!;?3@;5?A:;5B,0:C@;5B,:D,":EA5B,"3@FAE3,5;6,13G35@E8%% G;;O92dd7A99/$/7?L,-7-9;7;.;5$D"$7?d%
!0""1,3,45%.%+%
9;,B5G"#?5/9% ;"% ;G5% -55?% <"/% ,-% 5-4,45?% ,-?% >"/5% ,47#5% ,OO/",DG% ;"% ;G5% ?747;,#% ;/,-9<"/>,;7"-%
O/"D599$%
$M H3IA;3, ?83, G?@5?3JAE, :@A3;?5?A:;, :D, ?83, E:KN5;9OG, 6AJA?5B, ?@5;GD:@K5?A:;, 5;6, G3?, G?@5?3JAE,
J:5BGM,
E;%;G79%9;,45(%;G5%O/"D599%79%;"%.-7;5%9">5%D,;54"/759%,-?%95O,/,;5%";G5/9$%Y5-D5<"/;G(%7;%79%
-5D599,/0%;"%?5T7-5%;G5%9;/,;547D%"/75-;,;7"-% "<%?747;,#%;/,-9<"/>,;7"-%,-?%?5/785%7;%</">%9O5D7T7D%
"FA5D;7859$%NG79%9;,45%7-D#.?59%4",#%95;;7-4(%7-;5/-,#%,-?%5X;5/-,#%?7,4-"979(%,-?%4",#9%<"/%,-%,D;7"-%
O#,-$%=5,-LG7#5(%;L"%>,7-%8,/7,F#59%>.9;%F5%D"-97?5/5?2%;G5%97c5%"<%;G5%D">O,-0%,-?%7;9%,D;787;759$%
NG79%OG,95%79%D/7;7D,#%;"%D">O#5;7-4%;G5%/59;%"<%;G5%O/"D599$%
.M !KNB3K3;?,6AJA?5B,?@5;GD:@K5?A:;,
NG5% 9.DD599<.#% 5X5D.;7"-% "<% ?747;,#% ;/,-9<"/>,;7"-% 7-% ,% O,/;7D.#,/% ?">,7-% ?5>,-?9%
9.F9;,-;7,#%O/5O,/,;7"-%,-?%?7/5D;7"-$%NG5%7>O#5>5-;,;7"-%OG,95%9;,-?9%".;%,9%;G5%>"9;%;,-47F#5%
,9O5D;%"<%;G5%5-;7/5%;/,-9<"/>,;785%7-7;7,;785$%!,/7".9%9;,B5G"#?5/9%L7##%5XO5/75-D5%,-?%"F95/85%;G5%
DG,-459$% NG5% 9O55?% ,;% LG7DG% ;G595% DG,-459% >,;5/7,#7c5% 79% D"-;7-45-;% "-% ;G5% >";78,;7"-% ,-?%
D">>7;>5-;%"<%9;,B5G"#?5/9%;"L,/?%;G5%9G,/5?%"FA5D;785%"<%?747;,#7c,;7"-$%
>:KKA?K3;?,?:,>85;J3,
=505/% ,-?% E##5-% M*VV*Q%?5T7-5% D">>7;>5-;% ,9% ;G5% O90DG"#"47D,#% D"-?7;7"-% "/% O5/9O5D;785%
5-,F#7-4% ,-% 5>O#"055% ;"% 9.9;,7-% ,<T7#7,;7"-% L7;G% ,-% "/4,-7c,;7"-$% NG50% D,;54"/7c5% D">>7;>5-;% 7-;"%
,<<5D;785%D">>7;>5-;%M;G5%7-D#7-,;7"-%;"%9;,0Q(%D"-;7-.,-D5%D">>7;>5-;%MO5/D5785?%D"9;9%"<%?5O,/;./5Q(%
,-?% -"/>,;785% D">>7;>5-;% MO5/D5785?% "F#74,;7"-% ;"% 9;,0Q$% aG7#5% 5,DG% <,D5;% "<% "/4,-7c,;7"-,#%
D">>7;>5-;% ?7>7-79G59% ;G5% O/"F,F7#7;0% "<% 5>O#"0559% #5,87-4% ;G5% "/4,-7c,;7"-(% ;G5% B50% /,;7"-,#5% <"/%
?79;7-4.79G7-4%F5;L55-%;G595%D">O"-5-;9%#759%7-%;G5%?79;7-D;%7>O#7D,;7"-9%;G50%D,-%G,85%"-%;G57/%L"/B%
F5G,87"/$%K">>7;>5-;%;"%DG,-45%/5<5/9%;"%,-%5>O#"055[9%L7##7-4-599%;"%;,B5%;G5%,D;7"-9%-5D599,/0%;"%
,<<5D;%DG,-45%7-?787?.,##0%,-?%974-7T7D,-;#0%7>O,D;%;G5%9.DD599%"<%"/4,-7c,;7"-,#%DG,-45%MY5/9D"87;DG%Z%
=505/(%1&&1Q$%
K"5;955%M*VVVQ%D"-;5-?9%;G,;%LG5-%5>O#"0559%G"#?%<,8"/,F#5%,;;7;.?59%;"L,/?%"/4,-7c,;7"-,#%
DG,-45(% 7;% 7>O#759% ,% 9;,;5% "<% D">>7;>5-;$% NG79% D">>7;>5-;% ;"% "/4,-7c,;7"-,#% DG,-45% O#,09% ,% /"#5% 7-%
5-G,-D7-4% 5>O#"055% >";78,;7"-(% 5#58,;7-4% 5>O#"055% O5/<"/>,-D5(% ?5D/5,97-4% ,F95-;5579>(% ,-?%
5-9./7-4%;G,;%5>O#"055%;./-"85/%/,;59%9;,0%#"L$%E%97>7#,/%875LO"7-;%79%,/;7D.#,;5?%F0%W/57;-5/(%P"F5/;(%
,-?%W7-7DB7%M1&*'Q(%LG"%O"97;%;G,;%D">>7;>5-;%7-8"#859%,%?5?7D,;7"-%;"%.-?5/;,B7-4%,D;7"-9%<"/%"-5[9%
"L-%F5-5T7;(%,9%L5##%,9%<"/%";G5/9(%4/".O9(%"/%"/4,-7c,;7"-9$%
:-%;G5%D"./95%"<%"/4,-7c,;7"-,#%DG,-45(%-.>5/".9%7-?787?.,#9%5-D".-;5/%<55#7-49%"<%.-D5/;,7-;0%
,-?%,-X75;0%/5#,;5?%;"%O";5-;7,#%?7<T7D.#;759%7-%,?,O;7-4%;"%-5L%L"/B%D7/D.>9;,-D59%MK.>>7-49%Z%a"/#50(%
1&*'Q$%NG595%95-;7>5-;9%,-?%,D;7"-9%D,-%7-T#.5-D5%,-%5>O#"055[9%?5?7D,;7"-%;"%"/4,-7c,;7"-,#%DG,-45%
,-?%7;9%D"--5D;7"-%;"%O/"87?7-4%F5G,87"/,#%9.OO"/;%<"/%;G5%DG,-45%O/"D599$%K"-95e.5-;#0(%D">>7;>5-;%
9;,-?9% ".;% ,9% "-5% "<% ;G5% O,/,>".-;% 5#5>5-;9% 7-T#.5-D7-4% 5>O#"055% D"-?.D;% 7-% <,D7#7;,;7-4% DG,-45%
ME/>5-,B79% 5;% ,#$(% 1&&^Q$% b,95?% "-% ;G5% O/5D5?7-4(% D">>7;>5-;% ;"% "/4,-7c,;7"-,#% DG,-45% D,-% F5%
D"-D#.?5?%,9%,%O"97;785%,;;7;.?5%;G,;%9.OO"/;9%"/4,-7c,;7"-,#%DG,-45(%D"-979;7-4%"<%,<<5D;785(%-"/>,;785%
,-?%D"-;7-.".9%D">>7;>5-;$%
HAGECGGA:;,5;6,P:BB:Q(CN,"CJJ3G?A:;G%
:-% ;G5% O/595-;% #,-?9D,O5(% 7-D"/O"/,;7-4% "/4,-7c,;7"-,#% DG,-45% 7-;"% D"/O"/,;5% 9;/,;540% G,9%
F5D">5%7-?79O5-9,F#5%<"/%>"9;%F.97-59959(%7-D#.?7-4%=H=@9$%NG79%;/,-97;7"-%G,9%7-;/"?.D5?%F";G%</59G%
DG,##5-459%,-?%O/"9O5D;9$%NG5%L7?59O/5,?%,?"O;7"-%"<%7-<"/>,;7"-%,-?%D">>.-7D,;7"-%;5DG-"#"40%G,9%
#5?% ;"% ,% 974-7T7D,-;% 7-D#7-,;7"-% ;"L,/?9% ?747;,#% ;/,-9<"/>,;7"-$% U/4,-7c,;7"-9% >.9;% /558,#.,;5% ;G57/%
O/"D5?./59(% "FA5D;7859(% ,-?% >7997"-% ;"% 9;,0% D">O5;7;785$% )"-5;G5#599(% 7>O#5>5-;7-4%?747;,#%
;/,-9<"/>,;7"-%7-;/"?.D59%.-D5/;,7-;759(%7-?.D59%9;/599(%,-?%9O,/B9%,OO/5G5-97"-9%,F".;%<.;./5%L"/B$%
NG5%D">>7;>5-;%;"%;G5%"/4,-7c,;7"-(%O,/;7D.#,/#0%,<<5D;785%D">>7;>5-;%;"%DG,-45(%F5D">59%D/.D7,#%7-%
-,874,;7-4%;G595%;/,-9<"/>,;7"-9%M:F/,47>"8%Z%b5/79G87#7(%1&1RQ$%