCGAXE:A
=<B;=<:AK;:?CAH:M=D=H?CRS
jBeCA?AGP>:D]UGAHGAD:L?>=ZGWA>=;?<GCAE<AFGD>?>GAIFeB=?JWAB?;?A=DZ:;>:<GCA?A=<?L:<A
:AFO:L?;<GCA?GABGC=>=ZGRS
jAE>=N=a?]UGAH?A;:>F̀EN?AbAM:=>?AB:NGAB;GF:CCGAH:AMG>GL;?M=?A:AGA<?>:;=?NAXE:A
B;GBG;F=GD?AGA;:>=FEN?HGAbAFGNGF?HGA:<AFGD>?>GAFG<AGAM=N<:AZ=;L:<WAB:N?AB?;>:AH?A
M;:D>:WAD?AOG;?AH?AMG>GL;?M=?WAH:AMG;<?AXE:A?ANEaAB?CC:ABG;A:N?WA?D>:CAH:A?>=DL=;AGA
M=N<:RAS
l/*),-'./(bAGAMG>GN=>GAXE:AMG=AB;:B?;?HGA
FG<AE<?AFG<P=D?]UGAH?CAH=M:;:D>:CA
F?;?F>:;C̀>=F?CAHGCAMG>GN=>GCRASS
YAMG>GN=>GA;:>=FEN?HGAGEAP:DH?QABGH:AZ?;=?;A
XE?D>GAiAN=D:?>E;?WAXE:AbA?A=DH=F?]UGAH:A
XE?D>?CAN=DO?CAH:ABGD>GCAGAMG>GN=>GA
?B;:C:D>?RS
„<?AN=D:?>E;?AH:Aƒ‰AN=DO?CWAC=LD=M=F?AXE:A
:CC?A;:>F̀EN?AGEAP:DH?QWABGCCE=Aƒ‰ABGD>GCA
BG;AF<AN=D:?;RS
\E?D>GA<?=G;AGAD|<:;GAH:AN=DO?CWA<?CA
BGD>GCABG;AF<A:WAFGDC:XÀ:D>:<:D>:WA
<:DG;AGA>?<?DOGAHGABGD>GRS
\E?D>GA<:DG;A?AN=D:?>E;?WA<?=G;AGA
D|<:;GAHGABGD>GWABG;A=CCGWAD?A
:DFG<:DH?;AE<AMG>GN=>GWAbAD:F:CCK;=GA
=DH=F?;A?AN=D:?>E;?AH:C:h?H?RAS

jA3'.4,24/*,'AbAE<AC=C>:<?AH:A=<B;:CCUGAB?;?A?A;:B;GHE]UGAH:AXE?NXE:;AG;=L=D?NA
S

FGNG;=HGRS
£?a:DHGA?AH:FG<BGC=]UGAH?A=<?L:<A:<AXE?>;GAFG;:CAPKC=F?CWABG;A<:=GAH:A
MG>G<:FyD=F?RS
dCC:AB;GF:CCGAbAMEDH?<:D>?HGAD?A>:G;=?AH?CAFG;:CWAGDH:AbABGCCZ̀:NA;:B;GHEa=;A
XE?NXE:;AFG;WAE>=N=a?DHGAGA?<?;:NGWAGAFQ?DAI?aENJWAGA<?L:D>?AIZ:;<:NOGJA:AGAB;:>GWA
M?a:DHGAFG<P=D?]V:CAH:AFG;:CA:<AB;GBG;]V:CAH=M:;:D>:CRAS
9G;A<:=GAH?AMG>G<:F?D=F?WAFG<A?AE>=N=a?]UGAH:AM=N>;GCA:CB:F=?=CWAGAG;=L=D?NAbA
MG>GL;?M?HGA‰AZ:a:CWAE<?AMG>GAB?;?AF?H?AFG;WA:AH:BG=CA:CC?CAMG>GCAAM=N>;?L:DCACUGA
;:>=FEN?H?CRS
9?;?AF?H?AFG;A>:;:<GCAE<AMG>GN=>GWAXE:WAC:A=<B;:CCGCAFG<A>=D>?CA?H:XE?H?CWA
?B;:C:D>?<AGAZ=CE?NAHGAG;=L=D?NWABG=CA?ACGP;:BGC=]UGAH?CA;:>F̀EN?CAH:AH=M:;:D>:CA
>?<?DOGCWAFG<AH=M:;:D>:CAFG;:CWAM?;KAGA:M:=>GAZ=CE?NAH?A<=C>E;?AH:AFG;:CRAS
YCAMG>GN=>GCAB?;?A?AGP>:D]UGAH:AXE?H;=F;G<=?WACUGAM:=>GCAH:A<?D:=;?AFGDZ:DF=GD?NRS
fG<AGA?EcǸ=GAH?A:N:>;kD=F?A:AH?A=DMG;<K>=F?WA:CC?AC:B?;?]UGAH:AFG;:CAH:AE<AG;=L=D?NA
FGNG;=HGWABGH:AC:;AM:=>?ABG;AN?C:;AGEACF?DD:;RS
YAB;GF:CCGAFGDC=C>:AD?AN:=>E;?Ae>=F?AHGAG;=L=D?NA:A?A;:>=FEN?L:<AH=;:>?ACGP;:AGAM=N<:A
Z=;L:<RS
dCC:AB;GF:CCGA?Nb<AH:AC:;A<?=CAB;:F=CGA:A<?=CAP?;?>GWAB:;<=>:A<E=>?A?L=N=H?H:AD?A
C:N:]UGAH:AFG;:CRAS
l3,.'./5(%5x%2,',5·S
S

jA;:>F̀EN?WAGEA?AB?;>:AMGCF?AHGAM=N<:WAH:Z:A:C>?;A:<AFGD>?>GAFG<A?A:<ENCUGA
MG>GL;KM=F?WAHE;?D>:A?AL;?Z?]UGAH?A>:N?WAB?;?AXE:ADUGAO?h?AB;GPN:<?CAH:AH:M=D=]UGA
HGCA>;?]GCAD?A=<B;:CCUGS
9?;?A=CCGAGAH:C:DOGAH:Z:A:C>?;AFG<AGAC:EAN?HGAN:LZ̀:NADGAN?HGAXE:AZ?=A:D>;?;A:<A
FGD>?>GAFG<A?A<?>;=aWAGEAC:h?WADGAN?HGAH?A:<ENCUGRAS
dC>:AH:>?NO:A>?<Pb<AH:Z:AC:;A<:DF=GD?HGAXE?DHGA<?DH?<GCAM?a:;AE<AMG>GN=>GA:<A
:C>|H=GCA:CB:F=?N=a?HGCWABG=CADG;<?N<:D>:AGAMG>GN=>GAbAM:=>GAFG<A?AB?;>:AMGCF?AHGAN?HGA
=N:LZ̀:NWA=CCGAbAFG<E<A:<AGMM@C:>WAGAXE:ABGH:;=?AF?EC?;AB;GPN:<?CAH:AH:M=D=]UGAD?A
=<B;:CCUGAC:;=L;KM=F?WAB;=DF=B?N<:D>:AXE?DHGAMG;:<A=<B;:CCGCA>;?]GCA<E=>GAM=DGCAGEA
;:>=FEN?HGCRAS
YE>;GAFE=H?HGA?AC:;A>G<?HGAbAFG<A?AN=D:?>E;?AH:A;:>=FEN?HGCAB?;?A?A=<B;:CCUGA
C:;=L;KM=F?RS
z:B:DH:DHGAH?A<?NO?A?AC:;AEC?H?AD?A<?>;=aAC:;=L;?M=?WAGCAH:>?NO:CAM=DGCAB:;H:<A?A
CE?AH:M=D=]UGWAFO:L?DHGA<:C<GA?ADUGAC:A;:Z:N?;WA?B:C?;AHGAMG>GN=>GWA>:FD=F?<:D>:WA
>:;AC=HGAP:<AM:=>GRS
£=F?A?A=DMG;<?]UGAH?AD:F:CC=H?H:AH:AC:AEC?;AE<?AN=D:?>E;?A<:DG;WA=C>GAbWABGD>GCA
<?=G;:CAH:B:DH:DHGAH?A?P:;>E;?AH?A<?NO?AH?A>:N?RAS
•GHGAH=?BGC=>=ZGAIMG>GN=>GJAH:Z:A>:;ACE?CAB?;>:CAB;:>?CA>G>?N<:D>:AGB?F?CA:ACE?CA
B?;>:CA>;?DCB?;:D>:CA>G>?N<:D>:A>;?DCB?;:D>:CWACG<:D>:A?CC=<A?A:cBGC=]UGAiANEaA
FE<B;=;KA>G>?N<:D>:AGAC:EAB?B:NAD?AL;?Z?]UGAH?A<?>;=aRAS
SSS
œ,'x/5,u,+/(/3('4u%(7,-'o(-/(l/*x3u'./488
TGCAH=?CA?>E?=CWAGCAZK;=GCA>=BGCAH:AMG>GN=>GCACUGAGP>=HGCA?>;?ZbCAH:AFG<BE>?HG;:CA:A
:XE=B?<:D>GCAH:DG<=D?HGCA=<?L:C:>>:;CWA:<AE<AB;GF:CCGA>G>?N<:D>:AH=L=>?NWA<?CA?CA
F?;?F>:;C̀>=F?CAHGCAM=N<:CAFGD>=DE?<AC:DHGA?CA<:C<?CˆACUGAM=N<:CAFG<BGC>GCABG;A
E<?AF?<?H?AH:ABGN=bC>:;A;:Z:C>=H?AH:AB:ǸFEN?AMG>GL;KM=F?AB;:>?RASS
³*'6%5%uu%458CUGA:XE=B?<:D>GCA<E=>GACGM=C>=F?HGCWAXE:AB:;<=>:<A;:?N=a?;AL;?Z?]UGA
HGAM=N<:AMG>GL;KM=FGAH=;:>?<:D>:AHGA?;XE=ZGAM:=>GA:<AFG<BE>?HG;WA?;<?a:D?HGA:<A
H=CXE:>:RSS
z:C>?AMG;<?WAZGF[AL;?Z?ACE?A=<?L:<ADE<AH=CXE:>:A:A:DZ=?AB?;?AE<?A:<B;:C?AXE:A
BGCCE?AE<A=<?L:C:>>:;RASS
j>;?ZbCAH?AN=DLE?L:<A9GC>rF;=B>WAGA=<?L:C:>>:;AL;?Z?;KWABGD>GABG;ABGD>GWA?A=<?L:<A
DGAM=N<:AZ=;L:<AXE:WA?BeCA;:Z:N?HGA:<AE<?AB;GF:CC?HG;?A:CB:F=?NWA?B;:C:D>?;KAE<?A
?N>?AH:M=D=]UGRASS
jCA:<B;:C?CAXE:AM?a:<A:C>?AGB:;?]UGWAC:DHGA:CB:F=?N=a?H?CAD?AE>=N=a?]UGAH:A
=<?L:C:>>:;CWACUGAFO?<?HGCAP=;kCWAXE:ACG<:D>:AB;:C>?<AC:;Z=]GCAH:AC?H̀?RSS
”GF[A:DZ=?AC:EAH=CXE:>:AFG<A?CA=<?L:DCA:A?A:<B;:C?ANO:AH:ZGNZ:AE<AMG>GN=>GA
H=L=>?N=a?HGRASS
¤KAM=FGEAFG<B;GZ?HGAXE:AGAFG<BE>?HG;A;:HEaAFEC>GCA:<A;:N?]UGA?GAB;GF:CCGAMG>G@
<:FyD=FGWA:AXE:A>;?aAE<?AL;?DH:A?L=N=H?H:A?GCA>;?P?NOGCRASS
fG<AGAN?D]?<:D>GAH:ACGM>Ç?;:CAL;KM=FGCWAFG<GAGAFG;:NAH;?ÇWAM=FGEA<E=>GA<?=CAMKF=NA
F;=?;AGAH:C:DOGAXE:AZGF[AH:C:h?AC:<AGCAGPC>KFENGCA:A=<B:;M:=]V:CAXE:AM?a:<AB?;>:A
HGAB;GF:CCGA<?DE?NAH:AGP>:D]UGAH:AE<AH=?BGC=>=ZGRSS
YCAÇ=DHGÇCAZ=:;?<A?AM?F=N=>?;A?=DH?A<?=CA?AGB:;?]UGAFG<ACGM>Ç?;:CAH:AH:C:DOGA:A
>;?>?<:D>GAH:A=<?L:DCAFG<AE<?ACb;=:AH:A;:FE;CGCAXE:A?B;=<G;?<AGAH:C:<B:DOGA
H:CC:CAB;GL;?<?CRASS
ÂAB;=<:=;?AZ=C>?WAGB:;?;AE<ACGM>Ç?;:ABGH:AB?;:F:;AH=MF̀=NA:A:c=L=;A<E=>GCA
FGDO:F=<:D>GCRASS
g?CWA<E=>GCAH:N:CAhKAZ[<A:<ABG;>ELE[CA:AGAC=C>:<?AÇ=DHGÇCAM?F=N=>?A<E=>GRASS
“:;?N<:D>:WA?CAM:;;?<:D>?CAHGACGM>Ç?;:AC:A?E>G@:cBN=F?<ABG;AC:;:<A=H:D>=M=F?HGCABG;A
F̀GD:CRSS
jCC=<WAB;GL;?<?CAH:AFG<BE>?]UGAL;KM=F?AOKA<E=>GA>:<BGAH:=c?;?<AH:AC:;AP=FOG@H:@
C:>:@F?P:]?CRASS
YAECGAF;:CF:D>:AHGCACGM>Ç?;:CA<GC>;?AFG<GA?AC:;=L;?M=?A>[<A:ZGNEH̀GAXE?D>GA?GA
B;GF:CCGAH:A=<B;:CCUGRASS
dN?AbAE<?A>bFD=F?AXE:AC:A<GH:;D=a?A?AF?H?AH=?WAL:;?DHGAB;GHE]V:CA:<AXE?NXE:;A
:CF?N?A:AFG<AXE?N=H?H:AXE?C:A=DFG<B?;KZ:NRAS
SSS
š4'u,2,.'.%(4'x,.%v(%(3'o,.'.%88
YCA>;?P?NOGCA:<AC:;=L;?M=?ACGM;:;?<AE<?A:DG;<:A:ZGNE]UGWAGAXE:A?D>:CA:c=L=?AE<?A
=DM=D=H?H:AH:AN?QGE>CA:A=D|<:;?CA<?;F?]V:CAH:AFG;:CWAOGh:A>G;DGE@C:A<E=>GAMKF=NA
L;?]?CAiAFG<BE>?]UGAL;KM=F?RAS
YCACGM>Ç?;:CACUGAM:;;?<:D>?CAH:AF;=?]UGAB:;M:=>?CWAF?B?a:CAH:A;:B;GHEa=;AXE?NXE:;A
=Hb=?A:AXE:A:C>KA:ZGNE=DHGAFGDC>?D>:<:D>:RAS
fG<A?N=?HGCA>UGAMG;>:CWAGCAC:;Z=]GCAH:AC:;=L;?M=?AMG;?<AP?C>?D>:AM?F=N=>?HGCWA
:N=<=D?DHGA:>?B?CA?D>:CA<E=>GAFG<BN=F?H?CWAH:<G;?H?CA:AB;=DF=B?N<:D>:AXE:A
:DZGNZ=?<AFEC>GCA<E=>GA?N>GCRAS
9?;?A?AC:;=L;?M=?WAB;GL;?<?CAXE:AC:h?<AF?B?a:CAH:AB;GHEa=;AN?QGE>CA:AH=?BGC=>=ZGCA
BGEB?<A>:<BGA:AL?C>GCWA?Nb<AH:AL?;?D>=;:<AB;:F=CUGA:AXE?N=H?H:RAS
rUGAH:>?NO:CA>:FDGNeL=FGCA?N=?HGCA?GCAFEC>GCAH:A<GD>?L:<A:AB;GHE]UGAXE:A
H:CB:;>?<A=D>:;:CC:AD?AB;GHE]UGAH:A=<B;:CCV:CAC:;=L;KM=F?CA:<AB:XE:D?WA<bH=?A:A
:<AN?;L?A:CF?N?RSS
l/-7%2mw/(.%(€'u4,v%5(S
„<?AH?CA:>?B?CAH?AFGDM:F]UGAH:A<?>;=a:CAbA?A?BN=F?]UGAH:AE<?A:<ENCUGAMG>GCC:DCZ̀:NA
D?A>:N?WA:C>?A:>?B?AbAFO?<?H?AH:AB;GF:CCGAH=;:>GRS
YAB;=DFB̀=GAPKC=FGAHGAB;GF:CCGAH=;:>GAbAMEDH?<:D>?HGAD?A<=C>E;?AH:AC:DC=P=N=a?D>:AD?A
:<ENCUGWAH:BG=CAH?A<=C>E;?WA:A:<ENCUGAM=F?AC:DCZ̀:NA?A?]UGAH?ANEaWABGCC=P=N=>?DHGA?A
L;?Z?]UGAH:AE<AH=?BGC=>=ZG—WABG=CA?A:<ENCUGAM=F?AC:DCZ̀:NAiA?]UGAH?ANEaRS
—?;>:AM=D?NA:<AB;:>GA:AP;?DFGS

YAB;GF:CCGAbAC=<BN:CWA?CAK;:?CAXE:ACUGA
:cBGC>?CAiANEaACGM;:<AE<?A;:?]UGA
XE`<=F?AM=F?DHGA=DCGN|Z:=CRSS
SS
SS
g?CA?CAK;:?CAXE:ADUGACGM;:<A?]UGAH?A
NEaWAM=F?<AB;G>:L=H?CAB:NGCA>;?]GCAHGA
H=?BGC=>=ZGWAM=F?DHGACGN|Z:=CWA:ACUGA
;:<GZ=H?CAD?AOG;?AH?A;:Z:N?]UGAH?A
>:N?RAS
SS

jAFGDM:F]UGAH:A<?>;=a:CWADGAH:FG;;:;AHGAB;GF:CCGAbA?A:>?B?AH:A<?=G;A=<BG;>yDF=?WA
S

BG=CA:N?AH:>:;<=D?;KA?AXE?N=H?H:AM=D?NAHGA>;?P?NOGAM=D?NA?AC:;A;:?N=a?HGAHE;?D>:A?A
=<B;:CCUGRAS
jD>:CAH?AL;?Z?]UGAH?A<?>;=aA:A?BeCA?A<:C<?A:C>?;A:C>=F?H?WAFGDZb<AC:LE=;AF:;>?CA
:>?B?CAH:AB;:B?;?]UGRAS
f:;>?<:D>:AZGF[ABGH:A:C>?;AXE:;:DHGAB:;LED>?;AXE?NA?A;?aUGAH:AC:AB;:B?;?;A?A<?NO?A
?D>:CAH:A?BN=F?;A?A:<ENCUG}AS
jA;:CBGC>?AbAC=<BN:CWA?CA<?NO?CA;:F:P:<AH=Z:;CGCA>=BGCAH:A>;?>?<:D>GAXE`<=FGA
HE;?D>:ACE?AM?P;=F?]UGA:ABGH:<AZ=;AH:AMKP;=F?A=<B;:LD?H?CAFG<A?NLE<A>=BGAH:A
B;GHE>GRS
jNb<AH=CCGWAHE;?D>:A?A:C>GF?L:<AbAB;?>=F?<:D>:A=<BGCCZ̀:NA:Z=>?;A?ABG:=;?AXE:AC:A
?FE<EN?A:D>;:AGCAM=GCRS
YA<?DEC:=GAH?A<?NO?A?F?P?ABG;AFGD>?<=DK@N?AFG<A?ALG;HE;?AB;GZ:D=:D>:AH?CA<UGCA
HGCAGB:;?HG;:CA:AHGCA:C>=F?HG;:CRAS
jA?H:;[DF=?AH?A:<ENCUGAD?A<?NO?AbAB;:hEH=F?H?AB:N?AB;:C:D]?AH:AH:>;=>GCWABG;A=CCGAbA
B;:F=CGAZ:;=M=F?;A?A<?NO?AD?AXE?NAZ?=AC:;A?BN=F?H?A?A:<ENCUGRS
fG<:F:AZ:;=M=F?DHGA?AB;:C:D]?AH:ABG:=;?A:ALG;HE;?WA?ALG;HE;?A:A?ABG:=;?AH=<=DE:<AGA
>:<BGAH:AZ=H?AH?A<?>;=aRAS
YCAŒGNOGC@H:@B:=c:ŒA:AGE>;?CA<?DFO?CA>?<Pb<A>[<AG;=L:<ADGA<?EAH:C:DL;?c:AH?A
>:N?WA>?<Pb<ACUGAB;GPN:<?CRAS
jCAB?;>F̀EN?CAH?ABG:=;?AXE:AC:ACGN>?<AD?A;:Z:N?]UGAL:;?<AME;GCAXE:AB;:F=C?<AC:;A
;:>GF?HGCA:A?CAXE:ADUGAC:ACGN>?<AHE;?D>:A?A;:Z:N?]UGWABGH:<ACGN>?;AH:BG=CWAHE;?D>:A
?A=<B;:CCUGRAS
T?AN=<B:a?AH?CA<?NO?CADUGAH:Z:<AC:;AEC?HGCAKNFGGNAGEACGNZ:D>:CSBG;XE:A:C>:CA
B;GHE>GCADUGA;:>=;?<A?ABG:=;?WA?B:D?CA:CB?NO?<A?ALG;HE;?AH:AE<AN?HGAB?;?AGE>;GWA
C:<A;:<GZ:@N?RAS
d<PG;?AGCAH:>:;L:D>:CA:AGCAC?PV:CAC:h?<A<?=CA:M=F=:D>:CAHGAXE:AGAKNFGGNWA>?<Pb<A
DUGACUGA=DH=F?HGCWABG=CAH:=c?<A?ACEB:;MF̀=:AH?A<?NO?A<E=>GA?NF?N=D?WAGAXE:ADUGAbA
D?H?APG<AB?;?A?A?H:;[DF=?AH?A:<ENCUGWAhKAXE:A?A?NF?N=D=H?H:AB;GB=F=?AGA
H:C?L;:L?<:D>GAH?CA<GNbFEN?CRAS
SS
š4/.3u/5(x'4'(/(œ%5%-64'‘%(S
r:<B;:AC:A;:FG<:DH?A?GCAC:;L̀;?MGCAXE:AEC:<AB;GHE>GCWA:CB:FM̀=FGCAB?;?AGA
H:C:DL;?c:A:A?AB;:B?;?]UGAH?CA<?NO?CRAS
YCAC:LE=D>:CAH:C:DL;?c?D>:CABGH:<AC:;A:DFGD>;?HGCA:<AF?C?CA:CB:F=?N=a?H?CˆAS
š4%x'*5p(bAE<AH:C:DL;?c?D>:A:<AL:NAFGDF:D>;?HGWAB?;?AGAECGAL:;?NRS
›A<E=>GA:M=F=:D>:WADUGAB;GHEaA:CBE<?A:cF:CC=Z?WADUGAbAFG;;GC=ZGA:AbAAP=GH:L;?HKZ:NWA
FG<GAbA:FGNGL=F?<:D>:AFG;;:>GWABGH:AC:;AEC?HGAC:<AB;GPN:<?CRS
YA$%4,x4%x(ÈÉÊAbAE<AH:C:DL;?c?D>:AǸXE=HGAFGDF:D>;?HGWAC:<AC=N=FGD:AGEA?H=>=ZGCA
FGDF:D>;?HGCWAGA$%4,x4%x(ÈÉÊA:N=<=D?AXE?NXE:;A>=BGAH:ALG;HE;?A:A;:CH̀EGCRS
•?<Pb<A;:HEaA?AF?;L?A:C>K>=F?A:A?A?B?;=]UGAH:A<=F;G@ME;GCAD?CA<?>;=a:CA?GA:N=<=D?;A
?CAB?;>F̀EN?CAH:Aec=HGRS
£EDF=GD?AFG<GA?L:D>:AH:ACEB:;MF̀=:WA?E<:D>?DHGACEPC>?DF=?N<:D>:A?AMNE=H:aAH?CA
:<ENCV:CACGP;:A?A<?NO?A>;?>?H?RAS
YA$%4,x4%x(ÈÉÈAbAE<A>=BGAH:AH:C:DL;?c?D>:AFGDF:D>;?HGA:<AB?C>?WA>:<AE<?AM=D?A
?]UGA?P;?C=Z?AXE:A;=CF?A?ACEB:;MF̀=:AHGCAM=GCRS
dC>:A:M:=>GAbAB?;?AM?F=N=>?;A?ABGC>:;=G;A?H:;[DF=?AH:A:<ENCV:CA:AM=N<:CRS
›A:CB:F=?N<:D>:A=DH=F?HGADGAH:C:DL;?c:AH:A>:N?CADGZ?CWA:ADGCAF?CGCAGDH:A?A?H:;[DF=?A
H?A:<ENCUGAbA<?=CAH=MF̀=NWAFG<GAD?A?H:;[DF=?AH:AM=N<:CAF?B=N?;:CACGP;:A<?NO?CAH:A
BGN=bC>:;RS
T?A;:?N=H?H:WAGAECGAH:A$%4,x4%x(ÈÉÈAbA|>=NA:<AXE?NXE:;AC=>E?]UGWABG=CACE?A?]UGA
?P;?C=Z?A?hEH?AD?A;:<G]UGAH:A;:CH̀EGCAH:A>=D>?AGEAGE>;?CA=<BE;:a?CA:DFGD>;?H?CAD?CA
>:N?CA;:FEB:;?H?CRAS
YAH:C:DL;?c:AbAGAB;GF:CCGAH:A
B;:B?;?]UGAH?A<?NO?AC:;=L;KM=F?A?D>:CA
H?A?BN=F?]UGAH?A:<ENCUGRAS
SS
SS
T?A;:?N=H?H:WAGAB;GF:CCGAH:A
B;:B?;?]UGAB;bZ=GAH?A<?NO?A:DZGNZ:A
<?=CAXE:AE<?AC=<BN:CA;:<G]UGAH?A
LG;HE;?WA<?CAGAH:C:DL;?c:AbA<E=>GA
=<BG;>?D>:AB?;?AGP>:;AE<?APG?A
<?>;=aRS
SS
SS
SS
SS

SS S
(*3o5n%5(x'4'(5%4,64'7,'(S
d<ENCV:CAB?;?AC:;=L;?M=?ACUGAE<?A<=C>E;?AH:A;:C=D?CA:<ACECB:DCUGA?XEGC?WAH:A<bH=?A
B?;?A?N>?AZ=CFGC=H?H:WAXE:WAXE?DHGAC:DC=P=N=a?H?CWAC:A<GH=M=F?<AFG<A?A?]UGAH?ANEaRAS
TG;<?N<:D>:ACUGAE>=N=a?H?CA;:C=D?CAH:A9”jAGEAH:A9”Y¼WAXE:A>[<A?A=D>:;:CC?D>:A
B;GB;=:H?H:AH:AC:;:<ACGN|Z:=CA:<AKLE?RS
9G;A=CCGWA>GH?CA?CA:<ENCV:CWA<:C<GAH:BG=CAH:AC:F?CWAH=CCGNZ:<@C:AFG<AKLE?RAS
g?CA:c=C>:AE<?AFG=C?AXE:A?CA>G;D?A=DCGN|Z:=CˆAbACE?A:cBGC=]UGAiANEaWA:AE<?AZ:aA
C:DC=P=N=a?H?CWA?CA:<ENCV:CAM=F?<ACEh:=>?CAiA?]UGAH?ANEaWAXE:A<GH=M=F?A?A:C>;E>E;?AH:A
CE?CA<GNbFEN?CWA>G;D?DHGA?AF?<?H?AH:A:<ENCUGA=DCGN|Z:NA:<AKLE?RS
r:AB:DC?;<GCAXE:ABGH:<GCA:cBG;AiA?]UGAH?ANEaA?B:D?CAE<?AB?;>:AH?AF?<?H?AH:A
:<ENCUGWAH:CFGP;=<GCAXE:ABGH:<GCA:cBG;AiA?]UGAH?ANEaA?B:D?CAE<?AB?;>:AH?A
F?<?H?AH:A:<ENCUGWAH:CFGP;=<GCAXE:ABGH:<GCAEC?@N?AB?;?A;:B;GHEa=;A=<?L:DCRS
jCC=<WAFG<AGA?EcǸ=GAH:AE<AH=?BGC=>=ZGAIMG>GN=>GAGEA?;>:AM=D?NJWABGH:<GCAL;?Z?;AD?A
F?<?H?AH:A:<ENCUGAK;:?CACGN|Z:=CA:AK;:?CA=DCGN|Z:=CRAS

S
jCAK;:?CAXE:ADUGAMG;:<A:cBGC>?CAKANEaAB:;<?D:F:;UGACGN|Z:=CA:AC:;UGAM?F=N<:D>:A
;:<GZ=H?CAFG<AKLE?A:AMG;<?;UGAGA:C>[DF=NWAXE:AbA?A<?CF?;?AXE:A;:B;GHEaA?A
=<?L:<RAS
T?AC:;=L;?M=?A?A:<ENCUGAMEDF=GD?AFG<GA?C>[DF=NWA=C>GAbWAbA?A:<ENCUGAXE:<AH:M=D:A?A
=<?L:<WAH:N=<=>?DHGA?CAK;:?CABG;AGDH:AH:Z:AB?CC?;A?A>=D>?RAS
9GH:@C:AH=a:;AXE:ACUGAHE?CA?CAB;GB;=:H?H:CA:c=L=H?CAH:AE<A<?>:;=?NAE>=N=a?HGAFG<GA
:C>[DF=NˆAS
jAM=H:N=H?H:AH:AFeB=?WAXE:A=<BN=F?A:<AH:M=D=]UGA:A;:CGNE]UGRAS
jA;:C=C>[DF=?A?AB;GHE>GCAXE`<=FGCA:A?GAH:CL?C>:AMC̀=FGA:A>?<Pb<AiA?P;?CUGRAS
„<?APG?A:<ENCUGAH:Z:A>:;AM=H:N=H?H:AH:AFeB=?A:A;:C=C>[DF=?A?AB;GHE>GCAXE`<=FGCA:A?GA
H:CL?C>:AMC̀=FGA:A>?<Pb<AiA?P;?CUGRAS
jCA:<ENCV:CABGH:<AC:;A:DFGD>;?H?CA:<AHG=CA>=BGCˆAS
9;eB;=?AB?;?A=<B;:CCUGAFG<A>=D>?A?AP?C:AH:ACGNZ:D>:RAS
dCB:F=?NAB?;?A=<B;:CCUGAFG<A>=D>?A?AP?C:AH:AKLE?RS
jCA:<ENCV:CADUGAC:DC=P=N=a?H?CABGH:<AC:;A?;<?a:D?H?CABG;AE<APG<A>:<BGWAhKA?CA
C:DC=P=N=a?H?CAHE;?<A?>bAXE?>;GAC:<?D?CWAXE?DHGA<?D>=H?CA:<A?<P=:D>:AM;:CFGWA
Z:D>=N?HGA:AB;G>:L=HGAH?ANEaRAS
SSS
($%-5,),o,v'mw/(.'(*3o5w/(S
jCA:<ENCV:CABGH:<AC:;AC:DC=P=N=a?H?CAFG<A),24/*'u/5AGEA.,'v/RAS
YCAP=F;G<?>GCABGH:<AC:;ACeH=GWABG>KCC=GA:A?<kD=?WAH:C>:CAGEA<?=CAEC?HGAbAGAH:A
CeH=GRS
jA<=C>E;?AiA:<ENCUGAH:Z:AC:;AD?A
B;GBG;]UGAH:A¥AB?;>:CAH:A:<ENCUGAB?;?A‡A
B?;>:AH:AC:DC=P=N=a?D>:RASS
z:Z:AC:;AEC?HGAE<AFGBGAL;?HE?HGAB?;?A
<:H=;AFG;;:>?<:D>:A?CAB?;>:CAXE:AC:;UGA
<=C>E;?H?CRAS
T?AOG;?AH?A<=C>E;?WAH:Z:@C:A>:;AE<A
FE=H?HGA>GHGA:CB:F=?NWAXE:AbADUGAM?a:;A
<GZ=<:D>GCA;KB=HGCAB?;?A:Z=>?;AF;=?;A
PGNO?CAD?A:<ENCUGWAGAXE:A=;KAF?EC?;A
ŒGNOGC@H:@B:=c:ŒA?GA;:Z:N?;A?A>:N?RAS
S
YAFG;;:>GAbAM?a:;A<GZ=<:D>GCAN:D>GCA:<A
MG;<?AH:AG=>GWA?>bA?A<=C>E;?AM=F?;AP:<A
OG<GL[D:?WAH:BG=CAH:=c?;A;:BGEC?;ABG;A
B:NGA<:DGCA‚_A<=DE>GCA?D>:CAH:AEC?;AB?;?A
:<ENC=GD?;A?A>:N?RAS

YA.,'v/ABGCCE=A:cF:N:D>:A;:C=C>[DF=?A?GA>:<BGA:ABGH:AC:;A?;<?a:D?HGABG;AB:;G̀HGCA
S

<?=CANGDLGCAXE:AGCAP=F;G<?>GCA:A>?<Pb<A?B;:C:D>?A?N>GAL;?EAH:AH:M=D=]UGAH:A>;?]GCA
M=DGCRS
YA.,'v/AD:F:CC=>?AH:A<?=CA>:<BGAH:A:cBGC=]UGA:ACE?AL;?Z?]UGAbAM:=>?AFG<A;?H=?]V:CA
NE<=DGC?CA;=F?CA:<A;?=GCAEN>;?Z=GN:>?CRAS
jAB;GBG;]UGAH?A<=C>E;?AHGAMG>GAC:DC=P=N=a?D>:AD?A:<ENCUGAMG=A=DH=F?H?AB?;?AC:;A:<A¥A
B?;>:CAH:A:<ENCUGAB?;?A‡AB?;>:AH:AC:DC=P=N=a?D>:WA=C>GAbAC:LE=HGAB:NGCAC:;L̀;?MGCWA<?CA
bAC:<B;:A;:FG<:DHKZ:NAN:;A?CA=DC>;E]V:CAHGAM?P;=F?D>:WA>?D>GAH?A:<ENCUGAMG>GL;KM=F?A
XE?D>GAHGAMG>GAC:DC=P=N=a?D>:WABG=CABGH:<A:c=C>=;AZ?;=?]V:CWAD:C>:AF?CGWAH:Z:<AC:;AH:A
?FG;HGAFG<A?CA=DH=F?]V:CAHGAM?P;=F?D>:RS
SSS
(~3u4'5(*3o5n%5(S
dc=C>:<AGE>;GCA>=BGCAH:A:<ENCV:CWAFG<GA?A%*3o5w/(7/u/x/o’*%4'WAXE:AbAM?P;=F?H?A
FG<A;:C=D?CAXE:AhKACUGWABG;AC=ACeWAC:DCZ̀:=CAiANEaRS
9G;A=C>GADUGAB;:F=C?<AC:;AC:DC=P=N=a?H?CWA:N?CAhKAZ[<AB;GD>?CAB?;?AGAECGA:A
B;GBG;F=GD?<A:cF:N:D>:AM=H:N=H?H:AH:AFeB=?WAGPZ=?<:D>:WAH:Z:<AB:;<?D:F:;A
:C>GF?H?CA:<A?<P=:D>:AC:FGWAM;:CFGA:A<:=GA:CFE;GWA>:<ABGEFGA>:<BGAH:A
?;<?a:D?L:<RS
•?<Pb<A:c=C>:<A?CA:<ENCV:CA.,'v/q7/u/x/o’*%4'5WAXE:ACUGA:<ENCV:CA
MG>GBGǸ<:;?CAXE:AN:Z?<AE<?AB:XE:D?AHGC:AH:AH=?aGA:<ACE?AFG<BGC=]UGRS
rUGA>?<Pb<AFO?<?H?CAH:A:<ENCV:CAH:AHEBN?@FE;?WABG;A>:;:<AE<AHEBNGAC=C>:<?AH:A
C:DC=P=N=a?]UGRS
dC>?CA:<ENCV:CA;:|D:<A?CA<:NOG;:CAXE?N=H?H:CAHGCAC=C>:<?CAH=?aGA:AMG>GBGǸ<:;GA:A
CUGA?CA<?=CA;:C=C>:D>:CWABG;b<WA<E=>GA<?=CAF?;?CRS
gE=>?CAH:N?CACUGAED=Z:;C?=CWAGAXE:AC=LD=M=F?AXE:A;:C=C>:<A?A>GHGA>=BGAH:A>=D>?AE>=N=a?H?A
D?A=<B;:CCUGAC:;=L;?M=?RAS
jCA:<ENCV:CA%*3o5n%5(7/u/x/o’*%4'5A:A?CA%*3o5n%5(.,'v/q7/u/x/o’*%4'5ACUGA
<:DGCAE>=N=a?H?CAB:NGAC:EA?N>GAFEC>GWACG<:D>:A:<AL;?DH:CA:C>?<B?;=?CABGH:<AC:;A
:DFGD>;?H?CRAS
SSS
(œ%7,-,mw/(%(¿%5/o3mw/(S
dD>:DH:@C:AFG<GAH:M=D=]UGA?AF?B?F=H?H:AH?A:<ENCUGAH:A;:FG;>?;AFG<AB;:F=CUGAGCA
N=<=>:CAH?A=<?L:<RS
\E?DHGAE<?A:<ENCUGA>:<APG?A;:CGNE]UGWAGCA<?=CAM=DGCA;:>=FEN?HGCACUGA;:B;GHEa=HGCA
FG<A<E=>?AB:;M:=]UGRAS
jCA:>?B?CAH?AB;:B?;?]UGAH:AE<?A>:N?A:<ENC=GD?H?ACUGA?AC:DC=P=N=a?]UGWAA?BN=F?]UGAH?A
:<ENCUGA:A?AC:F?L:<AH?A:<ENCUGRAS
fG<GAH:>?NO:A<E=>GA=<BG;>?D>:WA:CC?CA>;[CA:>?B?CAH:Z:<AC:;AM:=>?CA:<AE<?AC?N?A
:CFE;?RS
fO?<?@C:AC?N?A:CFE;?AE<A?<P=:D>:AFG<A=NE<=D?]UGA?H:XE?H?AB?;?AGA>;?P?NOGAFG<A
B;GHE>GCAC:DCZ̀:=CAiANEaWAD:C>:AF?CGWA?A=NE<=D?]UGAHGA?<P=:D>:A>:<AXE:AC:;A>?NAXE:A
DUGA?M:>:A?A:<ENCUGRAS
jANEaAXE:A=<B;:CC=GD?A?CA:<ENCV:CAC:;=L;KM=F?CAbA?AXE:AFGD>:<A;?H=?]V:CAD?AM?=c?AHGA
?aENWAHGAZ=GN:>?A:AHGAEN>;?Z=GN:>?WA:A=C>GA=DFNE=A?ANEaAP;?DF?RS
9G;A=CCGAH:Z:AC:;A:Z=>?H?A>GH?ANEaAXE:AFGD>=Z:;A:C>?CA;?H=?]V:CWA=DFNEC=Z:A?ANEaAHGAH=?WA
=CCGA?B:D?CA?D>:CAH:A;:Z:N?;A?A<?>;=aRS
¢?C>?A<?D>:;AGA?<P=:D>:AH:A>;?P?NOGACGPAA=NE<=D?]UGAH:AB;:HG<=DyDF=?AHGA?<?;:NGA
GEAZ:;<:NOGRS
¡C>GAbAMKF=NAFG<GAGAECGAH:ANy<B?H?CA?<?;:N?CAGEAZ:;<:NO?CWAOGh:A:<AH=?WAP?C>?D>:A
FG<EDCRAS
T?CAB;=<:=;?CAZ=C=>?CAH:A?<=LGCWA:N:CA:C>;?DO?<WAB:DC?<A?NLGA:C>;?DOGWAFG<GAE<?A
H=CFG>:F?AGEAPG?>:WADUGAN=LE:WA=CCGA?FGD>:F:EAFG<=LGA>?<Pb<RS
SSS
(txo,2'mw/(.%(*3o5n%5S

jA?BN=F?]UGAH?A:<ENCUGAD?A>:N?AbAGA
B;GF:CCGAB:NGAXE?NAFGDC>;E`<GCA?AF?<?H?A
H:A:<ENCUGWAXE:A;:CEN>?ADGA:C>[DF=NAH?A
<?>=aAC:;=L;KM=F?RS

9G;A=CCGWA:C>?A:>?B?AbA<E=>GA=<BG;>?D>:WA
BG=CA?AF?<?H?A?ÀFGDC>;EH̀?AbA?AH:M=D=>=Z?WA
:N?AbAXE:AZ?=AH:>:;<=D?;A?AXE?N=H?H:AM=D?NA
H?A=<B;:CCUGRAS

9?;?AB?CC?;A?A:<ENCUGWAFGNGF?@C:A?A>:N?A:<ABGC=]UGAZ:;>=F?NA:A?BN=F?@C:AE<?AF?<?H?A
S

H:A:<ENCUGAH:A<?D:=;?AED=MG;<:A:<A>GH?A?A:c>:DCUGAH?A>:N?RS
r:A?AF?<?H?ADUGAMG;AED=MG;<:WAM=F?;UGA:CB:CCE;?CAH=M:;:D>:CA:AF?EC?;UGAH=M:;:D]?CADGA
H:BeC=>GA:AD?AFGP:;>E;?AH:A>=D>?RS
dADGA<G<:D>GAH:A:cBGC=]UGAiANEaWAC:AOGEZ:;:<AH=M:;:D]?CAH:A:CB:CCE;?AD?AF?<?H?A
H:A:<ENCUGWA?AK;:?AFG<A<?=G;AXE?D>=H?H:AH:A:<ENCUGAB;:F=C?;KAH:A<?=CA>:<BGAH:A
:cBGC=]UGWA:A?AK;:?AFG<A<:DG;A:CB:CCE;?AM=F?;KA>:<BGAH:<?C=?HGA:<A:cBGC=]UGWA=CCGA
Z?=AH=M=FEN>?;A?A;:Z:N?]UGAH?A>:N?RS
TGCAHG=CAN?HGCAH?A>:N?AH:Z:<AC:;AB?CC?H?CAF?<?H?CAED=MG;<:CWAFG<AFE=H?HGA<E=>GA
:CB:F=?NADGAN?HGAH?A>:N?AXE:A:D>;?;KA:<AFGD>?>GAFG<AGACEPC>;?>GWA?A:<ENCUGAH:Z:;KA
C:;AE<?AF?<?H?AP:<AN=C?WABG=CAXE?NXE:;AXE?NXE:;AC?N=[DF=?WABG;A<:DG;AXE:AC:h?WAA
B;:hEH=F?;KA?AH:M=D=]UGAH?A=<?L:<RAS
SSS
(l3,.'./5(5,2/5(-'(txo,2'mw/(.'(*3o5w/S
jD>:CAH:A?BN=F?;A?A:<ENCUGWAF:;>=M=XE:@C:AH:AXE:A?A:<ENCUGADUGAFGD>b<AB:XE:D?CA
PGNO?CWA?CAPGNO?CABGH:<AC:A>;?DCMG;<?;A:<A;=CF?CA:A;?=?CAD?AF?<?H?RS
jA?BN=F?]UGAH:Z:AC:;AN:D>?A:AFGD>D̀E?AB?;?A:Z=>?;A?AMG;<?]UGAH:APGNO?CAH:A?;RS
TEDF?AB?;:AGA;GHGAD?A<:>?H:AHGAB:;FE;CGWABG=CA=CCGAF?EC?AGA?FE<ENGAH:A:<ENCUGAD?A
K;:?AB?;?H?RS
9?;?AD?CAPG;H?CA:A;:FGNO?AFG<AGAB;eB;=GA;GHGAGA:cF:CCGAH?CAPG;H?CRS
jNb<AHGA;GHGWA:c=C>:AXE:<AB;:M=;?AEC?;AF?NO?CA?BN=F?HG;?CAH:A:<ENCUGWAXE:ACUGA
B;eB;=?CAB?;?A:C>?AM=D?N=H?H:WA:ACUGAM?F=N<:D>:A:DFGD>;?H?CADGA<:;F?HGRS
r:AXE?NAMG;AGA=DC>;E<:D>GAE>=N=a?HGWA?BN=XE:AC:<B;:A?A|N>=<?AF?<?H?AB:NGAN?HGAH:A
H:D>;GAH?A>:N?WAH:A<?D:=;?A?A:<BE;;?;A?AF?B?AH:A:<ENCUGA?>;?ZbCAH?A<?NO?WAB?;?AGA
N?HGAH:AMG;?RS
r:AE>=N=a?;AGA;GHGWAGA;GHGAH:Z:A>:;A‡AF:D>`<:>;GA?A<:DGCAXE:A?AN?;LE;?A=D>:;D?AHGA
XE?H;GRS
r:AE>=N=a?;AE<?AF?NO?WAGAFG<B;=<:D>GAH?AF?NO?AH:Z:AC:;AH:A‡AF:D>`<:>;GA<:DG;AXE:A?A
N?;LE;?A=D>:;D?AHGAXE?H;GRS
TEDF?AEC:A;GHGCAGEAF?NO?CA<E=>GA<:DG;:CAXE:AGCAXE?H;GCWAB?;?A:Z=>?;A?ACEB:;BGC=]UGA
H:AF?<?H?CRS
£=XE:AN=L?HGI?JAD?APG;H?AH?AF?NO?WAbA<E=>GA=<BG;>?D>:RS
r:<B;:AB;:M=;?AE<?AF?NO?AFG<A?APG;H?AP:<A;:LEN?;A:A>G<:A>GHGCAGCAFE=H?HGCAB?;?A
FGDC:;ZK@N?AC:<B;:A?CC=<RS
¡;;:LEN?;=H?H:CAD?APG;H?AH?AF?NO?A?F?;;:>?<A:<AH:M:=>GCAD?AF?<?H?AH?A:<ENCUGRS
9?;?A<?NO?CA<?=CA?P:;>?CWAB;:M=;?AE<?AF?NO?AH:APG;H?CA?;;:HGDH?H?CWAXE:AH:BGC=>?;KA
<?=G;AXE?D>=H?H:AH:A:<ENCUGRS
9?;?A<?NO?CA<?=CAM=D?CWAXE:A;:XE:;:<AXE?D>=H?H:CA<:DG;:CAH:A:<ENCUGWAEC:AE<?A
F?NO?AH:APG;H?CAM=D?CRS
jNLE<?CAF?NO?CA>[<AGCAHG=CA>=BGCAH:APG;H?WAE<?AH:AF?H?AN?HGRAS
r:LE=DHGA:C>?CA=DC>;E]V:CWAFG<AF:;>:a?WAZGF[A>:;KAPGDCA;:CEN>?HGCAD?AOG;?AH?A
=<B;:CCUGRAS
SSS
(Ë3'-u,.'.%(.%(l'*'.'5(S

jA?BN=F?]UGAH?A:<ENCUGAH:Z:AC:;AM:=>?AHGCA
HG=CAN?HGCAH?A>:N?WAC:DHGAHE?CA?BN=F?]V:CA
D?A>:N?ABG;AH:D>;GAHGAXE?H;GAGEA<GNHE;?WA
M=F?DHGA:<AFGD>?>GAFG<AGACEPC>;?>GRS

\E?DHGAbA?E<:D>?HGAGAD|<:;GAH:AF?<?H?CAH:A:<ENCUGABG;AH:D>;GWA>?<Pb<AbA
S

?E<:D>?H?A?A;:C=C>[DF=?AH?A<?>;=aRAS
TGAF?CGAH:AC:;:<A?E<:D>?H?CAGAD|<:;GAH:AF?<?H?CAH:A:<ENCUGABG;AMG;?WADGAF?CGWA
D?AB?;>:AXE:AM=F?;KA:<AFGD>?>GAFG<AGACEPC>;?>GWA>:;:<GCA<?=CAH:M=D=]UGAH?A=<?L:<RAS
SSS
(˜4'+'mw/(.'(%o'(€%5'(.%(¾3v(S
jAFGB=?L:<AH:A<?>;=a:CA:c=L:A:cBGC=]UGAiANEaWA:AXE:AH:Z:AGPC:;Z?;AF:;>GCA=>:DCWA
FG<GAE<?A<:C?AH:ANEaA?B;GB;=?H?WA;=F?A:<A;?=GCAEN>;?Z=GN:>?RS
dC>:CA;?=GCAEN>;?Z=GN:>?AB;GZGF?;UGA?A;:?]UGAH:A:DHE;:F=<:D>GAH?A:<ENCUGA:<APGDCA
DZ̀:=CWAL?;?D>=DHGAiA<?>;=aAE<?APG?AXE?N=H?H:ADGA>;?P?NOGRAS
›ABGCCZ̀:NA?HXE=;=;AE<?A<:C?AH:ANEaAB?;?AC:;=L;?M=?AB;GD>?WAC:AZGF[AB;GFE;?;AD?CA
F?C?CAHGA;?<GWAM=F?;KA<E=>GACE;B;:CGAFG<AGAZ?NG;AXE:AbAFGP;?HGABG;AE<?AF?=c?AFG<A
E<?ANEaADGA<:=GWAE<?ANy<B?H?WA:AiCAZ:a:CAE<A>:<BG;=a?HG;AB?;?AH:CN=L?;A?ANy<B?H?A
DE<AH:>:;<=D?HGA>:<BGRS
fG<GADGCCGAGPh:>=ZGAbAL?C>?;ABGEFGWAGB>?<GCABG;A:cBN=F?;AFG<GAM?a:;A?A<:C?WA?D>:CA
H:AFG<:]?;A?AFGDC>;E]UGAH?A<:C?WAB;GFE;:A:AZ:;KAXE:AZGF[A:FGDG<=a?;KAB:NGA<:DGCA
†A‰R___W__ACeAD?A<:C?AH:ANEaRS

9?;?AE<?A<:C?AH:ANEaAGEAM?a:;A
E<?A<:C?AH:ANEaAP?C>?A>:;A
<?H:=;?WAB;:LGCA:AE<AB:H?]GAH:A
Z=H;GRAS

T?AFEP?AC:;KA=DC>?N?H?A?ANy<B?H?AGCA?CANy<B?H?CWAC:A?CC=<AH:C:h?;RS
S

T?AFEP?AH:Z:<A>:;AME;GCAB?;?AB:;<=>=;A?AZ:D>=N?]UGWA:AC:EA=D>:;=G;AH:Z:AC:;AP;?DFGWA
B?;?A<:NOG;AH=C>;=PE=;A:A;:MN:>=;A?ANEaWABGH:AC:;AGP>=HGAe>=<GA;:CEN>?HGWAMG;;?DHGAGA
=D>:;=G;AH?AFEP?AFG<AB?B:NAN?<=D?HGA@z¡fj@A?ANy<B?H?AH:Z:;KA:C>?;AKAH=C>yDF=?AH:A
ƒ_F<AHGAZ=H;GWAGDH:AC:;KAFGNGF?H?A?A>:N?R9G=CA<E=>GAB;ec=<GWAB;GZGF?AGA
:DHE;:F=<:D>GAH?A:<ENCUGAB:NGAF?NG;A>b;<=FGRAS
SSS
(˜4'+'mw/(.'(%o'(€%5'(.%(¾3v(S
jAFGB=?L:<AH:A<?>;=a:CA:c=L:A:cBGC=]UGAiANEaWA:AXE:AH:Z:AGPC:;Z?;AF:;>GCA=>:DCWA
FG<GAE<?A<:C?AH:ANEaA?B;GB;=?H?WA;=F?A:<A;?=GCAEN>;?Z=GN:>?RS
dC>:CA;?=GCAEN>;?Z=GN:>?AB;GZGF?;UGA?A;:?]UGAH:A:DHE;:F=<:D>GAH?A:<ENCUGA:<APGDCA
DZ̀:=CWAL?;?D>=DHGAiA<?>;=aAE<?APG?AXE?N=H?H:ADGA>;?P?NOGRAS
›ABGCCZ̀:NA?HXE=;=;AE<?A<:C?AH:ANEaAB?;?AC:;=L;?M=?AB;GD>?WAC:AZGF[AB;GFE;?;AD?CA
F?C?CAHGA;?<GWAM=F?;KA<E=>GACE;B;:CGAFG<AGAZ?NG;AXE:AbAFGP;?HGABG;AE<?AF?=c?AFG<A
E<?ANEaADGA<:=GWAE<?ANy<B?H?WA:AiCAZ:a:CAE<A>:<BG;=a?HG;AB?;?AH:CN=L?;A?ANy<B?H?A
DE<AH:>:;<=D?HGA>:<BGRS
fG<GADGCCGAGPh:>=ZGAbAL?C>?;ABGEFGWAGB>?<GCABG;A:cBN=F?;AFG<GAM?a:;A?A<:C?WA?D>:CA
H:AFG<:]?;A?AFGDC>;E]UGAH?A<:C?WAB;GFE;:A:AZ:;KAXE:AZGF[A:FGDG<=a?;KAB:NGA<:DGCA
†A‰R___W__ACeAD?A<:C?AH:ANEaRS
9?;?AE<?A<:C?AH:ANEaAGEAM?a:;A
E<?A<:C?AH:ANEaAP?C>?A>:;A
<?H:=;?WAB;:LGCA:AE<AB:H?]GAH:A
Z=H;GRAS

T?AFEP?AC:;KA=DC>?N?H?A?ANy<B?H?AGCA?CANy<B?H?CWAC:A?CC=<AH:C:h?;RS
S

T?AFEP?AH:Z:<A>:;AME;GCAB?;?AB:;<=>=;A?AZ:D>=N?]UGWA:AC:EA=D>:;=G;AH:Z:AC:;AP;?DFGWA
B?;?A<:NOG;AH=C>;=PE=;A:A;:MN:>=;A?ANEaRS
›AGP>=HGAe>=<GA;:CEN>?HGWAMG;;?DHGAGA=D>:;=G;AH?AFEP?AFG<AB?B:NAN?<=D?HGRS
r:AGAZ=H;GAM=F?;A<E=>GA<E=>GAB;ec=<GAH?ANy<B?H?WAGAF?NG;AL:;?HGAB:N?ANy<B?H?A
B;GZGF?AGA:DHE;:F=<:D>GAH?A:<ENCUGAB:NGAF?NG;A>b;<=FGWA:ADUGAB:N?A?]UGAHGCA;?=GCA
EN>;?Z=GN:>?AB;GZ=H:D>:CAH?ANEaWAFG<GAbA:CB:;?HGRS

T?AFEP?AC:;KA=DC>?N?H?A?ANy<B?H?RSS
jAFEP?AH:Z:A>:;AME;GCAB?;?A?A
Z:D>=N?]UGWA:AC:EA=D>:;=G;AH:Z:AC:;A
P;?DFGAGEAMG;;?HGAFG<AB?B:NA
N?<=D?HGAB?;?A<:NOG;AH=C>;=PE=;A:A
;:MN:>=;A?ANEaRS

fG<GAH:Z:;AM=F?;A?A
<:C?AH:ANEaAB;GD>?RS

S
jCAFEP?CABGH:<AC:;A
M:=>?CA;:>?DLEN?;:CWA
XE?H;?H?CAGEAFkD=F?CRS

jAFEP?AH:Z:AC:;A
:N?PG;?H?AH:AMG;<?A
XE:A?BeCA?A<GD>?L:<A
H?A<:C?A:A?AFGNGF?]UGA
H?ANy<B?H?WA?A
Ny<B?H?AH:Z:;KA:C>?;A
KAE<?AH=C>yDF=?AH:Aƒ_A
F<AHGAZ=H;GWAGDH:AC:;KA
FGNGF?H?A?A>:N?RS
S

YABbAH?A<:C?AbA
MG;<?HGABG;AHG=CA
B:H?]GCAH:A>KPE?CS

(t5(o´*x'.'5(S
S

jAMGD>:AH:ANEaAH:Z:AC:;A;=F?A:<A;?=GCAEN>;?Z=GN:>?CAXE:AB;GBG;F=GD?;UGAE<?A;:?]UGAH:A
:DHE;:F=<:D>GAH?A:<ENCUGA:<A<?=G;:CADZ̀:=CRAS
jCANy<B?H?CA<?=CA:<B;:L?H?CA:<AC:;=L;?M=?ACUGAMG>GAŒMNGGHŒA:A£NEG;:CF:D>:CWA<?CA
DUGACUGA?CAXE:A?B;:C:D>?<A<:NOG;:CA;:CEN>?HGCRS
jCANy<B?H?CAž/u/(žo//.ACUGAHGA>=BGAFG<E<A:A?CA
,-2'-.%52%-u%5ABGCCE:<ABGEF?WAGEAXE?C:A
D:DOE<?A;?H=?]UGAEN>;?Z=GN:>?RASS
SS
jAPECF?AH:A<:NOG;AXE?N=H?H:AD?AL;?Z?]UGWAD:CC:A
F?CGWADUGAC:;KA?NF?D]?H?WA<:C<GAXE:AC:AEC:AE<?A
:<ENCUGAH:A<:NOG;AB:;MG;<?DF:AHGA>=BGA
ž/u/x/o’*%4'5AGEAœ,'v/q7/u/x/o’*%4'5RS
S

jCAo´*x'.'5(7o3/4%52%-u%5ADUGA>:<AE<?A
=DF=H[DF=?A>G>?NAH:A;?=GCAEN>;?Z=GN:>?RSS
g?CA>:<AE<?A;?H=?]UGAXE:ABGH:AL;?Z?;A
>:N?CAH:AE<?AMG;<?AL:;?NRAS

jCANy<B?H?CAF=>?H?CA?P?=cGACUGAH:A<GHGAL:;?NWA?CAH:A<:NOG;AXE?N=H?H:RS
jA7o3/4%52%-u%5(.%(¾3v(½%64'ABGCCE=AE<?APG?A;?H=?]UGAH:AEN>;?AZ=GN:>?WAXE:A
BGCC=P=N=>?A?AL;?Z?]UGAH:AE<?A>:N?AFG<A<E=>?AXE?N=H?H:RS
jANy<B?H?AH:AŸ'x/4(.%(€%42Ì4,/A>:<AE<?ABGC=]UGA:CB:F>;?NAH:M=D=H?AD?CA;?H=?]V:CA
EN>;?Z=GN:>?RS
fG<A:C>:A>=BGAH:A=NE<=D?]UGWA>G;D?@C:ABGCCZ̀:NAGP>:;APGDCA;:CEN>?HGCRAS
jCANy<B?H?CAH:AÍ/o/6Î-,/(€%uo,2/ACUGAFGDC=H:;?H?CAE<?Ae>=<?AGB]UGABG;A>:;:<A
E<?APG?ABGC=]UGA:CB:F>;?NRAS

S
dc=C>:<A?NLEDCAB;GPN:<?CAXE:ACUGAFG<EDCWA?AM?N>?AH:AD=>=H:aWA?A;:HE]UGAH?AZ=H?A|>=NA
H?A<?>;=aA:A;:Z:N?]UGAH=MF̀=NWA:AXE:ACeA?FGD>:F:<AXE?DHGA?CANy<B?H?CADUGABGCCE:<A
E<?APG?A;?H=?]UGAEN>;?Z=GN:>?RAS
SSS
4'u'*%-u/(.%+,./(-'(u%o'S
•GH?A?AB;GHE]UGAH:A<?>;=a:CAC:;=L;?M=F?CWA=<BN=F?AD?AMG;<?]UGAH:AE<?AF?<?H?AMG>GA
C:DCZ̀:NAIbA?A:<ENCUGJACGP;:AE<?A<?NO?AIBGH:AC:;AGADQNGDAGEABGN=bC>:;JRS
9?;?AC:;:<AGP>=H?CA<?>;=a:CAHE;KZ:=CWA?AED=UGA:D>;:A?A:<ENCUGA:A?A<?NO?AH:Z:AC:;A?A
<?=CAFG<BN:>?ABGCCZ̀:NRS
YCAL;?DH:CAF?EC?HG;:CAH:AB;GPN:<?CAH:CC?AD?>E;:a?ACUGA?CALG;HE;?CA:ABG:=;?CAXE:WA
C:ADUGAMG;:<A;:<GZ=H?CWAB;:hEH=F?;UGA>GHGAB;GF:H=<:D>GAH:A?BN=F?]UGAH?A>=D>?RAS
SS
*3o5,/-'*%-u/(.'(u%o'S
dc=C>:<AZK;=?CA>bFD=F?CAB?;?AC:;:<AB;:B?;?H?CA?CA<?>;=a:CRS
g?CA>GH?CA?CA>bFD=F?CAB?;>:<AH:AE<ABGD>GAMEDH?<:D>?NWA:C>:ABGD>GAMEDH?<:D>?NAbA?A
>:N?A:C>=F?H?A:AH:C:DLG;HE;?H?AXE:A;:F:P:A?A?BN=F?]UGAH:AE<?A:<ENCUGWA:AM=F?A
H:B:DH:DHGAHGA;:C>?D>:AHGAB;GF:CCGWAXE:AbA?AL;?Z?]UGAME>E;?AH?A<?>;=aRAS
rG<:D>:AXE?DHGA?A<?NO?AH:C:DL;?c?H?A:C>=Z:;AP:<AC:F?A:AN=<B?WA:C>?;KAB;GD>?AB?;?A
;:F:P:;A?AF?<?H?AH:A:<ENCUGRAS
SS

jCA:<ENCV:CAD?AMG;<?AǸXE=H?ACUGA
H:BGC=>?H?CAH=;:>?<:D>:ACGP;:A?A
<?NO?AE>=N=a?DHGAGA;GHGAH:APG;;?FO?WA
GA<:C<GAXE:AbAE>=N=a?HGAB?;?A?BN=F?;A
?A>=D>?ADGACEPC>;?>GWAGEABG;A<:=GAH:A
E<?AF?NO?RSS
SS

jA:<ENCUGAH:Z:AC:;AP:<A:CFGNO=H?WABG=CA
DG;<?N<:D>:A?AF?<?H?AH:BGC=>?H?ACGM;:A
E<A:DFGNO=<:D>GAHE;?D>:AGAB;GF:CCGAH:A
C:F?L:<RSS
¡CCGAM?aAFG<AXE:A:CC?AF?<?H?A>G<:AGA
>:;<GAH?A<?NO?WAXE:AB;:hEH=F?AC:;=?<:D>:A
?AXE?N=H?H:AH?CA=<B;:CCV:CAM:=>?CAFG<A
:C>?A<?>;=aRAS
SS
SS
S

$%2'6%*(.'(%*3o5w/(S
z:D>;:A?CAZK;=?CA:>?B?CAXE:AFG<B;::DH:<A?AL;?Z?]UGAH:AE<?A<?>;=aWA?AC:F?L:<AH?A
:<ENCUGAMG>GL;KM=F?A>:<AE<AH:C>?XE:AH:AL;?DH:A=<BG;>yDF=?RAS
z:BG=CAH:A?BN=F?;<GCA?A:<ENCUGAMG>GL;KM=F?A:<A:C>?HGAǸXE=HGAD?A>:N?WAC:A;:XE:;AE<?A
C:F?L:<A?H:XE?H?AB?;?AXE:AGAB;GF:CCGAH:A:cBGC=]UGAC:h?AGP>=HGAH:AMG;<?ABN:D?A:A
FG;;:>?RAS
jD>:CAH?A:cBGC=]UGAiANEaWA?A:<ENCUGAH:Z:A:C>?;AFG<BN:>?<:D>:AC:F?AD?A>:N?RS
r:A?AF?<?H?AH:A:<ENCUGADUGAMG;AED=MG;<:WABGH:<GCA?M=;<?;AXE:AH:P?=cGA?AB:ǸFEN?A
CEB:;M=F=?NAH?A:<ENCUGA?B?;:D>:<:D>:AC:F?WABGH:<A:c=C>=;AK;:?CADUGAC:F?CAXE:A
F?EC?;UGA<E=>GCAB;GPN:<?CAD?AL;?Z?]UGWAB;:hEH=F?DHGAGCA;:CEN>?HGCAM=D?=CWAS
T:C>:AF?CGWAGAXE:A?FGD>:F:AbAXE:A?CAB?;>:CA|<=H?CAXE:ABGCCE:<AC:DC=P=N=H?H:A
;:HEa=H?A?GA:DHE;:F=<:D>GA?>;?ZbCAH?A?]UGAH?ANEaWA>G;D?DHGA=<BGCCZ̀:NA?AC:F?L:<A
B:;M:=>?A:AED=MG;<:RS
jAB;=<:=;?A;:L;?AB?;?A?AC:F?L:<AH?A:<ENCUGAbAC:F?;AD?>E;?N<:D>:AGEAE>=N=a?DHGAE<A
C:F?HG;AH:AF?P:NGCWA<?CAC:<B;:ANGDL:AH:AXE?NXE:;AMGD>:AH:ANEaA;=F?A:<A;?=GCA
EN>;?Z=GN:>?CRS
reACUGAGP>=HGCAe>=<GCA;:CEN>?HGCAD?AC:F?L:<AH?A:<ENCUGAC:AMG;AC:F?A:<AB:DE<P;?A
HE;?D>:A?A?BN=F?]UGA:A?AC:F?L:<AH?A:<ENCUGRAS
›AePZ=GAXE:ADUGAHKAB;?A>;?P?NO?;ADGA:CFE;GWA:D>UGAbA;:FG<:DHKZ:NAID:F:CCK;=GJAC:F?;A
?A:<ENCUGA:<AC?N?A=NE<=D?H?AFG<ANy<B?H?A?<?;:N?AGEAZ:;<:NO?WAH:CC?CAH:A
H:FG;?]V:CAD?>?N=D?CRS
SS
‘x/5,mw/(»(o3vS
jAMGD>:AH:ANEaAH:Z:;KAC:;A;=F?A:<A;?=GCAEN>;?AZ=GN:>?AB?;?AXE:AC:h?ABGCCZ̀:NAGP>:;A?A
?H:XE?H?AC:DC=P=N=a?]UGABG;AB?;>:AH?A:<ENCUGRAS
dDM=<WA?A:cBGC=]UGAiANEaAbAE<?AH?CA:>?B?CA<?=CA=<BG;>?D>:CAD?AFGDM:F]UGAH:AE<?A
<?>;=aWABG;A=CCGAbA;:XE:;AFE=H?HGCA:A?>:D]UGA;:HGP;?HGCRAS
¢?C=F?<:D>:WA?ANEaAEN>;?AZ=GN:>?AAbAEC?H?AB?;?A:DHE;:F:;A?CAK;:?CAHGA:C>[DF=NAXE:ADUGA
FG;;:CBGDH:<AiA=<?L:<RS
9?;?A=CCGWAH:Z:@C:AEC?;A?AXE?D>=H?H:AFG;;:>?AH:ANEaWA:Z=>?DHGAGCAFG<A=CCGAGCA
B;GPN:<?CAH:A<KA;:B;GHE]UGAH?A=<?L:<AGEAH:A<KA;:C=C>[DF=?ABG;AM?N>?AH:A
:DHE;:F=<:D>GAFG;;:>GAH?A:<ENCUGRAS
9?;?A:Z=>?;AB;GPN:<?CAD?A;:Z:N?]UGA:AD?A;:C=C>[DF=?WAH:>:;<=D:A?D>:CAGA>:<BGAH:A
:cBGC=]UGA=H:?NAB?;?ACE?CAD:F:CC=H?H:CWAEC:AE<ALE=?WA?DG>:AC:ECA>:C>:CAH:A:cBGC=]UGRS
YB>:AC:<B;:AB:NGA>:<BGA<?=CANGDLGABGCCZ̀:NWABG;b<AC:<AXE:AO?h?AB:;H?AH:A
H:M=D=]UGRAS
9?;?AC?P:;<GCAGA>:<BGAD:F:CCK;=GAB?;?A?AL;?Z?]UGAH:AE<?A>:N?WACUGAD:F:CCK;=GCA
ZK;=GCA>:C>:CA:AB;GZ?CRS
YA>:<BGAH:A:cBGC=]UGA=H:?NAB:;<=>:A?A;:Z:N?]UGAH:A>GHGCAGCA:N:<:D>GCAFG<A;:N?>=Z?A
M?F=N=H?H:A:A?GA<:C<GA>:<BGA?B;:C:D>?AE<Ae>=<GA:DHE;:F=<:D>GAH?A:<ENCUGA
C:DC=P=N=a?H?WAXE:ADUGAC:AH:CB;:DH:AHE;?D>:A?A;:Z:N?]UGA:A<?D>b<A?A<?>;=aAM=;<:RAS
”GF[AFG<ABGEF?A:cB:;=[DF=?ADUGAZ?=AXE:;:;AM=F?;A>:D>?DHGA?F:;>?;AGA>:<BGAH:A
:cBGC=]UGWA:D>UGANO:A=DMG;<GAXE:A:EAE>=N=aGAC:<B;:AŠA<=DE>GCA:c?>GCAH:A:cBGC=]UGAiA
NEaAD?CA<=DO?CA<?>;=a:CWAXE:ACUGAM:=>?CAFG<ADQNGDAH:A‡__AM=GCWA:AE>=N=aGA:<A<=DO?A
<:C?AH:AM?P;=F?]UGAF?C:=;?WAE<?ANy<B?H?A=DF?DH:CF:D>:AFG<E<AH:A‚ƒ_AÇ?>>CRS
›APG<A>:;A:<A<:D>:A?NLEDCABGD>GCAMEDH?<:D>?=CˆS
‡JAYAH:C:DOGAFG<AK;:?CAFO?B?H?CABGH:A>:;AGA>:<BGAH:A:cBGC=]UGAN=L:=;?<:D>:A
<?=G;RAS
‚JAd<A;:>F̀EN?CAGEAH:>?NO:CA<E=>GAM=DGCWA?A:cBGC=]UGABGH:AC:;AN=L:=;?<:D>:A<:DG;WA
B?;?AL?;?D>=;A?AH:M=D=]UGAHGCA>;?]GCRS
9GH:<A:AH:Z:<AC:;AM:=>GCA>:C>:CAB?;?AC?P:;AGAFG<BG;>?<:D>GAH:AF?H?A<:C?AH:A
L;?Z?]UGRS
T?AB;=<:=;?AL;?Z?]UGWAL;?Z:AE<?A>:N?AFG<AŠA<=DE>GCAH:A:cBGC=]UGA:AZ:;=M=XE:AGA
;:CEN>?HGRS
z:BG=CAL;?Z:AGE>;?AFG<AƒA<=DE>GCA:AH:BG=CAM?]?AGE>;?AFG<A‰A<=DE>GCRAS
jD?N=C:AXE?NAMG=A?A;:Z:N?]UGAH:A;:CEN>?HGA<:NOG;A:<A>:;<GCAH:AM?F=N=H?H:AH:A;:Z:N?]UGA
:A;:CEN>?HGAGP>=HGWA?CC=<WAZGF[AC?P:;KAXE?NAbAGA>:<BGAFG;;:>GAH:A:cBGC=]UGAH:ACE?A
<:C?RS
jA<:C<?A<:C?WAC:AFGNGF?H?A:<A?<P=:D>:CAH=M:;:D>:CABGH:A?B;:C:D>?;A;:CEN>?HGCA
H=M:;:D>:CWA<:C<GAE>=N=a?DHG@C:AGA<:C<GA>=BGAH:A:<ENCUGA:AGA<:C<GA>:<BGAH:A
:cBGC=]UGRS
jCAFGDH=]V:CAFN=<K>=F?CA:AH:AC:F?L:<WA?CC=<AFG<GAH:AB;:B?;?]UGA:AH:AF?<?H?CAH:A
:cBGC=]UGWA?N>:;?<AP?C>?D>:AGA>:<BGAH:A:cBGC=]UGWAH?À?AD:F:CC=H?H:AH:AC:;:<AM:=>GCA
>:C>:CRS
:FG<:DH?@C:A<?D>:;A?CA<:C<?CAFGDH=]V:CWAB?;?AXE:AGA>:<BGAH:A:cBGC=]UGABGCC?A
C:;AFGDC>?D>:A:<A>GH?CA?CAL;?Z?]V:CRS
f?<?H?CA<?=CA:CB:CC?CAH:A:<ENCUGAD:F:CC=>?<A<?=G;A>:<BGAH:A:cBGC=]UGWAH?A
<:C<?AMG;<?WAB;:F=C?AH:AE<A>:<BGAA<?=G;AH:A:cBGC=]UGWAC:A?ANy<B?H?A:C>=Z:;A<:=GA
NGDL:AHGAZ=H;GWAXE:AH:Z:AC:;A>G>?N<:D>:A>;?DCB?;:D>:RS
z:D>;:A?CAZK;=?CA:>?B?CAXE:AFG<B;::DH:<A?AL;?Z?]UGAH:AE<?A<?>;=aWA?AC:F?L:<AH?A
:<ENCUGAMG>GL;KM=F?A>:<AE<AH:C>?XE:AH:AL;?DH:A=<BG;>yDF=?RAS
z:BG=CAH:A?BN=F?;<GCA?A:<ENCUGAMG>GL;KM=F?A:<A:C>?HGAǸXE=HGAD?A>:N?WAbAA;:XE:;=H?A
E<?AC:F?L:<A?H:XE?H?AB?;?AXE:AGAB;GF:CCGAH:A:cBGC=]UGAC:h?AGP>=HGAH:AMG;<?ABN:D?A
:AFG;;:>?RAS
jD>:CAH?A:cBGC=]UGAiANEaWA?A:<ENCUGAH:Z:A:C>?;AFG<BN:>?<:D>:AC:F?AD?A>:N?RS
r:A?AF?<?H?AH:A:<ENCUGADUGAMG;AED=MG;<:WABGH:<GCA?M=;<?;AXE:AH:P?=cGA?AB:ǸFEN?A
CEB:;M=F=?NAH?A:<ENCUGA?B?;:D>:<:D>:AC:F?WABGH:<A:c=C>=;AK;:?CADUGAC:F?CAXE:A
F?EC?;UGA<E=>GCAB;GPN:<?CAD?AL;?Z?]UGWAB;:hEH=F?DHGAGCA;:CEN>?HGCAM=D?=CWAS
T:C>:AF?CGWAGAXE:A?FGD>:F:AbAXE:A?CAB?;>:CA|<=H?CAXE:ABGCCE:<AC:DC=P=N=H?H:A
;:HEa=H?A?GA:DHE;:F=<:D>GA?>;?ZbCAH?A?]UGAH?ANEaWA>G;D?DHGA=<BGCCZ̀:NA?AC:F?L:<A
B:;M:=>?A:AED=MG;<:RS
jAB;=<:=;?A;:L;?AB?;?A?AC:F?L:<AH?A:<ENCUGAbAC:F?;AD?>E;?N<:D>:AGEAE>=N=a?DHGAE<A
C:F?HG;AH:AF?P:NGCWA<?CAC:<B;:ANGDL:AH:AXE?NXE:;AMGD>:AH:ANEaA;=F?A:<A;?=GCA
EN>;?Z=GN:>?CRS
reAC:;UGAGP>=HGCAe>=<GCA;:CEN>?HGCAD?AC:F?L:<AH?A:<ENCUGAC:A:N?AMG;A?BN=F?H?A:<A
B:DE<P;?RS
›AePZ=GAXE:ADUGAHKAB;?A>;?P?NO?;ADGA:CFE;GWA:D>UGAbA;:FG<:DHKZ:NAI?PCGNE>?<:D>:A
D:F:CCK;=GJAC:F?;A?A:<ENCUGA:<AC?N?A=NE<=D?H?AFG<ANy<B?H?A?<?;:N?AGEAZ:;<:NO?WA
H:CC?CAH:AH:FG;?]V:CAD?>?N=D?CRS
SS
SS
³-537,2,Î-2,'(.%(o3v(S
jA=DCEM=F=[DF=?AH:ANEaAEN>;?AZ=GN:>?AF?EC?AGAXE:AC:AFO?<?AH:ACEP@:cBGC=]UGA:A;:HEaA?A
HE;?P=N=H?H:AHGA:C>[DF=NWA?Nb<AH:AB;:hEH=F?;AC:EAFG;>:A:AH:M=D=]UGRS
TGAF?CGAH?ACEP@:cBGC=]UGWAGCA;:CH̀EGCABGH:<AC:AH:BGC=>?;A:<AK;:?CAH:A=<?L:<WA
H?D=M=F?DHGA?A<?>;=aRS
d<A<?>;=a:CAFG<ACEP@:cBGC=]UGAbAFG<E<AGA?B?;:F=<:D>GAH:AME;=DOGCA:A?GAFGD>;K;=GA
HGAXE:AC:A=<?L=D?WA?ACEP@:cBGC=]UGAC:<B;:A?F?P?AH=M=FEN>?DHGA?A;:FEB:;?]UGAH?A>:N?WA
D?AZ:;H?H:ADEDF?A<?=CAM=F?;KAPG?AC:ADUGAMG;AFG<:]?HGAH:CH:AGAB;=<:=;GAB;GF:CCGA
XE:AGAH:C:DL;?c?;RS
jNb<AHGA<?=CWA?A:<ENCUGABGH:;KAC:ACGN>?;A
BG;AFG<BN:>GAD?AOG;?AH?A;:Z:N?]UGRASS
›A=<BG;>?D>:AC?P:;A>?<Pb<AXE:AGA:cF:CCGA
H:ANEaAEN>;?AZ=GN:>?A;:CEN>?ADGA
:DHE;:F=<:D>GA>G>?NAH?A:<ENCUGRAS
jANEaAH=MEC?AC:A:CB?NO?ABG;AH:>;KCAH?CA
K;:?CAD:L;?CAHGAMG>GN=>GWA?>=DL=DHGAGCA
N=<=>:CAH?A=<?L:<RS
jA;:Z:N?]UGAC:A>G;D?AH=MF̀=NA:AGCAH:>?NO:CA
M=DGCAH:C?B?;:F:<RAS
SS
z=F?CAB?;?A?NLEDCAFE=H?HGCAD?AL;?Z?]UGAH:AE<?A<?>;=aˆAS
S

fGDMG;<:AhKAF=>?HGWAH:>:;<=D:AGA>:<BGAH:A:cBGC=]UGAB?;?AGA>G>?NA:DHE;:F=<:D>GAH?A
:<ENCUGWAF?CGAC=D>?AD:F:CC=H?H:WAM?]?A>:C>:CAB;:N=<=D?;:CRS
r:<B;:ABGC=F=GD:AGAH=?BGC=>=ZGAFG<A?AM?F:AMGCF?AH?AF?<?H?AHGAM=N<:A:<AFGD>?>GAFG<A
?AF?<?H?AH:A:<ENCUGRS
•?D>GAGAH=?BGC=>=ZGAXE?D>GA?A:<ENCUGAH:Z:<A:C>?;A:<AFGD>?>GAH=;:>GAFG<AGAZ=H;GAH?A
<:C?AH:A:cBGC=]UGAiANEaRAS
YAZ=H;GAH?A<:C?A:AGAH=?BGC=>=ZGAH:Z:<A:C>?;AC:<B;:A<E=>GCAN=<BGCRAS
g?NO?CAFGNG;=H?CWAFG<GAGA?<?;:NGWAN?;?Dh?AGEAZ:;<:NOGACUGA?CAXE:AFGDC:LE:<A
<:NOG;:CA;:CEN>?HGCA>bFD=FGCWABG;b<AD:F:CC=>?<AH:AE<A>:<BGAH:A:cBGC=]UGAiANEaA
<?=G;RAS
r:AGAB;GPN:<?AMG;A?A:<ENCUGAXE:A?H:;:AGAH=?BGC=>=ZGA:A?GAZ=H;GAH?AB;:DC?AH:AFGD>?>GWA
H:=c:A?A:<ENCUGAC:F?;AFG<BN:>?<:D>:RATUGA>:DO?AB;:CC?A:<AC:F?;A?A:<ENCUGWABG=CA
>?<Pb<AD:CC:AF?CGWA?B;:CC?AC:;KACE?A=D=<=L?RS
r:A?A:<ENCUGA?B;:C:D>?;AME;GCA:AC:ACGN>?;AHE;?D>:A?A;:Z:N?]UGWABGH:AC:;ABG;A>;[CA
<G>=ZGCˆAAS
?JABG;AH:C:DL;?c?<:D>GA=DFG;;:>GWAD:CC:AF?CGWAM=FGEALG;HE;?AD?A<?NO?RAS
PJAGEABG;A>:<BGAH:AC:F?L:<A=DCEM=F=:D>:RS
FJA?A:<ENCUGAHGA>=BGAH=?aGAMG=AEC?H?A:ALE?;H?H?ABG;AE<A>:<BGANGDLGAGEAMG=A
CEP<:>=H?A?A>:<B:;?>E;?CA:N:Z?H?CADGANEL?;A:<AXE:AMG=ALE?;H?H?RS
AS
˜4'+'mw/(S
jBeCA>:;AH:C:DL;?c?HGA:A?BN=F?H?A?A:<ENCUGAD?A>:N?WAZ?<GCAiAL;?Z?]UGAB;GB;=?<:D>:A
H=>?RS
•GHGA:CC:AB;GF:CCGAbAM:=>GAH:D>;GAH?AE<?AC?N?A:CFE;?WAH:CH:A?A<=C>E;?AH?A:<ENCUGA
FG<AGAC:DC=P=N=a?D>:WA?>bA?A;:Z:N?]UGRS
jA=NE<=D?]UGAH:D>;GAH:C>?AC?N?AH:Z:AC:;AH:ANEaA?<?;:N?AGEAZ:;<:NO?WABG=CA:C>:A>=BGAH:A
NEaADUGA?M:>?A?A:<ENCUGWABGCC=P=N=>?DHGA?ACE?AZ=CUGAHE;?D>:AGAB;GF:CCGWA:AB:;<=>=DHGA
?ANGFG<G]UGAHGAC:;L̀;?MGAH:D>;GAH?AC?N?AH:AL;?Z?]UGRAS
¢:<WAZ?<GCAFG<:]?;A?AL;?Z?]UGWAC=L?AGCAB?CCGCAC:LE=D>:CˆS
‡A@AŽ=<B:AP:<AGAZ=H;GAH?A<:C?RAS
‚A@AfGNGXE:AGAH=?BGC=>=ZG———ACGP;:AGAZ=H;GAH?A<:C?RAS
ŠA@ArGP;:AGAH=?BGC=>=ZGWAFGNGXE:AGAXE?H;GAH?A>:N?WAH:AMG;<?AXE:AGADQNGDA:<ENC=GD?HGA
M=XE:A:<AFGD>?>GAH=;:>GAFG<AGAH=?BGC=>=ZGRS
‰A@AfGNGXE:ACGP;:AGAXE?H;GAH?A>:N?AE<?AF?;>GN=D?AB;:>?AGEAB?DGAB;:>GRS
ƒA@ArGP;:A?AF?;>GN=D?AGEAB?DGWAFGNGF?@C:AE<?ABN?F?AH:AZ=H;GWAGEAD?AM?N>?WAE<AB:H?]GA
H:A<?H:=;?AP:<AN=C?A:A?BN?=D?H?WADUGAEC:AD?H?A<:>KN=FGAB?;?A:C>?AMED]UGRS
‹A@A9G;AM=<WAFGNGXE:A?NLEDCAB:CGCAXE:AC:;Z:<AB?;?AL?;?D>=;AE<AFG<BN:>GAFGD>?>GA
:D>;:AGAH=?BGC=>=ZGA:AGADQNGDA:<ENC=GD?HGRAS
–A@Az:BG=CAHGCAB?CCGCAH:CF;=>GCWAbACeAM?a:;A?A:cBGC=]UGWAN=L?DHGA?AMGD>:AH:ANEaAH?A
<:C?RAS
———A?;>:@M=D?NS

”?<GCAZ:;AFG<GAC:AM?aA?A;:Z:N?]UGA
H?A<?>;=aADE<AB?CCGA?AB?CCGWA?D>:CA
GPC:;Z:AGCAH:>?NO:CAH?AFGDC>;E]UGA
H?A<:C?AH:ANEaA:AFG<GAH:Z:<AC:;A
FGNGF?HGCAGCA<?>:;=?=CAF=>?HGCA?A
C:LE=;RS

fGNGXE:AGAH=?BGC=>=ZGAB:N?AB?;>:AH:A>;KCAH?A
>:N?S

£=c:AGAH=?BGC=>=ZGAFG<AM=>?A?H:C=Z?A
>;?DCB?;:D>:WAFG<GA:c:<BNGWAM=>?AHE;:cRS

S
”:;=M=XE:AC:AGAH=?BGC=>=ZGA:C>:AP:<AM=;<:WA
:N:ADUGAH:Z:AC?=;AHGANEL?;A?GAXE?NAMG=A
M=c?HGRS

Ž=<B:AP:<AGAZ=H;GAH?A<:C?AH:ANEaWAD:C>:A
F?CGABGH:AC:;AEC?HGAKNFGGNRSS
SS

fGNGXE:A?A>:N?A:<AF=<?AH?A<:C?AH:ANEaRS

fGNGXE:ACGP;:AGAXE?H;GAE<AB:H?]GAH:A
F?;>GN=D?AHEBN:cAGEAB?DGAP:<A:CFE;GWAH:A
B;:M:;[DF=?WAH:AFG;AB;:>?RS

S
z:BG=CAFGNGXE:AE<AB:H?]GAH:A<?>:;=?NA
N=CGWABGH:AC:;AE<AB:H?]GAH:A<?H:=;?AP:<A
N=C?AGEAE<AB:H?]GAH:AZ=H;GRS

fGNGXE:AB:CGCA:<AF=<?AHGAZ=H;GABG;A
H:D>;GAHGAXE?H;GWAGAB:CGAZ?=AL?;?D>=;AGA
B:;M:=>GAFGD>?>GAFG<AGADQNGDA:<ENC=GD?HGRS

Ž=LE:A?A<:C?AH:ANEaWAC:AH?DHGAGA=DF̀=GAiA
:cBGC=]UGAH?ANEaAB?;?AGP>:;A?AL;?Z?]UGAH?A
;:M:;=H?A>:N?WA?À>:;:<GCA?AH=>?A<?>;=aRS

S
jBeCAGA>:<BGAH:A:cBGC=]UGWA;:>=;:AGA
XE?H;GAH?A<:C?A:AB?CC:AB?;?A?A;:Z:N?]UGRSS
Ž:<P;?AHGA>:<BG}AS
£:aAC:ECAB;eB;=GCA>:C>:C}S
TUGAC?P:}AdD>UGA>:D>:AŠA<=DE>GCRS
9?;?A;:Z:N?;A?A<?>;=aWA<GNO:AGCAHG=CAN?HGCA
H?A>:N?WAC:<AM?a:;AB;:CCUGWAH:BG=CA?BN=XE:A
h?>GCAM=DGCAH:A<?D:=;?AXE:AGCA<D̀=<GCA
H:>?NO:CAHGAH:C:DOGAM=XE:<A>;?DCB?;:D>:CA
D?A>:N?RS

AS
S

š4/2%55/(l'x,o'4(S
YAB;GF:CCGAF?B=N?;AbAE<AC=C>:<?AGDH:WA?GA=DZbCAH:AEC?;A:<ENCUGWAEC?@C:AE<AM=N<:A
B;b@C:DC=P=N=a?HGWAXE:A>?<Pb<AB:;<=>:A?AFGDM:F]UGAH:A<?>;=a:CRAS
•;?>?@C:AH:AE<?ADGZ?A>:FDGNGL=?AH:AM=N<:CAF?B=N?;:CAKAP?C:AH:AMG>GBGǸ<:;GWAN=Z;:AH:A
H=?aGWAGEAC:h?WAXE:ADUGAC:AH:L:D:;?<AFG<AGAF?NG;WAXE:AbAE<AM?>G;A<E=>GAF;`>=FGA:<A
DGCCGAB?C̀RS
dCC:AB;GF:CCGAbA:c>;:<?<:D>:AMN:cZ̀:NWABG=CAB;GBG;F=GD?Ae>=<?A?H:CUGA:<A>:F=HGCA
C=D>b>=FGCWAFG<AXE?NXE:;AXE?D>=H?H:AH:AM=GCWAGAXE:AB:;<=>:A>=;?L:DCAH:A?>bAƒ_R___A
=<B;:CCV:CWAL?;?D>=DHGA?N>C̀C=<?AH:M=D=]UGA:A;:CGNE]UGWAB:;<=>=DHGAXE:AGCAECEK;=GCAHGA
B;GF:CCGA=DH=;:>GWABGCC?<AE>=N=a?@NGA:M=F?a<:D>:RAS
YAM=N<:AH:AMG>GBGǸ<:;GAB;b@C:DC=P=N=a?HGWAP?C:?HGA:<AE<?ADGZ?A>:FDGNGL=?WAbA=H:?NA
B?;?AGA>;?P?NOGAGDH:AC:APECF?AF?<?H?CABN?D?CRS
jNb<AH:A?B;:C:D>?;A?N>?AH:M=D=]UGA:A;:CGNE]UGAB?;?AB:XE:D?CA:AL;?DH:CA>=;?L:DCWAbAH:A
e>=<?A;:C=C>[DF=?A?ACGNZ:D>:CA:A>G>?N<:D>:A;:FEB:;KZ:NRAS
YA£G>:F?BAÏ=;FGDA>?<Pb<A?B;:C:D>?Ae>=<?A?H:CUGACGP;:AGCA>:F=HGCAC=D>b>=FGCWAFG<A
XE?NXE:;AXE?D>=H?H:AH:AM=GCRAS
z:D>;:ACE?CA=D|<:;?CAZ?D>?L:DCA>bFD=F?CWABGH:<GCAH:C>?F?;ˆAAS
?JAjAF?<?H?A>G>?N<:D>:ABN?D?WA<:C<GAFG<AP?=c?A:CB:CCE;?AS
PJAjAZ=H?A|>=NAB;GNGDL?H?WA<:C<GA:<AFGDH=]V:CAFN=<K>=F?CA?HZ:;C?CS
FJAjA;:Z:N?]UGA;KB=H?AH:A<?>;=a:CAFG<AF?<?H?CAM=D?CAGEA:CB:CC?CS
HJA9G;ADUGA?>;?=;ABG:=;?AHE;?D>:A?AB;:B?;?]UGA:A?A?H:CUGAHGAM=N<:RAS
YAM=N<:AF?B=N?;AbA=H:?NAB?;?A?BN=F?]V:CAH:A;:>F̀EN?A:AN=DO?AM=D?CA=<B;:CC?CAFG<A>=D>?A?A
P?C:AH:ACGNZ:D>:A:AH:AFE;?AEN>;?AZ=GN:>?WAB;GBG;F=GD?DHGA?N>?AXE?N=H?H:AH:A=<B;:CCUGA
B?;?A<bH=?CA:ANGDL?CA>=;?L:DCAI‚_A?Aƒ_R___AB:]?CJRS
d<PG;?AH:CF;=>GA?XE=AGAB;GF:CCGAF?B=N?;WA?B:D?CA‚¸AHGCAC:;L̀;?MGCAE>=N=a?<A:C>:A
<b>GHGWA<?CAFG<GAM?aAB?;>:AH?AC:;=L;?M=?WAMG=AGB>?HGAB:N?A=DFNECUGA>?<Pb<AH:C>:A
B;GF:CCGA?A>`>ENGAH:A=DMG;<?]UGRS
AS
~(35/(./(ž/u%2'x(Ð,42/-S
jBeCAGP>:;A?A>:N?AP:<A:C>=F?H?WAbAMEDH?<:D>?NAXE:AC:A>;?>:A?A<?NO?AC:;=L;KM=F?AFG<AGA
?P;?C=ZGAB;eB;=GAXE:WA:<AE<?ACeAGB:;?]UGWAH:C:DL;?c?;KA:AH:=c?;KAGA>:F=HGAKCB:;GWA
?E<:D>?DHGA?A?H:;[DF=?AHGAM=N<:AF?B=N?;RAS
z:BG=CAH:A:Dc?LE?;A?A>:N?WA?FGDC:NO?@C:A?BN=F?;AE<AFGDH=F=GD?HG;AB?;?A<?D>:;A?A
<?NO?AED=MG;<:<:D>:A<GNO?H?WAFG<AE<?AM=D?A:A=D=D>:;;EB>?AF?<?H?AH:AKLE?WADGA
N?HGAH?A=<B;:CCUGRAS

jH:;=DHGAGAM=N<:ADGAN?HGAH?A=<B;:CCUGAH?A<?>;=aWAZ:h?<GCA>;[CA<?D:=;?CAH=M:;:D>:CA
S

H:AC:LE=;AGAB;GF:CCGˆAS
‡JAdD;GN:AGAM=N<:ACGP;:AC=A
<:C<GWAFG<AGAN?HGAH?A:<ENCUGA
B?;?AMG;?RSS
dDFGC>:AD?AB?;>:ACEB:;=G;AH?A
<?>;=aA:AH:=c:@GAH:C:D;GN?;WA
B?CC?DHGAH:BG=CAE<A;GHGAB?;?A
M=c?@NGRS
›AGA<b>GHGA?FGDC:NOKZ:NAB?;?A
>:N?CAH:AB:XE:DGCA:AL;?DH:CA
MG;<?>GCRAS S

‚JAdDFGC>:AGA>:F=HGAC:FGACGP;:A
GAM=N<:AB;b@C:DC=P=N=a?HGWA
BGC=F=GD?HGA:<AE<?ACEB:;MF̀=:A
BN?D?A:A<GNO:@GAFG<AE<Ah?>GA
H:AKLE?AGEAFG<AE<?A:CBGDh?A
B:NGAN?HGAHGA;GHGRS
S
ŠJAdDFGC>:AGA>:F=HGA|<=HGA
CGP;:AGAM=N<:AB;b@C:DC=P=N=a?HGWA
BGC=F=GD?HGA?AE<?ACEB:;MF̀=:A
BN?D?RAdC>:AB;GF:CCGAbA
¡DH=F?DHGAB?;?AB:XE:DGCA
MG;<?>GCRAS

9?CC:AE<A;GNGAH:A=<B;:CCUGAB:NGAN?HGA=D>:;DGAH?A<?>;=aWAB?;?A;:>=;?;AGA:cF:CCGAH:A
S

KLE?A:AL?;?D>=;A?A?H:;[DF=?AHGAM=N<:AFG<AGA>:F=HGRS
T?AC:XÀ[DF=?WAH:=c:A?A<?>;=aAC:F?;AFG<BN:>?<:D>:WA:<AE<ANGF?NAC:FGA:A:CFE;GA
I=C:D>GAH:ANEaAP;?DF?JRAS
z:BG=CAH:AC:F?;A?A<?>;=aWA;:>=;:AGACEBG;>:ABNKC>=FGA:AH:=c:AC:F?;ABG;A<?=CA?NLEDCA
<=DE>GCA?D>:CAH?A:cBGC=]UGRAS
‰JA9;GF:H?A?A:cBGC=]UGAH?A<?>;=aA
DG;<?N<:D>:WAN:<P;?DHGAXE:AbA
?FGDC:NO?HGAXE:AE>=N=a:AB;:DC?A?A
ZKFEGA:AMGD>:AH:ANEaAH:A;=F?A:<A
;?=GCAEN>;?Z=GN:>?AB?;?AGP>:;AE<?A
L;?Z?]UGAB:;M:=>?A:AFG<A
XE?N=H?H:RS
S

ƒJA:Z:N:A?A<?>;=aAH=;=L=DHGAE<A
h?>GACE?Z:AH:AKLE?ADGCAHG=CAN?HGCA
H?A<?>;=aWAH:AB;:M:;[DF=?AFG<AE<A
:CB?NO?HG;RAAS

d<PG;?AH:CF;=>GA?XE=AGAB;GF:CCGAF?B=N?;WA?B:D?CA‚¸AHGCAC:;L̀;?MGCAE>=N=a?<A:C>:A
S

<b>GHGWA<?CAFG<GAM?aAB?;>:AH?AC:;=L;?M=?WAMG=AGB>?HGAB:N?A=DFNECUGA>?<Pb<AH:C>:A
B;GF:CCGA?A>`>ENGAH:A=DMG;<?]UGRS
SS
t.%5,+/5(S
AjH:C=ZGCACUGAFGNGF?HGCA:<AF=<?AH?CA<?=CAH=Z:;C?CACEB:;MF̀=:CAFG<GA?;<K;=GCWA
:<P?N?L:DCWA:>FRAS
jCA<?>;=a:CAB?;?A?H:C=ZGCAH:Z:<A
C:;AAL;?Z?H?CADG;<?N<:D>:WAGEAC:h?WA
GAH=?BGC=>=ZGAI?A?;>:AM=D?NJAH:Z:AC:;A
FGNGF?HGA:<AF=<?AH?A<:C?AH:A
L;?Z?]UGAFG<A?AB?;>:A:CF;=>?AGEA
H:C:DO?H?AZGN>?H?AB?;?A?A>:N?RAS
jH:C=ZGCAB?;?AZ=H;GAXE:AC:;UGA
S

FGNGF?HGCABG;AH:D>;GAHGCAF?;;GCAGEA
D?CAZ=>;=D:CAH:ANGh?CRSS
9?;?A?H:C=ZGCAB?;?AZ=H;GCWA?A
L;?Z?]UGAbAM:=>?AH:A<GHGA=DZ:;>=HGWA
GEAC:h?WA?AB?;>:A:CF;=>?AGEA
H:C:DO?H?AHGAH=?BGC=>=ZGAH:Z:AC:;A
FGNGF?H?AZ=;?H?AB?;?AP?=cGWA=C>GAbWA
Z=;?H?AB?;?AGAZ=H;GAH?A<:C?AH:A
L;?Z?]UGRS S

\E:<AGNO?AH:AMG;?AB?;?AH:D>;GWAZ[A?A=<?L:<AH:AMG;<?AFG;;:>?WA:AH:AH:D>;GAB?;?AMG;?WA
?A=<?L:<AC:;KAZ=C>?A?GAFGD>;K;=GWAN:<P;:@C:AC:<B;:AH=CCGA?GAFGNGF?;AGAH=?BGC=>=ZGAD?A
>:N?RSS

¡<?L:<ADG;<?NAB?;?AF?<=C:>?AGEA
XE?NXE:;ACEB:;MF̀=:RS

S
¡<?L:<A=DZ:;>=H?AB?;?AZ=H;GCAB?;?AC:;A
?BN=F?H?AD?AB?;>:A=D>:;D?RAS
SS

SS S
¿%+%o'mw/(.'(u%o'(S
•:;<=D?H?A?A:cBGC=]UGAKANEaWAbAB;:F=CGA;:Z:N?;A?A>:N?AB;GB;=?<:D>:AH=>GRS
9?;?A=CCGAH:Z:@C:A>:;AB;:B?;?HGA:AB;GD>GAB?;?AC:;AE>=N=a?HGAE<AB:H?]GAH:A<?DLE:=;?A
FG<A?B;Gc=<?H?<:D>:A‚A<:>;GCAH:AFG<B;=<:D>GWAXE:AM=F?;KAFG<AE<?AH:ACE?CABGD>?CA
B;:C?A:<AE<?A>G;D:=;?WA:AD?AGE>;?WAH:Z:;:<GCAFGNGF?;AE<AP=FGA:CB:F=?NA>=BGA
h?;H=D:=;GWAXE:ADGCAB:;<=>=;KAFGD>;GN?;AGAh?>GAH:AKLE?RAS

z:BG=CAH:A>=;?;A?A<?>;=aA;:Fb<AFGNGF?H?AiA
:cBGC=]UGAH?ANEaWAbAB;:F=CGA;:Z:N?;A?A>:N:WA
FG<:F:A<GNO?DHGAP:<AGCAHG=CAN?HGCAH?A
>:N?AIC:<AB;:CCUGJRAS
z:BG=CAHGCAHG=CAN?HGCAH?A>:N?A<GNO?HGCWA
FG<Ah?>GCAM=DGCAM?]?AGAh?>:?<:D>GAH:AKLE?A
M;=?ACGP;:AGAH:C:DOGAXE:AMG=AL;?Z?HGWA?>bA
XE:A>GH?CA?CAN:>;?CWA>;?]GCWABGD>GCWA:DM=<WA
>EHGAXE:AO?Z=?AD?A?;>:@M=D?NWAXE:AM=XE:A
>;?DCB?;:D>:AD?A>:N?WAC:<A:<ENCUGRAS
9?;?AFGDM:;=;AC:A?A>:N?A:C>KAP:<A;:Z:N?H?WA
FGNGXE:@?AFGD>;?AE<?ANEaAH:A<?D:=;?AXE:A
BGCC?AC:;AZ:;=M=F?HGAC:A:<A>GHGCAGCA>;?]GCA
;:Z:N?HGCWAB?CC?AFN?;=H?H:RS
SS

r:A?NLE<A>;?]GA?=DH?A:C>=Z:;AGPC>;EH̀GABG;A:<ENCUGAZGF[AH:Z:;KA=DC=C>=;WAhGL?DHGA
S

<?=CAKLE?A?>bAXE:A>EHGA:C>:h?A;:Z:N?HGRAS
f?CGAFGD>;K;=GWAGDH:A?=DH?A:c=C>=;A?A:<ENCUGWADUGAB?CC?;KA>=D>?ADGA<G<:D>GAH:A
=<B;:CCUGRAS
jBeCA?A;:Z:N?]UGA?A>:N?AZ?=A:C>?;A>GH?A<GNO?H?WAB?;?A:N=<=D?;A?AKLE?WAFGNGXE:A?NLEDCA
B:H?]GCAH:AB?B:NAH:AhG;D?NA:<AF=<?AH:AE<?A<:C?A:AFGNGXE:A?A>:N?A:<AF=<?AHGAhG;D?NRS
9:LE:A<?=CA?NLE<?CAMGNO?CA:AFGNGXE:ABG;AH:D>;GAH?A>:N?WA:AEC:AXE?D>?CAMGNO?CAMG;:<A
D:F:CCK;=?CAB?;?A?PCG;Z:;A?AKLE?RAS
9?;?AM=D?N=a?;A?AC:F?L:<WAEC:AZ:D>=N?HG;AGEAC:F?HG;AH:AF?P:NGCAGEAH:=c:AC:F?;ADGACGNRAS
AS
Ÿ%.'mw/(.'(u%o'(S
jAZ:H?]UGAH?A>:N?AbAGA?F?P?<:D>GAXE:AZ=C?A:Z=>?;AZ?a?<:D>GCAH:A>=D>?WAFG<A?A
FGNGF?]UGAH:AE<?AM=>?ALG<?H?AD?CAPG;H?CAH?A>:N?WA:A>?<Pb<ABG;AH:D>;GRAS

jAM=>?ALG<?H?AH:Z:AFGP;=;AB:NGA
<:DGCA?A<:>?H:AH?A<GNHE;?A:AE<A
B:H?]GAHGADQNGDWA:<A>G;DGAH:A‚A
F<RS
SS

AS
S

œ%564'+'mw/(.'(u%o'(S
r:<B;:ABGH:<GCA;:E>=N=a?;AGAXE?H;GA:A?A>:N?AXE:AC:A:DFGD>;?A:C>=F?H?WA;:<GZ:DHGA?A
L;?Z?]UGA:c=C>:D>:AFG<AB;GHE>GCA?H:XE?HGCRS
9GH:<AC:;AE>=N=a?HGCAD?A;:<G]UGAH?A:<ENCUGWAB;GHE>GCAFG<GAGA;:<GZ:HG;AH:A
:<ENCUGA•:FA‰WAGA;:<GZ:HG;Ar:;=C>;=BAL:NWAGAA;:<GZ:HG;AH:A:<ENCUGA¼¢Aƒ‚RAS
T?AM?N>?AH:CC:CAB;GHE>GCWAXE:ACUGA;:N?>=Z?<:D>:AF?;GCAI †A‡^R__AGAN=>;GJWABGH:AC:;A
E>=N=a?H?AE<?AMG;<?AP:<AC=<BN:CWA:A?F=<?AH:A>EHGWAP?;?>?RS
dCC?AMG;<?AbAFGNGF?;AH:D>;GAH:AE<A>?DXE:AKLE?AC?D=>K;=?AI †A‡R__ABG;AN=>;GJAGEAFNG;GA
I †AƒR__ABG;AN=>;GJAFG<AKLE?WADE<?AB;GBG;]UGAH:AŠAN=>;GCAH:AKLE?AB?;?A‡AN=>;GAH:AKLE?A
C?D=>K;=?AGEAFNG;GRAS
z:=c:A?A>:N?AH:A<GNOGABG;A
?B;Gc=<?H?<:D>:AH:AƒA?A‡ƒA<=DE>GCAB?;?A
XE:A?A:<ENCUGA?<GN:]?ACGN>:AGADQNGDRSS
z:BG=CAXE:A?A:<ENCUGA?<GN:F:;WAP?C>?A
;:>=;?;A?A>:N?AHGA>?DXE:A:AhGL?;AKLE?AFG<A
P?C>?D>:AB;:CCUGWA:A>GH?A?A:<ENCUGAC?=;KRA
„C:AE<Ah?>GAH:A<?DLE:=;?RS
r:A:<A?NLEDCABGD>GCA?A:<ENCUGA=DC=C>=;A:A
DUGACGN>?;WAZGF[AH:Z:;KAB:L?;AHE?CA
:C>GB?CA:<P:P=H?CA:<AKNFGGNAGEA:<A
CGNZ:D>:A:A:CM;:L?;RAz:BG=CAB?CC:A?A
<?DLE:=;?AFG<Ah?>GCAH:AKLE?A?>bA?A>:N?A
M=F?;AFG<BN:>?<:D>:AN=Z;:AH?A:<ENCUGRS
SS
9?;?A:CM;:L?;WABGH:AC:;AM=c?A?A>:N?WA:<AE<?A<G;C?A:A:CM;:L?@C:A?CA:C>GB?CAE<?A:<A
S

F?H?AN?HGAH?A>:N?WA?>bAXE:AGCA;:>GCAH:A:<ENCUGAH:C?B?;:]?<RAS
z:Z:@C:A:CM;:L?;AFG<AFE=H?HGAB?;?ADUGA?M:>?;A?A>:DCUGAH?A<?NO?WA?GAMG;]?;A?A
;:<G]UGAH:C>:CA;:CH̀EGCRS
AS
€'u4,v%5(2/*(7,o*%S
g?>;=a:CAFG<AM=N<:CACUGAM:=>?CAFG<AE<AM=N<:AH:ABGN=bC>:;ADGAXE?NAMG=A?BN=F?H?AE<?A
F?<?H?AH:A>=D>?AFGNG;=H?A:A>;?DCN|F=H?WA:AXE:AH:BG=CAH:AC:F?A>;?DCMG;<GE@C:ADE<?A
B:ǸFEN?AH:AP?=c?A;:C=C>[DF=?A?GAFG;>:RS
fG<GAGAM=N<:AH:A;:FG;>:A>:<AE<AF:;>GAL;?EAH:A>;?DCB?;[DF=?WAFGNGF?@C:AGAM=N<:ACGP;:A
?A?;>:@M=D?NA:AEC?DHGAE<A:C>=N:>:AP:<A?M=?HGWA?AB:ǸFEN?AH:Z:AC:;A;:FG;>?H?ADGAMG;<?>GA
HGAH:C:DOGS
jAB:ǸFEN?AbA;:FG;>?H?ADGAMG;<?>GAHGAH:C:DOGA?AC:;A=<B;:CCGWAGCA;:FG;>:CAH?CAB?;>:CA
H?A<?>;=aAB:NGCAXE?=CAH:Z:AB?CC?;A?A>=D>?AH:Z:;UGAB:;<?D:F:;AZ?a?H?CWA:A<?D>:DHG@
C:ADGACEBG;>:AH:ABGN=bC>:;A?CAK;:?CAXE:AC:;UGAEC?H?CAB?;?AZ:H?;AGA>:F=HGAH?A<?>;=aRS
dc=C>:<AM=N<:CAH:A;:FG;>:AFEh?A?AB:ǸFEN?AbAH:AFG;AZ:;<:NO?WAy<P?;AGEAH:AGE>;?CA
FG;:CRS
jAB:ǸFEN?AbAC:DCZ̀:NA?GA>=BGAH:ACGNZ:D>:AbA:CB:F=?N<:D>:A;:FG<:DH?HGAB:NGAM?P;=F?D>:A
HGAM=N<:WABG;>?D>GWAH:Z:<AC:;AC:LE=H?CA?CA;:FG<:DH?]V:CAHGAM?P;=F?D>:AHGAM=N<:WA:A
E>=N=a?;AGACGNZ:D>:A;:FG<:DH?HGRS
YCA<?>:;=?=CAEC?HGCAD?AFGDM:F]UGAH?A<?>;=aAB:NGAB;GF:CCGAH:A;:FG;>:ACUGABGEFGCWA
?B:D?CAGAM=N<:AH:A;:FG;>:WAXE:A>?<Pb<AbAFO?<?HGAH:A?<P:;N=D:WAM?F?AB:XE:D?AGEA
:C>=N:>:WA>O=DD:;AC:;=L;KM=FGA;:FG<:DH?HGAB:NGAM?P;=F?D>:AHGAM=N<:A:AB:H?]GCAH:A
:C>GB?RS

S
SS
™2-,2'5(.%(¿%2/4u%AS
\E?DHGA;:FG;>?<GCAE<?AM=LE;?WAXE:ABGCCE?AN=DO?CA;:>?CWAH:Z:<GCAEC?;AE<?A;bLE?AH:A
<:>?NAH:AB;:M:;[DF=?RAAAS
z:Z:@C:A>:;AC:<B;:AE<?APG?AZ=CUGAH?A SSS
N=DO?RSS

S
fG;>?;AC:<B;:AH:A<GHGAXE:A?A;bLE?AM=XE:A
B?;?N:N?AiAN=DO?A?AC:;AFG;>?H?RSS
SS
S

\E?DHGAE<?AN:>;?ABGCCE=;AFE;Z?CWAH:Z:@C:A
;:FG;>?;A?D>:CA?CAB?;>:CA;:>?CAFG<AGA
?EcǸ=GAH:AE<?A;bLE?RSS
SS

jCAB?;>:CAFE;Z?CAH:Z:<AC:;AM:=>?CA
?A<UGAN=Z;:WA=C>GAbWAFG;>?H?CAC:<A?A
?hEH?AH?A;bLE?WAS

~)5%4+'mw/·(S
S

YA;:FG;>:AHGAM=N<:AH:Z:AC:;AM:=>GAC:<B;:AB:NGAN?HGAMGCFGRAS
YA;:FG;>:AB?;:F:AC=<BN:CA:AMKF=NWA<?=CAZ?=A:c=L=;AO?P=N=H?H:A:A>;:=DGRAS
j>E?N<:D>:AGA;:FG;>:AbAE<?A>bFD=F?ABGEFGAE>=N=a?H?WAhKAXE:AFG<AGAECGAHGCA
FG<BE>?HG;:CWA?CA?;>:CACUGAM:=>?CABG;AFG<BE>?HG;:CWA<?CAFG<GAC:A>;?>?AH:AE<AFE;CGA
H:AC:;=L;?M=?WAbA=D>:;:CC?D>:AXE:AC:h?<A?PG;H?H?CA>GH?CA?CA>bFD=F?CRAS
SS
(
¿%2/4u%(./(7,o*%S

fGNGXE:AGAM=N<:ACGP;:AGAH:C:DOGWAbA
;:FG<:DHKZ:NAXE:AGAM=N<:A:AGAH:C:DOGCA
:C>:h?<AM=cGCA:D>;:AC=WAEC:AE<?AM=>?A
HE;:cAB?;?AM=c?;ADGCAN?HGCWA?CC=<AGAM=N<:A
DUGAMEL=;KAH?ABGC=]UGRSS
SS
SS S
SS

:FG;>:AGAH:C:DOGAFG<AE<A:C>=N:>:AGEA
M?F?AB:XE:D?WAbAD:F:CCK;=GAXE:AGA<?>:;=?NA
FG;>?D>:A:C>:h?AP:<A?M=?HGRSS
SS
S

:>=;:A?AB:ǸFEN?AXE:AMG=AFG;>?H?AS

S
jBeCAGA;:FG;>:AH:A>GHGAGA<G>=ZGA
IH:C:DOGJWA;:>=;:A?AB:ǸFEN?AFG<AGA?EcǸ=GA
H:AE<A:C>=N:>:RS
r:<B;:AFG<A<E=>GAFE=H?HGA:A?>:D]UGWA
:Z=>?DHGAFG;>?;AGEAM:;=;AGACEBG;>:AH:A
BGN=bC>:;AHGAM=N<:RS
f?CGAFG;>?;A?A>:N?WA>GHGAGAB;GF:CCGAH:Z:A
C:;A;:=D=F=?HGRS
ASS
SS

~)5%4+'mw/·(S
S

YA;:FG;>:AHGAM=N<:AH:Z:AC:;AM:=>GAC:<B;:AB:NGAN?HGAMGCFGRAS
fGDMG;<:AhKAF=>?HGWAGA;:FG;>:AB?;:F:AC=<BN:CA:AMKF=NWA<?=CAZ?=A:c=L=;A<E=>?AO?P=N=H?H:A
:A>;:=DGRAS
j>E?N<:D>:A:C>?AbAE<?A>bFD=F?ABGEFGAE>=N=a?H?WAhKAXE:AFG<AGAECGAHGCAFG<BE>?HG;:CWA
?CA?;>:CACUGAM:=>?CAH:AGE>;GCA<GHGCWA<?CAFG<GAC:A>;?>?AH:AE<AFE;CGAH:AC:;=L;?M=?WAbA
=D>:;:CC?D>:AXE:AC:h?<A?PG;H?H?CA>GH?CA?CA>bFD=F?CRS
l/o'6%*(./(7,o*%(-'(u%o'S
YCA<?>:;=?=CAE>=N=a?HGCAD?AFGN?L:<AHGA
M=N<:AD?A>:N?ACUGA?B:D?CAHG=CWAGA>O=DD:;A
;:FG<:DH?HGAB:NGAM?P;=F?D>:AHGAM=N<:A:A
:C>GB?RSS
fGNGXE:A?A<GNHE;?A:<AF=<?AHGAM=N<:AH:A
;:FG;>:WAGAM=N<:AH:Z:A:C>?;AFG<A?AB:ǸFEN?A
B?;?AF=<?RS S

„<:H:]?A?A:C>GB?AFG<AE<ABGEFGAH:A
>O=DD:;A:AB?CC:AD?A>:N?WAM?a:DHGAE<ABGEFGA
H:AB;:CCUGACGP;:AGAM=N<:RSS
SS
S
jBeCAFGN?;AGAM=N<:AD?A>:N?WA;:>=;:AGA
B?B:NACEBG;>:RSS
dCFGNO?AE<AHGCAF?D>GCAH?A<?>;=aA:A
N:Z?D>:AGABGN=bC>:;AFG<AGA?EcǸ=GAH:A
E<A:C>=N:>:WAM?]?A=CCGAFG<AFE=H?HGA
B?;?ADUGA;G<B:;A?A>:N?A:AH:CB:;H=]?;A
>GHGAGA>;?P?NOGRAAS

r:ABG;A?F?CGA?AB:ǸFEN?AGM:;:F:;AE<?AF:;>?A;:C=C>[DF=?AB?;?AC?=;A:<A?NLEDCABGD>GCWA?A
S

CGNE]UGAbA<GNO?;AGCABGD>GCAXE:A>:=<?<A:<ADUGAC:ACGN>?;AFG<A>O=DD:;A:A:CB:;?;AB:N?A
C:F?L:<A:A>:D>?;ADGZ?<:D>:RAS
³*x/4u'-u%·(S
\E?DHGAMG;A>;?P?NO?;AFG<AB;GHE>GCAXE`<=FGCWAFG<GA>O=DD:;WACGNZ:D>:CA:A>=D>?CWA
;:FG<:DH?@C:AGAECGAH:ANEZ?CAH:APG;;?FO?AB?;?AB;G>:L:;A?CA<UGCWA<KCF?;?AH:A
B;G>:]UGA=DH=Z=HE?NA:AeFENGCAB;G>:>G;:CRS
•?<Pb<A:Z=>:A?A=D?N?]UGAH=;:>?AHGCAB;GHE>GCWAB?;?A=CCGWAM?]?AC:ECA>;?P?NOGCA:<AK;:?CA
FG<APG?AZ:D>=N?]UGRS
tu%-mw/·S
YA>O=DD:;AH:;;:>:AGAM=N<:WABG;A=CCGWAC:AGA>O=DD:;AMG;AFGNGF?HGA:<A:cF:CCGABGH:;KA
H?D=M=F?;A?A<?>;=aAFG<BN:>?<:D>:RS
YA>O=DD:;AbAE<ACGNZ:D>:AD?>E;?NAB?;?A?A>=D>?AEC?H?AD?AM?P;=F?]UGAHGAM=N<:WA=C>GAbWA?A
B:ǸFEN?RS
jAB:ǸFEN?AXE?DHGA:D>;?A:<AFGD>?>GAFG<AE<?AXE?D>=H?H:AN=<=>?H?AH:A>O=DD:;A?<GN:A:A
C:A>;?DCMG;<?ADE<?AC:<=@>=D>?WAGEAC:h?WAE<?A>=D>?AFG<AH:DC=H?H:AL:N?>=DGC?RS
jAB:ǸFEN?A>:DH:A?AL;EH?;ADGADQNGDAXE?DHGA:C>=Z:;A:<AFGD>?>GAH=;:>GA:ABG;A:C>?;A
Œ<:=G@<GN:ŒRS
z:BG=CAH:AC:F?WA?AB:ǸFEN?ADUGAC:AH:CB;:DH:;KAHGA>:F=HGA?A<:DGCAXE:AGA>O=DD:;AC:h?A
EC?HGA:A:CM;:L?HGAFG<AE<?A:C>GB?AP:<A:DFO?;F?H?AH:A>O=DD:;RS
fG<GACEL:C>UGWADGA=DF̀=GWAH:Z:@C:AM?a:;A?CA<?>;=a:CAFG<A<G>=ZGCAC=<BN:CRS
›A?FGDC:NO?HGAB?;?A=D=F=?D>:CAGCA;:FG;>:CAH:AN:>;?CA:AH:C:DOGCAC:<AH:>?NO:CWAGEAC:h?WA
C:<A>;?]GCAM=DGCWA:>FRS
›A=D>:;:CC?D>:A?B;:DH:;A?A>bFD=F?A:c?>?WA:AB;?>=F?;A:c?>?<:D>:WAH:=c?DHGAB?;?AH:BG=CA
H:C:DOGCAFG<A;:FG;>:CA<?=CAH:>?NO?HGCRS
TGCAH=?CA?>E?=CWA?A>bFD=F?AH:AFG;>:A:AFGN?L:<AHGAM=N<:AbABGEFGAE>=N=a?H?WAhKAXE:AFG<AGA
ECGAHGCAFG<BE>?HG;:CWA?CA?;>:CACUGAM:=>?CAE>=N=a?DHGAFG<BE>?HG;:CWA<?CAFG<GAC:A
>;?>?AH:AE<AFE;CGAH:AC:;=L;?M=?WAbA=D>:;:CC?D>:AXE:AC:h?<A?PG;H?H?CA>GH?CA?CA
>bFD=F?CRS
SS
S
S
S
S
S
S
S
S
S
S
€/.%o/5(.%(o%u4'5S

S
~)5%4+'mw/·AS
YCA>=BGCAH:AN:>;?CABGH:<AC:;AGCA<?=CAH=Z:;C=M=F?HGCWA?>E?N<:D>:A:C>:ADUGAbAE<ABGD>GA
XE:AH=M=FEN>:AGA>;?P?NOGWAhKAXE:AFG<AGAECGAH:AFG<BE>?HG;WAB:NGA<:DGCA‡__A>=BGCAH:A
MGD>:CAIN:>;?CJAhKACUGA=DC>?N?HGCWA=CCGAbAE<?AZ?;=:H?H:A;?aGKZ:NRS
SS
€/.%o/5(.%(.%5%-/5S
SS

S
YPC:;Z:AXE:AGCAH:C:DOGCA<GC>;?HGCADUGA>:<AH:>?NO:CWAM?F=N=>?AGA;:FG;>:RS
fGDMG;<:AhKAMG=A<:DF=GD?HGWAbA?N>?<:D>:A
;:FG<:DHKZ:NA=D=F=?;A?A>bFD=F?AH:A;:FG;>:A
HGAM=N<:AB:N?CAN:>;?CWAXE:ACUGA<?=CAMKF:=CWA
GEA=D=F=?;AFG<AH:C:DOGCAC:<AH:>?NO:CRSS
¡<?L=D:AXE:AZGF[AZ?=A;:FG;>?;A?AN:>;?AdRS
jBeCAH:C>?F?;A?AB:ǸFEN?WAGA<:=GAH?AN:>;?A
Z?=AFGD>=DE?;AL;EH?HGADGAB?B:NACEBG;>:WA
BG=CA?AFGN?AZ?=A<?D>:;A?XE:N?AB?;>:A
L;EH?H?A?>bAGA<G<:D>GAH:A>;?DCM:;=;AB?;?A
?A<?>;=aRS
jGA;:FG;>?;AE<AH:C:DOGAGEAN:>;?AEC?DHGAM=N<:AH:A;:FG;>:WADUGAbAD:F:CCK;=GAFG;>?;AFG<A
S

MG;]?WA=CCGA:Z=>?AXE:A?>=Dh?AGABGN=bC>:;RS
T:C>:AF?CGWAD:C>:AF?CGWAGABGN=bC>:;AbAE<?A:CBbF=:AH:ABNKC>=FGA>;?DCB?;:D>:WAFO?<?HGA
H:AB?B:NACEBG;>:RS

YPC:;Z:A?AM=LE;?A?GAN?HGWADG>:AXE:A?GA
;:>=;?;A?AB:ǸFEN?WAGAH:C:DOGAM=FGEA
D`>=HGWAGEAC:h?WAM=FGEA>;?DCB?;:D>:WAXE:A
DGA:c:<BNGAbA?AN:>;?AdRSS
•EHGA?XE=NGAXE:A:C>=Z:;A:<AP;?DFGADGA
M=N<:WAZ?=AB:;<=>=;A?AB?CC?L:<AH?A
>=D>?WA:AGAXE:A:C>=Z:;AD?AFG;AHGAM=N<:A?A
>=D>?ADUGAB?CC?;KRS

SS
S

t-u%5(.%(2/*%m'4('(,*x4%55w/S
jD>:CAH:AFG<:]?;A?A=<B;=<=;WAbAB;:F=CGAM?a:;A?AZ:H?]UGAH?A<?>;=aWA:C>:AbAGAB;=<:=;GA
B?CCGAH?A=<B;:CCUGAB;GB;=?<:D>:AH=>?WAGAB;GF:CCGAH:AZ:H?]UGAH:Z:AC:;AM:=>GAB?;?A
?<PGCAB;GF:CCGCAH:AFGDM:F]UGAH?A<?>;=aWAC:h?AB:NGAB;GF:CCGAEC?DHGA?A;:Z:N?]UGAH?A
>:N?WA?XE:N:AXE:AE>=N=a?A?A<:C?AH:ANEaWAMG>GN=>GWA:<ENCUGA:AMG>G@C:DC=P=N=a?D>:WA
FO?<?HGAH:AB;GF:CCGAMG>GL;KM=FGWAGEAGAB;GF:CCGAH:A;:FG;>:AH:AM=N<:CWAFG<GAGAXE:A
:C>?<GCAH:CF;:Z:DHGRS
9GH:<GCAEC?;AFG<GA:N:<:D>GCAZ:H?HG;:CA?AN?F?AD=>;G@F:NGC:WAXE:AbAH=CCGNZ=H?A:<A
>O=DD:;WAGEALG<?@N?F?WAXE:AbAH=CCGNZ=H?A:<AKNFGGNRS
›AFN?;GAXE:AB?;?A<?>;=a:CAFGDM:FF=GD?H?CAFG<AGAB;GF:CCGAMG>GL;KM=FGWAhKAMG=ACEL:;=HGAGA
ECGAH:AM=>?AF;:B:AGEAC=<=N?;WA<?CAB?;?A>;?P?NOGCAFG<AE<AD|<:;GA<?=G;AH:A>=;?L:DCWA
D?H?A=<B:H:AXE:AC:h?AE>=N=a?HGAGE>;GA>=BGAH:A<?>:;=?NAB?;?AZ:H?;A?A>:N?WA=CCGAM?;KAFG<A
XE:A:N:AHE;:A<?=CA>:<BGRS
dc=C>:<AZ:H?HG;:CAXE:ACUGAZ:DH=HGCAhKAB;GD>GCAB?;?AECGWA:CC:CAZ:H?HG;:CACUGA
:DFGD>;?HGCA:<AF?C?CA:CB:F=?N=a?H?CA:<A<?>:;=?NAH:AC:;=L;?M=?RS
r:ADUGACGEP:;A:c?>?<:D>:AXE?NAGA>=BGAH:A
Z:H?HG;A:c?>GAB?;?AC:EA>;?P?NOGWAFG<B;:A
:<AB?;>:CAB:XE:D?CWA<:C<GAB?L?DHGA
<?=CA:<A>:G;=?WADUGA=;KAH:CB:;H=]?;WACeA
FG<B;:A:<AXE?D>=H?H:CA<?=G;:CAXE?DHGA
>=Z:;A:CFGNO=HGAGA>=BGAH:AZ:H?HG;AFG;;:>GA
B?;?AGAC:EA>;?P?NOGWA:DXE?D>GA=CCGWA?AM=>?A
F;:B:AC:;Z:A>;?DXÀ=N?<:D>:RS

£:=>?A?AZ:H?]UGWABGH:AC:;A=D=F=?H?A?A
=<B;:CCUGRSS
•GHGCAGCAB?CCGCAB?;?A?A=<B;:CCUGAhKA
MG;?<AH:CF;=>GCAD?AN=]UGA–RS

fG<GA;:CEN>?HGAM=D?NWA?A=<B;:CCUGAH?AN:>;?A
S

dWAFG<A?A<?>;=aAM:=>?AB:NGAB;GF:CCGA
;:FG;>:RSS
9GH:@C:AGP>:;AGA<:C<GA;:CEN>?HGAB:NGA
B;GF:CCGAMG>GL;KM=FGAH:CF;=>GA:<AN=]V:CA
?D>:;=G;:CWAD:C>:AF?CGWA?GA=DZbCAH:A
;:FG;>?;A?AN:>;?AdAFG<A:C>=N:>:WAC:;=?A
;:Z:N?H?A?AN:>;?AdA?>;?ZbCAHGAB;GF:CCGA
MG>GL;KM=FGWAFGDMG;<:AhKAF=>?HGWAGCA
B;GF:CCGCAH?AFGDM:F]UGAH?A<?>;=aAbAXE:A
CUGAH=M:;:D>:CWA<?CAC:<B;:AFG<AGA S

GPh:>=ZGAM=D?NAH:AE<?APG?A=<B;:CCUGRS
SS
ž,o*%5·(~(3%(+/2Î(.%+%(5')%4S
\E?DHGAZGF[AMG;AFG<B;?;AE<AM=N<:WAM=XE:A?>:D>GI?JAB?;?AXE:A:N:AC:h?ADGZGWABG=CA
C:DHGADGZGWAGAB?B:NACEBG;>:WAD:C>:AF?CGAFO?<?HGABGN=bC>:;WAC?=A<?=CAM?F=N<:D>:WABG;A
=CCGWAF?EC?A<:DGCA;=CFGCAiA<?>;=aRS
\E?DHGAZGF[AMG;A;:>=;?;AGAB?B:NACEBG;>:A:A?AB:ǸFEN?AN:Z?D>?;WAB?;:A=<:H=?>?<:D>:RS
r:A?AB:ǸFEN?A>:DH:A?AC:AN:Z?D>?;WAE<:H:]?AE<?A:C>GB?A:<A>O=DD:;A:AE<:H:]?AGAM=N<:A
BG;AP?=cGAH?A<?>;=aWAFGD>;?AGADQNGDRS
z:=c:A?A:C>GB?AH:AN?HGA;?B=H?<:D>:A:AFG<AHG=CAH:HGCWAE<A:<AF=<?AHGAM=N<:A:AGE>;GA
:<P?=cGWAM?]?AB;:CCUGAB?;?AXE:AGAM=N<:AFGN:A?AB?;>:AXE:AH:CFGNGERS
:B=>?AGAB;GF:CCGAH:A;:>=;?;AGACEBG;>:WAGEAC:h?WAGABGN=bC>:;WABEc:AP:<AH:Z?L?;A?>bA
C?=;A>GHGAGAB?B:NACEBG;>:RS
z:=c:A?A<?>;=aAC:F?;A:A:C>?;KAB;GD>?AB?;?AC:;AE>=N=a?H?AB?;?A=<B;=<=;AGA<G>=ZGA
=<B;:CCGADGACEPC>;?>GRS
SS
t(,*x4%55w/(5%4,647,2'AS
jA=<B;:CCUGA:<AB;=DFB̀=GAbA<E=>GAMKF=NWA?B:D?CA;:XE:;A?NLEDCAFE=H?HGCRAS
d<AB;=<:=;GANEL?;WAGAC:;L̀;?MGAAH:Z:A>:;AE<?AP?C:ACeN=H?AXE:ABGH:AC:;AE<?AA<:C?AH:A
=<B;:CCUGAM?P;=F?H?AB:N?A=DH|C>;=?A:CB:F=?N=a?H?WAGEAE<?A<:C?AFG<E<WAH:CH:AXE:A
C:h?ABN?D?A:AP:<AM=;<:RS
jCA<:C?CAH:A=<B;:CCUGWAMG;D:F=H?CA
B:N?CA=DH|C>;=?CAHGA;?<GWAhKAZ[<A
:XE=B?H?CAFG<ACEBG;>:CAIL?;;?CJA
<:>KN=F?CWAI<GNHE;?CJRAS
dCC?CAL?;;?CABGH:<AC:;AFG<B;?H?CA
C:B?;?H?<:D>:AB?;?AECGA:<A<:C?CA
FG<EDCRAS
jCAL?;;?CABGCCE:<AHGP;?H=]?CAXE:A
H:Z:<AC:;AB?;?MEC?H?CAD?AB?;>:A
>;?C:=;?AH?CA<:C?CRAS

jBeCA?AM=c?]UGAH?A>:N?AD?AL?;;?A<:>KN=F?WAGPC:;Z:AC:A?A>:N?A:DFGD>;?@C:ABG;AFG<BN:>GA
S

D?AP?C:AH?A<:C?RS
r:AGAXE?H;GAH?A>:N?AGEA?A>?<B?AH?A<:C?A:C>=Z:;:<A:<B:D?HGCWAB;GZGF?;UGAH:M:=>GCA
D?A=<B;:CCUGRAS
r:AGA:<B:D?<:D>GAMG;AHGAXE?H;GWAE<?AN=L:=;?A>G;]UGADGAC:D>=HGAFGD>;K;=GA?GA
:<B:D?<:D>GA;:CGNZ:A:C>:A>=BGAB;GPN:<?RAS
g?CAC:AGA:<B:D?<:D>GAMG;AD?AP?C:AH?A<:C?AGEAD?A>?<B?WADUGAOKAGE>;?AC?H̀?WA?ADUGA
C:;AEC?;AGE>;?A<:C?RAS
jGAFGNGF?;A?A>:N?AD?AL?;;?WAZGF[AZ?=ADG>?;AE<AB:XE:DGA:CB?]GAB;GHEa=HGAB:N?A
:CB:CCE;?AH?AL?;;?AH:A<:>?NAXE:AZ?=AM=F?;ABG;AP?=cGAHGAXE?H;GRAS
dC>:A:CB?]GAB;GHEa=HGAB:N?AL?;;?AbAGAXE:AFO?<?<GCAH:AMG;?AH:AFGD>?>GRS
z:Z:<GCAFGNGF?;AHGAN?HGAGBGC>GAHG=CA
F?N]GCWACGP;:A?ACEB:;MF̀=:AH?A<:C?WAB?;?A
?BG=?;AGAXE?H;GAH?A<?>;=aAD?AOG;?AH:A
M?a:;A?A=<B;:CCUGRAS
YAF?N]GABGH:AC:;AH:A<?H:=;?WAF?;>GN=D?WAGEA
XE?NXE:;A<?>:;=?NWA<?CA>:<AXE:A>:;A?A
<:C<?A:CB:CCE;?AH?A?N>E;?AB;GHEa=H?A
B:N?AL?;;?AICEBG;>:JRS
SS S

jA<?=G;=?AH?CA=<B;:CCV:CACUGAM:=>?CAFG<A?A<?>;=aAF?N]?H?AFGDMG;<:AhKAMG=A<:DF=GD?HGA
ZK;=?CAZ:a:CRAS
t ½ÑÒ~·AS
dc=C>:<AF?CGCA:<AXE:ADUGAH:Z:<AC:;AEC?HGCAGCAF?N]GCWAEC?;AGEADUGAGCAF?N]GCAZ?=A
H:B:DH:;A<E=>GAHGA<?>:;=?NA?AC:;A=<B;:CCGRAS
jA:CFGNO?AF:;>?AH?A>=D>?A>?<Pb<AbAE<AM?>G;A=<BG;>?D>:AB?;?APGDCA;:CEN>?HGCAH?A
=<B;:CCUGRAS
jA>=D>?A<E=>GAL;GCC?AIZ=CFGC?JWA>:<A?A>:DH[DF=?A?A:D>EB=;AGATӎYTAH?A>:N?RAS
r:A?A>=D>?AMG;A<E=>GAM=D?AI;?N?JWABGH:;KAB?CC?;A?>;?ZbCAHGA>:F=HGWAPG;;?DHGA?AP?C:AH:A
=<B;:CCUGRAS
~$ ¿ŸtÑÒ~·AS
jCA>=D>?CAiAP?C:AH:AKLE?WAXE?C:AC:<B;:AB;:F=C?<AC:;AH=NEH̀?CAFG<AE<ABGEFGAH:A
KLE?RAS
¤KADGAF?CGAH?CA>=D>?CAiAP?C:AH:ACGNZ:D>:CWAD:<AC:<B;:A;:XE:;:<AH=NE=]UGWA<?CA
XE?DHGAD:F:CC=>?<WAH:Z:AC:;AEC?HGAGACGNZ:D>:A=DH=F?HGAB:NGAM?P;=F?D>:RAS
Ÿt€~$(t(³€š¿ $$Ò~ºS
„C?DHG@C:AE<?A:CBK>EN?AC:<A
BGD>?CA?LEH?CAGEAFG;>?D>:WAFGN?@C:A
E<ABGEFGAH:A>=D>?ADGAN?HGA:<AXE:A
M=F?A?AL?;;?AICEBG;>:JRSS
„C:AGAPG<AC:DCGA?GAH:>:;<=D?;A
ŒE<ABGEFGŒAH:A>=D>?RS
S

dCB?NO:A?A>=D>?AFG<AE<ABEc?HG;WA
H:AE<AN?HGA?GAGE>;GAH?A>:N?RS

jAXE?D>=H?H:AH:A>=D>?AbA<E=>?A;:N?>=Z?WAZ?=AH:B:DH:;AHGAC:EAPG<AC:DCGWA?AB;K>=F?A
S

H:>:;<=D?AGA?AXE?D>=H?H:A?B;Gc=<?H?WAbAFN?;GAXE:AC:<AB;K>=F?ADUGAOKAFG<GA
H:>:;<=D?;WABG;A=CCGWAFGNGXE:A?AXE?D>=H?H:AH:A>=D>?A‚_AZ:a:CA?A<?=CAH?AXE?D>=H?H:A
XE:AXE:AZGF[AF?NFEN?AXE:AEC?;=?AC:AMGCC:AEC?;AE<AB=DF:NAB?;?AB=D>?;A?AM=LE;?AH?A
<?>;=aRS
fGNGXE:AE<?AXE?D>=H?H:AXE:ADUGAC:h?ABGEF?A:AD:<A<E=>?WAFG<GAhKAF=>?HGWAEC:AGAC:EA
PG<AC:DCGRAS
dCB?NO:A?A>=D>?AD?A<?>;=aWAFGNGXE:AE<?AXE?D>=H?H:A<?=G;AH:A>=D>?AD?A<?>;=aAHGAN?HGA
XE:AM=F?A?AL?;;?RAS
jCAB;=<:=;?CA=<B;:CCV:CAH:Z:<A
C:;AM:=>?CAFG<GAE<A>:C>:A:<AB?B:NA
hG;D?NAGEA:<AGE>;GA<?>:;=?NAXE:A
ZGF[A>:DO?AH=CBGDZ̀:NRSS
jBeCAZ:;=M=F?;AXE:A?A=<B;:CCUGA
:C>KAPG?ADGCA>:C>:CWAbAXE:AZ?<GCA
=<B;=<=;AGA<?>:;=?NAH:C:h?HGRS
fGNGXE:AGA<?>:;=?NAH:C:h?HGADGA
NGF?NA<?;F?HGAD?AP?C:AH?A<:C?RS

¢?=c:A?A>:N?A:ABEc:A:<ACE?AH=;:]UGRS

”GF[ADG>GEAXE:A?GAB?CC?;AGA;GHGA
S

BEc?DHGA?A>=D>?A:<ACE?AH=;:]UGWAGA
DQNGDAH?A>:N?AF:H:EWA:AB:NGADQNGDWA
D?CAB?;>:CAGDH:ADUGA>:<A:<ENCUGA
B?CCGEA?A>=D>?WAM?a:DHGA?CC=<A?A
=<B;:CCUGRS S

z:BG=CAH:AB?CC?;AGA;GHGABEc?DHGA?A
>=D>?WAGADQNGDAZGN>?A?ABGC=]UGADG;<?NWA
:AGAH:C:DOGAM=F?A=<B;:CCGADGA<?>:;=?NA
H:C:h?HGRS
S
fG<AGA?EcǸ=GAHGA;GHGWAhED>GAE<A
BGEFGA<?=CAGA:cF:CCGAH?A>=D>?RS

fG<AE<?AH?CA<UGCWAN:Z?D>:AE<A
BGEFGA?A>:N?A:WAFG<AGABEc?HG;WA
:<BE;;:A?A>=D>?AH:AZGN>?A?ABGD>GA
H:AB?;>=H?WA=C>GAbWAB?;?AGAN?HGA
GDH:A:C>KA?AL?;;?RS

~(´-63o/(./(x3‘'./4AS
S

YABEc?HG;AH:Z:AC:;A<?D>=HGADE<AyDLENGA
:D>;:A‰ƒA:Aƒ_AL;?ECA:<A;:N?]UGAiA>:N?WA
HE;?D>:A>GH?A?AGB:;?]UGAH?A=<B;:CCUGRAS
YA;=><GAH:A=<B;:CCUGAH:Z:AC:;AED=MG;<:A:A
FGDC>?D>:WAC:<AB?;?H?CADGA<:=GRS
SS

fGDMG;<:AhKA<:DF=GD?HGWAGAyDLENGA
S

=H:?NAbAH:A‰ƒA?Aƒ_AL;?ECRSS

S
~$ ¿ŸtÑÒ~·AS
dc=C>:<AHG=CAM?>G;:CAXE:AB;:hEH=F?<A?A=<B;:CCUGˆS
YABEc?HG;A<E=>GA
;:>GA
IZ:;>=F?N<:D>:JˆA
B;GHEaAE<?AM=D?A
F?<?H?AH:A>=D>?WA
H:=c?DHGAIiAZ:a:CJA
<E=>?CAM?NO?CWA
FG;;:DHGAGA;=CFGAH:A
H?D=M=F?;A?A>:N?RS

YABEc?HG;A<E=>GA
S

=DFN=D?HGˆAB;GZGF?A
E<?AXE?D>=H?H:A
:cF:CC=Z?AH:A>=D>?WA
B;:hEH=F?DHGA?A
D=>=H:aAH?A
=<B;:CCUGRS
'*'-/(./(x3‘'./4AS
S

YA>?<?DOGA=H:?NAHGABEc?HG;A?AC:;A
EC?HGADE<?A=<B;:CCUGAbAC:<B;:A
H:>:;<=D?HGAB:N?AN?;LE;?A=D>:;D?AH?A
<GNHE;?RSS
jCC=<WAC:AE<?A<GNHE;?A>=Z:;A‚ƒA
F:D>`<:>;GCWAGA;GHGAH:Z:;KA>:;A‚‡A
F:D>`<:>;GCWA=C>GAbWA‰AF:D>`<:>;GCA?A
<:DGCAXE:A>?<?DOGA=D>:;DGAH?A
<GNHE;?RS
9G;>?D>GWAB;=<:=;GAH:Z:;KAC?P:;AGA
>?<?DOGAH?A<GNHE;?AXE:A=;KAAEC?;WA
B?;?AH:BG=CAB;GZ=H:DF=?;AGABEc?HG;RS
\E?DHGA>=Z:;A:cB:;=[DF=?WABGH:AC:;A
EC?HGAE<A;GHGAFG<AƒAF:D>`<:>;GCA?A
<?=CAXE:A?AN?;LE;?AH?AM=LE;?A?AC:;A
=<B;:CC?AFG<AGCA<:C<GCA;:CEN>?HGCWA
:<A>GHGAF?CGWAGABEc?HG;AH:Z:AC:;A
C:<B;:A<?=G;AXE:AGAH:C:DOGAXE:A
C:;KA=<B;:CCGRAS
SS
³*x4%55w/(.%(.3'5(/3(*',5(2/4%5S
S

jA=<B;:CCUGAFG<AGAECGAH:A<?=CAFG;:CAbA=LE?NA?AH:AE<?AFG;WABG=CAGAB;=DFB̀=GAPKC=FGAbAGA
<:C<GWAC:h?AD?AL;?Z?]UGAH?A>:N?AGEAD?AMG;<?AH:A=<B;=<=;RAS
9G;b<AOKA>;[CAH=M:;:D]?CAMEDH?<:D>?=CWA:AXE:AH:Z:<AC:;AN:Z?H?CA:<AFGDC=H:;?]UGˆAS
YAB;=<:=;GABGD>GA?AFGDC=H:;?;AbAXE:AB?;?AF?H?AFG;AH:Z:;KAM?a:;AE<AH=CBGC=>=ZGA
FG;;:CBGDH:D>:AiXE:N?AFG;WAFG<GAMG=AH:>?NO?HGAD?AXE?H;=F;G<=?RAS
9?;>=DHGAHGAH:C:DOGAG;=L=D?NWA?CAB?;>:CAHGAH:C:DOGAH:A?FG;HGAFG<A?AFG;WAC:A>=Z:;A>;[CA
FG;:CWAC:;UGA>;[CA<?>;=a:CAH=M:;:D>:CWAE<?A<?>;=aAB?;?AF?H?AFG;RAS
f:;>?<:D>:ACE;L=;UGA?CAB:;LED>?CˆAS
9G;XE:ADGAG;=L=D?NA:C>KACeAGAFGD>G;DG}S
9G;XE:AH:BG=CAXE:AMG=AM:=>?A?AC:B?;?]UGA:C>KA>GHGAB;:>G}S
9G;AXE:A>EHGAXE:A:C>=Z:;A:<AB;:>GADGAH:C:DOGWAD?AL;?Z?]UGAZ?=AM=F?;A>;?DCB?;:D>:WA:A
D?AB?;>:AXE:AM=F?;A>;?DCB?;:D>:AbAGDH:AZ?=AB?CC?;A?A>=D>?WA:AGDH:AMG;AP;?DFGWAbABG;A
GDH:A?A>=D>?ADUGAB?CC?RAS

YAC:LEDHGABGD>GAbAXE:A>:;KAXE:AC:;AL;?Z?H?AE<?A>:N?AB?;?AF?H?AFG;WAC:DHGAXE:A
S

DE<?A>:N?AH:Z:;KAC:;AL;?Z?HGAGAFGD>G;DGAH?AM=LE;?AIXE?DHGA:c=C>=;JWA:AXE:AC:;KA
=<B;:CCGA:<AB;=<:=;GANEL?;RS
YCAFGD>G;DGCA:<AM=LE;?CWAM=F?<APGD=>GCWA<?CAGAB;=DF=B?NAGPh:>=ZGAHGAFGD>G;DGWAXE:A
L:;?N<:D>:AD?AFG;AB;:>?WAbAH:AM?F=N=>?;AGA?F:;>GAB?;?AGA:DF?=c:AH?CAFG;:CAC:LE=D>:CRS
›A=<BG;>?D>:AN:<P;?;AXE:A?A=<B;:CCUGAH:Z:AC:;A=D=F=?H?AFG<A?ACAFG;:CAFN?;?CWAFG<A
:cF:]UGAHGAFGD>G;DGRS
€'u4,v(4%7%4%-u%('(2/4(x4%u'SS S 'S
€'u4,v(4%7%4%-u%('(2/4()4'-2

S S
€'u4,v(4%7%4%-u%('(2/4('*'4%o'S €'u4,v(4%7Á('(2/4(+%4*%o'S
S
³*x4%55w/(.'(7,634'(x4/-u'S
YA>:;F:=;GABGD>GWA:A<E=>GA=<BG;>?D>:WAbAEC?;AE<AC=C>:<?AH:A;:L=C>;GAFG<AGAGPh:>=ZGA
H:A:DF?=c?;A?CAFG;:CRS
YA;:L=C>;GAbAE<?AMG;<?AH:A<?;F?AGEAMG;<?AXE:AC:;Z:AH:AG;=:D>?]UGAB?;?AGA:DF?=c:A
B:;M:=>GAH?CAFG;:CRS
9GH:<AC:;AEC?H?CA>;[CA<?D:=;?CAH:AM?a:;AE<A;:L=C>;GˆS
‡JAr=C>:<?AH:A<?;F?]UGWAXE:AbAGA;:L=C>;GABG;AF;Ea=DO?CRS
‚JAr=C>:<?AH:AP?>:D>:CWAXE:AbAGAC=C>:<?AH:A;:L=C>;GABG;A:DFGC>GRS
ŠJAr=C>:<?AH:A;:L=C>;GABG;AMN?BRS
SSS
$,5u%*'(.%(*'42'mw/S
T?A=<B;:CCUGAC:;=L;KM=F?AbAFG<E<AGAECGAH:AF;Ea=DO?CWAF`;FENGCWA:AGE>;GCA>=BGCAH:A
<?;F?CWAFG<A?AM=D?N=H?H:AH:AG;=:D>?;ADGA:DF?=c:AH?CAFG;:CRS

jCAF;Ea:CAH:A:DF?=c:AH:Z:;UGAC:;AEC?H?CACG<:D>:AB?;?A:DF?=c?;AE<?AFG;AD?AGE>;?AD?A
S

OG;?AH?A=<B;:CCUGWA<?CAXE?DHGAFG<:]?;A?AB?CC?;A?A>=D>?A:<AC:EA?PC>;?>GWA?CAF;Ea:CA
GEA?CA<?;F?CAH:Z:;UGAC:;A>?<B?H?CWA=CCGADUGABGH:AC:;A:CXE:F=HGWABG;XE:AD:DOE<?A
:<B;:C?ALGC>?;=?AH:AZ:;AC:EANGLG>=BGA=<B;:CCGA:<AE<?AF?<=C:>?AFG<AHE?CAF;Ea:CAHGA
N?HGRS
SSS
€'42'mw/(x/4()'u%-u%5(04%6,5u4/(.%(%-2/5u/1S
YA;:L=C>;GABG;A<?;F?]UGAH:AP?>:D>:CAMEDH?<:D>?@C:ADGA:DFGC>GAHGACEPC>;?>GADGCA
P?>:D>:CAXE:A:C>UGAM=cGCAD?AP?C:AH:A=<B;:CCUGRAS
dC>:A;:L=C>;GAbAEC?HGA:<ACEPC>;?>GCAXE:A>:DO?<APG?A:C>?P=N=H?H:AH=<:DC=GD?NWABGH:<A
C:;AF=>?HGCAFG<GACEPC>;?>GCAH:APG?A:C>?P=N=H?H:AH=<:DC=GD?NAB?B:NWAB?B:NUGWA
?H:C=ZGCWABNKC>=FGCA;L̀=HGCWAF:;y<=F?WA:>FRAS
„<A=>:<A=<BG;>?D>:AC:A;:M:;:A?GA>?<?DOGAHGCACEPC>;?>GCWABG=CA>GH?CA?CAB:]?CAH:Z:<A
C:;A:c?>?<:D>:ALE=?CWAGEAC:h?WAHGA<:C<GA>?<?DOGRAS
fG;>:CA=;;:LEN?;:CA=;UGAB;GHEa=;ABGC=]V:CAH=M:;:D>:CAH:AFGNGF?]UGAHGACEPC>;?>GWAGAXE:A
=;KAB;GHEa=;AE<?AH:CG;=:D>?]UGAHGA;:L=C>;GRAS

9?;?AFGNGF?;AGACEPC>;?>GWA<GZ=<:D>:@GAH:A
MG;<?AXE:A:N:AM=XE:AFG<BN:>?<:D>:A
:DFGC>?HGADGCAP?>:D>:CRS
YA:c:<BNGA<GC>;?HGA?GAN?HGAbAhEC>?<:D>:A
GAXE:ADUGAH:Z:A?FGD>:F:;WAGACEPC>;?>GWAGEA
C:h?WAGA<?>:;=?NA?AC:;A=<B;:CCGAH:Z:AC:;A
:DFGC>?HGADGCAP?>:D>:CWA:A>GHGCA?AC:;:<A
=<B;:CCGCAH?A<:C<?AMG;<?RS
SS

SSS
S

(
(
(
(
(
(
(
(
(
(
(
€'42'mw/(.%(4%6,5u4/(x/4(7o'xS

YAMN?BAbAE<?AMGNO?AH:AE<A
N?<=D?HGABNKC>=FGA>;?DCB?;:D>:WA
M=cGAFG<AE<?AM=>?A?H:C=Z?ADGA
N?HGAH=;:=>GAGEA:CXE:;HGAHGANGF?NA
GDH:AC:A?Be=?A?A<?>;=aWAXE?DHGA?A
<?>;=aAbA?P?=c?H?RAS

›AM:=>?A?AB;=<:=;?A=<B;:CCUGAHGA
H:C:DOGADGAMN?BWA:<AC:LE=H?A
FGNGF?@C:A?AB:]?AD?AP?C:AH:A
=<B;:CCUGA:ABG;AF=<?AH:N?AGAMN?BA
XE:AC:;Z=;KAFG<GALE=?AB?;?AGA
:DF?=c:AH?CAFG;:CRAS
g:c:DHGA?AB:]?A?>bA:DFGD>;?;A?A
BGC=]UGAFG;;:>?AH:A?FG;HGAFG<A?A
M=LE;?A=<B;:CC?ADGAMN?BRS

Ž:Z?D>?@C:AGAMN?BWA?P?=c?@C:A?A
<?>;=aA:AM?a@C:A?A=<B;:CCUGRAS
dCC?AGB:;?]UGAbA;:B:>=H?A
CEF:CC=Z?<:D>:A?AF?H?A
=<B;:CCUGA:AbAB;:F=CGA=<B;=<=;A
DGAMN?BADGCAZK;=GCA<G>=ZGCA
FG;;:CBGDH:D>:CA?AF?H?AFG;RAS
fG<GAGAMN?BAbAH:AE<AN?<=D?HGA
BNKC>=FGAbAMKF=NA?B?L?;AE<A<G>=ZGA
EC?DHG@C:AGACGNZ:D>:AH?A>=D>?A
B?;?AH:BG=CA=<B;=<=;AGA<G>=ZGAH?A
=<B;:CCUGAC:LE=D>:RS
SS
S
”:h?AD?AM=LE;?A?GAN?HGAGA
:DF?=c:AH:AHE?CAFG;:CRS

$%2'6%*(./(*'u%4,'o(,*x4%55/AS
S

jAC:F?L:<AHGCA<?>:;=?=CABGH:AC:;AM:=>?A?GAD?>E;?NAGEA:<A<KXE=D?CAC:F?HG;?CRAS
z:AXE?NXE:;A<GHGWA?AC:F?L:<A?GA?;AZ?=A:c=L=;A?<BNGA:CB?]GAMC̀=FGWAB?;?A?AFGNGF?]UGA
H?CAB:]?CAE<?A?GAN?HGAH?AGE>;?RAS
9?;?AE<?AXE?D>=H?H:AL;?DH:AH:A<?>:;=?NA=<B;:CCGWA:c=C>:<A<:=GCAC=<BN:CAXE:A
B:;<=>:<A?AC:F?L:<AH:A<E=>?CAB:]?CWA:<AE<A:CB?]GA;:HEa=HGAGEAB:XE:DGRS

9GH:AC:;A=<B;GZ=C?HGAE<AZ?;?NWAXE:A
bAM:=>GAH:AE<AM=GAP:<A:C>=F?HGWA
BGH:AC:;A?;?<:AGEAM=GAH:ADQNGDWA
GDH:AC:;UGAB:DHE;?H?CA?CAB:]?CA
=<B;:CC?CAFG<AGAECGAH:A
B;:L?HG;:CRS
›AC:<:NO?D>:A?AE<AZ?;?NAH:CC:CA
EC?HGCAB:N?CA<ENO:;:CAXE:AC:F?<A
;GEB?CA?GA?;AN=Z;:WABGH:DHGA
=DFNEC=Z:AC:;A?B;GZ:=>?HGAGAH?A
:CBGC?WAC:A:N:AH:=c?;WAbAFN?;GRAAAS
SS

S
„<A>?PEN:=;GAH:A<?H:=;?AbA<E=>GA|>=NWA
:CC:A>=BGAH:A>?PEN:=;GAbAM:=>GAH:A;=B?CA
F;Ea?H?CAGDH:A?AB;eB;=?A?N>E;?AH?A;=B?A
F;=?AGA:CB?]GAD:F:CCK;=GA:D>;:AE<A
>?PEN:=;GA:AGE>;GRAS
SS

ÔÕÖ×ØÙÚÛÜS S

•?<Pb<A:c=C>:<AC:F?HG;:CA
<:>KN=FGCAXE:ACUGAM?P;=F?HGCA
:CB:F=?N<:D>:AB?;?AC:F?L:<AH:A
B:]?CA:<AC:;=L;?M=?RAS
YCAC:F?HG;:CA<:>KN=FGCACUGA
B;GZ=HGCAH:AP?DH:h?CA<:>KN=F?CA
P?CFEN?D>:CA:A;GH=DO?CAH:A<:>?NWA?A
XE?NAM?F=N=>?AGAH:CNGF?<:D>GAH:D>;GA
H?AC?N?AH:A=<B;:CCUGRS
SS

S
9?;?AL;KM=F?CAC:;=L;KM=F?CAhKA
:C>?P:N:F=H?CA:AM?>E;?DHGA<E=>GWA
:c=C>:<A:C>EM?CAXE:AB:;<=>:<A?A;KB=H?A
C:F?L:<RS
T?A=DH|C>;=?WA:CC?AH=<=DE=]UGAH:A>:<BGA
L?C>GA;:B;:C:D>?A;:HE]UGAL:;?NAH:A
FEC>GCWA:D>;:AGE>;?CAZ?D>?L:DCRS
SS
ÝÙÞÕßÜÛÕSÝ×àÙÛSÝàÛÚáâSâÚàÜSÙãâÙÚÛÕS S
dc=C>:A>?<Pb<AE<AC:F?HG;A
<E=>GAB?;:F=HGAFG<AE<A
C:F?HG;AH:AF?P:NGCWABG;b<WAbA
E<A?B?;:NOGA<?=CA;:MG;]?HGWA
H:C:DZGNZ=HGA:CB:F=?N<:D>:A
B?;?A>;?P?NOGCAH:AC:F?L:<A:<A
C:;=L;?M=?RAS
9?;?A:cB:;=[DF=?CWABGH:A?>bAC:;A
EC?HGAE<AC:F?HG;AH:AF?P:NGCA
FG<E<WA<?CAFG<AFE=H?HGWABG=CA
C:F?HG;:CAH:AF?P:NGCADUGA
MG;?<AM:=>GCAB?;?AM=F?;:<A
N=L?HGCABG;ANGDLGCAB:;G̀HGCWAGA
XE:ABGH:AC:;AM:=>GAFG<AGCA ÝÜàÛÕßÜÛ
SâäÛåÚ
ÞÜS S
CGB;?HG;:CA>b;<=FGCRS
AS
(txo,2'mn%5(š4u,2'5(.'(5%4,64'7,'S
d<A>:;<GCAH:A?BN=F?]V:CAPKC=F?CWABGH:<GCAH=Z=H=;A?AC:;=L;?M=?A:<AHG=CAC:L<:D>GCˆS
æS$%4,64'7,'(šo'-'·A
fGDC=H:;?H?AFG<GA
BN?D?A?AC:;=L;?M=?AXE:A
=<B;=<:ACGP;:AE<?A
CEB:;MF̀=:ABN?D?WA
=DH:B:DH:D>:AHGA>=BGA
H:ACEPC>;?>GA:ACE?CA
F?;?F>:;C̀>=F?CRS
S

jA$%4,64'7,'(
l,o’-.4,2'·AbA
FGDC=H:;?H?AFG<GA
C:;=L;?M=?AF=ǸDH;=F?WAGA
B;GF:CCGAC:;=L;KM=FGA
XE:A=<B;=<:ACGP;:A
E<?ACEB:;MF̀=:AFkD=F?A
GEAF=ǸDH;=F?RS
(
S
($3)5u4'u/5(7o%‘’+%,5(%(-w/(7o%‘’+%,5S
jAH=M:;:D]?A:D>;:AGCAHG=CAB;GF:CCGCAICEPC>;?>GCAMN:cZ̀:=CA:ADUGAMN:cZ̀:=CJA:C>KADGA
C:LE=D>:AM?>GˆS
TGA$3)5u4'u/(7o%‘’+%oAbAD:F:CCK;=GAXE:A:C>:A>=BGAH:ACEPC>;?>GAM=XE:AB;:CGAD?A<:C?A
H:A=<B;:CCUGA?>bAXE:AC:h?<A=<B;:CC?CA>GH?CA?CAFG;:CAH?A=<?L:<RS
f?CGA?A=<B;:CCUGAH?AB;=<:=;?AFG;AC:h?AM:=>?A:AH:BG=CA;:>=;?;<GCAGACEPC>;?>GAH?A<:C?WA
h?<?=CAFGDC:LE=;:<GCAFGNGF?@NGADGZ?<:D>:ADGA<:C<GANGF?NAB?;?A=<B;=<=;A?CAFG;:CA:A
M?a:;AFG<AXE:AC:A:DF?=c:<AFG<AB;:F=CUGRS
9G;A=CCGWA>:<GCAGACEPC>;?>GAM=cGA:A?CA<?>;=a:CAC:A<GZ:DHGRS
dc=C>:<AZK;=GCA>=BGCAH:A:XE=B?<:D>GCAB?;?A:CC?AM=D?N=H?H:RS
„<A:c:<BNGAH:ACEPC>;?>GAMN:cZ̀:NAbAGA>:F=HGWA:AE<?A<:C?AH:A=<B;:CCUGA:<A>;[CAFG;:CA
B?;?ACEPC>;?>GAMN:cZ̀:NAbA<GC>;?H?AD?AM=LE;?A?P?=cGWAbAFN?;GAXE:AB?;?A=D=F=?;AC:EA
D:LeF=GAZGF[ADUGA=;KAB;:F=C?;AH:AE<?A<:C?AH:CC?CWA<?CAF?P:A?A:cBN=F?]UGAB?;?AXE:A
XE?DHGAZGF[A>=Z:;AC:ECAD:LeF=GCA?E<:D>?HGCWAFG<AF:;>:a?A=;KAXE:;:;AB;GHEa=;AF?H?A
Z:aA<?=CWA:AGA:XE=B?<:D>GAXE:AZGF[A=;KAB;:F=C?;AB?;?A?E<:D>?;A?AB;GHE]UGAhKAbAH:A
C:EAFGDO:F=<:D>GRS
9?;?AGA53)5u4'u/(-w/(7o%‘’+%oWA?A<?>;=aAC:;KA<?D>=H?AB;:C?ADE<AC=C>:<?AH:AL?;;?WA
>?D>GAD?A=<B;:CCUGA<?DE?NAFG<GAD?A=<B;:CCUGAC:<=@?E>G<K>=F?A:AGACEPC>;?>GAC:;KA
FGNGF?HGAD?A<:C?A:A;:>=;?HGAXE?D>?CAZ:a:CAMG;:<AD:F:CCK;=?CAB?;?A?A=<B;:CCUGAH?CA
ZK;=?CAFG;:CRS
¡CCGAbABGCCZ̀:NABG;XE:AGACEPC>;?>GABGH:AC:;AFGNGF?HGADGZ?<:D>:ADGA<:C<GANEL?;WA
EC?DHGAE<AC=C>:<?AH:A;:L=C>;GABG;A:DFGC>GAGEABG;A<?;F?CRS
YAZ=H;GWAGAB?B:NWA?NLEDCA>=BGCAH:A9”fWA:D>;:AGE>;GCA<?>:;=?=CWACUGA:c:<BNGCAH:A
CEPC>;?>GCADUG@MN:cZ̀:=CRS
T?A=<B;:CCUGA:<A=DF̀=GAH:A?>=Z=H?H:WAGACEPC>;?>GADUGAMN:cZ̀:NAbAGA<?=CAE>=N=a?HGABG;A
XE:<AH:C:h?A:cB:;=<:D>?;A?CA>bFD=F?CWA?CC=<AXE?DHGAB?CC?AB?;?A?AE>=N=a?]UGAH:A
<KXE=D?CWAhKAN:Z?AE<?AP?L?L:<AFGDC=H:;KZ:NWA:AB;GPN:<?CA;:N?F=GD?HGCA?A?>=Z=H?H:A
CUGAM?F=N<:D>:AH:>:F>?HGCA:A;:CGNZ=HGCWAH:Z=HGA?A:cB:;=[DF=?AXE:AZ:=GAHGA=DF̀=GAH?CA
?>=Z=H?H:CRS
SS
($%4,64'7,'(2,o’-.4,2'S
›AFGDC=H:;?H?AFG<GAC:;=L;?M=?AF=ǸDH;=F?WAGAB;GF:CCGAC:;=L;KM=FGAXE:A=<B;=<:ACGP;:A
E<?ACEB:;MF̀=:AFkD=F?AGEAF=ǸDH;=F?RS
T:C>:AB;GF:CCGWADUGAOKA<GZ=<:D>GAHGA;GHGWAGA;GHGAM=F?AB?;?HGA:A?A<?>;=aAXE:AC:A
<GZ=<:D>?WAM?a:DHGAFG<AXE:A>?<Pb<AC:A<GZ=<:D>:AGA<?>:;=?NAF=ǸDH;=FGWAFG<GAE<A
FGBGWABG;A:c:<BNGRS
jA=<?L:<AD?A>:N?AbAL;?Z?H?AFG<GAE<A;:>yDLENGRS
jCC=<WAFG<A?AB;:CCUGAHGA;GHGA:AGA<GZ=<:D>GAH?A>:N?WAbABGCCZ̀:NA=<B;=<=;A:<A>GH?A?A
F=;FEDM:;[DF=?AHGAGPh:>GAF=ǸDH;=FGRS
dDXE?D>GAXE:WAD?AC:;=L;?M=?ABN?D?WA?A<?>;=aAC:;=L;?M=?A:AGAGPh:>GA?AC:;A=<B;:CCGA
B:;<?D:F:<A=<eZ:=CWAM=F?DHGAH=Dy<=FGA?B:D?CAGA;GHGRS
T?A=<B;:CCUGAF=ǸDH;=F?WAGFG;;:AGA
FGD>;K;=GWAGA;GHGAB:;<?D:F:A
:C>K>=FGWA:DXE?D>GAXE:A?A>:N?A:AGA
GPh:>GAXE:A;:F:P:<A?A=<B;:CCUGA
>G;D?<@C:AH=Dy<=FGCWAB:;<=>=DHGA
=<B;=<=;WAFG<AE<?A<?>;=aABN?D?WA
:<A>GH?A?AF=;FEDM:;[DF=?AH:AE<A
GPh:>GAF=ǸDH;=FGRS
T?AC:;=L;?M=?AF=ǸDH;=F?WA?A<GNHE;?WA?A:C>=F?L:<A:A?AL;?Z?]UGAH?A=<?L:<AB?;?A
S

GP>:D]UGAH:A<?>;=aAC:LE:<AGCA<:C<GCAB;=DFB̀=GCAH?AC:;=L;?M=?ABN?D?WAC:DHGAXE:A
BGEF?CA?N>:;?]V:CACUGA:c=L=H?CRS
YA:XE=B?<:D>GAH:A=<B;:CCUGA:AGAC:EAB;GF:CCGAMEDF=GD?<A?CC=<AFG<GA:C>KAH:CF;=>GA
DGAH:C:DOGA:CXE:<K>=FGAH?AC:;=L;?M=?AF=ǸDH;=F?RS
jAC:;=L;?M=?AF=ǸDH;=F?AbA
EC?H?WAP?C=F?<:D>:WA
B?;?A=<B;:CCUGAH:A
GPh:>GCAF=ǸDH;=FGCA:A
FkD=FGCWA>?=CAFG<GA
N?>?CWA:<P?N?L:DCWA
FGBGCWAC:h?<A:N:CAH:A
Z=H;GWA<?H:=;?WA
BNKC>=FGCWAGEAXE?NXE:;A
GE>;GA>=BGAH:A<?>:;=?NA
H=CBGDZ̀:NA?>E?N<:D>:A
DGA<:;F?HGRS

(³*x4%55w/(.%(~)&%u/5(.%(ž/4*'(³44%63o'4S
S

jA;:?N=a?]UGAH:A=<B;:CCUGACGP;:A<?>:;=?=CAH?CA<?=CAH=Z:;C?CAMG;<?CA;:XE:;AM=c?]UGA
H:CC:CA<?>:;=?=CWAB?;?AXE:ABGCC?<A;:F:P:;A?A=<B;:CCUGRS
„<AH:CC:CAB;GF:CCGCAE>=N=a?HGCAB?;?A?AM=c?]UGAbA?A:N?PG;?]UGAH:AMG;<?CWAGDH:AGA
<?>:;=?NAC:A:DF?=c:AB:;M:=>?<:D>:WAH:A<?D:=;?A?A<?D>[@NGAC:LE;GAD?ABGC=]UGRS

S
gE=>GCA<?>:;=?=CABGH:<AC:;AE>=N=a?HGCAD?AFGDM:F]UGAH?CAMG;<?CAIFGN?AH:APG;;?FO?WA
HE;:BGc=WAL:CCGWAPG;;?FO?AH:AC=N=FGD:WA<?H:=;?WA:>FRJRS
„<A:c:<BNGAH:C>?AE>=N=a?]UGAbA?A=<B;:CCUGAH:A=CXE:=;GCRS
T:C>:AF?CGWAE>=N=a?@C:A?APG;;?FO?AH:AC=N=FGD:WAB?;?A?AFGDM:F]UGAH?AMG;<?WA:<A;?aUGAH?A
CE?A:C>?P=N=H?H:AH=<:DC=GD?NA:A:cF:N:D>:A;:C=C>[DF=?RS
jCAMk;<?CACUGA
FGDM:FF=GD?H?CAEC?DHGA
E<?AB:]?AH:A<?>:;=?NA
?AC:;A=<B;:CCGAFG<GA
<GNH:WA?AB:]?AC:;KA
:DZGNZ=H?ABG;AE<?AA
PG;;?FO?AH:AC=N=FGD:WA
H:CC?A<?D:=;?WA
BGCC=P=N=>?A?AFGNGF?]UGA
:A?A;:>=;?H?AHGA
<?>:;=?NA?AC:;A
=<B;:CCGA:A>?<Pb<AGA
<?D>:DHGAM=;<:ADGA
<G<:D>GAH?A
=<B;:CCUGRS
(
S

5u'*x'4,'(Î‘u,o(¾/2'o,v'.'S
9?;?AC?P:;A?NLE<?CAH=M:;:D]?CA:D>;:AGCA<b>GHGCAHGCAH=M:;:D>:CA?CB:F>GCAH?A
:C>?<B?;=?A>[c>=NWAbAMEDH?<:D>?NA:D>:DH:;AE<ABGEFGA<?=CAH?A:C>?<B?;=?A>[c>=NA
NGF?N=a?H?RS
dC>?<B?;=?A>[c>=NANGF?N=a?H?AbAGA>=BGAH:A:C>?<B?;=?AXE:AH:FG;?AB:]?CAH:AZ:C>EK;=GWA
>?D>GA?P:;>?CAFG<GAM:FO?H?CRS
dC>:A>=BGAH:A:C>?<B?;=?AbAH=M:;:D>:AH:AE<?A:C>?<B?;=?A>[c>=NAFG;;=H?WAXE:A=<B;=<:A
CGP;:A>:F=HGCA?GCA<:>;GCRS
•;?>?@C:AH:AE<AC:L<:D>GAXE:AFGD>?AFG<AL;?DH:AZGNE<:AH:AD:LeF=GCA:AXE:WA:<A
‚__‚WA>G;DGE@C:AE<AHGCA<?=CAFG>?HGCADGA;?Ds=DLAH:AB;GHE]UGWAH:Z=HGAiAAfGB?AHGA
gEDHGA:AiA:N:=]UGRS
YAC:L<:D>GAH?A:C>?<B?;=?AH=;:F=GD?HGA:cFNEC=Z?<:D>:AiCAF?<=C:>?CAhKAFGD>?AFG<AE<A
L;?EAH:AH:C:DZGNZ=<:D>GAB;eB;=GA<E=>GAC=LD=M=F?D>:WAXE:ACeA>:<A?AL?DO?;AFG<A?CA
DGZ?CA>:FDGNGL=?CAXE:AZ[<ACE;L=DHGADGCA|N>=<GCA?DGCRS
9G;AGE>;GAN?HGWAB?;?AXE:A:C>:AF;:CF=<:D>GADUGA:DFGD>;:AB:N?AM;:D>:AGCA<:C<GCA
B;GPN:<?CAXE:AMG;?<AGPC:;Z?HGCA?DGCA?>;KCWADeCA=;:<GCA:DMGF?;A?CAH=Z:;C?CA:>?B?CA
XE:A=D>:L;?<AGCAB;GF:CCGCAN=L?HGCAKCA:C>?<B?;=?CANGF?N=a?H?CRS
jAL;?DH:A;:?N=H?H:AbAXE:ACG<:D>:A:C>KA?B>GA?AFG<B:>=;AC:;=?<:D>:ADGA<:;F?HGAIH:A
XE?NXE:;AK;:?JAXE:<APECF?;A>bFD=F?CA:AFGDO:F=<:D>GCA<?=CA?B;GMEDH?HGCWA<?CADUGA
H:=c?DHGA?AZ:NO?A<?D=?AHGA=<B;GZ=CGAH:AN?HGWABG=CA?A=<B;GZ=C?]UGABGH:AC:;A
D:F:CCK;=?A:A:FGDk<=F?A:<A<E=>GCA?CB:F>GCRAS
jAFGDCF=[DF=?A:c?>?AHGAXE:AH:Z:AC:;AM:=>GWA:AH?AMG;<?AFG;;:>?WAB;:F=C?A:C>?;AB;:C:D>:A
:<AF?H?AH:>?NO:AH:AE<A>;?P?NOGWAH:CH:AGCAH=?BGC=>=ZGCA?>bA?AC:F?L:<AH?A>=D>?A
:C>?<B?H?RS
T:CC:AF?CGWAH:Z:@C:AH:CF?;>?;A?CABGCC=P=N=H?H:CAH:AC:AE>=N=a?;AH=?BGC=>=ZGCAB?;?A
H:C:DOGCAFGNG;=HGCA:<AP?C:AH:AB?B:NAZ:L:>?NWABG;XE:ADUGAOKA:C>?P=N=H?H:AH=<:DC=GD?NA
:WAFGDC:XÀ:D>:<:D>:WADUGAO?Z:;KAE<A:DF?=c:AB;:F=CGAH?CAFG;:CRS
\E:;A?P?DHGD?;AGCA;:FE;CGCAHGA=<B;GZ=CG}S
dD>UGADUGAH:Z:A:C>=F?;A?A<?NO?AD?A<UGWAbAB;:F=CGAE<A:XE=B?<:D>GWADGA<D̀=<GA
<:FyD=FGWAB?;?AH?;A>:DCUGAiA<?NO?RS
¡CCGAC=LD=M=F?AFEC>GCWA:A:D>;:AFEC>GA:A=<B;GZ=CGAXE?NAbACE?AGB]UG}S
dDM=<WAFG<AE<?AB;:GFEB?]UGA:M:>=Z?AFG<A:CC:CA:AGE>;GCA=>:DCWABGH:<GCAL?;?D>=;AXE:A
GAB;GF:CCGA>:;KWA?Nb<AH:AE<?AXE?N=H?H:AFG<B;GZ?H?WAE<?AC:DCZ̀:NA;:HE]UGADGCA
FEC>GCWABG=CAGAH:C:<B:DOGA:M=F=:D>:AHGAC:EA>;?P?NOGAM?;KAFG<AXE:WAB;GZ?Z:N<:D>:WAGA
FN=:D>:A>G;D:A?AB;GFE;K@NGRS
jCC=<AFG<GAZGF[ABGH:AC:;AE<AFGDCE<=HG;A:<ABG>:DF=?NAH:A<?>:;=?=CAC:;=L;KM=FGCWAGA
C:EAFN=:D>:A>?<Pb<A>:<AGABG>:DF=?NAB?;?A?E<:D>?;WAC=LD=M=F?>=Z?<:D>:WA?AH:<?DH?AH:A
C:;Z=]GCAB?;?AZGF[RS
¢?C>?AXE:AC:EA>;?P?NOGA:C>:h?AC:<B;:AC:DHGAM:=>GAH:A?FG;HGAFG<A?CA:c=L[DF=?CAH:A
XE?N=H?H:AHGA<:;F?HGA:AXE:AZGF[AB;GFE;:ACEB:;?;@C:AD:C>:AC:D>=HGRS
SSS
€™u/./5S
fO?<?<GCAH:A<b>GHGCWAGCAH=M:;:D>:CA;:FE;CGCA:DZGNZ=HGCADGAB;GF:CCGAH:A:C>?<B?;=?A
>[c>=NRS
z:D>;:A:N:CWAH:C>?F?<GCAGCAC:LE=D>:CAB;GF:CCGCˆS
‡JAg:C?A;G>?>=Z?S
‚JAg:C?AFG;;=H?S
ŠJAr=C>:<?AH:ABN?F?CS
“:;?N<:D>:WAGAECGAH:CC:CA<b>GHGCAZ?;=?AH:A?FG;HGAFG<A?CAFGDH=]V:CAH:A:CB?]GAMC̀=FGA
:A?AD:F:CC=H?H:AH:AB;GHE]UGRS
€%5'(4/u'u,+'S
TGA¢;?C=NWA?CA<KXE=D?CAHGA>=BGAF?;;GCC:NAC:AH=Z=H:<WAP?C=F?<:D>:WA:<AHG=CA>=BGCˆA?CA
<?DE?=CA:AC:<=@?E>G<K>=F?CRS
fGDC=C>:<ADE<AB;GF:CCGAH:AE<AGEAZK;=GCAP:;]GCAB;:CGCA?AC=C>:<?AF=;FEN?;WAGDH:A?CA
<?>;=a:CAB;GF:H:<ACGP;:A:N:A:<AE<A<GZ=<:D>GA;G>?>e;=GRS
jCA<?>;=a:CA>?<Pb<ACUGAB;:C?CA?AE<AC=C>:<?AH:AL?;;?CAXE:AL=;?<ACGP;:AGCAP:;]GCA:A
:M:>E?<A?A:C>?<B?L:<WAFGDMG;<:AhKA:cBN=F?HGRS
•;?>?@C:AH:AE<AC=C>:<?AP?C>?D>:A:<B;:L?HGAB?;?A?A:C>?<B?L:<AH:AB:]?CAM:FO?H?CRS

“:;?N<:D>:A?CA<KXE=D?CAHGA>=BGA
<?DE?NA?B;:C:D>?<AB;GPN:<?CAH:A
;:L=C>;GAH:AH:Z=HGAiA:C>;E>E;?AHGA
:XE=B?<:D>GAXE:A?CA<?D>b<A
M=c?H?CADGA<G<:D>GAH?A
:C>?<B?L:<RS

¡C>GADUGAH:Z:AC:;AB;GPN:<?AL:Db;=FGAH:A>GHGCA:XE=B?<:D>GCWA<?CAbAE<ABGD>GA
S

=<BG;>?D>:A?AC:;AGPC:;Z?HGWAF?CGAZGF[A>:DO?A=D>:;:CC:A:<A?HXE=;=;AE<A:XE=B?<:D>GA
;G>?>=ZGAHGA>=BGA<?DE?NRS
¤KA?CA<:C?CA;G>?>=Z?CA?E>G<?>=a?H?CAL:;?N<:D>:ACUGAB;:F=C?CWACeAbAB;:F=CGA?Z?N=?;A
?NLEDCAF;=>b;=GCWAFG<GAGA>=BGAH:A>=D>?AXE:AZ?<GCAE>=N=a?;WAGAC=C>:<?AH:AC:F?L:<WA?A
<?DE>:D]UGAHGA:XE=B?<:D>GWA?CC=<AFG<GAGCAH:>?NO:CA;:N?F=GD?HGCAiA?CC=C>[DF=?A
>bFD=F?RS
YAB;GF:CCGAH?CA<?>;=a:CAL=;?DHGABG;A<:=GAH:AE<AC=C>:<?A:<AF?;;GCC:NAMG=A
H:C:DZGNZ=HGAFG<AGAB;GBeC=>GAH:AB:;<=>=;AXE:AE<?AB:]?AC:h?A:C>?<B?H?ANGLGA?BeCA?A
GE>;?RS
9?;?A=C>GWA<E=>GCAM?P;=F?D>:CAH:C:DZGNZ:;?<AC=C>:<?CAH:AC:F?L:<A=D>:;<:H=K;=?WAB?;?A
XE:AMGCC:ABGCCZ̀:NWA?Nb<AH:A>;?P?NO?;ACGP;:AMEDHGCAFN?;GCWA>;?P?NO?;A>?<Pb<ACGP;:A
MEDHGCA:CFE;GCRS
d<AC:A>;?>?DHGAH:A;:L=C>;GWAB?;?AXE:AC:A:D>:DH?A<:NOG;A?AFGNGF?]UGA?D>:;=G;WAbA
=<BG;>?D>:AC?P:;AXE:AGA;:L=C>;GAH?CA<KXE=D?CA;G>?>=Z?CA<?DE?=CAbAM:=>GABG;A<:=GAH:A
E<AC=C>:<?AXE:AC:LE;?AGCAP;?]GCAXE?DHGA:C>UGA?P?=c?HGCACGP;:AAGCAP:;]GCRS
dC>:AB;GZ?Z:N<:D>:AbAGA<?=G;AB;GPN:<?A:DFGD>;?HGAD?CA<KXE=D?CA;G>?>=Z?CAHGA>=BGA
F?;;GCC:NRS
\E?D>GA?GAC=C>:<?AH:AC:F?L:<A=D>:;<:H=K;=GA?BN=F?HGAD:C>:CA:XE=B?<:D>GCWAbA
=<BG;>?D>:AH=a:;AXE:A?B:D?CAGCAC=C>:<?CA?E>G<?>=a?HGCA?B;:C:D>?<AC=C>:<?AH:A
C:F?L:<A=D>:;<:H=K;=?RS
TGAF?CGAHGCA:XE=B?<:D>GCA<?DE?=CWAL:;?N<:D>:A?AC:F?L:<AM=F?ABG;AFGD>?AH:AE<A
CGB;?HG;A>b;<=FGAGEA?GA?;AD?>E;?NRS
SS
€%5'(l/44,.'S
jCA<:C?CAFG;;=H?CA>?<Pb<ACUGAH=Z=H=H?CA:<AHG=CAL;EBGCWA?CAHGA>=BGAFG;;=H?A?P:;>?A:A
?CAHGA>=BGAFG;;=H?AFG<AP:;]GRS
TGAF?CGAH?CAHGA>=BGAFG;;=H?A?P:;>?WAGAB;GF:CCGAFGDC=C>:AD?AE>=N=a?]UGAH:AE<?A<:C?A
N?;L?A:AFG<B;=H?WAMG;;?H?AFG<A:CBE<?A:A;:Z:C>=H?AFG<AE<AGN:?HGWA<?>:;=?NAC=<=N?;A
?GAFG;Z=DRS
rGP;:A:C>:AGN:?HGWAbA?BN=F?H?AE<?AFGN?AB:;<?D:D>:AB?;?A<?D>:;A?AB:]?AB;:C?A
HE;?D>:AGAB;GF:CCGAH:A:C>?<B?L:<RS
dC>:AB;GF:CCGAFGDC=C>:A:<AE<A:C>?<B?HG;AXE:ABGC=F=GD?A?A<?>;=aADGAC=C>:<?AH:A
;:L=C>;GWAM:=>GABG;A<:=GAH:A>;=NOGAB;:CGAD?A<:C?RS
jGA>;=NOGWACUGAB;:CGCA<G;F:>:CAXE:AB:;<=>=;UGAGA:DFGC>GAH?A<?>;=aAB?;?AAE<AFGD>;GN:A
Z:;>=F?NAH?A=<?L:<RS
T?A<?>;=aACUGAFGNGF?HGCAHG=CAB?;?MECGCAFG<AFGD>;?@BG;F?AB?;?AFGD>;GN?;AGA:DFGC>GADGA
>;=NOGAD?AMG;<?AOG;=aGD>?NAH?A=<?L:<RS
dA?=DH?AbAFGNGF?HGWA:D>;:A:C>:CAB?;?MECGCWAE<AB?;?MECGA>;?DCZ:;C?NAFGDO:F=HGAFG<GA
FO?Z:>?AH?A=<?L:<A?AC:;A:C>?<B?H?RS
TGAF?CGAH?A<:C?AFG;;=H?AFG<AP:;]GWAbAFGNGF?H?AE<?ACb;=:AH:AP:;]GCAB;:CGCA?AE<A
C=C>:<?AH:A>;=NOGRS
YAC=C>:<?AH:AP:;]GABGH:A>:;AGCAP:;]GCAFGDC>;EH̀GCA:<AP?C:AH:AGN:?HGWAFG<GAD?A<:C?A
?P:;>?WAGEA:<A?NE<D̀=GWAGDH:AC:AE>=N=a?AE<AC=C>:<?AH:AC:F?L:<A>b;<=FGRS
YAC=C>:<?AH:AC:F?L:<A>b;<=FGA>?<Pb<AZ:<AC:DHGAE>=N=a?HGAD?CA<:C?CA?P:;>?CWAGA
C=C>:<?AH:AC:F?L:<AFGDC=C>:AD?AFGNGF?]UGAH:A;:C=C>[DF=?A:Nb>;=F?AIH:CC?CAH:A
?XE:F:HG;:CAH:A?<P=:D>:JA:<P?=cGAH?A:CBE<?A:AHGAGN:?HGWAB;GBG;F=GD?DHGAE<A
?XE:F=<:D>GAD?A<:C?RS
”:h?AD?AM=LE;?A?P?=cGAE<A<GH:NGAH:A<:C?AFG;;=H?AFG<AC:F?HG;AF?NG;M̀=FGRS

SS S
SS
$,5u%*'(.%(xo'2'5S
YAC=C>:<?AH:ABN?F?CAFGDC=C>:AD?AE>=N=a?]UGAH:ABN?F?CAH:AF?;>UGAL;GCCGAGEA<?>:;=?=CA
FG<GWABG;A:c:<BNGWABN?F?CAH:ABGN=:C>=;:DGWACGP;:AGCAXE?=CACUGAB;:C?CA?CAB:]?CA?A
C:;:<A:C>?<B?H?CWABG;A<:=GAH:AFGN?AB:;<?D:D>:RS
jCC=<WA?CAB:]?CACUGAFGNGF?H?CWAH:BG=CAN:Z?H?CAiA<:C?AH:A:C>?<B?;A:AB;:C?CABG;A<:=GA
H:A;:L=C>;GAH:A:DFGD>;GRS
YAC=C>:<?AH:A=<B;:CCUGAbAGA<:C<GAE>=N=a?HGAD?AC:;=L;?M=?AL;KM=F?WAXE:AMEDF=GD?ABG;A
<:=GAH:AL?;;?CA:<AXE:AC:AB;:DH:A?A<?>=aRS
d<A>:;<GCAH:A;:L=C>;GAH?CAFG;:CWA?B:C?;AH:AC:;AM:=>GA?>;?ZbCAH:AE<AB;GF:H=<:D>GA
<?DE?NWAGAC=C>:<?AH:ABN?F?CAB;GBG;F=GD?AP?C>?D>:AB;:F=CUGRS
jCABN?F?CACUGABGC=F=GD?H?CAD?A<:C?ABG;A<:=GAH:A:DFGC>GRS
T:C>:AF?CGWA?AXE?N=H?H:AHGA>;?P?NOGA>:<AL;?DH:AH:B:DH[DF=?AD?AO?P=N=H?H:AHGA
GB:;?HG;A<?CWA<:C<GA?CC=<WAL:;?N<:D>:A?B;:C:D>?A;:CEN>?HGCA<E=>GAC?>=CM?>e;=GCRS
jAC:F?L:<A=D>:;<:H=K;=?AH:C>:AB;GF:CCGA>?<Pb<AbAP?C>?D>:AC=<BN:CA:AFGDMG;>KZ:NWA
BG=CWAE<?AZ:aAXE:A?A>=D>?AMG=AH:BGC=>?H?ADGA>:F=HGWA?ABN?F?ABGH:AC:;A;:>=;?H?AH?A<:C?A
:AFGNGF?H?A:<AE<ANEL?;A:CB:F=?NWAB?;?AXE:AB;GF:CC:A?AC:F?L:<AH:A<?D:=;?A
OG;=aGD>?NRS
”:h?AE<AH:<GDC>;?>=ZGAHGAC=C>:<?AH:ABN?F?CRS
jCABN?F?CABGH:<AC:;AEC?H?CAB?;?A:C>?<B?L:<AH:AB:]?CA?P:;>?CA:AM:FO?H?CRS

‡JAjBN=F?]UGAH:AFGN?AB:;<?D:D>:AD?ABN?F?RS

‚JAfGNGF?]UGAH?AB:]?AD?ABN?F?RS

S
ŠJAfGNGF?]UGAH?ABN?F?ADGA;:L=C>;GRSS
tu%-u%(x'4'(/5(.%u'o%5ÁS
‡@A:L=C>;GAH:A:DFGC>GAH?A<:C?AH:A
=<B;:CCUGRS
‚@Ag:C?AH:A=<B;:CCUGAFG<AC=C>:<?AH:A
L?;;?RS
Š@A9:]?ACGP;:A?ABN?F?RS

‰JA”=C>?AN?>:;?NAH?AFGNGF?]UGAH?ABN?F?AD?A
<:C?AH:A=<B;:CCUGRS

SS
S

³*x4%55w/(.%(2'*,5%u'5S
TGAF?CGAH?A=<B;:CCUGAH:AF?<=C:>?CAH:Z:<GCAEC?;AE<?A<:C?A>b;<=F?AXE:ABGCCE?A
P:;]GCA>b;<=FGCAH:AC:F?L:<A?E>G<K>=F?RS

d<PG;?A:c=C>?A?A=DH=F?]UGAH:A<:C?A>b;<=F?WABGH:AC:;AE<?A<:C?AFG<E<A S :A?AC:F?L:<A
C:;AM:=>?A?GA?;AN=Z;:WA<?CAD:C>:AF?CGWA?A=<B;:CCUGAH:Z:;KAC:;AM:=>?A:<AH=?CAH:ACGNRS
YEAEC?;AE<?A<:C?A;G>?>=Z?AH:A‚WA
‰AGEA‹AFG;:CWAGDH:A:<AF?H?AL?;;?WA
M=XE:AB;:C?A?A<?>;=aA
FG;;:CBGDH:D>:A?AE<?A
H:>:;<=D?H?AFG;RS

£?a:DHGA?A=<B;:CCUGAH:AE<?AFG;WAL=;?@C:AGAF?;;GCC:NWAM?a@C:A?A=<B;:CCUGAH?AFG;A
S

C:LE=D>:A:A?CC=<ABG;AH=?D>:WA?>bAFG<BN:>?;A>GH?A?A=<B;:CCUGAH?CAFG;:CRS
¡C>GAbAM:=>GAC:<A<:c:;AD?AF?<=C:>?AXE:A:C>KAZ:C>=H?ADGAP:;]GAH?A<:C?RS
”:h?AGCAB?CCGCAB?;?A?A=<B;:CCUGˆS
A‡JA”:C>:@C:A?AF?<=C:>?ADGAP:;]GRS

S
A‚JAz:=c?@C:ACG<:D>:A?AB?;>:A?AC:;A=<B;:CC?A:<AF=<?AHGAP:;]GRS
T:CC:AF?CGWAC:A?AB?;>:A=<B;:CC?AbA?AM;:D>:AH?AF?<=C:>?WACeA:N?AH:Z:;KA:C>?;AD?AB?;>:A
H:AF=<?AHGAP:;]GWA?AB?;>:AH?CAFGC>?CAM=F?;KAB:DHE;?H?AB?;?AP?=cGAN=Z;:<:D>:RS
SCUGWABGH:<GCA
AŠJA£:=>GCAGCA?hEC>:CAB?;?AGA?F:;>GAHGANGF?NA:<AXE:AC:;KAM:=>?A?A=<B;:C
FG<:]?;A?A=<B;=<=;AP?=c?DHGA?A>:N?AA:AFG<AGA;GHGABEc?;A?A>=D>?AFGDMG;<:AhKAMG=A
:DC=D?HGA?D>:;=G;<:D>:RS

S
YA=<BG;>?D>:WAD?A=<B;:CCUGAH:AF?<=C:>?CWAbA<?D>:;<GCAGAP:;]GAC:<B;:AFG<A?AFGN?A
B:;<?D:D>:WAB?;?AXE:A?AF?<=C:>?ABGCC?AC:;AM=c?H?A:<AF=<?A:AM=XE:AP:<A:C>=F?H?RS
9?;?A=<B;=<=;AF?<=C:>?CA:<AE<?AFG;AH:A:C>?<B?ADUGAbAB;:F=CGA<:C?A;G>?>=Z?RS
•?<Pb<AbABGCCZ̀:NA=<B;=<=;A:C>?<B?CA:<AZK;=?CAFG;:CAEC?DHGAGAC=C>:<?AH:A;:L=C>;GRS
SS
³*x4%55/4'5(.%()/-™5S
jCA=<B;:CCG;?CAH:APGDbCACUGA:XE=B?<:D>GCA:CB:F=?N<:D>:AH:C:DZGNZ=HGAB?;?A
=<B;:CCUGAC:;=L;?M=?AH:APGDbCRS
fG<GA:c:<BNGWAF=>?<GCA?A=<B;:CCG;?A<?DE?NAH:A¢GDbAH?AY>=?<WA:CC?A=<B;:CCG;?A
BGCCE=A:C>?]UGA|D=F?AH:A=<B;:CCUGA?AXE?>;GAFG;:CA:AbAF?B?aAH:A=<B;=<=;AGCA<?=CA
H=Z:;CGCA>=BGCAH:APGDbCAM:FO?HGCRS
rUGA>;[CA?CAB?;>:CAB;=DF=B?=CAH?A=<B;:CCG;?ˆS
‡JAjAP?C:AXE:ACEBG;>?A>GH?CA?CAB?;>:CS
‚JAjAF?P:]?AH?A=<B;:CCG;?WAXE:AC:LE;?A?CA>:N?CA:AL=;?AB?;?AGANEL?;AH?A=<B;:CCUGRS
ŠJAYAM=c?HG;AHGAPGDbWAXE:AC=DF;GD=a?AGA<GZ=<:D>GAHGCA;GHGCA?>;?ZbCAH?ACEB:;MF̀=:AHGA
PGDbRS
YCAL;?<BGCAH:A>:N?CAI?CAL?;;?CJACUGA:<A?NE<D̀=GAFG<A:cFNEC=ZGAC=C>:<?AH:A<=F;GA
?hEC>:WAXE:AB:;<=>:A?A<GZ=<:D>?]UGAB;:F=C?AH?A<?>;=aA:<A>GH?CA?CAH=;:]V:CAB?;?A
:DF?=c:AH?CAFG;:CRS
9GCCE=A?=DH?WAGA?hEC>:AHGAB?;?N:N=C<GAH?A<GNHE;?A:AH?A?N>E;?AH?A>:N?WA:AGA>:DC=GD?HG;A
H:A?;WAXE:AB:;<=>:A?AMKF=NAFGNGF?]UGA:AB:;M:=>GA:DF?=c:AHGAPGDbRS
”?<GCAZ:;AFG<GAbAGA?CB:F>GAH:A?NLE<?CA<KXE=D?CAEC?H?CA:<A:C>?<B?;=?CA
C:;=L;KM=F?CRS
jGAN?HGA?A=<B;:CCG;?A
g?DE?NAH:A¢GDbCAY>=?<RSS
dC>:AbAE<A>=BGAH:A<KXE=D?A
XE:A;:XE:;ABGEF?A
<?DE>:D]UGABG;A>:;ACE?A
FGDC>;E]UGA;GPEC>?A:ALE=?CA
N=D:?;:CAXE:ABGCC=P=N=>?<A
E<A>:<BGAH:AZ=H?A<?=G;A
FG<AB:;MG;<?DF:AC:<A
M?NO?CRS

S
ç è

é
é
ééééêêêéëìíîéëïîðìíðñéêêêé
òóñéôñõöé÷öïéøöòõíõñùé
úûûüýþþÿ01ü203450267890 7ü0û8ÿ01
gKXE=D?AB?;?A=<B;:CCUGAH:A
F?<=C:>?CAH:A‡WA‚WA‰AŠ:A‹A
FG;:CAFG<A:AC:<AL?P=D:>:RS

dC>=F?HG;A<:FyD=FGAB?;?A
<?NO?RSS
dC>:AbAGA<GH:NGAd•g A‡c‡RS
›A<E=>GAE>=N=a?HGAB?;?A
<:H=H?CA:CB:F=?=CRS

SSSSS S
g:C?A?AZKFEGAFG<AB;:CCUGA
:A:CBK>EN?AIC=C>:<?A
<:FyD=FGJRSS
£?F=N=H?H:A:AH:M=D=]UGAD?A
=<B;:CCUGRS

g:C?A?AZKFEGA>;?H=F=GD?NRSS
YAM?P;=F?D>:AH=CBGD=P=N=a?A
FG<AL?;;?CA:AZKFEGWA:<A
GE>;?AGB]UGWAGAM?P;=F?D>:A
H=CBGD=P=N=a?AFG<AL?;;?CA:A
C:<AZKFEGRS
gGH:NGCˆS
r=NsZKFEGAƒ_c–_S
r=NsZKFEGA–_c‡__S

S
“?;;?AB?;?A=<B;:CCUGAH:A
?H:C=ZGCWAC?FGN?CWA
FO?Z:=;GCWA:>FRSS
dC>?AL?;;?AbAB:;M:=>?<:D>:A
?hEC>KZ:NA:A<E=>GAB;:F=C?RS
YA<GH:NGAbABN?D:>K;=?ArRA
‡_S

gKXE=D?AB?;?A=<B;:CCUGAH:A
GPh:>GCAF=ǸDH;=FGCAH:A_–A
<<A?>bA‡‚_A<<A:<AŠ‹_A
L;?ECRSS
gGH:NGArRfRA‡‚_S

S
g:C?AH:AL;?Z?]UGAFG<A
HEBN?AE>=N=H?H:RSS
•?<Pb<AH:A=<B;:CCUGAB?;?A
?H:C=ZGCA:AC?FGN?CRS
gGH:NGAgR¡R“RA‹_c^_S

gKXE=D?AF=ǸDH;=F?A=H:?NA
B?;?AF?D:>?CA:AGPh:>GCA
F=ǸDH;=FGCA?>bAŠ_A<<RSS
gGH:NGArRfRAŠ_S

jCA<KXE=D?CA?XE=A<GC>;?H?CABGH:<AC:;AB:;M:=>?<:D>:AH=CB:DCKZ:=CWA:ADGAF?CGAH:A
S

D:F:CC=H?H:WAbABGCCZ̀:NAXE:AF?H?AC:;L̀;?MGAM?]?A?A<:C?AH:A?FG;HGAFG<A?CACE?CA
D:F:CC=H?H:CWAD?A<?=G;=?AH?CAZ:a:CWA?A:FGDG<=?AZ?=AC:;A:DG;<:WA<?CAGA<G>=ZGA;:?NA
H:AF=>?;AGCA:XE=B?<:D>GCAH:Z:@C:A?GAM?>GAH:AXE:AGAC:;L̀;?MGA:<PG;?ADUGABGCCE?WA
>:DO?AFGDO:F=<:D>GAH?A:c=C>[DF=?RS
SS
¾,*x%v'S
jBeCA?A=<B;:CCUGWAB:LE:AGA;:C>?D>:AH?A>=D>?AXE:ACGP;GEAD?A<?>;=aA:AFGNGXE:AD?AN?>?RS
jAN=<B:a?AHGCA<?>:;=?=CAEC?H?AC:<B;:AH:Z:;KAC:;AM:=>?AFG<AGACGNZ:D>:AH?A>=D>?AEC?HGRS
\E?DHGAEC?;A?CA>=D>?CA?AP?C:AH:AKLE?WA?AN=<B:a?AC:;KAM:=>?AFG<AKLE?WA:<AE<ANGF?NA
?B;GB;=?HGWAGDH:A>:DO?AKLE?AFG;;:D>:WAC:AhENL?;AD:F:CCK;=GWAEC:AE<?A:CBGDh?AB?;?A
:CM;:L?;RS
jAN=<B:a?AFG<ACGNZ:D>:A>G;D?@C:A<?=CAH:<G;?H?A:AH=MF̀=NWAH:Z:DHGAC:;AEC?H?AE<?A
:C>GB?AH:A?NLGHUGA:<P:P=H?ADGACGNZ:D>:RS
dCM;:LE:A?A:C>GB?AHGCAHG=CAN?HGCAH?A>:N?WA?CC=<AXE:A?A:C>GB?AMG;A?PCG;Z:DHGA?A>=D>?WA
>;GF?@C:WAB:L?DHGAGE>;?RS
„C:AXE?D>?CA:C>GB?CAMG;:<AD:F:CCK;=?CWA?>bAN=<B?;AFG<BN:>?<:D>:A?A>:N?RS
LE?A:ACGNZ:D>:ADUGAFG<P=D?<WA<?CABGH:AC:;AEC?H?A?A>bFD=F?AH:A?<GN:F:;A?A>=D>?A
FG<ACGNZ:D>:WA:AFG<Ah?>GCAH:AKLE?AN?Z?;A?A<?>;=aWA:A:<AC:LE=H?AN=<B?;AGA;:C>?D>:A
FG<ACGNZ:D>:RS
¡CCGAbAGA<:C<GAXE:AH=a:;AXE:ABGH:AC:;A<=C>E;?HGACGNZ:D>:AH?A>=D>?AD?AKLE?A?M=<AH:A
?E<:D>?;A?AHE;?P=N=H?H:AHGACGNZ:D>:A:AFGDC:XÀ:D>:<:D>:A:FGDG<=a?;A?NLEDCA
>;GF?HGCRAS
SS
½/mn%5(5,2'5(5/)4%(~4m'*%-u/5(%(tx4/+%,u'*%-u/(.%(€'u%4,'oS
\E?DHGAZGF[AFG<:]?;A?AM?a:;AGCAB;=<:=;GCA>;?P?NOGCWA:c=C>:<A?NLEDCAFE=H?HGCA
=DH=CB:DCKZ:=CA?A>G<?;AB?;?AXE:ADUGAO?h?AB;:hEàGCADGAC:EAD:LeF=GRS
”?<GCAF=>?;A?NLEDCA:AGCA<?=CA=<BG;>?D>:CˆS
9?;?AM?a:;AE<AG;]?<:D>GAZGF[AH:Z:AN:Z?;A:<AFGD>?AGCAL?C>GCAFG<A<?>b;=?@B;=<?WA
<UG@H:@GP;?WA:DF?;LGCACGF=?=CWAH:CL?C>:AH:A:XE=B?<:D>GCWAH=Z:;CGCA:ANEF;GRS
€'u™4,'qx4,*'·(:C>?<GCAM?N?DHGAH?A<?NO?AB?;?A?AF?<=C:>?WAHGA?H:C=ZGWAH?AFO?B?AH:A
<:>?NWAH?AFO?B?AH:ABGN=:C>=;:DGAGEA?F;Ǹ=FGWAHGAB?B:NAHGCAF?;>V:CAH:AZ=C=>?AGEAF?;>?a:CWA
HGAC?DNEcAB?;?AGAP?DD:;WA:>FWA:DM=<WA>EHGA?XE=NGAXE:AZKAC:;AE>=N=a?HGRS
z:D>;GAHGA<?>:;=?NAH:Z:;UGAC:;A?F;:CF:D>?HGCA>?<Pb<A?CA>=D>?CAL?C>?CWA?A:<ENCUGWAGA
C:DC=P=N=a?D>:WAGACGNZ:D>:AB?;?A?AN=<B:a?AH?A>:N?WAGAFNG;GAB?;?AH:CL;?Z?]UGWA:D>;:A
GE>;GCRS
T?AOG;?AH:AM?a:;AGCAFKNFENGCWAB;GZ?Z:N<:D>:AO?Z:;KAE<?AF:;>?AH=M=FENH?H:AB?;?A
FO:L?;@C:A?AZ?NG;:CA:c?>GCWA<?CA=CCGADUGAbA<G>=ZGAH:AB;:GFEB?]UGWABG;XE:AGCAZ?NG;:CA
BGH:<AC:;A?B;Gc=<?HGCRS
YAXE:ADEDF?ABGH:A?FGD>:F:;AbAZGF[AM?a:;AGCAFKNFENGCAB?;?A<:DGCA:A?F?P?;AM=F?DHGADGA
B;:hEàGWAD?AH|Z=H?WA?;;:HGDH:AC:<B;:AB?;?A<?=CRS
T?A*w/(.%(/)4'A:C>UGA=DFNECGCA>GHGCAGCAL?C>GCA;:M:;:D>:CA?AMEDF=GDK;=GCAGEAFG<A
ZGF[A<:C<GWADGA=DF̀=GRS
z:Z:;KAC:;A:C>=BEN?HGAE<AZ?NG;AB?;?A;:>=;?H?A<:DC?NWAFG<GAC:AMGCC:AC:EAC?NK;=GWAGEA
FG<GA;:>=;?H?AH?AH=;:>G;=?RS
dC>:AZ?NG;AC:;KAH=Z=H=HGABG;AŠ_AH=?CWA:AFG<A=CCGWAH:CFGP;=;:<GCAGAFEC>GAH=K;=GAH?A
DGCC?A<UG@H:@GP;?RS
z:CC?A<?D:=;?WAP?C>?AF?NFEN?;AGAD|<:;GAH:AH=?CAL?C>GCAB?;?A?A:c:FE]UGAHGA>;?P?NOGA:A
>:;:<GCAGAFEC>GAB?;?A:c:FE]UGAH:AE<A>;?P?NOGA:CB:FM̀=FGWA=CCGA>?<Pb<AC:;Z=;KAH:A
P?C:AB?;?AF?NFEN?;A?A<UGAH:AGP;?AH:A?NLEDCAH=?CAB?;?AC:;Z=]GCAB:XE:DGCWAXE:A:<A
O=Be>:C:A?NLE<?AH:Z:;UGAC:;A;:h:=>?HGCWA?M=D?NWAFG<:]?;A<:C<GAZ?=AC:;AFG<A
B:XE:DGCAC:;Z=]GCRS
YA=>:<A%-2'46/5(5/2,',5AbAP?C>?D>:AFG<BN:cGWAB;=DF=B?N<:D>:AC:AZGF[AN:L?N=a?;A?A
CE?A:<B;:C?RS
T:CC?AM?C:AH:Z:;UGA:D>;?;A  WAH=LGA>GHGCAGCA
>=BGCAH:A=<BGC>GCAFG<GAjNZ?;KWA£“•rWA¡TrrWA9¡rWAfY£¡TrWA:A<?=CA?NLEDCAXE:A
?B?;:F:;UGRS
reAB?;?AC:A>:;AE<?A=Hb=?WA?>E?N<:D>:WADE<A?DGAH:A>;?P?NOGWA>;?P?NO?<GCAƒA<:C:CA
B?;?AB?L?;A=<BGC>GCWA=CCGAH:Z:AC:;AFGDC=H:;?HGWA:A>?NZ:aAC:h?A=D>:;:CC?D>:A>;?P?NO?;A
=DMG;<?N<:D>:WA<?CAD:CC:AF?CGWAh?<?=CABGH:;KAB?;>=F=B?;AH:AFGDFG;;[DF=?CAB|PN=F?CA:A
B;:C>?;AC:;Z=]GCAB?;?A:<B;:C?CAHGALGZ:;DGA:<AD:DOE<?A:C>yDF=?RS
9?;?AGCA.%56'5u%5(.%(%3,x'*%-u/5AH:Z:;UGAC:;A?F;:CF=HGCAE<AZ?NG;A?ACE?A
H:CB:C?WA:CC:AZ?NG;AbAXE:AFGP;=;KAGAH:CL?C>:AH:AC:ECA:XE=B?<:D>GCAGEA?>bAE<?A
BGCCZ̀:NAXE:P;?AH:A?NLEDCAH:N:CWAFG<GA>:N?CWA<:C?CWA;GHGCWA:>FRS
TUGAbAB;:F=CGAXE:AZGF[AFGP;:AGAZ?NG;AH:AE<?A<:C?AH:A;:Z:N?]UGADGZ?A?AF?H?AC:;Z=]GA
?AC:;AM:=>GWA<?CAE<AB:XE:DGAZ?NG;AH:Z:AC:;A?F;:CF=HGADGAG;]?<:D>GAB?;?AFGP;=;A
BGCCZ̀:=CAH?DGCRS
d<A.,+%45/5A:D>;?<AB?L?<:D>GCAH:ANEaWAKLE?WA>:N:MGD:WA:AGE>;?CAH:CB:C?CAXE:ACUGA
;:M:;:D>:CA?GAC:;Z=]GAXE:AC:;KAM:=>GRS
”GF[AH:Z:A>:;AP:<AFN?;GA:<ACE?A<:D>:AXE:AGAB;GM=CC=GD?NA?E>kDG<GWAXE:A>;?P?NO?A
CGa=DOGA:AFGNGF?AiAH=CBGC=]UGAH:AC:ECAFN=:D>:CACG<:D>:AGCAC:ECAFGDO:F=<:D>GCWA
F:;>?<:D>:ABGH:;KAFGP;?;AE<AZ?NG;A<?=CAP?=cGABG;A?NLE<A>=BGAH:AC:;Z=]GAHGAXE:A
?XE:N:AFGP;?HGABG;A?NLEb<AXE:AFGNGF?A>GHGCAGCA:XE=B?<:D>GCAH:AE<?AC:;=L;?M=?AB?;?A
MEDF=GD?;WA<E=>?CAZ:a:CWAB?;?A:c:FE>?;AB:XE:DGCAC:;Z=]GCRS
TEDF?A:D>;:AD:CC?AH:A?FG<B?DO?;A>GHGCAGCAG;]?<:D>GCAB:NGCAGE>;GCWABG;XE:WAXE:<A
:C>?;KAM?a:DHGAGCAC:ECAB;:]GCAC:;UGAGCAFN=:D>:CA:ADUGAZGF[RS
YAF?CGAH:Ao324/AbAP?C>?D>:AZ?;=KZ:NWA?NLE<?CAB:CCG?CA>;?P?NO?<AFG<AŠ_¸WAGE>;?CA
FG<A‰_¸WAGE>;?CAFG<Aƒ_¸WA:A?CC=<ABG;AH=?D>:RS
•?NZ:aAZGF[A:C>:h?A?FO?DHGA:c?L:;?H?CA?CA<?;L:DCAH:ANEF;GCAXE:A:C>?<GCAF=>?DHGA
<?CWAD?AB;K>=F?WAFGDC:LE=;KAB:;F:P:;AXE:AbAH?XE=AB?;?AF=<?RS
jAC:;=L;?M=?WABG;A=DF;Z̀:NAXE:AB?;:]?WA?=DH?AbAE<AHGCA;?<GCADGAXE?NAFGDC:LE=<GCA
>;?P?NO?;AFG<AE<?A<?;L:<AH:ANEF;GAP?C>?D>:AL;?DH:RS
›AFN?;GAXE:A:<A?NLEDCAC:;Z=]GCWAFGDC:LE=;:<GCAL?DO?;A?B:D?CAŠ_¸WA:DXE?D>GAXE:A
:<AGE>;GCABGH:;:<GCAFO:L?;A?A‡__AGEA‡ƒ_¸RS
jAB;K>=F?A=;KANO:A<GC>;?;AXE:A=C>GAbA;:?N=H?H:WA<?CADUGAC:A=NEH?WABG=CADeCADUGA
>;?P?NO?<GCAFG<A<=NOV:CWA:<A<E=>?CAZ:a:CAZ:DH:<GCAB;GHE>GCAH:A†‡‚W__WA†‡ƒW__A
:A?CC=<ABG;AH=?D>:RS
YA'x4/+%,u'*%-u/(./(*'u%4,'oSbAGABGD>GAFO?Z:AB?;?AC:AGP>:;A<?=G;:CANEF;GCRS
jD>:CAH:AXE?NXE:;AFKNFENGAB?;?A?AFGDM:F]UGAH:AE<AG;]?<:D>GWAH:Z:@C:AN:Z?;A:<AFGD>?A
GA?B;GZ:=>?<:D>GAHGA<?>:;=?NWABG=CAC:ADUGAFGDC:LE=;<GCAE<APG<A?B;GZ:=>?<:D>GWA
O?Z:;KA<E=>?ACGP;?AI;:C>GCJA:A=CCGAC=LD=M=F?AB;:hEàGAD?A<?=G;=?AH?CAZ:a:CRS
”:h?AE<A:c:<BNGAC=<BN:CˆAGAFN=:D>:ANO:AB:H:ABN?F?CAH:A>?<?DOGAŠƒF<AcAƒ‚F<A:AGA
C:EAMG;D:F:HG;ACeANO:AZ:DH:AFO?B?CAH:A‚__AcA‡__F<RS
T?AOG;?AH:AFG;>K@N?CWAH:AF?H?AFO?B?AL;?DH:AZGF[ACeAFGDC:LE=;KA‹ABN?F?CAB:XE:D?CWA
:DXE?D>GAXE:WAC:AZGF[AFGDC:LE=;AFGDZ:DF:;AGAFN=:D>:A?A<EH?;A?CA<:H=H?CAH?ABN?F?A
B?;?AŠ_cƒ_F<WA?ÀC=<WAC:;UGAFG;>?H?CA‡‚ABN?F?CAB:XE:D?CAH:AE<?AL;?DH:WAC:<A
H:CB:;HF̀=GAD:DOE<A:AH:A?FG;HGAFG<AGAFN=:D>:RS
”:h?AP:<WA:C>:AbAE<AC=<BN:CA:c:<BNGWA<?CAXE:ANO:ABGEB?;=?AP?C>?D>:AH=DO:=;GABG=CWA
FG<A?A<:H=H?A?D>:;=G;WAC:;=?<AD:F:CCK;=?CAGAHGP;GAH?CAFO?B?CAB?;?AGA<:C<GA
C:;Z=]GWAC:<AM?N?;AXE:A?XE:N?CACGP;?CAH=M=F=N<:D>:AC:;=?<A;:?B;GZ:=>?H?CA:<AGE>;GA
C:;Z=]GRS
r:AZGF[AC:LE=;A<?=CAGEA<:DGCA:CC:A;?F=GFD̀=GWAFG<AF:;>:a?AFGDC:LE=;KA>;?P?NO?;AFG<A
a:;GAH:AB;:hEàGWAGAXE:AbAE<Ae>=<GAFG<:]GRS
SS
S
 

!!!"#$%"&%'#$'(!!!
)*(+(,-.-&/-),$,(0
1223455678397:;<79=>?@A7B>372?678

You might also like